00262 迪臣发展国际 财务报表/环境、社会及管治资料：年报 2025
| Deson Development International Holdings Limited 迪 臣 发 展 国 际 集 团 有 限 公司 Annual Report 2025 年报 |
|---|
Contents目录
Corporate Information
Chairman’s Statement
Management Discusion and Analysis
Report of the Directors
Biographical Details of Directors
and Senior Management
Corporate Governance Report
Independent Auditor’s Report
Audited Financial Statements
Consolidated Statement of Profit or Los
Consolidated Statement of Profit or Los and
Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Sumary of Financial Information
公司资料
主席报告书
管理层讨论及分析
董事会报告
董事及高级管理
人员之履历
企业管治报告
独立核数师报告
经审核财务报表
综合损益表
综合损益及其他
全面收益表
综合财务状况表
综合权益变动表
综合现金流量表
综合财务报表附注
财务资料概要
2Deson Development International Holdings Limited 2025 Anual Report
Hotel Operation 酒店营运
中国开封 桔子酒店
位于开封龙亭西路排屋别墅，现已改装为“开封桔子酒店”，经营情况及收益理想。
These are vilas located at Longting West Road, Kaifeng. They have ben renovated into
“Kaifeng Orange Hotel”, and its operation and revenue are satisfactory.
Orange Hotel, Kaifeng, China
3迪臣发展国际集团有限公司 二零二五年报
Property Development and Investment 物业发展及投资
中国开封 全季酒店
位于开封龙亭区西门大街，现已出租成
为适合旅游及商务之“开封全季酒店”。
It is located at Ximen Dajia in Longting
District, Kaifeng. It has now ben leased
and converted into Kaifeng Ji Hotel, which
is suitable for tourism and busines.
Ji Hotel, Kaifeng, China
4Deson Development International Holdings Limited 2025 Anual Report
MedTech Comerce 医疗科技商贸
Trading of Medical Equipment 销售医疗设备
Medical Technologies Limited and other asociates
迪臣国际医学仪器有限公司及其他联营公司
From 2024 to 2025, Medical Technologies Limited participated in at least thre
major exhibitions: the HKPA Conference 2024, GIES 2024, and Arab Health 2025.
由2024 年至2025 年，迪臣国际医学仪器有限公司参加了至少三个主要展览:「香港
物理治疗学会议2024」，「乐龄科技博览暨高峰会2024」及「杜拜医疗展览2025」。
Hong Kong Physiotherapy Asociation Conference 2024 (October 2024)
As the exclusive premier sponsor of the Hong Kong Physiotherapy Asociation (HKPA)
Conference, we co-organized an acredited 5-credit Continuing Profesional Development
(CPD) course, delivered by renowned neurorehabilitation expert Ms. Sarah Daniel. A
globaly recognized thought leader in clinical education, Ms. Daniel’s pionering work has
shaped best practices in neurorehabilitation worldwide. Her distinguished speaking
engagements include keynote presentations at the World Neurorehabilitation Congres and
RehabWek. This colaboration reinforced our strategic partnership with HKPA in
advancing industry-leading profesional education.
香港物理治疗学会议2024 (2024年10月)
作为大会首席赞助商，我们成功协办了由香港物理治疗学会 (HKPA) 主办的5 学分持续专业发展课程。 本次课程特邀
神经康复领域权威专家Sarah Daniel女士担任主讲。Sarah女士作为国际公认的临床教育领袖，其创新性研究成果持续
推动全球神经康复实践标准，曾受邀出席世界神经康复大会、康复周等顶尖学术平台发表主题演讲。此次合作进一步
巩固了我们与HKPA在推动行业教育领域的战略伙伴关系。
Gerontech and Inovation Expo Cum Sumit 2024 (November 2024)
At GIES 2024, we showcased groundbreaking advancements in neuro-robotic systems
integrated with augmented reality (AR) and virtual reality (VR) to
empower non-governmental organizations (NGOs) in revolutionizing
elderly and rehabilitative care. Our focus was on advancing medical
technologies and cognitive training therapy systems.
乐龄科技博览暨高峰会(2024年11月)
在2024年GIES 展会上，我们展示了神经机器人系统与增强现实
(AR) 和虚拟实境 (VR) 集成的突破性成果，旨在赋能非政府组织
(NGO) 革新老年人和康复护理。我们的重点是推动医疗技术和认知
训练治疗系统的发展。
5迪臣发展国际集团有限公司 二零二五年报
Arab Health 2025 Exhibition – Global Launch of Hope4Care (AR) Rehabilitation System
In January 2025, we made our international debut at Arab Health in Dubai, the world’s premier healthcare exhibition,
introducing our groundbreaking Hope4Care (AR) rehabilitation training system to a global audience. As one of the largest and
most influential healthcare events, Arab Health 2025 brought together industry leaders, inovators, and profesionals to
showcase cuting-edge advancements in medical technology, healthcare services, and pharmaceuticals. With over 180,000
healthcare profesionals, more than 4,000 exhibitors, and representatives from over 180 countries, the event served as a
pivotal platform for networking, knowledge exchange, and exploring the future of healthcare inovation.
Our participation marked a significant milestone in expanding our rehabilitation
solutions into international markets, reinforcing our comitment to transforming
patient care through augmented reality (AR) technology.
杜拜医疗展2025 – Hope4Care (AR) 康复系统全球首发
在2025年1月，我们在全球顶尖医疗盛会 – 杜拜医疗展 (Arab Health) 上首次全球亮相，
向国际观众展示了突破性的Hope4Care (AR) 康复训练系统。作为规模最大、最具影响
力的医疗展会之一，Arab Health2025 汇聚了行业领袖、创新专家与专业人士，共同展
示医疗技术、健康服务和制药领域的最前沿突破。本届展会吸引了逾18 万名医疗从业
者、4,000 余家展商及来自180 多个国家的行业代表，使该展会成为行业交流、知识共
用和探索医疗创新未来的重要平台。
此次参展标志著我们在拓展国际康复解决方案市场进程中迈出了重要一步，进一步彰
显了我们通过增强现实 (AR) 技术革新患者护理的坚定承诺。
“Fun Fun Day” Anual Comunity Care Initiative
Advancing our comitment to social responsibility, we proudly organized
the latest edition of our anual “Fun Fun Day” care initiative. This year’s
event brought together several leading comunity partners, including:
Tung Wah Group of Hospitals, Hong Chi Asociation, New Life Psychiatric
Rehabilitation Asociation, Po Oi Hospital, The Hong Kong Society for the
Blind, Christian & Misionary Aliance and St. James’ Setlement.
Our team introduced seniors and comunity members to the groundbreaking
Hope4Care Augmented Reality (AR) Rehabilitation Training System, demonstrating
how technology can enhance welbeing. Participants then engaged in guided
interactive stretching sesions, creating a dynamic blend of:
•Technological inovation in rehabilitation
•Practical health education
•Joyful comunity conection
More than an event, this initiative represented our vision of compasionate care reimagined, where cuting-edge
solutions met heartfelt service to empower every participant.
「乐在耆中」年度关爱行动
为践行企业社会责任，我们成功举办最新一届「乐在耆中」年度社区关爱活动。
本次活动携手各大社福机构共同开展，包括： 东华三院、匡智会、新生精神康
复会、博爱医院、香港盲人辅导会、基督教宣道会及圣雅各福群会。
活动中，我们的专业团队向长者及有需要人士展示了创新的「Hope4Care增强
现实 (AR) 康复训练系统」，让社区亲身体验科技如何提升健康生活。参与者随
后在指导下进行互动伸展运动，实现三大融合：
• 康复科技应用 • 实用健康指导 • 欢乐社群互动
这不仅是一次活动，更是我们「以创新重塑人文关怀」理念的实践 – 通过前沿科技与暖心服务的结合，为每位参与
者带来赋能体验。
6Deson Development International Holdings Limited 2025 Anual Report
Trading of Home Security and Automation Products 销售家居保安及自能化产品
Deson Inovative Limited and other asociates
迪卫智能系统有限公司及其他联营公司
During the year, Deson Inovative Limited has continued to expand the aplication of its AI-powered video analytics
systems. We sustained our provision of data analytics services for visitor management at renowned international art
fairs, utilizing crowd flow analysis and age-gender demographics to asist organizers in optimizing layouts and
enhancing visitor experiences. Aditionaly, we provided anti-wandering detection solutions for multiple elderly care
facilities, leveraging AI video analytics to acurately identify abnormal behaviors among seniors, significantly improving
their safety while aleviating the workload of healthcare staf. Furthermore, we delivered AI solutions to the property
management and retail sectors, strengthening site security and ofering diverse inteligent analytics to reduce
manpower demands and operational costs.
To promote our products and solutions, we regularly hosted seminars to showcase cuting-edge technologies and
inovative aplications to clients and industry profesionals. In colaboration with industry partners, we also organized
events that significantly enhanced our market influence and atracted a broader range of potential clients.
Deson Inovative Limited remains comited to inovation, continuously refining our products and solutions. By
advancing technological research and market expansion, we aim to met the diverse neds of our clients and solidify
our leadership position in the industry.
为推广公司产品与解决方案，我们定期举办研讨会，向客户及行业专业人士展示
尖端技术与创新应用，并与行业合作伙伴协同组织活动，显著提升市场影响力并
吸引更多潜在客户。
迪卫智能系统有限公司将秉持创新精神，持续优化产品与解决方案，深耕技术研
发与市场拓展，以满足客户多元需求，巩固行业领先地位。
迪卫智能系统有限公司在本年度持续拓展人工智能视频分析
系统的应用。我们继续为国际知名艺术博览会提供入场人员
数据分析服务，通过人流分析及年龄与性别统计，协助主办
方优化布局并提升参观体验。此外，公司为多家护老院提供
防游走侦测方案，运用人工智能视频分析系统精准识别长者
异常行为，显著提升长者安全并减轻医护人员工作负担。同
时，我们为物业管理及零售行业提供人工智能解决方案，不
仅强化场所安全，还通过多样化的智能分析功能减轻人力压
力并降低运营成本。
AI Fight detector
人工智能打斗侦测
AI Vehicle Recognition
人工智能汽车型号侦测
7迪臣发展国际集团有限公司 二零二五年报
Regularly organize seminars on inteligent system solutions
定期举办智能系统方案研讨会
Renowned International Art Expo 2025
著名国际艺术博览会2025
Software System Development and Integration – Case Study on People Flow Analysis and Age-Gender Statistics
软件系统开发及整合 – 人流分析和年龄性别统计案例
Corporate Information
公司资料
Deson Development International Holdings Limited 2025 Anual Report
BOARD OF DIRECTORS
Executive Directors
Mr. Tjia Boen Sien (Managing Director and Chairman)
Mr. Wang Jing Ning
Mr. Tjia Wai Yip, Wiliam
Ms. Tse Hoi Ying
Independent Non-executive Directors
Dr. Ho Chung Tai, Raymond
Ir Siu Man Po
Mr. Siu Kam Chau
Mr. Song Sio Chong
BOARD COMITES
Audit Comite
Mr. Siu Kam Chau (Chairman)
Dr. Ho Chung Tai, Raymond
Mr. Song Sio Chong
Remuneration Comite
Mr. Siu Kam Chau (Chairman)
Mr. Tjia Boen Sien
Mr. Wang Jing Ning
Dr. Ho Chung Tai, Raymond
Mr. Song Sio Chong
Nomination Comite
Mr. Song Sio Chong (Chairman)
Mr. Tjia Boen Sien
Mr. Wang Jing Ning
Dr. Ho Chung Tai, Raymond
Mr. Siu Kam Chau
FINANCIAL CONTROLER AND
COMPANY SECRETARY
Mr. Lam Wing Wai, Angus, HKICPA
AUTHORISED REPRESENTATIVES
Mr. Tjia Boen Sien
Mr. Lam Wing Wai, Angus, HKICPA
PRINCIPAL BANKERS
United Overseas Bank Limited
Nanyang Comercial Bank Limited
董事会
执行董事
谢文盛先生（董事总经理兼主席）
王京宁先生
谢维业先生
谢海英女士
独立非执行董事
何钟泰博士
萧文波工程师
萧锦秋先生
宋小庄先生
董事委员会
审核委员会
萧锦秋先生（主席）
何钟泰博士
宋小庄先生
薪酬委员会
萧锦秋先生（主席）
谢文盛先生
王京宁先生
何钟泰博士
宋小庄先生
提名委员会
宋小庄先生（主席）
谢文盛先生
王京宁先生
何钟泰博士
萧锦秋先生
财务总监及
公司秘书
林荣伟先生（香港会计师公会）
授权代表
谢文盛先生
林荣伟先生（香港会计师公会）
主要往来银行
大华银行有限公司
南洋商业银行有限公司
Corporate Information
公司资料
迪臣发展国际集团有限公司 二零二五年报
法律顾问
何韦律师行
香港特别行政区
中环遮打道18号
历山大厦27楼
核数师
天职香港会计师事务所有限公司
注册会计师
注册公众利益实体核数师
香港鲗鱼涌英皇道728号
K11 ATELIER King’s Road 8楼
股份过户及
登记总处
Ocorian Management (Bermuda) Limited
Victoria Place, 5th Flor
31 Victoria Stret
Hamilton HM10
Bermuda
香港股份过户及
登记分处
卓佳证券登记有限公司
香港
夏悫道16号
远东金融中心17楼
注册办事处
Victoria Place, 5th Flor
31 Victoria Stret
Hamilton HM10
Bermuda
总办事处及
主要营业地点
香港
九龙
观塘
鸿图道五十七号
南洋广场十一楼
股份上市
于香港联合交易所有限公司
主板上市
股份代号：262
公司网站
w.deson.com
LEGAL ADVISER
Howse Wiliams
27/F Alexandra House
18 Chater Road, Central
Hong Kong SAR
AUDITOR
Baker Tily Hong Kong Limited
Certified Public Acountants
Registered Public Interest Entity Auditor
Level 8, K11 ATELIER King’s Road
728 King’s Road, Quary Bay, Hong Kong
PRINCIPAL SHARE REGISTRAR AND
TRANSFER OFICE
Ocorian Management (Bermuda) Limited
Victoria Place, 5th Flor
31 Victoria Stret
Hamilton HM10
Bermuda
HONG KONG BRANCH SHARE REGISTRAR AND
TRANSFER OFICE
Tricor Investor Services Limited
17th Flor, Far East Finance Centre
No.16 Harcourt Road
Hong Kong
REGISTERED OFICE
Victoria Place, 5th Flor
31 Victoria Stret
Hamilton HM10
Bermuda
HEAD OFICE AND PRINCIPAL PLACE
OF BUSINES
11th Flor, Nanyang Plaza
57 Hung To Road
Kwun Tong
Kowlon
Hong Kong
SHARE LISTING
Listed on the Main Board of The Stock Exchange of
Hong Kong Limited
Stock Code: 262
WEBSITE OF THE COMPANY
w.deson.com
Chairman’s Statement
主席报告书
Deson Development International Holdings Limited 2025 Anual Report
Dear Shareholders,
On behalf of the board of directors (the “Board”) of Deson
Development International Holdings Limited (the “Company”,
together with its subsidiaries, the “Group” or “We”), I hereby
present to you this anual report (the “Anual Report”) for the
year ended 31 March 2025 (“Reporting Period” or the “Year”).
BUSINES REVIEW
Throughout the Reporting Period, Central and Hong Kong
governments implemented sucesive suportive measures to
bost consumer sentiment. Despite some steady progres, overal
demand remained weak and required an extended recovery
period.
In Mainland China, Central Government launched the largest
monetary stimulus package in years to bost economic
development, stabilise the property market, and promote
domestic consumption. This decisive action demonstrated its
comitment to economic revival. However, market sentiment was
muted after the initial optimism faded, amid concerns over a
weakening renminbi, property sector oversuply and debt isues,
and uncertain outlok.
During the Reporting Period, the Group has expanded its hotel
busines. We have set up another hotel at Kaifeng, the People’s
Republic of China (the “PRC”). Opening a hotel in Kaifeng ofers
several strategic advantages, driven by its cultural heritage and
tourism potential. Kaifeng is part of the “Central Plains”, which
includes nearby cities like Luoyang and Zhengzhou. Anual events
such as “Kaifeng Chrysanthemum Cultural Festival” draw
milions of visitors, creating seasonal demand for
acomodations.
The Group’s financial performance primarily arose from sale of
properties, rental income from investment properties, sale of
medical equipment, sale of home security and automation
products and income from operation of hotels.
During the Reporting Period, the Group recorded a total turnover
of aproximately HK$135.5 milion (2024: aproximately
HK$128.1 milion). The net los atributable to owners of the
Company was aproximately HK$73.7 milion (2024: HK$75.7
milion), representing a decrease in los of aproximately HK$2.0
milion or 2.6%.
各位股东：
本人谨代表迪臣发展国际集团有限公司（「本
公司」，连同其附属公司，「本集团」或「我
们」）董事会（「董事会」），谨此向 阁下呈报
截至二零二五年三月三十一日止年度（「报告
期间」或「本年度」）之年报（「年报」）。
业务回顾
于整个报告期间内，中央及香港政府均接连
实施支持性措施，刺激消费氛围。虽然稳步
取得一定进展，整体需求仍然疲弱，并需要
更长时间方能复苏。
在中国内地，中央政府推出多年来最大型的
货币刺激方案，借以刺激经济发展、稳定物
业市场及推动国内消费。此决定性行动展示
其致力于令经济复苏。然而，随著市场忧虑
人民币贬值、物业市场供应过剩及债务问题，
加上前景并不明朗，市场气氛在初期乐观情
绪消退后有所转淡。
于报告期间内，本集团已扩充其酒店业务。
我们已在中华人民共和国（「中国」）开封市设
立另一间酒店。受开封市的文化遗产及旅游
业潜力所推动，在当地开设酒店提供多项战
略性优势。开封为「中原」之一部分，当中包
括洛阳及郑州等邻近城市。「开封菊花文化节」
等每年一度的盛事吸引数以百万计的游客，
为住宿创造季节性需求。
本集团之财务业绩主要源自出售物业、投资
物业之租金收入、销售医疗设备、销售家居
保安及自动化产品，以及来自酒店营运之收
入。
于报告期间，本集团录得总营业额约
135,500,000港元（二零二四年：约128,100,000
港元）。本公司拥有人应占净亏损约为
73,700,000港元（二零二四年：75,700,000港
元），亏损减少约2,000,000港元或2.6%。
Chairman’s Statement
主席报告书
迪臣发展国际集团有限公司 二零二五年报
本公司拥有人应占净亏损减少乃由于i)投资物
业公平值亏损（扣除递延税项前）由截至二零
二四年三月三十一日止年度约32,364,000港
元减少至本报告期间的14,094,000港元；及i)
由于在上一个报告期间出售于中国深圳证券
交易所上市的股权投资，计入指定为按公平
值计入损益账之股权投资之公平值亏损由截
至二零二四年三月三十一日止年度之亏损约
104,893,000港元减少至报告期间之亏损约
13,684,000港元。上述各项由下列各项部分
抵销：i)通过股权投资自其中一项在中国深圳
证券交易所上市之股权投资收取之股息收入
减少。所有股份已于上一个报告期间出售，
故于报告期间并无自该股权投资收取股息收
入（二零二四年：74,865,000港元）；及 i）于
上一个报告期间通过出售一间附属公司而出
售位于中国海口的投资物业所产生之收益减
少至约72,656,000港元（除税前）。
倘撇除上述非经常性业务以及有关物业及投
资之公平值调整以及应收账项及其他应收款
项之拨备，于报告期间本公司拥有人应占核
心业务净亏损约为42,053,000港元（二零二四
年：60,263,000港元）。
报告期间每股亏损为5.03港仙（二零二四年：
5.16港仙）。
于二零二五年三月三十一日，本集团之综合
资产净值约为1,242,000,000港元（二零二四
年：约1,342,000,000港元）。于二零二五年三
月三十一日，按1,466,820,600股已发行股份
计算，每股综合资产净值约为0.85港元，与
二零二四年三月三十一日按1,466,820,600股
已发行股份相比较，每股综合资产净值约为
0.91港元。
The decrease of net los atributable to owners of the Company
was due to i) the decrease in fair value los on investment
properties (before defered tax) of aproximately HK$32,364,000
for the year ended 31 March 2024 to HK$14,094,000 for this
Reporting Period; and i) the decrease in fair value los on equity
investments designated at fair value through profit or los from a
los of aproximately HK$104,893,000 for the year ended
31 March 2024 to a los of aproximately HK$13,684,000 for the
Reporting Period due to the disposal of the equity investment
that was listed in China on Shenzhen Stock Exchange in the last
reporting period. The above was partialy ofset by i) the decrease
in dividend income received from one of the equity investments
that was listed in China on Shenzhen Stock Exchange through an
equity investment. Al the shares have ben disposed of in last
reporting period so no dividend income (2024: HK$74,865,000)
was received from that equity investment in the Reporting Period;
and i) the decrease in gain arising from the disposal of the
investment property in Haikou, the PRC via the disposal of a
subsidiary in the last reporting period amounting to aproximately
HK$72,656,000 (before taxation).
If the above non-recuring busines and fair value adjustment on
properties and investments and provision for acounts receivable
and other receivables were excluded, the net los atributable to
owners of the Company for our core busines for the Reporting
Period amounted to aproximately HK$42,053,000 (2024:
HK$60,263,000).
Los per share for the Reporting Period was HK5.03 cents (2024:
HK 5.16 cents).
The consolidated net asets value of the Group as at 31 March
2025 was aproximately HK$1,242 milion (2024: aproximately
HK$1,342 milion). The consolidated net asets value per share as
at 31 March 2025 was aproximately HK$0.85, based on
1,466,820,600 shares in isue, as compared to aproximately
HK$0.91 per share based on 1,466,820,600 shares in isue as at
31 March 2024.
Chairman’s Statement
主席报告书
Deson Development International Holdings Limited 2025 Anual Report
展望
展望将来，地缘政治紧张局势加剧、美国联
储局调整利率及新关税政策均可能会令经济
动荡。在中国内地，大规模财政及货币支援
措施即将生效，从而减轻物业行业的债务负
担。然而，重建消费者信心仍然挑战重。
在香港，改善相关经济状况为物业市场复苏
的关键。
致谢
本人谨代表本公司董事（「董事」），对本公司
之股东、业务伙伴及客户之长期支持及信任
致以衷心谢意，并感激全体员工于本年度为
本集团作出宝贵贡献及努力不懈。来年，本
集团将专心致力，期望凭借我们之共同努力，
所面对之挑战可迎刃而解，让本集团取得成
功，为本公司股东带来可持续回报。
董事总经理兼主席
谢文盛
香港
二零二五年六月二十六日
OUTLOK
Loking ahead, heightened geopolitical tensions, US Fed rates
trajectory and new tarif policies may introduce economic
volatility. In Mainland China, the efect of large-scale fiscal and
monetary suport measures awaiting to materialise to ease the
property sector’s debt burden. However, rebuilding consumer
confidence remains chalenging. In Hong Kong, improving
underlying economic conditions is key to property market
recovery.
APRECIATION
On behalf of the directors of the Company (“Directors”), I would
like to expres my heartfelt thanks for the long-term suport and
trust of the Company’s shareholders, busines partners and
customers. I would also like to expres my sincere apreciation to
al of my coleagues for their dedication and comitment to
make valuable contributions to the Group during the Year. In the
coming year, the Group wil cary on dedicating its eforts and
with our combined eforts, we are loking forward to overcoming
al those chalenges and hence deliver sustainable returns to the
Company’s shareholders.
Tjia Boen Sien
Managing Director and Chairman
Hong Kong
26 June 2025
Management Discusion and Analysis
管理层讨论及分析
迪臣发展国际集团有限公司 二零二五年报
BUSINES REVIEW
The Group’s major busines segments during the year ended
31 March 2025 comprise:
(a) the property development and investment busines segment
where the Group is engaged in property development of
residential and comercial properties and the holding of
investment properties;
(b) the trading busines segment where the Group is engaged
in the trading of medical equipment and home security and
automation products, including the provision of related
instalation; and
(c) the “others” segment comprises, principaly, the operation
of hotels.
The Group’s revenue for the year ended 31 March 2025 was
aproximately HK$135,468,000 (2024: HK$128,074,000),
representing an increase of aproximately 6% as compared to last
year.
Property development and investment busines
The Group’s revenue for the year ended 31 March 2025
generated from this segment was aproximately HK$76,108,000
(2024: HK$86,284,000), representing a decrease of aproximately
12% as compared with last year. Revenue generated from this
segment was derived from the sales of properties in the People’s
Republic of China (the “PRC”) and rental income earned from
investment properties located in the PRC.
(i) Sales of properties
In Mainland China, the Central Government continued to
implement acomodative monetary policy and necesary
fiscal stimulus to suport economic recovery throughout the
year. The overal property market remained relatively weak
as property sales and sales prices declined most of the year.
Revenue decreased from aproximately HK$68,114,000 for
the year ended 31 March 2024 to aproximately
HK$55,290,000 for the year ended 31 March 2025,
representing a decrease of aproximately 19%.
业务回顾
本集团于截至二零二五年三月三十一日止年
度的主要业务分类包括：
(a) 物业发展及投资业务分类，乃本集团从
事住宅及商用物业之物业发展及持有投
资物业；
(b) 贸易业务分类，乃本集团从事买卖医疗
设备及家居保安及自动化产品，包括提
供相关安装；及
(c) 「其他」分类主要包括营运酒店。
本集团于截至二零二五年三月三十一日止年
度的收入约为135,468,000港元（二零二四
年：128,074,000港元），较去年上升约6%。
物业发展及投资业务
截至二零二五年三月三十一日止年度，本集
团自该分类录得收入约76,108,000港元（二零
二四年：86,284,000港元），较去年下跌约
12%。该分类收入来自出售位于中华人民共
和国（「中国」）的物业及自位于中国的投资物
业赚取的租金收入。
(i) 出售物业
中国内地方面，中央政策继续实施宽松
货币政策及必要财务刺激措施以于全年
支持经济复苏。由于物业市场的销售及
售价下跌，所以，整体物业市场全年大
部分时间仍然相对疲弱。
收入由截至二零二四年三月三十一日止
年度约68,114,000港元下跌至截至二零
二五年三月三十一日止年度约
55,290,000港元，减幅约为19%。
Management Discusion and Analysis
管理层讨论及分析
Deson Development International Holdings Limited 2025 Anual Report
中国开封世纪豪苑G区已于二零二三年
年底推出市场。于报告期间，销售乃主
要由销售G区所贡献。与去年同期相
比，只有中国开封世博广场之少量停车
位及位于中国海口之少量商业单位获出
售。
尽管可售面积有所增加，于报告期间
内，本集团就位于中国河南省开封市龙
亭区龙亭湖1号•玺园4号楼之八个物业
（「该等物业」）订立八份买卖协议。合约
金额约为39,633,000港元（人民币
36,697,000元）。于该等销售交易后，
本集团与该等物业之买方订立租赁协
议。当租赁协议在于二零二四年八月
二十七日举行之股东特别大会上取得股
东批准后，本集团随后确认上述交易为
售后租回交易。本集团已根据香港财务
报告准则第16号租赁就租回应用承租人
会计模型。故并无就该等物业确认销
售。由于并无确认销售，即使较上一个
报告期间录得更多销售交易，此举导致
报告期间之销售减少。
(i) 投资物业租金收入
投资物业租金收入由截至二零二四年三
月三十一日止年度约18,170,000港元上
升至报告期间约20,818,000港元，增加
约15%。于报告期间内，本集团出租中
国开封世纪豪苑F区之若干面积予一名
独立第三方以经营酒店，即全季酒店。
已赚取更多租金收入。鉴于旅游业有所
改善，本集团预期将出租其他尚未出售
面积予可靠租户，以赚取额外租金收
入。
Section G of Century Place in Kaifeng, the PRC has ben
launched to the market at the end of 2023. During the
Reporting Period, sales were mainly contributed by the sales
of Section G. Compared with the coresponding period last
year, just a few car parks at World Expo Plaza in Kaifeng,
the PRC and a few comercial units at Haikou, the PRC
were sold.
Despite the increase of saleable area, during the Reporting
Period, the Group has entered into eight sale and purchase
agrements for eight premises (the “Premises”) located at
Building No. 4, 1 Longting Lake•Xiyuan, Longting Area,
Kaifeng City, Henan Province, the PRC. The contract sum is
aproximately HK$39,633,000 (RMB36,697,000).
Subsequent to these sales transactions, the Group entered
into lease agrements with the buyers for the Premises. The
Group then recognised the above transactions as
sale-and-leaseback transactions when the lease agrements
become efective after obtaining shareholders’ aproval at
the special general meting held on 27 August 2024. The
Group aplied the lese acounting model to the leaseback
under HKFRS 16 Leases thus no sales were recognised for
these Premises. As there was no recognition of sales, it
causes a drop in sales for the Reporting Period even though
more sales transactions were noted as compared to the last
Reporting Period.
(i) Rental income from investment properties
Rental income from investment properties increased from
aproximately HK$18,170,000 for the year ended 31 March
2024 to aproximately HK$20,818,000 for the Reporting
Period, representing an increase of aproximately 15%.
During the Reporting Period, the Group has leased certain
area of Section F, the Century Place, Kaifeng, the PRC to an
independent third party to operate a hotel, namely Ji Hotel.
More rental income was earned. In view of the
improvement of the tourism industry, the Group expects to
lease out other unsold area to reliable tenants to earn
aditional rental income.
Management Discusion and Analysis
管理层讨论及分析
迪臣发展国际集团有限公司 二零二五年报
于报告期间内自此分类产生之分类经营亏损约
为27,193,000港元（二零二四年：53,170,000
港元）。本报告期间之亏损有所减少，乃由于
投资物业之公平值亏损（扣除递延税项前）由
上一个报告期间约32,364,000港元减少至本
报告期间约14,094,000港元。该减少乃由于
(a)其中一项与一名独立第三方就中国开封之
购物中心签订之长期租赁协议于报告期间内
终止，并导致该物业之公平值增加；及(b)于
本报告期间内之销售录得较高毛利率，原因
是上一个报告期间出售位于中国开封世博广
场之动态馆（面积：5,823平方米）录得较低毛
利率。
分类经营亏损减少由因与一名独立第三方就
位于中国海口之酒店签订新长期协议所录得
之重估亏损所部分抵销。
贸易业务
本集团于截至二零二五年三月三十一日止年
度来自此分类的收入约为40,262,000港元（二
零二四年：28,715,000港元），较去年大幅上
升约40%。
此分类产生的收入来自买卖医疗设备、健康
及防疫产品，以及家居保安及自动化产品，
包括提供相关安装及维修服务。
(i) 买卖医疗设备、健康及防疫产品
收入由截至二零二四年三月三十一日止
年度约24,746,000港元大幅增至截至二
零二五年三月三十一日止年度约
37,469,000港元，大幅增加约51%。
Segment operating los generated from this segment during the
Reporting Period amounted to aproximately HK$27,193,000
(2024: HK$53,170,000). The decrease in los for this Reporting
Period was due to the decrease in fair value los on investment
properties (before defered tax) from aproximately
HK$32,364,000 in last reporting period to aproximately
HK$14,094,000 for this Reporting Period. The decrease is because
of (a) one of the long term tenancy agrements signed with an
independent third party of a mal in Kaifeng, the PRC was
terminated during the Reporting Period and caused the increase
in the fair value of that property and; (b) higher gros profit
margin was noted for the sales during this Reporting Period
because of lower gros profit margin for the sales of the
animation center (area: 5,823 sq.m.) at the World Expo Plaza in
Kaifeng, the PRC in the last reporting period.
The decrease in segment operating los was partialy ofset by the
revaluation los noted due to the new long term agrement
signed with an independent third party of the hotel located in
Haikou, the PRC.
Trading busines
The Group’s revenue for the year ended 31 March 2025
generated from this segment recorded at aproximately
HK$40,262,000 (2024: HK$28,715,000), representing a significant
increase of aproximately 40% as compared with last year.
Revenue generated from this segment arises from the trading of
medical equipment, welnes and pandemic prevention products as
wel as home security and automation products, including the
provision of the related instalation and maintenance services.
(i) Trading of medical equipment, welnes and
pandemic prevention products
Revenue increased significantly from aproximately
HK$24,746,000 for the year ended 31 March 2024 to
aproximately HK$37,469,000 for the year ended 31 March
2025, representing a significant increase of aproximately
51%.
Management Discusion and Analysis
管理层讨论及分析
Deson Development International Holdings Limited 2025 Anual Report
该增幅乃由于本报告期间确认来自香港
医院管理局就向九龙东联网采购中心下
的基督教联合医院销售及安装水疗池合
约金额约为9,500,000港元的主要销售
订单所致。另一方面，确认有关水底跑
步机之大额订单约1,215,000港元亦导
致报告期间内之营业额有所增加。
(i) 买卖家居保安及自动化产品
营业额由截至二零二四年三月三十一日
止年度约3,969,000港元下跌至截至二
零二五年三月三十一日止年度约
2,793,000港元，跌幅为约30%。
营业额减少乃由于终止了在中国的家居
保安及自动化业务。就香港的销售而
言，由于经济增长不符合预期，客户变
得更为保守，导致保安产品的销售及需
求下跌。
于报告期间此分类产生的分类经营溢利约为
2,347,000港元（二零二四年：亏损2,782,000
港元）。扭亏为盈乃由于报告期间内的销售有
所改善所致。
其他业务（主要营运酒店）
本集团于截至二零二五年三月三十一日止年
度来自此分类的收入约为19,098,000港元（二
零二四年：13,075,000港元），较去年大幅上
升46%。来自此分类的收入主要来自酒店的
营运。该增加乃由于本集团于报告期间内经
营两间酒店（二零二四年：一间酒店）所致。
The increase was due to the recognition of a major sales
order from Hong Kong Hospital Authority during this
Reporting Period for the sale and instalation of a
hydrotherapy pol to United Christian Hospital under
Kowlon East Cluster Procurement Centre with a contract
sum of aproximately HK$9,500,000. On the other hand,
the recognition of a significant order for an underwater
treadmil, amounting to aproximately HK$1,215,000 also
caused an increase in turnover during the Reporting Period.
(i) Trading of home security and automation
products
Turnover decreased from aproximately HK$3,969,000 for
the year ended 31 March 2024 to aproximately
HK$2,793,000 for the year ended 31 March 2025,
representing a decrease of aproximately 30%.
The decrease in turnover was because of the termination of
the trading of home security and automation busines in
China. For the sales in Hong Kong, as the economic growth
was not up to expectation, our customers became more
conservative which caused the drop in sales and demand for
security products.
Segment operating profit generated from this segment during the
Reporting Period amounted to aproximately HK$2,347,000
(2024: los of HK$2,782,000). The change from los to profit was
because of the improvement in sales during the Reporting Period.
Other busines, principaly operation of hotels
The Group’s revenue for the year ended 31 March 2025 generated
from this segment was recorded at aproximately HK$19,098,000
(2024: HK$13,075,000), representing a significant increase of
46% as compared with last year. Revenue generated from this
segment arises mainly from the operation of hotels. The increase
is because the Group has operated two hotels (2024: one hotel)
during the Reporting Period.
Management Discusion and Analysis
管理层讨论及分析
迪臣发展国际集团有限公司 二零二五年报
酒店表现
a) 开封智选假日酒店（「智选假日酒
店」）
开封智选假日酒店位处开封市中心，总
建筑面积约为14,000平方米，共有243
间客房，包括100间配备大双人床的标
准房间、106间单人床标准房间、18间
大双人床高级房间、18间单人床高级房
间及1间套房。该酒店亦设有3间会议
室，总建筑面积约为460平方米。于报
告期间的总营业额约为14,354,000港元
（二零二四年：13,075,000港元）。平均
入住率由上一个报告期间的37%上升至
本报告期间的44%。
b) 桔子酒店（「桔子酒店」）
于二零二四年六月二十五日，迪臣跨境
商贸（开封）有限公司及迪臣置业发展
（开封）有限公司（均为本公司之间接全
资附属公司）与八名出租人（均为独立第
三方）就租赁八个物业订立八份租赁协
议，自二零二四年七月一日起至二零
三九年六月三十日止（包括首尾两日），
为期180个月。
Hotels Performance
Name
Comencement
Date
Roms
available
Average daily
roms availableOcupancyAverage rom rate
Revenue per average
available rom
名称开业日期可用房间平均每日可用房间入住率平均房租平均可出租客房收入
二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年
(RMB)(RMB)
（人民币）（人民币）
Holiday InJanuary 202024323424344%37%22122911599
智选假日酒店二零二零年一月
Orange HotelOctober 20248989N/A86%N/A315N/A270N/A
桔子酒店二零二四年十月不适用不适用不适用不适用
a) Holiday In Expres Kaifeng City Center (“Holiday
In”)
Holiday In Expres Kaifeng is located in the city centre of
Kaifeng, with a total gros flor area of aproximately
14,000 sq.m. It consists of 243 guest roms, including 100
king bed standard roms, 106 single bed standard roms,
18 king bed superior roms, 18 single bed superior roms
and 1 suite. There are also 3 meting roms with a total
gros flor area of aproximately 460 sq.m. Total turnover
for the Reporting Period is aproximately HK$14,354,000
(2024: HK$13,075,000). The average ocupancy rate
increased from 37% in last reporting period to 44% to this
Reporting Period.
b) Orange Hotel (“Orange Hotel”)
On 25 June 2024, Deson E-Comerce (Kaifeng) Co., Ltd.
(迪臣跨境商贸（开封）有限公司) and Deson Property
Development (Kaifeng) Co., Ltd. (迪臣置业发展（开封）有限
公司), both being indirect wholy-owned subsidiaries of the
Company, entered into eight lease agrements in respect of
the lease of eight premises with eight lesors, al are
independent third parties, for a period of 180 months
comencing from 1 July 2024 to 30 June 2039 (both days
inclusive).
Management Discusion and Analysis
管理层讨论及分析
Deson Development International Holdings Limited 2025 Anual Report
各物业均为位于中国河南省开封市龙亭
区龙亭湖1号•玺园4号楼之四层高房
屋。本集团拟连同本集团拥有位于同一
地点（即中国河南省开封市龙亭区龙亭
湖1号•玺园3号楼）之其他物业一并经
营该等物业，并以「桔子酒店」特许经营
品牌经营新酒店业务。本集团已与华住
集团有限公司（NASDAQ：HTHT；HK：
01179）（一间股份于纳斯达克及联交所
主板上市之公司，主要业务为主要于中
国开发租赁及自有管理加盟及特许经营
酒店)之成员公司订立酒店特许经营协
议。
桔子酒店位处宋都皇城旅游度假区内，
邻近开封龙亭湖，总建筑面积约为
4,700平方米，共有89间客房，包括27
间湖景双人床房间、6间湖景双床房
间、23间双人床房间、24间高级双床房
间、4间特大床房间、1间套房及4间亲
子房间（包括1张加大双人床及1张双人
床）。该酒店亦设有1间会议室，总建筑
面积约为15平方米。
桔子酒店自二零二四年十月起开始营
运。于报告期间之总营业额约为
4,744,000港元（二零二四年：零）。二
零二四年十月至二零二五年三月三十一
日的平均入住率约为86%。
于报告期间，此分类的分类经营亏损约为
6,257,000港元（二零二四年：10,118,000港
元），乃主要由于自重估物业、厂房及设备
（即位于中国开封市的酒店物业）确认亏绌（扣
除递延税项前）约3,528,000港元（二零二四
年：3,436,000港元）。分类经营亏损下跌乃由
于本集团于报告期间内经营额外一间酒店，
并于报告期间内录得较高入住率。
Each of the premises is a four-storey house located at
Building No. 4, 1 Longting Lake • Xiyuan, Longting Area,
Kaifeng City, Henan Province, the PRC. The Group intended
to operate the premises, together with other premises
owned by the Group located at the same location Building
No. 3, 1 Longting Lake • Xiyuan, Longting Area, Kaifeng
City, Henan Province, the PRC for a new hotel busines
under the franchised brand of “Orange Hotel”. The Group
had entered into a hotel franchise agrement with a
member of H World Group Limited (NASDAQ: HTHT; HK:
01179), a company whose shares are listed on NASDAQ
and the Main Board of the Stock Exchange and is involved
in the principal busines of development of leased and
owned, manachised and franchised hotels mainly in the
PRC.
The Orange Hotel is located inside the Song City tourist
zone (宋都皇城旅游度假区) and next to the LongTing Lake,
Kaifeng, with a total gros flor area of aproximately
4,700 sq.m. It consists of 89 guest roms, including 27
double bed roms with lake view, 6 twin bed roms with
lake views, 23 double roms, 24 superior twin bed roms,
4 king bed roms, 1 suite and 4 family roms (include 1
extra large double bed and 1 double bed). There is also 1
meting rom with a total gros flor area of
aproximately 15 sq.m.
The Orange Hotel has comenced operations since October
2024. Total turnover for the Reporting Period is
aproximately HK$4,744,000 (2024: Nil). The average
ocupancy rate from October 2024 to 31 March 2025 was
aproximately 86%.
Segment operating los generated from this segment during the
Reporting Period amounted to aproximately HK$6,257,000
(2024: HK$10,118,000). This is mainly due to the recognition of
deficit from revaluation of property, plant and equipment, being
the hotel premises at Kaifeng, the PRC (before defered tax) to
aproximately HK$3,528,000 (2024: HK$3,436,000). The drop in
segment operating los was because of the Group operated one
aditional hotel during the Reporting Period and a higher
ocupancy rate was noted during the Report Period.
Management Discusion and Analysis
管理层讨论及分析
迪臣发展国际集团有限公司 二零二五年报
于截至二零二五年三月三十一日止年度，本
公司拥有人应占净亏损约为73,724,000港
元，而于截至二零二四年三月三十一日止年
度本公司拥有人应占净亏损约为75,691,000
港元。
本公司拥有人应占净亏损有所减少，原因是：
i) 投资物业之公平值亏损（扣除递延税项
前）由截至二零二四年三月三十一日止
年度约32,364,000港元减少至本报告期
间的14,094,000港元；及
i) 指定为按公平值计入损益账之股权投资
之公平值亏损由截至二零二四年三月
三十一日止年度之亏损约104,893,000
港元减少至报告期间之亏损约
13,684,000港元，乃由于在上一个报告
期间出售在中国深圳证券交易所上市之
股权投资所致。
上述各项由以下各项部分抵销：
i) 通过股权投资自其中一项在中国深圳证
券交易所上市之股权投资收取之股息收
入减少。所有股份已于上一个报告期间
出售，故于报告期间并无自该股权投资
收取股息收入（二零二四年：
74,865,000港元）；及
i) 于上一个报告期间通过出售一间附属公
司而出售中国海口之投资物业所产生之
收益减少至约72,656,000港元（除税
前）。
倘撇除上述非经常性业务以及有关物业及投
资之公平值调整以及应收账项及其他应收款
项之拨备，截至二零二五年三月三十一日止
年度之本公司拥有人应占核心业务净亏损约
为42,053,000港元（二零二四年：60,263,000
港元）。
截至二零二五年三月三十一日止年度每股亏
损约为5.03港仙（二零二四年：5.16港仙）。
The net los atributable to owners of the Company for the year
ended 31 March 2025 amounted to aproximately
HK$73,724,000 as compared with the net los atributable to
owners of the Company for the year ended 31 March 2024 of
aproximately HK$75,691,000.
The decrease of net los atributable to owners of the Company
was due to the:
i) the decrease in fair value los on investment properties
(before defered tax) of aproximately HK$32,364,000 for
the year ended 31 March 2024 to HK$14,094,000 for this
Reporting Period; and
i) the decrease in fair value los on equity investments
designated at fair value through profit or los from a los of
aproximately HK$104,893,000 for the year ended
31 March 2024 to a los of aproximately HK$13,684,000
for the Reporting Period due to the disposal of the equity
investment that was listed in China on the Shenzhen Stock
Exchange in the last reporting period.
The above was partialy ofset by:
i) the decrease in dividend income received from one of the
equity investments that was listed in China on Shenzhen
Stock Exchange through an equity investment. Al the shares
have ben disposed of in the last reporting period so no
dividend income (2024: HK$74,865,000) was received from
that equity investment in the Reporting Period; and
i) the decrease in gain arising from the disposal of the
investment property in Haikou, the PRC via the disposal of
a subsidiary in the last reporting period amounting to
aproximately HK$72,656,000 (before taxation).
If the above non-recuring busines and fair value adjustment on
properties and investments and provision for acounts receivable
and other receivables were excluded, the net los atributable to
owners of the Company for our core busines for the year ended
31 March 2025 amounted to aproximately HK$42,053,000
(2024: HK$60,263,000).
Los per share for the year ended 31 March 2025 was
aproximately HK5.03 cents (2024: 5.16 cents).
Management Discusion and Analysis
管理层讨论及分析
Deson Development International Holdings Limited 2025 Anual Report
财务回顾
收入
于截至二零二五年三月三十一日止年度，本
集团收入约为135,000,000港元，较去年增加
约6%。
该增加主要由于(i)于报告期间内贸易分类与
香港医院管理局的重大销售合约；及(i)桔子
酒店自二零二四年十月开始营运所致。
物业发展及投资业务、贸易业务及其他业务
带来之收入分别约为76,000,000港元、
40,000,000港元及19,000,000港元，分别较
去年同期减少约12%、增加约40%及增加约
46%。
毛利率
于截至二零二五年三月三十一日止年度，本
集团毛利率约为42%，较去年的33%上升约
9个百分点。
此乃主要由于上一个报告期间出售中国开封
市世博广场之动态馆录得较低毛利率所致。
于报告期间内，销售中国开封市的住宅公寓
录得较高毛利率。
另一方面，该增加乃受到报告期间内计入来
自物业发展及投资业务分类营业额的租金收
入比例高于去年同期所带动，由约21%增加
至约27%。租金收入的毛利率远高于物业销
售。因此，报告期间的整体毛利率较高。
FINANCIAL REVIEW
Revenue
For the year ended 31 March 2025, the Group’s revenue
amounted to aproximately HK$135 milion, increased by
aproximately 6% as compared with last year.
Such increase was mainly because (i) a significant sales contract
with Hong Kong Hospital Authority from the trading segment
during the Reporting Period; and (i) the comencement of
Orange Hotel operation since October 2024.
Revenue generated from the property development and
investment busines, trading busines and other busines
amounted to aproximately HK$76 milion, HK$40 milion and
HK$19 milion, respectively, representing a decrease of
aproximately 12%, an increase of aproximately 40% and an
increase of aproximately 46%, respectively, as compared with
the coresponding period of last year.
Gros profit margin
During the year ended 31 March 2025, the Group’s gros profit
margin was aproximately 42%, up by aproximately 9
percentage points as compared with last year’s 33%.
This was mainly due to lower gros profit margin noted for the
sales of the animation center at World Expo, Kaifeng, the PRC in
the last reporting period. During the Reporting Period, higher
gros profit was noted for the sales of residential apartments in
Kaifeng, the PRC.
On the other hand, the increase was driven by a larger
proportion of rental income included in turnover from property
development and investment busines segment in the Reporting
Period as compared with the same period last year, increasing
from aproximately 21% to aproximately 27%. The gros profit
margin of the rental income was much higher than that of the
sales of properties. As a result, overal gros profit margin was
higher in the Reporting Period.
Management Discusion and Analysis
管理层讨论及分析
迪臣发展国际集团有限公司 二零二五年报
其他收入及收益
本集团之其他收入及收益约为24,000,000港
元，较上一个报告期间约93,000,000港元大
幅减少约74%。于截至二零二四年三月
三十一日止年度内，本集团已通过股权投资
出售其中一项在中国深圳证券交易所上市之
股权投资之所有股份。于报告期间内概无自
该项投资赚取任何股息（二零二四年：
74,865,000港元）。
本报告期间的金额主要代表自部分尚未出售
之待售物业赚取之租金收入及有关由于综合
财务报表附注中附注21所示之尚未清偿代价
还款时间表之折现影响所产生之推算利息收
入。
按公平值计入损益账的股权投资之公平
值亏损
上一个报告期间的金额主要代表其中一项股
权投资因该项投资之股价于上一个报告期间
大幅下跌而录得公平值亏损。由于本集团已
于截至二零二四年三月三十一日止年度内出
售该项在中国深圳证券交易所上市之股权投
资之所有股份，故于本报告期间内并无录得
有关公平值变动。
流动资金、财务资源及资产负债比率
于报告期间，本集团维持健康的流动资金状
况，营运资金主要透过内部资源及其他借贷
取得。本集团采取审慎的现金及财务管理政
策。
于二零二五年三月三十一日，本集团总资产
约为1,742,088,000港元，资金来源分别为约
500,178,000港元、约1,255,483,000港元及
约13,573,000港元之总负债、股东权益及非
控股权益（亏绌结余）。于二零二五年三月
三十一日，本集团之流动比率为2.28，而于
二零二四年三月三十一日为1.80。
Other income and gains
The Group’s other income and gains amounted to aproximately
HK$24 milion, decreased significantly by aproximately 74% as
compared to aproximately HK$93 milion in the last reporting
period. During the year ended 31 March 2024, the Group has
disposed of al the shares of one of the equity investments that
were listed in China on the Shenzhen Stock Exchange through an
equity investment. No dividend (2024: HK$74,865,000) was
earned from that investment during this Reporting Period.
The amount for this Reporting Period mainly represents the rental
income earned from some unsold properties held for sales and
the imputed interest income regarding the discounted efect due
to the repayment schedule of the Outstanding Consideration
shown in note 21 to the notes to the consolidated financial
statements.
Fair value los on an equity investments at fair value
through profit or los
The amount for the last reporting period was mainly represents
the fair value los on one of the equity investments due to a
significant decrease in the share price of that investment in the
last reporting period. As the Group has disposed of al the shares
of that equity investments that were listed in China on the
Shenzhen Stock Exchange during the year ended 31 March
2024, no such fair value change was noted in this Reporting
Period.
Liquidity, financial resources and gearing ratio
During the Reporting Period, the Group maintained a healthy
liquidity position with working capital financed mainly by internal
resources and also other borowings. The Group adopted a
prudent cash and financial management policy.
As at 31 March 2025, the Group had total asets of
aproximately HK$1,742,088,000, which were financed by total
liabilities, shareholders’ equity and non-controling interests of
aproximately HK$500,178,000, aproximately HK$1,255,483,000
and aproximately HK$13,573,000 (debit balance), respectively.
The Group’s curent ratio as at 31 March 2025 was 2.28 as
compared with 1.80 as at 31 March 2024.
Management Discusion and Analysis
管理层讨论及分析
Deson Development International Holdings Limited 2025 Anual Report
资产负债比率按计息债务总额减现金及现金
等值项目，除以相关报告期末之权益总额再
乘以100%计算。于二零二五年三月三十一
日，本集团的净资产负债比率约为17%（二零
二四年：24%）。我们已分析借款的到期状
况，并管理流动资金水平，确保有充足的现
金流量偿还债务，并满足我们业务的现金需
求。我们将探索不同的融资机会，以改善我
们的资本结构并降低我们的资本成本。
资本开支
截至二零二五年三月三十一日止年度之资本
开支总额约为52,784,000港元。该金额主要
指就租赁物业经营桔子酒店的使用权资产添
置及租赁装修。
或然负债
于二零二五年三月三十一日，本集团并无重
大或然负债。
承担
于二零二五年三月三十一日，本集团有已订
约但未拨备的资本承担约57,000港元。
集团资产之抵押
总账面值约为744,152,000港元的资产已予抵
押，作为本集团获授银行信贷之抵押品。
库务政策
本集团已对其库务政策采取审慎的财务管理
方针，故在截至二零二五年三月三十一日止
年度全年内维持健康的流动资金状况。本集
团致力透过进行持续的信贷评估及评估其客
户的财务状况以降低信贷风险。为管理流动
资金风险，董事会紧密监察本集团的流动资
金状况以确保本集团的资产、负债及其他承
担的流动资金结构可应付其不时的资金需求。
外汇风险
本集团主要面临人民币计值之结余风险。出
现结余风险，主要因为本集团的经营活动所
用若干实体以外币计值的货币资产与负债。
Gearing ratio is calculated by the total interest-bearing debts les
cash and cash equivalents divided by the total equity as at the
end of the respective reporting periods and multiplied by 100%.
The Group had a net gearing ratio of aproximately 17% as at
31 March 2025 (2024: 24%). We analysed the maturity profiles
of our borowings and managed our liquidity level to ensure a
suficient cash flow to service our indebtednes and met cash
requirements arising from our busines. We wil explore various
financing oportunities to improve our capital structure and
reduce our cost of capital.
Capital expenditure
Total capital expenditure for the year ended 31 March 2025 was
aproximately HK$52,784,000. The amount mainly represents the
adition of right-of-use asets and leasehold improvements for the
lease of premises for the operation of Orange Hotel.
Contingent liabilities
As at 31 March 2025, the Group had no significant contingent
liabilities.
Comitments
As at 31 March 2025, the Group had capital comitments
contracted, but not provided for, of aproximately HK$57,000.
Charges on group asets
Asets with an agregate carying value of aproximately
HK$744,152,000 were pledged as securities for the Group’s
banking facilities.
Treasury policies
The Group had adopted a prudent financial management
aproach towards its treasury policies and thus maintained a
healthy liquidity position throughout the year ended 31 March
2025. The Group strives to reduce its exposure to credit risk by
performing ongoing credit asesments and evaluations of the
financial status of its customers. To manage liquidity risk, the
Board closely monitors the Group’s liquidity position to ensure
that the liquidity structure of the Group’s asets, liabilities and
other comitments can met its funding requirements from time
to time.
Exchange risk exposure
The Group is mainly exposed to balances denominated in RMB
which mainly arise from certain entities’ foreign
curency-denominated monetary asets and liabilities for the
Group’s operating activities.
Management Discusion and Analysis
管理层讨论及分析
迪臣发展国际集团有限公司 二零二五年报
本集团现时并无就撇除人民币兑港元汇率变
动导致的货币风险设定外币对冲政策。然而，
管理层会密切监察相关的外币风险，需要时
将考虑对冲重大的外币风险。
前景
物业发展及投资
于二零二四年，中央人民政府继续优化其房
地产政策以稳定物业市场，并致力于供需两
侧改善市况。其亦藉废除购房、转售及定价
的限制、下调按揭利率、下调首付款比率及
纾缓买方交易物业之税务负担，加大力度支
持物业行业。
展望二零二五年，全球经济日益受到地缘政
治紧张局势加剧、加息及潜在贸易冲突升温
（尤其是美国与中国内地之间）所带来之不确
定性妨碍，而这可能会严重干扰全球贸易及
投资动向，继而将打击中国内地及香港之经
济增长。然而，中国政策已出台针对性政策，
包括财政刺激措施、货币宽松及支持数字经
济等战略性行业，借以刺激国内需求，从而
稳定经济增长。中国内地国内需求转强，可
带来溢出效应。
于报告年度内，由于存货充裕令一手单位定
价保守，住宅价格经历温和下跌。相反，由
于政府于年内推出利好措施，包括移除惩罚
性印花税及调整按揭之贷款价值比率，继而
降低购买门槛及鼓励销售，住宅成交量有所
上升。中国内地专才及企业家移民存在持续
需求，为本地住宅市场带来实际支持，并有
助于整个年度之市场活动。
The Group curently does not have a foreign curency hedging
policy to eliminate the curency exposures against changes in
exchange rates of RMB against Hong Kong Dolar. However,
management monitors the related foreign curency exposures
closely and wil consider hedging significant foreign curency
exposures should the ned arises.
PROSPECTS
Property development and investment
In 2024, the Central People’s Government continued to optimise
its real estate policies to stabilise the property market, and strived
to improve market conditions on both the suply and demand
sides. It also intensified its eforts to suport the property sector
by abolishing restrictions on home purchases, resales and pricing,
lowering mortgage rates, reducing the down payment ratio, and
aleviating the tax burden on purchasers exchanging properties.
Loking forward in 2025, the world economy tends to be
increasingly constrained by the uncertainties from the lingering
geopolitical tensions, higher interest rates and the potential
escalation of trade conflicts, particularly betwen the US and
Mainland China which could significantly interupt the global
trade and investment flows. This would hinder the economic
growth of both Mainland China and Hong Kong. However, target
policies have ben put in place by the Chinese Government
including fiscal stimulus, monetary easing and suport for
strategic sectors like the digital economy with the view of
bosting domestic demand and hence stabilising economic
growth. The strengthened local demand of Mainland China shal
bring a spilover efect.
During the Reporting Year, residential pricing experienced a
moderate decline driven by the conservative pricing of first-hand
stocks in view of the abundant inventory. In contrast, an uptick in
residential transaction volume was recorded as a result of the
favorable government initiatives introduced during the year
including the removal of punitive stamp duties and adjustments
to loan-to-value ratios for mortgages, which in turn lowered the
purchase bariers and encouraged sales. The ongoing demand
from skiled profesionals and entrepreneurial migrants from
Mainland China provided genuine suport to the local residential
market and helped enhance market activities throughout the year.
Management Discusion and Analysis
管理层讨论及分析
Deson Development International Holdings Limited 2025 Anual Report
开封世纪豪苑
于二零五年六月九日，本集团获授中国河
南省开封市龙亭区一幅发展地块之土地使用
权。该地块已开发为一个建筑面积估计约为
210,500平方米之住宅及商业综合项目，名称
为「开封世纪豪苑」。直至本年报日期，约
190,000平方米建筑面积已竣工，所获销售合
约总额已达约人民币767,000,000元。
开封世纪豪苑A区至F区尚未出售面积包括以
下各项：
于报告期间内，本集团已向一名独立第三方
出租F区之若干面积以供营运一间酒店。租金
收入已经赚取，且该部分已重新分类为投资
物业。鉴于旅游业有所改善，本集团预期将
出租其他未售面积予可靠租户，以赚取额外
租金收入。
CENTURY PLACE, KAIFENG
On 9 June 2005, the Group was granted the land use rights of a
development site within the Long Ting District of the city of
Kaifeng, Henan Province, the PRC, which has ben developed
into a residential and comercial complex with an estimated
gros flor area of aproximately 210,500 sq.m., known as
“Century Place, Kaifeng”. Up to the date of this Anual Report,
the construction of a gros flor area of aproximately 190,000
sq.m. has ben completed and a total sales contract sum of
aproximately RMB767 milion has ben achieved.
The unsold area at the Century Place Section A — Section F,
Kaifeng consists of the folowing:
CURENT USEGROS FLOR AREA
当前用途建筑面积
Section A Investment properties — Shops (leased out)53,600 sq.m.
A区投资物业 — 商舖（已出租）53,600平方米
Section BProperties held for sales — Apartments200 sq.m.
B区待售物业 — 公寓200平方米
Car park70 units
停车位70个
Section CProperties held for sales — Vilas6,000 sq.m.
C区待售物业 — 别墅6,000平方米
Section DProperties held for sales — Ofices1,200 sq.m.
D区待售物业 — 办公室1,200平方米
Car park10 units
停车位10个
Section EProperties held for sales — Shops350 sq.m.
E区待售物业 — 商舖350平方米
Section FProperties held for sales — Shops4,900 sq.m.
F区待售物业 — 商舖4,900平方米
Investment properties — Hotel (leased out)6,200 sq.m.
投资物业 — 酒店（已出租）6,200平方米
Car park86 units
停车位86个
During the Reporting Period, the Group has leased certain area of
Section F to an independent third party to operate a hotel.
Rental income was earned and such portion had ben reclasified
as investment properties. In view of the improvement of the
tourism industry, the Group expects to lease out other unsold
area to reliable tenants to earn aditional rental income.
Management Discusion and Analysis
管理层讨论及分析
迪臣发展国际集团有限公司 二零二五年报
该土地之剩余部分（G区）已于报告期间内推
出市场。开封世纪豪苑G区尚未出售面积包括
以下各项：
直至本年报日期，已经达成合约销售总额约
人民币110,800,000元。
开封世博广场
于二零一二年二月十六日，本集团成功中标
取得中国开封市一幅商住地块的土地使用权，
并已开发为一个估计建筑面积约95,000平方
米之住宅及商业综合项目，名称为「开封世博
广场」。直至本年报日期，本项目已竣工，所
获合约总额约人民币574,000,000元。
开封世博广场尚未出售面积包括以下各项：
The remaining part of the land (Section G) has ben launched to
the market during the Reporting Period. The unsold area at the
Century Place Section G, Kaifeng consists of the folowing:
CURENT USEGROS FLOR AREA
当前用途建筑面积
Section GProperties held for sales — Apartments10,000 sq.m.
G区待售物业 — 公寓10,000平方米
Properties held for sales — Shops1,400 sq.m.
待售物业 — 商舖1,400平方米
Properties, plant and equipment — Hotel2,800 sq.m.
物业、厂房及设备 — 酒店2,800平方米
Car park88 units
停车位88个
Up to the date of this Anual Report, a total sales contract sum
of aproximately RMB110.8 milion has ben achieved.
WORLD EXPO, KAIFENG
On 16 February 2012, the Group sucesfuly won a bid for the
acquisition of land use right of a residential and comercial site
in the city of Kaifeng, the PRC, which has ben developed into a
residential and comercial complex with an estimated gros flor
area of aproximately 95,000 sq.m., known as “World Expo,
Kaifeng”. Up to the date of this Anual Report, this project has
ben completed and achieved a total sale contract sum of
aproximately RMB574.0 milion.
The unsold area at the World Expo, Kaifeng consists of the
folowing:
CURENT USE GROS FLOR AREA
当前用途建筑面积
Comercial Section AProperty, plant and equipment — Hotel14,000 sq.m.
商用A区物业、厂房及设备 — 酒店14,000平方米
Comercial Section BProperties held for sales — Shops2,300 sq.m.
商用B区待售物业 — 商舖2,300平方米
Residential Blocks 1–3Properties held for sales — Apartments5,800 sq.m.
住宅1–3幢待售物业 — 公寓5,800平方米
Car park142 units
停车位142个
Management Discusion and Analysis
管理层讨论及分析
Deson Development International Holdings Limited 2025 Anual Report
买卖医疗设备及家居保安及自动化产品
医疗设备
全球生活水平日益富裕（尤其是在香港及中国
主要城市），及健康意识日渐提高（尤其是在
城市居住的高收入消费者），一并产生了对医
疗设备的热切需求。因此，预期该分类值得
继续投资。在下一个报告期间，我们将透过
扩展分销渠道及引进更多元化产品来刺激销
售增长。
本集团与独立第三方成立两间联营公司，即
酷生命科技有限公司（由本集团拥有20%权
益）及晁能力科技股份有限公司（由本集团拥
有35%权益）。
酷生命科技有限公司（「酷生命科技」）为一间
研发公司，从事发明供长者及慢性疾病患者
使用的智能人机互动康复培训平台。本集团
与香港中文大学的教授合作开发线上增强实
景及虚拟实景培训平台供中风人士及长者使
用，包括上肢、下肢、平衡与协调练习。产品
特别以长者及慢性疾病患者为目标，并提供
线上复康服务以改善其生活质素。
酷生命科技已获授ISO13485，其适用于研
究、设计、发展、营销及分销医疗软件。
家居保安及自动化产品
通过本集团其中一间联营公司Axonsoft Hong
Kong Limited，本集团持续推动人工智能（「人
工智能」）视频分析技术的应用，能提供多种
功能，例如防止徘徊、协助控制疾病传播、
分析人体姿势行为，并协助物业价值评估等。
此外，随著香港、中国的主要城市及东南亚
之生活及科技水准改善，本集团旨在为智能
城市的发展提供一系列的解决方案，应用于
商场、政府设施、边境及机场等。
Trading of medical equipment and home security and
automation products
Medical equipment
The increasing standard of living around the globe, especialy in
Hong Kong and major cities in the PRC, and increasing health
awarenes, in particular from high-income consumers living in
urban areas, together create aditional demand for medical
equipment. Consequently, this segment is expected to continue to
be a worthwhile investment. In the coming reporting period, we
wil expand our distribution chanels and introduce a broader
range of products to bost sales growth.
The Group has set up two asociates, namely Hope4Care Limited
(20% owned by the Group) and UltraX Technologies Co., Ltd.
(35% owned by the Group), with independent third parties.
Hope4Care Limited (“Hope4Care”) is a research and development
company which engages in inventing inteligent human-computer
interaction rehabilitation training platforms for the elderly and
persons with chronic diseases. The Group coperates with a
profesor from the Chinese University of Hong Kong to develop
online augmented reality and virtual reality training platforms for
stroke survivors and the elderly, including uper limb, lower limb,
balance and cordination exercises. The products specificaly
target on elderly and persons with chronic diseases and provide
online rehabilitation services to improve their quality of life.
Hope4Care has ben granted ISO13485, which is aplicable to
research, design, development, marketing and distribution of
medical software.
Home security and automation products
Through one of the asociates of the Group, Axonsoft Hong
Kong Limited, the Group continues to promote the aplication of
artificial inteligence (“AI”) video analysis technology, which can
provide various functions such as preventing loitering, asisting in
controling the spread of diseases, analysing human posture and
behaviour, and asisting property valuation.
In adition, with the improving standard of living and technology
in Hong Kong, major cities in the PRC and Southeast Asia, the
Group aims to provide a series of solutions to smart city
development for shoping mals, government facilities, border and
airport, etc.
Management Discusion and Analysis
管理层讨论及分析
迪臣发展国际集团有限公司 二零二五年报
在香港，我们为分布在不同地区的金融机构
提供人流分析服务，协助他们更好地掌握客
户流量情况。我们亦为香港政府的不同机构
提供先进的视频管理平台软件，以提升其监
控及管理能力。
在中国内地，我们成功取得首个大型机场项
目，该项目整合了多个不同系统，如门禁系
统、入侵警报系统、消防系统等，同时结合
逾18,000路视频镜头和部分附有人工智能分
析功能，为机场管理者提供更完善的物理安
全信息管理服务。
我们通过参加研讨会及展览会，积极增加我
们的市场份额，以推广我们的产品及扩大销
售渠道。
本集团将继续采取有效的成本管理策略及维
持严格的信贷控制措施来应对经营环境动荡
的挑战及增强竞争力。董事将继续致力尽其
所能，为本公司股东争取最佳回报。
酒店营运
鉴于中国开封市之访客人数不断增加，本集
团将继续改善酒店服务质素，确保酒店宾客
得到愉快的留宿体验。
受开封市的文化遗产及旅游业潜力所推动，
在当地开设酒店提供多项战略性优势。开封
为「中原」之一部分，当中包括洛阳及郑州等
邻近城市。「开封菊花文化节」等每年一度的
盛事吸引数以百万计的游客，为住宿创造季
节性需求。
尽管当前挑战重，酒店分类之前景维持稳
定。虽然呈现复苏迹象，行业继续面临经营
障碍，包括人手短缺、经营成本上升及经济
不确定性。就此而言，我们将继续采取严格
开支控制方针，紧贴市场及创新营运酒店，
借以保持竞争优势。
In Hong Kong, we provide people flow analysis services to
financial institutions located in diferent areas to help them beter
understand customer trafic paterns. We also provide advanced
video management platform software to various organisations of
the Hong Kong Government to enhance their monitoring and
management capabilities.
In Mainland China, we have sucesfuly obtained the first
large-scale airport project which integrates multiple diferent
systems, such as aces control systems, intrusion alarm systems
and fire alarm systems, etc., while combining over 18,000
chanels of video cameras, some of which are equiped with AI
analysis capabilities, to provide more comprehensive physical
security information management services for airport managers.
We actively increase our market share by atending seminars and
exhibitions in order to promote our products and expand the
sales chanel.
The Group wil continue to adopt eficient cost management
strategies and maintain tight credit control measures to cope with
chalenges and to improve competitivenes within the volatile
operating environment. The Directors wil continue to make every
efort to maximise the interests of the shareholders of the
Company.
Hotel operations
In view of the increasing number of visitors in Kaifeng, the PRC,
the Group wil continue to improve the quality of its hotel
services to ensure hotel guests wil have enjoyable experiences
during their stays in the hotel.
Opening a hotel in Kaifeng ofers several strategic advantages,
driven by its cultural heritage and tourism potential. Kaifeng is
part of the “Central Plains”, which includes nearby cities like
Luoyang and Zhengzhou. Anual events like the “Kaifeng
Chrysanthemum Cultural Festival” draw milions of visitors,
creating seasonal demand for acomodations.
The outlok for our hotels division remains stable amid prevailing
chalenges. Despite signs of recovery, the industry continues to
face operating obstacles including stafing shortages, increase of
operation costs and economic uncertainties. In this regard, we wil
continue to adopt a stringent expenses control aproach, stay
abreast of the market and be inovative on hotel operations in
order to maintain a competitive edge.
Management Discusion and Analysis
管理层讨论及分析
Deson Development International Holdings Limited 2025 Anual Report
董事会将透过改善本集团的企业管治以遵守
上市规则，力求于行业及地理覆盖范围上寻
求新突破，提升风险控制水平、增强资产管
理能力、进一步组织专业而优质的人才团队，
以把握发展机会及积极发掘新客户。本集团
亦将注意与现有客户维持关系，并加强与优
质客户合作，让本集团达致稳定而长远的发
展。
过去十二个月集资
配售债券及所得款项用途
于二零二四年一月二十九日，本公司订立配
售协议，以配售本金总额最高达20,000,000
港元之非上市公司债券，年利率为10%，须
于每季尾支付。本公司已使用配售13M债
券之所得款项净额抵销过往债券之尚未清偿
金额13,000,000港元。于本年报日期，本金
总额13,000,000港元之债券已由一名承配人
（为独立第三方）认购，并已于截至二零二五
年三月三十一日止年度获悉数偿还。
于二零二年八月二十二日，本公司按本金
额20,000,000港元（「20M债券」）发行非上市
公司债券，为无抵押、按固定年利率7%计
息，并可由本公司自发行日期起计两年后按
其本金额20,000,000港元悉数赎回。于二零
二四年五月六日，本公司及20M债券持有人
同意将债券由二零二四年八月二十二日进一
步延长两年，并于本公司偿还部份本金额
5,000,000港元后将本金额由20,000,000港元
修改为15,000,000港元（「15M债券」），为无
抵押，按固定年利率7%计息。因此，15M债
券可由本公司自二零二四年八月二十二日起
计两年后按本金额15,000,000港元悉数赎回
（披露于综合财务报表附注28）。
于本年报日期，本金总额15,000,000港元之
债券已由一名承配人（为独立第三方）认购。
The Board wil strive for new breakthroughs in terms of industry
and geographical coverage by improving the Group’s corporate
governance to comply with the Listing Rules, increasing the risk
control level, enhancing aset management capability, further
forging a profesional and high-quality talent team to seize
development oportunities and actively develop new customers.
The Group wil also pay atention to maintain relationships with
existing customers and explore deper coperation with quality
customers in order to achieve steady and long-term development
of the Group.
FUNDRAISING FOR THE PAST TWELVE MONTHS
Placing of bonds and use of proceds
On 29 January 2024, the Company entered into a placing
agrement for the placing of unlisted corporate bonds of an
agregate principal amount of up to HK$20,000,000. The interest
rate is 10% per anum, payable quarterly in arears. The net
proceds from the placing of 13M Bond were used by the
Company to ofset the outstanding amount of the previous bond
of HK$13,000,000. As at the date of this Anual Report, bonds
of an agregate principal amount of HK$13,000,000 were
subscribed for by one place, who is an independent third party
and fuly repaid during the year ended 31 March 2025.
On 22 August 2022, the Company isued an unlisted corporate
bond at a principal amount of HK$20,000,000 (“20M Bond”),
which is unsecured, bears a fixed interest rate of 7% per anum,
and is fuly redemable by the Company after 2 years from the
isue date at its principal amount of HK$20,000,000. On 6 May
2024, the Company and the holder of the 20M Bond agred to
extend the bond for a further two years from 22 August 2024
and revise the principal amount from HK$20,000,000 to
HK$15,000,000 (“15M Bond”) after the Company repaid part of
the principal amount in the sum of HK$5,000,000, which is
unsecured, bears a fixed interest rate of 7% per anum.
Acordingly, the 15M Bond is fuly redemable by the Company
after two year from 22 August 2024 at its principal amount of
HK$15,000,000 (as disclosed in note 28 to the notes to the
consolidated financial statements).
As at the date of this Anual Report, bond of an agregate
principal amount of HK$15,000,000 was subscribed for by one
place, who is an independent third party.
Management Discusion and Analysis
管理层讨论及分析
迪臣发展国际集团有限公司 二零二五年报
人力资源
于二零二五年三月三十一日，本集团共聘用
159名雇员，其中116名驻于中国，其余员工
驻于香港。于截至二零二五年三月三十一日
止年度，总雇员福利开支（包括董事酬金）约
为37,400,000港元，而去年则约为36,000,000
港元。略为增加乃主要由于自二零二四年十
月起开始营运桔子酒店所致。
董事已审阅及批准本集团雇员之薪酬政策及
待遇。除退休金外，为吸纳及挽留才能优秀、
做事积极之雇员，本集团按个人表现及所达
到之本集团目标，向员工授出酌情花红及购
股权。
HUMAN RESOURCES
As at 31 March 2025, the Group had 159 employes, 116 of
whom were based in the PRC and the remaining employes were
based in Hong Kong. The total employe benefits expenses
including directors’ emoluments for the year ended 31 March
2025 was aproximately HK$37.4 milion as compared with
aproximately HK$36.0 milion in the previous year. The slightly
increase was mainly due to the comencement of the operation
of Orange Hotel since October 2024.
The remuneration policy and package of the Group’s employes
were reviewed and aproved by the Directors. Apart from
pension funds, in order to atract and retain a high calibre and
motivated workforce, the Group ofers discretionary bonuses and
share options to staf based on individual performance and the
achievements of the Group’s targets.
30Deson Development International Holdings Limited 2025 Anual Report
Report of the Directors
董事会报告
The Directors herein present their report and the audited financial
statements of the Group for the year ended 31 March 2025.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding. The
principal activities of the subsidiaries consist of (a) property
development and investment; (b) trading of medical equipment as
wel as home security and automation products; and (c) operation
of hotels.
RESULTS AND APROPRIATIONS
The Group’s los for the year ended 31 March 2025 and the
Group’s financial position as at that date are set out in the
financial statements on pages 102 to 105.
No interim dividend was paid during the Year (2024: Nil). The
Directors do not recomend the payment of any final dividend
for the Year (2024: Nil).
DIVIDEND POLICY
The Company aims to provide a steady return to shareholders
and at the same time to maintain a strong financial position for
investment oportunities and sustainable development in the
future. Dividends proposed or declared, or not recomended, is
subject to financial performance, cash flows and future
investment oportunities of the Group.
ANUAL GENERAL METING
The Anual General Meting (the “AGM”) wil be convened and
held on 26 August 2025 (Tuesday). A notice convening the AGM
wil be published and despatched to the shareholders of the
Company in the maner required by the Listing Rules.
CLOSURE OF REGISTER OF MEMBERS
For the purpose of determining the qualification as shareholders
of the Company to atend and vote at the AGM, the register of
members of the Company wil be closed from 21 August 2025
to 26 August 2025, both days inclusive. In order to qualify as
shareholders of the Company to atend and vote at the AGM,
unregistered holders of shares of the Company are required to
lodge al transfer documents acompanied by the relevant share
certificates with the Company’s branch share registrar and
transfer ofice in Hong Kong, Tricor Investor Services Limited at
17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong for
registration not later than 4:30 p.m. on 20 August 2025.
董事谨此呈报其报告以及本集团截至二零二五
年三月三十一日止年度之经审核财务报表。
主要业务
本公司之主要业务为投资控股。其附属公司
之主要业务包括(a)物业发展及投资；(b)买卖
医疗设备以及家居保安及自动化产品；及(c)
营运酒店。
业绩及分配
本集团截至二零二五年三月三十一日止年度
之亏损以及本集团于该日之财务状况载于第
102至105页之财务报表内。
于本年度，概无派付中期股息（二零二四年：
无）。董事不建议就本年度派付任何末期股息
（二零二四年：无）。
股息政策
本公司旨在向股东提供稳定的回报，同时保
持财务状况稳健以在未来把握投资机遇及实
现可持续发展。建议派付或宣派、或不建议
派付股息视乎本集团财政表现、现金流量及
未来投资机遇而定。
股东周年大会
股东周年大会（「股东周年大会」）将于二零
二五年八月二十六日（星期二）召开及举行。
召开股东周年大会之通告将按上市规则规定
之方式刊发及寄发予本公司股东。
暂停办理过户登记手续
为厘定出席股东周年大会并于会上投票的股
东身份，本公司将于二零二五年八月二十一
日至二零二五年八月二十六日止（包括首尾两
天在内）期间暂停办理过户登记手续。为符合
资格出席股东周年大会并于会上投票，未登
记股份持有人必须将所有过户文件连同有关
股票于二零二五年八月二十日下午四时三十
分前送达本公司之香港股份过户及登记分处
卓佳证券登记有限公司登记，地址为香港夏
悫
道16号远东金融中心17楼。
31迪臣发展国际集团有限公司 二零二五年报
Report of the Directors
董事会报告
物业、厂房及设备以及投资物业
本集团于本年度之物业、厂房及设备以及投
资物业之变动详情，分别载于财务报表附注
14及15。本集团投资物业之进一步详情载于
本年报第49页。
股本及购股权
于本年度之股本及购股权之变动详情（如
有），分别载于财务报表附注30及31。
股票挂钩协议
除本年报所披露者外，本公司于截至二零二五
年三月三十一日止年度内概无订立股票挂钩
协议。
储备
本集团于年内之储备变动详情载于本年报第
106至107页综合权益变动表。
可分派储备
于二零二五年三月三十一日，根据百慕达
一九八一年公司法（经修订）计算本公司可作
现金分派及╱或实物分派之储备约为
72,988,000港元。此外，本公司股份溢价账
及资本赎回储备金额合共约为255,310,000港
元，可以缴足红股形式分派。
根据百慕达一九八一年公司法（经修订），于
若干情况下，本公司可从实缴盈余中作出分
派。
PROPERTY, PLANT AND EQUIPMENT AND
INVESTMENT PROPERTIES
Details of movements in the property, plant and equipment, and
investment properties of the Group during the Year are set out in
notes 14 and 15 to the financial statements, respectively. Further
details of the Group’s investment properties are set out on page
49 of this Anual Report.
SHARE CAPITAL AND SHARE OPTIONS
Details of movements in the share capital and share options
during the Year, if any, are set out in notes 30 and 31 to the
financial statements, respectively.
EQUITY-LINKED AGREMENT
Save as disclosed in this Anual Report, there was no equity-
linked agrement entered into by the Company during the year
ended 31 March 2025.
RESERVES
Details of movements in the reserves of the Group during the
Year are set out in the consolidated statement of changes in
equity on pages 106 and 107 of this Anual Report.
DISTRIBUTABLE RESERVES
As at 31 March 2025, the Company’s reserves available for cash
distribution and/or distribution in specie, computed in acordance
with the Companies Act 1981 of Bermuda (as amended),
amounted to aproximately HK$72,988,000. In adition, the
Company’s share premium acount and capital redemption
reserve, in the agregate amount of aproximately
HK$255,310,000, may be distributed in the form of fuly paid
bonus shares.
Under the Companies Act 1981 of Bermuda (as amended), the
Company may make distributions from its contributed surplus in
certain circumstances.
32Deson Development International Holdings Limited 2025 Anual Report
Report of the Directors
董事会报告
业务回顾
本集团截至二零二五年三月三十一日止年度
的业务回顾载于本年报第13至29页「管理层
讨论及分析」一节。该等讨论构成本「董事会
报告」之一部份。
本业务回顾乃根据香港联合交易所有限公司
（「联交所」）颁布的《香港联合交易所有限公司
证券上市规则》（「上市规则」）附录D2第
28(2)(d)段进行，本集团已据此按照香港法例
第622章《公司条例》（「公司条例」）附表5的要
求对上述的主要业务作出进一步分析及论述。
董事认为「主席报告书」及「管理层讨论及分
析」两节已提供本集团截至二零二五年三月
三十一日止年度之全面表现回顾及未来展望。
主要风险及不明朗因素
以下是被视为有可能对本集团业务、经营业
绩及财务状况构成重大影响的主要风险及不
明朗因素的目录。惟以下目录并非详尽无遗，
经济及其他状况随时间改变均有可能产生其
他风险及不明朗因素。本集团采用风险管理
及内部监控框架来识别机构内不同层面当前
及可预见的风险，以采取防范措施继而避免
或减轻风险带来的不利影响。
BUSINES REVIEW
A review of the busines of the Group for the year ended
31 March 2025 is set out in the section headed “Management
Discusion and Analysis” on pages 13 to 29 of this Anual
Report. These discusions form part of this “Report of the
Directors”.
This busines review is made pursuant to paragraph 28(2)(d) of
Apendix D2 to the Rules Governing the Listing of Securities on
the Stock Exchange of Hong Kong Limited (the “Listing Rules”)
published by The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”), pursuant to which further analysis of and
discusion on the above principal activities of the Group as
required by Schedule 5 to the Companies Ordinance (Chapter
622 of the Laws of Hong Kong) (the “Companies Ordinance”)
are made. In the opinion of the Directors, the sections headed
“Chairman’s statement” and “Management discusion and
analysis” provide a comprehensive review of the performance of
the Group for the year ended 31 March 2025 as wel as its
future prospects.
PRINCIPAL RISKS AND UNCERTAINTIES
The folowing is a list of principal risks and uncertainties that are
considered to be of significance and have potential to afect the
Group’s busineses, results of operations and financial position.
However, this list is non-exhaustive as there may be other risks
and uncertainties which may arise as a result of changes in
economic and other conditions over time. The Group employs a
risk management and internal control framework to identify
curent and foreseable risks at diferent levels of the
organisation so as to take preventive actions to avoid or mitigate
their adverse impacts.
33迪臣发展国际集团有限公司 二零二五年报
Report of the Directors
董事会报告
与物业发展及投资业务分类有关的
风险
物业发展及投资分类为本集团主要业务之一，
中国内地尤为重要。据此，该分类须视乎中
国内地以及周边地区经济体的经济、政治与
法律发展方面的情况而定。近年，中国内地
的物业市场变动一直同时受中国内地经济趋
势及政府政策所影响，包括但不限于在房地
产市场采纳分类调控措施及双边调控措施、
按揭水平及拥有权的政策改变、息率改变、
供求状况以及整体经济动荡。本集团的物业
发展及投资业务分类预期将继续面对这些风
险，并有可能影响本集团的投资策略以及其
表现。为此，本集团积极评估中国内地其他
省份的整体经济、政治与法律发展方面的情
况及物业市场，以决定可行的收购及销售策
略。每个潜在项目会在收购前就所有方面进
行详尽的可行性研究及压力测试，务求将风
险减至最低。
与财务状况及经营业绩有关的风险
(i) 本集团的融资成本将随利率变化而波
动。在中国内地，本集团的借款亦包括
以人民币计值的款项。中国人民银行不
时调整其基准贷款利率，以应对中国及
全球经济变动。全球信贷市场现行利率
的变动亦或会对本集团构成影响。本集
团就借款货币所支付的息率有任何增幅
将增加本集团的融资成本及客户按揭息
率，并可能对本集团的业务、财务状
况、营运业绩及增长前景造成重大不利
影响。
Risks relating to property development and
investment busines segment
The property development and investment segment is one of the
major busineses of the Group, particularly in Mainland China.
Acordingly, this segment is subject to economic, political and
legal developments in Mainland China as wel as the economies
in the surounding region. In recent years, property market
movements in Mainland China have ben concurently afected by
the economic trend and government policies, including but not
limited to, the adoption of category-based regulatory measures
and the bilateral regulatory measures for the real estate market,
policy changes in mortgage levels and ownership, interest rate
changes, suply and demand conditions as wel as the overal
economic volatility in Mainland China. The Group’s property
development and investment busines segment is expected to
continue being exposed to these risks, which may afect the
Group’s investment strategy as wel as its performance. In this
respect, the Group actively aseses the overal economic, political
and legal developments as wel as the property markets in other
provinces in Mainland China in deciding viable acquisition and
disposal strategies. For each potential project, detailed feasibility
studies and stres tests in respect of al aspects wil be caried out
before an acquisition to minimise risks.
Risks relating to financial conditions and results of
operation
(i) The Group’s finance costs fluctuate with changes in interest
rates. The Group’s borowings also include amounts
denominated in RMB, in Mainland China. The People’s Bank
of China adjusts its benchmark lending rates from time to
time in response to domestic and global economic changes.
The Group may be afected by changes in the prevailing
interest rates of the global credit market. Any increase in
interest rates in conection with the curencies the Group
borows wil increase the Group’s finance costs and
customers’ mortgage interest rates and may adversely and
materialy afect the Group’s busineses, financial position,
results of operations and growth prospects.
34Deson Development International Holdings Limited 2025 Anual Report
Report of the Directors
董事会报告
(i) 本集团须于所发出财务报表各报告期末
重估其投资物业的公平值。根据香港财
务报告准则，投资物业按公平值列账，
其估值变动须于产生的财政期间计入综
合损益表。根据独立外部估值师进行的
估值，本集团于综合财务状况表按公平
值确认投资物业，并确认相关递延税
项，并于综合损益表确认投资物业的公
平值变动及相关递延税项的变动。因
此，在巿况变动下用于投资物业估值的
假设亦有所变动。尽管溢利及亏损有升
跌，公平值损益为非现金项目，因此并
不因而增减现金及现金等值项目。重估
调整金额一直并将继续受市况波动影
响。因此，本集团无法保证市况变动将
于日后继续按相若水平或甚至产生任何
投资物业公平值变动带来的收益，亦无
法保证本集团投资物业的公平值日后不
会下降。假如本集团经营所在地区的房
地产市场放缓，本集团投资物业的公平
值或会下滑。
(i) 由于大部分物业均位于中国内地，中国
内地之整体经济气候、监管变动、政府
政策及政治状况均可能会对本集团之整
体财务业绩及状况构成重大影响。本集
团之租金收入可能因零售及办公室空间
供应过剩所引致之竞争而出现频繁调
整。另外，租金水平亦可能受到外围经
济及市场状况影响，包括但不限于整体
供需波动、股票市场表现及财务波动
等，这些可能会间接影响本集团之物业
投资表现。2019冠状病毒疫情传播及政
府就此所施行的措施对本集团之租户构
成经济压力。零售市场疲弱影响本集团
之财务业绩，导致收入减少，并对利润
及现金流量构成不利影响。
(i) The Group is required to reases the fair value of its
investment properties at the end of every reporting period
to which financial statements are made up. Pursuant to
Hong Kong Financial Reporting Standards, investment
properties are stated at their fair value, and the changes in
their valuation should be taken to the consolidated
statement of profit or los of the financial period in which
it is incured. Based on the valuation conducted by
independent external valuers, the Group recognises the
investment properties at fair value and the related defered
tax in the consolidated statement of financial position, while
the changes in fair value and the related defered tax of
investment properties are recognised in the consolidated
statement of profit or los. Therefore, the asumptions
made in the valuation of investment properties would
change under changing market conditions. Notwithstanding
any variations in profit and los, fair value gains and loses
are non-cash items and wil not increase or decrease cash
and cash equivalents. The amount of revaluation adjustment
has ben and wil continuously be subject to changes in
market conditions. As such, there can be no asurance that
changes in market conditions wil continue to generate
gains from fair value changes in investment properties at
similar level or at al, or there wil be no decline in the fair
value of the Group’s investment properties. If a property
market in the region where the Group operates slows
down, the fair value of the Group’s investment properties
may decline.
(i) With the majority of the properties located in Mainland
China, the general economic climate, regulatory changes,
government policies and the political conditions in Mainland
China may have a significant impact on the Group’s overal
financial results and condition. The Group’s rental income
may experience more frequent adjustments resulting from
competition due to oversuply in retail and ofice spaces.
Furthermore, rental levels may also be impacted by external
economic and market conditions including but not limited
to fluctuations in general suply and demand, performance
in stock markets and financial volatility, which may
indirectly afect the Group’s property investment
performance. The spread of COVID-19 pandemic and the
resultant government measures exert economic presure on
the tenants of the Group. The weak retail markets afect
the Group’s financial results leading to decreases in revenue
and adverse efects on profits and cash flows.
35迪臣发展国际集团有限公司 二零二五年报
Report of the Directors
董事会报告
(iv) 本集团发展供销售的中国内地物业须缴
纳土地增值税（「土地增值税」）。土地增
值税按物业出售所得款项减相关税法规
定的可扣税开支计算。在向相关税务机
关清缴土地增值税前，本集团根据中国
相关税务法律及法规就土地增值税金额
不时进行拨备。土地增值税拨备乃根据
本集团基于（其中包括）本身所作可扣税
开支分摊（须待有关税务机关于结清土
地增值税时最终确认）的估计而作出。
本集团仅按地方税务机关的要求每年预
付该等拨备的一部份。本集团无法保证
相关税务机关会同意本集团计算土地增
值税的方法，亦无法保证土地增值税拨
备足以支付本集团就经合并房地产业务
过往土地增值税负债的土地增值税责
任。倘相关税务机关认定本集团的土地
增值税超过土地增值税预付款项及拨
备，并要求收取超出部份，本集团的现
金流量、营运业绩及财务状况或会受到
重大不利影响。由于就税务机关会何时
征收土地增值税，及在征收前会否对已
售物业追收土地增值税上仍存在不确定
性，就征收土地增值税而支付的金额或
会严重限制本集团的现金流量状况、本
集团为土地收购提供资金及执行本集团
业务计划的能力。
(iv) Properties developed by the Group for sale in Mainland China
are subject to Land Apreciation Tax (“LAT”). LAT is
calculated based on proceds received from the sale of
properties les deductible expenditures as provided in the
relevant tax laws. Pending setlement with the relevant tax
authorities, the Group makes provisions for the amount of
LAT in acordance with the relevant PRC tax laws and
regulations from time to time. Provisions for LAT are made
on the Group’s own estimates based on, among other
things, its own aportionment of deductible expenses which
is subject to final confirmation by the relevant tax
authorities upon setlement of the LAT. The Group only
prepays a portion of such provisions each year as required
by the local tax authorities. The Group canot asure that
the relevant tax authorities wil agre with its calculation of
LAT, nor can it asure that the LAT provisions wil be
suficient to cover its LAT obligations in respect of its past
LAT liabilities in relation to its combined property busines.
If the relevant tax authorities determine that its LAT exceds
the LAT prepayments and provisions, and sek to colect
that exces amount, the Group’s cash flows, results of
operations and financial position may be materialy and
adversely afected. As there are uncertainties as to when
the tax authorities wil enforce the LAT colection and
whether it wil aply the LAT colection retrospectively to
properties sold before the enforcement, any payment as a
result of the enforcement of LAT colection may significantly
restrict the Group’s cash flow position, its ability to finance
its land acquisitions and to execute its busines plans.
36Deson Development International Holdings Limited 2025 Anual Report
Report of the Directors
董事会报告
(v) 本集团于中国开封经营两间酒店。酒店
表现通常因可预测及不可预测因素而面
临大幅波动，包括季节性、经济状况、
社会稳定性、流行病及旅游便利程度。
各项因素均改变旅游及招待行业之发展
模式。本集团亦持续检讨竞争、法律及
政治变动以及市场趋势，借以制定其业
务策略（包括营销及定价），以保障及推
动盈利能力及现金流量。
环保政策、履行及遵守法律及规例
本集团致力于维持可持续工作常规并密切关
注以确保所有资源能物尽其用。本集团透过
节省电力及鼓励循环使用办公用品及其他材
料，致力成为环保企业。
本集团及其业务活动受多条法例的规定所规
限。对本集团有重大影响的法律及法规包括
《空气污染管制条例》（香港法例第311章）、
《噪音管制条例》（香港法例第400章）、《水污
染管制条例》（香港法例第358章）、《废物处置
条例》（香港法例第354章）、《环境影响评估条
例》（香港法例第499章）、《最低工资条例》（香
港法例第608章）、《雇员补偿条例》（香港法例
第282章）、《雇佣条例》（香港法例第57章）、
《占用人法律责任条例》（香港法例第314章）、
《职业安全及健康条例》（香港法例第509章）及
《入境条例》（香港法例第115章）。本集团已实
施内部规则，当中载列有关确保本集团的营
运符合适用法律及法规的措施及工作程序。
(v) The Group operates two hotels in Kaifeng, the PRC. Hotel
performance is usualy subject to a high degre of
fluctuations caused by both predictable and unpredictable
factors including seasonality, economic conditions, social
stability, epidemic diseases and ease of traveling. Each
factor has varied the development patern of the tourism
and hospitality industry. It also takes continual reviews of
competition, legal and political changes as wel as market
trends for seting its busines strategies including marketing
and pricing to protect and drive profitability and cash flow.
ENVIRONMENTAL POLICIES, PERFORMANCE AND
COMPLIANCE WITH LAWS AND REGULATIONS
The Group is comited to maintaining sustainable working
practices and paying close atention to ensure that al resources
are eficiently utilised. The Group strives to become an
environmental-friendly corporation by saving electricity and
encouraging the recycling of ofice suplies and other materials.
The Group and its busines activities are subject to requirements
under various laws. The laws and regulations which have a
significant impact on the Group include, among others, Air
Polution Control Ordinance (Chapter 311 of the Laws of Hong
Kong), Noise Control Ordinance (Chapter 400 of the Laws of
Hong Kong), Water Polution Control Ordinance (Chapter 358 of
the Laws of Hong Kong), Waste Disposal Ordinance (Chapter 354
of the Laws of Hong Kong), Environmental Impact Asesment
Ordinance (Chapter 499 of the Laws of Hong Kong), Minimum
Wage Ordinance (Chapter 608 of the Laws of Hong Kong),
Employes’ Compensation Ordinance (Chapter 282 of the Laws of
Hong Kong), Employment Ordinance (Chapter 57 of the Laws of
Hong Kong), Ocupiers Liability Ordinance (Chapter 314 of the
Laws of Hong Kong), Ocupational Safety and Health Ordinance
(Chapter 509 of the Laws of Hong Kong), and Imigration
Ordinance (Chapter 115 of the Laws of Hong Kong). The Group
has put in place in-house rules containing measures and work
procedures to ensure that the Group’s operation is in compliance
with the aplicable laws and regulations.
37迪臣发展国际集团有限公司 二零二五年报
Report of the Directors
董事会报告
本集团的主要业务为在中国内地从事物业开
发，该行业受到严格的监管。物业开发商必
须遵守各种法律及法规，包括国家和地方政
府订定的规则。为从事物业开发，本集团必
须向有关政府部门申请获得及更新各种牌照、
许可证、证书及批准，包括但不限于土地使
用权证、物业开发商资质证明、建筑工程施
工许可证、建筑工程规划许可证、建设用地
规划许可证及预售许可证。在政府机构颁发
或更新任何证书或许可证之前，本集团必须
符合相关规定。下文载列与我们物业发展及
投资经营及业务方面的相关中国内地法定及
监管条文若干方面的概要，包括以下相关方
面的法律及法规：
• 成立房地产开发企业
• 房地产开发商资质
• 物业开发用地
• 出售商品房
• 房地产转让
• 房地产按揭
• 房地产管理
• 稳定物业价格的措施
• 中国税项
• 外币汇率
• 劳动保障
本集团致力遵守上述法律及法规及于截至二
零二五年三月三十一日止年度，概无重大不
合规案例报告。
The Group’s major busines is property development in Mainland
China, which is a heavily-regulated industry. Property developers
must abide by various-laws and regulations, including rules
stipulated by the national and local governments. To engage in
property development, the Group must aply to relevant
government authorities to obtain and renew various licences,
permits, certificates and aprovals, including but not limited to,
land use rights certificates, qualification certificates for property
developers, construction work comencement permits,
construction work planing permits, construction land planing
permits and pre-sale permits. Before government authorities isue
or renew any certificate or permit, the Group must met the
relevant requirements. Set out below is a sumary of certain
aspects of Mainland China legal and regulatory provisions relating
to our property development and investment operations and
busines. These include laws and regulations relating to:
• Establishment of a real estate development enterprise
• Qualification of a real estate developer
• Land for property development
• Sale of comodity properties
• Transfer of real estate
• Mortgages of real estate
• Real estate management
• Measures on stabilising property prices
• PRC taxation
• Foreign curency exchange
• Labour protection
The Group is comited to complying with the above laws and
regulations and for the year ended 31 March 2025, there was no
reported case of material non-compliance.
38Deson Development International Holdings Limited 2025 Anual Report
Report of the Directors
董事会报告
健康与安全
本集团以提供安全、高效及舒适的工作环境
为荣。本集团已实施适当安排、培训及指引，
以确保工作环境健康与安全。本集团为雇员
提供健康与安全通讯，以呈列相关资料及提
高职业健康与安全事宜的意识。本集团重视
雇员的健康及福祉。为了向雇员提供健康保
障，雇员享有医疗保险福利及其他健康意识
计划。
与雇员、客户及供应商的主要关系
于二零二五年三月三十一日，本集团的雇员
人数为159人（二零二四年：136人），其中
116人驻于中国，而其余雇员则驻于香港。雇
员薪酬维持在有竞争力的水平，并密切参考
有关劳动市场及当地政府不时规定的最低工
资指引作每年检讨。截至二零二五年三月
三十一日止年度，总雇员福利开支（包括董事
酬金）约为37,400,000港元，而去年则约为
36,000,000港元。增加乃由于年内在中国开
封开始营运一间新酒店所致。
本集团乃根据本集团的溢利成果及个人表现
向合资格雇员派发酌情花红。本公司亦已采
纳购股权计划，用以招揽及保留最优秀人员，
并使雇员利益与本集团利益保持一致。秉持
以人为本的精神，本集团确保所有员工获合
理待遇，并且持续改善及定期检讨更新其于
薪酬及福利、培训及职业健康及安全之政策。
本集团亦与其客户及供应商保持联系以及透
过各种渠道与客户及供应商持续交流，例如
电话、电邮及举行会议从而获得彼等的反馈
及建议。
HEALTH AND SAFETY
The Group prides itself on providing a safe, efective and
congenial work environment. Adequate arangements, training
and guidelines are implemented to ensure the working
environment is healthy and safe. The Group provided health and
safety comunications for employes to present the relevant
information and raise awarenes of ocupational health and safety
isues. The Group values the health and wel-being of staf. In
order to provide employes with health coverage, staf are
entitled to medical insurance benefits as wel as other health
awarenes programs.
KEY RELATIONSHIPS WITH EMPLOYES,
CUSTOMERS AND SUPLIERS
As at 31 March 2025, the Group had a headcount of 159
employes (2024: 136), 116 of whom were based in the PRC and
the remaining employes were based in Hong Kong. Salaries of
employes are maintained at a competitive level and are reviewed
anualy, with close reference to the relevant labour market as
wel as the minimum wages guidelines as prescribed by the local
government from time to time. The total employe benefits
expenses including directors’ emoluments for the year ended
31 March 2025 was aproximately HK$37.4 milion as compared
with aproximately HK$36.0 milion last year. The increase was
due to the comencement of operation of a new hotel at
Kaifeng, the PRC, during the year.
The Group awards discretionary bonuses to eligible employes
based upon profit achievements of the Group and individual
performance. The Company has also adopted a share option
scheme in order to atract and retain the best available personel
and to align the interests of the employes with the Group’s
interests. Being people-oriented, the Group ensures al staf are
reasonably remunerated and continues to improve and regularly
review and update its policies on remuneration and benefits,
training, and ocupational health and safety.
The Group also stays conected with its customers and supliers
and has on-going comunication with the customers and
supliers through various chanels such as telephone, electronic
mails and physical metings to obtain their fedback and
sugestions.
39迪臣发展国际集团有限公司 二零二五年报
Report of the Directors
董事会报告
获准许的弥偿及保险条文
本公司各位董事或其他高级人员均有权从本
公司之资产获得弥偿，以就其履行职务或与
之有关的情况下，所蒙受或招致之所有损失
或责任或有关其他情况作出补偿。于截至二
零二五年三月三十一日止年度内，本集团已
就针对本集团董事及高级人员的相关法律诉
讼购买适当的董事及高级人员责任保险。
五年财务概要
本集团于过去五年的业绩、资产及负债概要
载于本年报第251至252页。
主要客户及供应商
截至二零二五年三月三十一日止年度，本集
团五大客户之销售，占年内销售总额约53%
（二零二四年：46%），其中最大客户之销售
额约占27%（二零二四年：29%）。本集团向
五大供应商之采购，占年内采购总额约44%
（二零二四年：42%），其中向最大供应商采
购之金额约占18%（二零二四年：11%）。
本公司董事或其任何联系人（定义见上市规
则），或就董事所知拥有本公司已发行股本
5%以上之任何其他股东，于年内概无拥有本
集团任何五大客户或供应商的任何实益权益。
PERMITED INDEMNITY AND INSURANCE
PROVISION
Each Director or other oficers of the Company shal be entitled
to be indemnified out of the asets of the Company against al
loses or liabilities which he or she may sustain or incur in or
about the execution of the duties of his or her ofice or
otherwise in relation thereto. The Group has maintained
apropriate directors’ and oficers’ liability insurance in respect of
relevant legal actions against the Directors and oficers of the
Group during the year ended 31 March 2025.
FIVE YEAR FINANCIAL SUMARY
The sumary of the results, asets and liabilities of the Group in
the past five years is set out on pages 251 to 252 of this Anual
Report.
MAJOR CUSTOMERS AND SUPLIERS
During the year ended 31 March 2025, sales to the Group’s five
largest customers acounted for aproximately 53% (2024: 46%)
of the total sales for the year and sales to the largest customer
included therein amounted to aproximately 27% (2024: 29%).
Purchases from the Group’s five largest supliers acounted for
aproximately 44% (2024: 42%) of the total purchases for the
year and purchases from the largest suplier included therein
amounted to aproximately 18% (2024: 11%).
None of the Directors of the Company or any of their asociates
(as defined in the Listing Rules) or any other shareholders (which,
to the best knowledge of the Directors, own more than 5% of
the Company’s isued share capital) had any beneficial interest in
any of the Group’s five largest customers or supliers during the
Year.
40Deson Development International Holdings Limited 2025 Anual Report
Report of the Directors
董事会报告
董事
本公司于年内及直至本报告日期之董事为：
执行董事
谢文盛先生
#@
（董事总经理兼主席）
王京宁先生
#@
谢维业先生
谢海英女士
独立非执行董事
何钟泰博士*
#@
萧锦秋先生*
#@
萧文波工程师
宋小庄先生*
#@
* 审核委员会成员
#
薪酬委员会成员
@
提名委员会成员
根据本公司细则，谢海英女士、萧文波工程
师及宋小庄先生将于二零二五年八月二十六
日（星期二）举行的应届股东周年大会上轮值
告退，彼等符合资格及表示愿意膺选连任。
本公司认为，根据上市规则第3.13条所载标
准，何钟泰博士、萧文波工程师、萧锦秋先
生及宋小庄先生属独立人士，并已收到彼等
各自独立性年度确认函。
董事服务合约
于应届股东周年大会上建议膺选连任之董事，
概无与本公司或其任何附属公司订立作出聘
用的公司不可于一年内终止而毋须支付赔偿
（法定赔偿除外）之服务合约。
DIRECTORS
The Directors of the Company during the Year and up to the
date of the Anual Report were:
Executive Directors
Mr. TJIA Boen Sien
#@
(Managing Director and Chairman)
Mr. WANG Jing Ning
#@
Mr. TJIA Wai Yip, Wiliam
Ms. TSE Hoi Ying
Independent Non-Executive Directors
Dr. HO Chung Tai, Raymond*
#@
Mr. SIU Kam Chau*
#@
Ir Siu Man Po
Mr. Song Sio Chong*
#@
* audit comite members
#
remuneration comite members
@
nomination comite members
Ms. Tse Hoi Ying, Ir Siu Man Po and Mr. Song Siu Chong wil
retire by rotation acording to the Company’s Bye-Laws and,
being eligible, wil ofer themselves for re-election at the
forthcoming AGM to be held on Tuesday, 26 August 2025.
The Company considers that Dr. Ho Chung Tai, Raymond, Ir Siu
Man Po, Mr. Siu Kam Chau and Mr. Song Sio Chong are
independent pursuant to the criteria set out in Rule 3.13 of the
Listing Rules and that it has received anual confirmations of
independence from each of them.
DIRECTORS’ SERVICE CONTRACTS
None of the Directors proposed for re-election at the forthcoming
AGM has a service contract with the Company or any of its
subsidiaries, which is not determinable by the employing company
within one year without payment of compensation, other than
statutory compensation.
41迪臣发展国际集团有限公司 二零二五年报
Report of the Directors
董事会报告
董事酬金
董事袍金须于股东大会上获得股东批准，其
他酬金则由本公司董事会参照董事的职务、
职责及表现以及本集团业绩厘定。有关董事
酬金的进一步详情，请参阅财务报表附注8。
有关董事及高级管理人员的履历资料，请参
阅本年报第51至57页「董事及高级管理人员
之履历」一节。
董事及控股东于交易、安排或合约
中的权益
除「持续关连交易」一段及财务报表附注36所
披露者外，董事、董事的关连实体或本公司
控股东于其任何控股公司、附属公司或同
系附属公司年内订立而对本集团业务属重要
之任何交易、安排或合约中，概无直接或间
接拥有重大实益权益。
管理合约
截至二零二五年三月三十一日止年度，概无
订立或存在有关本公司全部或任何主要部分
业务的管理及╱或行政合约。
DIRECTORS’ REMUNERATION
The Directors’ fes are subject to shareholders’ aproval at
general meting. Other emoluments are determined by the
Company’s board of Directors with reference to Directors’ duties,
responsibilities and performance and the results of the Group. For
further details of the Directors’ emoluments, please refer to note
8 to the financial statements.
Please refer to the section headed “Biographical Details of
Directors and Senior Management” in pages 51 to 57 in this
Anual Report for biographical information in respect of the
Directors and senior management.
DIRECTORS’ AND CONTROLING SHAREHOLDERS’
INTERESTS IN TRANSACTIONS, ARANGEMENTS
OR CONTRACTS
Save as disclosed in paragraph headed “Continuing conected
transactions” and note 36 to the financial statements, no
Director, a conected entity of a Director nor a controling
shareholder of the Company had a material beneficial interest,
either directly or indirectly, in any transactions, arangements or
contracts of significance to the busines of the Group to which
any of its holding companies, subsidiaries or felow subsidiaries
was a party during the Year.
MANAGEMENT CONTRACTS
No contracts concerning the management and/or administration
of the whole or any substantial part of the busines of the
Company were entered into or existed during the year ended
31 March 2025.
42Deson Development International Holdings Limited 2025 Anual Report
Report of the Directors
董事会报告
董事及主要行政人员于股份、相关股
份及债券的权益及淡仓
于二零二五年三月三十一日，本公司各位董
事及主要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、相关股份及债券须记录在本公
司根据证券及期货条例第352条置存之股东名
册内，或因其他理由根据证券及期货条例第
XV部第7及第8分部或根据上市公司董事进行
证券交易的标准守则须知会本公司及联交所
之权益及淡仓（包括根据证券及期货条例第
344条及第345条被视作或当作拥有之权益及
淡仓）如下：
于本公司股份及相关股份的好仓：
DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS
AND SHORT POSITIONS IN SHARES, UNDERLYING
SHARES AND DEBENTURES
As at 31 March 2025, the interests and short positions of the
Directors and chief executives of the Company 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 (the “SFO”), as recorded in the
register required to be kept by the Company pursuant to Section
352 of the SFO, or as otherwise notified to the Company and the
Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the
SFO (including the interests and short positions which he would
be demed or taken to have under Section 344 and 345 of the
SFO) or pursuant to the Model Code for Securities Transactions
by Directors of Listed Companies, were as folows:
Long positions in shares and underlying shares of the
Company:
Number of shares held, capacity and nature of interest
所持股份数目、身份及权益性质
Directly
beneficialy
owned
(Note 2)
Through
controled
corporation
(Note 2)Total
Percentage
of the
Company’s
isued share
capital
(Note 3)
Name of Directors董事姓名
直接
实益拥有
（附注2）
透过
所控制法团
（附注2）合计
占本公司
已发行
股本百分比
（附注3）
Mr. Tjia Boen Sien (“Mr. Tjia”)
(Note 1)
谢文盛先生（「谢先生」）
（附注1）
129,002,400 (L)524,902,500 (L)653,904,90044.58
Mr. Wang Jing Ning王京宁先生39,644,100 (L)—39,644,1002.70
Mr. Tjia Wai Yip, Wiliam谢维业先生3,600,000 (L)—3,600,0000.25
Dr. Ho Chung Tai, Raymond何钟泰博士727,500 (L)—727,5000.05
Ir Siu Man Po萧文波工程师1,580,000 (L)—1,580,0000.11
43迪臣发展国际集团有限公司 二零二五年报
Report of the Directors
董事会报告
附注：
- （「英属处女群岛」）注册成立并由
谢先生全资拥有之Sparta Asets Limited（「Sparta
Asets」），实益拥有本公司524,902,500股份。
因此，根据证券及期货条例，谢先生被视为于
Sparta Asets持有之本公司524,902,500股份中
拥有权益。
- 「L」代表有关人士于本公司相关股份的好仓。
3. 计算乃按于二零二五年三月三十一日已发行股份
总数1,466,820,600股份。
于相联法团Sparta Asets的好仓：
- （一间于英属处女群岛注册成立并由
谢先生全资拥有之公司）实益拥有本公司
524,902,500股普通股份。
董事于本公司购股权之权益，另行于下文「购
股权计划」一节披露。
除上文及于财务报表附注31所披露者外，各
本公司董事及主要行政人员概无在本公司或
其任何相联法团之股份、相关股份或债券中，
拥有须根据证券及期货条例第352条进行记
录，或根据上市公司董事进行证券交易的标
准守则须另行知会本公司及联交所之任何权
益或淡仓。
Notes:
1. Sparta Asets Limited (“Sparta Asets”), a company incorporated in the British
Virgin Islands (“BVI”) and wholy-owned by Mr. Tjia, is beneficialy interested
in 524,902,500 shares of the Company. Acordingly, Mr. Tjia is demed to
be interested in 524,902,500 shares of the Company held by Sparta Asets
by virtue of the SFO.
2. The leter “L” denotes the person’s long position in the relevant shares of
the Company.
3. The calculation is based on the total number of 1,466,820,600 Shares in isue
as at 31 March 2025.
Long positions in Sparta Asets, being an asociated
corporation:
Number of shares held, capacity and nature of interest
所持股份数目、身份及权益性质
Directly
beneficialy
owned
Through
controled
corporationTotal
Percentage of
the Sparta
Asets isued
share capital
Name of Director董事姓名
直接
实益拥有
透过
所控制法团合计
占Sparta
Asets
已发行
股本百分比
Mr. Tjia谢先生1,000—1,000100.00
- , a company incorporated in BVI and wholy-owned by Mr. Tjia,
is beneficialy interested in 524,902,500 ordinary shares of the Company.
The interests of the Directors in the share options of the
Company are separately disclosed in the section headed “Share
option scheme” below.
Save as disclosed above and note 31 to the financial statements,
none of the Directors and chief executive of the Company had
any interest or short position in the shares, underlying shares or
debentures of the Company or any of its asociated corporations
that was required to be recorded pursuant to Section 352 of the
SFO, or as otherwise notified to the Company and the Stock
Exchange pursuant to the Model Code for Securities Transactions
by Directors of Listed Companies.
44Deson Development International Holdings Limited 2025 Anual Report
Report of the Directors
董事会报告
董事认购股份或债券的权利
除上文「董事于股份及相关股份的权益及淡
仓」一节及下文「购股权计划」及财务报表附注
31所载购股权计划所披露外，于本年度任何
时间，并无向任何董事或彼等之配偶或未成
年子女授出任何透过购入本公司股份或债券
而取得利益之权利，彼等亦无行使任何该等
权利，而本公司或其任何附属公司亦无作出
任何安排，使董事可购入任何其他法人团体
之该等权利。
购股权计划
本公司设立一项购股权计划（「计划」），旨在
为对本集团营运成功作出贡献之合资格参与
者提供激励及奖赏。
年内，计划下并无尚未行使的购股权。
计划之进一步详情，载于财务报表附注31。
DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR
DEBENTURES
Save as disclosed under the headings “Directors’ interests and
short positions in shares and underlying shares” above and
“Share option scheme” below, and share option scheme
disclosures set out in note 31 to the financial statements, at no
time during the Year were rights to acquire benefits by means of
the acquisition of shares in or debentures of the Company
granted to any Director or their respective spouse or minor
children, nor were any such rights exercised by them; nor was the
Company or any of its subsidiaries a party to any arangement to
enable the Directors to acquire such rights in any other body
corporate.
SHARE OPTION SCHEME
The Company operates a share option scheme (the “Scheme”)
for the purpose of providing incentives and rewards to eligible
participants who contribute to the suces of the Group’s
operations.
No share options was outstanding under the Scheme during the
Year.
Further details of the Scheme are included in note 31 to the
financial statements.
45迪臣发展国际集团有限公司 二零二五年报
Report of the Directors
董事会报告
主要股东及其他人士于股份及相关股
份的权益及淡仓
于二零二五年三月三十一日，就本公司董事
所知，下列人士╱实体（董事或本公司主要行
政人员除外）于本公司股份或相关股份中，拥
有根据证券及期货条例第XV部第2及第3分部
须向本公司披露，或已载入本公司根据证券
及期货条例第336条之规定须置存之权益登记
名册的权益或淡仓：
好仓：
SUBSTANTIAL SHAREHOLDERS’ AND OTHER
PERSONS’ INTERESTS AND SHORT POSITIONS IN
SHARES AND UNDERLYING SHARES
As at 31 March 2025, so far as is known to the Directors of the
Company, the folowing persons/entities (other than the Directors
or chief executives of the Company) had an interest or short
position in shares or underlying shares of the Company which
would fal to be disclosed to the Company under Division 2 and
3 of part XV of the SFO or as recorded in the register of
interests of the Company required to be kept pursuant to Section
336 of the SFO:
Long positions:
Name
Capacity and nature
of interest
Number of
ordinary
shares held
(Note 3)
Percentage of
the Company’s
isued share
Capital
(Note 4)
名称身份及权益性质
所持普通股数目
（附注3）
占本公司
已发行
股本百分比
（附注4）
Sparta Asets (Note 1)Beneficial owner524,902,500 (L)35.79
Sparta Asets（附注1）实益拥有人
Granda Overseas Holding Co., Ltd
(“Granda”) (Note 2)
Beneficial owner260,548,110 (L)17.76
Granda Overseas Holding Co., Ltd
（「Granda」）（附注2）
实益拥有人
Mr. Chen HuofaInterests of controled
corporation
260,548,110 (L)17.76
陈火法先生受控法团之权益
46Deson Development International Holdings Limited 2025 Anual Report
Report of the Directors
董事会报告
附注：
1. Sparta Asets（一间于英属处女群岛注册成立并由
谢先生全资拥有之公司）实益拥有本公司
524,902,500股份。因此，根据证券及期货条
例，谢先生被视为于Sparta Asets持有之本公司
524,902,500股份中拥有权益。
2. Granda（一间于英属处女群岛注册成立并由陈火法
先生全资拥有之公司）实益拥有本公司260,548,110
股份。因此，根据证券及期货条例，陈火法先生
被视为于Granda持有之本公司260,548,110股份
中拥有权益。
- 「L」代表有关人士于本公司相关股份的好仓。
4. 计算乃按于二零二五年三月三十一日已发行股份
总数1,466,820,600股份。
除上文所披露者外，于二零二五年三月三十一
日，本公司并无获知会于本公司股份或相关
股份中有任何根据证券及期货条例第XV部第
2及第3分部须知会本公司，或已载入本公司
根据证券及期货条例第336条之规定须置存之
权益登记名册的其他权益或淡仓。
购买、赎回或出售上市证券
本公司或其任何附属公司于截至二零二五年
三月三十一日止年度并无购买、赎回或出售
本公司之任何上市证券。
资本结构
本公司于截至二零二五年三月三十一日止年
度的资本结构并无变动。
优先购买权
本公司细则或百慕达法例概无规定本公司须
向其现有股东按比例发售新股之优先购买权
条文。
给予上市证券持有人之税务宽减及豁
免
本公司概不知悉任何因本公司股东持有本公
司股份而向彼等提供之宽减或豁免。
Notes:
1. Sparta Asets, a company incorporated in BVI and wholy-owned by Mr. Tjia,
is beneficialy interested in 524,902,500 shares of the Company. Acordingly,
Mr. Tjia is demed to be interested in 524,902,500 shares of the Company
held by Sparta Asets by virtue of the SFO.
2. Granda, a company incorporated in the BVI and wholy-owned by Mr. Chen
Huofa, is beneficialy interested in 260,548,110 shares of the Company.
Acordingly, Mr. Chen Huofa is demed to be interested in 260,548,110
shares of the Company held by Granda by virtue of the SFO.
3. The leter “L” denotes the person’s long position in the relevant shares of
the Company.
4. The calculation is based on the total number of 1,466,820,600 Shares in isue
as at 31 March 2025.
Save as disclosed above, as at 31 March 2025, the Company has
not ben notified of any other interests or short positions in the
shares or underlying shares of the Company which were required
to be notified to the Company under Division 2 and 3 of Part XV
of the SFO or were recorded in the register of interests required
to be kept by the Company under Section 336 of the SFO.
PURCHASE, REDEMPTION OR SALES OF LISTED
SECURITIES
Neither the Company, nor any of its subsidiaries purchased,
redemed or sold any of the Company’s listed securities during
the year ended 31 March 2025.
CAPITAL STRUCTURE
There was no change in the capital structure of the Company
during the year ended 31 March 2025.
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the
Company’s Bye-Laws or the laws of Bermuda which would oblige
the Company to ofer new shares on a pro rata basis to existing
shareholders.
TAX RELIEF AND EXEMPTION TO HOLDERS OF
LISTED SECURITIES
The Company is not aware of any relief or exemption available to
shareholders of the Company by reason of their holding of the
Company’s shares.
47迪臣发展国际集团有限公司 二零二五年报
Report of the Directors
董事会报告
股票挂钩协议
除本节「购股权计划」各段所披露者外，本集
团于回顾年度内并无订立或于年末存续的股
票挂钩协议。
持续关连交易
租赁香港办事处
于二零二四年三月二十日，本公司之全资附
属公司迪宏置业有限公司（「迪宏」）已与启康
创建有限公司（「启康创建」）（由本公司董事总
经理兼主席及主要股东谢文盛先生（「谢先
生」）全资拥有）就出租本集团位于香港之物业
（「该物业」）订立一份租赁协议（「租赁协
议」）。租赁协议为期一年，由二零二四年四
月一日至二零二五年三月三十一日，每月须
预付租金14,000港元。截至二零二五年三月
三十一日止年度，启康创建向迪宏支付的年
度租金并无超过168,000港元。
于二零二五年三月二十五日，迪宏与启康创
建就出租该物业订立一份经续租赁协议
（「续租赁协议」）。续租赁协议为期一年，
由二零二五年四月一日至二零二六年三月
三十一日，每月须预付租金14,000港元。截
至二零二六年三月三十一日止财政年度，启
康创建应向迪宏支付的年度租金预期不超过
168,000港元。
鉴于谢先生乃本公司之董事总经理兼主席且
于订立续租赁协议时于合共本公司约
44.58%股权中拥有权益之本公司主要股东，
启康创建（由谢先生全资拥有）根据上市规则
之涵义为本公司之关连人士，因此该交易构
成本公司一项持续关连交易。
由于租赁协议项下之交易参考启康创建应付
予迪宏之年度租金费用计算之每项适用百分
比率低于5%，而涉及总代价少于3,000,000
港元，根据上市规则第14A.33条，该交易获
豁免遵守上市规则之申报、年度审阅、公告
及独立股东批准之规定。
EQUITY LINKED AGREMENTS
Save as disclosed in the paragraphs headed “Share Option
Schemes” in this section, no equity-linked agrement was
entered into by the Group during the year under review or
subsisted at the end of the year.
CONTINUING CONECTED TRANSACTIONS
Leases of ofice premises in Hong Kong
On 20 March 2024, Grand On Enterprise Limited (“Grand On”),
a wholy-owned subsidiary of the Company entered into a
tenancy agrement (“Tenancy Agrement”) with Fitnes Concept
Limited (“FCL”), a company wholy-owned by Mr. Tjia Boen Sien
(“Mr. Tjia”), the Managing Director and Chairman and a
substantial shareholder of the Company, for the leasing of a
property (the “Property”) of the Group in Hong Kong. The
Tenancy Agrement was for a term of one year from 1 April
2024 to 31 March 2025, with a rental of HK$14,000 per month
payable in advance. The anual rental fe payable by FCL to
Grand On for the year ended 31 March 2025 did not exced
HK$168,000.
On 25 March 2025, Grand On entered into a renewed tenancy
agrement (“Renewed Tenancy Agrement”) with FCL for the
leasing of the Property. The Renewed Tenancy Agrement was for
a term of one year from 1 April 2025 to 31 March 2026, with a
rental of HK$14,000 per month payable in advance. The anual
rental fe payable by FCL to Grand On for the financial year
ending 31 March 2026 is not expected to exced HK$168,000.
Given that Mr. Tjia is the Managing Director and Chairman of the
Company and a substantial shareholder of the Company
interested in an agregate of aproximately 44.58% equity
interest in the Company at the time of entering into the
Renewed Tenancy Agrement, FCL, being wholy-owned by
Mr. Tjia, is a conected person of the Company within the
meaning of the Listing Rules, the transaction therefore constitutes
a continuing conected transaction of the Company.
As each of the aplicable percentage ratios of the transaction
under the Tenancy Agrement calculated with reference to the
anual rental fe payable by FCL to Grand On was les than 5%
and the total considerations involved were les than
HK$3,000,000, pursuant to Rule 14A.33 of the Listing Rules, the
transactions were exempted from the reporting, anual review,
anouncement and independent shareholders’ aproval
requirements of the Listing Rules.
48Deson Development International Holdings Limited 2025 Anual Report
Report of the Directors
董事会报告
物业详情
本集团待售物业如下：
PARTICULARS OF PROPERTIES
The properties held for sale of the Group are as folows:
Location
Atributable
interest of the
GroupTenureCurent use
Gros flor
area
地点本集团应占权益年期目前用途建筑面积
Phase I to IV of
Asian Vilas City Square
Southern Area
Jinpen Industrial
Development Zone
Haikou
Hainan Province
PRC
100%The properties are held for
a term of 70 years,
comencing on 13 May 1998
and expiring on 12 May 2068
Residential/
comercial
complex
1,312 sq.m.
中国
海南省
海口市
金盘工业开发区
南区
亚洲豪苑城市广场
第一至四期
100%该等物业年期
由一九八年五月十三日至
二零六八年五月十二日止，
为期70年
住宅╱
商业综合项目
1,312平方米
Sections B to F
388 Xi Da Jie
Kaifeng City
Henan Province
PRC
100%The properties are held for
terms of 40 to 70 years,
comencing on
17 January 2008 and
expiring on 20 July 2079
Residential/
comercial
complex
12,772 sq.m.
中国
河南省
开封市
西大街388号
B至F区
100%该等物业年期
由二零八年一月十七日至
二零七九年七月二十日止，
为期40至70年
住宅╱
商业综合项目
12,772平方米
Section G
388 Xi Da Jie
Kaifeng City
Henan Province
PRC
100%The properties are held for
terms of 40 to 70 years,
comencing on
22 December 2016 and
expiring on 22 December 2081
Residential/
comercial
complex
11,381 sq.m.
中国河南省开封市
西大街388号
G区
100%该等物业年期
由二零一六年十二月二十二日至
二零八一年十二月二十二日止，
为期40至70年
住宅╱
商业综合项目
11,381平方米
Comercial Zone B, C
and D, Residential 1–3
Core Lot No. 2012–1
Zheng Kai Avenue
Kaifeng City
Henan Province
PRC
100%The properties are held for
terms of 40 to 70 years,
comencing on 13 May 2013
and expiring on 13 May 2083
Residential/
Comercial
8,201 sq.m.
中国
河南省开封市
郑开大道2012–1号宗地
B、C及D商业区，1–3住宅
100%该等物业年期
由二零一三年五月十三日至
二零八三年五月十三日止，
为期40至70年
住宅╱商业8,201平方米
49迪臣发展国际集团有限公司 二零二五年报
Report of the Directors
董事会报告
本集团投资物业如下：The investment properties of the Group are as folows:
Location
Atributable
interest of the
GroupTenureLease termCurent use
Gros flor
area
地点本集团应占权益年期租期目前用途建筑面积
12 Haixiu Avenue
Meilan District
Haikou
Hainan Province
PRC
100%The properties are held for
a term of 70 years,
comencing on 15 September
2006 and expiring on
14 September 2076
LongComercial22,803 sq.m.
中国
海南省
海口市
美兰区
海秀路12号
100%该等物业年期
由二零六年九月十五日至
二零七六年九月十四日止，
为期70年
长期商业22,803平方米
Section A
388 Xi Da Jie
Kaifeng City
Henan Province
PRC
100%The properties are held for
a term of 40 years,
comencing on 20 July 2009
and expiring on 20 July 2049
LongComercial53,624 sq.m.
中国
河南省
开封市
西大街388号
A区
100%该等物业年期
由二零九年七月二十日至
二零四九年七月二十日止，
为期40年
长期商业53,624平方米
Section F
388 Xi Da Jie
Kaifeng City
Henan Province
PRC
100%The properties are held for
a term of 40 years,
comencing on 20 July 2009
and expiring on 20 July 2049
LongComercial6,202 sq.m.
中国
河南省
开封市
西大街388号
F区
100%该等物业年期
由二零九年七月二十日至
二零四九年七月二十日止，
为期40年
长期商业6,202平方米
50Deson Development International Holdings Limited 2025 Anual Report
Report of the Directors
董事会报告
足够公众持股量
根据本公司可公开获得之资料及董事所知悉，
于截至二零二五年三月三十一日止年度内，
公众至少持有本公司已发行股份总数之25%。
审核委员会
本公司之审核委员会乃根据企业管治守则之
规定成立，以检讨及监察本集团之内部监控、
风险管理及财务申报事宜，包括审阅截至报
告期间之年度业绩，及本公司会计人员之资
源充足性及资历。审核委员会由本公司三名
独立非执行董事组成，即何钟泰博士、萧锦
秋先生及宋小庄先生。萧锦秋先生为该委员
会主席。
本集团报告期间之年度业绩已由审核委员会
成员审阅，彼等已就此提供建议及意见。
核数师
天职香港会计师事务所有限公司（「天职香
港」）将于应届股东周年大会上退任并符合资
格及表示愿意膺选续聘。有关续聘彼等为本
公司核数师之决议案将于应届股东周年大会
上提呈。本公司于过往任何三年之核数师一
概并无变动。
董事总经理兼主席
谢文盛
香港
二零二五年六月二十六日
SUFICIENCY OF PUBLIC FLOAT
Based on information that is publicly available to the Company
and within the knowledge of the Directors, at least 25% of the
Company’s total number of isued shares were held by the public
throughout the year ended 31 March 2025.
AUDIT COMITE
The Company has an audit comite which was established in
acordance with the requirements of the Corporate Governance
Code for the purpose of reviewing and providing supervision over
the Group’s internal controls, risk management and financial
reporting maters including the review of the anual results for
the Reporting Period, and adequacy of resources and
qualifications of the Company’s acounting staf. The audit
comite comprises of thre independent non-executive directors
of the Company, namely Dr. Ho Chung Tai, Raymond, Mr. Siu
Kam Chau and Mr. Song Sio Chong. Mr. Siu Kam Chau is the
chairman of the comite.
The anual results of the Group for the Reporting Period have
ben reviewed by the audit comite members who have
provided advice and coment thereon.
AUDITOR
Baker Tily Hong Kong Limited (“Baker Tily”) wil retire and,
being eligible, ofer themselves for reapointment at the
forthcoming AGM. A resolution for their reapointment as
auditor of the Company wil be proposed at the forthcoming
AGM. There has ben no change in the Company’s auditor in any
of the preceding thre years.
Tjia Boen Sien
Managing Director and Chairman
Hong Kong
26 June 2025
Biographical Details of Directors and Senior Management
董事及高级管理人员之履历
迪臣发展国际集团有限公司 二零二五年报
EXECUTIVE DIRECTOR
Mr. TJIA Boen Sien (“Mr. Tjia”), aged 81, is one of the
co-founders of the Group. He is the Managing Director and
Chairman of the Company. Mr. Tjia is the member of
remuneration comite and the member of nomination
comite of the Board. Mr. Tjia is wel respected and has
established conections in the PRC construction industry through
his extensive experience. He has over 40 years’ experience in the
construction industry in the PRC and Hong Kong. Mr. Tjia is
responsible for the overal corporate strategy and the daily
operations of the Group, including busines development and
overal management.
He graduated from chemistry studies at the Huaqiao University
(华侨大学) in the PRC in July 1966. He was admited as member
of The Chartered Institute of Building in November 1996 and is a
profesional member of The Royal Institution of Chartered
Surveyors since October 2002. Mr. Tjia previously served as the
vice chairman and honourable member of Zhan Tian You Civil
Enginering Science and Technology Development Fund
Management Comite (詹天佑土木工程科学技术发展基金管理
委员会).
Mr. Tjia is father of Mr. Tjia Wai Yip, Wiliam (Executive Director
of the Company) and Ms. Tse Hoi Ying, Irene (Executive Director
of the Company).
Mr. WANG Jing Ning (“Mr. Wang”), aged 69, is an executive
Director of the Company and was apointed as a director of the
Company in September 1993. Mr. Wang is a member of the
remuneration comite and a member of the nomination
comite of the Board. He is also a director of various main
operating subsidiaries of the Group, among others, Deson
Ventures (HK) Limited, Winsome Properties Limited and Honour
Advance Limited. Mr. Wang has over 40 years’ experience in
hotel management and construction enginering in Mainland
China and Hong Kong. He is responsible for managing the
Group’s projects in Mainland China.
执行董事
谢文盛先生（「谢先生」），现年八十一岁，为
本集团共同创办人之一，并为本公司董事总
经理兼主席。彼亦为董事会薪酬委员会及提
名委员会成员。谢先生于中国之建筑业具有
广泛经验，备受业内人士尊崇，且与中国建
筑界关系良好。彼于中国及香港建筑业逾四十
年经验。谢先生负责本集团整体公司策略及
日常业务，包括本集团之业务发展与整体管
理。
谢先生于一九六年七月毕业于中国华侨大
学化学系。彼于一九六年十一月获认可为
英国特许建造学会员，并自二零二年十
月起为英国皇家特许测量师学会专业会员。
谢先生曾担任詹天佑土木工程科学技术发展
基金管理委员会副主席及荣誉委员。
谢先生为本公司执行董事谢维业先生及本公
司执行董事谢海英女士之父亲。
王京宁先生（「王先生」），现年六十九岁，为
本公司执行董事及于一九三年九月获委任
为本公司董事。王先生亦为董事会薪酬委员
会及提名委员会成员。彼为本集团多个主要
经营附属公司（其中包括迪臣置业（香港）有限
公司、荣信置业有限公司及江裕有限公司）的
董事。王先生于中国及香港之酒店管理及建
筑工程方面拥有逾四十年经验。彼负责管理
本集团在中国内地之项目。
Biographical Details of Directors and Senior Management
董事及高级管理人员之履历
Deson Development International Holdings Limited 2025 Anual Report
谢维业先生（「谢维业先生」），四十九岁，自
二零一五年一月为本公司的执行董事。谢维
业先生于二零年二月加入本集团，彼自
二零五年七月起，为迪卫智能系统有限公
司（本公司附属公司之一）的董事。彼于商业
管理拥有逾二十四年经验。彼负责本集团的
人工智能业务及负责集团发展，包括物业投
资及公司整体管理。 彼于一九八年毕业于
香港城市大学，获资讯系统荣誉文学士学位。
彼为本集团董事总经理兼主席谢文盛先生之
子及本公司执行董事谢海英女士之弟。
谢海英女士（「谢女士」），五十三岁，于二零
二年三月一日为本公司执行董事。谢女士
自一九年八月加入本集团。谢女士分别
担任本集团三间附属公司董事职务，分别为
迪臣国际医学仪器有限公司、圆方医疗科技
有限公司及迪臣医学仪器工程有限公司，同
时也是与台湾合作伙伴的关联公司的董事，
以及与香港中文大学的合资创业公司董事，
该公司旨在将香港发明的技术推向全球。今
年，该公司将进一步与香港理工大学合作，
发明水下感测器和监测系统。谢女士负责本
集团买卖医疗器材及提供相关康健顾问服务。
谢女士于一九五年五月毕业于加拿大英属
哥伦比亚大学，获取文学士学位，主修心理
学。
谢女士是香港扶轮社的卸任社长，该社是香
港最资深的扶轮社，她现担任第二分区助理
总监，并致力于2024–2025年期间服务社区。
谢女士为本集团董事总经理兼主席谢文盛先
生女儿及本公司执行董事谢维业先生胞姐。
Mr. TJIA Wai Yip, Wiliam (“Mr. Wiliam Tjia”), aged 49, is an
executive Director of the Company since January 2015.
Mr. Wiliam Tjia joined the Group in February 2000. He is a
director of Deson Inovative Limited since July 2005, one of the
subsidiaries of the Company. He has over 24 years of experience
in busines management. He is responsible for A.I. busines of
the Group and the Group’s development including property
investment and overal management. He graduated from the City
University of Hong Kong with a Bachelor of Arts with Honours
Degre in Information Systems in 1998. He is the son of Mr. Tjia
Boen Sien, the Managing Director and Chairman of the Group
and the younger brother of Ms. Tse Hoi Ying, Irene, the
Executive Director of the Company.
Ms. TSE Hoi Ying, Irene (“Ms. Tse”), aged 53, is an executive
Director of the Company since 1 March 2022. Ms. Tse joined the
Group in August 1999. She is the director of the Group’s thre
subsidiaries, Medical Technologies Limited, Alied Health Elements
Company Limited and Medical Technologies Enginering Limited,
as wel as the director of the Group’s asociate company with
Taiwanese partners and also for a JV start-up company with the
Chinese University of Hong Kong which aims to bring HK
invented technologies into the world. In this year, this asociate
company wil further co-operate with Polytechnic University to
invent underwater sensors and monitoring systems. Ms. Tse is
responsible for trading of medical equipment and related
consulting busines of the Group. Ms. Tse graduated from the
University of British Columbia (Canada) with a Bachelor of Arts
(Psychology) in May 1995.
Ms. Tse is the Imediate Past President of the Rotary Club of
Hong Kong (RCOHK), the most senior club in Hong Kong and she
is acting as Deputy Asistant Governor for Area 2 and dedicated
to serve the comunity for 2024–2025.
She is the daughter of Mr. Tjia Boen Sien, the Managing Director
and Chairman of the Group and the elder sister of Mr. Wiliam
Tjia, an executive Director of the Company.
Biographical Details of Directors and Senior Management
董事及高级管理人员之履历
迪臣发展国际集团有限公司 二零二五年报
独立非执行董事
何钟泰博士（「何博士」），银紫荆星章、MBE、圣约
翰五级勋衔、太平绅士，现年八十六岁，为本公司
独立非执行董事及于一九三年九月获委任
为本公司董事。
何博士在土木、结构、能源、环保及岩土工
程与及大型工程项目管理方面有六十年的经
验，包括五十年在香港及十年在英国。他直
接负责管理在七十年代中至八十年代初价值
三十亿港元（当时的项目造价）的九广铁路（即
现时的东铁）电气化及现代化项目；及由八十
年代初至一九三年末的整个沙田新市镇
及整个将军澳新市镇之所有政府拨款之基础
建设，工程建造经验包括隧道、桥梁、高架
公路、道路、船厂、码头、医院、酒店、焚化
炉、高层商住楼宇、斜坡、填海、烟囱、香港
海洋公园、环境研究以及环保项目。
何博士持有英国伦敦城市大学之土木工程博
士学位、香港城市大学荣誉工商管理学博士、
英国曼彻斯特大学荣誉法律学博士、英国曼
彻斯特大学之岩土工程研究院文凭及香港大
学之土木工程学士学位及荣获香港大学荣誉
院士以及英国中央兰开夏大学荣誉院士。
INDEPENDENT NON-EXECUTIVE DIRECTOR
Dr. HO Chung-Tai, Raymond (“Dr. Ho”), SBS, MBE, S.B. St. J., JP,
aged 86, is an independent non-executive Director of the
Company and was apointed as a director of the Company in
September 1993.
Dr. Ho has 60 years’ experience in the fields of civil, structural,
energy, environmental and geotechnical enginering and direct
project management of many mega size enginering projects
including 50 years in Hong Kong and 10 years in the United
Kingdom. He has direct management responsibility in the HK$3.0
bilion (cost at the time) project of Electrification and
Modernisation of Kowlon-Canton Railway (now caled “The East
Rail”) from the mid-70’s til early 80’s; and al the
government-funded infrastructure works for Shatin New Town and
Tseung Kwan O New Town from early 80’s til the end of 1993,
experience including construction of tunels, bridges, flyovers,
roads, dockyards, wharves, jeties, hospitals, hotels, incinerators,
high-rise comercial/residential buildings, slopes, reclamation,
chimneys, Hong Kong Ocean Park, environmental studies and
environmental protection projects.
Dr. Ho holds a doctorate degre in civil enginering from the City
University of London, United Kingdom; Honourary Doctor of
Busines Administration from the City University of Hong Kong;
Honourary Doctor of Laws from University of Manchester, United
Kingdom; a postgraduate diploma in geotechnical enginering
from Manchester University, United Kingdom; and a bachelor
degre in civil enginering from the University of Hong Kong; and
was awarded Honourary University Felow of The University of
Hong Kong and Honourary University Felow of The University of
Central Lancashire, United Kingdom.
Biographical Details of Directors and Senior Management
董事及高级管理人员之履历
Deson Development International Holdings Limited 2025 Anual Report
何钟泰博士（续）
何博士于一九七六年一月至一九三年八月
期间曾出任茂盛工程顾问有限公司之合伙人
及高级董事。他亦曾出任中华人民共和国第
十届及第十一届全国人大代表、第一届至第
四届工程界功能组别议员（一九八年至二零
一二年）、香港特别行政区临时立法会议员
（一九六年至一九八年）、香港工程师学
会长（一九八七年至一九八年）、基本法
咨询委员会委员、香港城市大学创校董会
主席、前香港城市理工学院校董会主席、科
技委员会主席及工业及技术发展局委员、交
通咨询委员会主席、港事顾问、香港贸易发
展局基建发展服务咨询委员会主席、香港机
场管理局董事局成员（二零八年至二零一四
年）、香港城市大学顾问委员会委员、香港浸
会大学中医药学院咨询委员会委员、香港新
机场与有关工程咨询委员会成员、香港特别
行政区申诉专员公署专业顾问（工程及测量）
及气体安全咨询委员会委员等。何博士现为
广东大亚湾核电站及岭澳核电站核安全咨询
委员会前任主席及荣誉主席。
何博士亦担任多家于香港联合交易所（「联交
所」）上市公司之董事：
独立非执行董事
协鑫科技控股有限公司（股份代号：3800）
普汇中金国际控股有限公司（股份代号：997）
亚积邦租赁控股有限公司（股份代号：1496）
何博士于过往三年曾担任下列公司董事职务，
该公司并于联交所上市：
2020年7月16日至2023年7月17日期间曾担
任德合集团控股有限公司（股份代号：368）独
立非执行董事。
Dr. HO Chung-Tai, Raymond (Continued)
Dr. Ho was formerly a partner and senior director of Maunsel
Consultants Asia Limited from January 1976 to August 1993.
Dr. Ho was formerly Deputy to the 10th & 11th terms of the
National People’s Congres of the PRC, member of the 1st, 2nd,
3rd & 4th terms of Legislative Council (Enginering Functional
Constituency) (1998–2012), member of the Provisional Legislative
Council (1996–1998), President of the Hong Kong Institution of
Enginers (1987/1988), Member of the Former Basic Law
Consultative Comite, Founding Council Chairman of the City
University of Hong Kong, Council Chairman of the former City
Polytechnic of Hong Kong, Chairman of Hong Kong Technology
Comite of the Industry & Technology Development Council
(ITDC) and member of ITDC, Chairman of the Transport Advisory
Comite, Hong Kong Afairs Adviser, Chairman of the
Infrastructure Development Services Advisory Comite of the
HKTDC, board member of the Hong Kong Airport Authority
(2008–2014), member of the Court of the City University of
Hong Kong, member of the Chinese Medicine Consultative
Comite of the Schol of Chinese Medicine of Hong Kong
Baptist University, member of Consultative Comite on the New
Airport and Related Projects, Profesional Advisor (Architecture,
Enginering and Surveying) to the Ombudsman of HKSAR and
member of the Gas Safety Advisory Comite. Curently, Dr. Ho
is Honorary Chairman and Past Chairman of Guangdong Daya Bay
Nuclear Plant, LingAo Nuclear Plant Safety Consultative
Comite.
Dr. Ho curently is also the director of the folowing companies
which are listed on the Stock Exchange of Hong Kong Limited
(“Stock Exchange”):
An Independent Non-executive Director
GCLTechnology Holdings Limited (stock code: 3800)
Chinlink International Holdings Limited (stock code: 997)
AP Rentals Holdings Limited (stock code: 1496)
Dr. Ho has ben the director of the folowing company which is
listed on the Stock Exchange in the past thre years:
an independent non-executive director of Superland Group
Holdings Limited (stock code: 368) for the period from 16 July
2020 to 17 July 2023.
Biographical Details of Directors and Senior Management
董事及高级管理人员之履历
迪臣发展国际集团有限公司 二零二五年报
萧文波工程师（「萧工程师」）于二零一年九
月获委任为本公司的独立非执行董事。
萧工程师于二零四年七月荣获香港特别行
政区行政长官颁授荣誉勋章，以表彰其对香
港工程行业之宝贵贡献。
萧工程师，现年八十七岁，于一九六三年取
得美国Alabama洲Auburn大学之土木工程硕
士学位。
萧工程师拥有三十多年大型基建项目的经验，
包括：一九六至一九七年在中华电力有
限公司建造青衣发电厂；一九七至一九八七
年在香港地铁公司建造地铁站及一九八九至
一九年在香港浸会大学建造校园等。二
零八至二零一九年在会泰文成管理有限公
司（一间工程顾问公司）担任董事总经理。
萧工程师为下列学会资深会员：香港工程师
学会及美国土木工程师学会。
萧锦秋先生（「萧先生」），现年六十岁，于二
零一四年三月获委任为本公司独立非执行董
事。萧先生并为审核委员会主席及薪酬委员
会主席，以及提名委员会成员。萧先生毕业
于香港城市大学，持有会计学文学士学位。
彼为特许公认会计师公会及香港会计师公会
资深会员。彼亦为香港执业会计师。萧先生
于审计、会计、公司秘书及企业财务方面拥
有逾三十年工作经验。萧先生现时为宏安集
团有限公司之独立非执行董事（股份代号：
1222），该公司是于香港联合交易所有限公司
上市。
Ir SIU Man-po (“Ir Siu”), is an independent non-executive
Director of the Company since September 2001.
Ir Siu was awarded the MEDAL OF HONOUR (MH) by the Chief
Executive of the Government of the Hong Kong Special
Administrative Region (HKSAR) in July 2004 for his dedication and
meritorious services to the development of enginering profesion
in Hong Kong.
Ir Siu, aged 87, obtained his Master of Science in Civil
Enginering in 1963 from Auburn University in Auburn, Alabama,
U.S.A.
Ir Siu has extensive experience in construction field including the
construction of Tsing Yi Power Station in 1966–1977, MTR
stations in 1977–1987, and Hong Kong Baptist University campus
development in 1989–1999. Ir Siu was the Managing Director of
Ho Wang Siu Mak Management Ltd. (an enginering consultancy
company) from 2008 to 2019.
Ir Siu is a Felow Member of the Hong Kong Institution of
Enginers and the American Society of Civil Enginers.
Mr. SIU Kam Chau (“Mr. Siu”), aged 60, joined the Company
in March 2014 as an independent non-executive Director. Mr. Siu
is the Chairman of the Audit Comite and the Chairman of the
Remuneration Comite, and member of the Nomination
Comite of the Board. Mr. Siu graduated from the City
University of Hong Kong with a bachelor’s degre in
Acountancy. He is a felow of the Asociation of Chartered
Certified Acountants and the Hong Kong Institute of Certified
Public Acountants. He is also a Certified Public Acountant
(practising) in Hong Kong. Mr. Siu has over 30 years of working
experience in auditing, acounting, company secretarial and
corporate finance. Mr. Siu is curently an independent
non-executive director of Wang On Group Limited (stock code:
1222) which is a company listed on The Stock Exchange of Hong
Kong Limited.
Biographical Details of Directors and Senior Management
董事及高级管理人员之履历
Deson Development International Holdings Limited 2025 Anual Report
宋小庄先生（「宋先生」），70岁，自二零二三
年五月一日获委任为本公司独立非执行董事。
宋先生为董事会提名委员会主席、审核委员
会及薪酬委员会成员。
宋先生在结构设计、施工监理及合同管理方
面拥有逾26年经验。宋先生1979年6月毕业
于香港浸会学院（现为香港浸会大学）土木工
程学系及1982年11月取得香港理工学院（现
为香港理工大学）土木及结构工程系院士资
格。宋先生分别于1983年7月及1988年6月取
得香港珠海学院（现为珠海大学）商硕士学位
及中国文学博士学位。彼亦分别于1991年7
月、1996年7月及1999年7月取得北京大学法
学士、民法学硕士、宪法学及行政法学博
士学位，并于2001年9月取得英国曼彻斯特城
市大学英国法及香港法Certified Postgraduate
Examination文凭。宋先生为英国结构工程师
学会及香港工程师学会员。彼亦为香港注
册专业工程师（结构）及中华人民共和国一级
注册结构工程师。
宋先生于2003年7月至2008年7月获委任为中
国律师事务所名誉顾问。2007年至2008年任
香港政府中央政策组非全职顾问，2016年至
2022年任中国港澳研究会理事。2010年至
2022年任深圳大学港澳基本法研究中心全职
教授。
Mr. SONG Sio Chong (“宋先生”), aged 70, is an independent
non-executive Director of the Company on 1 May 2023.
Mr. Song is the Chairman of the Nomination Comite, the
member of the Audit Comite and the Remuneration
Comite of the Board.
Mr. Song has more than 26 years of experience in structural
design, site supervision and contract management. Mr. Song
graduated from the Hong Kong Baptist Colege (now known as
the Hong Kong Baptist University) Civil Enginering Department
with a Diploma in June 1979 and was awarded Asociateship in
Civil and Structural Enginering from Hong Kong Polytechnic
(now known as the Hong Kong Polytechnic University) in
November 1982. Mr. Song obtained a Master Degre of Busines
Administration and a Doctoral Degre of Chinese Literature from
Hong Kong Chu Hai Colege (now known as Chu Hai University)
in July 1983 and June 1988, respectively. He also obtained a
Bachelor Degre in Law, Master Degre in Civil Law and Doctoral
Degre in Constitutional and Administrative Laws from Peking
University in July 1991, July 1996 and July 1999, respectively, and
further received his Certified Postgraduate Examination Diploma in
English Law and Hong Kong Law from The Manchester
Metropolitan University of the United Kingdom (“UK”) in
September 2001. Mr. Song is a member of both The Institution
of Structural Enginers of the UK and The Hong Kong Institution
of Enginers. He is also a Registered Profesional Enginer
(Structural) in Hong Kong and a Clas 1 Registered Structural
Enginer in the People’s Republic of China.
Mr. Song was apointed as the honorary consultant of China Law
Ofice from July 2003 to July 2008. He served as a part-time
member of the Central Policy Unit of the Government of Hong
Kong from 2007 to 2008 and was a member of the National
Comite of the Chinese Asociation of Hong Kong & Macao
Studies from 2016 to 2022. He has ben a ful-time profesor of
the Centre for Basic Laws of Hong Kong and Macau Special
Administrative Region at Shenzhen University from 2010 to
2022.
Biographical Details of Directors and Senior Management
董事及高级管理人员之履历
迪臣发展国际集团有限公司 二零二五年报
高级管理人员
林荣伟（「林先生」），现年四十九岁，二零
五年加入本集团，为本集团公司秘书及财务
总监，负责本集团会计、财务、上市遵规及
公司秘书工作。彼持有香港科技大学工商管
理学士学位，为香港会计师公会之会计师。
于加盟本集团前，彼曾于一间国际会计师事
务所任职多年。
郭振辉（「郭先生」），现年八十一岁，于
一九一年二月加盟本集团，为本集团策划
经理，负责本集团在国内工程项目。彼拥有
逾五十年经验。彼毕业于中国福建华侨大学
土建系工业与民用建筑。彼持有国际职业经
理人资格证书及为中国建筑学会员。
黄宣评（「黄先生」），四十岁，自二零六年
二月加入本集团。黄先生为迪卫智能系统有
限公司及Axonsoft Hong Kong Limited的高
级产品经理，并于二零二零年五月获委任为
SecurePlus Limited的董事，这些公司均为集
团的附属或联营公司。黄先生主要负责安防
系统和智能物联网设备贸易业务，同时负责
业务发展及公司营运，彼在相关行业俱备十九
年经验。黄先生于二零一二年毕业于香港城
市大学，获电子工程学（电子与通讯）荣誉工
程学士。
SENIOR MANAGEMENT
LAM Wing Wai, Angus (“Mr. Lam”), aged 49, joined the Group
in September 2005. He is the Company Secretary and the
Financial Controler of the Group. He is responsible for
monitoring al the Group’s acounting, finance, listing compliance
and company secretarial functions. He holds a Bachelor Degre in
Busines Administration from the Hong Kong University of Science
and Technology. He is a Certified Public Acountant of the Hong
Kong Institute of Certified Public Acountants. Before joining the
Group, he has several years’ experience with an international
acounting firm.
KWOK Chun Fai (“Mr. Kwok”), aged 81, joined the Group in
February 1991. He is the project manager of the Group and is
responsible for the Group’s construction projects in Mainland
China. He has over 50 years’ experience in the industry. He
graduated from Fujian Overseas Chinese University in Mainland
China in Civil Industrial and Civil Building. He obtained the
International Enginering and Profesional Manager Qualification
Certificate and is a Member of Architectural Society of Chinese.
WONG Suen Ping (“Mr. Wong”), aged 40, joined the Group in
February 2006. He is the Senior Product Manager of Deson
Inovative Limited and Axonsoft Hong Kong Limited, and
apointed as the Director of SecurePlus Limited in May 2020,
which are the subsidiaries or asociate company of the Group.
Mr. Wong is primarily responsible for the trading busines of
Security System and Smart loT equipment, and further responsible
for the busines development and company operation. He has
over 19 years of experience in this industry. He graduated from
the City University of Hong Kong with a Bachelor of Enginering
with Honours Degre in Electronics Enginering (Electronics and
Comunication) in year 2012.
58Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
The Company is comited to a high standard of corporate
governance practices and busines ethics in enhancing the
confidence of shareholders, investors, employes, creditors and
busines partners and also the growth of its busines. The
Company’s corporate governance practices are based on the
principles of god corporate governance (“Principles”) and code
provisions (“Code Provisions”) of Corporate Governance Code
(“CG Code”) as set out in Apendix C1 to the Rules Governing
the Listing of Securities (“Listing Rules”) on The Stock Exchange
of Hong Kong Limited (“Stock Exchange”). The Company has
complied with most of the code provisions of the CG Code
throughout the year ended 31 March 2025 save for the deviation
from the Code Provision C.2.1, details of which are explained
below. The Company regularly reviews its corporate governance
practices in order to met the rising expectations of stakeholders
and comply with increasingly stringent regulatory requirements,
and to fulfil its comitment to excelent corporate governance.
Sumary of deviations from the CG Code:
Code Provision C.2.1
CG Code Provision C.2.1 requires that the roles of Chairman and
chief executive should be separate and should not be performed
by the same individual.
The Company has deviated from CG Code Provision C.2.1 to the
extent that the roles of chairman and chief executive (or in the
context of the Company, the managing director) are performed
by Mr. Tjia. Having considered the existing structure and
composition of the board and operations of the Group in Hong
Kong, the board believes that vesting the roles of both Chairman
and Managing Director in Mr. Tjia facilitates the efective
implementation and execution of its busines strategies by, and
ensure a consistent leadership for, the Group. Further, a balance
of power and authority betwen the board and management can
be ensured by the operation of the board, whose members
(including the four independent non-executive directors) are
individuals of high calibre with ample experience, such that the
interests of shareholders can be safeguarded. The Company wil
continue to review the structure and composition of the board
from time to time to ensure that a balance of power and
authority betwen the board and management is apropriately
maintained for the Group.
本公司致力保持高水平之企业管治常规及商
业道德标准，以增强股东、投资者、雇员、债
权人及业务伙伴之信心，以及推动公司业务
增长。本公司企业管治常规以香港联合交易
所有限公司（「联交所」）证券上市规则（「上市
规则」）附录C1载列《企业管治守则》（「守则」）
之良好企业管治的原则（「原则」）及守则条文
（「守则条文」）为基础。本公司于截至二零
二五年三月三十一日止年度内已遵守大部分
守则条文，只有第C.2.1条守则条文偏离，详
细阐释见下文。本公司定期检讨企业管治常
规，为了达到持份者对企业管治水平不断提
升的期望及符合日趋严谨的法规要求，以及
实践优越企业管治的承诺。
企业管治守则之偏离概要：
守则条文C.2.1
企业管治守则条文C.2.1规定主席与行政总裁
的角色应有区分，并不应由一人同时兼任。
谢先生担任主席及行政总裁（或就本公司而言
为董事总经理），本公司因而偏离企业管治守
则条文C.2.1。考虑到董事会现有架构及成员
组成，以及本集团于香港营运，董事会相信
由谢先生同时担任主席与董事总经理，有助
有效落实及执行本集团业务策略，并确保领
导方面的一致。此外，董事会的运作可确保
董事会与管理层的权力及权限的平衡，而董
事会成员（包括四名独立非执行董事）为具备
丰富经验的优秀人才，可保障股东的权益。
本公司将继续不时检视董事会的架构及成员
组成，确保本集团维持董事会与管理层权力
及权限上的平衡。
59迪臣发展国际集团有限公司 二零二五年报
Corporate Governance Report
企业管治报告
企业管治主要原则及常规
本公司确认，董事会（「董事会」）就提供有效
领导，指引本公司迈向其目标及确保一切运
作的透明度及问责方面担当重要角色。本公
司主要企业管治原则及常规概述如下：
董事会
责任
本公司有保留予董事会之职能分工并将其委
派予管理层。董事会发挥领导职能，并通过
策略政策及计划，务求提升股东利益；而本
公司日常运作则委派予管理层处理，并由董
事会适当监管。董事会保留就本公司所有重
大事项之决策权力，包括批准及监察所有政
策事项、整体策略及预算、内部监控及风险
管理制度、企业管治、重大交易（尤其是可能
涉及利益冲突之交易）、财务资料、委任董事
及其他重大财务及营运事宜。
董事会负责厘定本公司企业管治政策，以及
履行企业管治职责，包括：
(a) 制订及检讨本公司的企业管治政策及常
规并向董事会提供意见；
(b) 检讨及监控董事及高级管理人员的培训
及持续专业发展；
(c) 检讨及监控本公司的政策及惯例是否遵
守法定监管规定；
(d) 制订、检讨及监控雇员及董事适用的行
为守则及合规手册（如有）；及
(e) 检讨本公司遵守企业管治守则的情况并
于企业管治报告中披露。
THE KEY CORPORATE GOVERNANCE PRINCIPLES
AND PRACTICES
The Company acknowledges the important role of its Board of
Directors (“Board”) in providing efective leadership and direction
of the Company towards its objectives and ensuring transparency
and acountability of al operations. The key corporate
governance principles and practices of the Company are
sumarised as folows:
THE BOARD
Responsibilities
The Company has a division of functions reserved to the Board
and delegated to the management. The Board provides leadership
and aproves strategic policies and plans with a view to enhance
shareholders’ interests while the day-to-day operations of the
Company are delegated to the management with proper
supervision from the Board. The Board reserves for its decisions
on al major maters of the Company, including the aproval and
monitoring of al policy maters, overal strategies and budgets,
internal control and risk management systems, corporate
governance, material transactions (in particular those may involve
conflict of interests), financial information, apointment of
directors and other significant financial and operational maters.
The Board is responsible for determining the policy for corporate
governance of the Company and performing the corporate
governance duties including:
(a) to develop and review the Company’s policies and practices
on corporate governance and make recomendations to the
Board;
(b) to review and monitor the training and continuous
profesional development of Directors and senior
management;
(c) to review and monitor the Company’s policies and practices
on compliance with legal and regulatory requirement;
(d) to develop, review and monitor the code of conduct and
compliance manual (if any) aplicable to employes and
Directors; and
(e) to review the Company’s compliance with the CG Code and
disclosure in the Corporate Governance Report.
60Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
公司秘书协助主席编制董事会议程。所
有董事已全面及适时获得所有相关资料以及
公司秘书之建议及服务，以确保董事会处事
程序及所有适用规则及规例已获得遵循。任
何董事向董事会提出要求后，一般可在适当
情况下咨询独立专业意见，费用由本公司承
担。
本公司日常管理、行政及经营委派予董事总
经理及管理层。待管理层汇报，董事会定期
检讨所委派职能及工作任务。上述高级职员
于作出任何重大决定或进行重大交易或承诺
前，均须获得董事会批准，而有关职员不得
超越董事会或本公司决议案赋予彼等的任何
授权行事。
董事会全力支持董事总经理及管理层履行其
职责。
本公司已就针对董事会之法律诉讼安排适当
保险，并就董事因公司事务所产生的责任提
供弥偿保证。本公司会每年审阅受保范围。
董事会已制定本集团的宗旨、理念和策略，
并确信其与本集团的文化相契合。董事持正
不阿、以身作则，致力推广企业文化向集团
上下灌输，并不断加强「行事合乎法律、道德
及责任」的理念，以促进本集团的长期可持续
发展。本集团已采纳反欺诈及反贪污政策及
举报政策，提供平台举报任何不当行为的问
题，并始终坚持诚信经营。
The Company Secretary asists the Chairman in preparing the
agenda for Board metings. Al Directors have ful and timely
aces to al relevant information as wel as the advice and
services of the Company Secretary, with a view to ensuring that
Board procedures and al aplicable rules and regulations are
folowed. Each director is normaly able to sek independent
profesional advice in apropriate circumstances at the Company’s
expense, upon making request to the Board.
The day-to-day management, administration and operation of the
Company are delegated to the Managing Director and the
management. The delegated functions and work tasks are
periodicaly reviewed by the Board after being reported on by
management. Aproval has to be obtained from the Board prior
to any significant decisions being made or significant transactions
or comitments being entered into by the abovementioned
oficers, who canot exced any authority given to them by
resolutions of the Board or the Company.
The Board has the ful suport of the Managing Director and the
management to discharge its responsibilities.
The Company has aranged for apropriate insurance cover in
respect of legal actions against the Board and to indemnify its
directors for their liabilities arising out of corporate activities. The
insurance coverage is reviewed on an anual basis.
The Board has established the Group’s purpose, values and
strategy, and has satisfied itself that the Group’s culture is
aligned. Acting with integrity and leading by example, the
Directors promote the desired culture to instil and continualy
reinforce acros the Group the values of acting lawfuly, ethicaly
and responsibly, in order to facilitate the long-term sustainability
of the Group. The Group has adopted anti-fraud and
anti-coruption policy and whistleblowing policy to provide forums
for reporting isues and concerns on any misconduct, and to
uphold busines integrity in its operations.
61迪臣发展国际集团有限公司 二零二五年报
Corporate Governance Report
企业管治报告
组成
于本报告日期，董事会由八位成员（七位男
士，一位女士）所组成，目前由谢文盛先生担
任主席。该八位成员从报告期间至本报告日
期一直为董事会成员。
于本报告日，董事会由八名成员组成，包括
四名执行董事及四名独立非执行董事。
本公司已采纳董事会成员多元化政策，该政
策旨在制订达致董事会成员多元化的方针。
本公司了解并认同董事会成员多元化对提升
表现质素的裨益。作为作出独立决策及满足
本公司业务需要的必要条件，董事会具备均
衡技能、专业知识、资格、经验及多元化观
点。全体董事会成员均将继续经适当考虑董
事会成员多元化的裨益后因才委任。
提名委员会将奉行多项多元化考量因素，包
括但不限于性别、年龄、文化及教育背景、
专业经验、技能、知识及任期。最终将因应
获选候选人日后可对董事会带来的贡献作出
决定。
Composition
As at the date of this report, the Board, which is curently
chaired by Mr. Tjia Boen Sien, comprised eight members, 7 males
and 1 female. Al of the eight members served the Board
throughout the Reporting Period and up to the date of this
Report.
As at the date of this report, the Board comprises eight
members, consisting of four executive Directors, and four
independent non-executive Directors.
The Company had adopted a Board diversity policy aims to set
out the aproach to achieve the diversity of the Board. The
Company recognises and embraces the benefits of having a
diverse Board to enhance the quality of its performance. The
Board has in its composition a balance of skils, expertise,
qualifications, experience and diversity of perspectives necesary
for independent decision making and fulfiling its busines neds.
Al Board apointments wil continue to be made on a merit basis
with due regard for the benefits of diversity of the Board
members.
The Nomination Comite wil folow a range of diversified
perspectives, including but not limited to gender, age, cultural
and educational background, profesional experience, skils,
knowledge and length of service. The ultimate decision wil be
made upon posible contribution that the selected candidates wil
bring to the Board.
62Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
本公司董事会由以下董事组成：
执行董事
谢文盛先生（董事总经理兼主席）
（薪酬委员会及提名委员会成员）
王京宁先生（薪酬委员会及提名委员会成员）
谢维业先生
谢海英女士
独立非执行董事
何钟泰博士
（审核委员会、薪酬委员会及
提名委员会成员）
宋小庄先生（审核委员会及薪酬委员会
成员，提名委员会主席）
萧锦秋先生（审核委员会及薪酬委员会
主席，提名委员会成员）
萧文波工程师
本公司主席及其他董事的背景资料及资历载
于本年报第51至57页之「董事及高级管理人
员之履历」一节中。所有董事均付出足够时间
及注意力处理本集团的事务。各执行董事均
有足够经验，可有效率地履行职务。除：
(i) 谢文盛先生与谢维业先生为父子关系；
(i) 谢文盛先生与谢海英女士为父女关系；
及
(i) 谢维业先生与谢海英女士为姐弟关系
外，
董事会成员之间均无关连或并无任何财务、
业务、家族或其他重要或相关系。
The Board of the Company comprises the folowing Directors:
Executive Directors
Mr. Tjia Boen Sien (Managing Director and Chairman)
(Member of Remuneration Comite and
Nomination Comite)
Mr. Wang Jing Ning (Member of Remuneration Comite and
Nomination Comite)
Mr. Tjia Wai Yip, Wiliam
Ms. Tse Hoi Ying
Independent Non-Executive Directors
Dr. Ho Chung Tai, Raymond
(Member of Audit Comite, Remuneration Comite and
Nomination Comite)
Mr. Song Sio Chong (Member of Audit Comite and
Remuneration Comite, Chairman of Nomination Comite)
Mr. Siu Kam Chau (Chairman of Audit Comite and
Remuneration Comite, Member of Nomination Comite)
Ir Siu Man Po
Details of the backgrounds and qualifications of the Chairman of
the Company and the other Directors are set out under the
section headed “Biographical Details of Directors and Senior
Management” on pages 51 to 57 of this Anual Report. Al
Directors have given suficient time and atention to the afairs of
the Group. Each executive Director has suficient experience to
hold the position so as to cary out his duties efectively and
eficiently. Save for:
(i) Mr. Tjia Boen Sien and Mr. Tjia Wai Yip, Wiliam, who are
father and son;
(i) Mr. Tjia Boen Sien and Ms. Tse Hoi Ying, who are father
and daughter; and
(i) Mr. Tjia Wai Yip, Wiliam and Ms. Tse Hoi Ying, who are
siblings,
none of the members of the Board are related to one another or
have any financial, busines, family or other material or relevant
relationships with each other.
63迪臣发展国际集团有限公司 二零二五年报
Corporate Governance Report
企业管治报告
董事会亦已建立机制，以确保董事会可获得
独立意见，包括向董事提供足够资源以履行
其职责，并在必要时寻求独立专业意见以履
行其职责，费用由本公司承担。
于截至二零二五年三月三十一日止年度，董
事会符合上市规则第3.10(1)及3.10(2)条之规
定，至少委任三名独立非执行董事，且其中
至少一名独立非执行董事拥有相关专业资格
或会计或相关财务管理专业知识。
本公司已收到各独立非执行董事根据上市规
则规定就其独立性发出之年度确认函。本公
司认为，所有独立非执行董事均符合上市规
则载列之独立性指引规定之独立性。
独立非执行董事透过参与董事会议，就策
略方向、政策、发展、表现及风险管理等事
宜作出独立判断。
独立非执行董事俱备广泛的行业及财务专业
知识、经验及为董事会提供独立判断。所有
独立非执行董事透过积极参与董事会议，
在处理可能涉及利益冲突的问题上发挥领导
作用以及服务董事委员会，以监督本公司在
实现企业目标及目的方面之表现，以及监察
业务表现的报告。由此，彼等可透过于董事
会及委员会议上提出独立、富建设性及知
情意见，对本公司制定策略及政策作出正面
贡献。
The Board has also established mechanisms to ensure
independent views are available to the Board, including providing
the Directors with suficient resources to perform its duties and
shal sek, at the Company’s expense, independent profesional
advice to perform its responsibilities if necesary.
During the year ended 31 March 2025, the Board at al times
complied with Rules 3.10(1) and 3.10(2) of the Listing Rules
relating to the apointment of at least thre independent
non-executive Directors with at least one independent
non-executive Director posesing apropriate profesional
qualifications, or acounting or related financial management
expertise.
The Company has received writen anual confirmation from each
independent non-executive Director of his independence pursuant
to the requirements of the Listing Rules. The Company considers
al independent non-executive Directors to be independent in
acordance with the independence guidelines set out in the
Listing Rules.
The independent non-executive Directors bring independent
judgement on isues of strategies direction, policies, development,
performance and risk management through their contribution at
Board Metings.
The independent non-executive Directors bring a wide range of
busines and financial expertise, experiences and independent
judgement to the Board. Through active participation in Board
metings, taking the lead in managing isues involving potential
conflict of interests and serving on Board comites, al
independent non-executive Directors wil scrutinise the
performance of the Company in achieving corporate goals and
objectives and monitor performance reporting. By doing so, they
are able to contribute positively to the Company’s strategy and
policies through independent, constructive and informed
coments at Board and comite metings.
64Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
所有董事（包括独立非执行董事）均有平等机
会及渠道与董事会沟通及表达意见，并可单
独及独立接触本集团管理层，以作出知情决
定。董事会主席将至少每年与独立非执行董
事举行没有其他董事参与的会议，以讨论任
何议题及疑虑。
任何主要股东，董事或其联系人如在董事会
将予审议的事项中存在利益冲突，将通过实
体董事会议而非书面决议案处理。有关董
事须于会议前申报其利益及放弃投票，且不
被计入有关决议案的法定人数。独立非执行
董事及其联系人如于有关事项中并无利益，
应出席董事会议。
董事会每年均会就其效续进行评估，各董事
会以匿名形式提交其对董事会效率的评论并
提出改善建议。董事会已检讨并认为有关机
制可有效确保于截至二零二五年三月三十一
日止年度向董事会提供独立意见及建议。
董事之委任及继任计划
本公司已就董事委任及继任计划制定正式及
透明程序。将获委任的董事均会接获一份正
式委任函，当中载有其委任的相关主要条款
及条件。任何董事会成员有权推荐符合上市
规则要求的适合候选人供董事会考虑。
守则条文第B.2.2条规定，每名董事（包括有指
定任期的董事）应轮值退任，至少每三年一
次。根据本公司细则，每名董事（包括有指定
任期的董事）应至少每三年轮值退任一次。所
有本公司董事须根据企业管治守则及本公司
细则所规定至少每三年轮值退任一次。
Al the Directors, including the independent non-executive
Directors, are given equal oportunity and chanels to
comunicate and expres their views to the Board and have
separate and independent aces to the management of the
Group in order to make informed decisions. The chairman of the
Board wil hold metings with the independent non-executive
Directors without the involvement of other Directors at least
anualy to discus any isues and concerns.
Any substantial shareholder, Director or his/her asociate who has
a conflict of interest in a mater to be considered by the Board
wil be dealt with by a physical Board meting rather than by
writen resolutions. Such Director wil be required to declare his/
her interests before the meting and abstain from voting and not
counted towards the quorum on the relevant resolutions.
Independent non-executive Directors who, and whose asociates,
have no interest in the mater should atend the Board meting.
The Board conducts an anual evaluation of its performance
whereby directors anonymously submit their coments on the
efectivenes of the Board and sugest areas for improvements.
The Board has reviewed and considered that the mechanisms are
efective in ensuring that independent views and inputs are
provided to the Board during the year ended 31 March 2025.
Apointment and Sucesion Planing of Directors
The Company has established formal and transparent procedures
for the apointment and sucesion planing of Directors.
Directors to be apointed wil receive a formal leter of
apointment seting out the key terms and conditions of their
apointment. Any Board member is entitled to recomend
suitable candidate that mets the requirements of the Listing
Rules for consideration by the Board.
Code Provision B.2.2 stipulates that every director, including those
apointed for a specific term, should be subject to retirement by
rotation at least once every thre years. In acordance with the
Company’s Bye-Laws, every Director, including those apointed
for a specific term, should be subject to retirement by rotation at
least once every thre years. Al Directors of the Company retire
by rotation once every thre years in acordance with the CG
Code and the Company’s Bye-Laws.
65迪臣发展国际集团有限公司 二零二五年报
Corporate Governance Report
企业管治报告
董事及公司秘书培训
每名新委任董事需接受全面及正式任职培训，
以确保充分了解业务及根据上市规则及有关
法例规定彼等之责任及义务。
于截至二零二五年三月三十一日止年度内，
董事有定期更新及评价联交所颁布的任何新
规定及指引以及任何有关修订，尤其是该等
新订或经修订规定及指引对董事的特定影响。
在持续的基础上，本公司亦鼓励董事保持对
有关本集团的所有事宜的最新发展，并于适
当时候参加简介会及研讨会。
本公司明白定期检讨及与各董事协定有关培
训需要的规定。提名委员会以持续基准检讨
本公司为董事安排的持续专业培训计划。于
截至二零二五年三月三十一日止年度内，全
体董事已个别出席由合资格专业人士提供有
关会计、税务以及上市规则的研讨会及培训
课程。
本公司亦作出安排，在需要时向董事提供持
续简报及专业培训。
截至二零二五年三月三十一日止财政年度，
本公司公司秘书已接受不少于15个小时的相
关专业培训。
Training for Directors and Company Secretary
Each newly apointed director receives comprehensive, formal
induction to ensure that he/she has apropriate understanding of
the busines and his/her responsibilities and obligations under the
Listing Rules and relevant regulatory requirements.
During the year ended 31 March 2025, the Directors regularly
updated and apraised with any new regulations and guideline,
as wel as any amendments thereto isued by the Stock
Exchange, particularly the efects of such new or amended
regulations and guidelines on directors specificaly. On an ongoing
basis, Directors are encouraged to kep up to date on al maters
relevant to the Group and atend briefings and seminars as
apropriate.
The Company is aware of the requirement to regularly review and
agres with each Director their training neds. The continuing
profesional training programe of the Company for Directors
wil be reviewed on an ongoing basis by the Nomination
Comite. During the year ended 31 March 2025, al Directors
have individualy atended seminars and training courses
conducted by qualified profesionals on acounting, taxation and
Listing Rules.
There are also arangements in place for providing continuing
briefing and profesional development to directors whenever
necesary.
For the financial year ended 31 March 2025, the Company
Secretary of the Company has taken no les than 15 hours of
relevant profesional training.
66Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
董事会议
守则条文第C.5.1条规定，本公司应每年至少
举行四次定期董事会议，大约每季一次。
每次董事会议应有大部分董事亲身出席或
透过电子通讯方式积极参与。
本公司于年内举行定期董事会议，检讨及
通过财务及经营业绩以及审议及通过本公司
整体策略及政策。
于回顾年度内，本公司举行了四次董事会
议、一次股东周年大会及一次股东特别大会。
董事出席详情如下：
定期董事会议通知于举行会议前至少十四
天送交所有董事。就其他董事会及委员会
议而言，一般发出合理通知。
Board Metings
Code Provision C.5.1 stipulates that the Company should hold at
least four regular Board metings a year at aproximately
quarterly intervals with active participation of a majority of
Directors, either in person or through other electronic means of
comunication.
Regular Board metings were held during the year for reviewing
and aproving the financial and operating performance, and
considering and aproving the overal strategies and policies of
the Company.
During the year under review, four Board metings, one anual
general meting and one special general meting were held.
Details of the atendance of the Directors are as folows:
Directors’ Atendance
董事出席次数
Anual
General
Meting
Special
General
Meting
Board
Meting
股东周年大会股东特别大会董事会
Executive Directors执行董事
Mr. Tjia Boen Sien
(Managing Director and
Chairman)
谢文盛先生
（董事总经理兼主席）
1/11/14/4
Mr. Wang Jing Ning王京宁先生1/11/14/4
Mr. Tjia Wai Yip, Wiliam谢维业先生1/11/14/4
Ms. Tse Hoi Ying谢海英女士1/11/14/4
Independent Non-Executive
Directors
独立非执行董事
Dr. Ho Chung Tai, Raymond何钟泰博士1/11/14/4
Ir Siu Man Po萧文波工程师1/11/14/4
Mr. Siu Kam Chau萧锦秋先生1/11/14/4
Mr. Song Sio Chong宋小庄先生1/11/14/4
Notices of regular Board metings were served to al Directors at
least 14 days before the metings. For other Board and
comite metings, reasonable notice is generaly given.
67迪臣发展国际集团有限公司 二零二五年报
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企业管治报告
每次董事会议或委员会议至少提前三日
向所有董事寄发议程及董事会文件连同所有
相关资料，以确保适时取得相关资料。全体
董事如有意于董事会议程加入任何事项，
均可知会董事会主席或公司秘书。董事会及
高级管理人员亦有义务让董事了解本集团最
新发展及财政状况以便彼等作出知情决定。
董事会及各董事在需要时可及时各自及独立
接触高级管理人员。
除上述年内定期董事会议外，董事会于
特定事宜上需要董事会决定时而召开会议。
董事将于每次董事会议前事先获发详细的
议程。
公司秘书，为本公司雇员，负责记录及保存
所有董事会议及董事委员会议的相关记
录，当中记录董事会考虑事宜及达成决策的
充足详情，包括董事提出的任何关注或反对
意见。于董事会议上，全体董事有充足的
机会表达彼等的意见、提出任何问题及讨论
审议中的事宜，而董事会投票结果充分反映
董事会的一致性。草拟记要一般于各会议后
之合理时间内传阅董事，以征求意见，而最
终版本亦公开与董事查阅。董事有权查阅董
事会文件，所作提问会获得充分解答。根据
现行董事会常规，涉及主要股东或董事利益
冲突之任何重大交易，将由董事会在正式召
开之董事会议上予以考虑及处理；相关董
事必须放弃投票，其出席不计入法定人数。
董事承诺
各董事已确认，彼可为本集团事宜提供充足
时间及精力，并已定期提供有关彼等于上市
公司或机构担任职务数目及性质的资料以及
其他重大承诺，包括该公司或机构身份及指
定参与时间。
Agenda and Board papers together with al apropriate
information are sent to al Directors at least thre days before
each Board meting or comite meting so as to ensure that
there is timely aces to relevant information. Al Directors can
give notice to the Chairman of the Board or the Company
Secretary if they intend to include maters in the agenda for
Board metings. The Board and the senior management are also
obligated to kep the Directors apraised of the latest
developments and financial position of the Group and to enable
them to make informed decisions. The Board and each Director
also have separate and independent aces to the senior
management whenever necesary in a timely maner.
Apart from the above regular Board metings of the year, the
Board wil met on other ocasions when a Board-level decision
on a particular mater is required. The Directors wil receive details
of agenda items for decision in advance of each Board meting.
The Company Secretary, who is an employe of the Company, is
responsible to take and kep minutes of al Board metings and
Board comite metings, which record in suficient detail the
maters considered by the Board and decisions reached, including
any concerns raised by Directors or disenting views expresed. At
Board metings, al Directors have ample oportunities to expres
their respective views, voice any concerns and discus the maters
under consideration, and the results of voting at Board metings
fairly reflects the consensus of the Board. Draft minutes are
normaly circulated to Directors for coment within a reasonable
time after each meting and the final version is open for
Directors’ inspection. Directors are entitled to have aces to
board papers and queries wil be responded fuly. Acording to
curent Board practice, any material transaction, which involves
conflict of interests for a substantial shareholder or a Director,
wil be considered and dealt with by the Board at a duly
convened Board meting. Such Director must abstain from voting
and wil not be counted as quorum.
Directors’ comitments
Each Director has confirmed that he can give suficient time and
atention to the Group’s afairs, and has regularly provided
information on the number and nature of ofices held in public
companies or organisations and other significant comitments,
including the identity of such companies or organisations and an
indication of the time involved.
68Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
股东周年大会
本公司于二零二四年八月二十七日举行股东
周年大会（「二零二四年股东周年大会」）。执
行董事谢维业先生获选为二零二四年股东周
年大会主席，以确保与本公司股东于会上保
持有效的沟通。
主席及行政总裁
虽然主席与董事总经理（其角色与行政总裁相
若）的角色由一人同时兼任，但考虑到董事会
现时架构和组成与本集团在香港及中国大陆
之营运规模，董事会认为此举可促进本集团
有效实施及执行其业务策略，确保领导方向
一致。此外，董事会之运作能确保董事会及
管理层之间之权力和授权分布均衡，而董事
会成员（包括四名独立非执行董事）均为经验
丰富的优秀人士，从而可保障股东利益。本
公司将继续不时检视董事会之架构及组成，
以确保本集团董事会及管理层之间的权力和
授权能维持适当平衡。
主席负责领导董事会，确保其在各方面职责
之效力包括首要责任为确保设立好的企业管
冶常规及程序，及确保使用合适的过程去提
供股东之间及与董事会有效率之沟通。作为
董事总经理之身份，彼在管理层之支持下负
责提供策划及履行计划工作。
主席应确保全体董事清楚知悉当前在董事会
会议上提出之事项，并确保董事会及时就所
有重要及适当事项进行商讨。每年董事会
议均预先订定日期，让全体董事均有机会出
席，并且鼓励董事公开讨论，特别是与独立
非执行董事及执行董事之间。本公司鼓励全
体董事会成员积极参与董事会议，以加强
其对本集团之认识及了解。
ANUAL GENERAL METING
The Company held the anual general meting (“2024 AGM”) on
27 August 2024. Mr. Tjia Wai Yip, Wiliam, the executive
Director, was elected as the Chairman of 2024 AGM to ensure
efective comunication with shareholders of the Company at the
meting.
CHAIRMAN AND CHIEF EXECUTIVE OFICER
Although the roles of Chairman and Managing Director, who
perform similar roles as Chief Executive Oficer, are both
performed by the same individual, in view of the existing
structure and composition of the Board and operations of the
Group in Hong Kong and Mainland China, the Board believes
that this can facilitate efective implementation and execution of
its busines strategies by, and ensure a consistent leadership for,
the Group. Further, a balance of power and authority betwen
the Board and management can be ensured by the operation of
the Board, whose members (including the four independent
non-executive Directors) are individuals of high calibre with ample
experiences, such that the interests of shareholders can be
safeguarded. The Company wil continue to review the structure
and composition of the Board from time to time to ensure that a
balance of power and authority betwen the Board and
management are apropriately maintained for the Group.
The Chairman provides leadership for the Board, ensuring its
efectivenes in al aspects of its role including taking the primary
responsibility for ensuring that god corporate governance
practices and procedures are established and ensuring apropriate
steps are taken to provide efective comunications with
shareholders and that their views are comunicated to the Board
as a whole. In his capacity as Managing Director, he provides
planing and implementation with the suport of management.
The Chairman ensures that al Directors are properly briefed on
isues arising at Board metings and that al key and apropriate
isues are discused by the Board in a timely maner. Board
metings for each year are scheduled in advance to give al
Directors an oportunity to atend, and are structured to
encourage open discusion especialy betwen independent
non-executive Directors and executive Directors. Al Board
members are encouraged to update their knowledge of and
familiarity with the Group through active participation at Board
metings.
69迪臣发展国际集团有限公司 二零二五年报
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企业管治报告
于计及当时营运事宜产生之任何新增项目，
以及其他董事可能向主席提出之有关其他事
宜后，主席有权把所述各项纳入所拟备之每
次董事会议程中。在可行之情况下，有
关议程及随附董事会文件应全部最少在会议
指定举行日期之三日前及时送呈全体董事。
主席之责任亦包括主持董事会议、领导讨
论以得出明确之结论，并确信会议秘书明白
各项达致之结论。公司秘书兼财务总监均出
席董事会议，并在适当情况下就企业管治
及会计与财务事宜提供意见。
董事会议及董事委员会议之会议记录由
获正式委任之会议秘书保存及可供任何董事
查阅。董事会议记录之初稿及最终定稿会
发送予全体董事，以征求意见及作纪录之用。
主席至少每年一次在没有执行董事的情况下
与独立非执行董事举行会议。
董事委员会
董事会之下设立三个委员会，即薪酬委员会、
提名委员会及审核委员会，以监督本集团具
体事务。本公司所有董事委员会均以书面形
式订定职权范围。本公司所有董事委员会之
职权范围已遵守则条文并载于联交所网页
(w.hkexnews.hk)及本公司网页
(w.deson.com)并供股东索阅。董事委员会
获得足够资源以履行职责，若提出合理要求，
及在适当情况下，可寻求独立专业意见，费
用由本公司承担。董事委员会将就彼等之决
定或推荐意见向董事会汇报。
The Chairman setles the agenda for each individual Board
meting, taking into acount any aditional items arising from
curent operating isues, as wel as such other maters as may be
raised by the other directors with him, who can include them on
the agenda. The agenda and acompanying Board papers are sent
in ful to al Directors in a timely maner and, where posible, at
least thre days before the time apointed for the meting.
It is also the Chairman’s responsibility to control Board metings,
to lead discusions to clear conclusions, and to satisfy himself that
the secretary of the meting has understod each conclusion
reached. The Company Secretary and Financial Controler atend
the metings and advise, where apropriate, on corporate
governance and acounting and financial maters.
Minutes of Board metings and metings of Board comites
are kept by a duly apointed secretary of the meting and open
for inspection by any director. Draft and final versions of minutes
of board metings are sent to al directors for their coments
and records respectively.
The Chairman holds metings with the independent non-
executive Directors without the executive Directors at least once
per year.
BOARD COMITES
The Board has established thre comites, namely, the
Remuneration Comite, Nomination Comite and Audit
Comite, for overseing particular aspects of the Group’s
afairs. Al Board comites of the Company are established
with defined writen terms of reference. The terms of reference
of the Board comites have complied with the Code Provisions
and are available on the Stock Exchange website
w.hkexnews.hk and the Company’s website w.deson.com
and are available to shareholders upon request. The Board
comites are provided with suficient resources to discharge
their duties and, upon reasonable request, are able to sek
independent profesional advice in apropriate circumstances, at
the Company’s expenses. These Board comites wil report back
to the Board on their decisions or recomendations.
70Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
薪酬委员会
于二零二五年三月三十一日止年度，谢文盛
先生、王京宁先生、何钟泰博士、萧锦秋先
生及宋小庄先生分别为两位执行董事及三位
独立非执行董事，均为薪酬委员会成员，而
萧锦秋先生为委员会主席。薪酬委员会之主
要目标（在征得主席╱董事总经理意见及如有
需要在获得专业意见，费用由本集团承担），
包括就执行董事及行政人员薪酬政策及结构
及薪酬待遇提出建议及予以批准。薪酬委员
会亦负责为制订此等薪酬政策及结构设立具
透明度的程序，确保董事或其联系人士不会
参与决定其本身之薪酬；薪酬应根据个人表
现、本集团业绩以及市场惯例及条件而厘定。
在一般情况下，薪酬委员会于每年接近年末
时举行会议，检讨薪酬政策及结构并决定执
行董事、独立非执行董事及高级管理人员之
年度薪酬待遇及其他相关事项。本集团的薪
酬政策乃根据业务需要及市场惯例，维持公
平及具竞争力的薪酬待遇。于厘定薪酬待遇
的过程中，已考虑市场水平、个人资历、经
验、表现及工作时间等因素。薪酬委员会同
时每年审阅了本公司认股权计划（如有）。于
截至二零二五年三月三十一日止年度，薪酬
委员会举行了一次会议，检讨本公司薪酬政
策及结构及回顾年度内执行董事、独立非执
行董事及高级管理人员薪酬待遇。已向董事
会作出推荐意见。
Remuneration Comite
During the year ended 31 March 2025, Mr. Tjia Boen Sien,
Mr. Wang Jing Ning, Dr. Ho Chung Tai, Raymond, Mr. Siu Kam
Chau and Mr. Song Sio Chong, being two executive Directors and
thre independent non-executive Directors, respectively, are the
members of the Remuneration Comite and Mr. Siu Kam Chau
is the Chairman of the comite. The primary objectives of the
Remuneration Comite include making recomendations on
and aproving the remuneration policy and structure and
remuneration packages of the executive Directors and the
executives after consultation with the Chairman/Managing
Director and aces to profesional advice, at the Group’s
expense, when necesary. The Remuneration Comite is also
responsible for establishing transparent procedures for developing
such remuneration policy and structure to ensure that no Director
or any of his/her asociates wil participate in deciding his/her
own remuneration, which remuneration wil be determined by
reference to the performance of the individual and the Group as
wel as market practice and conditions. The Remuneration
Comite normaly mets towards the end of each year to
review the remuneration policy and structure and determination
of the anual remuneration packages of the executive Directors,
independent non-executive Directors and senior management and
other related maters. The Group’s remuneration policy is to
maintain fair and competitive remuneration packages based on
busines neds and market practice. Factors such as market rate,
an individual’s qualification, experience, performance and time
comitment are taken into acount during the remuneration
package determination proces. The Remuneration Comite
also reviews maters relating to share option schemes (if any) of
the Company on an anual basis. The Remuneration Comite
held one meting during the year ended 31 March 2025 and
reviewed the remuneration policy and structure of the Company
and remuneration packages of the executive Directors,
independent non-executive Directors and senior management for
the year under review. Recomendations have ben made to the
Board.
71迪臣发展国际集团有限公司 二零二五年报
Corporate Governance Report
企业管治报告
薪酬委员会成员出席会议记录详情如下：
提名委员会
于二零二五年三月三十一日止年度，谢文盛
先生、王京宁先生、何钟泰博士、萧锦秋先
生及宋小庄先生分别为两位执行董事及三位
独立非执行董事，均为提名委员会成员，而
宋小庄先生为委员会主席。提名委员会的主
要责任乃检讨董事会的组成，以及甄选及提
名董事人选，以符合董事会所需的相关技术、
知识、性别、年龄、文化、教育背景、专业经
验及多元化观点。提名委员会亦评估独立非
执行董事的独立性并就委任及重新委任董事
及董事继任计划向董事会提供意见。董事人
选可以由内部提升或经高级行政人员招聘顾
问公司聘请，以委任拥有相关专门知识及经
验的精英为目的。于截至二零二五年三月
三十一日止年度，提名委员会举行了一次会
议，并于回顾年度检讨董事会之架构、人数
及组成。
Details of the atendance record of members of the
Remuneration Comite metings are set out below:
Members’
Atendance
Name of Members成员姓名成员出席次数
Mr. Siu Kam Chau (Chairman)萧锦秋先生（主席）1/1
Mr. Tjia Boen Sien谢文盛先生1/1
Mr. Wang Jing Ning王京宁先生1/1
Dr. Ho Chung Tai, Raymond何钟泰博士1/1
Mr. Song Sio Chong宋小庄先生1/1
Nomination Comite
During the year ended 31 March 2025, Mr. Tjia Boen Sien,
Mr. Wang Jing Ning, Dr. Ho Chung Tai, Raymond, Mr. Siu Kam
Chau and Mr. Song Sio Chong, being two executive Directors and
thre independent non-executive Directors, respectively, are the
members of the Nomination Comite and Mr. Song Sio Chong
is the Chairman of the comite. The primary objectives of the
Nomination Comite include reviewing the Board composition
and identifying and nominating candidates for apointment to the
Board such that it has the relevant blend of skils, knowledge,
gender, age, cultural, educational background, profesional
experience and diversity of perspectives. The Nomination
Comite also aseses the independence of independent non-
executive Directors and make recomendation to the Board on
the apointment and reapointment of Directors and sucesion
planing for Directors. Candidates for apointment as Directors
may be sourced internaly or externaly through various chanels
such as using the services of specialist executive search firms. The
aim is to apoint individuals of the highest caliber in their area of
expertise and experience. The Nomination Comite held one
meting during the year ended 31 March 2025 and reviewed the
structure, size and composition of the Board for the year under
review.
72Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
提名委员会成员出席会议记录详情如下：
提名委员会已采纳以下政策，以协助其履行
于职权范围所列明之职务及责任。委员会可
根据当中规定不时修订有关政策。
推荐候选人
委员会应考虑所有获任何董事或股东推荐为
董事提名人的候选人，惟倘为股东推荐，有
关推荐须遵守本公司细则，股东提名应正式
于股东大会上提呈的程序以及《上市规则》所
载所有适用通知规定。委员会亦可全权酌情
考虑由任何人士推荐为董事提名人的任何候
选人。
Details of the atendance record of members of the Nomination
Comite metings are set out below:
Members’
Atendance
Name of Members成员姓名成员出席次数
Mr. Song Sio Chong (Chairman)宋小庄先生（主席）1/1
Mr. Tjia Boen Sien谢文盛先生1/1
Mr. Wang Jing Ning王京宁先生1/1
Dr. Ho Chung Tai, Raymond何钟泰博士1/1
Mr. Siu Kam Chau萧锦秋先生1/1
The folowing policies have ben adopted by the Nomination
Comite to asist in fulfiling its duties and responsibilities as
provided in its terms of reference. The policies may be amended
from time to time by the comite as provided therein.
Recomended candidates
The comite shal consider any and al candidates
recomended as nomines for Directors to it by any Director or
shareholder; provided that in the case of shareholder
recomendations, such recomendations comply with al
aplicable notice requirements set forth in the Company’s Bye-
laws, the procedures for a shareholder’s nomination to be
properly brought before a general meting, and the Listing Rules.
The comite may also consider, in its sole discretion, any and
al candidates recomended as nomines for directors to it by
any source.
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所需资历、素质及技能
委员会致力物色诚实可靠并在彼等从事的行
业拥有杰出成就及相关资历、素质及技能人
士，以有效地付予全体股东的最佳利益。甄
选候选人时将根据彼等的判断力、承诺提升
股东价值、提升实务见解以及多元化观点的
能力。委员会亦会就董事会当时的组成、本
公司营运需求及全体股东长远利益对候选人
作出相关评估。进行评估时，委员会不仅考
虑有关董事候选人的评估及推荐建议，亦考
虑多元化（包括但不限于性别、年龄、文化和
教育背景、种族、专业经验和技能）以及鉴于
董事会与本公司当时及预期将来的需要而视
为合适的其他因素，并维持董事会观点、资
历、素质及技能的平衡。委员会亦可考虑彼
等视为符合本公司与其股东最佳利益的其他
因素。以上多元化观点考虑到本公司的业务
模式及需要，并载于本公司为达致董事会多
元化而设的董事会多元化政策。
董事会成员多元化政策
本公司明白到增加董事会层面的多元化是支
持实现其战略目标、可持续及平衡发展是基
本要素。本公司制定使董事会多元化的方法，
采纳多元化政策（「多元化政策」）。提名委员
会每年代表董事会审查和评估董事会的组成，
并在必要时，根据多元化政策推荐新董事。
Desired qualifications, qualities and skils
The comite shal endeavour to find individuals of high
integrity who have a solid record of acomplishment in their
chosen fields and who poses the qualifications, qualities and
skils to efectively represent the best interests of al shareholders.
Candidates wil be selected for their ability to exercise god
judgement, to provide the comitment to enhancing shareholder
value, practical insights and diverse perspectives. Candidates wil
also be asesed in the context of the then-curent composition
of the Board, the operating requirements of the Company and
the long-term interests of al shareholders. In conducting this
asesment, the comite wil, in conection with its asesment
and recomendation of director candidates, consider diversity
(including, but not limited to, gender, age, cultural and
educational background, ethnicity, profesional experience and
skils) and such other factors as it dems apropriate given the
then-curent and anticipated future neds of the Board and the
Company, and to maintain a balance of perspectives,
qualifications, qualities and skils on the board. The comite
may also consider such other factors as it may dem are in the
best interests of the Company and its shareholders. The above
diversity perspectives, taking into acount the Company’s busines
model and neds, are set out in a Board diversity policy which
has ben established by the Company to se that diversity on the
Board can be achieved.
Board Diversity Policy
The Company notes that increasing diversity at the Board level as
an esential element in suporting the atainment of its strategic
objectives, sustainable and balanced development. The Company
adopted a diversity policy (“Diversity Policy”) which sets out the
aproach to diversify the Board. The Nomination Comite
reviews and aseses Board composition on behalf of the Board
on an anual basis and wil recomend the apointment of new
Director, when necesary, pursuant to the Diversity Policy.
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在计划董事会之组成时，会循董事会多元化
多方面去考虑，包括但不限于性别、年龄、
文化和教育背景、种族、专业经验、专长、知
识和工作年资。同时提名委员会亦会不时根
据本公司的经营模式、特定要求及任人唯贤
等考虑因素，以厘订董事会最佳组成。提名
委员会将在必要时讨论和商定实现董事会多
元化的可行目标，从而推荐给董事会以供采
纳。
直至本年报日期，董事会是由八名董事所组
成，当中包括四名执行董事及四名独立非执
行董事，以促进对管理层的严格审查和监控。
无论从专业经验、专长和知识方面考虑，董
事会还具备显著的多样性特点。截至本年报
日期，我们董事会由七名男性及一名女性成
员组成，他们年龄从41至50岁的董事有1名；
年龄从51至60岁的董事有2名；和60岁以上
的董事有5名。经审阅多元化政策及董事会成
员的组成后，提名委员会相信多元化政策所
载的要求已获满足，且董事会已充分多元化。
董事会认为，本公司已在董事会层面实现性
别多元化，并计划至少保持目前的女性代表
性水平。本公司将确保在招聘中高级职员时
考虑性别多元化，并确保有足够资源提供适
当的培训及职业发展，以发展董事会的潜在
继任者渠道及保持性别多元化。
每年，提名委员会检讨多元化政策，以确
保其有效。
In designing the Board’s composition, the Board diversity has
ben considered from a number of aspects, including but not
limited to gender, age, cultural and education background,
ethnicity, profesional experience, skils, knowledge and length of
service. The Nomination Comite wil also consider factors
based on the Company’s busines model, specific neds and
meritocracy from time to time in determining the optimum
composition of the Board. The Nomination Comite would
discus and agre on measurable objectives for achieving diversity
on the Board, where necesary, and recomend them to the
Board for adoption.
Up to the date of this Anual Report, the Board comprises eight
Directors, including four executive Directors and four independent
non-executive Directors, thereby promoting critical review and
control of the management proces. The Board is also
characterised by significant diversity, whether considered in terms
of profesional experience, skil and knowledge. As at the date of
this Anual Report, our Board consists of seven male members
and one female member with one Director of age 41 to 50 years
old, two Directors of age 51 to 60 years old and five Directors of
over 60 years old. Having reviewed the Diversity Policy and the
Board’s composition, the Nomination Comite is satisfied that
the requirements set out in the Diversity Policy had ben met and
the Board is suficiently diverse.
The Board considers that the Company has achieved gender
diversity at the Board level and targets to maintain at least the
curent level of female representation. The Company wil ensure
that gender diversity is taken into acount when recruiting staf
members of mid to senior level and ensure that suficient
resources are available for providing apropriate trainings and
carer development to develop a pipeline of potential sucesors
to the Board and maintain gender diversity.
The Nomination Comite wil review the Diversity Policy
anualy to ensure its efectivenes.
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独立性
委员会应确保董事会成员最少三分之一（或
《上市规则》不时订明的其他董事会成员人数）
符合独立非执行董事的定义。委员会将根据
《上市规则》3.13条所载独立性标准，透过每
年审查每位独立非执行董事提名人或其直系
亲属（定义见《上市规则》的潜在利益冲突而对
各独立非执行董事提名人进行评估。
已于董事会连续九年或以上的退任独立非执
行董事，符合资格获董事会提名以便于股东
大会膺选连任，惟其仍须被董事会视为独立。
当任何独立非执行董事在董事会任职超过九
年时，该名独立非执行董事是否可进一步获
委任应由股东以独立决议案方式批准，该决
议案随附文件，包括考虑的因素，提名委员
会确定该名独立非执行董事仍然独立且彼应
获选连任的过程和讨论。
何钟泰博士、萧文波工程师及萧锦秋先生（均
为本公司独立非执行董事）已服务董事会逾九
年。尽管彼等长期担任该职位，但鉴于彼等
具备广泛商业经验及与本公司任何董事或主
要股东概无关连，董事会认为，彼等可继续
就本公司事务提供独立及客观的观点。
有关于股东周年大会上提呈决议案选任某人
士为独立非执行董事，本公司致股东通函中
已列明以下资料：
- 、董事会认为
应选任该名人士的理由以及彼等认为该
名人士属独立人士的原因；
Independence
The comite shal ensure that at least one-third of the Board
members (or such other number of the members of the Board as
prescribed by the Listing Rules from time to time) met the
definition of independent non-executive director. The comite
shal anualy ases each nomine for independent non-executive
director by reviewing any potential conflicts of interest that he or
she and their imediate family members (as defined in the Listing
Rules) may have, based on the criteria for independence set forth
in Rule 3.13 of the Listing Rules.
A retiring independent non-executive director who has served the
Board for a period of nine consecutive years or more is eligible
for nomination by the Board to stand for re-election at a general
meting provided that he or she is stil considered independent
by the Board.
When any of the independent non-executive director has served
more than nine years on the Board, such independent
non-executive Director’s further apointment should be subject to
a separate resolution to be aproved by shareholders, with papers
acompanying to that resolution including the factors considered,
the proces and discusion of the Nomination Comite in
ariving at the determination that such independent
non-executive director is stil independent and should be
re-elected.
Dr. Ho Chung Tai, Raymond, Ir Siu Man Po, Mr. Siu Kam Chau,
al being independent non-executive Directors of the Company,
have served the Board for more than nine years. Notwithstanding
their long term service, given their extensive busines experiences
and not being conected with any director or substantial
shareholder of the Company, the Board is of the opinion that
they continue to bring independent and objective perspectives to
the Company’s afairs.
The folowing information has ben set out in the Company’s
circular to shareholders for the proposed resolution to elect an
individual as an independent non-executive Director at the AGM:
1. the proces used for identifying the individual and why the
Board believes the individual should be elected and the
reasons why the Board considers the individual to be
independent;
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2. 如候任独立非执行董事将出任第七间
（或以上）上市公司的董事，董事会认为
该名人士仍可投入足够时间履行董事责
任的原因；
3. 该名人士可为董事会带来的观点与角
度、技能及经验；及
- 。
提名人评估流程
委员会将考虑任何表示愿意膺选连任的董事
以及任何股东推荐的任何其他人士为候选人。
委员会亦可自行物色候选人，并聘请专业机
构或其他第三方的服务以协助物色及评估潜
在的提名人。委员会可采用任何其视为合适
之程序评估候选人，相关程序须符合其职权
范围、本公司细则、企业管治政策以及本文
所述政策一致的程序评估候选人，惟就各选
举或委任董事评估提名人的程序必须大致相
同，且于任何情况下，委员会评估由股东推
荐的提名人时所根据的程序，均不会与评估
同一董事选举或委任的其他提名人的程序有
重大差异。
提名程序
- ，并邀请
董事会成员提名候选人（如有），以供委
员会于大会前考虑。委员会亦可提名非
董事会成员提名的候选人。
- ，委员会将提供推荐
意见，以供董事会考虑及批准。就建议
候选人于股东大会上参选而言，委员会
将向董事会提名以供考虑及提出推荐意
见。
- ，获提名人士不
得视其已获董事会建议于股东大会上参
选。
2. if the proposed independent non-executive Director wil be
holding their seventh (or more) listed company directorship,
why the Board believes the individual would stil be able to
devote suficient time to the Board;
- , skils and experience that the individual can
bring to the Board; and
4. how the individual contributes to diversity of the Board.
Nomine evaluation proces
The comite wil consider as a candidate any director who has
indicated his or her wilingnes to stand for re-election and any
other person who is recomended by any shareholder. The
comite may also undertake its own search proces for
candidates and may retain the services of profesional firms or
other third parties to asist in identifying and evaluating potential
nomines. The comite may use any proces it dems
apropriate for the purpose of evaluating candidates which is
consistent with those set forth in its terms of reference, the
Company’s Bye-laws, the corporate governance policy and the
policy described herein; provided that the proces used for
evaluating a nomine for each election or apointment of director
shal be substantialy similar and under no circumstances shal the
comite evaluate nomines recomended by a shareholder
pursuant to a proces that is substantialy diferent than that used
for other nomines for the same election or apointment of
director.
Nomination procedures
1. The secretary of the comite shal cal a meting of the
comite, and invite nominations of candidates from board
members, if any, for consideration by the comite prior
to its meting. The comite may also put forward
candidates who are not nominated by board members.
2. For filing a casual vacancy, the comite shal make
recomendations for the Board’s consideration and
aproval. For proposing candidates to stand for election at
a general meting, the comite shal make nominations
to the Board for its consideration and recomendation.
3. Until the isue of the shareholder circular, the nominated
persons shal not asume that they have ben proposed by
the Board to stand for election at the general meting.
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4. 为提供有关董事会提名于股东大会上参
选候选人的资料，股东将获寄发一份通
函。该通函内将根据适用法律、法规及
规则的规定，载有建议候选人的姓名、
履历简述（包括资历及相关经验）以及任
何其他资料。
5. 股东可根据于本公司网站所载相关程序
于提出通知期间内向董事会或公司秘书
发出通知，表明其有意提呈推选特定人
士担任董事的决议案。有关建议的候选
人的详情将透过公告及╱或补充通函寄
发予全体股东以供参考。
6. 候选人可于股东大会举行前任何时间向
董事会或公司秘书发出书面通知退选。
7. 董事会就有关建议候选人于任何股东大
会参选事宜拥有最终决定权。
8. 股东提呈的决议案与董事会建议候选人
的决议案形式一致。
提名委员会于二零二四年六月及二零二五年
六月举行其年度大会以检讨董事会之组合及
独立非执行董事之独立性，并考虑于下届股
东周年大会上备选连任之退任董事是否适合，
以及董事继任人选计划之需要。委员会亦检
讨提名政策及多元化政策，并讨论为推行后
者而设定之目标，及确认该等目标已经实现。
委员会之结论为董事会之组合应维持不变。
4. In order to provide information of the candidates nominated
by the Board to stand for election at a general meting, a
circular wil be sent to shareholders. The circular wil set out
the names, brief biographies (including qualifications and
relevant experience), and any other information, as required
pursuant to aplicable laws, rules and regulations, of the
proposed candidates.
5. A shareholder can serve a notice to the Board of Directors
or the Company Secretary within the lodgement period of
its intention to propose a resolution to elect certain person
as a director in acordance with the relevant procedures
posted on the Company’s website. The particulars of the
candidates so proposed wil be provided to al shareholders
for information by way of anouncement and/or
suplementary circular.
6. A candidate is alowed to withdraw his or her candidature
at any time before the general meting by serving a notice
in writing to the Board of Directors or the Company
Secretary.
7. The Board shal have the final decision on al maters relating
to its recomendation of candidates to stand for election at
any general meting.
8. Shareholder proposed resolutions shal take the same form
as the resolutions proposed for the candidates
recomended by the Board.
The Nomination Comite held its anual meting in June 2024
and June 2025 to review the Board composition and
independence of independent non-executive Directors, and
considered the suitability of those retiring Directors standing for
re-election at the next anual general meting as wel as the
ned for a Director sucesion plan. The comite also reviewed
the nomination policy and the Diversity Policy and discused the
objectives set for implementing the later, and noted that those
objectives had ben achieved. The comite concluded that the
Board composition should continue unchanged.
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审核委员会
于二零二五年三月三十一日止年度，审核委
员会由三名独立非执行董事何钟泰博士、萧
锦秋先生及宋小庄先生（包括一名拥有适当专
业资格或会计或相关财务管理专业知识之独
立非执行董事）所组成。萧锦秋先生为委员会
主席。审核委员会成员均非本公司现时外聘
核数师之前合伙人。
审核委员会之主要职责包括以下各项：
(a) 审议财务报表及报告，并在提交董事会
前审议合资格会计师、监察主任（如有）
或外聘核数师提出的任何重大或不寻常
事项；
(b) 根据核数师所进行之工作、其袍金、受
聘条款及独立性检讨与外聘核数师之关
系，并就委任、重新委任及罢免外聘核
数师向董事会提出建议；
(c) 检讨本集团财务申报系统、风险管理系
统、内部监控系统及相关程序是否适当
及有效；及
(d) 检讨本集团会计及财务报告人员的资
源、学历、经验的足够性以及其培训计
划与预算。
截至二零二五年三月三十一日止年度，审核
委员会举行两次会议，检讨财务业绩及报告、
财务申报及合规程序、及讨论关于内部监控
系统之有效性以及续聘外聘核数师。审核委
员会议记录由本公司之公司秘书保存。会
议记录之草稿及最终版本将于会议后合理时
间内寄送予所有委员会成员以提供意见。发
现并无可能对本公司作为持续经营企业之持
续经营能力产生重大疑问之事件或情况。本
公司已向审核委员会提供充足资源以便其履
行职责。
Audit Comite
During the year ended 31 March 2025, the Audit Comite
comprises Dr. Ho Chung Tai, Raymond, Mr. Siu Kam Chau and
Mr. Song Sio Chong, al being independent non-executive
Directors (including one independent non-executive Director who
poseses the apropriate profesional qualifications or acounting
or related financial management expertise) and Mr. Siu Kam Chau
is the Chairman of the comite. None of the members of the
Audit Comite is a former partner of the Company’s existing
external auditor.
The main duties of the Audit Comite include the folowing:
(a) to review the financial statements and reports and consider
any significant or unusual items raised by the qualified
acountant, compliance oficer (if any) or external auditor
before submision to the Board;
(b) to review the relationship with the external auditor by
reference to the work performed by the auditor, their fes,
terms of engagement and independence, and make
recomendation to the Board on the apointment,
reapointment and removal of external auditor;
(c) to review the adequacy and efectivenes of the Group’s
financial reporting system, and risk management system,
internal control system and asociated procedures; and
(d) to review the adequacy of resources, qualifications and
experience of the Group’s acounting and financial
reporting stafs, their training programe, and budget.
The Audit Comite held two metings during the year ended
31 March 2025 to review the financial results and reports,
financial reporting and compliance procedures, and discused
maters concerning the efectivenes of internal control systems
and the re-apointment of the external auditor. Minutes of Audit
Comite metings are kept by the Company Secretary of the
Company. Draft and final version of the minutes of metings are
sent to al comite members for coments within a reasonable
time after the meting. There are no material uncertainties
relating to events or conditions that may cast significant doubt on
the Company’s ability to continue as a going concern. Suficient
resources are provided by the Company for the Audit Comite
to perform its duties.
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董事会与审核委员会就外聘核数师之甄选、
委任、辞任或解聘并无分歧意见。
审核委员会成员会议出席记录详情如下：
公司秘书
有关公司秘书的履历详情，请参阅本年报第
57页「董事及高级管理人员之履历」一节。
董事及高级管理层酬金
董事及主要行政人员酬金及五名最高薪雇员
及高级管理层的详情分别载于综合财务报表
附注8及9内。
根据企业管治守则守则条文E.1.5，于报告期
间董事及高级管理层酬金划分如下：
There is no disagrement betwen the Board and the Audit
Comite regarding the selection, apointment, resignation or
dismisal of the external auditor.
Details of the atendance record of members of the Audit
Comite metings are set out below:
Members’
Atendance
Name of Members成员姓名成员出席次数
Mr. Siu Kam Chau (Chairman)萧锦秋先生（主席）2/2
Dr. Ho Chung Tai, Raymond何钟泰博士2/2
Mr. Song Sio Chong宋小庄先生2/2
COMPANY SECRETARY
Please refer to section headed “Biographical Details of
Directors and Senior Management” on page 57 of this Anual
Report for biographical details of the Company Secretary.
REMUNERATION OF DIRECTORS AND SENIOR
MANAGEMENT
Details of the Directors’ and chief executive’s remuneration, five
highest paid employes and senior management are set out in
notes 8 and 9 to the consolidated financial statements,
respectively.
Pursuant to Code Provision E.1.5 of the CG Code, the
remuneration of directors and senior management by band for
the Reporting Period, is set out as below:
Number of
individuals
Anual Remuneration年度酬金人数
Nil to HK$1,000,000零至1,000,000港元6
HK$1,000,001 to HK$2,000,0001,000,001港元至2,000,000港元2
HK$2,000,001 to HK$3,000,0002,000,001港元至3,000,000港元1
HK$3,000,001 to HK$4,000,0003,000,001港元至4,000,000港元—
HK$4,000,001 to HK$5,000,0004,000,001港元至5,000,000港元2
80Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
员工层面的多元化
在雇用方面，本集团不分公民身份、国籍、
种族、性别、宗教信仰及文化背景，坚持公
平等对待的原则，且不对性别、民族、国
籍及地区施加任何限制性要求。
于二零二五年三月三十一日，本集团员工（包
括高级管理层）的性别比例如下：
本集团于其工作场所内全面鼓励性别多元化，
并致力于将在岸女性员工的比例维持约
50%。为实现员工层面的多元化，本集团已
采取适当的招聘及甄选措施，以便考虑多元
化的候选人。本集团亦建立人才管理及培训
计划，以提供职业发展指导及晋升机会，培
养广泛而多元化的熟练及经验丰富的员工团
队。
于回顾年度内，董事会并不知悉任何缓解因
素或情况，而这些因素或情况会使全体员工
（包括高级管理层）实现性别多元化更具挑战
性或相关性降低。
DIVERSITY AT WORKFORCE LEVEL
In terms of employment, the Group insists on the principle of
fairnes and equal treatment regardles of nationality, race,
gender, religious belief and cultural background, and does not
impose any restrictive requirements on gender, ethnicity,
nationality and region.
The gender ratio in the workforce of the Group, including senior
management, as of 31 March 2025 is set out below:
As of 31 March 2025
于二零二五年三月三十一日
Number of
persons
Percentage of
total number of
employe
Indicator指标人数
占雇员总数
百分比
Male employe男性雇员5736
Female employe女性雇员10264
The Group encourages gender diversity acros its workplace and
is comited to maintain the proportion of onshore female
employes to around 50%. To achieve diversity at workforce
level, the Group has put in place apropriate recruitment and
selection practices such that a diverse range of candidates are
considered. The Group has also established talent management
and training programs to provide carer development guidance
and promotion oportunities to develop a broad and diverse pol
of skiled and experienced employes.
During the year under review, the Board was not aware of any
mitigating factors or circumstances which would make achieving
gender diversity acros the workforce (including senior
management) more chalenging or les relevant.
81迪臣发展国际集团有限公司 二零二五年报
Corporate Governance Report
企业管治报告
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
REPORT (“ESG REPORT”)
The Company wil publish separately an ESG Report in respect of
the financial year ended 31 March 2025 on the websites of the
Stock Exchange (w.hkexnews.hk) and the Company
(w.deson.com) at the same time as this Anual Report is
published.
DIVIDEND POLICY
The Board has adopted its dividend policy on 1 January 2019.
The Company’s dividend policy alows the shareholders of the
Company (the “Shareholders”) to share the profits of the
Company whilst retaining adequate reserves for the Group’s
future growth. Acording to the Company’s dividend policy, in
adition to the final dividends, the Company may declare interim
dividends or special dividends from time to time.
Acording to the Company’s dividend policy, the Board shal
consider the folowing factors before proposing and declaring
dividends:
(i) the Group’s general financial condition;
(i) the Group’s working capital and debt level;
(i) the Group’s liquidity position;
(iv) retained profits and distributable reserves of the Company
and each of the members of the Group;
(v) future cash requirements and availability for busines
operations, busines strategies and future development
neds;
(vi) any restrictions on payment of dividends that may be
imposed by the Group’s lenders;
(vi) the general market conditions;
(vi) the general economic conditions and other internal or
external factors that may have an impact on the busines or
financial performance and position of the Group; and
(ix) any other factors that the Board dems relevant.
环境、社会及管治报告（「环境、社会
及管治报告」）
本公司将在刊发本年报的同时于联交所网页
(w.hkexnews.hk)及本公司网页
(w.deson.com)单独刊发截至二零二五年三
月三十一日止财政年度的环境、社会及管治
报告。
股息政策
董事会已于二零一九年一月一日采纳股息政
策。本公司的股息政策准许本公司股东（「股
东」）分享本公司利润，同时预留足够储备以
供本集团日后发展之用。根据本公司股息政
策，除派发末期股息外，本公司亦可不时宣
派中期股息或特别股息。
根据本公司股息政策，董事会于建议派付及
宣派股息前须考虑以下因素：
(i) 本集团之一般财务状况；
(i) 本集团之营运资金及债务水平；
(i) 本集团之流动资金状况；
(iv) 本公司及本集团各成员公司之保留盈利
及可分派储备；
(v) 未来现金需求以及业务营运、业务战略
和未来发展需求之可用资金；
(vi) 本集团贷方可能施加之任何派息限制；
(vi) 一般市况；
(vi) 整体经济状况以及可能影响本集团业务
或财务表现及状况之其他内部及外部因
素；及
(ix) 董事会认为相关之任何其他因素。
82Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
本公司宣派及派付股息亦须遵守百慕达法律、
本公司组织章程大纲及细则以及任何适用法
律、规则及法规所载之任何限制。
董事会将不时检讨股息政策，并不保证在任
何指定期间派发任何特定金额之股息。
核数师酬金
于截至二零二五年三月三十一日止年度，本
集团聘用天职香港会计师事务所有限公司为
本集团外聘核数师，所提供服务及相关费用
如下：
截至二零二五年三月三十一日止年度收取之
费用：
The declaration and payment of dividends by the Company is also
subject to any restrictions under the Laws of the Bermuda, the
Memorandum of Asociation and Bye-Laws of the Company and
any aplicable laws, rules and regulations.
The Company’s dividend policy wil be reviewed from time to time
by the Board and there can be no asurance that dividends wil
be paid in any particular amount for any given period.
AUDITOR’S REMUNERATION
For the year ended 31 March 2025, the Group had engaged the
Group’s external auditor, Baker Tily Hong Kong Limited, to
provide the folowing services and their respective fes charged
are set out below:
Fe charged for the year ended 31 March 2025:
Type of services:HK$’000
服务类别：千港元
Anual audit for the Group本集团年度审核1,150
Reporting acountant for the Group’s major
transaction
本集团主要交易之申报
会计师85
Total总额1,235
83迪臣发展国际集团有限公司 二零二五年报
Corporate Governance Report
企业管治报告
内幕消息
董事会有责任确保本集团遵守内幕消息披露
责任，并经已委派披露小组专责协助（其中包
括）监督及协调披露内幕消息。内幕消息的处
理及发布程序与内部监控载于本公司为确保
能够符合《证券及期货条例》（「《证券及期货条
例》」）第571章第XIVA部规定之相关责任而采
纳的政策（「股价敏感资料政策」）。股价敏感
资料政策适用于本集团董事、高级人员及雇
员。根据股价敏感资料政策，本公司须于合
理可行时间尽快以公告方式向公众披露内幕
信息，惟属于《证券及期货条例》规定之安全
港范畴的信息除外。倘任何董事、高级人员
或雇员一旦获悉其认为属于或可能属于内幕
消息的事项、发展或事件，须立即汇报披露
小组。向公众全面披露相关信息前，披露小
组应采取合理预防措施，确保信息严格保密。
当披露小组认为无法维持必要的保密水平或
机密已遭泄露时，须立即向公众披露信息。
倘披露小组向公众发布妥善载述有关信息的
全面公告前，需时厘清事件始末或相关背景
因素及有关影响，应考虑发布「临时公告」，
尽量详述目标事项较确实的信息及尚未发布
全面公告的原因。发布临时公告后，披露小
组须确保尽快合理发布全面公告。倘未能保
持机密性，亦未能作出全面公告或临时公告，
披露小组应考虑申请暂停本公司证券买卖（须
经董事会批准）直至作出披露。所有内幕消息
公告于发布前均须经董事会正式批准，而所
有未公布的内幕消息均须严格保密直至发出
正式公告。披露小组须进一步确保仅向履行
职责「有需要知道」之雇员提供尚未公布的内
幕信息。除向披露小组汇报外，管有或经已
INSIDE INFORMATION
The Board is responsible for ensuring the Group’s compliance
with its disclosure obligations regarding inside information, and
has apointed a disclosure group with specific designated duties
to asist it in, among other things, overseing and cordinating
the disclosure of inside information. The procedures and internal
controls for the handling and disemination of inside information
are given in the policy (the “PSI Policy”) adopted by the
Company to ensure that it is able to met relevant obligations
under Part XIVA of the Securities and Futures Ordinance
(Cap.571) (the “SFO”). The PSI Policy aplies to the Directors,
oficers and employes of the Group. Under the PSI Policy, the
Company must disclose inside information to the public by way of
an anouncement as son as reasonably practicable unles the
information fals within any of the safe harbours described under
the SFO. Any Director, oficer or employe who becomes aware
of a mater, development or event that he or she considers to be,
or potentialy to be, inside information shal report it promptly to
the disclosure group. Before the relevant information is fuly
disclosed to the public, the disclosure group should take
reasonable precautions to ensure that the information is kept
strictly confidential. Where it is believed that the necesary degre
of confidentiality canot be maintained or that confidentiality may
have ben breached, the information should be disclosed
imediately to the public. If the disclosure group neds time to
clarify the details of, and the impact arising from, an event or a
set of circumstances before it is in a position to isue a ful
anouncement to properly inform the public, the disclosure group
should consider isuing a “holding anouncement” which details
as much ascertainable information of the subject mater as
posible and sets out the reasons why a fuler anouncement
canot be made. Folowing a holding anouncement, the
disclosure group should ensure that a ful anouncement is made
as son as reasonably practicable. In the event that confidentiality
has not ben maintained and it is not able to make a ful
anouncement or a holding anouncement, the disclosure group
should consider aplying for a suspension of trading in the
Company’s securities, subject to aproval of the Board, until
disclosure can be made. Al inside information related
anouncements must be properly aproved by the Board before
publication, and al unpublished inside information must be kept
in strict confidence until a formal anouncement is made. The
disclosure group must further ensure that aces to unpublished
inside information is given only to employes on a “ned-to-
know” basis for discharging their duties. Apart from reporting to
the disclosure group, every Director, oficer or employe who
poseses or has ben given aces to unpublished inside
information must not disclose, discus or share such information
84Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
取得未公布内幕信息的各董事、高级人员或
雇员不得向本集团内外任何其他人士披露或
与之讨论或分享有关信息。股价敏感资料政
策亦载有必要时向特定类别之人士预先披露
内幕信息的标准。在此情况下，披露小组应
进行监控，一旦信息泄露则尽快合理作出披
露。董事、高级人员及雇员管有未披露内幕
信息时禁止交易本公司股份。证券买卖受下
节所述适用于董事及相关雇员（定义见《企业
管治守则》）的证券守则规限。
证券交易之标准守则
本公司已采纳上市规则附录C3所载上市发行
人之董事进行证券交易之标准守则（「标准守
则」）。经向所有董事作出具体查询后，董事
均确认彼等于截至二零二五年三月三十一日
止年度内一直遵守标准守则。本公司已就可
能拥有本公司未公布股价敏感资料之雇员进
行之证券交易，采纳相同之标准守则。本公
司并无察觉相关雇员未遵守标准守则之情况。
本公司亦已就可能掌有本公司未公布的股价
敏感资料的雇员进行证券交易设立不逊于标
准守则的书面指引（「雇员书面指引」）。据本
公司所知，概无雇员违反雇员书面指引的事
件。
举报政策
本公司致力于实现和保持高标准的廉洁、开
放和问责性。举报政策已经制定，旨在为本
公司员工和其他持份者建立政策和制度，以
秘密地形式，对可能的不当行为提出意见，
以及促进及支持反贪污法例及法规。举报政
策己反映在环境、社会及管治报告。
to or with any other parties within or outside the Group. The PSI
Policy also sets out the criteria for advance disclosure of inside
information to certain categories of people as may be necesary
in the circumstances. In this case, the disclosure group should
monitor the situation so that disclosure may be made as son as
reasonably practicable if there is any leakage of information.
Directors, oficers and employes must refrain from dealing in the
shares of the Company at any time when they are in posesion
of unpublished inside information. Securities dealings are
governed by the securities codes aplicable to directors and
relevant employes (within the meaning of the CG Code), as
described in the section below.
MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities
Transactions by Directors of Listed Isuers (“Model Code”) as set
out in Apendix C3 to the Listing Rules. Specific enquiry has ben
made of al the Directors and the Directors have confirmed that
they have complied with the Model Code throughout the year
ended 31 March 2025. The Company has adopted the same
Model Code for securities transactions by employes who are
likely to be in posesion of unpublished price-sensitive
information of the Company. No incident of non-compliance of
the Model Code by the relevant employes was noted by the
Company.
The Company has also established writen guidelines (the
“Employes Writen Guidelines”) no les exacting than the
Model Code for securities transactions by employes who are
likely to be in posesion of unpublished price-sensitive
information of the Company. No incident of non-compliance of
the Employes Writen Guidelines by the employes was noted by
the Company.
Whistleblowing Policy
The Company is comited to achieving and maintaining a high
standard of probity, openes, and acountability. A
Whistleblowing Policy is in place to establish policy and system for
the employes and other stakeholders of the Company to raise
concerns, in confidence, about posible improprieties and promote
and suport anti-coruption laws and regulations. The
whistleblowing policies has already disclosed in ESG Reports.
85迪臣发展国际集团有限公司 二零二五年报
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企业管治报告
每位举报人的身份与举报告内有关的一切
信息将严格保密。审核委员会每年也会审查
举报政策，确保其有效性，也会推荐给董事
会合适之更改作考虑及审批。
反欺诈及反贪污政策
根据企业管治守则的守则条文D.2.7，董事会
采纳反欺诈及反贪污政策。其概述行为指引
及最低标准，以及有关反贪污及反贿赂的所
有适用的法律及法规，雇员抵制欺诈的责任，
以帮助本集团抵御贪污行为，并向管理层或
透过适当的报告渠道报告任何合理怀疑欺诈
及贪污案件或任何企图欺诈及贪污的情况。
本集团绝不容忍雇员及代表本集团以代理或
受托人身份行事的人士以及在与第三方的业
务来往中出现各种形式的欺诈及贪污。董事
会及审核委员会将定期检讨反欺诈及反贪污
政策及机制，确保其成效，并履行本集团对
预防、威慑、侦测及调查各种形式的欺诈及
贪污的承诺。
持续披露政策
为确保在证券及期货条例定义下之潜在内幕
消息能被识别和该消息的保密性能维持直到
适时和按上市规则下适当披露，持续披露政
策已经制定。该政策规定内部消息的处理和
发放，其中包括：
• 本公司的部门于识别和评估本公司内之
潜在内幕消息时的角色和职任；及
- 、手法及╱
或程度之程序。
The identity of each whistleblower and al information provided in
conection with a whistleblowing report wil be treated with the
strictest confidence. The Audit Comite reviews the
Whistleblowing Policy anualy to ensure its efectivenes and wil
recomend apropriate revisions to the Board for consideration
and aproval.
ANTI-FRAUD AND ANTI-CORUPTION POLICY
In compliance with the code provision D.2.7 of the CG Code, the
Board adopted an anti-fraud and anti-coruption policy. It outlines
guidelines and the minimum standards of conducts, al aplicable
laws and regulations in relation to the anti-coruption and
anti-bribery, the responsibilities of employes to resist fraud, to
help the Group to defend against corupt practices and to report
any reasonably suspected case of fraud and coruption or any
atempts thereof, to the management or through an apropriate
reporting chanel. The Group would not tolerate al forms of
fraud and coruption among al employes and those acting in an
agency or fiduciary capacity on behalf of the Group, and in its
busines dealing with third parties. The Board and the Audit
Comite wil review the anti-fraud and anti-coruption policy
and mechanism periodicaly to ensure its efectivenes and
enforce the comitment of the Group to the prevention,
deterence, detection and investigation of al forms of fraud and
coruption.
Continuous Disclosure Policy
A Continuous Disclosure Policy is in place to ensure potential
inside information as defined in the SFO is identified and
confidentiality of such information is maintained until timely and
apropriate disclosure is made in acordance with the Listing
Rules. The policy regulates the handling and disemination of
inside information, which includes:
- /departments of the
Company in identifying and escalating any potential inside
information within the Company; and
- , means and/or
extent of disclosure of such information.
86Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
有关财务报表之责任
董事负责监督按持续经营基准编制各财政期
间财务报表，并作出所需相关假设或条件，
务求确保有关财务报表能真实公平反映本集
团的综合财务状况及该财政年度的综合财务
表现与综合现金流量。本公司管理层已提供
有关解释及资料予董事会，以使董事会就提
交董事会以供批准前的财务及其他资料作出
知情评估及每月更新。本集团综合财务报表
乃根据上市规则、香港公司条例披露规定、
所有相关的法定规定与适用的会计准则编制。
根据审慎与合理判断及估计，本集团已选用
恰当会计政策且贯彻采用。
董事会按上市规则及其他法例规定负责确保
均衡、清晰及简易之年报及中期报告所载列
本集团状况及前景、价格敏感之公告及其他
披露。董事确认负责编制本集团截至二零二五
年三月三十一日止年度之综合财务报表。有
关对本集团之外聘核数师财务报表申报责任
之声明载于第93至101页之「独立核数师报
告」。本集团管理层有义务向董事会提供充分
解释及资料，以便彼等就相关事项作出知情
评估。
RESPONSIBILITIES IN RESPECT OF THE FINANCIAL
STATEMENTS
The Board is responsible for overseing the preparation of
financial statements on a going concern basis, with suporting
asumptions or qualifications as necesary, for each financial
period with a view to ensuring that such financial statements give
a true and fair view of the consolidated financial position of the
Group and its consolidated financial performance and
consolidated cash flows for the financial year. Management of the
Company has provided such explanation and information to the
Board to enable the Board to make an informed asesment of
the financial and other information put before the Board for
aproval including monthly updates. The Group’s consolidated
financial statements are prepared in acordance with the Listing
Rules, the disclosure requirements of the Hong Kong Companies
Ordinance, al relevant statutory requirements and aplicable
acounting standards. The Group has selected apropriate
acounting policies and has aplied them consistently based on
prudent and reasonable judgements and estimates.
The Directors endeavour to ensure a balanced, clear and
understandable asesment of the Company’s position and
prospect in the anual reports, interim reports, price-sensitive
anouncements and other disclosures required under the Listing
Rules and other regulatory requirements. The Directors
acknowledge their responsibility for preparing the consolidated
financial statements of the Group for the year ended 31 March
2025. The statement of the external auditor of the Group about
their reporting responsibilities on the financial statements is set
out in the “Independent auditor’s report” on pages 93 to 101.
Management of the Group is obligated to provide suficient
explanation and information to the Board so that it can make
informed asesment of relevant maters.
87迪臣发展国际集团有限公司 二零二五年报
Corporate Governance Report
企业管治报告
风险管理及内部监察
风险管理及内部监控
本年度内，本集团遵守企业管治守则原则
D.2，设立合适及有效的风险管理及内部监控
系统。管理层负责构思、执行及监察该系统，
而董事会持续监督管理层履行其职责。风险
管理及内部监控系统的主要特点列述于下文
各节：
风险管理系统
本集团采纳风险管理系统，以管理关乎其业
务及营运的风险。该系统包括以下阶段：
识别：识别风险源头、业务目标及可能影响
达成目标的风险。
评估：分析有关风险的可能性及影响，并据
此评估风险组合。
管理：考虑风险对策，确保与董事会有效沟
通并持续监察余下风险。
基于截至二零二五年三月三十一日止年度进
行的风险评估，概无识别重大风险。
内部监控系统
本公司已制定符合美国反虚假财务报告委员
会发起组织委员会（「COSO」）二零一三年框
架之内部监控系统。该框架可促使本集团达
致营运有效性及效率性、财务报告可靠性及
遵守适用法例及规例的目标。框架由以下部
份组成：
监控环境：为本集团开展内部监控提供基础
的一套标准、程序及结构；
风险评估：识别及分析风险以达成本集团目
标并就如何管理风险形成依据的动态交互流
程；
RISK MANAGEMENT AND INTERNAL MONITORING
Risk Management and Internal Control
During the year, the Group has complied with Principle D.2 of
the CG Code by establishing apropriate and efective risk
management and internal control systems. Management is
responsible for the design, implementation and monitoring of
such systems, while the Board overses management in
performing its duties on an ongoing basis. Main features of the
risk management and internal control systems are described in the
sections below:
Risk Management System
The Group adopts a risk management system which manages the
risk asociated with its busines and operations. The system
comprises the folowing phases:
Identification: Identify ownership of risks, busines objectives and
risks that could afect the achievement of objectives.
Evaluation: Analyse the likelihod and impact of risks and
evaluate the risk portfolio acordingly.
Management: Consider the risk responses, ensure efective
comunication to the Board and on-going monitor the residual
risks.
Based on the risk asesments conducted in year ended
31 March 2025, no significant risk was identified.
Internal Control System
The Company has in place an internal control system which is
compatible with the Comite of Sponsoring Organisations of
the Treadway Comision (“COSO”) 2013 framework. The
framework enables the Group to achieve objectives regarding
efectivenes and eficiency of operations, reliability of financial
reporting and compliance with aplicable laws and regulations.
The components of the framework are shown as folows:
Control Environment: A set of standards, proceses and structures
that provide the basis for carying out internal control acros the
Group;
Risk Asesment: A dynamic and iterative proces for identifying
and analysing risks to achieve the Group’s objectives, forming a
basis for determining how risks should be managed;
88Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
监控行动：政策及程序为帮助确保减轻风险
以达成目标的管理层指令获执行而制定的行
动；
资料及通讯：为本集团提供进行日常监控所
需资料的内部及外部通讯；及
监察：为确定内部监控的各组成部份是否存
在及运行而进行的持续及单独评估。
为提高本集团处理内幕消息的系统，并为确
保其公开披露的真实性、准确性、完整性和
及时性，本集团亦采纳一套内幕消息政策及
程序。本集团已不时采纳若干合理措施以确
保存在适当保障以防止违反有关本集团的披
露规定，其中包括：
- 。掌
握内幕消息的雇员充分熟知彼等的保密
责任。
• 本集团进行重大磋商时将会订立保密条
款。
- 、分析家或投资
者沟通时，执行董事为代表本公司发言
之指定人士。
根据截至二零二五年三月三十一日止年度进
行的内部监控检讨，并无识别重大监控不足。
内部审核师
本集团设有内部审核（「内部审核」）部门，由
拥有相关资质（如执业会计师）的专业员工构
成。内部审核部门独立于本集团日常营运，
透过进行访谈、穿行及营运有效性测试对风
险管理及内部监控系统进行评核。
内部审核计划已获董事会批准。根据现有计
划，风险管理及内部监控系统乃每半年进行
检讨，检讨结果其后经由审核委员会向董事
会汇报。
Control Activities: Action established by policies and procedures to
help ensure that management directives to mitigate risks to the
achievement of objectives are caried out;
Information and Comunication: Internal and external
comunication to provide the Group with the information
neded to cary out day-to-day controls; and
Monitoring: Ongoing and separate evaluations to ascertain
whether each component of internal control is present and
functioning.
In order to enhance the Group’s system of handling inside
information, and to ensure the truthfulnes, acuracy,
completenes and timelines of its public disclosures, the Group
also adopts and implements the inside information policy and
procedures. Certain reasonable measures have ben taken from
time to time to ensure that proper safeguards exist to prevent a
breach of a disclosure requirement in relation to the Group,
which include:
• The aces of information is restricted to a limited number
of employes on a ned-to-know basis. Employes who are
in posesion of inside information are fuly conversant with
their obligations to preserve confidentiality.
• Confidentiality agrements are in place when the Group
enters into significant negotiations.
• The executive Directors are designated persons who speak
on behalf of the Company when comunicating with
external parties such as the media, analysts or investors.
Based on the internal control reviews conducted in year ended
31 March 2025, no significant control deficiency was identified.
Internal Auditors
The Group has an Internal Audit (“IA”) function, which is
consisted of profesional staf with relevant expertise (such as
Certified Public Acountant). The IA function is independent of
the Group’s daily operation and caries out apraisal of the risk
management and internal control systems by conducting
interviews, walkthroughs and tests of operating efectivenes.
An IA plan has ben aproved by the Board. Acording to the
established plan, review of the risk management and internal
control systems is conducted semi-anualy and the results are
reported to the Board via Audit Comite afterwards.
89迪臣发展国际集团有限公司 二零二五年报
Corporate Governance Report
企业管治报告
风险管理及内部监控系统的有效性
董事会对本集团的风险管理及内部监控系统
承担责任，并负责确保每年进行有关系统的
有效性检讨。董事会的审阅过程中已考虑以
下若干领域，包括但不限于(i)自上次年度检
讨后，重大风险的性质及程度变动，以及本
集团于业务及外部环境应对变动的能力；及
(i)管理层对风险及内部监控系统持续监察的
范围及品质。
董事会透过其及内部审核部门及审核委员会
执行的检讨，总结认为有关风险管理及内部
监控系统为有效及充足。然而，设计有关系
统乃旨在管理而非消除无法达致业务目标的
风险，且只能提供合理但并非绝对的保证，
不会出现重大失误或亏损。董事会亦认为，
我们的人力资源、员工资质、相关员工的经
验及ESG绩效和报告功能均充足，且培训计划
及所获提供的预算亦充裕。
投资者关系
在遵守相关之监管要求下，本公司努力维持
开放及有效之投资者关系政策并适时向投资
者提供相关资料及发展情况，本公司不时为
机构投资者及分析员举行简报会及会议，并
及时回应股东的任何查询。董事每年举行股
东周年大会，与股东会晤并回答问题。本公
司网页(w.deson.com)提供沟通平台，让公
众及投资人士获得有关本集团之最新资料。
Efectivenes of the Risk Management and Internal
Control Systems
The Board is responsible for the risk management and internal
control systems of the Group and ensuring review of the
efectivenes of these systems has ben conducted anualy.
Several areas have ben considered during the Board’s reviews,
which include but not limited to (i) the changes in the nature and
extent of significant risks since the last anual review, and the
Group’s ability to respond to changes in its busines and the
external environment; and (i) the scope and quality of
management’s ongoing monitoring of risks and of the internal
control systems.
The Board, through its review and the reviews made by IA
function and Audit Comite, concluded that the risk
management and internal control systems were efective and
adequate. Such systems, however, are designed to manage rather
than eliminate the risk of failure to achieve busines objectives,
and can only provide reasonable and not absolute asurance
against material mistatement or los. It is also considered that
the resources, staf qualifications, experience of relevant staf and
ESG performance and reporting function were adequate and the
training programe and budget provided were suficient.
INVESTOR RELATIONS
The Company is comited to maintaining an open and efective
investor relations policy and to updating investors on relevant
information/developments in a timely maner, subject to relevant
regulatory requirements. Briefings and metings with institutional
investors and analysts are conducted from time to time. The
Company also replied to any enquiries from shareholders in a
timely maner. The Directors host the anual general meting
each year to met the shareholders and answer their enquiries.
The corporate website of the Company at w.deson.com
provides a comunication platform via which the public and
investor comunity can aces up-to-date information regarding
the Group.
90Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
本公司二零二四年度股东周年大会已于二零
二四年八月二十七日举行。二零二四年度股
东周年大会之通告、年报及载有拟提呈决议
案有关资料之通函已于二零二四年度股东周
年大会日前多于21日向股东分发。全体董事
会成员连同主要行政人员及外聘核数师均有
出席二零二四年度股东周年大会。执行董事
于二零二四年度股东周年大会上阐释按股数
投票表决之程序。个别决议案因应个别重要
事项（包括重选个别董事）已于二零二四年度
股东周年大会上提呈。所有于二零二四年度
股东周年大会上提呈之决议案均以按股东投
票表决方式处理。二零二四年度股东周年大
会按股东投票之结果已刊载于本公司网页及
联交所网页内。
股东亦可随时通过公司秘书向董事会提出查
询、建议或关注。公司秘书之联络详情如下：
地址：香港九龙观塘鸿图道
五十七号南洋广场十一楼
迪臣发展国际集团有限公司
公司秘书收
电邮：deson@deson.com
电话号码：(852) 2570 1118
传真：(852) 3184 3402
在适当情况下，公司秘书会将有关通讯资料
转发予董事会、相关董事委员会及╱或行政
总裁。
The Company’s 2024 AGM was held on 27 August 2024. The
notice of the 2024 AGM, the anual report and the circular
containing relevant information of the proposed resolutions were
sent to shareholders more than 21 days before the 2024 AGM.
Al Board members together with the key executives and the
external auditor atended the 2024 AGM. The executive Director
explained the pol voting procedures at the 2024 AGM. Separate
resolutions for each substantialy separate isue, including the
re-election of individual Directors, were proposed at the 2024
AGM. Al the resolutions at the 2024 AGM were dealt with by
pol. The pol results of the 2024 AGM are available on the
Company’s website and the Stock Exchange’s website.
Shareholders may also send any enquiries, sugestions or
concerns to the Board at any time through the Company
Secretary, whose contact details are as folows:
Adres:The Company Secretary
Deson Development International
Holdings Limited
11th Flor, Nanyang Plaza
57 Hung To Road,
Kwun Tong
Kowlon, Hong Kong
Email:deson@deson.com
Telephone no.:(852) 2570 1118
Fax no.:(852) 3184 3402
The Company Secretary wil forward such comunications to the
Board, the relevant Board comites and/or the Chief Executive
Oficer, as apropriate.
91迪臣发展国际集团有限公司 二零二五年报
Corporate Governance Report
企业管治报告
股东权利
为符合企业管治守则，股东周年大会通告、
年报及载有拟提呈决议案有关资料之通函须
于股东周年大会日前最少足21日向股东分
发。将至的股东周年大会将采用股东投票方
式表决。股东按投票方式表决之详情将于股
东周年大会开始时向各列席股东说明以确保
股东熟悉是项投票之程序。
投票由香港股份过户登记分处卓佳登捷时有
限公司点票并于股东周年大会举行之日载入
本公司及联交所网页。本公司股东大会提供
股东与董事会之间的沟通机会。董事会主席
及薪酬委员会、提名委员会及审核委员会主
席（或其缺席时由各委员会其他成员及董事会
独立委员会（视乎情况）参加股东周年大会回
答提问。如有需要，本公司亦会安排外聘核
数师出席股东周年大会解答相关问题。
重要事项，包括选举个别董事，将在股东周
年大会上提出独立决议案。
除董事会例会外，在持有不少于本公司缴足
股本十巴仙的股东要求下，董事会可于向本
公司的公司秘书发出书面通知的二十一日内
召开股东特别大会处理本公司的特定议题。
书面通知应送达本公司的总办事处地址：香
港九龙观塘鸿图道五十七号南洋广场十一楼。
该要求必须列明会议目的，及经该要求人士
签署。股东亦可采用相同方法在下次股东大
会上提呈建议。
SHAREHOLDER RIGHTS
To ensure compliance with the CG Code, the notice of the
anual general meting, the anual report and the circular
containing information on the proposed resolutions wil be sent to
shareholders at least 21 days before the anual general meting.
Voting at the forthcoming anual general meting wil be by way
of a pol. An explanation of the detailed procedures of
conducting a pol wil be provided to shareholders at the
comencement of the anual general meting to ensure that
shareholders are familiar with such procedures.
Pol results wil be counted by Hong Kong Branch Share Registrar,
Tricor Tengis Limited and wil be posted on the websites of the
Company and of the Stock Exchange on the day the anual
general meting held. The general metings of the Company
provide an oportunity for comunication betwen the
shareholders and the Board. The Chairman of the Board as wel
as chairmen of the Remuneration Comite, Nomination
Comite and Audit Comite, or in their absence, other
members of the respective comites, and where aplicable, the
independent Board comite, are available to answer questions
at the anual general metings. The Company wil also arange
for the external auditor to atend the anual general metings to
answer relevant questions if necesary.
Separate resolutions are proposed at anual general metings on
each substantial isue, including the election of individual
directors.
In adition to regular Board metings, the Board, on the
requisition of shareholders of the Company holding 10% of the
paid-up capital of the Company, may convene a special general
meting to adres specific isues of the Company within 21 days
from the date of deposit of writen notice to the Company
Secretary, at the Company’s head ofice at 11th Flor, Nanyang
Plaza, 57 Hung To Road, Kwun Tong, Kowlon, Hong Kong. The
requisition must state the purposes of the meting, and must be
signed by the requisitionist(s). Shareholders may also use this
same method to put forward proposals for the next general
meting.
92Deson Development International Holdings Limited 2025 Anual Report
Corporate Governance Report
企业管治报告
章程文件
截至二零二五年三月三十一日止年度，本公
司文据并无重变动。
本公司细则的最新版本登载于本公司网页及
联交所网页。
股东通讯政策
本公司已设立一项与股东通讯之政策，载列
本公司完备地、相同地及时地向股东及投
资人士提供平衡及容易理解的本公司资料之
程序，一方面使股东可在知情况下行使权
力，另一方面也让股东及投资人士与本公司
加强沟通。
每年，董事会检讨股东通讯政策，以确保
其有效。
结论
董事会相信，本公司于本年报涵盖之会计期
间内一直维持良好之管治。本公司将继续检
讨其管治常规以确保能配合最新发展情况。
Constitutional Documents
There was no change in the Company’s constitutional documents
during the year ended 31 March 2025.
The latest Bye-laws of the Company is available on both the
websites of the Company and the Stock Exchange.
SHAREHOLDERS COMUNICATION POLICY
The Company has established a Shareholders Comunication
Policy to set out the Company’s procedures in providing the
shareholders and the investment comunity with ready, equal
and timely aces to balanced and understandable information
about the Company, in order to enable the shareholders to
exercise their rights in an informed maner and to alow the
shareholders and the investment comunity to engage actively
with the Company.
The Board wil review the Shareholders Comunication Policy
anualy to ensure its efectivenes.
CONCLUSION
In the opinion of the Board, god governance was maintained
throughout the acounting period covered by the anual report.
The Company shal kep its governance practices under review to
ensure that they are in step with the latest developments.
Independent Auditor’s Report
独立核数师报告
迪臣发展国际集团有限公司 二零二五年报
Independent auditor’s report to the shareholders of
Deson Development International Holdings Limited
迪臣发展国际集团有限公司
(Incorporated in Bermuda with limited liability)
OPINION
We have audited the consolidated financial statements of Deson
Development International Holdings Limited (the “Company”) and
its subsidiaries (together the “Group”) set out on pages 102 to
250, which comprise the consolidated statement of financial
position as at 31 March 2025, and the consolidated statement of
profit or los, the consolidated statement of 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 disclosure requirements of the Hong Kong Companies
Ordinance.
BASIS FOR OPINION
We conducted our audit in acordance with Hong Kong
Standards on Auditing (“HKSAs”) as isued by the HKICPA. Our
responsibilities under those standards are further described in the
“Auditor’s responsibilities for the audit of the consolidated
financial statements” section of our report. We are independent
of the Group in acordance with the HKICPA’s Code of Ethics for
Profesional Acountants (the “Code”), and we have fulfiled our
other ethical responsibilities in acordance with the Code. We
believe that the audit evidence we have obtained is suficient and
apropriate to provide a basis for our opinion.
独立核数师报告
致迪臣发展国际集团有限公司全体股东
（于百慕达注册成立之有限责任公司）
意见
我们已审计列载于第102至250页的迪臣发展
国际集团有限公司（「贵公司」）及其附属公司
（「贵集团」）的综合财务报表，此综合财务报
表包括于二零二五年三月三十一日的综合财
务状况表与截至该日止年度的综合损益表、
综合损益及其他全面收益表、综合权益变动
表和综合现金流量表，以及综合财务报表附
注，包括主要会计政策资料。
我们认为，该等综合财务报表已根据香港会
计师公会（「香港会计师公会」）颁布的《香港财
务报告准则会计准则》真实而中肯地反映
了 贵集团于二零二五年三月三十一日的综
合财务状况及截至该日止年度的综合财务表
现及综合现金流量，并已遵照香港《公司条
例》的披露规定妥为拟备。
意见的基础
我们已根据香港会计师公会颁布的《香港审计
准则》（「香港审计准则」）进行审计。我们在该
等准则下承担的责任已在本报告「核数师就审
计综合财务报表所承担的责任」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。
Independent Auditor’s Report
独立核数师报告
Deson Development International Holdings Limited 2025 Anual Report
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。
KEY AUDIT MATERS
Key audit maters are those maters that, in our profesional
judgement, were of most significance in our audit of the
consolidated financial statements of the curent period. These
maters were adresed in the context of our audit of the
consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on
these maters.
The Key Audit MaterHow the mater was adresed in our audit
关键审计事项该事项在审计中是如何应对的
Valuation of investment properties
投资物业估值
Refer to notes 3 and 15 to the consolidated financial statements
参阅综合财务报表附注3及15
As at 31 March 2025, the Group’s investment
properties measured at fair value amounted to
HK$641,576,000 with an agregate los arising from
the changes in fair value recognised in the
consolidated statement of profit or los of
HK$14,094,000 for the year then ended. The fair
values of investment properties were determined by the
Group based on the valuations performed by an
independent profesional qualified valuer engaged by
the Group.
于二零二五年三月三十一日， 贵集团所持有的投资物
业按公平值计量为641,576,000港元，截至当日止年度
于综合损益表内确认由公平值变动所产生的总亏损为
14,094,000港元。 贵集团厘定投资物业公平值乃基于
贵集团委聘独立专业合资格估值师所进行的估值。
The Group’s investment properties portfolio mainly
included hotel properties and comercial properties in
the Mainland China.
贵集团的投资物业组合主要包括中国内地的酒店物业及
商业物业。
Our audit procedures in this area included:
我们于此领域的审计程序包括：
- , capabilities and
objectivity of the valuer engaged by the Group;
评估 贵集团委聘的估值师的胜任能力、能力及客
观性；
• Obtaining the valuation report of each property
and asesing the apropriatenes of the valuation
methods aplied; and
取得各项物业的估值报告，并评估所应用的估值方
法的适当性；及
Independent Auditor’s Report
独立核数师报告
迪臣发展国际集团有限公司 二零二五年报
KEY AUDIT MATERS (Continued)
The Key Audit MaterHow the mater was adresed in our audit
关键审计事项该事项在审计中是如何应对的
Valuation of investment properties (Continued)
投资物业估值（续）
Refer to notes 3 and 15 to the consolidated financial statements (Continued)
参阅综合财务报表附注3及15（续）
The valuation of investment properties was derived
from the investment method. The relevant key
asumptions include estimated monthly rental value,
term yield and reversionary yield.
投资物业的估值乃采用投资法所得。相关键假设包括
估计月租金价值、年期收益率及复归收益率。
Al the relevant key asumptions were influenced by
the prevailing market conditions and each property’s
characteristics.
所有相关的关键假设均受当前市场条件及各项物业的特
点所影响。
We focus on this area due to the significant quantum
of investment properties to the consolidated financial
statements and the involvement of significant
judgements and estimate on relevant key asumptions
aplied in valuation.
我们专注于此领域乃由于综合财务报表中有大量投资物
业，且估值中应用的相关键假设涉及重大判断及估
计。
• Asesing the reasonablenes of relevant key
asumptions used in valuation including estimated
monthly rental value, term yield and reversionary
yield by gathering and analysing the data of
comparable properties in the market and the
characteristics of individual investment property.
通过收集及分析市场上可比较物业的数据以及个
别投资物业的特点，评估值所使用的相关键假
设的合理性，包括估计每月租金价值、年期收益率
及复归收益率。
关键审计事项（续）
Independent Auditor’s Report
独立核数师报告
Deson Development International Holdings Limited 2025 Anual Report
KEY AUDIT MATERS (Continued)
The Key Audit MaterHow the mater was adresed in our audit
关键审计事项该事项在审计中是如何应对的
Net realisable value asesment on completed properties held for sale
待售已竣工物业可变现净值评估
Refer to notes 3 and 18 to the consolidated financial statements
参阅综合财务报表附注3及18
As at 31 March 2025, the Group’s completed
properties held for sale amounted to HK$459,313,000.
于二零二五年三月三十一日， 贵集团的待售已竣工物
业为459,313,000港元。
Properties held for sale are stated at the lower of cost
and net realisable value. The determination of the net
realisable value of these properties requires
estimations, including expected future seling prices,
which is asesed by management with reference to
the valuations caried out by an independent
profesional qualified valuer engaged by the Group for
those properties.
待售物业按成本与可变现净值之间的较低者呈列。评定
该等物业的可变现净值需要进行估计，包括预期未来售
价，其乃由管理层参考由 贵集团就该等物业委聘的独
立专业合资格估值师进行的估值作出评估。
Our audit procedures in this area included:
我们于此领域的审计程序包括：
- , capabilities and
objectivity of the valuer engaged by the Group;
评估 贵集团委聘的估值师的胜任能力、能力及客
观性；
• Obtaining the valuation reports prepared by the
valuer on which the management’s asesment of
the net realisable value of the properties held for
sale was based;
取得管理层评估待售物业的可变现净值所依据由
估值师编制的估值报告；
• Discusing with and obtaining an understanding
from management of how they would aply the
valuation in their net realisable value asesment
and the rationale; and
与管理层讨论并了解彼等于可变现净值评估时如
何运用估值及其根据；及
关键审计事项（续）
Independent Auditor’s Report
独立核数师报告
迪臣发展国际集团有限公司 二零二五年报
KEY AUDIT MATERS (Continued)
The Key Audit MaterHow the mater was adresed in our audit
关键审计事项该事项在审计中是如何应对的
Net realisable value asesment on completed properties held for sale (Continued)
待售已竣工物业可变现净值评估（续）
Refer to notes 3 and 18 to the consolidated financial statements (Continued)
参阅综合财务报表附注3及18（续）
Changes in government policies, which afect interest
rates, the required reserve ratio for banks and/or
mortgage requirements for second-home buyers, could
lead to volatility in property prices, particularly for
properties in the Mainland China.
影响利率、银行存款准备金率及╱或二次置业者按揭要
求等政府政策变动可能导致物业价格波动，尤其是中国
内地的物业。
We identified the asesment of the net realisable
value of the properties held for sale as a key audit
mater because of the significance of these properties
to the Group’s total asets and because the asesment
of net realisable value is inherently subjective and
requires significant management judgement and
estimation in relation to estimating future seling prices
which increases the risk of eror or potential
management bias.
我们将待售物业可变现净值的评估确定为关键审计事
项，因为该等物业对 贵集团的资产总值意义重大，而
且可变现净值的评估具有内在的主观性，需要管理层就
估计未来销售价格作出重大判断及估计，此会增加错误
或潜在管理层偏见的风险。
• Examining the data used as inputs for the
valuation, which included making reference to the
market unit seling price of comparable properties
nearby used in the valuation and performing
market value benchmarking against comparable
properties.
考查用作估值时输入的数据，包括参考估值中应用
的附近可资比较物业的市场销售单价，并使用可资
比较物业的市场价值进行基准分析。
关键审计事项（续）
Independent Auditor’s Report
独立核数师报告
Deson Development International Holdings Limited 2025 Anual Report
其他资料
贵公司董事需对其他资料负责。其他资料包
括刊载于年报内的资料，惟综合财务报表及
我们的核数师报告除外。
我们对综合财务报表的意见并不涵盖其他资
料，我们亦不对该等其他资料发表任何形式
的鉴证结论。
就我们对综合财务报表的审计而言，我们的
责任是阅读其他资料，在此过程中，考虑其
他资料是否与综合财务报表或我们在审计过
程中所了解的情况存在重大抵触或者似乎存
在重大错误陈述的情况。
基于我们已执行的工作，如果我们认为其他
资料存在重大错误陈述，我们需要报告该事
实。在这方面，我们没有任何报告事项。
董事及负责管治人员就综合财务报表
所承担的责任
贵公司董事须负责根据香港会计师公会颁布
的《香港财务报告准则会计准则》及香港《公司
条例》的披露规定拟备真实而中肯的综合财务
报表，并对其认为使综合财务报表的拟备
不存在由于欺诈或错误而导致的重大错误陈
述所需的内部监控负责。
在拟备综合财务报表时， 贵公司董事负责评
估 贵集团持续经营的能力，并在适当情况
下披露与持续经营有关的事项，以及使用持
续经营为会计基础，除非 贵公司董事有意
将 贵集团清盘或停止经营，或别无其他实
际的替代方案。
贵公司董事获负责管治人员协助，以履行其
监督 贵集团的财务报告过程的职责。
OTHER INFORMATION
The directors of the Company are responsible for the other
information. The other information comprises the information
included in the anual report, other than the consolidated
financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not
cover the other information and we do not expres any form of
asurance conclusion thereon.
In conection with our audit of the consolidated financial
statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is
materialy inconsistent with the consolidated financial statements
or our knowledge obtained in the audit or otherwise apears to
be materialy mistated.
If, based on the work we have performed, we conclude that
there is a material mistatement of this other information, we are
required to report that fact. We have nothing to report in this
regard.
RESPONSIBILITIES OF DIRECTORS AND THOSE
CHARGED WITH GOVERNANCE FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company are responsible for the preparation
of consolidated financial statements that give a true and fair view
in acordance with HKFRS Acounting Standards as isued by the
HKICPA and the disclosure requirements of the Hong Kong
Companies Ordinance, and for such internal control as the
directors determine is necesary to enable the preparation of
consolidated financial statements that are fre from material
mistatement, whether due to fraud or eror.
In preparing the consolidated financial statements, the directors of
the Company are responsible for asesing the Group’s ability to
continue as a going concern, disclosing, as aplicable, maters
related to going concern and using the going concern basis of
acounting unles the directors of the Company either intend to
liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
The directors of the Company are asisted by those charged with
governance in discharging their responsibility for overseing the
Group’s financial reporting proces.
Independent Auditor’s Report
独立核数师报告
迪臣发展国际集团有限公司 二零二五年报
核数师就审计综合财务报表所承担的
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。本报告遵照百慕达一九八一年公司
法第90条仅对全体股东作出报告，除此以
外，本报告并无其他用途。我们不会就本报
告的内容向任何其他人士负上或承担任何责
任。
合理保证是高水平的保证，但不能保证按照
《香港审计准则》进行的审计，在某一重大错
误陈述存在时总能发现。错误陈述可以由欺
诈或错误引起，如果合理预期它们单独或汇
总起来可能影响综合财务报表使用者依赖综
合财务报表所作出的经济决定，则有关的错
误陈述可被视作重大。
在根据《香港审计准则》进行审计的过程中，
我们运用了专业判断，保持了专业怀疑态度。
我们亦：
— 识别和评估由于欺诈或错误而导致综合
财务报表存在重大错误陈述的风险，设
计及执行审计程序以应对这些风险，以
及获取充足和适当的审计凭证，作为我
们意见的基础。由于欺诈可能涉及串
谋、伪造、蓄意遗漏、虚假陈述，或凌
驾于内部监控之上，因此未能发现因欺
诈而导致的重大错误陈述的风险高于未
能发现因错误而导致的重大错误陈述的
风险。
— 了解与审计相关的内部监控，以设计适
当的审计程序，但目的并非对 贵集团
内部监控的有效性发表意见。
— 评价董事所采用会计政策的恰当性及作
出会计估计和相关披露的合理性。
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF
THE CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable asurance about whether
the consolidated financial statements as a whole are fre from
material mistatement, whether due to fraud or eror, and to
isue an auditor’s report that includes our opinion. This report is
made solely to you, as a body, in acordance with Section 90 of
the Bermuda Companies Act 1981, and for no other purpose. We
do not asume responsibility towards or acept liability to any
other person for the contents of this report.
Reasonable asurance is a high level of asurance, but is not a
guarante that an audit conducted in acordance with HKSAs wil
always detect a material mistatement when it exists.
Mistatements can arise from fraud or eror and are considered
material if, individualy or in the agregate, they could reasonably
be expected to influence the economic decisions of users taken
on the basis of these consolidated financial statements.
As part of an audit in acordance with HKSAs, we exercise
profesional judgement and maintain profesional skepticism
throughout the audit. We also:
— Identify and ases the risks of material mistatement of the
consolidated financial statements, whether due to fraud or
eror, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is suficient and
apropriate to provide a basis for our opinion. The risk of
not detecting a material mistatement resulting from fraud
is higher than for one resulting from eror, as fraud may
involve colusion, forgery, intentional omisions,
misrepresentations, or the overide of internal control.
— Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are
apropriate in the circumstances, but not for the purpose of
expresing an opinion on the efectivenes of the Group’s
internal control.
— Evaluate the apropriatenes of acounting policies used and
the reasonablenes of acounting estimates and related
disclosures made by the directors.
Independent Auditor’s Report
独立核数师报告
Deson Development International Holdings Limited 2025 Anual Report
核数师就审计综合财务报表所承担的
责任（续）
— 对董事采用持续经营会计基础的恰当性
作出结论。根据所获取的审计凭证，确
定是否存在与事项或情况有关的重大不
确定性，从而可能导致对 贵集团的持
续经营能力产生重大疑虑。如果我们认
为存在重大不确定性，则有必要在核数
师报告中提请注意综合财务报表中的相
关披露。假若有关的披露不足，则我们
应当发表非无保留意见。我们的结论是
基于核数师报告日止所取得的审计凭
证。然而，未来事项或情况可能导
致 贵集团不能持续经营。
— 评价综合财务报表的整体列报方式、结
构和内容，包括披露，以及综合财务报
表是否中肯反映相关交易和事项。
— 规划并进行集团审计，就 贵集团内实
体或业务单位的财务信息获取充足、适
当的审计凭证，以作为对 贵集团综合
财务报表形成意见的基础。我们负责
就 贵集团审计进行审计工作的方向、
监督和审阅。我们为审计意见承担全部
责任。
我们与负责管治人员沟通了（其中包括）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监控的任何重
大缺陷。
我们还向负责管治人员提交声明，说明我们
已符合有关独立性的相关专业道德要求，并
与他们沟通有可能合理地被认为会影响我们
独立性的所有关系和其他事项，以及在适当
的情况下，为消除构成威胁的事项所采取的
措施或所应用的保障措施。
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF
THE CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
— Conclude on the apropriatenes of 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.
— Evaluate the overal presentation, structure and content of
the consolidated financial statements, including the
disclosures, and whether the consolidated financial
statements represent the underlying transactions and events
in a maner that achieves fair presentation.
— Plan and perform the group audit to obtain suficient
apropriate audit evidence regarding the financial
information of the entities or busines units within the
Group as a basis for forming an opinion on the Group’s
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 those charged with governance regarding,
among other maters, the planed scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements
regarding independence, and to comunicate with them al
relationships and other maters that may reasonably be thought
to bear on our independence, and where aplicable, actions
taken to eliminate threats or safeguards aplied.
Independent Auditor’s Report
独立核数师报告
迪臣发展国际集团有限公司 二零二五年报
核数师就审计综合财务报表所承担的
责任（续）
从与负责管治人员沟通的事项中，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董事是汤
伟行。
天职香港会计师事务所有限公司
执业会计师
香港，二零二五年六月二十六日
汤伟行
执业证书编号P06231
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF
THE CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
From the maters comunicated with those charged with
governance, we determine those maters that were of most
significance in the audit of the consolidated financial statements
of the curent period and are therefore the key audit maters. We
describe these maters in our auditor’s report unles law or
regulation precludes public disclosure about the mater or when,
in extremely rare circumstances, we determine that a mater
should not be comunicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such comunication.
The engagement director on the audit resulting in this
independent auditor’s report is Tong Wai Hang.
Baker Tily Hong Kong Limited
Certified Public Acountants
Hong Kong, 26 June 2025
Tong Wai Hang
Practising certificate number P06231
Consolidated Statement of Profit or Los
综合损益表
Deson Development International Holdings Limited 2025 Anual Report
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
(Expresed in Hong Kong dolars)
（以港元列示）
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
Revenue收入5135,468128,074
Cost of sales销售成本(77,951)(85,172)
Gros profit毛利57,51742,902
Other income and gains其他收入及收益524,20092,864
Fair value los on investment
properties, net
投资物业之公平值
亏损，净额(14,094)(32,364)
Fair value los on equity investments at
fair value through profit or los, net
按公平值计入损益账之股
权投资之公平值亏损，
净额(13,684)(104,893)
Administrative expenses行政开支(83,578)(77,298)
Other operating expenses, net其他经营开支，净额(27,886)(29,140)
Gain on disposal of subsidiaries出售附属公司之收益331831,015
Gain on disposal of investment
properties
出售投资物业之收益
33—41,641
Finance costs财务费用7(18,312)(26,408)
Share of profits and loses of
asociates, net
分占联营公司溢利及
亏损，净额(195)40
LOS BEFORE TAX除税前亏损6(76,014)(61,641)
Income tax credit/(expense)所得税抵免╱（开支）10125(15,133)
LOS FOR THE YEAR本年度亏损(75,889)(76,774)
Atributable to:以下应占：
— Owners of the Company— 本公司拥有人(73,724)(75,691)
— Non-controling interests— 非控股权益(2,165)(1,083)
(75,889)(76,774)
HK centsHK cents
港仙港仙
LOS PER SHARE ATRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF
THE COMPANY
本公司普通股本持有人应
占每股亏损
Basic and diluted基本及摊薄(5.03)(5.16)
The notes on pages 111 to 250 form part of the consolidated
financial statements.
第111至250页之附注构成综合财务报表之一
部份。
Consolidated Statement of Profit or Los and Other Comprehensive Income
综合损益及其他全面收益表
迪臣发展国际集团有限公司 二零二五年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
(Expresed in Hong Kong dolars)
（以港元列示）
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
LOS FOR THE YEAR本年度亏损(75,889)(76,774)
OTHER COMPREHENSIVE LOS其他全面亏损
Other comprehensive los that may be
reclasified to profit or los in
subsequent periods:
于以后期间可能重新分类
至损益之其他全面亏
损：
Exchange diferences:汇兑差额：
— Exchange diferences on
translation of foreign operations
— 换算海外业务所产
生之汇兑差额(9,749)(43,002)
— Share of other comprehensive
los of asociates
— 分占联营公司其他
全面亏损(36)(19)
— Reclasification of cumulative
exchange fluctuation reserve of
foreign operations disposed of
during the year
— 年内出售海外业务
之累计汇率波动储
备之重新分类
33—(594)
Net other comprehensive los that may
be reclasified to profit or los in
subsequent periods
于以后期间将可能重新分
类至损益之其他全面亏
损净额(9,785)(43,615)
Other comprehensive (los)/income that
wil not be reclasified to profit or
los in subsequent periods:
于以后期间将不会重新分
类至损益之其他全面
（亏损）╱收益：
Leasehold land and buildings:租赁土地及楼宇：
— Deficit on revaluation— 重估亏绌14(16,940)(6,563)
— Income tax efect— 所得税影响292,8541,237
Net other comprehensive los that wil
not be reclasified to profit or los in
subsequent periods
于以后期间将不会重新分
类至损益之其他全面
亏损净额(14,086)(5,326)
OTHER COMPREHENSIVE LOS
FOR THE YEAR, NET OF TAX
本年度其他全面亏损，除
税后(23,871)(48,941)
TOTAL COMPREHENSIVE LOS
FOR THE YEAR
本年度全面亏损总额
(99,760)(125,715)
Atributable to:以下应占：
— Owners of the Company— 本公司拥有人(97,597)(124,651)
— Non-controling interests— 非控股权益(2,163)(1,064)
(99,760)(125,715)
The notes on pages 111 to 250 form part of the consolidated
financial statements.
第111至250页之附注构成综合财务报表之一
部份。
Consolidated Statement of Financial Position
综合财务状况表
Deson Development International Holdings Limited 2025 Anual Report
As at 31 March 2025
于二零二五年三月三十一日
(Expresed in Hong Kong dolars)
（以港元列示）
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
NON-CURENT ASETS非流动资产
Godwil商誉13—
Property, plant and equipment物业、厂房及设备14306,150253,846
Investment properties投资物业15641,576661,908
Investments in asociates于联营公司之投资165,4475,638
Equity investments at fair value
through profit or los
按公平值计入损益账之
股权投资1728,13039,815
Other receivables其他应收款项2155,457163,931
Total non-curent asets非流动资产总值1,036,7601,125,138
CURENT ASETS流动资产
Due from asociates应收联营公司款项164,8673,868
Properties held for sale待售物业18459,313580,992
Inventories存货195,1713,030
Acounts receivable应收账项2017,15832,658
Prepayments, deposits and other
receivables
预付款项、按金及其他
应收款项21152,294164,055
Tax recoverable可收回税项26,45122,705
Pledged deposits已抵押存款224,0004,000
Cash and cash equivalents现金及现金等值项目2236,07442,338
Total curent asets流动资产总值705,328853,646
CURENT LIABILITIES流动负债
Acounts payable应付账款2332,05622,699
Other payables and acruals其他应付款项及应计费用2479,87991,239
Due to asociates应付联营公司款项16—63
Due to related parties应付关连人士款项256453,914
Tax payable应付税项42,99350,967
Bonds payable应付债券28—33,000
Interest-bearing bank and other
borowings
计息银行及其他借贷
26150,988235,103
Loan from a related party一名关连人士贷款25—37,800
Lease liabilities租赁负债272,205343
Total curent liabilities流动负债总额308,766475,128
Net curent asets流动资产净值396,562378,518
Total asets les curent liabilities资产总值减流动负债1,433,3221,503,656
Consolidated Statement of Financial Position
综合财务状况表
迪臣发展国际集团有限公司 二零二五年报
As at 31 March 2025
于二零二五年三月三十一日
(Expresed in Hong Kong dolars)
（以港元列示）
已由董事会于二零二五年六月二十六日批准
及授权发行。
第111至250页之附注构成综合财务报表之一
部份。
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
NON-CURENT LIABILITIES非流动负债
Interest-bearing bank and other
borowings
计息银行及其他借贷
2642,63560,500
Bonds payable应付债券2815,000—
Defered tax liabilities递延税项负债2995,418101,235
Lease liabilities租赁负债2738,359331
Total non-curent liabilities非流动负债总额191,412162,066
NET ASETS资产净值1,241,9101,341,590
EQUITY权益
Equity atributable to owners of
the Company
本公司拥有人应占权益
Isued capital已发行股本30146,682146,682
Reserves储备321,108,8011,206,393
1,255,4831,353,075
Non-controling interests非控股权益(13,573)(11,485)
Total equity权益总额1,241,9101,341,590
Aproved and authorised for isue by the board of directors on
26 June 2025.
Tjia Boen SienWang Jing Ning
谢文盛王京宁
DirectorDirector
董事董事
The notes on pages 111 to 250 form part of the consolidated
financial statements.
Consolidated Statement of Changes in Equity
综合权益变动表
Deson Development International Holdings Limited 2025 Anual Report
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
(Expresed in Hong Kong dolars)
（以港元列示）
Atributable to owners of the Company
本公司拥有人应占
Isued
capital
Share
premium
acount
Contributed
surplus
Other
reserve
Property
revaluation
reserve
Capital
reserve
Capital
redemption
reserve
Exchange
fluctuation
reserve
Retained
profitsTotal
Non-
controling
interests
Total
equity
已发行股本股份溢价账实缴盈余其他储备物业重估储备资本储备
资本
赎回储备
汇率波动
储备保留盈利总计非控股权益权益总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
At 1 April 2023于二零二三年四月一日146,682240,85315,26223,061122,672(9,240)14,457(35,254)959,2331,477,726(10,475)1,467,251
Los for the year本年度亏损—(75,691)(75,691)(1,083)(76,774)
Other comprehensive (los)/income for the year本年度其他全面（亏损）╱收益
Deficit on revaluation of leasehold land and
buildings, net of tax
重估租赁土地及楼宇之亏绌，
税后净额—(5,326)—(5,326)—(5,326)
Share of other comprehensive los of asociates分占联营公司其他全面亏损—(19)—(19)—(19)
Exchange diferences on translation of foreign
operations
换算海外业务所产生之汇兑差额
—(43,021)—(43,021)19(43,002)
Reclasification of cumulative exchange fluctuation
reserve of a foreign operation disposed of
during the year (note 33(a)
重新分类年内已出售海外业务之
累计汇率波动储备（附注33(a)）
—(594)—(594)—(594)
Total comprehensive los for the year本年度全面亏损总额—(5,326)—(43,634)(75,691)(124,651)(1,064)(125,715)
Release of revaluation reserve重估储备之拨回—(5,630)—5,630—
Contributions from non-controling shareholder of
a subsidiary
来自一间附属公司非控股东的注资
—5454
At 31 March 2024于二零二四年三月三十一日146,682240,85315,26223,061111,716(9,240)14,457(78,888)889,1721,353,075(11,485)1,341,590
Consolidated Statement of Changes in Equity
综合权益变动表
迪臣发展国际集团有限公司 二零二五年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
(Expresed in Hong Kong dolars)
（以港元列示）
* 该等储备账包括于综合财务状况表内之综合储备
1,108,801,000港元（二零二四年：1,206,393,000
港元）。
本集团之实缴盈余指根据于一九七年五月
二十一日本集团重组所购入附属公司股份之
面值高出发行以换取该等股份之本公司股份
面值之差额。
第111至250页之附注构成综合财务报表之一
部份。
Atributable to owners of the Company
本公司拥有人应占
Isued
capital
Share
premium
acount
Contributed
surplus
Other
reserve
Property
revaluation
reserve
Capital
reserve
Capital
redemption
reserve
Exchange
fluctuation
reserve
Retained
profitsTotal
Non-
controling
interests
Total
equity
已发行股本股份溢价账实缴盈余其他储备物业重估储备资本储备
资本
赎回储备
汇率波动
储备保留盈利总计非控股权益权益总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
At 1 April 2024于二零二四年四月一日146,682240,85315,26223,061111,716(9,240)14,457(78,888)889,1721,353,075(11,485)1,341,590
Los for the year本年度亏损—(73,724)(73,724)(2,165)(75,889)
Other comprehensive (los)/income for the year本年度其他全面（亏损）╱收益
Deficit on revaluation of leasehold land and
buildings, net of tax
重估租赁土地及楼宇之亏绌，
税后净额—(14,086)—(14,086)—(14,086)
Share of other comprehensive los of asociates分占联营公司其他全面亏损—(36)—(36)—(36)
Exchange diferences on translation of foreign
operations
换算海外业务所产生之汇兑差额
—(9,751)—(9,751)2(9,749)
Total comprehensive los for the year本年度全面亏损总额—(14,086)—(9,787)(73,724)(97,597)(2,163)(99,760)
Release of revaluation reserve重估储备之拨回—(5,220)—5,220—
Disposal of partial interest in a subsidiary without
losing control
出售一间附属公司的部分权益而并无
失去控制权—5—53439
Contributions from non-controling shareholder of
a subsidiary
来自一间附属公司非控股东的注资
—4141
At 31 March 2025于二零二五年三月三十一日146,682240,85315,26223,06192,410(9,235)14,457(88,675)820,6681,255,483(13,573)1,241,910
* These reserve acounts comprise the consolidated reserves of
HK$1,108,801,000 (2024: HK$1,206,393,000) in the consolidated statement
of financial position.
The contributed surplus of the Group represents the exces of the
nominal value of the subsidiaries’ shares acquired over the
nominal value of the Company’s shares isued in exchange
thereof, pursuant to the Group’s reorganisation on 21 May
1997.
The notes on pages 111 to 250 form part of the consolidated
financial statements.
Consolidated Statement of Cash Flows
综合现金流量表
Deson Development International Holdings Limited 2025 Anual Report
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
(Expresed in Hong Kong dolars)
（以港元列示）
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
CASH FLOWS FROM OPERATING
ACTIVITIES
经营业务所得现金流量
Los before tax除税前亏损(76,014)(61,641)
Adjustments for:就下列项目作出调整：
— Finance costs— 财务费用718,31226,408
— Share of profits and loses of
asociates, net
— 分占联营公司溢利及
亏损，净额195(40)
— Interest income— 利息收入5(276)(303)
— Imputed interest income— 估算利息收入5(14,150)(9,285)
— Fair value los on investment
properties, net
— 投资物业之公平值
亏损，净额614,09432,364
— Dividend income from equity
investments at fair value through
profit or los
— 按公平值计入损益账
之股权投资之股息
收入5—(74,865)
— Gain on disposal of subsidiaries— 出售附属公司之收益6(18)(31,015)
— Gain on bargain purchase of an
asociate
— 议价购买一间联营
公司之收益6—(12)
— Los on disposal of items of
property, plant and equipment
— 出售物业、厂房及
设备项目亏损6143
— Gain on disposal of investment
properties
— 出售投资物业之收益
33(b)—(41,641)
— Los on sales and leaseback— 售后租回之亏损6277—
— Depreciation of property, plant and
equipment
— 物业、厂房及设备之
折旧614,38712,280
— Provision for net realisable value of
properties held for sale
— 待售物业之可变现
净值拨备69,96415,696
— Provision for inventories— 存货拨备6490530
— Deficit from revaluation of
property, plant and equipment,
net
— 物业、厂房及设备
重估亏绌，净额
63,5283,436
— Impairment of acounts receivable,
net
— 应收账项减值，净额
64,5366,806
— Impairment of other receivables— 其他应收款项减值65,721975
— Fair value los on equity
investments at fair value through
profit or los, net
— 按公平值计入损益账
之股权投资之公平
值亏损，净额613,684104,893
(5,256)(15,411)
Movement in balances with related
parties
关连人士结余之变动
(3,230)(2,502)
Decrease in properties held for sale待售物业减少79,86520,251
Increase in inventories存货增加(2,632)(681)
Decrease/(increase) in acounts
receivable
应收账项减少╱（增加）
10,929(28,767)
Increase in prepayments, deposits and
other receivables
预付款项、按金及其他
应收款项增加(5,069)(10,899)
Increase in acounts payable应付账款增加9,63617,981
(Decrease)/increase in other payables
and acruals
其他应付款项及应计费用
（减少）╱增加(10,699)27,471
Consolidated Statement of Cash Flows
综合现金流量表
迪臣发展国际集团有限公司 二零二五年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
(Expresed in Hong Kong dolars)
（以港元列示）
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
Cash generated from operations经营活动所得现金73,5447,443
Interest paid已付利息(22,028)(30,981)
Hong Kong Profits Tax refunded已退回香港利得税—91
Overseas taxes paid已付海外税项(14,195)(8,995)
Net cash flows generated from/
(used in) operating activities
经营业务所得╱（所用）
现金流量净额37,321(32,442)
CASH FLOWS FROM INVESTING
ACTIVITIES
投资业务所得现金流量
Cash consideration received in relation
to prior year disposal of a subsidiary
就上一个年度出售一间附
属公司收取的现金代价33(a)25,281—
Cash consideration received in relation
to prior year disposal of investment
properties
就上一个年度出售投资物
业收取的现金代价
33(b)108,052—
Interest received已收利息5276303
Dividend received from equity
investments at fair value through
profit or los
已收按公平值计入损益账
之股权投资股息
5—74,865
Purchases of equity investments at fair
value through profit or los
购买按公平值计入损益账
之股权投资(5,300)(3,765)
Purchases of items of property, plant
and equipment
购入物业、厂房及设备
项目14(15,352)(339)
Disposal of subsidiaries出售附属公司33(a)(5)11,623
Proceds from disposal of items of
property, plant and equipment
出售物业、厂房及设备项
目所得款项2—
Proceds from disposal of investment
properties
出售投资物业所得款项
33(b)—51,189
Refund of equity investments
designated at fair value through
profit or los
指定按公平值计入损益账
之股权投资退款
383,30116,520
Advances to asociates, net向联营公司垫付款项，
净额(1,062)(1,273)
Investment in an asociate于一间联营公司的投资—(1,544)
Dividend income from asociates来自联营公司的股息收入16—675
Net cash flows generated from
investing activities
投资业务所得现金流量
净额115,193148,254
CASH FLOWS FROM FINANCING
ACTIVITIES
融资业务所得现金流量
New bank and other borowings新增银行及其他借贷34166,421214,589
Repayment of bank and other
borowings
偿还银行及其他借贷
34(263,189)(306,285)
Repayment of bonds偿还债券34(18,000)—
Principal portion of lease liabilities租赁负债之本金部份34(1,831)(327)
Repayment to a related party向一名关连人士还款34(37,800)(10,900)
Contributions to subsidiaries from non-
controling interests
非控股权益向附属公司
注资4154
Net cash flows used in financing
activities
融资业务所用现金流量
净额(154,358)(102,869)
Consolidated Statement of Cash Flows
综合现金流量表
Deson Development International Holdings Limited 2025 Anual Report
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
(Expresed in Hong Kong dolars)
（以港元列示）
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
NET (DECREASE)/INCREASE IN CASH
AND CASH EQUIVALENTS
现金及现金等值项目
（减少）╱增加净额(1,844)12,943
Cash and cash equivalents at
begining of year
于年初之现金及现金等值
项目20,3998,660
Efect of foreign exchange rate
change
汇率变动之影响
(214)(1,204)
CASH AND CASH EQUIVALENTS AT
END OF YEAR
于年底之现金及现金等值
项目18,34120,399
ANALYSIS OF BALANCES OF CASH
AND CASH EQUIVALENTS
现金及现金等值项目结余
之分析
Cash and bank balances现金及银行结余2236,07442,338
Bank overdrafts银行透支26(17,733)(21,939)
CASH AND CASH EQUIVALENTS AS
STATED IN THE CONSOLIDATED
STATEMENT OF CASH FLOWS
于综合现金流量表所列之
现金及现金等值项目
18,34120,399
The notes on pages 111 to 250 form part of the consolidated
financial statements.
第111至250页之附注构成综合财务报表之一
部份。
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
1 CORPORATE AND GROUP INFORMATION
Deson Development International Holdings Limited (the
“Company”) is a limited liability company incorporated in
Bermuda. The adres of the Company’s registered ofice is
located at Victoria Place, 5th
Flor, 31 Victoria Place,
Hamilton HM10, Bermuda and its principal place of busines
is located at 11th Flor, Nanyang Plaza, 57 Hung To Road,
Kwun Tong, Kowlon, Hong Kong.
During the year, the Group was involved in the folowing
principal activities:
(i) property development and investment;
(i) trading of medical equipment and home security and
automation products; and
(i) operation of hotels.
Information about subsidiaries
Particulars of the Company’s principal subsidiaries are as
folows:
Name
Place of incorporation/
registration and busines
Isued ordinary/
registered
share capital
Clas of
shares held
Percentage of
equity atributable
to the CompanyPrincipal activities
名称注册成立╱注册及营业地点
已发行普通股╱
注册股本所持股份类别本公司应占权益百分比主要业务
DirectIndirect
直接间接
Advancost Asets LimitedBritish Virgin Islands (“BVI”)/
Hong Kong
US$1Ordinary—100Investment holding
英属处女群岛
（「英属处女群岛」）╱香港
1美元普通投资控股
Alied Health Elements Company LimitedHong KongHK$3,000,000Ordinary—90Seling of welnes and
pandemic prevention
products
圆方医疗科技有限公司香港3,000,000港元普通销售健康及防疫产品
Blocks Suces International LimitedBVI/Hong KongUS$1Ordinary—100Investment holding
英属处女群岛╱香港1美元普通投资控股
Century Logistics LimitedBVI/Hong KongUS$1Ordinary—100Investment holding
英属处女群岛╱香港1美元普通投资控股
Deson Comercial City LimitedHong KongHK$1Ordinary—100Investment holding
迪臣商业城有限公司香港1港元普通投资控股
Deson Cultural Tourism Investment
Limited
Hong KongHK$2Ordinary—100Investment holding
迪臣文旅投资有限公司香港2港元普通投资控股
Deson Development Holdings LimitedBVI/Hong KongUS$200Ordinary100—Investment holding
迪臣发展集团有限公司英属处女群岛╱香港200美元普通投资控股
1 公司及集团资料
迪臣发展国际集团有限公司（「本公司」）
是一间于百慕达注册成立之有限责任公
司。本公司之注册办事处地址为
Victoria Place, 5th Flor, 31 Victoria
Place, Hamilton HM10, Bermuda，而
其主要营业地点为香港九龙观塘鸿图道
57号南洋广场11楼。
年内，本集团之主要业务如下：
(i) 物业发展及投资；
(i) 买卖医疗设备及家居保安及自动
化产品；及
(i) 营运酒店。
有关附属公司的资料
本公司主要附属公司的详情如下：
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
1 公司及集团资料（续）
有关附属公司的资料（续）
1 CORPORATE AND GROUP INFORMATION
(Continued)
Information about subsidiaries (Continued)
Name
Place of incorporation/
registration and busines
Isued ordinary/
registered
share capital
Clas of
shares held
Percentage of
equity atributable
to the CompanyPrincipal activities
名称注册成立╱注册及营业地点
已发行普通股╱
注册股本所持股份类别本公司应占权益百分比主要业务
DirectIndirect
直接间接
Deson E-Comerce (Kaifeng) Co., Ltd
(note(a)
People’s Republic of China
(“PRC”)/Mainland China
RMB35,000,000N/A—100Hotel operation
迪臣跨境商贸（开封）有限公司（附注(a)）中华人民共和国（「中国」）╱
中国内地
人民币
35,000,000元
不适用酒店营运
Deson Dynasty Investment (HK) LimitedHong KongHK$1Ordinary—100Investment holding
迪臣宋城投资（香港）有限公司香港1港元普通投资控股
Deson Dynasty Comercial (Kaifeng)
Co., Ltd (note(a)
PRC/Mainland ChinaRMB50,000,000N/A—100Hotel management
迪臣宋城商业（开封）有限公司（附注(a)）中国╱中国内地人民币
50,000,000元
不适用酒店管理
Deson Inovative Concept LimitedHong KongHK$1Ordinary—100Investment holding
迪臣智能科技发展有限公司香港1港元普通投资控股
Deson Inovative LimitedHong KongHK$1,000,000Ordinary—100Seling, distribution and
marketing of home security
and automation products
迪卫智能系统有限公司香港1,000,000港元普通销售、分销及推广家居保安及自
动化产品
Deson Medical LimitedBVI/Hong KongUS$1Ordinary—100Investment holding
英属处女群岛╱香港1美元普通投资控股
Deson (Ningbo) Ventures LimitedBVI/Hong KongUS$100Ordinary—100Investment holding
迪臣（宁波）投资有限公司英属处女群岛╱香港100美元普通投资控股
Deson Property Development (Kaifeng)
Co., Ltd. (note (a)
PRC/Mainland ChinaHK$311,880,000N/A—100Property development
迪臣置业发展（开封）有限公司（附注(a)）中国╱中国内地311,880,000港元不适用物业发展
Deson Soho Technology LimitedHong KongHK$100,000Ordinary—100Investment holding
迪邦科技有限公司香港100,000港元普通投资控股
Deson Ventures (Hong Kong) LimitedHong KongHK$1Ordinary—100Investment holding
迪臣置业（香港）有限公司香港1港元普通投资控股
Deson Ventures LimitedBVI/Hong KongUS$1Ordinary—100Investment holding
迪臣投资有限公司英属处女群岛╱香港1美元普通投资控股
Ful Trade (China) LimitedHong KongHK$10,000Ordinary—100Investment holding
全贸（中国）有限公司香港10,000港元普通投资控股
Gosford Technology LimitedBVI/Hong KongUS$1Ordinary—100Investment holding
英属处女群岛╱香港1美元普通投资控股
Grand On Enterprise LimitedHong KongHK$1Ordinary—100Property holding
迪宏置业有限公司香港1港元普通持有物业
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
1 公司及集团资料（续）
有关附属公司的资料（续）
1 CORPORATE AND GROUP INFORMATION
(Continued)
Information about subsidiaries (Continued)
Name
Place of incorporation/
registration and busines
Isued ordinary/
registered
share capital
Clas of
shares held
Percentage of
equity atributable
to the CompanyPrincipal activities
名称注册成立╱注册及营业地点
已发行普通股╱
注册股本所持股份类别本公司应占权益百分比主要业务
DirectIndirect
直接间接
Hainan Ful Trade Industry Co., Ltd.PRC/Mainland ChinaRMB10,000,000N/A—100Property investment and
management
海南全贸实业有限公司中国╱中国内地人民币
10,000,000元
不适用物业投资及管理
Honour Advance Ltd.Hong KongHK$2Ordinary—100Investment holding
江裕有限公司香港2港元普通投资控股
Intelmision LimitedBVI/Hong KongUS$2Ordinary—100Investment holding
英属处女群岛╱香港2美元普通投资控股
Medical Technologies LimitedHong KongHK$10,000Ordinary—100Trading of medical equipment
迪臣国际医学仪器有限公司香港10,000港元普通买卖医疗设备
MTL Enginering LimitedHong KongHK$2Ordinary—100Instalation and maintenance of
medical equipment and
health care products
迪臣医学仪器工程有限公司香港2港元普通安装及维修医疗仪器及保健产品
New Perfect LimitedBVI/Hong KongUS$1Ordinary—100Investment holding
英属处女群岛╱香港1美元普通投资控股
Often Reach LimitedBVI/Hong KongUS$1Ordinary—100Investment holding
英属处女群岛╱香港1美元普通投资控股
Peaceful Elite LimitedBVI/Hong KongUS$10,000
(2024: US$1)
Ordinary—50
(2024:
100)
Investment holding
英属处女群岛╱香港10,000美元
（二零二四年：
1美元）
普通（二零二四年：
100）
投资控股
Penmark LimitedHong KongHK$30Ordinary—100Property investment
景达物业有限公司香港30港元普通物业投资
Quick Skil Holdings LimitedBVI/Hong KongUS$1Ordinary—100Investment holding
英属处女群岛╱香港1美元普通投资控股
Super Sight Investments Inc.BVI/Mainland ChinaUS$1Ordinary—100Property development
英属处女群岛╱中国内地1美元普通物业发展
Synergy Asia LimitedHong KongHK$100,000Ordinary—100Investment holding
新逸亚洲有限公司香港100,000港元普通投资控股
Universal Focus Developments LimitedBVI/Hong KongUS$50,000Ordinary—80Investment holding
英属处女群岛╱香港50,000美元普通投资控股
Win Glory Properties LimitedHong KongHK$10,000Ordinary—100Human resources
荣山置业有限公司香港10,000港元普通人力资源
Winsome Properties LimitedHong KongHK$2Ordinary—100Investment holding
荣信置业有限公司香港2港元普通投资控股
Wonderful Hope LimitedBVI/Mainland ChinaUS$1Ordinary—100Property development
英属处女群岛╱中国内地1美元普通物业发展
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
1 公司及集团资料（续）
有关附属公司的资料（续）
附注：
(a) 根据中国法律注册为外商独资企业。
(b) 根据中国法律注册为内资企业。
(c) 该等附属公司乃于截至二零二五年三月
三十一日止年度内注册成立。
上表所列者为董事认为会对本集团本年
度业绩构成主要影响或构成本集团资产
净值重要部分之本公司附属公司。董事
认为如将其他附属公司之详情列出，会
使本附注过于冗长。
1 CORPORATE AND GROUP INFORMATION
(Continued)
Information about subsidiaries (Continued)
Name
Place of incorporation/
registration and busines
Isued ordinary/
registered
share capital
Clas of
shares held
Percentage of
equity atributable
to the CompanyPrincipal activities
名称注册成立╱注册及营业地点
已发行普通股╱
注册股本所持股份类别本公司应占权益百分比主要业务
DirectIndirect
直接间接
Wodmont Profits LimitedBVI/Hong KongUS$1Ordinary—100Investment holding
英属处女群岛╱香港1美元普通投资控股
Yan Man Developments LimitedBVI/Hong KongUS$1Ordinary—100Investment holding
英属处女群岛╱香港1美元普通投资控股
迪臣世博商业运营（开封）有限公司
(note (b)
PRC/Mainland ChinaRMB10,000,000N/A—100Property development
迪臣世博商业运营（开封）有限公司
（附注(b)）
中国╱中国内地人民币
10,000,000元
不适用物业发展
迪臣宋城酒店管理（开封）有限公司
(note (b)
PRC/Mainland ChinaRMB5,000,000N/A—100Hotel operation
迪臣宋城酒店管理（开封）有限公司
（附注(b)）
中国╱中国内地人民币
5,000,000元
不适用酒店营运
迪臣花间文旅（开封）有限公司
(note (a) & (c)
PRC/Mainland ChinaRMB20,000,000N/A—100Inactive
迪臣花间文旅（开封）有限公司
（附注(a)及(c)）
中国╱中国内地人民币
20,000,000元
不适用暂无业务
迪臣商业运营管理（开封）有限公司
(note (b)
PRC/Mainland ChinaRMB500,000N/A—100Property management
迪臣商业运营管理（开封）有限公司
（附注(b)）
中国╱中国内地人民币
500,000港元
不适用物业管理
迪诺德（上海）科贸有限公司
(note (a) & (c)
PRC/Mainland ChinaRMB1,260,000N/A—100Trading of securities products
迪诺德（上海）科贸有限公司
（附注(a)及(c)）
中国╱中国内地人民币
1,260,000元
不适用买卖安防产品
海南亚豪置业有限公司 (note (b)PRC/Mainland ChinaRMB40,000,000N/A—100Property investment
海南亚豪置业有限公司（附注(b)） 中国╱中国内地人民币
40,000,000元
不适用物业投资
Notes:
(a) Registered as wholy-foreign-owned enterprises under PRC law.
(b) Registered as domestic enterprises under PRC law.
(c) The subsidiaries were incorporated during the year ended 31 March
2025.
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.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策
2.1 编制基准
此等综合财务报表乃根据香港会
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）及香港公司条例之披露规
定而编制。此等财务报表乃根据
历史成本惯例编制，惟租赁土地
及楼宇（分类为物业、厂房及设
备）、投资物业及股权投资乃按公
平值计量则除外。除特别说明
外，此等综合财务报表乃以港元
（「港元」）呈列，所有价值调整至
最接近之千位数（「千港元」）。
综合基准
综合财务报表包括本公司及其附
属公司（统称「本集团」）截至二零
二五年三月三十一日止年度之财
务报表。附属公司指受本公司直
接或间接控制的实体（包括结构性
实体）。倘本集团因参与被投资方
业务而对可变回报承担风险或享
有权利，且有能力藉行使在被投
资方的权力影响有关回报（即现时
赋予本集团指导被投资方相关活
动的能力），则本集团拥有该实体
的控制权。
一般而言，假定大多数的投票权
形成控制权。
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 disclosure
requirements of the Hong Kong Companies
Ordinance. They have ben prepared under the
historical cost convention, except for leasehold land
and buildings clasified as property, plant and
equipment, investment properties and equity
investments which have ben measured at fair value.
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.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.1 编制基准（续）
综合基准（续）
倘本公司拥有被投资方少于大多
数的投票权或类似权利时，本集
团会考虑所有相关事实及情况，
以评估本集团对被投资方是否拥
有权力，包括：
(a) 与该被投资方其他投票权持
有人之合约安排；
(b) 根据其他合约安排所享有之
权利；及
(c) 本集团的投票权及潜在投票
权。
附属公司之财务报表乃以与本公
司相同之报告期按相同会计政策
编制。附属公司之业绩自本集团
取得控制权当日起综合入账，并
继续综合入账直至该控制权终止
当日为止。
即使导致非控股权益结余亏绌，
损益及其他全面收益各项目仍归
属于本集团母公司拥有人及非控
股权益。所有集团内公司间之资
产与负债、权益、收入、开支及
本集团成员公司间交易相关的现
金流均于综合入账时全数对销。
倘事实及情况显示上述三项控制
权要素其中一项或多项有变，本
集团会重估是否仍然控制被投资
方。附属公司拥有权益变动但
未失去控制权，则入账为股本交
易。
2 ACOUNTING POLICIES (Continued)
2.1 Basis of preparation (Continued)
Basis of consolidation (Continued)
When the Company has les than a majority of the
voting or similar rights of an investe, the Group
considers al relevant facts and circumstances in
asesing whether it has power over an investe,
including:
(a) the contractual arangement with the other vote
holders of the investe;
(b) rights arising from other contractual
arangements; and
(c) the Group’s voting rights and potential voting
rights.
The financial statements of the subsidiaries are
prepared for the same reporting period as the
Company, using consistent acounting policies. The
results of subsidiaries are consolidated from the date
on which the Group obtains control, and continue to
be consolidated until the date that such control
ceases.
Profit or los and each component of other
comprehensive income are atributed to the owners of
the parent of the Group and to the non-controling
interests, even if this results in the non-controling
interests having a deficit balance. Al intra-group
asets and liabilities, equity, income, expenses and
cash flows relating to transactions betwen members
of the Group are eliminated in ful on consolidation.
The Group reaseses whether or not it controls an
investe if facts and circumstances indicate that there
are changes to one or more of the thre elements of
control described above. A change in the ownership
interest of a subsidiary, without a los of control, is
acounted for as an equity transaction.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.1 编制基准（续）
综合基准（续）
倘本集团失去附属公司之控制
权，则会终止确认相关资产（包括
商誉）、负债、任何非控股权益及
汇兑波动储备；并确认任何获保
留投资的公平值及计入损益账的
任何所产生的盈余或亏绌。先前
于其他全面收益已确认的本集团
分占成份，重新分类至损益账或
保留溢利（如适用），其基准与倘
本集团已直接出售相关资产或负
债者相同。
2.2 会计政策及披露变更
本集团已于本年度之综合财务报
表首次采纳下列经修订之香港财
务报告准则会计准则。
香港财务报告
准则第16号
之修订
售后租回之租赁
负债
香港会计准则
第1号之
修订
负债分类为流动
或非流动（「二
零二零年修
订」）
香港会计准则
第1号之
修订
具有契诺之非流
动负债（「二零
二年修订」）
香港会计准则
第7号及香
港财务报告
准则第7号
之修订
供应商融资安排
2 ACOUNTING POLICIES (Continued)
2.1 Basis of preparation (Continued)
Basis of consolidation (Continued)
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 16
Lease Liability in a Sale and
Leaseback
Amendments to
HKAS 1
Clasification of Liabilities as
Curent or Non-curent
(the “2020
Amendments”)
Amendments to
HKAS 1
Non-curent Liabilities with
Covenants (the “2022
Amendments”)
Amendments to
HKAS 7 and
HKFRS 7
Suplier Finance
Arangements
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.2 会计政策及披露变更（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
之修订明卖方 — 承租人
于计量售后租回交易中产生
的租赁负债时所采用的规
定，以确保卖方 — 承租人
不会确认与其保留的使用权
有关的任何损益。由于本集
团自首次应用香港财务报告
准则第16号之日起并无发
生不取决于指数或比率的可
变租赁付款的售后租回交
易，故该等修订对本集团的
财务状况或表现并无任何影
响。
(b) 二零二零年修订澄清将负债
分类为流动或非流动之规
定，包括延迟偿还权利之涵
义，以及延迟偿还权利必须
于报告期末存在。负债的分
类不受该实体行使其延迟偿
还权利的可能性的影响。该
等修订亦澄清负债可以其自
身股权工具偿还，且仅在可
转换权本身于可转换负债中
作为股权工具入账时，则负
债条款概不影响其分类。二
零二年修订进一步澄清在
贷款安排产生的负债契诺
中，仅实体须于报告日期或
之前遵守的契诺影响将负债
分类为流动或非流动。在实
体遵守报告期后12个月内
的未来契诺的前提下，非流
动负债须作出额外披露。
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.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.2 会计政策及披露变更（续）
(b) （续）
本集团已重新评估于二零
二四年及二零二五年三月一
日的负债条款及条件，并认
为于首次应用该等修订后，
其负债的流动或非流动分类
保持不变。因此，该等修订
对本集团的财务状况或表现
并无任何影响。
(c) 香港会计准则第7号及香港
财务报告准则第7号的修订
澄清供应商融资安排的特性
及须就有关安排作出额外披
露。该等修订中的披露规定
拟协助财务报表使用者了解
供应商融资安排对一间实体
的负债、现金流量及面临的
流动资金风险的影响。由于
本集团并无供应商融资安
排，故该等修订概无对本集
团财务报表造成任何影响。
2.3 已颁布但尚未生效之香港财务
报告准则会计准则
本集团并无于该等综合财务报表
应用下列已颁布但尚未生效之经
修订香港财务报告准则会计准
则。本集团拟于生效时应用该等
经修订香港财务报告准则会计准
则（倘适用）。
2 ACOUNTING POLICIES (Continued)
2.2 Changes in acounting policies and
disclosures (Continued)
(b) (Continued)
The Group has reasesed the terms and
conditions of its liabilities as at 1 March 2024
and 2025 and concluded that the clasification
of its liabilities as curent or non-curent
remained unchanged upon initial aplication of
the amendments. Acordingly, the amendments
did not have any impact on the financial
position or performance of the Group.
(c) Amendments to HKAS 7 and HKFRS 7 clarify the
characteristics of suplier finance arangements
and require aditional disclosure of such
arangements. The disclosure requirements in the
amendments are intended to asist users of
financial statements in understanding the efects
of suplier finance arangements on an entity’s
liabilities, cash flows and exposure to liquidity
risk. As the Group does not have suplier
finance arangements, the amendments did not
have any impact on the Group’s financial
statements.
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.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（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
18号
财务报表之呈列及
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
金融工具分类及计
量之修订
香港财务报
告准则第
9号及香
港财务报
告准则第
7号之
修订
涉及依赖自然能源
生产电力的合约
香港财务报
告准则第
10号及香
港会计准
则第28
号之修订
投资者与其联营公
司或合营企业之
间的资产出售或
出资
香港会计准
则第21
号之修订
欠缺可交换性
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
1 于二零二五年一月一日或之后开始
之年度期间生效
2 于二零二六年一月一日或之后开始
之年度期间生效
3 于二零二七年一月一日或之后开始
之年度期间生效
4 可供采纳但尚未厘定强制生效日期
2 ACOUNTING POLICIES (Continued)
2.3 Isued but not yet efective HKFRS
acounting standards (Continued)
HKFRS 18Presentation and Disclosure
in Financial Statements
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 21
Lack of Exchangeability
Anual Improvements
to HKFRS Acounting
Standards —
Volume 11
Amendments to HKFRS 1,
HKFRS 7, HKFRS 9, HKFRS
10 and HKAS 7
1 Efective for anual periods begining on or after 1 January
2 Efective for anual periods begining on or after 1 January
3 Efective for anual periods begining on or after 1 January
4 No mandatory efective date yet determined but available for
adoption
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（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）
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
资料载述如下。
香港财务报告准则第18号取代香
港会计准则第1号财务报表的呈
报。尽管香港会计准则第1号的多
个章节已被纳入而变动有限，香
港财务报告准则第18号就损益表
内呈列方式引入新规定，包括指
定的总计及小计。实体须将损益
表内所有收益及开支分类为以下
五个类别之一：经营、投资、融
资、所得税及已终止经营业务，
并呈列两项新界定小计。其亦规
定於单一附注中披露管理层界定
的绩效指标，并对主要财务报表
及附注中资料的组合（合并及分
类）和位置提出更严格的要求。若
干早前已纳入香港会计准则第1号
的规定移至香港会计准则第8号会
计政策、会计估计变更及差错，
并更名为香港会计准则第8号财务
报表的编制基准。由于颁布香港
财务报告准则第18号，对香港会
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号中期财务报告作出
有限但广泛适用的修订。此外，
其他香港财务报告准则亦有轻微
的相应修订。香港财务报告准则
第18号及其他香港财务报告准则
的相应修订于二零二七年一月一
日或之后开始的年度期间生效，
须追溯应用，并可提早应用。本
集团现正分析新订规定并评估香
港财务报告准则第18号对本集团
财务报表的呈列及披露的影响。
2 ACOUNTING POLICIES (Continued)
2.3 Isued but not yet efective HKFRS
acounting standards (Continued)
Further information about those HKFRS Acounting
Standards that are expected to be relevant and
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,
including specified totals and subtotals. Entities are
required to clasify al income and expenses within the
statement of profit or los 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 HKFRSs. HKFRS 18 and the
consequential amendments to other HKFRSs are
efective for anual periods begining on or after
1 January 2027 with earlier aplication permited.
Retrospective aplication is required. The Group is
curently analysing the new requirements and
asesing the impact of HKFRS 18 on the presentation
and disclosure of the Group’s financial statements.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（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号的修订阐明终止
确认金融资产或金融负债的日
期，并引入一项会计政策选择，
在符合特定条件的情况下，终止
确认于结算日前透过电子付款系
统结算的金融负债。该等修订厘
清如何评估具有环境、社会及管
治以及其他类似或然特征的金融
资产的合同现金流量特征。此
外，该等修订厘清具有无追索权
特征的金融资产及合同挂钩工具
的分类规定。该等修订亦包括指
定以公平值计量并计入其他全面
收益的股权工具投资及具有或然
特征的金融工具的额外披露。该
等修订须追溯应用，并于首次应
用日期对期初留存溢利（或权益的
其他组成部分）进行调整。过往期
间毋须重列，且仅可在不作出预
知的情况下重列。允许同时提早
应用所有修订，或仅允许提早应
用与金融资产分类相关的修订。
该等修订预期不会对本集团的财
务报表产生任何重大影响。
2 ACOUNTING POLICIES (Continued)
2.3 Isued but not yet efective HKFRS
acounting standards (Continued)
Amendments to HKFRS 9 and HKFRS 7 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
financial statements.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（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10号及香港
会计准则第28号之修订解决香港
财务报告准则第10号及香港会计
准则第28号对于处理投资者与其
联营公司或合营企业之间有关资
产出售或注资之不一致规定。该
等修订规定当有关资产出售或注
资构成业务时，需全面确认下游
交易所产生之盈亏。若涉及资产
之交易不构成业务，则投资者于
损益确认交易产生之盈亏只限于
不属于投资者于该联营公司或合
营企业权益之部份。该等修订乃
按前赡性基准应用。香港财务报
告准则第10号及香港会计准则第
28号之修订早前订定之强制性生
效日期已被香港会计师公会删
除。尽管如此，有关修订现已可
作采纳。该等修订预期不会对本
集团的财务报表产生任何重大影
响。
2 ACOUNTING POLICIES (Continued)
2.3 Isued but not yet efective HKFRS
acounting standards (Continued)
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. The
amendments are not expected to have any significant
impact on the Group’s financial statements.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（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）
香港财务报告准则会计准则的年
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（及随附实施香港财务报
告准则第7号的指引）、香港财务
报告准则第9号、香港财务报告准
则第10号及香港会计准则第7号
的修订。预期适用于本集团的该
等修订详情如下：
• 香港财务报告准则第7号金
融工具：披露：该等修订已
更新香港财务报告准则第7
号第B38段及实施香港财务
报告准则第7号的指引第
IG1、IG14及IG20B段的若
干措辞，以简化或与标准的
其他段落及╱或其他标准所
用的概念及术语达致一致
性。此外，该等修订厘清实
施香港财务报告准则第7号
的指引未必说明香港财务报
告准则第7号参考段落的所
有规定，亦未必增设额外规
定。允许提早应用。该等修
订预期不会对本集团的财务
报表产生任何重大影响。
• 香港财务报告准则第9号金
融工具：该等修订厘清当承
租人厘定租赁负债已根据香
港财务报告准则第9号终止
时，承租人须应用香港财务
报告准则第9号第3.3.3段，
并于损益中确认所产生的任
何收益或亏损。此外，该等
修订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的
若干措辞，以消除潜在混
淆。允许提早应用。该等修
订预期不会对本集团的财务
报表产生任何重大影响。
2 ACOUNTING POLICIES (Continued)
2.3 Isued but not yet efective HKFRS
acounting standards (Continued)
Anual Improvements to HKFRS Acounting Standards
— Volume 11 set out amendments to HKFRS 1,
HKFRS 7 (and the acompanying Guidance on
implementing HKFRS 7), HKFRS 9, HKFRS 10 and
HKAS 7. Details of the amendments that are
expected to be aplicable to the Group are as
folows:
- : Disclosures: The
amendments have updated certain wording in
paragraph B38 of HKFRS 7 and paragraphs IG1,
IG14 and IG20B of the Guidance on
implementing HKFRS 7 for the purpose of
simplification or achieving consistency with other
paragraphs in the standard and/or with the
concepts and terminology used in other
standards. In adition, the amendments clarify
that the Guidance on implementing HKFRS 7
does not necesarily ilustrate al the
requirements in the referenced paragraphs of
HKFRS 7 nor does it create aditional
requirements. Earlier aplication is permited.
The amendments are not expected to have any
significant impact on the Group’s financial
statements.
- : The amendments
clarify that when a lese has determined that a
lease liability has ben extinguished in
acordance with HKFRS 9, the lese is required
to aply paragraph 3.3.3 of HKFRS 9 and
recognise any resulting gain or los in profit or
los. In adition, the amendments have updated
certain wording in paragraph 5.1.3 of HKFRS 9
and Apendix A of HKFRS 9 to remove
potential confusion. Earlier aplication is
permited. The amendments are not expected to
have any significant impact on the Group’s
financial statements.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（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10号
综合财务报表：该等修订厘
清香港财务报告准则第10
号第B74段所述的关系仅为
投资者与作为投资者实际代
理的其他各方之间可能存在
的各种关系的其中一个例
子，移除与香港财务报告准
则第10号第B73段规定不一
致之处。允许提早应用。该
等修订预期不会对本集团的
财务报表产生任何重大影
响。
• 香港会计准则第7号现金流
量表：于先前删除「成本法」
的定义后，该等修订于香港
会计准则第7号第37段以
「按成本」一词取代「成本
法」。允许提早应用。该等
修订预期不会对本集团的财
务报表产生任何影响。
2.4 重大会计政策
于联营公司的投资
联营公司指本集团拥有一般不少
于20%股份投票权的长期权益，
并对其拥有重大影响力的实体。
重大影响力指参与被投资方财政
及经营决策的权力，但非控制或
共同控制该等政策。
本集团于联营公司的投资以权益
会计法按本集团应占资产净值减
任何减值亏损于综合财务状况表
列账。会计政策如有差异则作出
调整使之一致。
2 ACOUNTING POLICIES (Continued)
2.3 Isued but not yet efective HKFRS
acounting standards (Continued)
- :
The amendments clarify that the relationship
described in paragraph B74 of HKFRS 10 is just
one example of various relationships that might
exist betwen the investor and other parties
acting as de facto agents of the investor, which
removes the inconsistency with the requirement
in paragraph B73 of HKFRS 10. Earlier
aplication is permited. The amendments are
not expected to have any significant impact on
the Group’s financial statements.
- : The
amendments replace the term “cost method”
with “at cost” in paragraph 37 of HKAS 7
folowing the prior deletion of the definition of
“cost method”. Earlier aplication is permited.
The amendments are not expected to have any
impact on the Group’s financial statements.
2.4 Material acounting policies
Investments in asociates
An asociate is an entity in which the Group has a
long term interest of generaly not les than 20% of
the equity voting rights and over which it has
significant influence. Significant influence is the power
to participate in the financial and operating policy
decisions of the investe, but is not control or joint
control over those policies.
The Group’s investments in asociates are stated in
the consolidated statement of financial position at the
Group’s share of net asets under the equity method
of acounting, les any impairment loses.
Adjustments are made to bring into line any disimilar
acounting policies that may exist.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
于联营公司的投资（续）
本集团分占联营公司收购后业绩
及其他全面收益分别于综合损益
表及综合损益及其他全面收益表
列账。此外，倘直接于联营公司
的权益确认一项变动，则本集团
会在适用情况下于综合权益变动
表确认应占任何变动。本集团与
其联营公司交易产生的未变现收
益及亏损均按本集团于联营公司
的投资为限予以撇销，惟如有证
据显示未变现亏损是由于所转让
资产出现减值则除外。收购联营
公司所产生的商誉计入本集团对
联营公司的投资一部分。
倘于联营公司的投资成为对一间
合营企业的投资或相反情况出现
时，则不会重新计量留存权益，
而是继续按权益法将投资列账。
在所有其他情况下，若失去对联
营公司的重大影响力，本集团会
按其公平值计量及确认任何留存
投资。失去对联营公司的重大影
响力时联营公司的账面值与留存
投资公平值及出售所得款项之间
的差额于损益账确认。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Investments in asociates (Continued)
The Group’s share of the post-acquisition results and
other comprehensive income of asociates is included
in the consolidated statement of profit or los and
consolidated statement of profit or los and other
comprehensive income, respectively. In adition, when
there has ben a change recognised directly in the
equity of the asociate, the Group recognises its share
of any changes, when aplicable, in the consolidated
statement of changes in equity. Unrealised gains and
loses resulting from transactions betwen the Group
and its asociates are eliminated to the extent of the
Group’s investments in the asociates, except where
unrealised loses provide evidence of an impairment
of the asets transfered. Godwil arising from the
acquisition of asociates is included as part of the
Group’s investments in asociates.
If an investment in an asociate becomes an
investment in a joint venture or vice versa, the
retained interest is not remeasured. Instead, the
investment continues to be acounted for under the
equity method. In al other case, upon los of
significant influence over the asociate, the Group
measures and recognises any retained investment at
its fair value. Any diference betwen the carying
amount of the asociate upon los of significant
influence and the fair value of the retained
investment and proceds from disposal is recognised
in profit or los.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
公平值计量
本集团于各报告期末按公平值计
量分类为物业、厂房及设备之租
赁土地及楼宇、投资物业及股权
投资。公平值指于计量日市场参
与者之间的有序交易中，就出售
资产所收取之价格或转让负债所
支付之价格。公平值计量假设出
售资产或转让负债之交易于资产
或负债的主要市场进行，或在未
有主要市场的情况下对该资产或
负债最有利市场进行。主要或最
有利市场须为本集团能参与的市
场。假设市场参与者基于最佳经
济利益行事，资产或负债的公平
值使用市场参与者于为资产或负
债定价时所用假设计量。
非金融资产之公平值计量会计及
市场参与者以最高及最佳用途使
用资产或售予会以最高及最佳用
途使用资产之另一名市场参与者
而创造经济利益的能力。
本集团针对不同情况使用不同估
值方法，确保有足够数据计量公
平值，并尽量利用相关可观察输
入数据，减少使用不可观察输入
数据。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Fair value measurement
The Group measures its leasehold land and buildings
clasified as property, plant and equipment,
investment properties and equity investments at fair
value at the end of each reporting period. Fair value
is the price that would be received to sel an aset or
paid to transfer a liability in an orderly transaction
betwen market participants at the measurement
date. The fair value measurement is based on the
presumption that the transaction to sel the aset or
transfer the liability takes place either in the principal
market for the aset or liability, or in the absence of
a principal market, in the most advantageous market
for the aset or liability. The principal or the most
advantageous market must be acesible by the
Group. The fair value of an aset or a liability is
measured using the asumptions that market
participants would use when pricing the aset or
liability, asuming that market participants act in their
economic best interest.
A fair value measurement of a non-financial aset
takes into acount a market participant’s ability to
generate economic benefits by using the aset in its
highest and best use or by seling it to another
market participant that would use the aset in its
highest and best use.
The Group uses valuation techniques that are
apropriate in the circumstances and for which
suficient data are available to measure fair value,
maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
公平值计量（续）
公平值于综合财务报表计量或披
露之所有资产及负债，均基于对
公平值计量整体具有重大影响之
最低层输入数据按下述公平值层
级分类：
级别一： 根据相同资产或负债
在活跃市场中之报价
（未经调整）
级别二： 根据最低层输入数据
（对公平值计量具有重
大影响者）可直接或
间接观察之估值方法
级别三： 根据最低层输入数据
（对公平值计量具有重
大影响者）不可观察
之估值方法
对于按经常性基准于综合财务报
表确认之资产及负债，本集团于
各报告期末重新评估分类（基于对
公平值计量整体具有重大影响之
最低层输入数据），以确定有否在
各层级之间转移。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Fair value measurement (Continued)
Al asets and liabilities for which fair value is
measured or disclosed in the consolidated financial
statements are categorised within the fair value
hierarchy, described as folows, based on the lowest
level input that is significant to the fair value
measurement as a whole:
Level 1: based on quoted prices (unadjusted) in
active markets for identical asets or
liabilities
Level 2: based on valuation techniques for which
the lowest level input that is significant to
the fair value measurement is observable,
either directly or indirectly
Level 3: based on valuation techniques for which
the lowest level input that is significant to
the fair value measurement is
unobservable
For asets and liabilities that are recognised in the
consolidated financial statements on a recuring basis,
the Group determines whether transfers have ocured
betwen levels in the hierarchy by reasesing
categorisation (based on the lowest level input that is
significant to the fair value measurement as a whole)
at the end of each reporting period.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
非金融资产减值
倘有迹象显示出现减值或须就一
项资产进行年度减值测试（不包括
存货、待售已竣工物业、金融资
产及投资物业），则估计资产之可
收回金额。一项资产之可收回金
额按资产或现金产生单位之使用
价值与其公平值减出售成本之较
高者计算，并就个别资产而厘
定，除非有关资产并无产生在颇
大程度上独立于其他资产或资产
组别产生之现金流入，在此情况
下，可收回金额就资产所属之现
金产生单位而厘定。在测试现金
产生单位的减值时，倘公司资产
（例如总部大楼）的账面金额的一
部分能够按合理及一致的基础分
配，则分配予个别现金产生单
位，否则分配至最小现金产生单
位组别。
如资产之账面值超逾其可收回金
额时，减值亏损方予确认。于评
估使用价值时，估计日后现金流
量按反映现时市场评估之货币时
间价值及资产特定风险之税前折
现率折减至现值。减值亏损于产
生期间在综合损益表内扣除，惟
倘该资产按重估金额列账，则该
减值亏损根据该重估资产的相关
会计政策处理。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Impairment of non-financial asets
Where an indication of impairment exists, or when
anual impairment testing for an aset is required
(other than inventories, completed properties held for
sale, financial asets and investment properties), the
aset’s recoverable amount is estimated. An aset’s
recoverable amount is the higher of the aset’s or
cash-generating unit’s value in use and its fair value
les costs of disposal, and is determined for an
individual aset, unles the aset does not generate
cash inflows that are largely independent of those
from other asets or groups of asets, in which case
the recoverable amount is determined for the
cash-generating unit to which the aset belongs. In
testing a cash-generating unit for impairment, a
portion of the carying amount of a corporate aset
(e.g., a headquarters building) is alocated to an
individual cash-generating unit if it can be alocated
on a reasonable and consistent basis or, otherwise, to
the smalest group of cash-generating units.
An impairment los is recognised only if the carying
amount of an aset exceds its recoverable amount.
In asesing value in use, the estimated future cash
flows are discounted to their present value using a
pre-tax discount rate that reflects curent market
asesments of the time value of money and the risks
specific to the aset. An impairment los is charged to
the consolidated statement of profit or los in the
period in which it arises, unles the aset is caried at
a revalued amount, in which case the impairment los
is acounted for in acordance with the relevant
acounting policy for that revalued aset.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
非金融资产减值（续）
于每个报告期末均会进行评估，
以检测是否有任何迹象显示过往
确认之减值亏损不再存在或可能
已经减少。倘存有该等迹象，便
估计可收回金额。除商誉外，仅
于厘定资产之可收回金额之估计
出现变动时，于先前已确认之资
产减值亏损方可拨回，惟拨回后
之金额，不得高于假设该资产于
以往年度并无确认减值亏损而应
有之账面值（经扣除任何折旧╱摊
销）。该等减值亏损的拨回会于其
产生期间计入综合损益表，惟倘
资产按重估金额列账，则该减值
亏损的拨回根据该重估资产的相
关会计政策入账。
关连人士
一方被视为本集团之关连人士，
倘：
(a) 该方为一名人士或该名人士
的一名近亲，而该名人士：
(i) 控制或共同控制本集
团；
(i) 对本集团有重大影响
力；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 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/
amortisation) had no impairment los ben recognised
for the aset in prior years. A reversal of such an
impairment los is credited to the consolidated
statement of profit or los in the period in which it
arises, unles the aset is caried at a revalued
amount, in which case the reversal of the impairment
los is acounted for in acordance with the relevant
acounting policy for that revalued aset.
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 a parent of the
Group; or
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
关连人士（续）
(b) 该方为一实体，且符合下列
任何条件：
(i) 该实体与本集团属同
一集团之成员公司；
(i) 一实体为另一实体
（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) 一实体为第三方实体
之合营企业，而另一
实体为第三方实体之
联营公司；
(v) 该实体为本集团或与
本集团有关连之实体
就雇员福利设立之离
职后福利计划；及离
职后福利计划之赞助
雇主；
(vi) 该实体受(a)所识别人
士控制或共同控制；
(vi) 于(a)(i)所识别人士对
该实体有重大影响力
或属该实体（或该实
体之母公司）主要管
理层成员；及
(vi) 该实体或其所属集团
的任何成员公司，向
本集团或本集团母公
司提供主要管理人员
服务。
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; and the sponsoring employers
of the post-employment benefit plan;
(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.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
物业、厂房及设备以及折旧
物业、厂房及设备按成本或估值
减累计折旧及任何减值亏损入
账。物业、厂房及设备项目之成
本值包括购入价格及将该资产投
入运作状态及地点作拟定用途所
须直接支付之任何费用。
物业、厂房及设备项目投入运作
后所产生之开支，如维修及保养
费等，一般在费用产生之期间内
自综合损益表扣除。倘能符合确
认条件，重大检查之开支可于资
产账面值予以资本化作为代替。
倘物业、厂房及设备之主要部份
需分期替换，本集团会确认该等
部份为有特定使用年期之个别资
产，并对其作出相应折旧。
分类为使用权资产及自有资产的
土地及楼宇按估值减其后累计折
旧及减值亏损计量。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Property, plant and equipment and
depreciation
Property, plant and equipment are stated at cost or
valuation les acumulated depreciation and any
impairment loses. The cost of an item of property,
plant and equipment comprises its purchase price and
any directly atributable costs of bringing the aset to
its working condition and location for its intended
use.
Expenditure incured after items of property, plant and
equipment have ben put into operation, such as
repairs and maintenance, is normaly charged to the
consolidated statement of profit or los in the period
in which it is incured. In situations where the
recognition criteria are satisfied, the expenditure for a
major inspection is capitalised in the carying amount
of the aset as a replacement. Where significant parts
of property, plant and equipment are required to be
replaced at intervals, the Group recognises such parts
as individual asets with specific useful lives and
depreciates them acordingly.
Land and buildings, clasified as right-of-use asets
and owned asets, are measured at valuation les
subsequent acumulated depreciation and impairment
loses.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
物业、厂房及设备以及折旧
（续）
本集团经常进行估值以确保重估
资产之公平值与其账面值不会有
重大差异。物业、厂房及设备之
价值变动作物业重估储备变动处
理。如按个别资产基准，此储备
之总数不足以弥补亏绌，则亏绌
超出此储备的部分在综合损益表
扣除。其后任何重估盈余计入综
合损益表，惟以过往扣除之亏绌
为限。基于资产经重估账面值之
折旧与基于该项资产原来成本之
折旧之差额部份，每年会由物业
重估储备转拨至保留溢利。出售
一项重估资产时，就以往估值变
现之物业重估储备之有关部份乃
转入保留溢利，作为储备之变动
处理。
折旧乃按个别物业、厂房与设备
项目以直线法，或按余额递减法
按估计可使用年期撇销其成本值
或估值至剩余价值计算。就此而
言之主要年率如下：
楼宇按剩余租赁年期
（按直线法）
租赁修葺按剩余租赁年期
（按直线法）
家具及装置15%（按余额递
减法）
办公室及
其他设备
15%（按余额递
减法）
工具及设备15%（按余额递
减法）
汽车15%（按余额递
减法）
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Property, plant and equipment and
depreciation (Continued)
Valuations are performed frequently enough to ensure
that the fair value of a revalued aset does not difer
materialy from its carying amount. Changes in the
values of property, plant and equipment are dealt
with as movements in the property revaluation
reserve. If the total of this reserve is insuficient to
cover a deficit, on an individual aset basis, the exces
of the deficit is charged to the consolidated statement
of profit or los. Any subsequent revaluation surplus is
credited to the consolidated statement of profit or
los to the extent of the deficit previously charged.
An anual transfer from the property revaluation
reserve to retained profits is made for the diference
betwen the depreciation based on the revalued
carying amount of an aset and the depreciation
based on the aset’s original cost. On disposal of a
revalued aset, the relevant portion of the property
revaluation reserve realised in respect of previous
valuations is transfered to retained profits as a
movement in reserves.
Depreciation is calculated on the straight-line basis or
reducing balance basis to write of the cost or
valuation amount 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:
BuildingsOver the remaining lease terms
on the straight-line basis
Leasehold
improvements
Over the remaining lease terms
on the straight-line basis
Furniture and
fixtures
15% on the reducing balance
basis
Ofice and other
equipment
15% on the reducing balance
basis
Tols and
equipment
15% on the reducing balance
basis
Motor vehicles15% on the reducing balance
basis
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
物业、厂房及设备以及折旧
（续）
当一项物业、厂房及设备之各部
份之可使用年期各有不同，此项
目各部份之成本或估值将按合理
基础分配，而每部份将作个别折
旧。剩余价值、可使用年期和折
旧方法至少于各财政年度末进行
检讨和调整（如适合）。
物业、厂房及设备项目（包括任何
首次确认之重大部份）于出售时，
或预期使用或出售于日后不再有
经济效益时，将终止确认。年内
终止确认之资产因其出售或报废
并在综合损益表被确认之任何收
益或亏损，乃有关资产之销售所
得款项净额与账面值之差额。
投资物业
投资物业为持作赚取租金收入
及╱或资本升值所持土地及楼宇
之权益（包括使用权资产）。该等
物业于初始按成本（包括交易成
本）计算。于初始确认后，投资物
业乃按公平值列账，乃反映于报
告期末之市况。
投资物业之公平值变动所产生之
收益或亏损，于彼等产生年度计
入综合损益表内。
因一项投资物业报废或出售而产
生之任何收益或亏损，于其报废
或出售之年度在综合损益表内确
认。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Property, plant and equipment and
depreciation (Continued)
Where parts of an item of property, plant and
equipment have diferent useful lives, the cost or
valuation amount 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 methods are reviewed, and
adjusted if apropriate, at least at each financial year
end.
An item of property, plant and equipment including
any significant part initialy recognised is derecognised
upon disposal or when no future economic benefits
are expected from its use or disposal. Any gain or los
on disposal or retirement recognised in the
consolidated statement of profit or los in the year
the aset is derecognised is the diference betwen
the net sales proceds and the carying amount of the
relevant aset.
Investment properties
Investment properties are interests in land and
buildings (including right-of-use asets) held to earn
rental income and/or for capital apreciation. Such
properties are measured initialy at cost, including
transaction costs. Subsequent to initial recognition,
investment properties are stated at fair value, which
reflects market conditions at the end of the reporting
period.
Gains or loses arising from changes in the fair values
of investment properties are included in the
consolidated statement of profit or los in the year in
which they arise.
Any gains or loses on the retirement or disposal of
an investment property are recognised in the
consolidated statement of profit or los in the year of
the retirement or disposal.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
投资物业（续）
仅当存在用途变动并由下列准则
证明时，本集团厘定待售已竣工
物业会否转移至投资物业：(a)本
集团已编制反映该物业产生的未
来租金收入的业务计划，并有证
据证明租赁空间存在需求；(b)本
集团可展示其拥有资源（包括所需
融资或资本）持有及管理投资物
业；(c)用途变动获合法许可；(d)
倘物业必须进一步发展以作用途
变动，则该发展已经展开及(e)用
途变动获董事会批准。
租赁
本集团于合约开始时评估合约是
否一项租赁或包含一项租赁。倘
合约将一段期间内使用一项已识
别资产的控制权转让以换取代
价，则该合约为一项租赁或包含
一项租赁。
本集团为承租人
本集团就所有租赁应用单一确认
及计量方法，惟短期租赁及低价
值资产租赁除外。本集团确认租
赁负债，使租赁付款及使用权资
产代表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日期）
确认。使用权资产按成本计
量，惟租赁土地则按公平值
减累计折旧及任何减值亏损
计量，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
债金额、所产生的初步直接
成本，以及于开始日期或之
前作出的租赁付款减任何已
收取的租赁优惠。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Investment properties (Continued)
The Group determines whether completed properties
held for sale would be transfered to investment
properties when, only when, there is a change in use,
evidenced by the folowing criteria: (a) the Group has
prepared a busines plan that reflects the future
rental income generated by the property and this is
suported with evidence that there is demand for
rental space; (b) the Group can demonstrate that it
has the resources, including the necesary financing or
capital, to hold and manage an investment property;
(c) the change in use is legaly permisible; (d) if the
property must be further developed for the change in
use, the development has comenced and (e) the
change in use is aproved by the board.
Leases
The Group aseses at contract inception whether a
contract is, or contains, a lease. A contract is, or
contains, a lease if the contract conveys the right to
control the use of an identified aset for a period of
time in exchange for consideration.
Group as a lese
The Group aplies a single recognition and
measurement aproach for al leases, except for
short-term leases and leases of low-value asets. The
Group recognises lease liabilities to make lease
payments and right-of-use asets representing the
right to use the underlying asets.
(a) Right-of-use asets
Right-of-use asets are recognised at the
comencement date of the lease (that is the
date the underlying aset is available for use).
Right-of-use asets are measured at cost, except
for the leasehold land which is measured at fair
value, 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.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
租赁（续）
本集团为承租人（续）
(a) 使用权资产（续）
使用权资产以直线法，于租
期及资产估计可使用年期两
者中较短者进行折旧。资产
估计可使用年期如下：
租赁土地按剩余租赁
年期
租赁物业按剩余租赁
年期
倘租赁资产拥有权于租期结
束时转让予本集团，或成本
反映行使购买权，则使用资
产估计可使用年期计算折
旧。
当使用权资产与持作存货的
租赁土地权益相关时，其后
按本集团「存货」政策，以
成本与可变现净值两者中较
低者计量。当使用权资产符
合投资物业的定义时，则计
入投资物业中。相关使用权
资产初步按成本计量，其后
根据本集团「投资物业」政
策按公平值计量。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Leases (Continued)
Group as a lese (Continued)
(a) Right-of-use asets (Continued)
Right-of-use asets are depreciated on a
straight-line basis over the shorter of the lease
terms and the estimated useful lives of the
asets as folows:
Leasehold
land
Over the remaining lease
terms
Leased
property
Over the remaining lease
terms
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.
When the right-of-use asets relate to interests
in leasehold land held as inventories, they are
subsequently measured at the lower of cost and
net realisable value in acordance with the
Group’s policy for “inventories”. When a
right-of-use aset mets the definition of
investment property, it is included in investment
properties. The coresponding right-of-use aset
is initialy measured at cost, and subsequently
measured at fair value, in acordance with the
Group’s policy for “investment properties”.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
租赁（续）
本集团为承租人（续）
(b) 租赁负债
租赁负债于租赁开始日期，
按将于租期内作出的租赁付
款现值确认。租赁付款包括
固定款项（包括实质上固定
的款项）减任何应收租赁优
惠，取决于一项指数或比率
的可变租赁款项，以及预期
根据剩余价值担保将予支付
的金额。租赁款项亦包括合
理确定本集团将予行使的购
买权行使价，如租期反映本
集团行使终止权，则亦包括
终止租赁的罚款。并非取决
于一项指数或比率可变租赁
款项，于导致付款的事件或
条件发生的期间确认为开
支。
于计算租赁款项现值时，本
集团使用租赁开始日期的增
量借贷利率，原因是租赁内
含的利率并非可即时厘定。
于开始日期后，租赁负债金
额的增减分别反映利息计算
及作出租赁付款。此外，倘
出现修订、租期变更、租赁
款项变动（例如指数或比率
变动导致未来租赁款项变
动）或购买相关资产选择权
的评估出现变动，租赁负债
的账面值会被重新计量。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Leases (Continued)
Group as a lese (Continued)
(b) Lease liabilities
Lease liabilities are recognised at the
comencement date of the lease at the present
value of lease payments to be made over the
lease term. The lease payments include fixed
payments (including in-substance fixed
payments) les any lease incentives receivable,
variable lease payments that depend on an
index or a rate, and amounts expected to be
paid under residual value guarantes. The lease
payments also include the exercise price of a
purchase option reasonably certain to be
exercised by the Group and payments of
penalties for termination of a lease, if the lease
term reflects the Group exercising the option to
terminate the lease. The variable lease payments
that do not depend on an index or a rate are
recognised as an expense in the period in which
the event or condition that trigers the payment
ocurs.
In calculating the present value of lease
payments, the Group uses its incremental
borowing rate at the lease comencement
date because the interest rate implicit in the
lease is not readily determinable. After the
comencement date, the amount of lease
liabilities is increased to reflect the acretion of
interest and reduced for the lease payments
made. In adition, the carying amount of lease
liabilities is remeasured if there is a
modification, a change in the lease term, a
change in lease payments (e.g., a change to
future lease payments resulting from a change
in an index or rate) or a change in asesment
of an option to purchase the underlying aset.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
租赁（续）
本集团为承租人（续）
(c) 短期租赁及低价值资产
租赁
本集团对建筑与设备的短期
租赁（即租期自开始日期起
十二个月或更短时间完结，
及并无包含购买权的租赁）
应用短期租赁确认豁免。其
亦对被视为低价值的租赁应
用低价值资产租赁确认豁
免。
短期租赁及低价值资产租赁
的租赁款项，以直线法于租
期内确认为开支。
本集团作为出租人
当本集团以出租人身份行事，其
于租赁开始时（或当出现租赁修订
时）将各项租赁分类为经营租赁或
融资租赁。
本集团并无将一项资产拥有权附
带的绝大部份风险及回报转让的
租赁，会分类为经营租赁。当合
约包含租赁及非租赁部份，本集
团将合约内的代价，按相关独立
售价基准分配至各部份。租金收
入以直线法于租期内入账，并由
于营运性质而计入综合损益表之
收益或其他收入内。商讨及安排
经营租赁产生的初步直接成本加
进已租赁资产的账面值中，并按
租金收入相同基准于租期内确
认。或然租金于赚取该等或然租
金期间确认为收益。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Leases (Continued)
Group as a lese (Continued)
(c) Short-term leases and leases of low-value
asets
The Group aplies the short-term lease
recognition exemption to its short-term leases of
buildings 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). It also aplies the
recognition exemption for leased asets to leases
that are considered to be of low value.
Lease payments on short-term leases and leases
of low-value asets are recognised as an
expense on a straight-line basis over the lease
term.
Group as a lesor
When the Group acts as a lesor, it clasifies at lease
inception (or when there is a lease modification) each
of its leases as either an operating lease or a finance
lease.
Leases in which the Group does not transfer
substantialy al the risks and rewards incidental to
ownership of an aset are clasified as operating
leases. When a contract contains lease and non-lease
components, the Group alocates the consideration in
the contract to each component on a relative
stand-alone seling price basis. Rental income is
acounted for on a straight-line basis over the lease
terms and is included in revenue or other income in
the consolidated statement of profit or los due to its
operating nature. Initial direct costs incured in
negotiating and aranging an operating lease are
aded to the carying amount of the leased aset and
recognised over the lease term on the same basis as
rental income. Contingent rents are recognised as
revenue in the period in which they are earned.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
租赁（续）
本集团作为出租人（续）
将相关资产拥有权附带的绝大部
份回报及风险转让予承租人的租
赁，会作为融资租赁入账。
售后租回交易
作为承租人
倘售后租回交易项下资产转让属
于销售，本集团（作为承租人）基
于售后所取得使用权相关的原资
产账面值部分，计量所创造的使
用权资产，并仅就转让予出租人
之权利确认相关溢利或亏损。倘
售后租回交易项下的资产转让并
不属于销售，本集团（作为承租
人）将继续确认已转让资产，同时
确认相等于转让收入的财务负债。
投资及其他金融资产
初步确认及计量
金融资产于初始确认时分类为其
后按摊销成本计量、按公平值计
入其他全面收益及按公平值计入
损益账计量。
于初步确认时，金融资产分类取
决于金融资产之合约现金流量特
性及本集团管理该等资产之业务
模式。除应收账项并无包含重大
融资部分或本集团就应收账项已
采用不会调整重大融资部分影响
之可行权宜方法者下，本集团初
步按其公平值计量金融资产，在
并非按公平值计入损益账之金融
资产的情况下，另加上交易成
本。并无包含重大融资部分或本
集团已采用可行权宜方法之应收
账项根据下文「收益确认」所载之
政策根据香港财务报告准则第15
号厘定之交易价格计量。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Leases (Continued)
Group as a lesor (Continued)
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.
Sales and leaseback transactions
As lese
If the aset transfer under a sale and leaseback
transaction belongs to sale, the Group, as a lese,
measures the right-of-use asets created by the sale
and leaseback based on the portion of carying
amount of the original asets related to right of use
obtained upon leaseback, and only recognise relevant
profit or los for the right transfered to the lesor, If
the aset transfer under a sale and leaseback
transaction does not belong to sale, the Group, as a
lese, wil continue to recognise the transfered
asets while recognise a financial liability equal to the
transfer income.
Investments and other financial asets
Initial recognition and measurement
Financial asets are clasified, at initial recognition, as
subsequently measured at amortised cost, fair value
through other comprehensive income, and fair value
through profit or los.
The clasification of financial asets at initial
recognition depends on the financial aset’s
contractual cash flow characteristics and the Group’s
busines model for managing them. With the
exception of acounts receivable that does not contain
a significant financing component or for which the
Group has aplied the practical expedient of not
adjusting the efect of a significant financing
component, the Group initialy measures a financial
aset at its fair value plus in the case of a financial
aset not at fair value through profit or los,
transaction costs. Acounts receivable that does 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.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
投资及其他金融资产（续）
初步确认及计量（续）
为使金融资产按摊销成本分类及
计量或按公平值计入其他全面收
益，其需要产生纯粹作为支付本
金及尚未清偿本金额之利息（「纯
粹支付本金及利息」）之现金流
量。拥有并非纯粹支付本金及利
息现金流量的金融资产，乃按公
平值计入损益账分类及计量，而
不论业务模式为何。
本集团管理金融资产之业务模式
指其管理其金融资产以产生现金
流量之方式。业务模式厘定现金
流量将产生自收取合约现金流
量、出售金融资产或两者兼而有
之。按摊销成本分类并计量的金
融资产，乃于目的为持有金融资
产以收取合约现金流量的业务模
式内持有，而按公平值计入其他
全面收益分类及计量的金融资
产，则为目的为同时持有以收取
合约现金流量及出售的业务模式
内持有。并非于上述业务模式内
持有的金融资产乃按公平值计入
损益账分类及计量。
买入或出售乃必须按规例或市场
惯例一般设定之期间内交付之金
融资产于交易日期确认，即本集
团承诺购买或出售资产当日。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Investments and other financial asets
(Continued)
Initial recognition and measurement (Continued)
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.
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.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
投资及其他金融资产（续）
其后计量
金融资产之其后计量视以下分类
而定：
(a) 按摊销成本计量之金融
资产（债务工具）
按摊销成本计量之金融资产
其后使用实际利率法计量，
并须予减值。当资产终止确
认、修改或减值时，则会在
综合损益表内确认收益及亏
损。
(b) 按公平值计入损益账之
金融资产
按公平值计入损益账之金融
资产按公平值在综合财务状
况表内列账，而公平值之净
变动则在综合损益表内确
认。
此类别包括本集团并无不可
撤销地选择分类为按公平值
计入其他全面收益之衍生工
具及权益投资。于确立付款
权利时，权益投资股息亦在
综合损益表内确认为其他收
入。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Investments and other financial asets
(Continued)
Subsequent measurement
The subsequent measurement of financial asets
depends on their clasification as folows:
(a) Financial asets at amortised costs (debt
instruments)
Financial asets at amortised cost are
subsequently measured using the efective
interest method and are subject to impairment.
Gains and loses are recognised in the
consolidated statement of profit or los when
the aset is derecognised, modified or impaired.
(b) Financial asets at fair value through profit
or los
Financial asets at fair value through profit or
los are caried in the consolidated statement of
financial position at fair value with net changes
in fair value recognised in the consolidated
statement of profit or los.
This category includes derivative instruments and
equity investments which the Group had not
irevocably elected to clasify at fair value
through other comprehensive income. Dividends
on the equity investments are also recognised as
other income in the consolidated statement of
profit or los when the right of payment has
ben established.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
终止确认金融资产
金融资产（或如适用，金融资产其
中一部份或一组类似之金融资产
其中一部份）在下列情况下初步终
止确认（即从本集团综合财务状况
表中删除）：
— 自该资产收取现金流量之权
利已届满；或
— 当本集团已转让其收取该项
资产所得现金流量之权利，
或已根据一项「转递」安排
承担责任，在无重大延误之
情况下，将所收到之现金流
量全数付予第三方；及(a)本
集团已转让该资产之绝大部
份风险及回报，或(b)本集
团无转让或保留该资产之绝
大部份风险及回报，惟已转
让该资产之控制权。
当本集团在已转让其自资产收取
现金流量之权利或已订立一项转
递安排时，需评估是否保留该资
产拥有权之风险及回报，以及其
程度。当并无转让或保留资产之
大部份风险及回报，亦无转让资
产之控制权时，则本集团继续确
认所转让资产，以本集团继续参
与为限。于此情况下，本集团亦
确认相关负债。已转让资产及相
关负债乃按反映本集团保留之权
利及义务之基准计量。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Derecognition of financial asets
A financial aset (or, where aplicable, a part of a
financial aset or part of a group of similar financial
asets) is primarily derecognised (i.e., removed from
the Group’s consolidated statement of financial
position) when:
— the rights to receive cash flows from the aset
have expired; or
— the Group has transfered its rights to receive
cash flows from the aset or has asumed an
obligation to pay the received cash flows in ful
without material delay to a third party under a
“pas-through” arangement; and either (a) the
Group has transfered substantialy al the risks
and rewards of the aset, or (b) the Group has
neither transfered nor retained substantialy al
the risks and rewards of the aset, but has
transfered control of the aset.
When the Group has transfered its rights to receive
cash flows from an aset or has entered into a
pas-through arangement, it evaluates if, and to
what extent, it has retained the risk and rewards of
ownership of the aset. When it has neither
transfered nor retained substantialy al the risks and
rewards of the aset nor transfered control of the
aset, the Group continues to recognise the
transfered aset to the extent of the Group’s
continuing involvement. In that case, the Group also
recognises an asociated liability. The transfered aset
and the asociated liability are measured on a basis
that reflects the rights and obligations that the Group
has retained.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
金融资产减值
本集团就所有并非持有为按公平
值计入损益账之债务工具确认预
期信贷损失（「预期信贷损失」）拨
备。预期信贷损失乃按根据合约
到期之合约现金流量与本集团预
期将会收取之所有现金流量之间
的差异，按概约原始实际利率贴
现得出。预期现金流量将包括出
售所持有抵押品之现金流量或属
于合约条款完整部分之其他信贷
增级措施。
一般方式
预期信贷损失分两个阶段确认。
就自初始确认以来信贷风险并无
大幅增加之信贷风险而言，预期
信贷损失乃就可能于未来12个月
内发生之违约事件所导致之信贷
损失计提拨备（12个月预期信贷
损失）。就自初始确认以来信贷风
险已经大幅增加之该等信贷风险
而言，需要就于风险剩余年期内
之预期信贷损失计提损失拨备，
而不论违约时间（全期预期信贷损
失）。
于各报告日期，本集团评估金融
工具之信贷风险自初始确认以来
有否大幅增加。当作出该评估
时，本集团比较金融工具于报告
日期产生之违约风险与于初始确
认日期就金融工具产生违约之风
险，并考虑在并无繁重成本或工
作下可得之合理及具有理据资
料，包括历史及前瞻性资料。本
集团认为，当合约付款逾期超过
30日时，则信贷风险大幅增加。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Impairment of financial asets
The Group recognises an alowance for expected
credit loses (“ECLs”) for al debt instruments not held
at fair value through profit or los. ECLs are based on
the diference betwen the contractual cash flows due
in acordance with the contract and al the cash flows
that the Group expects to receive, discounted at an
aproximation of the original efective interest rate.
The expected cash flows wil include cash flows from
the sale of colateral held or other credit
enhancement that are integral to the contractual
terms.
General aproach
ECLs are recognised in two stages. For credit
exposures for which there has not ben a significant
increase in credit risk since initial recognition, ECLs are
provided for credit loses that result from default
events that are posible within the next 12 months (a
12-month ECL). For those credit exposures for which
there has ben a significant increase in credit risk
since initial recognition, a los alowance is required
for credit loses expected over the remaining life of
the exposure, irespective of the timing of the default
(a lifetime ECL).
At each reporting date, the Group aseses whether
the credit risk on a financial instrument has increased
significantly since initial recognition. When making the
asesment, the Group compares the risk of a default
ocuring on the financial instrument as at the
reporting date with the risk of a default ocuring on
the financial instrument as at the date of initial
recognition and considers reasonable and suportable
information that is available without undue cost or
efort, including historical and forward-loking
information. The Group considers that there has ben
a significant increase in credit risk when contractual
payments are more than 30 days past due.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
金融资产减值（续）
一般方式（续）
当合约付款逾期超过90日时，本
集团会视金融资产违约。基于合
理及支持资料，包括本集团之信
贷风险控制常规，及逾期超过90
日之财务资产之历史收回率，本
集团已推翻逾期90日即属违约之
推定。然而，在若干情况下，于
内部或外部资料显示本集团不大
可能在计入本集团持有之任何信
贷增级措施前悉数收取尚未清偿
合约金额时，本集团亦可能会视
金融资产违约。倘并无合理预期
收回合约现金流量，则会撇销金
融资产。
按摊销成本计量之金融资产根据
一般方式须面临减值，且其在下
列计量预期信贷损失阶段内分
类，惟应用下文所详述简化方针
之应收账项除外。
第1阶段： 信贷风险自初始确认
以来并无大幅增加且
损失拨备按相等于12
个月预期信贷损失金
额计量之金融工具
第2阶段： 信贷风险自初始确认
以来已经大幅增加惟
并非属已经出现信贷
减值金融资产且损失
拨备按相等于全期预
期信贷损失金额计量
之金融工具
第3阶段： 于报告日期已经出现
信贷减值（惟并非购
买或起始信贷减值）
且损失拨备按相等于
全期预期信贷损失金
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)
The Group considers a financial aset in default when
contractual payments are over 90 days past due. The
Group has rebuted the 90 days past due
presumption of default based on reasonable and
suportable information, including the Group’s credit
risk control practices and historical recovery rate of
financial asets over 90 days past due. However, in
certain cases, the Group may also consider a financial
aset to be in default when internal or external
information indicates that the Group is unlikely to
receive the outstanding contractual amounts in ful
before taking into acount any credit enhancements
held by the Group. A financial aset is writen of
when there is no reasonable expectation of recovering
the contractual cash flows.
Financial asets at amortised cost are subject to
impairment under the general aproach and they are
clasified within the folowing stages for measurement
of ECLs except for acounts receivable which aplies
the simplified aproach as detailed below.
Stage 1: Financial instruments for which credit risk
has not increased significantly since initial
recognition and for which the los
alowance is measured at an amount equal
to 12-month ECLs
Stage 2: Financial instruments for which credit risk
has increased significantly since initial
recognition but that are not
credit-impaired financial asets and for
which the los alowance is measured at
an amount equal to lifetime ECLs
Stage 3: Financial asets that are credit-impaired at
the reporting date (but that are not
purchased or originated credit-impaired)
and for which the los alowance is
measured at an amount equal to lifetime
ECLs
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
金融资产减值（续）
简化方式
就并不包含重大融资部分之应收
账项而言或当本集团采用不会调
整重大融资部分影响之可行权宜
方法时，本集团应用简化方式计
算预期信贷损失。根据简化方
式，本集团并无追踪信贷风险变
动，惟按照于各报告日期之全期
预期信贷损失确认损失拨备。本
集团已经按照其历史信贷损失经
验设立拨备矩阵，并就债务人及
经济环境之具体前瞻性因素作出
调整。
金融负债
初步确认及计量
金融负债于初步确认时被分类为
按公平值计入损益账之金融负
债、贷款及借款、应付款项，或
被指定为一项有效对冲之对冲工
具之衍生工具（如适用）。
所有金融负债初步按公平值确
认，及倘为贷款及借款以及应付
款项，则应扣除直接应占交易成
本。
本集团之金融负债包括应付账
项、其他应付款项、若干应计费
用、应付联营公司及关连人士款
项、应付债券以及计息银行及其
他借贷。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Impairment of financial asets (Continued)
Simplified aproach
For acounts receivable that does 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 are clasified, at initial recognition,
as financial liabilities at fair value through profit or
los, loans and borowings, payables, or as derivatives
designated as hedging instruments in an efective
hedge, 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.
The Group’s financial liabilities include acounts
payable, other payables, certain acruals, amounts due
to asociates and related parties, bonds payable and
interest-bearing bank and other borowings.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
金融负债（续）
按摊销成本计量之金融负债之
其后计量
于初步确认后，贸易及其他应付
款项以及计息借款随后以实际利
率法按摊销成本计量，除非贴现
影响并不重大，在该情况下则按
成本列账。当负债终止确认及透
过实际利率进行摊销程序时，其
损益在综合损益表内确认。
摊销成本于计及收购事项之任何
折让或溢价及属实际利率整体一
部份之费用或成本后计算。实际
利率摊销计入综合损益表之财务
费用内。
终止确认金融负债
金融负债于负债之责任已解除或
注销或届满时终止确认。
当现有金融负债为同一贷款人以
大致上不同条款之负债取代时，
或现有负债之条款有重大修改
时，有关交换或修改则被视为终
止确认原有负债及确认一项新负
债，而各项账面值之间之差额乃
于综合损益表中确认。
抵销金融工具
倘目前具有可强制执行之法律权
利以抵销确认金额及有意按净额
基准偿付，或变现资产与清偿负
债同时进行，则金融资产及金融
负债予以抵销及净额于综合财务
状况表内呈报。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Financial liabilities (Continued)
Subsequent measurement for financial liabilities
at amortised cost
After initial recognition, trade and other payables, and
interest-bearing borowings are subsequently
measured at amortised cost, using the efective
interest rate method unles the efect of discounting
would be imaterial, in which case they are stated at
cost. Gains and loses are recognised in the
consolidated statement of profit or los when the
liabilities are derecognised as wel as through the
efective interest rate amortisation proces.
Amortised cost is calculated by taking into acount
any discount or premium on acquisition and fes or
costs that are an integral part of the efective interest
rate. The efective interest rate amortisation is
included in finance costs in the consolidated
statement of profit or los.
Derecognition of financial liabilities
A financial liability is derecognised when the
obligation under the liability is discharged or
canceled, or expires.
When an existing financial liability is replaced by
another from the same lender on substantialy
diferent terms, or the terms of an existing liability are
substantialy modified, such an exchange or
modification is treated as a derecognition of the
original liability and a recognition of a new liability,
and the diference betwen the respective carying
amounts is recognised in the consolidated statement
of profit or los.
Ofseting of financial instruments
Financial asets and financial liabilities are ofset and
the net amount is reported in the consolidated
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.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
存货
存货乃按成本与可变现净值两者
中之较低者列账。成本则按先进
先出法计算。可变现净值是根据
估计售价扣除用以出售而产生之
任何估计成本。
待售物业
待售已竣工物业按成本与可变现
净值之较低者列账。成本藉分配
未售物业应占之土地及楼宇总成
本而厘定。可变现净值计及售
价，并减去根据当前市况出售物
业将予产生的估计成本。
现金及现金等值项目
综合财务报表内的现金及现金等
值项目包括于银行的手头现金及
到期日一般为三个月内并可兑换
为已知数额现金的短期高流通性
存款，其价值变动风险并不重
大，并持有作满足短期现金承担
之用。
就综合现金流量表而言，现金及
现金等值项目包括手头及银行现
金，以及短期存款（定义见上
文），减去须按要求偿还并组成本
集团现金管理完整部分的银行透
支。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Inventories
Inventories are stated at the lower of cost and net
realisable value. Cost is determined on the first-in,
first-out basis. Net realisable value is based on
estimated seling prices les any estimated costs to be
incured to disposal.
Properties held for sale
Completed properties held for sale are stated at the
lower of cost and net realisable value. Cost is
determined by an aportionment of the total costs of
land and buildings atributable to the unsold
properties. Net realisable value takes into acount the
seling price, les estimated costs to be incured in
seling the properties based on prevailing market
conditions.
Cash and cash equivalents
Cash and cash equivalents in the consolidated
statement of financial position comprise cash on hand
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.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
拨备
倘因过往事件引致现时之责任（法
定或推定），且有可能需要动用未
来资源以清偿该责任，则确认拨
备，惟前提是该责任金额能可靠
估计。
当本集团预期将报销部分或全部
拨备，该报销会确认为独立资
产，惟仅当报销属几乎确定时方
予确认。有关拨备的开支于综合
损益表内扣除任何报销后呈列。
倘贴现之影响属重大，就拨备确
认之金额为清偿预期结付该责任
所需之未来开支于报告期末之现
值。时间转移产生之已贴现值
金额之升幅计入综合损益表中之
财务费用。
所得税
所得税包括即期税项及递延税
项。与于损益账外确认之项目有
关之所得税于其他全面收益或直
接于权益确认。
即期税项资产及负债，乃根据已
实施或于报告期末已实质实施之
税率（及税法），并考虑本集团业
务所在国家之现有诠释及惯例，
按预期将从税务机关收回或将支
付予税务机关之金额计量。
递延税项乃就于报告期末之资产
与负债之税基与其用作财务申报
之账面值之间之所有暂时差额以
负债法拨备。
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 Group expects some or al of a provision to
be reimbursed, the reimbursement is recognised as a
separate aset, but only when the reimbursement is
virtualy certain. The expense relating to a provision is
presented in the consolidated statement of profit or
los net of any reimbursement.
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 finance costs in the consolidated
statement of profit or los.
Income tax
Income tax comprises curent and defered tax.
Income tax relating to items recognised outside profit
or los is recognised outside profit or los, either in
other comprehensive income or directly in equity.
Curent tax asets and liabilities are measured at the
amount expected to be recovered from or paid to the
taxation authorities, based on tax rates (and tax laws)
that have ben enacted or substantively enacted by
the end of the reporting period, taking into
consideration interpretations and practices prevailing
in the countries in which the Group operates.
Defered tax is provided, using the liability method,
on al temporary diferences at the end of the
reporting period betwen the tax bases of asets and
liabilities and their carying amounts for financial
reporting purposes.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
所得税（续）
递延税项负债就所有应课税暂时
差额予以确认，惟以下情况除外：
— 当递延税项负债源于初次确
认商誉或一项交易（并非一
项业务合并，而且该项交易
进行时不影响会计溢利及应
课税溢利或亏损，亦不产生
相同应课税及可扣税暂时差
额）之资产或负债者；及
— 就与于附属公司及联营公司
之投资相关之应课税暂时差
额而言，倘暂时差额之拨回
时间可予控制，且于可见之
未来不可能拨回者。
递延税项资产就所有可扣税暂时
差额、未动用税项抵免及任何未
动用税项亏损之结转予以确认。
倘应课税溢利将可能用作抵销可
扣税暂时差额、未动用税项抵免
及未动用税项亏损结转，则递延
税项资产予以确认，惟以下情况
除外：
— 有关可扣税暂时差额之递延
税项资产源于初次确认一项
交易（并非一项业务合并，
而且该项交易进行时不影响
会计溢利及应课税溢利或亏
损，亦不产生相同应课税及
可扣税暂时差额）之资产或
负债者；及
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 and
asociates, when the timing of the reversal of
the temporary diferences can be controled and
it is probable that the temporary diferences wil
not reverse in the foreseable future.
Defered tax asets are recognised for al deductible
temporary diferences, and the caryforward of unused
tax credits and any unused tax loses. Defered tax
asets are recognised to the extent that it is probable
that taxable profit wil be available against which the
deductible temporary diferences, and the
caryforward of unused tax credits and unused tax
loses can be utilised, except:
— when the defered tax aset relating to the
deductible temporary diferences arises from the
initial recognition of an aset or liability in a
transaction that is not a busines combination
and, at the time of the transaction, afects
neither the acounting profit nor taxable profit
or los and does not give rise to equal taxable
and deductible temporary diferences; and
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
所得税（续）
— 就与于附属公司及联营公司
之投资相关之可扣税暂时差
额而言，仅于暂时差额在可
见之未来可能拨回，且有应
课税溢利可供抵销暂时差额
时，方会确认递延税项资
产。
递延税项资产之账面值乃于各报
告期末进行检讨，并扣减至不再
可能有足够应课税溢利可供全部
或部份递延税项资产被动用为
止。未予确认之递延税项资产会
于各报告期末进行重估，并限于
可能有足够应课税溢利可供全部
或部份递延税项资产可予收回之
部份则予确认。
递延税项资产与负债以预期适用
于资产变现或负债清偿期间之税
率计算，并以报告期末已颁布或
实际上已颁布之税率（及税法）计
算。
递延税项资产和递延税项负债当
且仅当本集团具有抵销即期税项
资产和即期税项负债之可强制执
行法律时才会被抵销，且递延税
项资产和递延税项负债乃与同一
税务机关就同一应课税实体或不
同应课税实体征收之所得税有
关，而有关应课税实体在未来各
期间将有大额递延税项负债或资
产预期结算或收回并计划以净额
基准结算即期税项负债及资产，
或同时变现资产与清偿负债。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Income tax (Continued)
— in respect of deductible temporary diferences
asociated with investments in subsidiaries and
asociates, defered tax asets are only
recognised to the extent that it is probable that
the temporary diferences wil reverse in the
foreseable future and taxable profits wil be
available against which the temporary
diferences can be utilised.
The carying amount of defered tax asets is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable
that suficient taxable profit wil be available to alow
al or part of the defered tax aset to be utilised.
Unrecognised defered tax asets are reasesed at the
end of each reporting period and are recognised to
the extent that it has become probable that suficient
taxable profit wil be available to alow al or part of
the defered tax aset to be recovered.
Defered tax asets and liabilities are measured at the
tax rates that are expected to aply to the period
when the aset is realised or the liability is setled,
based on tax rates (and tax laws) that have ben
enacted or substantively enacted by the end of the
reporting period.
Defered tax asets and defered tax liabilities are
ofset if and only if the Group has a legaly
enforceable right to set of curent tax asets and
curent tax liabilities and the defered tax asets and
defered tax liabilities relate to income taxes levied by
the same taxation authority on either the same
taxable entity or diferent taxable entities which
intend either to setle curent tax liabilities and asets
on a net basis, or to realise the asets and setle the
liabilities simultaneously, in each future period in
which significant amounts of defered tax liabilities or
asets are expected to be setled or recovered.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
政府补助
当合理保证将收到补助，并将符
合所有随附条件时，政府补助按
其公平值确认。当补助与开支项
目有关时，则于拟补助的成本予
以支销期间内，有系统地确认为
收入。
收益确认
客户合约收益
客户合约收益于货品或服务之控
制权转移至客户时，按反映本集
团预期将有权就该等货品或服务
交换代价之金额确认。
当合约包含融资部分，向客户提
供拨支向客户转移货品或服务超
过一年之重大利益时，收益则按
应收款项之现值计量，并使用将
反映于本集团与客户于合约起始
时之独立融资交易之贴现率进行
贴现。当合约包含融资部分，为
本集团提供重大财务利益超过一
年，则根据合约确认之收益包括
根据实际利率法就合约负债累计
之利息开支。就客户付款与转移
已承担货品或服务之期间为一年
或以内之合约而言，交易价格不
会使用香港财务报告准则第15号
之可行权宜方法就重大融资部分
之影响进行调整。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Government grants
Government grants are recognised at their fair value
where there is reasonable asurance that the grant
wil be received and al ataching conditions wil be
complied with. When the grant relates to an expense
item, it is recognised as income on a systematic basis
over the periods that the costs, for which it is
intended to compensate, are expensed.
Revenue recognition
Revenue from contracts with customers
Revenue from contracts with customers is recognised
when control of gods or services is transfered to the
customers at an amount that reflects the
consideration to which the Group expects to be
entitled in exchange for those gods or services.
When the contract contains a financing component
which provides the customer with a significant benefit
of financing the transfer of gods or services to the
customer for more than one year, revenue is
measured at the present value of the amount
receivable, discounted using the discount rate that
would be reflected in a separate financing transaction
betwen the Group and the customer at contract
inception. When the contract contains a financing
component which provides the Group with a
significant financial benefit for more than one year,
revenue recognised under the contract includes the
interest expense acreted on the contract liability
under the efective interest method. For a contract
where the period betwen the payment by the
customer and the transfer of the promised gods or
services is one year or les, the transaction price is not
adjusted for the efects of a significant financing
component, using the practical expedient in HKFRS
15.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
收益确认（续）
客户合约收益（续）
(a) 销售物业
销售物业收益于购买方实质
拥有已竣工之物业或其法定
业权时，且本集团拥有现行
权利要求付款并有可能取得
代价之时点确认。
(b) 销售产品
销售产品收益于资产控制权
转移予客户时的时间点（一
般于交付产品时）确认。
(c) 酒店营运
提供酒店营运的收益以直线
法按预定期间确认，原因为
顾客同时收取及享用本集团
提供的利益。
酒店的餐饮营运收益于食品
及饮品产品的控制权转让予
顾客时（一般为当顾客购买
食品及饮品项目时）确认。
来自其他来源之收益
来自投资物业之租金收入按时间
比例基准于租赁年期内确认。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Revenue recognition (Continued)
Revenue from contracts with customers
(Continued)
(a) Sale of properties
Revenue from the sale of properties is
recognised at the point in time when the
purchasers obtained the physical posesion or
legal title of the completed property, and the
Group has a present right to payment and the
colection of the consideration is probable.
(b) Sale of products
Revenue from the sale of products is recognised
at the point in time when control of the asets
is transfered to customers, generaly on delivery
of products.
(c) Hotel operations
Revenue from the provision of hotel operations
is recognised over the scheduled period on a
straight-line basis because the customer
simultaneously receives and consumes the
benefits provided by the Group.
Revenue from fod and beverage operations of
hotels is recognised at the point in time when
the control of fod and beverage products is
transfered to the customer, generaly upon
purchase of the fod and beverage items by the
customer.
Revenue from other sources
Rental income from investment properties is
recognised on a time proportion basis over the lease
terms.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
收益确认（续）
其他收入
来自物业、厂房及设备之租金收
入按时间比例基准于租赁年期内
确认。
利息收入按应计基准以实际利率
法确认，所用利率为在金融工具
之预期寿命或更短期间内（如适
用）将估计未来现金收入准确贴现
至金融资产账面净值之比率。
股息收入在股东收取付款之权利
确认、与股息相关之经济利益将
可能流入本集团及能够可靠地计
量股息金额时确认。
合约负债
合约负债于本集团转让相关货品
或服务前，自客户收取代价或付
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约
时（即将相关货品或服务之控制权
转让予客户时）确认为收益。
以股份为基础之付款
本公司营运购股权计划。本集团
之雇员（包括董事）会收取以股份
计算之酬金，而雇员则提供服务
以作为股本工具作为交换（「以股
权结算之交易」）。
与雇员进行之以股权结算之交易
成本乃参考授出该等工具当日之
公平值计量。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Revenue recognition (Continued)
Other income
Rental income from property, plant and equipment is
recognised on a time proportion basis over the lease
terms.
Interest income is recognised on an acrual basis using
the efective interest method by aplying the rate that
exactly discounts the estimated future cash receipts
over the expected life of the financial instrument or a
shorter period, when apropriate, to the net carying
amount of the financial aset.
Dividend income is recognised when the shareholders’
right to receive payment has ben established, it is
probable that the economic benefits asociated with
the dividend wil flow to the Group and the amount
of the dividend can be measured reliably.
Contract liabilities
A contract liability is recognised when a payment is
received or a payment is due (whichever is earlier)
from a customer before the Group transfers the
related gods or services. Contract liabilities are
recognised as revenue when the Group performs
under the contract (i.e., transfer control of the related
gods or services to the customer).
Share-based payments
The Company operates a share option scheme.
Employes (including directors) of the Group receive
remuneration in the form of share-based payments,
whereby employes render services in exchange for
equity instruments (“equity-setled transactions”).
The cost of equity-setled transactions with employes
is measured by reference to the fair value at the date
which they are granted.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
以股份为基础之付款（续）
以股权结算之交易之成本连同股
权之相应升幅会于表现及╱或服
务条件获履行之期间于雇员福利
开支中确认。于各报告期末就按
以股权结算之交易已确认至归属
期之累计开支反映归属期到期之
程度及本集团最终将归属之股本
工具之最佳估计数目。某一期间
综合损益表之扣除或计入乃指期
初及期终之已确认累计开支变动。
厘定奖励的授出日期公平值并不
考虑服务及非市场表现条件，惟
达成条件的可能性被评定为本集
团最终将予归属股权工具数目的
最佳估计其中一部分。市场表现
条件于授出日期公平值内反映。
奖励所附带但并无关联服务要求
的其他任何条件均被视为非归属
条件。除非另有服务及╱或表现
条件，否则非归属条件于奖励公
平值中反映，并即时予以支销。
概不会就未能达成非市场表现
及╱或服务条件而最终并无归属
的奖励确认开支。倘奖励包括市
场或非归属条件，则无论市场或
非归属条件能否达成，有关交易
均被视为已归属，前提为所有其
他表现及╱或服务条件已达成。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Share-based payments (Continued)
The cost of equity-setled transactions is recognised in
employe benefit expense, together with a
coresponding increase in equity, over the period in
which the performance and/or service conditions are
fulfiled. The cumulative expense recognised for
equity-setled transactions at the end of each
reporting period until the vesting date reflects the
extent to which the vesting period has expired and
the Group’s best estimate of the number of equity
instruments that wil ultimately vest. The charge or
credit to the consolidated statement of profit or los
for a period represents the movement in the
cumulative expense recognised as at the begining
and end of that period.
Service and non-market performance conditions are
not taken into acount when determining the grant
date fair value of awards, but the likelihod of the
conditions being met is asesed as part of the
Group’s best estimate of the number of equity
instruments that wil ultimately vest. Market
performance conditions are reflected within the grant
date fair value. Any other conditions atached to an
award, but without an asociated service requirement,
are considered to be non-vesting conditions.
Non-vesting conditions are reflected in the fair value
of an award and lead to an imediate expensing of
an award unles there are also service and/or
performance conditions.
For awards that do not ultimately vest because
non-market performance and/or service conditions
have not ben met, no expense is recognised. Where
awards include a market or non-vesting condition, the
transactions are treated as vesting irespective of
whether the market or non-vesting condition is
satisfied, provided that al other performance and/or
service conditions are satisfied.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
以股份为基础之付款（续）
倘若以股权结算之奖励之条款有
所变更，则在符合该奖励原有条
款的情况下，所确认之开支最少
须达到犹如条款并无任何变更之
水平。此外，倘任何变更导致于
修订日期计量以股份为基础支付
方式之总公平值有所增加，或对
雇员带来其他利益，则应就该等
变更确认开支。
现时尚未行使之购股权之摊薄影
响已反映为计算每股亏损时之额
外股份摊薄。
其他雇员福利
退休金计划
本集团根据强制性公积金计划条
例实施一项界定供款强制性公积
金退休福利计划（「强积金计
划」），供所有合资格之雇员参与
强积金计划。供款按雇员基本薪
金之某一百分比提拨，并于根据
强积金计划规定需要支付时自综
合损益表扣除。强积金计划资产
乃与本集团资产分开，由独立管
理基金持有。本集团作出之雇主
供款在缴入强积金计划时即全数
归属于雇员。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Share-based payments (Continued)
Where the terms of an equity-setled award are
modified, as a minimum an expense is recognised as
if the terms had not ben modified, if the original
terms of the award are met. In adition, an expense
is recognised for any modification that increases the
total fair value of the share-based payments, or is
otherwise beneficial to the employe as measured at
the date of modification.
The dilutive efect of outstanding options is reflected
as aditional share dilution in the computation of los
per share.
Other employe benefits
Pension schemes
The Group operates a defined contribution Mandatory
Provident Fund retirement benefit scheme (the “MPF
Scheme”) under the Mandatory Provident Fund
Schemes Ordinance for those employes who are
eligible to participate in the MPF Scheme.
Contributions are made based on a percentage of the
employes’ basic salaries and are charged to the
consolidated statement of profit or los as they
become payable in acordance with the rules of the
MPF Scheme. The asets of the MPF Scheme are held
separately from those of the Group in an
independently administered fund. The Group’s
employer contributions vest fuly with the employes
when contributed into the MPF Scheme.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
其他雇员福利（续）
退休金计划（续）
根据职业退休计划条例，本集团
亦为合资格参与之雇员实施定额
供款退休福利计划（「公积金计
划」）。公积金计划之运作模式与
强积金计划类似，惟倘雇员于悉
数取得本集团雇主供款前退出公
积金计划，则本集团之未来应付
之供款会以没收之供款相关金额
予以削减。自二零年十二月
一日起，本集团已实行上述两项
计划，该等不合资格参与公积金
计划之雇员合资格参与强积金计
划。
本集团于中国内地运作之附属公
司之雇员均须参加由当地市政府
运作之中央退休金计划。此等附
属公司须提拨薪金费用之若干百
分比为中央退休金计划供款，并
根据中央退休金计划规定须予供
款时于综合损益表扣除。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Other employe benefits (Continued)
Pension schemes (Continued)
The Group also operates a defined contribution
retirement benefit scheme (the “ORSO Scheme”)
under the Ocupational Retirement Schemes
Ordinance for those employes who were eligible to
participate. The ORSO Scheme operated in a similar
way to the MPF Scheme, except that when an
employe left the ORSO Scheme before his/her
interest in the Group’s employer contributions vesting
fuly, the ongoing contributions payable by the Group
were reduced by the relevant amount of the forfeited
contributions. With efect from 1 December 2000, the
Group has operated both schemes and those
employes who are not eligible to participate in the
ORSO Scheme are eligible to participate in the MPF
Scheme.
The employes of the Group’s subsidiaries which
operate in Mainland China are required to participate
in a central pension scheme operated by the local
municipal government. These subsidiaries are required
to contribute a percentage of their payrol costs to the
central pension scheme. The contributions are charged
to the consolidated statement of profit or los as they
become payable in acordance with the rules of the
central pension scheme.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
借贷成本
因收购或建设合资格资产（需于一
段长时间方能达致其原定用途或
出售者）而直接产生之借贷成本乃
作为该等资产之部份成本而予以
资本化。倘资产已大致上可作其
拟定用途或出售，则该等借贷成
本将会停止资本化。所有其他借
贷成本均于产生期间支销。借贷
成本包括一间实体就借取资金产
生之利息及其他成本。当资金大
致已借入及用作取得合资格资产
时，个别资产之开支乃按2.6%
（二零二四年：1.1%）之资本化比
率计算。
股息
末期股息获股东于股东大会批准
时确认为负债。建议末期股息于
综合财务报表附注披露。
由于本公司组织章程大纲及细则
授予董事权力宣派中期股息，中
期股息之拟派及宣派乃同步进
行。故此，中期股息于拟派及宣
派后即时确认为负债。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Borowing costs
Borowing costs directly atributable to the acquisition
or construction of qualifying asets, i.e., asets that
necesarily take a substantial period of time to get
ready for their intended use or sale, are capitalised as
part of the cost of those asets. The capitalisation of
such borowing costs ceases when the asets are
substantialy ready for their intended use or sale. Al
other borowing costs are expensed in the period in
which they are incured. Borowing costs consist of
interest and other costs that an entity incurs in
conection with the borowing of funds. Where funds
have ben borowed generaly, and used for the
purpose of obtaining qualifying asets, a capitalisation
rate of 2.6% (2024: 1.1%) has ben aplied to the
expenditure on the individual asets.
Dividends
Final dividends are recognised as a liability when they
are aproved by the shareholders in a general
meting. Proposed final dividends are disclosed in the
notes to the consolidated financial statements.
Interim dividends are simultaneously proposed and
declared, because the Company’s memorandum of
asociation and Bye-laws grant the directors the
authority to declare interim dividends. Consequently,
interim dividends are recognised imediately as a
liability when they are proposed and declared.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
外币
此等综合财务报表乃以本公司之
功能货币港元列报。本集团内每
个实体均自行决定其功能货币，
而每个实体之财务报表所包含之
项目均采用该功能货币计量。本
集团旗下实体所记录之外币结算
交易最初以交易当日之功能货币
汇率记录。以外币计算之货币资
产及负债按报告期末之功能货币
汇率换算。货币项目结算或换算
产生之差额于综合损益表确认。
以外币历史成本计算之非货币项
目按最初交易当日之汇率换算。
以外币公平值计算之非货币项目
按厘定公平值当日之汇率换算。
换算按公平值计量之非货币项目
所产生之收益或亏损与确认该项
目公平值变动之盈亏之处理方法
一致（即于其他全面收益或损益中
确认公平值盈亏之项目之换算差
额，亦分别于其他全面收益或损
益确认）。
于厘定初始确认相关资产之汇
率、终止确认预收代价相关非货
币资产或非货币负债之开支或收
入时，初始交易日期为本集团初
始确认预收代价所产生之非货币
资产或非货币负债当日。倘有多
项预付款项或预收款项，则本集
团厘定各项预收代价付款或收款
之交易日期。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Foreign curencies
These consolidated financial statements are presented
in Hong Kong dolars, which is the Company’s
functional curency. Each entity in the Group
determines its own functional curency and items
included in the financial statements of each entity are
measured using that functional curency. Foreign
curency transactions recorded by the entities in the
Group are initialy recorded using their respective
functional curency rates prevailing at the dates of the
transactions. Monetary asets and liabilities
denominated in foreign curencies are translated at
the functional curency rates of exchange ruling at the
end of the reporting period. Diferences arising on
setlement or translation of monetary items are
recognised in the consolidated statement of profit or
los.
Non-monetary items that are measured in terms of
historical cost in a foreign curency are translated
using the exchange rates at the dates of the initial
transactions. Non-monetary items measured at fair
value in a foreign curency are translated using the
exchange rates at the date when the fair value was
measured. The gain or los arising on translation of a
non-monetary item measured at fair value is treated
in line with the recognition of the gain or los on
change in fair value of the item (i.e., translation
diference on the time whose fair value gain or los is
recognised in other comprehensive income or profit or
los is also recognised in other comprehensive income
or profit or los, respectively).
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.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2 会计政策（续）
2.4 重大会计政策（续）
外币（续）
若干海外附属公司及联营公司之
功能货币为港元以外之货币。于
报告期末，该等实体之资产与负
债按报告期末之现行汇率换算为
港元，而该等公司之损益表则按
与交易日期当前汇率相若之汇率
换算为港元。
所产生之汇兑差额于其他全面收
益内确认，并于汇兑波动储备中
累计，惟该等差额应占非控股权
益之部分除外。于出售海外业务
时，与该特定海外业务有关之储
备累计金额于综合损益表确认。
收购海外业务产生的任何商誉及
收购所导致资产及负债账面值的
任何公平值调整被当作海外业务
的资产及负债，并按收市汇率换
算。
就综合现金流量表而言，海外附
属公司之现金流量乃按现金流量
当日之汇率换算为港元。年内海
外附属公司经常反复产生之现金
流量乃按年内之加权平均汇率换
算为港元。
2 ACOUNTING POLICIES (Continued)
2.4 Material acounting policies (Continued)
Foreign curencies (Continued)
The functional curencies of certain overseas
subsidiaries and asociates are curencies other than
the Hong Kong dolar. As at the end of the reporting
period, the asets and liabilities of these entities are
translated into Hong Kong dolars at the exchange
rates prevailing at the end of the reporting period and
their statements of profit or los are translated into
Hong Kong dolars at the exchange rates that
aproximate to those prevailing at the dates of the
transactions.
The resulting exchange diferences are recognised in
other comprehensive income and acumulated in the
exchange fluctuation reserve, except to the extent
that the diferences are atributable to non-controling
interests. On disposal of a foreign operation, the
cumulative amount in the reserve relating to that
particular foreign operation is recognised in the
consolidated statement of profit or los.
Any godwil arising on the acquisition of a foreign
operation and any fair value adjustments to the
carying amounts of asets and liabilities arising on
acquisition are treated as asets and liabilities of the
foreign operation and translated at the closing rate.
For the purpose of the consolidated statement of cash
flows, the cash flows of overseas subsidiaries are
translated into Hong Kong dolars at the exchange
rates ruling at the dates of the cash flows. Frequently
recuring cash flows of overseas subsidiaries which
arise throughout the year are translated into Hong
Kong dolars at the weighted average exchange rates
for the year.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3 主要会计判断及估计
管理层编制本集团之综合财务报表时，
须作出判断、估计及假设，而该等判
断、估计及假设对所呈报之收益、开
支、资产及负债之金额，及其随附披露
以及或然负债披露会产生影响。由于有
关假设和估计存在不确定因素，因此可
能导致须于将来对受影响之资产或负债
之账面值作出重大调整。
判断
应用本集团之会计政策时，除涉及估计
者外，管理层作出下列对综合财务报表
已确认金额影响重大之判断：
厘定与出售物业有关合约之履约时
间
本集团厘定与客户签订之销售合约必须
待相关物业之开发竣工后才可将有关物
业之合法所有权转让予客户。本集团亦
确定自有关物业之法定所有权转让予客
户前，本集团并无可强制执行权利就迄
今已完成履约部份向客户收取款项。因
此，本集团认为物业转让之时间点乃在
购买者取得已竣工物业之实质拥有权或
法定所有权之时。
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.
Judgements
In the proces of aplying the Group’s acounting policies,
management has made the folowing judgements, apart
from those involving estimations, which have the most
significant efect on the amounts recognised in the
consolidated financial statements:
Determining the timing of satisfaction of
contracts related to sale of properties
The Group determined that the sales contract with
customers requires the Group to complete the development
of property before transfering the legal title of the relevant
property to customers. The Group also determined that the
Group does not have an enforceable right to payment from
customers for performance completed to date before the
transfer of legal title of the relevant property to customers.
Consequently, the Group concluded that the timing of
transfer of properties is at the point in time when the
purchasers obtained the physical posesion or the legal title
of the completed property.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3 主要会计判断及估计（续）
判断（续）
非流动资产减值
于厘定资产是否减值或以往导致减值之
事件是否不再存在时，本集团须在资产
减值方面作出判断，尤其评估：(1)是否
曾发生可能影响资产价值之事件或有关
影响资产价值之事件是否不曾存在；(2)
资产之账面值能否以未来现金流量之现
时净值（乃按照持续使用资产或终止确
认而估计）支持；及(3)编制现金流量预
测时将采用之适当主要假设，包括该等
现金流量预测是否使用适当比率贴现。
更改管理层就用以厘定减值水平而选取
之假设（包括现金流量预测之贴现率或
增长率假设）可大幅影响减值测试所用
之现时净值。
物业租赁分类 — 本集团作为出租
人
本集团已就其投资物业组合订立商业物
业租约。基于对安排之条款及条件（例
如租期并不构成商用物业经济寿命的主
要部分及最低租赁款项现值并非商业物
业绝大部分公平值）的评估，本集团已
决定保留于经营租赁合约租出之该等物
业拥有权附带之绝大部份重大风险及回
报，合约以经营租赁入账。
3 SIGNIFICANT ACOUNTING JUDGEMENTS
AND ESTIMATES (Continued)
Judgements (Continued)
Impairment of non-curent asets
In determining whether an aset is impaired or the event
previously causing the impairment no longer exists, the
Group has to exercise judgement in the area of aset
impairment, particularly in asesing: (1) whether an event
has ocured that may afect the aset value or such event
afecting the aset value does not exist; (2) whether the
carying value of an aset can be suported by the net
present value of future cash flows which are estimated
based upon the continued use of the aset or
derecognition; and (3) the apropriate key asumptions to
be aplied in preparing cash flow projections, including
whether these cash flow projections are discounted using an
apropriate rate. Changing the asumptions selected by
management to determine the level of impairment,
including the discount rates or the growth rate asumptions
in the cash flow projections, could materialy afect the net
present value used in the impairment test.
Property lease clasification — Group as lesor
The Group has entered into comercial property leases on
its investment property portfolio. The Group has
determined, based on an evaluation of the terms and
conditions of the arangements, such as the lease term not
constituting a major part of the economic life of the
comercial property and the present value of the minimum
lease payments not amounting to substantialy al the fair
value of the comercial property, that it retains
substantialy al the significant risks and rewards incidental
to ownership of these properties which are leased out and
acounts for the contracts as operating leases.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3 主要会计判断及估计（续）
判断（续）
投资物业与自用物业之分类
本集团厘定一项物业是否符合一项投资
物业之资格，及已制定作出该判断之标
准。投资物业乃为赚取租金或资本增值
或同时两者而持有之物业。部份物业包
括为赚取租金或资本增值而持有的若干
部份及另一部份为用于生产或供应货品
或服务或用作行政用途而持有的其他部
份。倘该等部份能被独立出售（或按融
资租赁独立租出），本集团将独立入账
该等部份。倘该等部份不能被独立出
售，则该物业为投资物业，前提是不重
要之部份乃仅为生产或供应货品或服务
或用作行政用途而持有。将按个别物业
基准作出判断，以厘定辅助设施是否重
要，致使该物业不能符合投资物业之资
格。
估计不明朗因素
以下叙述于报告期末，对须于下一个财
政年度就资产及负债账面值作出重大调
整构成重大风险之未来及其他主要估计
不明朗因素来源所作之主要假设。
3 SIGNIFICANT ACOUNTING JUDGEMENTS
AND ESTIMATES (Continued)
Judgements (Continued)
Clasification betwen investment properties and
owner-ocupied properties
The Group determines whether a property qualifies as an
investment property, and has developed criteria in making
that judgement. Investment property is a property held to
earn rentals or for capital apreciation or both. Some
properties comprise certain portions that are held to earn
rentals or for capital apreciation and other portions that
are held for use in the production or suply of gods or
services or for administrative purposes. If these portions
could be sold separately (or leased out separately under a
finance lease), the Group acounts for the portions
separately. If the portions could not be sold separately, the
property is an investment property only if an insignificant
portion is held for use in the production or suply of gods
or services or for administrative purposes. Judgement is
made on an individual property basis to determine whether
ancilary services are so significant that a property does not
qualify as an investment property.
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.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3 主要会计判断及估计（续）
估计不明朗因素（续）
投资物业之公平值估计
于类似物业之活跃市场缺乏现行价格之
情况下，本集团考虑众多来源之资料，
包括：
(a) 不同性质、状况或地点之物业（或
受不同租赁或其他合约之规限）于
活跃市场之现行价格，并作出调
整以反映该等差异；
(b) 活跃程度较逊之市场所提供相类
似物业之近期价格（须作出调整以
反映自按有关价格达成交易当日
以来经济状况出现之任何变化）；
及
(c) 根据未来现金流量所作可靠估计
之现金流量折现推算，此项推算
源自任何现有租约与其他合约之
条款及（在可能情况下）外在证据
（如地点及状况相同之类似物业之
现行市值租金），并采用足以反映
现时市场就现金流量金额及时间
不确定性评估之折现率计算。
于二零二五年三月三十一日，投资物业
之账面值为641,576,000港元（二零二四
年：661,908,000港元）。有关详情（包
括用于公平值计量及敏感度分析之主要
假设）载于综合财务报表附注15。
估计待售物业之可变现净值
本集团考虑来自各项来源之资料，包括
于相同地点及状况之同类物业之近期价
格，并作出调整以反映该等价格进行交
易当日以来经济状况出现之任何变动。
有关本集团之待售物业之详情载于综合
财务报表附注18。
3 SIGNIFICANT ACOUNTING JUDGEMENTS
AND ESTIMATES (Continued)
Estimation uncertainty (Continued)
Estimation of fair value of investment properties
In the absence of curent prices in an active market for
similar properties, the Group considers information from a
variety of sources, including:
(a) curent prices in an active market for properties of a
diferent nature, condition or location (or subject to
diferent leases or other contracts), adjusted to reflect
those diferences;
(b) recent prices of similar properties in les active markets,
with adjustments to reflect any changes in economic
conditions since the dates of the transactions that
ocured at those prices; and
(c) discounted cash flow projections based on reliable
estimates of future cash flows, suported by the
terms of any existing lease and other contracts and
(when posible) by external evidence such as curent
market rents for similar properties in the same
location and condition, and using discount rates that
reflect curent market asesments of the uncertainty
in the amount and timing of the cash flows.
The carying amount of investment properties at 31 March
2025 was HK$641,576,000 (2024: HK$661,908,000).
Further details, including the key asumptions used for fair
value measurement and a sensitivity analysis, are given in
note 15 to the consolidated financial statements.
Estimation of net realisable value of properties
held for sale
The Group considers information from a variety of sources,
including recent prices of similar properties in the same
location and condition, with adjustments to reflect any
changes in economic conditions since the dates of
transactions that ocured at those prices. Particulars of the
properties held for sale of the Group are set out in note 18
to the consolidated financial statements.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3 主要会计判断及估计（续）
估计不明朗因素（续）
土地增值税
根据中国于一九五年一月二十七日颁
布暂行法规而实施之土地增值税（「土地
增值税」）暂行法规，从转让中国内地房
地产引致之所有收益，自一九四年一
月一日起须按土地价值升幅（即出售物
业所得款项减土地使用权摊销、借贷成
本及所有物业开发开支等可扣税开支）
之30%至60%累进土地增值税率缴纳
土地增值税。
本集团在中国内地从事物业开发业务之
附属公司须缴纳土地增值税，而该税项
已计入所得税。然而，该等税项之实施
在多个中国内地城市各有不同，而本集
团并未办妥向多个税务机关提交之土地
增值税报税表。因此，于厘定土地增值
税及其有关税项之金额时，须作出重大
判断。最终税项之厘定于日常业务中有
不明朗因素。本集团按管理层的最佳估
计确认该等负债。于该等事项之最终税
项结果有别于最初记录之金额时，该等
差额将影响作出有关厘定的期间之所得
税及土地增值税拨备。
估计递延税项资产之可变现性
未动用税项亏损，如日后有可能出现应
课税溢利可用作抵销该等亏损，则确认
为递延税项资产。在厘定可予确认的递
延税项资产数额时，管理层须根据可能
出现未来应课税溢利的时间及数额连同
未来税项计划策略作出重大判断。有关
已确认税务亏损的递延税项资产于二零
二五年三月三十一日之账面值约为
774,000港元（二零二四年：774,000港
元）。于二零二五年三月三十一日之未
确认税务亏损金额约为274,613,000港
元（二零二四年：267,048,000港元）。
进一步详情载于综合财务报表附注29。
3 SIGNIFICANT ACOUNTING JUDGEMENTS
AND ESTIMATES (Continued)
Estimation uncertainty (Continued)
Land apreciation tax
Under the Provisional Regulations on land apreciation tax
(“LAT”) implemented upon the isuance of the Provisional
Regulations of the PRC on 27 January 1995, al gains
arising from the transfer of real estate properties in
Mainland China with efect from 1 January 1994 are
subject to LAT at progresive rates ranging from 30% to
60% on the apreciation of land value, being the proceds
from sales of properties les deductible expenditures,
including the amortisation of land use rights, borowing
costs and al property development expenditures.
The subsidiaries of the Group engaged in the property
development busines in Mainland China are subject to LAT,
which have ben included in income tax. However, the
implementation of these taxes varies amongst various
Mainland China cities and the Group has not finalised its
LAT returns with various tax authorities. Acordingly,
significant judgement is required in determining the amount
of land apreciation and its related taxes. The ultimate tax
determination is uncertain during the ordinary course of
busines. The Group recognises these liabilities based on
management’s best estimates. When the final tax outcome
of these maters is diferent from the amounts that were
initialy recorded, such diferences wil impact on the
income tax and provisions for LAT in the period in which
such determination is made.
Estimates regarding the realisability of defered
tax asets
Defered tax asets are recognised for unused tax loses to
the extent that it is probable that taxable profit wil be
available against which the loses can be utilised. Significant
management judgement is required to determine the
amount of defered tax asets that can be recognised,
based upon the likely timing and level of future taxable
profits together with future tax planing strategies. The
carying value of defered tax asets relating to recognised
tax loses at 31 March 2025 was aproximately
HK$774,000 (2024: HK$774,000). The amount of
unrecognised tax loses at 31 March 2025 was
aproximately HK$274,613,000 (2024: HK$267,048,000).
Further details are contained in note 29 to the consolidated
financial statements.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3 主要会计判断及估计（续）
估计不明朗因素（续）
非上市股权投资之公平值
非上市股权投资乃根据市场基准估值方
法进行估值，详情载于综合财务报表附
注38。估值要求本集团确定可比上市公
司（同业）及选择价格乘数。此外，本集
团就非流动性及规模差异作出折让估
计。本集团将该等投资之公平值分类为
第3级估值。进一步详情载于综合财务
报表附注17。
4 经营分类资料
出于管理需要，本集团按产品及服务构
组业务单元，共有下列三个（二零二四
年：三个）可报告经营分类：
(a) 物业发展及投资业务分类，从事
住宅及商用物业之物业发展及持
有投资物业；
(b) 贸易业务分类，从事买卖医疗设
备及家居保安及自动化产品；及
(c) 「其他」分类主要包括酒店的营运。
管理层独立监察本集团经营分类的业
绩，以作出有关资源分配及表现评估的
决策。分类表现乃根据可报告分类溢
利╱亏损予以评估，乃一种除税前溢
利╱亏损的计量方式。除税前溢利╱亏
损的计量与本集团的除税前溢利╱亏损
计量一致，惟利息及股息收入、按公平
值计入损益账之股权投资之公平值变
动、财务费用、分占联营公司之溢利及
亏损、出售附属公司之收益或亏损、出
售投资物业之收益以及未分配总部及公
司开支不包含于该计量内。
3 SIGNIFICANT ACOUNTING JUDGEMENTS
AND ESTIMATES (Continued)
Estimation uncertainty (Continued)
Fair values of unlisted equity investments
The unlisted equity investments have ben valued based on
market-based valuation techniques as detailed in note 38 to
the consolidated financial statements. The valuation requires
the Group to determine the comparable public companies
(pers) and select the price multiple. In adition, the Group
makes estimates about the discount for iliquidity and size
diferences. The Group categorises the fair values of these
investments as Level 3 valuations. Further details are
included in note 17 to the consolidated financial
statements.
4 OPERATING SEGMENT INFORMATION
For management purposes, the Group is organised into
busines units based on their products and services and has
thre (2024: thre) reportable operating segments as
folows:
(a) the property development and investment busines
segment is engaged in property development of
residential and comercial properties and the holding
of investment properties;
(b) the trading busines segment is engaged in the trading
of medical equipment and home security and
automation products; and
(c) the “others” segment comprises, principaly, the
operation of hotels.
Management monitors the results of the Group’s operating
segments separately for the purpose of making decisions
about resource alocation and performance asesment.
Segment performance is evaluated based on reportable
segment profit/los, which is a measure of profit/los before
tax. The profit/los before tax is measured consistently with
the Group’s profit/los before tax except that interest and
dividend income, fair value changes on equity investments
at fair value through profit or los, finance costs, share of
profits and loses of asociates, gain or los on disposal of
subsidiaries, gain on disposal of investment properties as
wel as unalocated head ofice and corporate expenses are
excluded from such measurement.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
4 经营分类资料（续）
分类资产不包括于联营公司之投资、其
他未分配总部及公司资产，因该等资产
按集团层面管理。
分类负债不包括其他未分配总部及公司
负债，因该等负债乃按集团层面管理。
各分类间之销售及转让乃参考向第三方
销售所采用之售价，按当时市价进行交
易。
截至二零二五年三月三十一日止年
度
4 OPERATING SEGMENT INFORMATION
(Continued)
Segment asets exclude investments in asociates, other
unalocated head ofice and corporate asets as these asets
are managed on a group basis.
Segment liabilities exclude other unalocated head ofice and
corporate liabilities as these liabilities are managed on a
group basis.
Intersegment sales and transfers are transacted with
reference to the seling prices used for sales made to third
parties at the then prevailing market prices.
Year ended 31 March 2025
Property
development
and
investment
busines
Trading
businesOthersTotal
物业发展及
投资业务贸易业务其他总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Segment revenue (note 5)分类收入（附注5）
Sales to external customers销售予外部客户76,10840,26219,098135,468
Other income and gains其他收入及收益23,3934904123,924
99,50140,75219,139159,392
Total segment results分类业绩总额(27,193)2,347(6,257)(31,103)
Reconciliation:对账：
Bank interest income银行利息收入276
Fair value los on equity
investments at fair value
through profit or los, net
按公平值计入损益账
之股权投资之公平
值亏损，净额(13,684)
Gain on disposal of subsidiaries出售附属公司之收益18
Finance costs财务费用(18,312)
Share of profits and loses of
asociates, net
分占联营公司溢利及
亏损，净额(195)
Unalocated expenses未分配开支(13,014)
Los before tax除税前亏损(76,014)
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
4 经营分类资料（续）
截至二零二五年三月三十一日止年
度（续）
- 、厂房及设备，包括
经营一间新酒店的使用权资产。
4 OPERATING SEGMENT INFORMATION
(Continued)
Year ended 31 March 2025 (Continued)
Property
development
and
investment
busines
Trading
businesOthersTotal
物业发展及
投资业务贸易业务其他总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Segment asets分类资产1,441,36523,959166,5631,631,887
Reconciliation:对账：
Investments in asociates于联营公司之投资5,447
Corporate and other unalocated
asets
公司及其他未分配
资产104,754
Total asets资产总值1,742,088
Segment liabilities分类负债161,19013,42555,891230,506
Reconciliation:对账：
Corporate and other unalocated
liabilities
公司及其他未分配
负债269,672
Total liabilities负债总额500,178
Other segment information:其他分类资料：
Fair value los on investment
properties, net
投资物业公平值
亏损，净额14,094—14,094
Los on disposal of items of
property, plant and equipment
出售物业、厂房及
设备项目亏损23914
Impairment/(reversal of
impairment) of acounts
receivable, net
应收账项减值╱
（减值拨回），净额
5,032(387)(109)4,536
Impairment of other receivables其他应收款项减值5,721—5,721
Provision for inventories存货拨备—490—490
Provision for net realisable value of
properties held for sale
待售物业之可变现净
值拨备9,964—9,964
Deficit from revaluation of
property, plant and equipment,
net
物业、厂房及设备重
新估值之亏绌，
净额—3,5283,528
Depreciation of property, plant and
equipment
物业、厂房及设备
折旧7,3934596,53514,387
Capital expenditure资本开支225452,55552,784
- , plant and
equipment, including right-of-use asets for the operation of a new
hotel.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
4 经营分类资料（续）
截至二零二四年三月三十一日止年
度
4 OPERATING SEGMENT INFORMATION
(Continued)
Year ended 31 March 2024
Property
development
and
investment
busines
Trading
businesOthersTotal
物业发展及
投资业务贸易业务其他总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Segment revenue (note 5)分类收入（附注5）
Sales to external customers销售予外部客户86,28428,71513,075128,074
Other income and gains其他收入及收益17,4911852017,696
103,77528,90013,095145,770
Total segment results分类业绩总额(53,170)(2,782)(10,118)(66,070)
Reconciliation:对账：
Bank interest income银行利息收入303
Dividend income from equity investments
at fair value through profit or los
按公平值计入损益账之
股权投资股息收入74,865
Fair value los on equity investments at
fair value through profit or los, net
按公平值计入损益账
之股权投资之公平
值亏损，净额(104,893)
Gain on disposal of a subsidiary出售一间附属公司之
收益31,015
Gain on disposal of investment
properties
出售投资物业之收益
41,641
Finance costs财务费用(26,408)
Share of profits and loses of asociates,
net
分占联营公司溢利及
亏损，净额40
Unalocated expenses未分配开支(12,134)
Los before tax除税前亏损(61,641)
Segment asets分类资产1,724,78013,223116,7701,854,773
Reconciliation:对账：
Investments in asociates于联营公司之投资5,638
Corporate and other unalocated asets公司及其他未分配资产118,373
Total asets资产总值1,978,784
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
4 经营分类资料（续）
截至二零二四年三月三十一日止年
度（续）
- 、厂房及设备。
4 OPERATING SEGMENT INFORMATION
(Continued)
Year ended 31 March 2024 (Continued)
Property
development
and
investment
busines
Trading
businesOthersTotal
物业发展及
投资业务贸易业务其他总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Segment liabilities分类负债232,26510,66515,129258,059
Reconciliation:对账：
Corporate and other unalocated
liabilities
公司及其他未分配
负债379,135
Total liabilities负债总额637,194
Other segment information:其他分类资料：
Fair value los on investment properties投资物业公平值亏损32,364—32,364
Los on disposal of items of property,
plant and equipment
出售物业、厂房及设
备项目亏损3—3
Impairment of acounts receivable, net应收账项减值，净额3,2858292,6926,806
Impairment of other receivables其他应收款项减值975—975
Provision for inventories存货拨备—530—530
Provision for net realisable value of
properties held for sale
待售物业之可变现净
值拨备15,696—15,696
Deficit from revaluation of property,
plant and equipment
物业、厂房及设备
重估亏绌—3,4363,436
Depreciation of property, plant and
equipment
物业、厂房及设备
折旧7,5214724,28712,280
Capital expenditure资本开支13054155339
- , plant and
equipment.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
4 经营分类资料（续）
地区资料
(a) 来自外部客户之分类收入
上述收入资料乃基于业务地理位
置作出。
(b) 非流动资产
上述非流动资产资料乃基于资产
所处位置，不包括商誉、于联营
公司之投资及按公平值计入损益
账之股权投资。
4 OPERATING SEGMENT INFORMATION
(Continued)
Geographical information
(a) Segment revenue from external customers
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Hong Kong香港37,74525,137
Mainland China中国内地97,723102,937
Total revenue总收入135,468128,074
The revenue information above is based on locations
of the operations.
(b) Non-curent asets
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Hong Kong香港103,642127,135
Mainland China中国内地899,541952,550
Total non-curent asets非流动资产总额1,003,1831,079,685
The non-curent asets information above is based on
the locations of the asets and excludes godwil,
investments in asociates and equity investments at
fair value through profit or los.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
4 经营分类资料（续）
有关主要客户的资料
个别占本集团总收入超过10%之客户收
入如下：
附注：
(a)
收入乃来自销售物业发展及投资业务分类
之物业。
(b)
客户收入占本集团总收入少于10%。
5 收入、其他收入及收益
收入分析如下：
4 OPERATING SEGMENT INFORMATION
(Continued)
Information about major customers
Revenue from customers individualy amounting to over
10% of the total revenue of the Group is as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Customer A
(a)
客户A
(a)
36,876N/A
(b)
不适用
(b)
Customer B
(a)
客户B
(a)
N/A
(b)
不适用
(b)
37,371
Notes:
(a)
The revenue was derived from sales of properties in the property
development and investment busines segment.
(b)
Revenue from the customer is les than 10% of the total revenue of
the Group.
5 REVENUE, OTHER INCOME AND GAINS
An analysis of revenue is as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Revenue from contracts with
customers
客户合约收入
Income from property development and
investment busines
物业发展及投资业务之
收入55,29068,114
Income from trading of medical
equipment and home security and
automation products
买卖医疗设备及家居保
安及自动化产品之
收入40,26228,715
Hotel operations酒店营运19,09813,075
114,650109,904
Revenue from other sources其他收入来源
Gros rental income from investment
properties
来自投资物业之总租金
收入20,81818,170
135,468128,074
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
5 收入、其他收入及收益（续）
(a) 分拆收入资料
5 REVENUE, OTHER INCOME AND GAINS
(Continued)
(a) Disagregated revenue information
二零二五年
Property
development
and
investment
busines
Trading
businesOthersTotal
物业发展及
投资业务贸易业务其他总额
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Geographical markets地区市场
Hong Kong香港—37,745—37,745
Mainland China中国内地55,2902,51719,09876,905
Total revenue from
contracts with
customers
客户合约收入总额
55,29040,26219,098114,650
Timing of revenue
recognition
确认收入时间
At a point in time于某一个时间点55,29040,2625,855101,407
Over time随时间—13,24313,243
Total revenue from
contracts with
customers
客户合约收入总额
55,29040,26219,098114,650
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
5 收入、其他收入及收益（续）
(a) 分拆收入资料（续）
5 REVENUE, OTHER INCOME AND GAINS
(Continued)
(a) Disagregated revenue information
(Continued)
二零二四年
Property
development
and
investment
busines
Trading
businesOthersTotal
物业发展及
投资业务贸易业务其他总额
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Geographical markets地区市场
Hong Kong香港—25,137—25,137
Mainland China中国内地68,1143,57813,07584,767
Total revenue from
contracts with
customers
客户合约收入
总额
68,11428,71513,075109,904
Timing of revenue
recognition
确认收入时间
At a point in time于某一个时间点68,11428,7152,54099,369
Over time随时间—10,53510,535
Total revenue from
contracts with
customers
客户合约收入
总额
68,11428,71513,075109,904
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
5 收入、其他收入及收益（续）
(a) 分拆收入资料（续）
下表呈列计入报告期初合约负
债，并于本报告期间确认的收入
金额：
(b) 履约责任
本集团的履约责任资料概述如下：
销售物业
履约责任乃于买家取得已竣工物
业的实际拥有权或法定所有权时
完成。
作为可行权宜方法，分配至剩余
履约责任（未达成或部分未达成）
的交易价格不会于综合财务报表
附注中披露，因为与物业发展及
投资业务收入有关的所有剩余履
约责任乃原本预期限为一年或
以下的合约的一部分。
5 REVENUE, OTHER INCOME AND GAINS
(Continued)
(a) Disagregated revenue information
(Continued)
The folowing table shows the amounts of revenue
recognised in the curent reporting period that were
included in the contract liabilities at the begining of
the reporting period:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Revenue recognised that was
included in contract liabilities at
the begining of the reporting
period
于报告期初计入合约
负债的已确认收入
Sale of properties销售物业77415,323
Sale of gods销售货品4,1251,263
4,89916,586
(b) Performance obligations
Information about the Group’s performance
obligations is sumarised below:
Sale of properties
The performance obligation is satisfied when the
physical posesion or the legal title of the completed
property is obtained by the purchaser.
As a practical expedient, the transaction prices
alocated to the remaining performance obligations
(unsatisfied or partialy unsatisfied) are not disclosed
in the notes to the consolidated financial statements
because al the remaining performance obligations in
relation to the income from property development
and investment busines are a part of contracts that
have an original expected duration of one year or
les.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
5 收入、其他收入及收益（续）
(b) 履约责任（续）
销售货品
履约责任于产品交付时即告完
成，而账款通常须于交付后介乎
30至90日内到期支付，并一般需
要垫支付款。
酒店营运
酒店营运之履约责任于提供服务
之一段时间内完成。
酒店的餐饮营运履约责任于食品
及饮品产品的控制权转让时（即当
顾客于餐饮业务场所购买食品及
饮品项目之时间点）完成。交易付
款于顾客购买食品及饮品项目之
时间点即时到期。
作为可行权宜方法，分配至剩余
履约责任（未达成或部分未达成）
的交易价格不会于综合财务报表
附注中披露，因为与酒店营运收
入有关的所有剩余履约责任乃原
本预期限为一年或以下的合约
的一部分。
其他收入及收益分析如下：
5 REVENUE, OTHER INCOME AND GAINS
(Continued)
(b) Performance obligations (Continued)
Sale of gods
The performance obligation is satisfied upon delivery
of the products and payment is generaly due ranging
from 30 to 90 days from delivery and payment in
advance is normaly required.
Hotel operations
The performance obligation of hotel services is
satisfied over time as services are rendered.
The performance obligation of fod and beverage
operations of the hotel is satisfied when the control
of the fod and beverage products is transfered,
being at the point when the customer purchases the
fod and beverage items at the fod and beverage
operations. Payment of the transaction is due
imediately at the point when the customer
purchases the fod and beverage items.
As a practical expedient, the transaction prices
alocated to the remaining performance obligations
(unsatisfied or partialy unsatisfied) are not disclosed
in the notes to the consolidated financial statements
because al the remaining performance obligations in
relation to the income from hotel operations are a
part of contracts that have an original expected
duration of one year or les.
An analysis of other income and gains is as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Bank interest income银行利息收入276303
Dividend income from equity
investments at fair value through
profit or los
按公平值计入损益账之
股权投资股息收入
—74,865
Gros rental income from property, plant
and equipment
来自物业、厂房及设备
之总租金收入6,4516,197
Imputed interest income (note 21)估算利息收入（附注21）14,1509,285
Others其他3,3232,214
Total other income and gains其他收入及收益总额24,20092,864
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
6 除税前亏损
本集团除税前亏损乃经扣除╱（计入）下
列各项：
6 LOS BEFORE TAX
The Group’s los before tax is arived at after charging/
(crediting):
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Cost of properties sold已售物业成本45,20262,184
Cost of inventories sold已售存货成本26,27619,061
Cost of services provided已提供服务成本6,4733,927
Provision for inventories, included
in cost of inventories sold above
存货拨备，计入以上
已售存货成本490530
Auditor’s remuneration核数师酬金1,1501,100
Depreciation of property, plant and
equipment
物业、厂房及设备折旧
14,38712,280
Expense relating to short-term lease有关短期租赁之开支340317
Rental income on investment properties
les direct operating expenses of
HK$2,158,000 (2024: HK$1,846,000)
投资物业之租金收入
减直接营运开支
2,158,000港元
（二零二四年：
1,846,000港元）(18,660)(16,324)
Rental income on other properties les
direct operating expenses of
HK$427,000 (2024: HK$517,000)
其他物业租金收入
减直接营运开支
427,000港元
（二零二四年：
517,000港元）(6,024)(5,680)
Employe benefit expenses (including
directors’ and chief executive’s
remuneration (note 8):
雇员福利开支（包括董事
及主要行政人员酬金
（附注8）：
Wages, salaries, bonuses and alowances工资、薪金、花红及
津贴36,72135,333
Pension scheme contributions退休金计划供款683700
Les: Amount capitalised减：资本化款项(1,057)(1,581)
Total总额36,34734,452
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
6 除税前亏损（续）
- ，本
集团并无没收供款可供于未来数年减少退
休金计划供款（二零二四年：无）。
^
此等款项列入综合损益表内之「其他经营开
支，净额」。
6 LOS BEFORE TAX (Continued)
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Fair value los on investment properties,
net
投资物业公平值亏损，
净额14,09432,364
Los on disposal of items of property,
plant and equipment
^
出售物业、厂房及设备
项目的亏损^143
Impairment of acounts receivable, net
^
应收账项减值，净额^4,5366,806
Impairment of other receivables
^
其他应收款项减值^5,721975
Fair value los on equity investments at
fair value through profit or los, net
按公平值计入损益账之
股权投资之公平值亏
损，净额13,684104,893
Provision for net realisable value of
properties held for sale
^
待售物业可变现净值拨
备^9,96415,696
Foreign exchange diferences, net
^
汇兑差额，净额^3,8462,236
Deficit from revaluation of property,
plant and equipment, net
^
物业、厂房及设备重估
亏绌，净额^3,5283,436
Gain on disposal of subsidiaries出售附属公司之收益(18)(31,015)
Los on sales and leaseback
^
售后租回之亏损^277—
Gain on bargain purchase of an
asociate
^
议价购买一间联营公司
之收益^—(12)
- , there were no forfeited
contributions available to the Group to reduce contributions to the
pension schemes in future years (2024: Nil).
^
These amounts are included in “Other operating expenses, net” in the
consolidated statement of profit or los.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
7 财务费用
财务费用分析如下：
8 董事及主要行政人员酬金
根据上市规则及香港公司条例第383(1)
(a)、(b)、(c)及(f)条以及公司（披露董事
利益资料）规例第2部，董事及主要行政
人员年内酬金披露如下：
7 FINANCE COSTS
An analysis of finance costs is as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Interest on:以下各项之利息：
Bank loans and other borowings银行贷款及其他借贷18,80828,295
Bonds payable应付债券2,0502,707
Lease liabilities租赁负债1,17045
Total finance costs财务费用总额22,02831,047
Les: Interest capitalised减：已资本化之利息(3,716)(4,639)
Total总额18,31226,408
8 DIRECTORS’ AND CHIEF EXECUTIVE’S
REMUNERATION
Directors’ and chief executive’s remuneration for the year,
disclosed pursuant to the Listing Rules, sections 383(1)(a),
(b), (c) and (f) of the Hong Kong Companies Ordinance and
Part 2 of the Companies (Disclosure of information about
Benefits of Directors) Regulation, is as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Fes袍金960940
Other emoluments:其他酬金：
— Salaries and alowances— 薪金及津贴11,32610,785
— Discretionary bonuses— 酌情花红1,497430
— Pension scheme contributions— 退休金计划供款132114
Subtotal小计12,95511,329
Total总额13,91512,269
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
8 董事及主要行政人员酬金（续）
(a) 独立非执行董事
年内概无已付或应付独立非执行
董事之其他酬金（二零二四年：
无）。
#
宋小庄先生获委任为本公司独立非
执行董事，自二零二三年五月一日
起生效。
8 DIRECTORS’ AND CHIEF EXECUTIVE’S
REMUNERATION (Continued)
(a) Independent non-executive directors
Fes
袍金
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Dr. Ho Chung Tai, Raymond何钟泰博士240240
Ir Siu Man Po萧文波工程师240240
Mr. Siu Kam Chau萧锦秋先生240240
Mr. Song Sio Chong
#
宋小庄先生
#
Total总额960940
There were no other emoluments paid or payable to
independent non-executive directors during the year
(2024: Nil).
#
Mr. Song Sio Chong was apointed as an independent
non-executive director of the Company with efect from
1 May 2023.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
8 董事及主要行政人员酬金（续）
(b) 执行董事及行政总裁
本年度内概无董事放弃或同意放
弃任何酬金之安排（二零二四年：
无）。
- （定
义见上市规则）。
8 DIRECTORS’ AND CHIEF EXECUTIVE’S
REMUNERATION (Continued)
(b) Executive directors and chief executive
二零二五年
Salaries and
alowances
Discretionary
bonuses
Pension
scheme
contributions
Total
remuneration
薪金及津贴酌情花红
退休金
计划供款酬金总额
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Mr. Tjia Boen Sien
(“Mr. Tjia”)*
谢文盛先生
（「谢先生」）*4,200175—4,375
Mr. Wang Jing Ning
(“Mr. Wang”)
王京宁先生
（「王先生」）3,1101,170—4,280
Mr. Tjia Wai Yip, Wiliam谢维业先生2,297951142,506
Ms. Tse Hoi Ying谢海英女士1,71957181,794
Total总额11,3261,49713212,955
二零二四年
Salaries and
alowances
Discretionary
bonuses
Pension
scheme
contributions
Total
remuneration
薪金及津贴酌情花红
退休金
计划供款酬金总额
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Mr. Tjia谢先生4,200175—4,375
Mr. Wang王先生3,000125—3,125
Mr. Tjia Wai Yip, Wiliam谢维业先生1,66875961,839
Ms. Tse Hoi Ying谢海英女士1,91755181,990
Total总额10,78543011411,329
There was no arangement under which a director
waived or agred to waive any remuneration during
the year (2024: Nil).
* Mr. Tjia is also the chief executive of the Group as defined in
the Listing Rules.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
9 五名最高薪雇员及高级管理人员
本年度之五名最高薪雇员包括四名（二
零二四年：四名）董事（包括主要行政人
员），有关其酬金之详情已载于上文附
注8。有关本年度其余一名（二零二四
年：一名）既非董事亦非本公司主要行
政人员之最高薪雇员之酬金详情如下：
薪酬在下列范围之既非董事亦非主要行
政人员之最高薪雇员人数如下：
9 FIVE HIGHEST PAID EMPLOYES AND SENIOR
MANAGEMENT
The five highest paid employes during the year included
four (2024: four) directors including the chief executive,
details of whose remuneration are set out in note 8 above.
Details of the remuneration for the year of the remaining
one (2024: one) highest paid employe who is neither a
director nor chief executive of the Company are as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Salaries and alowances薪金及津贴1,0781,178
Discretionary bonuses酌情花红45133
Pension scheme contributions退休金计划供款1818
Total总额1,1411,329
The number of non-director and non-chief executive highest
paid employes whose remuneration fel within the
folowing bands is as folows:
二零二五年二零二四年
Number of
individuals
Number of
individuals
人数人数
Nil to HK$1,000,000零至1,000,000港元—
HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元11
Total总额11
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
9 五名最高薪雇员及高级管理人员
（续）
除了以上披露之董事酬金及五位最高薪
雇员外，支付予「董事及高级管理人员
之履历」一节所披露之高级管理人员之
酬金如下：
10 所得税
概无就截至二零二五年三月三十一日止
年度之香港利得税计提拨备，原因是年
内本公司及其于香港注册成立的附属公
司于本年度并无录得应课税溢利或拥有
足够承前结转的税项亏损以抵销本年度
估计应课税溢利。
概无就截至二零二四年三月三十一日止
年度之香港利得税计提拨备，原因是年
内本集团并无于香港产生任何应课税溢
利。
其他地区之应课税溢利税项已按本集团
业务所在之司法权区之现行税率计算。
中国内地之土地增值税按土地价值升幅
之30%至60%累进税率征收，土地增
值税即出售物业所得款项减包括土地使
用权摊销、借贷成本及所有物业发展支
出之可扣税开支。
9 FIVE HIGHEST PAID EMPLOYES AND SENIOR
MANAGEMENT (Continued)
Other than the directors’ remuneration and five highest paid
employes disclosed above, the amounts paid to senior
management as disclosed in the “Biographical details of
directors and senior management” section are as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Salaries and alowances薪金及津贴7371,907
Discretionary bonuses酌情花红23146
Pension scheme contributions退休金计划供款1839
Total总额7782,092
10 INCOME TAX
No provision for Hong Kong Profits Tax has ben made for
the year ended 31 March 2025 as the Company and its
subsidiaries incorporated in Hong Kong have either no
asesable profits for the year or have suficient tax loses
brought forward to set of against curent year’s estimated
asesable profits for the year.
No provision for Hong Kong Profits Tax for the year ended
31 March 2024 has ben made as the Group did not
generate any asesable profits arising in Hong Kong during
the year.
Taxes on profits asesable elsewhere have ben calculated
at the rates of tax prevailing in the jurisdictions in which
the Group operates.
LAT in Mainland China is levied at progresive rates ranging
from 30% to 60% on the apreciation of land value, being
the proceds from the sale of properties les deductible
expenditure, including the amortisation of land use rights,
borowing costs and al property development expenditures.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
10 所得税（续）10 INCOME TAX (Continued)
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Curent — Hong Kong即期 — 香港
— Over provision in prior years— 过往年度超额拨备—(66)
Curent — Mainland China即期 — 中国内地
— Charge for the year— 本年度支出2,58935,437
Curent — Elsewhere即期 — 其他地区
— Charge for the year— 本年度支出278—
— Over provision in prior years— 过往年度超额拨备—(2,963)
LAT in Mainland China中国内地之土地增值税
— Charge for the year— 本年度支出—1,475
— Over provision in prior years— 过往年度超额拨备(470)—
Defered tax (note 29)递延税项（附注29）(2,522)(18,750)
Total tax (credit)/expense for the year本年度税项（抵免）╱
开支总额(125)15,133
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
10 所得税（续）
适用于使用本公司及其附属公司所在司
法权区之法定税率计算之除税前亏损之
税项（抵免）╱开支与按实际税率计算之
税项开支对账如下：
联营公司应占税项开支96,000港元（二
零二四年：158,000港元）列入综合损益
表之「分占联营公司溢利及亏损，净额」
内。
11 股息
截至二零二五年及二零二四年三月
三十一日止年度，本公司并无宣派股
息。
10 INCOME TAX (Continued)
A reconciliation of the tax (credit)/expense aplicable to los
before tax at the statutory tax rates for the jurisdictions in
which the Company and its subsidiaries are domiciled to the
tax charge at the efective tax rate is as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Los before tax除税前亏损(76,014)(61,641)
Tax at the aplicable statutory tax rates按适用法定税率计算之
税项(14,724)(3,995)
Profits and loses atributable
to asociates
联营公司应占溢利及
亏损32(9)
Income not subject to tax不需缴税之收入(7,464)(28,135)
Expenses not deductible for tax不可扣减税项之开支9,151930
Efect of witholding tax at 10% or 5%
on the distributable profits of the
Group’s PRC subsidiaries
本集团于中国之附属公
司之可供分派溢利征
收10%或5%预扣税之
影响(344)(870)
Tax relating to disposal of subsidiaries有关出售附属公司之税项—33,905
Tax loses utilised from previous periods动用过往期间之税项亏损(283)(568)
Tax loses and temporary diferences not
recognised
未确认之税项亏损及
暂时差异12,36515,155
LAT土地增值税—1,475
Over provision in prior years过往年度超额拨备(470)(3,029)
Others其他1,612274
Tax (credit)/expense税项（抵免）╱开支(125)15,133
The share of tax charge atributable to asociates
amounting to HK$96,000 (2024: HK$158,000) is included in
“Share of profits and loses of asociates, net” on the face
of the consolidated statement of profit or los.
11 DIVIDEND
No dividend has ben declared by the Company during the
years ended 31 March 2025 and 2024.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
12 本公司普通股本持有人应占每股
亏损
每股基本亏损金额乃根据本公司普通股
本持有人应占年内亏损及年内已发行之
普通股加权平均数1,466,820,600股（二
零二四年：1,466,820,600股）计算。
本公司普通股本持有人应占每股基本及
摊薄亏损金额乃按下列数据计算：
截至二零二五年及二零二四年三月
三十一日止年度呈列之每股基本亏损金
额并无就摊薄作出调整，原因为本集团
于截至二零二五年及二零二四年三月
三十一日止年度内并无已发行潜在摊薄
性普通股。
12 LOS PER SHARE ATRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF THE
COMPANY
The calculation of the basic los per share amount is based
on the los for the year atributable to ordinary equity
holders of the Company, and the weighted average number
of ordinary shares of 1,466,820,600 (2024: 1,466,820,600)
in isue during the year.
The calculation of the basic and diluted los per share
amounts atributable to ordinary equity holders of the
Company is based on the folowing data:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Los亏损
Los atributable to ordinary equity
holders of the Company, used in the
basic and diluted los per share
calculation
每股基本及摊薄亏损计
算所采用之本公司普
通股本持有人应占
亏损73,72475,691
二零二五年二零二四年
Number of
shares
Number of
shares
股数股数
Shares股份
Weighted average number of ordinary
shares in isue during the year used in
the basic los per share calculation
每股基本亏损计算所用
年内已发行普通股
加权平均数1,466,820,6001,466,820,600
No adjustment has ben made to the basic los per share
amounts presented for the years ended 31 March 2025
and 2024 in respect of a dilution as the Group had no
potential dilutive ordinary shares in isue during the years
ended 31 March 2025 and 2024.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
13 商誉
商誉乃因收购从事建筑材料贸易的迪臣
五金建材有限公司（「迪臣五金建材」）的
60%股权而产生。就减值测试而言，收
购迪臣五金建材所产生的商誉已分配至
建筑材料贸易业务。鉴于建筑行业的营
商环境竞争日益激烈，管理层认为其可
收回金额（此乃根据使用价值采用折现
率12%厘定）微不足道。因此，商誉已
自截至二零二三年三月三十一日止年度
悉数减值。
13 GODWIL
HK$’000
千港元
At 1 April 2023, 31 March 2024, 1 April 2024 and
31 March 2025:
于二零二三年四月一日、
二零二四年三月三十一日、
二零二四年四月一日及
二零二五年三月三十一日：
Cost成本1,683
Acumulated impairment累计减值(1,683)
Net carying amount账面净值—
Godwil arose from the acquisition of 60% equity interest
in Deson Metals Company Limited (“DMCL”), which is
engaged in trading of construction materials. The godwil
arising from the acquisition of DMCL has ben alocated to
the construction materials trading busines for impairment
testing purposes. In view of increasingly competitive
busines environment of construction industry, management
considered that its recoverable amount which was
determined based on value-in-use using discount rate of
12% was minimal. Therefore, the godwil had ben fuly
impaired since the year ended 31 March 2023.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
14 物业、厂房及设备14 PROPERTY, PLANT AND EQUIPMENT
Right-of-use asetsOwned asets
使用权资产自有资产
Leasehold
land
Leased
propertiesTotalBuildings
Leasehold
improvements
Furniture
and
fixtures
Ofice and
other
equipment
Tols and
equipment
Motor
vehiclesTotalTotal
租赁土地租赁物业总额楼宇租赁装修家具及装置
办公室及
其他设备工具及设备汽车总额总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
31 March 2025二零二五年
三月三十一日
At 31 March 2024 and
1 April 2024
于二零二四年
三月三十一日及
二零二四年
四月一日
Cost or valuation成本或估值86,1911,03187,222165,7435,9308742,3911391,602176,679263,901
Acumulated depreciation累计折旧—(373)(373)—(5,776)(597)(1,968)(96)(1,245)(9,682)(10,055)
Net carying amount账面净值86,19165886,849165,74315427742343357166,997253,846
At 1 April 2024, net of
acumulated depreciation
于二零二四年
四月一日，
扣除累计折旧86,19165886,849165,74315427742343357166,997253,846
Aditions增添—37,43237,432214,98412518—22315,35252,784
Transfer from completed
properties held for sales
转拨自已竣工待售
物业—36,174—36,17436,174
Disposals出售—(6)(10)—(16)(16)
Surplus/(deficit) on revaluation
charged to profit or los
于损益扣除之重估
盈余╱（亏绌）1,453—1,453(4,981)—(4,981)(3,528)
(Deficit)/surplus on revaluation
(charged)/credited to other
comprehensive income
于其他全面收益
（扣除）╱计入之
重估（亏绌）╱
盈余(20,287)—(20,287)3,347—3,347(16,940)
Depreciation provided during
the year
年内计提折旧
(3,671)(2,215)(5,886)(7,654)(546)(77)(141)(15)(68)(8,501)(14,387)
Exchange realignment汇兑调整(80)(329)(409)(1,235)(135)(1)(1)—(2)(1,374)(1,783)
At 31 March 2025于二零二五年
三月三十一日63,60635,54699,152191,39614,45731828928510206,998306,150
At 31 March 2025于二零二五年
三月三十一日
Cost or valuation成本或估值63,60638,117101,723191,39620,7208902,2021391,815217,162318,885
Acumulated depreciation累计折旧—(2,571)(2,571)—(6,263)(572)(1,913)(111)(1,305)(10,164)(12,735)
Net carying amount账面净值63,60635,54699,152191,39614,45731828928510206,998306,150
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
14 物业、厂房及设备（续）
附注： 本集团之使用权资产指预付土地租赁款项
及租赁物业。租赁土地连同自有楼宇乃持
作自用。土地租赁将于二零四七年至二零
五三年之间届满。
14 PROPERTY, PLANT AND EQUIPMENT
(Continued)
Right-of-use asetsOwned asets
使用权资产自有资产
Leasehold
land
Leased
propertiesTotalBuildings
Leasehold
improvements
Furniture
and fixtures
Ofice and
other
equipment
Tols and
equipment
Motor
vehiclesTotalTotal
租赁土地租赁物业总额楼宇租赁装修家具及装置
办公室及
其他设备工具及设备汽车总额总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
31 March 2024二零二四年
三月三十一日
At 31 March 2023 and
1 April 2023
于二零二三年
三月三十一日及
二零二三年
四月一日
Cost or valuation成本或估值103,7961,031104,827176,4486,0979112,4911281,617187,692292,519
Acumulated depreciation累计折旧—(29)(29)—(6,097)(576)(2,031)(84)(1,239)(10,027)(10,056)
Net carying amount账面净值103,7961,002104,798176,448—33546044378177,665282,463
At 1 April 2023, net of
acumulated depreciation
于二零二三年
四月一日，
扣除累计折旧103,7961,002104,798176,448—33546044378177,665282,463
Aditions增添—15521301933339339
Disposals出售—(3)—(3)(3)
Deficit on revaluation charged
to profit or los
于损益扣除之重估
亏绌(1,847)—(1,847)(1,589)—(1,589)(3,436)
(Deficit)/surplus on revaluation
(charged)/credited to other
comprehensive income
于其他全面收益
（扣除）╱计入之
重估（亏绌）╱
盈余(11,027)—(11,027)4,464—4,464(6,563)
Depreciation provided during
the year
年内计提折旧
(4,215)(344)(4,559)(7,444)—(57)(155)(17)(48)(7,721)(12,280)
Exchange realignment汇兑调整(516)—(516)(6,136)(1)(3)(9)(3)(6)(6,158)(6,674)
At 31 March 2024于二零二四年
三月三十一日86,19165886,849165,74315427742343357166,997253,846
At 31 March 2024于二零二四年
三月三十一日
Cost or valuation成本或估值86,1911,03187,222165,7435,9308742,3911391,602176,679263,901
Acumulated depreciation累计折旧—(373)(373)—(5,776)(597)(1,968)(96)(1,245)(9,682)(10,055)
Net carying amount账面净值86,19165886,849165,74315427742343357166,997253,846
Note: The Group’s right-of-use asets represent prepaid land lease payments
and leased properties. The leasehold land, together with the owned
buildings, are held for own use. The land leases are expiring in 2047
to 2053.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
14 物业、厂房及设备（续）
于二零二四年六月二十五日，本集团与
八名独立第三方（「买方」）订立售后租回
协议，据此，(i)本集团同意出售且买方
同意收购物业，代价约为39,633,000港
元（「出售事项」）；及(i)买方同意出租物
业予本集团，自出售事项完成日期（「完
成」）起计为期15年。售后租回交易已于
二零二四年八月二十七日完成。账面净
值约35,220,000港元的物业已自已竣工
待售物业终止确认。租赁协议所产生之
租赁负债约41,732,000港元已经于完成
时确认，相关使用权资产约为
37,432,000港元。
因此，本集团已确认售后租回交易亏损
约277,000港元，其已计入截至二零
二五年三月三十一日止年度的综合损益
表内「其他经营开支，净额」。
本集团之租赁土地及楼宇于报告期末由
独立专业合资格估值师澋锋评估有限公
司按现时用途单独重估，总公开市值为
255,002,000港元（二零二四年：
251,934,000港元）。
因上述估值而产生的重估亏绌16,940,000
港元（二零二四年：6,563,000港元）及
重估亏绌合共3,528,000港元（二零二四
年：3,436,000港元）已分别于截至二零
二五年三月三十一日止年度于其他全面
收益及于损益扣除。
倘该等土地及楼宇按历史成本减累计折
旧列账，其账面值将约为180,285,000
港元（二零二四年：146,260,000港元）。
14 PROPERTY, PLANT AND EQUIPMENT
(Continued)
On 25 June 2024, the Group and eight independent third
parties (the “Purchasers”) entered into sale and leaseback
agrements pursuant to which (i) the Group agred to sel
and the Purchasers agred to acquire the properties at a
consideration of aproximately HK$39,633,000 (the
“Disposal”); and (i) the Purchasers agred to lease the
properties to the Group for a term of 15 years starting
from the completion date of the Disposal (the
“Completion”). The sale and leaseback transaction was
completed on 27 August 2024. The properties with a net
carying amount of aproximately HK$35,220,000 has ben
derecognised from completed property held for sale. The
lease liabilities arising from the lease agrements of
aproximately HK$41,732,000 are recognised with the
related right-of-use asets of aproximately HK$37,432,000
at the Completion.
As a result, the Group has recognised a los on the sale
and leaseback transaction of aproximately HK$277,000
that is included in the “Other operating expenses, net” in
the consolidated statement of profit or los for the year
ended 31 March 2025.
The Group’s leasehold land and buildings were revalued
individualy at the end of the reporting period by Peak
Vision Apraisals Limited, an independent profesional
qualified valuer, at an agregate open market value of
HK$255,002,000 (2024: HK$251,934,000) based on their
existing use.
A revaluation deficits of HK$16,940,000 (2024:
HK$6,563,000) and revaluation deficits agregating
HK$3,528,000 (2024: HK$3,436,000), resulting from the
above valuations, have ben charged to other
comprehensive income and charged to profit or los during
the year ended 31 March 2025 respectively.
Had these land and buildings ben caried at historical cost
les acumulated depreciation, their carying amount would
have ben aproximately HK$180,285,000 (2024:
HK$146,260,000).
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
14 物业、厂房及设备（续）
于二零二五年三月三十一日，账面
总值140,952,000港元（二零二四年：
167,060,000港元）之本集团若干租赁土
地及楼宇均已予抵押，作为本集团获授
若干银行信贷之担保（附注26）。
本集团委任外部估值师负责对本集团持
作自用之物业进行外部估值，并于就年
度财务报告进行估值时，与估值师就估
值假设及估值结果进行讨论。
公平值等级
下表阐述本集团持作自用物业公平值计
量等级：
14 PROPERTY, PLANT AND EQUIPMENT
(Continued)
As at 31 March 2025, certain leasehold land and buildings
of the Group with an agregate carying amount of
HK$140,952,000 (2024: HK$167,060,000) were pledged to
secure certain banking facilities granted to the Group (note
26).
The Group apointed an external valuer to be responsible
for the external valuation of the Group’s properties held for
own use and had discusions with the valuer on the
valuation asumptions and valuation results when the
valuation is performed for anual financial reporting.
Fair value hierarchy
The folowing table ilustrates the fair value measurement
hierarchy of the Group’s properties held for own use:
二零二五年
Quoted prices in
active markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)Total
于活跃市场之
报价
（级别一）
重大可观察
输入数据
（级别二）
重大不可观察
输入数据
（级别三）总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Recuring fair value
measurement for:
就以下项目进行之经
常性公平值计量：
Hotel property酒店物业—140,699140,699
Comercial properties and
car park spaces
商业物业及停车位
—114,303114,303
Properties held for own use持作自用物业—255,002255,002
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
14 物业、厂房及设备（续）
公平值等级（续）
- ,560,000港
元（二零二四年：7,452,000港元）。
包括使用权资产下的租赁土地55,046,000
港元（二零二四年：78,739,000港元）。
于年内，级别一与级别二之间并无公平
值计量之转拨，亦无转拨至或转拨自级
别三（二零二四年：无）。
14 PROPERTY, PLANT AND EQUIPMENT
(Continued)
Fair value hierarchy (Continued)
二零二四年
Quoted prices in
active markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)Total
于活跃市场之
报价
（级别一）
重大可观察
输入数据
（级别二）
重大不可观察
输入数据
（级别三）总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Recuring fair value
measurement for:
就以下项目进行之
经常性公平值计量：
Hotel property酒店物业—113,400113,400
Comercial properties and
car park spaces
商业物业及停车位
—138,534138,534
Properties held for own use持作自用物业—251,934251,934
- $8,560,000 (2024: HK$7,452,000) under
right-of-use asets.
Included leasehold land of HK$55,046,000 (2024: HK$78,739,000)
under right-of-use asets.
During the year, there were no transfers of fair value
measurements betwen Level 1 and Level 2 and no
transfers into or out of Level 3 (2024: Nil).
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
14 物业、厂房及设备（续）
公平值等级（续）
分类为公平值等级别三内之公平值计
量之对账：
14 PROPERTY, PLANT AND EQUIPMENT
(Continued)
Fair value hierarchy (Continued)
Reconciliation of fair value measurements categorised within
Level 3 of the fair value hierarchy:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Carying amount at begining of year于年初之账面值251,934280,244
Adition增添2—
Transfer from completed properties held
for sale
转拨自已竣工待售物业
36,174—
Deficit on revaluation recognised in other
comprehensive income, net
于其他全面收益内确认
之重估亏绌，净额(16,940)(6,563)
Deficit on revaluation recognised in profit
or los, net
于损益确认之重估亏
绌，净额(3,528)(3,436)
Depreciation折旧(11,325)(11,659)
Exchange realignment汇兑调整(1,315)(6,652)
Carying amount at end of year于年末之账面值255,002251,934
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
14 物业、厂房及设备（续）
公平值等级（续）
持作自用物业估值所用之估值方法及主
要输入数据概述如下：
投资法
根据投资法，公平值乃将该等物业自现
有租赁之应收现有租金及潜在复归市场
租金予以资本化之基准而估计。
14 PROPERTY, PLANT AND EQUIPMENT
(Continued)
Fair value hierarchy (Continued)
Below is a sumary of the valuation techniques used and
the key inputs to the valuation of properties held for own
use:
Valuation
technique
Significant
unobservable inputsRange/weighted average
估值方法重大不可观察输入数据范围╱加权平均数
二零二五年二零二四年
Hotel propertyInvestment methodEstimated rental value
(per square meter per
month)
RMB36 to
RMB64
RMB39
酒店物业投资法估计租金价值
（每月每平方米）
人民币36元至
人民币64元
人民币39元
Term yield2.0% to 5.5%5.25%
年期收益率2.0%至5.5%
Reversionary yield6.0% to 6.25%6%
复归收益率6.0%至6.25%
Comercial
properties
Direct comparison
aproach
Adjusted market unit
seling price (per square
fot)
HK$1,700 to
HK$4,860
HK$1,855 to
HK$5,947
商业物业直接比较法经调整市场单位售价
（每平方呎）
1,700港元至
4,860港元
1,855港元至
5,947港元
Car park spacesDirect comparison
aproach
Adjusted market unit
seling price
RMB203,000RMB240,000
停车位直接比较法经调整市场单位售价人民币203,000元人民币240,000元
The investment method
Under the investment method, fair value is estimated on the
basis of capitalisation of existing rent receivable from the
existing tenancies and the potential reversionary market rent
of the properties.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
14 物业、厂房及设备（续）
公平值等级（续）
投资法（续）
进行估值时会整体考虑持作自用物业之
特点，包括位置、面积、形状、景观、
楼层、落成年份及其他因素，以得出估
计租金价值及复归收益率，同时考虑自
现有租期产生之租金价值，以得出年期
收益率。
估计租金价值增加╱减少会导致持作自
用物业公平值上升╱下跌，而年期收益
率及复归收益率增加╱减少会导致持作
自用物业公平值下跌╱上升。
直接比较法
根据直接比较法，公平值乃以直接比较
法，假设物业权益可交吉出售并经参考
有关市场可获得之可比较销售交易而作
估计。
进行估值时会整体考虑持作自用物业之
特点，包括位置、面积、形状、景观、
楼层、落成年份及其他因素，以得出每
平方呎及各停车位的市场价格。
主要输入数据为每平方呎及各停车位的
市场价格，市场价格大幅上升╱下跌
时，会导致持作自用物业公平值大幅上
升╱下跌。
14 PROPERTY, PLANT AND EQUIPMENT
(Continued)
Fair value hierarchy (Continued)
The investment method (Continued)
The valuation takes into acount the characteristics of the
properties held for own use, which included the location,
size, shape, view, flor level, year of completion and other
factors colectively, to arive at the estimated rental value
and reversionary yield, while it takes into acount the rental
value generated from the existing lease term to arive at the
term yield.
An increase/decrease in estimated rental value would result
in an increase/decrease in the fair value of the properties
held for own use while an increase/decrease in term yield
and reversionary yield would result in a decrease/increase in
the fair value of the properties held for own use.
The direct comparison aproach
Under the direct comparison aproach, fair value is
estimated by the direct comparison method on the
asumption of the sale of the property interest with the
benefit of vacant posesion and by refering to comparable
sales transactions as available in the market.
The valuation takes into acount the characteristics of the
properties held for own use, which included the location,
size, shape, view, flor level, year of completion and other
factors colectively, to arive at the market price per square
fot and each car park space.
The key input was the market price per square fot and
each car park space, where a significant increase/decrease
in the market price would result in a significant increase/
decrease in the fair value of the properties held for own
use.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
15 投资物业
根据独立专业合资格估值师澋锋评估
有限公司进行的估值，本集团之投资
物业于二零二五年三月三十一日重
估为641,576,000港元（二零二四年：
661,908,000港元）。
于二零二五年三月三十一日，本集团账
面总值为454,750,000港元（二零二四
年：442,800,000港元）的若干投资物业
被抵押，作为本集团获授若干银行信贷
的担保（附注26）。
本集团作为出租人
本集团根据经营租约安排租赁若干物
业，议定租约为期一年至二十年不等。
此外，租约条款一般要求租户支付保证
金，并规定须因应当时市况定期调整租
金。
15 INVESTMENT PROPERTIES
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Carying amount at begining of year于年初之账面值661,908684,114
Net los from fair value adjustment公平值调整之亏损净额(14,094)(32,364)
Transfer from completed properties held
for sale
转自已竣工待售物业
—45,984
Exchange realignment汇兑调整(6,238)(35,826)
Carying amount at end of year于年末之账面值641,576661,908
The Group’s investment properties were revalued
on 31 March 2025 based on a valuation performed
by Peak Vision Apraisals Limited, an independent
profesional qualified valuer, at HK$641,576,000 (2024:
HK$661,908,000).
As at 31 March 2025, certain investment properties of the
Group with an agregate carying amount of
HK$454,750,000 (2024: HK$442,800,000) were pledged to
secure certain banking facilities granted to the Group (note
26).
The Group as lesor
The Group leased certain of its properties under operating
lease arangements, with leases negotiated for terms
ranging from one to twenty years. The terms of the leases
generaly also require the tenants to pay security deposits
and provide for periodic rent adjustments acording to the
then prevailing market conditions.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
15 投资物业（续）
本集团作为出租人（续）
于二零二五年三月三十一日，本集团根
据与租户订立的不可撤销经营租约，其
未来最低租赁应收款项总额于如下日期
到期：
本集团于本年度并无确认或然应收租金
（二零二四年：无）。
根据物业的性质、特点及风险，本公司
董事已确定投资物业为酒店物业及商业
物业。本集团每年委任外部估值师负责
对本集团物业进行外部估值，并于对年
度财务报告进行估值时，就估值假设及
估值结果与估值师进行讨论。
本集团投资物业之详情载于第49页。
15 INVESTMENT PROPERTIES (Continued)
The Group as lesor (Continued)
At 31 March 2025, the Group had total future minimum
lease receivables under non-cancelable operating leases with
its tenants faling due as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Within one year一年内22,02023,359
In the second to fifth years, inclusive第二年至第五年
（包括首尾两年）79,79179,217
After five years五年后40,14554,608
141,956157,184
No contingent rental receivable was recognised by the
Group during the year (2024: Nil).
The directors of the Company have determined that the
investment properties are hotel properties and comercial
properties, based on the nature, characteristics and risk of
the properties. Each year, the Group apoints an external
valuer to be responsible for the external valuation of the
Group’s properties and has discusions with the valuer on
the valuation asumptions and valuation results when the
valuation is performed for anual financial reporting.
Particulars of the Group’s investment properties are included
on page 49.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
15 投资物业（续）
公平值等级
下表阐述本集团投资物业公平值计量等
级：
于年内，级别一与级别二之间并无公平
值计量之转拨，亦无转拨至或转拨自级
别三（二零二四年：无）。
15 INVESTMENT PROPERTIES (Continued)
Fair value hierarchy
The folowing table ilustrates the fair value measurement
hierarchy of the Group’s investment properties:
二零二五年
Quoted prices
in active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)Total
于活跃市场之
报价
（级别一）
重大可观察
输入数据
（级别二）
重大不可观察
输入数据
（级别三）总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Recuring fair value
measurement for:
就以下项目进行之
经常性公平值计量：
Hotel properties酒店物业—186,826186,826
Comercial properties商业物业—454,750454,750
—641,576641,576
二零二四年
Quoted prices
in active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)Total
于活跃市场之
报价
（级别一）
重大可观察
输入数据
（级别二）
重大不可观察
输入数据
（级别三）总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Recuring fair value
measurement for:
就以下项目进行之
经常性公平值计量：
Hotel properties酒店物业—219,108219,108
Comercial properties商业物业—442,800442,800
—661,908661,908
During the year, there were no transfers of fair value
measurements betwen Level 1 and Level 2 and no
transfers into or out of Level 3 (2024: Nil).
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
15 投资物业（续）
公平值等级（续）
分类为公平值等级别三内之公平值计
量之对账：
15 INVESTMENT PROPERTIES (Continued)
Fair value hierarchy (Continued)
Reconciliation of fair value measurements categorised within
Level 3 of the fair value hierarchy:
Hotel
properties
Comercial
propertiesTotal
酒店物业商业物业总计
HK$’000HK$’000HK$’000
千港元千港元千港元
Carying amount at 1 April 2023于二零二三年
四月一日之账面值196,194487,920684,114
Net los from a fair value
adjustment recognised
来自已确认公平值调
整之亏损，净额(12,744)(19,620)(32,364)
Transfer from completed properties
held for sale
转自已竣工待售物业
45,984—45,984
Exchange realignment汇兑调整(10,326)(25,500)(35,826)
Carying amount at 31 March 2024
and 1 April 2024
于二零二四年
三月三十一日及
二零二四年
四月一日之账面值219,108442,800661,908
Net (los)/gain from a fair value
adjustment recognised
来自已确认公平值
调整之（亏损）╱
收益，净额(30,294)16,200(14,094)
Exchange realignment汇兑调整(1,988)(4,250)(6,238)
Carying amount at 31 March 2025于二零二五年
三月三十一日之
账面值186,826454,750641,576
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
15 投资物业（续）
公平值等级（续）
投资物业估值所用之估值方法及主要输
入数据概述如下：
投资法
根据投资法，公平值乃将该等物业自现
有租赁之应收现有租金及潜在复归市场
租金予以资本化之基准而估计。
进行估值时会整体考虑投资物业之特
点，包括位置、面积、形状、景观、楼
层、落成年份及其他因素，以得出估计
租金价值及复归收益率，同时考虑自现
有租期产生之租金价值，以得出年期收
益率。
估计租金价值增加╱减少会导致投资物
业公平值上升╱下跌，而年期收益率及
复归收益率增加╱减少会导致投资物业
公平值下跌╱上升。
15 INVESTMENT PROPERTIES (Continued)
Fair value hierarchy (Continued)
Below is a sumary of the valuation techniques used and
the key inputs to the valuation of investment properties:
Valuation
technique
Significant
unobservable inputsRange/weighted average
估值方法重大不可观察输入数据范围╱加权平均数
二零二五年二零二四年
Hotel properties
and comercial
properties
Investment methodEstimated rental value
(per square meter per
month)
RMB25 to
RMB46
RMB31 to
RMB39
酒店物业及商业
物业
投资法估计租金价值
（每月每平方米）
人民币25元至
人民币46元
人民币31元至
人民币39元
Term yield3.75% to 6.25%2.00% to 6.00%
年期收益率3.75%至6.25%2.00%至6.00%
Reversionary yield6.25% to 7.25%6.00% to 7.00%
复归收益率6.25%至7.25%6.00%至7.00%
The investment method
Under the investment method, fair value is estimated on the
basis of capitalisation of existing rent receivable from the
existing tenancies and the potential reversionary market rent
of the properties.
The valuation takes into acount the characteristics of the
investment properties, which included the location, size,
shape, view, flor level, year of completion and other
factors colectively, to arive at the estimated rental value
and reversionary yield, while it takes into acount the rental
value generated from the existing lease term to arive at the
term yield.
An increase/decrease in estimated rental value would result
in an increase/decrease in the fair value of the investment
properties while an increase/decrease in term yield and
reversionary yield would result in a decrease/increase in the
fair value of the investment properties.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
16 于联营公司之投资
与联营公司之结余为无抵押、免息及须
按要求偿还。
主要联营公司之详情如下：
- ,000港元出售天通卫
星通讯有限公司（「天通」）51%股权。天通
剩余股权的公平值被视为投资成本。
16 INVESTMENTS IN ASOCIATES
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Share of net asets应占资产净值5,4475,638
Amounts due from asociates应收联营公司款项4,8673,868
Amounts due to asociates应付联营公司款项—(63)
The balances with asociates are unsecured, interest-fre
and repayable on demand.
Particulars of the principal asociates are as folows:
Percentage of
ownership atributable to
the Group as at
31 March 2025
Percentage of
ownership atributable to
the Group as at
31 March 2024
于二零二五年
三月三十一日本集团
应占拥有权百分比
于二零二四年
三月三十一日本集团
应占拥有权百分比
Name
Place of incorporation/
registration and busines
Isued ordinary/
registered share
capital
Group
efective
interest
Held by a
subsidiary
Group
efective
interest
Held by a
subsidiaryPrincipal activities
名称注册成立╱登记及营业地点
已发行普通╱
注册股本
本集团实际
权益
由一间附属
公司持有
本集团实际
权益
由一间附属
公司持有主要业务
Axonsoft Hong Kong LimitedHong KongHK$500,00050505050Investment holding and
software licensing
香港500,000港元投资控股及软件授权
SecurePlus LimitedHong KongHK$1,500,00040404040Trading of inteligent
security system
equipment
香港1,500,000港元智能保安系统设备买卖
Hope4Care LimitedHong KongHK$1020202020Research and
development of
medical equipment
酷生命科技有限公司香港10港元医疗设备研发
Tian Tong Satelite
Comunication Limited*
Hong KongHK$100,00024.549100100Provision of
telecomunication
network services
天通卫星通讯有限公司*香港100,000港元提供电讯网络服务
UltraX Technologies Co., Ltd.TaiwanTWD3,000,00035353535Trading of medical
equipment
晁能力开发有限公司台湾新台币3,000,000元医疗设备贸易
- % equity interest in Tian Tong Satelite
Comunication Limited (“Tian Tong”) with a cash consideration of
HK$51,000. The fair value of the remaining equity interest in Tian
Tong, was demed as the investment cost.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
16 于联营公司之投资（续）
上表所列者为董事认为会对本集团本年
度业绩构成主要影响或构成本集团资产
净值重要部份之本集团联营公司。董事
认为如将其他联营公司之详情列出，会
使本附注过于冗长。
本集团于联营公司之股权乃透过本公司
附属公司持有。
下表列示本集团之联营公司之并非个别
重要之合计财务资料：
16 INVESTMENTS IN ASOCIATES (Continued)
The above table lists the asociates of the Group which, in
the opinion of the directors, principaly afected the results
for the year or formed a substantial portion of the net
asets of the Group. To give details of other asociates
would, in the opinion of the directors, result in particulars
of excesive length.
The Group’s shareholdings in the asociates are held
through subsidiaries of the Company.
The folowing table ilustrates the agregate financial
information of the Group’s asociates that are not
individualy material:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Share of the asociates’ profits and
loses for the year, net
分占联营公司年内溢利
及亏损，净额(195)40
Share of the asociates’ other
comprehensive los
分占联营公司其他全面
亏损(36)(19)
Share of the asociates’ total
comprehensive (los)/income
分占联营公司全面
（亏损）╱收益总额(231)21
Dividend received已收股息—(675)
Gain on bargain purchase of aditional
interests in asociates
议价购买联营公司额外
权益之收益—12
Agregate carying amount of the
Group’s investments in the asociates
that are not individualy material
本集团于联营公司个别
不属重大之投资之账
面值总额5,4475,638
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
16 于联营公司之投资（续）
于上一个年度，本集团已终止确认其分
占联营公司Axonsoft Hong Kong
Limited（「Axonsoft HK」）之亏损，原
因是分占联营公司亏损超出本集团于联
营公司之权益，而本集团并无责任承担
进一步亏损。本集团于去年未确认分占
此联营公司之金额分别累计为268,000
港元及1,126,000港元。于本年度，
Axonsoft HK录得溢利，于其分占溢利
相等于此未确认累计亏损1,126,000港
元后，本集团恢复确认其分占该等溢
利。
本集团已终止确认其分占联营公司天通
之亏损，原因是分占联营公司亏损超出
本集团于联营公司之权益，而本集团并
无责任承担进一步亏损。本集团于本年
度未确认分占此联营公司亏损之金额分
别累计为178,308港元及178,308港元。
17 按公平值计入损益账的股权投资
于截至二零二四年三月三十一日止年
度，本集团自其中一项非上市股权投资
迪臣发展国际集团投资有限公司收到股
息74,865,000港元。
16 INVESTMENTS IN ASOCIATES (Continued)
In prior year, the Group has discontinued the recognition of
its share of los of an asociate, Axonsoft Hong Kong
Limited (“Axonsoft HK”), because the share of los of the
asociate exceded the Group’s interest in the asociate and
the Group has no obligation to take up further loses. The
amount of the Group’s unrecognised share of loses of this
asociate for the last year and cumulatively were
HK$268,000 and HK$1,126,000, respectively. In curent
year, Axonsoft HK reported profits, and the Group
resumed recognising its share of those profits after its share
of the profits equal to this unrecognised cumulative los of
HK$1,126,000.
The Group has discontinued the recognition of its share of
los of an asociate, Tian Tong, because the share of los of
the asociate exceded the Group’s interest in the asociate
and the Group has no obligation to take up further loses.
The amount of the Group’s unrecognised share of loses of
this asociate for the curent year and cumulatively were
HK$178,308 and HK$178,308, respectively.
17 EQUITY INVESTMENTS AT FAIR VALUE
THROUGH PROFIT OR LOS
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Equity investments at fair value
through profit or los
按公平值计入损益账的
股权投资
Unlisted equity investments, at fair value非上市股权投资，按公
平值
— Century Rosy Limited— Century Rosy Limited8393,845
— Excel Castle International Limited— 卓堡国际有限公司26,92832,305
— Pamflet Shanghai Real Estate Fund I,
L.P.
— Pamflet Shanghai
Real Estate Fund I,
L.P.3633,665
Total总额28,13039,815
The Group received dividend in the amount of
HK$74,865,000 from Deson Development International
Holdings Investment Limited, one of the unlisted equity
investments, during the year ended 31 March 2024.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
18 待售物业
于二零二五年三月三十一日，账面总值
为144,450,000港元（二零二四年：
145,800,000港元）之本集团若干待售物
业已抵押，作为本集团获授若干银行信
贷之担保（附注26）。
本集团待售物业之详情载于第48页。
19 存货
20 应收账项
18 PROPERTIES HELD FOR SALE
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Completed properties held for sale已竣工待售物业459,313580,992
As at 31 March 2025, certain properties held for sale of the
Group with an agregate carying amount of
HK$144,450,000 (2024: HK$145,800,000) were pledged to
secure certain banking facilities granted to the Group (note
26).
Particulars of the Group’s properties held for sale are
included on page 48.
19 INVENTORIES
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Trading gods交易货品5,1713,030
20 ACOUNTS RECEIVABLE
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Acounts receivable应收账项36,57648,294
Impairment减值(19,418)(15,636)
17,15832,658
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
20 应收账项（续）
本集团主要就与其客户的贸易订立记账
条款。交易货品销售信贷期一般为介乎
30至90日，而已竣工待售物业之销售则
最多为180日。每名客户均设有最高信
贷限额。本集团务求对未清还之应收账
项维持严格控制。高级管理层会定期审
阅逾期未收结余情况。由于应收账项总
额的26%（二零二四年：59%）及84%
（二零二四年：89%）分别来自本集团最
大外部客户及本集团五大外部客户，本
集团存在若干集中信贷风险。本集团并
无就其应收账项余额持有任何抵押品或
其他提升信贷措施。应收账项为免息。
于报告期间末，按发票日期及扣除亏损
拨备后计算之应收账项之账龄分析如
下：
应收账项之减值亏损拨备变动如下：
20 ACOUNTS RECEIVABLE (Continued)
The Group’s trading terms with its customers are mainly on
credit. The credit period is generaly ranging from 30 to 90
days for the sale of trading gods and up to 180 days for
the sale of completed properties held for sale. Each customer
has a maximum credit limit. The Group seks to maintain
strict control over its outstanding receivables. Overdue
balances are reviewed regularly by senior management. The
Group had certain concentrations of credit risk as 26%
(2024: 59%) and 84% (2024: 89%) of the total acounts
receivable due from the Group’s largest external customer
and the Group’s five largest external customers respectively.
The Group does not hold any colateral or other credit
enhancements over its acounts receivable balances. Acounts
receivable are non-interest-bearing.
An ageing analysis of the acounts receivable as at the end
of the reporting period, based on the invoice date and net
of los alowance, is as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Within 90 days90日内7,2846,198
91 to 180 days91日至180日21326,341
181 to 360 days181日至360日9,540—
Over 360 days逾360日121119
Total总额17,15832,658
The movements in the los alowance for impairment of
acounts receivable are as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
At begining of year于年初15,63613,386
Impairment los, net (note 6)减值亏损，净额（附注6）4,5366,806
Writen-of撇销(658)(4,471)
Exchange realignment汇兑调整(96)(85)
At end of year于年末19,41815,636
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
20 应收账项（续）
于各报告日期均采用拨备矩阵进行减值
分析，以计量预期信贷损失。就亏损模
式类似的客户分部分组（即按地理区域
及产品类型）而言，拨备率乃基于逾期
日数计算。该计算反映或然率加权结
果、货币时值及于报告日期可得的有关
过往事项、当前条件及未来经济状况预
测的合理及可靠资料。
按营运分类应收账项分析如下：
20 ACOUNTS RECEIVABLE (Continued)
An impairment analysis is performed at each reporting date
using a provision matrix to measure expected credit loses.
The provision rates are based on days past due for
groupings of various customer segments with similar los
paterns (i.e., by geographical region and product type). The
calculation reflects the probability-weighted outcome, the
time value of money and reasonable and suportable
information that is available at the reporting date about
past events, curent conditions and forecasts of future
economic conditions.
An analysis of acounts receivable by operating segment is
as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Property development and investment
busines
物业发展及投资业务
10,79031,060
Trading busines贸易业务22,27914,108
Operation of hotels营运酒店3,5073,126
Total总计36,57648,294
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
20 应收账项（续）
物业发展及投资业务
以下载列有关使用拨备矩阵的有关物业
发展及投资业务应收账项的信贷风险资
料。
20 ACOUNTS RECEIVABLE (Continued)
Property development and investment busines
Set out below is the information about the credit risk
exposure on the acounts receivable related to the property
development and investment busines using a provision
matrix.
二零二五年
Expected
credit los
rate
Gros
carying
amount
Expected
credit
loses
Net
carying
amount
预期信贷
损失率总账面值预期信贷损失账面净值
HK$’000HK$’000HK$’000
千港元千港元千港元
Curent即期0.2%1,439(3)1,436
Les than 3 months past due逾期少于三个月0.3%1,510(5)1,505
3 to 6 months past due逾期三至六个月4.0%101(4)97
6 to 12 months past due逾期六至十二个月—
Over 12 months past due逾期十二个月以上99.7%7,740(7,720)20
Total总额71.7%10,790(7,732)3,058
二零二四年
Expected
credit los
rate
Gros
carying
amount
Expected
credit
loses
Net
carying
amount
预期信贷
损失率总账面值预期信贷损失账面净值
HK$’000HK$’000HK$’000
千港元千港元千港元
Curent即期8.0%1,883(151)1,732
Les than 3 months past due逾期少于三个月—205—205
3 to 6 months past due逾期三至六个月8.0%28,634(2,303)26,331
6 to 12 months past due逾期六至十二个月—
Over 12 months past due逾期十二个月以上94.1%338(318)20
Total总额8.9%31,060(2,772)28,288
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
20 应收账项（续）
贸易业务
以下载列有关使用拨备矩阵的有关贸易
业务应收账项的信贷风险资料：
20 ACOUNTS RECEIVABLE (Continued)
Trading busines
Set out below is the information about the credit risk
exposure on the acounts receivable related to the trading
busines using a provision matrix:
二零二五年
Expected
credit los
rate
Gros
carying
amount
Expected
credit
loses
Net
carying
amount
预期信贷
损失率总账面值预期信贷损失账面净值
HK$’000HK$’000HK$’000
千港元千港元千港元
Curent即期0.2%2,432(5)2,427
Les than 3 months past due逾期少于三个月0.2%1,046(2)1,044
3 to 6 months past due逾期三至六个月2.7%75(2)73
6 to 12 months past due逾期六至十二个月0.2%9,604(15)9,589
Over 12 months past due逾期十二个月以上100.0%9,122(9,122)—
Total总额41.1%22,279(9,146)13,133
二零二四年
Expected
credit los
rate
Gros
carying
amount
Expected
credit
loses
Net
carying
amount
预期信贷
损失率总账面值预期信贷损失账面净值
HK$’000HK$’000HK$’000
千港元千港元千港元
Curent即期0.5%3,344(17)3,327
Les than 3 months past due逾期少于三个月0.4%493(2)491
3 to 6 months past due逾期三至六个月100.0%2(2)—
6 to 12 months past due逾期六至十二个月100.0%39(39)—
Over 12 months past due逾期十二个月以上99.0%10,230(10,131)99
Total总额72.2%14,108(10,191)3,917
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
20 应收账项（续）
营运酒店
以下载列有关使用拨备矩阵的有关营运
酒店应收账项的信贷风险资料：
20 ACOUNTS RECEIVABLE (Continued)
Operation of hotels
Set out below is the information about the credit risk
exposure on the acounts receivable related to the
operation of hotels using a provision matrix:
二零二五年
Expected
credit los
rate
Gros
carying
amount
Expected
credit
loses
Net
carying
amount
预期信贷
损失率总账面值预期信贷损失账面净值
HK$’000HK$’000HK$’000
千港元千港元千港元
Curent即期0.1%688(1)687
Les than 3 months past due逾期少于三个月0.4%276(1)275
3 to 6 months past due逾期三至六个月16.7%6(1)5
6 to 12 months past due逾期六至十二个月100.0%1(1)—
Over 12 months past due逾期十二个月以上100.0%2,536(2,536)—
Total总额72.4%3,507(2,540)967
二零二四年
Expected
credit los
rate
Gros
carying
amount
Expected
credit
loses
Net
carying
amount
预期信贷
损失率总账面值预期信贷损失账面净值
HK$’000HK$’000HK$’000
千港元千港元千港元
Curent即期—411—411
Les than 3 months past due逾期少于三个月—32—32
3 to 6 months past due逾期三至六个月33.3%15(5)10
6 to 12 months past due逾期六至十二个月—
Over 12 months past due逾期十二个月以上100.0%2,668(2,668)—
Total总额85.5%3,126(2,673)453
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
21 预付款项、按金及其他应收款项
附注(i)： 于二零二年十月二十日，本公司
一间全资附属公司江裕有限公司
（「江裕」）及富海地产投资有限公司
（「富海地产」，一名独立第三方）与
海口市龙华区城市投资控股有限公
司订立意向书（「意向书」），内容有
关建议江裕出售于江裕置业（海南）
有限公司之全部股权（「出售事项
1」）及富海地产出售于海南富迪商
业管理有限公司（为本集团利益持
有一项物业）之全部股权（「出售事
项2」），总代价为人民币
385,000,000元（相等于约
427,778,000港元）。于二零二三年
八月七日，订约方就出售事项1及
出售事项2订立正式最终协议。出
售事项1及出售事项2已于二零二三
年八月三十日完成。
21 PREPAYMENTS, DEPOSITS AND OTHER
RECEIVABLES
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Prepayments预付款项9,92512,971
Deposits按金3,5961,642
13,52114,613
Other receivables — curent (note (i)其他应收款项 — 即期
（附注(i)）166,680171,871
Impairment减值(27,907)(22,429)
138,773149,442
152,294164,055
Other receivables — non-curent
(note (i)
其他应收款项 — 非即期
（附注(i)）55,457163,931
Total总额207,751327,986
Note (i): On 20 October 2022, Honour Advance Limited (“Honour
Advance”), a wholy-owned subsidiary of the Company, and
Faning Properties Limited (“Faning Properties”), an
independent third party entered into a leter of intent
(“Leter of Intent”) with Haikou Longhua City Investment
Holding Co., Ltd.* (海口市龙华区城市投资控股有限公司), in
relation to a proposed disposal of their entire interests in
Honour Advance Real Estate (Hainan) Limited* (江裕置业（海
南）有限公司) by Honour Advance (“Disposal 1”) and Hainan
Fruitful Busines Management Ltd* (海南富迪商业管理有限公
司) which held a property for the benefit of the Group by
Faning Properties (“Disposal 2”) at the agregate
consideration of RMB385,000,000 (equivalent to
aproximately HK$427,778,000). On 7 August 2023, the
parties entered into a formal definitive agrement relating to
Disposal 1 and Disposal 2. The Disposal 1 and Disposal 2
were completed on 30 August 2023.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
21 预付款项、按金及其他应收款项
（续）
附注(i)： （续）
就出售事项1及出售事项2应收之尚
未清偿代价约人民币165,000,000
元（相等于约183,333,000港元）
（二零二四年：人民币285,000,000
元（相等于约316,667,000港元）
（「尚未清偿代价」）。第一期人民
币120,000,000元已于二零二四
年十月三十一日收取，而其余三
期人民币110,000,000元、人民币
50,000,000元及人民币5,000,000
元将分别于二零二五年十月三十一
日、二零二六年十月三十一日及二
零二七年十月三十一日收取。
鉴于上一个年度尚未清偿代价
之还款时间表，已考虑折现影响
约33,515,000港元。于截至二零
二五年三月三十一日止年度，尚
未清偿代价已产生预估利息收入
约14,150,000港元（二零二四年：
9,285,000港元）（附注5）。
已折现尚未清偿代价为
173,254,000港元（二零二四年：
292,437,000港元）分类为非流
动资产项下之其他应收款项，
惟于二零二五年十月三十一日
或之前应付之第二期分期付款
人民币110,000,000元（相等于约
122,222,000港元）（二零二四年：
人民币120,000,000元（相等于约
133,333,000港元）除外，而相应
折现金额为117,797,000港元（二零
二四年：128,506,000港元）。
有关出售事项1及出售事项2之详
情，请参阅本公司日期为二零二三
年八月七日之公告及本公司日期为
二零二三年八月三十一日之通函。
*
英文名称仅供识别。
本集团其他应收款项中包含了应收启康
创建有限公司（「启康创建」）的款项
14,000港元，本公司一名董事对该公司
具有重大影响力。
21 PREPAYMENTS, DEPOSITS AND OTHER
RECEIVABLES (Continued)
Note (i): (Continued)
The outstanding consideration receivable for the Disposal 1
and Disposal 2 of aproximately RMB165,000,000 (equivalent
to aproximately HK$183,333,000) (2024: RMB285,000,000
(equivalent to aproximately HK$316,667,000)
(“Outstanding Consideration”). The first instalment
amounting to RMB120,000,000 was received on 31 October
2024 and the remaining thre instalments amounting to
RMB110,000,000, RMB50,000,000 and RMB5,000,000 are to
be received on or before 31 October 2025, 31 October 2026
and 31 October 2027 respectively.
A discounted efect of aproximately HK$33,515,000 was
considered due to the repayment schedule of the Outstanding
Consideration in prior year. During the year ended 31 March
2025, imputed interest income amounted to aproximately
HK$14,150,000 (2024: HK$9,285,000) had ben generated
from the Outstanding Consideration (note 5).
The discounted Outstanding Consideration of
HK$173,254,000 (2024: HK$292,437,000) was clasified as
other receivables under non-curent asets, except for
RMB110,000,000 (equivalent to aproximately
HK$122,222,000) (2024: RMB120,000,000 (equivalent to
aproximately HK$133,333,000) being the second instalment
payable on or before 31 October 2025 (2024: first instalment
payable on or before 31 October 2024) and the
coresponding discounted amount was HK$117,797,000
(2024: HK$128,506,000).
Please refer to the anouncement of the Company dated
7 August 2023 and the circular of the Company dated
31 August 2023 for details of the Disposal 1 and Disposal 2.
*
English name for identification purpose only.
Included in the Group’s other receivables amounting to
HK$14,000 were amounts due from Fitnes Concept Limited
(“FCL”), in which a director of the Company has significant
influence over it.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
21 预付款项、按金及其他应收款项
（续）
于各报告日期，经参考本集团之历史亏
损记录，采用亏损比率法进行减值分
析。亏损比率会作出调整以反映当前状
况及对未来经济状况之预测（如适用）。
于二零二五年三月三十一日，有关面临
财务困难或拖欠付款之债务人之其他应
收款项27,907,000港元（二零二四年：
22,429,000港元）之适用亏损比率为
100%（二零二四年：100%）。
除上述已作出的减值外，计入上述余额
的金融资产与近期并无拖欠记录及逾期
金额之应收款项有关。截至二零二五年
及二零二四年三月三十一日，亏损拨备
被评估为极低。
未减值之按金及其他应收款项与近期并
无拖欠记录之应收款项有关。
其他应收款项之减值拨备变动如下：
计入上述其他应收款项之减值拨备为拖
欠还款之个别其他应收款项之拨备，且
该等应收款项预期不能收回。本集团并
未就该等结余持有任何抵押品或其他信
贷强化措施。
21 PREPAYMENTS, DEPOSITS AND OTHER
RECEIVABLES (Continued)
An impairment analysis is performed at each reporting date
by aplying a los rate aproach with reference to the
historical los record of the Group. The los rate is adjusted
to reflect the curent conditions and forecasts of future
economic conditions, as apropriate. The los rate aplied
to other receivables of HK$27,907,000 (2024:
HK$22,429,000) relating to debtors that were in financial
dificulties or were in default in payments as at 31 March
2025 was 100% (2024: 100%).
Other than the above impairment made, the financial asets
included in the above balances relate to receivables of
which there was no recent history of default and past due
amounts. As at 31 March 2025 and 2024, the los
alowance was asesed to be minimal.
Deposits and other receivables that were not impaired
related to receivables for which there is no recent history of
default.
The movements in the provision for impairment of other
receivables are as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
At begining of year于年初22,42923,549
Impairment loses (note 6)减值损失（附注6）5,721975
Writen-of撇销—(957)
Exchange realignment汇兑调整(243)(1,138)
At end of year于年末27,90722,429
Included in the above provision for impairment of other
receivables is a provision for individual other receivables
where the repayments were defaulted and these receivables
were not expected to be recovered. The Group does not
hold any colateral or other credit enhancements over these
balances.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
22 现金及现金等值项目及已抵押存
款
于报告期末，本集团以人民币
计值之现金及银行结余及存款总额
约为22,944,000港元（二零二四年：约
37,283,000港元）。此人民币结余不可自
由兑换为其他货币，然而，根据中国内
地外汇管制条例及结汇、售汇及付汇管
理规定，本集团被准许透过获授权进行
外汇业务之银行将人民币兑换为其他货
币。
银行现金根据每日银行存款利率按浮动
利率计息。短期定期存款期限一般介乎
一日至三个月不定，须视乎本集团对即
时现金需求而定，并按各自短期定期存
款利率赚取利息。银行结余及已抵押存
款存放于近期并无违约记录之信誉良好
的银行。
22 CASH AND CASH EQUIVALENTS AND
PLEDGED DEPOSITS
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Cash and bank balances现金及银行结余36,07442,338
Time deposits定期存款4,0004,000
Subtotal小计40,07446,338
Les: Pledged deposits for banking
facilities (note 26)
减： 银行信贷之已抵押
存款（附注26）(4,000)(4,000)
Cash and cash equivalents现金及现金等值项目36,07442,338
At the end of the reporting period, the agregate cash and
bank balances and deposits of the Group denominated in
RMB amounted to aproximately HK$22,944,000 (2024:
aproximately HK$37,283,000). This RMB balance is not
frely convertible into other curencies, however, under
Mainland China’s Foreign Exchange Control Regulations and
Administration of Setlement and Sale and Payment of
Foreign Exchange Regulations, the Group is permited to
exchange RMB for other curencies through banks
authorised to conduct foreign exchange busines.
Cash at banks earns interest at floating rates based on daily
bank deposit rates. Short-term time deposits are made for
varying periods of betwen one day and thre months
depending on the imediate cash requirements of the
Group, and earn interest at the respective short-term time
deposit rates. The bank balances and pledged deposits are
deposited with creditworthy banks with no recent history of
default.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
23 应付账项
于报告期间末，应付账项按发票日期计
算之账龄分析如下：
应付账项为免息，一般须于30日内结
算。
24 其他应付款项及应计费用
23 ACOUNTS PAYABLE
An ageing analysis of the acounts payable as at the end of
the reporting period, based on the invoice date, is as
folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Within 90 days90日内28,73319,347
91 to 180 days91日至180日43117
181 to 360 days181日至360日1856
Over 360 days逾360日2,8743,279
Total总额32,05622,699
Acounts payable are non-interest-bearing and are normaly
setled on 30-day terms.
24 OTHER PAYABLES AND ACRUALS
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Deposits received已收按金8,5264,570
Other payables其他应付款项20,69827,826
Contract liabilities (note a)合约负债（附注a）7,2058,582
Acruals应计费用25,38833,259
Due to non-controling shareholder of
a subsidiary (note b)
应付一间附属公司非控
股东款项（附注b）18,06217,002
Total总额79,87991,239
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
24 其他应付款项及应计费用（续）
(a) 合约负债
合约负债详情如下：
合约负债包括收到的短期垫款以
转移物业权益以及交付交易货品
至客户。本年度合约负债减少主
要由于年末销售货品的已收客户
的短期垫款减少。
(b) 应付一间附属公司非控股东
款项
应付一间附属公司非控股东款
项为无抵押、免息及须按要求偿
还。
24 OTHER PAYABLES AND ACRUALS
(Continued)
(a) Contract liabilities
Details of contract liabilities are as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Short-term advances received
from customers
已收客户的短期垫款
Sale of properties销售物业5,6764,080
Sale of trading gods销售交易货品1,5294,502
Total总额7,2058,582
Contract liabilities included short-term advances
received to transfer property interests and to deliver
trading gods to customers. The decrease in contract
liabilities in the curent year was mainly due to the
decrease in short-term advances received from
customers in relation to the sale of trading gods at
the end of the year.
(b) Due to non-controling shareholder of a
subsidiary
The amounts due to non-controling shareholder of a
subsidiary are unsecured, interest-fre and repayable
on demand.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
25 应付关连人士结余╱关连人士贷
款
(i) 应付关连公司结余为无抵押、免
息及须按要求偿还。
本公司一名董事对该等关连公司
具有重大影响力。
(i) 应付本公司执行董事谢先生的结
余为无抵押、免息及须按要求偿
还。
(i) 于二零二四年三月三十一日，除
应付利息66,000港元外，应付本
公司执行董事王先生的余下结余
为无抵押、按年利率8.84%计息。
25 BALANCES DUE TO/LOAN FROM RELATED
PARTIES
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Curent即期
Excel Win Limited (note (i)Excel Win Limited
（附注(i)）—3,833
Mr. Tjia (note (i)谢先生（附注(i)）645—
Mr. Wang (note (i)王先生（附注(i)）—37,866
FCL (note (i)启康创建（附注(i)）—15
64541,714
(i) The balances due to related companies are unsecured,
interest-fre and repayable on demand.
A director of the Company has significant influence
over these related companies.
(i) The balance due to Mr. Tjia, executive director of the
Company is unsecured, interest-fre and repayable on
demand.
(i) As at 31 March 2024, except for the interest payable
amounted to HK$66,000, the remaining balance due
to Mr. Wang, executive director of the Company, was
unsecured, interest-bearing at 8.84% per anum.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
26 计息银行及其他借贷26 INTEREST-BEARING BANK AND OTHER
BOROWINGS
二零二五年
Contractual interest
rate per anumMaturityHK$’000
合约年利率到期日千港元
Curent即期
Bank loans —
secured
银行贷款 —
有抵押
3.10% to 7.63%
3.10%至7.63%
二零二五年
125,550
Bank overdrafts银行透支Prime lending rate
–0.5% to 1.0%
above HIBOR or
Prime Rate or bank
best lending rate
–1.5%
最优惠借贷利率减
0.5%至香港银行同业
拆息加1.0%或最优惠
利率或银行最优惠借贷
利率减1.5%
On demand
按要求
17,733
Trust receipt loans信托收据贷款5.97% to 6.60%
5.97%至6.60%
二零二五年
2,307
Other borowings
— unsecured
其他借贷 —
无抵押
10%2025
二零二五年
5,398
150,988
Non-curent非即期
Bank loans —
secured
银行贷款 —
有抵押
6.37%2026
二零二六年
13,375
Other borowings
— unsecured
其他借贷 —
无抵押
8.84% to 9.0%
8.84%至9.0%
二零二六年
29,260
42,635
193,623
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
26 计息银行及其他借贷（续） 26 INTEREST-BEARING BANK AND OTHER
BOROWINGS (Continued)
二零二四年
Contractual interest
rate per anumMaturityHK$’000
合约年利率到期日千港元
Curent即期
Bank loans —
secured
银行贷款 —
有抵押
3.45% to 7.18%
3.45%至7.18%
二零二四年
144,328
Bank overdrafts银行透支Prime lending rate
–0.5% to 1.0%
above HIBOR or
Prime Rate or bank
best lending rate
–1.5%
最优惠借贷利率减
0.5%至香港银行同业
拆息加1.0%或最优惠
利率或银行最优惠借贷
利率减1.5%
On demand
按要求
21,939
Trust receipt loans信托收据贷款5.8% to 6.94%
5.8%至6.94%
二零二四年
1,722
Other borowings
— unsecured
其他借贷
— 无抵押
8.0% to 13.0%
8.0%至13.0%
2024 to 2025
二零二四年至
二零二五年
67,114
235,103
Non-curent非即期
Bank loans —
secured
银行贷款 —
有抵押
6.37%2025 to 2026
二零二五年至
二零二六年
40,500
Other borowings
— unsecured
其他借贷
— 无抵押
9.0%2026
二零二六年
20,000
60,500
295,603
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
26 计息银行及其他借贷（续）
除已抵押银行贷款76,505,000港元（二
零二四年：117,828,000港元）、无抵押
银行贷款6,420,000港元（二零二四年：
零港元）及无抵押其他借贷24,658,000
港元（二零二四年：41,114,000港元）以
人民币计值，及分别以美元及欧元计值
的信托收据贷款272,000港元（二零二四
年：385,000港元）及572,000港元（二
零二四年：737,000港元）之外，所有余
下借贷均以港元计值。
26 INTEREST-BEARING BANK AND OTHER
BOROWINGS (Continued)
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Analysed into:分析为：
Bank loans repayable:应偿还银行贷款：
Within one year or on demand一年内或按要求145,590167,989
In the second year第二年13,37527,000
In the third to fifth year第三至五年—13,500
Subtotal小计158,965208,489
Other borowings, repayable:应偿还其他借贷：
Within one year or on demand一年内或按要求5,39867,114
In the second year第二年29,260—
In the third to fifth year第三至五年—20,000
Subtotal小计34,65887,114
Total总额193,623295,603
Except for secured bank loans of HK$76,505,000 (2024:
HK$117,828,000), unsecured bank loans of HK$6,420,000
(2024: HK$Nil) and unsecured other borowings of
HK$24,658,000 (2024: HK$41,114,000) which are
denominated in RMB, and trust receipt loans of
HK$272,000 (2024: HK$385,000) and HK$572,000 (2024:
HK$737,000) which are denominated in USD and Euro
respectively, al remaining borowings are denominated in
Hong Kong dolar.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
26 计息银行及其他借贷（续）
本集团之银行信贷乃由下列各项作抵
押：
(i) 抵押本集团位于香港及中国的若
干租赁土地及楼宇，为数
140,952,000港元（二零二四年：
167,060,000港元）（附注14）；
(i) 抵押本集团位于中国的若干投资
物业，为数454,750,000港元（二
零二四年：442,800,000港元）（附
注15）；
(i) 抵押本集团位于中国的若干待售
物业，为数144,450,000港元（二
零二四年：145,800,000港元）（附
注18）；
(iv) 转让租赁若干本集团物业的租金
收入；及
(v) 抵押本集团的定期存款，为数
4,000,000港元（二零二四年：
4,000,000港元）（附注22）。
另外，于二零二五年三月三十一日及二
零二四年三月三十一日若干银行信贷以
本公司签立之公司担保作抵押。于二零
二五年三月三十一日及二零二四年三月
三十一日，本集团其中一项其他借贷以
本公司一名董事签立的个人担保作抵
押。
26 INTEREST-BEARING BANK AND OTHER
BOROWINGS (Continued)
The Group’s banking facilities are secured by:
(i) the pledge of certain of the Group’s leasehold land
and buildings situated in Hong Kong and the PRC of
HK$140,952,000 (2024: HK$167,060,000) (note 14);
(i) the pledge of certain of the Group’s investment
properties situated in the PRC of HK$454,750,000
(2024: HK$442,800,000) (note 15);
(i) the pledge of certain of the Group’s properties held
for sale situated in the PRC of HK$144,450,000
(2024: HK$145,800,000) (note 18);
(iv) the asignment of rental income from the leases of
certain of the Group’s properties; and
(v) the pledge of the Group’s time deposits of
HK$4,000,000 (2024: HK$4,000,000) (note 22).
In adition, certain banking facilities are secured by
corporate guarantes executed by the Company as at
31 March 2025 and 31 March 2024. One of the Group’s
other borowings is secured by a personal guarante
executed by a director of the Company as at 31 March
2025 and 31 March 2024.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
27 租赁负债
本集团作为承租人
本集团已就其营运所用物业订立租赁。
物业租赁之租赁期通常介乎3年至15年
（二零二四年：3年）。一般而言，本集
团不可向本集团以外人士转让及分租
赁资产。
租赁负债之到期日分析如下：
于综合现金流量表呈列之款项包括经营
及融资活动之租赁现金流出分别为
1,510,000港元及1,831,000港元（二零
二四年：362,000港元及327,000港元）。
28 应付债券
于二零二年八月二十二日，本公司按
本金额20,000,000港元（「20M债券」）
发行非上市公司债券，为无抵押、按固
定年利率7%计息，并可由本公司自发
行日期起计两年后按其本金额
20,000,000港元悉数赎回。于二零二四
年五月六日，本公司及20M债券持有人
同意将债券由二零二四年八月二十二日
进一步延长两年，并于本公司偿还部份
本金额5,000,000港元后将本金额由
20,000,000港元修改为15,000,000港元
（「15M债券」），为无抵押，按固定年利
率7%计息。因此，15M债券可由本公
司自二零二四年八月二十二日起计两年
后按本金额15,000,000港元悉数赎回。
27 LEASE LIABILITIES
The Group as a lese
The Group has entered into leases for properties used in its
operations. Leases of properties generaly have lease terms
ranging from 3 years to 15 years (2024: 3 years). Generaly,
the Group is restricted from asigning and subleasing the
leased asets outside the Group.
The maturity analysis of lease liabilities are as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Analysed into:分析为：
Within one year一年内2,205343
After one year but within two years一年后但两年内1,953331
After two years but within thre years两年后但三年内2,067—
After thre years but within four years三年后但四年内2,198—
After four years but within five years四年后但五年内2,336—
After five years五年后29,805—
40,564674
Amounts included in the consolidated statement of cash
flows comprise of cash outflows for leases of
HK$1,510,000 and HK$1,831,000 (2024: HK$362,000 and
HK$327,000) in operating and financing activities
respectively.
28 BONDS PAYABLE
On 22 August 2022, the Company isued an unlisted
corporate bond at a principal amount of HK$20,000,000
(“20M Bond”), which is unsecured, bears a fixed interest
rate of 7% per anum, and is fuly redemable by the
Company after two years from the isue date at its
principal amount of HK$20,000,000. On 6 May 2024, the
Company and the holder of the 20M Bond agred to
extend the bond for a further two years from 22 August
2024 and revise the principal amount from HK$20,000,000
to HK$15,000,000 (“15M Bond”) after the Company repaid
part of the principal amount in the sum of HK$5,000,000,
which is unsecured, bears a fixed interest rate of 7% per
anum. Acordingly, the 15M Bond is fuly redemable by
the Company after two years from 22 August 2024 at its
principal amount of HK$15,000,000.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
28 应付债券（续）
于二零二四年二月一日，本公司按本金
额13,000,000港元（「13M债券」）发行
非上市公司债券，为无抵押、按固定年
利率10%计息，并可由本公司自发行日
期起计一年后按其本金额13,000,000港
元悉数赎回。13M债券已于截至二零
二五年三月三十一日止年度悉数偿还。
就20M债券、15M债券及13M债券而
言，非上市公司债券实际利率分别约为
7%、7%及10%。
29 递延税项
年内，递延税项负债╱（资产）之变动如
下：
28 BONDS PAYABLE (Continued)
On 1 February 2024, the Company isued an unlisted
corporate bond at a principal amount of HK$13,000,000
(“13M Bond”), which is unsecured, bears a fixed interest
rate of 10% per anum, and is fuly redemable by the
Company after 1 year from the isue date at its principal
amount of HK$13,000,000. The 13M Bond was repaid in
ful during the year ended 31 March 2025.
The efective interest rate of the unlisted corporate bonds is
aproximately 7%, 7% and 10% for 20M Bond, 15M
Bond and 13M Bond respectively.
29 DEFERED TAX
The movements in defered tax liabilities/(asets) during the
year are as folows:
Revaluation of
properties
Capital gain
tax and
witholding
tax on
undistributed
profits
Loses
available for
ofseting
against future
taxable
profitsTotal
重估物业
资本收益利得税
及未分派溢利之
预扣税
可供抵销未来
应课税溢利
的亏损总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
At 1 April 2023于二零二三年四月一日102,26923,267(774)124,762
Defered tax credited to profit or
los during the year (note 10)
年内于损益账计入之递延
税项（附注10）(8,091)(10,659)—(18,750)
Defered tax credited to other
comprehensive income during the year
年内于其他全面收益计入之
递延税项(1,237)—(1,237)
Disposal of a subsidiary (note 33(a)出售一间附属公司
（附注33(a)）—(895)—(895)
Exchange realignment汇兑调整(2,645)—(2,645)
At 31 March 2024 and 1 April 2024于二零二四年三月三十一日
及二零二四年四月一日90,29611,713(774)101,235
Defered tax credited to profit or los
during the year (note 10)
年内于损益账计入之递延
税项（附注10）(2,423)(99)—(2,522)
Defered tax credited to other
comprehensive income during the year
年内于其他全面收益计入之
递延税项(2,854)—(2,854)
Exchange realignment汇兑调整(441)—(441)
At 31 March 2025于二零二五年三月三十一日84,57811,614(774)95,418
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
29 递延税项（续）
本集团估计于香港产生之税务亏损
约为189,008,000港元（二零二四年：
181,618,000港元），可供用作对销产
生亏损之公司之未来应课税溢利。
本集团亦于中国内地产生税务亏损
约90,297,000港元（二零二四年：
90,123,000港元），将于一至五年内届
满，以供对销未来应课税溢利。此外，
于报告期末，本集团因存货、应收账项
及其他应收款项拨备而产生暂时差额
合共约55,852,000港元（二零二四年：
45,124,000港元）。税务亏损涉及之递
延税项资产约274,613,000港元（二零
二四年：267,048,000港元）及以上暂时
差额未获确认，是由于其乃由已亏损一
段时间的附属公司产生，且董事认为不
可能有应课税溢利可供用作对销税务亏
损。
本集团有责任就该等于中国内地成立的
附属公司就二零八年一月一日起产生
的盈利所分派的股息缴付预扣税。本集
团的适用税率为5%或10%。
本公司支付股息予股东并未对所得税构
成影响。
29 DEFERED TAX (Continued)
The Group has estimated tax loses arising in Hong Kong of
aproximately HK$189,008,000 (2024: HK$181,618,000)
that are available for ofseting against future taxable
profits of the companies in which the loses arose. The
Group also has tax loses arising in Mainland China of
aproximately HK$90,297,000 (2024: HK$90,123,000) that
wil expire in one to five years for ofseting against future
taxable profits. In adition, the Group has temporary
diferences arising from provision for inventories, acounts
receivable and other receivables of aproximately
HK$55,852,000 (2024: HK$45,124,000) in agregate as at
the end of the reporting period. Defered tax asets in
respect of tax loses of aproximately HK$274,613,000
(2024: HK$267,048,000) and the above temporary
diferences have not ben recognised as they have arisen in
subsidiaries that have ben los-making for some time and
in the opinions of the directors, it is not considered
probable that taxable profits wil be available against the tax
loses can be utilised.
The Group is liable for witholding taxes on dividends
distributed by those subsidiaries established in Mainland
China in respect of earnings generated from 1 January
2008. The aplicable rate is 5% or 10% for the Group.
There are no income tax consequences ataching to the
payment of dividends by the Company to its shareholders.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
30 股本
股份
本公司之购股权计划之详情载于综合财
务报表附注31。
31 购股权计划
于二零二年八月三十日，本公司采纳
购股权计划（「计划」），其符合上市规则
第17章。
本公司设有计划，借以表彰及嘉许对本
集团之成功经营作出贡献之合资格参与
者。计划之合资格参与者包括本集团的
全职及兼职雇员、行政人员、高级人员
或董事（包括独立非执行董事）。计划将
于二零二年八月三十日起维持生效十
年，除非另外注销或修订。
30 SHARE CAPITAL
Shares
Number of sharesShare capital
股份数目股本
HK$’000
千港元
Authorised:法定：
At 1 April 2023, 31 March 2024,
1 April 2024 and 31 March 2025
于二零二三年四月一日、
二零二四年三月三十一日、
二零二四年四月一日及
二零二五年三月三十一日5,000,000,000500,000
Isued and fuly paid:已发行及缴足：
At 1 April 2023, 31 March 2024,
1 April 2024 and 31 March 2025
于二零二三年四月一日、
二零二四年三月三十一日、
二零二四年四月一日及
二零二五年三月三十一日1,466,820,600146,682
Details of the Company’s share option scheme are included
in note 31 to the consolidated financial statements.
31 SHARE OPTION SCHEME
On 30 August 2022, the Company adopted a share option
scheme (the “Scheme”), which complies with the
requirements of Chapter 17 of the Listing Rules.
The Scheme was established by the Company to recognise
and acknowledge contributions of eligible participants who
have contributed to the suces of the Group’s operations.
Eligible participants of the Scheme include ful time and part
time employes, executives, oficers or directors (including
independent non-executive directors) of the Group. The
Scheme wil remain in force for 10 years from 30 August
2022, unles otherwise canceled or amended.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
31 购股权计划（续）
因行使根据计划授出之购股权而可予发
行之新股份总数（即146,682,060股）不
得超过于计划采纳日期之本公司已发行
股份总数之10%。在计划之计划限额
内，概无向本集团服务供应商授出购股
权。于任何十二个月期间内因行使购股
权而可向计划每名合资格参与者发行股
份之数目，最多以本公司于授出日期之
已发行股份之1%为限。任何进一步授
出超过此限额之购股权，须于股东大会
上获股东批准。于二零二四年四月一日
及二零二五年三月三十一日，根据该计
划可供授出之购股权数目分别为
146,682,060份及146,682,060份。于本
年报日期，根据计划可供发行的新股份
总数为146,682,060股份，相当于本
公司已发行股份总数约10.0%。
向本公司董事、主要行政人员或主要股
东或彼等任何联系人授出购股权，必须
事先获独立非执行董事（不包括身为购
股权承授人之任何独立非执行董事）批
准。此外，任何十二个月期间内向本公
司主要股东或独立非执行董事或任何彼
等之联系人授出之任何购股权，如超逾
本公司于任何时间已发行股份0.1%或
总值（按授出日期之本公司股份价格计
算）超过5,000,000港元，须事先于股东
大会上获股东批准。
承授人可于授出购股权要约之日起计
三十日内支付象征式总代价1港元以接
纳购股权要约。根据该计划，购股权可
于购股权授出当日后不超过十年期间任
何时间行使，而将于该期间的最后一日
逾期。
31 SHARE OPTION SCHEME (Continued)
The total number of new shares (being 146,682,060) which
maybe isued pursuant to the exercise of the options
granted under the Scheme must not exced 10% of the
total number of shares of the Company in isue as at the
adoption date of the Scheme. Within the scheme limit of
the Scheme, no options are to be granted to service
providers of the Group. The maximum number of shares
isuable under share options upon exercise of the share
options to each eligible participant in the Scheme within
any 12-month period is limited to 1% of the shares of the
Company in isue at the date of grant. Any further grant of
share options in exces of this limit is subject to
shareholders’ aproval in a general meting. As at 1 April
2024 and 31 March 2025, the number of options available
for grant under the Scheme was 146,682,060 and
146,682,060 respectively. As at the date of this Anual
Report, the total number of new shares available for isue
under the Scheme is 146,682,060 shares, representing
aproximately 10.0% of the total number of shares of the
Company in isue.
Share options granted to a director, chief executive or
substantial shareholder of the Company, or to any of their
asociates, are subject to aproval in advance by the
independent non-executive directors (excluding any
independent non-executive director who is the grante of
the share options). In adition, any share options granted to
a substantial shareholder or an independent non-executive
director of the Company, or to any of their asociates, in
exces of 0.1% of the shares of the Company in isue at
any time or with an agregate value (based on the price of
the Company’s shares at the date of grant) in exces of
HK$5 milion, within any 12-month period, are subject to
shareholders’ aproval in advance in a general meting.
The ofer of a grant of share options may be acepted
within 30 days from the date of ofer, upon payment of a
nominal consideration of HK$1 in total by the grante. An
option may be exercised under the Scheme at any time
during a period of not exceding 10 years after the date
when the option is granted and wil expire on the last date
of such period.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
31 购股权计划（续）
购股权之行使价由本公司董事厘定，惟
必须为下列之较高者：(i)本公司股份于
授出购股权之日于联交所每日报价表所
报之官方收市价；(i)本公司股份于紧接
授出日期前五个营业日于联交所每日报
价表所报之平均收市价；及(i)本公司股
份的面值。
购股权不会授予持有人享有股息或于股
东大会上投票之权利。
截至二零二五年及二零二四年三月
三十一日止年度，计划项下概无并未行
使的购股权。
32 储备
于本年度及过往年度，本集团储备金额
及其变动情况于综合财务报表第106及
107页之综合权益变动表内呈列。
33 出售附属公司及其他出售事项
(a) 出售附属公司
于二零二四年四月十日，本公司
一间全资附属公司已以代价
51,000港元向一名独立第三方出
售其于天通的51%股权，导致失
去此附属公司之控制权。有关详
情请参阅综合财务报表附注16。
于二零二四年九月三十日，本公
司一间全资附属公司已分别向谢
先生、王先生及独立第三方出售
其于锦田投资有限公司（「锦田」）
的15%、15%及70%股权。故出
售锦田的30%股权构成一项关连
人士交易。
31 SHARE OPTION SCHEME (Continued)
The exercise price of the share options is determinable by
the directors of the Company, but must be the higher of (i)
the oficial closing price of the shares of the Company as
stated in the Stock Exchange’s daily quotation shets on the
date of grant of the share options; (i) the average of the
oficial closing price of the shares of the Company as
stated in the Stock Exchange’s daily quotation shets for
the five busines days imediately preceding the date of
grant; and (i) the nominal value of a share of the
Company.
The share options do not confer rights on the holders to
dividends or to vote at shareholders’ metings.
There was no outstanding share option under the Scheme
for the year ended 31 March 2025 and 2024.
32 RESERVES
The amounts of the Group’s reserves and the movements
therein for the curent and prior years are presented in the
consolidated statement of changes in equity on pages 106
and 107 of the consolidated financial statements.
33 DISPOSAL OF SUBSIDIARIES AND OTHER
DISPOSAL
(a) Disposal of subsidiaries
On 10 April 2024, a wholy-owned subsidiary of the
Company has disposed of its 51% equity interest in
Tian Tong to an independent third party for a
consideration of HK$51,000 resulting los of control
of this subsidiary. Please refer to note 16 to the
consolidated financial statements for details.
On 30 September 2024, a wholy-owned subsidiary of
the Company has disposed of its 15%, 15% and
70% equity interest in Treasury Field Investments
Limited (“Treasury Field”) to Mr. Tjia, Mr. Wang and
independent third parties respectively. Therefore, the
30% disposal of equity interest of Treasury Field
constituted a related party transaction.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
33 出售附属公司及其他出售事项
（续）
(a) 出售附属公司（续）
于截至二零二五年三月三十一日
止年度出售天通及锦田的详情如
下：
33 DISPOSAL OF SUBSIDIARIES AND OTHER
DISPOSAL (Continued)
(a) Disposal of subsidiaries (Continued)
Details of disposal of Tian Tong and Treasury Field
during the year ended 31 March 2025 were as
folows:
Tian Tong
Treasury
FieldTotal
天通锦田总计
HK$’000HK$’000HK$’000
千港元千港元千港元
Details of the net asets
disposed of are as folows:
已出售资产净值详
情如下：
Other receivables其他应收款项1001101
Cash and cash equivalent现金及现金等值
项目—55
Other payables and acruals其他应付款项及
应计费用(19)(13)(32)
81(7)74
Gain on disposal of subsidiaries出售附属公司之
收益10818
Reclasification of retained
interest to interest in
asociates
将留存权益重新
分类至于联营
公司的权益(40)—(40)
Satisfied by:以下列方式偿付：
Cash现金51152
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
33 出售附属公司及其他出售事项
（续）
(a) 出售附属公司（续）
有关出售附属公司的现金及现金
等值项目流出净额分析如下：
于二零二三年八月三十日，本公
司一间全资附属公司已出售其于
江裕置业（海南）有限公司之全部
股权予一名独立第三方。
有关详情，请参阅综合财务报表
附注21及33(b)。
*
英文名称仅供识别。
33 DISPOSAL OF SUBSIDIARIES AND OTHER
DISPOSAL (Continued)
(a) Disposal of subsidiaries (Continued)
An analysis of the net outflow of cash and cash
equivalents in respect of the disposal of subsidiaries is
as folows:
Tian Tong
Treasury
FieldTotal
天通锦田总计
HK$’000HK$’000HK$’000
千港元千港元千港元
Cash consideration现金代价51152
Les: Cash and cash equivalent
disposed of
减： 已出售现金及
现金等值项目—(5)(5)
Net consideration代价净额51(4)47
Les: Outstanding consideration
to be received
减： 将予收回之尚
未清偿代价(51)(1)(52)
Net outflow of cash and cash
equivalents in respect of the
disposal of subsidiaries
有关出售附属公司的
现金及现金等值
项目流出净额—(5)(5)
On 30 August 2023, a wholy-owned subsidiary of the
Company had disposed of its entire equity interest in
Honour Advance Real Estate (Hainan) Limited* to an
independent third party.
Please refer to notes 21 & 33(b) to the consolidated
financial statements for details.
*
English name for identification purpose only.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
33 出售附属公司及其他出售事项
（续）
(a) 出售附属公司（续）
有关出售一间附属公司之现金及
现金等值项目流入净额分析如下：
截至二零二五年三月三十一日止
年度已收取尚未偿还代价
25,281,000港元。
33 DISPOSAL OF SUBSIDIARIES AND OTHER
DISPOSAL (Continued)
(a) Disposal of subsidiaries (Continued)
HK$’000
千港元
Details of the net asets disposed of are as
folows:
已出售资产净值详情如下：
Completed properties held for sale已竣工待售物业36,845
Other payables and acruals其他应付款项及应计费用(141)
Defered tax liabilities (note 29)递延税项负债（附注29）(895)
35,809
Gain on disposal of a subsidiary出售一间附属公司之收益31,015
Release of exchange fluctuation reserve解除汇率波动储备594
Satisfied by:以下列方式偿付：
Cash现金67,418
An analysis of the net inflow of cash and cash
equivalents in respect of the disposal of a subsidiary is
as folows:
HK$’000
千港元
Cash consideration现金代价81,111
Les: Efect of discounting the outstanding
consideration
减：尚未清偿代价之折现影响
(6,355)
Legal and profesional fe and transaction
costs paid
已付法律及专业费用以及
交易成本(7,338)
Net consideration代价净额67,418
Les: Deposits received减：已收按金(2,106)
Outstanding consideration to be received将予收回之尚未清偿代价(55,449)
Ad: Imputed interest income加：估算利息收入1,760
Net inflow of cash and cash equivalents in
respect of the disposal of a subsidiary
有关出售一间附属公司之现金
及现金等值项目流入净额11,623
Outstanding consideration of HK$25,281,000 were
received during the year ended 31 March 2025.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
33 出售附属公司及其他出售事项
（续）
(b) 其他出售事项
出售事项1及出售事项2已于二零
二三年八月三十日完成（附注
21）。出售事项2之会计利润经扣
除相关交易成本28,857,000港元
后，合计44,129,000港元，并已
于截至二零二四年三月三十一日
止年度之综合损益表中确认。
有关于截至二零二四年三月
三十一日止年度内根据出售事项
2出售投资物业之详情如下：
33 DISPOSAL OF SUBSIDIARIES AND OTHER
DISPOSAL (Continued)
(b) Other disposal
The Disposal 1 and Disposal 2 were completed on
30 August 2023 (note 21). The acounting profit on
the Disposal 2, after deducting related transaction
cost of HK$28,857,000, amounted to HK$44,129,000
and was recognised in the consolidated statement of
profit or los during the year ended 31 March 2024.
Details of disposal of investment properties under
Disposal 2 during the year ended 31 March 2024
were as folows:
HK$’000
千港元
Cash consideration现金代价342,417
Les: Efect of discounting the outstanding
consideration
减：尚未清偿代价之折现影响
(26,827)
Legal and profesional fe and transaction
costs paid
已付法律及专业费用以及
交易成本(28,857)
Net consideration代价净额286,733
Les: Net asets disposed*减：已出售资产净值*(245,092)
Gain on disposal of investment properties出售投资物业之收益41,641
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
33 出售附属公司及其他出售事项
（续）
(b) 其他出售事项（续）
有关出售投资物业之现金及现金
等值项目流入净额分析如下：
*
已出售净资产之详情如下：
截至二零二五年三月三十一日止
年度已收取尚未偿还代价
108,052,000港元。
34 综合现金流量表附注
(a) 主要非现金交易
截至二零二五年三月三十一日止
年度，本集团就营运一间酒店之
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增添达
37,432,000港元及41,732,000港
元。
截至二零二四年三月三十一日止
年度，一项本金额13,000,000港
元之非上市公司债券由一项新认
购债券抵销。
33 DISPOSAL OF SUBSIDIARIES AND OTHER
DISPOSAL (Continued)
(b) Other disposal (Continued)
An analysis of the net inflow of cash and cash
equivalents in respect of the disposal of investment
properties is as folows:
HK$’000
千港元
Cash consideration现金代价342,417
Les: Efect of discounting the outstanding
consideration
减：尚未清偿代价之折现影响
(26,827)
Legal and profesional fe and transaction
costs paid
已付法律及专业费用以及
交易成本(28,857)
Net consideration代价净额286,733
Les: Deposits received减：已收按金(8,894)
Outstanding consideration to be received将予收回之尚未清偿代价(234,082)
Ad: Imputed interest income加：估算利息收入7,432
Net inflow of cash and cash equivalents in
respect of the disposal of investment properties
有关出售投资物业之现金及现
金等值项目流入净额51,189
*
Details of the net asets disposed of are as folows:
HK$’000
千港元
Investment properties投资物业280,875
Defered tax liabilities递延税项负债(57,538)
Release of exchange fluctuation reserve解除汇率波动储备21,755
Net asets disposed已出售净资产245,092
Outstanding consideration of HK$108,052,000 was
received during the year ended 31 March 2025.
34 NOTE TO THE CONSOLIDATED STATEMENT OF
CASH FLOWS
(a) Major non-cash transaction
During the year ended 31 March 2025, the Group
had non-cash aditions to right-of-use asets and
lease liabilities of HK$37,432,000 and
HK$41,732,000, in respect of lease arangements of
properties for the operation of a hotel.
During the year ended 31 March 2024, an unlisted
corporate bond at a principal amount of
HK$13,000,000 was ofset with a newly subscribed
bond.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
34 综合现金流量表附注（续）
(b) 融资活动产生的负债变动
综合现金流量附注
34 NOTE TO THE CONSOLIDATED STATEMENT OF
CASH FLOWS (Continued)
(b) Changes in liabilities arising from financing
activities
Note to consolidated cash flow
Lease
liabilities
Interest-
bearing
bank and
other
borowings
Bonds
payable
Due to
related
partiesTotal
租赁负债
计息银行及
其他借贷应付债券
应付关连
人士总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
At 1 April 2023于二零二三年四月一日1,001376,30133,00051,300461,602
Changes from financing cash flows融资现金流量变动
New bank and other borowings
raised
新筹得银行及其他借贷
—214,589—214,589
Repayment of bank and other
borowings
偿还银行及其他借贷
—(306,285)—(306,285)
Principal portion of lease liabilities租赁负债之本金部份(327)—(327)
Repayment to a related party向一名关连人士还款—(10,900)(10,900)
Total changes from financing cash
flows
融资现金流量变动总额
(327)(91,696)—(10,900)(102,923)
Other changes:其他变动：
Interest expenses recognised已确认利息开支4524,4332,7073,86231,047
Exchange adjustment汇兑调整—(10,941)—(2,600)(13,541)
Changes from operating cash flows经营现金流量变动(45)(24,433)(2,707)(3,862)(31,047)
Total other changes其他变动总额—(10,941)—(2,600)(13,541)
At 31 March 2024 and 1 April
于二零二四年
三月三十一日及
二零二四年四月一日674273,66433,00037,800345,138
Changes from financing cash flows融资现金流量变动
New bank and other borowings
raised
新筹得银行及其他借贷
—166,421—166,421
Repayment of bank and other
borowings
偿还银行及其他借贷
—(263,189)—(263,189)
Repayment of bonds偿还债券—(18,000)—(18,000)
Principal portion of lease liabilities租赁负债之本金部份(1,831)—(1,831)
Repayment to a related party向一名关连人士还款—(37,800)(37,800)
Total changes from financing cash
flows
融资现金流量变动总额
(1,831)(96,768)(18,000)(37,800)(154,399)
Other changes:其他变动：
New lease新租赁41,732—41,732
Interest expenses recognised已确认利息开支1,17016,9932,0501,81522,028
Exchange adjustment汇兑调整(11)(1,006)—(1,017)
Changes from operating cash flows经营现金流量变动(1,170)(16,993)(2,050)(1,815)(22,028)
Total other changes其他变动总额41,721(1,006)—40,715
At 31 March 2025于二零二五年
三月三十一日40,564175,89015,000—231,454
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
35 承担
本集团于报告期末有以下资本承担：
36 关连人士交易
(a) 除该等综合财务报表其他方面详
述之交易及结余外，下列为年内
本集团与关连人士进行之重大交
易：
35 COMITMENTS
The Group had the folowing capital comitments at the
end of the reporting period:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Contracted, but not provided for:已订约但未拨备：
Capital contributions payable to
equity investments at fair value
through profit or los
应付按公平值计入损益账
之股权投资之资本
571,435
36 RELATED PARTY TRANSACTIONS
(a) In adition to the transactions and balances detailed
elsewhere in these consolidated financial statements,
the Group had the folowing material transactions
with related parties during the year:
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
Management fe income from
an asociate
来自一间联营公司之
管理费收入(i)2,4611,379
Rental income from a related
company
来自一间关连公司之
租金收入(i)168216
Rental income from an
asociate
来自一间联营公司之
租金收入(i)120120
Management fe to a related
company
向一间关连公司支付
管理费(iv)360360
Interest expense to a related
party
向一名关连人士支付
利息开支(v)1,8153,862
Gain on disposal of a subsidiary
to related parties
向关连人士出售一间
附属公司之收益(vi)2—
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
36 关连人士交易（续）
(a) （续）
附注：
(i) 管理费乃参照本集团提供之服务所
产生之实际成本而收取。
(i) 年内，租金收入乃按平均每月
14,000港元（二零二四年：18,000
港元）向启康创建收取。
(i) 年内，经订约双方协定，向一间联
营公司收取租金收入每月10,000港
元。
(iv) 管理费乃参照双方协定之协议条款
而支付予启康创建。
(v) 就一名关连人士（即本公司执行董
事王先生）贷款收取的利息开支（附
注25）。按贷款为本集团自关连人
士收取之财务资助（其按一般商业
条款或较佳条款进行，且并无由本
集团资产抵押）为基准，有关财务资
助构成获完全豁免持续关连交易。
(vi) 年内，出售锦田之30%收益构成关
连方交易。有关详情，请参阅综合
财务报表附注33(a)。
(b) 与关连人士尚未结算之结余：
于报告期末，本集团与联营公司
之结余详情载于综合财务报表附
注16。
于报告期末，本集团与关连人士
之结余详情载于综合财务报表附
注21及25。
于报告期末，本集团与一间附属
公司非控股东之结余详情载于
综合财务报表附注24(b)。
36 RELATED PARTY TRANSACTIONS (Continued)
(a) (Continued)
Notes:
(i) The management fe was charged by reference to actual costs
incured for the services provided by the Group.
(i) During the year, rental income was charged to FCL at
HK$14,000 (2024: HK$18,000) per month in average.
(i) During the year, rental income was charged to an asociate at
HK$10,000 per month as mutualy agred betwen the
parties.
(iv) The management fe was paid to FCL by reference to the
terms of agrement as agred betwen both parties.
(v) The interest expense was charged by the loan from a related
party, namely, Mr. Wang, executive director of the Company
(note 25). On the basis that the loan is a financial asistance
received by the Group from a conected person which is
conducted on normal comercial terms or beter and is not
secured by the asets of the Group, such financial asistance
constitutes a continuing conected transaction which is fuly
exempted.
(vi) During the year, 30% of gain on disposal of Treasury Field
constituted a related party transaction. Please refer to note
33(a) to the consolidated financial statements for details.
(b) Outstanding balances with related parties:
Details of the Group’s balances with asociates as at
the end of the reporting period are included in note
16 to the consolidated financial statements.
Details of the Group’s balances with related parties as
at the end of the reporting period are included in
notes 21 and 25 to the consolidated financial
statements.
Details of the Group’s balances with non-controling
shareholder of a subsidiary as at the end of the
reporting period are included in note 24(b) to the
consolidated financial statements.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
36 关连人士交易（续）
(c) 本集团主要管理人员之薪酬：
本集团主要管理人员为本公司之
董事及主要行政人员。彼等之酬
金详情于综合财务报表附注8内披
露。
上文涉及之关连人士交易均构成上市规
则第14A章界定之持续关连交易。
37 按类别划分之金融工具
金融资产
36 RELATED PARTY TRANSACTIONS (Continued)
(c) Compensation of key management personel of the
Group:
The key management personel of the Group are the
directors and the chief executive of the Company.
Details of their remuneration are disclosed in note 8
to the consolidated financial statements.
The related party transactions above also constituted
continuing conected transactions as defined in Chapter
14A of the Listing Rules.
37 FINANCIAL INSTRUMENTS BY CATEGORY
Financial asets
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Financial asets at fair value through
profit or los
按公平值计入损益账之
金融资产
Equity investments at fair value through
profit or los
按公平值计入损益账之
股权投资28,13039,815
Financial asets at amortised cost按摊销成本计量之
金融资产
Due from asociates应收联营公司4,8673,868
Acounts receivable应收账项17,15832,658
Financial asets included in prepayments,
deposits and other receivables
计入预付款项、按金及
其他应收款项的
金融资产197,826315,015
Pledged deposits已抵押存款4,0004,000
Cash and cash equivalents现金及现金等值项目36,07442,338
259,925397,879
288,055437,694
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
37 按类别划分之金融工具（续）
金融负债
37 FINANCIAL INSTRUMENTS BY CATEGORY
(Continued)
Financial liabilities
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Financial liabilities at amortised cost按摊销成本计量之
金融负债
Acounts payable应付账项32,05622,699
Financial liabilities included in other
payables and acruals
计入其他应付款项及
应计费用的金融负债62,87777,090
Due to asociates应付联营公司—63
Due to related parties应付关连人士64541,714
Interest-bearing bank and other
borowings
计息银行及其他借贷
193,623295,603
Lease liabilities租赁负债40,564674
Bonds payable应付债券15,00033,000
344,765470,843
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
38 金融工具之公平值及公平值等级
本集团金融工具之账面值及公平值（其
账面值与公平值合理相若者除外）如下：
由财务总监领导的本集团之公司财务团
队负责厘定金融工具的公平值计量的政
策及程序。公司财务团队直接向本公司
董事汇报。于各报告日期，公司财务团
队分析金融工具价值的波动并厘定估值
中所应用的主要输入数据。估值由本公
司董事审阅及批准。
管理层已评估现金及现金等值项目、受
限制现金、已抵押存款、应收账项、应
付账项、计入预付款项、按金及其他应
收款项之金融资产、计入其他应付款项
及应计费用之金融负债、应收╱应付联
营公司及关连人士款项及计息银行及其
他借贷（分类为流动负债）之公平值，同
时认为大致与其账面值相若，主要原因
为该等工具皆于短期内到期。
38 FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS
The carying amounts and fair values of the Group’s
financial instruments, other than those with carying
amounts that reasonably aproximate to the fair values, are
as folows:
Carying amountsFair values
账面值公平值
二零二五年二零二四年二零二五年二零二四年
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Financial asets金融资产
Equity investments at fair
value through profit or
los
按公平值计入损益
账之股权投资
28,13039,81528,13039,815
Outstanding Consideration
(with non-curent
portion)
尚未清偿代价
（有非即期部分）
173,254292,437173,811298,912
201,384332,252201,941338,727
Financial liabilities金融负债
Interest-bearing bank and
other borowings (with
non-curent portion)
计息银行及其他
借贷（有非即期
部份）64,783108,61464,783108,614
The Group’s corporate finance team headed by the financial
controler is responsible for determining the policies and
procedures for the fair value measurement of financial
instruments. The corporate finance team reports directly to
the directors of the Company. At each reporting date, the
corporate finance team analyses the movements in the
values of financial instruments and determines the major
inputs aplied in the valuation. The valuation is reviewed
and aproved by the directors of the Company.
Management has asesed that the fair values of cash and
cash equivalents, restricted cash, pledged deposits, acounts
receivable, acounts payable, financial asets included in
prepayments, deposits and other receivables, financial
liabilities included in other payables and acruals, amounts
due from/to asociates and related parties, and
interest-bearing bank and other borowings clasified as
curent liabilities aproximate to their carying amounts
largely due to the short term maturities of these
instruments.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
38 金融工具之公平值及公平值等级
（续）
金融资产及负债的公平值乃按有意愿之
双方于当前交易中可以之达成交易（强
制或停业清理拍卖除外）的金额计入。
采用下列方法及假设对公平值进行估
计：
非上市股权投资公平值基于由可观察市
场价格或比率支持之假定采用基于市场
的估值方法进行估算。于二零二五年及
二零二四年三月三十一日，若干非上市
股权投资进行物业重建项目，此等项目
下的物业的公平值已获董事于公平值评
估中考虑，而一项附有一项上市股权投
资的非上市投资，该上市股权投资的市
场报价亦获董事于公平值评估中考虑。
估值要求董事根据行业、规模、杠杆及
策略确定可比公众公司（同业），并为每
家识别出的可比公司计算适当的价格倍
数。倍数透过将可比公司的企业价值除
以盈利指标来计算。然后根据公司特定
的事实及情况，考虑诸如非流动性和可
比公司之间的规模差异等因素对买卖倍
数进行调整。缺乏市场流通性折让（「缺
乏市场流通性折让」）于公平值评估中应
用，即市场参与者于为投资定价时会考
虑并由本集团厘定的溢价与折让。经调
整的倍数用作非上市股权投资的相应股
权及盈利指标，以计量公平值。董事认
为，估值方法得出的估计公平值（计入
综合财务状况表）及公平值的相关变动
（计入损益及其他全面收益）是合理的，
且为报告期末最合适的价值。按个别借
贷基准评估的须于报告期末后一年后偿
还的计息银行及其他借贷的公平值乃以
采用附带类似条款、信贷风险及剩余年
期的工具按现时可得到的利率贴现预计
未来现金流量的方式计算。
38 FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
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:
The fair values of unlisted equity investments have ben
estimated using market-based valuation techniques based on
asumptions that are suported by observable market prices
or rates. As at 31 March 2025 and 2024, certain unlisted
equity investments cary out property redevelopment
projects and the fair values of the properties under these
projects are considered in the fair value asesment by the
directors; while an unlisted investment caries a listed equity
investment and its quoted market price is also considered in
the fair value asesment by the directors. The valuation
requires the directors to determine comparable public
companies (pers) based on industry, size, leverage and
strategy, and to calculate an apropriate price multiple for
each comparable company identified. The multiple is
calculated by dividing the enterprise value of the
comparable company by an earnings measure. The trading
multiple is then adjusted for considerations such as
iliquidity and size diferences betwen the comparable
companies based on company-specific facts and
circumstances. A discount for lack of marketability
(“DLOM”) is aplied in the fair value asesment,
representing the amounts of premium and discounts
determined by the Group that market participants would
take into acount when pricing the investments. The
adjusted multiple is aplied to the coresponding equity and
earnings measure of the unlisted equity investments to
measure the fair value. The directors believe that the
estimated fair values resulting from the valuation
techniques, which are recorded in the consolidated
statement of financial position, and the related changes in
fair values, which are recorded in profit or los and other
comprehensive income, are reasonable, and that they were
the most apropriate values at the end of the reporting
period. The fair values of interest-bearing bank and other
borowings repayable beyond one year after the end of the
reporting period as asesed on an individual borowing
basis have ben calculated by discounting the expected
future cash flows using rates curently available for
instruments on similar terms, credit risk and remaining
maturities.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
38 金融工具之公平值及公平值等级
（续）
于二零二五年三月三十一日及二零二四
年三月三十一日，本集团并无任何按公
平值计量的金融负债。
以下为于二零二五年及二零二四年三月
三十一日对非上市股权投资估值之重大
不可观察输入数据概要连同定量敏感度
分析。
38 FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
The Group did not have any financial liabilities measured at
fair value as at 31 March 2025 and 31 March 2024.
Below is a sumary of significant unobservable inputs to
the valuation of unlisted equity investments, together with
a quantitative sensitivity analysis, as at 31 March 2025 and
2024.
Valuation techniques
Significant
unobservable inputsRange/weighted average
Sensitivity of fair value to
the inputs
估值方法重大不可观察输入数据范围╱加权平均数公平值对输入数据之敏感度
Investment methodRevisionary yield7.00% (2024: 5.75% to
6.00%)
1% increase/decrease in reversionary
yield would result in decrease/
increase in fair value by HK$290,000
(2024: HK$138,000)
投资法复归收益率7.00%（二零二四年：5.75%至
6.00%）
复归收益率增加╱减少1%将导致
公平值减少╱增加290,000港元
（二零二四年：138,000港元）
Residual methodAverage market unit
seling price
HK$17,432 (2024: HK$21,522)1% increase/decrease in average market
unit seling price would result in
increase/decrease in fair value by
HK$1,120,000 (2024:
HK$1,270,000)
余值法平均市场单位售价17,432港元（二零二四年：
21,522港元）
平均市场单位售价增加╱减少1%将导
致公平值增加╱减少1,120,000港元
（二零二四年：1,270,000港元）
Residual methodDLOM25% (2024: 28%)1% increase/decrease in DLOM would
result in decrease/increase in fair
value by HK$11,000 (2024:
HK$54,000)
余值法缺乏市场流通性折让25%（二零二四年：28%）缺乏市场流通性折让增加╱减少1%将
导致公平值减少╱增加11,000港元
（二零二四年：54,000港元）
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
38 金融工具之公平值及公平值等级
（续）
公平值等级
下表列示本集团金融工具的公平值计量
等级：
按公平值计量的资产
38 FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
Fair value hierarchy
The folowing tables ilustrate the fair value measurement
hierarchy of the Group’s financial instruments:
Asets measured at fair value
二零二五年
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)Total
于活跃市场之
报价
（级别一）
重大可观察
输入数据
（级别二）
重大不可观察
输入数据
（级别三）合计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Equity investments at fair value
through profit of los
按公平值计入损益
账之股权投资—28,13028,130
二零二四年
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)Total
于活跃市场之
报价
（级别一）
重大可观察
输入数据
（级别二）
重大不可观察
输入数据
（级别三）合计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Equity investments at fair value
through profit of los
按公平值计入损益
账之股权投资—39,81539,815
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
38 金融工具之公平值及公平值等级
（续）
公平值等级（续）
按公平值计量的资产（续）
年内级别三公平值计量之变动如下：
于二零二五年三月三十一日，本集团之
并无以公平值计量但就此披露公平值之
金融负债包括该等非即期部份计息银行
及其他借贷64,783,000港元（二零二四
年：108,614,000港元）。该等金融负债
所披露之公平值乃基于收入法估值方法
而计量，当中对公平值产生重大影响之
主要输入数据（即市场利率介乎7.64%
至12.05%（二零二四年：介乎7.64%至
9.83%）均可观察（级别二）。
年内，金融资产及金融负债之级别一与
级别二之间并无公平值计量之转拨，亦
无转拨至或转拨自级别三（二零二四年：
无）。
38 FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
Fair value hierarchy (Continued)
Asets measured at fair value (Continued)
The movements in fair value measurements within Level 3
during the year are as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Equity investments — unlisted:股权投资 — 非上市：
At begining of year于年初39,815157,463
Purchases购入5,3003,765
Refund of investment投资退款(3,301)(16,520)
Fair value los recognised in profit
or los
于损益账内确认的
公平值亏损(13,684)(104,893)
At end of year于年末28,13039,815
As at 31 March 2025, the Group’s financial liabilities not
measured at fair value but for which fair values were
disclosed included those interest-bearing bank and other
borowings with non-curent portion of HK$64,783,000
(2024: HK$108,614,000). The fair values of these financial
liabilities disclosed were measured based on valuation
techniques of income aproach of which the key input,
being the market interest rate ranging from 7.64% to
12.05% (2024: from 7.64% to 9.83%), which has a
significant efect on the fair value are observable (Level 2).
During the year, there were no transfers of fair value
measurements betwen Level 1 and Level 2 and no
transfers into or out of Level 3 for both financial asets and
financial liabilities (2024: Nil).
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
39 财务风险管理目标及政策
本集团主要金融工具包括计息银行及其
他借贷、股权投资、现金及现金等值项
目及已抵押存款。该等金融工具之主要
用途是为本集团业务筹集资金。本集团
有各种于其业务直接产生之其他金融资
产及负债，诸如应收账项、应付账项、
按金及其他应收款项、与联营公司及关
连人士之结余及其他应付款项及若干应
计费用。
本集团金融工具产生之主要风险为利率
风险、信贷风险及流动资金风险。由于
大部分销售、收入、购买及开支均以其
相关业务的功能货币计值，故本集团并
无面临重大货币风险。董事会检讨及协
定管理各类该等风险之政策，及该等风
险概述如下。
利率风险
本集团之市场利率变动风险主要与本集
团于香港及中国之浮动利率债务有关。
计息银行及其他借贷之利率及偿还条款
于综合财务报表附注26内披露。本集团
之其他金融资产及负债无重大利率风
险。计息银行贷款及透支、其他计息贷
款、一名关连人士贷款、应付债券、现
金及现金等值项目及短期存款按成本列
值并且不会定期进行重估。浮息收入及
开支于产生时自综合损益表扣除。
金融工具之名义利率与其各自之实际利
率相若。
39 FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES
The Group’s principal financial instruments comprise
interest-bearing bank and other borowings, equity
investments, cash and cash equivalents and pledged
deposits. The main purpose of these financial instruments is
to raise finance for the Group’s operations. The Group has
various other financial asets and liabilities such as acounts
receivable, acounts payable, deposits and other receivables,
balances with asociates and related parties, and other
payables and certain acruals, which arise directly from its
operations.
The main risks arising from the Group’s financial
instruments are interest rate risk, credit risk and liquidity
risk. The Group is not exposed to significant curency risk as
most of sales, income, purchase and expenses are
denominated in the functional curency of the operations to
which they relate. The board reviews and agres policies for
managing each of these risks and they are sumarised
below.
Interest rate risk
The Group’s exposure to the risk of changes in market
interest rates relates primarily to the Group’s debt
obligations with floating interest rates in Hong Kong and
the PRC.
The interest rates and terms of repayment of
interest-bearing bank and other borowings are disclosed in
note 26 to the consolidated financial statements. Other
financial asets and liabilities of the Group do not have
significant interest rate risk. Interest-bearing bank loans and
overdrafts, other interest-bearing loans, loan from a related
party, bonds payable, cash and cash equivalents, and
short-term deposits are stated at cost and are not revalued
on a periodic basis. Floating-rate interest income and
expense are charged to the consolidated statement of profit
or los as incured.
The nominal interest rates of the financial instruments
aproximate to their respective efective interest rates.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
39 财务风险管理目标及政策（续）
利率风险（续）
下表展示于所有其他变数保持不变的情
况下，本集团除税前亏损及权益（透过
浮动利率借贷影响）对利率可能出现合
理波动之敏感度。
- 。
信贷风险
本集团仅与获认可及信誉可靠的第三方
进行交易。按照本集团的政策，所有拟
按信贷条款进行交易的客户，必须经过
信贷核实程序后，方可落实。此外，本
集团会持续监察应收结余的情况，而本
集团的坏账风险并不重大。
39 FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES (Continued)
Interest rate risk (Continued)
The folowing table demonstrates the sensitivity to a
reasonably posible change in interest rate, with al other
variables held constant, of the Group’s los before tax and
equity (through the impact on floating rate borowings).
Increase/
(decrease) in
basic points
Decrease/
(increase) in
los before
tax
Increase/
(decrease) in
equity*
基点上升╱
（下降）
除税前亏损
减少╱（增加）
权益增加╱
（减少）*
HK$’000HK$’000
千港元千港元
2025二零二五年
Hong Kong dolar港元100(703)—
RMB人民币100(1,472)—
Hong Kong dolar港元(100)703—
RMB人民币(100)1,472—
2024二零二四年
Hong Kong dolar港元100(927)—
RMB人民币100(2,129)—
Hong Kong dolar港元(100)927—
RMB人民币(100)2,129—
* Excluding retained profits.
Credit risk
The Group trades only with recognised and creditworthy
third parties. It is the Group’s policy that al customers who
wish to trade on credit terms are subject to credit
verification procedures. In adition, receivable balances are
monitored on an ongoing basis and the Group’s exposure
to bad debts is not significant.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
39 财务风险管理目标及政策（续）
信贷风险（续）
最高风险及所处年结阶段
下表显示基于本集团信贷政策的信贷质
素及最高信贷风险（主要按逾期资料得
出，除非其他可得资料无需付出额外成
本或努力），以及于二零二五年及二零
二四年三月三十一日的年结阶段分类。
所呈列的金额为金融资产的总账面值。
39 FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES (Continued)
Credit risk (Continued)
Maximum exposure and year-end staging
The tables below show the credit quality and the maximum
exposure to credit risk based on the Group’s credit policy,
which is mainly based on past due information unles other
information is available without undue cost or efort, and
year-end staging clasification as at 31 March 2025 and
2024. The amounts presented are gros carying amounts
for financial asets.
二零二五年
12-month
ECLsLifetime ECLs
十二个月
预期信贷
损失全期预期信贷损失
Stage 1Stage 2Stage 3
Simplified
aproachTotal
第一阶段第二阶段第三阶段简化方法总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Acounts receivable应收账项—36,57636,576
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197,826—197,826
— Doubtful— 呆账—27,907—27,907
Due from asociates应收联营公司4,867—4,867
Pledged deposits已抵押存款
— Not yet past due— 未逾期4,000—4,000
Cash and cash equivalents现金及现金等值
项目
— Not yet past due— 未逾期36,074—36,074
242,767—27,90736,576307,250
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
39 财务风险管理目标及政策（续）
信贷风险（续）
最高风险及所处年结阶段（续）
* 就本集团应用减值简化方法的应收账项而
言，根据拨备矩阵厘定的资料于综合财务
报表附注20披露。
倘计入预付款项、按金及其他应收款项的
金融资产及应收联营公司款项并无逾期且
并无资料显示金融资产的信贷风险自初步
确认起显著增加，则其信贷质素被视为「正
常」。反之，金融资产的信贷质素被视为
「呆账」。
39 FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES (Continued)
Credit risk (Continued)
Maximum exposure and year-end staging
(Continued)
二零二四年
12-month
ECLsLifetime ECLs
十二个月
预期信贷
损失全期预期信贷损失
Stage 1Stage 2Stage 3
Simplified
aproachTotal
第一阶段第二阶段第三阶段简化方法总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Acounts receivable应收账项—48,29448,294
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315,015—315,015
— Doubtful— 呆账—22,429—22,429
Due from asociates应收联营公司3,868—3,868
Pledged deposits已抵押存款
— Not yet past due— 未逾期4,000—4,000
Cash and cash equivalents现金及现金等值
项目
— Not yet past due— 未逾期42,338—42,338
365,221—22,42948,294435,944
* For acounts receivable to which the Group aplies the simplified
aproach for impairment, information based on the provision matrix
is disclosed in note 20 to the consolidated financial statements.
The credit quality of the financial asets included in prepayments,
deposits and other receivables and amounts due from asociates is
considered as “normal” when they are not past due and there is no
information indicating that the financial asets have a significant
increase in credit risk since initial recognition. Otherwise, the credit
quality of the financial asets is considered as “doubtful”.
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
39 财务风险管理目标及政策（续）
信贷风险（续）
最高风险及所处年结阶段（续）
基于合理及具支持的资料，本集团已推
翻90日即属违约之推定，包括本集团的
信贷风险管制常规及逾期超过90日之金
融资产之历史收回率。
流动资金风险
本集团采用经常性流动资金规划工具监
控资金短缺的风险。该工具考虑其金融
工具及金融资产（如应收账项）之到期日
期以及预计自营运业务所得现金流量。
本集团之目标乃是透过利用银行透支、
银行贷款及其他计息借贷以保持融资之
持续性和灵活性之平衡。本集团之政策
是确保其金融负债与金融资产之到期日
相配，以及维持流动比率（界定为流动
资产除以流动负债之比率）处于一以上
之水平，以加强稳定之流动资金。
39 FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES (Continued)
Credit risk (Continued)
Maximum exposure and year-end staging
(Continued)
The Group has rebuted the 90 days past due presumption
of default based on reasonable and suportable
information, including the Group’s credit risk control
practices and the historical recovery rate of the financial
asets over 90 days past due.
Liquidity risk
The Group monitors its risk to a shortage of funds using a
recuring liquidity planing tol. This tol considers the
maturity of both its financial instruments and financial
asets (e.g., acounts receivable) and projected cash flows
from operations.
The Group’s objective is to maintain a balance betwen
continuity of funding and flexibility through the use of bank
overdrafts, bank loans and other interest-bearing
borowings. The Group’s policy is to ensure the match in of
maturity of its financial liabilities against that of its financial
asets, and the maintenance of a curent ratio, which is
defined as curent asets over curent liabilities, at above
one so as to enhance stable liquidity.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
39 财务风险管理目标及政策（续）
流动资金风险（续）
于报告期末，本集团之负债根据已订约
但未贴现付款之到期情况如下：
39 FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES (Continued)
Liquidity risk (Continued)
The maturity profile of the Group’s liabilities as at the end
of the reporting period, based on the contractual
undiscounted payments, was as folows:
二零二五年
On demand
or les than
12 months1 to 5 yearsOver 5 yearsTotal
按要求或少于
十二个月一至五年超过五年总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Acounts payable应付账项32,056—32,056
Financial liabilities included in
other payables and acruals
计入其他应付款项及
应计费用之金融负债62,877—62,877
Due to related parties应付关连人士645—645
Interest-bearing bank and
other borowings
计息银行及其他
借贷156,70743,881—200,588
Bonds payable应付债券1,05015,411—16,461
Lease liabilities租赁负债3,84814,25536,10154,204
257,18373,54736,101366,831
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
39 财务风险管理目标及政策（续）
流动资金风险（续）
资本管理
本集团资本管理之首要目标，乃保障本
集团能够继续按持续经营基准经营，及
维持稳健之资本比率，以支持业务运
作，争取最大之股东价值。
本集团因应经济情况之变动，管理其资
本结构并作出调整。为维持或调整资本
结构，本集团可能调整向股东派发之股
息、向股东派回资本或发行新股份。截
至二零二五年及二零二四年三月三十一
日止年度内，并无为资本管理而更改其
目标、政策或程序。
本集团利用资本负债比率（债项净额除
以资本加债项净额）监控资本之情况。
债项净额包括应付账项、其他应付款项
及应计费用、应付联营公司及关连人士
款项、应付债券、租赁负债，以及计息
银行及其他借贷减已抵押存款及现金及
现金等值项目。资本指本公司普通股本
持有人应占权益。
39 FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES (Continued)
Liquidity risk (Continued)
二零二四年
On demand
or les than
12 months1 to 5 yearsOver 5 yearsTotal
按要求或少于
十二个月一至五年超过五年总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Acounts payable应付账项22,699—22,699
Financial liabilities included in
other payables and acruals
计入其他应付款项及
应计费用之金融负债77,090—77,090
Due to related parties应付关连人士43,543—43,543
Interest-bearing bank and
other borowings
计息银行及其他
借贷247,04362,654—309,697
Bonds payable应付债券34,635—34,635
Lease liabilities租赁负债371340—711
425,38162,994—488,375
Capital management
The primary objectives of the Group’s capital management
are to safeguard the Group’s ability to continue as a going
concern and to maintain healthy capital ratios in order to
suport its busines and maximise shareholders’ value.
The Group manages its capital structure and makes
adjustments to it in light of changes in economic
conditions. To maintain or adjust the capital structure, the
Group may adjust the dividend payment to shareholders,
return capital to shareholders or isue new shares. No
changes were made in the objectives, policies or proceses
for managing capital during the years ended 31 March
2025 and 2024.
The Group monitors capital using a gearing ratio, which is
net debt divided by capital plus net debt. Net debt includes
acounts payable, other payables and acruals, amounts due
to asociates and related parties, bonds payable, lease
liabilities, and interest-bearing bank and other borowings,
les pledged deposits, and cash and cash equivalents.
Capital represents equity atributable to ordinary equity
holders of the Company.
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
39 财务风险管理目标及政策（续）
资本管理（续）
于报告期末，资本负债比率如下：
39 FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES (Continued)
Capital management (Continued)
The gearing ratios as at the end of the reporting periods
were as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Acounts payable应付账项32,05622,699
Other payables and acruals其他应付款项及应计费用79,87991,239
Due to asociates应付联营公司—63
Due to related parties应付关连人士64541,714
Bonds payable应付债券15,00033,000
Lease liabilities租赁负债40,564674
Interest-bearing bank and other
borowings
计息银行及其他借贷
193,623295,603
Les: Pledged deposits减：已抵押存款(4,000)(4,000)
Les: Cash and cash equivalents减：现金及现金等值项目(36,074)(42,338)
Net debt债项净额321,693438,654
Capital资本1,255,4831,353,075
Capital and net debt资本及债项净额1,577,1761,791,729
Gearing ratio资本负债比率20%24%
Notes to the Consolidated Financial Statements
综合财务报表附注
迪臣发展国际集团有限公司 二零二五年报
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
40 本公司之财务状况表 40 STATEMENT OF FINANCIAL POSITION OF THE
COMPANY
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
NON-CURENT ASETS非流动资产
Investments in subsidiaries于附属公司之投资557,253619,777
Total non-curent asets非流动资产总值557,253619,777
CURENT ASETS流动资产
Prepayments预付款项22
Cash and cash equivalents现金及现金等值项目326357
Total curent asets流动资产总值328359
CURENT LIABILITIES流动负债
Acruals应计费用646949
Due to subsidiaries应付附属公司56,95554,456
Bonds payable应付债券—33,000
Interest-bearing borowings计息借贷—20,000
Total curent liabilities流动负债总额57,601108,405
Net curent liabilities流动负债净额(57,273)(108,046)
Total asets les curent liabilities资产总值减流动负债499,980511,731
NON-CURENT LIABILITIES非流动负债
Bonds payable应付债券15,000—
Interest-bearing borowings计息借贷10,00020,000
Total non-curent liabilities非流动负债总额25,00020,000
NET ASETS资产净值474,980491,731
EQUITY权益
Isued capital已发行股本146,682146,682
Reserves (note)储备（附注）328,298345,049
TOTAL EQUITY权益总额474,980491,731
Notes to the Consolidated Financial Statements
综合财务报表附注
Deson Development International Holdings Limited 2025 Anual Report
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
40 STATEMENT OF FINANCIAL POSITION OF THE
COMPANY (Continued)
Note:
A sumary of the Company’s reserves is as folows:
Share
premium
acount
Contributed
surplus
Capital
redemption
reserve
Acumulated
losesTotal
股份溢价账实缴盈余股本赎回储备累计亏损总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
At 1 April 2023于二零二三年四月一日240,853155,53114,457(47,437)363,404
Los for the year and total
comprehensive los for the year
年度亏损及年度全面亏损总额
—(18,355)(18,355)
At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及
二零二四年四月一日240,853155,53114,457(65,792)345,049
Los for the year and total
comprehensive los for the year
年度亏损及年度全面亏损总额
—(16,751)(16,751)
At 31 March 2025于二零二五年三月三十一日240,853155,53114,457(82,543)328,298
The Company’s contributed surplus represents the exces of
the fair value of the shares of the subsidiaries acquired
pursuant to the Group’s reorganisation on 21 May 1997
over the nominal value of the Company’s shares isued in
exchange therefor. Under the Companies Act 1981 of
Bermuda (as amended), a distribution may be made out of
the contributed surplus, provided that the Company wil be
able to pay its liabilities as they fal due and subsequent to
the distribution, the agregate amount of its total liabilities,
isued share capital and share premium is les than the
realisable value of its asets.
41 APROVAL OF THE CONSOLIDATED
FINANCIAL STATEMENTS
The consolidated financial statements were aproved and
authorised for isue by the board of directors on 26 June
2025.
40 本公司之财务状况表（续）
附注：
本公司储备概要如下：
本公司之实缴盈余指根据于一九七年
五月二十一日本集团重组所购入附属公
司股份之公平值高出发行以换取该等股
份之本公司股份面值之差额。根据百慕
达一九八一年公司法（经修订），实缴盈
余可作分派，条件为本公司将有能力偿
付其到期应付负债，且于分派后，其负
债总额、已发行股本及股份溢价之合计
总额须为少于其资产之可变现价值。
41 批准综合财务报表
本综合财务报表已由董事会于二零二五
年六月二十六日批准及授权发行。
Sumary of Financial Information
财务资料概要
迪臣发展国际集团有限公司 二零二五年报
A sumary of the published results and of the asets, liabilities
and non-controling interests of the Group for the last five
financial years is set out below.
RESULTS
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年二零二三年二零二年二零二一年
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
REVENUE收入135,468128,07497,563109,995103,799
LOS FROM OPERATING
ACTIVITIES AFTER FINANCE
COSTS
扣除财务费用后经营
业务所得亏损
(75,819)(61,681)(87,743)(65,829)(34,280)
Share of profits and loses of
asociates, net
分占联营公司溢利及
亏损，净额(195)401,80720,7502,037
LOS BEFORE TAX除税前亏损(76,014)(61,641)(85,936)(45,079)(32,243)
Income tax credit/(expense)所得税抵免╱（开支）125(15,133)(7,998)14,092(6,659)
LOS FOR THE YEAR本年度亏损(75,889)(76,774)(93,934)(30,987)(38,902)
Atributable to:以下人士应占：
Owners of the Company本公司拥有人(73,724)(75,691)(90,967)(27,274)(36,738)
Non-controling interests非控股权益(2,165)(1,083)(2,967)(3,713)(2,164)
(75,889)(76,774)(93,934)(30,987)(38,902)
下文载列本集团于过去五个财政年度已刊发
之业绩以及资产、负债及非控股权益概要。
业绩
Sumary of Financial Information
财务资料概要
Deson Development International Holdings Limited 2025 Anual Report
资产、负债及非控股权益ASETS, LIABILITIES AND NON-CONTROLING
INTERESTS
As at 31 March
于三月三十一日
二零二五年二零二四年二零二三年二零二年二零二一年
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Total asets总资产1,742,0881,978,7842,262,7802,469,8352,391,039
Total liabilities总负债(500,178)(637,194)(795,529)(797,731)(804,617)
Non-controling interests非控股权益13,57311,48510,4755,6062,979
1,255,4831,353,0751,477,7261,677,7101,589,401
| Deson Development International Holdings Limited 迪 臣 发 展 国 际 集 团 有 限 公司 Annual Report 2025 年报 |
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