For the year ended 31st March
截至三月三十一日止年度
	2025	2024
	二零二五年	二零二四年
	HK$ million	HK$ million	Change
	百万港元	百万港元	变动
2,111.8
347.2
157.0
81.2
89.6
14.06
1.80
1.50
16.4%
7.4%
3.8%

	Year ended	Year ended	Year ended	Year ended	Year ended
	31st March 2025	31st March 2024	31st March 2023	31st March 2022	31st March 2021
	截至二零二五年	截至二零二四年	截至二零二三年	截至二零二二年	截至二零二一年
	三月三十一日	三月三十一日	三月三十一日	三月三十一日	三月三十一日
	止年度	止年度	止年度	止年度	止年度
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
2,111,804
156,951
(71,700)
(19,641)
65,610
15,634
81,244
89,617
(8,373)
81,244
21,005

	As at	As at	As at	As at	As at
	31st March 2025	31st March 2024	31st March 2023	31st March 2022	31st March 2021
	于二零二五年	于二零二四年	于二零二三年	于二零二二年	于二零二一年
	三月三十一日	三月三十一日	三月三十一日	三月三十一日	三月三十一日
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
1,644,958
910,420
(1,053,742)
(407,635)
1,094,001
63,650
936,526
1,000,176
93,825
1,094,001

FIVE-YEAR FINANCIAL SUMARY

五年财务摘要

2024/25 Anual Report | 年报5

The folowing is a sumary of the audited consolidated

financial statements of Hong Kong Shanghai Aliance Holdings

Limited (the “Company”) and its subsidiaries (colectively, the

“Group”) for the respective years as hereunder stated.

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

以下为沪港联合控股有限公司（「本公司」）及其附属

公司（统称「本集团」）于下列各年度之经审核综合财

务报表概要。

综合损益表

综合财务状况表

CHAIRMAN’S STATEMENT

主席报告书

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司6

Dear Shareholders,

On behalf of the board of directors (the “Board”) of

Hong Kong Shanghai Aliance Holdings Limited and its

subsidiaries (colectively, the “Group”), I am pleased to

present you the audited consolidated results for the year

ended 31st March 2025 (“FY2024/25” or the “Year”).

各位股东：

本人谨代表沪港联合控股有限公司及其附属公司

（统称「本集团」）之董事会（「董事会」），欣然提呈

截至二零二五年三月三十一日止年度（「二零二四╱

二五财年」或「本年度」）之经审核综合业绩。

Strategic Transformation to

Echo the Cal for

New Quality Productive Forces

Yao Cho Fai Andrew

Chairman

姚祖辉

主席

响应新质生产力发展呼吁，

推动业务战略转型

CHAIRMAN’S STATEMENT

主席报告书

2024/25 Anual Report | 年报7

Loking back at the last years, it becomes increasingly

obvious that there was a fundamental change in our

operating environment. Market shocks and black swan

events have become a part of our everyday lives, and

busines uncertainty continues to grow due to rising

geopolitical tension, dynamic trading relationships,

fluctuating comodity prices, and weakened consumer and

investment sentiment. Facing such chalenges, our busines

also requires an upgrade by focusing more on value-aded

services, rather than relying solely on traditional trading. The

shift aims to create more value for end-users and sustain

growth in an uncertain and potentialy stagnant market.

The Year, we believe we have shown the results of our

transition. Our value-aded Stels Procesing Busines,

a busines where its profit does not rely heavily on stel

prices, but instead on our eficiency and procesing know-

how, continued to gain orders and market share in Hong

Kong. Suported by its 9.3% year-on-year growth in delivery

volume, we also improved our economies of scale, leading to

an improvement in revenue and profit from the sub-segment.

On the other hand, through our investment in Smart Toilet

Solutions, our Building Products Distribution Busines is also

now bundling the value-aded services, including air quality

monitoring and ventilation control, with our established

product portfolio, seting a new standard for sanitaryware,

particularly among public setings. As for our Property

Investment and Fund Management Busines, in adition

to our building renovation and fit-out services, we are also

trying to go one step further for our tenants. By providing

value-aded services such as flexible leasing terms and

industry-specific suport, we saw notable results in Central

Park•Huangpu, resulting in stable ocupancy rates and

hence rental income performance.

As a result of the aforesaid initiatives, our financial

performance has become more sustainable, subject to les

impact from the changes in stel prices, and is now able

to generate a steady rental income, instead of relying on

one-of fe income or fair value gain on investments. For

the Year, our revenue recorded a modest decrease of 8.3%

year-on-year to HK$2,111.8 milion due to the lower average

stel prices; yet on profit terms, profit atributable to owners

of the Company reported a 13.7% year-on-year increase to

HK$89.6 milion, highlighting our resilience.

回顾过去数年，我们越发明显地感受到营运环境出

现根本性的转变。市场震荡与黑天鹅事件已成常

态，而由于地缘政治紧张局势加剧、贸易关系变化

莫测、大宗商品价格波动，以及消费者与投资情绪

低迷，导致企业面临的不确定性持续增加。面对如

此挑战之际，我们的业务亦需要转型升级，更注重

提供增值型服务，而非单纯依赖传统贸易模式。此

转型旨在为最终用户者创造更多价值，并在充满不

确定性且可能停滞的市场中实现可持续的业务增

长。

本年度，我们相信转型成效已初现。我们的增值型

钢铁加工业务的溢利并非主要依赖于钢铁价格，而

是取决于我们的营运效率与及专业的加工技术，使

我们在香港市场持续取得订单并提升市场占有率。

在交付量按年增长9.3%的带动下，我们的经济规

模亦有所提升，促使该业务分部的收入与溢利同样

提升。

另一方面，透过对智能化洗手间解决方案的资源投

入，我们的建筑材料分销业务与增值型产品相互融

合，包括把空气品质监测与通风管理系统融入我们

的既有产品组合中，为其卫浴洁具建立了新的标

准，尤其是在公共场所上。至于我们的房地产投资

及基金运营业务，除了其楼宇翻新和装修外，我

们亦致力为租户提供更进一步的服务。透过提供

增值服务，例如灵活的租赁条款及针对特定行业的

支援，我们在管的中港汇•黄浦项目取得显著成

效，实现了稳定的出租率，从而带动租金收入的表

现。

基于以上的措施，使我们的财务表现更具可持续

性，不仅令其受钢铁价格变动的影响降低，同时

能够带稳定的租金收入，而非依赖单一收入或公

允价格收益之投资。本年度，受钢铁平均价格下

跌影响，我们的收入按年录得轻微下跌8.3%至

2,111.8百万港元；然而在溢利表现而言，本公司

拥有人应占溢利却按年上升13.7%至89.6百万港

元，充分彰显我们业务的韧性。

CHAIRMAN’S STATEMENT

主席报告书

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司8

Riding on the improving financial performance, we were also

able to improve our financial position, laying the ground for

future suces. As at 31st March 2025, we saw an increase

in our cash and cash equivalents and pledged bank deposits

from HK$147.1 milion to HK$179.7 milion. We also utilised

our exces cash to repay certain short-term bank borowings

with relatively high interest rates, with finance costs for the

Year seing a significant decrease of 21.6% year-on-year to

HK$72.3 milion. That has also led to an improving gearing

ratio, down from 54.2% to 48.5% for the Year.

The transformation journey over the last years would not

have ben as sucesful without your suport. Hence, on the

backdrop of stabilizing and sustainable results, the Board

recomended the payment of a final dividend of HK1.50

cents per ordinary share; along with the interim dividend

of HK1.80 cents per ordinary share, the total dividend for

the Year reached HK3.30 cents per ordinary share. The

consistent dividend payout highlights our comitment to

shareholders’ value, and we are loking forward to sharing

our fruitful results with you upon busines suces.

Loking ahead, we believe there is limited visibility into

the market. Instead of predicting the unpredictable, we

wil continue to focus on our strengths by focusing on

technological inovation and value creation to fortify our

busineses. In particular, as the Hong Kong Government

now places new quality productive forces as one of its key

development areas, we se rom for further consolidation

and eficiency enhancement within the construction industry.

While we wil continue to expand our cut-and-bend services,

we are also loking at oportunities that would ofer more

value-aded solutions to al parties within the construction

value chain, such as integrated systems that would alow

real-time data aces, ful traceability, eficient cordination,

and two-way comunication. We believe this would suport

our transformation proces, repositioning ourselves as

a value-creating partner in the construction ecosystem –

one that integrates products, services, and technologies

to suport smarter, safer, and more sustainable built

environments.

Such development should also alow us to beter align with

future policy direction, equiping us with the most up-to-

date products and services for upcoming oportunities,

such as the development of Northern Metropolis. With plans

for over 900,000 housing units and key infrastructure such

as the Shenzhen-Hong Kong Inovation and Technology

Park and cros-border transportation links, the Northern

Metropolis should ofer us notable oportunities for our

Stels Distribution and Procesing Busines and Building

Products Distribution Busines.

凭借其财务表现持续改善，我们的财务状况亦得以

改善，为未来发展奠定了稳健的基础。于二零二五

年三月三十一日，我们的现金及现金等值以及已抵

押银行存款由147.1百万港元上升至179.7百万港

元。我们亦运用其现金盈余偿还若干利率相对较高

的短期银行借贷，使本年度的财务成本按年大幅下

降21.6%至72.3百万港元。同时，资产负债比率

亦由54.2%减少至本年度的48.5%。

过去数年的转型之路，若无各位鼎力支持，实在难

以取得今天的成果。有见及此，在业绩稳定且具可

持续性的基础上，董事会建议派发末期股息每股普

通股1.50港仙，加上中期股息每股普通股1.80港

仙，本年度股息合计达每股普通股3.30港仙。持

续稳定的股息派发彰显了我们对股东应得回报的承

诺，我们期待未来的业务持续发展，能与各位共享

丰硕成果。

展望未来，我们认为市场前景仍存在诸多不确定

性。与其预测难以捉摸的市场走势，我们将继续专

注于自身优势，透过科技创新与价值创造来强化我

们的业务。值得一提的是，随著香港政府把新质生

产力列为重点发展领域之一，我们看到建筑行业仍

具进一步整合与效率提升的空间。我们除了会继续

扩展钢筋切割及弯曲服务外，我们亦正积极寻找机

会，在建筑价值链中为各方提供更多增值方案，例

如一个能实时存取数据、全面追溯、高效协调及具

双向讯功能的整合系统。我们相信，此举有助推进

我们转型进程，让我们重新定位为能为各方创造价

值的重要合作伙伴：透过整合材料、服务及技术的

一站式方案，助力业界打造一个更灵活、更安全且

更具可持续性的建筑环境。

这些发展策略使我们更能顺应未来的政策方向，

为把握即将到来的机遇（如发展北部都会区）作好

准备，以提供最新的产品及服务。根据规划，北部

都会区将会提供逾九十万个住宅单位及设有多项重

点基建，如港深创新及科技园和跨境交通枢纽。因

此，北部都会区将为我们钢铁分销及加工业务以及

建筑材料分销业务带来显著商机。

CHAIRMAN’S STATEMENT

主席报告书

2024/25 Anual Report | 年报9

Meanwhile, we wil also kep a ken eye on emerging

technologies to improve our production, while implementing

prudent cost control measures to ensure financial stability.

In a period of change, we sincerely apreciate your

continued trust and suport as a shareholder. I would also

like to take this oportunity to thank our Board members,

busines partners, staf, customers, and other stakeholders

for your partnerships and colaborations, helping us to

build the foundation for suces. Once again, thank you for

being an esential part of our journey – we lok forward to

achieving new milestones together, and contribute to the

new chapter of Hong Kong.

Yao Cho Fai Andrew

Chairman

Hong Kong, 26th June 2025

与此同时，我们亦会密切关注新兴科技的发展继而

优化我们的生产流程，并同时实施审慎的成本管控

措施，以确保财务稳健。

在这变革之际，我们衷心感谢各位股东一直以来的

信任与支持。本人亦借此机会感谢我们的董事会成

员、业务伙伴、员工、客户及其他持份者的配合，

共同为企业成功奠定基石。我们再次感谢您成为我

们发展旅程中不可或缺的一部分。我们期待与您携

手共创新里程，为香港发展谱写新篇章作出贡献。

主席

姚祖辉

香港，二零二五年六月二十六日

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司12

OVERAL PERFORMANCE

FY2024/25 was a year marked by heightened macroeconomic

volatility and structural shifts acros global and regional

markets. While early signs of recovery emerged from

the easing of suply chain disruptions and inflationary

presures, renewed headwinds – including intensified trade

frictions, diverging monetary policies, persistent geopolitical

uncertainties, and fluctuating comodity prices – continued

to weigh on the Group’s operations.

In Hong Kong, despite the government’s eforts to stimulate

property and construction development, private sector

activity was subdued amid a softening residential market;

whereas in Mainland China, the comercial property market

also remained under presure due to the stagnated demand

and an influx of new suply.

整体表现

二零二四/二五财年是宏观经济反复波动、全球及

区域市场面临巨大结构性转变的一年。纵使供应

链阻力及通胀压力缓解为市场带来了复苏迹象，新

增的不利因素（包括：贸易争端加剧、货币政策分

化、地缘政治不确定性，以及大宗商品价格显著波

动等）仍对本集团的业务营运造成了一定影响。

在香港市场方面，尽管政府积极推动房地产及建筑

业项目发展，惟私营市场仍然乏力，住宅市场依然

疲弱；在中国大陆市场方面，随著需求转趋平稳以

及新供应涌入，商业房地产市场亦同样面临压力。

Busines Upgrade and

Value-aded Focus to

Drive Resilient Busines Development

业务升级及增值转型，

为长远稳定发展奠下基础

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2024/25 Anual Report | 年报13

Amid this chalenging environment, the Group remained

focused on operational discipline and strategic execution.

For its Stels Distribution Busines, the Group continued to

leverage its efective procurement mechanism to mitigate

the impact of stel price volatility. Meanwhile, its value-

aded Stels Procesing Busines achieved a record

high in production output during the Year, highlighting its

proven value and growing market adoption acros public

and private projects. In Shanghai, the Group’s local team

has once again demonstrated its management excelence,

efectively navigating the dynamic market conditions to

maintain strong ocupancy rates and stable rental income.

Al these eforts have efectively cushioned the impact of a

softer market environment, laying the foundation for solid

financial performance.

During the Year, the Group’s revenue declined by 8.3%

from aproximately HK$2,303.2 milion to aproximately

HK$2,111.8 milion, primarily due to lower average stel

prices. Gros profit decreased from aproximately HK$384.1

milion to aproximately HK$347.2 milion, with gros profit

margin reporting a modest decrease from 16.7% to 16.4%,

reflecting the impact of pricing presure, which was partialy

ofset by the resilient performance of its value-aded Stels

Procesing Busines.

Suported by stringent cost control measures, reduction

in finance costs, and the recognition of defered tax

asets arising from the improved performance of its Stels

Procesing Busines, profit atributable to owners of the

Company reached aproximately HK$89.6 milion for the

Year, representing a 13.8% increase compared to the same

period last year.

For the Year, the basic earnings per ordinary share was

HK14.06 cents, as compared with HK12.31 cents in the

same period last year.

面对充满挑战的市场环境，本集团持续专注运营管

理，并按既定策略执行业务计划。在钢铁分销业务

方面，本集团继续以行之有效的采购机制，减轻钢

材价格波动对其的影响。同时，本集团的钢铁加工

业务于本年度的生产量亦创下历史新高，服务获得

多个公私营项目认可及采用，充分印证其价值。在

上海方面，本集团的在地团队再次展现出卓越的营

运能力，在面对多变的市场环境下，依然维持著理

想的物业出租率与稳定的租金收入。此等努力不仅

有效减低疲弱市场对本集团的影响，更为业绩表现

奠定了坚实的基础。

于本年度，受钢铁平均价格下跌影响，本集团收

入由约2,303.2百万港元减少至约2,111.8百万港

元，同比减少8.3%。毛利由约384.1百万港元减

少至约347.2百万港元，惟毛利率仅录得轻微下

跌，由16.7%减少至16.4%。毛利率下降反映了

价格下行对本集团的影响，但同时部分影响已被因

其钢铁加工业务于年内的稳定性及增值能力所抵

消。

受惠于严谨的成本控制措施、财务成本的降低，以

及因应钢铁加工业务表现改善而产生的确认递延

所得税资产，本年度本公司拥有人应占溢利达约

89.6百万港元，同比增长13.8%。

于本年度，每股普通股基本溢利为14.06港仙，去

年同期为12.31港仙。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司14

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

BUSINES REVIEW

Stels Distribution and Procesing Busines

Stels Distribution and Procesing Busines primarily

suplies construction and industrial stels in Hong Kong

and Mainland China. In adition to its procurement and

distribution model, it operates one leading stel reinforcing

bar prefabrication yard in Hong Kong, providing customised

ofsite cut-and-bend services. The prefabricated stel

reinforcing bars are ready for imediate use, ofering

consistent product quality and ful traceability, which

help reduce on-site labour, enhance safety, and minimise

construction waste.

During the Year, the stel market remained volatile amid

global economic uncertainties and fluctuating infrastructure

demand. While the overal delivery quantity for the Group’s

Stel Distribution Busines recorded a modest decline

of aproximately 4.9% year-on-year, segment revenue

decreased by 9.0% from aproximately HK$1,879.5 milion

to aproximately HK$1,710.6 milion, primarily due to the

drop in average stel prices. Despite the softer market

environment, the Group’s ofsite prefabricated solutions were

wel-received by the market, with delivery volume increasing

by aproximately 9.3% year-on-year driven by growing

adoption acros public and private projects. Suported

by its proven procurement strategy, expanding economies

of scale, and the rising contribution from the value-aded

procesing busines, the segment maintained a stable gros

profit margin during the Year.

However, as a result of the absence of a reversal of onerous

contract provision in this Year (FY2023/24: aproximately

HK$24.4 milion), and a high base of comparison due to

the completion of higher-margin contracts in the previous

year, segment profit before income tax declined from

aproximately HK$116.0 milion to aproximately HK$104.3

milion, despite a reduction in finance costs. The resilient

busines performance highlights the Group’s leading

market position, expanding client portfolio, and sucesful

transformation towards a value-driven service busines.

During the Year, the Group participated in a number of major

infrastructure and private development projects, including

Tung Chung New Town Extension, Fanling North New

Development Area (Phase 1), Shek Li Stret Public Housing

Development and Fanling Data Centre Development, among

others.

业务回顾

钢铁分销及加工业务

钢铁分销及加工业务主要是在香港及中国大陆提供

建筑及工业用钢铁。除采购和分销模式外，其现正

经营一间领先的香港认可钢筋预制工场，能够按客

户要求提供定制化的钢筋切割及弯曲服务；预制钢

筋更可立即使用、具备稳定的产品质以及完整的

可追溯性，可大幅减少工地现场的工作需要，从而

提高作业安全性，及减少产生施工废料。

于本年度，受全球经济不明朗及基建需求不稳等因

素影响，钢铁市场持续波动。即使本集团钢铁分销

业务的总交付量按年仅轻微下跌4.9%，但碍于钢

铁平均价格下跌，该业务分部的收入由约1,879.5

百万港元减少至约1,710.6百万港元，同比减少

约9.0%。尽管市场环境疲弱，但本集团的场外预

制解决方案仍大受市场欢迎，公私营项目采用率

均有所提升，令该业务的交付量录得同比增长约

9.3%。加上行之有效的采购策略、规模效应持续

扩大，以及增值型的加工业务收入贡献提升等因素

的支持下，使钢铁分销及加工业务于本年度得以维

持稳定的毛利率水平。

然而，由于本年度未有产生有偿契约之拨备回拨

（二零二三/二四财年：约24.4百万港元），以及去

年交付毛利较高的合约导致产生高基数效应，该业

务分部的除所得税前溢利在财务成本有所减少的情

况下，由约116.0百万港元减少至约104.3百万港

元。如此稳健的业绩表现，有赖于本集团的市场领

先地位、持续扩大的客户群，以及成功转型为增值

型服务的业务。

于本年度，本集团参与多项大型基建及私营发展项

目，包括东涌新市镇扩展计划、粉岭北新发展区

（第一阶段）、石梨街公营房屋发展项目及粉岭数据

中心发展项目等。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2024/25 Anual Report | 年报15

Building Products Distribution Busines

Building Products Distribution Busines represents a

comprehensive value proposition for architects and

designers. It ofers an extensive, wel-designed, and

popular portfolio of branded sanitary wares, smart toilet

solutions, and fiting and kitchenware products, catering to

the neds of hotels, residential, shoping mals, airports,

and comercial buildings. It strives to provide a ful chain

of services covering design, instalation, logistics, and

technical suport.

During the Year, the segment saw weakened retail consumer

sentiment and a slowdown in project initiatives despite

government stimulus measures. In Hong Kong, the growing

economic uncertainties and stagnated property prices did

not provide suficient incentives for both homebuyers and

developers, with the number of housing and comercial

projects seing a decline, causing a decrease in new

instalations, replacement, and renovation works. In Mainland

China, the segment continued to face sustained competition

and demand presure, particularly in the mid-to-high-end

renovation market. As a result, segment revenue declined by

aproximately 6.3% year-on-year to aproximately HK$319.1

milion (FY2023/24: aproximately HK$340.4 milion),

while profit before income tax decreased to aproximately

HK$24.9 milion (FY2023/24: aproximately HK$30.5 milion).

Despite the chalenging environment, the Group’s product

portfolio remained wel-received in the market. Its major

brand, TOTO, continued to be chosen among comercial

and hospitality setings for its durability and design quality.

The Group’s Smart Toilet Solutions, which integrate AIoT-

enabled features such as air quality and humidity monitoring,

water leakage detection, and energy-eficient ventilation,

have also gained higher popularity due to the rising

demand for safety, beter environment quality, and eficient

management.

With the Smart Toilet Solutions being bundled with the

Group’s expansive product oferings, the Group ses high

potential in gaining further market share in the future, as

reflected in the latest implementation in Chinachem Tower,

Man Ye Building, and Hong Kong International Airport.

建筑材料分销业务

建筑材料分销业务旨在为建筑师及设计师提供全面

的价值方案，为酒店、住宅、购物商场、机场及商

厦提供种类齐全、设计时尚及受欢迎的品牌卫浴洁

具、智能化洗手间解决方案，厨房组合以及其他配

件。其全方位服务涵盖产品设计、安装、物流及技

术支援。

于本年度，尽管政府推出一系列的刺激措施，但零

售消费者情绪依然疲弱，项目动工进度亦有放缓迹

象。在香港，由于经济不确定性加剧以及楼价缺乏

上升动力，准买家及房地产发展商均缺乏进场诱

因，住宅及商业项目数量因而有所减少，影响了本

集团产品的新装、更换及翻新上的需求。在中国大

陆方面，该业务分部亦需要面对激烈的市场竞争和

需求压力，尤其是在中高端装潢市场上。因此，该

业务分部的收入按年减少约6.3%至约319.1百万

港元（二零二三/二四财年：约340.4百万港元），

除所得税前溢利亦减少至约24.9百万港元（二零

二三/二四财年：约30.5百万港元）。

尽管市场环境充满挑战，本集团的产品组合仍得到

市场青睐，其主要品牌TOTO凭借其耐用性和优良

设计，获得多个商用和酒店项目采用。本集团的智

能化洗手间解决方案，其中融合了空气和湿度监

测、漏水侦测，及节能换气功能等AIoT技术，亦

因应市场追求更高安全性、更佳的环境质量以及更

高效的管理而广受市场欢迎。

随者智能化洗手间解决方案与本集团其多元化产品

进一步融合，本集团相信可于未来进一步提升其市

场占有率，把握潜在增长机遇，这一点从近期参与

的华懋大厦、万宜大厦和香港国际机场等项目可

见。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司16

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Property Investment and Fund Management Busines

As a niche market specialist in aset revitalisation and

value optimisation, the Group continues to adopt an “aset-

light” strategy for its investment projects in Shanghai. As

at 31st March 2025, the Group manages a total gros flor

area (“GFA”) of aproximately 161,724 square meters, with

asets under management valued at around HK$8.0 bilion.

Among the thre Central Park projects under management,

Central Park•Pudong, wholy-owned by the Group, aims

to deliver sustainable rental income and medium-to-long-

term capital apreciation. The Group also partners with

leading investment funds on two other projects, namely

Central Park•Jing’an and Central Park•Huangpu, where

it holds equity stakes and acts as a general partner and/or

investment manager to earn fe income.

During the Year, Shanghai’s comercial property market

experienced a period of structural adjustment. While

suportive monetary and fiscal measures were introduced by

the Government to stabilise the sector, the market continued

to face headwinds from subdued leasing sentiment, an influx

of new suply, and cautious corporate expansion. These

factors exerted sustained presure on ocupancy levels,

average rental rates, and aset valuations.

In response, the Group proactively refined its leasing

strategies and repositioned its properties to target specific

industry clusters. Notably, Central Park•Huangpu was

sucesfuly repositioned to serve the medical and

healthcare sector, leveraging its proximity to Grade A

tertiary hospitals. This strategic shift has atracted a major

tenant to establish a medical inovation hub in the building,

and the flagship project has led to a broader increase in

ocupancy rates from other healthcare-related enterprises,

efectively forming a healthcare tenant ecosystem. Riding on

the increasing ocupancy rates and comercial activities,

the Group’s hotel aset within the same complex also

achieved an average ocupancy rate of over 85%, with rom

rates aproaching pre-pandemic levels, suported by its

integrated conferencing and F&B facilities.

房地产投资及基金运营业务

作为在资产活化及价值提升方面拥有良好往绩纪录

的细分市场专家，本集团于上海开发投资项目时继

续秉持其「轻资产」策略。于二零二五年三月三十一

日，本集团管理的总建筑面积（「建筑面积」）约为

161,724平方米，在管资产价值约为80亿港元。

在管的三个中港汇项目中，中港汇•浦东为本集

团全资拥有，旨在产生可持续租金收入，并在中长

期带来资本增值。本集团亦与领先的投资基金合

作，以权益持有人及普通合伙人及╱或投资经理的

身份，参与中港汇•静安及中港汇•黄浦两个项

目，从中产生费用收入。

于本年度，上海的商业房地产市场经历了一轮结构

性的调整。尽管政府推出一系列的货币及财政支持

政策以稳定市场表现，惟整体租赁需求疲弱。加上

新商业房地产项目相继落成，企业对扩张计划持审

慎态度等不利因素，市场的出租率、平均租金和资

产估值均持续受压。

为此，本集团积极调整租赁策略，为旗下物业针对

特定行业需求而重新定位。举例而言，凭借其邻近

三甲医院的地理优势，中港汇•黄浦成功转型，

不仅吸引到一个主要租户进驻并于物业内设立医疗

创新中心，这亦带动了其他医疗相关企业相继进

驻，形成一个医疗企业生态圈。受惠于物业出租率

提升、周边商业活动增加，以及物业内完善的会议

及餐饮设施，本集团位于同一综合大楼的酒店的平

均入住率上升至超过85%，房价亦回复至接近疫

情前水平。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2024/25 Anual Report | 年报17

Overal, segment revenue recorded a modest decline of

aproximately 1.3% year-on-year to aproximately HK$82.1

milion (FY2023/24: aproximately HK$83.2 milion), primarily

due to the slight reduction in management fe income.

However, rental income remained largely stable despite the

chalenging market conditions, reflecting the efectivenes of

the Group’s proactive aset management eforts. Excluding

the share of los from investments under the equity method

and the fair value los of investment properties, the segment

reported a profit before income tax of aproximately HK$32.7

milion, compared to aproximately HK$25.5 milion in the

previous year. The improvement was mainly atributable to

efective cost control and enhanced operational eficiency.

The share of los of investments acounted for using the

equity method decreased from aproximately HK$22.8

milion to aproximately HK$19.6 milion during the Year,

primarily due to the diminishing fair value loses on

investment properties compared to the previous year.

OUTLOK

Loking ahead, the Group anticipates further changes to

the dynamic macro environment. With the global economy

entering a phase of evolving geopolitical relationships,

changing monetary policies, and fluctuating consumption

and investment sentiment, it is expected that there wil be

a growing conservatism among infrastructure and private

projects, given their significant investment and long

investment horizon. The weakening of demand may also

compres the Group’s margins for its Stels Distribution and

Procesing Busines.

To manage cost presures and protect margins, the

Group wil continue to exercise disciplined cost control

and preserve financial flexibility in case of further market

shocks. Yet, the Group also recognises the necesity of

transformation, that long-term sustainability and busines

resilience may come at the expense of structural changes.

To this end, the Group is progresively evolving itself as a

value-creating partner in the construction ecosystem – one

that integrates materials, services, and smart technologies

to suport a smarter, safer, and more sustainable built

environment. In the proces, this should also strengthen trust

betwen the Group and its customers, thereby enhancing

customer loyalty, while improving cordination and eficiency

acros the construction value chain, generating synergies

and savings for al.

整体而言，由于物业管理费收入年内录得轻微减

少，该业务分部按年收入亦轻微下跌1.3%至约

82.1百万港元（二零二三/二四财年：约83.2百万

港元）。然而，租金收入在充满挑战的市场环境下

仍大致保持稳定，反映本集团资产管理措施之成

效。若撇除按权益法之投资的应占亏损和投资物业

的公允价值亏损，该业务分部录得除所得税前溢利

约为32.7百万港元，去年度约为25.5百万港元。

溢利提升主要是由于有效的成本控制及营运效率提

升。

由于投资物业的公允价值亏损相较去年减少，本年

度按权益法入账之投资的应占亏损由约22.8百万

港元减少至约19.6百万港元。

展望

展望未来，本集团预期宏观不确定性将持续。全球

经济将进一步受到地缘政治变化、货币政策调整，

以及消费与投资情绪波动影响而再添变数。考虑到

基建与私营项目均需大额投资且投资周期一般较

长，预计市场的投资意欲亦将更趋保守。同时，项

目需求减弱亦可能压缩本集团在钢铁分销及加工业

务上的利润空间。

为应对成本压力并保障整体利润，本集团将继续推

行严谨的成本控制措施，并维持财务灵活性以应对

潜在市场波动。然而，本集团也深知透过结构性转

型而奠定长远业务抗逆能力及稳定发展基础的重要

性。有鉴于此，本集团正积极转型成为建筑产业中

能为各方创造价值的重要合作伙伴：透过整合材

料、服务及智能技术的一站式方案，助力业界打造

一个更灵活、更安全且更具可持续性的建筑环境。

这一转型相信亦可加强本集团与客户之间的信任，

借此提升客户忠诚度，长远更能改善建筑业价值链

中既有的协调和运营效率问题，为多方带来协同效

应及成本效益。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司18

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Regarding its Property Investment and Fund Management

Busines, the comercial leasing market in Shanghai is

expected to remain stagnated due to the influx of suply

amid a stable demand. To maintain a stable busines

performance, the Group wil continue to strengthen its

tenant engagement eforts, by ofering more tailored and

value-aded services beyond traditional leasing, such as

flexible leasing terms, shared amenities, and industry-

specific suport. These initiatives should be able to enhance

tenant stickines, improve ocupancy stability, and hence,

diferentiate the Group’s properties in the competitive

regional market.

While the road ahead may be filed with uncertainties, the

Group remains confident in its ability to adapt, evolve, and

deliver sustainable performance. By staying agile, embracing

inovation, and depening its integration of technology

and services, the Group is wel-positioned to navigate the

chalenges and capture emerging oportunities – creating

long-term value for its customers and shareholders.

CORPORATE FINANCE AND RISK MANAGEMENT

Financial Position

Compared with the financial year ended 31st March 2024,

the Group’s total asets decreased from aproximately

HK$2,649.9 milion to aproximately HK$2,555.4 milion as

at 31st March 2025, mainly as a result of the translation

diference of the Group’s investment in Mainland China

and the reduction in working capital. In breakdown, the

Group’s inventories decreased from aproximately HK$380.6

milion to aproximately HK$342.9 milion, with the average

inventory days of suply slightly decreasing from 81 days to

75 days. The Group’s trade and bil receivables decreased

from aproximately HK$370.8 milion to aproximately

HK$361.0 milion, with the average overal days of sales

outstanding slightly decreasing from 57 days to 52 days.

Net aset value of the Group increased to aproximately

HK$1,094.0 milion, mainly atributable to profit for the Year,

while partialy ofset by the translation diference arising from

the depreciation of Renminbi (“RMB”) for the Group’s net

investments in Mainland China. Net aset value per ordinary

share was equivalent to aproximately HK$1.57 as at 31st

March 2025.

就房地产投资及基金运营业务而言，在新供应涌入

而需求稳定的情况下，预计上海的租赁市场将缺乏

明显动力。为维持业绩表现稳定，本集团将透过提

供传统租赁服务以外的定制化及增值服务，如灵活

的租赁条款、共享配套设施，及针对特定行业的支

援等，借此加强与租户之间的关系，提升租户黏性

及整体出租率，继而协助本集团的物业在竞争激烈

的区域市场中脱颖而出。

尽管前路存在诸多变数，本集团仍对其适应、转型

及执行能力抱有信心。本集团已准备好迎接挑战并

抓住潜在机遇，透过灵活应变、积极创新、深化融

合科技与服务，为客户及股东创造长远价值。

企业财务及风险管理

财务状况

与截至二零二四年三月三十一日止财政年度相比，

本集团总资产由约2,649.9百万港元减至二零二五

年三月三十一日的约2,555.4百万港元，跌幅主要

由于本集团于中国大陆之投资汇兑差额，以及营运

资金减少所致。按细目划分，本集团的存货由约

380.6百万港元减少至约342.9百万港元，平均可

供应存货周转天数由81天轻微减少至75天；而本

集团的应收账款及票据亦由约370.8百万港元减少

至约361.0百万港元，平均应收账款周转天数由57

天轻微减少至52天。本集团的资产净值增加至约

1,094.0百万港元，主要是由于年度溢利。当中部

分增长被本集团于中国大陆之净投资因人民币（「人

民币」）减值而产生汇兑差额所抵销。于二零二五年

三月三十一日，本公司每股普通股的资产净值相当

于约1.57港元。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2024/25 Anual Report | 年报19

Compared with the financial position as at 31st March

2024, the Group’s cash and cash equivalents and pledged

bank deposits increased from aproximately HK$147.1

milion to aproximately HK$179.7 milion. The Group’s

borowings decreased by aproximately HK$136.9 milion

to aproximately HK$1,122.6 milion as at 31st March 2025.

Gearing ratio (net debt, which is total borowings minus

pledged bank deposits and cash and cash equivalents,

divided by capital and reserves atributable to owners of the

Company plus net debt) slightly decreased from 54.2% to

48.5%.

In terms of liquidity, the Group’s curent ratio slightly

increased from 0.82 to 0.86. During the Year, the Group

utilised its excesive cash to repay certain short-term bank

borowings with relatively high interest rates, and was able

to renegotiate existing credit facilities at more favourable

interest rates and terms to reduce short-term comitments.

In the opinion of the Directors, after due and careful

consideration of the internaly generated funds and banking

facilities presently available to the Group, the Group has

suficient financial resources to met its liabilities as they fal

due, and is able to cary on its busines without significant

disruption.

The Group wil continue to closely monitor the turnover of

its working capital and take various cost containment and

eficiency enhancement measures to strengthen its liquidity.

Financial Resources

The Group’s financing and treasury activities are centraly

managed and controled at the corporate level. The

Group’s overal treasury and funding policies focus on

managing financial risks including interest rate and foreign

exchange risks; cost-eficient funding of the Company and

its subsidiaries; and yield enhancement from time to time

when the Group’s cash position alows. The Group has

always adhered to prudent financial management principles,

including the selection of apropriate security investments

acording to the Group’s treasury investment policy.

与二零二四年三月三十一日的财务状况相比，本集

团之现金及现金等值及已抵押银行存款由约147.1

百万港元增加至约179.7百万港元。本集团于二零

二五年三月三十一日之借贷亦减少约136.9百万港

元至约1,122.6百万港元。资产负债比率（负债净

额，即借贷总额减去已抵押银行存款与现金及现金

等值，再除以本公司拥有人应占股本及储备加上负

债净额）由54.2%轻微减至48.5%。

在流动性方面，本集团的流动比率由0.82轻微上

升至0.86。于本年度，本集团运用其现金盈余偿

还若干利率相对较高的短期银行借贷，并成功以更

优惠利率及条款重新洽谈现有信贷额度，以降低短

期财务承担。经审慎考虑内部产生的资金以及本集

团现时可动用的银行融资，本集团董事认为本集团

有足够财务资源偿还其到期负债以及维持业务营

运。

本集团将继续密切关注其营运资金周转状况，并采

取各种成本控制及提高效率的措施，以增强其流动

性。

财务资源

本集团之融资及库务活动均在企业层面集中管理及

监控。本集团之整体库务及融资政策侧重于管理财

务风险，包括利率及外汇风险；为本公司及其附属

公司提供具有成本效益的融资方案；以及在本集团

现金状况可行时提高收益率。本集团一直坚持审慎

的财务管理原则，包括根据本集团的库务投资政策

选择合适的证券作投资。

Maturity Profile
到期概况
Within 1 year	1-2 years	2-5 years	Over 5 years	Total
1年内	1至2年	2至5年	多于5年	总计

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司20

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

The Group’s trade financing remained primarily suported by

its bank trading and revolving facilities for Stels Distribution

and Procesing Busines and Building Products Distribution

Busines, and term loans for Property Investment and

Fund Management Busines. As at 31st March 2025, about

66.8% of the Group’s interest-bearing borowings were

denominated in HK dolar, and the remaining 33.2% in RMB.

These facilities are either secured by pledged bank deposits

and/or corporate guarantes provided by the Company or

the Group’s machineries and investment properties. Al of

the above borowings were on a floating rate basis. Interest

costs were levied on interbank ofered rates plus a very

competitive margin. RMB loans of the Group have ben

obtained from domestic and foreign banks in the amount of

RMB347.9 milion. Interest costs of RMB banking facilities

were based on Loan Prime Rate adjusted with competitive

margin. The maturity of the Group’s borowings as at 31st

March 2025 was as folows:

71.9%2.6%9.2%16.3%100%

Charges on Asets

As at 31st March 2025, the Group had certain charges on

asets which included (i) bank deposits of aproximately

HK$0.7 milion (31st March 2024: bank deposits of

aproximately HK$1.8 milion), which were pledged as

colateral for the Group’s bil payables; (i) investment

properties of aproximately HK$1,246.6 milion (31st March

2024: aproximately HK$1,280.7 milion) were pledged as

colaterals for certain bank borowings of the Group; and (i)

machineries of aproximately HK$7.8 milion (31st March

2024: aproximately HK$9.1 milion), which was included in

property, plant and equipment, and was used to secure the

Group’s hire purchase liabilities.

本集团钢铁分销及加工业务及建筑材料分销业务之

贸易融资主要由其银行的贸易及循环贷款融资支

持；而房地产投资及基金运营业务则由定期贷款融

资支持。于二零二五年三月三十一日，本集团的计

息借款有约66.8%以港元计值，余下约33.2%以

人民币计值。该等融资通过已抵押银行存款及╱或

本公司提供之公司担保或本集团之机器及投资物业

作为抵押。以上所有借贷均按浮动利率计息。利

息费用以银行同业拆息率加非常具竞争力之息差计

算。本集团已自内资及外资银行获得数额为人民

币347.9百万元之人民币贷款。人民币银行融资之

利息费用乃按贷款市场报价利率以优惠息差加以调

整。本集团于二零二五年三月三十一日之借款到期

情况如下：

资产抵押

于二零二五年三月三十一日，本集团有若干资产

作抵押，包括(i)约0.7百万港元之银行存款（二

零二四年三月三十一日：约1.8百万港元之银行

存款）作为本集团的应付票据之抵押品；(i)约

1,246.6百万港元之投资物业（二零二四年三月

三十一日：约1,280.7百万港元）作为本集团若干

银行借贷之抵押品；以及(i)约7.8百万港元（二零

二四年三月三十一日：约9.1百万港元）之机器（计

入物业、厂房及设备）用作本集团租购负债之抵押

品。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2024/25 Anual Report | 年报21

Foreign Exchange Risk

The Group’s busineses are primarily transacted in HK

dolars, US dolars and RMB. As the exchange rate betwen

HK dolars and US dolars is peged, the Group believes its

exposure to exchange rate risk arising from US dolars is not

material. Facing the volatility of RMB, the Group wil, among

others, continue to match RMB payments with RMB receipts

to minimise realised exchange exposure.

Forward foreign exchange contracts would be entered into

when suitable oportunities arise and when management

of the Group considers apropriate, in order to hedge

against major non-HK dolars curency exposures. It is the

Group’s policy not to enter into any derivative transaction for

speculative purposes.

Capital Expenditure

During the Year, the Group’s total capital expenditure

amounted to aproximately HK$3.1 milion (2024:

aproximately HK$15.9 milion), which was primarily financed

through cash generated from operating activities.

Capital Comitments

As at 31st March 2025, the Group’s total capital

comitments amounted to aproximately HK$102.9 milion

(31st March 2024: aproximately HK$115.0 milion).

Contingent Liabilities

As at 31st March 2025, the Group had no material contingent

liabilities (31st March 2024: Same).

Material Acquisitions and Disposals

The Group did not have any material acquisitions and

disposals of subsidiaries and asociated companies during

the Year (2024: Same).

外汇风险

本集团之业务主要以港元、美元及人民币交易。由

于港元与美元之间存在汇率挂钩，本集团相信其美

元产生之汇率风险并不重大。面对人民币之汇率波

动，本集团将（其中包括）继续以人民币流入结算人

民币付款，从而减低汇兑风险。

若且本集团管理层认为情况合适并出现适当时机，

本集团将签订远期外汇合约，用以对冲重大非港元

货币风险。本集团之政策乃不以投机为目的而订立

任何衍生工具交易。

资本支出

于本年度，本集团的资本支出总额约为3.1百万港

元（二零二四年：约15.9百万港元），主要透过经

营活动产生的现金提供资金支持。

资本承担

于二零二五年三月三十一日，本集团的资本承担

总额约为102.9百万港元（二零二四年三月三十一

日：约115.0百万港元）。

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（二零二四年三月三十一日：相同）。

重大收购及出售事项

本集团于本年度并无任何对附属公司及联营公司之

重大收购及出售事项（二零二四年：相同）。

Property name and location	Existing use	Tenure	Approximate attributable above-ground GFA (square meters) (excluding car-parking spaces)	Number of car park spaces	Group’s interests
物业名称及地址	现时用途	使用期限	概约应占地上建筑面积（平方米）（不包括停车位）	停车位数目	本集团之权益

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司22

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

PARTICULAR OF MAJOR PROPERTIES

As at 31st March 2025, the Group’s properties held for

investment and their particulars are as folows:

Central Park‧Pudong

中港汇‧浦东

No. 2399 Zhangyang Road,

Pudong New Area,

Shanghai, China

Comercial

ofices

Medium term*24,752170100%

中国上海市浦东新区

张杨路2399号

商业办公室中期*

Unit 606, Sanlian Building

三联大厦606室

No. 8 Huajing Road,

Pudong New Area,

Shanghai, China

Comercial

ofices

Medium term*37.64—86.2%

中国上海市浦东新区华京路8号商业办公室中期*

* Medium terms are for lease les than 50 years but not les than 10

years.

主要物业之详情

于二零二五年三月三十一日，本集团持作投资之用

的物业及其详情载列如下：

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2024/25 Anual Report | 年报23

Central Park•Pudong

Central Park•Pudong is a 12-storey ofice tower with a total

above-ground GFA of aproximately 24,752 square meters.

Situated in Iner Ring Road, a prime location of the Pudong

New District, Shanghai, the tower is in close proximity to

Luijiazui’s Central Busines District and Beiyangjing Road

Station of Line 6 of the Shanghai metro.

During the Year, both ocupancy and rent rates of Central

Park•Pudong have remained at a steady level, generating a

rental income of aproximately HK$46.1 milion (FY2023/24:

HK$45.6 milion).

SIGNIFICANT INVESTMENTS HELD

Central Park•Jing’an

Central Park•Jing’an is a 29-storey Grade A ofice

building with a retail podium on the ground flor, totaling

aproximately 58,601 square meters in above-ground GFA.

The premises are situated at the junction of Hengfeng Road

and Hanzhong Road, two major pathways acros Jing’an

District. Surounded by metro-conected retail shoping

mals, hotel amenities, and a number of Grade A ofice

buildings, Central Park•Jing’an enjoys locational excelence

with 3 easily acesible metro lines, and is within 10 minutes’

walking distance to the Shanghai Railway Station.

The Group invested in Central Park•Jing’an by partnering

with a leading sovereign wealth fund to form a joint venture,

namely HSL Shanghai Ofice Partners I Limited, which the

Group holds an efective 9.3% equity interests. In adition

to the potential value apreciation, the Group also earns

fe income through the provision of management services.

The project underwent revitalisation in September 2018,

and upon completion, is positioned as a Grade A ofice with

modernised ofice and workspace facilities.

中港汇•浦东

中港汇•浦东为一座楼高12层的办公大楼，地上

总建筑面积约为24,752平方米。该大厦位于上海

市浦东新区内环路的黄金地段，邻近陆家嘴中央商

务区及上海地铁6号线北洋泾路站。

于本年度，中港汇•浦东的出租率及租金水平维

持稳定水平，租金收入约46.1百万港元（二零二三

╱二四年财年：45.6百万港元）。

所持重大投资

中港汇•静安

中港汇•静安为一座楼高29层的甲级办公大楼，

当中底层为零售商店，地上建筑面积合共约为

58,601平方米。该物业位处静安区两条主要干道

（恒丰路及汉中路）的交汇处，毗邻有地铁连接的

购物商场、酒店设施及多座甲级办公大楼。中港

汇•静安可直达3条地铁线，且步行不到10分钟

便可到达上海火车站，交通极为便利。

本集团透过与一家领先主权财富基金合作，成立

合营公司（即HSL Shanghai Ofice Partners I

Limited，当中本集团持有其9.3%实际权益）以投

资中港汇•静安项目。除潜在价值提升外，本集

团亦透过提供管理服务获取费用收入。该项目于二

零一八年九月进行优化升级工程，翻新后被定位为

甲级办公大楼，提供现代化的办公和工作空间设

施。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司24

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

During the Year, Central Park•Jing’an financial performance

was afected by the change in fair value of investment

properties, with the Group’s share of los of investment

acounted for using the equity method increased to

aproximately HK$19.4 milion (FY2023/24: share of los of

aproximately HK$12.3 milion). No gain or los on disposal

was recorded and no dividend was received during the Year.

Central Park•Huangpu

Central Park•Huangpu is a 53-storey high-rise landmark

located at the heart of Huangpu’s central busines district,

near the intersection of Dapu Road and Xujiahui Road

and a 5-minute-walk from metro station. As a regional

landmark comercial complex with an above-ground GFA of

aproximately 78,371 square meters, Central Park•Huangpu

is the host of Pulman Shanghai Central (a hotel managed

by Acor Hotel Group) with ofice building, conference hals,

catering facilities, and retail outlets.

The Group invested in Central Park•Huangpu through

Skyline Holdings (BVI) Limited, by partnering with a leading

private equity fund in which the Group holds 5% equity

interests. In adition to the potential value apreciation,

the Group also earns fe income through the provision of

management services.

During the Year, Central Park•Huangpu financial

performance was afected by the change in fair value of

investment properties, which was partialy ofset by the

improvement in performance of the hotel and the increase

in ofice average ocupancy rate. The Group’s share of los

of investment acounted for using the equity method for

this project was aproximately HK$0.3 milion for the Year

(FY2023/24: share of los of aproximately HK$10.5 milion).

No gain or los on disposal was recorded and no dividend

was received during the Year.

于本年度，中港汇•静安财务表现受投资物业之

公允价值变动之影响，本集团应占按权益法入账之

投资亏损增加至约19.4百万港元（二零二三╱二四

财年：应占亏损约12.3百万港元）。于本年度，概

无录得出售收益或亏损以及收取股息。

中港汇•黄浦

中港汇•黄浦为一座楼高53层的摩天大厦，位于

黄浦中央商务区中心，邻近打浦路及徐家汇路交

界，步行至地铁站仅需5分钟。作为区域性地标及

商业综合体，中港汇•黄浦的地上建筑面积达约

78,371平方米，同时设有上海中港汇铂尔曼大酒

店（一家由雅高酒店集团管理的酒店）并附有办公

楼、会议厅、餐饮设施及零售商店。

本集团与一家领先私募股权基金合作，透过

Skyline Holdings (BVI) Limited（本集团持有其5%

权益）以投资中港汇•黄浦。除潜在价值提升外，

本集团亦透过提供管理服务获取费用收入。

于本年度，中港汇•黄浦财务表现受投资物业之

公允价值变动之影响，其部份抵销来自酒店业务改

善，以及办公楼平均出租率提升之影响。本集团就

该项目应占按权益法入账之投资亏损约为0.3百万

港元（二零二三╱二四财年：应占亏损约为10.5百

万港元）。于本年度，概无录得出售收益或亏损以

及收取股息。

		As at 31st March 2025		Total number of shares and percentage of ownership interest attributable to the Group
		于二零二五年三月三十一日		本集团所持股份总数及拥有权权益百分比
Name of entity	Place of business/country establishment/ incorporation	Carry amount	Percentage to total assets of the Group	31st March 2025	31st March 2024
实体名称	营业地点╱ 注册成立国家	账面值 HK$’000 千港元	占本集团资产总值之百分比	二零二五年三月三十一日	二零二四年三月三十一日

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2024/25 Anual Report | 年报25

As at 31st March 2025, the particulars of the significant

investments held by the Group are as folows:

Unlisted, ordinary shares

非上市，普通股

HSL Shanghai Ofice Partners I Limited

and its subsidiaries

(colectively “HSO Group”) (Note i)

Mainland China/

British Virgin Islands

224,1738.8%3,937.87

and 15%

3,808.10

and 15%

HSL Shanghai Ofice Partners I Limited

及其附属公司（统称「HSO集团」）（附注i）

中国大陆╱

英属处女群岛

3,937.87股

及15%

3,808.10股

及15%

Skyline Holdings (BVI) Limited

(“Skyline Holdings”)

and its subsidiaries

(colectively “Skyline Group”) (Note i)

Mainland China/

British Virgin Islands

43,2291.7%5 shares

and 5%

5 shares

and 5%

Skyline Holdings (BVI) Limited

（「Skyline Holdings」）

及其附属公司（统称「Skyline集团」）（附注i）

中国大陆╱

英属处女群岛

5股及5%5股及5%

Notes:

i. HSO Group is principaly engaged in property investment and fund

management busines in Mainland China and is owned as to 15%

by Plentiful Praise Limited (“Plentiful”) (an indirect 62% owned

subsidiary of the Company) and 85% by Reco Wisteria Private Limited

(an independent third party). As at 31st March 2025, Plentiful has

contributed capital, agregated to aproximately US$39,379,000

(2024: US$38,081,000) and the investment in HSO Group is acounted

for using equity method in acordance with HKAS 28 (Amendments)

Investment in Asociates and Joint Ventures. Please refer to Note 19 to

the audited consolidated financial statements for details.

i. Skyline Group is principaly engaged in property investment and fund

management busines in Mainland China and is owned as to 95% by

Apolo Skyline Holding Limited (an independent third party) and 5%

by Top Blom Group Limited (“Top Blom”) (an indirect wholy-owned

subsidiary of the Company). As at 31st March 2025, Top Blom has

contributed capital, agregated to aproximately US$10,110,000,

equivalent to aproximately HK$78,965,000 (2024: US$10,030,000,

equivalent to aproximately HK$78,758,000) and the investment in

Skyline Group is acounted for using equity method in acordance with

HKAS 28 (Amendments) Investment in Asociates and Joint Ventures.

Please refer to Note 19 to the audited consolidated financial statements

for details.

于二零二五年三月三十一日，本集团持有之重大投

资详情载列如下：

附注：

i. HSO集团主要于中国大陆从事房地产投资及基金运营

业务，其由颂裕有限公司（「颂裕」）（由本公司拥有62%

之间接附属公司）拥有15%及由Reco Wisteria Private

Limited（属独立第三方）拥有85%。于二零二五年三

月三十一日，颂裕已合共出资39,379,000美元（2024:

38,081,00美元），并对HSO集团之投资根据香港会计准

则第28号（修订）于联营公司及合营公司投资以权益法列

账。详情请参阅随附之综合财务报表附注19。

i. Skyline集团主要于中国大陆从事房地产投资及基金运

营业务，其由Apolo Skyline Holding Limited（属独立

第三方）拥有95%权益及由Top Blom Group Limited

（「Top Blom」）（为本公司间接全资附属公司）拥有5%权

益。于二零二五年三月三十一日，Top Blom已合计出资

10,110,000美元（相当于约78,965,000港元）（二零二四

年：10,030,000美元（相当于约78,758,000港元），并对

Skyline集团之投资根据香港会计准则第28号（修订）于联

营公司及合营公司投资以权益法列账。详情请参阅随附之

综合财务报表附注19。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司26

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

EVENTS AFTER THE REPORTING PERIOD

On 2nd June 2025, Top Blom (as Lender) entered into

a loan agrement with Skyline Holdings (as Borower),

pursuant to which Top Blom has agred to provide

the loan in favour of Skyline Holdings in the amount of

RMB18,000,000 for a term of six months at an interest rate of

10% per anum. The loan shal be used by Skyline Holdings

or its subsidiaries for general working capital purposes. For

details, please refer to the anouncement of the Company

dated 2nd June 2025.

Save as disclosed elsewhere in this report, the Group did

not have any material events after the reporting period (31st

March 2024: Nil).

HUMAN CAPITAL AND REMUNERATION POLICY

The Group puts a strong emphasis on nurturing talents,

with its growth strategy built around its strong comitment

to people. The Group provides competitive remuneration

package, along with a safe and pleasant working

environment with constant learning and growth oportunities,

so as to atract and motivate employes.

The remuneration packages for Directors and employes are

normaly reviewed anualy and are structured by reference

to prevailing market terms and individual competence,

performance and experience. Other employe benefits

include training subsidy, discretionary bonus, retirement

benefits, insurance, medical coverage and share option

scheme.

As at 31st March 2025, the Group employs 255 staf (31st

March 2024: 250 staf). Total staf costs during the Year,

including the contribution to retirement benefit schemes,

amounted to aproximately HK$123.4 milion (2024:

HK$130.5 milion). During the Year, no option has ben

ofered and/or granted to its directors and employes under

the share option scheme(s) adopted by the Company.

报告期后事项

于二零二五年六月二日，Top Blom（作为贷款人）

与Skyline Holdings（作为借款人）订立一份贷款协

议。据此，Top Blom已同意向Skyline Holdings

提供金额为人民币18,000,000元之贷款，为期六

个月，年利率为10%。贷款应由Skyline Holdings

或其附属公司作为一般营运资金用途使用。详情请

参阅本公司于二零二五年六月二日之公告。

除本报告所披露的事项外，本集团并无任何重大期

后事项（二零二四年三月三十一日：无）。

人力资源及薪酬政策

本集团注重人才培训，其增长策略一直注重于人才

发展的承诺。本集团提供有竞争力的薪酬方案吸引

及激励员工，亦致力为员工创造安全舒适的工作环

境，并不断向彼等提供学习及进修机会。

董事及员工之薪酬待遇通常每年定期检讨并参考现

行市场条款及个人能力、表现及经验而制订。其他

员工褔利包括培训资助、酌情花红、退休褔利、保

险、医疗津贴及购股权计划。

于二零二五年三月三十一日，本集团聘用255名

雇员（二零二四年三月三十一日：250名雇员）。于

本年度，总员工成本（包括退休福利计划供款）约

为123.4百万港元（二零二四年：约130.5百万港

元）。于本年度，本公司并无根据其采纳之购股权

计划向其董事及雇员提供及╱或授出购股权。

2024/25 Anual Report | 年报27

CORPORATE GOVERNANCE REPORT

企业管治报告

The board of directors (the “Board”) of Hong Kong Shanghai

Aliance Holdings Limited (the “Company”) is comited

to maintaining high standards of corporate governance.

It believes that high standards of corporate governance

provide a framework and solid foundation for the Company

and its subsidiaries (colectively, the “Group”) to manage

busines risks, enhance transparency, maintain high

standards of acountability and protect shareholders’

interest in general. The Company has aplied the principles

of, and complied with, the aplicable code provisions

set out in the section headed “Part 2 – Principles of god

corporate governance, code provision and recomended

best practices” of the Corporate Governance Code (the

“CG Code”) under Apendix C1 to the Rules Governing

the Listing of Securities (the “Listing Rules”) on The Stock

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

except for CG Code provision C.1.6 and CG Code provision

C.2.1 for the year ended 31st March 2025 (the “Year”).

The Board wil continuously review and improve the

corporate governance practices and standards of

the Company to ensure that busines activities and

decision-making proceses are regulated in a proper

and prudent maner, and aligning the corporate culture

of god governance with the Group’s purposes, values

and strategies, thereby meting the expectations of the

stakeholders. The Group also strives to embed its core

values for sustainable developments into its day-to-

day operation. Our vision, mision and values as wel as

strategies adopted for the environmental and social areas

are made available at the Company’s website.

CODE FOR SECURITIES TRANSACTIONS BY

DIRECTORS AND RELEVANT EMPLOYES

The Company has adopted the Model Code for Securities

Transactions by Directors of Listed Isuers as set out in

Apendix C3 to the Listing Rules, as amended from time to

time, as its own code of conduct (the “Company’s Model

Code”) regarding securities transactions by the directors of

the Company (the “Directors”). Having made specific enquiry

of al Directors, they al confirmed that they have complied

with the required standard set out in the Company’s Model

Code during the Year. The Company’s Model Code also

aplies to other specified relevant employes of the Group,

who are considered to be likely in posesion of inside

information, in respect of their dealings in the securities of

the Company.

沪港联合控股有限公司（「本公司」）之董事会（「董

事会」）致力维持高水平之企业管治。董事会相信

高水平之企业管治可为本公司及其附属公司（统称

「本集团」）建立一个框架及稳固之基础，以管理业

务风险、增加透明度、维持高水平之问责制及保障

股东之整体权益。于截至二零二五年三月三十一日

止年度（「本年度」），本公司已应用及遵守香港联

合交易所有限公司（「联交所」）证券上市规则（「上

市规则」）附录C1所载之企业管治守则（「企业管治

守则」）「第二部份－良好企业管治的原则、守则条

文及建议最佳常规」一节内之原则及适用之守则条

文，惟企业管治守则条文第C.1.6条及企业管治守

则条文第C.2.1条除外。

董事会将不断检讨及改善本公司之企业管治常规及

准则，以确保业务活动及决策过程受到适当及审慎

之规管，并使具良好管治之企业文化与本集团之宗

旨、价值及策略保持一致，从而切合持份者之期

望。本集团亦努力将其可持续发展之核心价值观融

入其日常营运当中。我们的愿景、使命及价值观连

同就环境及社会范畴所采纳之策略，均刊载于本公

司网页。

董事及相关雇员进行证券交易之守则

本公司已采纳上市规则附录C3所载之上市发行人

董事进行证券交易的标准守则（经不时修订），作

为本公司董事（「董事」）进行证券交易的标准守则

（「本公司之标准守则」）。经向全体董事作出特定查

询后，彼等均确认于本年度内已遵守本公司之标准

守则所载之规定标准。本集团其他特定之相关雇员

（彼等被视为可能知悉内幕消息）于买卖本公司之证

券时亦须遵守本公司之标准守则。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司28

CORPORATE GOVERNANCE REPORT

企业管治报告

THE BOARD

As at the date of this report, the Board consists of two

Executive Directors, one Non-executive Director and thre

Independent Non-executive Directors. The composition of

the Board during the Year and up to the date of this report is

set out as folows:

Executive Directors:

Mr. Yao Cho Fai Andrew

(Chairman and Chief Executive Oficer)

Mr. Lau Chi Chiu

Non-executive Director:

Ms. Wong Kwai Sun (apointed on 13th December 2024)

Independent Non-executive Directors (Note):

Mr. Xu Lin Bao

Mr. Yeung Wing Sun Mike

Mr. Li Yinquan

Note: Ms. Cheung Marn Kay was apointed as an Independent Non-executive

Director with efect from 27th June 2025. For details, please refer to the

Company’s anouncement dated 26th June 2025.

The brief biographical details of the Directors are set out in

the “Profile of Directors and Senior Management” on pages

73 to 77 of this anual report.

Board Proces

Throughout the Year and up to the date of this report, the

Company has thre Independent Non-executive Directors

exceding one-third of the Board. At least one of the

Independent Non-executive Directors must have apropriate

profesional qualifications or acounting or related financial

management expertise under Rule 3.10(2) of the Listing

Rules. Each of the Independent Non-executive Directors has

made an anual confirmation of his independence pursuant

to Rule 3.13 of the Listing Rules. The Company is of the

view that al Independent Non-executive Directors met the

independence guidelines set out in Rule 3.13 of the Listing

Rules and are independent in acordance with the terms

of the guidelines. In adition, any further re-apointment

of an Independent Non-executive Director who has served

the Board for more than nine (9) years wil be subject to

separate resolution to be aproved by shareholders of the

Company. The Board members have no financial, busines,

family or other material relationships with each other.

董事会

于本报告日期，董事会由两名执行董事、一名非执

行董事及三名独立非执行董事组成。于本年度及截

至本报告日期止，董事会成员组成如下：

执行董事：

姚祖辉先生

（主席兼首席执行官）

刘子超先生

非执行董事：

黄桂新女士（于二零二四年十二月十三日获委任）

独立非执行董事（附注）：

徐林宝先生

杨荣燊先生

李引泉先生

附注: 章曼琪女士于二零二五年六月二十七日起获委任为独立

非执行董事。详情请参阅本公司日期为二零二五年六月

二十六日之公告。

董事之履历详情载于本年报第73页至第77页之

「董事及高级管理人员履历」内。

董事会程序

于本年度整年及截至本报告日期止，本公司有三名

独立非执行董事，多于三分之一的董事会人数。根

据上市规则第3.10(2)条之规定，其中至少一名独

立非执行董事必须具备适当之专业资格，或具备

适当的会计或相关的财务管理专长。每位独立非执

行董事已根据上市规则第3.13条之规定提交其符

合独立性之年度确认书。本公司认为所有独立非执

行董事皆符合载于上市规则第3.13条之独立性指

引，并根据该指引条款被视为独立人士。此外，凡

重新委任何在任已超过九(9)年的独立非执行董

事，应以独立决议案形式由本公司股东审议通过。

董事会成员彼此间并无财务、业务、家族或其他重

大关系。

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报29

The Executive Directors are responsible for managing the

overal busines. They are mainly involved in the formulation

and execution of the corporate strategies. The Non-executive

Director and Independent Non-executive Directors consist of

eminent busines executives from Hong Kong and Mainland

China, who provide independent advice to the management

through their wide range of skils and experiences. The

Executive Directors have regular metings with general

managers of respective busines units and key staf of

suport units to discus major busines plans and review

operational and financial performance. The Non-executive

Director and Independent Non-executive Directors are also

invited to participate in special review metings.

The Company has established four Board Comites,

namely Executive Comite, Remuneration Comite,

Audit Comite and Nomination Comite to overse

various aspects of the afairs.

The Board has reserved for its decision or consideration

maters covering mainly the Group’s overal strategy,

anual operating budget, anual and interim results,

Directors’ apointment or re-apointment (based on the

recomendations made by the Nomination Comite),

material contracts and transactions, corporate governance

practices and environmental, social and governance

(“ESG”) performance as wel as other significant policies

and financial maters. The daily operations of the Group’s

busines are executed by the management of the respective

busines units under the instruction and supervision of the

Executive Comite which has its specific writen terms of

reference.

执行董事负责管理整体业务，彼等主要参与制定及

执行企业策略。非执行董事及独立非执行董事由香

港及中国大陆之卓越商业行政人员所组成，透过彼

等所拥有之丰富技能及经验向管理层提供独立建

议。执行董事定期与各业务单位总经理及支援单位

之重要员工举行会议，商讨主要业务计划及检讨营

运与财务表现。非执行董事及独立非执行董事亦被

邀请参与特别检讨会议。

本公司已成立四个董事委员会，即执行委员会、薪

酬委员会、审核委员会及提名委员会，以审视多方

面之事务。

董事会主要负责就本集团之整体策略、年度经营预

算、全年及中期业绩、董事委任或重新委任（基于

提名委员会的建议）、重大合同及交易、企业管治

常规及环境、社会及管治（「环境、社会及管治」）绩

效以及其他重要政策和财务等事宜作决策或审议。

执行委员会按其特定书面职权范围，领导及监管各

业务单位之管理层处理本集团业务之日常运作。

Number of meetings attended/held
出席╱举行会议之次数
		Board	Remuneration Committee	Audit Committee	Nomination Committee	General Meeting
Name of Directors	董事姓名	董事会	薪酬委员会	审核委员会	提名委员会	股东大会

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司30

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会定期召开会议以讨论本集团之整体策略以及

营运及财务表现，并审阅及批准本集团之全年及中

期业绩及其他须处理之特别事项。于本年度，各董

事于董事会、薪酬委员会、审核委员会及提名委员

会议，以及股东大会之个别出席记录载列如下：

企业管治守则条文第C.1.6条规定，一般而言，独

立非执行董事应出席股东大会，对公司股东的意见

有全面、公正的了解。李引泉先生因其他业务未能

出席本公司于二零二四年八月二十三日举行之股东

周年大会。

The Board mets regularly to discus the overal strategy

as wel as the operation and financial performance of the

Group, and to review and aprove the Group’s anual and

interim results and other ad hoc maters which ned to be

dealt with. Individual atendance records of each Director at

the metings of the Board, Remuneration Comite, Audit

Comite and Nomination Comite as wel as the general

meting during the Year are set out below:

Executive Directors:执行董事：

Mr. Yao Cho Fai Andrew

(Chairman and Chief Executive Oficer)

姚祖辉先生

（主席兼首席执行官）

4/41/1N/A 不适用1/11/1

Mr. Lau Chi Chiu刘子超先生4/4N/A 不适用N/A 不适用N/A 不适用1/1

Non-executive Director:非执行董事：

Ms. Wong Kwai Sun

(apointed on 13th December 2024)

黄桂新女士

(于二零二四年

十二月十三日获委任)

1/1N/A 不适用N/A 不适用N/A 不适用N/A 不适用

Independent Non-executive Directors:独立非执行董事：

Mr. Xu Lin Bao徐林宝先生4/41/12/21/11/1

Mr. Yeung Wing Sun Mike杨荣燊先生4/4N/A 不适用2/21/11/1

Mr. Li Yinquan李引泉先生4/41/12/2N/A 不适用0/1

Total Number of Metings Held举行会议总数41211

CG Code provision C.1.6 stipulates that generaly

independent non-executive directors should atend general

metings to gain and develop a balanced understanding

of the views of shareholders. Mr. Li Yinquan was unable to

atend the anual general meting of the Company held on

23rd August 2024 due to his other engagement.

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报31

Regular Board metings for each year are scheduled in

advance to give al Directors an oportunity to atend and

are structured to encourage open discusion. At least 14

days’ notice of a Board meting is normaly given to al

Directors who are given an oportunity to include maters

for discusion in the agenda. The Company Secretary

asists the Chairman of the Board in preparing the agenda

for metings and ensures that al aplicable rules and

regulations are complied with. Draft minutes of each Board

meting are circulated to al Directors for their coment

before being tabled at the folowing Board meting for

aproval. Al minutes and writen resolutions of the Board are

taken and kept by the Company Secretary and these minutes

and writen resolutions, together with any suporting board

papers, are open for inspection at any reasonable time on

reasonable notice by any Director.

The Board members have aces to apropriate busines

documents and information about the Group on a timely

basis. The Directors are fre to have aces to the

management for enquiries and to obtain further information

when required. The Directors are encouraged to update their

skils and knowledge, and familiarity with the Group through

ongoing participation at Board and Board Comites

metings.

The Company has adopted a procedure for Directors to

sek independent profesional advice. Al Directors, in the

discharge of their duties from time to time, may request the

Company to pay for independent profesional advice for the

Directors in apropriate circumstances, such request must

be made by the relevant Directors to the Company Secretary

in writing and with stated reasons for the request.

The Company Secretary shal then make the necesary

arangements for profesional advisor(s) proposed to be

apointed and the asociated fes to be borne by the

Company. The Company Secretary shal inform and make

such proposed arangements to the Board.

The Board shal consider the request and the reasons

provided by the relevant Director and the arangements

proposed by the Company Secretary. The Board may resolve

to obtain independent profesional advice to asist the

relevant Directors to discharge their duties to the Company if

the request is considered to be reasonable and apropriate

in the circumstances.

董事会定期会议均会每年预先编定，以让所有董事

均有机会出席，并鼓励董事公开讨论。召开董事会

会议一般会给予全体董事至少十四天之通知，以便

彼等皆有机会提出商讨事项以列入会议程内。公

司秘书协助董事会主席编制会议程，以及确保已

遵守所有适用规则及规例。每份董事会议记录之

初稿于提交下一次董事会议审批前，先供所有董

事传阅并提供意见。所有董事会议记录及书面决

议案均由公司秘书记录及保存。任何董事给予合理

通知，可于任何合理时间内随时查阅该等会议记录

及书面决议案以及任何董事会文件。

董事会成员可于适当时候获取有关本集团之恰当商

业文件及资料。董事有需要时可随时向管理层查

询，以取得更多资料。董事亦被鼓励提升其技能及

知识，并透过持续参与董事会及董事委员会议，

提升对本集团之认识。

本公司已采纳董事寻求独立专业意见之程序。所有

董事在不时履行彼等之职责时，可在适当情况下，

要求本公司为董事支付独立专业意见之费用，该要

求必须由相关董事以书面形式向公司秘书提出，并

说明理由。

公司秘书应就拟委任为专业顾问之人选及本公司将

承担之相关费用等作出必要安排。公司秘书应通知

董事会并提出相关建议安排。

董事会应考虑由相关董事提出之要求及理由，以及

公司秘书建议之安排。若董事会认为该要求为合理

及在适当的情况下，可议决获取独立专业意见，以

协助有关董事履行其对本公司之职责。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司32

CORPORATE GOVERNANCE REPORT

企业管治报告

DIRECTORS’ CONTINUOUS PROFESIONAL

DEVELOPMENT

When apointed as a Director, each Director receives a

comprehensive induction package covering policies and

procedures of the Company as wel as the general, statutory

and regulatory obligations of being a Director to ensure

that he is suficiently aware of his responsibilities under the

Listing Rules and other relevant regulatory requirements.

Al Directors shal participate in continuous profesional

development to develop and refresh their knowledge and

skils.

The Directors are from time to time provided materials on

amendments to or updates on the relevant laws, rules and

regulations to ensure that their contribution to the Board

remains informed and relevant. The Company has ben

encouraging the Directors and senior management to

participate in a wide range of profesional development

courses and seminars relating to the Listing Rules,

aplicable regulatory requirements, corporate governance

practices and ESG isues organised by profesional bodies

and/or independent auditors to further improve their relevant

knowledge and skils.

Ms. Wong Kwai Sun, who was apointed as a Non-executive

Director on 13th December 2024, obtained the legal advice

refered to under Rule 3.09D of the Listing Rules from the

Company’s legal advisor prior to her apointment on 5th

December 2024 and has confirmed that she understod her

obligations as a Director.

Ms. Cheung Marn Kay, who was apointed as an

Independent Non-executive Director on 27th June 2025 (her

apointment date after the date of this report), obtained the

legal advice refered to under Rule 3.09D of the Listing Rules

from the Company’s legal advisor prior to her apointment

on 25th June 2025 and has confirmed that she understod

her obligations as a Director.

Al Directors have confirmed that they have participated

in apropriate continuous profesional development

activities by atending seminar or conference relating to

the Company’s busines or corporate governance and

regulations or by reading materials relevant to their duties

and responsibilities during the Year.

董事之持续专业发展

获委任为董事时，各董事均收到一份详尽入职资

料，涵盖本公司之政策及程序以及作为董事在一

般、法定及监管规定上所须履行责任之资料，以确

保彼充分了解彼于上市规则及其他相关监管规定下

之责任。全体董事均应参与持续专业发展，以发展

及更新彼之知识及技能。

董事不时获提供法律、规则及规例之修订或最新版

本之相关资料，以确保彼等持续对董事会作出知情

及相关之贡献。本公司一直鼓励董事及高级管理人

员参与由专业团体及╱或独立核数师举办之各类有

关上市规则、适用监管规定、企业管治常规及环

境、社会及管治事宜之专业发展课程及研讨会，以

进一步提升彼等之相关知识及技能。

于二零二四年十二月十三日获委任为非执行董事之

黄桂新女士已于入职前即二零二四年十二月五日

自本公司法律顾问取得上市规则第3.09D条项下所

提述的法律意见，并已确认彼了解其作为董事的义

务。

于二零二五年六月二十七日获委任为独立非执行董

事之章曼琪女士（彼委任日期在本报告日期之后）

于入职前即二零二五年六月二十五日自本公司法律

顾问取得上市规则第3.09D条项下所提述的法律意

见，并已确认彼了解其作为董事的义务。

全体董事已确认于本年度已透过出席与公司业务或

企业管治及规例相关之研讨会或会议或阅览有关其

职责及责任之资料，参与适当持续专业发展活动。

		Reading journals, updates, articles and/or materials	Attending workshops, seminars, conferences, e-training and/ or forums
Name of Directors	董事姓名	阅读期刊、最新资讯、文章及╱或相关资料	出席工作坊、研讨会、会议、网上培训及╱或论坛

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报33

Participation of Directors in continuous profesional

development activities for the Year is set out below:

Executive Directors:执行董事：

Mr. Yao Cho Fai Andrew

(Chairman and Chief Executive Oficer)

姚祖辉先生

（主席兼首席执行官）



Mr. Lau Chi Chiu刘子超先生

Non-executive Director:非执行董事：

Ms. Wong Kwai Sun

(apointed on 13th December 2024)

黄桂新女士(于二零二四年

十二月十三日获委任)



Independent Non-executive Directors:独立非执行董事：

Mr. Xu Lin Bao徐林宝先生

Mr. Yeung Wing Sun Mike杨荣燊先生

Mr. Li Yinquan李引泉先生

BOARD DIVERSITY

During the Year, the Board conducted an anual review

of the implementation and efectivenes of the Board

Diversity Policy, which is made available on the Company’s

website, and is satisfied that the Board Diversity Policy has

ben properly implemented and is efective. Under Board

Diversity Policy, the Company recognises and embraces

the benefits of having a diverse Board to enhance the

quality of its performance. Al apointments to the Board

wil be based on meritocracy, and candidates wil be

considered against selection criteria, having due regard

for the benefits of diversity on the Board and the policy.

Selection of candidates wil be based on a range of diversity

perspectives, which would include but not limited to gender,

age, ethnicity, cultural and educational backgrounds,

profesional and industry experience, skils, knowledge,

length of service and other factors that may be relevant from

time to time towards achieving the objective of the Board

diversity. The ultimate decision wil be based on merit and

contribution that the selected candidates wil bring to the

Board.

董事于本年度参与持续专业发展之活动载列如下：

董事会成员多元化

于本年度，董事会已就董事会成员多元化政策（其

刊载于本公司网页）的实施及有效性作出年度检讨

及认为董事会成员多元化政策已妥善实施及视为有

效。根据董事会成员多元化政策，本公司明白并深

信董事会成员多元化对提升公司的表现素质裨益良

多。董事会成员之委任均以用人唯才为原则，并在

考虑人选时会按甄选准则，充分顾及董事会成员多

元化及该政策的裨益。甄选人选将基于一系列多元

化观点，包括但不限于性别、年龄、种族、文化及

教育背景、专业及行业经验、技能、知识、服务任

期及其他可能实现董事会多元化目标的不时相关因

素。最终将按人选的长处及可为董事会提供的贡献

而作决定。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司34

CORPORATE GOVERNANCE REPORT

企业管治报告

The proportion of female Board representation is a

measurable objective of the Company in asesing the

implementation of the diversity policy. As at the date of this

report, the Board has a female Director out of six Directors,

achieving the gender diversity of the Board at 16.6%.

The Board targets to maintain at least the curent level of

female representation, with the ultimate goal of increasing

the proportion of female members over time as and when

suitable candidates are identified.

The six Directors are from diverse and complementary

backgrounds, including management, trading, property

development and investment, property management,

mainland market expertise, acounting, financial

management, banking and finance. The valuable experience

and expertise they bring to our busines are critical for the

long-term growth of the Group.

The diversity policy including the gender diversity was

generaly folowed in the workforce (including senior

management) throughout the Company for the Year. During

the Year, 64% of the total workforce were male and 36% of

the total workforce were female. The Group shal endeavour

to maintain at least the existing gender ratio in the workforce

and wil timely review the employe turnover and recruitment

data basis for adjustment to the recruitment targets, policies

and strategies, if necesary. Further information about the

composition of the Group’s workforce can be found in the

2024/25 ESG Report separately released on the websites of

the Company and the Stock Exchange.

ROLES OF CHAIRMAN AND CHIEF EXECUTIVE

The Chairman of the Board and the Chief Executive Oficer

(i.e. the Chief Executive) is now Mr. Yao Cho Fai Andrew.

CG Code provision C.2.1 stipulates that the roles of the

chairman and the chief executive should be separated and

should not be performed by the same individual. The Board

believes that the vesting of the roles of both Chairman and

Chief Executive Oficer in Mr. Yao wil enable him to continue

to provide the Group with strong leadership, eficient usage

of resources, as wel as efective planing, formulation and

implementation of the Company’s busines strategies. The

day-to-day management and operation of the Group wil

continue to be the responsibility of the management team

under the monitoring of the Executive Comite and Mr.

Yao’s leadership.

董事会女性代表的比例是本公司评估多元化政策实

施情况的一个可计量目标。于本报告日期，董事会

的六名董事中有一名女性董事，董事会性别多元化

之比例达到16.6%。董事会的目标为至少维持现有

女性代表比例，最终目标是在物色到合商人选时，

逐步提高女性成员比例。

六名董事具有多元化及互补的背景，包括管理、贸

易、物业发展及投资、物业管理、国内市场专业知

识、会计、财务管理、银行及融资。彼等为我们业

务带来的宝贵经验及专业知识，对本集团之长远增

长至关重要。

于本年度，包括性别多元化在内的多元化政策在本

公司全体员工（包括高级管理人员）中得到了普遍

遵循。于本年度，64%之员工为男性，36%之员

工为女性。本集团致力维持至少现有员工性别的比

例，并将适时检讨员工流失及聘用数据，以在必要

时调整聘用目标、政策及策略。有关本集团全体员

工组成之进一步资料，请参阅将另行刊载于本公司

及联交所网站之2024/25环境、社会及管治报告。

主席及行政总裁之角色

姚祖辉先生现为董事会主席兼首席执行官（即行政

总裁）。企业管治守则条文C.2.1条规定，主席与

行政总裁的角色应有区分，且不应由一人同时兼

任。董事会相信，赋予姚先生主席兼首席执行官之

职务，将有助彼能够继续为本集团提供出众的领导

能力、有效利用资源，同时有效地规划、制定及实

施本公司之业务策略。管理团队将在执行委员会之

监督及姚先生之领导下，继续负责本集团之日常管

理及营运。

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报35

APOINTMENT AND RE-ELECTION OF DIRECTORS

The Non-executive Director is apointed for a term of one

year subject to renewal by mutual agrement prior to the

expiry of the term. Independent Non-executive Directors are

apointed for a term of thre years subject to renewal by

mutual agrement prior to the expiry of the term. Acording

to the Company’s Bye-laws, at each anual general meting,

one-third of the Directors for the time being (or, if their

number is not a multiple of thre, the number nearest to but

not les than one-third) shal retire from ofice by rotation.

Further, any Director apointed by the Board to fil a casual

vacancy or as an adition to the Board shal hold ofice

only until the next folowing anual general meting, and

shal then be eligible for re-election. Every Director shal

be subject to retirement by rotation and re-election at the

anual general meting at least once every thre years.

BOARD COMITES

The Board has established various comites, including

the Executive Comite, the Remuneration Comite, the

Audit Comite and the Nomination Comite, each of

which has its specific writen terms of reference. Minutes

and writen resolutions of al comite metings are taken

and kept by the Company Secretary and, together with any

comite papers, are available to al Board members.

The comites are required to report to the Board on their

decision and recomendations where apropriate.

Executive Comite

The Executive Comite has ben established since March

2006 and now consists of two Executive Directors, being Mr.

Yao Cho Fai Andrew as chairman and Mr. Lau Chi Chiu as a

member.

When the Board is not in sesion, the Executive Comite

discharges the specific power and administrative functions

authorised by the Board. The Executive Comite is mainly

responsible for monitoring the daily operations of the Group.

董事之委任及重选

非执行董事之任期为一年，惟可于届满前根据相

互协议续任。独立非执行董事之任期为三年，惟

可于届满前根据相互协议续任。根据本公司之公

司细则，于每届股东周年大会上，三分之一当时

在任之董事（或倘人数并非三之倍数，则最接近

但不少于三分之一之数目）须轮值退任。此外，

任何为填补临时空缺或新增董事会成员而获董事

会委任之董事的任期仅至下届股东周年大会为

止，随后可膺选连任。每名董事须每三年于股东

周年大会上至少轮值告退一次并可膺选连任。

董事委员会

董事会已成立多个委员会，包括执行委员会、薪酬

委员会、审核委员会及提名委员会，各委员会均以

书面具体列明其职权范围。所有董事会成员可随时

查阅由公司秘书记录及保存之委员会议记录及书

面决议案以及任何委员会文件。各委员会须向董事

会汇报其决定及建议（倘适用）。

执行委员会

执行委员会自二零六年三月成立，现时由两名执

行董事组成，即姚祖辉先生为主席及刘子超先生为

成员。

在董事会期以外，执行委员会可执行董事会给予

之特别权力及行政职能。执行委员会主要负责监督

本集团之日常运作。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司36

CORPORATE GOVERNANCE REPORT

企业管治报告

The Company has adopted a terms of reference of the

Executive Comite in order to conform with the provisions

set out in the CG Code and it is responsible for performing

the corporate governance duties as folows:

(i) implementing and compliance with the laws,

regulations, Listing Rules, Bye-laws and internal

regulations aplicable to the Company;

(i) providing a means for timely and acurate disclosure of

information;

(i) ensuring efective comunication with the Company’s

shareholders;

(iv) developing and reviewing the Company’s policies

and practices on corporate governance and making

recomendations to the Board;

(v) reviewing and monitoring the training and continuous

profesional development of Directors and senior

management;

(vi) reviewing and monitoring the Company’s policies and

practices on compliance with legal and regulatory

requirements;

(vi) developing, reviewing and monitoring the code of

conduct and compliance manual (if any) aplicable to

employes and Directors; and

(vi) reviewing the Company’s compliance with the CG Code

and disclosure in the corporate governance report.

During the Year, the Executive Comite has caried out

the duties on the corporate governance functions of the

Company in acordance with its terms of reference.

Remuneration Comite

The Remuneration Comite has ben established since

July 2005 and as at the date of this report consists of

thre members, including Mr. Xu Lin Bao (chairman of the

Remuneration Comite) and Mr. Li Yinquan, both being

Independent Non-executive Directors, and Mr. Yao Cho Fai

Andrew, being an Executive Director. The Remuneration

Comite’s role is to make recomendation to the Board

on the remuneration policy and structure for Directors

and senior management and to ensure that they are fairly

rewarded for their individual contribution to the Group’s

overal performance, having regard to the interests of

shareholders.

本公司已采纳了执行委员会之职权范围，以符合企

业管治守则所载之条文。其负责履行之企业管治职

责如下：

(i) 执行及遵守适用于本公司之法律、规则、上

市规则、公司细则及内部规则；

(i) 提供方法以及时和准确地披露资料；

(i) 确保与本公司股东有效沟通；

(iv) 制定及检讨本公司之企业管治政策及常规，

并向董事会提出建议；

(v) 检讨及监察董事及高级管理人员之培训及持

续专业发展；

(vi) 检讨及监察本公司在遵守法律及监管规定方

面之政策及常规；

(vi) 制定、检讨及监察适用于雇员及董事之操守

准则及合规手册（如有）；及

(vi) 检讨本公司遵守企业管治守则之情况及在企

业管治报告内之披露。

于本年度，执行委员会已根据其职权范围执行本公

司之企业管治职能。

薪酬委员会

薪酬委员会自二零五年七月成立，于本报告日期

由三名成员组成，包括独立非执行董事徐林宝先生

（薪酬委员会主席）及李引泉先生以及执行董事姚祖

辉先生。薪酬委员会之职责乃就董事及高级管理人

员之薪酬政策及架构向董事会提供建议，确保对本

集团整体表现有所贡献之董事及高级管理人员均获

得公平回报，并考虑到股东之利益。

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报37

The Remuneration Comite has to determine, with

delegated responsibility, the remuneration packages of

individual Executive Directors and senior management as

wel as reviewing and aproving management’s remuneration

proposals with reference to the Board’s corporate goals

and objectives. The Remuneration Comite also makes

recomendation to the Board on the remuneration of the

Independent Non-executive Directors. No Director or any of

his asociates may be involved in any decisions as to his

own remuneration. The Remuneration Comite has specific

writen terms of reference that is in compliance with the CG

Code. The terms of reference of the Remuneration Comite

seting out its authority, duties and responsibilities are

available both on the websites of the Company and the

Stock Exchange.

The folowing is a sumary of work performed by the

Remuneration Comite during the Year:

(i) reviewed and determined the remuneration packages of

the Executive Directors;

(i) made recomendations to the Board as to the

remuneration policy and structure for management of

the Company;

(i) reviewed and aprove the management’s remuneration

proposals with reference to the Board’s corporate goals

and objectives; and

(iv) reviewed and recomend for the Board’s aproval for

the director’s fe of a Non-executive Director proposed

to be apointed.

Details of the remuneration of every Director and senior

management for the Year are set out in Note 9 to the

acompanying consolidated financial statements.

The Remuneration Comite shal met at least once a year

in acordance with its terms of reference. One Remuneration

Comite meting was held during the Year and the

atendance record of the Remuneration Comite meting

is set out in the section headed “The Board” of this report.

薪酬委员会获转受责任以厘定个别执行董事及高级

管理人员之薪酬待遇，以及根据董事会议决之企业

目标及宗旨检讨及批准管理层之薪酬建议。薪酬委

员会亦会就独立非执行董事之薪酬向董事会提出建

议。概无董事或其任何联系人士可参与有关其本身

薪酬之任何决定。薪酬委员会已订立符合企业管治

守则规定之特定书面职权范围。薪酬委员会之职权

范围订明其权限、职责及责任，其已登载于本公司

及联交所之网页内。

以下为薪酬委员会于本年度已履行之工作概要：

(i) 审阅及厘定执行董事之薪酬待遇；

(i) 就本公司管理人员的薪酬政策及架构向董事

会提出建议；

(i) 因应董事会所订定的企业方针及目标而检讨

及批准管理层的薪酬建议；及

(iv) 审阅及建议董事会批准一名拟委任为非执行

董事之薪酬待遇。

每位董事及高级管理人员于本年度之薪酬详情载于

随附之综合财务报表附注9。

根据其职权范围，薪酬委员会每年须至少召开一次

会议。于本年度已举行一次薪酬委员会议，而薪

酬委员会议之出席记录已刊于本报告「董事会」一

节内。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司38

CORPORATE GOVERNANCE REPORT

企业管治报告

Audit Comite

The Audit Comite has ben established since December

1998 and as at the date of this report consists of thre

Independent Non-executive Directors, including Mr. Li

Yinquan (chairman of the Audit Comite), Mr. Xu Lin

Bao and Mr. Yeung Wing Sun Mike. Mr. Li Yinquan is

Independent Non-executive Director with apropriate

profesional qualifications or acounting or related financial

management expertise as required under Rule 3.10(2) of the

Listing Rules.

The Audit Comite metings are held not les than twice

a year to review and discus the various audit isues as

reported by the external auditor. It also reviews the interim

and anual financial statements. Aditional metings may

also be held by the Audit Comite from time to time to

discus special projects or other isues, which the members

consider necesary.

Scope of the work of the Audit Comite is defined and

aproved by the Board in relation to various internal control,

risk management and audit isues with a view to further

improve the Company’s corporate governance. The Audit

Comite has specific writen terms of reference that is

in compliance with the CG Code. The terms of reference

of the Audit Comite seting out its authority, duties and

responsibilities are available both on the websites of the

Company and the Stock Exchange.

The folowing is a sumary of work performed by the Audit

Comite during the Year:

(i) reviewed and discused the audited consolidated

financial statements of the Company for the year ended

31st March 2024 and recomended to the Board for

aproval;

(i) reviewed and discused the unaudited condensed

consolidated financial statements of the Company

for the six months ended 30th September 2024 and

recomended to the Board for aproval;

(i) reviewed and discused with the management and the

external auditor of the Company the acounting policies

and practices which may afect the Group and the

scope of the audit;

审核委员会

审核委员会自一九八年十二月成立，于本报告日

期由三名独立非执行董事组成，包括李引泉先生

（审核委员会主席）、徐林宝先生及杨荣燊先生。按

上市规则第3.10(2)条，李引泉先生为独立非执行

董事并具备适当之专业资格或会计或相关财务管理

专长。

审核委员会每年举行不少于两次之会议以审阅及讨

论外聘核数师呈报之各项审核事项，并审阅中期及

年度财务报表。成员亦可不时于认为有需要时举行

额外之审核委员会议以讨论特殊项目或其他事

项。

董事会制定及核准审核委员会之职权范围，职权涉

及若干内部监控、风险管理及审核事宜，目标为进

一步改善本公司的企业管治。审核委员会已订立符

合企业管治守则所规定之特定书面职权范围。审核

委员会之职权范围订明其权限、职责及责任，其已

登载于本公司及联交所之网页内。

以下为审核委员会于本年度已履行之工作概要：

(i) 审阅及讨论本公司截至二零二四年三月

三十一日止年度之经审核综合财务报表，并

建议董事会审批；

(i) 审阅及讨论本公司截至二零二四年九月三十

日止六个月之未经审核简明综合财务报表，

并建议董事会审批；

(i) 与本公司管理层及外聘核数师审阅及讨论可

能影响本集团之会计政策与惯例及审核范

畴；

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报39

(iv) reviewed reports from the external auditor of the

Company regarding their audit on the Company’s

consolidated financial statements for the year ended

31st March 2024 and their review on the Company’s

unaudited condensed consolidated financial statements

for the six months ended 30th September 2024;

(v) reviewed and discused reports from the internal

auditor of the Company regarding their review on the

risk management and internal control systems of the

Group to ensure the efectivenes of the systems;

(vi) formulated and reviewed the anual internal audit plan;

(vi) reviewed the efectivenes of co-ordination betwen

the internal and external auditors to ensure the internal

audit function with adequate resources; and

(vi) reviewed and aproved the remuneration and the

terms of engagement of the Company’s auditors; and

reviewed and made recomendations to the Board on

the re-apointment of the Company’s auditors.

The Audit Comite shal met at least twice a year in

acordance with its terms of reference. Two Audit Comite

metings were held during the Year and the atendance

record of the Audit Comite metings is set out in the

section headed “The Board” of this report.

Nomination Comite

The Nomination Comite has ben established since

March 2012 and as at the date of this report consists of

thre members, includes an Executive Director, being Mr.

Yao Cho Fai Andrew (chairman of Nomination Comite)

and two Independent Non-executive Directors, being Mr.

Xu Lin Bao and Mr. Yeung Wing Sun Mike. The Nomination

Comite is responsible for formulating policy and making

recomendations to the Board on nominations, apointment

or re-apointment of Directors and Board sucesion.

The principal duties of the Nomination Comite include

reviewing the structure, size, composition and diversity

(including the skils, knowledge and experience) of the

Board at least anualy and make recomendations

on any proposed changes to the Board to complement

the Company’s corporate strategy and acesing the

independence of Independent Non-executive Directors.

The Nomination Comite has specific writen terms of

reference that is in compliance with the CG Code. The terms

of reference of the Nomination Comite seting out its

authority, duties and responsibilities are available both on

the websites of the Company and the Stock Exchange.

(iv) 审阅本公司外聘核数师就有关其审核本公司

截至二零二四年三月三十一日止年度之综合

财务报表及其审阅本公司截至二零二四年九

月三十日止六个月之未经审核简明综合财务

报表之报告；

(v) 审阅及讨论本公司内部核数师就有关其审阅

本集团风险管理及内部监控系统之报告以确

保系统行之有效；

(vi) 制定及审阅年度内部审核计划；

(vi) 审阅内部及外聘核数师的工作之协调性以确

保内部审核功能有足够资源运作；及

(vi) 审阅及批准本公司核数师之酬金及委聘条

款；以及审阅并向董事会提供建议续聘本公

司核数师。

根据其职权范围，审核委员会每年须至少召开两次

会议。于本年度已举行两次审核委员会议，而审

核委员会议之出席记录已刊于本报告「董事会」一

节内。

提名委员会

提名委员会自二零一二年三月成立，于本报告日期

由三名成员组成，包括执行董事姚祖辉先生（提名

委员会主席）及两名独立非执行董事徐林宝先生及

杨荣燊先生。提名委员会负责就董事之提名、委任

或重新委任及董事会的继任事宜制订政策及向董事

会作出建议。提名委员会之主要职责包括至少每年

检讨董事会的架构、人数、组成及多元化（包括技

能、知识及经验方面），并就任何为配合本公司的

企业策略而拟对董事会作出的变动提出建议及评核

独立非执行董事的独立性。提名委员会已订立符合

企业管治守则所规定之特定书面职权范围。提名委

员会之职权范围订明其权限、职责及责任，其已登

载于本公司及联交所之网页内。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司40

CORPORATE GOVERNANCE REPORT

企业管治报告

The folowing is a sumary of work performed by the

Nomination Comite during the Year:

(i) reviewed the diversity, structure, size and composition

of the Board (including the skils, knowledge and

experience), and asesed the qualifications, time

comitments, and contribution of each Independent

Non-executive Director;

(i) monitored the implementation and efectivenes of the

Board Diversity Policy and the measurable objectives

under such policy and its progres, reviewed and

recomended for the Board’s aproval of the Board

Diversity Policy;

(i) reviewed and recomended for the Board’s aproval of

the Nomination Policy;

(iv) reviewed and recomended for the Board’s aproval

for the proposed resolutions for re-election of the

retiring Directors at the 2024 anual general meting;

(v) reviewed and recomended for the apointment of

Non-executive Director;

(vi) asesed the independence of Independent Non-

executive Directors; and

(vi) made recomendations to the Board to complement

the Company’s corporate strategy.

The Nomination Comite shal met at least once a year

in acordance with its terms of reference. One Nomination

Comite meting was held during the Year and the

atendance record of the Nomination Comite meting is

set out in the section headed “The Board” of this report.

以下为提名委员会于本年度已履行之工作概要：

(i) 检讨董事会的多元化、架构、人数及组成（包

括技能、知识及经验），以及评估各独立非执

行董事的资格、时间投入及贡献；

(i) 监察董事会成员多元化政策的执行及有效

性，以及该政策项下可计量目标及进度，检

讨及建议董事会批准董事会成员多元化政

策；

(i) 检讨及建议董事会批准提名政策；

(iv) 检讨及建议董事会批准就重选退任董事提呈

于二零二四年股东周年大会之决议案；

(v) 检讨及建议非执行董事之委任；

(vi) 评估独立非执行董事之独立性；及

(vi) 向董事会提出建议以配合本公司的企业策略。

根据其职权范围，提名委员会每年须至少召开一次

会议。于本年度已举行一次提名委员会议，而提

名委员会议之出席记录已刊于本报告「董事会」一

节内。

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报41

NOMINATION POLICY

The Company has adopted a Nomination Policy, which is

made available at the Company’s website and sets out the

criteria and proces in the nomination and apointment of

Directors. Below are the criteria to select and recomend

candidates for directorship and nomination procedures and

the proces.

Selection criteria

In the determination of the suitability of a candidate,

the Nomination Comite shal consider the potential

contributions a candidate can bring to the Board in terms

of qualifications, skils, experience, independence, age,

culture, ethnicity and gender diversity. The Nomination

Comite shal evaluate potential candidate(s) for election

as member(s) of the Board on the basis of the entirely of

their credentials and in light of the criteria set forth below:

(i) character and integrity;

(i) acomplishment, qualifications, perspectives, skils and

experience relevant to the Company’s busines and

corporate strategy;

(i) wilingnes to devote adequate time to participate in

the Board’s afairs such as atending metings of the

Board and its comites to discharge his/her duties;

(iv) wilingnes and ability to represent the general best

interests of the Company and its shareholders as a

whole;

(v) diversity criteria set out in the Company’s Board

Diversity Policy and any measurable objectives adopted

by the Nomination Comite for achieving diversity on

the Board;

提名政策

本公司已采纳一套提名政策，其已刊载于本公司网

页，当中亦载列提名及委任董事之准则及流程。以

下为甄选及推荐候选人出任董事的准则及提名程序

及流程。

甄选准则

于决定候选人是否合适时，提名委员会应考虑候选

人在资历、技能、经验、独立性、年龄、文化、种

族及性别多样性方面对董事会作出的潜在贡献。提

名委员会在评估潜在候选人以选举为董事会成员的

过程中，将考虑以下范畴，并以候选人整体资历为

基准：

(i) 品格与诚信；

(i) 成就、资历、观点、技能及与本公司业务及

企业策略相关的经验；

(i) 愿意投放足够时间参与董事会的事务，例如

出席董事会及其委员会的会议以履行其职

责；

(iv) 体现本公司及其股东整体最佳利益的意愿和

能力；

(v) 本公司之董事会成员多元化政策所载的多元

化准则，以及提名委员会为达致董事会多元

化而采纳的任何可衡量目标；

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司42

CORPORATE GOVERNANCE REPORT

企业管治报告

(vi) requirements for the Board to have suficient

independent non-executive directors in acordance

with the Listing Rules and the independence of

the candidates, if aplicable, with reference to the

independence guidelines set out in the Listing Rules;

(vi) if a proposed candidate wil be holding his/her seventh

(or more) listed company directorship, the candidate’s

ability to devote suficient time to the Board; and

(vi) such other perspectives apropriate to the Company’s

busines.

These aforesaid criteria are for reference only, and not

meant to be exhaustive and decisive. The Nomination

Comite has the discretion to nominate any person, as it

considers apropriate.

Nomination and Selection Proces

(i) the Nomination Comite, based upon the neds

of the Board for aditional or replacement Board

members, solicits ideas for posible candidates from

a number of sources, including capable individuals

personaly known to and recomended by the members

of the Board and research undertaken by or on behalf

of the Nomination Comite or profesional firms. The

Nomination Comite also considers recomendations

and nominations made by shareholders of the

Company, as described in (iv) below;

(i) if one or more desirable candidate(s) is/are identified,

the Nomination Comite shal evaluate such

candidate(s), based on the criteria set out in above

selection criteria, and determine whether such

candidate(s) is/are qualified for directorship;

(i) the Nomination Comite shal select and rank

desirable candidates by order of preference based on

the neds of the Company, and make recomendations

to the Board for directorship;

(iv) any shareholder of the Company who wishes to

nominate a person to stand for election as a Director

at a general meting must, in adition to compliance

with requirements under the Company’s Bye-laws,

lodge with the Company (a) a writen nomination of

the candidate; (b) a writen confirmation from such

nominated candidate of his or her wilingnes to stand

for election; and (c) biographical details of such

nominated candidate as required under Rule 13.51(2)

of the Listing Rules; and

(vi) 根据上市规则，有关董事会拥有足够独立非

执行董事的规定，以及候选人的独立性（如适

用），并参考上市规则所载的独立性指引；

(vi) 若拟议的候选人将担任其第七个（或更多）上

市公司董事职位，候选人须具有为董事会投

放足够时间的能力；及

(vi) 适用于本公司业务的其他各项因素。

上述准则只供参考，并不旨在涵盖所有因素，也不

具决定性作用。提名委员会可决定提名任何其认为

适当的人士。

提名及甄选过程

(i) 提名委员会因应董事会对增加或替代董事会

成员的需求，于不同渠道访求潜在候选人，

包括董事会成员认识及推荐的胜任人士及提

名委员会或其代表，或委托专业公司访求合

资格人士。提名委员会亦会考虑本公司股东

按下文(iv)建议及提名的人士；

(i) 如涉及一个或多个潜在候选人，提名委员会

将按上述甄选准则所载的准则以评估候选

人，并决定该候选人是否合资格出任董事；

(i) 提名委员会将按本公司的需要甄选及排列潜

在候选人的优先次序，并向董事会作出建议

以出任董事；

(iv) 本公司任何股东如欲提名某人在股东大会上

选举为董事，除遵守本公司之公司细则的规

定外，还须向本公司呈交(a)候选人的书面提

名；(b)该提名候选人愿意参选的书面确认；

及(c)上市规则第13.51(2)条规定该提名候选

人的履历详情；及

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报43

(v) for any person nominated by a shareholder for

election as a Director at any general meting of the

Company in acordance with the Company’s Bye-

laws, the Nomination Comite shal aply the same

criteria as set out in the above selection criteria to

evaluate and determine whether such candidate is

qualified for directorship and where apropriate, the

Nomination Comite and/or the Board shal make

recomendations to shareholders in respect of the

proposed election of Director at the general meting.

Details of the proposed candidate(s) including

his/her/their personal particulars and the Board’s

recomendation(s) wil be included in a circular

to be sent to the shareholders for consideration in

acordance with the aplicable Listing Rules.

The Board wil review the Nomination Policy and make

necesary amendments, as apropriate, to ensure the

efectivenes of the Nomination Policy and compliance with

regulatory requirements and corporate governance practice.

CORPORATE GOVERNANCE FUNCTION

While the Board is and remains principaly responsible for

the corporate governance functions of the Company, it has

delegated the relevant duties to the Executive Comite

to ensure the proper performance of corporate governance

functions of the Company. In this conection, the terms of

reference of the Executive Comite includes various duties

relating to corporate governance maters which are set out

in paragraph “Executive Comite” of this report.

COMPANY SECRETARY

The Company Secretary suports the Chairman, the Board

and Board Comites by ensuring god information flow

within the Board and that Board policy and procedures

are folowed. The Company Secretary reports to the

Board and asists the Board in functioning efectively and

eficiently. The Company Secretary also advises the Board

on governance maters and facilitates the induction and

profesional development of Directors. Al Directors may cal

upon the Company Secretary for advice and asistance at

any time in respect to their duties and the efective operation

of the Board and the Board Comites.

Ms. Wong Yuen Sze is the Company Secretary. She is a

ful time employe of the Company and has day-to-day

knowledge of the Company’s afairs. Ms. Wong undertok no

les than 15 hours of relevant profesional training during

the Year.

(v) 任何经由股东按本公司的公司细则提名于任

何本公司之股东大会上选举为董事的人士，

提名委员会将按上述甄选准则所载的相同准

则予以评估，并决定其是否合资格出任董

事，并且，提名委员会及╱或董事会应就于

股东大会上拟议的董事选举向股东提出建议

（如适用）。有关拟议候选人的详情（包括其个

人资料及董事会建议）将载于根据适用上市规

则送交股东考虑的通函内。

董事会将不时检讨提名政策并进行必要的修订，以

确保提名政策行之有效，以及遵守监管要求及企业

管治常规。

企业管治职能

本公司的企业管治职能现时主要由董事会负责，其

授权相关职责予执行委员会以确保本公司之企业管

治职能获适切履行。就此，执行委员会之职权范围

包括各项与企业管治事宜有关的职责载列于本报告

「执行委员会」一段内。

公司秘书

公司秘书支援主席、董事会及董事委员会，确保董

事会之间资讯流通无阻以及董事会政策及程序得以

遵循。公司秘书向董事会报告，并协助董事会有效

及具效率地运作。公司秘书亦就管治事宜向董事会

提供意见，并协助安排董事之入职及专业发展。全

体董事可随时要求公司秘书提供有关其职责及致使

董事会及董事委员会有效运作之意见及协助。

黄婉诗女士为公司秘书。彼为本公司之全职雇员，

对本公司事务有日常认识。黄女士于本年度已接受

不少于十五小时之相关专业培训。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司44

CORPORATE GOVERNANCE REPORT

企业管治报告

RISK MANAGEMENT AND INTERNAL CONTROLS

The Board has overal responsibility for developing and

maintaining sound and efective risk management and

internal control procedures and systems of the Group and

reviewing their efectivenes to protect shareholders’ interest

and to safeguard the Group’s asets at least anualy. The

risk management and internal control systems are designed

to manage rather than eliminate the risk of failure to achieve

busines objectives and can only provide reasonable but not

absolute asurance against material mistatement or los.

The review covers financial, operational and compliance

controls and risk management functions.

During the Year, the Company has taken risk management

as a core part of its busines activities and operations.

The Company is taking steps to refine its comprehensive

risk management system that is aligned with the strategies

and operations of the Company by standardising its

risk management procedures, adopting qualitative and

quantitative measures to identify, evaluate and mitigate

the identified significant risks (including any ESG risks).

Furthermore, the Company has increased the level of

synergy betwen risk management and internal audit by

identifying the potential risks by reviewing the internal

control system, policies and/or procedures relating to the

Group’s busines operations so as to promote the risk

control capabilities.

Risk Management System

The Group adopts a risk management system which

manages the risk asociated with its busineses and

operations. The system comprises the folowing phases:

: identify ownership of risks, busines

objectives and risks that could afect the achievement

of objectives;

: analyse the likelihod and impact of risks

and evaluate the risk portfolio acordingly; and

: consider the risk exposures, ensure

efective comunication to the Board and monitor the

residual risks on an ongoing basis.

风险管理及内部监控

董事会全面负责设立及维持本集团良好有效的风险

管理及内部监控程序及系统，并最少每年审阅其有

效性以保障股东之利益及本集团之资产。风险管理

及内部监控系统旨在管理而非消除未能达致业务目

标的风险，仅能提供合理而非绝对保证并无重大失

实陈述或损失。有关审阅包括财务、运作及合规监

控以及风险管理职能。

于本年度，本公司已将风险管理视作其业务活动及

营运之核心部分。本公司正在采取步骤，透过标准

化其风险管理程序，采纳定性及定量措施，借此完

善与本公司策略及营运一致之全面风险管理系统，

以识别、评估及缓解已识别之重大风险（包括任何

环境、社会及管治风险）。此外，本公司已透过审

阅有关本集团业务营运之内部监控制度、政策及╱

或程序以识别潜在之风险，借此增强风险管理与内

部审核之协同效应，并提升风险控制能力。

风险管理系统

本集团已采纳一套风险管理系统以管理有关其业务

及营运的风险。该系统包括以下层面：

：识别风险所有权、业务目标及可能影

响目标达成的风险；

：分析风险的可能性及影响并对风险组

合作出相应评估；及

：考虑风险应对，确保与董事会已就风

险进行有效沟通并持续监察剩余风险。

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报45

Internal Control System

The Company has in place an internal control system

which enables the Group to achieve objectives regarding

the 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:

: a set of standards, proceses

and structures that provide the basis for carying out

internal control acros the Group;

: 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;

: actions established by policies and

procedures to ensure that management’s directives

to mitigate risks for the achievement of objectives are

caried out;

: internal and external

comunications to provide the Group with the

information neded to cary out the daily controls; and

: ongoing and separate evaluations to

ascertain whether each component of the internal

control system is present and functioning.

During the Year, the Company has engaged an independent

profesional firm as internal audit advisor (the “Internal

Audit Advisor”) to provide risk management and internal

control asesment services to asist the Board and the

Audit Comite in ongoing monitoring and in performing

the internal audit functions for the Group. The review

included interviews with relevant management and key

proces owners and performing walkthrough tests to identify

the major risk and significant deficiencies, and making

recomendation for improving internal control system

to the Audit Comite for further aproval. The Board,

through the Audit Comite, has reviewed, considered and

discused the findings and recomendations of the internal

audit reports prepared by the Internal Audit Advisor for the

Year. Having taken the recomendations in the internal

audit reports into consideration, the Group wil continue to

improve its risk management and internal control systems.

In adition, the Internal Audit Advisor has also performed

a folow-up asesment on the findings as identified in the

internal audit reports to ases the remediation status.

内部监控系统

本公司已制定内部监控系统，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

律及法规的目标。该框架由以下关键部分组成：

：为本集团开展内部监控提供基础

的一套标准、程序及结构；

：一个识别及分析风险之动态及迭

代过程，以达致本集团目标，为厘定如何管

理风险奠定基础；

：政策及程序制定行动以确保管理

层就减轻达成目标所承受风险而作出之指令

获执行；

：为本集团提供进行日常监控所

需内部及外部通讯及资料；及

：为确定内部监控系统各组成部分是否

存在及运行而进行的持续及单独评估。

于本年度，本公司委聘一家独立专业公司作为内部

审核顾问（「内部审核顾问」）以提供风险管理及内部

监控评估服务，以协助董事会及审核委员会以持续

监控及执行本集团之内部审核功能。该审阅包括与

相关管理层及主要负责人面谈，以及进行穿行测试

以识别主要风险及重大不足之处，并提出改善内部

监控系统之建议，供审核委员会作进一步审批。董

事会透过审核委员会已审阅、考虑及讨论内部审核

顾问就本年度编制之内部监控报告之结果及建议。

经考虑内部监控报告之建议后，本集团将继续完善

其风险管理及内部监控系统。此外，内部审核顾问

亦就内部监控报告所确认之发现事项进行跟进评

估，以评估纠正情况。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司46

CORPORATE GOVERNANCE REPORT

企业管治报告

The Board has considered the adequacy of resources,

qualifications and experience, training programs and budget

of staf of the Group’s acounting, internal audit, financial

reporting function and those relating to the ESG performance

and reporting, by reviewing the internal audit reports

prepared by the Internal Audit Advisor and management

leters submited by external auditor, if any. The Board

and the Audit Comite met with the internal and external

auditors and management to discus the findings from their

works and recomendations.

During the Year, the Board is not aware of any significant

internal control and risk management weakneses or

inconsistencies with the risk management policies, and

considered that the existing risk management and internal

control systems are efective and adequate. The Company

has complied with the relevant code provisions of the CG

Code relating to risk management and internal control.

Whistleblowing Policy

The Company has adopted a Whistleblowing Policy, which is

made available at the Company’s website. Such policy aims

to provide reporting chanels and guidance to employes

on reporting improper activities, misconduct or malpractice

within the Company or any violation of rules, regulations or

laws relating to fraud against shareholders, and reasurance

to whistleblowers of the protection. The nature, status and

the results of the complaints received under such policy are

reported to the designated executives and/or the chairman

of the Audit Comite, in the case of a report disclosing a

posible criminal ofence.

During the Year, no incident of fraud or misconduct that have

material efect on the Group’s financial statements or overal

operations has ben discovered. The use and efectivenes

of such policy wil be monitored and reviewed regularly by

the Audit Comite.

Anti-Coruption Policy

The Company has adopted a code of busines ethics

and anti-coruption policy, which is made available at the

Company’s website. The Group believes that honesty,

integrity and fair play are its important asets in busines. Al

Directors and employes (including ful-time, part-time and

temporary employes) of the Company should adhere to the

Group’s high standards of busines, profesional and ethical

conduct in carying out the Group’s busines and familiarise

themselves with integrity and conduct requirements and

other policies that are implemented by the Group from time

to time including but without limitation the Anti-Fraud and

Anti-Money Laundering Policies, Whistleblowing Policy and

other relevant policies.

董事会透过审阅内部审核顾问编制之内部监控报告

及外聘核数师所提交之审核情况说明函件（如有），

考虑本集团在会计、内部审核、财务汇报职能方

面，以及环境、社会及管治绩效及汇报相关的资

源、员工资历及经验、所接受的培训课程及有关预

算是否足够。董事会及审核委员会已会见内部核数

师及外聘核数师以及管理层以讨论彼等从工作及分

析所得之发现及建议。

于本年度，董事会并不知悉任何重大内部监控及风

险管理弱点或与风险管理政策有任何不相符，并认

为现有风险管理及内部监控系统属有效及足够。本

公司已遵守企业管治守则中有关风险管理及内部监

控的相关守则条文。

举报政策

本公司已采纳一套举报政策，其刊载于本公司网

页。该政策旨在为员工提供举报渠道及指引，以举

报本公司内的不当活动、不当行为或舞弊行为，或

任何违反与欺诈股东有关的条例、规则或法律之行

为，以及向举报人保证本集团将向他们提供保护。

根据该政策所接获的投诉的性质、状况及处理结果

须向指定行政人员及╱或审核委员会主席（若举报

揭示事件可能涉及刑事罪行）汇报。

于本年度，概无发现对本集团的财务报表或整体营

运产生重大影响的欺诈或不当行为事件。审核委员

会将定期监察及检讨该政策之作用及成效。

反贪污政策

本公司已采纳一套商业道德规范及防止腐败政策，

其刊载于本公司网页。本集团相信诚实、正直和公

平竞争是其开展业务的立身之本。所有董事及本公

司员工（包括全职、兼职及临时员工）应遵守集团的

高标准商业、专业和道德操守，并熟悉本集团不时

实施的其他政策，包括但不限于反欺诈和反洗钱政

策、举报政策和其他相关政策。

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报47

The Company would review such policy from time to time in

compliance with latest legislation and mets the request of

busines neds.

HANDLING AND DISEMINATION OF INSIDE

INFORMATION

The Company is aware of its continuing disclosure

obligations as to inside information and has a policy with

regard to the principles and procedures for handling

and diseminating the Company’s inside information in

compliance with the requirements under the Securities and

Futures Ordinance and the Listing Rules.

The Executive Comite and the designated executives

of the Company are responsible for asisting the Board in

reviewing potential inside information and asesing the

ned for disclosure and to overse the internal reporting

system and procedures. The Company has taken reasonable

precautions for preserving the confidentiality of the inside

information, including inter alia:

(i) aces to inside information is restricted to specific

persons on a ned-to-know basis;

(i) enter into apropriate confidentiality agrements when

negotiating on potential and significant transactions;

(i) codify a strict prohibition on unauthorised use or

disclosure of inside information in employe handbok;

and

(iv) circulate reminder, from time to time, to the Directors

and specified relevant employes of the Group, who

are considered to be likely in posesion of inside

information, of their duties and obligations in respect of

dealings in the securities of the Company.

本公司会不时检讨该政策以符合法例最新要求及公

司业务营运需要。

处理及发布内幕消息

本公司明白其应履行内幕消息的持续披露责任，并

具有关处理及发布本公司内幕消息的原则及程序

之政策，以遵守证券及期货条例及上市规则的规

定。

执行委员会及本公司之指定行政人员负责协助董事

会审核潜在的内幕消息及评估公布的需要及监察内

部通报系统及程序。本公司已采取合理措施将内幕

消息保密，其中包括：

(i) 按有需要知情基准，将得知内幕消息限制于

指定人士；

(i) 于谈判潜在及重大交易前订立适当的保密协

议；

(i) 于员工手册内订明严禁未经授权使用或披露

内幕消息；及

(iv) 不时发出通告以提醒董事及本集团特定之有

关雇员（彼等被视为可能知悉内幕消息）于买

卖本公司之证券时应有的职责及责任。

HK$’000
Types of services	服务种类	千港元

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司48

CORPORATE GOVERNANCE REPORT

企业管治报告

AUDITOR’S REMUNERATION

During the Year, PricewaterhouseCopers, the external

auditor of the Company, provided the folowing services

to the Group and their respective fes charges are set out

below:

Audit services核数服务1,990,000

Non-audit services (Agred-upon procedures in relation

to preliminary anouncement of interim results)

非核数服务(初步公告中期

业绩相关之协定程序)210,000

Total总额2,200,000

RESPONSIBILITY FOR PREPARATION AND

REPORTING OF ACOUNTS

The Directors acknowledge their responsibility for preparing

the acounts which were prepared in acordance with

statutory requirements and aplicable acounting standards.

A statement by the external auditor about its reporting

responsibilities is set out in the independent auditor’s report

included in this anual report.

There are no material uncertainties relating to events

or conditions that may cast significant doubt upon the

Company’s ability to continue as a going concern.

核数师酬金

于本年度，本公司之外聘核数师罗兵咸永道会计师

事务所就向本集团提供下列服务分别收取之费用

为：

编制及呈报账目之责任

董事明白彼等须负责根据法定要求及适用会计准则

编制账目。外聘核数师就其呈报责任而发出之声明

载于本年报之独立核数师报告内。

概无重大不明朗事件或情况可能会严重影响本公司

持续经营之能力。

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报49

INVESTOR RELATIONS AND COMUNICATION

The Group is comited to promoting transparency and

maintaining efective comunication with shareholders,

investors, analysts and the pres. During the Year, the

Company has reviewed its shareholders comunication

policy, which is made available at the Company’s website,

to ensure the efective implementation of such policy

and the efective and timely disemination of information

(including its financial performance, strategic goals and

plans, material developments, corporate governance and

risk profile) to shareholders and the investment comunity.

The management from time to time mets with existing and

potential investors to make corporate presentations.

The Group also promotes comunications with its

shareholders and the investment comunity mainly

through (i) Company’s financial reports (interim and anual

reports), corporate governance report, ESG reports,

results anouncements, other corporate anouncements

and circulars which are published on the websites of the

Company and the Stock Exchange; and (i) anual general

metings and other general metings which may be

convened. Such general metings are presided over and led

by the Chairman, Board members, in particular, either the

chairmen or deputy chairmen of Board comites or their

delegates, apropriate management executives and external

auditor wil atend anual general metings and/or other

general metings to answer shareholders’ questions. The

Company’s user-friendly website (htps:/w.hkshaliance.

com) provides investors with the latest news, corporate

profile, busines information and financial information

including anouncements, circulars, anual and interim

reports, etc.

CONSTITUTIONAL DOCUMENTS

There was no change in the Company’s constitutional

documents during the Year.

与投资者之关系与沟通

本集团致力提高透明度，并维持与股东、投资者、

分析员及传媒之良好沟通。于本年度，本公司已检

讨其股东通讯政策（其已刊载于本公司网页），以

确保该政策的有效实施，并有效及适时向股东及投

资人士传达资讯（包括其财务表现、战略目标及计

划、重大发展、企业管治及风险概况）。管理层不

时与现有及潜在投资者作企业简布。

本集团亦主要透过(i)刊载于本公司及联交所网站

之本公司财务报告（中期及年度报告）、企业管治

报告、环境、社会及管治报告、业绩公告、其他

公司公告及通函；及(i)股东周年大会及其他可能

召开的股东大会，促进与其股东及投资人士的沟

通。该等股东大会由主席主持及带领，董事会成

员（尤其是董事会辖下各委员会的主席或副主席或

其代表）、适当的行政管理人员及外聘核数师均会

出席股东周年大会及╱或其他股东大会以回答股

东之提问。本公司方便易用之网站(htps:/w.

hkshaliance.com)为投资者提供最新消息、公司

简介、业务资料以及包括公告、通函、年度报告及

中期报告等财务资料。

宪章文件

于本年度内，本公司之宪章文件并无变动。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司50

CORPORATE GOVERNANCE REPORT

企业管治报告

SHAREHOLDERS’ RIGHTS

The Board endeavours to maintain an ongoing dialogue with

shareholders. The Company encourages the shareholders to

atend general metings and the Chairmen of the Board and

the Board Comites should atend anual general meting

(the “AGM”) to answer questions.

(A) Convening a Special General Meting by

Shareholders

Pursuant to Bye-law 58 of the Company’s Bye-laws and

section 74 of the Companies Act 1981 (as amended)

of Bermuda (the “Companies Act”), shareholders

holding at the date of deposit of the requisition not les

than one-tenth of the paid up capital of the Company

carying the right of voting at general metings of the

Company shal at al times have the right, by writen

requisition to the Board or the Company Secretary, to

require a special general meting to be caled by the

Board for the transaction of any busines specified in

such requisition; and such meting shal be held within

two months after the deposit of such requisition. If the

Directors do not within twenty-one days from the date of

the deposit of the requisition proced duly to convene a

meting, the requisitionists, or any of them representing

more than one-half of the total voting rights of al

of them, may themselves convene a meting, but

any meting so convened shal not be held after the

expiration of thre months from the said date.

A meting convened under this section by the

requisitionists shal be convened in the same maner,

as nearly as posible, as that in which metings are to

be convened by Directors. Any reasonable expenses

incured by the requisitionists by reason of the failure of

the Directors duly to convene a meting shal be repaid

to the requisitionists by the Company.

股东权利

董事会致力持续与股东维持沟通。本公司鼓励股东

参加股东大会，而董事会及董事委员会主席应出席

股东周年大会（「股东周年大会」）以解答提问。

(A) 股东召开股东特别大会

根据本公司之公司细则第58条及百慕达

一九八一年公司法（经修订）（「公司法」）第74

条，于递呈要求日期持有不少于本公司缴足

股本（赋有于本公司股东大会上投票权）十分

之一的股东于任何时候有权透过向董事会或

公司秘书发出书面要求，要求董事会召开本

公司之股东特别大会，以处理有关要求中指

明的任何事项；且该大会应于递呈该要求后

两个月内举行。倘董事并无于递交请求书日

期起计二十一日内正式召开股东特别大会，

则请求人或当中占过半数总投票权之任何人

士可自行召开股东特别大会，惟所召开之任

何股东特别大会不得于递交请求书日期起计

三个月届满后举行。

由递呈要求人士所召开之大会须尽可能以董

事将召开会议相同形式召开。任何因董事未

有妥善召开股东特别大会而引致请求人所招

致之合理费用，须由本公司偿还给请求人。

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报51

(B) Puting Forward Proposals at General Metings

Sections 79 and 80 of the Companies Act alow certain

shareholder(s) to make requisition to the Company

to give notice to the shareholders in respect of any

resolution which is intended to be moved at an AGM

or circulate a statement in respect of any proposed

resolution or busines to be considered at a general

meting of the Company. Under section 79 of the

Companies Act, at the expense of the requisitionists

unles the Company otherwise resolves, it shal be the

duty of the Company on the requisition in writing by

such number of shareholders:

(a) to give to the shareholders entitled to receive

notice of the next AGM notice of any resolution

which may properly be moved and is intended to

be moved at that meting;

(b) to circulate to the shareholders entitled to have

notice of any general meting sent to them any

statement of not more than 1,000 words with

respect to the mater refered to in any proposed

resolution or the busines to be dealt with at that

meting.

The number of shareholders necesary to make the

abovementioned requisitions to the Company shal be:

(a) either any number of shareholders representing

not les than one-twentieth of the total voting

rights of al the shareholders having at the date

of the requisition a right to vote at the meting to

which the requisition relates; or

(b) not les than one hundred shareholders.

Notice of any such intended resolution shal be

given, and any such statement shal be circulated, to

shareholders entitled to have notice of the meting sent

to them by serving a copy of the resolution or statement

on each such shareholder in any maner permited for

service of notice of the meting, and notice of any such

resolution shal be given to any other shareholder by

giving notice of the general efect of the resolution in

any maner permited for giving him notice of metings

of the Company, provided that the copy shal be

served, or notice of the efect of the resolution shal be

given, as the case may be, in the same maner and,

so far as practicable, at the same time as notice of

the meting and, where it is not practicable for it to be

served or given at that time, it shal be served or given

as son as practicable thereafter.

(B) 于股东大会提呈建议

公司法第79及80条允许若干股东请求本公

司就拟于股东周年大会上动议之任何决议案

向股东发出通告或就将于本公司股东大会上

考虑之任何建议决议案或事项传阅一份陈述

书。根据公司法第79条，于有关数目股东发

出书面请求时，本公司有责任承担相关费用

（除非本公司另行议决，费用概由请求人承

担）：

(a) 向有权收取下届股东周年大会通告之股

东发出通告，以告知可能于该大会上正

式动议及拟动议之任何决议案；

(b) 向有权收取任何股东大会通告之股东传

阅一份不超过一千字之陈述书，以告知

该大会之任何建议决议案所述事宜或将

处理之事项。

向本公司作出以上请求所需之股东数目为：

(a) 占请求当日持有不少于全体股东（其赋

有于请求所涉股东大会上表决之权利）

总投票权二十分之一之任何数目股东；

或

(b) 不少于一百名股东。

任何该等拟定决议案之通告及任何该等陈述

书，应向有权收取会议通告之股东（以任何准

许送达会议通告之方式，将该决议案或陈述

书之副本，送达至该等股东）发出或传阅；至

于向任何其他股东发出任何该等决议案之通

告，则须以准许用于向该等股东发出本公司

会议通告之方式，向其发出具该等决议案大

意之通告，但该副本之送达方式或该等决议

案大意通告之发出方式（视乎情况而定），须

与会议通告发出之方式相同，而送达或发出

之时间，亦须在切实可行情况下与会议通告

发出之时间相同，如当时不能送达或发出，

则须于随后在切实可行情况下尽快送达或发

出。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司52

CORPORATE GOVERNANCE REPORT

企业管治报告

Section 80 of the Companies Act sets out the conditions

to be met before the Company is bound to give any

notice of resolution or to circulate any statement.

Pursuant to section 80 of the Companies Act, the

Company shal not be bound to give notice of any

resolution or to circulate any statement as mentioned in

the above unles:

(a) a copy of the requisition signed by the

requisitionists, or two or more copies which

betwen them contain the signatures of al the

requisitionists, is deposited at the registered ofice

of the Company:

(i) in the case of a requisition requiring notice of

a resolution, not les than six weks before

the meting; and

(i) in the case of any other requisition, not les

than one wek before the meting; and

(b) there is deposited or tendered with the requisition

a sum reasonably suficient to met the Company’s

expense in giving efect to the procedures in the

above (i.e. the giving of notice of resolution and/or

circulation of statement).

Provided that if, after a copy of the requisition requiring

notice of a resolution has ben deposited at the

registered ofice of the Company, an AGM is caled

for a date six weks or les after the copy has ben

deposited, the copy though not deposited within the

above-mentioned time shal be demed to have ben

properly deposited for the purposes thereof.

Shareholders should direct their enquiries about their

shareholdings to the branch share registrar and transfer

ofice of the Company in Hong Kong, Computershare

Hong Kong Investor Services Limited of 17M Flor,

Hopewel Centre, 183 Quen’s Road East, Wanchai,

Hong Kong. For other enquiries, shareholders may

send writen enquiries to the Company, for the atention

of Company Secretary by mail to Roms 1103-05, 11th

Flor, East Town Building, 41 Lockhart Road, Wanchai,

Hong Kong.

The procedures for proposing a person for election as

a Director are made available at the Company’s website

(htps:/w.hkshaliance.com).

公司法第80条载有在本公司有责任发出任何

决议案通告或传阅任何陈述书前必须符合之

条件。根据公司法第80条，除非符合以下条

件，否则本公司毋须如上文所述发出任何决

议案通告或传阅任何陈述书：

(a) 向本公司注册办事处提交递呈要求人士

签署之一份请求书副本，或载有所有递

呈要求人士签署之两份或以上副本；

(i) 对要求决议案通告之请求书而

言，不少于会议前六周；及

(i) 对任何其他请求书而言，不少于

会议前一周；及

(b) 已向本公司提交或提供合理足够符合本

公司履行上文所述（即发出决议案通告

及╱或传阅陈述书）所需开支之款项。

惟如于要求决议案通告之请求书副本提交予

本公司注册办事处后，已于提交副本后六周

或以内期间召开股东周年大会，则即使该副

本未于上述期限内提交，亦应视为已就有关

目的妥为提交。

股东可就其所持股权向本公司之香港股份过

户登记分处，即香港中央证券登记有限公司

查询，地址为香港湾仔皇后大道东183号合

和中心17M楼。就其他查询而言，股东可

以书面形式邮寄函件致本公司之公司秘书，

地址为香港湾仔骆克道41号东城大厦11楼

1103-05室查询。

提呈一名候选董事之程序刊载于本公司网页

(htps:/w.hkshaliance.com)。

CORPORATE GOVERNANCE REPORT

企业管治报告

2024/25 Anual Report | 年报53

DIVIDEND POLICY

The Company has adopted a Dividend Policy, which aims

to set out the aproach with the objective of achieving right

balance of the amount of dividend and profits retained in the

busines for various purposes.

In determining whether to propose a dividend and the

dividend payment ratio in respect of any particular financial

year or period, the Board wil take into acount a desire to

maintain a constant and stable dividend level with an overal

objective of maximising shareholders’ value over a longer

term while retaining adequate reserves for the Group’s future

growth, and wil consider the folowing factors in declaring

or recomending dividend to the shareholders from time to

time:

(i) financial results of the Group;

(i) shareholders’ interests;

(i) general busines conditions and strategies;

(iv) expected financial performance and market conditions;

(v) projected level of capital expenditures and future

investment plans;

(vi) level of cash and retained earnings;

(vi) posible efects on liquidity and financial position;

(vi) statutory and regulatory restrictions (including the laws

of Bermuda and the Company’s Bye-laws and any other

aplicable laws and regulations);

(ix) tax considerations; and

(x) any other factors the Board may dem relevant.

股息政策

本公司已采纳一套股息政策，其旨在载列为达致派

息及保留利润金额作各种业务用途间取得平衡为目

的而采取的方针。

在厘定是否就任何特定财政年度或期间派发股息及

股息支付比率时，董事会将考虑维持续及稳定的

股息水平为基准，以最大化股东长远价值为整体目

标，同时为本集团未来发展保留足够储备，并会不

时考虑以下因素以向股东宣派或建议派发股息：

(i) 本集团的财务业绩；

(i) 股东权益；

(i) 整体业务状况及策略；

(iv) 预期财务表现及市况；

(v) 预计资本开支水平及未来投资计划；

(vi) 现金和保留盈利水平；

(vi) 对流动资金及财务状况的潜在影响；

(vi) 法定及监管限制（包括百慕达法例及本公司章

程细则及其他适用法例及法规）；

(ix) 税务考虑；及

(x) 董事会认为相关的任何其他因素。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司54

CORPORATE GOVERNANCE REPORT

企业管治报告

Dividends may be proposed and/or declared by the Board

for a financial year or period in the form of interim dividend,

final dividend, special dividend and any distribution of net

profits that the Board may dem apropriate. The Company

may declare and pay dividends by way of cash or scrip or

by other means that the Board considers apropriate.

The actual dividend that the Board may declare or

recomend in respect of any particular financial year or

period wil be subject to the factors under this policy and

there can be no asurance that dividend wil be declared or

paid in any particular amount for any particular financial year

or period.

The Board wil review this policy and make necesary

amendments, as apropriate, to ensure the efectivenes of

this policy.

On behalf of the Board

Yao Cho Fai Andrew

Chairman

Hong Kong, 26th June 2025

董事会可以在一个财政年度或期间以中期股息、末

期股息、特别股息及董事会认为适当的任何净利润

分配的形式提议及╱或宣派股息。本公司可透过现

金或以股代息或董事会认为适当的其他方式宣派及

派付股息。

董事会就任何特定财政年度或期间所宣派及建议之

实际股息将受本政策所规定的因素约束，并且未能

保证在任何特定财政年度或期间宣派或支付任何特

定金额的股息。

董事会将不时检讨本政策并酌情进行必要的修订，

以确保本政策行之有效。

代表董事会

主席

姚祖辉

香港，二零二五年六月二十六日

2024/25 Anual Report | 年报55

REPORT OF THE DIRECTORS

董事会报告

The board of directors (the “Board”) of Hong Kong Shanghai

Aliance Holdings Limited (the “Company”) presents its

anual report together with the audited consolidated

financial statements of the Company and its subsidiaries

(colectively, the “Group”) for the year ended 31st March

2025 (the “Year”).

PRINCIPAL ACTIVITIES

The Group is principaly engaged in distribution and

procesing of construction materials such as stel products;

trading of sanitary wares and kitchen cabinets; and property

investment and fund management busineses.

Details of the Group’s revenue and segment information

by busines segments and geographical markets are set

out in Note 5 to the acompanying consolidated financial

statements.

RESULTS AND APROPRIATIONS

Details of the Group’s results for the Year are set out in the

consolidated income statement on page 85 of this anual

report.

The Board recomended the payment of a final dividend of

HK1.50 cents per ordinary share for the Year (2024: HK1.00

cent per ordinary share), payable to shareholders whose

names apear on the register of members of the Company at

the close of busines on Wednesday, 3rd September 2025,

subject to the aproval of shareholders at the anual general

meting of the Company to be held on Friday, 22nd August

2025 (the “2025 AGM”). Final dividend is expected to be

paid on Friday, 12th September 2025.

During the Year, an interim dividend of HK1.80 cents per

ordinary share was paid to the shareholders by the Company

on 9th January 2025.

沪港联合控股有限公司（「本公司」）之董事会（「董事

会」）提呈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（「本年度」）之年报

及经审核综合财务报表。

主要业务

本集团主要从事分销及加工建筑材料，例如钢铁产

品；卫浴洁具及厨柜贸易；以及房地产投资及基金

运营业务。

本集团按业务分部及地区市场划分之收入及分部资

料之详情载于随附之综合财务报表附注5。

业绩及分派

本集团截至本年度之业绩详情载于本年报第85页

之综合损益表。

董事会建议于二零二五年九月三日（星期三）营业时

间结束时，向名列本公司股东名册之股东派付本年

度每股普通股1.50港仙之末期股息（二零二四年：

每股普通股1.00港仙），惟须待股东于本公司于二

零二五年八月二十二日（星期五）举行之股东周年大

会（「二零二五年股东周年大会」）上批准后方告作

实。末期股息预期将于二零二五年九月十二日（星

期五）派付。

于本年度，本公司于二零二五年一月九日向股东派

付每股普通股1.80港仙之中期股息。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司56

REPORT OF THE DIRECTORS

董事会报告

CLOSURE OF REGISTER OF MEMBERS

The register of members of the Company wil be closed

during the folowing periods and during these periods, no

transfer of shares wil be registered:

(i) For ascertaining the shareholders’ entitlement to atend

and vote at the 2025 AGM:

The register of members of the Company wil be closed

from Tuesday, 19th August 2025 to Friday, 22nd

August 2025, both days inclusive, for the purpose of

ascertaining the shareholders’ entitlement to atend and

vote at the 2025 AGM. In order to be eligible to atend

and vote at the 2025 AGM, al properly completed

transfer forms acompanied by the relevant share

certificates must be lodged with the branch share

registrar and transfer ofice of the Company in Hong

Kong, Computershare Hong Kong Investor Services

Limited (the “Branch Share Registrar”) of Shops 1712-

1716, 17th Flor, Hopewel Centre, 183 Quen’s Road

East, Wanchai, Hong Kong for registration no later than

4:30 p.m. on Monday, 18th August 2025.

(i) For ascertaining the shareholders’ entitlement to the

final dividend:

On the asumption that the resolution for declaring

the final dividend for the Year is duly pased at the

2025 AGM, the register of members of the Company

wil be closed from Monday, 1st September 2025 to

Wednesday, 3rd September 2025, both days inclusive,

for the purpose of ascertaining the shareholders’

entitlement to the final dividend. In order to qualify for

the final dividend, al properly completed transfer forms

acompanied by the relevant share certificates must be

lodged with the Branch Share Registrar for registration

no later than 4:30 p.m. on Friday, 29th August 2025.

BUSINES REVIEW

Discusion and analysis of the Group’s busines as required

by Schedule 5 to the Companies Ordinance (Chapter 622

of the Laws of Hong Kong) covering a review of the Group’s

busines, an analysis of the Group’s performance using

financial key performance indicators, particulars of important

events afecting the Group that have ocured since the

end of the financial year and the future development in the

Group’s busines, are provided in the sections headed

“Highlights”, “Chairman’s Statement” and “Management

Discusion and Analysis” of this anual report, which shal

form an integral part of this “Report of the Directors”.

暂停办理股份过户登记手续

本公司将于下列期间暂停办理股份过户登记手续，

在此期间，所有股份转让将不会受理：

(i) 厘定有权出席二零二五年股东周年大会并于

会上投票之股东身份：

本公司将于二零二五年八月十九日（星期二）

至二零二五年八月二十二日（星期五）（首尾两

天包括在内）暂停办理股份过户登记手续，以

厘定有权出席二零二五年股东周年大会并于

会上投票之股东身份。为确保合资格出席二

零二五年股东周年大会并于会上投票，所有

填妥之股份过户文件连同有关股票须于二零

二五年八月十八日（星期一）下午四时三十分

前送达本公司的香港股份过户登记分处，即

香港中央证券登记有限公司（「股份过户登记

分处」），地址为香港湾仔皇后大道东183号

合和中心17楼1712-1716号舖，办理登记手

续。

(i) 厘定股东享有末期股息之权利：

假设宣派本年度之末期股息之决议案于二零

二五年股东周年大会上获正式通过，本公司

将于二零二五年九月一日（星期一）至二零

二五年九月三日（星期三）（首尾两天包括在

内）暂停办理股份过户登记手续，以厘定股东

享有末期股息之权利。为确保享有收取末期

股息之权利，所有填妥之股份过户文件连同

有关股票须于二零二五年八月二十九日（星

期五）下午四时三十分前送达股份过户登记分

处，办理登记手续。

业务回顾

就公司条例（香港法例第622章）附表5指定，本集

团就业务之讨论及分析，包括本集团之业务回顾、

本集团运用财务关键表现指标进行的表现分析、自

财政年度结束后发生并影响本集团的重要事项资料

及本集团之未来业务发展，已载于本年报「摘要」、

「主席报告书」以及「管理层讨论及分析」各节中，该

等讨论及分析构成本「董事会报告」之一部分。

2024/25 Anual Report | 年报57

REPORT OF THE DIRECTORS

董事会报告

KEY RISKS AND UNCERTAINTIES

We believe the Group’s financial position, results of operation

and busines prospects may be afected by certain risks

and uncertainties directly or indirectly pertaining to the

Group’s busineses, some of which are beyond our control.

There may be other posible risks and uncertainties which

we are not aware of or which may not be material at present

but may turn out to be material in the future. The folowings

are the major risks and uncertainties identified by the Group:

Financial Risks

The Group’s overal treasury and funding policies focus

on managing financial risks including interest rate, foreign

exchange and liquidity risks. The Group has always adhered

to prudent financial management principles. Facing the

volatility of Renminbi (“RMB”), the Group wil continue

to match RMB payments with RMB receipts to minimize

exchange exposure. Forward foreign exchange contracts

would be entered into when suitable oportunities arise and

when management of the Group considers apropriate, to

hedge against major non-HK dolars curency exposures.

The Group always monitors cash flows and maintains an

adequate level of cash and cash equivalents and unutilised

banking facilities to ensure the ability to finance the Group’s

operations and reduce the efects of fluctuation in cash flows

to mitigate liquidity risk.

Operational Risk

The Group may face operational risk resulting from

inadequate or deficiency in internal proceses, people

and systems or from external events. The Group has clear

responsibility and acountability rests with every function at

divisional and departmental levels. The Group are governed

and guided by god standard operating procedures,

proper authorisation policies and reporting framework.

Our management wil identify and ases key operational

exposures from time to time to adjust potential risk response.

Busines Risk

The Group’s busines performance wil be afected by

various factors, including but not limited to economic

conditions, competitive environment of stels and building

materials industry, performance of property markets and

regulatory changes in regions where our busines cary on

or investments locate, which would not be mitigated even

with careful and prudent investment strategy and strict

procedure.

主要风险及不明朗因素

我们相信，本集团之财务状况、经营业绩及业务前

景可能受直接或间接与本集团业务有关之若干风险

及不明朗因素（有些为我们不能控制）所影响。本集

团可能面对并不知悉或可能目前并不重大但可能于

未来转变成重大之其他可能风险及不明朗因素。以

下为本集团界定为主要风险及不明朗因素：

财务风险

本集团整体库务及融资政策集中于管理财务风险，

包括利率、外汇及流动资金风险。本集团一直秉持

审慎财务管理原则。面对人民币之不稳定，本集团

将继续以人民币（「人民币」）收入结算其人民币付

款，从而减低汇兑风险。当出现适当时机且管理层

认为合适之情况下，本集团将签订远期外汇合约，

用以对冲非港元货币之主要外汇风险。本集团持续

监察现金流量及维持现金及现金等值及未动用银行

融资额度于适当水平，以确保为本集团营运提供资

金之能力并减少现金流量波动效应以减低流动资金

风险。

营运风险

本集团可能面对来自内部流程、人员及系统或外部

事件之不当或缺失而引起之营运风险。本集团设有

配合各部门及部门级别之间各功能明确之责任及问

责制。本集团以优良经营程序、适当授权政策及报

告准则进行管理及指引。管理层将不时确定及评估

主要营运风险以调整对潜在风险的应对。

业务风险

本集团之业务表现将受多项因素影响，包括（但不

限于）我们进行业务或投资之地点之经济状况、钢

铁及建筑材料行业之竞争环境、房地产市场之表现

及地区之监管变动，而此等因素甚至实行小心谨慎

之投资策略及严格程序也不能减轻风险。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司58

REPORT OF THE DIRECTORS

董事会报告

人力资本及留聘风险

本集团可能面临不能够吸引及留聘拥有合适及所需

技能、经验及能力以满足业务目标及战略之主要人

员及优秀人才之风险。我们会向合适人选及人员提

供具吸引力之薪酬待遇。透过培训现有人员及聘请

勇于突破之新人员，我们继续创建有能力的优秀团

队，以确保股东视我们为最佳长期投资，并为雇员

创造良好工作环境。

环境政策及表现

环境保护

本集团于达致环境可持续发展上不遗余力。透

过在我们之日常业务营运中努力不懈地推动环

保措施及意识，以反映我们对保护环境之承诺。

我们提倡环保并向雇员及其他持份者宣扬环保意

识。本集团已成立环境、社会及管治（「环境、社会

及管治」）工作小组，其由执行董事刘子超先生（担

任主席）及多位业务经理所组成，以协助董事会加

强环境、社会及管治的实施。本集团致力于其日常

业务营运中透过不同措施以降低其排放密度，包括

但不限于安装可再生能源设备、于我们的办公室以

及在管物业采用节能措施、回收及减少用纸、金属

及塑胶使用。

参与社区活动

我们积极持续支持社区活动，以关心我们之社区。

本集团赞助并参与多项慈善活动。我们之雇员亦参

加各种企业社会责任活动。我们亦关心雇员；我们

为雇员提供愉快工作环境及良好平台，以确保彼等

之健康及安全。

Human Capital and Retention Risk

The Group may face the risk of not being able to atract

and retain key personel and talents with apropriate and

required skils, experience and competence to met the

busines objectives and strategy. We wil provide atractive

remuneration package to suitable candidates and personel.

Through training of existing personel and hiring of new

personel that raise the average, we continue to create a

great team capable of making sure we are one of the best

long-term investments for our shareholders and a great

place to work for our employes.

ENVIRONMENTAL POLICIES AND PERFORMANCE

Environmental Protection

The Group is comited to achieving environmental

sustainability. Our comitment to protect the environment is

wel reflected by our continuous eforts in promoting gren

measures and awarenes in our daily busines operations.

We encourage environmental protection and promote

awarenes towards environmental protection to our

employes and other stakeholders. An environmental, social

and governance (“ESG”) working group, which is chaired by

an Executive Director, Mr. Lau Chi Chiu, and consists of our

several line managers, has ben set up to asist the Board

in enhancing ESG implementation. The Group strives to

reduce its emision intensity in our daily busines operations

through various measures, including but not limited to, the

instalation of renewable energy facilities, adoption of energy

saving measures for our ofice as wel as properties under

our management, recycling and reducing the use of paper,

metal and plastic in our daily operation.

Comunity Involvement

We care about the comunities where we are active and

continuously suport social initiatives. The Group has

sponsored and participated in a wide range of charitable

activities. Our employes have also participated in various

corporate social responsibility initiatives. We care about our

employes. We provide an enjoyable working environment

and an integrity platform to ensure employes’ wel-being

and safety.

2024/25 Anual Report | 年报59

REPORT OF THE DIRECTORS

董事会报告

We were awarded as the “Caring Company” from The Hong

Kong Council of Social Service since 2007, and “Heart to

Heart Company” by the Hong Kong Federation of Youth

Group in 2010.

For further information about the environmental policies

and performance and comunity involvement of the Group

during the Year, please refer to the ESG report (the “ESG

Report”) which wil be separately released on the website

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

Exchange”) and the website of the Company under the

“Environmental, Social and Governance Report” section,

the discusions of which shal form an integral part of this

“Report of the Directors”.

To aces the online version of the ESG Report, please refer

to the website adres set out in the “Corporate Information”

on page 3 of this anual report.

COMPLIANCE WITH RELEVANT LAWS AND

REGULATIONS

The Group has formulated a clear organisational structure

and acountability for implementation of procedures and

monitoring of risk, which helps to ensure adequacy and

efectivenes of controls over the reliability of financial

reporting, efectivenes and eficiency of operations and

compliance with aplicable laws and regulations.

During the Year, as far as the Company is concerned, there

was no material breach of or non-compliance with aplicable

laws and regulations by the Group that has a significant

impact on the busines and operations of the Group.

我们自二零七年起获得由香港社会服务联会颁发

之「商界展关怀」奖项；并于二零一零年获得由香港

青年协会颁发之「有心企业」奖项。

有关本集团于本年度的环境政策及表现以及社会参

与之进一步资料，请参阅将另行刊载于香港联合

交易所有限公司（「联交所」）网站及本公司网站「环

境、社会及管治报告」一节内的环境、社会及管治

报告（「环境、社会及管治报告」），有关讨论亦构成

本「董事会报告」之一部分。

如欲浏览环境、社会及管治报告的网上版本，请参

阅本年报第3页「公司资料」所载的网址。

遵守相关法律及法规

本集团已制定一套清晰组织架构及问责制度，以实

行程序及监察风险，其有助于确保适当及有效控制

财务报告之可靠性、营运效率及效益，以及遵循适

用之法律及法规。

于本年度，就本公司所关注，本集团并无重大违反

或不遵守适用之法律及法规，以致对本集团之业务

及营运有显著影响。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司60

REPORT OF THE DIRECTORS

董事会报告

RELATIONSHIPS WITH STAKEHOLDERS

We have a dep sense of obligation to our stakeholders.

We wil consistently execute our strategies to provide

desired returns on investment and sustainable growth to

our shareholders. We recognise that employes are our

valuable asets. We hire people for atitude and invest in

development of our employes to create loyalty and love to

the Company. We understand the importance of maintaining

god relationship with our stakeholders (including but not

limited to, employes, customers, supliers and busines

partners) to achieve our long-term goals. To acomplish this,

we continue to get closer to our stakeholders, build lasting

relationship, and kep god comunication to understand

their neds and share with them our busines development.

During the Year, there was no material and significant

dispute betwen the Company and its stakeholders.

SHARE CAPITAL

As at 31st March 2025 and as at the date of this report,

there were 636,508,315 ordinary shares of the Company

isued and fuly paid.

Details of share capital and share options of the Company

are respectively set out in Notes 32 and 33 to the

acompanying consolidated financial statements.

RESERVES AND RETAINED EARNINGS

Movements in reserves and retained earnings of the Group

and the Company during the Year are respectively set out in

Notes 34 and 39 to the acompanying consolidated financial

statements.

As at 31st March 2025, aproximately HK$53,986,000

(2024: aproximately HK$53,986,000) of the reserves

and aproximately HK$81,007,000 (2024: aproximately

HK$48,830,000) of the retained earnings were available for

distribution to the Company’s owners.

与持份者之关系

我们对持份者之责任重大。我们将贯彻执行我们之

策略，以向股东提供可观投资回报及可持续增长。

我们意识到雇员是我们宝贵资产。我们聘请雇员著

重其工作态度，并不遗余力投资于雇员培训方面，

以加强雇员对本公司的归属感及热爱。我们明白与

持份者（包括但不限于雇员、客户、供应商及业务

伙伴）维持良好关系攸关重要，以实现我们之长期

目标。为达到该目标，我们继续与持份者保持紧密

联系、建立长久关系，并保持良好沟通以了解其需

要及与其分享我们之业务发展。于本年度，本公司

及其持份者之间概无任何重大纠纷。

股本

于二零二五年三月三十一日及于本报告日期，本公

司有636,508,315股已发行及缴足普通股份。

有关本公司股本及购股权之详情分别载于随附之综

合财务报表附注32及33。

储备及保留溢利

本集团及本公司于本年度之储备及保留溢利变动情

况分别载于随附之综合财务报表附注34及39。

于二零二五年三月三十一日，可供分派予本公司拥

有人之储备约为53,986,000港元（二零二四年：约

53,986,000港元），而保留溢利约为81,007,000

港元（二零二四年：约48,830,000港元）。

	Number of shares			Aggregate consideration (before expenses)
Date of repurchase	repurchased	Purchase price per share		已付代价总额
回购日期	购回股份数目	每股代价		（扣除开支前）
		Highest	Lowest
		最高	最低
		(HK$)	(HK$)	(HK$)
		（港元）	（港元）	（港元）

2024/25 Anual Report | 年报61

REPORT OF THE DIRECTORS

董事会报告

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY’S LISTED SECURITIES

During the Year, the Company repurchased a total of

2,096,000 shares on the Stock Exchange at an agregate

consideration (before expenses) of HK$513,890.00. Al the

repurchased shares were subsequently canceled on 29th

August 2024. The directors of the Company (the “Directors”)

believe that share repurchases wil be beneficial to the

shareholders as the shares are traded at a discount to the

net aset value per share. Details of the shares repurchased

are as folows:

18th July 2024496,0000.2400.239118,986.00

二零二四年七月十八日

19th July 2024400,0000.2450.23696,320.00

二零二四年七月十九日

1st August 2024250,0000.2450.24461,242.00

二零二四年八月一日

6th August 2024330,0000.2500.24382,370.00

二零二四年八月六日

13th August 2024120,0000.2500.24929,992.00

二零二四年八月十三日

15th August 2024500,0000.2500.245124,980.00

二零二四年八月十五日

Total2,096,000513,890.00

总计

Save as disclosed above, neither the Company nor any of

its subsidiaries had purchased, sold or redemed any of the

Company’s listed securities during the Year.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the

Company’s Bye-laws and the laws of Bermuda.

购买、出售或赎回本公司上市证券

于本年度，本公司于联交所回购合共2,096,000

股份，代价总额为513,890.00港元（扣除开支

前）。所有回购股份随后于二零二四年八月二十九

日注销。由于股份以每股资产净值折扣交易，本公

司董事（「董事」）认为股份回购将为股东带来裨益。

股份回购详情载列如下：

除上述所披露者外，本公司或其附属公司于本年度

概无购买、出售或赎回任何本公司之上市证券。

优先购买权

本公司之公司细则及百慕达法例均无任何关于优先

购买权之规定。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司62

REPORT OF THE DIRECTORS

董事会报告

PROPERTY, PLANT AND EQUIPMENT,

INVESTMENT PROPERTIES AND RIGHT-OF-USE

ASETS

Details of movements in property, plant and equipment,

investment properties and right- of- use asets of the

Group during the Year are set out in Notes 14, 15 and 16,

respectively, to the acompanying consolidated financial

statements.

SUBSIDIARIES, ASOCIATES AND JOINT

VENTURES

Particulars of the Company’s subsidiaries, asociates and

joint ventures are set out in Notes 18 and 19, respectively, to

the acompanying consolidated financial statements.

BOROWINGS

Particulars of borowings of the Group as at 31st March 2025

are set out in Note 31 to the acompanying consolidated

financial statements.

PENSION SCHEMES

Details of the pension schemes of the Group as at 31st

March 2025 are set out in Note 8 to the acompanying

consolidated financial statements.

TAX RELIEF AND EXEMPTION

The Directors are not aware of any tax relief or exemption

available to the shareholders be reason of their holding of

the Company’s securities.

CHARITABLE DONATIONS

During the Year, the Group made charitable donations

of aproximately HK$2,834,000 (2024: aproximately

HK$2,884,000).

物业、厂房及设备、投资物业及使用

权资产

于本年度，本集团之物业、厂房及设备、投资物业

及使用权资产之变动详情分别载于随附之综合财务

报表附注14、15及16。

附属公司、联营公司及合营公司

本公司各附属公司、联营公司及合营公司之详情分

别载于随附之综合财务报表附注18及19。

借贷

于二零二五年三月三十一日，本集团之借贷详情载

于随附之综合财务报表附注31。

退休金计划

于二零二五年三月三十一日，本集团之退休金计划

之详情载于随附之综合财务报表附注8。

税务减免及豁免

就董事所知，概无股东因持有本公司证券而享有任

何税务减免或豁免。

慈善捐款

于本年度，本集团捐出慈善捐款约2,834,000港元

（二零二四年：约2,884,000港元）。

2024/25 Anual Report | 年报63

REPORT OF THE DIRECTORS

董事会报告

DIRECTORS AND DIRECTORS’ SERVICE

CONTRACTS

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

report are as folows:

Executive Directors

Mr. Yao Cho Fai Andrew

(Chairman and Chief Executive Oficer)

Mr. Lau Chi Chiu

Non-executive Director

Ms. Wong Kwai Sun

(apointed on 13 December 2024)

Independent Non-executive Directors (Note)

Mr. Xu Lin Bao

Mr. Yeung Wing Sun Mike

Mr. Li Yinquan

Note: Ms. Cheung Marn Kay was apointed as an Independent Non-executive

Director with efect from 27th June 2025. For details, please refer to the

Company’s anouncement dated 26th June 2025.

In acordance with Bye-law 84(1) of the Company’s Bye-

laws, at each anual general meting one-third of the

Directors for the time being (or, if their number is not a

multiple of thre, the number nearest to but not les than

one-third) shal retire from ofice by rotation provided that

every Director shal be subject to retirement at least once

every thre years. Acordingly, Mr. Xu Lin Bao and Mr.

Yeung Wing Sun Mike shal retire by rotation. Mr. Yeung

Wing Sun Mike, being eligible, wil ofer himself for re-

election at the 2025 AGM. Mr. Xu Lin Bao has decided to

retire from ofice with efect from the conclusion of the 2025

AGM, he wil not ofer himself for re-election in order to

devote more time for his other personal comitment.

In acordance with Bye-law 83(2) of the Company‘s Bye-

laws, any Director so apointed by the Board shal hold

ofice only until the next folowing anual general meting

of the Company and shal then be eligible for re-election at

that meting. Acordingly, Ms. Wong Kwai Sun, who was

apointed as a Director by the Board on 13th December

2024 and Ms. Cheung Marn Kay, who was apointed as a

Director by the Board on 27th June 2025 (her apointment

date after the date of this report), shal retire at the 2025

AGM and, being eligible, ofer themselves for re-election.

董事及董事之服务合约

于本年度及截至本报告日期止之董事如下：

执行董事

姚祖辉先生

（主席兼首席执行官）

刘子超先生

非执行董事

黄桂新女士

（于二零二四年十二月十三日获委任）

独立非执行董事（附注）

徐林宝先生

杨荣燊先生

李引泉先生

附注: 章曼琪女士于二零二五年六月二十七日起获委任为独立

非执行董事。详情请参考本公司日期为二零二五年六月

二十六日之公告。

根据本公司之公司细则第84(1)条规定，于每届股

东周年大会上，当时的三份之一董事（或倘董事人

数并非三的倍数，则以最接近但不少于三份一的人

数为准）须轮值告退，惟每名董事须最少每三年轮

值告退一次。因此，徐林宝先生及杨荣燊先生须轮

值告退。杨荣燊先生符合资格并愿意于二零二五年

股东周年大会上膺选连任。徐林宝先生已决定退

任，于二零二五年股东周年大会结束起生效，以投

入更多时间于其个人事务，因此，彼将不会膺选连

任。

根据本公司之公司细则第83(2)条，任何获董事会

委任之董事仅须出任直至本公司下届股东周年大

会为止，届时将符合资格于该大会膺选连任。因

此，黄桂新女士（于二零二四年十二月十三日获董

事会委任为董事）及张曼琪女士（于二零二五年六月

二十七日获董事会委任为董事（彼之委任日期于本

报告日期之后）将于股东周年大会告退，并符合资

格及愿意膺选连任。

Name Directors	Capacity	Attributable interest to the Directors	Number of shares	Approximate percentage	Aggregate Interest
董事姓名	身份	董事应占权益	股份数目	概约百分比	合计权益

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司64

REPORT OF THE DIRECTORS

董事会报告

The Non-executive Director and each of the Independent

Non-executive Directors has entered into a leter of

apointment with the Company with a fixed term of ofice

for one year and thre years respectively which can be

terminated by either party giving not les than one month’s

writen notice.

None of the Directors has a service contract with the

Group which is not determinable by the Group within one

year without payment of compensation other than statutory

compensation.

DIRECTORS’ INTERESTS AND SHORT POSITIONS

IN SHARES, UNDERLYING SHARES AND

DEBENTURES

As at 31st 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

or any of its asociated corporations (within the meaning of

Part XV of the Securities and Futures Ordinance (the “SFO”)

which (a) were required to be notified to the Company and

the Stock Exchange pursuant to Divisions 7 and 8 of Part

XV of the SFO (including interests and short positions which

they were taken or demed to have under such provisions

of the SFO); or (b) were required pursuant to Section 352 of

the SFO to be entered in the register refered to therein; or

Transactions by Directors of Listed Isuers as set out in

Apendix C3 to the Listing Rules (the “Model Code”) to be

notified to the Company and the Stock Exchange, were as

folows:

Long positions in shares and options of the Company

Mr. Yao Cho Fai Andrew

姚祖辉先生

Interest of controled corporation,

Perfect Capital International Corp. (Note a)

Demed interest (indirectly)89,537,80614.06%89,537,806

受控制公司Perfect Capital International Corp.

之权益（附注a）

被视作拥有之权益（间接）

Interest of controled corporation,

Huge Top Industrial Ltd. (Note b)

Demed interest (indirectly)190,424,00029.92%190,424,000

受控制公司Huge Top Industrial Ltd.之权益（附注b）被视作拥有之权益（间接）

Beneficial owner100% (directly)3,918,0000.62%3,918,000

实益拥有人100%（直接）

283,879,80644.60%283,879,806

Mr. Xu Lin BaoBeneficial owner100% (directly)5,246,6220.82%5,246,622

徐林宝先生实益拥有人100%（直接）

非执行董事及各独立非执行董事已与本公司订立委

任函，固定任期分别为一年及三年，可由任何一方

发出不少于一个月书面通知终止。

董事与本集团概无订立任何不可由本集团于一年内

终止而毋须支付补偿（法定补偿除外）之服务合约。

董事于股份、相关股份及债权证之权

益及淡仓

于二零二五年三月三十一日，董事及本公司之高级

行政人员于本公司或其任何相联法团（定义见证券

及期货条例（「证券及期货条例」）第XV部）之股份、

相关股份及债权证中拥有之权益及淡仓包括(a)根

据证券及期货条例第XV部第7及第8分部必须知

会本公司及联交所（包括根据证券及期货条例之该

等规定被当作或视作拥有之权益及淡仓）；或(b)必

须列入根据证券及期货条例第352条予以存置之登

记册内；或(c)根据上市规则附录C3所载之上市发

行人董事进行证券交易的标准守则（「标准守则」）必

须知会本公司及联交所之权益及淡仓载列如下：

本公司之股份及购股权之好仓

2024/25 Anual Report | 年报65

REPORT OF THE DIRECTORS

董事会报告

Notes:

“Mr. Yao”) was beneficialy interested in these

shares through his wholy-owned company, Perfect Capital International

Corp. (“Perfect Capital”). Mr. Yao is the sole director of Perfect Capital.

b. Mr. Yao was demed to be interested in these shares through his

controling company, Huge Top Industrial Ltd. (“Huge Top”). Mr. Yao

directly held aproximately 48.81% and indirectly through Perfect

Capital owned aproximately 42.86% of the isued shares of Huge Top.

Mr. Yao is the sole director of Huge Top.

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

the Directors, chief executives of the Company and their

asociates had any personal, family, corporate or other

interests or short positions in the shares, underlying shares

or debentures of the Company or any of its asociated

corporations (within the meaning of Part XV of the SFO)

which (a) were required to be notified to the Company and

the Stock Exchange pursuant to Divisions 7 and 8 of Part XV

of the SFO (include interests and short positions which they

were taken or demed to have under such provisions of the

SFO); or (b) were required pursuant to Section 352 of the

SFO to be entered in the register refered to therein; or (c)

were required pursuant to the Model Code to be notified to

the Company and the Stock Exchange.

ARANGEMENT FOR DIRECTORS TO PURCHASE

SHARES OR DEBENTURES

Save as disclosed in this report, at no time during the Year

was the Company or any of its subsidiaries a party to any

arangements to enable the Directors or any of their spouses

or children under the age of 18 to acquire benefits by means

of the acquisition of shares in or debentures of the Company

or any other body corporate, and no Directors or chief

executives of the Company or their respective spouses or

children under the age of 18 had ben granted any right to

subscribe for equity or debt securities of the Company nor

exercised any such right.

附注：

（「姚先生」）透过其全资拥有之公司Perfect

Capital International Corp.（「Perfect Capital」）实益持有

该等股份。姚先生乃Perfect Capital之唯一董事。

b. 姚先生透过其控制之公司Huge Top Industrial Ltd.

（「Huge Top」）被视作持有该等股份之权益。姚先生直

接持有约48.81%及透过Perfect Capital间接持有约

42.86%之Huge Top已发行股份。姚先生乃Huge Top之

唯一董事。

除上文所披露者外，于二零二五年三月三十一日，

董事、本公司之高级行政人员及彼等之联系人概无

于本公司或其任何相联法团（定义见证券及期货条

例第XV部）之股份、相关股份或债权证中拥有(a)

根据证券及期货条例第XV部第7及第8分部必须

知会本公司及联交所（包括根据证券及期货条例之

该等规定彼等被当作或视作拥有之权益及淡仓）；

或(b)必须列入根据证券及期货条例第352条予以

存置之登记册内；或(c)根据标准守则必须知会本

公司及联交所之任何个人、家族、公司或其他权益

或淡仓。

董事购买股份或债券的安排

除本报告所披露者外，于本年度任何时间，本公司

或其任何附属公司并无订立任何安排，以使董事或

彼等之任何配偶或十八岁以下之子女有权透过购买

本公司或任何其他法人团体之股份或债权证而从中

获益，而董事或本公司之高级行政人员或彼等各自

之配偶或十八岁以下之子女概无获授任何权利以认

购本公司股本或债务证券或已行使该等权利。

Name	Capacity	Note	Number of shares	Approximate percentage
名称╱姓名	身份	附注	股份数目	概约百分比

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司66

REPORT OF THE DIRECTORS

董事会报告

PERSONS WHO HAVE INTERESTS OR SHORT

POSITIONS WHICH ARE DISCLOSEABLE UNDER

DIVISIONS 2 AND 3 OF PART XV OF THE SFO

Other than interests disclosed in the section headed

“Directors’ Interests and Short Positions in Shares,

Underlying Shares and Debentures” above, as at 31st

March 2025, acording to the register of interests kept by

the Company under Section 336 of the SFO, the folowing

entities had interests or short positions in the shares and

underlying shares which fal to be disclosed under Divisions

2 and 3 of Part XV of the SFO:

Perfect CapitalBeneficial owner89,537,80614.06%

实益拥有人

Interest of controled corporationa190,424,00029.92%

受控制公司之权益

279,961,80643.98%

Huge TopBeneficial owner190,424,00029.92%

实益拥有人

Mr. Wong Kon ChiBeneficial owner44,708,0007.02%

王冠之先生实益拥有人

Note:

a. These shares were held by Huge Top. Perfect Capital owned

aproximately 42.86% of the isued shares of Huge Top and therefore

was demed to be interested in these shares.

Save as disclosed above, as at 31st March 2025, the

Directors were not aware of any other persons (other

than Directors or chief executives of the Company) who

had interests or short positions in the shares, underlying

shares or debentures of the Company or any asociated

corporations (within the meaning of Part XV of the SFO)

which would fal to be disclosed to the Company under

Divisions 2 and 3 Part XV of the SFO.

根据证券及期货条例第XV部第2及第

3分部拥有须披露权益或淡仓之人士

除上文「董事于股份、相关股份及债权证之权益及

淡仓」一节所披露之权益外，于二零二五年三月

三十一日，按本公司根据证券及期货条例第336条

存置于登记册之记录，下列实体于股份及相关股份

中拥有根据证券及期货条例第XV部第2及第3分

部须向本公司披露之权益或淡仓：

附注：

。Perfect Capital拥有Huge

Top已发行股份约42.86%，因此其被视为于该等股份中

拥有权益。

除上文所披露者外，于二零二五年三月三十一日，

董事并不知悉有任何其他人士（董事或本公司高级

行政人员除外）于本公司或任何相关法团（定义见证

券及期货条例第XV部）之股份、相关股份或债权证

中拥有根据证券及期货条例第XV部第2及第3分

部须向本公司披露之权益或淡仓。

2024/25 Anual Report | 年报67

REPORT OF THE DIRECTORS

董事会报告

SHARE OPTION SCHEMES

2011 Share Option Scheme

The Company adopted a share option scheme on 11th

August 2011 (the “2011 Share Option Scheme”). The

purpose of the 2011 Share Option Scheme is to provide

incentives to participants to contribute to the Group and/

or to enable the Group to recruit and/or to retain high-

calibre employes and atract human resources that are

valuable to the Group. The participants of the 2011 Share

Option Scheme includes any employe, agents, consultant

or representative, including any executive or non-executive

Director, of any member of the Group or any other person

who satisfies the selection criteria prescribed by the rules of

the 2011 Share Option Scheme.

The 2011 Share Option Scheme shal be valid and efective

for a period of ten years comencing on the adoption date

(i.e. 11th August 2011) and expired on 10th August 2021.

Before the expiration of the 2011 Share Option Scheme and

under the terms of the 2011 Share Option Scheme, the Board

may, at their discretion, grant options to the participants

who fal within the definition prescribed in the 2011 Share

Option Scheme to subscribe for shares of the Company at

the price not les than the highest of: (a) the closing price of

the shares as stated in the Stock Exchange’s daily quotation

shets on the date of ofer of the grant of the option, which

must be a busines day; (b) the average closing price of

the shares as stated in the Stock Exchange’s daily quotation

shets for the five busines days imediately preceding the

date of ofer of the grant of the option; and (c) the nominal

value of the shares. Details of the terms of the 2011 Share

Option Scheme were contained in the Company’s circular

dated 8th July 2011.

Upon expiration of the 2011 Share Option Scheme, no further

share options wil be granted by the Company thereunder

but in al other respects the provisions of the 2011 Share

Option Scheme shal remain in force and al share options

granted prior to such expiration shal continue to be valid

and exercisable in acordance therewith.

购股权计划

二零一年购股权计划

本公司于二零一年八月十一日采纳一项购股权计

划（「二零一年购股权计划」）。二零一年购股

权计划之目的，旨在奖励参与人士为本集团作出贡

献及╱或使本集团得以聘任及╱或留用具才干之雇

员，以及吸纳可效力本集团之宝贵人力资源。二零

一年购股权计划之参与人士包括本集团任何成员

公司之任何雇员、代理人、顾问或代表（包括执行

或非执行董事），或符合二零一年购股权计划之

规则所规定之甄选准则之任何其他人士。

二零一年购股权计划之有效期自采纳日期（即二

零一年八月十一日）起计，为期十年，并于二零

二一年八月十日届满。

于二零一年购股权计划届满前以及根据二零一

年购股权计划之条款，董事会可酌情向二零一年

购股权计划定义之参与者授出可认购本公司股份之

购股权，其认购价不可少于下列三者之最高者：

(a)股份在购股权授出日期（必须为营业日）在联交

所每日报价表所列之收市价；(b)股份在紧接授出

购股权日期前五个营业日按其在联交所之每日报价

表所列之收市价计算之平均收市价；及(c)股份之

面值。二零一年购股权计划之条款详情载于本公

司日期为二零一年七月八日之通函。

二零一年购股权计划届满后，本公司将不会再按

二零一年购股权计划授出购股权，惟其之所有其

他条款仍然有效，而该计划届满前所授出之购股

权，将仍然有效及可按条款行使。

Number of share options
购股权数目
Name and category of participant	Date of grant	Validity period	Exercise price per share	Note	Beginning of the Year	Granted during the Year	Exercised during the Year	Lapsed during the Year	Cancelled during the Year	End of the Year
参与者姓名与类别	授予日期	有效期	每股行使价	附注	本年度初	本年度授予	本年度行使	本年度失效	本年度注销	本年度末

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司68

REPORT OF THE DIRECTORS

董事会报告

A sumary of the movements of the outstanding share

options under the 2011 Share Option Scheme during the

Year are as folows:

Director:

董事：

Mr. Lau Chi Chiu20th January 201520th January 2015 to

19th January 2025

HK$0.92811,000,000—(1,000,000)—

刘子超先生二零一五年一月二十日二零一五年一月二十日至

二零二五年一月十九日

0.928 港元

Sub-total1,000,000—(1,000,000)—

小计

Employes:

雇员:

In agregate20th January 201520th January 2015 to

19th January 2025

HK$0.92811,100,000—(1,100,000)—

共计二零一五年一月二十日二零一五年一月二十日至

二零二五年一月十九日

0.928 港元

Sub-total1,100,000—(1,100,000)—

小计

Total of 2011 Share

Option Scheme

2,100,000—(2,100,000)—

二零一年购股权

计划总计

Notes:

1. The share options were vested in four tranches, with each tranche

covering one-fourth of the relevant options, i.e. exercisable to the

extent of one-fourth of the relevant options and with the 1st, 2nd, 3rd

and 4th tranche becoming exercisable from 20th of January in the years

2016, 2017, 2018 and 2019 respectively and the years onwards til 19th

January 2025.

于本年度，根据二零一年购股权计划尚未行使之

购股权变动概要如下：

附注：

，每一期分别涵盖相关购股权的四分之

一（即最多可行使相关购股权的四分之一），第一、第二、

第三及第四期分别于二零一六年、二零一七年、二零一八

年及二零一九年的一月二十日起可予行使，直至二零二五

年一月十九日止。

2024/25 Anual Report | 年报69

REPORT OF THE DIRECTORS

董事会报告

二零二一年购股权计划

鉴于(a)二零一年购股权计划于二零二一年八月

十日届满；及(b)根据二零一年购股权计划于其

届满后不再授出购股权，本公司于二零二一年八月

十一日采纳另一项购股权计划（「二零二一年购股权

计划」）。

二零二一年购股权计划之目的旨在奖励参与人士为

本集团作出贡献及╱或使本集团得以聘用及╱或留

用具才干之雇员，以及吸纳可效力本集团之宝贵人

力资源。二零二一年购股权计划之参与人士包括本

公司或其任何附属公司之任何雇员（不论全职或兼

职）、行政或高级管理人员（包括执行或非执行董

事），以及本公司或其任何附属公司之任何商业顾

问、财务或法律顾问，或符合二零二一年购股权计

划之条款之甄选准则之任何其他人士。

根据二零二一年购股权计划之条款，董事会可酌情

向二零二一年购股权计划定义之参与者授出可认购

本公司股份之购股权，其认购价不可少于下列三者

之最高者：(a)股份在购股权授出日期（必须为营业

日）在联交所每日报价表所列之收市价；(b)股份在

紧接授出购股权日期前五个营业日按其在联交所之

每日报价表所列之收市价计算之平均收市价；及

(c)股份之面值。

2021 Share Option Scheme

In view of (a) the expiration of the 2011 Share Option

Scheme on 10th August 2021; and (b) no further share

options can be granted pursuant to the 2011 Share Option

Scheme after its expiration, the Company adopted another

share option scheme on 11th August 2021 (the “2021 Share

Option Scheme”).

The purpose of the 2021 Share Option Scheme is to provide

incentives to participants to contribute to the Group and/or

to enable the Group to recruit and/or to retain highcalibre

employes and atract human resources that are valuable

to the Group. The participants of the 2021 Share Option

Scheme include any employe (whether ful time or part

time), executive or oficers of the Company or any of its

subsidiaries (including executive or non-executive Director)

and any busines consultant, financial or legal adviser of

the Company or any of its subsidiary or any other person,

who satisfies the criteria prescribed by the terms of the 2021

Share Option Scheme.

Under the terms of the 2021 Share Option Scheme,

the Board may, at their discretion, grant options to the

participants who fal within the definition prescribed in

the 2021 Share Option Scheme to subscribe for shares

of the Company at the price not les than the highest of:

(a) the closing price of the shares as stated in the Stock

Exchange’s daily quotations shet on the date of ofer of the

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

average closing price of the shares as stated in the Stock

Exchange’s daily quotations shets for the five busines

days imediately preceding the date of ofer of the grant of

the option; and (c) the nominal value of the shares.

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司70

REPORT OF THE DIRECTORS

董事会报告

The total number of shares which may be aloted and

isued upon exercise of al options to be granted under the

2021 Share Option Scheme was up to 10% of the number

of shares in isue as at 11th August 2021 (i.e. 64,123,231).

The limit on the number of shares which may be isued upon

exercise of al outstanding options granted and yet to be

exercised under the 2021 Share Option Scheme, together

wil al outstanding options granted and yet to be exercised

under any other share option schemes of the Company

and/or its subsidiaries (including the 2011 Share Option

Scheme), must not exced 30% of the shares in isues from

time to time.

Unles aproved by the shareholders of the Company,

the total number of shares isued and to be isued upon

exercise of the share options under the 2021 Share Option

Scheme and the share options granted under any other share

option scheme(s) of the Company and/or its subsidiaries

to each grante (including both exercised or outstanding

options) in any 12-month period must not exced 1% of the

shares in isue for the time being.

There is no minimum period for which an option under the

2021 Share Option Scheme must be held before such option

be exercised. A non-refundable consideration of HK$10.00

is payable by the grante to the Company no later than 28

days from the date of grant on aceptance of the ofer.

The 2021 Share Option Scheme was efective from 11th

August 2021 and unles otherwise canceled or amended,

wil remain valid and efective for the period of ten years

from that date (i.e. 10th August 2031).

No share option has ben granted by the Company under

the 2021 Share Option Scheme since its adoption.

Further details of the terms of the 2021 Share Option Scheme

were contained in the Company’s circular dated 12th July

2021.

EQUITY-LINKED AGREMENTS

Other than the 2011 Share Option Scheme and 2021 Share

Option Scheme, no equity-linked agrements were entered

into by the Group, or subsisted during the Year.

根据二零二一年购股权计划将授出的所有购股权

获行使后可能配发及发行的股份总数最多为于二

零二一年八月十一日已发行股份数目的10%（即

64,123,231股）。根据二零二一年购股权计划及本

集团任何其他购股权计划（包括二零一年购股权

计划）已授出待行使的所有尚未行使购股权获行使

而可能发行的股份数目的整体限制不得超过不时已

发行股份的30%。

除非获本公司股东批准，根据二零二一年购股权计

划以及本公司及╱或其附属公司之任何其他购股权

计划，于任何十二个月期间内向每位获授人授予购

股权（包括已行使及尚未行使之购股权）予以行使时

所发行及将发行之股份总数，不得超过当时已发行

股份之1%。

概无二零二一年购股权计划项下之购股权可予行使

前必须持有购股权之任何最短期限。获授人须于接

纳要约时，自授出日期起不迟于二十八天内向本公

司支付不可退还之款项10.00港元。

二零二一年购股权计划自二零二一年八月十一日起

生效，且除非另行注销或修订，否则自该日期起计

十年期间（即二零三一年八月十日）内保持有效及具

效力。

自采纳二零二一年购股权计划后，并无根据该计划

授出购股权。

二零二一年购股权计划条款之额外详情载于本公司

日期为二零二一年七月十二日之通函。

股票挂钩协议

除二零一年购股权计划及二零二一年购股权计划

外，本集团于本年度概无订立或存在任何股东挂钩

协议。

2024/25 Anual Report | 年报71

REPORT OF THE DIRECTORS

董事会报告

MANAGEMENT CONTRACTS

No contracts concerning the management and administration

of the whole or any substantial part of the busines of the

Company or its subsidiaries were entered into or subsisted

at any time during the Year.

PERMITED INDEMNITY PROVISION

Pursuant to the Company’s Bye-Laws, the Directors shal

be indemnified against al loses and liabilities which they

may incur in conection with their duties. The Company

has aranged apropriate directors’ and oficers’ liability

insurance coverage for the Directors and oficers of the

Group.

DIRECTORS’ MATERIAL INTERESTS IN

TRANSACTIONS, ARANGEMENTS OR

CONTRACTS

No transactions, arangements or contracts of significance

in relation to the Group’s busines to which the Company,

its subsidiaries or its holding companies was a party or were

parties and in which a Director or any entities conected

with a Director had a material interest, whether directly or

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

during the Year.

RELATED PARTY TRANSACTIONS

Details of related party transactions of the Group for the Year

are set out in Note 38 to the acompanying consolidated

financial statements.

To the best knowledge of Directors, none of these related

party transactions constitutes a conected transaction or

continuing conected transaction under Chapter 14A of the

Listing Rules.

COMPETING INTERESTS

For the Year, none of the Directors or the controling

shareholders or any of their respective asociates has

engaged in any busines that competes or may compete

directly or indirectly with the busineses of the Group or has

any other conflict of interests with the Group.

管理合约

于本年度内任何时间，概无订立或存在有关管理和

经营本公司或其附属公司全部或任何重大部分业务

的合约。

获准许的弥偿条文

根据本公司之公司细则，董事就履行其职务而引致

任何损失或责任，均有权获得赔偿。本公司已为董

事及本集团高级职员安排恰当的董事及高级职员责

任保险。

董事于交易、安排或合约之重大权益

本公司、其附属公司或其控股公司概无订立任何董

事或与董事有关连的实体于其中享有重大权益且与

本集团业务有直接或间接关连，而且于本年度终结

时或在本年度内任何时间仍然有效之重大交易、安

排或合约。

关联方交易

于本年度，本集团之关联方交易详情载于随附之综

合财务报表附注38。

据董事所知，该等关联方交易并不构成上市规则第

14A章项下之关连交易或持续关连交易。

竞争权益

于本年度，董事或控股东或彼等各自之任何联系

人士概无从事与本集团业务直接或间接构成竞争或

可能构成竞争或与本集团有任何其他利益冲突的任

何业务。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司72

REPORT OF THE DIRECTORS

董事会报告

MAJOR CUSTOMERS AND SUPLIERS

For the Year, the five largest customers of the Group

acounted for aproximately 33.6% of the Group’s total

revenue, while the five largest supliers of the Group

acounted for aproximately 73.7% of the Group’s total

purchases. In adition, the largest customer of the Group

acounted for aproximately 10.4% of the Group’s total

revenue while the largest suplier of the Group acounted

for aproximately 22.1% of the Group’s total purchases.

None of the Directors, their asociates, or any shareholders

(which to the knowledge of the Directors owned more than

5% of the Company’s share capital) had a beneficial interest

in the five largest customers and supliers of the Group.

SUFICIENCY OF PUBLIC FLOAT

Based on information publicity available to the Company and

within the knowledge of the Directors as at the date of this

report, the Company has maintained the prescribed public

float under the Listing Rules.

AUDIT COMITE

The audited consolidated financial statements of the

Company for the Year have ben reviewed by the audit

comite of the Company (the “Audit Comite”) and duly

aproved by the Board under the recomendation of the

Audit Comite.

AUDITOR

The acompanying consolidated financial statements were

audited by PricewaterhouseCopers. A resolution for their

apointment as the Company’s auditor for the ensuing year

is to be proposed at the 2025 AGM. There was no change in

auditor of the Company in any of the preceding thre years.

On behalf of the Board

Yao Cho Fai Andrew

Chairman

Hong Kong, 26th June 2025

主要客户及供应商

于本年度，本集团首五大客户占本集团总收入约

33.6%，而本集团首五大供应商则占本集团总采购

额约73.7%。此外，本集团最大之客户占本集团总

收入约10.4%，而本集团最大之供应商占本集团总

采购额约22.1%。

各董事、彼等之联系人士或任何股东（就董事所知

拥有本公司股本5%以上之股东）概无拥有本集团

首五大客户及供应商之实质权益。

公众持股量

于本报告日期，根据本公司所得悉及董事亦知悉之

公开资料，本公司一直维持上市规则所订明之公众

持股量。

审核委员会

本公司于本年度之经审核综合财务报表已经由本公

司审核委员会（「审核委员会」）审阅，并由董事会根

据审核委员会之建议正式批准。

核数师

随附之综合财务报表由罗兵咸永道会计师事务所审

核。本公司将于二零二五年股东周年大会上提呈一

项续聘其于来年担任本公司核数师之决议案。本公

司于过去三年间并无任何核数师变更事宜。

代表董事会

主席

姚祖辉

香港，二零二五年六月二十六日

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历

2024/25 Anual Report | 年报73

DIRECTORS

Executive Directors

Mr. Yao Cho Fai Andrew

aged 59, was apointed as an Executive Director of the

Company on 12th January 1994. He became the Chairman

of the Board in July 1999 and Chief Executive Oficer in

November 2015. He is also the chairman of the Nomination

Comite, a member of the Remuneration Comite and

a director of certain subsidiaries of the Company. Mr. Yao is

an external director of China COSCO Shiping Corporation

Limited, a holding company of certain companies listed on

The Stock Exchange of Hong Kong Limited (“Hong Kong

Stock Exchange”), Shanghai Stock Exchange, Shenzhen

Stock Exchange, Singapore Exchange and Athens Stock

Exchange. Mr. Yao is an independent non-executive director

of China Railway Signal & Comunication Corporation

Limited (which is listed on the Shanghai Stock Exchange

and the Hong Kong Stock Exchange) and Kader Holdings

Company Limited (which is listed on the Hong Kong Stock

Exchange). Mr. Yao serves as the Hong Kong Deputy to

the 12th, 13th and 14th National People’s Congres of the

People’s Republic of China, the chairman of Federation of

Hong Kong-Shanghai Asociations, the vice-chairman of the

Chinese General Chamber of Comerce Hong Kong, the

vice-chairman of Shanghai Overseas Friendship Asociation,

the honorary founding chairman of Shanghai Hong Kong

Asociation, the chairman of the council of Lingnan

University and the board member of Fudan University. He

was awarded “Young Industrialist Award of Hong Kong”

by Federation of Hong Kong Industries in 2004, Justice

of Peace by Hong Kong Special Administrative Region

(“HKSAR”) in 2008 and “Bronze Bauhinia Star” by HKSAR in

2016. Mr. Yao graduated from the University of California,

Berkeley with a bachelor’s degre in science and Harvard

Graduate Schol of Busines with a master’s degre in

busines administration.

董事

执行董事

姚祖辉先生

五十九岁，于一九四年一月十二日获委任为本公

司执行董事。彼于一九年七月成为董事会主席

及于二零一五年十一月成为首席执行官。彼亦为本

公司提名委员会主席、薪酬委员会成员及若干附属

公司之董事。姚先生为中国远洋海运集团有限公司

（其为若干于香港联合交易所有限公司（「香港联交

所」）、上海证券交易所、深圳证券交易所、新加坡

交易所及雅典证券交易所上市之公司之控股公司）

之外部董事。姚先生为中国铁路通信号股份有限

公司（其于上海证券交易所及香港联交所上市）及开

达集团有限公司（其于香港联交所上市）之独立非执

行董事。姚先生之公职服务包括港区第十二届、第

十三届及第十四届全国人大代表、沪港社团总会主

席、香港中华总商会副会长、上海市海外联谊会副

会长、上海香港联会创会荣誉会长、岭南大学校董

会主席及复旦大学校董。彼于二零四年荣获香港

工业总会颁发「香港青年工业家奖」、于二零八年

获香港特别行政区政府（「香港特区政府」）授予太平

绅士及于二零一六年荣获香港特区政府颁发「铜紫

荆星奖」。姚先生毕业于柏克莱加州大学并取得理

学士学位，并于哈佛商学研究院取得工商管理硕士

学位。

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司74

Mr. Lau Chi Chiu

aged 58, was apointed as an Executive Director of the

Company on 25th November 2015 and is a director of

certain subsidiaries and the chairman of environmental,

social and governance working group of the Company. He

joined the Group in June 1991. Mr. Lau is responsible for the

daily operations of the busines of the Group and has held

various sales and marketing and suply chain positions in

the plastics and stels busineses of the Group. He was the

general manager of Group’s plastic busines from April 2003

to November 2011 and the general manager of the Group’s

stels busines from December 2011 to May 2013. Mr. Lau

graduated from Curtin University of Technology in Australia

with a bachelor’s degre in comerce (marketing and

management) and The Hong Kong Polytechnic University

with a master’s degre in busines administration.

Non-executive Director

Ms. Wong Kwai Sun

aged 64, was apointed as a Non-executive Director of

the Company on 13th December 2024 and is a director of

certain subsidiaries and one joint venture of the Company.

She joined the Group in December 2017 and was act as the

chief operating oficer of the Company until her retirement

on 1st January 2025. During the period, Ms. Wong was

mainly responsible for managing the human resources and

overseing the Company’s Property Investment and Fund

Management Busines. Ms. Wong has over 25 years of

operational management experience. Prior to joining the

Group, Ms. Wong founded her own busines for investment

consultancy services in Shanghai from 2011 to 2017,

she established Fanrich Consultants (Shanghai) Ltd.*

(a company established under the laws of the People’s

Republic of China, and was acquired by the Group in 2017

and subsequently voluntarily disolved by deregistration on

15th December 2023 due to exit the busines) and served

as the general manager and legal representative from its

establishment until deregistration. She previously worked

at several foreign financial institutions and multinational

enterprises, where she served in diferent positions including

director, general manager and chief marketing oficer, etc.

She served as the chief marketing oficer of the joint venture

betwen China Life and Comonwealth Bank of Australia

and served as the senior marketing manager of Zurich

Insurance Group in Hong Kong. Ms. Wong graduated from

The University of Hong Kong with a bachelor’s degre in

arts in 1985 and The University of Bradford in the United

Kingdom with a master’s degre in busines administration

in 1990. Ms. Wong is curently a standing comite member

of the Chinese People’s Political Consultative Conference

of Shanghai Hongkou District, director of the Shanghai

Overseas Friendship Asociation and vice president of the

Shanghai Hong Kong Asociation.

刘子超先生

五十八岁，于二零一五年十一月二十五日获委任

为本公司执行董事，亦为本公司若干附属公司之

董事及环境、社会及管治工作小组之主席。彼于

一九一年六月加入本集团。刘先生主要负责本集

团业务之日常运作，并曾于本集团塑胶及钢材业务

担任销售及市场推广以及供应链等多方面要职。彼

于二零三年四月至二零一年十一月为本集团塑

胶业务总经理及于二零一年十二月至二零一三年

五月为本集团钢材业务总经理。刘先生毕业于澳洲

科廷大学并取得商学士学位（市场及管理），并于香

港理工大学取得工商管理硕士学位。

非执行董事

黄桂新女士

六十四岁，于二零二四年十二月十三日获委任为本

公司非执行董事，并为本公司若干附属公司及一家

合营公司之董事。彼于二零一七年十二月加入本集

团，并担任本公司首席运营官直至二零二五年一月

一日退休。在此期间，彼主要负责管理人力资源及

监督本公司之房地产投资及基金运营业务。黄女士

拥有超过二十五年的营运管理经验。在加入本集团

之前，黄女士于二零一年至二零一七年在上海创

办自己的投资咨询服务业务，彼成立永蕃投资咨询

（上海）有限公司（一家于中华人民共和国成立的公

司，本集团于二零一七年收购该公司，其后因退

出业务而于二零二三年十二月十五日自愿注销该公

司）并由该公司成立起至注销期间一直担任其总经

理及法定代表人。彼曾于多家外国金融机构及跨国

企业工作，担任多个职位，包括董事、总经理及首

席营销总监等。彼曾担任中国人寿与澳大利亚联邦

银行合资企业之首席营销总监及担任香港苏黎世保

险集团之营销高级经理。黄女士于一九八五年毕业

于香港大学并获得文学士学位，及于一九零年毕

业于英国百拉福大学并获得工商管理硕士学位。黄

女士现为上海市虹口区政协常委、上海市海外联谊

会理事及上海香港联会副会长。

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历

2024/25 Anual Report | 年报75

Independent Non-executive Directors

Mr. Xu Lin Bao

aged 76, was apointed as an Independent Non-executive

Director of the Company on 21st April 2006. He is also the

chairman of the Remuneration Comite and a member

of the Audit Comite and the Nomination Comite

of the Company. Mr. Xu is curently the vice chairman of

the Institute of Real Estate Shanghai Academy of Social

Sciences. He served as the standing executive of China Real

Estate Asociation (the 4th and 5th sesion), the chairman

of operation and management profesional comite of

China Real Estate Asociation (the 4th and 5th sesion),

the chairman of Shanghai Housing and Land Group, the

vice chairman of Shanghai Real Estate Trade Asociation

(the 5th and 6th sesion) and the chairman of executives of

Yiju China Real Estate Research Center. He graduated from

Fudan University, Shanghai with a degre in EMBA. Mr. Xu is

a senior qualified economist.

Mr. Yeung Wing Sun Mike

aged 72, was apointed as an Independent Non-executive

Director of the Company on 25th March 2014. He is also

a member of the Audit Comite and the Nomination

Comite of the Company. Mr. Yeung was an independent

non-executive director of UMP Healthcare Holdings Limited,

a company listed on the main board of Hong Kong Stock

Exchange. He has over 40 years’ working experience

in the banking industry of Hong Kong and the Mainland

China. Mr. Yeung began his carer with the HSBC Group

in 1972 and advanced himself in the organisation by taking

up diferent positions under various busines streams

including personal banking, sales and services, operations

as wel as branches, regional network and personal wealth

management. Since 2001, Mr. Yeung was relocated to

Shanghai and tok up the role of Branch Manager Shanghai

and Head of Personal Financial Services China of HSBC. In

June 2006, he was seconded to Hang Seng Bank (China)

Limited and apointed as the Head of Personal Financial

Service and Wealth Management China. Mr. Yeung was

apointed as Deputy Chief Executive Oficer and Head of

Personal Financial Services and Wealth Management in May

2007. He retired from HSBC Group in January 2014. Mr.

Yeung is the Honorary President of Hong Kong Chamber

of Comerce in Shanghai. He was a member of Chinese

People’s Political Consultative Conference Comite (the

11th and 12th sesion) in Shanghai. Mr. Yeung was awarded

the “Magnolia Gold Award” presented by the Shanghai

Municipal Government to recognise his outstanding

contributions to the economic and social development, and

international exchanges of Shanghai. He was also awarded a

Profesional Diploma in Company Direction and a Certificate

in Sustainability Leadership by The Hong Kong Institute of

Directors.

独立非执行董事

徐林宝先生

七十六岁，于二零六年四月二十一日获委任为本

公司独立非执行董事。彼亦为本公司薪酬委员会主

席以及审核委员会及提名委员会成员。徐先生现职

上海社会科学院房地产业研究中心副理事长。彼亦

曾担任中国房地产业协会（第四届、第五届）常务理

事、中国房地产业协会经营管理专业委员会（第四

届、第五届）主任委员、上海房地（集团）有限公司

董事长、上海市房地产行业协会（第五届、第六届）

副会长及易居（中国）房地产研发中心理事长。彼毕

业于上海复旦大学并取得高级管理人员工商管理硕

士专业学位。徐先生为高级经济师。

杨荣燊先生

七十二岁，于二零一四年三月二十五日获委任为本

公司独立非执行董事。彼亦为本公司审核委员会及

提名委员会成员。杨先生亦曾担任于香港联交所

主板上市之联合医务集团有限公司之独立非执行

董事。彼拥有超过四十年于香港及国内银行业

的工作经验。杨先生于一九七二年开始加入汇丰集

团，于该集团之不同业务领域担任不同职务（包括

个人银行、销售及服务、营运以及分行、地区网络

及个人财富管理）。自二零一年，杨先生移师到

上海，并担任汇丰之上海分行长兼个人金融服务

中国总监。于二零六年六月，彼调任到恒生银行

（中国）有限公司并获委任为中国个人金融服务及

财富管理业务总监。杨先生于二零七年五月获委

任为副行政总裁及个人金融服务及财富管理业务总

监。彼于二零一四年一月自汇丰集团退任。杨先生

现为中国香港（地区）商会上海荣誉会长。彼亦曾为

中国人民政治协商会议（第十一届和第十二届）上海

市政协委员。杨先生获上海市政府颁授「白玉兰荣

誉奖」以表彰彼对上海经济及社会发展，以及对国

际交流作出杰出贡献。彼亦获香港董事学会颁授公

司董事专业文凭及领导可持续发展证书。

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司76

李引泉先生

七十岁，于二零一八年七月五日获委任为本公司独

立非执行董事。彼亦为本公司审核委员会主席及薪

酬委员会成员。李先生担任其他于香港联交所主板

上市之公司（即中国光大银行股份有限公司（其亦

于上海证券交易所上市）、华润饮料（控股）有限公

司、通用环球医疗集团有限公司、飞达帽业控股有

限公司及万城控股有限公司）之独立非执行董事。

彼曾先后担任招商局集团财务部之总经理、财务总

监、副总裁及招商局资本投资有限责任公司之行政

总裁。彼亦曾担任其他于香港联交所主板上市之

公司（即招商局中国基金有限公司及招商局港口控

股有限公司）之执行董事，招商银行股份有限公司

（其亦于上海证券交易所上市）之非执行董事，及中

国农产品交易有限公司及金茂源环保控股有限公司

以及于纳斯达克证券交易所上市之Sound Group

Inc. （前称Lizhi Inc.）之独立非执行董事。李先生

亦担任港区第十二届、第十三届及第十四届全国人

大代表。李先生毕业于中国陕西财经学院并取得经

济学士学位。彼亦拥有清华大学五道口金融学院

（前称中国人民银行研究生部）授予的经济学硕士学

位及意大利菲纳菲科学院授予的金融发展学硕士学

位。

Mr. Li Yinquan

aged 70, was apointed as an Independent Non-executive

Director of the Company on 5th July 2018. He is also the

chairman of the Audit Comite and a member of the

Remuneration Comite of the Company. Mr. Li serves

as an independent non-executive director of other listed

companies on the main board of Hong Kong Stock Exchange

namely, China Everbright Bank Company Limited (also

listed on the Shanghai Stock Exchange), China Resources

Beverage (Holdings) Company Limited, Genertec Universal

Medical Group Company Limited, Mainland Headwear

Holdings Limited and Milion Cities Holdings Limited. He

served respectively as the general manager of financial

department, chief financial oficer, vice president of China

Merchants Group and chief executive oficer of China

Merchants Capital Investment Co., Ltd. He also served as

an executive director of other listed companies on the main

board of the Hong Kong Stock Exchange namely, China

Merchants China Direct Investments Limited and China

Merchants Port Holdings Company Limited, a non-executive

director of China Merchants Bank Co., Ltd. (also listed on

the Shanghai Stock Exchange) as wel as an independent

non-executive director of China Agri-Products Exchange

Limited and Kimou Environmental Holding Limited and Sound

Group Inc. (formerly known as Lizhi Inc., which is listed on

NASDAQ). Mr. Li also serves as the Hong Kong Deputy to

the 12th,13th and 14th National People’s Congres of the

People’s Republic of China. Mr. Li graduated from Shanxi

Institute of Finance and Economics with a bachelor’s degre

in economics. He was also awarded a master’s degre

in economics from the PBC Schol of Finance, Tsinghua

University (formerly known as Graduate Schol of the

People’s Bank of China) and a master’s degre in banking

and finance for development from Finafrica Institute in Milan,

Italy.

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历

2024/25 Anual Report | 年报77

Ms. Cheung Marn Kay

aged 57, was apointed as an Independent Non-executive

Director of the Company on 27th June 2025. She is also

a member of each of the Audit Comite, Nomination

Comite and Remuneration Comite of the Company.

Ms. Cheung is curently an independent non-executive

director of Chia Tai Enterprises International Limited, a

company listed on the main board of Hong Kong Stock

Exchange. Prior to her curent role, Ms. Cheung was the

managing director of BlackRock Aset Management North

Asia Limited, a subsidiary of BlackRock, Inc., from 1999 to

2012. Ms. Cheung is presently the Treasurer of Council and

Court member of the Lingnan University, the chairman of

The HKSAR Sir Muray MacLehose Trust Fund Investment

Advisory Comite and a member of The HKSAR Standing

Comite on Disciplined Services Salaries and Conditions

of Service. Previously, Ms. Cheung was a board member

and chairman of the audit comite of the Hong Kong

Examinations and Asesment Authority, a member of The

HKSAR ICAC Citizens Advisory Comite on Comunity

Relations and a member of the Advisory Comite of the

Hong Kong Securities and Futures Comision. Ms. Cheung

obtained a Bachelor of Arts degre from the University of

British Columbia in 1992.

SENIOR MANAGEMENT

The abovementioned Executive Directors are members of

senior management of the Group.

章曼琪女士

五十七岁，于二零二五年六月二十七日获委任为本

公司独立非执行董事。彼亦为本公司审核委员会、

提名委员会及薪酬委员会成员。章女士现时亦为于

香港联交所主板上市之正大企业国际有限公司之

独立非执行董事。于担任现任职务前，章女士于

一九年至二零一二年为BlackRock, Inc.附属

公司贝莱德资产管理北亚有限公司的董事总经理。

章女士现为岭南大学校董会司库及咨议会成员、香

港特别行政区麦理浩爵士信托基金投资顾问委员会

主席，以及香港特别行政区纪律人员薪俸及服务条

件常务委员会委员。此前，章女士曾任香港考试及

评核局委员会成员及审核委员会主席、香港特别行

政区廉政公署公民及社区关系咨询委员会委员，以

及香港证券及期货事务监察委员会咨询委员会委

员。章女士于一九二年取得英属哥伦比亚大学文

学士学位。

高级管理人员

上述执行董事为本集团高级管理人员的成员。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司78

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

To the Shareholders of Hong Kong Shanghai Aliance

Holdings Limited

(incorporated in Bermuda with limited liability)

OPINION

What we have audited

The consolidated financial statements of Hong Kong

Shanghai Aliance Holdings Limited (the “Company”) and its

subsidiaries (the “Group”), which are set out on pages 85 to

216, comprise:

• the consolidated statement of financial position as at

31st March 2025;

• the consolidated income statement for the year then

ended;

• the consolidated statement of comprehensive income

for the year then ended;

• the consolidated statement of changes in equity for the

year then ended;

• the consolidated statement of cash flows for the year

then ended; and

comprising material acounting policy information and

other explanatory information.

Our opinion

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 isued by the Hong Kong Institute of Certified

Public Acountants (“HKICPA”) and have ben properly

prepared in compliance with the disclosure requirements of

the Hong Kong Companies Ordinance.

致沪港联合控股有限公司股东

（于百慕达注册成立的有限公司）

意见

我们已审计的内容

沪港联合控股有限公司（以下简称「贵公司」）及其附

属公司（以下统称「贵集团」）列载于第85至216页

的综合财务报表，包括：

• 于二零二五年三月三十一日的综合财务状况

表；

；及

，包括重要会计政策资料

及其他诠释资料。

我们的意见

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其截至该日止年度的综

合财务表现及综合现金流量，并已遵照香港公司条

例的披露规定妥为拟备。

792024/25 Anual Report

| 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

Standards on Auditing (“HKSAs”) isued by the HKICPA.

Our responsibilities under those standards are further

described in the Auditor’s Responsibilities for the Audit of

the Consolidated Financial Statements section of our report.

We believe that the audit evidence we have obtained is

suficient and apropriate to provide a basis for our opinion.

Independence

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.

KEY AUDIT MATER

Key audit maters are those maters that, in our profesional

judgment, 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 mater identified in our audit is related to the

valuation of investment properties.

意见的基础

我们已根据香港会计师公会颁布的《香港审计准则》

进行审计。我们在该等准则下承担的责任已在本报

告「核数师就审计综合财务报表承担的责任」部分中

作进一步阐述。

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。

独立性

根据香港会计师公会颁布的《专业会计师道德守则》

（以下简称「守则」），我们独立于贵集团，并已履

行守则中的其他专业道德责任。

关键审计事项

关键审计事项是根据我们的专业判断，认为对本期

综合财务报表的审计最为重要的事项。这些事项是

在我们审计整体综合财务报表及出具意见时进行处

理的。我们不会对这些事项提供单独的意见。

我们在审计中识别的关键审计事项为投资性物业的

估值。

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

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司80

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

KEY AUDIT MATER (CONTINUED)

Valuation of investment properties Our procedures in relation to management’s

valuations of the investment properties included:

我们就管理层对投资物业的估值所进行的程序包括：

We understod the management’s proces in

relation to the valuation of investment properties and

asesed the inherent risk of material mistatement

by considering the degre of estimation uncertainty

and level of other inherent risk factors such as

significant judgements involved in determining

asumptions to be aplied.

我们已了解管理层对投资物业估值的流程，并通过考虑估

计不确定性的程度以及其他固有风险因素的水平，例如于

厘定将予应用假设时涉及的重大判断，评估了重大错报的

固有风险。

We evaluated the competence, capabilities and

objectivity of the independent external valuers.

我们评估独立外部估值师的胜任能力、专业素质和客观

性。

We involved our internal valuation expert in asesing

the methodologies and the key asumptions,

including market rents, term and reversionary yields

and market prices etc, used by the management’s

expert by comparing with relevant comparable

market data and industry research.

我们的内部估值专家透过比较相关可资比较的市场数据及

行业研究，协助我们评估管理层专家的方法论及主要假

设，包括市场租金、期限、复归收益率及市价等。

投资物业的估值

Refer to notes 4(a), 15 and 19 to the consolidated

financial statements

投资物业的估值请参阅综合财务报表附注4(a)、15及19

As at 31st March 2025, the carying amount of

the Group’s investment properties in the People’s

Republic of China (the “PRC”) was aproximately

HK$1,246.9 milion and a fair value los of

aproximately HK$25.0 milion was recognised in the

consolidated income statement during the year. The

Group also has investment properties held through

investments acounted for using the equity method

with the Group’s share of their carying amount

of HK$612.6 milion as at 31st March 2025 and

share of a fair value los of aproximately HK$19.4

milion were recognised during the year. The Group

performed valuations on its investment properties

and those held through investments acounted

for using the equity method, with the asistance

of two independent profesional valuers based

on the discounted cash flow aproach, income

capitalisation aproach and/or the direct comparison

aproach.

于二零二五年三月三十一日，贵集团在中华人民共和国

（以下简称「中国」）的投资物业的账面值约为1,246.9百万

港元，而约25.0百万港元的公允价值亏损于本年度的综合

损益表中确认。于二零二五年三月三十一日，贵集团亦

拥有透过按权益法入账的投资持有的投资物业，且贵集

团应占彼等的账面值612.6百万港元，而应占年内确认公

允价值亏损约19.4百万港元。于两名独立专业估值师之协

助下，贵集团按折现金流量法、收入资本化法及╱或

直接比较法对其投资物业及透过权益法入账的投资持有的

投资物业进行评估。

We focused on this area due to the magnitude of the

balance to the financial position of the Group, and

the significant judgement and estimates involved

in the determination of the fair value of investment

properties which is dependent on key asumptions

including market rents, term and reversionary yields

and market prices etc.

我们关注此范畴是鉴于投资物业对贵集团财务状况的结

余属重大，以及对投资物业公允价值的厘定涉及重大判断

及评估，而这取决于关键假设，包括市场租金、期限、复

归收益率及市价等。

Based upon the above, we considered that

management judgement and estimation aplied in

respect of the relevant valuation were suportable by

the evidence obtained and procedures performed.

基于以上实施的审计程序，我们认为已获取的审计证据能

够支持其应用于相关估值的管理层判断及假设。

关键审计事项（续）

812024/25 Anual Report

| 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

其他信息

贵公司董事须对其他信息负责。其他信息包括年报

内的所有信息，但不包括综合财务报表及我们的核

数师报告。

我们对综合财务报表的意见并不涵盖其他信息，我

们亦未对该等其他信息发表任何形式的鉴证结论。

结合我们对综合财务报表的审计，我们的责任是阅

读其他信息，在此过程中，考虑其他信息是否与综

合财务报表或我们在审计过程中所了解的情况存在

重大抵触或者似乎存在重大错误陈述的情况。

基于我们已执行的工作，如果我们认为其他信息存

在重大错误陈述，我们需要报告该事实。在这方

面，我们没有任何报告。

董事及审核委员会就综合财务报表须

承担的责任

贵公司董事须负责根据香港会计师公会颁布的香港

财务报告会计准则及香港公司条例的披露规定拟备

真实而中肯的综合财务报表，并对其认为使综合

财务报表的拟备不存在由于欺诈或错误而导致的重

大错误陈述所需的内部控制负责。

在拟备综合财务报表时，董事负责评估贵集团持

续经营的能力，并在适用情况下披露与持续经营有

关的事项，以及使用持续经营为会计基础，除非董

事有意将贵集团清盘或停止经营，或别无其他实

际的替代方案。

审核委员会须负责监督贵集团的财务报告过程。

OTHER INFORMATION

The directors of the Company are responsible for the other

information. The other information comprises al of 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 THE

AUDIT COMITE FOR THE CONSOLIDATED

FINANCIAL STATEMENTS

The directors of the Company are responsible for the

preparation of the consolidated financial statements that give

a true and fair view in acordance with HKFRS Acounting

Standards 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 are responsible for asesing the Group’s ability

to continue as a going concern, disclosing, as aplicable,

maters related to going concern and using the going

concern basis of acounting unles the directors either

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

no realistic alternative but to do so.

The Audit Comite is responsible for overseing the

Group’s financial reporting proces.

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司82

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计综合财务报表承担的责

任

我们的目标，是对综合财务报表整体是否不存在由

于欺诈或错误而导致的重大错误陈述取得合理保

证，并出具包括我们意见的核数师报告。我们仅按

照百慕达一九八一年《公司法》第90条向阁下（作

为整体）报告我们的意见，除此之外本报告别无其

他目的。我们不会就本报告的内容向任何其他人士

负上或承担任何责任。合理保证是高水平的保证，

但不能保证按照《香港审计准则》进行的审计，在某

一重大错误陈述存在时总能发现。错误陈述可以由

欺诈或错误引起，如果合理预期它们单独或汇总起

来可能影响综合财务报表使用者依赖综合财务报表

所作出的经济决定，则有关的错误陈述可被视作重

大。

在根据《香港审计准则》进行审计的过程中，我们运

用了专业判断，保持了专业怀疑态度。我们亦：

• 识别和评估由于欺诈或错误而导致综合财务

报表存在重大错误陈述的风险，设计及执行

审计程序以应对这些风险，以及获取充足和

适当的审计凭证，作为我们意见的基础。由

于欺诈可能涉及串谋、伪造、蓄意遗漏、虚

假陈述，或凌驾于内部控制之上，因此未能

发现因欺诈而导致的重大错误陈述的风险高

于未能发现因错误而导致的重大错误陈述的

风险。

，以设计适当的

审计程序，但目的并非对贵集团内部控制

的有效性发表意见。

• 评价董事所采用会计政策的恰当性及作出会

计估计和相关披露的合理性。

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. We report our opinion solely to you, as a body, in

acordance with Section 90 of the Companies Act 1981

of Bermuda 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 judgment and maintain profesional scepticism

throughout the audit. We also:

• Identify and ases the risks of material mistatement

of the consolidated financial statements, whether due

to fraud or eror, design and perform audit procedures

responsive to those risks, and obtain audit evidence

that is suficient and apropriate to provide a basis

for our opinion. The risk of not detecting a material

mistatement resulting from fraud is higher than for one

resulting from eror, as fraud may involve colusion,

forgery, intentional omisions, misrepresentations, or

the overide of internal control.

• Obtain an understanding of internal control relevant

to the audit in order to design audit procedures that

are apropriate in the circumstances, but not for the

purpose of expresing an opinion on the efectivenes

of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies

used and the reasonablenes of acounting estimates

and related disclosures made by the directors.

832024/25 Anual Report

| 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计综合财务报表承担的责

任（续）

• 对董事采用持续经营会计基础的恰当性作出

结论。根据所获取的审计凭证，确定是否存

在与事项或情况有关的重大不确定性，从而

可能导致对贵集团的持续经营能力产生重

大疑虑。如果我们认为存在重大不确定性，

则有必要在核数师报告中提请使用者注意综

合财务报表中的相关披露。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。

、结构和

内容，包括披露，以及综合财务报表是否中

肯反映交易和事项。

• 就贵集团内实体或业务活动的财务信息获

取充足、适当的审计凭证，以便对综合财务

报表发表意见。我们负责贵集团审计的方

向、监督和执行。我们为审计意见承担全部

责任。

除其他事项外，我们与审核委员会沟通了计划的审

计范围、时间安排、重大审计发现等，包括我们在

审计中识别出内部控制的任何重大缺陷。

我们还向审核委员会提交声明，说明我们已符合有

关独立性的相关专业道德要求，并与他们沟通有可

能合理地被认为会影响我们独立性的所有关系和其

他事项，以及在适用的情况下，用以消除对独立性

产生威胁的行动或采取的防范措施。

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE CONSOLIDATED FINANCIAL STATEMENTS

(CONTINUED)

’ use

of the going concern basis of acounting and, based

on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions that

may cast significant doubt on the Group’s ability to

continue as a going concern. If we conclude that

a material uncertainty exists, we are required to

draw atention in our auditor’s report to the related

disclosures in the consolidated financial statements

or, if such disclosures are inadequate, to modify

our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause

the Group to cease to continue as a going concern.

, structure and content

of the consolidated financial statements, including the

disclosures, and whether the consolidated financial

statements represent the underlying transactions and

events in a maner that achieves fair presentation.

• Obtain suficient apropriate audit evidence regarding

the financial information of the entities or busines

activities within the Group to expres an opinion on the

consolidated financial statements. We are responsible

for the direction, supervision and performance of the

group audit. We remain solely responsible for our audit

opinion.

We comunicate with the Audit Comite regarding,

among other maters, the planed scope and timing of the

audit and significant audit findings, including any significant

deficiencies in internal control that we identify during our

audit.

We also provide the Audit Comite with a statement

that we have complied with relevant ethical requirements

regarding independence, and to comunicate with them

al relationships and other maters that may reasonably be

thought to bear on our independence, and where aplicable,

actions taken to eliminate threats or safeguards aplied.

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司84

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE CONSOLIDATED FINANCIAL STATEMENTS

(CONTINUED)

From the maters comunicated with the Audit Comite,

we determine those maters that were of most significance

in the audit of the consolidated financial statements of the

curent period and are therefore the key audit maters. We

describe these maters in our auditor’s report unles law or

regulation precludes public disclosure about the mater or

when, in extremely rare circumstances, we determine that a

mater should not be comunicated in our report because

the adverse consequences of doing so would reasonably

be expected to outweigh the public interest benefits of such

comunication.

The engagement partner on the audit resulting in this

independent auditor’s report is LE, Kin Wah, Albert

(practising certificate number: P04868).

PricewaterhouseCopers

Certified Public Acountants

Hong Kong, 26th June 2025

核数师就审计综合财务报表承担的责

任（续）

从与审核委员会沟通的事项中，我们确定哪些事项

对本期间综合财务报表的审计最为重要，因而构成

关键审计事项。我们在核数师报告中描述这些事

项，除非法律法规不允许公开披露这些事项，或在

极端罕见的情况下，如果合理预期在我们报告中沟

通某事项造成的负面后果超过产生的公众利益，我

们决定不应在报告中沟通该事项。

出具本独立核数师报告的审计项目合伙人为李健华

先生（执业证书编号：P04868）。

罗兵咸永道会计师事务所

执业会计师

香港，二零二五年六月二十六日

		2025	2024
		二零二五年	二零二四年
	Note	HK$’000	HK$’000
	附注	千港元	千港元
2,111,804
(1,764,638)
347,166
(17,419)
(147,721)
(2,597)
2,524
(25,002)
156,951
588
(72,288)
(19,641)
65,610
15,634
81,244
89,617
(8,373)
81,244
HK14.06 cents港仙
HK14.06 cents港仙

852024/25 Anual Report

| 年报

CONSOLIDATED INCOME STATEMENT

综合损益表

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

The above consolidated income statement should be read in

conjunction with the acompanying notes.

上述综合损益表应与随附的附注一并阅读。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
81,244
—
—
(12,080)
502
(11,578)
69,666
78,923
(9,257)
69,666

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司86

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

综合全面损益表

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

The above consolidated statement of comprehensive income

should be read in conjunction with the acompanying notes.

上述综合全面损益表应与随附的附注一并阅读。

		2025	2024
		二零二五年	二零二四年
	Note	HK$’000	HK$’000
	附注	千港元	千港元
36,229
1,246,853
20,285
267,402
23,938
45,103
2,901
2,247
1,644,958
35,471
342,883
352,399
687
178,980
910,420
2,555,378

872024/25 Anual Report

| 年报

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31st March 2025 于二零二五年三月三十一日

		2025	2024
		二零二五年	二零二四年
	Note	HK$’000	HK$’000
	附注	千港元	千港元
63,650
936,526
1,000,176
93,825
1,094,001
9,066
80,679
315,836
2,054
407,635
58,366
25,798
78,544
64,597
2,722
9,640
806,781
7,294
1,053,742
1,461,377
2,555,378

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司88

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31st March 2025 于二零二五年三月三十一日

The above consolidated statement of financial position

should be read in conjunction with the acompanying notes.

The consolidated financial statements were aproved by the

Board of Directors on 26th June 2025 and were signed on its

behalf.

Yao Cho Fai AndrewLau Chi Chiu

姚袓辉刘子超

ChairmanExecutive Director

主席执行董事

上述综合财务状况表应与随附的附注一并阅读。

综合财务报表已于二零二五年六月二十六月获董事

会批准，并代表签署。

Attributable to owners of the Company
本公司拥有人应占
	Share capital	Other reserves	Retained earnings	Total	Non- controlling interest	Total equity
	股本	其他储备	保留盈利	总额	非控制性权益	权益总额
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元	千港元
	(Note 32)	(Note 34)	(Note 34)
	（附注32）	（附注34）	（附注34）
	64,041	530,913	366,195	961,149	111,504	1,072,653
	—	—	78,782	78,782	(1,772)	77,010
	—	631	—	631	—	631
	—	(1,668)	—	(1,668)	—	(1,668)
	—	(75,949)	—	(75,949)	(8,422)	(84,371)
	—	(2,907)	—	(2,907)	—	(2,907)
	—	(79,893)	78,782	(1,111)	(10,194)	(11,305)
	—	722	(722)	—	—	—
	—	(1,508)	1,508	—	—	—
	—	1,413	(1,204)	209	(2,938)	(2,729)
	—	—	—	—	3,493	3,493
	(181)	181	(461)	(461)	—	(461)
	—	—	—	—	(580)	(580)
	—	—	(19,212)	(19,212)	—	(19,212)
	(181)	808	(20,091)	(19,464)	(25)	(19,489)
	63,860	451,828	424,886	940,574	101,285	1,041,859

892024/25 Anual Report

| 年报

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

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

Attributable to owners of the Company
本公司拥有人应占
	Share capital	Other reserves	Retained earnings	Total	Non- controlling interest	Total equity
	股本	其他储备	保留盈利	总额	非控制性权益	权益总额
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元	千港元
	(Note 32)	(Note 34)	(Note 34)
	（附注32）	（附注34）	（附注34）

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司90

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

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

As at 1st April 2024于二零二四年四月一日63,860451,828424,886940,574101,2851,041,859

Profit for the year年度溢利—89,61789,617(8,373)81,244

Other comprehensive income/(los)其他全面收入╱（亏损）

– Curency transaction diferences －货币汇兑差额—(11,196)—(11,196)(884)(12,080)

– Change in fair value of financial aset

at fair value through other

comprehensive income (Note 21)

－按公允价值计入其他全面

收入之金融资产之

公允价值变动（附注21）—502—502—502

Total comprehensive income/(los)全面收入╱（亏损）总额—(10,694)89,61778,923(9,257)69,666

Transactions with owners in their

capacity as owners

拥有人以其拥有人之

身份进行的交易

Apropriation of statutory reserves提拨法定储备—272(272)—

Lapse of share options购股权失效—(458)458—

Return of capital to non-controling

interests

资本返还予非控制性

权益—(974)—(974)—(974)

Capital injection by non-controling

interest of a subsidiary

一间附属公司非控制性

权益之注资—3,8503,850

Share repurchased (Note 32)已回购股份（附注32）(210)210(525)(525)—(525)

Dividends paid to a non-controling

interest of a subsidiary

付予一间附属公司非控制性

权益之股息—(2,053)(2,053)

Dividends paid (Note 12)已付股息（附注12）—(17,822)(17,822)—(17,822)

Total transactions with owners in

their capacity as owners

拥有人以其拥有人之身份

进行的交易总额(210)(950)(18,161)(19,321)1,797(17,524)

As at 31st March 2025于二零二五年三月三十一日63,650440,184496,3421,000,17693,8251,094,001

The above consolidated statement of changes in equity

should be read in conjunction with the acompanying notes

上述综合权益变动表应与随附的附注一并阅读。

		2025	2024
		二零二五年	二零二四年
	Note	HK$’000	HK$’000
	附注	千港元	千港元
301,418
588
(70,957)
(2,096)
(1,648)
227,305
(3,061)
4,131
—
(10,732)
(9,662)

912024/25 Anual Report

| 年报

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

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

		2025	2024
		二零二五年	二零二四年
	Note	HK$’000	HK$’000
	附注	千港元	千港元
252,433
(385,798)
(23,008)
243
(10)
(10,005)
1,114
(974)
3,850
(525)
(17,822)
(2,053)
(182,555)
35,088
145,304
(1,412)
178,980

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司92

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

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

The above consolidated statement of cash flows should be

read in conjunction with the acompanying notes.

上述综合现金流量表应与随附的附注一并阅读。

932024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1 GENERAL INFORMATION

Hong Kong Shanghai Aliance Holdings Limited (the

“Company”) is a limited liability company incorporated

in Bermuda on 12th January 1994 as an exempted

company under the Companies Act 1981 of Bermuda

(as amended). The shares of the Company have ben

listed on the Main Board of The Stock Exchange of

Hong Kong Limited (the “Stock Exchange”) since 18th

February 1994. The adres of its registered ofice is

at Clarendon House, 2 Church Stret, Hamilton HM11,

Bermuda and its principal place of busines in Hong

Kong is located at Roms 1103-05, 11th Flor, East

Town Building, 41 Lockhart Road, Wanchai, Hong

Kong.

The Company and its subsidiaries (colectively the

“Group”) are principaly engaged in distribution

and procesing of construction materials such

as stel products; trading of sanitary wares and

kitchen cabinets and property investment and fund

management busineses.

These consolidated financial statements are presented

in Hong Kong dolar (“HK$”), unles otherwise stated.

These consolidated financial statements have ben

aproved for isue on 26th June 2025 by the Board of

the Company.

2 BASIS OF PREPARATION AND CHANGE IN

ACOUNTING POLICY

2.1 Basis of preparation

These consolidated financial statements of the

Group have ben prepared in acordance with

al aplicable HKFRS Acounting Standards

isued by the Hong Kong Institute of Certified

Public Acountants (“HKICPA”) and disclosure

requirements of the Hong Kong Companies

Ordinance (Cap. 622, the Laws of Hong Kong).

They have ben prepared under the historical

cost convention, as modified by financial

asets/liabilities (including derivative financial

instruments) at fair value through profit or los

(“FVPL”) and other comprehensive income

(“FVOCI”) and investment properties, which are

caried at fair values.

1 一般资料

沪港联合控股有限公司（「本公司」）于

一九四年一月十二日在百慕达注册成立

为有限责任公司，并根据百慕达一九八一

年公司法（经修订）成为一间豁免公司。自

一九四年二月十八日起，本公司之股份

于香港联合交易所有限公司（「联交所」）主

板上市。其注册办事处地址位于Clarendon

House, 2 Church Stret, Hamilton HM11,

Bermuda，及其香港主要营业地点位于香港

湾仔骆克道41号东城大厦11楼1103-05室。

本公司及其附属公司（统称「本集团」）主要从

事分销及加工建筑材料，例如钢铁产品；卫

浴洁具及厨柜贸易；以及房地产投资及基金

运营业务。

除另有说明外，该等综合财务报表以港元

（「港元」）呈列。该等综合财务报表已于二零

二五年六月二十六日获本公司董事会批准发

布。

2 编制基准

2.1 编制基准

本集团之综合财务报表依照香港会计师

公会（「香港会计师公会」）颁布之所有

适用香港财务报告会计准则及香港公司

条例（香港法例第622章）之披露规定编

制。其按历史成本惯例编制，并已按公

允价值计入损益（「按公允价值计入损

益」）及其他全面收入（「按公允价值计入

全面收入」）之金融资产╱负债（包括衍

生金融工具）及投资物业按公允价值作

出修订。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司94

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 BASIS OF PREPARATION AND CHANGE IN

ACOUNTING POLICY (CONTINUED)

2.1 Basis of preparation (Continued)

The preparation of these consolidated financial

statements in conformity with HKFRS Acounting

Standards requires the use of certain critical

acounting estimates. It also requires management

to exercise its judgement in the proces of

aplying the Group’s acounting policies. The

areas involving a higher degre of judgement

or complexity, or areas where asumptions and

estimates are significant to the consolidated

financial statements, are disclosed in Note 4.

Certain comparative figures have ben regrouped

to conform with the curent year’s presentation of

the consolidated financial statements.

2.1.1 Going concern basis

As at 31st March 2025, the Group’s curent

liabilities exceded its curent asets by

aproximately HK$143.3 milion while the

Group’s cash and cash equivalents amounted

to aproximately HK$179.0 milion.

In view of such circumstances, the directors of

the Company have given careful consideration

to the future liquidity and performance of the

Group and its available sources of financing

in asesing whether the Group wil have

suficient financial resources to continue as a

going concern. Certain plans and measures

have ben taken to mitigate the liquidity

presure and to improve its financial position

which include, but not limited to, the folowing:

, the Group had

unutilised banking facilities of HK$932.6

milion and utilised banking facilities

of HK$968.2 milion that are subject

to standard anual review proces by

the banks. Management maintains on-

going comunication with the relevant

banks and these facilities are under

normal utilisation in acordance with their

terms and conditions. In the opinion of

the director, these banking facilities wil

continue to be available to the Group and

the Group wil be sucesful in agreing

with the banks on terms as requested

for suporting its operation for the next

twelve months from 31st March 2025; and

2 编制基准（续）

2.1 编制基准（续）

编制该等符合香港财务报告会计准则之

综合财务报表需要使用若干关键性会计

推算。此亦需要管理层在应用本集团会

计政策之过程中行使其判断。涉及较高

程度之判断或复杂性之范畴或其假设及

估计对综合财务报表而言属重大之范畴

于附注4披露。

若干比较数字已重新整编，以符合本年

度综合财务报表的呈列方式。

2.1.1 持续经营基准

于二零二五年三月三十一日，本

集团流动负债超出其流动资产约

143.3百万港元，而本集团的现金

及现金等值约为179.0百万港元。

鉴于该等情况，本公司董事已对

本集团未来的流动资金及表现及

其可用融资渠道作出审慎考虑，

以评估本集团是否具足够的财务

资源持续经营。本集团已采取若

干计划和措施缓解流动资金的压

力及改善其财务状况，其中包括

但不限于以下各项：

• 于二零二五年三月三十一

日，本集团拥有未动用银

行融资额度为932.6百万港

元，及已动用银行融资额

度为968.2百万港元，而该

等银行融资额度须经过银行

之标准年度审查程序。管理

层与相关银行一直持续保持

沟通，相关融资额度的使用

符合其条款及条件。董事认

为该等银行融资额度将持续

提供予本集团及本集团将成

功与银行就所需条款达成共

识，该银行融资能够支持

本集团自二零二五年三月

三十一日起计未来十二个月

的营运需要；及

952024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 BASIS OF PREPARATION AND CHANGE IN

ACOUNTING POLICY (CONTINUED)

2.1 Basis of preparation (Continued)

2.1.1 Going concern basis (Continued)

, the Group had sucesfuly

negotiated with various banks to increase

the amount of credit facilities, including

to provide revolving facilities sub-limit for

manging short-term liquidity neds and/or

to provide more flexible instalment payment

term so as to match with the neds of the

Group’s busines model.

The directors of the Company have reviewed

the Group’s cash flow projections which

cover a period of not les than twelve

months from 31st March 2025. They are of

the opinion that, taking into acount the

anticipated cash flow generated from the

Group’s operations, the posible changes

in its operating performance, the availability

of the Group’s bank borowings as wel as

the Group’s ability to draw down from its

existing banking facilities, the Group wil

have suficient working capital to finance

its operations and to met its financial

obligations as and when they fal due

within twelve months from 31st March 2025.

Acordingly, the directors consider that

it is apropriate to prepare the Group’s

consolidated financial statements on a going

concern basis.

2 编制基准（续）

2.1 编制基准（续）

2.1.1 持续经营基准（续）

，本集团已成功与

多间银行协商，以增加信贷

额度、包括提供循环贷款次

额度以满足本集团的短期流

动性需要及╱或提供更灵活

分期付款，借以配合本集团

的业务运营模式需要。

本公司董事已审阅本集团的现金

流量预测，而该现金流量预测已

涵盖自二零二五年三月三十一

日起不少于十二个月期间。经考

虑本集团营运产生的预计现金流

量、其经营表现可能出现的变

动、本集团银行借款的可用性，

以及本集团提取其现有银行融资

的能力，彼等认为，本集团将具

有足够的营运资金维持营运，

同时履行其于二零二五年三月

三十一日起计十二个月内到期的

财务责任。因此董事认为以持续

经营基准编制本集团的综合财务

报表实属恰当。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司96

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 BASIS OF PREPARATION AND CHANGE IN

ACOUNTING POLICY (CONTINUED)

2.1 Basis of preparation (Continued)

2.1.2 Amendments to existing standards and

interpretation adopted by the Group

The Group has aplied the folowing amendments

to existing standards and interpretation for the first

time for their anual reporting period comencing

1st April 2024:

Amendments to

HKAS 1

Clasification of

Liabilities as Curent

or Non-curent

Amendments to

HKAS 1

Non-curent Liabilities

with Covenants

Amendments

to HKFRS 16

Lease Liability in a

Sale and Leaseback

HK (IFRIC) –

Int 5 (Revised)

Presentation of

Financial Statements

– Clasification by

the Borower of

a Term Loan that

Contains a

Repayment on

Demand Clause

Amendments to

HKAS 7 and

HKFRS 7

Suplier Finance

Arangements

The adopted amendments to existing

standards and interpretation listed above did

not have any material impact on the results

and financial position of the Group.

2 编制基准（续）

2.1 编制基准（续）

2.1.2 本集团所采纳经修订现行准则及诠

释

本集团已于二零二四年四月一日

开始之年度报告期间首次采用以

下经修订现行准则及诠释：

香港会计准则

第1号之修订

负债分类为流动或

非流动

香港会计准则

第1号之修订

附带契诺的

非流动负债

香港财务报告准则

第16号之修订

售后租回的

租赁负债

香港（国际财务报告

诠释委员会）－

诠释第5号

（经修订）

财务报表之呈列－

借款人对设有

可随时要求

偿还条款之

定期贷款之分类

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

上述已采纳之经修订现行准则及

诠释对本集团的业绩及财务状况

并无产生任何重大影响。

Effective for accounting periods beginning on or after
于以下日期开始或之后之会计期间生效

972024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 BASIS OF PREPARATION AND CHANGE IN

ACOUNTING POLICY (CONTINUED)

2.1 Basis of preparation (Continued)

2.1.3 New standards, amendments to existing

standards and interpretation not yet adopted

by the Group

The folowing new standards, amendments

to existing standards and interpretation have

ben isued but are not efective for the

financial year begining on 1st April 2024

and have not ben early adopted:

Amendments to HKAS 21Lack of Exchangeability1st January 2025

香港会计准则第21号之修订缺乏可兑换性二零二五年一月一日

Amendments to HKFRS 9 and

HKFRS 7

Amendments to the Clasification and

Measurement of Financial Instruments

1st January 2026

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

对金融工具的分类及计量之修订二零二六年一月一日

Amendments to HKFRS 1,

HKFRS 7, HKFRS 9,

HKFRS 10 and HKAS 7

Anual Improvements to HKFRS

Acounting Standards – Volume 11

1st January 2026

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

对香港财务报告会计准则

的年度改进－第11册

二零二六年一月一日

HKFRS 18Presentation and Disclosure in

Financial Statements (new standard)

1st January 2027

香港财务报告准则第18号财务报告之呈列及披露（新标准）二零二七年一月一日

HKFRS 19Subsidiaries without Public

Acountability: Disclosures

1st January 2027

香港财务报告准则第19号非公共受托责任附属公司：披露二零二七年一月一日

Amendments to Hong Kong

Interpretation 5

Presentation of Financial Statements –

Clasification by the Borower

of a Term Loan that Contains a

Repayment on Demand Clause

1st January 2027

香港诠释第5号之修订财务报表之呈列－借款人对设有可随时

要求偿还条款之定期贷款之分类

二零二七年一月一日

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Asets betwen an

Investor and its Asociate or Joint Venture

To be determined

香港财务报告准则第10号及

香港会计准则第28号之修订

投资者与其联营或合营公司之间的资产出售

或注资

待定

2 编制基准（续）

2.1 编制基准（续）

2.1.3 本集团尚未采纳之新准则、经修订

现行准则及诠释

以下为已发布对新准则、经修订

现行准则及诠释，惟于二零二四

年四月一日开始的财政年度尚未

生效，亦未获本集团提前采纳：

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司98

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 BASIS OF PREPARATION AND CHANGE IN

ACOUNTING POLICY (CONTINUED)

2.1 Basis of preparation (Continued)

2.1.3 New standards, amendments to existing

standards and interpretation not yet adopted

by the Group (Continued)

The Group wil adopt the above new standards,

amendments to existing standards and

interpretation when they become efective. The

Group has already comenced an asesment

of the related impact of adopting the above

new standards, amendments to existing

standards and interpretation, none of which

is expected to have a significant efect on the

consolidated financial statements of the Group.

3 FINANCIAL RISK MANAGEMENT

3.1 Financial risk factors

The Group’s activities expose it to a variety of

financial risks: market risk (including price risk,

foreign exchange risk, and cash flow and fair value

interest rate risk), credit risk, and liquidity risk.

The Group’s overal risk management programe

focuses on the unpredictability of financial markets

and seks to minimise potential adverse efects on

the Group’s financial performance.

Risk management is caried out by a central

treasury department (group treasury) under

policies aproved by the Board of Directors.

The Group treasury identifies, evaluates and

hedges financial risks in close co-operation with

the Group’s operating units. The board provides

writen principles for overal risk management, as

wel as writen policies covering specific areas,

such as foreign exchange risk, interest rate risk

and credit risk.

2 编制基准（续）

2.1 编制基准（续）

2.1.3 本集团尚未采纳之新准则、经修订

现行准则及诠释（续）

本集团将于上述对新准则、经修

订现行准则及诠释生效时予以采

纳。本集团已开始评估采纳上述

新准则、经修订现行准则及诠释

之有关影响，预期概不会对本集

团之综合财务报表产生重大影响。

3 财务风险管理

3.1 财务风险因素

本集团之经营活动面对各种财务风险：

市场风险（包括价格风险、外汇风险及

现金流量及公允价值利率风险）、信贷

风险及流动资金风险。本集团之整体风

险管理计划专注于财务市场之不可预测

性及寻求减低对本集团财务表现之潜在

不利影响。

风险管理由司库部（集团司库）按照董事

会批准之政策执行。本集团司库透过与

集团经营单位之紧密合作，负责确定、

评估和对冲财务风险。董事会为整体风

险管理订定书面原则及书面政策，涵盖

外汇风险、利率风险及信贷风险等特定

领域。

992024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.1 Financial risk factors (Continued)

(a) Market risk

(i) Price risk

The Group is subject to comodity

price risk because certain subsidiaries

of the Group are engaged in the trading

of stel products. As at 31st March 2025

and 2024, the Group had comited

sales orders for stel products for

which the seling price is fixed, which

exceded the agregate amount of

on-hand inventories. As the prices of

stel products can fluctuate materialy,

the Group’s results may be afected

significantly by future fluctuations in

stel prices (Note 4(c). To manage

its comodity price risk arising from

comited sales orders, the Group is

closely monitoring the market price

of stel products and adjusting its

procurement strategy acordingly.

The Group also exposed to price risk

mainly arising from investments held

by the Group and clasified on the

consolidated statement of financial

position as financial asets at fair value

through profit or los and financial aset

at fair value through other comprehensive

income. Management considers that their

price risk are insignificant.

(i) Foreign exchange risk

The Group operates internationaly and

is exposed to foreign exchange risk

arising from various curency exposures,

primarily with respect to the US dolar

(“US$”) and the Chinese Renminbi

(“RMB”). Foreign exchange risk arises

from future comercial transactions,

recognised asets and liabilities and net

investments in foreign operations.

Management has set up a policy to

require group companies to manage

their foreign exchange risk against their

functional curency.

3 财务风险管理（续）

3.1 财务风险因素（续）

(a) 市场风险

(i) 价格风险

由于本集团之若干附属公司

从事钢铁产品贸易，故此本

集团面对商品价格风险。于

二零二五年及二零二四年三

月三十一日，本集团已确定

的固定售价之钢铁产品销售

订单超过手头存货。由于钢

铁产品之价格可大幅波动，

本集团之业绩将可能面对重

大未来钢材价格波动之影响

（附注4(c)）。本集团密切监

察钢铁产品之市价及相应调

整其采购策略，以管理已确

定销售订单产生之商品价格

风险。

本集团亦面对主要由本集团

持有之投资（于综合财务状

况表按公允价值计入损益及

按公允价值计入其他全面收

入之金融资产）所产生之价

格风险。管理层认为，其价

格风险并不重大。

(i) 外汇风险

本集团业务跨越多国，因此

面对源于各种货币之外汇风

险，主要涉及美元（「美元」）

及人民币（「人民币」）。外汇

风险源于未来商业交易、已

确认资产及负债及于境外业

务净投资。

管理层已订立政策，要求集

团公司管理对其功能货币相

关之外汇风险。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.1 Financial risk factors (Continued)

(a) Market risk (Continued)

(i) Foreign exchange risk (Continued)

The Group has certain investments

in foreign operations, of which the

net asets are exposed to foreign

curency translation risk. Curency

exposure arising from the net asets

of the Group’s foreign operations is

managed primarily through borowings

denominated in the relevant foreign

curencies.

At 31st March 2025, if HK$ had

strengthened/weakened by 5% (2024:

5%) against RMB with al other variables

held constant, profit before income

tax would have ben aproximately

HK$815,000 higher/lower (2024:

HK$551,000 higher/lower), mainly as a

result of foreign exchange gains/(loses)

on translation of RMB-denominated

monetary asets and liabilities.

As HK$ are reasonably stable with

US$ under the Linked Exchange Rate

System, the management considers the

Group’s foreign exchange risk arisen

from US$ is insignificant. Thus, no

sensitivity analysis is presented.

(i) Cash flow and fair value interest rate

risk

The Group’s income and operating cash

flows are substantialy independent

of changes in market interest rates as

the Group has no significant interest

bearing asets except for cash and

bank deposits, which earn low interest

rate. The Group’s interest rate risk arises

mainly from borowings. Borowings

obtained at variable rates expose the

Group to cash flow interest rate risk.

3 财务风险管理（续）

3.1 财务风险因素（续）

(a) 市场风险（续）

(i) 外汇风险（续）

本集团持有若干于境外经营

投资，其资产净额承受外币

汇兑风险。来自本集团境外

经营资产净额所产生之货币

风险，主要以相关外币计值

之借贷进行管理。

于二零二五年三月三十一

日，倘港元兑人民币上升

╱下跌5%（二零二四年：

5%），而所有其他可变因素

维持不变，则除所得税前溢

利应增加╱减少约815,000

港元（二零二四年：增加╱

减少551,000港元），乃主

要由于兑换以人民币计值之

货币资产及负债之汇兑收益

╱（亏损）所致。

由于在联系汇率制度下港元

兑美元合理稳定，管理层认

为本集团来自美元之外汇风

险轻微。因此，并无呈列敏

感度分析。

(i) 现金流量及公允价值利率风

险

由于本集团除赚取低息率之

现金及银行存款外概无重大

附息资产，本集团之收入及

经营现金流量实质上不受市

场利率变动所影响。本集团

之利率风险主要来自借贷。

浮息借贷使本集团面对现金

流量利率风险。

1012024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.1 Financial risk factors (Continued)

(a) Market risk (Continued)

(i) Cash flow and fair value interest rate

risk (Continued)

At 31st March 2025, if interest rates on

floating rate borowings had ben 100

basis points higher/lower with al other

variables held constant, profit before

income tax for the year would have ben

aproximately HK$11,226,000 (2024:

HK$12,595,000) lower/higher, mainly

as a result of higher/lower interest

expenses on floating rate borowings.

(b) Credit risk

(i) Risk management

The credit risk of the Group mainly

arises from trade and bil receivables,

deposits and other receivables and

cash and cash equivalents.

Management considers that the Group

has limited credit risk with its banks

which are leading and reputable. The

Group has not incured significant los

from non-performance by these parties

in the past and management does

not expect so in the future. Therefore,

expected credit los rate of cash at

banks is asesed to be imaterial and

no provision was made as at 31st March

2025 and 2024.

The Group has policies in place to

ensure that sales are made to reputable

and creditworthy customers with an

apropriate financial strength, credit

history and/or apropriate percentage

of down payments. It also has other

monitoring procedures to ensure that

folow-up action is taken to recover

overdue debts.

3 财务风险管理（续）

3.1 财务风险因素（续）

(a) 市场风险（续）

(i) 现金流量及公允价值利率风

险（续）

于二零二五年三月三十一

日，倘浮息借贷之利率增

加╱减少100个基点，而所

有其他可变因素维持不变，

则年内除所得税前溢利应

减少╱增加约11,226,000

港元（二零二四年：约

12,595,000港元），乃主要

由于浮息借贷之利息支出增

加╱减少所致。

(b) 信贷风险

(i) 风险管理

本集团信贷风险主要来自应

收账款及票据、按金及其他

应收账款以及现金及现金等

值。

管理层认为，本集团与知名

及声誉昭著的银行交易，其

所面对的信贷风险有限。本

集团过往尚未因此等银行未

能履约而产生重大亏损，而

管理层亦不会预期日后会产

生该情况。因此，银行现金

之预期信贷亏损率，评核为

并不重大，于二零二五年及

二零二四年三月三十一日概

无计提拨备。

本集团具备政策，以确保销

售予声誉及信誉良好且具备

适当财政实力、信贷记录及

╱或押付恰当比例订金之客

户，亦具备其他监测程序，

以确保执行跟进工作，索回

逾期债务。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司102

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)

(i) Risk management (Continued)

Majority of the Group’s revenue is

received from individual customers in

relation to trading of building products

and distribution and procesing of

construction materials. As at 31st

March, 2025, top 10 customers of the

Group acounted for aproximately

48% (2024: 43%) to the total trade

and bil receivables of the Group. The

Group has set up long-term coperative

relationship with these customers. In

view of the history of busines dealings

with these customers and the colection

history of the receivables due from

them, management believes that there

is no material credit risk inherent in

the Group’s outstanding receivable

balance due from these customers

saved for the debtors related to the

impaired trade receivable disclosed

below. Management makes periodic

asesment on the recoverability of

trade and other receivables based on

historical payment records, the length

of the overdue period, the financial

strength of the debtors, the overal

macro-economic environment and

whether there are any disputes with

the debtors. The Group’s historical

experience in colection of trade

and other receivables fals within the

recorded alowances and the directors

are of the opinion that adequate

provision for uncolectible receivables

has ben made in these consolidated

financial statements.

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

(i) 风险管理（续）

本集团绝大部分收益来自与

个别客户相关建筑材料贸易

及钢材分销及加工。于二零

二五年三月三十一日，本集

团首10大客户占本集团应

收账款及票据总额约48%

（二零二四年：43%）。本

集团已与此等客户建立长期

合作关系。鉴于与此等客户

之业务买卖往绩及应收账款

收回往绩，管理层相信本集

团自此等客户之应收结余概

无重大信贷风险，惟下文披

露有关减值应收账款之债务

人除外。管理层根据过往付

款记录、逾期时间、债务人

财务能力、整体宏观经济环

境及与债务人是否具任何争

议，定期评估应收账款及其

他应收账款之可收回能力。

本集团于收回应收账款及其

他应收账款之过往经验均在

已拨备之范畴，而董事认为

已就不可收回之应收账款于

本综合财务报表中作足够拨

备。

1032024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)

(i) Impairment of financial asets

The Group has thre main types of

financial asets that are subject to the

expected credit los model:

— trade receivables;

— cash and cash equivalents and

pledged bank deposits; and

— other financial asets measured

at amortised costs (including

deposits, other receivables and bil

receivables).

While cash and cash equivalents

are also subject to the impairment

requirements of HKFRS 9, the directors

consider that the identified impairment

los was imaterial.

Trade receivables

The Group aplies the HKFRS 9 simplified

aproach to measure expected credit

loses which uses a lifetime expected

los alowance for al trade receivables.

The Group measures the expected credit

loses on a combination of both individual

and colective basis.

Measurement of expected credit los on

individual basis

Receivables relating to customers with

known financial dificulties or significant

doubt on colection of receivables are

asesed individualy for provision for

impairment alowance.

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

(i) 金融资产减值

本集团受限于预期信贷亏损

模式，具三种主要金融资产

分类：

－应收账款；

－现金及现金等值及已

抵押银行存款；及

－按摊销成本计量之其

他金融资产（包括按

金、其他应收账款及

应收票据）。

其中现金及现金等值亦须遵

循香港财务报告准则第9号

之减值规定，惟董事认为已

识别之减值亏损并不重大。

应收账款

本集团应用香港财务报告准

则第9号简化方式计量预期

信贷亏损，就所有应收账款

计提全期预期亏损拨备。本

集团按结合个别及共同基准

计量预期信贷亏损。

按个别基准计量预期信贷亏

损

对于具明显财政困难或收回

应收账款具重大存疑的客

户，其减值拨备则按个别作

评定。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司104

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)

(i) Impairment of financial asets (Continued)

Measurement of expected credit los on

colective basis

The expected los rates are based on

the on the payment profiles of sales

over a period of 72 months before 31st

March 2024 and the coresponding

historical credit loses experienced.

The historical los rates are adjusted

to reflect curent and forward-loking

information on macroeconomic factors

afecting the ability of the customers to

setle the receivables. For customers

relating to the trading busines in

the Mainland China, the Group has

identified the CPI inflation and GDP of

Mainland China to be the most relevant

factors. For customers in Hong Kong,

the Group has identified the GDP levels,

CPI inflation of Hong Kong, GDP and

anual curent acount balance as a

percentage of nominal GDP of Hong

Kong as the most relevant factors for

trading and manufacturing busines

in Hong Kong. The Group adjusts the

historical los rates based on expected

changes in these factors acordingly.

To measure the expected credit loses,

trade receivables have ben grouped

based on the nature of customer acounts,

shared credit risk characteristics and the

days past due.

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

(i) 金融资产减值（续）

按共同基准计量预期信贷亏

损

预期亏损率乃根据于二零

二四年三月三十一日前为期

七十二个月销售之付款情况

以及相应过往所承受之信贷

亏损计算。过往亏损率会予

以调整，以反映当前及未来

因宏观经济因素影响客户清

偿应收账款之能力。对有关

于中国大陆贸易业务之客

户，本集团已确定中国消费

物价指数通胀及国内生产总

值为最相关因素。对香港贸

易业务客户，本集团确定本

地生产总值水平、香港消费

物价指数通胀、本地生产总

值及年度经常账目余额占名

义香港生产总值的百分比为

香港贸易及制造业务最相关

因素。本集团根据该等因素

的预期变动相应调整历史亏

损率。

为计量预期信贷亏损，应收

账款已按客户性质、共有信

贷风险特性及逾期日数归

类。

Current	1-60 days past due	61-120 days past due	121-180 days past due	181-365 days past due	Over 365 days past due	Total
当期	逾期 1-60日	逾期 61-120日	逾期 121-180日	逾期 181-365日	逾期超过 365日	总计
HK$000	HK$000	HK$000	HK$000	HK$000	HK$000	HK$000
千港元	千港元	千港元	千港元	千港元	千港元	千港元
255,566	50,325	9,530	19,561	11,382	23,216	369,580
(2,274)	(393)	(297)	(281)	(2,808)	(11,757)	(17,810)
253,292	49,932	9,233	19,280	8,574	11,459	351,770

Current	1-60 days past due	61-120 days past due	121-180 days past due	181-365 days past due	Over 365 days past due	Total
当期	逾期 1-60日	逾期 61-120日	逾期 121-180日	逾期 181-365日	逾期超过 365日	总计
HK$000	HK$000	HK$000	HK$000	HK$000	HK$000	HK$000
千港元	千港元	千港元	千港元	千港元	千港元	千港元

1052024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)

(i) Impairment of financial asets (Continued)

Measurement of expected credit los on

colective basis (Continued)

On the above individual and colective

basis, the los alowance as at 31st

March 2025 and 2024 were determined

as folows:

At 31st March 2024于二零二四年

三月三十一日

Gros carying amount –

trade receivables

账面总值－

应收账款284,18854,7976,7094,3187,87822,299380,189

Los alowance亏损拨备(1,416)(248)(354)(743)(1,202)(11,349)(15,312)

Net carying amount –

trade receivable

账面净值－

应收账款282,77254,5496,3553,5756,67610,950364,877

Impairment loses on trade receivables

are presented as “impairment los on

financial asets – net” within operating

profit. Subsequent recoveries of amounts

previously writen of are credited against

the same line item.

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

(i) 金融资产减值（续）

按共同基准计量预期信贷亏

损（续）

于上述个别及共同基准下，

于二零二五年及二零二四年

三月三十一日之亏损拨备厘

定如下：

应收账款减值亏损于经营

溢利中以「金融资产减值亏

损－净额」呈列。其后收回

过往撇销之金额会于同一项

目入账。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司106

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)

(i) Impairment of financial asets (Continued)

Other financial asets at amortised

costs

Management considers that its credit

risk has not increased significantly

since initial recognition with reference

to the counterparty historical default

rate and curent financial position. The

impairment provision is determined

based on the 12-month expected credit

los which is considered insignificant.

Cash flow forecasting is performed in

the operating entities of the Group and

agregated by group finance. Group finance

monitors roling forecasts of the Group’s

liquidity requirements to ensure it has

suficient cash to met operational neds

while maintaining suficient headrom on its

undrawn comited borowing facilities (Note

31) at al times so that the Group does not

breach borowing limits or covenants on any

of its borowing facilities. Such forecasting

takes into consideration the Group’s debt

financing plans, covenant compliance

and compliance with internal ratio of the

consolidated statement of financial position

targets.

Surplus cash held by the operating entities

over and above balance required for working

capital management are transfered to the

Group’s treasury. The Group’s treasury invests

surplus cash in time deposits, marketable

securities, and other instruments with

apropriate maturities or suficient liquidity to

provide suficient head-rom as determined

by the above-mentioned forecasts. At the

reporting date, the Group held cash and cash

equivalents of aproximately HK$178,980,000

(2024: HK$145,304,000) (Note 26) and trade

and bil receivables, net, of aproximately

HK$352,399,000 (2024: HK$367,077,000)

(Note 24) that are expected to readily generate

cash inflows for managing liquidity risk.

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

(i) 金融资产减值（续）

按摊销成本列账之其他金融

资产

参考交易对手过往违约率及

目前财务状况，管理层认为

信贷风险自初始确认以来并

未大幅增加。减值拨备乃根

据12个月预期信贷亏损厘

定，其金额并不重大。

现金流量预测是在本集团之各经

营实体执行，并由集团财务总

计。本集团财务监察本集团流动

资金需求之滚动预测，确保具足

够现金应付经营需要，亦同时于

任何时间维持其尚未提取但已承

诺的融资额度（附注31），以使本

集团不违反任何借贷限额或任何

借贷融资契诺。此等预测考虑到

本集团债务融资计划、契诺合规

性及符合内部综合财务状况表比

率目标。

当经营实体所持有之剩余现金超

过营运资本管理所需余额时，会

转拨至本集团司库。本集团司库

将剩余现金投资于定期存款及有

价证券，以及具有合适到期日或

足够流动性之其他工具，以提供

上述预测所厘定的充足余额。于

报告日，本集团持有现金及现金

等值约178,980,000港元（二零

二四年：145,304,000港元）（附

注26）及应收账款及票据净额约

352,399,000港元（二零二四年：

367,077,000港元）（附注24），预

期可即时产生现金流入以管理流

动资金风险。

Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	Over 5 years	Total
少于1年	1至2年	2至5年	超过5年	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
58,366	—	—	—	58,366
25,798	—	—	—	25,798
30,166	5,800	2,670	—	38,636
867,366	39,617	150,005	196,975	1,253,963
7,635	2,087	—	—	9,722
989,331	47,504	152,675	196,975	1,386,485

1072024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.1 Financial risk factors (Continued)

The table below analyses the Group’s

financial liabilities into relevant maturity

groupings based on the remaining period at

the reporting date to the contractual maturity

date. The amounts disclosed in the table are

the contractual undiscounted cash flows.

At 31st March 2024于二零二四年

三月三十一日

Trade and bil payables应付账款及票据64,614—64,614

Liabilities under

suplier finance

arangements

供应商融资安排下

之负债

35,965—35,965

Other payables其他应付账款31,0423,5246,737—41,303

Borowings and

interest payables

借贷及

应付利息994,44437,499114,272253,7681,399,983

Lease liabilities and

interest payables

租赁负债及

应付利息21,1837,6352,087—30,905

1,147,24848,658123,096253,7681,572,770

3 财务风险管理（续）

3.1 财务风险因素（续）

下表载列本集团之金融负债，根

据于报告日至合约届满日之余下

期间按有关到期组别进行分析。

下表披露之金额为合约未贴现

金流。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
1,122,617
25,798
9,348
(179,667)
978,096
1,000,176
1,978,272
49%

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司108

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.2 Capital risk management

The Group’s objectives when managing capital

are to safeguard the Group’s ability to continue

as a going concern in order to provide returns for

shareholders and benefits for other stakeholders

and to maintain an optimal capital structure to

reduce the cost of capital.

In order to maintain or adjust the capital

structure, the Group may adjust the amount of

dividends paid to shareholders, return capital to

shareholders, isue new shares or sel asets to

reduce debt.

Consistent with others in the industry, the Group

monitors capital on the basis of the gearing ratio.

This ratio is calculated as net debt divided by total

capital. Net debt is calculated as total borowings

and lease liabilities les pledged bank deposits

and cash and cash equivalents. Total capital is

calculated as equity (excluding non-controling

interests), as shown in the consolidated statement

of financial position, plus net debt.

The gearing ratios at 31st March 2025 and 2024

were as folows:

3 财务风险管理（续）

3.2 资金风险管理

本集团管理资金之目标为保障本集团持

续经营之能力，以为股东提供回报及为

其他持份者提供利益，并保持一个最佳

资本架构以减少资本成本。

为维持或调节资本架构，本集团可调节

向股东派付之股息金额、退回资本予股

东、发行新股份或出售资产以减债。

为与同业一致，本集团根据资本负债比

率监察资本。该比率乃以净负债除以资

本总额计算得出。净负债乃以借贷及租

赁负债总额减已抵押银行存款以及现金

及现金等值计算。如综合财务状况表所

示，资本总额以权益（不包括非控制性

权益）加净负债计算。

于二零二五年及二零二四年三月三十一

日之资本负债比率如下：

	Level 1	Level 2	Level 3	Total
	第一层	第二层	第三层	总额
At 31st March 2025	HK$’000	HK$’000	HK$’000	HK$’000
于二零二五年三月三十一日	千港元	千港元	千港元	千港元
	2,247	—	—	2,247
	—	—	2,901	2,901
	2,247	—	2,901	5,148

1092024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.3 Fair value estimation

(i) Fair value hierarchy

This section explains the judgements and

estimates made in determining the fair

values of the financial instruments that are

recognised and measured at fair value in

the financial statements. To provide an

indication about the reliability of the inputs

used in determining fair value, the Group has

clasified its financial instruments into the

thre levels prescribed under the acounting

standards. An explanation of each level

folows underneath the table.

3 财务风险管理（续）

3.3 公允价值估算

(i) 公允价值等级

本节阐述其于财务报表内厘定按

公允价值确认及计量的金融工具

之公允价值时所作出判断及估

计。为得出厘定公允价值所用之

输入数据的可信程度指标，本集

团根据会计准则将其金融工具分

为三个层级。各层级之说明如下

表所示。

	Level 1	Level 2	Level 3	Total
	第一层	第二层	第三层	总额
At 31st March 2024	HK$’000	HK$’000	HK$’000	HK$’000
于二零二四年三月三十一日	千港元	千港元	千港元	千港元

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司110

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.3 Fair value estimation (Continued)

(i) Fair value hierarchy (Continued)

Financial asets金融资产

Financial aset

at FVOCI

按公允价值计入

其他全面收入

之金融资产

– Listed equity

securities

－上市股本

证券1,745—1,745

Financial aset

at FVPL

按公允价值计入

损益之金融资产

– Unlisted securities －非上市证券—3,9143,914

1,745—3,9145,659

There were no transfers betwen level 1, 2

and 3 during the year (2024: Same).

Se Note 15 for disclosures of the investment

properties that are measured at fair value

which is included in level 3.

3 财务风险管理（续）

3.3 公允价值估算（续）

(i) 公允价值等级（续）

于年内第一层、第二层及第三层

之间并无发生转移（二零二四年：

相同）。

有关按第三层之公允价值计量之

投资物业之披露资料，请参阅附

注15。

1112024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.3 Fair value estimation (Continued)

(i) Fair value hierarchy (Continued)

Level 1: The fair value of financial instruments

traded in active markets (such as

publicly traded derivatives and

equity securities) is based on quoted

market prices at the end of the

reporting period.

Level 2:The fair value of financial instruments

that are not traded in an active

market (for example, over-the-

counter derivatives) is determined

using valuation techniques which

maximise the use of observable

market data and rely as litle as

posible on entity-specific estimates.

If al significant inputs required to fair

value an instrument are observable,

the instrument is included in level 2.

Level 3:Inputs for the aset or liability

that are not based on observable

market data (unobservable inputs).

This is the case for unlisted equity

interests.

The carying amounts of the Group’s financial

instruments caried at cost or amortised

cost aproximate their fair values as at the

reporting date since either the instrument are

with short maturities or the interest rate is

close to the curent market rate.

3 财务风险管理（续）

3.3 公允价值估算（续）

(i) 公允价值等级（续）

第一层：于活跃市场买卖之金

融工具（如公开交易

的衍生工具及股本证

券）之公允价值乃按

于报告期末之市场报

价计算。

第二层：并无于活跃市场买

卖之金融工具（例如

场外衍生工具），其

公允价值运用估值

方法厘定，而该等估

值方法尽可能运用可

观察之市场数据，并

尽少依赖主体之特定

估计。如计算一项金

融工具之公允价值所

需之所有重大输入皆

为可观察数据，则该

金融工具包括在第二

层。

第三层：资产或负债并非依据

可观察市场数据之输

入（非可观察输入）。

非上市股本权益属于

此情况。

本集团按成本或摊销成本列账之

金融工具于报告日期的账面值与

其公允价值相若，因为该工具的

届满期限较短或利率接近当前市

场利率。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
3,914
(1,013)
2,901

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司112

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.3 Fair value estimation (Continued)

(i) Valuation techniques used to determine fair

values

Specific valuation techniques are used to value

of the aforementioned financial instruments

include:

• for listed equity securities – the quoted

market prices for similar instruments

• for unlisted securities – backsolve

option pricing model and reference to

the underlying net aset value of the

investe companies

Al of the resulting fair value estimates are

included in level 1 and 2 except for unlisted

securities where the fair values have ben

determined based on present values and

the discount rates used were adjusted for

counterparty risk.

(i) Fair value measurements using significant

unobservable inputs (level 3)

The folowing table presents the changes in

level 3 item – unlisted securities for the years

ended 31st March 2025 and 2024:

3 财务风险管理（续）

3.3 公允价值估算（续）

(i) 用于厘定公允价值的估值技术

特定估值技术将用于厘定上述金

融工具价值，该等金融工具包

括：

－按同类工具

之市场报价

－倒推期权定价

模式，并参考被投资公司的

Fair value (HK$’000)	Unobservable inputs	Range of unobservable inputs	Relationship of unobservable inputs to fair value
公允价值（千港元）	不可观察输入数据	不可观察输入数据范畴	不可观察输入数据与公允价值的关系

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.3 Fair value estimation (Continued)

(iv) Valuation proces and inputs

The Group engages external, independent

and qualified valuer to determine the fair

value of the unlisted securities as at 31

March 2025 (2024: Same). The Group’s

finance department performs/reviews the

valuations for the aforementioned financial

instruments as included in financial asets

at FVPL (including derivative financial

instruments) and FVOCI required for financial

reporting purposes, including the level 3

fair value. These valuation results are then

reported to the Group’s management for

discusions and review in relation to the

valuation proceses and the reasonablenes

of valuation results.

The folowing table sumarises the quantitative

information about the significant unobservable

inputs used in level 3 fair value measurements

(se (i) above for the valuation techniques

adopted):

As at 31st March 2025

于二零二五年三月三十一日

2,901Equity volatility

of comparable

companies

可比较公司的

股权波幅

60.0%The higher the volatility,

the lower the fair value

波动越高，公允价值越低

Risk fre rate

无风险利率

3.9%The higher the risk fre rate,

the lower the fair value

无风险利率越高，公允价值越低

As at 31st March 2024

于二零二四年三月三十一日

3,914Equity volatility

of comparable

companies

可比较公司的

股权波幅

50.0%The higher the volatility,

the lower the fair value

波动越高，公允价值越低

Risk fre rate

无风险利率

5.1%The higher the risk fre rate,

the lower the fair value

无风险利率越高，公允价值越低

3 财务风险管理（续）

3.3 公允价值估算（续）

(iv) 估值流程及输入数据

本集团聘请外部独立合资格估值

师，以厘定非上市证券于二零

二五年三月三十一日之公允价值

（二零二四年：相同）。本集团的

财务部门为财务申报履行╱审阅

上述列为按公允价值计入损益（包

括衍生金融工具）及按公允价值计

入其他全面收入之金融资产之估

值，包括第3层公允价值。估值

结果其后向本集团管理层汇报以

讨论及审阅估值流程及估值结果

的合理性。

下表概述有关第3层公允价值计

量所用重大不可观察输入数据的

定量资料（见上文(i)所采纳的估

值技术）：

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司114

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

4 CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS

Estimates and judgements are continualy evaluated

and are based on historical experience and other

factors, including expectations of future events that are

believed to be reasonable under the circumstances.

The Group makes estimates and asumptions

concerning the future. The resulting acounting

estimates wil, by definition, seldom equal the related

actual results. The estimates and asumptions that

have a significant risk of causing a material adjustment

to the carying amounts of asets and liabilities within

the next financial year are adresed below.

(a) Valuation of investment properties

The Group caries its investment properties at fair

value with changes in the fair value recognised in

the consolidated income statement. The fair value

of investment properties was determined by using

valuation technique and management updates

their asesment of the fair value of each property,

taking into acount the key valuation asumptions,

including adjusted market yield. Details of the

judgements and asumptions have ben disclosed

in Note 15.

4 重要会计推算及判断

根据过往经验及其他因素对推算及判断作出

持续评估，该等因素包括在有关情况下对未

来事件作合理预期。

本集团就未来作出推算及假设。顾名思义，

由此而生之会计推算极少与相关实际结果相

同。下文详述具重大风险之推算及假设；于

下一个财政年度内，其导致对资产及负债之

账面金额作出重大调整。

(a) 投资物业的估值

本集团按公允价值持有之投资物业，其

公允价值变动于综合损益表内确认列

账。投资物业之公允价值乃根据估值方

法，管理层更新对各物业公允价值的评

估而厘定，其中经考虑主要估值假设，

包括经调整市场收益率。判断及假设之

详情已于附注15披露。

1152024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

4 CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS (CONTINUED)

(b) Recognition of defered income tax asets

The Group is mainly subject to income taxes

in Hong Kong and Mainland China. Significant

judgement is required in determining the

worldwide provision for income taxes. There are

many transactions and calculations for which the

ultimate tax determination is uncertain during

the ordinary course of busines. The Group

recognises liabilities based on estimates of

whether aditional taxes wil be due. Where the

final tax outcome of these maters is diferent

from the amounts that were initialy recorded,

such diferences wil impact the income tax and

defered income tax provisions in the period

in which such determination is made. Defered

income tax asets relating to certain temporary

diferences and tax loses are recognised when

management considers it is likely that future

taxable profits wil be available against which

the temporary diferences or tax loses can be

utilised. When the expectations are diferent from

the original estimates, such diferences wil impact

the recognition of defered income tax asets and

income tax charges in the period in which such

estimates have ben changed.

As at 31st March 2025, the Group had comited

sales orders which exceded the agregate

amount of on-hand inventories and comited

purchase orders. If the cost of certain future

purchases to fulfil these sales orders exceds the

contracted seling prices of the sales orders, a

provision for onerous contracts would be made.

In estimating the amount by which the cost of

purchases are expected to exced sales prices of

comited sales orders, management takes into

acount the cost of on-hand inventories and the

forecast market price of future purchases where

that can be reliably estimated.

4 重要会计推算及判断（续）

(b) 递延所得税资产确认

本集团主要须缴纳香港及中国大陆之所

得税。在厘定全球所得税拨备时，需

要作出重大判断。于日常业务过程中，

众多交易及计算之最终税项厘定尚未确

定。本集团按日后会否须缴纳额外税项

而确认负债。倘该等事宜之最终税务结

果与最初记录之金额不同，此等差异将

影响该厘定期间内之所得税及递延所得

税拨备。倘管理层认为可动用未来应课

税溢利以对销短暂差异或税项亏损，则

会确认与若干短暂差异及税项亏损有关

之递延所得税资产。倘预期结果与原先

之推算不同，此等差异将会对递延所得

税资产确认及有关推算于出现变动期间

内之所得税费用构成影响。

于二零二五年三月三十一日，本集团已

确定之销售订单已超过手头存货及已确

定之购货订单总额。倘用以履行此等销

售订单之若干未来采购成本比销售订单

所订约之售价为高，则需就有偿契约作

出一项拨备。在推算预期采购成本超出

已确定销售订单之售价金额时，管理层

计及手头存货之成本及按可靠推算之未

来采购之市场价格预测。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
2,029,718
35,976
46,110
2,111,804

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司116

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 REVENUE AND SEGMENT INFORMATION

The Group’s revenue consists of the folowing:

The Group’s busineses are managed acording to

the nature of their operations and the products and

services they provide.

Management has determined the operating segments

based on the reports reviewed by the Group’s chief

operating decision-maker (“CODM”) that are used to

making strategic decisions. The CODM is identified as

the Executive Directors who consider the busines from

a customer perspective and ases the performance of

the operating segments based on the segment revenue

and segment results for the purposes of alocating

resources and asesing performance. These reports

are prepared on the same basis as these consolidated

financial statements. The CODM considers the Group

operates predominantly in thre operating segments:

(i) Stels Distribution and Procesing Busines;

(i) Building Products Distribution Busines; and

(i) Property Investment and Fund Management

Busines.

The CODM aseses the performance of operating

segments based on a measure of profit before income

tax.

The revenue from external parties reported to the

CODM is measured in a maner consistent with that in

the consolidated financial statements.

5 收入及分部资料

本集团之收入包括如下：

本集团按其营运性质及所提供之产品及服务

之特性以管理其业务。

管理层已根据由本集团主要营运决策者（「主

要营运决策者」）所审阅用以制定策略性决定

之报告而厘定营运分部。主要营运决策者被

界定为执行董事，其从客户角度考量业务，

并根据分部收入及分部业绩评估营运分部的

表现，从而配置资源及评估绩效。此等报告

与此等综合财务报表基于同一基准编制。主

要营运决策者认为本集团主要经营三个营运

分部：

(i) 钢铁分销及加工业务；

(i) 建筑材料分销业务；及

(i) 房地产投资及基金运营业务。

主要营运决策者按除所得税前溢利作衡量标

准来评估各营运分部的表现。

向主要营运决策者汇报的对外收入，其计量

方法与综合财务报表一致。

Steels Distribution And Processing Business	Building Products Distribution Business	Property Investment and Fund Management Business	Unallocated	Total
钢铁分销及加工业务	建筑材料分销业务	房地产投资及基金运营业务	未分配	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
1,710,588	319,130	—	—	2,029,718
13	—	82,073	—	82,086
1,710,601	319,130	82,073	—	2,111,804
(1,527,863)	(236,775)	—	—	(1,764,638)
153,013	30,115	25,025	(51,202)	156,951
230	85	267	6	588
(48,971)	(5,252)	(17,386)	(679)	(72,288)
—	—	(19,641)	—	(19,641)
104,272	24,948	(11,735)	(51,875)	65,610
1,309	(254)	170	1,299	2,524
(162)	—	(24,840)	—	(25,002)
873	116	141	1,931	3,061
(5,016)	(5,256)	(1,161)	(16,527)	(27,960)
(2,651)	53	—	1	(2,597)

1172024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 REVENUE AND SEGMENT INFORMATION

(CONTINUED)

Segment asets by geographical market consist

primarily of property, plant and equipment, investment

properties, right-of-use asets, investments acounted

for using the equity method, prepayments, deposits and

other receivables. They exclude financial instruments

and defered income tax asets.

Capital expenditure comprises aditions to property,

plant and equipment for the year ended 31st March

2025.

Analysis of the Group’s results by busines segment for

the year ended 31st March 2025 is as folows:

5 收入及分部资料（续）

按地域市场划分之分部资产主要包括物业、

厂房及设备、投资物业、使用权资产、按权

益法入账之投资、预付款项、按金及其他应

收账款。金融工具及递延所得税资产则不包

括在此分部资产内。

截至二零二五年三月三十一日止年度，资本

开支包括新增之物业、厂房及设备。

本集团于截至二零二五年三月三十一日止年

度按业务分部之业绩分析如下：

Steels Distribution And Processing Business	Building Products Distribution Business	Property Investment and Fund Management Business	Unallocated	Total
钢铁分销及加工业务	建筑材料分销业务	房地产投资及基金运营业务	未分配	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司118

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 REVENUE AND SEGMENT INFORMATION

(CONTINUED)

Analysis of the Group’s results by busines segment for

the year ended 31st March 2024 is as folows:

Revenue from contracts with customers

– Recognised at a point in time

来自客户合约之收入

－在某一时点确认1,879,527340,447—2,219,974

– Recognised over time and

rental income

－在一段时间内确认

及租金收入15—83,187—83,202

1,879,542340,44783,187—2,303,176

Cost of sales销售成本(1,671,855)(247,244)—(1,919,099)

Operating profit/(los)经营溢利╱（亏损）178,40335,77935,530(49,769)199,943

Finance income财务收入35925329311916

Finance costs财务费用(62,770)(5,501)(23,636)(348)(92,255)

Share of results of investments

acounted for using the equity method

应占按权益法入账之

投资之业绩—(22,750)—(22,750)

Profit/(los) before income tax除所得税前溢利╱（亏损）115,99230,531(10,563)(50,106)85,854

Other gains – net其他收益－净额911571067081,062

Fair value los on investment properties投资物业之公允价值亏损(90)—(13,266)—(13,356)

Capital expenditure资本开支7,7466,4596191,05415,878

Depreciation and amortisation折旧及摊销(4,542)(5,048)(546)(6,324)(16,460)

(Provision for)/reversal of impairment

los on financial asets – net

金融资产减值亏损

（拨备）╱拨回－净额(75)2,469—102404

For total seling and distribution cost, 6.8% (2024:

14.4%), 81.6% (2024: 78.8%) and 10.5% (2024: 5.9%)

are contributed by segment of Stels Distribution

and Procesing Busines, Building Products

Distribution Busines, and Property Investment and

Fund Management Busines, respectively. For total

administrative expenses, 18.3% (2024: 17.2%), 25.6%

(2024: 27.0%) and 20.7% (2024: 22.1%) are contributed

by segment of Stels Distribution and Procesing

Busines, Building Products Distribution Busines, and

Property Investment and Fund Management Busines,

respectively.

5 收入及分部资料（续）

本集团于截至二零二四年三月三十一日止年

度按业务分部之业绩分析如下：

总销售及分销支出的6.8%（二零二四年：

14.4%）、81.6%（二零二四年：78.8%）及

10.5%（二零二四年：5.9%）分别来自钢铁

分销及加工业务、建筑材料分销业务及房地

产投资及基金运营业务分部。总行政支出的

18.3%（二零二四年：17.2%）、25.6%（二

零二四年：27.0%）及20.7%（二零二四年：

22.1%）分别来自钢铁分销及加工业务、建筑

材料分销业务及房地产投资及基金运营业务

分部。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
1,650,495
461,309
2,111,804

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
338,508
1,256,199
1,594,707

1192024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 REVENUE AND SEGMENT INFORMATION

(CONTINUED)

Revenues of aproximately HK$219,145,000 (2024:

HK$320,724,000) are derived from a single external

customer of the Stels Distribution and Procesing

Busines and Building Products Distribution Busines

for the year ended 31st March 2025 (2024: Stels

Distribution and Procesing Busines).

The Group’s main busines is domiciled in Hong Kong

and Mainland China. Analysis of the Group’s revenue

by geographical market is as folows:

Non-curent asets, other than financial instruments and

defered income tax asets, by geographical market is

as folows:

5 收入及分部资料（续）

截至二零二五年三月三十一日，约

219,145,000港元（二零二四年：320,724,000

港元）之收入来自钢铁分销及加工业务及建筑

材料分销业务之单一外部客户（二零二四年：

钢铁分销及加工业务）。

本集团主要业务设于香港及中国大陆。本集

团之收入按地域市场分析如下：

除金融工具及递延所得税资产以外之非流动

资产按地域市场分类如下：

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
47,830

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
988,150

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司120

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 REVENUE AND SEGMENT INFORMATION

(CONTINUED)

(a) Revenue recognition in relation to contract

liabilities

As at 31st March 2025, contract liabilities

included receipts in advance and defered

revenue amounting to HK$78,544,000 (2024:

HK$47,830,000). The folowing table shows how

much of the revenue recognised in the curent

reporting period relates to caried-forward contract

liabilities:

(b) Unsatisfied long-term contract

The folowing table shows unsatisfied performance

obligations resulting from fixed-price long-term

sales contracts recognised at a point in time:

5 收入及分部资料（续）

(a) 有关合约负债之收入确认

于二零二五年三月三十一日，计入合

约负债之预收款项及递延收入之金

额为78,544,000港元（二零二四年：

47,830,000港元）。下表显示于本报告

期间有关期初之合约负债确认为收入之

金额：

(b) 未履行之长期合约

下表显示于某一个时点确认之固定价格

长期销售合约所产生之未履行履约义

务：

1212024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 REVENUE AND SEGMENT INFORMATION

(CONTINUED)

(b) Unsatisfied long-term contract (Continued)

Management expects that 76.5% (2024: 85.6%)

of the transaction price, totaling HK$756,359,000

(2024: HK$558,994,000) alocated to unsatisfied

performance obligations as of 31st March 2025

(2024: 31st March 2024) wil be recognised

as revenue during the next reporting period.

The remaining 23.5% or aproximately

HK$231,791,000 wil be recognised in the

2026/27 financial year (2024: remaining 14.4% or

aproximately HK$94,179,000 wil be recognised

in the 2025/26 financial year).

Al other contracts are for the periods of one

year or les. As permited under HKFRS 15, the

transaction price alocated to these unsatisfied

contracts is not disclosed.

Revenue is measured at the fair value of the consideration

received or receivable, and represents amounts

receivable for gods suplied and service rendered,

stated net of discounts, returns and value aded taxes.

The Group recognises revenue when the amount of

revenue can be reliably measured; when it is probable

that future economic benefits wil flow to the Group; and

when specific criteria have ben met for each of the

Group’s activities as described below.

(i) Sales of gods

Sales of gods are recognised when a

group entity has delivered products to the

customer, the customer has ful discretion

over chanel and price to sel the products,

and there is no unfulfiled obligation that

could afect the customer’s aceptance of the

products. Delivery ocurs until the products

have ben shiped to the specified location,

the risk of obsolescence and los have ben

transfered to the customers, and either the

customers have acepted the products in

acordance with sales contracts, and there is

no unfulfiled obligation that could afect the

customers’ aceptance of the products.

5 收入及分部资料（续）

(b) 未履行之长期合约（续）

管理层预期，截至二零二五年三月

三十一日（二零二四年：二零二四年

三月三十一日）分拨至未履行履约义

务之成交价之76.5%（二零二四年：

85.6%），总计756,359,000港元（二零

二四年：558,994,000港元）将在下一

个报告期确认为收入。余下的23.5%，

或约231,791,000港元将在二零二六╱

二七财政年度确认（二零二四年：余下

的14.4%，或约94,179,000港元将在

二零二五╱二六财政年度确认）。

所有其他合约期限均为一年或以下。于

香港财务报告准则第15号所允许下，

分拨至该等未履行之合约之成交价无须

另行披露。

收入按已收或应收代价之公允价值计

算，及指所供货品及所作服务之应收金

额，扣除折扣、退货及增值税后列账。

当收入数额能够可靠计量、未来经济利

益将可能流至本集团，而本集团各项活

动均符合具体条件时（如下文所述），本

集团则会确认收入。

(i) 货品销售

当一集团实体已将产品交付予客

户，客户对销售产品之渠道及价格

拥有完全决定权，且并无未履行之

责任可影响客户接受产品时，会确

认货品销售。产品付运至指定地

点，陈旧及亏损之风险已转移予客

户，客户按销售合约接纳产品且概

无未履行责任可影响客户接纳产

品，交付方始生效。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司122

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 REVENUE AND SEGMENT INFORMATION

(CONTINUED)

(Continued)

(i) Sales of gods (Continued)

Revenue from these sales is recognised

based on the price specified in the contract.

Acumulated experience is used to estimate

and provide for the returns, if any, using

the expected value method, and revenue

is only recognised to the extent that it is

highly probable that a significant reversal

wil not ocur. No element of financing is

demed present as the sales are made with

credit terms that are consistent with market

practice.

(i) Service income

Revenue from providing service is recognised

in acounting period in which the services

are rendered, by reference to stage of

completion of the specific transaction and

asesed on the basis of actual services

provided as a proportion of the total service

to be provided.

(i) Rental income

Rental income from investment properties is

recognised in profit or los on a straight-line

basis over the period of the relevant leases.

(iv) Financing components

The Group does not expect to have any

contracts where the period betwen the

transfer of the promised gods or services to

the customer and payment by the customer

exceds one year. As a consequence, the

Group does not adjust any of the transaction

prices for the time value of money.

5 收入及分部资料（续）

(i) 货品销售（续）

该等销售之收入乃根据合约订明

之价格确认。使用累计经验以

预期价值法估计及拨备退货（如

有），且收益仅于极大可能不会产

生重大拨回时确认。当销售之信

贷期符合市场惯例，融资成分不

被视作存在。

(i) 服务收入

服务收入经参考特定交易之完成

阶段并按已提供实际服务占将予

提供之总服务比例评估后，在提

供服务之会计期内确认。

(i) 租金收入

自投资物业之租金收入按直线法

于相关租赁期间在损益中确认。

(iv) 融资成分

本集团不预期具有任何合约，当

中对客户转交所承诺之货品或服

务起至客户付款之期间超过一

年。因此，本集团未因资金的时

间价值而调整任何交易价格。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
(1,146)
—
727
—
(1,013)
998
1,521
1,437
2,524

1232024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

6 OTHER GAINS – NET

6 其他收益－净额

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
1,626,531
2,120
2,406
7,908
20,052
1,489
123,380
2,337
6,248
2,597
1,990
210
4,948
85,625
8,832
35,702
1,932,375

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司124

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

7 EXPENSES BY NATURE

Expenses included in “cost of sales”, “seling and

distribution expenses”, “provision for/(reversal of)

impairment los on financial asets – net” and “general

and administrative expenses” are analysed as folows:

7 按性质划分之支出

计入「销售成本」、「销售及分销支出」、「金融

资产减值亏损（拨备）╱回拨－净额」及「一般

及行政支出」内的支出，其分析如下：

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
88,261
20,006
8,151
6,962
123,380

1252024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

8 EMPLOYE BENEFIT EXPENSES (INCLUDING

DIRECTORS’ EMOLUMENTS)

Note:

The Group maintains two defined contribution pension schemes for

its employes in Hong Kong, the Ocupational Retirement Scheme

Ordinance (“ORSO”) Scheme and the Mandatory Provident Fund

(“MPF”) Scheme. The asets of these schemes are held separately from

those of the Group under independently administered funds.

Under the ORSO Scheme, the related companies and their employes

make monthly contribution to the scheme at 5% (2024: 5%) of the

employes’ salary. The unvested benefits of employes who have

terminated employment could be utilised by the Group to reduce its

future contributions.

Under the MPF Scheme, the related companies and their employes

make monthly contributions to the scheme at 5% (2024: 5%) of the

employe’s relevant income, as defined in the Hong Kong Mandatory

Provident Fund Scheme Ordinance. Both the Group’s and the

employe’s contributions are subject to a cap of HK$1,500 per month.

The contributions are fuly and imediately vested for the employes.

As stipulated by rules and regulations in Mainland China, the Group

contributes to state-sponsored retirement plans for employes of its

subsidiaries established in Mainland China. The employes are entitled

to retirement pension calculated with reference to their basic salaries

on retirement and their length of service in acordance with the relevant

government regulations. The Group has no further obligations for the

actual payment of pensions or post-retirement benefits beyond these

contributions. The state-sponsored retirement plans are responsible for

the entire pension obligations payable to retired employes.

During the year ended 31st March 2025, the agregate amount of the

Group’s contributions to the aforementioned pension schemes was

aproximately HK$8,151,000 (2024: HK$8,447,000). As at 31st March

2025 and 2024, there is no unutilised forfeited contribution which could

be utilised to reduce future contributions of the Group.

8 雇员福利支出（包含董事酬金）

附注：

本集团持有两个约定退休金供款计划予香港之雇员，即公

积金计划（「公积金计划」）及强积金计划（「强积金计划」）。

此两个计划之资产均与本集团之资产分开持有，并由独立

基金管理。

根据公积金计划，相关公司及其雇员须各自按该雇员薪金

之5%（二零二四年：5%）向该计划作每月供款。终止雇用

之雇员未归属之利益均由本集团用作减少未来供款。

根据强积金计划，相关公司及其雇员须各自按香港强制性

公积金计划条例所界定按该雇员有关收入之5%（二零二四

年：5%）向该计划作每月供款。本集团及其雇员之供款上

限均为每月1,500港元。供款悉数及即时归属予雇员。

诚如中国大陆法律及法规所规定，本集团须为其设立于中

国大陆之附属公司雇员提供国家资助退休计划供款。雇员

有权获得退休金，金额参照雇员退休时之基本薪金及服务

年期按有关政府法规计算得出。除该等供款外，本集团毋

须另行支付任何实际退休金或退休后福利。该等国家资助

退休计划须负责向退休雇员支付全部退休金。

截至二零二五年三月三十一日止年度，本集团对上述退

休金计划作出之供款总额约为8,151,000港元（二零二四

年：8,447,000港元）。于二零二五年及二零二四年三月

三十一日，并无未动用已没收供款可用作减少本集团未来

之供款。

Name	Fees	Salaries and allowances	Discretionary bonuses (Note iii)	Employer’s contribution to a retirement benefit scheme	Total
名称	酬金	薪金及津贴	酌情花红（附注iii）	雇主对退休福利计划之供款	总额
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
	—	3,697	1,950	18	5,665
	—	1,257	155	62	1,474
	54	—	—	—	54
	207	—	—	—	207
	180	—	—	—	180
	180	—	—	—	180
	621	4,954	2,105	80	7,760

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司126

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

9 DIRECTORS’ AND SENIOR MANAGEMENT’S

EMOLUMENTS

(a) Directors’ emoluments

The remuneration of every director for the year

ended 31st March 2025 is set out below:

9 董事及高级管理人员酬金

(a) 董事酬金

截至二零二五年三月三十一日止年度，

每位董事薪酬如下：

Name	Fees	Salaries and allowances	Discretionary bonuses (Note iii)	Employer’s contribution to a retirement benefit scheme	Total
名称	酬金	薪金及津贴	酌情花红（附注iii）	雇主对退休福利计划之供款	总额
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元

1272024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

9 DIRECTORS’ AND SENIOR MANAGEMENT’S

EMOLUMENTS (CONTINUED)

(a) Directors’ emoluments (Continued)

The remuneration of every Director for the year

ended 31st March 2024 is set out below:

Executive Directors执行董事

Mr. Yao Cho Fai Andrew姚祖辉先生—5,9261,950187,894

Mr. Lau Chi Chiu刘子超先生—1,248125621,435

Independent Non-executive Directors独立非执行董事

Mr. Tam King Ching Keny (Note i)谭竞正先生（附注i）86—86

Mr. Xu Lin Bao徐林宝先生207—207

Mr. Yeung Wing Sun Mike杨荣燊先生180—180

Mr. Li Yinquan李引泉先生180—180

6537,1742,075809,982

Notes:

(i) Ms. Wong Kwai Sun was apointed as a Non-executive

Director on 13th December 2024. The amounts represent

emoluments payable in respect of her services as a Non-

executive Director from 13th December 2024 to 31st

March 2025.

(i) Mr. Tam King Ching Keny retired as an Independent

Non-executive Director on 18th August 2023. The amounts

represent emoluments payable in respect of his services

as an Independent Non-executive Director up to the date

of his retirement.

(i) The executive directors are entitled to discretionary

bonuses which are determined with reference to their

performance and the performance of the Group.

No incentive payment as an inducement for joining

the Group or compensation for los of ofice was

paid to any director during the years ended 31st

March 2025 and 2024. Also, no directors waived

their emoluments during the years ended 31st

March 2025 and 2024.

9 董事及高级管理人员酬金（续）

(a) 董事酬金（续）

截至二零二四年三月三十一日止年度，

每位董事薪酬如下：

附注：

(i) 于二零二四年十二月十三日，黄桂新女士

获委任为非执行董事。该等款项指就其自

二零二四年十二月十三日至二零二五年三

月三十一日作为非执行董事所提供之服务

而应付之酬金。

(i) 于二零二三年八月十八日，谭竞正先生退

任独立非执行董事职务。该等款项指直至

其退任日期就其作为独立非执行董事所提

供之服务而应付之酬金。

(i) 执行董事可收取酌情花红，花红参考其表

现及本集团表现厘定。

于截至二零二五年及二零二四年三月

三十一日止年度，概无已付酬金予任何

董事以作鼓励加入本集团或离职补偿。

此外，并无董事于截至二零二五年及二

零二四年三月三十一日止年度放弃其酬

金。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司128

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

9 DIRECTORS’ AND SENIOR MANAGEMENT’S

EMOLUMENTS (CONTINUED)

(b) Directors’ retirement benefits

None of the directors received any retirement

benefits during the years ended 31st March 2025

and 2024.

None of the directors received any termination

benefits during the years ended 31st March 2025

and 2024.

(d) Consideration provided to third parties for

making available of directors’ services

During the years ended 31st March 2025 and

2024, no consideration was paid by the Company

to any third parties for making available of

directors’ services.

(e) Information about loans, quasi-loans and other

dealing arangements in favour of directors,

bodies corporate controled by and/or any

entities conected with such directors

During the years ended 31st March 2025 and

2024, there are no loans, quasi-loans and other

dealing arangements in favour of directors,

bodies corporate controled by and any entities

conected with such directors.

(f) Directors’ material interests in transactions,

arangements or contracts

No significant transactions, arangements and

contracts in relation to the Group’s busines to

which the Company was a party and in which a

director has a material interest, whether directly or

indirectly, subsisted at the end of 31st March 2025

and 2024 or at any time during the years ended

31st March 2025 and 2024.

9 董事及高级管理人员酬金（续）

(b) 董事退休福利

概无董事于截至二零二五年及二零二四

年三月三十一日止年度已收取任何退休

福利。

概无董事于截至二零二五年及二零二四

年三月三十一日止年度已收取任何终止

雇佣福利。

(d) 就获提供之董事服务向第三方支付

之代价

于截至二零二五年及二零二四年三月

三十一日止年度，本公司概无就获提供

之董事服务向任何第三方支付代价。

(e) 有关以董事、受该等董事控制之法

人团体及╱或该等董事之任何关联

实体为受益人之贷款、类似贷款及

其他交易安排之资料

于截至二零二五年及二零二四年三月

三十一日止年度，概无有关以董事、受

该等董事控制之法人团体及该等董事之

任何关联实体为受益人之贷款、类似贷

款及其他交易安排。

(f) 董事于交易、安排或合约中之重大

权益

于二零二五年及二零二四年三月三十一

日年末或于截至二零二五年及二零二四

年三月三十一日止年度内任何时间不存

在与本集团业务相关且本公司作为订约

方及董事直接或间接拥有重大权益的重

大交易、安排及合约。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
5,734
3,898
248
9,880

Number of individuals
人数
	2025	2024
	二零二五年	二零二四年
—
3
1

1292024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

9 DIRECTORS’ AND SENIOR MANAGEMENT’S

EMOLUMENTS (CONTINUED)

(g) Five highest paid individuals

The five individuals with highest emoluments

in the Group include one director (2024: one)

whose emoluments are reflected in the analysis

presented in Note 9 (a) above. The emoluments

paid/payable to the remaining four (2024: four)

individuals during the year are as folows:

The emoluments fel within the folowing bands:

No emoluments were paid/payable to the five

highest paid individuals as an inducement to join

the Group or as compensation for los of ofice

during the year (2024: Same).

9 董事及高级管理人员酬金（续）

(g) 五名最高薪人士

本集团五名最高酬金人士包括一名董事

（二零二四年：一名），彼酬金于上文附

注9(a)所列分析中反映。本年度已付╱

应付其余四名（二零二四年：四名）人士

之酬金如下：

酬金介乎以下范围：

本年度并无支付╱应付任何酬金予五名最高

薪人士以作鼓励加入本集团或作离职补偿（二

零二四年：相同）。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
588
(63,809)
(1,205)
—
(1,299)
(5,975)
(72,288)
(71,700)

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司130

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

10 FINANCE INCOME AND COSTS

10 财务收入及费用

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
3,383
1,548
(20,589)
24
(15,634)

1312024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

11 INCOME TAX (CREDIT)/EXPENSE

Taxation on overseas profits has ben calculated on the

estimated asesable profit for the year at the rates of

taxation prevailing in the countries in which the Group

operates.

Hong Kong profits tax has ben provided at the rate of

16.5% (2024: 16.5%) except for one of the Hong Kong

incorporated subsidiaries which is subject to 8.25%

for its first HK$2,000,000 of asesable profits under

the two-tiered profit tax regime during the year (2024:

Same). Subsidiaries established in Mainland China are

subject to China corporate income tax at 25% (2024:

Same).

The amount of income tax (credit)/expense recorded in

the consolidated income statement represents:

11 所得税（抵免）╱支出

本集团已按经营所在国家之现行税率就本年

度估计应课税溢利计算海外溢利之税项。

香港利得税乃按税率16.5%（二零二四年：

16.5%）作出拨备，惟一间在香港注册成立之

附属公司除外；于本年度根据两级制利得税

税率，其首2,000,000港元应课税溢利按税

率8.25%作出拨备（二零二四年：相同）。于

中国大陆成立之附属公司按税率25%（二零

二四年：相同）缴付中国企业所得税。

于综合损益表中列账之所得税（抵免）╱支出

包括：

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
65,610
19,641
85,251
12,833
(4,866)
2,871
659
(19,883)
1,280
(8,555)
3
24
(15,634)

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司132

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

11 INCOME TAX (CREDIT)/EXPENSE

(CONTINUED)

The tax on the Group’s profit before income tax difers

from the theoretical amount that would arise using the

weighted average tax rate aplicable to profits of the

consolidated entities is as folows:

11 所得税（抵免）╱支出（续）

本集团除税前溢利之税项与按综合实体溢利

适用之加权平均税率计算之理论金额有所差

异，详情如下：

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
11,457
9,548

1332024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

12 DIVIDENDS

Notes:

(a) An interim dividend in respect of the six months ended 30th

September 2024 of HK1.80 cents per ordinary share (six

months ended 30th September 2023: HK1.50 cents per ordinary

share) was paid in cash on 9th January 2025 (six months

ended 30th September 2023: paid in cash on 8th January

2024) to shareholders whose names apeared on the Register

of Members of the Company at the close of busines on 20th

December 2024 (six months ended 30th September 2023: on

20th December 2023).

(b) A final dividend in respect of the year ended 31st March 2025

of HK1.50 cents per ordinary share (2024: HK1.00 cent per

ordinary share), amounting to aproximately total dividend of

HK$9,548,000 (2024: HK$6,386,000), is to be proposed at the

forthcoming anual general meting of the Company. The amount

of the proposed final dividend is based on 636,508,315 ordinary

shares in isue as at 31st March 2025 (2024: 638,604,315

ordinary shares). These consolidated financial statements do not

reflect this proposed dividend payable for the year ended 31st

March 2025.

12 股息

附注：

(a) 本公司于二零二五年一月九日（截至二零二三年九

月三十日止六个月：于二零二四年一月八日以现金

派付）向于二零二四年十二月二十日（截至二零二三

年九月三十日止六个月：于二零二三年十二月二十

日）营业时间结束时名列于本公司股东名册之股东

以现金派付截至二零二四年九月三十日止六个月之

中期股息每股普通股1.80港仙（截至二零二三年九

月三十日止六个月：每股普通股1.50港仙）。

(b) 本公司将于应届股东周年大会建议派发截至二零

二五年三月三十一日止年度之末期股息每股普通

股1.50港仙（二零二四年：每股普通股1.00港

仙），股息总额约为9,548,000港元（二零二四年：

6,386,000港元）。该建议末期股息的金额乃基于

二零二五年三月三十一日之636,508,315股已发行

之普通股计算（二零二四年：638,604,315股普通

股）。该等综合财务报表并未反映截至二零二五年

三月三十一日止年度此建议应付末期股息。

	2025	2024
	二零二五年	二零二四年
89,617
637,370
14.06

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司134

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

13 EARNINGS PER ORDINARY SHARE

(a) Basic

Basic earnings per ordinary share is calculated

by dividing the profit atributable to owners of the

Company by the weighted average number of

ordinary shares in isue during the year.

(b) Diluted

Diluted earnings per ordinary share is calculated

by adjusting the weighted average number of

ordinary shares outstanding to asume conversion

of al dilutive potential ordinary shares.

For the years ended 31st March 2025 and 2024,

the Group has one category of potentialy dilutive

ordinary shares – share options isued by the

Company. The computation of diluted earnings

per ordinary share for the years ended 31st March

2025 and 2024 did not asume the exercise of the

Company’s share options because the exercise

prices of these options were higher than the

average market price for ordinary shares. Thus,

there were no potentialy dilutive ordinary shares

as at both years end and diluted earnings per

ordinary share equal to basic earnings per ordinary

share for the years ended 31st March 2025 and

2024.

13 每股普通股盈利

(a) 基本

每股普通股基本溢利乃按本公司拥有人应占

溢利除以年度已发行普通股的加权平均数计

算。

(b) 摊薄

每股普通股的摊薄溢利乃假设具潜在摊

薄性质之普通股获全数转换而相应调整

发行在外普通股之加权平均数计算。

于截至二零二五年及二零二四年三月

三十一日止年度，本集团具一类别为本

公司发行具潜在摊薄性质之普通股购股

权。基于该等购股权之行使价较普通股

巿价为高，计算截至二零二五年及二零

二四年三月三十一日止年度之每股普通

股摊薄溢利时，假设本公司之购股权并

未获行使，因此，于该两个年度末并无

具潜在摊薄性质之普通股，于截至二零

二五年及二零二四年三月三十一日止年

度，每股普通股的摊薄溢利相等于每股

普通股的基本溢利。

Buildings	Leasehold improvement, furniture and equipment	Machinery	Motor vehicles	Total
楼宇	租赁物业装修、家私及设备	机器	汽车	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元

174,916	58,878	62,121	5,543	301,458
(162,106)	(54,890)	(33,094)	(4,399)	(254,489)
12,810	3,988	29,027	1,144	46,969
12,810	3,988	29,027	1,144	46,969
—	736	2,124	201	3,061
—	—	(243)	—	(243)
(5,566)	(54)	—	—	(5,620)
(693)	(1,390)	(5,491)	(334)	(7,908)
(23)	(12)	—	5	(30)
6,528	3,268	25,417	1,016	36,229
169,120	58,832	64,002	5,714	297,668
(162,592)	(55,564)	(38,585)	(4,698)	(261,439)
6,528	3,268	25,417	1,016	36,229

1352024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

14 PROPERTY, PLANT AND EQUIPMENT

At 1st April 2023于二零二三年四月一日

Cost 成本169,56657,45255,3696,597288,984

Acumulated depreciation and impairment 累计折旧及减值(161,664)(54,311)(28,747)(5,496)(250,218)

Net bok amount 账面净额7,9023,14126,6221,10138,766

Year ended 31st March 2024截至二零二四年

三月三十一日止年度

Opening net bok amount 期初账面净额7,9023,14126,6221,10138,766

Aditions 添置5,7502,1857,32449215,751

Disposals 出售—(36)—(134)(170)

Depreciation 折旧(504)(1,264)(4,919)(279)(6,966)

Curency translation diferences 货币汇兑差额(338)(38)—(36)(412)

Closing net bok amount 期末账面净额12,8103,98829,0271,14446,969

At 31st March 2024于二零二四年三月三十一日

Cost 成本

Acumulated depreciation

and impairment

累计折旧

及减值

Net bok amount 账面净额

Year ended 31st March 2025截至二零二五年

三月三十一日止年度

Opening net bok amount 期初账面净额

Aditions 添置

Government subsidy (Note i) 政府补贴（附注i）

Disposals 出售

Depreciation 折旧

Curency translation diferences 货币汇兑差额

Closing net bok amount 期末账面净额

At 31st March 2025于二零二五年三月三十一日

Cost 成本

Acumulated depreciation

and impairment

累计折旧

及减值

Net bok amount 账面净额

14 物业、厂房及设备

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
2,818
243
—
—
3,061

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
10,614
(243)
(2,566)
7,805

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司136

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

14 PROPERTY, PLANT AND EQUIPMENT

(CONTINUED)

Depreciation expense of aproximately HK$4,554,000

(2024: HK$4,122,000) was charged to “cost of sales”

and aproximately HK$3,354,000 (2024: HK$2,844,000)

was charged to “general and administrative expenses”

in the consolidated income statement.

Notes:

(i) There are no unfulfiled conditions or other contingencies

ataching to the grants.

(i) Acquisition of property, plant and equipment during the financial

year were financed by:

Net bok values of certain machinery which are under hire

purchase arangements are as folows:

The terms of the hire purchase arangements is for 5 years.

14 物业、厂房及设备（续）

折旧支出约4,554,000港元（二零二四年：

4,122,000港元）及约3,354,000港元（二零

二四年：2,844,000港元）分别于综合损益表

计入「销售成本」及「一般及行政支出」内。

附注：

(i) 有关补助概无附带尚未履行的条件或其他或有事

项。

(i) 于财政年度透过融资收购之物业、厂房及设备：

租购安排项下之若干机器之账面值净额如下：

租购安排之期限为5年。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
1,281,131
—
(25,002)
(9,276)
1,246,853

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
46,110
(7,814)
38,296

1372024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15 INVESTMENT PROPERTIES

(i) Amount recognised in consolidated income

statement for investment properties as folows:

(i) Non-curent asets pledged as security

Investment property of aproximately HK$1,246,550,000

(2024: HK$1,280,664,000) was pledged as colaterals

for certain of the Group’s bank borowings of

aproximately HK$327,206,000 (2024: HK$349,272,000)

(Note 31).

15 投资物业

(i) 于综合损益表中确认之投资物业金

额如下：

(i) 质押非流动资产

约1,246,550,000港元之投资物业（二

零二四年：1,280,664,000港元）抵押

作为本集团约327,206,000港元（二零

二四年：349,272,000港元）的若干银

行借款（附注31）之抵押品。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司138

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15 INVESTMENT PROPERTIES (CONTINUED)

(i) Acounting policy of investments properties

Investment properties, principaly comprising

leasehold land and buildings, are held for long-

term rental yields or for capital apreciation or

both, and that is not ocupied by the Group.

Investment properties are measured initialy at

its cost, including related transaction costs. After

initial recognition, investment properties are

caried at fair value, representing open market

value determined at each reporting date by

external valuers. Fair value is based on active

market prices, adjusted, if necesary, for any

diference in the nature, location or condition

of the specific aset. If the information is not

available, the Group uses alternative valuation

methods such as recent prices on les active

markets or discounted cash flow projections.

Changes in fair values are recorded in profit or

los.

(iv) Valuation technique

As at 31st March 2025, investment properties

of aproximately HK$1,246,853,000 (2024:

HK$1,281,131,000) were stated at open market

value based on valuations asesed by an

independent profesional qualified valuer and

reviewed by the directors.

15 投资物业（续）

(i) 投资物业之会计政策

投资物业（主要包括租赁土地及楼宇）乃

持作长期租金回报或资本升值或二者兼

具，且并非由本集团占用。

投资物业初始按其成本计量，包括相关

交易成本。在初始确认后，投资物业按

公允价值列账，即于各报告日由外部估

值师厘定之公开市值。公允价值以活跃

市场价格为基准，如有需要就特定资产

之性质、地点或状况之任何差异作出调

整。如并无此项资料，本集团须使用其

他估值方法，例如较不活跃市场之近期

价格或贴现金流量预测法。公允价值

变动于损益中列账。

(iv) 估值技术

于二零二五年三月三十一日，投资物业

约1,246,853,000港元（二零二四年：

1,281,131,000港元）乃按独立专业合

资格估值师评估之估值以公开市值列示

及由董事审阅。

Fair value measurement at 31st March 2025 using
于二零二五年三月三十一日使用下列项目进行之公允价值计量
Description	描述	Quoted prices in active markets for identical assets	Significant other observable inputs	Significant unobservable inputs
		于活跃市场同等资产之报价	重大其他可观察输入数据	重大不可观察输入数据
		(Level 1)	(Level 2)	(Level 3)
		（第一层）	（第二层）	（第三层）
		HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元
		—	—	1,246,853

Fair value measurement at 31st March 2024 using
于二零二四年三月三十一日使用下列项目进行之公允价值计量
Description	描述	Quoted prices in active markets for identical assets	Significant other observable inputs	Significant unobservable inputs
		于活跃市场同等资产之报价	重大其他可观察输入数据	重大不可观察输入数据
		(Level 1)	(Level 2)	(Level 3)
		（第一层）	（第二层）	（第三层）
		HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元

1392024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15 INVESTMENT PROPERTIES (CONTINUED)

(iv) Valuation technique (Continued)

The folowing table analyses the investment

properties caried at fair value, by valuation

method.

Fair value hierarchy

Recuring fair value

measurement

经常性公允价值

计量

– Comercial units

– Mainland China

－商业单元

－中国大陆—1,281,131

15 投资物业（续）

(iv) 估值技术（续）

下表以估值法分析以公允价值列账之投

资物业。

公允价值等级

Mainland China
中国大陆
HK$’000
千港元
1,281,131
(25,002)
(9,276)
1,246,853
(25,002)

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司140

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15 INVESTMENT PROPERTIES (CONTINUED)

(iv) Valuation technique (Continued)

Fair value measurement using significant

unobservable inputs (Level 3)

As at 1st April 2023于二零二三年四月一日1,376,991

Capitalised subsequent expenditure其后开支拨充资本127

Fair value los on investment properties投资物业之公允价值亏损(13,356)

Curency translation diferences货币汇兑差额(82,631)

As at 31st March 2024于二零二四年三月三十一日1,281,131

Total unrealised los for the year included

in the consolidated income statement for

asets held at 31st March 2024

于二零二四年三月三十一日所持资产

于本年度计入综合损益表

之未变现亏损总额(13,356)

15 投资物业（续）

(iv) 估值技术（续）

使用重大不可观察输入数据之公允价值

计量（第三层）

Fair value (HK$’000)	Valuation technique	Unobservable inputs	Range of unobservable inputs	Relationship of unobservable inputs to fair value
公允价值（千港元）	估值技术	不可观察输入数据	不可观察输入数据范围	不可观察输入数据与公允价值之关系
As at 31st March 2025
于二零二五年三月三十一日
1,246,853	Income capitalisation approach	Adjusted market yields	3.50% to 4.00%	The higher the adopted yields, the lower the fair value
	收益资本化法	经调整市场收益率	3.50% to 4.00%	已采纳收益率越高，公允价值越低
	Direct comparison approach	Adjusted units’ rates	Car park at RMB 300,000/space	The higher the adopted units’ rates, the higher the fair value
	直接比较法	经调整单位价格	停车场：人民币300,000元╱车位	已采纳单位价格越高，公允价值越高

1412024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15 INVESTMENT PROPERTIES (CONTINUED)

(iv) Valuation technique (Continued)

Fair value measurement using significant

unobservable inputs (Level 3) (Continued)

Information about fair value measurements using

significant unobservable inputs (Level 3) for the

investment properties in Mainland China are as

folows:

As at 31st March 2024

于二零二四年三月三十一日

1,281,131Income capitalisation

aproach

Adjusted

market

yields

4.00% to 5.00%The higher the

adopted yields, the

lower the fair value

收益资本化法经调整市场

收益率

4.00% to 5.00%已采纳收益率越高，

公允价值越低

Direct comparison

aproach

Adjusted

units’ rates

Car park:

RMB300,000/space

The higher the

adopted units’ rates,

the higher the fair value

直接比较法经调整单位价格停车场：

人民币300,000元╱车位

已采纳单位价格越高，

公允价值越高

15 投资物业（续）

(iv) 估值技术（续）

使用重大不可观察输入数据之公允价值

计量（第三层）（续）

有关就中国大陆的投资物业使用重大不

可观察输入数据（第三层）之公允价值计

量之资料如下：

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司142

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15 INVESTMENT PROPERTIES (CONTINUED)

(iv) Valuation technique (Continued)

Valuation proceses of the investment properties

The Group engages external, independent and

qualified valuer to determine the fair value of the

investment properties at the end of each financial

year. As at 31st March 2025, the fair value of the

investment properties owned by the Group was

determined by Cushman & Wakefield Limited

(2024: Knight Frank Pety Limited).

The Group’s finance department reviews the

valuations performed by Cushman & Wakefield

Limited for financial reporting purpose. These

valuation results are then reported to the Group’s

management for discusions and review in relation

to the valuation proceses and the reasonablenes

of valuation results.

The main Level 3 input used by the Group is

derived and evaluated as folows:

Adjusted market yields

The adjusted market yields have ben determined

by making reference to the investment returns

implied from recent sale transactions, with

adjustments to reflect the diferences betwen

the comparables and the investment properties

in terms of location, building quality and other

factors.

Adjusted units’ rates

The adjusted units’ rates have ben determined

by making reference to the comparable market

transactions of similar properties, with adjustments

to reflect the diferences betwen the comparables

and the investment properties in terms of time,

location, environment and other factors.

15 投资物业（续）

(iv) 估值技术（续）

投资物业的估值过程

本集团委聘外部独立及合资格估值师厘

定于各财政年度末投资物业之公允价

值。于二零二五年三月三十一日，由本

集团拥有之投资物业之公允价值已由戴

德梁行有限公司厘定（二零二四年：莱

坊测量师行有限公司）。

本集团之财务部门就财务报告审阅由戴

德梁行有限公司作出之估值。有关估值

结果其后将向本集团管理层汇报，以就

估值程序及估值结果的合理性进行讨论

及检讨。

本集团使用的主要第三层输入来源及评

估如下：

经调整市场收益率

经调整市场收益率乃经参考近期销售交

易隐含投资回报（经调整以反映可比较

物业与投资物业在位置、楼宇质量及其

他因素方面之差异）予以厘定。

经调整单位价格

经调整单位价格乃经参考相近投资物业

之可比较市场成交（经调整以反映可比

较物业与投资物业在时间、位置、环境

及其他因素方面之差异）予以厘定。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
7,807
12,478
20,285
7,294
2,054
9,348

1432024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

16 LEASES

This note provides information for leases where the

Group is a lese.

(i) Amounts recognised in the consolidated

statement of financial position

The consolidated statement of financial position

shows the folowing amounts relating to leases:

There was no adition to the right-of-use asets

during the year ended 31st March 2025 (2024:

HK$38,851,000).

16 租赁

本附注提供租赁（当本集团为承租人）之资料。

(i) 于综合财务状况表确认之金额

综合财务状况表呈列以下与租赁相关之

款项：

截至二零二五年三月三十一日止年度，

并无添置使用权资产（二零二四年：

38,851,000港元）。

Land use rights	Sites, outlets, offices and warehouses	Total
土地使用权	工地、商舖、办公室及货仓	总额
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元

8,009	32,328	40,337
(202)	(19,850)	(20,052)
7,807	12,478	20,285

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司144

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

16 LEASES (CONTINUED)

(i) Measurement of right-of-use asets

The recognised right-of-use asets relate to the

folowing types of asets:

At 1st April 2023于二零二三年四月一日8,2112,78510,996

Aditions添置—38,85138,851

Depreciation折旧(202)(9,292)(9,494)

Exchange diferences汇兑差额—(16)(16)

At 31st March 2024

and 1st April 2024

于二零二四年

三月三十一日及

二零二四年四月一日

Depreciation折旧

At 31st March 2025于二零二五年

三月三十一日

Note:

During the year ended 31st March 2024, the Group has entitled

rental concesion from the landlords. For a lease modification

that is not acounted for a separate lease, the Group remeasures

the lease liability based on the lease term of the modified lease

by discounting the revised lease payments using a revised

discount rate at the efective date of the modification. The Group

acounts for the remeasurement of lease liabilities by making

coresponding adjustments to the relevant right-of-use asets.

Any diferences betwen the adjustments of lease liabilities and

right-of-use asets are recognised in “other gains – net” in the

consolidated income statement (Note 6).

16 租赁（续）

(i) 使用权资产计量

已确认的使用权资产与下列资产类别相

关：

附注：

于二零二四年三月三十一日止年度，本集团享有来

自业主的租金宽减。对于不作为一项单独租赁进行

会计处理之租赁修订，在修订的生效日期，本集团

根据经修订租赁的租期，通过使用经修订贴现率对

经修订租赁款项进行贴现以重新计量租赁负债。本

集团通过对相关使用权资产进行相应调整，对租赁

负债进行重新计量。租赁负债与使用权资产调整之

间的任何差异于综合损益表「其他收益－净额」中确

认（附注6）。

		2025	2024
		二零二五年	二零二四年
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
202
19,850
20,052
1,299
2,337

1452024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

16 LEASES (CONTINUED)

(i) Amounts recognised in the consolidated

income statement

The consolidated income statement shows the

folowing amounts relating to leases:

The total cash outflow for leases for the year

ended 31st March 2025 was HK$23,520,000 (31st

March 2024: HK$20,083,000).

(iv) The Group’s leasing activities and how these

are acounted for

The Group leases various sites, retail outlets,

ofices and warehouses. Rental contracts are

typicaly made for fixed periods of 1 year to 3

years.

Lease terms are negotiated on an individual basis

and contain a wide range of diferent terms and

conditions. The lease agrements do not impose

any covenants. Leased asets may not be used as

security for borowing purposes.

16 租赁（续）

(i) 于综合损益表确认之金额

综合损益表呈列以下与租赁相关之金

额：

租赁于截至二零二五年三月三十一日

止年度之现金流出总额为23,520,000

港元（二零二四年三月三十一日：

20,083,000港元）。

(iv) 本集团之租赁活动及其会计方式

本集团租赁各类工地、零售商舖、办公

室及仓库。租赁合约一般按固定期限一

至三年订立。

租赁条款按个别基准协商，且包含各种

不同条款及条件。租赁协议并无施加任

何契诺，惟租赁资产不得用作借贷之抵

押品。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
379,684
687
178,980
2,901
2,247
564,499
1,122,617
58,366
25,798
38,636
9,348
1,254,765

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司146

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

17 FINANCIAL INSTRUMENTS BY CATEGORY

The Group holds the folowing financial instruments:

17 金融工具分类

本集团持有以下金融工具：

Name of entity	Place of incorporation/ establishment and kind of legal entity	Particulars of issued share capital/ registered capital	Percentage of equity interest attributable to the Company		Principal activities and place of operations
实体名称	注册成立╱成立地点及法律实体性质	已发行股本╱ 注册资本之详情	本公司应占股本权益百分比		主要业务及经营地点
			2025	2024
			二零二五年	二零二四年
			100%
			100%
			100%
			100%
			100%
			62%
			86.2%
			100%

1472024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

18 SUBSIDIARIES

Details of the principal subsidiaries as at 31st March

2025 are as folows:

18 附属公司

于二零二五年三月三十一日的主要附属公司

详情如下：

Name of entity	Place of incorporation/ establishment and kind of legal entity	Particulars of issued share capital/ registered capital	Percentage of equity interest attributable to the Company		Principal activities and place of operations
实体名称	注册成立╱成立地点及法律实体性质	已发行股本╱ 注册资本之详情	本公司应占股本权益百分比		主要业务及经营地点
			2025	2024
			二零二五年	二零二四年
			100%
			100%
			100%
			100%
			100%
			100%
			100%
			100%
			100%

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司148

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

18 SUBSIDIARIES (CONTINUED)

Details of the principal subsidiaries as at 31st March

2025 are as folows (Continued):

18 附属公司（续）

于二零二五年三月三十一日的主要附属公司

详情如下：（续）

Name of entity	Place of incorporation/ establishment and kind of legal entity	Particulars of issued share capital/ registered capital	Percentage of equity interest attributable to the Company		Principal activities and place of operations
实体名称	注册成立╱成立地点及法律实体性质	已发行股本╱ 注册资本之详情	本公司应占股本权益百分比		主要业务及经营地点
			2025	2024
			二零二五年	二零二四年
			100%
			100%
			100%
			100%
			100%
			100%

1492024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

18 SUBSIDIARIES (CONTINUED)

Details of the principal subsidiaries as at 31st March

2025 are as folows (Continued):

The above list includes the subsidiaries of the Company

which, in the opinion of the directors, principaly

afected the results of 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.

Note:

(i) The shares of Van Shung Chong (B.V.I.) Limited are held directly

by the Company. The shares of other subsidiaries are held

indirectly.

* The English translation of these entities is for reference only. The

oficial names of the companies established in the PRC are in

Chinese.

18 附属公司（续）

于二零二五年三月三十一日的主要附属公司

详情如下：（续）

以上所列为董事认为对本集团本年度之业绩

或资产有主要影响之本公司的附属公司。董

事认为列出其他附属公司之详情会令资料过

于冗长。

附注：

(i) Van Shung Chong (B.V.I.) Limited之股份由本公

司直接持有。其他附属公司之股份则间接持有。

，于中国成立之

公司，中文名称为正式名称。

Name of entity	Place of business/ Country establishment/ incorporation	% of ownership interest		Nature of the relationship	Measurement method	Carrying amount
实体名称	营业地点╱ 注册成立国家	拥有权权益百分比		关系性质	计量方法	账面值
		2025	2024			2025	2024
		二零二五年	二零二四年			二零二五年	二零二四年
		%	%			HK$’000	HK$’000
		百分比	百分比			千港元	千港元
		百分比	15% Joint venture Equity (Note i) method 合营公司权益法（附注i） 5% Associate Equity (Note ii) method 联营公司权益法（附注ii）
		15%				224,173
		5%				43,229
		267,402

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司150

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

19 INVESTMENTS ACOUNTED FOR USING THE

EQUITY METHOD

Set out below are an asociate and a joint venture of

the Group as at 31st March 2025 and 2024. The entities

listed below have share capital consisting solely of

ordinary shares, which are held directly by the Group.

Details of the principal investments in an asociate and

a joint venture as at 31st March 2025 and 2024 are as

folows:

* HSO Group and Skyline Group are private entities with no quoted

price available.

19 按权益法入账之投资

以下载列本集团于二零二五年及二零二四年

三月三十一日之一间联营公司及一间合营公

司。以下所列实体仅具有普通股之股本，由

本集团直接持有。

于二零二五年及二零二四年三月三十一日之

一间联营公司及一间合营公司之主要投资详

情如下：

，并无可用

的报价。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
281,176
(19,641)
10,732
(4,865)
267,402

1512024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

19 INVESTMENTS ACOUNTED FOR USING THE

EQUITY METHOD (CONTINUED)

Notes:

(i) HSO Group is principaly engaged in property investment and

fund management busines in Mainland China and is owned as

to 15% by Plentiful Praise Limited (“Plentiful”) (an indirect 62%

owned subsidiary of the Company) and 85% by Reco Wisteria

Private Limited (“RECO”) (an independent third party).

As at 31st March 2025, Plentiful has contributed capital,

agregated to US$39,379,000 (2024: US$38,081,000). Acording

to the shareholders agrement of HSO Group, in the event

that further capital is required for the operation of HSO Group,

the Group would have to contribute up to aproximately

HK$102,084,000 (2024: HK$112,814,000) upon request.

The indirect wholy-owned subsidiaries of the Company have

entered into management service agrements with HSO Group

for providing management service. The management service

income is disclosed in related party transaction (Note 38).

(i) Skyline Group is principaly engaged in property investment

and fund management busines in Mainland China and is

owned as to 95% by Apolo Skyline Holding Limited (“Apolo”)

(an independent third party) and 5% by Top Blom Group

Limited (“Top Blom”) (an indirect wholy-owned subsidiary

of the Company). As at 31st March 2025, Top Blom has

contributed capital, agregated to US$10,110,000, equivalent

to aproximately HK$79,384,000 (2024: US$10,030,000,

equivalent to aproximately HK$78,758,000). The indirect

wholy-owned subsidiaries of the Company have entered

into management service agrements with Skyline Group for

providing management service. The management service income

is disclosed in related party transaction (Note 38).

The movements of interests in asociates and joint

ventures are as folows:

19 按权益法入账之投资（续）

附注：

(i) HSO集团主要于中国大陆从事房地产投资及基金

运营业务，其由颂裕有限公司（「颂裕」，由本公司

拥有62%之间接附属公司）拥有15%及由Reco

Wisteria Private Limited（「RECO」，属独立第三

方）拥有85%。

于二零二五年三月三十一日，颂裕已合共出资

39,379,000美元（二零二四年：38,081,000美

元）。根据HSO集团的股东协议，倘若HSO集团

的营运需更多资金，则本集团须按要求出资最多约

102,084,000港元（二零二四年：112,814,000港

元）。

本公司的间接全资拥有附属公司已与HSO集团订

立管理服务协议，为其提供管理服务。管理服务收

入披露于关联方交易（附注38）。

(i) Skyline集团主要于中国大陆从事房地产投资及

基金运营业务，其由Apolo Skyline Holding

Limited（「Apolo」，属独立第三方）拥有95%及由

Top Blom Group Limited（「Top Blom」，为本

公司间接全资附属公司）拥有5%。于二零二五年三

月三十一日，Top Blom已合共出资10,110,000

美元（相当于约79,384,000港元）（二零二四年：

10,030,000美元（相当于约78,758,000港元）。本

公司的间接全资拥有附属公司已与Skyline集团订

立管理服务协议，以提供管理服务。管理服务收入

于关联方交易中披露（附注38）。

于联营公司及合营公司之权益变动如下：

	HSO(Note (i))		Skyline(Note (ii))
	HSO（附注(i)）		Skyline（附注(ii)）
	2025	2024	2024	2023
	二零二五年	二零二四年	二零二四年	二零二三年
	31st March	31st March	31st December	31st December
	三月三十一日	三月三十一日	十二月三十一日	十二月三十一日
	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元
27,610 28,592
	千港元	34,129		67,501
	24,261		26,052
56,202 (61,458) 3,762,220 1
	58,390		93,553
	(558,219)		(879,301)
	3,606,970		1,430,981
	1		1,703,113
3,762,221 (2,186,346)
	3,606,971		3,134,094
	(1,612,658)		(1,483,596)
1,570,619
	1,494,484		864,750
125,925 (70,409) 1,024 (115,831) (99,477) 17,602
	129,078		275,522
	(128,619)		(2,716)
	1,011		—
	(101,942)		(101,323)
	(161,222)		(49,841)
	32,155		44,388
(81,875) (132,313)
	(129,067)		(5,453)
	(14,441)		(53,978)
(214,188)
	(143,508)		(59,431)

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司152

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

19 INVESTMENTS ACOUNTED FOR USING THE

EQUITY METHOD (CONTINUED)

Sumarised financial information for a joint venture

and an asociate

The tables below provide sumarised financial

information for the joint venture and the asociate that

are material to the Group. The information disclosed

reflects the amounts presented in the financial

statements of the relevant joint venture and asociate

and not the Group’s share of those amounts.

19 按权益法入账之投资（续）

合营公司及联营公司财务资料概要

下表提供对本集团而言属重要之合营公司及

联营公司之财务资料概要。所披露之资料反

映呈列于相关合营公司及联营公司财务报表

内之金额，而非本集团之应占金额。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
2,482,285
79,895
(134,520)
(68,426)
2,359,234
267,402

1532024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

19 INVESTMENTS ACOUNTED FOR USING THE

EQUITY METHOD (CONTINUED)

Sumarised financial information for a joint

venture and an asociate (Continued)

Reconciliation of sumarised financial information for

individualy material joint venture and asociate

Reconciliation of the sumarised financial information

presented to the carying amount of the Group’s

interests in the joint venture and the asociate.

Notes:

(i) HSO engages external, independent and qualified valuer to

determine the fair value of the investment properties at the end

of the financial year. As at 31st March 2025, the fair value of

the investment property was determined by Jones Lang LaSale

Corporate Apraisal and Advisory Limited (2024: Same).

At 31st March 2025, temporary diferences relating to the

undistributed profits of HSO’s subsidiaries in the PRC amounted

to HK$81,367,000 (2024: HK$164,234,000). Defered tax

liabilities of HK$4,068,000 (2024: HK$8,212,000) have not ben

recognised in its consolidated statement of financial position

in respect of the witholding tax that would be payable on the

distribution of these retained profits as HSO controls the dividend

policy of its PRC subsidiaries and it has ben determined that

it is probable that such retained profits wil not be distributed in

the foreseable future.

19 按权益法入账之投资（续）

合营公司及联营公司财务资料概要（续）

个别重大合营公司及联营公司之财务资料概要

对账

所呈报财务资料概要与本集团于合营公司及

联营公司之权益之账面金额对账。

附注：

(i) HSO委聘外部独立合资格估值师，以厘定于财政

年度年终投资物业之公允价值。于二零二五年三月

三十一日，投资物业之公允价值由仲量联行企业评

估及咨询有限公司厘定（二零二四年：相同）。

于二零二五年三月三十一日，HSO于中国大

陆之附属公司涉及未分派溢利之暂时差额为

81,367,000港元（二零二四年：164,234,000港

元）。由于HSO控制该等中国大陆附属公司的股息

政策，且其已决定在可见将来不可能派发该等保留

溢利，因而并未在综合财务状况表确认可能因分派

该等保留溢利所应付预扣税项而涉及的递延税项负

债4,068,000港元（二零二四年：8,212,000港元）。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司154

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

19 INVESTMENTS ACOUNTED FOR USING THE

EQUITY METHOD (CONTINUED)

Sumarised financial information for a joint venture

and an asociate (Continued)

Reconciliation of sumarised financial information

for individualy material joint venture and asociate

(Continued)

Notes: (Continued)

(i) The financial year of this asociate is not conterminous with

that of the Group and the financial statements used for equity

acounting are for the years ended 31st December 2024 and

2023. This asociate uses 31st December as its financial year

end, which is conformed with its holding company’s reporting

date. Subsequent to the financial year ended 31st December

2024 (2024: 31st December 2023) and before the Group’s

year end date of 31st March 2025 (2024: 31st March 2024), no

further injection has ben made by Top Blom to Skyline (2024:

injection of US$80,000 which is equivalent to HK$626,000 to

Skyline which contributed to the net asets shared by the Group

as at 31st March 2024).

As at 31st March 2025 and 2024, Skyline engages external,

independent and qualified valuer, Cushman & Wakefield Limited,

to determine the fair value of the investment properties as at 31st

December 2024 and 2023 and 31st March 2025 and 2024. No

significant change in fair value during the subsequent period to

31st March 2025.

(i) During the year ended 31st March 2025, Top Blom and Apolo

made a capital injection in the form of shareholder loans for

Skyline, totaled to US$1,600,000 which is aproximately to

HK$12,523,000 (2024: US$7,700,000 which is aproximately

to HK$60,289,000). These shareholder loans are interest fre

and the repayment of which requires an unanimous aproval of

al directors of Skyline. As such, these shareholder loans are

regarded as part of the investment in the asociate. During the

year ended 31st March 2025, Plentiful and RECO made a capital

injection, agregated to US$8,651,000 which is aproximately to

HK$67,372,000 (2024: US$7,812,000 which is aproximately to

HK$61,117,000).

19 按权益法入账之投资（续）

合营公司及联营公司财务资料概要（续）

个别重大合营公司及联营公司之财务资料概要

对账（续）

附注：（续）

(i) 该联营公司之财政年度与本集团不同，其财务报表

乃采用权益会计法，涵盖截至二零二四年及二零

二三年十二月三十一日止年度。该联营公司采用

十二月三十一日作为其财政年度年结日，以与其控

股公司的报告日期一致。继截至二零二四年十二

月三十一日止财政年度（二零二三年：二零二三年

十二月三十一日）后及于本集团截至二零二五年三

月三十一日年结日（二零二四年：二零二四年三月

三十一日）前，Top Blom并没有向Skyline进一

步注资（2024：注入80,000美元（相当626,000港

元），构成于二零二四年三月三十一日本集团应占

资产净额）。

于二零二五年及二零二四年三月三十一日，

Skyline委聘外部独立及合资格估值师戴德梁行

有限公司厘定于二零二四年及二零二三年十二月

三十一日及二零二五年及二零二四年三月三十一

日投资物业的公允价值。于截至二零二五年三月

三十一日的后续期间，公允价值并无重大变动。

(i) 于截至二零二五年三月三十一日止年度，Top

Blom及Apolo以免息股东贷款形式向Skyline

合共注资1,600,000美元（相当于12,523,000

港元）（二零二四年：7,700,000美元，相当于

60,289,000港元）。该等股东贷款为免息，而还款

须获Skyline全体董事一致同意。因此，该等股东

贷款被视为于联营公司投资之一部分。于截至二零

二五年三月三十一日止年度，颂裕及RECO以向

HSO合共注资8,651,000美元（相当于67,372,000

港元）（二零二四年：7,812,000美元，相当于

61,117,000港元）。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
11,237
33,866
45,103
(80,679)
(35,576)

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
(56,735)
20,589
570
(35,576)

1552024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

20 DEFERED INCOME TAX ASETS/

(LIABILITIES)

Defered income tax asets and liabilities are ofset

when there is a legaly enforceable right to ofset

curent income tax asets against curent income tax

liabilities and when the defered income tax asets

and liabilities relate to income tax levied by the same

taxation authority on either the taxable entity or diferent

taxable entities where there is an intention to setle the

balances on a net basis. The ofset amounts are as

folows:

The movements in net defered income tax liabilities are

as folows:

20 递延所得税资产╱（负债）

当具有将即期所得税资产与即期所得税负债

抵销之合法强制执行权，以及当同一税务机

关向该应课税实体或不同应课税实体就递延

所得税资产及递延所得税负债征收所得税，

其中有关结余拟按净额基准清偿时，递延所

得税资产与负债方可互相抵销。抵销金额如

下：

递延所得税负债净额变动如下：

Cumulative tax losses	Decelerated depreciation	Lease liabilities	Others	Total
累计税项亏损	减值折旧	租赁负债	其他	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元

26,117	7,145	5,481	—	38,743
15,897	(958)	(3,259)	—	11,680
(8)	—	—	—	(8)
42,006	6,187	2,222	—	50,415

Investment properties	Accelerated depreciation	Right-of-use assets	Others	Total
投资物业	加速折旧	使用权资产	其他	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元

(85,677)	(3,938)	(5,311)	(552)	(95,478)
6,251	685	3,253	(1,280)	8,909
578	—	—	—	578
(78,848)	(3,253)	(2,058)	(1,832)	(85,991)

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司156

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

20 DEFERED INCOME TAX ASETS/

(LIABILITIES) (CONTINUED)

The movements in defered income tax asets

and liabilities during the year, without taking into

consideration the ofseting of balances within the same

tax jurisdiction, are as folows:

Defered income tax asets:

At 1st April 2023于二零二三年四月一日34,2968,038862—43,196

(Charged)/credited to the

consolidated income statement

已于综合损益表中

（扣除）╱计入(8,086)(893)4,619—(4,360)

Curency translation diferences货币汇兑差额(93)—(93)

At 31st March 2024于二零二四年三月三十一日

Credited/(charged) to the

consolidated income statement

已于综合损益表中

计入╱（扣除）

Curency translation diferences货币汇兑差额

At 31st March 2025于二零二五年三月三十一日

Defered income tax liabilities:

At 1st April 2023于二零二三年四月一日(97,622)(3,713)(410)(686)(102,431)

Credited/(charged) to the

consolidated income statement

已于综合损益表中

计入╱（扣除）6,168(225)(4,901)1341,176

Curency translation diferences货币汇兑差额5,777—5,777

At 31st March 2024于二零二四年三月三十一日

Credited/(charged) to the

consolidated income statement

已于综合损益表中

计入╱（扣除）

Curency translation diferences货币汇兑差额

At 31st March 2025于二零二五年三月三十一日

20 递延所得税资产╱（负债）（续）

本年度递延所得税资产及负债（并无计及同一

税务司法权区内之结余抵销）之变动如下：

递延所得税资产：

递延所得税负债：

1572024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

20 DEFERED INCOME TAX ASETS/

(LIABILITIES) (CONTINUED)

As at 31st March 2025, investment properties located

in the Mainland China amounted to HK$1,246,853,000

(2024: HK$1,281,131,000) are held by certain

subsidiaries with a busines model to consume

substantialy al of the economic benefits embodied in

the investment properties over time, rather than through

sale. The Group has measured the defered tax relating

to the temporary diferences of these investment

properties using the tax rates and the tax bases that

are consistent with the expected maner of recovery of

the investment properties.

At 31st March 2025, temporary diferences relating

to the undistributed profits of subsidiary companies

amounted to HK$185,236,000 (2024: HK$198,117,000).

Defered tax liabilities of HK$9,262,000 (2024:

HK$9,906,000) have not ben recognised in respect

of the tax that would be payable on the distribution

of these retained profits as the Group controls the

dividend policy of these subsidiary companies and

it has ben determined that it is probable that such

retained profits wil not be distributed in the foreseable

future.

Defered income tax asets are recognised for tax los

cary-forwards to the extent that the realisation of the

related tax benefit through the future taxable profits is

probable. As at 31st March 2025, the defered income

tax asets recognised from tax loses of aproximately

HK$40,898,000 (2024: HK$24,670,000) can be caried

forward indefinitely. The remaining tax loses of

aproximately HK$1,108,000 (2024: HK$1,447,000) wil

expire in five years from the year they were incured.

The Group did not recognise defered income tax

asets of aproximately HK$13,438,000 (2024:

HK$40,502,000) and aproximately HK$2,680,000

(2024: HK$4,237,000) in respect of tax loses

amounting to aproximately HK$81,441,000

(2024:HK$245,467,000) that can be caried forward

indefinitely and aproximately HK$10,719,000

(2024:HK$16,948,000) that wil be expired in five years

from the year they were incured respectively.

20 递延所得税资产╱（负债）（续）

于二零二五年三月三十一日，由若干附

属公司持有位于中国大陆之投资物业合

计1,246,853,000港元（二零二四年：

1,281,131,000港元），其业务模式为随时间

耗用投资物业绝大部分经济利益，而非通过

物业出售。本集团计量该等投资物业递延税

项之暂时差额，使用与投资物业预期回本状

况一致的税率及税基。

于二零二五年三月三十一日，附属公司所涉

及未分派溢利之暂时性差额为185,236,000

港元（二零二四年：198,117,000港元）。由

于本集团控制该等附属公司的股息政策，且

其已决定在可见将来极可能不派发该等保

留溢利，导致并未确认可能因分派该等保

留溢利所应付税项而涉及的递延税项负债

9,262,000港元（二零二四年：9,906,000港

元）。

递延所得税资产乃因应相关税务利益透过未

来应课税溢利变现而就所结转之税项亏损作

确认。于二零二五年三月三十一日，已就税

项亏损确认之递延所得税资产约40,898,000

港元（二零二四年：24,670,000港元）可以

无限期结转。余下就税项亏损确认之递延所

得税资产约1,108,000港元（二零二四年：

1,447,000港元）将于产生年度起五年后失

效。

本集团并无就约81,441,000港元（二零二四

年：245,467,000港元）可以无限期结转之

税项亏损以及约10,719,000港元（二零二四

年：16,948,000港元）之税项亏损（该等款

项将于产生年度起五年后失效）分别确认约

13,438,000港元（二零二四年：40,502,000

港元）以及约2,680,000港元（二零二四年：

4,237,000港元）之递延所得税资产。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
1,745
502
2,247

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
3,914
(1,013)
2,901

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司158

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

21 FINANCIAL ASETS AT FAIR VALUE

THROUGH OTHER COMPREHENSIVE INCOME

Financial aset at fair value through other comprehensive

income, which is stated at fair value and denominated in

HK$, represents shares listed on The Stock Exchange of

Hong Kong Limited.

22 FINANCIAL ASETS AT FAIR VALUE

THROUGH PROFIT OR LOS

Financial asets at fair value through profit or los,

which is stated at fair value and denominated in

US$, represents the Group’s investments in a private

company incorporated in Hong Kong. For information

about the fair value measurement, please refer to Note

3.3 to the financial statements.

21 按公允价值计入其他全面收入之

金融资产

按公允价值计入其他全面收入之金融资产按

公允价值列账并以港元计值，指于联合交易

所上市之股份。

22 按公允价值计入损益之金融资产

按公允价值计入损益之金融资产按公允价值

列账并以美元计值。该资产是指本集团投资

于一间于香港注册成立之私人公司的投资。

有关公允价值计量之资料，请参阅财务报表

附注3.3。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
337,525
5,358
342,883

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
358,353
10,884
343
9,256
(17,810)
361,026
(8,627)
352,399

1592024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

23 INVENTORIES

The costs of inventories recognised as expenses

and included in “cost of sales” in the consolidated

income statement amounted to aproximately

HK$1,626,531,000 (2024: HK$1,799,193,000).

The Group made inventory provision for obsolete

inventories and write-down of the inventories to net

realisable value. As at 31st March 2025, there is a

provision of HK$11,928,000 (2024: HK$9,847,000)

neted of with the inventories in the consolidated

statement of financial position. A provision for

write-down of inventories of HK$2,120,000 (2024:

HK$846,000) was included in “cost of sales” in the

consolidated income statement.

24 TRADE AND BIL RECEIVABLES

23 存货

约1,626,531,000港元（二零二四年：

1,799,193,000港元）之存货成本已确认为支

出，并已计入综合损益表之「销售成本」中。

本集团就过时存货计提存货拨备并将存货减

值至可变现净值。于二零二五年三月三十一

日，11,928,000港元的拨备（二零二四年：

9,847,000港元）抵销综合财务状况表中的存

货。一项存货减值拨备之2,120,000港元（二

零二四年：846,000港元）已计入综合损益表

之「销售成本」中。

24 应收账款及票据

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
240,431
57,189
17,253
31,249
32,714
378,836
(17,810)
361,026

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司160

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

24 TRADE AND BIL RECEIVABLES

(CONTINUED)

Sales are either covered by leters of credit or open

acount with credit terms of 0 to 90 days.

Ageing analysis of trade and bil receivables by invoice

date is as folows:

Clasification as trade and bil receivables

Trade and bil receivables are amounts due from

customers for gods received or services performed in

the ordinary course of busines. If colection of trade

and bil receivables is expected in one year or les (or

in the normal operating cycle of the busines if longer),

they are clasified as curent asets. If not, they are

presented as non-curent asets.

Trade and bil receivables are recognised initialy at the

amount of consideration that is unconditional unles

they contain significant financing components, when

they are recognised at fair value. The Group holds the

trade and bil receivables with the objective to colect

the contractual cash flows and therefore measures

them subsequently at amortised cost using the efective

interest method, les provision for impairment.

The Group aplies the simplified aproach to provide

for expected credit loses prescribed by HKFRS

9, which permits the use of the lifetime expected

los provision for trade receivables. To measure the

expected credit loses, these receivables have ben

grouped based on shared credit risk characteristics

and the aging from biling. Se Note 3.1(b) for further

information about expected credit los provision.

24 应收账款及票据（续）

销售均以信用证或具信贷期介乎0至90日不

等记账方式进行。

应收账款及票据根据发票日期之账龄分析如

下：

分类为应收账款及票据

应收账款及票据为在日常业务中就已收取商

品或已提供服务而客户应付之款项。如预期

于一年或以内（或倘较长，则在业务正常经营

周期中）收回应收账款及票据，则该等账款分

类为流动资产。否则，该等账款呈列为非流

动资产。

应收账款及票据于确认公允价值时，初始无

条件按代价金额确认，除非其具重大融资成

份在内。本集团持有应收账款及票据，目的

在于收取约定现金流量，及其后以实际利息

法按摊销成本减去减值拨备计量。

本集团符合香港财务报告准则第9号采用简

化法计提预期信贷亏损，其中允许就应收账

款使用全期预期亏损拨备。对计量预期信贷

亏损，此等应收账款已按共同信贷风险特性

及票据账龄归类。有关预期信贷亏损拨备之

进一步资料见附注3.1(b)。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
15,312
2,597
—
(99)
17,810

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
244,938
107,461
8,627
361,026

1612024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

24 TRADE AND BIL RECEIVABLES

(CONTINUED)

Clasification as trade and bil receivables

(Continued)

Movements on the provision for impairment of trade and

bil receivables are as folows:

The carying amounts of net trade and bil receivables

aproximated their fair values as at 31st March 2025

and 2024.

The carying amounts of net trade and bil receivables

were denominated in the folowing curencies:

24 应收账款及票据（续）

分类为应收账款及票据（续）

应收账款及票据之减值拨备变动如下：

应收账款及票据净额之账面金额与其于二零

二五及二零二四年三月三十一日之公允价值

相若。

应收账款及票据净额之账面金额以下列货币

计值：

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
27,509
128
2,781
13,213
7,151
50,782
(15,311)
35,471

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
15,055
5,309
20,364

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司162

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

25 PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES

The carying amounts of deposits and other receivables

aproximated their fair values as at 31st March 2025

and 2024 and were denominated in the folowing

curencies:

25 预付款项、按金及其他应收账款

按金及其他应收账款之账面金额与其于二零

二五年及二零二四年三月三十一日之公允价

值相若，并以下列货币计值：

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
237
179,430
179,667
(687)
178,980

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
96,358
62,492
20,767
50
179,667

1632024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

26 PLEDGED BANK DEPOSITS/CASH AND CASH

EQUIVALENTS

Pledged bank deposits and cash and cash equivalents

were denominated in the folowing curencies:

The carying amounts of pledged bank deposits and

cash and cash equivalents aproximated their fair

values as at 31st March 2025 and 2024.

The efective interest rate on the bank deposit is 3.7%

(2024: 4.9%) per anum. These deposits have an

average maturity of 48 days (2024: 31 days).

As at 31st March 2025, the Group’s bank deposits of

aproximately HK$687,000 (2024: HK$1,804,000) were

pledged as colateral for the Group’s bil payables.

As at 31st March 2025, pledged bank deposits and

cash and bank deposits totaling aproximately

HK$56,331,000 (2024: HK$42,016,000) and

HK$494,000 (2024: HK$1,522,000) were kept in banks

in Mainland China and denominated in RMB and HK$

respectively. These funds are not frely convertible in

the international market with exchange rate determined

by the People’s Bank of China.

26 已抵押银行存款╱现金及现金等

值

已抵押银行存款及现金及现金等值以下列货

币计值：

已抵押银行存款及现金及现金等值之账面

金额与其于二零二五年及二零二四年三月

三十一日之公允价值相若。

银行存款之实际利率为每年3.7%（二零二四

年：4.9%）。该等存款的平均到期日为48日

（二零二四年：31日）。

于二零二五年三月三十一日，本集团的

银行存款约687,000港元（二零二四年：

1,804,000港元）已抵押作为本集团应付票据

之抵押品。

于二零二五年三月三十一日，已抵押银行存

款以及现金及银行存款合共约56,331,000

港元（二零二四年：42,016,000港元）及

494,000港元（二零二四年：1,522,000港元）

存于中国大陆银行并分别以人民币及港元计

值。此等货币并不能在国际市场自由兑换及

其汇率由中国人民银行厘定。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
58,167
137
—
—
62
58,366

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
7,299
4,261
46,806
58,366

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司164

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

27 TRADE AND BIL PAYABLES

Payment terms with supliers are either on leters of

credit or open acount with credit period of 30 to 60

days.

Ageing analysis of trade and bil payables by invoice

date is as folows:

The carying amounts of trade and bil payables

aproximated their fair values as at 31st March 2025

and 2024. They were denominated in the folowing

curencies:

27 应付账款及票据

与供应商之付款条款均以信用证或具信贷期

介乎30至60日不等之记账方式进行。

应付账款及票据根据发票日期之账龄分析如

下：

应付账款及票据之账面值与其于二零二五年

及二零二四年三月三十一日之公允价值相

若。应付账款及票据以下列货币计值：

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
1,205

1652024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

28 LIABILITIES UNDER SUPLIER FINANCE

ARANGEMENTS

The Group has entered into certain suplier finance

arangements with a bank and an independent vendor

(“the Vendor”) and the liabilities under suplier

finance arangements as of 31st March 2025 was

HK$25,798,000 (2024: HK$35,965,000). Under

these arangements, the bank and the Vendor, pay

supliers the amounts owed by the Group. The Group’s

obligations to supliers are legaly extinguished on

setlement by the relevant bank and Vendor. The Group

then setles with the bank and Vendor betwen 90 and

180 days after their setlement with the supliers with

interest ranges from 5.66% to 6.91% (2024: 6.91% to

7.35%) per anum. These arangements have extended

the payment terms.

The interest expense of the Group’s suplier finance

arangements (Note 10) are as folows:

28 供应商融资安排下之负债

本集团与一间银行及一独立供销商（「供销

商」）签定若干供应商融资安排，于二零

二五年三月三十一日，供应商融资安排下

之负债为25,798,000港元（二零二四年：

35,965,000港元）。于该等安排下，银行及

供销商支付本集团对供应商之欠款，在相关

银行及供销商付款后，本集团对供应商的付

款义务合法地终止。于供应商收款后，本集

团其后于90至180天之间连同利息支付银行

及供销商，年利率界乎5.66%至6.91%（二

零二四年：6.91%至7.35%）。该等安排延长

付款期限。

本集团供应商融资安排之利息支出（附注10）

如下：

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
33,245
26,579
12,057
1,782
73,663
(9,066)
64,597

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
12,486
26,090
60
38,636

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
2,722

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司166

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 ACRUED LIABILITIES AND OTHER

PAYABLES

The carying amounts of financial liabilities in acrued

liabilities and other payables aproximated their fair

values as at 31st March 2025 and 2024 and were

denominated in the folowing curencies:

30 PROVISIONS

29 应计负债及其他应付账款

应计负债及其他应付账款之金融负债账面

金额与其于二零二五年及二零二四年三月

三十一日之公允价值相若，并以下列货币计

值：

30 拨备

Onerous contracts	Others	Total
有偿契约	其他	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元

316	—	316
2,406	—	2,406
2,722	—	2,722

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
691,183
95,058
15,301
1,669
3,570
806,781
311,905
2,294
1,637
315,836
1,122,617

1672024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

30 PROVISIONS (CONTINUED)

Movements on the Group’s provision are as folows:

At 1st April 2023于二零二三年四月一日24,6871,18925,876

Reversal of provision

during the year

年内回拨

拨备(24,371)(521)(24,892)

Utilisation使用—(668)(668)

At 31st March 2024于二零二四年三月三十一日

Provision during the year年内拨备

At 31st March 2025于二零二五年三月三十一日

31 BOROWINGS

30 拨备（续）

本集团拨备之变动如下：

31 借贷

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
1,814
2,403
4,217
(254)
3,963
1,669
2,294
3,963

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司168

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 BOROWINGS (CONTINUED)

Notes:

(i) As at 31st March 2025, trust receipts bank loans and short-term

bank loans were secured by the pledge of the Group’s corporate

guarante (2024: Same).

(i) As at 31st March 2025, the long-term bank loans of

aproximately HK$327,206,000 (2024: HK$349,272,000) were

secured by the pledge of the Group’s investment property of

aproximately HK$1,246,550,000 (2024: HK$1,280,664,000)

(Note 15) and corporate guarante. As at 31st March 2024,

the remaining curent portion of long-term bank loans of

aproximately HK$52,957,000 were secured by corporate

guarante and Group’s equity interests in certain subsidiaries.

(i) The Group has certain machinery financed by hire purchase

arangement. The rights to the asets wil revert to the

financier only in the event of a default of the terms under these

agrements.

(iv) As at 31st March 2025, other loan represents loans from

a financial institution denominated in HK$ (2024: loans

denominated in US$ and HK$ respectively), unsecured and

repayable by quarterly instalments in acordance with the

repayment schedule as stipulated in the loan agrement until

September 2026 (2024: until March 2025 and September 2026

respectively). The loan bears interest at floating rate.

31 借贷（续）

附注：

(i) 于二零二五年三月三十一日，信托收据银行贷款及

短期银行贷款通过集团担保作抵押（于二零二四年

三月三十一日：相同）。

(i) 于二零二五年三月三十一日，约327,206,000港

元（二零二四年：349,272,000港元）之长期银行贷

款由本集团约1,246,550,000港元之投资物业质押

（二零二四年：1,280,664,000港元）（附注15）及集

团担保作质押。于二零二四年三月三十一日，剩余

约52,957,000港元的长期银行贷款即期部份由集

团担保及本集团于若干附属公司的权益作抵押。

(i) 本集团拥有若干由租购安排下融资购买的机器。对

资产的权利于违反该等协议项下的条款时才会归还

予融资人。

(iv) 于二零二五年三月三十一日，其他贷款指来自一间

金融机构以港元计值之贷款（二零二四年：分别以

美元及港元计值之贷款），当中无担保并根据贷款

协议所订明之偿付计划按季度分期付款，直至二零

二六年九月（二零二四年：分别直至二零二五年三

月及二零二六年九月）。贷款按浮动利率计息。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
806,781
28,542
103,254
184,040
1,122,617

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
750,354
372,263
—
1,122,617

	2025	2024
	二零二五年	二零二四年
6.2%
3.6%
7.5%

1692024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 BOROWINGS (CONTINUED)

The maturity of the Group’s borowings in acordance

with the repayment schedule:

Borowings were denominated in the folowing

curencies:

The efective interest rates of borowings (per anum)

at the reporting dates are as folows:

Al the Group’s borowings as at 31st March 2025

and 2024 are on floating rate basis and the carying

amounts of the borowings aproximated their fair

values.

31 借贷（续）

本集团借贷基于还款时间表之到期情况如

下：

借贷以下列货币计值：

于报告日，借贷之实际利率（每年）如下：

于二零二五年及二零二四年三月三十一日，

本集团所有借贷均按浮动利率计息及借贷之

账面金额与其公允价值相若。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
961,235
961,235

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司170

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 BOROWINGS (CONTINUED)

The Group has the folowing floating rate undrawn

borowing facilities:

Loan covenants

Under the terms of the non-curent borowings, which

had carying amounts of HK$311,905,000 (2024:

HK$334,180,000) as of 31st March 2025, 上海个盈企

业管理有限公司 (“个盈”) and 上海北盈置业有限公司 (“北

盈”), the indirect wholy-owned subsidiaries of the

Company, are required to comply with the folowing

financial covenants at the end of each anual period:

, and

• the net operating cash flow must be positive

during the year.

个盈 and 北盈 have complied with these covenants

throughout the reporting period. As at 31st March

2025, the curent ratio of 个盈 and 北盈 was 1.1 and

1.7 respectively. For the year ended 31st March 2025,

the net operating cash flow was RMB23,136,000 and

RMB5,765,000 for 个盈 and 北盈 respectively.

There is no indicator that 个盈 and 北盈 would have

dificulties complying with the covenants when they wil

be next tested as at next anual reporting date.

31 借贷（续）

本集团有以下未提取之浮息借贷融资：

贷款契约

根据截至2025年3月31日帐面值为

311,905,000港元（2024年：334,180,000港

元）之非流动贷款之条款，本公司的间接全资

子公司上海个盈企业管理有限公司（「个盈」）

和上海北盈置业有限公司（「北盈」）须在每个

年度期末遵守以下之财务契约条款：

；及

个盈及北盈在整个报告期内均遵守该契约

条款。于2025年3月31日，个盈和北盈之

流动比率分别为1.1和1.7。截至2025年

3月31日止年度，个盈和北盈之净经营现

金流分别为人民币23,136,000元和人民币

5,765,000元。

现没有理据显示个盈和北盈于下年度报告日

再次测试时，会难以遵守该契约条款。

Authorised (Ordinary shares of HK$0.10 each)		Issued and fully paid (Ordinary shares of HK$0.10 each)
法定（每股0.10港元之普通股）		已发行及缴足（每股0.10港元之普通股）
Number of shares	Nominal value	Number of shares	Nominal value
股份数目	面值	股份数目	面值
’000	HK$’000	’000	HK$’000
千股	千港元	千股	千港元
1,000,000	100,000	640,414	64,041
—	—	(1,810)	(181)
1,000,000	100,000	638,604	63,860
—	—	(2,096)	(210)
1,000,000	100,000	636,508	63,650

Number of shares repurchased	Highest price paid per share	Lowest price paid per share	Aggregate consideration paid
回购股份数目	每股支付最高价	每股支付最低价	已付代价总额（扣除开支前）
‘000	HK$	HK$	HK$’000
千股	港元	港元	千港元
896	0.245	0.236	215
1,200	0.250	0.243	299

1712024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

32 SHARE CAPITAL

During the year ended 31st March 2025, the Company

repurchased and canceled the ordinary shares on The

Stock Exchange of Hong Kong Limited as folows:

The transaction costs incured during the share

repurchase were boked under “Other reserves” in the

consolidated statement of changes of equity.

32 股本

截至二零二五年三月三十一日止年度，本公

司于联合交易所回购及注销普通股载列如

下：

股份回购所产生之交易费用于综合权益变动

表之「其他储备」中列账。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司172

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 SHARE OPTIONS

The existing share option scheme of the Company

(the“2021 Share Option Scheme”) was adopted by the

Company at the anual general meting held on 11th

August 2021 and the previous share option scheme of

the Company adopted on 11th August 2011 (the“2011

Share Option Scheme”) was expired on 10th August

2021, notwithstanding that the share options which have

ben granted and remained outstanding shal continue

to be valid and exercisable subject to and in acordance

with the terms on which the share options were granted,

the provisions of the 2011 Share Option Scheme and the

Listing Rules. Unles otherwise terminated or amended,

the 2021 Share Option Scheme shal be valid and

efective for a period of ten years comencing on the

adoption date (i.e. 11th August 2021) and wil expire

on 10th August 2031. The purpose of the 2021 Share

Option Scheme is to provide incentives to participants

to contribute to the Group and/or to enable the Group

to recruit and/or to retain high-calibre employes

and atract human resources that are valuable to the

Group. Eligible participants of the 2021 Share Option

Scheme include any employe (whether ful fume or

part time), executive or oficers of the Company or any

of its subsidiaries (including executive or non-executive

directors of the Company) and any busines consultant,

financial or legal adviser of the Company or any of its

subsidiary or any other person, who satisfies the criteria

prescribed by the terms of the 2021 Share Option

Scheme. The ofer of a grant of share options may be

acepted no later than twenty-eight (28) days from the

date of grant, provided that no such ofer shal be open

for aceptance after the expiry of the period of ten years

comencing on the adoption date of the 2021 Share

Option Scheme or after the 2021 Share Option Scheme

has ben terminated. The amount payable by each

grante of options to the Company on aceptance of the

ofer for the grant of options is HK$10.00.

The subscription price in respect of any option under the

2021 Share Option Scheme shal be determined by the

Board in its absolute discretion at the time of the grant of

the relevant option and must be at least the highest of (i)

the closing price of the Company’s shares as stated in

the Stock Exchange’s daily quotations shet on the date

of grant of the options, which must be a busines day; (i)

the average closing prices of the Company’s shares as

stated in the Stock Exchange’s daily quotations shets

for the five (5) busines days imediately preceding the

date of grant of the options; and (i) the nominal value

of the Company’s shares of HK$0.10 each. The exercise

period of the share options granted is determinable by

the Board of Directors but in any event, not longer than

ten (10) years from the date of grant.

33 购股权

本公司现有购股权计划（「二零二一年购股权

计划」）由本公司于二零二一年八月十一日

举行的股东周年大会上采纳，而本公司先前

于二零一年八月十一日采纳的购股权计划

（「二零一年购股权计划」）已于二零二一年

八月十日届满，已授出但尚未行使的购股权

将继续有效，可在遵守购股权授出条款、二

零一年购股权计划条文及上市规则下予以

行使。除非获终止或修订，二零二一年购股

权计划将自采纳日期（即二零二一年八月十一

日）起生效及十年内有效，并将于二零三一年

八月十日届满。二零二一年购股权计划旨在

激励参与人士为本集团作出贡献及╱或使本

集团得以聘用及╱或留用具才干之雇员及吸

纳可效力本集团之宝贵人力资源。二零二一

年购股权计划的合资格参与人士包括本公司

或任何其附属公司的任何雇员（不论全职或

兼职）、行政或高级管理人员（包括本公司执

行或非执行董事），以及本公司或其任何附属

公司的任何商业顾问、财务或法律顾问，或

符合二零二一年购股权计划之条款所规定标

准之任何其他人士。授出购股权之要约可于

授出日期起计二十八(28)日内接纳，惟于二

零二一年购股权计划获采纳日期起计十年期

届满后或二零二一年购股权计划终止后概无

相关要约可供接纳。各购股权承授人就接纳

授出购股权之要约应向本公司支付的金额为

10.00港元。

二零二一年购股权计划项下任何购股权之认

购价须由董事会于授出相关购股权时全权酌

情厘定，且最少必须以下列最高者为准：(i)

本公司股份于授出购股权日期（必须为营业

日）联合交易所每日报价表所报之收市价；

(i)本公司股份于紧接授出购股权日期前五

(5)个营业日在联合交易所每日报价表所报

之平均收市价；及(i)本公司股份面值每股

0.10港元。已授出购股权之行使期乃由董事

会厘定，惟无论如何不会超过授出日期起计

的十(10)年期限。

1732024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 SHARE OPTIONS (CONTINUED)

The total number of the Company’s shares isued and

to be isued upon exercise of the options under 2021

Share Option Scheme and the options granted under

any other share option scheme(s) of the Company and/

or its subsidiaries to each grante (including both

exercised or outstanding options) in any 12-month

period must not exced 1% of the Company’s shares

in isue for the time being. Where any further grant

of options to a grante would result in the Company’s

shares isued and to be isued upon exercise of al

options granted and proposed to be granted to such

person (including exercised, canceled and outstanding

options) under the 2021 Share Option Scheme and any

other share option scheme(s) of the Company and/

or its subsidiaries in the 12-month period up to and

including the date of such further grant representing

in agregate over 1% of Company’s shares in isue,

such further grant must be separately aproved by the

Shareholders in general meting with such grante and

his close asociates (or his asociates if the grante is

a conected person) abstaining from voting.

The limit on the number of shares which may be isued

upon exercise of al outstanding options granted and

yet to be exercised under the 2021 Share Option

Scheme, together with al outstanding options granted

and yet to be exercised under any other share option

scheme(s) of the Company and/or its subsidiaries

(including the 2011 Share Option Scheme), must not

exced 30% of the shares in isue from time to time.

No options may be granted under the 2021 Share

Option Scheme or any other share option scheme(s)

of the Company and/or its subsidiaries if this would

result in the 30% limit being exced. In adition, the

total number of Company’s shares which may be isued

upon exercise of al options to be granted under the

2021 Share Option Scheme and any other share option

scheme(s) of the Company and/or its subsidiaries must

not in agregate exced 10% of the Company’s shares

in isue as at the date of adoption of the 2021 Share

Option Scheme (“General Limit”). Options lapsed in

acordance with the terms of the 2021 Share Option

Scheme or any other share option scheme(s) of the

Company and/or its subsidiaries shal not be counted

for the purpose of calculating the General Limit.

Unles otherwise imposed by the Board and stated in

the ofer leter, the exercise of an option is not subject

to any performance target which must be achieved

before the options can be exercised or any minimum

period for which an option must be held before it can

be exercised.

33 购股权（续）

本公司因行使二零二一年购股权计划项下的

购股权及根据本公司及╱或其附属公司的任

何其他购股权计划向各承授人授出的购股权

（包括已行使或尚未行使的购股权）而于任何

十二个月期间已发行及将发行的股份总数不

得超过目前本公司已发行股份的1%。倘向承

授人进一步授出购股权将导致本公司因行使

二零二一年购股权计划及本公司及╱或其附

属公司的任何其他购股权计划项下已授出的

所有购股权及拟向相关人士授出的购股权（包

括已行使、已注销或尚未行使购股权）而于

十二个月期间直至（包括）该进一步授出日期

已发行及将发行的股份合共占本公司已发行

股份1%以上，则该进一步授出须经股东于

股东大会上单独批准，而相关承授人及其紧

密联系人（或（倘该承授人为关连人士）其联系

人）须放弃投票。

因行使所有根据二零二一年购股权计划已授

出但尚未行使的购股权以及根据本公司及╱

或其附属公司的任何其他购股权计划（包括

二零一年购股权计划）已授出但尚未行使的

购股权而可能发行的股份数目上限不得超过

不时已发行股份的30%。倘若授出导致超过

30%限额，则不得根据二零二一年购股权计

划或本公司及╱或其附属公司的任何其他购

股权计划授出购股权。此外，因行使根据二

零二一年购股权计划及本公司及╱或其附属

公司的任何其他购股权计划将予授出的所有

购股权而可能发行的本公司股份总数合计不

得超过二零二一年购股权计划获采纳日本公

司已发行股份的10%（「一般限额」）。一般限

额的计算不应包括根据二零二一年购股权计

划或本公司及╱或其附属公司的任何其他购

股权计划的条款已失效的购股权。

除董事会另有规定并于要约函中注明外，否

则购股权行使并无附带任何须于购股权行使

前达致的表现目标或规定在购股权可予行使

前必须持有购股权的最短期限。

Date of grant	Validity period	Notes	Exercise price per share	Adjusted exercise price per share	As at 1st April 2024	Granted	Cancelled/ lapsed	Exercised	As at 31st March 2025
授予日期	有效期	附注	每股行使价	经调整每股行使价	于二零二四年四月一日	授予	注销╱失效	已行使	于二零二五年三月三十一日
			HK$	HK$	’000	’000	’000	’000	’000
			港元	港元	千股	千股	千股	千股	千股
			0.928	0.928	2,100	—	(2,100)	—	—
			0.928	0.928	2,100	—	(2,100)	—	—

Date of grant	Validity period	Notes	Exercise price per share	Adjusted exercise price per share	As at 1st April 2023	Granted	Cancelled/ lapsed	Exercised	As at 31st March 2024
授予日期	有效期	附注	每股行使价	经调整每股行使价	于二零二三年四月一日	授予	注销╱失效	已行使	于二零二四年三月三十一日
			HK$	HK$	’000	’000	’000	’000	’000
			港元	港元	千股	千股	千股	千股	千股

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司174

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 SHARE OPTIONS (CONTINUED)

The 2011 Share Option Scheme expired on 11th August

2021. No options were granted or exercised, and

2,100,000 (2024: 1,246,622) share options were lapsed

under 2011 Share Option Scheme during the year

ended 31st March 2025. The terms of the 2011 Share

Option Scheme shal remain in ful force and efect to

the extent necesary to give efect to the exercise of

options, if any, granted prior to its expiration.

Movements of share options granted under 2011 Share

Option Scheme for the year ended 31st March 2025

were as folows:

Movements of share options granted under 2011 Share

Option Scheme for the year ended 31st March 2024

were as folows:

20th January 201520th January 2015 to

19th January 2025

10.9280.9282,100—2,100

二零一五年

一月二十日

二零一五年一月二十日至

二零二五年一月十九日

27th November 201327th November 2013 to

26th November 2023

21.3001.0431,246—(1,246)—

二零一三年

十一月二十七日

二零一三年十一月二十七日至

二零二三年十一月二十六日

3,346—(1,246)—2,100

33 购股权（续）

二零一年购股权计划已于二零二一年八月

十日届满。截至二零二五年三月三十一日止

年度，二零一年购股权计划项下概无购股

权获授出或行使，且2,100,000份（二零二四

年：1,246,622份）购股权已失效。二零一

年购股权计划条款仍将具有十足效力及作

用，以确保于其届满日期前已授出购股权（如

有）可予行使。

截至二零二五年三月三十一日止年度，二零

一年购股权计划项下授出之购股权变动如

下：

截至二零二四年三月三十一日止年度，二零

一年购股权计划项下授出之购股权变动如

下：

1752024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 SHARE OPTIONS (CONTINUED)

Notes:

1) The share options were vested in four tranches, with each

tranche covering one-fourth of the relevant options, i.e.

exercisable to the extent of one-fourth of the relevant options

and with the 1st, 2nd, 3rd and 4th tranche becoming exercisable

from 20th of January in the years 2016, 2017, 2018 and 2019

respectively and the years onwards til 19th January 2025.

2) The exercise prices and number of share options granted prior to

17th December 2014 under the 2011 Share Option Scheme were

adjusted for the open ofer completed in December 2014.

No options were granted under the 2021 Share Option

Scheme during the years ended 31st March 2025 and

2024.

As at 31 March 2025, there were no outstanding share

options granted under the 2011 Share Option Scheme

and 2021 Share Option Scheme (2024: 2011 Share

Option Scheme: 2,100,000 and 2021 Share Option

Scheme: Nil, representing 0.33% of the isued share

capital of the Company as at 31 March 2024).

The maximum number of shares available for isue

upon exercise of share option not yet granted under

the 2011 Share Option Scheme and 2021 Share

Option Scheme is 64,123,231 shares (2011 Share

Option Scheme: Nil and 2021 Share Option Scheme:

64,123,231 shares), representing 10.07% (31st March

2024: 10.04%) of the isued share capital of the

Company as at 31st March 2025.

33 购股权（续）

附注：

1）购股权分四期归属，每一期分别涵盖相关购股权的

四分之一（即最多可行使相关购股权的四分之一），

第一、第二、第三及第四期分别于二零一六年、二

零一七年、二零一八年及二零一九年的一月二十日

起可予行使，直至二零二五年一月十九日止。

2）于二零一四年十二月十七日前根据二零一年购股

权计划授出之购股权行使价及数目已就二零一四年

十二月完成之公开发售作出调整。

截至二零二五年及二零二四年三月三十一日

止年度，并无根据二零二一年购股权计划授

出购股权。

于二零二五年三月三十一日，没有在二零

一年购股权计划及二零二一年购股权计

划下已授出而尚未行使之购股权（二零二四

年：二零一年购股权计划：2,100,000股

及二零二一年购股权计划：无，占本公司于

二零二四年三月三十一日之已发行股本的

0.33%）。

根据二零一年购股权计划及二零二一年

购股权计划，待尚未授出的购股权获行使

时，可予发行之股份最大数目为64,123,231

股（二零一年购股权计划：无及二零二一

年购股权计划：64,123,231股），占本公

司于二零二五年三月三十一日之已发行股

本的10.07%（二零二四年三月三十一日：

10.04%）。

Share premium	Share option reserve	Capital redemption reserve (ii)	Statutory reserves (i)	Capital reserve	Hedge reserve	Other reserve	Financial assets at FVOCI reserve	Cumulative foreign currency translation reserve	Retained earnings	Total
股份溢价	购股权储备	资本赎回储备(ii)	法定储备(i)	资本储备	对冲储备	其他储备	按公允价值计入其他全面收入之金融资产储备	累计外币汇兑储备	保留溢利	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’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

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司176

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

34 RESERVES

As at 1st April 2023于二零二三年四月一日426,01380080,94619,82939,7441,668(12,145)1,018(26,960)366,195897,108

Profit for the year年内溢利—78,78278,782

Other comprehensive income/(los)其他全面收入╱（亏损）

Release of exchange reserve upon

deregistration of subsidiaries

附属公司于撤销注册时之

汇兑储备释出—631—631

Los on cash flow hedge现金流量对冲之亏损—(1,668)—(1,668)

Curency translation diferences货币汇兑差额—(75,949)—(75,949)

Change in financial asets

at FVOCI (Note 21)

按公允价值计入其他全面收入的

金融资产之变动（附注21）—(2,907)—(2,907)

Transaction with owners

in their capacity as owners

与拥有人以其拥有人的

身份进行的交易

Apropriation of statutory reserves提拨法定储备—722—(722)—

Lapse of share option购股权失效—(342)—(1,166)—1,508—

Return of capital to

non-controling interest

资本返还予

非控制性权益—1,446(33)—(1,204)209

Shares repurchased股份回购(280)—461—(461)(280)

Dividend paid支付股息—(19,212)(19,212)

At 31st March 2024于二零二四年三月三十一日425,73345881,40721,99738,545—(12,145)(1,889)(102,278)424,886876,714

34 购股权（续）

Share premium	Share option reserve	Capital redemption reserve (ii)	Statutory reserves (i)	Capital reserve	Hedge reserve	Other reserve	Financial assets at FVOCI reserve	Cumulative foreign currency translation reserve	Retained earnings	Total
股份溢价	购股权储备	资本赎回储备(ii)	法定储备(i)	资本储备	对冲储备	其他储备	按公允价值计入其他全面收入之金融资产储备	累计外币汇兑储备	保留溢利	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’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
425,733	458	81,407	21,997	38,545	—	(12,145)	(1,889)	(102,278)	424,886	876,714
—	—	—	—	—	—	—	—	—	89,617	89,617
—	—	—	—	—	—	—	—	(11,196)	—	(11,196)
—	—	—	—	—	—	—	502	—	—	502
—	—	—	272	—	—	—	—	—	(272)	—
—	(458)	—	—	—	—	—	—	—	458	—
—	—	—	—	—	—	(974)	—	—	—	(974)
(315)	—	525	—	—	—	—	—	—	(525)	(315)
—	—	—	—	—	—	—	—	—	(17,822)	(17,822)
425,418	—	81,932	22,269	38,545	—	(13,119)	(1,387)	(113,474)	496,342	936,526

1772024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

34 RESERVES (CONTINUED)

Notes:

(i) Statutory reserves represent enterprise expansion reserve fund

and general reserve fund set up by certain subsidiaries in

Mainland China. As stipulated by regulations in Mainland China,

the subsidiaries established and operated in Mainland China are

required to apropriate a portion of their after-tax profit (after

ofseting prior year loses) to the enterprise expansion reserve

fund and general reserve fund, at rates determined by their

respective boards of directors. The general reserve fund may

be used for making up loses and increasing capital, while the

enterprise expansion reserve fund may be used for increasing

capital.

(i) The capital redemption reserve has ben established upon

repurchase of shares.

34 购股权（续）

附注：

(i) 法定储备即由中国大陆若干附属公司设立之企业发

展储备基金及一般储备基金。按照中国大陆法规订

明，于中国大陆成立及经营之附属公司须于其除税

后溢利（经抵销过往年度亏损）拨出部分至企业发展

储备基金及一般储备基金，比率乃由其各自董事会

厘定。一般储备基金可用作抵销亏损及增加股本，

而企业发展储备基金可用作增加股本。

(i) 资本赎回储备已于回购股份时设立。

Summarised statement of financial position	Plentiful Praise Limited
资产负债表概要	颂裕有限公司
	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
57
(192,771)
(192,714)
224,173
224,173
31,459
84,726

Summarised statement of comprehensive income	Plentiful Praise Limited
综合收入表概要	颂裕有限公司
	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
(19,395)
(7,370)
—

Summarised cash flows	Plentiful Praise Limited
现金流量概要	颂裕有限公司
	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
(22)
(10,106)
10,130
2

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司178

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

35 NON-CONTROLING INTEREST

Set out below is sumarised financial information for a

subsidiary that has non-controling interests (“NCI”) that

are material to the Group. The amounts disclosed for

the subsidiary are before inter-company eliminations.

35 非控制性权益

下文载列拥有对本集团而言属重大的非控制

性权益（「非控制性权益」）的附属公司的财务

资料概要。就附属公司披露的金额为公司间

相互抵销前。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
65,610
19,641
(588)
72,288
7,908
20,052
1,489
—
(297)
—
25,002
1,013
2,597
2,120
2,406
219,241
35,222
6,300
15,649
(4,548)
30,887
(1,333)
301,418

1792024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36 CONSOLIDATED STATEMENT OF CASH

FLOWS

(a) Reconciliation of profit before income tax

to net cash generated from operations is as

folows:

36 综合现金流量表

(a) 除所得税前溢利与经营所得之现金

净额对账如下：

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
5,620
(1,489)
4,131

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司180

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36 CONSOLIDATED STATEMENT OF CASH

FLOWS (CONTINUED)

(b) In the consolidated statement of cash flows,

proceds from disposals of property, plant and

equipment comprise:

36 综合现金流量表（续）

(b) 于综合现金流量表中，出售物业、

厂房及设备之所得款项包括：

Liabilities from financing activities
融资活动负债
	Interest payable (included in accrued liabilities and other payables)	Borrowing due within 1 year	Borrowing due after 1 year	Lease liabilities	Hire purchase liabilities	Liabilities under supplier finance arrangements	Total
	应付利息（包括于应计负债及其他应付账款内）	一年内到期之借贷	一年后到期之借贷	租赁负债	租购负债	供应商融资安排下之负债	总额
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元	千港元	千港元

1812024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36 CONSOLIDATED STATEMENT OF CASH

FLOWS (CONTINUED)

activities

Net debt as at

1st April 2023

于二零二三年

四月一日之净债务2,9701,367,89762,0984,6203,32465,7751,506,684

Proceds from borowings借贷所得款项—174,567340,176—3,480—518,223

Repayment of bank borowings偿还银行借贷—(559,174)(9,789)—(568,963)

Net decrease in trust receipt

bank loans

信托收据银行贷款

净额减少—(93,934)—(93,934)

Net decrease in suplier

finance arangements

供应商融资安排

净额减少—(29,203)(29,203)

Repayment of interest expenses利息支付(85,294)—(871)(248)—(86,413)

Aditions添置—38,851—38,851

Interest expenses利息支出86,797—871248—87,916

Payment for lease liabilities/

hire purchase liabilities

租赁负债╱

租购负债付款—(13,380)(1,253)—(14,633)

Other non-cash movements其他非现金变动—54,529(54,061)(842)—(374)

Curency translation diferences汇兑差额—(29,322)963(16)—(607)(28,982)

Net debt as at

31st March 2024

于二零二四年

三月三十一日之净债务4,473914,563339,38729,2335,55135,9651,329,172

Proceds from borowings借贷所得款项—252,433—252,433

Repayment of bank borowings偿还银行借贷—(377,601)(8,197)—(385,798)

Net decrease in trust receipt

bank loans

信托收据银行贷款

净额减少—(10)—(10)

Net decrease in suplier

finance arangements

供应商融资安排

净额减少—(10,005)(10,005)

Repayment of interest expenses利息支付(65,423)—(1,298)(237)—(66,958)

Interest expenses利息支出64,777—1,298237—66,312

Payment for lease liabilities/

hire purchase liabilities

租赁负债╱

租购负债付款—(19,885)(1,588)—(21,473)

Other non-cash movements其他非现金变动—15,591(15,151)—440

Curency translation diferences汇兑差额—136(2,497)—(162)(2,523)

Net debt as at

31st March 2025

于二零二五年

三月三十一日之净债务3,827805,112313,5429,3483,96325,7981,161,590

36 综合现金流量表（续）

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司182

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

37 COMITMENTS

(a) Comitments under operating leases

(i) Lesor

The Group leases investment properties

under non-cancelable operating lease

agrements. The lease agrements

are renewable at the end of the lease

period at market rate. As at 31st March

2025, the Group had total comitments

receivable under various non-cancelable

operating lease agrements in respect of

rented premises of HK$26,761,000 (2024:

HK$26,541,000).

(i) Lese

The Group leases various retail outlets,

ofices, warehouses and sites under non-

cancelable operating lease agrements. The

majority of lease agrements are renewable

at the end of the lease period at market rate.

Se Note 16 for further information.

As at 31st March 2025, the Group had total

comitments payable under various non-

cancelable operating lease agrements in

respect of short-term and low-value leases

of HK$462,000 (2024: HK$2,084,000) which

wil be recognised as an expense in the

forthcoming consolidated income statement.

(b) Capital comitments

As at 31st March 2025, the Group had total capital

comitment of aproximately HK$102,852,000

(2024:HK$114,979,000), mainly includes

contracted but not provided for in respect of

property, plant and equipment and investment

property of aproximately HK$768,000 (2024:

HK$2,165,000) and comitment in respect of

investments acounted for using equity method, if

caled, of aproximately HK$102,084,000 (2024:

HK$112,814,000). Se Note 19 for details.

37 承担

(a) 营业租赁承担

(i) 出租人

本集团根据不可撤回营业租约出

租投资物业。租约可在租期届满

后以市场租值续签。于二零二五

年三月三十一日，本集团已签订

多项有关出租物业的不可撤回

营业租约，其应收承担总额为

26,761,000港元（二零二四年：

26,541,000港元）。

(i) 承租人

本集团根据不可撤销之营业租约

承租多个零售商舖、办公室、货

仓及工地。大部分租约可在租期

届满后以市场租值续签。进一步

资料见附注16。

于二零二五年三月三十一日，本

集团已签订多项有关短期及低价

值租赁的不可撤回营业租约，其

应付承担总额为462,000港元（二

零二四年：2,084,000港元），将

于将来的综合损益表中确认为开

支。

(b) 资本承担

于二零二五年三月三十一日，本集团拥

有总资本承担约102,852,000港元（二

零二四年：114,979,000港元），主要

包括已签约但尚未拨备之物业、厂房及

设备以及投资物业约768,000港元（二

零二四年：2,165,000港元）及承诺于

有需要时按权益法入账之投资注资之承

担约102,084,000港元（二零二四年：

112,814,000港元）。详情见附注19。

		2025	2024
		二零二五年	二零二四年
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
10,884
343
11,227
3,063
274
3,337

1832024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

38 RELATED PARTY TRANSACTIONS

The major shareholder of the Company is Mr. Yao Cho

Fai Andrew (“Mr. Yao”), who directly owns 0.62% of

the Company’s shares and indirectly owns 14.06% and

29.92% of the Company’s shares through his controling

companies, namely Perfect Capital International Corp.

(“Perfect Capital”, a company incorporated in the

British Virgin Island and 100% owned by Mr. Yao) and

Huge Top Industrial Ltd. (a company incorporated in

the British Virgin Island, in which Mr. Yao directly holds

aproximately 48.81% and indirectly through Perfect

Capital owns aproximately 42.86%), respectively. The

remaining shares of the Company are held by general

public.

Mr. Yao is the Chairman of the Board of Director of the

Company.

Save as disclosed elsewhere in the consolidated

financial statements, the significant related party

transaction are disclosed below. The transactions with

related parties were conducted in the ordinary and

usual course of busines in acordance with terms

agred betwen the Group and its related parties.

(a) Related party balance and transactions

Balances with related parties

The balances with the related parties are included

in “Trade and bils receivables” and “Contract

liabilities”.

38 关联方交易

本公司的主要股东为姚祖辉先生（「姚先

生」），彼直接持有本公司0.62%股份，

以及透过其控股公司Perfect Capital

International Corp.（「Perfect Capital」，一

间于英属处女群岛注册成立之公司，由姚先

生持有100%权益）及Huge Top Industrial

Ltd.（一间于英属处女群岛注册成立之公司，

由姚先生直接持有约48.81%权益及透过

Perfect Capital间接持有约42.86%权益）分

别间接拥有本公司14.06%及29.92%股份。

本公司余下股份由公众持有。

姚先生为本公司董事会主席。

除综合财务报表其他部分所披露者外，重大

关联方交易披露如下。关联方交易按本集团

与其关联方协定之条款于一般及日常业务过

程中进行。

(a) 关联方结余及交易

与关联方之结余

与关联方之结余计入「应收账款及票据」

及「合约负债」。

		2025	2024
		二零二五年	二零二四年
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
14,246
15,179
29,425

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
10,688
6,003
328
17,019

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司184

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

38 RELATED PARTY TRANSACTIONS

(CONTINUED)

(a) Related party balance and transactions

(Continued)

Transaction with related parties

The folowing is a sumary of significant related

party transactions, which were caried out in the

normal course of the Group’s busines:

Notes:

(i) During the years ended 31st March 2025 and 2024,

management services were provided by indirect wholy-

owned subsidiaries of the Company to HSO Group, a joint

venture of the Group, at prices mutualy agred by both

parties.

(i) During the years ended 31st March 2025 and 2024,

management services were provided by indirect wholy-

owned subsidiaries of the Company, to Skyline Group, an

asociate of the Group, at prices mutualy agred by both

parties.

(b) Key management compensation

38 关联方交易（续）

(a) 关联方结余及交易（续）

与关联方之交易

于本集团正常业务过程中进行之重大关

联方交易概要如下：

附注：

(i) 于截至二零二五年及二零二四年三月

三十一日止年度，由本公司之间接全资附

属公司按双方同意之价格向本集团一间合

营公司HSO集团提供之管理服务。

(i) 于截至二零二五年及二零二四年三月

三十一日止年度，由本公司之间接全资附

属公司按双方同意之价格向本集团一间联

营公司Skyline集团提供之管理服务。

(b) 主要管理层报酬

		2025	2024
		二零二五年	二零二四年
	Note	HK$’000	HK$’000
	附注	千港元	千港元
703,778
129
3,175
3,304
707,082
63,650
642,343
705,993
1,089
707,082

1852024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

39 STATEMENT OF FINANCIAL POSITION AND

RESERVE MOVEMENT OF THE COMPANY

39 本公司财务状况表及储备变动

Share premium	Share option reserve	Capital redemption reserve	Contributed surplus	Retained earnings	Total
股份溢价	购股权储备	资本赎回储备	缴入盈余	保留溢利	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元
		Note (i)	Note (ii)
		附注(i)	附注(ii)

425,733	460	81,407	53,986	48,830	610,416
—	—	—	—	50,064	50,064
(315)	—	525	—	(525)	(315)
—	(460)	—	—	460	—
—	—	—	—	(17,822)	(17,822)
425,418	—	81,932	53,986	81,007	642,343

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司186

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

39 STATEMENT OF FINANCIAL POSITION AND

RESERVE MOVEMENT OF THE COMPANY

(CONTINUED)

(a) Reserve movement of the Company

At 1st April 2023于二零二三年四月一日426,01380280,94653,98649,484611,231

Profit for the year年度溢利—18,67718,677

Transaction with

owners in their

capacity as owners

拥有人以其拥有人

之身份进行

的交易

Shares repurchased股份回购(280)—461—(461)(280)

Lapse of share options购股权失效—(342)—342—

Dividend paid已付股息—(19,212)(19,212)

At 31st March 2024于二零二四年

三月三十一日

Profit for the year年度溢利

Transaction with

owners in their

capacity as owners

拥有人以其拥有人

之身份进行

的交易

Shares repurchased股份回购

Lapse of share options购股权失效

Dividend paid已付股息

At 31st March 2025于二零二五年

三月三十一日

39 本公司财务状况表及储备变动

（续）

(a) 本公司储备变动

1872024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

39 STATEMENT OF FINANCIAL POSITION AND

RESERVE MOVEMENT OF THE COMPANY

(CONTINUED)

(a) Reserve movement of the Company

(Continued)

Notes:

(i) The capital redemption reserve has ben established

upon repurchase of shares.

(i) The contributed surplus of the Company represents the

diference betwen the agregate of the nominal values

of the shares of the subsidiaries acquired at the date of

acquisition, over the nominal value of the shares of the

Company isued in exchange thereof.

In adition to the retained profits, under the Companies

Act 1981 of Bermuda (as amended), contributed surplus

is also available for distribution to shareholders. However,

the Company canot declare or pay a dividend, or make

a distribution out of contributed surplus if (i) the Company

is, or would after the payment be, unable to pay its

liabilities as they become due; or (i) the realisable value

of the Company’s asets would thereby be les than the

agregate of its liabilities and its isued share capital and

share premium acount.

40 EVENTS OCURING AFTER THE REPORTING

PERIOD

On 2nd June 2025, Top Blom Group Limited (the

“Lender”), an indirect wholy-owned subsidiary of the

Company, entered into a Loan Agrement with Skyline

Holdings (BVI) Limited (the “Borower”), an asociate

of the Company pursuant to which the Lender has

agred to provide the loan in favour of the Borower in

the amount of RMB18,000,000 for a term of six months

at an interest rate of 10% per anum. The loan shal

be used by the Borower or its subsidiaries for general

working capital purposes. For details, please refer to

the anouncement of the Company dated 2nd June

2025.

This is a non-adjusting event after the financial year

end and does not result in any adjustments to the

consolidated financial statements for the year ended

31st March 2025.

39 本公司财务状况表及储备变动

（续）

(a) 本公司储备变动（续）

附注：

(i) 资本赎回储备已于回购股份时设立。

(i) 本公司缴入盈余指于收购日期收购附属公

司之股份面值总额与本公司因此发行以作

交换之股份面值两者间之差额。

除保留溢利外，根据百慕达一九八一年公

司法（经修订），缴入盈余亦可分派予股

东。然而，倘(i)本公司不能或于缴款后将

不能支付到期之负债；或(i)本公司之可变

现资产值低于其负债及已发行股本及股份

溢价账之总额，则本公司不得自缴入盈余

中宣派或派发股息或作出分派。

40 报告期后发生之事项

于二零二五年六月二日，Top Blom Group

Limited（「贷款人」）（本公司之一间接全资

附属公司）与Skyline Holdings (BVI) Limited

（「借款人」）（本公司之联营公司）订立一项贷

款协议，据此，贷款人已同意向借款人提供

金额为人民币18,000,000 元之贷款，为期六

个月，年利率为10%。贷款应由借款人或其

附属公司作为一般营运资金用途使用。详情

请参阅本公司于二零二五年六月二日之公告。

此为财政年度结束后之非调整事项，不会导

致截至二零二五年三月三十一日止年度之综

合财务报表作出任何调整。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司188

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

This note provides a list of other potentialy material

acounting policies aplied in the preparation of these

consolidated financial statements. These policies have

ben consistently aplied to al the years presented,

unles otherwise stated. The financial statements

are for the Group consisting of Hong Kong Shanghai

Aliance Holdings Limited and its subsidiaries.

41.1 Subsidiaries

(a) Consolidation

A subsidiary is an entity (including a

structured entity) over which the Group has

control. The Group controls an entity when

the Group is exposed to, or has right to,

variable returns from its involvement with

the entity and has the ability to afect those

returns through its power over the entity.

Subsidiaries are consolidated from the date

on which control is transfered to the Group.

They are deconsolidated from the date that

control ceases.

(i) Busines combinations

The Group aplies the acquisition

method to acount for busines

combinations. The consideration

transfered for the acquisition of a

subsidiary is the fair values of the asets

transfered, the liabilities incured to

the former owners of the acquire

and the equity interests isued by the

Group. The consideration transfered

includes the fair value of any aset

or liability resulting from a contingent

consideration arangement. Identifiable

asets acquired and liabilities and

contingent liabilities asumed in a

busines combination are measured

initialy at their fair values at the

acquisition date.

41 其他潜在重大会计政策概要

本附注列出于在编制该等综合财务报表时所

采用的其他潜在重大会计政策。除非另有说

明，该等政策于所呈列之所有年度一直贯彻

适用。本财务报表适用于沪港联合控股有限

公司及其子公司组成的集团。

41.1 附属公司

(a) 合并

附属公司指本集团对其有控制权

之实体（包括结构性实体）。当本

集团因参与一家实体事务而对各

项回报承担风险或享有权利，及

有能力透过对该实体拥有的权力

影响该等回报时，则本集团对该

实体拥有控制权。附属公司由其

控制权转移到本集团之日起被综

合入账，并由该控制权终止之日

起终止入账。

(i) 业务合并

本集团进行业务合并时采用

收购会计法入账。收购附属

公司之转让代价为所转让资

产、对被收购方之前拥有人

所产生负债及本集团所发行

股本权益之公允价值。所转

让代价包括来自或然代价安

排下产生之任何资产或负债

之公允价值。于业务合并时

所收购之可识别资产及负债

及或然负债，初步按于收购

日之公允价值计量。

1892024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.1 Subsidiaries (Continued)

(a) Consolidation (Continued)

(i) Busines combinations (Continued)

Acquisition-related costs are expensed

as incured.

The exces of the consideration transfered,

the amount of any non-controling interest

in the acquire and the acquisition-

date fair value of any previous equity

interest in the acquire over the fair value

of the identifiable net asets acquired

is recorded as godwil. If the total of

consideration transfered, non-controling

interest recognised and previously held

interest measured is les than the fair value

of the net asets of the subsidiary acquired

in the case of a bargain purchase, the

diference is recognised directly in the profit

or los.

Intra-group transactions, balances and

unrealised gains on transactions betwen

group companies are eliminated.

Unrealised loses are also eliminated

unles the transaction provides evidence

of an impairment of the transfered aset.

When necesary, amounts reported

by subsidiaries have ben adjusted to

conform with the Group’s acounting

policies.

(i) Changes in ownership interests in

subsidiaries without change of control

Transactions with non-controling

interests that do not result in a los

of control are acounted for as equity

transactions – that is, as transactions

with the owners of the subsidiary in

their capacity as owners. The diference

betwen fair value of any consideration

paid and the relevant share acquired of

the carying amount of net asets of the

subsidiary is recorded in equity. Gains

or loses on disposals to non-controling

interests are also recorded in equity.

41 其他潜在重大会计政策概要（续）

41.1 附属公司（续）

(a) 合并（续）

(i) 业务合并（续）

与收购相关之成本于产生时

列为开支。

所转让代价、被收购方的任

何非控制性权益及被收购方

在收购日任何先前权益的公

允价值超出所收购可辨认净

资产的公允价值的金额，以

商誉列账。倘所转让代价、

已确认非控制性权益及先前

持有之权益之总额低于在收

购议价情况下收购之附属公

司的资产净值之公允价值，

其差额于损益中直接确认。

集团内部交易、结余及集团

公司间交易的未变现收益予

以对销。除非该交易提供证

据显示所转让资产有所减

值，否则未实现亏损亦予以

抵销。附属公司申报的金额

已在需要时作出调整，以确

保与本集团的会计政策为一

致。

(i) 于附属公司之拥有权益变

动而控制权不变

不导致失去控制权的非控制

性权益交易，按权益交易入

账－即以彼等作为拥有人的

身份与附属公司拥有人进行

交易。任何所付代价的公允

价值与相关应占所收购附属

公司资产净值账面值的差

额，于权益中入账。向非控

制性权益出售产生之盈亏，

亦在权益中入账。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司190

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.1 Subsidiaries (Continued)

(a) Consolidation (Continued)

(i) Disposal of subsidiaries

When the Group ceases to have control,

any retained interest in the entity is re-

measured to its fair value at the date

when control is lost, with the change

in carying amount recognised in profit

or los. The fair value is the initial

carying amount for the purposes

of subsequently acounting for the

retained interest as an asociate, joint

venture or financial aset. In adition,

any amounts previously recognised in

other comprehensive income in respect

of that entity are acounted for as if

the Group had directly disposed of the

related asets or liabilities. It means the

amounts previously recognised in other

comprehensive income are reclasified

to profit or los or transfered to

another category of equity as specified/

permited by aplicable HKFRSs.

(b) Separate financial statements

Investments in subsidiaries are acounted for

at cost les impairment. Cost includes direct

atributable costs of investment. The results

of subsidiaries are acounted for by the

Company on the basis of dividend received

and receivable.

Impairment testing of the investments in

subsidiaries is required upon receiving

a dividend from these investments if the

dividend exceds the total comprehensive

income of the subsidiary in the period the

dividend is declared or if the carying amount

of the investment in the separate financial

statements exceds the carying amount in

the consolidated financial statements of the

investe’s net asets including godwil.

41 其他潜在重大会计政策概要（续）

41.1 附属公司（续）

(a) 合并（续）

(i) 出售附属公司

当本集团于实体失去控制权

时，任何保留权益按失去控

制权当日之公允价值重新计

量，有关账面值变动于损益

中确认。其公允价值为其后

入账列作联营公司、合营公

司或金融资产的保留权益之

初始账面值。此外，先前于

其他全面收入确认与该实体

有关的任何金额按犹如本集

团已直接出售有关资产或负

债的方式入账。即先前于其

他全面收入确认的金额重新

分类至损益或根据适用香港

财务报告准则规定转移至其

他权益分类。

(b) 独立财务报表

于附属公司之投资按成本扣除减

值列账。成本包括投资直接归属

之成本。附属公司之业绩以本公

司已收股息及应收股息基准入账。

如股息超过附属公司于宣派股息

期内之全面收入总额，或如在独

立财务报表之投资账面金额超过

综合财务报表中被投资公司资产

净额（包括商誉）之账面金额，则

于获取该等投资股息时须对于附

属公司之投资作减值测试。

1912024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.2 Asociates

An asociate is an entity over which the Group

has significant influence but not control, generaly

acompanying a shareholding of betwen 20%

and 50% of the voting rights. Investments in

asociates are acounted for using the equity

method of acounting. Under the equity method,

the investment is initialy recognised at cost, and

the carying amount is increased or decreased to

recognise the investor’s share of the profit or los

of the investe after the date of acquisition. The

Group’s investments in asociates include godwil

identified on acquisition. Upon the acquisition

of the ownership interest in an asociate, any

diference betwen the cost of the asociate and

the Group’s share of the agregate fair value of

the asociate’s identifiable asets and liabilities is

acounted for as godwil.

If the ownership interest in an asociate is

reduced but significant influence is retained, only

a proportionate share of the amounts previously

recognised in other comprehensive income is

reclasified to profit or los where apropriate.

The Group’s share of post-acquisition profit or

los is recognised in the consolidated income

statement, and its share of post-acquisition

movements in reserves is recognised in other

comprehensive income with a coresponding

adjustment to the carying amount of the

investment. When the Group’s share of loses

in an asociate equals or exceds its interest

in the asociate, including any other unsecured

receivables, the Group does not recognise further

loses, unles it has incured legal or constructive

obligations or made payments on behalf of the

asociate.

The Group determines at each reporting date

whether there is any objective evidence that

the investment in the asociate is impaired.

If this is the case, the Group calculates the

amount of impairment as the diference betwen

the recoverable amount of the asociate and

its carying value and recognises the amount

adjacent to “share of results of investments

acounted for using the equity method – net” in

the consolidated income statement.

41 其他潜在重大会计政策概要（续）

41.2 联营公司

联营公司是指本集团对其有重大影响力

但无控制权之实体，一般附带20%至

50%投票权之股权。于联营公司之投资

以权益会计法入账。根据权益法，投资

初始以成本确认，于收购日期后，其账

面金额会增加或减少，以确认投资者于

被投资公司之应占溢利或亏损。本集团

于联营公司之投资包括收购时已识别之

商誉。于收购联营公司拥有权益时，

投资于联营公司之成本与本集团所占于

联营公司可识别资产及负债累计公允价

值差额列作商誉。

若于联营公司拥有权益减少但仍存在

重大影响力，先前于其他全面收入中确

认之金额仅按比例（如适用）重新分类至

损益。

本集团应占收购后之溢利或亏损于综合

损益表中确认，而其应占收购后储备变

动则于其他全面收入中确认，并相应调

整投资之账面金额。当本集团应占一间

联营公司之亏损等于或超过其在该联

营公司之权益（包括任何其他无抵押应

收账款）时，本集团不会进一步确认亏

损，除非其已产生法律或推定义务或已

代联营公司作出付款。

本集团在每个报告日厘定是否有客观证

据证明于联营公司之投资已减值。如投

资已减值，本集团计算减值金额为于联

营公司可收回金额与其账面价值之差

额，并于综合损益表中之「应占按权益

法入账之投资之业绩－净额」内确认该

金额。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司192

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.2 Asociates (Continued)

Profits and loses resulting from upstream and

downstream transactions betwen the Group

and its asociate are recognised in the Group’s

consolidated financial statements only to the

extent of unrelated investor’s interests in the

asociates. Unrealised loses are also eliminated

unles the transaction provides evidence of an

impairment of the aset transfered. Acounting

policies of asociates have ben changed where

necesary to ensure consistency with the policies

adopted by the Group.

41.3 Joint arangements

The Group has aplied HKFRS 11 – Joint

Arangements to al joint arangements. Under

HKFRS 11, investments in joint arangements are

clasified as either joint operations or joint ventures

depending on the contractual rights and obligations

of each investor. The Group has asesed the

nature of its joint arangements and determined

them to be joint ventures. Joint ventures are

acounted for using the equity method.

Under the equity method of acounting, interests

in joint ventures are initialy recognised at cost and

adjusted thereafter to recognise the Group’s share of

the post-acquisition profits or loses and movements

in other comprehensive income. The Group’s

investments in joint ventures include godwil

identified on acquisition. Upon the acquisition of the

ownership interest in a joint venture, any diference

betwen the cost of the joint venture and the Group’s

share of the net fair value of the joint venture’s

identifiable asets and liabilities is acounted for as

godwil. When the Group’s share of loses in a joint

venture equals or exceds its interests in the joint

ventures, including any other unsecured receivables,

the Group does not recognise further loses, unles

it has incured obligations or made payments on

behalf of the joint ventures.

Unrealised gains on transactions betwen the

Group and its joint ventures are eliminated to the

extent of the Group’s interest in the joint ventures.

Unrealised loses are also eliminated unles the

transaction provides evidence of an impairment

of the aset transfered. Acounting policies of

the joint ventures have ben changed where

necesary to ensure consistency with the policies

adopted by the Group.

41 其他潜在重大会计政策概要（续）

41.2 联营公司（续）

本集团与其联营公司间之上游和下游交

易之溢利及亏损，于本集团之综合财务

报表中确认，但仅以无关连投资者于联

营公司之权益为限。除非该交易提供证

据显示所转让资产有所减值，否则未变

现亏损亦予以抵销。联营公司之会计政

策已按需要作出改变，以确保与本集团

采用之政策一致。

41.3 合营安排

本集团对所有合营安排已应用香港财务

报告准则第11号－合营安排。根据香

港财务报告准则第11号，于合营安排

之投资，视乎各投资者之合约权益及义

务而定，分类为合营业务或合营公司。

本集团已评估其合营安排之性质，并厘

定其为合营公司。合营公司采用权益法

入账。

根据权益会计法，于合营公司之权益初

始以成本确认，及其后作出调整，以确

认本集团应占之收购后溢利或亏损以及

于其他全面收入之变动。本集团于合营

公司之投资包括于收购时识别之商誉。

于收购合营公司之拥有权益时，合营

公司之成本与本集团应占该合营公司可

识别资产及负债之净公允价值间之差

额，以商誉列账。当本集团应占一间合

营公司之亏损等于或超过其于该合营公

司之权益，包括任何其他无担保应收账

款，本集团不会进一步确认亏损，除非

其已承担义务或已代合营公司作出付

款。

本集团与其合营公司间交易之未变现收

益按本集团于合营公司之权益予以对

销。除非交易提供所转让资产出现减值

之凭证，否则未变现亏损亦予以对销。

合营公司之会计政策已按需要作出变

动，以确保与本集团采用之政策一致。

1932024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.4 Segment reporting

Operating segments are reported in a maner

consistent with the internal reporting provided

to the Chief Operating Decision Maker, who is

responsible for alocating resources and asesing

performance of the operating segments, and has

ben identified as the Executive Directors that

make strategic decisions. Information relating to

segment asets and liabilities is not disclosed as

such information is not separately reported to the

CODM.

41.5 Foreign curency translation

(a) Functional and presentation curency

Items included in the financial statements of

each of the Group’s entities are measured

using the curency of the primary economic

environment in which the entity operates

(the “functional curency”). The consolidated

financial statements are presented in HK$,

which is the Company’s functional and the

Group’s presentation curency.

(b) Transactions and balances

Foreign curency transactions are translated

into the functional curency using the

exchange rates prevailing at the dates of

the transactions or valuation where items are

remeasured. Foreign exchange gains and

loses resulting from the setlement of such

transactions and from the translation at year-

end exchange rates of monetary asets and

liabilities denominated in foreign curencies

are recognised in the profit or los. Al foreign

exchange gains and loses are presented

in the consolidated income statement within

“other gains- net”.

41 其他潜在重大会计政策概要（续）

41.4 分部报告

营运分部之呈报方式与向主要营运决策

者作出之内部汇报贯彻一致，主要营运

决策者负责营运分部之资源分配及表现

评估，并被定为制定策略性决定之执行

董事。由于有关分部资产及负债之资料

并无向主要营运决策者独立呈报，故并

无该等资料之披露。

41.5 外币换算

(a) 功能及呈列货币

本集团各实体之财务报表内之项

目均以该实体营运所在主要经济

地区之货币计量（「功能货币」）。

综合财务报表以港元呈报，港元

为本公司之功能货币及本集团之

呈列货币。

(b) 交易及结余

倘项目重新计量，外币交易采用

交易日或估值当日之汇率换算为

功能货币。结算此等交易及以年

终汇率换算以外币计价之货币性

资产及负债而产生之汇兑收益及

亏损，于损益中确认。所有汇兑

收益及亏损于综合损益表之「其他

收益－净额」内呈列。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司194

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.5 Foreign curency translation (Continued)

(b) Transactions and balances (Continued)

Translation diferences on non-monetary

financial asets and liabilities such as

equities held at fair value through profit or

los are recognised in profit or los as part

of the fair value gain or los. Translation

diferences on non-monetary financial

asets, such as equities clasified as

financial aset at fair value through other

comprehensive income are recognised in

other comprehensive income.

The results and financial position of al

the Group entities (none of which has the

curency of a hyper-inflationary economy)

that have a functional curency diferent from

the presentation curency are translated into

the presentation curency as folows:

(i) asets and liabilities for each statement

of financial position presented are

translated at the closing rate at the date

of that statement of financial position;

(i) income and expenses for each income

statement are translated at average

exchange rates (unles this average

is not a reasonable aproximation

of the cumulative efect of the rates

prevailing on the transaction dates, in

which case income and expenses are

translated at the rate on the dates of the

transactions); and

41 其他潜在重大会计政策概要（续）

41.5 外币换算（续）

(b) 交易及结余（续）

非货币性金融资产及负债之换算

差异，例如按公允价值计入损益

之所持之权益于损益中确认为公

允价值盈亏之一部分。非货币性

金融资产换算差异，例如分类为

按公允价值计入其他全面收入之

金融资产之权益，则于其他全面

收入内确认。

所有本集团实体（当中并无恶性通

账经济货币）业绩及财务状况，其

功能货币不同于呈列货币者，均

按以下方法换算为呈列货币：

(i) 各财务状况表呈列之资产及

负债均以该财务状况表结算

日之收市汇率换算；

(i) 各损益表之收支均按平均汇

率换算（除非该平均值并非

于交易日汇率累加效应之合

理近似值，在此情况下，收

支乃按交易日之汇率换算）；

及

1952024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.5 Foreign curency translation (Continued)

(i) al resulting curency translation

diferences are recognised in other

comprehensive income.

Godwil and fair value adjustments arising

on the acquisition of a foreign entity are

treated as asets and liabilities of the foreign

entity and translated at the closing rate.

Curency translation diferences arising are

recognised in other comprehensive income.

(d) Disposal of foreign operation and partial

disposal

On the disposal of a foreign operation (that

is, a disposal of the Group’s entire interest in

a foreign operation, or a disposal involving

los of control over a subsidiary that includes

a foreign operation, a disposal involving

los of joint control over a joint venture that

includes a foreign operation, or a disposal

involving los of significant influence over an

asociate that includes a foreign operation),

al of the curency translation diferences

acumulated in equity in respect of that

operation atributable to the owners of the

Company are reclasified to profit or los.

In the case of a partial disposal that does

not result in the Group losing control over a

subsidiary that includes a foreign operation,

the proportionate share of acumulated

curency translation diferences are re-

atributed to non-controling interests and are

not recognised in profit or los. For al other

partial disposals (that is, reductions in the

Group’s ownership interest in asociates or

joint ventures that do not result in the Group

losing significant influence or joint control),

the proportionate share of the acumulated

exchange diference is reclasified to profit

or los.

41 其他潜在重大会计政策概要（续）

41.5 外币换算（续）

(i) 所有相应汇兑差异于其他全

面收入中确认。

来自收购一间境外实体时产生之

商誉及公允价值调整视作该境外

实体之资产及负债处理，并以收

市汇率换算。所产生之货币汇兑

差异于其他全面收入中确认。

(d) 出售境外业务及部分出售

于出售境外业务（即出售本集团于

境外业务之全部权益或有关出售

导致失去对一间附属公司之控制

权（包括境外业务），出售导致对

一间合营公司失去共同控制权（包

括境外业务）或出售导致对一间联

营公司失去重大影响力（包括境外

业务），则本公司拥有人于该业

务相关累计所有权益的汇兑差异

将重新分类至损益。

对于出售一间附属公司（包括境外

业务）部分权益而没有导致本集团

失去对附属公司的控制权时，相

应比例的累计汇兑差额重新归入

非控制性权益，但并不会于损益

确认。至于所有其他部分出售（即

部分出售联营公司或合营公司而

没有导致本集团失去重大影响力

或共同控制权），相应比例的累计

汇兑差额重新分类至损益。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司196

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.6 Property, plant and equipment

Property, plant and equipment, is stated at

historical cost les depreciation. Historical cost

includes expenditure that is directly atributable to

the acquisition of the items.

Subsequent costs are included in the aset’s

carying amount or recognised as a separate

aset, as apropriate, only when it is probable

that future economic benefits asociated with the

item wil flow to the Group and the cost of the item

can be measured reliably. The carying amount

of the replaced part is derecognised. Al other

repairs and maintenance are charged to the profit

or los during the financial year in which they are

incured.

The depreciation of property, plant and equipment

is calculated using the straight-line method to

alocate their costs to their residual values over

their estimated useful lives, as folows:

– Buildings2% to 20%

– Leasehold improvements20% to 33%

– Furniture and equipment15% to 33%

– Machinery10% to 25%

– Motor vehicles10% to 20%

The asets’ residual values and useful lives

are reviewed, and adjusted if apropriate, at

the end of each reporting period. An aset’s

carying amount is writen down imediately to its

recoverable amount if the aset’s carying amount

is greater than its estimated recoverable amount

(Note 41.9).

Gains and loses on disposals are determined by

comparing proceds with carying amount and

are recognised within “general and administrative

expenses” in the consolidated income statement.

41 其他潜在重大会计政策概要（续）

41.6 物业、厂房及设备

物业、厂房及设备按历史成本减折旧列

账。历史成本包括收购项目直接应占之

开支。

其后成本仅在于与该项目有关之未来经

济利益有可能流入本集团，而该项目之

成本能可靠计量时，计入资产账面金额

或确认为一项独立资产（视适用情况而

定）。已被替换部分之账面金额被终止

确认。所有其他维修及保养于其产生之

财政年度内于损益内计入。

物业、厂房及设备之折旧根据估计可使

用年期采用直线法将成本分摊至剩余价

值计算如下：

－楼宇2% to 20%

－租赁物业装修20% to 33%

－家私及设备15% to 33%

－机器10% to 25%

－汽车10% to 20%

资产之剩余价值及可使用年期在每个报

告期末进行检讨，及在适当时作调整。

倘若资产之账面金额高于其可收回估计

金额，其账面金额即时撇减至可收回金

额（附注41.9）。

出售之收益及亏损透过比较所得款项与

其账面金额厘定，并于综合损益表「一

般及行政支出」中确认。

1972024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.7 Land use rights

The up-front prepayments made for land use rights

are caried at cost les acumulated amortisation.

Amortisation are calculated using the straight-

line method to alocate the costs of leasehold land

over their terms. Land use rights are presented as

right-of-use asets on the consolidated statement

of financial position.

41.8 Impairment of non-financial asets

Asets that have an indefinite useful life – for

example godwil, are not subject to amortisation

and are tested anualy for impairment. Asets

that are subject to amortisation are reviewed

for impairment whenever events or changes in

circumstances indicate that the carying amount

may not be recoverable. An impairment los is

recognised for the amount by which the aset’s

carying amount exceds its recoverable amount.

The recoverable amount is the higher of an aset’s

fair value les costs of disposal and value in use.

For the purposes of asesing impairment, asets

are grouped at the lowest levels for which there

are separately identifiable cash flows (CGUs).

Non-financial asets other than godwil that

sufered an impairment are reviewed for posible

reversal of the impairment at each reporting date.

41.9 Financial asets

(a) Clasification

The Group clasifies its financial asets in

the folowing measurement categories:

• those to be measured subsequently

at fair value (either through other

comprehensive income, or through profit

or los); and

• those to be measured at amortised cost.

The clasification depends on the entity’s

busines model for managing the financial

asets and the contractual terms of the cash

flows.

41 其他潜在重大会计政策概要（续）

41.7 土地使用权

土地使用权之前期预付款项按成本减累

计摊销列账。摊销以直线法计算以将租

赁土地成本于租期内分摊。土地使用权

于综合财务状况表中呈列为使用权资

产。

41.8 非金融资产之减值

无特定使用期限之资产，例如商誉，毋

须摊销，惟须每年进行减值评估。每当

有事件或情况转变显示账面金额未能收

回，须予摊销之资产会进行减值评估。

资产账面金额超过其可收回金额之数额

确认为一项减值亏损。可收回金额为资

产公允价值减出售成本与使用价值之间

之较高者。就评估减值而言，资产分组

至可分开识别现金流量（现金产生单位）

之最低层次。商誉以外出现减值之非金

融资产会于每个报告日就可能拨回之减

值进行评估。

41.9 金融资产

(a) 分类

本集团将其金融资产分为以下计

量类别：

（计

入其他全面收入或计入损

益）；及

分类取决于实体管理金融资产之

业务模式及现金流量之约定条款。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司198

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.9 Financial asets (Continued)

(a) Clasification (Continued)

For asets measured at fair value, gains

and loses wil either be recorded in profit

or los or other comprehensive income. For

investments in equity instruments that are not

held for trading, this wil depend on whether

the Group has made an irevocable election

at the time of initial recognition to acount for

the equity investment at FVOCI.

The Group reclasifies debt investments

when and only when its busines model for

managing those asets changes.

(b) Recognition and measurement

Regular way purchases and sales of financial

asets are recognised on the trade-date

– the date on which the Group comits to

purchase or sel the aset. Financial asets

are derecognised when the rights to receive

cash flows from the financial asets have

expired or have ben transfered and the

Group has transfered substantialy al the

risks and rewards of ownership.

At initial recognition, the Group 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 that

are directly atributable to the acquisition

of the financial aset. Transaction costs of

financial asets caried at FVPL are expensed

in the consolidated income statement.

Financial asets with embeded derivatives

are considered in their entirety when

determining whether their cash flows are

solely payment of principal and interest.

41 其他潜在重大会计政策概要（续）

41.9 金融资产（续）

(a) 分类（续）

对按公允价值计量之资产而言，

收益及亏损将于损益或其他全面

收入中列账。对非持作买卖之权

益工具投资而言，这将取决于本

集团在首次确认时，是否对按公

允价值计入其他全面收入之股权

投资作出不可撤销之选择。

本集团仅在于其管理该等资产之

业务模式改变时，重新分类债务

投资。

(b) 确认及计量

常规买卖之金融资产在交易当日

（即本集团承诺购买或出售资产之

日期）确认。当收取来自金融资产

现金流量之权利已届满或已转移

及本集团已大致上转移拥有权全

部风险及回报时，金融资产被终

止确认。

初始确认时，倘若金融资产非按

公允价值计入损益，本集团按公

允价值加上因收购金融资产而产

生之直接交易成本，以计量金融

资产。按公允价值计入损益之金

融资产交易成本于综合损益表中

支销。

具有嵌入式衍生工具之金融资产

以其现金流量是否为唯一支付本

金及利息方式作全面性考虑。

1992024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.9 Financial asets (Continued)

Debt instruments

Subsequent measurement of debt instruments

depends on the Group’s busines model

for managing the aset and the cash flow

characteristics of the aset. There are thre

measurement categories into which the

Group clasifies its debt instruments:

– Amortised cost: Asets that are held

for colection of contractual cash flows

where those cash flows represent solely

payments of principal and interest are

measured at amortised cost. Interest

income from these financial asets is

included in finance income using the

efective interest rate method. Any

gain or los arising on derecognition

is recognised directly in profit or los

and presented in other gains/(loses)

together with foreign exchange gains

and loses. Impairment loses are

presented as separate line item in the

consolidated income statement.

– FVOCI: Asets that are held for colection

of contractual cash flows and for seling

the financial asets, where the asets’

cash flows represent solely payments of

principal and interest, are measured at

FVOCI. Movements in the carying amount

are taken through OCI, except for the

recognition of impairment gains or loses,

interest income and foreign exchange

gains and loses which are recognised

in profit or los. When the financial aset

is derecognised, the cumulative gain

or los previously recognised in OCI is

reclasified from equity to profit or los

and recognised in other gains/(loses).

Interest income from these financial

asets is included in finance income

using the efective interest rate method.

Foreign exchange gains and loses are

presented in other gains/(loses) and

impairment expenses are presented as

separate line item in the consolidated

income statement.

41 其他潜在重大会计政策概要（续）

41.9 金融资产（续）

债务工具

债务工具其后之计量取决于本集

团管理资产之业务模式及资产之

现金流特性。本集团将其债务工

具分为以下三个计量类别：

－摊销成本：以收取约定现金

流所持有的资产，该等现金

流仅为支付本金及利息，其

按摊销成本计量。来自此等

金融资产之利息收入以实际

利率法计入财务收入。终止

确认产生之任何收益或亏损

直接于损益中确认，并连同

外汇收益及亏损于其他收益

╱（亏损）中呈列。减值亏损

于综合损益表中为单独项目

呈列。

－按公允价值计入其他全面收

入：为收取约定现金流及出

售金融资产而持有的资产，

倘其资产现金流仅为支付本

金及利息，则按公允价值计

入其他全面收入。账面值之

变动乃计入其他全面收入，

惟已于损益当中确认的减值

收益或亏损、利息收入以及

汇兑收益及亏损除外。于金

融资产终止确认时，先前于

其他全面收入中确认之累计

收益或亏损由权益重新分类

至损益并于其他收益╱（亏

损）中确认。来自该等金融

资产的利息收入采用实际利

率法计入财务收入。汇兑收

益及亏损于其他收益╱（亏

损）内列示，而减值开支则

于综合损益表内作为单独项

目列示。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司200

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.9 Financial asets (Continued)

Debt instruments (Continued)

– FVPL: Asets that do not met the

criteria for amortised cost or FVOCI are

measured at FVPL. A gain or los on a

debt investment that is subsequently

measured at FVPL is recognised in profit

or los and presented in net within other

gains/(loses) in the period in which it

arises.

Equity instruments

The Group subsequently measures al equity

investments at fair value. Where the Group’s

management has elected to present fair

value gains and loses on equity investments

in other comprehensive income, there is no

subsequent reclasification of fair value gains

and loses to profit or los folowing the

derecognition of the investment. Dividends

from such investments continue to be

recognised in profit or los as other income

when the Group’s right to receive payments

is established.

Changes in the fair value of financial asets

at FVPL are recognised in “other gains – net”

in the consolidated income statement as

aplicable. Impairment loses (and reversal

of impairment loses) on equity investments

measured at FVOCI are not reported separately

from other changes in fair value.

(d) Impairment

The Group aseses on a forward-loking

basis the expected credit loses (‘ECL”)

asociated with its debt instruments

caried at amortised cost. The impairment

methodology aplied depends on whether

there has ben a significant increase in

credit risk.

41 其他潜在重大会计政策概要（续）

41.9 金融资产（续）

债务工具（续）

－按公允价值计入损益：不符

合按摊销成本或按公允价值

计入其他全面收入标准计量

的资产，均按公允价值计入

损益计量。后续按公允价值

计入损益的债务投资收益或

亏损于损益确认，并于产生

期间以净额于其他收益╱

（亏损）中呈列。

权益工具

本集团其后按公允价值计量所有

权益性投资。倘本集团管理层已

选择于其他全面收入中呈列股权

性投资公允价值收益及亏损，则

随著终止确认投资，公允价值收

益及亏损其后不会重新分类至损

益。在本集团收款权利确立时，

来自该投资之股息继续于损益中

确认为其他收入。

按公允价值计入损益之金融资产

公允价值变动，如适用，于综合

损益表内「其他收益－净额」中确

认。按公允价值计入其他全面收

入计量之股权投资减值亏损（及减

值亏损拨回），不须与其他公允价

值变动分开呈报。

(d) 减值

本集团对按摊销成本列账之债务

工具相关之预期信贷亏损（「预期

信贷亏损」）按前瞻基准作出评

估。所用减值方法取决于信贷风

险是否大幅增加。

2012024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.9 Financial asets (Continued)

(d) Impairment (Continued)

At each reporting date, the Group calculates

the ECL of financial instruments in diferent

stages. Stage 1 refers to financial instruments

that have not had a significant increase in

credit risk since initial recognition; Stage

2 refers to financial instruments that have

had a significant increase in credit risk

since initial recognition but that do not have

objective evidence of impairment; Stage

3 refers to financial asets for which there

are objective evidence of impairment at the

reporting date since initial recognition. For

these asets at Stage 1, 12-month ECL are

recognised and for asets at stage 2 and 3,

life-time ECL are recognised. For financial

asets with low credit risks as at the date

of the consolidated statement of financial

position, the Group recognises 12-month

ECL based on the asumption that the credit

risks have not significantly increased after

initial recognition. The Group determines the

level of credit risks acording to their internal

and external investment grade credit rating

and the ages of financial asets. For those

financial asets are more than 30 days past

due, they would be clasified as stage 2

and 3, unles the Group has reasonable and

suportable information that demonstrates

otherwise.

For financial asets in stage 1 and stage

2, interest income is calculated based on

the gros carying amount of the aset, that

is, without deduction for credit alowance,

and the efective interest rates. For financial

asets in stage 3, interest income is

calculated on the net cary amount, that is,

net of credit alowances, and the efective

interest rates.

41 其他潜在重大会计政策概要（续）

41.9 金融资产（续）

(d) 减值（续）

于每个报告日，本集团对于处于

不同阶段的金融工具的预期信贷

亏损进行计算。金融工具自初始

确认后信贷风险未显著增加的，

属于第一阶段；金融工具自初始

确认后信用风险已显著增加但尚

未有减值的客观证据，处于第二

阶段；金融资产自初始确认后具

客观证据于报告日具减值，属于

第三阶段。对处于第一阶段的金

融资产，本集团确认12个月预

期信贷亏损，对于处于第二阶段

和第三阶段的金融资产，本集团

确认全期预期信贷亏损。对于在

综合财务状况表日具有较低信用

风险的金融资产，本集团基于假

设；其信用风险自初始确认后并

未显著增加，确认12个月预期信

贷亏损。本集团根据金融资产之

内部及外部投资评级等级及账龄

以判别其信贷风险级别。除非本

集团有合理及具支持的资料显示

除外，逾期超过30天之金融资产

将分类为第二及第三阶段。

对于处于第一阶段及第二阶段的

金融资产，利息收入乃按未扣除

信贷拨备的资产总账面值与实际

利率计算。对于处于第三阶段的

金融资产，利息收入乃根据扣除

信贷拨备的净账面值与实际利率

计算。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司202

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.9 Financial asets (Continued)

(d) Impairment (Continued)

The Group recognises the provision and reversal

of ECL in profit or los. For debt instrument at

FVOCI, the Group makes relevant adjustments

to other comprehensive income at the same

time as recognising ECL in profit and los.

For trade receivables, the Group aplies the

simplified aproach permited by HKFRS

9, which requires expected lifetime loses

to be recognised from initial recognition of

the receivables, se Note 3.1(b) for further

details.

Impairment on bil receivables, other

receivables and deposits are measured

as either 12-month ECL or lifetime ECL,

depending on whether there has ben a

significant increase in credit risk since initial

recognition. If a significant increase in credit

risk of a receivable has ocured since initial

recognition, then impairment is measured

as lifetime ECL, se Note 3.1(b) for further

details.

41.10 Ofseting financial instruments

Financial asets and liabilities are ofset and

the net amount reported in the consolidated

statement of financial position when there is a

legaly enforceable right to ofset the recognised

amounts and there is an intention to setle on a net

basis or realise the aset and setle the liability

simultaneously. The legaly enforceable right must

not be contingent on future events and must be

enforceable in the normal course of busines and

in the event of default, insolvency or bankruptcy of

the company or the counterparty.

41 其他潜在重大会计政策概要（续）

41.9 金融资产（续）

(d) 减值（续）

本集团于损益确认预期信贷亏损

拨备及拨回。就按公允价值计入

其他全面收入的债务工具而言，

本集团于损益确认预期信贷亏损

的同时，对其他全面收入作出相

关调整。

对应收账款而言，本集团采用香

港财务报告准则第9号所允许之

简化法，其中规定预期全期亏损

自应收账款于初始确认时确认，

进一步详情见附注3.1(b)。

自初始确认以来视乎信贷风险有

否显著上升，应收票据、其他应

收账款及按金之减值按十二个月

预期信贷亏损或全期预期信贷亏

损计量。倘若应收账款之信贷风

险自初始确认以来显著上升，则

减值按全期预期信贷亏损计量，

进一步详情见附注3.1(b)。

41.10 抵销金融工具

于具法定权利以抵销已确认金额，且有

意按其净额作结算或同时变现资产及清

偿负债时，金融资产及负债乃予以抵

销，并于综合财务状况表呈报其净值。

法定权利不得取决于未来事件，而是在

一般业务过程中及在公司或对手方一旦

出现违约、无偿债能力或破产时，能够

可执行。

2032024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.11 Inventories

Inventories are stated at the lower of cost and net

realisable value. Cost is determined using the first-

in, first-out method. It excludes borowing costs.

Net realisable value is the estimated seling price

in the ordinary course of busines, les aplicable

variable seling expenses.

41.12 Other receivables

If colection of other receivables is expected in

one year or les (or in the normal operating cycle

of the busines if longer), they are clasified as

curent asets. If not, they are presented as non-

curent asets.

Other receivables are recognised initialy at the

amount of consideration that is unconditional unles

they contain significant financing components,

when they are recognised at fair value.

41.13 Cash and cash equivalents

In the consolidated statement of cash flows, cash

and cash equivalents include cash on hand and

deposits held at cal with banks with original

maturities of thre months or les.

41.14 Share capital

Ordinary shares are clasified as equity.

Incremental costs directly atributable to the isue

of new shares or options are shown in equity as a

deduction, net of tax, from the proceds.

41 其他潜在重大会计政策概要（续）

41.11 存货

存货按成本及与可变现净值两者中之较

低者入账。成本以先入先出法厘定。其

中不包括借贷成本。可变现净值为于正

常业务过程中之估计销售价格减各类适

用之销售支出。

41.12 其他应收账款

如预期于一年或以内（或倘较长，则在

业务正常经营周期中）收回其他应收账

款，则该等账款分类为流动资产。否

则，该等账款呈列为非流动资产。

其他应收账款于确认公允价值时，初始

无条件按代价金额确认，除非其具重大

融资成份在内。

41.13 现金及现金等值

于综合现金流量表中，现金及现金等值

包括手头现金及于三个月或以内到期存

于银行之通知存款。

41.14 股本

普通股分类为权益。

发行新股或购股权直接有关的增量成本

于扣除税项后于权益中作为发行所得的

减项列示。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司204

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.15 Trade and other payables

Trade payables are obligations to pay for gods or

services that have ben acquired in the ordinary

course of busines from supliers. Acounts

payable are clasified as curent liabilities if

payment is due within one year or les (or in the

normal operating cycle of the busines if longer).

If not, they are presented as non-curent liabilities.

Trade and other payables are recognised initialy

at fair value and subsequently measured at

amortised cost using the efective interest method.

41.16 Derivatives and hedging activities

Derivatives are initialy recognised at fair value on

the date a derivative contract is entered into and

are subsequently remeasured to their fair value at

the end of each reporting period.

The acounting for subsequent changes in fair

value depends on whether the derivative is

designated as a hedging instrument, and if so, the

nature of the item being hedged.

At the inception of the hedging, the Group

documents the economic relationship betwen

hedging instruments and hedged items, including

whether changes in the cash flows of the hedging

instruments are expected to ofset changes in the

cash flows of hedges items. The Group documents

its risk management objective and strategy for

undertaking its hedge transactions.

41 其他潜在重大会计政策概要（续）

41.15 应付账款及其他应付账款

应付账款为在日常业务过程中就从供应

商购买之货品或服务之付款义务。倘若

付款于在一年或以内（或倘较长，则在

业务日常经营周期中）到期，则应付账

款分类为流动负债；否则，该等应付账

款呈列为非流动负债。

应付账款及其他应付账款初始按公允价

值确认，其后则采用实际利率法按摊销

成本计量。

41.16 衍生工具及对冲活动

衍生工具于衍生工具合约订立之日，按

公允价值初始确认，且随后在各报告期

末按其公允价值重新计量。

公允价值后续变动的会计处理取决于衍

生工具是否被指定为对冲工具，且倘若

被指定为对冲工具，则取决于被对冲项

目之性质。

于对冲开始时，本集团记录对冲工具与

所对冲项目之间的经济关系，包括对冲

工具的现金流量变动是否预期将抵销所

对冲项目的现金流量变动。本集团记录

其风险管理目标及进行其对冲交易的策

略。

2052024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.16 Derivatives and hedging activities (Continued)

The ful fair value of a hedging derivative is

clasified as a non-curent aset or liability when

the remaining maturity of the hedged item is

more than 12 months; it is clasified as a curent

aset or liability when the remaining maturity

of the hedged item is les than 12 months or if

the counter party has the right to terminate the

hedging instruments anytime. Trading derivatives

are clasified as a curent aset or liability.

41.17 Borowings

Borowings are recognised initialy at fair value,

net of transaction costs incured. Borowings

are subsequently stated at amortised cost;

any diference betwen the proceds (net of

transaction costs) and the redemption value is

recognised in the profit or los over the period of

the borowings using the efective interest method.

Fes paid on the establishment of loan facilities

are recognised as transaction costs of the loan to

the extent that it is probable that some or al of the

facility wil be drawn down. In this case, the fe is

defered until the draw-down ocurs. To the extent

there is no evidence that it is probable that some

or al of the facility wil be drawn down, the fe is

capitalised as a pre-payment for liquidity services

and amortised over the period of the facility to

which it relates.

Borowings are clasified as curent liabilities

unles the Group has an unconditional right to

defer setlement of the liability for at least 12

months after the end of the reporting period.

41 其他潜在重大会计政策概要（续）

41.16 衍生工具及对冲活动（续）

当所对冲项目的剩余到期日超过12个

月，则对冲衍生工具的全部公允价值分

类为非流动资产或负债；当所对冲项目

的剩余到期日少于12个月或倘交易方

有权随时终止对冲工具，则其分类为流

动资产或负债。交易衍生工具分类为流

动资产或负债。

41.17 借贷

借贷初始按公允价值扣除已产生之交易

成本后确认，其后则按摊销成本列账；

所得款项（扣除交易成本）与赎回价值间

之任何差异于借贷期使用实际利率法于

损益中确认。

在贷款很可能部分或全部提取的情况

下，就设立贷款融资支付的费用乃确认

为贷款交易成本。在此情况下，费用递

延至提取发生为止。倘若并无任何证据

显示该融资很有可能将获部分或全部提

取，则该费用拨充资本作为流动资金服

务之预付款项，并于其相关融资期间予

以摊销。

除非本集团具无条件权利于报告期末后

延迟偿还负债最少十二个月，否则借贷

分类为流动负债。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司206

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.18 Borowings costs

General and specific borowing costs directly

atributable to the acquisitions, construction or

production of qualifying asets, which are asets

that necesarily take a substantial period of time

to get ready for their intended use or sale, are

aded to the cost of those asets, until such time

as the asets are substantialy ready for their

intended use or sale.

Al other borowing costs are recognised in the

profit or los in the period in which they are

incured.

41.19 Curent and defered income tax

The income tax expense or credit for the year

is the tax payable on the curent year’s taxable

income based on the aplicable income tax rate

for each jurisdiction adjusted by changes in

defered tax asets and liabilities atributable to

temporary diferences and to unused tax loses.

(a) Curent income tax

The curent income tax charge is calculated

on the basis of the tax laws enacted or

substantively enacted at the end of the

reporting period in the countries where the

Company and its subsidiaries, asociates

and joint ventures operate and generate

taxable income. Management periodicaly

evaluates positions taken in tax returns with

respect to situations in which aplicable

tax regulation is subject to interpretation

and considers whether it is probable that a

taxation authority wil acept an uncertain

tax treatment. The Group measures its tax

balances either based on the most likely

amount or the expected value, depending on

which method provides a beter prediction of

the resolution of the uncertainty.

41 其他潜在重大会计政策概要（续）

41.18 借贷成本

因收购、建造或生产合资格资产（指须

经长时间准备作拟定用途或出售之资

产）直接产生之一般及特定借贷成本乃

计入该等资产成本，直至该等资产大致

上已准备就绪作拟定用途或出售。

所有其他借贷成本均于其产生期间于损

益中确认。

41.19 当期及递延所得税

本年度的所得税费用或所得税抵免额为

当期应纳税所得额，按各司法权区适用

的所得税率计算，并根据归属于暂时

性差异的递延所得税资产和负债的变动

以及未使用的税务损失调整确认。

(a) 当期所得税

当期所得税支出根据本公司及其

附属公司、联营及合营公司经营

及产生应课税收入的国家于报告

期末已颁布或实质上已颁布的

税务法例计算。管理层就适用税

务法例解释所规限的情况定期评

估报税表的状况，并考量税务机

关是否很有可能接受不确定的税

务处理。本集团计量其税项结

余，基于最可能金额或预期价值

方法之一，取决于何种方法提供

较好预测不确定性的结果。

2072024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.19 Curent and defered income tax (Continued)

(b) Defered income tax

Defered income tax is provided in ful,

using the liability method, on temporary

diferences arising betwen the tax bases

of asets and liabilities and their carying

amounts in the consolidated financial

statements. However, defered tax liabilities

are not recognised if they arise from the

initial recognition of godwil. Defered

income tax is also not acounted for if it

arises from initial recognition of an aset

or liability in a transaction other than a

busines combination that at the time of

the transaction afects neither acounting

nor taxable profit or los and does not

give rise to equal taxable and deductible

temporary diferences. Defered income tax

is determined using tax rates (and laws) that

have ben enacted or substantively enacted

by the end of the reporting period and are

expected to aply when the related defered

income tax aset is realised or the defered

income tax liability is setled.

The defered tax liability in relation to

investment property that is measured at fair

value is determined asuming the property

wil be recovered entirely through sale.

Defered tax asets are recognised only if

it is probable that future taxable amounts

wil be available to utilise those temporary

diferences and loses.

Defered tax liabilities and asets are

not recognised for temporary diferences

betwen the carying amount and tax bases

of investments in foreign operations where

the Company is able to control the timing

of the reversal of the temporary diferences

and it is probable that the diferences wil not

reverse in the foreseable future.

41 其他潜在重大会计政策概要（续）

41.19 当期及递延所得税（续）

(b) 递延所得税

对资产与负债之税基与其于综合

财务报表之账面金额两者之间产

生之暂时差额使用负债法，全额

计提递延所得税。然而，倘来自

对商誉之初始确认，递延税项负

债则不予确认。倘来自交易（业务

合并除外）中对资产或负债之初始

确认，而在交易时不影响会计或

应课税溢利或亏损，及不会引致

等额应课税及可扣税暂时差额，

递延所得税亦不作列账。递延所

得税采用在报告期末已颁布或

实质颁布之税率（及法例），并在

变现有关递延所得税资产或偿付

递延所得税负债时预期将会适用

而厘定。

有关按公允价值计量的投资物业

的递延税项负债乃假设物业将透

过出售而完全收回厘定。

递延税项资产仅在可能有未来应

课税金额可用于抵销有关暂时差

额及亏损时方会确认。

倘本公司能控制回拨暂时差额的

时间及该等差额很可能不会于可

见将来拨回，则不会为境外业务

投资账面值与税基之间的暂时差

额确认递延税项负债及资产。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司208

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.19 Curent and defered income tax (Continued)

(b) Defered income tax (Continued)

Defered tax asets and liabilities are ofset

where there is a legaly enforceable right to

ofset curent tax asets and liabilities and

where the defered tax balances relate to the

same taxation authority. Curent tax asets

and tax liabilities are ofset where the entity

has a legaly enforceable right to ofset and

intends either to setle on a net basis, or

to realise the aset and setle the liability

simultaneously.

Curent and defered tax is recognised

in profit or los, except to the extent that

it relates to items recognised in other

comprehensive income or directly in equity.

In this case, the tax is also recognised in

other comprehensive income or directly in

equity, respectively.

41.20 Employe benefits

(a) Pension obligation

The Group operates defined contribution

plan. The schemes are generaly funded

through payments to insurance companies or

truste-administered funds.

A defined contribution plan is a pension plan

under which the Group pays fixed contributions.

The Group has no legal or constructive

obligations to pay further contributions if the

fund does not hold suficient asets to pay al

employes the benefits relating to employe

service in the curent and prior periods.

41 其他潜在重大会计政策概要（续）

41.19 当期及递延所得税（续）

(b) 递延所得税（续）

倘若存在法定的权利将即期税项

资产与负债抵销，及倘递延税项

结余与同一税务机构相关，则可

将递延税项资产与负债抵销。倘

实体具法定权利抵销且有意按净

额基准清偿或同时变现资产及清

偿负债时，则即期税项资产与税

项负债抵销。

除某些项目于其他全面收入或直

接于权益内确认外，当期及递延

所得税于损益中确认。在该情况

下，税项亦分别于其他全面收入

或于权益中直接确认。

41.20 雇员福利

(a) 退休金责任

本集团设有约定供款计划。此等

计划一般透过向保险公司或受托

管理基金供款。

约定供款计划为本集团支付固定

供款之退休福利计划。倘该项基

金不具备足够资产而无法向所有

雇员支付与本期及过往期间之雇

员服务有关之福利，则本集团并

无法定或推定责任作进一步供款。

2092024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.20 Employe benefits (Continued)

(a) Pension obligation (Continued)

The Group pays contributions to publicly or

privately administered pension insurance

plans on a mandatory, contractual or

voluntary basis. The Group has no further

payment obligations once the contributions

have ben paid. The contributions are

recognised as employe benefit expense

when they are due. Prepaid contributions

are recognised as an aset to the extent that

a cash refund or a reduction in the future

payments is available.

(b) Termination benefits

Termination benefits are payable when

employment is terminated by the Group

before the normal retirement date, or

whenever an employe acepts voluntary

redundancy in exchange for these benefits.

The Group recognises termination benefits

when it is demonstrably comited to a

termination when the entity has a detailed

formal plan to terminate the employment

of curent employes without posibility of

withdrawal. In the case of an ofer made

to encourage voluntary redundancy, the

termination benefits are measured based on

the number of employes expected to acept

the ofer. Benefits faling due more than 12

months after the end of the reporting period

are discounted to their present value.

The Group recognises a liability and an

expense for bonus. The Group recognises

a provision where contractualy obliged

or where there is a past practice that has

created a constructive obligation.

41 其他潜在重大会计政策概要（续）

41.20 雇员福利（续）

(a) 退休金责任（续）

本集团以强制、合约性或自愿性

原则向公开或私人管理之退休保

险计划作出供款。本集团作出供

款后，即无进一步付款责任。供

款于到期应付时确认为雇员福利

支出。预付供款在出现金退款

或可扣减未来付款情况下确认为

资产。

(b) 终止雇佣福利

终止雇佣福利于本集团在正常退

休日期前终止雇用时，或每当一

名雇员接受自愿遣散以换取此等

福利时支付。当明确显示实体具

有－不可撤回的详细正式计划终

止雇用现有雇员，本集团则会确

认终止雇佣福利。倘提出一项方

案以鼓励自愿遣散，终止雇佣福

利将按预期接受方案之雇员数目

计量。在报告期末后超过十二个

月支付之福利应贴现至其现值。

本集团就花红确认负债及支出。

就合约责任或具过往惯例产生推

定责任时，本集团会确认拨备。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司210

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.20 Employe benefits (Continued)

(d) Employe leave entitlements

Employe entitlements to anual leave are

recognised when they acrue to employes.

A provision is made for the estimated liability

for anual leave as a result of services

rendered by employes up to the reporting

date. Employe entitlements to sick leave

and maternity leave are not recognised until

the time of leave.

(e) Long service payments

The Group’s net obligation in respect of long

service payments to its employes upon

termination of their employment or retirement

when the employes fulfil certain circumstances

under the Hong Kong Employment Ordinance

is the amount of future benefit that employes

have earned in return for their service in the

curent and prior periods.

41.21 Share-based payments

The Group operates a number of equity-setled,

share-based compensation plans, under which

the Group receives services from employes as

consideration for equity instruments (options) of

the Group. The fair value of the employe services

received in exchange for the grant of the options

is recognised as an expense. The total amount to

be expensed is determined by reference to the fair

value of the options granted:

• including any market performance conditions

(for example, an entity’s share price);

• excluding the impact of any service and non-

market performance vesting conditions (for

example, profitability, sales growth targets

and remaining an employe of the entity over

a specified time period); and

• including the impact of any non-vesting

conditions (for example, the requirement for

employes to save).

41 其他潜在重大会计政策概要（续）

41.20 雇员福利（续）

(d) 雇员应享年假

雇员应享年假乃于雇员应享有年

假时确认。对于截至报告日，雇

员提供服务享有年假的估计负

债，会作出拨备。雇员应享病假

及分娩假期于支取时方才确认。

(e) 长期服务金

当雇员在符合香港雇佣条例之若

干情况下终止雇佣关系或退休

时，本集团须承担支付长期服务

金予其雇员之责任，而所承担之

责任净额为雇员于现时及过往期

间提供服务所得之日后福利金额。

41.21 以股份为基础之支付

本集团设有多项以权益偿付、以股份为

基础之补偿计划，据此，本集团获取雇

员服务，作为本集团权益工具（购股权）

之代价。为换取购股权授出而获取之雇

员服务按公允价值确认为支出。将予支

销之总金额参考授予之购股权公允价值

厘定：

（例如实体

之股价）；

• 不包括任何服务及非市场表现归

属条件（例如盈利能力、销售增长

目标及在某指定期间内留聘实体

雇员）之影响；及

（例如雇员保

存规定）之影响。

2112024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.21 Share-based payments (Continued)

Non-market performance and service conditions

are included in asumptions about the number

of options that are expected to vest. The total

expense is recognised over the vesting period,

which is the period over which al of the specified

vesting conditions are to be satisfied.

In adition, in some circumstances employes

may provide services in advance of the grant date

and therefore the grant date fair value is estimated

for the purposes of recognising the expense

during the period betwen service comencement

period and grant date.

At the end of each reporting period, the Group

revises its estimates of the number of options that

are expected to vest based on the non-market

performance and service conditions. It recognises

the impact of the revision of original estimates, if

any, in the consolidated income statement with a

coresponding adjustment to equity.

When the options are exercised, the Company

isues new shares. The proceds received net

of any directly atributable transaction costs are

credited to share capital (nominal value) and

share premium.

The grant by the Company of options over its

equity instruments to the employes of subsidiary

undertaking in the Group is treated as a capital

contribution. The fair value of employe services

received, measured by reference to the grant

date fair value, is recognised over the vesting

period as an increase to investment in subsidiary

undertaking, with a coresponding credit to equity

in the parent entity acounts.

41 其他潜在重大会计政策概要（续）

41.21 以股份为基础之支付（续）

非市场表现及服务条件计入关于预期归

属之购股权数目之假设。支出总额于归

属期间（即所有特定归属条件均获满足

之期间）内确认。

此外，在某些情况下，雇员可在授出日

期之前提供服务，因此授出日期之公允

价值乃就确认服务开始日期与授出日期

期间之开支作出估计。

在各报告期末，本集团会根据非市场表

现及服务条件修正其预期归属之购股权

数目之估计。本集团在综合损益表内确

认修正原估算（如有）之影响，并对权益

作出相应调整。

当购股权获行使时，本公司将发行新

股。所收取之所得款项（扣除任何直接

应占交易成本）计入股本（面值）及股份

溢价中。

本公司向旗下附属公司之雇员授予其权

益工具之购股权，被视为资本投入。

所获取雇员服务的公允价值，参考授出

日期之公允价值计量，并在归属期内确

认，作为对附属公司投资之增加，并相

应计入母公司账目之权益。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司212

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.22 Provision

Provisions for environment restoration, restructuring

costs and legal claims are recognised when: the

Group has a present legal or constructive obligation

as a result of past events; it is probable that an

outflow of resources wil be required to setle

the obligation; and the amount has ben reliably

estimated. Restructuring provisions comprise lease

termination penalties and employe termination

payments. Provisions are not recognised for future

operating loses.

Where there are a number of similar obligations,

the likelihod that an outflow wil be required

in setlement is determined by considering the

clas of obligations as a whole. A provision is

recognised even if the likelihod of an outflow

with respect to any one item included in the same

clas of obligations may be smal.

Provisions are measured at the present value

of the expenditures expected to be required to

setle the obligation using a pre-tax discount rate

that reflects curent market asesments of the

time value of money and the risks specific to the

obligation. The increase in the provision due to

pasage of time is recognised as interest expense.

41.23 Interest income

Interest income is calculated by aplying the

efective interest rate to the gros carying amount

of a financial aset except for financial asets

that subsequently become credit-impaired. For

credit-impaired financial asets, the efective

interest rate is aplied to the net carying amount

of the financial aset (after deduction of the los

alowance).

41.24 Dividend income

Dividend income is recognised when the right to

receive payment is established.

41 其他潜在重大会计政策概要（续）

41.22 拨备

当本集团因过往事件而产生现有法定或

推定责任；可能须偿付有关责任而导致

资源流出；且金额已可靠估计，则会就

环境复原、重组成本及法律索偿确认拨

备。重组拨备包括租赁终止罚款及雇员

离职付款。不会就未来经营亏损确认拨

备。

倘有多项类似责任，则考虑责任之整体

类别厘定其须在偿付中流失资源之可能

性。即使在同一类别责任所包含之任何

一个项目资源流失之可能性极低，仍须

确认拨备。

拨备按预期清偿债务责任所需开支以税

前贴现率计算之现值计量，该比率反映

市场当时对货币时间价值之评估及该责

任之独有风险。因时间流逝而产生之拨

备增加确认为利息开支。

41.23 利息收入

利息收入以金融资产账面值按实际利率

作计算，惟其后出现信贷减值之金融资

产则除外。对信贷减值之金融资产，按

经扣除亏损拨备后之金融资产账面净值

采用实际利率计算。

41.24 股息收入

股息收入于确定有权收取款项时确认。

2132024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.25 Leases

As a lese

Leases are recognised as a right-of-use aset and

a coresponding liability at the date at which the

leased aset is available for use by the Group.

Contracts may contain both lease and non-

lease components. The Group alocates the

consideration in the contract to the lease and non-

lease components based on their relative stand-

alone prices.

Asets and liabilities arising from a lease are

initialy measured on a present value basis. Lease

liabilities include the net present value of the

folowing lease payments:

• fixed payments (including in-substance

fixed payments), les any lease incentives

receivable;

• variable lease payment that are based on an

index or a rate, initialy measured using the

index or rate as at the comencement date;

• amounts expected to be payable by the

Group under residual value guarantes;

• the exercise price of a purchase option if the

Group is reasonably certain to exercise that

option; and

• payments of penalties for terminating the

lease, if the lease term reflects the Group

exercising that option.

The lease payments are discounted using the

interest rate implicit in the lease. If that rate

canot be readily determined, which is generaly

the case for leases in the Group, the lese’s

incremental borowing rate is used, being the rate

that the individual lese would have to pay to

borow the funds necesary to obtain an aset of

similar value to the right-of-use aset in a similar

economic environment with similar terms, security

and conditions.

41 其他潜在重大会计政策概要（续）

41.25 租赁

作为承租人

租赁资产于可供本集团使用当日时确认

为使用权资产及其相应负债。

合约可能同时包含租赁部分及非租赁部

分。本集团按租赁部分及非租赁部分

之相对独立价格将合约代价分配至各部

分。

来自租赁产生之资产及负债初始按现值

作计量。租赁负债包括以下租赁付款之

净现值：

（包括实质固定付款），

扣除任何应收租赁优惠；

• 根据一项指数或利率计算之可变

租赁付款，初始按于开始日期之

有关指数或利率计量；

，本集团预期

应付之金额；

（倘可合理地

确定本集团将行使该选择权）；及

（倘租期反映

本集团行使该选择权）。

租赁付款使用租赁隐含之利率贴现。倘

利率难以厘定，大致如同本集团租赁之

状况，则使用承租人之增量借贷利率，

即个别承租人在类似经济环境中就类似

条款、抵押及条件借入为取得与使用权

资产价值相若之资产所需资金而须支付

之利率。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司214

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.25 Leases (Continued)

As a lese (Continued)

To determine the incremental borowing rate, the

Group uses recent third-party financing received

by the individual lese as a starting point,

adjusted to reflect changes in financing conditions

since third party financing was received.

Lease payments are alocated betwen principal

and finance cost. The finance cost is charged

to profit or los over the lease period so as to

produce a constant periodic rate of interest on the

remaining balance of the liability for each period.

Right-of-use asets are measured at cost

comprising the folowing:

• the amount of the initial measurement of

lease liability;

• any lease payments made at or before

the comencement date les any lease

incentives received;

; and

• restoration costs.

Right-of-use asets are generaly depreciated

over the shorter of the aset’s useful life and the

lease term on a straight-line basis. If the Group is

reasonably certain to exercise a purchase option,

the right-of-use aset is depreciated over the

underlying aset’s useful life.

41 其他潜在重大会计政策概要（续）

41.25 租赁（续）

作为承租人（续）

为厘定增量借贷利率，本集团使用个别

承租人最近获得之第三方融资作为起始

点，并作出调整以反映自获得第三方融

资以来融资条件之变动。

租赁付款分为本金与财务费用。财务费

用于租期内自损益中计入，使各期间负

债余额结余之周期利率维持固定。

使用权资产按成本计量，包括以下各

项：

• 于起始日期或之前作出之任何租

赁付款，减去已收之任何租赁优

惠；

；及

使用权资产通常于资产之可使用年期或

租期（以较短者为准）内以直线法折旧。

倘本集团合理地确定将行使一项购买选

择权，则使用权资产于相关资产之可使

用年期内折旧。

2152024/25 Anual Report

| 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.25 Leases (Continued)

As a lese (Continued)

Payments asociated with short-term leases and

leases of low-value asets are recognised on a

straight-line basis as an expense in profit or los.

Short-term leases are leases with a lease term of

12 months or les.

The Group acounts for a lease modification as a

separate lease if:

• the modification increases the scope of the

lease by ading the right to use one or more

underlying asets; and

• the consideration for the leases increases

by an amount comensurate with the stand-

alone price for the increase in scope and any

apropriate adjustments to that stand-alone

price to reflect the circumstances of the

particular contract.

For a lease modification that is not acounted for

a separate lease, the Group remeasures the lease

liability based on the lease term of the modified

lease by discounting the revised lease payments

using a revised discount rate at the efective date

of the modification.

The Group acounts for the remeasurement

of lease liabilities by making coresponding

adjustments to the relevant right-of-use asets.

As a lesor

Lease income where the Group is a lesor is

recognised in profit or los on a straight-line basis

over the lease term. The respective leased asets

are included in the consolidated statement of

financial position based on their nature.

41 其他潜在重大会计政策概要（续）

41.25 租赁（续）

作为承租人（续）

与短期租赁及低价值资产租赁相关之付

款以直线法于损益中确认为支出。短期

租赁指租期为十二个月或以下之租赁。

倘符合以下条件，则本集团将租赁修订

作为一项单独租赁进行会计处理：

• 该修订通过加入对一项或多项相

关资产的使用权扩大租赁范围；

及

• 租赁代价金额增加视乎对范围增

加之单独价格及反映特定合约时

对单独价格任何恰当之调整。

对于不作为一项单独租赁进行会计处理

的租赁修订，在修订的生效日期，本集

团根据经修订租赁的租期，通过使用经

修订贴现率对经修订租赁款项进行贴现

以重新计量租赁负债。

本集团对租赁负债进行重新计量，并对

相关使用权资产进行相应调整。

作为出租人

本集团作为出租人之租赁收入于租期内

以直线法于损益内确认。各租赁资产按

其性质计入综合财务状况表。

Hong Kong Shanghai Aliance Holdings Limited ｜沪港联合控股有限公司216

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41 SUMARY OF OTHER POTENTIALY

MATERIAL ACOUNTING POLICIES

(CONTINUED)

41.26 Dividend distribution

Dividend distribution to the Company’s owners

is recognised as a liability in the Group’s and

the Company’s financial statements in the period

in which the dividends are aproved by the

Company’s shareholders or directors, where

apropriate.

41.27 Government grants

Grants from the government are recognised

at their fair value when there is a reasonable

asurance that the grant wil be received and the

Group wil comply with al atached conditions.

Government grants relating to costs are defered

and recognised in the profit or los over the period

necesary to match them with the costs that they

are intended to compensate.

Government grants relating to asets are deducted

against the carying amount of the asets.

41.28 Hire purchase liabilities

Property, plant and equipment acquired under

hire purchase are capitalised in the consolidated

financial statements and depreciated in acordance

with the policy set out in Note 41.6 above. The

coresponding outstanding obligations due under

the hire purchase after deducting finance expenses

are included as liabilities in the consolidated

financial statements. Finance charges are alocated

to profit or los over the period of the hire purchase

agrements on a straight line basis.

41 其他潜在重大会计政策概要（续）

41.26 股息分派

向本公司拥有人分派之股息，在股息于

期内获得本公司股东或董事（倘适当）批

准并于本集团及本公司之财务报表确认

为负债。

41.27 政府补助

当能合理保证本集团将收到政府补助

时，且本集团将遵守所有附加条件，有

关补助按其公允价值予以确认。

与成本相关的政府补助，按拟补偿成本

的所产生期间于损益中递延及确认。

与资产相关的政府补助于该等资产的账

面值扣减。

41.28 租购负债

租购项下购入之物业、厂房及设备于综

合财务报表内予以资本化并根据上文附

注41.6所载政策予以折旧。租购项下

应付的相应未偿还负债在扣除财务费用

后于综合财务报表列作负债。财务费用

在租购协议期间按直线法分配至损益。

CONTENTS

目录

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION

公司资料

Website : htps:/w.hkshaliance.com

HIGHLIGHTS

摘要

2024/25

FIVE-YEAR FINANCIAL SUMARY

五年财务摘要

CHAIRMAN’S STATEMENT

主席报告书

Strategic Transformation to

Echo the Cal for

New Quality Productive Forces

响应新质生产力发展呼吁，

推动业务战略转型

CHAIRMAN’S STATEMENT

主席报告书

CHAIRMAN’S STATEMENT

主席报告书

CHAIRMAN’S STATEMENT

主席报告书

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Busines Upgrade and

Value-aded Focus to

Drive Resilient Busines Development

业务升级及增值转型，

为长远稳定发展奠下基础

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Notes:

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

Note: Ms. Cheung Marn Kay was apointed as an Independent Non-executive

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告