00403 星光集团财务报表/环境、社会及管治资料：截至二零二五年三月三十一日止年度年报

CONTENTS目录

Corporate Information4公司资料

Chairman’s Statement7主席报告

Chairman’s Leter21主席函件

Financial Sumary22财务摘要

Report of the Directors24董事会报告

Corporate Governance Report37企业管治报告

Management Profile64管理阶层简介

List of Properties70物业详情

Independent Auditor’s Report72独立核数师报告

Consolidated Income Statement80综合利润表

Consolidated Statement of Comprehensive Income81综合全面收益表

Consolidated Statement of Financial Position82综合财务状况表

Consolidated Statement of Changes in Equity84综合权益变动表

Consolidated Statement of Cash Flows86综合现金流量表

Notes to the Consolidated Financial Statements88综合财务报表附注

CORPORATE INFORMATION公司资料

DIRECTORS

Executive Directors

Mr. Lam Kwong Yu (Chairman and Chief Executive Oficer)

Mr. Pon Kwok Ching (Senior Vice President)

Mr. Wong Wai Kwok (Senior Vice President)

Mr. Zhong Zhitang (Senior Vice President)

(Apointed with efect from 1st April, 2025)

Mr. Tin Shing (Senior Vice President)

(Resigned with efect from 1st April, 2025)

Non-Executive Director

Ms. Yeung Chui

Independent Non-Executive Directors

Mr. Chan Yue Kwong, Michael

Mr. Kwok Lam Kwong, Lary, SBS, JP

Mr. Tam King Ching, Keny

Ms. Elizabeth Law

AUDIT COMITE

Mr. Tam King Ching, Keny (Chairman)

Mr. Chan Yue Kwong, Michael

Mr. Kwok Lam Kwong, Lary, SBS, JP

Ms. Elizabeth Law

REMUNERATION COMITE

Mr. Chan Yue Kwong, Michael (Chairman)

Mr. Kwok Lam Kwong, Lary, SBS, JP

Mr. Tam King Ching, Keny

Ms. Elizabeth Law

NOMINATION COMITE

Mr. Kwok Lam Kwong, Lary, SBS, JP (Chairman)

Mr. Chan Yue Kwong, Michael

Mr. Lam Kwong Yu

Mr. Tam King Ching, Keny

Ms. Yeung Chui

Ms. Elizabeth Law

董事

执行董事

林光如先生（主席及行政总裁）

潘国政先生（高级副总裁）

黄伟国先生（高级副总裁）

钟治塘先生（高级副总裁）

（自二零二五年四月一日起获委任）

田诚先生（高级副总裁）

（自二零二五年四月一日起辞任）

非执行董事

杨翠女士

独立非执行董事

陈裕光先生

郭琳广先生，银紫荆星章，太平绅士

谭竞正先生

罗君美女士

审核委员会

谭竞正先生（主席）

陈裕光先生

郭琳广先生，银紫荆星章，太平绅士

罗君美女士

薪酬委员会

陈裕光先生（主席）

郭琳广先生，银紫荆星章，太平绅士

谭竞正先生

罗君美女士

提名委员会

郭琳广先生，银紫荆星章，太平绅士（主席）

陈裕光先生

林光如先生

谭竞正先生

杨翠女士

罗君美女士

CORPORATE INFORMATION公司资料

授权代表

林光如先生

潘国政先生

公司秘书

潘国政先生

核数师

罗兵咸永道会计师事务所

香港执业会计师

注册公众利益实体核数师

香港中环

太子大厦22楼

法律顾问

何韦律师行

香港中环遮打道18号

历山大厦27楼

注册办事处

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM 10

Bermuda

总办事处及主要营业地点

香港

九龙新蒲岗

大有街三十一号

善美工业大厦三楼

AUTHORISED REPRESENTATIVES

Mr. Lam Kwong Yu

Mr. Pon Kwok Ching

COMPANY SECRETARY

Mr. Pon Kwok Ching

AUDITOR

PricewaterhouseCopers

Certified Public Acountants

Registered Public Interest Entity Auditor

22nd Flor

Prince’s Building

Central, Hong Kong

LEGAL ADVISER

Howse Wiliams

27/F., Alexandra House

18 Chater Road

Central, Hong Kong

REGISTERED OFICE

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM 10

Bermuda

HEAD OFICE AND PRINCIPAL PLACE OF

BUSINES

3/F., Perfect Industrial Building

31 Tai Yau Stret

Sanpokong

Kowlon

Hong Kong

CORPORATE INFORMATION公司资料

股票过户登记处

主要股票过户登记处

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court, 22 Victoria Stret,

PO Box HM 1179, Hamilton HM EX

Bermuda

香港股票过户登记分处

卓佳证券登记有限公司

香港

金钟夏悫道16号

远东金融中心17楼

主要银行

香港上海汇丰银行有限公司

恒生银行有限公司

中国银行（香港）有限公司

中国建设银行股份有限公司

网址

htp:/w.hkstarlite.com

股票代号

SHARE REGISTRARS AND TRANSFER OFICES

Principal Share Registrar and Transfer Ofice

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court, 22 Victoria Stret,

PO Box HM 1179, Hamilton HM EX

Bermuda

Hong Kong Branch Share Registrar and Transfer Ofice

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road, Admiralty

Hong Kong

PRINCIPAL BANKERS

The Hongkong and Shanghai Banking Corporation Limited

Hang Seng Bank Limited

Bank of China (Hong Kong) Limited

China Construction Bank

WEBSITE

htp:/w.hkstarlite.com

STOCK CODE

CHAIRMAN’S STATEMENT主席报告

RESULTS

For the year ended 31st March, 2025, the Group’s revenue

increased by 7.3% to aproximately HK$895 milion. A los of

aproximately HK$27 milion was recorded, compared to a

profit of aproximately HK$17 milion last year.

Benefiting from the rebound in market demand driven by the

easing of global inflationary presures and interest rate cuts, the

Group recorded a moderate growth in revenue for the year;

however, as the increase in tarifs after the US election in the

second half of the year led to higher export costs, and the

intensified competition in the printing industry trigered price

drops that severely squezed profit margins, the Group wraped

up the year with a los.

During the reporting period, there were multiple structural

chalenges in the global busines environment, with escalating

geopolitical conflicts, depening US-China rivalry, and further

exacerbated trade bariers. Major economies pursued the “near-

shoring” and “friend-shoring” policies which have acelerated

the proces of global suply chain restructuring, causing

busineses to face aditional cost presures brought about by

the industrial chain restructuring. The Global Manufacturing

Purchasing Managers’ Index hovered around the threshold,

reflecting the continuing presure on purchasing power in the

end markets. Moreover, in view of the exces capacity in the

industry, competitors have launched price wars to maintain

their market share, resulting in a year-on-year decline in the

Group’s overal gros profit margin despite a growth in busines

volume. Coupled with the new round of tarif policy

implemented after the US election, the cost of the Group’s

export busines to the US has directly increased, which has

become a key factor draging down the profit margins. In the

face of severe market conditions, the thre plants in China and

the ASEAN market were impacted to varying degres during the

period. The Guangzhou plant turned from profit to los due to

cost increases, while the Shaoguan plant remained profitable.

The Suzhou plant recorded a los due to the intensified price

war in Eastern China. Likewise, the ASEAN market failed to

maintain its profitable performance of last year as a result of

the slugish regional demand.

业绩

本集团截至二零二五年三月三十一日止年度的收入

约为八亿九千五百万港元，较去年度上升百分之七

点三。集团年内录得约二千七百万港元亏损，去年

同期则录得约一千七百万港元溢利。

受惠于全球通胀压力缓解及利率下调带动市场需求

回升，使集团全年营收录得温和增长，然而下半年

美国大选后加征关税导致出口成本攀升，同时印刷

行业竞争加剧引发内卷式价格竞争，严重压缩利润

空间，使集团年度录得亏损。

于报告期间，全球商业环境面临多重结构性挑战，

地缘政治冲突持续升级，美中战略竞争深化，贸易

壁垒进一步加剧，主要经济体推行「近岸外包」与「友

岸外包」政策，全球供应链重构进程加快，企业面临

产业链重组带来的额外成本压力，而环球制造业采

购经理指数持续在荣枯线附近徘徊，反映终端市场

购买力持续受压。此外，行业更出现产能过剩局面，

竞争对手为维持市场份额发起价格战，导致本集团

虽实现业务量增长，但整体毛利率同比下降，加上

美国大选后实施的新一轮关税政策，使本集团对美

国出口业务成本直接增加，成为拖累利润表现的关

键因素。面对严峻的市场环境，本期中国境内三个

厂区及亚世安市场均受到不同程度冲击。广州厂区

因成本上升由盈转亏而韶关厂区则保持盈利。苏州

厂区则因华东地区价格战加剧而录得亏损。亚世安

市场同样受区域需求疲软影响，未能延续去年盈利

表现。

CHAIRMAN’S STATEMENT主席报告

面对国内外环境的复杂变化，集团秉持稳中求进理

念，持续优化资源配置，深化创新驱动与绿色转型，

聚焦新质生产力培育，强化研发投入与智慧制造，

推动自动化、资讯化与智慧化升级，同时积极开发

新兴业务，优化全球客户服务体系，提升定制化解

决方案能力，增强高附加值业务占比，并持续投资

绿色技术，打造「零碳」竞争力，致力于在行业变革

中把握机遇，为股东创造长期价值，为社会贡献可

持续增长动力，详情载于「业务概况及前瞻」。

股息

为保留资源以供集团发展之用，董事会建议不派发

截至二零二五年三月三十一日止年度的末期股息（二

零二四年：港币1.5仙）。截至二零二四年九月三十日

止六个月已派发中期股息每股港币1仙（二零二三年

九月三十日：港币1仙）。

业务概况及前瞻

香港╱中国内地业务

概览

回顾期内，全球经济呈现复杂分化格局，虽自去年

下半年起，主要经济体相继启动降息周期、缓解融

资成本压力，但结构性挑战未消、制造业景气低迷，

全球供应链区域化重组加速，加上美国大选后对华

贸易政策再度收紧，企业经营面临成本飙升与市场

需求放缓的双重挤压。除此之外，本年初美国宣布

对主要贸易伙伴和关键行业征收多波关税，而且相

关税政策朝令夕改，令市场对经济前景和增加的

环球贸易不确定性作出负面反应，进一步加剧贸易

紧张局势，对全球经贸活动造成负面影响，预期有

关措施和反制措施的共同作用下将导致全球增长在

短期内显著放缓。尽管市场竞争愈发激烈及行业整

合加速，集团凭著全球化布局优势及智慧化产业链

Facing the complex changes in the domestic and international

environment, the Group adhered to the concept of seking

progres while maintaining stability. It continued to optimise

resource alocation, depen inovation-driven and gren

transformation, focus on cultivating new quality productive

forces, strengthen investment in research and development and

smart manufacturing, and promote upgrades in automation,

information technology and inteligence. At the same time, it

proactively developed emerging busineses, optimised its global

customer service system, enhanced its ability to ofer customised

solutions, increased the proportion of high-value-aded

busineses, and continued to invest in gren technology for

building “zero-carbon” competitivenes. The Group endeavored

to seize oportunities amidst industry changes, creating long-

term value for shareholders and contributing to sustainable

growth for the comunity. Details are set out in the section

headed “Busines Review and Prospects”.

DIVIDENDS

In order to retain resources for the Group’s future development,

the Directors do not recomend a final dividend for the year

ended 31st March, 2025 (2024: HK1.5 cents). An interim

dividend of HK1 cent (30th September 2023: HK1 cent) was

paid for the six months ended 30th September, 2024.

BUSINES REVIEW AND PROSPECTS

Hong Kong/Mainland China Operations

Overview

During the period under review, the global economy showed a

complex patern of divergence. Although the major economies

have started their rate-cuting cycles since the second half of

last year to ease the presure on finance costs, the structural

chalenges have not yet disapeared. Furthermore, with the

downturn in the manufacturing industry, the acelerated

regionalised restructuring of the global suply chain, and the

renewed tightening of trade policy on China after the US

election, enterprises were facing the double presure of soaring

costs and faling market demand. In adition, the anouncement

by the US earlier this year of multiple waves of tarifs on major

trading partners and critical sectors, as wel as the frequent

changes in the relevant tarif policies, have caused markets to

react negatively to the economic outlok and increased

uncertainty in global trade, further exacerbating trade tensions

and negatively afecting global economic and trade activities,

and it is expected that a combination of these measures and

counter-measures wil result in a significant slowdown of global

CHAIRMAN’S STATEMENT主席报告

基础，通过战略性调整生产基地协同效应，维持了

核心客户市场份额的稳定，但受关税成本上升及市

场内卷化影响，盈利表现承压。

与此同时，为强化营运效能与风险管控机制，集团

加速推进智慧化生产转型，全面导入新一代工业互

联网技术。透过持续加码研发资源、完善自主创新

体系及深化产学研协作，不断升级产品技术含量，

巩固市场竞争优势。报告期内，集团累计获得各类

专利授权142项，涵盖发明专利21项、实用新型专利

101项及外观设计专利20项。此外，集团紧跟人工智

慧发展浪潮，在创意设计、行政作业及制造流程等

环节深度整合人工智能技术应用，显著提升整体营

运效率，为企业在艰困环境下创造差异化竞争优势。

在区域营运表现方面，集团各生产基地呈现差异化

发展态势。广州及韶关厂区透过智慧化改造与精益

管理优化带动业务量微幅成长，惟受原材料成本上

涨、外发成本上升及关税因素影响，短期面临盈利

压力。

华东地区苏州厂区受本土市场需求疲软及同业价格

竞争加剧影响，业务规模与获利能力均有所下滑。

东南亚生产基地虽透过精益改造有效提升营运效益，

然而受区域经济放缓冲击，整体业绩呈现小幅衰退。

growth in the near term. Despite the increasing market

competition and acelerated industry consolidation, the Group

maintained a stable share in its core market by strategicaly

adjusting the synergies of its production bases based on the

strengths of its global fotprint and inteligent industrial chain,

but profitability was under presure as a result of rising tarif

costs and market competition.

Meanwhile, in order to strengthen its operational eficiency and

risk control mechanism, the Group has acelerated the

transformation of smart production and introduced a new

generation of industrial internet technology. By continuously

alocating more resources to research and development,

improving the independent inovation system and depening

colaboration betwen industry, academia and research

institutes, the Group has continuously upgraded the

technological content of its products and consolidated its

competitive edge in the market. During the reporting period, the

Group obtained a total of 142 patents, including 21 invention

patents, 101 utility model patents, and 20 design patents.

Further, the Group grasped the development trend of artificial

inteligence by deply integrating the aplication of AI

technology in creative design, administrative operations and

manufacturing proceses, which has significantly enhanced its

overal operational eficiency and created a diferentiated

competitive edge for the enterprise in a dificult environment.

In terms of regional operating performance, the development

varied among production bases of the Group. The Guangzhou

and Shaoguan plants achieved moderate growth in busines

volume through inteligent transformation and optimisation of

lean management, but they faced short-term presure on

profitability due to rising raw material costs, increased

outsourcing costs and tarif factors.

The Suzhou plant in Eastern China sufered a decline in

busines scale and profitability due to weak demand in the

local market and intensified price competition among pers. As

for the production bases in South East Asia, although the

operational eficiency improved efectively through lean

transformation, a slight decline in the overal results was sen

due to the impact of the regional economic slowdown.

CHAIRMAN’S STATEMENT主席报告

面对全球经济格局的深刻变革与市场波动性不断加

剧，集团始终保持战略定力，透过建立动态监测机

制，实时追踪国际经贸形势变化，并采取灵活多元

的资本配置策略，在复杂环境中把握发展机遇。我

们加速推进永续发展蓝图，将环境、社会及管治理

念深度融入企业经营各环节，重点围绕气候韧性提

升、绿色材料研发、人才培育体系优化、循环经济

实践、能源结构转型等关键领域持续发力，稳步迈

向碳中和目标。同时，营销团队透过参与国际专业

展会，深化与欧美、东盟及大中华区战略客户的伙

伴关系，持续拓展全球业务网络。集团在品牌建设

方面的卓越表现，本年获香港市务学会颁发金禧香

港卓越品牌大奖。期间由香港科技大学、星光集团

及寰越教育集团主办的首届「香港国际AIGC文化数

位内容创作大赛」在香港科技大学正式启动，深度体

验实体产业与数位科技的融合创新。

华南业务

截至二零二五年三月三十一日年度止，集团华南业

务销售额有所增长但录得亏损。尽管全球图书供应

链逐步恢复正常化，红海危机导致的航运成本上涨

压力有所缓解，惟地缘政治紧张局势导致国际出版

商普遍采取保守的库存策略，使华南业务在营收增

加的同时面临盈利挑战。展望新财年，在美中战略

竞争背景下产业政策相互博弈、美国对华关税政策

持续及全球经济增长放缓的预期下，传统印刷品、

儿童图书及贺卡市场需求预计仍将维持低迷态势，

对华南业务拓展及利润率构成显著压力。

Amid profound changes in the global economic landscape and

increasing market volatility, the Group has always maintained

its strategic certainty by establishing a dynamic monitoring

mechanism to track changes in the international economic and

trade situation in real time, and adopting a flexible and

diversified capital alocation strategy to seize development

oportunities in a complex environment. We have acelerated

the development of our blueprint for sustainable development,

deply integrated ESG concepts into al aspects of our busines

operations, and continued to focus our eforts on key areas such

as climate resilience enhancement, research and development

of gren materials, optimisation of talent cultivation system,

circular economy, and energy restructuring, so as to steadily

move towards the goal of carbon neutrality. At the same time,

the marketing team continued to expand its global busines

network by participating in international profesional exhibitions

and depening partnerships with strategic customers in Europe,

the United States, the ASEAN and the Greater China. With the

outstanding performance in brand building, the Group was

confered the “Golden Jubile Hong Kong Power Brand Award”

by the Hong Kong Institute of Marketing this year. During the

period, the first “Hong Kong International AIGC Cultural Digital

Content Creation Competition” hosted by the Hong Kong

University of Science and Technology, Starlite Group and

Huanyue Education Group was oficialy launched at the Hong

Kong University of Science and Technology, providing an in-

depth experience of the fusion of the real industry and digital

technology.

Southern China Operation

For the year ended 31st March, 2025, the Southern China

operation of the Group recorded a los amid sales growth.

Despite the gradual normalisation of the global bok suply

chain and the easing of upward presure on shiping costs

trigered by the Red Sea crisis, the geopolitical tensions have

led to a generaly conservative inventory strategy by

international publishers, which has posed a profitability

chalenge for the Southern China operation despite the increase

in revenue. Loking ahead to the new financial year, in view of

the conflicting industrial policies in the context of US-China

rivalry, the continuation of the US tarif policy on China and

the expected slowdown in global economic growth, the demand

for traditional printed materials, children’s boks and greting

cards is expected to remain slugish, which wil exert significant

presure on the expansion of the Southern China operation and

the profit margins.

CHAIRMAN’S STATEMENT主席报告

面对经营环境的挑战，集团持续推进数位化转型战

略，通过智慧化生产系统的全面升级，实现了全价

值链的精细化管理。在韶关及广州生产基地，管理

团队正推动生产设备的物联网改造，将订单管理、

智慧排版、物料采购、生产调度到成品配送的全流

程纳入数位化平台，显著提升了运营透明度与管理

效率。此外，通过精益管理体系的持续完善，华南

地区在生产效率、成本控制及人均产出等关键指标

上均取得显著改善，为华南业务在严峻市场环境下

维持竞争力提供了坚实保障。这些系统性优化不仅

强化了短期抗风险能力，更为长期高品质发展奠定

了数位化基础。期间韶关厂区引入自动化创新项目

包括全自动板纸合板机、全自动模切机、智能天地

盖成型机、高精密斜臂平面丝印机、折盖封箱机、

多角度双面胶机等，而华南地区全年共获得实用型

专利共计13项，如信封袋自动封口机、全自动高速

清废机、折叠盒包边机、随线喷胶机等。另一方面，

位于韶关厂开幕一年多的印刷文化教育基地已获得

当地政府颁发「韶关市科普教育基地」、「武江区新时

代文明实践基地」、「武江区爱国主义教育基地」及「韶

关中小学生研学实践教育基地」等称号，为集团主席

林光如先生回馈社会的文化志业予以肯定。期间韶

关市浈江区建国幼儿园80余名儿童及家长齐聚星光

印刷文化教育基地，开展《丹霞印记 — 探秘印刷术》

亲子实践活动，以童趣视角探秘千年印刷智慧。

In this chalenging busines environment, the Group has

continued to promote its digital transformation strategy, realising

refined management of the entire value chain through a

comprehensive upgrade of its inteligent production system. At

the Shaoguan and Guangzhou production bases, the

management team is advancing the transformation of the

Internet of Things of production equipment, incorporating the

entire proces of order management, inteligent scheduling,

material procurement, production scheduling and distribution of

finished products into the digital platform, which has

significantly enhanced the operational transparency and

management eficiency. In adition, through the continuous

improvement of the lean management system, the Southern

China region has achieved significant improvements in key

indicators such as production eficiency, cost control and per

capita output, providing a solid guarante for the Southern

China operation to maintain its competitivenes under the tough

market environment. These systematic optimisations have not

only strengthened short-term risk resistance, but also laid a

digital foundation for long-term high-quality development.

During the period, the Shaoguan plant introduced automation

inovation projects, including a fuly automated cardboard

laminating machine, a fuly automated die-cuting machine, an

inteligent cover forming machine, a high-precision diagonal

arm plane scren printing machine, a folding cover sealing

machine, and a multi-angle double-sided adhesive machine,

and the Southern China region obtained a total of 13 utility

patents throughout the year, such as an automatic envelope

sealing machine, a fuly automated high-sped waste cleaning

machine, a folding box edging machine, and a glue spraying

machine. On the other hand, the printing culture and education

base located at the Shaoguan plant, which has ben open for

over one year, has ben awarded titles such as the “Shaoguan

City Science Popularisation Education Base”, “Wujiang District

New Era Civilisation Practise Base”, “Wujiang District Patriotic

Education Base” and “Shaoguan Research and Practice

Education Base for Primary and Secondary Schol Students” by

the local government authorities, afirming the cultural mision

of giving back to society of Mr. Lam Kwong Yu as the Group’s

Chairman. During the period, over 80 children from Shaoguan

Zhenjiang Jianguo Kindergarten and their parents gathered at

the Starlite Base of Printing Culture and Education to participate

in the parent-child practical activity titled “Danxia Imprints:

Exploring the Art of Printing”. Through a childlike lens, they

embarked on a journey to uncover the milenia-old wisdom of

printing.

CHAIRMAN’S STATEMENT主席报告

集团旗下环保品牌绿团(TEAM GREN®)在本报告期

内实现创新突破，通过多元化营销策略持续扩大市

场影响力。品牌不仅成功推出宝可梦与布鲁伊联乘

品牌授权系列产品，旨在吸引更多年轻消费者，增

强品牌影响力；亦与北京中轴线合作，推出创新的

木拼产品，结合文化与教育，提升用户互动体验；

利用自家品牌哈比家族，联乘航天文创产业研究院

推出一系列产品，包括航天立体书、10合1桌游及磁

石贴，立体明信片等多种文创产品；更通过参与香

港国际书展、上海童书展及香港宠物展等专业展会，

展示最新绿色设计理念；在香港将军澳康城、钻石

山荷里活广场开设品牌快闪店及旺角朗豪坊开设自

营店，打造沉浸式消费体验；与诚品书店合作举办

STEAM教育主题巡展，覆盖全港多个重点商圈；成

功进驻国泰航空贵宾体验店，拓展高端客群及与香

港中文大学及香港教育学院合作一起开发帮助资优

儿童的玩教具等，强化品牌曝光及市场份额。在数

字营销领域，绿团通过抖音、小红书等新兴平台实

现可观增长，旗舰店「粉丝」量持续攀升中，成功打

造多款爆品。品牌更将商业成功转化为社会价值，

不仅在《爱•传递》慈善中心打造专属儿童互动空间，

更捐助永真公益基金会的陪伴计划，以实践行动助

力学前教育的均衡发展。期间绿团获中国玩具和婴

童用品协会颁发年度会员单位证书。展望未来，绿

团将加速布局东南亚市场，深化线上线下融合发展，

持续推动环保理念的商业化实践。

The Group’s eco-friendly brand, TEAM GREN®, made

inovative breakthroughs during the reporting period and

continued to expand its market influence through diversified

marketing strategies. The brand not only sucesfuly launched

a series of Pokémon and Bluey co-branded licensed products,

aiming to atract more young consumers and enhance brand

influence; but it also coperated with Beijing Central Axis to

launch inovative woden puzle products, combining culture

and education to enhance user interaction. By making use of its

own brand, Robi Family, it launched a series of products

together with the Aerospace Cultural Industry Institute, including

thre-dimensional aerospace boks, 10-in-1 board games and

magnets, as wel as thre-dimensional postcards and other

cultural and creative products. The brand also demonstrated the

latest gren design concepts by participating in profesional

exhibitions such as the Hong Kong International Bok Fair, the

Shanghai Children’s Bok Fair and the Hong Kong Pet Show;

set up flash shops in Hong Kong at The LOHAS in Tseung

Kwan O and Plaza Holywod in Diamond Hil, and its own

shop at Langham Place in Mongkok, to create imersive

consumer experience. Also, it organised an exhibition on the

theme of STEAM education in coperation with Eslite, which

covered various key busines districts in Hong Kong;

sucesfuly established a presence in Cathay Pacific VIP

Experience Shop to expand its high-end customer base; and

colaborated with The Chinese University of Hong Kong and

The Hong Kong Institute of Education to develop educational

aids for gifted children, thereby strengthening its brand exposure

and market share. On digital marketing, TEAM GREN® has

achieved considerable growth through emerging platforms such

as Douyin and Xiaohongshu, the number of “fans” of its flagship

shop was rising, and a number of popular products were

launched sucesfuly. The brand has also converted its

comercial suces into social value by not only creating a

dedicated children’s interactive space at the “LoveXpres”

charity centre, but also donating to the companion programe

of Yong Zen Foundation to help the balanced development of

pre-schol education through practical actions. During the

period, TEAM GREN® was awarded the Anual Membership

Certificate by the China Toy & Juvenile Products Asociation.

Loking ahead, TEAM GREN® wil acelerate its expansion

into the Southeast Asian market, depen the integration of

online and ofline development, and continue to promote the

comercialisation of environmental protection concepts.

CHAIRMAN’S STATEMENT主席报告

华东业务

报告期内，中国经济转型升级过程中，内需复苏步

伐较预期缓慢，加上受美国对华关税政策调整影响，

主要贺卡客户推迟订单执行，导致华东业务收入呈

现小幅回落。面对这一挑战，管理团队积极调整业

务策略，重点开拓高端医药包装领域、桌游及收藏

级卡牌市场，并增强少批量、多品种订单的快速响

应能力。尽管华东短期面临传统业务调整压力，但

通过产品结构转型升级，华东业务已逐步构建更具

抗风险能力的多元发展格局。

另一方面，在技术创新与智慧制造领域，集团持续

加大研发投入，深化产学研协同创新机制。苏州厂

区与中国科学院建立战略合作关系，共同开展多项

关键技术项目，其中包括共同研发贺卡产品贴海绵

胶机、包腰纸机，以及于苏州月季园打造集团首个「黑

灯工厂」示范项目，整合工业机器人、自动导引车物

流系统和制造执行管理系统，实现24小时无人化智

慧生产。通过持续的技术创新，苏州厂区已构建起

涵盖材料研发、工艺改进、设备升级的完整创新体

系，为客户提供更具竞争力的定制化解决方案，同

时为行业数位化转型树立新标杆。华东地区全年共

获得实用型及发明专利共计10项，包括多轴机械臂

点珠机、旋转式包装盒、双层轨道输送机、半自动

贴标机、高稳固性齿轮联动开盒结构包装盒设备等。

期间苏州厂区被评为苏州优秀劳动和谐企业，而太

仓市总工会主席亦亲临苏州公司，考察并指导「职工

之家」建设。

Eastern China Operation

During the reporting period, the recovery of domestic demand

was slower than expected in the proces of China’s economic

restructuring and upgrading, coupled with the impact of the

adjustment of the US tarif policy on China, major greting card

customers delayed the execution of their orders, causing a slight

decline in revenue from the Eastern China operation. In the face

of this chalenge, the management team has proactively adjusted

its busines strategy to focus on the high-end pharmaceutical

packaging segment, board games and colectible cards markets,

and to enhance its ability to respond quickly to smal-volume,

multi-product orders. Despite the short-term adjustment presure

on its traditional busines, the Eastern China operation has

gradualy built up a more risk-resistant and diversified

development patern through product restructuring and

upgrading.

On the other hand, in the field of technological inovation and

smart manufacturing, the Group has continued to increase its

investment in research and development and depen the

mechanism of colaborative inovation betwen industry,

academia and research institutes. The Suzhou plant has

established a strategic partnership with the Chinese Academy of

Sciences to jointly cary out a number of key technology

projects, including the joint research and development of a

sponge adhesive machine for greting card products and a

wraping paper machine, as wel as the establishment of the

Group’s first “dark factory” demonstration project at Suzhou

Rose Garden, which integrates industrial robots, an automated

guided vehicle logistic system and a manufacturing execution

management system to achieve 24-hour manpower-les

inteligent production. Through continuous technological

inovation, the Suzhou plant has established a complete

inovation system covering material research and development,

proces improvement and equipment upgrading, providing

customers with more competitive customised solutions and

seting a new benchmark for the digital transformation of the

industry. A total of 10 utility and invention patents were

obtained in the Eastern China region throughout the year,

including multi-axis robotic arm balpoint machines, rotary

packaging boxes, double-layer track conveyors, semi-automatic

labeling machines, and packaging box equipment with high-

stability gear linkage box opening structure. During the period,

the Suzhou plant was awarded as the Suzhou Excelent Labour

Harmony Enterprise, and the chairman of Taicang City

Federation of Trade Unions also visited Suzhou Company to

inspect and guide the construction of “Employes’ Home”.

CHAIRMAN’S STATEMENT主席报告

东南亚业务

本年度东南亚业务虽面临阶段性挑战，包括部分客

户项目延期导致的收入下滑及纸料成本上涨压力，

致使全年业绩录得轻微亏损，但集团通过积极的战

略调整与运营优化，仍展现出较强的抗风险能力。

近年来，全球产业链重组加速，集团紧抓机遇，持

续深化东南亚产能布局以灵活应对地缘政治波动及

市场不确定性。通过与国际龙头品牌客户的紧密协

作，经营团队迅速配合其供应链多元化战略及业务

规划，同步加大对食品包装、电子消费品及医药等

高增长领域的资源投入，为中长期复苏奠定基础。

在运营层面，东南亚团队持续推进精益管理升级，

通过制程重构、工艺技术革新及生产损耗管控，显

著提升运营效率。年内完成的多项精益改善项目，

不仅优化了现场管理水准，更带动单位成本同比下

降，部分抵消了原材料价格的不利影响。展望未来，

随著美国关税政策持续收紧，越来越多国际客户正

重新评估其供应链布局，东南亚地区凭借成本优势

及贸易便利性，成为全球制造业转移的重要目的地。

本集团已提前部署产能，并与多家核心客户就订单

转移展开深入洽谈，预计新财年将迎来显著的业务

增长机遇。此外，我们正进一步强化当地本地化服

务能力，缩短交货周期，以更好地满足客户对敏捷

供应链的需求。管理层对东南亚业务的中长期前景

充满信心，相信在市场需求回暖和运营效率提升的

双重驱动下，该区域将很快恢复盈利，并为集团整

体业绩提供新的增长动力。

South East Asia Operation

Although the South East Asia operation faced a number of

temporary chalenges during the year, including a decline in

revenue due to the postponement of customers’ projects and the

presure of rising paper costs, which resulted in a slight los for

the year, the Group has demonstrated a stronger resilience to

risks through proactive strategic adjustment and operational

optimisation. With the acelerated restructuring of the global

industrial chain in recent years, the Group has seized the

oportunity to continue to depen its production capacity in

South East Asia in order to flexibly cope with geopolitical

fluctuations and market uncertainties. Through close

colaboration with leading international brand customers, the

operation team has ben able to quickly align with their suply

chain diversification strategies and busines plans, and

simultaneously increase resources investment in high-growth

areas such as fod packaging, consumer electronics and

pharmaceuticals, laying the foundation for a medium to long-

term recovery.

At the operational level, the South East Asia team continued to

promote lean management upgrades to significantly enhance

operational eficiency through proces re-enginering,

technological inovation and production los control. Various

lean improvement projects were completed during the year,

which were not only optimised on-site management standards,

but also led to a year-on-year reduction in unit costs, partialy

ofseting the adverse impact of raw material prices. Loking

ahead, with the continued tightening of tarif policies in the US,

a growing number of international customers are re-evaluating

their suply chain deployment, and South East Asia has become

an important destination for global manufacturing relocation

due to its cost advantages and trade convenience. The Group

has deployed its production capacity in advance and

comenced in-depth discusions with a number of core

customers on the transfer of orders, and is expected to se

significant busines growth oportunities in the new financial

year. In adition, we are further strengthening our localised

service capabilities and shortening lead times to beter met our

customers’ demand for an agile suply chain. Management is

confident about the medium- to long-term prospects of the

South East Asia operation and believes that the region wil son

return to profitability and provide new growth momentum for

the Group’s overal results, driven by both the recovery in

market demand and improved operational eficiency.

CHAIRMAN’S STATEMENT主席报告

流动资金及财务资源

集团的主要资金来源，包括业务经营带来的现金收

入及中港两地银行界提供的信贷融资。截至二零

二五年三月三十一日，集团的现金和银行结余及短

期银行存款共约一亿九千九百万港元。

回顾年度内，集团的利息支出约为二百万港元，去

年约为四百四十万港元。

于二零二五年三月三十一日，集团营运资金录得约

二亿一千三百万港元盈余，而二零二四年三月

三十一日则约有二亿三千五百万港元盈余。集团截

至二零二五年及二零二四年三月三十一日为净现金

状况，乃根据短期及长期银行贷款、租赁负债及应

付票据，减银行存款及现金约一亿二千万港元（净现

金）（二零二四年：一亿四千九百万港元（净现金）与

股东权益约五亿八千万港元（二零二四年：

六亿二千五百万港元）计算。本集团于二零二五年三

月三十一日当日的债务权益比率为百分之十三点六

（二零二四年：百分之十一），乃根据短期及长期带

息银行借款、租赁负债及应付票据约七千九百万港

元（二零二四年：六千九百万港元）与股东权益约

五亿八千万港元（二零二四年：六亿二千五百万港元）

计算。

资产抵押

于二零二五年三月三十一日，本集团账面净值合共

约四千八百万港元（二零二四年三月三十一日：八百

万港元）之资产已按予银行作为后者授予本集团贷

款之抵押。

汇兑风险

本集团大部分资产、负债及交易均以港元、美元、

人民币、马来西亚元、新加坡元或欧元结算。香港

现行之联系汇率制度令美元╱港元汇率相对稳定。

而集团现有以人民币结算之销售收益，有助减低集

团内地附属公司以人民币结算之经营费用所承担之

货币风险。

LIQUIDITY AND FINANCIAL RESOURCES

The Group’s sources of funding include cash generated from the

Group’s operations and banking facilities provided to the Group

by banks mainly in Hong Kong and Mainland China. As at 31st

March, 2025, the Group’s cash and bank balances and short-

term bank deposits amounted to aproximately HK$199 milion.

During the year under review, the interest expense of the Group

amounted to aproximately HK$2 milion compared to

aproximately HK$4.4 milion recorded last year.

As at 31st March, 2025, the Group had a working capital

surplus of aproximately HK$213 milion compared to a

working capital surplus of aproximately HK$235 milion as at

31st March, 2024. The Group was in net cash position as at

31st March, 2025 and 2024, based on short-term and long-term

bank borowings, lease liabilities and bils payables net of bank

balance and cash of aproximately HK$120 milion (net cash)

(2024: HK$149 milion (net cash) and shareholders’ equity of

aproximately HK$580 milion (2024: HK$625 milion). The

Group’s gearing ratio as at 31st March, 2025 was 13.6% (2024:

11%), based on short-term and long-term bank borowings,

lease liabilities and bils payables of aproximately HK$79

milion (2024: HK$69 milion) and shareholders’ equity of

aproximately HK$580 milion (2024: HK$625 milion).

CHARGE ON ASETS

As at 31st March, 2025, certain asets of the Group with an

agregate bok carying value of aproximately HK$48 milion

(31st March, 2024: HK$8 milion) were pledged to secure the

banking facilities of the Group.

EXCHANGE RATE EXPOSURE

Al the Group’s asets, liabilities and transactions are

denominated in Hong Kong dolars, US dolars, Chinese

Renminbi, Malaysian ringit, Singapore dolars or Euro. The

exchange rate of US dolars/Hong Kong dolars is relatively

stable due to the curent peg system in Hong Kong. The

Renminbi-denominated sales revenue helps to set of the

Group’s comitments of Renminbi-denominated operating

expenses in Mainland China, acordingly reducing Renminbi

exchange rate exposure.

CHAIRMAN’S STATEMENT主席报告

人力资源发展

集团现雇用约二千五百名员工。集团与员工一直保

持良好关系，除为员工提供合理薪酬和奖励外，并

实施各项员工技能培训计划。集团设有购股权计划，

可选择部分对集团有贡献的员工（包括本公司执行

董事及非执行董事（不包括独立非执行董事）授予

购股权。集团致力为员工提供各项持续性的培训及

人才发展计划。集团将继续研究与中国内地的大学

和海外的教育机构合作，开办其他专业实用技术课

程。

社会责任

作为一家负责任的企业，集团于积极发展业务之同

时，亦贯彻致力社会发展信念，积极参与社会公益

及环保活动，切实履行企业责任。无论在何处经营

业务，我们都视该地区为集团一分子，定必尽力为

该地区作出贡献。

过去数年，集团积极投入资源，促进节能和环境保

护，提供学习场地和平台，为年青人提供培训及实

践机会。另积极参与中国扶贫助学及赈灾活动。除

了给予金钱资助外，集团更乐于献出管理人员及员

工时间参与不同慈善机构活动。在很多情况下，集

团主席更主动联系众企业及友好，汇聚资源，确保

有需要人士能获享最大裨益。

回顾年度内，集团及其员工为多个机构提供财政和

其他援助，这些机构包括：

— 赞助香港理工大学活动

— 香港海鸥助学团奖学金赞助费

— 极地博物馆基金

HUMAN RESOURCES DEVELOPMENT

Curently the Group has aproximately 2,500 employes. The

Group maintains god relationships with its employes,

providing them with competitive packages, incentive schemes

as wel as various training programes. The Group has

maintained a Share Option Scheme under which share options

can be granted to certain employes (including executive

directors and non-executive directors of the Company (excluding

independent non-executive directors) as incentive for their

contribution to the Group. The Group provides various training

and development programes to staf on an ongoing basis. The

Group wil explore the posibility of launching other special

training programes with universities in Mainland China and

education institutions abroad to enhance its staf quality.

SOCIAL RESPONSIBILITY

As a responsible corporation, the Group is comited to

promoting social enhancement whilst developing its busineses,

through active participation in social welfare and environmental

protection activities to realize its mision. Regardles of where

the Group operates, the Group treats the local comunities as

family members and strives to contribute to such comunities.

In the past years, the Group has alocated significant resources

to energy conservation and environmental protection, provided

venues and platforms of training and job oportunities for

young people, and actively suported help-por and scholing

campaigns as wel as disaster relief eforts in China. Apart from

providing financial suport, the Group also contributes people

and time to various charity drives. In many circumstances, the

Group’s Chairman makes initiative to organize joint eforts with

other enterprises and friends to pol resources together for the

maximum benefits of those in ned.

During the year under review, the Group and its staf made

financial and other suport to the folowing organizations:

— Suport to Hong Kong Polytechnic University

— The Hong Kong Seaguls Scholarship Scheme

— Polar Museum Foundation Limited

CHAIRMAN’S STATEMENT主席报告

环境、社会及管治（「环境、社会及管治」）

报告

本集团已成立环境、社会及管治（「环境、社会及管

治」）管理团队，在环保及社会层面进行管理、监控、

建议及报告工作。环境、社会及管治报告乃经参考

香港联合交易所有限公司（「联交所」）证券上市规则

之附录C2环境、社会及管治报告指引而编制，并将

会于发报二零二五年报时同时于本公司网站

(htp:/w.hkstarlite.com)刊发。

未来展望

国际货币基金组织(IMF)在二零二五年四月发布最新

的《世界经济展望》报告中，预计全球贸易紧张局势

的迅速升级和极高的政策不确定性将对全球经济活

动产生重大影响，二零二五年和二零二六年的增速

预测值将降至2.8%及3.0%，远低于近二十年历史平

均水平的3.7%。

经济前景持续不明朗，集团管理层将秉持审慎经营

原则，动态优化全球资源配置策略，持续提升运营

敏捷性并确保现金流稳健，同时借力区域全面经济

伙伴关系协定(RCEP)等贸易框架红利，巩固亚太区

业务协同效应。相信通过上述战略举措与全员精益

文化的深耕，集团能在逆风环境中保持业务韧性，

并为持份者创造跨周期的可持续回报。

致谢

本人谨代表董事会，衷心感谢各位股东、客户、银

行界、供应商以及社会友好给予本集团的鼎力支持，

更感谢尽忠职守、忠心不渝的全体员工。

承董事会命

主席

林光如

香港，二零二五年六月二十七日

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

(“ESG”) REPORT

The Group has established an environmental, social and

governance (“ESG”) management team to manage, monitor,

recomend and report on environmental and social aspects. An

ESG report is being prepared with reference to Apendix C2

Environmental, Social and Governance Reporting Guide to the

Rules Governing the Listing of Securities on The Stock Exchange

of Hong Kong Limited (the “Stock Exchange”) and wil be

published on the Company’s website (htp:/w.hkstarlite.com)

at the same time as the publication of the 2025 anual report.

LOKING AHEAD

In the latest World Economic Outlok report released in April

2025, the International Monetary Fund (IMF) projected that the

swift escalation of trade tensions and extremely high levels of

policy uncertainty would have a significant impact on global

economic activity. Growth projection is expected to drop to

2.8% in 2025 and 3.0% in 2026, much below the historical

average of 3.7% in the past 20 years.

Amid continuing economic uncertainties, the Group’s

management wil adhere to the principle of prudent

management, dynamicaly optimise its global resource alocation

strategy, continue to enhance operational agility and ensure

stable cash flow, while leveraging on the benefits of trade

frameworks such as the Regional Comprehensive Economic

Partnership (RCEP) to consolidate busines synergies in the Asia-

Pacific region. It is believed that through these strategic

initiatives and the depening of lean culture, the Group wil be

able to maintain busines resilience amidst adversity and create

sustainable returns for the stakeholders acros the cycle.

ACKNOWLEDGEMENT

On behalf of the Board, I would like to thank our shareholders,

customers, bankers, supliers and friends in the comunity for

their continued suport and al our staf for their loyalty and

dedication.

On behalf of the Board

Lam Kwong Yu

Chairman

Hong Kong, 27th June, 2025

CHAIRMAN’S LETER主席函件

Our market is inevitably linked to the US, and if it is headed

toward an “uncomfortable sumer” — the emergence of thre

major risks (employment, consumption and finance) amid

uncertainty over Trump’s tarif policy — we are likely to be

afected. Curently, we are striving to ster clear of dificulties.

We are expanding production in Malaysia, increasing production

scale and facilities, recruiting more people, automating our

proceses, and enhancing performance-based incentives. We are

fuly implementing a “partnership” program, encouraging

everyone to take responsibility as the owner and ensuring that

every capital investment is focused on returns.

The shift away from “China-centric” production is ireversible

and we are al prepared for it. Although no tarif is imposed on

children’s boks curently, production in Malaysia is atracting

other importers, and I plan for most production proceses to be

in Malaysia within four years, especialy for board games.

Therefore, it is imperative that the technology of our plants in

Malaysia and Suzhou should complement each other, and both

plants wil focus on their respective development eforts.

We wil be back on track within a year, and profit growth is

foreseable. We are atracting creative talent, and in adition to

profits from production activities, trading also plays a part.

Lam Kwong Yu

Chairman

Hong Kong, 27th June, 2025

我们市场难免与美国相关，假如它步入「令人不安的

夏季」 — 特朗普的关税带来不确定性，就业、消费

及金融三大风险出现，我们难免被拖累。目前努力

避难趋吉。扩大马来西亚生产，扩大生产规模和基

地，增加人员，推进自动化进程，强化多劳多得的

功能，全面推进「合伙人」计划。令人对自己负责，

做老板或老板娘办事，每一资金投入必须重视投资

回报。

非「中国化」不可逆转，我们都有心理准备。儿童书

虽然目前零关税，马来西亚生产吸引了其他人进口

商、我计划四年内大部分在马生产，桌游更加需要。

因此，马厂和苏州厂技术互补，事在必行，各自进

行建设发展工作。

我们在一年内恢复正常运作，盈利增长是必然，我

们吸引灵活人才，除了生产盈利外，贸易也占了一

席位。

主席

林光如

香港，二零二五年六月二十七日

FINANCIAL SUMARY财务摘要

CONSOLIDATED INCOME STATEMENTS

Year ended 31st March

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Revenue收入895,308834,749923,2361,048,7001,057,477

Operating (los)/profit经营（亏损）╱溢利(22,223)26,30914,018367,421(98,713)

(Los)/profit for the year本年（亏损）╱溢利(27,344)16,9925,280357,473(98,525)

(Los)/profit atributable to:应占（亏损）╱溢利：

Owners of the Company本公司拥有人(26,928)17,4226,478357,473(98,525)

Non-controling interests非控股权益(416)(430)(1,198)—

(27,344)16,9925,280357,473(98,525)

Dividends股息5,00612,5155,09657,765—

Basic (loses)/earnings per share

atributable to the owners of

the Company (HK cents)

本公司拥有人应占

每股基本（亏损）╱

盈利（港仙）(5.38)3.451.2668.10(18.76)

综合利润表

截至三月三十一日止年度

FINANCIAL SUMARY财务摘要

综合财务状况表CONSOLIDATED STATEMENT OF FINANCIAL

POSITION

As at

31st March,

As at

31st March,

As at

31st March,

As at

31st March,

As at

31st March,

于二零二五年

三月三十一日

于二零二四年

三月三十一日

于二零二三年

三月三十一日

于二零二年

三月三十一日

于二零二一年

三月三十一日

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Non-curent asets非流动资产374,103400,030419,738434,716426,780

Curent asets流动资产467,907491,409533,754604,760592,722

Curent liabilities流动负债(254,564)(256,783)(298,852)(366,570)(508,645)

Net curent asets流动资产净额213,343234,626234,902238,19084,077

Total asets les curent liabilities总资产减流动负债587,446634,656654,640672,906510,857

Non-curent liabilities非流动负债(7,865)(9,571)(10,504)(2,261)(157,638)

Net asets资产净值579,581625,085644,136670,645353,219

Equity atributable to the owners of

the Company

本公司拥有人应占权益

579,665624,753643,374670,645353,219

Non-controling interests非控股权益(84)332762—

Total equity权益总额579,581625,085644,136670,645353,219

REPORT OF THE DIRECTORS董事会报告

The Directors have the pleasure of presenting their anual

report together with the audited financial statements of Starlite

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

Group”) for the year ended 31st March, 2025.

Principal activities

The Company is an investment holding company. Its subsidiaries

are principaly engaged in the printing and manufacturing of

packaging materials, labels and paper products, including

environmental friendly paper products.

Details of the Group’s revenue and segment results are set out

in Note 5 to the acompanying financial statements.

Busines review

A review of the busines of the Group during the year as

required by Schedule 5 of the Hong Kong Companies Ordinance

(Cap. 622) are covered in diferent sections of this anual report

as set out below, which shal form part of this Report of the

Directors.

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

principal risks and uncertainties facing the Group and an

indication of likely future development in the Group’s busines,

can be found in the Chairman’s Statement and Chairman’s

Leter set out on pages 7 to 21.

Compliance with laws and regulations

The Group has established procedures in place to ensure that

its operations comply with aplicable laws, rules and

regulations. A senior management comite of the Company is

delegated by the Board to monitor the Group’s policies and

practices for achieving compliance with legal and other

regulatory requirements, and such policies and practices are

regularly reviewed. Any changes in the aplicable laws, rules

and regulations are brought to the atention of relevant

employes and relevant operating units whenever necesary.

As far as the Company is aware, the Group has complied in al

material respects with laws and regulations that have a

significant impact on the Group’s busines and operations.

董事会欣然提呈星光集团有限公司（「本公司」）及其

附属公司（统称「本集团」）截至二零二五年三月

三十一日止年度之年报及经审核财务报表。

主要业务

本公司乃一投资控股公司。其附属公司主要从事印

刷及制造包装材料、标签，及纸类制品，包括环保

纸类产品。

本集团之收入及分部业绩之详情载于随附财务报表

附注5。

业务回顾

香港《公司条例》（第622章）附表5要求本集团刊载年

内业务回顾，回顾的内容于本年报以下不同章节内

载述，该些章节构成本董事会报告之一部份。

对本集团业务的中肯审视、面对之主要风险及不明

朗因素的讨论以及本集团业务相当可能有的未来发

展之揭示可见于第7至21页所载主席报告及主席函件

中。

遵守法律及法规

本集团亦建立程序确保业务运作符合适用的法律、

规则及规例。本公司的董事会授权管理委员会监察

本集团的政策及守则，以符合法律与其他监管要求，

并会定期检讨有关政策及守则。适用的相关法律、

规则及规例若有任何变动，本集团会在必要时告知

Note:

1. Dayspring Enterprises Limited held 1,012,901 shares in the Company. The

entire isued share capital of the company is beneficialy owned and

controled by Ms. Yeung Chui.

REPORT OF THE DIRECTORS董事会报告

除上文所披露者外，于二零二五年三月三十一日，

本公司各董事及执行长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

股份或债券中拥有依据证券及期货条例第XV部第7

及第8分部规定须通知本公司及联交所之权益及淡

仓（包括彼等根据证券及期货条例之该等条文被当

作或视为拥有之权益或淡仓），或记载于本公司按证

券及期货条例第352条须置存之登记册内之权益或

淡仓，或根据上市规则须知会本公司及联交所之权

益或淡仓。

购股权计划

本公司于二零二年八月十八日举行之股东特别大

会采纳一购股权计划（「二零二年购股权计划」）以

取代于二零一二年八月十五日采纳之购股权计划（「旧

购股权计划」）。本公司可按二零二年购股权计划

所列向参与人士授予购股权。

二零二年购股权计划的摘要如下：

1. 二零二年购股权计划目的

为参与人士提供获得本公司所有权之机会，

并鼓励参与人士致力扩大本公司及其股份之

价值。

2. 二零二年购股权计划的参与人士

(i) 本公司或其附属公司之全职雇员；

(i) 本公司或其附属公司之执行董事及非执

行董事（不包括独立非执行董事）；及

(i) 董事会批准的任何人士。

Save as disclosed above, none of the Directors or Chief

Executive of the Company had, as at 31st March, 2025, any

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 would have

to be notified to the Company and the Stock Exchange pursuant

to Divisions 7 and 8 of Part XV of the SFO (including interests

or short positions which they were taken or demed to have

under such provisions of the SFO), or which were recorded in

the register required to be kept by the Company under Section

352 of the SFO, or which were required to be notified to the

Company and the Stock Exchange pursuant to the Listing Rules.

Share option scheme

A share option scheme has ben adopted by the Company at

the Special General Meting held on 18th August, 2022 (the

“2022 Share Option Scheme”) to replace the share option

scheme which had ben adopted on 15th August 2012 (the “Old

Share Option Scheme”). The Company may grant options to the

participants as set out in the 2022 Share Option Scheme.

Sumary of the 2022 Share Option Scheme was as folows:

1. Purpose of the 2022 Share Option Scheme

To provide participants with the oportunity to acquire

proprietary interests in the Company and to encourage

participants to work towards enhancing the value of the

Company and its shares.

2. Participants of the 2022 Share Option Scheme

(i) any ful-time employe of the Company or of any

subsidiary;

(i) any executive director and non-executive director

(excluding independent non-executive directors) of

the Company or of any subsidiary; and

(i) Any person aproved by the Board.

REPORT OF THE DIRECTORS董事会报告

3. 根据二零二年购股权计划可发行股份总数

及于本年报日期占已发行股本百分比

根据二零二年购股权计划，本公司初步可

授予涉及51,463,528股份（占本公司于采纳

二零二年购股权计划日期之已发行股本约

10%及于本年报日期约10.28%）之购股权。

根据本公司采纳之二零二年购股权计划及

任何其他计划授予而尚未行使之购股权获行

使时而可发行之股份最高之数目不得超过不

时已发行股份之30%。倘根据二零二年购

股权计划授予购股权将会超过30%上限，则不

可授予购股权。

4. 每位参与人士根据二零二年购股权计划可

认购的最高数额

根据二零二年购股权计划以及本公司之任

何其他购股权计划，在任何十二个月期间内，

向每位参与人士授予购股权而因行使购股权（包

括已行使及尚未行使之购股权）获发行及将予

发行之股份总数，不得超过已发行股份数目

之1%。

5. 根据购股权须认购股份的期限

自购股权提出授予之日起计不得超过十年。

6. 须于行使前持有购股权的最短期限

购股权可于由授予购股权当日起计六个历月

后任何时间行使，惟不得超过该购股权授出

日期十年以外。

3. Total number of shares available for isue under the

2022 Share Option Scheme and percentage of isued

share capital as at the date of the anual report

The Company may initialy grant options representing

51,463,528 shares under the 2022 Share Option Scheme

(i.e. aproximately 10% of the isued share capital of the

Company as at the date of the aproval of the 2022

Share Option Scheme and aproximately 10.28% as at

the date of this anual report).

The maximum number of shares which may be isued

upon exercise of al outstanding options granted and yet

to be exercised under the 2022 Share Option Scheme or

any other share option scheme adopted by the Company

must not exced 30% of the shares in isue of the

Company from time to time. No options may be granted

under the 2022 Share Option Scheme or any other share

option scheme adopted by the Company if that wil result

in the 30% limit being exceded.

4. Maximum entitlement of each participant under the

2022 Share Option Scheme

The total number of shares isued and to be isued upon

exercise of the options granted and to be granted to each

participant (including both exercised and outstanding

options) under the 2022 Share Option Scheme or any

other share option scheme(s) adopted by the Company in

any 12-month period must not exced 1% of the shares

in isue.

5. The period within which the shares must be taken up

under an option

Must not be more than 10 years from the date of ofer or

grant of the option.

6. The minimum period for which an option must be held

before it can be exercised

An option may be exercised at any time during a period

comencing on the expiry of 6 calendar months after the

date of grant of the option, but in any event not later

than 10 years from the date of grant.

REPORT OF THE DIRECTORS董事会报告

7. 申请或接纳购股权的应付金额以及付款或通

知付款的期限或偿还申请购股权贷款的期限

接纳购股权所须支付之代价为港币10元。而

参与人士可于收到要约函起计二十八日期间

内接纳购股权。

8. 厘定行使价的基准

购股权之行使价由董事会厘定，但最少以下

列中较高者为准：

(i) 股份于提出授予购股权当日（须为营业

日）联交所每日报价表所列之收市价；

或

(i) 股份于紧接提出授予购股权日期前五个

交易日在联交所每日报价表所列之平均

收市价。

9. 二零二年购股权计划的剩余期限

二零二年购股权计划由采纳日（即二零二

年八月十八日）起十年内一直生效及有效。

年内，并无任何购股权按二零二年购股权计划授

出。

二零二年购股权计划于二零二四年四月一日及二

零二五年三月三十一日可授予的购股权数目为

51,463,528股。

除上述披露者外，于年内任何时间，本公司或其任

何附属公司或其任何相联法团，概无参与任何安排，

导致本公司董事，本公司执行长（包括其配偶及十八

岁以下的子女）或其管理层成员，或其指明的公司，

持有本公司或其他相联法团的任何股份、相关股份

或债券的权益或淡仓。

7. The amount payable on aplication or aceptance of the

option and the period within which payments or cals

must or may be made or loans for such purposes must

be paid

The amount payable on aceptance of an option is

HK$10 and an ofer shal remain open for aceptance by

the participant for a period of 28 days from the date on

which the leter containing the ofer is delivered to that

participant.

8. The basis of determining the exercise price

The exercise price of share option shal be determined by

the Board in its absolute discretion and shal be the

higher of:

(i) the closing price of the shares as stated in the

daily quotations shet isued by the Stock Exchange

on the date of grant, which must be a busines

day; or

(i) the average closing price of the shares as stated in

the daily quotation shets isued by the Stock

Exchange for the 5 busines days imediately

preceding the date of grant.

9. The remaining life of the 2022 Share Option Scheme

The 2022 Share Option Scheme shal be valid and

efective for a period of ten years comencing on the

adoption date i.e. 18th August, 2022.

During the year, no share option was granted under the 2022

Share Option scheme.

The number of shares available for grant under the 2022 Share

Option Scheme at 1st April, 2024 and 31st March, 2025 is

51,463,528 shares.

Save as disclosed above, at no time during the year was the

Company or any of its subsidiaries or its other asociated

corporations a party to any arangement to enable any of the

Company’s Directors, Chief Executive of the Company (including

the spouse and children under 18 years old) or members of its

management, or its specified undertakings, to hold any interests

or short positions in the shares or underlying shares in, or

debentures of, the Company or other asociated companies.

REPORT OF THE DIRECTORS董事会报告

董事于交易、安排及合约内之利益

除于随附之财务报表附注31披露者外，本公司或其

附属公司于年终或年内任何时间，并无订有任何与

本集团业务有关而本公司董事或管理层成员直接或

间接拥有其中重大利益之重要其他交易、安排及合

约。

主要股东

就本公司董事或执行长所知，于二零二五年三月

三十一日，股东（本公司董事或执行长除外）持有本

公司股份或相关股份中拥有根据证券及期货条例第

XV部第2及第3分部的条文须向本公司披露或记载于

本公司按证券及期货条例第336条置存的登记册内

的权益或淡仓如下：

主要股东于本公司股份之好仓

附注：

（「李女士」）为林光如先生（「林先生」）（本公司之董事

及控股东）之配偶，根据证券及期货条例，她被视作拥有林

先生持有本公司股本的权益。林先生及李女士持有的股份实

指同一股份权益。

除上文所披露者外，于二零二五年三月三十一日，

概无任何人士（本公司董事或执行长除外）曾知会本

公司拥有根据证券及期货条例第XV部第2及3分部之

条文须向本公司披露或记载于本公司按证券及期货

条例第336条置存之登记册内的本公司股份或相关

股份之权益或淡仓。

Directors’ interests in transactions, arangements and

contracts

Save as disclosed in Note 31 to the acompanying financial

statements, no other transactions, arangements and contracts of

significance in relation to the Group’s busines to which the

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

any of the Company’s directors or members of its management

had a material interest, whether directly or indirectly, subsisted

at the end of the year or at any time during the year.

Substantial shareholders

So far as is known to any Director or Chief Executive of the

Company, as at 31st March, 2025, shareholders (other than

Directors or Chief Executive of the Company) who had interest

or short positions in the shares or underlying shares of the

Company which would fal to be disclosed to the Company

under the provisions of Divisions 2 and 3 of Part XV of the

SFO, or which were recorded in the register required to be kept

by the Company under Section 336 of the SFO were as folows:

Long positions of substantial shareholders in the Shares of the

Company

Name of shareholderCapacityNumber of Shares

Aproximate % of

total shareholding

股东名称身份股份数目

占股权之

概约百分比

Ms. Li Lin

李琳女士

Interest of spouse

配偶权益

202,962,677

(Note 1)

（附注1）

40.54%

Note:

1. Ms. Li Lin (“Ms. Li”) is the spouse of Mr. Lam Kwong Yu (“Mr. Lam”) (director

and controling shareholder of the Company), by virtue of SFO she is

demed to be interested in the shares held by Mr. Lam. The shares held by

Mr. Lam and Ms. Li were the same block of shares.

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

has not ben notified by any persons (other than Directors or

Chief Executive of the Company) who had interests or short

positions in the shares or underlying shares of the Company

which would fal to be disclosed to the Company under the

provisions of Divisions 2 and 3 of Part XV of the SFO, or which

were recorded in the register required to be kept by the

Company under Section 336 of the SFO.

REPORT OF THE DIRECTORS董事会报告

审核委员会

本公司之审核委员会由本公司之所有四位独立非执

行董事组成。本集团之审核委员会已与管理层审议

本集团采用之会计准则及常规，及商讨审计、风险

管理及内部监控系统，以及财务报告事项，包括审

议此等截至二零二五年三月三十一日之年度财务报

表。

薪酬委员会

薪酬委员会的职责为向董事会建议所有董事及高级

管理层之酬金政策。薪酬委员会由本公司之所有四

位独立非执行董事组成。

提名委员会

提名委员会现时成员包括本公司董事会主席、一位

非执行董事及四位独立非执行董事。提名委员会的

主要职责包括定期检讨董事会之架构、人数及组成

及就任何拟作出的变动向董事会提出建议。

财务摘要

本集团于过去五个财政年度之财务摘要详情载于本

年报第22页及23页。

董事于竞争业务中的权益

截至二零二五年三月三十一日止年度，董事及彼等

各自的联系人士概无于与本公司业务竞争或可能竞

争的业务中拥有任何权益。

公众持股量的足够性

根据本公司能够取得之资料及董事之知情范围以内，

董事确认，本公司于回顾年度内之公众持股量维持

在上市规则所规定之数量。

Audit Comite

The Audit Comite is composed of al the four Independent

Non-Executive Directors of the Company. The Audit Comite

has reviewed with management the acounting principles and

practice adopted by the Group and discused auditing, risk

management and internal control system, and financial reporting

maters, including the review of financial statements for the year

ended 31st March, 2025.

Remuneration Comite

The Remuneration Comite is composed of al the four

Independent Non-Executive Directors of the Company. The

Remuneration Comite was set up with the responsibility of

recomending to the Board the remuneration policy of al the

Directors and the senior management.

Nomination Comite

The Nomination Comite is curently composed of the

Chairman of the Board, one Non-Executive Director and the

four Independent Non-Executive Directors of the Company. The

principal duties of the Nomination Comite include reviewing

the structure, size and composition of the Board on a regular

basis and making recomendations to the Board regarding any

proposed changes.

Financial sumary

A sumary of the Group’s financial information for the last five

financial years is set out on pages 22 and 23 of this anual

report.

Directors’ interests in competing busines

During the year ended 31st March, 2025, none of the Directors

nor their respective asociates had any interests in a busines

which competes or may compete with the busineses of the

Company.

Suficiency of public float

Based on the information that is publicly available to the

Company and within the knowledge of its Directors, the

Directors confirm that the Company has maintained during the

year under review the amount of public float as required under

the Listing Rules.

REPORT OF THE DIRECTORS董事会报告

企业管治

有关本公司采纳之主要企业管治常规之报告载于年

报第37页至63页。

管理合约

除雇员聘任合约外，于二零二五年三月三十一日止

年度内并没有就全部或任何重大部分的本集团业务

管理及行政订立或存在任何合约。

雇员及薪酬政策

本集团根据彼等的优势和发展潜能聘请和提拔个别

人士。本集团参照个人表现和现行市场薪金水平，

厘定全体雇员（包括董事）的薪酬组合。

本集团之执行董事及雇员之花红安排详情如下：

1. 执行董事享有由薪酬委员会审议的自由决定

之花红；

，当有关雇员达

到预先订定的个人表现目标时会获授花红；

，若干雇

员可享有自由决定之花红。

董事的弥偿及保险

在适用法律的规限下，本公司每名董事有权根据本

公司的细则获本公司弥偿其在执行及履行职责时引

致或与此有关的所有成本、收费、损失、费用及债

务。此等条文在截至二零二五年三月三十一日止财

政年度期间有效，并于本报告日期亦维持有效。

本公司于年内已购买及维持董事及高级职员责任保

险，为其董事及高级职员面对若干法律行动时提供

适当的保障。

Corporate governance

A report on the principal corporate governance practices

adopted by the Company is set out on pages 37 to 63 of the

anual report.

Management contracts

No contract, other than employment contracts, concerning the

management and administration of the whole or any substantial

part of the Group’s busines was entered into or existed during

the year ended 31st March, 2025.

Employes and remuneration policies

The Group recruited and promoted individual persons acording

to their strength and development potential. The Group

determined the remuneration packages of al employes

(including the Directors) with reference to individual

performance and curent market rate.

The Group’s bonus arangements with its Executive Directors

and employes are mainly operated as folows:

1. Executive Directors may be entitled to a discretionary

bonus as determined by the Remuneration Comite;

2. Certain employes of the Group may be granted a bonus

that would be paid upon the relevant employes meting

certain pre-determined individual performance targets;

3. In the event that the Group achieves a certain level of

performance, certain employes may be granted a

discretionary bonus.

Directors’ indemnities and insurance

Subject to the aplicable laws, every director of the Company

shal be entitled to be indemnified by the Company against al

costs, charges, loses, expenses and liabilities incured by him

or her in the execution and discharge of his or her duties or in

relation thereto pursuant to the Company Bye-laws. Such

provisions were in force during the course of the financial year

ended 31st March, 2025 and remained in force as of the date

of this report.

The Company has also taken out and maintained directors’ and

oficers’ liability insurance throughout the year, which provides

apropriate cover for certain legal actions brought against its

directors and oficers.

REPORT OF THE DIRECTORS董事会报告

核数师

随附之财务报表由罗兵咸永道会计师事务所审核。

有关重新聘请罗兵咸永道会计师事务所为本公司核

数师之决议案将于即将举行之股东周年大会上提呈。

报告期后事项

于二零二五年三月三十一日止年度后及直至本年报

日期，概无发生任何重大须予披露事项。

承董事会命

主席

林光如

香港，二零二五年六月二十七日

Auditor

The acompanying financial statements were audited by

PricewaterhouseCopers. A resolution for the re-apointment of

PricewaterhouseCopers as the Company’s auditors for the

ensuring year, is to be proposed at the forthcoming anual

general meting.

Events after the reporting period

No significant event requiring disclosure that has taken place

subsequent to 31st March, 2025 and up to the date of this

anual report.

On behalf of the Board

Lam Kwong Yu

Chairman

Hong Kong, 27th June, 2025

CORPORATE GOVERNANCE REPORT企业管治报告

CORPORATE GOVERNANCE PRACTICES

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

(together the “Group”) are comited to maintaining and

upholding god corporate governance in order to protect the

interests of shareholders and other stakeholders. The Company

strives at ensuring high standards of corporate governance in

the interests of shareholders and takes care to identify practices

designed to achieve efective oversight, transparency and ethical

behavior.

Throughout the year ended 31st March, 2025, the Company has

complied with the Corporate Governance Code (the “CG Code”)

as set out in the then Apendix C1 of the Rules Governing the

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

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

deviations as mentioned below.

This report includes information relating to corporate

governance practices of the Company during the year ended

31st March, 2025 and significant events after that date and up

to the date of this report.

BOARD OF DIRECTORS

The Board

The Board is at the core of the Company’s corporate

governance framework, and there is clear division of

responsibilities betwen the Board and the Management. The

Board is responsible for providing high-level guidance and

efective oversight of the Management. Generaly, the Board is

responsible for:

’s long-term strategy and monitoring

the implementation thereof;

• reviewing and aproving the anual busines plan and

financial budget;

;

• reviewing and monitoring risk management and internal

control;

; and

• monitoring the performance of the Management.

企业管治常规

为保障股东及其他利益相关者的利益，星光集团有

限公司（「本公司」）及其附属公司（统称「本集团」）致

力维持和强化高水准的企业管治。本公司致力保持

高水平的企业管治，以股东的利益为依归，力求订

立合适的政策，实行有效监管，提升公司透明度，

秉承应有的道德操守。

除下文所述偏离者外，截至二零二五年三月三十一

日止年度，本公司已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」）。

本报告包括于截至二零二五年三月三十一日止年度

内有关本公司之企业管治常规之资料，及于该日期

后及截至本报告日期之重大事项。

董事会

董事会作为本公司治理架构核心，与管理层之间具

有明确分工。董事会负责给予管理层高层指引和有

效监控。一般而言，董事会负责：

；及

CORPORATE GOVERNANCE REPORT企业管治报告

董事会组成

于本报告日，董事会由九位成员组成，包括四位执

行董事、一位非执行董事及四位独立非执行董事。

于截至二零二五年三月三十一日止年度内及至刊发

本年报当日前期间，本公司董事如下：

执行董事

林光如先生（董事会主席及执行长）

潘国政先生

黄伟国先生

钟治塘先生（自二零二五年四月一日起获委任）

田诚先生（自二零二五年四月一日起辞任）

非执行董事

杨翠女士

独立非执行董事

陈裕光先生

郭琳广先生，银紫荆星章，太平绅士

谭竞正先生

罗君美女士

于二零二五年三月二十七日，董事会接纳田诚先生

（「田先生」）之请辞，自二零二五年四月一日起生效，

因他希望有更多时间陪伴家人。

于二零二五年三月二十七日，董事会批准委任钟治

塘先生（「钟先生」）为本公司执行董事，自二零二五

年四月一日起生效。钟先生已于二零二五年三月

二十五日取得《上市规则》第3.09D条所述的法律意

见，并已确认他明白作为本公司董事的责任。

Board Composition

At the date of this report, the Board has nine members,

comprising four Executive Directors, one Non-Executive Director

and four Independent Non-Executive Directors.

During the year ended 31st March, 2025 and up to the date of

publication of this Anual Report, the Directors of the Company

are set out below:

Executive Directors

Mr. Lam Kwong Yu (Chairman of the Board and Chief Executive Oficer)

Mr. Pon Kwok Ching

Mr. Wong Wai Kwok

Mr. Zhong Zhitang (Apointed with efect from 1st April, 2025)

Mr. Tin Shing (Resigned with efect from 1st April, 2025)

Non-Executive Director

Ms. Yeung Chui

Independent Non-Executive Directors

Mr. Chan Yue Kwong, Michael

Mr. Kwok Lam Kwong, Lary, SBS, JP

Mr. Tam King Ching, Keny

Ms. Elizabeth Law

On 27th March, 2025, the Board acepted the resignation of

Mr. Tin Shing (“Mr. Tin”) with efect from 1st April, 2025 as he

wants to devote more time with his family.

On 27th March, 2025, the Board aproved the apointment of

Mr. Zhong Zhitang (“Mr. Zhong”) as an Executive Director of

the Company with efect from 1st April, 2025. Mr. Zhong had

obtained the legal advice refered to in Rule 3.09D on 25th

March, 2025 and he has confirmed he understod his

obligations as a director of the Company.

CORPORATE GOVERNANCE REPORT企业管治报告

董事个人资料已详载于本年报第64页至第69页。除

本年报所披露外，董事间并无财务、业务、家庭或

其他重大或有关之关系。在所有公司通讯中，已说

明独立非执行董事之身份。一份董事名单与其角色

和职能已载列于联交所及本公司之网站内。

董事会定期作出检讨，以确保其技能、经验及多

样的观点与角度的平衡，达致本公司及其附属公司

所需。此外，维持执行董事及非执行董事之均衡组

合，以确保其独立性及有效管理。

独立非执行董事占董事会成员超过三分之一人数，

显示出董事会有很强的独立性，有助作出独立判断。

谭竞正先生及罗君美女士，本公司之独立非执行董

事，为香港执业会计师及拥有上市规则规定的适当

专业资格及相关财务管理经验。

董事会拟每年举行最少四次会议，以厘定整体策略

及目标，并通过中期及年度业绩及其他重要事项。

Biographical details of the Directors are set out from pages 64

to 69 of this Anual Report. Save as disclosed therein, there is

no financial, busines, family or other material/relevant

relationship among the Directors. Independent Non-Executive

Directors are identified in al corporate comunications. A List

of Directors and their Role and Function is available on both

the websites of The Stock Exchange and the Company.

Review wil be made regularly by the Board to ensure that it

has a balance of skils, experience and diversity of perspectives

apropriate to the requirement of the Company and its

subsidiaries. Also, a balanced composition of Executive

Directors and Non-Executive Director is maintained to ensure

independence and efective management.

Independent Non-Executive Directors represented more than

one-third of the Board members, thus exhibiting a strong

independent element which enhanced independent judgement.

Mr. Tam King Ching, Keny and Ms. Elizabeth Law,

Independent Non-Executive Directors of the Company are

practicing CPA in Hong Kong and poses apropriate

profesional qualifications and financial management expertise

as required under the Listing Rules.

The Board is scheduled to met at least four times a year to

determine overal strategic direction and objectives and aprove

interim and anual results and other significant maters.

CORPORATE GOVERNANCE REPORT企业管治报告

截至二零二五年三月三十一日止年度内，本公司举

行四次全体董事会议及二零二四年股东周年大会

（「股东周年大会」），平均出席率分别为100%及

100%，详情呈列如下：

全年会议时间的安排经由董事会于年初商讨及批准，

每次会议程内容均在事前充份咨询各董事会成员

意见后，经主席确认制订。所有会议材料连同会议

议程会及时送达全体董事会成员审阅。

所有董事均可联络公司秘书，而公司秘书则负责确

保董事会符合程序及就企业管治及法规事项向董事

会提出意见。本公司鼓励所有董事于有需要的情况

下咨询独立专业人士的意见，以履行其职务，有关

费用将由公司支付。此外，所有董事均获得董事及

行政人员责任保险保障，有关安排亦属于本集团最

佳常规之一部份。

During the year ended 31st March, 2025, four ful Board

metings and the 2024 anual general meting (“AGM”) were

held with an average atendance rate of 100% and 100%

respectively, details of which are presented below:

Board Metings

Atended/Held2024 AGM

Board Members董事会成员

董事会议

出席╱举行

二零二四年

股东周年大会

Executive Directors执行董事

Mr. Lam Kwong Yu (Chairman of the Board

and Chief Executive Oficer)

林光如先生

（董事会主席及执行长）4/4✓

Mr. Pon Kwok Ching潘国政先生4/4✓

Mr. Wong Wai Kwok黄伟国先生4/4✓

Mr. Tin Shing

(Resigned with efect from 1st April, 2025)

田诚先生（自二零二五年

四月一日起辞任）4/4✓

Mr. Zhong Zhitang

(Apointed with efect from 1st April, 2025)

钟治塘先生（自二零二五年

四月一日起获委任）

N/A

不适用

N/A

不适用

Non-Executive Director非执行董事

Ms. Yeung Chui杨翠女士4/4✓

Independent Non-Executive Directors独立非执行董事

Mr. Chan Yue Kwong, Michael陈裕光先生4/4✓

Mr. Kwok Lam Kwong, Lary, SBS, JP郭琳广先生，银紫荆星章，太平绅士4/4✓

Mr. Tam King Ching, Keny谭竞正先生4/4✓

Ms. Elizabeth Law罗君美女士4/4✓

Yearly meting schedule is discused and aproved by the

Board at the begining of the year. Board agenda is aproved

by the Chairman folowing consultation with other Board

members. Board agenda and meting materials are dispatched

to al Board members in a timely maner.

Al Directors have aces to the Company Secretary who is

responsible for ensuring that Board procedures are complied

with and advises the Board on corporate governance and

compliance maters. They are also encouraged to take

independent profesional advice at the Company’s expense in

performance of their duties, if necesary. Furthermore, al the

Directors are covered by the Directors’ & Oficers’ Liability

Insurance, which is also part of our best practices.

CORPORATE GOVERNANCE REPORT企业管治报告

主席及行政总裁

守则条文第C.2.1条规定应区分主席与行政总裁的角

色，并不应由一人同时兼任。本公司并无区分主席

与行政总裁，林光如先生目前兼任该两个职位。董

事会相信，由一人兼任主席与行政总裁的角色可让

本公司更有效及有效率地发展长远业务策略以及执

行业务计划。董事会相信，董事会由经验丰富的优

秀人才组成，加上相当成员均为独立非执行董事，

故足以确保有关权力及职权能充分平衡。

守则条文第C.2.7条规定，主席应至少每年与独立非

执行董事举行一次无其他董事列席之会议。由于本

公司主席林光如先生亦为本公司执行董事，故本守

则条文并不适用。

非执行董事

杨翠女士自退休后，彼由执行董事调职为非执行董

事。杨翠女士并无按特定任期委任，彼须按本公司

细则于股东周年大会上轮值告退及重选。

独立非执行董事

独立非执行董事的角色包括下列各项：

，在涉及策略、政策、公司表

现、问责性、资源、主要委任及操守准则等事

宜上，提供独立的意见；

；及

，并监察汇报表现的事宜。

Chairman and Chief Executive Oficer

Code Provision C.2.1 stipulates that the roles of chairman and

chief executive oficer should be separated and should not be

performed by the same individual. The Company does not have

a separate Chairman and Chief Executive Oficer and Mr. Lam

Kwong Yu curently holds both positions. The Board believes

that vesting the roles of both Chairman and Chief Executive

Oficer in the same person would alow the Company to be

more efective and eficient in developing long-term busines

strategies and execution of busines plans. The Board believes

that the balance of power and authority is adequately ensured

by the operation of the Board which comprises experienced and

high caliber individuals with a suficient number thereof being

Independent Non-Executive Directors.

Code Provision C.2.7 stipulates that the chairman should at

least anualy hold metings with the independent non-

executive directors without the presence of other directors. As

Mr. Lam Kwong Yu, the Chairman of the Company, is also an

Executive Director of the Company, this code provision is not

aplicable.

Non-Executive Director

Ms. Yeung Chui has ben re-designated from the position of

Executive Director to Non-Executive Director upon her

retirement. Ms. Yeung has not ben apointed for a specific

term as she is subject to retirement by rotation and re-election

at AGM in acordance with the Bye-laws of the Company.

Independent Non-Executive Directors

The roles of the Independent Non-Executive Directors include

the folowing:

• participating in board metings to bring an independent

judgement to bear on isues of strategy, policy,

performance, acountability, resources, key apointments

and standards of conduct;

;

; and

• scrutinize performance of the Group and monitoring

performance reporting.

CORPORATE GOVERNANCE REPORT企业管治报告

本公司独立非执行董事及其直属家眷并无收取本公

司或其附属公司的任何款项（董事袍金除外）。概无

任何独立非执行董事的家族成员现在或于过往两年

受聘为本公司或其附属公司的行政人员。独立非执

行董事须按本公司的细则于股东周年大会上轮值告

退及重选。各独立非执行董事已根据上市规则所载

的独立指引提供其独立性的确认书。

提名委员会及董事会已评估本公司所有独立非执行

董事之独立性，及经考虑(i)根据上市规则要求递交

的独立性的年度确认书，(i)其并无参与本公司日常

管理，及(i)且不会有任何关系或情况影响而对其行

使独立判断有干预，认为本公司所有独立非执行董

事均属独立。

陈裕光先生、郭琳广先生，银紫荆星章，太平绅士及谭竞

正先生担任本公司独立非执行董事已超过九年。除

确认其符合上市规则第3.13条的独立因素外，陈先

生、郭先生及谭先生持续展示独立非执行董事的特

质，并无证据显示其任期对其独立性有任何影响。

提名委员会及董事会认为，陈先生、郭先生及谭先

生纵使长期服务仍保持独立，而其对本集团业务之

宝贵知识与经验，以及对一般商业之敏锐触角继续

对本公司及股东整体提供重大贡献。

The Independent Non-Executive Directors of the Company and

their imediate family receive no payment from the Company

or its subsidiaries (except the Director fe). No family member

of any Independent Non-Executive Directors is employed as an

executive oficer of the Company or its subsidiaries, or has ben

so in the past two years. The Independent Non-Executive

Directors are subject to retirement by rotation and re-election at

the anual general meting in acordance with the Bye-laws of

the Company. Each Independent Non-Executive Director has

provided a confirmation of his/her independence with reference

to the independence guidelines as set out in the Listing Rules.

The Nomination Comite and the Board has asesed the

independence of al the Independent Non-Executive Directors of

the Company and considers al of them to be independent

having regard to (i) their anual confirmation on independence

as required under the Listing Rules, (i) the absence of

involvement in the daily management of the Company and (i)

the absence of any relationships or circumstances which would

interfere with the exercise of their independent judgement.

Mr. Chan Yue Kwong, Michael, Mr. Kwok Lam Kwong, Lary,

SBS, JP and Mr. Tam King Ching, Keny have served as

Independent Non-Executive Directors of the Company for more

than 9 years. In adition to their confirmation of independence

in acordance with Rule 3.13 of the Listing Rules, Mr. Chan,

Mr. Kwok and Mr. Tam continue to demonstrate the atributes

of an independent non-executive director and there is no

evidence that their tenure have any impact on their

independence. The Nomination Comite and the Board are of

the opinion that Mr. Chan, Mr. Kwok and Mr. Tam remain

independent notwithstanding the length of their service and

believe that their valuable knowledge and experience continue

to generate significant contribution to the Company and the

shareholders as a whole.

CORPORATE GOVERNANCE REPORT企业管治报告

守则条文第B.2.4条规定，若发行人的董事会内所有

独立非执行董事均在任超过九年，发行人应：(a)在

股东周年大会通告所随附的致股东通函及╱或说明

函件中披露每名在任独立非执行董事的姓名及任期；

及(b)在下次的股东周年大会上委任一名新的独立非

执行董事。于截至二零二五年三月三十一日止年度

内，本公司下列独立非执行董事均在任超过九年，

各独立非执行董事任期的详情如下：

于二零二三年三月二十八日，罗君美女士获委任为

本公司独立非执行董事，以符合守则条文第B.2.4(b)

条的规定。

委任、膺选连任及撤换

本公司设有一个正式、经审慎考虑并具透明度的新

董事委任程序，有关责任已授权予提名委员会执行。

提名委员会不时检讨董事会的架构、人数和成员组

合，以确保董事会由具备不同技术和专业知识的人

士所组成，能为本公司继续提供有效的领导。

根据本公司细则，于各股东周年大会上不少于三分

之一董事须轮值告退，惟各董事（包括受委任特定任

期之董事）将至少每三年退任一次，退任董事合资格

膺选连任。填补临时空缺或增加董事会董事名额的

新委任须经本公司股东于本公司下届股东周年大会

上重选方可作实。

Code Provision B.2.4 stipulates that where al the independent

non-executive directors of an isuer have served more than nine

years on the board, the isuer should (a) disclose the length of

tenure of each existing independent non-executive directors on

a named basis in the circular to shareholders and/or explanatory

statement acompanying the notice of the anual general

meting; and (b) apoint a new independent non-executive

directors on the board at the forthcoming anual general

meting (“AGM”). The folowing independent non-executive

directors of the Company have served on the board for more

than nine years for the year ended 31st March, 2025, the length

of tenure of each independent non-executive directors is as

folows:

NameTenure

姓名任期

Mr. Chan Yue Kwong, Michael32 years since 18th January, 1993

陈裕光先生自一九三年一月十八日起计三十二年

Mr. Kwok Lam Kwong, Lary, SBS, JP20 years since 21st July, 2004

郭琳广先生，银紫荆星章，太平绅士自二零四年七月二十一日起计二十年

Mr. Tam King Ching, Keny20 years since 21st July, 2004

谭竞正先生自二零四年七月二十一日起计二十年

On 28th March, 2023, Ms. Elizabeth Law was apointed as an

independent non-executive director of the Company to fulfil the

requirement of Code Provision B.2.4(b).

Apointments, Re-election and Removal

There is a formal, considered and transparent procedure for the

apointment of new directors to the Board, the primary

responsibility of which has ben delegated to the Nomination

Comite. The structure, size and composition of the Board

wil be reviewed from time to time by the Nomination

Comite to ensure that the Board has a balanced skil and

expertise for providing efective leadership to the Company.

In acordance with the Bye-laws of the Company, at each

AGM, not les than one-third of the directors shal retire from

ofice by rotation provided that every Director (including those

apointed for a specific term) shal retire at least once every

thre years. The retiring directors shal be eligible for re-

election. New apointments either to fil a casual vacancy or as

an adition to the Board are subject to re-election by

shareholders of the Company at the next folowing AGM.

CORPORATE GOVERNANCE REPORT企业管治报告

本公司之所有非执行董事包括独立非执行董事并无

按特定任期委任，惟根据本公司细则，彼等须于股

东周年大会上轮值告退及重选。

董事之责任

新任董事于接受委任后，将获得提供足够之指导协

助，包括介绍本集团业务（于有需要时）、简介其责

任及职责及其他监管规定，以确保其对本公司业务

及作为本公司董事之责任有适当了解。

所有董事已承诺为本集团的事务投入足够的时间及

专注力。董事获发有关彼等对本公司事务所需投入

时间的指引。董事亦已向本公司披露其于香港或海

外上市的公众公司或组织机构所任职务的数目及性

质，以及其他重大承担，并提供有关公众公司或组

织机构的名称，董事已获提醒应向本公司及时披露

上述资料的任何变动。

董事之持续专业发展

为确保董事继续在具备全面资讯及切合所需的情况

下对董事会作出贡献，本公司鼓励所有董事参与持

续专业发展课程，以发展及更新其知识及技能。于

本年度内，本公司安排研讨会及提供培训资料给执

行董事及非执行董事。此外，本公司亦定期向董事

提供更新资料，包括透过月报表提供本集团的业务

及营运的情况；及有关上市规则、企业管治守则及

Comite is set out below:

Metings

Atended/Held

Nomination Comite Members提名委员会成员会议出席╱举行

Mr. Kwok Lam Kwong, Lary, SBS, JP (Chairman)郭琳广先生，银紫荆星章，太平绅士（主席）2/2

Mr. Chan Yue Kwong, Michael陈裕光先生2/2

Mr. Lam Kwong Yu林光如先生2/2

Mr. Tam King Ching, Keny谭竞正先生2/2

Ms. Yeung Chui杨翠女士2/2

Ms. Elizabeth Law罗君美女士2/2

Nomination Policy

The Board has adopted a nomination policy which sets out the

criteria and proces in the nomination and apointment of

Directors. Below are the nomination procedures and the proces

and criteria adopted by the Nomination Comite to select

and recomend candidates for directorship.

Selection Criteria

The Nomination Comite shal consider the folowing criteria

in evaluating and selecting candidates for directorships:

(a) Skils and Experience

The candidate should poses the skils, knowledge and

experience which are relevant to the operations of the

Company and its subsidiaries.

(b) Diversity

Candidates should be considered on merit and against

objective criteria, with due regard to the diversity

perspectives set out in the Board Diversity Policy of the

Company and the balance of skils and experience in

board composition.

CORPORATE GOVERNANCE REPORT企业管治报告

人选应能够投入足够时间出席董事会议，

并参加入职引介、培训及其他与董事会相关

之活动。尤其如果建议人选将获提名为独立

非执行董事并将担任彼之第七个（或以上）上

市公司董事职位时，提名委员会应考虑该人

选提出能够为董事会投入足够时间之原因。

(d) 信誉

人选必须令董事会及联交所确信彼具备适当

的个性、经验及品格，并证明彼具备足够的才

干胜任本公司董事相关职务。

(e) 独立性

获提名为独立非执行董事之人选必须符合上

市规则第3.13条所载之独立性标准。

提名程序

(a) 如提名委员会确定需要额外增加或替换董事，

委员会可采取其认为适当的措施，以物色及

评估人选。

(b) 提名委员会可向董事会建议由本公司股东推

荐之人士或提名之膺选人士作为候选董事。

The candidate should be able to devote suficient time to

atend board metings and participate in induction,

trainings and other board asociated activities. In

particular, if the proposed candidate wil be nominated

as an independent non-executive director (“INED”) and

wil be holding his/her seventh (or more) listed company

directorship, the Nomination Comite should consider

the reason given by the candidate for being able to

devote suficient time to the Board.

(d) Standing

The candidate must satisfy the Board and the Stock

Exchange that he/she has the character, experience and

integrity, and is able to demonstrate a standard of

competence comensurate with the relevant position as

a director of the Company.

(e) Independence

The candidate to be nominated as an INED must satisfy

the independence criteria set out in Rule 3.13 of the

Listing Rules.

Nomination Procedures

(a) If the Nomination Comite determines that an

aditional or replacement director is required, the

Comite may take such measures that it considers

apropriate in conection with its identification and

evaluation of a candidate.

(b) The Nomination Comite may propose to the Board a

candidate recomended or ofered for nomination by a

shareholder of the Company as a nomine for election to

the Board.

CORPORATE GOVERNANCE REPORT企业管治报告

人选之个人简历以作考虑。董事会可委任该

人选担任董事以填补临时空缺或作为额外增

加之董事，或向股东推荐该人选以供彼等于

股东大会上进行选任或重选（如适用）。

于回顾年度内，提名委员会检讨董事会之架构、人

数及组成（包括技能、知识及经验方面）、董事会成

员多元化政策及提名政策，并认为该等政策为合适

及有效。另外，提名委员会也评核所有独立非执行

董事之独立性，并向董事会建议于二零二四年股东

周年大会上通过退任董事之重选。提名委员会亦已

评估钟治塘先生（「钟先生」）的背景及资历，并向董

事会提名委任钟先生为本公司执行董事，自二零

二五年四月一日起生效。

审核委员会

审核委员会由本公司之所有四位独立非执行董事组

成，即谭竞正先生（主席）、陈裕光先生、郭琳广先

生，银紫荆星章，太平绅士及罗君美女士。

根据审核委员会职权范围，审核委员会的职责包括

监察本公司与外聘核数师的关系、与管理层审议本

集团之财务资料、采用之会计准则及常规，及商讨

审计、风险管理及内部监控系统，以及财务汇报事

项，包括审议此等截至二零二五年三月三十一日之

年度财务报表。

may submit the candidate’s personal profile to the Board

for consideration. The Board may apoint the candidate(s)

as director(s) to fil a casual vacancy(ies) or as an

adition to the Board or recomend such candidate to

shareholders for election or re-election (where

apropriate) at the general meting.

During the year under review, the Nomination Comite

reviewed the structure, size and composition (including the

skils, knowledge and experience) of the Board, the Board

Diversity Policy and the Nomination Policy, and considered that

the said policies were apropriate and efective. Further, the

Nomination Comite also asesed the independence of al

independent non-executive directors of the Company and

recomended to the Board for aproval of the re-election of

the retiring Directors at the 2024 AGM. The Nomination

Comite also asesed the background and qualifications of

Mr. Zhong Zhitang (“Mr. Zhong”) and nominated Mr. Zhong to

the Board for his apointment as Executive Director of the

Company with efect from 1st April, 2025.

Audit Comite

The Audit Comite comprises of al the four Independent

Non-Executive Directors of the Company, namely Mr. Tam King

Ching, Keny (Chairman), Mr. Chan Yue Kwong, Michael, Mr.

Kwok Lam Kwong, Lary, SBS, JP, and Ms. Elizabeth Law.

Under its terms of reference, the Audit Comite is required to

overse the relationship betwen the Company and its external

auditors, review with management the financial information,

acounting principles and practice adopted by the Group and

discused auditing, risk management and internal control

system, and financial reporting maters, including the review of

financial statements for the year ended 31st March, 2025.

CORPORATE GOVERNANCE REPORT企业管治报告

审核委员会已审阅截至二零二五年三月三十一日止

年度的中期及全年业绩，并对本集团的会计政策乃

符合香港现时业内普遍采纳的会计常规表示满意。

委员会并与本集团的外聘核数师罗兵咸永道会计师

事务所（「罗兵咸」）每年举行两次会议，以考虑罗兵

咸就独立审议综合财务报表的年度审核的范畴、策

略、进度和结果而提交的报告。截至二零二五年三

月三十一日止年度内，审核委员会举行了两次会议，

出席率如下：

企业管治功能

董事会全权负责本集团的企业管治合规，本公司并

无设立企业管治委员会，董事会将企业管治功能授

权由管理层组成之管理委员会负责，此委员会的职

权范围包括下列工作：

并向董事会提出建议；

• 检讨及监察董事及高级管理人员的培训及持

续专业发展；

• 检讨及监察本公司在遵守法律及监管规定方

面的政策及常规；

、检讨及监察雇员及董事的操守准则及

合规手册（如有）；及

The Audit Comite has reviewed the interim and anual

results for the year ended 31st March, 2025 and was content

that the acounting policies of the Group are in acordance

with the generaly acepted acounting practices in Hong Kong.

It also mets twice a year with the Group’s external auditor,

PricewaterhouseCopers (“PwC”), to consider their report on the

scope, strategy, progres and outcome of their independent

review of the anual audit of the consolidated financial

statements. During the year ended 31st March, 2025, two

metings were held, atendance of the metings held by the

Audit Comite is set out below:

Metings

Atended/Held

Audit Comite Members审核委员会成员会议出席╱举行

Mr. Tam King Ching, Keny (Chairman)谭竞正先生（主席）2/2

Mr. Chan Yue Kwong, Michael陈裕光先生2/2

Mr. Kwok Lam Kwong, Lary, SBS, JP郭琳广先生，银紫荆星章，太平绅士2/2

Ms. Elizabeth Law罗君美女士2/2

Corporate Governance Function

The Board has overal responsibility for the Group’s corporate

governance compliance. The Company has not established a

Corporate Governance Comite and has delegated the

function to a senior management comite to perform the

corporate governance function. The scope of works of the

comite including the folowing:

;

’s policies and

practices on corporate governance and make

recomendations to the Board;

• to review and monitor the training and continuous

profesional development of directors and senior

management;

’s policies and

practices on compliance with legal and regulatory

requirements;

, review and monitor the code of conduct and

compliance manual aplicable to employes and

directors; and

CORPORATE GOVERNANCE REPORT企业管治报告

《企业管治守则》的情况及在

《企业管治报告》内的披露。

公司秘书

潘国政先生，本集团之高级副总裁，自二零一九年

四月一日起获委任为本公司之公司秘书，他向董事

会负责，以确保遵守董事会程序及董事会活动有效

率及有效地进行。该等目标乃透过严谨遵守董事会

程序及适时编制及发送会议程及文件予董事而得

以达成。所有董事会与董事委员会之会议纪录均由

公司秘书编备与保管，以充份详细记录董事会或委

员会所考虑与决定之事项，包括任何董事提出之关

注或发表之观点。所有会议纪录会发送予董事，并

可应要求供任何董事查阅。

公司秘书负责确保董事会获得全面报告一切与本集

团有关之立法、规管和企业管治的发展并同时负责

集团符合法规上的要求。公司秘书的遴选、委任与

撤职须经董事会根据本公司细则批准。公司秘书向

董事会负责，而所有董事会成员均取得公司秘书的

意见与服务。本公司的公司秘书，对本集团的日常

事务甚有认识。回应指定的查询，公司秘书确认其

符合上市规则建议的所有资格、经验与培训要求。

潘先生已确认年内其参与不少于15小时的有关专业

培训。

’s compliance with the Corporate

Governance Code and disclosure in the Corporate

Governance Report.

COMPANY SECRETARY

Mr. Pon Kwok Ching, Senior Vice Present of the Group, he

has ben apointed as Company Secretary of the Company with

efect from 1st April, 2019. He is responsible to the Board for

ensuring that Board procedures are folowed and Board

activities are eficiently and efectively conducted. These

objectives are achieved through adherence to proper Board

proceses and the timely preparation and disemination to

Directors comprehensive meting agendas and papers. Minutes

of al Board metings and Board comites are prepared and

maintained by the Company Secretary to record in suficient

details the maters considered and decisions reached by the

Board or Comite, including any concerns raised or disenting

views voiced by any Director. Al minutes are sent to Directors

and are available for inspection by any Director upon request.

The Company Secretary is responsible for ensuring that the

Board is fuly apraised of al legislative, regulatory and

corporate governance developments relating to the Group and

also responsible for the Group’s statutory compliance. The

selection, apointment and removal of the Company Secretary

is subject to Board aproval in acordance with the Bye-laws of

the Company. The Company Secretary reports to the Board, al

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

the Company Secretary. The Company Secretary of the

Company has day-to-day knowledge of the Group’s afairs. In

response to specific enquiries made, the Company Secretary

confirmed that he has complied with al the proposed

qualifications, experience and training requirements of the

Listing Rules.

Mr. Pon confirmed that he has taken no les than 15 hours

relevant profesional training during the year.

CORPORATE GOVERNANCE REPORT企业管治报告

董事之证券交易

本公司已就董事进行证券交易采纳上市规则附录C3

所载上市发行人董事进行证券交易的标准守则（「标

准守则」），全体董事均已确认，截至二零二五年三

月三十一日止年度，彼等一直遵守有关董事进行证

券交易之标准守则所载规定标准。

就可能拥有本公司尚未公布股价敏感资料的雇员进

行的证券交易而言，本公司亦制定条款不逊于标准

守则的书面指引《雇员进行证券交易守则》（「雇员守

则」）。于截至二零二五年三月三十一日止年度，本

公司并无发现雇员未有遵守雇员守则的事件。

问责性及审核

财务汇报

董事有责任就每个财政期间编制真实兼公平反映本

集团财务状况的财务报表以及该期间的业绩及现金

流量。在编撰截至二零二五年三月三十一日止年度

的财务报表时，董事必须采用适当的会计政策及贯

彻应用该等会计政策；采纳香港会计师公会颁布适

当的香港财务报告准则会计准则（「香港财务报告准

则」）；作出审慎及合理的调整及估计；及按持续经

营基准编制财务报表。董事亦须负责保存适当的会

计记录，并可于任何时间以合理准确方式披露本公

司的财务状况。

本公司向董事会成员提供预算、预测和每月详尽的

更新资料，以评估本集团的表现，财务状况及前景，

让董事会履行上市规则所规定的职责。

风险管理及内部监控

本集团的风险管理程序及内部监控系统的主要特点

是以清晰的治理架构、政策及程序以及汇报机制，

协助本集团管理各业务范畴的风险。

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities

Transactions by Directors of Listed Isuers (the “Model Code”)

as set out in Apendix C3 of the Listing Rules for securities

transactions by the Directors. Al Directors have confirmed that

they have complied with the required standard of dealings and

code of conduct regarding securities dealings by directors as set

out in the Model Code for the year ended 31st March, 2025.

The Company has also established writen guidelines, the Code

for Securities Transactions by Employes (the “Employes

Code”), with terms no les exacting than the Model Code for

securities transactions by employes who are likely to be in

posesion of unpublished price-sensitive information of the

Company. No incident of non-compliance of the Employes

Code by the employes was noted by the Company during the

year ended 31st March, 2025.

ACOUNTABILITY AND AUDIT

Financial Reporting

The Board is responsible for the preparation of financial

statements for each financial period which give a true and fair

view of the state of afairs of the Group and of the results and

cash flow for that period. In preparing the financial statements

for the year ended 31st March, 2025, the Directors have

selected suitable acounting policies and aplied them

consistently; adopted apropriate HKFRS Acounting Standards

(“HKFRSs”) isued by the Hong Kong Institute of Certified Public

Acountants; made adjustments and estimates that are prudent

and reasonable; and have prepared the financial statements on

the going concern basis. The Directors are also responsible for

keping proper acounting records which disclose with

reasonable acuracy at any time the financial position of the

Company.

The Company provides budget, forecast and monthly updates to

the Board to ases the Group’s financial performance, position

and prospects in suficient details to enable the Board members

to discharge their duties under the Listing Rules.

Risk Management and Internal Control

The main features of the risk management and internal control

systems of the Group are to provide a clear governance

structure, policies and procedures, as wel as reporting

mechanism to facilitate the Group to manage its risks acros

busines operations.

CORPORATE GOVERNANCE REPORT企业管治报告

本集团已制定风险管理组织框架，由本集团董事会、

审核委员会及高级管理层（「高级管理层」）组成。董

事会厘定就达成本集团策略目标应承担的风险性质

及程度，并负责风险管理及内部监控系统的设计、

实施及整体有效性。董事会透过审核委员会至少每

年一次检讨有关系统的有效性，范围涵盖所有重大

控制措施，包括财务、营运、环境、社会及管治（「环

境、社会及管治」）表现及汇报以及合规控制措施。

在年度审查期间，董事会亦会考虑员工资历及经验、

培训课程以及本集团在会计、内部审核及财务汇报

职能方面的预算以及与本公司环境、社会及管治表

现和汇报相关的资源是否足够。

本集团亦已制定及采纳风险管理政策，提供识别、

评估及管理重大风险（包括环境、社会及管治风险）

的指示。高级管理层至少每年一次识别对实现本集

团目标造成不利影响的风险，并根据一套标准则

评估及排列所识别风险的优先次序，从而对主要风

险制定风险缓解计划及指定风险负责人。

此外，本集团外聘独立专业顾问以协助董事会及审

核委员会持续监督本集团的风险管理（包括环境、社

会及管治风险）及内部监控系统以及履行本集团的

内部审计职能，识别内部监控设计及实施的不足之

处并推荐改进建议。重大内部监控缺失会及时向审

核委员会及董事会汇报，以确保采取及时补救行动。

The Group has established a risk management framework,

which consists of the Board, the Audit Comite and the

senior management of the Group (“Senior Management”). The

Board determines the nature and extent of risks that shal be

taken in achieving the Group’s strategic objectives, and has the

overal responsibility for monitoring the design, implementation

and the overal efectivenes of risk management and internal

control systems. The Board, through the Audit Comite,

conducts reviews of the efectivenes of such systems at least

anualy, covering al material controls including financial,

operational, environmental, social and governance (“ESG”)

performance and reporting as wel as compliance controls.

During its anual review, the Board also considers the adequacy

of resources, qualifications and experience, training programes

and budget of the Group’s acounting, internal audit, financial

reporting functions, and those relating to the Company’s ESG

performance and reporting.

The Group has formulated and adopted Risk Management Policy

in providing directions in identifying, evaluating and managing

significant risks (including ESG risks). At least on an anual

basis, the senior management identifies risks that would

adversely afect the achievement of the Group’s objectives, and

aseses and prioritizes the identified risks acording to a set of

standard criteria. Risk mitigation plans and risk owners are then

established for those risks considered to be significant.

In adition, the Group has engaged an independent profesional

advisor to asist the Board and the Audit Comite in ongoing

monitoring of the risk management (including ESG risks) and

internal control systems of the Group and in performing the

internal audit functions for the Group. Deficiencies in the

design and implementation of internal controls are identified

and recomendations are proposed for improvement. Significant

internal control deficiencies are reported to the Audit Comite

and the Board on a timely basis to ensure prompt remediation

actions are taken.

CORPORATE GOVERNANCE REPORT企业管治报告

风险管理报告、内部监控报告及环境、社会及管治

报告均至少每年提交予审核委员会及董事会。董事

会已透过审核委员会就本集团的风险管理及内部监

控系统是否有效进行年度检讨，包括但不限于本集

团应付其业务转型及不断转变的外在环境的能力、

管理层检讨风险管理及内部监控系统的工作范畴及

素质、内部审计工作结果、就风险及内部监控检讨

结果与董事会通讯的详尽程度及次数、已识别的重

大监控失误或弱项以及有关影响，以及就上市规则

的合规情况。

董事会已评估本年度本集团的风险管理及内部监控

系统有效及充足。

本集团风险管理及内部监控系统旨在管理而非消除

未能达成业务目标的风险，且仅可就重大的失实陈

述或损失作出合理而非绝对的保证。

本集团设有内幕消息政策，当中列载董事及本集团

高级管理层适用之指引，从而确保本集团之内幕消

息可遵照适用法律及法规，以公平适时之方式，向

公众发布。

本集团已制定举报政策，鼓励对本集团任何涉嫌不

当行为或失职行为有疑虑之雇员挺身而出，向审核

委员会成员表达有关事宜。员工手册或内部员工可

接达之公共系统亦载列促进及支持反贪污实践之行

为守则。

Risk management report, internal control report and ESG report

are submited to the Audit Comite and the Board at least

once a year. The Board, through the Audit Comite, had

performed anual review on the efectivenes of the Group’s

risk management and internal control systems, including but not

limited to the Group’s ability to cope with its busines

transformation and changing external environment; the scope

and quality of management’s review on risk management and

internal control systems; result of internal audit work; the extent

and frequency of comunication with the Board in relation to

result of risk and internal control review; significant failures or

weakneses identified and their related implications; and status

of compliance with the Listing Rules.

The Board has asesed the Group’s risk management and

internal control systems and considers the systems were

efective and adequate during the year.

The risk management and internal control systems of the Group

are designed to manage rather than eliminate the risk of failure

to achieve busines objectives, and can only provide reasonable

and not absolute asurance against material mistatement or

los.

The Group has the Inside Information Policy which sets out

guidelines to the Directors and senior management of the Group

to ensure inside information of the Group would be

diseminated to the public in equal and timely maner in

acordance with aplicable laws and regulations.

The Group has established a whistle-blowing policy under

which it encourages the employes who have concerns about

any suspected misconduct or malpractice within the Group to

come forward and voice those concerns to the members of the

Audit Comite. Code of conduct to promote and suport anti-

coruption practices are also set in the staf handbok or inside

staf asesable public system.

CORPORATE GOVERNANCE REPORT企业管治报告

关连交易及关连人士交易

截至二零二五年三月三十一日止年度内，本集团与

适用会计准则称之为「有关连人士」的人士之间的若

干交易仍然存续。若干此等有关连人士交易亦构成

关连交易（按上市规则之定义）。关于有关连人士交

易的详情于综合财务报表附注31中披露。

核数师酬金

本年度综合财务报表已由罗兵咸审核。于本年度内，

就提供审核服务而计提的酬金约2,551,000港元。此

外，就其他非审核服务的款项约为339,000港元。非

审核服务主要包括税务法规及顾问服务。

多元化

董事会成员多元化政策

本公司已采纳董事会成员多元化政策（「该政策」），

当中列载董事会为达致及维持成员多元化以提升董

事会之有效性而采取之方针。根据该政策，本公司

为寻求达致董事会成员多元化会考虑众多因素，包

括但不限于性别、年龄、文化及教育背景、族群特

性、专业经验、技能、知识及服务年资。

提名委员会将每年向董事会报告在多元化层面之成

员组合，并监察该政策之执行，确保其行之有效。

提名委员会将会讨论任何或需作出之修订建议，再

由董事会考虑及批准。

董事会委任罗君美女士为本公司独立非执行董事，

自二零二三年四月一日起生效，证明本公司致力于

董事会多元化。于本年报日期，董事会有两名女成

员，代表董事会的约22%。董事会承诺本公司会维

持女成员的比例于合适水平，即不会低于20%。

CONECTED TRANSACTIONS AND RELATED

PARTY TRANSACTIONS

During the year ended 31st March, 2025, certain transactions

betwen the Group and parties regarded as “related parties”

under the aplicable acounting standards subsisted. Certain of

these related party transactions also constituted conected

transactions as defined under the Listing Rules. Details of

related party transactions are disclosed in note 31 to the

consolidated financial statements.

AUDITOR’S REMUNERATION

The consolidated financial statements for the year have ben

audited by PwC. During the year, remuneration of aproximately

HK$2,551,000 was for the provision of audit services. In

adition, aproximately HK$339,000 was for other non-audit

services. The non-audit services mainly consist of tax

compliance and advisory services.

DIVERSITY

Board Diversity Policy

The Company has adopted a board diversity policy (the “Policy”)

which sets out the aproach to achieve and maintain diversity

on the Board in order to enhance the efectivenes of the Board.

Pursuant to the Policy, the Company seks to achieve Board

diversity through the consideration of a number of factors,

including but not limited to gender, age, cultural and education

background, ethnicity, profesional experience, skils, knowledge

and length of service.

The Nomination Comite wil report anualy on the

composition of the Board under diversified perspective, and

monitor the implementation of this policy to ensure its

efectivenes. It wil discus any revisions that may be required

and recomend such revisions to the Board for consideration

and aproval.

The Board apointed Ms. Elizabeth Law as an independent non-

executive director of the Company with efect from 1st April,

2023 demonstrate the Company’s comitment to gender

diversity in the Board. As at the date of this report, the Board

had two female members, representing aproximately 22% of

the Board. The Board comited the Company to maintaining

an apropriate level of female members on the Board, which

shal not be les than 20%.

CORPORATE GOVERNANCE REPORT企业管治报告

下表进一步说明截至本年报日期董事会成员的多元

化：

视乎业内经验丰富管理人员的可用性，我们亦采取

措施推动性别多元化以建立女性高级管理人员及潜

在董事继任人的管道，包括物色董事候选人时以性

别多元化为策略重点，与潜在候选人建立及保持关

系，以及使用更多资源向拥有长期及相关业务经验

的女性职员提供培训，旨在推动彼等升任本集团高

级管理人员或董事职位。

The folowing table further ilustrate the diversity of the Board

members as of the date of this anual report:

Relevant experience

2025. A copy of the latest consolidated version of the

Memorandum of Asociation and Bye-laws is posted on the

websites of the Company and the Stock Exchange.

On behalf of the Board

Pon Kwok Ching

Company Secretary

Hong Kong, 27th June, 2025

MANAGEMENT PROFILE管理阶层简介

DETAILS OF DIRECTORS

Executive Directors

Mr. Lam Kwong Yu, aged 78, has ben an Executive Director of

the Company since 1992. He is the Chairman of the Board,

founder and Chief Executive Oficer of the Group. He holds a

Master Degre in Busines Administration (Distinguished Alumni

Awards) from the National University of Singapore. Mr. Lam has

ben in comunity work in China and Hong Kong for many

years. He is a member of the Standing Comite of the 10th,

11th and the 12th National Comite of the Chinese People’s

Political Consultative Conference, a director of Chinese

Overseas Friendship Asociation, a member of Selection

Comite for the Government of HKSAR and a comite

member of the Election Comite Subsector Elections,

Chairman of Mainland Afairs Comite of Scout Asociation

of Hong Kong, Deputy Chairman of Federation of Hong Kong

Guangdong Comunity Organizations Charitable Foundation

Limited, Chairman of Polar Museum Foundation, Director of

Future Star, an Adjunct Profesor of Colege of Busines of City

University of Hong Kong and Director of Guangzhou Jinan

University. Mr. Lam has received several prominent awards

including “Hong Kong Ten Outstanding Young Persons Award

1986”, “Young Industrialist Award of Hong Kong 1988”, the first

“Hong Kong Entrepreneurs Award 1990”, “Outstanding

Achievements Award” of the “Hong Kong Print Award 1999”

and “Medal of Honor (M.H.)” from the government of the Hong

Kong Special Administrative Region in 2002. Mr. Lam has over

60 years’ experience in the printing industry and takes charge

of the overal planing, strategy and development of the Group.

He has made dedicated eforts to enhance the transformation of

Starlite, busines diversification, products development, OBM

product, inteligent (automation) systems and industry 4.0 in

recent years.

董事资料

执行董事

林光如先生，现年七十八岁，自一九二年起出任

本公司执行董事，为集团董事局主席、创办人兼执

行长，林先生系新加坡国立大学工商管理硕士学位

（杰出校友），林先生先后出任中国及香港之社会公

职，为中国人民政治协商会议第十届、第十一届及

第十二届全国委员会委员、中华海外联谊会常务理

事、香港推选委员、香港选举委员会委员、香港童

军总会内地事务委员会主席、香港广东社团慈善基

金常务副主席、极地博物馆基金主席、香港未来之

星基金会董事、香港城市大学商学院协席教授、暨

南大学校董会校董等。林先生曾荣获各项殊荣，包

括一九八六年香港「十大杰出青年奖」、一九八年

香港首届「青年工业家奖」、一九零年首届「香港创

业家荣誉奖」、一九年「香港印艺大奖」之「杰出

成就大奖」及二零二年香港特别行政区政府颁发「荣

誉勋章」等。林先生于印刷行业有超过五十九年经

验，一直以来负责集团的企业策略与企业发展，近

几年来，为星光转型升级、业务和产品开拓、品牌

创建、智能系统和工业4.0，事业不遗余力，卓有成

效。

MANAGEMENT PROFILE管理阶层简介

潘国政先生，太平绅士，现年四十七岁，于二零六

年九月加入本集团，自二零一九年四月一日起，他

获委任为本公司之执行董事、授权代表及公司秘书；

本集团高级副总裁（首席财务长）；及本集团若干附

属公司之董事。潘先生毕业于香港大学取得工商管

理学士学位，其后亦取得清华大学公共管理硕士学

位、印刷科技研究中心的印前及印刷色彩标准化证

书。彼为中华海外联谊会理事、中国财政部聘任的

香港会计咨询专家、中国人民政治协商会议广州市

委员会委员、香港会计师公会及英国特许会计师公

会的资深会员。

黄伟国先生，现年五十八岁，于二零一年加入本

集团，自二零二年四月一日起，他获委任为本公

司之执行董事，现为本集团之高级副总裁（营销）及

小白杨出版社有限公司之董事，本公司非全资拥有

的附属公司。黄先生负责本集团之营销及销售。他

于图书、贺卡及包装之相关印刷行业拥有超过

三十一年的经验。他专长于客户管理、业务发展、

策略计划、及内部和外部沟通。他自二零七年起

负责本集团之森林认证及林产品产销监管链认证

（「FSC-COC certification」）之管理，及按本集团之认

证范围，确保符合有关认证的标准及管理参与厂区

的数量。

Mr. Pon Kwok Ching, JP, aged 47, joined the Group in

September 2006. He was apointed as an Executive Director;

an Authorised Representative and Company Secretary of the

Company; the Senior Vice President (Chief Financial Oficer) of

the Group; and a director of certain subsidiaries within the

Group with efect from 1st April, 2019. Mr. Pon graduated

from The University of Hong Kong with a Bachelor’s degre in

Busines Administration. He also holds a master degre in

public policy and management from Tsinghua University and

obtains a certificate of prepres and printing standardization

from Advanced Printing Technology Centre. Mr. Pon is a

Member of China Overseas Friendship Asociation, a Hong

Kong Acounting Expert apointed by the Ministry of Finance of

the PRC, a Comite Member of the Chinese People’s Political

Consultative Conference Guangzhou City, a Felow Member of

the Hong Kong Institute of Certified Public Acountants and the

Asociation of Chartered Certified Acountants.

Mr. Wong Wai Kwok, aged 58, joined the Group in 2001. He

was apointed as Executive Director of the Company with efect

from 1st April, 2022. He is curently the Senior Vice President

(Marketing and Sales) of the Group and a director of Litle Tre

Publishing Limited, a non-wholy owned subsidiary of the

Company. Mr. Wong responsible for overseing the Group’s

marketing and sales. Mr. Wong has over 31 years of experience

in the printing busines relating to boks, greting cards and

packaging. His strength is in acount management, busines

development, strategic planing, and comunications with

internal and external parties. He is also responsible for

managing the Group’s FSC-COC certification since 2007 to

ensure the required standards are met and to manage the

number of participating sites under the scope of the Group’s

certification.

MANAGEMENT PROFILE管理阶层简介

钟治塘先生，现年五十二岁，于一九一年加入本

集团，自二零二五年四月一日起，他获委任为本公

司之执行董事，现为本集团高级副总裁及营运长以

及广州星光环保中心有限公司的总经理，该公司为

本公司的全资附属公司，钟先生负责统筹广州厂区

的生产及日常运作。他亦为深圳市童梦格林文化发

展有限公司的法人代表，该公司为本公司的全资附

属公司。他于包装及印刷行业拥有超过三十年经验。

他现时就读国开实验学院 — 工商企业管理（本科）

课程。

田诚先生，现年六十一岁，于一九八一年九月加入

本集团，他自二零一九年四月一日起获委任为本公

司之执行董事，及本集团若干附属公司之董事。田

先生拥有超过四十年在包装印刷领域营运和管理的

经验，一直专责统筹本集团于中国内地的营运计划

及日常运作。田先生自二零二五年四月一日起辞任

本公司执行董事。

非执行董事

杨翠女士，现年七十八岁，为本集团创办人之一。

她由二零一年九月一日起由本公司之执行董事调

职为非执行董事，她于印刷行业拥有超过五十年经

验。

Mr. Zhong Zhitang, aged 52, joined the Group in 1991. He

was apointed as an Executive Director of the Company with

efect from 1st April, 2025. He is curently the Senior Vice

President and Chief Operation Oficer of the Group and the

general manager of Guangzhou Starlite Environmental Friendly

Center, Limited, a wholy-owned subsidiary of the Company.

Mr. Zhong is responsible for overseing the production and

operation of the Guangzhou factory. He is also the legal

representative of Shenzhen Team Gren Cultural Development

Co., Ltd (深圳市童梦格林文化发展有限公司), the company is

a wholy-owned subsidiary of the Company. He has over 30

years’ of experience in printing and packaging busines. He is

curently studying the Busines Management undergraduate

programe of The Open University of China.

Mr. Tin Shing, aged 61, joined the Group in September 1981.

He was apointed as an Executive Director of the Company

and director of certain subsidiaries of the Company with efect

from 1st April, 2019. Mr. Tin has over 40 years’ experience in

the operation and management of package printing companies

and he has ben responsible for the overal planing and daily

operations of the Group in the PRC. Mr. Tin resigned as

Executive Director of the Company with efect from 1st April,

2025.

Non-Executive Director

Ms. Yeung Chui, aged 78, is one of the founders of the Group.

She was re-designated from the position of Executive Director

to Non-Executive Director of the Company with efect from

1st September, 2011. She has over 50 years’ experience in the

printing industry.

MANAGEMENT PROFILE管理阶层简介

独立非执行董事

陈裕光先生，现年七十三岁，本公司之独立非执行

董事、薪酬委员会主席、审核委员会及提名委员会

成员，他自一九三年起出任本公司之独立非执行

董事。前任香港上市之大家乐集团有限公司集团主

席，现为非执行董事，亦为稻香控股有限公司之非

执行董事，互太纺织控股有限公司、谢瑞麟珠宝（国

际）有限公司、现代牙科集团有限公司及盈健医疗集

团有限公司之独立非执行董事（上述公司均于香港

联交所主板上市）。陈先生持有加拿大曼尼托巴大学

社会及政治学位及该大学城市规划硕士学位，更

获颁授工商管理荣誉博士学位及荣膺岭南大学之荣

誉院士殊荣。陈先生现为优质旅游服务协会顾问，

他同时担任香港市务学会荣誉主席。陈先生担任若

干公职多年，获得广泛专业经验，并从事饮食业务

的企业管理及领导工作，迄今超逾三十多年。

郭琳广先生，银紫荆星章，太平绅士，现年六十九岁，本

公司之独立非执行董事、提名委员会主席、薪酬委

员会及审核委员会成员，他于二零四年七月获委

任为本公司之独立非执行董事。现为郭叶陈律师事

务所（「KYC」）之合伙人。在创立KYC之前，曾在多间

国际律师事务所工作，当中包括美国贝克•麦坚时

律师事务所、英国西盟斯律师行（合伙人）、美国安

达信国际律师事务所（大中华区主管合伙人）、澳大

利亚万盛国际律师事务所（大中华区管理合伙人）及

金杜律师事务所（执行管理合伙人（亚洲战略及市场）

等。他毕业于澳大利亚悉尼大学并先后取得经济学

学士、法学士及法学硕士学位，其后亦取得哈佛

商学院的高级管理课程文凭。他为香港执业律师，

同时亦具有澳大利亚、英格兰和威尔斯及新加坡的

执业律师资格。此外，更具有英格兰和威尔斯的特

许会计师资格及澳大利亚和香港的认可会计师资格。

Independent Non-Executive Directors

Mr. Chan Yue Kwong, Michael, aged 73, Independent

Non-Executive Director, Chairman of the Remuneration

Comite, member of the Audit Comite and Nomination

Comite of the Company. He has ben an Independent

Non-Executive Director of the Company since 1993. Mr. Chan

was the former Chairman and is curently the non-executive

director of the publicly-listed Cafe de Coral Holdings Limited in

Hong Kong. He is also a Non-Executive Director of Tao Heung

Holdings Limited, an Independent Non-Executive Director of

Pacific Textiles Holdings Limited, Tse Sui Luen Jewelery

(International) Limited, Modern Dental Group Limited, and

Human Health Holdings Limited, al of which are listed on the

Main Board of the Hong Kong Stock Exchange. He holds a

double major degre in Sociology and Political Science, a

Master degre in City Planing from the University of Manitoba,

an Honorary Doctorate Degre in Busines Administration, and

is bestowed as Honorary Felow from Lingnan University. Mr.

Chan curently is the adviser of the Quality Tourism Services

Asociation, as wel as being the Honorary Chairman of the

Hong Kong Institute of Marketing. He has many years of

profesional experience in the public sector and over 30 years’

managerial experience in the fod and catering industry.

Mr. Kwok Lam Kwong, Lary, SBS, JP, aged 69, Independent

Non-Executive Director, Chairman of Nomination Comite,

member of the Remuneration Comite and Audit Comite

of the Company. He was apointed as an Independent

Non-Executive Director of the Company in July 2004. He is

curently a partner of Kwok Yih & Chan (“KYC”), Solicitors.

Prior to founding KYC, he worked in a number of international

law firms, including Baker McKenzie, Simons & Simons

(Partner), Andersen Legal (Managing Partner, Greater China),

Malesons Stephen Jaques (Managing Partner, Mainland China

and Hong Kong) and King & Wod Malesons (Managing

Partner, Asia Strategy & Markets). He graduated from the

University of Sydney, Australia with combined degres in

acounting/economics and laws respectively as wel as a

master’s degre in laws. He also obtained the Advanced

Management Program diploma from the Harvard Busines

Schol. He is qualified to practise as a solicitor in Hong Kong,

Australia, England and Wales and Singapore. He is also

qualified as a Chartered Acountant in England and Wales and

MANAGEMENT PROFILE管理阶层简介

任职多个政府咨询机构及委员会的委员。曾任交通

咨询委员会主席、监警会主席、港交所纪律上诉委

员会召集人、交通意外伤亡援助咨询委员会主席、

暴力及执法伤亡赔偿上诉委员会主席、消费者委员

会副主席及消费品安全条例上诉委员会副主席等。

郭先生现为建筑物上诉审裁处主席及深圳国际仲裁

院仲裁员。

谭竞正先生，现年七十六岁，本公司之独立非执行

董事、审核委员会主席、薪酬委员会及提名委员会

成员，他于二零四年七月获委任为本公司之独立

非执行董事。彼为香港执业会计师。彼为香港会计

师公会之资深会员及加拿大安大略省特许专业会计

师公会员。彼亦为香港华人会计师公会前任会长。

谭先生亦出任多间于香港联合交易所有限公司主板

上市之公司（即首惠产业金融服务集团有限公司（前

称首长四方（集团）有限公司）及中国西部水泥有限

公司之独立非执行董事职位。谭竞正先生于沪港联

合控股有限公司在二零二三年八月十八日及信星鞋

业集团有限公司在二零二四年八月廿八日举行之股

东周年大会上轮值退任独立非执行董事。自二零

二四年五月三十一曰及二零二四年七月一日起，他

分别辞任光正教育国际控股有限公司及京西重工国

际有限公司之独立非执行董事。

a CPA in Hong Kong and Australia. He has served regularly on

Government boards and comites. Previously, he was

Chairman of the Transport Advisory Comite, Chairman of

the Independent Police Complaints Council, Convenor of the

Disciplinary Apeals Comite of the Hong Kong Stock

Exchange, Chairman of the Trafic Acident Victims Asistance

Advisory Comite, Chairman of the Apeal Board of the

Criminal & Law Enforcement Injuries Compensation Boards,

Vice-Chairman of the Consumer Council and Deputy Chairman

of the Apeal Board under the Consumer Gods Safety

Ordinance. He is curently Chairman of the Buildings Apeal

Tribunal and arbitrator of the Shenzhen Court of International

Arbitration.

Mr. Tam King Ching, Keny, aged 76, Independent

Non-Executive Director, Chairman of the Audit Comite,

member of the Remuneration Comite and Nomination

Comite of the Company. He was apointed as an

Independent Non-Executive Director of the Company in July

2004. He is a practising Certified Public Acountant in Hong

Kong. He is a felow member of the Hong Kong Institute of

Certified Public Acountants and a member of the Chartered

Profesional Acountants of Ontario, Canada. He is also a Past

President of The Society of Chinese Acountants and Auditors.

Mr. Tam also serves as an independent non-executive director

of certain listed companies on the main board of The Stock

Exchange of Hong Kong Limited, namely, Capital Industrial

Financial Services Group Limited (formerly known as Shougang

Concord Grand (Group) Limited) and West China Cement

Limited. Mr. Tam King Ching, Keny retired from the ofices as

an independent non-executive director by rotation at the anual

general meting of Hong Kong Shanghai Aliance Holdings

Limited and Kingmaker Fotwear Holdings Limited, held on

18th August, 2023 and 28th August, 2024 respectively. He

resigned as an independent non-executive director of Wisdom

Education International Holdings Company Limited and

BeijingWest Industries International Limited, with efect from

31st May, 2024 and 1st July, 2024 respectively.

MANAGEMENT PROFILE管理阶层简介

罗君美女士，现年七十岁，自二零二三年四月一日

起获委任为本公司之独立非执行董事、审核委员会、

薪酬委员会及提名委员会成员，罗女士在一九七六

年毕业于加拿大麦基尔大学。她为特许会计师，加

拿大特许专业会计师，香港会计师公会执业资深会

计师，英国及威尔斯特许会计师公会资深会员及澳

洲会计师公会资深会员。她现为罗思云罗君美会计

师事务所有限公司的董事总经理及罗思云会计师行

的东主。罗女士现为新华汇富金融控股有限公司、

祈福生活服务控股有限公司、九龙仓集团有限公司、

万物云空间科技服务股份有限公司及丽年国际控股

有限公司（上述公司股份均在香港联合交易所有限

公司上市）之独立非执行董事。

高级管理人员

梁琛祺先生，现年五十一岁，于二零二年加入本

集团，现为星光视觉媒体有限公司之高级副总裁。

他负责本集团之自家品牌 — 「绿团」的业务，包括星

光视觉媒体有限公司、上海绿团创意设计有限公司、

苏州绿团家饰有限公司及Team Gren (Far East) Pte.

Ltd.的生产、日常运作及营销，此等公司为本集团之

全资附属公司。他于1998年从加拿大蒙特圣文森大

学毕业，获得管理专业的商业管理学士学位。他于

多个行业的管理、品质管理及营销等拥有超过二十

年的经验。

Ms. Elizabeth Law, aged 70, was apointed as Independent

Non-Executive Director, member of the Audit Comite,

Remuneration Comite and Nomination Comite of the

Company with efect from 1st April, 2023. Ms. Law graduated

from McGil University, Canada in 1976. She is a Chartered

Profesional Acountant, Chartered Acountant of Canada, a

Felow of the Hong Kong Institute of Certified Public

Acountants (Practising), a felow member of the Institute of

Chartered Acountants in England and Wales and a felow

member of Certified Public Acountant of Australia. She is the

Managing Director of Law & Partners CPA Limited and

Proprietor of Stephen Law & Company. Ms. Law is an

independent non-executive director of Sunwah Kingsway Capital

Holdings Limited, Cliford Modern Living Holdings Limited, The

Wharf (Holdings) Limited, Onewo Inc. and Wise Aly

International Holdings Limited, shares of the aforesaid

companies are listed on The Stock Exchange of Hong Kong

Limited.

Senior Management

Mr. Leung Sum Ki Samuel, aged 51, joined the Group in 2022.

He is curently the Vice President of Starlite Visual

Comunication Limited. He is responsible for the ODM

busines — “Team Gren” of the Group including managing the

production, daily operations, marketing and sales of Starlite

Visual Comunication Limited, Team Gren (Shanghai)

Company Limited, Suzhou Team Gren Home Products Limited

and Team Gren (Far East) Pte. Ltd., these companies are

wholy-owned subsidiaries of the Company. Mr. Leung

graduated in 1998 from Canada Mount Saint Vincent University

with a Bachelor of Busines Administration majoring in

Management. He has over 20 years’ experience in management,

quality management, sales and marketing in various industries.

LIST OF PROPERTIES物业详情

Folowing is the list of properties held by subsidiaries of the

Group as at 31st March, 2025:

LocationsAproximate areaExisting use

% of interest held

by the Group

地点概约面积目前用途

本集团持有权益

百分比

(Sq.m.)

（平方米）

1.3/F, Perfect Industrial Building, 31 Tai Yau Stret,

Sanpokong, Kowlon, Hong Kong

1,849Ofice and

warehouse

100%

香港九龙新蒲岗大有街31号善美工业大厦3楼办公室及仓库100%

2.Car park numbers L3, L4, L5 and P37 at Perfect

Industrial Building, 31 Tai Yau Stret, Sanpokong,

Kowlon, Hong Kong

In agregate 75Car parks100%

香港九龙新蒲岗大有街31号善美工业大厦L3, L4, L5

及P37号车位

合共75车位100%

3.Unit 1, 5/F, Perfect Industrial Building, 31 Tai Yau

Stret, Sanpokong, Kowlon, Hong Kong*

340Industrial unit for

lease

100%

香港九龙新蒲岗大有街31号善美工业大厦5楼1号室*出租工业单位100%

4.Unit 2, 5/F, Perfect Industrial Building, 31 Tai Yau

Stret, Sanpokong, Kowlon, Hong Kong*

384Industrial unit for

lease

100%

香港九龙新蒲岗大有街31号善美工业大厦5楼2号室*出租工业单位100%

5.Flat E, 37/F, Block 1A, The Arch, No. 1 Austin Road

West, Kowlon, Hong Kong*

38Residential unit for

lease

100%

香港九龙柯士甸道西1号凯旋门1A座37楼E室*出租住宅单位100%

6.Land-use-right and factory premises at 189, Kaifa

Avenue, Guangzhou Economic & Technological

Development District, PRC

11,448 (land)

（土地）

3,350

(factory premises)

（厂房）

Factory100%

中国广州经济技术开发区开发大道189号之土地使

用权及厂房

厂房100%

7.Rom 1004, 14 Lan Yu Wu Road, Kai Fa Avenue,

Guangzhou, PRC

124Staf quarter100%

中国广州开发区蓝玉五街14号1004房员工宿舍100%

于二零二五年三月三十一日由本集团之附属公司持

有之物业如下：

LIST OF PROPERTIES物业详情

，本集团持有作为投资物业（附注15），

并以中期契约年期持有。

LocationsAproximate areaExisting use

% of interest held

by the Group

地点概约面积目前用途

本集团持有权益

百分比

(Sq.m.)

（平方米）

8.Land-use-right and factory premises at Muxi Liu Lu,

Muxi Industry Zone, Shaoguan City, Guangdong

Province, PRC

126,358 (land)

（土地）

99,702

(factory premises)

（厂房）

Factory100%

中国韶关市沐溪工业园沐溪六路之土地使用权及

厂房

厂房100%

9.Land-use-right and factory premises at No.88 Zhu

Jiang Road, Liuhe Town Taicang City, Jiangsu

Province, PRC

19,760 (land)

（土地）

10,238

(factory premises)

（厂房）

Factory100%

中国江苏省太仓市浏河镇珠江路88号之土地使用权

及厂房

厂房100%

10.Land-use-right and factory premises at No.98 Hu Tai

Xin Road, Liuhe Town Taicang City, Jiangsu

Province, PRC

63,860 (land)

（土地）

34,872

(factory premises)

（厂房）

Factory100%

中国江苏省太仓市浏河镇沪太新路98号之土地使用

权及厂房

厂房100%

11.Leasehold land and factory premises at PLO 17,

Jalan Persiaran Teknologi, Taman Teknologi Johor,

81400 Senai, Johor, Malaysia

12,140 (land)

（土地）

12,900

(factory premises)

（厂房）

Factory100%

马来西亚柔佛州PLO 17, Jalan Persiaran Teknologi,

Taman Teknologi Johor, 81400 Senai, 之租赁土地

及厂房

厂房100%

12.111 Somerset Road #10-01 111 Somerset, Singapore81Ofice100%

111 Somerset Road #10–01 111 Somerset, 新加坡办公室100%

* These properties situated in Hong Kong and held by the Group as investment

properties (Note 15), are held under medium term lease.

INDEPENDENT AUDITOR’S REPORT独立核数师报告

To the Shareholders of Starlite Holdings Limited

(incorporated in Bermuda with limited liability)

Opinion

What we have audited

The consolidated financial statements of Starlite Holdings

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

which are set out on pages 80 to 204, 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 31st March, 2025, and of its consolidated financial

performance and its consolidated cash flows for the year then

ended in acordance with HKFRS Acounting Standards as

isued by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”) and have ben properly prepared in

compliance with the disclosure requirements of the Hong Kong

Companies Ordinance.

致星光集团有限公司股东

（于百慕达注册成立的有限公司）

意见

我们已审计的内容

星光集团有限公司（以下简称「贵公司」）及其附属公

司（以下统称「贵集团」）列载于第80至204页的综合财

务报表，包括：

；及

，包括重大会计政策信息

及其他解释信息。

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

会颁布的《香港财务报告准则会计准则》真实而中肯

地反映了贵集团于二零二五年三月三十一日的综

合财务状况及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。

INDEPENDENT AUDITOR’S REPORT独立核数师报告

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有关物业、厂

房及设备、使用权资产以及非流动资产预付款之减

值评估。

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 Maters

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.

Key audit mater identified in our audit is related to impairment

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

and prepayments for non-curent asets.

INDEPENDENT AUDITOR’S REPORT独立核数师报告

Key Audit MaterHow our audit adresed the Key Audit Mater

关键审计事项我们的审计如何处理关键审计事项

Impairment asesment of property, plant and equipment, right-of-use asets and prepayments for non-curent asets

物业、厂房及设备、使用权资产以及非流动资产预付款之减值评估

Refer to Notes 4(a), 14, 16 and 34.7 to the consolidated

financial statements

请参阅综合财务报表附注4(a), 14, 16及34.7

The Group has aproximately HK$336,928,000 of property,

plant and equipment (“P&E”), right-of-use asets (“ROU”)

and prepayments for non-curent asets as at 31st March,

2025, of which aproximately HK$70,954,000,

HK$227,539,000 and HK$38,435,000 are related to the

Group’s production plant and machinery, ROU and

prepayments for non-curent asets in Eastern and Southern

China segments and South East Asia segment respectively.

The Group’s Eastern and Southern China segments and

South East Asia segment are thre separate Cash Generating

Units (“CGUs”), while they are sufering from los for the

year of aproximately HK$18,605,000, HK$7,334,000 and

HK$1,405,000, respectively.

贵集团于二零二五年三月三十一日的物业、厂房及设备（「物

业、厂房及设备」）、使用权资产（「使用权资产」）以及非流动

资产之预付款约为336,928,000港元，其中约70,954,000港

元、227,539,000港元以及38,435,000港元与贵集团分别于

华东及华南分部以及东南亚分部的生产厂房及机器、使用

权资产以及非流动资产之预付款有关。本集团之华东及华

南分部以及东南亚分部为三个独立现金产生单位（「现金产

生单位」），于本年度分别录得亏损约18,605,000港元、

7,334,000港元及1,405,000港元。

We performed the folowing procedures to adres this

key audit mater:

我们进行了以下程序以解决关键审计事项：

’s

internal control and asesment proces of the

preparation of cash flow projection and asesed

the inherent risk of material mistatement by

considering the degre of estimation uncertainty

and level of other inherent risk factors such as

complexity, subjectivity, changes and susceptibility

to management bias or fraud.

• 了解管理层关于内部监控及准备现金流量预测的评

估过程，并通过考虑估计之不确定性程度及其他固

有风险因素的水平（如复杂性、主观性、变动及对

管理层偏向或舞弊的敏感性）评估重大错误陈述的

固有风险。

’s identification of the

impairment indicators by coroborating with

suporting evidence for the CGUs.

，我们以相关支持文件为佐证，

对管理层所识别的减值指标进行评价。

• We involved our in-house valuation expert in

asesing the methodology of management’s

impairment asesment based on the value in use

calculation and the fair value les cost of disposal

model, and the key asumptions used in the

management’s impairment asesment of the CGUs.

• 我们动用内部估值专家评估管理层根据使用价值及

公允价值减出售成本的模型计算的减值评估方法，

及管理层就现金产生单位的减值评估所使用的关键

假设。

INDEPENDENT AUDITOR’S REPORT独立核数师报告

Key Audit MaterHow our audit adresed the Key Audit Mater

关键审计事项我们的审计如何处理关键审计事项

Impairment asesment of property, plant and equipment, right-of-use asets and prepayments for non-curent asets

(Continued)

物业、厂房及设备、使用权资产以及非流动资产预付款之减值评估（续）

Management asesed the impairment indicators of the

CGUs whenever events or changes in circumstances indicate

the carying amount of a CGU may not be recoverable.

Management considered these CGUs had impairment

indicator.

当有事件或情况变动显示现金产生单位之账面价值可能无

法收回时，管理层会对该等现金产生单位的减值指标进行

评估。管理层认为此等现金产生单位有减值指标。

Management asesed the recoverable amounts of these

CGUs based on the higher of values in use or fair values

les cost of disposal. The values in use and fair values les

cost of disposal are determined by management based on

the future cash flow generated by these CGUs and the

market value of these asets respectively. Management

engaged independent external valuer to asist them to value

these CGUs. Based on management’s impairment

asesment, no impairment charge is recognised for al

CGUs.

管理层会进行评价以评估各现金产生单位之可收回价值，

即其使用价值或其公允价值减出售成本之较高者。管理层

分别根据此等现金产生单位所产生的未来现金流量以及此

等资产的市场价值，厘定使用价值及公允价值减出售成本。

管理层聘请独立外聘估值师以协助管理层估算此等现金产

生单位的价值。根据管理层的减值评估，本年度所有现金

产生单位并无确认减值开支。

, we asesed the

management’s impairment asesments based on the

future cash flow forecasts, by comparing sales

growth rates to the underlying asumptions in the

latest Board aproved budgets and the discount

rates to the cost of capital for the Company and

comparable organisations. We tested the

mathematical acuracy of the calculations of the

management’s impairment asesments derived from

the forecast models and asesed key inputs in the

calculations by reference to management’s aproved

budgets. We also checked the key data inputs, on a

sample basis, of management’s aproved budgets

by reference to third parties information such as

purchase orders, and we asesed the historical

reliability of the budgets.

，我们透过将贵公司最新获

董事会批准的预算中的相关假设的销售增长率及资

金成本的贴现率与可资比较组织比较，从而评估管

理层根据未来现金流量预测进行的减值评估。我们

测试了管理层由预测模型得出的减值评估计算的数

学准确性，并参考管理层的经批准预算评估计算的

关键输入数据。我们亦参考采购订单等第三方资料

抽样检查管理层的经批准预算的关键数据，并且评

估预算的历史可靠性。

, capabilities and

objectivity of the independent external valuers.

，能力及客

观性。

INDEPENDENT AUDITOR’S REPORT独立核数师报告

Key Audit MaterHow our audit adresed the Key Audit Mater

关键审计事项我们的审计如何处理关键审计事项

Impairment asesment of property, plant and equipment, right-of-use asets and prepayments for non-curent asets

(Continued)

物业、厂房及设备、使用权资产以及非流动资产预付款之减值评估（续）

We focused on this area because significant judgements are

involved in management’s impairment asesment in the

determination of the recoverable amounts of the CGUs

which are based on various key asumptions and estimates

such as sales growth rates and discount rates in the value in

use calculations and other asumptions and data inputs such

as comparable transactions and market values in determining

the fair values.

我们专注于此，是因为管理层的减值评估涉及重大判断，

此乃由于厘定现金产生单位的可收回价值是基于多项关键

假设及对未来预算的估计，例如销售增长率及计算使用价

值的贴现率及其他假设以及输入数据，例如可资比较的交

易以及市场价值以厘定其公允价值。

• We also performed sensitivity analysis on the key

asumptions underlying management’s impairment

asesments based on the cash flow forecasts and

valuation by considering the variables and

fluctuations in those underlying key asumptions by

checking to available market information and other

suporting evidence.

，就管

理层根据未来现金流量预测及估值进行减值评估的

相关键假设进行敏感度分析，核对已有市场资料

及支持证据。

Based on the procedures performed above, we considered

the key asumptions and estimates used by management

in asesing the impairment of P&E, ROU and

prepayments for non-curent asets to be suportable.

根据以上所进行的程序，我们认为管理层用于评估物业、

厂房及设备、使用权资产以及非流动资产之预付款的减

值估计为可支持。

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.

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

们亦不对该等其他信息发表任何形式的鉴证结论。

结合我们对综合财务报表的审计，我们的责任是阅

读其他信息，在此过程中，考虑其他信息是否与综

合财务报表或我们在审计过程中所了解的情况存在

重大抵触或者似乎存在重大错误陈述的情况。

INDEPENDENT AUDITOR’S REPORT独立核数师报告

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

港财务报告准则会计准则》及香港《公司条例》的披

露规定拟备真实而中肯的综合财务报表，并对其认

为使综合财务报表的拟备不存在由于欺诈或错误

而导致的重大错误陈述所需的内部控制负责。

在拟备综合财务报表时，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。

审计委员会须负责监督贵集团的财务报告过程。

核数师就审计综合财务报表承担的责任

我们的目标，是对综合财务报表整体是否不存在由

于欺诈或错误而导致的重大错误陈述取得合理保证，

并出具包括我们意见的核数师报告。我们仅按照百

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。

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 as isued by the HKICPA and the disclosure

requirements of the Hong Kong Companies Ordinance, and for

such internal control as the directors determine is necesary to

enable the preparation of consolidated financial statements that

are fre from material mistatement, whether due to fraud or

eror.

In preparing the consolidated financial statements, the directors

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.

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.

INDEPENDENT AUDITOR’S REPORT独立核数师报告

在根据《香港审计准则》进行审计的过程中，我们运

用了专业判断，保持了专业怀疑态度。我们亦：

• 识别和评估由于欺诈或错误而导致综合财务

报表存在重大错误陈述的风险，设计及执行

审计程序以应对这些风险，以及获取充足和

适当的审计凭证，作为我们意见的基础。由于

欺诈可能涉及串谋、伪造、蓄意遗漏、虚假陈

述，或凌驾于内部控制之上，因此未能发现因

欺诈而导致的重大错误陈述的风险高于未能

发现因错误而导致的重大错误陈述的风险。

，以设计适当的

审计程序，但目的并非对贵集团内部控制的

有效性发表意见。

• 评价董事所采用会计政策的恰当性及作出会

计估计和相关披露的合理性。

• 对董事采用持续经营会计基础的恰当性作出

结论。根据所获取的审计凭证，确定是否存在

与事项或情况有关的重大不确定性，从而可

能导致对贵集团的持续经营能力产生重大

疑虑。如果我们认为存在重大不确定性，则有

必要在核数师报告中提请使用者注意综合财

务报表中的相关披露。假若有关的披露不足，

则我们应当发表非无保留意见。我们的结论

是基于核数师报告日止所取得的审计凭证。

然而，未来事项或情况可能导致贵集团不能

持续经营。

、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。

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.

’ 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.

INDEPENDENT AUDITOR’S REPORT独立核数师报告

，以就贵集团内实体或

业务单位的财务资料获取充足及适当的审核

凭证，作为对贵集团财务报表发表意见的基

础。我们负责指导、监督和审阅为进行集团审

核而执行的审核工作。我们就审核意见承担

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。

从与审核委员会沟通的事项中，我们确定哪些事项

对本期综合财务报表的审计最为重要，因而构成关

键审计事项。我们在核数师报告中描述这些事项，

除非法律法规不允许公开披露这些事项，或在极端

罕见的情况下，如果合理预期在我们报告中沟通某

事项造成的负面后果超过产生的公众利益，我们决

定不应在报告中沟通该事项。

出具本独立核数师报告的审计项目合伙人是陈康荣

（执业证书编号：P07746）。

罗兵咸永道会计师事务所

执业会计师

香港，二零二五年六月二十七日

• Plan and perform the group audit to obtain suficient

apropriate audit evidence regarding the financial

information of the entities or busines units within the

Group as a basis for forming an opinion on the

consolidated financial statements. We are responsible for

the direction, supervision and review of the audit work

performed for purposes of the group audit. We remain

solely responsible for our audit opinion.

We comunicate with the Audit Comite regarding, among

other maters, the planed scope and timing of the audit and

significant audit findings, including any significant deficiencies

in internal control that we identify during our audit.

We also provide the Audit Comite with a statement that we

have complied with relevant ethical requirements regarding

independence, and to comunicate with them al relationships

and other maters that may reasonably be thought to bear on

our independence, and where aplicable, actions taken to

eliminate threats or safeguards aplied.

From the maters comunicated with the Audit Comite, we

determine those maters that were of most significance in the

audit of the consolidated financial statements of the curent

period and are therefore the key audit maters. We describe

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

precludes public disclosure about the mater or when, in

extremely rare circumstances, we determine that a mater should

not be comunicated in our report because the adverse

consequences of doing so would reasonably be expected to

outweigh the public interest benefits of such comunication.

The engagement partner on the audit resulting in this

independent auditor’s report is Chan Hong Wing (practising

certificate number: P07746).

PricewaterhouseCopers

Certified Public Acountants

Hong Kong, 27th June, 2025

CONSOLIDATED INCOME STATEMENT综合利润表

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

Year ended 31st March,

截至三月三十一日止年度

二零二五年二零二四年

NoteHK$’000HK$’000

附注千港元千港元

Revenue收入5895,308834,749

Cost of sales销售成本7(760,482)(663,542)

Gros profit毛利134,826171,207

Other income and gains — net其他收入及收益 — 净额616,22812,653

Seling and distribution costs销售及分销费用7(61,299)(49,803)

General and administrative expenses一般及行政开支7(105,522)(112,036)

(Impairment loses)/reversal of

impairment loses on financial asets

金融资产（减值亏损）╱

减值亏损回拨(3,827)4,288

Impairment los on investment property投资物业减值亏损15(2,629)—

Operating (los)/profit经营（亏损）╱溢利(22,223)26,309

Finance income融资收入2,0393,196

Finance costs融资成本(1,962)(4,434)

Finance costs — net融资成本 — 净额877(1,238)

(Los)/profit before income tax除税前（亏损）╱溢利(22,146)25,071

Income tax expense所得税开支11(5,198)(8,079)

(Los)/profit for the year本年（亏损）╱溢利(27,344)16,992

(Los)/profit atributable to:应占（亏损）╱溢利：

Owners of the Company本公司拥有人(26,928)17,422

Non-controling interests非控股权益(416)(430)

(27,344)16,992

(Loses)/earnings per share atributable to

the owners of the Company for the

year (expresed in HK cents per share)

本年本公司拥有人

应占每股（亏损）╱盈利

（每股以港仙呈列）12

— Basic— 基本(5.38)3.45

— Diluted— 摊薄(5.38)3.45

The above consolidated income statement should be read in

conjunction with the acompanying notes.

上述综合利润表应与随附之附注一并细阅。

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME综合全面收益表

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

Year ended 31st March,

截至三月三十一日止年度

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

(Los)/profit for the year本年（亏损）╱溢利(27,344)16,992

Other comprehensive los:其他全面亏损：

Items that may be reclasified to profit or los可能重新分类至损益的项目

Curency translation diferences汇兑差异(5,759)(29,712)

Items that wil not be reclasified to profit or los将不会重新分类至损益的项目

Increase/(decrease) in fair value of financial asets at

fair value through other comprehensive income

按公允价值计入其他全面收益

的金融资产之公允价值

增加╱（减少）114(89)

Total other comprehensive los for the year,

net of tax

本年其他全面亏损总额，

除税后(5,645)(29,801)

Total comprehensive los for the year本年全面亏损总额(32,989)(12,809)

Total comprehensive los for the year atributable to:应占本年全面亏损总额：

Owners of the Company本公司拥有人(32,573)(12,379)

Non-controling interests非控股权益(416)(430)

(32,989)(12,809)

The above consolidated statement of comprehensive income

should be read in conjunction with the acompanying notes.

上述综合全面收益表应与随附之附注一并细阅。

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

As at 31st March,

于三月三十一日

二零二五年二零二四年

NoteHK$’000HK$’000

附注千港元千港元

ASETS资产

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备14314,388335,513

Investment properties投资物业1513,04316,269

Right-of-use asets使用权资产1620,78122,550

Prepayments for non-curent asets非流动资产之预付款201,7591,898

Defered income tax asets递延所得税资产2410,64410,524

Financial asets at fair value through

other comprehensive income

按公允价值计入其他全面

收益的金融资产181,2041,090

Financial asets at fair value through

profit or los

按公允价值计入损益的

金融资产1812,28412,186

374,103400,030

Curent asets流动资产

Inventories存货1970,55576,190

Trade and bil receivables贸易应收账款及票据20171,893172,336

Prepayments and deposits预付款项及按金2026,60525,196

Tax recoverable可收回所得税款—53

Bank deposits with maturity over 3

months from date of deposits

由存款日起计算超过

三个月到期之银行存款21204202

Cash and cash equivalents现金及现金等值21198,650217,432

467,907491,409

Total asets总资产842,010891,439

EQUITY权益

Equity atributable to the owners of the

Company

本公司拥有人应占权益

Share capital股本2550,06350,063

Reserves储备27529,602574,690

579,665624,753

Non-controling interests非控股权益(84)332

Total equity权益总额579,581625,085

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

As at 31st March,

于三月三十一日

二零二五年二零二四年

NoteHK$’000HK$’000

附注千港元千港元

LIABILITIES负债

Non-curent liabilities非流动负债

Lease liabilities租赁负债161,0982,970

Defered income tax liabilities递延所得税负债246,7676,601

7,8659,571

Curent liabilities流动负债

Trade and bil payables贸易应付账款及票据2370,84290,424

Other payables and acruals其他应付款及应计负债2374,58272,234

Contract liabilities合约负债55,3724,754

Curent income tax liabilities即期所得税负债26,08023,877

Borowings融资2273,47961,959

Lease liabilities租赁负债164,2093,535

254,564256,783

Total liabilities负债总额262,429266,354

Total equity and liabilities权益及负债总额842,010891,439

The consolidated financial statements on pages 80 to 204 were

aproved by the Board of Directors on 27th June, 2025 and

were signed on its behalf.

Lam Kwong YuPon Kwok Ching

林光如潘国政

ChairmanDirector

主席董事

The above consolidated statement of financial position should

be read in conjunction with the acompanying notes.

第80页至204页之综合财务报表已于二零二五年六月

二十七日获董事会批准及代表签署。

上述综合财务状况表应与随附之附注一并细阅。

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

Atributable to owners of the Company

本公司拥有人应占

capital

Reserves

(Note 27)Sub-total

Non-

controling

interests

Total

equity

股本

储备

（附注27）小计非控股权益权益总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Balances at 31st March, 2023

and at 1st April, 2023

于二零二三年三月

三十一日及二零二三年

四月一日结余50,664592,710643,374762644,136

Comprehensive income/(los)全面收益╱（亏损）

Profit/(los) for the year本年溢利╱（亏损）—17,42217,422(430)16,992

Other comprehensive los其他全面亏损

Decrease in fair value of

financial asets at fair value

through other comprehensive

income

按公允价值计入其他

全面收益的金融资产

之公允价值减少

—(89)(89)—(89)

Curency translation diferences汇兑差异—(29,712)(29,712)—(29,712)

Total other comprehensive los,

net of tax

其他全面亏损总额

— 除税后—(29,801)(29,801)—(29,801)

Total comprehensive los

for the year

本年全面亏损总额

—(12,379)(12,379)(430)(12,809)

Transactions with owners in

their capacity as owners

与身份为拥有人之

拥有人交易

Dividends paid (Note 13)已付股息（附注13）—(5,006)(5,006)—(5,006)

Share repurchases股份购回(601)(635)(1,236)—(1,236)

Balance at 31st March, 2024于二零二四年三月

三十一日结余50,063574,690624,753332625,085

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

上述综合权益变动表应与随附之附注一并细阅。

Atributable to owners of the Company

本公司拥有人应占

capital

Reserves

(Note 27)Sub-total

Non-

controling

interests

Total

equity

股本

储备

（附注27）小计非控股权益权益总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Balances at 31st March, 2024

and at 1st April, 2024

于二零二四年三月

三十一日及二零二四年

四月一日结余50,063574,690624,753332625,085

Comprehensive los全面亏损

Los for the year本年亏损—(26,928)(26,928)(416)(27,344)

Other comprehensive los其他全面亏损

Increase in fair value of

financial asets at fair value

through other comprehensive

income

按公允价值计入其他

全面收益的金融资产

之公允价值增加

—114114—114

Curency translation diferences汇兑差异—(5,759)(5,759)—(5,759)

Total other comprehensive los,

net of tax

其他全面亏损总额

— 除税后—(5,645)(5,645)—(5,645)

Total comprehensive los for

the year

本年全面亏损总额

—(32,573)(32,573)(416)(32,989)

Transactions with owners in

their capacity as owners

与身份为拥有人之

拥有人交易

Dividends paid (Note 13)已付股息（附注13）—(12,515)(12,515)—(12,515)

Balance at 31st March, 2025于二零二五年三月

三十一日结余50,063529,602579,665(84)579,581

The above consolidated statement of changes in equity should

be read in conjunction with the acompanying notes.

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

Year ended 31st March,

截至三月三十一日止年度

二零二五年二零二四年

NoteHK$’000HK$’000

附注千港元千港元

Cash flows from operating activities经营活动之现金流量

Cash generated from operations经营业务产生之现金28(a)13,19946,771

Interest paid已付利息(1,656)(4,165)

Hong Kong profits tax refunded已退还香港利得税240—

Overseas income tax paid已付海外所得税(2,798)(3,038)

Overseas income tax refunded已退还海外所得税—240

Net cash generated from operating

activities

经营活动产生之现金净额

8,98539,808

Cash flows from investing activities投资活动之现金流量

Payments of property, plant and

equipment

物业、厂房及设备之付款

(18,195)(44,555)

Proceds from disposals of property,

plant and equipment

出售物业、厂房及设备之

所得收入28(b)3882,464

(Increase)/decrease in short-term bank

deposits with maturity over 3

months from the date of deposits

由存款日起计算超过

三个月到期之短期银行

存款（增加）╱减少(2)8,562

Interest received已收利息2,0393,196

Net cash used in investing activities投资活动所用之现金净额(15,770)(30,333)

Cash flows from financing activities融资活动之现金流量

Proceds from bank loans新增银行贷款28(d)66,49418,404

Repayments of bank loans偿还银行贷款28(d)(54,929)(38,635)

Principal elements of lease payments租赁付款本金部份28(d)(4,439)(3,946)

Interest elements of lease payments租赁付款利息部份28(d)(306)(269)

Dividends paid已付股息13(12,515)(5,006)

Share repurchases股份购回—(1,236)

Net cash used in financing activities融资活动所用之现金净额(5,695)(30,688)

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

Year ended 31st March,

截至三月三十一日止年度

二零二五年二零二四年

NoteHK$’000HK$’000

附注千港元千港元

Net decrease in cash and cash

equivalents

现金及现金等值之净额减少

(12,480)(21,213)

Cash and cash equivalents at the

begining of the year

年初之现金及现金等值

217,432243,019

Exchange loses on cash and cash

equivalents

现金及现金等值之汇兑亏损

(6,302)(4,374)

Cash and cash equivalents at the end of

the year

年终之现金及现金等值

21198,650217,432

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之附注一并细阅。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

1 General information

Starlite Holdings Limited (the “Company”) is an

investment holding company. Its subsidiaries are

principaly engaged in the printing and manufacturing of

packaging materials, labels and paper products, including

environmentaly friendly paper products. The Company

and its subsidiaries are colectively refered to the

“Group”.

The Company was incorporated in Bermuda on

3rd November, 1992, as an exempted company with

limited liability under the Companies Act 1981 of

Bermuda. The adres of its registered ofice is Victoria

Place, 5th Flor, 31 Victoria Stret, Hamilton HM 10,

Bermuda and its principal place of busines is 3/F, Perfect

Industrial Building, 31 Tai Yau Stret, Sanpokong,

Kowlon, Hong Kong. The Company’s shares have ben

listed on The Stock Exchange of Hong Kong Limited since

1993.

These consolidated financial statements are presented in

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

2 Basis of preparation

The consolidated financial statements of the Group have

ben prepared in acordance with HKFRS Acounting

Standards (“HKFRSs”), which colectively includes al

aplicable individual HKFRSs, Hong Kong Acounting

Standards (“HKASs”) and Interpretations isued by the

Hong Kong Institute of Certified Public Acountants

(“HKICPA”), acounting principles generaly acepted in

Hong Kong and the disclosure requirements of the Hong

Kong Companies Ordinance. The consolidated financial

statements have ben prepared under the historical cost

convention, except for financial asets at fair value

through other comprehensive income and financial asets

at fair value through profit or los which are measured at

fair value.

1 一般资料

星光集团有限公司（「本公司」）乃一家投资控

股公司。其附属公司的主要业务为印刷及制

造包装材料、标签及纸类制品，包括环保纸类

产品，本公司及其附属公司统称（「本集团」）。

本公司于一九二年十一月三日根据百慕达

公司条例(1981)于百慕达注册成立为获豁免有

限公司。其注册办事处地址为Victoria Place,

5th Flor, 31 Victoria Stret, Hamilton HM

10, Bermuda及其主要营业地址为香港九龙新

蒲岗大有街三十一号善美工业大厦三楼。本

公司股份自一九三年起于香港联合交易所

有限公司上市。

除另有指明外，此等综合财务报表以港元（「港

元」）呈列。

2 编制基准

本集团综合财务报表乃按照所有适用的香港

财务报告准则会计准则（「香港财务报告准

则」）、香港公认会计原则及香港公司条例的

披露需求而编制。香港财务报告准则包括香

港会计师公会（「香港会计师公会」）颁布之所

有适用个别香港财务报告准则、香港会计准

则（「香港会计准则」）及诠释。除按公允价值计

入其他全面收益的金融资产及按公允价值计

入损益的金融资产以公允价值计量外，综合

财务报表乃按历史成本法编制。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

2 编制基准（续）

编制符合香港财务报告准则之综合财务报表

需要运用若干关键会计估计。管理层亦须在

应用本集团会计政策时作出判断。涉及较高

程度判断或复杂性的领域，或假设及估计对

综合财务报表具有重大意义的领域于附注4披

露。

(a) 本集团采纳之新准则及准则之修订

本集团已于二零二四年四月一日开始的

财政年度首次应用以下对业务运作相关

的新准则及准则之修订。

香港会计准则第1

号之修订

将负债分类为流

动或非流动

香港会计准则第1

号之修订

附带契约条款的

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

香港诠释第5号

（经修订）

财务报表的呈列

— 借款人对

包含应要求偿

还条文之有期

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

上文呈列之修订并无对以往年度确认的

金额产生任何影响，且预期不会对当期

或未来期间造成重大影响。

2 Basis of preparation (Continued)

The preparation of consolidated financial statements in

conformity with HKFRSs 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.

(a) New and amended standards adopted by the

Group

The Group has aplied the folowing new and

amended standards for the first time for the

financial year begining 1st April, 2024 and are

relevant to its operations.

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

Hong Kong

Interpretation 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 amendment listed above did not have any

impact on the amounts recognised in prior periods

and are not expected to significantly afect the

curent or future periods.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

2 编制基准（续）

(b) 仍未生效及本集团尚未提早采纳之

新准则、准则及诠释之修订（统称

「修订」）

本集团未有提早采纳已颁布但于二零

二五年三月三十一日报告期间仍未强制

实行之约干现有准则及诠释之修订。预

期此等准则整体上不会对本期或将来报

告期间，及可见未来的交易造成重大影

响。

2 Basis of preparation (Continued)

(b) New standards, amendments to standards

and interpretation (colectively refer as

“Amendments”) that are not yet efective

and have not ben early adopted by the

Group

Certain amendments to existing standards and

interpretation have ben published that are not

mandatory for 31st March, 2025 reporting periods

and have not ben early adopted by the Group.

These standards are not expected to have a

material impact on the entity in the curent or

future reporting periods and on foreseable future

transactions.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

2 编制基准（续）

(b) 仍未生效及本集团尚未提早采纳之

新准则、准则及诠释之修订（统称

「修订」）（续）

2 Basis of preparation (Continued)

(b) New standards, amendments to standards

and interpretation (colectively refer as

“Amendments”) that are not yet efective

and have not ben early adopted by the

Group (Continued)

Efective for anual

periods begining

on or after

年度期间开始或

以后生效

Amendments to HKAS 21 and

HKRFS 1

Lack of Exchangeability1st January, 2025

香港会计准则第21号及香港财

务报告准则第1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

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

金融工具分类及计量二零二六年一月一日

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

香港财务报告准则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

1st January, 2027

香港财务报告准则第18号财务报表的呈列及披露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号之修订财务报表的呈列 — 借款人对包含应要求偿还条

文之有期贷款之分类

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

投资者与其联营公司或合营企业之间的

资产出售或注资

有待厘定

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

2 编制基准（续）

(b) 仍未生效及本集团尚未提早采纳之

新准则、准则及诠释之修订（统称

「修订」）（续）

预期上述修订将不会对本集团当期或未

来报告期间的综合财务报表，及可见未

来的交易造成重大影响。

3 财务风险管理

3.1 财务风险因素

本集团之主要业务承受多种财务风险：

市场风险（包括外汇风险、公允价值利

率风险及现金流量利率风险）、信贷风

险、流动资金风险及价格风险。本集团

之整体风险管理方案集中于难以预测之

金融市场，并致力于将对本集团财务表

现造成之潜在不利影响减至最低。风险

管理由本集团的高层管理人员按本公司

董事会批准的政策推行。

2 Basis of preparation (Continued)

(b) New standards, amendments to standards

and interpretation (colectively refer as

“Amendments”) that are not yet efective

and have not ben early adopted by the

Group (Continued)

None of the above Amendments is expected to

have a material impact on the consolidated

financial statements of the Group in the curent or

future reporting periods and on foreseable future

transactions.

3 Financial risk management

3.1 Financial risk factors

The Group’s principal activities expose it to a

variety of financial risks: market risk (including

foreign exchange risk, fair value interest rate risk

and cash flow interest rate risk), credit risk,

liquidity risk and price 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 senior management of the Group under

policies aproved by the Board of Directors of the

Company.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

(a) 市场风险

(i) 外汇风险

本公司之附属公司于中国

（「中国」）、香港、新加坡及

马来西经营业务，大部份

交易主要以人民币（「人民

币」）、港元、新加坡元（「新

加坡元」）、美元（「美元」）或

马来西亚元（「马来西亚元」）

计值。本集团所承担之外

汇风险主要来自有关附属

公司之销售及采购交易以

功能货币以外之货币结算。

本集团认为其汇风险主要

来自人民币及新加坡元兑

换港元及╱或美元的风险。

由于港元与美元挂钩，本

集团相信以港元作为功能

货币的集团公司订立以美

元计算的交易须承受的风

险并不重大。

本集团通过监控外币收入

及支付水平管理其外币交

易所承受之风险。本集团

确保其不时之外汇风险净

额维持在可接受的范围内。

本集团亦经常审阅本地及

国际客户的组合及交易计

值之货币，以将集团的外

汇风险降至最低。

3 Financial risk management (Continued)

3.1 Financial risk factors (Continued)

(a) Market risk

(i) Foreign exchange risk

Subsidiaries of the Company operate

in the People’s Republic of China

(“PRC”), Hong Kong, Singapore and

Malaysia with most transactions

denominated in either Renminbi

(“RMB”), Hong Kong dolars, Singapore

dolars (“SGD”), United States dolars

(“US$”) or Malaysian ringit (“RM”).

The Group is exposed to foreign

exchange risk primarily through sales

and purchases transactions that are

denominated in a curency other than

the functional curency of the relevant

subsidiary. The Group considers its

foreign curency exposure mainly

arises from the exposure of RMB and

SGD against Hong Kong dolars and/or

US$. As Hong Kong dolars is peged

to US$, the Group believes the

exposure of transactions denominated

in US$ which are entered by group

companies with a functional curency

of Hong Kong dolars to be

insignificant.

The Group manages its exposures to

foreign curency transactions by

monitoring the level of foreign

curency receipts and payments. The

Group ensures that the net exposure

to foreign exchange risk is kept to an

aceptable level from time to time.

The Group also regularly reviews the

portfolio of local and international

customers and the curencies in which

the transactions are denominated so as

to minimise the Group’s exposure to

foreign exchange risk.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

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）

于二零二五年三月三十一

日，本集团于香港业务的

借贷主要以港元计值，及

中国业务的借贷主要以人

民币计值。目前，管理层预

期年内并无与本集团借贷

有关之任何重大外汇风险

且本集团并无使用任何金

融工具对冲其来自本集团

借贷之外汇风险。

于二零二五年三月三十一

日，倘人民币兑港元之汇

率升值╱贬值5%（二零

二四年：5%），而其他可变

因素维持不变，本年度除

税前亏损（二零二四年：除

税前溢利）将减少╱增加约

399,000港元（二零二四年：

增加╱减少142,000港元），

主要由于以相关集团公司

非功能货币计值之现金及

银行存款、贸易应收账款、

贸易应付账款及借贷在兑

换时产生之外汇收益╱亏

损所致。

于二零二五年三月三十一

日，倘人民币兑美元之汇

率升值╱贬值5%（二零

二四年：5%），而其他可变

因素维持不变，本年度除

税前亏损（二零二四年：除

税前溢利）将减少╱增加约

1,000,000港元（二零二四

年：增加╱减少1,368,000

港元），主要由于以相关集

团公司非功能货币计值之

现金及银行存款、贸易应

收账款、贸易应付账款及

借贷在兑换时产生之外汇

收益╱亏损所致。

3 Financial risk management (Continued)

3.1 Financial risk factors (Continued)

(a) Market risk (Continued)

(i) Foreign exchange risk (Continued)

As at 31st March, 2025, the Group’s

borowings are mainly denominated in

Hong Kong dolars for operation in

Hong Kong and RMB for operation in

the PRC. At present, the management

does not expect that there wil be any

significant foreign exchange risk

asociated with the Group’s

borowings and the Group did not use

any financial instruments to hedge its

foreign exchange risk arising from the

Group’s borowings during the year.

At 31st March, 2025, if RMB had

strengthened/weakened by 5% (2024:

5%) against Hong Kong dolars with

al other variables held constant, pre-

tax los (2024: pre-tax profit) for the

year would have ben aproximately

HK$399,000 lower/higher (2024:

HK$142,000 higher/lower), mainly as

a result of foreign exchange gains/

loses on translation of cash and bank

balances, trade receivables, trade

payables and borowings denominated

in non-functional curency of the

relevant group companies.

At 31st March, 2025, if RMB had

strengthened/weakened by 5% (2024:

5%) against US$ with al other

variables held constant, pre-tax los

(2024: pre-tax profit) for the year

would have ben aproximately

HK$1,000,000 lower/higher (2024:

HK$1,368,000 higher/lower), mainly

as a result of foreign exchange gains/

loses on translation of cash and bank

balances, trade receivables, trade

payables and borowings denominated

in non-functional curency of the

relevant group companies.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

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）

于二零二五年三月三十一

日，倘新加坡元兑美元之

汇率升值╱贬值5%（二零

二四年：5%），而其他可变

因素维持不变，本年度除

税前亏损（二零二四年：除

税前溢利）将减少╱增加约

1,699,000港元（二零二四

年：增加╱减少1,172,000

港元），主要由于以相关集

团公司非功能货币计值之

现金及银行存款、贸易应

收账款、贸易应付账款在

兑换时产生之外汇收益╱

亏损所致。

于二零二五年三月三十一

日，倘马来西亚元兑美元

之汇率升值╱贬值5%（二

零二四年：5%），而其他可

变因素维持不变，本年度

除税前亏损（二零二四年：

除税前溢利）将减少╱增加

约203,000港元（二零二四

年：增加╱减少389,000港

元），主要由于以相关集团

公司非功能货币计值之现

金及银行存款、贸易应收

账款、贸易应付账款在兑

换时产生之外汇收益╱亏

损所致。

3 Financial risk management (Continued)

3.1 Financial risk factors (Continued)

(a) Market risk (Continued)

(i) Foreign exchange risk (Continued)

At 31st March, 2025, if SGD had

strengthened/weakened by 5% (2024:

5%) against US$ with al other

variables held constant, pre-tax los

(2024: pre-tax profit) for the year

would have ben aproximately

HK$1,699,000 lower/higher (2024:

HK$1,172,000 higher/lower), mainly

as a result of foreign exchange gains/

loses on translation of cash and bank

balances, trade receivables, and trade

payables denominated in non-

functional curency of the relevant

group companies.

At 31st March, 2025, if RM had

strengthened/weakened by 5% (2024:

5%) against US$ with al other

variables held constant, pre-tax los

(2024: pre-tax profit) for the year

would have ben aproximately

HK$203,000 lower/higher (2024:

HK$389,000 higher/lower), mainly as

a result of foreign exchange gains/

loses on translation of cash and bank

balances, trade receivables, and trade

payables denominated in non-

functional curency of the relevant

group companies.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

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）

于二零二五年三月三十一

日，倘欧元兑港元之汇率

升值╱贬值5%（二零二四

年：5%），而其他可变因素

维持不变，本年度除税前

亏损（二零二四年：除税前

溢利）将减少╱增加约

1,557,000港元（二零二四

年：增加╱减少2,975,000

港元），主要由于以相关集

团公司非功能货币计值之

现金及银行存款、贸易应

收账款、贸易应付账款在

兑换时产生之外汇收益╱

亏损所致。

(i) 现金流量及公允价值利率

风险

因本集团除现金及银行存

款外，并无重大计息资产，

故本集团之收入及经营现

金流量大致上不受市场利

率变更影响。

于二零二五年及二零二四

年三月三十一日，本集团

之利率风险主要来自银行

借贷。浮息银行借贷致使

本集团承受现金流量利率

风险。本集团之现金流量

利率风险来自本集团银行

借贷，主要集中于香港同

业拆息利率之波动。

3 Financial risk management (Continued)

3.1 Financial risk factors (Continued)

(a) Market risk (Continued)

(i) Foreign exchange risk (Continued)

At 31st March, 2025, if EUR had

strengthened/weakened by 5% (2024:

5%) against Hong Kong dolars with

al other variables held constant, pre-

tax los (2024: pre-tax profit) for the

year would have ben aproximately

HK$1,557,000 lower/higher (2024:

HK$2,975,000 higher/lower), mainly

as a result of foreign exchange gains/

loses on translation of cash and bank

balances, trade receivables and trade

payables denominated in non-

functional curency of the relevant

group companies.

(i) Cash flow and fair value interest rate

risk

As the Group has no significant

interest-bearing asets except for the

cash and bank balances, the Group’s

income and operating cash flows are

substantialy independent of changes

in market interest rates.

As at 31st March, 2025 and 2024, the

Group’s interest rate risk mainly arises

from bank borowings. The Group is

exposed to cash flow interest rate risk

in relation to variable-rate bank

borowings. The Group’s cash flow

interest rate risk is mainly concentrated

on the fluctuation of Hong Kong

Interbank Ofered Rate arising from

the Group’s bank borowings.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

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，倘银行借贷的利率上

升╱下降10个基点，而其

他可变因素维持不变，本

年度除税后亏损（二零二四

年：除税后溢利）将增加╱

减少约61,000港元（二零

二四年：减少╱增加50,000

港元），主要由于浮息银行

借贷之利息开支之增加╱

减少。

(b) 信贷风险

本集团之信贷风险主要来自贸易

应收账款及银行与金融机构之存

款。

贸易债务人之信贷风险乃由个别

业务单元管理层管理及由本集团

管理层按组别监控。大部份客户

均具有相当规模及知名的。管理

层评估其他规模较小的客户的信

贷质素，会考虑其财务状况，过

往经验及其他有关因素。信贷限

额之使用须定期监控。有过期结

余之债务人将须按要求清偿其未

偿付结余。

于二零二五年三月三十一日，本

集团有信贷集中风险，因贸易应

收账款总额的30%（二零二四年：

36%）来自集团的最大五个客户，

最大客户占贸易应收账款总额的

14%（二零二四年：20%）。

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 bank borowings had ben 10 basis

points higher/lower with al other

variables held constant, post-tax los

(2024: post-tax profit) for the year

would have ben HK$61,000 higher/

lower (2024: HK$50,000 lower/higher)

mainly as a result of higher/lower

interest expense on floating rate bank

borowings.

(b) Credit risk

The credit risk of the Group mainly arises

from trade receivables and deposits with

banks and financial institutions.

Credit risk on trade debtors is managed by

the managements of the individual busines

units and monitored by the Group’s

management on a group basis. Most

customers are sizable and renowned.

Management aseses the credit quality of

smaler customers by considering their

financial position, past experience therewith

and other relevant factors. The utilisation of

credit limits is regularly monitored. Debtors

with overdue balances wil be requested to

setle their outstanding balances.

At 31st March, 2025, the Group had a

concentration of credit risk as 30% (2024:

36%) of the total trade receivable were due

from the Group’s five largest customers and

14% (2024: 20%) of the total trade

receivable were due from the Group’s largest

customer.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

金融资产减值

本集团应用香港财务报告准则第

9号之简易方法，按所有贸易应收

账款的全期预计亏损拨备计量预

期信贷亏损。

根据共享信贷风险特征及过期天

数归类贸易应收账款以计量预期

信贷亏损。

本集团根据整体贸易应收账款的

性质及业务的地理位置、共享信

贷风险特征以及账龄概况归纳其

贸易应收账款。预期信贷亏损率

根据过往付款记录及历史信贷亏

损经验。预期信贷亏损率会调整

以反映当前及前瞻性宏观经济因

素影响客户偿付应收款能力的资

料。

3 Financial risk management (Continued)

3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)

Impairment of financial asets

The Group aplies the HKFRS 9 simplified

aproach to measure expected credit loses

which uses a lifetime expected los

alowance for al trade receivables.

To measure the expected credit loses, trade

receivables have ben grouped based on

shared credit risk characteristics and the

days past due.

The Group categorises its trade receivables,

based on the nature and geographical areas

of the busines, shared credit risk

characteristics and ageing profile colectively.

The expected credit los rates are determined

based on past repayment history and

historical credit loses experience. The

expected credit los rates are adjusted to

reflect curent and forward-loking

information on macroeconomic factors

afecting the ability of the customers to setle

the receivables.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

金融资产减值（续）

按此基准，于二零二五年及二零

二四年三月三十一日贸易应收账

款之亏损拨备厘定如下：

贸易应收账款亏损拨备之变动于

附注20呈列。

3 Financial risk management (Continued)

3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)

Impairment of financial asets (Continued)

On that basis, the los alowance as at

31st March, 2025 and 2024 was determined

as folows for trade receivables:

As at 31st March, 2025

0–90

days

91–180

days

181–365

days

Over

365 daysTotal

于二零二五年三月三十一日0–90日91–180日181–365日超过365日总额

Expected los rate预期亏损率1.0%27.5%91.2%100.0%

Gros carying amount

(HK$’000) — trade

receivables

总账面值（千港元）

— 贸易应收账款

168,6514,6491,79211,924187,016

Los alowance (HK$’000)亏损拨备（千港元）(1,758)(1,280)(1,635)(11,924)(16,597)

Trade receivables, net

(HK$’000)

贸易应收帐款，净额

（千港元）166,8933,369157—170,419

As at 31st March, 2024

0–90

days

91–180

days

181–365

days

Over

365 daysTotal

于二零二四年三月三十一日0–90日91–180日181–365日超过365日总额

Expected los rate预期亏损率0.7%26.7%70.6%100.0%

Gros carying amount

(HK$’000) — trade

receivables

总账面值（千港元）

— 贸易应收账款

169,1591,7722,8698,952182,752

Los alowance (HK$’000)亏损拨备（千港元）(1,195)(474)(2,025)(8,952)(12,646)

Trade receivables, net

(HK$’000)

贸易应收帐款，净额

（千港元）167,9641,298844—170,106

Movements in los alowance for trade

receivables are shown in Note 20.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

金融资产减值（续）

当贸易应收账款无合理预期可以

收回，即予以冲销，合理预期收

回的指标其中包括债务人与本集

团并无达成任何还款计划。

贸易应收账款减值亏损于经营溢

利中以减值亏损净额呈列，其后

追回以前已冲销的金额于同一项

目中计入。

按金按香港财务报告准则第9号

规定计提减值。参考对手方的违

约率及财务状况的历史资料以评

估其他应收款的信贷质量，鉴于

对手方的稳定收回记录及财务稳

健，管理层认为按金的信贷风险

为低。故此，评定于二零二五年

及二零二四年三月三十一日其他

应收款的预期信贷亏损率并不重

大。

本集团制定政策以限制须承受来

自任何金融机构之信贷风险。本

集团之银行存款均存入香港、新

加坡、马来西亚及中国知名及信

誉卓著之银行或金融机构。管理

层认为有关银行及金融机构存款

之信贷风险为低。

3 Financial risk management (Continued)

3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)

Impairment of financial asets (Continued)

Trade receivables is writen of when there is

no reasonable expectation of recovery.

Indicators that there is no reasonable

expectation of recovery include, amongst

others, the failure of a debtor to engage in a

repayment plan with the Group.

Impairment loses on trade receivables is

presented as net impairment loses within

operating profit. Subsequent recoveries of

amounts previously writen of are credited

against the same line item.

Deposits are subject to impairment

requirement of HKFRS 9. The credit quality

of other receivables has ben asesed with

reference to historical information about the

default rates and financial position of the

counterparties. Management is of the opinion

that the credit risk of deposits is low due to

the sound colection history and financial

stability of the counterparties. Therefore,

expected credit los rate of the other

receivables is asesed to be imaterial as

of 31st March, 2025 and 2024.

The Group has policies that limit the amount

of credit exposure to any individual financial

institution. The Group’s bank deposits are al

deposited in renowned and established banks

or financial institutions in Hong Kong,

Singapore, Malaysia and the PRC.

Management considers that the credit risk

asociated with deposits with banks and

financial institutes is low.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

审慎的流动资金风险管理指维持

充足的现金及资金，透过已承诺

信贷融资之足够额度备有资金。

基于相关业务之活跃多变性质，

故本集团管理层致力透过保持可

动用的已承诺信贷额度维持资金

的灵活性。

管理层根据预期现金流量，监控

本集团之流动资金储备（包括现

金及现金等值以及由存款日起计

算超过三个月到期之银行存款（附

注21）以及未提取银行信贷额（附

注30）之滚动预测。

下表基于由财务状况表日期至合

约到期日之剩余期间对本集团之

非衍生金融负债进行相关到期组

别分析。在表内披露之金额为合

约性未贴现的现金流量。由于贴

现的影响并不重大，因此于十二

个月内需要偿付之结余相等于其

账面值。

3 Financial risk management (Continued)

3.1 Financial risk factors (Continued)

Prudent liquidity risk management implies

maintaining suficient cash and the

availability of funding through an adequate

amount of comited credit facilities. Due to

the dynamic nature of the underlying

busineses, the Group’s management aims to

maintain flexibility in funding by maintaining

availability under comited credit lines.

Management monitors roling forecasts of the

Group’s liquidity reserve which comprises

cash and cash equivalents and bank deposits

with maturity over 3 months from date of

deposits (Note 21) and undrawn borowing

facilities (Note 30) on the basis of expected

cash flows.

The table below analyses the Group’s

non-derivative financial liabilities into

relevant maturity groupings based on the

remaining period at the date of statement of

financial position date to contractual

maturity date. The amounts disclosed in the

table are the contractual undiscounted cash

flows. Balances due within twelve months

equal their carying balances, as the impact

of discounting is not significant.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

具体地，对于包含银行可依据其

意愿行使的随时要求偿还条文之

银行融资，下列分析呈列按本集

团被要求还款的最早期间的现金

流出，即放款人行使其无条件权

利即时收回贷款。

3 Financial risk management (Continued)

3.1 Financial risk factors (Continued)

Specificaly, for the bank borowings which

contain a repayment on demand clause

which can be exercised at the banks’ sole

discretion, the analysis shows the cash

outflow based on the earliest period in

which the Group can be required to pay,

that is if the lenders were to invoke their

unconditional rights to cal the loans with

imediate efect.

On demand

Les than

1 year

Betwen

1 and 2

years

Betwen

2 and 5

years

随时

要求偿还少于一年

介乎

一至二年

介乎

二至五年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Group集团

At 31st March, 2025于二零二五年

三月三十一日

Borowings融资67,0216,458—

Trade and bil payables贸易应付账款及票据—70,842—

Lease liabilities租赁负债—4,3731,08937

Other payables其他应付款—22,946—

Interest payable应付利息2,902129—

69,923104,7481,08937

At 31st March, 2024于二零二四年

三月三十一日

Borowings融资51,17310,786—

Trade and bil payables贸易应付账款及票据—90,424—

Lease liabilities租赁负债—3,7362,99254

Other payables其他应付款—22,984—

Interest payable应付利息2,490187—

53,663128,1172,99254

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

(d) 价格风险

本集团持有于综合财务状况表分

类为按公允价值计入其他全面收

益的金融资产的股本证券投资令

本集团承受价格风险。本集团分

散其投资组合，以管理股本证券

投资而产生的价格风险。

本集团投资的股本证券于香港联

合交易所有限公司买卖。

于二零二五年三月三十一日，倘

本集团投资的股本证券价格下跌╱

上升10%，而所有其他变量保持

不变，本集团之证券价值将会下

跌╱上升约120,000港元（二零

二四年：109,000港元）。

本集团投资的非上市保险保单，

其公允价值会因保单承保人决定

的回报而波动，此保单于持有期

间有最低回报保证，管理层认为

此保单产生的价格风险并不重大。

3 Financial risk management (Continued)

3.1 Financial risk factors (Continued)

(d) Price risk

The Group is exposed to price risk arising

from its investments in equity securities

which are clasified on the consolidated

statement of financial position as financial

asets at fair value through other

comprehensive income. To manage its price

risk arising from investments in equity

securities, the Group diversifies its

investment portfolio.

The equity securities invested by the Group

are publicly traded on The Hong Kong Stock

Exchange.

At 31st March, 2025, if the prices of the

equity securities invested by the Group had

ben lower/higher by 10%, with al other

variables held constant, the Group’s equity

would have ben aproximately HK$120,000

(2024: HK$109,000) lower/higher.

The fair value of the unlisted insurance

policies invested by the Group wil fluctuate,

subject to the returns which are at the

discretion of the isuer of the insurance

policies. Such policies have a minimum

guaranted returns during the holding period.

Management is of the opinion that the price

risk arising from these policies is

insignificant.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.2 资本风险管理

本集团管理资本之目标为保证本集团持

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维持最佳资本架

构以降低资本成本。

为维持或调整资本结构，本集团或会调

整派予股东之股息金额、回购本公司之

股份、将资本发还股东、发行新股或出

售资产以减少债项。

本集团以净负债比率为基准监察其资

本，该比率以负债净额除以股本总额计

算，负债净额以总融资（包括于综合财

务状况表中披露的流动及非流动融资、

应付票据及租赁负债）减现金及现金等

值。股本总额计算为于综合财务状况表

中的「股本权益」。

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, repurchase the Company’s

shares, return capital to shareholders, isue new

shares or sel asets to reduce debt.

The Group monitors capital on the basis of the net

gearing ratio. This ratio is calculated as net debt

divided by total capital. Net debt is calculated as

total borowings (including curent and non-curent

borowings, bil payables and lease liabilities as

shown in the consolidated statement of financial

position) les cash and cash equivalents. Total

capital is calculated as “equity”, as shown in the

consolidated statement of financial position.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.2 资本风险管理（续）

本集团之策略为维持净负债比率少于

75%。本集团于二零二五年及二零二四

年三月三十一日为净现金状况。于二零

二五年及二零二四年三月三十一日之净

负债比率如下：

3 Financial risk management (Continued)

3.2 Capital risk management (Continued)

The Group’s strategy was to maintain a net gearing

ratio les than 75%. The Group was in net cash

position as at 31st March, 2025 and 2024. The net

gearing ratios at 31st March, 2025 and 2024 were

as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Borowings (Note 22)融资（附注22）73,47961,959

Bil payables (Note 23)应付票据（附注23）—292

Lease liabilities (Note 16)租赁负债（附注16）5,3076,505

Total debts融资总额78,78668,756

Les: cash and cash equivalents

(Note 21)

减：现金及现金等值

（附注21）(198,650)(217,432)

Net cash净现金(119,864)(148,676)

Total capital股本总额579,581625,085

Net gearing ratio净负债比率N/A不适用N/A不适用

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.3 公允价值之估计

本集团之金融资产，包括现金及现金等

值、银行存款、贸易应收账款及票据及

按金以及金融负债包括贸易应付账款及

票据、其他应付款及短期银行融资，由

于到期日为短期，因此其账面值均与公

允价值相若。

下表分析本集团于二零二五年及二零

二四年三月三十一日按用于计量公允价

值之估值技术所用输入数据的层级，计

量按公允价值列账之金融工具之公允价

值。有关输入数据乃按下文所述而分类

归入公允价值架构内的三个层级：

— 同类资产或负债在活跃市场上的

报价（未经调整）（第一级）。

— 除第一级所包括的报价外，资产

或负债的可直接（即价格）或间接

（即从价格以外得出）观察所得的

因素（第二级）。

— 并非根据可观察市场数据而厘定

的资产或负债的因素（即不可观

察的因素）（第三级）。

3 Financial risk management (Continued)

3.3 Fair value estimation

The carying amounts of the Group’s financial

asets including cash and cash equivalents, bank

deposits, trade and bil receivables and deposits

and financial liabilities including trade and bil

payables, other payables and short-term bank

borowings, aproximate their fair values due to

their short-term maturities.

The table below analyses the Group’s financial

instruments caried at fair value as at 31st March,

2025 and 2024 by level of the inputs to valuation

techniques used to measure fair value. Such inputs

are categorised into thre levels within a fair value

hierarchy as folows:

— Quoted prices (unadjusted) in active markets

for identical asets or liabilities (level 1).

— Inputs other than quoted prices included

within level 1 that are observable for the

aset or liability, either directly (that is, as

prices) or indirectly (that is, derived from

prices) (level 2).

— Inputs for the aset or liability that are not

based on observable market data (that is,

unobservable inputs) (level 3).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.3 公允价值之估计（续）

于二零二五年三月三十一日

于二零二四年三月三十一日

于二零二五年及二零二四年三月三十一

日止年度内第一级、第二级及第三级之

间并无转换。

3 Financial risk management (Continued)

3.3 Fair value estimation (Continued)

At 31st March, 2025

Level 1Level 2Level 3Total

第一级第二级第三级总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Asets资产

Financial asets at fair value

through profit or los

按公允价值计入

损益的金融资产—12,28412,284

Financial asets at fair value

through other comprehensive

income

按公允价值计入

其他全面收益的

金融资产1,204—1,204

At 31st March, 2024

Level 1Level 2Level 3Total

第一级第二级第三级总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Asets资产

Financial asets at fair value

through profit or los

按公允价值计入

损益的金融资产—12,18612,186

Financial asets at fair value

through other comprehensive

income

按公允价值计入

其他全面收益的

金融资产1,090—1,090

There were no transfers betwen levels 1, 2 and 3

during the year ended 31st March 2025 and 2024.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

3 财务风险管理（续）

3.3 公允价值之估计（续）

(a) 列入第一级的金融工具

在活跃市场交易的金融工具（如

公开交易的衍生工具及股本证券）

的公允价值是基于报告期末的市

场报价。本集团持有之金融资产

的市场报价为当时买盘价。市场

报价已包含市场有关经济环境变

化的假设，例如利率上升及通胀，

以及环境、社会及管治风险引起

的变化，此等工具包括在第一级。

(b) 列入第二级的金融工具

没有在活跃市场买卖的金融工具

（例如场外衍生工具）的公允价值

利用估值技术厘定。估值技术尽

量利用可取得的可观察市场数据

（如有），并尽量少依赖实体的特

定估计。如计算一项金融工具的

公允价值所需的所有重大输入为

可观察数据，则该金融工具列入

第二级。

如有一项或多项重要输入数据并

非根据可观察市场数据，有关工

具会被归纳为第三级。具体情况

为非上市股本证券及环境、社会

及管治风险导致重大不可观察调

整的工具（附注18）。

3.4 金融资产及金融负债相互抵销

于二零二五年及二零二四年三月三十一

日，并无金融资产及金融负债受可执行

总互抵安排或类似协议所规限。

3 Financial risk management (Continued)

3.3 Fair value estimation (Continued)

(a) Financial instruments in 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. The quoted market price

used for financial asets held by the group is

the curent bid price. The quoted market

price already incorporates the market’s

asumptions with respect to changes in

economic climate such as rising interest

rates and inflation, as wel as changes due

to ESG risk. These instruments are included

in level 1.

(b) Financial instruments in level 2

The fair value of financial instruments that

are not traded in an active market (for

example, over-the-counter derivatives) is

determined by using valuation techniques.

These valuation techniques maximise the use

of observable market data where it is

available 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.

If one or more of the significant inputs is not

based on observable market data, the

instrument is included in level 3. This is the

case for unlisted equity securities and for

instruments where ESG risk gives rise to a

significant unobservable adjustment (Note

18).

3.4 Ofseting financial asets and financial

liabilities

No financial aset and financial liability is subject

to ofseting under an enforceable master neting

arangement or similar arangement as at

31st March, 2025 and 2024.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

4 重大会计估计及判断

估计及判断会被持续评估，并按过往经验及

其他因素，包括于有关情况下相信为合理之

未来事件之预测而作出。

本集团就未来作出估计及假设。产生的会计

估计（根据定义）甚少与有关实际结果相同。

下文说明有很大机会导致下一财政年度资产

与负债账面值须作出重大调整的估计及假设。

(a) 非金融资产减值

倘出现事件或情况变化显示资产账面价

值可能无法收回，本集团须进行减值检

讨；或根据相关会计准则，每年进行减

值检讨。当资产的账面价值低于其公允

价值减出售成本及使用价值之较高者，

会确认减值亏损。于厘定使用价值时，

管理层评估由继续使用该资产及于使用

年期完结时出售所得的估计未来现金流

的现值。

4 Critical acounting estimates and judgements

Estimates and judgments 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

discused below.

(a) Impairment of non-financial asets

The Group conducts impairment reviews of asets

when events or changes in circumstances indicate

that their carying amounts may not be recoverable

or anualy in acordance with relevant acounting

standards. An impairment los is recognised when

the carying amount of an aset is lower than the

greater of its fair value les costs of disposal and

value in use. In determining the value in use,

management aseses the present value of the

estimated future cash flows expected to arise from

the continuing use of the aset and from its

disposal at the end of its useful life.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

4 重大会计估计及判断（续）

(a) 非金融资产减值（续）

管理层须运用判断厘定资产减值，尤其

为厘定：(i)是否已出现显示有关资产值

可能无法收回的事件；(i)收回金额（即

公允价值减出售成本及使用价值后的金

额及估计继续在业务中使用资产所带来

的未来现金流量现值净额二者的较高者）

可否支持资产账面价值；及(i)现金流

量预测所用的适当主要假设，包括该等

现金流量是否以适当利率折现。管理层

所挑选用作评估减值的假设（包括折现

率、毛利率或现金流量预测所用的收入

增长率假设）若有变化，可能会对减值

测试所用的现值净额带来影响，从而影

响本集团财务状况及经营业绩。

4 Critical acounting estimates and judgements

(Continued)

(a) Impairment of non-financial asets

(Continued)

Management judgement is required in the area of

aset impairment particularly in asesing: (i)

whether an event has ocured that may indicate

that the related aset values may not be

recoverable; (i) whether the carying value of an

aset can be suported by the recoverable amount,

being the higher of fair value les costs of disposal

and value-in-use which is the net present value of

future cash flows which are estimated based upon

the continued use of the aset in the busines; and

(i) the apropriate key asumptions to be aplied

in preparing cash flow forecast including whether

these cash flow forecast is discounted using an

apropriate rate. Changing the asumptions selected

by management in asesing impairment, including

the discount rates, the gros profit margin or the

revenue growth rate asumptions in the cash flow

forecast, could afect the net present value used in

the impairment test and as a result afect the

Group’s financial position and results of operations.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

4 重大会计估计及判断（续）

(a) 非金融资产减值（续）

于二零二五年三月三十一日，本集团持

有若干非金融资产，包括位于华东分

部、华南分部及东南亚分部的物业、厂

房及设备、使用权资产以及非流动资产

之预付款，价值分别约为70,954,000港

元、227,539,000港元及38,435,000港元。

管理层在事件或情况变化显示现金产生

单位（「现金产生单位」）的账面价值可能

无法收回时，会评估现金产生单位的减

值指标。管理层认为华东分部、华南分

部及东南亚分部为独立现金产生单位。

由于华东分部、华南分部及东南亚分部

本年度分别录得亏损约18,605,000港

元、7,334,000港元及1,405,000港元，管

理层认为它们存在减值指标。管理层已

对该等现金产生单位进行减值评估。管

理层就现金流量预测及估值的主要假设

进行敏感度分析，包括未来收入增长

率，毛利率、利率折现及每平方米单

价，以评估一连串有可能出现的结果的

潜在影响。详情于附注14中披露。

(b) 存货可变现净值

存货可变现净值指日常业务估计售价扣

除估计完工成本及销售开支。有关估计

根据现行市况及过往制造及出售类似产

品之经验而作出。相关估计可能因客户

口味及竞争对手对抗行业周期而出现重

大变动。管理层于每个报告结束日重新

评估此等估计。

4 Critical acounting estimates and judgements

(Continued)

(a) Impairment of non-financial asets

(Continued)

As at 31st March, 2025, the Group has certain

non-financial asets, including property, plant and

equipment, right-of-use asets and prepayments for

non-curent asets in the Eastern China segment,

the Southern China segment and the South East

Asia segment, amounting to aproximately

HK$70,954,000, HK$227,539,000 and

HK$38,435,000 respectively. Management asesed

the impairment indicators of the Cash Generating

Units (“CGUs”) whenever events or changes in

circumstances indicate the carying amount of a

CGU may not be recoverable. Management

considered the Eastern China segment, Southern

China segment and South East Asia segment as

separate CGUs. Management considered there were

impairment indicators for Eastern and Southern

China segments and South East Asia segment,

because of los for the year of HK$18,605,000,

HK$7,334,000 and HK$1,405,000, respectively.

Management has performed impairment asesments

on these CGUs. Management has also performed

sensitivity analysis over the key asumptions of the

cash flow forecasts and valuation, including future

revenue growth rate, gros profit margin, discount

rate and unit price per square meter, in order to

ases the potential impact of a range of posible

outcomes. Details are disclosed in Note 14.

(b) Net realisable value of inventories

Net realisable value of inventories is the estimated

seling price in the ordinary course of busines,

les estimated costs of completion and aplicable

variable seling expenses. These estimates are

based on curent market conditions and the

historical experience of manufacturing and seling

products of a similar nature. It could change

significantly as a result of changes in customer

taste and competitor actions in response to industry

cycles. Management reaseses these estimates at

the end of each reporting period.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

4 重大会计估计及判断（续）

金融资产之减值亏损拨备是根据有关违

约风险及预期亏损率的估算。于每个报

告结束日，根据本集团过往历史、市场

现况以及前瞻性估算，本集团使用判断

以制订此等估算及选择输入数据作出减

值计算，主要使用的估算及输入数据于

附注3.1(b)内披露。

(d) 金融资产的公允价值

并非于活跃市场买卖的金融资产的公允

价值，本集团会根据相对应方提供的价

格估计其公允价值。如金融资产之公允

价值并非根据可观察市场数据厘定，本

集团将会利用其他估值技术以量度其公

允价值。用以计量此等金融资产的方

法、模型及假设需要管理层于每个报告

日主要按市场情况而作出判断。

4 Critical acounting estimates and judgements

(Continued)

The los alowances for financial asets are based

on asumptions about risk of default and expected

los rates. The Group uses judgement in making

these asumptions and selecting the inputs to the

impairment calculation, based on the Group’s past

history, existing market conditions as wel as

forward loking estimates at the end of each

reporting period. Details of the key asumptions

and inputs used are disclosed in Note 3.1(b).

(d) Fair value of financial asets

For the fair values of financial asets not traded in

an active market, the Group would use the quoted

price provided by counterparty to estimate the fair

values. For the fair values of financial asets not

based on observable market data, the Group would

use other valuation aproaches to measure the fair

values. The methodologies, models and asumptions

used in valuing these financial asets require

judgement by management which are mainly based

on market conditions existing at each reporting

date.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

5 收入及分部资料

(a) 收入按类别分析

收入代表年内已收取或应收客户款项净

额，本年本集团收入按类别的分析如下：

本集团已确认下列与收入相关的合约负

债：

合约负债涉及不可退款的客户预付款，

合约负债并无重大变动。

5 Revenue and segment information

(a) Analysis of revenue by category

Revenue represents the net amounts received and

receivable from customers during the year. An

analysis of the Group’s revenue by type for the

year is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At a point in time于某一时间点

Sales of packaging materials,

labels and paper products,

including environmental

friendly paper products

销售包装材料、标签及

纸类制品，包括环保

纸类产品

869,120817,919

Others其他26,18816,830

895,308834,749

The Group has recognised the folowing

revenue-related contract liabilities:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Contract liabilities合约负债5,3724,754

Contract liabilities pertain to the non-refundable

advance payment made by customers. There were

no significant changes in contract liabilities.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

5 收入及分部资料（续）

(a) 收入按类别分析（续）

下表呈列有关结转的合约负债于相关年

度确认为收入的金额。

会计政策

合约负债为本集团已收取客户的代价（或

代价款项已到期），而有责任送交货物

或服务给客户。假如客户于本集团送交

货物或服务给客户前已支付代价，当款

项已支付或款项已到期（以较早者为准）

会被确认为合约负债，当本集团履行合

约时合约负债会确认为收入。

(b) 分部资料

本公司主席╱首席执行长被视为主要经

营决策者（「主要经营决策者」）。经营分

部以向主要经营决策者提供内部呈报一

致的形式呈报。本公司主要经营决策者

审阅本集团之内部报告，以评估表现及

分配资源。管理层已根据该等报告汇报

经营分部的业绩。

本公司主要经营决策者认为业务应按地

区划分，即按主要厂房的所在地决定，

包括华南、华东及东南亚，及根据收

入、经营（亏损）╱溢利、本年（亏损）╱

溢利、资本开支、资产及负债评估各分

部的表现。

5 Revenue and segment information (Continued)

(a) Analysis of revenue by category (Continued)

The folowing table shows how much of the

revenue recognised in the respective years related

to caried-forward contract liabilities.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue recognised that was

included in the contract

liability balance at begining

of the year

年初计入合约负债结余

已确认为收入

4,7547,148

Acounting Policy

Contract liability is the obligation to transfer gods

or services to a customer for which the Group has

received a consideration (or an amount of

consideration that is due) from the customer. If a

customer pays the consideration before the Group

transfers gods or services to the customer, a

contract liability is recognised when the payment

is made or the payment is due (whichever is

earlier). Contract liabilities are recognised as

revenue when the Group performs under the

contract.

(b) Segment information

The chief operating decision-maker (the “CODM”)

of the Group has ben identified as the Chairman/

Chief Executive Oficer of the Company. Operating

segments are reported in a maner consistent with

the internal reporting provided to the CODM. The

CODM of the Company reviews the Group’s

internal reporting in order to ases performance

and alocate resources. Management has reported

the results of the operating segments based on

these reports.

The CODM of the Company considers the busines

from a geographical perspective, i.e. determined by

the location of major factory plants including

Southern China, Eastern China and South East Asia,

and aseses performance based on revenue,

operating (los)/profit, (los)/profit for the year,

capital expenditure, asets and liabilities.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

5 收入及分部资料（续）

(b) 分部资料（续）

截至二零二五年及二零二四年三月

三十一日止年度之分部业绩如下：

5 Revenue and segment information (Continued)

(b) Segment information (Continued)

The segment results for the year ended 31st March,

2025 and 2024 are as folows:

Southern

China

Eastern

China

South East

AsiaGroup

华南华东南亚集团

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Year ended 31st March, 2025二零二五年三月

三十一日止年度

Segment revenue分部收入637,567252,004138,6511,028,222

Inter-segment revenue分部间收入(2,272)(130,642)—(132,914)

Revenue from external customers

at a point in time

于某一时间点来自外部

客户收入635,295121,362138,651895,308

Operating los经营亏损(2,444)(18,516)(1,263)(22,223)

Finance income融资收入1,4604611182,039

Finance costs融资成本(1,475)(227)(260)(1,962)

Income tax expense所得税开支(4,875)(323)—(5,198)

Los for the year本年亏损(7,334)(18,605)(1,405)(27,344)

Other information:其他资料：

Aditions to property, plant and

equipment

新增物业、厂房及设备

11,0456,64964018,334

Depreciation折旧(21,966)(14,229)(7,383)(43,578)

Impairment los on investment

property

投资物业减值亏损

(2,629)—(2,629)

Year ended 31st March, 2024二零二四年三月

三十一日止年度

Segment revenue分部收入569,160250,421144,313963,894

Inter-segment revenue分部间收入(1,177)(127,968)—(129,145)

Revenue from external customers

at a point in time

于某一时间点来自外部

客户收入567,983122,453144,313834,749

Operating profit经营溢利2,68215,1088,51926,309

Finance income融资收入2,446734163,196

Finance costs融资成本(4,000)(183)(251)(4,434)

Income tax (expense)/credit所得税（开支）╱减免(7,127)(1,262)310(8,079)

(Los)/profit for the year本年（亏损）╱溢利(5,999)14,3978,59416,992

Other information:其他资料：

Aditions to property, plant and

equipment

新增物业、厂房及设备

32,17211,1982,88646,256

Depreciation折旧(21,499)(12,128)(8,894)(42,521)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

5 收入及分部资料（续）

(b) 分部资料（续）

于二零二五年及二零二四年三月三十一

日本集团之分部资产及负债分析如下：

约154,578,000港元（二零二四年：

152,777,000港元）的收入源自一个外来

客户（二零二四年：一个外来客户），此

等收入属于华南分部。

5 Revenue and segment information (Continued)

(b) Segment information (Continued)

An analysis of the Group’s asets and liabilities by

segment as at 31st March, 2025 and 2024 is as

folows:

Southern

China

Eastern

China

South East

AsiaGroup

华南华东南亚集团

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

As at 31st March, 2025于二零二五年三月

三十一日

Segment asets分部资产572,134140,514129,362842,010

Segment liabilities分部负债175,79965,80520,825262,429

As at 31st March, 2024于二零二四年三月

三十一日

Segment asets分部资产593,398168,305129,736891,439

Segment liabilities分部负债153,17293,97419,208266,354

Revenue of aproximately HK$154,578,000 (2024:

HK$152,777,000) is derived from one external

customer (2024: one external customer). This

revenue is atributable to the Southern China

segment.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

5 收入及分部资料（续）

(d) 按客户目的地之收入分析

外部客户按地区划分之收入，根据客户

之目的地：

(e) 非流动资产分析

除金融工具及递延所得税资产以外，按

地区划分之非流动资产：

5 Revenue and segment information (Continued)

(d) Analysis of revenue by destination of

customer

Revenue from external customers by country, based

on the destination of the customer:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Mainland China and Hong Kong中国及香港294,412270,637

The United States of America美国239,324233,800

South East Asia东南亚141,549143,772

Europe欧洲183,855156,376

Others其他36,16830,164

895,308834,749

(e) Analysis of non-curent asets

Non-curent asets, other than financial instruments

and defered income tax asets by country:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Mainland China中国292,742311,990

Hong Kong, China中国香港18,79421,395

Malaysia马来西亚20,54921,750

Singapore新加坡17,88621,095

349,971376,230

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

5 收入及分部资料（续）

会计政策

销售货品

收入于产品的控制权转移至客户时确认，即

当货物按运送╱船运条款运送，或当陈旧及

损失的风险转移至客户、或本集团按照客观

证据证明所有运送货物的条件已达成。

当货物被运送至相方同意的送货地点时，即

客户取得控制权，收入于该时间点确认。

应收款项于交付货物时确认，因为此正是代

价为无条件之时间点，只需待时间过去有关

代价即须到期支付。

6 其他收入及收益 — 净额

5 Revenue and segment information (Continued)

Acounting Policy

Sales of gods

Revenue is recognised when control of the products has

ben transfered to customers, being when the products

are delivered in acordance to the delivery/shiping

terms, or when the risk of obsolescence and los have

ben transfered to the customers, or the Group has

objective evidence that al criteria for gods delivery

have ben satisfied.

Customers obtain control when the gods are delivered

to agred destination. Revenue is recognised at that point

in time.

A receivable is recognised when the gods are delivered

as this is the point in time that the consideration is

unconditional because only the pasage of time is

required before the payment is due.

6 Other income and gains — net

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Net exchange gains汇兑收益净额10,2853,718

(Loses)/gains on disposals of

property, plant and equipment

出售物业、厂房及设备之

（亏损）╱收益(502)1,914

Net fair value gains on financial

asets at fair value through profit

or los

按公允价值计入损益的

金融资产之公允价值

收益净额98109

Government grants政府补助4,5663,554

Others其他1,7813,358

16,22812,653

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

6 其他收入及收益 — 净额（续）

会计政策

(a) 利息收入

按摊销成本计量的金融资产的利息收入

使用实际利率法计算，于综合利润表确

认。

利息收入将实际利率应用至金融资产账

面总值计算得出，惟其后出现信贷亏损

的金融资产除外。出现信贷亏损的金融

资产，实际利率应用至金融资产账面净

值计算得出（扣除亏损准备后）。

(b) 股息收入

股息收入于收取股息的权利确定时确认。

如有合理保证本集团会收到政府补助而

又符合所有附带条件，政府补助将会以

公允价值确认。

有关成本的政府补助乃予界定并于需要

配合其所拟补偿的相关成本的期间内在

综合利润表内确认。

政府有关物业、厂房及设备的补助会列

入非流动负债的递延收入，并按有关资

产的估计可使用年期内按直线法于综合

利润表分摊。

6 Other income and gains — net (Continued)

Acounting Policy

(a) Interest income

Interest income on financial asets at amortised

cost calculated using the efective interest method

is recognised in the consolidated income statement.

Interest income is 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 asets (after deduction of the los

alowance).

(b) Dividend income

Dividend income is recognised when the right to

receive payment is established.

Grants from the government are recognised at their

fair value where there is a reasonable asurance

that the grant wil be received and the Group wil

comply with al atached conditions.

Government grants relating to costs are defered

and recognised in the consolidated income

statement over the period necesary to match them

with the costs that they are intended to

compensate.

Government grants relating to property, plant and

equipment are included in non-curent liabilities as

defered revenue and are credited to the

consolidated income statement on a straight-line

basis over the expected lives of the related asets.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

7 按性质划分之开支7 Expenses by nature

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Raw materials and consumables used原材料及消耗品使用406,639341,214

Sub-contracting charges加工费用36,61536,355

Repairs and maintenance维修保养14,16215,518

Freight and transportation运输费用33,08724,176

Employment benefit expense (including

directors’ emoluments and excluding

severance payment) (Note 9)

员工福利开支（包括董事

酬金及不包括遣散费）

（附注9）304,314277,655

Operating lease rentals of premises

(Note 16)

租用物业经营租赁之租金

（附注16）1,825678

Reversal of provision for inventories

obsolescence (Note 19)

陈旧存货减值拨备回拨

（附注19）(6,887)(7,627)

Depreciation of property, plant and

equipment (Note 14)

物业、厂房及设备之折旧

（附注14）37,78437,230

Depreciation of investment properties

(Note 15)

投资物业之折旧（附注15）

Depreciation of right-of-use asets

(Note 16)

使用权资产之折旧

（附注16）5,1974,694

Auditor’s remuneration核数师酬金

,5513,535

• Non-audit services• 非核数服务339341

Legal and profesional fes法律及专业费用2,1412,201

Subscription fe工会费用2,2042,112

Other expenses其他开支86,73586,702

Total cost of sales, seling and distribution

costs, and general and administrative

expenses

销售成本、销售及分销费

用及一般及行政开支

总额927,303825,381

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

8 融资成本 — 净额

9 员工福利开支（包括董事酬金）

8 Finance costs — net

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Finance income融资收入

Interest income on bank deposits银行存款利息收入2,0393,196

2,0393,196

Finance costs融资成本

Interest expense on bank borowings银行融资利息支出(1,656)(4,165)

Interest expenses on lease liabilities租赁负债利息支出(306)(269)

77(1,238)

9 Employment benefit expense (including

directors’ emoluments)

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Salaries, wages and alowances薪金、工资及津贴235,975220,814

Discretionary bonus自由决定之花红15,86514,487

Pension costs — defined contribution

plans

退休成本 — 界定供款计划

41,59532,111

Reversal of provision for long service

payments and anual leave — net

长期服务金及年假之拨备

回拨 — 净额(536)(20)

Other welfare and benefits其他福利及利益11,41510,263

Employment benefit expense (including

directors’ emoluments and excluding

severance payment) (Note 7)

员工福利开支（包括董事

酬金及不包括遣散费）

（附注7）304,314277,655

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

9 员工福利开支（包括董事酬金）（续）

本集团已为香港员工参加强制性公积金计划

（「强积金计划」），该计划为界定供款并由独立

信托人管理。根据强积金计划，集团各公司（雇

主）及其雇员每月供款为雇员有关入息（按强

制性公积金计划条例之定义）之5%。而雇主

及雇员供款每月之上限为1,500港元，超过上

限的供款均为自愿性供款。

根据中国法规，本集团于中国有业务之公司

为其雇员设立一个界定供款并由国家资助的

退休金计划。员工之供款额约为基本薪金之

约8%，而集团公司之供款额约为其雇员基本

薪金之约14%至16%。除年度供款外，集团公

司就实际的退休金付款或退休后福利并不负

上任何责任。该个由国家资助的退休金计划

承担对退休雇员的所有退休金责任。

根据新加坡法规，本集团于新加坡有业务之

分公司需供款至一个名为新加坡中央公积金

的法定退休金计划。按该计划，雇员供款额为

薪金之约20%，而集团公司之供款额按雇员

薪金约17%，雇主及雇员须供款之上限于二

零二五年三月三十一日年度为6,800新加坡元

（相等于约39,600港元）。

根据马来西亚法规，本集团于马来西亚有业

务之分公司需供款至一个名为马来西亚中央

公积金的法定退休金计划。按该计划，雇员供

款额为薪金之约11%，而集团公司之供款额

按雇员薪金之约12%至13%。雇主及雇员之供

款并无上限。

9 Employment benefit expense (including

directors’ emoluments) (Continued)

The Group has aranged for its Hong Kong employes to

join the Hong Kong Mandatory Provident Fund Scheme

(the “MPF Scheme”), which is a defined contribution

scheme managed by independent trustes. Under the MPF

Scheme, each of the group companies (the employer) and

its employes make monthly contributions to the scheme

at 5% of the employes’ earnings as defined under the

Hong Kong Mandatory Provident Fund legislation. The

monthly contributions of each of the employer and the

employe are subject to a cap of HK$1,500 and thereafter

contributions are voluntary.

As stipulated by rules and regulations in Mainland China,

group companies operating in Mainland China contribute

to state-sponsored retirement plans for their employes.

The employes contribute aproximately 8% of their

salaries, while the group companies contribute

aproximately 14% to 16% of the salaries of their

employes and have no further obligations for the actual

payment of pensions or post-retirement benefits beyond

the anual contributions. The state-sponsored retirement

plans are responsible for the entire pension obligations

payable to retired employes.

As stipulated by rules and regulations in Singapore, the

group company operating in Singapore contributes to the

Singapore Central Provident Fund, a statutory pension

scheme. Under the scheme, the employes contribute

aproximately 20% of their wages, while the group

company contributes aproximately 17% of the wages of

its employes. The employer’s and employes’

contributions are subject to a cap of ordinary wages of

SGD6,800 (equivalent to aproximately HK$39,600)

during the year ended 31st March, 2025.

As stipulated by rules and regulations in Malaysia, the

group company operating in Malaysia contributes to the

Malaysia Central Provident Fund, a statutory pension

scheme. Under the scheme, the employes contribute

aproximately 11% of their wages, while the group

company contributes aproximately 12% to 13% of the

wages of its employes. The employer’s and employes’

contributions are not subject to a cap.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

9 员工福利开支（包括董事酬金）（续）

会计政策

(a) 雇员应享假期

雇员的应享年假及长期服务假期乃于应

计予雇员时确认。雇员因提供服务产生

的应享假期乃按截至财务状况表日期的

年假及长期服务假期估计负债计算拨备。

雇员应享病假及分娩假期仅于支取时才

确认。

(b) 退休福利

集团参加多个界定供款退休福利计划。

界定供款计划指本集团向独立实体作出

定额供款之退休金计划。本集团并无法

定或推定责任为该等定额供款以外的退

休后福利支付其他供款。

计划一般的资金来自向政府机构、保险

公司或受托人管理基金所作供款。本集

团按强制、合约或自愿基准作出供款。

供款到期时确认为雇员福利开支。预付

供款确认为资产，惟以退回现金或可扣

减日后付款金额为限。

9 Employment benefit expense (including

directors’ emoluments) (Continued)

Acounting Policy

(a) Employe leave entitlements

Employe entitlements to anual leave and long

service leave are recognised when they acrue to

employes. A provision is made for the estimated

liability for anual leave and long service leave as

a result of services rendered by employes up to

the date of statement of financial position.

Employe entitlements to sick leave and maternity

leave are not recognised until the time of leave.

(b) Retirement benefits

The Group participates in various defined

contribution retirement benefit schemes. A defined

contribution plan is a retirement benefit scheme

under which the Group pays fixed contributions

into a separate entity. The Group has no legal or

constructive obligations to pay further contribution

for post-retirement benefits beyond these fixed

contributions.

The schemes are generaly funded through

payments to government authorities, insurance

companies or truste-administered funds. The

Group pays contributions on a mandatory,

contractual or voluntary basis. The contributions

are recognised as employment 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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

9 员工福利开支（包括董事酬金）（续）

会计政策（续）

为换取所获雇员提供之服务而授出购股

权之公允价值于授出购股权的归属期内

确认为支出。于归属期内将予支销之总

额乃参考所授出购股权之公允价值厘

定，但不包括任何非市场业绩可行权条

件，非市场可行权条件包括在有关预期

可行使可行权的购股权数目的假设中。

于各个报告结束日，本集团会修订其对

预期可行权数目的估计，并于综合利润

表确认修订原估算产生之影响（如有）及

对权益作出相应调整。

当购股权获行使后，所有收入于扣除任

何有关交易成本后拨入股本（面值）及股

份溢价。

(d) 溢利分享及花红计划

本集团按本公司经调整后股东应占溢利

根据公式计算的花红及溢利分享确认为

负债及开支。当有合约责任或过往惯例

引致推定责任时，本集团即会确认拨备。

10 董事及高级行政人员之利益及权益

下列披露是根据香港《公司条例》（第622章）第

383(1)(a)至(f)条、及公司（披露董事利益资料）

规例（第622G章）第二及第四分部及香港上市

规则而作出。

9 Employment benefit expense (including

directors’ emoluments) (Continued)

Acounting Policy (Continued)

The fair value of the employe services received in

exchange for the grant of share options is

recognised as an expense over the vesting periods

of the options granted. The total amount to be

expensed over the vesting period is determined by

reference to the fair value of the options granted

excluding the impact of any non-market vesting

conditions. Non-market vesting conditions are

included in the asumption that the number of

option that are expected to become exercisable. At

the end of each reporting date, the Group revises

its estimates of the number of options that are

expected to vest. It recognises the impact of the

revision of original estimates, if any, in the

consolidated income statement, with a

coresponding adjustment to equity.

The proceds received net of any directly

atributable transaction costs are credited to share

capital (nominal value) and share premium when

the options are exercised.

(d) Profit-sharing and bonus plans

The Group recognises a liability and an expense

for bonuses and profit-sharing, based on a formula

that takes into consideration the profit atributable

to the Company’s shareholders after certain

adjustments. The Group recognises a provision

where contractualy obliged or where there is a

past practice that has created a constructive

obligation.

10 Benefits and interests of directors and senior

executives

The folowing disclosures are made pursuant to section

383 (1)(a) to (f) of the Hong Kong Companies Ordinance

(Cap. 622), and Parts 2 to 4 of the Companies (Disclosure

of Information about Benefits of Directors) Regulation

(Cap. 622G) and Hong Kong Listing Rules.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

10 董事及高级行政人员之利益及权益

（续）

(a) 董事及执行长之酬金

董事及执行长截至二零二五年及二零

二四年三月三十一日止年度之酬金如下：

10 Benefits and interests of directors and senior

executives (Continued)

(a) Directors’ and chief executive’s emoluments

For year ended 31st March, 2025 and 2024, the

remuneration of directors

and the chief executive

set out below:

Emoluments paid or

receivable in respect of

a person’s services as

a director, whether of

the Company or its

subsidiary undertaking

Emoluments paid or receivable in respect of director’s other services

in conection with the management of the afairs, whether of

the Company or its subsidiary undertaking

就个人作为董事

（不论是本公司或

其附属公司的董事）而

提供的服务，支付予该

董事或该董事可就该等

服务而收取的薪酬

就董事提供有关管理（不论是本公司或其附属公司）事务的其他服务，

支付予该董事的薪酬、或该董事可就该等服务而收取的薪酬

Name of Director董事姓名FesSalaries

Discretionary

bonus

Alowances,

other

payment and

benefits in lieu

Employer’s

contribution to

a retirement

benefit schemeTotal

袍金薪金

自由决定之

花红

津贴、

其他款项及

实物利益

退休福利计划

雇主供款总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

For the year ended

31st March, 2025

二零二五年三月

三十一日止年度

Executive Directors执行董事

Mr. Lam Kwong Yu林光如先生1504,932420112835,697

Mr. Tin Shing (note i)田诚先生（附注i）1871,638137—392,001

Mr. Pon Kwok Ching潘国政先生1502,457205—622,874

Mr. Wong Wai Kwok黄伟国先生1871,395100—371,719

Mr. Zhong Zhitang (note i)钟治塘先生（附注i）—

Non-Executive Director非执行董事

Ms. Yeung Chui杨翠女士150—150

Independent Non-Executive

Directors

独立非执行董事

Mr. Chan Yue Kwong,

Michael

陈裕光先生

200—200

Mr. Kwok Lam Kwong,

Lary, SBS, JP

郭琳广先生，

银紫荆星章、

太平绅士200—200

Mr. Tam King Ching,

Keny

谭竞正先生

200—200

Ms. Elizabeth Law罗君美女士200—200

1,62410,42286211222113,241

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

10 董事及高级行政人员之利益及权益

（续）

(a) 董事及执行长之酬金（续）

10 Benefits and interests of directors and senior

executives (Continued)

(a) Directors’ and chief executive’s emoluments

(Continued)

Emoluments paid or

receivable in respect of

a person’s services as

a director, whether of

the Company or its

subsidiary undertaking

Emoluments paid or receivable in respect of director’s other services

in conection with the management of the afairs, whether of

the Company or its subsidiary undertaking

就个人作为董事

（不论是本公司或

其附属公司的董事）而

提供的服务，支付予该

董事或该董事可就该等

服务而收取的薪酬

就董事提供有关管理（不论是本公司或其附属公司）事务的其他服务，

支付予该董事的薪酬、或该董事可就该等服务而收取的薪酬

Name of Director董事姓名FesSalaries

Discretionary

bonus

Alowances,

other

payment and

benefits in lieu

Employer’s

contribution to

a retirement

benefit schemeTotal

袍金薪金

自由决定之

花红

津贴、

其他款项及

实物利益

退休福利计划

雇主供款总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

For the year ended

31st March, 2024

二零二四年三月

三十一日止年度

Executive Directors执行董事

Mr. Lam Kwong Yu林光如先生1504,151420672785,471

Mr. Tin Shing (note i)田诚先生（附注i）1501,566137—381,891

Mr. Pon Kwok Ching潘国政先生1502,350205—602,765

Mr. Wong Wai Kwok黄伟国先生1501,146100—361,432

Non-Executive Director非执行董事

Ms. Yeung Chui杨翠女士150—150

Independent Non-Executive

Directors

独立非执行董事

Mr. Chan Yue Kwong,

Michael

陈裕光先生

200—200

Mr. Kwok Lam Kwong,

Lary, SBS, JP

郭琳广先生，

银紫荆星章、

太平绅士200—200

Mr. Tam King Ching,

Keny

谭竞正先生

200—200

Ms. Elizabeth Law罗君美女士150—150

1,5009,21386267221212,459

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

10 董事及高级行政人员之利益及权益

（续）

(a) 董事及执行长之酬金（续）

附注：

(i) 田诚先生已辞任本公司执行董事，自二零

二五年四月一日起生效。

(i) 钟治塘先生获委任为本公司执行董事，自二

零二五年四月一日起生效。

(i) 年内，并无就接受董事职位而已支付或应收

取的酬金（二零二四年：零），及并无董事放

弃任何薪酬（二零二四年：零）。

(iv) 林光如先生亦为本公司执行长，上述披露彼

之酬金亦包括他作为执行长之酬金。

(b) 董事之退休福利及离职福利

截至二零二五年三月三十一日止年度

内，概无本公司董事就其向本集团提供

服务已收取或将收取有关任何退休福利

或离职福利（二零二四年：零）。

代价

年内，本集团概无就获取董事服务本公

司而向任何第三方支付代价（二零二四

年：零）。

(d) 有关与董事及该董事的受控制法团

及关连实体订立的贷款、准贷款及

其他交易之资料

本集团概无与本公司董事或董事的受控

制法团及关连实体为受益人而订立于年

末或年内任何时间仍然存续的贷款、准

贷款或其他交易（二零二四年：零）。

10 Benefits and interests of directors and senior

executives (Continued)

(a) Directors’ and chief executive’s emoluments

(Continued)

Notes:

(i) Mr. Tin Shing has resigned as an Executive Director of the

Company with efective from 1st April, 2025.

(i) Mr. Zhong Zhitang has ben apointed as an Executive

Director of the Company with efective from 1st April,

2025.

(i) During the year, no emoluments were paid or receivables

in respect of acepting ofice as directors (2024: Nil), and

no directors waived any emolument (2024: Nil).

(iv) Mr. Lam Kwong Yu is also the Chief Executive Oficer of

the Company and his emoluments disclosed above include

those for services rendered by him as the Chief Executive.

(b) Directors’ retirement benefits and

termination benefits

None of the other directors of the Group received

or wil receive any retirement benefits or

termination benefits in respect of their services to

the Group for the year ended 31st March, 2025

(2024: Nil).

making available directors’ services

During the year, the Company has not paid any

consideration to any third parties for making

available directors’ services to the Company (2024:

Nil).

(d) Information about loans, quasi-loans and

other dealings in favour of directors,

controled bodies corporate by and

conected entities with such directors

There were no loans, quasi-loans and other

dealings entered into by the Company in favour of

the directors of the Company, or body corporate

controled by or entities conected with any of the

directors of the Company at the end of the year or

at any time during the year (2024: Nil).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

10 董事及高级行政人员之利益及权益

（续）

(e) 董事于交易、安排或合约之重大权

益

概无就本集团业务订立本公司为其中订

约方及本公司董事直接或间接拥有重大

权益而于年末或年内任何时间仍然存续

的重大交易、安排及合约（二零二四年：

零）。

(f) 五位最高薪人士

本集团五位最高薪人士中，四位为执行

董事（二零二四年：五位最高薪人士中，

四位为执行董事），其酬金已载于上述

的分析中。已付或应付余下一（二零

二四年：一）人之酬金如下：

于二零二五年三月三十一日止年度内，

概无向任何董事或最高薪之五位人士支

付酬金作为邀请其加入本集团之奖金或

作为其失去职位之赔偿（二零二四年：

零）。

10 Benefits and interests of directors and senior

executives (Continued)

(e) 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 of the Company had a material interest,

whether directly or indirectly, subsisted at the end

of the period or at any time during the year (2024:

Nil).

(f) Five highest paid individuals

The five individuals whose emoluments were the

highest in the Group include four Executive

Directors (2024: five individuals whose emoluments

were the highest in the Group include four

Executive Directors) whose emoluments are

reflected in the analysis presented above. The

emoluments paid or payable to the remaining one

(2024: one) individual were as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Basic salaries, alowances and

benefits in kind

基本薪金、津贴及

非现金利益1,1151,058

Discretionary bonus自由决定之花红—

Pension costs — defined

contribution plans

退休成本 — 界定供款计划

1,1511,092

During the year ended 31st March, 2025, no

emoluments were paid by the Company to any of

the directors or the five highest paid individuals as

an inducement to join or upon joining the Group

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

10 董事及高级行政人员之利益及权益

（续）

(g) 薪酬按组合范围呈列：

11 所得税开支

本公司获豁免缴纳百慕达税项，直至二零

三五年为止。本公司于英属维尔京群岛成立

的各附属公司乃根据英属维尔京群岛国际业

务公司法注册成立，因此，获豁免缴纳英属维

尔京群岛所得税。

按照利得税两级制的机制，除合资格实体的

首2,000,000港元应课税盈利将按8.25%征税

外，香港利得税是按估计应课税盈利按税率

16.5%（二零二四年：16.5%）计算。

在中国成立及经营之附属公司于本年度须按

15%或25%（二零二四年：15%或25%）税率缴

纳中国企业所得税。

于新加坡及马来西亚成立之附属公司分别按

新加坡企业所得税率17%（二零二四年：

17%）及马来西亚企业所得税率24%（二零

二四年：24%）拨备。

10 Benefits and interests of directors and senior

executives (Continued)

(g) The emoluments fel within the folowing

bands:

Number of individuals

人员

二零二五年二零二四年

HK$1,000,001–HK$1,500,0001,000,001港元至1,500,000港元11

11 Income tax expense

The Company is exempted from taxation in Bermuda until

2035. The Company’s subsidiaries established in the

British Virgin Islands are incorporated under the

International Busines Companies Acts of the British

Virgin Islands and, acordingly, are exempted from British

Virgin Islands income taxes.

Hong Kong Profits Tax is calculated at the rate of 16.5%

(2024: 16.5%) on the estimated asesable profits arising

in Hong Kong, except for the first HK$2,000,000 of

qualified entity’s asesable profit is calculated at 8.25%,

which is in acordance with the two-tiered profits tax

rates regime.

The subsidiaries established and operated in the PRC are

subject to the PRC Corporate Income Tax at rate of 15%

or 25% during the year (2024: 15% or 25%).

The subsidiaries established in Singapore and Malaysia

are subject to Singapore Corporate Income Tax at a rate

of 17% (2024: 17%) and Malaysia Corporate Income Tax

at a rate of 24% (2024: 24%) respectively.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

11 所得税开支（续）

于综合利润表中扣除的税项包括：

11 Income tax expense (Continued)

The amount of income tax charged to the consolidated

income statement represents:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Curent income tax expense即期所得税开支

— Hong Kong Profits Tax— 香港利得税55269

— PRC Corporate Income Tax— 中国企业所得税4,4605,544

5,0125,613

Defered income tax (Note 24)递延所得税（附注24）1862,466

Income tax expense所得税开支5,1988,079

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

11 所得税开支（续）

本集团之除税前（亏损）╱溢利计算之税项与

适用于本集团公司溢利之加权平均税率计算

之理论金额有所差异，其对账如下：

适用之加权平均税率为24%（二零二四年：

20%），平均税率的变动主要是由于华南及华

东的若干附属公司的营运业绩导致。

11 Income tax expense (Continued)

The tax on the Group’s (los)/profit before income tax

difers from the theoretical amount that would arise using

the weighted average tax rate aplicable to profit of the

consolidated entities as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

(Los)/profit before income tax除税前（亏损）╱溢利(22,146)25,071

Tax calculated at a tax rate of 16.5%

(2024: 16.5%)

按税率16.5%

（二零二四年：16.5%）

计算的所得税(3,654)4,137

Efect of diferent tax rates of subsidiaries

operating in other countries/jurisdictions

各附属公司于其他国家╱

司法权区营运的税率

差异之影响1,0251,102

Income not subject to income tax无须课税收入(2,136)(3,522)

Expenses not deductible for tax不可扣税支出2,5705,710

Tax benefits税务优惠(344)(1,990)

Tax loses and other temporary diferences

for which no defered income tax was

recognised

税务亏损及其他暂时差异

产生之未确认递延

所得税8,3515,890

Utilisation of previously unrecognised tax

loses

使用以往未确认之税务

亏损(614)(3,248)

Income tax expense所得税开支5,1988,079

The weighted average aplicable tax rate was 24% (2024:

20%). The change in average tax rate is mainly caused

by changes in the operating results of certain subsidiaries

in Southern China and Eastern China.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

11 所得税开支（续）

会计政策

本期间的税项支出包括即期及递延税项。税

项在综合利润表中确认，但与在其他全面收

益或直接于权益中确认的项目有关者则除外。

在此情况下，税项亦分别于其他全面收益或

直接于权益中确认。

即期所得税支出根据本公司及其附属公司营

运及产生应课税收入的国家于财务状况表日

期已颁布或实质颁布的税务法例计算。管理

层就适用税务法例诠释所规限的情况定期评

估报税表的状况，并在适用情况下根据预期

须向税务机关支付的税款设定拨备。

12 每股（亏损）╱盈利

基本

每股基本（亏损）╱盈利乃按本公司拥有人应

占本集团（亏损）╱溢利除年内已发行普通股

之加权平均数计算。

11 Income tax expense (Continued)

Acounting Policy

The tax expense for the period comprises curent and

defered tax. Tax is recognised in the consolidated

income statement, except to the extent that it relates to

items recognised in other comprehensive income or

directly in equity. In this case, the tax is also recognised

in other comprehensive income or directly in equity,

respectively.

The curent income tax charge is calculated on the basis

of the tax laws enacted or substantively enacted at the

date of statement of financial position in the countries

where the Company and its subsidiaries 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. It establishes provisions where apropriate

on the basis of amounts expected to be paid to the tax

authorities.

12 (Loses)/earnings per share

Basic

Basic (loses)/earnings per share is calculated by dividing

the Group’s (los)/profit atributable to the owners of the

Company by the weighted average number of ordinary

shares in isue during the year.

二零二五年二零二四年

(Los)/profit atributable to the owners of

the Company (HK$’000)

本公司拥有人应占

（亏损）╱溢利（千港元）(26,928)17,422

Weighted average number of ordinary

shares in isue (’000)

已发行普通股之加权

平均数（千股）500,633504,372

Basic (loses)/earnings per share (HK cents)每股基本（亏损）╱盈利

（港仙）(5.38)3.45

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

12 每股（亏损）╱盈利（续）

摊薄

每股摊薄（亏损）╱盈利乃就假设所有可摊薄

的潜在普通股获转换后，经调整已发行普通

股之加权平均数计算。二零二五年及二零二四

年三月三十一日止年度，每股摊薄（亏损）╱盈利

相等于每股基本（亏损）╱盈利，因并无可摊

薄的潜在股份。

13 股息

于二零二五年六月二十七日召开之董事会，

董事建议不派发末期股息。

12 (Loses)/earnings per share (Continued)

Diluted

Diluted (loses)/earnings per share is calculated by

adjusting the weighted average number of ordinary shares

outstanding asuming conversion of al dilutive potential

ordinary shares. For the year ended 31st March, 2025

and 2024, diluted (loses)/earnings per share equals basic

(loses)/earnings per share as there were no dilutive

potential shares.

13 Dividends

At the Board of Directors meting held on 27th June,

2025, the Board does not recomend payment of final

dividends.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interim dividend for the year ended 31st

March, 2025 of HK1 cent per fuly paid

share (2024: HK1 cent)

二零二五年三月三十一日

止年度中期股息，每股

已缴足股本港币1仙

（二零二四年：港币1仙）5,0065,006

Dividends not recognised at the end of

the reporting period

于报告期间期末未确认

之股息

Proposed final dividend for the year

ended 31st March, 2025: Nil

(2024: HK1.5 cents per fuly paid share)

拟派二零二五年

三月三十一日止年度

末期股息：零

（二零二四年：每股已缴

足股本港币1.5仙）—7,509

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

14 物业、厂房及设备14 Property, plant and equipment

Buildings

Plant and

machinery

Furniture and

equipment

Motor

vehicles

Construction

in progresTotal

楼宇机器家私及设备汽车在建工程总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

At 31st March, 2023于二零二三年三月三十一日

Cost成本294,863928,88389,97014,2672,4861,330,469

Acumulated depreciation and

impairment

累计折旧及减值

(103,095)(792,200)(76,306)(11,519)—(983,120)

Net bok amount账面净值191,768136,68313,6642,7482,486347,349

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年初账面净值191,768136,68313,6642,7482,486347,349

Aditions添置4,34532,1373,6964145,66446,256

Depreciation折旧(8,369)(24,561)(3,835)(465)—(37,230)

Disposals出售—(401)(8)(141)—(550)

Transfers转至371,081—(1,118)—

Translation adjustments汇兑调整(10,213)(9,136)(700)(56)(207)(20,312)

Closing net bok amount年终账面净值177,568135,80312,8172,5006,825335,513

At 31st March, 2024于二零二四年三月三十一日

Cost成本283,125917,20390,50213,5216,8251,311,176

Acumulated depreciation and

impairment

累计折旧及减值

(105,557)(781,400)(77,685)(11,021)—(975,663)

Net bok amount账面净值177,568135,80312,8172,5006,825335,513

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年初账面净值177,568135,80312,8172,5006,825335,513

Aditions添置8713,5742,3631,1581,15218,334

Depreciation折旧(7,997)(25,276)(4,015)(496)—(37,784)

Disposals出售(2)(734)(11)(143)—(890)

Transfers转至—1,450—(1,450)—

Translation adjustments汇兑调整(82)(625)(37)(2)(39)(785)

Closing net bok amount年终账面净值169,574122,74212,5673,0176,488314,388

At 31st March, 2025于二零二五年三月三十一日

Cost成本282,702926,70893,20612,7816,4881,321,885

Acumulated depreciation and

impairment

累计折旧及减值

(113,128)(803,966)(80,639)(9,764)—(1,007,497)

Net bok amount账面净值169,574122,74212,5673,0176,488314,388

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

14 物业、厂房及设备（续）

(a) 于综合利润表中确认之折旧开支，分析

如下：

(b) 在建工程主要指在中国兴建中的厂房及

办公室楼宇、家私及设备以及安装中的

机器。

约1,023,000港元的楼宇（二零二四年：

1,099,000港元）用作本集团银行信贷额

之附属抵押（附注30）。

(d) 物业、厂房及设备、使用权资产以

及非流动资产预付款之减值

当有事件或情况变动显示账面价值可能

无法收回时，物业、厂房及设备会进行

减值测试。

本集团对现金产生单位的可收回价值进

行审阅。于二零二五年三月三十一日，

各现金产生单位厘定为各分部业务（二

零二四年三月三十一日：各现金产生单

位厘定为各分部业务）。

14 Property, plant and equipment (Continued)

(a) Depreciation expense recognised in the

consolidated income statement is analysed as

folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Cost of sales销售成本32,37332,140

Seling and distribution costs销售及分销费用7919

General and administrative expenses一般及行政开支5,3325,071

37,78437,230

(b) Construction in progres mainly represents factories

and ofice buildings under construction, furniture

and equipment and plant and machinery under

instalation in the PRC.

bok value of aproximately HK$1,023,000 (2024:

HK$1,099,000) were pledged as colateral for the

Group’s banking facilities (Note 30).

(d) Impairment of property, plant and

equipment, right-of-use asets and

prepayments for non-curent asets

Property, plant and equipment are tested for

impairment whenever events or changes in

circumstances indicate that the carying amount

may not be recoverable.

The Group caried out reviews of the recoverable

amounts of CGUs. As 31st March, 2025, each

CGU is determined as each segment operation

(31st March, 2024: each CGU is determined as

each segment operation).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

14 物业、厂房及设备（续）

(d) 物业、厂房及设备、使用权资产以

及非流动资产预付款之减值（续）

于二零二五年及二零二四年三月三十一

日，管理层认为现金产生单位于本年度

录得亏损为减值指标。于二零二五年三

月三十一日，识别三个现金产生单位有

减值指标（二零二四年：三个现金产生

单位），即华东现金产生单位、华南现

金产生单位及东南亚现金产生单位。管

理层已进行三次独立减值评估，并检讨

该等现金产生单位相关账面价值之可收

回性。

物业、厂房及设备、使用权资产以及非

流动资产之预付款之价值于各报告结束

日参考管理层所进行之评价以评估有否

减值迹象。当现金产生单位出现减值指

标，管理层会进行评价以评估各现金产

生单位之可收回价值，即其使用价值或

其公允价值减出售成本之较高者。

华东现金产生单位

于二零二五年三月三十一日，华东现金

产生单位之物业、厂房及设备、使用权

资产以及非流动资产之预付款（「华东之

物业、厂房及设备以及使用权资产」）约

为70,954,000港元（二零二四年：

79,363,000港元），于二零二五年三月

三十一日止年度并无确认减值亏损（二

零二四年：零）。

于二零二五年三月三十一日，华东现金

产生单位之可收回价值乃根据使用价值

厘定，较账面价值高出2.7%。因此，于

二零二五年三月三十一日并无进行公允

价值减出售成本之评估。

14 Property, plant and equipment (Continued)

(d) Impairment of property, plant and

equipment, right-of-use asets and

prepayments for non-curent asets

(Continued)

For the years ended 31st March, 2025 and 2024,

the management regards CGU with los recorded

for the curent year as having impairment indicator.

As at 31st March, 2025, 3 CGUs were identified

with impairment indicators (2024: 3 CGUs), namely

Eastern China CGU, Southern China CGU and

South East Asia CGU. The management has

performed thre separate impairment asesments

and reviewed the recoverability of the relevant

carying amounts of these CGUs.

The value of property, plant and equipment,

right-of-use asets and prepayments for non-curent

asets is asesed at the end of each reporting

period for indications of impairment with reference

to evaluation undertaken by management. For

CGUs with impairment indicators, management

performed evaluation to ases the recoverable

amount of each CGU being the higher of its value

in use or its fair value les costs of disposal.

Eastern China CGU

As at 31st March, 2025, the carying amount of the

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

and prepayments for non-curent asets in Eastern

China CGU (“Eastern China P&E and right-of-use

asets”) was aproximately HK$70,954,000 (2024:

HK$79,363,000). No impairment los was

recognised for the year ended 31st March, 2025

(2024: Nil).

At 31st March, 2025, the recoverable amount of

the Eastern China CGU had ben determined based

on value in use, which was 2.7% higher than the

carying value. Therefore, no asesment of fair

value les cost of disposal was performed at

31st March, 2025.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

14 物业、厂房及设备（续）

(d) 物业、厂房及设备、使用权资产以

及非流动资产预付款之减值（续）

华东现金产生单位（续）

评估华东物业、厂房及设备以及使用权

资产之可收回价值所使用之主要假设如

下：

二零二六年至二零三

零年之销售增长率：–14%–9%

二零二六年至二零三

零年之毛利率：14.5%–15.4%

除税前贴现率：16%

改变管理层于评估减值时所选用之贴现

率及其他假设（包括现金流量预测之增

长率假设）可大幅影响可收回价值。于

二零二五年三月三十一日，倘各年度之

销售增长率较管理层之估算低1%而所

有其他变数保持不变，则华东物业、厂

房及设备以及使用权资产之使用价值将

减少约11,300,000港元。因此，与华东

物业、厂房及设备以及使用权资产之账

面价值相比之短欠约为9,345,000港元。

倘毛利率较管理层之估算每年低0.5%

而所有其他变数保持不变，则华东物

业、厂房及设备以及使用权资产之使用

价值将减少8,788,000港元。因此，与华

东物业、厂房及设备以及使用权资产之

账面值相比之短欠将为6,834,000港元。

14 Property, plant and equipment (Continued)

(d) Impairment of property, plant and

equipment, right-of-use asets and

prepayments for non-curent asets

(Continued)

Eastern China CGU (Continued)

Key asumptions used for asesing the recoverable

amount of Eastern China P&E and right-of-use

asets are as folows:

Sales growth rate

from 2026 to 2030:–14%–9%

Gros profit margin

from 2026 to 2030:14.5%–15.4%

Pre-tax discount rate:16%

Changing the discount rates and other asumptions

selected by management in asesing impairment,

including the growth rates asumption in the cash

flow projections, could materialy afect the

recoverable amount. At 31st March, 2025, if sales

growth rates for each of the year had ben 1%

lower from management’s estimates with al other

variables held constant, the value-in-use of Eastern

China P&E and right-of-use asets would have

ben aproximately HK$11,300,000 lower.

Acordingly, the shortfal compared with the

carying amount of Eastern China P&E and

right-of-use asets would have ben aproximately

HK$9,345,000.

If gros profit margin for each of the year had ben

0.5% lower from management’s estimates with al

other variables held constant, the value-in-use of

Eastern China P&E and right-of-use asets would

have ben HK$8,788,000 lower. Acordingly, the

shortfal compared with the carying amount of

Eastern China P&E and right-of-use asets would

have ben HK$6,834,000.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

14 物业、厂房及设备（续）

(d) 物业、厂房及设备、使用权资产以

及非流动资产预付款之减值（续）

华东现金产生单位（续）

倘贴现率较管理层于二零二五年三月

三十一日之估算高1%而所有其他变数

保持不变，则华东物业、厂房及设备以

及使用权资产之使用价值将减少

5,725,000港元。因此，与华东物业、厂

房及设备以及使用权资产之账面值相比

之短欠将为3,771,000港元。

华南现金产生单位

于二零二五年三月三十一日，华南现金

产生单位之物业、厂房及设备、使用权

资产以及非流动资产之预付款（「华南之

物业、厂房及设备以及使用权资产」）约

为227,539,000港元（二零二四年：

237,753,000港元），于二零二四年三月

三十一日止年度并无确认减值亏损（二

零二四年：零）。

于二零二五年三月三十一日，华南现金

产生单位之可收回价值乃根据使用价值

厘定，较账面价值高出1.5%。因此，于

二零二五年三月三十一日并无进行公允

价值减出售成本之评估。

评估华南物业、厂房及设备以及使用权

资产之可收回价值所使用之主要假设如

下：

二零二六年至二零三

零年之销售增长率：5%–10%

二零二六年至二零三

零年之毛利率：16.9%–18.4%

除税前贴现率：16%

14 Property, plant and equipment (Continued)

(d) Impairment of property, plant and

equipment, right-of-use asets and

prepayments for non-curent asets

(Continued)

Eastern China CGU (Continued)

If the discount rate had ben 1% higher than

management estimate at 31st March, 2025 with al

other variables held constant, value-in-use of

Eastern China P&E and right-of-use asets would

have ben HK$5,725,000 lower. Acordingly, the

shortfal compared with the carying amount of

Eastern China P&E and right-of-use asets would

have ben HK$3,771,000.

Southern China CGU

As at 31st March, 2025, the carying amount of the

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

and prepayments for non-curent asets in Southern

China CGU (“Southern China P&E and right-of-use

asets”) was aproximately HK$227,539,000 (2024:

HK$237,753,000). No impairment los was

recognised for the year ended 31st March, 2025

(2024: Nil).

At 31st March, 2025, the recoverable amount of

the Southern China CGU had ben determined

based on value in use, which was 1.5% higher

than the carying value. Therefore, no asesment

of fair value les cost of disposal was performed at

31st March, 2025.

Key asumptions used for asesing the recoverable

amount of Southern China P&E and right-of-use

asets are as folows:

Sales growth rate

from 2026 to 2030:5%–10%

Gros profit margin

from 2026 to 2030:16.9%–18.4%

Pre-tax discount rate:16%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

14 物业、厂房及设备（续）

(d) 物业、厂房及设备、使用权资产以

及非流动资产预付款之减值（续）

华南现金产生单位（续）

改变管理层于评估减值时所选用之贴现

率及其他假设（包括现金流量预测之增

长率假设）可大幅影响可收回价值。于

二零二五年三月三十一日，倘各年度之

销售增长率较管理层之估算低1%而所

有其他变数保持不变，则华南物业、厂

房及设备以及使用权资产之使用价值将

减少约39,462,000港元。因此，与华南

物业、厂房及设备以及使用权资产之账

面价值相比之短欠约为36,042,000港元。

倘毛利率较管理层之估算每年低0.5%

而所有其他变数保持不变，则华南物

业、厂房及设备以及使用权资产之使用

价值将减少29,029,000港元。因此，与

华南物业、厂房及设备以及使用权资产

之账面值相比之短欠将为25,608,000港

元。

倘贴现率较管理层于二零二五年三月

三十一日之估算高1%而所有其他变数

保持不变，则华南物业、厂房及设备以

及使用权资产之使用价值将减少

22,864,000港元。因此，与华南物业、

厂房及设备以及使用权资产之账面值相

比之短欠将为19,443,000港元。

14 Property, plant and equipment (Continued)

(d) Impairment of property, plant and

equipment, right-of-use asets and

prepayments for non-curent asets

(Continued)

Southern China CGU (Continued)

Changing the discount rates and other asumptions

selected by management in asesing impairment,

including the growth rates asumption in the cash

flow projections, could materialy afect the

recoverable amount. At 31st March, 2025, if sales

growth rates for each of the year had ben 1%

lower from management’s estimates with al other

variables held constant, the value-in-use of

Southern China P&E and right-of-use asets would

have ben aproximately HK$39,462,000 lower.

Acordingly, the shortfal compared with the

carying amount of Southern China P&E and

right-of-use asets would have ben aproximately

HK$36,042,000.

If gros profit margin for each of the year had ben

0.5% lower from management’s estimates with al

other variables held constant, the value-in-use of

Southern China P&E and right-of-use asets would

have ben HK$29,029,000 lower. Acordingly, the

shortfal compared with the carying amount of

Southern China P&E and right-of-use asets would

have ben HK$25,608,000.

If the discount rate had ben 1% higher than

management estimate at 31st March, 2025 with al

other variables held constant, value-in-use of

Southern China P&E and right-of-use asets would

have ben HK$22,864,000 lower. Acordingly, the

shortfal compared with the carying amount of

Southern China P&E and right-of-use asets would

have ben HK$19,443,000.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

14 物业、厂房及设备（续）

(d) 物业、厂房及设备、使用权资产以

及非流动资产预付款之减值（续）

东南亚现金产生单位

于二零二五年三月三十一日，东南亚现

金产生单位之物业、厂房及设备、使用

权资产以及非流动资产之预付款约为

38,435,000港元（二零二四年：

42,845,000港元），于二零二五年三月

三十一日止年度并无确认减值亏损（二

零二四年：零）。

于二零二五年三月三十一日，东南亚现

金产生单位之可收回价值乃根据其公允

价值减去处置成本计算，较账面价值高

出30.7%，因此，于二零二五年三月

三十一日并无进行使用价值的评估。

公允价值减出售成本之计算乃由管理层

进行或参考独立专业合资格估值师进行

之估值后进行，该估值师持有认可相关

专业资格，并对所估值物业之地点及分

部拥有近期经验。估值乃使用成本法及

市场法厘定，主要使用可观察及不可观

察输入资料，包括类似可比较土地及物

业的每平方米单价以及楼宇的每平方米

建筑成本。所有须按公允价值减出售成

本计算之现金产生单位之公允价值均属

于公允价值架构第三级。

14 Property, plant and equipment (Continued)

(d) Impairment of property, plant and

equipment, right-of-use asets and

prepayments for non-curent asets

(Continued)

South East Asia CGU

As at 31st March, 2025, the carying amount of the

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

and prepayments for non-curent asets in South

East Asia CGU was aproximately HK$38,435,000

(2024: HK$42,845,000). No impairment los was

recognised for the year ended 31st March, 2025

(2024: Nil).

At 31st March, 2025, the recoverable amount of

the South East Asia CGU had ben determined

based on fair value les cost of disposal

calculation, which was 30.7% higher than the

carying value. Therefore, no asesment of

value-in-use was performed at 31st March, 2025.

The fair value les cost of disposal calculation was

performed by management or with reference to the

valuations performed by an independent

profesional qualified valuer who holds recognised

relevant profesional qualifications and have recent

experiences in the locations and segments of the

properties valued. The valuation was determined

using the cost aproach and market aproach,

which largely used observable and unobservable

inputs, including unit price per square meter of

similar comparable land and properties as wel as

construction cost per square meter for buildings.

The fair value of the CGU subject to fair value les

cost of disposal calculation is within level 3 of the

fair value hierarchy.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

14 物业、厂房及设备（续）

(d) 物业、厂房及设备、使用权资产以

及非流动资产预付款之减值（续）

东南亚现金产生单位（续）

计算截至二零二五年三月三十一日止年

度之公允价值减出售成本所用之主要假

设如下：

在所有其他变数维持不变的情况下，倘

预期每平方米单位价格及每平方米建筑

成本下降23.5%，则管理层估计于二零

二五年三月三十一日的盈余将降至零。

14 Property, plant and equipment (Continued)

(d) Impairment of property, plant and

equipment, right-of-use asets and

prepayments for non-curent asets

(Continued)

South East Asia CGU (Continued)

The key asumptions used for fair value les cost

of disposal calculation for the year ended

31st March, 2025 are as folows:

Range of

unobservable

inputs

Significant unobservable inputs重大而不可观察的资料

不可观察资料

的范围

(HK$)

（港元）

Land — unit price per square meter土地 — 每平方米单位价格766–1,033

Building — construction cost per square meter建筑物 — 每平方米建筑成本167

Ofice — unit price per square meter办公室 — 每平方米单位价格17,125–17,688

With al other variables held constant, if the

expected unit price per square meter and

construction cost per square meter were decreased

by 23.5%, then the management estimates the

headrom would drop to zero as at 31st March,

2025.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

14 物业、厂房及设备（续）

会计政策

楼宇主要包括厂房及写字楼，物业、厂房及设

备（不包括在建工程）均以历史成本减累计折

旧列账。历史成本包括因收购该项目而直接

产生之支出。

其后成本只有在与该项目有关的未来经济利

益有可能流入本集团，而该项目的成本能可

靠计量时，才列入资产的账面值或确认为独

立资产（如适用）。已更换部分之账面值将剔

除入账。所有其他维修及保养在产生的财务

期间内于综合利润表支销。

资产之折旧依估计可使用年期内按直线法分

摊其成本至剩余价值，有关之可使用年期如下：

— 楼宇25至50年

— 机器5至10年

— 家具及设备5至10年

— 汽车5年

资产之剩余价值及可使用年期于各个报告结

束日检讨，并作出适当调整。若资产之账面值

高于其估计可收回价值，则资产之账面值即

时撇减至可收回价值（附注34.7）。

14 Property, plant and equipment (Continued)

Acounting Policy

Buildings comprise mainly factories and ofices. Property,

plant and equipment excluding construction in progres,

are stated at historical cost les acumulated 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 consolidated

income statement during the financial period in which

they are incured.

Depreciation on asets is calculated using the straight-line

method to alocate their cost to their residual values over

their estimated useful lives, as folows:

— Buildings25 to 50 years

— Plant and machinery5 to 10 years

— Furniture and equipment5 to 10 years

— Motor vehicles5 years

The aset’s 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 34.7).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

14 物业、厂房及设备（续）

会计政策（续）

在建工程指尚未完成建筑工程的楼宇及仍未

完成安装的机器，并按成本入账，成本包括建

筑及安装费用及其他直接成本减值亏损。

当在建工程完成时，会将成本减累计减值亏

损转拨至适当物业、厂房及设备的项目中。在

建工程项目直至有关资产完成及可作拟定用

途前不作折旧拨备。

出售收益及亏损透过比较账面值及所得款项

厘定，并于综合利润表「其他收入及收益 —

净额」内确认。

15 投资物业

于二零二五年三月三十一日，本集团账面净

值约1,963,000港元（二零二四年：2,040,000港

元）之投资物业用作本集团银行信贷额之附属

抵押（附注30）。

投资物业位于香港并按经营租赁出租，由投

资物业产生的租金收入为1,591,000港元（二零

二四年：1,418,000港元）已列入综合利润表「其

他收入及收益 — 净额」内。投资物业有关的

经营开支（包括折旧）为597,000港元（二零

二四：597,000港元）。

14 Property, plant and equipment (Continued)

Acounting Policy (Continued)

Construction in progres comprises buildings on which

construction work has not ben completed and plant and

machinery for which instalation work has not ben

completed. It is caried at cost which includes

construction and instalation expenditures and other direct

costs les any impairment loses. On completion,

construction in progres is transfered to the apropriate

categories of property, plant and equipment at cost les

acumulated impairment loses. No depreciation is

provided for construction in progres until it is completed

and available for use.

Gains and loses on disposals are determined by

comparing the proceds with the carying amount and

are recognised within “other income and gains — net” in

the consolidated income statement.

15 Investment properties

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

As at 1 April于四月一日16,26916,866

Depreciation for the year本年折旧(597)(597)

Impairment减值(2,629)—

As at 31 March于三月三十一日13,04316,269

At 31st March, 2025, investment properties with a total

net bok value of aproximately HK$1,963,000 (2024:

HK$2,040,000) were pledged as colateral for the Group’s

banking facilities (Note 30).

Investment properties are situated in Hong Kong and

rented out under operating leases. Rental income arising

from the investment properties amounting to

HK$1,591,000 (2024: HK$1,418,000) is included in the

“other income and gains — net” in the consolidated

income statement. The operating expenses relating to the

investment properties (including depreciation) amounted

to HK$597,000 (2024: HK$597,000).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

15 投资物业（续）

投资物业包括一幢住宅楼宇及两幢工业楼宇。

于二零二五年三月三十一日，住宅楼宇及工

业楼宇之总公允价值分别约为11,080,000港元

及36,485,000港元。公允价值是根据管理层进

行的估值而得出，投资物业的公允价值按市

场比较方法厘定，并归类至公允价值架构的

第三级。计量公允价值的输入数据主要包括

相若尺寸，性质及位置的可比较物业的市场

单位销售率。计算时假设住宅楼宇及工业楼

宇的公允价值分别为每平方呎总单位价格约

28,000港元及5,000港元。

于二零二五年三月三十一日，本集团于对投

资物业进行初步市场价格研究后，观察到投

资物业（特别是住宅楼宇）可能面临价值下跌

风险的迹象。可收回价值乃根据使用价值或

公允价值减出售成本两者中之较高者厘定。

估值结果显示，一项投资物业之可收回价值

低于其账面价值。该投资物业之公允价值约

为11,080,000港元。因此，本集团于截至二零

二五年三月三十一日止年度确认减值亏损

2,629,000港元（二零二四年：零）。

出租投资物业之最低应收租赁付款如下：

15 Investment properties (Continued)

The investment properties comprise a residential building

and two industrial buildings. As at 31st March, 2025, the

agregated fair values of the residential building and the

industrial buildings are aproximately HK$11,080,000 and

HK$36,485,000, respectively. The fair values have ben

arived at based on valuations caried out by the

management. The fair values of the investment properties

were determined based on the market comparable

aproach which is categorised within Level 3 of the fair

value hierarchy. The inputs used in the fair value

measurements mainly include the market unit sale rate of

comparable properties of similar size, nature and

location. The calculation asumes fair values of the

residential building and industrial buildings are at

aproximately HK$28,000 and HK$5,000 gros unit rate

per square fot, respectively.

As at 31st March, 2025, the Group observed indicator

that an investment property, specificaly the residential

building, might be subject to risk of decline in value after

performing preliminary market price research of the

investment properties. The recoverable amounts were

determined based on higher of value in use or fair value

les costs of disposal. The valuation result indicated that

the recoverable amount of an investment property was

lower than its carying amount. The fair value of the

investment property is aproximately HK$11,080,000. As

a result, the Group recognised an impairment los of

HK$2,629,000 (2024: Nil) for the year ended 31st March,

2025.

Minimum lease payments receivable on leases of

investment properties are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 1 year一年以内4351,446

Betwen 1 and 2 years一至两年内—349

4351,795

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

15 投资物业（续）

会计政策

以成本计量投资物业

投资物业主要为住宅单位及工业大厦，乃持

作赚取长期租金收益，而非本集团占用。投资

物业初步按成本计量，包括有关交易成本及

借贷成本（倘适用）。于初始确认后，投资物业

以账面值结转，代表成本减去折旧及减值亏

损拨备（如有）。

历史成本包括直接归属于收购该资产的费用，

后续成本计入该资产之账面金额，该等物业

有关之未来经济利益很大可能流入本集团时，

物业之成本才可被计量。所有其他维修及维

护成本于产生之报告期间在综合利润表中扣除。

折旧依估计可使用年期按直线法冲销成本至

剩余价值，土地及楼宇之估计可使用年期为

25至50年。

剩余价值及使用年期于各财务状况表日期均

作审阅及调整（倘适合）。该资产之账面金额

会定期检讨，倘投资物业之账面价值比其预

期可收回金额较大时，资产之账面价值即时

撇销至其可收回价值（附注34.7）。

15 Investment properties (Continued)

Acounting Policy

Measuring investment property at cost

Investment properties, principaly a residential building

and industrial buildings, are held for long-term rental

yields and are not ocupied by the Group. Investment

properties are initialy measured at cost, including related

transaction costs and where aplicable borowing costs.

After initial recognition, investment properties are caried

at carying values, representing cost les depreciation and

provision for impairment los, if any.

Historical cost includes expenditure that is directly

atributable to the acquisition of the asets. Subsequent

expenditure is charged to the carying amount of the

aset only when it is probable that future economic

benefits asociated with the property wil flow to the

Group and the cost of the property can be measured

reliably. Al other repair and maintenance costs are

expensed in the consolidated income statement during

the financial period in which they are incured.

Depreciation is calculated using the straight-line method

to write of the cost over the estimated useful lives to

their estimated residual values. Estimated useful lives of

land and buildings are from 25 to 50 years.

The residual values and useful lives are reviewed, and

adjusted if apropriate, at each statement of financial

position date. The carying amounts of asets are

reviewed regularly. An investment property’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 34.7).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

16 租赁

此附注提供本集团作为承租人的租赁资料。

(i) 于综合财务状况表确认的金额

于综合财务状况表呈列有关租赁的金额

如下：

，及于

香港及马来西亚持有租赁土地。

于二零二五年财政年度，添置使用权

资产为3,166,000港元（二零二四年：

1,702,000港元）。

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:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Right-of-use asets使用权资产

Land-use rights土地使用权10,19410,779

Leasehold land租赁土地5,4575,382

Buildings楼宇5,0726,313

Equipment设备5876

20,78122,550

Lease liabilities租赁负债

Curent流动4,2093,535

Non-curent非流动1,0982,970

5,3076,505

* The Group has land lease arangement with Mainland

China government and leasehold land in Hong Kong and

Malaysia.

Aditions to the right-of-use asets during the 2025

financial year were HK$3,166,000 (2024:

HK$1,702,000).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

16 租赁（续）

(i) 于综合利润表确认的金额

于综合利润表呈列有关租赁的金额如下：

于二零二五年内，租赁的现金流出

总额约为6,570,000港元（二零二四年：

4,893,000港元）。

16 Leases (Continued)

(i) Amounts recognised in the consolidated

income statement

The consolidated income statement shows the

folowing amounts relating to leases:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Depreciation charge of right-of-use

asets

使用权资产的折旧费用

Land use rights土地使用权525531

Leasehold land租赁土地174171

Buildings楼宇4,4803,974

Equipment设备1818

5,1974,694

Interest expense

(included in finance costs)

利息支出

（计入融资成本）306269

Expense relating to short-term leases

(included in cost of gods sold

and administrative expenses)

有关短期租赁的开支

（计入销售成本及行政

开支）1,825678

The total cash outflow for leases in 2025 was

aproximately HK$6,570,000 (2024: HK$4,893,000).

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Depreciation charge of right-of-use

asets

使用权资产的折旧费用

Cost of sales销售成本4,3503,412

Seling and distribution expenses销售及分销费用17513

General and administrative expenses一般及行政开支6721,269

5,1974,694

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

16 租赁（续）

(i) 于二零二五年三月三十一日总账面净值

约1,187,000港元的租赁土地（二零二四

年：1,248,000港元）用作本集团银行信

贷额之附属抵押（附注30）。

(iv) 本集团的租赁活动及其入账方法

本集团租入多个办事处、厂房及仓库，

租赁合约通常为固定时期，由两至三年

不等，还可能包含下文(v)所述的延续租

赁选择权。

租赁条款按个别磋商，包含广泛不同的

条款及条件。除出租人持有的租赁资产

之担保权益外，租赁协议不施加任何契

约。租赁资产不得用作借款担保抵押。

(v) 延续及终止选择权

本集团有多份物业的租赁包含延续及终

止租赁选择权，以在本集团经营所用的

资产管理方面最充份地提高运营的灵活

性。大部分延续及终止租赁选择权只可

以由本集团行使，而并非有关的出租人。

16 Leases (Continued)

(i) At 31st Match, 2025, leasehold land with a total

net bok value of aproximately HK$1,187,000

(2024: HK$1,248,000) were pledged as colateral

for the Group’s banking facilities (Note 30).

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

acounted for

The Group leases various ofices, factory buildings

and warehouses. Rental contracts are typicaly

made for fixed periods of 2 to 3 years, but may

have extension options as described in (v) below.

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 other than the security interests in

the leased asets that are held by the lesor. Leased

asets may not be used as security for borowing

purposes.

(v) Extension and termination options

Extension and termination options are included in

a number of property leases acros the Group.

These are used to maximise operational flexibility

in terms of managing the asets used in the

Group’s operations. The majority of extension and

termination options held are exercisable only by

the Group and not by the respective lesor.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

16 租赁（续）

(vi) 于综合财务报表内没有确认为使用权资

产的不可注销之经营租赁之未来最低租

赁付款如下：

会计政策

租赁于租赁资产可供本集团使用当日确认为

使用权资产及相应的负债。

租赁产生的资产及负债初步以现值基准计量。

租赁负债包括下列租赁付款的净现值：

（包括实质上的固定付款），减

去任何应收租赁优惠；及

，则

支付终止租赁的罚款。

根据合理确定延续选择权支付的租赁付款亦

计入负债计量之内。

16 Leases (Continued)

(vi) Minimum lease payments under non-cancelable

operating leases not recognised as right-of-use

asets in the consolidated financial statements are

as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Amounts payable付款期

— within one year— 一年以内998691

Acounting Policy

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.

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;

and

, if

the lease term reflects the Group exercising that

option.

Lease payments to be made under reasonably certain

extension options are also included in the measurement

of the liability.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

16 租赁（续）

会计政策（续）

租赁付款使用租赁中隐含的利率进行贴现。

倘无法轻易确定该利率（为本集团租赁的一般

情况），则使用承租人的增量借款利率，即个

别承租人在类似经济环境中按类似条款、抵

押及条件借入获得与使用权资产具有类似价

值的资产所需资金而必须支付的利率。

为厘定增量借款利率，本集团：

，使用个别承租人最近获

得的第三方融资为出发点作出调整，以

反映自获得第三方融资以来融资条件的

变动；

，首先就本集团所持有租赁

的信贷风险（最近并无第三方融资）调整

无风险利率；及

，例如期限、国

家、货币及抵押。

租赁付款于本金及融资成本之间作出分配。

融资成本在租赁期间于损益扣除，借以令各

期间的负债余额的期间利率一致。

16 Leases (Continued)

Acounting Policy (Continued)

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.

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;

• uses a build-up aproach that starts with a risk-fre

interest rate adjusted for credit risk for leases held

by the Group, which does not have recent third

party financing, and

, e.g. term,

country, curency and security.

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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

16 租赁（续）

会计政策（续）

使用权资产按成本计量，包括以下各项：

• 在开始日期或之前支付的任何租赁付款

减去已收任何租赁优惠；

；及

使用权资产包括土地使用权及租赁土地，一

般于资产可使用年期或租赁期（以较短者为准）

按直线法计算折旧。倘本集团合理确定行使

购买选择权，则使用权资产于相关资产的可

使用年期内予以折旧。

与设备及员工宿舍的短期租赁及所有低价值

资产租赁相关的付款以直线法于损益确认为

开支。短期租赁为租赁期12个月或以下的租

赁。低价值资产包括资讯科技设备及小型办

公家具。

当本集团作为出租人，由经营租赁产生的租

赁收入，于租赁期按直线法确认为收入。

16 Leases (Continued)

Acounting Policy (Continued)

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 including land use rights and leasehold

land 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.

Payments asociated with short-term leases of equipment

and staf quarters and al 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. Low-value asets comprise IT

equipment and smal items of ofice furniture.

Lease income from operating leases where the Group is a

lesor is recognised in income on a straight-line basis

over the lease term.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

17 附属公司

于二零二五年三月三十一日，主要附属公司

之详情：

17 Subsidiaries

Particulars of principal subsidiaries as at 31st March,

2025:

Name of companies

Place of incorporation

and/or operations and

kind of legal entity

Isued and fuly

paid capital/

paid-in capital

Percentage of equity

interest heldPrincipal activities

公司名称

注册成立及╱或营业地点及

法人实体类别

已发行及缴足

股本╱实缴股本所占股权百分比主要业务

DirectlyIndirectly

直接间接

Starlite International (Holdings) Ltd.British Virgin Islands, limited

liability company

US$2100%

(2024: 100%)

—Investment holding

英属维尔京群岛有限责任公司2美元投资控股

Starlite International LimitedBritish Virgin Islands, limited

liability company

US$101100%

(2024: 100%)

—Investment holding

英属维尔京群岛有限责任公司101美元投资控股

Starlite Printers (Far East) Pte. Ltd.Singapore, limited liability

company

SGD8,759,396100%

(2024: 100%)

—Printing of packaging

materials

新加坡有限责任公司8,759,396

新加坡元

包装材料印刷

Starlite Printers (Malaysia) Sdn. Bhd.Malaysia, limited liability

company

RM6,500,000100%

(2024: 100%)

—Printing of packaging

materials and

production of paper

products

马来西亚有限责任公司6,500,000

马来西亚元

包装材料印刷及

纸品生产

Starlite Cultural Comunications LimitedHong Kong, limited liability

company

HK$2100%

(2024: 100%)

—Investment holding

星光文化传播有限公司香港有限责任公司2港元投资控股

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

17 附属公司（续）17 Subsidiaries (Continued)

Name of companies

Place of incorporation

and/or operations and

kind of legal entity

Isued and fuly

paid capital/

paid-in capital

Percentage of equity

interest heldPrincipal activities

公司名称

注册成立及╱或营业地点及

法人实体类别

已发行及缴足

股本╱实缴股本所占股权百分比主要业务

DirectlyIndirectly

直接间接

Everfar Holdings LimitedBritish Virgin Islands, limited

liability company

US$20,00050%

(2024: 50%)

50%

(2024: 50%)

Investment holding

英属维尔京群岛有限责任公司20,000美元投资控股

Starlite Visual Comunication LimitedHong Kong, limited liability

company

HK$2,000,000—100%

(2024: 100%)

Distribution of Team

Gren Products

星光视觉媒体有限公司香港有限责任公司2,000,000港元分销Team Gren产品

Hong Kong Ino-Tech Asociation LimitedHong Kong, limited liability

company

HK$2—100%

(2024: 100%)

Inactive

香港启智科技协会有限公司香港有限责任公司2港元伺机作业

Starlite Consumer Products, LimitedBritish Virgin Islands, limited

liability company

US$1—100%

(2024: 100%)

Investment holding

英属维尔京群岛有限责任公司1美元投资控股

Starlite Entertainment (Holdings) LimitedBritish Virgin Islands, limited

liability company

US$1—100%

(2024: 100%)

Investment holding

英属维尔京群岛有限责任公司1美元投资控股

Starlite Laser Graphics LimitedHong Kong, limited liability

company

HK$3,230,000

ordinary

—100%

(2024: 100%)

Inactive

星华镭射分色有限公司香港有限责任公司3,230,000港元

普通股份

伺机作业

HK$170,000

non-voting

defered (i)

—

170,000港元

无投票权递延

股份(i)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

17 附属公司（续）17 Subsidiaries (Continued)

Name of companies

Place of incorporation

and/or operations and

kind of legal entity

Isued and fuly

paid capital/

paid-in capital

Percentage of equity

interest heldPrincipal activities

公司名称

注册成立及╱或营业地点及

法人实体类别

已发行及缴足

股本╱实缴股本所占股权百分比主要业务

DirectlyIndirectly

直接间接

Starlite Management Services LimitedHong Kong, limited liability

company

HK$200—100%

(2024: 100%)

Provision of management

services

香港有限责任公司200港元提供管理服务

Starlite Packaging Technology Consultancy LimitedBritish Virgin Islands, limited

liability company

US$1—100%

(2024: 100%)

Holding of trade and

service marks

英属维尔京群岛有限责任公司1美元持有贸易及服务商标

Starlite Development International LimitedHong Kong, limited liability

company

HK$200—100%

(2024: 100%)

Trading of paper

products

星光发展国际有限公司香港有限责任公司200港元纸类制品贸易

Starlite Paper Products LimitedHong Kong/the PRC, limited

liability company

HK$1,738,000

ordinary

—100%

(2024: 100%)

Inactive

星辉纸品有限公司香港╱中国有限责任公司1,738,000港元

普通股份

伺机作业

HK$262,000

non-voting

defered (i)

—

262,000港元

无投票权递延

股份(i)

Starlite Printers LimitedHong Kong, limited liability

company

HK$2,700,000

ordinary

—100%

(2024: 100%)

Trading of packaging

materials

星光印刷有限公司香港有限责任公司2,700,000港元

普通股份

包装材料贸易

HK$2,300,000

non-voting

defered (i)

—

2,300,000港元

无投票权递延

股份(i)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

17 附属公司（续）17 Subsidiaries (Continued)

Name of companies

Place of incorporation

and/or operations and

kind of legal entity

Isued and fuly

paid capital/

paid-in capital

Percentage of equity

interest heldPrincipal activities

公司名称

注册成立及╱或营业地点及

法人实体类别

已发行及缴足

股本╱实缴股本所占股权百分比主要业务

DirectlyIndirectly

直接间接

Starlite Printers HK Holdings (BVI) LimitedBritish Virgin Islands, limited

liability company

US$1—100%

(2024: 100%)

Investment holding

英属维尔京群岛有限责任公司1美元投资控股

Starlite Printers (China) LimitedBritish Virgin Islands, limited

liability company

US$100—100%

(2024: 100%)

Investment holding

星光印刷（中国）有限公司英属维尔京群岛有限责任公司100美元投资控股

Starlite Printers (Suzhou) Co., Ltd. (i)The PRC, limited liability

company

US$20,000,000—100%

(2024: 100%)

Printing of packaging

materials and

production of paper

products and labels

星光印刷（苏州）有限公司(i)中国有限责任公司20,000,000美元包装材料印刷及纸品及

标签生产

Guangzhou Starlite Environmental

Friendly Center, Limited (i)

The PRC, limited liability

company

US$6,000,000—100%

(2024: 100%)

Production of

environmental friendly

and other paper

products

广州星光环保中心有限公司(i)中国有限责任公司6,000,000美元生产环保及

其他纸类产品

Grenworks International LimitedHong Kong, limited liability

company

HK$2—100%

(2024: 100%)

Investment holding and

trading of

environmental friendly

and other paper

products

绿色工程国际有限公司香港有限责任公司2港元投资控股及环保及

其他纸类产品贸易

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

17 附属公司（续）17 Subsidiaries (Continued)

Name of companies

Place of incorporation

and/or operations and

kind of legal entity

Isued and fuly

paid capital/

paid-in capital

Percentage of equity

interest heldPrincipal activities

公司名称

注册成立及╱或营业地点及

法人实体类别

已发行及缴足

股本╱实缴股本所占股权百分比主要业务

DirectlyIndirectly

直接间接

Shaoguan Fortune Creative Industries

Company Limited (i)

The PRC, limited liability

company

US$26,500,000—100%

(2024: 100%)

Printing of packaging

materials and

production of paper

products

韶关科艺创意工业有限公司(i)中国有限责任公司26,500,000美元包装材料印刷及

纸品生产

Larseman Inteligence System

(Hong Kong) Limited

Hong Kong, limited liability

company

HK$10,000—100%

(2024: 100%)

Investment holding

拉斯曼智能系统（香港）有限公司香港有限责任公司10,000港元投资控股

Team Gren (Far East) Pte. Ltd.Singapore, limited liability

company

SGD10,000—100%

(2024: 100%)

Trading of Team Gren

products

新加坡有限责任公司10,000新加坡元Team Gren产品贸易

Team Gren (Malaysia) Sdn. Bhd.Malaysia, limited liability

company

RM1—100%

(2024: N/A

不适用)

Trading of Team Gren

products

马来西亚有限责任公司1马来西亚元Team Gren产品贸易

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

17 附属公司（续）

附注：

(i) 此等无投票权递延股份并非由本集团拥有。此等股

份并无投票权，除非有关公司之纯利超过

50,000,000,000港元，否则持有人无权享有股息；而

有关公司清盘时，亦无权享有任何分派，除非有关公

司向普通股东作出之分派达到50,000,000,000港元。

(i) 英文名称只作识别用途，此等附属公司为中国成立

之外商独资企业（「外商独资企业」）。

(i) 所有附属公司于截至二零二五年三月三十一日止年

度内任何时间均无已发行借贷资本（二零二四年：零）。

17 Subsidiaries (Continued)

Name of companies

Place of incorporation

and/or operations and

kind of legal entity

Isued and fuly

paid capital/

paid-in capital

Percentage of equity

interest heldPrincipal activities

公司名称

注册成立及╱或营业地点及

法人实体类别

已发行及缴足

股本╱实缴股本所占股权百分比主要业务

DirectlyIndirectly

直接间接

Shenzhen Team Gren Creative Design Co., Ltd (i)The PRC, limited liability

company

RMB1,500,000—100%

(2024: 100%)

Trading of Team Gren

products

深圳绿团创意设计有限公司(i)中国有限责任公司1,500,000

人民币

Team Gren产品贸易

Team Gren (Shanghai) Company Limited (i)The PRC, limited liability

company

RMB1,000,000—100%

(2024: 100%)

Trading of Team Gren

products

上海绿团创意设计有限公司(i)中国有限责任公司1,000,000人民币Team Gren产品贸易

Suzhou Team Gren Home Products Limited (i)The PRC, limited liability

company

RMB5,000,000—100%

(2024: 100%)

Productions of Team

Gren products

苏州绿团家饰有限公司(i)中国有限责任公司5,000,000人民币生产Team Gren产品

Legend Power International LimitedHong Kong, limited liability

company

HK$1—100%

(2024: 100%)

Property investment

凌霸国际有限公司香港有限责任公司1港元物业投资

Litle Tre Publishing LimitedHong Kong, limited liability

company

HK$4,000,000—51%

(2024: 51%)

Publishing

小白杨出版社有限公司香港有限责任公司4,000,000港元出版

Notes:

(i) The non-voting defered shares are not owned by the Group. These

shares have no voting rights and are not entitled to dividends unles

the net profit of the relevant company exceds HK$50,000,000,000

and are not entitled to any distributions upon winding up unles a

sum of HK$50,000,000,000 has ben distributed by the relevant

company to the holders of its ordinary shares.

(i) English names are for identification purpose. These subsidiaries were

incorporated as Wholy Foreign Owned Enterprise (“WFOE”) in PRC.

(i) None of the subsidiaries had any loan capital in isue at any time

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

18 按公允价值计入其他全面收益的金

融资产及按公允价值计入损益的金

融资产

(a) 按公允价值计入其他全面收益的金

融资产：

按公允价值计入其他全面收益的金融资

产之变动分析如下：

上市股本证券以港元列值。

18 Financial asets at fair value through other

comprehensive income (“FVOCI”) and

financial asets at fair value through profit or

los (“FVPL”)

(a) FVOCI:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial instruments (level 1):金融工具（第一级）：

— Equity securities listed in

Hong Kong

— 于香港上市的股本证券

1,2041,090

Movement of FVOCI is analysed as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At begining of the year年初1,0901,179

Fair value gains/(loses) on

FVOCI

按公允价值计入其他全面

收益的金融资产的公允

价值收益╱（亏损）114(89)

At end of the year年末1,2041,090

The listed equity securities are denominated in

Hong Kong dolars.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

18 按公允价值计入其他全面收益的金

融资产及按公允价值计入损益的金

融资产（续）

(b) 按公允价值计入损益的金融资产：

按公允价值计入损益的金融资产之变动

分析如下：

附注：

非上市之保单保险投资以美元列值。

非上市的保险保单投资的公允价值是采用保险保单

的抵补率为基准以计算贴现金流，（二零二五年：

4.0%；二零二四年：4.0%）公允价值归入公允价值架

构内第三级别（附注3.3）。

于二零二五年三月三十一日本集团抵押约干按公允

价值计入损益的金融资产约4,008,000港元（二零二四

年：3,964,000港元）（附注30）。

18 Financial asets at fair value through other

comprehensive income (“FVOCI”) and

financial asets at fair value through profit or

los (“FVPL”) (Continued)

(b) FVPL:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial instruments (level 3):金融工具（第三级）：

— Unlisted insurance policy

investment

— 非上市之保险保单投资

12,28412,186

Movement of FVPL is analysed as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At begining of the year年初12,18612,077

Fair value gains on FVPL按公允价值计入损益的

金融资产的公允价值收益98109

At end of the year年末12,28412,186

Note:

The unlisted insurance policy investment is denominated in United

States dolars.

The fair values of unlisted insurance policy investment are based on

cash flows discounted using a rate based on the curent credit rate

of the insurance policies (2025: 4.0%; 2024: 4.0%). The fair values

are within level 3 of the fair value hierarchy (Note 3.3).

As at 31st March, 2025, there were charges over certain of the

Group’s FVPL of aproximately HK$4,008,000 (2024: HK$3,964,000)

(Note 30).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

18 按公允价值计入其他全面收益的金

融资产及按公允价值计入损益的金

融资产（续）

会计政策

(i) 分类

本集团将其金融资产分类为以下各类：

• 随后按公允价值计量计入其他全

面收益（「其他全面收益」）或损

益，及

该分类取决于本集团管理金融资产的业

务模式以及该资产的合同现金流量特征。

对于以公允价值计量的资产，其利得和

亏损计入损益或其他全面收益。对于非

持有作买卖的权益工具投资，其利得和

亏损的计量将取决于本集团在初始确认

时是否作出不可撤销的选择而将其指定

为按公允价值计入其他全面收益（「按公

允价值计入其他全面收益」）。

当且仅当管理该等金融资产的业务模式

发生变化时，本集团将会对债务投资重

新分类。

18 Financial asets at fair value through other

comprehensive income (“FVOCI”) and

financial asets at fair value through profit or

los (“FVPL”) (Continued)

Acounting Policy

(i) 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 (“OCI”) or through profit or los),

and

• those to be measured at amortised cost.

The clasification depends on the Group’s busines

model for managing the financial asets and the

contractual terms of the cash flows.

For asets measured at fair value, gains and loses

wil either be recorded in profit or los or OCI. 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 fair value through other

comprehensive income (“FVOCI”).

The Group reclasifies debt investments when and

only when its busines model for managing those

asets changes.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

18 按公允价值计入其他全面收益的金

融资产及按公允价值计入损益的金

融资产（续）

会计政策（续）

(i) 确认及终止确认

金融资产的定期购入及出售，均于交易

日（即本集团承诺购入或出售该资产当

日）确认入账。当本集团从该等金融资

产收取现金流量的权利已到期或已被转

让，及本集团已将拥有权带来的绝大部

分风险和回报转移，则会终止确认该等

金融资产。

(i) 计量

于初始确认时，本集团按金融资产的公

允值外加（倘为并非按公允值计入损益

（「按公允价值计入损益」）的金融资产）

直接归属于收购该金融资产的交易成本

计量。按公允值计入损益的金融资产交

易成本于损益表支销。

18 Financial asets at fair value through other

comprehensive income (“FVOCI”) and

financial asets at fair value through profit or

los (“FVPL”) (Continued)

Acounting Policy (Continued)

(i) Recognition and derecognition

Regular way purchases and sales of financial asets

are recognised on 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.

(i) Measurement

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 (“FVPL”), transaction costs that are directly

atributable to the acquisition of the financial aset.

Transaction costs of financial asets caried at FVPL

are expensed in profit or los.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

18 按公允价值计入其他全面收益的金

融资产及按公允价值计入损益的金

融资产（续）

会计政策（续）

(i) 计量（续）

债务工具

债务工具投资的后续计量取决于本集团

管理该资产的业务模式以及该资产的合

同现金流量特征。本集团将债务工具投

资分为以下两种计量类别：

：对于持有以收取合

同现金流量的资产，如果合同现

金流量仅代表对本金和利息的支

付，则该资产以摊销成本计量。

该等金融资产的利息收入以实际

利率法计算，计入财务收入。终

止确认时产生的利得或损失直接

计入损益，并与汇兑损益会分别

列示在（「其他收入及收益 — 净

额」）中。

：不符合以摊

销成本计量或按公允值计入其他

全面收益标准的金融资产，被分

类为按公允值计入损益。对于后

续按公允值计入损益的债务工具

投资，其利得或损失计入损益，

并产生期间以净值在（「其他收入

及收益 — 净额」）中列示。

18 Financial asets at fair value through other

comprehensive income (“FVOCI”) and

financial asets at fair value through profit or

los (“FVPL”) (Continued)

Acounting Policy (Continued)

(i) Measurement (Continued)

Debt instruments

Subsequent measurement of debt instruments

depends on the Group’s busines model for

managing the aset and the cash flow

characteristics of the asets. There are two

categorise into which the Group clasifies its debt

instruments.

: Aset that are held for

colection of contractual cash flows where

those cash flows represent solely payments

of principal and interests 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 income and

gains — net”, together with foreign exchange

gains and loses.

: 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

net within “other income and gains — net”

in the period in which it arises.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

18 按公允价值计入其他全面收益的金

融资产及按公允价值计入损益的金

融资产（续）

会计政策（续）

(i) 计量（续）

权益工具

本集团随后就所有股本投资按公允价值

计量。当本集团之管理层已选择于其他

全面收益呈列股本投资的公允价值收益

及亏损。公允价值收益及亏损于取消确

认有关投资后不会重新分类至损益。该

等投资的股息于本集团收取款项的权利

确立时继续于损益确认为其他收益。

按公允价值计入损益的金融资产的公允

价值变动于综合利润表中（「其他收入及

收益 — 净额」）内确认（如适用）。按公

允价值计入其他全面收益的权益投资减

值亏损（及减值亏损拨回）不会与其他公

允价值变动分开呈报。

(iv) 减值

对于以摊销后成本及以公允价值计入损

益计量的债务工具投资，本集团就其预

期信贷亏损按前瞻性基准作出评估。所

采用的减值方法取决于其信贷风险是否

显著增加。

18 Financial asets at fair value through other

comprehensive income (“FVOCI”) and

financial asets at fair value through profit or

los (“FVPL”) (Continued)

Acounting Policy (Continued)

(i) Measurement (Continued)

Equity instruments

The Group subsequently measures al equity

investments at fair value. Where the Group’s

management has elected to present fair value gains

and loses on equity investments in OCI, there is

no subsequent reclasification of fair value gains

and loses to profit or los folowing the

derecognition of the investment. Dividends from

which 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 income and 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.

(iv) Impairment

The Group aseses on a forward-loking basis the

expected credit loses asociated with its debt

instruments caried at amortised cost and FVPL.

The impairment methodology aplied depends on

whether there has ben a significant increase in

credit risk.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

19 存货

存货成本合共约406,639,000港元（二零二四

年：341,214,000港元）列作开支并列入销售成

本中。于本年度内，本集团录得存货减值拨备

回拨约6,887,000港元（二零二四年：存货减值

拨备回拨约7,627,000港元），此拨备回拨已列

入销售成本中。于二零二五年三月三十一日，

拨备余额为约13,472,000港元（二零二四年︰

20,091,000港元）。

会计政策

存货以成本值及可变现净值两者的较低者列

账。成本值是以加权平均法计算。制成品及在

制品的成本值包括原材料、直接工资、其他直

接成本及相关生产间接开支（根据正常营运能

力计算）。有关数额不包括借贷成本。可变现

净值为于日常业务过程内的估计售价扣除适

当的浮动销售开支计算。

19 Inventories

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Raw materials原材料22,18226,953

Work in progres在制品16,14017,567

Finished gods制成品32,23331,670

70,55576,190

The cost of inventories expensed and included in cost of

sales amounted to HK$406,639,000 (2024:

HK$341,214,000). During the year, the Group has a

reversal of provision for inventory obsolescence of

aproximately HK$6,887,000 (2024: reversal of provision

for inventory obsolescence of aproximately

HK$7,627,000), which was included in cost of sales and

as at 31st March, 2025, the amount of provision was

aproximately HK$13,472,000 (2024: HK$20,091,000).

Acounting Policy

Inventories are stated at the lower of cost and net

realisable value. Cost is determined using the weighted

average method. The cost of finished gods and work in

progres comprises raw materials, direct labour, other

direct costs and related production overheads (based on

normal operating capacity). It excludes borowing costs.

Net realisable value is the estimated seling price in the

ordinary course of busines, les aplicable variable

seling expenses.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

20 贸易应收账款及票据、预付款项及

按金

贸易应收账款及票据、预付款项及按金的账

面值约相等于其公允价值。

集团给予顾客信贷期限一般为30天至120天不

等。贸易应收账款及票据之账龄（按发票日）

如下：

20 Trade and bil receivables, prepayments and

deposits

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade receivables贸易应收账款187,016182,752

Les: los alowance减：亏损拨备(16,597)(12,646)

Trade receivables — net贸易应收账款 — 净额170,419170,106

Bil receivables应收票据1,4742,230

Trade and bil receivables贸易应收账款及票据171,893172,336

Prepayments and deposits预付款项及按金28,36427,094

200,257199,430

Les: Non-curent portion:减：非即期部份：

Prepayments for non-curent asets非流动资产之预付款(1,759)(1,898)

198,498197,532

The carying amounts of trade and bil receivables,

prepayments and deposits aproximate their fair values.

The Group grants to its customers credit terms generaly

ranging from 30 to 120 days. The ageing of trade and bil

receivables by invoice date is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

1 to 90 days1至90天148,942142,414

91 to 180 days91至180天23,84023,942

181 to 365 days181至365天3,0258,002

Over 365 days超过365天12,68310,624

188,490184,982

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

20 贸易应收账款及票据、预付款项及

按金（续）

本集团之贸易应收账款及票据以下列货币列值：

贸易应收账款亏损拨备之变动如下：

本集团应用香港财务报告准则第9号之简化方

法，将所有贸易应收账款均以永久预期亏损

拨备之方式以计量预期信贷亏损，减值方式

之详情，摘要于附注3.1(b)内。

20 Trade and bil receivables, prepayments and

deposits (Continued)

The Group’s trade and bil receivables were denominated

in the folowing curencies:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

HK$港元17,11915,094

US$美元93,115108,824

RMB人民币44,40632,211

SGD新加坡元7,0098,980

RM马来西亚元10,4448,015

Others其他16,39711,858

188,490184,982

Movements in the los alowance of trade receivables are

as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

As begining of the year年初12,64617,650

Increase/(decrease) in los alowance

of trade receivables

贸易应收账款亏损拨备

增加╱（减少）3,827(4,288)

Translation adjustment汇兑调整124(716)

As end of the year年末16,59712,646

The Group aplies the HKFRS 9 simplified aproach to

measuring expected credit loses which uses a lifetime

expected los alowance for al trade receivables. The

detailed impairment aproach is sumarised in Note

3.1(b).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

20 贸易应收账款及票据、预付款项及

按金（续）

于贸易应收账款、预付款项及按金中的其他

类别并不包含亏损拨备。

于报告日上述每项应收账款的最高信贷风险

相等于其公允价值。本集团并未持有任何附

属抵押。

会计政策

贸易应收账款指就日常业务过程中所售商品

或所提供服务而应收客户之款项。贸易应收

账款一般于一年内结付，因此全部分类为即期。

贸易应收账款最初按无条件代价确认，除非

当中包含重大融资部分，则按公允值确认。本

集团持有贸易应收账款的目的为收取合约现

金流量，因此其后以实际利率法按摊销成本

计算。

减值

本集团采用香港财务报告准则第9号允许的简

化方法，应收账款在初始确认时确认整个存

续期的预期信用损失。

20 Trade and bil receivables, prepayments and

deposits (Continued)

The other clases within trade receivables, prepayments

and deposits do not contain los alowance.

The maximum exposure to credit risk at the reporting

date is the fair value of each clas of receivables

mentioned above. The Group does not hold any colateral

as security.

Acounting Policy

Trade receivables are amounts due from customers for

merchandise sold or services performed in the ordinary

course of busines. They are generaly due for setlement

within 1 year and therefore are al clasified as curent.

Trade receivables are recognised initialy at the amount

of consideration that is unconditional unles they contain

significant financing components, when they recognised

at fair value. The Group holds the trade receivables with

the objective to colect the contractual cash flows and

therefore measures them subsequently at amortised cost

using the efective interest rate.

Impairment

The Group aplies the simplified aproach permited by

HKFRS 9, which requires expected lifetime loses to be

recognised from initial recognition of the receivables.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

21 银行结存及现金

于二零二五年三月三十一日，银行存款及由

存款日起计算超过三个月到期之银行存款之

有效利率为年息0.93%（二零二四年：3.23%）。

银行结存及现金乃按以下货币列值：

21 Bank balances and cash

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Cash and cash equivalents现金及现金等值198,650217,432

Bank deposits with maturity over

3 months from date of deposits

由存款日起计算超过三个月

到期之银行存款204202

Total bank balance and cash银行存款及现金总额198,854217,634

Maximum exposure to credit risk最高信贷风险198,502217,202

As at 31st March, 2025, the efective interest rate on cash

at bank and bank deposits with maturity over 3 months

from date of deposits was 0.93% (2024: 3.23%).

Bank balances and cash were denominated in the

folowing curencies:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

HK$港元83,24049,224

RMB人民币38,10043,869

US$美元45,40351,903

Euro欧元16,42548,848

SGD新加坡元14,11116,423

Others其他1,5757,367

198,854217,634

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

21 银行结存及现金（续）

本集团以人民币列值之现金及现金等值约

34,789,000港元（二零二四年：41,836,000港元）

均存放于中国之银行。将人民币列值之结余

换算为外币及汇出中国须受中华人民共和国

政府颁布之外汇管制规则及规例监管。

现金流量表中的现金及现金等值包括下列：

于二零二五年三月三十一日，抵押本集团约

40,000,000港元之短期银行定期存款（二零

二四年：零）（附注30）。

会计政策

于综合现金流量表中，现金及现金等值包括

手头现金、银行通知存款及原到期日为三个

月或以下的短期高流动投资。

21 Bank balances and cash (Continued)

The Group’s cash and cash equivalents denominated in

RMB of aproximately HK$34,789,000 (2024:

HK$41,836,000) are deposited with banks in the

Mainland China. The conversion of these RMB

denominated balances into foreign curencies and the

remitance of funds out of the Mainland China is subject

to the foreign exchange control rules and regulations

promulgated by the Government of The People’s Republic

of China.

Cash and cash equivalents include the folowing for the

purposes of the statement of cash flows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Cash at bank and in hand银行及手头现金198,650217,432

As at 31st March, 2025, there were charges over certain

of the Group’s short term fixed deposits of aproximately

HK$40,000,000 (2024: Nil) (Note 30).

Acounting Policy

In the consolidated statement of cash flows, cash and

cash equivalents include cash in hand, deposits held at

cal with banks, other short-term highly liquid investments

with original maturities of thre months or les.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

22 融资

于二零二五年及二零二四年三月三十一日，

本集团之融资之还款期如下：

上述款项之到期日是根据贷款协议中预先订

定之还款日期，及并不考虑随时应要求偿还

条文之影响。

于二零二五年及二零二四年三月三十一日本

集团已符合其贷款额度的财务契约要求。

融资总额包括已抵押负债，本集团的银行信

贷额度详情及已抵押资产于附注30中披露。

22 Borowings

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Long-term bank loans长期银行贷款27,02151,173

Short-term bank loans短期银行贷款46,45810,786

Total borowings, secured, due on

demand or within one year

有抵押、随时应要求偿还或一

年以内到期之融资总额73,47961,959

At 31st March, 2025 and 2024, the Group’s borowings

were repayable as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 1 year一年以内56,08353,689

Betwen 1 and 2 years一至二年内6,8755,458

Betwen 2 and 5 years二至五年内10,5212,812

73,47961,959

The above amounts due are based on the scheduled

repayment dates set out in the loan agrements and

ignore the efect of any repayment on demand clause.

As at 31st March, 2025 and 2024, the Group has

complied with its financial covenants of its borowing

facilities.

Total borowings include secured liabilities. Details of the

banking facilities of the Group and pledge of asets are

disclosed in Note 30.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

22 融资（续）

本集团之融资于年终时需承担的融资利率变

动及合约重订利率日期如下：

银行融资之账面值乃按以下货币列值：

于报告结束日之有效年利率如下：

22 Borowings (Continued)

The exposure of the Group’s borowings to interest rate

changes and the contractual repricing dates at the end of

the year are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 6 months六个月以内67,02130,679

Betwen 7 months to 1 year七个月至一年内6,45831,280

73,47961,959

The carying amounts of bank borowings were

denominated in the folowing curencies:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

HK$港元67,02130,679

RMB人民币6,45831,280

73,47961,959

The efective interest rates (per anum) at the end of

reporting period were as folows:

二零二五年二零二四年

HK$RMBHK$RMB

港元人民币港元人民币

Long-term bank loans长期银行贷款5.56%—6.68%4.65%

Short-term bank loans短期银行贷款3.48%2.85%—3.30%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

22 融资（续）

会计政策

融资于扣除所产生之交易成本后初步按公允

价值确认，其后按摊销成本列账；所得款项（扣

除交易成本）与赎回价值间之任何差额于借贷

期间使用实际利息法于综合利润表确认。

设立贷款额度时支付的费用倘部份或全部额

度将会很有可能提取，该费用可递延入账直

至额度提取为止。如没有证据证明部份或全

部额度将会很有可能被提取，则该项费用须

资本化作为流动资金服务的预付款，并按有

关额度期间摊销。

除非本集团有权无条件地将债务结算日期顺

延至报告结束日后至少十二个月，否则融资

会被分类为流动负债。

直接归属于购买、兴建或生产合资格资产（该

资产必须经过长时间方可达至其预定用途或

销售）的一般及特定借款成本，可加入该等资

产的成本内，直至资产大致上备妥供其预定

用途为止。所有其他借款成本均于彼等产生

时于综合利润表内列支。

22 Borowings (Continued)

Acounting Policy

Borowings are recognised initialy at fair value, net of

transaction costs incured. Borowings are subsequently

caried at amortised cost; any diference betwen the

proceds (net of transaction costs) and the redemption

value is recognised in the consolidated income statement

over the period of the borowings using the efective

interest method.

Fes paid on the establishment of loan facilities are

recognised as transaction costs of the loan to the extent

that it is probable that some or al of the facilities 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 facilities wil be

drawn down, the fe is capitalised as a prepayment for

liquidity services and amortised over the period of the

facility to which it relates.

Borowings are clasified as curent liabilities unles the

Group has an unconditional right to defer setlement of

the liability for at least twelve months after the end of

the reporting period.

General and specific borowing costs directly atributable

to the acquisition, construction or production of

qualifying asets, which are asets that necesarily take a

substantial period of time to get ready for their intended

use or sale, are aded to the cost of those asets, until

such time as the asets are substantialy ready for their

intended use or sale. Al other borowing costs are

charged to the consolidated income statement in the

period in which they are incured.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

23 贸易应付账款、票据及其他应付款

以及应计负债

贸易应付账款及票据账龄（按发票日）分析如

下：

23 Trade, bil and other payables and acruals

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade payables贸易应付账款70,84290,132

Bil payables应付票据—292

Trade and bil payables贸易应付账款及票据70,84290,424

Acrued salaries and alowance预提工资及津贴13,60814,023

Acrued social securities charges预提社会保险费用32,16030,195

Acrued staf welfare预提员工福利2,9352,562

Others其他25,87925,454

Other payables and acruals其他应付款及应计负债74,58272,234

145,424162,658

The ageing analysis of trade and bil payables by invoice

date is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

1 to 90 days1至90天68,60285,899

91 to 180 days91至180天1,4423,271

181 to 365 days181至365天147131

Over 365 days超过365天6511,123

70,84290,424

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

23 贸易应付账款、票据及其他应付款

以及应计负债（续）

本集团之贸易应付账款、票据及其他应付款

以及应计负债以下列货币列值：

会计政策

贸易应付账款是在日常运作过程中从供应商

处购买商品或接受服务形成的支付责任。倘

贸易应付账款预计将在一年或以内支付（若更

长而在业务正常经营周期内），则分类为流动

负债。否则，在非流动负债中列报。

贸易应付账款初步按公允价值确认，并于随

后以实际利率法按摊销成本计算。

23 Trade, bil and other payables and acruals

(Continued)

The Group’s trade, bil and other payables and acruals

were denominated in the folowing curencies:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

HK$港元13,01016,262

RMB人民币114,863132,562

US$美元1,4241,078

RM马来西亚元12,27111,117

Others其他3,8561,639

145,424162,658

Acounting Policy

Trade payables are obligations to pay for gods or

services that have ben acquired in the ordinary course

of busines from supliers. Trade payables 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 payables are recognised initialy at fair value and

subsequently measured at amortised cost using the

efective interest method.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

24 递延所得税

递延所得税资产及递延所得税负债的分析如

下︰

递延所得税净额之变动详情如下：

24 Defered income tax

The analysis of defered tax asets and defered tax

liabilities is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Defered tax asets递延所得税资产10,64410,524

Defered tax liabilities递延所得税负债(6,767)(6,601)

Defered tax asets, net递延所得税资产 — 净额3,8773,923

The net movements in the defered tax acount are as

folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At begining of the year年初3,9236,513

Charged to the consolidated income

statement (Note 11)

于综合收益表扣除（附注11）

(186)(2,466)

Translation adjustments汇兑调整140(124)

At end of the year年末3,8773,923

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

24 递延所得税（续）

递延所得税资产及负债之变动（并未计算于同

一征税地区之结余抵销）如下：

递延所得税资产︰

递延所得税负债︰

24 Defered income tax (Continued)

The movements in defered tax asets and liabilities

without taking into consideration the ofseting of

balances within the same tax jurisdiction are as folows:

Defered tax asets:

ProvisionsTax losesTotal

拨备税务亏损总额

二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

At begining of the year年初10,21611,90770941410,92512,321

(Charged)/credited to the

consolidated income statement

于综合利润表中

（扣除）╱计入(411)(1,585)(8)301(419)(1,284)

Translation adjustments汇兑调整119(106)19(6)138(112)

At end of the year年末9,92410,21672070910,64410,925

Defered tax liabilities:

Witholding Tax

Acelerated taxation

depreciationTotal

预提税加速税项折旧总额

二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

At begining of the year年初6,4555,2535475557,0025,808

(Credited)/charged to the

consolidated income statement

于综合利润表中

（计入）╱扣除(309)1,19076(8)(233)1,182

Translation adjustments汇兑调整(2)12—(2)12

At end of the year年末6,1446,4556235476,7677,002

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

24 递延所得税（续）

当有可能透过日后应课税溢利变现有关税项

利益时，则会就结转税项亏损确认递延所得

税资产。

因递延所得税资产不会被应用，本集团并未

确认关于税务亏损及可扣减暂时性差异的递

延所得税资产约43,796,000港元（二零二四年：

38,376,000港元）。总额当中，税务亏损约

29,879,000港元（二零二四年：28,203,000港元）

可以无限期结转以抵销未来应课税收入，其

余税务亏损约13,506,000港元（二零二四年︰

7,624,000港元）将会于二零二五年至二零二九

年届满（二零二四年：二零二四年至二零二八

年），估计税务亏损取决于有关税务管辖机关

的审批。

根据二零七年十二月六日颁布的中华人民

共和国企业所得税法实施条例，于二零八

年一月一日开始，所有于中国成立的企业对

境外投资者分派股息须征收10%预提所得税。

如中国与国外投资方的管辖地区签订税务条

约，一个较低的预提所得税率将会适用。所有

于中国成立的企业分派二零八年一月一日

后赚取的利润的股息须缴交此预提所得税。

24 Defered income tax (Continued)

Defered income tax asets are recognised for tax los to

the extent that the reduction of the related tax benefit

through future taxable profits is payable.

The Group has not recognised defered tax asets of

aproximately HK$43,796,000 (2024: HK$38,376,000) in

respect of tax loses and deductible temporary diferences

as it is not probable that the defered tax asets can be

utilised. Out of the total, aproximately HK$29,879,000

(2024: HK$28,203,000) in respect of tax loses that can

be caried forward indefinitely to set of against future

taxable income and the remaining tax loses of

aproximately HK$13,506,000 (2024: HK$7,624,000) wil

expire in 2025 to 2029 (2024: 2024 to 2028). The

estimated tax loses are subject to aproval by the

relevant tax authorities.

Pursuant to the Detailed Implementation Regulations for

implementation of the Corporate Income Tax Law isued

on 6th December, 2007, witholding income tax of 10%

shal be levied on the dividends remited by the

companies established in the PRC to their foreign

investors starting from 1st January, 2008. A lower

witholding tax rate may be aplied if there is a tax

treaty betwen the PRC and the jurisdiction of the foreign

investors. Al dividends coming from the profits generated

by the PRC entities after 1st January, 2008 shal be

subject to this witholding income tax.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

24 递延所得税（续）

会计政策

(i) 递延所得税

递延所得税利用负债法就资产和负债的

税基与资产和负债在综合财务报表的账

面值之差额产生的暂时差异全数拨备。

然而，若递延所得税来自商誉的初步确

认，则不被确认。若递延所得税资产来

自在交易（不包括企业合并）中对资产或

负债的初步确认，而在交易时不影响会

计损益或应课税盈亏，则不被确认。递

延所得税采用在财务状况表日期前已颁

布或实质颁布，并在有关之递延所得税

资产实现或递延所得税负债结算时预期

将会适用之税率（及法例）而厘定。

递延所得税资产是就很可能有未来应课

税利润而就此可使用暂时差异而确认。

递延所得税负债就附属公司投资产生之

应课税暂时差异而拨备，但假若本集团

可以控制暂时差异之拨回时间，而暂时

差异在可预见将来很有可能不会拨回则

除外。

递延所得税资产就附属公司投资产生之

可扣税暂时差异而确认，但上限为于可

预见将来有可能拨回的暂时差异及有足

够应课税利润予以对销的暂时差异。

24 Defered income tax (Continued)

Acounting Policy

(i) Defered income tax

Defered income tax is recognised, using the

liability method, on temporary diferences arising

betwen the tax bases of asets and liabilities and

their carying amounts in the consolidated financial

statements. However, the defered tax liabilities are

not recognised if it arises from initial recognition

of godwil. Defered income tax is not acounted

for if it arises from initial recognition of an aset or

liability in a transaction other than a busines

combination that at the time of the transaction

afects neither acounting nor taxable profit or los.

Defered income tax is determined using tax rates

(and laws) that have ben enacted or substantively

enacted by the date of statement of financial

position and are expected to aply when the

related defered income tax aset is realised or the

defered income tax liability is setled.

Defered income tax asets are recognised only to

the extent that it is probable that future taxable

profit wil be available against which the temporary

diferences can be utilised.

Defered income tax liabilities are provided on

taxable temporary diferences arising from

investments in subsidiaries, except for defered

income tax liability where the timing of the

reversal of the temporary diference is controled

by the Group and it is probable that the temporary

diference wil not reverse in the foreseable future.

Defered income tax asets are recognised on

deductible temporary diferences arising from

investments in subsidiaries only to the extent that

it is probable the temporary diference wil reverse

in the future and there is suficient taxable profit

available against which the temporary diference

can be utilised.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

24 递延所得税（续）

会计政策（续）

(i) 抵销

倘具有法定可执行权利将现有税项资产

与现有税项负债对销，且递延所得税资

产及负债均涉及同一财政机关向有意按

净额结算余额的课税实体或不同课税实

体征收的所得税，则递延所得税资产与

负债可互相抵销。

倘实体具有法定可执行权利，及有意按

净额结算余额或同时变现资产及结算负

债，即期所得税资产与所得税负债可以

对销。

24 Defered income tax (Continued)

Acounting Policy (Continued)

(i) Ofseting

Defered income tax asets and liabilities are ofset

when there is a legaly enforceable right to ofset

curent tax asets against curent tax liabilities and

when the defered income tax asets and liabilities

relate to income taxes 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.

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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

25 股本

普通股，已发行及已缴足：

会计政策

股本归类为权益。直接归属于发行新股或购

股权的新增成本在股本权益中列为所得款（除

税后）的减少。

25 Share capital

二零二五年二零二四年

Number of

股份数目股份数目

’000HK$’000’000HK$’000

千股千港元千股千港元

Authorised:法定股本：

Ordinary shares of HK$0.10 each每股面值0.10港元之

普通股1,000,000100,0001,000,000100,000

Ordinary shares, isued and fuly paid:

Number of

capital

股份数目股本

HK$’000

千港元

As at 1st April, 2023于二零二三年四月一日506,635,28850,664

Share repurchases股份购回(6,002,000)(601)

As at 31st March, 2024, 1st April, 2024

and 31st March, 2025

于二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日500,633,28850,063

Acounting Policy

Share 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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

26 雇员购股权

于二零二年八月十八日，本公司采纳一雇

员购股权计划（「二零二年购股权计划」）以

取代于二零一二年八月十五日采纳之旧购股

权计划。根据二零二年购股权计划本公司

可向本公司或其任何附属公司之全职雇员、

任何执行董事及非执行董事（不包括独立非执

行董事）及任何董事会批准的人事，授出购股

权以认购本公司股份，而可发行之股份将最

多为本公司不时已发行股份之30%，但不计

算因行使购股权而发行之股份。认购价由本

公司之董事局厘定，惟不可低于以下较高者：

(i) 于授出日期本公司股份之收市价；或(i)本

公司股份于紧接授出日期前五个营业日之股

份平均收市价。本集团并无法定或推定责任

回购或以现金支付此等购股权。

于二零二五年及二零二四年三月三十一日止

年度内，并无授出任何购股权。于二零二五年

及二零二四年三月三十一日并无尚未行使的

购股权。

26 Employe share options

On 18th

August, 2022, the Company adopted an

employe share option scheme (the “2022 Share Option

Scheme”) to replace the old share option scheme adopted

on 15th August 2012. Under the 2022 Share Option

Scheme, the Company may grant options to any ful time

employe of the Company or of any subsidiary; any

executive director and non-executive director (excluding

Independent Non-Executive Directors) and any person

aproved by the Board to subscribe for shares in the

Company, subject to a maximum of 30% of the nominal

value of the isued share capital of the Company from

time to time excluding for this purpose any shares isued

on the exercise of options. The exercise price wil be

determined by the Company’s board of directors and

shal be the higher of (i) the closing price of the

Company’s shares on the date of grant of the options; or

(i) an average closing price of the Company’s shares for

the five trading days imediately preceding the date of

grant of the options. The Group has no legal or

constructive obligation to repurchase or setle the options

in cash.

No share option was granted during the years ended

31st March, 2025 and 2024. No share options were

outstanding as at 31st March, 2025 and 2024.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

27 储备27 Reserves

premium

Capital

reserve

Statutory

reserve

Financial asets

at fair value

through other

comprehensive

income

revaluation

reserve

Translation

reserve

Retained

earningsSub-total

Non-

controling

interestTotal

股份溢价资本储备法定储备

按公允价值

计入其他

全面收益的

金融资产之

重估储备汇兑储备保留溢利小计

非控股

权益总额

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元千港元千港元

As at 31st March, 2023 and

1st April, 2023

于二零二三年三月

三十一日及

二零二三年四月一日126,3441,79222,60144343,891397,639592,710762593,472

Comprehensive income/(los)全面收益╱（亏损）

Profit/(los) for the year本年溢利╱（亏损）—17,42217,422(430)16,992

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

Decrease in fair value of financial

asets at fair value through

other comprehensive income

按公允价值计入其他

全面收益的金融资产

之公允价值减少—(89)—(89)—(89)

Curency translation diferences汇兑差异—(29,712)—(29,712)—(29,712)

Total comprehensive income/(los)

for the year

本年全面收益╱（亏损）

总额—(89)(29,712)17,422(12,379)(430)(12,809)

Transactions with the owners in

their capacity as owners

与身份为拥有人之

拥有人交易

Transfer to statutory reserve转拨至法定储备—2,926—(2,926)—

Dividends paid已付股息—(5,006)(5,006)—(5,006)

Share repurchases股份购回—(635)(635)—(635)

—2,926(89)(29,712)8,855(18,020)(430)(18,450)

As at 31st March, 2024于二零二四年三月

三十一日126,3441,79225,52735414,179406,494574,690332575,022

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

27 储备（续）

附注：按适用于本公司于中国成立及经营的附属公司的中

国法例及法规定，所有附属公司需由除税后盈利（已

抵销以前年度的亏损）分派至法定储备。此等中国企

业需按中国的会计规则及法规转拨最少净利润之

10%至法定储备，直至分派至法定储备达附属公司

的注册资本的50%。此等法定储备可以抵销以前年

度亏损或用以发行红股。本公司于中国成立的附属

公司以股息、借贷或借款形式分派部份储备均受限制。

27 Reserves (Continued)

premium

Capital

reserve

Statutory

reserve

Financial asets

at fair value

through other

comprehensive

income

revaluation

reserve

Translation

reserve

Retained

earningsSub-total

Non-

controling

interestsTotal

股份溢价资本储备法定储备

按公允价值

计入其他

全面收益的

金融资产之

重估储备汇兑储备保留溢利小计

非控股

权益总额

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元千港元千港元

As 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126,3441,79225,52735414,179406,494574,690332575,022

Comprehensive los全面亏损

Los for the year本年亏损—(26,928)(26,928)(416)(27,344)

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

Increase in fair value of financial

asets at fair value through

other comprehensive income

按公允价值计入其他

全面收益的金融资产

之公允价值增加—114—114—114

Curency translation diferences汇兑差异—(5,759)—(5,759)—(5,759)

Total comprehensive income/(los)

for the year

本年全面收益╱（亏损）

总额—114(5,759)(26,928)(32,573)(416)(32,989)

Transactions with the owners in

their capacity as owners

与身份为拥有人之

拥有人交易

Transfer to statutory reserve转拨至法定储备—1,040—(1,040)—

Dividends paid已付股息—(12,515)(12,515)—(12,515)

—1,040114(5,759)(40,483)(45,088)(416)(45,504)

As at 31st March, 2025于二零二五年三月

三十一日126,3441,79226,5674688,420366,011529,602(84)529,518

Note: As stipulated by the relevant PRC laws and regulations aplicable to

the Company’s subsidiaries established and operated in the PRC, the

subsidiaries are required to make apropriation from profit after tax

(after ofseting prior years’ loses) to statutory reserve. The PRC

entities are required to transfer at least 10% of its net profit as

determined under the PRC acounting rules and regulations, to their

statutory reserve. The apropriations to the statutory reserve are

required until the balance reaches 50% of the subsidiaries’ registered

capital. The statutory reserve can be utilised to ofset prior year

loses or be utilised for isuance of bonus shares. The Company’s

PRC subsidiaries are restricted in their ability to transfer a portion of

their reserve either in the form of dividends, loans or advances.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

28 综合现金流量表附注

(a) 除税前（亏损）╱溢利与经营业务产生现

金之对账：

28 Notes to the consolidated statement of cash

flows

(a) Reconciliation of (los)/profit before income tax to

cash generated from operations:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

(Los)/profit before income tax除税前（亏损）╱溢利(22,146)25,071

Adjustments for:经下列调整：

— Interest income— 利息收入(2,039)(3,196)

— Interest expense— 利息支出1,9624,434

— Depreciation of property,

plant and equipment

(Note 14)

— 物业、厂房及设备之

折旧（附注14）

37,78437,230

— Depreciation of investment

properties (Note 15)

— 投资物业之折旧

（附注15）597597

— Depreciation of right-of-use

asets (Note 16)

— 使用权资产之折旧

（附注16）5,1974,694

— Loses/(gains) on disposals

of property, plant and

equipment (Notes 6 and

28(b)

— 出售物业、厂房及设备

之亏损╱（收益）

（附注6及28(b)）

502(1,914)

— Provision for/(reversal of)

impairment loses on

financial asets

— 金融资产减值亏损

拨备╱（拨备回拨）

3,827(4,288)

— Impairment los on

investment property

(Note 15)

— 投资物业减值亏损

（附注15）

2,629—

— Reversal of provision for

inventories obsolescence

(Note 7)

— 陈旧存货减值拨备回拨

（附注7）

(6,887)(7,627)

— Net fair value gains on

financial asets at fair

value through profit or

los (Notes 6 and 18(b)

— 按公允价值计入损益的

金融资产之公允价值

收益净额

（附注6及18(b)）(98)(109)

— Gains on early termination

of lease

— 提早终止租赁之收益

—(7)

21,32854,885

Changes in working capital

(excluding efects of translation

adjustments)

营运资金变动

（不包括汇兑调整的影响）

— Inventories— 存货12,99511,265

— Trade and bil receivables— 贸易应收账款及票据(3,214)(125)

— Prepayments and deposits— 预付款项及按金(1,386)(5,947)

— Trade and bil payables— 贸易应付账款及票据(19,644)(17)

— Other payables and acruals— 其他应付款及应计负债3,120(13,290)

Cash generated from operations经营业务产生之现金13,19946,771

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

28 综合现金流量表附注（续）

(b) 于现金流量表内，出售物业、厂房及设

备之所得收入包括：

于其他附注披露的非现金投资活动为添

置使用权资产（附注16）。

28 Notes to the consolidated statement of cash

flows (Continued)

(b) In the statement of cash flows, proceds from

disposal of property, plant and equipment

comprise:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Net bok value账面净值890550

(Loses)/gains on disposals of

property, plant and equipment

(Note 6)

出售物业、厂房及设备之

（亏损）╱收益（附注6）

(502)1,914

Proceds from disposals of

property, plant and equipment

出售物业、厂房及设备之

所得收入3882,464

Non-cash investing activities disclosed in other

notes are the acquisition of right-of-use asets (Note

16).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

28 综合现金流量表附注（续）

(d) 净现金对账

本节载列净现金分析及各所示年度的净

现金变动。

28 Notes to the consolidated statement of cash

flows (Continued)

(d) Net cash reconciliation

This section sets out an analysis of net cash and

the movements in net cash for each of the years

presented.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Net cash净现金

Cash and cash equivalents现金及现金等值198,650217,432

Borowings融资(73,479)(61,959)

Bil payable应付票据—(292)

Lease liabilities租赁负债(5,307)(6,505)

Net cash净现金119,864148,676

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

28 综合现金流量表附注（续）

(d) 净现金对账（续）

28 Notes to the consolidated statement of cash

flows (Continued)

(d) Net cash reconciliation (Continued)

Other

asets

Liabilities from

financing activities

其他资产融资活动产生之负债

Cash

Borowings

and loans

Bil

payable

Lease

liabilitiesTotal

现金融资及贷款应付票据租赁负债总额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Net cash as at

1st April, 2023

于二零二三年四月

一日之净现金243,019(84,130)—(8,985)149,904

Acquisition — Lease收购 — 租赁—(1,702)(1,702)

Termination — Lease终止 — 租赁—2222

Cash flows现金流量(21,213)20,231(292)4,2152,941

Foreign exchange

adjustments

汇兑调整

(4,374)1,940—214(2,220)

Interest — Lease利息 — 租赁—(269)(269)

Net cash as at

31st March, 2024

于二零二四年三月

三十一日之净现金217,432(61,959)(292)(6,505)148,676

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

28 综合现金流量表附注（续）

(d) 净现金对账（续）

29 承担

资本承担

本集团于报告结束日已订约但仍未产生之资

本开支如下：

28 Notes to the consolidated statement of cash

flows (Continued)

(d) Net cash reconciliation (Continued)

Other

asets

Liabilities from

financing activities

其他资产融资活动产生之负债

Cash

Borowings

and loans

Bil

payable

Lease

liabilitiesTotal

现金融资及贷款应付票据租赁负债总额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Net cash as at

1st April, 2024

于二零二四年四月

一日之净现金217,432(61,959)(292)(6,505)148,676

Acquisition — Lease收购 — 租赁—(3,166)(3,166)

Cash flows现金流量(12,480)(11,565)2924,745(19,008)

Foreign exchange

adjustments

汇兑调整

(6,302)45—(75)(6,332)

Interest — Lease利息 — 租赁—(306)(306)

Net cash as at

31st March, 2025

于二零二五年三月

三十一日之净现金198,650(73,479)—(5,307)119,864

29 Comitment

Capital comitments

Capital expenditure of the Group at the end of reporting

period contracted but not yet incured is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Authorised and contracted for:已批准及已签订合同：

Machinery机器2,081766

Others其他258674

2,3391,440

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

30 银行信贷额及资产抵押

于二零二五年三月三十一日，本集团获提供

之透支、贷款、贸易融资及银行担保等银行

信贷总额约403,565,000港元（二零二四年：

257,213,000港元）。于同日尚未动用之银行

信贷额约330,086,000港元（二零二四年：

121,797,000港元）。此等银行信贷额之抵押如

下：

(i) 本集团账面净值约1,023,000港元（二零

二四年：1,099,000港元）之楼宇抵押（附

注14(c)）；

(i) 本集团账面净值约1,963,000港元（二零

二四年：2,040,000港元）之投资物业抵

押（附注15）；

(i) 本集团账面净值约1,187,000港元（二零

二四年：1,248,000港元）之租赁土地抵

押（附注16(i)）;

(iv) 抵押本集团约40,000,000港元之短期银

行定期存款（二零二四年：零）（附注21）;

(v) 本公司及其若干附属公司所提供之担

保；及

(vi) 抵押公允价值约4,008,000港元（二零

二四年：3,964,000港元）之本集团按公

允价值计入损益之金融资产（附注

18(b)）。

30 Banking facilities and pledge of asets

As at 31st March, 2025, the Group had agregate banking

facilities of aproximately HK$403,565,000 (2024:

HK$257,213,000) for overdrafts, loans, trade financing

and bank guarantes. Unused facilities as at the same

date amounted to aproximately HK$330,086,000 (2024:

HK$121,797,000). These facilities were secured by:

(i) pledges over the Group’s buildings with net bok

value of aproximately HK$1,023,000 (2024:

HK$1,099,000) (Note 14(c);

(i) pledges over the Group’s investment properties

with net bok value of aproximately

HK$1,963,000 (2024: HK$2,040,000) (Note 15);

(i) pledges over the Group’s leasehold land with a net

bok value of aproximately HK$1,187,000 (2024:

HK$1,248,000) (Note 16(i);

(iv) charges over the Group’s short term fixed deposit

of aproximately HK$40,000,000 (2024: Nil) (Note

21);

(v) guarantes provided by the Company and certain

of its subsidiaries; and

(vi) charges over the Group’s FVPL with fair value of

aproximately HK$4,008,000 (2024: HK$3,964,000)

(Note 18(b).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

31 关连人士之交易

于二零二五年三月三十一日，林光如先生持

有本公司约40.54%（二零二四年：40.54%）的

普通股份。杨翠女士持有本公司约16.17%

（二零二四年：16.17%）的普通股份，林先

生及杨女士二人均为本公司董事。

(a) 除披露于综合财务报表其他部份外，下

列为与关连人士进行之交易：

附注：

，上述

交易均按一般业务常规，及按本集团与关连

人士签订合同之条款进行。根据香港财务报

告准则第16号 — 租赁，经营租赁确认为使

用权资产及相对的租赁负债，截至二零二五

年三月三十一日止年度对杨翠女士的现金流

出为偿还租赁负债及利息支出。

，该

交易按本集团与关连人士签订合同之条款进

行，截至二零二五年三月三十一日止年度由

林光如先生的现金流入为租赁租金收入。

31 Related party transactions

As at 31st March, 2025, Mr. Lam Kwong Yu beneficialy

owned aproximately 40.54% (2024: 40.54%) of the

Company’s ordinary shares. Ms. Yeung Chui beneficialy

owned aproximately 16.17% (2024: 16.17%) of the

Company’s ordinary shares. Both Mr. Lam and Ms. Yeung

are directors of the Company.

(a) In adition to those disclosed elsewhere in the

consolidated financial statements, the folowing

transaction was caried out with related parties:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Transactions related to lease with:有关租赁的交易：

— Ms. Yeung Chui (Note 1)— 杨翠女士（附注1）

• Payment of lease liabilities• 租赁负债付款7272

• Interest element of lease liabilities• 租赁负债利息部份25

— Mr. Lam Kwong Yu (Note 2)— 林光如先生（附注2）

• Rental income•租金收入14988

Notes:

1. The Group entered into an operating lease agrement with

Ms. Yeung Chui. The transaction was caried out in the

usual course of busines, and in acordance with the terms

of the contract entered into by the Group and the related

party. Under HKFRS 16 — Lease, the operating lease has

ben recognised as a right-of-use aset and a coresponding

lease liability. Cash outflow to Ms. Yeung Chui during the

year ended 31st March, 2025 represented the repayment of

lease liabilities and interest expenses.

2. The Group entered into an operating lease agrement with

Mr. Lam Kwong Yu. The transaction was in acordance

with the terms of the contract entered into by the Group

and the related party. Cash inflow from Mr. Lam Kwong Yu

during the year ended 31st March, 2025 represented the

lease rental income.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

31 关连人士之交易（续）

(b) 主要管理人员酬金偿付

32 金融工具按类别划分

31 Related party transactions (Continued)

(b) Key management compensation

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Basic salaries, alowances and others基本薪金、津贴及其他12,15811,385

Discretionary bonus自由决定之花红862862

Pension costs — defined contribution

plans

退休成本 — 界定供款

计划221212

13,24112,459

32 Financial instruments by category

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial asets金融资产

Financial asets at amortised cost:以摊销成本列账的金融资产：

Trade and bil receivables (Note 20)贸易应收账款及票据（附注20）171,893172,336

Deposits按金9,6739,316

Bank deposits with maturity over

3 months from date of deposits

(Note 21)

由存款日起计算超过三个月

到期之银行存款（附注21）

Cash and cash equivalents (Note 21)现金及现金等值（附注21）198,650217,432

380,420399,286

Financial asets at fair value:按公允价值列账的金融资产：

Financial asets at fair value through

profit or los (Note 18)

按公允价值计入损益的金融

资产（附注18）12,28412,186

Financial asets at fair value through

other comprehensive income

(Note 18)

按公允价值计入其他全面

收益的金融资产（附注18）

1,2041,090

13,48813,276

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

32 金融工具按类别划分（续）32 Financial instruments by category (Continued)

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial liabilities金融负债

Financial liabilities at amortised

cost:

以摊销成本列账的金融负债：

Trade and bil payables (Note 23)贸易应付账款及票据（附注23）70,84290,424

Other payables and acruals其他应付款及应计负债22,94622,984

Borowings (Note 22)融资（附注22）73,47961,959

Lease liabilities (Note 16)租赁负债（附注16）5,3076,505

172,574181,872

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

33 本公司之财务状况表及储备变动

(a) 本公司之财务状况表

33 Statement of financial position and movement

of reserve of the Company

(a) Statement of financial position of the

Company

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

ASETS资产

Non-curent asets非流动资产

Investments in and amounts due

from subsidiaries

于附属公司之投资及应收

款项198,399198,506

Curent asets流动资产

Prepayments and deposits预付款项及按金943907

Cash and cash equivalents现金及现金等值1,2331,082

2,1761,989

Total asets资产总额200,575200,495

EQUITY权益

Equity atributable to the owners

of the Company

本公司拥有人应占权益

Share capital股本50,06350,063

Reserves (Note 33(b)储备（附注33(b)）144,091143,704

Total equity权益总额194,154193,767

LIABILITIES负债

Curent liabilities流动负债

Other payables and acruals其他应付款及应计负债2,0722,365

Amounts due to subsidiaries应付附属公司款项4,3494,363

Total liabilities负债总额6,4216,728

Total equity and liabilities权益及负债总额200,575200,495

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

33 Statement of financial position and movement

of reserve of the Company (Continued)

(b) Movement of reserve of the Company

The changes in the reserves of the Company during

the years ended 31st March, 2025 and 2024 are as

folows:

premium

Capital

reserve

Retained

earningsTotal

股份溢价资本储备保留溢利总额

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

As at 1st April, 2023于二零二三年

四月一日126,34452022,530149,394

Los for the year本年亏损—(49)(49)

Share repurchases股份购回—(635)(635)

Dividends paid已付股息—(5,006)(5,006)

As at 31st March, 2024于二零二四年

三月三十一日126,34452016,840143,704

As at 1st April, 2024于二零二四年

四月一日126,34452016,840143,704

Profit for the year本年溢利—12,90212,902

Dividends paid已付股息—(12,515)(12,515)

As at 31st March, 2025于二零二五年

三月三十一日126,34452017,227144,091

33 本公司之财务状况表及储备变动（续）

(b) 本公司之储备变动

本公司于二零二五年及二零二四年三月

三十一日之储备变动如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

34 Sumary of other potentialy material

acounting policies

This note provides a list of other potentialy material

acounting policies adopted in the preparation of these

consolidated financial statements. These policies have

ben consistently aplied to al the years presented,

unles otherwise stated.

34.1 Subsidiaries

Subsidiaries are al entities (including structured

entities) over which the Group has control. The

Group controls an entity when the Group is

exposed to, or has rights to, variable returns from

its involvement with the entity and has the ability

to afect those returns through its power to direct

the activities of the entity. Subsidiaries are fuly

consolidated from the date on which control is

transfered to the Group. They are deconsolidated

from the date that control ceases.

The acquisition method of acounting is used to

acount for busines combinations by the Group

(se Note 34.2).

Intercompany 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. Acounting

policies of subsidiaries have ben changed where

necesary to ensure consistency with the policies

adopted by the Group.

Non-controling interests in the results and equity

of subsidiaries are shown separately in the

consolidated income statement, consolidated

statement of comprehensive income, consolidated

statement of changes in equity and consolidated

statement of financial position respectively.

34 其他潜在重大会计政策概要

此附注提供编撰此等综合财务报表已采纳的

其他潜在重大会计政策概要，除另有指明外，

此等政策已于呈列之所有年度贯彻应用。

34.1 附属公司

附属公司为本集团控制之所有实体（包

括结构实体）。当本集团对参与实体业

务之浮动回报承担风险或享有权利以及

能透过指示实体的活动之权力影响该等

回报时，即取得控制权。附属公司在控

制权转移至本集团之日综合入账。附属

公司在控制权终止之日起停止综合入账。

本集团采用收购法为业务合并入账（见

附注34.2）。

集团公司之间的交易、结余及未实现收

益予以对销。未实现亏损亦予以对销，

除非该交易提供证明证实转移资产减

值。如有需要，附属公司之会计政策将

会变动以确保与本集团采纳之会计政策

符合一致。

附属公司业绩和权益中的非控股权益在

综合利润表、综合全面收益表、综合权

益变动表及综合财务状况表中分开列示。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

34 其他潜在重大会计政策概要（续）

34.2 业务合并

采用收购法为所有业务合并入账，而不

论有关股本工具或其他资产是否收购所

得。收购附属公司所转让代价由以下各

项组成：

• 所收购业务的前拥有人所产生的

负债，

• 或然代价安排产生的任何资产或

负债的公允价值，及

• 于附属公司的任何既有股本权益

的公允价值。

在业务合并过程中所收购的可识别资产

以及所承担的负债及或然负债，除有限

之例外情况，均于收购当日按其公允价

值作初步计量。

本集团按个别收购基准根据公允价值或

非控股权益在被收购实体可识别资产净

值的按比例应占金额确认于被收购实体

的任何非控股权益。

收购相关成本于产生时列为开支。

34 Sumary of other potentialy material

acounting policies (Continued)

34.2 Busines combinations

The acquisition method of acounting is used to

acount for al busines combinations, regardles of

whether equity instruments or other asets are

acquired. The consideration transfered for the

acquisition of a subsidiary comprises the:

• liabilities incured to the former owners of

the acquired busines,

• fair value of any aset or liability resulting

from a contingent consideration arangement,

and

• fair value of any pre-existing equity interest

in the subsidiary.

Identifiable asets acquired and liabilities and

contingent liabilities asumed in a busines

combination are, with limited exceptions, measured

initialy at their fair values at the acquisition date.

The Group recognises any non-controling interest in

the acquired entity on an acquisition-by-acquisition

basis either at fair value or at the non-controling

interest’s proportionate share of the acquired entity’s

net identifiable asets.

Acquisition-related costs are expensed as incured.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

34 其他潜在重大会计政策概要（续）

34.2 业务合并（续）

以下项目超过

• 被收购实体之任何非控股权益金

额，及

• 任何先前被收购实体之股本权益

于收购日期之公允价值。

与所收购可识别资产净值之公允价值之

差额入账列作商誉。倘有关金额低于所

收购业务之可识别资产净值之公允价

值，则该差额会直接于综合利润表作为

一项廉价收购确认。或然代价分类为权

益或金融负债。分类为金融负债的金额

其后按公允价值重新计量，公允价值变

动于综合利润表确认。

倘业务合并分阶段进行，收购方过往于

被收购方持有之股本权益的账面值按于

收购日期之公允价值重新计量。上述重

新计量产生之收益或亏损均于综合利润

表确认。

34 Sumary of other potentialy material

acounting policies (Continued)

34.2 Busines combinations (Continued)

The exces of the

• amount of any non-controling interest in the

acquired entity, and

• acquisition-date fair value of any previous

equity interest in the acquired entity

over the fair value of the net identifiable asets

acquired is recorded as godwil. If those amounts

are les than the fair value of the net identifiable

asets of the busines acquired, the diference is

recognised directly in the consolidated income

statement as a bargain purchase. Contingent

consideration is clasified either as equity or a

financial liability. Amounts clasified as a financial

liability are subsequently remeasured to fair value

with changes in fair value recognised in the

consolidated income statement.

If the busines combination is achieved in stages,

the acquisition date carying value of the acquirer’s

previously held equity interest in the acquire is

remeasured to fair value at the acquisition date.

Any gains or loses arising from such

remeasurement are recognised in the consolidated

income statement.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

34 其他潜在重大会计政策概要（续）

34.3 所有权益变动

本集团将不会导致失去控制权的非控制

性权益交易视为与本集团权益拥有人的

交易。所有权益变动导致控制性与非

控制性权益账面值之间的调整，以反映

彼等于附属公司的相关权益。非控制性

权益调整数额与任何已付或已收代价之

间的任何差额于本公司拥有人应占权益

中的独立储备内确认。

倘由于本集团失去控制权、共同控制权

或重大影响力导致不再综合入账或按权

益会计法入账投资，则其于该实体的任

何保留权益将按其公允价值重新计量，

而账面值变动于损益中确认。就其后入

账列作联营公司、合营公司或金融资产

的保留权益而言，该公允价值为初始账

面值。此外，先前于其他全面收益确认

与该实体有关的任何金额按犹如本集团

已直接处置有关资产或负债的方式入

账。这可能意味著先前在其他全面收益

确认的金额在适用香港财务报告准则所

指明╱允许之下重新分类至综合利润表

或转拨至另一权益类别。

34 Sumary of other potentialy material

acounting policies (Continued)

34.3 Change in ownership interests

The Group treats transactions with non-controling

interests that do not result in a los of control as

transactions with equity owners of the Group. A

change in ownership interest results in an

adjustment betwen the carying amounts of the

controling and non-controling interests to reflect

their relative interests in the subsidiary. Any

diference betwen the amount of the adjustment

to non-controling interests and any consideration

paid or received is recognised in a separate reserve

within equity atributable to owners of the

Company.

When the Group ceases to consolidate or equity

acount for an investment because of a los of

control, joint control or significant influence, any

retained interest in the entity is remeasured to its

fair value with the change in carying amount

recognised in profit or los. This fair value becomes

the initial carying amount for the purposes of

subsequently acounting for the retained interest as

an asociate, joint venture or financial aset. In

adition, any amounts previously recognised in

other comprehensive income in respect of that

entity are acounted for as if the Group had

directly disposed of the related asets or liabilities.

This may mean that amounts previously recognised

in other comprehensive income are reclasified to

the consolidated income statement or transfered to

another category of equity as specified/permited

by aplicable HKFRSs.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

34 其他潜在重大会计政策概要（续）

34.4 独立财务报表

于本公司之财务状况表，附属公司投资

按成本扣除减值，成本亦包括直接归属

的投资成本。本公司按照股息收入为基

准将附属公司之业绩计算入账。

在接获于附属公司的投资的股息后，倘

股息超出附属公司在宣派股息期内的全

面收益总额，或倘于个别财务报表的投

资账面值高于被投资公司资产净值（包

括商誉）于综合财务报表的账面值，则

须对于附属公司之投资进行减值测试。

34.5 分部报告

经营分部乃按提供与主要营运决策者之

内部报告一致之方式予以呈报。主要营

运决策者负责分配资源及评估经营分部

之表现，主席╱执行长被视为主要营运

决策者，彼负责制定策略决定。

34 Sumary of other potentialy material

acounting policies (Continued)

34.4 Separate financial statements

In the Company’s statement of financial position,

investments in subsidiaries are acounted for at

cost les impairment. Cost also 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 dividends

from these investments if the dividend exceds the

total comprehensive income of the subsidiary in

the period the dividend is declared or if the

carying amount of the investment in the separate

financial statements exceds the carying amount

in the consolidated financial statements of the

investe’s net asets including godwil.

34.5 Segment reporting

Operating segments are reported in a maner

consistent with the internal reporting provided to

the chief operating decision-maker. The chief

operating decision-maker, who is responsible for

alocating resources and asesing performance of

the operating segments, has ben identified as the

Chairman/Chief Executive Oficer who makes

strategic decisions.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

34 其他潜在重大会计政策概要（续）

34.6 外币换算

(a) 功能货币和呈列货币

本集团每个实体的财务报表所列

项目均以该实体营运所在的主要

经济环境之货币计量（「功能货

币」）。综合财务报表以港元呈报，

港元为本公司的功能货币及本集

团的呈列货币。

(b) 交易及结余

外币交易采用交易日之汇率换算

为功能货币。结算此等交易产生

之汇兑损益以及将外币计值之货

币性资产和负债以年结汇率换算

产生之汇兑损益一般在综合利润

表确认。

所有其他外币汇兑损益均列入综

合利润表（「其他收入及收益 —

净额」）内。

非货币性金融资产及负债（如以

公允价值计量且其变动计入损益

的权益）之汇兑差额，则于损益内

确认为公允价值损益一部份。非

货币性金融资产（如归类为按公

允价值计入其他全面收益的金融

资产之权益）之汇兑差额，则计入

其他全面收益内。

34 Sumary of other potentialy material

acounting policies (Continued)

34.6 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 at the dates of the

transactions. 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 generaly recognised in the

consolidated income statement.

Al other foreign exchange gains and loses

are presented in the consolidated income

statement within “other income and gains —

net”.

Translation diferences on non-monetary

financial asets and liabilities such as

equities held at fair value through profit or

los are recognised in profit or los as part

of the fair value gain or los. Translation

diferences on non-monetary financial asets,

such as equities clasified as financial asets

at fair value through other comprehensive

income, are included in other comprehensive

income.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

34 其他潜在重大会计政策概要（续）

34.6 外币换算（续）

所有功能货币与呈列货币不同之

本集团实体（当中没有严重通货

膨胀货币）之业绩及财务状况均

按以下方法换算为呈列货币：

(i) 各财务状况表呈列之资产

及负债项目均以该财务状

况表结算日之收市汇率折

算；

(i) 各利润表所呈报之收入及

开支项目均按平均汇率换

算（除非该平均值并不反映

于交易日通行汇率累计影

响之合理近似值，在此情

况下收入及开支乃按交易

日之汇率换算）；及

(i) 所有由此产生之外币换算

差额均于其他全面收益内

确认。

于综合账目时，因换算于海外实

体之投资净额，及融资以及其他

金融工具以对冲此等投资而产生

之汇兑差额均于其他全面收益内

确认。倘出售海外业务或偿还组

成投资净额的融资时，相关之汇

兑差额会重新分类为损益，作为

出售之部份盈亏。

34 Sumary of other potentialy material

acounting policies (Continued)

34.6 Foreign curency translation (Continued)

The results and financial position of al the

group entities (none of which has the

curency of a hyperinflationary economy)

that have a functional curency diferent

from the presentation curency are translated

into the presentation curency as folows:

(i) asets and liabilities for each 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

(i) al resulting curency translation

diferences are recognised in other

comprehensive income.

On consolidation, exchange diferences

arising from the translation of any net

investment in foreign entities, and of

borowings and other financial instruments

designated as hedges of such investments,

are recognised in other comprehensive

income. When a foreign operation is sold or

any borowings forming part of the net

investment are repaid, the asociated

exchange diferences are reclasified to profit

or los, as part of the gain or los on sales.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

34 Sumary of other potentialy material

acounting policies (Continued)

34.6 Foreign curency translation (Continued)

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, al of the

curency translation diferences acumulated

in equity in respect of that operation

atributable to the owners of the Company

are reclasified to consolidated income

statement.

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 consolidated income

statement.

34 其他潜在重大会计政策概要（续）

34.6 外币换算（续）

因收购海外实体而产生的商誉及

公允价值调整，均作为有关海外

实体的资产与负债，并按收市汇

率换算。产生的汇兑差额在其他

全面收益中确认。

(d) 出售海外业务及部份出售

对于境外经营的出售（即出售集

团在境外经营中的全部权益，或

者出售涉及丧失对拥有境外经营

的附属公司的控制权），就该项经

营累计入权益的归属于本公司

拥有人的所有汇兑差额均重新分

类至综合利润表。

对于并不导致集团丧失对拥有境

外经营的附属公司的控制权的部

份出售，集团在累计汇兑差额中

的比例份额重新归属于非控制性

权益，且不会在综合利润表中确

认。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

34 Sumary of other potentialy material

acounting policies (Continued)

34.7 Impairment of non-financial asets

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

(“cash-generating units”). Non-financial asets other

than godwil that sufered an impairment are

reviewed for posible reversal of the impairment at

each reporting date.

34.8 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.

34 其他潜在重大会计政策概要（续）

34.7 非金融资产之减值

需要作出摊销的资产在有事件出现或情

况变动显示出现账面值无法收回时就减

值进行评估。减值亏损按资产账面值超

越其可收回价值的数额确认。可收回价

值为资产公允价值减销售成本后的价

值，与其使用价值之间的较高者。为评

估资产减值，资产按可独立地区分其现

金流量（现金产生单位）的最低层次组

合。于每个报告日，均会对曾出现减值

之非金融资产（商誉除外）作出评估，以

确定是否可能作出减值拨回。

34.8 抵销金融工具

当有法定可执行权力可抵销已确认金

额，并有意图按净额基准结算或同时变

现资产和结算负债时，财务资产与负债

可互相抵销，并在综合财务状况表报告

其净额。法定可执行权利不可依赖未来

事件而定，而在一般业务过程中倘本公

司或交易对手一旦出现违约、无偿债能

力或破产时，这也必须具有约束力。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

34 Sumary of other potentialy material

acounting policies (Continued)

34.9 Provisions

Provisions are recognised when the Group has a

present legal or constructive obligation as a result

of past events; it is probable that an outflow of

resources wil be required to setle the obligation;

and the amount has ben reliably estimated.

Provisions are not recognised for future operating

loses.

Where there are a number of similar obligations,

the likelihod that an outflow wil be required in

setlement is determined by considering the clas

of obligations as a whole. A provision is recognised

even if the likelihod of an outflow with respect to

any one item included in the same clas of

obligations may be smal.

Provisions are measured at the present value of the

expenditures expected to be required to setle the

obligation using a pre-tax rate that reflects curent

market asesments of the time value of money and

the risk specific to the obligation. The increase in

the provision due to the pasage of time is

recognised as interest expense.

34.10 Dividend distributions

Dividend distributions to the Company’s

shareholders are recognised as a liability in the

Group’s consolidated financial statements and the

Company’s financial statements in the period in

which the dividends are aproved by the

Company’s shareholders.

34 其他潜在重大会计政策概要（续）

34.9 拨备

本集团因已发生之事件而产生现有法律

或推定责任；很有可能需要资源流出以

偿付责任；金额已被可靠估计作出拨

备。不就未来营运亏损确认拨备。

如有多项类似责任，其需要在偿付中流

出资源的可能性，根据责任的类别整体

考虑。即使在同一责任类别所包含的任

何一个项目相关的资源流出的可能性极

低，仍须确认拨备。

拨备采用税前利率按照预期需偿付有关

责任的开支的现值计量，该利率反映当

时市场对金钱时间值和有关责任固有风

险的评估。随著时间过去而增加的拨备

确认为利息开支。

34.10 股息分派

向本公司股东分派的股息在股息获本公

司股东批准期间于本集团的综合财务报

表及本公司的财务报表确认为负债。

Note:

1. Dayspring Enterprises Limited held 1,012,901 shares in the Company. The

1. Purpose of the 2022 Share Option Scheme

2. Participants of the 2022 Share Option Scheme

3. Total number of shares available for isue under the

4. Maximum entitlement of each participant under the

5. The period within which the shares must be taken up

6. The minimum period for which an option must be held

7. The amount payable on aplication or aceptance of the

8. The basis of determining the exercise price

9. The remaining life of the 2022 Share Option Scheme

Note:

1. Ms. Li Lin (“Ms. Li”) is the spouse of Mr. Lam Kwong Yu (“Mr. Lam”) (director

1. Executive Directors may be entitled to a discretionary

2. Certain employes of the Group may be granted a bonus

3. In the event that the Group achieves a certain level of

Comite is set out below:

2025. A copy of the latest consolidated version of the

2004. He is a practising Certified Public Acountant in Hong

2.Car park numbers L3, L4, L5 and P37 at Perfect

3.Unit 1, 5/F, Perfect Industrial Building, 31 Tai Yau

4.Unit 2, 5/F, Perfect Industrial Building, 31 Tai Yau

5.Flat E, 37/F, Block 1A, The Arch, No. 1 Austin Road

6.Land-use-right and factory premises at 189, Kaifa

7.Rom 1004, 14 Lan Yu Wu Road, Kai Fa Avenue,

8.Land-use-right and factory premises at Muxi Liu Lu,

9.Land-use-right and factory premises at No.88 Zhu

10.Land-use-right and factory premises at No.98 Hu Tai

11.Leasehold land and factory premises at PLO 17,

Other comprehensive los:其他全面亏损：

Total comprehensive los for the year atributable to:应占本年全面亏损总额：

Les: cash and cash equivalents

Other information:其他资料：

Other information:其他资料：

Notes:

2035. The Company’s subsidiaries established in the

Notes:

Note:

Les: los alowance减：亏损拨备(16,597)(12,646)

Les: Non-curent portion:减：非即期部份：

Defered tax asets:

Defered tax liabilities:

Authorised:法定股本：

Note: As stipulated by the relevant PRC laws and regulations aplicable to

Adjustments for:经下列调整：

Authorised and contracted for:已批准及已签订合同：

Transactions related to lease with:有关租赁的交易：

Notes:

1. The Group entered into an operating lease agrement with

2. The Group entered into an operating lease agrement with

Financial asets at amortised cost:以摊销成本列账的金融资产：

Financial asets at fair value:按公允价值列账的金融资产：

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