Lotus Horizon Holdings Limited

智中国际控股有限公司

(incorporated in the Cayman Islands with limited liability)

(于开曼群岛注册成立之有限公司)

Stock Code 股份代号 : 6063

ANUAL REPORT

年报

Year ended 31 March
截至三月三十一日止年度
	2025	2024
	二零二五年	二零二四年
	HK$’000	%	HK$’000	%
	千港元	%	千港元	%
	186,452	71.8
	73,374	28.2
	259,826	100.0

Year ended 31 March
截至三月三十一日止年度
	2025	2024
	二零二五年	二零二四年
	HK$’000	%	HK$’000	%
	千港元	%	千港元	%
	158,357	60.9
	219	0.1
	101,250	39.0
	259,826	100.0

Year ended 31 March
截至三月三十一日止年度
	2025	2024
	二零二五年	二零二四年
	HK$’000	Gross profit margin (%)	HK$’000	Gross profit margin (%)
	千港元	毛利率 (%)	千港元	毛利率 (%)
	19,205	10.3
	6,979	9.5
	26,184	10.1

Year ended 31 March
截至三月三十一日止年度
	2025	2024
	二零二五年	二零二四年
	HK$’000	Gross profit margin (%)	HK$’000	Gross profit margin (%)
	千港元	毛利率 (%)	千港元	毛利率 (%)
	16,298	10.3
	115	52.5
	9,771	9.7
	26,184	10.1

Name of Director	Capacity/Nature of Interest	Number of Shares held/ interested	Percentage of shareholding
董事姓名	身份╱权益性质	所持╱拥有权益股份数目	持股百分比

Name of Director	Capacity/Nature of Interest	Number of Shares held/ interested	Percentage of shareholding
董事姓名╱名称	身份╱权益性质	所持╱拥有权益股份数目	持股百分比

Attendance/Number of meetings
出席会议╱大会次数
	Board Meeting	Audit Committee	Remuneration Committee	Nomination Committee	General meeting
	董事会会议	审核委员会	薪酬委员会	提名委员会	股东大会

Attending webinar(s)/seminar(s)/ forum(s)/programme(s)/ conference(s) relevant to the business or Directors’ duties
Name of Director	董事姓名	有否出席与业务或董事职责有关的网路研讨会╱研讨会╱论坛╱课程╱会议

Number of employee(s)
雇员人数

Stakeholders	Needs and Expectations of Stakeholders	Communication Channel
持份者	持份者的需求及期望	沟通渠道

Stakeholders	Needs and Expectations of Stakeholders	Communication Channel
持份者	持份者的需求及期望	沟通渠道

	Unit	2025	2024
	单位	二零二五年	二零二四年
1.40
0.01
0.10

	Unit	2025	2024
	单位	二零二五年	二零二四年
2.65
29.53
32.18
0.0034
0.64

Wastes	Treatment Method	Unit	2025	2024
废物	处理方法	单位	二零二五年	二零二四年
2.73
0.22
1.25
4.20
0.016

	Unit	2025	2024
	单位	二零二五年	二零二四年
9,626.72
993.33
77,706.96
77,706.96
87,333.68
9.1
1,746.67

Core Element	The Group’s Responses
核心要素	本集团的应对措施

Timeframe	Risks	Opportunities
时间表	风险	机遇

Climate-related Risks	Mitigation and Adaptive Measures	Part of the Value Chain
气候相关风险	缓解和适应措施	价值链的部分

Employee Profile as at 31 March10			Employee Turnover11 for the year ended 31 March
于三月三十一日的雇员概况10			截至三月三十一日止年度的雇员流失率11
	2025	2024		2025	2024
	二零二五年	二零二四年		二零二五年	二零二四年
	Number of employees	Number of employees		%	%
	雇员人数	雇员人数		%	%
By Gender 按性别 43 • Male 男 15 • Female 女 By Age Group 按年龄组别 3 • Below 30 30岁以下 35 • 30–50 30至50岁 20 • Over 50 50岁以上 By Geographical Region 按地理区域 57 • Hong Kong 香港 1 • Mainland China 中国内地 58 0
	雇员人数	38			28
	13			35
	4			43
	32			26
	15			35
	50			31
	1			0
49
2
	51	58 Overall 整体		30

Environmental, Social and Governance Report

环境、社会及管治报告

74LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

我们的雇员概况及雇员流失率如下。Our employe profile and employe turnover rate are as folows.

It includes the employes of the Group only. Workers of the subcontractors

are excluded.

Turnover rate = Total number of employes left during the coresponding

reporting period / (Total number of employes left during the coresponding

reporting period + Total number of employes at the end of the

coresponding reporting period). The Group had a total of 22 employes

turnover during the Reporting Period.

仅包括本集团的雇员，不包括分包商的工人。

流失率=相应报告期间离职的雇员总数╱（相应报告

期间离职的雇员总数+相应报告期末的雇员总数）。

本集团于报告期间的雇员流失人数合共为22名。

Environmental, Social and Governance Report

环境、社会及管治报告

75智中国际控股有限公司 / 二零二五年报

B2. 健康及安全

政策

本集团致力于维护所有可能受到正常营

运影响的雇员、工人和人员（包括分包商

及公众）的安全、健康及福祉。为落实承

诺，我们在安全及健康方面一向维持高

水平。我们的工业安全政策旨在确保我

们所负责的雇员及分包商工人全部均在

地盘区域内安全工作。另一方面，通过

采取各项措施以减轻或消除由此产生的

任何潜在风险，从而保障及维护本集团

的利益。

合规资料

根据香港法例及法规，我们的项目须遵

守若干安全及健康要求，包括但不限

于：《工厂及工业经营条例》（香港法例第

59章）（「工厂及工业经营条例」）、《建筑

地盘（安全）规例》（香港法例第59I章）、

《工厂及工业经营（安全管理）规例》（香港

法例第59AF章）（「工厂及工业经营（安全

管理）规例」）及《工厂及工业经营（起重

机械及起重装置）规例》（香港法例第59J

章）；《职业安全及健康条例》（香港法例

第509章）；《雇员补偿条例》（香港法例第

282章）；及《占用人法律责任条例》（香港

法例第314章）。

于报告期间，本集团并未卷入不合规诉

讼。倘建筑工地发现不合规情况，本集

团将即时采取补救措施，增加现场检查

的频率并提供额外培训。我们将继续致

力提高持份者的安全意识，并确保我们

从已发生的事件中汲取教训，以防止再

次发生。

审核安全管理系统

根据工厂及工业经营（安全管理）规例，

我们须实施安全管理系统及对安全管理

系统进行安全审核。

B2. Health and Safety

Policies

The Group is comited to safeguarding the safety, health

and welfare of al employes, workers, and persons including

subcontractors and the general public likely to be afected by

the normal operations. To achieve our comitment, we maintain

a high standard regarding safety and health. Our Industrial

Safety Policy aims to ensure that al our employes and our

sub-contractors’ workers under our responsibility are working

safely at the site area. On the other hand, any potential risks

thereon arising can be mitigated or eliminated through the

implementation of various measures so that the interests of the

Group can be protected and safeguarded.

Compliance Information

Our projects are subject to certain safety and health requirements

pursuant to the laws and regulations in Hong Kong, including but

not limited to Factories and Industrial Undertakings Ordinance

(Chapter 59 of the Laws of Hong Kong) (the “FIU Ordinance”),

Construction Sites (Safety) Regulations (Chapter 59I of the Laws

of Hong Kong), Factories and Industrial Undertakings (Safety

Management) Regulation (Chapter 59AF of the Laws of Hong

Kong) (“FIU(SM)R”), Factories and Industrial Undertakings

(Lifting Apliances and Lifting Gear) Regulations (Chapter 59J

of the Laws of Hong Kong), Ocupational Safety and Health

Ordinance (Chapter 509 of the Laws of Hong Kong), Employes’

Compensation Ordinance (Chapter 282 of the Laws of Hong

Kong) and Ocupiers Liability Ordinance (Chapter 314 of the

Laws of Hong Kong).

During the Reporting Period, the Group was not involved

in litigations of non-compliance. If there is any case of non-

compliance found in construction sites, the Group wil take

imediate remedial actions to increase the frequency of site

inspections and provide aditional training. We wil continue our

eforts to raise safety awarenes amongst our stakeholders and

to ensure that we learn from incidents hapened to prevent any

reocurence.

Safety Management System Audit

Pursuant to the FIU(SM)R, we are required to implement a safety

management system and cary out safety audits of our safety

management system.

Environmental, Social and Governance Report

环境、社会及管治报告

76LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

于报告期间，我们须根据工厂及工业经

营（安全管理）规例的规定，对弘建营造

（香港）进行定期安全审核。我们委聘独

立安全审核员及进行所有安全审核。该

等安全审核报告揭示我们一直维持良好

的安全管理准则及并没有发现与我们安

全管理系统有关的违反工厂及工业经营

（安全管理）规例的重大情况。

职业健康及安全系统

组织

我们的安全管理系统由安全主任及工地

安全督导员分别在总经理及项目经理的

领导下负责监控及实行。于报告期末，

我们有一名安全主任及十名工地安全督

导员。我们一般向每个项目指派至少一

名工地安全督导员负责监控安全管理系

统。我们的安全主任及安全督导员定期

进行内部安全巡查，确保营运在减低个

人及财产风险的情况下进行。

计划及执行

我们采取以危机管理及风险评估为重的

预防方法。我们定期进行内部风险评估

及审查。我们旨在于执行项目的过程中

透过识别风险及危机控制风险水平，亦

提供培训及监督员工以提高危机意识及

为突发状况做好准备。

我们已为营运订立及维持一套安全管理

制度，妥善管理有关违反安全程序及其

后采取补救措施的记录并进行检讨。我

们已采用一份内部安全手册，该手册列

明适用于地盘运作的一般规则及规例。

我们亦要求严格实施安全系统，并由我

们或分包商的管理层人员进行监督。

安全教育

我们为新雇员及分包商提供安全入职培

训。分包商须为工人提供安全及保护设

备，例如防坠扣及安全靴。我们的工地

安全督导员亦确保所有工人均有于工地

正确穿戴保护装备。

During the Reporting Period, we were required to conduct

regular safety audits on ICGL (Hong Kong) as required by

FIU(SM)R. We had engaged an independent safety auditor

and conducted al the safety audits. These safety audit reports

revealed that we had maintained a god safety management

standard and there was no material finding of non-compliance

with the FIU(SM)R in relation to our safety management system.

Ocupational Health and Safety System

Organisation

Our safety management system is monitored and implemented

by our safety oficer and site supervisors, under our General

Manager and Project Manager respectively. As at the end of the

Reporting Period, we had 1 safety oficer and 10 site supervisors.

We generaly asign at least one site supervisor to each project

to monitor our safety management system. Our safety oficer

and site supervisors conduct regular internal safety inspections

to ensure our operations are conducted in such maner so as to

reduce the risks to persons and properties.

Planing and Implementation

We adopt a preventive aproach with an emphasis on hazard

management and risk asesment. We conduct internal risk

asesment and review regularly. We aim to control our risk

level by identifying risks and hazards in the course of execution

of projects and provide training and supervision to enhance

awarenes of hazards and to be prepared for contingency

situations.

We have developed and maintained a safety management

system for our operation where records of non-compliance with

safety procedures and remedial measures are properly managed

and reviewed. We have adopted an internal safety manual

highlighting the general rules and regulations aplicable to our

site operations. We also require strict implementation of our

safety system with supervision by us or the management staf of

our subcontractors.

Safety Education

We conduct safety induction training for our new employes and

subcontractors. Our subcontractors are required to provide safety

and protective equipment, such as fal aresters and safety bots,

to the workers. Our site supervisor also ensures that al personel

wear protective equipment properly at the worksite.

Environmental, Social and Governance Report

环境、社会及管治报告

77智中国际控股有限公司 / 二零二五年报

我们向雇员、访客及承包商宣导职业健

康及安全资讯并定期举办职业健康及安

全简介会。我们亦为工地所有工人提供

安全培训以遵守安全规例。倘出现有关

职业健康与安全的新法规或指南，我们

将为现场工人安排培训，以引入新法规

或指南。于报告期间，我们已安排由劳

工处提供的有关预防工作时中暑、预防

下肢劳损及预防上肢劳损的培训。

分包商沟通

我们要求所有分包商必须严格遵守所有

相关法例、守则、指引，以及我们安全

手册及项目安全计划内的一切安全规

定，和所有与其工程有关的现有及未来

法例。于甄选分包商时，我们会考虑其

安全标准，包括评估其安全管理系统、

安全往绩及安全培训记录。倘分包商未

能执行我们的内部安全指引，将被处以

罚款。

我们定期与分包商举行会议，跟进项目

进行期间的所有安全措施。我们亦会定

期评估安全措施以改善安全监控。而未

能遵循安全措施及拒绝或未能作出修正

的分包商将从我们的认可分包商名单中

剔除。

评估

所有工作事故应即时向相关项目经理及

安全主任汇报，其后再向执行董事及高

级管理层汇报。事故报告应包含事故的

必要进一步资料，如事故日期、时间、

事故地点及伤者姓名。本集团的安全主

任将进行调查并实施纠正行动，以便于

日后监察职业危害。

We diseminate ocupational health and safety information to

employes, visitors and contractors and conduct briefings on

ocupational health and safety on a regular basis. We provide

safety training to al workers at the sites for safety regulations

compliance. In case of new regulations or guidelines regarding

ocupational health and safety, we would arange trainings to site

workers to introduce the new regulations or guidelines. During

the Reporting Period, we have aranged trainings regarding

prevention of heat stroke at work, prevention of lower limb strain

injury and prevention of uper limb strain injury provided by

Labour Department.

Subcontractors Comunication

We require our subcontractors to abide by al relevant

legislations, codes and guidelines as wel as al safety

requirements as stated in our safety manuals and project safety

plans as wel as to comply with al curent and future enactments

relating to their works. While selecting the subcontractors, we

wil take into consideration their safety standards, which include

evaluating their safety management system, track records on

safety and safety training records. Fines wil be imposed on

the subcontractors if they fail to implement our internal safety

guidelines.

We hold regular metings with our subcontractors to folow up

on any safety measures in the course of execution of the projects.

We also evaluate the safety measures regularly to improve

safety control. Subcontractors who failed to folow the safety

measures and refused or failed to rectify wil be removed from

our aproved subcontractors list.

Evaluation

Al workplace incidents should be reported imediately to

the relevant project managers, safety oficer and our executive

director and senior management subsequently. The incident

should be reported with requisite further information on the

incident, including the date and time of the incident, place

of incident and name of the injured. Investigation would be

caried out by our safety oficer and corective actions would be

implemented for monitoring ocupational hazards in future.

	2025	2024	2023
	二零二五年	二零二四年	二零二三年
0
0.0
61

Environmental, Social and Governance Report

环境、社会及管治报告

78LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

办公室卫生及安全

我们实行多项措施以确保办公室雇员的

健康及安全。例如：(a)办公室配备了急

救箱和灭火器；(b)每年进行虫害防治；

及(c)由指定人员定期打扫办公室和处理

垃圾，保持办公室的卫生。

安全绩效

尽管我们已设有全面的安全管理系统及

多项安全监控措施以降低安全风险，但

由于楼宇建造业工作性质，工人于工地

发生意外或受伤的情况并不罕见。于报

告期间，我们在职业健康及安全方面的

绩效如下：

截至三月三十一日的安全绩效

Ofice Hygiene and Safety

We implement measures to ensure the health and safety

of employes at ofices. For example, (a) first aid kits and

fire extinguishers are equiped at ofices; (b) pest control is

conducted anualy; and (c) ofices are cleaned and garbage is

handled regularly by designated personel to maintain hygiene

of ofices.

Safety Performance

Despite the fact that we have a comprehensive safety

management system together with various safety control

measures to mitigate safety risks, the ocurence of acidents

or injuries to workers on our sites is not uncomon due to the

nature of the works of the building construction industry. During

the Reporting Period, our performance relating to ocupational

health and safety is as folows:

Safety Performance as at 31 March

The Group wil continue to review the existing ocupational

health and safety management system and elevate the safety

awarenes of the employes and subcontractors.

Fatality rate per 1,000 employes and workers = (Number of fatality/Daily

average employes and workers) x 1,000.

每千名雇员及工人的死亡率=（死亡人数╱每

日平均雇员及工人数） x 1,000。

本集团将持续检讨现行的职业健康及安

全管理系统，并承诺提高雇员及分包商

的安全意识。

Environmental, Social and Governance Report

环境、社会及管治报告

79智中国际控股有限公司 / 二零二五年报

B3. 发展及培训

政策

如我们的员工培训政策所规定，我们期

望所有员工均具备支持本集团目标所需

的最新专业知识及技术技能，并鼓励他

们参加各种培训课程及计划，以提高工

作效率及工作表现。

我们支持雇员进行培训及发展。根据员

工培训政策的条款，并在高级项目经

理、总经理及董事的批准下，培训课程

的费用将可获报销并支付予所有雇员。

除了向新员工提供在职培训外，我们亦

鼓励员工参加第三方机构举办的各类培

训课程。我们亦向现场人员提供有关质

量管理、环保、健康及安全事宜的特定

现场培训。

于报告期间，我们的雇员已参加不同类

型的培训，包括但不限于绿卡训练、建

造业安全督导员课程、银卡训练、最新

领导力及企业管理战略技能持续专业进

修、有关上市规则规定的董事培训、BIM

(Revit)培训、公司秘书实务课程、健康与

工作安全讲座及工地入职培训。

B3. Development and Training

Policies

As stipulated in our Staf Training Policy, we expect al staf

equiped with up-to-date profesional knowledge and technical

skils to suport the Group’s objectives. We encourage their

participation in various training courses and programs to enhance

job eficiency and working performance.

We suport the training and development of our employes.

Reimbursement of the training fe wil be paid to al employes

in acordance with the terms of our Staf Training Policy as wel as

upon the aproval of senior project managers, general manager

and directors.

We provide on-the-job training for our new staf. We also

encourage our staf to atend various training courses organised

by third-party course providers. We have also provided specific

site training to our site personel in respect of the management

of quality, environmental protection, health and safety maters.

During the Reporting Period, our employes participated in

various training, including but not limited to Gren Card Training,

Construction Safety Supervisor Training, Silver Card Training,

CPD Training for up-to-date leadership and strategic skils on

busines management, Director Training for the Requirement

of the Listing Rules, BIM (Revit) Training, Company Secretarial

Practices Course, Health and Work Safety Talk, and Site Induction

Training.

Percentage of Trained Employee as at 31 March14			Average Training Hours as at 31 March15
截至三月三十一日接受培训的雇员百分比14			截至三月三十一日的平均培训时数15
	2025	2024		2025	2024
	二零二五年	二零二四年		二零二五年	二零二四年
	%	%		hours/ employee	hours/ employee
	%	%		小时╱雇员	小时╱雇员
By Gender 按性别 95 • Male 男 93 • Female 女 By Employment Category 按雇佣类别 100 • Senior management 高级管理层 94 • Middle management 中级管理层 94 • General staff 一般雇员
	%	100			17.11
	77			3.69
	100			8.22
	100			20.07
	89			12.25
	94	95 Overall 整体		13.69

Environmental, Social and Governance Report

环境、社会及管治报告

80LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

绩效

于报告期间，本集团总共有48名雇员接

受培训，并已完成698小时培训。接受培

训的雇员百分比及每名雇员完成的平均

培训时数

如下：

Performance

The Group had a total of 48 employes received training and

completed a total of 698 training hours during the Reporting

Period. The percentage of the trained employe, and the

average training hours completed per employe

are as folows:

Data for Competence Person (Non-track) Training and AutoCAD trainings

are excluded.

Percentage of trained employe = Total number of employes received

training during the coresponding reporting period / Total number of

employes as at the end of the coresponding reporting period.

Average training hours = Total training hours during the coresponding

reporting period / Total number of employes as at the end of the

coresponding reporting period.

合资格人士（非轨道）培训及AutoCAD培训的

数据不包括在内。

接受培训的雇员百分比=相应报告期间接受培

训的雇员总数╱相应报告期末雇员总数。

平均培训时数=相应报告期间总培训时数╱相

应报告期末雇员总数。

Environmental, Social and Governance Report

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81智中国际控股有限公司 / 二零二五年报

B4. 劳工标准

政策

本集团禁止任何形式的童工、强迫劳工

及非法劳工。我们的主要业务活动在香

港进行，而我们的供应商并不涉及劳动

密集型活动（例如一般制造业）。就董事

所知，就业务活动类别及营运地点而

言，概无涉及任何营运或供应商被认为

于童工或强迫劳工事故方面的重大风险。

于人力资源管理政策所订明的招聘过程

中，人力资源部门将检查各应征者的香

港身份证正本及╱或其他显示其在香港

合法受雇的文件证据，并复印副本。我

们亦已于地盘安装所需的身份核实设

备，以防止非法劳工在场工作。一旦发

现使用童工或强迫劳动，将立即终止合

约并进行调查。

合规资料

本集团严格遵守《入境条例》（香港法例第

115章）、《雇用儿童规例》（香港法例第

57B章）及其他与雇佣有关的法例及法规

（如本环境、社会及管治报告「B1.雇佣」一

节所示）。本集团及其人力资源部门积极

持续监控雇佣相关法规的更新，以确保

合规。于报告期间，据董事所知，本集

团未发现与此有关的任何重大不合规事

件。

营运惯例

B5. 供应链管理

政策

本集团与致力于提供高质量、环境、健

康及安全标准的供应商和分包商紧密合

作。为管理供应商及分包商的环境与社

会风险，我们已制定内部政策及程序，

例如管理分包及采购政策，为甄选供应

商及分包商制定评选准则。如环境政策

所言，我们更倾向愿意与生产环保产品

的供应商合作（例如，在产品上使用环保

涂层的制造商）。我们将要求若干供应商

提供环境认证作为证明。

B4. Labour Standards

Policies

The Group prohibits any form of child labour, forced labour

and ilegal labour. Our major busines activities are caried out

in Hong Kong. Our supliers do not involve in labour-intensive

activities such as manufacturing in general. To the best of

our Directors’ knowledge, there is no operation or suplier

considered to have significant risk for incidents of child or forced

labour in terms of types of busines activities and operating

locations.

In our recruitment proces as stipulated in our Human Resources

Management Policy, our human resource department wil inspect

and scan a copy of each candidate’s Hong Kong identity card

original copy and/or other documentary evidence showing that

he/she is lawfuly employable in Hong Kong. We also instaled

the required identification checking device onsite to prevent

ilegal workers from working at the sites. Imediate termination

of contract and investigation would be caried out in case when

child labour or forced labour are discovered.

Compliance Information

The Group strictly abides by the Imigration Ordinance (Chapter

115 of the Laws of Hong Kong), Employment of Children

Regulations (Chapter 57B of the Laws of Hong Kong) and

other laws and regulations relating to employment as stated

in the section headed “B1. Employment” in this ESG Report.

The Group, along with its Human Resources department, is

actively engaged in the continuous monitoring of updates to

employment-related regulations to ensure compliance. During

the Reporting Period, to the best of Directors’ knowledge, the

Group was not aware of any significant non-compliance case in

this regard.

Operating Practice

B5. Suply Chain Management

Policies

The Group works closely with our supliers and subcontractors

who are comited to high quality, environmental, health and

safety standards. To manage the environmental and social risks

of our supliers and subcontractors, we have formulated internal

policies and procedures, such as Management of Subcontracting

and Procurement Policy to set out the selection and evaluation of

supliers and subcontractors. As part of our Environmental Policy,

we prefer engaging supliers in producing environmentaly

friendly products (e.g. manufacturers that use eco-friendly

coating on their products). We would require certain supliers to

provide environmental certification as prof.

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82LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

供应商管理

我们的供应商包括(a)设计、供应及安装

项目所用建材，例如铝、钢产品及玻璃；

(b)物料制造或加工服务；及(c)其他杂项

服务，例如运输、租赁机器及设备及实

验室测试服务。

供应商甄选

本集团已建立完善的采购程序。甄选供

应商时，我们会考虑其价格、项目凭证

及能力、营运规模、过往表现及质素，

以及提供及交付规定材料或服务所需时

间。在必要和适当的情况下，亦会考虑

对环境的影响及社会风险，例如市场声

誉、废物管理及环境保护。如具有环保

许可证及质量或技术认证(ISO)的供应商

则更为可取。我们保留一份经批准的供

应商名单，每年对其进行审查并不时更

新。我们的项目经理及地盘管工将检视

订购材料的数量和品质，以确保有关物

料能依时送达及赶上工程进度及符合要

求。

供应商评核

完成项目后，我们的项目经理将根据（其

中包括）(a)遵守交付时间表的能力；(b)符

合测试要求的能力；(c)对我们指示的回

应；(d)履行保证及担保的能力；(e)诚信

及道德问题；(f)货品及服务质量；及(g)成

本竞争力等，以评估供应商的表现。倘

供应商未通过评估，总经理或董事有权

酌情将相关供应商从认可供应商名单中

删除。

分包商管理

我们的分包商提供(a)实地安装工程及(b)

租赁机械及设备服务。在香港，外墙工

程及建筑金属饰面工程承建商委聘专门

分包商进行实地安装工程属行业惯例，

而这些分包商拥有其独立劳工。

Suplier Management

Our supliers include supliers for (a) building materials

used in our design, suply, and instalation projects, such as

aluminium, stel products, and glas; (b) material fabrication

or procesing services; and (c) other miscelaneous services

such as transportation, rental of machinery and equipment, and

laboratory testing services.

Suplier Selection

The Group has established thorough procurement procedures.

In selecting our supliers, we wil consider their price, project

credentials and capability, the scale of operation, previous

performance and quality, and the time required to provide and

deliver the required materials or services. Where necesary and

apropriate, considerations on the impact on the environment

and social risks are also taken into consideration, such as market

reputation, waste management and environmental protection.

Supliers with environmental protection licenses and Quality

or technical certification (ISO) are preferable. We maintain an

aproved list of supliers and it would be reviewed anualy

and updated from time to time. Our project managers and site

supervisors wil examine the quantity and quality of the materials

ordered and ensure that the delivery can met our project

schedules and requirements.

Suplier Evaluation

After completion of the project, our project manager wil ases

the performance of our supliers based on, among others, their

(a) ability to met the delivery schedules; (b) ability to met the

test requirements; (c) response to our instructions; (d) ability to

honour waranties and guarantes; (e) integrity and ethical isues;

(f) quality of gods and services; and (g) cost competitivenes etc.

If a suplier fails the asesment, general manager or director

has the discretion to remove the relevant suplier from the list of

aproved supliers.

Subcontractor Management

Our subcontractors include subcontractors for (a) on-

site instalation works and (b) the lease of machinery and

equipment. It is industry practice in Hong Kong for façade

works and building metal finishing works contractors to engage

specialised subcontractors for on-site instalation works. These

subcontractors have their own labour force.

Environmental, Social and Governance Report

环境、社会及管治报告

83智中国际控股有限公司 / 二零二五年报

分包商甄选

我们设有一份认可分包商名单，且由项

目团队每年审阅。与分包商建立的关系

有助我们妥善控制工程质量及进度。我

们根据分包商的工作凭证、招标价、技

术实力及以往与我们的合作关系等各项

条件甄选分包商。我们亦要求分包商遵

守建造业议会颁布的适用注册规定。

分包商监控

分包商须遵守与工程及其责任有关的所

有相关规则及法规以及涉及质量监控、

工程安全及环境保护的政策。与此同

时，我们须就彼等提供的服务质量向客

户负责。我们已实施程序及监控措施以

监察分包商所履行工程的质量。

我们每个已承接的项目均设有项目管理

团队，以监察分包商遵守我们规定的整

体情况，亦会指派安全督导员及╱或地

盘管工监察及监督分包商的工程，以确

保分包商符合相关安全及工艺要求。地

盘管工根据我们的安全及环境规定期

进行实地视察。我们亦定期与分包商举

行会议，解决任何重大问题及就安全及

环境事宜向彼等提供最新资讯。我们亦

同时向分包商提供安全及环境规定的内

部指引，且紧密监察彼等遵守我们内部

指引的情况。我们亦调查任何不合规事

件的起因，并就分包商违反安全、环境

及其他事宜制定预防措施及备存记录。

此外，待分包商完成工程后，我们的项

目经理将与客户一同视察，以确保工程

符合约设计、规格及要求。

Subcontractors Selection

We maintain a list of aproved subcontractors, which is reviewed

by our project team on an anual basis. The established

relationship with our subcontractors enables us to have beter

control over the quality and schedule of works. We select our

subcontractors based on various criteria, including their work

credentials, tender price, technical capability, and prior working

relationship with us. We also require our subcontractors to

comply with the aplicable registration requirements isued by

the Construction Industry Council.

Subcontractors Monitoring

While the subcontractors are required to comply with al relevant

rules and regulations in conection with the works and their

responsibilities and policies relating to quality control, work

safety and environmental protection, we remain acountable to

our customers for the quality of services rendered by them. We

have put in place procedures and control measures to monitor

the quality of works performed by our subcontractors.

For each project undertaken by us, a project management team

wil be established to overse the general compliance by our

subcontractors with our requirements and we wil also designate a

safety supervisor and/or site supervisor to monitor and supervise

the works of our subcontractors to ensure our subcontractors are

meting the relevant safety and workmanship requirements. Our

site supervisors have regular on-site inspections acording to our

safety and environmental requirements. We also have regular

metings with our subcontractors to adres any material isues

and to update their knowledge on safety and environmental

isues. We provide our subcontractors with our internal guidelines

on safety and environmental requirements and closely monitor

their compliance with our internal guidelines. We also investigate

the causes of any non-compliances and establish preventive

measures and maintain records of non-compliances regarding

safety, environmental and other isues of our subcontractors.

Furthermore, our project manager shal arange a joint inspection

with our customers upon completion of the works done by

our subcontractors to ensure that they are consistent with the

contract design, specifications and requirements.

2025
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84LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

我们严格禁止分包商聘用任何非法劳

工，且要求分包商仔细检查彼等所聘请

的工人的身份证明文件，确保并无聘用

非法劳工。我们亦要求分包商在建筑地

盘遵守与职业健康及安全有关的适用法

律及法规。根据相关法定要求，所有受

聘于建筑地盘工作的人士均须接受有关

职业健康及安全规例的建造业安全培训

课程，并取得培训证书，方可于建筑地

盘工作。

分包商评核

我们会在项目完工后评估及评核分包商

的表现。项目经理将根据（其中包括）(a)

遵守交付时间表的能力；(b)符合测试要

求的能力；(c)对我们指示的回应；(d)兑

现缺陷责任期的能力；(e)诚信及道德问

题；(f)服务质量；及(g)成本竞争力，审

视分包商的表现。倘分包商未能通过评

估，总经理或董事可酌情从认可分包商

名单剔除相关分包商。

供应商及分包商的构成

于二零二五年三月三十一日，我们共有

172名供应商及74名分包商。大部分供应

商来自中国内地及香港。所有分包商主

要在香港从事项目。供应商的地域分

布

如下：

截至三月三十一日按地域划分的供应商

数目

根据供应商及╱或分包商向本集团提供产品

及╱或服务的主要地点而定。

We strictly prohibit our subcontractors from hiring any ilegal

workers and we require our subcontractors to check carefuly

the identification documents of workers engaged by them to

ensure that no ilegal workers are hired. We also require our

subcontractors to folow the aplicable laws and regulations in

relation to ocupational health and safety at the construction

site. Under the relevant statutory requirements, al personel

employed to work at the construction sites are required to atend

the construction industry safety training sesion on ocupational

health and safety regulations and obtain the training certificate

before they can work at the construction sites.

Subcontractors Evaluation

We evaluate and ases the performance of our subcontractors

after the completion of the project. Our project manager

wil review the performance of the subcontractors based on,

among others, their (a) ability to met the delivery schedules;

(b) ability to met the requirements of the test; (c) response to

our instructions; (d) ability to honour the defect liability period;

(e) integrity and ethical isues; (f) quality of services; and (g) cost

competitivenes. If a subcontractor fails the asesment, general

manager or director has the discretion to remove the relevant

subcontractor from the list of aproved subcontractors.

Suplier and Subcontractor Profile

As at 31 March 2025, we have a total of 172 supliers and 74

subcontractors. The majority of supliers are from Mainland

China and Hong Kong. Al subcontractors are principaly engaged

in projects in Hong Kong. The geographical distribution

of our

supliers are as folows:

Number of Supliers by Geographical Regions as at 31 March

The Group has aplied the aforementioned practices to al

of its supliers and subcontractors, ensuring comprehensive

adherence throughout the suply chain.

It is determined based on the primary location in which products and/or

services are provided by the supliers and/ or subcontractors to the Group.

本集团已将上述实践应用于所有供应商

及分包商，确保得以于整个供应链全面

遵守。

Environmental, Social and Governance Report

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85智中国际控股有限公司 / 二零二五年报

B6. 产品责任

本集团致力于实施及维持高水平的质量

管理系统，并完全遵守适用的法律及法

规。于报告期间，据董事所知，概无已

售或已运送产品因安全与健康理由而须

回收，亦无因本集团业务性质而对客户

的健康及安全构成重大关切。本集团亦

高度重视雇员及工地工人的职业健康及

安全。有关本集团采取的相关政策及措

施，进一步详情请参阅「B2.健康及安全」

一节。

项目及服务质量

政策

我们的质量控制管理政策订明，优质的

物料和分包商工程对各项建筑工程的作

业效能和效率均有助益，这对我们的可

持续发展至关重要。

质量管理系统

为维持客户服务的质量和安全贯彻

一致，本集团已制定正式且获ISO

9001:2015规定认证的质量管理系统。由

独立第三方每半年进行一次监督审核，

访问本公司及选定的建筑地盘，对选定

的业务周期进行审核，以确保持续执行

ISO要求的程序。

我们的项目经理及地盘管工负责监察我

们转委予重大供应商及分包商的工程的

整体进度及质量。项目经理对制造厂的

表现进行年度评估，并保留所有审查和

评估记录。分包商亦须对低于规定标准

的工程进行整顿，并向项目经理报告。

B6. Product Responsibility

The Group is comited to implementing and maintaining a

high-level quality management system with ful compliance of

aplicable laws and regulations. During the Reporting Period, to

the best of our Directors’ knowledge, there was no products sold

or shiped subject to recal for safety and health reasons and no

significant concern towards health and safety of customers due to

the nature of the Group’s busines. The Group also ataches high

importance to ocupational health and safety of our employes

and workers at sites. For relevant policies and measures

undertaken by the Group, please refer to the section headed “B2.

Health and Safety” for further details.

Project and Service Quality

Policies

High quality of both materials and subcontractors’ works can

contribute to the efectivenes and eficiency of the operations

of al construction projects, which is crucial to our sustainable

development, as stipulated in our Quality Control Management

Policy.

Quality Management System

To maintain consistent quality and safety of services for

customers, the Group has established a formal quality

management system which is certified to be in compliance with

the requirements of ISO 9001:2015. A surveilance audit would

be held on a half-year basis by an independent third party, who

wil visit the Company and selected construction sites to cary

out audit on selected busines cycles to asure the continuous

implementation of procedures as required by ISO.

Our project managers and site supervisors bear the responsibility

to monitor the overal progres and quality of works undertaken

by our material supliers and subcontractors. Project managers

cary out anual asesment on the performance of the

fabrication plants and kep al records of review and asesment.

Subcontractors are also required to rectify works that are below

the required standards and report to project managers.

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86LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

质量控制

我们在项目的各个阶段，由采购物料至

安装阶段均实施质量管理系统。

• 采购阶段

我们设有一份认可供应商名单，并

由项目团队及采购团队每年审阅。

我们定期造访供应商的制造及加工

厂房，对制造流程进行视察和质量

检查，以确保供应物料的质量。

我们的质量控制人员会定期检测供

应商生产的制造和加工物料。如发

现任何问题，质量控制人员会迅即

与供应商合作解决问题，务求制

造╱加工物料符合规范质量标准。

• 安装阶段

我们实施严格的质量控制标准，并

密切监察分包商的施工质量。我们

一般只会委聘认可分包商名单上的

分包商。有关详情请参阅本环境、

社会及管治报告「B5.供应链管理」一

节。

对于进行安装工程的分包商，我们

会进行定期实地考查，以监察分包

商在建筑工地的工程。我们的项目

管理团队会与分包商举行定期会

议，以处理和解决重大问题（如质

量问题），确保工程符合客户的要

求。

我们于外墙工程及建筑金属饰面工

程进行安装期间及完成后进行各种

测试，例如建筑物料和制造╱加工

物料测试、工具校准测试及设计性

能和安装测试，以确保项目符合所

需质量标准及客户所要求的标准。

Quality Control

Our quality management system is implemented in various stages

of our projects from procurement of materials to the instalation

phase.

• Procurement Phase

We maintain a list of aproved supliers, which is reviewed

by our project team and procurement team on an anual

basis. We arange for regular visits to the fabrication and

procesing factories of our supliers to conduct inspections

and quality checks to the fabrication proces to ensure the

quality of the materials suplied to us.

Our quality control staf wil inspect the fabricated and

procesed materials produced by our supliers on a regular

basis, and if any problems are found, our quality control

staf wil work with the supliers promptly to resolve the

problem, in order to ensure that the fabricated/procesed

materials met the requisite quality standards.

• Instalation Phase

We impose strict quality control standards and

closely monitor the quality of the workmanship of our

subcontractors. We generaly only engage subcontractors

on our aproved list of subcontractors. For details,

please refer to the section headed in “B5. Suply Chain

Management” in this ESG Report.

In respect of subcontractors for instalation works, we wil

have regular site visits to monitor the subcontractors’ works

at the construction sites. Our project management team

have regular metings with our subcontractors to adres

and resolve material isues such as quality isues, to ensure

the works can met the requirements of our customers.

We undertake various tests, such as tests on building

materials and fabricated/procesed materials, tol

calibration tests, and tests on design performance and

instalation, during and after instalation of façade works

and building metal finishing works to ensure the project

mets the required quality standards and standards

required by our customers.

Environmental, Social and Governance Report

环境、社会及管治报告

87智中国际控股有限公司 / 二零二五年报

投诉处理

项目团队及商业团队负责管理我们项目

的日常营运和商业事宜。内部控制机制

及绩效指标条款明确规定并包含在与客

户的协议中。完成项目后，我们将从客

户取得反馈意见，以识别须改善的方

面。我们致力于提高工作质量及客户的

满意度。

根据我们的冲突管理政策，我们设有投

诉处理程序，一旦收到投诉，我们将于

三个工作天内委派项目经理调查投诉因

由并与客户沟通，设法解决问题。投诉

的所有细节应记录在客户冲突和纠纷报

告中。其后，我们采取修正、改进及预

防措施，确保将采纳合适且令客户满意

的后续方案。根据问题的性质、范围、

复杂程度及影响，高级项目经理、招标

及采购经理甚至董事会均可能参与投诉

处理。

于报告期间，本公司没有收到客户就任

何因我们或我们分包商所履行工程的相

关质量问题而导致任何扣减、扣款、反

申索或抵销等重大投诉或赔偿要求。在

项目进行时，我们亦将定期召开会议以

检讨我们的表现、处理任何已接获的投

诉及讨论是否需要即时订立任何改善措

施。

知识产权

本集团的业务并不涉及研发活动。尽管

如此，本集团已实施版权政策以(a)重申

谴责使用任何未经授权软件或未经授权

的版权作品；(b)为每台电脑设置个性化

密码，以防止及追踪使用任何未经授权

软件或未经授权的版权作品；及(c)制定

不同措施以规管电脑的授权使用情况。

本集团全体现任及未来雇员于入职时均

须签署上述政策的确认书。

Complaint Handling

Project Team and Comercial Team are responsible for

managing daily operations and comercial isues of our

projects. Internal control mechanism and terms of performance

indicator are clearly stated and included in the agrement with

the customer. We wil obtain fedback from our customers upon

completion of the projects to identify areas for improvement. We

strive to improve our quality of work and the satisfaction level of

our customers.

Acording to our Conflict Management Policy, we have a

complaint handling procedure in place, whereby upon the

receipt of a complaint, a project manager wil be asigned to

investigate and comunicate with the customer to find ways to

solve the problem within thre working days. Al details of the

complaint should be recorded on the Client Conflict and Dispute

Report. Corective, improvement and preventive actions are then

taken to ensure apropriate actions wil be undertaken to ensure

the satisfaction of our customers. Senior project manager, tender

and procurement manager, or even the Board of Directors may

involve depending on the nature, scope, complexity and impact

of the isue.

No material complaints or demand for compensation from our

customers were received by us during the Reporting Period in

relation to any deductions, witholding, counter-claim or set-

of due to the quality isues in relation to the work performed by

us or by our subcontractors. When the project is in progres, we

wil also conduct regular metings to review our performance,

to handle any complaints received and to discus if any

improvement that neds to be enacted imediately.

Intelectual Property

The Group’s busines does not involve research and

development activities. Nonetheles, the Group has implemented

a Copyright Policy to (a) iterate our denouncement of the use

of any unlicensed software or unlicensed copyrighted works; (b)

impose individualised paswords to each of our computers to

prevent and trace any use of unlicensed software or unlicensed

copyrighted works; and (c) establish diferent measures to

regulate the authorised usage of computers. Al curent and

future employes of our Group must sign an acknowledgement

of such Policy upon their employment.

Environmental, Social and Governance Report

环境、社会及管治报告

88LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

市场推广及标签

本集团并不十分依赖市场推广及广告，

而且并不售卖实体产品。据董事所知，

本集团并不知悉其营运有任何与广告及

标签有关的重大影响。我们将密切监察

商业环境，以识别此领域的任何重大风

险。

保障客户私隐及资料

在收集、处理及使用客户、业务伙伴及

雇员的商业或个人数据时，本集团竭力

保护彼等的私隐。如雇员手册所载，全

体雇员必须保护我们的商业及技术敏感

资料，倘违反保密政策，彼等将根据相

关法例及法规被检控。

指定人员将根据信息的保密程度，编

制、发送、接收、传输、使用、复制、

摘录、储存及销毁信息。如雇员发现保

密资料经已泄漏或可能已泄漏，则应立

即采取补救措施并即时向公司主管报

告。此外，公司亦须与相关订约方（如适

用）签署保密协议。

合规资料

本集团严格遵守与产品责任有关的法律

及法规，包括但不限于《个人资料（私隐）

条例》（香港法例第486章）及《版权条例》

（香港法例第528章）。于报告期间，据董

事所知，本集团并不知悉就此有任何重

大不合规事件。

Marketing and Labeling

The Group does not rely heavily on marketing and advertising

and does not sel products. To the best of our Directors’

knowledge, the Group was not aware of any significant impact

relating to advertising and labeling on its operations. We

wil closely monitor the busines environment to identify any

significant risks in this area.

Protection of Client’s Privacy and Information

The Group strives to protect the privacy of its customers,

busines partners and employes in the colection, procesing

and use of their busines or personal data. As stated in our

Employe Handbok, al employes are obliged to protect our

comercial and technical sensitive materials, and if they violate

the confidentiality policies, they wil be prosecuted in acordance

with the relevant laws and regulations.

The production, sending, receiving, transmiting, using,

copying, excerpting, storing and destroying of information are

al caried out by designated personel depending on the level

of confidentiality of information. If an employe finds that the

confidential materials has ben leaked or may be leaked, he or

she should imediately take remedial measures and promptly

report to the company supervisor. In adition, confidential

agrements are required to be signed with relevant parties where

aplicable.

Compliance Information

The Group strictly abides by the laws and regulations relating

to product responsibility, including but not limited to Personal

Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong)

and Copyright Ordinance (Chapter 528 of the Laws of Hong

Kong). During the Reporting Period, to the best of our Directors’

knowledge, the Group was not aware of any significant non-

compliance case in this regard.

Environmental, Social and Governance Report

环境、社会及管治报告

89智中国际控股有限公司 / 二零二五年报

B7. 反贪污

诚实、诚信及公平竞争乃本集团全体雇

员所秉持的核心价值观。本集团于雇员

手册载有雇员处理关于收受利益及利益

冲突等问题的操守则，并已向全体雇

员传达。为避免任何利益冲突，雇员或

其他相关各方均须签署利益冲突声明。

于报告期间，本集团举办了多个由廉政

公署提供的反贪污讲座，以加强董事及

雇员对反贪污实践及相关法律法规的认

识。培训对象包括在职及新入职员工，

内容包括常见贪污及失当行为的基础知

识、《防止贿赂条例》介绍及过往案例分

享等。我们希望透过是次培训，让员工

深入了解反贪污的重要性，提升员工对

贪污行为的认知及识别能力，从而在日

常工作中实践廉洁自律的原则。大部分

执行董事及雇员均有出席讲座。

政策

我们的承诺及企业价值以雇员手册为基

础，并以不同的政策及程序作为补充。

该等政策及程序经定期检讨及更新以确

保恰当的商业道德行为规范及符合企业

和监管要求。我们的雇员手册载有日常

营运中的负责任原则，包括商业道德、

利益冲突及工作场所内贿赂。我们的反

欺诈政策及反贪污政策载有反欺诈及反

贪污的管理方针。其提供了有关反欺诈

及反贪污实施情况、处理及识别欺诈及

贪污的指引。

B7. Anti-coruption

Honesty, integrity and fair competition are the core values that al

employes of the Group should uphold. The Group’s Employe

Handbok sets out the employes’ codes of conduct in dealing

with maters related to aceptance of advantages and conflicts

of interests and is comunicated to al employes. To avoid

any conflict of interest, employes or other related parties are

required to sign the Declaration of Conflict of Interest. During the

Reporting Period, the Group organised several anti-coruption

talks provided by the Independent Comision Against

Coruption (ICAC) with a view to enhancing the knowledge of

Directors and employes on anti-coruption practices and related

laws and regulations. The training was targeted at both existing

and new staf and covered general knowledge in comon areas

of coruption and malpractice, introduction to the Prevention

of Bribery Ordinance and sharing of past cases, etc. Through

this training, we hope to provide our staf with an in-depth

understanding of the importance of anti-coruption, and enhance

their awarenes and ability to recognise corupt practices so as

to practise the principles of integrity and self-discipline in their

daily work. Most of Executive Directors and our employes have

atended the talk.

Policies

Our comitments and values are guided by the Employe

Handbok and suplemented by diferent policies and

procedures. These policies and procedures are regularly

reviewed and updated to ensure apropriate ethical busines

practices and behaviour as wel as compliance with corporate

and regulatory requirements. Our Employe Handbok sets

out principles for acting responsibly in the daily operation,

including isues related to busines ethics, conflicts of interest,

and bribery in the workplace. Our Anti-fraud Policy and Anti-

coruption Policy set out our management aproaches on anti-

frauds and anti-coruption. It provides the guidelines on anti-

fraud and anti-coruption implementation, as wel as treatment

and identification of frauds and coruption.

Environmental, Social and Governance Report

环境、社会及管治报告

90LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

举报政策

我们的举报政策设有机制，让雇员以保

密方式匿名向审核委员会举报本集团存

在的任何失当行为，并制定调查程序。

本集团鼓励雇员留意于本集团内发生的

任何涉嫌不当或违规行为。本集团保

证，举报人将不会因任何有效举报而受

到不公正的纪律处分或伤害。本集团将

定期更新举报政策，以进一步改善我们

的系统及程序。

董事会及审核委员会有责任监察及审视

机制的实施情况，并就报告案件的调查

提出意见。举报可以书面或电邮方式提

出。所有举报个案均会作出迅速及深入

的调查，并会严加保密以保障相关人

士。如举报揭发涉嫌干犯刑事罪行，本

集团将会就个案咨询法律顾问，以决定

是否将个案转介至有关当局。

合规资料

本集团严格遵守有关贿赂、勒索、欺诈

及洗黑钱的香港法律及法规，包括《防

止贿赂条例》（香港法例第201章）。于报

告期间，据董事所知，本集团在此方面

并无任何重大违规情况或相关的贪污诉

讼，且没有就贪污行为针对本集团或我

们的雇员提出的已审结法律诉讼。

Whistleblowing Policy

Our Whistleblowing Policy sets up a mechanism alowing the

employes to anonymously report any malpractices existing

in the Group to the Audit Comite under the condition of

confidentiality and maps out the investigation procedure. The

Group encourages employes to cal atention to any aleged

misconduct or delinquency ocuring in the Group. The Group

guarantes that whistle-blower wil be protected from unjust

disciplinary action or harm as a result of any valid report. The

Group wil periodicaly update the Whistleblowing Policy to

further improve our systems and procedures.

The Board and the Audit Comite have the responsibility to

monitor and review the implementation of the mechanism and

to advise on investigations into reported cases. The report can

be submited in writing or email. Al reported cases are promptly

and thoroughly investigated while confidentiality is respected

to protect individuals. If the report exposes aleged criminal

ofences, the case wil be consulted with the legal advisor to

decide whether to refer the case to competent authorities.

Compliance Information

The Group strictly abides by the laws and regulations relating to

bribery, extortion, fraud and money laundering in Hong Kong,

including the Prevention of Bribery Ordinance (Chapter 201 of the

Laws of Hong Kong). During the Reporting Period, to the best of

our Directors’ knowledge, the Group was not aware of any cases

of significant non-compliance or related coruption litigation in

this regard. There was no concluded legal case regarding corupt

practices brought against the Group or our employes.

Environmental, Social and Governance Report

环境、社会及管治报告

91智中国际控股有限公司 / 二零二五年报

社区

B8. 社区投资

政策

本集团相信社区贡献有助建立和谐社

会，因而对可持续发展至关重要。本集

团锐意与持份者建立互相信任、互相尊

重和具诚信的长期合作关系。本集团亦

有意为对社区发展的不同范畴有积极影

响的项目（如体育、青少年教育及社区需

求）作出贡献。本集团亦鼓励雇员投入义

工作，通过互相协作、策略性捐赠以

及能力提升活动，为社区提供积极影响

力。

于报告期间，本集团参与了环境保护署

组织的海滩清洁活动，共有16名雇员参

加，为活动贡献合共32小时。于二零

二四年十月十三日，本集团亦参加了香

港伤残青年协会组织的「关爱共融「健障

行」慈善步行乐2024」，共有19名雇员参

加此项活动。此项活动旨在筹募经费，

以支持残障人士运动与艺术的发展。我

们支持「伤健共融」理念的实践，并希望

透过亲身体验，更深刻地了解残障人士

的能力。

本集团捐赠总额约122,000港元，用于支

持香港的体育发展、建筑业及香港的低

收入家庭。

Comunity

B8. Comunity Investment

Policies

The Group believes that comunity contribution is important for

sustainable development as it helps to establish a harmonious

society. The Group aims to develop long-term relations with

stakeholders based on mutual trust, respect and integrity.

The Group also seks to make contributions to programes

which have positive impacts in diferent areas of comunity

development (such as sports, youth education and social neds).

Employes are encouraged to volunter and work through

colaboration with strategic giving as wel as capacity-building

initiatives to try and create positive impacts in the comunity.

During the Reporting Period, the Group tok part in a beach

clean-up activity organised by Environmental Protection

Department with 16 employes taken part and have contributed

a total of 32 hours to the activity. The Group also participated in

the “Caring and Inclusion “Disability Walk” Charity Walk 2024 (关

爱共融「健障行」慈善步行乐2024)” organised by the Hong Kong

Federation of Handicaped Youth on 13 October 2024, with a

total of 19 employes taking part in the event. The aim of the

event is to raise funds to suport the development of sports and

arts for people with disabilities. We suport the realization of the

concept of “Physicaly Handicap and Able-Bodied Integration”

and hope to gain a deper apreciation of the abilities of people

with disabilities through personal experience.

The Group’s donation amounted to aproximately HK$122,000

in total, for the purpose of suporting sports development, the

construction industry in Hong Kong and low-income families in

Hong Kong.

Beach Clean-up Activity

海滩清洁活动

Caring and Inclusion “Disability Walk” Charity Walk 2024

关爱共融「健障行」慈善步行乐2024

Independent Auditor’s Report

独立核数师报告

92LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

TO THE SHAREHOLDERS OF

LOTUS HORIZON HOLDINGS LIMITED

(incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Lotus

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

(colectively refered to as the “Group”) set out on pages 99 to 171,

which comprise the consolidated statement of financial position

as at 31 March 2025, and the consolidated statement of profit or

los and other comprehensive income, consolidated statement of

changes in equity and consolidated statement of cash flows for the

year then ended, and notes to the consolidated financial statements,

including material acounting policy information and other explanatory

information.

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

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

March 2025, and of its consolidated financial performance and its

consolidated cash flows for the year then ended in acordance with

Hong Kong Financial Reporting Standards (“HKFRSs”) isued by

the Hong Kong Institute of Certified Public Acountants (“HKICPA”)

and have ben properly prepared in compliance with the disclosure

requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) isued by the HKICPA. Our responsibilities under

those standards are further described in the Auditor’s Responsibilities

for the Audit of the Consolidated Financial Statements section of

our report. We are independent of the Group in acordance with the

HKICPA’s Code of Ethics for Profesional Acountants (the “Code”),

and we have fulfiled our other ethical responsibilities in acordance

with the Code. We believe that the audit evidence we have obtained is

suficient and apropriate to provide a basis for our opinion.

致智中国际控股有限公司

列位股东

（在开曼群岛注册成立的有限公司）

意见

我们已审计列载于第99至171页的智中国际控

股有限公司（以下简称「贵公司」）及其附属公司

（以下统称「贵集团」）的综合财务报表，此财务

报表包括于二零二五年三月三十一日的综合财

务状况表与截至该日止年度的综合损益及其他

全面收益表、综合权益变动表及综合现金流量

表，以及综合财务报表附注，包括重要会计政

策信息和其他说明性信息。

我们认为，该等综合财务报表已根据香港会计

师公会（「香港会计师公会」）颁布的《香港财务

报告准则》（「香港财务报告准则」）真实而中肯

地反映了贵集团于二零二五年三月三十一日

的综合财务状况及截至该日止年度的综合财务

表现及综合现金流量，并已遵照香港《公司条

例》的披露规定妥为拟备。

意见的基础

我们已根据香港会计师公会颁布的《香港审计

准则》（「香港审计准则」）进行审计。我们在该

等准则下承担的责任已在本报告「核数师就审

计综合财务报表承担的责任」部分中作进一步

阐述。根据香港会计师公会颁布的《专业会计

师道德守则》（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。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意见提供基础。

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

Independent Auditor’s Report

独立核数师报告

93智中国际控股有限公司 / 二零二五年报

KEY AUDIT MATERS

Key audit maters are mater those that, in our profesional judgment,

were of most significance in our audit of the consolidated financial

statements of the curent period. The 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.

Recognition of revenue from the provision of design, suply and instalation services for façade works and

building metal finishing works

确认来自提供外墙工程及建筑金属饰面工程的设计、供应及安装服务的收益

We identified the recognition of revenue from the

provision of design, suply and instalation services for

façade works and building metal finishing works as a key

audit mater due to their significance in amount to the

Group’s consolidated financial statements and involvement

of significant management estimates in determining

estimated outcomes of the respective construction

contracts.

我们已将确认来自提供外墙工程及建筑金属饰面工程的设

计、供应及安装服务的收益确定为关键审计事项，乃由于其

金额对贵集团的综合财务报表而言属重大，且于厘定各自

建筑合约的估计成果时涉及重大管理层估计。

The Group recognised revenue from provision of design,

suply and instalation services for façade works and

building metal finishing works to customers in Hong Kong

of HK$259,826,000 during the year ended 31 March 2025 as

set out in note 5 to the consolidated financial statements.

诚如综合财务报表附注5所载，于截至二零二五年三月

三十一日止年度，贵集团确认来自香港客户的提供外墙

工程及建筑金属饰面工程设计、供应及安装服务的收益

259,826,000港元。

Our procedures in relation to the recognition of revenue

from the provision of design, suply and instalation

services for façade works and building metal finishing

works included:

我们有关确认来自提供外墙工程及建筑金属饰面工程的设

计、供应及安装服务的收益的程序包括：

• Understanding how the management of the Group

recognised the revenue from provision of design,

suply and instalation services for façade works

and building metal finishing works over time using

input method and estimated the total budgeted

contract costs;

了解贵集团管理层如何使用输入法随时间确认来

自提供外墙工程及建筑金属饰面工程的设计、供应

及安装服务的收益，以及如何估计预算合约成本总

额；

• Understanding the progres of construction

services by discusing with project-in-charges and

management of the Group about the completion

status and biling status of the contracts on a

sample basis;

通过抽样与贵集团项目负责人及管理层就合约的

完成情况及开票情况进行讨论，了解建筑服务的进

展情况；

关键审计事项

关键审计事项是根据我们的专业判断，认为对

本期综合财务报表的审计最为重要的事项。有

关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。我们不会对该等事项提供

单独的意见。

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

Independent Auditor’s Report

独立核数师报告

94LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Recognition of revenue from the provision of design, suply and instalation services for façade works and

building metal finishing works (Continued)

确认来自提供外墙工程及建筑金属饰面工程的设计、供应及安装服务的收益（续）

As disclosed in note 4 to the consolidated financial

statements, the Group recognises revenue from provision

of design, suply and instalation services for façade works

and building metal finishing works progresively over

time using input method based on the proportion of total

contract costs incured at the end of reporting period

compared to the estimated total budgeted contract costs

to complete the contract. Since the measurement of the

revenue relies on estimations of total budgeted contract

costs, changes to estimated total budgeted contract costs

could give rise to material variances in the amount of

revenue recognised.

诚如综合财务报表附注4所披露，贵集团使用输入法根据报

告期末已产生的合约成本总额占完成合约的估计预算合约成

本总额百分比，随时间逐步确认提供外墙工程及建筑金属饰

面工程的设计、供应及安装服务的收益。由于收益计量倚赖

预算合约成本总额的估计、估计预算合约成本总额变动可能

导致已确认收益金额重大变动。

• Checking the estimated total budgeted revenue

by agreing the total contract values to respective

signed contracts and asesing the recognition

of significant variation orders recognised by

management of the Group by examining against

the payment certificates or corespondence isued

by or with customers on a sample basis;

通过将合约总价值与相关签订的合约进行比对，检

查估计的预算收益总额，并通过抽样检查客户发出

的付款凭证或与客户的来往函件，评估贵集团管

理层确认的重大工程变更指令的确认情况；

• Checking the estimated total budgeted contract

costs against the suporting documents, including

subcontracting service agrements, purchasing

agrements or quotations, payment certificates or

invoices isued by subcontractors or supliers of

materials, of respective construction projects, on a

sample basis;

对照各建筑项目的分包服务协议、采购协议或报

价、付款凭证或分包商或材料供应商开具的发票等

证明文件，抽样核查估计预算合约成本总额；

• Asesing the acuracy of the actual contract costs

incured during the year by examining against

the payment certificates or invoices isued by

subcontractors or supliers of materials, on a

sample basis; and

通过检查付款凭证或分包商或材料供应商开具的发

票，抽样评估年内产生的实际合约成本的准确性；

及

• Evaluating the reasonablenes of project-in-

charges and management of the Group making

material revisions to estimated margins of

respective construction projects, by comparing

curent year’s budget against the last year’s budget

or actual costs incured for major subcontractors or

supliers of materials, on a sample basis.

通过抽样比较本年度预算与上年度预算或主要分包

商或材料供应商的实际成本，评估贵集团项目负

责人及管理层对相关建筑项目的估计利润率作出重

大修改的合理性。

KEY AUDIT MATERS (Continued)关键审计事项（续）

Independent Auditor’s Report

独立核数师报告

95智中国际控股有限公司 / 二零二五年报

OTHER INFORMATION

The directors of the Company are responsible for the other

information. The other information comprises the information included

in the anual report, but does not include the consolidated financial

statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover

the other information and we do not expres any form of asurance

conclusion thereon.

In conection with our audit of the consolidated financial statements,

our responsibility is to read the other information and, in doing so,

consider whether the other information is materialy inconsistent with

the consolidated financial statements or our knowledge obtained in

the audit or otherwise apears to be materialy mistated. If, based

on the work we have performed, we conclude that there is a material

mistatement of this other information, we are required to report that

fact. We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND THOSE

CHARGED WITH GOVERNANCE FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of

the consolidated financial statements that give a true and fair view in

acordance with HKFRS Acounting Standards isued by the HKICPA

and the disclosure requirements of the Hong Kong Companies

Ordinance, and for such internal control as the directors determine

is necesary to enable the preparation of consolidated financial

statements that are fre from material mistatement, whether due to

fraud or eror.

In preparing the consolidated financial statements, the directors are

responsible for asesing the Group’s ability to continue as a going

concern, disclosing, as aplicable, maters related to going concern

and using the going concern basis of acounting unles the directors

either intend to liquidate the Group or to cease operations, or have no

realistic alternative but to do so.

Those charged with governance are responsible for overseing the

Group’s financial reporting proces.

其他信息

贵公司董事需对其他信息负责。其他信息包括

刊载于年报内的信息，但不包括综合财务报表

及我们就此的核数师报告。

我们对综合财务报表的意见并不涵盖其他信

息，我们亦不对该等其他信息发表任何形式的

鉴证结论。

结合我们对综合财务报表的审计，我们的责任

是阅读其他信息，在此过程中，考虑其他信息

是否与综合财务报表或我们在审计过程中所了

解的情况存在重大抵触或者似乎存在重大错误

陈述的情况。基于我们已执行的工作，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。

董事及治理层就综合财务报表承担

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。

治理层须负责监督贵集团的财务报告过程。

Independent Auditor’s Report

独立核数师报告

96LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

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 solely to you, as a body, in acordance

with our agred terms of engagement, and for no other purpose. We

do not asume responsibility towards or acept liability to any other

person for the contents of this report. Reasonable asurance is a high

level of asurance, but is not a guarante that an audit conducted in

acordance with HKSAs wil always detect a material mistatement

when it exists. Mistatements can arise from fraud or eror and are

considered material if, individualy or in the agregate, they could

reasonably be expected to influence the economic decisions of users

taken on the basis of these consolidated financial statements.

As part of an audit in acordance with HKSAs, we exercise profesional

judgment and maintain profesional skepticism throughout the audit.

We also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate

to provide a basis for our opinion. The risk of not detecting a

material mistatement resulting from fraud is higher than for

one resulting from eror, as fraud may involve colusion, forgery,

intentional omisions, misrepresentations, or the overide of

internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion

on the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures

made by the directors.

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，并按照我们商定的业务约定条款仅

向全体股东出具包括我们意见的核数师报告，

除此之外，本报告不可用作其他用途。我们并

不就本报告之内容对任何其他人士承担任何责

任或接受任何义务。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使用者依赖该等

综合财务报表所作出的经济决定，则有关的错

误陈述被视作重大。

作为根据香港审计准则进行审计的一部分，我

们在整个审计过程中运用了专业判断，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。

Independent Auditor’s Report

独立核数师报告

97智中国际控股有限公司 / 二零二五年报

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

’ use of the

going concern basis of acounting and, based on the audit

evidence obtained, whether a material uncertainty exists related

to events or conditions that may cast significant doubt on the

Group’s ability to continue as a going concern. If we conclude

that a material uncertainty exists, we are required to draw

atention in our auditor’s report to the related disclosures in

the consolidated financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based

on the audit evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause the

Group to cease to continue as a going concern.

, structure and content of the

consolidated financial statements, including the disclosures, and

whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• Plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities

or busines units within the group as a basis for forming an

opinion on the group financial statements. We are responsible for

the direction, supervision and review of the audit work performed

for purposes of the group audit. We remain solely responsible for

our audit opinion.

We comunicate with those charged with governance regarding,

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

and significant audit findings, including any significant deficiencies in

internal control that we identify during our audit.

We also provide those charged with governance with a statement

that we have complied with relevant ethical requirements regarding

independence, and to comunicate with them al relationships

and other maters that may reasonably be thought to bear on our

independence, and where aplicable, actions taken to eliminated

threats or safeguards aplied.

核数师就审计综合财务报表承担的

责任（续）

• 对董事采用持续经营会计基础的恰当性

作出结论。根据所获取的审计凭证，确

定是否存在与事项或情况有关的重大不

确定性，从而可能导致对贵集团的持

续经营能力产生重大疑虑。如果我们认

为存在重大不确定性，则有必要在核数

师报告中提请使用者注意综合财务报表

中的相关披露。假若有关的披露不足，

则我们应当修改意见。我们的结论是

基于核数师报告日期止所取得的审计

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

表是否以中肯形式反映有关交易和事项。

，以获取关于贵

集团内实体或业务单位财务资料的充

足、适当的审计凭证，作为构成集团财

务报表意见的基础。我们负责指导、监

督和覆核就集团审计目的而执行的审计

工作。我们为审计意见承担全部责任。

除其他事项外，我们与治理层沟通了计划的审

计范围、时间安排及重大审计发现等，包括我

们在审计中识别出内部控制的任何重大缺陷。

我们还向治理层提交声明，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，以及消除对独立性的威胁所

采取的行动或防范措施（若适用）。

Independent Auditor’s Report

独立核数师报告

98LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

From the maters comunicated with those charged with governance,

we determine those maters that were of most significance in the

audit of the consolidated financial statements of the curent period

and are therefore the key audit maters. We describe these maters

in our auditor’s report unles law or regulation precludes public

disclosure about the mater or when, in extremely rare circumstances,

we determine that a mater should not be comunicated in our report

because the adverse consequences of doing so would reasonably

be expected to outweigh the public interest benefits of such

comunication.

The engagement partner on the audit resulting in the independent

auditor’s report is Au Mei Yin (practising certificate number: P04754).

Deloite Touche Tohmatsu

Certified Public Acountants

Hong Kong

27 June 2025

核数师就审计综合财务报表承担的

责任（续）

从与治理层沟通的事项中，我们确定哪些事项

对本期综合财务报表的审计最为重要，因而构

成关键审计事项。我们在核数师报告中描述这

些事项，除非法律或法规不允许公开披露这些

事项，或在极端罕见的情况下，如果合理预期

在我们报告中沟通某事项造成的负面后果超过

产生的公众利益，我们决定不应在报告中沟通

该事项。

出具本独立核数师报告的审计项目合伙人是区

美贤（执业证书编号：P04754）。

德勤 • 关黄陈方会计师行

执业会计师

香港

二零二五年六月二十七日

		2025	2024
		二零二五年	二零二四年
	NOTES	HK$’000	HK$’000
	附注	千港元	千港元
259,826
(233,642)
26,184
2,587
(285)
(24,713)
(136)
3,637
(444)
3,193
(11)
3,182
0.16

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

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

99智中国际控股有限公司 / 二零二五年报

		2025	2024
		二零二五年	二零二四年
	NOTES	HK$’000	HK$’000
	附注	千港元	千港元
2,743
–
3,234
5,977
20,313
68,106
3,000
63,372
154,791
24,985
5,557
1,071
31,613
123,178
129,155
192
–
192
128,963
20,000
108,963
128,963

Consolidated Statement of Financial Position

综合财务状况表

At 31 March 2025 于二零二五年三月三十一日

100LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

The consolidated financial statements on pages 99 to 171 were

aproved and authorised for isue by the Board of Directors on 27

June 2025.

CHU KWOK FUNCHEN SHU AN

朱国欢陈树安

EXECUTIVE DIRECTOREXECUTIVE DIRECTOR

执行董事执行董事

第99至171页的综合财务报表由董事会于二零

二五年六月二十七日批准及授权刊发。

	Share capital	Share premium	Exchange reserve	Other reserve	Retained profits	Total
	股本	股份溢价	汇兑储备	其他储备	保留溢利	总计
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元	千港元
(Note)
（附注）

Consolidated Statement of Changes in Equity

综合权益变动表

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

101智中国际控股有限公司 / 二零二五年报

At 1 April 2023于二零二三年四月一日20,00079,219–10,00013,242122,461

Profit and total comprehensive

income for the year

年内溢利及全面收益总额

–3,3203,320

At 31 March 2024于二零二四年三月

三十一日20,00079,219–10,00016,562125,781

Profit for the year年内溢利–3,1933,193

Exchange diferences arising

on translation of foreign

operations

换算海外业务产生的

汇兑差异

–(11)–(11)

Total comprehensive

(expense) income

全面（开支）收益总额

–(11)–3,1933,182

At 31 March 2025于二零二五年三月

三十一日20,00079,219(11)10,00019,755128,963

Note: Other reserve represented the diference betwen the share capital of the Company

isued as consideration of acquiring ICGL Technical Works (HK) Limited (“ICGL

Hong Kong”) and isued share capital of ICGL Hong Kong on 27 March 2019

pursuant to a group reorganisation.

附注：其他储备指本公司作为收购弘建营造（香港）有限公司

（「弘建营造香港」）的代价而发行的股本与弘建营造香

港于二零一九年三月二十七日根据集团重组而发行的

股本之间的差额。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
3,637
(2,620)
136
3,730
–
285
5,168
21,670
(25,234)
1,570
(13,762)
(10,588)
–
(10,588)
–
2,620
(1,483)
1,137

Consolidated Statement of Cash Flows

综合现金流量表

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

102LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
4,779
(4,779)
(2,482)
(136)
(2,618)
(12,069)
(11)
75,452
63,372
33,000
30,372
63,372

Consolidated Statement of Cash Flows

综合现金流量表

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

103智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

104LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

1. GENERAL INFORMATION

Lotus Horizon Holdings Limited (the “Company”) was

incorporated and registered as an exempted company with

limited liability in the Cayman Islands under the Companies Law

Chapter 22 of the Cayman Islands on 14 November 2018 and

its shares are listed on the Main Board of The Stock Exchange

of Hong Kong Limited (the “Stock Exchange”). The adreses

of the Company’s registered ofice and the principal place of

busines of the Company are set out in the section headed

“Corporate Information” to the anual report.

Its imediate and ultimate holding company is Platinum Lotus

Holdings Limited, a limited liability company incorporated in the

British Virgin Islands (“BVI”). The ultimate controling shareholder

of the Company is Mr. Chu Kwok Fun (“Mr. Chu”).

The Company acts as an investment holding company and the

principal activities of the Company and its subsidiaries (colectively

refered to as the “Group”) are the provision of design, suply

and instalation services for façade works and building metal

finishing works.

The consolidated financial statements are presented in Hong

Kong dolars (“HK$”), which is also the functional curency of the

Company.

1. 一般资料

智中国际控股有限公司（「本公司」）于二

零一八年十一月十四日根据开曼群岛法

例第22章公司法于开曼群岛注册成立及

注册为获豁免有限公司，其股份在香港

联合交易所有限公司（「联交所」）主板上

市。本公司注册办事处及本公司主要营

业地点的地址载于年报「公司资料」一节。

其直接及最终控股公司为Platinum Lotus

Holdings Limited，该公司为于英属维尔

京群岛（「英属维尔京群岛」）注册成立的

有限公司。本公司的最终控股东为朱

国欢先生（「朱先生」）。

本公司作为投资控股公司行事，而本公

司及其附属公司（统称「本集团」）的主要

业务为提供外墙工程及建筑金属饰面工

程的设计、供应及安装服务。

综合财务报表以港元（「港元」）呈列，而

港元亦为本公司的功能货币。

Notes to the Consolidated Financial Statements

综合财务报表附注

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

105智中国际控股有限公司 / 二零二五年报

2. APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

Amendments to HKFRS Acounting Standards that are

mandatorily efective for the curent year

In the curent year, the Group has aplied the folowing

amendments to HKFRS Acounting Standards isued by the

Hong Kong Institute of Certified Public Acountants (“HKICPA”)

for the first time, which are mandatorily efective for the Group’s

anual period begining on 1 April 2024 for the preparation of

the consolidated financial statements:

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1Clasification of Liabilities as Curent

or Non-curent and related

amendments to Hong Kong

Interpretation 5 (2020)

Amendments to HKAS 1Non-curent Liabilities with

Covenants

Amendments to HKAS 7 and

HKFRS 7

Suplier Finance Arangements

The aplication of the amendments to HKFRS Acounting

Standards in the curent year has had no material impact on

the Group’s financial positions and performance for the curent

and prior years and/or on the disclosures set out in these

consolidated financial statements.

2. 应用新订及经修订香港财务报

告准则会计准则

于本年度强制生效的经修订香港财务

报告准则会计准则

于本年度，本集团已首次应用由香港会

计师公会（「香港会计师公会」）所颁布并

于二零二四年四月一日开始的本集团年

度期间强制生效的下列经修订香港财务

报告准则会计准则，以编制综合财务报

表：

香港财务报告准则第

16号（修订本）

售后租回的租赁负债

香港会计准则

第1号（修订本）

将负债分类为流动或非

流动及香港诠释第5

号（二零二零年）的相

关修订

香港会计准则

第1号（修订本）

附带契诺的非流动负债

香港会计准则第7号及

香港财务报告准则

第7号（修订本）

供应商融资安排

于本年度应用经修订香港财务报告准则

会计准则并无对本集团于本年度及过往

年度的财务状况及表现及╱或此等综合

财务报表所载的披露造成重大影响。

Notes to the Consolidated Financial Statements

综合财务报表附注

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

106LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

2. 应用新订及经修订香港财务报

告准则会计准则（续）

已发布但尚未生效的新订及经修订香

港财务报告准则会计准则

本集团并无提早应用下列已发布但尚未

生效的新订及经修订香港财务报告准则

会计准则：

香港财务报告准则

第9号及香港财务

报告准则第7号

（修订本）

金融工具的分类及计量

（修订本）

香港财务报告准则

第9号及香港财务

报告准则第7号

（修订本）

涉及依赖自然能源生产

电力的合约

香港财务报告准则

第10号及香港会计

准则第28号

（修订本）

投资者与其联营公司或

合营企业之间的资产

销售或贡献

香港财务报告准则

会计准则（修订本）

香港财务报告准则会计

准则年度改进－

第11册

香港会计准则

第21号（修订本）

缺乏可兑换性

香港财务报告准则

第18号

财务报表呈列及

披露

于待定日期或之后开始的年度期间生效。

于二零二五年一月一日或之后开始的年度期

间生效。

于二零二六年一月一日或之后开始的年度期

间生效。

于二零二七年一月一日或之后开始的年度期

间生效。

除下述新订及经修订香港财务报告准则

会计准则外，本公司董事预计在可预见

未来应用所有其他新订及经修订香港财

务报告准则会计准则将不会对综合财务

报表造成重大影响。

2. APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

(Continued)

New and amendments to HKFRS Acounting Standards

in isue but not yet efective

The Group has not early aplied the folowing new and

amendments to HKFRS Acounting Standards that have ben

isued but are not yet efective:

Amendments to HKFRS 9 and

HKFRS 7

Amendments to the Clasification

and Measurement of Financial

Instruments

Amendments to HKFRS 9 and

HKFRS 7

Contracts Referencing Nature-

Dependent Electricity

Amendments to HKFRS 10 and

HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Amendments to HKFRS

Acounting Standards

Anual Improvements to HKFRS

Acounting Standards – Volume11

Amendments to HKAS 21Lack of Exchangeability

HKFRS 18Presentation and Disclosure in

Financial Statements

Efective for anual periods begining on or after a date to be determined.

Efective for anual periods begining on or after 1 January 2025.

Efective for anual periods begining on or after 1 January 2026.

Efective for anual periods begining on or after 1 January 2027.

Except for the new and amendments to HKFRS Acounting

Standards mentioned below, the directors of the Company

anticipate that the aplication of al other new and amendments

to HKFRS Acounting Standards wil have no material impact on

the consolidated financial statements in the foreseable future.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

107智中国际控股有限公司 / 二零二五年报

2. 应用新订及经修订香港财务报

告准则会计准则（续）

已发布但尚未生效的新订及经修订香

港财务报告准则会计准则（续）

香港财务报告准则第18号财务报表呈列

及披露

香港财务报告准则第18号财务报表呈列

及披露载列财务报表呈报及披露规定，

将取代香港会计准则第1号财务报表呈

报。该新订香港财务报告准则会计准则

于延续香港会计准则第1号多项规定的同

时引入新规定，要求于损益表呈列指定

类别及经界定小计，于财务报表附注中

提供管理层界定绩效衡量的披露，并改

善财务报表中呈列的汇总及分类资料。

此外，香港会计准则第1号若干段落已移

至香港会计准则第8号及香港财务报告准

则第7号。香港会计准则第7号现金流量

表及香港会计准则第33号每股盈利亦有

修订。香港财务报告准则第18号及其他

准则修订将于二零二七年一月一日或之

后开始的年度期间生效，并允许提早应

用。

3. 综合财务报表的编制基准及重

要会计政策信息

综合财务报表的编制基准

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编制。

就编制综合财务报表而言，倘资料可合

理预期影响主要使用者作出的决定，则

有关资料被视为重大。此外，综合财务

报表包括联交所证券上市规则（「上市规

则」）及香港《公司条例》所规定的适用披

露。

于批准综合财务报表时，本公司董事合

理预期本集团有足够资源于可预见未来

继续营运。因此，彼等于编制综合财务

报表时继续采纳持续经营会计基础。

2. APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

(Continued)

New and amendments to HKFRS Acounting Standards

in isue but not yet efective (Continued)

HKFRS 18 Presentation and Disclosure in Financial Statements

HKFRS 18 Presentation and Disclosure in Financial Statements,

which sets out requirements on presentation and disclosures

in financial statements, wil replace HKAS 1 Presentation of

Financial Statements. This new HKFRS Acounting Standard,

while carying forward many of the requirements in HKAS 1,

introduces new requirements to present specified categories

and defined subtotals in the statement of profit or los; provide

disclosures on management-defined performance measures in

the notes to the financial statements and improve agregation

and disagregation of information to be disclosed in the financial

statements. In adition, some HKAS 1 paragraphs have ben

moved to HKAS 8 and HKFRS 7. Minor amendments to HKAS 7

Statement of Cash Flows and HKAS 33 Earnings per Share are

also made. HKFRS 18, and amendments to other standards, wil

be efective for anual periods begining on or after 1 January

2027, with early aplication permited.

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

Basis of preparation of consolidated financial

statements

The consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards isued by the

HKICPA. For the purpose of preparation of the consolidated

financial statements, information is considered material if such

information is reasonably expected to influence decisions

made by primary users. In adition, the consolidated financial

statements include the aplicable disclosures required by the

Rules Governing the Listing of Securities on the Stock Exchange

(the “Listing Rules”) and by the Hong Kong Companies

Ordinance.

The directors of the Company have, at the time of aproving the

consolidated financial statements, a reasonable expectation that

the Group has adequate resources to continue in operational

existence for the foreseable future. Thus they continue to

adopt the going concern basis of acounting in preparing the

consolidated financial statements.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

108LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息

综合入账基准

综合财务报表包括本公司与本公司及其

附属公司控制的实体之财务报表。

本集团获得附属公司控制权时便开始将

附属公司综合入账，于丧失附属公司控

制权时则终止入账。具体而言，于年内

所收购或出售附属公司的收入及开支于

本集团获得控制权日期计入综合损益及

其他全面收益表，直至本集团不再控制

该附属公司日期为止。

有关本集团成员公司之间交易的所有集

团内资产及负债、权益、收入、开支及

现金流量会于综合入账时全数对销。

来自客户合约的收益

履约责任指属独特的货品或服务（或货品

或服务组合）或大致相同的一连串独特货

品或服务。

倘符合下列其中一项标准，则控制权在

一段时间内转移，而收益会参考已完成

相关履约责任的进度于一段时间内确认：

• 客户于实体履约时同时接受及使用

实体履约所提供的利益；

• 本集团履约创造或增强一项于本集

团履约时由客户控制的资产；或

• 本集团的履约并无创造本集团可作

其他用途的资产，且本集团对迄今

完成的履约付款具有可强制执行权

利。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information

Basis of consolidation

The consolidated financial statements incorporate the financial

statements of the Company and entities controled by the

Company and its subsidiaries.

Consolidation of a subsidiary begins when the Group obtains

control over the subsidiary and ceases when the Group loses

control of the subsidiary. Specificaly, income and expenses

of a subsidiary acquired or disposed of during the year are

included in the consolidated statement of profit or los and other

comprehensive income from the date the Group gains control

until the date when the Group ceases to control the subsidiary.

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

and cash flows relating to transactions betwen members of the

Group are eliminated in ful on consolidation.

Revenue from contracts with customers

A performance obligation represents a god or service (or a

bundle of gods or services) that is distinct or a series of distinct

gods or services that are substantialy the same.

Control is transfered over time and revenue in recognised over

time by reference to the progres towards complete satisfaction

of the relevant performance obligation if one of the folowing

criteria is met:

• the customer simultaneously receives and consumes the

benefits provided by the entity’s performance as the entity

performs;

’s performance creates or enhances an aset that

the customer controls as the Group performs; or

’s performance does not create an aset with

an alternative use to the Group and the Group has an

enforceable right to payment for performance completed

to date.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

109智中国际控股有限公司 / 二零二五年报

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

来自客户合约的收益（续）

收益乃根据客户合约所订明的代价计

量。本集团于转移服务控制予客户时确

认收益。本集团的主要收益来源指来自

提供外墙工程及建筑金属饰面工程的设

计、供应及安装服务的建筑合约的收益。

为外墙工程及建筑金属饰面工程提供设

计、供应及安装服务

确认－随时间确认收益

本集团根据与客户订立的合约提供外墙

工程及建筑金属饰面工程的设计、供应

及安装服务。提供外墙工程及建筑金属

饰面工程的设计、供应及安装服务的收

益随时间确认，因为(i)本集团在履约过程

中创造或加强客户控制的资产，及(i)本

集团的履约乃根据客户规格度身订造，

其不会建立具有其他用途的资产及本集

团受限制不得转授外墙工程及建筑金属

饰面工程予另一客户，且所有合约给予

本集团对迄今已完成履约的付款的可强

制执行权利，当中计及合约条款。

完全完成履约责任之进度乃根据投入法

计量，即根据本集团为完成履约责任之

付出或投入与完成有关履约责任之总预

期投入相比以确认收入，有关方法最能

反映本集团于转移商品或服务控制权方

面之履约情况。本集团管理层评定完成

阶段乃根据每份合约迄今所执行外墙工

程及建筑金属饰面工程所产生的成本（即

所产生的分包成本、建材成本及直接员

工成本）相对完全完成该等服务的估计预

算合约成本总额的比例及每份合约的利

润厘定，前提是有关金额能够可靠地计

量及被视为可以收回。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Revenue from contracts with customers (Continued)

Revenue is measured based on the consideration specified in a

contract with a customer. The Group recognises revenue when

it transfers control of service to a customer. The Group’s major

source of revenue is its revenue from construction contracts for

the provision of design, suply and instalation services for façade

works and building metal finishing works.

Provision of design, suply and instalation services for façade

works and building metal finishing works

Recognition – over time revenue recognition

The Group provides design, suply and instalation services

for façade works and building metal finishing works based on

contracts entered with the customers. Revenue from the provision

of design, suply and instalation services for façade works and

building metal finishing works is recognised over time because

(i) the Group creates or enhances an aset that the customer

controls as the Group performs and (i) the Group’s performance

are tailor-made based on customer’s specification which does

not create an aset with an alternative use and the Group is

restricted from redirecting the façade works and building metal

finishing works to another customer, and al the contracts provide

the Group an enforceable right to payment for performance

completed to the date taking into acount the contractual terms.

The progres towards complete satisfaction of a performance

obligation is measured based on input method, which is to

recognise revenue on the basis of the Group’s eforts or inputs

to the satisfaction of a performance obligation relative to the

total expected inputs to the satisfaction of that performance

obligation, that best depict the Group’s performance in

transfering control of gods or services. The management of

the Group has asesed that the stage of completion determined

as the proportion of the costs incured for the façade works

and building metal finishing works performed to date (i.e.

subcontracting costs, materials costs and direct staf costs

incured) relative to the estimated total budgeted contract costs

to complete the satisfaction of these services in each contract

and the margin of each contract, to the extent that the amount

can be measured reliably and its recovery is considered probable.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

110LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

来自客户合约的收益（续）

为外墙工程及建筑金属饰面工程提供设

计、供应及安装服务（续）

可变代价

就包含可变代价的合约（即工程修订令）

而言，本集团按(a)预期价值法或(b)最有

可能金额估计将有权收取的代价金额，

视乎何种方法较能预测本集团有权收取

的代价金额。

在计入极有可能不会导致日后大额收益

拨回（于与可变代价相关的不确定性于其

后获解决后）的情况下，可变代价的估计

金额计入交易价当中。

于报告期末，本集团更新估计交易价（包

括更新其就可变代价的估计是否受限的

评估），真诚呈列于报告期末的现时状

况，以及报告期内的变化。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Revenue from contracts with customers (Continued)

Provision of design, suply and instalation services for façade

works and building metal finishing works (Continued)

Variable consideration

For contracts that contain variable consideration (i.e. variation

order), the Group estimates the amount of consideration to which

it wil be entitled using either (a) the expected value method or

(b) the most likely amount, depending on which method beter

predicts the amount of consideration to which the Group wil be

entitled.

The estimated amount of variable consideration is included in the

transaction price only to the extent that it is highly probable that

such an inclusion wil not result in a significant revenue reversal

in the future when the uncertainty asociated with the variable

consideration is subsequently resolved.

At the end of the reporting period, the Group updates the

estimated transaction price (including updating its asesment

of whether an estimate of variable consideration is constrained)

to represent faithfuly the circumstances present at the end of

the reporting period and the change in circumstances during the

reporting period.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

111智中国际控股有限公司 / 二零二五年报

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

来自客户合约的收益（续）

为外墙工程及建筑金属饰面工程提供设

计、供应及安装服务（续）

合约资产及合约负债

合约资产指本集团对交换本集团已转移

至客户的服务而尚未成为无条件代价的

权利。相对而言，应收款项指本集团对

代价的无条件权利，即该代价仅须经过

时间流逝即会支付。

合约负债指本集团向客户转移服务（就此

本集团已向客户收取代价或客户已到期

支付代价款项）的责任。

当(i)本集团根据服务合约完成外墙工程及

建筑金属饰面工程但未经建筑师、测量

师或客户委聘的其他代表核实；或(i)客

户保留保固金以担保妥善履行合约时，

确认合约资产。先前确认为合约资产的

任何金额在向客户出具发票及成为无条

件时重新分类至贸易应收款项。倘代价

（包括自客户收取的垫款）超出迄今根据

输入法已确认的收益，则本集团将有关

差异确认为合约负债。

与相同合约有关的合约资产及合约负债

按净额基准入账及呈列。

保用

倘客户不可选择独立购买保用，本集团

按香港会计准则第37号「拨备、或然负债

及或然资产」将保用入账，除非保用为客

户提供产品符合所协定规格的保证外的

服务。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Revenue from contracts with customers (Continued)

Provision of design, suply and instalation services for façade

works and building metal finishing works (Continued)

Contract asets and contract liabilities

A contract aset represents the Group’s right to consideration

in exchange for services that the Group has transfered to a

customer that is not yet unconditional. In contrast, a receivable

represents the Groups’ unconditional right to consideration,

i.e. only the pasage of time is required before payment of that

consideration is due.

A contract liability represents the Group’s obligation to transfer

services to a customer for which the Group has received

consideration (or an amount of consideration is due) from the

customer.

Contract aset is recognised when (i) the Group completes the

façade works and building metal finishing works under such

services contracts but yet certified by architects, surveyors

or other representatives apointed by customers, or (i) the

customers retain retention money to secure the due performance

of the contracts. Any amount previously recognised as a contract

aset is reclasified to trade receivables at the point at which it

is invoiced to the customer and becomes unconditional. If the

considerations (including advances received from customers)

exceds the revenue recognised to date under the input method

then the Group recognises a contract liability for the diference.

A contract aset and a contract liability relating to the same

contract are acounted for and presented on a net basis.

Waranties

If a customer does not have the options to purchase a waranty

separately, the Group acounts for the waranty in acordance

with HKAS 37 “Provision, Contingent Liabilities and Contingent

Asets” unles the waranty provides the customer with a service

in adition to the asurance that the product complies with

agred-upon specification.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

112LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

物业及设备

持有用作行政用途的物业及设备于综合

财务状况表按成本减其后累计折旧及累

计减值亏损（如有）列账。

折旧乃按物业及设备项目之估计可使用

年期以直线法确认以撇销其成本。估计

可使用年期及折旧方法于各报告期末作

出检讨，任何估计变动之影响按预提基

准入账。

当出售时或当继续使用资产预期不会产

生任何未来经济利益时，物业及设备项

目终止确认。出售或报废一项物业及设

备产生的收益或亏损，按销售所得款项

与该资产账面值之间的差额厘定，并于

损益确认。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Property and equipment

Property and equipment are tangible asets that are held for

administrative purposes are stated in the consolidated statement

of financial position at cost les subsequent acumulated

depreciation and acumulated impairment loses, if any.

Depreciation is recognised so as to write of the cost of items of

property and equipment over their estimated useful lives, using

straight line method. The estimated useful lives and depreciation

method are reviewed at the end of each reporting period,

with the efect of any changes in estimate acounted for on a

prospective basis.

An item of property and equipment is derecognised upon

disposal or when no future economic benefits are expected

to arise from the continued use of the aset. Any gain or los

arising on the disposal or retirement of an item of property and

equipment is determined as the diference betwen the sales

proceds and the carying amount of the aset and is recognised

in profit or los.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

113智中国际控股有限公司 / 二零二五年报

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

金融工具

金融资产及金融负债于本集团成为工具

合约条文的参与方时确认。所有常规购

买或出售的金融资产均按交易日基准确

认及终止确认。常规购买或出售为须在

市场规则或惯例所设定的时间范围内交

付资产金融资产的购买或出售。

金融资产及金融负债初步按公平值计

量，惟源于客户合约的贸易应收款项根

据香港财务报告准则第15号「来自客户合

约的收益」初步计量除外。因收购或发行

金融资产及金融负债而直接产生之交易

成本于首次确认时计入金融资产之公平

值或自金融负债之公平值扣除（如适用）。

实际利率法乃一种用于计算在有关期间

内的金融资产或金融负债的摊销成本以

及分配利息收入及利息开支的方法。实

际利率乃在金融资产或金融负债的预计

年期或（如适用）更短期间内能够将估计

未来现金收入及付款（包括构成实际利率

整体部分的已付或已收的全部费用及利

率差价、交易成本及其他溢价或折让）准

确地贴现至初步确认时的账面净值的利

率。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Financial instruments

Financial asets and financial liabilities are recognised when

the Group becomes a party to the contractual provisions of the

instrument. Al regular way purchases or sales of financial asets

are recognised and derecognised on a trade date basis. Regular

way purchases or sales are purchases or sales of financial asets

that require delivery of asets within the time frame established

by regulation or convention in the market place.

Financial asets and financial liabilities are initialy measured at

fair value except for trade receivables arising from contracts with

customers which are initialy measured in acordance with HKFRS

15 “Revenue from Contracts with Customers”. Transaction

costs that are directly atributable to the acquisition or isue of

financial asets and financial liabilities are aded to or deducted

from the fair value of the financial asets or financial liabilities, as

apropriate, on initial recognition.

The efective interest method is a method of calculating the

amortised cost of a financial aset or financial liability and

of alocating interest income and interest expense over the

relevant period. The efective interest rate is the rate that exactly

discounts estimated future cash receipts and payments (including

al fes and points paid or received that form an integral part of

the efective interest rate, transaction costs and other premiums

or discounts) through the expected life of the financial aset or

financial liability, or, where apropriate, a shorter period, to the

net carying amount on initial recognition.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

114LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

金融工具（续）

金融资产

金融资产的分类及其后计量

符合下列条件的金融资产其后按摊销成

本计量：

，而

其目的为收取合约现金流量；及

• 合约条款引致于指定日期的现金流

量仅为支付本金和未偿还的本金利

息。

本集团的所有金融资产其后按摊销成本

计量。

摊销成本及利息收入

其后按摊销成本计量的金融资产的利息

收入乃使用实际利率法确认。利息收入

乃对金融资产账面总值应用实际利率予

以计算，惟其后出现信贷减值的金融资

产除外。对于其后出现信贷减值的金融

资产，自下一个报告期间起，利息收入

藉金融资产摊销成本应用实际利率确

认。倘信贷减值金融工具的信贷风险好

转，使金融资产不再信贷减值，于有关

资产获厘定不再为信货减值后的报告期

间，利息收入乃对金融资产账面总值应

用实际利率确认。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets

Clasification and subsequent measurement of financial asets

Financial asets that met the folowing conditions are

subsequently measured at amortised cost:

• the financial aset is held within a busines model whose

objective is to colect contractual cash flows; and

• the contractual terms give rise on specified dates to cash

flows that are solely payments of principal and interest on

the principal amount outstanding.

Al of the Group’s financial asets are subsequently measured at

amortised cost.

Amortised cost and interest income

Interest income is recognised using the efective interest method

for financial asets measured subsequently at amortised cost.

Interest income is calculated by aplying the efective interest

rate to the gros carying amount of a financial aset, except

for financial asets that have subsequently become credit-

impaired. For financial asets that have subsequently become

credit-impaired, interest income is recognised by aplying the

efective interest rate to the amortised cost of the financial aset

from the next reporting period. If the credit risk on the credit-

impaired financial instrument improves so that the financial aset

is no longer credit-impaired, interest income is recognised by

aplying the efective interest rate to the gros carying amount

of the financial aset from the begining of the reporting period

folowing the determination that the aset is no longer credit-

impaired.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

115智中国际控股有限公司 / 二零二五年报

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号作减值评

估的金融资产及其他项目的减值

本集团根据预期信贷亏损（「预期信贷亏

损」）模式对根据香港财务报告准则第9号

「金融工具」（「香港财务报告准则第9号」）

须进行减值评估之金融资产及其他项目

（包括贸易及其他应收款项、可退回租赁

按金、已抵押银行存款及银行结余及现

金）进行减值评估。预期信贷亏损金额于

各报告日期予以更新，以反映信贷风险

自初步确认以来的变化。

全期预期信贷亏损指因相关工具预期寿

命内发生的所有可能违约事件而导致的

预期信贷亏损。反之，12个月预期信贷

亏损（「12个月预期信贷亏损」）则指预期

于报告日期后12个月内可能发生的违约

事件而导致的部分全期预期信贷亏损。

预期信贷亏损根据本集团过往信贷亏损

经验进行评估，并根据债务人的特定因

素、一般经济状况及于报告日期对当前

状况及未来状况预测的评估而作出调整。

本集团一向为贸易应收款项及并无重大

融资组成部分的合约资产确认全期预期

信贷亏损。

就所有其他工具而言，本集团以相当于

12个月预期信贷亏损计量亏损拨备，

除非信贷风险自初步确认以来已显著增

加，在此情况下，本集团确认全期预期

信贷亏损。评估应否确认全期预期信贷

亏损乃以自初步确认以来发生违约风险

的可能性有否显著增加或风险为评估基

础。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9

The Group performs impairment asesment under expected

credit los (“ECL”) model on financial asets and other item

(including trade and other receivables, refundable rental

deposits, pledged bank deposits and bank balances and cash)

which are subject to impairment asesment under HKFRS 9

“Financial Instruments” (“HKFRS 9”). The amount of ECL is

updated at each reporting date to reflect changes in credit risk

since initial recognition.

Lifetime ECL represents the ECL that wil result from al posible

default events over the expected life of the relevant instrument.

In contrast, 12-month ECL (“12m ECL”) represents the portion

of lifetime ECL that is expected to result from default events

that are posible within 12 months after the reporting date.

Asesment are done based on the Group’s historical credit los

experience, adjusted for factors that are specific to the debtors,

general economic conditions and an asesment of both the

curent conditions at the reporting date as wel as the forecast of

future conditions.

The Group always recognises lifetime ECL for trade receivables

and contract asets without significant financing component.

For al other instruments, the Group measures the los alowance

equal to 12m ECL, unles when there has ben a significant

increase in credit risk since initial recognition, in which case

the Group recognises lifetime ECL. The asesment of whether

lifetime ECL should be recognised is based on significant

increases in the likelihod or risk of a default ocuring since

initial recognition.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

116LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号作减值评

估的金融资产及其他项目的减值（续）

(i) 信贷风险显著增加

于评估信贷风险自初步确认以来是

否已显著增加时，本集团将于报告

日期金融工具发生违约的风险，与

于初步确认日期金融工具发生违约

的风险进行比较。于进行此评估

时，本集团会考虑合理而具理据，

并在毋须付出不必要成本或资源即

可取得的定量及定性资料，包括过

往经验及前瞻性资料。

当评估信贷风险是否已显著增加

时，以下资料将予以特别考虑：

（如可取得）

或内部信贷评级实际或预期

出现大幅恶化；

、财务或经济情况出现

或预测会出现不利变动，预

期大幅降低债务人偿还债务

的能力；

• 债务人营运业绩实际或预期

大幅恶化。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9 (Continued)

(i) Significant increase in credit risk

In asesing whether the credit risk has increased

significantly since initial recognition, the Group compares

the risk of a default ocuring on the financial instrument as

at the reporting date with the risk of a default ocuring on

the financial instrument as at the date of initial recognition.

In making this asesment, the Group considers both

quantitative and qualitative information that is reasonable

and suportable, including historical experience and

forward-loking information that is available without undue

cost or efort.

In particular, the folowing information is taken into

acount when asesing whether credit risk has increased

significantly:

• an actual or expected significant deterioration in the

financial instrument’s external (if available) or internal

credit ratings;

financial or economic conditions that are expected to

cause a significant decrease in the debtor’s ability to

met its debt obligations;

• an actual or expected significant deterioration in the

operating results of the debtor.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

117智中国际控股有限公司 / 二零二五年报

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号作减值评

估的金融资产及其他项目的减值（续）

(i) 信贷风险显著增加（续）

不论上述评估的结果为何，当合约

金额逾期超过30日，本集团即假设

信贷风险自初步确认以来已显著增

加，除非本集团有合理而具理据的

资料证明上述情况并无出现，则另

当别论。

本集团定期监察识别信贷风险有否

显著增加所用标准的成效，并作适

当修订以确保标准能在款项逾期前

识别信贷风险显著增加。

(i) 违约的定义

就内部信贷风险管理而言，本集团

认为，当内部产生或获取自外部来

源的资料表明，债务人不太可能向

债权人（包括本集团）全额还款（不

考虑本集团持有的任何抵押品），

即发生违约事件。

不论如上文所述如何，本集团认为

倘金融资产已逾期超过90日，则违

约已经发生，惟本集团拥有合理有

据资料显示一项更为宽松的违约标

准更为合适，则另作别论。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9 (Continued)

(i) Significant increase in credit risk (Continued)

Irespective of the outcome of the above asesment,

the Group presumes that the credit risk has increased

significantly since initial recognition when contractual

payments are more than 30 days past due, unles the

Group has reasonable and suportable information that

demonstrates otherwise.

The Group regularly monitors the efectivenes of the

criteria used to identify whether there has ben a significant

increase in credit risk and revises them as apropriate to

ensure that the criteria are capable of identifying significant

increase in credit risk before the amount becomes past

due.

(i) Definition of default

For internal credit risk management, the Group considers

an event of default ocurs when information developed

internaly or obtained from external sources indicates that

the debtor is unlikely to pay its creditors, including the

Group, in ful (without taking into acount any colaterals

held by the Group).

Irespective of the above, the Group considers that default

has ocured when a financial aset is more than 90 days

past due unles the Group has reasonable and suportable

information to demonstrate that a more laging default

criterion is more apropriate.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

118LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号作减值评

估的金融资产及其他项目的减值（续）

(i) 已信贷减值金融资产

倘发生对金融资产的估计未来现金

流量产生不利影响的一项或多项违

约事件时，该金融资产即出现信贷

减值。金融资产已信贷减值的证据

包括以下事件的可观察数据：

(a) 发行人或借款人陷入严重财

务困难；

(b) 违反合约，例如违约或逾期

事件；

人财务困难相关的经济或合

约原因，而向借款人授予贷

款人原本不会考虑的优惠；

或

(d) 借款人可能破产或进行其他

财务重组。

(iv) 撇销政策

倘有资料显示交易对手陷入严重财

务困难，且并无可能实际收回时

（例如交易对手已清盘、进入破产

程序或就贸易应收款项而言，金额

逾期超过两年，以较早者为准），

本集团会撇销金融资产。已撇销的

金融资产仍可根据本集团的收回程

序实施强制执行，惟须考虑适当的

法律意见。撇销构成终止确认事

件。任何后续收回款项会于损益确

认。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9 (Continued)

(i) Credit-impaired financial asets

A financial aset is credit-impaired when one or more

events of default that have a detrimental impact on the

estimated future cash flows of that financial aset have

ocured. Evidence that a financial aset is credit-impaired

includes observable data about the folowing events:

(a) significant financial dificulty of the isuer or the

borower;

(b) a breach of contract, such as a default or past due

event;

contractual reasons relating to the borower’s

financial dificulty, having granted to the borower a

concesion(s) that the lender(s) would not otherwise

consider; or

(d) it is becoming probable that the borower wil enter

bankruptcy or other financial reorganisation.

(iv) Write-of policy

The Group writes of a financial aset when there is

information indicating that the counterparty is in severe

financial dificulty and there is no realistic prospect of

recovery, for example, when the counterparty has ben

placed under liquidation or has entered into bankruptcy

procedings, or in the case of trade receivables, when the

amounts are over two years past due, whichever ocurs

soner. Financial asets writen of may stil be subject

to enforcement activities under the Group’s recovery

procedures, taking into acount legal advice where

apropriate. A write-of constitutes a derecognition event.

Any subsequent recoveries are recognised in profit or los.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

119智中国际控股有限公司 / 二零二五年报

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号作减值评

估的金融资产及其他项目的减值（续）

(v) 预期信贷亏损的计量及确认

预期信贷亏损的计量为违约概率、

违约损失率（即违约时的损失幅度）

及所面临违约风险的函数。评估违

约概率及违约损失率的依据是过往

数据及前瞻性资料。估计预期信贷

亏损反映无偏概率加权金额，其以

发生违约的相关风险为权重厘定。

一般而言，预期信贷亏损为根据合

约应付本集团的所有合约现金流量

与本集团预计收取的现金流量（按

初步确认时的实际利率折现）之间

的差额。

利息收入乃根据金融资产的账面总

值计算，惟金融资产出现信贷减值

除外，在此情况下，利息收入乃按

金融资产的摊销成本计算。

本集团透过调整所有金融工具的账

面值于损益确认有关金融工具的减

值收益或亏损，惟贸易应收款项及

合约资产除外，其相应调整乃透过

亏损拨备账目确认。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other item subject to

impairment asesment under HKFRS 9 (Continued)

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the probability

of default, los given default (i.e. the magnitude of the

los if there is a default) and the exposure at default. The

asesment of the probability of default and los given

default is based on historical data and forward-loking

information. Estimation of ECL reflects an unbiased and

probability- weighted amount that is determined with the

respective risks of default ocuring as the weights.

Generaly, the ECL is the diference betwen al contractual

cash flows that are due to the Group in acordance with

the contract and the cash flows that the Group expects to

receive, discounted at the efective interest rate determined

at initial recognition.

Interest income is calculated based on the gros carying

amount of the financial aset unles the financial aset is

credit-impaired, in which case interest income is calculated

based on amortised cost of the financial aset.

The Group recognises an impairment gain or los in

profit or los for al financial instruments by adjusting their

carying amount, with the exception of trade receivables

and contract asets where the coresponding adjustment is

recognised through a los alowance acount.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

120LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

金融工具（续）

金融资产（续）

终止确认金融资产

仅于自资产获得现金流量的合约权利届

满时，本集团方会终止确认金融资产。

于完全终止确认金融资产时，资产的账

面值与已收及应收代价总和之间的差额

于损益确认。

金融负债及权益

分类为债务或权益

已发行债务及股权工具根据合约安排的

内容及金融负债及权益工具的定义分类

为金融负债或权益。

按摊销成本计量的金融负债

金融负债（包括贸易及其他应付款项）其

后采用实际利率法以摊销成本计量。

终止确认金融负债

当（及仅当）本集团责任获解除、取消或

已届满时，本集团将终止确认金融负

债。终止确认的金融负债账面值与已付

及应付代价之间的差额于损益确认。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Derecognition of financial asets

The Group derecognises a financial aset only when the

contractual rights to the cash flows from the aset expire.

On derecognition of a financial aset in its entirety, the diference

betwen the aset’s carying amount and the sum of the

consideration received and receivable is recognised in profit or

los.

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments isued are clasified as either

financial liabilities or as equity in acordance with the substance

of the contractual arangements and the definitions of a financial

liability and an equity instrument.

Financial liabilities at amortised costs

Financial liabilities including trade and other payables are

subsequently measured at amortised cost using the efective

interest method.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only

when, the Group’s obligations are discharged, canceled or have

expired. The diference betwen the carying amount of the

financial liability derecognised and the consideration paid and

payable is recognised in profit or los.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

121智中国际控股有限公司 / 二零二五年报

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

税项

所得税开支指即期及递延所得税开支的

总和。

现时应付的税项乃按年内应课税溢利计

算。应课税溢利有别于除税前溢利，原

因是其他年度的应课税或可扣税收入或

开支以及毋须课税或不可扣税项目。本

集团的即期税项负债乃使用于报告期末

前已颁布或实际已颁布的税率计算。

递延税项乃按资产及负债在综合财务报

表的账面值与计算应课税溢利所用相应

税基之间的临时差额予以确认。递延税

项负债一般乃就所有应课税暂时性差额

确认。递延税项资产一般就所有可扣税

暂时性差额确认，而其乃以应课税溢利

将可能用以抵销该等可扣税暂时性差额

为限。倘初步确认一项交易的其他资产

及负债（业务合并除外）所产生的暂时性

差额不影响应课税溢利或会计溢利及于

交易时并未产生相等应课税及可扣税暂

时性差额，则不会确认有关资产及负债。

递延税项负债乃按于附属公司之投资而

产生之应课税暂时差额确认入账，惟倘

本集团可控制暂时差额之拨回并预期该

暂时差额将不会在可见将来拨回者除

外。有关该等投资之可扣税暂时差额所

产生之递延税项资产可予确认，惟以可

能具备足够应课税溢利可动用暂时差额

之利益及预期该等暂时差额将于可见将

来拨回为限。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Taxation

Income tax expense represents the sum of the curent and

defered income tax expense.

The tax curently payable is based on taxable profit for the year.

Taxable profit difers from profit before taxation because of

income or expense that are taxable or deductible in other years

and items that are never taxable or deductible. The Group’s

liability for curent tax is calculated using tax rates that have ben

enacted or substantively enacted by the end of the reporting

period.

Defered tax is recognised on temporary diferences betwen

the carying amounts of asets and liabilities in the consolidated

financial statements and the coresponding tax base used in

the computation of taxable profit. Defered tax liabilities are

generaly recognised for al taxable temporary diferences.

Defered tax asets are generaly recognised for al deductible

temporary diferences to the extent that it is probable that

taxable profits wil be available against which those deductible

temporary diferences can be utilised. Such asets and liabilities

are not recognised if the temporary diference arises from the

initial recognition (other than in a busines combination) of other

asets and liabilities in a transaction that afects neither the

taxable profit nor the acounting profit and at the time of the

transaction does not give rise to equal taxable and deductible

temporary diferences.

Defered tax liabilities are recognised for taxable temporary

diferences asociated with investments in subsidiaries, except

where the Group is able to control the reversal of the temporary

diference and it is probable that the temporary diference wil

not reverse in the foreseable future. Defered tax asets arising

from deductible temporary diferences asociated with such

investments are only recognised to the extent that it is probable

that there wil be suficient taxable profits against which to utilise

the benefits of the temporary diferences and they are expected

to reverse in the foreseable future.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

122LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

税项（续）

递延税项资产的账面值乃于报告期末检

讨，并以不再可能将存在足够应课税溢

利以容许收回所有或部分资产为限予以

调低。

递延税项资产及负债乃按于报告期末前

已颁布或实际已颁布的税率（及税法），

按于结清负债或变现资产期间预期适用

的税率予以计量。

递延税项资产及负债的计量反映本集团

于报告期末预期遵循以收回或结清其资

产及负债账面值的方式的税务后果。

当有合法执行权利许可将即期税项资产

与即期税项负债抵销，并涉及与同一税

务机关对同一税务实体征收之所得税有

关时，则递延税项资产及负债可互相对

销。

租赁

租赁的定义

倘合约赋予权利于一段时间内控制已识

别资产的用途以换取代价，则该合约为

租赁或包含租赁。

对于首次应用日期或之后订立或修订或

业务合并产生的合约，本集团根据香港

财务报告准则第16号项下的定义，于开

始日、修订日或收购日（如适用）评估合

约是否一项租赁或包含一项租赁。除非

合约条款及条件后续发生变更，否则不

会对此类合约进行重新评估。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Taxation (Continued)

The carying amount of defered tax asets is reviewed at the end

of the reporting period and reduced to the extent that it is no

longer probable that suficient taxable profits wil be available to

alow al or part of the aset to be recovered.

Defered tax asets and liabilities are measured at the tax rates

that are expected to aply in the period in which the liability is

setled or the aset is realised, based on tax rate (and tax laws)

that have ben enacted or substantively enacted by the end of

the reporting period.

The measurement of defered tax asets and liabilities reflects

the tax consequences that would folow from the maner in which

the Group expects, at the end of the reporting period, to recover

or setle the carying amount of its asets and liabilities.

Defered tax asets and liabilities are ofset when there is a legaly

enforceable right to set of curent tax asets against curent

tax liabilities and when they relate to income taxes levied to the

same taxable entity by the same taxation authority.

Leases

Definition of a lease

A contract is, or contains, a lease if the contract conveys the right

to control the use of an identified aset for a period of time in

exchange for consideration.

For contracts entered into or modified on or after the date of

initial aplication or arising from busines combinations, the

Group aseses whether a contract is or contains a lease based

on the definition under HKFRS 16 at inception, modification date

or acquisition date, as apropriate. Such contract wil not be

reasesed unles the terms and conditions of the contract are

subsequently changed.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

123智中国际控股有限公司 / 二零二五年报

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

租赁（续）

本集团作为承租人

使用权资产

使用权资产的成本包括：

及

、复原

相关资产所在地或将相关资产恢复

至租赁条款及条件所规定的状态所

产生的估计成本。

使用权资产按成本减去任何累计折旧及

减值亏损进行计量，并对租赁负债的任

何重新计量作出调整。

使用权资产按估计使用年期与租赁期两

者中的较短者以直线法计提折旧。

本集团将使用权资产呈列于「物业及设

备」，相应的相关资产倘为自有，亦将于

同一项目呈列。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Leases (Continued)

The Group as a lese

Right-of-use asets

The cost of right-of-use asets includes:

;

; and

• an estimate of costs to be incured by the Group in

dismantling and removing the underlying asets, restoring

the site on which it is located or restoring the underlying

aset to the condition required by the terms and conditions

of the lease.

Right-of-use asets are measured at cost, les any acumulated

depreciation and impairment loses, and adjusted for any

remeasurement of lease liabilities.

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

the shorter of its estimated useful life and the lease term.

The Group presents right-of-use asets in “property and

equipment”, the same line item within which the coresponding

underlying asets would be presented if they were owned.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

124LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

租赁（续）

本集团作为承租人（续）

租赁负债

于租赁开始日期，本集团按该日尚未支

付的租赁付款现值确认及计量租赁负

债。于计算租赁付款的现值时，倘不易

于确定租赁的内含利率，本集团则使用

租赁开始日期的增量借款利率。

租赁付款包括：

（包括实质上的固定付

款），减去任何应收的租金优惠；

及

• 倘租赁条款反映本集团行使终止租

赁的选择权，则支付终止租赁的罚

款。

不依赖指数或利率的可变租赁付款不包

括于租赁负债及使用权资产的计量中，

并在触发付款的事件或条件发生的期间

确认为开支。

于开始日期后，租赁负债按所增加利息

及租赁付款进行调整。

倘出现以下情况，本集团重新计量租赁

负债（并就相关使用权资产作出相应调

整）：

• 租赁期有所变动或行使购买选择权

的评估发生变化，在该情况下，相

关租赁负债透过使用重估日期的经

修订贴现率贴现经修订租赁付款而

重新计量。

• 租赁付款因市场租金审查后的市场

租金费率变化而出现变动，在该情

况下，相关租赁负债透过使用初始

折现率贴现经修订租赁付款而重新

计量。

本集团在综合财务状况表中将租赁负债

作为单独项目呈列。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Leases (Continued)

The Group as a lese (Continued)

Lease liabilities

At the comencement date of a lease, the Group recognises

and measures the lease liability at the present value of lease

payments that are unpaid at that date. In calculating the present

value of lease payments, the Group uses the incremental

borowing rate at the lease comencement date if the interest

rate implicit in the lease is not readily determinable.

The lease payments include:

• fixed payments (including in-substance fixed payments) les

any lease incentives receivable; and

, if the lease

term reflects the Group exercising an option to terminate

the lease.

Variable lease payments that do not depend on an index or a

rate are not included in the measurement of lease liabilities and

right-of-use asets, and are recognised as expense in the period

in which the event or condition that trigers the payment ocurs.

After the comencement date, lease liabilities are adjusted by

interest acretion and lease payments.

The Group remeasures lease liabilities (and makes a

coresponding adjustment to the related right-of-use asets)

whenever:

• the lease term has changed or there is a change in the

asesment of exercise of a purchase option, in which case

the related lease liability is remeasured by discounting the

revised lease payments using a revised discount rate at the

date of reasesment.

• the lease payments change due to changes in market

rental rates folowing a market rent review, in which case

the related lease liability is remeasured by discounting the

revised lease payments using the initial discount rate.

The Group presents lease liabilities as a separate line item on the

consolidated statement of financial position.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

125智中国际控股有限公司 / 二零二五年报

3. 综合财务报表的编制基准及重

要会计政策信息（续）

重要会计政策信息（续）

短期雇员福利

短期雇员福利于雇员提供服务时就预计

将支付福利的未贴现金额确认。所有短

期雇员福利确认为开支，除非另一香港

财务报告准则要求或允许将有关福利纳

入资产成本则作别论。

经扣除任何已付金额后，雇员应得的福

利（例如工资、薪金及年假）确认为负债。

就短期雇员福利确认的负债按交换相关

服务时预期支付的福利的未折现额计量。

就其他长期雇员福利确认的负债，以截

至报告日本集团就雇员提供的服务预期

产生的估计未来现金流出的现值计量。

因重新计量或利息导致的负债账面价值

的任何变动均计入损益。

终止福利

于本集团不可撤回终止福利要约或于

确认任何相关重组成本时（以较早者为

准），终止福利被确认为负债。

现金及现金等价物

现金及现金等价物于综合现金流量表呈

列，包括：

(a) 现金，其包括手头现金及活期存

款；及

(b) 现金等价物，其包括短期存款（通

常原到期日为三个月或更短）。

3. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

Material acounting policy information (Continued)

Short-term employe benefits

Short-term employe benefits are recognised at the

undiscounted amount of the benefits expected to be paid as and

when employes rendered the services. Al short-term employe

benefits are recognised as an expense unles another HKFRS

requires or permits the inclusion of the benefit in the cost of an

aset.

A liability is recognised for benefits acruing to employes (such

as wages, salaries and anual leave) after deducting any amount

already paid.

Liabilities recognised in respect of short-term employe benefits

are measured at the undiscounted amount of the benefits

expected to be paid in exchange of the related services.

Liabilities recognised in respect of other long-term employe

benefits are measured at the present value of the estimated

future cash outflows expected to be made by the Group in

respect of services provided by the employes up to the

reporting date. Any changes in the carying amount of the

liabilities resulting from remeasurement or interests are

recognised in profit or los.

Termination benefits

A liability for termination benefit is recognised at the earlier

of when the Group can no longer withdraw the ofer of

the termination benefit and when it recognises any related

restructuring costs.

Cash and cash equivalents

Cash and cash equivalents presented on the consolidated

statement of cash flows include:

(a) cash, which comprises of cash on hand and demand

deposits; and

(b) cash equivalents, which comprises of short-term deposits

(generaly with original maturity of thre months or les).

Notes to the Consolidated Financial Statements

综合财务报表附注

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

126LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

4. 估计不确定因素的主要来源

于应用本集团的会计政策时，本集团管

理层须就未能即时明显从其他来源得知

的资产及负债账面值作出判断、估计及

假设。有关估计及相关假设乃根据以往

经验及被视为有关的其他因素作出。实

际结果可能有别于该等估计。

有关估计及相关假设将持续进行审阅。

倘会计估计的修订仅影响该期间，该修

订将于修订估计的期间确认，或倘修订

同时影响现时及未来期间，则于修订期

间及未来期间确认。

以下为于报告期末有关未来的主要假设

及估计不确定因素的其他主要来源，其

可能具有导致须对下个财政年度的资产

及负债账面值作出重大调整的重大风险。

确认来自提供外墙工程及建筑金属饰

面工程的设计、供应及安装服务的收

益

于商品或服务的控制权转让予客户时，

本集团使用输入法根据报告期末已产生

的合约成本总额占完成合约的估计预算

合约成本总额百分比，随时间逐步确认

提供外墙工程及建筑金属饰面工程设

计、供应及安装服务的收益。本集团随

著合约进行而审阅及修改完全达成该等

服务的估计预算合约成本总额及各项目

的利润率。预算合约成本由本集团管理

层根据所涉及分包商、供应商或商家不

时提供的报价及本集团管理层的经验而

编制。为了保持预算准确及符合最新情

况，本集团管理层通过比较预算金额与

实际已产生金额，定期检讨及修改合约

预算。由于收益计量倚赖预算合约成本

总额的估计，估计预算合约成本总额变

动可能导致已确认收益金额重大变动。

4. KEY SOURCES OF ESTIMATION

UNCERTAINTY

In the aplication of the Group’s acounting policies, the

management of the Group is required to make judgements,

estimates and asumptions about the carying amounts of

asets and liabilities that are not readily aparent from other

sources. The estimates and asociated asumptions are based on

historical experience and other factors that are considered to be

relevant. Actual results may difer from these estimates.

The estimates and underlying asumptions are reviewed on an

ongoing basis. Revisions to acounting estimates are recognised

in the period in which the estimates are revised if the revision

afects only that period, or in the period of the revision and future

periods if the revision afects both curent and future periods.

The folowing are the key asumptions concerning the future,

and other key sources of estimation uncertainty at the end of

the reporting period that may have a significant risk of causing

a material adjustment to the carying amounts of asets and

liabilities within the next financial year.

Recognition of revenue from the provision of design,

suply and instalation services for façade works and

building metal finishing works

The Group recognises revenue from the provision of design,

suply and instalation services for façade works and building

metal finishing works progresively over time using input method

based on the proportion of total contract costs incured at

the end of reporting period compared to the estimated total

budgeted contract costs to complete the contract when control

of the gods or service is transfered to the customer. The Group

reviews and revises the estimated total budgeted contract costs

to complete the satisfaction of these services and the margin of

each project as the contract progreses. Budgeted contract costs

are prepared by the management of the Group on the basis of

quotations from time to time provided by the subcontractors,

supliers or vendors involved and the experience of the

management of the Group. In order to kep the budget acurate

and up-to-date, management of the Group conducts periodic

reviews and revisions of the budgets of contracts by comparing

the budgeted amounts to the actual amounts incured. Since

the measurement of the revenue relies on estimations of total

budgeted contract costs, changes to estimated total budgeted

contract costs could give rise to material variances in the amount

of revenue recognised.

Notes to the Consolidated Financial Statements

综合财务报表附注

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

127智中国际控股有限公司 / 二零二五年报

4. 估计不确定因素的主要来源

（续）

确认来自提供外墙工程及建筑金属饰

面工程的设计、供应及安装服务的收

益（续）

截至二零二五年三月三十一日止年度，

本集团产生来自提供外墙工程及建筑金

属饰面工程的设计、供应及安装服务

的收益259,826,000港元（二零二四年：

242,638,000港元）。

贸易应收款项及合约资产的减值评估

经计及交易对手的过往违约纪录及财务

状况，并就对债务人而言专有的因素及

债务人经营所在行业的整体经济环境作

出调整后，本集团管理层根据贸易应收

款项及合约资产的信贷风险个别估计该

等项目的预期信贷亏损的亏损拨备金额。

于计量预期信贷亏损时，本集团使用无

需不必要成本及付出即可获得，合理且

有依据的前瞻性资料。违约损失率乃对

违约引起的损失的估计。违约概率乃计

量预期信贷亏损的重要变量之一。违约

概率乃对某一特定时段内违约可能性的

估计，其计算涉及历史数据、假设及对

未来状况的预期。因此，贸易应收款项

及合约资产信贷风险的评估涉及高度估

计及不确定性。当实际未来现金流量因

前瞻性资料变动而低于或高于预期时，

可能会因此产生重大减值亏损或重大减

值亏损拨回。

于二零二五年三月三十一日，贸易应收

款项的账面值为14,971,000港元（二零

二四年：31,098,000港元）（扣除亏损拨备

3,392,000港元（二零二四年：3,427,000港

元）。

于二零二五年三月三十一日，合约资产

账面值为68,106,000港元（二零二四年：

43,192,000港元）（扣除亏损拨备4,746,000

港元（二零二四年：4,426,000港元）。

4. KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

Recognition of revenue from the provision of design,

suply and instalation services for façade works and

building metal finishing works (Continued)

During the year ended 31 March 2025, the Group generated

revenue of HK$259,826,000 (2024: HK$242,638,000) from the

provision of design, suply and instalation services for facade

works and building metal finishing works.

Impairment asesment of trade receivables and

contract asets

The management of the Group estimates the amount of los

alowances for ECL on the trade receivables and contract

asets individualy based on their credit risk, after considering

the historical default experience and the financial position of

the counterparties, adjusted for factors that are specific to the

debtors and general economic conditions of the industry in which

the debtors operate.

When measuring ECL, the Group uses reasonable and

suportable forward-loking information that is available without

undue cost or efort. Los given default is an estimate of the los

arising on default. Probability of default constitutes a key input

in measuring ECL. Probability of default is an estimate of the

likelihod of default over a given time horizon, the calculation

of which includes historical data, asumptions and expectations

of future conditions. Therefore, the asesment of the credit risk

of trade receivables and contract asets involves high degre of

estimation and uncertainty. When the actual future cash flows

are les than expected or more than expected due to changes

in forward-loking information, a material impairment los or a

material reversal of impairment los may arise acordingly.

As at 31 March 2025, the carying amount of trade receivables

was HK$14,971,000 (2024: HK$31,098,000) (net of los alowances

of HK$3,392,000 (2024: HK$3,427,000).

As at 31 March 2025, the carying amount of contract asets was

HK$68,106,000 (2024: HK$43,192,000) (net of los alowance of

HK$4,746,000 (2024: HK$4,426,000).

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
186,452
73,374
259,826

Notes to the Consolidated Financial Statements

综合财务报表附注

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

128LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

5. 收益及分部资料

收益指本集团于香港向外部客户提供外

墙工程及建筑金属饰面工程的设计、供

应及安装服务的已收及应收金额公平

值，其随时间使用输入法确认及源自本

年度的长期合约。

5. REVENUE AND SEGMENT INFORMATION

Revenue represents the fair value of amounts received and

receivable from the provision of design, suply and instalation

services for façade works and building metal finishing works

in Hong Kong by the Group to external customers which is

recognised over time using the input method and derived from

long-term contracts during the year.

The Group’s operating activities are atributable to a single

operating segment focusing on the provision of design, suply

and instalation services for façade works and building metal

finishing works. This operating segment has ben identified

on the basis of internal management reports that are regularly

reviewed by the chief operating decision maker (“CODM”),

being Mr. Chu, the chief executive oficer and executive director

of the Company, for the purpose of resources alocation and

performance asesment. Other than revenue analysis, no

operating results and other discrete financial information is

available for the asesment of performance.

The CODM reviews the overal results for the year of the Group as

a whole to make decisions about resources alocation. No analysis

of segment asets or segment liabilities is presented as they

are not regularly provided to the CODM. The operation of the

Group constitutes one single operating segment under HKFRS

8 “Operating segments” and acordingly, no separate segment

information other than entity level information is prepared.

The customers of the Group are mainly property developers

and main contractors in Hong Kong. Al of the Group’s provision

of design, suply and instalation services for façade works

and building metal finishing works are made directly with the

customers. Contracts with the Group’s customers are mainly

fixed-price contracts.

本集团的经营活动源於单一营运分部，

其集中于提供外墙工程及建筑金属饰面

工程的设计、供应及安装服务。识别该

营运分部时乃基于主要营运决策人（「主

要营运决策人」）（即本公司行政总裁兼执

行董事朱先生）为分配资源及评估表现而

定期审阅的内部管理报告。除收益分析

外，概无营运业绩及其他独立财务资料

可供评估表现。

主要营运决策人审阅本集团整体的年内

业绩以作资源分配决策。概无呈列分部

资产或分部负债分析，因为其并无定期

提供予主要营运决策人。根据香港财务

报告准则第8号「营运分部」，本集团的营

运构成一个单一营运分部，据此概无编

制实体层面资料以外的独立分部资料。

本集团的客户主要为香港物业发展商及

总承建商。本集团全部外墙工程及建筑

金属饰面工程的设计、供应及安装服务

均直接向客户提供。与本集团客户的合

约主要为固定价格合约。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
323,478

Notes to the Consolidated Financial Statements

综合财务报表附注

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

129智中国际控股有限公司 / 二零二五年报

（续）

分配至客户合约余下履约责任的交易

价

下表显示于报告期末分配至未履行（或部

分未履行）的履约责任的交易价总额。

5. REVENUE AND SEGMENT INFORMATION

(Continued)

Transaction price alocated to the remaining

performance obligations for contracts with customers

The table below shows the agregate amount of the transaction

price alocated to performance obligations that are unsatisfied (or

partialy unsatisfied) as at the end of the reporting period.

These amounts disclosed above do not include transaction price

alocated to performance obligations which have ben satisfied

but not yet recognised due to variable consideration constraint.

Based on the information available to the Group at the end of

the reporting period, the management of the Group expects the

transaction price alocated to the above unsatisfied (or partialy

unsatisfied) contracts in respect of provision of design, suply

and instalation services for façade works and building metal

finishing works as at 31 March 2025 wil be recognised as revenue

during the years ending 31 March 2026 to 31 March 2028 (2024:

years ending 31 March 2025 to 31 March 2026).

Geographical information

Al of the Group’s revenue from external customers was

generated from customers located in Hong Kong and al of

the Group’s non-curent asets (excluding rental deposits and

defered tax asets) were located in Hong Kong.

上文披露的该等金额不包括分配至已履

行但因可变代价限制而尚未确认的履约

责任的交易价。

根据于报告期末本集团的可得资料，本

集团管理层预期，于二零二五年三月

三十一日，就提供外墙工程及建筑金属

饰面工程的设计、供应及安装服务分配

至上述未履行（或部分未履行）合约的交

易价将于截至二零二六年三月三十一日

至二零二八年三月三十一日止年度（二零

二四年：截至二零二五年三月三十一日

至二零二六年三月三十一日止年度）确认

为收益。

地区资料

本集团来自外部客户的收益全部来自位

于香港的客户及本集团的非流动资产（不

包括租赁按金及递延税项资产）全部位于

香港。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
81,283
59,648
49,410
N/A不适用 3

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
2,620
–
(33)
2,587

Notes to the Consolidated Financial Statements

综合财务报表附注

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

130LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

（续）

有关主要客户的资料

于本年度个别贡献超过本集团总收益10%

的客户产生的收益如下：

5. REVENUE AND SEGMENT INFORMATION

(Continued)

Information about major customers

Revenue from customers individualy contributing over 10% of

the total revenue of the Group during the year are as folows:

Notes:

1 Revenue from design, suply and instalation services for façade works.

2 Revenue from design, suply and instalation services for façade works and

building metal finishing works.

3 The coresponding revenue did not contribute over 10% of the total revenue

of the Group for the relevant year.

6. OTHER INCOME AND LOSES, NET

附注：

1 来自外墙工程设计、供应及安装服务的收益。

2 来自外墙工程及建筑金属饰面工程设计、供

应及安装服务的收益。

3 有关收益并无贡献超过本集团于有关年度总

收益的10%。

6. 其他收入及亏损净额

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
35
(320)
(285)

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
6
130
136

Notes to the Consolidated Financial Statements

综合财务报表附注

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

131智中国际控股有限公司 / 二零二五年报

7. 预期信贷亏损模式项下的已

（确认）拨回减值亏损净额

7. NET IMPAIRMENT LOSES (RECOGNISED)

REVERSED UNDER EXPECTED CREDIT LOS

MODEL

8. FINANCE COSTS

8. 融资成本

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
637
3,559
4,196
31,823
915
36,934
880
11
3,730
–

Notes to the Consolidated Financial Statements

综合财务报表附注

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

132LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

9. 除税前溢利9. PROFIT BEFORE TAXATION

Note: The operating lease rentals for ofice equipment are determined acording

to predetermined fixed cost and the exces usage of printing pages pursuant

to terms and conditions that are set out in respective rental agrements.

附注：办公室设备的经营租赁租金乃根据预先厘定

的固定成本与相关租赁协议中所载之条款及

条件下的超额使用列印页数厘定。

	Fees	Salaries and other allowances	Performance related incentive payments	Retirement benefit scheme contributions	Total
	袍金	薪金及其他津贴	表现挂钩奖励付款	退休福利计划供款	总计
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
(Note a)
（附注a）
			–	1,944	810	18	2,772
			97	78	–	21	196
	–	477	211	–	688
	97	2,499	1,021	39	3,656
	180	–	–	–	180
	180	–	–	–	180
	180	–	–	–	180
	540	–	–	–	540
	637	2,499	1,021	39	4,196

Notes to the Consolidated Financial Statements

综合财务报表附注

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

133智中国际控股有限公司 / 二零二五年报

、最高行政人员及雇员的

薪酬

(a) 董事、最高行政人员及雇员的

薪酬

于年内本集团已付或应付本公司董

事及本集团最高行政人员的薪酬

（包括担任本集团雇员或董事的薪

酬）详情如下：

10. DIRECTORS’, CHIEF EXECUTIVE OFICER’S

AND EMPLOYES’ EMOLUMENTS

(a) Directors’, chief executive oficer’s and employes’

emoluments

Details of the emoluments paid or payable by the Group

to the directors of the Company and the chief executive

oficer of the Group (including emoluments for services as

employes or directors of the Group) during the year are as

folows:

Year ended 31 March 2024截至二零二四年三月

三十一日止年度

Executive directors:执行董事：

Mr. Chu

(Chief executive oficer)

朱先生（行政总裁）

–1,944810182,772

Mr. Tsang曾先生–1,267423121,702

Sub-total小计–3,2111,233304,474

Independent non-executive

directors:

独立非执行董事：

Ms. Leung Yin Fai梁燕辉女士180–180

Mr. Ma Tsz Chun马时俊先生180–180

Ms. Yuen Wai Ye袁慧仪女士180–180

Sub-total小计540–540

Total总计5403,2111,233305,014

Notes to the Consolidated Financial Statements

综合财务报表附注

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

134LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

10. DIRECTORS’, CHIEF EXECUTIVE OFICER’S

AND EMPLOYES’ EMOLUMENTS (Continued)

(a) Directors’, chief executive oficer’s and employes’

emoluments (Continued)

Notes:

a. The performance related incentive payments are determined based

on the performance of the individuals and the Group and market

condition for both years.

b. Mr. Chen was apointed as an executive director on 11 June 2024.

c. Mr. Tsang retired by rotation from the ofice of executive director on

16 August 2024.

The executive directors’ emoluments shown above were

for their services in conection with the management of the

afairs of the Company and the Group. The independent

non-executive directors’ emoluments shown above were for

their services as directors of the Company.

Mr. Chu was apointed as the chief executive oficer and

executive director of the Company and his emoluments

above include those for services rendered by him as a chief

executive oficer.

、最高行政人员及雇员的

薪酬（续）

(a) 董事、最高行政人员及雇员的

薪酬（续）

附注：

a. 表现挂钩奖励付款根据于两个年度的

个人及本集团表现以及市场状况厘定。

b. 陈先生于二零二四年六月十一日获委

任为执行董事。

c. 曾先生于二零二四年八月十六日轮值

退任执行董事职务。

上表所示执行董事的薪酬乃与彼等

就管理本公司及本集团事务提供的

服务相关。上文所示独立非执行董

事的薪酬与彼等担任本公司董事时

提供的服务有关。

朱先生获委任为本公司的行政总裁

兼执行董事，其上述薪酬包括彼作

为行政总裁所提供服务的酬金。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
4,894
896
54
5,844

Number of individuals
人数
	2025	2024
	二零二五年	二零二四年
–
2
2

Notes to the Consolidated Financial Statements

综合财务报表附注

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

135智中国际控股有限公司 / 二零二五年报

10. DIRECTORS’, CHIEF EXECUTIVE OFICER’S

AND EMPLOYES’ EMOLUMENTS (Continued)

(b) Employes’ emoluments

The five highest paid individuals include one (2024: two)

director(s) of the Company for the year ended 31 March

2025, details of whose emoluments are included above.

The emoluments of the remaining four (2024: thre)

highest paid individuals who are neither a director nor chief

executive oficer of the Company are as folows:

Note: The performance related incentive payments are determined based

on the performance of the individuals and the Group and market

condition for both years.

The emoluments of remaining highest paid individuals who

are not directors of the Company were within the folowing

band:

No emoluments were paid by the Group to the directors of

the Company or the five highest paid individuals (including

directors and employes), as an inducement to join or

upon joining the Group or as compensation for los of

ofice. None of the directors of the Company nor the chief

executive oficer of the Group waived or agred to waive

any emoluments for both years.

、最高行政人员及雇员的

薪酬（续）

(b) 雇员薪酬

截至二零二五年三月三十一日止年

度，五名最高薪酬人士包括一名

（二零二四年：两名）本公司董事，

有关彼等薪酬的详情载于上文。余

下四名（二零二四年：三名）最高薪

酬人士（并非本公司董事或最高行

政人员）的酬金如下：

附注：表现挂钩奖励付款根据于两个年度的

个人及本集团表现以及市场状况厘定。

余下并非本公司董事的最高薪酬人

士的薪酬范围如下：

本集团概无向本公司董事或五名最

高薪酬人士（包括董事及雇员）支付

任何酬金，作为吸引其加入本集团

或加入后的奖励或作为离职补偿

金。于两个年度，概无本公司董事

或本集团主要行政人员放弃或同意

放弃任何酬金。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
444

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
3,637
600
238
(418)
24
444

Notes to the Consolidated Financial Statements

综合财务报表附注

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

136LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

11. 所得税开支11. INCOME TAX EXPENSE

No provision for Hong Kong Profits Tax is made in the financial

statements for the years ended 31 March 2025 and 31 March

2024 as the estimated asesment profit was wholy absorbed by

tax loses brought forward.

The income tax expense for the year can be reconciled to the

profit before taxation per consolidated statement of profit or los

and other comprehensive income as folows:

截至二零二五年三月三十一日及二零

二四年三月三十一日止年度，财务报表

概无计提香港利得税拨备，原因是估计

应课税溢利与结转的税项亏损全数对销。

本年度的所得税开支与综合损益及其他

全面收益表所示的除税前溢利对账如下：

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
3,193
‘000
千股
2,000,000

Notes to the Consolidated Financial Statements

综合财务报表附注

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

137智中国际控股有限公司 / 二零二五年报

12. 股息

本公司于截至二零二五年三月三十一日

及二零二四年三月三十一日止年度期间

概无向本公司普通股东支付或建议派

发股息，且自报告期末以来亦概无建议

派发任何股息。

本公司董事不建议派付截至二零二五年

三月三十一日止年度的末期股息。

13. 每股盈利

每股基本盈利按以下数据计算：

12. DIVIDENDS

No dividend was paid or proposed for ordinary shareholders

of the Company during the years ended 31 March 2025 and 31

March 2024, nor has any dividend ben proposed since the end

of the reporting period.

The directors of the Company do not recomend the payment

of a final dividend in respect of the year ended 31 March 2025.

13. EARNINGS PER SHARE

The calculation of basic earnings per share is based on the

folowing data:

No diluted earnings per share is presented as the Group has no

potential ordinary shares in isue during both years.

由于本集团于两个年度概无已发行潜在

普通股，故并无呈列每股摊薄盈利。

	Right-of-use assets			Leasehold improvements	Office equipment and furniture	Motor vehicle	Total
使用权资产
	Office equipment	Office premises	Subtotal
	办公室设备	办公室物业	小计	租赁物业装修	办公室设备及家私	汽车	总计
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元	千港元	千港元

Notes to the Consolidated Financial Statements

综合财务报表附注

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

138LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

14. 物业及设备14. PROPERTY AND EQUIPMENT

COST成本

At 1 April 2023于二零二三年四月一日1,51710,87712,3944,8081,663–18,865

Aditions添置72–72–40–112

Write-of upon end of lease租期结束后撇销(600)–(600)–(600)

At 31 March 2024于二零二四年三月三十一日98910,87711,8664,8081,703–18,377

Aditions添置63–63–1,4831,546

At 31 March 2025于二零二五年三月三十一日1,05210,87711,9294,8081,7031,48319,923

DEPRECIATION折旧

At 1 April 2023于二零二三年四月一日6955,8846,5792,6471,319–10,545

Provided for the year年内拨备2392,1402,379962164–3,505

Eliminated on write-of upon

end of lease

租期结束后撇销时对销

(600)–(600)–(600)

At 31 March 2024于二零二四年三月三十一日3348,0248,3583,6091,483–13,450

Provided for the year年内拨备2662,1402,406978992473,730

At 31 March 2025于二零二五年三月三十一日60010,16410,7644,5871,58224717,180

CARYING VALUES账面值

At 31 March 2025于二零二五年三月三十一日4527131,1652211211,2362,743

At 31 March 2024于二零二四年三月三十一日6552,8533,5081,199220–4,927

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
11
2,623

Notes to the Consolidated Financial Statements

综合财务报表附注

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

139智中国际控股有限公司 / 二零二五年报

14. PROPERTY AND EQUIPMENT (Continued)

Depreciation is provided to write of the cost of items of property

and equipment, using the straight-line method, at the folowing

rates per anum:

Right-of-use asetsOver the lease terms

Leasehold improvementsOver the shorter of lease

terms or 5 years

Ofice equipment and furniture20%

For both years, the Group leases various ofice premises and

ofice equipment for its operations. Lease contracts are entered

into for fixed term of 4 years to 5 years (2024: 4 years to 5 years).

Lease terms are negotiated on an individual basis and contain

a wide range of diferent terms and conditions. In determining

the lease term and asesing the length of the non-cancelable

period, the Group aplies the definition of a contract and

determines the period for which the contract is enforceable.

（续）

本集团计提折旧拨备，以采用直线法按

下列年利率就物业及设备项目撇销其成

本：

使用权资产租期

租赁物业装修租期或5年（以较短者

为准）

办公室设备及家私20%

于两个年度，本集团就营运租赁多个办

公室物业及各项办公室设备。租赁合约

按固定租期四年至五年（二零二四年：四

年至五年）订立。租赁条款乃按个别基

准磋商，并包含各种不同条款及条件。

在厘定租期及评估不可撤销期间的长度

时，本集团应用合约的定义，并厘定可

强制执行合约的期间。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
318
2,294
2,612
11
2,623

Notes to the Consolidated Financial Statements

综合财务报表附注

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

140LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

14. PROPERTY AND EQUIPMENT (Continued)

Some of the ofice equipment in which the Group is the lese

contain variable lease payment terms that are based on exces

usage of printing pages. The variable lease payments depend on

the usage of printing pages for each month of the leased ofice

equipment. Variable lease payment terms are used to link rental

payments to actual usage of printing pages and to reduce fixed

cost. The amount of fixed and variable lease payments paid/

payable to relevant lesors for the year ended 31 March 2025:

Restrictions or covenants on leases

Lease liabilities of HK$1,263,000 (2024: HK$3,682,000) are

recognised with related right-of-use asets of HK$1,165,000 (2024:

HK$3,508,000) as at 31 March 2025. The lease agrements do

not impose any covenants other than the security interests in the

leased asets that are held by the lesors. Leased asets may not

be used as security for borowing purposes.

Details of the lease maturity analysis of lease liabilities are set out

in note 20.

（续）

本集团作为承租人的若干办公室设备涉

及可变租赁付款条款，有关条款基于超

额使用列印页数。可变租赁付款视乎租

赁办公室设备每月列印页数用量而定。

可变租赁付款条款用于连结租赁付款与

实际列印页数用量并减低固定成本。于

截至二零二五年三月三十一日止年度，

已付╱应付相关出租人的固定及可变租

赁付款金额如下：

租赁的限制或契据

于二零二五年三月三十一日，已确

认租赁负债1,263,000港元（二零二四

年：3,682,000港元）与相关使用权资产

1,165,000港元（二零二四年：3,508,000港

元）。除出租人持有的租赁资产中的担保

权益外，租赁协议不施加任何契据。租

赁资产不得用作借款的抵押品。

租赁负债的租赁到期分析详情载于附注

20。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
18,363
(3,392)
14,971
728
4,020
594
20,313
–
20,313

Notes to the Consolidated Financial Statements

综合财务报表附注

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

141智中国际控股有限公司 / 二零二五年报

15. 贸易及其他应收款项15. TRADE AND OTHER RECEIVABLES

Trade receivables represent amounts receivable for work certified

after deduction of retention money by customers.

The Group usualy alows a credit period ranging from 30 to 74

days to its customers. Before acepting any new customers, the

Group wil internaly ases the potential customer’s credit quality

and defines credit limits by customers. Recoverability of the

existing customers is reviewed by the Group regularly.

As at 1 April 2023, the trade receivables amounted to

HK$12,227,000, net of los alowances of HK$3,356,000.

贸易应收款项指已认证的工程应收款项

（扣除客户保固金后）。

本集团通常向其客户提供介乎30至74日

的信贷期。在接受任何新客户前，本集

团将对潜在客户的信贷质素进行内部评

估及按客户厘定信贷额度。现有客户的

可收回账款情况经本集团定期检讨。

于二零二三年四月一日，贸易应收款

项为12,227,000港元（扣除亏损拨备

3,356,000港元）。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
6,623
7,100
1,248
–
14,971

Notes to the Consolidated Financial Statements

综合财务报表附注

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

142LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

（续）

以下为于报告期末按客户所委任的建筑

师、测量师或其他代表所认证之工程的

批准日期（亦为本集团收取代价的权利为

无条件之日）列示的贸易应收款项（扣除

亏损拨备）账龄分析：

15. TRADE AND OTHER RECEIVABLES (Continued)

The folowing is an ageing analysis of trade receivables, net

of los alowances, presented based on the aproval dates of

work certified by architects, surveyors or other representatives

apointed by the customers, at the end of the reporting period,

which are also the dates when the Group’s right to consideration

became unconditional:

As at 31 March 2025, included in the Group’s trade receivables

balance are debtors with agregate carying amount of

HK$2,702,000 (2024: HK$6,481,000) which are past due as at the

reporting date. No balances have ben past due 90 days or more

and considered as in default based on repayment records of

those customers and continuous busines with the Group.

Trade receivables

Los alowances for trade receivables have ben measured at an

amount equal to lifetime ECL under simplified aproach.

Details of the impairment asesment of trade receivables are set

out in note 17.

Other receivables (including refundable rental deposits)

For purpose of impairment asesment, other receivables

(including refundable rental deposits) of HK$1,322,000 (2024:

HK$1,458,000) are considered to have low credit risk as they

are not due for payment at the end of the reporting period and

there has ben no significant increase in the risk of default on

other receivables since initial recognition. Acordingly, for the

purpose of impairment asesment for these receivables, the

los alowance is measured at an amount equal to 12m ECL. For

the years ended 31 March 2025 and 2024, the Group asesed

the ECL for other receivables were insignificant and thus no los

alowance was recognised.

于二零二五年三月三十一日，本集团

的贸易应收款项结余包括账面总值为

2,702,000港元（二零二四年：6,481,000港

元）且于报告日期已逾期的应收账款。概

无结余已逾期90日或以上且根据该等客

户的还款记录及本集团的持续业务被视

为违约。

贸易应收款项

贸易应收款项的亏损拨备根据简化法按

等于全期预期信贷亏损的金额计量。

贸易应收款项减值评估的详情载于附注

17。

其他应收款项（包括可退回租赁按金）

就减值评估而言，其他应收款项（包括

可退回租赁按金）1,322,000港元（二零

二四年：1,458,000港元）视作具低信贷

风险，因为于报告期末该等款项并非到

期应付，且自初步确认起其他应收款项

的违约风险并无显著增加。因此，就该

等应收款项的减值评估而言，亏损拨备

乃按等于12个月预期信贷亏损的金额计

量。截至二零二五年及二零二四年三月

三十一日止年度，本集团已就非重大的

其他应收款项评估预期信贷亏损，因此

并无确认亏损拨备。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
55,425
17,427
72,852
(4,714)
(32)
(4,746)
68,106
50,711
17,395
68,106
(2,234)
(3,323)
(5,557)

143智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

16. CONTRACT ASETS AND CONTRACT

LIABILITIES

16. 合约资产及合约负债

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
57,317
19,031
76,348
(4,714)
(32)
(4,746)
71,602
52,603
18,999
71,602
(4,126)
(4,927)
(9,053)

144LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

（续）16. CONTRACT ASETS AND CONTRACT

LIABILITIES (Continued)

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
12,078
25,776
37,854

145智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

（续）

合约资产

应收保固金（计入合约资产）为客户就担

保妥善履行合约所扣起的款项。客户一

般扣起应付本集团的已核实金额10%作为

保固金（累积高达合约金额最多5%）。应

收保固金的50%一般可于建筑师就相关项

目竣工发出的实际竣工证明书后收回。

余下50%可于相关合约保修期完成后或根

据相关合约列明的条款（相关项目竣工日

期起计介乎1至2年）收回。先前确认为合

约资产的任何应收保固金款项于其成为

无条件及向客户出具发票时重新分类至

贸易应收款项。保固金并无任何可获得

融资利益的重大融资组成部分。该金额

为无抵押及免息。

于二零二三年四月一日，各相关合约以

总额基准计算的合约资产为80,471,000港

元（扣除亏损拨备4,745,000港元）；以各

相关合约的净额基准计算的合约资产为

79,295,000港元（扣除亏损拨备4,745,000

港元）。

于二零二五年三月三十一日，应收保固

金的账面值包括客户就合约工程持有的

合约资产（扣除亏损拨备）为37,854,000港

元（二零二四年：38,983,000港元）。

应收保固金（扣除亏损拨备）将按下列方

式结算：

16. CONTRACT ASETS AND CONTRACT

LIABILITIES (Continued)

Contract asets

Retention receivables, included in contracts asets, represent the

money witheld by the customers to secure the due performance

of the contracts. The customers normaly withold 10% of the

certified amount payable to the Group as retention money

(acumulated up to maximum 5% of contract sum). 50% of

retention receivable is normaly recoverable upon the isuance

of the certificate of practical completion by the architects for

the completion of respective projects. The remaining 50% is

recoverable after the completion of defect liability period of

the relevant contracts or in acordance with the terms specified

in the relevant contracts, ranging from 1 to 2 years from the

date of completion of respective projects. Any amount of

retention receivables previously recognised as a contract aset is

reclasified to trade receivables at the point at which it becomes

unconditional and is invoiceable to the customer. The retention

money does not have any significant financing component for

financing benefit. The amounts are unsecured and interest-fre.

As at 1 April 2023, the contract asets amounted to

HK$80,471,000 on a gros basis for each respective contract,

net of los alowances of HK$4,745,000, and amounted to

HK$79,295,000 on a net basis for each respective contract, net of

los alowances of HK$4,745,000, respectively.

As at 31 March 2025, the carying amounts of retention

receivables, included in contract asets, net of los alowances,

held by customers for contract works amounting to

HK$37,854,000 (2024: HK$38,983,000).

The retention receivables, net of los alowances, are to be

setled as folows:

Details of the impairment asesment of contract asets are set

out in note 17.

合约资产减值评估的详情载于附注17。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
25,338

146LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

（续）

合约负债

合约负债主要与本集团向客户转移项目

工程服务的责任有关，本集团已就该责

任事先向客户收取代价。于二零二三年

四月一日及二零二四年三月三十一日的

合约负债分别确认为截至二零二四年三

月三十一日及二零二五年三月三十一

日止年度的收益。于二零二五年三月

三十一日的合约负债将确认为截至二零

二六年三月三十一日止年度的收益。

下表显示有多少于本年度确认的收益与

结转合约负债有关：

16. CONTRACT ASETS AND CONTRACT

LIABILITIES (Continued)

Contract liabilities

Contract liabilities primarily relate to the Group’s obligation to

transfer project works services to customers for which the Group

has received consideration from the customers in advance. The

contract liabilities as at 1 April 2023 and 31 March 2024 have

ben recognised as revenue for the years ended 31 March 2024

and 31 March 2025, respectively. The contract liabilities as at 31

March 2025 wil be recognised as revenue for the year ending 31

March 2026.

The folowing table shows how much of the revenue recognised

in the curent year relates to caried-forward contract liabilities:

Changes of contract asets and contract liabilities during the year

ended 31 March 2025 were mainly due to (i) changes on progres

of contract works when the Group satisfies the performance

obligations under the contracts or when the relevant services

were completed but not yet ben certified by architects,

surveyors or other representatives apointed by the customers

at the end of the reporting period; or (i) reclasification to trade

receivables when the Group has unconditional right to the

consideration.

As at 1 April 2023, the contract liabilities amounted to

HK$2,119,000 on a gros basis for each respective contract and

amounted to HK$943,000 on a net basis for each respective

contract, respectively.

于截至二零二五年三月三十一日止年度

的合约资产及合约负债变动乃主要由于(i)

当本集团履行合约项下履约责任时或当

相关服务于报告期末已经完成但尚未由

建筑师、测量师或客户委聘的其他代表

核实而导致合约工程进度变动；或(i)当

本集团拥有无条件收取代价的权利时重

新分类至贸易应收款项。

于二零二三年四月一日，各相关合约以

总额基准计算的合约负债为2,119,000港

元；各相关合约以净额基准计算的合约

负债为943,000港元。

Internal credit rating	Description	Basis for recognising ECL
内部信贷评级	描述	确认预期信贷亏损的基准

147智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

17. 贸易应收款项及合约资产减值

评估

为了尽量降低信贷风险，本集团定期对

贸易应收款项及合约资产的可收回性进

行个别评估，并制定及保留本集团信贷

风险评级，以根据其违约风险程度将风

险分类。信贷评级资料乃由独立评级机

构提供（如有），否则本集团管理层会使

用其他公开可得的财务资料及本集团本

身的贸易记录，对主要客户及其他债务

人评级。

17. IMPAIRMENT ASESMENTS OF TRADE

RECEIVABLES AND CONTRACT ASETS

In order to minimise credit risk, the Group makes periodic

individual asesments on the recover abilities of trade

receivables and contract asets and develops and maintains the

Group’s credit risk grading to categorise exposures acording

to their degre of risk of default. The credit rating information is

suplied by independent rating agencies where available and, if

not available, the management of the Group uses other publicly

available financial information and the Group’s own trading

records to rate its major customers and other debtors.

StrongThe counterparty, as the department within the

government, has a low risk of default

Lifetime ECL – not credit-

impaired

强劲交易对手（作为政府部门）的违约风险偏低全期预期信贷亏损－非信贷

减值

GodThe counterparties, as listed companies with strong

financial background based on the published

financial information publicly available in the

market, creditability and god repayment record,

has a low risk of default

Lifetime ECL – not credit-

impaired

良好交易对手（作为拥有雄厚财务背景（根据于市场上公开

可得的已刊发财务资料）、信用度及良好还款记录的

上市公司）的违约风险偏低

全期预期信贷亏损－非信贷

减值

SatisfactoryThe counterparties, having no balances past due over

30 days or ocasionaly having certain balances

past due over 30 days and with god repayment

record, has moderate default risk

Lifetime ECL – not credit-

impaired

满意交易对手（并无逾期超过30日的结余或有时若干结余

逾期超过30日且还款记录良好）的违约风险温和

全期预期信贷亏损－非信贷

减值

LosThere have ben significant increase in credit risk

since initial recognition through information

developed internaly or external resources

Lifetime ECL – credit-

impaired

亏损自内部或外部资源生成之资料显示信贷风险自初始

确认以来显著增加

全期预期信贷亏损－信贷减值

Write-ofThere is evidence indicating that the debtor is in

severe financial dificulty and the Group has no

realistic prospect of recovery

Amount is writen of

撇销有证据显示债务人陷入严重财务困难且本集团不认为

日后可收回有关款项

撇销有关金额

Internal credit rating	Average loss rate	Gross carrying amount	Impairment losses
内部信贷评级	平均亏损率	账面总值	减值亏损
		HK$’000	HK$’000
		千港元	千港元
	0.01%	6,842	1
	0.24%	58,912	142
	0.93%	21,159	197
	100.00%	7,798	7,798
	100.00%	94,711	8,138

148LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

17. 贸易应收款项及合约资产减值

评估（续）

厘定预期信贷亏损时，本集团管理层已

考虑交易对手的过往违约经验及财务状

况，并就对债务人而言专有的因素及债

务人经营所在行业的整体经济环境以及

于报告日期现时及预测状况方向的评估

作出调整，以估计贸易应收款项及合约

资产各自于其相关损失评估时间框架内

发生违约的可能性，以及各情况下的违

约损失。贸易应收款项及合约资产的预

期信贷亏损个别估计。

下表载列有关贸易应收款项及合约资产

的信贷风险及预期信贷亏损的资料，该

等资料根据于二零二五年及二零二四年

三月三十一日的全期预期信贷亏损（非信

贷减值）内的内部信贷评级进行个别评

估：

17. IMPAIRMENT ASESMENTS OF TRADE

RECEIVABLES AND CONTRACT ASETS

(Continued)

In determining the ECL, the management of the Group has taken

into acount the historical default experience and the financial

position of the counterparties, adjusted for factors that are

specific to the debtors and general economic conditions of the

industry in which the debtors operate and an asesment of both

the curent as wel as the forecast direction of conditions at the

reporting date, in estimating the probability of default of each of

the trade receivables and contract asets ocuring within their

respective los asesment time horizon, as wel as the los upon

default in each case. The ECL on trade receivables and contract

asets are estimated individualy.

The table below provides information about the exposure to

credit risk and ECL for trade receivables and contract asets

which are asesed individualy based on internal credit rating

as at 31 March 2025 and 2024 within lifetime ECL (not credit-

impaired):

As at 31 March 2024于二零二四年三月三十一日

Strong强劲0.02%6,8421

God良好0.37%65,200243

Satisfactory满意1.40%8,632121

Los亏损100.00%7,4887,488

88,1627,853

149智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

17. 贸易应收款项及合约资产减值

评估（续）

倘出现资料显示债务人遭遇严重财务困

难，且并无实际收回前景，例如债务人

进行清盘或订立破产诉讼；或当贸易应

收款项逾期超过两年（以较早发生者为

准），贸易应收款项及合约资产将被撇

销。

于本年度，评估贸易应收款项及合约资

产亏损拨备时所作的估计技术或重大假

设并无变动。个别评估由本集团管理层

定期审阅，以确保有关特定债务人的相

关资料已予更新。

17. IMPAIRMENT ASESMENTS OF TRADE

RECEIVABLES AND CONTRACT ASETS

(Continued)

A trade receivable or contract aset is writen of when there

is information indicating that the debtor is in severe financial

dificulty and there is no realistic prospect of recovery, e.g. when

the debtor has ben placed under liquidation or has entered into

bankruptcy procedings, or when the trade receivables are over

two years past due, whichever ocurs earlier.

There has ben no change in the estimation techniques or

significant asumptions made during the year in asesing the

los alowances for the trade receivables and contract asets. The

individual asesment is regularly reviewed by the management

of the Group to ensure relevant information about the specific

debtor is updated.

Lifetime ECL – not credit-impaired		Lifetime ECL – credit-impaired
全期预期信贷亏损－非信贷减值		全期预期信贷亏损－信贷减值
Trade receivables	Contract assets	Trade receivables	Contract assets	Total
贸易应收款项	合约资产	贸易应收款项	合约资产	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元

150LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

17. IMPAIRMENT ASESMENTS OF TRADE

RECEIVABLES AND CONTRACT ASETS

(Continued)

The movement of the impairment loses in respect of trade

receivables and contract asets during the year is as folows:

At 31 March 2023于二零二三年三月三十一日625513,2944,1948,101

Transfer from contract asets to

trade receivables

由合约资产转移至贸易应收

款项507(507)–

Reversal of impairment loses

related to trade receivables and

contract asets recognised at

1 April 2023

于二零二三年四月一日确认

的贸易应收款项及合约

资产相关的减值亏损拨回

(569)–(569)

New trade receivables and

contract asets originated

during the year – impairment

loses recognised

年内产生的新增贸易应收款

项及合约资产－已确认

减值亏损

133188–321

At 31 March 2024于二零二四年三月三十一日1332323,2944,1947,853

Transfer to Lifetime ECL-credit-

improved

转移至全期预期信贷亏损－

信用改善–(1)–1–

Transfer from contract asets to

trade receivables

由合约资产转移至贸易应收

款项168(168)–

Reversal of impairment loses

related to trade receivables

and contract asets recognised

at 1 April 2024

于二零二四年四月一日确认

的贸易应收款项及合约

资产相关的减值亏损拨回

(301)–(301)

New trade receivables and

contract asets originated

during the year – impairment

loses recognised

年内产生的新增贸易应收款

项及合约资产－已确认

减值亏损

98179–309586

At 31 March 2025于二零二五年三月三十一日982423,2944,5048,138

17. 贸易应收款项及合约资产减值

评估（续）

于年内，有关贸易应收款项及合约资产

的减值亏损变动如下：

2025		2024
二零二五年		二零二四年
Increase (decrease) in lifetime ECL		Increase (decrease) in lifetime ECL
全期预期信贷亏损增加（减少）		全期预期信贷亏损增加（减少）
Not credit- impaired	Credit- impaired	Not credit- impaired	Credit- impaired
非信贷减值	信贷减值	非信贷减值	信贷减值
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
(1)	1
(301)	–
277	309

151智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

17. 贸易应收款项及合约资产减值

评估（续）

有关贸易应收款项及合约资产的减值亏

损出现变动主要由于：

17. IMPAIRMENT ASESMENTS OF TRADE

RECEIVABLES AND CONTRACT ASETS

(Continued)

Changes in the impairment loses in respect of trade receivables

and contract asets are mainly due to:

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
16,509
5,359
750
14
2,353
24,985
–
24,985

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
16,315
194
16,509

152LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

╱银行结余及

现金

于二零二五年三月三十一日，诚如附注

29所披露，以年利率介乎2.56%至2.82%

（二零二四年：0.60%至3.00%）计息的已

抵押银行存款3,000,000港元（二零二四

年：3,000,000港元）已作抵押，以担保银

行授予本集团的银行融资。

银行结余及现金指本集团持有的现金及

原到期日为三个月或以下的短期银行存

款，于二零二五年三月三十一日的平均

年利率为3.31%（二零二四年：4.32%）。

已抵押银行存款及银行结余减值评估详

情载于附注27。

19. 贸易及其他应付款项

18. PLEDGED BANK DEPOSITS/BANK BALANCES

AND CASH

As at 31 March 2025, the pledged bank deposits of HK$3,000,000

(2024: HK$3,000,000), which cary interest rate at a range from

2.56% to 2.82% (2024: 0.60% to 3.00%) per anum, have ben

pledged to secure the banking facilities granted to the Group

given by a bank as disclosed in note 29.

Bank balances and cash represent cash held by the Group and

short-term bank deposits with an original maturity of thre

months or les at an average interest rate of 3.31% (2024: 4.32%)

per anum as at 31 March 2025.

Details of impairment asesment of pledged bank deposits and

bank balances are set out in note 27.

19. TRADE AND OTHER PAYABLES

The folowing is an ageing analysis of trade payables based on

the invoice date at the end of the reporting period:

The credit period of trade payables is usualy ranging from 0 to

30 days.

以下为于报告期末根据发票日期的贸易

应付款项账龄分析：

贸易应付款项的信贷期通常介乎0至30

日。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
38

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
2,030
3,329
5,359

153智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

（续）

以相关集团实体功能货币以外的货币计

值的贸易应付款项载列如下。

19. TRADE AND OTHER PAYABLES (Continued)

Trade payables are denominated in curency other than the

functional curency of the respective group entity is set out

below.

Retention payables to subcontractors of contract works are

interest-fre and payable by the Group after the completion of

maintenance period of the relevant contracts or in acordance

with the terms specified in the relevant contracts for a period

ranging from 1 to 2 years after completion of the relevant works

to the customers.

The retention payables are to be setled at the end of the

reporting period as folows:

No movement of provision for reinstatement cost during

both years. The provision for reinstatement cost relates to the

estimated cost of work agred to be caried out for handing

back the Group’s ofice premises in its original condition.

These amounts have not ben discounted for the purposes of

measuring the provision for reinstatement cost as the efect is

insignificant.

应付合约工程分包商的保固金为免息及

须由本集团于相关合约保养期完成后或

按相关合约列明的条款支付，付款期介

乎客户相关工程完成后1至2年期间。

将于报告期末结付的应付保固金列载如

下：

于两个年度内，复原成本拨备概无变

动。复原成本拨备与协定以原始状态交

还本集团办公室物业而进行的工程的估

计成本有关。该等金额并无就计量复原

成本拨备进行贴现，原因为有关影响并

不重大。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
1,071
192
–
1,263
(1,071)
192

154LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

20. 租赁负债20. LEASE LIABILITIES

The weighted average incremental borowing rates aplied to

lease liabilities is 5.6% (2024: 5.3%).

As at 31 March 2025, the lease liabilities of HK$760,000 (2024:

HK$2,971,000) are secured by rental deposits with carying values

of HK$728,000 (2024: HK$728,000) as set out in note 29.

应用于租赁负债的加权平均增量借款利

率为5.6%（二零二四年：5.3%）。

诚如附注29所载，于二零二五年三月

三十一日，租赁负债760,000港元（二

零二四年：2,971,000港元）由账面值为

728,000港元（二零二四年：728,000港元）

的租赁按金抵押。

Tax losses	Loss allowances for trade receivables	Loss allowances for contract assets	Decelerated tax depreciation	Total
税项亏损	贸易应收款项亏损拨备	合约资产亏损拨备	减速税项折旧	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元

155智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

21. 递延税项资产

下表载列于年内确认的主要递延税项资

产及其变动：

21. DEFERED TAX ASETS

The folowing are the major defered tax asets recognised and

movements thereon during the year:

As at 1 April 2023于二零二三年四月一日3,81910913674,287

(Charged) credited to profit

or los

于损益（扣除）计入

(675)12(53)107(609)

As at 31 March 2024于二零二四年三月三十一日3,14422384743,678

(Charged) credited to profit

or los

于损益（扣除）计入

(342)(6)2(98)(444)

As at 31 March 2025于二零二五年三月三十一日2,80216403763,234

As at 31 March 2025, the Group has unused tax loses of

HK$23,932,000 (2024: HK$26,007,000) available for ofset against

future profits. A defered tax aset has ben recognised in

respect of HK$16,981,000 (2024: HK$19,056,000) of such loses.

No defered tax aset has ben recognised in respect of the

remaining tax loses of HK$6,951,000 (2024: HK$6,951,000) due to

the unpredictability of future profits streams.

于二零二五年三月三十一日，本集团可

供抵销未来溢利的未动用税项亏损为

23,932,000港元（二零二四年：26,007,000

港元）。已就该等亏损16,981,000港元（二

零二四年：19,056,000港元）确认递延税

项资产。由于未来溢利来源无法预测，

故并无就余下税项亏损6,951,000港元（二

零二四年：6,951,000港元）确认递延税项

资产。

Number of shares	Amount	Shown in consolidated financial statements as
股份数目	金额	于综合财务报表中列示
	HK$	HK$’000
	港元	千港元

156LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

22. 股本

于二零二五年及二零二四年三月三十一

日的股本指本公司的股本。

22. SHARE CAPITAL

The share capital as at 31 March 2025 and 2024 represented the

share capital of the Company.

Ordinary share of HK$0.01 each每股0.01港元的普通股

Authorised:法定：

At 1 April 2023, 31 March 2024

and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日及

二零二五年三月三十一日10,000,000,000100,000,000N/A不适用

Isued and paid:已发行及缴足：

At 1 April 2023, 31 March 2024

and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日及

二零二五年三月三十一日2,000,000,00020,000,00020,000

23. RETIREMENT BENEFIT SCHEME

(a) The Group operates a MPF Scheme for al qualifying

employes in Hong Kong. The asets of the scheme

are held separately from those of the Group, in funds

under the control of an independent truste. The Group

contributes 5% of relevant payrol costs to the scheme,

which contribution is matched by employes but subject

to a maximum amount of HK$1,500 per month for each

employe to the scheme.

The total contributions to the MPF scheme charged to

the consolidated statement of profit or los and other

comprehensive income are set out in notes 9 and 10.

23. 退休福利计划

(a) 本集团为所有香港合资格雇员加入

强积金计划。该计划的资产与本集

团的资产分开，由独立信托人控制

的基金持有。本集团及雇员均按相

关入息的5%向该计划供款，但向计

划供款的上限为每名雇员每月1,500

港元。

于综合损益及其他全面收益表扣除

的强积金计划供款总额载于附注9

及10。

157智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

23. RETIREMENT BENEFIT SCHEME (Continued)

(b) Pursuant to the Employment Ordinance, Chapter 57, the

Group has the obligation to pay Long Service Payment

(“LSP”) to qualifying employes in Hong Kong upon

retirement, subject to a minimum of 5 years employment

period, based on the folowing formula: Last monthly wages

(before termination of employment) × 2/3 × Years of

service.

Last monthly wages are caped at HK$22,500 while the

amount of LSP shal not exced HK$390,000. This obligation

is acounted for as a post-employment defined benefit

plan.

Furthermore, the Mandatory Provident Fund Schemes

Ordinance pased in 1995 permits the Group to utilise the

Group’s mandatory MPF contributions, plus/minus any

positive/negative returns thereof (colectively, the “Eligible

Ofset Amount”), for the purpose of ofseting LSP payable

to an employe (the “Ofseting Arangement”). The LSP

obligation, if any, is presented on a net basis.

The Employment & Retirement Schemes Legislation

(Ofseting Arangement) (Amendment) Ordinance 2023

was gazeted on 17 June 2023, which wil eventualy abolish

the Ofseting Arangement. The Amendment wil come

into efect prospectively from 1 May 2025 (the “Transition

Date”). Under the amended Ordinance, the Eligible Ofset

Amount after the Transition Date can only be aplied to

ofset the pre-Transition Date LSP obligation but no longer

eligible to ofset the post-Transition Date LSP obligation.

Furthermore, the LSP obligations before the Transition

Date wil be grandfathered and calculated based on the

Last monthly wages imediately preceding the Transition

Date.

The Group’s LSP obligation, taking into consideration the

Ofseting Arangement, is considered to be insignificant as

at 31 March 2025 and 31 March 2024.

（续）

(b) 根据第57章《雇佣条例》，本集团

有义务在退休时向符合资格的香港

雇员支付长期服务金（「长期服务

金」），受雇期至少为5年，基于以

下公式计算：最后一个月的工资

（终止雇佣前）×2/3×服务年期。

最后一个月工资上限为22,500港

元，而长期服务金额不得超过

390,000港元。该义务作为离职后固

定福利计划入账。

此外，一九五年通过的《强制性

公积金计划条例》允许本集团动用

本集团的强制性强积金供款，加

上╱减去任何正╱负回报（统称为

「合资格抵销额」），以抵销应付予

雇员的长期服务金（「抵销安排」）。

长期服务金义务（如有）以净额列

示。

《二零二三年雇佣及退休计划法例

（抵销安排）（修订）条例》已于二零

二三年六月十七日刊宪，最终将

废除抵销安排。该修正案将从二零

二五年五月一日（「过渡日期」）开始

生效。根据修订后的条例，过渡日

期后的合资格抵销额只能用于抵销

过渡日期前的长期服务金义务，但

不再有资格抵销过渡日期后的长期

服务金义务。此外，过渡日期之前

的长期服务金义务将根据过渡日期

之前的最后一个月工资计算。

考虑到抵销安排，本集团于二零

二五年三月三十一日及二零二四年

三月三十一日之长期服务金义务被

认为并不重大。

158LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

24. SHARE OPTION SCHEME

In order to provide incentives or rewards to participants of the

share option scheme including the directors of the Company

and eligible employes of the Group, the shareholders of the

Company pased an ordinary resolution at the anual general

meting of the Company held on 5 March 2020 to aprove

the adoption of a share option scheme (the “Share Option

Scheme”). No share options were granted under the Share

Option Scheme since its adoption on 5 March 2020. The major

terms of the Share Option Scheme are sumarised as folows:

(a) Purpose of the Share Option Scheme

The purpose of the Share Option Scheme is to provide an

incentive or a reward to participants for their contribution

to the Group.

(b) Eligibility

Eligible participants include employes (any ful-time or

part-time employes, including executive directors and

independent non-executive directors) and advisers and

consultants of the Group.

(i) The Company may not grant any options if the

number of shares exceds 30% of the shares in isue

from time to time.

(i) The total number of shares which may be isued upon

the exercise of al options to be granted under the

Share Option Scheme and other schemes must not,

in agregate, exced 10% of the shares in isue as of

the listing date, 15 April 2020 (“Listing Date”). On the

basis of 2,000,000,000 shares in isue on the Listing

Date, the scheme mandate limit wil be equivalent to

200,000,000 shares, representing 10% of the shares in

isue as of the Listing Date.

(i) Subject to the aproval of shareholders in general

meting, the Company may refresh the scheme

mandate limit to the extent that the total number

of shares which may be isued upon exercise of

al options to be granted under the Share Option

Scheme and other schemes under the scheme

mandate limit as refreshed must not exced 10% of

the shares in isue as of the date of such shareholders’

aproval.

24. 购股权计划

为向购股权计划的参与者（包括本公司的

董事及本集团的合资格雇员）给予激励或

奖励，本公司股东在本公司于二零二零

年三月五日举行的股东周年大会上通过

一项普通决议案，以批准采纳一项购股

权计划（「购股权计划」）。自于二零二零

年三月五日采纳购股权计划以来，概无

根据购股权计划授出任何购股权。购股

权计划的主要条款概述如下：

(a) 购股权计划之目的

购股权计划之目的乃向为本集团作

出贡献的参与者给予激励或奖励。

(b) 资格

合资格参与者包括本集团雇员（无

论全职或兼职雇员，包括执行董事

及独立非执行董事）以及顾问及咨

询人。

(i) 倘股份数目超过不时已发行

股份的30%，则本公司不得授

出任何购股权。

(i) 因根据购股权计划及其他计

划将予授出之所有购股权获

行使而可能发行之股份总

数，合共不得超过截至上市

日期二零二零年四月十五

日（「上市日期」）的已发行

股份的10%。按上市日期的

2,000,000,000股已发行股份

计算，计划授权上限将相当

于200,000,000股份，相当

于截至上市日期的已发行股

份的10%。

(i) 待股东于股东大会批准后，

本公司可更新计划授权上

限，惟根据经更新之计划授

权上限，因根据购股权计划

及其他计划将予授出之全部

购股权获行使而可能发行之

股份总数不得超过截至有关

股东批准日期的已发行股份

的10%。

159智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

（续）

(d) 购股权计划的期限

购股权计划将于上市日期起计十年

期间有效及生效。

(e) 向任何个别人士授出购股权的

数目上限

于任何12个月期间，因根据购股权

计划及其他购股权计划向参与者授

出的购股权（包括已行使及未行使

购股权）获行使而已发行及将予发

行的股份总数，不得超过不时已发

行股份的1%。倘向参与者额外授出

购股权（「额外授出」）将导致于12个

月期间直至额外授出日期（包括该

日）因根据购股权计划及其他购股

权计划向有关参与者授出及将予授

出的所有购股权（包括已行使、已

注销及未行使购股权）获行使而已

发行及将予发行的股份，合共超过

不时已发行股份的1%，则额外授

出必须获本公司股东于股东大会上

另行批准，会上参与者及其紧密联

系人（定义见上市规则）（或倘有关

参与者为关连人士，则为其联系人

（定义见上市规则）必须放弃投票。

就额外授出而言，本公司必须向股

东寄发通函，而通函必须披露有关

参与者的身份、将予授出购股权之

数目及条款（及先前根据购股权计

划及其他购股权计划向有关参与者

授出之购股权），以及上市规则规

定之资料。向有关参与者将予授出

之购股权数目及条款（包括行使价）

应于本公司股东批准之前确定，而

有关提呈额外授出的本公司董事会

会议日期在计算行使价时应被视为

授出日期。

24. SHARE OPTION SCHEME (Continued)

(d) Period of the Share Option Scheme

The Share Option Scheme wil be valid and efective for a

period of ten years comencing on the Listing Date.

(e) Maximum number of options to any one individual

The total number of shares isued and to be isued upon

exercise of the options granted to a participant under the

Share Option Scheme and other share option schemes

(including both exercised and outstanding options) in

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

in isue from time to time. Where any further grant of

options to a participant (the “Further Grant”) would result

in the shares isued and to be isued upon exercise of

al options granted and to be granted under the Share

Option Scheme and other share option schemes to such

participant (including exercised, canceled and outstanding

options) in the 12-month period up to and including the

date of the Further Grant representing in agregate over

1% of the shares in isue from time to time, the Further

Grant must be separately aproved by the shareholders of

the Company in general meting with such participant and

his close asociates (as defined in the Listing Rules) (or his

asociates (as defined in the Listing Rules) if the participant is

a conected person) abstaining from voting.

In relation to the Further Grant, the Company must send a

circular to the shareholders and the circular must disclose

the identity of the relevant participant, the number and

the terms of the options to be granted (and options

previously granted to such participant under the Share

Option Scheme and other share option schemes) and

the information required under the Listing Rules. The

number and terms (including the exercise price) of options

to be granted to such participant must be fixed before

Company’s shareholders’ aproval and the date of meting

of the board of directors of the Company for proposing

the Further Grant should be taken as the ofer date for the

purpose of calculating the exercise price.

160LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

24. SHARE OPTION SCHEME (Continued)

(f) Payment on aceptance of the option

HK$1 is payable by the grante to the Company on

aceptance of the share option ofer. The share option ofer

wil be ofered for aceptance for a period of 28 days from

the date on which the ofer is granted.

(g) Subscription price for shares

The subscription price of a share in respect of any particular

option granted under the Share Option Scheme shal be a

price determined by the board of directors of the Company

at least the higher of:

(i) the closing price of the shares; and

(i) the average closing price of the shares for the five

consecutive busines days imediately preceding the

ofer date.

(h) The remaining life of the share option

5 years (expiring on 14 April 2030).

No options were granted, lapsed or exercised during the curent

year and no share options were outstanding as at 31 March 2025

and 2024.

（续）

(f) 接纳购股权的付款

承授人于接纳购股权要约时须向本

公司支付1港元。购股权要约可于

授出要约日期起计28天期间内予以

接纳。

(g) 股份认购价

根据购股权计划授出的任何特定购

股权所涉及的股份认购价为本公司

董事会厘定的价格，最低价格须为

下列两者中的较高者：

(i) 股份收市价；及

(i) 股份于紧接要约日期前五个

连续营业日的平均收市价。

(h) 购股权的余下年期

5年（于二零三零年四月十四日到

期）。

概无购股权于本年度授出、失效或行

使，亦无购股权于二零二五年及二零

二四年三月三十一日尚未行使。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
10,654
143
10,797

161智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

主要管理人员的薪酬由本集团管理层考

虑个人表现及市场趋势后厘定。

26. 资本风险管理

本集团管理其资本，以确保集团实体将

能够持续经营，同时透过优化债务及权

益结余，扩大股东回报。本集团自上年

度以来的整体策略维持不变。

本集团的资本架构包括债务净额，其计

有租赁负债及银行借款，扣除现金及现

金等价物及本公司拥有人应占权益（包括

综合财务报表所披露的已发行股本及储

备）。

本集团管理层定期检讨资本架构。本集

团考虑资本成本及与每类资本有关的风

险，并透过支付股息、发行新股份以及

筹集债务净额或偿还现有债务平衡整体

资本架构。

25. 关联方交易

除综合财务报表其他部分披露的交易及

结余外，本集团进行了以下关联方交易：

主要管理人员（包括本公司执行董事及本

集团其他主要行政人员）于本年度的薪酬

如下：

25. RELATED PARTY TRANSACTIONS

In adition to the transactions and balances disclosed elsewhere

in the consolidated financial statements, the Group entered into

the folowing related party transactions:

The remuneration of key management personel, including

executive directors of the Company and other key executives of

the Group, during the year is as folows:

The remuneration of key management personel is determined

by the management of the Group having regard to the

performance of individuals and market trends.

26. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that the group entities

wil be able to continue as a going concern while maximising the

return to shareholders through the optimisation of the debt and

equity balance. The Group’s overal strategy remains unchanged

from prior year.

The capital structure of the Group consists of net debt, which

includes lease liabilities and bank borowings, net of cash

and cash equivalents and equity atributable to owners of the

Company, comprising isued share capital and reserves as

disclosed in the consolidated financial statements.

The management of the Group reviews the capital structure

regularly. The Group considers the cost of capital and the risks

asociated with each clas of capital and wil balance its overal

capital structure through the payment of dividends, new share

isues as wel as the raising of net debts or the repayment of the

existing debts.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
82,665
21,882

162LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

财务风险管理目标及政策

本集团的主要金融工具包括贸易及其他

应收款项、可退回租赁按金、已抵押银

行存款、银行结余及现金以及贸易及其

他应付款项。该等金融工具的详情于相

关附注披露。与该等金融工具有关的风

险包括市场风险（包括货币风险及利率风

险）、信贷风险及流动资金风险，而如何

缓减该等风险的政策载于下文。本集团

管理层管理及监察该等风险，以确保及

时及有效地实施适当措施。

市场风险

货币风险

集团实体的功能货币为港元，即计算大

部分交易的货币。集团实体于报告期末

的以外币计值货币负债的账面值于附注

19披露。

本集团管理层认为该等货币负债的货币

风险对本集团而言并不重大。本集团目

前并无外币对冲政策。然而，本集团管

理层监察外汇风险，并将于有需要时考

虑对冲重大外币风险。

27. 金融工具

金融工具类别

27. FINANCIAL INSTRUMENTS

Categories of financial instruments

Financial risk management objectives and policies

The Group’s major financial instruments include trade and other

receivables, refundable rental deposits, pledged bank deposits,

bank balances and cash and trade and other payables. Details of

these financial instruments are disclosed in respective notes. The

risks asociated with these financial instruments include market

risk (including curency risk and interest rate risk), credit risk and

liquidity risk, and the policies on how to mitigate these risks are

set out below. The management of the Group manages and

monitors these exposures to ensure apropriate measures are

implemented on a timely and efective maner.

Market risk

Curency risk

The functional curency of the group entities is HK$, the curency

in which most of the transactions are denominated. The carying

amounts of the foreign curency denominated monetary liabilities

of the group entity at the end of the reporting period are

disclosed in note 19.

The management of the Group considers that the curency

risk of those monetary liabilities is not significant to the Group.

The Group curently does not have a foreign curency hedging

policy. However, the management of the Group monitors foreign

exchange exposure and wil consider hedging significant foreign

curency exposure should the ned arise.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
3

163智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

（续）

财务风险管理目标及政策（续）

市场风险（续）

货币风险（续）

本集团主要承受人民币兑港元的汇率波

动风险。下表详述本集团就各自的功能

货币（即港元）兑相关外币（即人民币）升

值及贬值10%的敏感度。10%是用来表示

本集团管理层对汇率可能出现合理变化

的评估的敏感度比率。敏感度分析仅包

括未交割外币计值货币项目，于年末就

10%汇率变动调整其换算。下文的正数表

示港元兑人民币升值10%时，除税后溢利

增加。倘港元兑人民币贬值10%，则除税

后溢利将出现相等但反向的影响，以及

下文的金额将为负数。

27. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Market risk (Continued)

Curency risk (Continued)

The Group is mainly exposed to fluctuation in exchange rate

of RMB against HK$. The folowing table details the Group’s

sensitivity to a 10% increase and decrease in respective functional

curency (i.e. HK$) against the relevant foreign curency (i.e. RMB).

10% is the sensitivity rate used which represents the Group’s

management’s asesment of the reasonably posible change

in a foreign exchange rate. The sensitivity analysis includes only

outstanding foreign curency denominated monetary items and

adjusts their translation at the year end for a 10% change in a

foreign curency rate. A positive number below indicates an

increase in post-tax profit where HK$ strengthens 10% against

RMB. For a 10% weakening of HK$ against RMB, there would

be an equal and oposite impact on the post-tax profit and the

amount below would be negative.

Interest rate risk

The cash flow interest rate risk relate primarily to the bank

balances at the prevailing market deposit rate. The Group is also

exposed to fair value interest rate risk in relation to the Group’s

fixed-rate pledged bank deposits and lease liabilities. The Group

curently does not have an interest rate hedging policy. However,

the management of the Group monitors interest rate exposure

and wil consider hedging significant interest rate exposure

should the ned arise.

The management of the Group consider the Group’s exposure

of bank balances and pledged bank deposit to interest rate is

not significant as interest bearing bank balances are within short

maturity period.

利率风险

现金流利率风险主要关于按现行市场存

款利率计息的银行结余。本集团亦面临

有关本集团定息已抵押银行存款及租赁

负债的公平值利率风险。本集团目前并

无利率对冲政策。然而，本集团管理层

监察利率风险并将于需要时考虑对冲重

大利率风险。

本集团管理层认为，本集团银行结余及

已抵押银行存款所面临的利率风险并不

重大，因为计息银行结余到期日较短。

164LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

（续）

财务风险管理目标及政策（续）

信贷风险及减值评估

本集团因交易对手未能履行其责任而令

本集团蒙受财务亏损的最高信贷风险产

生自综合财务状况表所述相关已确认金

融资产的账面值。

客户合约及合约资产生的贸易应收款

项

于二零二五年三月三十一日，贸易应收

款项总额中41%（二零二四年：90%）为应

收本集团五大客户款项，因此本集团的

贸易应收款项信贷风险集中，即使贸易

应收款项总额中并无任何结余为应收本

集团最大客户款项（二零二四年：41%）。

本集团管理层基于过往结算记录定期进

行个别评估贸易应收款项及合约资产的

可收回性及就前瞻性资料进行调整。就

贸易应收款项及合约资产厘定全期预期

信贷亏损时，本集团管理层计及过往违

约记录及前瞻性资料（如适用）。贸易应

收款项及合约资产的减值评估详情载于

附注17。

本公司董事透过在接近各协定结算日期

之前密切监控分期付款结算情况，并获

取有关客户的信贷相关资料，管理客户

合约及合约资产生的贸易应收款项的

信贷风险。在报告期末前，透过与客户

进行持续对话，本集团已获悉未来十二

个月到期的分期付款会有延迟。因此，

本集团于二零二五年三月三十一日就应

收该等客户的贸易应收款项及应收保固

金的全部结余确认减值亏损7,798,000港

元（二零二四年：7,488,000港元）。

27. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment

The Group’s maximum exposure to credit risk which wil cause

a financial los to the Group due to failure to discharge an

obligation by the counterparties is arising from the carying

amounts of the respective recognised financial asets as stated in

the consolidated statement of financial position.

Trade receivables arising from contracts with customers and

contract asets

As at 31 March 2025, the Group has concentration of credit

risk on trade receivables as 41% (2024: 90%) of the total trade

receivables were due from the Group’s five largest customers,

though no any balances of the total trade receivables were due

from the Group’s largest customer (2024: 41%).

The management of the Group has made periodic individual

asesment on recoverability of trade receivables and contract

asets based on historical setlement records and adjusted for

forward-loking information. In determining the lifetime ECL for

trade receivables and contract asets, the management of the

Group has taken into acount the historical default experience

and forward-loking information, as apropriate. Details of the

impairment asesment on trade receivables and contract asets

are set out in note 17.

The directors of the Company manages the credit risk of trade

receivables arising from contracts with customers and contract

asets by closely monitoring the instalment setlement prior to

dates close to each agred setlement dates, and obtaining the

credit-related information about the customer. Before the end

of the reporting period, through continuous dialogue with the

customers, the Group has ben informed the delay in payments

for the instalments due in the coming twelve months. Therefore,

the Group recognised an impairment los of HK$7,798,000

(2024: HK$7,488,000) in respect of the entire balances of trade

receivables and retention receivables due from customers as at

31 March 2025.

165智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

（续）

财务风险管理目标及政策（续）

借贷风险及减值评估（续）

客户合约及合约资产生的贸易应收款

项（续）

延迟付款是由于香港市场出现重大变化

导致客户面临重大财务困难，故客户合

约及合约资产生的贸易应收款项被视

为违约。因此，预期信贷亏损按全期信

贷减值计量。客户合约及合约资产生

的贸易应收款项的预期信贷亏损计量基

于自客户收回现金流量的预期。在此过

程中，管理层已考虑客户特定的定量及

定性资料，包括与客户的营运相关的宏

观经济因素，该等因素可能显著影响客

户履行偿还责任的能力。

其他应收款项

有关其他应收款项（包括可退还租赁按

金）减值评估的详情载于附注15。

已抵押银行存款及银行结余

本集团管理层认为存置于高信贷评级金

融机构的银行结余属低信贷风险金融资

产。本集团管理层认为其违约的可能性

可忽略不计，故并无确认亏损拨备。

流动资金风险

管理流动资金风险时，本集团监察现金

及现金等价物并维持在本集团管理层认

为足够为本集团营运提供资金并降低现

金流波动影响的水平。本集团依赖银行

借款作为流动资金的主要来源，且本集

团管理层监察银行借款的使用，确保遵

守贷款契据。本集团管理层认为，本集

团拥有充足营运资金以应付未来营运需

求。

27. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Trade receivables arising from contracts with customers and

contract asets (Continued)

The delay in payment is caused by the significant change in the

Hong Kong market resulting in a significant financial dificulty

faced by the customer and therefore, the trade receivables arising

from contracts with customers and contract asets is regarded as

default. Therefore, ECL is measured on a lifetime credit-impaired

basis. The measurement of ECL of trade receivables arising

from contracts with customers and contract asets is determined

based on the expectation of cash flows to be recovered from

the customer. In this proces, the management has taken into

acount quantitative and qualitative information that are specific

to the customer, including macroeconomic factors which are

relevant to the customer’s operations that could significantly

afect the customer’s ability to fulfil its repayment obligations.

Other receivables

Details of the impairment asesment on other receivables

(including refundable rental deposits) are set out in note 15.

Pledged bank deposits and bank balances

The management of the Group considers the bank balances that

are deposited with financial institutions with high credit rating to

be low credit risk financial asets. The management of the Group

considers the probability of default is negligible and acordingly,

no los alowance is recognised.

Liquidity risk

In the management of the liquidity risk, the Group monitors and

maintains a level of cash and cash equivalents demed adequate

by the management of the Group to finance the Group’s

operations and mitigate the efects of fluctuations in cash flows.

The Group relies on bank borowings as a significant source

of liquidity and the management of the Group monitors the

utilisation of bank borowings and ensure compliance with loan

covenants. The Group’s management believes that the Group

wil have suficient working capital for its future operational

requirement.

Weighted average interest rate	On demand or less than 3 months	More than 3 months but less than 1 year	1–5 years	Total undiscounted cash flows	Carrying amount
加权平均利率	按要求或少于三个月	超过三个月但少于一年	一至五年	未贴现现金流量总额	账面值
%	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
%	千港元	千港元	千港元	千港元	千港元
N/A不适用	17,965	588	3,329	21,882	21,882
5.6	657	443	196	1,296	1,263
5.6	18,622	1,031	3,525	23,178	23,145

166LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

金融工具的公平值计量

本集团管理层认为，按摊销成本入账的

金融资产及金融负债于综合财务报表内

的账面值与彼等于报告期末的公平值相

若。

（续）

财务风险管理目标及政策（续）

流动资金风险（续）

下表详述本集团非衍生金融负债余下合

约到期情况。下表反映金融负债未贴现

现金流量，其乃根据本集团可能须付款

的最早日期得出。非衍生金融负债的到

期日以协定的还款日期为准。下表包含

利息及本金现金流量。倘利息流量为浮

息，未贴现金额则为源自报告期末的利

率。

27. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

(Continued)

Liquidity risk (Continued)

The table below details the Group’s remaining contractual

maturity for its non-derivative financial liabilities. The table has

ben drawn up to reflect the undiscounted cash flows of financial

liabilities based on the earliest date on which the Group can be

required to pay. The maturity date for non-derivative financial

liabilities are based on the agred repayment dates. The table

includes both interest and principal cash flows. To the extent

that interest flows are floating rate, the undiscounted amount is

derived from interest rate at the end of the reporting period.

Non-derivative financial liabilities非衍生金融负债

At 31 March 2024于二零二四年三月三十一日

Trade and other payables贸易及其他应付款项N/A不适用17,3585582,49220,40820,408

Lease liabilities租赁负债5.36501,9491,2483,8473,682

18,0082,5073,74024,25524,090

Fair value measurements of financial instruments

The management of the Group considers that the carying

amounts of financial asets and financial liabilities recorded

at amortised cost in the consolidated financial statements

aproximate their fair values at the end of the reporting period.

Bank borrowings	Leases liabilities	Accrued interest expenses	Total
银行借款	租赁负债	应计利息开支	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元

167智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

29. 资产抵押

于二零二五年三月三十一日，诚如附

注18及30所披露，已抵押银行存款

3,000,000港元（二零二四年：3,000,000港

元）已作抵押，以担保银行授予本集团的

银行融资。

诚如附注20所载，于二零二五年三月

三十一日，租赁负债760,000港元（二

零二四年：2,971,000港元）以账面值为

728,000港元（二零二四年：728,000港元）

的租赁按金作抵押。

28. 融资活动所产生负债之对账

下表详述本集团融资活动所产生负债之

变动（包括现金及非现金变动）。融资活

动所产生负债为现金流量曾于或未来现

金流量将于本集团综合现金流量表归类

为融资活动所得或所用现金流量的负债。

28. RECONCILIATION OF LIABILITIES ARISING

FROM FINANCING ACTIVITIES

The table below details changes in the Group’s liabilities arising

from financing activities including both cash and non-cash

changes. Liabilities arising from financing activities are those for

which cash flows were, or future cash flows wil be, clasified in

the Group’s consolidated statement of cash flows as cash flows

from or used in financing activities.

At 1 April 2023于二零二三年四月一日28,7885,9473834,773

Financing cash flows融资现金流量(28,788)(2,583)(1,238)(32,609)

Interest expenses利息开支–2461,2001,446

Recognition of new leases确认新租赁–72–72

At 31 March 2024于二零二四年

三月三十一日–3,682–3,682

Financing cash flows融资现金流量–(2,612)(6)(2,618)

Interest expenses利息开支–1306136

Recognition of new leases确认新租赁–63–63

At 31 March 2025于二零二五年

三月三十一日–1,263–1,263

29. PLEDGE OF ASETS

As at 31 March 2025, the pledged bank deposits of HK$3,000,000

(2024: HK$3,000,000) have ben pledged to secure the banking

facilities granted to the Group given by a bank as disclosed in

notes 18 and 30.

As at 31 March 2025, the lease liabilities of HK$760,000 (2024:

HK$2,971,000) are secured by rental deposits with carying values

of HK$728,000 (2024: HK$728,000) as set out in note 20.

168LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

30. 履约担保

于二零二五年三月三十一日，金融机构

以本集团客户为受益人发出余额合共为

20,735,000港元（二零二四年：11,890,000

港元）的履约保证，作为本集团履行及

遵守本集团与客户订立的建筑合约项下

责任的担保。倘本集团未能向获授履约

担保的客户作出令人满意的履约表现，

则有关客户可要求该等金融机构向彼等

支付有关金额或该要求规定的金额。本

集团将会承担对该等金融机构作出相应

补偿的责任。履约担保将于合约工程完

成后获解除。于二零二五年三月三十一

日，履约担保乃根据本集团的担保函授

出，并无以本集团任何已抵押银行存款

作抵押。

于二零二五年三月三十一日，本公司根

据本公司的全资附属公司（「分包附属公

司」）与承建商（「总承建商」）订立的建筑

合约（「分包合约」）就履行分包附属公司

的所有责任及负债提供担保（「母公司担

保」）。本公司在母公司担保项下的最高

负债限制为22,830,000港元（二零二四年：

22,830,000港元），即分包合约的合约金

额约10.0%。母公司担保将根据总承建商

与总承建商雇主签署的主合约于竣工证

明书中注明的竣工日期后获解除。

本集团管理层认为，本集团不大可能会

就上述履约担保而被提出索偿。

31. 主要非现金交易

截至二零二五年三月三十一日止年度，

已确认资本总值为63,000港元（二零二四

年：72,000港元）的使用权资产，相应租

赁负债金额为63,000港元（二零二四年：

72,000港元）。

30. PERFORMANCE GUARANTES

As at 31 March 2025, surety bonds of an agregate balance of

HK$20,735,000 (2024: HK$11,890,000) were given by financial

institutions in favour of the Group’s customers as security for the

performance and observance of the Group’s obligations under

the construction contracts entered into betwen the Group

and the customers. If the Group fails to provide satisfactory

performance to the customers to whom the performance

guarantes have ben given, such customers may demand the

financial institutions to pay to them the sum or sum stipulated

in such demand. The Group wil become liable to compensate

such financial institutions acordingly. The performance

guarantes wil be released upon completion of the contract

works. The performance guarantes were granted under leters

of guarantes of the Group and were not secured by any of the

Group’s pledged bank deposits as at 31 March 2025.

As at 31 March 2025, the Company provided a guarante (the

“Parent Company Guarante”) for the performance of al

obligations and liabilities of a wholy owned subsidiary of the

Company (the “Sub-Contract Subsidiary”) under a construction

contract (the “Sub-Contract”) entered into betwen the Sub-

Contract Subsidiary and the contractor (the “Main Contractor”) of

the Sub-Contract. The maximum liability of the Company under

the Parent Company Guarante shal be limited to HK$22,830,000

(2024: HK$22,830,000), which is aproximately 10.0% of the

contract sum of the Sub-Contract. The Parent Company

Guarante wil be released upon the date of completion stated

in the certificate of completion in acordance with the main

contract signed betwen the Main Contractor and the employer

of the Main Contractor.

The management of the Group does not consider it is probable

that a claim wil be made against the Group in respect of the

above performance guarantes.

31. MAJOR NON-CASH TRANSACTIONS

During the year ended 31 March 2025, right-of-use asets with

a total capital value of HK$63,000 (2024: HK$72,000), with the

coresponding amount of lease liabilities of HK$63,000 (2024:

HK$72,000) were recognised.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
2
28,000
28,002
345
69,735
289
70,369
64
1
65
70,304
98,306
20,000
78,306
98,306

Share premium	Retained profits (accumulated loss)	Total
股份溢价	保留溢利（累计亏损）	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元

169智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

32. 本公司财务状况表32. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY

Movement in the Company’s reserves:

At 1 April 2023于二零二三年四月一日79,2191,30580,524

Los and total comprehensive

expense for the year

年内亏损及全面开支总额

–(1,210)(1,210)

At 31 March 2024于二零二四年三月三十一日79,2199579,314

Los and total comprehensive

expense for the year

年内亏损及全面开支总额

–(1,008)(1,008)

At 31 March 2025于二零二五年三月三十一日79,219(913)78,306

本公司储备变动：

Name of subsidiaries	Place and date of incorporation	Place of operation	Issued and fully paid share capital	Equity interests attributable to the Group		Principal activities
附属公司名称	注册成立地点及日期	经营地点	已发行及缴足股本	本集团应占股权		主要业务活动
				2025	2024
				二零二五年	二零二四年
				%	%
				100
				100
				100
				100
				100

170LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

综合财务报表附注

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

33. 附属公司详情

于二零二五年及二零二四年三月三十一

日，本公司的附属公司详情如下：

33. PARTICULAR OF SUBSIDIARIES

Particulars of the Company’s subsidiaries as at 31 March 2025 and

2024 are as folows:

None of the subsidiaries had isued any debt securities at the

end of the reporting period.

于报告期末，概无附属公司已发行任何

债务证券。

171智中国际控股有限公司 / 二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注

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

34. 报告期后事项

于报告期后，本集团与一间在澳门注册

成立的公司订立合营协议，以成立一间

合营公司，于澳门经营东北菜餐厅，详

情分别载于本公司日期为二零二五年五

月二十三日及二零二五年五月三十日的

公告。

34. EVENTS AFTER THE REPORTING PERIOD

Subsequent to the reporting period, the Group had entered into

a joint venture agrement with a company incorporated in Macau

for the establishment of a joint venture company to operate a

North-eastern Chinese cuisine restaurant in Macau, details of

which were set out in the Company’s anouncements dated 23

May 2025 and 30 May 2025 respectively.

	2025	2024	2023	2022	2021
	二零二五年	二零二四年	二零二三年	二零二二年	二零二一年
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
259,826
26,184
3,637
(444)
3,193

	2025	2024	2023	2022	2021
	二零二五年	二零二四年	二零二三年	二零二二年	二零二一年
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
160,768
31,805
128,963

Financial Sumary

财务概要

172LOTUS HORIZON HOLDINGS LIMITED / ANUAL REPORT 2025

The financial sumary of the Group for the last five financial years,

as extracted from those published audited consolidated financial

statements, is set forth below.

CONSOLIDATED RESULTS

CONSOLIDATED ASETS AND LIABILITIES

Note: The sumary above does not form part of the audited consolidated financial

statements.

本集团于过去五个财政年度的财务概要（摘录

自该等已公布的经审核综合财务报表）载列如

下。

综合业绩

综合资产及负债

附注：上述概要并不构成经审核综合财务报表的一部分。

Lotus Horizon Holdings Limited

智中国际控股有限公司

ANUAL REPORT

CONTENTS

目录

Corporate Information

公司资料

Corporate Information

公司资料

Corporate Information

公司资料

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Biographical Details of Directors and Senior Management

董事及高级管理层履历详情

Biographical Details of Directors and Senior Management

董事及高级管理层履历详情

Biographical Details of Directors and Senior Management

董事及高级管理层履历详情

1990. Mr. Ma has ben an asociate member in October 1990

Biographical Details of Directors and Senior Management

董事及高级管理层履历详情

2024. On 16 August 2024, Mr. Tsang retired by rotation from ofice

Biographical Details of Directors and Senior Management

董事及高级管理层履历详情

2019. Mr. Mo is responsible for tendering, managing contracts with

Biographical Details of Directors and Senior Management

董事及高级管理层履历详情

Biographical Details of Directors and Senior Management

董事及高级管理层履历详情

2020. Mr. Yeung is responsible for overseing financial and compliance

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Notes:

1. Based on the total number of 2,000,000,000 Shares in isue as at 31 March 2025.

2. Mr. Chu Kwok Fun holds 100% of the isued share capital of Platinum Lotus Holdings

Directors’ Report

董事会报告

Notes:

1. Based on the total number of 2,000,000,000 Shares in isue as at 31 March 2025.

2. Ms. Dai Wing Yi Marjor is the spouse of Mr. Chu Kwok Fun and therefore is demed

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report