于百慕达注册成立之有限公司

Incorporated in Bermuda with limited liability

（股份代号 Stock Code：163）

ANUAL REPORT

年报

2024/2025

Corporate Information and Key Dates

公司资料及重要日期

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Corporate Information and Key Dates

公司资料及重要日期

As at 27 June 2025

Directors

Luk Siu Man, Semon* (Chairperson)

Yeung Ching Long, Alexander (Vice Chairman)

Fan Man Seung, Vanesa (Managing Director)

Chu Kar Wing

Pon Yan Wai

Kwan Shin Luen, Susana

* Non-executive Director

Independent Non-executive Directors

Company Secretary

Fung Pui Ling

Audit Comite

Pon Yan Wai (Chairman)

Chu Kar Wing

Kwan Shin Luen, Susana

Remuneration Comite

Chu Kar Wing (Chairman)

Yeung Ching Long, Alexander

Kwan Shin Luen, Susana

Nomination Comite

Kwan Shin Luen, Susana (Chairperson)

Pon Yan Wai

Yeung Ching Long, Alexander

Corporate Governance Comite

Fan Man Seung, Vanesa (Chairperson)

Pon Yan Wai

Kwan Shin Luen, Susana

a representative from company secretarial function

a representative from finance and acounts function

Executive Comite

Yeung Ching Long, Alexander (Chairman)

Fan Man Seung, Vanesa

Auditor

Deloite Touche Tohmatsu

Certified Public Acountants

Registered Public Interest Entity Auditor

35/F One Pacific Place

88 Quensway

Hong Kong

Investor Relations Contact

Luk Man Ching, Ana

Email: ir163@EmperorGroup.com

于

年

月

日

董事

陆小曼

（主席）

杨政龙（副主席）

范敏嫦（董事总经理）

朱嘉荣

潘仁伟

关倩鸾

非执行董事

独立非执行董事

公司秘书

冯佩玲

审核委员会

潘仁伟（主席）

朱嘉荣

关倩鸾

薪酬委员会

朱嘉荣（主席）

杨政龙

关倩鸾

提名委员会

关倩鸾（主席）

潘仁伟

杨政龙

企业管治委员会

范敏嫦（主席）

潘仁伟

关倩鸾

一名公司秘书职能之代表

一名财务及会计职能之代表

执行委员会

杨政龙（主席）

范敏嫦

核数师

德勤

•

关黄陈方会计师行

执业会计师

注册公众利益实体核数师

香港

金钟道

号

太古广场一座

楼

投资者关系联系资讯

陆文静

电邮：

ir163@EmperorGroup.com

Corporate Information and Key Dates

公司资料及重要日期

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

网站

htps:/w.EmperorInt.com

股份代号

香港联合交易所：

注册办事处

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

总办事处及主要营业地点

香港湾仔

轩尼诗道

号

英皇集团中心

楼

过户登记处（百慕达）

Conyers Corporate Services (Bermuda) Limited

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

过户登记处（香港）

卓佳证券登记有限公司

香港

夏悫道

号

远东金融中心

楼

主要往来银行

中国银行（香港）有限公司

中国银行股份有限公司澳门分行

交通银行（香港）有限公司

交通银行股份有限公司香港分行

中国建设银行（亚洲）股份有限公司

恒生银行有限公司

恒生银行有限公司澳门分行

中国工商银行股份有限公司

中国工商银行（亚洲）有限公司

东亚银行有限公司

香港上海汇丰银行有限公司

华侨银行（香港）有限公司

重要日期

年度业绩公告

2025

年

月

日

股东周年大会

2025

年

月

日

—

递交过户文件

2025

年

月

日

最后限期

（下午

时

分前）

—

记录日期

2025

年

月

日

Website

htps:/w.EmperorInt.com

Stock Code

Hong Kong Stock Exchange: 163

Registered Ofice

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

Head Ofice and Principal Place of Busines

28th Flor, Emperor Group Centre

288 Henesy Road

Wanchai, Hong Kong

Registrar (in Bermuda)

Conyers Corporate Services (Bermuda) Limited

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

Registrar (in Hong Kong)

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

Principal Bankers

Bank of China (Hong Kong) Limited

Bank of China Limited, Macau Branch

Bank of Comunications (Hong Kong) Limited

Bank of Comunications Co., Limited, HK Branch

China Construction Bank (Asia) Corporation Limited

Hang Seng Bank Limited

Hang Seng Bank Limited, Macau Branch

Industrial and Comercial Bank of China Limited

Industrial and Comercial Bank of China (Asia) Limited

The Bank of East Asia, Limited

The Hongkong and Shanghai Banking Corporation Limited

OCBC Bank (Hong Kong) Limited

Key Dates

Anual Results Anouncement 27 June 2025

Anual General Meting 15 August 2025

—

Latest Time to Lodge Transfers 11 August 2025

(before 4:30 p.m.)

—

Record Date 11 August 2025

For the year ended 31 March 3 31
	截至月 2025 HK$’000	日止年度 2024 HK$’000
	千港元	千港元 (Restated)
持续经营业务		（经重列）
Total revenue	1,375,878	972,553
总收入 Property development	641,186	141,773
物业发展 Property investment	734,692	830,780
物业投资

EBITDA1 1	454,372	558,515
息税折旧及摊销前利润

Basic (loss) per share	HK$(0.50)	HK$(0.57)
每股基本（亏损）	港元	港元

Results Sumary

业绩概要

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Results Sumary

业绩概要

The board of directors (“Board” or “Directors”) of Emperor

International Holdings Limited (“Company”) presents

the audited consolidated results of the Company and its

subsidiaries (colectively refered to as “Group”) for the year

ended 31 March 2025 (“Year”).

物业投资

Fair value (los) on investment properties

投资物业公允价值（亏损）

(1,540,936)(1,298,022)

息税折旧及摊销前利润

(Los) atributable to owners of the Company

本公司拥有人应占（亏损）

(2,320,872)(2,091,408)

每股基本（亏损）港元港元

Profit from continuing operations before finance costs, tax,

depreciation, fair value changes and impairment los

英皇国际集团有限公司（「本公司」）董事会（「董

事会」或「董事」）提呈本公司及其附属公司（统称

「本集团」）截至

年

月

日止年度（「本年

度」）之经审核综合业绩。

未计

财务费用、税项、折旧、公允价值变动及减值

亏损前之持续经营业务之溢利

Management Discusion and Analysis

管理层讨论及分析

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Management Discusion and Analysis

管理层讨论及分析

RESULTS

During the Year, the Group’s total revenue from continuing

operations increased to HK$1,375.9 milion (2024: HK$972.6

milion). Revenue from sales of property developments

increased significantly, by 352.2% to HK$641.2 milion (2024:

HK$141.8 milion), and was mainly contributed by the income

from sales of Central 8 and SouthSky. Rental income was

HK$734.7 milion (2024: HK$830.8 milion).

Due to a fair value los on investment properties, the Group

recorded a los atributable to the owners of the Company

from the continuing operations of HK$2,320.9 milion (2024:

HK$2,091.4 milion). Combining a los from discontinued

operation, the Group recorded a los atributable to the

owners of the Company of HK$4,743.2 milion (2024: HK$2,046.7

milion). Basic los from continuing operations was HK$0.50

(2024: HK$0.57) per share.

MARKET REVIEW

The property market in Hong Kong has not yet experienced

a strong recovery during the Year, although the sales of new

residential units regained some momentum due to the positive

efects of the lifting of the property coling measures and

interest rate cuts. The Hong Kong government also continued

pushing the New Capital Investment Entrant Scheme and

various talent admision schemes, driving local housing

demand for talents and their families.

The local retail market was impacted by the changes in the

consumption paterns of inbound visitors as wel as domestic

consumers. Given the strength of the Hong Kong dolar, more

domestic consumers tended to travel and purchase outside

Hong Kong. Although the number of Mainland Chinese visitor

arivals has ben markedly picking up, consumer confidence

generaly remained soft due to various economic uncertainties.

The demand for local comercial lease and ofice units

continued slowing down, leading to high vacancy rates of

comercial buildings.

BUSINES REVIEW

Based in Hong Kong, the Group principaly engages in

property development and property investment busineses.

The Group develops quality residential projects in Hong Kong

to drive earnings visibility, and owns and manages investment

properties in prime locations in Greater China and overseas

that generate solid income.

业绩

于本年度，本集团来自持续经营业务的总收入增加

至

1,375,900,000

港元（

年：

972,600,000

港元）。

物业发展销售收入大幅增加

352.2%

至

641,200,000

港元（

年：

141,800,000

港元），主要由半山捌号

及澄天

的销售收入所贡献。租金收入为

734,700,000

港元（

年：

830,800,000

港元）。

由于投资物业之公允价值亏损，本集团录得

来自持续经营业务之本公司拥有人应占亏损

2,320,900,000

港元（

年：

2,091,400,000

港

元）。连同来自不再持续经营业务之亏损，本集团录

得本公司拥有人应占亏损

4,743,200,000

港元（

年：

2,046,700,000

港元）。来自持续经营业务之每股

基本亏损为

0.50

港元（

年：

0.57

港元）。

市场回顾

尽管在撤销压抑楼市措施及减息的利好影响下，一

手住宅物业销售稍见回暖，惟本年度香港物业市场

尚未出现明显复苏。香港政府亦继续推进「新资本投

资者入境计划」及多项人才入境计划，有助带动来港

人才及其家庭的住房需求。

本地零售市场因入境旅客及本地消费者消费模式转

变而受到影响。由于港元汇价强势，更多本地消费者

倾向于选择外游消费。尽管中国内地访港旅客人数

显著回升，但受多项经济不明朗因素影响，消费信

心整体维持疲弱。本地商业租赁及写字楼需求持续

放缓，导致商业楼宇空置率高企。

业务回顾

本集团总部位于香港，主要从事物业发展及物业投

资业务。本集团于香港发展优质住宅项目以提高盈

利能力，并于大中华区及海外的黄金地段拥有及管

理投资物业以产生稳定收入。

Management Discusion and Analysis

管理层讨论及分析

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

物业销售

本集团坚守一贯的策略，专注于提供豪华综合大厦

以及低层独立洋房等优质住宅物业。藉著本年度减

息带来的利好投资气氛，本集团加快推售其住宅物

业－

One Jardine’s Lokout

ﾠ全部单位均已订

立销售合约。

发展中项目－已完成预售

One Jardine’s Lokout

ﾠ为一幢位于跑马地的

层高住宅大楼，提供

个单位，项目实用面积约

47,400

平方呎。其位处香港岛传统豪宅地段，方便

来往铜锣湾和湾仔等主要购物及商业区，并邻近香

港赛马会、香港养和医院及香港大球场等主要设施。

其于

年

月以预售形式推出市场。在减息的催

化下，预售的市场反应非常热烈，并录得超额认购。

透过两轮连续的预售展销会，所有可供预售的单位

均于数小时内签约。于本年度，所有单位均已签订

销售合约，合约总额达约

950,900,000

港元。所有单

位预计于

年

月底前完成交付，相关销售收益

将于下一财政年度上半年入账。

Property Sales

The Group pursues a strategy of providing quality residential

properties including luxury composite buildings and low-rise

detached houses. Riding on the positive investment sentiment

arising from the interest rate cuts during the Year, the Group

acelerated the sale of its residential properties – al units of

One Jardine’s Lokout were contracted.

Project under development – Pre-sale completed

One Jardine’s Lokout is a 27-storey residential tower in

Hapy Valey, ofering 123 units with a project saleable area of

aproximately 47,400 square fet. Situated in a traditional luxury

residential location on Hong Kong Island, it ofers easy aces

to major shoping and busines districts such as Causeway

Bay and Wanchai, and is in close proximity to major facilities

such as the Hong Kong Jockey Club, Hong Kong Sanatorium

& Hospital and Hong Kong Stadium. It was launched to the

market by means of pre-sale in September 2024. Catalysed

by interest rate cuts, the pre-sale received an overwhelming

market response and recorded over-subscription. Al units

available for pre-sale were contracted within several hours

through two consecutive pre-sale exhibitions. During the

Year, al units were contracted, with a contract sum totaling

aproximately HK$950.9 milion achieved. The handover of al

units is expected to be completed by the end of September

2025, and the relevant sales proceds wil be recognised in

the first half of the next financial year.

One Jardine’s Lokout

Management Discusion and Analysis

管理层讨论及分析

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

现楼可供发售之项目

澄天ﾠ为一幢楼高

层的住宅及零售大楼，提供

个单位，项目实用面积约

38,800

平方呎。其位于香港

仔中心地带，乘坐各种公共交通均方便抵达，且位处

粤港澳大湾区一小时生活圈内。于本年度，共

个单

位已完成交付，并入账销售收益

473,100,000

港元。

另有

个单位合共

182,700,000

港元已签订销售合

约，有关销售收益将于下一个财政年度入账。

Projects curently available for sale

SouthSky is a 23-storey residential and retail building, ofering

110 units with a project saleable area of aproximately

38,800 square fet. Located in Aberden town centre, it is

conveniently acesed by a variety of public transport and

is within the one-hour living circle of the Greater Bay Area

covering Guangdong-Hong Kong and Macau. During the

Year, 75 units were handed over, with HK$473.1 milion of sales

proceds recognised. Another 33 units totaling HK$182.7

milion have ben contracted and the relevant sales proceds

wil be recognised in the next financial year.

SouthSky

澄天

位于半山之半山捌号ﾠ为楼高

层（包括地下低层）

的精品住宅大楼，提供

个单位。截至

年

月

日，累计

个单位已完成交付，其中

个单位于本年

度完成交付并入账销售收益

164,600,000

港元。另有

个单位合共

19,400,000

港元已签订销售合约，有关

销售收益将于下一个财政年度入账。

Located in Mid-Levels, Central 8 is a 29-storey (including lower

ground flor) boutique residential tower ofering 99 units. As at

31 March 2025, an acumulated total of 95 units had ben

handed over, including 28 units which were handed over with

HK$164.6 milion of sales proceds recognised during the Year.

Another 3 units totaling HK$19.4 milion have ben contracted

and the relevant sales proceds wil be recognised in the next

financial year.

Management Discusion and Analysis

管理层讨论及分析

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

No. 15 Shouson, located in Southern District, Hong Kong

Island, is a signature luxury residential project boasting a

project saleable area of aproximately 97,100 square fet.

The site is near Aberden Tunel and a network of prestigious

schols, ofering 15 low-density luxury vilas and complemented

by comprehensive auxiliary facilities. The Group owns a 50%

stake in this project. As at 31 March 2025, an acumulated

total of 7 houses had ben handed over, 5 of which were

handed over during the Year. As at the date of this anual

report, 8 remaining houses are available for sale.

位于港岛南区的寿臣山

号ﾠ为标志性豪宅项目，

项目实用面积约

97,100

平方呎。该地块邻近香港仔

隧道以及名校网络，提供

幢低密度豪华洋房，并

备有完善配套设施。本集团拥有该项目

50%

股份。

截至

年

月

日，累计

幢洋房已完成交付，其

中

幢于本年度完成交付。于本年报日期，余下

幢

洋房可供出售。

Seaside Castle is a residential project in Tai Lam, Tuen Mun,

which comprises 8 luxurious detached houses with sea views,

encompasing a project saleable area of aproximately

32,000 square fet. As at 31 March 2025, an acumulated total

of 4 houses had ben handed over, including 1 house which

was handed over during the Year. Another 3 houses totaling

HK$165.8 milion have ben contracted and the relevant sales

proceds wil be recognised in the next financial year.

Project under development

The former buildings at Nos. 24-30 Bonham Road, Mid-levels,

have ben demolished, and the site wil be redeveloped into

a 27-storey residential complex with a project saleable area

of aproximately 91,000 square fet. It is just a 5-minute walk

away from Sai Ying Pun MTR station. The redevelopment is

scheduled for completion in 2026 or thereafter.

畔海ﾠ为位于屯门大榄之住宅项目，其包括

幢独立

海景豪华洋房，项目实用面积约

32,000

平方呎。截至

年

月

日，累计

幢洋房已完成交付，其中

幢

于本年度完成交付。另有

幢洋房合共

165,800,000

港元已签订销售合约，有关销售收益将于下一个财

政年度入账。

发展中项目

过去位于半山般咸道

24–30

号ﾠ之大楼已被拆除，

并将重建为一幢楼高

层的住宅大楼，项目实用面

积约

91,000

平方呎。从其步行至港铁西营盘站仅

分钟路程。该重建项目计划于

年或之后完工。

No. 15 Shouson

寿臣山

号

Management Discusion and Analysis

管理层讨论及分析

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

租金收入

本集团之投资物业组合主要为处于优越位置的商业

大厦及优质零售地舖，总楼面积合共逾

2,400,000

平方呎，分布于香港、中国内地、澳门及伦敦，形成一

个地域分布均衡之物业组合。此举可使本集团之租

金收入来源多元化，并可减低市场波动造成的影响。

香港

于

年

月

日，本集团于香港的投资物业的出

租率超过

90%

。

本集团持有多个优质办公、商业及工业大楼，特别是

位于湾仔的英皇集团中心ﾠ、中国华融大厦及广发大

厦；位于中环的英皇商业中心；位于上环的英皇荷里

活中心ﾠ。本集团亦从多个位于受欢迎的住宅及购物

地区之零售商舖产生租金收入，特别是位于浅水湾

的

the pulse

及铜锣湾罗素街的多间地舖，以及位

于尖沙咀弥敦道、海防道及汉口道的地舖。

于本年度，本集团完成多项出售，涵盖位于香港的商

业单位、零售舖位、住宅单位、工业单位及工业大厦，

总代价为约

1,242,400,000

港元。该等出售所得款项

净额有效强化本集团的财务状况。

Rental Income

The Group’s investment properties portfolio primarily focuses

on comercial buildings and quality stret-level retail spaces

in prominent locations, with an agregate gros flor area of

over 2,400,000 square fet, spaning Hong Kong, Mainland

China, Macau and London, resulting in a geographicaly

balanced property portfolio. By achieving this balance, the

Group can diversify its rental income streams and minimise

impacts due to market volatility.

Hong Kong

As at 31 March 2025, the ocupancy rate of the Group’s

investment properties in Hong Kong was over 90%.

The Group owns many premium ofices, comercial and

industrial complexes, notably Emperor Group Centre,

China Huarong Tower and GF Tower in Wanchai; Emperor

Comercial Centre in Central; Emperor Holywod Centre

in Sheung Wan. The Group also generates rental income from

retail spaces in popular residential and shoping districts,

notably the pulse in Repulse Bay and several stret-level shops

on Rusel Stret in Causeway Bay, as wel as on Nathan Road,

Haiphong Road and Hankow Road in Tsim Sha Tsui.

During the Year, the Group completed several disposals

covering comercial units, retail space, residential units,

industrial units and industrial buildings in Hong Kong, at an

agregate consideration of aproximately HK$1,242.4 milion.

The net proceds of these disposals enhanced the Group’s

financial position.

the pulse

Management Discusion and Analysis

管理层讨论及分析

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

于

年

月

日，本公司一间直接全资附属公司

（「卖方」）与英皇钟表珠宝有限公司（香港股份代

号：

）的一间直接全资附属公司订立买卖协议，

以代价

79,800,000

港元出售本公司一间接全资

附属公司（「目标公司」）之全部股权及欠付卖方之贷

款。目标公司间接拥有香港九龙尖沙咀广东道

4-8

号

至

楼物业及广告位。有关决议案于

年

月

日举行之本公司股东特别大会上获通过。是项出售

详情载于本公司日期为

年

月

日的公告、本

公司日期为

年

月

日的通函以及本公司日期

为

年

月

日的投票表决结果公告。是项交易

预计将于

年

月完成。

其他地点

位于中国北京长安东大街的北京英皇集团中心为一

幢楼高

层（不包括三层地库停车场设施）的甲级办

公大楼以及配备豪华电影院的高级大型购物中心，

总楼面积约

1,062,000

平方呎。其能吸引知名办公

室租户、多个国际顶级珠宝、钟表及高优质生活用品

品牌以及来自各个国家的流行特色餐饮租户进驻。

On 28 February 2025, a direct wholy-owned subsidiary of

the Company (“Vendor”) entered into a sale and purchase

agrement with a direct wholy-owned subsidiary of Emperor

Watch & Jewelery Limited (Hong Kong stock code: 887), to

dispose of the entire equity interest in an indirect wholy-owned

subsidiary of the Company (“Target Company”) and the loan

due to the Vendor, at a consideration of HK$79.8 milion. The

Target Company indirectly owns the property located on 2/F

to 4/F and the advertising space of Nos. 4–8 Canton Road,

Tsim Sha Tsui, Kowlon, Hong Kong. The relevant resolution

was pased in the special general meting of the Company

on 16 April 2025. Details of the disposal were set out in the

Company’s anouncement dated 28 February 2025, the

Company’s circular dated 31 March 2025 and the Company’s

pol result anouncement dated 16 April 2025. This transaction

is expected to be completed in August 2025.

Other locations

Located in Chang’an Avenue East, Beijing, China, Emperor

Group Centre Beijing is a 28-storey (excluding thre-storey

basement with parking facilities) Grade-A ofice tower and

premier shoping mal with premium cinema, encompasing

a gros flor area of aproximately 1,062,000 square fet. It

has atracted reputable ofice tenants, multiple international

superior jewelery, watch, and high-quality lifestyle product

brands, as wel as special trendy fod and beverage tenants

from various countries.

With a gros flor area of aproximately 29,600 square fet,

Emperor Nam Van Centre is a multi-storey premium retail

complex at the centre of Macau Peninsula. It has become a

prime shoping location with a blend of shoping and lifestyle

oferings, featuring a fitnes centre, sportswear, cosmetic and

jewelery stores.

位于澳门半岛中心的英皇南湾中心为一幢多层高级

零售购物中心，总楼面积约

29,600

平方呎。其已成

为集购物及生活品味产品于一体的黄金购物热点，

设有健身中心、运动服装、化妆品及珠宝店。

Emperor Group Centre Beijing

北京英皇集团中心

Management Discusion and Analysis

管理层讨论及分析

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

The Group expanded its busines coverage from Greater

China to the United Kingdom. It owns a 7-storey (including

basement) retail and ofice building at Nos. 181-183 Oxford

Stret with a gros flor area of 20,000 square fet; a 9-storey

retail and ofice building at Nos. 25-27 Oxford Stret with a

gros flor area of 19,300 square fet; as wel as Ampersand

Building at Nos. 111-125 Oxford Stret with a gros flor area

of aproximately 112,500 square fet (for retail and ofice

portions only).

Ampersand Building, London

伦敦

Ampersand

大厦

PROSPECTS

Subsequent to the Year, global stock markets plumeted

imediately after the US anounced major import tarifs.

In the face of the uncertainty about the path forward for

global interest rates, investment sentiment is impaired and

potential homebuyers have become cautious. However,

property developers continue regular sales launches of new

residential units by implementing diferent pricing strategies.

Local property transactions surged to a five-month high in

April 2025, acording to the Land Registry. Due to the limited

land suply and fundamental demand for residential units, the

Group wil closely observe the market conditions, and adjust

its timetable for launching development property projects as

apropriate, in order to seize oportunities as they arise.

Loking ahead, the Group expects that both retail and

ofice leasing sectors wil continue to face chalenges. It

wil continue maintaining close dialogues with its tenants, in

order to promptly adjust its strategies in response to changes

in the market situation, aiming to achieve steady busines

performance.

本集团的业务范围已由大中华区扩展至英国。其拥

有一幢位于牛津街

181–183

号ﾠ的

层（包括地库）零

售及办公大楼，总楼面积为

20,000

平方呎；一幢位

于牛津街

25–27

号ﾠ的

层零售及办公大楼，总楼面

积为

19,300

平方呎；以及位于牛津街

111–125

号的

Ampersand

大厦ﾠ，总楼面积约为

112,500

平方

呎（仅作零售及办公用途）。

前景

于本年度后，美国宣布大幅上调进口关税，引发全球

股市急挫。面对全球利率走势不明朗，投资意欲受

挫，潜在买家变得审慎，惟发展商仍透过不同定价策

略维持新盘推售步伐。根据土地注册处数据，

年

月本地物业成交量急升至五个月高位。鉴于土地供

应有限及住屋之刚性需求，本集团将密切监察市况，

适时调整发展项目推盘时间表，以把握市场机遇。

展望未来，本集团预期零售及写字楼租赁业务仍将

面临挑战。本集团将继续与租户保持紧密沟通，因

应市况变化及时调整策略，务求实现业务稳健发展。

Management Discusion and Analysis

管理层讨论及分析

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

财务及其他资料

以实物分派方式宣派特别中期股息

于本年度，本公司以实物分派其于英皇娱乐酒店有

限公司（「英皇娱乐酒店」；香港股份代号：

）股份

的方式（「分派」）宣派特别中期股息。于分派完成后，

英皇娱乐酒店不再为本集团之附属公司。其成为本

集团的同系附属公司，而英皇娱乐酒店的收入将不

再综合计入本集团。

供股及资本架构

于本年度，本公司按于供股记录日期每持有两股

份获发一股供股份之基准，按认购价每股供股

份

0.25

港元向其合资格股东发行

1,838,772,833

股

供股份（总面值：

18,387,728.33

港元）（「供股」）。

每股供股份之净价约为

0.24

港元。供股所得款项

总额约为

459,700,000

港元，而经扣除有关供股的所

有相关开支后，供股所得款项净额约为

456,200,000

港元。本公司拟将供股所得款项净额悉数用于扩充

营运资金及扩展现有物业发展及物业投资业务，以

加强其财务状况，为未来投资机会作好准备。于

年

月

日，供股所得款项净额已根据先前披露之意

向悉数使用。供股详情载于本公司日期为

年

月

日、

年

月

日及

年

月

日的公告以及

本公司日期为

年

月

日的供股章程。

FINANCIAL AND OTHER INFORMATION

Declaration of Special Interim Dividend by way

of Distribution in Specie

During the Year, the Company declared a special interim

dividend by way of distribution in specie of its shares

(“Distribution”) in Emperor Entertainment Hotel Limited

(“Emperor E Hotel”; Hong Kong stock code: 296). Folowing

the completion of the Distribution, Emperor E Hotel ceased to

be a subsidiary of the Group. It became a felow subsidiary of

the Group, and income from Emperor E Hotel wil no longer

be consolidated into the Group.

Rights Isue and Capital Structure

During the Year, the Company isued 1,838,772,833 rights

shares (agregate nominal value: HK$18,387,728.33) to its

qualifying shareholders at a subscription price of HK$0.25

per rights share on the basis of one rights share for every two

shares held on the rights isue record date (“Rights Isue”).

The net price per rights share is aproximately HK$0.24. The

gros proceds from the Rights Isue were aproximately

HK$459.7 milion, and the net proceds from the Rights Isue

after deducting al relevant expenses in relation to the Rights

Isue were aproximately HK$456.2 milion. The Company

intends to fuly utilise the net proceds from the Rights Isue

for enrichment of working capital and expansion of existing

property development and property investment busineses,

with an aim to strengthen its financial position to prepare for

future investment oportunities. As at 31 March 2025, the net

proceds from the Rights Isue has ben fuly utilised acording

to the intentions as previously disclosed. Details of the Rights

Isue were set out in the anouncements of the Company

dated 31 July 2024, 2 August 2024 and 23 September 2024

and the prospectus of the Company dated 30 August 2024.

Management Discusion and Analysis

管理层讨论及分析

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

流动资金及财务资源

于分派及供股完成后，本集团于

年

月

日之

资产净值及每股资产净值分别减至

16,943,000,000

港元（

年：

21,607,900,000

港元）及每股

3.1

港元

（

年：

5.9

港元）。

于

年

月

日，本集团之现金、银行结余及银行

存款减至

639,600,000

港元（

年：

1,494,300,000

港元）。对外借贷（不计应付款项）总额约为

17,233,600,000

港元（

年：

20,213,300,000

港

元）。本集团之净负债比率（即净负债占其资产总值

之比率）为

44.4% (2024

年：

40.2%)

。

于

年

月

日，本集团发行之中期票据尚欠本

金为

79,900,000

港元（

年：

379,800,000

港元），

以港元及美元计值，定息年利率为

4.9%

。

本集团的银行结余及现金以港元、人民币及英镑计

值。由于本集团小部分银行借贷以人民币及英镑计

值，本集团因人民币及英镑的市场波动而引致的外

汇风险不大。本集团密切监查其整体的外汇风险，并

将于必要时采取适当措施缓解货币风险。

Liquidity and Financial Resources

Folowing the completion of Distribution and Rights Isue,

the Group’s net aset value and net aset value per share

decreased to HK$16,943.0 milion (2024: HK$21,607.9 milion)

and HK$3.1 (2024: HK$5.9) per share, respectively, as at 31

March 2025.

As at 31 March 2025, the Group’s cash, bank balances and

bank deposits decreased to HK$639.6 milion (2024: HK$1,494.3

milion). The total external borowings (excluding payables)

was aproximately HK$17,233.6 milion (2024: HK$20,213.3

milion). The Group’s net gearing ratio (measured by net debts

as a percentage to its total aset value) was 44.4% (2024:

40.2%).

As at 31 March 2025, the outstanding principal of the medium-

term notes isued by the Group was HK$79.9 milion (2024:

HK$379.8 milion), which were denominated in Hong Kong

dolars and United States dolars, at a fixed rate of 4.9% per

anum.

The Group’s bank balances and cash were denominated

in Hong Kong dolars, Renminbi (“RMB”) and Pound Sterling

(“Pound”). A smal portion of the Group’s bank borowings

were denominated in RMB and Pound, and the Group’s

foreign exchange risk caused by market fluctuations in RMB

and the Pound was insignificant. The Group closely monitors its

overal foreign exchange exposure and wil adopt apropriate

measures to mitigate curency risks, if necesary.

Emperor Group Centre

英皇集团中心

Management Discusion and Analysis

管理层讨论及分析

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

资产抵押

于

年

月

日，本集团已将账面值

31,185,600,000

港元（

年：

34,549,900,000

港

元）之资产用作为银行融资之抵押。

雇员及薪酬政策

于分派完成后，员工人数于

年

月

日减至

人（

年（经重列）：

人）。本年度之员工成本总

额（包括董事酬金）为

153,500,000

港元（

年（经

重列）：

175,500,000

港元）。各雇员之薪酬乃根据个

人职责、才干及技能、经验及表现以及市场薪酬水平

而厘定。员工福利包括医疗及人寿保险、退休福利及

其他具竞争力之额外福利。

为鼓励或嘉奖员工，本公司已采纳一项购股权计划，

有关详情将载列于本年报之「购股权」一节内。

Asets Pledged

As at 31 March 2025, asets with carying value of HK$31,185.6

milion (2024: HK$34,549.9 milion) were pledged by the Group

as security for banking facilities.

EMPLOYES AND REMUNERATION POLICY

Folowing the completion of Distribution, the number of staf

decreased to 291 (2024 (restated): 322) as at 31 March 2025.

The total staf cost, including Directors’ emoluments, was

HK$153.5 milion (2024 (restated): HK$175.5 milion) during

the Year. Each employe’s remuneration was determined in

acordance with the individual’s responsibility, competence

and skils, experience and performance, as wel as market

pay levels. Staf benefits include medical and life insurance,

retirement benefits and other competitive fringe benefits.

To provide incentives or rewards to staf, the Company has

adopted a share option scheme, particulars of which wil be

provided in the “Share Options” section of this anual report.

Biographies of Directors and Senior Management

董事及高级管理人员之履历

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Biographies of Directors and Senior Management

董事及高级管理人员之履历

Non-executive Director and Chairperson

LUK SIU MAN, SEMON, aged 69, a Non-executive Director

of the Company and the Chairperson of the Board. She

joined the Company in June 1999 and provides leadership

for the Board. Ms. Luk is also a non-executive director and the

chairperson of Emperor Entertainment Hotel Limited (Stock

Code: 296) (“Emperor E Hotel”). She is the mother of Mr. Yeung

Ching Long, Alexander, an Executive Director and the Vice

Chairman of the Board. Ms. Luk worked in the banking industry

for almost 10 years. She graduated from The University of

Toronto with a Bachelor’s Degre in Comerce.

非执行董事兼主席

陆小曼，

岁，为本公司非执行董事及董事会主

席。彼于

年

月加盟本公司并领导董事会。

陆女士现亦为英皇娱乐酒店有限公司（股份代

号：

）（「英皇娱乐酒店」）之非执行董事兼主

席。彼为本公司执行董事兼董事会副主席杨政

龙先生之母亲。陆女士曾于银行业任职近

年。

彼毕业于多伦多大学，持有商业学士学位。

Biographies of Directors and Senior Management

董事及高级管理人员之履历

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

执行董事兼副主席

杨政龙，太平绅士，

岁，于

年加入本集团

并分别于

年

月及

年

月获委任为本

公司执行董事及董事会副主席。彼亦为本公司

执行委员会主席、薪酬委员会和提名委员会成

员及本公司若干附属公司之董事。杨先生一直

投身本集团整体业务之管理。杨先生积极开放

集团发展策略，提升业务视野，部署本集团重大

长远战略发展，发挥多元业务协同效应。杨先生

积极履行及推展企业共享价值带入本集团，而

其青年思维及作风亦推广至本集团上下，凝聚

精英团队。在传承与创新过程中，稳步巩固本集

团基石业务和品质管理，努力探索并迎合年轻

市场品味，开拓新兴业务。彼现时为中国人民政

治协商会议第十四届全国委员会委员及中国人

民政治协商会议第十四届北京市委员会委员。

杨先生担任多个义务公职，彼尤为关注青年事

务发展。彼为中华全国青年联合会委员、北京市

青年联合会副主席及香港青联交流基金主席。

此外，彼亦是文化委员会成员、香港艺术发展局

成员、香港海洋公园公司董事局成员、香港民众

安全服务队高级助理处长（少年事务）及入境事

务处使用服务人士委员会非官方成员。杨先生

为英皇慈善基金之董事会成员，带领英皇集团

上下推动公益事务。彼亦为英皇集团之上市成

员英皇文化产业集团有限公司（股份代号：

）

（「英皇文化产业」）、欧化国际有限公司（股份

代号：

）（「欧化」）及新传企划有限公司（股

份代号：

）（「新传企划」）之执行董事及董

事会主席及英皇娱乐酒店之执行董事及董事会

副主席。彼为本公司非执行董事兼主席陆小曼

女士的儿子。

Executive Director and Vice Chairman

YEUNG CHING LONG, ALEXANDER, JP, aged 39, joined

the Group in 2009 and was apointed as Executive Director

of the Company and Vice Chairman of the Board in May

2018 and May 2022 respectively. He is also the Chairman of

the Executive Comite, a member of the Remuneration

Comite and the Nomination Comite of the Company

as wel as a director of certain subsidiaries of the Company.

Mr. Yeung has ben involved in the management of the

overal busines of the Group. He is tasked to sharpen the

Group’s vision with an open aproach and guide the Group’s

major long-term strategic development so as to achieve

synergies among its busineses. Further, with his young and

dynamic perspectives, Mr. Yeung has played an active role

in promoting shared corporate values within the Group,

thereby bringing together an elite team to the new heights.

In the pursuit of inovation while maintaining the Group’s

competitive edge, he has strengthened the Group’s core

busineses and management proposition and strives to explore

and cater to the neds of younger customers, and develop

new and emerging busineses. He is curently a member

of the 14th National Comite of the Chinese People’s

Political Consultative Conference (“CPC”) and a member

of the 14th Beijing Municipal Comite of the CPC. Mr.

Yeung holds numerous voluntary public service positions,

with a particular focus on youth development. He serves as

a comite member of Al-China Youth Federation, vice

chairman of Beijing Youth Federation and chairman of Hong

Kong United Youth Exchange Foundation. Aditionaly, he is

a member of Culture Comision, a member of Hong Kong

Arts Development Council, a board member of Hong Kong

Ocean Park Corporation, Senior Ast. Comisioner (Youth)

of Civil Aid Service of Hong Kong and non-oficial member of

Imigration Department User’s Comite. Mr. Yeung is also

a board member of Emperor Foundation, where he leads

Emperor Group in promoting charitable activities. He is also an

executive director and the chairman of the boards of Emperor

Culture Group Limited (Stock Code: 491) (“Emperor Culture”),

Ulferts International Limited (Stock Code: 1711) (“Ulferts”) and

New Media Lab Limited (Stock Code: 1284) (“New Media

Lab”) and an executive director and the vice chairman of

the board of Emperor E Hotel, al being listed members of

Emperor Group. He is the son of Ms. Luk Siu Man, Semon, a

Non-executive Director and the Chairperson of the Company.

Biographies of Directors and Senior Management

董事及高级管理人员之履历

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

执行董事兼董事总经理

范敏嫦，

岁，为本公司董事总经理。彼于

年加盟本公司，负责本集团之策略规划、业务增

长及发展，以及监察本集团内之不同功能。范女

士亦为本公司企业管治委员会主席及执行委员

会成员以及本公司若干附属公司之董事。彼拥

有逾

年之企业管理经验，涵盖多元化业务，包

括物业投资及发展、酒店营运、钟表珠宝零售、

金融证券服务、家私批发及零售、戏院发展及营

运以至娱乐制作及投资、艺人管理以及传媒与

出版业务。范女士现为英皇娱乐酒店、英皇钟表

珠宝有限公司（股份代号：

）（「英皇钟表珠

宝」）、英皇资本集团有限公司（股份代号：

）

（「英皇资本」）、英皇文化产业、欧化及新传企

划之董事，该等公司为英皇集团之上市成员。彼

具备香港专业律师资格及为合资格会计师，并

持有工商管理硕士学位。

独立非执行董事

朱嘉荣，

岁，于

年

月获委任为本公司独

立非执行董事。彼为本公司薪酬委员会主席以

及审核委员会成员。彼由

年

月至

年

月为英皇资本之独立非执行董事。彼于多家知

名企业取得银行及金融业方面之广博经验。此

外，彼现任捷旅集团有限公司董事及伙伴教育

基金会长。朱先生持有社会科学士学位，主

修经济学。

潘仁伟，

岁，于

年

月获委任为本公司

独立非执行董事。彼为本公司审核委员会主席

以及提名委员会和企业管治委员会成员。彼目

前担任一间香港上市公司之财务总监、公司秘

书及授权代表以及龙资源有限公司（股份代号：

）之独立非执行董事。潘先生由

年

月至

年

月为英皇资本之独立非执行董

事。彼于审核及会计领域拥有逾

年经验。潘先

生持有香港理工大学会计学士学位及企业融

资硕士学位。彼为香港会计师公会资深会员。

Executive Director and Managing Director

FAN MAN SEUNG, VANESA, aged 62, the Managing Director

of the Company. She joined the Company in 1990 and has

ben responsible for the Group’s strategic planing, busines

growth and development as wel as overseing diferent

functions within the Group. Ms. Fan is also the Chairperson of

the Corporate Governance Comite and a member of the

Executive Comite of the Company as wel as a director of

certain subsidiaries of the Company. She has over 35 years of

corporate management experience in diversified busineses

ranging from property investment and development, hotel

and hospitality, retailing of watch and jewelery, financial

and securities services, wholesaling and retailing of furniture,

cinema development and operation to entertainment

production and investment, artiste management, as wel

as media and publication. Ms. Fan is curently a director of

Emperor E Hotel, Emperor Watch & Jewelery Limited (Stock

Code: 887) (“Emperor W&J”), Emperor Capital Group Limited

(Stock Code: 717) (“Emperor Capital”), Emperor Culture, Ulferts

and New Media Lab, al being listed members of Emperor

Group. She is a lawyer by profesion in Hong Kong and a

qualified acountant, and holds a Master’s Degre in Busines

Administration.

Independent Non-executive Directors

CHU KAR WING, aged 68, was apointed as Independent

Non-executive Director of the Company in August 2021. He

is the Chairman of the Remuneration Comite as wel

as a member of the Audit Comite of the Company.

He was an independent non-executive director of Emperor

Capital from May 2010 to February 2022. He has extensive

experience in the banking and finance sector for several

wel-known corporations. Moreover, he is now the director of

Jetour Holding Limited and president of Partners Education

Foundation. Mr. Chu holds a Bachelor’s Degre of Social

Sciences majoring in Economics.

PON YAN WAI, aged 55, was apointed as Independent

Non-executive Director of the Company in August 2022. He is

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

the Nomination Comite and the Corporate Governance

Comite of the Company. He is now the financial controler,

company secretary and an authorized representative of

a Hong Kong listed company and an independent non-

executive director of Dragon Mining Limited (Stock Code:

1712). Mr. Pon was an independent non-executive director

of Emperor Capital from January 2014 to February 2023. He

has over 20 years of experience in auditing and acounting

field. Mr. Pon holds a Bachelor’s Degre in Acountancy and

a Master’s Degre in Corporate Finance from the Hong Kong

Polytechnic University. He is a felow member of The Hong Kong

Institute of Certified Public Acountants.

Biographies of Directors and Senior Management

董事及高级管理人员之履历

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

关倩鸾，

岁，于

年

月获委任为本公司独

立非执行董事。彼为本公司提名委员会主席以

及审核委员会、薪酬委员会和企业管治委员会

成员。关女士现为

Hypebeast Limited

（股份

代号：

）之独立非执行董事。彼由

年

月

至

年

月为英皇娱乐酒店之独立非执行董

事。彼在香港拥有逾

年专注于企业╱商业及

企业融资事务之法律执业经验，范畴包括并购、

规管事务、公开发售、证券之私人配售及公开发

售、合营企业及证券相关合规事务。关女士现专

任为企业融资及法律监察律师。彼毕业於伦敦

经济学院（伦敦）。

KWAN SHIN LUEN, SUSANA, aged 57, was apointed

as Independent Non-executive Director of the Company

in August 2024. She is the Chairperson of the Nomination

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

Remuneration Comite and the Corporate Governance

Comite of the Company. Ms. Kwan is curently an

independent non-executive director of Hypebeast Limited

(Stock Code: 150). She was an independent non-executive

director of Emperor E Hotel from August 2015 to August 2024.

She has a legal practice focusing on corporate/comercial

and corporate finance maters in Hong Kong for more than 20

years, including mergers & acquisitions, regulatory compliance,

public oferings, private placement of securities and open

ofers, joint ventures and securities related compliance. Ms.

Kwan practices and specializes as a corporate finance and

legal and compliance lawyer. She graduated from the London

Schol of Economics (London).

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Directors’ Report

董事会报告

The Directors present their report and the audited consolidated

financial statements of the Group for the Year.

Principal Activities

The Company is an investment holding company. The

activities of its principal subsidiaries are set out in note 47 to

the consolidated financial statements of this anual report.

Results and Dividends

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

consolidated statement of profit or los, the consolidated

statement of profit or los and other comprehensive income

on pages 69 and 70 of this anual report. The dividends paid

during the Year are set out in note 13 to the consolidated

financial statements of this anual report.

A special interim dividend by way of distribution in species of

851,353,645 shares in Emperor E Hotel was paid to the qualifying

shareholders of the Company (“Qualifying Shareholders”) on

a pro-rata basis of 463 Emperor E Hotel shares for every 2,000

shares of the Company held by the Qualifying Shareholders

during the Year.

The Board does not recomend any payment of a final

dividend for the Year (2024: HK$0.003 per share).

Busines Review and Performance

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

of the Group’s performance during the Year, important event

after the reporting period and an analysis of the likely future

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

Management Discusion and Analysis from pages 5 to 14

of this anual report. Description of the principal risks and

uncertainties facing the Group are set out in the Corporate

Governance Report from pages 37 to 64 and notes 39 and 40

to the consolidated financial statements of this anual report

respectively.

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

the Year using financial key performance indicators is

provided in the Five-year Financial Sumary on page 194 of

this anual report. Discusion on the Group’s environmental

policies and performance, key relationships with the Group’s

key stakeholders as wel as compliance with relevant laws

and regulations which have a significant impact on the

Company are set out in the 2024/2025 Environmental, Social

and Governance Report of the Company.

董事提呈本集团于本年度之报告及经审核综合

财务报表。

主要业务

本公司为一间投资控股公司，其主要附属公司

之业务载于本年报之综合财务报表附注

。

业绩及股息

本集团于本年度之业绩载于本年报第

及第

页之综合损益表、综合损益及其他全面收益

表。本年度内已派付之股息载于本年报之综合

财务报表附注

内。

本年度内向本公司合资格股东（「合资格股东」）

以实物分派

851,353,645

股英皇娱乐酒店股份

的方式宣派特别中期股息，合资格股东按比例

每持有

2,000

股本公司股份获发

股英皇娱

乐酒店股份。

董事会不建议就本年度派付任何末期股息

（

年：每股

0.003

港元）。

业务回顾及表现

于本年度内本集团业务之中肯回顾、本集团表

现之讨论与分析、报告期后发生之重大事件及

本集团业务之可能未来发展分析乃载于本年报

第

至

页之管理层讨论及分析。本集团面临之

主要风险及不明朗因素详情乃分别列载于本年

报第

至

页之企业管治报告及综合财务报

表附注

及

。

此外，使用财务关键表现指标对本集团本年度

业绩的分析载于本年报第

页的五年财务

概要。有关本集团环保政策及表现、与本集团

主要持份者之重要关系及遵守对本公司有重

大影响的相关法律及规例之讨论载于本公司

2024/2025

年环境、社会及管治报告。

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

五年财务概要

本集团过去五个财政年度之业绩及资产与负债

概要载于本年报第

页。

股本

本公司于本年度之股本变动详情载于本年报之

综合财务报表附注

。

储备

本集团于本年度之储备变动详情载于本年报第

及第

页之综合权益变动表。

可供分派储备

于

年

月

日，本公司根据百慕达

年

公司法规定计算之可供分派予本公司股东（「股

东」）之储备共为

3,954,144,000

港元（

年：

4,222,448,000

港元）。此外，本公司股份溢价

账

5,001,106,000

港元可以缴足红股方式予以分

派。

慈善捐赠

于本年度，本集团作出慈善捐款约为

100,000

港

元。

购回、出售或赎回本公司上市证券

于本年度，本公司或其任何附属公司概无购回、

出售或赎回任何本公司上市证券。

优先购买权

本公司之公司细则或百慕达法例概无关于本公

司须按比例向现有股东发售新股份之优先购买

权规定。

股票挂钩协议

除下文所述本公司于

年

月

日采纳之购

股权计划（「购股权计划」）外，本公司并无于本

年度内订立或于本年度末存续任何股票挂钩协

议。

Five-year Financial Sumary

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

for the last five financial years is set out on page 194 of this

anual report.

Share Capital

Details of movements in the share capital of the Company

during the Year are set out in note 36 to the consolidated

financial statements of this anual report.

Reserves

Details of movements in the reserves of the Group during the

Year are set out in the consolidated statement of changes in

equity on pages 73 and 74 of this anual report.

Distributable Reserves

As at 31 March 2025, the Company’s reserves available

for distribution to the shareholders of the Company

(“Shareholders”), calculated in acordance with the

provisions of the Bermuda Companies Act 1981, amounting

to HK$3,954,144,000 (2024: HK$4,222,448,000). In adition,

the Company’s share premium acount in the amount of

HK$5,001,106,000 may be distributed in the form of fuly paid

bonus shares.

Charitable Donations

During the Year, the Group made charitable donations

amounting to aproximately HK$100,000.

Purchase, Sale or Redemption of the

Company’s Listed Securities

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

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

securities.

Pre-emptive Rights

There are no provisions for pre-emptive rights under the

Company’s Bye-laws, or the laws of Bermuda, which would

oblige the Company to ofer new shares on a pro-rata basis

to existing Shareholders.

Equity-linked Agrements

Other than the share option scheme of the Company adopted

on 19 September 2023 (“Share Option Scheme”) as stated

below, no equity-linked agrement was entered into by the

Company during the Year or subsisted at the end of the Year.

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

投资物业

于本年度内，本集团以约

3,356,000

港元之成本

收购投资物业及动用约

522,000

港元之成本于

发展中投资物业上。

于

年

月

日，本集团按公开市值基准重

估名下全部投资物业。约

1,804,033,000

港元

之公允价值之减少已于本年报之综合损益表确

认。

有关本集团投资物业之变动详情载于本年报之

综合财务报表附注

。

本集团于

年

月

日之主要物业之概述载

于本年报第

至第

页。

物业、机器及设备

于本年度内，本集团以约

5,732,000

港元之成本

购入物业、机器及设备。

有关本集团物业、机器及设备之变动详情载于

本年报之综合财务报表附注

。

主要客户及供应商

于本年度，本集团首五大客户应占收入合占本

集团总收入之

17%

。最大客户占本集团总收入

之

。

于本年度，本集团首五大供应商应占采购货品

及聘用服务金额合占本集团采购货品及聘用服

务总额之

68%

。最大供应商占本集团采购货品

及聘用服务总额之

。

概无董事、彼等之紧密联系人或据董事所知拥

有本公司已发行股份

以上之股东实益拥有

上述本集团任何一位主要客户或供应商之股本

权益。

Investment Properties

During the Year, the Group acquired investment properties

at a cost of aproximately HK$3,356,000 and incured costs

of aproximately HK$522,000 on investment properties under

development.

As at 31 March 2025, the Group revalued al of its investment

properties on an open market value basis. The decrease in fair

value amounting to aproximately HK$1,804,033,000 has ben

recognised in the consolidated statement of profit or los of

this anual report.

Details of changes in the investment properties of the Group

are set out in note 15 to the consolidated financial statements

of this anual report.

A sumary of major properties of the Group as at 31 March

2025 is set out from pages 195 to 200 of this anual report.

Property, Plant and Equipment

During the Year, the Group acquired property, plant and

equipment at a cost of aproximately HK$5,732,000.

Details of changes in the property, plant and equipment of

the Group are set out in note 16 to the consolidated financial

statements of this anual report.

Major Customers and Supliers

During the Year, the agregate amount of revenue atributable

to the Group’s five largest customers represented 17% of the

Group’s total revenue. The largest customer acounted for 5%

to the Group’s total revenue.

During the Year, the agregate amount of purchases and

services received atributable to the Group’s five largest

supliers represented 68% of the Group’s total purchases and

services received. The largest suplier acounted for 9% to the

Group’s total purchases and services received.

None of the Directors, their close asociates or the Shareholders

(who to the knowledge of the Directors own more than 5% of

the Company’s isued shares) had a beneficial interest in the

share capital of any of the above major customers or supliers

of the Group.

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

董事

于本年度内及直至本年报日期止之董事如下：

非执行董事：

陆小曼女士（主席）

张炳强先生（于

年

月

日退休）

执行董事：

杨政龙先生（副主席）

范敏嫦女士（董事总经理）

黄志辉先生（于

年

月

日退休）

独立非执行董事：

朱嘉荣先生

潘仁伟先生

关倩鸾女士（于

年

月

日获委任）

陈汉标先生（于

年

月

日退任）

于本年报日期董事及高级管理人员之履历详情

载于本年报第

至第

页。董事薪酬详情载于

本年报之综合财务报表附注

。

根据本公司之公司细则第

84(1)

条及第

84(2)

条，陆小曼女士（「陆女士」）及潘仁伟先生（「潘

先生」）将于

年

月

日（星期五）举行之本

公司应届股东周年大会（「

年股东周年大

会」）上轮值退任，且符合资格并愿意膺选连任。

概无拟在

年股东周年大会上膺选连任之

董事与本集团订有可于一年内免付赔偿（法定

赔偿除外）而终止之未届满服务合约。

管理合约

于本年度内，除雇佣合约外，并无订立或存有关

乎本集团整体或任何重大部分业务的管理及行

政事宜的合约。

获准许的弥偿条文

于本年度内及截至本年报日期止，就董事及本

集团董事分别可能面对的法律诉讼而产生的潜

在责任及成本，本公司备有获准许的弥偿条文，

该等条文载于本公司之公司细则以及本集团投

购之董事及高级管理人员责任险内。

Directors

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

report were:

Non-executive Directors:

Ms. Luk Siu Man, Semon (Chairperson)

Mr. Cheung Ping Keung (retired on 1 September 2024)

Executive Directors:

Mr. Yeung Ching Long, Alexander (Vice Chairman)

Ms. Fan Man Seung, Vanesa (Managing Director)

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

Independent Non-executive Directors:

Mr. Chu Kar Wing

Mr. Pon Yan Wai

Ms. Kwan Shin Luen, Susana (apointed on 20 August 2024)

Mr. Chan Hon Piu (retired on 20 August 2024)

Biographical details of the Directors and senior management

as at the date of this anual report are set out from pages 15

to 18 of this anual report. Details of Directors’ remuneration

are set out in note 10 to the consolidated financial statements

of this anual report.

In acordance with Bye-laws 84(1) and 84(2) of the Company’s

Bye-laws, Ms. Luk Siu Man, Semon (“Ms. Semon Luk”) and Mr.

Pon Yan Wai (“Mr. Andy Pon”) shal retire by rotation at

the forthcoming anual general meting of the Company to

be held on Friday, 15 August 2025 (“2025 AGM”) and, being

eligible, ofer themselves for re-election thereat.

None of the Directors ofering themselves for re-election at

the 2025 AGM has an unexpired service contract with the

Group which is not determinable by the Group within one

year without payment of compensation (other than statutory

compensation).

Management Contracts

No contracts, other than employment contracts, concerning

the management and administration of the whole or any

substantial part of the Group’s busines were entered into or

existed during the Year.

Permited Indemnity Provisions

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

Company has in force the permited indemnity provisions

which are provided for in the Company’s Bye-laws and in the

directors and oficers liability insurance maintained for the

Group in respect of potential liability and costs asociated with

legal procedings that may be brought against the Directors

and the directors of the Group respectively.

Name of Directors	Capacity/Nature of interests	Number of Shares interested 持有权益之	Approximate % of issued voting Shares 占已发行有投票权 %

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

董事及最高行政人员之证券权益

于

年

月

日，董事及本公司最高行政人员

（「最高行政人员」）于本公司及其相联法团（定

义见证券及期货条例（「证券及期货条例」）第

部）之股份、相关股份及债权证中拥有本公

司根据证券及期货条例第

条备存之登记册

所记录之权益及淡仓，或根据本公司采纳之董

事进行证券交易的标准守则（「英皇国际证券守

则」）须另行知会本公司及香港联合交易所有限

公司（「联交所」）之权益及淡仓如下：

(a)

于本公司之好仓权益

本公司每股面值

0.01

港元之普通股（「股

份」）

附注：

该等股份由英皇国际集团控股有限公司持有，其

为杨受成产业控股有限公司（「杨受成产业控股」）

之全资附属公司。杨受成产业控股由

First Trust

Services AG

（「

First Trust Services

」）持有，而

First Trust Services

为杨受成博士（「杨博士」）创

立之私人酌情信托之受托人，杨博士被视为于上述

股份中拥有权益。鉴于陆女士为杨博士之配偶，故

彼被视为拥有相同股份的权益，而鉴于杨先生为该

等私人酌情信托之合资格受益人之一，彼亦被视为

拥有相同股份的权益。

Directors’ and Chief Executives’ Interests in

Securities

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

the Directors and chief executives of the Company (“Chief

Executives”) in the shares, underlying shares and debentures

of the Company and its asociated corporations (within the

meaning of Part XV of the Securities and Futures Ordinance

(“SFO”) as recorded in the register maintained by the

Company pursuant to Section 352 of the SFO, or as otherwise

notified to the Company and The Stock Exchange of Hong

Kong Limited (“Stock Exchange”) pursuant to the Model

Code for Securities Transactions by Directors adopted by the

Company (“EIHL Securities Code”) were as folows:

(a) Long position interests in the Company

Ordinary shares of the Company of HK$0.01 each

(“Shares”)

董事姓名身份╱权益性质股份数目股份概约

Ms. Semon Luk

陆女士

Interest of spouse

配偶权益

4,121,416,834

(Note)

（附注）

74.71

Mr. Yeung Ching Long,

Alexander (“Mr. Alex Yeung”)

杨政龙先生（「杨先生」）

Eligible beneficiary of a

private discretionary trust

私人酌情信托之合资格受益人

4,121,416,834

(Note)

（附注）

74.71

Ms. Fan Man Seung, Vanesa

(“Ms. Vanesa Fan”)

范敏嫦女士（「范女士」）

Beneficial owner

实益拥有人

15,750,0000.29

Note:

These Shares were held by Emperor International Group Holdings

Limited, a wholy-owned subsidiary of Albert Yeung Holdings Limited

(“AY Holdings”) which was held by First Trust Services AG (“First Trust

Services”), being the truste of a private discretionary trust founded

by Dr. Yeung Sau Shing, Albert (“Dr. Yeung”) who was demed to

have interests in the said Shares. By virtue of being the spouse of Dr.

Yeung, Ms. Semon Luk had demed interests in the same Shares

whereas Mr. Alex Yeung also had demed interests in the same

Shares by virtue of being one of the eligible beneficiaries of such

private discretionary trust.

Name of Directors	Name of associated corporations	Capacity/ Nature of interests	Number of shares interested 持有权益之	Approximate % of issued voting shares 占已发行有投票权 %

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

(b)

于本公司相联法团之好仓权益

普通股

附注：

英皇娱乐酒店、英皇钟表珠宝、英皇文化产业、欧化

及新传企划均为其股份于联交所上市之公司。该等

股份由相关私人酌情信托（亦由杨博士创立）最终

拥有。鉴于陆女士为杨博士之配偶，故彼被视为拥

有相同股份的权益，而鉴于杨先生为该等私人酌情

信托之合资格受益人之一，故彼亦被视为拥有相同

股份的权益。

除上文所披露者外，于

年

月

日，概无

董事或最高行政人员于本公司或其任何相联法

团（定义见证券及期货条例第

部）之任何股

份、相关股份或债权证中拥有任何权益或淡仓。

(b) Long position interests in asociated

corporations of the Company

Ordinary shares

董事姓名相联法团名称身份╱权益性质股份数目股份概约

Ms. Semon LukEmperor E HotelInterest of spouse636,075,04153.52

陆女士英皇娱乐酒店配偶权益

Emperor W&J

‒

Dito

‒

4,298,630,00059.24

英皇钟表珠宝‒

同上

‒

Emperor Culture

‒

Dito

‒

2,371,313,09473.80

英皇文化产业‒

同上

‒

Ulferts

‒

Dito

‒

600,000,00075.00

欧化‒

同上

‒

New Media Lab

‒

Dito

‒

315,000,00052.50

新传企划‒

同上

‒

Mr. Alex Yeung

杨先生

Emperor E Hotel

英皇娱乐酒店

Eligible beneficiary of a private

discretionary trust

私人酌情信托之合资格受益人

636,075,04153.52

Emperor W&J

‒

Dito

‒

4,298,630,00059.24

英皇钟表珠宝‒

同上

‒

Emperor Culture

‒

Dito

‒

2,371,313,09473.80

英皇文化产业‒

同上

‒

Ulferts

‒

Dito

‒

600,000,00075.00

欧化‒

同上

‒

New Media Lab

‒

Dito

‒

315,000,00052.50

新传企划‒

同上

‒

Ms. Vanesa FanEmperor E HotelBeneficial owner2,430,7500.20

范女士英皇娱乐酒店实益拥有人

Note:

Emperor E Hotel, Emperor W&J, Emperor Culture, Ulferts and New

Media Lab are companies with their shares listed on the Stock

Exchange. These shares were ultimately owned by the respective

private discretionary trusts which were also founded by Dr. Yeung.

By virtue of being the spouse of Dr. Yeung, Ms. Semon Luk had

demed interests in the same shares whereas Mr. Alex Yeung also

had demed interests in the same shares by virtue of being one of

the eligible beneficiaries of such private discretionary trusts.

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

Directors nor Chief Executives had any interests or short position

in any shares, underlying shares or debentures of the Company

or any of its asociated corporations (within the meaning of

Part XV of the SFO).

Name of Shareholders	Capacity/Nature of interests	Number of Shares interested 持有权益之	Approximate % of issued voting Shares 占已发行有投票权 %

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

购股权

购股权计划之详情载于本年报综合财务报表附

注

。自采纳购股权计划以来，概无购股权根据

购股权计划授出、获行使、注销或失效。

于本年度开始及本年度末，根据计划授权限额

及服务提供者分项限额可供授出之购股权数目

分别为

367,754,566

份及

183,877,283

份。

购买股份或债权证之安排

除上文所述之购股权计划外，于本年度末及本

年度内任何时间，本公司、其任何控股公司、附

属公司或同系附属公司概无订有任何安排，致

使董事或最高行政人员或彼等之配偶或未满

岁子女可透过收购本公司或任何其他法团的股

份或债权证而获取利益。

其他人士于股份及相关股份之权益

于

年

月

日，就任何董事或最高行政人

员所知，除董事或最高行政人员外，下列人士或

法团于股份或相关股份中拥有或被视为或被当

作拥有记录于按照证券及期货条例第

条须

存置之登记册（「权益登记册」）之权益及淡仓如

下：

于股份之好仓

附注：

该等股份乃上文「董事及最高行政人员之证券权

益」之第

(a)

节所载陆女士及杨先生被视为持有

权益之相同股份。

除上文披露者外，于

年

月

日，董事或最

高行政人员并不知悉任何其他人士或法团（董

事及最高行政人员除外）于任何股份或相关股

份中拥有或被视为或被当作拥有须记入权益登

记册之任何权益或淡仓。

Share Options

Details of the Share Option Scheme are set out in note 37 to

the consolidated financial statements of this anual report. No

option was granted, exercised, canceled or lapsed under the

Share Option Scheme since its adoption.

The number of options available for grant under the scheme

mandate limit and the service provider sublimit were

367,754,566 and 183,877,283 respectively at both the begining

and the end of the Year.

Arangements to Purchase Shares or

Debentures

Other than the Share Option Scheme as stated above, at

the end of the Year and at no time during the Year was

the Company, any of its holding companies, subsidiaries or

felow subsidiaries a party to any arangements to enable the

Directors or Chief Executives or their spouses or children under

18 years of age to acquire benefits by means of the acquisition

of shares in, or debentures of, the Company or any other body

corporate.

Other Persons’ Interests in Shares and

Underlying Shares

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

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

Directors or Chief Executives) who had, or were demed

or taken to have interests or short positions in the Shares or

underlying Shares as recorded in the register required to be

kept under Section 336 of the SFO (“DI Register”) were as

folows:

Long position in the Shares

股东名称╱姓名身份╱权益性质股份数目股份概约

AY HoldingsInterest in a controled corporation4,121,416,83474.71

杨受成产业控股于受控制法团中之权益

First Trust ServicesTruste of a private discretionary trust4,121,416,83474.71

私人酌情信托之受托人

Dr. YeungFounder of a private discretionary trust4,121,416,83474.71

杨博士私人酌情信托之创立人

Note:

These Shares were the same Shares of which Ms. Semon Luk

and Mr. Alex Yeung had demed interests as those set out

under Section (a) of “Directors’ and Chief Executives’ Interests in

Securities” above.

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

or Chief Executives were not aware of any other person or

corporation (other than the Directors and Chief Executives)

who had, or were demed or taken to have, any interests or

short positions in any Shares or underlying Shares as recorded

in the DI Register.

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

董事于竞争业务之权益

本集团主要在大中华及海外从事物业投资及

物业发展。根据联交所证券上市规则（「上市规

则」）之定义，于

年

月

日，以下董事被视

为于其他可与本集团核心业务直接或间接构成

竞争之业务中拥有权益：

陆女士作为一个私人酌情信托创立人杨博

士之配偶，被视为拥有该信托旗下多家亦

从事物业投资及发展的公司之权益。由于

陆女士并无参与本公司之日常营运及管

理，故本集团能够有别于上述被视作竞争

之业务作独立及以公平磋商的原则经营其

业务；

杨先生作为前述信托之合资格受益人之

一，被视为拥有该信托旗下多家亦从事物

业投资及发展的公司的权益。彼同时拥有

从事物业投资的私人公司的股权及董事权

益。鉴于

(a)

彼无法控制本公司及该信托旗

下公司之董事会；及

(b)

本集团投资组合之

规模及覆盖范围，董事认为本集团之利益

已获充分保障；及

范女士拥有从事物业投资的私人公司的股

权及董事权益。鉴于本集团物业投资组合

之规模及覆盖范围，该等已披露之视同竞

争业务不构成重大影响。

Directors’ Interests in Competing Busines

The Group is engaged principaly in property investment and

property development in Greater China and overseas. As at

31 March 2025, the folowing Directors were considered to

have interests in other activities that compete or were likely

to compete, directly or indirectly, with the said core busines

of the Group, al within meaning of the Rules Governing the

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

, being the spouse of Dr. Yeung (founder of

a private discretionary trust), was demed to be interested

in various companies under such trust which were also

engaged in property investment and development. As Ms.

Semon Luk is not involved in the Company’s day-to-day

operations and management, the Group is capable of its

busines independently of and at arm’s length from such

disclosed demed competing busines;

i. Mr. Alex Yeung, being one of the eligible beneficiaries

of the aforesaid trust, was demed to be interested in

various companies under such trust which were also

engaged in property investment and development. He

also had shareholding and directorship interests in private

companies engaged in property investment. Given that

(a) he canot control the boards of the Company and the

companies under such trust; and (b) size and dominance

of the portfolio of the Group, the Directors considered the

Group’s interests are adequately safeguarded; and

i. Ms. Vanesa Fan had shareholding and directorship

interests in private companies engaged in property

investment. In light of the size and dominance of the

property investment portfolio of the Group, such disclosed

demed competing busines is considered imaterial.

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

董事于交易、安排或合约之重大权益

及关连交易

于本年度，本集团曾与本公司关连人士（定义见

上市规则）进行下列关连交易，而若干董事于有

关交易中直接或间接拥有重大权益：

持续关连交易－购买产品及咨询

服务之总协议（「总家私协议」）

日期：

年

月

日

订约方：

(1)

本公司

(2)

欧化

期限：自

年

月

日起至

年

月

日

性质：欧化及其附属公司（统称为「欧化集

团」）于本集团一般业务过程中就项目

或本集团自用目的，向本集团成员

(i)

销

售家私及配套产品；

(i)

销售家私礼券；

及

(i)

提供家私采购咨询服务及有关其

他类别配套服务。

关连关系及

董事之

权益：

本公司及欧化均由杨博士创立之各私

人酌情信托间接控制。因此，根据上市

规则第

14A

章，欧化被视为本公司之关

连人士。陆女士及杨先生分别为控制欧

化的相关私人酌情信托之合资格受益

人之联系人及一位合资格受益人，故彼

等被视作于交易中拥有权益。

公告：

年

月

日

总额：于本年度，根据总家私协议，就购买家私及

获取咨询服务，向欧化集团支付

460,000

港

元。

Directors’ Material Interests in Transactions,

Arangements or Contracts and Conected

Transactions

During the Year, the Group had the folowing conected

transactions with conected persons (as defined in the Listing

Rules) of the Company and certain Directors had material

interests, directly or indirectly, in certain transactions:

Master Agrement on purchase of products

and consultancy services (“Master Furniture

Agrement”)

Date:3 March 2023

Parties:(1) the Company

(2) Ulferts

Term:From 1 April 2023 to 31 March 2026

Nature:Ulferts and its subsidiaries (colectively refered to

as “Ulferts Group”) (i) sel furniture and acesories

products; (i) sel furniture coupons; and (i) provide

furniture procurement consultancy services and

such other types of ancilary services to members

of the Group for projects or for own consumption in

the ordinary course of busines of the Group.

Conected

relationship

and Directors’

interest:

The Company and Ulferts were indirectly

controled by the respective private discretionary

trusts which were both founded by Dr. Yeung.

As such, under Chapter 14A of the Listing Rules,

Ulferts was a demed conected person of the

Company. Ms. Semon Luk and Mr. Alex Yeung

had demed interest in the transactions by virtue

of being respectively an asociate of the eligible

beneficiaries and an eligible beneficiary of the

relevant private discretionary trust controling

Ulferts.

Anouncement:3 March 2023

Agregate

amounts:

During the Year, the amounts of HK$460,000 was paid

to Ulferts Group for the purchase of furniture and

obtaining consultancy services under the Master

Furniture Agrement.

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

持续关连交易

– 2024

年总租赁

协议

日期：

年

月

日

订约方：

(1)

协议一：本公司与英皇钟表珠宝

(2)

协议二：本公司与英皇资本

(3)

协议三：本公司与英皇文化产业

(4)

协议四：本公司与欧化

(5)

协议五：本公司与杨受成产业控

股（为杨博士创立之各私人酌情

信托直接或间接控制之所有公司

（包括彼等各自之联系人）（本集

团、英皇资本、英皇文化产业、英

皇钟表珠宝及欧化以及彼等各自

之附属公司除外）（统称「杨受成

集团」）之代理人）

(6)

协议六（附注）：英皇娱乐酒店与

英皇钟表珠宝

（上述订约对方统称为「英皇集团成

员」，协议一至协议六统称为「

年

总租赁协议」）

期限：

年

月

日至

年

月

日

性质：各

年总租赁协议当中载列规管就

租赁予英皇集团成员若干办公室物业

或其他物业（包括零售商舖、仓库、停

车场、广告牌或招牌）之现有及未来租

赁╱授权交易（「租赁交易」）的框架条

款，并就截至

年、

2026

年及

年

月

日止各财政年度订立总租赁年度

上限（「总租赁年度上限」）。

根据

年总租赁协议，本集团相关

成员与英皇集团任何成员（视情况而

定）可不时就任何租赁交易订立正式租

赁协议（「正式租赁协议」）。各正式租

赁协议之条款应按一般商业条款或按

不逊于独立第三方给予之条款订立。条

款及租金应经公平磋商协定，并应根据

该等物业状况及参考具有相若位置、面

积及许可用途之物业之当时市场租金

厘定。

– 2024

Master Leasing Agrements

Date:23 March 2023

Parties:(1) Agrement 1: the Company and Emperor

W&J

: the Company and Emperor

Capital

: the Company and Emperor

Culture

: the Company and Ulferts

: the Company and AY

Holdings, being the agent acting on behalf

of al companies (including their respective

asociates) directly or indirectly controled by

various private discretionary trusts founded

by Dr. Yeung, other than the Group, Emperor

Capital, Emperor Culture, Emperor W&J,

Ulferts and their respective subsidiaries

(colectively “AY Group”)

: Emperor E Hotel and

Emperor W&J

(the above counter-parties are colectively as

“members of Emperor Group”, Agrement 1 to

Agrement 6 are colectively as “2024 MLAs”)

Term:From 1 April 2024 to 31 March 2027

Nature:Each of 2024 MLAs sets out the framework of the

terms governing al existing and future tenancy/

licensing transaction(s) (“Tenancy Transaction(s)”)

regarding leasing of certain ofice properties or

other properties (including retail shop, warehouses,

carpark spaces, signage or signboard spaces) to

the members of Emperor Group with agregate

tenancy anual caps being set for each of the

financial years ended/ending 31 March 2025, 2026

and 2027 (“Agregate Tenancy Anual Caps”).

Pursuant to the 2024 MLAs, relevant members of

the Group and any member(s) of Emperor Group

(as the case may be) may from time to time

enter into any definitive leasing agrements in

relation to any Tenancy Transactions (“Definitive

Leasing Agrement(s)”). The terms of each of

Definitive Leasing Agrements shal be on normal

comercial terms or on terms which are no les

favorable than terms ofered by independent

third parties. The terms and rental shal be subject

to arm’s length negotiation and be determined

based on the condition of the properties and with

reference to the then prevailing market rents on

property(ies) comparable in location, area and

permited use.

HK$’000
Members of Emperor Group

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

关连关系及董

事之权益：

本公司及英皇集团成员由杨博士创立

之私人酌情信托间接控制。因此，根据

上市规则第

14A

章，英皇集团各成员被

视为本公司之关连人士。陆女士及杨先

生分别为控制英皇集团成员之该等私

人酌情信托合资格受益人之联系人及

一位合资格受益人，故彼等被视为于交

易中拥有权益。

公告：

年

月

日

通函：

年

月

日

独立股东

批准：

年

月

日

总额：于本年度，从英皇集团各有关成员收取

之租赁交易租金收入总额如下：

附注：英皇娱乐酒店自

年

月

日起不

再为本公司之附属公司。

年总租

赁协议项下，英皇娱乐酒店与英皇钟表

珠宝进行之交易于同日起不再为本公

司之持续关连交易。从英皇钟表珠宝收

取之租赁交易租金收入总额包括本年

度根据协议一进行之交易及

年

月

日至

年

月

日期间根据协议

六进行之交易。

Conected

relationship

and Directors’

interest:

The Company and the members of Emperor Group

were indirectly controled by private discretionary

trusts which were al founded by Dr. Yeung. As such,

under Chapter 14A of the Listing Rules, each of the

members of the Emperor Group was a demed

conected person of the Company. Ms. Semon

Luk and Mr. Alex Yeung had demed interest in

the transactions by virtue of being respectively

an asociate of the eligible beneficiaries and an

eligible beneficiary of the private discretionary

trusts controling the members of Emperor Group.

Anouncement:14 July 2023

Circular:23 August 2023

Independent

Shareholders’

aproval:

19 September 2023

Agregate

amounts:

During the Year, the agregate amounts of the

rental income of the Tenancy Transactions from the

relevant members of the Emperor Group were as

folows:

‒

英皇集团成员千港元

Emperor W&J (Note)

英皇钟表珠宝（附注）

49,888

Emperor Capital

英皇资本

8,210

Emperor Culture

英皇文化产业

13,168

Ulferts

欧化

6,363

AY Group

杨受成集团

22,733

Note:Emperor E Hotel ceased to be the Company’s

subsidiary on 30 August 2024. The transactions

betwen Emperor E Hotel and Emperor W&J

under 2024 Master Leasing Agrement ceased

as continuing conected transactions of the

Company on the same day. The agregate

amount of rental income of the Tenancy

Transactions from Emperor W&J included the

transactions under the Agrement 1 for the Year

and the Agrement 6 for the period from 1 April

2024 to 30 August 2024.

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

持续关连交易－有关经营澳门英

皇娱乐酒店之服务协议（「服务协

议」）

日期：

年

月

日及

年

月

日（补

充协议）

订约方及

关连关系：

(1)

天豪有限公司（「天豪」），为本公

司之间接非全资附属公司英皇娱

乐酒店之间接全资附属公司（直

至

年

月

日止）。

(2)

澳娱综合度假股份有限公司（「澳

娱」），于澳门注册成立之公司，

主要于澳门从事博彩业务，为六

家可于澳门经营娱乐场博彩业

务之持牌承批公司╱次承批公

司之一。澳娱拥有英皇娱乐酒

店之间接非全资附属公司

Luck

United Holdings Limited

（「

Luck

United

」）

19.99%

之股本权益，为

本公司当时附属公司之主要股

东，故为本公司之关连人士。

期限：自

年

月

日至

年

月

日

性质：天豪向澳娱提供与澳门英皇娱乐酒店

经营相关服务（包括管理服务及宣传服

务），而天豪将有权摊分澳门英皇娱乐

酒店博彩区每月营运表现之总博彩收

益，并须承担营运博彩区之一切所需营

运开支。

公告：

年

月

日、

年

月

日及

年

月

日

收益：于

年

月

日至

年

月

日期

间（附注），本集团于服务协议项下收

取之收益为

210,201,000

港元。

附注：英皇娱乐酒店及其附属公司天豪及

Luck United

自

年

月

日起不再

为本公司之附属公司。澳娱于同日不再

为本公司之关连人士。因此，该等交易

自

年

月

日起不再为本公司之

持续关连交易。

Service Agrement (“Service Agrement”)

in relation to the operation of Grand

Emperor Hotel

Date:30 December 2022 and 26 April 2023 (for an

adendum)

Parties and

conected

relationship:

“Tin Hou”), an indirect wholy-

owned subsidiary of Emperor E Hotel which

is an indirect non wholy-owned subsidiary of

the Company until 30 August 2024

, S.A. (“SJM”), a company

incorporated in Macau, which was principaly

engaged in gaming busines in Macau and

was one of the six concesionaires/sub-

concesionaires licensed to cary on casino

operations in Macau. SJM had 19.99% equity

interest in Luck United Holdings Limited (“Luck

United”), an indirect non wholy-owned

subsidiary of Emperor E Hotel, and was a

conected person of the Company by virtue

of being a substantial shareholder of the then

subsidiary of the Company.

Term:From 1 January 2023 to 31 December 2025

Nature:The provision of services including management

services and promotion services by Tin Hou to SJM

in relation to the operation of Grand Emperor Hotel

whereas Tin Hou shal be entitled to percentage

sharing of the gros gaming revenue in respect

of the monthly operating performance of the

gaming area of Grand Emperor Hotel and bear al

necesary operational expenses in relation to the

operation of the gaming area.

Anouncements:30 December 2022, 21 February 2023 and 25

January 2024

Receipt:For the period from 1 April 2024 to 30 August 2024

(Note), the Group’s receipt amount under the

Service Agrement was HK$210,201,000.

Note:Emperor E Hotel and its subsidiaries, Tin Hou and

Luck United, ceased to be subsidiaries of the

Company on 30 August 2024. SJM ceased to

be a conected person of the Company on

the same day. These transactions ceased to be

the continuing conected transactions of the

Company on 30 August 2024 acordingly.

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

持续关连交易－有关提供广泛金

融服务之金融服务协议（「金融服

务协议」）

协议一协议二（「

年金

融服务协议」）

日期：

年

月

日

年

月

日

期限：

年

月

日至

年

月

日

年

月

日至

年

月

日

订约方：

(1)

本公司、英皇娱乐酒店、英皇钟

表珠宝、英皇文化产业、新传企划

（仅适用于

年金融服务协

议）及欧化（统称「英皇集团之上

市成员」）

(2)

英皇资本

性质：英皇资本及其附属公司（统称「英皇资

本集团」）按一般商业条款（向本集团

所提供之价格不逊于独立第三方所提

供）向英皇集团之上市成员提供广泛的

金融服务，包括

(i)

证券、期货及期权买

卖之经纪服务；

(i)

财富管理及资产管

理服务；

(i)

配售及包销服务；

(iv)

融资

服务，包括孖展贷款融资、首次公开发

售融资及定期贷款；及

(v)

金融咨询服

务。

关连关系及

董事之

权益：

本公司及英皇资本均由杨博士创立之

各私人酌情信托间接控制。因此，根据

上市规则第

14A

章，英皇资本被视为本

公司之关连人士。陆女士及杨先生分别

为控制英皇资本之相关私人酌情信托

之合资格受益人之联系人及一位合资

格受益人，故彼等被视作于交易中拥有

权益。

公告：

年

月

日

总额：于本年度，根据金融服务协议，就英皇

资本集团提供广泛金融服务向英皇资

本集团支付

2,145,000

港元。

Financial Services Agrements on provision

of wide range of financial services

(“Financial Services Agrements”)

Agrement 1Agrement 2

(“2024 FSA”)

Date:22 June 20211 December 2023

Term:From 1 October 2021 to

30 September 2024

From 1 October 2024 to

30 September 2027

Parties:(1) the Company, Emperor E Hotel, Emperor

W&J, Emperor Culture, New Media Lab (for

2024 FSA only) and Ulferts (colectively “Listed

Members of Emperor Group”)

(2) Emperor Capital

Nature:Emperor Capital and its subsidiaries (colectively

refered to as “Emperor Capital Group”) shal

provide wide range of financial services to the

Listed Members of Emperor Group including (i)

brokerage services for securities, futures and

options trading; (i) wealth management and

aset management services; (i) placing and

underwriting services; (iv) financing services

including margin loans facilities, initial public

ofering financing and terms loans; and (v)

financial advisory service on normal comercial

terms with reference to the market price no les

favourable to the Group than those available to

independent third parties.

Conected

relationship

and Directors’

interest:

The Company and Emperor Capital were indirectly

controled by the respective private discretionary

trusts which were both founded by Dr. Yeung.

As such, under Chapter 14A of the Listing Rules,

Emperor Capital was a demed conected person

of the Company. Ms. Semon Luk and Mr. Alex

Yeung had demed interest in the transactions by

virtue of being respectively an asociate of the

eligible beneficiaries and an eligible beneficiary of

the relevant private discretionary trust controling

Emperor Capital.

Anouncement:17 April 2024

Agregate

amounts:

During the Year, the amounts of HK$2,145,000 was

paid to Emperor Capital Group for provision of

wide range of financial services under the Financial

Services Agrements.

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

非常重大出售及关连交易－

有关出售

Acurate Choice

Developments Limited

（「

Acurate Choice

」）全部股

权之买卖协议

日期：

年

月

日

订约方：

(1)

英皇物业投资有限公司（「英皇物

业投资」），本公司之直接全资附

属公司

(2) Oriental Peak Limited

（「

Oriental Peak

」），一间由杨博

士创立之私人酌情信托间接控制

的公司

性质：英皇物业投资与

Oriental Peak

订立

买卖协议，据此，英皇物业投资有条件

同意出售而

Oriental Peak

有条件同

意购买

(a)

本公司间接全资附属公司

Acurate Choice

（间接持有本集团之

非核心投资物业，遍及香港多个地点）

之全部股权；及

(b) Acurate Choice

结欠英皇物业投资之全部贷款，代价为

1,142,352,000

港元。

关连关系及

董事之

权益：

本公司及

Oriental Peak

均由杨博士创

立之各私人酌情信托间接控制。因此，

根据上市规则第

14A

章，

Oriental Peak

被视为本公司之关连人士。陆女士及杨

先生分别为控制

Oriental Peak

之相关

私人酌情信托之合资格受益人之联系

人及一位合资格受益人，故彼等被视作

于交易中拥有权益。

公告：

年

月

日

通函：

年

月

日

独立股东

批准：

年

月

日

完成：

年

月

日

E. Very Substantial Disposal and Conected

Transaction

‒

Sale and Purchase Agrement

in relation to the disposal of entire interest

in Acurate Choice Developments Limited

(“Acurate Choice”)

Date:19 July 2024

Parties:(1) Emperor Property Investment Limited (“EPIL”),

a direct wholy-owned subsidiary of the

Company

“Oriental Peak”), a

company indirectly controled by a private

discretionary trust as founded by Dr. Yeung

Nature:EPIL entered into a sale and purchase agrement

with Oriental Peak, pursuant to which EPIL

conditionaly agred to sel and Oriental Peak

conditionaly agred to acquire (a) the entire

equity interest of Acurate Choice, an indirect

wholy-owned subsidiary of the Company which

indirectly holds the non-core investment properties

of the Group covering various locations in Hong

Kong and (b) the entire amount of the loan due

by Acurate Choice to EPIL at a consideration of

HK$1,142,352,000.

Conected

relationship

and Directors’

interest:

The Company and Oriental Peak were indirectly

controled by respective private discretionary trusts

which were both founded by Dr. Yeung. As such,

under Chapter 14A of the Listing Rules, Oriental

Peak was a demed conected person of the

Company. Ms. Semon Luk and Mr. Alex Yeung

had demed interest in the transaction by virtue

of being respectively an asociate of the eligible

beneficiaries and an eligible beneficiary of the

relevant private discretionary trust controling

Oriental Peak.

Anouncement:19 July 2024

Circular:30 August 2024

Independent

Shareholders’

aproval:

16 September 2024

Completion:17 September 2024

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

关连交易－有关出售

One

Jardine’s Lokout

一个住宅单

位之买卖协议

日期：

年

月

日

订约方：

(1)

富雄投资有限公司（「富雄」）

本

公司之间接全资附属公司

(2)

贯贤有限公司（「贯贤」），杨博士

及其联系人（「杨氏家族」）为其

最终实益拥有人

性质：富雄接纳投标书，并与贯贤订立买卖

协议，据此，富雄同意出售而贯贤同意

购买该住宅单位，代价为

32,900,000

港

元。

关连关系及

董事之

权益：

由于杨氏家族为贯贤之最终实益拥有

人，贯贤为本公司之关连人士。陆女士

及杨先生为杨氏家族成员，故彼等被视

作于交易中拥有权益。

公告：

年

月

日

完成：

年

月

日

须予披露及关连交易－有关出售

帝豪投资有限公司（「帝豪」）全部

股权之买卖协议

日期：

年

月

日

订约方：

(1)

英皇物业投资

(2)

英皇钟表珠宝（港澳）控股有限公

司（「英皇钟表珠宝（港澳）」），英

皇钟表珠宝之直接全资附属公司

F. Conected Transaction

‒

Sale and

Purchase Agrement in relation to the

disposal of a residential unit at One

Jardine’s Lokout

Date:14 November 2024

Parties:(1) Rich Galant Investment Limited (“Rich

Galant”), an indirect wholy-owned subsidiary

of the Company

“Serial Rich”), a company

of which Dr. Yeung and his asociates

(“Yeung’s Family”) were the ultimate

beneficial owners

Nature:Rich Galant acepted the tender and entered

into a sale and purchase agrement with Serial

Rich, pursuant to which Rich Galant agred to sel

and Serial Rich agred to purchase the residential

unit at a consideration of HK$32,900,000.

Conected

relationship

and Directors’

interest:

With the Yeung’s Family being the ultimate

beneficial owner, Serial Rich was a conected

person of the Company. Ms. Semon Luk and Mr.

Alex Yeung had demed interest in the transaction

as being members of the Yeung’s Family.

Anouncement:14 November 2024

Completion:28 April 2025

G. Discloseable and Conected Transaction

‒

Sale and Purchase Agrement in relation

to the disposal of entire interest in King Hero

Investments Limited (“King Hero”)

Date:28 February 2025

Parties:(1) EPIL

& Jewelery (HK & Macau)

Holdings Limited (“Emperor W&J (HK &

Macau)”), a direct wholy-owned subsidiary

of Emperor W&J

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

性质：英皇物业投资与英皇钟表珠宝（港澳）

订立买卖协议，据此，英皇物业投资有

条件同意出售而英皇钟表珠宝（港澳）

有条件同意购买

(a)

本公司间接全资附

属公司帝豪之全部股权，而帝豪间接

持有该物业（包括位于香港九龙尖沙咀

广东道

4-8

号

至

楼的空间及广告位）

及

(b)

帝豪结欠英皇物业投资之全部贷

款，代价为

79,800,000

港元。

关连关系及

董事之

权益：

本公司及英皇钟表珠宝均由杨博士创

立之各私人酌情信托间接控制。因此，

根据上市规则第

14A

章，英皇钟表珠宝

（港澳）被视为本公司之关连人士。陆

女士及杨先生分别为控制英皇钟表珠

宝（港澳）之相关私人酌情信托之合资

格受益人之联系人及一位合资格受益

人，故彼等被视作于交易中拥有权益。

公告：

年

月

日

通函：

年

月

日

独立股东

批准：

年

月

日

完成：于

年

月

日或之前或完成之所

有先决条件按买卖协议获达成后

个营

业日内（以较迟者为准）或英皇物业投

资与英皇钟表珠宝（港澳）共同商定的

其他日期

遵守披露规定

除本年报综合财务报表附注

所载本年度「向

关连公司收取之租金」（根据

年总租赁协

议）、「向一间关连公司采购家私」（根据总家私

协议）及「向关连公司支付金融咨询服务费」（根

据金融服务协议）（为数分别为

100,362,000

港元、

460,000

港元及

2,145,000

港元）乃根据

上市规则第

14A

章构成本公司之持续关连交易

（「持续关连交易」）外，该附注所载之所有其他

交易均为根据上市规则第

14A

章获豁免遵守公

告、申报、年度审阅及独立股东批准规定之关连

交易。本公司已就上述非豁免关连交易遵守上

市规则第

14A

章之披露规定。

Nature:EPIL entered into a sale and purchase agrement

with Emperor W&J (HK & Macau), pursuant

to which EPIL conditionaly agred to sel and

Emperor W&J (HK & Macau) conditionaly agred

to acquire (a) the entire equity interest of King

Hero, an indirect wholy-owned subsidiary of the

Company which indirectly holds the property

consisting of the space on 2/F to 4/F and the

advertising space of Nos. 4–8 Canton Road, Tsim

Sha Tsui, Kowlon, Hong Kong, and (b) the entire

amount of the loan due by King Hero to EPIL at a

consideration of HK$79,800,000.

Conected

relationship

and Directors’

interest:

The Company and Emperor W&J were indirectly

controled by respective private discretionary trusts

which were both founded by Dr. Yeung. As such,

under Chapter 14A of the Listing Rules, Emperor

W&J (HK & Macau) was a demed conected

person of the Company. Ms. Semon Luk and Mr.

Alex Yeung had demed interest in the transaction

by virtue of being respectively an asociate of the

eligible beneficiaries and an eligible beneficiary of

the relevant private discretionary trust controling

Emperor W&J (HK & Macau).

Anouncement:28 February 2025

Circular:31 March 2025

Independent

Shareholders’

aproval:

16 April 2025

Completion:On or before 29 August 2025 or within 7 busines

days folowing satisfaction of al the conditions

precedent to completion pursuant to the sale and

purchase agrement, whichever is the later or

such other date as mutualy agred by EPIL and

Emperor W&J (HK & Macau)

Compliance with Disclosure Requirements

Save for “Rental income from related companies” (under the

2024 MLAs), “Purchase of furniture from a related company”

(under the Master Furniture Agrement) and “Financial

advisory expenses to related companies” (under Financial

Services Agrements), in the amount of HK$100,362,000,

HK$460,000 and HK$2,145,000 respectively for the Year as

shown in note 45 to the consolidated financial statements of

this anual report which constituted continuing conected

transactions (“CTs”) of the Company under Chapter 14A of

the Listing Rules, al other transactions as shown in that note

are conected transactions exempted from anouncement,

reporting, anual review, and independent shareholders’

aproval requirements under Chapter 14A of the Listing Rules.

The Company has complied with the disclosure requirements

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

of the above non-exempt conected transactions.

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

有关非豁免持续关连交易之独立核数

师函件

本公司独立核数师已获委聘按照香港会计师

公会颁布之香港审验应聘服务准则

（经修

订）的「历史财务资料审计或审阅以外的审验

应聘」，并参照实务说明第

号（经修订「）关

于香港上市规则所述持续关连交易的核数师函

件」，就本集团之非豁免持续关连交易作出报告

（「核数师函件」）。

独立核数师已按照上市规则第

14A.56

条，就本

集团之非豁免持续关连交易发出无保留结论。

有关非豁免持续关连交易之独立非执

行董事确认

根据上市规则第

14A.55

条，独立非执行董事已

审阅非豁免持续关连交易及核数师函件，并确

认该等交易乃由本集团：

(1)

于本集团日常及一般业务过程中订立；

(2)

按一般或更佳商业条款（视情况而定）进

行；及

(3)

乃按照该等各自交易的相关协议内之条款

进行，而交易条款属公平合理并符合股东

之整体利益。

除上文披露者外，于本年度末或本年度内任何

时间，本公司或其任何控股公司、附属公司或同

系附属公司概无就本集团业务订有董事或其关

连实体直接或间接于其中拥有重大权益之重大

交易、安排或合约。

薪酬政策

董事之酬金须由董事会根据薪酬委员会参照书

面薪酬政策（以确保与业务策略有清晰的联系，

且密切符合股东之利益及现行市场最佳常规）

向其提供之推荐意见而厘定。薪酬乃参考董事

会之企业目标及目的、可资比较公司支付之薪

金、执行董事及非执行董事之时间投入及职责、

本集团内部一贯之雇用条件及与表现挂钩之薪

酬之适用性而支付。董事之袍金则以符合市场

常规而支付。并无个别人士可厘定其本身之薪

酬。

Independent Auditor’s Leter on Non-exempt

CTs

The Company’s independent auditor was engaged to report

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

Hong Kong Standard on Asurance Engagements 3000

(Revised) “Asurance Engagements Other Than Audits or

Reviews of Historical Financial Information” and with reference

to Practice Note 740 (Revised) “Auditor’s Leter on Continuing

Conected Transactions under the Hong Kong Listing Rules”

(“Auditor’s Leter”) isued by the Hong Kong Institute of

Certified Public Acountants.

The independent auditor isued an unqualified conclusion in

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

with Rule 14A.56 of the Listing Rules.

Confirmation of Independent Non-executive

Directors on Non-exempt CTs

Pursuant to Rule 14A.55 of the Listing Rules, the INEDs reviewed

the non-exempt CTs and the Auditor’s Leter and confirmed

that these transactions had ben entered into by the Group:

;

(2) on normal or beter comercial terms (as the case may

be); and

(3) acording to the respective agrements governing them

on terms that are fair and reasonable and in the interests

of the Shareholders as a whole.

Save as disclosed above, there was no transaction,

arangement or contract which was significant in relation

to the Group’s busines to which the Company or any of its

holding companies, subsidiaries or felow subsidiaries was a

party and in which a Director or his/her conected entity had

a material interest, whether directly or indirectly, subsisted at

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

Emolument Policy

The emoluments of the Directors shal be decided by the

Board as recomended by the Remuneration Comite

having regard to a writen remuneration policy (which ensures

a clear link to busines strategy and a close alignment with

the Shareholders’ interest and curent market best practice).

Remuneration should be paid with reference to the Board’s

corporate goals and objectives, the salaries paid by

comparable companies, time comitment and responsibilities

of the executive and non-executive Directors, internal equity of

employment conditions acros the Group and aplicability of

performance-based remuneration. The Directors’ fes are paid

in line with market practice. No individual should determine his

or her own remuneration.

Directors’ Report

董事会报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

雇员薪酬乃根据个人职责、才干及技能、经验及

表现以及市场薪酬水平而厘定。薪酬组合包括

（视情况而定）基本薪金、董事袍金、房屋津贴、

退休金计划供款、与本集团财务表现及个人表

现挂钩之酌情花红、特别奖励、购股权及其他具

竞争力之额外福利（如医疗及人寿保险）。董事

及本集团五名最高薪人士之酬金详情载于本年

报综合财务报表附注

。

报告期后事项

报告期后发生之重大事项详情载于本年报综合

财务报表附注

。

足够公众持股量

根据本公司可得之公开资料及据董事所知，于

刊发本年报前之最后实际可行日期，本公司已

发行股份维持上市规则所规定至少

25%

之足够

公众持股量。

独立核数师

德勤

•

关黄陈方会计师行将退任，一项动议重

新委聘其为本公司独立核数师之决议案将于

年股东周年大会上提呈。

代表董事会

主席

陆小曼

香港，

年

月

日

Employes’ remuneration was determined in acordance with

individual’s responsibility, competence and skils, experience

and performance as wel as market pay level. Remuneration

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

fes, housing alowances, contribution to pension schemes,

discretionary bonus relating to the financial performance

of the Group and individual performance, ad-hoc rewards,

share options and other competitive fringe benefits such as

medical and life insurances. Details of the emoluments of the

Directors and the five highest paid individuals of the Group are

set out in note 10 to the consolidated financial statements of

this anual report.

Events after Reporting Period

Details of significant events which tok place subsequent to

the reporting period are set out in note 48 to the consolidated

financial statements of this anual report.

Suficiency of Public Float

Based on the information publicly available to the Company

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

practicable date prior to the isue of this anual report, there

was suficient public float of at least 25% of the isued Shares

as required under the Listing Rules.

Independent Auditor

Mesrs. Deloite Touche Tohmatsu wil retire and a resolution for

its re-apointment as independent auditor of the Company

wil be proposed at the 2025 AGM.

On behalf of the Board

Luk Siu Man, Semon

Chairperson

Hong Kong, 27 June 2025

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Corporate Governance Report

企业管治报告

The Board is comited to maintaining a high standard of

corporate governance for the Company so as to ensure

“Acountability, Responsibility and Transparency” towards

the Shareholders, investors, employes as wel as other

stakeholders of the Company.

The Directors have adopted various policies to ensure

compliance with the code provisions of Corporate

Governance Code (“CG Code”) as set out in Apendix C1

to the Listing Rules so as to having efective aplication of the

principles of god corporate governance. During the Year,

the Company fuly complied with al code provisions of the

CG Code.

CORPORATE CULTURE AND STRATEGY

The Company is comited to cultivating a corporate

culture, focusing on four pilars, namely customer centricity,

excelence in products and services, people first and positivity,

which is underpined by its purpose and values that enable

employes at al levels of the Group to thrive and met their

ful potentials by acting in a lawful, ethical and responsible

maner that alows the Company to deliver sustainable long

term performance and operate in a way that benefits society

and the environment.

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

employes’ conduct and behaviours, ensuring that they

are integrated throughout the Company’s operational

practices, workplace policies and practices and stakeholder

relationships:

PurposeEmperor’s Values

宗旨英皇价值观

To engage and delight our stakeholders for suces

关注及取悦持份者，筑就成功

E thical

合乎道德

M otivation

积极上进

P ursuit of Integrity

诚实守信

E xcelence

追求卓越

R esourceful

灵活应变

O penes

开诚布公

R esponsible

富有责任

董事会致力为本公司维持高水平之企业管治，

以确保为股东、本公司投资者、雇员以及其他持

份者提供「问责、负责及具透明度」之制度。

董事已采纳多项政策，以确保遵守上市规则附

录

所载企业管治守则（「企业管治守则」）之

守则条文，以有效应用良好企业管治之原则。于

本年度内，本公司已全面遵守企业管治守则之

所有守则条文。

企业文化及策略

本公司以宗旨及价值观为基础支撑企业文化，

专注以客至上、优质产品服务、以人为本、积极

向上四大重点，致力使本集团各级雇员得以通

过守法、合乎道德及负责任的行事方式充分发

挥潜能，协助本公司实现长期可持续发展，并以

营造良好社会及环境的方式经营业务。

本公司的宗旨及价值观为雇员的行为操守提供

指引，确保其自始至终得以融入本公司的运营

实践、工作场所政策及常规以及持份者关系中：

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

管理层负责设定本公司基调、塑造本公司企业

文化以及确定本集团的宗旨、价值观及策略方

向，董事会对此进行检讨。考虑到企业文化在各

种情况下（例如员工参与、雇员留存及培训、法

律及监管合规、员工安全、福利及支持）均有所

体现，本集团的文化、宗旨、价值观及策略相互

一致。

董事会

本公司由董事会领导，而董事会负责透过指导

及监督本集团事务并制定战略方向且监察其财

务及管理表现，领导、监控及促进本集团之成

功，以符合股东的利益。

董事会组成及多元化

随著一名非执行董事及一名执行董事分别于

年

月

日及

年

月

日退休，董事会

目前由六名成员组成，包括一名非执行董事（亦

为董事会主席）、两名执行董事及三名独立非执

行董事。董事会成员之姓名及履历详载于本年

报第

至

页「董事及高级管理人员之履历」

一节内。彼等均具备相同行业或与管理本集团

业务相关之技能、经验及专业知识。

陆女士乃杨先生的母亲。除上文所披露者外，董

事之间概无任何其他关系（包括财务、业务、家

庭或其他重大╱相关系）。

为确保董事会可获得独立观点及意见，本公司

设立下列机制：

•

足够数量的独立非执行董事，共三人，占董

事会的三分之一以上；

•

概无独立非执行董事在董事会任职超过

年；

•

主席与董事总经理职能分离，以确保权力

及权限平衡；及

•

主席与全体独立非执行董事之间的年度会

议（在没有其他董事出席的情况下），为主

席提供有效的平台，以听取有关本集团各

项事宜的独立意见。

The management is responsible for seting the tone and

shaping the corporate culture of the Company, as wel

as defining the purpose, values and strategic direction of

the Group, which are under review by the Board. Taking

into acount the corporate culture is reflected in various

contexts, such as workforce engagement, employe retention

and training, legal and regulatory compliance, staf safety,

welbeing and suport, the culture, purpose, values and

strategy of the Group are aligned with one another.

THE BOARD

The Company is headed by the Board which is responsible

for the leadership, control and promotion of suces of the

Group in the interests of the Shareholders by directing and

supervising its afairs and by formulating strategic directions

and monitoring the financial and management performance

of the Group.

Board Composition and Diversity

After the retirement of a Non-executive Director and an

Executive Director on 1 September 2024 and 1 April 2025

respectively, the Board curently comprises six Directors, with

one Non-executive Director who is also the Chairperson of the

Board, two Executive Directors and thre INEDs. Names and

biographical details of the members of the Board are set out

from pages 15 to 18 of this anual report under “Biographies of

Directors and Senior Management” section. Al of them poses

the skils, experience and expertise either in the same industry

or relevant to the management of the busines of the Group.

Ms. Semon Luk is the mother of Mr. Alex Yeung. Save as

disclosed above, there are no other relationship (including

financial, busines, family or other materials/relevant relations)

among Directors.

To ensure independent views and input are available to the

Board, the folowing mechanisms were established:

, representing

more than one-third of the Board;

;

• separation of the role of the Chairperson and the

Managing Director ensures that there is a balance of

power and authority; and

• anual meting betwen the Chairperson and al INEDs

without presence of other Directors provides an efective

platform for the Chairperson to listen to independent

views on various isues concerning the Group.

独立非执
行董事	男性	以上
非执行董事
执行董事	女性

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

于本年度内，董事会检讨该等机制的执行情况

并确定其仍然有效。

本公司亦采纳董事会多元化政策，当中载列凭

藉适合本公司业务性质之均衡的技能、经验及

多元观点达致多元化董事会的方法。在厘定董

事会成员组合时，本公司已从多个方面考虑董

事会多元化，包括但不限于性别、年龄、文化及

教育背景、种族、专业经验、技能、知识及服务

年期，以及董事会不时认为可能相关及适用的

任何其他因素。本公司亦会考虑本公司的企业

策略及日后需要的技能、知识、经验及多元化组

合，以评估任何建议重选的董事或任何获提名

委任为董事之候选人将为董事会带来之价值及

贡献。

目前董事会组成反映教育背景、专业知识、行业

经验及服务年资的多元化组合。于

年

月

日，董事会的多元化组合概述如下：

(i)

董事会组成、性别分布、年龄分布及服务

年期

During the Year, the Board reviewed the implementation of

these mechanisms and determined that they remain efective.

The Company also adopted the Board Diversity Policy seting

out the aproach to achieve a diverse Board with a balance

of skils, experience and diversity of perspectives to the busines

nature of the Company. In designing the Board’s composition,

Board diversity has ben considered from a wide range of

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

educational background, ethnicity, profesional experience,

skils, knowledge and length of service, and any other factors

that the Board may consider relevant and aplicable from

time to time. The merits and contribution that wil bring to

the Board for any Director proposed for re-election or any

candidate nominated to be Director wil also be asesed,

taking into acount the Company’s corporate strategy and

the mix of skils, knowledge, experience and diversity neded

in the future.

The curent Board composition reflects a diverse mix of

educational background, profesional knowledge, industry

experience and length of service. The diversity mix of the

Board as at 31 March 2025 is sumarized as folows:

(i) Board Composition, Gender Distribution, Age

Distribution and Length of Service

职衔性别年龄组别

服务年期（年）

董事人数

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

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

(i)

董事技能及经验

与其他在联交所上市的公司相比，董事会的性

别多元化水平相对较高，年末七名董事中有三

名董事

(42.9%)

为女性。于本年度内，提名委员

会及董事会已检讨董事会女性董事不低于

25%

的性别多元化目标，并认为董事会目前的性别

多元化属适当、均衡，且超过设定的目标。因此，

目前并无提出进一步提高董事会性别多元化的

时间表或计划。提名委员会将继续检讨董事会

的组成，以保持多元化。

于

年

月

日，我们的员工总数由

55%

的

女性及

45%

的男性组成，而高级管理层由

43%

的女性及

57%

的男性组成。考虑到业务模式及

运营需要，目前全体员工的性别多元化属恰当。

独立非执行董事的任期须根据本公司公司细则

及上市规则有关轮值退任及重选的条文所规

限。基于提名委员会进行之年度审阅，董事会认

为在参照上市规则第

3.13

条所载之因素后，各

独立非执行董事均属独立人士。

董事会程序

除了在本年度内召开的定期董事会议外，必

要时召开额外的董事会议，或董事会设立的

董事委员会议，以审议特定事项。

(i) Directors’ Skils and Experience

经验范畴董事人数占董事会比例

Related Industry Knowledge/Experience342.9%

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

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

本年度董事出席会议之情况载列如下：

：

董事会╱委员会主席

附注：

张炳强先生自

年

月

日起退任董事。

杨先生自

年

月

日起获委任为执行委员会

主席及本公司薪酬委员会成员以取代黄志辉先生

（「黄先生」）。黄先生于本年度仍担任本公司执行

委员会成员。

关倩鸾女士（「关女士」）于本公司

年股东周年

大会（「

年股东周年大会」）上获选举为董事并

于同日获委任为本公司薪酬委员会主席以及审核

委员会及企业管治委员会成员。

陈汉标先生于

年股东周年大会上退任董事并

于同日自动终止担任本公司薪酬委员会主席以及

审核委员会及企业管治委员会成员。

The atendance of the Directors at the metings during the

Year is set out below:

董事会审核委员会薪酬委员会提名委员会委员会执行委员会股东大会

Non-executive Directors

非执行董事

Ms. Luk Siu Man, Semon

陆小曼女士

11/11 (C)N/A

不适用

N/A

不适用

N/A

不适用

N/A

不适用

N/A

不适用

2/2

Mr. Cheung Ping Keung (Note 1)

张炳强先生（附注

）

5/5N/A

不适用

N/A

不适用

N/A

不适用

N/A

不适用

N/A

不适用

1/1

Executive Directors

执行董事

Mr. Yeung Ching Long,

Alexander (Note 2)

杨政龙先生（附注

）

11/11N/A

不适用

1/11/1N/A

不适用

22/22 (C)2/2

Ms. Fan Man Seung, Vanesa

范敏嫦女士

11/11N/A

不适用

N/A

不适用

N/A

不适用

1/1 (C)22/222/2

Mr. Wong Chi Fai (Note 2)

黄志辉先生（附注

）

11/11N/A

不适用

N/A

不适用

N/A

不适用

N/A

不适用

22/22 (C)2/2

Independent Non-executive

Directors

独立非执行董事

Mr. Chu Kar Wing

朱嘉荣先生

11/112/21/11/1(C)N/A

不适用

N/A

不适用

2/2

Mr. Pon Yan Wai

潘仁伟先生

11/112/2 (C)N/A

不适用

1/11/1N/A

不适用

2/2

Ms. Kwan Shin Luen,

Susana (Note 3)

关倩鸾女士（附注

）

6/61/11/1 (C)N/A

不适用

N/A

不适用

N/A

不适用

1/1

Mr. Chan Hon Piu (Note 4)

陈汉标先生（附注

）

5/51/1N/A

不适用

(C)N/A

不适用

1/1N/A

不适用

1/1

Total number of metings held

举行会议之总数

C: Chairperson/chairman of the Board/comite

Notes:

1. Mr. Cheung Ping Keung was retired as a Director with efect from

1 September 2024.

2. Mr. Alex Yeung was apointed as the Chairman of the Executive

Comite and a member of the Remuneration Comite of the

Company in place of Mr. Wong Chi Fai (“Mr. Bryan Wong”) with

efect from 20 August 2024. Mr. Bryan Wong remained as a member

of the Executive Comite of the Company during the Year.

3. Ms. Kwan Shin Luen, Susana (“Ms. Susana Kwan”) was elected as

Director at the 2024 anual general meting of the Company (“2024

AGM”) and was apointed as the Chairperson of the Remuneration

Comite, a member of the Audit Comite and the Corporate

Governance Comite of the Company on the same day.

4. Mr. Chan Hon Piu retired as Director at the 2024 AGM and

automaticaly ceased to act as the Chairman of the Remuneration

Comite, a member of the Audit Comite and the Corporate

Governance Comite of the Company on the same day.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

于本年度，根据企业管治守则之守则条文第

C.2.7

条，主席已与独立非执行董事在执行董事

未出席之情况下召开会议。

本公司已接获各董事发出每年两次的确认书，

确认其于本年度已付出足够时间及精力处理本

公司事务。董事亦已向本公司披露彼等于公众

公司或组织担任职务的数目及性质以及其他重

大承担的变动（如有），包括公众公司或组织的

名称及显示其担任有关职务所涉及的时间。

陆女士担任董事会主席，领导董事会。于本年

度，本集团的日常管理由董事会委派予董事总

经理黄先生及范女士，彼等负责本集团之策略

规划、业务增长及发展。职务分工令董事会及本

集团的运营有效地运作。

主席为董事会制定议程，确保董事会成员获得

准确、适时、清晰的资讯，并确保将考虑的事项

得到应有重视，以便作出明智决定。在公司秘书

的协助下，主席确保董事会按照所有规则及规

定适当行使其权力、举行会议及实施程序，并保

存完整及适当记录。

若董事在董事会将予考虑之事项中存有董事会

认为属重大之利益冲突，则该事项将以召开实

体董事会议而非以书面决议案方式处理，而

该董事将就相关董事会决议案放弃投票，且不

会计入出席该董事会议之法定人数内。

本公司亦已为各董事就每个预定会议获取辅助

文件及相关资料建立程序。全体董事亦能获得

公司秘书及其团队的协助，以及可提出要求寻

求独立专业的意见，有关费用由本公司承担。

During the Year, the Chairperson held a meting with INEDs

without the presence of Executive Directors in compliance

with code provision C.2.7 of the CG Code.

The Company received bianual confirmation from each

Director that he/she has given suficient time and atention

to the afairs of the Company during the Year. Directors

also disclosed to the Company the changes, if any, in the

number and nature of ofices they held in public companies

or organisations and other significant comitment, including

the identity of the public companies or organisations and an

indication of the time involved.

Ms. Semon Luk acts as the Chairperson of the Board who

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

day management of the Group was delegated by the Board

to the Managing Directors, Mr. Bryan Wong and Ms. Vanesa

Fan who were responsible for the Group’s strategic planing,

busines growth and development. The segregation of duties

made the Board and the operation of the Group function

efectively.

The Chairperson sets the agenda for the Board and ensures

that members of the Board receive acurate, timely and clear

information, and that maters to be taken into consideration

are given their due weight, so that sound decisions can

be made. With the asistance of the Company Secretary,

the Chairperson ensures that the Board properly exercises

its powers, holds its metings and implements procedures

in compliance with al rules and requirements, and ful and

proper records are maintained.

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

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

the mater wil be dealt with by a physical Board meting

rather than a writen resolution. That Director wil abstain from

voting on the relevant Board resolution and he/she shal not

be counted in the quorum present at such Board meting.

Procedures are also put in place for each Director to have

aces to suporting papers and relevant information for

each scheduled meting. Al Directors also have aces to

the services of the Company Secretary and her team, and

may take independent profesional advice upon request, at

the Company’s expense.

Name of Directors	Topics on training covered
董事姓名	所涵盖之培训主题

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

董事就任须知及董事培训

新委任的董事将于委任时获得全面、正式及量

身定制的入职培训。此外，本公司就本集团业务

的变动及发展，以及有关董事职务及职责的法

律、规则及规例的最新发展定期向董事提供最

新资料，以协助彼等作出知情决定及履行其作

为董事的职务及职责。

于本年度，各董事均已参与持续专业发展，透过

出席有关以下主题之座谈会╱研讨会╱阅读材

料，以发展及更新其知识及技能，并已向本公司

提供培训记录：

董事委员会

为协助董事会履行其职责及促进有效管理，董

事会若干职能已由董事会委派予执行委员会、

审核委员会、薪酬委员会、提名委员会及企业管

治委员会。

Induction and Training for Directors

Newly apointed Directors wil receive a comprehensive,

formal and tailored induction on apointment. Besides,

the Company provides Directors with regular updates on

changes to and developments of the Group’s busines, and

on the latest developments in the laws, rules and regulations

relating to Directors’ duties and responsibilities to help them

make informed decisions and discharge their duties and

responsibilities as Directors.

During the Year, each Director participated in continuous

profesional development by atending seminars/workshops/

reading materials on the folowing topics to develop and

refresh their knowledge and skils and provided a record of

training to the Company:

董事姓名所涵盖之培训主题

Ms. Luk Siu Man, Semon(1) Corporate Governance

企业管治

(2) Regulatory

监管

(3) Finance

财务

(4) Industry Specific

行业相关

陆小曼女士

Mr. Yeung Ching Long, Alexander

杨政龙先生

Ms. Fan Man Seung, Vanesa

范敏嫦女士

Mr. Wong Chi Fai

黄志辉先生

Mr. Chu Kar Wing

朱嘉荣先生

Mr. Pon Yan Wai

潘仁伟先生

Ms. Kwan Shin Luen, Susana (apointed on 20 August 2024)

关倩鸾女士（于

年

月

日获委任）

Mr. Chan Hon Piu (retired on 20 August 2024)

陈汉标先生（于

年

月

日退任）

Mr. Cheung Ping Keung (retired on 1 September 2024)

张炳强先生（于

年

月

日退休）

BOARD COMITES

To asist the Board in execution of its duties and facilitate

efective management, certain functions of the Board have

ben delegated by the Board to the Executive Comite,

Audit Comite, Remuneration Comite, Nomination

Comite and Corporate Governance Comite.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

执行委员会

于本年度，执行委员会由全体执行董事组

成，即杨先生（委员会主席）、范女士及黄

先生。其拥有董事会之所有权力及授权，惟

「需要董事会决定及由董事会授权之事项

之正式预定计划表」所载之下列重大事项

除外：

厘定本集团之目标及策略；

批准年度及中期业绩以及财务报告；

宣派或建议派付股息或其他分派；

iv.

批准根据上市规则须以公告形式作出

通知之重大变动；

批准刊发上市规则项下之须予公布交

易之公告；

vi.

批准上市规则项下之非豁免关连交

易╱非豁免持续关连交易（根据已由

董事会╱股东（视情况而定）先前已批

准之总协议不时进行之交易除外）；及

vi.

批准本公司之重大资本重组及新证券

发行。

就制定及实施本集团的环境、社会及管治

（「环境、社会及管治」）措施向执行委员会

提供建议及协助，执行委员会下设一个小

组委员会，称为环境、社会及管治委员会。

环境、社会及管治委员会由运营和支援部

门以及执行委员会的代表组成。其拥有执

行委员会授予的权力及权限，以制定及执

行相关环境、社会及管治行动计划，并就有

关本集团可持续发展及环境、社会及管治

风险及机遇的事宜进行评估及提出建议。

1. Executive Comite

The Executive Comite consisted of al Executive

Directors during the Year, namely Mr. Alex Yeung

(Chairman of the Comite), Ms. Vanesa Fan and Mr.

Bryan Wong. It had al powers and authorities of the Board

except the folowing major maters as set out in a “Formal

Schedule on maters reserved for and delegated by the

Board”:

’s objectives and strategies;

i. aproving anual and interim results and financial

reporting;

i. declaring or recomending payment of dividends or

other distributions;

iv. aproving major changes that require notification by

anouncement under the Listing Rules;

v. aproving publication of anouncements for

notifiable transactions under the Listing Rules;

vi. aproving non-exempt conected transactions/non-

exempt continuing conected transactions (other

than those transactions tok place from time to time

under the master agrement(s) previously aproved

by the Board/Shareholders (as the case may be)

under the Listing Rules; and

vi. aproving major capital restructuring and isue of

new securities of the Company.

To advise and asist the Executive Comite on the

formulation and implementation of the environment,

social and governance (“ESG”) initiatives of the Group,

a sub-comite under the Executive Comite known

as the ESG Comite was set up. The ESG Comite

consists of representatives from operation and suporting

departments and the Executive Comite. It has the

powers and authorities as delegated by the Executive

Comite to formulate and execute relevant ESG action

plan, and ases and make recomendations on maters

concerning the Group’s sustainability development and

ESG risks and oportunities.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

审核委员会

审核委员会由三名独立非执行董事组成，

即潘先生（委员会主席）、朱嘉荣先生（「朱

先生」）及关女士。

审核委员会的主要角色及职能载于其职权

范围，其中包括企业管治守则订明的职责，

并已登载于联交所及本公司网站。

审核委员会于本年度内所履行之工作概要

载列如下：

与管理层╱财务人员及╱或独立核

数师检讨本集团所采纳的审核程序

及会计原则及惯例的有效性，以及截

至

年

月

日止财政年度（「上

年度」）的年度综合财务报表及截至

年

月

日止六个月的简明综合

中期财务报表的准确性及公平性；

与高级管理人员及财务人员检讨于上

年度本集团风险管理及内部监控系统

之成效；

对本集团于上年度之非豁免持续关连

交易进行年度审阅；

iv.

就于

年股东周年大会上重新委任

独立核数师向董事会提出建议；

审阅应付予独立核数师的核数费用及

非核数服务费用；

vi.

检讨独立核数师之独立性及批准其委

聘；

vi.

批准本年度之审核计划；及

vi.

检讨本集团的会计、内部审核及财务

汇报职能方面之资源、员工资历及经

验、培训计划及预算之充足性。

2. Audit Comite

The Audit Comite consists of thre INEDs, namely Mr.

Andy Pon (Chairman of the Comite), Mr. Chu Kar

Wing (“Mr. Chu”) and Ms. Susana Kwan.

The major roles and functions of the Audit Comite

are set out in its terms of reference which include duties

specified in the CG Code and are posted on the websites

of the Stock Exchange and the Company.

A sumary of the work performed by the Audit Comite

during the Year is set out as folows:

/finance personel

and/or the independent auditor the efectivenes

of audit proces and the acounting principles

and practices adopted by the Group, and the

acuracy and fairnes of the anual consolidated

financial statements for the financial year ended 31

March 2024 (“Previous Year”) and the condensed

consolidated interim financial statements for the six

months ended 30 September 2024;

i. reviewed with the senior management and finance

personel the efectivenes of the risk management

and internal control systems of the Group for the

Previous Year;

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

of the Group for the Previous Year;

iv. recomended to the Board on the re-apointment

of independent auditor at the 2024 AGM;

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

services payable to the independent auditor;

vi. reviewed the independence of the independent

auditor and aproved its engagement;

vi. aproved the audit plan for the Year; and

vi. reviewed the adequacy of resources, staf

qualifications and experience, training programes

and budget of the Group’s acounting, internal audit

and financial reporting function.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

薪酬委员会

于本年度，薪酬委员会由三名成员组成，即

独立非执行董事关倩鸾女士（委员会主席）

与朱先生及执行董事杨先生。

薪酬委员会的主要角色及职能载于其职权

范围，其中包括企业管治守则订明的职责，

并已登载于联交所及本公司网站。

薪酬委员会于本年度内所履行之工作概要

载列如下：

检讨董事袍金，并向董事会提出建议；

及

检讨执行董事及高级管理人员之现有

薪酬架构╱待遇，并就批准彼等之特

定薪酬待遇向董事会提出建议。

于向董事会提出建议前，薪酬委员会已参

考本集团的经营业绩、董事的职责及责任

水平以及现行市况检讨及评估董事的薪酬

待遇。本年度各董事的薪酬详情载于本年

报综合财务报表附注

。

提名委员会

于本年度，提名委员会由三名成员组成，即

独立非执行董事朱先生（委员会主席）与潘

先生及一位执行董事杨先生。

提名委员会的主要角色及职能载于其职权

范围，其中包括企业管治守则订明的职责，

并已登载于联交所及本公司网站。

提名委员会负责制定政策及根据本公司采

纳的提名政策就董事提名、委任及重新委

任及董事继任向董事会提出建议。

3. Remuneration Comite

During the Year, the Remuneration Comite consisted

of thre members, namely Ms. Kwan Shin Luen, Susana

(Chairperson of the Comite) and Mr. Chu, both being

INEDs, and Mr. Alex Yeung, being an Executive Director.

The major roles and functions of the Remuneration

Comite are set out in its terms of reference which

include duties specified in the CG Code and are posted

on the websites of the Stock Exchange and the Company.

A sumary of the work performed by the Remuneration

Comite during the Year is set out as folows:

’ fes and made

recomendation to the Board; and

i. reviewed the curent remuneration structure/package

of the Executive Directors and senior management

and recomended the Board to aprove their

specific packages.

Before making recomendation to the Board, the

Remuneration Comite has reviewed and asesed

the remuneration package of the Directors with reference

to the Group’s operating results, duties and level of

responsibility of the Directors and the prevailing market

conditions. Details of the remuneration of each of

the Directors for the Year are set out in note 10 to the

consolidated financial statements of this anual report.

4. Nomination Comite

During the Year, the Nomination Comite consisted

of thre members, namely Mr. Chu (Chairman of the

Comite) and Mr. Andy Pon, both being INEDs, and

Mr. Alex Yeung, being an Executive Director.

The major roles and functions of the Nomination

Comite are set out in its terms of reference which

include duties specified in the CG Code and are posted

on the websites of the Stock Exchange and the Company.

The Nomination Comite is responsible for formulating

policy and making recomendations to the Board

on nomination, apointment and re-apointment

of Directors, and Board sucesion pursuant to the

Nomination Policy adopted by the Company.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

提名政策旨在协助提名委员会依据董事会

多元化政策物色及提名合适的董事人选，

以及订明有关

(i)

提名新董事填补董事会之

临时空缺；

(i)

就拟于股东大会上选举或重

选的任何董事向董事及股东提出建议；及

(i)

由股东提名新董事参选之提名准则及

提名程序。

提名委员会可从其认为合适的任何途径物

色准候选人，并通过考虑各种因素对彼等

进行评估，包括彼等的专业知识、行业及业

务经验、时间投入、对董事会多元化的潜在

贡献、与本集团的重大利益冲突（如有）及

独立性（就独立非执行董事而言）。委员会

随后将向董事会推荐合适的候选人，以审

议其委任。倘重新委任将于股东周年大会

（「股东周年大会」）上退任的现任董事，委

员会将审阅董事的退任，并据此向董事会

提出建议。

提名委员会于本年度内履行之工作概要载

列如下：

检讨董事会的架构、人数、组成及多元

化；

检讨董事会成员多元化政策；

检讨就董事会获取独立意见而实施的

机制；

iv.

检讨独立非执行董事之独立性；

检讨董事履行董事职责所付出的时

间；

vi.

就于

年股东周年大会上重选董事

向董事会提出建议；及

vi.

检讨董事会层面的性别多元化目标。

The Nomination Policy aims at asisting the Nomination

Comite in identifying and nominating suitable

candidates for directorship based on the Board Diversity

Policy and sets out the nomination criteria and the

nomination procedures for (i) nominating new Director

to fil a casual vacancy on the Board; (i) making

recomendation to Directors and Shareholders regarding

any Director proposed for election or re-election at

general meting; and (i) nomination by Shareholders on

election of new Director.

The Nomination Comite may identify potential

candidates from any source as it may consider

apropriate and evaluate them by considering various

factors, including their profesional expertise, industry

and busines experience, time comitments, potential

contributions to board diversity, material conflict of

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

INEDs). The Comite wil then make recomendation

of suitable candidates to the Board for consideration

of apointment. In case of re-apointment of existing

Directors who wil retire at an anual general meting

(“AGM”), the Comite wil review the retirement of

Directors and make recomendations to the Board

acordingly.

A sumary of the work performed by the Nomination

Comite during the Year is set out as folows:

, size, composition and diversity

of the Board;

i. reviewed the Board Diversity Policy;

i. reviewed the mechanisms implemented regarding

independent views available to the Board;

iv. reviewed the independence of INEDs;

’ time comitment in performing

their duties as Directors;

vi. made recomendation to the Board on the re-

election of Directors at the 2024 AGM; and

vi. reviewed the gender diversity target at Board level.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

企业管治委员会

企业管治委员会（「企业管治委员会」）由五

名成员组成，即董事总经理范女士（委员会

主席）、独立非执行董事潘先生及关女士、

一名公司秘书职能代表及一名财务及会计

职能代表。

企业管治委员会之具体书面职权范围可于

本公司网站查阅。企业管治委员会之主要

职责为

(i)

制定及检讨本公司企业管治之政

策及常规（「企业管治政策」）并向董事会提

出建议；

(i)

检讨及监察本公司在遵守法律

及监管规定方面之政策及常规；

(i)

制定、

检讨及监察董事及本集团相关雇员买卖本

公司证券之适用行为守则；

(iv)

检讨及监察

董事及高级管理人员之培训及持续专业发

展；及

(v)

检讨本公司遵守企业管治守则之

情况及在本年度报告内之披露。

企业管治委员会于本年度内所履行之工作

概要载列如下：

检讨企业管治政策；

检讨遵守法律及监管规定方面之政策

及常规；

检讨董事及高级管理人员之培训及持

续专业发展；

iv.

检讨董事及本集团相关雇员之适用行

为守则；及

检讨本公司遵守企业管治守则之情况

及于企业管治报告内之披露。

公司秘书

于本年度内，公司秘书（为本公司雇员）已妥为

遵守上市规则第

3.29

条之规定，接受不少于

小时的相关专业培训。

5. Corporate Governance Comite

The Corporate Governance Comite (“CG

Comite”) consists of five members, namely Ms.

Vanesa Fan (Chairperson of the Comite), being

the Managing Director, Mr. Andy Pon and Ms. Susana

Kwan, both being INEDs, a representative from company

secretarial function and a representative from finance

and acounts function.

The specific writen terms of reference of the CG

Comite is available on the Company’s website. The

primary duties of the CG Comite are (i) developing

and reviewing the policies and practices on corporate

governance of the Company (“CG Policy”) and making

recomendations to the Board; (i) reviewing and

monitoring the policies and practices of the Company

on compliance with legal and regulatory requirements;

(i) developing, reviewing and monitoring the codes of

conduct aplicable to Directors and relevant employes

of the Group regarding dealings in the Company’s

securities; (iv) reviewing and monitoring the training and

continuous profesional development of Directors and

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

compliance with the CG Code and disclosure in this

anual report.

A sumary of the work performed by the CG Comite

during the Year is set out as folows:

;

i. reviewed the policies and practices on compliance

with legal and regulatory requirements;

i. reviewed the training and continuous profesional

development of Directors and senior management;

iv. reviewed the codes of conduct aplicable to

Directors and relevant employes of the Group; and

’s compliance with the CG

Code and disclosure in Corporate Governance

Report.

COMPANY SECRETARY

During the Year, the Company Secretary, being an employe

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

Rules by taking no les than 15 hours of relevant profesional

training.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

董事之证券交易

本公司已采纳英皇国际证券守则作为其自订之

有关董事进行证券交易之行为守则，其条款不

逊于上市规则附录

所载之上市发行人董事

进行证券交易的标准守则的规定标准。经向全

体董事作出特定查询后，全体董事确认，彼等于

本年度内均已遵守英皇国际证券守则所载之规

定交易准则。

问责及核数

财务报告

董事知悉彼等负责编制本集团之年度综合财务

报表及上市规则所规定之其他财务披露事项。

管理层已每月向董事会全体成员提供最新之内

部综合财务报表，借此提供持平及易于理解之

本集团表现、状况及前景的评估。

于编制本年度综合财务报表时，董事会采纳适

用之会计政策，并贯彻应用该等政策，作出审慎

及合理之判断及估计，并确保综合财务报表按

「持续经营」基准编制（于需要时附上佐证假设

或条件）及真实反映本集团于本年度之事务状

况。管理层已向董事会提供有关综合财务报表

之充分解释及资料，以便董事会就向其提交作

审批之财务及其他资料作出知情评估。本公司

之独立核数师已就彼等之汇报责任于独立核数

师报告内作出声明。

风险管理及内部监控

宗旨及目标

内部监控是企业成功营运及日常运作之基

础，有助于公司达致其业务目标。适当及有

效的风险管理及内部监控系统（「风险监控

系统」）旨在管理而非消除未能达成业务目

标之风险，并仅可就重大错误陈述或损失

提供合理而非绝对保证。

SECURITIES TRANSACTION OF DIRECTORS

The Company has adopted the EIHL Securities Code as its own

code of conduct regarding securities transactions by Directors

on no les exacting terms than the required standard as set out

in Apendix C3 to the Listing Rules regarding the Model Code

for Securities Transactions by Directors of Listed Isuers. Having

made specific enquiry of al Directors, al of them confirmed

that they had complied with the required standard of dealings

as set out in the EIHL Securities Code throughout the Year.

ACOUNTABILITY AND AUDIT

Financial Reporting

The Directors acknowledged their responsibilities to prepare

the anual consolidated financial statements of the Group

and other financial disclosures required under the Listing Rules.

The management has provided al members of the Board with

monthly updates on internal consolidated financial statements

which give a balanced and understandable asesment of the

Group’s performance, position and prospects.

In preparing the consolidated financial statements for the

Year, the Board adopted apropriate acounting policies and

aplied them consistently, made judgment and estimates that

were prudent and reasonable and ensured the consolidated

financial statements were prepared on a “going concern”

basis (with suporting asumptions or qualifications as

necesary) and showed a true view of the state of afairs of

the Group for the Year. The management provided suficient

explanation and information to the Board on the consolidated

financial statements to enable it to make an informed

asesment of the financial and other information put before

it for aproval. The independent auditor of the Company

made a statement about their reporting responsibilities in the

Independent Auditor’s Report.

RISK MANAGEMENT AND INTERNAL CONTROL

A. Goals and Objectives

Internal control is fundamental to the sucesful operation

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

company in achieving its busines objectives. The

apropriate and efective risk management and internal

control systems (“Risk Control Systems”) are designed to

manage rather than eliminate risks of failure to achieve

busines objectives, and can only provide reasonable, but

not absolute, asurance against material mistatement

or los.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

风险监控系统之主要目标包括：

•

保障资产及股东之利益；

•

确保财务记录及报告之完整性、准确

性及有效性；

•

促进政策、程序、法规及法律之遵守；

及

•

提高经营效益及效率。

本集团之内部监控政策及程序定期更新，

主要目标为就风险监控系统之基本框架提

供一般性指引及建议。

本年度已就以下方面进行检讨：

(i)

本集团

的内部监控措施及程序，涵盖管治、营运、

财务及合规监控；及

(i)

主要附属公司的风

险管理职能。

内部监控

风险监控系统的监控架构载列如下：

(1)

管治监控

董事会

•

负责整体的风险监控系统并检讨

其有效性；

•

在审核委员会协助下持续监督风

险监控系统；

•

确保维持合适及有效的风险监控

系统；

•

制定有明确责任及权限的管理架

构；及

•

厘定本集团就达致战略目标所愿

承担之重大风险（包括环境、社会

及管治（「环境、社会及管治」）风

险）之性质及程度，并制定本集团

之风险管理策略。

The key objectives of the Risk Control Systems include:

• safeguarding asets and the interests of the

Shareholders;

, acuracy and validity of

financial records and reports;

, procedures,

regulations and laws; and

• promoting efectivenes and eficiency of operations.

Internal control policies and procedures within the Group

are updated regularly with the primary objective of

providing general guidance and recomendations on

a basic framework of Risk Control Systems.

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

control measures and procedures covering governance,

operational, financial and compliance controls; and (i)

risk management functions in the principal subsidiaries

for the Year.

B. Internal Control

The control structure of the Risk Control Systems is set out

as folows:

(1) Governance Control

The Board

• responsible for the overal Risk Control Systems

and reviewing their efectivenes;

• overse the Risk Control Systems on an ongoing

basis with the asistance of the Audit Comite;

• ensure the maintenance of apropriate and

efective Risk Control Systems;

• define management structure with clear lines of

responsibility and limits of authority; and

• determine the nature and extent of significant

risks (including the environmental, social and

governance (“ESG”) risks) that the Group is wiling

to take in achieving the strategic objectives

and formulate the Group’s risk management

strategies.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

审核委员会

•

每年检讨并与管理层讨论风险监

控系统，以确保管理层履行其职

责以维持有效的风险监控系统。

有关讨论亦涵盖本集团会计、内

部审核及财务汇报职能以及与本

公司环境、社会及管治表现及汇

报相关方面的资源、员工资历及

经验之充足性；

•

检讨重大风险（包括环境、社会及

管治风险）之性质及程度及本集

团应对其营商及外部环境变动的

能力；

•

考虑内部及独立核数师提出有

关内部监控事宜的重要发现（如

有），并向董事会提出建议；及

•

每年检讨及讨论核数师识别的重

大监控失效或不足。

执行委员会

•

在环境、社会及管治委员会的协

助下，检讨环境、社会及管治相关

风险监控系统的有效性并向审核

委员会报告以供其复审。

管理层（包括业务单位、部门及分部主

管）

•

设计及实施由高级管理层及董事

会正式批准之风险监控系统政策

及程序；

•

妥善监察风险监控系统，并确保

风险监控系统得以有效执行；

•

监察风险并采取措施降低彼等日

常营运风险；

•

对内部或独立核数师提出之有关

内部监控事宜之调查结果迅速作

出回应及跟进；及

•

向董事会书面确认风险监控系统

之有效性。

Audit Comite

• review and discus the Risk Control Systems

with the management anualy to ensure that

the management has performed its duty to

maintain efective Risk Control Systems. This

discusion includes the adequacy of resources,

staf qualifications and experience, and the

Group’s acounting, internal audit and financial

reporting function as wel as those relating to the

Company’s ESG performance and reporting;

• review the nature and extent of significant risks

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

to respond to changes in its busines and the

external environment;

• consider major findings on internal control maters

(if any) raised by internal and independent

auditor and make recomendations to the

Board; and

• review and discus anualy the significant control

failings or weakneses that are identified by the

auditor.

Executive Comite

, review

the efectivenes of ESG-related Risk Control

Systems and report to the Audit Comite for

its review.

The management (including heads of busines

units, departments and divisions)

policies and procedures duly endorsed by senior

management and the Board;

• monitor the Risk Control Systems properly and

ensure that they are executed efectively;

• monitor risks and take measures to mitigate risks

in their day-to-day operations;

, and folow up the

findings on internal control maters raised by

internal or independent auditors; and

• provide writen confirmation to the Board on the

efectivenes of the Risk Control Systems.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

内部审核部门

•

对风险监控系统所有重要监控之

充足性及有效性在抽样的基准上

进行审核检查及评核；

•

就加强本集团内部监控，向管理

层报告审核检讨结果或不规范行

为（如有）及就实施必要步骤及行

动向彼等提供意见；及

•

定期向审核委员会及董事会汇报

内部审核检讨之结果及经协定之

行动计划。

(2)

营运监控

所采取的方法：管理层与相关员

工沟通及审阅风险监控系统的相

关文件，并评估已发现的本集团

风险监控系统的任何设计缺陷，

然后提供改善建议，并于适当时

候评估该等建议的实施成效。风

险监控系统的检讨范围及结果将

每年向审核委员会汇报，并由审

核委员会审阅；

程序手册及运作指引：已制定相

关手册及指引，从而保障资产免

于未经授权使用或处置；并确保

遵照适用法律、规则及法规维持

适当的会计记录，从而提供可靠

的财务资料供内部使用及╱或对

外发布；

管理资讯系统及技术：为控制业

务活动，相关系统可密切追踪本

集团业务的各项输入及输出要素

（如产品及客户关系以及人力资

源）。其亦于授权系统追踪审核程

序，据此，审批权限及责任得以明

确划分并可在风险监控系统保留

足够记录；

Internal Audit Department

• cary out audit checking on sample basis and

evaluate the adequacy and efectivenes of the

Risk Control Systems in respect of controls of al

material aspects;

• alert the management on the audit review

findings or iregularities (if any) and advise them

on the implementation of necesary steps and

actions to enhance the internal controls of the

Group; and

• report the results of internal audit reviews and

agred action plans to the Audit Comite and

the Board on a regular basis.

(2) Operational Control

: The management

comunicates with relevant staf and

reviews relevant documentation of the Risk

Control Systems and evaluates findings of any

deficiencies in the design of the Group’s Risk

Control Systems, then provides recomendations

for improvement and aseses the efectivenes

of implementation of such recomendations,

where apropriate. The scope and findings

of the review on the Risk Control Systems wil

be reported to and reviewed by the Audit

Comite anualy;

i. Procedure manuals and operational

guidelines: Manuals and guidelines are in place

to safeguard the asets against unauthorized use

or disposition and ensure maintenance of proper

acounting records that are in compliance with

the aplicable laws, rules and regulations for

the provision of reliable financial information for

internal use and/or external publication;

i. Management information system and

technology: To control over the busines

activities, it alows close tracking of various

inputs and outputs of the Group’s busines such

as products and customer relationship and

human resources. It also tracks audit trails in the

authorization system, under which permisions

and responsibility of authorization are clearly

identified and adequate records can be

maintained in the Risk Control Systems;

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

iv.

报告及差异分析：定期对各分部

进行有关报告及分析。差异报告

乃基于实际结果及经批准预算编

制；

保障资产：管理层定期就各项资

产的保险范围是否充足进行检

讨，并确保符合保单的条款及条

件。营运财务小组对于酒店现金

及服务式公寓资产进行突击点

算；

vi.

服务品质控制：定期检讨酒店及

博彩业务分部的运营系统以保证

服务品质，并在不同门店进行问

卷调查以征求客户有关改进服务

的反馈；

vi.

租赁物业之监控：就租赁本集团

物业而言，已就租金收入、租赁条

款及条件、委任物业管理及租赁

代理、资产安全及维护审查之监

控制定政策及检查清单，并已设

立信贷监控小组；

vi.

物业销售之监控：就待售物业及

手头存货之监控制定检查清单及

明细；及

ix.

收购物业之监控：已设有收购物

业的内部程序。

(3)

财务监控

制定政策、系统及程序，以确保

保存适当之会计记录（提供全面、

准确与及时的会计核算及管理资

料）；

向所有董事及高级管理人员提供

财务管理报告，就本集团的业务

表现、财务状况及前景作出均衡

且易于理解之评估，并提供足够

详细的资料；

iv. Reports and variance analysis: Reports and

analysis of each segment are conducted on

a regular basis. Variance reports are prepared

based on actual results and aproved budgets;

: Insurance coverage

on various asets is periodicaly reviewed by the

management for suficient coverage, and to

ensure compliance with the terms and conditions

of the insurance policies. Surprise physical cash

count of hotels and asets count of serviced

apartments are performed by Operation Finance

team;

vi. Service quality control: Operational systems

of hotel and gaming busines segments are

reviewed regularly to ensure the service quality,

and questionaires are provided in diferent

outlets to welcome customers’ fedbacks for

our service improvement;

vi. Control on leasing of properties: Policies and

checklists on control of rental revenue, lease

terms and conditions, apointment of property

management and leasing agent, aset security

and maintenance review as wel as establishment

of credit control team are in place for leasing of

Group’s premises;

vi. Control on property sale: Checklist and

breakdown on control of property for sale and

stock on hand are in place; and

ix. Control on acquisition of properties: Internal

procedures on the acquisition of properties are

in place.

(3) Financial Control

, systems and procedures are in

place to ensure proper acounting records are

maintained which provide complete, acurate

and timely acounting and management

information;

i. Financial management report are provided to

al Directors and senior management which give

a balanced and understandable asesment of

the Group’s performance, financial position and

prospects in suficient details;

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

编制及定期审阅年度财务预算及

季度预测，以确保可采取任何应

对措施，缓解任何情况变化及市

场变动；

iv.

由独立核数师进行年度审核以保

证综合财务报表及个别公司之财

务报表按公认会计准则、本集团

的会计政策及适用法律及法规编

制；及

定期审阅

个月现金流量滚动预

测，以就现金流量与预算计划的

对比进行监控。

(4)

合规监控

设有内幕消息披露机制及程序，

以在内部工作小组协助下（如需

要）确保任何一名或多名高级人

员得悉的任何重大资料须予及时

识别、评估及提交（倘适用）至董

事会。董事会须适时就披露作出

决定（如需要），并采取适当措施

将内幕消息保密，直至妥善发布

内幕消息为止；

有关遵守法律及监管规定之政策

与常规应由董事会委派之企业管

治委员会定期检讨及监督，以确

保本集团遵守所有适用的法律、

法规、规则及规例，并随时知悉任

何法律进展情况；

设立持续关连交易合规委员会

以监察、监控及定期检讨本集团

之关连交易及持续关连交易，并

确保妥为符合一切相关法律及法

规、上市规则及披露规定；

i. Anual financial budget and quarterly

forecasts are prepared and reviewed regularly

to ensure any actions can be taken to mitigate

any changes in conditions and market

acordingly;

iv. Anual audit by independent auditor is caried

out to ensure that the consolidated financial

statements and individual companies’ financial

statements are prepared in acordance with

generaly acepted acounting principles, the

Group’s acounting policies and the aplicable

laws and regulations; and

v. 24 months cash flow roling forecast is regularly

reviewed to monitor the cash flows against

budget plan.

(4) Compliance Control

i. Systems and procedures on disclosure of

inside information to ensure, with the asistance

of an internal work team (if required), that

any material information which comes to the

knowledge of any one or more oficers should

be promptly identified, asesed and escalated,

where apropriate, for the atention of the

Board. The Board shal make timely decisions on

disclosure, if necesary, and take apropriate

measures to preserve confidentiality of inside

information until proper disemination of inside

information;

i. Policies and practices on compliance with

legal and regulatory requirements which

shal be reviewed and monitored regularly by

the Corporate Governance Comite as

delegated by the Board in order to ensure the

Group is in compliance with al the aplicable

laws, statutes, rules and regulations and to kep

up on any legal developments;

i. CT Compliance Comite is established to

monitor, control and regularly review conected

transactions and CTs of the Group and ensure

proper compliance with al relevant laws and

regulations, the Listing Rules and disclosure

requirements;

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

iv.

制定举报政策，为雇员及与本集

团有业务往来的相关第三方（如

客户及供应商）提供举报渠道及

指引，以保密及匿名的方式对本

公司内任何涉嫌不当行为或失职

提出关注。董事会授权之审核委

员会应确保作出适当安排，就有

关事项进行公平及独立的调查，

并在认为合适的情况下采取适当

的后续行动及提供其他建议；

制定反贪污政策，以概述本集团

对贿赂及贪污的零容忍立场，并

协助雇员识别可能导致或出现涉

及贪污或不道德商业行为的情

况，以避免此类明确禁止的行为，

并在必要时尽快寻求指引，或通

过适当的汇报渠道向管理层报告

任何合理怀疑的贪污案件或任何

贪污企图；及

vi.

制定打击洗钱及恐怖分子资金筹

集政策及程序，以载列打击洗黑

钱及恐怖主义资金筹集犯罪之总

体框架，并提供了打击清洗黑钱

和恐怖主义的指引，以帮助本集

团之员工识别及评估洗钱、恐怖

分子资金筹集或其他金融犯罪风

险高的客户╱顾客╱供应商╱卖

家╱承包商╱交易╱活动并采取

适当措旅及行动。

检讨内部监控

由内部审核部门定期测试内部监控的有效

性。内部审核检讨及经协定之行动计划应

及时向审核委员会及董事会汇报。

iv. Whistle-blowing policy is established to provide

reporting chanels and guidance for employes

and related third parties who have busines

dealings with the Group (e.g. customers and

supliers) to raise concerns, in confidence and

anonymity, about any suspected misconduct

or malpractice within the Group. The Audit

Comite, delegated by the Board, shal ensure

that proper arangements are in place for fair

and independent investigation of any concerns

raised, apropriate folow-up actions are taken

and other recomendations are provided, if

thinks fit;

v. Anti-coruption policy is established to outline

the Group’s zero-tolerance stance against

bribery and coruption and asists employes

in recognising circumstances that may lead to

or give the apearance of being involved in

coruption or unethical busines conduct, so as to

avoid such conduct which is clearly prohibited,

and to promptly sek guidance where necesary

or report any reasonably suspected case of

coruption or any atempts thereof, to the

management through an apropriate reporting

chanel; and

vi. Anti-money laundering and counter-terorist

financing policy and procedure is established

to set out the general framework for combating

crime against money laundering and financing of

terorism. It provides guideline to combat money

laundering and terorist and help the Group’s

employes identify and ases clients/customers/

supliers/vendors/contractors/transactions/

activities of high risk of money laundering, terorist

financing or other financial crime and take

apropriate measures and actions.

Review of Internal Controls

Efectivenes of internal control is tested by Internal

Audit Department regularly. The internal audit reviews

and agred action plans shal be reported to the Audit

Comite and the Board on a timely basis.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

风险管理

(1)

风险管理程序

风险管理程序包括风险识别、风险分

析、风险评估、风险管理措施以及风险

监控与检讨。

管理层获委派于其职权范围内识别、

分析、评估、应对、监察及传达与任何

活动、职能或程序有关的风险。董事会

及管理层根据

(i)

风险对本集团财务业

绩造成之影响严重性；及

(i)

风险发生

之概率及频率评估风险。

根据风险评估，本公司将按以下方式

管理风险：

－

风险消除－管理层可识别风险及

实施若干变动或监控，以完全消

除风险。

－

风险缓解－管理层可实施风险缓

解计划，旨在使风险之可能性及

影响降至可接受水平，或就潜在

损失情境预备应变方案。

－

风险监控及监察－涉及对可接纳

风险及如何应对不可接纳风险作

出决定。作为管理风险的一部分，

对涉及造成损失或接近损失之事

故及其他情况将进行调查并妥为

存档。

－

维持风险水平－管理层可确定由

于风险评级足够低，风险处于可

接受水平，从而毋须采取任何措

施，且作为风险管理计划的一部

分，将继续监察有关风险以确保

风险不会上升至不可接受水平。

C. Risk Management

(1) Risk Management Proces

The risk management proces includes risk

identification, risk analysis, risk evaluation, risk

management measures and risk control and review.

The management is entrusted with duties to

identify, analyze, evaluate, respond, monitor and

comunicate risks asociated with any activity,

function or proces within its scope of responsibility

and authority. Risks are evaluated by the Board and

management based on (i) the severity of the impact

of the risk on the Group’s financial results; and (i) the

probability and frequency that the risk wil ocur.

Based on the risk evaluation, the Company wil

manage the risks as folows:–

– Risk elimination – the management may

identify the risks and implement certain changes

or controls that in efect eliminate the risk entirely.

– Risk mitigation – the management may

implement risk mitigation plan designed to

reduce the likelihod and impact of the risk to

an aceptable level or contingency plan for

posible los scenarios.

– Risk control and monitoring – it involves making

decisions regarding which risks are aceptable

and how to adres those that are not. Acidents

and other situations involving los or near-los wil

be investigated and properly documented as

part of the efort to manage risks.

– Risk retention – the management may decide

that the risk rating is low enough that the risk is at

an aceptable level and no action is required

and the risk wil continue to be monitored

as part of the risk management program to

ensure the level of risk does not increase to an

unaceptable level.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

(2)

重大风险及策略

本集团已透过风险识别及评估程序识

别若干重大风险（包括环境、社会及管

治风险）。本集团所面临的该等重大风

险以及其相关之主要策略╱控制措施

载列如下：

社会、经济及政治环境变动：

中美紧张局势、全球经济放缓、货币供

应量增减及外汇问题引起的整体经济

状况变动及波动将对香港物业市场造

成影响。上述任何一种情况的任何不

利变动均会对本集团业务造成重大影

响。

•

对中国内地及香港经济及市况或

全球经济变动保持警惕，并调整

业务战略规划以应对该等变动。

投资策略：

收购土地、投资及开发物业均会面临

与巨额资金、未能达标、项目管理、设

计、开发及销售不佳或投资决策失误

相关的固有风险，会对本集团的整体

业务造成重大不利影响。

•

定期检讨投资及业务策略与整体

营商环境；

•

待高级管理人员在融资及投资委

员会的监督下进行详尽的风险与

回报评估后方作出投资决策；

•

潜在项目均须先由内部专家及外

部顾问进行广泛尽职调查。仅对

于具有合理回报或战略价值的项

目才会提出要约；

•

确保经验丰富的管理人员参与项

目管理；及

•

对已完成的项目进行持续监察及

内部审计，并定期向管理层提交

表现报告。

(2) Significant Risks and Strategies

Certain significant risks (including ESG risks) have ben

identified through the proces of risk identification

and asesment. Such significant risks of the Group

and their respective key strategies/control measures

as set out below:

Changes in social, economic and political

environment:

Changes and volatility in general economic

conditions caused by China-USA tensions, global

economic slowdown, increase/decrease in money

suply and foreign exchange isue would have

impact on Hong Kong property market. Any more

adverse change in one of the above situations would

have significant impact to the Group’s busines.

• Stay alert to changes in economic and market

conditions in mainland China and Hong Kong or

global economy and adjust busines strategic

plans to cope with these changes.

Investment strategy:

Acquisitions of land, investment and development

properties cary inherent risks related to significant

amount of money, mising targets, por project

management, design, development and sales or

wrong investment decision would have significant

adverse impact on Group’s overal busines.

• Regularly review investment and busines strategy

against overal busines environment;

• Investment decisions are subject to a robust

risk and return evaluation by executives and

supervision by the Finance and Investment

Comite;

• Potential projects are subject to an extensive

due diligence review by in-house specialists

and external advisers. Ofers are only made for

projects with reasonable return or of strategic

value;

• Ensure there are experienced managers

managing the projects; and

• Completed projects are subject to continual

monitoring and internal audit, with regular

performance reports to the Management.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

租金收入的可持续性：

倘由于租户自身策略变动、市况或业

主间竞争而导致失去主要租户或租金

下调，将会对本集团收入造成不利影

响。

•

密切监察任何不利市况、与租户

合作缓解该影响；

•

维持均衡优质的租户组合；

•

通过适时翻新使物业维持高度的

适销性；

•

不时邀请目标租户或主要租户参

观我们的现有或新建物业，并为

客户提供客制化安排以迎合彼等

的特定需求（如适用）；

•

向优质租户提出短期租约调整以

帮助彼等维持经营；及

•

于租赁前举办竞租活动以筛选不

合适的租户。

业务╱组合集中：

本集团大部分收入来自香港。倘香港

发生不利事件，则会妨碍我们的整体

业务，导致收入减少并影响资产的价

值。

•

本集团已于香港、澳门、内地多个

城市及英国伦敦进行物业投资以

实现投资组合多样化。本集团将

继续于全球范围内物色优质的投

资物业；及

•

本集团拥有多元化的投资物业组

合，包括位于著名购物及住宅区

的优质临街零售地舖、优质写字

楼及商业及工业综合体。

Rental income sustainability:

Los of major tenants or rental reduction either due

to changes in tenants’ own strategy, market situation

or competition among landlords would adversely

impact the revenue of the Group.

work with tenants to mitigate the impact;

;

• Maintain high property marketability by timely

renovation;

• Invite targeted tenants or anchor tenants to

our existing or new properties from time to time.

Custom-made arangements are ofered where

apropriate to cater for their specific neds;

• Propose short term lease restructure for quality

tenants in order to help sustain their busineses;

and

• Cary out pre-lease campaigns to replace the

undesirable tenants.

Busines/Portfolio concentration:

A significant portion of our Group revenues is derived

from Hong Kong. Unfavourable events in the city

could disrupt our overal busines, lower our revenues

and impact the valuation of our asets.

• The Group has a diversified portfolio of investment

properties acros Hong Kong, Macau, Mainland

cities and London, the United Kingdom. The

Group wil kep sourcing quality investment

properties around the world; and

• The Group has maintained a diversified

investment property portfolio including quality

stret-level retail spaces in prominent shoping

and residential districts, premium ofice buildings

and comercial and industrial complexes.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

物业发展风险：

土地供应情况因应不同市场的土地政

策调整而变动。于香港、中国及其他海

外市场收购土地可能须遵守不同的监

管规定及限制，并面临与其他发展商

的竞争。因此，物业发展业务的未来增

长前景会受到香港、中国及其他海外

市场土地供应的充足程度及地价水平

的影响。倘未能控制建筑、人力及材料

成本，则可能对物业发展业务的竞争

力造成不利影响。

•

积极参与土地拍卖；

•

定期更新本集团为物业发展业务

制定之长期╱中期╱短期策略规

划；

•

执行投标政策及系统内已建立完

善的政策；

•

严格遵照预算，密切监控项目成

本；

•

根据我们投资组合的规模，在可

能的情况下发挥规模经济优势；

•

于授出建筑合约前密切监控行内

人力成本及原料库存╱价格趋

势；及

•

透过合营架构投资以减少风险。

网络安全：

倘面临网络罪案，本公司最大损失乃

丢失数据及泄露机密资料。网络攻击

后的复原成本相当庞大，当中包括因

对公司的信任减低及品牌失去价值所

引致的声誉受损。

•

成立资讯科技安全委员会，以审

阅本集团之资讯科技安全政策及

进行风险评估；

•

本公司会定期扫描资讯科技设施

并修补漏洞；

•

具风险的外部

地址会遭阻截；

Property development risks:

Suply of land is subject to the change of land

policies in diferent markets. Acquisition of land in

Hong Kong, the PRC and other overseas markets may

be subject to various regulatory requirements and

restrictions and competition from other developers.

Future growth prospects of property development

busines are therefore afected by the availability

and price levels of prime sites in Hong Kong, the PRC

and other overseas markets. Failure to manage cost

of construction labour and materials could adversely

afect the competitivenes of property development

busines.

;

’s long/medium/short

term strategic plans on property development

busines;

• Implement wel established policies in our

tendering policy and system;

• Monitor project costs closely with strict adherent

to budget;

• Extract advantage from economies of scale

based on our portfolio size, if posible;

• Monitor closely the labour cost and materials

stock/price trends in the industry before awarding

building contracts; and

• Investment through JV structure to reduce the

risk.

Cyber security:

Los of data and leakage of confidential information

are the largest costs from cyber-crime that the

Company is facing. The cost of recovering from cyber

atacks, including reputational damage, where the

trust in a company decreases and their brand loses

value, is considerable.

• IT Security Comite established to review the

Group’s IT security policies and risks asesment;

’s IT infrastructure are regularly

scaned and patched;

;

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

•

所有伺服器及用户电脑均配备防

毒或终端保护；

•

电子邮件会过滤垃圾邮件及恶意

软件；

•

密码监控及用户对系统与网络的

接驳会定期更新及审视；

•

系统备份设施会提供额外多层保

护；及

•

提供相关培训。

融资成本及充足性╱银行对房地产行

业收紧其资金流动性及偏好：

未能确保有充足资金以满足发展、保

养及重修物业的资本开支需求或令我

们的竞争力难以维持。

•

严格的现金及财政管理以及资金

及资源分配；

•

密切监控金融市场及基准借贷成

本；

•

维持多元化的资金来源；

•

与银行保持良好关系；及

•

往来银行多元化及探索与更多新

银行建立合作关系。

管理层确认

董事会知悉已接获管理层就本集团之风险

监控系统成效之确认。审核委员会及董事

会已检讨风险监控系统且并不知悉任何将

对本集团风险监控系统在营运、财务及合

规方面之成效及充足性产生不利影响之重

大事宜。

• Al servers and user computers are equiped with

antivirus or endpoint protection;

;

• Pasword control and user aces to the systems

and network elements are regularly updated

and reviewed;

• System backup facilities provide adition layers

of protections; and

• Relevant trainings are provided.

Cost and availability of finance/tight liquidity and

apetite among the banks in real estate sector:

Failure to ensure the availability of funds to met

our capital expenditure requirements to develop,

maintain and renovate our properties could limit our

ability to remain competitive.

• Stringent cash and treasury management and

alocation of funds and resources;

• Closely monitor financial market and benchmark

borowing costs;

;

; and

• Diversify and explore more new banks.

D. Management Confirmation

The Board acknowledged that it had received a

confirmation from the management on the efectivenes

of the Risk Control Systems of the Group. The Audit

Comite and the Board had reviewed the Risk Control

Systems and were not aware of any significant isues

that would have an adverse impact on the efectivenes

and adequacy of the Group’s operational, financial and

compliance areas of the Risk Control Systems.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

股息政策

本公司已采纳股息政策，当中载列董事会厘定

将派发予股东之股息之适当金额之原则。本公

司拟根据其股东应占之盈利，向股东提供经常

性的中期及末期股息（视情况而定），当中已考

虑该政策所载因素，其中包括，

(i)

业务营运之现

金流量需求；

(i)

可用现金、金融负债及资本承

担；

(i)

市场环境及挑战；及

(iv)

未来发展及投资

机遇。宣派股息或建议作出有关派付时须符合

所有适用法律、规则及规例，包括但不限于上市

规则、百慕达适用之法律及本公司公司细则。

与股东之沟通

本公司的股东传讯政策（可于本公司网站查阅）

载列与股东（个人及机构股东）以及（在适当情

况下）广大投资业界保持续有效沟通的策略、

实务及承诺，以使彼等能够与本公司接触，并在

知情况下行使股东权利。为此，本公司竭力确

保所有股东能够随时并适时地获取本集团的所

有公开资料。为促进与股东及投资界的沟通，本

公司建立以下多种沟通渠道：

(i)

举行股东周年

大会及可能就特定目的而召开的股东特别大会

（「股东特别大会」）（如有），借以提供机会让

股东直接与董事会沟通；

(i)

根据上市规则之规

定刊发公告、年报、中期报告及╱或通函及提供

本集团最新资料之新闻稿；

(i)

于本公司网站

htps:/w.EmperorInt.com

发放本集团

之最新资料；

(iv)

不时举行记者招待会；及

(v)

必

要时与投资者及分析员会面。

本公司于公布财务业绩时作出全面发布，并不

时与机构股东对话。本公司欢迎股东及投资者

浏览本公司网站及透过投资者关系部查询，该

部门之联络详情可于本公司网站及本年报「公

司资料及重要日期」一节查阅。

DIVIDEND POLICY

The Company has adopted a dividend policy seting out the

principles for the Board to determine apropriate amount of

dividend to be distributed to the Shareholders. The Company

intends to provide Shareholders with regular interim and

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

atributable to its Shareholders after taking into consideration

of the factors as stated in the policy, including inter alia, (i) cash

flow requirements for busines operations; (i) cash available,

financial liabilities and capital comitment; (i) market

environment and chalenges; and (iv) future development

and investment oportunities. The declaration of dividends

or recomendation on such payment shal be subject to al

aplicable laws, rules and regulations including but not limited

to the Listing Rules, the aplicable laws of Bermuda and the

Bye-laws of the Company.

COMUNICATION WITH SHAREHOLDERS

The Company’s Shareholders’ Comunication Policy

(available on the website of the Company) sets out the

strategies, practices and comitment for maintaining ongoing

and efective comunication with Shareholders, both

individual and institutional, and in apropriate circumstances,

the investment comunity at large so as to enable them

to engage with the Company and exercise their rights as

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

strives to ensure that al Shareholders have ready and timely

aces to al publicly available information of the Group.

To facilitate comunication with the Shareholders and the

investment comunity, the Company has established various

comunication chanels, as folows: (i) the holding of AGMs

and special general metings (“SGMs”), if any, which may

be convened for specific purposes to provide oportunities

for the Shareholders to comunicate directly with the Board;

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

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

pres releases providing updated information of the Group;

(i) the availability of latest information of the Group on the

Company’s website at htps:/w.EmperorInt.com; (iv) the

holding of pres conference(s) from time to time; and (v)

meting with investors and analysts when necesary.

General presentations are made when financial results are

anounced and dialogue with institutional Shareholders is

made from time to time. Shareholders and investors are

welcome to visit the Company’s website to raise enquiries

through our Investor Relations Department whose contact

details are available on the Company’s website and the

“Corporate Information and Key Dates” section of this anual

report.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

董事会主席及董事委员会主席╱成员、适当的

行政管理人员及独立核数师（视情况而定）均会

出席股东大会，以解答股东之提问。

本公司应每年审阅股东传讯政策，以确保其实

施及成效。经考虑现有的多种沟通及参与渠道

后，董事会信纳股东传讯政策于本年度已妥善

实施，并维持有效。

股东之权利

根据企业管治守则须予披露之若干股东权利之

摘要如下：

召开╱召集股东大会之权利

根据百慕达

年公司法及本公司之公司细

则，于请求递呈日期持有本公司附带权利可于

本公司股东大会上投票之缴足股本不少于十分

之一的一名或多名股东，应有权递交书面请求，

以请求董事会召开股东特别大会。书面请求

(a)

须列明大会的目的；及

(b)

须由呈请人签署并送

交本公司之注册办事处或香港之主要营业地点

（注明收件人为公司秘书），并可由数份同样格

式的文件组成，而每份由一名或多于一名呈请

人签署。有关请求将由本公司之香港股份过户

登记分处核实，倘请求获确认属妥善及符合程

序，公司秘书将请求董事会向全体股东送达足

够通知以召开股东特别大会。反之，若有关请求

经核实为不符合程序，则呈请人将获通知有关

结果，而股东特别大会将不会应要求召开。

如董事在属妥善之有效请求递呈日期起计

日

内，未有在有效请求递呈日期后两个月内妥为

安排召开股东特别大会，则该等呈请人或占全

体呈请人总投票权一半以上之任何呈请人，可

自行召开股东特别大会，但任何如此召开之股

东特别大会不得在上述请求递呈日期起计三个

月届满后举行。此外，由呈请人召开之大会，须

尽可能以接近董事会将召开大会之相同方式召

开。

The Chairperson of the Board and the chairperson/members of

the Board Comites, apropriate management executives

and the independent auditor (as the case may be) are

available to atend the general metings to answer questions

from the Shareholders.

The Company shal review the Shareholders’ Comunication

Policy anualy to ensure its implementation and efectivenes.

Having considered the multiple chanels of comunication

and engagement in place, the Board is satisfied that the

Shareholders’ Comunication Policy was properly in place

during the Year and remains efective.

SHAREHOLDERS’ RIGHTS

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

as required to be disclosed pursuant to the CG Code:

Right to Convene/Cal general metings

Pursuant to the Bermuda Companies Act 1981 and the Bye-

laws of the Company, Shareholder(s) holding at the date of

the deposit of the requisition not les than one-tenth of the

paid-up capital of the Company carying the right of voting

at general metings of the Company shal have the right to

submit a writen requisition requiring a SGM to be caled by the

Board. The writen requisition (a) must state the purpose(s) of

the meting; and (b) must be signed by the requisitionists and

deposited at the registered ofice or principal place of busines

of the Company in Hong Kong for atention of the Company

Secretary, and may consist of several documents in like form,

each signed by one or more requisitionists. Such requisition

wil be verified with the Company’s Hong Kong branch share

registrar and upon its confirmation that the requisition is proper

and in order, the Company Secretary wil ask the Board to

convene a SGM by serving suficient notice to al Shareholders.

On the contrary, if the requisition has ben verified as not in

order, the requisitionists wil be advised of this outcome and

acordingly, the SGM wil not be convened as requested.

If the Directors do not within 21 days from the date of the

deposit of a valid requisition proced duly to convene a

SGM for a day not more than 2 months after the date of

deposit of a proper requisition, the requisitionists or any of

them representing more than one-half of the total voting

rights of al of them may themselves convene a SGM, but any

SGM so convened shal not be held after the expiration of

3 months from the said date of deposit of the requisition. In

adition, such meting convened by the requisitionists shal be

convened in the same maner, as nearly as posible, as that

in which metings are to be convened by the Board.

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

于股东大会上提呈建议

根据百慕达

年公司法，持有不少于提出请

求当日可于本公司股东大会上有权投票的所

有股东总投票权二十分之一之任何数目的股东

（「呈请人」），或不少于

名该等股东，可向

本公司提交书面要求：

(a)

向有权接收下届股东

大会通告之股东发出通知，以告知任何可能于

该大会上正式动议及拟于会上动议之决议案；

及

(b)

向有权获发送任何股东大会通告之股东

传阅不超过

1,000

字之陈述书，以告知于该大

会上提呈之任何决议案所述事宜或将处理之事

项。由所有呈请人签署之请求须送交本公司之

香港主要营业地点，并须在不少于（倘为要求决

议案通知之请求）大会举行前六周或（倘为任何

其他请求）大会举行前一周递交及须支付足以

支付本公司相关开支之款项，惟倘在递交请求

后六周或较短期间内的某一日召开股东周年大

会，则该请求虽未有在规定时间内递交，就此而

言亦将被视为已妥为递交。

提名人士参选董事

股东提名人士参选董事之程序可于本公司网站

查阅。

股东查询

股东可向本公司之香港股份过户登记分处卓佳

证券登记有限公司查询彼等之持股情况。股东

之其他查询可向本公司投资者关系部门作出。

组织章程文件

于本年度，本公司之组织章程文件并无重大变

动。

Puting Forward Proposals at General Metings

Pursuant to the Bermuda Companies Act 1981, either any

number of the Shareholders holding not les than one-twentieth

of the total voting rights of al the Shareholders having at the

date of the requisition a right to vote at general metings of

the Company (“Requisitionists”), or not les than 100 of such

Shareholders, can request the Company in writing to (a) give

to the Shareholders entitled to receive notice of the next

general meting notice of any resolution which may properly

be moved and is intended to be moved at that meting;

and (b) circulate to Shareholders entitled to have notice of

any general meting any statement of not more than 1,000

words with respect to the mater refered to in any proposed

resolution or the busines to be dealt with at that meting. The

requisition signed by al the Requisitionists must be deposited

at the principal place of busines of the Company in Hong

Kong with a sum reasonably suficient to met the Company’s

relevant expenses and not les than 6 weks before the

meting in case of a requisition requiring notice of a resolution

or not les than one wek before the meting in the case of

any other requisition. Provided that an AGM is caled for a

date 6 weks or les after the requisition has ben deposited,

such requisition though not deposited within the time required

shal be demed to have ben properly deposited for the

purposes thereof.

Proposing a Person for Election as a Director

The procedures for the Shareholders to propose a person

for election as a Director are available for viewing on the

Company’s website.

Enquiries from Shareholders

Shareholders should direct their enquiries about their

shareholdings to the Company’s Hong Kong branch share

registrar, Tricor Investor Services Limited. Other Shareholders’

enquiries can be directed to the Investor Relations Department

of the Company.

CONSTITUTIONAL DOCUMENTS

There are no significant changes in the Company’s

constitutional documents during the Year.

Services rendered		Fees paid/payable
所提供服务
已付╱应付费用 HK$’ 000
千港元

Corporate Governance Report

企业管治报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

核数师之独立性及酬金

审核委员会获授权根据适用之准则审阅及监

察核数师之独立性，以确保综合财务报表审计

过程之客观性及有效性。审核委员会之成员认

为，德勤

•

关黄陈方会计师行（「德勤」）属独立人

士，并建议董事会于

年股东周年大会上提

呈续聘其为本公司之独立核数师。于本年度内，

德勤已向本集团提供核数及非核数服务，而本

集团向其已付╱应付之酬金载列如下：

AUDITOR’S INDEPENDENCE AND

REMUNERATION

The Audit Comite is mandated to review and monitor

the independence of the auditor to ensure objectivity

and efectivenes of the audit proces of the consolidated

financial statements in acordance with aplicable standards.

Members of the Audit Comite were of the view that Mesrs.

Deloite Touche Tohmatsu (“Deloite”) was independent and

recomended the Board to propose its re-apointment as

the Company’s independent auditor at the 2025 AGM. During

the Year, Deloite had rendered audit and non-audit services

to the Group and the remuneration paid/payable to it by the

Group is set out as folows:

千港元

Audit services

核数服务

2,948

Non-audit services

非核数服务

– Reporting services in respect of disposal

of subsidiaries

－就出售附属公司之报告服务

– Reporting services in respect of

a major transaction

－就一项主要交易之报告服务

– Reporting services in respect of

rights isue

－就供股之报告服务

– Agred-upon procedures in conection

to the Group’s club loans

－与本集团银团贷款相关的协定程序

Independent Auditor’s Report

独立核数师报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Independent Auditor’s Report

独立核数师报告

TO THE SHAREHOLDERS OF

EMPEROR INTERNATIONAL HOLDINGS LIMITED

(incorporated in Bermuda with limited liability)

Disclaimer of Opinion

We were engaged to audit the consolidated financial

statements of Emperor International Holdings Limited (the

“Company”) and its subsidiaries (colectively refered to as

the “Group”) set out on pages 69 to 193, which comprise

the consolidated statement of financial position as at 31

March 2025, and the consolidated statement of profit or

los, 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.

We do not expres an opinion on the consolidated financial

statements of the Group. Because of the significance of the

mater described in the Basis for Disclaimer of Opinion section

of our report, we have not ben able to obtain suficient

apropriate audit evidence to provide a basis for an audit

opinion on these consolidated financial statements.

In al other respects, in our opinion the consolidated financial

statements have ben properly prepared in compliance with

the disclosure requirements of the Hong Kong Companies

Ordinance.

Basis for Disclaimer of Opinion

During the year ended 31 March 2025, the Group reported

a los of HK$4,840,929,000. As at 31 March 2025, the Group’s

bank borowings with carying amounts of HK$16,604,981,000

in agregate have become overdue and/or the Group has

breached certain terms of the loan agrements. The banks

may request imediate repayment of these bank borowings.

Acordingly, these bank borowings have ben clasified

as curent liabilities as at 31 March 2025. These events and

conditions may cast significant doubt on the Group’s ability

to continue as going concern.

致英皇国际集团有限公司之股东

（于百慕达注册成立之有限公司）

不发表意见

本行受聘审计于第

页至

页列载英皇国际

集团有限公司（以下简称「贵公司」）及其附属公

司（以下统称「贵集团」）的综合财务报表，此综

合财务报表包括于

年

月

日的综合财务

状况表与截至该日止年度的综合损益表、综合

损益及其他全面收益表、综合权益变动表及综

合现金流量表，以及综合财务报表附注（包括重

大会计政策资料及其他说明资料）。

本行不就贵集团综合财务报表发表意见。由

于本行报告内「不发表意见之基础」一节所述

事项的重要性，本行未能取得充足适当的审计

凭证以作为对综合财务报表发表审计意见的基

础。

在所有其他方面，本行认为综合财务报表已遵

照香港公司条例的披露规定妥为拟备。

不发表意见之基础

截至

年

月

日止年度，贵集团录得

亏损

4,840,929,000

港元。于

年

月

日，贵集团账面值合共

16,604,981,000

港元

的银行借贷已逾期及╱或贵集团已违反贷款

协议的若干条款。银行可能要求立即偿还该等

银行借贷。因此，该等银行借贷已于

年

月

日分类为流动负债。该等事件及状况可能会

对贵集团持续经营的能力构成重大疑问。

Independent Auditor’s Report

独立核数师报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

贵集团已在落实计划及措施以持续缓解流动

资金状况及改善财务状况，有关详情载于贵

集团综合财务报表附注

3.1.1

。贵公司董事已

编制涵盖自报告期末起计不少于十二个月期

间的贵集团现金流量预测，并继续采用持续

经营会计基准编制贵集团综合财务报表。编

制贵集团综合财务报表所依据的持续经营假

设是否成立，取决于该等计划及措施的结果，包

括能否：

(i)

成功与银行磋商，就财务重组计划达

成一致；

(i)

成功物色买家以出售特定物业；及

(i)

成功实施成本控制措施。

鉴于贵集团的计划及措施尚处于初步实施阶

段或仍在落实中，且于综合财务报表获批准及

授权刊发之日，并无来自相关银行及潜在买家

的书面合约协议或其他佐证文件以延长持续经

营评估，本行无法取得本行认为必要的充足适

当审计凭证，以评估现金流量预测所依据的假

设和估计以及贵集团目前采取的计划及措施

的成功可能性。并无其他可靠的审计程序可供

本行采纳，以令本行信纳董事采用持续经营会

计基准的恰当性及贵集团综合财务报表中相

关披露的充分性。

倘贵集团未能成功落实上述计划及措施，则

可能无法继续以持续经营基准运作，并可能须

作出调整，将贵集团资产的账面值撇减至其

可收回金额、于经考虑合约条款后将非流动负

债重新分类为流动负债，或就出现亏损之任何

合约承担作出拨备（如适用）。该等调整的影响

并未反映于贵本集团的综合财务报表内。

倘有未发现的错误陈述，其对综合财务报表的

可能影响可属重大且具广泛性。

The Group has ben undertaking plans and measures to

continue mitigating its liquidity position and to improve its

financial position, details of which are set out in note 3.1.1

to the consolidated financial statements of the Group. The

directors of the Company have prepared the Group’s cash

flow forecasts, which cover a period of not les than twelve

months from the end of the reporting period and continued

to adopt the going concern basis of acounting in preparing

the consolidated financial statements of the Group. The

validity of the going concern asumptions on which the

consolidated financial statements of the Group have ben

prepared depends on the outcome of these plans and

measures, including: (i) sucesfuly negotiating with banks

to agre on the financial restructuring plan; (i) sucesfuly

identifying buyers for disposal of specific properties; and (i)

sucesfuly implementing costs controls.

Given the execution of the plans and measures by the Group

is in preliminary stage or in progres and no writen contractual

agrements or other documentary suporting evidence from

the relevant banks and potential buyers that are available

as at the date of the consolidated financial statements

were aproved and authorised for isue for extending the

going concern asesment, we are unable to obtain suficient

apropriate audit evidence we considered necesary to

ases the asumptions and estimations underlying the cash

flow forecasts and the likelihod of suces of the plans and

measures curently undertaken by the Group. There were no

other satisfactory audit procedures that we could adopt to

satisfy ourselves that the apropriatenes of the directors’ use

of the going concern basis of acounting and adequacy of

the related disclosures in the consolidated financial statements

of the Group.

Should the Group fail to achieve the above-mentioned plans

and measures, it might not be able to continue to operate as

a going concern, and adjustments might have to be made to

write down the carying values of the Group’s asets to their

recoverable amounts, to reclasify its non-curent liabilities

as curent liabilities with consideration of the contractual

terms or to make provision for any contractual comitments

that may have become onerous, where apropriate. The

efects of these adjustments have not ben reflected in the

consolidated financial statements of the Group.

The posible efects on the consolidated financial statements

of undetected mistatements, if any, could be both material

and pervasive.

Independent Auditor’s Report

独立核数师报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

董事及负责管治人员就综合财务报表

承担之责任

贵公司董事负责根据香港会计师公会（「香港会

计师公会」）颁布之香港财务报告准则会计准则

及香港公司条例之披露规定编制该等真实且公

平之综合财务报表，并对董事厘定就编制并无

重大错误陈述（不论是由欺诈或错误引起）之综

合财务报表而言属必要之有关内部监控负责。

于编制综合财务报表时，董事负责评估贵集

团的持续经营能力、披露（如适用）与持续经营

相关的事宜并采用持续经营会计基准，惟董事

拟清盘贵集团或终止经营或除此之外并无其

他切实可行的选择则除外。

负责管治人员负责监督贵集团的财务报告流

程。

核数师就审核综合财务报表承担之责

任

本行的责任是根据香港会计师公会颁布之香港

审计准则（「香港审计准则」）对贵集团综合财

务报表进行审计，并根据百慕达公司法第

条

出具核数师报告，除此之外，本报告别无其他目

的。本行不会就本报告的内容对任何其他人士

负责或承担任何责任。然而，由于本报告内「不

发表意见之基础」一节所述事项，本行未能取得

充足适当的审计凭证以作为对综合财务报表发

表审计意见的基础。

根据香港会计师公会颁布的专业会计师道德守

则（「守则」），本行独立于贵集团，并已履行守

则中的其他道德责任。

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 as isued by the Hong Kong Institute of Certified

Public Acountants (“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.

Auditor’s Responsibilities for the Audit of the

Consolidated Financial Statements

Our responsibility is to conduct an audit of the Group’s

consolidated financial statements in acordance with Hong

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

and to isue an auditor’s report in acordance with Section 90

of the Bermuda Companies Act, and for no other purpose. We

do not asume responsibility towards or acept liability to any

other person for the contents of this report. However, because

of the mater described in the Basis for Disclaimer of Opinion

section of our report, we were not able to obtain suficient

apropriate audit evidence to provide a basis for an audit

opinion on these consolidated financial statements.

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.

Independent Auditor’s Report

独立核数师报告

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

出具独立核数师报告的审计项目合伙人为区美

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

年

月

日

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

		2025	2024
	NOTES	HK$’000	HK$’000
	附注	千港元	千港元 (Restated)
641,186
734,692
1,375,878
(782,986)
(120,384)
472,508
44,809
(1,540,936)
(511,404)
(381)
(116,969)
(162,889)
(729,831)
(8,862)
197,492
(2,356,463)
35,591
(2,320,872)
(2,520,057)
(4,840,929)
(2,320,872)
(2,422,332)
(4,743,204)
–
(97,725)
(97,725)
(4,840,929)
HK$(1.02)
港元
HK$(0.50)

Consolidated Statement of Profit or Los

综合损益表For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Consolidated Statement of Profit or Los

综合损益表

For the year ended 31 March 2025

截至

年

月

日止年度

基本港元港元

	2025	2024
	HK$’000	HK$’000
	千港元	千港元 (Restated)
(4,840,929)
(103,704)
(1,809)
(105,513)
(4,946,442)
(2,426,385)
(2,422,332)
(4,848,717)
–
(97,725)
(97,725)
(4,946,442)

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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Consolidated Statement of Profit or Los and other

Comprehensive Income

综合损益及其他全面收益表

For the year ended 31 March 2025

截至

年

月

日止年度

		2025	2024
	NOTES	HK$’000	HK$’000
千港元
29,790,950
303,225
25,000
160,911
4,046
95,428
1,261,316
1,940
3,997
–
31,646,813
–
1,253,912
3,118,812
621,494
2,336
9,503
92,746
–
639,588
5,738,391
840,991
689,474
130,035
548,682
–
3,636
–
16,604,981
2,264
18,820,063

Consolidated Statement of Financial Position

综合财务状况表At 31 March 2025

于

年

月

日

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Consolidated Statement of Financial Position

综合财务状况表

At 31 March 2025

于

年

月

日

		2025	2024
	NOTES	HK$’000	HK$’000
千港元 (13,081,672)
18,565,141
79,910
–
2,157
1,540,062
1,622,129
16,943,012
55,163
16,887,849
16,943,012
–
16,943,012

Consolidated Statement of Financial Position

综合财务状况表At 31 March 2025

于

年

月

日

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

第

页至第

页所载之综合财务报表于

年

月

日经董事会批准及授权刊发，

并由下列董事代表签署：

权益总额

The consolidated financial statements on pages 69 to 193 were

aproved and authorised for isue by the Board of Directors on

27 June 2025 and are signed on its behalf by:

Yeung Ching Long, AlexanderFan Man Seung, Vanesa

杨政龙范敏嫦

DIRECTORDIRECTOR

董事董事

Attributable to owners of the Company
	Share capital	Share premium	本 Translation reserve	公司拥有人应占 Assets revaluation reserve	Other reserves	Retained profits	Total	Non- controlling interests	Total equity
资产
	Share capital	Share premium	本 Translation reserve	股本 HK$’000	股份溢价 HK$’000	汇兑储备 HK$’000	重估储备 HK$’000	其他储备 HK$’000	保留溢利 HK$’000	总计 HK$’000	非控股权益 HK$’000	权益总额 HK$’000
	千港元	千港元	千港元	千港元	千港元 (Note)	千港元	千港元	千港元	千港元
（附注）
	千港元	千港元	千港元	千港元	36,775	4,563,248	(330,701)	130,657	989,913	16,218,035	21,607,927	1,939,215	23,547,142
	–	–	–	–	–	(4,743,204)	(4,743,204)	(97,725)	(4,840,929)
	–	–	(103,704)	–	–	–	(103,704)	–	(103,704)
	–	–	(1,809)	–	–	–	(1,809)	–	(1,809)
	–	–	(105,513)	–	–	(4,743,204)	(4,848,717)	(97,725)	(4,946,442)
	18,388	437,858	–	–	–	–	456,246	–	456,246
	–	–	–	(6,005)	–	–	(6,005)	–	(6,005)
	–	–	–	–	(454,003)	454,003	–	–	–
	–	–	–	–	–	(255,406)	(255,406)	(1,836,434)	(2,091,840)
	–	–	–	–	–	(11,033)	(11,033)	(5,056)	(16,089)
	55,163	5,001,106	(436,214)	124,652	535,910	11,662,395	16,943,012	–	16,943,012

Consolidated Statement of Changes in Equity

综合权益变动表For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Consolidated Statement of Changes in Equity

综合权益变动表

For the year ended 31 March 2025

截至

年

月

日止年度

于年月日

Attributable to owners of the Company
	Share capital	Share premium	本 Translation reserve	公司拥有人应占 Assets revaluation reserve	Other reserves	Retained profits	Total	Non- controlling interests	Total equity
资产
	Share capital	Share premium	本 Translation reserve	股本 HK$’000	股份溢价 HK$’000	汇兑储备 HK$’000	重估储备 HK$’000	其他储备 HK$’000	保留溢利 HK$’000	总计 HK$’000	非控股权益 HK$’000	权益总额 HK$’000
	千港元	千港元	千港元	千港元	千港元 (Note)	千港元	千港元	千港元	千港元

Consolidated Statement of Changes in Equity

综合权益变动表For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

附注：

本集团之其他储备乃源自：

(i)

收购非全资附

属公司之额外权益；

(i)

附属公司配发股份导

致于该附属公司之权益被摊薄；

(i)

本公司

拥有人之视作出资；及

(iv)

香港以外附属公

司根据有关注册地点之法定要求拨入之溢

利。

（附注）

At 1 April 2023

于

年

月

日

36,7754,563,248(120,039)131,577976,76218,298,87323,887,1961,921,12625,808,322

(Los) profit for the year

年度（亏损）溢利

–(2,046,666)(2,046,666)18,089(2,028,577)

Exchange diferences

arising on translation

of foreign operations:

换算海外业务所产生

汇兑差额：

– subsidiaries

－附属公司

–(206,875)–(206,875)–(206,875)

– an asociate

－一间联营公司

–(3,787)–(3,787)–(3,787)

Total comprehensive (expense)

income for the year

年度全面总（开支）

收益

–(210,662)–(2,046,666)(2,257,328)18,089(2,239,239)

Depreciation atributable to

asets revaluation surplus

资产重估盈余

应占折旧

–(920)–1,045125–125

Transfer from retained

profits to legal reserve

自保留溢利转拨至

法定储备

–13,151(13,151)–

2023 final dividend paid

已派

年末期股息

–(11,033)(11,033)–(11,033)

2024 interim dividend paid

已派

年中期股息

–(11,033)(11,033)–(11,033)

At 31 March 2024

于

年

月

日

36,7754,563,248(330,701)130,657989,91316,218,03521,607,9271,939,21523,547,142

Note:

The other reserves of the Group arose from (i) acquisition of aditional

interests in non wholy-owned subsidiaries; (i) dilution of interest in a

subsidiary from alotment of shares by a subsidiary; (i) demed capital

contributions from owners of the Company; and (iv) transfer of profits

of subsidiaries outside Hong Kong pursuant to the legal requirements

in the relevant places of registration.

	2025	2024
	HK$’000	HK$’000
千港元
(2,578,272)
(19,401)
696,004
70,048
9,205
8,862
(197,492)
1,804,033
314,993
200,012
(209)
(19,831)
(23,983)
263,969
462
(3,020,436)
3,207,597
(175,306)
239,002
671,634
1,186,922
(4,283)
(1,119)
(2,467)
–
1,179,053

Consolidated Statement of Cash Flows

综合现金流量表For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Consolidated Statement of Cash Flows

综合现金流量表

For the year ended 31 March 2025

截至

年

月

日止年度

来自经营活动之现金净额

		2025	2024
	NOTE	HK$’000	HK$’000
千港元
(208,151)
(93,391)
(29,648)
(3,878)
(5,526)
(349)
–
15,249
21,855
31,998
92,824
270,035
331,874
422,892
1,256,553
456,246
394,654
(438)
(2,979)
(5,056)
(11,033)
(299,885)
(300,000)
(993,208)
(2,949,829)
(2,454,975)

Consolidated Statement of Cash Flows

综合现金流量表For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

用于融资活动之现金净额

	2025	2024
	HK$’000	HK$’000
千港元 (853,030)
1,479,449
13,169
639,588

Consolidated Statement of Cash Flows

综合现金流量表For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

即银行结余及现金

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 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

年

月

日止年度

1. General Information

Emperor International Holdings Limited (the “Company”) is

incorporated in Bermuda as an exempted company with

limited liability and its shares are listed on the Main Board

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

Exchange”). The Company’s imediate holding company

is Emperor International Group Holdings Limited, a limited

liability company incorporated in the British Virgin Islands

(“BVI”). The ultimate holding company of the Company

is Albert Yeung Holdings Limited (“AY Holdings”), a limited

liability company incorporated in the BVI which is in turn

held by First Trust Services AG, being the truste of The

Albert Yeung Discretionary Trust (“AY Trust”), the setlor and

founder of which is Dr. Yeung Sau Shing, Albert (“Dr. Yeung”).

The adres of the registered ofice and principal place of

busines of the Company are disclosed in the “Corporate

Information and Key Dates” section to the anual report.

The consolidated financial statements are presented in Hong

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

the Company.

The Company is an investment holding company. The

principal activities of its subsidiaries are set out in note 47.

一般资料

英皇国际集团有限公司（「本公司」）

于百慕达注册成立为受豁免有限公

司，其股份在香港联合交易所有限公

司（「联交所」）主板上市。本公司之直

接控股公司为英皇国际集团控股有限

公司（于英属处女群岛（「英属处女群

岛」）注册成立之有限公司）。本公司之

最终控股公司为杨受成产业控股有限

公司（「杨受成产业控股」，一间于英属

处女群岛注册成立之有限公司），而杨

受成产业控股由

The Albert Yeung

Discretionary Trust

（「

AY Trust

」，

杨受成博士（「杨博士」）为

AY Trust

之

委托人及创立人）之受托人

First Trust

Services AG

持有。本公司注册办事处

及主要营业地点之地址于本年报「公司

资料及重要日期」一节披露。

综合财务报表乃以港元（「港元」）（为本

公司之功能货币）呈报。

本公司为一间投资控股公司，其附属公

司之主要业务载于附注

。

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

应用新增及经修订香港财务报

告准则会计准则

于本年度强制生效之经修订香

港财务报告准则会计准则

于本年度，本集团已首次应用下列香港

会计师公会（「香港会计师公会」）颁布

及于

年

月

日开始之年度期间强

制生效之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

号之修订

售后租回交易之

租赁负债

香港会计准则第

号

之修订

将负债分类为流动

或非流动及香港

诠释第

号（

年）

之有关修订

香港会计准则第

号

之修订

附带契诺的非流动

负债

香港会计准则第

号

及香港财务报告

准则第

号之修订

供应商融资安排

除下文所述者外，于本年度应用经修订

香港财务报告准则会计准则对本集团

于本年度及过往年度之财务状况及表

现及╱或本综合财务报表所载之披露

并无重大影响。

应用香港会计准则第

号之修订「将负

债分类为流动或非流动」及香港诠释第

号（

年）之有关修订（「

年修

订」）及香港会计准则第

号之修订「附

带契诺之非流动负债」（「

年修

订」）的影响

本集团于本年度首次应用该等修订。

年修订就评估将负债清偿延期至

报告日期后至少十二个月之权利提供

澄清及额外指引，以将负债分类为流动

或非流动，其中：

•

订明负债分类为流动或非流动应

基于报告期末存在的权利。具体而

言，分类不应受管理层于十二个月

内清偿负债的意向或预期所影响。

2. Aplication

ｏ

f 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

Except as described below, 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.

Impacts on aplication of Amendments to HKAS 1

Clasification of Liabilities as Curent or Non-curent

and related amendments to Hong Kong Interpretation

5 (2020) (the “2020 Amendments”) and Amendments to

HKAS 1 Non-curent Liabilities with Covenants (the “2022

Amendments”)

The Group has aplied the amendments for the first time in

the curent year. The 2020 Amendments provide clarification

and aditional guidance on the asesment of right to defer

setlement for at least twelve months from reporting date for

clasification of liabilities as curent or non-curent, which:

• specify that the clasification of liabilities as curent or non-

curent should be based on rights that are in existence

at the end of the reporting period. Specificaly, the

clasification should not be afected by management

intentions or expectations to setle the liability within

twelve months.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

应用新增及经修订香港财务报

告准则会计准则

（续）

于本年度强制生效之经修订香

港财务报告准则会计准则

（续）

应用香港会计准则第

号之修订「将负

债分类为流动或非流动」及香港诠释第

号（

年）之有关修订（「

年修

订」）及香港会计准则第

号之修订「附

带契诺之非流动负债」（「

年修

订」）的影响（续）

•

阐明负债可透过向对手方转移现

金、货品或服务，或实体自身股本

工具的方式清偿。倘负债的条款订

明对手方可选择以转移其自身股

本工具的方式清偿，则仅当实体应

用香港会计准则第

号「金融工

具：呈列」将该选择权单独确认为

股本工具时，此等条款方不影响负

责分类为流动或非流动。

对于以遵守契诺为条件，将负债清偿延

期至报告日期后至少十二个月的权利，

年修订特别阐明，只有实体须于报

告期结束时或之前遵守的契诺，才会影

响实体将负债延后至报告日期后至少

十二个月清偿的权利，即使于报告日期

后方对契诺的遵守情况进行评估。

年修订亦订明，实体于报告日期后必须

遵守的契诺（即未来契诺）不会影响负

债于报告日期的流动或非流动分类。然

而，倘若实体延期清偿负债的权利取决

于其在报告期后十二个月内遵守契诺，

则实体应披露有关资料，以使财务报表

使用者了解负债可能在报告期后十二

个月内须予以偿还的风险。该等资料包

括相关契诺、相关负债的账面值及显示

实体可能难以遵守契诺的事实及情况

（如有）。

根据过渡条文，本集团已就负债分类为

流动或非流动追溯应用新会计政策。于

本年度应用该等修订对综合财务报表

并无重大影响。

2. Aplication

ｏ

f New and Amendments To

HKFRS Acounting Standards (continued)

Amendments to HKFRS Acounting Standards

that are mandatorily efective for the curent

year (continued)

Impacts on aplication of Amendments to HKAS 1

Clasification of Liabilities as Curent or Non-curent

and related amendments to Hong Kong Interpretation

5 (2020) (the “2020 Amendments”) and Amendments to

HKAS 1 Non-curent Liabilities with Covenants (the “2022

Amendments”) (continued)

• clarify that the setlement of a liability can be a transfer

of cash, gods or services, or the entity’s own equity

instruments to the counterparty. If a liability has terms

that could, at the option of the counterparty, result in

its setlement by the transfer of the entity’s own equity

instruments, these terms do not afect its clasification as

curent or non-curent only if the entity recognises the

option separately as an equity instrument aplying HKAS

32 Financial Instruments: Presentation.

For rights to defer setlement for at least twelve months from

reporting date which are conditional on the compliance

with covenants, the 2022 Amendments specificaly clarify

that only covenants that an entity is required to comply

with on or before the end of the reporting period afect the

entity’s right to defer setlement of a liability for at least twelve

months after the reporting date, even if compliance with

the covenant is asesed only after the reporting date. The

2022 Amendments also specify that covenants with which

an entity must comply after the reporting date (i.e. future

covenants) do not afect the clasification of a liability as

curent or non-curent at the reporting date. However, if the

entity’s right to defer setlement of a liability is subject to the

entity complying with covenants within twelve months after

the reporting period, an entity discloses information that

enables users of financial statements to understand the risk of

the liabilities becoming repayable within twelve months after

the reporting period. This would include information about

the covenants, the carying amount of related liabilities and

facts and circumstances, if any, that indicate that the entity

may have dificulties complying with the covenants.

In acordance with the transition provision, the Group has

aplied the new acounting policy to the clasification

of liability as curent or non-curent retrospectively. The

aplication of the amendments in the curent year had no

material impact on 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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

应用新增及经修订香港财务报

告准则会计准则

（续）

已颁布但尚未生效之新增及经

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颁布但尚

未生效之新增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

号

及香港财务报告准则

第

号之修订

金融工具分类及

计量之修订

香港财务报告准则第

号

及香港财务报告准则

第

号之修订

依赖自然能源

生产电力之合约

香港财务报告准则第

号

及香港会计准则

第

号之修订

投资者与其联营

公司或合营企业

之间之资产出售

或投入

香港财务报告准则

会计准则之修订

香港财务报告准则

会计准则年度

改进－第

卷

香港会计准则第

号之

修订

缺乏可兑换性

香港财务报告准则第

号财务报表之呈列

及披露

于待厘定日期或之后开始之年度

期间生效

于

年

月

日或之后开始之年

度期间生效

于

年

月

日或之后开始之年

度期间生效

于

年

月

日或之后开始之年

度期间生效

除下文所述之新增香港财务报告准则

会计准则外，本公司董事（「董事」）预期

应用所有其他香港财务报告准则会计

准则修订于可见将来不会对综合财务

报表造成重大影响。

2. Aplication

ｏ

f 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 HKFRSs

Acounting Standards

Anual Improvements to HKFRS

Acounting Standards – Volume 11

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 HKFRS Acounting Standard mentioned

below, the directors of the Company (“Directors”) anticipate

that the aplication of al the 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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

应用新增及经修订香港财务报

告准则会计准则

（续）

已颁布但尚未生效之新增及经

修订香港财务报告准则会计准

则

（续）

香港财务报告准则第

号「财务报表之

呈列及披露」

香港财务报告准则第

号「财务报表之

呈列及披露」（「香港财务报告准则第

号」）载列财务报表的呈列及披露规定，

将取代香港会计准则第

号「财务报表

的呈列」（「香港会计准则第

号」）。该项

新订香港财务报告准则会计准则，于承

袭香港会计准则第

号的多项规定的同

时，引入于损益表中呈列指定类别及定

义小计的新规定；于财务报表附注中提

供管理层定义的表现指标之披露，并改

进于财务报表中将予披露的合并及分

类资料。此外，若干香港会计准则第

号

的段落已移至香港会计准则第

号「会

计政策、会计估计变更及差错」及香港

财务报告准则第

号「金融工具：披露」。

香港会计准则第

号「现金流量表」及香

港会计准则第

号「每股盈利」亦作出

细微修订。

香港财务报告准则第

号及其他准则

之修订将于

年

月

日或之后开始

之年度期间生效，并可提早应用。预期

应用新增准则将影响损益表的呈列及

日后财务报表中的披露。本集团现正评

估香港财务报告准则第

号对本集团

综合财务报表的具体影响。

2. Aplication

ｏ

f 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

(“HKFRS 18”), which sets out requirements on presentation

and disclosures in financial statements, wil replace HKAS 1

Presentation of Financial Statements (“HKAS 1”). 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 Acounting Policies, Changes in

Acounting Estimates and Erors and HKFRS 7 Financial

Instruments: Disclosure. 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. The aplication of

the new standard is expected to afect the presentation of

the statement of profit or los and disclosures in the future

financial statements. The Group is in the proces of asesing

the detailed impact of HKFRS 18 on the Group’s 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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

3.1

综合财务报表之编制基准

综合财务报表乃根据香港会计师

公会颁布之香港财务报告准则会

计准则而编制。就编制综合财务报

表而言，倘可合理预期资料会影响

主要使用者作出之决策，则有关资

料属重要。此外，综合财务报表包

括香港联合交易所有限公司证券

上市规则（「上市规则」）及香港公

司条例（「公司条例」）所规定之适

用披露。

3.1.1

持续经营

于编制综合财务报表时，董事

已审慎考虑本集团未来流动

资金及表现以及其可用融资

来源，以评估本集团能否持

续经营。截至

年

月

日止年度，本集团录得亏损

4,840,929,000

港元。于

年

月

日，本集团账面值合

共

16,604,981,000

港元的银

行借贷已逾期及╱或本集团

已违反贷款协议的若干条款。

银行可能要求立即偿还该等

银行借贷。因此，该等银行借

贷已于

年

月

日分类

为流动负债。

为缓解本集团流动资金风险

及改善本集团财务状况，已制

订以下计划及措施：

•

本集团正与银行协商以就

财务重组计划达成一致。

本集团雄厚的资产基础、

良好的往绩记录及与银行

建立的稳固关系，均有助

本集团就财务重组计划达

成协议。

•

本集团将密切监察财务重

组计划进展，并有信心可

按财务重组计划所载时间

表，透过出售投资物业筹

备充足资金。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information

3.1 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 aplicable disclosures required by

the Rules Governing the Listing of Securities on The Stock

Exchange of Hong Kong Limited (“Listing Rules”) and by

the Hong Kong Companies Ordinance (“CO”).

3.1.1 Going concern

In preparing the consolidated financial statements,

the Directors have given careful consideration to

the future liquidity and performance of the Group

and its available sources of financing in asesing

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

During the year ended 31 March 2025, the Group

reported a los of HK$4,840,929,000. As at 31 March

2025, the Group’s bank borowings with carying

amounts of HK$16,604,981,000 in agregate have

become overdue and/or the Group has breached

certain terms of the loan agrements. The banks

may request imediate repayment of these bank

borowings. Acordingly, these bank borowings

have ben clasified as curent liabilities as at 31

March 2025.

The folowing plans and measures are formulated to

mitigate the Group’s liquidity risk and improve the

Group’s financial position:

• The Group is negotiating with banks to agre

on the financial restructuring plan. The Group’s

robust aset base, established track records

and solid relationship with banks facilitate the

Group to secure agrement on the financial

restructuring plan.

• The Group wil monitor its status of the financial

restructuring plan and is confident that suficient

financing can be aranged from the sales of

investment properties acording to schedule

as set out in the financial restructuring plan.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.1

综合财务报表之编制基准

（续）

3.1.1

持续经营（续）

•

本集团将于未来十二个月

透过出售物业及投资物业

租金持续加强流动资金及

经营现金流量。

•

本集团将继续采取积极措

施，透过多种渠道管控行

政及经营成本。

董事已审阅本集团管理层编

制之涵盖自报告期末起计不

少于十二个月期间的本集团

现金流量预测。经计及上述计

划及措施，董事认为本集团将

具备充足营运资金维持其营

运及履行其于报告期末起计

至少十二个月内到期的财务

责任。董事信纳，按持续经营

基准编制本综合财务报表乃

属恰当。

尽管如此，本集团的计划及措

施尚处于初步实施阶段或仍

在落实中，且于综合财务报表

获批准及授权刊发之日，并无

来自相关银行及潜在买家的

书面合约协议或其他佐证文

件以延长持续经营评估，本集

团能否

(i)

成功与银行磋商，就

财务重组计划达成一致；

(i)

成

功物色买家以出售特定物业；

及

(i)

成功实施成本控制措

施，均存在重大不确定性。

倘本集团未能成功落实上述

计划及措施，则可能无法继续

以持续经营基准运作，并可能

须作出调整，将本集团资产的

账面值撇减至其可收回金额、

于经考虑合约条款后将非流

动负债重新分类为流动负债，

或就出现亏损之任何合约承

担作出拨备（如适用）。该等调

整的影响并未反映于本集团

的综合财务报表内。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.1 Basis of preparation of consolidated

financial statements (continued)

3.1.1 Going concern (continued)

• The Group wil continue to enhance its liquidity

and operating cash flows for the next twelve

months from sales of properties and rentals from

investment properties.

• The Group wil continue to take active measures

to control administrative and operating costs

through various chanels.

The Directors have reviewed the Group’s cash flow

forecasts prepared by management of the Group,

which cover a period of not les than twelve months

from the end of the reporting period. Taking into

acount of the plans and measures as described

above, the Directors are of the opinion that the

Group wil have suficient working capital to

maintain its operations and to met its financial

obligations as and when they fal due for at least

twelve months from the end of the reporting period.

The Directors are satisfied that it is apropriate to

prepare these consolidated financial statements on

a going concern basis.

Notwithstanding the above, the execution of the

plans and measures by the Group is in preliminary

stage or in progres and no writen contractual

agrements or other documentary suporting

evidence from the relevant banks and potential

buyers that are available as at the date of the

consolidated financial statements were aproved

and authorised for isue for extending the going

concern asesment, material uncertainty exists as to

whether the Group can (i) sucesfuly negotiating

with banks to agre on the financial restructuring

plan; (i) sucesfuly identifying buyers for disposal

of specific properties; and (i) sucesfuly

implementing costs controls.

Should the Group fail to achieve the above-

mentioned plans and measures, it might not be able

to continue to operate as a going concern, and

adjustments might have to be made to write down

the carying values of the Group’s asets to their

recoverable amounts, to reclasify its non-curent

liabilities as curent liabilities with consideration

of the contractual terms or to make provision for

any contractual comitments that may have

become onerous, where apropriate. The efects

of these adjustments have not ben reflected in

the consolidated financial statements of the Group.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.1

综合财务报表之编制基准

（续）

3.1.2

编制基准

综合财务报表乃按历史成本

基准编制，惟投资物业于各报

告期末按公允价值计量（如下

文载列之会计政策所解释）。

历史成本一般以交换货品及

服务所给予代价之公允价值

为基准计算。

按公允价值交易之投资物业，

凡于其后期间应用以不可观

察输入数据计量公允价值之

估值方法，估值方法应予校

正，以使于初步确认时估值方

法之结果相等于交易价格。

此外，就财务报告而言，公允

价值计量根据公允价值计量

输入数据之可观察程度及公

允价值计量输入数据对其整

体之重要性，分类为第

级、第

级或第

级，详情如下：

•

第

级输入数据为实体在

计量日期于活跃市场可以

取得相同资产或负债之报

价（未经调整）；

•

第

级输入数据为就资产

或负债直接或间接可观察

之输入数据（第

级内包

括之报价除外）；及

•

第

级输入数据为资产或

负债之无法观察输入数

据。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.1 Basis of preparation of consolidated

financial statements (continued)

3.1.2 Basis of Preparation

The consolidated financial statements have ben

prepared on the historical cost basis except for

investment properties which are measured at fair

values at the end of each reporting period, as

explained in the acounting policies set out below.

Historical cost is generaly based on the fair value

of the consideration given in exchange for gods

and services.

For investment properties which are transacted

at fair value and a valuation technique that

unobservable inputs are to be used to measure

fair value in subsequent periods, the valuation

technique is calibrated so that at initial recognition

the results of the valuation technique equals the

transaction price.

In adition, for financial reporting purposes, fair

value measurements are categorised into Level

1, 2 or 3 based on the degre to which the inputs

to the fair value measurements are observable

and the significance of the inputs to the fair value

measurement in its entirety, which are described as

folows:

• Level 1 inputs are quoted prices (unadjusted)

in active markets for identical asets or liabilities

that the entity can aces at the measurement

date;

, other than quoted

prices included within Level 1, that are

observable for the aset or liability, either directly

or indirectly; and

• Level 3 inputs are unobservable inputs for the

aset or liability.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

综合账目基准

综合财务报表包括本公司及本公

司控制之实体（及其附属公司）之

财务报表。取得控制权是指本公

司：

•

有权控制投资对象；

•

因参与投资对象而对可变回

报承担风险或享有权利；及

•

能够运用其对投资对象之权

力影响其回报。

倘有事实或情况显示上述三项控

制因素中，有一项或以上出现变

数，本集团会重新评估其是否控制

投资对象。

本集团于获得附属公司控制权时

将附属公司综合入账，并于失去附

属公司控制权时终止综合入账。具

体而言，本年度收购或出售附属公

司之收入及支出会于本集团取得

控制权当日起计入综合损益表，直

至本集团对该附属公司之控制权

终止当日为止。

损益乃归属于本公司拥有人及非

控股权益。附属公司之全面总收益

归属于本公司拥有人及非控股权

益，即使此举会导致非控股权益出

现亏绌结余。

所有关本集团成员间交易之集

团内公司间资产及负债、权益、收

入、开支及现金流量均于综合账目

时全数抵销。

附属公司之非控股权益与本集团

所占之权益分开列示，其指现时拥

有权益，赋予持有人权利于清盘

时按比例分占相关附属公司净资

产。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 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. Control

is achieved when the Company:

;

, or has rights, to variable returns from its

involvement with the investe; and

• has the ability to use its power to afect its returns.

The Group reaseses whether or not it controls an

investe if facts and circumstances indicate that there

are changes to one or more of the thre elements of

control listed above.

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 from the date the Group gains

control until the date when the Group ceases to control

the subsidiary.

Profit or los is atributed to the owners of the Company

and to the non-controling interests. Total comprehensive

income of subsidiaries is atributed to the owners of the

Company and to the non-controling interests even if

this results in the non-controling interests having a deficit

balance.

Al intragroup asets and liabilities, equity, income,

expenses and cash flows relating to transactions

betwen members of the Group are eliminated in ful

on consolidation.

Non-controling interests in subsidiaries are presented

separately from the Group’s equity therein, which

represent present ownership interests entitling their

holders to a proportionate share of net asets of the

relevant subsidiaries upon liquidation.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

综合账目基准（续）

本集团于现有附属公司拥有权益

之变动

本集团于附属公司拥有的权益之

变动如并无导致本集团对其丧失

控制权，将列作权益交易入账。本

集团权益相关部分及非控股权益

之账面值均予以调整，以反映彼等

于附属公司相关权益之变动，包括

根据本集团及非控股权益两者之

间的权益比例重新归属相关储备

予两者。

非控股权益之调整金额与所付或

所收代价之公允价值之间的任何

差额将直接于权益确认并归属于

本公司拥有人。

倘本集团失去附属公司控制权，则

终止确认该附属公司之资产及负

债以及非控股权益（如有）。收益或

亏损于损益确认并按

(i)

所收代价

之公允价值及任何保留权益之公

允价值的总额；及

(i)

本公司拥有

人应占该附属公司之资产（包括商

誉）及负债的账面值两者之间的差

额计算。先前于其他全面收益（「其

他全面收益」）就该附属公司确认

之所有款额，会按犹如本集团已直

接出售该附属公司之相关资产或

负债入账（即按适用香港财务报告

准则会计准则所订明╱允许而重

新分类至损益或转拨至另一权益

类别）。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Basis of consolidation (continued)

Changes in the Group’s interests in existing

subsidiaries

Changes in the Group’s interests in subsidiaries that do

not result in the Group losing control over the subsidiaries

are acounted for as equity transactions. The carying

amounts of the Group’s relevant components of equity

and the non-controling interests are adjusted to reflect

the changes in their relative interests in the subsidiaries,

including re-atribution of relevant reserves betwen the

Group and the non-controling interests acording to the

Group’s and the non-controling interests’ proportionate

interests.

Any diference betwen the amount by which the non-

controling interests are adjusted, and the fair value of

the consideration paid or received is recognised directly

in equity and atributed to owners of the Company.

When the Group loses control of a subsidiary, the asets

and liabilities of that subsidiary and non-controling

interests (if any) are derecognised. A gain or los is

recognised in profit or los and is calculated as the

diference betwen (i) the agregate of the fair value

of the consideration received and the fair value of any

retained interest and (i) the carying amount of the

asets (including godwil), and liabilities of the subsidiary

atributable to the owners of the Company. Al amounts

previously recognised in other comprehensive income

(“OCI”) in relation to that subsidiary are acounted for as

if the Group had directly disposed of the related asets or

liabilities of the subsidiary (i.e. reclasified to profit or los

or transfered to another category of equity as specified/

permited by aplicable HKFRS Acounting Standards).

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

于联营公司及合营企业之投资

联营公司为本集团对其拥有重大

影响力之实体。重大影响力乃有权

参与投资对象之财务及经营政策

决定而非控制或共同控制该等政

策。

合营企业指一项联合安排，据此，

就安排拥有共同控制权之订约方

对联合安排之资产净值拥有权利。

共同控制是指按照合约协定对某

项安排所共有的控制权，共同控制

仅在当相关活动要求共同享有控

制权之各方作出一致同意之决定

时存在。

联营公司及合营企业之业绩及资

产与负债以权益会计法纳入综合

财务报表。用于权益会计法之联营

公司及合营企业之财务报表，乃采

用本集团在相若情况下就类似交

易及事项所用之统一会计政策编

制。根据权益法，于联营公司或合

营企业之投资均按成本值于综合

财务状况表内初步确认，并于其后

调整以确认本集团应占联营公司

或合营企业之溢利或亏损及其他

全面收益。

于联营公司或合营企业之投资乃

自投资对象成为联营公司或合营

企业当日起按权益法入账。于收购

一间联营公司或合营企业之投资

时，任何投资成本超逾本集团应占

投资对象可识别资产及负债之公

允价值净值之部分确认为商誉，并

计入该投资之账面值内。任何本集

团应占可识别资产及负债之公允

价值净值超逾投资成本之部分，经

重新评估后，则于获得投资期间即

时于损益内确认。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Investments in an asociate and a joint venture

An asociate is an entity over which the Group has

significant influence. Significant influence is the power

to participate in the financial and operating policy

decisions of the investe but is not control or joint control

over those policies.

A joint venture is a joint arangement whereby the parties

that have joint control of the arangement have rights

to the net asets of the joint arangement. Joint control

is the contractualy agred sharing of control of an

arangement, which exists only when decisions about

the relevant activities require unanimous consent of the

parties sharing control.

The results and asets and liabilities of an asociate and

a joint venture are incorporated in these consolidated

financial statements using the equity method of

acounting. The financial statements of an asociate

and a joint venture used for equity acounting purposes

are prepared using uniform acounting policies as those

of the Group for like transactions and events in similar

circumstances. Under the equity method, an investment

in an asociate or a joint venture is initialy recognised

in the consolidated statement of financial position at

cost and adjusted thereafter to recognise the Group’s

share of the profit or los and OCI of the asociate or

joint venture.

An investment in an asociate or a joint venture is

acounted for using the equity method from the date

on which the investe becomes an asociate or a

joint venture. On acquisition of the investment in an

asociate or a joint venture, any exces of the cost of the

investment over the Group’s share of the net fair value

of the identifiable asets and liabilities of the investe

is recognised as godwil, which is included within the

carying amount of the investment. Any exces of the

Group’s share of the net fair value of the identifiable

asets and liabilities over the cost of the investment, after

reasesment, is recognised imediately in profit or los in

the period in which the investment is acquired.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

于联营公司及合营企业之投资

（续）

本集团评估是否有客观证据显示

于一间联营公司或一间合营企业

之权益或已减值。如有任何客观证

据，投资之全部账面值（包括商誉）

将根据香港会计准则第

号「资产

减值」（「香港会计准则第

号」）作

为单一资产进行减值测试，方法为

比较可收回金额（即使用价值和公

允价值减出售成本之较高者）与账

面值。任何已确认之减值亏损不会

分配至构成投资账面值一部分之

任何资产（包括商誉）。倘投资之可

收回金额其后回升，减值亏损之任

何拨回会按照香港会计准则第

号确认。

收购一间合营企业之额外权益

当本集团增加其于一间合营企业

之拥有权益但本集团仍使用权

益法时，倘已付代价超逾分占所收

购合营企业额外权益应占净资产

账面值之部分，商誉将于收购日期

确认。倘分占所收购合营企业额外

权益应占净资产账面值之部分超

逾已付代价，则超逾部分于收购额

外权益期间于损益内确认。

于合营业务之权益

合营业务为一项联合安排，据此，

就安排拥有共同控制权之各方对

联合安排之资产享有权利并须对

负债承担责任。共同控制是指按照

合约协定对某项安排所共有的控

制权，共同控制仅在当相关活动要

求共同享有控制权之各方作出一

致同意之决定时存在。

本集团根据适用于特定资产、负

债、收入及开支之香港财务报告准

则会计准则就与其于一间合营业

务之权益有关之资产、负债、收入

及开支入账。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Investments in an asociate and a joint venture

(continued)

The Group aseses whether there is an objective

evidence that the interest in an asociate or a joint

venture may be impaired. When any objective evidence

exists, the entire carying amount of the investment

(including godwil) is tested for impairment in

acordance with HKAS 36 Impairment of Asets (“HKAS

36”) as a single aset by comparing its recoverable

amount (higher of value in use and fair value les costs

of disposal) with its carying amount. Any impairment

los recognised is not alocated to any aset, including

godwil, that forms part of the carying amount of

the investment. Any reversal of that impairment los

is recognised in acordance with HKAS 36 to the

extent that the recoverable amount of the investment

subsequently increases.

Acquisition of aditional interest in a joint venture

When the Group increases its ownership interest in a

joint venture but the Group continues to use the equity

method, godwil is recognised at acquisition date if

there is exces of the consideration paid over the share

of carying amount of net asets atributable to the

aditional interests in joint ventures acquired. Any exces

of share of carying amount of net asets atributable to

the aditional interests in joint ventures acquired over the

consideration paid are recognised in the profit or los in

the period in which the aditional interest are acquired.

Interests in joint operations

A joint operation is a joint arangement whereby the

parties that have joint control of the arangement

have rights to the asets, and obligations for the

liabilities, relating to the joint arangement. Joint control

is the contractualy agred sharing of control of an

arangement, which exists only when decisions about

the relevant activities require unanimous consent of the

parties sharing control.

The Group acounts for the asets, liabilities, revenues

and expenses relating to its interest in a joint operation

in acordance with the HKFRS Acounting Standards

aplicable to the particular asets, liabilities, revenues

and expenses.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

来自客户合约之收入

本集团于完成履约责任时（或就

此）确认收入，即当特定履约责任

的相关货品或服务的「控制权」转

移予客户时确认收入。

履约责任涉及一个单独货品或服务

（或一组捆绑销售之货品或服务）

或一系列大致相同之单独货品或

服务。

控制权于一段时间内转移，倘达成

以下其中一项条件，收入将参照相

关履约责任之完成进度，于一段时

间内确认：

•

客户于本集团履约时同时收

取及耗用本集团履约所带来

之利益；

•

本集团的履约产生或提升一

项资产，而该项资产于本集团

履约时由客户控制；或

•

本集团履约并无产生对本集

团有替代用途之资产，而本集

团可享有强制执行权利，以收

取迄今已完成履约责任之款

项。

否则，收入于客户获得单独产品或

服务的控制权时确认。

合约负债指本集团向客户转移商

品或服务之责任，而本集团就此已

向客户收取代价（或已到期可收取

代价金额）。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Revenue from contracts with customers

The Group recognises revenue when (or as) a

performance obligation is satisfied, i.e. when “control”

of the gods or services underlying the particular

performance obligation is transfered to the customer.

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 is 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 Group’s performance

as the Group 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.

Otherwise, revenue is recognised at a point in time

when the customer obtains control of the distinct god

or service.

A contract liability represents the Group’s obligation to

transfer gods or services to a customer for which the

Group has received consideration (or an amount of

consideration is due) from the customer.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

来自客户合约之收入（续）

于一段时间确认收入：计量完全达

成履约责任的进度

输出法

完全达成履约责任的进度按输出

法计量，即透过直接计量迄今已向

客户转移服务之价值相对于合约

所承诺余下服务之比例确认收入，

此方法最能反映本集团转移服务

控制权之履约情况。

存在重大融资成分

于厘定交易价时，倘向客户转移货

品或服务时（不论以明示或暗示方

式）协定之付款时间为客户或本集

团带来重大融资利益，则本集团就

货币时间价值的影响而调整已承

诺之代价金额。于该等情况下，合

约含有重大融资成分。就客户的付

款与承诺物业或服务的转移之间

的期限超过一年之合约而言，合约

的交易价格因包含融资成分的影响

（如重大）而进行调整，并于承诺

物业或服务的转移前计入合约负

债内。不论于合约中以明示呈列或

合约订约方协定的支付条款暗示

融资承诺，合约中均存在重大融资

成分。

就相关货品或服务的付款与转让

之间的期限少于一年之合约而言，

本集团就任何重大融资成分采用

不调整交易价格之可行权宜方法。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Revenue from contracts with customers (continued)

Over time revenue recognition: measurement

of progres towards complete satisfaction of a

performance obligation

Output method

The progres towards complete satisfaction of a

performance obligation is measured based on output

method, which is to recognise revenue on the basis

of direct measurements of the value of the services

transfered to the customer to date relative to the

remaining services promised under the contract, that

best depict the Group’s performance in transfering

control of services.

Existence of significant financing component

In determining the transaction price, the Group

adjusts the promised amount of consideration for the

efects of the time value of money if the timing of

payments agred (either explicitly or implicitly) provides

the customer or the Group with a significant benefit

of financing the transfer of gods or services to the

customer. In those circumstances, the contract contains

a significant financing component. For contracts where

the period betwen the payment by the customer and

the transfer of the promised property or service exceds

one year, the transaction price is adjusted for the efects

of a financing component, if significant, and is included

in contract liabilities before the transfer of the promised

property or services. A significant financing component

may exist regardles of whether the promise of financing

is explicitly stated in the contract or implied by the

payment terms agred to by the parties to the contract.

For contracts where the period betwen payment and

transfer of the asociated gods or services is les than

one year, the Group aplies the practical expedient of

not adjusting the transaction price for any significant

financing component.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

来自客户合约之收入（续）

收入确认

销售物业于已落成物业之控制权

交付予买方时确认。本集团于买方

订立买卖协议时向其收取按金。自

合约收取的按金于达致上述确认

收入条件前确认为合约负债。

投资物业

投资物业乃持作赚取租金及╱或

资本增值之物业，包括以此为目的

之发展中投资物业。

投资物业首次按成本（包括任何直

接应占开支）计量。于初始确认后，

投资物业按公允价值计量，并作出

调整以排除任何预付或应计经营

租赁收入。

投资物业之公允价值变动所产生

收益或亏损列入所产生期间之损

益。

发展中投资物业产生之建筑成本

拨充资本作为发展中投资物业账

面值之一部分。

投资物业于出售或该项投资物业

永久不再使用及预期该项出售不

会产生未来经济利益时终止确认。

因物业终止确认所产生之任何收

益或亏损（按该项资产出售所得款

项净额与账面值之差额计算）于该

物业终止确认之期间内列入损益

内。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Revenue from contracts with customers (continued)

Revenue recognition

Sale of properties is recognised at a point in time when

control of the completed properties is delivered to

buyers. The Group receives deposits from buyers when

they sign the sale and purchase agrement. The deposits

received from the contracts prior to meting the above

criteria for revenue recognition are recognised as

contract liabilities.

Investment properties

Investment properties are properties held to earn rentals

and/or for capital apreciation including investment

properties under development for such purposes.

Investment properties are initialy measured at cost,

including any directly atributable expenditure.

Subsequent to initial recognition, investment properties

are measured at fair values, adjusted to exclude any

prepaid or acrued operating lease income.

Gains or loses arising from changes in the fair value of

investment properties are included in profit or los for the

period in which they arise.

Construction costs incured for investment properties

under development are capitalised as part of the

carying amount of the investment properties under

development.

An investment property is derecognised upon disposal or

when the investment property is permanently withdrawn

from use and no future economic benefits are expected

from its disposals. Any gain or los arising on derecognition

of the property (calculated as the diference betwen

the net disposal proceds and the carying amount of

the aset) is included in profit or los in the period in which

the property is derecognised.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

物业、机器及设备

物业、机器及设备为包括持作供应

货品或服务或作行政用途之楼宇

在内之有形资产。物业、机器及设

备于自投资物业转拨后按成本或

视作成本减其后累计折旧及其后

累计减值亏损（如有）于综合财务

状况表列账。

本集团作出物业拥有权益付款

（包括租赁土地及楼宇部分）时，

全部代价按初始确认时之相对公

允价值按比例分配至租赁土地及

楼宇部分。倘相关款项能够得到合

理分配，租赁土地权益于综合财务

状况表中以「使用权资产」呈列，惟

根据公允价值模式分类为投资物

业及按投资物业入账者除外。倘该

代价不能合理分配至非租赁楼宇

部分和相关租赁土地之未拆分权

益中，全部物业则分类为物业、机

器及设备。

物业、机器及设备项目之成本或视

作成本扣减其残值后，按其估计可

使用年期以直线法确认折旧。估计

可使用年期、残值及折旧方法会于

每个报告期末作出检讨，估计之任

何变动之影响按未来适用法入账。

物业、机器及设备项目乃于出售时

或当预计持续使用有关资产将不

会产生任何未来经济利益时终止

确认。出售或废弃物业、机器及设

备项目产生之任何收益或亏损乃

按出售所得款项与该资产账面值

之差额厘定及于损益内确认。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Property, plant and equipment

Property, plant and equipment are tangible asets

including buildings that are held for use in the suply

of gods or services, or for administrative purposes.

Property, plant and equipment are stated in the

consolidated statement of financial position at cost or

demed cost upon transfer from investment properties,

les subsequent acumulated depreciation and

subsequent acumulated impairment loses, if any.

When the Group makes payments for ownership interests

of properties which includes both leasehold land and

building elements, the entire consideration is alocated

betwen the leasehold land and the building elements in

proportion to the relative fair values at initial recognition.

To the extent the alocation of the relevant payments can

be made reliably, interest in leasehold land is presented

as “right-of-use asets” in the consolidated statement

of financial position except for those that are clasified

and acounted for as investment properties under the

fair value model. When the consideration canot be

alocated reliably betwen non-lease building element

and undivided interest in the underlying leasehold land,

the entire properties are clasified as property, plant and

equipment.

Depreciation is recognised so as to write of the cost or

demed cost of items of property, plant and equipment

les their residual values over their estimated useful lives,

using the straight line method. The estimated useful

lives, residual values 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, plant 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, plant 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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

物业、机器及设备（续）

倘一项物业因其用途改变（被证实

终止自用）而成为投资物业，则该

项目（包括分类为使用权资产之相

关租赁土地）的账面值与公允价值

于转让日期的任何差额，均于其他

全面收益内确认并于重估储备内

累积。在其后出售或报废该物业

时，相关重估储备将直接转入保留

溢利。

借贷成本

用于收购、兴建或生产符合规定资

产（即须经过一段颇长时间方可作

拟定用途或出售之资产）之直接应

计借贷成本，会添加至上述资产之

成本，直至其大体上可作拟定用途

或出售为止。就发展中投资物业及

持作出售之发展中物业而言，当物

业可供本集团作拟定用途或出售

时，本集团即不再将借贷成本资本

化。

于相关资产可作拟定用途或出售

后仍未偿还之任何特定借贷计入

一般借贷当中，以计算一般借贷之

资本化率。关于特定借贷在其用作

符合规定资产开支前作短暂投资

所赚取之投资收入，会于合资格拨

充资本之借贷成本内扣减。

所有其他借贷成本于产生期间于

损益内确认。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Property, plant and equipment (continued)

If a property becomes an investment property because

its use has changed as evidenced by end of owner-

ocupation, any diference betwen the carying

amount and the fair value of that item (including

the relevant leasehold land clasified as right-of-use

asets) at the date of transfer is recognised in OCI and

acumulated in revaluation reserve. On the subsequent

sale or retirement of the property, the relevant revaluation

reserve wil be transfered directly to retained profits.

Borowing costs

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, which

are asets that necesarily take a substantial period of

time to get ready for their intended use or sale, are

aded to the cost of those asets until such time as

the asets are substantialy ready for their intended use

or sale. For investment properties under development

and properties under development for sale, the Group

ceases to capitalise borowing costs as son as the

properties are ready for the Group’s intended use or sale.

Any specific borowing that remain outstanding after

the related aset is ready for its intended use or sale is

included in the general borowing pol for calculation

of capitalisation rate on general borowings. Investment

income earned on the temporary investment of specific

borowings pending their expenditure on qualifying

asets is deducted from the borowing costs eligible for

capitalisation.

Al other borowing costs are recognised in profit or los

in the period in which they are incured.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

租赁

本集团于合约开始时根据香港财

务报告准则第

号之定义评估合

约是否构成或包含租赁。除非合约

条款及条件其后有变，否则不会重

新评估该合约。

本集团作为承租人

将代价分配至合约组成部分

对于包含租赁组成部分及一项或

多项额外租赁或非租赁组成部分

之合约，本集团按租赁组成部分之

相对独立价格及非租赁组成部分

（包括同时包含租赁土地及非租

赁楼宇部分之物业所有权益收

购合约）之合计独立价格为基准，

将合约代价分配至各项租赁组成

部分，惟该分配无法可靠进行时除

外。

本集团采取可行权宜做法，不将非

租赁组成部分与租赁组成部分

开，而是将租赁组成部分及任何相

关非租赁组成部分作为单一租赁

组成部分入账。

短期租赁

对于租期自开始日期起计为

个

月或以内且不包含购买选择权的

办公设备，本集团应用短期租赁确

认豁免。短期租赁的租赁款项在租

期内按直线法或其他系统法确认

为开支。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Leases

The Group aseses whether a contract is or contains a

lease based on the definition under HKFRS 16 at inception

of the contract. Such contract wil not be reasesed

unles the terms and conditions of the contract are

subsequently changed.

The Group as a lese

Alocation of consideration to components of a

contract

For a contract that contains a lease component and

one or more aditional lease or non-lease components,

the Group alocates the consideration in the contract to

each lease component on the basis of the relative stand-

alone price of the lease component and the agregate

stand-alone price of the non-lease components

including contract for acquisition of ownership interests

of a property which includes both leasehold land and

non-lease building components, unles such alocation

canot be made reliably.

The Group aplies practical expedient not to separate

non-lease components from lease component, and

instead acount for the lease component and any

asociated non-lease components as a single lease

component.

Short-term leases

The Group aplies the short-term lease recognition

exemption to leases of ofice equipment that have a

lease term of 12 months or les from the comencement

date and do not contain a purchase option. Lease

payments on short-term leases are recognised as

expense on a straight-line basis or another systematic

basis over the lease term.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

租赁（续）

本集团作为承租人（续）

使用权资产

使用权资产之成本包括租赁负债

之初步计量金额。

使用权资产按成本减去任何累计

折旧及减值亏损计量，并就租赁负

债的任何重新计量作出调整。

使用权资产在估计可使用年期与

租期两者孰短的期间内按直线法

计提折旧。

本集团于综合财务状况表将使用

权资产呈列为一个单独项目。

租赁负债

于租赁开始日，本集团按该日未支

付的租赁款项现值确认及计量租

赁负债。计算租赁款项现值时，倘

租赁隐含的利率难以厘定，则本集

团使用租赁开始日期的增量借款

利率计算。

租赁款项包括固定款项（包括实质

上是固定之款项）减任何应收租赁

优惠。

于开始日期后，租赁负债透过增加

利息及租赁款项作出调整。

本集团于综合财务状况表内将租

赁负债呈列为单独项目。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Leases (continued)

The Group as a lese (continued)

Right-of-use asets

The cost of right-of-use asets includes the amount of the

initial measurement of the lease liability.

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 as a separate line

item on the consolidated statement of financial position.

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.

After the comencement date, lease liabilities are

adjusted by interest acretion and lease payments.

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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

租赁（续）

本集团作为出租人

租赁之分类及计量

来自经营租赁的租金收入于有关

租期内以直线法于损益内确认。于

协商及安排经营租赁时引致之初

步直接成本乃加至租赁资产之账

面值，而有关成本于租期内以直线

法确认为开支，惟根据公允价值模

式计量之投资物业除外。并非根据

指数或费率估算的可变租赁款项

于产生时确认为收入。

来自本集团日常业务过程之租金

收入按收益呈列。

将代价分配至合约组成部分

本集团应用香港财务报告准则第

号「来自客户合约之收入」（「香

港财务报告准则第

号」）将合约

代价分配至租赁及非租赁组成部

分。非租赁组成部分根据其相对独

立售价与租赁组成部分开。

物业、机器及设备及使用权资产

（商誉除外）减值

于报告期末，本集团会检讨物业、

机器及设备及使用权资产之账面

值，以确定是否存在任何迹象显示

该等资产已出现减值亏损。倘若存

在任何相关迹象，则会估计有关资

产之可收回金额以厘定减值亏损

（如有）之程度。

物业、机器及设备以及使用权资产

之可收回金额单独估算。倘无法估

计个别可收回金额，本集团估计该

资产所属现金产生单位之可收回

金额。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Leases (continued)

The Group as a lesor

Clasification and measurement of leases

Rental income from operating leases is recognised in

profit or los on a straight-line basis over the term of the

relevant lease. Initial direct costs incured in negotiating

and aranging an operating lease are aded to the

carying amount of the leased aset, and such costs

are recognised as an expense on a straight-line basis

over the lease term except for investment properties

measured under fair value model. Variable lease

payments that do not depend on an index or a rate

are recognised as income when they arise.

Rental income which are derived from the Group’s

ordinary course of busines are presented as revenue.

Alocation of consideration to components of a

contract

When a contract includes both leases and non-lease

components, the Group aplies HKFRS 15 Revenue

from Contracts with Customers (“HKFRS 15”) to alocate

consideration in a contract to lease and non-lease

components. Non-lease components are separated

from lease component on the basis of their relative

stand-alone seling prices.

Impairment on property, plant and equipment and

right-of-use asets other than godwil

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

carying amounts of its property, plant and equipment

and right-of-use asets to determine whether there is any

indication that these asets have sufered an impairment

los. If any such indication exists, the recoverable amount

of the relevant aset is estimated in order to determine

the extent of the impairment los, if any.

The recoverable amount of property, plant and

equipment and right-of-use asets are estimated

individualy. When it is not posible to estimate the

recoverable amount individualy, the Group estimates

the recoverable amount of the cash-generating unit to

which the aset belongs.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

物业、机器及设备及使用权资产

（商誉除外）减值（续）

于测试现金产生单位是否减值时，

当可建立合理及一致之分配基准

时，企业资产会分配至相关现金产

生单位，否则会分配至能建立合理

及一致分配基准之最小现金产生

单位组别。可收回金额按企业资产

所属现金产生单位或现金产生单

位组别厘定，并与相关现金产生单

位或现金产生单位组别之账面值

作比较。

可收回金额为公允价值减出售成

本及使用价值两者之较高者。于评

估使用价值时，估计未来现金流量

利用税前贴现率贴现至其现值，而

该贴现率反映当前市场对货币时

间价值及估计未来现金流量未经

调整之资产（或现金产生单位）之

特定风险之评估。

倘预计一项资产（或现金产生单

位）之可收回金额低于其账面值，

则该项资产（或现金产生单位）之

账面值应调减至其可收回金额。由

于企业资产或部分企业资产不能

合理一致地分配至一个现金产生

单位内，本集团比较一组现金产生

单位的账面值（包括企业资产账面

值，或部分已分配至该组现金产生

单位的企业资产账面值）与该组现

金产生单位之可收回金额。分配减

值亏损时，该减值亏损首先分配以

降低任何商誉的账面值（倘适用），

而后基于该单位内或该组现金产

生单位各项资产之账面值按比例

分配至其他资产。资产的账面值不

会扣减至低于其公允价值减出售

成本（倘可计量）、其使用价值（倘

可厘定）及零中的最高者。本将分

配至该资产的减值亏损之金额按

比例分配至该单位或该组现金产

生单位的其他资产。减值亏损即时

于损益确认。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Impairment on property, plant and equipment and

right-of-use asets other than godwil (continued)

In testing a cash-generating unit for impairment,

corporate asets are alocated to the relevant cash-

generating unit when a reasonable and consistent basis

of alocation can be established, or otherwise they are

alocated to the smalest group of cash-generating

units for which a reasonable and consistent alocation

basis can be established. The recoverable amount is

determined for the cash-generating unit or group of

cash-generating units to which the corporate aset

belongs, and is compared with the carying amount

of the relevant cash-generating unit or group of cash-

generating units.

Recoverable amount is the higher of fair value les costs

of disposal and value in use. In asesing value in use,

the estimated future cash flows are discounted to their

present value using a pre-tax discount rate that reflects

curent market asesments of the time value of money

and the risks specific to the aset (or a cash-generating

unit) for which the estimates of future cash flows have

not ben adjusted.

If the recoverable amount of an aset (or a cash-

generating unit) is estimated to be les than its carying

amount, the carying amount of the aset (or the cash-

generating unit) is reduced to its recoverable amount.

For corporate asets or portion of corporate asets which

canot be alocated on a reasonable and consistent

basis to a cash-generating unit, the Group compares

the carying amount of a group of cash-generating units,

including the carying amounts of the corporate asets

or portion of corporate asets alocated to that group

of cash-generating units, with the recoverable amount

of the group of cash-generating units. In alocating

the impairment los, the impairment los is alocated

first to reduce the carying amount of any godwil (if

aplicable) and then to the other asets on a pro-rata

basis based on the carying amount of each aset in the

unit or the group of cash-generating units. The carying

amount of an aset is not reduced below the highest

of its fair value les costs of disposal (if measurable), its

value in use (if determinable) and zero. The amount of

the impairment los that would otherwise have ben

alocated to the aset is alocated pro rata to the other

asets of the unit or the group of cash-generating units.

An impairment los is recognised imediately 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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

物业、机器及设备及使用权资产

（商誉除外）减值（续）

倘减值亏损其后拨回，则该资产

（或现金产生单位或一组现金产

生单位）之账面值须增加至其经修

订之估计可收回金额，惟增加后之

账面值数额不得超过倘若于过往

年度未有就该项资产（或现金产生

单位或一组现金产生单位）确认减

值亏损之原有账面值。减值亏损拨

回应立即在损益确认。

存货

膳食存货

膳食存货按成本与可变现净值两

者中之较低值入账。成本采用先入

先出法计算。可变现净值指存货之

估计售价减所有估计完工成本及

进行销售所需之成本。进行销售所

需之成本包括有关销售直接应占

的增量成本以及本集团为作出销

售所必须产生的非增量成本。

持作出售之物业

持作出售之物业为已落成之物业，

分类为流动资产。除根据使用权资

产会计政策按成本模式计量之租

赁土地部分外，持作出售之物业按

成本与可变现净值两者中之较低

值列账。成本按特定识别基准厘

定，包括所产生相关发展开支之分

配及（如适用）已资本化之借贷成

本。可变现净值指物业之估计售价

减进行销售所需之成本。进行销售

所需之成本包括有关销售直接应

占的增量成本以及本集团为作出

销售所必须产生的非增量成本。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Impairment on property, plant and equipment and

right-of-use asets other than godwil (continued)

Where an impairment los subsequently reverses, the

carying amount of the aset (or a cash-generating unit

or a group of cash-generating units) is increased to the

revised estimate of its recoverable amount, but so that

the increased carying amount does not exced the

carying amount that would have ben determined

had no impairment los ben recognised for the aset

(or a cash-generating unit or a group of cash-generating

units) in prior years. A reversal of an impairment los is

recognised imediately in profit or los.

Inventories

Catering gods

Catering gods are stated at the lower of cost and net

realisable value. Cost is determined on a first-in, first-out

method. Net realisable value represents the estimated

seling price for inventories les al estimated costs of

completion and costs necesary to make the sale. Costs

necesary to make the sale include incremental costs

directly atributable to the sale and non-incremental

costs which the Group must incur to make the sale.

Properties held for sale

Properties held for sale are completed properties and

are clasified as curent asets. Except for the leasehold

land element which is measured at cost model in

acordance with the acounting policies of right-of-use

asets, properties held for sale are caried at the lower

of cost and net realisable value. Cost is determined on

a specific identification basis including alocation of the

related development expenditure incured and where

apropriate, borowing costs capitalised. Net realisable

value represents the estimated seling price for the

properties les costs necesary to make the sales. Costs

necesary to make the sale include incremental costs

directly atributable to the sale and non-incremental

costs which the Group must incur to make the sale.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

存货（续）

持作出售之发展中物业

于日常业务过程中之持作出售之

发展中物业已分类为流动资产。除

根据使用权资产会计政策按成本

模式计量之租赁土地部分外，持作

出售之发展中物业按成本（或转拨

自投资物业者之视作成本）与可变

现净值两者中之较低值列账。与发

展该等物业有关之成本包括土地

成本、建造成本及其他直接发展开

支。成本按特定识别基准厘定，包

括所产生相关发展开支之分配及

（如适用）已资本化之借贷成本。

可变现净值指物业之估计售价减

估计完工成本及进行销售所需之

成本。进行销售所需之成本包括有

关销售直接应占的增量成本以及

本集团为作出销售所必须产生的

非增量成本。

持作出售之发展中物业于竣工时

转拨至持作出售之物业。

当持有该物业的用途发生变化以

赚取租金或╱及资本增值而非于

日常业务过程中出售时，本集团将

该物业由持作出售之物业转拨至

投资物业，并向另一方订立经营租

赁作为佐证。该物业于转让日期的

公允价值与其先前账面值之间的

任何差额于损益中确认。

金融工具

当集团实体成为工具合约条款的

一方时，会确认金融资产及金融负

债。所有以正规途径购买或销售之

金融资产乃按交易日期基准确认

及终止确认。正规途径购买或销售

乃要求于市场法规或惯例所确定

之时间框架内交付资产之金融资

产购买或销售。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Inventories (continued)

Properties under development for sale

Properties under development for sale in the ordinary

course of busines are clasified as curent asets. Except

for the leasehold land element which is measured at

cost model in acordance with the acounting policies

of right-of-use asets, properties under development for

sale are caried at the lower of cost (or demed cost for

those transfered from investment properties) and net

realisable value. Costs relating to the development of the

properties include land cost, construction cost and other

direct development expenditure. Cost is determined on

a specific identification basis including alocation of the

related development expenditure incured and where

apropriate, borowing costs capitalised. Net realisable

value represents the estimated seling price for the

properties les estimated cost to completion and costs

necesary to make the sales. Costs necesary to make

the sale include incremental costs directly atributable

to the sale and non-incremental costs which the Group

must incur to make the sale.

Properties under development for sale are transfered to

properties held for sale upon completion.

The Group transfers a property from properties under

development for sale to investment property when there

is a change in use to hold the property to earn rentals

or/and for capital apreciation rather than for sale in

the ordinary course of busines, which is evidenced by

the inception of an operating lease to another party.

Any diference betwen the fair value of the property

at the date of transfer and its previous carying amount

is recognised in profit or los.

Financial instruments

Financial asets and financial liabilities are recognised

when a group entity becomes a party to the contractual

provisions of the instruments. 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.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

金融工具（续）

金融资产及金融负债初步按公允

价值计量，惟客户合约产生之贸易

应收款项乃按照香港财务报告准

则第

号初步计量除外。收购或发

行金融资产及金融负债直接产生

的交易成本乃于初步确认时加入

金融资产或金融负债之公允价值

或自金融资产或金融负债之公允

价值扣除（视适用情况而定）。

实际利率法是一种在相关期间内

用于计算金融资产或金融负债之

已摊销成本以及分配利息收入及

利息开支之方法。实际利率是可将

金融资产或金融负债预计年期或

（如适用）较短期间之估计未来现

金收款及付款（包括属于实际利率

整体部分的所有已付或已收费用

及点数、交易成本及其他溢价或折

让）精确贴现至首次确认的账面净

值之利率。

金融资产

金融资产的分类及其后计量

符合下列条件之金融资产其后按

摊销成本计量：

•

持有金融资产之业务模式目

的为收取合约现金流量；及

•

合约性条款于指定日期产生

仅为支付本金及未偿还本金

的利息之现金流量。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Financial instruments (continued)

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. 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.

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.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

金融工具（续）

金融资产（续）

金融资产的分类及其后计量（续）

摊销成本及利息收入

利息收入就其后按摊销成本计量

之金融资产以实际利率法确认。利

息收入乃透过就金融资产总账面

值应用实际利率而计算，惟其后已

变为信贷减值之金融资产除外（见

下文）。就其后出现信贷减值之金

融资产而言，利息收入将自下个报

告期起就金融资产摊销成本按实

际利率确认。如信贷减值金融工具

之信贷风险降低以使金融资产不

再出现信贷减值，则利息收入自确

定资产不再出现信贷减值后之报

告期初起就金融资产之总账面值

按实际利率确认。

根据香港财务报告准则第

号须进

行减值评估之金融资产及其他项

目之减值

本集团根据预期信贷亏损（「预期

信贷亏损」）模式就金融资产（包

括一项发展中项目之应收款项、应

收一间合营企业之款项、贸易及其

他应收款项、就发展物业存放于指

定银行账户之存款、已抵押银行

存款、短期银行存款以及银行结

余）及根据香港财务报告准则第

号

「金融工具」（「预期信贷亏损」）须

进行减值评估之其他项目（财务担

保合约）进行减值评估。预期信贷

亏损之金额于各报告日期更新，以

反映信贷风险自初始确认以来之

变化。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Financial instruments (continued)

Financial asets (continued)

Clasification and subsequent measurement of

financial asets (continued)

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 (se below). 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.

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9

The Group performs impairment asesment under

expected credit los (“ECL”) model on financial asets

(including receivables related to a development project,

amount due from a joint venture, trade and other

receivables, deposit in designated bank acount for

development properties, pledged bank deposits, short-

term bank deposits and bank balances), and other

items (financial guarante contracts) which are subject

to impairment asesment under HKFRS 9 Financial

Instrument (“HKFRS 9”). The amount of ECL is updated

at each reporting date to reflect changes in credit risk

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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号须进

行减值评估之金融资产及其他项

目之减值（续）

全期预期信贷亏损指于相关工具

之预期使用期内所有可能发生之

违约事件所产生之预期信贷亏损。

相反，

个月预期信贷亏损（「

个

月预期信贷亏损」）指预期于报告

日期后

个月内可能发生之违约

事件所产生之部分全期预期信贷

亏损。有关评估乃根据本集团之过

往信贷亏损经验进行，并根据债务

人特有之因素、整体经济状况以及

于报告日期时之当前状况及未来

状况预测评估而作出调整。

本集团一直就贸易应收款项确认

全期预期信贷亏损。

就所有其他工具而言，本集团按等

于

个月预期信贷亏损的金额计

量亏损拨备，除非自初始确认以来

信贷风险显著增加，本集团会确认

全期预期信贷亏损。是否确认全期

预期信贷亏损的评估乃取决自初

始确认以来发生违约之可能性或

违约风险是否显著增加。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9 (continued)

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.

Asesments 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 a lifetime ECL for trade

receivables.

For al other instruments, the Group measures the los

alowance equal to 12m ECL, unles 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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号须进

行减值评估之金融资产及其他项

目之减值（续）

(i)

信贷风险显著增加

于评估信贷风险自初始确认

以来是否显著增加时，本集团

对金融工具于报告日期发生

违约之风险与金融工具于初

始确认日期发生违约之风险

进行比较。在进行该评估时，

本集团考虑合理有据之定量

及定性资料，包括毋须付出过

度成本或精力就可获得之过

往经验及前瞻性资料。

不论上述评估之结果如何，当

合约款项逾期超过

日，本集

团将假定信贷风险自初始确

认以来已显著增加，除非本集

团有合理有据之资料证明事

实并非如此。

就财务担保合约而言，本集团

成为不可撤回承担一方之日

期被视为就减值评估进行初

始确认之日期。于评估信贷风

险自初步确认以来是否显著

上升时，本集团会考虑指定债

务人违反合约之风险之变动。

本集团定期监察其确定信贷

风险是否显著增加时所用标

准之效用，并因应适当情况修

订有关标准，以确保能够于款

项逾期前确定信贷风险显著

增加。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items 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.

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.

For financial guarante contracts, the date that

the Group becomes a party to the irevocable

comitment is considered to be the date of initial

recognition for the purposes of asesing impairment.

In asesing whether there has ben a significant

increase in the credit risk since initial recognition,

the Group considers the changes in the risk that the

specified debtor wil default on the contract.

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.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号须进

行减值评估之金融资产及其他项

目之减值（续）

(i)

违约之定义

就内部信贷风险管理而言，本

集团认为，违约事件是在内部

所形成或外部所得资料显示，

债务人不大可能向债权人（包

括本集团）偿还全数款项（不

考虑本集团所持任何抵押品）

时发生。

不管上文所述为何，本集团认

为，当金融资产逾期超过

日，即代表已发生违约，除非

本集团有合理有据之资料显

示使用更宽松之违约标准更

为恰当。

(i)

信贷减值金融资产

在一项或以上事件发生，而有

关事件对该金融资产之估计

未来现金流量构成负面影响

时，即代表金融资产已信贷减

值。金融资产已信贷减值之证

据包括与下列事件有关之可

观察数据：

(a)

发行人或借款人出现重大

财政困难；

(b)

违反合约，如违约或逾期

事件；

(c)

借款人之贷款人出于借款

人面临财政困难所涉及之

经济或合约理由，而向借

款人给予其在其他情况下

不会考虑之宽限；或

(d)

借款人有可能面临破产或

其他财务重组。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9 (continued)

(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.

(i) Credit-impaired financial asets

A financial aset is credit-impaired when one or

more events 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.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号须进

行减值评估之金融资产及其他项

目之减值（续）

(iv)

撇销政策

当有资料显示交易对手处于

严重财务困难且无实际收回

可能时，例如当交易对手被清

盘或已进入破产程序时，本集

团撇销金融资产。经考虑适当

法律意见后，遭注销之金融资

产可能仍须根据本集团之收

回程序进行强制执行活动。撇

销构成一项终止确认事件。其

后任何收回均于损益确认。

(v)

预期信贷亏损之计量及确认

预期信贷亏损之计量是违约

概率、违约亏损率（即违约时

之亏损程度）与违约风险敞口

之函数。违约概率及违约亏损

率乃基于过往数据及前瞻性

资料进行评估。预期信贷亏损

之估计值反映一个无偏概率

之加权平均金额，以各自发生

违约之风险为权重确定。

一般而言，预期信贷亏损为根

据合约应付本集团之所有合

约现金流量与本集团预期收

取之所有现金流量之间的差额

（按初始确认时厘定之有效利

率贴现）。就应收租赁款项而

言，根据香港财务报告准则第

号，厘定预期信贷亏损所用

现金流量与计量应收租赁款

项所用现金流量一致。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9 (continued)

(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.

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.

(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. For a lease receivable, the cash flows

used for determining the ECL is consistent with the

cash flows used in measuring the lease receivable

in acordance with HKFRS 16.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第

号须进

行减值评估之金融资产及其他项

目之减值（续）

(v)

预期信贷亏损之计量及确认

（续）

就财务担保合约而言，根据担

保工具之条款，本集团仅须

于债务人违约时作出付款。因

此，预期信贷亏损为偿还持有

人所产生信贷亏损的预期款

项现值减本集团预期自持有

人、债务人或任何其他方收取

之任何金额。

就无法厘定实际利率的财务

担保合约的预期信贷亏损而

言，本集团将采用反映当前市

场对货币时间价值及特定现

金流量的评估的贴现率，惟在

适当情况下考虑有关风险乃

透过调整贴现率而非调整将

予贴现之现金差额。

利息收入根据金融资产的总

账面值计算，除非金融资产为

信贷减值；在此情况下，利息

收入根据金融资产的摊销成

本计算。

除财务担保合约外，本集团透

过调整所有金融工具的账面

值于损益确认其减值收益或

亏损，惟贸易应收款项除外，

在该情况下透过亏损拨备账

确认相应调整。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9 (continued)

(v) Measurement and recognition of ECL (continued)

For a financial guarante contract, the Group

is required to make payments only in the event

of a default by the debtor in acordance with

the terms of the instrument that is guaranted.

Acordingly, the ECL is the present value of the

expected payments to reimburse the holder for

a credit los that it incurs les any amounts that

the Group expects to receive from the holder, the

debtor or any other party.

For ECL on financial guarante contracts for which

the efective interest rate canot be determined,

the Group wil aply a discount rate that reflects

the curent market asesment of the time value of

money and the risks that are specific to the cash

flows but only if, and to the extent that, the risks

are taken into acount by adjusting the discount

rate instead of adjusting the cash shortfals being

discounted.

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.

Except for financial guarante contracts, 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

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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

金融工具（续）

金融资产（续）

终止确认金融资产

本集团仅于自资产收取现金流量

的合约权利届满时，或向其他方转

让金融资产以及该资产拥有权绝

大部分风险及回报时终止确认金

融资产。

于终止确认按摊销成本计量之金

融资产时，资产账面值与已收及应

收代价的总和的差额乃于损益确

认。

金融负债及权益

分类为负债或权益

债务及权益性工具乃根据合约安

排之性质及金融负债及权益性工

具之定义分类为金融负债或权益。

权益性工具

权益性工具指能证明拥有实体在

减除其所有负债后的资产中的剩

余权益之任何合约。本公司发行之

权益性工具按已收之所得款项扣

除直接发行成本后确认。

按摊销成本列值之金融负债

金融负债（包括贸易及其他应付款

项、应付一间联营公司╱一间关连

公司╱附属公司之非控股权益款

项、无抵押票据及银行借贷）其后

均使用实际利率法按摊销成本计

量。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 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,

or when it transfers the financial aset and substantialy

al the risks and rewards of ownership of the aset to

another entity.

On derecognition of a financial aset measured at

amortised cost, 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 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.

Equity instruments

An equity instrument is any contract that evidences a

residual interest in the asets of an entity after deducting

al of its liabilities. Equity instruments isued by the

Company are recognised at the proceds received,

net of direct isue costs.

Financial liabilities at amortised cost

Financial liabilities (including trade and other payables,

amount(s) due to an asociate/a related company/

non-controling interests of subsidiaries, unsecured notes

and bank borowings) are subsequently measured at

amortised cost, using the efective interest method.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

金融工具（续）

金融负债及权益（续）

按摊销成本列值之金融负债（续）

就应付附属公司之非控股权益款

项及应付一间关连公司款项而言，

倘本集团修订其偿还时间之估计，

则账面值将作出调整以反映经修

订预计现金流量。倘金融负债之修

订并非实质性，则本集团透过按有

关结余的原实际利率计算估计未

来现金流量之现值重新计算账面

值。有关差额于权益内作为非控股

权益及本公司拥有人之视作出资

进行调整。

财务担保合约

财务担保合约财务担保合约指发

行人须于持有人因指定债务人未

能根据债务工具的条款支付到期

款项而蒙受损失时，向持有人偿付

指定款项的合约。本集团所开具的

财务担保合约初步按公允价值计

量，倘并未指定为透过损益按公允

价值列账，则随后按下列较高者计

量：

•

根据香港财务报告准则第

号

厘定之亏损拨备金额；及

•

初步已确认金额减（倘适当）

担保期内已确认累计摊销。

金融负债销账

本集团于及仅于有关本集团责任

被解除、取消或届期时终止确认金

融负债。终止确认之金融负债账面

值与已付及应付代价之差异于损

益确认。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Financial instruments (continued)

Financial liabilities and equity (continued)

Financial liabilities at amortised cost (continued)

For the amounts due to non-controling interests of

subsidiaries and amount due to a related company, if the

Group revises its estimates of the timing of repayments,

the carying amounts are adjusted to reflect the

revised estimated cash flows. Where the modifications

of financial liabilities are non-substantial, the Group

recalculates the carying amounts by computing the

present value of estimated future cash flows at the

balance’s original efective interest rate. The diference

is adjusted as demed capital contribution by the non-

controling interests and the owners of the Company in

equity.

Financial guarante contracts

A financial guarante contract is a contract that requires

the isuer to make specified payments to reimburse the

holder for a los it incurs because a specified debtor

fails to make payments when due in acordance with

the terms of a debt instrument. Financial guarante

contracts isued by the Group are measured initialy at

their fair values and, if not designated as at fair value

through profit or los, are subsequently measured at the

higher of:

• the amount of the los alowance determined in

acordance with HKFRS 9; and

, where

apropriate, cumulative amortisation recognised

over the guarante period.

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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

现金及现金等价物

于综合财务状况表呈列的银行结

余及现金以及已抵押银行存款包

括：

(a)

现金，其包括手头现金及活期

存款，不包括受监管限制而导

致有关结余不再符合现金定

义的银行结余；及

(b)

现金等价物，其包括短期（通

常原到期日为三个月或更短）

存款。

就综合现金流量表而言，现金及现

金等价物包括银行结余及现金。

税项

所得税开支指即期及递延所得税

（抵免）开支之总和。

本年度应付税项根据年度应课税

溢利计算。应课税溢利与除税前亏

损有异，原因为应课税溢利并无计

入于其他年度应课税或可扣减之

收支，另亦无计入永远毋须课税及

不可扣减之项目。本集团之本期税

项负债乃按于报告期末已执行或

实质上已执行之税率计算。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Cash and cash equivalents

Bank balance and cash and pledged bank deposits

presented on the consolidated statement of financial

position include:

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

demand deposits, excluding bank balances that

are subject to regulatory restrictions that result in

such balances no longer meting the definition of

cash; and

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

(generaly with original maturity of thre months or

les).

For the purpose of the consolidated statement of

cash flows, cash and cash equivalents consist of bank

balances and cash.

Taxation

Income tax expense represents the sum of the curent

and defered income tax (credit) expense.

The tax curently payable is based on taxable profit for

the year. Taxable profit difers from los 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.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

税项（续）

递延税项乃就综合财务报表中资

产及负债之账面值与计算应课税

溢利所用相应税基间之暂时性差

异而确认。递延税项负债一般就所

有应课税暂时性差异确认入账。递

延税项资产一般就所有应课税暂

时性差异确认入账，而递延税项

资产一般于可能出现应课税溢利

以抵销可扣减之暂时性差异之情

况下，就所有可扣减暂时性差异

确认。倘暂时性差异源自初步确认

（业务合并除外）交易（该交易不

会影响应课税溢利或会计溢利且

在发生时不会产生等额应课税及

可扣减暂时性差异）之资产或负

债，则该等递延资产及负债将不予

确认。此外，倘暂时性差异源自商

誉之初步确认，则递延税项负债将

不予确认。

递延税项负债就与于附属公司之

投资、于一间联营公司之权益及于

一间合营企业之权益相关的应课

税暂时性差异予以确认，惟倘本集

团能够控制暂时性差异之拨回，且

暂时性差异很可能不会于可预见

未来拨回则除外。因与上述投资及

权益有关之可扣减暂时性差异而

产生的递延税项资产仅于很可能

有足够应课税溢利可抵销暂时性

差异之利益，且预期彼等将于可预

见将来拨回时予以确认。

递延税项资产之账面值于各报告

期末审阅，并于不再可能获得足够

应课税溢利以收回全部或部分资

产时作撇减。

递延税项资产及负债按预期于偿

还负债或变现资产之期间应用的

税率（根据于报告期末已执行或实

际上已执行之税率（及税法）而厘

定）计量。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Taxation (continued)

Defered tax is recognised on temporary diferences

betwen the carying amounts of asets and liabilities

in the consolidated financial statements and the

coresponding tax bases 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 defered tax asets and liabilities are not

recognised if the temporary diference arises from the

initial recognition (other than in a busines combination)

of 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. In

adition, defered tax liabilities are not recognised if the

temporary diferences arises from the initial recognition

of godwil.

Defered tax liabilities are recognised for taxable

temporary diferences asociated with investments

in subsidiaries, interest in an asociate and interest in

a joint venture, 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 and interests 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.

The carying amount of defered tax asets is reviewed

at the end of each reporting period and reduced to the

extent that it is no longer probable that suficient taxable

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.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

税项（续）

递延税项负债及资产之计量反映

本集团于报告期末所预期收回或

偿还其资产及负债的账面值之方

式所产生之税务结果。

就使用公允价值模式计量的投资

物业而言，在计量其递延税项时，

该等物业的账面值乃假设可完全

透过出售收回（除该项假设被推翻

外）。当投资物业可以折旧及以通

过时间而非透过出售方式消耗投

资物业所含绝大部分经济利益为

目标之商业模式持有，则此假设被

驳回。倘有关假设被驳回，该等投

资物业的递延税项则根据上述载

于香港会计准则第

号「所得税」

（「香港会计准则第

号」）的一般

准则（即根据该等物业之预期收回

方式）计量。

倘有可依法强制执行权利将本期

税项资产与本期税项负债抵销，且

有关权利与同一税务机关向以下

实体征收之所得税有关时，递延税

项资产与负债可互相抵销：

(a)

同一应税实体；或

(b)

拟于预期将清偿或收回大额

递延税项负债或资产的各未

来期间按净额基准清偿即期

税项负债及资产，或同时变现

资产及清偿负债的不同应课

税实体。

即期及递延税项于损益确认，倘彼

等与于其他全面收益或直接于权

益内确认之项目有关则除外，即期

及递延税项亦分别于其他全面收

益或直接于权益内确认。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Taxation (continued)

The measurement of defered tax liabilities and asets

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.

For the purposes of measuring defered tax for investment

properties that are measured using the fair value

model, the carying amounts of such properties are

presumed to be recovered entirely through sale, unles

the presumption is rebuted. The presumption is rebuted

when the investment property is depreciable and is held

within a busines model whose objective is to consume

substantialy al of the economic benefits embodied in

the investment property over time, rather than through

sale. If the presumption is rebuted, defered tax for such

investment properties are measured in acordance with

the above general principles set out in HKAS 12 Income

Taxes (“HKAS 12”) (i.e. based on the expected maner

as to how the properties wil be recovered).

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 by the same taxation authority on

either:

(a) the same taxable entity; or

(b) diferent taxable entities which intend either to

setle curent tax liabilities and asets on a net

basis, or to realise the asets and setle the liabilities

simultaneously, in each future period in which

significant amounts of defered tax liabilities or asets

are expected to be setled or recovered.

Curent and defered tax are recognised in profit or los,

except when they relate to items that are recognised in

OCI or directly in equity, in which case, the curent and

defered tax are also recognised in OCI or directly in

equity respectively.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

外币

在编制各集团实体之财务报表时，

以该实体之功能货币以外之货币

（外币）计价之交易乃按交易日期

之现行汇率确认。在报告期末，以

外币计价之货币性项目均按该日

之现行汇率重新换算。按公允价值

列账并以外币为单位之非货币性

项目均按公允价值厘定当日之现

行汇率重新换算。倘非货币性项目

之公允价值收益或亏损在损益内

确认，则该收益或亏损之任何汇兑

部分亦在损益内确认。以历史成本

计量并以外币计价之非货币性项

目不会重新换算。

由结算货币性项目及重新换算货

币性项目而产生之汇兑差额，于其

产生期间在损益内确认。

列报综合财务报表时，本集团业务

之资产及负债，按各报告期末之现

行汇率换算为本集团之列报货币

（即港元）。收入及支出项目则按

期内之平均汇率换算，除非汇率于

有关期间大幅波动，在此情况下则

使用于交易日期的汇率。所产生之

汇兑差额（如有）于其他全面收益

内确认并于汇兑储备项下之权益

内累计（归属于非控股权益（如适

用）。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Foreign curencies

In preparing the financial statements of each individual

group entity, transactions in curencies other than the

functional curency of that entity (foreign curencies)

are recognised at the rates of exchanges prevailing

on the dates of the transactions. At the end of the

reporting period, monetary items denominated in foreign

curencies are retranslated at the rates prevailing at

that date. Non-monetary items caried at fair value that

are denominated in foreign curencies are retranslated

at the rates prevailing on the date when the fair value

was determined. When a fair value gain or los on

a non-monetary item is recognised in profit or los,

any exchange component of that gain or los is also

recognised in profit or los. Non-monetary items that are

measured in terms of historical cost in a foreign curency

are not retranslated.

Exchange diferences arising on the setlement of

monetary items, and on the retranslation of monetary

items, are recognised in profit or los in the period in

which they arise.

For the purposes of presenting the consolidated financial

statements, the asets and liabilities of the Group’s

operations are translated into the presentation curency

of the Group (i.e. HK$) using exchange rates prevailing at

the end of each reporting period. Income and expenses

items are translated at the average exchange rates for

the period, unles exchange rates fluctuate significantly

during that period, in which case the exchange rates at

the date of transactions are used. Exchange diferences

arising, if any, are recognised in OCI and acumulated

in equity under the heading of translation reserve

(atributed to non-controling interests as apropriate).

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

以股份为基础之付款交易

授予雇员之购股权

向雇员及提供类似服务的其他人

士作出的股权结算以股份为基础

之付款乃按授出日期权益性工具

的公允价值计量。

未计及所有非市场归属条件的于

授出日期厘定的股权结算以股份

为基础之付款的公允价值乃根据

本集团对将最终归属的权益性工

具的估计，按直线基准于归属期内

列作开支，并对权益（购股权储备）

作相应增加。于各报告期末，本集

团根据对所有相关非市场归属条

件的评估，修订其对预计将归属的

权益性工具数目的估计。修订原始

估计（如有）的影响于损益中确认，

以使相关累计开支反映经修订估

计，并对购股权储备作相应调整。

就于授出日期即时归属的购股权

而言，已授出购股权的公允价值即

时于损益扣除。

倘购股权获行使，先前于购股权储

备确认的金额将转拨至股份溢价。

倘购股权于归属日期后遭没收或

于到期日仍未获行使，则先前于购

股权储备确认的金额将转拨至保

留溢利。

退休福利费用

定额供款退休福利计划之供款于

雇员提供服务使其符合领取有关

供款之资格时作为开支予以确认。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 Material acounting policy information

(continued)

Share-based payment transactions

Share options granted to employes

Equity-setled share-based payments to employes and

others providing similar services are measured at the fair

value of the equity instruments at the grant date.

The fair value of the equity-setled share-based

payments determined at the grant date without taking

into consideration al non-market vesting conditions is

expensed on a straight-line basis over the vesting period,

based on the Group’s estimate of equity instruments

that wil eventualy vest, with a coresponding increase

in equity (share option reserve). At the end of each

reporting period, the Group revises its estimate of

the number of equity instruments expected to vest

based on asesment of al relevant non-market vesting

conditions. The impact of the revision of the original

estimates, if any, is recognised in profit or los such that

the cumulative expense reflects the revised estimate,

with a coresponding adjustment to the share option

reserve. For share options that vest imediately at the

date of grant, the fair value of the share options granted

is expensed imediately to profit or los.

When share options are exercised, the amount previously

recognised in share option reserve wil be transfered to

share premium. When the share options are forfeited

after the vesting date or are stil not exercised at the

expiry date, the amount previously recognised in share

option reserve wil be transfered to retained profits.

Retirement benefit costs

Payments to defined contribution retirement benefit

schemes are recognised as an expense when employes

have rendered service entitling them to the contributions.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

综合财务报表之编制基准及重

大会计政策资料

（续）

3.2

重大会计政策资料

（续）

短期雇员福利

短期雇员福利按预计将于雇员提

供服务时支付的福利的未贴现金

额确认。除香港财务报告准则会计

准则另行规定或允许将短期雇员

福利计入资产成本外，所有短期雇

员福利均确认为开支

在扣除任何已付金额后，会就雇员

应得福利（如工资及薪金、年假及

病假）确认负债。

重大会计判断及估计不明朗因

素之主要来源

于应用附注

所述之本集团会计政策

时，董事须就从其他来源不显而易见之

资产及负债账面值作出判断、估计及假

设。估计及相关假设乃以过往经验及认

为属有关之其他因素为基础。实际结果

可能有别于该等估计。

估计及相关假设会持续予以检讨。会计

估计的修订于进行修订的期间（如修订

仅影响该期间）确认，或于修订期间及

未来期间（如修订影响当前及未来期

间）确认。

应用会计政策之重大判断

以下为董事在应用本集团会计政策过

程中所作出并对综合财务报表之已确

认金额具有最重大影响之重大判断（涉

及估计之判断除外（见下文）。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Acounting Policy Information (continued)

3.2 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 Acounting Standards

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 and salaries, anual leave and sick

leave) after deducting any amount already paid.

4. Critical Acounting Judgement and Key

Sources of Estimation Uncertainty

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

are described in note 3, the Directors are 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 underlying 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 on-going basis. Revisions to acounting estimates are

recognised in the period in which the estimate is 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.

Critical judgement in aplying acounting

policies

The folowing is the critical judgement, apart from those

involving estimations (se below), that the Directors have

made in the proces of aplying the Group’s acounting

policies and that have the most significant efect on the

amounts recognised in 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

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

重大会计判断及估计不明朗因

素之主要来源

（续）

应用会计政策之重大判断

（续）

于投资物业之递延税项

就计算以公允价值模型计量的投资物

业产生之递延税项负债或资产而言，董

事已审阅本集团之投资物业组合，并

认为本集团位于中华人民共和国（「中

国」）及澳门于

年

月

日总账面

值为

9,941,400,000

港元（

年：

10,892,500,000

港元）之投资物业乃

按目的是随时间耗用（而非出售）投资

物业所包含的绝大部分经济利益之业

务模式持有，故董事决定驳回位于中

国及澳门之有关投资物业的账面值可

透过出售而收回之假设。因此，本集

团已就须于各司法权区缴纳所得税之

投资物业公允价值变动确认递延税项

负债为

1,469,736,000

港元（

年：

1,599,531,000

港元），惟假设该等投资

物业将透过使用而收回。

就位于香港特别行政区（「香港」）及英国

（「英国」）账面总值为

19,849,550,000

港元（

年：

23,501,534,000

港元）

之投资物业而言，董事认为该等投资物

业并非按目的是随时间耗用该等投资

物业所包含的绝大部分经济利益之业

务模式持有。因此，于计量本集团于投

资物业之递延税项时，董事决定采用公

允价值模型计量之位于香港及英国之

投资物业的账面值可全数透过出售而

收回。因此，本集团并无就位于香港之

投资物业之公允价值变动确认任何递

延税项，原因为预期于出售其位于香港

之投资物业时本集团将毋须缴纳任何

所得税。自

年

月起，由于英国税

法改变，本集团位于英国之投资物业

须就出售产生之收益缴纳英国税项。因

此，由于本集团须在英国缴纳所得税，

本集团已考虑递延税项对投资物业公

允价值变动的影响。由于截至

年

月

日止年度就位于英国的投资物业

确认公允价值亏损，故因无法预测未来

溢利来源而并未确认递延税项资产。

4. Critical Acounting Judgement and Key

Sources of Estimation Uncertainty (continued)

Critical judgement in aplying acounting

policies (continued)

Defered taxation on investment properties

For the purposes of measuring defered tax liabilities or

asets arising from investment properties that are measured

using the fair value model, the Directors have reviewed the

Group’s investment property portfolios and concluded that

the Group’s investment properties located in the People’s

Republic of China (“The PRC”) and Macau in the agregate

carying amounts of HK$9,941,400,000 as at 31 March

2025 (2024: HK$10,892,500,000) are held under a busines

model whose objective is to consume substantialy al of the

economic benefits embodied in the investment properties

over time, rather than through sale. Therefore, the Directors

have determined that the presumption that the carying

amounts of such investment properties located in The PRC

and Macau are recovered through sale is rebuted. As a

result, the Group has recognised defered tax liabilities of

HK$1,469,736,000 (2024: HK$1,599,531,000) on changes in fair

value of investment properties as the Group is subject to

income tax in the respective jurisdictions, on the asumption

that these investment properties wil be recovered through use.

In respect of investment properties that are located in Hong

Kong Special Administrative Region (“Hong Kong”) and the

United Kingdom (“UK”) with agregate carying amounts of

HK$19,849,550,000 (2024: HK$23,501,534,000), the Directors

concluded that these investment properties are not held

under a busines model whose objective is to consume

substantialy al of the economic benefits embodied in these

investment properties over time. Therefore, in measuring

the Group’s defered taxation in investment properties,

the Directors have determined the carying amounts of

the investment properties located in Hong Kong and UK

measured using the fair value model are recovered entirely

through sale. As a result, the Group has not recognised any

defered taxes on changes in fair value of the investment

properties situated in Hong Kong, as it is expected that the

Group wil not subject to any income taxes on disposal of its

investment properties situated in Hong Kong. From April 2019,

the Group’s investment properties in UK are subject to UK tax

on gains arising from disposals because of the changes in UK

tax rule. As a result, the Group has considered the impact of

defered tax on changes in fair value of investment properties

as the Group is subject to income tax in UK. As fair value

loses have ben recognised on investment properties in UK

during the year ended 31 March 2025, no defered tax aset

has ben recognised due to unpredictability of future profit

streams.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

重大会计判断及估计不明朗因

素之主要来源

（续）

估计不明朗因素之主要来源

有关日后之主要假设及于报告期末估

计不明朗因素之其他主要来源（具有可

导致下一个财政年度之资产及负债账

面值出现大幅调整之重大风险）如下。

投资物业之估值

于

年

月

日，为数

29,790,950,000

港元（

年：

34,394,034,000

港元）

之投资物业按其公允价值计量。该金额

乃根据本公司委聘之独立合资格专业

物业估值师行（「估值师」）采用倚赖涉

及市况判断的主要输入数据及重大不

可观察输入数据以及假设的物业估值

方法进行并经董事批准之物业估值计

算。相关输入数据及状况包括：

•

资本化率、贴现率及可比较市场交

易（经作出调整）以反映已落成投

资物业之不同地区或情况；及

•

可比较市场交易、发展商溢利及完

成发展中投资物业之发展的预计

成本。

估值基准于附注

中披露。该等假设及

输入数据之变动会导致本集团投资物

业之公允价值改变及对于损益中所报

之收益或亏损作相应调整。

于估计本集团投资物业之公允价值时，

本集团在可得范围内使用市场可观察

数据。于各报告期末，指定团队与估值

师密切合作，以建立及厘定第

级公允

价值计量的适当估值技术及输入数据。

4. Critical Acounting Judgement and Key

Sources of Estimation Uncertainty (continued)

Key sources of estimation uncertainty

The folowings 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.

Valuation of investment properties

The investment properties of HK$29,790,950,000 at 31 March

2025 (2024: HK$34,394,034,000) are measured at fair value.

The amount is based on a valuation on these properties

conducted by the independent firms of qualified profesional

property valuers (the “Valuers”) engaged by the Company

and aproved by the Directors using property valuation

techniques which are dependent on key inputs and

significant unobservable inputs and asumptions that involve

judgement of market conditions. The relevant inputs and

conditions include:

, discounted rate and comparable

market transactions with adjustments to reflect diferent

locations or conditions for completed investment

properties; and

, developer’s profit and

cost to be incured to complete the development for

investment properties under development.

The basis of valuation is disclosed in note 15. Changes to

these asumptions and inputs would result in changes in

the fair value of the Group’s investment properties and

coresponding adjustments to the amount of gain or los

reported in the profit or los.

In estimating the fair value of the Group’s investment

properties, the Group uses market-observable data to the

extent it is available. At the end of each reporting period, a

designated team works closely with the Valuers to establish

and determine the apropriate valuation techniques and

inputs for Level 3 fair value measurements.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

重大会计判断及估计不明朗因

素之主要来源

（续）

估计不明朗因素之主要来源

（续）

持作出售之发展中物业之估计可变现

净值

本集团之持作出售之发展中物业按成

本与可变现净值两者中之较低值列账。

厘定可变现净值乃基于该等物业之估

计售价减估计完工成本及进行销售所

需之估计成本。售价参考现行市场环境

下类似物业之市场价格估计。持作出售

之发展中物业之完工成本经参考类似

物业之开发预算、实际开发成本估计，

并根据现行市场数据作出调整。倘持作

出售之发展中物业之实际可变现净值

因市场状况之改变及╱或预算发展成

本有重大变动而少于预期，则可能作出

重大撇减。

持作出售之发展中物业于

年

月

日之账面值为

3,118,812,000

港

元（

年：

5,163,576,000

港元）。

年内，就持作出售之发展中物业确

认撇减

314,993,000

港元（

年：

446,508,000

港元）及拨回先前已确认

的撇减为无（

年：

28,633,000

港

元）。

4. Critical Acounting Judgements and Key

Sources of Estimation Uncertainty (continued)

Key sources of estimation uncertainty

(continued)

Estimated net realisable value on properties under

development for sale

The Group’s properties under development for sale are stated

at lower of cost and net realisable value. The determination

of the net realisable value is based on estimated seling

prices les estimated costs to completion and estimated

costs necesary to make the sale of these properties. The

seling prices are estimated by reference to the market prices

of similar properties in prevailing market environment. The

costs to completion of the properties under development

for sale are estimated by reference to the development

budget, actual development cost of similar properties with

adjustments based on curent market data. If the actual net

realisable value on properties under development for sale is

les than expected as a result of change in market condition

and/or significant variation in the budgeted development

cost, material write-down may result.

The carying amount of properties under development

for sale as at 31 March 2025 is HK$3,118,812,000 (2024:

HK$5,163,576,000). During the year, write-downs of

HK$314,993,000 (2024: HK$446,508,000) and reversal on

previously recognised write-down of nil (2024: HK$28,633,000)

are recognised for properties under development for sale.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元 (Restated)
641,186

Sales of properties
物业销售 As at 31 March
3 31
	于月 2025	日 2024
	HK$’000	HK$’000
千港元
1,153,415

	2025	2024
	HK$’000	HK$’000
	千港元	千港元 (Restated)
728,773
5,919
734,692

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

收入

本集团之收入分析如下：

(a)

持续经营业务之客户合约

分配至客户合约中之剩余履约责

任的交易价

分配至剩余履约责任的交易价（未

履行或部分未履行）以及预计确认

收入时间如下：

(b)

租赁

5. Revenue

An analysis of the Group’s revenue is as folows:

(a) Contracts with customers from continuing

operations

物业销售

Transaction price alocated to the remaining

performance obligations for contracts with customers

The transaction price alocated to the remaining

performance obligations (unsatisfied or partialy

unsatisfied) and the expected timing of recognising

revenue are as folows:

一年内

(b) Leases

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

分类资料

本集团之经营及可呈报业务分类为物

业租赁及物业发展，以供分配资源及评

估表现。

外部申报之分类资料乃根据本集团营

运部门提供之产品及服务分析，与本公

司执行董事，即主要经营决策者（「主要

经营决策者」），就资源分配及评估表现

而定期审阅之内部资料相符一致。此亦

为本集团之组织基准，据此，管理层已

选择以产品及服务之差别组织本集团。

经营及可呈报业务分类之主要活动如

下：

物业租赁持作出租之

已完成投资物业

物业发展发展及重建物业

以作出售用途

经营及可呈报分类之会计政策与附注

内所述之本集团会计政策相同。分类业

绩指持续经营业务各分类在未分配中

央行政费用、利息收入、财务费用、分占

一间联营公司之业绩、分占一间合营企

业之业绩及未分配之其他收益及亏损

时所赚取之溢利或产生之亏损。此乃呈

报予主要经营决策者以作资源分配及

评估表现之计量数据。

6. Segment Information

The Group’s operating and reportable segments are lease

of properties and properties development for the purpose of

resource alocation and asesment of performance.

The segment information reported externaly was analysed

on the basis of their products and services provided by

the Group’s operating divisions which is consistent with

the internal information that is regularly reviewed by the

executive directors of the Company, the chief operating

decision makers (“CODM”), for the purposes of resource

alocation and asesment of performance. This is also the

basis of organisation in the Group, whereby the management

has chosen to organise the Group around diferences in

products and services.

Principal activities of the operating and reportable segments

are as folows:

Lease of propertiesCompleted investment

properties held for rental

purpose

Properties developmentProperties development and

redevelopment for sale

purpose

The acounting policies of the operating and reportable

segments are the same as the Group’s acounting policies

described in note 3. Segment results represent the profit

earned by or los from continuing operations by each

segment without alocation of central administration costs,

interest income, finance costs, share of result of an asociate,

share of result of a joint venture and unalocated other gains

and loses. This is the measure reported to the CODM for the

purpose of resource alocation and performance asesment.

	Lease of properties	Properties development	Total
	物业租赁 HK$’000	物业发展 HK$’000	总计 HK$’000
	千港元	千港元	千港元
	734,692	641,186	1,375,878
	594,505	(245,896)	348,609
	(1,540,936)	–	(1,540,936)
	–	(314,993)	(314,993)
	–	(200,012)	(200,012)
	(946,431)	(760,901)	(1,707,332)
12,230
(120,160)
(729,831)
(8,862)
197,492
(2,356,463)
35,591
(2,320,872)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

分类资料

（续）

有关上述分类之资料呈报如下：

截至

年

月

日止年度

分类收入及业绩

6. Segment Information (continued)

Information regarding the above segments is reported below:

For the year ended 31 March 2025

Segment revenue and results

(2,320,872)

Lease of properties	Properties development	Total
物业租赁 HK$’000	物业发展 HK$’000	总计 HK$’000
千港元	千港元	千港元
381	–	381

HK$’000
千港元
22,953

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

分类资料

（续）

截至

年

月

日止年度

其他资料

定期提供予主要经营决策者但计量分

类业绩时并未计入之款项（计入企业费

用－净额）：

6. Segment Information (continued)

For the year ended 31 March 2025

Other information

减值拨备

Amounts regularly provided to the CODM but not included

in the measure of segment results (included in corporate

expenses, net):

设备之折旧

		Lease of properties	Properties development	Total
		物业租赁 HK$’000	物业发展 HK$’000	总计 HK$’000

		Lease of properties	Properties development	Total
		物业租赁 HK$’000	物业发展 HK$’000	总计 HK$’000

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

分类资料

（续）

截至

年

月

日止年度

（经重列）

分类收入及业绩

其他资料

6. Segment Information (continued)

For the year ended 31 March 2024

(Restated)

Segment revenue and results

千港元千港元千港元

Segment revenue

分类收入

– from external customers

－来自外部客户

830,780141,773972,553

Segment results before fair value

change and write-downs

计算公允价值之变动及

撇减前之分类业绩

679,619(21,818)657,801

Fair value decrement in

investment properties

投资物业公允价值之减量

(1,298,022)–(1,298,022)

Write-downs of properties under

development for sale, net

持作出售之发展中物业之

撇减－净额

–(417,875)(417,875)

Write-downs of properties held

for sale

持作出售之物业之撇减

–(16,761)(16,761)

Segment results

分类业绩

(618,403)(456,454)(1,074,857)

Interest income

利息收入

30,967

Corporate expenses, net

企业费用－净额

(146,755)

Finance costs

财务费用

(918,105)

Share of result of an asociate

分占一间联营公司之业绩

(344)

Share of result of a joint venture

分占一间合营企业之业绩

(12,675)

Los before taxation from

continuing operations

持续经营业务之除税前

亏损

(2,121,769)

Taxation credit

税项抵免

30,361

Los for the year from

continuing operations

持续经营业务之年度亏损

(2,091,408)

Other information

千港元千港元千港元

Amounts included in the

measure of segment results

from continuing operations:

计量持续经营业务分类

业绩时计入之款项：

Impairment alowance recognised

for trade receivables

确认贸易应收款项之

减值拨备

135–135

HK$’000

	Revenue from customers		Non-current assets
	来自客户之收入 For the year ended 31 March		非流动资产 As at 31 March
	3 31		3 31
	截至月 2025	日止年度 2024	于月 2025	日 2024
	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元 (Restated)	千港元	千港元
（经重列） 647,517 202,714 26,592 95,730
	千港元	1,065,464		18,577,446
	187,292		8,669,366
	27,344		1,634,500
	95,778		2,604,590
972,553
	1,375,878		31,485,902

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

分类资料

（续）

截至

年

月

日止年度

（经重列）

其他资料（续）

定期提供予主要经营决策者但计量分

类业绩时并未计入之款项（计入企业费

用－净额）：

分类资产及负债

由于本集团按经营分类划分之资产及

负债分析并无定期提供予主要经营决

策者作审阅，故此并无披露该等分析。

地域资料

本集团于香港、中国、澳门及英国持续

经营业务。

本集团来自外部客户之收入及有关其

非流动资产（不包括有关一项发展项目

之应收款项及已抵押银行存款）之资料

（按资产之地理位置划分）详述如下：

6. Segment Information (continued)

For the year ended 31 March 2024

(Restated)

Other information (continued)

Amounts regularly provided to the CODM but not included

in the measure of segment results (included in corporate

expenses, net):

千港元

Depreciation of property, plant and equipment,

at corporate level

企业层面持有之物业、机器及

设备之折旧

25,289

Segment asets and liabilities

No analysis of the Group’s asets and liabilities by operating

segment is disclosed as they are not regularly provided to

the CODM for review.

Geographical information

The Group’s continuing operations are located in Hong Kong,

The PRC, Macau and UK.

The Group’s revenue from external customers and information

about its non-curent asets, other than receivables related

to a development project and pledged bank deposits, by

geographical location of the asets are detailed below:

	2025	2024
	HK$’000	HK$’000
	千港元	千港元 (Restated)
(314,993)
(200,012)
3,601
(511,404)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

分类资料

（续）

主要客户之资料

截至

年

月

日止年度，概无来自

单一客户之收入占本集团总收入

10%

或以上。截至

年

月

日止年度，

来自一名客户之收入占本集团总收入

10%

以上，达

109,960,000

港元（经重

列）。该等收入与物业发展业务有关。

其他收益及亏损

附注：

(a)

于截至

年

月

日止年度，董事参

照当前市场环境对持作出售之发展中物

业的可变现净值进行检讨，并已确认撇

减

314,993,000

港元（

年：确认撇减

446,508,000

港元及拨回先前确认的撇

减

28,633,000

港元）。

(b)

于截至

年

月

日止年度，董事

参照当前市场环境对持作出售之物业

的可变现净值进行检讨，并已确认撇减

200,012,000

港元（

年：

16,761,000

港元）。

6. Segment Information (continued)

Information about major customers

During the year ended 31 March 2025, no revenue from

a single customer contributed 10% or more of the Group’s

total revenue. During the year ended 31 March 2024,

revenue derived from one customer contributed more

than 10% of the total revenue of the Group amounted to

HK$109,960,000 (restated). The revenue is related to the

properties development operations.

7. Other Gains and Loses

Notes:

(a) During the year ended 31 March 2025, the Directors reviewed the

net realisable value of the properties under development for sale

with reference to the curent market environment and recognised

write-downs of HK$314,993,000 (2024: recognised write-downs of

HK$446,508,000 and reversed previously recognised write-down of

HK$28,633,000).

(b) During the year ended 31 March 2025, the Directors reviewed the

net realisable value of the properties held for sale with reference

to the curent market environment and recognised write-downs of

HK$200,012,000 (2024: HK$16,761,000).

	2025	2024
	HK$’000	HK$’000
	千港元	千港元 (Restated)
1,027,874
203
5,960
61,421
1,095,458
(399,906)
695,552
34,279
729,831

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

财务费用

于本年度之资本化借贷成本乃于一

般借贷总额中产生，并每年按资本化

率

6.21%

至

6.99%

（

年：

4.61%

至

6.95%

）计算。

8. Finance Costs

Borowing costs capitalised during the year arose on the

general borowing pol and are calculated by aplying

capitalisation rates ranging from 6.21% to 6.99% (2024: 4.61%

to 6.95%) per anum.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元 (Restated)
148,999
4,485
153,484
2,948
782,986
22,953
2,111
48
12,230
–
1,067

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

除税前亏损

附注：

于截至

年

月

日止年度，政

府补助

1,067,000

港元（

年：

2,069,000

港元）与中国政府的租金相

关补助有关。该等补助并无附带任何未

达成条件。

9. Los Before Taxation

政府补助（附注）

Note:

During the year ended 31 March 2025, the government grants

of HK$1,067,000 (2024: HK$2,069,000) are related to rental-

related subsidies from PRC government. There are no unfulfiled

conditions atached to these grants.

Non-executive directors		Executive directors			Independent non-executive directors
非执 Luk Siu Man, Semon	行董事 Cheung Ping Keung	Wong Chi Fai	执行董事 Fan Man Seung, Vanessa	Yeung Ching Loong, Alexander	Poon Yan Wai	独立非 Chu Kar Wing	执行董事 Chan Hon Piu	Kwan Shin Luen, Susanna	Total
陆小曼 HK$’000	张炳强 HK$’000	黄志辉 HK$’000	范敏嫦 HK$’000	杨政龙 HK$’000	潘仁伟 HK$’000	朱嘉荣 HK$’000	陈汉标 HK$’000	关倩鸾 HK$’000	总计 HK$’000
千港元	千港元 (Note b)	千港元 (Note c)	千港元	千港元	千港元	千港元	千港元 (Note d)	千港元 (Note e)	千港元
千港元	b （附注）	c （附注）					d （附注）	e （附注）
–	–	288	288	213	268	268	109	160	1,594
–	–	–	1,427	3,398	–	–	–	–	4,825
–	–	–	100	60	–	–	–	–	160
–	–	288	1,815	3,671	268	268	109	160	6,579

	Non-executive directors		Executive directors			Independent non-executive directors
	非执 Luk Siu Man, Semon	行董事 Cheung Ping Keung	Wong Chi Fai	执行董事 Fan Man Seung, Vanessa	Yeung Ching Loong, Alexander	Poon Yan Wai	独立非执行董事 Chu Kar Wing	Chan Hon Piu	Total
	陆小曼 HK$’000	张炳强 HK$’000	黄志辉 HK$’000	范敏嫦 HK$’000	杨政龙 HK$’000	潘仁伟 HK$’000	朱嘉荣 HK$’000	陈汉标 HK$’000	总计 HK$’000
	千港元	千港元 (Note b)	千港元	千港元	千港元	千港元	千港元	千港元	千港元
b

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

10.

董事及五名最高薪酬人士之酬金

(i)

董事酬金

于本年度，董事及最高行政人员之

酬金根据适用上市规则及公司条

例披露如下：

10. Directors’ and Five Highest Paid Individual’s

Emoluments

(i) Directors’ emoluments

Directors’ and chief executives’ emoluments for the year,

disclosed pursuant to the aplicable Listing Rules and

CO, are as folows:

总酬金

（附注）

年

Fes

袍金

Other emoluments:

其他酬金：

–1054304302502802802802,055

Salaries and other

benefits (Note a)

薪金及其他福利

（附注

）

–2,7943,6871,5123,900–11,893

Retirement benefit

schemes contributions

退休福利计划

供款

–25710660–423

Total emoluments

总酬金

–2,8994,3742,0484,21028028028014,371

	2025	2024
	HK$’000	HK$’000
千港元
17,946
240
18,186

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

10.

董事及五名最高薪酬人士之酬金

（续）

(i)

董事酬金

（续）

附注：

(a)

其他福利包括使用非专用汽车、游

艇、会所债券及会籍。

(b)

于

年

月

日调任为非执行董

事，后于

年

月

日退任非执行

董事。

(c)

于

年

月

日退任执行董事。

(d)

于

年

月

日退任独立非执行

董事。

(e)

于

年

月

日获选为独立非执

行董事。

(f)

与表现有关之奖励款项乃参照当年

度经营业绩并考虑年度内若干调

整、个人表现及可比较市场数据厘

定。

最高行政人员亦为本公司之执行

董事，彼等于上文披露之酬金包括

彼等作为最高行政人员提供服务

所获得的酬金。

以上所示执行董事酬金主要为彼

等就管理本公司及本集团事务所

提供服务之报酬。以上所示非执行

董事及独立非执行董事的酬金主

要作为彼等担任董事提供之服务

的报酬。

(i)

五名最高薪酬人士

在本集团五名最高薪酬人士中，一

名（

年：三名）为董事，彼等之

酬金载于上文。余下四名（

年：

二名）最高薪酬人士之酬金总额如

下：

10. Directors’ and Five Highest Paid Individual’s

Emoluments (continued)

(i) Directors’ emoluments (continued)

Notes:

(a) Other benefits include non-exclusive use of motor vehicles,

yacht, club debentures and membership.

(b) Re-designated as non-executive director with efect from 1

September 2023 and retired as non-executive director on 1

September 2024.

(d) Retired as independent non-executive director on 20 August

2024.

(e) Elected as independent non-executive director on 20 August

2024.

(f) The performance related incentive payment is determined

with reference to the operating results taking into acount

certain adjustments, individual performance and comparable

market statistics for the year.

The chief executives are also executive directors of

the Company and their emoluments disclosed above

include those for services rendered by them as chief

executives.

The executive directors’ emoluments shown above

were mainly for their services in conection with the

management of the afairs of the Company and the

Group. The emoluments of non-executive directors and

independent non-executive directors shown above were

mainly for their services as Directors.

(i) Five highest paid individuals

Of the five individuals with the highest emoluments

in the Group, one (2024: thre) was Directors whose

emoluments is set out above. The total emoluments of

the remaining four (2024: two) individuals were as folows:

Number of individuals
	人 2025	数 2024
2
1
1

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

10.

董事及五名最高薪酬人士之酬金

（续）

(i)

五名最高薪酬人士

（续）

彼等酬金介乎以下范围：

于两个年度，本集团概无支付予董

事及

名最高薪酬人士薪酬，作为

加入本集团或于加入时之诱使或

作为失去职位补偿。董事及

名最

高薪酬人士于两个年度概无放弃

任何酬金。

(i)

退休福利计划

本集团参与一个定额供款计划，

为根据香港职业退休计划条例注

册之职业退休计划（「职业退休计

划」）及于

年

月根据香港强

制性公积金计划条例设立之强制

性公积金计划（「强积金计划」）。该

等计划之资产由独立受托人控制

之基金持有，并与本集团之资产分

开。凡于强积金计划设立前属职业

退休计划成员之雇员均可选择保

留在职业退休计划内或转而参加

强积金计划，惟于

年

月

日

或以后所有新入职本集团之雇员

均须参加强积金计划。

于损益内扣除之退休福利费用乃

为本集团按有关计划规则指定之

比率对该等基金应付之供款。倘若

雇员于获授予全数供款前退出职

业退休计划，本集团须支付之供款

按已没收供款额作出扣减。

10. Directors’ and Five Highest Paid Individual’s

Emoluments (continued)

(i) Five highest paid individuals (continued)

Their emoluments were within the folowing bands:

港元至港元

No remuneration was paid by the Group to the Directors

and the five highest paid employes as an inducement

to join or upon joining the Group or as compensation

for los of ofice for both years. None of the Directors

and the five highest paid individuals has waived any

emoluments during both years.

(i) Retirement benefit schemes

The Group participates in a defined contribution scheme

which is registered under the Hong Kong Ocupational

Retirement Scheme Ordinance (the “ORSO” Scheme)

and the mandatory provident fund scheme (“MPF

Scheme”) established under the Hong Kong Mandatory

Provident Fund Scheme Ordinance in December

2000. The asets of the schemes are held separately

from those of the Group, in funds under the control of

independent trustes. Employes who were members

of the ORSO Scheme prior to the establishment of the

MPF Scheme were ofered a choice of staying within

the ORSO Scheme or switching to the MPF Scheme,

whereas al new employes joining the Group on or after

1 December 2000 are required to join the MPF Scheme.

The retirement benefit cost charged to profit or los

represents contributions payable to the funds by the

Group at rates specified in the rules of the schemes.

Where there are employes who leave the ORSO

Scheme prior to vesting fuly in the contributions, the

contributions payable by the Group are reduced by the

amount of forfeited contributions.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

10.

董事及五名最高薪酬人士之酬金

（续）

(i)

退休福利计划

（续）

本集团自

年

月

日起亦为本

集团位于澳门之一间附属公司的

所有合资格雇员营办定额供款退

休计划。该计划之资产由独立受托

人控制之基金持有，并与本集团之

资产分开。于损益内确认之退休计

划成本指本集团按计划规则所订

比率应向基金所作之供款。倘本集

团雇员于供款悉数归属前退出计

划，本集团应付供款则按已没收供

款金额作出扣减。

本集团之澳门及中国附属公司之

雇员乃分别为由澳门政府及中国

政府管理之国家管理退休福利计

划之成员。本集团须按雇员薪酬之

某个百分比向该等退休福利计划

供款，以为有关福利提供资金。本

集团对该等退休福利计划须承担

之责任仅限于按照计划之规定进

行供款。

于本年度，退休福利计划供款

金额为

4,485,000

港元（

年：

5,205,000

港元（经重列）。

10. Directors’ and Five Highest Paid Individual’s

Emoluments (continued)

(i) Retirement benefit schemes (continued)

The Group also operates a defined contribution

retirement scheme for al qualifying employes of a

subsidiary of the Group in Macau since 1 September

2014. The asets of the scheme are held separately from

those of the Group in funds under control of independent

trustes. The retirement scheme cost recognised in profit

or los represents contributions payable to funds by the

Group at rates specified in the rules of the scheme.

Where there are employes of the Group who leave

the scheme prior to vesting fuly in the contributions, the

contributions payable by the Group are reduced by the

amount of forfeited contributions.

The employes of the Group’s subsidiaries in Macau

and The PRC are members of state-managed retirement

benefit schemes operated by the Macau and The PRC

government. The Group is required to contribute a

certain percentage of its payrol to the retirement benefit

schemes to fund the benefits. The only obligation of the

Group with respect to the retirement benefit schemes is

to make the required contributions under the schemes.

During the year, the retirement benefit schemes

contributions were HK$4,485,000 (2024: HK$5,205,000

(restated).

	2025	2024
	HK$’000	HK$’000
	千港元	千港元 (Restated)
(2,981)
(2,467)
(2,743)
(2,536)
(10,727)
(239)
–
(239)
46,557
35,591

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

11.

税项抵免

香港利得税乃按两个年度之估计应课

税溢利按

16.5%

计算。

英国所得税乃按两个年度之估计应课

税溢利之适用税率

25%

计算。

根据中国企业所得税法（「企业所得税

法」）及企业所得税法实施条例，中国附

属公司于两个年度之税率均为

25%

。

预扣税指就向中国境内一间附属公司

提供之贷款产生之利息收入及从中国

附属公司自

年

月

日起赚取之溢

利中分派之股息确认之税项。预扣税乃

根据中国企业所得税法实施条例就源

自中国之利息收入按税率

10%

确认及

就从中国附属公司赚取之溢利中分派

之股息确认，中国企业所得税法实施条

例规定于向股东分派有关溢利时按

税率对股息征收预扣税。

11. Taxation Credit

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

asesable profits for both years.

UK Income Tax is calculated at the aplicable rate of 25% of

the estimated asesable profits for both years.

Under the Law of The PRC on Enterprise Income Tax (the “EIT

Law”) and Implementation Regulation of the EIT Law, the tax

rate of The PRC subsidiaries is 25% for both years.

The witholding tax represented taxation recognised in

respect of interest income derived from loan to a subsidiary

in the PRC and dividends distributed from profit earned

by subsidiary in the PRC starting from 1 January 2008. The

witholding tax is recognised for interest income derived from

the PRC at tax rate of 10% dividends to be distributed from

profit earned by subsidiary in the PRC in acordance with

the Implementation Regulation of the EIT Law of the PRC that

requires witholding tax with tax rate at 5% for dividend upon

the distribution of such profits to the shareholders.

	2025	2024
	HK$’000	HK$’000
	千港元	千港元 (Restated)
(2,356,463)
388,816
(1,462)
32,586
17,475
(357,955)
39,579
–
8,991
(81,028)
(24,322)
(239)
(2,536)
15,686
35,591

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

11.

税项抵免

（续）

年内税项抵免可与综合损益表所载之

持续经营业务之业绩对账如下：

11. Taxation Credit (continued)

The taxation credit for the year can be reconciled to the

results from continuing operations per consolidated statement

of profit or los as folows:

年内税项抵免

	01.04.2024 to 30.08.2024	01.04.2023 to 31.03.2024
	2024 4 1 年月日至 2024 8 30	2023 4 1 年月日至 2024 3 31
	年月日 HK$’000	年月日 HK$’000
	千港元	千港元 (Restated)
(225,319)
(2,294,738)
(2,520,057)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

12.

已终止经营业务

于本年度，董事会以实物分派其于英皇

娱乐酒店有限公司（「英皇娱乐酒店」）

的股份的方式宣派特别中期股息，导致

终止经营酒店及酒店相关业务。分派已

于

年

月

日完成。已终止经营酒

店及酒店相关业务于

年

月

日至

年

月

日期间的亏损载列如下。

综合损益及其他全面收益表内的比较

数字已重列，以将酒店及酒店相关业务

重列为已终止经营业务。

12. Discontinued Operation

During the year, the Board has declared a special interim

dividend by way of distribution in specie of its shares in

Emperor Entertainment Hotel Limited (“Emperor E Hotel”)

and in turn result in discontinued hotel and hotel related

operations. The distribution was completed on 30 August

2024. The los for the period from 1 April 2024 to 30 August

2024 from the discontinued hotel and hotel related operations

is set out below. The comparative figures in the consolidated

statement of profit or los and other comprehensive income

have ben restated to represent the hotel and hotel related

operations as discontinued operation.

	01.04.2024 to 30.08.2024	01.04.2023 to 31.03.2024
	2024 4 1 年月日至 2024 8 30	2023 4 1 年月日至 2024 3 31
	年月日 HK$’000	年月日 HK$’000
千港元
321,755
21,218
342,973
(206,694)
136,279
27,562
(263,097)
(9)
590
(66,916)
(55,766)
(452)
(221,809)
(3,510)
(225,319)
97,725
(127,594)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

12.

已终止经营业务

（续）

酒店及酒店相关业务于

年

月

日

至

年

月

日期间及其上一个年

度的业绩（已计入综合损益及其他全面

收益表）如下：

12. Discontinued Operation (continued)

The results of the hotel and hotel related operations for the

period from 1 April 2024 to 30 August 2024 and its preceding

year, which has ben included in the consolidated statement

of profit or los and other comprehensive income were as

folows:

（亏损）溢利

HK$’000
千港元
–
(208,151)
(208,151)

HK$’000
千港元
1,914,600
2,217,660
431,727
31,767
6,005
11,794
74,825
208,151
(300,704)
(17,827)
(53,718)
(26,238)
(39,523)
(71,941)
4,386,578
(1,836,434)
2,550,144

HK$’000
千港元
255,406
(2,550,144)
(2,294,738)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

12.

已终止经营业务

（续）

附注：

(a)

于

年

月

日实物分派英皇娱乐酒

店股份导致视作出售酒店及酒店相关业

务之亏损：

12. Discontinued Operation (continued)

Notes:

(a) Los on demed disposal of hotel and hotel related operations as a

result of distribution in specie of Emperor E Hotel shares on 30 August

2024:

现金及现金等价物流出净额

	01.04.2024 to 30.08.2024	01.04.2023 to 31.03.2024
	2024 4 1 年月日至 2024 8 30	2023 4 1 年月日至 2024 3 31
	年月日 HK$’000	年月日 HK$’000
千港元
47,095
7,094
(19,879)

	01.04.2024 to 30.08.2024	01.04.2023 to 31.03.2024
	2024 4 1 年月日至 2024 8 30	2023 4 1 年月日至 2024 3 31
	年月日 HK$’000	年月日 HK$’000
千港元
71,891
37,573
(1,103)

851,353,645

HK$
港元
0.30
255,406,094

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

12.

已终止经营业务

（续）

附注：（续）

(b)

除税前（亏损）溢利已扣除（计入）：

(c)

酒店及酒店相关业务之现金流量：

(d)

英皇娱乐酒店股份实物股息：

12. Discontinued Operation (continued)

Notes: (continued)

(b) (Los) profit before taxation has ben arived at after charging

(crediting):

亏损

用于融资活动之现金净额

(d) Dividend in specie of Emperor E Hotel shares:

	2025	2024
	HK$’000	HK$’000
千港元
11,033
–
255,406
266,439

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

13.

股息

附注：

(a)

于

年

月

日，董事会以实物分派英

皇娱乐酒店股份之方式，向于

年

月

日名列本公司股东名册之合资格股东

（「合资格股东」）派发特别中期股息。有

关分派按合资格股东每持有

2,000

股份

获发

股英皇娱乐酒店股份进行。

(b)

董事会已议决不建议就本年度派付任何

末期股息（

年：每股

0.003

港元）。

13. Dividends

Notes:

(a) On 31 July 2024, the Board has declared a special interim dividend

by way of distribution in specie of its shares in Emperor E Hotel to

the qualifying shareholders whose names apear on the register

of members of the Company on 15 August 2024 (“Qualifying

Shareholders”). The distribution was made by way of alocating 463

Emperor E Hotel shares for every 2,000 shares held by the Qualifying

Shareholders.

(b) The Board has resolved not to recomend any final dividend for

the year (2024: HK$0.003 per share).

	2025	2024
	HK$’000	HK$’000
千港元
(2,320,872)
(2,422,332)
(4,743,204)

		2025	2024
4,629,677,353

	2025	2024
	HK$’000	HK$’000
千港元
(2,320,872)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

14.

每股亏损

本公司拥有人应占每股基本亏损乃根

据以下数据计算：

所用分母与上文详述用于计算每股基

本亏损之分母相同。

14. Los Per Share

The calculation of the basic los per share atributable to

owners of the Company is based on the folowing data:

经营业务之亏损

（附注）

本公司拥有人应占亏损

The denominators used are the same as those detailed

above for basic los per share.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

14.

每股亏损

（续）

来自已终止经营业务

已终止经营业务之每股基本亏损为

0.52

港元（

年：每股盈利

0.01

港

元），乃根据截至

年

月

日止年

度来自已终止经营业务之本公司拥有

人应占亏损

2,422,332,000

港元（

年：来自已终止经营业务之本公司拥有

人应占溢利

44,742,000

港元）及所用分

母与上文详述用于计算每股基本亏损

之分母相同。

附注：

截至

年

月

日止年度，用于计

算每股基本亏损的普通股加权平均数

已就

年

月

日进行的供股作出

调整。截至

年

月

日止年度，由

于供股的行使价高于紧接有关权利行

使前的每股公允价值，故用于计算每股

基本亏损的普通股加权平均数并无就

供股作出调整及重列。

由于两个年度内并无任何潜在摊薄普

通股，故并无呈列每股摊薄亏损。

14. Los Per Share (continued)

From discontinued operation

Basic los per share from discontinued operation is HK$0.52

(2024: earnings per share of HK$0.01), based on the los

atributable to owners of the Company for the year ended 31

March 2025 from discontinued operation of HK$2,422,332,000

(2024: profit atributable to owners of the Company

from discontinued operation of HK$44,742,000) and the

denominators used are the same as those detailed above

for basic los per share.

Note:

The weighted average number of ordinary shares for the purpose

of basic los per share for the year ended 31 March 2025 has

ben adjusted for rights isue on 24 September 2024. For the year

ended 31 March 2024, the weighted average number of ordinary

shares for the purpose of basic los per share has not ben

adjusted and restated for rights isue because the exercise price

of rights isue was higher than fair value per share imediately

before the exercise of rights.

Diluted los per share is not presented as there was no dilutive

potential ordinary share for both years.

2025			2024
Completed investment properties	Investment properties under development	Total	Completed investment properties	Investment properties under development	Total
已落成	发展中		已落成	发展中
投资物业 HK$’000	投资物业 HK$’000	总计 HK$’000	投资物业 HK$’000	投资物业 HK$’000	总计 HK$’000
千港元	千港元	千港元
32,749,034	1,645,000	34,394,034
(83,774)	(21,081)	(104,855)
3,356	522	3,878
(331,874)	–	(331,874)
(714,800)	(428,000)	(1,142,800)
(1,914,600)	–	(1,914,600)
–	–	–
700,000	–	700,000
(8,800)	–	(8,800)
(1,697,592)	(106,441)	(1,804,033)
28,700,950	1,090,000	29,790,950

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

15.

投资物业

本集团根据经营租赁出租多个办公室

物业、工业物业、住宅物业及零售商

舖╱商场，按月收取租金。租赁一般初

步为期

至

年，只由承租人持有的单

方面权利将租赁期延长至初始期限以

外。大部分租赁合约载有承租人可以选

择按照市场条件进行续租的条款。

由于所有租赁均以相关集团实体各自

之功能货币计值，故本集团并无因租赁

安排而承受外币风险。租赁合约并无包

含残值保证及╱或承租人于租赁期终

购买物业的选择权。

附注：

(a)

截至

年

月

日止年度，若干原本

持作出售用途的持作出售之物业于用途

变更为持作出租后，按转拨日期公允价值

164,359,000

港元重新分类为已落成投

资物业。

(b)

截至

年

月

日止年度，若干原本持

作出售用途的持作出售之发展中物业于

用途变更为持作出租后，按转拨日期公允

价值

700,000,000

港元重新分类为已落

成投资物业。

15. Investment Properties

The Group leases out various ofices premises, industrial

premises, residential premises and retail shops/complexes

under operating leases with rentals payable monthly. The

leases typicaly run for an initial period of 1 to 15 years, with

unilateral rights to extend the lease beyond initial period

held by leses only. Majority of the lease contracts contain

market review clauses in the event the lese exercises the

option to extend.

The Group is not exposed to foreign curency risk as a result

of the lease arangements, as al leases are denominated in

the respective functional curencies of the relevant group

entities. The lease contracts do not contain residual value

guarante and/or lese’s option to purchase the property

at the end of lease term.

于年末

Notes:

(a) During the year ended 31 March 2024, certain properties held for

sale originaly held for sale purpose, upon the change in use to

held for rental purpose, were reclasified to completed investment

properties at fair value of HK$164,359,000 at the date of transfer.

(b) During the year ended 31 March 2025, certain properties under

development for sale originaly held for sale purpose, upon the

change in use to held for rental purpose, were reclasified to

completed investment properties at fair value of HK$700,000,000

at the date of transfer.

	2025	2024
	HK$’000	HK$’000
千港元
17,244,960
8,306,900
1,634,500
2,604,590
29,790,950

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

15.

投资物业

（续）

投资物业之账面值包括位于以下地方

的物业：

本集团所有根据经营租赁持有作赚取

租金或资本增值用途之物业权益乃使

用公允价值模式计量并分类及入账为

投资物业。

本集团投资物业于各报告期末之公允

价值乃根据莱坊测量师行有限公司及

泓亮咨询及评估有限公司（

年：高

力国际物业顾问（香港）有限公司、第一

太平戴维斯（澳门）有限公司及泓亮咨

询及评估有限公司）于该等日期根据香

港测量师学会颁布之香港测量师学会

估值准则

（

年：香港测量师学

会估值准则

）或皇家特许测量师学

会颁布之国际估值标准

进行之估

值而厘定。估值师与本集团概无关连。

就已落成投资物业而言，估值乃根据近

期类似物业之市场交易价格证明或使

用物业各自之位置及类型之适用市场

收益之租金收入厘定。已落成投资物业

之估值技术概无变动。

15. Investment Properties (continued)

The carying amount of investment properties comprises

properties situated in:

Al of the Group’s property interests held under operating

leases to earn rentals or for capital apreciation purposes

are measured using the fair value model and are clasified

and acounted for as investment properties.

The fair values of the Group’s investment properties at the end

of each reporting period have ben arived at on the basis of

a valuation caried out on those dates by Knight Frank Pety

Limited and Vincorn Consulting and Apraisal Limited (2024:

Coliers International (Hong Kong) Limited, Savils (Macau)

Limited and Vincorn Consulting and Apraisal Limited), in

acordance with the HKIS Valuation Standards 2024 (2024:

HKIS Valuation Standards 2020) isued by Hong Kong Institute

of Surveyors or International Valuation Standards 2022 isued

by the Royal Institution of Chartered Surveyors. The Valuers

are not conected with the Group.

For completed investment properties, the valuations have

ben arived at with reference to market evidence of recent

transaction prices for similar properties or rental income using

the aplicable market yields for the respective locations

and types of properties. There is no change in the valuation

techniques for completed investment properties.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

15.

投资物业

（续）

就发展中投资物业而言，估值乃假设投

资物业将会根据发展计划落成而作出，

且发展计划已获相关批准。估值包括已

落成投资物业之市值等若干重要因素，

并参照近期于相关市场可供买卖而地

区相近之可比较市场交易进行推测，而

估值师会因应位置差异及其他因素（包

括楼层调整）作出调整，以厘定潜在销

售之所得款项，再扣减完成开发所需成

本及投资物业之开发商利润（此等数字

乃根据现有投资者于估值日期之要求

或预期而推算得出）。

计入本年度持续经营业务损益的物业

重估公允价值减少为

1,540,936,000

港

元（

年：

1,298,022,000

港元（经重

列）。

于估计该等物业之公允价值时，彼等之

最高及最佳用途均为现时用途。若干投

资物业的公允价值已作调整，以排除预

付或应计经营租赁收入，以避免重复计

算。

于两个年度内，概无转入或转出第

级。

下表提供有关此等投资物业之公允价

值如何厘定之资料（尤其是所采用之估

值技术及主要输入数据），以及根据公

允价值计量之输入数据之可观察程度

将公允价值计量所归入之公允价值等级

（第

至

级）。

15. Investment Properties (continued)

For investment properties under development, the valuations

have ben arived at asuming that the investment properties

wil be completed in acordance with the development

proposals and the relevant aprovals for the proposals have

ben obtained. The valuations include key factors such as

the market value of the completed investment properties,

which are estimated with reference to comparable market

transactions in the nearest locality as available in the relevant

market with adjustments made by the Valuers to acount for

diferences in the locations and other factors including the

level adjustments to determine the potential sales proceds,

and deducting the cost to be incured to complete the

development and developer’s profit from the investment

properties which are derived from the interpretation of

prevailing investor requirements or expectations at the

valuation dates.

The fair value decrease on property revaluation included

in profit or los from continuing operations of the year is

HK$1,540,936,000 (2024: HK$1,298,022,000 (restated).

In estimating the fair value of the properties, the highest and

best use of the properties is their curent use. The fair values of

certain investment properties have ben adjusted to exclude

prepaid or acrued operating lease income to avoid double

counting.

There were no transfers into or out of Level 3 during both

years.

The folowing table gives information about how the fair

values of these investment properties are determined (in

particular, the valuation techniques and key inputs used),

as wel as the fair value hierarchy into which the fair value

measurements are categorised (Level 1 to 3) based on the

degre to which the inputs to the fair value measurements

are observable.

Investment properties held by the Group in the consolidated statement of financial position	Fair value		Fair value hierarchy	Valuation techniques and key inputs	Significant unobservable inputs	Sensitivity/relationship of unobservable inputs to fair value
于综合财务状况表中本集团所持有						不可观察轮入数据对公允价值之
之投资物业	公允 2025	价值 2024	公允价值等级	估值技术及主要输入数据	重大不可观察输入数据	敏感度╱关系
	HK$’000	HK$’000
	千港元
	11,939,015
	4,718,190
	15,445
	572,310

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

15.

投资物业

（续）

15. Investment Properties (continued)

元至

26,080

港元（

年：

4,700

港元至

33,361

港元）增加，反之亦然。

Investment properties held by the Group in the consolidated statement of financial position	Fair value		Fair value hierarchy	Valuation techniques and key inputs	Significant unobservable inputs	Sensitivity/relationship of unobservable inputs to fair value
于综合财务状况表中本集团所持有						不可观察轮入数据对公允价值之
之投资物业	公允 2025	价值 2024	公允价值等级	估值技术及主要输入数据	重大不可观察输入数据	敏感度╱关系
	HK$’000	HK$’000
	千港元
	–
	–
	112,900

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

15.

投资物业

（续）

1,932

港元）增加，反之亦然。

15. Investment Properties (continued)

Investment properties held by the Group in the consolidated statement of financial position	Fair value		Fair value hierarchy	Valuation techniques and key inputs	Significant unobservable inputs	Sensitivity/relationship of unobservable inputs to fair value
于综合财务状况表中本集团所持有						不可观察轮入数据对公允价值之
之投资物业	公允 2025	价值 2024	公允价值等级	估值技术及主要输入数据	重大不可观察输入数据	敏感度╱关系
	HK$’000	HK$’000
	千港元
	1,090,000
	1,187,400

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

15.

投资物业

（续）

（

年：

）之亦然。

15. Investment Properties (continued)

Investment properties held by the Group in the consolidated statement of financial position	Fair value		Fair value hierarchy	Valuation techniques and key inputs	Significant unobservable inputs	Sensitivity/relationship of unobservable inputs to fair value
于综合财务状况表中本集团所持有						不可观察轮入数据对公允价值之
之投资物业	公允 2025	价值 2024	公允价值等级	估值技术及主要输入数据	重大不可观察输入数据	敏感度╱关系
	HK$’000	HK$’000
	千港元
	5,916,600
	–
	1,600,200

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

15.

投资物业

（续）

130,200

港元（

年：

8,700

港元至

148,000

港元）增加，反之亦然。

15. Investment Properties (continued)

Investment properties held by the Group in the consolidated statement of financial position	Fair value		Fair value hierarchy	Valuation techniques and key inputs	Significant unobservable inputs	Sensitivity/relationship of unobservable inputs to fair value
于综合财务状况表中本集团所持有						不可观察轮入数据对公允价值之
之投资物业	公允 2025	价值 2024	公允价值等级	估值技术及主要输入数据	重大不可观察输入数据	敏感度╱关系
	HK$’000	HK$’000
	千港元
	–
	34,300
	2,604,590

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

15.

投资物业

（续）

于

年

月

日，本集团公允价

值为

27,216,634,000

港元（

年：

29,200,308,000

港元）的投资物业已予

抵押，作为本集团获授银行融资的担保

（详情载于附注

）。

年：

3.75%

至

4.5%

）

As at 31 March 2025, the Group’s investment properties with

fair value of HK$27,216,634,000 (2024: HK$29,200,308,000)

have ben pledged to secure banking facilities granted to

the Group (details are set out in note 42).

15. Investment Properties (continued)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

15.

投资物业

（续）

有关中国境内发展中投资物业

之合营业务

本公司之附属公司

Expert Pearl

Investments Limited

及其附属公司

（统称为「

Expert Pearl

集团」）与上海

璋玺投资发展有限公司（「合营伙伴」）

订立合营协议（「合营协议」），以共同发

展位于上海市之发展中投资物业（「上

海物业」）。

Expert Pearl

集团及合营

伙伴拟将上海物业发展为商业综合大楼

（「中国项目」）。根据合营协议，订约双

方将于完成中国项目之发展后按相同

份额摊分可售楼面积。根据合营协议

之条款，中国项目入账为合营业务。

自

年起，

Expert Pearl

集团与合

营伙伴之间存在诉讼。于

年，本集

团接到法院判决，合营协议继续生效。

有关详情披露于

2011/2012

年报。

于

年

月

日，中国项目的主

要资产为发展中投资物业，其公允价

值为

1,090,000,000

港元（

年：

1,195,000,000

港元）。地盘准备工作已

于报告期末完成，并已采用残值法进行

估值。

于

年

月

日，与发展项目有关的

应收款项为

160,911,000

港元（

年：

163,801,000

港元），指本集团已产

生的建筑成本及应收合营伙伴之款项。

15. Investment Properties (continued)

Joint operation relating to investment

properties under development in The PRC

Some subsidiaries of the Company, Expert Pearl Investments

Limited and its subsidiaries (colectively refered to as

the “Expert Pearl Group”) entered into a joint operation

agrement (the “JO Agrement”) with Shanghai Zhangxi

Investment Development Co., Ltd. (the “JO Partner”) to

jointly develop investment properties under development

located in Shanghai (the “Shanghai Property”). Expert Pearl

Group and the JO Partner intend to develop the Shanghai

Property into a comercial complex (“The PRC Project”).

Under the JO Agrement, the saleable flor area would be

split betwen the parties in equal shares after the completion

of the development of The PRC Project. Pursuant to the terms

of the JO Agrement, The PRC Project is acounted for as

a joint operation.

There was litigation betwen Expert Pearl Group and the JO

Partner since 2006. In 2012, the Group received the court

judgement that the JO Agrement shal continue to have

efect. Details of these are disclosed in 2011/2012 anual

report.

As at 31 March 2025, the major aset in The PRC Project

is the investment properties under development with fair

value of HK$1,090,000,000 (2024: HK$1,195,000,000). The site

preparation work had ben completed at the end of the

reporting period, the valuation has ben arived at by

adopting residual method.

As at 31 March 2025, the receivables related to a development

project of HK$160,911,000 (2024: HK$163,801,000) represent

the construction cost incured by the Group and receivable

from the JO Partner.

		Leasehold land and buildings	Hotel properties	Leasehold improvements	Others	Total
租赁土地
		及楼宇 HK$’000	酒店物业 HK$’000	租赁物业装修 HK$’000	其他 HK$’000	总计 HK$’000

499,409	3,033,597	548,361	673,451	4,754,818
(5,676)	–	(608)	(192)	(6,476)
–	–	1,477	4,255	5,732
(16,091)	–	–	(6,201)	(22,292)
–	8,800	–	–	8,800
(74,508)	(3,042,397)	(465,103)	(552,788)	(4,134,796)
403,134	–	84,127	118,525	605,786

137,528	871,511	518,906	633,886	2,161,831
(1,436)	–	(473)	(148)	(2,057)
14,482	30,542	10,922	14,102	70,048
(5,235)	–	–	(4,890)	(10,125)
(28,597)	(902,053)	(453,000)	(533,486)	(1,917,136)
116,742	–	76,355	109,464	302,561
286,392	–	7,772	9,061	303,225

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

16.

物业、机器及设备

16. Property, Plant and Equipment

千港元千港元千港元千港元千港元

COST

成本

At 1 April 2023

于

年

月

日

502,8733,033,597545,424669,3204,751,214

Exchange realignment

外汇调整

(3,464)–(1,203)(363)(5,030)

Aditions

添置

–4,14013,06717,207

Disposals

出售

–(8,573)(8,573)

At 31 March 2024

于

年

月

日

Exchange realignment

外汇调整

Aditions

添置

Disposals/writen of

出售╱撇销

Transfer from investment properties

(note 15)

自投资物业转拨

（附注

）

Derecognised on disposal of

subsidiaries (note 12)

出售附属公司后销账

（附注

）

At 31 March 2025

于

年

月

日

DEPRECIATION

折旧

At 1 April 2023

于

年

月

日

123,640797,607496,046610,4022,027,695

Exchange realignment

外汇调整

(2,237)–(660)(284)(3,181)

Provided for the year

当年度之拨备

16,12573,90423,52032,197145,746

Eliminated on disposal

出售时抵销

–(8,429)(8,429)

At 31 March 2024

于

年

月

日

Exchange realignment

外汇调整

Provided for the year

当年度之拨备

Eliminated on disposal/writen of

出售╱撇销时抵销

Eliminated on disposal of

subsidiaries (note 12)

出售附属公司时抵销

（附注

）

At 31 March 2025

于

年

月

日

CARYING VALUE

账面值

At 31 March 2025

于

年

月

日

At 31 March 2024

于

年

月

日

361,8812,162,08629,45539,5652,592,987

	2025	2024
	HK$’000	HK$’000
千港元
27,974
258,418
–
286,392
–
–
–

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

16.

物业、机器及设备

（续）

折旧乃物业、机器及设备按其估计可使

用年期以直线法按下列每年比率确认，

以撇销其成本减其残值：

租赁土地及

楼宇

估计可使用年期

四十年或相关租约

之未届满年期

（以较短者为准）

酒店物业估计可使用年期

四十年或相关租约

之未届满年期

（以较短者为准）

租赁物业装修

10–20%

其他

10–33

/3%

由于土地及楼宇部分之租赁款项无法

可靠地分配，整份租约包含于租赁土地

及楼宇之账面值。

上述租赁土地及楼宇与酒店物业之位

置如下：

16. Property, Plant and Equipment (continued)

Depreciation is recognised so as to write of the cost of

property, plant and equipment, les their residual value over

their estimated useful lives, using the straight line method, at

the folowing rates per anum:

Leasehold land and

buildings

Over the estimated useful lives of

40 years or the unexpired terms

of the relevant leases, whichever

is shorter

Hotel propertiesOver the estimated useful lives of

40 years or the unexpired terms

of the relevant leases, whichever

is shorter

Leasehold

improvements

10 – 20%

Others10 – 33

/3%

As lease payments for land and buildings elements canot

be alocated reliably, the entire lease includes in the carying

amount of the leasehold land and buildings.

The locations of leasehold land and buildings and hotel

properties shown above are as folows:

		Leasehold lands	Land and buildings	Total
		租赁土地 HK$’000	土地及楼宇 HK$’000	总计 HK$’000

–	14,778	14,778

119,440	9,263	128,703
6,915	2,290	9,205
(126,355)	(821)	(127,176)
–	10,732	10,732
–	4,046	4,046

	2025	2024
	HK$’000	HK$’000
千港元
618
4,035

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

17.

使用权资产

本集团租赁若干租赁土地及仓库作为

营运之用。租赁合约所订立之固定年期

为

年（

年：

至

年）。于澳门之

若干租赁土地之租约经磋商初步为期

年，并可由本集团行使延长选择权。

租赁条款乃根据单独基础进行协商及

包含大范围不同条款及条件。于厘定租

期及估计不可撤销期间的长度时，本集

团应用合约的定义及厘定合约强制生

效的期间。

17. Right-of-Use Asets

千港元千港元千港元

COST

成本

At 1 April 2023 and

31 March 2024

于

年

月

日及

年

月

日

558,04615,635573,681

Derecognised on disposal

of subsidiaries (note 12)

出售附属公司后销账

（附注

）

(558,046)(857)(558,903)

At 31 March 2025

于

年

月

日

DEPRECIATION

折旧

At 1 April 2023

于

年

月

日

100,7236,723107,446

Provided for the year

本年度之拨备

18,7172,54021,257

At 31 March 2024

于

年

月

日

Provided for the year

本年度之拨备

Derecognised on disposal

of subsidiaries (note 12)

出售附属公司后销账

（附注

）

At 31 March 2025

于

年

月

日

CARYING VALUE

账面值

At 31 March 2025

于

年

月

日

At 31 March 2024

于

年

月

日

438,6066,372444,978

租赁之现金流出总额

The Group leases certain leasehold lands and warehouse for

its operations. Lease contracts are entered into for fixed term

for 10 years (2024: 2 to 25 years). Certain leases of leasehold

lands in Macau are negotiated for an initial term of 25 years

with extension options exercisable by the Group.

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.

	2025	2024
	HK$’000	HK$’000
千港元
75,978
(7,746)
27,196
95,428

	2025	2024
	HK$’000	HK$’000
千港元
341,084
21,400
(171,628)
16,402
(9,655)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

17.

使用权资产

（续）

此外，本集团分别拥有若干分类为物

业、机器及设备之商业物业以及投资物

业。本集团为该等物业权益（包括相关

租赁土地）之注册拥有人。为收购该等

物业权益，已预先支付一笔过款项。由

于未能可靠分配所付款项，故该等自置

物业的租赁土地部分并无单独呈列。

本集团就办公室定期订立短期租赁。于

年

月

日及

年

月

日，短

期租赁组合与上文已披露租赁组合相

若。

18.

于一间联营公司之权益

于一间联营公司之权益指本集团于新

会鸿盛地产发展有限公司（「新会鸿

盛」）持有的

50%

权益。鉴于新会鸿盛董

事会之组成，董事认为本集团对新会鸿

盛拥有重大影响力。新会鸿盛于中国成

立，于中国从事物业发展业务。

该联营公司乃以权益法计入综合财务

报表。

本集团联营公司之财务资料概要载于

下文。下述财务资料概要指根据香港财

务报告准则会计准则编制的联营公司

财务报表内列示之数额。

17. Right-of-Use Asets (continued)

In adition, the Group owns certain comercial properties

clasified as property, plant and equipment and investment

properties respectively. The Group is the registered owner of

these property interests, including the underlying leasehold

lands. Lump sum payments were made upfront to acquire

these property interests. The leasehold land components of

these owned properties are not presented separately as the

payments made canot be alocated reliably.

The Group regularly entered into short-term leases for ofice.

As at 31 March 2025 and 31 March 2024, the portfolio of

short-term leases is similar to the portfolio of leases disclosed

above.

18. Interest in an Asociate

Interest in an asociate represents the Group’s 50% equity

interest in Xinhui Hongsheng Property Development Company

Limited (“Xinhui Hongsheng”). In view of the composition

of board of directors of Xinhui Hongsheng, the Directors

consider that the Group has significant influence over Xinhui

Hongsheng. Xinhui Hongsheng is established in The PRC and

is engaged in property development in The PRC.

The asociate is acounted for using the equity method in

these consolidated financial statements.

Sumarised financial information in respect of the Group’s

asociate is set out below. The sumarised financial

information below represents amounts shown in asociate’s

financial statements prepared in acordance with HKFRS

Acounting Standards.

年度亏损

	2025	2024
	HK$’000	HK$’000
千港元
190,856
50%
95,428
–
95,428

	2025	2024
	HK$’000	HK$’000
千港元
65,002
136,534
201,536
1,059,780
1,261,316

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

18.

于一间联营公司之权益

（续）

于综合财务报表中确认的于一间联营

公司权益之账面值及分占业绩与上述

财务资料概要对账如下：

截至

年

月

日止年度，换算

一间联营公司财务资料所产生汇兑

亏损

1,809,000

港元（

年：亏损

3,787,000

港元）乃于其他全面收益确

认及于汇兑储备累计。

附注：

于本年度，收购时拨至损益及于销售

物业时计入分占一间联营公司之业

绩之发展中物业之公允价值调整为

4,034,000

港元（

年：

80,000

港

元）。

19.

于一间合营企业之权益

于一间合营企业之权益指本集团持有

Castle Horizon Holdings Limited

（「

Castle Horizon

」）之

50%

股权。相

关活动之所有决策须经所有共同享有

控制权之合营伙伴一致同意。

Castle

Horizon

持有

Superb Land Limited

及

Sumer Estate Enterprises

Limited

（连同彼等之附属公司）之

100%

权益，其均为位于香港寿臣山道

西

号之发展项目之物业发展公司。

18. Interest in an Asociate (continued)

Reconciliation of the above sumarised financial information

to the carying amount of the interest in an asociate and

share of result recognised in the consolidated financial

statements:

The exchange los of HK$1,809,000 (2024: los of HK$3,787,000)

arising from translation of financial information of an asociate

for the year ended 31 March 2025 is recognised in OCI and

acumulated in translation reserve.

Note:

During the year, the fair value adjustment on properties under

development at acquisition released to profit and los and

included in share of result of an asociate upon sale of the

properties amounted to HK$4,034,000 (2024: HK$80,000).

19. Interest in a Joint Venture

Interest in a joint venture represents interest in Castle Horizon

Holdings Limited (“Castle Horizon”) in which the Group

holds 50% equity interest. Al decisions about the relevant

activities require the unanimous consent of al the joint

venture partners sharing control. Castle Horizon holds 100%

interest in Superb Land Limited and Sumer Estate Enterprises

Limited together with their subsidiaries, being the property

development companies of a development project located

at No.15 Shouson Hil Road West, Hong Kong.

	2025	2024
	HK$’000	HK$’000
千港元
2,522,732
(2,270,493)
2,633,288
394,983

	2025	2024
	HK$’000	HK$’000
千港元
252,239
50%
126,120
1,059,780
75,416
1,261,316

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

19.

于一间合营企业之权益

（续）

于

年

月

日，应收一间合营企业

之款项为免息（

年：按年利率

2.2%

计息）。该款项并无固定还款期，而本

集团无意于报告期末起十二个月内行

使其权利以要求偿还该垫款。因此，该

金额构成净投资的一部分，并列为非流

动。

该合营企业乃以权益法计入综合财务

报表。

本集团合营企业之财务资料概要载于

下文。下述财务资料概要指根据香港财

务报告准则会计准则编制的合营企业

财务报表内列示之数额。

于综合财务报表中确认的于一间合营

企业权益之账面值及分占业绩与上述

财务资料概要对账如下：

于

年

月

日，本集团就杰懋有

限公司（

Superb Land Limited

之附

属公司）获授之银行融资向一间银行

提供企业担保

1,165,000,000

港元，其

中

719,892,000

港元已获动用。董事认

为，财务担保之公允价值不重大。

截至

年

月

日止年度，企业担保

已解除。

19. Interest in a Joint Venture (continued)

As at 31 March 2025, the amount due from a joint venture is

interest-fre (2024: caried interest at 2.2% per anum). It has

no fixed terms of repayment and the Group has no intention

to exercise its right to demand repayment of the advance

within twelve months from the end of the reporting period.

Acordingly, the amount forms part of net investment and it

is shown as non-curent.

The joint venture is acounted for using the equity method in

these consolidated financial statements.

Sumarised financial information in respect of the Group’s

joint venture is set out below. The sumarised financial

information below represents amounts shown in joint venture’s

financial statements prepared in acordance with HKFRS

Acounting Standards.

年度溢利（亏损）

Reconciliation of the above sumarised financial information

to the carying amount of the interest in a joint venture and

share of result recognised in the consolidated financial

statements:

As at 31 March 2024, the Group had given a corporate

guarante of HK$1,165,000,000 to a bank in respect of banking

facilities granted to Talent Charm Corporation Limited, a

subsidiary of Superb Land Limited, of which HK$719,892,000

had ben utilised. In the opinion of the Directors, the fair value

of the financial guarante was not significant.

During the year ended 31 March 2025, the corporate

guarante is released.

HK$’000
千港元
56,683
54,743
1,940

	2025	2024
	HK$’000	HK$’000
千港元
3,997

	2025	2024
	HK$’000	HK$’000
千港元
1,253,480
432
1,253,912

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 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

年

月

日止年度

20. Godwil

于年月日

At 31 March 2024

于

年

月

日

1,940

Regarding the remaining godwil of HK$1,940,000 (2024:

HK$1,940,000) for the purpose of impairment test, it has ben

alocated to the cash-generating unit in relation to the lease

of properties, and no impairment is considered necesary.

21. Other Asets

会所债券及会籍，按成本

The club debentures and memberships have indefinite life.

22. Properties Held for Sale

The carying amounts of properties held for sale comprise

properties situated in:

20.

商誉

就余下

1,940,000

港元（

年：

1,940,000

港元）之商誉而言，为进行减

值测试，该商誉已分配至物业租赁之现

金产生单位，且概无减值之需要。

21.

其他资产

会所债券及会籍具有无限年期。

22.

持作出售之物业

持作出售之物业之账面值包括位于以

下地方的物业：

	2025	2024
	HK$’000	HK$’000
千港元
18,608
347,217
137,691
117,978
621,494

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

23.

持作出售之发展中物业

有关金额指于香港持作出售之发展中

物业。

该等款项包括之持作出售之发展中物

业约

3,118,812,000

港元（

年：

3,081,186,000

港元）预计将于报告期

末起计十二个月后可收回。

于本年度，持作出售之发展中物业之

资本化利息净额为

399,906,000

港元

（

年：

362,203,000

港元）。

24.

贸易及其他应收款项

贸易及其他应收款项之分析如下：

于

年

月

日，贸易应收款项包

括来自客户合约之应收款项及应收租

赁款项分别为

136,000

港元（

年：

49,326,000

港元）及

18,472,000

港元

（

年：

9,849,000

港元）。

于

年

月

日，来自客户合约的

贸易应收款项及应收租赁款项分别为

33,314,000

港元及

22,755,000

港元。

23. Properties Under Development for Sale

The amounts represent projects of properties under

development for sale in Hong Kong.

Included in the amounts are properties under development

for sale of aproximately HK$3,118,812,000 (2024:

HK$3,081,186,000) which are expected to be recovered after

twelve months from the end of the reporting period.

During the year, the net interest capitalised in properties

under development for sale amounted to HK$399,906,000

(2024: HK$362,203,000).

24. Trade and Other Receivables

An analysis of trade and other receivables is as folows:

As at 31 March 2025, trade receivables comprise receivables

from contracts with customers and lease receivables of

HK$136,000 (2024: HK$49,326,000) and HK$18,472,000 (2024:

HK$9,849,000) respectively.

As at 1 April 2023, trade receivables from contracts with

customers and lease receivables amounted to HK$33,314,000

and HK$22,755,000 respectively.

	2025	2024
	HK$’000	HK$’000
千港元
14,296
402
1,888
2,022
18,608

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

24.

贸易及其他应收款项

（续）

于报告期末，本集团贸易应收款项（扣

除减值拨备）根据授出信贷日期或发票

日期所作出之账龄分析如下：

附注：

(a)

本集团并无向租赁物业之承租人授出信

贷期。于接纳任何新承租人之前，本集团

将内部评估潜在承租人之信贷质素。本集

团通常亦不会向酒店客户授出信贷期，惟

信誉良好之客户除外，而所授出之平均信

贷期为

日。

就博彩业务而言，本集团一般给予其信贷

已审批的客户授出最多

日之信贷期，惟

若干具有长期关系及稳定还款模式的信

誉良好客户，彼等之信贷期可获延长至一

段较长期间。

于

年

月

日，其他业务之贸易应

收款项结余包括账面值

18,472,000

港元

（

年：

9,849,000

港元）之应收账款，

其于报告期末已逾期。

(b)

于

年

月

日，其他应收款项包括

应收关连公司之款项

65,735,000

港元

（

年：

39,746,000

港元）。该等关连

公司均由杨博士（被视为本公司之主要股

东）成立之私人酌情信托间接控制。有关

款项为无抵押、免息及按要求偿还。

(c)

于

年

月

日，按金及预付款项包括

重建项目之可退还印花税

71,729,000

港

元（

年：

145,654,000

港元）。

(d)

于

年

月

日，该款项指就物业出

售交易之应收代价而应收一间同系附属

公司之款项

117,978,000

港元（

年：

无）。该款项为无抵押、免息及按要求偿

还。

贸易及其他应收款项减值评估详情载

于附注

40(b)

。

24. Trade and Other Receivables (continued)

An aging analysis of the Group’s trade receivables (net of

impairment alowance) based on either the date of credit

granted or the invoice date at the end of the reporting

period is set out below:

Notes:

(a) No credit period was granted to tenants for rental of premises.

Before acepting any new tenant, the Group wil internaly ases

the credit quality of the potential tenant. No credit period was

granted to hotel customers generaly except for those high credit

rating customers to whom an average credit period of 30 days

were granted.

For gaming operation, the Group normaly alows credit periods of

up to 60 days to its credit aproved customers, except for certain

credit worthy customers with long term relationship and stable

repayment patern, where the credit periods are extended to a

longer period.

As at 31 March 2025, included in the trade receivable balances in

respect of other operations are debtors with carying amounts of

HK$18,472,000 (2024: HK$9,849,000) which are past due at the end

of the reporting period.

(b) As at 31 March 2025, included in other receivables are amounts due

from related companies of HK$65,735,000 (2024: HK$39,746,000).

These related companies are indirectly controled by private

discretionary trusts which were founded by Dr. Yeung, a demed

substantial shareholder of the Company. The amounts are

unsecured, interest-fre and repayable on demand.

refundable stamp duties in respect of redevelopment projects of

HK$71,729,000 (2024: HK$145,654,000).

(d) As at 31 March 2025, the amount represented the amount due

from a felow subsidiary of HK$117,978,000 (2024: nil) in respect of

consideration receivable of the property disposal transaction. The

amount is unsecured, interest-fe and repayable on demand.

Details of impairment asesment of trade and other

receivables are set out in note 40(b).

	2025	2024
	HK$’000	HK$’000
千港元
19
249
569
11,144
3

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

25.

就发展物业存放于指定银行账户

之存款

本集团已向北京朝阳区房屋管理局指

定银行账户存入

9,503,000

港元（

年：

9,628,000

港元）（约相当于人

民币

8,769,000

元（

年：人民币

8,728,000

元），作为重新清算中国投

资物业之按金。该银行存款仅限于用作

有关重新清算工作之结算用途，并按年

利率

0.2%

（

年：

1.0%

）计息。预计

该存款将于报告期末起计十二个月内

解除并归类为流动资产。

26.

已抵押银行存款╱短期银行存款

╱银行结余及现金

于

年

月

日，已抵押银行存款

包括存款

92,746,000

港元（

年：

30,811,000

港元分类为非流动资产及

311,000

港元分类为流动资产），其详情

分别载于附注

42(a)

及

42(b)

。已抵押

银行存款按

0.25%

的固定年利率（

年：介乎

3.55%

至

4.20%

）计息。

于

年

月

日，原到期日超过

个

月的短期银行存款按固定年利率

4.7%

（

年：无）计息。

银行结余及现金包括本集团持有之现

金及原到期日为

个月或以下、按现行

市场年利率

0.01%

（

年：

0.01%

）或

固定年利率介乎

2.52%

至

4.50%

（

年：

1.50%

至

4.58%

）计息之银行存款。

已抵押银行存款、短期银行存款与银行

结余及现金包括下列以相关集团实体

之功能货币以外货币定值之金额：

25. Deposit in Designated Bank Acount for

Development Properties

The amount of HK$9,503,000 (2024: HK$9,628,000) (equivalent

to aproximately RMB8,769,000 (2024: RMB8,728,000), was

deposited to a bank acount designated under

北京朝阳

区房屋管理局

as deposit for resetlement in relation to the

development of the investment properties in The PRC. Such

bank deposit is restricted for setlement in relation to the

resetlement work and caried interest at 0.2% (2024: 1.0%)

per anum. The deposit is expected to be released within

twelve months from the end of the reporting period and

clasified as curent asets.

26. Pledged Bank Deposits/Short-Term Bank

Deposits/Bank Balances and Cash

As at 31 March 2025, pledged bank deposits comprise

a deposit of HK$92,746,000 (2024: HK$30,811,000 clasified

as non-curent aset and HK$311,000 clasified as curent

aset), details of which are set out in notes 42(a) and 42(b)

respectively. The pledged bank deposits cary fixed interest

rates of 0.25% (2024: ranging from 3.55% to 4.20%) per anum.

As at 31 March 2024, short-term bank deposits with an original

maturity over 3 months caried interest at fixed interest rates

of 4.7% (2025: nil) per anum.

Bank balances and cash comprise cash held by the Group

and bank deposits with an original maturity of 3 months

or les and cary interests at the prevailing market rate at

0.01% (2024: 0.01%) per anum or at fixed interest rates

which ranged from 2.52% to 4.50% (2024: 1.50% to 4.58%) per

anum.

Included in pledged bank deposits, short-term bank deposits

and bank balances and cash are the folowing amounts

denominated in curency other than functional curency of

the relevant group entities:

欧元（「欧元」）

	2025	2024
	HK$’000	HK$’000
千港元
–
–
–
1,286
344,537
276,306
218,862
840,991

	2025	2024
	HK$’000	HK$’000
千港元
689,474

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

27.

贸易及其他应付款项

于报告期末，本集团贸易应付款项根据

发票日期所作出之账龄分析如下：

附注：

应付一间联营公司股东款项为无抵押、

免息及按要求偿还。

28.

合约负债

于

年

月

日，合约负债为

2,735,000

港元。

于本年度，计入年初合约负债结余的金

额

3,169,000

港元（

年：

2,735,000

港元）已确认为收入。

本集团与客户在签订买卖协议时，一

般收取客户

10%

合约金额作为按金。然

而，根据市场情况，如客户同意在施工

进行期间提前支付代价之结余，与销售

价单比较下，本集团可能向客户提供折

让。由按金及预付款计划产生之合约负

债于整个物业工程期间确认，直至客户

取得已落成物业之控制权。

27. Trade and Other Payables

An aging analysis of the Group’s trade payables based on

invoice date at the end of the reporting period is set out

below:

Note:

The amount due to a shareholder of an asociate is unsecured,

interest-fre and repayable on demand.

28. Contract Liabilities

所得款项

As at 1 April 2023, contract liabilities amounted to

HK$2,735,000.

During the year, the amount of HK$3,169,000 (2024:

HK$2,735,000) which was included in contract liabilities

balance at the begining of the year was recognised as

revenue.

The Group on average receives 10% of the contract value as

deposits from customers when they sign the sale and purchase

agrement. However, depending on market conditions, the

Group may ofer customers a discount compared to the

listed sales price, provided that the customers agre to pay

the balance of the consideration early while construction is

stil ongoing. The deposits and advance payment schemes

result in contract liabilities being recognised throughout

the property construction period until the customer obtains

control of the completed property.

	2025	2024
	HK$’000	HK$’000
千港元
689,474

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

28.

合约负债

（续）

董事认为，于报告期末有关销售物业之

合约负债结余将于损益内确认为收入

如下：

合约负债变动乃由于

本集团履行合约

项下履约责任时物业销售进度变动，或

客户就合约项下未履行履约责任而预

付的款项增加所致。

29.

应付一间联营公司款项

有关款项为无抵押、免息及按要求偿

还。

30.

应付一间关连公司款项

于

年

月

日，有关款项乃为无抵

押，而须按香港银行同业拆息（「香港银

行同业拆息」）加

1.7%

之年利率（

年：香港银行同业拆息加

1.7%

之年利

率）计算利息。

于本年度，来自关连公司之进一步

垫款为

394,654,000

港元（

年：

842,682,000

港元），本集团已偿还

部分本金

1,348,197,000

港元（

年：

744,585,000

港元）予关连公司。

于

年

月

日尚未偿还之本金

额为

548,682,000

港元（

年：

1,502,225,000

港元）。经与关连公司议

定，本集团将根据经营现金流量充足程

度偿还款项。因此，本集团定期根据与

关连公司之经修订估计现金流量，修订

其有关偿还关连公司款项之时间及金

额的估计并调整账面值。于两个报告期

末，总账面值分类为流动负债。

28. Contract Liabilities (continued)

The Directors considered that the balance of contract

liabilities in relation to sales of properties at the end of the

reporting period wil be recognised as revenue to profit or

los as folows:

流动

The changes in contract liabilities are due to i) changes in

the progres of sales of properties when the Group satisfies

the performance obligations under the contracts, or i)

increase in advance payments from customers for unsatisfied

performance obligation under the contracts.

29. Amount Due to an Asociate

The amount is unsecured, interest-fre and repayable on

demand.

30. Amount Due to a Related Company

As at 31 March 2025, the amount is unsecured and cary

interest at Hong Kong Interbank Ofered Rate (“HIBOR”) +

1.7% per anum (2024: HIBOR +1.7% per anum).

During the year, further advances from the related company

amounted to HK$394,654,000 (2024: HK$842,682,000) and

the Group partialy repaid the principal of HK$1,348,197,000

(2024: HK$744,585,000) to the related company. The principal

amount outstanding as at 31 March 2025 was HK$548,682,000

(2024: HK$1,502,225,000). It was agred with the related

company that the Group wil repay the amount based on the

suficiency of its operating cash flows. Therefore, the Group

revises its estimates on the timing and amount of repayment

to the related company and adjusts the carying amounts

in acordance with the revised estimated cash flows with

the related company on regular basis. At the end of both

reporting periods, the total carying amounts were clasified

as curent liabilities.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

31.

应付附属公司之非控股权益款项

于

年

月

日，有关金额指应

付

Luck United Holdings Limited

（「

Luck United

」）及华丽发展有限公

司（「华丽」）非控股权益之无抵押及免

息之股东贷款。根据股东协议之合约条

款，该等金额以盈余资金偿还，而盈余

资金指

Luck United

及其附属公司以

及华丽于支付所有经营开支及应付款

项（包括但不限于到期偿还之银行贷款

及第三方贷款（连同应计利息）后之可

动用现金。

于

年

月

日，

Luck United

及华

丽各自管理层认为

Luck United

及华

丽有充足可用之盈余资金用作偿还应

付其非控股东之全部未偿还本金额。

因此，该款项于

年

月

日列示为

流动负债及按要求偿还。

截至

年

月

日止年度，于附注

所载终止经营酒店及酒店相关业务后，

Luck United

及华丽不再为本集团之

附属公司。由于全部余额来自已出售附

属公司，据此终止确认应付附属公司之

非控股权益款项。

31. Amounts Due to Non-Controling Interests of

Subsidiaries

As at 31 March 2024, the amounts represented unsecured

and interest-fre shareholders’ loans due to non-controling

interests of Luck United Holdings Limited (“Luck United”)

and Able Elegant Development Limited (“Able Elegant”). In

acordance with the contractual terms of the shareholders’

agrements, the amounts were repaid from surplus fund,

which represented cash available in Luck United and its

subsidiaries and Able Elegant after payment of al operating

expenses and payables, including but not limited to bank

loans and third party loans which were due for repayment

together with the acrued interest.

As at 31 March 2024, the respective management of Luck

United and Able Elegant determined that Luck United and

Able Elegant had adequate available surplus fund for the

repayment of al principal amounts outstanding to its non-

controling shareholders. Acordingly, the amounts were

shown as curent liabilities as at 31 March 2024 and repayable

on demand.

During the year ended 31 March 2025, folowing the

discontinued hotel and hotel related operations as set out

in note 12, Luck United and Able Elegant are ceased to be

the subsidiaries of the Group. As the entire balance was

atributable to the disposed subsidiaries, the amount due to

non-controling interests of subsidiaries were derecognised

acordingly.

		2025	2024
	Notes	HK$’000	HK$’000
千港元
79,910
–
–
79,910
–
79,910

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

32.

无抵押票据

发行无抵押票据之所得款项拟用作本

集团之一般营运资金。

附注：

(a)

于

年

月，本公司发行

80,000,000

港元无抵押票据。无抵押票据按固定年票

息

4.88%

计息，并须每年付息。无抵押票

据之实际年利率为

4.91%

。无抵押票据之

本金额须于

年偿还。

(b)

于

年

月，本公司发行

40,000,000

港

元无抵押票据。无抵押票据按固定年票息

4.4%

计息，并须每半年付息。无抵押票据

之实际年利率为

4.68%

。无抵押票据之本

金额已于

年偿还。

(c)

于

年

月，本公司发行

260,000,000

港元无抵押票据。无抵押票据按固定年票

息

4.5%

计息，并须每半年付息。无抵押票

据之实际年利率为

4.68%

。无抵押票据之

本金额已于

年偿还。

32. Unsecured Notes

（于非流动负债项下列示）

The proceds from the isuance of unsecured notes are

intended to use for general working capital purposes of the

Group.

Notes:

(a) In October 2019, the Company isued unsecured notes of

HK$80,000,000. The unsecured notes cary fixed coupon rate of

4.88% per anum, payable anualy in arears. The unsecured

notes cary efective interest rate of 4.91% per anum. The principal

amount of the unsecured notes is repayable in 2029.

(b) In May 2019, the Company isued unsecured notes of HK$40,000,000.

The unsecured notes cary fixed coupon rate of 4.4% per anum,

payable semi-anualy in arears. The unsecured notes caried

efective interest rate of 4.68% per anum. The principal amount

of the unsecured notes was repaid in 2024.

HK$260,000,000. The unsecured notes cary fixed coupon rate of

4.5% per anum, payable semi-anualy in arears. The unsecured

notes cary efective interest rate of 4.68% per anum. The principal

amount of the unsecured notes was repaid in 2024.

	2025	2024
	HK$’000	HK$’000
千港元
16,604,981
9,036,085
4,427,565
2,092,688
1,048,643
16,604,981
(16,604,981)
–

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

33.

银行借贷

账面值基于贷款协议所载之计划还款日

期。

由于银行于报告期末并未同意放弃其要

求即时付款之权利，故该等银行借贷于

年

月

日分类为流动负债。

于

年

月

日，本集团账面值合共

16,604,981,000

港元的银行借贷已逾

期及╱或本集团已违反贷款协议的若

干条款。本集团现正与银行磋商以就财

务重组计划达成一致。截至综合财务报

表获批准及授权刊发之日，磋商仍在进

行中。

33. Bank Borowings

款项

* Carying amounts based on scheduled repayment dates set out in

the loan agrements.

Since the banks have not agred to waive its right to demand

imediate payment as at the end of the reporting period, the bank

borowings have ben clasified as curent liabilities as at 31 March

2025.

As at 31 March 2025, the Group’s bank borowings with

carying amounts of HK$16,604,981,000 in agregate have

become overdue and/or the Group has breached certain

terms of the loan agrements. The Group is negotiating

with banks to agre on the financial restructuring plan. Up

to the date of the consolidated financial statements were

aproved and authorised for isue, the negotiations are stil

in progres.

	2025	2024
	HK$’000	HK$’000
千港元
1,116,806

	负债 2025	2024
	HK$’000	HK$’000
千港元
2,264
2,157
–
–
4,421
(2,264)
2,157

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

33.

银行借贷

（续）

银行借贷按浮动利率计息，利率主要介

乎香港银行同业拆息加

0.84%

至香港银

行同业拆息加

2.00%

之年利率，并须按

英镑隔夜拆款平均利率（「英镑隔夜拆

款平均利率」）加

1.53%

之年利率（

年：介乎香港银行同业拆息加

0.84%

至

香港银行同业拆息加

2.00%

之年利率及

英镑隔夜拆款平均利率加

1.53%

之年利

率）计息。

于

年

月

日，本集团之银行借

贷

12,335,567,000

港元（

年：

13,641,731,000

港元）以本集团若干资

产作抵押（见附注

42(a)

）。

银行借贷的加权平均实际年利率为

5.42%

（

年：

5.85%

）。

银行借贷包括以下以相关集团实体之

功能货币以外的货币定值之金额：

34.

租赁负债

应用于租赁负债的加权平均增量借

贷年利率

4.0%

（

年：介乎

3.5%

至

4.0%

）。

33. Bank Borowings (continued)

The bank borowings cary floating rate interests, mainly

ranging from HIBOR + 0.84% to HIBOR + 2.00% per anum

and at Sterling Overnight Index Average (“SONIA”) + 1.53%

per anum (2024: HIBOR + 0.84% to HIBOR + 2.00% per anum

and at SONIA + 1.53% per anum).

As at 31 March 2025, the Group’s bank borowings of

HK$12,335,567,000 (2024: HK$13,641,731,000) are secured by

certain asets of the Group (se note 42(a).

The weighted average efective interest rate of bank

borowings is at 5.42% (2024: 5.85%) per anum.

Included in bank borowings are the folowing amounts

denominated in curency other than functional curency of

the relevant group entities:

英镑

34. Lease Liabilities

款项

The weighted average incremental borowing rates aplied

to lease liabilities is 4.0% (2024: ranging from 3.5% to 4.0%)

per anum.

		Accelerated tax depreciation	Development costs capitalised	Revaluation of properties	Tax losses	Total
		加速税务折旧 HK$’000	发展成本资本化 HK$’000	物业重估 HK$’000	税项亏损 HK$’000	总计 HK$’000

(321,376)	(4,191)	(1,599,531)	238,103	(1,686,995)
–	–	26,271	–	26,271
(16,994)	–	45,018	17,007	45,031
63,565	–	58,506	(50,130)	71,941
17,650	–	–	(13,960)	3,690
(257,155)	(4,191)	(1,469,736)	191,020	(1,540,062)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

34.

租赁负债

（续）

对租赁的限制或契约

于

年

月

日，已确认租赁负债

4,421,000

港元（

年：

33,486,000

港元）与相关使用权资产

4,046,000

港

元（

年：

26,112,000

港元）。租赁协

议除出租人持有之租赁资产之担保权

益外，并无附加任何契诺。除于

年

月

日确认的澳门租赁土地及相关资

产外，其他相关租赁资产不得用作借贷

的抵押。

于

年

月

日，租赁负债金额

以账面值为

600,000

港元（

年：

676,000

港元）的租赁按金作抵押。

35.

递延税项

本年度及过往年度确认之主要递延税项

（负债）资产及有关变动如下。

就综合财务状况表之呈列而言，若干递

延税项资产及负债已作抵销。

34. Lease Liabilities (continued)

Restrictions or covenants on leases

Lease liabilities of HK$4,421,000 (2024: HK$33,486,000) are

recognised with related right-of-use asets of HK$4,046,000

(2024: HK$26,112,000) 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

lesor. Except for the leasehold lands and related asets

recognised in Macau as at 31 March 2024, other related

leased asets may not be used as security for borowing

purposes.

As at 31 March 2025, the amounts of lease liabilities are

secured by rental deposits with carying values of HK$600,000

(2024: HK$676,000).

35. Defered Taxation

The folowing are the major defered tax (liabilities) asets

recognised and movements thereon during the curent and

prior years.

千港元千港元千港元千港元千港元

At 1 April 2023

于

年

月

日

(319,829)(4,191)(1,691,018)214,096(1,800,942)

Exchange realignments

外汇调整

–50,486–50,486

(Charge) credit to profit or los

（扣除）计入损益

(27,378)–41,00124,00737,630

Credit to equity

计入权益

125–125

Disposal of subsidiaries (note 38)

出售附属公司（附注

）

25,706–25,706

At 31 March 2024

于

年

月

日

Exchange realignments

外汇调整

(Charge) credit to profit or los

（扣除）计入损益

Derecognised on disposal of

subsidiaries (note 12)

出售附属公司后销账

（附注

）

Disposal of subsidiaries (note 38)

出售附属公司（附注

）

At 31 March 2025

于

年

月

日

For the purpose of presentation in the consolidated statement

of financial position, certain defered tax asets and liabilities

have ben ofset.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

35.

递延税项

（续）

于

年

月

日，本集团有未动用税

项亏损

3,235,612,000

港元（

年：

3,770,022,000

港元）可供予抵销未来

溢利。该等亏损中共

1,132,738,000

港

元（

年：

1,463,889,000

港元）已确

认递延税项资产。基于未来溢利来源之

不可预测性，余下之

2,102,874,000

港

元（

年：

2,306,133,000

港元）并无

确认为递延税项资产。本集团之未确认

税项亏损可无限期结转，惟于

年

月

日自评税年度起

年内到期之款项

36,364,000

港元（

年：无）除外。

根据中国企业所得税法，就中国附属公

司所赚取溢利而宣派之股息须缴纳预

扣税。由于本集团能够控制拨回暂时性

差异之时间，且有关暂时性差异可能不

会于可见将来拨回，本集团并未就中国

附属公司之保留溢利带来之暂时性差

异

7,182,000

港元（

年：

4,456,000

港元）于综合财务报表内作出递延税项

拨备。

于报告期末，本集团的可扣减暂时性

差异为

130,939,000

港元（

年：

185,427,000

港元）。概无就该等可扣

减暂时性差异确认递延税项资产，因为

将不大可能有应课税溢利可用于抵减

可扣减暂时性差异。

35. Defered Taxation (continued)

At 31 March 2025, the Group had tax loses of HK$3,235,612,000

(2024: HK$3,770,022,000) available for ofset against future

profits. Defered tax asets have ben recognised in respect

of HK$1,132,738,000 (2024: HK$1,463,889,000) of such loses.

No defered tax aset has ben recognised in respect of the

remaining HK$2,102,874,000 (2024: HK$2,306,133,000) due to

the unpredictability of future profit streams. The unrecognised

tax loses of the Group might be caried forward indefinitely,

except for an amount of HK$36,364,000 (2025: nil) as at 31

March 2024, which wil expire in thre years from the year of

asesment.

Under The PRC EIT Law, witholding tax is imposed on

dividends declared in respect of profits earned by The PRC

subsidiaries. Defered taxation has not ben provided for in

the consolidated financial statements in respect of temporary

diferences atributable to retained profits of The PRC

subsidiaries amounting to HK$7,182,000 (2024: HK$4,456,000)

as the Group is able to control the timing of the reversal of the

temporary diferences and it is probable that the temporary

diferences wil not reverse in the foreseable future.

At the end of the reporting period, the Group has

deductible temporary diferences of HK$130,939,000 (2024:

HK$185,427,000). No defered tax aset has ben recognised

in relation to such deductible temporary diference as it is not

probable that taxable profit wil be available against which

the deductible temporary diferences can be utilised.

	Number of shares	Share capital
	股份数目	股本 HK$’000
千港元
	股份数目	500,000,000,000	5,000,000
	3,677,545,667	36,775
	1,838,772,833	18,388
	5,516,318,500	55,163

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

36.

股本

附注：

于

年

月

日，董事会宣布按本

公司股东每持有

股现有股份获发

股

供股份之基准进行供股，认购价为

每股供股份

0.25

港元。供股已完成，

1,838,772,833

股普通股已于

年

月

日发行。供股详情于本公司日期

为

年

月

日的供股章程披露。

36. Share Capital

于年月日

Note:

On 31 July 2024, the Board anounced a rights isue on the basis

of 1 rights share for every 2 existing shares held by shareholders

of the Company at a subscription price of HK$0.25 per rights

share. The rights isue was completed and 1,838,772,833 ordinary

shares were isued on 24 September 2024. Details of the rights

isue was disclosed in the prospectus of the Company dated 30

August 2024.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

37.

购股权计划

本公司于

年

月

日采纳一项购

股权计划（「购股权计划」）。

购股权计划之主要条款概述如下：

(a)

购股权计划之目的

为使本集团能吸引、挽留及激励有

才干之参与者以谋求本集团之未

来发展及扩张。

(b)

购股权计划参与者

合资格参与者包括：

(i)

雇员参与者，包括本公司及其

附属公司雇员（无论全职或兼

职雇员）、执行董事及非执行

董事；

(i)

37. Share Option Scheme

The Company adopted a share option scheme (“Share

Option Scheme”) on 19 September 2023.

The major terms of the Share Option Scheme are sumarised

as folows:

(a) Purpose of the Share Option Scheme

To enable the Group to atract, retain and motivate

talented participants to strive for future developments

and expansion of the Group.

(b) Participants of the Share Option Scheme

Eligible participants include:

(i) employe participants including employes

(whether ful time or part time), executive directors

and non-executive directors of the Company and

its subsidiaries;

(i) related entity participants (i.e. directors and

employes of the holding companies, felow

subsidiaries of the holding companies or asociated

companies of the Company); and

(i) service providers, including advisor, consultant,

contractor, agent or representative of any member

of the Group, a person or entity that engages

in construction, renovation contractor, property

agency, design and/or project development work,

to any member of the Group, including any other

service providers as required in the ordinary course

of busines of the Group.

under the Share Option Scheme

No option has ben granted since the adoption date of

the Share Option Scheme.

As at the date of this report, 367,754,566 shares under the

scheme mandate limit and 183,877,283 shares under the

service provider sublimit respectively were available for

isue, representing 6.7% and 3.3% of the total number of

isued shares (excluding treasury shares, if any) of the

Company respectively.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

37.

购股权计划

（续）

(d)

购股权计划项下每名合资

格参与者可获授权益上限

(i)

除非股东另行批准，否则于截

至授出日期（包括该日）止任

何

个月期间，不超过本公司

已发行股份总数（不包括根据

购股权计划条款失效的任何

购股权）的

。

(i)

于截至授出日期（包括该日）

止

个月期间向本公司主要

股东或独立非执行董事或彼

等各自的联系人授出的购股

权合共占本公司于授出日期

已发行股份总数

0.1%

以上的，

须经本公司股东批准。

(e)

购股权计划项下授让人可

行使购股权之期限

于授出购股权日期起至董事会厘

定之有关日期之任何时间，惟于任

何情况下，不得超过授出日期起计

年。

(f)

根据购股权计划授出购股

权之归属期

不少于

个月。于购股权计划的

特定情况下，董事会或薪酬委员会

（视情况而定）可酌情向雇员参与

者授出少于

个月的较短归属期。

(g) (i)

申请或接纳购股权时应付之

金额：

1.00

港元；

(i)

必须或可能付款或通知付款

之期限：授出日期起计

日

内；及

(i)

作付款或通知付款用途的贷

款偿还期限：不适用。

37. Share Option Scheme (continued)

(d) Maximum entitlement of each eligible

participant under the Share Option

Scheme

(i) Not exced 1% of the total number of isued

shares of the Company (excluding any options

lapsed in acordance with the terms of the Share

Option Scheme) in any 12-month period up to and

including the date of such grant unles otherwise

aproved by the shareholders.

(i) Options granted to substantial shareholders or

independent non-executive directors of the

Company or their respective asociates in the

12-month period up to and including the date

of such grant representing in agregate more

than 0.1% of the total number of isued shares of

the Company on the date of such grant must be

aproved by the shareholders of the Company.

(e) Period within which the option may be

exercised by the grante under the Share

Option Scheme

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

a date determined by the board of directors but in any

event not exceding 10 years from the date of grant.

(f) Vesting period of options granted under

the Share Option Scheme

Not les than 12 months. A shorter vesting period of

les than 12 months may be granted to employe

participants at the discretion of the Board or the

Remuneration Comite (as the case may be) under

specific circumstances in the Share Option Scheme.

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

of the option: HK$1.00;

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

may be made: Within 28 days from the date of

grant; and

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

payments or cals must be repaid: Not aplicable.

HK$’000
千港元
94,040
(1,216)
92,824

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

37.

购股权计划

（续）

(h)

厘定行使价之基准

行使价由董事会厘定，并将不低于

以下最高者：

(a)

股份于授出日期

在联交所每日报价表所报收市价；

(b)

股份于紧接授出日期前五个营

业日在联交所每日报价表所报的

平均收市价；及

(c)

股份面值。

(i)

购股权计划之余下期限

购股权计划自其生效日期（即

年

月

日）起计

年内有效及

生效。

38.

出售附属公司

截至

年

月

日止年度，本集团已

出售以下附属公司：

于

年

月

日，英皇物业投资有限

公司（「英皇物业投资」）订立买卖协议，

以经调整总代价约

1,142,352,000

港元

向一间由杨博士成立之私人酌情信托

间接控制之公司出售其于

Acurate

Choice Developments Limited

及

其附属公司（「

Acurate Choice

集

团」）（为本公司之间接全资附属公司，

持有坐落香港多地的物业）的全部股权

以及

Acurate Choice

集团结欠英皇

物业投资的所有贷款。出售已于

年

月

日完成。

有关出售

Acurate Choice

集团之现

金及现金等价物流入净额之分析如下：

37. Share Option Scheme (continued)

(h) Basis for determining the exercise price

The exercise price is determined by the Board and wil

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

shares as stated in the Stock Exchange’s daily quotation

shet on the date of grant; (b) the average closing price

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

quotation shets for the five busines days imediately

preceding the date of grant; and (c) the nominal value

of a share.

(i) The remaining life of the Share Option

Scheme

The Share Option Scheme shal be valid and efective for

a period of 10 years comencing on its efective date,

being 17 October 2023.

38. Disposal of Subsidiaries

During the year ended 31 March 2025, the Group had

disposed of the folowing subsidiaries:

On 19 July 2024, Emperor Property Investment Limited (“EPIL”)

entered into a sale and purchase agrement to dispose of

the entire equity interest in Acurate Choice Developments

Limited and its subsidiaries (“Acurate Choice Group”),

indirect wholy-owned subsidiaries of the Company, which

held properties covering various locations in Hong Kong, and

al loan due by Acurate Choice Group to EPIL to a company

indirectly controled by a private discretionary trust which was

founded by Dr. Yeung at a total adjusted consideration of

aproximately HK$1,142,352,000. The disposal was completed

on 17 September 2024.

An analysis of the net inflow of cash and cash equivalents

in respect of the disposal of Acurate Choice Group was as

folows:

物流入净额

HK$’000
千港元
1,142,800
23,414
1,216
(8,273)
(5)
(13,110)
(3,690)
1,142,352

HK$’000
千港元
94,040
1,048,312
(1,142,352)
–

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

38.

出售附属公司

（续）

Acurate Choice

集团于出售日期之

资产（负债）净值如下：

出售收益或亏损计算如下：

截至

年

月

日止年度，本集团已

出售以下附属公司：

于

年

月

日，英皇物业投资订

立一份买卖协议，以经调整总代价约

1,944,215,000

港元向一间由杨博士成

立之私人酌情信托间接控制之公司出

售其于

Joybridge Services Limited

及其附属公司（「

Joybridge

集团」）（为

本公司间接全资附属公司，持有位于香

港英皇道

号的一个购物中心）之全

部股权以及

Joybridge

集团结欠英皇

物业投资的所有贷款。出售已于

年

月

日完成。

38. Disposal of Subsidiaries (continued)

The net asets (liabilities) of Acurate Choice Group at the

date of disposal were as folows:

Gain or los on disposal is calculated as folows:

During the year ended 31 March 2024, the Group had

disposed of the folowing subsidiaries:

On 3 July 2023, EPIL entered into a sale and purchase

agrement to dispose of the entire equity interest in

Joybridge Services Limited and its subsidiary (“Joybridge

Group”), indirect wholy-owned subsidiaries of the Company,

which holds a shoping mal located at No. 560 King’s

Road, Hong Kong, and al loan due by Joybridge Group

to EPIL to a company indirectly controled by a private

discretionary trust which was founded by Dr. Yeung at a total

adjusted consideration of aproximately HK$1,944,215,000.

The disposal was completed on 22 September 2023.

HK$’000
千港元
1,944,215
(1,050)
1,943,165

HK$’000
千港元
2,000,000
3,620
1,050
(34,749)
(25,706)
1,944,215

HK$’000
千港元
1,944,215
(1,944,215)
–

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

38.

出售附属公司

（续）

有关出售

Joybridge

集团之现金及现

金等价物流入净额之分析如下：

Joybridge

集团于出售日期之资产（负

债）净值如下：

出售收益或亏损计算如下：

39.

资本风险管理

本集团管理其资本，以确保本集团内之

实体能够继续按持续经营基准经营，同

时透过优化债务及权益结余尽量增加

持份者的回报。本集团之整体策略与去

年维持不变。

本集团之资本架构包括债务净额（包括

分别于附注

、

及

所

披露之应付一间联营公司款项、应付一

间关连公司款项、应付附属公司之非控

股权益款项、无抵押票据、银行借贷及

租赁负债）、现金及现金等价物净值及

本公司拥有人应占权益（包括已发行股

本及储备）。

38. Disposal of Subsidiaries (continued)

An analysis of the net inflow of cash and cash equivalents in

respect of the disposal of Joybridge Group was as folows:

物流入净额

The net asets (liabilities) of Joybridge Group at the date of

disposal were as folows:

Gain or los on disposal was calculated as folows:

39. Capital Risk Management

The Group manages its capital to ensure that entities in

the Group wil be able to continue as a going concern

while maximising the return to stakeholders 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 amount due to an asociate, amount due to a

related company, amounts due to non-controling interests

of subsidiaries, unsecured notes, bank borowings and lease

liabilities in notes 29, 30, 31, 32, 33 and 34 respectively, net

of cash and cash equivalents and equity atributable to

owners of the Company, comprising isued share capital

and reserves.

	2025	2024
	HK$’000	HK$’000
千港元
160,911
1,059,780
9,503
513,586
92,746
–
639,588
2,476,114
818,249
130,035
548,682
–
79,910
16,604,981
18,181,857

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

39.

资本风险管理

（续）

董事定期检讨资本架构。作为该检讨之

一部分，董事考虑资本成本及各类资本

之相关风险。根据董事建议，本集团将

透过支付股息、发行新股及股份购回以

及发行新债或赎回现有债务平衡其整

体资本架构。

40.

金融工具

(a)

金融工具之类别

39. Capital Risk Management (continued)

The Directors review the capital structure on a regular basis.

As part of this review, the Directors consider the cost of

capital and the risks asociates with each clas of capital.

Based on recomendations of the Directors, the Group wil

balance its overal capital structure through the payment

of dividends, new share isues and share buy-backs as wel

as the isue of new debt or the redemption of existing debt.

40. Financial Instruments

(a) Categories of financial instruments

Assets		Liabilities
资 2025	产 2024	负 2025	债 2024
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元 865 579	千港元
569		–
11,144		1,116,806

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

40.

金融工具

（续）

(b)

财务风险管理宗旨及政策

本集团之主要金融工具如上表及

租赁负债所列。金融工具之详情在

有关附注内披露。有关该等金融工

具之风险，包括市场风险（外币风

险及利率风险）、信用风险及流动

资金风险。如何减轻该等风险之政

策载于下文。管理层对该等风险进

行管理及监察，确保以及时有效率

之方式实行适当之措施。

市场风险

外币风险

外币风险指将影响本集团财务业

绩及其现金流量之外币汇率变动

之风险。本集团若干附属公司有外

币买卖，但管理层认为外币买卖之

金额属不重大。管理层认为于有关

以澳门元及美元定值之交易中，本

集团并无面临重大外币风险。由于

澳门元及美元与港元挂钩，因此，

认为以港元为功能货币之集团实

体内以澳门元及美元定值之结余

之风险并不重大。

本集团于报告期末外币定值之货

币资产及货币负债之账面值如下：

40. Financial Instruments (continued)

(b) Financial risk management objectives and

policies

The Group’s major financial instruments are listed in

above table and lease liabilities. Details of the financial

instruments are disclosed in respective notes. The risks

asociated with these financial instruments include

market risk (foreign curency risk and interest rate risk),

credit risk and liquidity risk. The policies on how to mitigate

these risks are set out below. The management manages

and monitors these exposures to ensure apropriate

measures are implemented on a timely and efective

maner.

Market risk

Foreign curency risk

Foreign curency risk refers to the risk that movement

in foreign curency exchange rate which wil afect

the Group’s financial results and its cash flows. Several

subsidiaries of the Group have foreign curency sales

and purchases, but the management considers the

amount of foreign curency sales and purchase is

insignificant. The management considers the Group is

not exposed to significant foreign curency risk in relation

to transactions denominated in MOP and USD. Exposures

on balances which are denominated in MOP and USD

in group entities with HK$ as functional curency are not

considered significant as MOP and USD are peged to

HK$.

The carying amounts of the Group’s foreign curency

denominated monetary asets and monetary liabilities

at the ended of the reporting period are as folows:

英镑

	2025	2024
	HK$’000	HK$’000
千港元
28
(55,283)
(55,255)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

40.

金融工具

（续）

(b)

财务风险管理宗旨及政策

（续）

市场风险（续）

外币风险（续）

本集团就于报告期末未兑换之外

币定值货币项目（包括已抵押银行

存款、短期银行存款、银行结余及

现金及银行借贷）承受外币风险。

对未兑换之外币定值货币项目所

产生之外币风险之敏感度乃根据

人民币与英镑兑港元之外币汇率

之合理可能变动而厘定。下表详述

本集团在人民币与英镑兑港元之

外币汇率合理可能变动

（

年：

）而所有其他变量保持不变

时之敏感度。下表正数表明倘人民

币兑港元升值及英镑兑港元贬值，

则除税前亏损减少。倘人民币兑港

元贬值及英镑兑港元升值，则对除

税前亏损造成同等及相反之影响，

而下表结余将为负数。

本集团于报告期末外币定值之货

币资产及负债之账面值披露于相

关附注中。于

年

月

日及

年

月

日，本集团并无外汇

对冲政策。然而，本集团管理层会

监察外汇风险及于需要时考虑对

冲重大外汇风险。管理层持续监察

外汇风险及将考虑对冲其他重大

外币风险（如必要）。

40. Financial Instruments (continued)

(b) Financial risk management objectives and

policies (continued)

Market risk (continued)

Foreign curency risk (continued)

The Group is exposed to foreign curency risk in relation

to the outstanding foreign curency denominated

monetary items at the end of the reporting period,

which included pledged bank deposit, short-term bank

deposits, bank balances and cash and bank borowings.

The sensitivity to foreign curency risks arising from the

outstanding foreign curency denominated monetary

items has ben determined based on the reasonably

posible change in foreign curency exchange rates

of RMB and GBP against the HK$. The folowing table

details the Group’s sensitivity to a reasonably posible

change of 5% (2024: 5%) for exchange rate of RMB

and GBP against HK$, while al other variables are held

constant. A positive number below indicates a decrease

in los before taxation where RMB strengthened and GBP

weakened against HK$. Where the RMB weakened and

GBP strengthened against HK$, there would be an equal

and oposite impact on the los before taxation and the

balances below would be negative.

The carying amount of the Group’s foreign curency

denominated monetary asets and liabilities at the end

of the reporting period are disclosed in respective notes.

As at 31 March 2025 and 31 March 2024, the Group

does not have a foreign exchange hedging policy.

However, the management of the Group monitors

foreign exchange exposure and wil consider hedging

significant foreign exchange exposure should the ned

arises. The management continuously monitored the

foreign exchange exposure and would consider hedging

other significant foreign curency risk should the ned

arose.

	2025	2024
	HK$’000	HK$’000
千港元
319
(5)
(132,055)
(131,741)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

40.

金融工具

（续）

(b)

财务风险管理宗旨及政策

（续）

市场风险（续）

利率风险

本集团面对就发展物业存放于指

定银行账户之固定利率存款、已抵

押银行存款、短期银行存款、计入

银行结余内的固定利率银行存款、

固定票息利率无抵押票据及租赁

负债有关的公允价值利率风险。本

集团亦就其浮动利率银行结余、应

付一间关连公司款项及银行借贷

面对现金流量利率风险。

本集团之现金流量利率风险，主要

集中于本集团浮动利率银行结余、

来自一间关连公司之垫款及银行

借贷所产生之香港银行同业拆息

及银行借贷所产生之英镑隔夜拆

款平均利率波动。

本集团现金流量利率风险之敏感

度，乃根据上述金融资产及负债于

报告期末之利率风险及管理层于

各年初对利率可能发生之合理可

能变动作出评估，并假设在各年内

保持不变而予以厘定。

除银行结余及存款以

个基点

（

年：

个基点）为基准外，倘

利率上升

个基点（

年：

个基点）及所有其他变量保持不

变，则对本年度亏损之潜在影响如

下：

倘利率降低同等幅度及所有其他

变量保持不变，则对业绩造成同等

及相反之潜在影响。

40. Financial Instruments (continued)

(b) Financial risk management objectives and

policies (continued)

Market risk (continued)

Interest rate risk

The Group is exposed to fair value interest rate risk

in relation to fixed-rate deposit in designated bank

acount for development properties, pledged bank

deposits, short-term bank deposits, fixed-rate bank

deposits included in bank balances, fixed coupon rate

unsecured notes and lease liabilities. The Group is also

exposed to cash flow interest rate risk in relation primarily

to its variable-rate bank balances, amount due to a

related company and bank borowings.

The Group’s cash flow interest rate risk is mainly

concentrated on the fluctuation of HIBOR arising from

the Group’s variable-rate bank balances, advances

from a related company and bank borowings and

SONIA arising from bank borowings.

The Group’s sensitivity to cash flow interest rate risk has

ben determined based on the exposure to interest rates

for the above mentioned financial asets and liabilities

at the end of the reporting period and management’s

asesment of the reasonably posible change in interest

rate and asuming that it tok place at the begining of

each year and held constant throughout the respective

year.

Except for bank balances and deposits using 5 basis

points (2024: 5 basis points), if interest rates had ben 100

basis points (2024: 100 basis points) higher and al other

variables were held constant, the potential efect on los

for the year is as folows:

If interest rates had ben lower in an oposite magnitude

and al other variables held constant, the potential efect

on the results would be equal and oposite.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

40.

金融工具

（续）

(b)

财务风险管理宗旨及政策

（续）

信用风险管理及减值评估

本集团因交易对手于报告期末未

能履行责任而会令本集团招致财

务亏损之最大信贷风险，乃来自综

合财务状况表所列各项已确认金

融资产之账面值。

为将信贷风险降至最低，本集团已

委派一支团队负责厘定信贷限额、

信贷审批及其他监控程序，以确

保采取跟进措施收回逾期债务。此

外，本集团根据预期信贷亏损模式

对个别贸易结余进行减值评估。就

此而言，董事认为本集团之信贷风

险已大幅降低。

截至

年

月

日止年度，由于

管理层认为若干客户之款项出现

信贷减值，故确认若干贸易应收款

项的全期预期信贷亏损

381,000

港

元（

年：

135,000

港元）。截至

年

月

日及

年

月

日止年度，概无若干先前已确认之

贸易应收款项信贷减值自该等客

户结算时拨回。

管理层亦评估所有可用前瞻性资

料，包括但不限于经济前景及该等

客户之后续结算。于

年

月

日，合共

255,000

港元（

年：

14,930,000

港元）之减值拨备结

余乃为个别信贷减值之贸易应收

款项包括来自客户合约及应收租

赁款项，总账面值为

5,771,000

港元

（

年：

27,240,000

港元），管

理层认为该等客户的未偿还结余

属不可收回。

基于历史信贷亏损经验，该等债

务人违约概率较低，本集团计

提余下贸易应收款项总账面值

合共

13,092,000

港元（

年：

46,865,000

港元）的全期预期信贷

亏损并不重大且可忽略不计。管理

层亦已评估所有可得前瞻性资料，

包括但不限于经济前景及该等客

户的后续结算，并认为本集团未偿

还贸易应收款项及租赁应收款项

的固有信贷风险并不重大。

40. Financial Instruments (continued)

(b) Financial risk management objectives and

policies (continued)

Credit risk management 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 obligations by the counterparties at the end

of reporting period are arising from the carying amount

of the respective recognised financial asets as stated in

the consolidated statement of financial position.

In order to minimise the credit risk, the management

of the Group has delegated a team responsible for

determination of credit limits, credit aprovals and

other monitoring procedures to ensure that folow-up

action is taken to recover overdue debts. In adition,

the Group performs impairment asesment under ECL

model on trade balances individualy. In this regard,

the Directors consider that the Group’s credit risk is

significantly reduced.

During the year ended 31 March 2025, lifetime ECL

of HK$381,000 (2024: HK$135,000) for certain trade

receivables was recognised as the management

considered the amounts from certain customers was

credit-impaired. During the years ended 31 March 2025

and 31 March 2024, none of certain trade receivables

was reversed upon setlement from these customers of

which recognised as credit-impaired previously.

The management has also asesed al available forward

loking information, including but not limited to the

economic outlok and subsequent setlement of these

customers. As at 31 March 2025, impairment alowance

with an agregate balance of HK$255,000 (2024:

HK$14,930,000) represents individualy credit-impaired

trade receivables from contracts with customers and

lease receivables with an agregate gros carying

amount of HK$5,771,000 (2024: HK$27,240,000) as the

management considered the outstanding balances

from these customers were uncolectible.

Lifetime ECL for the remaining trade receivables with an

agregate gros carying amount of HK$13,092,000 (2024:

HK$46,865,000) was insignificant and thus negligible to

be provided by the Group due to the low probability

of default of those debtors based on historical credit

los experience. The management has also asesed

al available forward loking information, including but

not limited to the economic outlok and subsequent

setlement of these customers, and concluded that

the credit risk inherent in the Group’s outstanding trade

receivables and lease receivables is insignificant.

Lifetime ECL (credit-impaired)
全期预期信贷亏损
（信贷减值） HK$’000

14,930
381
(14,675)
(381)
255

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

40.

金融工具

（续）

(b)

财务风险管理宗旨及政策

（续）

信用风险管理及减值评估（续）

下表列示根据简化方法就贸易应

收款项确认的全期预期信贷亏损

之变动。

附注：

于

年

月

日，账面总值

为

18,863,000

港元（

年：

74,105,000

港元）的个别客户

贸易应收款项的全期预期信贷

亏损为

255,000

港元（

年：

14,930,000

港元），乃由于管理

层认为若干个别客户已出现信贷

减值。

于本年度，由于新增款项，故已就

已拖欠并转拨至信贷减值之贸易

应收款项确认全期预期信贷亏损

381,000

港元（

年：

135,000

港元）。

于本年度，由于管理层认为未来

不可能收回款项，发生信贷减

值的若干客户之贸易应收款项

381,000

港元（

年：

135,000

港元）已予撇销。截至

年及

年

月

日止年度，概无于

若干客户结算后拨回全期预期信

贷亏损。

40. Financial Instruments (continued)

(b) Financial risk management objectives and

policies (continued)

Credit risk management and impairment asesment

(continued)

The folowing table shows the movement in lifetime ECL

that has ben recognised for trade receivables under

the simplified aproach.

千港元

At 1 April 2023

于

年

月

日

14,930

New trade receivables originated

during the year

年内产生之新增贸易应收款项

Write-of

撇销

(135)

At 31 March 2024

于

年

月

日

New trade receivables originated

during the year

年内产生之新增贸易应收款项

Derecognised on disposal of subsidiaries

出售附属公司后销账

Write-of

撇销

At 31 March 2025

于

年

月

日

Note:

As at 31 March 2025, lifetime ECL for trade receivables

from individual customers on gros carying amount of

HK$18,863,000 (2024: HK$74,105,000) was HK$255,000 (2024:

HK$14,930,000) as the management considered certain

individual customers were credit-impaired.

During the year, lifetime ECL of HK$381,000 (2024:

HK$135,000) was recognised due to amounts originated

which had ben defaulted and transfered to credit-

impaired.

During the year, an amount of HK$381,000 (2024: HK$135,000)

of trade receivables from certain credit-impaired customers

were writen of as the management considered there was

no realistic prospect of recovery. During the years ended 31

March 2024 and 2025, none of lifetime ECL was reversed

upon setlement from certain customers.

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

40.

金融工具

（续）

(b)

财务风险管理宗旨及政策

（续）

信用风险管理及减值评估（续）

就为发展物业存放于指定银行账

户之存款、已抵押银行存款、短期

银行存款及银行结余而言，由于有

关存款存入由国际信用评级机构

指定之信用评级高之银行，信用风

险低，管理层认为违约概率可忽略

不计，因此减值拨备并不重大且微

不足道。

就非贸易性质之其他应收款项

总账面值合共

347,217,000

港元

（

年：

245,540,000

港元）、

应收一间同系附属公司款项总账

面值合共

117,978,000

港元、应

收一间合营企业款项总账面值合

共

1,059,780,000

港元（

年：

1,329,815,000

港元）以及与发

展项目有关之应收款项总账面值

合共

160,911,000

港元（

年：

163,801,000

港元）而言，由于管理

层在评估交易对手之财务背景及

信用度后认为违约概率微乎其微，

因此减值拨备并不重大且并无计

提。

就财务担保合约而言，于

年

月

日，本集团根据相关合约担保

之最高金额为

1,165,000,000

港元

（

年：无）。财务担保合约之详

情载于附注

。于报告期末，管理

层评估合营企业之财务状况以及

合营企业抵押予银行之抵押品之

公允价值，并认为财务担保合约并

无产生重大信用风险。因此，本集

团发行之财务担保合约之减值拨

备并不重大且并无计提。

流动资金风险

为管理流动资金风险，本集团监督

并保持现金及现金等价物在管理

层认为足以供本集团营运所用及

舒缓现金流量波动所致影响之水

平。管理层监督银行信贷之应用，

确保遵守本集团银行借贷的财务

契诺。

40. Financial Instruments (continued)

(b) Financial risk management objectives and

policies (continued)

Credit risk management and impairment asesment

(continued)

For the deposit in designated bank acount for

development properties, pledged bank deposits, short-

term bank deposits and bank balances, impairment

alowance was insignificant and thus negligible to be

made since the management considers the probability

of default is negligible as such deposits are placed in

reputable banks with high credit ratings asigned by

international credit rating agencies and have low credit

risk.

For the other receivables, with an agregate

gros carying amount of HK$347,217,000 (2024:

HK$245,540,000), amount due from a felow subsidiary

with an agregate gros carying amount of

HK$117,978,000, amount due from a joint venture with

an agregate gros carying amount of HK$1,059,780,000

(2024: HK$1,329,815,000) and receivables related to a

development project with an agregate gros carying

amount of HK$160,911,000 (2024: HK$163,801,000), in non-

trade nature, impairment alowance was insignificant

and thus not provided since the management considers

the probability of default is minimal after asesing the

counterparties’ financial background and creditability.

For financial guarante contracts, the maximum amount

that the Group has guaranted under the respective

contracts was HK$1,165,000,000 (2025: nil) as at 31 March

2024. Details of the financial guarante contracts are

set out in note 19. At the end of the reporting period,

the management asesed the financial position of that

joint venture and the fair value of the colateral pledged

by the joint venture to the bank, and concluded that

there has ben no significant credit risk arising from

the financial guarante contracts. Acordingly, the

impairment alowance was insignificant and thus not

provided for financial guarante contracts isued by

the Group.

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

to finance the Group’s operations and mitigate the

efects of fluctuations in cash flows. The management

monitors the utilisation of banking facilities and ensures

compliance with the financial covenants of the Group’s

bank borowings.

Weighted average effective interest rate	Less than 1 year or repayable on demand	1 year to 5 years	Over 5 years	Total undiscounted cash flows	Total carrying amounts
加权平均	1 少于年或	1 5	5	未贴现
实际利率	按要求偿还 HK$’000	年至年 HK$’000	年以上 HK$’000	现金流量总额 HK$’000	总账面值 HK$’000
实际利率	千港元	千港元	千港元	千港元	千港元
–	818,249	–	–	818,249	818,249
–	130,035	–	–	130,035	130,035
5.20%	548,682	–	–	548,682	548,682
5.42%	16,604,981	–	–	16,604,981	16,604,981
4.91%	3,904	95,616	–	99,520	79,910
4.00%	2,400	2,200	–	4,600	4,421
4.00%	18,108,251	97,816	–	18,206,067	18,186,278

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

40.

金融工具

（续）

(b)

财务风险管理宗旨及政策

（续）

流动资金风险（续）

由于本集团于

年

月

日的流动负债超过其流动资产

13,081,672,000

港元（

年：

1,863,969,000

港元），故董事编制

的持续经营评估的考虑详情载于

附注

3.1.1

。

下表载列本集团之金融负债及租

赁负债之余下合约到期日之详情。

此表乃根据本集团可能须偿还之

最早日期之金融负债及租赁负债

之未贴现金流量而编制。尤其

是，附带按要求还款条款的银行借

贷乃列入最早时间范畴内，而不论

银行选择行使其权利的可能性。其

他非衍生金融负债之届满日期乃

根据已协定还款日期而厘定。

该表包括利息及本金现金流量。若

利率为浮息，则未贴现金额根据报

告期末之利率得出。

流动资金表

40. Financial Instruments (continued)

(b) Financial risk management objectives and

policies (continued)

Liquidity risk (continued)

The consideration of going concern asesment

prepared by the Directors are set out in note 3.1.1,

as the Group’s curent liabilities exceded its curent

asets by HK$13,081,672,000 at 31 March 2025 (2024:

HK$1,863,969,000).

The folowing table details the Group’s remaining

contractual maturity for its financial liabilities and lease

liabilities. The table has ben drawn up based on the

undiscounted cash flows of financial liabilities and lease

liabilities and the earliest date on which the Group can

be required to pay. Specificaly, bank borowings, with

a repayment on demand clause are included in the

earliest time band regardles of the probability of the

banks chosing to exercise their rights. The maturity dates

for other 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 based on interest rate at the

end of the reporting period.

Liquidity table

		Weighted average effective interest rate	Less than 1 year or repayable on demand	1 year to 5 years	Over 5 years	Total undiscounted cash flows	Total carrying amounts
		加权平均	1 少于年或	1 5	5	未贴现
		实际利率	按要求偿还 HK$’000	年至年 HK$’000	年以上 HK$’000	现金流量总额 HK$’000	总账面值 HK$’000

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

40.

金融工具

（续）

(b)

财务风险管理宗旨及政策

（续）

流动资金风险（续）

流动资金表（续）

附注：

上述财务担保之金额为倘担保交

易对手提出索偿，本集团可能被

迫根据安排就全部担保金额结算

之最高金额。根据于报告期末之

预计，本集团认为较有可能毋须

根据安排支付有关金额。然而，上

述估计将视乎交易对手根据担保

提出索偿之可能性而有变，而提

出索偿之可能性则取决于交易对

手所持获担保财务应收款项出现

信贷亏损之可能性。

利率基准改革

全球正在对主要利率基准进行根

本性改革，包括以替代性的几乎无

风险利率取代一些银行同业拆借

利率。就附注

所载与香港银行同

业拆息挂钩的浮息银行借款而言，

本集团已与相关对手方确认将继

续使用香港银行同业拆息直至到

期。管理层预期利率基准改革不会

对本集团的风险敞口造成重大影

响。

40. Financial Instruments (continued)

(b) Financial risk management objectives and

policies (continued)

Liquidity risk (continued)

Liquidity table (continued)

千港元千港元千港元千港元千港元

At 31 March 2024

于

年

月

日

Trade and other payables

贸易及其他应付款项

–873,086–873,086873,086

Amount due to an asociate

应付一间联营公司款项

–132,370–132,370132,370

Amount due to a related company

应付一间关连公司款项

5.66%1,502,225–1,502,2251,502,225

Amounts due to non-controling

interests of subsidiaries

应付附属公司之

非控股权益款项

–39,523–39,52339,523

Variable-rate bank borowings

浮息银行借贷

5.85%7,496,14812,126,3091,065,88420,688,34118,291,731

Unsecured notes

无抵押票据

4.72%324,07615,61687,808427,500379,843

Lease liabilities

租赁负债

3.60%3,47716,49124,05944,02733,486

Financial guarante (Note)

财务担保（附注）

–1,165,000–1,165,000–

11,535,90512,158,4161,177,75124,872,07221,252,264

Note:

The amount included above for financial guarante is the

maximum amount the Group could be forced to setle

under the arangement for the ful guaranted amount

if that amount is claimed by the counterparty to the

guarante. Based on expectations at the end of the

reporting period, the Group considers that it is more likely

than not that such an amount wil not be payable under the

arangement. However, this estimate is subject to change

depending on the probability of the counterparty claiming

under the guarante which is a function of the likelihod

that the financial receivables held by the counterparty

which are guaranted sufer credit loses.

Interest rate benchmark reform

A fundamental reform of major interest rate benchmarks

is being undertaken globaly, including the replacement

of some interbank ofered rates with alternative nearly

risk-fre rates. For the variable rate bank borowings that

are linked to HIBOR as set out in note 33, the Group had

confirmed with the relevant counterparty that HIBOR wil

continue to be used up to maturity. The management

anticipates that the interest rate benchmark reform wil

have no material impact on the Group’s risk exposure.

Interest payable	Bank borrowings	Unsecured notes	Amount due to a related company	Amounts due to non- controlling interests of subsidiaries	Amount due to an associate	Lease liabilities	Dividend payable	Total
Interest payable	Bank borrowings	Unsecured notes	应付一间关连公司	应付附属公司之非控股权益	应付一间
应付利息 HK$’000	银行借贷 HK$’000	无抵押票据 HK$’000	款项 HK$’000	款项 HK$’000	联营公司款项 HK$’000	租赁负债 HK$’000	应付股息 HK$’000	总计 HK$’000
千港元	千港元 (note 33)	千港元 (note 32)	千港元 (note 30)	千港元 (note 31)	千港元 (note 29)	千港元 (note 34)	千港元	千港元
千港元	33	32	30	31	29	34

43,497	18,291,731	379,843	1,502,225	39,523	132,370	33,486	–	20,422,675
(993,208)	(1,693,276)	(300,000)	94,769	–	–	(3,417)	(11,033)	(2,906,165)
–	–	–	–	–	–	–	11,033	11,033
–	19,636	–	–	–	(2,335)	–	–	17,301
–	–	–	–	(39,523)	–	(26,238)	–	(65,761)
–	(13,110)	–	(1,048,312)	–	–	–	–	(1,061,422)
1,095,253	–	67	–	–	–	590	–	1,095,910
145,542	16,604,981	79,910	548,682	–	130,035	4,421	–	17,513,571

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

41.

融资活动产生之负债对账

下表详载本集团融资活动产生之负债

变动，包括现金及非现金变动。融资活

动产生之负债的现金流量已经或未来

现金流量将于本集团综合现金流量表

中分类为来自（用于）融资活动产生之

现金流量。

41. 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 (used in) financing activities.

（附注）（附注）（附注）（附注）（附注）（附注）

At 1 April 2023

于

年

月

日

33,52319,752,9981,247,3141,404,12839,523137,07935,934–22,650,499

Financing net cash flows

融资现金流量净额

(1,246,969)(1,482,271)(868,553)98,097–(3,685)(22,066)(3,525,447)

Dividend declared

已宣派股息

–22,06622,066

Curency realignments

货币调整

–21,00469–(4,709)–16,364

Interest expenses

利息开支

1,256,943–1,013–1,237–1,259,193

At 31 March 2024

于

年

月

日

Financing net cash flows

融资现金流量净额

Dividend declared

已宣派股息

Curency realignments

货币调整

Derecognised on demed

disposal of subsidiaries

(note 12)

视作出售附属公司

后销账（附注

）

Derecognised on disposal

of subsidiaries (note 38)

出售附属公司时终止

确认（附注

）

Interest expenses

利息开支

At 31 March 2025

于

年

月

日

145,54216,604,98179,910548,682–130,0354,421–17,513,571

	2025	2024
	HK$’000	HK$’000
千港元
27,216,634
2,419,000
1,170,907
286,327
–
–
92,746
–
31,185,614

	2025	2024
	HK$’000	HK$’000
千港元
34,715
–
443,769
478,484

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

42.

资产抵押

(a)

于

年

月

日及

年

月

日，本集团若干资产乃抵押予银

行以作为本集团获授银行信贷之

抵押。该等资产于报告期末之账面

值如下：

附注：

其他指就本集团若干其他资产

（主要为酒店物业以外的物业、

机器及设备、存货、贸易及其他应

收款项）之不固定抵押。

(b)

于

年

月

日，本集团亦抵押

银行存款

311,000

港元（

年：

无）予一间银行，作为一名第三方

提供本集团使用船票售卖机之抵

押。

43.

资本承担

42. Pledge of Asets

(a) As at 31 March 2025 and 31 March 2024, certain asets

of the Group were pledged to banks to secure banking

facilities granted to the Group. The carying values of

these asets at the end of the reporting period were as

folows:

Note:

Others represent floating charges over certain other asets

of the Group including principaly property, plant and

equipment (other than hotel properties), inventories, trade

and other receivables.

(b) As at 31 March 2024, the Group also pledged a bank

deposit of HK$311,000 (2025: nil) to a bank to secure for

the use of fery ticket equipment provided by a third

party to the Group.

43. Capital Comitments

	2025	2024
	HK$’000	HK$’000
千港元
652,644
463,677
290,892
160,871
132,784
173,912
1,874,780

	2025	2024
	HK$’000	HK$’000
千港元
81,843
51,396
16,890
7,325
3,395
3,040
163,889

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

44.

经营租赁承担

本集团作为出租人

应收租赁之未贴现租赁款项如下：

本集团之投资物业内有若干物业已获

租户承租，租期介乎

至

年（

年：

至

年）不等，而租金乃预先厘定及为

固定金额，惟按销售额之百分比收取或

然租金的若干租赁除外。上述租赁承担

以现有已承担之每月最低租金额为

基准。

就租赁应收关连方之未贴现租赁款项

如下：

44. Operating Lease Comitments

The Group as lesor

Undiscounted lease payments receivable on leases are as

folows:

Certain premises in the Group’s investment properties have

comited tenants for the tenancy ranging from 1 to 15 years

(2024: 1 to 15 years) and the rentals are pre-determined at

fixed amounts except for certain leases of which contingent

rentals are charged based on the percentage of sales. The

lease comitments presented above is based on the existing

comited monthly minimum lease payments.

Undiscounted lease payments receivable from related parties

on leases are as folows:

	2025	2024
	HK$’000	HK$’000
千港元
2,145
61,421
460
741
100,362
1,551
112,407

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

45.

关连方交易

(a)

除附注

、

及

所披露者外，本集

团亦曾与关连方进行下列重大交

易：

附注：

关连公司为

(1)

由杨博士作为创

立人及委托人之私人酌情信托控

制之公司，而杨政龙先生为合资

格受益人之一；或

(2)

由一名董事

控制之公司。

(b)

本公司之高级管理人员为董事。有

关薪酬之详情载于附注

。

45. Related Party Transactions

(a) Other than disclosed in notes 8, 9, 18, 19, 24, 27, 29, 30,

31, 38 and 44 the Group also had the folowing significant

transactions with related parties:

Note:

Related companies are companies (1) controled by

relevant private discretionary trusts of which Dr. Yeung is the

founder and setlor and Mr. Yeung Ching Long, Alexander

is one of the eligible beneficiaries; or (2) controled by a

Director.

(b) The key management personel of the Company are

Directors. Details of the remunerations are set out in note

10.

	2025	2024
	HK$’000	HK$’000
千港元
1,745,633
7,346,100
545
3
148
7,346,796
2,106
–
2,106
7,344,690
9,090,323
79,910
9,010,413
55,163
8,955,250
9,010,413

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

46.

本公司之财务资料

本公司于

年

月

日及

年

月

日之财务资料如下：

46. Financial Information of the Company

The financial information of the Company as at 31 March

2025 and 31 March 2024 is as folows:

权益总额

		Share premium	Contributed surplus	Retained profits	Total
		股份溢价 HK$’000	缴入盈余 HK$’000	保留溢利 HK$’000	总计 HK$’000

4,563,248	109,474	4,112,974	8,785,696
–	–	(1,865)	(1,865)
437,858	–	–	437,858
–	–	(255,406)	(255,406)
–	–	(11,033)	(11,033)
5,001,106	109,474	3,844,670	8,955,250

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

46.

本公司之财务资料

（续）

附注：

46. Financial Information of the Company

(continued)

Note:

千港元千港元千港元千港元

At 1 April 2023

于

年

月

日

4,563,248109,4744,136,3348,809,056

Los and total comprehensive

expense for the year

年度亏损及全面总开支

–(1,294)(1,294)

2024 final dividend paid

已派

年末期股息

–(11,033)(11,033)

2025 interim dividend paid

已派

年中期股息

–(11,033)(11,033)

At 31 March 2024

于

年

月

日

Los and total comprehensive

expense for the year

年度亏损及全面总开支

Isue of shares upon rights isue

供股时发行之股份

Distribution by way of distribution

in specie

以实物分派方式作出

之分派

2024 final dividend paid

已派

年末期股息

At 31 March 2025

于

年

月

日

Name of subsidiaries	Place of incorporation/ operation	Issued ordinary share capital/ contribution/ registered capital1	Proportion of issued share capital held by the Group		Principal activities
Name of subsidiaries	Place of incorporation/ operation	已发行普通股股本╱ 1	本集团持有
附属公司名称	注册成立╱营运地点	注资╱注册资本	已发行股 2025	本之比例 2024	主要业务
			%	%
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

47.

附属公司详情

本公司于

年

月

日及

年

月

日之主要附属公司详情如下：

47. Particulars of Subsidiaries

Particulars of the principal subsidiaries of the Company as at

31 March 2025 and 31 March 2024, are as folows:

Name of subsidiaries	Place of incorporation/ operation	Issued ordinary share capital/ contribution/ registered capital1	Proportion of issued share capital held by the Group		Principal activities
Name of subsidiaries	Place of incorporation/ operation	已发行普通股股本╱ 1	本集团持有
附属公司名称	注册成立╱营运地点	注资╱注册资本	已发行股 2025	本之比例 2024	主要业务
			%	%
			100.00
			100.00
			–
			100.00
			100.00
			100.00
			100.00
			100.00

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

提供物业代理服务

47. Particulars of Subsidiaries (continued)

Particulars of the principal subsidiaries of the Company as at

31 March 2025 and 31 March 2024, are as folows: (continued)

47.

附属公司详情

（续）

本公司于

年

月

日及

年

月

日之主要附属公司详情如下：（续）

Name of subsidiaries	Place of incorporation/ operation	Issued ordinary share capital/ contribution/ registered capital1	Proportion of issued share capital held by the Group		Principal activities
Name of subsidiaries	Place of incorporation/ operation	已发行普通股股本╱ 1	本集团持有
附属公司名称	注册成立╱营运地点	注资╱注册资本	已发行股 2025	本之比例 2024	主要业务
			%	%
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

怡瑞有限公司澳门

25,000

澳门元物业投资

47. Particulars of Subsidiaries (continued)

Particulars of the principal subsidiaries of the Company as at

31 March 2025 and 31 March 2024, are as folows: (continued)

47.

附属公司详情

（续）

本公司于

年

月

日及

年

月

日之主要附属公司详情如下：（续）

Name of subsidiaries	Place of incorporation/ operation	Issued ordinary share capital/ contribution/ registered capital1	Proportion of issued share capital held by the Group		Principal activities
Name of subsidiaries	Place of incorporation/ operation	已发行普通股股本╱ 1	本集团持有
附属公司名称	注册成立╱营运地点	注资╱注册资本	已发行股 2025	本之比例 2024	主要业务
			%	%
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00
			100.00

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

启宝投资有限公司香港物业投资

47. Particulars of Subsidiaries (continued)

Particulars of the principal subsidiaries of the Company as at

31 March 2025 and 31 March 2024, are as folows: (continued)

47.

附属公司详情

（续）

本公司于

年

月

日及

年

月

日之主要附属公司详情如下：（续）

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至

年

月

日止年度

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

47.

附属公司详情

（续）

本公司于

年

月

日及

年

月

日之主要附属公司详情如下：（续）

附注：

除另有注明者外，所有款项均以港元为单

位。

全外资企业。公司英文名称仅供识别。

由于

年

月

日终止于英皇娱乐

酒店经营，该公司不再为本公司之一间附

属公司。

除在香港以外注册成立之公司外，所有

附属公司均在香港经营业务（另有注明

者除外）。

于

年

月

日及

年

月

日，

本公司附属公司概无发行任何债务证

券。

依董事之意见，上表列举者为主要影响

本集团业绩或资产之本公司附属公司。

董事认为列出其他附属公司之详情会

令篇幅过于冗长。

48.

报告期后事项

根据本公司日期为

年

月

日之

公告及本公司日期为

年

月

日

之通函，英皇物业投资与英皇钟表珠宝

有限公司的一间直接全资附属公司订

立一份买卖协议，以总代价

79,800,000

港元出售本公司的间接全资附属公司

帝豪投资有限公司及其附属公司（「帝

豪集团」）之全部股权及帝豪集团结欠

英皇物业投资的所有贷款。帝豪集团持

有位于香港九龙尖沙咀广东道

4–8

号

至

楼的物业及广告位。出售预计将于

年

月完成。

47. Particulars of Subsidiaries (continued)

Particulars of the principal subsidiaries of the Company as at

31 March 2025 and 31 March 2024, are as folows: (continued)

Notes:

Al amounts are in HK$ except stated otherwise.

Wholy foreign owned enterprise. The company’s English name is

for identification purpose only.

The company ceased to be a subsidiary of the Company due to

discontinued operation in Emperor E Hotel on 30 August 2024.

Al subsidiaries, except for those companies incorporated

outside Hong Kong, cary on their busineses in Hong Kong

unles stated otherwise.

As at 31 March 2025 and 31 March 2024, none of the

subsidiaries of the Company isued any debt securities.

The above table lists the subsidiaries of the Company which,

in the opinion of the Directors, principaly afected the results

or asets of the Group. To give details of other subsidiaries

would, in the opinion of the Directors, result in particulars of

excesive length.

48. Event after Reporting Period

Pursuant to the Company’s anouncement dated 28

February 2025 and the Company’s circular dated 31 March

2025, EPIL entered into a sale and purchase agrement

with a direct wholy-owned subsidiary of Emperor Watch

& Jewelery Limited to dispose of the entire equity interest

in King Hero Investments Limited and its subsidiary (“King

Hero Group”), an indirect wholy-owned subsidiary of the

Company and the loan due by King Hero Group to EPIL, at a

total consideration of HK$79,800,000. King Hero Group holds

the property located on 2/F to 4/F and the advertising space

of Nos. 4-8 Canton Road, Tsim Sha Tsui, Kowlon, Hong Kong.

The disposal is expected to be completed in August 2025.

For the year ended 31 March
3 31
	2025	截 2024	至月日止年 2023	度 2022	2021
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元
1,375,878
(4,873,010)
32,081
(4,840,929)
(4,743,204)
(97,725)
(4,840,929)

At 31 March
3 31
	2025	2024	于月日 2023	2022	2021
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元
37,385,204
(20,442,192)
16,943,012
16,943,012
–
16,943,012

Five-year Financial Sumary

五年财务概要

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Five-year Financial Sumary

五年财务概要

Results

Asets and Liabilities

业绩

资产及负债

	Location	Purpose	Floor area	Car parking	Group’s interest	Land lease duration
本集团
	Location	Purpose	Floor area	Car parking	地点	用途	楼面面积 sq.ft.	车位数目	所占权益 %	土地租赁期间

Sumary of Properties

物业概要

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Sumary of Properties

物业概要

Particulars of the Group’s major investment properties and

properties under development as at 31 March 2025, are as folows:

Investment Properties

平方呎

1.Units 1 to 4 on 12th Flor, Wing Yip Comercial Building,

65-71 Yen Chow Stret, Sham Shui Po, Kowlon

Ofice

办公室

1,078(G)

（建筑）

–100Medium

中期

九龙深水埗钦州街

65-71

号荣业商业大厦

楼

至

室

2.Carpark Nos. 1-11, 20, 23, 23A, 24 and 24A on Ground Flor,

Kwong Sang Hong Building, Blocks C and D,

188 Wanchai Road, Wanchai, Hong Kong

Carparks

车位

–16100Long

长期

香港湾仔湾仔道

号广生行大厦

及

座地下

1-11

、

23A

、

及

24A

号车位

3.Unit 601-604, 606, 705, 801, 802, 806, 901, 902, 1001, 1102-1104,

1204, 1206, 1207, 1505, 1506, 1605, 1607, 1701-1707, 1801-1803,

1806, 1807, 1901, 1905-1907, 2001-2007, 2101-2102

Emperor Group Centre, 288 Henesy Road, Wanchai,

Hong Kong

Ofice

办公室

67,000(G)

（建筑）

–100Medium

中期

香港湾仔轩尼诗道

号英皇集团中心

至

、

至

、

至

、

至

、

至

、

至

及

至

室

4.Shops on Basement One and Two, G/F – 4/F,

Some Comercial Units on 22/F – 29/F,

Emperor Group Centre 288 Henesy Road, Wanchai,

Hong Kong

Comercial/

Carparks

商业╱车位

151,600(G)

（建筑）

36100Medium

中期

香港湾仔轩尼诗道

号英皇集团中心第一层及第二层地库、

地下至

楼之舖位及

至

楼之若干商用单位

5.Ground Flor and 1st Flor, 523 Lockhart Road,

Causeway Bay, Hong Kong

Comercial

商业

1,850(G)

（建筑）

–100Long

长期

香港铜锣湾骆克道

号地下及

楼

6.Shops 1-3 & 5 on Ground Flor, the whole of 1st, 2nd and

3rd Flors, the External Wals of Ground Flor to 3rd Flor,

the Flat Rof on 5th Flor and Parapet Wals enclosing

the Flat Rof on 5th Flor and Lift No. 1 and No. 5,

8 Rusel Stret, Causeway Bay, Hong Kong

Shops/Comercial

商舖╱商业

26,952(G)

（建筑）

–100Long

长期

香港铜锣湾罗素街

号地下

至

号及

号舖、

楼、

楼及

楼全层、

地下至

楼之外墙、

楼平台、包围

楼平台之低墙及

号及

号电梯

7.Shops 7-11 & Entrance Hal on Ground Flor, the whole of 1st,

2nd, 3rd, 4th and 5th Flor, Wei King Building,

275 Chatham Road North, Hung Hom, Kowlon

Comercial

商业

21,720(G)

（建筑）

–100Long

长期

九龙红磡漆咸道北

号蔚景楼地下

至

号舖及前厅、

楼、

楼及

楼全层

8.Shop B, Ground Flor, Nos. 67-69 Avenida do Infante D.

Henrique and Shop C2, Ground Flor,

No. 5 Rua Dr. Pedro Jose Lobo, Macau

Comercial

商业

1,600(G)

（建筑）

–100Short

短期

澳门殷皇子大马路

至

号地下

号舖及罗保博士街

号

地下

号舖

本集团于

年

月

日之主要投资物业

及发展中物业之详情如下：

投资物业

	Location	Purpose	Floor area	Car parking	Group’s interest	Land lease duration
本集团
	Location	Purpose	Floor area	Car parking	地点	用途	楼面面积 sq.ft.	车位数目	所占权益 %	土地租赁期间

Sumary of Properties

物业概要

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

平方呎

9.Shops 1-6 on Ground Flor, 1st and 2nd Flor, 1st and

2nd Advertising Wals, 525 Shanghai Stret, Mongkok, Kowlon

Comercial

商业

5,549(G)

（建筑）

–100Medium

中期

九龙旺角上海街

号地下

至

号舖、

楼至

楼、第一及

第二外墙广告位置

10.Unit C on 6th Flor, CNT Tower, Wanchai, Hong Kong

香港湾仔北海中心

楼

室

Ofice

办公室

940(G)

（建筑）

–100Long

长期

11.Basement, Ground Flor, 1st to 4th Flor of Block A,

Centro Comercial Hoi Meng, No. 201-209 Avenida De

Almeida Ribeiro, Macau

Comercial

商业

15,788(G)

（建筑）

–100Long

长期

澳门新马路

201-209

号开明商业中心

座地库、地下及

至

楼

12.Flat A & C on 12th Flor and Flat B on 17th Flor,

Ying Fai Court, 1 Ying Fai Terace, Hong Kong

Residential

住宅

1,780(G)

（建筑）

–100Long

长期

香港英辉台

号英辉阁

楼

及

室及

楼

室

13.54-56 Rusel Stret, Causeway Bay, Hong Kong

香港铜锣湾罗素街

54-56

号

Comercial/

Residential

商业╱住宅

5,138(G)

（建筑）

–100Long

长期

14.Ground Flor, 20 Rusel Stret, Causeway Bay, Hong Kong

香港铜锣湾罗素街

号地下

Shops

商舖

1,125(G)

（建筑）

–100Long

长期

15.22-24 Rusel Stret, Causeway Bay, Hong Kong

香港铜锣湾罗素街

22-24

号

Shops

商舖

7,868(G)

（建筑）

–100Long

长期

16.2nd Flor and 3rd Flor, Fitfort, 560 King’s Road, North Point,

Hong Kong

Carparks

车位

–353100Long

长期

香港北角英皇道

号健威坊二楼及三楼

17.Shop C & D on Ground Flor and Units A and B on 1st Flor,

Mercantile House, Kowlon

Shops

商舖

3,710(G)

（建筑）

–100Medium

中期

九龙有利大厦地下

及

号舖及

楼

及

室

18.Ground Flor, 76 Percival Stret, Hong Kong

香港波斯富街

号地下

Shops

商舖

600(G)

（建筑）

–100Long

长期

19.Shop A & B on Ground Flor, Ofice A & B on 1st Flor to

3rd Flor, Tak Fat Building, 50 – 52 Rusel Stret, Hong Kong

Shops/Ofice

商舖╱办公室

6,700(G)

（建筑）

–100Long

长期

香港罗素街

50-52

号德发大厦地下

及

号舖、

楼至

楼办公室

及

室

Investment Properties (continued)

投资物业

（续）

	Location	Purpose	Floor area	Car parking	Group’s interest	Land lease duration
本集团
	Location	Purpose	Floor area	Car parking	地点	用途	楼面面积 sq.ft.	车位数目	所占权益 %	土地租赁期间

Sumary of Properties

物业概要

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

平方呎

20.Ground Flor, 67 Welington Stret, Hong Kong

香港威灵顿街

号地下

Shops

商舖

855(G)

（建筑）

–100Long

长期

21.Flat B on Ground Flor, Hon Kwong Mansion,

25-29 Hankow Road & 4 Ichang Stret, Kowlon

Shops

商舖

800(G)

（建筑）

–100Medium

中期

九龙汉口道

25-29

号及宜昌街

号汉光大厦地下

室

22.Shop C on Ground Flor, Daily House,

35, 36 & 37 Haiphong Road, Kowlon

Shops

商舖

750(G)

（建筑）

–100Medium

中期

九龙海防道

、

及

号海利行地下

号舖

23.60 Gloucester Road, Wanchai, Hong Kong

香港湾仔告士打道

号

Shops/Ofice/

Carparks

商舖╱办公室╱车位

110,532(G)

（建筑）

30100Long

长期

24.The Pulse, 28 Beach Road, Repulse Bay, Hong Kong

香港浅水湾海滩道

号

The Pulse

Comercial/Shops/

Carparks

商业╱商舖╱车位

167,200(G)

（建筑）

97100Long

长期

25.Emperor Comercial Centre, 39-41 Des Voeux Road Central,

Central, Hong Kong

Comercial/Ofice

商业╱办公室

39,000(G)

（建筑）

–100Long

长期

香港中环德辅道中

39-41

号英皇商业中心

26.181-183 Oxford Stret, London, UK

英国伦敦牛津街

181-183

号

Comercial/Ofice

商业╱办公室

20,000(G)

（建筑）

–100Frehold

永久

27.Emperor Nam Van Centre, 71-85 Avenida do Infante D.

Herique, 514-540 Avenida da Praia Grande, Macau

Comercial

商业

29,600(G)

（建筑）

–100Short

短期

澳门殷皇子大马路

71-85

号及南湾大马路

514-540

号英皇南湾中心

28.Emperor Group Centre, Ding 12 Jianguomen Avenue,

Chaoyang District, Beijing, The PRC

中国北京朝阳区建国门外大街丁

号英皇集团中心

Comercial/Ofice

商业╱办公室

1,062,000(G)

（建筑）

(incl. basement)

（包括地库）

–100Medium

中期

29.Comercial/Car Park Block, Multi-storey Car Parks A, B and C,

Open Car Parks and Asociated Areas 5-19 and

6-12 Sui Wo Road, Sha Tin, New Teritories

Comercial/

Carparks

商业╱车位

93,300(G)

（建筑）

979100Medium

中期

新界沙田穗禾路

5-19

及

6-12

号商业╱停车场大楼、多层停车场

、

及

座、露天停车场及相关地方

Investment Properties (continued)

投资物业

（续）

	Location	Purpose	Floor area	Car parking	Group’s interest	Land lease duration
本集团
	Location	Purpose	Floor area	Car parking	地点	用途	楼面面积 sq.ft.	车位数目	所占权益 %	土地租赁期间

Sumary of Properties

物业概要

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

平方呎

30.Ampersand Building, 111-125 Oxford Stret, London, UK

英国伦敦牛津街

111-125

号

Ampersand

大厦

Comercial/Ofice

商业╱办公室

112,500(G)

（建筑）

–100Frehold

永久

31.Shop Nos.1-9 and 11 on Ground Flor, Shop No.1 and

2 on Lower Ground Flor, Fairview Height,

No.1 Seymour Road, Hong Kong

Comercial

商业

12,700(G)

（建筑）

–100Long

长期

香港西摩道

号辉煌台地下

至

号及

号舖及地下低层

及

号舖

32.Emperor Holywod Centre, No.151 Holywod Road,

Hong Kong

Comercial/Ofice

商业╱办公室

41,000(G)

（建筑）

–100Long

长期

香港荷李活道

号英皇荷李活中心

33.25-27 Oxford Stret, London, UK

英国伦敦牛津街

25-27

号

Comercial/Ofice

商业╱办公室

19,300(G)

（建筑）

–100Frehold

永久

34.No.81 Lockhart Road, Wanchai, Hong Kong

香港湾仔骆克道

号

Comercial

商业

126,600(G)

（建筑）

–100Long

长期

Remark: (G) – gros flor area

投资物业

（续）

Investment Properties (continued)

备注：

(G)

－楼面建筑面积

	Location	Purpose	Site area	Estimated gross floor area	Stage of completion	Estimated completion date	Car parking	Group’s interest	Land lease duration
	Location	Purpose	Site area	估计楼面		估计		本集团	土地租赁
	地点	用途	地盘面积 sq.ft.	建筑面积 sq.ft.	完成阶段	落成日期	车位数目	所占权益 %	期间

Sumary of Properties

物业概要

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

Investment Properties Under Development

平方呎平方呎

1.Emperor Star City, a site located at Yuyuan

Jiedao 548 Jiefang 11/1 Qiu Huangpu District,

Shanghai, The PRC

Comercial complex

商业综合用途

246,1731,300,000

(incl. basement)

（包括地库）

Foundation

completed

地基工程已完成

2027–Note

附注

Medium

中期

英皇明星城位于中国上海黄浦区豫园街道

街坊

11/1

丘之地盘

Note:

Under the joint venture agrement, the Group would provide the

land, whereas joint venture partner would bear the ful construction

cost and the saleable flor area would be split betwen the parties

in equal shares.

发展中投资物业

附注：

根据合营协议，本集团将提供土地，合营伙

伴将承担全部建筑成本，而可售楼面积将

由双方等份平分。

	Property	Purpose	Site area	Estimated gross floor area	Stage of completion	Estimated completion date	Car parking	Group’s interest	Land lease duration
	Property	Purpose	Site area	估计楼面		估计		本集团	土地租赁
	物业	用途	地盘面积 sq.ft.	建筑面积 sq.ft.	完成阶段	落成日期	车位数目	所占权益 %	期间

Sumary of Properties

物业概要

Emperor International Holdings Limited 英皇国际集团有限公司

Anual Report 2024/2025 年报

持作出售之发展中物业

Properties Under Development – For Sale

平方呎平方呎

1.Various Lots, D210, Sai Kung, New Teritories

新界西贡丈量约份第

号多个地段

Residential

住宅

58,10026,000Pending for land

exchange

N/A

不适用

–100Medium

中期

等待土地交换

2.Central 8, 8-10A Mosque Stret,

Mid-levels, Hong Kong

Residential

住宅

4,29334,000Completed

已完工

2021–100Long

长期

香港半山摩罗庙街

8-10A

号半山捌号

3.Seaside Castle, No. 9 Ching Lai Road,

Tai Lam, Tuen Mun, New Teritories

Residential

住宅

22,00029,000Completed

已完工

202118100Medium

中期

新界屯门大榄澄丽路

号畔海

4.No. 15 Shouson, No. 15 Shouson Hil Road West,

Hong Kong

Residential

住宅

116,89687,200Completed

已完工

20213250Medium

中期

香港寿臣山道西

号寿臣山

号

5.One Jardine’s Lokout No. 1 Wang Tak Stret,

Hapy Valey, Hong Kong

Residential

住宅

5,81658,100Completed

已完工

202414100Medium

中期

香港跑马地宏德街

号

One Jardine’s Lokout

6.Southsky, Nos. 72-80 Old Main Stret Aberden,

Aberden, Hong Kong

Residential/

Comercial

5,98550,700Completed

已完工

2024–100Long

长期

香港香港仔香港仔旧大街

72-80

号澄天住宅╱商业

7.No. 127 Caine Road, Mid-levels, Hong Kong

香港半山坚道

号

Residential

住宅

3,01724,700Demolition work

completed

2027–100Long

长期

已完成拆除工程

8.Nos. 24-30 Bonham Road, Mid-levels West,

Hong Kong

Residential

住宅

13,067105,700Superstructure

works in progres

202628100Long

长期

香港西半山般咸道

24-30

号正在进行上层建筑

ANUAL REPORT

年报

2024/2025

CONTENTS

目录

Corporate Information and Key Dates

公司资料及重要日期

Email: ir163@EmperorGroup.com

Corporate Information and Key Dates

公司资料及重要日期

Results Sumary

业绩概要

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Biographies of Directors and Senior Management

董事及高级管理人员之履历

Code: 296) (“Emperor E Hotel”). She is the mother of Mr. Yeung

Biographies of Directors and Senior Management

董事及高级管理人员之履历

Biographies of Directors and Senior Management

董事及高级管理人员之履历

Code: 887) (“Emperor W&J”), Emperor Capital Group Limited

Biographies of Directors and Senior Management

董事及高级管理人员之履历

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Note:

Directors’ Report

董事会报告

Note:

Directors’ Report

董事会报告

Note:

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Date:3 March 2023

Parties:(1) the Company

Term:From 1 April 2023 to 31 March 2026

Nature:Ulferts and its subsidiaries (colectively refered to

Anouncement:3 March 2023

Directors’ Report

董事会报告

Date:23 March 2023

Parties:(1) Agrement 1: the Company and Emperor

Term:From 1 April 2024 to 31 March 2027

Nature:Each of 2024 MLAs sets out the framework of the

Directors’ Report

董事会报告

Anouncement:14 July 2023

Circular:23 August 2023

Note:Emperor E Hotel ceased to be the Company’s

Directors’ Report