Stock Code8023

（于开曼群岛注册成立的有限公司）

股份代号

：

年报

(Incorporated in the Cayman Islands with limited liability)

ANUAL

REPORT

香港联合交易所有限公司（「联交所」）GEM之特

色

GEM的定位，乃为中小型公司提供一个上市的

市场，此等公司相比起其他在联交所主板上市的

公司带有较高投资风险。有意投资的人士应了解

投资于该等公司的潜在风险，并应经过审慎周详

的考虑后方作出投资决定。

由于GEM上市公司普遍为中小型公司，在GEM

买卖的证券可能会较于联交所主板买卖之证券承

受较大的市场波动风险，同时无法保证在GEM

买卖的证券会有高流通量的市场。

本报告乃遵照香港联合交易所有限公司GEM证

券上市规则（「GEM上市规则」）之规定而提供有

关邝文记集团有限公司（「本公司」，连同其附属

公司统称「本集团」）之资料，本公司各董事（「董

事」）愿共同及个别对此负全责。董事经作出一切

合理查询后，确认就彼等所深知及确信，本报告

所载资料在一切重要方面均属准确及完整，并无

误导或欺诈成份，且本报告并无遗漏任何其他事

实致使本报告所载任何声明或本报告产生误导。

本报告将登载于联交所网站w.hkexnews.hk

之「最新上市公司公告」页内，自登载日期

起计至少保留七天，并登载于本公司网站

w.kmk.com.hk。

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG

KONG LIMITED (THE “STOCK EXCHANGE”)

GEM has ben positioned as a market designed to acomodate

smal and mid-sized companies to which a higher investment

risk may be atached than other companies listed on the Stock

Exchange. Prospective investors should be aware of the potential

risks of investing in such companies and should make the decision

to invest only after due and careful consideration.

Given that the companies listed on GEM generaly smal and

mid-sized companies, there is a risk that securities traded on GEM

may be more susceptible to high market volatility than securities

traded on the Main Board of the Stock Exchange and no asurance

is given that there wil be a liquid market in the securities traded on

GEM.

This report, for which the directors (the “Directors”, and each, a

“Director”) of Kwong Man Ke Group Limited (the “Company”, together

with its subsidiaries, the “Group”) colectively and individualy acept

ful responsibility, includes particulars given in compliance with the

Rules Governing the Listing of Securities on GEM of the Stock Exchange

(the “GEM Listing Rules”) for the purpose of giving information with

regard to the Company. The Directors, having made al reasonable

enquiries, confirm that to the best of their knowledge and belief the

information contained in this anouncement is acurate and complete in

al material respects and not misleading or deceptive, and there are no

other maters the omision of which would make any statement in this

anouncement misleading.

This report wil remain on “Latest Listed Company Information” page

of the website of the Stock Exchange at w.hkexnews.hk for at least

7 days from the date of its posting and the Company’s website at

w.kmk.com.hk.

Corporate Information

Chairman’s Statement

Profile of Directors and Senior Management

Management Discusion and Analysis

Corporate Governance Report

Directors’ Report

Independent Auditor’s Report

Consolidated Statement of Financial Position

Consolidated Statement of Comprehensive Income

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to the Consolidated Financial Statements

Five-year Financial Sumary

公司资料 3

主席报告 5

董事及高级管理层简历 7

管理层讨论及分析 10

企业管治报告 17

董事会报告 33

独立核数师报告书 50

综合财务状况表 58

综合全面收益表 60

综合权益变动表 61

综合现金流量表 63

综合财务报表附注 64

五年财务概要 140

CONTENTS 目录

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司3

CORPORATE INFORMATION

公司资料

董事会

执行董事

邝志文先生（主席）

叶港乐先生

独立非执行董事

余韵华女士

屈晓昕先生

杜依雯女士

罗沛昌先生（于二零二四年十月一日辞任）

审核委员会

罗沛昌先生（主席）（于二零二四年十月一日辞任）

杜依雯女士（主席）（于二零二四年十月一日获委任）

余韵华女士

屈晓昕先生

薪酬委员会

屈晓昕先生（主席）

邝志文先生

余韵华女士

提名委员会

邝志文先生（主席）

余韵华女士

屈晓昕先生

法律合规委员会

余韵华女士（主席）

屈晓昕先生

罗沛昌先生（于二零二四年十月一日辞任）

杜依雯女士（于二零二四年十月一日获委任）

公司秘书

蔡伟雄先生（注册会计师）

授权代表

邝志文先生

蔡伟雄先生

合规主任

邝志文先生

注册办事处

P.O. Box 309

Ugland House

Grand Cayman KY1-1104

Cayman Islands

BOARD OF DIRECTORS

Executive Directors

Mr. Kwong Chi Man (chairman)

Mr. Yip Kong Lok

Independent Non-Executive Directors

Ms. Yu Wan Wah Amparo

Mr. Wat Dany Hiu Yan

Ms. To Ye Man

Mr. Law Pui Cheung (resigned on 1 October 2024)

AUDIT COMITE

Mr. Law Pui Cheung (chairman) (resigned on 1 October 2024)

Ms. To Ye Man (chairlady) (apointed on 1 October 2024)

Ms. Yu Wan Wah Amparo

Mr. Wat Dany Hiu Yan

REMUNERATION COMITE

Mr. Wat Dany Hiu Yan (chairman)

Mr. Kwong Chi Man

Ms. Yu Wan Wah Amparo

NOMINATION COMITE

Mr. Kwong Chi Man (chairman)

Ms. Yu Wan Wah Amparo

Mr. Wat Dany Hiu Yan

LEGAL COMPLIANCE COMITE

Ms. Yu Wan Wah Amparo (chairlady)

Mr. Wat Dany Hiu Yan

Mr. Law Pui Cheung (resigned on 1 October 2024)

Ms. To Ye Man (apointed on 1 October 2024)

COMPANY SECRETARY

Mr. Choi Wai Hung (CPA)

AUTHORISED REPRESENTATIVES

Mr. Kwong Chi Man

Mr. Choi Wai Hung

COMPLIANCE OFICER

Mr. Kwong Chi Man

REGISTERED OFICE

P.O. Box 309

Ugland House

Grand Cayman KY1-1104

Cayman Islands

ANUAL REPORT 2025 年报 4

CORPORATE INFORMATION

公司资料

香港总部及主要营业地点

香港

九龙

必发道91-93号

The Bedford 21楼

主要股份过户登记处

Maples Fund Services (Cayman) Limited

P.O. Box 1093

Boundary Hal

Cricket Square

Grand Cayman, KY1-1102

Cayman Islands

香港股份过户登记分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

香港法律方面之法律顾问

梁浩然律师事务所有限法律责任合伙

香港

港湾道1号

会展广场办公大楼22楼

2202至06室

核数师

天职香港会计师事务所有限公司

报业会计师

注册公众利益实体核数师

香港鲗鱼涌英皇道728号

K11 ATELIER King’s Road 8楼

主要往来银行

中国银行（香港）有限公司

星展银行（香港）有限公司

华侨永亨银行有限公司

公司网址

htp:/w.kmk.com.hk

股份代号

HEADQUARTERS AND PRINCIPAL PLACE

OF BUSINES IN HONG KONG

21/F, The Bedford

91-93 Bedford Road

Kowlon

Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFICE

Maples Fund Services (Cayman) Limited

P.O. Box 1093

Boundary Hal

Cricket Square

Grand Cayman, KY1-1102

Cayman Islands

HONG KONG BRANCH SHARE

REGISTRAR AND TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

LEGAL ADVISER AS TO HONG KONG LAW

& Co., LP, Solicitors

Units 2202-06

22/F, Ofice Tower of Convention Plaza

No.1 Harbour Road

Hong Kong

AUDITOR

Baker Tily Hong Kong Limited

Certified Public Acountants

Registered Public Interest Entity Auditor

Level 8, K11 ATELIER King’s Road,

728 King Road, Quary Bay, Hong Kong

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited

DBS Bank (Hong Kong) Limited

OCBC Wing Hang Bank Limited

COMPANY’S WEBSITE

htp:/w.kmk.com.hk

STOCK CODE

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司5

CHAIRMAN’S STATEMENT

主席报告

尊敬的股东：

本人谨代表本公司董事会（「董事会」），欣然提呈

本公司截至二零二五年三月三十一日止年度的年

报。

回顾

作为一间于香港及澳门停车场地坪铺设行业内根

基稳固的承建商，我们提供：(i)地坪铺设服务，

涉及涂装专利地坪铺设涂层产品，以提供色彩丰

富、防滑以及具防水及不易受石油化工产品破坏

特性的耐磨表面；(i)配套服务，包括专业纹理涂

装及防水工程；及(i)销售地坪铺设及防水材料。

我们的目标业务分部为相关市场之中高端项目。

截至二零二五年三月三十一日止年度，来自

香港及其他亚洲地区市场的收益分别约为

166,800,000港元（二零二四年：约145,600,000

港元）及约122,000港元（二零二四年：约

2,000,000港元）。其他亚洲地区包括澳门，而澳

门于截至二零二五年三月三十一日止年度并无录

得销售额（二零二四年：约1,600,000港元）。

由于全球经济放缓及香港及澳门房地产市场持续

不明朗，本集团预期未来数年将面对多项挑战。

该等挑战包括但不限于商业及住宅房地产需求减

少、市场竞争加剧及全球通胀升温。

前景

尽管面对该等挑战，本集团仍会继续灵活应对不

断变化的市场局势。我们正积极推行(i)多元化策

略，透过在全球范围内发掘投资机遇，特别是在

亚洲新兴经济体的投资机遇，以减低业务风险及

增加收益；及(i)以控制营运成本及精简行政开支

的措施。该等措施旨在保障本公司股东利益，并

确保在经济波动期内仍享有理想投资回报。

此外，本集团致力维持其在停车场地坪铺设及防

水领域的竞争优势及市场主导地位，这两个领域

一直是我们业务的基础部分。

Dear Shareholders,

On behalf of the Board of Directors (the “Board”) of the Company, I am

pleased to present the anual report of the Company for the year ended

31 March 2025.

Review

As a wel-established contractor in the car park floring industry in

Hong Kong and Macau, we provide (i) floring services, which involve

the aplication of proprietary flor coating products for the purpose

of providing a colourful, slip-resistant, hard-wearing surface that is

resistant against water and petrochemicals; (i) ancilary services, which

include specialised texture painting and waterprofing works; and

(i) sales of floring and waterprofing materials. Our target segment

ranges from mid to high end projects in the relevant markets.

During the year ended 31 March 2025, the revenues from Hong Kong

and other Asian regions were aproximately HK$166.8 milion (2024:

aproximately HK$145.6 milion) and aproximately HK$122,000 (2024:

aproximately HK$2.0 milion), respectively. The other Asian region

includes Macau where there was no sales recorded for the year ended

31 March 2025 (2024: aproximately HK$1.6 milion).

As a result of the global economic slowdown and ongoing uncertainties

in the property markets of Hong Kong and Macau, the Group anticipates

facing a number of chalenges in the years ahead. These chalenges

may include, but are not limited to, diminished demand in both the

comercial and residential real estate sectors, increased competition in

the market, and rising global inflation.

Loking Forward

In spite of these chalenges, the Group continues to be agile and

responsive to the changing market dynamics. We are actively

implementing (i) diversification strategies to reduce busines risks and

enhance revenue by exploring investment oportunities globaly, with

a particular focus on emerging economies in Asia; and (i) measures to

manage operating costs and streamline administrative expenses. These

initiatives are designed to protect the interests of the shareholders of

the Company and ensure favourable returns on investments during

periods of economic volatility.

Aditionaly, the Group is comited to sustaining its competitive

advantage and market leadership in the car park floring and

waterprofing sectors, which have consistently ben the foundational

elements of our busines.

ANUAL REPORT 2025 年报 6

CHAIRMAN’S STATEMENT

主席报告

致谢

本人谨代表本集团，向全体客户、供应商、分包

商、业务伙伴及专业人士表示感谢及由衷致谢，

感激大家在充满挑战的日子里给予我们支持。本

人亦借此机会，感谢我们的管理层和员工全年的

贡献和付出。

邝文记集团有限公司

主席兼执行董事

邝志文

香港，二零二五年六月二十七日

Apreciation

On behalf of the Group, I would like to expres my gratitude and sincere

apreciation to al customers, supliers, subcontractors, busines

partners and profesional parties for their suport during these

chalenging times. I also take this oportunity to thank our management

and employes for their contribution and comitment throughout the

year.

Kwong Man Ke Group Limited

Kwong Chi Man

Chairman and Executive Director

Hong Kong, 27 June 2025

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司7

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层简历

执行董事

邝志文先生，69岁，为本集团主席，主要负责董

事会的领导及管理以及本集团的策略规划。邝先

生于二零一六年五月三十日获委任为执行董事。

彼为本集团全部附属公司的董事。

邝先生于建筑业累积逾40年经验。邝先生于

一九八二年以独资经营者身份投身建筑业，并以

邝文记工程公司作商业登记。邝先生于二零三

年开展停车场地坪铺设业务，并于二零五年承

办大型地产发展商、建筑师、总承建商及政府机

构的项目。于二零八年，邝先生成为邝文记工

程有限公司（「邝文记」）的股东及董事，其后于二

零一三年成为邝文记唯一股东。邝先生于停车场

地坪铺设行业累积逾20年经验。

叶港乐先生，49岁，为本集团执行董事兼行政总

裁，主要负责本集团的业务发展、整体管理及业

务营运。叶先生于二零三年十一月以兼职形

式首次加入本集团，以推广本集团业务。于二零

一五年八月，叶先生出任邝文记的全职经理。叶

先生于停车场地坪铺设行业累积逾20年经验。

叶先生为本集团全部附属公司（凯怡有限公司除

外）的董事。

叶先生于一九七年五月毕业于英属哥伦比亚大

学，获颁土木工程学士学位（成绩优异），其后于

一九八年五月取得同一所大学的工程硕士学

位。

EXECUTIVE DIRECTORS

Mr. KWONG Chi Man (邝志文), aged 69, is the chairman of the Group.

Mr. Kwong is mainly responsible for the leadership and management

of the Board and strategic planing of the Group. Mr. Kwong was

apointed as an executive Director on 30 May 2016. He is a Director of

al subsidiaries of the Group.

Mr. Kwong has acumulated over 40 years of experience in the

construction industry. Mr. Kwong entered into the construction industry

as a sole proprietor with the busines registration of Kwong Man

Ke Enginering in 1982. Mr. Kwong started the car park floring

busines in 2003 and in 2005 undertok projects from major property

developers, architects, main contractors and government bodies. In

2008, Mr. Kwong became a shareholder and Director of Kwong Man

Ke Enginering Limited (“KMK”) and subsequently became the sole

shareholder of KMK in 2013. Mr. Kwong has acumulated over 20 years

of experience in the car park floring industry.

Mr. Yip Kong Lok (叶港乐), aged 49, is an executive Director and chief

executive oficer of the Group and is principaly responsible for the

busines development, overal management and busines operations

of the Group. Mr. Yip first joined the Group in November 2003 on a part

time basis to promote the Group’s busines. In August 2015, Mr. Yip

tok up the position of manager of KMK on a ful time basis. Mr. Yip

has acumulated over 20 years of experience in the car park floring

industry. Mr. Yip is a Director of al subsidiaries of the Group except

Victor Ease Limited.

Mr. Yip graduated from The University of British Columbia in May

1997 with a bachelor’s degre in civil enginering with distinction and

subsequently obtained a master’s degre in enginering from the same

university in May 1998.

ANUAL REPORT 2025 年报 8

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层简历

独立非执行董事

余韵华女士，50岁，于二零一六年九月二十四日

获委任为独立非执行董事。余女士于一九八年

至二零五年受雇于香港一间土木及结构工程公

司黄泽恩顾问工程师事务所，在土木及土力工程

界累积经验。于二零一二年，余女士开展其法律

事业，并于二零一四年四月取得香港高等法院律

师资格。

余女士于一九七年五月获得英属哥伦比亚大学

土木工程学士学位，并于一九八年五月取得美

国康奈尔大学(Cornel University)土木工程硕士

学位。于二零七年十一月，余女士进一步完成

香港大学工程学（工业工程及物流管理）硕士学

位。于二零一零年十二月，余女士取得法律博士

学位，并于二零一年七月取得法学专业证书，

两者均由香港中文大学颁发。

屈晓昕先生，49岁，于二零一六年九月二十四日

获委任为独立非执行董事。屈先生于一九八年

八月至二零九年十一月受雇于一间环球管理、

工程与发展咨询公司莫特麦克唐纳香港有限公

司，在土木及土力工程界已累积超过10年经验。

屈先生为一间在香港主要从事纸业代理及分销的

公司建华纸行有限公司的董事。

屈先生自二零三年三月起为香港工程师学会

（土木界别）会员。

屈先生于一九七年五月毕业于英属哥伦比亚大

学，获颁土木工程学士学位，其后于一九八年

五月取得美国康奈尔大学(Cornel University)土

木工程硕士学位。

INDEPENDENT NON-EXECUTIVE DIRECTORS

Ms. Yu Wan Wah Amparo (余韵华), aged 50, was apointed as an

independent non-executive Director on 24 September 2016. Ms. Yu has

acumulated experience in the civil and geotechnical enginering field

when she was employed from 1998 to 2005 by Greg Wong & Asociates

Limited, a civil and structural enginering company in Hong Kong. In

2012, Ms. Yu comenced her legal carer and she was admited as a

solicitor of the High Court of Hong Kong in April 2014.

Ms. Yu obtained a bachelor’s degre in civil enginering from the

University of British Columbia in May 1997 and a master’s degre

in enginering (civil) from Cornel University (USA) in May 1998.

In November 2007, Ms. Yu further completed a master’s degre in

enginering (industrial enginering and logistics management) from the

University of Hong Kong. In December 2010, Ms. Yu obtained her Juris

Doctor degre and subsequently the Postgraduate Certificate in Laws

(PCL) in July 2011, both from the Chinese University of Hong Kong.

Mr. Wat Dany Hiu Yan (屈晓昕), aged 49, was apointed as an

independent non-executive Director on 24 September 2016. Mr. Wat

has acumulated more than 10 years of experience in the civil and

geotechnical enginering field when he was employed from August

1998 to November 2009 by Mot MacDonald Hong Kong Limited, a

global management, enginering and development consultancy firm.

Mr. Wat is a director of Kin Wah Hong Paper Limited, a company with

the principle busines of paper agency and distributorship in Hong

Kong.

Mr. Wat has ben a member of the Hong Kong Institution of Enginers

(Civil Discipline) since March 2003.

Mr. Wat graduated from the University of British Columbia in May 1997

with a bachelor’s degre in civil enginering and subsequently obtained

a master’s degre of Enginering (Civil) from Cornel University (USA) in

May 1998.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司9

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层简历

Ms. To Ye Man (杜依雯), aged 41, was apointed as an independent

non-executive Director on 5 February 2024. Ms. To has acumulated

more than 18 years of experience in corporate governance, mergers

and acquisitions, auditing and financial management. Ms. To began

her working carer at Ernst and Young, an international acounting

firm. Ms. To previously served as the financial controler and company

secretary of two Main Board listed companies, including China VAST

Industrial Urban Development Company Limited (stock code: 6166)

and Central China New Life Limited (stock code: 9983). She is curently

the chief financial oficer of a non-listed company primarily responsible

for the financial and acounting maters and the company secretary of

China Wan Tong Yuan Holdings Limited (stock code: 6966).

Ms. To graduated from The Hong Kong University of Science

and Technology and obtained a bachelor’s degre of Busines

Administration in Operations Management and Acounting in 2006.

Ms. To is curently a member of The Hong Kong Institute of Certified

Public Acountants.

SENIOR MANAGEMENT

Mr. Choi Wai Hung (蔡伟雄), aged 61, joined the Group as the financial

controler and company secretary in December 2017. He is responsible

for overal financial management and company secretarial maters of

the Group. He also suports the management on strategic and financial

planing and funding maters in relation to the busines development of

the Group.

Mr. Choi has over 30 years of experience in financial management,

financial control, auditing, treasury, taxation as wel as various projects

regarding mergers and acquisitions and initial public oferings. During

the course of his profesional carer, he had the oportunity to hold

various senior acounting and finance positions in company listed on

the Main Board of the Stock Exchange, international corporation and

other wel-established companies in various industries.

Mr. Choi obtained his diploma in acounting at Hong Kong Shue Yan

Colege (now known as Hong Kong Shue Yan University) in 1990 and

obtained his master’s degre in management majored in acounting

at Dongbei University of Finance and Economics, People’s Republic of

China in 2010. He has ben a member of the Hong Kong Institute of

Certified Public Acountants and a felow member of the Asociation of

Chartered Certified Acountants since 1999 and 2003, respectively.

杜依雯女士，41岁，于二零二四年二月五日获

委任为独立非执行董事。杜女士于企业管治、并

购、审计及财务管理方面已累积超过逾18年经

验。杜女士的工作生涯始于国际会计师行安永会

计师事务所。杜女士过往于两家主板上市公司任

职财务总监及公司秘书，包括中国宏泰产业市镇

发展有限公司（股份代号：6166）及建业新生活

有限公司（股份代号：9983）。杜女士目前为一

家非上市公司的首席财务官，主要负责财务及会

计事宜，以及中国万桐园（控股）有限公司（股份

代号：6966）的公司秘书。

杜女士于二零六年毕业于香港科技大学并获得

经营管理及会计工商管理学士学位。杜女士现为

香港会计师公会的会员。

高级管理层

蔡伟雄先生，61岁，于二零一七年十二月加入本

集团担任财务总监及公司秘书。彼负责本集团的

整体财务管理及公司秘书事宜。彼亦在本集团业

务发展方面的策略及财务规划以及融资事宜上向

管理层提供支援。

蔡先生在财务管理、财务监控、审计、库务、税

务及多项并购及首次公开招股项目中累积超过30

年经验。在彼之职业生涯中，彼曾于联交所主板

上市公司、国际性机构及其他在不同行业深具规

模的公司担任高级会计和财务职位。

蔡先生于一九零年获得香港树仁学院（现称香

港树仁大学）会计文凭，以及于二零一零年获得

中华人民共和国东北财经大学管理学硕士学位

（会计学科（专业）。彼自一九年起为香港

会计师公会员以及自二零三年起为英国特许

公认会计师公会资深会员。

ANUAL REPORT 2025 年报 10

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务及财务回顾

本集团主要从事香港停车场地坪铺设行业。我们

提供：(i)地坪铺设服务，涉及涂装专利地坪铺设

涂层产品，以提供色彩丰富、防滑以及具防水及

不易受石油化工产品破坏特性的耐磨表面；(i)配

套服务，包括专业纹理涂装及防水工程；及(i)

销售地坪铺设及防水材料。我们的目标业务分部

为相关市场之中高端项目。

截至二零二五年三月三十一日止年度，来自

香港及其他亚洲地区市场的收益分别约为

166,800,000港元（二零二四年：约145,600,000

港元）及122,000港元（二零二四年：约2,000,000

港元）。其他亚洲地区包括澳门，而澳门于截至

二零二五年三月三十一日止年度并无录得销售额

（二零二四年：约1,600,000港元）。

截至二零二五年三月三十一日止年度，本集团录

得总收益约166,900,000港元，较截至二零二四

年三月三十一日止同期约147,600,000港元增加

约13.1%。本公司拥有人应占的本集团溢利由截

至二零二四年三月三十一日止年度约13,900,000

港元减少至截至二零二五年三月三十一日止年度

约8,200,000港元。

于二零二五年五月，本集团与Zephyr Group,

Inc.（「ZGI」）订立补充协议，将本金额为500,000

美元之可转换承兑票据的到期日由二零二五年七

月一日（于二零二四年九月订立的补充协议的到

期日）进一步延长至二零二七年七月三十一日（新

到期日）。除经修订的条款外，可转换承兑票据

的其他条款维持不变，并将继续完全有效。ZGI

在美国注册成立，为一间主要研究植物的生物科

技公司，主营健康、保健及独特的营养食品。

收益

截至二零二五年三月三十一日止年度，地坪铺

设服务分部为我们业务分部的重点。该分部涉

及涂装专利地坪铺设涂层产品，以提供色彩丰

富、防滑以及具防水及不易受石油化工产品破坏

特性的耐磨表面。截至二零二五年三月三十一

日止年度，地坪铺设服务收益增加约8,300,000

港元至约132,100,000港元（二零二四年：约

123,800,000港元）。

配套服务分部包括专业纹理涂装及防水工程。

截至二零二五年三月三十一日止年度，配套服务

收益增加约11,100,000港元至约34,000,000港元

（二零二四年：约23,000,000港元）。

BUSINES AND FINANCIAL REVIEW

The Group is principaly engaged in Hong Kong car park floring

industry. We provide (i) floring services, which involve the aplication

of proprietary flor coating products for the purpose of providing a

colorful, slip-resistant, hard-wearing surface that is resistant against

water and petrochemicals; (i) ancilary services, which include

specialised texture painting and waterprofing works; and (i) sales of

floring and waterprofing materials. Our target segment ranges from

mid to high end projects in the relevant markets.

During the year ended 31 March 2025, the revenues from Hong Kong

and other Asian regions were aproximately HK$166.8 milion (2024:

aproximately HK$145.6 milion) and aproximately HK$122,000 (2024:

aproximately HK$2.0 milion), respectively. The other Asian region

includes Macau where there was no sales recorded for the year ended

31 March 2025 (2024: aproximately HK$1.6 milion).

For the year ended 31 March 2025, the Group recorded total revenue of

aproximately HK$166.9 milion, or an increase by aproximately 13.1%

as compared with aproximately HK$147.6 milion for the same period

ended 31 March 2024, and the Group’s profit atributable to owners of

the Company decreased from aproximately HK$13.9 milion for the

year ended 31 March 2024 to aproximately HK$8.2 milion for the year

ended 31 March 2025.

In May 2025, the Group entered into a suplemental agrement with

Zephyr Group, Inc. (“ZGI”) to further extend the maturity date of the

convertible promisory note with principal sum of US$500,000 from 1

July 2025 (the maturity date of the suplemental agrement entered

in September 2024) to 31 July 2027 (new maturity date). Save as

amended, the other terms of the convertible promisory note remain

unchanged and shal continue in ful force. ZGI was incorporated in

the United States of American and is a plant-based biotech Company

focusing on health, welnes and unique nutraceutical products.

Revenue

The floring services segment were the focus among our busines

segments for the year ended 31 March 2025. It involves the aplication

of proprietary flor coating products for the purpose of providing a

colorful, slip-resistant, hard-wearing surface that is resistant against

water and petrochemicals. During the year ended 31 March 2025, the

revenue from the flor services increased by aproximately HK$8.3

milion to aproximately HK$132.1 milion (2024: aproximately

HK$123.8 milion).

The ancilary services segment includes specialised texture painting

and waterprofing works. During the year ended 31 March 2025, the

revenue from ancilary services increased by aproximately HK$11.1

milion to aproximately HK$34.0 milion (2024: aproximately HK$23.0

milion).

132,057,898
34,025,524
851,727
166,935,149

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司11

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

销售材料分部包括销售地坪铺设及防水材料。截

至二零二五年三月三十一日止年度，销售材料收

益增加约56,000港元至约852,000港元（二零二四

年：约796,000港元）。

整体而言，收益主要源于为建筑项目提供停车场

地坪铺设服务，其由截至二零二四年三月三十一

日止年度约147,600,000港元增加约19,400,000

港元或约13.1%至截至二零二五年三月三十一日

止年度约166,900,000港元。收益增加主要归因

于获授项目增加。

收益明细如下：

毛利及毛利率

本集团的毛利由截至二零二四年三月三十一日止

年度约53,300,000港元减少约1,600,000港元或

约3.0%至截至二零二五年三月三十一日止年度

约51,700,000港元。本集团的毛利率由截至二零

二四年三月三十一日止年度约36.1%减少至截至

二零二五年三月三十一日止年度约31.0%。有关

减少主要是由于本集团实施降低边际利润的定

价策略，以保持竞争力及取得地坪市场的建筑合

约。

其他收入及其他收益或亏损净额

截至二零二五年三月三十一日止年度，本集团于

其他收入及收益中产生亏损净额约2,100,000港

元，而截至二零二四年三月三十一日止年度为其

他收入及收益约561,000港元。于截至二零二五

年三月三十一日止年度产生亏损净额主要是由

于(i)参考独立专业估值师所进行的估值而产生

的以公平值计入损益之金融资产公平值亏损净

额约1,600,000港元；及(i)截至二零二五年三月

三十一日止年度撤销一间附属公司的注册而产生

的亏损约504,000港元。

The sales of materials segment include the sales of floring and

waterprofing materials. During the year ended 31 March 2025,

the revenue from the sales of materials increased by aproximately

HK$56,000 to aproximately HK$852,000 (2024: aproximately

HK$796,000).

In total, the revenue, principaly generated from the provision of

car park floring services for construction projects, increased

by aproximately HK$19.4 milion or aproximately 13.1% from

aproximately HK$147.6 milion for year ended 31 March 2024 to

aproximately HK$166.9 milion for year ended 31 March 2025. The

increase in revenue was principaly atributed to increase in projects

awarded.

A breakdown of the revenue is listed below:

Year ended 31 March

截至三月三十一日止年度

HK$港元二零二五年二零二四年

Floring地坪铺设123,800,375

Ancilary services配套服务22,959,776

Sales of materials销售材料796,102

147,556,253

Gros profit and gros profit margin

The Group’s gros profit droped by aproximately HK$1.6 milion, or

aproximately 3.0% from aproximately HK$53.3 milion for the year

ended 31 March 2024 to aproximately HK$51.7 milion for the year

ended 31 March 2025. The gros profit margin of the Group decreased

from aproximately 36.1% for the year ended 31 March 2024 to

aproximately 31.0% for the year ended 31 March 2025. Such decrease

was primarily due to the implementation of pricing strategy with lower

profit margin by the Group in order to remain competitive and secure

construction contracts in the floring market.

Other income and other gains or loses, net

For the year ended 31 March 2025, the Group incured net loses

over the other income and gains of aproximately HK$2.1 milion as

compared with other income and gains of aproximately HK$561,000

for the year ended 31 March 2024. The net loses for the year ended

31 March 2025 were primarily due to (i) the net fair value loses of

aproximately HK$1.6 milion on the financial asets at fair value

through profit or los with reference to the valuation performed by

an independent profesional valuer and (i) los of aproximately

HK$504,000 on deregistration of a subsidiary during the year ended 31

March 2025.

ANUAL REPORT 2025 年报 12

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

应收贸易账款及应收保留金以及合约资产的减值

亏损（拨备）╱拨回

截至二零二五年三月三十一日止年度，应收贸易

账款及应收保留金以及合约资产的减值亏损约

4,500,000港元已予确认（二零二四年：减值亏损

拨回约723,000港元），乃主要由于(i)应收存在重

大收款疑虑的客户的应收贸易账款经个别评估为

全数减值；及(i)在当前疲弱经济下采用较高预期

信贷亏损率。

减值亏损是根据预期信贷亏损模型及参照预期信

贷亏损率计算，而预期信贷亏损率是根据本集团

内部及过往信贷亏损记录、逾期日数及客户违约

概率厘定，当中亦考虑前瞻性资料。有关计量的

详情载于本报告综合财务报表附注3.1(c)。

一般及行政开支

本集团的一般及行政开支由截至二零二四年三月

三十一日止年度约33,100,000港元轻微减少至截

至二零二五年三月三十一日止年度约32,700,000

港元。一般及行政开支主要包括员工成本、折

旧、专业费用及其他一般行政开支。

联营公司之减值亏损

联营公司之减值亏损与本集团所持有的一间于香

港及中国分别提供汽车共享平台及汽车美容服务

的联营公司的40%股权有关。

截至二零二五年三月三十一日止年度，本集团参

照其可收回金额及账面值，对其于联营公司的投

资进行减值审查。由此，于截至二零二五年三月

三十一日止年度于损益内确认联营公司之减值亏

损约497,000港元（二零二四年：约3,200,000港

元）。

当资产的账面值超过其可收回金额时，会确认减

值亏损。可收回金额按资产的公平值减出售成本

与其使用价值两者中的较高者厘定。

所得税开支

本集团于截至二零二五年三月三十一日止年度

的所得税开支约为3,200,000港元，而截至二零

二四年三月三十一日止年度的所得税开支约为

3,700,000港元。所得税开支减少，主要是由于

除所得税前溢利由截至二零二四年三月三十一日

止年度约18,500,000港元减少至截至二零二五年

三月三十一日止年度约12,300,000港元。

(Provision for)/reversal of impairment los on trade and retention

receivables and contract asets

For the year ended 31 March 2025, the impairment los on trade

and retention receivables and contract asets of aproximately

HK$4.5 milion was recognised (2024: reversal of impairment los

of aproximately HK$723,000) which were mainly due to (i) trade

receivable due from customers with significant doubt on colection that

are individualy asesed to be fuly impaired and (i) adoption of a

higher expected credit los rates under the prevailing weak economy.

Impairment los is calculated under expected credit los model with

reference to the expected credit los rates, which were determined

based on the Group’s internal and historical credit los data, the

days past due and the probability of default of customers, and also

taking into acount the forward-loking information. The details of the

measurement are set out in Note 3.1(c) to the consolidated financial

statements in this report.

General and administrative expenses

General and administrative expenses of the Group slightly decreased

from aproximately HK$33.1 milion for the year ended 31 March

2024 to aproximately HK$32.7 milion for the year ended 31 March

2025. General and administrative expenses consist primarily of staf

cost, depreciation, profesional fe and other general administrative

expenses.

Impairment los of an asociate

Impairment los of an asociate relates to the Group’s 40% equity

interest in an asociate providing a car-sharing platform and motor

beauty service in Hong Kong and China, respectively.

For the year ended 31 March 2025, the Group conducted an

impairment review of its investment in the asociate with reference to its

recoverable and carying amounts. Consequently, an impairment los

of the asociate was recognised in profit and los as aproximately

HK$497,000 for the year ended 31 March 2025 (2024: aproximately

HK$3.2 milion).

An impairment los is recognised when the carying amount of an aset

exceds its recoverable amount. The recoverable amount is determined

as the higher of the aset’s fair value les costs of disposal and its value

in use.

Income tax expense

Income tax expense for the Group was aproximately HK$3.2 milion for

the year ended 31 March 2025 as compared with income tax expense

of aproximately HK$3.7 milion for the year ended 31 March 2024. The

decrease of income tax expense was mainly due to the decrease in

profit before income tax from aproximately HK$18.5 milion for the year

ended 31 March 2024 to aproximately HK$12.3 milion for the year

ended 31 March 2025.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司13

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

本公司拥有人应占年度溢利

由于上文所述，本公司拥有人应占年度溢利由截

至二零二四年三月三十一日止年度约13,900,000

港元减少至截至二零二五年三月三十一日止年度

约8,200,000港元。

前景

由于全球经济放缓及香港及澳门房地产市场持续

不明朗，本集团预期未来数年将面对多项挑战。

该等挑战包括但不限于商业及住宅房地产需求减

少、市场竞争加剧及全球通胀升温。

尽管面对该等挑战，本集团仍会继续灵活应对不

断变化的市场局势。我们正积极推行(i)多元化策

略，透过在全球范围内发掘投资机遇，特别是在

亚洲新兴经济体的投资机遇，以减低业务风险及

增加收益；及(i)以控制营运成本及精简行政开支

的措施。该等措施旨在保障本公司股东利益，并

确保在经济波动期内仍享有理想投资回报。

此外，本集团致力维持其在停车场地坪铺设及防

水领域的竞争优势及市场主导地位，这两个领域

一直是我们业务的基础部分。

流动资金及财务资源

于二零二五年三月三十一日，本集团拥有现金

及现金等价物约33,400,000港元（二零二四年：

约46,200,000港元）。本集团于二零二五年三月

三十一日的流动比率约为2.8倍，而于二零二四

年三月三十一日则约为2.6倍。

于二零二五年三月三十一日，本集团的计息借贷

总额（包括银行借贷及租赁负债）约为9,100,000

港元（二零二四年：约15,500,000港元）。该等借

贷以本集团于二零二五年三月三十一日账面值约

32,500,000港元（二零二四年：约33,800,000港

元）的若干资产作抵押。

于二零二五年三月三十一日，本集团的总

资产约为179,900,000港元（二零二四年：约

181,300,000港元），而总负债及总权益分别约

为50,100,000港元（二零二四年：约54,800,000

港元）及约129,800,000港元（二零二四年：约

126,500,000港元）。董事会认为，本集团拥有充

裕财政资源，足以随时满足资金需求。

Profit for the year atributable to owners of the Company

As a result of the foregoing, the profit atributable to owners of the

Company decreased from aproximately HK$13.9 milion for the year

ended 31 March 2024 to aproximately HK$8.2 milion for the year

ended 31 March 2025.

OUTLOK

As a result of the global economic slowdown and ongoing uncertainties

in the property markets of Hong Kong and Macau, the Group anticipates

facing a number of chalenges in the years ahead. These chalenges

may include, but are not limited to, diminished demand in both the

comercial and residential real estate sectors, increased competition in

the market, and rising global inflation.

In spite of these chalenges, the Group continues to be agile and

responsive to the changing market dynamics. We are actively

implementing (i) diversification strategies to reduce busines risks and

enhance revenue by exploring investment oportunities globaly, with

a particular focus on emerging economies in Asia; and (i) measures to

manage operating costs and streamline administrative expenses. These

initiatives are designed to protect the interests of the shareholders

of the Company and ensure favorable returns on investments during

periods of economic volatility.

Aditionaly, the Group is comited to sustaining its competitive

advantage and market leadership in the car park floring and

waterprofing sectors, which have consistently ben the foundational

elements of our busines.

LIQUIDITY AND FINANCIAL RESOURCES

As at 31 March 2025, the Group had cash and cash equivalents of

aproximately HK$33.4 milion (2024: aproximately HK$46.2 milion).

The Group’s curent ratio was aproximately 2.8 times as at 31 March

2025 compared to aproximately 2.6 times at 31 March 2024.

The total interest-bearing borowings (including bank borowings and

lease liabilities) of the Group as at 31 March 2025 were aproximately

HK$9.1 milion (2024: aproximately HK$15.5 milion). The borowings

were secured by the Group’s certain asets with carying amount

of aproximately HK$32.5 milion as at 31 March 2025 (2024:

aproximately HK$33.8 milion).

As at 31 March 2025, the Group had total asets of aproximately

HK$179.9 milion (2024: aproximately HK$181.3 milion) which were

financed by total liabilities and total equity of aproximately HK$50.1

milion (2024: aproximately HK$54.8 milion) and aproximately

HK$129.8 milion (2024: aproximately HK$126.5 milion). The Board

considers that the Group has suficient financial resources to met its

funding requirements at al times.

ANUAL REPORT 2025 年报 14

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

本集团资产抵押

于二零二五年三月三十一日，若干资产包括账面

金额分别约为8,900,000港元及22,100,000港元

（二零二四年：约9,300,000港元及约23,100,000

港元）的物业、厂房及设备以及使用权资产，以

及账面金额约为1,400,000港元（二零二四年：

约1,400,000港元）的保险合约之投资已予抵

押，以获得约24,500,000港元（二零二四年：约

25,500,000港元）的银行信贷。于二零二五年三

月三十一日，约17,500,000港元的银行贷款尚未

使用（二零二四年：约12,500,000港元）。

资本负债比率

本集团于二零二五年三月三十一日的资本负债比

率约为6.6%（二零二四年：约10.9%）。

于二零二五年三月三十一日，资本负债比率乃根

据计息借贷总额除以总资本约138,900,000港元

（二零二四年：约142,000,000港元）计算。本集

团的总资本按总权益加总借贷计算。

资本架构

本公司股份于二零一六年十月十三日在联交所

GEM上市。本公司的股本仅包括普通股。

于二零二五年及二零二四年三月三十一日，本公

司的已发行股本为5,974,440港元，而其已发行

普通股数目为597,444,000股，每股面值0.01港

元。

重大投资、重大收购及出售附属公司、联营公

司和合营企业

除本报告及下文所披露者外，于截至二零二五年

三月三十一日止年度，本集团并无持有任何重大

投资，亦无进行有关附属公司、联营公司和合营

企业的任何重大收购或出售。

于二零二五年三月十七日，邝文记作为买方就

购买位于「新界沙田火炭禾寮坑路2-16号安盛

工业大厦地下A舖」的物业及包括在该物业的

装置及固定附著物订立临时协议，代价金额为

18,300,000.00港元。

CHARGES ON THE GROUP’S ASETS

As at 31 March 2025, certain asets included in property, plant

and equipment and right-of-use asets with carying amounts of

aproximately HK$8.9 milion and aproximately HK$22.1 milion (2024:

aproximately HK$9.3 milion and aproximately HK$23.1 milion),

respectively, and investment in an insurance contract with a carying

amount of aproximately HK$1.4 milion (2024: aproximately HK$1.4

milion), were charged to secure a banking facilities of aproximately

HK$24.5 milion (2024: aproximately HK$25.5 milion). As at 31 March

2025, aproximately HK$17.5 milion of the banking facilities were

unutilised (2024: aproximately HK$12.5 milion).

GEARING RATIO

The gearing ratio of the Group as at 31 March 2025 was aproximately

6.6% (2024: aproximately 10.9%).

The gearing ratio is calculated based on the total interest-bearing

borowings divided by the total capital of aproximately HK$138.9

milion as at 31 March 2025 (2024: aproximately HK$142.0 milion).

The total capital of the Group is calculated as total equity plus total

borowings.

CAPITAL STRUCTURE

The shares of the Company were listed on GEM of the Stock Exchange

on 13 October 2016. The share capital of the Company only comprises

of ordinary shares.

As at 31 March 2025 and 2024, the Company’s isued share capital

was HK$5,974,440 and the number of its isued ordinary shares was

597,444,000 of HK$0.01 each.

SIGNIFICANT INVESTMENTS, MATERIAL ACQUISITIONS AND

DISPOSALS OF SUBSIDIARIES, ASOCIATES AND JOINT

VENTURES

Save as disclosed in this report and hereunder, there was no significant

investment held by the Group nor any material acquisition or disposal

of subsidiary, asociate and joint venture for the year ended 31 March

2025.

On 17 March 2025, KMK as Purchaser entered into a Preliminary

Agrement for the acquisition of a Property situated at “Workshop A,

G/F, On Shing Industrial Building, No. 2-16, Wo Liu Hang Road, Fo Tan,

Sha Tin, New Teritories” and including thereto al the fixture and fitings

at a Consideration in the sum of HK$18,300,000.00.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司15

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

于二零二五年三月三十一日，邝文记已向卖方

律师支付初始订金1,000,000港元及进一步订金

830,000港元。代价余款已于二零二五年六月支

付。董事认为收购物业作为其自置货仓符合本集

团的利益。收购事项可保障本集团的货物储存

空间，长远而言可节省租金、货物储存及装修开

支，并提高本集团的营运效率。

于二零二五年三月三十一日，收购事项相对于本

集团总资产的规模约为10.2%。

有关上述收购事项的进一步详情，请参阅本公司

日期为二零二五年三月二十四日的公告（其中上

文所用词汇与该公告所界定者具有相同涵义）及

综合财务报表附注31。

重大投资或资本资产的未来计划

除本报告披露者外，于二零二五年三月三十一

日，本集团并无其他有关重大投资或资本资产的

计划。

外汇波动风险

本集团的资产、负债、收益和开支主要以港元

（「港元」）、美元（「美元」）、澳门元（「澳门元」）

和马来西亚令吉（「令吉」）计值。根据香港联系汇

率制度，港元与美元挂钩。因此，美元兑港元汇

率波动的风险非常有限。澳门元和令吉对港元的

汇率波动主要来自本集团于澳门和马来西亚的附

属公司的业务。考虑到其业务规模，本集团认为

澳门元和令吉兑港元的汇率波动风险对本集团而

言并不重大。

本集团并无外币对冲安排，但将密切监察有关风

险并于必要时采取措施。

库务政策

本集团在库务政策上采纳审慎的财务管理方针，

并于报告年度内一直维持稳健的流动资金状况。

为管理流动资金风险，董事会密切监察本集团的

流动资金状况，以确保本集团的资产、负债及承

担的流动资金结构能符合其不时的资金需求。

As at 31 March 2025, KMK has paid to the Vendor’s Solicitor the Initial

Deposit in the sum of HK$1,000,000 and a Further Deposit in the sum

of HK$830,000. The balance of the Consideration was paid in June

2025. The Directors of the Company consider that it is in the interests

of the Group to acquire the Property as a self-owned warehouse. The

acquisition shal secure storage space for the gods of the Group, save

rental, gods storage, and renovation expenses in the long run, and

improve the eficiency of the Group’s operations.

As at 31 March 2025, the size of the acquisition relative to the Group’s

total asets was aproximately 10.2%.

For further details in relation to the above acquisition, please refer to

the anouncements of the Company dated 24 March 2025 (where the

capitalised terms hereinabove shal have the same meaning as those

defined in the anouncement) and Note 31 to the consolidated financial

statements.

FUTURE PLANS FOR MATERIAL INVESTMENTS OF CAPITAL

ASETS

Save as disclosed in this report, the Group did not have other plans for

material investments or capital asets as of 31 March 2025.

RISK OF FOREIGN EXCHANGE FLUCTUATIONS

The Group’s asets, liabilities, revenues and expenses are mainly

denominated in Hong Kong dolars (“HK$”), United States dolars

(“US$”), Macau Pataca (“MOP”) and Malaysian Ringit (“MYR”). Under

the Linked Exchange Rate System of Hong Kong, HK$ is peged to

US$. Hence, the risk of the exchange rate fluctuation of US$ against

HK$ is very limited. The exchange rates fluctuations of MOP and MYR

against HK$ are primarily arising from the operations of the Group’s

subsidiaries in Macau and Malaysia. In considering of their size of

the operations, the Group considers the risk of foreign exchange

fluctuations of MOP and MYR against HK$ are insignificant to the

Group.

The Group does not have foreign curency hedging arangement but wil

closely monitor the exposure and take measures when necesary.

TREASURY POLICY

The Group adopted a prudent financial management aproach

towards its treasury policies and maintained a healthy liquidity position

throughout the reporting year. To manage liquidity risk, the Board

closely monitors the Group’s liquidity position to ensure that the liquidity

structure of the Group’s asets, liabilities and comitments can met its

funding requirements from time to time.

ANUAL REPORT 2025 年报 16

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

雇员及薪酬政策

于二零二五年三月三十一日，本集团共有64名雇

员（二零二四年：54名雇员）。本集团截至二零

二五年三月三十一日止年度的员工成本（包括董

事酬金以及管理层、行政及营运员工成本）约为

30,300,000港元（二零二四年：约27,100,000港

元）。

截至二零二五年三月三十一日，本集团雇员的性

别比例为男性约78%，女性约22%。本公司推行

公平的雇用政策，并透过择优录用的方式，以培

养更多不同技能及经验的员工团队。本公司计划

逐步提高女性员工在雇员团队中的比例。有关本

集团多元化措施的进一步详情，请参阅本公司的

二零二五年环境、社会及管治报告。

本集团根据员工的表现、工作经验并参考当时的

市况制定员工薪酬。除基本薪酬外，亦可能参考

本集团业绩表现以及员工个人表现，向高级管理

人员及职员发放酌情花红。其他员工福利包括医

疗福利、强制性公积金及培训课程资助。合资格

员工亦可能获发购股权，作为激励或报答其为本

集团作出贡献。

或然负债

本集团于二零二五年及二零二四年三月三十一日

并无其他重大或然负债。

承担

除综合财务报表附注31所披露者外，本集团于二

零二五年及二零二四年三月三十一日并无其他重

大承担。

EMPLOYES AND REMUNERATION POLICIES

As at 31 March 2025, the Group had 64 employes in total (2024: 54

employes). The employe costs of the Group (including directors’

emoluments and management, administrative and operational staf

costs) for the year ended 31 March 2025 were aproximately HK$30.3

milion (2024: aproximately HK$27.1 milion).

As at 31 March 2025, the gender ratio for the Group’s employes was

aproximately 78% male and aproximately 22% female. The Company

promotes a fair employment policy, and the recruitment has ben

merit-based in order to produce a more diverse pol of skiled and

experienced team of staf. The Company plans to gradualy achieve

a higher proportion of female staf acros the workforce. Further

details relating to the Group’s diversity aproach can be found in the

Company’s 2025 ESG report.

The Group remunerates its employes based on their performance,

working experience and with reference to the prevailing market

conditions. On top of basic remuneration, discretionary bonus may

be granted to senior management and staf members by reference to

the Group’s performance as wel as individual’s performance. Other

staf benefits include medical benefits, mandatory provident fund and

sponsorship of training courses. Share options may also be granted to

eligible employes as incentives or rewards for their contribution to the

Group.

CONTINGENT LIABILITIES

As at 31 March 2025 and 2024, the Group did not have any significant

contingent liabilities.

COMITMENT

Save as disclosed in Note 31 to the consolidated financial statements,

the Group had no other material comitment as at 31 March 2025 and

2024.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司17

CORPORATE GOVERNANCE REPORT

企业管治报告

绪言

根据GEM上市规则第18.44(2)条，董事会欣然提

呈本公司截至二零二五年三月三十一日止年度的

企业管治报告。

本公司不断努力将健全企业管治的关键要素纳入

其管理结构及内部监控程序。本公司致力维持高

水平的企业管治，其原则在于维护业务各范畴的

道德、透明度、问责精神及诚信均达致高水平，

确保按照适用法律法规行事。

董事会相信，良好而有效的企业管治常规是获得

及维持本公司股东（「股东」）及其他持份者信任的

关键，对于提倡问责精神及开诚布公至关重要，

可借此维持本集团的成功发展，并且为股东创造

长远价值。

企业管治常规

董事会负责履行GEM上市规则附录C1企业管治

守则（「企业管治守则」）所载的企业管治责任，

其中包括制订及检讨本公司的企业管治政策及常

规、董事的培训及持续专业发展，以及审视本公

司遵守企业管治守则的守则条文的情况以及于本

报告披露。

本公司于截至二零二五年三月三十一日止年度已

遵守企业管治守则的原则及适用守则条文。

董事的证券交易

本公司已采纳GEM上市规则第5.48至5.67条作为

董事就股份进行证券交易的操守则（「操守

则」）。对全体董事作出具体查询后，各董事已确

认本身于截至二零二五年三月三十一日止年度已

全面遵守操守则所载的必守交易准则。

INTRODUCTION

Pursuant to Rule 18.44(2) of the GEM Listing Rules, the Board is

pleased to present the corporate governance report of the Company for

the year ended 31 March 2025.

The Company has made continued eforts to incorporate the key

elements of sound corporate governance in its management structures

and internal control procedures. The Company is comited to

maintaining a high standard of corporate governance, the principles

of which serve to uphold a high standard of ethics, transparency,

responsibility and integrity in al aspects of busines, and to ensure

that afairs are conducted in acordance with aplicable laws and

regulations.

The Board believes that god and efective corporate governance

practices are keys to obtaining and maintaining the trust of the

shareholders of the Company (the “Shareholders”) and other

stakeholders, and esential for encouraging acountability and

transparency so as to sustain the suces of the Group and to create

long-term value for the Shareholders.

CORPORATE GOVERNANCE PRACTICE

The Board is responsible for performing the corporate governance

duties set out in the Corporate Governance Code (the “CG Code”)

as set out in Apendix C1 of the GEM Listing Rules, which includes

developing and reviewing the Company’s policies and practices

on corporate governance, training and continuous profesional

development of Directors, and reviewing the Company’s compliance

with the code provision in the CG Code and disclosures in this report.

The Company has complied with the principles and aplicable code

provisions of the CG Code for the year ended 31 March 2025.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted Rules 5.48 to 5.67 of the GEM Listing Rules

as the code of conduct for securities transactions by the Directors in

respect of the Shares (the “Code of Conduct”). Having made specific

enquiries to al Directors, each of them has confirmed that he/she has

fuly complied with the required standard of dealings set out in the Code

of Conduct during the year ended 31 March 2025.

ANUAL REPORT 2025 年报 18

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会

董事会具有领导及控制本公司的责任，并共同承

担指导及监督本公司事务的责任。董事会定期举

行会议，以考虑、审议及╱或批准有关（其中包

括）财务及营运表现以及本公司整体策略及政策

的事项。董事会亦于发生重大事项或有重大议题

须作讨论及议决时举行额外会议。

董事的职责

董事职责包括（仅列数项）：

、营运

议题及财务表现为重点；

、是否适时、

Note:

Types of training

A: Atending training sesions, such as seminars, conferences, forums and

workshops

B: Reading news alerts, newspapers, articles, journals, magazines and

publications relating to update on busines operations, industry,

coperate governance maters and other regulatory requirements/

developments

BOARD COMITES

The Board has established four Board comites, namely, the audit

comite, the remuneration comite, the nomination comite, and

the legal compliance comite, for overseing particular aspects of

the Company’s afairs. Al Board comites have ben established with

their respective writen terms of reference. Al the Board comites

should report to the Board on their decisions and works. The practices,

procedures and arangements of conduct of comite metings folow

in line with, so far as practicable, those of the Board metings and their

respective terms of reference.

Al Board comites are provided with suficient resources to

perform their duties and, upon reasonable request, are able to sek

independent profesional advice in apropriate circumstances, at the

Company’s expenses.

ANUAL REPORT 2025 年报 24

CORPORATE GOVERNANCE REPORT

企业管治报告

审核委员会

本公司的审核委员会（「审核委员会」）于二零一六

年九月二十四日成立，其书面职权范围符合GEM

上市规则第5.28条及企业管治守则的守则条文

D.3.3。审核委员会的主要职务是检讨及监督本

公司的财务报告程序及内部监控制度、提名及监

督外聘核数师，并且就企业管治相关事宜向董事

会提供意见及看法。

审核委员会由三名成员组成，分别为罗沛昌先生

（直至二零二四年九月三十日止）、杜依雯女士

（自二零二四年十月一日起生效）、余韵华女士及

屈晓昕先生。杜依雯女士现为审核委员会主席。

审核委员会于截至二零二五年三月三十一日止年

度内分别于二零二四年六月二十六日、二零二四

年十月二十八日、二零二四年十一月五日、二零

二四年十一月二十六日及二零二五年三月二十四

日举行了五次会议。审核委员会议的个别成员

出席记录载列如下：

，自二零

二四年十月一日起生效

罗沛昌先生已于二零二四年十月一日辞任

于履行企业管治守则所载之职责及其职权范围

时，审核委员已审阅本集团的半年度及年度业绩

和财务报表草案，以及业绩公告，以确保相关财

务披露的完整性、透明度及一致性。

Audit Comite

The audit comite of the Company (the “Audit Comite”) was

established on 24 September 2016 with its writen terms of reference in

compliance with in compliance with Rule 5.28 of the GEM Listing Rules

and code provision D.3.3 of the CG Code. The primary duties of the

Audit Comite are to review and supervise the Company’s financial

reporting proces and internal control system, nominate and monitor

external auditors and to provide advice and coments to the Board on

maters related to corporate governance.

The Audit Comite consists of thre members, being Mr. Law Pui

Cheung (until 30 September 2024), Ms. To Ye Man (with efect from

1 October 2024), Ms. Yu Wan Wah Amparo, and Mr. Wat Dany Hiu Yan.

Ms. To Ye Man curently serves as the chairlady of the Audit Comite.

Five Audit Comite metings were respectively held on 26 June 2024,

28 October 2024, 5 November 2024, 26 November 2024 and 24 March

2025 during the year ended 31 March 2025. The individual atendance

record of the metings of the Audit Comite is set out as folows:

Name of Directors董事姓名

Number of metings

of the Audit Comite

atended/eligible to atend

已出席╱合资格出席

审核委员会议的数目

Ms. To Ye Man杜依雯女士4/4

Ms. Yu Wan Wah Amparo余韵华女士3/5

Mr. Wat Dany Hiu Yan屈晓昕先生5/5

Mr. Law Pui Cheung罗沛昌先生1/1

* Ms. To Ye Man apointed as the Chairman of the Audit Comite with

efect from 1 October 2024

Mr. Law Pui Cheung resigned on 1 October 2024

In performing its responsibilities set out in the CG Code and its

terms of reference, the Audit Comite has reviewed the Group’s

interim and anual results and draft financial statements, and results

anouncements, to ensure integrity, transparency, and consistency of

the relevant financial disclosures.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司25

CORPORATE GOVERNANCE REPORT

企业管治报告

此计，审核委员会亦定期审议有关本集团内部审

计、内部控制系统及风险管理系统之事项。审议

内容应包括审查内部审计、会计及财务申报职能

方面的资源、员工资历及经验、培训课程及预算

是否充足。

薪酬委员会

本公司的薪酬委员会（「薪酬委员会」）于二零一六

年九月二十四日成立，其书面职权范围符合GEM

上市规则第5.34条及企业管治守则的守则条文

E.1.2。薪酬委员会的主要职务是审阅购股权计

划并向董事会提出建议、批准任何购股权计划之

拟定条款、就董事及本集团高级管理人员的薪酬

政策及架构向董事会提出推荐建议，按董事会所

委派的责任厘定个别董事及本公司高级管理层的

薪酬组合。

薪酬委员会由三名成员组成，分别为屈晓昕先

生、邝志文先生及余韵华女士。屈晓昕先生现为

薪酬委员会主席。

薪酬委员会于截至二零二五年三月三十一日止年

度内于二零二五年三月二十四日举行了一次会

议。薪酬委员会议的个别成员出席记录载列如

下：

In adition, the Audit Comite regularly considered maters regarding

the Group’s internal audit, internal control system, and the risk

management system. This includes the review of resources adequacy,

staf qualifications and experience, training programs and budget for

internal audit, acounting and financial reporting functions.

Remuneration Comite

The remuneration comite of the Company (the “Remuneration

Comite”) was established on 24 September 2016 with its writen

terms of reference in compliance with Rule 5.34 of the GEM Listing

Rules and code provision E.1.2 of the CG Code. The primary duties

of the Remuneration Comite are to make recomendations to the

board on the remuneration policy and structure of the Directors and

senior management of the Group, and determine, with delegated

responsibilities from the Board, the remuneration packages of individual

Directors and senior management of the Company.

The Remuneration Comite consists of thre members, being

Mr. Wat Dany Hiu Yan, Mr. Kwong Chi Man and Ms. Yu Wan Wah

Amparo. Mr. Wat Dany Hiu Yan curently serves as the chairman of the

Remuneration Comite.

One Remuneration Comite meting was held on 24 March 2025 for

the year ended 31 March 2025. The individual atendance record of the

metings of the Remuneration Comite is set out as folows:

Name of Directors董事姓名

Number of metings of

the Remuneration Comite

atended/eligible to atend

已出席╱合资格出席

薪酬委员会议的数目

Mr. Wat Dany Hiu Yan屈晓昕先生1/1

Mr. Kwong Chi Man邝志文先生1/1

Ms. Yu Wan Wah Amparo余韵华女士1/1

ANUAL REPORT 2025 年报 26

CORPORATE GOVERNANCE REPORT

企业管治报告

在本集团的薪酬政策方面，董事及本公司高级管

理层以董事袍金、薪金、实物福利及╱或酌情花

红形式收取的报酬乃参照同类公司所付出的有关

报酬、投入的时间及本集团的表现而厘定。按董

事会所委派的责任，薪酬委员会参考（其中包括）

市场薪金水平及同类公司所支付的报酬水平、董

事各自的责任及本集团的表现，定期检讨及厘定

个别董事及高级管理层的薪金及报酬待遇。

董事及高级管理层的薪酬范围详情载于本报告综

合财务报表附注23及28。

提名委员会

本公司的提名委员会（「提名委员会」）于二零一六

年九月二十四日成立，其书面职权范围符合GEM

上市规则第5.36A条及企业管治守则的守则条文

B.3.1。提名委员会的主要职务是就填补董事会

及╱或本公司高级管理层空缺的候选人向董事会

提供建议。

提名委员会应根据本集团的提名政策，于评估、

评价及甄选董事候选人时考虑若干因素。该等

因素包括(i)品格及诚信；(i)与本公司业务及策略

相关的资格及经验；(i)承诺投入足够时间履行

董事会成员及其他董事职责；(iv)各方面的多元

化，以实现董事会的多元化；(v)独立性规定，在

评估候选人是否适合担任独立非执行董事时，参

照GEM上市规则第5.09条所载的独立性指引；及

(vi)适用于本公司业务及策略的其他有关因素。

提名委员会由三名成员组成，分别为邝志文先

生、余韵华女士及屈晓昕先生。邝志文先生现为

提名委员会主席。

In relation to the Group’s remuneration policy, the Directors and

senior management of the Company receive compensation in the

form of director fes, salaries, benefits in kind and/or discretionary

bonuses with reference to those paid by comparable companies, time

comitment and the performance of the Group. The Remuneration

Comite regularly reviews and determines, with delegated

responsibilities from the Board, the remuneration and compensation

packages of individual Directors and senior management by reference

to, among other things, market level of remuneration and compensation

paid by comparable companies, the respective responsibilities of the

Directors and the performance of the Group.

Details of the remuneration of the Directors and senior management

by band are set out in Notes 23 and 28 to the consolidated financial

statements in this report.

Nomination Comite

The nomination comite of the Company (the “Nomination

Comite”) was established on 24 September 2016 with its writen

terms of reference in compliance with Rule 5.36A of the GEM Listing

Rules and code provision B.3.1 of the CG Code. The primary duties of

the Nomination Comite are to make recomendations to the Board

regarding candidates to fil vacancies on the Board and/or in senior

management of the Company.

The Nomination Comite should consider a number of factors in

asesing, evaluating and selecting candidates for the directorships

based on the Group’s nomination policy. These factors include (i)

character and integrity; (i) qualifications and experience that are

relevant to the Company’s busines and strategy; (i) comitment to

devote suficient time to discharge the duties as a member of the Board

and other directorship; (iv) diversity in al aspects in order to achieve

the diversity of the Board; (v) independence requirement with reference

to the independence guidelines set out in Rule 5.09 of the GEM Listing

Rules when evaluating the suitability of the candidates to be INEDs; and

(vi) such other factors which are apropriate to the Company’s busines

and strategy.

The Nomination Comite consists of thre members, being Mr. Kwong

Chi Man, Ms. Yu Wan Wah Amparo and Mr. Wat Dany Hiu Yan.

Mr. Kwong Chi Man curently serves as the chairman of the Nomination

Comite.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司27

CORPORATE GOVERNANCE REPORT

企业管治报告

提名委员会于截至二零二五年三月三十一日止年

度内于二零二四年六月二十六日举行了一次会

议。提名委员会议的个别成员出席记录载列如

下：

法律合规委员会

本公司的法律合规委员会（「法律合规委员会」）于

二零一六年九月二十四日成立，其书面职权范围

参照企业管治守则的守则条文。法律合规委员会

的主要职务是协助董事会监督本集团遵守与业务

营运有关的法律法规，并检讨本集团合规程序及

制度的成效。

法律合规委员会由三名成员组成，分别为余韵华

女士、罗沛昌先生（直至二零二四年九月三十日

止）、屈晓昕先生及杜依雯女士（自二零二四年十

月一日起生效）。余韵华女士现为法律合规委员

会的主席。

One Nomination Comite meting was held on 26 June 2024 during

the year ended 31 March 2025. The individual atendance record of the

metings of the Nomination Comite is set out as folows:

Name of Directors董事姓名

Number of metings of

the Nomination Comite

atended/eligible to atend

已出席╱合资格出席

提名委员会议的数目

Mr. Kwong Chi Man邝志文先生1/1

Ms. Yu Wan Wah Amparo余韵华女士1/1

Mr. Wat Dany Hiu Yan屈晓昕先生1/1

Legal Compliance Comite

The legal compliance comite of the Company (the “Legal

Compliance Comite”) was established on 24 September 2016 with

its writen terms of reference by reference to the code provisions of

the CG Code. The primary duties of the Legal Compliance Comite

are to asist the Board in overseing the Group’s compliance with laws

and regulations relevant to its busines operations and to review the

efectivenes of the Group’s regulatory compliance procedures and

system.

The Legal Compliance Comite consists of thre members, being

Ms. Yu Wan Wah Amparo, Mr. Law Pui Cheung (until 30 September

2024), Mr. Wat Dany Hiu Yan, and Ms. To Ye Man (with efect from

1 October 2024). Ms. Yu Wan Wah Amparo curently serves as the

chairlady of the Legal Compliance Comite.

ANUAL REPORT 2025 年报 28

CORPORATE GOVERNANCE REPORT

企业管治报告

法律合规委员会于截至二零二五年三月三十一日

止年度内于二零二五年三月二十四日举行了一次

会议。法律合规委员会议的个别成员出席记录

载列如下：

董事会成员多元化

为确保董事会的均衡组成及效率，本公司已因应

采纳一项董事会成员多元化政策（「董事会成员

多元化政策」），当中载列实现多元化董事会的

方式。本公司力求通过考虑多项因素，包括但不

限于性别、年龄、文化和教育背景、种族、专业

经验、技能、知识及服务年期，实现董事会成员

的多元化。董事会委任将基于候选人的表现及能

力以及经甄选候选人将为董事会带来的好处及贡

献。

董事会将不时检讨这些目标，以确保其适当性，

并确定实现这些目标方面取得的进展。提名委员

会将不时检讨董事会成员多元化政策，以确保其

持续有效。所有现任董事会成员均来自不同业界

及专业，故本公司认为董事会兼备多种切合本公

司业务所需的技巧、经验、专业及多元化观点。

提名委员会将在企业管治报告中以多元化角度

每年报告董事会的组成，并监察多元化政策的实

施，以确保其有效性及遵守企业管治守则。提名

委员会将考虑可能需要的任何修订，并向董事会

提出建议，以供审议及批准。

One Legal Compliance Comite meting was held on 24 March

2025 during the year ended 31 March 2025. The individual atendance

record of the meting of the Legal Compliance Comite is set out as

folows:

Name of Directors董事姓名

Number of metings of

the Legal Compliance Comite

atended/eligible to atend

已出席╱合资格出席

法律合规委员会议的数目

Ms. Yu Wan Wah Amparo余韵华女士1/1

Mr. Wat Dany Hiu Yan屈晓昕先生1/1

Ms. To Ye Man杜依雯女士1/1

DIVERSITY OF THE BOARD

In order to ensure the balanced composition and efectivenes of the

Board, the Company has acordingly adopted a Board diversity policy

(the “Board Diversity Policy”), which sets out the aproach to achieve

diversity on the Board. The Company seks to achieve Board diversity

through the consideration of a number of factors, including but not

limited to gender, age, cultural and educational background, ethnicity,

profesional experience, skil, knowledge and length of service. The

Board apointments wil be based on the performance and competence

of the candidates, and the merit and contribution to be brought to the

Board by the selected candidates.

The Board wil review such objectives from time to time to ensure their

apropriatenes and ascertain the progres made towards achieving

those objectives. The Nomination Comite wil review the Board

Diversity Policy from time to time to ensure its continued efectivenes.

The existing Board members are coming from a variety of busines

and profesional background, the Company considers that the Board

poseses a balance of skils, experience, expertise and diversity

of perspectives apropriate to the requirements of the Company’s

busines.

The Nomination Comite wil report anualy on the Board’s

composition under diversified perspectives in the Corporate

Governance Report, and monitor the implementation of the diversity

policy to ensure its efectivenes and compliance with the CG Code.

The Nomination Comite wil consider any revisions that may be

required and propose recomendation to the Board for consideration

and aproval.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司29

CORPORATE GOVERNANCE REPORT

企业管治报告

本公司将继续保持董事会性别多元化。截至本报

告日期，董事会有两名女性董事。董事会希望至

少维持目前女性成员的比例。提名委员会在为董

事会挑选合适的候选人并提出建议时，将积极考

虑增加女性成员的比例。透过本公司的董事会多

元化政策及董事会下设的提名委员会对董事会

结构的年度审阅，本公司将建立可实现性别多元

化的潜在董事继任者渠道。本公司于招聘各级员

工（包括中高层员工）时，亦将努力实现性别多元

化。

内部监控及风险评估

董事会负责本集团的内部监控，并已就本集团内

部监控的成效进行年度审阅，包括财务、营运及

合规监控以及风险管理职能。并无发现内部监控

在本集团决策过程中的风险管理方面有任何重大

不足之处。董事会认为本公司已全面遵守企业管

治守则所载的风险管理和内部监控守则条文。风

险管理及内部监控系统有效且充足。

董事会已委派一名财务部门的员工负责执行内部

审计职能，彼须向审核委员会报告其审计结果。

彼主要负责根据本集团的政策对本集团的主要营

运、财务、合规及风险管理进行审查和测试。彼

向管理层及审核委员会传达其审计结果、监控不

足之处及纠正措施以改进本集团的内部监控制

度。

截至二零二五年三月三十一日止年度，本集团已

审视及测试(i)销售及应收账款周期；(i)采购及应

付账款周期；(i)人力资源及发薪流程；及(iv)现

金及库务管理的程序的内部监控。内部审计人员

报告称，本集团持续遵循相关政策和程序。就此

已向审核委员会作出建议，而管理层已根据内部

审计结果采取若干跟进措施。

The Company wil continue to maintain gender diversity on the Board.

As of the date of this report, there were 2 female directors on the

Board. The Board would like to maintain at least the curent level of

female membership. The Nomination Comite wil actively consider

increasing the proportion of female members when selecting suitable

candidates for the Board and making recomendations. Through

the Company’s Board Diversity Policy and the anual review of the

Board’s structure by the Nomination Comite under the Board, the

Company wil establish a pipeline of potential director sucesors that

can achieve gender diversity. The Company wil also strive to achieve

gender diversity when recruiting employes at al levels (including

midle and senior levels).

INTERNAL CONTROLS AND RISK ASESMENT

The Board is responsible for the Group’s internal control and has

conducted a review of the efectivenes of the internal control of

the Group, including financial, operational and compliance controls

and risk management functions. No material inadequacy of internal

controls has ben revealed in terms of risk management in the Group’s

decision-making proces. The Board is of the opinion that the Company

has fuly complied with the code provisions regarding risk management

and internal control in the CG Code. The risk management and internal

control systems are efective and adequate.

A staf in the finance department was asigned to perform the internal

audit functions as part of her job and she reports the audit’s findings

to the Audit Comite. She mainly reviews and tests the control of the

Group’s major operational, financial, compliance and risk management

based on the Group’s policies. She comunicates the findings, control

deficiencies and remedial actions with the management and Audit

Comite for improvement of the Group’s internal control system.

During the year ended 31 March 2025, the Group has reviewed and

tested the internal control of the procedure of (i) sales and receivable

cycle; (i) procurement and payable cycle; (i) human resource and

payrol proceses; and (iv) cash and treasury management. The

internal audit staf reported that the Group consistently complied with

relevant policies and procedures. Sugestions were made to the Audit

Comite and the management has implemented certain folow-up

measures based on the internal audit findings.

ANUAL REPORT 2025 年报 30

CORPORATE GOVERNANCE REPORT

企业管治报告

董事及核数师对综合财务报表的责任

全体董事均确认其编制本集团截至二零二五年三

月三十一日止年度之综合财务报表的责任，以就

本集团的事务情况及该年度的业绩及现金流量提

供真实而公允的了解。董事继续采纳持续经营基

准编制综合财务报表及并不知悉有任何关于事件

或情况的重大不明朗因素为可能对本公司的持续

经营能力构成重大疑问。

外聘核数师对财务报告的责任载于本报告内本公

司截至二零二五年三月三十一日止年度的综合财

务报表随附的独立核数师报告书。

核数师的酬金

截至二零二五年三月三十一日止年度，就提供的

核数及非核数服务而已支付或应支付予本公司核

数师天职香港会计师事务所有限公司及其联属公

司的酬金分别为650,000港元及58,000港元。

股息政策

本集团已遵照企业管治守则的守则条文F.1.1制

定其股息政策，旨在提供厘定股息金额及付款所

用机制的透明度，并向股东及其他有关人士告知

本集团的股息政策。其广泛规定于宣派股息时应

考虑的外部及内部因素（包括财务参数）及本集

团股东可能会或可能不会预期股息的情况以及将

如何使用保留盈利。

董事会将不时检讨及监察本集团的股息政策的实

施情况。

公司秘书

本公司雇员蔡伟雄先生（「蔡先生」）于二零一七年

十二月十五日获董事会委任为本公司的秘书。蔡

先生的简历载于本报告「董事及高级管理层简历」

一节。蔡先生主要负责监督本集团的财务报告、

财务规划、库务、财务监控及公司秘书事宜。

DIRECTORS’ AND AUDITORS’ RESPONSIBILITIES FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

Al Directors acknowledge their responsibilities to prepare the Group’s

consolidated financial statements for the year ended 31 March 2025

to give a true and fair view of the state of afairs of the Group and

of the results and cash flows for that year. The Directors continue

to adopt the going concern aproach in preparing the consolidated

financial statements and are not aware of any material uncertainties

relating to events or conditions that may cast significant doubt upon the

Company’s ability to continue as a going concern.

The responsibilities of the external auditors about their financial

reporting are set out in the independent auditor’s report atached to

the Company’s consolidated financial statements for the year ended 31

March 2025 in this report.

AUDITOR’S REMUNERATION

For the year ended 31 March 2025, the remuneration paid or payable

to Baker Tily Hong Kong Limited (as the auditors of the Company) and

its afiliate companies in respect of audit and non-audit services were

HK$650,000 and HK$58,000 respectively.

DIVIDEND POLICY

The Group has established its dividend policy in compliance with code

provision F.1.1 of the CG Code, which aims to provide a transparency

of the mechanism used for determination of the dividend amount and

payment as wel as to notify Shareholders and other persons concerned

of the dividend policy of the Group. It broadly specifies the external and

internal factors, including financial parameters, that shal be considered

while declaring dividend and the circumstances under which the

Shareholders of the Group may or may not expect dividend and how the

retained earnings shal be utilized.

The Board wil review and monitor the implementation of the Group’s

dividend policy from time to time.

COMPANY SECRETARY

Mr. Choi Wai Hung (“Mr. Choi”), an employe of the Company, was

apointed by the Board as the secretary of the Company on 15

December 2017. The biographical details of Mr. Choi are set out under

the section headed “Profile of Directors and Senior Management” in this

report. Mr. Choi is principaly responsible for supervision of the Group’s

financial reporting, financial planing, treasury, financial control and

company secretarial maters.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司31

CORPORATE GOVERNANCE REPORT

企业管治报告

蔡先生确认，彼于截至二零二五年三月三十一日

止年度已根据GEM上市规则第5.15条进行不少于

15小时的相关专业培训。

股东权利

应股东要求召开股东特别大会

根据细则第12.3条，董事会可酌情召开股东特别

大会（「股东特别大会」）。股东特别大会亦须应两

名或以上于递呈要求日期持有不少于本公司有权

于股东大会上投票的实缴股本十分之一的股东要

求而予以召开。该项要求须以书面向董事会或本

公司的公司秘书提呈，以要求董事会召开股东特

别大会处理任何要求中所列明的任何事项，且有

关大会须于递呈要求后三个月内举行。倘董事会

于要求递呈后21日内未能于额外的21日内召开

该大会，则提出请求人士可根据细则自行召开大

会。而本公司则须向提出要求人士偿付因董事会

未能召开大会而产生的所有合理开支。

向董事会提出查询的权利

股东向董事会提出任何查询，可以书面形式将有

关其权利的查询或要求邮寄至本公司于香港的主

要营业地点。

股东于股东大会上提呈建议的程序

开曼群岛公司法（经修订）并无条文准许股东于

本公司股东大会上动议新决议案。然而，根据细

则，有意动议决议案的股东可根据上述程序以要

求书方式召开股东特别大会。

股东及投资者关系

本集团透过若干正式渠道，确保对其表现及业务

作出公平的披露和全面而具透明度的报告。

Mr. Choi had confirmed that he had taken no les than 15 hours of

relevant profesional training in acordance with Rule 5.15 of the GEM

Listing Rules during the year ended 31 March 2025.

SHAREHOLDERS’ RIGHT

Convening of Extraordinary General Meting on Requisition by

Shareholders

Pursuant to Article 12.3 of the Articles, the Board may, whenever it

thinks fit, convene an extraordinary general meting (“EGM”). EGMs

shal also be convened on the requisition of two or more Shareholders

holding, at the date of deposit of the requisition, not les than one-tenth

of the paid-up capital of the Company having the right of voting at

general metings. Such requisition shal be made in writing to the Board

or the company secretary of the Company for the purpose of requiring

an EGM to be caled by the Board for the transaction of any busines

specified in such requisition, and such meting shal be held within 3

months after the deposit of such requisition. If, within 21 days of such

deposit, the Board fails to proced to convene such meting within a

further 21 days, the requisitionists themselves may convene a meting

in acordance with the Articles and al reasonable expenses incured

by the requisitionist(s) as a result of the failure of the Board shal be

reimbursed to the requisition(s) by the Company.

Right to put enquiries to the Board

For puting forward any enquiries to the Board, Shareholders may

send their writen enquiries or requests in respect of their rights to the

Company’s principal place of busines in Hong Kong.

Procedure for shareholders to put forward proposals at

shareholders’ metings

There are no provisions alowing Shareholders to move new resolutions

at the general metings of the Company under the Companies Law

(Revised) of Cayman Islands. However, pursuant to the Articles,

Shareholders who wish to move a resolution may by means of

requisition convene an EGM folowing the procedures set out above.

RELATIONS WITH SHAREHOLDERS AND INVESTORS

The Group uses several formal chanels to ensure fair disclosure

and comprehensive and transparent reporting of its performance and

activities.

ANUAL REPORT 2025 年报 32

CORPORATE GOVERNANCE REPORT

企业管治报告

本公司的年报及中期报告以及通函均印发予全体

股东。本公司的公告、报告、通函、刊物及新闻

稿均于本公司的网站w.kmk.com.hk内刊登。

本公司网站以电子方式适时发放公司资讯及其他

1. Subject to sub-paragraphs (2) and (3) below, the maximum

number of Shares isuable upon exercise of al options to be

granted under the Share Option Scheme and any other share

option schemes of the Company as from the Adoption Date

(excluding, for this purpose, Shares isuable upon exercise

of options which have ben granted but which have lapsed

in acordance with the terms of the Share Option Scheme

or any other share option schemes of the Company) must

not in agregate exced 10% of al the Shares in isue.

Therefore, the Company may grant options in respect of up to

60,000,000 Shares (or such numbers of Shares as shal result

from a sub-division or a consolidation of such 60,000,000

Shares from time to time) to the participants under the Share

Option Scheme.

2. The 10% limit as mentioned above may be refreshed at

any time by obtaining aproval of the Shareholders in

general meting provided that the total number of Shares

which may be isued upon exercise of al options to be

granted under the Share Option Scheme and any other

share option schemes of the Company must not exced

10% of the Shares in isue as at the date of aproval of the

refreshed limit. Options previously granted under the Share

Option Scheme and any other share option schemes of the

Company (including those outstanding, canceled or lapsed

in acordance with the terms of the Share Option Scheme

or any other share option schemes of the Company) wil not

be counted for the purpose of calculating the refreshed 10%

limit. A circular must be sent to the Shareholders containing

the information as required under the GEM Listing Rules in

this regard.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司39

DIRECTORS’ REPORT

董事会报告

3. 本公司可在股东大会上征求股东另行

批准，授出超过10%上限的购股权，

惟超过10%上限的购股权仅可授予征

求上述批准前本公司所具体指定的承

授人。在此情况下，本公司须向股东

寄发通函，载述该等承授人的一般资

料、将授出购股权的数目及条款、向

该等人士授出购股权的目的及有关购

股权条款将如何达到此目的说明以

及GEM上市规则规定的有关其他资

料。

4. 因根据购股权计划及本公司任何其他

购股权计划已授出但尚未行使的全

部购股权获行使而发行的股份总数，

不得超过本公司不时已发行股份的

30%。如根据购股权计划或本公司任

何其他购股权计划授出购股权后会导

致超过此30%上限，则不得授出购股

权。

(vi) 每名参与者的配额上限

直至授出日期止任何12个月期间，因根据

购股权计划授予任何参与者的购股权（包括

已行使及尚未行使的购股权）获行使而已发

行及将发行的股份总数不得超过已发行股

份的1%。额外授出任何超过该上限的购股

权须经股东于股东大会上另行批准，且该

承授人及其紧密联系人（或倘该承授人为关

连人士，则为其联系人）须放弃投票。在此

情况下，本公司须向股东寄发通函，载述承

授人的身份、将授出的购股权数目及条款

（及之前已授予该承授人的购股权）及GEM

上市规则所规定的所有其他资料。将授出

的购股权数目及条款（包括认购价）须于股

东批准前厘定，而计算认购价时，建议额

外授出购股权的董事会议日期应视为授

出日期。

3. The Company may sek separate aproval of the

Shareholders in general meting for granting options beyond

the 10% limit provided the options in exces of the 10% limit

are granted only to grantes specificaly identified by the

Company before such aproval is sought. In such event, the

Company must send a circular to the Shareholders containing

a generic description of such grantes, the number and terms

of such options to be granted and the purpose of granting

options to them with an explanation as to how the terms of

the options wil serve such purpose, such other information

required under the GEM Listing Rules.

4. The agregate number of Shares which may be isued upon

exercise of al outstanding options granted and yet to be

exercised under the Share Option Scheme and any other

share option schemes of the Company must not exced 30%

of the Shares in isue from time to time. No options may be

granted under the Share Option Scheme or any other share

option schemes of the Company if this wil result in such 30%

limit being exceded.

(vi) Maximum entitlement of each participant

The total number of Shares isued and to be isued upon exercise

of options granted to any participant (including both exercised

and outstanding options) under the Share Option Scheme, in any

12-month period up to the date of grant shal not exced 1% of the

Shares in isue. Any further grant of options in exces of such limit

must be separately aproved by Shareholders in general meting

with such grante and his close asociates (or his asociates if

the grante is a conected person) abstaining from voting. In

such event, the Company must send a circular to the Shareholders

containing the identity of the grante, the number and terms of

the options to be granted (and options previously granted to such

grante), and al other information required under the GEM Listing

Rules. The number and terms (including the subscription price) of

the options to be granted must be fixed before the aproval of the

Shareholders and the date of the Board meting proposing such

further grant should be taken as the date of grant for the purpose

of calculating the subscription price.

ANUAL REPORT 2025 年报 40

DIRECTORS’ REPORT

董事会报告

(vi) 行使购股权的时限

承授人可于董事会可能厘定的期间，随时

根据购股权计划的条款行使购股权，惟有

关期间不得超过由授出日期起计十年，并

受有关提前终止条文所规限。

(vi) 购股权计划期限

购股权计划将于采纳日期当日起计十年内

有效，除非在股东大会上遭股东提早终止，

否则于紧接购股权计划满十周年前一个营

业日的营业时间结束时届满。

(ix) 可供授出之购股权及奖励数目

于截至二零二五年三月三十一日止财政年

度开始及结束时，根据股份购股权计划可

供授出之购股权数目分别均为60,000,000

股份。于截至二零二五年三月三十一日

止财政年度开始及结束时，并无适用的服

务供应商分类上限。

于截至二零二五年三月三十一日止年度并无根据

购股权计划授出或行使购股权。于二零二五年三

月三十一日并无尚未行使购股权。

购买、出售或赎回股份

截至二零二五年三月三十一日止年度，本公司或

其任何附属公司概无购买、出售或赎回本公司任

何股份。

债权证

本公司于截至二零二五年三月三十一日止年度并

无发行债权证。

(vi) Time of exercise of option

An option may be exercised in acordance with the terms of the

Share Option Scheme at any time during a period as the Board

may determine which shal not exced ten years from the date of

grant subject to the provisions of early termination thereof.

(vi) Period of the Share Option Scheme

The Share Option Scheme wil remain in force for a period of ten

years comencing on the date on the Adoption Date and shal

expire at the close of busines on the busines day imediately

preceding the tenth aniversary thereof unles terminated earlier

by the Shareholders in general meting.

(ix) Number of options and awards available for grant

The number of options available for grant under the Share

Option Scheme was 60,000,000 Shares, and 60,000,000 Shares

respectively at the begining and the end of the financial year

ended 31 March 2025. There is no aplicable service provider

sublimit at the begining and the end of the financial year ended

31 March 2025.

No share option has ben granted or exercised under the Share Option

Scheme during the year ended 31 March 2025. No share option was

outstanding as at 31 March 2025.

PURCHASE, SALE OR REDEMPTION OF THE SHARES

Neither the Company nor any of its subsidiaries had purchased, sold

or redemed any of the Company’s shares during the year ended 31

March 2025.

DEBENTURE

No debenture was isued by the Company during the year ended 31

March 2025.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司41

DIRECTORS’ REPORT

董事会报告

股本挂钩协议

除本董事会报告内「购股权计划」一段所披露的

购股权计划外，于截至二零二五年三月三十一日

止年度内，本公司并无订立股本挂钩协议或有股

本挂钩协议存续而(i)将会或可能导致本公司发行

股份；或(i)要求本公司订立协议而将会或可能导

致本公司发行股份。

捐款

本集团于截至二零二五年三月三十一日止年度作

出约50,000港元慈善捐款。

获准许弥偿条文

根据细则，各董事有权从本公司的资产中获得弥

偿，以弥偿其作为董事在其获判胜诉或无罪的任

何民事或刑事法律诉讼中进行抗辩而招致或蒙受

的一切损失或法律责任。

本公司已就针对董事及其高级管理人员的申索及

法律行动投购合适的保险。

EQUITY-LINKED AGREMENT

Save as the share option scheme as disclosed in the paragraph headed

“Share Option Scheme” in this Directors’ report, no equity-linked

agrement was entered into by the Company or subsisted during the

year ended 31 March 2025 which (i) wil or may result in the Company

isuing shares; or (i) requires the Company to enter into an agrement

that wil or may result in the Company isuing shares were entered into

by the Company.

DONATION

The charitable donation made by the Group for the year ended 31

March 2025 amounted to aproximately HK$50,000.

PERMITED INDEMNITY PROVISION

Pursuant to the Articles, each Director shal be entitled to be

indemnified out of the asets of the Company against al loses or

liabilities incured or sustained by him/her as a Director in defending

any procedings, whether civil or criminal, in which judgment is given in

his/her favour, or in which he/she is acquited.

The Company has aranged apropriate insurance cover in respect of

claims and legal actions against the Directors and its oficers.

ANUAL REPORT 2025 年报 42

DIRECTORS’ REPORT

董事会报告

权益披露

(A) 董事及最高行政人员于本公司或任何相联

法团的股份、相关股份及债权证中拥有的

权益及淡仓

于二零二五年三月三十一日，本公司董事

或最高行政人员于本公司或任何相联法团

（定义见香港法例第571章证券及期货条例

（「证券及期货条例」）第XV部）的股份、相关

股份及债权证中，拥有须根据证券及期货条

例第XV部第7及8分部知会本公司及联交所

的权益或淡仓（包括根据证券及期货条例有

关条文彼等被当作或被视为拥有的任何权

益或淡仓），或根据证券及期货条例第352

条须登记于该条所指的登记册内的权益或

淡仓，或根据GEM上市规则第5.46至5.67

条有关董事进行证券交易而须知会本公司

联交所的权益及淡仓如下：

于股份的好仓

附注1：邝先生实益拥有Sage City Investments

Limited（「Sage City」）已发行股本

的70%，而Sage City为持有本公司

65.76%股权的实益拥有人。因此，就

证券及期货条例而言，邝先生被视为于

Sage City实益拥有的所有本公司股份

中拥有权益。邝先生为本公司主席兼执

行董事以及Sage City的董事。

DISCLOSURE OF INTERESTS

(A) Directors’ and chief executives’ interests and short positions

in the Shares, underlying Shares and debenture of the

Company or any asociated corporation

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

Directors or chief executive of the Company in the Shares,

underlying Shares and debentures of the Company or any of the

asociated corporations (within the meaning of Part XV of the

Securities & Futures Ordinance (Chapter 571 of the Laws of Hong

Kong) (the “SFO”) which were notified to the Company and the

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

SFO (including any interests or short positions which they were

taken or demed to have under such provisions of the SFO) or

which were required, pursuant to section 352 of the SFO, to be

entered in the register refered to therein, or which were required,

pursuant to the Rules 5.46 to 5.67 of the GEM Listing Rules relating

to securities transactions by the Directors, to be notified to the

Company and the Stock Exchange, were as folows:

Long Position in the Shares

Name of DirectorNature of interest

Number of

shares held

or interested

Aproximate

percentage of

shareholding

董事姓名权益性质

持有或拥有权益

的股份数目概约股权百分比

Mr. Kwong Chi Man

(“Mr. Kwong”)

Interest in controled corporation

(Note 1)

392,886,00065.76%

邝志文先生（「邝先生」）于受控制法团之权益（附注1）

Note 1: Mr. Kwong beneficialy owns 70% of the isued share capital

of Sage City Investments Limited (“Sage City”), the beneficial

owner holding 65.76% shareholding in the Company. Therefore,

Mr. Kwong is demed to be interested in al the Shares which

are beneficialy owned by Sage City for the purpose of the SFO.

Mr. Kwong is the chairman and an executive Director of the

Company, and also a director of Sage City.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司43

DIRECTORS’ REPORT

董事会报告

于相联法团股份的好仓

附注2：叶先生为本公司的执行董事兼行政

总裁。

除上文披露者外，于二零二五年三月三十一

日，概无本公司董事或最高行政人员于本

公司或任何相联法团（定义见证券及期货条

例第XV部）的股份、相关股份或债权证中拥

有须根据证券及期货条例第XV部第7及8分

部知会本公司及联交所的任何权益及淡仓

（包括根据证券及期货条例有关条文彼等被

当作或被视为拥有的任何权益或淡仓），或

根据证券及期货条例第352条须登记于该条

所指的登记册内，或根据GEM上市规则第

5.46至5.67条有关董事进行证券交易而须知

会本公司及联交所的权益及淡仓。

Long position in the shares of asociated corporation

Name of DirectorNature of interest

Number of

shares held or

interested in

asociated

corporation

Percentage of

shareholding

董事姓名权益性质

持有或拥有权益

的相联法团股份数目股权百分比

Mr. Yip Kong Lok (“Mr. Yip”)Beneficial owner (Note 2)3,000 shares

in Sage City

30%

in Sage City

叶港乐先生（「叶先生」）实益拥有人（附注2）于Sage City

的3,000股份

于Sage City

的30%权益

Note 2: Mr. Yip is an executive Director and chief executive oficer of the

Company.

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

Directors or chief executive of the Company had any interests and

short positions in the Shares, underlying Shares or debentures

of the Company or any of the asociated corporations (within the

meaning of Part XV of the SFO) which would have to be notified to

the Company and the Stock Exchange pursuant to Divisions 7 and

8 of Part XV of the SFO (including any interests or short positions

which they were taken or demed to have under such provisions

of the SFO) or which were required, pursuant to section 352 of the

SFO, to be entered in the register refered to therein, or which were

required, pursuant to the Rules 5.46 to 5.67 of the GEM Listing

Rules relating to securities transactions by the Directors, to be

notified to the Company and the Stock Exchange.

ANUAL REPORT 2025 年报 44

DIRECTORS’ REPORT

董事会报告

(B) 主要股东及其他人士在本公司股份、相关

股份及债权证中拥有的权益及淡仓

就董事及最高行政人员所知，于二零二五

年三月三十一日，以下人士（并非本公司董

事或最高行政人员）于股份或相关股份中拥

有根据证券及期货条例第XV部第2及3分部

条文须向本公司及联交所披露的权益及淡

仓，或已登记于根据证券及期货条例第336

条须存置的权益登记册内的权益或淡仓：

于股份的好仓

附注：

1. Sage City乃于英属处女群岛注册成立的公

司，并由邝先生及叶先生分别拥有70%及

30%权益。邝先生为本公司主席兼执行董

事以及SageCity的董事。叶先生为本公司

的执行董事兼行政总裁。

，就证券及期

货条例而言，被视为于邝先生所拥有的所

有股份中拥有权益。

除上文披露者外，于二零二五年三月三十一

日，本公司并无接获任何人士（并非本公司

董事或最高行政人员）通知，表示其于本公

司股份或相关股份中拥有权益或淡仓为根

据证券及期货条例第XV部第2及3分部条文

须向本公司及联交所披露，或须登记于根

据证券及期货条例第336条须于本公司存置

的权益登记册。

(B) Substantial Shareholders’ and other persons’ interests

and short positions in the Shares, underlying Shares and

debenture of the Company

So far as the Directors or the chief executive were aware, as at

31 March 2025, the folowing persons (other than the Directors or

chief executive of the Company) had interests or short positions in

the Shares or underlying Shares which would fal to be disclosed

to the Company and the Stock Exchange under the provisions of

Divisions 2 and 3 of Part XV of the SFO, or which were recorded in

the register of interests required to be kept under section 336 of

the SFO:

Long Position in the Shares

NameNature of interest

Number of

shares held or

interested

Aproximate

percentage of

shareholding

董事姓名权益性质

持有或拥有权益

的股份数目概约股权百分比

Sage CityBeneficial interest (Note 1)392,886,00065.76%

实益权益（附注1）

Ms. Li Chuen ChunInterest of spouse (Note 2)392,886,00065.76%

李存珍女士配偶权益（附注2）

Notes:

1. Sage City is a company incorporated in the British Virgin Islands

and is owned by Mr. Kwong and Mr. Yip as to 70% and 30%,

respectively. Mr. Kwong is the chairman, an executive Director

of the Company, and also a director of Sage City. Mr. Yip is an

executive Director and chief executive oficer of the Company.

2. Ms. Li Chuen Chun is the spouse of Mr. Kwong and is demed to

be interested in al the Shares in which Mr. Kwong is interested for

the purposes of the SFO.

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

not ben notified by any persons (other than the Directors or chief

executive of the Company) who had interests or short positions in

the Shares or underlying Shares of the Company which would fal

to be disclosed to the Company and the Stock Exchange under

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

were required to be recorded in the register of interests required to

be kept by the Company under section 336 of the SFO.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司45

DIRECTORS’ REPORT

董事会报告

董事及其服务合约

下文载列直至本报告日期止的董事会成员组成：

执行董事

邝志文先生（主席）

（于二零二四年八月二十三日获重选）

叶港乐先生（行政总裁）

（于二零二四年八月二十三日获重选）

独立非执行董事

余韵华女士（于二零二三年八月十八日获重选）

屈晓昕先生（于二零二三年八月十八日获重选）

杜依雯女士（于二零二四年二月五日获委任）

罗沛昌先生

（于二零二三年八月十八日获重选及

于二零二四年十月一日辞任）

各董事已经与本公司订立固定任期为三年的服务

协议或委任函，并将一直延续，直至任何一方向

对方发出不少于三个月的书面通知而终止为止。

董事履历详情载于本报告第7至9页「董事及高级

管理层简历」一节。

本公司已收到各独立非执行董事根据GEM上市

规则第5.09条发出的年度独立身份确认。本公司

认为独立非执行董事于本报告日期为独立人士。

概无董事与本公司或其附属公司订有本集团不可

于一年内免付赔偿（法定赔偿除外）而终止的服

务协议。

董事及五名最高薪酬人士的酬金

董事及本集团五名最高薪酬人士的酬金详情载于

本报告综合财务报表附注23及28。

DIRECTORS AND THEIR SERVICE CONTRACTS

The composition of the Board up to the date of this report is set out as

folows:

Executive Directors

Mr. Kwong Chi Man (Chairman)

(re-elected on 23 August 2024)

Mr. Yip Kong Lok (Chief Executive Oficer)

(re-elected on 23 August 2024)

Independent non-executive Directors

Ms. Yu Wan Wah Amparo (re-elected on 18 August 2023)

Mr. Wat Dany Hiu Yan (re-elected on 18 August 2023)

Ms. To Ye Man (apointed on 5 February 2024)

Mr. Law Pui Cheung

(re-elected on 18 August 2023; resigned on 1 October 2024)

Each Director has entered into a service agrement or leter of

apointment with the Company for a fixed term of thre years and wil

continue thereafter until terminated by either party giving not les than

thre months’ writen notice to the other party.

Biographical details of the Directors are set out in the section headed

“Profile of Directors and Senior Management” on pages 7 to 9 of this

report.

The Company has received an anual confirmation of independence

from each of the INEDs pursuant to Rule 5.09 of the GEM Listing Rules.

The Company considers the INEDs to be independent as at the date of

this report.

None of the Directors has entered into any service agrement with the

Company or any of its subsidiaries which is not determinable by the

Group within one year without payment of compensation (other than

statutory compensation).

EMOLUMENT OF THE DIRECTORS AND THE FIVE HIGHEST

PAID INDIVIDUALS

Details of the emolument of the Directors and the five highest paid

individuals of the Group are set out in Notes 23 and 28 to the

consolidated financial statements in this report.

ANUAL REPORT 2025 年报 46

DIRECTORS’ REPORT

董事会报告

酬金政策

董事会的薪酬委员会将就董事及高级管理层的薪

酬政策及架构提供推荐建议。按董事会所委派的

责任，薪酬委员会参考（其中包括）市场薪金水平

及同类公司所支付的报酬水平、董事各自的责任

及本集团的表现，定期检讨及厘定个别董事及高

级管理层的薪金及报酬待遇。

董事于交易、安排或合约中的重大利益

除本报告综合财务报表附注30所载的交易外，本

集团并未订立任何对本集团业务而言属重要的交

易、安排或合约（而本集团任何成员公司为上述

交易、安排或合约其中一方，且董事或有关董事

的关连实体于当中直接或间接拥有重大利益）。

董事于竞争业务中的利益

除本集团成员公司外，概无董事或彼等各自的紧

密联系人（定义见GEM上市规则）于直接或间接

与本集团业务构成竞争或相当可能构成竞争的任

何业务中拥有权益。

控股东的利益

除本报告所披露者外，董事并不知悉于截至二零

二五年三月三十一日止年度内本公司控股东或

彼等各自的任何联系人（定义见GEM上市规则）

的任何业务或权益为与本集团的业务构成竞争或

可能构成竞争以及任何该等人士与本集团存在或

可能存在任何其他利益冲突。

EMOLUMENT POLICY

The remuneration comite of the Board wil make recomendations

on the remuneration policy and structure of the Directors and senior

management. The remuneration comite regularly reviews and

determines, with delegated responsibilities from the Board, the

remuneration and compensation packages of individual Directors and

senior management by reference to, among other things, market level

of remuneration and compensation paid by comparable companies, the

respective responsibilities of the Directors and the performance of the

Group.

DIRECTORS’ MATERIAL INTERESTS IN TRANSACTION,

ARANGEMENT OR CONTRACT

Save as the transactions set out in Note 30 to the consolidated

financial statements in this report, the Group has not entered into any

transaction, arangement or contract that is significant in relation to the

Group’s busines to which any of member of the Group was a party and

in which a Director or a conected entity of that Director had, directly or

indirectly, a material interest.

DIRECTORS’ INTERESTS IN COMPETING BUSINES

Other than members of the Group, none of the Directors or their

respective close asociates (as defined in the GEM Listing Rules) has

interest in any busines which competes or is likely to compete, directly

or indirectly, with the busines of the Group.

INTEREST OF CONTROLING SHAREHOLDERS

Save as disclosed in this report, the Directors are not aware of any

busines or interest of the controling shareholder of the Company nor

any of their respective asociates (as defined in the GEM Listing Rules)

that compete or may compete with the busines of the Group and any

other conflicts of interest which any such person has or may have with

the Group during the year ended 31 March 2025.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司47

DIRECTORS’ REPORT

董事会报告

不竞争承诺

邝先生及Sage City（统称为「该等契诺人」）均已

于二零一六年九月二十四日订立以本集团为受益

人的不竞争契据（「不竞争契据」），有关详情载

于招股章程内「与控股东之关系－不竞争契据」

一节（「不竞争承诺」）。

本公司已收到该等契诺人各自就本身遵守不竞争

承诺发出的年度确认函。独立非执行董事已审阅

不竞争承诺的遵守情况并已评估不竞争契据的实

际执行情况，而彼等信纳该等契诺人于截至二零

二五年三月三十一日止年度遵守不竞争承诺。

管理合约

于截至二零二五年三月三十一日止年度，本公司

或其附属公司并无订立合约并于当中订明(a)任

何人士负责本公司全部或任何重大部分业务的管

理及行政；及(b)合约不属于与任何董事或本公

司任何全职雇员订立的服务合约。

主要客户

于截至二零二五年三月三十一日止年度，本集团

的五大客户占本集团总收益约47%，而本集团的

最大客户占总收益约18%。

就董事所知，概无董事或彼等各自的任何紧密

联系人或任何股东（就董事所知拥有本公司已发

行股本5%以上）于本集团五大客户中拥有任何权

益。

NON-COMPETITION UNDERTAKING

Each of Mr. Kwong and Sage City (together the “Covenantors”) entered

into a ded of non-competition in favour of the Group (the “Ded of

Non-competition”) on 24 September 2016, details of which are set out

in the section headed “Relationship with Our Controling Shareholders

– Ded of non-competition” in the Prospectus (the “Non-competition

Undertaking”).

The Company received from each of the Covenantors an anual

confirmation on their respective compliance of the Non-competition

Undertaking. The independent non-executive Directors have reviewed

the compliance of the Non-competition Undertaking and evaluated the

efective implementation of the Ded of Non-competition, and they were

satisfied with the Covenantors’ compliance with the Non-competition

Undertaking for the year ended 31 March 2025.

MANAGEMENT CONTRACT

During the year ended 31 March 2025, neither the Company nor

its subsidiaries has entered into a contract by which (a) a person

undertakes the management and administration of the whole or any

substantial part of the busines of the Company; and (b) the contract is

not a contract of service with any Director or any person engaged in the

ful-time employment of the Company.

MAJOR CUSTOMERS

For the year ended 31 March 2025, the Group’s five largest customers

acounted for aproximately 47% of the total revenue of the Group and

the largest customer of the Group acounted for aproximately 18% of

the total revenue.

To the best of the knowledge of the Directors, none of the Directors or

any of their respective close asociates, or any shareholder (which to

the knowledge of the Directors owns more than 5% of the Company’s

isued share capital) had any interest in the Group’s five largest

customers.

ANUAL REPORT 2025 年报 48

DIRECTORS’ REPORT

董事会报告

主要供应商及分包商

于截至二零二五年三月三十一日止年度，本集

团五大供应商及分包商占本集团总直接成本约

71%，而本集团最大供应商及分包商占总直接成

本约39%。

就董事所知，概无董事或彼等各自的任何紧密联

系人或任何股东（就董事所知拥有本公司已发行

股本5%以上）于本集团五大供应商及分包商中拥

有任何权益。

环境、社会及管治

本公司截至二零二五年三月三十一日止年度的

环境、社会及管治报告将遵照GEM上市规则第

17.103条及附录C2之规定并根据本集团的环境、

社会及管治守则于二零二五年七月刊发。

本公司截至二零二五年三月三十一日止年度的企

业管治报告载于本报告第17至32页。

足够公众持股量

根据本公司可公开获得的资料及就董事所知，于

本报告日期，本公司已发行证券具备足够公众持

股量，至少25%由公众持有。

附属公司

本公司主要附属公司的详情载于综合财务报表附

注32(a)。

可供分派储备

于二零二五年三月三十一日，本公司根据开

曼群岛公司法计算可分派予股东的储备约为

61,000,000港元。

MAJOR SUPLIERS AND SUBCONTRACTORS

For the year ended 31 March 2025, the Group’s five largest supliers

and subcontractors acounted for aproximately 71% of the total direct

costs of the Group and the largest suplier and subcontractor of the

Group acounted for aproximately 39% of the total direct costs.

To the best of the knowledge of the Directors, none of the Directors or

any of their respective close asociates, or any Shareholder (which to

the knowledge of the Directors owns more than 5% of the Company’s

isued share capital) had any interest in the Group’s five largest

supliers and subcontractors.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

The environmental, social and governance report of the Company for

the year ended 31 March 2025 wil be published in July 2025 based

on the Group’s ESG Code in compliance with the requirements of Rule

17.103 and Apendix C2 of the GEM Listing Rules.

The corporate governance report of the Company for the year ended 31

March 2025 is set out on pages 17 to 32 of this report.

SUFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and

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

public float of the Company’s isued securities is suficient with at least

25% held by the public.

SUBSIDIARIES

Details of the Company’s principal subsidiaries are set out in Note 32(a)

to the consolidated financial statements.

DISTRIBUTABLE RESERVES

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

to the Shareholders, calculated in acordance with the Companies Law

of the Cayman Islands, amounted to aproximately HK$61.0 milion.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司49

DIRECTORS’ REPORT

董事会报告

核数师

于二零二四年十二月六日，前任外聘核数师罗兵

咸永道会计师事务所辞任，并于同日审核委员会

建议本公司委聘天职香港会计师事务所有限公司

（「天职」）为外聘核数师，以填补临时空缺。除上

述者外，于之前三年内并无其他核数师变动。

截至二零二五年三月三十一日止年度的综合财务

报表已经由天职审核。天职将于股东周年大会上

退任核数师，并符合资格且愿意膺选连任。于股

东周年大会上将提呈续聘天职为本公司核数师的

决议案。

报告期后事项

除综合财务报表附注31所披露者外，就董事会所

知，报告期后并无发生任何事项为须予披露。

承董事会命

邝文记集团有限公司

主席兼执行董事

邝志文

香港，二零二五年六月二十七日

AUDITOR

On 6 December 2024, PricewaterhouseCopers, the predecesor

external auditor, resigned, and the Audit Comite recomended, and

on the same day, the Company engaged, Baker Tily Hong Kong Limited

(“Bakertily”) as the external auditor to fil the casual vacancy. Save for

the aforesaid, there have ben no other changes in auditor during the

preceding thre years.

The consolidated financial statements for the year ended 31 March

2025 have ben audited by Bakertily. Bakertily wil retire, and being

eligible, ofer themselves for re-apointment at the AGM. A resolution for

their re-apointment as the auditor of the Company wil be proposed at

the AGM.

EVENTS AFTER THE REPORTING PERIOD

Save as disclosed in Note 31 to the consolidated financial statements,

the Board is not aware of any events after the reporting period that

require disclosure.

By order of the Board

Kwong Man Ke Group Limited

Kwong Chi Man

Chairman and Executive Director

Hong Kong, 27 June 2025

ANUAL REPORT 2025 年报 50

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

Independent auditor’s report to the shareholders of

Kwong Man Ke Group Limited

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Kwong Man

Ke Group Limited (the “Company”) and its subsidiaries (colectively

refered to as the “Group”) set out on pages 58 to 139, which comprise

the consolidated statement of financial position as at 31 March 2025,

and the consolidated statement of 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.

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

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

March 2025, and of its consolidated financial performance and its

consolidated cash flows for the year then ended in acordance with

HKFRS Acounting Standards isued by the Hong Kong Institute of

Certified Public Acountants (“HKICPA”) and have ben properly

prepared in compliance with the disclosure requirements of the Hong

Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

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

those standards are further described in the Auditor’s Responsibilities

for the Audit of the Consolidated Financial Statements section of

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

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

we have fulfiled our other ethical responsibilities in acordance with the

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

and apropriate to provide a basis for our opinion.

致邝文记集团有限公司股东的

独立核数师报告书

（于开曼群岛注册成立的有限公司）

意见

邝文记集团有限公司（「贵公司」）及其附属公司

（以下统称「贵集团」）列载于第58至139页的综合

财务报表，包括于二零二五年三月三十一日的综

合财务状况表，及截至该日止年度的综合全面收

益表、综合权益变动表、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。

我们认为，该等综合财务报表已根据香港会计师

公会颁布的《香港财务报告准则》会计准则真实而

中肯地反映了贵集团于二零二五年三月三十一

日的综合财务状况及其截至该日止年度的综合财

务表现及综合现金流量，并已根据香港公司条例

的披露规定妥为编制。

意见的基础

我们已根据香港会计师公会颁布的《香港审计准

则》进行审计。我们在该等准则下承担的责任已

在本报告「核数师就审计综合财务报表承担的

责任」部分中作进一步阐述。根据香港会计师公

会颁布的《专业会计师道德守则》（以下简称「守

则」），我们独立于贵集团，并已履行守则中的

其他专业道德责任。我们相信，我们所获得的审

计凭证能充足及适当地为我们的审计意见提供基

础。

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司51

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional judgement,

were of most significance in our audit of the consolidated financial

statements of the curent period. These maters were adresed in the

context of our audit of the consolidated financial statements as a whole,

and in forming our opinion thereon, and we do not provide a separate

opinion on these maters.

Key audit mater

关键审计事项

How our audit adresed the key audit mater

我们的审计如何处理关键审计事项

Revenue recognition on contracts for floring and

ancilary services (“construction contracts”)

地坪铺设及配套服务合约（「建筑合约」）的收益确认

Our procedures in relation to revenue recognition on construction

contracts included:

我们有关建筑合约的收益确认的程序包括：

Refer to Notes 4(a) and 5 to the consolidated

financial statements for the disclosures of the

related acounting policies, judgements and

estimates.

有关相关会计政策、判断及估计的披露，请参阅综合

财务报表附注4(a)及5。

For the year ended 31 March 2025, revenue from

construction contracts was HK$166,083,422.

截至二零二五年三月三十一日止年度，建筑合约带来

的收益为166,083,422港元。

Revenue from construction contracts is recognised

based on the stage of completion of the Group’s

projects, which is calculated as a ratio of “total

costs incured” to “total estimated costs for each

project”. Based on the stage of completion, the

Group recognises revenue as a percentage of the

total contract amount at the end of a reporting

period.

建筑合约带来的收益乃根据贵集团项目完工阶段确

认，并按「已产生的成本总额」相对「各项目的估计成

本总额」的比率计算。根据完工阶段，贵集团于报告

期末以收益占总合约金额的百分比来确认收益。

Management judgement is involved in the

estimation of total costs to complete, including

asesment of future costs of materials, labour

costs and subcontracting costs.

对完工所需的总成本进行估计，涉及运用管理层判

断，包括评估未来材料成本、劳工成本和分包成本。

– Understanding and evaluating the key controls over revenue

recognition on construction contracts.

了解及评估于建筑合约的收益确认中的关键控制。

– Comparing actual costs incured against budget costs,

on a sample basis for completed projects, and enquired

management about any material variance.

抽样比较已完工项目所产生的实际成本与预算成本，并查询管

理层有关任何重大差异。

– Enquiring and asesing management’s asumptions

on budget costs for a sample of projects, including

subcontracting costs, material costs and labour costs, by

comparing budget cost components to respective suporting

documents, including price quotation and rate of labour

costs.

通过比较各项预算成本项目与对应的证明文件（包括报价单及劳

工成本收费），查询及评估管理层对项目样本的预算成本（包括

分包成本、材料成本和劳工成本）所作的假设。

– Testing the total costs incured as at the end of the reporting

period, on a sample basis, by checking to the underlying

documents suporting these costs (including invoices of

material costs and subcontracting fes, and labour cost

records).

通过检查此等成本的相关证明文件（包括材料成本和分包费用的

发票，以及劳工成本记录），抽样测试于报告期末已产生的成本

总额。

关键审计事项

关键审计事项是根据我们的专业判断，认为对本

期综合财务报表的审计最为重要的事项。这些事

项是在我们审计整体综合财务报表及出具意见时

进行处理的。我们不会对这些事项提供单独的意

见。

ANUAL REPORT 2025 年报 52

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

KEY AUDIT MATERS (Continued)

Key audit mater

关键审计事项

How our audit adresed the key audit mater

我们的审计如何处理关键审计事项

We focused on this area as the determination

of stage of completion for a project involves

significant management judgement, which is

subject to a high degre of subjectivity and in turn

afects the recognition of revenue for the Group.

我们关注此范畴，是因为项目完工阶段的厘定涉及高

度主观的重大管理层判断，继而影响贵集团的收益

确认。

– Understanding the status of projects under construction,

on a sample basis, with management to determine whether

there could be other factors afecting the calculation of stage

of completion, for example potential claims, by checking to

subsequent events and financial information available to us.

通过核对其后发生的事件及我们可获得的财务资料，从管理层

抽样了解施工中项目的状况，以厘定是否可能有其他因素（例如

潜在申索）影响完工阶段的计算。

– Testing mathematical acuracy of the calculations of contract

revenue and costs.

测试各项合约收益及成本计算的数学准确性。

关键审计事项（续）

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司53

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

KEY AUDIT MATERS (Continued)

Key audit mater

关键审计事项

How our audit adresed the key audit mater

我们的审计如何处理关键审计事项

Impairment of trade and retention receivables and

contract asets

应收贸易账款及应收保留金以及合约资产的减值

Refer to Notes 3.1(c), 4(b), 12 and 14 to the

consolidated financial statements for the

disclosures of the related acounting policies,

judgements and estimates.

有关相关会计政策、判断及估计的披露，请参阅综合

财务报表附注3.1(c)、4(b)、12及14。

As at 31 March 2025, the Group had gros trade

and retention receivables and contract asets of

HK$81,743,556 and HK$7,375,025 and provision

for impairment of HK$11,455,780 and HK$50,780.

于二零二五年三月三十一日，贵集团应收贸易账款

及应收保留金以及合约资产总额分别为81,743,556港

元及7,375,025港元，而减值拨备分别为11,455,780港

元及50,780港元。

Management performed the impairment

asesment of trade and retention receivables

and contract asets based on the information,

which included the credit profile of diferent

customers, the ageing profiles, their knowledge

about the customers, market conditions and past

setlement paterns. Management also considered

forward-loking information that may impact

the customers’ ability to repay the outstanding

balances in order to estimate the expected credit

los for the impairment asesment.

管理层根据各种资料（包括不同客户的信贷状况、账

龄情况、管理层对客户的认识、市场状况及过往结算

模式等）对应收贸易账款及应收保留金以及合约资产

进行减值评估。管理层亦为了就减值评估计预期信

贷亏损，考虑各种可能影响客户对未偿还结余的还款

能力的前瞻性资料。

Our procedures in relation to impairment of trade and retention

receivables and contract asets included:

我们有关应收贸易账款及应收保留金以及合约资产减值的程序包括：

– Understanding and evaluating the design and implementing

of the key controls over debt colection and the impairment

asesment proces, in particular those over the identification

of impaired receivables and the calculation of the impairment

provision.

了解及评估于收回债务及减值评估程序中的关键控制的设计及

落实成效，特别是有关识别已减值应收款项及计算减值拨备的

关键控制。

– Testing the acuracy of the ageing of trade and retention

receivables on a sample basis by tracing to the respective

invoices.

通过追踪相关发票，抽样测试应收贸易账款及应收保留金的账

龄的准确性。

– Verifying subsequent setlements of trade receivables on a

sample basis to the underlying bank pay-in slips.

抽样验证贸易应收账款的后续结算是否与相关的银行入账单据

相符。

– Asesing the apropriatenes of the expected credit los

provision methodology.

评估预期信贷亏损拨备方法的合适性。

– Enquiring and asesing the information and data used to

determine the expected credit los by considering the cash

colection performance against historical trends, the level

of credit los changes over time and the reasonablenes of

forward-loking information.

通过考虑对比历史趋势下的现金收款情况、信贷亏损水平随时

间的变化、若干客户的个别信贷评级及前瞻性资料的合理性，查

询及评估于厘定预期信贷亏损时所用的资料及数据。

关键审计事项（续）

ANUAL REPORT 2025 年报 54

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

KEY AUDIT MATERS (Continued)

Key audit mater

关键审计事项

How our audit adresed the key audit mater

我们的审计如何处理关键审计事项

We focused on this area because trade and

retention receivables and contract asets represent

57% of curent asets and certain balances are

long aged. The estimation of impairment under the

expected credit los model is also subject to a high

degre of estimation uncertainty due to subjectivity

of significant asumptions used and significant

judgements involved in selecting data for the

calculation.

我们关注此范畴，是因为应收贸易账款及应收保留金

以及合约资产占流动资产的57%，且若干结余的账龄

属长期性。由于就计算所用的重大假设具有主观性以

及挑选有关数据时涉及重大判断，故根据预期信贷亏

损模型进行的减值估计亦存在高度估计不确定性。

– Understanding from management the recoverability of

individualy significant receivables, validating management

explanations by verifying to the status of underlying projects,

creditworthines information about contracted parties and

subsequent setlements, if any.

从管理层了解个别重要的应收款项的可收回成数，并通过验证

相关项目的状况、订约方的信用资料和其后结清（如有）情况，

以核实管理层的解释。

OTHER MATER

The consolidated financial statements of the Group for the year ended

31 March 2024 were audited by another independent auditor who

expresed an unmodified opinion on those consolidated financial

statements on 26 June 2024.

OTHER INFORMATION

The directors of the Company are responsible for the other information.

The other information comprises al of the information included in the

anual report other than the consolidated financial statements and our

auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover

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

conclusion thereon.

In conection with our audit of the consolidated financial statements,

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

consider whether the other information is materialy inconsistent with

the consolidated financial statements or our knowledge obtained in the

audit, or otherwise apears to be materialy mistated.

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

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

that fact. We have nothing to report in this regard.

其他事项

贵集团截至二零二四年三月三十一日止年度之综

合财务表乃由另一名独立核数师进行审核，其于

二零二四年六月二十六日就综合财务报表发表无

保留意见。

其他信息

贵公司董事须对其他信息负责。其他信息包括载

于年报（但不包括综合财务报表及我们就其出具

的核数师报告）内的所有信息。

我们对综合财务报表的意见并不涵盖其他信息，

我们亦不对该等其他信息发表任何形式的鉴证结

论。

结合我们对综合财务报表的审计，我们的责任是

阅读其他信息，在此过程中，考虑其他信息是否

与综合财务报表或我们在审计过程中所了解的情

况存在重大抵触或者似乎存在重大错误陈述的情

况。

基于我们已执行的工作，如果我们认为其他信息

存在重大错误陈述，我们需要报告该事实。在这

方面，我们没有任何报告。

关键审计事项（续）

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司55

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

RESPONSIBILITIES OF DIRECTORS AND THE AUDIT

COMITE FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors of the Company are responsible for the preparation of

the consolidated financial statements that give a true and fair view

in acordance with HKFRS Acounting Standards isued by the

HKICPA and the disclosure requirements of the Hong Kong Companies

Ordinance, and for such internal control as the directors determine

is necesary to enable the preparation of consolidated financial

statements that are fre from material mistatement, whether due to

fraud or eror.

In preparing the consolidated financial statements, the directors are

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

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

and using the going concern basis of acounting unles the directors

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

realistic alternative but to do so.

The Audit Comite is responsible for overseing the Group’s financial

reporting proces.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

mistatement, whether due to fraud or eror, and to isue an auditor’s

report that includes our opinion. We report our opinion solely to you, as

a body, in acordance with our agred terms of engagement, and for

no other purpose. We do not asume responsibility towards or acept

liability to any other person for the contents of this report. Reasonable

asurance is a high level of asurance, but is not a guarante that an

audit conducted in acordance with HKSAs wil always detect a material

mistatement when it exists. Mistatements can arise from fraud or eror

and are considered material if, individualy or in the agregate, they

could reasonably be expected to influence the economic decisions of

users taken on the basis of these consolidated financial statements.

董事及审核委员会就综合财务报表须承担的

责任

贵公司董事须负责根据香港会计师公会颁布的

《香港财务报告准则》会计准则及香港《公司条例》

的披露规定拟备真实而中肯的综合财务报表，并

对其认为使综合财务报表的拟备不存在由于欺

诈或错误而导致的重大错误陈述所需的内部控制

负责。

在拟备综合财务报表时，董事负责评估贵集团

持续经营的能力，并在适用情况下披露与持续经

营有关的事项，以及使用持续经营为会计基础，

除非董事有意将贵集团清盘或停止经营，或别

无其他实际的替代方案。

审核委员会须负责监督贵集团的财务报告过程。

核数师就审计综合财务报表承担的责任

我们的目标，是对综合财务报表整体是否不存在

由于欺诈或错误而导致的重大错误陈述取得合

理保证，并出具包括我们意见的核数师报告。根

据我们所协定的委聘条款，我们仅向阁下（作为

整体）报告我们的意见，除此之外本报告别无其

他目的。我们不会就本报告的内容向任何其他人

士负上或承担任何责任。合理保证是高水平的保

证，但不能保证按照《香港审计准则》进行的审

计，在某一重大错误陈述存在时总能发现。错误

陈述可以由欺诈或错误引起，如果合理预期它们

单独或汇总起来可能影响综合财务报表使用者依

赖综合财务报表所作出的经济决定，则有关的错

误陈述可被视作重大。

ANUAL REPORT 2025 年报 56

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

judgement and maintain profesional skepticism throughout the audit.

We also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate

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

material mistatement resulting from fraud is higher than for

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

intentional omisions, misrepresentations, or the overide of

internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion

on the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used

and the reasonablenes of acounting estimates and related

disclosures made by the directors.

’ use of the

going concern basis of acounting and, based on the audit

evidence obtained, whether a material uncertainty exists related

to events or conditions that may cast significant doubt on the

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

that a material uncertainty exists, we are required to draw

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

consolidated financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based

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

report. However, future events or conditions may cause the

Group to cease to continue as a going concern.

, structure and content of the

consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves

fair presentation.

核数师就审计综合财务报表承担的责任（续）

在根据《香港审计准则》进行审计的过程中，我

们运用了专业判断，保持了专业怀疑态度。我们

亦：

• 识别和评估由于欺诈或错误而导致综合

财务报表存在重大错误陈述的风险，设

计及执行审计程序以应对这些风险，以

及获取充足和适当的审计凭证，作为我

们意见的基础。由于欺诈可能涉及串谋、

伪造、蓄意遗漏、虚假陈述，或凌驾于内

部控制之上，因此未能发现因欺诈而导

致的重大错误陈述的风险高于未能发现

因错误而导致的重大错误陈述的风险。

，以设计适

当的审计程序，但目的并非对贵集团内

部控制的有效性发表意见。

• 评价董事所采用会计政策的恰当性及作

出会计估计和相关披露的合理性。

• 对董事采用持续经营会计基础的恰当性

作出结论。根据所获取的审计凭证，确定

是否存在与事项或情况有关的重大不确

定性，从而可能导致对贵集团的持续经

营能力产生重大疑虑。如果我们认为存

在重大不确定性，则有必要在核数师报

告中提请使用者注意综合财务报表中的

相关披露。假若有关的披露不足，则我

们应当发表非无保留意见。我们的结论

是基于核数师报告日止所取得的审计凭

证。然而，未来事项或情况可能导致贵

集团不能持续经营。

、结

构和内容，包括披露，以及综合财务报表

是否中肯反映交易和事项。

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司57

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

judgement and maintain profesional skepticism throughout the audit.

We also: (continued)

• Plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities

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

opinion on the consolidated financial statements. We are

responsible for the direction, supervision and review of the audit

work performed for purposes of the group audit. We remain

solely responsible for our audit opinion.

We comunicate with the Audit Comite regarding, among other

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

findings, including any significant deficiencies in internal control that we

identify during our audit.

We also provide the Audit Comite with a statement that we have

complied with relevant ethical requirements regarding independence,

and to comunicate with them al relationships and other maters that

may reasonably be thought to bear on our independence and, where

aplicable, actions taken to eliminate threats or safeguards aplied.

From the maters comunicated with the Audit Comite, we

determine those maters that were of most significance in the audit

of the consolidated financial statements of the curent period and

are therefore the key audit maters. We describe these maters in our

auditor’s report unles law or regulation precludes public disclosure

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

determine that a mater should not be comunicated in our report

because the adverse consequences of doing so would reasonably

be expected to outweigh the public interest benefits of such

comunication.

The engagement director on the audit resulting in this independent

auditor’s report is Chu, Johny Chun Yin.

Baker Tily Hong Kong Limited

Certified Public Acountants

Hong Kong, 27 June 2025

Chu, Johny Chun Yin

Practising certificate number P08355

核数师就审计综合财务报表承担的责任（续）

在根据《香港审计准则》进行审计的过程中，我

们运用了专业判断，保持了专业怀疑态度。我们

亦：（续）

，以就贵集团内实

体或业务单位的财务信息获取充足、适

当的审计凭证，从而达致对综合财务报

表发表意见的基础。我们负责策划、监督

及审阅为集团审计所进行的审计工作。

我们为审计意见承担全部责任。

除其他事项外，我们与审核委员会沟通了计划的

审计范围、时间安排、重大审计发现等，包括我

们在审计中识别出内部控制的任何重大缺陷。

我们还向审核委员会提交声明，说明我们已符合

有关独立性的相关专业道德要求，并与他们沟通

有可能合理地被认为会影响我们独立性的所有关

系和其他事项，以及（如适用）为消除威胁而采取

之行动或所应用之防范措施。

从与审核委员会沟通的事项中，我们确定哪些事

项对本期综合财务报表的审计最为重要，因而构

成关键审计事项。我们在核数师报告中描述这些

事项，除非法律法规不允许公开披露这些事项，

或在极端罕见的情况下，如果合理预期在我们报

告中沟通某事项造成的负面后果超过产生的公众

利益，我们决定不应在报告中沟通该事项。

出具本独立核数师报告书的审计项目合伙人是朱

俊贤。

天职香港会计师事务所有限公司

执业会计师

香港，二零二五年六月二十七日

朱俊贤

执照号码P08355

11,735,974
–
1,421,298
5,254,459
23,946,951
1,830,000
36,718
44,225,400
17,028,661
70,287,776
6,512,747
–
7,324,245
1,076,514
33,449,188
135,679,131
179,904,531
5,974,440
60,349,142
61,025,165
127,348,747
2,468,309
129,817,056

ANUAL REPORT 2025 年报 58

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025 于二零二五年三月三十一日

Notes20252024

HK$港元附注二零二五年二零二四年

ASETS资产

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备612,108,751

Interest in an asociate于联营公司之权益7497,391

Investment in an insurance contract于保险合约之投资81,374,731

Financial asets at fair value through profit or

los

以公平值计入损益之

金融资产92,616,561

Right-of-use asets使用权资产1025,554,901

Deposits paid for acquisition of property,

plant and equipment

购买物业、厂房及设备的

已付按金13–

Defered tax asets递延税项资产1730,303

42,182,638

Curent asets流动资产

Inventories存货1113,761,067

Trade and retention receivables应收贸易账款及应收保留金1260,818,577

Prepayments, deposits and other receivables预付款项、按金及其他应收

款项135,381,189

Financial asets at fair value through profit or

los

以公平值计入损益之

金融资产94,305,765

Contract asets合约资产147,938,641

Curent income tax recoverable可收回即期所得税632,639

Cash and cash equivalents现金及现金等价物1546,243,124

139,081,002

Total asets资产总值181,263,640

EQUITY权益

Share capital股本165,974,440

Reserves储备60,299,539

Retained earnings保留盈利58,809,601

125,083,580

Non-controling interests非控股权益1,369,922

Total equity权益总额126,453,502

404,356
1,027,120
1,431,476
29,055,687
5,145,479
5,631,597
6,974,700
1,105,724
742,812
48,655,999
50,087,475
179,904,531

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司59

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025 于二零二五年三月三十一日

Notes20252024

HK$港元附注二零二五年二零二四年

LIABILITIES负债

Non-curent liabilities非流动负债

Defered tax liabilities递延税项负债17322,518

Lease liabilities租赁负债101,407,970

1,730,488

Curent liabilities流动负债

Trade payables应付贸易账款1823,489,739

Acruals应计费用194,759,863

Contract liabilities合约负债1410,263,878

Bank borowings银行借贷2013,043,463

Lease liabilities租赁负债101,078,608

Curent income tax liabilities即期所得税负债444,099

53,079,650

Total liabilities负债总额54,810,138

Total equity and liabilities权益及负债总额181,263,640

The above consolidated statement of financial position should be read in conjunction with the acompanying notes.

上述综合财务状况表应与随附注一并阅读。

The consolidated financial statements on pages 58 to 139 were aproved by the Board of Directors on 27 June 2025 and

were signed on its behalf.

第58至139页的综合财务报表由董事会于二零二五年六月二十七日批准并由以下董事代表签署：

Mr. Kwong Chi ManMr. Yip Kong Lok

邝志文先生叶港乐先生

DirectorDirector

董事董事

166,935,149
(115,210,920)
51,724,229
(2,064,054)
(4,474,511)
(32,690,108)
12,495,556
254,379
–
(497,391)
12,252,544
(3,175,313)
9,077,231
8,190,004
887,227
9,077,231
22,533
27,070
49,603
9,126,834
8,239,607
887,227
9,126,834
1.37

ANUAL REPORT 2025 年报 60

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

综合全面收益表

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

Notes20252024

HK$港元附注二零二五年二零二四年

Revenue收益5147,556,253

Cost of sales销售成本(94,245,775)

Gros profit毛利53,310,478

Other income and other gains or loses, net其他收入及其他收益或亏损

净额21560,863

(Provision for)/reversal of impairment los on

trade and retention receivables and

contract asets

应收贸易账款及应收保留

金以及合约资产之减值

亏损（拨备）╱拨回12, 14722,641

General and administrative expenses一般及行政开支(33,077,726)

Operating profit经营溢利21,516,256

Finance income, net财务收入净额24301,973

Share of los of an asociate应占联营公司亏损7(130,081)

Impairment los of an asociate联营公司之减值亏损7(3,160,771)

Profit before income tax除所得税前溢利2218,527,377

Income tax expense所得税开支25(3,738,196)

Profit for the year年度溢利14,789,181

Profit for the year atributable to:应占年度溢利：

– Owners of the Company－本公司拥有人13,857,632

– Non-controling interests－非控股权益931,549

14,789,181

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

Item that may be reclasified to profit or los可能重新分类至损益之项目

– Exchange diference on translation of

foreign operations

－换算外国业务之汇兑

差额(12,533)

– Reclasification adjustment for a foreign

operation deregistered during the year

－就年内撤销外国业务

之注册所作重新分类

调整–

Other comprehensive income/(los),

net of tax

其他全面收益╱（亏损），

扣除税项(12,533)

Total comprehensive income for the year年度全面收益总额14,776,648

Total comprehensive income atributable to:应占全面收益总额：

– Owners of the Company－本公司拥有人13,827,567

– Non-controling interests－非控股权益949,081

14,776,648

Earnings per share atributable to owners

of the Company

本公司拥有人应占每股盈利

– Basic and diluted (HK cents per share)－基本及摊薄（每股港仙）272.31

The above consolidated statement of comprehensive income should be read in conjunction with the acompanying notes.

上述综合全面收益表应与随附注一并阅读。

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司61

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

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

Atributable to owners of the Company

本公司拥有人应占

capital

premium

Capital

reserve

Shareholder

contribution

Translation

reserve

Retained

earningsSub-total

Non-

controling

interestsTotal

股本股份溢价资本储备股东出资换算储备保留盈利总计非控股权益总计

(Note 16(a)(Note 16(a)(Note 16(b)(Note 16(c)

HK$港元（附注16(a)）（附注16(a)）（附注16(b)）（附注16(c)）

Balance at 1 April 2023于二零二三年四月一日的结余6,000,00052,482,9551088,800,00017,82150,951,969118,252,853420,841118,673,694

Profit for the year年度溢利–13,857,63213,857,632931,54914,789,181

Other comprehensive (los)/

income for the year

年度其他全面（亏损）╱收益

Exchange diferences on

translation of foreign

operations

换算外国业务之汇兑差额

–(30,065)–(30,065)17,532(12,533)

Total comprehensive (los)/

income for the year

年度全面（亏损）╱收益总额

–(30,065)13,857,63213,827,567949,08114,776,648

Shares repurchased and

canceled (Note 16)

购回及注销股份（附注16）

(25,560)(971,280)–(996,840)–(996,840)

Dividends (Note 26)股息（附注26）–(6,000,000)(6,000,000)–(6,000,000)

Balance at 31 March 2024于二零二四年三月三十一日

的结余5,974,44051,511,6751088,800,000(12,244)58,809,601125,083,5801,369,922126,453,502

5,974,440	51,511,675	108	8,800,000	(12,244)	58,809,601	125,083,580	1,369,922	126,453,502
–	–	–	–	–	8,190,004	8,190,004	887,227	9,077,231
–	–	–	–	22,533	–	22,533	–	22,533
–	–	–	–	27,070	–	27,070	–	27,070
–	–	–	–	49,603	8,190,004	8,239,607	887,227	9,126,834
–	–	–	–	–	–	–	211,160	211,160
–	–	–	–	–	(5,974,440)	(5,974,440)	–	(5,974,440)
5,974,440	51,511,675	108	8,800,000	37,359	61,025,165	127,348,747	2,468,309	129,817,056

ANUAL REPORT 2025 年报 62

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

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

The above consolidated statement of changes in equity should be read in conjunction with the acompanying notes.

上述综合权益变动表应与随附注一并阅读。

Atributable to owners of the Company

本公司拥有人应占

Share capital

premium

Capital

reserve

Shareholder

contribution

Translation

reserve

Retained

earningsSub-total

Non-

controling

interestsTotal

股本股份溢价资本储备股东出资换算储备保留盈利总计非控股权益总计

(Note 16(a)(Note 16(a)(Note 16(b)(Note 16(c)

HK$港元（附注16(a)）（附注16(a)）（附注16(b)）（附注16(c)）

Balance at 1 April 2024于二零二四年四月一日

的结余

Profit for the year年度溢利

Other comprehensive

income for the year

年度其他全面收益

Exchange diferences on

translation of foreign

operations

换算外国业务之汇兑差额

Reclasification adjustment

for a foreign operation

deregistered during the

year

就年内撤销外国业务之

注册所作重新分类调整

Total comprehensive

income for the year

年度全面收益总额

Deregistration of a subsidiary撤销一间附属公司的注册

Dividends (Note 26)股息（附注26）

Balance at 31 March 2025于二零二五年三月三十一日

的结余

4,420,746
(3,245,051)
1,175,695
(880,822)
2,000
529,223
(349,599)
(5,974,260)
7,000,000
(13,068,763)
(1,195,780)
–
(439,295)
(13,678,098)
(12,852,002)
46,243,124
58,066
33,449,188

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司63

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

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

The above consolidated statement of cash flows should be read in conjunction with the acompanying notes.

上述综合现金流量表应与随附注一并阅读。

Notes20252024

HK$港元附注二零二五年二零二四年

Cash flows from operating activities经营活动所得现金流量

Net cash generated from operations经营所得净现金29(a)26,197,868

Income taxes paid已付所得税(6,199,665)

Net cash generated from

operating activities

经营活动所得净现金

19,998,203

Cash flows from investing activities投资活动所得现金流量

Purchases of property, plant and equipment购买物业、厂房及设备(1,287,719)

Proced from sales of property, plant and

equipment

出售物业、厂房及设备

所得款项–

Interest income received已收利息收入519,719

Net cash used in investing activities投资活动所用净现金(768,000)

Cash flows from financing activities融资活动所得现金流量

Dividend paid已付股息26(6,000,000)

Proced from bank borowings自银行借贷所得款项29(b)5,000,000

Repayment of bank borowings偿还银行借贷29(b)(4,028,372)

Payment of lease liabilities支付租赁负债29(b)(962,281)

Repurchase of shares购回股份16(996,840)

Interest paid已付利息(462,459)

Net cash used in financing activities融资活动所用净现金(7,449,952)

Net (decrease)/increase in cash and cash

equivalents

现金及现金等价物净

（减少）╱增加11,780,251

Cash and cash equivalents at begining

of the year

年初的现金及现金等价物

34,409,576

Efect of foreign exchange rate changes外币汇率变动的影响53,297

Cash and cash equivalents at end of the year年终的现金及现金等价物46,243,124

ANUAL REPORT 2025 年报 64

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1 一般资料

邝文记集团有限公司（「本公司」）于二零

一六年五月三十日根据开曼群岛法律第

22章公司法（一九六一年法例三，经综合

及修订）在开曼群岛注册成立为获豁免有

限公司。本公司之注册办事处地址为P.O.

Box 309, Ugland House, Grand Cayman,

KY1-1104, Cayman Islands，而其主要

营业地点为香港九龙必发道91-93号The

Bedford 21楼。

本公司为投资控股公司。本公司及其附属

公司（统称「本集团」）主要从事提供地坪铺

设、地台批荡、铺设防滑、专业纹理涂装

及防水工程方面的工程服务。本公司的控

股东为邝志文先生（「邝先生」）而本公司

的母公司为Sage City Investments Limited

（「Sage City」）。

除文义另有所指者外，综合财务报表乃以

港元（「港元」）呈列。

本公司股份于二零一六年十月十三日在香

港联合交易所有限公司GEM上市（「上市」）。

2 编制基准及会计政策变动

2.1 编制基准

本公司之综合财务报表乃根据香港会

计师公会（「香港会计师公会」）颁布的

香港财务报告准则会计准则及香港法

例第622章香港公司条例的披露规定

而编制。综合财务报表乃以历史成本

法编制，惟于保险合约之投资及以公

平值计入损益之金融资产分别以现金

退保价值及公平值列账除外。

1 GENERAL INFORMATION

Kwong Man Ke Group Limited (the “Company”) was incorporated

in the Cayman Islands on 30 May 2016 as an exempted company

with limited liability under the Companies Law, Cap. 22 (Law 3

of 1961, as consolidated and revised) of the Cayman Islands.

The adres of the Company’s registered ofice is P.O. Box 309,

Ugland House, Grand Cayman, KY1-1104, Cayman Islands and its

principal place of busines is 21/F, The Bedford, 91-93 Bedford

Road, Kowlon, Hong Kong.

The Company is an investment holding company. The Company

and its subsidiaries (together, the “Group”) are principaly

engaged in the provision of enginering services in floring,

screding, anti-skid surfacing, specialised texture painting and

waterprofing works. The controling shareholder of the Company

is Mr. Kwong Chi Man (“Mr. Kwong”) and the parent company of

the Company is Sage City Investments Limited (“Sage City”).

The consolidated financial statements are presented in Hong Kong

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

The Company listed its shares on GEM of The Stock Exchange of

Hong Kong Limited on 13 October 2016 (the “Listing”).

2 BASIS OF PREPARATION AND CHANGES IN ACOUNTING

POLICIES

2.1 Basis of preparation

The consolidated financial statements of the Company have

ben prepared in acordance with HKFRS Acounting

Standards isued by the Hong Kong Institute of Certified

Public Acountants (“HKICPA”) and disclosure requirements

of the Hong Kong Companies Ordinance (Cap. 622). The

consolidated financial statements have ben prepared under

the historical cost convention, except for investment in an

insurance contract and financial asets at fair value through

profit or los which are caried at cash surender value and

fair value, respectively.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司65

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 编制基准及会计政策变动（续）

2.1 编制基准（续）

编制符合香港财务报告准则会计准则

之综合财务报表需要使用若干关键会

计估计。其亦要求管理层在应用本集

团会计政策的过程中行使其判断力。

涉及较高判断或复杂程度的范畴，或

对综合财务报表为重要的假设和估计

的范畴乃于附注4披露。

(a) 本年度强制生效的经修订香港财

务报告准则会计准则

于本年度，本集团已就编制综合

财务报表首次应用下列由香港会

计师公会颁布的经修订香港财务

报告准则会计准则，有关修订于

二零二四年四月一日开始的本集

团年度期间强制生效：

香港财务报告

准则第16号

的修订

售后租回交易

中的租赁

负债

香港会计准则

第1号的

修订

负债分类为流

动或非流动

以及香港诠

释第5号（二

零二零年）

的有关修订

香港会计准则

第1号的修订

附有契约条件

的非流动

负债

香港会计准则

第7号及香港

财务报告

准则第7号

的修订

供应方融资

安排

于本年度应用经修订香港财务报

告准则会计准则对本集团本年度

及过往年度的财务状况及表现

及╱或该等综合财务报表所载的

披露概无重大影响。

2 BASIS OF PREPARATION AND CHANGES IN ACOUNTING

POLICIES (Continued)

2.1 Basis of preparation (Continued)

The preparation of consolidated financial statements in

conformity with HKFRS Acounting Standards requires the

use of certain critical acounting estimates. It also requires

management to exercise its judgement in the proces of

aplying the Group’s acounting policies. The areas involving

a higher degre of judgement or complexity, or areas where

asumptions and estimates are significant to the consolidated

financial statements are disclosed in Note 4.

(a) 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 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 16

Lease Liability in a Sale and

Leaseback

Amendments to

HKAS 1

Clasification of Liabilities

as Curent or Noncurent

and related amendments to

Hong Kong Interpretation 5

(2020)

Amendments to

HKAS 1

Non-curent Liabilities with

Covenants

Amendments to

HKAS 7 and HKFRS 7

Suplier Finance

Arangements

The aplication of the amendments to HKFRS

Acounting Standards in the curent year has had no

material impact on the Group’s financial positions and

performance for the curent and prior years and/or on

the disclosures set out in these consolidated financial

statements.

ANUAL REPORT 2025 年报 66

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 编制基准及会计政策变动（续）

2.1 编制基准（续）

(b) 已颁布但尚未生效的新订及经修

订香港财务报告准则会计准则

本集团尚未提早应用下列已颁布

但尚未生效的新订及经修订香港

财务报告准则会计准则：

香港财务报告

准则第18号

财务报表的呈列

及披露

香港财务报告

准则第9号及

香港财务报告

准则第7号的

修订

金融工具分类及

计量的修订

香港财务报告

准则第10号及

香港会计准则

第28号的修订

投资者与其联营

公司或合营企

业之间的资产

出售或注资

香港财务报告

准则会计准则

的修订

香港财务报告

准则会计准则

的年度改进

－第11册

香港会计准则

第21号的修订

缺乏可兑换性

香港财务报告

准则第9号及

香港财务报告

准则第7号的

修订

涉及依赖自然能

源生产电力的

合约

于待定日期或之后开始的年度

期间生效。

于二零二五年一月一日或之后

开始的年度期间生效。

于二零二六年一月一日或之后

开始的年度期间生效。

于二零二七年一月一日或之后

开始的年度期间生效。

除下文所述新订及经修订香港财

务报告准则会计准则外，董事预

期应用所有其他新订及经修订香

港财务报告准则会计准则后，将

不会于可见未来对综合财务报表

造成重大影响。

2 BASIS OF PREPARATION AND CHANGES IN ACOUNTING

POLICIES (Continued)

2.1 Basis of preparation (Continued)

(b) 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:

HKFRS 18Presentation and Disclosure in

Financial Statements

Amendments to

HKFRS 9 and

HKFRS 7

Amendments to the

Clasification and

Measurement of Financial

Instruments

Amendments to

HKFRS 10 and

HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Amendments to

HKFRS Acounting

Standards

Anual Improvements

to HKFRS Acounting

Standards – Volume 11

Amendments to

HKAS 21

Lack of Exchangeability

Amendments to

HKFRS 9 and

HKFRS 7

Contracts Referencing

Nature-dependent

Electricity

Efective for anual periods begining on or after a date

to be determined.

Efective for anual periods begining on or after I

January 2025.

Efective for anual periods begining on or after 1

January 2026.

Efective for anual periods begining on or after 1

January 2027.

Except for the new and amendments to HKFRS

Acounting Standards mentioned below, the directors

anticipate that the aplication of al other new and

amendments to HKFRS Acounting Standards wil

have no material impact on the consolidated financial

statements in the foreseable future.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司67

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 编制基准及会计政策变动（续）

2.1 编制基准（续）

(b) 已颁布但尚未生效的新订及经修

订香港财务报告准则会计准则

（续）

香港财务报告准则第18号「财务

报表的呈列及披露」

香港财务报告准则第18号「财务

报表的呈列及披露」载列财务报

表的呈列及披露规定，将取代香

港会计准则第1号「财务报表呈

报」。该新订香港财务报告准则

会计准则于延续香港会计准则

第1号多项规定的同时引入新规

定，要求于损益表呈列指定类别

及经界定小计，于财务报表附注

中提供管理层界定绩效衡量的披

露，并改进财务报表中披露的汇

总及分类资料。此外，香港会计

准则第1号若干段落已移至香港

会计准则第8号及香港财务报告

准则第7号。香港会计准则第7号

「现金流量表」及香港会计准则第

33号「每股盈利」亦有轻微修订。

香港财务报告准则第18号及其他

准则的修订本将于二零二七年一

月一日或之后开始的年度期间生

效，允许提前应用。应用新准则

预期将会影响损益表的呈列以及

未来财务报表的披露。本集团正

在评估香港财务报告准则第18号

对本集团综合财务报表的详细影

响。

2 BASIS OF PREPARATION AND CHANGES IN ACOUNTING

POLICIES (Continued)

2.1 Basis of preparation (Continued)

(b) New and amendments to HKFRS Acounting Standards

in isue but not yet efective (Continued)

HKFRS 18 Presentation and Disclosure in Financial

Statements

HKFRS 18 Presentation and Disclosure in Financial

Statements, which sets out requirements on presentation

and disclosures in financial statements, wil replace

HKAS 1 Presentation of Financial Statements. This

new HKFRS Acounting Standard, while carying

forward many of the requirements in HKAS 1,

introduces new requirements to present specified

categories and defined subtotals in the statement of

profit or los; provide disclosures on management

defined performance measures in the notes to the

financial statements and improve agregation and

disagregation of information to be disclosed in

the financial statements. In adition, some HKAS 1

paragraphs have ben moved to HKAS 8 and HKFRS 7.

Minor amendments to HKAS 7 Statement of Cash Flows

and HKAS 33 Earnings per Share are also made.

HKFRS 18, and amendments to other standards, wil

be efective for anual periods begining on or after

1 January 2027, with early aplication permited. 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.

ANUAL REPORT 2025 年报 68

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理

3.1 财务风险因素

本集团的业务面对不同财务风险：外

汇风险、利率风险、信贷风险及流动

资金风险。本集团的整体风险管理计

划集中处理金融市场的不可预测性，

并寻求尽力减轻对本集团财务表现的

潜在不利影响。

管理层定期管理本集团之财务风险。

由于本集团的财务结构及目前营运较

为简单，故管理层并无进行任何对冲

活动。

(a) 外汇风险

本集团主要在香港经营，并面临

各种货币所产生的外汇风险，有

关风险并不重大。

由于本集团内各公司的资产及负

债主要以各公司之功能货币计

值，董事认为，本集团之溢利不

会因外币汇率变动而出现重大波

动。

(b) 利率风险

本集团的利率风险来自银行存

款、银行借贷以及租赁负债。以

浮动利率计息的银行借贷令本集

团面对现金流量利率风险，而该

风险部份获银行存款抵销。以固

定利率计息的租赁负债令本集团

面对公平值利率风险。银行借贷

的利率概况于附注20披露。银行

存款按现行市场利率产生利息。

于二零二五年三月三十一日，倘

利率上升╱下降25个基点而所有

其他变数维持不变，本集团年度

溢利将增加╱减少约55,000港元

（二零二四年：69,000港元），主

要由于浮动利率银行存款和银

行借贷的利息收入高于╱低于支

出。

3 FINANCIAL RISK MANAGEMENT

3.1 Financial risk factors

The Group’s activities expose it to a variety of financial

risks: foreign exchange risk, interest rate risk, credit risk

and liquidity risk. The Group’s overal risk management

programe focuses on the unpredictability of financial

markets and seks to minimise potential adverse efects on

the Group’s financial performance.

Management regularly manages the financial risks of the

Group. Because of the simplicity of the financial structure and

the curent operations of the Group, no hedging activities are

undertaken by management.

(a) Foreign exchange risk

The Group mainly operates in Hong Kong and is

exposed to imaterial exchange risk from various

curency exposures.

As the asets and liabilities of each company within

the Group are mainly denominated in the respective

company’s functional curency, the directors are of the

opinion that the Group’s volatility of its profits against

changes in exchange rates of foreign curencies would

not be significant.

(b) Interest rate risk

The Group’s interest rate risk arises from bank deposits,

bank borowings and lease liabilities. Bank borowings

isued at variable rates expose the Group to cash flow

interest rate risk which is partialy ofset by the bank

deposits. Lease liabilities isued at fixed rates expose

the Group to fair value interest rate risk. The interest rate

profile of bank borowings is disclosed in Note 20. The

bank deposits generate interest at the prevailing market

interest rates.

As at 31 March 2025, if interest rates had ben 25 basis

points higher/lower with al other variables held constant,

the Group’s profit for the year would have increased/

decreased by aproximately HK$55,000 (2024:

HK$69,000), mainly as a result of higher/lower interest

income over expense on floating rate bank deposits and

bank borowings.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司69

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

本集团的信贷风险主要源于应收

贸易账款及应收保留金、合约资

产、按金、其他应收款项以及现

金及现金等价物。该等结余（手

头现金除外）在综合财务状况表

的账面值代表本集团就其金融资

产所承担的最高信贷风险。

现金及现金等价物

本集团的大部分银行结余均存放

在获独立评定为具有高信贷评级

的财务机构内。由于该等财务机

构过往并无违约记录，故管理层

预料不会发生因该等机构未能履

约而造成的任何亏损。

其他应收款项

其他应收款项亦须遵守香港财

务报告准则第9号的减值规定。

减值按12个月预期信贷亏损或

全期预期信贷亏损计量，视乎自

初步确认以来信贷风险是否显著

增加。如应收款项的信贷风险自

初步确认后显著增加，则按全期

预期信贷亏损计量减值。于二零

二五年及二零二四年三月三十一

日，其他应收款项的已确定减值

亏损经评估为甚低。

按金

按金主要为租金按金及公用设施

及管理费按金。按金的信贷质素

已参考交易对手的过往资料（如

违约率及交易对手的财务状况）

进行评估。鉴于该等交易对手过

往并无违约记录，本公司董事认

为违约风险不大，且预期交易对

手不会因不履约而造成任何损

失。因此，按金的预期信贷亏损

被评估为最低。

3 FINANCIAL RISK MANAGEMENT (Continued)

3.1 Financial risk factors (Continued)

Credit risk of the Group mainly arises from trade and

retention receivables, contract asets, deposits, other

receivables and cash and cash equivalents. The

carying amounts of these balances except cash on

hand in the consolidated statement of financial position

represent the Group’s maximum exposure to credit risk

in relation to its financial asets.

Cash and cash equivalents

The majority of the Group’s bank balances are placed

in financial institutions which are independently rated

with high credit ratings. Management does not expect

any loses from non-performance by these financial

institutions as they have no default history in the past.

Other receivables

Other receivables are also subject to the impairment

requirements under HKFRS 9. It is measured as either

12-month expected credit loses or lifetime expected

credit los, depending on whether there has ben a

significant increase in credit risk since initial recognition.

If a significant increase in credit risk of a receivable

has ocured since initial recognition, impairment is

measured as lifetime expected credit loses. As at 31

March 2025 and 2024, the identified impairment los for

other receivables is asesed to be minimal.

Deposits

Deposits are mainly rental deposit and utilities and

management fe deposits. The credit quality of

deposits has ben asesed with reference to historical

information about the counterparties such as default

rates and financial position of the counterparties. Given

there is no history of defaults from these counterparties,

the directors of the Company are of the opinion that the

risk of default is not significant and does not expect

any loses from non-performance by the counterparties.

Therefore, expected credit los for the deposits is

asesed to be minimal.

603,743	339,661	885,851	–	815,012	2,644,267
100%	100%	100%	–	100%	100%
(603,743)	(339,661)	(885,851)	–	(815,012)	(2,644,267)
–	–	–	–	–	–

ANUAL REPORT 2025 年报 70

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

应收贸易账款及应收保留金以及

合约资产

就应收贸易账款及应收保留金以

及合约资产而言，本集团应用香

港财务报告准则第9号所订明的

简化方法计量预期信贷亏损，该

方法就所有无融资成分的应收贸

易账款及应收保留金以及合约资

产使用全期预期信贷亏损拨备。

与已知有财政困难或对收回应收

款项有重大疑问的客户有关的应

收款项，会就计提减值拨备予以

个别评估。下表按到期日呈列于

二零二五年及二零二四年三月

三十一日经个别评估的应收账款

的账面总值及亏损拨备结余。

个别评估：

3 FINANCIAL RISK MANAGEMENT (Continued)

3.1 Financial risk factors (Continued)

Trade and retention receivables and contract asets

For trade and retention receivables and contract asets,

the Group aplies the HKFRS 9 simplified aproach

to measuring expected credit loses which uses a

lifetime expected credit los alowance for al trade

and retention receivables and contract asets without

financing components.

Receivable relating to customers with known financial

dificulties or significant doubt on colection of

receivables are asesed individualy for provision for

impairment alowance. The folowing table presents

the balances of gros carying amounts and the los

alowance in respect of the individualy asesed trade

receivables by due date as at 31 March 2025 and 2024.

Individual asesment:

Curent

Past due

within

30 days

Past due

31 to 60

days

Past due

61 to 90

days

Past due

over 90

daysTotal

HK$港元即期

逾期

30日内

逾期

31至60日

逾期

61至90日

逾期

超过90日总计

As at 31 March 2025于二零二五年

三月三十一日

Gros carying amount账面总值

Expected credit los rates

(Note)

预期信贷亏损率

（附注）

Los alowance亏损拨备

Net carying amount账面净值

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司71

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

应收贸易账款及应收保留金以及

合约资产（续）

个别评估：（续）

除按个别基准进行评估的应收贸易账款外，

应收贸易账款及应收保留金已根据共有信

贷风险特点及逾期天数进行分组，以计量

预期信贷亏损。

本集团将应收贸易账款及应收保留金以及

合约资产分为两个类别，以计量预期信贷

亏损率。第1类适用于信贷风险相对较低且

无违约记录的客户。第2类针对信贷风险相

对较高的客户。因应不同类型客户，本集

团分开计算预期信贷亏损率。

3 FINANCIAL RISK MANAGEMENT (Continued)

3.1 Financial risk factors (Continued)

Trade and retention receivables and contract asets

(Continued)

Individual asesment: (Continued)

Past duePast duePast duePast due

within31 to 6061 to 90over 90

Curent30 daysdaysdaysdaysTotal

HK$港元即期

逾期

30日内

逾期

31至60日

逾期

61至90日

逾期

超过90日总计

As at 31 March 2024于二零二四年

三月三十一日

Gros carying amount账面总值9,720328,141730,985–218,9281,287,774

Expected credit los rates

(Note)

预期信贷亏损率

（附注）100%100%100%–100%100%

Los alowance亏损拨备(9,720)(328,141)(730,985)–(218,928)(1,287,774)

Net carying amount账面净值–

Other than those trade receivables which were asesed

by individual basis, trade and retention receivables

have ben grouped based on the shared credit risk

characteristics and the days past in order to measure

the expected credit loses.

The Group divided trade and retention receivables

and contract asets into two categories to measure

the expected credit los rates. Category 1 is for

customers who have a relatively low credit risk and no

default history. Category 2 is for customers who have

a relatively higher credit risk. With diferent types of

customers, the Group calculated the expected credit

los rates respectively.

46,862,710
0.3%
(123,061)
46,739,649

ANUAL REPORT 2025 年报 72

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

应收贸易账款及应收保留金以及

合约资产（续）

就第1类而言，本集团认为这些

客户具有优良的信贷状况且无违

约记录。此外，该等客户在财务

上有能力结清未付金额。该等客

户的预期信贷亏损乃独立评估。

就第2类而言，应收贸易账款及

应收保留金的预期信贷亏损率乃

根据拨备矩阵厘定，其中逾期少

于18个月的结余按下文所列的预

期信贷亏损率拨备，而逾期超过

18个月的应收贸易账款及应收保

留金则全数100%拨备。

按此基准，应收贸易账款及应收

保留金于二零二五年及二零二四

年三月三十一日之亏损拨备厘定

如下。

第1类：信贷风险相对较低且无

违约记录的客户

3 FINANCIAL RISK MANAGEMENT (Continued)

3.1 Financial risk factors (Continued)

Trade and retention receivables and contract asets

(Continued)

For category 1, the Group considers that these

customers have a god credit profile and no default

history. Also, these customers are financialy capable

of setling the outstanding amount. The expected credit

los for these customers are asesed individualy.

For category 2, the expected credit los rates for the

trade and retention receivables is determined acording

to a provision matrix where balances that are les than

18 months overdue are provided for at expected credit

los rates per below and trade and retention receivables

more than 18 months overdue are 100% provided for.

On that basis, the los alowance as at 31 March 2025

and 2024 was determined as folows for trade and

retention receivables.

Category 1: Customers have a relatively low credit

risk and no default history

Trade and retention receivables

应收贸易账款及应收保留金

HK$港元二零二五年二零二四年

Gros carying amount账面总值39,747,714

Expected credit los rates (Note)预期信贷亏损率（附注）0.8%

Los alowance亏损拨备(321,268)

Net carying amount账面净值39,426,446

15,050,699	3,646,345	1,943,156	924,280	10,672,099	32,236,579
1.8%	7.6%	12.9%	20.7%	72.2%	27.0%
(265,521)	(275,859)	(251,605)	(191,352)	(7,704,115)	(8,688,452)
14,785,178	3,370,486	1,691,551	732,928	2,967,984	23,548,127

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司73

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

应收贸易账款及应收保留金以及

合约资产（续）

第2类：信贷风险相对较高的客

户

3 FINANCIAL RISK MANAGEMENT (Continued)

3.1 Financial risk factors (Continued)

Trade and retention receivables and contract asets

(Continued)

Category 2: Customers have a relatively higher credit

risk

Trade and retention receivables

应收贸易账款及应收保留金

Past duePast duePast duePast due

within31 to 6061 to 90over 90

Curent30 daysdaysdaysdaysTotal

HK$港元即期

逾期

30日内

逾期

31至60日

逾期

61至90日

逾期

超过90日总计

As at 31 March 2025于二零二五年

三月三十一日

Gros carying amount账面总值

Expected credit los rates

(Note)

预期信贷亏损率

（附注）

Los alowance亏损拨备

Net carying amount账面净值

As at 31 March 2024于二零二四年

三月三十一日

Gros carying amount账面总值11,312,6964,845,4581,586,77970,9618,974,75026,790,644

Expected credit los rates

(Note)

预期信贷亏损率

（附注）0.4%2.3%4.4%6.2%57.6%20.2%

Los alowance亏损拨备(45,310)(111,286)(70,152)(4,401)(5,167,364)(5,398,513)

Net carying amount账面净值11,267,3864,734,1721,516,62766,5603,807,38621,392,131

5,298,162	2,076,863	7,375,025
0.3%	1.8%	0.7%
(13,904)	(36,876)	(50,780)
5,284,258	2,039,987	7,324,245

ANUAL REPORT 2025 年报 74

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

应收贸易账款及应收保留金以及

合约资产（续）

合约资产与未开发票的在建工

程有关，与即期应收贸易账款

（就同类合约而言）之风险大致相

同。因此，本集团的结论为应收

贸易账款的预期信贷亏损率乃合

理近似于合约资产的亏损率。按

此基准，合约资产于二零二五年

及二零二四年三月三十一日的亏

损拨备厘定如下：

合约资产

附注：预期信贷亏损率是根据本集

团的内部及过往信贷亏损数

据、客户逾期天数及违约概

率而厘定。本集团亦计及预

期信贷亏损有关之因素的前

瞻性资料。

3 FINANCIAL RISK MANAGEMENT (Continued)

3.1 Financial risk factors (Continued)

Trade and retention receivables and contract asets

(Continued)

The contract asets relate to unbiled work in progres

and have substantialy the same risk characteristics

as the curent trade receivables for the same types of

contracts. The Group has therefore concluded that the

expected credit los rates for trade receivables are

a reasonable aproximation of the los rates for the

contract asets. On that basis, the los alowance as at

31 March 2025 and 2024 was determined as folows for

contract asets.

Contract asets

Category 1Category 2Total

HK$港元第1类第2类总计

As at 31 March 2025于二零二五年三月三十一日

Gros carying amount账面总值

Expected credit los rates (Note)预期信贷亏损率（附注）

Los alowance亏损拨备

Net carying amount账面净值

As at 31 March 2024于二零二四年三月三十一日

Gros carying amount账面总值7,348,086615,0497,963,135

Expected credit los rates (Note)预期信贷亏损率（附注）0.3%0.4%0.3%

Los alowance亏损拨备(21,748)(2,746)(24,494)

Net carying amount账面净值7,326,338612,3037,938,641

Note: Expected credit los rates were determined based on the

Group’s internal and historical credit los data, the days

past due and the probability of default of customers. The

Group also takes into acount forward-loking information

of relevant factors to the expected credit los.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司75

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

应收贸易账款及应收保留金以及

合约资产（续）

应收贸易账款及应收保留金、合

约资产及其他应收款项在缺乏合

理可收回期望的情况下予以撇

销。缺乏合理可收回期望的迹象

包括债务人未能与本集团订立还

款计划。应收贸易账款及应收保

留金以及合约资产之减值亏损

于经营溢利中以减值亏损净额

呈列。倘于其后收回先前已撇销

的金额，其亦计入同一单线项目

中。

(d) 流动资金风险

审慎的流动资金风险管理乃意味

具有维持充足的现金及自外部筹

资的能力。

本集团所持现金主要用作缴付资

本开支、偿还贷款、应付贸易账

款、其他应付款项、应计负债及

经营开支。因此，董事认为本集

团并无重大流动资金风险。

下表根据综合财务状况表日期至

合约到期日的剩余期间，按相关

到期日组别分析本集团的金融负

债。表中披露的金额为合约未贴

现金流量。由于贴现的影响并

不重大，所以按要求或于一年内

到期的结余的公平值与账面结余

相若。

3 FINANCIAL RISK MANAGEMENT (Continued)

3.1 Financial risk factors (Continued)

Trade and retention receivables and contract asets

(Continued)

Trade and retention receivables, contract asets and

other receivables are writen of when there is no

reasonable expectation of recovery. Indicators that there

is no reasonable expectation of recovery include the

failure of a debtor to engage in a repayment plan with

the Group. Impairment loses on trade and retention

receivables and contract asets are presented as net

impairment loses within operating profit. Subsequent

recoveries of amounts previously writen of are credited

against the same line item.

(d) Liquidity risk

Prudent liquidity risk management implies maintaining

suficient cash and the availability of funding from

external parties.

The Group’s primary cash requirements have ben for

payments for capital expenditures, loan repayment,

trade payables, other creditors, acrued liabilities and

operating expenses. Acordingly, the directors are of

the opinion that the Group does not have significant

liquidity risk.

The table below analyses the Group’s financial liabilities

into relevant maturity groupings based on the remaining

period at the date of the consolidated statement of

financial position to the contractual maturity date. The

amounts disclosed in the table are the contractual

undiscounted cash flows. Fair values of balances due on

demand or les than 1 year aproximate their carying

balances as the impact of discounting is not significant.

29,055,687	–	–	29,055,687
1,496,814	–	–	1,496,814
7,147,777	–	–	7,147,777
1,165,058	765,241	294,411	2,224,710
38,865,336	765,241	294,411	39,924,988

ANUAL REPORT 2025 年报 76

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

(d) 流动资金风险（续）

具体而言，对于包含按要求偿还

条款的银行借贷（银行可全权酌

情决定行使该条款），分析显示

本集团可被要求支付银行借贷的

最早期限的现金流出，前提是贷

款人援引其无条件权利立即追收

贷款。

3 FINANCIAL RISK MANAGEMENT (Continued)

3.1 Financial risk factors (Continued)

(d) Liquidity risk (Continued)

Specificaly, for bank borowings which contain a

repayment on demand clause which can be exercised

at the bank’s sole discretion, the analysis shows the

cash outflow based on the earliest period in which the

Group can be required to pay, that is if the lender were

to invoke their unconditional rights to cal the loans with

imediate efect.

On demandBetwenBetwen

or les than1 and 22 and 5

1 yearyearsyearsTotal

HK$港元

按要求或

一年内一至两年内二至五年内总计

As at 31 March 2025于二零二五年三月三十一日

Trade payables应付贸易账款

Financial liabilities included in

acruals

计入应计费用之金融负债

Bank borowings银行借贷

Lease liabilities租赁负债

As at 31 March 2024于二零二四年三月三十一日

Trade payables应付贸易账款23,489,739–23,489,739

Financial liabilities included in

acruals

计入应计费用之金融负债

1,484,968–1,484,968

Bank borowings银行借贷13,298,243–13,298,243

Lease liabilities租赁负债1,159,668731,858749,9522,641,478

39,432,618731,858749,95240,914,428

1,282,140	1,256,182	2,911,932	2,183,949	7,634,203

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司77

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理（续）

3.1 财务风险因素（续）

(d) 流动资金风险（续）

倘若贷款协议中包含按要求偿还

的条款，而该条款给予贷款人在

任何时间可无条件地追收贷款的

权利，则应偿还的金额将归入贷

款人可要求还款的最早时限。根

据管理层提供的内部信息，预计

贷款人不会行使要求还款的权

利。参考贷款协议所载的还款时

间表，预期现金流量如下：

3.2 资本风险管理

于资本管理中，本集团的目标为保障

本集团持续营运的能力，从而为股东

提供回报，为其他利益相关者提供利

益，以及维持最佳资本架构以减低资

本成本。

为维持或调整资本架构，本集团可调

整向股东派付的股息、向股东退还资

本、发行新股或出售资产以减少债务。

3 FINANCIAL RISK MANAGEMENT (Continued)

3.1 Financial risk factors (Continued)

(d) Liquidity risk (Continued)

Where the loan agrement contains a repayable on

demand clause which gives the lender the unconditional

right to cal the loan at any time, the amounts repayable

are clasified in the earliest time bracket in which the

lender could demand repayment. Based on the internal

information provided by management, it is expected

that the lender wil not exercise its rights to demand

repayment. The expected cash flows with reference

to the schedule of repayments set out in the loan

agrements are as folows:

BetwenBetwen

Les than1 and 22 and 5Over

1 yearyearsyears5 yearsTotal

HK$港元一年内一至两年内二至五年内超过五年总计

As at 31 March 2025于二零二五年三月三十一日

Bank borowings银行借贷

As at 31 March 2024于二零二四年三月三十一日

Bank borowings银行借贷6,316,1511,302,2043,253,1463,213,71714,085,218

3.2 Capital risk management

The Group’s objectives when managing capital are to

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

in order to provide returns for shareholders and benefits

for other stakeholders and to maintain an optimal capital

structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Group

may adjust the amount of dividends paid to shareholders,

return capital to shareholders, isue new shares or sel asets

to reduce debt.

6,974,700
2,132,844
9,107,544
129,817,056
138,924,600
6.6%

ANUAL REPORT 2025 年报 78

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理（续）

3.2 资本风险管理（续）

本集团的总资本乃按总权益加总借贷

（包括银行借贷及租赁负债）计算。本

集团的资本负债比率如下：

3.3 公平值估计

本节解释了于厘定综合财务报表中以

公平值确认及计量的金融工具的公平

值时所作出的判断及估计。为说明用

于厘定公平值的输入数据的可靠性，

本集团已将其金融工具分为会计准则

规定的三个层级：

第一级：在活跃市场交易的金融工具

（如公开交易的衍生工具及权益证券）

的公平值乃基于报告期末的市场报价。

第二级：不在活跃市场交易的金融工

具（例如场外衍生工具）的公平值乃采

用估值技术确定，该等技术最大限度

地利用可观察市场数据，并尽可能不

倚赖特定于个别实体的估计。倘厘定

某工具的公平值所需的所有重要输入

数据均为可观察，该工具乃归入第二

级。

第三级：并非基于可观察市场数据的

资产或负债的输入数据（不可观察的

输入数据）。

3 FINANCIAL RISK MANAGEMENT (Continued)

3.2 Capital risk management (Continued)

Total capital of the Group is calculated as total equity plus

total borowings (including bank borowings and lease

liabilities). The gearing ratio of the Group was as folows:

HK$港元二零二五年二零二四年

Bank borowings (Note 20)银行借贷（附注20）13,043,463

Lease liabilities (Note 10)租赁负债（附注10）2,486,578

Total borowings总借贷15,530,041

Total equity总权益126,453,502

Total capital总资本141,983,543

Gearing ratio资本负债比率10.9%

3.3 Fair value estimation

This section explains the judgements and estimates made

in determining the fair values of the financial instruments

that are recognised and measured at fair value in the

consolidated financial statements. To provide an indication

about the reliability of the inputs used in determining fair

value, the Group has clasified its financial instruments into

the thre levels prescribed under the acounting standards:

Level 1: The fair value of financial instruments traded in active

markets (such as publicly traded derivatives and equity

securities) is based on quoted market prices at the end of the

reporting period.

Level 2: The fair value of financial instruments that are not

traded in an active market (for example, over-the-counter

derivatives) is determined using valuation techniques which

maximise the use of observable market data and rely as

litle as posible on entity-specific estimates. If al significant

inputs required to fair value an instrument are observable, the

instrument is included in level 2.

Level 3: Inputs for the aset or liability that are not based on

observable market data (unobservable inputs).

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司79

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 财务风险管理（续）

3.3 公平值估计（续）

本集团所有以公平值计入损益之金融

资产乃归入第三级，原因是其在活跃

市场上并无报价。本集团的政策订明

于报告期末确认转入及转出公平值

层级的转移。于截至二零二五年及二

零二四年三月三十一日止年度，于第

一、二及三级之间并无任何转移。

就估值技术而言，本集团按资料可用

性而采用不同方法，并根据于各报告

期末的市场状况作出假设。于适当时

候，独立外部估值师会参与厘定公平

值。非上市优先股的估值乃参照对投

资对象的股权的近期认购价，此为一

项重要的不可观察输入数据。其他不

可观察输入数据包括市场可比物的变

动、转换情境的概率、无风险利率及

预期波动率。其他非上市投资采用现

金流量贴现法进行估值，当中贴现率

属重要的不可观察输入数据。贴现率

越高则公平值越低。

除以公平值计入损益之金融资产外，

本集团以摊销成本计值的金融工具因

到期日很短或利率与当前市场利率接

近，故其账面值与其于报告日期的公

平值相近。

3 FINANCIAL RISK MANAGEMENT (Continued)

3.3 Fair value estimation (Continued)

Al of the Group’s financial asets at fair value through profit

or los (“FVPL”) were clasified into Level 3 as they do not

have a quoted price in active markets. The Group’s policy

is to recognise transfers into and out of fair value hierarchy

levels as at the end of the reporting period. There were no

transfers betwen level 1, 2 and 3 during the years ended 31

March 2025 and 2024.

In terms of valuation techniques, the Group uses a variety

of methods depending on the availability of information and

makes asumptions that are based on market conditions

existing at the end of each reporting period. Independent

external valuer has ben involved in determining the fair

values, when apropriate. The unlisted preference shares

were valued with reference to recent subscription price

of the investe’s equity interests, which is a significant

unobservable input. Other unobservable inputs include

movement of market comparable, probability of conversion

scenario, risk-fre interest rates and expected volatility.

Other unlisted investment was valued using discounted

cashflow method, in which the discount rate is considered the

significant unobservable input. Higher discount rate wil result

in lower fair value.

Other than the financial asets at FVPL, the carying amounts

of the Group’s financial instruments caried at amortised cost

aproximate their fair values as at the reporting date since

either the instrument are with short maturities or the interest

rate is close to the curent market rate.

ANUAL REPORT 2025 年报 80

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

4 关键会计估计及判断

本集团作出涉及未来的估计及假设。所作

出的会计估计按定义甚少会与相关实际结

果相同。对于能够使下一财政年度资产及

负债账面值出现重大调整的重大风险的估

计及假设论述如下。

(a) 建筑合约

随著合约工程进度，本集团审查及修

订每一份建筑合约的合约收益、合约

成本、工程变更指令及合约索偿拨备

的估计。预算的建筑成本由管理层参

考所涉主要分包商、供应商或卖方不

时提供的报价加上管理层的经验为基

础而编制。为确保预算准确及更新，

管理层对合约预算进行定期审查，比

较预算金额及实际金额的差别。有关

重大估计可能对于各年度内确认的溢

利产生影响。

(b) 应收贸易账款及应收保留金以及合约

资产减值

本集团遵循香港财务报告准则第9号的

指引以厘定应收贸易账款及应收保留

金以及合约资产何时出现减值。于将

具有类似信贷风险特征的客户组合分

类、评估各客户的违约风险及预期信

贷亏损时，须作出重大判断。于作出

判断时，管理层考虑多项因素，例如

跟进程序的结果、客户付款趋势（包括

期后付款）及客户财务状况以及预计信

贷风险的未来变动（包括考虑一般经济

措施及宏观经济指标变化等因素）。

所用假设和输入数据的详情见附注3。

4 CRITICAL ACOUNTING ESTIMATES AND JUDGEMENTS

The Group makes estimates and asumptions concerning the

future. The resulting acounting estimates wil, by definition,

seldom equal the related actual results. The estimates and

asumptions that have a significant risk of causing a material

adjustment to the carying amounts of asets and liabilities within

the next financial year are discused below.

(a) Construction contracts

The Group reviews and revises the estimates of contract

revenue, contract costs, variation orders and contract claims

prepared for each construction contract as the contract

progreses. Budgeted construction costs are prepared by

the management on the basis of quotations from time to time

provided by the major subcontractors, supliers or vendors

involved and the experience of the management. In order

to kep the budget acurate and up-to-date, management

conducts periodic reviews of the budgets of contracts by

comparing the budgeted amounts to the actual amounts

incured. Such significant estimates may have an impact on

the profit recognised in each year.

(b) Impairment of trade and retention receivables and

contract asets

The Group folows the guidance of HKFRS 9 to determine

when trade and retention receivables and contract asets

are impaired. Significant judgement is exercised on the

customer segmentation of portfolios sharing similar credit

risk characteristics, asesment of the risk of default and

expected credit loses from each customer. In making the

judgement, management considers a wide range of factors

such as results of folow-up procedures, customer payment

trends including subsequent payments, customers’ financial

positions and expected future change of credit risks,

including consideration of factors such as general economy

measure, changes in macro-economic indicators, etc. Details

of asumptions and inputs used are discused in Note 3.

132,057,898
34,025,524
851,727
166,935,149
166,812,856
122,293
166,935,149
851,727
166,083,422
166,935,149

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司81

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 REVENUE AND SEGMENT INFORMATION

HK$港元二零二五年二零二四年

Floring地坪铺设123,800,375

Ancilary services配套服务22,959,776

Sales of materials销售材料796,102

147,556,253

Geographical markets:地理市场：

Hong Kong香港145,586,366

Other Asian region其他亚洲地区1,969,887

147,556,253

Timing of revenue recognition:收益确认的时间性：

At a point in time于某时点796,102

Over time随时间146,760,151

147,556,253

The Executive Directors have ben identified as the chief

operating decision-maker of the Group who review the Group’s

internal reporting in order to ases performance and alocate

resources. The directors regard the Group’s busines as a single

operating segment and review consolidated financial statements

acordingly.

The Group operates primarily in Hong Kong with substantialy al

its non-curent asets located and capital expenditure incured in

Hong Kong.

5 收益及分部资料

执行董事已确认为本集团的主要经营决策

者，其检讨本集团的内部申报以评估表现

及分配资源。董事将本集团的业务视为一

个经营分部并就此审阅综合财务报表。

本集团主要于香港经营业务，其几乎所有

非流动资产位于香港及几乎所有资本开支

于香港产生。

N/A 不适用*
29,613,514
20,949,813

ANUAL REPORT 2025 年报 82

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 收益及分部资料（续）

于截至二零二五年及二零二四年三月三十一

日止年度贡献本集团总收益超过10%的客

户所贡献收益如下：

%。

收益按已收或应收代价的公平值计量，是

指在正常业务过程中提供服务的应收金额。

(a) 建筑合约

建筑服务收益会在一段时间内随著本

集团透过履约而创建或提升客户在资

产创建或提升时所控制的资产或在建

工程。

本集团已采用投入法，参考本集团就

完成履约责任的付出或投入与完成履

约责任预期总投入的对比来确认建筑

合约的收益。因此，本集团使用「完成

百分比法」厘定在特定时期需确认的

合适收益金额。完成阶段乃参照迄今

产生的成本占合约总成本之百分比而

计量。

本集团认为投入法能更有效描述本集

团将货物或服务的控制权转移予其客

户的表现。

5 REVENUE AND SEGMENT INFORMATION (Continued)

Revenue from customers contributing over 10% of the total

revenue of the Group for the year ended 31 March 2025 and 2024

were as folows:

HK$港元二零二五年二零二四年

Customer A客户A39,185,446

Customer B客户BN/A 不适用*

Customer C客户CN/A 不适用*

% of the

Group’s total revenue.

Revenue is measured at the fair value of the consideration

received or receivable and represents amounts receivable for

services rendered in the normal course of busines.

(a) Construction contracts

Revenue from the construction services is recognised over

time as the Group’s performance creates or enhances an

aset or work in progres that the customer controls as the

aset is created or enhanced.

The Group has aplied the input method in recognising the

revenue from construction contracts by reference to the

Group’s eforts or inputs to the satisfaction on a performance

obligation relative to the total expected inputs to the

satisfaction of the performance obligation. Acordingly,

the Group uses the “percentage-of-completion method” to

determine the apropriate amount of revenue to recognise

in a given period. The stage of completion is measured by

reference to costs incured to date as a percentage of total

contract costs.

The Group considers the input method beter depicts the

Group’s performance in transfering control of gods or

services to their customers.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司83

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 收益及分部资料（续）

(a) 建筑合约（续）

若建筑合约结果不能可靠估计，合约

收益只按有可能收回的已产生合约成

本确认。

合约工程变更、索偿及奖励款项亦计

入合约收益，惟以与客户协定及能够

可靠计量者为限。

倘情况发生变化，则会对收益、成本

或完成进度的估计予以修订。任何由

此产生的估计收益或成本增加或减少

均在管理层知悉引起修改的情况之期

间内在损益列账。

客户根据付款时间表支付固定金额。

倘本集团提供的服务超过付款额，则

确认合约资产。倘付款超过所提供的

服务，则确认为合约负债。

本集团所订约承建的所有建筑项目均

获保养一年。预期保修成本于必要时

产生。

由于付款符合相关行业的典型付款条

件，因此不视为存在融资因素。

5 REVENUE AND SEGMENT INFORMATION (Continued)

(a) Construction contracts (Continued)

When the outcome of a construction contract canot be

estimated reliably, contract revenue is recognised only to

the extent of contract costs incured that are likely to be

recoverable.

Variations in contract work, claims and incentive payments

are included in contract revenue to the extent that may have

ben agred with the customer and are capable of being

reliably measured.

Estimates of revenues, costs or extent of progres toward

completion are revised if circumstances change. Any

resulting increases or decreases in estimated revenues or

costs are reflected in profit or los in the period in which the

circumstances that give rise to the revision become known by

management.

The customer pays the fixed amount based on a payment

schedule. If the services rendered by the Group exced the

payment, a contract aset is recognised. If the payments

exced the services rendered, a contract liability is

recognised.

Al construction contracts by the Group are waranted to be

fre of defects for a period of one year. Expected cost for

waranty repairs are acrued when necesary.

No element of financing is demed present as payments are

in acordance with the typical payment terms of the relevant

industry.

10,894,971	796,504	143,276	274,000	12,108,751
–	880,822	–	–	880,822
(452,104)	(597,113)	(76,227)	(133,500)	(1,258,944)
–	1,344	4,001	–	5,345
10,442,867	1,081,557	71,050	140,500	11,735,974
13,454,752	6,922,147	2,050,145	2,433,703	24,860,747
(3,011,885)	(5,840,590)	(1,979,095)	(2,293,203)	(13,124,773)
10,442,867	1,081,557	71,050	140,500	11,735,974

ANUAL REPORT 2025 年报 84

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

6 物业、厂房及设备6 PROPERTY, PLANT AND EQUIPMENT

Buildings

Furniture and

equipment

Leasehold

improvements

Motor

vehiclesTotal

HK$港元楼宇家具及设备租赁物业装修汽车总计

At 1 April 2023于二零二三年四月一日

Cost成本13,454,7525,201,0101,887,2682,172,78622,715,816

Acumulated depreciation累计折旧(2,107,678)(4,697,682)(1,776,238)(2,085,286)(10,666,884)

Net bok amount账面净值11,347,074503,328111,03087,50012,048,932

Year ended 31 March 2024截至二零二四年三月三十一日

止年度

Opening net bok amount期初账面净值11,347,074503,328111,03087,50012,048,932

Aditions添置–840,702159,017288,0001,287,719

Depreciation折旧(452,103)(546,624)(125,179)(101,500)(1,225,406)

Exchange diferences汇兑差额–(902)(1,592)–(2,494)

Closing net bok amount期末账面净值10,894,971796,504143,276274,00012,108,751

At 31 March 2024于二零二四年三月三十一日

Cost成本13,454,7526,040,2122,043,9932,433,70323,972,660

Acumulated depreciation累计折旧(2,559,781)(5,243,708)(1,900,717)(2,159,703)(11,863,909)

Net bok amount账面净值10,894,971796,504143,276274,00012,108,751

Year ended 31 March 2025截至二零二五年三月三十一日

止年度

Opening net bok amount期初账面净值

Aditions添置

Depreciation折旧

Exchange diferences汇兑差额

Closing net bok amount期末账面净值

At 31 March 2025于二零二五年三月三十一日

Cost成本

Acumulated depreciation累计折旧

Net bok amount账面净值

40%

–

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司85

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

6 PROPERTY, PLANT AND EQUIPMENT (Continued)

During the year ended 31 March 2025, depreciation of

HK$523,943 (2024: HK$460,284) and HK$735,001 (2024:

HK$765,122) were charged to “cost of sales” and “general

and administrative expenses” in the consolidated statement of

comprehensive income, respectively.

Refer to Note 20 for information on non-curent asets pledged as

security by the Group.

7 INTEREST IN AN ASOCIATE

Set out below is the information of the asociate of the Group as

at 31 March 2025 and 2024. The share capital of the asociate

consists solely of ordinary shares. The country of incorporation

of registration is also its principal place of busines, and the

proportion of ownership interest is the same as the proportion of

voting rights held by the Group.

Name of entity

Place of busines/

country of

incorporation

% of ownershipMeasurement

methodPrincipal activity

Carying amount

实体名称

营业地点╱

注册成立国家

所有权益%账面值

二零二五年二零二四年计量方法主要业务二零二五年二零二四年

%HK$HK$

港元港元

Carful Group Limited (“CGL”)Hong Kong and

China

40%Equity methodProvision of car-sharing

platforms in Hong

Kong and motor

beauty in China

497,391

驾科集团有限公司（「驾科集团」）香港及中国香港权益法在香港提供汽车共享

平台及在中国提供

汽车美容

On 21 February 2022, a subsidiary of the Group acquired 40%

equity interests in CGL at a consideration HK$5,000,000.

The tables below provide sumarised financial information for the

asociate. The sumarised financial information disclosed reflects

the amounts presented in the financial statements of the relevant

asociate and not the Group’s share of those amounts.

6 物业、厂房及设备（续）

于截至二零二五年三月三十一日止年度，

折旧523,943港元（二零二四年：460,284港

元）及735,001港元（二零二四年：765,122

港元）乃分别自综合全面收益表中的「销售

成本」及「一般及行政开支」扣除。

有关本集团已抵押之非流动资产的资料，

请参阅附注20。

7 于联营公司之权益

下表载列本集团一间联营公司于二零二五

年及二零二四年三月三十一日的资料。该

联营公司的股本仅由普通股组成，其注册

成立国家与其主要营业地点相同，而本集

团持有的所有权益比例亦与投票权比例

相同。

于二零二年二月二十一日，本集团的附

属公司以代价5,000,000港元收购驾科集团

40%股权。

下表概列该联营公司的财务资料。所披露

的摘要财务资料反映于相关联营公司的财

务报表中呈列的金额，而非本集团应占的

金额。

295,213
162,434
(596,639)
(893,532)
(1,032,524)

1,397,283
383,849

ANUAL REPORT 2025 年报 86

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

7 于联营公司之权益（续）7 INTEREST IN AN ASOCIATE (Continued)

31 March 202531 March 2024

HK$港元

二零二五年

三月三十一日

二零二四年

三月三十一日

Curent asets流动资产313,085

Non-curent asets非流动资产74,546

Curent liabilities流动负债(795,660)

Non-curent liabilities非流动负债(1,001,739)

Net liabilities负债净值(1,409,768)

Year ended

31 March 2025

Year ended

31 March 2024

HK$港元

截至

二零二五年

三月三十一日

止年度

截至

二零二四年

三月三十一日

止年度

Revenue收益805,647

Profit/(los) and total

comprehensive income/

(expenses) for the year

年内溢利╱（亏损）及全面

收益╱（开支）总额

(1,722,320)

(1,409,768)
383,849
(6,605)
(1,032,524)
40%
–
3,658,162
(3,658,162)
–

(153,540)
37,997

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司87

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

7 于联营公司之权益（续）7 INTEREST IN AN ASOCIATE (Continued)

31 March 202531 March 2024

HK$港元

二零二五年

三月三十一日

二零二四年

三月三十一日

Reconciliation to carying

amounts:

账面值对账：

Net (liabilities)/asets at the

begining of the financial year

于财政年度开始的（负债）╱资产净值

325,203

Profit/(los) for the year年内溢利╱（亏损）(1,722,320)

Other reserve其他储备(12,651)

Closing net liabilities期末负债净值(1,409,768)

Group’s share in%本集团占比%40%

Group’s share in HK$本集团占比以港元列示–

Godwil商誉3,658,162

Impairment los减值亏损(3,160,771)

Carying amount账面值497,391

Year ended

31 March 2025

Year ended

31 March 2024

HK$港元

截至

二零二五年

三月三十一日

止年度

截至

二零二四年

三月三十一日

止年度

The unrecognised share of (profit)/

los of an asociate for the year

年内联营公司未确认（溢利）╱亏损占比

191,537

Cumulative unrecognised share of

los of an asociate

累计联营公司未确认亏损占比

191,537

ANUAL REPORT 2025 年报 88

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

8 于保险合约之投资

本集团于一份主要管理层人寿保险合约之

投资包含投资及保险成分，受保人为本集

团一名董事。

主要管理层人寿保险合约乃向香港一间主

要金融机构投购，而董事相信该机构具高

信贷质素。

于二零二五年及二零二四年三月三十一日，

于保险合约之投资的账面值以美元（「美

元」）计值。

有关本集团已抵押之非流动资产的资料，

请参阅附注20。

8 INVESTMENT IN AN INSURANCE CONTRACT

The Group invests in key management life insurance contract,

which contains both investment and insurance elements, with a

director of the Group as the insured person.

Investment in a key management life insurance contract was

aranged with a major financial institution in Hong Kong, which the

directors believe are of high credit quality.

As at 31 March 2025 and 2024, the carying amount of the

investment in an insurance contract is denominated in US dolar

(“USD”).

HK$

港元

At 1 April 2023于二零二三年四月一日1,340,585

Changes in cash surender value现金退保价值变动43,929

Exchange diferences汇兑差额(9,783)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及二零二四年四月一日1,374,731

Changes in cash surender value现金退保价值变动54,732

Exchange diferences汇兑差额(8,165)

At 31 March 2025于二零二五年三月三十一日1,421,298

Refer to Note 20 for information on non-curent asets pledged as

security by the Group.

3,084,397
2,170,062
5,254,459
–
5,254,459

2,616,561	4,305,765	6,922,326
485,187	(2,116,363)	(1,631,176)
(17,351)	(19,340)	(36,691)
3,084,397	2,170,062	5,254,459

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司89

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

9 FINANCIAL ASETS AT FAIR VALUE THROUGH PROFIT OR

LOS

HK$港元二零二五年二零二四年

Non-curent asets非流动资产

Unlisted preference shares非上市优先股2,616,561

Convertible promisory note (Note)可转换承兑票据（附注）–

2,616,561

Curent aset流动资产

Convertible promisory note (Note)可转换承兑票据（附注）4,305,765

6,922,326

Note: The Group subscribed to a USD500,000 convertible promisory

note on 28 June 2022, bearing an interest rate of 6% per anum.

The original maturity date of the promisory note was 1 July 2023.

Pursuant to suplementary agrements, the maturity date has ben

extended to 31 July 2027 and acordingly, the balance has ben

reclasified to non-curent asets. The convertible promisory note

wil automaticaly convert to equity securities in the event the investe

raises funds in a qualified equity financing as stipulated under the

convertible promisory note agrement.

Movement of the Group’s financial asets at FVPL is as folows:

Unlisted

preference

Convertible

promisory

noteTotal

HK$港元

非上市

优先股

可转换

承兑票据总计

At 1 April 2023于二零二三年四月一日2,415,3934,058,2796,473,672

Net fair value gains – unrealised公平值收益净额－未变现218,942277,160496,102

Exchange diferences汇兑差额(17,774)(29,674)(47,448)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日

及二零二四年四月一日

Net fair value gains/(loses) – unrealised公平值收益╱（亏损）净额

－未变现

Exchange diferences汇兑差额

At 31 March 2025于二零二五年三月三十一日

9 以公平值计入损益之金融资产

附注：本集团于二零二年六月二十八日认购

500,000美元的可转换承兑票据，按年

利率6%计息。承兑票据原到期日为二零

二三年七月一日。根据补充协议，到期

日已延长至二零二七年七月三十一日，

因此，结余已重新分类至非流动资产。

倘投资对象按照可转换承兑票据协议所

订明透过合资格股本融资而集资，可转

换承兑票据将自动转换为股本证券。

本集团以公平值计入损益之金融资产的变

动如下：

22,144,795
1,210,049
474,445
117,662
23,946,951
1,105,724
1,027,120
2,132,844

ANUAL REPORT 2025 年报 90

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

10 LEASES

(a) Amounts recognised in the consolidated statement of

financial position

HK$港元二零二五年二零二四年

Right-of-use asets使用权资产

Leasehold land租赁土地23,136,339

Leased properties租赁物业1,170,967

Motor vehicles汽车1,029,081

Photocopiers影印机218,514

25,554,901

Lease liabilities租赁负债

Curent流动1,078,608

Non-curent非流动1,407,970

2,486,578

The right-of-use asets represent the Group’s rights to

use underlying leasehold land, leased properties, motor

vehicles and photocopiers under lease arangements over

the lease terms from 2 to 30 years. They are stated at cost

les acumulated depreciation and acumulated impairment

loses and adjusted for any remeasurement of the lease

liabilities.

Refer to Note 20 for information on non-curent asets

pledged as security by the Group.

During the year ended 31 March 2025, aditions to the

right-of-use asets were HK$842,046 (2024: HK$1,670,987).

10 租赁

(a) 于综合财务状况表确认的金额

使用权资产指本集团根据租赁安排在2至30

年的租赁期内使用相关租赁土地、租赁物

业、汽车及影印机的权利。该等资产按成

本减累计折旧及累计减值亏损列账，并按

任何租赁负债之重新计量作出调整。

有关本集团已抵押之非流动资产的资料，

请参阅附注20。

截至二零二五年三月三十一日止年度，新增

使用权资产为842,046港元（二零二四年：

1,670,987港元）。

991,542
802,967
554,634
100,853
2,449,996
449,642
87,389

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司91

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

10 LEASES (Continued)

(b) Amounts recognised in the consolidated statement of

comprehensive income

HK$港元二零二五年二零二四年

Depreciation of right-of-use asets

(Note 22)

使用权资产折旧（附注22）

Leasehold land租赁土地991,542

Leased properties租赁物业699,316

Motor vehicles汽车464,971

Photocopiers影印机84,044

2,239,873

Expenses related to short-term leases

payments (Note 22)

与短期租赁付款有关之

开支（附注22）329,438

Interest expense (included in finance

costs) (Note 24)

利息开支（计入财务成本）

（附注24）91,264

During the year ended 31 March 2025, depreciation of

right-of-use asets of HK$397,693 (2024: HK$426,109)

and HK$2,052,303 (2024: HK$1,813,764) were charged to

“cost of sales” and “general and administrative expenses”

in the consolidated statement of comprehensive income,

respectively.

During the year ended 31 March 2025, the total cash outflow

for leases was HK$1,732,811 (2024: HK$1,382,983).

acounted for

The Group leases warehouses, motor vehicles and

photocopiers. Rental contracts of warehouses, motor vehicles

and photocopiers are typicaly made in acordance with the

lease terms as stipulated in the rental contracts.

Lease terms are negotiated on an individual basis and

contain a wide range of diferent terms and conditions. The

lease agrements do not impose any covenants other than

the security interests in the leased asets that are held by the

lesor. With the exception of leasehold land, leased asets

may not be used as security for borowing purposes.

10 租赁（续）

(b) 于综合全面收益表确认的金额

截至二零二五年三月三十一日止年度，使

用权资产折旧397,693港元（二零二四年：

426,109港元）及2,052,303港元（二零二四

年：1,813,764港元）已分别于综合全面收

益表的「销售成本」及「一般及行政开支」中

扣除。

截至二零二五年三月三十一日止年度，租

赁的现金流出总额为1,732,811港元（二零

二四年：1,382,983港元）。

本集团租用仓库、汽车及影印机。仓

库、汽车及影印机的租赁合约一般根

据租赁合约中订明的租期订立。

租期乃个别磋商，并包含广泛不同的

条款及条件。除出租人持有的租赁资

产的担保权益外，租赁协议并无规定

任何契诺。除租赁土地外，租赁资产

不得用作借款的担保。

13,540,027
3,488,634
–
17,028,661

56,900,522
24,843,034
81,743,556
(11,455,780)
70,287,776

ANUAL REPORT 2025 年报 92

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

10 LEASES (Continued)

(d) Termination options

Termination options are included in some of the leased

properties acros the Group. These are used to maximise

operational flexibility in terms of managing the asets used in

the Group’s operations.

11 INVENTORIES

HK$港元二零二五年二零二四年

Floring materials地坪铺设材料10,048,273

Waterprofing materials防水材料3,676,384

Specialised texture painting专业纹理涂漆36,410

13,761,067

During the year ended 31 March 2025, the costs of inventories

recognised as expense and included in “cost of sales” amounted

to HK$58,843,576 (2024: HK$53,519,002) (Note 22).

During the year ended 31 March 2025, reversal of provision for

obsolete inventories of HK$97,606 (2024: HK$269,824) was made

(Note 22). This reversal arose from the subsequent utilisation in

production of certain obsolete inventories. The Group also wrote

of inventories with no resaleable value amounting to HK$34,397

(2024: HK$72,678) (Note 22).

12 TRADE AND RETENTION RECEIVABLES

HK$港元二零二五年二零二四年

Trade receivables应收贸易账款46,046,759

Retention receivables应收保留金21,779,373

67,826,132

Les: provision for impairment los减：减值亏损拨备(7,007,555)

Trade and retention receivables, net应收贸易账款及应收保留金净额60,818,577

As at 1 April 2023, trade and retention receivables, net of

provision, amounted to HK$62,090,805.

10 租赁（续）

(d) 终止选择权

本集团的若干租赁物业包含终止选择

权。该选择权旨在尽量提高营运灵活

性，以更灵活管理本集团营运所用资

产。

11 存货

于截至二零二五年三月三十一日止年度，

已确认为开支并计入「销售成本」的存货

成本达58,843,576港元（二零二四年：

53,519,002港元）（附注22）。

截至二零二五年三月三十一日止年度，就

陈旧存货作出了拨备拨回97,906港元（二零

二四年：269,824港元）（附注22）。该拨回

是由于其后在生产中使用了某些陈旧存货。

本集团亦撇销了无转售价值的存货 34,397

港元（二零二四年：72,678港元）（附注22）。

12 应收贸易账款及应收保留金

于二零二三年四月一日，应收贸易账款及

应收保留金（扣除拨备）金额为62,090,805

港元。

8,211,929
11,951,250
7,187,626
29,549,717
56,900,522

7,721,121
17,121,913
24,843,034

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司93

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

12 TRADE AND RETENTION RECEIVABLES (Continued)

The credit period granted to trade customers other than for

retention receivables is within 30 days. The terms and conditions in

relation to the release of retentions varies from contract to contract,

which may be subject to practical completion, the expiry of the

defect liability period or a pre-agred time period. The Group does

not hold any colateral as security.

The ageing analysis of trade receivables based on invoice date is

as folows:

HK$港元二零二五年二零二四年

1 – 30 days1至30日10,251,213

31 – 60 days31至60日9,939,087

61 – 90 days61至90日2,191,761

Over 90 days超过90日23,664,698

46,046,759

In the consolidated statement of financial position, retention

receivables were clasified as curent asets based on operating

cycle. The aging of retention receivables based on invoice date is

as folows:

HK$港元二零二五年二零二四年

Within 1 year1年内6,485,258

Betwen 1 to 5 years1至5年15,294,115

21,779,373

The carying amounts of trade and retention receivables

aproximate their fair values due to their short maturities.

12 应收贸易账款及应收保留金（续）

授予贸易客户（应收保留金除外）的信贷期

为30日内。有关解除保留金的条款及条件

因各合约而异，可能须视乎实际完工、保

养期届满或预先协定的期限而定。本集团

并无持有任何抵押品作为担保。

应收贸易账款基于发票日期的账龄分析如

下：

在综合财务状况表中，应收保留金基于经

营周期获分类为流动资产。应收保留金基

于发票日期的账龄如下：

应收贸易账款及应收保留金均于短期内到

期，因此其账面值与其公平值相若。

67,990,213
2,161,989
135,574
70,287,776

7,007,555
4,448,225
11,455,780

ANUAL REPORT 2025 年报 94

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

12 TRADE AND RETENTION RECEIVABLES (Continued)

Trade and retention receivables are denominated in the folowing

curencies:

HK$港元二零二五年二零二四年

HK$港元58,381,938

MOP澳门元2,433,941

Others其他2,698

60,818,577

The Group aplies the HKFRS 9 simplified aproach to measuring

expected credit loses which uses a lifetime expected credit

los alowance for al trade and retention receivables. Details of

asumptions and inputs used are discused in Note 3.1(c).

For trade receivables, the Group aplies the simplified aproach

permited by HKFRS 9, which requires expected lifetime loses to

be recognised from initial recognition of the receivables, se note

3.1(c) for further details.

Movement on the provision for impairment los of trade and

retention receivables is as folows:

HK$港元二零二五年二零二四年

As at 1 April于四月一日7,694,120

Provision for/(reversal of) impairment los

on trade and retention receivables

应收贸易账款及应收保留金的减值

亏损拨备╱（拨回）(686,565)

As at 31 March于三月三十一日7,007,555

12 应收贸易账款及应收保留金（续）

应收贸易账款及应收保留金以下列货币计

值：

本集团应用香港财务报告准则第9号的简化

方法计量预期信贷亏损，该方法就所有应

收贸易账款及应收保留金使用全期预期信

贷亏损拨备。所采用的假设及输入数据详

情于附注3.1(c)内讨论。

就应收贸易账款而言，本集团采用香港财

务报告准则第9号所允许的简化方法，该方

法规定预期使用年期亏损须自初步确认该

等应收款项起确认。详情见附注3.1(c)。

应收贸易账款及应收保留金的减值亏损拨

备变动如下：

2,870,389
3,642,358
6,512,747
1,830,000
8,342,747

8,224,584
19,045
99,118
8,342,747

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司95

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

13 PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

HK$港元二零二五年二零二四年

Curent portion流动部分

Prepayments and deposits预付款项及按金3,297,179

Other receivables其他应收款项2,084,010

5,381,189

Non-curent portion非流动部分

Deposits paid for acquisition of property,

plant and equipment

购买物业、厂房及设备的

已付按金–

5,381,189

The carying amounts of the Group’s prepayments, deposits and

other receivables are denominated in the folowing curencies:

HK$港元二零二五年二零二四年

HK$港元3,995,451

MOP澳门元19,810

Others其他1,365,928

5,381,189

The carying amounts of prepayments, deposits and other

receivables aproximate their fair values.

13 预付款项、按金及其他应收款项

本集团预付款项、按金及其他应收款项的

账面值以下列货币计值：

预付款项、按金及其他应收款项的账面值

与其公平值相若。

7,375,025
(50,780)
7,324,245

(5,631,597)

24,494
26,286
50,780

ANUAL REPORT 2025 年报 96

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

14 CONTRACT ASETS/(LIABILITIES)

HK$港元二零二五年二零二四年

Contract asets合约资产7,963,135

Les: provision for impairment los减：减值亏损拨备(24,494)

7,938,641

HK$港元二零二五年二零二四年

Contract liabilities合约负债(10,263,878)

As at 1 April 2023, contract asets amounted to HK$9,845,296 and

contract liabilities amounted to HK$14,057,731.

The contract asets are primarily related to the Group’s rights to

consideration for work completed and not biled at the reporting

date because the rights are conditional on the Group’s future

performance in achieving specified milestones. The contract

asets are transfered to trade receivables when the rights

for consideration become unconditional. The Group typicaly

reclasifies contract asets to trade receivables on the date of

aceptance reports isued by the customers and invoices isued

to them when such right of colection becomes unconditional other

than the pasage of time.

The contract asets relate to unbiled work in progres and have

substantialy the same risk characteristics as the trade and

retention receivables.

Movement on the provision for impairment los of contract asets

is as folows:

HK$港元二零二五年二零二四年

As at 1 April于四月一日60,570

Provision for/(reversal of) impairment los

on contract asets

合约资产减值亏损拨备╱（拨回）

(36,076)

As at 31 March于三月三十一日24,494

Details of asumptions and inputs used are discused in Note

3.1(c).

14 合约资产╱（负债）

于二零二三年四月一日，合约资产金额

为9,845,296港元，而合约负债金额为

14,057,731港元。

合约资产主要与本集团就已完成而于报告

日期尚未结算的工程收取代价的权利有关，

原因是该等权利以本集团达成指定重要阶

段的未来表现为条件。当收取代价的权利

成为无条件时，合约资产转拨至应收贸易

账款。本集团通常在客户发出验收报告及

向彼等开出发票当日（而非随时间）将合约

资产重新分类为应收贸易账款。

合约资产与未结算在建工程有关，并且与

应收贸易账款及应收保留金的风险特征基

本相同。

合约资产减值亏损拨备的变动如下：

所用假设及输入数据的详情乃于附注3.1(c)

论述。

8,426,032

53,475,969

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司97

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

14 CONTRACT ASETS/(LIABILITIES) (Continued)

(a) Revenue recognised in relation to contract liabilities

The folowing table shows the revenue recognised during

the years ended 31 March 2025 and 2024 related to

caried-forward contract liabilities.

HK$港元二零二五年二零二四年

Revenue recognised that was included

in the contract liabilities balance at

begining of the year

计入年初合约负债结余的

已确认收益

11,433,071

(b) Unsatisfied performance obligations

The folowing table shows unsatisfied performance obligation

resulting from fixed-priced long-term construction contracts.

HK$港元二零二五年二零二四年

Agregate amount of the transaction

price of construction contracts that

are partialy or fuly unsatisfied

部分或完全未达成的建筑合约

的交易价格总额

65,612,777

Management expects that the transaction prices regarding

the unsatisfied contracts as at 31 March 2025 wil be

recognised as revenue by referencing to the progres

towards completion of the contract activities.

Al other contracts are for periods of one year or les. As

permited under HKFRS 15, the transaction price alocated to

these unsatisfied contracts is not disclosed.

14 合约资产╱（负债）（续）

(a) 有关合约负债确认的收益

下表载列于截至二零二五年及二零

二四年三月三十一日止年度就结转合

约负债确认的收益。

(b) 未达成履约责任

下表列示固定价格长期建筑合约产生

的未达成履约责任。

管理层预计，于二零二五年三月

三十一日有关未达成合约的交易价格

将参考完成合约活动的进度确认为收

益。

所有其他合约均为一年或更短期限。

按香港财务报告准则第15号所允许，

分配至该等未达成合约的交易价格并

未披露。

33,449,188
–
33,449,188
33,390,839

30,137,096
3,312,092
33,449,188

ANUAL REPORT 2025 年报 98

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15 CASH AND CASH EQUIVALENTS

HK$港元二零二五年二零二四年

Cash at bank and on hand银行及手头现金31,243,124

Short-term bank deposits短期银行存款15,000,000

Cash and cash equivalents现金及现金等价物46,243,124

Maximum exposure to credit risk所承担的最高信贷风险46,211,626

The Group’s cash at bank and short-term bank deposits are mainly

deposited with banks in Hong Kong and Macau, al of which had

a maturity of not more than thre months. Cash at bank earned

interest at floating rates based on daily bank deposit rates. The

short-term bank deposits at 31 March 2024 had an efective

interest rate of 4.7% per anum.

Cash and cash equivalents are denominated in the folowing

curencies:

HK$港元二零二五年二零二四年

HK$港元42,763,401

Others其他3,479,723

46,243,124

The carying amounts of cash and cash equivalents aproximate

their fair values.

15 现金及现金等价物

本集团的银行现金及短期银行存款主要存

放于香港及澳门的银行，所有银行现金的

到期日期均不超过三个月。银行现金基于

每日银行存款利率以浮动利率计息。于二

零二四年三月三十一日，短期银行存款的

实际利率为每年4.7%。

现金及现金等价物以下列货币计值：

现金及现金等价物的账面值与其公平值相

若。

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司99

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

16 股本及储备

(a) 股本及溢价

附注：于二零二三年十二月十三日，根据

香港公司条例第257条，本公司以

996,840港元之代价于联交所购买

2,556,000股份，全部由权益支

付。购买股份已于截至二零二四年三

月三十一日止年度注销，而购买股份

所支付的总金额996,840港元已于本

公司之权益扣除。

(b) 资本储备

于二零二五年及二零二四年三月

三十一日的综合权益变动表呈列的资

本储备指股东按面值作出的股东出资

（作为上市前重组的一环）。

16 SHARE CAPITAL AND RESERVES

(a) Share capital and premium

NumberNominal value

of ordinaryof ordinary

shareshares

HK$港元普通股数目普通股面值

Authorised:法定：

Ordinary shares at HK$0.01 each每股面值0.01港元的普通股

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、二零二四年

三月三十一日、二零二四年四月一日

及二零二五年三月三十一日2,000,000,00020,000,000

Number ofNominal value

ordinaryof ordinaryShare

sharesharespremium

HK$港元普通股数目普通股面值股份溢价

Isued and fuly paid:已发行及缴足：

Ordinary shares at

HK$0.01 each

每股面值0.01港元的普通股

At 1 April 2023于二零二三年四月一日600,000,0006,000,00052,482,955

Shares repurchased and

canceled (Note)

购回及注销股份（附注）

(2,556,000)(25,560)(971,280)

At 31 March 2024, 1 April

2024 and 31 March 2025

于二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日597,444,0005,974,44051,511,675

Note: On 13 December 2023, the Company purchased 2,556,000

of its shares on the shares on the Stock Exchange at a

consideration of HK$996,840 which was paid wholy out of

equity in acordance with section 257 of the Hong Kong

Company Ordinance. The purchased shares were canceled

for the year ended 31 March 2024 and the total amount paid

for the purchase of the shares of HK$996,840 was charged to

equity of the Company.

(b) Capital reserve

Capital reserve as presented in the consolidated statement of

changes in equity as at 31 March 2025 and 2024 represented

the shares contribution made by shareholders at nominal

value as part of the reorganisation before the Listing.

(292,215)
(75,423)
(367,638)

ANUAL REPORT 2025 年报 100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

16 股本及储备（续）

本集团设有按权益结算以股份为基础

之补偿计划，据此，本集团自其时为

顾问服务提供者及本集团执行董事的

叶港乐先生（「叶先生」）获取服务。根

据以股份为基础的补偿计划，叶先生

向本集团提供技术及营销顾问服务，

作为回报，彼以名义代价获授予可收

购Sage City之30%股权的购股权。

该等购股权于二零三年十二月十八

日被授出，于二零一二年三月三十一

日变为可行使，并于二零一五年八月

十四日获行使。股东出资的金额为所

接获服务的公平值，其估值乃由独立

合资格估值师经参考已授出权益工具

的公平值采用收益法进行。就该服务

支付的以股份为基础的补偿开支已自

于二零三年十二月十八日授出购股

权日期起至达成非市场性质的归属条

件日期止于综合全面收益表确认，购

股权已于二零一二年三月三十一日变

为可行使。

17 递延所得税

当有法定可执行权力将即期税项资产与税

务负债抵销，以及当递延所得税与同一财

政机关有关时，则可将递延税项资产与负

债互相抵销。

递延税项资产╱（负债）的变动如下：

16 SHARE CAPITAL AND RESERVES (Continued)

The Group operated an equity-setled share-based

compensation plan, under which the Group received services

from Mr. Yip Kong Lok (“Mr. Yip”), a then consultancy service

provider and the executive director of the Group. Under the

share-based compensation plan, Mr. Yip provided technical

and marketing consultancy services to the Group in return

for share options to acquire a 30% equity interest of Sage

City at nominal consideration. The options were granted on

18 December 2003 and became exercisable on 31 March

2012, before being exercised on 14 August 2015. The amount

in shareholder contribution represents the fair value of

services received, the valuation of which was performed by

an independent qualified valuer using an income aproach

by reference to the fair value of the equity instruments

granted. The share-based compensation expenses for such

services were recognised in the consolidated statement

of comprehensive income from the date when the options

were granted on 18 December 2003 until the date when the

non-market vesting conditions were met and the options

became exercisable on 31 March 2012.

17 DEFERED INCOME TAX

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

enforceable right to set of curent tax asets against tax liabilities

and when the defered income taxes relate to the same fiscal

authority.

Movement in defered tax asets/(liabilities) is as folows:

HK$港元二零二五年二零二四年

As at 1 April于四月一日(203,890)

Charged to profit or los (Note 25)于损益扣除（附注25）(88,325)

As at 31 March于三月三十一日(292,215)

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司101

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

17 递延所得税（续）

在不计及于相同税务司法权区内抵销结余

的情况下，年内的递延税项资产╱（负债）

变动如下：

递延税项资产：

递延税项负债：

17 DEFERED INCOME TAX (Continued)

The movement in defered tax asets/(liabilities) during the year,

without taking into consideration the ofseting of balances within

the same tax jurisdiction, is as folows:

Defered tax asets:

Decelerated tax

depreciation

HK$港元减速税项折旧

At 1 April 2023于二零二三年四月一日7,763

Credited to profit or los于损益计入22,540

As at 31 March 2024 and 1 April 2024于二零二四年三月三十一日及二零二四年四月一日30,303

Credited to profit or los于损益计入6,415

At 31 March 2025于二零二五年三月三十一日36,718

Defered tax liabilities:

Acelerated tax

depreciation

HK$港元加速税项折旧

At 1 April 2023于二零二三年四月一日(211,653)

Charged to profit or los于损益扣除(110,865)

As at 31 March 2024 and 1 April 2024于二零二四年三月三十一日及二零二四年四月一日(322,518)

Charged to profit or los于损益扣除(81,838)

At 31 March 2025于二零二五年三月三十一日(404,356)

8,724,035
2,108,630
6,726,512
11,496,510
29,055,687

28,280,666
247,909
527,112
29,055,687

ANUAL REPORT 2025 年报 102

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

18 应付贸易账款

应付贸易账款基于发票日期的账龄分析如

下：

应付贸易账款以下列货币计值：

应付贸易账款于短期内到期，因此其账面

值与其公平值相若。

18 TRADE PAYABLES

The ageing analysis of trade payables based on invoice date is as

folows:

HK$港元二零二五年二零二四年

1 – 30 days1至30日4,703,129

31 – 60 days31至60日4,456,228

61 – 90 days61至90日5,243,177

Over 90 days超过90日9,087,205

23,489,739

Trade payables are denominated in the folowing curencies:

HK$港元二零二五年二零二四年

HK$港元23,208,829

MOP澳门元218,696

Others其他62,214

23,489,739

The carying amounts of trade payables aproximate their fair

values due to their short maturities.

5,145,479

5,003,968
12,582
128,929
5,145,479

6,974,700

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司103

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

19 应计费用

应计费用以下列货币计值：

应计费用的账面值与其公平值相若。

20 银行借贷

由于贴现的影响并不重大，银行借贷的公

平值与其账面值相若。于二零二五年三月

三十一日，本集团银行借贷的实际利率为

浮息每年2.7%（二零二四年：每年4.4%）。

19 ACRUALS

HK$港元二零二五年二零二四年

Acrued expenses应计开支4,759,863

Acruals are denominated in the folowing curencies:

HK$港元二零二五年二零二四年

HK$港元4,645,922

MOP澳门元29,650

Others其他84,291

4,759,863

The carying amounts of acruals aproximate their fair values.

20 BANK BOROWINGS

HK$港元二零二五年二零二四年

Secured有抵押

– Bank borowings which contain a

repayable on demand clause

－包含按要求偿还条款的银行借贷

13,043,463

The fair values of bank borowings aproximate their carying

amounts as the impact of discounting is not significant. As at 31

March 2025, the Group’s efective interest rate for bank borowings

was at a floating rate of 2.7% per anum (2024: 4.4% per anum).

1,109,063
1,113,917
2,634,070
2,117,650
6,974,700

ANUAL REPORT 2025 年报 104

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

20 银行借贷（续）

根据贷款协议所载的预定还款日期，银行

借贷的还款期如下：

于二零二五年三月三十一日，定期及循环

银行信贷总额为24,474,700港元（二零二四

年：25,543,463港元），其中约17,500,000

港元未动用（二零二四年：约12,500,000港

元）。该等信贷乃由以下作抵押：

(i) 计入物业、厂房及设备和使用权

资产的若干资产，其账面值分别

为8,939,717港元及22,144,795港

元（二零二四年：9,325,014港元及

23,136,339港元）；

(i) 于保险合约之投资，其账面值为

1,421,298港元（二零二四年：

1,374,731港元）；及

(i) 本公司提供的公司担保。

于二零二五年及二零二四年三月三十一日，

本集团并未违反任何银行融资契约。银行

借贷以港元计值。

20 BANK BOROWINGS (Continued)

The bank borowings due for repayment, based on the scheduled

repayment dates set out in the loan agrements, are as folows:

HK$港元二零二五年二零二四年

Within 1 year1年内6,061,372

Betwen 1 to 2 years1至2年1,096,329

Betwen 2 to 5 years2至5年2,834,026

Over 5 years超过5年3,051,736

13,043,463

As at 31 March 2025, total term and revolving banking

facilities of HK$24,474,700 (2024: HK$25,543,463) of which

aproximately HK$17,500,000 was unutilised (2024: aproximately

HK$12,500,000). These facilities were secured by:

(i) certain asets included in property, plant and equipment

and right-of-use asets with carying amounts of

HK$8,939,717 and HK$22,144,795 (2024: HK$9,325,014 and

HK$23,136,339), respectively;

(i) investment in an insurance contract with a carying amount of

HK$1,421,298 (2024: HK$1,374,731); and

(i) corporate guarante provided by the Company.

As at 31 March 2025 and 2024, the Group has not breached any

of the covenants of the banking facilities. The bank borowings are

denominated in HK$.

–
(1,631,176)
54,732
2,000
(503,636)
14,026
(2,064,054)

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司105

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

21 其他收入及其他收益或亏损净额

附注：

(a) 截至二零二四年三月三十一日止年度的政

府补贴主要为建造业议会根据认可技术专

才培训计划提供的补贴。该等补贴并无附

带任何条件尚未达成或其他或有事项。

(b) 于二零二五年二月二十一日，本集团申请

自愿解散一间附属公司。该附属公司于截

至二零二五年三月三十一日及二零二四年

三月三十一日止两个年度内并无经营业

务。该附属公司撤销注册导致亏损503,636

港元，已于截至二零二五年三月三十一日

止年度之综合财务报表确认。

21 OTHER INCOME AND OTHER GAINS OR LOSES, NET

HK$港元二零二五年二零二四年

Government grants (Note a)政府补贴（附注a）480

Net fair value (loses)/gains on financial

asets at FVPL – unrealised

以公平值计入损益之金融资产的公平

值（亏损）╱收益净额－未变现496,102

Changes in cash surender value of

investment in an insurance contract

于保险合约之投资的现金

退保价值变化43,929

Gain on disposal of property, plant and

equipment and right-of-use asets

出售物业、厂房及设备以及

使用权资产之收益20,352

Los on deregistration of a subsidiary

(Note b)

附属公司撤销注册之亏损（附注b）

–

Sundry income杂项收入–

560,863

Notes:

(a) The government grants for the year ended 31 March 2024 mainly

represented the subsidies provided by the Construction Industry

Council under the Aproved Technical Talents Training Programe.

There were no unfulfiled conditions or other contingencies atached

to these grants.

(b) On 21 February 2025, the Group filed for a voluntary disolution of a

subsidiary. The subsidiary had no operational activities during both

years ended 31 March 2025 and 31 March 2024. The deregistration

of the subsidiary resulted in a los of HK$503,636, which has ben

recognised in the consolidated financial statements for the year

ended 31 March 2025.

58,843,576
44,220,386
9,382,978
20,953,992
1,258,944
2,449,996
449,642
650,000
58,000
34,397
(97,606)

ANUAL REPORT 2025 年报 106

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

22 除所得税前溢利

除所得税前溢利乃于扣除╱（计入）以下项

目后得出：

22 PROFIT BEFORE INCOME TAX

Profit before income tax is arived at after charging/(crediting):

HK$港元二零二五年二零二四年

Cost of materials used (Note 11)已用材料成本（附注11）53,519,002

Subcontractor costs分包商成本32,132,797

Employe benefit expenses (Note 23)雇员福利开支（附注23）

– direct labour－直接劳工6,323,984

– administrative staf－行政员工20,771,238

Depreciation of property, plant and

equipment (Note 6)

物业、厂房及设备折旧（附注6）

1,225,406

Depreciation of right-of-use asets (Note 10)使用权资产折旧（附注10）2,239,873

Expenses related to short-term lease

payments (Note 10)

有关短期租赁付款的开支（附注10）

329,438

Auditor’s remuneration核数师酬金

– audit services－核数服务1,080,000

– non-audit services－非核数服务63,500

Write-of of inventories (Note 11)撇销存货（附注11）72,678

Reversal of provision for inventory

obsolescence (Note 11)

陈旧存货拨备拨回（附注11）

(269,824)

29,492,757
844,213
30,336,970

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司107

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

23 雇员福利开支

本集团旗下香港公司均已参与强制性公积

金计划条例下的强制性公积金计划（「强积

金计划」），该计划为一项定额供款计划，

由独立信托人管理。

根据强积金计划，本集团旗下公司及其雇

员均须按雇员有关入息（定义见强积金计

划）的最低5%作每月强制性供款。本集团

旗下公司及其雇员各自的强制性供款以每

月1,500港元为上限，并可作进一步自愿性

额外供款。

强制性供款一经支付，即全数拨作雇员的

应计福利。雇员于退休或任职满1年后离开

本集团时，均可享有其全部自愿性供款及

本集团之全部自愿性雇主供款。

任何没收的本集团自愿性供款可用作减低

本集团日后的自愿性雇主供款。并无任何

供款（雇主于供款全面归属前代离开计划的

雇员所供款者）被没收以抵销定额供款计划

下的现有供款。

23 EMPLOYE BENEFIT EXPENSES

HK$港元二零二五年二零二四年

Wages, salaries, bonuses and alowances工资、薪金、花红及津贴26,340,464

Pension cost – defined contribution scheme退休金成本－定额供款计划754,758

27,095,222

Companies within the Group in Hong Kong have participated

in the Mandatory Provident Fund Scheme under the Mandatory

Provident Fund Scheme Ordinance (the “MPF Scheme”), a defined

contribution scheme managed by an independent truste.

Under the MPF Scheme, each of the Group companies and

its employes make monthly contributions to the scheme at a

minimum of 5% of the employe’s relevant income as defined

under the MPF Scheme, with the maximum mandatory contribution

by each of the Group companies and its employes limited to

HK$1,500 per month, and further contributions are voluntary.

The mandatory contributions are fuly and imediately vested in

the employes as acrued benefits. The employes are entitled

to receive their entire voluntary contributions and 100% of the

Group’s employer voluntary contributions upon retirement or

leaving the Group after completing one year of service.

Any forfeited voluntary contributions made by the Group are

used to reduce the Group’s employer voluntary contributions.

There were no forfeited contributions (by employers on behalf of

employes who leave the scheme prior to vesting fuly in such

contributions) to ofset existing contributions under the defined

contribution schemes.

3,894,427
54,000
3,948,427

1
2

ANUAL REPORT 2025 年报 108

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

23 EMPLOYE BENEFIT EXPENSES (Continued)

Five highest paid individuals

The five individuals whose emoluments were the highest in the

Group for the year ended 31 March 2025 include two directors

(2024: two) whose emoluments are reflected in Note 28. The

emoluments payable to the remaining thre (2024: thre)

individuals during the year ended 31 March 2025 are as folows:

HK$港元二零二五年二零二四年

Wages, salaries, bonuses and alowances工资、薪金、花红及津贴3,943,500

Pension cost – defined contribution scheme退休金成本－定额供款计划54,000

3,997,500

The emoluments fel within the folowing bands:

Number of individuals

人数

二零二五年二零二四年

Emolument band薪酬范围

Nil – HK$1,000,000零至1,000,000港元–

HK$1,000,000 – HK$1,500,0001,000,000港元至1,500,000港元3

23 雇员福利开支（续）

五名最高薪人士

于截至二零二五年三月三十一日止年度，

本集团薪酬最高的五名人士包括两名（二零

二四年：两名）董事，其薪酬载于附注28。

于截至二零二五年三月三十一日止年度，

应付余下三名（二零二四年：三名）人士的

薪酬如下：

有关薪酬介于以下范围：

323,086
233,759
136,829
693,674
(351,906)
(87,389)
(439,295)
254,379

3,119,592
(19,702)
3,099,890
75,423
3,175,313

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司109

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

24 FINANCE INCOME, NET

HK$港元二零二五年二零二四年

Finance income财务收入

– Interest income on bank deposits－银行存款利息收入519,719

– Interest income on convertible

promisory note

－可转换承兑票据利息收入

235,836

– Interest income on other receivables－其他应收款项利息收入8,877

764,432

Finance costs财务成本

– Interest on bank borowings－银行借贷利息(371,195)

– Finance charges on leases liabilities－租赁负债财务费用(91,264)

(462,459)

Finance income, net财务收入净额301,973

25 INCOME TAX EXPENSE

The amount of income tax expense charged to the consolidated

statement of comprehensive income represents:

HK$港元二零二五年二零二四年

Curent income tax:即期所得税：

– Hong Kong Profits Tax－香港利得税3,609,926

– (Over)/under-provision in prior years－过往年度（超额拨备）╱拨备不足39,945

3,649,871

Defered income tax (Note 17)递延所得税（附注17）88,325

Income tax expense所得税开支3,738,196

(i) Hong Kong Profits Tax

In acordance with the two-tiered profits tax regime, for the

subsidiary entitled to this benefit, Hong Kong Profits Tax was

calculated at 8.25% on the first HK$2,000,000 and 16.5% on

the remaining balance of the estimated asesable profits for

the years ended 31 March 2025 and 2024. For other Hong

Kong incorporated subsidiaries, Hong Kong profits tax was

calculated at 16.5%.

24 财务收入净额

25 所得税开支

于综合全面收益表的所得税开支金额指：

(i) 香港利得税

根据利得税两级制，就享有该优惠的

附属公司而言，截至二零二五年及二

零二四年三月三十一日止年度，香港

利得税按估计应课税溢利首2,000,000

港元以8.25%计算，而其余估计应课

税溢利则按16.5%计算。其他在香港

注册成立之附属公司的香港利得税则

按16.5%计算。

12,252,544
1,884,993
(151,363)
1,099,701
367,684
(19,702)
(6,000)
3,175,313

ANUAL REPORT 2025 年报 110

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

25 INCOME TAX EXPENSE (Continued)

(i) Macau corporate income tax

Macau Complementary Tax has ben provided at the

aplicable rate of 12% on the estimated asesable profit in

exces of MOP600,000 (aproximately HK$583,000) of the

Group’s operations in Macau.

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

from the theoretical amount that would arise using the

weighted average tax rate aplicable to the profit of the

consolidated entities as folows:

HK$港元二零二五年二零二四年

Profit before income tax除所得税前溢利18,527,377

Tax calculated at aplicable tax rates按适用税率计算的税项2,920,046

Income not subject to tax毋须课税收入(280,210)

Expenses not deductible for taxation

purposes

不可扣税开支

1,070,415

Tax efect of tax loses not recognised未确认税项亏损的税务影响–

(Over)/under-provision in prior years过往年度（超额拨备）╱拨备不足39,945

Tax deduction税项扣减(12,000)

Income tax expense所得税开支3,738,196

In acordance with the acounting policy set out in Note

33.16(b), at the end of the reporting period, the Group has

unused tax loses of aproximately HK$2,228,387 (2024:

nil) available for ofset against future profits. No defered

tax aset has ben recognised due to the unpredictability of

future profit streams.

25 所得税开支（续）

(i) 澳门企业所得税

澳门企业所得税已按本集团澳门业务

的估计应课税溢利中超过600,000澳门

元（约583,000港元）的部份以适用税

率12%计提拨备。

本集团除所得税前溢利的税额与采用

适用于综合入账实体的溢利的加权平

均税率计算的理论税额的差额如下：

根据附注33.16(b)所载的会计政策，

于报告期末，本集团有未确认的税项

亏损约2,228,387港元（二零二四年：

零港元）可供抵销未来溢利。由于未来

溢利来源不可预测，故并无确认递延

税项资产。

2,987,220

8,190,004
597,444,000
1.37

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司111

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

26 DIVIDEND

HK$港元二零二五年二零二四年

Proposed final dividend – HK0.5 cents per

share (2024: HK1 cent per share)

建议末期股息－每股0.5港仙

（二零二四年：每股1港仙）5,974,440

Dividend paid during the year ended 31 March 2025 was

HK$5,974,260 (2024: HK$6,000,000).

A final dividend in respect of the financial year ended 31

March 2025 of HK0.5 cents per share (2024: HK1 cent per

share), amounting to a total dividend of HK$2,987,220 (2024:

HK$5,974,440), is to be proposed at the forthcoming anual

general meting. These consolidated financial statements do not

reflect this dividend payable.

27 EARNINGS PER SHARE ATRIBUTABLE TO OWNERS OF

THE COMPANY

Basic earnings per share is calculated by dividing the profit

atributable to owners of the Company by the weighted average

number of ordinary shares in isue during the years.

HK$港元二零二五年二零二四年

Profit atributable to owners

of the Company

本公司拥有人应占溢利

13,857,632

Weighted average number of ordinary

shares in isue

已发行普通股的加权平均数

599,299,699

Basic earnings per share (HK cents)每股基本盈利（港仙）2.31

As at 31 March 2025 and 2024, diluted earnings per share is equal

to basic earnings per share as there were no dilutive potential

shares.

26 股息

于截至二零二五年三月三十一日止年度已

派付股息为5,974,260港元（二零二四年：

6,000,000港元）。

本公司将在即将举行之股东周年大会上提

呈截至二零二五年三月三十一日止财政年

度派付末期股息每股0.5港仙（二零二四年：

每股1港仙），股息总额合计为2,987,220港

元（二零二四年：5,974,440港元）。综合财

务报表不会反映此应付股息。

27 本公司拥有人应占每股盈利

每股基本盈利按有关年度之本公司拥有人

应占溢利除以已发行普通股的加权平均数

计算。

于二零二五年及二零二四年三月三十一日，

由于并无潜在摊薄股份，因此每股摊薄盈

利相等于每股基本盈利。

Fees	Salary	Discretionary bonuses	Allowances and benefits in kind	Employer’s contribution to a retirement benefit scheme	Total
袍金	薪金	酌情花红	津贴及实物福利	向退休福利计划作出的雇主供款	总计
–	1,690,000	550,000	12,000	–	2,252,000
–	1,573,000	520,000	94,047	18,000	2,205,047
130,000	–	–	–	–	130,000
130,000	–	–	–	–	130,000
115,000	–	–	–	–	115,000
65,000	–	–	–	–	65,000
440,000	3,263,000	1,070,000	106,047	18,000	4,897,047

ANUAL REPORT 2025 年报 112

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

28 BENEFITS AND INTERESTS OF DIRECTORS

(DISCLOSURES REQUIRED BY SECTION 383 OF THE

HONG KONG COMPANIES ORDINANCE (CAP.622) AND

COMPANIES (DISCLOSURE OF INFORMATION ABOUT

BENEFITS OF DIRECTORS) REGULATION (CAP.622G)

(a) Directors’ emoluments (equivalent to key management

compensation)

The remuneration of the directors is set out below:

For the year ended 31 March 2025:

Emoluments paid or receivable in respect of a person’ s services as a director,

whether of the Company or its subsidiary undertaking

作为董事（不论是本公司或其附属公司企业）提供的个人服务已付或应收的酬金

HK$港元

Name姓名

Executive Directors执行董事

Mr. Kwong Chi Man邝志文先生

Mr. Yip Kong Lok (Chief Executive Oficer)叶港乐先生（行政总裁）

Independent non-executive Directors独立非执行董事

Ms. Yu Wan Wah Amparo余韵华女士

Mr. Wat Dany Hiu Yan屈晓昕先生

Ms. To Ye Man (Note 1)杜依雯女士（附注1）

Mr. Law Pui Cheung (Note 2)罗沛昌先生（附注2）

28 董事福利及利益（香港公司条例（第622

章）第383条及公司（披露董事利益资料）

规例（第622章）所规定的披露）

(a) 董事酬金（相当于主要管理层薪酬）

董事酬金载列如下：

截至二零二五年三月三十一日止年度：

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司113

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

28 董事福利及利益（香港公司条例（第622

章）第383条及公司（披露董事利益资料）

规例（第622章）所规定的披露）（续）

(a) 董事酬金（相当于主要管理层薪酬）

（续）

截至二零二四年三月三十一日止年度：

附注：

(1) 杜依雯女士于二零二四年二月五日

获委任。

(2) 罗沛昌先生于二零二四年十月一日

辞任。

28 BENEFITS AND INTERESTS OF DIRECTORS

(DISCLOSURES REQUIRED BY SECTION 383 OF THE

HONG KONG COMPANIES ORDINANCE (CAP.622) AND

COMPANIES (DISCLOSURE OF INFORMATION ABOUT

BENEFITS OF DIRECTORS) REGULATION (CAP.622G)

(Continued)

(a) Directors’ emoluments (equivalent to key management

compensation) (Continued)

For the year ended 31 March 2024:

Emoluments paid or receivable in respect of a person’ s services as a director,

whether of the Company or its subsidiary undertaking

作为董事（不论是本公司或其附属公司企业）提供的个人服务已付或应收的酬金

FesSalary

Discretionary

bonuses

Alowances

and benefits

in kind

Employer’s

contribution

to a

retirement

benefit

schemeTotal

HK$港元袍金薪金酌情花红

津贴及

实物福利

向退休福利

计划作出的

雇主供款总计

Name姓名

Executive Directors执行董事

Mr. Kwong Chi Man邝志文先生–1,573,000920,00062,655–2,555,655

Mr. Yip Kong Lok (Chief Executive Oficer)叶港乐先生（行政总裁）–1,469,000900,00057,59218,0002,444,592

Independent non-executive Directors独立非执行董事

Ms. Yu Wan Wah Amparo余韵华女士130,000–130,000

Mr. Wat Dany Hiu Yan屈晓昕先生130,000–130,000

Ms. To Ye Man (Note 1)杜依雯女士（附注1）15,517–15,517

Mr. Law Pui Cheung (Note 2)罗沛昌先生（附注2）130,000–130,000

405,5173,042,0001,820,000120,24718,0005,405,764

Notes:

(1) Ms. To Ye Man was apointed on 5 February 2024.

(2) Mr. Law Pui Cheung resigned on 1 October 2024.

ANUAL REPORT 2025 年报 114

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

28 董事福利及利益（香港公司条例（第622

章）第383条及公司（披露董事利益资料）

规例（第622章）所规定的披露）（续）

(a) 董事酬金（相当于主要管理层薪酬）

（续）

于截至二零二五年三月三十一日止年

度，本公司董事概无放弃或同意放弃

其年度酬金（二零二四年：无），且彼

等除上文所披露者外，亦无就有关管

理本公司或其附属企业事务之服务获

付或收取任何其他酬金（二零二四年：

无）。

(b) 董事的退休福利及终止福利

除附注28(a)所披露外，于本年度，董

事概无收取任何其他退休福利或终止

福利（二零二四年：无）。

价

于截至二零二五年三月三十一日止年

度，本集团并未就获提供的董事服务

而向任何第三方支付代价（二零二四

年：无）。

(d) 有关以董事、董事控制的法团及其关

连实体为受益人的贷款、类似贷款及

其他交易的资料

于二零二五年三月三十一日，本集团

概无以董事、董事控制的法团及其控

制实体为受益人而订立任何贷款、类

似贷款及其他交易安排（二零二四年：

无）。

(e) 董事于交易、安排或合约的重大权益

除附注30(a)所披露者外，于截至二零

二五年三月三十一日止年度末或于该

年度内任何时间，并无任何与本公司

参与及本公司的董事于其中有重大权

益（无论直接或间接）的本集团业务相

关的任何重大交易、安排及合约（二零

二四年：无）。

28 BENEFITS AND INTERESTS OF DIRECTORS

(DISCLOSURES REQUIRED BY SECTION 383 OF THE

HONG KONG COMPANIES ORDINANCE (CAP.622) AND

COMPANIES (DISCLOSURE OF INFORMATION ABOUT

BENEFITS OF DIRECTORS) REGULATION (CAP.622G)

(Continued)

(a) Directors’ emoluments (equivalent to key management

compensation) (Continued)

During the year ended 31 March 2025, none of the directors

of the Company waived their emoluments nor agred to waive

their emoluments for the year (2024: nil) nor were paid or

received any other emoluments in respect of their services in

conection with management of the afairs of the Company or

its subsidiary undertaking other than disclosed above (2024:

nil).

(b) Directors’ retirement benefits and termination benefits

Save as disclosed in Note 28(a), the directors did not receive

any other retirement benefits or termination benefits during

the year (2024: nil).

available directors’ services

During the year ended 31 March 2025, the Group did not pay

consideration to any third parties for making available the

directors’ services (2024: nil).

(d) Information about loans, quasi-loans and other dealings

in favour of the directors, bodies corporate controled by

and conected entities with such directors

As at 31 March 2025, there are no loans, quasi-loans and

other dealing arangements in favour of the directors, bodies

corporate controled by and controled entities with such

directors (2024: nil).

(e) Director’s material interests in transactions, arangements

or contracts

Save as disclosed in Note 30(a), no significant transactions,

arangements and contracts in relation to the Group’s

busines to which the Group was a party and in which a

director of the Company had a material interest, whether

directly or indirectly, subsisted at the end of the year or at any

time during the year ended 31 March 2025 (2024: nil).

12,252,544
(693,674)
439,295
1,258,944
2,449,996
4,474,511
(54,732)
34,397
(97,606)
–
1,631,176
497,391
503,636
(2,000)
22,693,878
(3,204,385)
(13,917,177)
(3,069,110)
587,863
(4,632,281)
5,565,948
396,010
4,420,746

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司115

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 综合现金流量表附注

(a) 经营活动所得现金流量

29 NOTES TO CONSOLIDATED STATEMENT OF CASH FLOWS

(a) Cash flows from operating activities

Notes20252024

HK$港元附注二零二五年二零二四年

Cash flows from operating activities经营活动所得现金流量

Profit before income tax除所得税前溢利18,527,377

Adjustments for:就下列各项作出调整：

– Interest income－利息收入24(764,432)

– Interest expense－利息开支24462,459

– Depreciation of property, plant and

equipment

－物业、厂房及设备折旧

6, 221,225,406

– Depreciation of right-of-use asets－使用权资产折旧10(b), 222,239,873

– Provision for/(reversal of) impairment

los on trade and retention

receivables and contract asets

－应收贸易账款及应收

保留金以及合约资产

减值亏损拨备╱（拨回）12, 14(722,641)

– Changes in cash surender value of

investment in an insurance contract

－于保险合约之投资的

现金退保价值变化8, 21(43,929)

– Write-of of inventories－撇销存货11, 2272,678

– Reversal of provision for inventory

obsolescence

－陈旧存货拨备拨回

11, 22(269,824)

– Share of los of an asociate－应占联营公司亏损130,081

– Net fair value loses/(gains) on financial

asets at FVPL – unrealised

－以公平值计入损益之金融

资产的公平值亏损╱

（收益）净额－未变现9, 21(496,102)

– Impairment on interest in an asociate－于联营公司的权益减值73,160,771

– Los on deregistration of a subsidiary－附属公司撤销注册之亏损21–

– Gain on disposal of property, plant and

equipment and right-of-use asets

－出售物业、厂房及设备以

及使用权资产之收益21(20,352)

Operating profit before working capital

changes

营运资金变动前经营溢利

23,501,365

Changes in working capital:营运资金变动：

– (Increase)/decrease in inventories－存货（增加）╱减少1,093,881

– (Increase)/decrease in trade and

retention receivables

－应收贸易账款及应收

保留金（增加）╱减少1,958,793

– Increase in prepayments, deposits and

other receivables

－预付款项、按金及

其他应收款项增加(1,917,564)

– Decrease in contract asets－合约资产减少1,942,731

– Decrease in contract liabilities－合约负债减少(3,793,853)

– Increase in trade payables－应付贸易账款增加1,485,863

– Increase in acruals－应计费用增加1,926,652

Net cash generated from operations经营所得净现金26,197,868

13,043,463	2,486,578	15,530,041
(6,420,669)	(1,283,169)	(7,703,838)
351,906	87,389	439,295
–	842,046	842,046
6,974,700	2,132,844	9,107,544

ANUAL REPORT 2025 年报 116

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 综合现金流量表附注（续）

(b) 融资活动产生之负债对账

29 NOTES TO CONSOLIDATED STATEMENT OF CASH FLOWS

(Continued)

(b) Reconciliation of liabilities from financing activities

Liabilities from

financing activities

融资活动产生之负债

Bank

borowings

Lease

liabilitiesTotal

HK$港元银行借贷租赁负债总计

As at 1 April 2023于二零二三年四月一日12,071,8351,888,22713,960,062

Cash flows现金流量600,433(1,053,545)(453,112)

Interest利息371,19591,264462,459

Acquisition – leases收购－租赁–1,560,6321,560,632

As at 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日

Cash flows现金流量

Interest利息

Acquisition – leases收购－租赁

As at 31 March 2025于二零二五年三月三十一日

318,000
40,800
45,300
452,780

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司117

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

30 关联方交易

本公司董事认为以下人士为与本集团有交

易或结余之关联方。

(a) 于截至二零二五年及二零二四年三月

三十一日止年度，本集团与其关联方

有以下的重大交易：

(b) 于二零二五年三月三十一日，本集团

就相关物业租赁确认对关联方的租赁

负债约499,000港元（二零二四年：

257,000港元）。

定的价格及条款收取。

(d) 本集团之主要管理人员乃本公司执行

董事，其薪酬详情载于附注28。

30 RELATED PARTY TRANSACTIONS

The directors of the Company are of the view that the folowing

individuals were related parties that had transactions or balances

with the Group.

Related partiesRelationship with the Group

关联方与本集团的关系

Mr. Kwong Chi Man (“Mr. Kwong”)Controling shareholder and executive director of the Group

邝志文先生（「邝先生」）本集团控股东及执行董事

Mr. Yip Kong Lok (“Mr. Yip”)The executive director and the chief executive oficer of the

Group

叶港乐先生（「叶先生」）本集团执行董事及行政总裁

Ms. Li Chuen Chun (“Mrs. Kwong”)Spouse of Mr. Kwong

李存珍女士（「邝太」）邝先生的配偶

Ms. Kwong Wing Yan (“Ms. Kwong”)Daughter of Mr. Kwong

邝咏欣女士（「邝女士」）邝先生的女儿

Carful Group Limited (“CGL”)Asociate

驾科集团有限公司（「驾科集团」）联营公司

Gypso ESG Technologies Limited (“Gypso”)A company controled by Mr. Kwong and Mr. Yip

Gypso ESG Technologies Limited（「Gypso」）邝先生及叶先生控制的公司

(a) During the years ended 31 March 2025 and 2024, the Group

had the folowing significant transactions with its related

parties:

HK$港元二零二五年二零二四年

Rental paid in relation to rental contract

entered into with

与下列各方订立的租赁合约之

已付租金

– Mr. Kwong (Note b)－邝先生（附注b）240,000

– Mrs. Kwong (Note b)－邝太（附注b）40,800

– Mrs. Kwong and Ms. Kwong

(Note b)

－邝太及邝女士（附注b）

44,400

Purchases of materials from entity

controled by key management

personel (Note c)

向主要管理人员控制之

实体购买材料（附注c）

140,432

(b) As at 31 March 2025, the Group recognised lease liabilities

to related party of aproximately HK$499,000 (2024:

HK$257,000) over the relevant property lease.

mutualy agred prices and terms.

(d) The key management personel of the Group are the

executive directors of the Company, details of their

remuneration are set out in Note 28.

27,008,999
529,859
57,557,400
228,160
58,315,419
85,324,418
222,210
22,500
244,710
5,974,440
79,105,268
85,079,708
85,324,418

ANUAL REPORT 2025 年报 118

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 承担

于二零二五年三月三十一日，本集团尚有

16,470,000港元（二零二四年：无）的合约

责任，其与收购香港一项物业作业务营运

有关。根据协议条款，该款项须于交易完

成时支付。于报告期末后，该物业的收购

于二零二五年六月完成，所涉总代价约为

18,300,000港元。

32 本公司之财务状况表及储备变动

本公司之财务状况表

本公司的财务状况表由董事会于二零二五

年六月二十七日批准并由以下董事代表签

署。

邝志文先生叶港乐先生

董事董事

31 COMITMENT

As at 31 March 2025, the Group has remaining contractual

obligations of HK$16,470,000 (2024: nil) relating to the acquisition of

a property in Hong Kong for busines operations. This amount was

payable upon the completion of the transaction in acordance with

the terms of the agrement. Subsequent to the end of the reporting

period, the property acquisition was completed in June 2025 for a

total consideration of aproximately HK$18,300,000.

32 STATEMENT OF FINANCIAL POSITION AND RESERVE

MOVEMENT OF THE COMPANY

Statement of financial position of the Company

Notes20252024

HK$港元附注二零二五年二零二四年

Non-curent aset非流动资产

Investment in a subsidiary于附属公司之投资(a)27,008,999

Curent asets流动资产

Prepayments, deposits and other

receivables

预付款项、按金及其他

应收款项500,239

Amounts due from subsidiaries应收附属公司款项57,431,519

Cash and cash equivalents现金及现金等价物426,025

58,357,783

Total asets资产总值85,366,782

Curent liabilities流动负债

Acruals应计费用264,574

Amounts due to subsidiaries应付附属公司款项22,500

Total liabilities负债总额287,074

EQUITY权益

Share capital股本5,974,440

Reserves储备(b)79,105,268

Total equity权益总额85,079,708

Total equity and liabilities权益及负债总额85,366,782

The statement of financial position of the Company was aproved by

the Board of Directors on 27 June 2025 and was signed on its behalf.

Mr. Kwong Chi ManMr. Yip Kong Lok

DirectorDirector

100
100
100
100
100
100
100
100

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司119

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

32 本公司之财务状况表及储备变动（续）

(a) 主要附属公司详情

32 STATEMENT OF FINANCIAL POSITION AND RESERVE

MOVEMENT OF THE COMPANY (Continued)

(a) Particulars of principal subsidiaries

Company name

Place of

incorporation/

establishment

Isued and fuly

paid up capital

Principal activities and

place of operationInterest held (%)

公司名称注册成立╱成立地点已发行及缴足股本主要业务及营业地点所持权益(%)

二零二五年二零二四年

Directly held by the Company

本公司直接持有

Victor Ease LimitedBritish Virgin IslandsUS$10,000Investment holding in Hong Kong100

凯怡有限公司英属处女群岛10,000美元于香港从事投资控股

Indirectly held by the Company

本公司间接持有

Kwong Man Ke Enginering LimitedHong KongHK$100Provision of enginering services in

floring, screding and anti-skid

surfacing in Hong Kong

邝文记工程有限公司香港100港元于香港提供地坪铺设、地台批荡及

铺设防滑方面的工程服务

Charter Ease International LimitedBritish Virgin IslandsUS$10,000Investment holding in Macau100

全亮国际有限公司英属处女群岛10,000美元于澳门从事投资控股

Luxury Sense Holdings LimitedBritish Virgin IslandsUS$10,000Investment holding in Macau100

英属处女群岛10,000美元于澳门从事投资控股

Kwong Man Ke (Macau) Enginering

Limited

MacauMOP30,000Provision of enginering services in

floring, screding and anti-skid

surfacing in Macau

邝文记（澳门）工程有限公司澳门30,000澳门元于澳门提供地坪铺设、地台批荡及

铺设防滑方面的工程服务

Sino Ocean International LimitedHong KongHK$10,000Trading of materials in Hong Kong100

中洋国际有限公司香港10,000港元于香港从事材料贸易

Prolific Harvest International LimitedBritish Virgin IslandsUS$10,000Investment holding in Hong Kong100

丰诚国际有限公司英属处女群岛10,000美元于香港从事投资控股

Kwong Man Ke Investment Company

Limited

Hong KongHK$10,000Investment holding in Hong Kong100

邝文记投资有限公司香港10,000港元于香港从事投资控股

100
85
100
100
100

ANUAL REPORT 2025 年报 120

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Company name

Place of

incorporation/

establishment

Isued and fuly

paid up capital

Principal activities and

place of operationInterest held (%)

公司名称注册成立╱成立地点已发行及缴足股本主要业务及营业地点所持权益(%)

二零二五年二零二四年

Kwong Man Ke Specialist Enginering

Limited

Hong KongHK$10,000Provision of enginering services

in floring, screding, anti-skid

surfacing and specialised texture

painting in Hong Kong

邝文记专业工程有限公司香港10,000港元于香港提供地坪铺设、地台批荡、

铺设防滑及专业纹理涂装等

工程服务

KMK (Asia) LimitedHong KongHK$100,000Provision of enginering services

in waterprofing works in

Hong Kong

邝文记（亚洲）有限公司香港100,000港元于香港提供防水工程方面的工程服务

Huge Talent International Investment

Limited

Hong KongHK$10,000Investment holding in Hong Kong100

伟骏国际投资有限公司香港10,000港元于香港从事投资控股

KMK International LimitedHong KongHK$10,000Investment holding in Hong Kong100

邝文记国际有限公司香港10,000港元于香港从事投资控股

KMK Krystaline Sdn. BhdMalaysiaMYR200,100Trading of materials in Malaysia100

马来西亚200,100令吉于马来西亚从事材料买卖

32 STATEMENT OF FINANCIAL POSITION AND RESERVE

MOVEMENT OF THE COMPANY (Continued)

(a) Particulars of principal subsidiaries (Continued)

32 本公司之财务状况表及储备变动（续）

(a) 主要附属公司详情（续）

51,511,675	27,008,999	584,594	79,105,268

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司121

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

32 本公司之财务状况表及储备变动（续）

(b) 本公司的储备变动

附注：本公司的资本储备代表所收购的凯怡

有限公司之资产净值与本公司作为

交换而发行的股本面值之间的差额。

32 STATEMENT OF FINANCIAL POSITION AND RESERVE

MOVEMENT OF THE COMPANY (Continued)

(b) Reserve movement of the Company

premium

Capital

reserve

Retained

earningsTotal

(Note)

HK$港元股份溢价资本储备保留盈利总计

（附注）

At 1 April 2023于二零二三年四月一日52,482,95527,008,9996,480,13485,972,088

Profit for the year年度溢利–104,460104,460

Dividends股息–(6,000,000)(6,000,000)

Shares repurchased and

canceled

购回及注销股份

(971,280)–(971,280)

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日51,511,67527,008,999584,59479,105,268

Profit for the year年度溢利–5,974,4405,974,440

Dividends股息–(5,974,440)(5,974,440)

At 31 March 2025于二零二五年三月三十一日

Note: Capital reserve of the Company represents the diference

betwen the net aset value of Victor Ease Limited acquired

over the nominal value of the share capital of the Company

isued in exchange thereof.

ANUAL REPORT 2025 年报 122

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要

33.1 附属公司

综合账目

附属公司为本集团对其具有控制权的

实体（包括结构性实体）。当本集团承

受或享有参与实体所得之可变回报，

且有能力透过其权力指导实体的活动

而影响该等回报时，则本集团控制该

实体。附属公司的账目自控制权转让

予本集团之日起综合入账，并自该控

制权终止之日起停止综合入账。

本集团内公司之间的交易、结余及未

变现收益会予以对销。除非交易提供

转让资产减值的证据，否则未变现亏

损亦予以对销。附属公司的财务报表

已按需要作出调整，以确保其会计政

策与本集团采用的会计政策一致。

附属公司业绩及权益中的非控股权益

分别于综合全面收益表、综合权益变

动表及综合财务状况表中单独呈列。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

33.1 Subsidiaries

Consolidation

Subsidiaries are al entities (including a structured entities)

over which the Group has control. The Group controls an

entity when the Group is exposed to, or has rights to, variable

returns from its involvement with the entity and has the ability

to afect those returns through its power to direct the activities

of the entity. Subsidiaries are fuly consolidated from the

date on which control is transfered to the Group. They are

deconsolidated from the date that control ceases.

Intra-group transactions, balances and unrealised gains

on transactions betwen group companies are eliminated.

Unrealised loses are also eliminated unles the transaction

provides evidence of an impairment of the transfered aset.

Acounting policies of subsidiaries have ben changed

where necesary to ensure consistency with the policies

adopted by the Group.

Non-controling interests in the results and equity of

subsidiaries are shown separately in the consolidated

statement of comprehensive income and consolidated

statement of changes in equity and, consolidated statement

of financial position, respectively.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司123

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.2 于联营公司之投资

联营公司指本集团对其有重大影响但

无控制权或共同控制权的实体，一般

情况下本集团拥有其20%至50%投票

权。于联营公司之投资初步按成本确

认后，以权益会计法入账。

根据权益会计法，投资初步按成本确

认后再作调整，以于损益中确认本集

团应占投资对象的收购后溢利或亏

损，以及于其他全面收益中确认本集

团应占投资对象的其他全面收益变

动。已收或应收联营公司的股息乃确

认为投资账面值扣减。

倘本集团于以权益入账之投资中应占

的累计亏损相等于或超过其于该实体

的权益（包括任何其他无抵押长期应

收款项），则本集团不会确认进一步亏

损，除非其已代另一实体承担责任或

作出付款。

本集团与其联营公司之间的交易所产

生的未变现收益按本集团于该等联营

公司的权益金额抵销。除非有关交易

能证明所转移资产出现减值，否则未

变现亏损亦予以抵销。以权益入账之

投资对象的会计政策已作出必要变

更，以确保与本集团所采纳之政策一

致。

权益入账投资的账面值乃根据附注

33.8所述政策进行减值测试。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.2 Investment in an asociate

Asociates are al entities over which the Group has

significant influence but not control or joint control. This is

generaly the case where the Group holds betwen 20%

and 50% of the voting rights. Investment in an asociate is

acounted for using the equity method of acounting, after

initialy being recognised at cost.

Under the equity method of acounting, the investment

is initialy recognised at cost and adjusted thereafter to

recognise the Group’s share of the post-acquisition profits or

loses of the investe in profit or los, and the Group’s share

of movements in other comprehensive income of the investe

in other comprehensive income. Dividends received or

receivable from the asociate are recognised as a reduction

in the carying amount of the investment.

Where the Group’s share of cumulative loses in an

equity-acounted investment equals or exceds its interest

in the entity, including any other unsecured long-term

receivables, the Group does not recognise further loses,

unles it has incured obligations or made payments on

behalf of the other entity.

Unrealised gains on transactions betwen the Group and its

asociate are eliminated to the extent of the Group’s interest

in the asociate. Unrealised loses are also eliminated unles

the transaction provides evidence of an impairment of the

aset transfered. Acounting policies of equity-acounted

investe have ben changed where necesary to ensure

consistency with the policies adopted by the Group.

The carying amount of equity-acounted investment is tested

for impairment in acordance with the policy described in

Note 33.8.

ANUAL REPORT 2025 年报 124

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.3 独立财务报表

于附属公司的投资按成本扣除减值列

账。成本包括直接应占投资成本。附

属公司的业绩乃由本公司按已收及应

收股息基准入账。

倘股息超出于宣派股息期间内附属公

司的全面收益总额，或倘独立财务报

表中投资账面值超出投资对象于综合

财务报表所示资产净值（包括商誉）的

账面值，则须于自该等投资收取股息

时，对该等投资进行减值测试。

33.4 外币换算

(a) 功能及呈列货币

本集团每个实体的财务报表中所

列的项目均以该实体营运所在的

主要经济环境的货币计量（「功能

货币」）。综合财务报表以港元呈

列，港元为本公司的功能货币及

呈列货币。

(b) 交易及结余

外币交易均按交易或估值（倘项

目予以重新计量）日期的现行汇

率换算为功能货币。因结算该等

交易及按结算日的汇率兑换以外

币计值的货币资产及负债而产生

的汇兑损益一般于损益确认。

以外币计量公平值的非货币项目

使用确定公平值当日的汇率换

算。以公平值列账的资产和负债

的换算差额列为公平值收益或亏

损的一部分。例如，以公平值计

量且其变动计入损益的股票等非

货币资产和负债的换算差额在损

益中确认为公平值收益或亏损的

一部分，而分类为以公平值计量

且其变动计入其他全面收益的股

票等非货币资产的换算差额在其

他全面收益中确认。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.3 Separate financial statements

Investments in subsidiaries are acounted for at cost

les impairment. Cost includes direct atributable costs of

investment. The results of subsidiaries are acounted for by the

Company on the basis of dividend received and receivable.

Impairment testing of the investments in subsidiaries is required

upon receiving a dividend from these investments if the dividend

exceds the total comprehensive income of the subsidiary in

the period the dividend is declared or if the carying amount of

the investment in the separate financial statements exceds the

carying amount in the consolidated financial statements of the

investe’s net asets including godwil.

33.4 Foreign curency translation

(a) Functional and presentation curency

Items included in the financial statements of each of

the Group’s entities are measured using the curency of

the primary economic environment in which the entity

operates (the “functional curency”). The consolidated

financial statements are presented in HK$, which is

the Company’s functional curency and presentation

curency.

(b) Transactions and balances

Foreign curency transactions are translated into the

functional curency using the exchange rates prevailing

at the dates of the transactions or valuation where items

are re-measured. Foreign exchange gains and loses

resulting from the setlement of such transactions and

from the translation of monetary asets and liabilities

denominated in foreign curencies at year-end exchange

rates are generaly recognised in profit or los.

Non-monetary items that are measured at fair value in

a foreign curency are translated using the exchange

rates at the date when the fair value was determined.

Translation diferences on asets and liabilities caried

at fair value are reported as part of the fair value

gain or los. For example, translation diferences on

non-monetary asets and liabilities such as equities

held at fair value through profit or los are recognised

in profit or los as part of the fair value gain or los

and translation diferences on non-monetary asets

such as equities clasified as fair value through

other comprehensive income are recognised in other

comprehensive income.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司125

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.4 外币换算（续）

功能货币与呈列货币不同的所有

海外业务（均无极高通胀经济地

区的货币）的业绩及财务状况乃

按以下方法换算为呈列货币：

(i) 每份财务状况表所呈列的

资产及负债按该财务状况

表日的收市汇率换算；

(i) 每份全面收益表的收入及

支出项目按平均汇率换算

（除非该平均汇率对交易日

现行汇率的累计影响并非

是一个合理的接近汇率，

在此情况下收入及支出乃

用交易日的汇率换算）；及

(i) 所导致的一切汇兑差额乃

于其他全面收益确认。

于综合时，换算外国实体的任何

净投资所产生的汇兑差额于其他

全面收益中确认。当外国业务被

出售或构成净投资一部分的任何

借款获偿还时，相关的汇兑差额

将重新分类到损益，作为出售收

益或亏损的一部分。

33.5 分部报告

经营分部的呈报方式与提供予主要经

营决策者的内部报告的方式一致。主

要经营决策者（负责分配资源及评估

经营分部的表现）已被识别为本集团

作出策略决定的执行董事。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.4 Foreign curency translation (Continued)

The results and financial position of foreign operations

(none of which has the curency of a hyperinflationary

economy) that have a functional curency diferent

from the presentation curency are translated into the

presentation curency as folows:

(i) asets and liabilities for each statement of financial

position presented are translated at the closing rate

at the date of that statement of financial position;

(i) income and expenses for each statement of

comprehensive income are translated at average

exchange rates (unles this is not a reasonable

aproximation of the cumulative efect of the rates

prevailing on the transaction dates, in which case

income and expenses are translated at the rate on

the dates of the transactions); and

(i) al resulting exchange diferences are recognised

in other comprehensive income.

On consolidation, exchange diferences arising from

the translation of any net investment in foreign entities

are recognised in other comprehensive income. When

a foreign operation is sold or any borowings forming

part of the net investment are repaid, the asociated

exchange diferences are reclasified to profit or los, as

part of the gain or los on sale.

33.5 Segment reporting

Operating segments are reported in a maner consistent

with the internal reporting provided to the chief operating

decision-maker. The chief operating decision-maker, who

is responsible for alocating resources and asesing

performance of the operating segments, has ben identified

as the Executive Directors of the Group who make strategic

decisions.

ANUAL REPORT 2025 年报 126

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.6 于保险合约之投资

本集团投资于一份主要管理层人寿保

险合约。该保险合约初步按已付保费

金额确认，其后按合约的现金退保价

值计量。现金退保价值的变化于损益

中确认，并于「其他收入及其他收益或

亏损净额」中以净额呈列。倘受保人离

世、保单退保或保单到期，投资将被

取消确认，而任何由此产生的收益或

亏损将于损益中确认。

33.7 物业、厂房及设备

物业、厂房及设备按历史成本扣除累

计折旧及减值入账。历史成本包括于

购置有关项目时直接应占的开支。

后续成本只有在与该项目有关联的未

来经济利益很可能会流入本集团，而

项目的成本能可靠计量时，才计入资

产的账面值或确认为一项单独资产（视

适用情况而定）。所有其他维修保养费

用在其产生的财政期间内于综合全面

收益表扣除。

物业、厂房及设备的折旧乃采用直线

法按其估计可使用年期分摊其成本值

而计算，情况如下：

资产的剩余价值及可使用年期于各报

告期间末均会进行检讨，并在适当情

况下作出调整。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.6 Investment in an insurance contract

The Group invests in a key management life insurance

contract. The insurance contract is initialy recognised at the

amount of premium paid, and subsequently measured at its

cash surender value. Changes to the cash surender value

are recognised in profit or los and presented net within

“other income and other gains or loses, net”. In the event of

death of the insured person, the surender of the policy, or

the policy matures, the investment wil be derecognised and

any resulting gains or loses wil be recognised in profit or

los.

33.7 Property, plant and equipment

The property, plant and equipment is stated at historical cost

les acumulated depreciation and impairment. Historical

cost includes expenditure that is directly atributable to the

acquisition of the items.

Subsequent costs are included in the aset’s carying amount

or recognised as a separate aset, as apropriate, only when

it is probable that future economic benefits asociated with

the item wil flow to the Group and the cost of the item can be

measured reliably. Al other repairs and maintenance costs

are charged in the consolidated statement of comprehensive

income during the financial period in which they are incured.

Depreciation on property, plant and equipment is calculated

using the straight-line method to alocate their cost over their

estimated useful lives, as folows:

Buildings30 years

楼宇三十年

Furniture and equipment3 years

家私及设备三年

Leasehold improvementsShorter of remaining period of the lease or 3 years

租赁物业装修余下租期或三年（以较短者为准）

Motor vehicles3 years

汽车三年

The asets’ residual values and useful lives are reviewed, and

adjusted if apropriate, at the end of each reporting period.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司127

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.6 于保险合约之投资

本集团投资于一份主要管理层人寿保

险合约。该保险合约初步按已付保费

金额确认，其后按合约的现金退保价

值计量。现金退保价值的变化于损益

中确认，并于「其他收入及其他收益或

亏损净额」中以净额呈列。倘受保人离

世、保单退保或保单到期，投资将被

取消确认，而任何由此产生的收益或

亏损将于损益中确认。

33.7 物业、厂房及设备

物业、厂房及设备按历史成本扣除累

计折旧及减值入账。历史成本包括于

购置有关项目时直接应占的开支。

后续成本只有在与该项目有关联的未

来经济利益很可能会流入本集团，而

项目的成本能可靠计量时，才计入资

产的账面值或确认为一项单独资产（视

适用情况而定）。所有其他维修保养费

用在其产生的财政期间内于综合全面

收益表扣除。

物业、厂房及设备的折旧乃采用直线

法按其估计可使用年期分摊其成本值

而计算，情况如下：

资产的剩余价值及可使用年期于各报

告期间末均会进行检讨，并在适当情

况下作出调整。

33 重大会计政策概要（续）

33.7 物业、厂房及设备（续）

倘资产账面值高于其估计可收回金额

（附注33.8），则会立即将该资产的账

面值撇减至其可收回金额。

出售时产生的收益及亏损乃透过比较

所得款项与账面值而厘定，并于损益

确认。

33.8 非金融资产减值

具有无限可使用年期的非金融资产

毋须摊销，惟每年须进行一次减值测

试，或于有事件或情况变化显示其可

能减值时须更频繁进行测试。其他资

产会于有事件或情况变化显示资产账

面值可能无法收回时进行减值测试。

减值亏损按资产账面金额超过其可收

回金额部分确认。可收回金额为扣除

出售成本后的资产公平值与资产使用

价值中的较高者。就减值评估而言，

资产按基本上独立于其他资产或资产

组别之现金流入的可单独辨认的最小

现金流入产生单位（现金产生单位）予

以分类。经减值的非金融资产（不包括

商誉）于各报告期末检讨拨回减值的

可能性。

33.9 存货

存货按成本与可变现净值两者的较低

者列账。成本乃按先入先出法厘定。

成本包括购买成本以及将存货带往建

筑地盘以用作提供建筑服务所产生的

其他成本。可变现净值为日常业务过

程中的估计售价减去完成的估计成本

以及销售所需的估计成本。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.7 Property, plant and equipment (Continued)

An aset’s carying amount is writen down imediately to its

recoverable amount if the aset’s carying amount is greater

than its estimated recoverable amount (Note 33.8).

Gains and loses on disposals are determined by comparing

proceds with carying amount and are recognised in profit or

los.

33.8 Impairment of non-financial asets

Non-financial asets that have an indefinite useful life are

not subject to amortisation and are tested anualy for

impairment, or more frequently if events or changes in

circumstances indicate that they might be impaired. Other

asets are tested for impairment whenever events or changes

in circumstances indicate that the carying amount may

not be recoverable. An impairment los is recognised for

the amount by which the aset’s carying amount exceds

its recoverable amount. The recoverable amount is the

higher of an aset’s fair value les costs of disposal and

value in use. For the purposes of asesing impairment,

asets are grouped at the lowest levels for which there

are separately identifiable cash inflows which are largely

independent of the cash inflows from other asets or groups

of asets (cash-generating units). Non-financial asets other

than godwil that sufered an impairment are reviewed

for posible reversal of the impairment at the end of each

reporting period.

33.9 Inventories

Inventories are stated at the lower of cost and net realisable

value. Cost is determined using the first-in, first-out (FIFO)

method. The cost comprises costs of purchase and other

costs incured in bringing the inventories to the construction

sites to be consumed in the provision of construction

services. Net realisable value is the estimated seling price in

the ordinary course of busines les the estimated costs of

completion and the estimated costs necesary to make the

sale.

ANUAL REPORT 2025 年报 128

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.10 金融资产

(a) 分类

本集团将其金融资产划分为以下

计量类别：

－其后以公平值（不论计入其

他全面收益或计入损益）计

量的金融资产，及

－以摊销成本计量的金融资

产。

此分类法取决于本集团管理金融

资产的业务模式及现金流量的合

约条款。

就以公平值计量的资产而言，收

益及亏损将计入损益或其他全面

收益。就并非为交易目的而持有

的权益工具投资而言，此将取决

于本集团于初步确认时是否已不

可撤回地选择将权益投资以公平

值计入其他全面收益入账。

本集团管理该等资产所用的业务

模式有变时，方会对债务投资进

行重新分类。

(b) 确认及取消确认

常规的金融资产买卖乃于交易日

期予以确认，交易日期指本集团

承诺买卖该资产的日期。当自金

融资产收取现金流量的权利已届

满或已转让且本集团已转移拥有

权的绝大部分风险及回报时，金

融资产乃予以取消确认。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.10 Financial asets

(a) Clasification

The Group clasifies its financial asets in the folowing

measurement categories:

– those to be measured subsequently at fair value

(either through other comprehensive income or

through profit or los), and

– those to be measured at amortised cost.

The clasification depends on the Group’s busines

model for managing the financial asets and the

contractual terms of the cash flows.

For asets measured at fair value, gains and loses

wil either be recorded in profit or los or other

comprehensive income. For investments in equity

instruments that are not held for trading, this wil depend

on whether the Group has made an irevocable election

at the time of initial recognition to acount for the equity

investment at fair value through other comprehensive

income (FVOCI).

The Group reclasifies debt investments when and only

when its busines model for managing those asets

changes.

(b) Recognition and derecognition

Regular way purchases and sales of financial asets are

recognised on trade-date, the date on which the Group

comits to purchase or sel the aset. Financial asets

are derecognised when the rights to receive cash flows

from the financial asets have expired or have ben

transfered and the Group has transfered substantialy

al the risks and rewards of ownership.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司129

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.10 金融资产（续）

于初步确认时，本集团按金融资

产的公平值加上（如属并非以公

平值计入损益的金融资产）于收

购金融资产时直接应占的交易成

本来计量金融资产。以公平值计

入损益的金融资产的交易成本于

损益中支销。

债务工具

债务工具的后续计量取决于本集

团管理资产所用的业务模式及资

产的现金流量特征。本集团将其

债务工具划分为三个计量类别：

(a) 摊销成本：就以收回合约

现金流量为目的资产而

言，倘该等现金流量纯为

本金及利息付款，有关资

产乃按摊销成本计量。该

等金融资产的利息收入采

用实际利率法计入财务收

入。取消确认时产生的收

益或亏损于损益中直接确

认，并连同汇兑盈亏于其

他收益╱（亏损）内呈列。

减值亏损于综合全面收益

表单独呈列。

(b) 以公平值计入损益：不符

合摊销成本或以公平值计

入其他全面收益标准的资

产按以公平值计入损益计

量。按以公平值计入损益

作后续计量的债务投资的

收益或亏损于损益中确

认，并于其产生的期间内

于其他收益╱（亏损）中以

净额呈列。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.10 Financial asets (Continued)

At initial recognition, the Group measures a financial

aset at its fair value plus, in the case of a financial

aset not at FVPL, transaction costs that are directly

atributable to the acquisition of the financial aset.

Transaction costs of financial asets caried at FVPL are

expensed in profit or los.

Debt instruments

Subsequent measurement of debt instruments depends

on the Group’s busines model for managing the aset

and the cash flow characteristics of the aset. There

are thre measurement categories into which the Group

clasifies its debt instruments:

(a) Amortised cost: Asets that are held for colection

of contractual cash flows where those cash flows

represent solely payments of principal and interest

are measured at amortised cost. Interest income

from these financial asets is included in finance

income using the efective interest rate method.

Any gain or los arising on derecognition is

recognised directly in profit or los and presented

in other gains/(loses) together with foreign

exchange gains and loses. Impairment loses are

presented as separate line item in the consolidated

statement of comprehensive income.

(b) FVPL: Asets that do not met the criteria for

amortised cost or FVOCI are measured at FVPL.

A gain or los on a debt investment that is

subsequently measured at FVPL is recognised in

profit or los and presented net within other gains/

(loses) in the period in which it arises.

ANUAL REPORT 2025 年报 130

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.10 金融资产（续）

权益工具（续）

本集团随后按公平值计量所有权

益投资。倘本集团管理层已选择

于其他全面收益中呈列权益投资

的公平值收益及亏损，则于取消

确认该投资后，公平值收益及亏

损不会重新分类至损益。此类投

资的股息乃于本集团收款的权利

被确立后，继续于损益中确认为

其他收入。

以公平值计入损益的金融资产的

公平值变动在适当情况下于综合

全面收益中确认。

购回本公司本身权益工具已直

接于权益确认及扣除。概无就购

买、出售、发行或注销本公司本

身权益工具之溢利或亏损确认收

益或亏损。

(d) 减值

本集团按前瞻性基准评估其按摊

销成本计量的债务工具的相关预

期信贷亏损。所应用的减值方法

取决于信贷风险是否显著增加。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.10 Financial asets (Continued)

Equity instruments

The Group subsequently measures al equity

investments at fair value. Where the Group’s

management has elected to present fair value gains and

loses on equity investments in other comprehensive

income, there is no subsequent reclasification of fair

value gains and loses to profit or los folowing the

derecognition of the investment. Dividends from such

investments continue to be recognised in profit or los

as other income when the Group’s right to receive

payments is established.

Changes in the fair value of financial asets at FVPL are

recognised in other gains/(loses) in the consolidated

statement of comprehensive income as aplicable.

Repurchase of the Company’s own equity instruments

is recognised and deducted directly in equity. No gain

or los is recognised in profit or los on the purchase,

sale, isue or cancelation of the Company’s own equity

instruments.

(d) Impairment

The Group aseses on a forward-loking basis

the expected credit loses asociated with its debt

instruments at amortised cost. The impairment

methodology aplied depends on whether there has

ben a significant increase in credit risk.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司131

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.11 应收贸易账款、应收保留金及其他应

收款项

应收贸易账款、应收保留金及其他应

收款项为于日常业务过程中执行服务

而应收客户之款项。应收贸易账款初

步按代价的无条件金额确认。本集团

以收取合约现金流量为目的持有应收

贸易账款，故其后采用实际利率法按

摊销成本计量该等应收贸易账款。

资产的账面值乃透过使用拨备账户进

行抵减，而亏损金额于综合全面收益

表内的应收贸易账款及应收保留金之

减值亏损中确认。倘应收贸易账款、

应收保留金及其他应收款项不可收

回，则以应收贸易账款、应收保留金

及其他应收款项的拨备账户撇销。其

后收回的先前已撇销金额，则计入综

合全面收益表的应收贸易账款及应收

保留金之减值亏损内。

倘应收贸易账款、应收保留金及其他

应收款项预期于一年或以内（或倘业

务正常经营周期较长，则于正常经营

周期内）收回，则分类为流动资产；否

则分类为非流动资产。

33.12 现金及现金等价物

现金及现金等价物包括手头现金及原

到期日为三个月或更短时间以内的银

行通知存款。

就呈列综合现金流量表而言，现金及

现金等价物包括库存现金、原到期日

为三个月或更短并可随时转换为已知

数额的现金的银行活期存款，其价值

变动的风险极微。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.11 Trade, retention and other receivables

Trade, retention and other receivables are amounts due from

customers for services performed in the ordinary course of

busines. Trade receivables are recognised initialy at the

amount of consideration that is unconditional. The Group

holds the trade receivables with the objective of colecting

the contractual cash flows and therefore measures them

subsequently at amortised cost using the efective interest

method.

The carying amount of the aset is reduced through the

use of an alowance acount, and the amount of the los is

recognised in the impairment los on trade and retention

receivables in the consolidated statement of comprehensive

income. When a trade, retention and other receivable is

uncolectible, it is writen of against the alowance acount

for trade, retention and other receivables. Subsequent

recoveries of amounts previously writen of are credited

against the impairment los on trade and retention

receivables in the consolidated statement of comprehensive

income.

If colection of trade, retention and other receivables is

expected in one year or les (or in the normal operating

cycle of the busines if longer), they are clasified as curent

asets. If no, they are presented as non-curent asets.

33.12 Cash and cash equivalents

Cash and cash equivalents include cash in hand and

deposits held at cal with banks with original maturities of

thre months or les.

For the purpose of presentation in the consolidated statement

of cash flows, cash and cash equivalents includes cash on

hand, deposits held at cal with banks with original maturities

of thre months or les that are readily convertible to known

amounts of cash and which are subject to an insignificant risk

of changes in value.

ANUAL REPORT 2025 年报 132

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.13 股本

普通股分类为权益。

发行新股份或购股权应占的递增成本

乃于权益中呈列为所得款项的扣减（扣

除税项）。

33.14 应付贸易账款及其他应付款项

此等款项为于财务年末前提供货物及

服务而尚未收款所产生的负债。除非

于报告期后12个月内付款，否则应付

贸易账款及其他应付款项乃呈列为流

动负债，其初步按公平值确认，其后

以实际利率法按摊销成本计量。

33.15 借贷

借贷初步以公平值（扣除所产生交易成

本）确认。借贷其后以摊销成本计量；

所得款项（扣除交易成本）与赎回价值

之间的差额，乃以实际利息法于借贷

期间在综合全面收益表确认。

在有关融资将很有可能部分或全部

提取的情况，就设立贷款融资支付的

费用乃确认为贷款交易成本。在此情

况，该费用将递延至提取贷款发生

时。在并无凭证显示有关融资将很有

可能部分或全部提取的情况，该费用

将被资本化以作为流动资金服务的预

付款项，并于其相关融资期间内予以

摊销。

倘合约所规定的责任获解除、取消或

届满，则借贷自综合财务状况表终止

确认。偿清或转让予另一方的金融负

债的账面值与已付代价（包括任何已

转让的非现金资产或已承担的负债）之

间的差额于损益内确认为财务成本。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.13 Share capital

Ordinary shares are clasified as equity.

Incremental costs directly atributable to the isue of new

share or options are shown in equity as a deduction, net of

tax, from the proceds.

33.14 Trade and other payables

These amounts represent liabilities for gods and services

provided to the Group prior to the end of financial year which

are unpaid. Trade and other payables are presented as

curent liabilities unles payment is not due within 12 months

after the reporting period. They are recognised initialy at

their fair value and subsequently measured at amortised cost

using the efective interest method.

33.15 Borowings

Borowings are recognised initialy at fair value, net of

transaction costs incured. Borowings are subsequently

measured at amortised cost; any diference betwen the

proceds (net of transaction costs) and the redemption value

is recognised in the consolidated statement of comprehensive

income over the period of the borowings using the efective

interest method.

Fes paid on the establishment of loan facilities are

recognised as transaction costs of the loan to the extent that

it is probable that some or al of the facility wil be drawn

down. In this case, the fe is defered until the draw-down

ocurs. To the extent there is no evidence that it is probable

that some or al of the facility wil be drawn down, the fe

is capitalised as a pre-payment for liquidity services and

amortised over the period of the facility to which it relates.

Borowings are derecognised from the consolidated

statement of financial position when the obligation specified

in the contract is extinguished, canceled or expired. The

diference betwen the carying amount of a financial liability

that has ben extinguished or transfered to another party

and the consideration paid, including any non-cash asets

transfered or liabilities asumed, is recognised in profit or

los as finance costs.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司133

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.15 借贷（续）

除非本集团有权于报告期末无条件将

负债延长至报告期末后最少12个月后

清偿，否则借贷归类为流动负债。本

集团须于报告期结束时或之前遵守的

契诺，会在将附有契诺的贷款安排分

类为流动或非流动时予以考虑。本集

团须于报告期结束后遵守的契诺不影

响于报告日期的分类。

33.16 即期及递延所得税

期内所得税开支为根据各司法权区适

用所得税率计算的期内应课税收入

的应付税项，并根据暂时性差异及未

动用税项亏损所导致的递延税项资产

及负债变动进行调整。即期及递延税

项乃于损益中确认，惟倘该等税项与

于其他全面收益或直接于权益内确认

的项目有关则除外。在此情况下，该

等税项亦分别于其他全面收益内或直

接于权益内确认。

(a) 即期所得税

即期所得税开支乃根据本公司及

其附属公司及联营公司经营及产

生应课税收入的国家于报告期末

已颁布或实质上已颁布的税务法

例计算。管理层就适用税务法例

解释所规限的情况定期评估报税

表的状况，并估量税务机关是否

有可能会接纳尚未确定的税务处

理。本集团根据最可能的金额或

预期价值（取决于何种方法更能

预测该不确定性的结果）来计量

其税项结余。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.15 Borowings (Continued)

Borowings are clasified as curent liabilities unles, at the

end of the reporting period, the Group has an unconditional

right to defer setlement of the liability for at least 12 months

after the end of the reporting period. Covenants that the

Group is required to comply with, on or before the end of

the reporting period, are considered in clasifying loan

arangements with covenants as curent or non-curent.

Covenants that the Group is required to comply with after the

end of the reporting period do not afect the clasification at

the reporting date.

33.16 Curent and defered income tax

The income tax expense for the period is the tax payable on

the curent period’s taxable income based on the aplicable

income tax rate for each jurisdiction adjusted by changes in

defered tax asets and liabilities atributable to temporary

diferences and to unused tax loses. Curent and defered

tax is recognised in profit or los, except to the extent that it

relates to items recognised in other comprehensive income

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

in other comprehensive income or directly in equity,

respectively.

(a) Curent income tax

The curent income tax charge is calculated on the basis

of the tax laws enacted or substantively enacted at the

end of the reporting period in the countries where the

Company and its subsidiaries and asociate operate

and generate taxable income. Management periodicaly

evaluates positions taken in tax returns with respect to

situations in which aplicable tax regulation is subject to

interpretation and considers whether it is probable that a

taxation authority wil acept an uncertain tax treatment.

The Group measures its tax balances either based on

the most likely amount or the expected value, depending

on which method provides a beter prediction of the

resolution of the uncertainty.

ANUAL REPORT 2025 年报 134

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.16 即期及递延所得税（续）

(b) 递延所得税

递延所得税采用负债法就资产及

负债的税基与其在综合财务报表

中的账面值之间的暂时差额予以

全数计提。然而，倘递延税项负

债来自对商誉的初步确认，其将

不予确认。递延所得税来自于交

易（不包括业务合并）中对资产

或负债的初步确认，而在交易时

不影响会计损益或应课税损益，

且不会导致应课税与可扣减暂时

差异相同，其亦将不予入账。递

延所得税采用在报告期末前已颁

布或实质上已颁布，并在有关递

延所得税资产变现或递延所得税

负债结算时预期将会适用的税率

（及法例）而厘定。

与按公平值计量的投资物业有关

的递延税项负债乃假设该物业将

可透过销售而全数收回而厘定。

递延税项资产仅于未来应课税金

额将有可能与可动用该等暂时差

异及亏损时方予确认。就于外国

业务投资的账面值与其税基之间

的暂时差异而言，倘本公司能够

控制该暂时差异的拨回时间，且

该差异很可能于可见未来不会拨

回，则不会确认递延税项负债及

资产。

当有法定可执行权力将即期税项

资产与负债抵销，且递延税项结

余涉及同一税务机关，则递延税

项资产与负债将互相抵销。当实

体有法定可执行权力进行抵销，

并有意以净额基准结算或同步变

现资产与结算负债，则即期税项

资产与税项负债将互相抵销。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.16 Curent and defered income tax (Continued)

(b) Defered income tax

Defered income tax is provided in ful, using the liability

method, on temporary diferences arising betwen the

tax bases of asets and liabilities and their carying

amounts in the consolidated financial statements.

However, defered tax liabilities are not recognised

if they arise from the initial recognition of godwil.

Defered income tax is also not acounted for if it

arises from initial recognition of an aset or liability in

a transaction other than a busines combination that at

the time of the transaction afects neither acounting

nor taxable profit or los and does not give rise to equal

taxable and deductible temporary diferences. Defered

income tax is determined using tax rates (and laws) that

have ben enacted or substantively enacted by the end

of the reporting period and are expected to aply when

the related defered income tax aset is realised or the

defered income tax liability is setled.

Defered tax asets are recognised only if it is probable

that future taxable amounts wil be available to utilise

those temporary diferences and loses.

Defered tax liabilities and asets are not recognised for

temporary diferences betwen the carying amount and

tax bases of investments in foreign operations where

the company is able to control the timing of the reversal

of the temporary diferences and it is probable that the

diferences wil not reverse in the foreseable future.

Defered tax asets and liabilities are ofset where there

is a legaly enforceable right to ofset curent tax asets

and liabilities and where the defered tax balances

relate to the same taxation authority. Curent tax asets

and tax liabilities are ofset where the entity has a legaly

enforceable right to ofset and intends either to setle on

a net basis, or to realise the aset and setle the liability

simultaneously.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司135

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.16 即期及递延所得税（续）

(b) 递延所得税（续）

即期及递延税项于损益中确认，

除非其与于其他全面收益或直接

于权益中确认的项目有关。在此

情况下，税项亦分别于其他全面

收益或直接于权益中确认。

33.17 拨备

当本集团因过往发生的事件而须承担

现有的法律或推定责任；可能需要使

用资源以履行该责任；且有关金额能

可靠估计时，则会确认拨备。其概不

就未来营运亏损确认拨备。

倘出现多项类似责任，则需透过资源

外流以履行责任的可能性乃于考虑整

体责任类别后厘定。

即使就同一类别的责任中的任何一个

项目而流出资源的可能性不大，仍会

确认拨备。

拨备按管理层对于报告期末清俏偿现

有责任所需支出的最佳估计的现值计

量。用以厘定现值的贴现率乃反映当

前对金钱时间价值及该责任特有风险

的市场评估的税前比率。因时间流逝

而增加的拨备确认为利息开支。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.16 Curent and defered income tax (Continued)

(b) Defered income tax (Continued)

Curent and defered tax is recognised in profit or los,

except to the extent that it relates to items recognised in

other comprehensive income or directly in equity. In this

case, the tax is also recognised in other comprehensive

income or directly in equity, respectively.

33.17 Provisions

Provisions are recognised when the Group has a present

legal or constructive obligation as a result of past events; it is

probable that an outflow of resources wil be required to setle

the obligation; and the amount has ben reliably estimated.

Provisions are not recognised for future operating loses.

Where there are a number of similar obligations, the likelihod

that an outflow wil be required in setlement is determined by

considering the clas of obligations as a whole.

A provision is recognised even if the likelihod of an outflow

with respect to any one item included in the same clas of

obligations may be smal.

Provisions are measured at the present value of

management’s best estimate of the expenditure required

to setle the present obligation at the end of the reporting

period. The discount rate used to determine the present value

is a pre-tax rate that reflects curent market asesments

of the time value of money and the risks specific to the

obligation. The increase in the provision due to pasage of

time is recognised as interest expense.

ANUAL REPORT 2025 年报 136

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.18 收益确认

收益按已收或应收代价的公平值计

量，是指在正常业务过程中提供服务

的应收金额。

(a) 货物销售

销售货物的收益于产品的控制权

转移（即产品交付予客户）、客户

可全权酌情决定销售产品的渠道

及价格，且概无未履行的责任可

影响客户接受该产品时确认。

应收款项于货物交付时确认，乃

由于因该时间点为代价仅因付款

到期前所需的时间过去而成为无

条件。当预收客户付款但尚未履

行相关履行责任时，则确认合约

负债。

33.19 利息收入

当利息收入来自为现金管理目的而持

有的金融资产，则列作财务收入。任

何其他利息收入均包括在其他收入中。

利息收入乃对金融资产总账面值采用

实际利率予以计算，惟其后出现信贷

减值的金融资产除外。就信贷减值金

融资产而言，实际利率应用于金融资

产账面净值（扣除亏损拨备后）。

33.20 雇员福利

(a) 雇员应享假期

雇员的年假权益在雇员应享时确

认，并会就雇员截至报告日期止

所提供服务而产生的年假的估计

负债作出拨备。

雇员的病假及产假权益于休假时

方确认。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.18 Revenue recognition

Revenue is measured at the fair value of the consideration

received or receivable and represents amounts receivable for

services rendered in the normal course of busines.

(a) Sales of gods

Revenue from the sale of gods is recognised when the

control of the products has transfered, being when the

products are delivered to the customer, the customer

has ful discretion over the chanel and price to sel the

products, and there is no unfulfiled obligation that could

afect the customer’s aceptance of the products.

A receivable is recognised when the gods are

delivered as this is the point in time that the

consideration is unconditional because only the pasage

of time is required before the payment is due. Contract

liabilities are recognised when payments are received

from customers in advance but the relevant performance

obligation has not ben performed.

33.19 Interest income

Interest income is presented as finance income where

it is earned from financial asets that are held for cash

management purposes. Any other interest income is included

in other income.

Interest income is calculated by aplying the efective

interest rate to the gros carying amount of a financial

aset except for financial asets that subsequently become

credit-impaired. For credit impaired financial asets, the

efective interest rate is aplied to the net carying amount of

the financial aset (after deduction of the los alowance).

33.20 Employe benefits

(a) Employe leave entitlements

Employe entitlements to anual leave are recognised

when they acrue to employes. A provision is made

for the estimated liability for anual leave as a result

of services rendered by employes up to the reporting

date.

Employe entitlements to sick leave and maternity leave

are not recognised until the time of leave.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司137

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.20 雇员福利（续）

(b) 退休金责任

本集团于香港参与定额供款计

划，并以强制性、合约性或自愿

性方式向私人管理的退休保险计

划作出供款。一旦已作出供款，

本集团并无进一步付款的责任。

供款在应付时确认为雇员福利开

支。

本集团根据计及本公司拥有人应

占溢利的公式确认花红的负债及

开支。本集团按合约规定或过往

惯例所产生的推定性责任确认拨

备。

33.21 租赁

倘本集团厘定一项安排（包括一项交

易或一系列交易）为转让一项已识别

资产在一段期间内的使用控制权，以

换取代价，则该项安排即为或包含租

赁成分。有关决定乃根据评估该项安

排的实质内容，不论该项安排是否采

用租赁的法律形式。

本集团（作为承租人）就若干处所、汽

车及设备订立租赁协议。

于租赁资产可供本集团使用当日，租

赁会初步确认为使用权资产及相应负

债。各租赁付款在负债和财务成本之

间进行分配。财务成本在租赁期内于

损益扣除，以就各期间负债余额得出

固定的周期性利率。使用权资产以直

线法按资产之估值可用年期及租期的

较短者折旧。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.20 Employe benefits (Continued)

(b) Pension obligations

The Group participates in a defined contribution plan

in Hong Kong and pays contributions to privately

administered pension insurance plans on a mandatory,

contractual or voluntary basis. The Group has no further

payment obligations once the contributions have ben

paid. The contributions are recognised as employe

benefit expense when they are due.

The Group recognises a liability and an expense

for bonuses based on a formula that takes into

consideration the profit atributable to the Company’s

owners. The Group recognises a provision where

contractualy obliged or where there is a past practice

that has created a constructive obligation.

33.21 Leases

An arangement, comprising a transaction or a series of

transactions, is or contains a lease if the Group determines

that the arangement conveys a right to control the use

of an identified aset for a period of time in exchange for

consideration. Such determination is made on an evaluation

of the substance of the arangement, regardles of whether

the arangements take the legal form of a lease.

The Group enters into lease agrements as a lese with

respect to certain premises, motor vehicles and equipment.

Leases are initialy recognised as right-of-use asets and

coresponding liabilities at the date of which the leased aset

is available for use by the Group. Each lease payment is

alocated betwen the liability and finance cost. The finance

cost is charged to profit or los over the lease period so as to

produce a constant periodic rate of interest on the remaining

balance of the liability for each period. The right-of-use aset

is depreciated on a straight-line basis over the shorter of the

aset’s estimated useful life and the lease term.

ANUAL REPORT 2025 年报 138

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.21 租赁（续）

租赁所产生的资产及负债初步按现值

基准计量。租赁负债包括以下租赁付

款的净现值：

‧ 固定付款（包括实质固定付款）减

任何应收租赁优惠；

‧ 基于运用开始日期的指数或利率

初步计量的指数或利率的可变租

赁付款；

‧ 剩余价值担保下的承租人预期应

付款项；

‧ 购买选择权的行使价（倘承租人

合理确定行使该选择权）；

‧ 支付终止租赁的罚款（倘租期反

映承租人行使权利终止租约）。

租赁付款采用租赁所隐含的利率予以

贴现。倘无法轻易厘定该利率（本集团

的租赁一般如此），则使用承租人的

增量借款利率，即个别承租人在类似

的经济环境中以类似的条款、抵押品

及条件借入必要资金以取得与使用权

资产类似价值的资产所支付的借款利

率。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.21 Leases (Continued)

Asets and liabilities arising from a lease are initialy

measured on a present value basis. Lease liabilities include

the net present value of the folowing lease payments:

les any lease incentives receivable;

• variable lease payment that are based on an index or

a rate initialy measured using the index or rate at the

comencement date;

• amounts expected to be payable by the lese under

residual value guarantes;

• the exercise price of a purchase option if the lese is

reasonably certain to exercise that option;

, if the

lease term reflects the lese exercising that option.

The lease payments are discounted using the interest rate

implicit in the lease. If that rate canot be readily determined,

which is generaly the case for leases in the Group, the

lese’s incremental borowing rate is used, being the rate

that the individual lese would have to pay to borow the

funds necesary to obtain an aset of similar value to the

right-of-use aset in a similar economic environment with

similar terms, security and conditions.

KWONG MAN KE GROUP LIMITED 邝文记集团有限公司139

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 重大会计政策概要（续）

33.21 租赁（续）

使用权资产按成本计量，包括以下各

项：

‧ 初始计量租赁负债的金额；

‧ 在开始日期或之前作出的任何租

赁付款减任何已收租赁优惠；

‧ 任何初始直接成本；及

‧ 复原成本（如有）。

与设备及汽车的短期租赁及所有低价

值资产租赁相关的付款按直线基准于

损益确认为开支。短期租赁指租期为

12个月或以下且并无购买权的租赁。

低价值资产为资讯科技设备及体积细

小的办公室设备。

33.22 政府补贴

政府补贴在有合理保证会收到补贴且

本集团会遵守所有附加条件时，按其

公平值确认。

与成本有关之政府补贴被递延，并在

必要时期内于综合全面收益表中确

认，以与其拟补偿之成本相配对。

33.23 股息分派

向本公司股东分派股息于本公司股东

或董事批准股息期间之本公司综合财

务报表内确认为一项负债（如适用）。

33 SUMARY OF MATERIAL ACOUNTING POLICIES

(Continued)

33.21 Leases (Continued)

Right-of-use asets are measured at cost comprising the

folowing:

;

• any lease payments made at or before the

comencement date, les any lease incentive received;

; and

, if any.

Payments asociated with short-term leases of equipment and

vehicles and al leases of low-value asets are recognised on

a straight-line basis as an expense in profit or los. Short-term

leases are leases with a lease term of 12 months or les

without a purchase option. Low-value asets comprise IT

equipment and smal items of ofice furniture.

33.22 Government grants

Government grants are recognised at their fair value when

there is reasonable asurance that the grant wil be received

and the Group wil comply with al atached conditions.

Government grants relating to costs are defered and

recognised in the consolidated statement of comprehensive

income over the period necesary to match them with the

costs that they are intended to compensate.

33.23 Dividend distribution

Dividend distribution to the Company’s shareholders is

recognised as a liability in the Company’s consolidated

financial statements in the period in which the dividends are

aproved by the Company’s shareholders or directors, as

apropriate.

2025
二零二五年
HK$
港元
166,935,149
12,252,544
8,190,004
1,175,695
179,904,531
50,087,475
129,817,056
33,449,188
1.37

ANUAL REPORT 2025 年报 140

FIVE-YEAR FINANCIAL SUMARY

五年财务概要

二零二四年二零二三年二零二年二零二一年

HK$HK$HK$HK$

港元港元港元港元

Revenue收益147,556,253170,605,077110,416,026118,873,665

Profit before taxation除税前溢利18,527,37723,989,7689,162,28918,197,196

Profit atributable to

owners of the Company

本公司拥有人

应占溢利13,857,63219,116,8867,463,64815,567,820

Cash flows现金流量

Net cash generated from

operating activities

经营活动所得净现金

19,998,20324,199,162148,11217,566,361

At year end于年结

Total asets资产总值181,263,640174,298,372149,801,514129,921,621

Total liabilities负债总额54,810,13855,624,67847,985,07829,519,379

Total equity权益总额126,453,502118,673,694101,816,436100,402,242

Cash and bank balances现金及银行结余46,243,12434,409,57623,869,94134,551,775

Per share data每股数据

Earnings per share每股盈利

– basic (HK cents)－基本（港仙）2.313.191.242.59

年报

ANUAL

REPORT

CONTENTS 目录

A breakdown of the revenue is listed below:

2025. General and administrative expenses consist primarily of staf

2025. The Directors of the Company consider that it is in the interests

Note:

1. Subject to sub-paragraphs (2) and (3) below, the maximum

2. The 10% limit as mentioned above may be refreshed at

3. The Company may sek separate aproval of the

4. The agregate number of Shares which may be isued upon

1. Sage City乃于英属处女群岛注册成立的公

Notes:

1. Sage City is a company incorporated in the British Virgin Islands

2. Ms. Li Chuen Chun is the spouse of Mr. Kwong and is demed to

We also:

We also: (continued)

Profit for the year atributable to:应占年度溢利：

Total comprehensive income atributable to:应占全面收益总额：

Individual asesment:

Individual asesment: (Continued)

Note: Expected credit los rates were determined based on the

一、二及三级之间并无任何转移。

Geographical markets:地理市场：

Timing of revenue recognition:收益确认的时间性：

Note: The Group subscribed to a USD500,000 convertible promisory

Les: provision for impairment los减：减值亏损拨备(7,007,555)

Les: provision for impairment los减：减值亏损拨备(24,494)

Authorised:法定：

Isued and fuly paid:已发行及缴足：

Note: On 13 December 2023, the Company purchased 2,556,000

Defered tax asets:

Defered tax liabilities:

Trade payables are denominated in the folowing curencies:

Acruals are denominated in the folowing curencies:

Notes:

The emoluments fel within the folowing bands:

Curent income tax:即期所得税：

The remuneration of the directors is set out below:

Notes:

Adjustments for:就下列各项作出调整：

Changes in working capital:营运资金变动：

Note: Capital reserve of the Company represents the diference

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