EMINENCE ENTERPRISE LIMITED 高山企业有限公司 ANNUAL REPORT 2024/25 年报				EMINENC
E ENTERPRISE LIMITED 高山企业有限公司
AN
NUAL REPORT 2024/25 年报

REPORT

年报

31 MARCH 2025

年3月31日止年度

CONTENTS

Corporate Information

Financial Highlights

Chairman’s Statement

Management Discusion and Analysis

Biographical Details of Directors

Corporate Governance Report

Directors’ Report

Environmental, Social and Governance Report

Independent Auditor’s Report

Consolidated Statement of Profit or Los and

Other Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to the Consolidated Financial Statements

Financial Sumary

Sumary of Properties

公司资料

财务概要

主席报告

管理层讨论及分析

董事之履历

企业管治报告

董事会报告

环境、社会及管治报告

独立核数师报告

综合损益及

其他全面收益表

综合财务状况表

综合权益变动表

综合现金流量表

综合财务报表附注

财务资料概要

物业概要

Corporate Information

公司资料

2EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

董事会

执行董事

赖罗球先生

（主席兼首席行政总裁）

雷玉珠女士

（副主席）

邝长添先生

独立非执行董事

简嘉翰先生

刘善明先生

吴冠贤先生

董事委员会

审核委员会

简嘉翰先生（主席）

刘善明先生

吴冠贤先生

薪酬委员会

刘善明先生（主席）

简嘉翰先生

吴冠贤先生

赖罗球先生

提名委员会

吴冠贤先生（主席）

简嘉翰先生

刘善明先生

赖罗球先生

执行委员会

赖罗球先生（主席）

雷玉珠女士

邝长添先生

公司秘书

李宝荣先生

法定代表人

邝长添先生

雷玉珠女士

核数师

德勤 • 关黄陈方会计师行

执业会计师

注册公众利益实体核数师

香港

金钟道88号

太古广场一座35楼

BOARD OF DIRECTORS

Executive Directors

Mr. Lai Law Kau

(Chairman and Chief Executive Oficer)

Ms. Lui Yuk Chu

(Deputy Chairman)

Mr. Kwong Jimy Cheung Tim

Independent Non-executive Directors

Mr. Kan Ka Hon

Mr. Lau Sin Ming

Mr. Wu Kon Yin Wely

BOARD COMITES

Audit Comite

Mr. Kan Ka Hon (Chairman)

Mr. Lau Sin Ming

Mr. Wu Kon Yin Wely

Remuneration Comite

Mr. Lau Sin Ming (Chairman)

Mr. Kan Ka Hon

Mr. Wu Kon Yin Wely

Mr. Lai Law Kau

Nomination Comite

Mr. Wu Kon Yin Wely (Chairman)

Mr. Kan Ka Hon

Mr. Lau Sin Ming

Mr. Lai Law Kau

Executive Comite

Mr. Lai Law Kau (Chairman)

Ms. Lui Yuk Chu

Mr. Kwong Jimy Cheung Tim

COMPANY SECRETARY

Mr. Le Po Wing

AUTHORIZED REPRESENTATIVES

Mr. Kwong Jimy Cheung Tim

Ms. Lui Yuk Chu

AUDITOR

Deloite Touche Tohmatsu

Certified Public Acountants

Registered Public Interest Entity Auditor

35/F One Pacific Place

88 Quensway

Hong Kong

Corporate Information

公司资料

3高山企业有限公司 2024/2025 年报

法律顾问

香港法律：

David Norman & Co.

百慕达法律：

康德明律师事务所

主要往来银行

恒生银行有限公司

注册办事处

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

主要营业地点

香港

九龙长沙湾

青山道481–483号

香港纱厂大厦第6期

7楼A座

百慕达主要股份过户登记处

Apleby Global Corporate Services (Bermuda)

Limited

Canon’s Court, 22 Victoria Stret

PO Box HM 1179

Hamilton HM EX

Bermuda

香港股份过户登记分处

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

股份代号

香港联合交易所（主板）：616

网址

w.eminence-enterprise.com

LEGAL ADVISERS

As to Hong Kong law:

David Norman & Co.

As to Bermuda law:

Conyers Dil & Pearman

PRINCIPAL BANKER

Hang Seng Bank Limited

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

PRINCIPAL PLACE OF BUSINES

Block A, 7th Flor

Hong Kong Spiners Building, Phase 6

481–483 Castle Peak Road

Cheung Sha Wan, Kowlon

Hong Kong

BERMUDA PRINCIPAL SHARE REGISTRAR

AND TRANSFER OFICE

Apleby Global Corporate Services (Bermuda)

Limited

Canon’s Court, 22 Victoria Stret

PO Box HM 1179

Hamilton HM EX

Bermuda

HONG KONG BRANCH SHARE REGISTRAR

AND TRANSFER OFICE

Tricor Investor Services Limited

17/F., Far East Finance Centre

16 Harcourt Road

Hong Kong

STOCK CODE

Hong Kong Stock Exchange (Main Board): 616

WEBSITE ADRES

w.eminence-enterprise.com

Financial Highlights

财务概要

4EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

For the year ended 31 March

截至3月31日止年度

2025年2024年

HK$’000HK$’000

千港元千港元

RESULTS业绩

Continuing operations持续经营业务

Revenue营业额44,85730,693

Gros profit毛利26,83427,173

Los before taxation除税前亏损(370,973)(205,319)

Los for the year from

continuing operations

来自持续经营业务的

年度亏损(357,778)(218,804)

Discontinued operation已终止经营业务

(Los) profit for the year from

discontinued operation

来自已终止经营业务的

年度（亏损）盈利(7,521)5,655

Los for the year atributable

to owners of the Company

本公司股东应占年度

亏损(365,299)(213,149)

HK$HK$

港元港元

(Restated)

（经重列）

Los per share每股亏损

From continuing and discontinued

operations

来自持续经营及已终止

经营业务

– Basic– 基本(0.81)(2.42)

– Diluted– 摊薄(0.81)(2.42)

From continuing operations来自持续经营业务

– Basic– 基本(0.79)(2.49)

– Diluted– 摊薄(0.79)(2.49)

As at 31 March

于3月31日

2025年2024年

HK$’000HK$’000

千港元千港元

ASETS AND LIABILITIES资产及负债

Total asets总资产4,842,0305,408,807

Total liabilities总负债(2,027,245)(2,361,611)

Equity atributable to owners of the Company本公司股东应占权益2,814,7853,047,196

Chairman’s Statement

主席报告

5高山企业有限公司 2024/2025 年报

敬启者：

本人谨代表高山企业有限公司（「本公司」）董

事（「董事」）会（「董事会」）提呈本公司及其附属

公司（统称「本集团」）截至2025年3月31日止年

度（「本财政年度」）之全年业绩。

截至2025年3月31日止年度，本公司股

东（「股东」）应占本集团之综合亏损约为

365,299,000港元，相比上个财政年度（2024

年）亏损约为213,149,000港元。截至2025

年3月31日止年度，来自持续经营业务综合

亏损及来自已终止经营业务亏损分别录得

约为357,778,000港元及7,521,000港元，

而上个财政年度（2024年）则分别为亏损约

218,804,000港元及盈利约5,655,000港元。

截至2025年3月31日止年度，本集团来自

持续经营业务录得营业额约为44,857,000

港元，而上个财政年度（2024年）则约为

30,693,000港元，较上个财政年度（2024

年）增加约14,164,000港元或约46.1%。本

财政年度毛利率录得约59.8%（2024年：约

88.5%）。截至2025年3月31日止年度，来自

持续经营及来自已终止经营业务的本公司每

股基本及摊薄亏损分别为0.81港元及0.81港

元（2024年：经重列的每股基本及摊薄亏损分

别为2.42港元及2.42港元）。

面对极具挑战性的全球经济存在不稳定因

素、持久的国际地缘政治紧张局势、潜在的

市场波动、通胀压力及利率高企的一年，本

集团继续密切关注及探索市场及投资机遇，

持续审慎专注于其核心业务营运，以提高财

务业绩并创造长期价值，以提升其股东利

益。

最后，董事会及本人谨借此机会衷心感谢我

们的董事、管理层、员工、股东及业务合作

伙伴一直以来对本公司的鼎力支持。

此致

各位股东

赖罗球

主席

香港，2025年6月27日

Dear Shareholders,

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

Eminence Enterprise Limited (the “Company”), I would like to present the

anual results of the Company and its subsidiaries (colectively, the “Group”)

for the year ended 31 March 2025 (the “Financial Year”).

For the year ended 31 March 2025, the Group’s consolidated los atributable

to shareholders of the Company (the “Shareholders”) was aproximately

HK$365,299,000 as compared with los of aproximately HK$213,149,000

last financial year (2024). The consolidated los from continuing operations

and discontinued operation for the year ended 31 March 2025 were

aproximately HK$357,778,000 and HK$7,521,000 respectively as compared

with los of aproximately HK$218,804,000 and profit of aproximately

HK$5,655,000 last financial year (2024) respectively. For the year ended 31

March 2025, the Group’s revenue from continuing operations amounted

to aproximately HK$44,857,000 as compared with last financial year

$30,693,000, which represented an increase

of aproximately HK$14,164,000 or aproximately 46.1% as compared

with last financial year (2024). The Financial Year’s gros profit margin was

aproximately 59.8% (2024: aproximately 88.5%). The basic and diluted los

per share of the Company from continuing and discontinued operations for

the year ended 31 March 2025 were HK$0.81 and HK$0.81 (2024: restated

basic and diluted los per share of HK$2.42 and HK$2.42) respectively.

In face of an extraordinarily chalenging year with global economic

uncertainties and continuing chalenges posed by prolonged international

geopolitical tensions and potential market instability with high inflationary

presure and interest rates, the Group continuously and closely monitors

and explores market and investment oportunities, and constantly and

prudently focuses on its core busines operations in order to improve financial

performance and create long-term values to maximize the interests of its

Shareholders.

Finaly, the Board and I would like to take this oportunity to expres heartfelt

apreciation to our Directors, management team, staf, Shareholders and

busines partners for their continuous suport to the Company.

Lai Law Kau

Chairman

Hong Kong, 27 June 2025

Management Discusion and Analysis

管理层讨论及分析

6EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

高山企业有限公司（「本公司」）董事（「董事」）会

（「董事会」）欣然公布本公司及其附属公司（统

称「本集团」）截至2025年3月31日止年度（「本

财政年度」）之经审核全年业绩连同比较数字。

本全年业绩已由本公司之审核委员会（「审核

委员会」）审阅。

全年业绩

截至2025年3月31日止年度，本公司股东（「股

东」）应占本集团之综合亏损约为365,299,000

港元，相比上个财政年度（2024年）亏损约

为213,149,000港元。截至2025年3月31

日止年度，来自持续经营业务综合亏损及

来自已终止经营业务综合亏损分别录得约

为357,778,000港元及7,521,000港元，

而上个财政年度（2024年）则分别为亏损约

218,804,000港元及盈利约5,655,000港元。

本财政年度综合亏损增加主要由于（其中包

括）(i)投资物业之公平值变动亏损增加；(i)投

资物业出售亏损增加；(i)持有作出售发展物

业及持有作出售物业的撇销增加；(iv)按公平

值计入损益之金融资产之公平值变动亏损净

额增加；(v)修订可换股票据条款亏损增加；

及(vi)融资成本增加，部分被税项开支减少抵

销。

截至2025年3月31日止年度，本集团来自

持续经营业务录得营业额约为44,857,000

港元，而上个财政年度（2024年）则约为

30,693,000港元，较上个财政年度（2024

年）增加约14,164,000港元或约46.1%。本

财政年度毛利率录得约59.8%（2024年：约

88.5%）。

截至2025年3月31日止年度，来自持续经

营业务及来自已终止经营业务的本公司每

股（「股」）基本及摊薄亏损分别为0.81港元及

0.81港元（2024年：经重列的每股基本及摊薄

亏损分别为2.42港元及2.42港元）。

末期股息

董事会不建议派发截至2025年3月31日止年

度之末期股息（2024年：无）。

The board (the “Board”) of directors (the “Director(s)”) of Eminence Enterprise

Limited (the “Company”) is pleased to anounce the audited anual results

of the Company and its subsidiaries (colectively, the “Group”) for the year

ended 31 March 2025 (the “Financial Year”) together with comparative

figures. These anual results have ben reviewed by the audit comite of

the Company (the “Audit Comite”).

FINAL RESULTS

For the year ended 31 March 2025, the Group’s consolidated los atributable

to shareholders of the Company (the “Shareholders”) was aproximately

HK$365,299,000 as compared with los of aproximately HK$213,149,000

last financial year (2024). The consolidated los from continuing operations and

discontinued operation for the year ended 31 March 2025 were aproximately

HK$357,778,000 and HK$7,521,000 respectively as compared with los of

aproximately HK$218,804,000 and profit of aproximately HK$5,655,000

last financial year (2024) respectively. The increase in consolidated los for the

Financial Year was mainly atributable to, among other things, (i) the increase in

los on changes in fair value of investment properties; (i) the increase in los on

disposal of investment properties; (i) the increase in write-down on properties

held for development for sale and properties held for sale; (iv) the increase in the

net los on changes in fair value of financial asets at fair value through profit

or los; (v) the increase in los on modification of terms of convertible note; and

(vi) the increase in finance costs, which were partialy ofset by the decrease in

taxation expenses.

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

operations amounted to aproximately HK$44,857,000 as compared with

last financial year (2024) of aproximately HK$30,693,000, which represented

an increase of aproximately HK$14,164,000 or aproximately 46.1% as

compared with last financial year (2024). The Financial Year’s gros profit

margin was aproximately 59.8% (2024: aproximately 88.5%).

The basic and diluted los per share of the Company (the “Share(s)”) from

continuing and discontinued operations for the year ended 31 March 2025

were HK$0.81 and HK$0.81 (2024: restated basic and diluted los per share

of HK$2.42 and HK$2.42) respectively.

FINAL DIVIDEND

The Board does not recomend the payment of final dividend for the year

ended 31 March 2025 (2024: nil).

Management Discusion and Analysis

管理层讨论及分析

7高山企业有限公司 2024/2025 年报

BUSINES REVIEW

During the Financial Year, the Group was principaly engaged in property

development, property investment (comprising ownership and rental of

investment properties), investment in securities and others and loan financing

busines which property development and property investment are the core

busineses of the Group. The review of each busines segment of the Group

is set out below.

(i) Property Development

One of the Group’s core busineses is property development. The

Group has extensive experience on property redevelopment, in

particular, acquisition of old buildings for renewal and redevelopment.

Below are the major projects of the Group.

(a) Project Matheson Stret

As at 31 March 2025, the Group, through its indirect wholy-

owned subsidiary, owned the property at No. 11 Matheson

Stret, Causeway Bay, Hong Kong, named as “THE HEDON”.

The total site area of the property is aproximately 2,857 square

fet with a gros flor area of aproximately 42,854 square fet

of 27-storeys brand new Ginza-style building. Ocupation permit

was obtained in February 2024.

(b) Project King Lam Stret

As at 31 March 2025, the Group, through its indirect wholy-

owned subsidiary, owned the property located at No. 121 King

Lam Stret, Kowlon, Hong Kong, named as “One Two One”.

The total gros flor area of the property is aproximately 7,326

square metres. The property is a brand new grade-A industrial

building 28-storeys with a total of 47 units. Ocupation permit

was obtained in May 2024.

业务回顾

于本财政年度内，本集团主要从事物业发

展、物业投资（包括拥有及租赁投资物业）、

证券及其他投资及贷款融资业务，而物业发

展和物业投资为本集团之核心业务。本集团

之各业务分部回顾载于下文。

(i) 物业发展

本集团的核心业务之一是物业发展。

本集团在物业重建方面拥有丰富经

验，尤其是收购旧楼以进行翻新及重

建。以下是本集团的主要项目。

(a) 勿地臣街项目

于2025年3月31日，本集团透过

其间接全资附属公司拥有位于香

港铜锣湾勿地臣街11号，名为

「THE HEDON」之物业。该物业

地盘总面积约为2,857平方呎，

提供总建筑面积约为42,854平方

呎之楼高27层全新银座式楼宇。

于2024年2月取得占用许可证。

(b) 琼林街项目

于2025年3月31日，本集团透过

其间接全资附属公司拥有位于香

港九龙琼林街121号，名为「One

Two One」之物业。该物业总建

筑面积约为7,326平方米。该物

业为全新甲级工业大厦，楼高28

层，共有47个单位。于2024年5

月取得占用许可证。

Management Discusion and Analysis

管理层讨论及分析

8EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

于2025年3月31日，本集团透过

其间接全资附属公司拥有(i)香港

坚尼地城爹核士街1B及1C号及

1D及1E号（「爹核士街」）；及(i)香

港吉席街93及95号（「吉席街」）之

全部单位。爹核士街及吉席街

之合并地盘面积约为7,122平方

呎，该地盘将发展为商业及╱或

住宅综合发展项目，以发挥其最

大用途。现正开展上盖工程，而

该项目预期将于2025年最后季

度完工。

(d) 丰华项目

于2025年3月31日，本集团透过

其间接全资附属公司拥有位于九

龙青山道646、648及648A号之

地盘。该地盘总面积约为9,206

平方呎。鉴于目前市场状况，本

集团或会考虑调整发展计划。

As at 31 March 2025, the Group, through its indirect wholy-

owned subsidiaries, owned al the units of (i) Nos. 1B and 1C

and Nos. 1D and 1E of Davis Stret, Kenedy Town, Hong Kong

(“Davis Stret”); and (i) Nos. 93 and 95 Catchick Stret, Hong

Kong (“Catchick Stret”). The combined site area of Davis Stret

and Catchick Stret is aproximately 7,122 square fet which

wil be developed into a comercial and/or residential mixed use

development to maximize its usage. Superstructure works have

ben comenced and the project is expected to complete in the

last quarter of 2025.

(d) Project Fung Wah

As at 31 March 2025, the Group, through its indirect wholy-

owned subsidiaries, owned the site at Nos. 646, 648 and 648A

Castle Peak Road, Kowlon. The total site area is aproximately

9,206 square fet. In light of the curent market condition, a

change of development plan may be considered.

Management Discusion and Analysis

管理层讨论及分析

9高山企业有限公司 2024/2025 年报

(i) 物业投资

本集团的另一项核心业务为物业投

资。

于本财政年度内，本集团来自持

续经营业务录得租金收入总额约

为32,354,000港元（2024年：约

28,751,000港元），较上个财政年度增

加约12.5%。

香港

于2025年3月31日，本集团于香港

拥有住宅、商业及工业单位，以及

有附属结构之土地，总账面值约

为1,057,900,000港元（2024年：约

1,176,600,000港元）。截至2025年3

月31日止年度，本集团来自持续经营

业务录得物业租金收入及物业管理费

收入分别约为31,558,000港元（较2024

年增加约15.1%）及816,000港元（2024

年：分别约27,423,000港元及12,000

港元），该增加主要由于来自勿地臣街

项目的租金收入。

新加坡

于2025年3月31日，本集团于新加坡

拥有零个（2024年：一个）住宅单位，

账面值为零（2024年：约73,843,000港

元）。截至2025年3月31日止年度，由

于在2024年10月出售余下唯一物业，

本集团来自持续经营业务收取物业租

金收入约为796,000港元（2024年：约

1,328,000港元），较上个财政年度减

少约40.1%。

中华人民共和国（「中国」）

根据本集团与镇政府于2022年10月5日

签订的土地收储协议书，位于湖州的

土地及建筑物已由镇政府收回。

于中国的物业投资的财务业绩已被分

类为已终止经营业务。于2024年2月，

本集团已全数收取补偿金额，而湖州

物业已交回湖州政府；因此，于2025

年3月31日，湖州物业不再计入本集团

的财务报表。

详细资料请参阅永义国际集团有限公

司（「永义」）（股份代号：1218）及本公司

日期为2022年10月5日之联合公布，以

及本公司日期为2023年10月18日之通

函。

(i) Property Investment

The Group’s other core busines is property investment.

During the Financial Year, the total rental income of the Group recorded

from continuing operations was aproximately HK$32,354,000

(2024: aproximately HK$28,751,000), representing an increase of

aproximately 12.5% over the last financial year.

Hong Kong

In Hong Kong, the Group owns residential, comercial and industrial

units, and land with atached structure with a total carying amount

of aproximately HK$1,057,900,000 as at 31 March 2025 (2024:

aproximately HK$1,176,600,000). For the year ended 31 March

2025, the Group recorded property rental income and building

management fe income from continuing operations of aproximately

HK$31,558,000 (an increase of aproximately 15.1% as compared

with 2024) and HK$816,000 respectively (2024: aproximately

HK$27,423,000 and HK$12,000 respectively), which is primarily

atributable to the rental income from the Project Matheson Stret.

Singapore

In Singapore, the Group owns nil (2024: one) residential unit with a

carying amount of nil as at 31 March 2025 (2024: aproximately

HK$73,843,000). For the year ended 31 March 2025, the Group

received property rental income from continuing operations of

aproximately HK$796,000 (2024: aproximately HK$1,328,000),

representing a decrease of aproximately 40.1% over the last financial

year, due to the disposal of the sole remaining property in October

2024.

The People’s Republic of China (the “PRC”)

Pursuant to a land resumption agrement signed on 5 October 2022

by the Group and the municipal government, the lands and buildings in

Huzhou were resumed by the municipal government.

The financial results of the property investment in the PRC was

clasified as discontinued operation. The compensation amount

was received by the Group in ful in February 2024, and the Huzhou

Properties were resumed by the Huzhou Government, and acordingly,

the Huzhou Properties were no longer acounted for in the financial

statements of the Group as at 31 March 2025.

Further information can be found in the joint anouncement isued by

Easyknit International Holdings Limited (“Easyknit”) (stock code: 1218)

and the Company dated 5 October 2022, and circular of the Company

dated 18 October 2023 respectively.

Management Discusion and Analysis

管理层讨论及分析

10EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

(i) 证券及其他投资

本集团对其具多元化的证券投资采

取谨慎态度。于本财政年度内，本

集团购入及出售上市证券及其他投

资产品。本集团来自持续经营业务

录得证券及其他投资之公平值亏损

约为20,427,000港元（2024年：亏损

4,391,000港元）。于截至2025年3月31

日止年度内，本集团并无录得来自已

终止经营业务的证券及其他投资之公

平值收益（2024年：收益约204,000港

元）。因此，于本财政年度内，本集团

来自持续经营业务录得分部亏损约为

20,530,000港元（2024年：分部亏损约

4,600,000港元）。于截至2025年3月31

日止年度内，本集团来自持续经营业

务从上市证券投资中获得股息收入约

为37,000港元（2024年：约1,373,000

港元）。

于2025年3月31日，本集团于香港上市

之权益证券投资金额约为41,531,000

港元（2024年：约47,124,000港元）。

该投资价值对应的投资组合包括八只

（2024年：八只）于香港联合交易所有

限公司（「联交所」）上市之权益证券。

于本财政年度内之变动为(a)净购入

证券投资之公平值约为5,753,000港

元；及(b)证券投资市值金额净减少约

7,565,000港元。

详细资料请参阅下列「重大须予公布的

交易及事件」一节。

(i) Investment in Securities and Others

The Group adopted a prudent atitude in its wel-diversified securities

investment. During the Financial Year, the Group had acquired and

disposed of listed securities and other investment products. The

Group recorded fair value los in securities and other investments from

continuing operations of aproximately HK$20,427,000 (2024: los of

HK$4,391,000). During the year ended 31 March 2025, the Group did

not record fair value gain in investment in securities and others from

discontinued operation (2024: gain of aproximately HK$204,000). As

a result, the Group reported a segment los from continuing operations

of aproximately HK$20,530,000 (2024: segment los of aproximately

HK$4,600,000) during the Financial Year. The Group received

dividend income from the listed securities investments from continuing

operations of aproximately HK$37,000 (2024: aproximately

HK$1,373,000) during the year ended 31 March 2025.

As at 31 March 2025, the Group’s investment in equity securities listed

in Hong Kong amounted to aproximately HK$41,531,000 (2024:

aproximately HK$47,124,000). This value represented an investment

portfolio comprising eight (2024: eight) equity securities which are listed

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

The movements during the Financial Year were (a) net purchase

of securities investments which had a fair value of aproximately

HK$5,753,000; and (b) net decrease in market value of securities

investments in the amount of aproximately HK$7,565,000.

For further information, please refer to “MATERIAL NOTIFIABLE

TRANSACTIONS AND EVENTS” section below.

Management Discusion and Analysis

管理层讨论及分析

11高山企业有限公司 2024/2025 年报

于2025年3月31日，本集团持有以下重

大证券投资：

* 其他上市股份包括一间在联交所GEM上

市的公司股份及两间在联交所主板上市

的公司股份。

The Group held significant securities investments as at 31 March 2025

as below:

Company name (stock code)

Number of

shares held

Aproximate

percentage

held to the

total isued

share capital of

the company/

investment

Investment

cost/cost of

acquisition

Dividend

income

for the year

ended

31 March 2025

Fair value

(los)/gain for

the year ended

31 March 2025

Fair value at

31 March 2025

Aproximate

percentage of

total asets of

the Group at

31 March 2025

公司名称（股份代号）

持有

股份数目

占公司

已发行

总股本╱投资

总额之

持股概约

百分比

投资成本╱

收购成本

截至2025年

3月31日

止年度之

股息收入

截至2025年

3月31日

止年度之

公平值

（亏损）╱收益

于2025年

3月31日之

公平值

于2025年

3月31日

占本集团

总资产之

概约百分比

%HK$’000HK$’000HK$’000HK$’000%

千港元千港元千港元千港元

Best Fod Holding Company Limited (1488)

百福控股有限公司(1488)33,126,0002.1038,195–(6,625)26,5010.55

Pacific Legend Group Limited (8547)14,270,0005.211,504–3801,8840.04

Symphony Holdings Limited (1223)

新沣集团有限公司(1223)7,170,0000.246,49435(72)5,6640.12

Capital Estate Limited (193)

冠中地产有限公司(193)6,240,0002.681,666–8922,5580.05

Easyknit International Holdings Limited (1218)

永义国际集团有限公司(1218)2,243,0003.037,532–(1,911)3,8130.08

Other listed shares*

其他上市股份*1,126,600N/A不适用2,5142(229)1,1110.02

Grand total:

总计：57,90537(7,565)41,5310.86

* Other listed shares included one company whose shares are listed on the GEM

of the Stock Exchange and two companies whose shares are listed on the Main

Board of the Stock Exchange respectively.

Management Discusion and Analysis

管理层讨论及分析

12EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

本集团认为证券及其他投资前景仍为

审慎乐观。本集团明白，投资表现或

受全球经济存在不稳定因素和香港金

融市场波动程度影响，并受到其他外

部因素限制。因此，本集团将继续维

持不同市场分部的多元化投资组合，

以尽量降低潜在的金融风险。本集团

亦将不时密切监察投资组合的表现发

展状况，并采取审慎而平衡的风险管

理方案。

(iv) 贷款融资

本集团的贷款融资业务主要由城中国

际有限公司（「城中」）（本公司的一间

间接全资附属公司）经营，为根据《放

债人条例》（香港法例第163章）经营业

务的持牌放债人。贷款融资业务之借

款人是有短期资金需要，并可就借贷

提供足够抵押品（倘需要）之个人及公

司实体。借款人主要是通过业务引荐

和介绍获得。城中的资金来源由本集

团内部资源提供。于截至2025年3月

31日止年度内，本集团来自持续经营

业务录得来自贷款融资业务之利息收

入约为1,329,000港元（2024年：约

1,930,000港元），与上个财政年度相

比减少约31.1%。于本财政年度内，

本集团并无录得任何来自已终止经营

业务的贷款融资业务之利息收入（2024

年：无）。于截至2025年3月31日止年

度，来自持续经营业务贷款融资业务

之分部亏损约为72,000港元（2024年：

分部盈利约190,000港元）。于2025年

3月31日，应收贷款之未偿还本金

额约为29,578,000港元（2024年：约

31,023,000港元）。于本财政年度内，

来自持续经营业务贷款融资业务于损

益确认之减值亏损拨回约55,000港元

（2024年：473,000港元）。于本财政年

度内，概无来自已终止经营业务贷款

融资业务于损益确认之减值亏损拨回

（2024年：无）。

The Group considers the prospects in respect of the investments

in securities and others remain cautiously optimistic. The Group

understands that the performance of the investments may be afected

by global economic uncertainties and degre of volatility in the

Hong Kong financial market and subject to other external factors.

Acordingly, the Group wil continuously maintain a diversified portfolio

of investment of diferent segments of markets to minimise the posible

financial risks. The Group wil also closely monitor the performance

progres of the investment portfolio in a prudent and balanced risk

management aproach from time to time.

(iv) Loan Financing

The loan financing busines of the Group is primarily operated by City

China International Limited (“City China”), an indirect wholy-owned

subsidiary of the Company which is a licensed money lender carying

on busines under the Money Lenders Ordinance (Chapter 163 of the

Laws of Hong Kong). The borowers of the loan financing busines

are individuals and corporate entities that have short-term funding

neds and could provide suficient colaterals, if neded, for their

borowings. The borowers are primarily acquired through busines

referals and introductions. City China’s source of funding is financed

by the Group’s internal resources. During the year ended 31 March

2025, the Group recorded interest income from loan financing busines

from continuing operations amounting to aproximately HK$1,329,000

(2024: aproximately HK$1,930,000), representing a decrease of

aproximately 31.1% as compared with last financial year. During the

Financial Year, the Group had not recorded any interest income from

loan financing busines from discontinued operation (2024: nil). The

segment los of loan financing busines from continuing operations

was aproximately HK$72,000 for the year ended 31 March 2025

(2024: segment profit of aproximately HK$190,000). The outstanding

principal amount of loans receivable as at 31 March 2025 was

aproximately HK$29,578,000 (2024: aproximately HK$31,023,000).

During the Financial Year, reversal of impairment los of aproximately

HK$55,000 was recognised in profit or los in its loan financing

busines from continuing operations amounting (2024: HK$473,000).

During the Financial Year, no reversal of impairment los (2024: nil)

was recognized in profit or los in its loan financing busines from

discontinued operation.

Management Discusion and Analysis

管理层讨论及分析

13高山企业有限公司 2024/2025 年报

本集团已制定信贷政策、指引及程

序，涵盖贷款交易之关键内部监控，

包括尽职审查、信贷评估、妥善签订

文件、持续监控及还款和收回。于订

立贷款协议前，本集团集中于尽职审

查步骤及信贷风险评估工作包括但不

限于与每个借款人会面、调查借款人

的背景、评估其现时的业务营运及财

务状况（如收入及资产证明）、市场声

誉及信誉，以及进行财务及可收回性

分析，以及审查每个借款人的还款历

史（包括近期的偿付记录，以及任何诉

讼及清盘或破产查册）和职业或业务背

景的变化以及财务状况，以便更好地

了解每个借款人的情况。本集团就借

款人的信贷质素定期评估抵押品或质

押及担保的价值，并界定授予借款人

的信贷额度。为尽量降低信贷风险，

本集团可能要求客户提供担保，包括

预期实现价值超过贷款金额的抵押品

或质押、远期支票及╱或个人或公司

担保。本集团密切关注对贷款可回收

性和催收信用风险的持续审查，以确

保采取后续行动（包括发出要求偿还书

及╱或采取必要的法律行动）收回逾期

债务。

本集团持续采取严格的贷款审查程

序，并透过加强贷款融资业务的整体

信贷风险管控机制，对贷款抵押是否

充足保持审慎态度。就催收逾期贷款

而言，本集团与部分借款人商讨清偿

方案、发出要求偿还书，并其后采取

法律行动及法庭诉讼以收回贷款。于

本财政年度内，本集团密切监察及定

期审阅其贷款组合，并评估应收贷款

的贷款抵押是否足够。

The Group has credit policies, guidelines and procedures in place

which cover key internal controls of a loan transaction including due

diligence, credit apraisal, proper execution of documentations,

continuous monitoring and colection and recovery. Before entering into

loan agrements, the Group focuses on the due diligence procedures

and credit risk asesment work, including but not limited to meting

with each borower, conducting research on their backgrounds,

evaluating their curent busines operations and financial conditions

(such as income and asets prof), market reputation and creditability,

conducting financial and recoverability analysis, and reviewing on

repayment history (including recent setlement records, and any

litigations and winding up or bankruptcy searches) and change in

carer or busines background and financial position of each borower

in order to beter understand the circumstances of each borower.

The Group regularly aseses the value of the colaterals or pledges

and guarantes of the borowers for their credit quality, and defines

credit limits to be granted to the borowers. To minimize credit risks,

the Group may require guarantes, including colaterals or pledges

with expected realized value exceding the loan amount, post-dated

cheques and/or personal or corporate guarante(s). The Group closely

monitors on an ongoing review of credit risks of loans recoverability and

colection to ensure that folow-up actions (including isue of demand

leters and/or taking legal actions, if necesary) are taken to recover

overdue debts.

The Group continues to adopt stringent loan review procedures

and remains prudent aproach on suficiency of loan security

by strengthening its overal credit risk management and control

mechanism in its loan financing busines. For colection of overdue

loans, the Group discused setlement plans with certain borowers,

isued demand leters and subsequently initiated legal actions and

court procedings in order to recover the loans. During the Financial

Year, the Group closely monitored and regularly reviewed its loan

portfolio and asesed the suficiency of loan security for the loans

receivable.

Management Discusion and Analysis

管理层讨论及分析

14EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

于截至2025年3月31日止年度内，本集

团提供不超过三年的短期贷款。还款

期及条件的厘定因素包括借款人的还

款能力、本集团的资金及现金流管理

策略，以及现行市场条款及利率等。

本集团就应收贷款的相关信贷风险集

中，于2025年3月31日约为29,578,000

港元（2024年：约31,023,000港元），

来自少数借款人的结余约为55%（2024

年：约55%）估计公平值为18,595,000

港元（2024年：17,745,000港元）的物业

作为抵押。

在借款人没有违约的情况下，本集团

不得出售或再质押抵押品。应收贷款

持有的抵押品质量并无重大变化。

此外，于2025年3月31日，无抵押应

收贷款为13,421,000港元（2024年：

14,052,000港元）。于2025年3月31

日，本集团最大借款人本身及连同本

集团其他四大借款人分别占本集团应

收贷款约33%（2024年：约31%）及约

94%（2024年：约93%）。于本财政年

度内，本集团之定息应收贷款每年利

率介乎0厘（包括一次性预付费用，相

当于三年贷款期间贷款金额的9%于提

款日一次性支付）至8厘（2024年：0厘

至14厘），而本集团贷款融资业务借款

人总数为九名。

随著经济的不确定性的持续，预期借

款人违约风险增加，本集团重新评估

个别借款人的信用评级，并对潜在的

减值亏损作出拨备。于2025年3月31

日，应收贷款拨备约为1,022,000港元

（2024年：约1,077,000港元）。除以作

信贷减值的应收贷款外，于2025年3月

31日，概无逾期的应收贷款。

During the year ended 31 March 2025, the Group provided short-

term loans of maturity of not more than thre years. The repayment

terms and conditions were determined by factors including the

repayment ability of the borowers, the Group’s funding and cash flows

management strategies, and the terms and rates of the prevailing

market.

The Group has concentration of credit risk in relation to loans

receivable, amounting to aproximately HK$29,578,000 as at 31 March

2025 (2024: aproximately HK$31,023,000), from a few borowers with

aproximately 55% (2024: aproximately 55%) of the balance were

secured by properties with estimated fair values of HK$18,595,000

(2024: HK$17,745,000).

The Group is not permited to sel or repledge the colaterals in

the absence of default by the borowers. There have not ben any

significant changes in the quality of the colateral held for the loans

receivable. In adition, the unsecured loans receivable as at 31 March

2025 amounting to HK$13,421,000 (2024: HK$14,052,000). The

largest borower of the Group by itself and together with the other

four largest borowers of the Group acounted for aproximately

33% (2024: aproximately 31%) and aproximately 94% (2024:

aproximately 93%) respectively of the loans receivable of the Group

as at 31 March 2025. During the Financial Year, the range of interest

rates on the fixed-rate loans receivable of the Group was 0% (including

an one-of upfront fe, representing 9% of the loan amount for thre-

year loan period paid in one lump sum at drawdown date) to 8% (2024:

0% to 14%) per anum, and the total number of the borowers of the

loan financing busines of the Group is nine.

In view of the foreseable increase in risk of default by the borowers

as economic uncertainties continued, the Group reasesed the

credit ratings of individual borowers and made necesary provisions

for potential impairment los. As at 31 March 2025, alowance for

loans receivable amounted to aproximately HK$1,022,000 (2024:

aproximately HK$1,077,000). Except for those credit-impaired loans

receivable, there was no loans receivable which was past due as at 31

March 2025.

Management Discusion and Analysis

管理层讨论及分析

15高山企业有限公司 2024/2025 年报

本集团根据预期信贷亏损（「预期信贷亏

损」）模式就根据香港会计师公会颁布

的香港财务报告准则第9号「金融工具」

进行减值评估的应收贷款进行减值评

估。预期信贷亏损的金额于各报告日

期更新，以反映自初始确认以来的信

贷风险变动。特别是在评估信贷风险

是否大幅上升时会考虑以下资料：

（如有）或内部信

贷评级实际或预期大幅转差；

• 信贷风险的外部市场指标大幅转

差，例如信贷息差大幅扩大、借

款人信贷违约掉期价格大幅上

升；

、财务或经济环境的现

有或预测不利变动将导致借款人

履行债务责任的能力大幅下降；

• 借款人的经营业绩实际或预期大

幅转差；及

、经济或技术环境

实际或预期出现重大不利变动，

导致借款人履行债务责任的能力

大幅下降。

本集团力求严格控制其未偿还的应收

贷款，以尽量降低信贷风险。未偿还

应收贷款的减值拨备乃根据各报告期

末对借款人的财务背景、财务状况及

历史结算记录（包括逾期率及违约率）及

来自公开领域的相关资料的评估而厘

定。借款人在内部信用评级下被分配

不同的等级以计算预期信贷亏损，同

时考虑到对违约可能性的估计所驱动

的预期现金短缺的估计以及预期因抵

押品止赎而产生的现金流量和时间（如

有）减去取得和出售抵押品的成本。

在过往年度，管理层在考虑公开领域

的相关资料后评估，该等结余已发生

信用减值。自此之后，管理层已对借

款人采取多项行动（包括法律行动），以

收回结余。

The Group performs impairment asesment under expected credit

los (“ECL”) model on loans receivable which are subject to impairment

asesment under Hong Kong Financial Reporting Standard 9

“Financial Instruments” isued by Hong Kong Institute of Certified Public

Acountants. The amount of ECL is updated at each reporting date to

reflect changes in credit risk since initial recognition. In particular, the

folowing information is taken into acount when asesing whether

credit risk has increased significantly:

• an actual or expected significant deterioration in the loans

receivable’s external (if available) or internal credit rating;

• significant deterioration in external market indicators of credit

risk, such as a significant increase in the credit spread, the credit

default swap prices for the borower;

, financial or

economic conditions that are expected to cause a significant

decrease in the borower’s ability to met its debt obligations;

• an actual or expected significant deterioration in the operating

results of the borower; and

• an actual or expected significant adverse change in the

regulatory, economic, or technological environments of the

borower that results in a significant decrease in the borower’s

ability to met its debt obligations.

The Group seks to maintain strict control over its outstanding

loans receivable to minimize credit risk. Impairment alowances on

outstanding loans receivable are determined by an evaluation of

financial backgrounds, financial conditions and historical setlement

records, including past due rates and default rates, of the borowers

and relevant information from public domain at the end of each

reporting period. The borowers are asigned diferent grading under

internal credit ratings to calculate ECL, taking into consideration the

estimates of expected cash shortfals which are driven by estimates of

posibility of default and the amount and timing of cash flows that are

expected from foreclosure on the colaterals (if any) les the costs of

obtaining and seling the colaterals.

In prior years, the management asesed, taking into acount the

relevant information from public domain, such balances became credit-

impaired. Since then, the management has taken various actions

(including legal actions) against the Borower to recover the balances.

Management Discusion and Analysis

管理层讨论及分析

16EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

财务回顾FINANCIAL REVIEW

For the year ended 31 March

截至3月31日止年度

20252024Change

2025年2024年变动

HK$’000HK$’000HK$’000%

千港元千港元千港元百分比

Continuing operations持续经营业务

Revenue营业额44,85730,69314,16446%

Gros profit毛利26,83427,173(339)(1%)

Gros profit margin毛利率59.8%88.5%–(29%)

Administrative expenses行政开支(48,680)(58,483)9,803(17%)

Finance costs融资成本(92,555)(55,074)(37,481)68%

Los before taxation除税前亏损(370,973)(205,319)(165,654)81%

Taxation credit (charge)税项抵免（开支）13,195(13,485)26,680N/A不适用

Los for the year from continuing operations来自持续经营业务的

年度亏损(357,778)(218,804)(138,974)64%

Net los margin净亏损利率(797.6%)(712.9%)–85%

Discontinued operation已终止经营业务

(Los) profit for the year from discontinued

operation

来自已终止经营业务

的年度（亏损）盈利(7,521)5,655(13,176)N/A不适用

Los for the year atributable to owners of the

Company

本公司股东应占年度

亏损(365,299)(213,149)(152,150)71%

For the year ended 31 March

截至3月31日止年度

20252024Change

2025年2024年变动

HK$HK$HK$%

港元港元港元百分比

(Restated)

（经重列）

Los per share每股亏损

From continuing and discontinued

operations

来自持续经营及已终

止经营业务

– Basic– 基本(0.81)(2.42)1.61(67%)

– Diluted– 摊薄(0.81)(2.42)1.61(67%)

From continuing operations来自持续经营业务

– Basic– 基本(0.79)(2.49)1.7(68%)

– Diluted– 摊薄(0.79)(2.49)1.7(68%)

Management Discusion and Analysis

管理层讨论及分析

17高山企业有限公司 2024/2025 年报

营业额

截至2025年3月31日止年度，本集团来自

持续经营业务的营业额较上个财政年度约

30,693,000港元增加约46.1%至约44,857,000

港元，此乃主要是由于物业销售及租金收入

增加所致。截至2025年3月31日止年度，本

集团并无录得来自已终止经营业务的营业额

（2024年：无）。

毛利╱毛利率

本集团于截至2025年3月31日止年度来自持

续经营业务的毛利约为26,834,000港元，较

2024年约27,173,000港元减少约1.2%或约

339,000港元。本财政年度的毛利率减少至约

59.8%（2024年：约88.5%）。

除税前亏损

本集团于截至2025年3月31日止年度来自持

续经营业务的除税前亏损约为370,973,000

港元，而上个财政年度除税前亏损则约

205,319,000港元。本集团于截至2025年3月

31日止年度来自已终止经营业务的除税前亏

损约为3,752,000港元，而上个财政年度除税

前盈利则约42,980,000港元。

本集团来自持续经营业务的行政开支较上个

财政年度约58,483,000港元减少约16.8%至约

48,680,000港元。本集团来自已终止经营业

务的行政开支较上个财政年度约1,358,000港

元增加约2,836,000港元至约为4,194,000港

元。

于本财政年度内，来自持续经营业务按公平

值计入损益之金融资产之公平值变动亏损

净额约为20,427,000港元（2024年：亏损约

4,391,000港元）。于本财政年度内，概无录

得来自已终止经营业务的金融资产之公平值

变动收益（2024年：收益约204,000港元）。

本集团于本财政年度来自持续经营业务的融

资成本约为92,555,000港元，较2024年约

55,074,000港元增加约37,481,000港元或约

68.1%，其中可换股票据之实际利息支出约

为20,525,000港元（2024年：约17,941,000港

元）。

Revenue

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

operations increased by aproximately 46.1% to aproximately

HK$44,857,000 as compared with last financial year of aproximately

HK$30,693,000 which was mainly due to increase in properties sales and

rental income. For the year ended 31 March 2025, no revenue was recorded

from discontinued operation by the Group (2024: nil).

Gros Profit/Margin

Gros profit from continuing operations of the Group for the year ended 31

March 2025 was aproximately HK$26,834,000, representing a decrease

of aproximately 1.2% or aproximately HK$339,000 as compared to

aproximately HK$27,173,000 in 2024. Gros profit margin for the Financial

Year decreased to aproximately 59.8% (2024: aproximately 88.5%).

Los before Taxation

Los before taxation from continuing operations of the Group for the year

ended 31 March 2025 was aproximately HK$370,973,000, as compared

with los before taxation of aproximately HK$205,319,000 for the last

financial year. Los before taxation from discontinued operation of the Group

for the year ended 31 March 2025 was aproximately HK$3,752,000, as

compared with profit before taxation of aproximately HK$42,980,000 for the

last financial year.

Administrative expenses from continuing operations of the Group decreased

by aproximately 16.8% to aproximately HK$48,680,000 as compared with

last financial year of aproximately HK$58,483,000. Administrative expenses

from discontinued operation of the Group increased by aproximately

HK$2,836,000 to aproximately HK$4,194,000 as compared with last

financial year of aproximately HK$1,358,000.

During the Financial Year, there was net los on changes in fair value of

financial asets at fair value through profit or los from continuing operations

amounting to aproximately HK$20,427,000 (2024: los of aproximately

HK$4,391,000). During the Financial Year, no gain on changes in fair value

of financial asets from discontinued operation was recorded (2024: gain of

aproximately HK$204,000).

Finance costs from continuing operations of the Group for the Financial

Year were aproximately HK$92,555,000, representing an increase of

aproximately HK$37,481,000 or aproximately 68.1% from aproximately

HK$55,074,000 in 2024, of which aproximately HK$20,525,000 (2024:

aproximately HK$17,941,000) was the efective interest expense on

convertible note.

Management Discusion and Analysis

管理层讨论及分析

18EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

股东应占亏损及每股亏损

截至2025年3月31日止年度，来自持续经

营业务录得综合亏损约为357,778,000港元

（2024年：亏损约为218,804,000港元），而来

自已终止经营业务的综合亏损约为7,521,000

港元（2024年：盈利约为5,655,000港元）。

截至2025年3月31日止年度，来自持续经营

业务的税项抵免约为13,195,000港元（2024

年：税项开支为13,485,000港元）。

截至2025年3月31日止年度，来自持续经营

业务及来自已终止经营业务的每股基本及摊

薄亏损分别约为0.81港元及0.81港元（2024

年：经重列每股基本及摊薄亏损分别约2.42

港元及2.42港元）。于本财政年度，来自持

续经营业务的每股基本及摊薄亏损分别约为

0.79港元及0.79港元（2024年：经重列每股基

本及摊薄亏损分别约2.49港元及2.49港元）。

流动资金及财务资源

于2025年3月31日，本集团之资产总额

约为4,842,030,000港元（2024年：约

5,408,807,000港元）。财政资源方面，于

2025年3月31日，本集团之银行结余及现

金总额约为57,266,000港元（2024年：约

299,717,000港元）。有关减少乃主要由于偿

还银行借款及已付利息。

于2025年3月31日，本集团之银行借贷总

额约为1,892,260,000港元（2024年：约

2,066,734,000港元）。本集团之资本负债比率

（即银行借贷总额占股东资产之百分比）约为

0.7（2024年：约0.7）。于2025年3月31日，本

集团流动比率约为2.3（2024年：约3.2）。

本集团之营运资金主要来自其营运产生的循

环现金流、在资本市场募集的资金及银行融

资。有关有抵押银行借贷之详情，请参阅综

合财务报表附注27。

Los Atributable to the Shareholders and Los per Share

The consolidated los from continuing operations for the year ended 31

March 2025 was aproximately HK$357,778,000 (2024: los of aproximately

HK$218,804,000) while the consolidated los from discontinued operation

was aproximately HK$7,521,000 (2024: a profit of aproximately

HK$5,655,000).

Taxation credit from continuing operations for the year ended 31 March

2025 was aproximately HK$13,195,000 (2024: taxation charge of

HK$13,485,000).

Basic and diluted los per Share from continuing and discontinued operations

for the year ended 31 March 2025 were aproximately HK$0.81 and HK$0.81

respectively (2024: restated basic and diluted los per Share of aproximately

HK$2.42 and HK$2.42 respectively). Basic and diluted los per Share from

continuing operations for the Financial Year were aproximately HK$0.79

and HK$0.79 respectively (2024: restated basic and diluted los per Share of

aproximately HK$2.49 and HK$2.49 respectively).

Liquidity and Financial Resources

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

HK$4,842,030,000 (2024: aproximately HK$5,408,807,000). In terms of

financial resources as at 31 March 2025, the Group’s total bank balances

and cash was aproximately HK$57,266,000 (2024: aproximately

HK$299,717,000). Such decrease was mainly due to the repayment of bank

borowings and interest paid.

As at 31 March 2025, the Group has total bank borowings of aproximately

HK$1,892,260,000 (2024: aproximately HK$2,066,734,000). The Group’s

gearing ratio, which is calculated as a ratio of total bank borowings to

Shareholders’ equity, was aproximately 0.7 (2024: aproximately 0.7). As

at 31 March 2025, the Group’s curent ratio was aproximately 2.3 (2024:

aproximately 3.2).

The Group financed its operations primarily with recuring cash flow generated

from its operations, proceds raised from the capital market and bank

financing. For details of secured bank borowings, please refer to note 27 to

the consolidated financial statements.

Management Discusion and Analysis

管理层讨论及分析

19高山企业有限公司 2024/2025 年报

以下为本公司于2025年3月31日未兑换之可

换股票据详情：

2023年可换股票据（「2023年可换股票据」）

于本财政年度内，2023年可换股票据之兑换

权没有被行使，因此于本年报日期未偿还本

金额为70,000,000港元。

，(i)本公司于2025

年2月4日完成供股后，2023年可换股票据的

兑股价由每股兑换股份0.18港元调整至0.14

港元；及(i)于本财政年度内完成部分赎回后，

2023年可换股票据的未偿还本金额减少至

70,000,000港元。根据2023年可换股票据的经

调整现行兑换价每股兑换股份0.14港元计算，

兑换股份数目减少至500,000,000股。

详细资料请参阅下述「重大须予公布的交易及

事件」一节。

Set out below are the particulars of the outstanding convertible note of the

Company as at 31 March 2025:

2023 Convertible Note (the “2023 Convertible Note”)

Holder of the 2023 Convertible Note:Godco Development Limited (“Godco”)

2023 年可换股票据持有人:佳豪发展有限公司（「佳豪」）

Principal amount:HK$209,000,000

本金额:209,000,000港元

Outstanding principal amount:HK$70,000,000

未偿还本金额:70,000,000港元

Interest:5% per anum

利息:每年5厘

Isue date:20 February 2023

发行日期:2023年2月20日

Maturity date:19 February 2028

到期日:2028年2月19日

Conversion price:HK$0.14* (subject to adjustments)

兑换价:0.14*港元（可予调整）

During the Financial Year, no exercise of the conversion rights under the 2023

Convertible Note was made and the outstanding principal amount as at the

date of this anual report is HK$70,000,000.

, (i) upon completion of the rights isue of

the Company on 4 February 2025, the conversion price of the 2023 Convertible Note

was adjusted from HK$0.18 to HK$0.14 per conversion share; and (i) upon completion

of partial redemptions during the Financial Year, the outstanding principal amount of

2023 Convertible Note was reduced to HK$70,000,000. Based on the adjusted curent

conversion price of the 2023 Convertible Note of HK$0.14 per conversion share, the

number of conversion shares decreased to 500,000,000.

For further information, please refer to the section headed “MATERIAL

NOTIFIABLE TRANSACTIONS AND EVENTS” below.

Management Discusion and Analysis

管理层讨论及分析

20EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

股本结构

于2025年3月31日，本公司已发行普通股总

数为1,014,444,348股（2024年：103,148,116

股），而每股面值为0.01港元（2024年3月31

日：0.01港元）。于本年报日期，本公司已发

行普通股总数为1,014,444,348股。

于本财政年度内有关已发行股份总数的变

动，请参阅下述「根据特别授权配售新股份」

及「供股」分节。

资产抵押

于2025年3月31日，本集团之银行借贷

约为1,892,260,000港元（2024年：约

2,066,734,000港元）乃以本集团之物业作为抵

押，账面总净值分别约为1,057,900,000港元

（投资物业）、约为1,846,612,000港元（持作出

售发展物业）及约为1,712,654,000港元（持作

出售物业）（2024年：分别约1,211,443,000港

元、2,520,754,000港元及1,065,891,000港

元）。

外汇波动之风险

所有银行借贷均以港元计值。本集团的收入

与支出大多数以港元、美元、新加坡元及人

民币计值。于本财政年度内，本集团并无因

兑换率波动而承受重大风险，因此并无运用

任何金融工具作对冲用途。本集团认为承受

兑换率波动之风险极微。

或然负债

于2025年3月31日，本集团并无任何重大或

然负债（2024年：无）。

Capital Structure

As at 31 March 2025, the total number of isued ordinary Shares was

1,014,444,348 (2024: 103,148,116 Shares) and the nominal value per Share

was HK$0.01 (31 March 2024: HK$0.01). As at the date of this anual report,

the total number of isued ordinary Shares was 1,014,444,348.

For movement of the total number of isued Shares during the Financial

Year, please refer to the sub-sections headed “Placing of New Shares under

Specific Mandate” and “The Rights Isue” below.

Charges of Asets

As at 31 March 2025, the Group had bank loans amounting to aproximately

HK$1,892,260,000 (2024: aproximately HK$2,066,734,000) which were

secured by the Group’s properties with an agregate net bok value of

aproximately HK$1,057,900,000 (investment properties), aproximately

HK$1,846,612,000 (properties held for development for sale) and

aproximately HK$1,712,654,000 (properties held for sale) respectively

(2024: aproximately HK$1,211,443,000, HK$2,520,754,000 and

HK$1,065,891,000 respectively).

Exposure on Foreign Exchange Fluctuations

Al bank borowings are denominated in Hong Kong dolars. Most of the

Group’ s revenues and payments are denominated in Hong Kong dolars,

United States dolars, Singapore dolars and Renminbi. During the Financial

Year, the Group did not have significant exposure to the fluctuation in

exchange rates and thus, no financial instrument for hedging purposes

was employed. The Group considered the risk of exposure to the curency

fluctuation to be minimal.

Contingent Liabilities

The Group did not have any significant contingent liabilities as at 31 March

2025 (2024: nil).

Management Discusion and Analysis

管理层讨论及分析

21高山企业有限公司 2024/2025 年报

资本开支及资本承担

资本开支

截至2025年3月31日止年度，本集团将约

10,000港元投资于购置物业、厂房及设备

（2024年：约681,000港元）。该等资本开支

的资金均来自内部资源及先前本公司之集资

活动。

资本承担

于2025年3月31日，本集团并无有关已订约

但未拨备之资本性开支的资本承担（2024年：

约4,418,000港元）。

投资物业之公平值变动

于本财政年度内，来自持续经营业务投资物

业之公平值变动产生亏损约为28,700,000港

元（2024年：亏损约为9,563,000港元）。于

本财政年度内，来自已终止经营业务的投资

物业之公平值变动产生亏损为零（2024年：

无）。

融资成本

截至2025年3月31日止年度，来自持续经营

业务的融资成本约为92,555,000港元，较

上个财政年度的约55,074,000港元增加约

37,481,000港元或约68.1%。计入融资成本的

约20,525,000港元（2024年：约17,941,000港

元）为可换股票据之实际利息支出。

Capital Expenditures and Capital Comitments

Capital Expenditures

For the year ended 31 March 2025, the Group of aproximately HK$10,000

invest in the purchase of property, plant and equipment (2024: aproximately

HK$681,000). These capital expenditures were financed from internal

resources and funds from previous fund raising activities of the Company.

Capital Comitments

As at 31 March 2025, the Group had no capital comitment in respect of

capital expenditures contracted for but not provided (2024: aproximately

HK$4,418,000).

Changes in Fair Value of Investment Properties

During the Financial Year, there was a los of aproximately HK$28,700,000

on changes in fair value of investment properties from continuing operations

(2024: los of aproximately HK$9,563,000). During the Financial Year, the

los on changes in fair value of investment properties from discontinued

operation was nil (2024: nil).

Finance Costs

Finance costs from continuing operations were aproximately HK$92,555,000

for the year ended 31 March 2025, representing an increase of aproximately

HK$37,481,000 or aproximately 68.1% from aproximately HK$55,074,000

for the previous financial year. Included in the finance costs, aproximately

HK$20,525,000 (2024: aproximately HK$17,941,000) was the efective

interest expense on the convertible note.

Management Discusion and Analysis

管理层讨论及分析

22EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

重大须予公布的交易及事件

根据特别授权配售新股份

除文义另有所指外，本章节所用词汇与本公

司日期为2024年1月23日及4月17日之公布

以及本公司日期为2024年2月29日之通函所

界定者具有相同涵义。于2024年1月23日，

本公司订立有条件配售协议，据此，配售代

理将以每股配售股份0.18港元之配售价向不

少于六名承配人配售合共235,000,000股配

售股份，占本公司经配发及发行配售股份扩

大后之已发行股本约69.5%。配售事项下

之配售股份一经发行，将于配发及发行配售

股份当日在所有方面与股份享有同等地位。

配售事项下之最高配售股份数目总面值

为2,350,000港元。配售价较于最后交易日

在联交所报的收市价每股份0.1890港元

折让约4.76%。配售事项所得款项净额（经

扣除配售佣金及其他相关成本和开支后）为

41,877,000港元，将用作偿还本集团的银行

借贷及本集团一般营运资金。有关配售事项

已于2024年4月17日完成。于本年报日期，

所得款项净额已用作拟定用途。详细资料请

参阅本公司日期为2024年1月23日及4月17日

之公布以及本公司日期为2024年2月29日之

通函。

关连交易 – 建议修订2023年可换股票据之条

款及建议授出特别授权以发行兑换股份

于2024年1月23日，本公司与佳豪订立修

订契据，据此，本公司发行本金额为

209,000,000港元之2023年可换股票据之兑

换价由每股兑换股份3.70港元调整为0.18港

元，并更改提前赎回条款，赋予本公司及佳

豪随时赎回全部或部分2023年可换股票据之

权利。兑换股份数目将由56,486,486股调整

至1,161,111,111股。上述配售新股份已于

2024年3月27日本公司股东特别大会上获得

批准以及修订契据项下的先决条件已于2024

年4月17日获达成。因此，配售新股份及

2023年可换股票据条款修订已于2024年4月

17日完成。修订条款被认定为实质性，故将

导致2023年可换股票据的原有负债部分终止

确认，并确认新的负债和权益部分。因此，

新负债部分的公平值与原有负债部分账面值

之间的差额将于截至2025年3月31日止年度

内于损益确认。详细资料请参阅本公司日期

为2024年1月23日及4月17日之公布以及本公

司日期为2024年3月6日之通函。

MATERIAL NOTIFIABLE TRANSACTIONS AND EVENTS

Placing of New Shares under Specific Mandate

Unles otherwise stated, capitalized terms used herein this section shal

have the same meanings as those defined in Company’s anouncements

dated 23 January and 17 April 2024, and the Company’s circular dated 29

February 2024. On 23 January 2024, the Company entered into a conditional

placing agrement pursuant to which a total of 235,000,000 placing shares

wil be placed by the placing agent to not les than six places at the placing

price of HK$0.18 per placing share, representing aproximately 69.5% of

the isued share capital of the Company as enlarged by the alotment and

isue of the placing shares. The Placing Shares under the Placing rank pari

pasu in al respects with the Shares in isue on the date of alotment and

isue of the Placing Shares. The agregate nominal value of the maximum

number of the Placing Shares under the Placing is HK$2,350,000. The

Placing Price represents a discount of aproximately 4.76% to the closing

price of HK$0.1890 per Share as quoted on the Stock Exchange on the

Last Trading Day. The net proceds from the placing, after deduction of the

placing comision and other related costs and expenses of the placing,

amounted to HK$41,877,000 would be used for repayment of the Group’s

bank borowings and general working capital of the Group. The placing was

completed on 17 April 2024. As at the date of this anual report, the net

proceds has ben utilised as intended. Further information can be found in

the Company’s anouncements dated 23 January and 17 April 2024, and the

Company’s circular dated 29 February 2024.

Conected Transaction – Proposed Alterations of terms of the 2023

Convertible Note and Proposed Grant of Specific Mandate to Isue

Conversion Shares

On 23 January 2024, the Company entered into a ded of amendment with

Godco pursuant to which the conversion price of the 2023 Convertible

Note isued by the Company with principal amount of HK$209,000,000

would be adjusted from HK$3.70 to HK$0.18 per conversion share and an

early redemption provision was altered to give the Company and Godco

the right to redem the 2023 Convertible Note at any time, in whole or in

part. The number of conversion shares would be adjusted from 56,486,486

to 1,161,111,111. The aforesaid placing of new shares was aproved in

the special general meting of the Company on 27 March 2024 and the

conditions precedent under the ded of amendment were fulfiled on 17 April

2024. Acordingly, the placing of new shares and amendment of terms of the

2023 Convertible Note were completed on 17 April 2024. The modification

of the terms is determined to be substantial and hence wil result in the

extinguishment of the original liability component of the 2023 Convertible

Note and the recognition of new liability and equity components. Acordingly,

the diference betwen the fair value of the new liability component and the

carying amount of the original liability component wil be recognised in profit

or los during the year ended 31 March 2025. Further information can be

found in the Company’s anouncements dated 23 January and 17 April 2024,

and the Company’s circular dated 6 March 2024.

Management Discusion and Analysis

管理层讨论及分析

23高山企业有限公司 2024/2025 年报

主要交易 – 出售有限合伙公司权益

于2024年5月31日，本集团与独立第三方

订立出让契据，据此，本集团同意出让及

转售有限合伙公司的权益的所有权利、所

有权及权益，代价为3,700,000美元（相当于

28,971,000港元）。有关出售事项已于本公司

2024年7月17日举行之股东特别大会上获得

股东批准。于本财政年度内，出售事项的所

有先决条件已获达成，而出售事项已于2024

年7月完成。详细资料请参阅本公司日期分别

为2024年5月31日之公布及2024年6月24日之

通函。

主要交易 – 出售香港物业

于2024年6月28日，本集团与独立第三方

订立临时买卖合约，据此，本集团同意出

售，而独立第三方同意购买该物业，代价为

36,000,000港元，惟须达成临时买卖合约规

定的先决条件。该物业位于香港庄士敦道148

号地下，包括一栋十五层住宅及商业综合大

楼地下的一间店舖，其实用面积约为516平

方呎（相当于约47.94平方米），加上庭院约62

平方呎（相当于约5.76平方米）。有关出售事

项已于本公司2024年8月13日举行之股东特

别大会上获得股东批准。于本财政年度内，

出售事项的所有先决条件已获达成，而出售

事项已于2024年9月完成。详细资料请参阅

本公司日期分别为2024年6月28日之公布及

2024年7月22日之通函。

主要交易 – 出售新加坡物业

本集团（作为卖方）与一名独立第三方（作为买

方）订立协议，内容有关于2024年7月24日授

出及行使选择权以按售价12,000,000新加坡

元（相当于约72,216,000港元）购买总建筑面

积约268平方米（相当于约2,885平方呎）的四

房住宅公寓单位，该物业位于一座三十层高

的共管公寓发展项目的第十八楼层，坐落于

新加坡259959雅茂园15号#18–02单位。有关

出售事项已于本公司2024年9月3日举行之股

东特别大会上获得股东批准。

于本财政年度内，出售事项的所有先决条件

已获达成，而出售事项已于2024年10月完

成。详细资料请参阅本公司日期分别为2024

年7月24日之公布及2024年8月12日之通函。

Major Transaction – Disposal of Limited Partnership Interest

On 31 May 2024, the Group entered deds of asignment with independent

third parties pursuant to which the Group agred to asign and transfer al

of the rights, title and interests in a limited partnership at a consideration of

USD3,700,000 (equivalent to HK$28,971,000). The disposal was aproved

by the Shareholders at a special general meting of the Company held on

17 July 2024. During the Financial Year, al the conditions precedent to the

disposal had ben fulfiled and completion of the disposal tok place in July

2024. Further information can be found in the Company’s anouncement and

circular dated 31 May 2024 and 24 June 2024 respectively.

Major Transaction – Disposal of Property in Hong Kong

On 28 June 2024, the Group, entered into a preliminary sale and purchase

agrement with an independent third party, pursuant to which the Group

agred to sel, and the independent third party agred to purchase, the

property at a consideration of HK$36,000,000, subject to fulfilment of the

conditions precedent as stipulated in the preliminary sale and purchase

agrement. The property situated at Ground Flor, No. 148 Johnston

Road, Hong Kong which comprises a shop on the ground flor in a fiften-

storey residential and comercial composite building with a saleable area

of aproximately 516 sq. ft. (equivalent to aproximately 47.94 sq. m.) plus

a yard of aproximately 62 sq. ft. (equivalent to aproximately 5.76 sq. m.).

The disposal was aproved by the Shareholders at a special general meting

of the Company held on 13 August 2024. During the Financial Year, al the

conditions precedent to the disposal had ben fulfiled and completion of the

disposal tok place in September 2024. Further information can be found in

the Company’s anouncement and circular dated 28 June 2024 and 22 July

2024 respectively.

Major Transaction – Disposal of Property in Singapore

An agrement was entered into betwen the Group (as vendor) and an

independent third party (as purchaser), in relation to the grant and exercise

of the option on 24 July 2024 to purchase the four-bedrom residential

apartment units with a gros flor area of aproximately 268 sq. m. (equivalent

to aproximately 2,885 sq. ft.) located on the eightenth storey of a thirty-

storey block within a condominium development of 15 Ardmore Park

#18-02, Ardmore Park, Singapore 259959 at a sale price of S$12,000,000

(equivalent to aproximately HK$72,216,000). The disposal was aproved

by the Shareholders at a special general meting of the Company held on 3

September 2024.

During the Financial Year, al the conditions precedent to the disposal had

ben fulfiled and completion of the disposal tok place in October 2024.

Further information can be found in the Company’s anouncement and

circular dated 24 July 2024 and 12 August 2024 respectively.

Management Discusion and Analysis

管理层讨论及分析

24EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

供股

除文义另有所指外，本章节所用词汇与本公

司日期分别为2024年10月15日之公布及2024

年11月29日之通函所界定者具有相同涵义。

于2024年10月15日，本公司宣布其建议按于

记录日期每持有一股现有股份获发两股供股

股份的基准，以每股供股份0.092港元的认

购价（较于最后交易日在联交所报的收市价

每股份0.100港元折让约8.00%），向合资

格股东发行最多676,296,232股供股份（假

设于记录日期或之前已发行股份数目概无变

动），借此筹集最多约62.2百万港元（扣除开

支前）。供股按非包销基准仅可提呈予合资

格股东，且将不会延伸至不合资格股东。供

股份于配发、缴足及发行后，将在各方面

与当时已发行的股份享有同等地位，包括收

取配发供股份当日或之后所宣派、作出或

派付的所有未来股息及分派的权利。供股之

总面值为6,762,962港元。每股供股份之净

价格（经扣除相关估计开支后）约为0.0905港

元。供股目的为偿还本集团银行贷款，并取

得额外一般营运资金。所得款项净额约47.0

百万港元计划用作偿还本集团银行贷款，而

余下结余约14.2百万港元则计划用作本集团

一般营运资金。

根据联交所证券上市规则（「上市规则」）第

7.19A(1)条，由于供股将增加股份数目超过

50%，供股须于股东特别大会上以投票表决

方式取得独立股东的批准。

有关供股之股东特别大会已于2024年12月

19日举行，而供股章程已于2025年1月8日

寄发。于2025年2月3日，本公司宣布供股结

果及因供股而作出之兑换价调整，将2023年

可换股票据之兑换价由每股兑换股份0.18港

元减至0.14港元。缴足股款之供股份已于

2025年2月5日开始于联交所买卖。于本年报

日期，所得款项净额已用作拟定用途。

详细资料请参阅本公司日期为2024年10月15

日及2025年2月3日的公布、日期为2024年11

月29日的通函及日期为2025年1月8日的供股

章程。

更改香港股份过户登记分处

于2025年2月26日，本公司宣布更改本公司

香港股份过户登记分处，自2025年3月31日

起生效。详细资料请参阅本公司日期为2025

年2月26日的公布。

The Rights Isue

Unles otherwise stated, capitalized terms used herein this section shal have

the same meanings as those defined in the anouncement and circular of the

Company dated 15 October 2024 and 29 November 2024 respectively.

On 15 October 2024, the Company anounced that it proposed to raise up

to aproximately HK$62.2 milion before expenses by way of the isue to

the Qualifying Shareholders of a maximum of 676,296,232 Rights Shares

(asuming no change in the number of Shares in isue on or before the

Record Date) at the Subscription Price of HK$0.092 per Rights Share,

representing a discount of aproximately 8.00% to the closing price of

HK$0.100 per Share as quoted on the Stock Exchange on the Last Trading

Day, on the basis of two Rights Shares for every one existing Share held on

the Record Date. The Rights Isue, which is on a non-underwriten basis, is

available only to the Qualifying Shareholders and wil not be extended to the

Non-Qualifying Shareholders. The Rights Shares, when aloted, fuly-paid

and isued, shal rank pari pasu in al respects with Shares then in isue,

including as to the right to receive al future dividends and distributions which

may be declared, made or paid on or after the date of alotment of the Rights

Shares. The agregate nominal value of the Rights Shares is HK$6,762,962.

The net price per Rights Share (after deducting the relevant estimated

expenses) is aproximately HK$0.0905. The purpose of the Rights Isue

is to repay the Group’s bank loans and obtain aditional general working

capital. Aproximately HK$47.0 milion of the net proceds was planed

for repayment of the Group’s bank loan(s) and the remaining balance of

aproximately HK$14.2 milion was planed for general working capital of the

Group.

In acordance with Rule 7.19A(1) of the Rules Governing the Listing of

Securities on the Stock Exchange (the “Listing Rules”), as the Rights Isue

wil increase the number of Shares by more than 50%, the Rights Isue is

subject to the aproval of the Independent Shareholders at the SGM by way

of pol.

A SGM regarding the Rights Isue was held on 19 December 2024 and the

prospectus was despatched on 8 January 2025. On 3 February 2025, the

Company anounced the results of the Rights Isue and the conversion price

adjustment as a result of the Rights Isue that reduced the conversion price

from HK$0.18 to HK$0.14 per conversion Share of the 2023 Convertible

Note. The dealings in the fuly-paid Rights Shares on the Stock Exchange

comenced on 5 February 2025. As at the date of this anual report, the net

proceds has ben utilised as intended.

Further information can be found in the Company’s anouncements dated 15

October 2024 and 3 February 2025, the circular dated 29 November 2024

and the prospectus dated 8 January 2025.

Change of Hong Kong Branch Share Registrar and Transfer ofice

On 26 February 2025, the Company anounced the change of the

Company’s Hong Kong branch share registrar and transfer ofice with efect

from 31 March 2025. Further information can be found in the Company’s

anouncement dated 26 February 2025.

Management Discusion and Analysis

管理层讨论及分析

25高山企业有限公司 2024/2025 年报

遵守法例及法规

合规乃本集团企业管治的重要部分。据董事

会所知悉，本集团已在重大方面遵守对其业

务及本集团营运有重大影响的相关法例及法

规。于截至2025年3月31日止年度，概无本

集团严重违反或不遵守适用法例及法规而对

本集团业务营运造成重大不利影响的情况。

环保表现

本集团就企业社会责任拥有强大的企业文化

并为其业务策略的组成部分。作为一间具社

会责任的企业，本集团致力维持经营所在环

境的长期可持续性，并继续支持环保措施，

以保护天然资源。本集团明白气候变化对全

球的影响，并高度重视且致力减低其经营业

务时对环境的潜在影响，借以建立环保意识

的重要性、将碳足印减至最少、实行绿色办

公室措施，以及提高雇员和其他主要持份者

的环保意识。本集团以对环境负责的方式行

事，尽力遵守有关环保法例及法规，并采取

有效措施实现资源有效利用、能源节约及废

物管理。根据上市规则之规定，详情将适时

刊发于本公司《环境、社会及管治报告》内。

主要风险及不明朗因素

本集团的业务、财务状况、经营业绩及前景

可能受多种直接或间接的风险及不明朗因素

所影响。一般而言，全球金融市场波动、商

品价格浮动和能源成本上升、不确定的通胀

压力、不确定的利率变动、政治动荡、国际

贸易竞争及供应链受阻，均导致全球经济前

景的不明朗因素增加。

气候变化对本集团的业务构成不同的风险。

除了地球气温和海平面上升、温室气体增加

和极端天气情况等实体风险已经产生并将继

续产生，对环境和本集团的资产、业务和供

应链管理造成多种负面影响，这可能会增加

本集团持份者（如雇员、客户和供应商）的风

险。

面对如此严峻的宏观经济及地缘政治风险及

不明朗因素，本集团致力发展其核心业务及

开拓新的市场机会，为股东及其主要持份者

创造及实现长期价值。

COMPLIANCE WITH LAWS AND REGULATIONS

Compliance is an integral part of the Group’s corporate governance. As far

as the Board is aware, the Group has complied in material respects with the

relevant laws and regulations that have a significant impact on its busineses

and operations of the Group. During the year ended 31 March 2025, there

was no material breach of or non-compliance with the aplicable laws and

regulations by the Group that caused material adverse impact on the Group’s

busines operation.

ENVIRONMENTAL PERFORMANCE

The Group is embeded with a strong corporate culture for corporate

social responsibilities that forms an integral part of its busines strategies.

Being a responsible corporate citizen, the Group is comited to the long-

term sustainability of the environment in which it operates and suport the

environmental protection initiatives to conserve the natural resources. The

Group understands global implications of climate change and is comited

to place a high priority on reducing the potential impact on the environment

by its busines operations through building awarenes of environmental

conservation, minimizing carbon fotprints, employing gren ofice initiatives

and enhancing environmental awarenes among employes and other key

stakeholders. Acting in an environmentaly responsible maner, the Group

endeavours to comply with laws and regulations regarding environmental

protection and to adopt efective measures in achieving eficient use of

resources, energy-saving and waste management. Details wil be disclosed in

the environmental, social and governance report of the Company pursuant to

the Listing Rules in due course.

KEY RISKS AND UNCERTAINTIES

The Group’s busineses, financial condition, results of operations and

prospects are subject to a number of directly or indirectly busines risks

and uncertainties. In general, volatility in the worldwide financial markets,

fluctuations in comodity prices and increasing energy costs, uncertain

inflationary presures, uncertain interest rate movement, political turbulence,

international trade competition and suply chain disruptions have al

contributed to the increased uncertainty of global economic prospects.

Climate change poses diferent risks to the Group’s busineses. Apart from

physical risks such as rising earth’s temperature and sea level, increasing

grenhouse gas and extreme weather condition, have already created

and wil continue to create, resulting in a number of negative efects to

the environment and the Group’s asets, busineses and suply chain

management which may pose increased risks for the Group’s stakeholders

such as employes, customers and supliers.

Faced with such daunting macro-economic and geo-political risks and

uncertainties, the Group devotes considerable efort to focus on developing

its core busineses and to explore new market oportunities in order to create

and realize long-term values to the Shareholders and its key stakeholders.

Management Discusion and Analysis

管理层讨论及分析

26EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

雇员

于2025年3月31日，本集团有38名雇员

（2024年：40名）。于截至2025年3月31日

止年度内，员工成本（包括董事酬金）约为

32,050,000港元（2024年：约40,218,000港

元）。本集团视人力资源为其宝贵资产。本集

团根据雇员之表现、经验及现行业内惯例而

厘定彼等之薪酬。本集团根据《强制性公积金

计划条例》（香港法例第485章）之规定为本集

团香港所有合资格雇员设立强制性公积金计

划，并为中国雇员向中国政府设立国家资助

退休金计划作出供款（倘需要）。其他雇员福

利包括医疗及牙科计划及保险保障。

展望

本集团将继续集中发展其现有主要业务，包

括物业发展、物业投资、证券及其他投资及

贷款融资业务，以及开拓其他潜在机遇及项

目，期望为股东提供稳定而有利的回报，并

为本集团持份者带来更多的增值。

尽管全球经济增长的宏观环境现有不明朗因

素连同不确定的通胀率及利率变动，以及地

缘政治局势持续紧张，但本集团继续密切关

注现今的情况，并对香港物业及证券市场的

前景仍持审慎乐观的态度，并认为该等市场

长远将持续增长。

根据其投资策略及政策，本公司在面对这段

挑战时期将继续抓紧及寻找合适的投资及撤

资机会，以符合本公司之目标及投资标准，

并将继续物色具吸引力的机遇补充其作为一

项持续业务活动之物业投资组合。董事会将

审慎行事，以在可预见未来对本公司的经营

及财务业绩带来长远的收益。

EMPLOYES

As at 31 March 2025, the Group had 38 employes (2024: 40). Staf

costs (including the Directors’ emoluments) amounted to aproximately

HK$32,050,000 for the year ended 31 March 2025 (2024: aproximately

HK$40,218,000). The Group regards human resources as its valuable

asets. The Group remunerates its employes based on their performance,

experience and prevailing industry practice. The Group has participated

in the Mandatory Provident Fund Scheme for al eligible employes of the

Group in Hong Kong as required under the Mandatory Provident Fund

Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) and has made

contributions to the state-sponsored pension scheme operated by the PRC

government for the PRC employes, if neded. Other benefits to employes

include medical and dental scheme and insurance coverage.

PROSPECTS

The Group wil continue focusing its eforts on the development of its existing

principal busineses, including property development, property investment,

investment in securities and others and loan financing busines while

exploring other potential oportunities and projects with a view to providing

steady and favourable returns to the Shareholders and bringing increased

values to the Group’s stakeholders.

Despite the existing uncertainties on global economic growth in the

macroenvironment asociated with uncertain inflation rate and interest rate

movements, and ongoing geopolitical tensions, the Group continuously and

closely monitors the curent situation and remains prudently optimistic about

the prospects of the property and securities markets in Hong Kong and

believes these markets wil continue to grow over the longer term.

In line with its investment strategy and policy, the Company wil continue to

seize and identify apropriate investment and divestment oportunities during

this chalenging period that fit the objective and investment criteria of the

Company, and wil continue to sek atractive oportunities to replenish its

property portfolio as an ongoing busines exercise. The Board would exercise

utmost caution so as to bring long-term benefits to the operating and financial

results to the Company in the foreseable future.

Management Discusion and Analysis

管理层讨论及分析

27高山企业有限公司 2024/2025 年报

遵守《企业管治守则》

董事会致力于维持及坚持高标准的企业管治

常规及程序，并将本集团的业务营运融合社

会和环境关注因素的理念，以使股东及其持

份者的利益以及本公司的长远持续发展得到

保障。

本公司企业管治常规乃依据上市规则附录C1

所载《企业管治守则》（「《企业管治守则》」）之

原则及守则条文。于截至2025年3月31日止

年度内，本公司已全面遵守《企业管治守则》

所载所有适用守则条文，以确保本公司合乎

尽职、问责及专业要求，惟本年报所披露之

偏离情况和阐述原因除外。

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE

The Board is comited to maintaining and upholding a high standard of

corporate governance practices and procedures by integrating social and

environmental concerns into busines operations of the Group, such that the

interests of the Shareholders and its stakeholders as wel as the long-term

sustainable development of the Company can be safeguarded.

The Company’s corporate governance practices are based on the principles

and the code provisions as set out in the Corporate Governance Code (the

“CG Code”) contained in Apendix C1 to the Listing Rules. During the year

ended 31 March 2025, the Company has fuly complied with al the aplicable

code provisions of the CG Code, thereby ensuring that the Company is up to

the requirements as being diligent, acountable and profesional, except for

the deviations with considered reasons disclosed in this anual report.

Biographical Details of Directors

董事之履历

28EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

执行董事

赖罗球先生

主席兼首席行政总裁

赖罗球先生，64岁，为本公司主席、首席

行政总裁、执行董事（「董事」）、执行委员会

（「执行委员会」）主席，以及本公司薪酬委员会

（「薪酬委员会」）及提名委员会（「提名委员会」）成

员。赖先生从事纺织业逾20年，并于成衣设

计、制造、市场推广及分销方面拥有丰富经

验。彼为本公司及永义国际集团有限公司（股

份代号：1218）（「永义」）副主席兼执行董事雷

玉珠女士之连襟。赖先生亦为永义主席兼首

席行政总裁，及执行董事官可欣女士（「官可欣

女士」）之姑丈。于2020年8月，彼获委任为本

公司执行董事及执行委员会、薪酬委员会及

提名委员会成员。于2020年10月，赖先生由

执行董事及执行委员会成员获调任为本公司

主席、首席行政总裁及执行委员会主席。

雷玉珠女士

副主席

雷玉珠女士，67岁，为本公司副主席、执行

董事及授权代表，以及执行委员会之成员。

彼亦为永义之执行董事兼副主席及执行委员

会成员。雷女士从事纺织业逾30年，并于成

衣设计、制造、市场推广及分销方面拥有丰

富经验。彼为本公司及永义多间附属公司之

董事。雷女士于2003年获委任加入本公司董

事会（「董事会」）为执行董事，及于2006年获

委任为副主席。彼为本公司主席、首席行政

总裁及执行董事赖罗球先生之嫂子。雷女士

亦为官可欣女士之母亲。

EXECUTIVE DIRECTORS

MR. LAI LAW KAU

Chairman and Chief Executive Oficer

Mr. Lai Law Kau, aged 64, is the chairman, chief executive oficer, an

executive director (the “Director”), the chairman of the executive comite (the

“Executive Comite”) of the Company, and a member of the remuneration

comite (the “Remuneration Comite”) and the nomination comite

(the “Nomination Comite”) of the Company. Mr. Lai has ben involved in

the textiles industry over 20 years and has extensive experience in design,

manufacturing, marketing and distribution of aparel. He is a brother-in-law

of Ms. Lui Yuk Chu, the deputy chairman and an executive Director; and the

vice president and an executive director of Easyknit International Holdings

Limited (stock code: 1218) (“Easyknit”). Mr. Lai is also an uncle of Ms. Kon

Ho Yan Candy (“Ms. Candy Kon”), the president and chief executive oficer,

and an executive director of Easyknit. In August 2020, he was apointed

as an executive Director and a member of the Executive Comite, the

Remuneration Comite and the Nomination Comite. In October 2020,

Mr. Lai was re-designated from an executive Director and a member of

the Executive Comite to the chairman, chief executive oficer, and the

chairman of the Executive Comite.

MS. LUI YUK CHU

Deputy Chairman

Ms. Lui Yuk Chu, aged 67, is the deputy chairman, an executive Director and

authorised representative of the Company, and a member of the Executive

Comite. She is also an executive director and vice president, and a

member of the executive comite of Easyknit. Ms. Lui has ben involved in

the textiles industry for over 30 years and has extensive experience in design,

manufacturing, marketing and distribution of aparel. She serves as director

of various subsidiaries of the Company and Easyknit. Ms. Lui was apointed

to the board of the Company (the “Board”) as an executive Director in 2003

and was apointed as deputy chairman in 2006. She is a sister-in-law of Mr.

Lai Law Kau, the chairman, chief executive oficer, and an executive Director

of the Company. Ms. Lui is also the mother of Ms. Candy Kon.

Biographical Details of Directors

董事之履历

29高山企业有限公司 2024/2025 年报

邝长添先生

邝长添先生，82岁，为本公司之执行董事及

授权代表，以及执行委员会成员。邝先生于

1965年毕业于香港大学，分别于1970年及

1973年成为英国及香港之大律师。彼于法律

界拥有逾30年经验。邝先生于2003年获委任

加入董事会为独立非执行董事，其后于2007

年获调任为执行董事。于2007年，彼获委任

为本公司主席兼首席行政总裁。邝先生亦为

本公司多间附属公司以及永义一间附属公司

之董事。于2020年10月，彼由本公司主席兼

首席行政总裁及执行委员会主席获调任为执

行董事及执行委员会成员；以及辞任提名委

员会及薪酬委员会成员。

独立非执行董事

简嘉翰先生

简嘉翰先生，74岁，自2003年起为独立非执

行董事。简先生亦为本公司审核委员会（「审

核委员会」）主席及成员、并为薪酬委员会及

提名委员会成员。彼持有香港大学理学士学

位，并为英国特许公认会计师公会资深会员

及香港会计师公会员。简先生于会计及金

融方面拥有逾30年经验。

刘善明先生

刘善明先生，63岁，自2004年起为独立非

执行董事。刘先生亦为薪酬委员会主席及成

员、并为审核委员会及提名委员会成员。彼

为英国特许公认会计师公会资深会员及香港

会计师公会员。刘先生拥有逾30年会计及

核数经验，现为税务顾问。

吴冠贤先生

吴冠贤先生，40岁，自2017年起为独立非

执行董事。吴先生亦为提名委员会主席及成

员、并为审核委员会及薪酬委员会成员。彼

持有英国艾塞克斯大学金融学硕士学位及澳

洲悉尼大学商学士学位。彼在经纪行业拥

有逾16年的丰富经验。

MR. KWONG JIMY CHEUNG TIM

Mr. Kwong Jimy Cheung Tim, aged 82, is an executive Director and

authorised representative of the Company, and a member of the Executive

Comite. Mr. Kwong graduated from The University of Hong Kong in 1965

and was admited as Barister-at-Law in the United Kingdom in 1970 and

in Hong Kong in 1973 respectively. He has over 30 years of experience in

the legal field. Mr. Kwong was apointed to the Board as an independent

non-executive Director in 2003, and was subsequently re-designated as

an executive Director in 2007. In 2007, he was apointed as chairman and

chief executive oficer of the Company. Mr. Kwong also serves as director of

various subsidiaries of the Company and a subsidiary of Easyknit. In October

2020, he was re-designated from the chairman and chief executive oficer of

the Company and the chairman of the Executive Comite of the Company

to an executive Director and a member of the Executive Comite; and

resigned as a member of the Nomination Comite and the Remuneration

Comite.

INDEPENDENT NON-EXECUTIVE DIRECTORS

MR. KAN KA HON

Mr. Kan Ka Hon, aged 74, is an independent non-executive Director since

2003. Mr. Kan is also the chairman and a member of the audit comite of

the Company (the “Audit Comite”), and a member of the Remuneration

Comite and the Nomination Comite. He holds a Bachelor’s Degre

in Science from The University of Hong Kong and is a felow member of The

Asociation of Chartered Certified Acountants and a member of The Hong

Kong Institute of Certified Public Acountants. Mr. Kan has over 30 years of

experience in acounting and finance.

MR. LAU SIN MING

Mr. Lau Sin Ming, aged 63, is an independent non-executive Director since

2004. Mr. Lau is also the chairman and a member of the Remuneration

Comite, a member of the Audit Comite and the Nomination

Comite. He is a felow member of The Asociation of Chartered Certified

Acountants and a member of The Hong Kong Institute of Certified Public

Acountants. Mr. Lau has over 30 years of experience in acounting and

auditing and is now working as a tax consultant.

MR. WU KON YIN WELY

Mr. Wu Kon Yin Wely, aged 40, is an independent non-executive Director

since 2017. Mr. Wu is also the chairman and a member of the Nomination

Comite, and a member of the Audit Comite and the Remuneration

Comite. He holds a Master in Finance degre from the University of Esex

and a Bachelor of Comerce degre in the University of Sydney, Australia.

He has over 16 years of extensive experience in the brokerage industry.

Corporate Governance Report

企业管治报告

30EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

本公司董事（「董事」）会（「董事会」）致力于在合

理而可行的框架及主要常规下维持及发展良

好企业管治常规及程序，并将本公司及其附

属公司（「本集团」）的业务营运融合社会和环

境关注因素的理念。董事会坚信透明度、问

责制与独立性原则为保障持份者之利益及提

升股东价值为根本。董事会致力实践卓越的

企业管治。其负责制定及检讨本公司之企业

管治政策与实务，并遵守法定及监管规定。

企业文化及策略

企业文化

董事会和本集团管理层为企业文化定下基调

并塑造以人为中心、以防范风险为本、依

法合规及稳中求进的企业文化，其核心价

值观是在本集团各个层面以合法、合乎道德

和负责任的方式行事。董事会领导管理层确

定本集团的宗旨、价值观和策略方针，并培

养一种企业文化，建立长期可持续的业务模

式，让客户、合作伙伴、投资者、供应商和

雇员都可以从共同创造的价值的企业成就中

受益。期望的文化在本集团所经营的业务运

作、工作场所政策和常规，以及与本公司股

东（「股东」）和其他持份者的关系中得以发展

和反映一致。董事会与本集团管理层一起，

通过员工参与、雇员挽留和培训、稳健的财

务报告、举报、资料隐私和反贪污政策，以

及遵守法律和规管合规。本集团透过包括但

不限于举报政策、反贪污政策及股东通讯政

策等各项政策，以推广本集团的文化。考虑

到各种情况下的企业文化，于本年报日期，

董事会已审阅及认为本集团的文化、宗旨、

价值观和策略均是一致的。

The board (the “Board”) of directors (the “Director(s)”) of the Company is

dedicated to maintaining and developing a god standard of corporate

governance within a sensible and practical framework with key practices

and procedures by integrating social and environmental concerns into the

busines operations of the Company and its subsidiaries (the “Group”). The

Board firmly believes that the principles of transparency, acountability and

independence are esential for upholding the interests of the stakeholders and

maximizing the shareholders’ value. The Board is comited to excelence

in corporate governance. It is responsible for developing and reviewing

the Company’s policies and practices on corporate governance as wel as

complying with statutory and regulatory requirements.

CORPORATE CULTURE AND STRATEGY

Corporate Culture

The Board and the management of the Group set the tone and shape

the corporate culture of people-centered, risk-prevention-oriented, legaly

compliant and steady progres, which is underpined by the core values of

acting lawfuly, ethicaly and responsibly acros al levels of the Group. The

Board leads the management in defining the purpose, values and strategic

direction of the Group and in fostering a corporate culture that is building a

long-term sustainable busines models where customers, partners, investors,

supliers and employes can benefit in the shared value of corporate suces.

The desired culture is developed and reflected consistently in the Group’s

busines operations, workplace policies and practices as wel as relationships

with the shareholders of the Company (the “Shareholder(s)”) and other

stakeholders. The Board, together with the management of the Group, create

an organizational culture of maintaining and developing an efective corporate

governance framework with stringent corporate governance practices and

procedures through workforce engagement, employe retention and training,

robust financial reporting, whistleblowing, data privacy and anti-coruption

policies, and legal and regulatory compliance. The Group promotes its culture

continuously by seting out various policies, including but not limited to,

the whistleblowing policy, the anti-coruption policy and the Shareholders’

comunication policy. Taking into acount the corporate culture in a range

of contexts, the Board has reviewed and considered that the Group’s culture,

purpose, values and strategy are aligned as at the date of this anual report.

Corporate Governance Report

企业管治报告

31高山企业有限公司 2024/2025 年报

企业策略

以实现为股东及其他持份者提高长期价值

和利益的主要目标，本集团专注于财务和

环境、社会和治理（「环境、社会及管治」）表

现以实现可持续增长。本集团对营业额和盈

利、利润和成本、资本和投资回报，以及其

他融资活动进行严谨的管理。本集团在其各

种物业项目中的卓越运营核心竞争力是在其

核心业务中获取持续的成本和营业额机遇的

关键举措。在本年报中的「主席报告」和「管理

层讨论及分析」包括有关本集团表现的讨论和

分析，董事会旨在缔造本集团较长远的核心

价值和达成本集团的企业文化、策略和目标

的基础。本集团对环境、社会及管治的意识

日益增强，并专注于支持转向于全球低碳和

可持续的未来。有关本集团的环境、社会及

管治措施，以及与其主要持份者的关系的进

一步详情载于本年报的「环境、社会及管治报

告」中披露。

企业管治与环境、社会及管治之关系

本集团深明良好的环境、社会及管治实践的重

要性，致力于环境保护、提供优质工作场所及

服务我们的社区。环境、社会及管治因素已纳

入本集团日常营运的政策、程序及流程中。董

事会担当本集团的环境、社会及管治策略及监

督的关键角色，为本集团的持份者创造长远及

可持续的价值。本集团已设立环境、社会及管

治的管治架构，以建议及监督本集团的可持续

发展，以及环境、社会及管治相关的事宜及风

险。董事会监督环境、社会及管治的管治方针

及政策，辨识及评估对于本集团内部及外部持

份者属于重大的环境、社会及管治相关事宜，

当中包括对于本集团业务的风险。随著不断变

化的环境、社会及管治的相关风险，以及环

境、社会及管治相关议题对本集团持份者的重

要性日益显著，本集团将坚持及加强其风险管

理系统以应对不断变化的环境、社会及管治相

关风险及机遇。关于本集团的环境、社会及管

治政策及表现载于本年报的「环境、社会及管

治报告」内。

企业管治常规

本公司企业管治常规乃依据香港联合交易所

有限公司（「联交所」）证券上市规则（「上市规

则」）附录C1所载《企业管治守则》（「企业管治

守则」）之原则及守则条文。于截至2025年3月

31日止年度内，本公司已全面遵守企业管治

守则之所有守则条文，以确保本公司合乎尽

职、问责及专业要求，惟本年报所披露之偏

离情况和阐述原因除外。

Corporate Strategy

In order to achieve the Group’s principal objective of enhancing long-term

values and interests to the Shareholders and other stakeholders, the Group

focuses on achieving sustainable growth in both financial and environmental,

social and governance (“ESG”) performance. The Group executes disciplined

management of revenue and profitability, margin and costs, capital and

investment return and other financing activities. The Group’s core competency

in operational excelence in its various properties projects is a key initiative

to capture continuing cost and revenue oportunities in its core busineses.

The “CHAIRMAN’S STATEMENT” and the “MANAGEMENT DISCUSION

AND ANALYSIS” in this anual report include discusions and analyses of the

Group’s performance, the basis on which the Board directs to generate the

Group’s core values in the longer term and delivers the Group’s corporate

culture, strategy and objectives. The Group is increasingly conscious on ESG

and focusing on suporting the global low-carbon and sustainable future

transition. Further details on the Group’s ESG initiatives and relationships with

its key stakeholders are disclosed in the “ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT” of this anual report.

RELATIONSHIP BETWEN CORPORATE GOVERNANCE AND

ESG

The Group recognizes the significance of sound ESG practices and is

comited to the environment protection, provision of quality workplace, and

serving our comunity. The ESG considerations are reflected in the policies,

procedures and proceses that are relevant to the Group’s daily operations.

The Board plays a key role in ESG strategy and oversight in order to create

long-term growth and sustainable value for the Group’s stakeholders. The

Group had established a ESG governance structure to advise and overse

the Group’s sustainability and ESG-related isues and risks. The ESG

management aproach and policies are oversen by the Board. The Board

identifies and evaluates the material ESG isues related to the Group’s internal

and external stakeholders, including risks to the Group’s busineses. With the

ever-changing ESG-related risks and the growing prominence of ESG-related

isues to the Group’s stakeholders, the Group wil uphold and strengthen its

risk management system in order to cope with the ever-changing ESG-related

risks and oportunities. The ESG policies and performance of the Group are

contained in the “ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT”

of this anual report.

CORPORATE GOVERNANCE PRACTICES

The Company’s corporate governance practices are based on the principles

and the code provisions as set out in the Corporate Governance Code (the

“CG Code”) contained in Apendix C1 to the Rules Governing the Listing of

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

(the “Stock Exchange”). During the year ended 31 March 2025, the Company

has fuly complied with the code provisions of the CG Code, thereby ensuring

that the Company is up to the requirements as being diligent, acountable and

profesional except for the deviations with considered reasons disclosed herein.

Corporate Governance Report

企业管治报告

32EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

守则条文第C.2.1条

主席与行政总裁的角色应有区分，并不应由

一人同时兼任。

企业管治守则之守则条文第C.2.1条规定主席

（「主席」）与行政总裁之角色应有区分，并不

应由一人同时兼任。于截至2025年3月31日

止年度内，赖罗球先生（「赖先生」）担任主席

及本公司首席行政总裁（「首席行政总裁」）。

此双角色领导模式于本公司推行已久且行之

有效并被视为恰当，原因是由同一人担任主

席兼履行首席行政总裁的执行职能被视为更

具效率，能提高长远策略的有效规划及执行

表现。此外，董事会认为董事会成员不乏经

验丰富及具才干之人士（其中半数为独立非

执行董事），其营运及管治足以确保权力及职

能平衡。董事亦会定期会面以审议影响本集

团经营之重要事宜。故此，董事会相信，在

其他执行董事和本集团高级管理人员的协助

下，主席及首席行政总裁之职务均由赖先生

一人担任可推动贯彻落实本集团之业务策略

并提高其营运效率。董事会将于适当时检讨

现行架构。

守则条文第D.2.5条

发行人应设立内部审核功能。

企业管治守则之守则条文第D.2.5条订明本集

团应设立内部审核功能。本集团没有设立内

部审核功能。于截至2025年3月31日止年度

内，本公司审核委员会（「审核委员会」）及董

事会已对本集团的风险管理及内部监控制度

的有效性进行检讨，并认为该制度是有效和

足够，以及没有发现重大问题，但审核委员

会已经确定有待改进的范畴，并采取适当措

施。此外，董事会已实施充分措施，履行与

本集团重大营运周期相关的内部监控职能，

包括制定安排，于会计及财务事宜上应用财

务申报及内部监控原则，以确保遵守上市规

则及相关法例及法规。董事会认为现有组织

架构及本集团执行董事与高级管理人员的密

切监管可使本集团维持充分的风险管理及内

部监控。故此，董事会认为，鉴于本集团业

务的规模、性质及复杂性，本集团目前并无

设立内部审核功能的急切需要。审查将每年

进行。

Code Provision C.2.1

The roles of chairman and chief executive should be separate and should not

be performed by the same individual.

Code provision C.2.1 of the CG Code provides that the roles of chairman

(the “Chairman”) and chief executive should be separate and should not be

performed by the same individual. During the year ended 31 March 2025, Mr.

Lai Law Kau (“Mr. Lai”) served as the Chairman as wel as the chief executive

oficer of the Company (the “Chief Executive Oficer”). This dual leadership

role has ben adopted by the Company for a number of years and is demed

apropriate as it is considered to be more eficient to have one single person

to be the Chairman as wel as to discharge the executive functions of the

Chief Executive Oficer thereby enabling more efective planing and beter

execution of long-term strategies. In adition, the Board considers that a

balance of power and authority is adequately ensured by the operations and

governance of the Board which comprises experienced and high-calibre

individuals, with half of them being independent non-executive Directors. The

Directors also met regularly to consider major maters afecting the Group’s

operations. As such, the Board believes that with the suport of other

executive Directors and senior management of the Group, vesting the roles

of both the Chairman and the Chief Executive Oficer in Mr. Lai can facilitate

the execution of the Group’s busines strategies and bost efectivenes

of its operations. The Board wil review the curent structure when and as it

becomes apropriate.

Code Provision D.2.5

The isuer should have an internal audit function.

Code provision D.2.5 of the CG Code stipulates that the Group should

have an internal audit function. The Group does not have an internal audit

function. During the year ended 31 March 2025, the audit comite of the

Company (the “Audit Comite”) and the Board reviewed the efectivenes of

the Group’s risk management and internal control systems and considered

that the systems are efective and adequate, and there were no major isues

but areas for improvement have ben identified by the Audit Comite and

apropriate measures have ben taken. In adition, the Board has put in

place adequate measures to perform the internal control functions in relation

to the Group’s critical operational cycles including the establishment of

arangements to aply financial reporting and internal control principles in

acounting and financial maters to ensure compliance with the Listing Rules

and relevant laws and regulations. The Board considers that the existing

organization structure and close supervision by the executive Directors and

senior management of the Group can maintain suficient risk management

and internal control of the Group. As such, the Board was of the view that

there is no imediate ned to set up an internal audit function within the

Group in light of the size, nature and complexity of the Group’s busines. An

anual review wil be conducted.

Corporate Governance Report

企业管治报告

33高山企业有限公司 2024/2025 年报

董事会

董事会被赋予对本集团之整体业务管理责

任，肩负领导及管理本公司之责任，并监管

本集团旗下业务、策略决策及营运表现、本

公司所有股东的利益及客观考虑所有事宜。

董事会之组成

于截至2025年3月31日止年度内及截至本年

报日期，董事会由六名董事组成，其中包括

三名执行董事及三名独立非执行董事。

董事会细节载列如下：

执行董事

赖罗球先生（主席兼首席行政总裁）

雷玉珠女士（副主席）

邝长添先生

独立非执行董事

简嘉翰先生

刘善明先生

吴冠贤先生

赖罗球先生及雷玉珠女士（均为执行董事）为

家庭成员。有关全体董事之背景及专业资格

资料均载于本年报「董事之履历」一节。根据

本公司之公司细则（「公司细则」）第99条及企

业管治守则之守则条文第B.2.2条，各董事须

于本公司股东周年大会（「股东周年大会」）上

轮值退任，任期最长不超过三年。

董事会具备均衡的技能、经验及切合本集团

业务要求。执行与独立非执行董事之间均衡

的成员组成亦构成董事会有力的独立要素，

可提供独立而客观的决策流程实现本集团最

佳利益。本公司将定期检讨董事会的成员组

成，以确保董事会具备合适而必要的专业知

识、业务技能及发展经验，满足本集团的业

务发展需要。

BOARD OF DIRECTORS

The overal management of the busines of the Group is vested in the Board,

who asumes the responsibility for leadership and control of the Company

and overses the Group’s busineses, strategic decisions and operational

performances, interests of al Shareholders and that al isues are considered

in an objective maner.

BOARD COMPOSITION

During the year ended 31 March 2025 and up to the date of this anual

report, the Board comprised six Directors, including thre executive Directors

and thre independent non-executive Directors.

Details of the Board are as folows:

Executive Directors

Mr. Lai Law Kau (Chairman and Chief Executive Oficer)

Ms. Lui Yuk Chu (Deputy Chairman)

Mr. Kwong Jimy Cheung Tim

Independent Non-executive Directors

Mr. Kan Ka Hon

Mr. Lau Sin Ming

Mr. Wu Kon Yin Wely

Mr. Lai Law Kau and Ms. Lui Yuk Chu, both being executive Directors, are

family members. Details of background and qualifications of al Directors are

set out in the section headed “BIOGRAPHICAL DETAILS OF DIRECTORS”

of this anual report. Each of the Directors is subject to retirement by rotation

at the anual general meting of the Company (the “AGM”) for a term of up

to thre years pursuant to bye-law 99 of the bye-laws of the Company (the

“Bye-laws”) and code provision B.2.2 of the CG Code.

The Board poseses a balance of skils, experience and diversity which are

apropriate for the requirements of the busines of the Group. A balanced

composition of executive and independent non-executive Directors also

generates a strong independent element on the Board, which alows

independent and objective decision making proces for the best interest of

the Group. The Company wil review the composition of the Board regularly to

ensure the Board poseses the apropriate and necesary expertise, skils

and experience to met the neds of the busines development of the Group.

Corporate Governance Report

企业管治报告

34EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

董事会独立性

独立非执行董事于董事会之参与，可就有关

本集团的策略、政策、表现、问责性、资

源、主要委任和操守准则作出独立的意见和

判断，并强化董事会成员在技能、经验及多

元化观点方面的平衡。在已建立的管治框架

和有效的机制由独立董事会进行每年审查，

以确保其有效性。

于截至2025年3月31日止年内，本公司已遵

守上市规则第3.10及3.10A条有关委任至少三

名独立非执行董事（至少占董事会人数的三分

之一）的规定且其中至少一名已具备上市规则

所规定的适当专业资格或会计或相关财务管

理专业知识。

各独立非执行董事的委任期最长不超过三

年，并须按公司细则于股东周年大会上轮值

退任。本公司已接获各独立非执行董事根据

上市规则第3.13条作出的年度独立确认书。

尽管简嘉翰先生及刘善明先生已于董事会担

任独立非执行董事逾九年，但董事会认为该

服务年期将不会影响彼等在履行独立非执行

董事职责时作出独立判断，亦相信彼等对本

集团业务的深入认识及宝贵经验将继续令本

公司及股东整体受惠。因此，董事会认为全

体独立非执行董事均符合上市规则第3.13条

的独立性指引。退任董事须获股东于股东周

年大会上以一项独立决议案以按股数投票表

决方式表决通过方可连任。

根据企业管治守则之守则条文第C.2.7条，主

席于其他董事避席之情况下最少每年与独立

非执行董事会面一次。

委任及重选董事

委任新董事乃基于提名委员会向董事会提出

建议，并由股东于本公司股东大会上通过。

根据公司细则，所有董事（包括有特定任期的

董事）均须于股东周年大会上轮值退任，惟不

得迟于自最后一次重选后第三届股东周年大

会。任何获董事会委任以填补临时空缺之董

事，其任期仅持续至在紧随相关委任后召开

的股东周年大会时止；或任何获董事会委任

作为现有董事会增补成员之董事，其任期仅

持续至在紧随相关委任后召开的股东周年大

会时，之后均有资格膺选连任。

Board Independence

The independent non-executive Directors bring to the Board independent

views and judgment on isues relating to the Group’s strategy, policy,

performance, acountability, resources, key apointments and standards

of conducts, and enhance the Board’s balance of skils, experience and

diversity of perspectives. The established governance framework and efective

mechanisms are kept under anual review by the independent Board to

ensure their efectivenes.

During the year ended 31 March 2025, the Company has complied with

the requirements under Rules 3.10 and 3.10A of the Listing Rules regarding

the apointment of at least thre independent non-executive Directors,

representing at least one-third of the Board and with at least one of them

having apropriate profesional qualifications or acounting or related financial

management expertise as required under the Listing Rules.

Each of the independent non-executive Directors was apointed for a term of

up to thre years and subject to retirement by rotation at the AGM pursuant

to the Bye-laws. The Company has received writen anual confirmation

of independence from each of the independent non-executive Directors

pursuant to Rule 3.13 of the Listing Rules. Despite the fact that each of

Mr. Kan Ka Hon and Mr. Lau Sin Ming has served as an independent non-

executive Director on the Board for more than nine years, the Board is of

the view that their duration of service wil not interfere with their exercise of

independent judgement in carying out their duties and responsibilities as

the independent non-executive Directors and believes that their valuable

knowledge and experience in the Group’s busines wil continualy benefit the

Company and the Shareholders as a whole. Acordingly, the Board considers

that al independent non-executive Directors have met the independence

guidelines of Rule 3.13 of the Listing Rules. Re-election of the retiring

Directors wil be subject to a separate resolution at the AGM to be aproved

by the Shareholders by way of pol.

The Chairman mets at least anualy with the independent non-executive

Directors without the presence of other Directors in compliance with code

provision C.2.7 of the CG Code.

Apointment and Re-election of Directors

The apointment of a new Director is made on the recomendation of

the Nomination Comite to the Board and then by the aproval of the

Shareholders in a general meting of the Company. Pursuant to the Bye-

laws, al Directors, including those apointed for a specific term, are subject

to retirement by rotation at the AGM no later than the third AGM since the last

re-election. Any Director apointed by the Board to fil a casual vacancy shal

hold ofice only until the next folowing AGM after his or her apointment, or

any Director apointed by the Board as an adition to the existing Board shal

hold ofice only until the next folowing AGM after his or her apointment and

shal then be eligible for re-election.

Corporate Governance Report

企业管治报告

35高山企业有限公司 2024/2025 年报

董事会议

本公司每年最少举行四次董事会定期会议，

为促使能尽量出席，全体董事将于董事会定

期会议举行最少十四天前接获通知。如有必

要，本公司会于适当时候安排及将会加开额

外会议。根据企业管治守则之守则条文第

C.5.8条，在召开董事会定期会议或董事会委

员会议日期至少三天前，全体董事或董事

委员会成员将获收到会议程及相关董事会

或董事会委员会文件；且全体董事或董事会

委员成员可亲身或以电子通讯方式出席董事

会议。于截至2025年3月31日止年度内，

本公司合共举行五次董事会议（包括四次董

事会定期会议），并传阅及通过董事书面决议

案批准重大事项。根据企业管治守则之守则

条文第C.5.5条，会议记录的拟稿及定稿会分

别发送给全体董事或董事会委员成员征求意

见及以作记录。董事之出席记录载于下文「董

事及董事委员会成员的出席记录」。

董事会负责批准及监察本集团之整体策略及

政策、批准业务计划、评估本集团之表现及

监管理层。董事会亦负责领导及监管本公

司事务来促进本公司及其业务之成功。

董事会专注于整体策略及政策，尤其著重本

集团之增长及财务表现。

董事会将本集团之日常营运交由执行董事及

各业务分部之本集团高级管理人员处理，同

时保留对若干主要事项作出审批之权利。董

事会之决定由出席董事会议之执行董事转

达管理。

全体董事每月均获本集团管理层提供有关本

集团之最新资料，以便彼等掌握本集团之业

务状况及履行彼等于上市规则相关规定下的

职责。

董事就职资讯及持续专业发展

每名新委任之董事均获全面就职资讯，确保

他或她对本集团之营运、业务及管治政策有

适当的了解。此外，我们的外聘法律顾问会

与新任董事会晤，确保他或她完全知悉其在

上市规则、适用法律规定及其他监管规定下

之董事职责。

于截至2025年3月31日止年度内，本公司定

期向董事提供本集团业务表现的最新资料，

亦定期向董事提供关于上市规则及其他适用

法律规定的最新进展，以确保遵守及维护良

好企业管治常规。

Board Metings

Regular Board metings are held at least four times a year with at least

fourten days’ prior notice being given to al the Directors to facilitate fulest

posible atendance. Aditional metings, if necesary, are aranged and

wil be held as and when required. Al Directors or Board Comite(s)

members wil receive the meting agenda and acompanying Board or

Board Comite(s) papers at least thre days before the date of the regular

Board or Board Comite(s) meting(s) pursuant to code provision C.5.8

of the CG Code; and may atend Board or Board Comite(s) meting(s)

either in person or through electronic means of comunication. A total of

five Board metings (including four regular Board meting(s) were held and

writen resolutions of the Directors were circulated and pased for aproving

significant maters during the year ended 31 March 2025. Pursuant to code

provision C.5.5 of the CG Code, draft and final versions of minutes are

circulated to al Directors or Board Comite(s) members for coments

and records respectively. The atendance records of the Directors are set out

as below section headed “ATENDANCE RECORDS OF DIRECTORS AND

BOARD COMITE(S) MEMBERS”.

The Board is responsible for the aproval and monitoring of the Group’s

overal strategies and policies, aproval of busines plans, evaluating the

performance of the Group and oversight of management. It is also responsible

for promoting the suces of the Company and its busineses by directing

and supervising the Company’s afairs.

The Board focuses on overal strategies and policies with particular atention

paid to the growth and financial performance of the Group.

The Board delegates day-to-day operations of the Group to the executive

Directors and senior management of the Group of every busines segment,

while reserving certain key maters for its aproval. Decisions of the Board

are comunicated to the management through executive Directors who have

atended the Board metings.

Al Directors have ben provided, on a monthly basis, with the Group’s

management information updates to give them aware of the Group’s afairs

and facilitates them to discharge their duties under the relevant requirements

of the Listing Rules.

Directors’ Induction and Continuous Profesional Development

Every newly apointed Director receives a comprehensive induction

package to ensure that he or she has a proper understanding of the Group’s

operations, busines and governance policies. In adition, our external legal

adviser mets with the new Director to ensure that he or she is fuly aware

of the responsibilities as a Director under the Listing Rules, aplicable legal

requirements and other regulatory requirements.

During the year ended 31 March 2025, the Company provides regular updates

on the busines performance of the Group to the Directors. The Directors are

regularly updated on the latest development regarding the Listing Rules and

other aplicable statutory requirements to ensure compliance and upkep of

god corporate governance practices.

Corporate Governance Report

企业管治报告

36EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

根据企业管治守则之守则条文第C.1.4条，本

集团鼓励全体董事参与持续专业发展（「持续

专业发展」）有关董事职责与责任，以及规则

与规例的最新发展，以发展及更新彼等知识

及技能，以确保彼等在具备全面资讯及切合

所需的情况下对董事会作出贡献。根据所有

现任董事提供的培训记录确认书，全体董事

于截至2025年3月31日止年度有参与持续专

业发展，情况如下：

附注：

透过出席简报会╱研讨会╱网络广播╱会议╱论坛╱

网上培训╱阅读相关资料参与持续专业发展

企业管治职能

根据企业管治守则第A.2.1条有关履行企业管

治职责的责任，董事会已将以下责任转授予

审核委员会：

(a) 制定及检讨本公司的企业管治政策及

常规，并向董事会提出建议；

(b) 检讨及监察董事及高级管理人员的培

训及持续专业发展；

规定方面的政策及常规；

(d) 制定、检讨及监察雇员及董事的操守

准则及合规手册（如有）；及

(e) 检讨本公司遵守企业管治守则的情况

及检阅本公司年报中「企业管治报告」的

披露内容。

Al Directors are encouraged to participate in continuous profesional

development (the “Continuous Profesional Development”) regarding the

Directors’ duties and responsibilities, and the latest updates on rules and

regulations to develop and refresh their knowledge and skils to ensure that

their contribution to the Board remains informed and relevant in compliance

with code provision C.1.4 of the CG Code. Acording to the training records

confirmations received from al the existing Directors, al Directors have

participated in the Continuous Profesional Development for the year ended

31 March 2025 in the folowing maner:

NameType of Training

姓名培训类型

(Note)

(附注)

Executive Directors执行董事

Mr. Lai Law Kau赖罗球先生✓

Ms. Lui Yuk Chu雷玉珠女士✓

Mr. Kwong Jimy Cheung Tim邝长添先生✓

Independent Non-executive Directors独立非执行董事

Mr. Kan Ka Hon简嘉翰先生✓

Mr. Lau Sin Ming刘善明先生✓

Mr. Wu Kon Yin Wely吴冠贤先生✓

Note:

Continuous Profesional Development through atending briefings/seminars/webcast/

conferences/forums/online training/reading relevant materials

Corporate Governance Functions

With the requirement set out in the code provision A.2.1 of the CG Code in

respect of the responsibilities for performing the corporate governance duties,

the Board has delegated its folowing responsibilities to the Audit Comite:

(a) To develop and review the Company’s policies and practices on

corporate governance and make recomendations to the Board;

(b) To review and monitor the training and continuous profesional

development of the Directors and senior management;

compliance with legal and regulatory requirements;

(d) To develop, review and monitor the code of conduct and compliance

manual (if any) aplicable to employes and the Directors; and

(e) To review the Company’s compliance with the CG Code and disclosure

in the “CORPORATE GOVERNANCE REPORT” of the Company’s

anual report.

Corporate Governance Report

企业管治报告

37高山企业有限公司 2024/2025 年报

于截至2025年3月31日止年度内，审核委员

会已审阅本公司之企业管治及遵守法律及监

管规定之政策及常规，以履行上述企业管治

职能。

董事和要员责任保险及赔偿

针对本集团董事及要员因履行本集团企业活

动而引致的法律诉讼指控，本公司已安排适

当的保险保障董事及要员的责任。

董事会权力之转授

董事委员会（「董事委员会」）

董事会已设立四个董事委员会，即审核委员

会、本公司薪酬委员会（「薪酬委员会」）、本

公司提名委员会（「提名委员会」）及本公司执

行委员会（「执行委员会」），以协助董事会执

行职责及监管本集团特定事务。各董事委员

会均获提供充足资源以适当履行辖下职责，

并根据公司细则、其特定书面职权范围及（如

适用）董事委员会议之程序举行会议。董

事会定期检讨及更新辖下各委员会的职权范

围，以确保各委员会符合现行管治常规。各

董事委员会须向董事会汇报其决定和建议（倘

适合）。各董事委员会的职权范围均载于本公

司网站。董事委员会各成员的出席记录载于

下文「董事及董事委员会成员的出席记录」。

审核委员会

审核委员会现由所有三名独立非执行董事组

成，包括简嘉翰先生（审核委员会主席）、刘

善明先生及吴冠贤先生。于截至2025年3月

31日止年度内，审核委员会已举行两次会

议。

审核委员会主席简嘉翰先生具备合适的财务

及会计专业资格并符合上市规则第3.21条规

定。审核委员会中并无成员为于两年内辞任

本公司现聘核数公司职务的核数公司前合伙

人。

During the year ended 31 March 2025, the Audit Comite had performed

the abovementioned corporate governance functions by reviewing the

Company’s policies and practices on corporate governance and compliance

with legal and regulatory requirements.

Directors’ and Oficers’ Liability Insurance and Indemnity

The Company has apropriate insurance cover for the Directors’ and oficers’

liabilities in respect of any claims against the Directors and oficers of the

Group arising out of corporate activities of the Group.

DELEGATION BY THE BOARD

Board Comites (the “Board Comite(s)”)

The Board has established four Board Comites, namely, the Audit

Comite, the remuneration comite of the Company (the “Remuneration

Comite”), the nomination comite of the Company (the “Nomination

Comite”) and the executive comite of the Company (the “Executive

Comite”), to asist in the execution of the Board’s responsibilities and

to overse particular aspect of the Group’s afairs. Each Board Comite

is provided with suficient resources to discharge its duties properly, and

holds metings in acordance with the Bye-laws, its specific writen terms of

reference and, where aplicable, the procedings of the Board Comites

metings. The terms of reference of the Board Comites are reviewed and

updated regularly to ensure that they are aligned with prevailing governance

practices. Each Board Comite is required to report to the Board on its

decisions and recomendations, where apropriate. The terms of reference

of each of the Board Comites are available on the Company’s website.

The atendance records of each member of the Board Comites are set

out as below section headed “ATENDANCE RECORDS OF DIRECTORS

AND BOARD COMITE(S) MEMBERS”.

Audit Comite

The Audit Comite curently comprises al thre independent non-executive

Directors, namely, Mr. Kan Ka Hon (chairman of the Audit Comite), Mr.

Lau Sin Ming and Mr. Wu Kon Yin Wely and held two metings during the

year ended 31 March 2025.

The chairman of the Audit Comite, Mr. Kan Ka Hon, poseses

apropriate profesional qualifications in finance and acounting and mets

the requirements of Rule 3.21 of the Listing Rules. No member of the Audit

Comite is a former partner of the existing auditing firm of the Company

during two years after he ceases to be partner of the audit firm.

Corporate Governance Report

企业管治报告

38EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

审核委员会之主要职责包括：

– 监察与外聘核数师之关系；

– 于刊发中期及全年财务报表前进行审

阅；

– 监察本集团之财务报告系统、风险管

理及内部监控制度；

– 检讨本公司之财务监控和风险管理及

内部监控制度，尤其注重其有效性；

– 履行企业管治职责；

– 制订及检讨本公司企业管治政策及常

规，并向董事会提出建议；

– 检讨及监察董事及本集团高级管理人

员之培训及持续专业发展；

– 检讨及监察本公司就遵守法律及监管

要求之政策及常规；及

– 检讨本公司遵守企业管治守则条文的

情况及在本公司「企业管治报告」内的披

露。

于截至2025年3月31日止年度内，审核委员

会与本集团高级管理人员及本公司核数师会

面两次，以审阅(i)截至2024年3月31日止年度

之全年业绩及截至2024年9月30日止六个月

之中期业绩相关之本公司核数师报告、本集

团采纳之会计原则及常规、管理层声明函件

及管理层之回应；(i)截至2024年3月31日止

年度的年度业绩及截至2024年9月30日止六

个月的中期业绩之本集团综合财务报表草拟

本并向董事会建议审批；及(i)风险管理及内

部监控制度的成效。审核委员会审阅并满意

本公司核数师的独立性和客观性，以及本公

司核数师向本集团提供的包括非审核服务（如

有）在内的审核费用，并向董事会建议于应届

股东周年大会上续聘德勤 • 关黄陈方会计师

行（「德勤」）为本公司来年的核数师。

审核委员会联同本公司核数师审核

2024/2025年度的综合财务报表。根据这项审

阅以及与本集团高级管理人员的讨论，审核

委员会确信综合财务报表是按适用的会计准

则编制，并公平呈列本集团截至2025年3月

31日止年度的财政状况及业绩。

The principal functions of the Audit Comite included:

– to overse the relationship with the external auditor;

– to review the interim and anual financial statements before publication;

– to overse the Group’s financial reporting system, risk management

and internal control systems;

– to review the financial controls, and risk management and internal

control systems of the Company with particular regard to their

efectivenes;

– to perform the corporate governance functions;

– to develop and review the Company’s policies and practices on

corporate governance and make recomendations to the Board;

– to review and monitor the training and continuous profesional

development of the Directors and senior management of the Group;

– to review and monitor the Company’s policies and practices in

compliance with legal and regulatory requirements; and

– to review the Company’s compliance with the CG Code and disclosure

in the “CORPORATE GOVERNANCE REPORT” of the Company.

During the year ended 31 March 2025, the Audit Comite members met

twice with senior management of the Group and the Company’s auditor to

review (i) the reports from the Company’s auditor, acounting principles and

practices adopted by the Group, management representation leters, and

management’s response in relation to the anual results for the year ended 31

March 2024 and the interim results for the six months ended 30 September

2024; (i) the draft consolidated financial statements of the Group in relation to

the anual results for the year ended 31 March 2024 and the interim results

for the six months ended 30 September 2024 and recomended the same

to the Board for aproval; and (i) the efectivenes of risk management and

internal control systems of the Company. The Audit Comite reviewed and

satisfied with the independence and objectivity of the Company’s auditor and

the audit fes including non-audit services, if any, provided by the Company’s

auditor to the Group and recomended to the Board the re-apointment of

Mesrs. Deloite Touche Tohmatsu (“Deloite”) as the Company’s auditor for

the ensuing year at the forthcoming AGM.

The Audit Comite reviewed the 2024/2025 consolidated financial

statements in conjunction with the Company’s auditor. Based on this review

and discusions with senior management of the Group, the Audit Comite

was satisfied that the consolidated financial statements were prepared in

acordance with aplicable acounting standards, and fairly present the

Group’s financial position and results for the year ended 31 March 2025.

Corporate Governance Report

企业管治报告

39高山企业有限公司 2024/2025 年报

薪酬委员会

薪酬委员会现由三名独立非执行董事，包括

刘善明先生（薪酬委员会主席）、简嘉翰先生

及吴冠贤先生，以及一名执行董事赖罗球先

生组成。

薪酬委员会之主要职责包括：

– 向董事会提供建议有关董事及本集团

高级管理人员之薪酬制度及架构方

面；

– 就个别执行董事及本集团高级管理人

员之薪酬待遇（包括但不限于非金钱利

益、退休金权利及丧失或终止职务或

委任之赔偿金额），按彼等被授予之特

定责任，检讨及厘定并向董事会提出

建议；

– 就非执行董事（如有）之薪酬向董事会提

出建议；

– 审查及批准与执行董事和本集团高级

管理人员之任何损失或针对职务或终

止任命或解雇或因行为不当而罢免有

关赔偿安排，该安排应公平且不超出

范围；及

– 审阅及╱或批准上市规则第17章项下

与任何股份计划有关的事项。

于截至2025年3月31日止年度内，薪酬委员

会已举行一次会议，以审阅及批准董事及本

集团高级管理人员之薪酬待遇，当中参考因

素包括相似公司所支付的薪金、投放时间、

本集团内及于市场上同类职位的职责和实际

情况。并就独立非执行董事的董事袍金向董

事会提供建议。概无董事参与厘定其本身之

薪酬。董事薪酬详情载于综合财务报表附注

8。

薪酬委员会已履行或将继续履行其主要职

责，其中包括批准董事及本集团高级管理人

员的服务协议的条款、就董事及本集团高级

管理人员的薪酬和政策向董事会提供建议、

审阅和向董事会建议有关董事及本集团高级

管理人员的薪酬待遇（包括薪金、花红和奖

励）。

Remuneration Comite

The Remuneration Comite curently comprises thre independent non-

executive Directors, namely Mr. Lau Sin Ming (chairman of the Remuneration

Comite), Mr. Kan Ka Hon and Mr. Wu Kon Yin Wely, and one executive

Director, namely Mr. Lai Law Kau.

The principal functions of the Remuneration Comite included:

– to make recomendations to the Board on the Company’s policy and

structure for the remuneration of the Directors and senior management

of the Group;

– to review and determine and make recomendations to the Board,

with delegated responsibility, on the remuneration packages of

individual executive Directors and senior management of the Group,

including, but not limited to, benefits in kind, pension rights and

compensation payments for los or termination of their ofice or

apointment;

– to make recomendations to the Board on the remuneration of non-

executive Directors, if any;

– to review and aprove the compensation arangements in conection

with any los or termination of their ofice or apointment, or

dismisal or removal for misconduct to executive Directors and senior

management of the Group which shal be fair and not excesive; and

– to review and/or aprove maters relating to any share scheme(s) under

Chapter 17 of the Listing Rules.

During the year ended 31 March 2025, the Remuneration Comite held one

meting to review and aprove the remuneration packages of the Directors

and senior management of the Group by reference to factors such as salaries

paid by comparable companies, time comitment, responsibilities and

employment conditions elsewhere within the Group and in the market; and to

make recomendations to the Board on the Directors’ fe for independent

non-executive Directors. No Director was involved in deciding his or her own

remuneration. Details of the remuneration of the Directors are set out in note

8 to the consolidated financial statements.

The Remuneration Comite has discharged or wil continue to discharge

its major roles to, among other things, aprove the terms of the service

agrements of the Directors and senior management of the Group, make

recomendations to the Board regarding the remuneration and policies

of the Directors and senior management of the Group and to review and

recomend to the Board the remuneration package including salaries,

bonuses and incentive awards for the Directors and senior management of

the Group.

Corporate Governance Report

企业管治报告

40EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

提名委员会

提名委员会现由三名独立非执行董事，包括

吴冠贤先生（提名委员会主席）、简嘉翰先生

及刘善明先生，以及一名执行董事赖罗球先

生组成。

提名委员会之主要职责包括：

– 检讨董事会的架构、规模及成员组成

（包括技能、知识及经验）；

– 物色并提名合适的董事候选人以供董

事会考虑；

– 评核独立非执行董事的独立性；及

– 就有关主席和本公司行政总裁继任计

划的相关事宜向董事会提出建议。

于截至2025年3月31日止年度内，提名委员

会已举行一次会议，审阅并向董事会提出建

议以批准(i)董事会的架构、规模、成员组成和

多元化；(i)本公司提名政策及董事会成员多

元化政策；(i)评核现有独立非执行董事之独

立性；及(iv)提名退任董事在股东周年大会上

轮值退任并重新委任。提名委员会已检讨目

前董事会的组成乃符合本公司董事会成员多

元化政策并认为其有效。

提名政策和董事会成员多元化政策

本公司提名政策就提名、委任或重新委任董

事、及董事继任计划制定程序。该政策说明

提名委员会于作出任何有关建议时所采用的

主要甄选标准及原则。于评估建议候选人是

否适合担任董事职务时，提名委员会用作考

虑的因素包括（除其他以外）诚信声誉、有关

本集团业务及企业策略的专业资格、技能、

知识及经验，履行董事职责的时间承诺、

董事会多元化以及适合本公司业务的其他方

面。提名委员会将作出推荐建议以供董事会

考量及审批。

Nomination Comite

The Nomination Comite curently comprises thre independent non-

executive Directors, namely Mr. Wu Kon Yin Wely (chairman of the

Nomination Comite), Mr. Kan Ka Hon and Mr. Lau Sin Ming, and one

executive Director, namely Mr. Lai Law Kau.

The principal functions of the Nomination Comite included:

– to review the structure, size and composition (including the skils,

knowledge and experience) of the Board;

– to identify and nominate suitable candidates of the Directors for the

Board’s consideration;

– to ases the independence of the independent non-executive

Directors; and

– to make recomendations to the Board on relevant maters relating to

the sucesion planing for the Chairman and the chief executive of the

Company.

During the year ended 31 March 2025, the Nomination Comite held one

meting to review and make recomendations to the Board for aproval on (i)

the structure, size, composition and diversity of the Board; (i) the nomination

policy and the Board diversity policy of the Company; (i) the asesment

of the independence of the existing independent non-executive Directors;

and (iv) the nomination of the retiring Directors for retirement by rotation and

re-apointment at the AGM. The Nomination Comite reviewed that the

curent composition of the Board satisfied the Board diversity policy of the

Company which considered to be efective.

Nomination Policy and Board Diversity Policy

The nomination policy of the Company sets out the nomination procedures

for the nomination, apointment or re-apointment, and sucesion planing

of the Directors. This policy provides the key selection criteria and principles

of the Nomination Comite in making any such recomendations. In

asesing the suitability for directorship of any proposed candidate, factors

which would be considered by the Nomination Comite include, inter

alia, reputation for integrity, profesional qualifications, skils, knowledge

and experience that are relevant to the Group’s busineses and corporate

strategies, comitment in respect of time to discharge Director’s

duties, diversity of the Board, and such other perspectives apropriate

to the Company’s busineses. The Nomination Comite shal make

recomendations for the Board’s consideration and aproval.

Male 男
Female 女

INED 独董
ED 执董

> 70
61-70
35-40

> 20
1-10

0
1

Trading and brokerage 交易及经纪
Accounting and finance 会计及财务
Legal 法律
Textiles 纺织

Corporate Governance Report

企业管治报告

41高山企业有限公司 2024/2025 年报

为提升董事会效能及其企业管治水平，董事

会亦采纳董事会成员多元化政策，该政策载

述本公司实现董事局成员多元化的方法。此

为维持竞争优势的必要元素。董事会已授权

提名委员会透过综合考虑多项因素，包括但

不限于性别、年龄、文化及教育背景、专业

经验、行业经验、技能、知识和服务年期，

检讨及评估董事会的多元化程度、其技能及

经验。提名委员会于物色及甄选合适资格人

选时，将会考虑董事会成员多元化政策。考

虑到本集团的架构、业务模式和企业策略，

提名委员会已及将每年审查该政策，以确保

其有效性。

下图显示于2025年3月31日董事会成员多元

化的概况：

附注：

执董 – 执行董事

独董 – 独立非执行董事

有关董事履历之进一步详情载于本年报「董事

之履历」一节内。

The Board also adopted a Board diversity policy which sets out the

aproach to achieving Board diversity in the Company in order to enhance

the efectivenes of the Board and its corporate governance standard. The

Company recognizes the importance of having a diverse team of Board

members, which is an esential element in maintaining a competitive

advantage. The Nomination Comite has ben delegated the authority

to review and ases the diversity of the Board and its skils and experience

by way of consideration of a number of factors, including but not limited to,

gender, age, cultural and educational background, profesional experience,

industry experience, skils, knowledge and length of service. The Nomination

Comite wil give consideration to the Board diversity policy when

identifying and selecting suitably qualified candidates. The policy has ben

and wil be reviewed anualy taking into acount the Group’s structure,

busines models and corporate strategy to ensure its efectivenes.

The folowing chart shows the diversity profile of the Board as at 31 March

2025:

Number of

Directors

董事人数

GenderDesignationAge

group

Length of

service

(number of

year(s)

Directorship

with other listed

companies

(number of

company(ies)

Area of

experience

性别职衔年龄组别董事任期于其他上市公司

出任董事

经验范围

(年期数目)

(公司数目)

Remarks:

ED – executive Director

INED – independent non-executive Director

Further information on the biography of the Directors is set out in the section

headed “BIOGRAPHICAL DETAILS OF DIRECTORS” of this anual report.

Corporate Governance Report

企业管治报告

42EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

董事会目前于六位董事中有一名女性董事，

并致力于董事会层面维持性别多元化。目

前，董事会认为其多元观点得到适当平衡，

故并未制定任何其他可计量目标。本公司亦

采取，并将继续采取措施促进各级员工团队

的多元化。于2025年3月31日，本公司员工

总数中女性占54%和男性占46%。本集团已

实现维持性别比例相对均衡的目标。基于董

事会的审查，概不存在使实现全体员工（包括

高级管理层）性别多元化更具挑战性或较不相

关的缓和因素或情况。本公司将按业务需要

及未来发展，继续致力在员工团队以及董事

会中达致性别多元化的适当平衡，以培养未

来董事会的潜在继任人选。

本公司提名政策和董事会成员多元化政策均

载于本公司网站。

执行委员会

执行委员会现由所有执行董事组成，包括赖

罗球先生（执行委员会主席）、雷玉珠女士及

邝长添先生。

执行委员会于有需要时于本公司定期董事会

会议之间召开会议，并在董事会直接授权下

以一般管理委员会模式运作。在董事会授予

之权力范围下，执行委员会致力落实董事会

所制订之本集团策略、监控本集团之投资及

交易表现、资金及融资需求，并检讨管理层

表现。

核数师酬金

德勤已于2024年股东周年大会上获续聘为本

公司外聘核数师，任期至2025年应届股东周

年大会结束为止。

于截至2025年3月31日止年度内，已付或应

付本公司外聘核数师德勤的审核费用为年度

审核费用约1,650,000港元，且并无非审核费

用。

The Board curently has one female Director out of six Directors and is

comited to maintaining gender diversity at the Board level. At present, the

Board considers an apropriate balance of diversity perspectives of the Board

is maintained and has not set any other measurable objectives. The Company

has also taken, and continues to take steps to promote diversity at al levels

of its workforce. As at 31 March 2025, total workforce of the Company

comprised 54% female and 46% male. The Group has achieved the objective

of maintaining a relatively balanced gender ratio. Based on the Board’s

review, there was no mitigating factor or circumstance which makes achieving

gender diversity acros the workforce (including senior management) more

chalenging or les relevant. The Company wil continue to strive to achieve an

apropriate balance of gender diversity in the workforce as wel as the Board

acording to busines neds and future development so as to develop a

pipeline of potential sucesors to the Board in the future.

Both the nomination policy and the Board diversity policy of the Company are

available on the Company’s website.

Executive Comite

The Executive Comite curently comprises al the executive Directors,

namely Mr. Lai Law Kau (chairman of the Executive Comite), Ms. Lui Yuk

Chu and Mr. Kwong Jimy Cheung Tim.

It mets as and when required betwen regular Board metings of the

Company, and operates as a general management comite under the

direct authority of the Board. Within the parameters of authority delegated by

the Board, the Executive Comite is comited to the implementation of

the Group’s strategy set by the Board, monitors the Group’s investment and

trading performance, funding and financing requirements, and reviews the

management performance.

AUDITOR’S REMUNERATION

Deloite has ben re-apointed as the external auditor of the Company at the

2024 AGM until the conclusion of the forthcoming 2025 AGM.

During the year ended 31 March 2025, the audit fe paid or payable to

the Company’s external auditor, Deloite, represented anual audit fe of

aproximately HK$1,650,000, and no non-audit fes.

Corporate Governance Report

企业管治报告

43高山企业有限公司 2024/2025 年报

董事及董事委员会成员的出席记录

于截至2025年3月31日止年度内，个别董事

在本公司所召开之董事会议（包括董事会定

期会议）、董事委员会议、股东周年大会及

本公司股东特别大会（「股东特别大会」）之出

席记录的情况详情如下：

╱董事委员会之主席

公司秘书

于截至2025年3月31日止年度，李宝荣先生

（「李先生」）（非本公司雇员且为外聘服务机构

邝伟全律师行）获委任为本公司公司秘书，

李先生并已确认按照上市规则第3.29条之规

定李先生已接受不少于十五小时的相关专业

培训。根据企业管治守则之守则条文第C.6.1

条，执行董事邝长添先生为李先生在本公司

的联络人。

问责制及审核

董事会领导和维持对本集团活动之有效监

控，将经营本集团业务之执行责任交由管理

层处理。管理层向所有董事会成员提供每月

一次的更新资料，以对本集团表现，状况及

前景作出全面而通俗的评价，让董事可履行

职责。

ATENDANCE RECORDS OF DIRECTORS AND BOARD

COMITE(S) MEMBERS

Details of the atendance records of each individual Director at the Board

metings (including regular Board metings), the Board Comite(s)

metings, the AGM and the special general meting of the Company (the

“SGM”) held during the year ended 31 March 2025 are as folows:

Atended/Eligible to atend

出席╱合资格出席

Name

Board

meting

Audit

Comite

meting

Remuneration

Comite

meting

Nomination

Comite

metingAGMSGM

姓名

董事会

会议

审核委员会

会议

薪酬委员会

会议

提名委员会

会议

股东周年

大会

股东特别

大会

Executive Directors执行董事

Mr. Lai Law Kau赖罗球先生4/5*2/21/11/11/14/4

Ms. Lui Yuk Chu雷玉珠女士5/5N/A 不适用N/A 不适用N/A 不适用1/14/4

Mr. Kwong Jimy Cheung Tim邝长添先生5/5N/A 不适用N/A 不适用N/A 不适用1/14/4

Independent Non-executive Directors独立非执行董事

Mr. Kan Ka Hon简嘉翰先生4/52/2 *1/11/11/14/4

Mr. Lau Sin Ming刘善明先生4/52/21/1 *1/11/14/4

Mr. Wu Kon Yin Wely吴冠贤先生4/52/21/11/1 *1/14/4

/Board Comite(s)

COMPANY SECRETARY

During the year ended 31 March 2025, Mr. Le Po Wing (“Mr. Le”) who is

not an employe of the Company and is an external service provider of Paul

Kwong & Company, was engaged by the Company as the company secretary

of the Company; and Mr. Le has confirmed that Mr. Le has taken no les

than fiften hours of relevant profesional training in compliance with Rule 3.29

of the Listing Rules. Mr. Kwong Jimy Cheung Tim, the executive Director

is the contact person of Mr. Le at the Company pursuant to code provision

C.6.1 of the CG Code.

ACOUNTABILITY AND AUDIT

The Board leads and maintains efective controls over the Group’s activities,

with executive responsibility for the runing of the Group’s busines being

delegated to management. The management provides al members of the

Board with monthly updates in order to give a balanced and understandable

asesment of the Group’s performance, position and prospects to enable

them to discharge their duties.

Corporate Governance Report

企业管治报告

44EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

风险管理和内部监控

董事会负责评估和确定本集团在实现策略目

标中将承担的风险的性质和程度，并负责确

保本集团建立并维持适当而有效的风险管理

和内部监控制度，并审查其有效性。董事会

亦负责监督对风险管理和内部监控制度的设

计、实施和监察。风险管理和内部监控制度

旨在提供合理的，但不是绝对的保证，以防

重大的错误或损失，并管理而不是消除操作

系统故障或实现本集团业务目的风险。

董事会通过审核委员会每年对本集团之风险

管理和内部监控制度的有效性进行检讨，

要求所有部门经理采用共同的风险管理框

架，接受详细的自我风险评估。是项评估涵

盖所有重要的监控，包括财务、营运及合规

监控，并每年进行一次。评估亦同时考虑本

集团会计及财务报告职能部门的资源是否充

裕、员工的资历和经验、培训计划及预算。

根据企业风险管理框架制定的各项政策和程

序，旨在识别、评估、管理、控制和汇报风

险。这些风险包括策略、信贷、营运（包括但

不限于行政、制度、人力资源和声誉）、市

场、流动性、法律和监管风险。董事会通过

审核委员会不断监察该等风险。内部监控制

度包括一个有指明权限的职责分明的管理架

构。董事会已明确界定各部门的权力和主要

职责，以确保充分的制衡。

内部监控制度的目的是为了保护本集团的资

产免受非法挪用，确保留存正确的会计记录

用于编制可靠的财务资料，并确保遵守适用

的法律、法规和行业标准。

本集团没有内部审核职能。于回顾年度内，

审核委员会及董事会已对本集团风险管理

及内部监控制度的有效性进行检讨，并认

为该制度是有效和足够，以及没有发现重大

问题，但审核委员会已经确定有待改进的范

畴，并采取适当措施。董事会认为，于本年

度和截至本年报日期止实施的企业风险管理

和内部监控制度均为有效及充分。此外，董

事会目前认为，鉴于本集团业务规模、性质

及复杂性，本集团目前并无设立内部审核职

能的急切需要。审查将每年进行。

Risk Management and Internal Control

The Board is responsible for evaluating and determining the nature and

extent of the risks and it is wiling to take in achieving the Group’s strategic

objectives and ensuring that the Group establishes and maintains apropriate

and efective risk management and internal control systems and reviewing

their efectivenes. The Board is also responsible for overseing the design,

implementation and monitoring of the risk management and internal control

systems. The risk management and internal control systems are designed

to provide reasonable, but not absolute, asurance against material

mistatement or los and to manage rather than eliminate risks of failure in

operating systems or in achievement of the Group’s busines objectives.

The Board, through the Audit Comite, conducts a review of the

efectivenes of the Group’s risk management and internal control systems

anualy by requiring al department managers to undergo a detailed self-risk

asesment proces using a comon risk management framework. It covers

al material controls, including financial, operational and compliance controls,

on an anual basis. It also considers the adequacy of resources, staf

qualifications and experience, training programs and budget of the Group’s

acounting and financial reporting function.

Under the enterprise risk management framework, policies and procedures

are in place to identify, ases, manage, control and report risks. Such

risks include strategic, credit, operational (including but not limited to,

administrative, system, human resources and reputation), market, liquidity,

legal and regulatory risks. Exposure to these risks is continuously monitored

by the Board through the Audit Comite. The internal control system

includes a defined management structure with specified limits of authority.

The Board has clearly defined the authorities and key responsibilities of each

division to ensure adequate checks and balances.

The internal control system has ben designed to safeguard the Group’s

asets against unauthorized use of disposition, to ensure the maintenance of

proper acounting records for producing reliable financial information, and to

ensure compliance with aplicable laws, regulations and industry standard.

The Group does not have an internal audit function. During the year under

review, the Audit Comite and the Board reviewed the efectivenes of the

risk management and internal control systems of the Group and considered

that the systems are efective and adequate, and there were no major isues

but areas for improvement have ben identified by the Audit Comite and

apropriate measures have ben taken. The Board is of the view that the

enterprise risk management and internal control systems in place for the year

and up to the date of this anual report is efective and adequate. In adition,

the Board is curently of the view that there is no imediate ned to set up

an internal audit function within the Group in light of the size, nature and

complexity of the Group’s busines. An anual review wil be conducted.

Corporate Governance Report

企业管治报告

45高山企业有限公司 2024/2025 年报

举报政策

本公司致力达至及维持高水平的透明度、廉

洁与问责性。本公司鼓励雇员及╱或外部各

方就本公司相关的任何事项报告关注以及实

际或疑似不正当或舞弊或不道德的行为。因

此，本公司采纳举报政策，旨在提供举报渠

道及指引，以保密和匿名的方式举报可能的

不当行为和疑虑。董事会授予审核委员会权

力以负责确保对提出的任何事项进行公平和

独立的调查并采取适当的后续行动和作出适

当的安排。

反贪污政策

本公司对一切形式贿赂和贪污采取零容忍的

态度，并致力于在所有业务交易中任何时候

坚持遵守和维护高标准的商业诚信、诚实、

公平、公正和透明度。本公司已采纳反贪污

政策，订明适用于本集团各级所有董事、高

级职员及雇员的基本行为准则，彼等之行为

必须完全遵守本政策和所有其他与贿赂或贪

污有关的适用法律。

财务报告

董事确认其负责编制可真实公平地反映本集

团财务状况及本集团于相关会计期间之财务

表现与现金流量之本集团财务报表，并遵守

所有相关监管规定、上市规则规定及适用会

计准则。本集团在编制财务报表时，已遵守

香港财务报告准则，适当选用合适的会计政

策并作一致应用，亦有作出适当而合理的判

断和评估。董事按持续经营基准编制报告年

度之财务报表。

董事会致力于在所有财务汇报中均对本集团

之业务表现及财务状况作出清晰、均衡而且

通俗易明之评价，并确保及时刊发相关资

料。

核数师声明

本公司外聘核数师就其对截至2025年3月31

日止年度财务报表之报告责任作出之声明，

载于本年报第86至91页之「独立核数师报告」

内。

Whistleblowing Policy

The Company is comited to achieving and maintaining a high standard of

openes, probity and acountability. The Company encourages reporting

of concerns and actual or suspected misconduct or malpractice or unethical

acts by employes and/or external parties in any maters related to the

Company. In this regard, the Company has adopted the whistleblowing

policy which aims to provide reporting chanels and guidance on reporting

posible improprieties and concerns, in confidence and anonymity. The

Board delegated the authority to the Audit Comite, which is responsible

for ensuring that proper arangements are in place for fair and independent

investigation of any maters raised and apropriate folow-up actions are

taken.

Anti-coruption Policy

The Company takes a zero-tolerance aproach towards al forms of bribery

and coruption and is comited to observing and upholding high standards

of busines integrity, honesty, fairnes, impartiality and transparency in al its

busines dealings at al times. The Company has adopted the anti-coruption

policy which sets out the basic standard of conduct which aplies to al

directors, oficers and employes at al levels of the Group who must conduct

their activities in ful compliance with this policy and al other aplicable laws

relating to bribery or coruption.

Financial Reporting

The Directors acknowledged their responsibilities for the preparation of

the financial statements of the Group which give a true and fair view of the

financial position of the Group and the Group’s financial performance and

cash flows for the relevant acounting periods, and in compliance with al

the relevant statutory requirements, the Listing Rules requirements and

aplicable acounting standards. In preparing the financial statements of the

Group, the apropriate acounting policies are selected, aplied consistently

and in acordance with the Hong Kong Financial Reporting Standards and

apropriate and reasonable judgment and estimates are made. The Directors

have prepared the financial statements for the reporting year on a going

concern basis.

The Board is comited to present a clear, balanced and understandable

asesment of the Group’s performance and financial positions in al its

financial reporting and to ensure relevant publications in a timely maner.

Auditor’s Statement

The statement by the Company’s external auditor about their reporting

responsibilities on the financial statements for the year ended 31 March 2025

is set out in the “INDEPENDENT AUDITOR’S REPORT” on pages 86 to 91 of

this anual report.

Corporate Governance Report

企业管治报告

46EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

遵守董事及相关雇员进行证券交易之标

准守则

本公司已采纳上市规则附录C3所载之上市发

行人董事进行证券交易的标准守则（「标准守

则」）作为董事进行本公司证券交易之行为守

则。经本公司作出具体查询后，所有董事已

确认于截至2025年3月31日止年度内彼等已

遵守标准守则载列的规定标准。本公司亦采

纳标准守则以规管可能拥有本公司证券内幕

消息之雇员及本集团附属公司之董事进行本

公司证券交易。

股息政策

本公司已采纳股息政策（「股息政策」），为董

事会及本公司订立指引，以决定(i)是否宣派及

支付股息，及(i)向股东支付之股息水平。

股息政策是允许股东分享本公司之利润，同

时保留足够的现金储备以作营运资金及未来

发展。

在决定╱建议于任何财政年度╱期间的任何

股息的派发次数、金额和形式时，董事会（除

其他以外），应考虑下列因素：

(i) 本集团之实际及预期财务表现；

(i) 可能对本集团业务或财务表现及状况

产生影响之经济状况及其他内部或外

部因素；

(i) 本集团之业务策略及营运，包括未来

对资金需求及维持业务长期增长之投

资需要；

(iv) 本集团现时及未来之流动资金状况及

对资本的要求；

(v) 股东之利益；及

(vi) 董事会认为适当之任何其他因素。

每年股息支付率会有所不同。本公司不予保

证于任何指定期间将支付任何特定金额之股

息。

COMPLIANCE WITH THE MODEL CODE FOR SECURITIES

TRANSACTIONS BY DIRECTORS AND RELEVANT EMPLOYES

The Company has adopted the Model Code for Securities Transactions by

Directors of Listed Isuers (the “Model Code”) as set out in Apendix C3 to the

Listing Rules as its own code of conduct for the Directors in their dealings in

the Company’s securities. Having made specific enquiries by the Company,

al the Directors have confirmed that they have complied with the required

standards as set out in the Model Code throughout the year ended 31 March

2025. The Company has also adopted the Model Code to regulate the

dealings in the Company’s securities by its employes and directors of the

subsidiaries of the Group who are likely to poses inside information relating

to the Company’s securities.

Dividend Policy

The Company has adopted a dividend policy (the “Dividend Policy”) which

sets out the guidelines for the Board and the Company to determine (i)

whether dividends are to be declared and paid, and (i) the level of dividend to

be paid to the Shareholders.

The Dividend Policy is to alow the Shareholders to participate in the

Company’s profit whilst to retain adequate cash reserves for its working

capital requirements and future growth.

In determining or recomending the frequency, amount and form of any

dividend in any financial year or period, the Board shal, inter alia, consider the

folowing factors:

(i) the actual and expected financial performance of the Group;

(i) economic conditions and other internal or external factors that may

have an impact on the busines or financial performance and position

of the Group;

(i) the Group’s busines strategies and operations, including future cash

comitments and investment neds to sustain the long-term growth

aspect of the busines;

(iv) the curent and future liquidity position and capital requirements of the

Group;

(v) the interests of the Shareholders; and

(vi) any other factors that the Board may consider relevant.

The dividend payout ratio wil vary from year to year. There is no asurance

that dividends wil be paid in any particular amount for any given period.

Corporate Governance Report

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47高山企业有限公司 2024/2025 年报

根据公司细则及《公司条例》（香港法例第622

章），股息可以现金或以配发本公司股份之形

式支付。董事会亦可以考虑其他合适方式支

付股息。

董事会可决定并向股东宣派其认为适当之中

期股息。任何末期股息，本公司须交由股东

于股东大会上批准宣派，该等末期股息不能

超过董事会建议宣派之金额。

股东权利

召开股东特别大会之程序

股东有权请求董事会召开股东特别大会。当

股东之合共持股比例不低于提呈请求当日本

公司已缴足股本中附带股东大会投票权的股

本的十分之一，则股东可向董事会递交书面

请求召开股东特别大会。有关书面请求必须

列明召开大会之目的，并由股东签署及送呈

本公司之香港主要营业地点（地址为香港九龙

长沙湾青山道481–483号香港纱厂大厦第6期

7楼A座），抬头请注明公司秘书部收。

当接获有效请求后，本公司会采取适当行动

并作出必要安排，而相关股东应根据百慕达

1981年公司法（经修订）（「公司法」）第74条负

责有关执行所产生之费用。

于股东大会提呈议案之程序

以下股东均有权提出议案（可正式向大会提

出）于本公司股东大会中审议：

(a) 股东人数占比例不低于提出请求当日

本公司总投票权之二十分一；或

(b) 至少100名或以上本公司的持股东。

Subject to the Bye-laws and the Companies Ordinance (Chapter 622 of the

Laws of Hong Kong), the Company may declare and pay dividends by way of

cash or scrip or by other means that the Board considers apropriate.

The Board may determine and pay to the Shareholders interim dividends as it

considers apropriate. Any final dividends declared by the Company must be

aproved by the Shareholders at general metings and must not exced the

amount recomended by the Board.

SHAREHOLDERS’ RIGHTS

Procedures for Convening a SGM

Shareholders shal have the right to request the Board to convene a SGM.

Shareholders holding in agregate of not les than one-tenth of the paid-up

capital of the Company as at the date of deposit caries the right of voting at

general metings of the Company may send a writen request to the Board

to request for a SGM. The writen requisition must state the purposes of the

meting, and must be signed by the Shareholder(s) and deposited at the

Company’s principal place of busines in Hong Kong at Block A, 7th Flor,

Hong Kong Spiners Building, Phase 6, 481–483 Castle Peak Road, Cheung

Sha Wan, Kowlon, Hong Kong (for the atention of Company Secretarial

Department).

The Company would take apropriate actions and make necesary

arangements, and the Shareholders concerned would be responsible for the

expenses incured in giving efect thereto in acordance with the requirements

under Section 74 of the Companies Act 1981 of Bermuda (as amended) (the

“Companies Act”) once a valid requisition is received.

Procedures for Puting Forward Proposals at the General Metings

The folowing Shareholders are entitled to put forward a proposal (which may

properly be put to the meting) for consideration at a general meting of the

Company:

(a) any number of the Shareholders representing not les than one-

twentieth of the total voting rights of the Company on the date of the

requisition; or

(b) not les than 100 Shareholders holding Shares in the Company.

Corporate Governance Report

企业管治报告

48EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

The requisition specifying the proposal, duly signed by the Shareholders

concerned, together with a statement of not more than 1,000 words with

respect to the mater refered to in the proposal or the busines to be

dealt with at the general meting must be deposited at the Company’s

principal place of busines in Hong Kong at Block A, 7th Flor, Hong Kong

Spiners Building, Phase 6, 481–483 Castle Peak Road, Cheung Sha Wan,

Kowlon, Hong Kong. The Company would take apropriate actions and

make necesary arangements, and the Shareholders concerned would be

responsible for the expenses incured in giving efect thereto in acordance

with the requirements under Sections 79 and 80 of the Companies Act once

valid documents are received.

Proposing a person for Election as a Director

If a Shareholder wishes to propose a person other than a retiring Director for

election as a Director at a general meting, the Shareholder should folow the

“RULES AND PROCEDURES GOVERNING THE ELECTION OF DIRECTORS”,

which can be found on the website of the Company.

Procedures for Puting Enquiries by the Shareholders to the Board

Shareholders may at any time send their enquiries and concerns to the Board

in writing via the folowing chanel:

Company Secretarial Department

Block A, 7th Flor

Hong Kong Spiners Building, Phase 6

481–483 Castle Peak Road

Cheung Sha Wan, Kowlon

Hong Kong

E-mail: info@eminencehk.com

Shareholders may also make enquiries with the Board at the general metings

of the Company.

提出有关议案的请求书，经由有关股东正式

签署后，须连同一份不超过1,000字关于建议

书所述事项或拟于大会上审议业务的陈述书

一起交到本公司之香港主要营业地点，地址

为香港九龙长沙湾青山道481–483号香港纱

厂大厦第6期7楼A座。当接获有效请求后，

本公司会采取适当行动并作出必要安排，而

相关股东应根据公司法第79及80条负责有关

执行所产生之费用。

提名某人士膺选董事

倘若股东有意在股东大会上提名某人士（退任

董事除外）膺选董事，该股东应遵守在本公司

网站上载的「董事选举规则及程序」。

股东向董事会作出查询之程序

股东可随时透过以下渠道以书面方式向董事

会寄发查询及提问：

公司秘书部

香港

九龙长沙湾

青山道481–483号

香港纱厂大厦第6期

7楼A座

电邮：info@eminencehk.com

股东亦可于本公司股东大会上向董事会作出

查询。

Corporate Governance Report

企业管治报告

49高山企业有限公司 2024/2025 年报

Shareholders’ Comunication Policy

The Company considers that efective two-way comunication with the

Shareholders is esential for enhancing investor relations and investor

understanding of the Group’s busines performance and strategies. The

Company has in place a Shareholders’ comunication policy which aims to

promote an efective comunication with the Shareholders, enabling them to

exercise their rights in a timely maner so that their views and concerns are

apropriately adresed, and to furnish the investment comunity with ready

and equal information about the Company.

The Company maintains a website at htp:/w.eminence-enterprise.com,

where up-to-date information and updates on the Company’s busines

operations and developments, financial information, corporate governance

practices and other information are posted.

The Company endeavours to maintain an on-going dialogue with its

Shareholders and in particular, through the AGMs or other general metings

to comunicate with the Shareholders. During the year ended 31 March

2025, four physical SGMs were held, and the last AGM was held on 22

August 2024.

The Board has reviewed the implementation and efectivenes of the

Shareholders’ comunication policy during the year ended 31 March 2025.

Having considered the multiple chanels of comunication and Shareholders’

engagement in the general metings held during the year ended 31 March

2025, the Board is satisfied that the Shareholders’ comunication policy has

ben properly implemented during this year and is efective.

CONSTITUTIONAL DOCUMENTS

During the year ended 31 March 2025, the Company has not made any

changes to its Bye-laws. A consolidated version of the memorandum of

asociation of the Company and the Amended and Restated Bye-laws

are available on the respective websites of the Company and the Stock

Exchange.

股东通讯政策

本公司认为与股东有效双向沟通对加强投资

者关系及投资者对本集团业务表现及策略之

了解非常重要。本公司已制定股东通讯政

策，旨在提升与股东之有效沟通，促使股东

及时行使其作为股东的权利以便彼等的意见

及关注得到适切的回应，并向投资人士提供

有关本公司现有及平等的资料。

本公司设有网站(htp:/w.eminence-

enterprise.com)，以发布有关本公司业务运作

及发展、财务资料、企业管治常规及其他资

讯之最新资料及更新。

本公司致力维持与股东的持续交流，特别是

透过股东周年大会或其他股东大会与股东进

行沟通。于截至2025年3月31日止年度内，

已举行四次实体股东特别大会，而上一届股

东周年大会已于2024年8月22日举行。

董事会已于截至2025年3月31日止年度内检

讨股东通讯政策的实施及有效性。经考虑多

种沟通渠道及于截至2025年3月31日止年度

内举行的股东大会中股东的参与情况后，董

事会确认股东通讯政策已于该年度内适当实

施且有效。

宪章文件

于截至2025年3月31日止年度内，本公司并

无对其公司细则作出任何更改。本公司之组

织章程大纲及经修订及重列的公司细则之合

订版本可分别于本公司及联交所网站查阅。

Directors’ Report

董事会报告

50EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

本公司董事（「董事」）谨此提呈高山企业有限

公司（「本公司」）及其附属公司（统称「本集团」）

于截至2025年3月31日止年度（「本年度」）之年

报及经审核财务报表。

主要业务

本集团之主要业务为物业发展、物业投资、

证券及其他投资及贷款融资，其附属公司之

主要业务载于综合财务报表附注39。

财务业绩

本集团截至2025年3月31日止年度之业绩载

于本年报第92至93页之综合损益及其他全面

收益表。

业务回顾

有关按《公司条例》（香港法例第622章）附表

5规定对本集团业务活动的进一步讨论及回

顾，包括本集团业务分析、年结日后发生的

重大事项，以及对本集团未来业务发展的指

示，均载于本董事会报告及前面本年报第5至

27页之「主席报告」及「管理层讨论及分析」章

节。

本集团的财务风险管理详情于综合财务报表

附注34披露。

此外，有关本公司环境，社会和管治政策及

表现的相关详情载于本年报第65至85页所载

的「环境、社会及管治报告」章节。

董事所知于本年度内本集团并无违反相关法

律法规而受重大影响。

财务资料概要

本集团于过往五个财务年度之业绩、资产及

负债概要载于本年报第210页。

股息

董事会（「董事会」）不建议派发截至2025年3月

31日止年度之末期股息（2024年：无）。

The directors of the Company (the “Director(s)”) present this anual report

together with the audited financial statements of Eminence Enterprise Limited

(the “Company”) and its subsidiaries (colectively, the “Group”) for the year

ended 31 March 2025 (the “Year”).

PRINCIPAL ACTIVITIES

The principal activities of the Group are property development, property

investment, investment in securities and others and loan financing and the

principal activities of its subsidiaries are set out in note 39 to the consolidated

financial statements.

FINANCIAL RESULTS

The results of the Group for the year ended 31 March 2025 are set out in the

Consolidated Statement of Profit or Los and Other Comprehensive Income

on pages 92 to 93 of this anual report.

BUSINES REVIEW

Further discusion and review on the busines activities of the Group as

required by Schedule 5 to the Companies Ordinance (Chapter 622 of the

Laws of Hong Kong) including an analysis of the Group’s performance,

material events that have ocured since the year end date and an indication

of likely future development in the Group’s busines are contained in this

Directors’ report and the preceding “CHAIRMAN’S STATEMENT” and

“MANAGEMENT DISCUSION AND ANALYSIS” set out on pages 5 to 27 of

this anual report.

Details of the Group’s financial risk management are disclosed in note 34 to

the consolidated financial statements.

In adition, relevant details of the Company’s environmental, social and

governance policies and performance are reported in the “ENVIRONMENTAL,

SOCIAL AND GOVERNANCE REPORT” set out on pages 65 to 85 of this

anual report.

The Directors were not aware of any non-compliance with the relevant laws

and regulations that had a significant impact on the Group during the Year.

FINANCIAL SUMARY

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

five financial years is set out on page 210 of this anual report.

DIVIDEND

The board of the Directors (the “Board”) does not recomend the payment of

a final dividend for the year ended 31 March 2025 (2024: Nil).

Directors’ Report

董事会报告

51高山企业有限公司 2024/2025 年报

股本

本公司股本于本年度内之变动详情载于综合

财务报表附注30。

物业、厂房及设备

本集团物业、厂房及设备于本年度内之变动

详情载于综合财务报表附注15。

投资物业

本集团之投资物业于2025年3月31日由独立

合资格专业物业估值公司重新估值，而投资

物业之公平值变动所产生之收益╱亏损被确

认于综合损益及其他全面收益表。详情载于

综合财务报表附注17。

储备

本集团及本公司于本年度内之储备变动详情

分别载于本年报第96至97页之综合权益变动

表及综合财务报表附注40。

本公司的可供分派储备

本公司于2025年及2024年3月31日可向本公

司股东（「股东」）分派之储备如下：

根据百慕达公司法，倘若有合理由相信会

发生下列情况，则缴入盈余不得分派予股

东：

(a) 公司现时或于分派后将无法偿还到期

负债；或

(b) 公司资产之可变现价值将因分派而少

于其负债及其发行股本及股份溢价账

之总和。

SHARE CAPITAL

Details of movements in the Company’s share capital during the Year are set

out in note 30 to the consolidated financial statements.

PROPERTY, PLANT AND EQUIPMENT

Details of movements in the property, plant and equipment of the Group

during the Year are set out in note 15 to the consolidated financial statements.

INVESTMENT PROPERTIES

The Group’s investment properties were revalued as at 31 March 2025 by

independent firms of qualified profesional property valuers and the gain/los

arising from changes in fair value of investment properties was recognised

in the Consolidated Statement of Profit or Los and Other Comprehensive

Income. Details of these are set out in note 17 to the consolidated financial

statements.

RESERVES

Details of movements in reserves of the Group and the Company during

the Year are set out in the Consolidated Statement of Changes in Equity on

pages 96 to 97 of this anual report and note 40 to the consolidated financial

statements respectively.

DISTRIBUTABLE RESERVES OF THE COMPANY

The Company’s reserves available for distribution to its shareholders of

the Company (the “Shareholder(s)”) as at 31 March 2025 and 2024 are as

folows:

31 March 202531 March 2024

2025年3月31日2024年3月31日

HK$’000HK$’000

港币千元港币千元

Contributed surplus缴入盈余458,830458,830

Acumulated profits累计利润273,371261,193

732,201720,023

Under the Companies Act of Bermuda, the contributed surplus shal not be

distributed to the Shareholders if there are reasonable grounds for believing

that:

(a) the company is, or would after the payment be, unable to pay its

liabilities as they become due; or

(b) the realizable value of the company’s asets would thereby be les

than the agregate of its liabilities and its isued share capital and

share premium acount.

Directors’ Report

董事会报告

52EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

捐款

于本年度内，本集团作出慈善及其他捐款约

780,000港元。

董事

于本年度内及截至本报告日期止的董事如

下：

执行董事

赖罗球先生（主席兼首席行政总裁）

雷玉珠女士（副主席）

邝长添先生

独立非执行董事

简嘉翰先生

刘善明先生

吴冠贤先生

于本报告日期之董事履历资料载于本年报第

28至29页。

根据公司细则第99条细则，雷玉珠女士（「雷

女士」）（为一名执行董事）及刘善明先生（「刘先

生」）（为一名独立非执行董事）将于股东周年大

会（「股东周年大会」）上轮值退任。雷女士及

刘先生均符合资格愿意于股东周年大会上重

选连任。

董事资料变动

自本公司最近刊发之2023/2024年报日期起至

本报告日期概无董事资料变动须根据上市规

则第13.51B(1)条须予披露。

DONATIONS

During the Year, the Group made charitable and other donations of

aproximately HK$780,000.

DIRECTORS

The Directors during the Year and up to the date of this report are as folows:

Executive Directors

Mr. Lai Law Kau (Chairman and Chief Executive Oficer)

Ms. Lui Yuk Chu (Deputy Chairman)

Mr. Kwong Jimy Cheung Tim

Independent Non-executive Directors

Mr. Kan Ka Hon

Mr. Lau Sin Ming

Mr. Wu Kon Yin Wely

The biographical details of the Directors as at the date of this report are set

out on pages 28 to 29 of this anual report.

Pursuant to bye-law 99 of the Bye-laws, Ms. Lui Yuk Chu (“Ms. Lui”), an

executive Director and Mr. Lau Sin Ming (“Mr. Lau”), an independent non-

executive Director, shal retire from ofice by rotation at the anual general

meting (the “AGM”). Ms. Lui and Mr. Lau, being eligible, have ofered

themselves for re-election at the AGM.

CHANGES IN DIRECTORS’ INFORMATION

There is no change in information of the Directors required to be disclosed

pursuant to Rule 13.51B(1) of the Listing Rules since the date of the

Company’s latest published 2023/2024 anual report and up to the date of

this report.

Directors’ Report

董事会报告

53高山企业有限公司 2024/2025 年报

独立非执行董事之独立性

本公司已接获各独立非执行董事根据上市规

则第3.13条，就截至2025年3月31日止年度

彼等对本公司之独立性而作出之年度确认

书。尽管简嘉翰先生及刘善明先生已于董事

会担任独立非执行董事逾九年，但董事会认

为该服务年期将不会影响彼等在履行独立非

执行董事之职责时作出独立判断，亦相信彼

等对本集团业务的深入认识及宝贵经验将继

续令本公司及全体股东受惠。因此，本公司

认为全体独立非执行董事均属独立。

董事服务合约

根据公司细则第99条，各董事须于股东周年

大会上轮值退任，任期最长不超过三年。

概无拟于应届股东周年大会上膺选连任的董

事已与本集团订立不可于一年内由本集团终

止而毋须作出赔偿（法定赔偿除外）之服务合

约。

管理合约

于本年度内概无订立或存在任何本公司全部

或任何重大部分业务的管理及行政合约。

董事于交易、安排或合约之权益

除本年报之综合财务报表附注32「关联人士交

易╱关连交易」所披露者外，于本年度内任何

时间或于本年度结束时，本公司或其任何附

属公司所订立有关本集团业务之重大交易、

安排或合约中，概无董事或与董事有关连之

实体直接或间接于其中拥有重大权益。

控股东于重大合约之权益

于本年度内或于本年度结束时，本公司或其

任何附属公司概无与控股东或其任何附属

公司订立重大合约。此外，控股东或其任

何附属公司概无订立向本公司或其任何附属

公司提供服务之重大合约。

INDEPENDENCE OF INDEPENDENT NON-EXECUTIVE DIRECTORS

The Company has received anual writen confirmation pursuant to Rule 3.13

of the Listing Rules from each of the independent non-executive Directors

as regards their independence to the Company for the year ended 31 March

2025. Despite the fact that each of Mr. Kan Ka Hon and Mr. Lau Sin Ming

has served as an independent non-executive Director on the Board for more

than nine years, the Board is of the view that their duration of service wil not

interfere with their exercise of independent judgement in carying out their

duties and responsibilities as the independent non-executive Directors and

believes that their valuable knowledge and experience in the Group’s busines

wil continualy benefit the Company and the Shareholders as a whole.

Acordingly, the Company considers al the independent non-executive

Directors are independent.

DIRECTORS’ SERVICE CONTRACTS

Each of the Directors is subject to retirement by rotation at the AGM for a

term of up to thre years under bye-law 99 of the Bye-laws.

None of the Directors being proposed for re-election at the forthcoming

AGM has a service contract with the Group which is not determinable by the

Group within one year without payment of compensation, other than statutory

compensation.

MANAGEMENT CONTRACTS

No contracts for the management and administration of the whole or any

substantial part of any busines of the Company was entered into or existed

during the Year.

DIRECTORS’ INTERESTS IN TRANSACTIONS, ARANGEMENTS

OR CONTRACTS

Save as disclosed in note 32 to the consolidated financial statements headed

“Related Party Transactions/Conected Transactions” of this anual report,

there were no transaction, arangement or contract of significance in relation

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

a party and in which a Director or an entity conected with a Director had a

material interest, whether directly or indirectly, subsisted at any time during

the Year or at the end of the Year.

CONTROLING SHAREHOLDERS’ INTERESTS IN CONTRACTS

OF SIGNIFICANCE

There was no contracts of significance betwen the Company or any of its

subsidiaries and a controling Shareholder or any of its subsidiaries subsisting

during or at the end of the Year, and there was no contracts of significance

for the provision of services to the Company or any of its subsidiaries by a

controling Shareholder or any of its subsidiaries.

Directors’ Report

董事会报告

54EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

董事及主要行政人员于股份、相关股份

及债权证之权益

于2025年3月31日，董事及本公司主要行政

人员（「主要行政人员」）概无于本公司或其任何

相联法团（定义见证券及期货条例（「证券及期

货条例」）第XV部）的本公司股份（「股份」）、相

关股份及债权证中拥有(i)根据证券及期货条

例第XV部第7及8分部条文须知会本公司及香

港联合交易所有限公司（「联交所」）的权益或

淡仓（包括彼等根据证券及期货条例之该等

条文董事或主要行政人员被当作或视为拥有

之权益），或(i)本公司根据证券及期货条例第

352条规定须列入存置之登记册内的权益或淡

仓，或(i)根据联交所证券上市规则（「上市规

则」）附录C3所载之上市发行人董事进行证券

交易的标准守则须知会本公司及联交所的权

益或淡仓。

主要股东于股份及相关股份之权益及淡

仓

于2025年3月31日，就董事及主要行政人员

所知，下列人士或法团（董事或主要行政人员

除外）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

联交所披露的权益或淡仓，或根据证券及期

货条例第336条须列入本公司存置之登记册内

的权益或淡仓：

于普通股份及相关股份之好仓

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS IN SHARES,

UNDERLYING SHARES AND DEBENTURES

As at 31 March 2025, none of the Directors or chief executive of the

Company (the “Chief Executive”) had any interests or short positions in the

shares of the Company (the “Share(s)”), underlying Shares and debentures

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

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

required to be (i) notified to the Company and The Stock Exchange of Hong

Kong Limited (the “Stock Exchange”) pursuant to Divisions 7 and 8 of Part

XV of the SFO (including interests which the Directors or the Chief Executive

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

(i) entered in the register kept by the Company pursuant to Section 352 of

the SFO, or (i) notified to the Company and the Stock Exchange pursuant to

the Model Code for Securities Transactions by Directors of Listed Isuers as

set out in Apendix C3 to the Rules Governing the Listing of Securities on the

Stock Exchange (the “Listing Rules”).

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT

POSITIONS IN SHARES AND UNDERLYING SHARES

As at 31 March 2025, so far as is known to the Directors and the Chief

Executive, the folowing persons or corporations (other than a Director or the

Chief Executive) had interests or short positions in the Shares or underlying

Shares which 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 entered in the register kept by the Company under Section 336

of the SFO:

Long Positions in Ordinary Shares and Underlying Shares

Name of substantial ShareholderNotesCapacity

Number of

ordinary

Shares held

Number of

underlying

Shares heldTotal

Aproximate

percentage of

the total

isued Shares

主要股东名称附注身份

持有普通股

股份数目

持有相关

股份数目总计

占已发行

股份总数之

概约百分比

Godco Development Limited (“Godco”)(i), (i) and

(iv)

Beneficial owner

42,167,397500,000,000542,167,39753.44%

佳豪发展有限公司（「佳豪」）(i)、(i)及

(iv)

实益拥有人

Easyknit Properties Holdings Limited(i), (i) and

(iv)

Interest of controled corporation

42,167,397500,000,000542,167,39753.44%

(i)、(i)及

(iv)

受控制法团之权益

Directors’ Report

董事会报告

55高山企业有限公司 2024/2025 年报

Name of substantial ShareholderNotesCapacity

Number of

ordinary

Shares held

Number of

underlying

Shares heldTotal

Aproximate

percentage of

the total

isued Shares

主要股东名称附注身份

持有普通股

股份数目

持有相关

股份数目总计

占已发行

股份总数之

概约百分比

Easyknit International Holdings Limited

(“Easyknit”)

(i), (i) and

(iv)

Interest of controled corporation

80,261,811500,000,000580,261,811 57.20%

永义国际集团有限公司（「永义」）(i)、(i)及

(iv)

受控制法团之权益

Beneficial owner2,025,000–2,025,0000.20%

实益拥有人

82,286,811500,000,000582,286,81157.40%

Magical Profits Limited(i), (i) and

(iv)

Interest of controled corporation

82,286,811500,000,000582,286,81157.40%

(i)、(i)及

(iv)

受控制法团之权益

Acumulate More Profits Limited(i) and (iv)Interest of controled corporation82,286,811500,000,000582,286,81157.40%

(i)及(iv)受控制法团之权益

The Winterbotham Trust Company Limited(i) and (iv)Interest of controled corporation82,286,811500,000,000582,286,81157.40%

温特博森信托有限公司(i)及(iv)受控制法团之权益

Winterbotham Holdings Limited(i) and (iv)Interest of controled corporation82,286,811500,000,000582,286,81157.40%

(i)及(iv)受控制法团之权益

Christopher Geofrey Douglas Hoper(i) and (iv)Interest of controled corporation82,286,811500,000,000582,286,81157.40%

(i)及(iv)受控制法团之权益

Markson International Holding Limited(i) and (iv)Interest of controled corporation82,286,811500,000,000582,286,81157.40%

(i)及(iv)受控制法团之权益

Ivan Geofrey Douglas Hoper(i) and (iv)Interest of controled corporation82,286,811500,000,000582,286,81157.40%

(i)及(iv)受控制法团之权益

Chu Nin Yiu, StephenBeneficial owner161,325,339– 161,325,33915.90%

朱年耀实益拥有人

Law Sai HungBeneficial owner98,897,825 – 98,897,8259.75%

罗世鸿实益拥有人

Chan Lo Chiu Angus Beneficial owner80,210,717–80,210,7177.90%

陈罗超实益拥有人

Directors’ Report

董事会报告

56EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

附注：

(i) 于80,261,811股份中，36,340,362*股份、

1,754,052股份及42,167,397股份分别以运

荣投资有限公司、Landmark Profits Limited及佳

豪（由Easyknit Properties Holdings Limited全资拥

有）之名义登记及由其实益拥有，该等为永义之

全资附属公司。2,025,000股份亦由永义实益

拥有。

(i) 于2025年3月31日，据董事经作出合理查询后

所深知、全悉及确信，Magical Profits Limited

拥有永义已发行股本约39.43%权益，该公

司由Acumulate More Profits Limited全资拥

有，而Acumulate More Profits Limited则由

Delacroix Limited全资拥有，并由温特博森信

托有限公司作为The Magical 2000 Trust之信托

人实益拥有。温特博森信托有限公司分别由

Winterbotham Holdings Limited拥有60%权益

（而Christopher Geofrey Douglas Hoper先生于

Winterbotham Holdings Limited拥有约99.99%权

益）及由Markson International Holding Limited拥

有40%权益（而Ivan Geofrey Douglas Hoper先

生于Markson International Holding Limited拥有

约99.99%权益）。

(i) 雷玉珠女士（一名董事）亦为佳豪、Easyknit

Properties Holdings Limited、永义及Magical

Profits Limited之一名董事及一名永义主要股

东。

(iv) 根据永义于2025年2月7日及2025年3月28日提

交的两份表格2，就本公司于2023年2月20日向

佳豪发行的原始本金额为209,000,000港元、

票息率每年五厘的五年期可换股票据（「2023年

可换股票据」）而言，在(a)本公司于2025年2月4

日完成供股后；及(b)本公司完成部分赎回2023

年可换股票据后，2023年可换股票据的兑换价

已由每股兑换股份0.18港元修订为0.14港元，

而2023年可换股票据的未偿还本金额已减少

至70,000,000港元，可按经调整的兑换价每股

0.14港元兑换为500,000,000股份。因此，永

义于本公司的持股权益比例已下降至57.40%。

* 根据运荣投资有限公司于2021年7月2日提交的

表格2，于2021年6月25日，300,000,000股份

已质押予恒生银行有限公司。于本公司股本重

组在2023年7月19日完成后，质押的股份数目已

从300,000,000股份减少至7,500,000股份，

相当于2025年3月31日已发行股份总数约0.74%

股本权益。

Notes:

(i) In the 80,261,811 Shares, 36,340,362* Shares, 1,754,052 Shares and 42,167,397

Shares were registered in the name of and beneficialy owned by Ace Winer Investment

Limited, Landmark Profits Limited and Godco (which was wholy-owned by Easyknit

Properties Holdings Limited) respectively, al of which were wholy-owned subsidiaries

of Easyknit. 2,025,000 Shares were also beneficialy owned by Easyknit.

(i) As at 31 March 2025, to the best of the Directors’ knowledge, information and belief

having made al reasonable enquiries, Magical Profits Limited, which was interested in

aproximately 39.43% of the isued share capital of Easyknit, was wholy-owned by

Acumulate More Profits Limited which in turn was wholy-owned by Delacroix Limited

and beneficialy owned by The Winterbotham Trust Company Limited as truste of

The Magical 2000 Trust. The Winterbotham Trust Company Limited was owned as to

60% by Winterbotham Holdings Limited, which in turn was owned as to aproximately

99.99% by Mr. Christopher Geofrey Douglas Hoper, and 40% by Markson

International Holding Limited, which in turn was owned as to aproximately 99.99% by

Mr. Ivan Geofrey Douglas Hoper, respectively.

(i) Ms. Lui Yuk Chu, a Director, was also a director of Godco, Easyknit Properties

Holdings Limited, Easyknit and Magical Profits Limited and a substantial shareholder of

Easyknit.

(iv) Acording to two Forms 2 filed on 7 February 2025 and 28 March 2025 by Easyknit,

in respect of the 5% per anum coupon rate convertible note isued to Godco by the

Company on 20 February 2023 in the original principal amount of HK$209,000,000

(the “2023 Convertible Note”), (a) upon completion of rights isue of the Company on

4 February 2025; and (b) upon completion of partial redemptions of 2023 Convertible

Note by the Company, the conversion price of the 2023 Convertible Note has ben

revised from HK$0.18 to HK$0.14 per conversion Share and the outstanding principal

amount of 2023 Convertible Note has ben reduced to HK$70,000,000 which is

convertible into 500,000,000 Shares at an adjusted conversion price of HK$0.14 per

conversion Share. Therefore, Easyknit’s shareholding interest in the Company has

decreased to 57.40%.

, on 25

June 2021, 300,000,000 Shares were pledged to Hang Seng Bank Limited. Upon

completion of the capital reorganisation of the Company on 19 July 2023, the number

of pledged Shares has reduced from 300,000,000 to 7,500,000 Shares, representing

aproximately 0.74% equity interest of total isued Shares as at 31 March 2025.

Directors’ Report

董事会报告

57高山企业有限公司 2024/2025 年报

除雷玉珠女士外，概无董事亦为任何主要股

东之董事或雇员。

除上文所披露者外，于2025年3月31日，董

事及主要行政人员并不知悉有任何其他人士

（董事或主要行政人员除外）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

分部之条文须向本公司及联交所披露的权益

或淡仓，或根据证券及期货条例第336条须列

入本公司存置之登记册内之权益或淡仓。

董事认购股份或债权证之权利

本公司或其任何附属公司于本年度内任何时

间概无订立任何安排，致使董事可藉购买本

公司或任何其他法人团体之股份或债权证而

获益，亦概无董事或其配偶或未满18岁子女

获授予任何权利以认购本公司或任何其他法

人团体之股本或债务证券，亦无行使任何该

等权利。

董事于竞争业务权益

于2025年3月31日，根据上市规则第8.10条

规定本公司须披露董事的竞争业务的权益如

下：

董事会独立于永义董事会，并维持三名独立

非执行董事，本集团独立于永义业务外并按

公平基准经营其业务。

购买、出售或赎回上市证券

于截至2025年3月31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

任何上市证券。

Apart from Ms. Lui Yuk Chu, no Director was also a director or an employe

of any substantial Shareholders.

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

Executive were not aware of any other persons (other than a Director or

the Chief Executive) who had an interest or short position in the Shares and

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 required to be recorded in the register kept by the

Company under Section 336 of the SFO.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES

At no time during the Year was the Company or any of its subsidiaries a party

to any arangement to enable the Directors to acquire benefits by means of

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

corporate, and none of the Directors or any of their spouses or children

under the age of 18, was granted any right to subscribe for the equity or debt

securities of the Company or any other body corporate nor had exercised any

such right.

DIRECTORS’ INTERESTS IN COMPETING BUSINES

Interests of the Directors in competing busineses as at 31 March 2025

required to be disclosed pursuant to Rule 8.10 of the Listing Rules were as

folows:

Name of DirectorName of companyNature of competing businesNature of interest

董事姓名公司名称竞争业务性质权益性质

Ms. Lui Yuk ChuEasyknitProperty development, property

investment, investment in securities

and others and loan financing

Director of Easyknit and

substantial shareholder

of Easyknit

雷玉珠女士永义物业发展、物业投资、证券及其他

投资及贷款融资

永义董事及永义主要股东

As the Board is independent of the board of Easyknit and maintains thre

independent non-executive Directors, the Group operates its busineses

independently of, and at arm’s length from, the busineses of Easyknit.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

Neither the Company nor any of its subsidiaries purchased, sold or redemed

any of the Company’s listed securities during the year ended 31 March 2025.

Directors’ Report

董事会报告

58EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

关连人士交易

于本财政年度，在日常业务过程中进行的关

连人士交易载于综合财务报表附注32。就构

成上市规则项下关连交易或持续关连交易的

关连人士交易（视情况而定）而言，该等交易

（如有）为（i）获豁免遵守上市规则第14A章项下

之报告、年度审阅、公布及独立股东批准规

定；或（i）根据上市规则第14A章处理。

获准赔偿条文

公司细则第178条规定，除其他外，每名董事

及本公司其他主管人员如在履行其职位所属

的职务或应尽职务及相关事务时产生，或因

在执行职务过程中作出、同步执行或未执行

任何行动而导致之所有诉讼、讼费、费用、

损失、损害赔偿及开支，应从本公司资产及

溢利中提供补偿并担保其不受损害，惟赔偿

范围不包括因上述人士欺诈或失信所引致的

任何损失。为此，本公司已于本年度内为董

事及本公司主管人员安排董事及主管人员之

责任保险。

主要供应商及客户

于本年度内，本集团之五大供应商占本集团

之采购额约77.4%，而最大供应商则占本集

团之采购额约39.1%。

于本年度内，本集团之五大客户占本集团之

营业额约38.7%，而最大客户则占本集团之

营业额约23.1%。

于本年度内，概无董事及彼等之紧密联系人

士或任何股东（即据董事所知拥有多于5%之

已发行股份）于本集团五大供应商或客户中拥

有任何权益。

RELATED PARTY TRANSACTIONS

The related party transactions which were undertaken during the financial year

in the normal course of busines are set out in note 32 to the consolidated

financial statements. For those related party transactions that constituted

conected transactions or continuing conected transactions (as the

case may be) under the Listing Rules, these transactions (if any) were (i)

exempt from reporting, anual review, anouncement and the independent

Shareholders’ aproval requirement under Chapter 14A of the Listing Rules;

or (i) handled in acordance with Chapter 14A of the Listing Rules.

PERMITED INDEMNITY PROVISION

Bye-law 178 of the Bye-laws provides that, among others, every Director and

other oficers of the Company shal be indemnified and secured harmles out

of the asets and profits of the Company from and against al actions, costs,

charges, loses, damages and expenses which they or any of them shal or

may incur sustain by or by reason of any act done, concured in or omited

in or about the execution of their duty, or suposed duty, in their respective

ofices and related maters provided that the indemnity shal not extend to any

mater in respect of any fraud or dishonesty which may atach to any of them.

In this conection, the Company has aranged directors’ and oficers’ liability

insurance coverage for the Directors and oficers of the Company during the

Year.

MAJOR SUPLIERS AND CUSTOMERS

During the Year, the five largest supliers of the Group acounted for

aproximately 77.4% of the Group’s purchases and the largest suplier

acounted for aproximately 39.1% of the Group’s purchases.

During the Year, the five largest customers of the Group acounted for

aproximately 38.7% of the Group’s revenue and the largest customer

acounted for aproximately 23.1% of the Group’s revenue.

During the Year, none of the Directors and their respective close asociates

or any Shareholders (which to the knowledge of the Directors owns more

than 5% of the Company’s isued Shares) have any interest in the five largest

supliers or customers of the Group.

Directors’ Report

董事会报告

59高山企业有限公司 2024/2025 年报

物业估值

本集团位于香港之投资物业由泓亮咨询及评

估有限公司进行物业估值，其为独立合资格

专业估值公司。就新加坡投资物业而言，由

另一名独立合资格专业估值公司Edmund Tie

& Company (SEA) Pte Ltd 进行物业估值。

所有评估皆持续采纳余值法、收入资本化法

及╱或直接比较法作为估值方法，并已用于

编制2024/2025年全年业绩。本集团投资物业

之估值为约1,057,900,000港元（2024年：约

1,250,443,000港元）。于本财政年度公平值

减少约28,700,000港元已于综合损益及其他

全面收益表内确认。本集团之发展物业及非

投资物业乃于本年度综合财务报表中按成本

扣除减值（如有）列账。

主要风险及不确定性

本集团在其业务及营运上面对著各种风险。

通过内部监控制度及程序，本公司已采纳合

理措施，确保重大风险得到监控而且不会对

本集团的营运及表现产生不利影响。相关风

险在持续的基础上进行管理。本集团面对著

的主要风险及不确定性载列如下（未尽列）。

市场风险

本集团的营业额主要来自香港。整体经济及

房地产市场的情况可能对本集团的财务业绩

及情况造成显著影响。

合规风险

本集团的业务需要符合本地及海外的法律（包

括百慕达及英属处女群岛）及法规，包括但不

限于物业销售、物业管理和建设，以及公司

法和证券法。本集团已不断监测对本集团有

显著影响的相关法律及法规之合规情况。

主要关系概述

本集团坚守商业道德标准，我们与客户、供

应商及承办商进行业务均遵守此准则。

雇员

本集团视员工为本集团最重要的资产。本集

团为员工提供具竞争力的薪酬待遇及福利，

并致力打造良好、谐和及不存在歧视的工作

环境。

PROPERTY VALUATION

Property valuations in respect of the Group’s investment properties in

Hong Kong have ben caried out by Vincorn Consulting and Apraisal

Limited, an independent firm of qualified profesional property valuers.

For the investment property in Singapore, the valuation was caried out by

Edmund Tie & Company (SEA) Pte Ltd, another independent firm of qualified

profesional property valuers. Their valuations were based on residual value

aproach, income capitalisation aproach and/or direct comparison method

as the valuation methodologies and were used in preparing 2024/2025 final

results. The Group’s investment properties were valued at aproximately

HK$1,057,900,000 (2024: aproximately HK$1,250,443,000). The decrease

in fair value of aproximately HK$28,700,000 was recognized in the

Consolidated Statement of Profit or Los and Other Comprehensive Income

for the financial year. Development properties and non-investment properties

of the Group were stated at cost les impairment, if any, in these consolidated

financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group is exposed to various risks in its busineses and operations.

Through internal control systems and procedures, the Company has taken

reasonable steps to ensure that significant risks are monitored and do not

adversely afect the Group’s operations and performances. The relevant risks

are managed on an ongoing basis. A non-exhaustive list of principal risks and

uncertainties facing the Group is set out below.

Market Risk

The Group’s revenue is principaly derived from Hong Kong. The conditions of

the economy as a whole and the property market may have significant impact

to the Group’s financial results and conditions.

Compliance Risk

The Group’s operations require compliance with local and overseas laws

(including those of Bermuda and the British Virgin Islands) and regulations,

including but not limited to property sale, management and construction as

wel as companies and securities laws. The Group has constantly monitored

its compliance with relevant laws and regulations that have a significant

impact on the Group.

ACOUNT OF KEY RELATIONSHIPS

The Group adheres to the standards of busines ethics, this underpins how

we conduct busines with our customers, supliers and contractors.

Employes

The Group value its employes who are the Group’s most important asets.

Staf are rewarded with competitive remuneration packages and benefits. The

Group is comited to fostering a conducive, harmonious and discrimination-

fre working environment.

Directors’ Report

董事会报告

60EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

职业健康及安全是本集团营运的首要工作。

本集团制定安全指引以保障员工免受职业危

害。

客户

本集团致力为客户提供优质可靠的服务。本

集团客户的私隐受到私隐政策的保护。本集

团亦会全面及有效调查及处理客户的投诉。

供应商

本集团致力与供应商建立合作伙伴关系，并

设有认可供应商及卖方资料库，定期评估供

应商及卖方的表现。

薪酬政策

本集团雇员之薪酬政策乃由执行董事按雇员

之表现、经验及现行业内惯例而制定。

董事之薪酬在经过薪酬委员会审阅及建议后

由董事会厘定，其中已考虑到董事所投放时

间及职责、本公司之业绩及现行市况。

优先认购权

公司细则中并无关于优先认购权之条文，但

本公司注册成立地百慕达的相关法律并无针

对优先认购权的限制。

足够公众持股量

根据本公司从公开途径所得之资料及就董事

所知，本公司于截至2025年3月31日止年度

及于本年报日期已按照上市规则要求维持

高于本公司已发行股份25%的足够公众持股

量。

Ocupational health and safety is the top priority acros the Group’s

operations. Safety guidelines are established to safeguard the employes

from any ocupational hazards.

Customers

The Group strive to provide high quality and reliable services to its customers.

The privacy of the Group’s customers are wel protected through a privacy

policy. Any complaints from customers are handled and investigated in a

thorough and eficient maner.

Supliers

The Group is comited to forging colaborative partnership with its supliers

and have a database of aproved supliers and vendors who are asesed

on a regular basis.

EMOLUMENT POLICY

The emoluments policy of employes of the Group is set up by the executive

Directors on the basis of employe performance, experience and prevailing

industry practice.

The emolument of the Directors is determined by the Board after review and

on the recomendation of the Remuneration Comite, having regard to

factors such as the time comitment and responsibilities of the Directors, the

Company’s performance and the prevailing market practice.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Bye-laws although

there are no restrictions against such rights under the laws in Bermuda where

the Company is incorporated.

SUFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and within

the knowledge of the Directors, the Company has maintained a suficient

public float of more than 25% of the Company’s isued Shares as required

under the Listing Rules for the year ended 31 March 2025 and as at the date

of this anual report.

Directors’ Report

董事会报告

61高山企业有限公司 2024/2025 年报

审核委员会

本公司设有符合上市规则及上市规则附录C1

所载之《企业管治守则》规定的审核委员会

（「审核委员会」）。审核委员会主要职责为审阅

和监督本集团财务汇报过程与风险管理及内

部监控制度。于2025年3月31日，审核委员

会由所有三名独立非执行董事组成。审核委

员会已与本集团核数师德勤•关黄陈方会计师

行亲身或以电子方式会面，并已审阅本集团

截至2025年3月31日止年度之经审核综合财

务报表，以及风险管理及内部监控制度。

企业管治

本公司企业管治常规之详情载于本年报第30

至49页之「企业管治报告」。

环境、社会及管治报告

本公司（或「我们」）乃根据上市规则附录C2所

载的《环境、社会及管治报告守则》编制一份

2024/2025年度的环境、社会及管治（「环境、

社会及管治」）报告。本节重点表述本集团截

至2025年3月31日止年度对于环境、社会及

管治的政策及表现。本公司透过审慎的业

务计划及营运执行致力解决可持续性的议题

及管理环境、社会及管治之风险。董事会在

本公司管理层的协助下整体负责审阅政策、

监督可持续发展议题及应对环境、社会及管

治相关的风险。透过此内部可持续性管治框

架，董事会订立并制定相关的政策，从而更

有效地符合本集团的业务目标及宗旨。

有关环境表现的讨论

本集团致力将企业社会责任（「企业社会责

任」）融入日常营运业务，以创造长远正面的

价值，以及为社区创造更美好的将来作出贡

献，并最大限度地减少其营运环境足迹。我

们专注于环境管理、能源效益、资源管理和

员工环保意识的培养。我们继续关注不同的

节能机会，并通过硬件升级来提高我们的能

源效率。通过全面的废物和资源管理方法，

我们的目标是创建一个无纸化办公室，以尽

量减少我们的纸张使用量。除进行硬件升级

以进一步提高现有基础设施的能源性能外，

我们还将新技术应用于我们的新物业，包括

安装低辐射或双层玻璃窗以有助降低热耗并

优化隔热效果。此外，我们努力确保在考虑

废物和其他有用资源被送往垃圾堆填区前尽

可能重复使用、回收和再循环。

AUDIT COMITE

The Company has an audit comite (the “Audit Comite”) in compliance

with the requirement of the Listing Rules and the Corporate Governance Code

as set out in Apendix C1 to the Listing Rules. The principal responsibilities of

the Audit Comite is to review and supervise the financial reporting proces

and risk management and internal control systems of the Group. The Audit

Comite comprises al thre independent non-executive Directors as at 31

March 2025. The Audit Comite has met in person or by electronic means

the Group’s auditor, Mesrs. Deloite Touche Tohmatsu, and has reviewed

the audited consolidated financial statements, and risk management and

internal control systems of the Group for the year ended 31 March 2025.

CORPORATE GOVERNANCE

Details of the Company’s corporate governance practices are set out in the

“CORPORATE GOVERNANCE REPORT” from pages 30 to 49 of this anual

report.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

The Company (or “we” or “our”) has prepared an anual environmental,

social and governance (“ESG”) report for 2024/2025 in compliance with

the ESG Reporting Code set out in Apendix C2 to the Listing Rules. This

section highlights the ESG policies and performance of the Group for the

year ended 31 March 2025. The Company is comited to adresing

sustainability isues and managing ESG risks through prudent busines

planing and operational implementation. The Board, asisted by the

management of the Company, has the overal responsibility to review policies,

overse sustainability isues and adres ESG-related risks. Through this

internal sustainability governance framework, the Board has developed and

formulated relevant policies which beter align with the Group’s busines

goals and objectives.

Discusion on Environmental Performance

The Group is devoted to the integration of corporate social responsibility

(“CSR”) into our day-to-day busines operations to create long-term positive

value and contribute to a beter future for the comunity while minimization of

its operational environmental fotprint is resulted. We have focused our eforts

on environmental stewardship, energy eficiency, resource management

and cultivation of environmental awarenes amongst employes. We remain

atentive to diferent energy-saving oportunities and adopt hardware

upgrades to improve our energy eficiency with a comprehensive aproach

to waste and resource management, our goal is to create a paperles ofice

to minimize our paper usage. Apart from undertaking hardware upgrades

to further enhance the energy performance of existing infrastructure, we

aply new technologies to our new properties, including the instalation of

low emisivity or double-glazed windows which help reduce heat los and

optimise thermal insulation. Furthermore, we work hard to ensure waste

materials and other useful resources are reused, recovered and recycled

whenever posible before the consideration of landfil disposal.

Directors’ Report

董事会报告

62EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

与雇员、客户及供应商的主要关系概述

雇员

我们努力创造一个支持、包容、关怀和安全

的工作环境，以促进专业发展并保护我们雇

员的健康、安全和福祉。我们高度重视平等

机会以及公平透明的招聘程序。我们参考行

业标准提供具有吸引力的薪酬待遇和福利以

奖励我们的雇员，并使其与个人优点、工作

经验、资格和工作职责相称。为雇员量身定

制功能培训项目，以掌握最新的专业知识和

技能。此外，我们制定安全指引和系统，以

保护我们的雇员并最大限度地减少我们营运

中的潜在职业危害。

为确保所有员工明白其为秉持本集团道德标

准之责任，本集团的雇员手册明确订明专业

操守的期望。所有与反歧视及保障个人资料

的相关法规须严格遵守。

为了支持续学习和发展，本集团鼓励我们

的雇员追求不同的兴趣并提供内部和外部机

会以充分发挥彼等之潜能。我们继续提供内

部和外部培训机会，例如研讨会和培训课

程，以提升我们的员工质素和储备人才。

我们为确保我们的工作环境没有任何潜在的

职业健康和安全的隐患，我们的内部安全指

引乃根据劳工处订立之要求所编制，从而降

低风险。于本年度内，我们已完全遵守所有

与健康及安全相关的法规并欣然报告概无因

工作关系而死亡或因工伤损失工作日数的个

案。

客户、供应商及分包商

本集团严格制定有关质量保证、客户服务、

健康和安全要求、采购程序以及合规方面的

内部机制和标准操作程序。我们的管理方法

强调控制措施，以确保满足我们的严格要

求，倘若可能出现质量问题，将进行全面的

调查并迅速采取纠正的行动。此外，已建立

一套投诉处理机制，以一致和及时处理客户

的投诉。

为推动我们供应链中的企业责任，我们优先

考虑共享我们可持续惯例及道德标准的业

务。定期进行供应商的评估和审核以确保完

全达致我们严格的要求。

Acount of Key Relationships with Employes, Customers and

Supliers

Employes

We make great eforts to create a suportive, inclusive, caring and safe

work environment which facilitates profesional development and protects

the health, safety and wel-being of our employes. We emphasize on equal

oportunities, and a fair and transparent recruitment proces. We reward

our employes with atractive remuneration packages and benefits, which

reference industry standards, and are comensurate with individual merit,

work experience, qualifications and job duties. Tailor-made functional training

programes were aranged for our employes to kep abreast with the latest

profesional knowledge and skils. Aditionaly, we have set safety guidelines

and systems to protect our employes and minimize potential ocupational

hazards acros our operations.

To ensure al staf understand their responsibility to uphold the Group’s ethical

standards, the employes handbok of the Group specifies clear expectations

for profesional conduct. Al relevant anti-discrimination and personal data

protection regulations are strictly observed.

In suport of continual learning and development, the Group encourages

our employes to pursue diferent interests and ofers internal and external

oportunities to realise their ful potential. We continue to provide internal and

external training oportunities such as seminars and training courses in order

to strengthen our workforce and stock our talent pipeline.

We ensure our work environments are fre from any potential ocupational

health and safety hazards, our internal safety guidelines were formulated

in acordance with the requirements set out by the Labour Department to

minimise risks. During the Year, we fuly complied with al relevant health and

safety regulations and we are pleased to report that there were no work-

related fatalities or lost days due to work injury.

Customers, Supliers and Subcontractors

The Group has put in place stringent mechanisms and procedures on quality

asurance, customer service, health and safety requirements, procurement

procedures, and regulatory compliance. Our management aproach streses

control measures to ensure our stringent requirements are met, in cases

where quality concerns may arise, a thorough investigation wil be caried out

and corective actions wil be promptly implemented. A complaint-handling

mechanism has ben formulated to ensure we handle customer complaints in

a consistent and timely maner.

To promote corporate responsibility along our suply chain, we give

performance to busineses who share our sustainable practices and ethical

standards. Regular suplier asesments and audits are conducted to ensure

their compliance with our requirements.

Directors’ Report

董事会报告

63高山企业有限公司 2024/2025 年报

作为一位负责任的业务经营者，我们严格遵

守所有与资料私隐相关的法规，并以高标准

的商业道德和产品责任作营运。本集团已根

据当地法律建立私隐政策以确保所有个人资

料经严格保密处理。

遵守对业务有重大影响的相关法律及法规

于本年度内，概无发生任何不遵守有关环

境、雇佣、职业健康及安全、劳工准则、产

品责任、反贪污、资料私隐及知识产权等对

本集团业务有重大影响的相关法律及法规的

已申报个案。

本公司截至2025年3月31日止年度的环境、

社会及管治之政策及表现载于本年报第65至

85页之「环境、社会及管治报告」。

报告期间后之事项

须予披露交易 – 出售上市证券

于2025年5月16日，本集团(i)于2025年5月2

日及2025年5月6日在公开市场进行之一连串

交易中出售合共5,000,000股百福控股有限

公司（于联交所主板上市（股份代号︰1488）

股份（「百福股份」）（占已发行百福股份总数约

0.32%）；及(i)于2025年5月16日透过交叉盘

方式向买方出售合共12,000,000股百福股份

（占已发行百福股份总数约0.76%），出售所得

款项总额约为17,010,000港元（未计及开支）

（相当于每股出售百福股份平均价约为1.00港

元）。详细资料请参阅本公司日期为2025年5

月16日的公布。

修订2023年可换股票据

于2025年6月4日（交易时段后），本公司与

2023年可换股票据持有人订立第二份修订契

据，据此，双方有条件同意修订2023年可换

股票据的兑换价，由每股兑换股份0.14港元

修订为每股兑换股份0.07港元。根据上市规

则第28.05条，于可换股债务证券发行后对其

条款作出之任何修订均须经联交所批准，惟

根据有关可换股债务证券现行条款自动生效

之修订除外。因此，本公司根据上市规则第

28.05条就上述修订向联交所提交申请批准。

详细资料请参阅本公司日期为2025年6月4日

的公布。

Operating as a responsible busines operator, we strictly adhere to al

relevant data privacy regulations and maintain a high level of busines ethics

and product responsibility. The Group’s privacy policy is established in

acordance with local regulations to ensure that al personal data are handled

in strict confidence.

Compliance Status with Relevant Laws and Regulations that have a

Significant Impact on the Busines

During the Year, there were no reported cases of non-compliance with

relevant laws and regulations that have had a significant impact on the

Group’s busineses regarding the environment, employment, ocupational

health and safety, labour standards, product responsibility, anti-coruption,

data privacy and intelectual properties.

The ESG policies and performance of the Company for the year ended

31 March 2025 are set out in the “ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT” from pages 65 to 85 of this anual report.

EVENTS AFTER THE END OF THE REPORTING PERIOD

Discloseable Transaction – Disposals of Listed Securities

On 16 May 2025, the Group disposed (i) in a series of transactions for a total

of 5,000,000 shares in Best Fod Holding Company Limited (“Best Fod

Share(s)”) which are listed on the Main Board of the Stock Exchange (stock

code: 1488), representing aproximately 0.32% of the total isued Best

Fod Shares, on the open market on 2 May 2025 and 6 May 2025; and (i)

12,000,000 Best Fod Shares (representing aproximately 0.76% of the total

isued Best Fod Shares) by way of cros trade to a buyer on 16 May 2025

with a gros sales proceds of aproximately HK$17,010,000 (exclusive

of expenses) (equivalent to an average price of aproximately HK$1.00

per disposed Best Fod Share). Further information can be found in the

Company’s anouncement dated 16 May 2025.

Amendment to 2023 Convertible Note

On 4 June 2025, after trading hours, the Company entered into a second

ded of amendment with the holder of 2023 Convertible Note pursuant to

which both parties conditionaly agred to amend the conversion price of the

2023 Convertible Note from HK$0.14 per conversion share to HK$0.07 per

conversion share. Pursuant to Rule 28.05 of the Listing Rules, any alterations

in the terms of convertible debt securities after isue must be aproved by

the Stock Exchange, except where the alterations take efect automaticaly

under the existing terms of such convertible debt securities. As a result, the

Company aplied for the aproval of the Stock Exchange for the aforesaid

amendment pursuant to Rule 28.05 of the Listing Rules. Further information

can be found in the Company’s anouncement dated 4 June 2025.

Directors’ Report

董事会报告

64EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

核数师

截至2025年3月31日止年度之财务报表乃由

德勤 • 关黄陈方会计师行进行核数。本公司

将于应届股东周年大会上提呈决议案续聘彼

等为本公司之核数师。

本公司于过去三年没有更换核数师。

承董事会命

赖罗球

主席兼首席行政总裁

香港，2025年6月27日

本年报中、英文版如有任何歧义，概以英文

版为准。

AUDITOR

The financial statements for the year ended 31 March 2025 were audited

by Mesrs. Deloite Touche Tohmatsu. A resolution wil be proposed at the

forthcoming AGM to re-apoint them as the auditor of the Company.

The Company’s auditor has not changed for the past thre years.

By order of the Board

Lai Law Kau

Chairman and Chief Executive Oficer

Hong Kong, 27 June 2025

In case of any inconsistency, the English version of this anual report shal

prevail over the Chinese version.

Environmental, Social and Governance Report

环境、社会及管治报告

65高山企业有限公司 2024/2025 年报

概述

本年度环境、社会及管治（「环境、社会及管

治」）报告（「环境、社会及管治报告」）概述高山

企业有限公司（「高山」或「我们」）及其附属公司

（统称「本集团」）于2024年4月1日至2025年3月

31日期间（「本年度」）之环境、社会及管治管

理方针以及可持续性措施及绩效。本环境、

社会及管治报告已于2025年6月27日由高山

董事会（「董事会」）审核及批准。

1. 报告标准及范围

环境、社会及管治报告乃根据香港联

合交易所有限公司（「香港联交所」）证券

上市规则附录C2所载的《环境、社会及

管治报告守则》（「环境、社会及管治守

则」）强制披露要求及「不遵守就解释」的

守则条文而编制。

除特别说明外，本年度的报告范围与

上年度相同。环境、社会及管治报告

范围涵盖本集团的核心业务，包括物

业发展、物业投资（包括拥有业权及租

赁的投资物业）、证券及其他投资及贷

款融资业务。

有关环境、社会及管治方面之完整列

表，各个关键绩效指标（「关键绩效指

标」）及其在环境、社会及管治报告中之

参考，请参阅环境、社会及管治报告

第77至85页中所载之《环境、社会及管

治报告守则》内容索引。

OVERVIEW

This anual environmental, social and governance (“ESG”) report (the “ESG

Report”) provides an overview of the management aproach as wel as

sustainability initiatives and performance of Eminence Enterprise Limited

(“Eminence”, “we” or “our”) and its subsidiaries (colectively, the “Group”)

for the reporting period from 1 April 2024 to 31 March 2025 (the “Year”).

The ESG Report was reviewed and aproved by the board of directors of

Eminence (the “Board”) on 27 June 2025.

1. REPORTING STANDARD AND SCOPE

The ESG Report was prepared in acordance with the mandatory

disclosure requirements and “comply or explain” code provisions of the

ESG Reporting Code (the “ESG Code”) set out in Apendix C2 to the

Rules Governing the Listing of Securities on The Stock Exchange of

Hong Kong Limited (the “HKEx”).

Unles otherwise specified, the reporting scope for the Year remained

the same as last year. The scope of the ESG Report covered the core

busineses of the Group, including property development, property

investment (comprising ownership and rental of investment properties),

investment in securities and others and loan financing busines.

For a ful list of ESG aspects, respective key performance indicators

(“KPIs”) and their references within the ESG Report, an ESG Code

content index is included on pages 77 to 85 of the ESG Report.

Reporting Principles 汇报原则
Materiality 重要性	Material ESG issues were identified and prioritized with the Group’s stakeholders for disclosure. 根据本集团持份者的优次排列，识别重要的环境、社会及管治事宜作为披露事项。
Quantitative 量化	The Group accounted for and disclosed KPIs in quantitative terms for proper evaluation of effectiveness of ESG policies and actions. 本集团以量化的方式说明并披露关键绩效指标，以正确评估环境、社会及管治政策及所采取行动的有效性。
Consistency 一致性	The Group adopted consistent measurement methodology to achieve meaningful comparison of ESG performances over time whenever practicable with updates disclosure. 本集团采用一致的衡量方法，在可行的情况下及时间内，对环境、社会及管治绩效进行有意义的比较以及其后的更新作披露。
Balance 平衡	The ESG Report aimed to disclose data in an objective way in order to provide the Group’s stakeholders with a balanced overview of the overall ESG performances. 环境、社会及管治报告旨在客观披露数据，以便向本集团持份者提供对整体环境、社会及管治绩效的平衡概览。

Environmental, Social and Governance Report

环境、社会及管治报告

66EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

持份者参与

持份者参与是本集团可持续发展及商

业营运不可或缺的一部分。本集团重

视并珍惜主要持份者的宝贵意见。为

了更好地了解各持份者的期望和建

议，我们透过多种沟通渠道与雇员、

客户、股东、供应商、业务合作伙

伴、政府机关及监管机构等主要持份

者保持密切交流。透过不断收到他们

对本集团的回馈，我们能够不断审查

和改进我们的营运绩效。

Stakeholder Engagement

Stakeholder engagement is an integral part of the Group’s sustainable

development and busines operations. The Group values and

cherishes the valuable opinions of our key stakeholders. To beter

understand the expectations and sugestions of various stakeholders,

we maintain close comunication through diverse chanels with key

stakeholders, including employes, customers, shareholders, supliers,

busines partners, government authorities and regulatory bodies. By

continuously receiving their fedback on the Group, we are able to

constantly review and optimize our operational performance.

Key Stakeholders 主要持份者	Communication Channels 沟通渠道
Employees 雇员	• New hire orientation 新员工迎新简介 • Regular performance reviews 定期表现评估 • Remuneration and benefits 薪酬及褔利 • Meetings and discussions 会议及讨论 • Training programmes, seminars/webinars and briefings 培训计划、研讨会╱网络研讨会及简报会 • Internal emails and publications 内部电邮及出版刊物 • Employee activities 雇员活动
Customers 客户	• Company website 公司网站 • Property sales activities 物业销售活动 • Property management 物业管理
Suppliers and business partners 供应商及业务伙伴	• Quotation and tendering processes 报价与投标过程 • Screening and assessments 筛选及评估 • Site inspections, business meetings and work reviews 地盘考察、业务会议及工作回顾
Investors and shareholders 投资者及股东	• Annual and interim reports 年报及中期报告 • General meetings 股东大会 • Announcements and circulars 公布及通函 • Company website 公司网站
Government authorities and regulatory bodies 政府机关及监管机构	• Consultations 咨询 • Laws, regulations and practices 法律、法规及常规 • Seminars/webinars 研讨会╱网络研讨会
Community 社区	• Community investment 社区投资 • Donations and sponsorships 捐赠及资助 • Social contribution 社会贡献
Media 媒体	• Press releases 新闻稿

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Materiality Asesment

In the preparation for the ESG Report, the Group conducted a

materiality review to identify and prioritize a list of material ESG isues

for disclosures by folowing a thre (3)-step proces as below:

Step 1

第一步

Step 2

第二步

Step 3

第三步

Isue Identification 识别议题

• Reviewed ESG disclosures of industry pers to identify comon disclosure practices.

、社会及管治披露事项，以识别常见的披露惯例。

Analysis and Prioritization 分析并确定优次排列

• Consolidated and analyzed the results of the per benchmarking exercise to develop a

prioritized list of ESG isues of varying materiality levels for confirmation.

，以制定一系列不同重要性级别的环境、社会及管治

事宜的优次排列以供确认。

Results Validation 确认结果

• Revised and validated a finalized list of material ESG isues and KPIs for disclosures.

、社会及管治事宜及关键绩效指标的列表作为披露事项。

重要性评估

在准备环境、社会及管治报告时，本

集团遵循以下三(3)个步骤流程进行

重要性审查，以识别及优次排列需披

露一系列的环境、社会及管治事宜清

单：

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2. 企业社会责任

企业社会责任（「企业社会责任」）是高山

日常营运业务不可或缺的一部分。作

为我们企业社会责任理念的一部分，

我们致力于为我们的持份者及我们经

营所在的社区创造长期的正面价值，

同时最大限度地减少与我们的经营相

关的环境足迹。

过去数年，我们一直致力维持良好的

管治实践，培养可持续及有复原力的

员工团队，并积极参与不同的社区项

目。一个全面的框架是有效环境、社

会及管治的管理基础，以确保遵守组

织内的相关法律及法规。

董事会监督我们的环境、社会及管治

的绩效，并定期审查本集团的企业社

会责任政策，该政策规定其长期可持

续发展目标。董事会负责识别、评

估、优先排序及管理与本集团营运及

风险有关的重大环境、社会及管治问

题以及环境、社会及管治的整体策略

及报告。环境、社会及管治相关措施

的有效性及目标取得的进展由董事会

在董事会议上进行审阅。同时，高

山董事会辖下的审核委员会负责审查

风险管理及内部监控框架。

3. 我们的环境

3.1 绪言

在我们的整个营运过程中，高山

一贯表明我们对环境管理负责任

的承诺。我们的内部政策确定并

概述我们的环境保护方法，主要

著重于节约能源、资源效益、减

排及培养内部环保意识以提升保

护自然资源。

于本年度内，概无有关空气及温

室气体排放、向水及土地排污以

及产生有害及无害废弃物方面的

所有适用法律及监管规定

的不

合规情况。

1 包括但不限于《空气污染管制条

例》（香港法例第311章）及《废物

处置条例》（香港法例第354章）

2. CORPORATE SOCIAL RESPONSIBILITY

At Eminence, corporate social responsibility (“CSR”) is an integral part

of our busines operations. As part of our CSR philosophy, we are

comited to creating long-term positive value for our stakeholders and

the comunity where we operate while minimizing the environmental

fotprint asociated with our operations.

Over the past years, we have continuously strived to maintain

sound governance practices, cultivate a sustainable and resilient

workforce, and engage actively in diferent comunity programes.

A comprehensive framework is a foundation for efective ESG

management, ensuring compliance with the relevant laws and

regulations within an organization.

The Board overses our ESG performance and regularly reviews the

Group’s CSR policy which sets out its long-term sustainability goals.

The Board is responsible for identifying, evaluating, prioritizing and

managing material ESG isues related to the Group’s operations and

risks, and the overal ESG strategy and reporting. The efectivenes

of ESG-related measures and the progres made against targets

are reviewed by the Board in its meting(s). Meanwhile, the audit

comite of Eminence at the board-level is responsible for reviewing

the risk management and internal control framework.

3. OUR ENVIRONMENT

3.1 Introduction

Throughout our operations, Eminence has consistently

demonstrated our comitment to responsible environmental

management. Our internal policy identifies and outlines our

aproach to environmental conservation with a focus on

environmental stewardship, energy eficiency, emision reduction

and cultivating internal environmental awarenes on natural

resources protection.

During the Year, there were no non-compliance cases relating

to al aplicable legal and regulatory requirements

regarding air

and grenhouse gas emisions, discharges into water and land,

and generation of hazardous and non-hazardous waste.

1 including but not limited to the Air Polution Control Ordinance (Chapter

311 of the Laws of Hong Kong) and the Waste Disposal Ordinance

(Chapter 354 of the Laws of Hong Kong)

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3.2 Energy Consumption and Emisions

As energy consumption in our managed properties and ofice

premises represents a relatively significant proportion of our

carbon fotprint, we remain atentive to diferent energy-

saving oportunities and adopt hardware upgrades to improve

our energy performance over time. In the future, we target to

continuously reduce emisions and energy consumption by

implementing several energy-saving measures and initiatives in

our daily operations. Aside from our ongoing energy-eficient

LED light fixture replacement programe, we adopted automatic

motion sensors and switch-of timers at our properties to avoid

unecesary energy consumption, save electricity expenses

and reduce grenhouse gas emisions. We also adopted air-

conditioning zoning to maintain a controled indor temperature

and turned of electronic apliances when not in use to ensure

both energy eficiency and comfort in the working environment.

We have ben introducing low emisivity or double-glazed

windows to our new property projects which helps reduce heat

los and optimize thermal insulation. We conducted video and/or

telephone conferences to maintain the busines comunications

smothly so as to control the energy use and reduce grenhouse

gas emisions. The Group wil continue to promote a “gren

ofice” and adopt a set of environmental protection and energy-

saving measures to minimize its environmental impacts.

3.3 Waste and Resource Management

As an integral part of our environmental stewardship, Eminence

has a comprehensive aproach to waste and resource

management. Our goal is to folow the “3R” (Reduce, Reuse and

Recycle) principle to minimize the environmental influence in

managing non-hazardous wastes in our operational practices,

and to create a paperles ofice where electronic comunication

and document sharing are widely promoted. As such, we

use recycled and Forest Stewardship Council certified paper,

encourage employes to practice double-sided printing and

reuse paper whenever posible when a hardcopy is necesary.

We have likewise instaled recycling colection points at al our

major properties, and we encourage employes to separate

recyclables like paper, glas, aluminum and plastic.

The Group had no isue in sourcing water that is fit for purpose

considering our busines nature and geographical locations.

We have put in place various water-saving measures to manage

our water use eficiently, as to achieve the goal of reducing

water consumption. We have instaled sensor water taps, flow

restrictors, and dual flush toilets at our managed properties and

ofice buildings along with regular inspections of pipes. To further

reinforce our eforts, we conduct staf awarenes programs

on responsible water use, promoting simple but impactful

habits such as turning of taps when not in use and minimizing

unecesary flushing. Where feasible, we have also replaced live

plants with decorative alternatives to reduce irigation neds.

3.2 能源消耗及排放物

由于我们管理的物业及办公场所

的能源消耗占我们碳足迹较大部

分，因此我们将继续关注各种节

能机会，并通过硬件升级以逐步

改善我们的能源绩效。未来，我

们旨在通过在日常营运持续中实

施多项节能措施及举措，不断减

少排放物及能源消耗。除了我们

正在进行高能源效益的发光二极

管照明灯具更换计划外，我们还

在我们的物业引入传感器及自动

关闭计时器，以避免不必要的能

源消耗、节省电费开支及减少

温室气体排放。我们还采用空调

分区，调节室内空调温度在控制

范围内，并在不使用时关闭电子

设备，从而确保舒适及节能的工

作环境。对于所有新物业项目，

我们采用低辐射或双层玻璃窗以

有效降低热耗并优化隔热效果。

我们通过召开视频及╱或电话会

议，以保持业务顺畅沟通，借此

控制能源使用及减少温室气体排

放。本集团将继续推动「绿色办

公室」，并推行一系列环保节能

措施，以尽量减少对环境的影

响。

3.3 废物及资源管理

作为我们环境管理的一个组成部

分，高山已有一项综合的废物及

资源管理方法。我们的目标是遵

循「3R」（减少、再利用及回收）的

原则，以尽量减少我们的营运操

作中所产生的无害废物对环境的

影响，以及提倡一个使用电子通

讯及文件共享以打造无纸化办公

室。因此，当需要纸本文件时，

我们使用再造及经森林管理委员

会认证的纸张、鼓励员工采用双

面打印，且尽可能重用纸张。我

们还在所有主要物业内设置回收

收集点，并鼓励雇员分类可回收

物料，例如纸张、玻璃、铝及塑

料。

考虑到我们的业务性质及地理位

置，本集团在求取适用水源并无

问题。我们已采取多项节水措

施，以有效管理用水，以达到减

少用水的目标。在我们管理的物

业及办公楼安装传感器水龙头、

限流器及双掣式冲厕，并定期检

查管道。为了进一步加强我们的

努力，我们对员工开展了用水意

识培训项目，倡导简单而有效之

用水习惯，例如在非使用时关闭

水龙头，并尽量减少不必要的冲

水。在可行的情况下，我们也用

上装饰性盆栽取代了生态植物，

以减少灌溉需求。

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3.4 培养环保意识

尽管本集团的业务性质不涉及对

环境产生重大影响，但我们仍然

致力于实践环境保护。我们相信

促进正面的行为改变有助于实

现可持续的未来。为了在本集

团内建立持久的绿色文化，我们

在办公室及物业实施内部环境政

策及项目，为员工节能、减少废

物及资源管理提供切实的指引。

例如，在公共区域及洗手间张贴

内部标志及告示，以鼓励负责任

地消耗能源、水、纸张及其他资

源。我们优先考虑高能源效率的

办公电子产品及灯管。

在不久的将来，我们将继续努力

创造一个环保文化工作场所。

3.5 气候变化

气候变化，特别是全球暖化导致

的极端天气状况，持续成为全球

性的挑战，并对本集团的营运业

务构成重大的气候相关风险。为

了应对台风、暴雨及╱或洪水对

我们营运业务造成气候相关影响

及风险，我们一直采取不同的策

略来加强我们的管治并提高我们

对气候变化的适应能力。在风险

管理方面，我们识别以下的气候

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本集团致力于减轻气候变化对营

运的影响，并将不断审查其政

策，以改进措施及披露。

4. 我们的员工

4.1 绪言

我们的业务成功有赖于我们的雇

员对本集团的付出。在这方面，

我们奋力为所有雇员创造一个包

容及支持的工作环境，以促进彼

等的专业发展，并保障彼等的健

康、安全及福祉。

4.2 关怀雇员的公司

除了提供平等的就业机会，我们

还确保我们的雇员在整个雇佣过

程中得到公平对待，包括招聘、

晋升、薪酬、解雇、培训及发

展，并不受国籍、种族、宗教、

性别、残疾、年龄或任何其他法

律限制的基准。

为了维护及保护人权，在本集团

及我们的供应链中，严禁聘用童

工及强制劳工。在招聘过程中，

本集团采取相关措施（如背景审

查、年龄及身份验证），以防止

雇用童工及强制劳工。如发现任

何童工或强制劳工，将根据相关

法律及法规立即采取行动，并进

行调查。

雇员是每间公司最重要的资产。

除了根据《强制性公积金计划条

例》（香港法例第485章）规定的雇

主供款外，我们具有竞争力的薪

酬组合，包括附带福利、医疗健

康及牙科保险以及一系列假期待

遇及加班补偿，以吸引和留住人

才。我们的人力资源部门负责进

行年度绩效评估及确定晋升安排

及加薪。我们鼓励雇员平衡工作

与生活，定期员工参与及活动，

例如为我们的员工提供每周的早

餐、节日礼物及幸运抽奖（即圣

诞节、农历新年、端午节及中秋

节）及健身课，提升彼等对本集

团的归属感及凝聚力。为了使员

工可与家人分享节日喜悦，在农

历新年前夕、中秋节、平安夜、

冬至及除夕等节日，员工会提早

下班以便庆祝。高水平的雇员参

与有助留住人才，培养彼等的忠

诚度，且改善组织的表现。

The Group is determined to mitigate the impact of climate

change on the operations and wil constantly review the policy to

improve the measures and disclosures.

4. OUR PEOPLE

4.1 Introduction

Our busines suces depends on the dedication of our

employes. In this regard, we make great eforts to create

an inclusive and suportive work environment that facilitates

profesional development and protects the health, safety and

wel-being of al employes.

4.2 Caring Company

In adition to providing equal employment oportunities, we

also ensure our employes receive fair treatment throughout

the employment proces, including recruitment, promotion,

compensation, dismisal, training and development, regardles

of nationality, race, religion, gender, disability, age or any other

basis prohibited by law.

To safeguard and protect human rights, the employment of child

and forced labour is strictly prohibited within the Group and

throughout our suply chain. During the recruitment proces, the

Group takes measures (such as background screning, age and

identity verification) to prevent the employment of child labour

and forced labour. Imediate action wil be taken acording

to the relevant laws and regulations and investigation wil be

conducted if any child or forced labour is found.

Employes are the most important asets for every company.

In adition to the mandatory provident fund contributions to

the employes required under the Mandatory Provident Fund

Schemes Ordinance (Chapter 485 of the Laws of Hong Kong),

our competitive remuneration packages include fringe benefits,

medical health and dental insurance and a range of leave

entitlements and overtime compensation to atract and retain

talents. Our human resources department is responsible for

conducting anual performance apraisals and determining the

promotion arangements and salary increments. We encourage

employes to maintain a work life balance and regular staf

engagements and activities such as wekly breakfasts, festive

gifts and lucky draws (that is Christmas, Chinese New Year,

Tuen Ng Festival and Mid-Autumn Festival), fitnes clases were

aranged for our staf, contributing imensely to the sense of

belonging and cohesion within the Group. To enable employes

to share festive joy with their families, early leave for celebration

is provided on Chinese New Year’s Eve, Mid-Autumn Festival,

Christmas Eve, Winter Solstice and New Year’s Eve. High levels

of employe engagement promote retention of talent, foster their

loyalty and improve organizational performance.

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于本年度内，概无有关补偿、解

雇、招聘、工作时间、休息时

段、平等机会、多元化、反歧

视、福利及相关法例的不合规情

况，包括但不限于《最低工资条

例》（香港法例第608章）、《雇佣

条例》（香港法例第57章）及《雇用

儿童规例》（香港法例第57B章）。

4.3 职业健康及安全

本集团努力为我们的员工提供安

全及健康的工作环境。根据《职

业安全及健康条例》（香港法例第

509章），我们设立健康及安全指

引及制度以保护雇员及减少潜在

的职业危害。并建立紧急政策，

为处理极端天气情况（例如台风

及暴雨警告）的标准程序提供指

引。我们的办公场所，除定期进

行火警演习、虫害控制及地毯清

洗外，我们亦确保紧急逃生路线

清晰标示时刻保持畅通无阻。在

我们管理的物业中也采取类似的

控制措施，如定期进行消防系统

检查，包括洒水器及烟雾探测

器。于本年度内，我们对空调系

统的水塔及分体式空调进行清

洗，以及本集团仍然致力于把我

们的雇员健康及安全为优先，以

确保工作场所清洁消毒，以及在

办公室增设有效消灭病毒的空气

消毒机以保护我们的雇员。

于本年度内，概无有关职业健康

及安全法律及法规且对本集团造

成重大影响的不合规情况。

There were no non-compliance cases reported during the Year

regarding compensation, dismisal, recruitment, working hours,

rest periods, equal oportunity, diversity, anti-discrimination,

welfare and relevant legislation, including but not limited to the

Minimum Wage Ordinance (Chapter 608 of the Laws of Hong

Kong), Employment Ordinance (Chapter 57 of the Laws of Hong

Kong) and Employment of Children Regulations (Chapter 57B of

the Laws of Hong Kong).

4.3 Ocupational Health and Safety

The Group puts eforts into providing our employes with a

safe and healthy working environment. Our health and safety

guidelines and systems are designed to protect employes and

minimize potential ocupational hazards in acordance with

the Ocupational Safety and Health Ordinance (Chapter 509 of

the Laws of Hong Kong). As part of our emergency protocol,

standard procedures were established to deal with extreme

weather situations, such as typhons and rainstorm warnings.

At our ofice premises, apart from conducting regular fire drils,

pest control and carpet cleaning, we ensure a clear indication

of emergency evacuation routes which are unobstructed at

al times. Similar control measures have ben put in place at

our managed properties alongside regular inspections of the

firefighting system, including sprinklers and smoke detectors.

During the Year, we conducted cleaning of water tower air-

conditioning systems and split-typed air-conditioners, and the

Group has remained comited to puting health and safety of

our employes as the priority by ensuring workplace sanitizing

measures by instaling air purifiers in ofices which efectively

eliminate virus to safeguard our employes.

During the Year, there were no reported incidents of non-

compliance with aplicable ocupational health and safety laws

and regulations that significantly impacted the Group.

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4.4 发展及培训

在瞬息万变的商业环境中取得成

功，为员工配备最新的业界趋

势、知识及正确的技术是至关重

要。我们度身制定功能性培训课

程，以满足不同部门的雇员在

不同职业阶段的需求。此外，我

们支持员工参加不同形式的外部

培训，包括课程、研讨会及工作

坊，以提高彼等的专业知识、实

际技能以及增强个人的自信心及

能力以及持续职业发展。例如，

我们已为雇员提供培训课程以发

展并更新雇员使用我们的会计系

统的知识及技术。

4.5 商业道德

本集团遵守最高的道德标准，并

向各个营运方面负责，且对任何

形式的贿赂、贪污或渎职行为采

取零容忍。雇员手册概述我们对

我们的雇员负责任商业行为的期

望。我们的员工也需要遵守《防

止贿赂条例》（香港法例第201

章）、《放债人条例》（香港法例第

163条）及《打击洗钱及恐怖分子

资金筹集条例》（香港法例第615

章）。

高山已提供指引规范本集团员工

的职业道德，以防止及侦查与洗

钱及恐怖分子资金筹集有关的活

动，并确保遵守相关法律及法

规，以及协助检测及举报可疑活

动，包括贪污、勒索、舞弊、金

融犯罪、洗钱及恐怖分子资金筹

集的犯罪行为，如证券欺诈及市

场操控。

于本年度，我们透过下列方式为

所有董事及雇员提供有关反贪污

政策的培训，包括(i)监管及专业

团体组织的线上研讨会及(i)阅读

有关监管更新的文章及材料。

4.4 Development and Training

Equiping staf with up-to-date industry trends, knowledge

and the right skil sets is esential for a busines to suced

in an ever-changing environment. We tailor functional training

programes to met the neds of our employes acros

diferent departments and at various carer stages. Furthermore,

we suport our staf’s participation in diferent forms of

external training, including courses, seminar and workshops to

enhance their profesional knowledge, practical skils as wel as

confidence in their abilities and continuous carer development.

For instance, we have provided training courses to develop

and refresh the employes’ knowledge and skils in using our

acounting system.

4.5 Busines Ethics

The Group adheres to the highest ethical standards and is

acountable in al aspects of its operations and has zero-

tolerance for any form of bribery, coruption or malpractice. The

Employe’s Handbok outlines our expectations for responsible

busines conduct for al our employes. Our staf is also required

to comply with the Prevention of Bribery Ordinance (Chapter

201 of the Laws of Hong Kong), the Money Lenders Ordinance

(Chapter 163 of the Laws of Hong Kong) and the Anti-Money

Laundering and Counter-Terorist Financing Ordinance (Chapter

615 of the Laws of Hong Kong).

Eminence has provided guidelines to regulate work ethics of the

Group’s employes and to prevent and detect activities related

to money-laundering and terorist financing to ensure compliance

with relevant laws and regulations and help detecting and

reporting suspicious activities, including the predicate ofences

of coruption, extortion, fraud, financial crimes, money laundering

and terorist financing, such as securities fraud and market

manipulation.

During the Year, we provided trainings on anti-coruption policy

for al directors and employes by (i) online seminars organized

by regulatory and profesional bodies and (i) reading articles and

materials in respect of regulatory updates.

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我们的举报渠道允许通知本集团

财务及会计性质的违规行为，除

了可能违反行为准则及在企业内

进行非法活动。由指定人员彻底

调查举报投诉并作严格保密，因

此举报者无须害怕遭受报复。举

报者将得到公平待遇，包括防止

不公平解雇和受害，并且其身份

将受到保密。高山已采用反贪污

政策及举报政策；并于本年度

内，概无违反有关贿赂的法律及

规例的情况。

5. 我们的价值链

5.1 供应链管理

根据我们的供应链管理方针，我

们优先考虑与我们同样致力于实

践可持续及道德标准的企业。在

选择过程中会考虑多种因素，

包括但不限于供应商的声誉及

经验，以及与该供应商合作的过

往表现及记录。优先考虑获得信

誉良好的环境相关认证，使用环

保产品及服务的供应商。在聘用

前，本集团审查公司资料，包括

但不限于检查其营业执照、业务

和产品资讯以及其他材料。为了

妥善管理来自我们的供应链的风

险，包括与环境、社会及管治相

关的风险，我们密切监控供应商

表现及对供应商进行定期评估及

审核，以确保彼等符合我们的要

求。未能达到承诺质量的供应商

将受到一系列检查及审查。这种

整体方针使我们能够与合作伙伴

及供应商建立有效的长期关系。

于本年度内，所有主要供应商都

已经过审查及评估。

5.2 负责任的服务

我们制定严格的机制及程序，为

我们的雇员提供与质量保证、客

户服务及隐私相关的指引原则。

例如，为确保产品质量，我们

建立保证程序并进行检查。还

有，我们已制定投诉处理机制，

以一致和及时的方式处理及解决

客户关注的疑虑。

Our whistleblowing chanel alows notifications to the Group of

iregularities of a financial and acounting nature, in adition to

potential breaches of the code of conduct and unlawful activities

undertaken in the organization. Whistleblowing complaints

are investigated thoroughly and treated in strict confidence by

designated personel, so whistleblowers can voice concerns

without fear of reprisal. Whistleblowers wil be asured of

fair treatment including protection against unfair dismisal

and victimization and their identities wil be kept confidential.

Eminence has adopted the anti-coruption policy and the

whistleblowing policy; and there were no confirmed cases of

non-compliance with the relevant laws and regulations relating to

coruption during the Year.

5. OUR VALUE CHAIN

5.1 Suply Chain Management

In line with our suply chain management aproach, we

give preference to busineses who share our comitments

to sustainable practices and ethical standards. A variety of

factors is considered in the selection proces, including but not

limited to suplier reputation and experience, as wel as past

performance and record with that suplier. Supliers who have

obtained reputable environmental-related certifications, use

environmentaly friendly products and services are prefered.

Before engagement, the Group reviews company information,

including but not limited to examining their busines licences,

busines and product and other materials. To properly manage

risks, including ESG-related risks, arising from our suply chain,

we closely monitor suplier performance and conduct regular

suplier asesments and audits to ensure their compliance with

our requirements. Supliers who fail to deliver the comited

quality are subject to a series of inspections and reviews. This

holistic aproach also enables us to build efective long-term

relationships with our busines partners and supliers. During

the Year, al major supliers were reviewed and evaluated.

5.2 Responsible Services

We have put in place stringent mechanisms and procedures

which provide our employes with the guiding principles in

relation to quality asurance, customer service and privacy. For

instance, to ensure the product quality, we have established

asurance procedures and conducted checks. Also, we have

formulated a complaint handling mechanism to handle and

adres customer concerns in a consistent and timely maner.

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76EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

此外，我们努力确保从我们客户

收集的个人资料及讯息的机密

性。我们根据相关法规制定明确

的私隐指引及程序，涵盖资料及

讯息的使用及管理，包括但不限

于《个人资料(私隐)条例》(香港法

例第486章）。只有授权人员在需

要了解及需要使用的基础上才能

获取客户资料。包含个人资料的

文件在丢弃前会被碎掉。

知识产权为本集团的重要资产。

高山通过版权、商标、机密讯息

及其他适用的法律保护的形式以

保护其知识产权。根据《版权条

例》（香港法例第528章）的要求，

我们还与律师事务所密切合作，

以定期更新及保护我们的版权及

商标。本集团透过工作实践，提

高员工对保护知识产权的意识。

于本年度内，概无有关所提供产

品及服务的健康与安全、广告、

标签、私隐、版权及商标事宜及

补救方法的投诉及不合规个案。

6. 我们的社区

高山致力为我们所在及经营所在的社

区以及世界各地作出积极贡献。我们

与慈善组织建立长期合作伙伴关系，

并提供资金及实物捐赠，以及特别关

注教育、健康及社会福利，以积极履

行公民责任。

于本年度内，本集团投入社区投资逾

780,000港元，支持来自当地教育、卫

生及社会福利方面的非营利组织，包

括陈校长免费补习天地有限公司为有

经济困难的弱势学童提供完全免费的

学习支援；启爱共融基金有限公司为

生活在贫穷线以下的弱势家庭提供即

时食物援助及教育；及全球华人乳癌

组织联盟有限公司致力于服务和支持

乳癌患者。

Moreover, we strive to ensure the confidentiality of personal data

and information colected from our customers. We have set out

clear privacy guidelines and procedures covering the use and

management of data and information in acordance with the

relevant regulatory requirements, including but not limited to the

Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of

Hong Kong). Only authorized personel are alowed to aces

customer data on a ned-to-know and ned-to-use basis.

Documents containing personal information would be shreded

before discard.

Intelectual property is an esential aset to the Group. Eminence

protects its intelectual property by using copyrights, trademarks,

confidential information, and other aplicable forms of legal

protection. We also work closely with law firms to regularly renew

and protect our copyrights and trademarks in acordance with

the requirements of the Copyright Ordinance (Chapter 528 of the

Laws of Hong Kong). The Group raises employes’ awarenes

of intelectual property protection through work practice.

During the Year, there were no complaint and non-compliance

cases relating to health and safety, advertising, labeling, privacy,

copyrights and trademarks maters relating to products and

services provided and methods of redres.

6. OUR COMUNITY

Eminence is comited to contributing positively to the comunity

where we locate and operate as wel as al around the world. We

have developed long-term partnerships with charitable organizations

and ofered financial and in-kind donations, with special focuses on

education, health and social welfare to fulfil citizen responsibilities.

During the Year, the Group contributed over HK$780 thousand in

comunity investment, suporting non-profit organizations from areas

of local education, health and social welfare, including Principal Chan

Fre Tutorial World Limited who provides completely fre learning

suport to disadvantaged students facing financial dificulties; J

Life Foundation Limited who ofers imediate fod asistance and

education to underprivileged families living below the poverty line; and

the Global Chinese Breast Cancer Organizations Aliance Limited who

is dedicated to serving and suporting breast cancer patients.

			FY 2024/25	FY 2023/24	FY 2022/23
HKEx KPI 香港联交所关键绩效指标		Unit 单位	2024╱25 财政年度	2023╱24 财政年度	2022╱23 财政年度
A. Environmental A. 环境
A1.1	Air emissions 废气排放
	Nitrogen oxides (NO) x 氮氧化物	Kg 千克	4.57	5.83	5.93
	Sulphur oxides (SO) x 硫氧化物	Kg 千克	0.12	0.15	0.15
	Particulate matter (PM) 颗粒物	Kg 千克	0.34	0.43	0.44
A1.2	Greenhouse gas emissions in total and intensity 温室气体总排放量及密度
	Scope 1 emission 范围1排放量	Tonnes of COe 2 吨二氧化碳当量	20.97	186.95	187.52
	Scope 2 emission 范围2排放量	Tonnes of COe 2 吨二氧化碳当量	59.98	56.89	93.82
	Scope 3 emissiona 范围3排放量a	Tonnes of COe 2 吨二氧化碳当量	0.39	1.40	1.64
	– In total – 以总量计	Tonnes of COe 2 吨二氧化碳当量	81.34	243.84	282.98
	– By intensity – 以密度计	Tonnes of COe/FTE 2 吨二氧化碳当量╱ 等同全职雇员	2.09	6.10	7.45
A1.4	Total non-hazardous waste produced and intensity 无害废弃物产生总量及按密度
	Concrete and metal 混凝土及金属	Tonne 吨	6.21	not applicable 不适用	1,705.60
	Waste paper 废纸	Tonne 吨	0.67	0.94	0.89
	Recycled concrete and metal 可回收混凝土及金属	Tonne 吨	not applicable 不适用	7.82	907.95
	Disposed materials, metal and general refuse in landfill 弃置于堆填区的废弃材料、金属及一般垃圾	Tonne 吨	982.56	10,375.77	2,300.70
	– Total amount of waste generated – 产生的废弃物总量	Tonne 吨	989.44	10,384.53	4,915.14
	– By intensity – 按密度计	Tonne/FTE 吨╱等同全职雇员	25.37	259.61	129.35

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7. HKEX KPI DATA TABLE

a We take into acount the grenhouse gas emisions for procesing fresh water by

government departments.

a 我们考虑政府部门处理淡水的温室气体排放

量。

7. 香港联交所关键绩效指标数据表

			FY 2024/25	FY 2023/24	FY 2022/23
HKEx KPI 香港联交所关键绩效指标		Unit 单位	2024╱25 财政年度	2023╱24 财政年度	2022╱23 财政年度
A2.1	Energy consumption by type and intensity 按类型划分的能源耗量及按密度
	Direct energy consumption 直接能源耗量
	– In total – 以总量计	’000 kWh 千个千瓦时	71.80	91.71	93.66
	Indirect energy consumption 间接能源耗量
	– In total – 以总量计	’000 kWh 千个千瓦时	153.81	145.88	209.55
	Total energy consumption 总能源耗量
	– In total – 以总量计	’000 kWh 千个千瓦时	225.61	237.59	303.21
	– By intensity – 以密度计	’000 kWh/FTE 千个千瓦时╱ 等同全职雇员	5.78	5.94	7.98
A2.2	Water consumption in total and intensity 总耗水量及密度
	Water consumption 耗水量
	– In total – 以总量计	m3 立方米	1,542	3,227	7,804
	– By intensity – 以密度计	m3/FTE 立方米╱等同全职雇员	39.54	80.68	205.37

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78EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

HKEx KPI		Unit	FY 2024/25				FY 2023/24				FY 2022/23
香港联交所关键绩效指标		单位	2024╱25财政年度				2023╱24财政年度				2022╱23财政年度
B. Social B. 社会
B1.1	Total workforce by gender and employment type 按性别及雇佣类型划分的雇员总数		Male 男性		Female 女性		Male 男性		Female 女性		Male 男性		Female 女性
	Full-time 全职	Number of people 人数	18		21		20		20		18		20
	Part-time 兼职	Number of people 人数	0		0		0		0		0		0
	Total workforce by age group and geographical region 按年龄组别及地区划分的雇员总数		Under 30 30岁以下	30–50 30岁至 50岁		Above 50 50岁以上	Under 30 30岁以下	30–50 30岁至 50岁		Above 50 50岁以上	Under 30 30岁以下	30–50 30岁至 50岁		Above 50 50岁以上
	Hong Kong 香港	Number of people 人数	1	19		17	0	20		17	0	17		18
	The PRC 中国	Number of people 人数	0	1		1	0	1		2	1	0		2
B1.2	Employee turnover rate by gender 按性别划分的雇员流失比率		Male 男性		Female 女性		Male 男性		Female 女性		Male 男性		Female 女性
	– By rate – 以比率计	% 百分比	16.67		19.05		25.00		35.00		22.00		5.00
	Employee turnover rate by age group 按年龄组别划分的雇员流失比率		Under 30 30岁以下	30–50 30岁至 50岁		Above 50 50岁以上	Under 30 30岁以下	30–50 30岁至 50岁		Above 50 50岁以上	Under 30 30岁以下	30–50 30岁至 50岁		Above 50 50岁以上
	– By rate – 以比率计	% 百分比	0.00	10.00		27.78	0.00	42.86		15.79	0.00	5.00		8.00
	Employee turnover rate by geographical region 按地区划分的雇员流失比率		Hong Kong 香港		The PRC 中国		Hong Kong 香港		The PRC 中国		Hong Kong 香港		The PRC 中国
	– By rate – 以比率计	% 百分比	13.51		100.00		32.43		0.00		13.00		0.00
B2.1	Number and rate of work-related fatalities 因工作关系而死亡的人数及比率
	– By number – 以人数计	Number of people 人数	0				0				0
	– By rate – 以比率计	% 百分比	0.00				0.00				0.00
B2.2	Lost days due to work injury 因工伤损失工作日数
B2.2	Lost days 损失工作日数	% 百分比	0				0				0

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HKEx KPI		Unit	FY 2024/25	FY 2023/24	FY 2022/23
香港联交所关键绩效指标		单位	2024╱25财政年度	2023╱24财政年度	2022╱23财政年度
B3.1	The percentage of employees trained by gender and employee category 按性别及雇员类别划分的受训雇员百分比
	Male 男性	% 百分比	27.78	35.00	44.44
	Female 女性	% 百分比	28.57	35.00	35.00
	Junior staff 初级员工	% 百分比	12.00	26.67	23.53
	Middle managers 中级管理层	% 百分比	44.44	11.76	23.08
	Senior managers 高级管理层	% 百分比	80.00	100.00	100.00
B3.2	The average training hours completed per employee by gender and employee category 按性别及雇员类别划分，每名雇员完成受训的平均时数
	Male 男性	Number of hours 时数	3.67	6.25	4.75
	Female 女性	Number of hours 时数	3.95	5.95	4.46
	Junior staff 初级员工	Number of hours 时数	0.72	3.00	0.71
	Middle managers 中级管理层	Number of hours 时数	7.67	1.53	1.54
	Senior managers 高级管理层	Number of hours 时数	12.40	21.63	17.84
B5.1	Number of suppliers by geographical region 按地区划分的供应商数目
	Hong Kong 香港	Number of suppliers 供应商数目	122	110	35
	The PRC 中国	Number of suppliers 供应商数目	0	0	4
	Singapore 新加坡	Number of suppliers 供应商数目	4	8	1
B6.2	Number of products and service related complaints received 接获关于产品及服务的投诉数目
B6.2	Number of complaints 投诉数目		0	0	0
B7.1	Number of concluded legal cases regarding corrupt practices brought against the company 对本公司提出并已审结的贪污诉讼案件的数目
B7.1	Number of cases 案件数目		0	0	0
B8.2	Resources contributed 资源贡献
B8.2	Donations (HK$’000) 捐赠（千港元）		780	1,154	1,322

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80EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

Aspect	HKEx KPI	Description	Page(s)/Remarks
层面	香港联交所关键绩效指标	描述	页数╱备注
A. Environmental A. 环境
A1 Emissions 排放物	A1	General disclosure 一般披露	69-70
	A1.1	The types of emissions and respective emissions data 排放物种类及相关排放数据	77
	A1.2	Direct (Scope 1) and energy indirect (Scope 2) greenhouse gas emissions (in tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility) 直接（范围1）及能源间接（范围2）温室气体排放量（以吨计算）及（如适用）密度（如以每产量单位、每项设施计算）	77
	A1.3	Total hazardous waste produced (in tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility) 所产生有害废弃物总量（以吨计算）及（如适用）密度（如以每产量单位、每项设施计算）	Due to the business nature of the Group, this KPI is considered not applicable. 鉴于本集团的业务性质，此关键绩效指标被认为不适用。
	A1.4	Total non-hazardous waste produced (in tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility) 所产生无害废弃物总量（以吨计算）及（如适用）密度（如以每产量单位、每项设施计算）	77
	A1.5	Description of emissions target(s) set and steps taken to achieve them 描述所订立的排放量目标及为达到这些目标所采取的步骤	70
	A1.6	Description of how hazardous and non-hazardous wastes are handled, and a description of reduction target(s) set and steps taken to achieve them 描述处理有害及无害废弃物的方法，及描述所订立的减废目标及为达到这些目标所采取的步骤	70

Environmental, Social and Governance Report

环境、社会及管治报告

81高山企业有限公司 2024/2025 年报

《环境、社会及管治报

告守则》内容索引

8. HKEX ESG REPORTING CODE CONTENT INDEX

Aspect	HKEx KPI	Description	Page(s)/Remarks
层面	香港联交所关键绩效指标	描述	页数╱备注
A2 Use of Resources 资源使用	A2	General disclosure 一般披露	69-70
	A2.1	Direct and/or indirect energy consumption by type in total and intensity (e.g. per unit of production volume, per facility) 按类型划分的直接及╱或间接能源总耗量及密度（如以每产量单位、每项设施计算）	78
	A2.2	Water consumption in total and intensity (e.g. per unit of production volume, per facility) 总耗水量及密度（如以每产量单位、每项设施计算）	78
	A2.3	Description of energy use efficiency target(s) set and steps taken to achieve them 描述所订立的能源使用效益目标及为达到这些目标所采取的步骤	70
	A2.4	Description of whether there is any issue in sourcing water that is fit for purpose, water efficiency target(s) set and steps taken to achieve them 描述求取适用水源上可有任何问题，以及所订立的用水效益目标及为达到这些目标所采取的步骤	70
	A2.5	Total packaging material used for finished products (in tonnes) and, if applicable, with reference to per unit produced 制成品所用包装材料的总量（以吨计算）及（如适用）每生产单位占量	Due to the business nature of the Group, this KPI is considered not applicable. 鉴于本集团的业务性质，此关键绩效指标被认为不适用。
A3 The Environment and Natural Resources 环境及天然资源	A3	General disclosure 一般披露	71
A3 The Environment and Natural Resources 环境及天然资源	A3.1	Description of the significant impacts of activities on the environment and natural resources and the actions taken to manage them 描述业务活动对环境及天然资源的重大影响及已采取管理有关影响的行动	71
A4 Climate Change 气候变化	A4	General disclosure 一般披露	71
A4 Climate Change 气候变化	A4.1	Description of the significant climate-related issues which have impacted, and those which may impact, the issuer, and the actions taken to manage them 描述已经及可能会对发行人产生影响的重大气候相关事宜，及应对行动	71-72

Environmental, Social and Governance Report

环境、社会及管治报告

82EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

Aspect	HKEx KPI	Description	Page(s)/Remarks
层面	香港联交所关键绩效指标	描述	页数╱备注
B. Social B. 社会
B1 Employment 雇佣	B1	General disclosure 一般披露	72-73
	B1.1	Total workforce by gender, employment type (e.g. full-time or part-time), age group and geographical region 按性别、雇佣类型（如全职或兼职）、年龄组别及地区划分的雇员总数	79
	B1.2	Employee turnover rate by gender, age group and geographical region 按性别、年龄组别及地区划分的雇员流失比率	79
B2 Health and Safety 健康与安全	B2	General disclosure 一般披露	73
	B2.1	Number and rate of work-related fatalities occurred in each of the past three years including the reporting year 过去三年（包括汇报年度）每年因工亡故的人数及比率	79
	B2.2	Lost days due to work injury 因工伤损失工作日数	79
	B2.3	Description of occupational health and safety measures adopted, and how they are implemented and monitored 描述所采纳的职业健康与安全措施，以及相关执行及监察方法	73
B3 Development and Training 发展及培训	B3	General disclosure 一般披露	74
	B3.1	The percentage of employees trained by gender and employee category (e.g. senior management, middle management) 按性别及雇员类别（如高级管理层、中级管理层）划分的受训雇员百分比	80
	B3.2	The average training hours completed per employee by gender and employee category 按性别及雇员类别划分，每名雇员完成受训的平均时数	80

Environmental, Social and Governance Report

环境、社会及管治报告

83高山企业有限公司 2024/2025 年报

Aspect	HKEx KPI	Description	Page(s)/Remarks
层面	香港联交所关键绩效指标	描述	页数╱备注
B4 Labour Standards 劳工准则	B4	General disclosure 一般披露	72
	B4.1	Description of measures to review employment practices to avoid child and forced labour 描述检讨招聘惯例的措施以避免童工及强制劳工	72
	B4.2	Description of steps taken to eliminate such practices when discovered 描述在发现违规情况时消除有关情况所采取的步骤	72
B5 Supply Chain Management 供应链管理	B5	General disclosure 一般披露	75
	B5.1	Number of suppliers by geographical region 按地区划分的供应商数目	80
	B5.2	Description of practices relating to engaging suppliers, number of suppliers where the practices are being implemented, and how they are implemented and monitored 描述有关聘用供应商的惯例，向其执行有关惯例的供应商数目，以及相关执行及监察方法	75
	B5.3	Description of practices used to identify environmental and social risks along the supply chain, and how they are implemented and monitored 描述有关识别供应链每个环节的环境及社会风险的惯例，以及相关执行及监察方法	75
	B5.4	Description of practices used to promote environmentally preferable products and services when selecting suppliers, and how they are implemented and monitored 描述在拣选供应商时促使多用环保产品及服务的惯例，以及相关执行及监察方法	75

Environmental, Social and Governance Report

环境、社会及管治报告

84EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

Aspect	HKEx KPI	Description	Page(s)/Remarks
层面	香港联交所关键绩效指标	描述	页数╱备注
B6 Product Responsibility 产品责任	B6	General disclosure 一般披露	75-76
	B6.1	Percentage of total products sold or shipped subject to recalls for safety and health reasons 已售或已运送产品总数中因安全与健康理由而须回收的百分比	Due to the business nature of the Group, this KPI is considered not applicable. 鉴于本集团的业务性质，此关键绩效指标被认为不适用。
	B6.2	Number of products and service related complaints received and how they are dealt with 接获关于产品及服务的投诉数目以及应对方法	75, 80
	B6.3	Description of practices relating to observing and protecting intellectual property rights 描述与维护及保障知识产权有关的惯例	76
	B6.4	Description of quality assurance process and recall procedures 描述质量检定过程及产品回收程序	75
	B6.5	Description of consumer data protection and privacy policies, and how they are implemented and monitored 描述消费者资料保障及私隐政策，以及相关执行及监察方法	76
B7 Anti-corruption 反贪污	B7	General disclosure 一般披露	74-75
	B7.1	Number of concluded legal cases regarding corrupt practices brought against the issuer or its employees during the reporting period and the outcomes of the cases 于汇报期内对发行人或其雇员提出并已审结的贪污诉讼案件的数目及诉讼结果	75, 80
	B7.2	Description of preventive measures and whistle-blowing procedures, and how they are implemented and monitored 描述防范措施及举报程序，以及相关执行及监察方法	75
	B7.3	Description of anti-corruption training provided to directors and staff 描述向董事及员工提供的反贪污培训	74
B8 Community Investment 社区投资	B8	General disclosure 一般披露	76
	B8.1	Focus areas of contribution (e.g. education, environmental concerns, labour needs, health, culture, sport) 专注贡献范畴（如教育、环境事宜、劳工需求、健康、文化、体育）	76
	B8.2	Resources contributed (e.g. money or time) to the focus area 在专注范畴所动用资源（如金钱或时间）	80

Environmental, Social and Governance Report

环境、社会及管治报告

85高山企业有限公司 2024/2025 年报

Independent Auditor’s Report

独立核数师报告

86EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

TO THE MEMBERS OF EMINENCE ENTERPRISE LIMITED

(incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of Eminence

Enterprise Limited (the “Company”) and its subsidiaries (colectively refered to

as the “Group”) set out on pages 92 to 209, which comprise the consolidated

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

statement of profit or los and other comprehensive income, consolidated

statement of changes in equity and consolidated statement of cash flows

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

including material acounting policy information and other explanatory

information.

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

of the consolidated financial position of the Group as at 31 March 2025, and

of its consolidated financial performance and its consolidated cash flows for

the year then ended in acordance with HKFRS Acounting Standards as

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

and have ben properly prepared in compliance with the disclosure

requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) as 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”), as aplicable to audits of

financial statements of public interest entities. We have also 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.

KEY AUDIT MATERS

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

of most significance in our audit of the consolidated financial statements

of the curent period. These maters were adresed in the context of our

audit of the consolidated financial statements as a whole, and in forming our

opinion thereon, and we do not provide a separate opinion on these maters.

致高山企业有限公司成员

（于百慕达注册成立的有限公司）

意见

本核数师（以下简称「我们」）已审计列载于第

92至209页的高山企业有限公司（以下简称「贵

公司」）及其附属公司（以下统称「贵集团」）的综

合财务报表，其包括于2025年3月31日的综

合财务状况表与截至该日止年度的综合损益

及其他全面收益表、综合权益变动表和综合

现金流量表，以及综合财务报表附注，包括

重大会计政策资料及其他解释资料。

我们认为，该等综合财务报表已根据香港

会计师公会（「香港会计师公会」）颁布的香港

财务报告准则会计准则真实而公平地反映

了贵集团于2025年3月31日的综合财务状

况及截至该日止年度的综合财务表现及综合

现金流量，并已遵照香港公司条例的披露要

求妥为拟备。

意见的基础

我们已根据香港会计师公会颁布的香港审计

准则（「香港审计准则」）进行审计。我们在该

等准则下承担的责任已在本报告内核数师就

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适用于公

众利益实体财务报表的专业会计师道德守则

（以下简称「守则」），我们独立于贵集团。我

们亦已履行守则中的其他道德责任。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。

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。

Independent Auditor’s Report

独立核数师报告

87高山企业有限公司 2024/2025 年报

KEY AUDIT MATERS (Continued)关键审计事项（续）

Key audit materHow our audit adresed the key audit mater

关键审计事项我们的审计如何处理关键审计事项

Valuation of investment properties

投资物业之估值

We identified the valuation of investment properties as a key

audit mater due to the significance of the balance to the

consolidated financial statements as a whole, combined with

the estimations and asumptions made by management of the

Group in determining the fair value.

由于结余对综合财务报表之整体至关重要，加上贵集团管

理层于厘定公平值时涉及重大之估计及假设，我们识别投资

物业之估值为一项关键审计事项。

At 31 March 2025, the fair value of investment properties was

aproximately HK$1,058 milion with a fair value los recognised

in profit or los of aproximately HK$29 milion.

于2025年3月31日，投资物业公平值约1,058,000,000港元，

于损益确认之公平值亏损约29,000,000港元。

The Group’s investment properties are stated at fair value based

on valuations performed by an independent firm of qualified

profesional property valuer (the “Valuer”). Details of the

valuation techniques and key inputs used in the valuations are

disclosed in note 17 to the consolidated financial statements.

贵集团投资物业之公平值乃根据独立合资格专业估值师行（「估

值师」）作出之估值列示。估值所采用之估值方法及主要输入数

据之详情已于综合财务报表附注17内披露。

Our procedures in relation to the valuation of investment

properties included:

我们对投资物业之估值之相关程序包括：

• Obtaining an understanding from the Valuer and

management of the Group about the valuation

techniques, key inputs and data used in the valuations;

从估值师及贵集团管理层了解估值方法、估值所采用

之主要输入及数据；

, capabilities and objectivity of

the Valuer;

评价估值师的资格、能力及客观性；

• Asesing the acuracy of information provided by

management of the Group to the Valuer by comparing,

on a sample basis, details of rentals to the respective

underlying existing lease agrements; and

透过以抽样方式比较相关现有租约之租金详情以评

估贵集团管理层及估值师所提供之资料之准确性；及

• Asesing reasonablenes of key inputs used by the

Valuer and management of the Group by comparing

relevant market information of similar properties.

透过比较同类型物业的相关市场资料，评估值师

和贵集团管理层使用的主要投入的合理性。

Independent Auditor’s Report

独立核数师报告

88EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

KEY AUDIT MATERS (Continued)关键审计事项（续）

Key audit materHow our audit adresed the key audit mater

关键审计事项我们的审计如何处理关键审计事项

Asesment of net realisable value of properties held for

development for sale (“PUD”) and properties held for sale

(“PHS”)

评估持作出售发展物业（「持作出售发展物业」）及持作出售物业

（「持作出售物业」）之可变现净值

We identified the asesment of the net realisable value of

PUD and PHS as a key audit mater due to the significance

of the balance to the consolidated financial statements as a

whole, combined with the estimations and asumptions made

by management of the Group in determining the net realisable

value.

由于结余对综合财务报表之整体至关重要，加上贵集团管

理层在确定可变现净值时作出重大估计及假设，因此我们将

对持作出售发展物业及持作出售物业可变现净值的评估确定

为关键审计事项。

The Group’s PUD and PHS were stated at the lower of cost

and net realisable value. The estimates of net realisable value

are determined based on best available information and with

reference to valuations made, les the estimated costs to

completion and costs necesary to make the sales, if aplicable.

The seling prices are estimated by reference to the market

prices of similar properties in prevailing market environment with

adjustments to reflect diferent locations or conditions for the

properties. The costs to completion of the PUD are estimated

by reference to the development budget, actual development

cost of similar completed properties with adjustments based on

curent market data.

贵集团的持作出售发展物业及持作出售物业按成本和可变现

净值中的较低者列示。可变现净值的估计是基于最佳可用信

息并参考所做的评估减去预计的完成本及促成销售所需之

成本而确定的（如适用）。售价参考现行市场环境下类似物业之

市场价格进行估计，并就反映该等物业所处不同位置或状况

而作出调整。持作出售发展物业之完成发展成本经参考发展

预算、类似已完工物业之实际发展成本进行估计，并根据现

行市场数据作出调整。

At 31 March 2025, the carying amounts of PUD and PHS were

aproximately HK$1,847 milion and HK$1,713 milion, with

impairment los on PUD and PHS recognised in profit or los

of aproximately HK$129 milion and HK$20 milion during the

year ended 31 March 2025, respectively.

于2025年3月31日，持作出售发展物业及持作出售物业的账面

净值约为1,847,000,000港元及1,713,000,000港元，截至2025

年3月31日止年度，在损益中确认的持作出售发展物业及持作

出售物业减值亏损约为129,000,000港元及20,000,000港元。

Our procedures in relation to the net realisable value of PUD

and PHS included:

有关持作出售发展物业及持作出售物业的可变现净值的程序

包括：

• Obtaining an understanding from the Valuer and

management of the Group about the valuation

techniques, key inputs and data used in the valuations;

向估值师和贵集团管理层了解估值技术、估值所采用

之主要输入及数据；

, capabilities and objectivity of

the Valuer;

评估值师的资格、能力和客观性；

, on a sample basis, the reasonablenes

and apropriatenes of the management’s estimated

costs of completion by reviewing terms and conditions

of the signed construction contracts, inspecting the

contract sum and budget information, and asesing

the apropriatenes of changes in the estimated costs

of completion by inspecting the suporting documents

including signed construction contracts and certificates;

and

通过审查已签署的建筑合同的条款和条件，检查合同金

额和预算信息以及评估完工估算费用变动的适当性，以

示例方式评估管理层的完工估算费用的合理性和适当性

通过检查支持文件，包括签订的施工合同和证书；及

• Asesing reasonablenes of key inputs used by the

Valuer and management of the Group by comparing

relevant market information of similar properties.

通过与具有类似性质的相关市场信息进行比较，评估

值师和本集团管理层使用的主要输入的合理性。

Independent Auditor’s Report

独立核数师报告

89高山企业有限公司 2024/2025 年报

其他信息

贵公司董事需对其他信息负责。其他信息包

括刊载于年报内的信息，但不包括综合财务

报表及我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他信

息，我们亦不对该等其他信息发表任何形式

的鉴证结论。

结合我们对综合财务报表的审计，我们的责

任是阅读其他信息及，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。若，基于我们已执

行的工作，我们认为其他信息存在重大错误

陈述，我们需要报告该事实。在这方面，我

们没有任何报告。

董事及治理层就综合财务报表须承担的

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

例的披露要求拟备真实而公平的综合财务报

表，并对其认为使综合财务报表的拟备不

存在由于欺诈或错误而导致的重大错误陈述

所需的内部控制负责。

在拟备综合财务报表时，董事负责评估贵

集团持续经营的能力，并在适用情况下披露

与持续经营有关的事项，以及使用持续经营

为会计基础，除非董事有意将贵集团清盘

或停止经营，或别无其他实际的替代方案。

治理层须负责监督贵集团的财务报告过

程。

OTHER INFORMATION

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

other information comprises the information included in the anual report,

but does not include the consolidated financial statements and our auditor’s

report thereon.

Our opinion on the consolidated financial statements does not cover the other

information and we do not expres any form of asurance conclusion thereon.

In conection with our audit of the consolidated financial statements, our

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

whether the other information is materialy inconsistent with the consolidated

financial statements or our knowledge obtained in the audit or otherwise

apears to be materialy mistated. If, based on the work we have performed,

we conclude that there is a material mistatement of this other information,

we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND THOSE CHARGED

WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors of the Company are responsible for the preparation of the

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

with HKFRS Acounting Standards as isued by the HKICPA and the

disclosure requirements of the Hong Kong Companies Ordinance, and for

such internal control as the directors determine is necesary to enable the

preparation of consolidated financial statements that are fre from material

mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors are

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

disclosing, as aplicable, maters related to going concern and using the

going concern basis of acounting unles the directors either intend to

liquidate the Group or to cease operations, or have no realistic alternative but

to do so.

Those charged with governance are responsible for overseing the Group’s

financial reporting proces.

Independent Auditor’s Report

独立核数师报告

90EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

核数师就审计综合财务报表承担的责任

我们的目标，是对综合财务报表整体是否不

存在由于欺诈或错误而导致的重大错误陈述

取得合理保证，并按照百慕达公司法第90条

的规定仅向全体股东出具包括我们意见的核

数师报告。除此以外，我们的报告不可用作

其他用途。本行并不就本报告之内容对任何

其他人士承担任何责任或接受任何义务。合

理保证是高水平的保证，但不能保证按照香

港审计准则进行的审计，在某一重大错误陈

述存在时总能发现。错误陈述可以由欺诈或

错误引起，如果合理预期它们单独或汇总起

来可能影响综合财务报表使用者依赖财务报

表所作出的经济决定，则有关的错误陈述可

被视作重大。

作为根据香港审计准则进行审计的部分，我

们在整个审计中运用了专业判断并保持了专

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，为我们的意见提供基础。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。

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

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

that includes our opinion solely to you, as a body, in acordance with Section

90 of the Bermuda Companies Act, and for no other purpose. We do not

asume responsibility towards or acept liability to any other person for the

contents of this report. Reasonable asurance is a high level of asurance,

but is not a guarante that an audit conducted in acordance with HKSAs

wil always detect a material mistatement when it exists. Mistatements can

arise from fraud or eror and are considered material if, individualy or in the

agregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these consolidated financial

statements.

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

judgment and maintain profesional skepticism throughout the audit. We also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror, design

and perform audit procedures responsive to those risks, and obtain

audit evidence that is suficient and apropriate to provide a basis for

our opinion. The risk of not detecting a material mistatement resulting

from fraud is higher than for one resulting from eror, as fraud may

involve colusion, forgery, intentional omisions, misrepresentations, or

the overide of internal control.

• Obtain an understanding of internal control relevant to the audit in order

to design audit procedures that are apropriate in the circumstances,

but not for the purpose of expresing an opinion on the efectivenes of

the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures made

by the directors.

’ 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.

Independent Auditor’s Report

独立核数师报告

91高山企业有限公司 2024/2025 年报

核数师就审计综合财务报表承担的责任

（续）

结构和内容，包括披露，以及综合财

务报表是否公平反映交易和事项。

，就集团内实体

或业务单位的财务资料获取充足、适

当的审计凭证，作为对集团财务报表

形成意见的基础。我们负责指导、监

督及覆核就集团审计目的而执行的审

计工作。我们为审计意见承担全部责

任。

除其他事项外，我们与治理层沟通了计划的

审计范围、时间安排、重大审计发现等，包

括我们在审计中识别出内部控制的任何重大

缺陷。

我们还向治理层提交声明，说明我们已符合

有关独立性的相关道德要求，并与他们沟通

有可能合理地被认为会影响我们独立性的所

有关系和其他事项，以及在适用的情况下，

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

92EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

NOTESHK$’000HK$’000

附注千港元千港元

Continuing operations持续经营业务

Revenue营业额5

Sales of property销售物业10,358–

Rental income租金收入32,35428,751

Building management物业管理81612

Interest income from loan financing来自贷款融资之利息收入1,3291,930

44,85730,693

Cost of properties and services rendered物业及提供服务成本(18,023)(3,520)

Gros profit毛利26,83427,173

Other income其他收入79,7178,101

Other loses其他亏损(4,896)(9,241)

Other expenses其他开支(21)(1,175)

Distribution and seling expenses经销成本(2,619)–

Administrative expenses行政开支(48,680)(58,483)

Finance costs融资成本9(92,555)(55,074)

Share of result of a joint venture分占一间合营公司业绩327142

Los on changes in fair value of investment

properties

投资物业之公平值变动亏损

17(28,700)(9,563)

Los on disposal of investment properties投资物业出售亏损(29,211)–

Los on modification of terms of convertible

note

修订可换股票据条款亏损

26(31,369)–

Write-down on properties held for

development for sale and properties held

for sale, net

持作出售发展物业及持作出售

物业撇销净额

21(149,428)(102,937)

Net los on changes in fair value of financial

asets at fair value through profit or los

(“FVTPL”)

按公平值计入损益（「按公平值

计入损益」）之金融资产之公平

值变动亏损净额(20,427)(4,391)

Reversal of impairment los on financial

asets, net:

金融资产之减值亏损拨回，

净额：

– Loans receivable– 应收贷款1855473

– Debt instruments at fair value through

other comprehensive income

(“FVTOCI”)

– 按公平值计入其他全面收益

（「按公平值计入其他全面

收益」）之债务工具–1,775

Release on disposal of debt instruments at

FVTOCI

出售按公平值计入其他全面收

益之债务工具时解除–(2,119)

Los before taxation除税前亏损(370,973)(205,319)

Taxation credit (charge)税项抵免（开支）1013,195(13,485)

Los for the year from continuing

operations

来自持续经营业务的年度亏损

12(357,778)(218,804)

Discontinued operation已终止经营业务

(Los) profit for the year from discontinued

operation

来自已终止经营业务的年度

（亏损）盈利11(7,521)5,655

Los for the year atributable to owners of

the Company

本公司股东应占年度亏损

(365,299)(213,149)

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

For the year ended 31 March 2025 截至2025年3月31日止年度

93高山企业有限公司 2024/2025 年报

NOTEHK$’000HK$’000

附注千港元千港元

Other comprehensive income (expense)其他全面收入（开支）

Items that may be reclasified subsequently

to profit or los:

随后可能重新分类至损益之

项目：

Exchange diferences arising on translation

of financial statements of foreign

operations

换算海外营运于财务报表之汇

兑差异

8,0121,078

Change in fair value of debt instruments at

FVTOCI

按公平值计入其他全面收益之

债务工具之公平值变动(20)(993)

Release on disposal of debt instruments at

FVTOCI

出售按公平值计入其他全面收

益之债务工具时解除–2,119

Reversal of impairment los on debt

instruments at FVTOCI included in profit

or los

计入损益之按公平值计入其他

全面收益之债务工具减值亏

损拨回–(1,775)

Other comprehensive income for the year本年度其他全面收入7,992429

Total comprehensive expense for the year

atributable to owners of the Company

本公司股东应占本年度全面开

支总额(357,307)(212,720)

Total comprehensive expense atributable

to owners of the Company:

本公司股东应占本年度全面开

支总额：

– from continuing operations– 来自持续经营业务(355,585)(207,012)

– from discontinued operation– 来自已终止经营业务(1,722)(5,708)

Total comprehensive expense for the year

atributable to owners of the Company

本公司股东应占本年度全面开

支总额(357,307)(212,720)

HK$HK$

港元港元

(Restated)

（经重列）

Los per share每股亏损

From continuing and discontinued

operations

来自持续经营业务及已终止

经营业务

– Basic– 基本14(0.81)(2.42)

– Diluted– 摊薄(0.81)(2.42)

From continuing operations来自持续经营业务

– Basic– 基本14(0.79)(2.49)

– Diluted– 摊薄(0.79)(2.49)

At 31 March 2025 于2025年3月31日

Consolidated Statement of Financial Position

综合财务状况表

94EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

NOTESHK$’000HK$’000

附注千港元千港元

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备154,0324,669

Right-of-use asets使用权资产163,3725,634

Investment properties投资物业171,057,9001,250,443

Investment in a joint venture投资一间合营公司582255

Loans receivable应收贷款18–13,639

Financial asets at FVTPL按公平值计入损益之金融

资产238,6256,264

Debt instruments at FVTOCI按公平值计入其他全面收益

之债务工具19–100

Debt instrument at amortised cost按摊销成本计量之债务工具20–22,576

Amount due from a related party应收一名关联方款项32(f)–30,000

Defered tax asets递延税项资产29319328

1,074,8301,333,908

Curent asets流动资产

Properties held for sale持作出售物业211,712,6541,065,891

Properties held for development for sale持作出售发展物业211,846,6122,520,754

Trade and other receivables贸易及其他应收款项2249,23533,567

Loans receivable应收贷款1829,57817,384

Amount due from a joint venture应收一间合营公司款项7,8501,850

Financial asets at FVTPL按公平值计入损益之金融

资产2341,589104,553

Debt instruments at FVTOCI按公平值计入其他全面收益

之债务工具1980–

Debt instrument at amortised cost按摊销成本计量之债务工具2022,336–

Time deposits over thre months超过三个月的定期存款24–31,183

Cash and cash equivalents现金及现金等价物2457,266299,717

3,767,2004,074,899

Curent liabilities流动负债

Trade and other payables贸易及其他应付款项2574,55193,750

Contract liabilities合约负债255,197–

Tax payable应付税项73119,511

Secured bank borowings有抵押银行借贷271,575,2851,161,664

Lease liabilities租赁负债282,4472,335

1,658,2111,277,260

Net curent asets流动资产净值2,108,9892,797,639

Total asets les curent liabilities资产总额减流动负债3,183,8194,131,547

Consolidated Statement of Financial Position

综合财务状况表

At 31 March 2025 于2025年3月31日

95高山企业有限公司 2024/2025 年报

NOTESHK$’000HK$’000

附注千港元千港元

Non-curent liabilities非流动负债

Defered tax liabilities递延税项负债293,7567,936

Convertible note可换股票据2647,226167,954

Secured bank borowings有抵押银行借贷27316,975905,070

Lease liabilities租赁负债281,0773,391

369,0341,084,351

2,814,7853,047,196

Capital and reserves资本及储备

Share capital股本3010,1441,031

Reserves储备2,804,6413,046,165

2,814,7853,047,196

The consolidated financial statements on pages 92 to 209 were aproved

and authorised for isue by the Board of Directors on 27 June 2025 and are

signed on its behalf by:

Lai Law KauLui Yuk Chu

赖罗球雷玉珠

DIRECTORDIRECTOR

董事董事

董事会于2025年6月27日批准及授权发表第

92至209页之综合财务报表，并由下列董事

代表签署：

For the year ended 31 March 2025 截至2025年3月31日止年度

Consolidated Statement of Changes in Equity

综合权益变动表

96EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

capital

premium

Convertible

note equity

reserve

Capital

reserve

Contributed

surplus

Exchange

reserve

Investment

revaluation

reserve

Property

revaluation

reserve for

asets held

for sale

Acumulated

profits

(loses)Total

股本股份溢价

可换股票据

权益储备股本储备缴入盈余汇兑储备

投资

重估储备

持作出售之

物业

重估储备

累计溢利

（亏损）总额

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

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

(Note i)(Note i)(Note i)

（附注i）（附注i）（附注i）

At 1 April 2023于2023年4月1日21,2592,531,69447,49353,194438,102(4,031)3,69840,624103,1333,235,166

Exchange diferences arising on

translation of financial statements of

foreign operations

换算海外营运于财务报表

之汇兑差异

–1,078–1,078

Change in fair value of debt

instruments at FVTOCI

按公平值计入其他全面

收益之债务工具之公平

值变动–(993)–(993)

Release on disposal of debt

instruments at FVTOCI

出售按公平值计入其他

全面收益之债务工具时

解除–2,119–2,119

Reversal of impairment los on debt

instruments at FVTOCI included in

profit or los

计入损益之按公平值计入

其他全面收益之债务

工具之减值亏损拨回–(1,775)–(1,775)

Los for the year年度亏损–(213,149)(213,149)

Total comprehensive income

(expense) for the year

本年度全面收入（开支）

总额–1,078(649)–(213,149)(212,720)

Reduction of share capital upon

capital reorganisation (note 30(i)

股本重组时之股本削减

（附注30(i)）(20,728)–20,728–

Isue of shares upon placing

(note 30(i)

配售时发行股份

（附注30(i)）50024,250–24,750

Release of property revaluation

reserve upon disposal of the

properties

出售物业时于物业重估储

备解除

–(40,624)40,624–

At 31 March 2024于2024年3月31日1,0312,555,94447,49353,194458,830(2,953)3,049–(69,392)3,047,196

Exchange diferences arising on

translation of financial statements of

foreign operations

换算海外营运于财务报表

之汇兑差异

–8,012–8,012

Change in fair value of debt

instruments at FVTOCI

按公平值计入其他全面收

益之债务工具之公平值

变动–(20)–(20)

Los for the year年度亏损–(365,299)(365,299)

Consolidated Statement of Changes in Equity

综合权益变动表

For the year ended 31 March 2025 截至2025年3月31日止年度

97高山企业有限公司 2024/2025 年报

capital

premium

Convertible

note equity

reserve

Capital

reserve

Contributed

surplus

Exchange

reserve

Investment

revaluation

reserve

Property

revaluation

reserve for

asets held

for sale

Acumulated

profits

(loses)Total

股本股份溢价

可换股票据

权益储备股本储备缴入盈余汇兑储备

投资

重估储备

持作出售之

物业

重估储备

累计溢利

（亏损）总额

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

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

(Note i)(Note i)(Note i)

（附注i）（附注i）（附注i）

Total comprehensive income

(expense) for the year

本年度全面收入（开支）

总额–8,012(20)–(365,299)(357,307)

Isue of shares upon placing

(note 30(i)

配售时发行股份

（附注30(i)）2,35039,527–41,877

Rights isue of shares (note 30(iv)股份供股（附注30(iv)）6,76355,456–62,219

Transfer upon modification of terms of

convertible note

修订可换股票据条款时

转拨–(103,265)–16,691(86,574)

Defered tax liabilities released upon

modification of terms of convertible

note

修订可换股票据条款时

解除递延税项负债

–17,040–17,040

Recognition upon modification of

terms of convertible note

修订可换股票据条款时

确认–161,265–161,265

Defered tax liability on recognition

of equity component upon

modification of terms of convertible

note

修订可换股票据条款时

确认权益部分之递延

税项负债

–(26,609)–(26,609)

Transfer upon partial redemption of

convertible note

部分赎回可换股票据时

转拨–(92,111)–32,507(59,604)

Defered tax liabilities released upon

partial redemption of convertible

note

部分赎回可换股票据时解

除递延税项负债

–15,198–15,198

Release on disposal of debt

instrument at FVTOCI

出售按公平值计入其他

全面收益之债务工具时

解除–84–84

At 31 March 2025于2025年3月31日10,1442,650,92719,01153,194458,8305,0593,113–(385,493)2,814,785

Notes:

(i) The capital reserve of the Group represents the credit arising from the reduction of

share capital of the Company in March 2004 and September 2005 and can be aplied

in the future for distribution to the shareholders.

(i) The contributed surplus of the Group represents the credit arising from the reduction

of share capital of the Company. The balance may be utilised by the directors in

acordance with the Company’s Bye-laws and al aplicable laws, including to eliminate

the acumulated loses of the Company.

(i) The property revaluation reserve of the Group represented the gain on revaluation of

certain leasehold properties and land use rights of the Group when these leasehold

properties and land use rights were transfered to investment properties. These

investment properties were reclasified as held for sale as at 31 March 2023 and

disposed during the year ended 31 March 2024, acordingly the property revaluation

reserve was released to acumulated loses. Details are set out in note 11.

附注：

(i) 本集团之股本储备代表本公司于2004年3月及

2005年9月因削减股本所产生之进账，可供将来

分派予股东。

(i) 本集团之缴入盈余代表本公司削减股本时所产

生之进账。董事可根据本公司章程细则及所有

适用之法例予以使用该结余，包括用以抵销本

公司之累计亏损。

(i) 本集团之物业重估储备代表出租物业及土地使

用权转拨至投资物业时，本集团若干出租物业

重估时之收益及土地使用权。于2023年3月31

日，该等投资物业已重新分类为持作出售物

业，并已于截至2024年3月31日止年度内出售，

故物业重估储备于累计亏损解除。详情载于附

注11。

For the year ended 31 March 2025 截至2025年3月31日止年度

Consolidated Statement of Cash Flows

综合现金流量表

98EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

HK$’000HK$’000

千港元千港元

Operating activities经营活动

Los before taxation除税前亏损(374,725)(162,339)

Adjustments for:经调整：

Bank and other interest income银行及其他利息收入(4,530)(6,701)

Depreciation of property, plant and equipment物业、厂房及设备之折旧647700

Depreciation of right-of-use asets使用权资产之折旧2,4132,470

Dividend income from investments投资之股息收入(37)(1,373)

Gain on disposal of property, plant and

equipment

出售物业、厂房及设备之收益

–(10)

Interest expense利息开支92,55555,074

Interest income from debt instruments at

amortised cost

按摊销成本计量之债务工具之

利息收入(1,869)(1,884)

Interest income from loan financing来自贷款融资之利息收入(1,329)(1,930)

Los (gain) on disposal of investment

properties

出售投资物业之亏损（收益）

29,211(66,611)

Los on changes in fair value of financial

asets at FVTPL

按公平值计入损益之金融资产

之公平值变动亏损20,4274,187

Los on changes in fair value of investment

properties

投资物业之公平值变动亏损

28,7009,563

Los on modification of terms of convertible

note

修订可换股票据条款之亏损

31,369–

Los on write-of of property, plant and

equipment

撇销物业、厂房及设备之亏损

–38

Release on disposal of debt instruments at

FVTOCI

出售按公平值计入其他全面收

益之债务工具时解除–2,119

Reversal of impairment los on debt

instruments at FVTOCI

拨回按公平值计入其他全面收

益之债务工具之减值亏损–(1,775)

Reversal of impairment los on loans

receivable, net

拨回应收贷款之减值亏损，净

额(55)(473)

Share of result of a joint venture分占一间合营公司业绩(327)(142)

Writen-down on PUD and PHS, net持作出售发展物业及持作出售

物业之撇销，净额149,428102,937

Writen-of of other payables其他应付款项之撇销(2,998)–

Operating cash flows before movements in

working capital

未计营运资金变动前之经营现金

流量(31,120)(66,150)

Decrease (increase) in financial asets at FVTPL按公平值计入损益之金融资产减少

（增加）39,838(47,012)

Increase in PUD and PHS持作出售发展物业及持作出售物业

增加(70,623)(313,646)

(Increase) decrease in trade and other receivables贸易及其他应收款项（增加）减少(15,291)37,249

Decrease in loans receivable应收贷款减少1,50021,700

(Decrease) increase in trade and other payables贸易及其他应付款项（减少）增加(16,201)8,484

Increase in contract liabilities合约负债增加5,197–

Consolidated Statement of Cash Flows

综合现金流量表

For the year ended 31 March 2025 截至2025年3月31日止年度

99高山企业有限公司 2024/2025 年报

HK$’000HK$’000

千港元千港元

Cash used in operations用于营运之现金(86,700)(359,375)

Hong Kong Profits Tax paid已付香港利得税(60)(452)

Hong Kong Profits Tax refunded退回香港利得税209–

People’s Republic of China (“PRC”) Enterprise

Income Tax (“EIT”) paid

已付中华人民共和国（「中国」）企业所

得税（「企业所得税」）(15,797)(32,559)

Dividend received from financial asets at FVTPL来自按公平值计入损益之金融资产

之已收股息371,373

Interest received from loan financing来自贷款融资之利息收入9522,028

Net cash used in operating activities用于经营活动之现金净额(101,359)(388,985)

Investing activities投资活动

Net proceds from disposal of investment

properties

出售投资物业之所得款项净额

135,01775,323

Decrease (increase) in time deposit over thre

months

三个月以上的定期存款减少（增加）

31,183(31,522)

Interest received已收利息6,3999,297

Advance to a related party预付一名关连人士(50,000)(30,000)

(Advance to) repayment from a joint venture（预付）收到一间合营公司款项(6,000)71

Purchase of property, plant and equipment购买物业、厂房及设备(10)(681)

Proceds from/deposits received for disposal of

asets clasified as held for sale

分类为持作出售之资产之所得

款项╱已收取之按金–202,426

Proceds from disposal/maturity of financial

asets at FVTPL

按公平值计入损益之金融资产之

出售╱到期所得款项–18,857

Proceds from disposal of property, plant and

equipment

出售物业、厂房及设备之所得

款项–10

Net cash from investing activities来自投资活动之现金净额116,589243,781

Financing activities融资活动

Repayment of bank borowings偿还银行借贷(393,674)(111,256)

Interest paid已付利息(132,203)(115,085)

Partial redemption of convertible note部分赎回可换股票据(59,000)–

Repayment of lease liabilities偿还租赁负债(2,353)(2,410)

Payment of loan arangement fe支付贷款安排费用(1,879)(500)

Bank borowings raised筹集银行借贷221,079306,798

Net proceds from isue of shares upon placing配售发行股份所得款项净额41,87724,750

Net proceds from rights isue of shares股份供股所得款项净额62,219–

Net cash (used in) from financing activities（用于）来自融资活动之现金净额(263,934)102,297

Net decrease in cash and cash equivalents现金及现金等价物之减少净额(248,704)(42,907)

Cash and cash equivalents at begining of the

year

年初之现金及现金等价物

299,717354,002

Efect of foreign exchange rate changes外汇率变动之影响6,253(11,378)

Cash and cash equivalents at end of the year,

represented by bank balances and cash

年末之现金及现金等价物，指银行

结余及现金57,266299,717

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

100EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

1. GENERAL INFORMATION

Eminence Enterprise Limited (the “Company”; the Company and its

subsidiaries are colectively refered to as the “Group”) is incorporated

in Bermuda as an exempted company with limited liability and its

shares are listed on The Stock Exchange of Hong Kong Limited

(the “Stock Exchange”). The adreses of the registered ofice and

the principal place of busines of the Company are disclosed in the

“Corporate Information” section of the anual report.

As at 31 March 2024, the Company was a subsidiary of Easyknit

International Holdings Limited (“Easyknit International”), an exempted

company incorporated in Bermuda with its shares also listed on the

Stock Exchange. On 17 April 2024, the Company completed the

placing of 235,000,000 shares, resulting in a dilution of shareholding

held by Easyknit International, and the Company became an asociate

of Easyknit International since then.

The Company is an investment holding company. The principal

activities of the Company’s principal subsidiaries are set out in note 39.

The Group also operated in the PRC which was discontinued in prior

years (se note 11).

The consolidated financial statements are presented in Hong Kong

dolars (“HK$” or “HKD”) which is also the functional curency of the

Company.

2. APLICATION OF NEW AND AMENDMENTS TO HKFRS

ACOUNTING STANDARDS

Amendments to HKFRS Acounting Standards that are

mandatorily efective for the curent year

In the curent year, the Group has aplied the folowing amendments

to HKFRS Acounting Standards as isued by the Hong Kong Institute

of Certified Public Acountants (“HKICPA”) for the first time, which

are mandatorily efective for the Group’s anual periods begining on

or after 1 April 2024 for the preparation of the consolidated financial

statements:

Amendments to HKFRS 16Lease Liability in a Sale and Leaseback

Amendments to HKAS 1Clasification of Liabilities as Curent or

Non-curent and related amendments

to Hong Kong Interpretation 5 (2020)

Amendments to HKAS 1Non-curent Liabilities with Covenants

Amendments to HKAS 7 and

HKFRS 7

Suplier Finance Arangements

1. 一般资料

高山企业有限公司（「本公司」；本公司

及其附属公司统称为「本集团」）在百慕

达注册成立为获豁免有限公司，其股

份在香港联合交易所有限公司（「联交

所」）上市。本公司的注册办事处地址和

主要营业地点在年度报告的「公司资料」

一节中披露。

于2024年3月31日，本公司为永义国

际集团有限公司（「永义国际」）的附属

公司，一间于百慕达注册成立的获豁

免公司，其股份亦于联交所上市。

于2024年4月17日，本公司完成配售

235,000,000股份，导致永义国际持

有的股权摊薄，自此之后，本公司成

为永义国际的一间联营公司。

本公司为投资控股公司。本公司主要

附属公司的主要业务载于附注39。本

集团亦在中国经营业务，该业务已于

过往年度终止（见附注11）。

综合财务报表以港元（「港元」）呈列，港

元亦为本公司的功能货币。

2. 应用新订及经修订香港财务报告准

则会计准则

于本年度强制生效之经修订香港财务

报告准则会计准则

于本年度，本集团已首次应用由香港

会计师公会（「香港会计师公会」）所颁布

下列经修订香港财务报告准则会计准

则，就编制综合财务报表而言，该等

经修订准则于本集团2024年4月1日或

之后开始的年度期间强制生效：

香港财务报告准则第16号（修订本）售后租回之租赁负债

香港会计准则第1号（修订本）将负债分类为流动或非流

动以及香港诠释第5号

（2020年）之相关修订

香港会计准则第1号（修订本）附带契诺之非流动负债

香港会计准则第7号及香港财务报

告准则第7号（修订本）

供应商融资安排

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

101高山企业有限公司 2024/2025 年报

2. 应用新订及经修订香港财务报告准

则会计准则（续）

于本年度强制生效之经修订香港财务

报告准则会计准则（续）

除下文所述者外，于本年度采用的经

修订香港财务报告准则会计准则并无

对本集团于本年度及过往年度的财务

状况及表现，及╱或该等综合财务报

表所载披露资料构成重大影响。

2.1 香港会计准则第1号修订本「将负

债分类为流动或非流动」以及香

港诠释第5号(2020年）之相关修

订（「2020年修订本」）及香港会计

准则第1号修订本「附带契诺之非

流动负债」（「2022年修订本」）

本集团已于本年度首次应用该等

修订。

2020年修订本就评估自报告日

期起至少十二个月之延期清偿权

利提供厘清及额外指引，以将负

债分类为流动或非流动，其中：

• 订明将负债分类为流动或

非流动应基于报告期末已

存在之权利。具体而言，

分类不应受到管理层意图

或期望在12个月内清偿债

务所影响。

• 厘清负债的清偿可以是向

交易对手转移现金、货物

或服务，或实体自身的股

本工具。倘若负债之条款

可让交易对手有选择权，

透过转让实体自身之权益

工具来清偿负债，仅当该

实体将选择权单独确认为

应用香港会计准则第32号

「金融工具：呈列」之权益

工具时，此等条款才不会

影响将负债分类为流动或

非流动。

2. APLICATION OF NEW AND AMENDMENTS TO HKFRS

ACOUNTING STANDARDS (Continued)

Amendments to HKFRS Acounting Standards that are

mandatorily efective for the curent year (Continued)

Except as described below, the aplication of the amendments to

HKFRS Acounting Standards in the curent year had no material

impact on the Group’s financial positions and performance for the

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

consolidated financial statements.

2.1 Impacts on aplication of Amendments to HKAS 1

“Clasification of Liabilities as Curent or Non-curent” and

related amendments to Hong Kong Interpretation 5 (2020)

(the “2020 Amendments”) and Amendments to HKAS 1 “Non-

curent Liabilities with Covenants” (the “2022 Amendments”)

The Group has aplied the amendments for the first time in the

curent year.

The 2020 Amendments provide clarification and aditional

guidance on the asesment of right to defer setlement for

at least twelve months from reporting date for clasification of

liabilities as curent or non-curent, which:

• specify that the clasification of liabilities as curent

or non-curent should be based on rights that are in

existence at the end of the reporting period. Specificaly,

the clasification should not be afected by management

intentions or expectations to setle the liability within 12

months.

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

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

instruments to the counterparty. If a liability has terms

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

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

instruments, these terms do not afect its clasification

as curent or non-curent only if the entity recognises the

option separately as an equity instrument aplying HKAS

32 “Financial Instruments: Presentation”.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

102EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

2. 应用新订及经修订香港财务报告准

则会计准则（续）

于本年度强制生效之经修订香港财务

报告准则会计准则（续）

2.1 香港会计准则第1号修订本「将负

债分类为流动或非流动」以及香

港诠释第5号(2020年）之相关修

订（「2020年修订本」）及香港会计

准则第1号修订本「附带契诺之

非流动负债」（「2022年修订本」）

（续）

就报告日期起延期清偿至少十二

个月的权利而言，须待遵守契诺

后方可作实，2022年修订本特

别厘清只须实体于报告期末或

之前遵守的契诺方会影响实体于

报告日期后延期清偿负债至少十

二个月的权利，即使该契诺的遵

守情况仅于报告日期后评估。

2022年修订本亦订明，实体于

报告日期后须遵守的契诺（即未

来契诺）不会影响负债于报告日

期的流动或非流动分类。然而，

倘实体延迟清偿负债的权利须受

限于实体在报告期后十二个月内

遵守契诺，则实体披露的资料可

使财务报表使用者了解负债报告

期后十二个月内变为应偿还负债

的风险。其将包括有关契诺、有

关负债的账面值以及显示实体可

能难以遵守契诺的事实及情况

（倘有）的资料。

2. APLICATION OF NEW AND AMENDMENTS TO HKFRS

ACOUNTING STANDARDS (Continued)

Amendments to HKFRS Acounting Standards that are

mandatorily efective for the curent year (Continued)

2.1 Impacts on aplication of Amendments to HKAS 1

“Clasification of Liabilities as Curent or Non-curent” and

related amendments to Hong Kong Interpretation 5 (2020)

(the “2020 Amendments”) and Amendments to HKAS 1 “Non-

curent Liabilities with Covenants” (the “2022 Amendments”)

(Continued)

For rights to defer setlement for at least twelve months from

reporting date which are conditional on the compliance with

covenants, the 2022 Amendments specificaly clarify that

only covenants that an entity is required to comply with on or

before the end of the reporting period afect the entity’s right

to defer setlement of a liability for at least twelve months after

the reporting date, even if compliance with the covenant is

asesed only after the reporting date. The 2022 Amendments

also specify that covenants with which an entity must comply

after the reporting date (i.e. future covenants) do not afect

the clasification of a liability as curent or non-curent at the

reporting date. However, if the entity’s right to defer setlement

of a liability is subject to the entity complying with covenants

within twelve months after the reporting period, an entity

discloses information that enables users of financial statements

to understand the risk of the liabilities becoming repayable within

twelve months after the reporting period. This would include

information about the covenants, the carying amount of related

liabilities and facts and circumstances, if any, that indicate that

the entity may have dificulties complying with the covenants.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

103高山企业有限公司 2024/2025 年报

2. 应用新订及经修订香港财务报告准

则会计准则（续）

于本年度强制生效之经修订香港财务

报告准则会计准则（续）

2.1 香港会计准则第1号修订本「将负

债分类为流动或非流动」以及香

港诠释第5号(2020年）之相关修

订（「2020年修订本」）及香港会计

准则第1号修订本「附带契诺之

非流动负债」（「2022年修订本」）

（续）

根据过渡性规定，本集团已对负

债分类为流动或非流动方面追溯

应用了新的会计政策。本年度应

用该等修订本对综合财务报表并

无重大影响。

须于自报告日期起计12个月内满

足若干条件╱契诺的借款

于2024年4月1日及2025年3月

31日，本集团有权递延结算

分别约为905,070,000港元及

316,975,000港元的借款，仅须

于报告期后遵守若干财务比率，

方可作实。应用2022年修订本

后，该等借款仍分类为非流动，

原因为本集团仅须于报告期后遵

守的契诺对该权利于报告日期末

是否存在并无影响。

应用2020年及2022年修订本对

本集团其他负债的分类并无其他

重大影响。会计政策变更对本集

团本年度及过往年度列报的损益

或每股盈利并无影响。

2. APLICATION OF NEW AND AMENDMENTS TO HKFRS

ACOUNTING STANDARDS (Continued)

Amendments to HKFRS Acounting Standards that are

mandatorily efective for the curent year (Continued)

2.1 Impacts on aplication of Amendments to HKAS 1

“Clasification of Liabilities as Curent or Non-curent” and

related amendments to Hong Kong Interpretation 5 (2020)

(the “2020 Amendments”) and Amendments to HKAS 1 “Non-

curent Liabilities with Covenants” (the “2022 Amendments”)

(Continued)

In acordance with the transition provision, the Group has

aplied the new acounting policy to the clasification of liability

as curent or non-curent retrospectively. The aplication of the

amendments in the curent year had no material impact on the

consolidated financial statements.

Borowings which are subject to meting certain conditions/

covenants within 12 months from reporting date

The Group’s right to defer setlement for borowings of

HK$905,070,000 and HK$316,975,000 as at 1 April 2024 and

31 March 2025, respectively are subject to compliance with

certain financial ratios only after the reporting period. Upon the

aplication of the 2022 Amendments, such borowings are stil

clasified as non-curent as the covenants which the Group is

required to comply with only after the reporting period do not

afect whether that right exists at the end of the reporting date.

The aplication of the 2020 and 2022 Amendments has no

other material impact on the clasification of the Group’s other

liabilities. The change in acounting policy does not have impact

to the Group’s profit or los or earnings per share for the curent

and prior years presented.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

104EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

2. 应用新订及经修订香港财务报告准

则会计准则（续）

已颁布但尚未生效的新订香港财务报

告准则会计准则及其修订本

本集团尚未提前应用以下已颁布但尚

未生效的新订香港财务报告准则会计

准则及其修订本：

香港财务报告准则第18

号

财务报表列报和披露

香港财务报告准则会计

准则（修订本）

香港财务报告准则会

计准则之年度改进

– 第11卷

香港财务报告准则第9号

及香港财务报告准则

第7号（修订本）

金融工具分类和计量

的修订

香港财务报告准则第9号

及香港财务报告准则

第7号（修订本）

涉及依赖自然能源生

产电力的合同

香港财务报告准则第10

号及香港会计准则第

28号（修订本）

投资者与其联营企业

或合营企业之间资

产出售或投入

香港会计准则第21号（修

订本）

缺乏可交换性

于待定日期或之后开始之年度期间生

效。

于2025年1月1日或之后开始之年度期间

生效。

于2026年1月1日或之后开始之年度期间

生效。

于2027年1月1日或之后开始之年度期间

生效。

除下述新订香港财务报告准则会计准

则外，本公司董事预计，应用所有经

修订香港财务报告准则会计准则于可

预见将来不会对综合财务报表造成重

大影响。

2. APLICATION OF NEW AND AMENDMENTS TO HKFRS

ACOUNTING STANDARDS (Continued)

New and amendments to HKFRS Acounting Standards in isue

but not yet efective

The Group has not early aplied the folowing new and amendments

to HKFRS Acounting Standards that have ben isued but are not yet

efective:

HKFRS 18Presentation and Disclosure in

Financial Statements

Amendments to HKFRS

Acounting Standards

Anual Improvements to HKFRS

Acounting Standards –

Volume 11

Amendments to HKFRS 9

and HKFRS 7

Amendments to the Clasification

and Measurement of Financial

Instruments

Amendments to HKFRS 9

and HKFRS 7

Contracts Referencing Nature-

dependent Electricity

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Amendments to HKAS 21Lack of Exchangeability

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

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

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

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

Except for the new HKFRS Acounting Standard mentioned below,

the directors of the Company anticipate that the aplication of al the

amendments to HKFRS Acounting Standards wil have no material

impact on the consolidated financial statements in the foreseable

future.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

105高山企业有限公司 2024/2025 年报

2. 应用新订及经修订香港财务报告准

则会计准则（续）

已颁布但尚未生效的新订香港财务报

告准则会计准则及其修订本（续）

香港财务报告准则第18号「财务报表列

报和披露」

香港财务报告准则第18号 – 财务报表

列报和披露规定了财务报表列报和披

露方面的要求，将取代香港会计准则

第1号「财务报表的列报」。本新订香港

财务报告准则会计准则在延续香港会

计准则第1号中众多规定之同时，引

入于损益表中呈列指定类别及定义小

计之新规定；就财务报表附注中管理

层界定之表现计量提供披露及改进于

财务报表中将予披露之合并及分类资

料。此外，香港会计准则第1号之部分

段落已移至香港会计准则第8号「会计

政策、会计估计的变更及错误」及香港

财务报告准则第7号「金融工具披露」。

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」亦作出

细微修订。

香港财务报告准则第18号以及对其他

准则的修订，将于2027年1月1日或之

后开始的年度期间生效，允许提前采

用。新订准则的应用预计将影响未来财

务报表中损益表的列报和披露。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具体影响。

2. APLICATION OF NEW AND AMENDMENTS TO HKFRS

ACOUNTING STANDARDS (Continued)

New and amendments to HKFRS Acounting Standards in isue

but not yet efective (Continued)

HKFRS 18 “Presentation and Disclosure in Financial Statements”

HKFRS 18, which sets out requirements on presentation and

disclosures in financial statements, wil replace HKAS 1 “Presentation

of Financial Statements”. This new HKFRS Acounting Standard, while

carying forward many of the requirements in HKAS 1, introduces new

requirements to present specified categories and defined subtotals in

the statement of profit or los; provide disclosures on management-

defined performance measures in the notes to the financial statements

and improve agregation and disagregation of information to be

disclosed in the financial statements. In adition, some HKAS 1

paragraphs have ben moved to HKAS 8 “Acounting Policies,

Changes in Acounting Estimates and Erors” and HKFRS 7 “Financial

Instruments Disclosures”. 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.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

106EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料

3.1 编制综合财务报表基准

综合财务报表已根据香港会计师

公会颁布的香港财务报告准则会

计准则编制。就编制综合财务报

表而言，如果该信息被合理预期

会影响主要用户的决策，则该信

息被视为重要信息。此外，综合

财务报表包括联交所证券上市规

则（「上市规则」）及香港公司条例

规定的适用披露。

如下文之会计政策所载，除投资

物业及若干金融工具于报告期末

以公平值或重估金额计量外，综

合财务报表乃按历史成本法编

制。

历史成本一般以换取货品及服务

之公平值代价为依据。

公平值指于计量日市场参与者在

进行有序交易中出售资产所收取

或转移负债所支付之价格，无论

该价格是否为可直接观察或使用

其他估值方法估计。在估算一项

资产或负债的公平值时，本集团

考量资产或负债之特点若于计量

日市场参与者在厘定资产或负债

价格时也考量该等特点。该等综

合财务报表内计量及╱或披露而

言的公平值均根据该基准厘定，

惟香港财务报告准则第2号「股份

为基础支付」（「香港财务报告准

则第2号」）范围内之以股份为基

础支付之交易、根据香港财务报

告准则第16号「租赁」计量为租赁

交易，及与公平值存在某些相似

之处之计量但并非公平值，例如

香港会计准则第2号「存货」之可

变现净值或香港会计准则第36号

「资产减值」之使用价值。

非金融资产之公平值计量乃考虑

市场参与者透过最有效及最合适

使用该资产或透过销售其至最有

效及最合适使用该资产之另一市

场参与者以获得经济效益之能

力。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION

3.1 Basis of preparation of consolidated financial statements

The consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards as isued by

the HKICPA. For the purpose of preparation of the consolidated

financial statements, information is considered material if such

information is reasonably expected to influence decisions

made by primary users. In adition, the consolidated financial

statements include aplicable disclosures required by the Rules

Governing the Listing of Securities on the Stock Exchange

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

The consolidated financial statements have ben prepared on

the historical cost basis except for investment properties and

certain financial instruments which are measured at fair values

or revalued amounts, at the end of the reporting period, as

explained in the acounting policies set out below.

Historical cost is generaly based on the fair value of the

consideration given in exchange for gods and services.

Fair value is the price that would be received to sel an aset

or paid to transfer a liability in an orderly transaction betwen

market participants at the measurement date, regardles of

whether that price is directly observable or estimated using

another valuation technique. In estimating the fair value

of an aset or a liability, the Group takes into acount the

characteristics of the aset or liability if market participants

would take those characteristics into acount when pricing

the aset or liability at the measurement date. Fair value for

measurement and/or disclosure purposes in these consolidated

financial statements is determined on such a basis, except for

share-based payment transactions that are within the scope

of HKFRS 2 “Share-based Payment”, leasing transactions that

are acounted for in acordance with HKFRS 16 “Leases”, and

measurements that have some similarities to fair value but are

not fair value, such as net realisable value in HKAS 2 “Inventories”

or value in use in HKAS 36 “Impairment of Asets”.

A fair value measurement of a non-financial aset takes into

acount a market participant’s ability to generate economic

benefits by using the aset in its highest and best use or by

seling it to another market participant that would use the aset

in its highest and best use.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

107高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.1 编制综合财务报表基准（续）

就以公平值交易之金融工具及投

资物业及使用不可观察输入之估

值方法以计量往后期间之公平

值，估值方法会标定以使估值方

法结果等同交易价格。

此外，就财务报告而言，根据公

平值计量输入之可观察程度及输

入对整体公平值计量之重要性，

公平值计量可分类为第1级、第2

级或第3级，载述如下：

• 第1级输入指实体于计量

日可识别的资产或负债于

活跃市场之报价（未经调

整）；

• 第2级输入指除包括在第

1级计入之报价外，可直

接或间接观察的资产或负

债；及

• 第3级输入指资产或负债

的不可观察输入。

3.2 重大会计政策资料

综合基准

综合财务报表包括本公司及由本

集团控制之实体之财务报表。本

公司取得控制权当：

• 就来自参与投资对象之可

变回报中承受风险或享有

权利；及

• 有能力行使权力以影响其

回报。

倘有事实及情况显示上述三项控

制元素之一项或以上出现变动，

本集团将重新评估其是否取得投

资对象之控制权。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.1 Basis of preparation of consolidated financial statements

(Continued)

For financial instruments and investment properties which

are transacted at fair value and a valuation technique that

unobservable inputs are to be used to measure fair value in

subsequent periods, the valuation technique is calibrated so

that the results of the valuation technique equals the transaction

price.

In adition, for financial reporting purposes, fair value

measurements are categorised into Level 1, 2 or 3 based on the

degre to which the inputs to the fair value measurements are

observable and the significance of the inputs to the fair value

measurement in its entirety, which are described as folows:

• Level 1 inputs are quoted prices (unadjusted) in active

markets for identical asets or liabilities that the entity can

aces at the measurement date;

, other than quoted prices

included within Level 1, that are observable for the aset

or liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the aset or

liability.

3.2 Material acounting policy information

Basis of consolidation

The consolidated financial statements incorporate the financial

statements of the Company and entities controled by the Group.

Control is achieved when the Company:

;

, or has rights, to variable returns from its

involvement with the investe; and

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

The Group reaseses whether or not it controls an investe if

facts and circumstances indicate that there are changes to one

or more of the thre elements of control listed above.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

108EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

综合基准（续）

综合附属公司于本集团取得附属

公司的控制权时开始并于本集团

失去附属公司的控制权时终止。

具体而言，于本年度收购或出售

附属公司之收入及开支，会由本

集团取得控制权当日起直至本集

团终止控制附属公司之日计入综

合损益及其他全面收益表内。

如有需要，附属公司之财务报表

会作出调整，以使其会计政策与

本集团之会计政策一致。

所有关本集团成员间交易之集

团内部资产及负债、权益、收

入、开支及现金流量已于综合账

目时全面撇销。

来自客户合约之收益

本集团与客户合约相关之会计政

策资料载于附注5。

外币

于编制各个别集团实体之财务报

表时，以该实体之功能货币以外

货币（外币）进行之交易乃按交易

日期之现行汇率确认。于报告期

末，以外币列值之货币项目按该

结算日之现行汇率重新换算。按

公平值列账及以外币列值之非货

币项目按公平值获厘定当日之现

行汇率重新换算。当非货币项目

的公平值收益或亏损在损益中确

认时，该收益或亏损的任何汇兑

部分亦在损益中确认。当非货币

项目的公平值收益或亏损在其他

综合收益中确认时，该损益的任

何汇兑部分亦在其他综合收益中

确认。按外币历史成本计算之非

货币项目不进行重新换算。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Basis of consolidation (Continued)

Consolidation of a subsidiary begins when the Group obtains

control over the subsidiary and ceases when the Group loses

control of the subsidiary. Specificaly, income and expenses

of a subsidiary acquired or disposed of during the year are

included in the consolidated statement of profit or los and other

comprehensive income from the date the Group gains control

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

When necesary, adjustments are made to the financial

statements of subsidiaries to bring their acounting policies in

line with the Group’s acounting policies.

Al intragroup asets and liabilities, equity, income, expenses

and cash flows relating to transactions betwen members of the

Group are eliminated in ful on consolidation.

Revenue from contracts with customers

Information about the Group’s acounting policies relating to

contracts with customers is provided in note 5.

Foreign curencies

In preparing the financial statements of each individual group

entity, transactions in curencies other than the functional

curency of that entity (foreign curencies) are recognised at the

rates of exchange prevailing on the dates of the transactions. At

the end of the reporting period, monetary items denominated

in foreign curencies are retranslated at the rates prevailing at

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

denominated in foreign curencies are retranslated at the rates

prevailing on the date when the fair value was determined. When

a fair value gain or los on a non-monetary item is recognised

in profit or los, any exchange component of that gain or los is

also recognised in profit or los. When a fair value gain or los

on a non-monetary item is recognised in other comprehensive

income, any exchange component of that gain or los is also

recognised in other comprehensive income. Non-monetary items

that are measured in terms of historical cost in a foreign curency

are not retranslated.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

109高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

外币（续）

结算货币项目及重新换算货币项

目而产生之汇兑差异，于该等差

异产生期间之损益中确认。

为呈列综合财务报表，本集团之

海外营运的资产及负债均以每个

报告期末的现行汇率换算为本集

团的呈列货币（即港元）。收入及

开支以当期平均汇率换算，除非

当期汇率大幅波动，此情况将采

用交易当日的汇率。汇兑差异

（如有）则于其他全面收益及于权

益项下的汇兑储备确认及累计。

借贷成本

与收购、建设或生产须待一段颇

长时间后始能投入拟定用途或销

售之合资格资产直接产生之借贷

成本，均计入该等资产之成本，

直至有关资产大体上可作拟定用

途或销售为止。

相关资产达到预定可使用或可销

售状态后尚未偿还的任何特定借

贷，计入一般借款池，计算一般

借贷的资本化率。在符合条件的

资产支出之前，特定借贷的临时

投资所赚取的投资收益从符合资

本化条件的借贷成本中扣除。

所有其他借贷成本均于产生期间

于损益确认。

雇佣福利

退休福利成本

强制性公积金计划作出之供款，

于雇员因提供服务而有权享有供

款时确认为开支。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Foreign curencies (Continued)

Exchange diferences arising on the setlement of monetary items,

and on the retranslation of monetary items, are recognised in

profit or los in the period in which they arise.

For the purposes of presenting the consolidated financial

statements, the asets and liabilities of the Group’s foreign

operations are translated into the presentation curency of the

Group (i.e. HKD) using exchange rate prevailing at the end of

each reporting period. Income and expenses are translated at

the average exchange rates for the period, unles exchange

rates fluctuate significantly during the period, in which case the

exchange rates at the dates of transactions are used. Exchange

diferences arising, if any, are recognised in other comprehensive

income and acumulated in equity under the heading of

exchange reserve.

Borowing costs

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, which are asets

that necesarily take a substantial period of time to get ready for

their intended use or sale, are aded to the cost of those asets

until such time as the asets are substantialy ready for their

intended use or sale.

Any specific borowing that remain outstanding after the related

aset is ready for its intended use or sale is included in the

general borowing pol for calculation of capitalisation rate on

general borowings. Investment income earned on the temporary

investment of specific borowings pending their expenditure on

qualifying asets is deducted from the borowing costs eligible

for capitalisation.

Al other borowing costs are recognised in profit or los in the

period in which they are incured.

Employe benefits

Retirement benefits costs

Payments to the Mandatory Provident Fund Scheme are

recognised as an expense when employes have rendered

service entitling them to the contributions.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

110EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

雇佣福利（续）

短期雇员福利

短期雇员福利按雇员提供福利时

预期支付之福利的未贴现金额确

认。所有短期雇员福利均确认为

开支，惟其他香港财务报告准则

会计准则另有规定或允许将福利

计入资产成本的情况除外。

雇员应计福利在扣除已付金额后

确认负债。

税项

所得税开支指当期应付税项及递

延税项之总额。

当期应付税项乃按年度应课税

（亏损）╱溢利计算。应课税溢利

与除税前（亏损）╱溢利不同，乃

由于在其他年度应课税或可扣税

之收入或开支及毋须课税或不获

扣税之项目。本集团之当期税项

负债采用于报告期末已颁布或实

质颁布之税率计算。

递延税项为就综合财务报表资产

及负债账面值及用以计算应课税

溢利相应税基之暂时差额而确认

之税项。递延税项负债通常会就

所有应课税暂时差额确认。递延

税项资产一般会确认所有可扣减

暂时差额而仅以可能出现之可利

用暂时差额扣税的应课税溢利为

限。若于一项交易中，因商誉或

因业务合并以外原因而初始确认

其他资产及负债所引致之暂时差

额不影响应课税溢利亦不影响会

计溢利，则不会确认该等递延税

项资产及负债，且在交易时不会

产生相等的应课税及可扣税暂时

性差额。此外，倘暂时性差额来

自商誉的初始确认，则不确认递

延税项负债。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Employe benefits (Continued)

Short-term employe benefits

Short-term employe benefits are recognised at the

undiscounted amount of the benefits expected to be paid as and

when employes rendered the services. Al short-term employe

benefits are recognised as an expense unles another HKFRS

Acounting Standards requires or permits the inclusion of the

benefit in the cost of an aset.

A liability is recognised for benefits acruing to employes after

deducting any amount already paid.

Taxation

Income tax expense represents the sum of the tax curently

payable and defered tax.

The tax curently payable is based on taxable (los)/profit for

the year. Taxable profit difers from (los)/profit before taxation

because of income or expense that are taxable or deductible in

other years and items that are never taxable or deductible. The

Group’s liability for curent tax is calculated using tax rates that

have ben enacted or substantively enacted by the end of the

reporting period.

Defered tax is recognised on temporary diferences betwen

the carying amounts of asets and liabilities in the consolidated

financial statements and the coresponding tax bases used in the

computation of taxable profit. Defered tax liabilities are generaly

recognised for al taxable temporary diferences. Defered tax

asets are generaly recognised for al deductible temporary

diferences to the extent that it is probable that taxable profits

wil be available against which those deductible temporary

diferences can be utilised. Such defered tax asets and

liabilities are not recognised if the temporary diference arises

from the initial recognition (other than in a busines combination)

of asets and liabilities in a transaction that afects neither the

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

transaction does not give rise to equal taxable and deductible

temporary diferences. In adition, defered tax liabilities are

not recognised if the temporary diference arises from the initial

recognition of godwil.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

111高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

本集团会就与投资附属公司或一

间合营公司权益相关之应课税暂

时差额确认递延税项负债，惟若

本集团可控制暂时差额拨回及暂

时差额有可能不会于可见将来拨

回之情况除外。有关该等投资及

利息之可扣减暂时差额所引致之

递延税项资产，只会在有足够应

课税溢利以动用暂时差额利益及

预计其于可见未拨回之情况下方

予确认。

递延税项资产之账面值于各报告

期末作出检讨，并作出调减直至

没有可能有足够应课税溢利以恢

复全部或部分资产。

递延税项资产及负债乃以预期于

清还负债或变现资产时之税率计

量，并根据于报告期末已颁布或

实质颁布之税率（及税务法例）为

基准。

递延税项负债及资产之计量乃反

映本集团预计于报告期末，收回

资产账面值或清还负债账面值后

之税项结果。

就计量利用公平值模式计量之投

资物业之递延税项而言，该等物

业之账面值乃假设通过销售全数

收回，惟该假设被推翻则除外。

当投资物业可予折旧及于本集团

之业务模式（其业务目标乃随时

间消耗投资物业所包含之绝大部

分经济利益，而非透过销售）内

持有时，有关假设会被推翻。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Taxation (Continued)

Defered tax liabilities are recognised for taxable temporary

diferences asociated with investments in subsidiaries or

interest in a joint venture except where the Group is able to

control the reversal of the temporary diference and it is probable

that the temporary diference wil not reverse in the foreseable

future. Defered tax asets arising from deductible temporary

diferences asociated with such investments and interest are

only recognised to the extent that it is probable that there wil be

suficient taxable profits against which to utilise the benefits of

the temporary diferences and they are expected to reverse in

the foreseable future.

The carying amount of defered tax asets is reviewed at the

end of each reporting period and reduced to the extent that it is

no longer probable that suficient taxable profits wil be available

to alow al or part of the aset to be recovered.

Defered tax asets and liabilities are measured at the tax rates

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

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

that have ben enacted or substantively enacted by the end of

the reporting period.

The measurement of defered tax liabilities and asets reflects

the tax consequences that would folow from the maner in

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

recover or setle the carying amount of its asets and liabilities.

For the purposes of measuring defered tax for investment

properties that are measured using the fair value model, the

carying amounts of such properties are presumed to be

recovered entirely through sale, unles the presumption is

rebuted. The presumption is rebuted when the investment

property is depreciable and is held within a busines model

whose objective is to consume substantialy al of the economic

benefits embodied in the investment property over time, rather

than through sale.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

112EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

倘有可依法强制执行权利将当期

税项资产与当期税项负债抵销，

加上两者与同一税务机构向同一

税项实体征收的所得税有关，则

将递延税项资产及负债对销。

当期和递延税项在损益中确认，

除非它们与在其他综合收益或直

接在权益中确认的项目有关，在

这种情况下，当期和递延税项也

分别在其他综合收益或直接在权

益中确认。

物业、厂房及设备

物业、厂房及设备是为生产或提

供商品或服务或用于管理目的而

持有的有形资产。物业、厂房及

设备于综合财务状况表列账为按

成本扣减其后之累计折旧及其后

累计减值亏损（如有）。

当本集团支付包括租约土地和楼

宇部分的物业的所有权益时，

全部代价按初始确认时的相对公

平值按比例分配在租约土地和楼

宇部分之间。在相关付款能可靠

分配的范围内，除根据公平值模

式划分及入账列为投资物业的土

地以及持作出售发展物业按成本

与可变现净值两者中较低者入账

外，租约土地的利息在综合财务

状况表呈列为「使用权资产」。当

代价不能在非租赁楼宇部分和相

关租约土地的未分割权益之间可

靠分配时，整个物业将分类为物

业、厂房和设备。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Taxation (Continued)

Defered tax asets and liabilities are ofset when there is a

legaly enforceable right to set of curent tax asets against

curent tax liabilities and when they relate to income taxes levied

to the same taxation entity by the same taxation authority.

Curent and defered tax are recognised in profit or los,

except when they relate to items that are recognised in other

comprehensive income or directly in equity, in which case,

the curent and defered tax are also recognised in other

comprehensive income or directly in equity respectively.

Property, plant and equipment

Property, plant and equipment are tangible asets that are held

for use in the production or suply of gods or services, or for

administrative purposes. Property, plant and equipment are

stated in the consolidated statement of financial position at cost

les subsequent acumulated depreciation and subsequent

acumulated impairment loses, if any.

When the Group makes payments for ownership interests of

properties which includes both leasehold land and building

elements, the entire consideration is alocated betwen the

leasehold land and the building elements in proportion to

the relative fair values at initial recognition. To the extent the

alocation of the relevant payments can be made reliably, interest

in leasehold land is presented as “right-of-use asets” in the

consolidated statement of financial position except for those

that are clasified and acounted for as investment properties

under the fair value model and PUD that are caried at the lower

of cost and net realisable value. When the consideration canot

be alocated reliably betwen non-lease building element and

undivided interest in the underlying leasehold land, the entire

properties are clasified as property, plant and equipment.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

113高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

物业、厂房及设备（续）

折旧乃为于物业、厂房及设备项

目之估计可使用年期内撇销其成

本而以直线法确认。估计可使用

年期、剩余价值及折旧方法将于

各报告期末检讨，而任何估计变

动之影响按预期基准入账。

物业、厂房及设备项目于出售时

或当继续使用该资产预期不会产

生任何未来经济利益时终止确

认。出售或弃用物业、厂房及设

备项目产生的任何收益或亏损

乃按出售所得款项与资产账面值

之间的差额厘定，并于损益中确

认。

减值

于报告期末，本集团审阅其有限

定使用年期资产的账面值，以确

定是否有任何迹象显示该等资产

已遭受减值亏损。倘有任何该等

迹象存在，将估计有关资产之可

收回金额以厘定其减值亏损（如

有）。

资产的可收回金额按个别进行估

计。倘无法估计个别资产的可收

回金额，则本集团会估计该资产

所属现金产生单位的可收回金

额。

于现金产生单元减值测试，当可

以建立合理和一致的分配基础

时，将公司资产分配给各个现金

产生单位，否则，将其分配给可

以建立合理和一致的分配基础之

最小现金产生单元。公司资产所

属的现金产生单元或现金产生单

元组确定可收回金额，将比较其

相关现金产生单元或现金产生单

元组的账面值。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Property, plant and equipment (Continued)

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

of property, plant and equipment les their residual values over

their estimated useful lives, using the straight-line method. The

estimated useful lives, residual values and depreciation method

are reviewed at the end of each reporting period, with the efect

of any changes in estimate acounted for on a prospective

basis.

An item of property, plant and equipment is derecognised upon

disposal or when no future economic benefits are expected

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

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

plant and equipment is determined as the diference betwen

the sales proceds and the carying amount of the aset and is

recognised in profit or los.

Impairment

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

carying amount of its asets with finite useful live to determine

whether there is any indication that these asets have sufered

an impairment los. If any such indication exists, the recoverable

amount of the relevant aset is estimated in order to determine

the extent of the impairment los (if any).

The recoverable amount of aset is estimated individualy. When

it is not posible to estimate the recoverable amount of an aset

individualy, the Group estimates the recoverable amount of the

cash-generating unit to which the aset belongs.

In testing a cash-generating unit for impairment, corporates

asets are alocated to relevant cash-generating unit when a

reasonable and consistent basis of alocation can be established,

or otherwise they are alocated to the smalest group of cash

generating units for which a reasonable and consistent alocation

basis can be established. The recoverable amount is determined

for the cash-generating unit or group of cash-generating units

to which the corporate aset belongs, and is compared with the

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

cash-generating units.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

114EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

减值（续）

可收回金额为公平值减出售成本

及使用价值之较高者。评估使用

价值时，乃使用能反映现行市场

所评估金钱之时间价值之税前贴

现率折算至其现在价值，而该资

产（或一个现金产生单位）之预计

未来现金流量则未有调整相关风

险。

若估计一项资产（或一个现金产

生单位）的可收回金额低于其账

面值时，资产（或一个现金产生

单位）之账面值将减少至其可收

回金额。对于无法以合理及一致

的基准分配给现金产生单位的公

司资产或公司资产的一部分，本

集团比较一组现金产生单位的账

面值，包括公司资产或部分公司

资产的账面值。分配给该组现金

产生单位的公司资产，以及该组

现金产生单位的可收回金额，在

分配减值损失时，首先将减值损

失分配为减少任何商誉的账面值

（如适用），然后根据一个或一组

现金产生单位内各项资产之账面

值按比例分配至其他资产。资产

的账面值不得低于其公平值减去

处置成本（如可计量），使用价值

（如可确定）和零的最高值。原本

应分配至资产的减值损失金额按

比例分配至该单位或一组现金产

生单位组的其他资产。减值亏损

会立即在损益中确认，除非相关

资产根据另一项准则按重估金额

列账则作别论，且在该情况下减

值亏损拨回根据该项准则被视为

重估减少。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Impairment (Continued)

Recoverable amount is the higher of fair value les costs

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

estimated future cash flows are discounted to their present

value using a pre-tax discount rate that reflects curent market

asesments of the time value of money and the risks specific to

the aset (or a cash-generating unit) for which the estimates of

future cash flows have not ben adjusted.

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

is estimated to be les than its carying amount, the carying

amount of the aset (or a cash-generating unit) is reduced

to its recoverable amount. For corporate asets or portion of

corporate asets which canot be alocated on a reasonable

and consistent basis to a cash-generating unit, the Group

compares the carying amount of a group of cash-generating

units, including the carying amounts of the corporate asets

or portion of corporate asets alocated to that group of cash-

generating units, with the recoverable amount of the group of

cash-generating units. In alocating the impairment los, the

impairment los is alocated first to reduce the carying amount

of any godwil (if aplicable) and then to the other asets on

a pro-rata basis based on the carying amount of each aset

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

amount of an aset is not reduced below the highest of its fair

value les costs of disposal (if measurable), its value in use (if

determinable) and zero. The amount of the impairment los that

would otherwise have ben alocated to the aset is alocated

pro rata to the other asets of the unit or the group of cash-

generating units. An impairment los is recognised imediately

in profit or los, unles the relevant aset is caried at a revalued

amount under another standard, in which case the impairment

los is treated as a revaluation decrease under that standard.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

115高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

减值（续）

当减值亏损于其后拨回，该项资

产（或现金产生单位或现金产生

单位组别）之账面值将增加至经

修订估计之可收回金额，惟增加

之账面值不会超逾于过往年度并

无就该项资产（或现金产生单位

或现金产生单位组别）确认减值

亏损原应厘定之账面值。减值亏

损拨回即时于损益确认，除非相

关资产根据另一项准则按重估金

额列账则作别论，且在该情况下

减值亏损拨回根据该项准则被视

为重估增加。

投资物业

投资物业乃指持作赚取租金及╱

或用作资本增值用途之物业。

投资物业初始按成本计量，包括

任何直接归属开支。于初始确认

后，投资物业以其公平值计量，

调整以排除任何预付或应计经营

租赁收入。

投资物业之公平值变动所产生之

收益或亏损将计入产生期间之损

益中。

倘一项物业、厂房及设备因证明

业主自用终止之使用改变而成为

投资物业时，该项目之账面值与

公平值之任何差异会于其他全面

收益确认及于物业重估储备累

计。于其后之资产销售或退用，

相关重估储备将会直接转拨至累

计溢利。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Impairment (Continued)

Where an impairment los subsequently reverses, the carying

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

cash-generating units) is increased to the revised estimate

of its recoverable amount, but so that the increased carying

amount does not exced the carying amount that would have

ben determined had no impairment los ben recognised

for the aset (or a cash-generating unit or a group of cash-

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

is recognised imediately in profit or los, unles the relevant

aset is caried at a revalued amount under another standard,

in which case the reversal of the impairment los is treated as a

revaluation increase under the standard.

Investment properties

Investment properties are properties held to earn rentals and/or

for capital apreciation.

Investment properties are initialy measured at cost, including

any directly atributable expenditure. Subsequent to initial

recognition, investment properties are measured at their fair

values, adjusted to exclude any prepaid or acrued operating

lease income.

Gains or loses arising from changes in the fair value of

investment properties are included in profit or los in the period

in which they arise.

If an item of property, plant and equipment becomes an

investment property because its use has changed as evidenced

by end of owner-ocupation, any diference betwen the

carying amount and the fair value of that item is recognised

in other comprehensive income and acumulated in property

revaluation reserve. On the subsequent sale or retirement of the

aset, the relevant revaluation reserve wil be transfered directly

to acumulated profits.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

116EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

投资物业（续）

投资物业于出售时或投资物业永

久不再使用时或预期其出售并不

会带来任何未来经济效益时终止

确认。终止确认物业产生之任何

收益或亏损（按该资产出售所得

款项净额及账面值之差额计算）

于该项目终止确认之期间计入损

益。

现金及现金等价物

综合财务状况表中列报的现金及

现金等价物包括：

(a) 现金，其包括手头现金及

活期存款；及

(b) 现金等价物，其包括短期

（通常原到期日为三个月

或更短）、可随时转换为

已知数额现金且价值变动

风险颇低的高流动性投

资。现金等价物持作满足

短期现金承担，而非用于

投资或其它目的。

就综合现金流量表而言，现金及

现金等价物包括上文所界定之现

金及现金等价物。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Investment properties (Continued)

An investment property is derecognised upon disposal or when

the investment property is permanently withdrawn from use and

no future economic benefits are expected from its disposal. Any

gain or los arising on derecognition of the property (calculated

as the diference betwen the net disposal proceds and the

carying amount of the aset) is included in profit or los in the

period in which the property is derecognised.

Cash and cash equivalents

Cash and cash equivalents presented on the consolidated

statement of financial position include:

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

deposits; and

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

with original maturity of thre months or les), highly

liquid investments that are readily convertible to a known

amount of cash and which are subject to an insignificant

risk of changes in value. Cash equivalents are held for the

purpose of meting short-term cash comitments rather

than for investment or other purposes.

For the purposes of the consolidated statement of cash flows,

cash and cash equivalents consist of cash and cash equivalents

as defined above.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

117高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

持作出售发展物业

持作出售发展物业列作流动资产

当其落成时会被出售。除了根据

使用权资产的会计政策以成本模

式计量租约土地部分，持作出售

发展物业按成本与可变现净值中

之较低者列账。成本根据特定的

识别基础确定，包括分配已发生

的相关开发支出以及在适当情况

下资本化的借贷成本。可变现净

值指物业的估计售价减去估计完

成本及进行销售所需的成本。

进行销售所需的成本包括销售直

接应占增量成本及本集团进行销

售必然产生的非增量成本。

持作出售发展物业于落成时转拨

至持作出售物业。

持作出售物业

持作出售物业乃已完成物业，并

于流动资产项下分类，以成本

及可变现净值（以较低者为准）入

账。

金融工具

当集团实体成为金融工具合约条

文之订约方时确认金融资产及金

融负债。所有正常购买或销售金

融资产均按交易日期确认及终止

确认。正常购买或销售的方式为

购买或销售金融资产，按照市场

规则或惯例规定的时限内交付之

资产。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Properties held for development for sale

PUD which are intended to be sold upon completion of

development are clasified as curent asets. Except for the

leasehold land element which is measured at cost model in

acordance with the acounting policies of right-of-use asets,

PUD are caried at the lower of cost and net realisable value.

Cost is determined on a specific identification basis including

alocation of the related development expenditure incured and

where apropriate, borowing costs capitalised. Net realisable

value represents the estimated seling price for the properties

les estimated cost to completion and costs necesary to make

the sales. Costs necesary to make the sale include incremental

costs directly atributable to the sale and non-incremental costs

which the Group must incur to make the sale.

PUD are transfered to PHS upon completion.

Properties held for sale

PHS are completed properties and are clasified under curent

asets. They are stated at the lower of cost and net realisable

value.

Financial instruments

Financial asets and financial liabilities are recognised when a

group entity becomes a party to the contractual provisions of the

instrument. Al regular way purchases or sales of financial asets

are recognised and derecognised on a trade date basis. Regular

way purchases or sales are purchases or sales of financial asets

that require delivery of asets within the time frame established

by regulation or convention in the market place.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

118EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产及金融负债初始按公平

值计量，惟产生自客户合约的贸

易应收款根据香港财务报告准则

第15号「来自客户合约之收益」初

始计量除外。收购或发行金融资

产及金融负债直接应占之交易成

本（按公平值计入损益之金融资

产或金融负债除外）乃于初始确

认时加入金融资产或金融负债之

公平值或自金融资产或金融负债

之公平值内扣除（如适用）。收购

之金融资产或金融负债之直接交

易成本按公平值计入损益并即时

于损益内确认。

实际利率法为计算金融资产或金

融负债的摊销成本以及在相关期

间分配利息收入及利息开支的方

法。实际利率为于金融资产或金

融负债预计期限或于较短期间

（如适用）内对估计未来现金收入

及付款（包括支付或收取的所有

费用及点数，此等费用及点数为

实际利率、交易成本及其他溢价

或折扣的组成部分）折算至初始

确认时之账面净值的利率。

本集团之日常业务过程所产生之

利息收入呈列为营业额。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets and financial liabilities are initialy measured at

fair value except for trade receivables arising from contracts

with customers which are initialy measured in acordance

with HKFRS 15 “Revenue From Contracts with Customers”.

Transaction costs that are directly atributable to the acquisition

or isue of financial asets and financial liabilities (other than

financial asets or financial liabilities at FVTPL) are aded to or

deducted from the fair value of the financial asets or financial

liabilities, as apropriate, on initial recognition. Transaction

costs directly atributable to the acquisition of financial asets or

financial liabilities at FVTPL are recognised imediately in profit

or los.

The efective interest method is a method of calculating the

amortised cost of a financial aset or financial liability and

of alocating interest income and interest expense over the

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

discounts estimated future cash receipts and payments (including

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

the efective interest rate, transaction costs and other premiums

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

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

net carying amount on initial recognition.

Interest income which is derived from the Group’s ordinary

course of busines is presented as revenue.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

119高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产

金融资产之分类及其后计量

符合下列条件的金融资产其后按

摊销成本计量：

• 以收取合约现金流量为目

的而于业务模式下持有之

金融资产；及

• 合约条款于指定日期产生

之现金流量纯粹为支付

本金及未偿还本金额之利

息。

符合下列条件的金融资产其后按

公平值计入其他全面收益计量：

• 以取得合约现金流量及销

售金融资产为目的而于

业务模式下持有之金融资

产；及

• 合约条款于指定日期产生

之现金流量纯粹为支付

本金及未偿还本金额之

利息。

所有其他金融资产其后按公平值

计入损益计量，惟于初始确认金

融资产当日，倘股权投资并非持

作买卖，亦非买方于香港财务报

告准则第3号「业务合并」所适用

的业务合并中确认的或然代价，

本集团可以不可撤回地选择于其

他全面收益呈列该股权投资的其

后公平值变动。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets

Clasification and subsequent measurement of financial asets

Financial asets that met the folowing conditions are

subsequently measured at amortised cost:

• the financial aset is held within a busines model whose

objective is to colect contractual cash flows; and

• the contractual terms give rise on specified dates to cash

flows that are solely payments of principal and interest on

the principal amount outstanding.

Financial asets that met the folowing conditions are

subsequently measured at FVTOCI:

• the financial aset is held within a busines model whose

objective is achieved by both colecting contractual cash

flow and seling the financial asets; and

• the contractual terms give rise on specified dates to cash

flows that are solely payments of principal and interest on

the principal amount outstanding.

Al other financial asets are subsequently measured at FVTPL,

except that at the date of initial recognition of a financial aset

the Group may irevocably elect to present subsequent changes

in fair value of an equity investment in other comprehensive

income if that equity investment is neither held for trading nor

contingent consideration recognised by an acquirer in a busines

combination to which HKFRS 3 “Busines Combinations”

aplies.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

120EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及其后计量（续）

在以下情况下持有金融资产用于

交易：

• 主要是为了近期内出售而

被收购；或

，其为本集

团共同管理的可识别金融

工具组合的一部分，并具

有近期实际的短期获利模

式；或

• 其为一种未被指定为有效

的对冲工具的衍生工具。

此外，倘本集团指定符合按摊销

成本或按公平值计入其他全面收

益计量的金融资产按公平值计入

损益计量可消除或大幅减少会计

错配，则本集团可不可撤回地如

此行事。

(i) 摊销成本及利息收入

利息收入乃使用实际利率

法以其后按摊销成本计量

的金融资产及其后按公平

值计入其他全面收益的债

务工具予以确认。利息收

入乃对一项金融资产账面

总值应用实际利率予以计

算，惟其后出现信贷减值

的金融资产除外。就其后

出现信贷减值的金融资产

而言，自下一报告期起，

利息收入乃对金融资产摊

销成本应用实际利率予以

确认。倘信贷减值金融工

具的信贷风险好转，使金

融资产不再出现信贷减

值，于厘定资产不再出现

信贷减值后，自报告期开

始起利息收入乃对金融资

产账面总值应用实际利率

予以确认。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of financial asets

(Continued)

A financial aset is held for trading if:

• it has ben acquired principaly for the purpose of seling

in the near term; or

• on initial recognition it is a part of a portfolio of identified

financial instruments that the Group manages together

and has a recent actual patern of short-term profit-taking;

• it is a derivative that is not designated and efective as a

hedging instrument.

In adition, the Group may irevocably designate a financial

aset that are required to be measured at the amortised cost

or FVTOCI as measured at FVTPL if doing so eliminates or

significantly reduces an acounting mismatch.

(i) Amortised cost and interest income

Interest income is recognised using the efective interest

method for financial asets measured subsequently

at amortised cost and debt instruments subsequently

measured at FVTOCI. Interest income is calculated by

aplying the efective interest rate to the gros carying

amount of a financial aset, except for financial asets

that have subsequently become credit-impaired. For

financial asets that have subsequently become credit-

impaired, interest income is recognised by aplying the

efective interest rate to the amortised cost of the financial

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

the credit-impaired financial instrument improves so that

the financial aset is no longer credit-impaired, interest

income is recognised by aplying the efective interest

rate to the gros carying amount of the financial aset

from the begining of the reporting period folowing the

determination that the aset is no longer credit-impaired.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

121高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及其后计量（续）

(i) 分类为按公平值计入其他

全面收益的债务工具

分类为按公平值计入其他

全面收益的债务工具因使

用实际利率法计算之利息

收入导致账面值其后变动

及外汇收益及亏损于损益

中确认。该等债务工具账

面值的所有其他变动于其

他全面收益中确认，并于

投资重估储备项内累计。

减值拨备于损益中确认并

相应调整至其他全面收

益，而不会减少该等债务

工具的账面值。当终止确

认该等债务工具时，先前

于其他全面收益确认的累

计收益或亏损将重新分类

至损益。

(i) 按公平值计入损益的金融

资产

不符合按摊销成本计量或

按公平值计入其他全面收

益或指定为按公平值计入

其他全面收益条件的金融

资产乃按公平值计入损益

计量。

按公平值计入损益的金融

资产按各报告期末的公平

值计量，任何公平值收益

或亏损于损益中确认。于

损益确认的收益或亏损净

额包括任何利息但不包括

从金融资产赚取的任何股

息，并计入「按公平值计

入损益之金融资产之公平

值变动亏损净额」项内。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of financial asets

(Continued)

(i) Debt instruments clasified as at FVTOCI

Subsequent changes in the carying amounts for debt

instruments clasified as FVTOCI as a result of interest

income calculated using the efective interest method, and

foreign exchange gains and loses are recognised in profit

or los. Al other changes in the carying amount of these

debt instruments are recognised in other comprehensive

income and acumulated under the heading of investment

revaluation reserve. Impairment alowances are recognised

in profit or los with coresponding adjustment to other

comprehensive income without reducing the carying

amounts of these debt instruments. When these debt

instruments are derecognised, the cumulative gains or

loses previously recognised in other comprehensive

income are reclasified to profit or los.

(i) Financial asets at FVTPL

Financial asets that do not met the criteria for being

measured at amortised cost or FVTOCI or designated as

FVTOCI are measured at FVTPL.

Financial asets at FVTPL are measured at fair value

at the end of each reporting period, with any fair value

gains or loses recognised in profit or los. The net gain

or los recognised in profit or los includes any interest

but excludes any dividend earned on the financial aset

and is included in the “net los on changes in fair value of

financial asets at FVTPL” line item.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

122EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及其后计量（续）

(i) 按公平值计入损益的金融

资产（续）

电影版权投资乃指本集团

对电影制作项目的投资，

本集团有权根据其于相关

电影版权投资协议中订明

的投资比例，分占有关电

影将产生收入的若干百分

比，惟本集团对该投资并

无任何控制权或共同控制

权。电影版权投资分类为

按公平值计入损益的金融

资产。

金融资产减值

本集团根据预期信贷亏损（「预期

信贷亏损」）模式就须根据香港财

务报告准则第9号「金融工具」进

行减值评估的金融资产（包括贸

易及其他应收款项、应收一间合

营公司款项、应收一名关联方款

项、应收贷款、按公平值计入其

他全面收益之债务工具、按摊销

成本计量之债务工具、超过三个

月的定期存款及现金及现金等价

物）进行减值评估。预期信贷亏

损金额于各报告日期更新，以反

映信贷风险自初始确认以来的变

动。

全期预期信贷亏损指将于有关工

具的预期年期内因所有可能违约

事件而产生的预期信贷亏损。相

反，12个月预期信贷亏损（「12个

月预期信贷亏损」）指预期因报告

日期后12个月内可能发生的违约

事件所引致的全期预期信贷亏损

其中部分。评估乃根据本集团过

往信贷亏损经验作出，并就债务

人的特定因素、整体经济状况及

对于报告日期当前状况及未来状

况预测评估作出调整。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of financial asets

(Continued)

(i) Financial asets at FVTPL (Continued)

Film right investment is the Group’s investment in a film

production project which entitles the Group to share

certain percentage of income to be generated from the

related film based on the Group’s investment portion as

specified in respective film right investment agrement

but the Group has no control nor joint control over the

investment. Film right investment is clasified as financial

aset at FVTPL.

Impairment of financial asets

The Group performs impairment asesment under expected

credit los (“ECL”) model (including trade and other receivables,

amount due from a joint venture, amount due from a related

party, loans receivable, debt instruments at FVTOCI, debt

instrument at amortised cost, time deposits over thre months

and cash and cash equivalents) which are subject to impairment

asesment under HKFRS 9 “Financial Instruments”. The amount

of ECL is updated at each reporting date to reflect changes in

credit risk since initial recognition.

Lifetime ECL represents the ECL that wil result from al posible

default events over the expected life of the relevant instrument.

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

of lifetime ECL that is expected to result from default events

that are posible within 12 months after the reporting date.

Asesments are done based on the Group’s historical credit

los experience, adjusted for factors that are specific to the

debtors, general economic conditions and an asesment of

both the curent conditions at the reporting date as wel as the

forecast of future conditions.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

123高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值（续）

本集团通常就贸易应收款项及租

赁应收款项确认全期预期信贷亏

损。

就所有其他资产而言，本集团计

量相等于12个月预期信贷亏损的

亏损拨备，除非信贷风险自初始

确认以来一直显著增加，则本集

团确认全期预期信贷亏损。评估

应否确认全期预期信贷亏损乃视

乎自初始确认以来发生违约的可

能或风险是否显著增加。

(i) 信贷风险显著上升

评估信贷风险自初始确认

以来是否显著上升时，本

集团会比较金融工具于报

告日期发生违约的风险与

金融工具于初始确认日期

发生违约的风险。作出评

估时，本集团会考虑合理

及有理据的定量及定性资

料，包括历史经验及无须

花费不必要成本或努力获

取的前瞻性资料。

具体而言，评估信贷风险

是否显著上升时会考虑以

下资料：

（如

有）或内部信贷评级

的实际或预期显著

恶化；

• 信贷风险的外部市

场指标显著恶化，

例如借款人或债务

人的信贷息差、信

贷违约掉期价格显

著上升；

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

The Group always recognises lifetime ECL for trade receivables

and lease receivables.

For al other asets, the Group measures the los alowance

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

in credit risk since initial recognition, in which case the Group

recognises lifetime ECL. The asesment of whether lifetime ECL

should be recognised is based on significant increases in the

likelihod or risk of a default ocuring since initial recognition.

(i) Significant increase in credit risk

In asesing whether the credit risk has increased

significantly since initial recognition, the Group compares

the risk of a default ocuring on the financial instrument

as at the reporting date with the risk of a default

ocuring on the financial instrument as at the date of

initial recognition. In making this asesment, the Group

considers both quantitative and qualitative information

that is reasonable and suportable, including historical

experience and forward-loking information that is

available without undue cost or efort.

In particular, the folowing information is taken into

acount when asesing whether credit risk has increased

significantly:

• an actual or expected significant deterioration in

the financial instrument’s external (if available) or

internal credit rating;

• significant deterioration in external market indicators

of credit risk, e.g. a significant increase in the

credit spread, the credit default swap prices for the

borower or debtor;

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

124EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值（续）

(i) 信贷风险显著上升（续）

、金融或经济

情况目前或预期有

不利变动，预计将

导致借款人或债务

人偿还债项的能力

显著下降；

• 借款人或债务人经

营业绩实际或预期

显著恶化；

• 借款人或债务人的

监管、经济或技术

环境有实际或预计

的重大不利变动，

导致借款人或债务

人履行其债务责任

的能力显著下降。

不论上述评估的结果如

何，本集团推断当合约付

款逾期超过30日，信贷风

险已自初始确认起大幅增

加，除非本集团另有合理

及有理据的资料显示情况

并非如此。

尽管上文所述，本集团假

设倘债务工具厘定为于报

告日期具有低信贷风险，

则债务工具之信贷风险自

初始确认以来并无显著增

加。倘属以下情况，债务

工具厘定为具有低信贷风

险(i)违约风险低，(i)借款

人于短期内具备雄厚实力

履行其合约现金流量责任

及(i)较长期经济及业务状

况之不利变动可能但不一

定削减借款人履行其合约

现金流量责任之能力。本

集团考量债务工具的信贷

风险时，主要参照「投资

级别」之外部信贷评级（见

国际通用释义）。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Significant increase in credit risk (Continued)

financial or economic conditions that are expected

to cause a significant decrease in the borower’s or

debtor’s ability to met its debt obligations;

• an actual or expected significant deterioration in the

operating results of the borower or debtor;

• an actual or expected significant adverse change

in the regulatory, economic, or technological

environment of the borower or debtor that results

in a significant decrease in the borower’s or

debtor’s ability to met its debt obligations.

Irespective of the outcome of the above asesment,

the Group presumes that the credit risk has increased

significantly since initial recognition when contractual

payments are more than 30 days past due, unles the

Group has reasonable and suportable information that

demonstrates otherwise.

Despite the foregoing, the Group asumes that the

credit risk on a debt instrument has not increased

significantly since initial recognition if the debt instrument

is determined to have low credit risk at the reporting date.

A debt instrument is determined to have low credit risk if

(i) it has a low risk of default, (i) the borower has a strong

capacity to met its contractual cash flow obligations in

the near term and (i) adverse changes in economic and

busines conditions in the longer term may, but wil not

necesarily, reduce the ability of the borower to fulfil its

contractual cash flow obligations. The Group considers

the credit risk of the debt instrument mainly with reference

to external credit rating of “investment grade” as per

globaly understod definitions.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

125高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值（续）

(i) 信贷风险显著上升（续）

本集团定期监控用以识别

信贷风险有否大幅增加的

标准之效益，且修订标准

（如适当）来确保标准能在

金额逾期前识别信贷风险

大幅增加。

(i) 违约定义

就内部信贷风险管理而

言，本集团认为违约事件

在内部制订或得自外界来

源的资料显示债务人不大

可能悉数向债权人（包括

本集团）还款（未计及本集

团所持任何抵押品）时发

生。

不论上文如何，当金融资

产逾期超过90日，本集团

认为违约发生，惟本集团

拥有合理并有理据的资料

证明更宽松的违约标准更

适合除外。

(i) 信贷减值金融资产

金融资产在一项或以上

事件（对该金融资产估计

未来现金流量构成不利

影响）发生时维持信贷减

值。金融资产维持信贷减

值的证据包括有关下列事

件的可观察数据：

• 发行人或借款人陷

入重大财政困难；

（如违约或

逾期事件）；

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Significant increase in credit risk (Continued)

The Group regularly monitors the efectivenes of

the criteria used to identify whether there has ben a

significant increase in credit risk and revises them as

apropriate to ensure that the criteria are capable of

identifying significant increase in credit risk before the

amount becomes past due.

(i) Definition of default

For internal credit risk management, the Group considers

an event of default ocurs when information developed

internaly or obtained from external sources indicates that

the debtor is unlikely to pay its creditors, including the

Group, in ful (without taking into acount any colaterals

held by the Group).

Irespective of the above, the Group considers that

default has ocured when a financial aset is more than

90 days past due unles the Group has reasonable and

suportable information to demonstrate that a more

laging default criterion is more apropriate.

(i) Credit-impaired financial asets

A financial aset is credit-impaired when one or more

events that have a detrimental impact on the estimated

future cash flows of that financial aset have ocured.

Evidence that a financial aset is credit-impaired includes

observable data about the folowing events:

• significant financial dificulty of the isuer or the

borower;

, such as a default or past due

event;

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

126EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值（续）

(i) 信贷减值金融资产（续）

• 借款人的贷款人因

有关借款人财政困

难的经济或合约理

由而向借款人批出

贷款人不会另行考

虑的宽免；

• 借款人将可能面临

破产或其他财务重

组；或

• 财政困难导致该金

融资产失去活跃市

场。

(iv) 撇销政策

倘有资料显示对方处于严

重财困及无实际收回可能

时（例如对方被清盘或已

进入破产程序时），本集

团则撇销金融资产。经考

虑法律意见后（倘合适），

被撇销的金融资产可能仍

须按本集团收回程序进行

强制执行活动。撇销构成

终止确认事项。任何其后

收回在损益中确认。

(v) 预期信贷亏损之计量及确

认

预期信贷亏损的计量为违

约概率、违约损失率（即

违约时的损失程度）及违

约风险的函数。评估违约

概率及违约损失率是依历

史数据，并按前瞻性资料

调整。预期信贷亏损的估

算乃无偏概率加权平均金

额，以各自发生违约的风

险为权重厘定。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Credit-impaired financial asets (Continued)

, for economic or

contractual reasons relating to the borower’s

financial dificulty, having granted to the borower a

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

consider;

• it is becoming probable that the borower wil enter

bankruptcy or other financial reorganisation; or

• the disapearance of an active market for that

financial aset because of financial dificulties.

(iv) Write-of policy

The Group writes of a financial aset when there is

information indicating that the counterparty is in severe

financial dificulty and there is no realistic prospect of

recovery, for example, when the counterparty has ben

placed under liquidation or has entered into bankruptcy

procedings. Financial asets writen of may stil be

subject to enforcement activities under the Group’s

recovery procedures, taking into acount legal advice

where apropriate. A write-of constitutes a derecognition

event. Any subsequent recoveries are recognised in profit

or los.

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the probability

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

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

asesment of the probability of default and los given

default is based on historical data and forward-loking

information. Estimation of ECL reflects an unbiased and

probability-weighted amount that is determined with the

respective risks of default ocuring as the weights.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

127高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值（续）

(v) 预期信贷亏损之计量及确

认（续）

一般而言，预期信贷亏损

按本集团按照合约定应

付的所有合约现金流量与

本集团预期收到的所有现

金流量之间的差额估算，

按初始确认时确定的实际

利率折现。对于租赁应收

款，用于确定预期信贷亏

损的现金流量与根据香港

财务报告准则第16号用于

计量租赁应收款的现金流

量一致。

就集体评估而言，于制定

分组时，本集团经考虑下

列特征：

、规

模及行业；及

（倘可

得）。

管理层定期检讨分组方

法，确保各组别的组成部

分继续拥有类似的信贷风

险特征。

利息收入按照金融资产的

账面总额计算，除非金融

资产发生信贷减值，在这

种情况下，利息收入按照

金融资产的摊余成本计

算。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(v) Measurement and recognition of ECL (Continued)

Generaly, the ECL is estimated as the diference betwen

al contractual cash flows that are due to the Group in

acordance with the contract and the cash flows that

the Group expects to receive, discounted at the efective

interest rate determined at initial recognition. For a lease

receivable, the cash flow used for determining the ECL

is consistent with the cash flows used in measuring the

lease receivable in acordance with HKFRS 16.

For colective asesment, the Group takes into

consideration the folowing characteristics when

formulating the grouping:

;

, size and industry of debtors; and

• External credit ratings where available.

The grouping is regularly reviewed by management to

ensure the constituents of each group continue to share

similar credit risk characteristics.

Interest income is calculated based on the gros carying

amount of the financial aset unles the financial aset

is credit-impaired, in which case interest income is

calculated based on amortised cost of the financial aset.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

128EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值（续）

(v) 预期信贷亏损之计量及确

认（续）

除按公平值计入其他全面

收益之债务工具投资外，

本集团通过调整账面值在

损益中确认所有金融工具

的减值收益或亏损，惟相

应调整透过亏损拨备账确

认的应收贷款及按摊销成

本计量之债务工具除外。

对于按公平值计入其他全

面收益之债务工具投资，

亏损拨备在其他全面收益

中确认及于投资重估储备

中累计而并无调减该等债

务工具的账面值。该金额

指投资重估储备中有关累

计亏损拨备的变动。

终止确认金融资产

本集团终止确认金融资产只有当

资产收取现金流量之合约权利到

期。

于终止确认按摊销成本计量的金

融资产时，资产之账面值与已收

及应收代价总额之差额于损益中

确认。

于终止确认分类为按公平值计入

其他全面收益的债务工具投资

时，先前于投资重估储备内累计

的收益或亏损重新分类至损益。

金融负债及股本工具

分类为债务或股本

债务及股本工具按所订立之合约

安排性质及金融负债及股本工具

之定义而分类为金融负债或股本

工具。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(v) Measurement and recognition of ECL (Continued)

Except for investments in debt instruments that are

measured at FVTOCI, the Group recognises an impairment

gain or los in profit or los for al financial instruments

by adjusting their carying amount, with the exception

of loans receivable and debt instrument at amortised

cost where the coresponding adjustment is recognised

through a los alowance acount. For investments in

debt instruments that are measured at FVTOCI, the los

alowance is recognised in other comprehensive income

and acumulated in the investment revaluation reserve

without reducing the carying amount of these debt

instruments. Such amount represents the changes in the

investment revaluation reserve in relation to acumulated

los alowance.

Derecognition of financial asets

The Group derecognises a financial aset only when the

contractual rights to the cash flows from the aset expire.

On derecognition of a financial aset measured at amortised

cost, the diference betwen the aset’s carying amount and the

sum of the consideration received and receivable is recognised

in profit or los.

On derecognition of an investment in a debt instrument

clasified as at FVTOCI, the cumulative gain or los previously

acumulated in the investment revaluation reserve is reclasified

to profit or los.

Financial liabilities and equity instruments

Clasification as debt or equity

Debt and equity instruments are clasified as either financial

liabilities or as equity instruments in acordance with the

substance of the contractual arangements and the definitions of

a financial liability and an equity instrument.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

129高山企业有限公司 2024/2025 年报

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融负债及股本工具（续）

股本工具

股本工具为于扣除其所有负债后

仍证明本集团之资产有剩余权益

之任何合约。由本公司发行之股

本工具按收取之所得款项（扣除

直接发行成本）确认。

按摊销成本计量的金融负债

金融负债（包括贸易及其他应付

款项、负债成分之可换股票据及

有抵押银行借贷）于其后采用实

际利率法按摊销成本计量。

可换股票据包含负债及权益成分

根据合约安排之本质及金融负债

及股本之定义，本公司发行可换

股票据的组成部分会个别分类为

金融负债及股本。股本工具乃兑

换权其将可被结算而转换为定额

现金或其他金融资产之本公司定

额数量之股本工具。

于发行日，负债成分之公平值乃

计量一只没有相关权益成分的近

似负债的公平值来估计。

分类为权益之兑换权乃按复合工

具整体公平值扣减负债成分之金

额而厘定。此乃于确认及包含于

权益内，扣除所得税之影响，及

随后不会重新计量。此外，分类

为权益之兑换权，将保留在权益

内，直至兑换权予以行使，在此

情况，权益内之已确认结余将转

拨至股份溢价。倘在可换股票据

于到期日时兑换权尚未行使，权

益内之已确认结余将转拨至累计

溢利。兑换权之兑换或到期将不

会有收益或亏损于损益中确认。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial liabilities and equity instruments (Continued)

Equity instruments

An equity instrument is any contract that evidences a residual

interest in the asets of the Group after deducting al of its

liabilities. Equity instruments isued by the Company are

recognised at the proceds received, net of direct isue costs.

Financial liabilities at amortised cost

Financial liabilities (including trade and other payables, the liability

component of convertible note and secured bank borowings)

are subsequently measured at amortised cost, using the efective

interest method.

Convertible note containing liability and equity components

The component parts of the convertible note isued by the

Company are clasified separately as financial liabilities and

equity in acordance with the substance of the contractual

arangements and the definitions of a financial liability and an

equity instrument. A conversion option that wil be setled by the

exchange of a fixed amount of cash or another financial aset for

a fixed number of the Company’s own equity instruments is an

equity instrument.

At the date of isue, the fair value of the liability component is

estimated by measuring the fair value of similar liability that does

not have an asociated equity component.

A conversion option clasified as equity is determined by

deducting the amount of the liability component from the fair

value of the compound instrument as a whole. This is recognised

and included in equity, net of income tax efects, and is not

subsequently remeasured. In adition, the conversion option

clasified as equity wil remain in equity until the conversion

option is exercised, in which case, the balance recognised

in equity wil be transfered to share premium. Where the

conversion option remains unexercised at the maturity date of

the convertible note, the balance recognised in equity wil be

transfered to acumulated profits. No gain or los is recognised

in profit or los upon conversion or expiration of the conversion

option.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

130EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

3. 编制综合财务报表基准及重大会计

政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融负债及股本工具（续）

可换股票据包含负债及权益成分

（续）

有关发行可换股票据之交易成本

按所得款项总额比例分配至负债

及权益成分。有关权益成分之交

易成本直接于权益中扣除。有关

负债成分之交易成本则列入负债

部分之账面值及按可换股票据之

期限以实际利率法摊销。

当本集团更改可换股票据条款

时，原有可换股票据之权益部分

将转拨至权益中之累计溢利（亏

损）。当该更改导致根据包括扣

除任何已付费用减任何已收费用

之新条款下之现金流量贴现值与

原有金融负债余下之现金流量贴

现值有最少10%差异时，此差异

将以取消原有金融负债及确认新

的金融负债或权益工具或复合工

具记账，为已取消金融负债之账

面值及金融负债、权益工具、已

发行复合工具及╱或混合工具之

公平值差异，于损益内确认。

终止确认金融负债

当本集团的义务被解除，取消或

到期时，本集团才终止确认金融

负债。终止确认之金融负债之账

面值与已付及应付代价之差额于

损益中确认。

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial liabilities and equity instruments (Continued)

Convertible note containing liability and equity components

(Continued)

Transaction costs that relate to the isue of the convertible note

are alocated to the liability and equity components in proportion

to the alocation of the gros proceds. Transaction costs

relating to the equity component are charged directly to equity.

Transaction costs relating to the liability component are included

in the carying amount of the liability portion and amortised

over the lives of the convertible note using the efective interest

method.

When the Group modifies the terms of convertible note, the

equity portion of the original convertible note is transfered to

acumulated profits (loses) in equity. When such modification

results in the discounted present value of the cash flows under

the new terms including any fes paid net of any fes received

is at least 10% diferent from the discounted present values

of the remaining cash flows of the original financial liability, it

is acounted for as an extinguishment of the original financial

liability and a recognition of a new financial liability or equity

instrument or compound instrument with the diference, being

the carying amount of the financial liability extinguished and the

fair value of the financial liability, equity instrument, compound

instrument isued and/or hybrid instrument, recognised in profit

or los.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only

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

expired. The diference betwen the carying amount of the

financial liability derecognised and the consideration paid and

payable is recognised in profit or los.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

131高山企业有限公司 2024/2025 年报

4. 主要会计判断及不确定估计之主要

在应用本集团会计政策时，本公司董

事须就无法来自其他来源清楚得悉资

产及负债之账面值而作出判断、估计

及假设。估计及相关假设乃基于过往

经验及其他相关因素。实际结果可能

有异于此等估计。

就估计及相关假设而作出持续检讨。

如会计估计之修改仅影响该期间，修

改将于修改估计之期间确认，如修改

影响本期间及未来期间，则于修改期

间及未来期间确认。

应用会计政策之主要判断

除涉及估计（见下文）外，以下为本公司

董事于应用本集团会计政策过程中及

对综合财务报表中确认之金额有最重

大影响之主要判断。

投资物业之递延税项

以公平值模式计量之投资物业产生之

递延税项进行计量时，本公司董事

已审阅本集团之投资物业组合并认

为，本集团持有香港及新加坡投资物

业时，采用之业务模式并非旨在随时

间逐步耗用投资物业当中绝大部分之

经济利益。因此，于厘定本集团香港

及新加坡投资物业所产生之递延税项

时，本公司董事确认，以公平值模式

计量之投资物业可透过销售收回这一

项假设成立。

4. CRITICAL ACOUNTING JUDGMENTS AND KEY SOURCES

OF ESTIMATION UNCERTAINTY

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

of the Company are required to make judgments, estimates and

asumptions about the carying amounts of asets and liabilities

that are not readily aparent from other sources. The estimates and

underlying asumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may difer

from these estimates.

The estimates and underlying asumptions are reviewed on an ongoing

basis. Revisions to acounting estimates are recognised in the period

in which the estimate is revised if the revision afects only that period,

or in the period of the revision and future periods if the revision afects

both curent and future periods.

Critical judgments in aplying acounting policies

The folowings are the critical judgments, apart from those involving

estimations (se below), that the directors of the Company have made

in the proces of aplying the Group’s acounting policies and that

have the most significant efect on the amounts recognised in the

consolidated financial statements.

Defered taxation on investment properties

For the purposes of measuring defered tax arising from investment

properties that are measured using the fair value model, the directors

of the Company have reviewed the Group’s investment properties

portfolios and concluded that the Group’s investment properties

located in Hong Kong and Singapore are not held under a busines

model whose objective is to consume substantialy al of the economic

benefits embodied in the investment properties over time. Therefore,

in determining the defered taxation on investment properties located

in Hong Kong and Singapore, the directors of the Company have

determined that presumption that the carying amounts of investment

properties measured using the fair value model are recovered through

sale is not rebuted.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

132EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

4. 主要会计判断及不确定估计之主要

（续）

不确定估计之主要来源

以下为有关未来之主要假设，以及于

报告期末之其他不确定估计之主要来

源，该等估计存在可能导致有关资产

及负债之账面值于下一个财政年度出

现重大调整之重大风险。

投资物业之公平值

本集团之投资物业就财务报告而言按

公平值予以计量。本集团备有专责团

队，以就公平值计量厘定适当的估值

方法及主要输入数据。

估计本集团投资物业的公平值时，本

集团使用可获得的市场可观察数据。

倘并无第1级输入，本集团委聘独立合

资格估值师行对本集团之投资物业进

行估值。于报告期末，管理层与独立

合资格估值师行密切合作，确定公平

值计量的适当估值方法及主要输入数

据。倘资产公平值发生重大变动，会

向本公司董事报告波动原因。有关厘

定本集团之投资物业公平值所用估值

方法及主要输入数据的资料于附注17

披露。

厘定持作出售发展物业及持作出售物

业之可变现净值

管理层定期审阅本集团之持作出售

发展物业及持作出售物业之可收回

能力，其位于香港于2025年3月31

日之总金额分别约为1,846,612,000

港元（2024年：2,520,754,000港元）

及1,712,654,000港元（2024年：

1,065,891,000港元），乃参考现时市场

环境之事件或情况转变显示该资产之

账面值或会超过其可变现净值。厘定

持作出售发展物业╱持作出售物业之

估计可变现净值乃基于估计售价，扣

减完成发展之预计成本及促成该等物

业销售预计所需之成本（如适用）。售

价参考现行市场环境下类似物业之市

场价格进行估计，并就反映该等物业

所处不同位置或状况而作出调整。持

作出售发展物业之完成发展成本经参

考发展预算、类似已完工物业之实际

发展成本进行估计，并根据现行市场

数据作出调整。实际可变现金额或会

与估计有差异，致使持作出售发展物

业╱持作出售物业之可变现净值减少

或增加及可能需要作出额外撇销或拨

回过往已确认之撇销。

4. CRITICAL ACOUNTING JUDGMENTS AND KEY SOURCES

OF ESTIMATION UNCERTAINTY (Continued)

Key sources of estimation uncertainty

The folowings are the key asumptions concerning the future, and

other key sources of estimation uncertainty at the end of the reporting

period, that may have a significant risk of causing a material adjustment

to the carying amounts of asets within the next financial year.

Fair values of investment properties

The Group’s investment properties are measured at fair value for

financial reporting purposes. The Group has a designated team to

determine the apropriate valuation techniques and key inputs for fair

value measurements.

In estimating the fair value of the Group’s investment properties, the

Group uses market-observable data to the extent they are available.

Where Level 1 inputs are not available, the Group engages independent

firms of qualified profesional property valuers to perform valuation of

the Group’s investment properties. At the end of the reporting period,

the management works closely with the independent firm of qualified

profesional property valuer to establish and determine the apropriate

valuation techniques and key inputs for fair value measurements.

Where there is a material change in the fair value of the asets, the

causes of the fluctuations wil be reported to the directors of the

Company. Information about the valuation techniques and key inputs

used in determining the fair value of the Group’s investment properties

is disclosed in note 17.

Determination of net realisable value of PUD and PHS

Management regularly reviews the recoverability of the Group’s

PUD and PHS, which are situated in Hong Kong and amounted to

HK$1,846,612,000 (2024: HK$2,520,754,000) and HK$1,712,654,000

(2024: HK$1,065,891,000), respectively, as at 31 March 2025, with

reference to curent market environment whenever events or changes

in circumstances indicate that the carying amount of the asets may

exced its net realisable value. The estimates of net realisable value

of PUD/PHS are determined based on estimated seling prices les

estimated costs to completion and the estimated costs necesary

to make the sale of these properties, if aplicable. The seling prices

are estimated by reference to the market prices of similar properties

in prevailing market environment with adjustments to reflect diferent

locations or conditions for those properties. The costs to completion of

the PUD are estimated by reference to the development budget, actual

development cost of similar completed properties with adjustments

based on curent market data. Actual realised amount may difer from

estimates, resulting in a decrease or an increase in the net realisable

value of the PUD/PHS and aditional write-down or reversal of write-

down previously recognised may be required.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

133高山企业有限公司 2024/2025 年报

5. 营业额

持续经营业务营业额指年内来自就物

业投资之租金收入和物业管理已收取

或应收取金额及来自贷款融资之利息

收入及物业发展的物业销售总额。本

集团之营业额分析如下：

物业销售收益于已落成物业转让予客

户时确认，即客户取得已落成物业的

控制权且本集团拥有收取付款权利，

并有可能收取代价。本集团根据买卖

协议的付款条款向客户收取按金。于

2025年3月31日，分配至剩余未履行履

约义务的交易价格为66,513,000港元

（2024年：无），且预期于一年内及超

过一年确认为收入分别为41,936,000港

元及24,577,000港元（2024年：无）。

就楼宇管理服务而言，本集团按月就

所提供服务收取固定费用，并按本集

团有权开具发票并直接对应于其完成

对客户履约价值之金额确认收益。本

集团作为委托人主要负责向业主提供

楼宇管理服务，业主同时收取及消

耗本集团履约提供之利益，因此本集

团随时间确认已收或应收业主费用为

收益及其所有相关楼宇管理成本为服

务成本。本集团选择采用可行权宜方

法，以向客户开具发票金额确认收

益。按香港财务报告准则第15号所允

许，分配至该等未获满足合约之交易

价格不披露。

租金收入及来自贷款融资之利息收入

并非属于香港财务报告准则第15号之

范围内，而截至2025年3月31日止年

度来自持续经营业务之客户合约收益

为11,174,000港元（2024年：12,000港

元）。

5. REVENUE

Revenue from continuing operations represents the agregate of the

amounts received or receivable in respect of rental income and building

management from property investment, interest income from loan

financing and property sale from property development during the year.

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

Revenue from sales of properties was recognised at a point in time

when the completed property was transfered to customers, being

at the point that the customer obtained the control of the completed

property and the Group had present right to payment and colection

of the consideration was probable. The Group received deposits from

customers pursuant to the payment terms of the sale and purchase

agrement. The transaction price alocated to the remaining unsatisfied

performance obligations was HK$66,513,000 (2024: nil) as at 31

March 2025 and the expected to recognised as revenue within one

year and over one year are HK$41,936,000 and HK$24,577,000 (2024:

nil), respectively.

For building management services, the Group bils a fixed rate for

services provided on a monthly basis and recognises as revenue in

the amount to which the Group has a right to isue the invoice and

that coresponds directly with the value to the customers of Group’s

performance completed. The Group acts as principal and is primarily

responsible for providing the building management services to the

property owners, who simultaneously receives and consumes the

benefit provided by the Group’s performance as the Group performs,

the Group recognises the fe received or receivable from property

owners as its revenue over time and al related building management

costs as its cost of services. The Group elected to aply the practical

expedient by recognising revenue in the amount to which the Group

has right to invoice. As permited under HKFRS 15, the transaction

price alocated to these unsatisfied contracts is not disclosed.

Rental income and interest income from loan financing fal outside the

scope of HKFRS 15 and the revenue from contracts with customers

from continuing operations for the year ended 31 March 2025

amounted to HK$11,174,000 (2024: HK$12,000).

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

134EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

6. SEGMENT INFORMATION

Information reported to the Group’s chief executive oficer, being the

chief operating decision maker (“CODM”), for the purposes of resource

alocation and asesment of segment performance focuses on types

of gods delivered or services provided. This is also the basis of

organisation, whereby the management has chosen to organise the

Group around diferences in products and services.

The Group’s operating and reportable segments under HKFRS 8

“Operating Segments” are: (a) property investment, (b) property

development, (c) investment in securities and others and (d) loan

financing.

Operation in the PRC, including the property investment, investment in

securities and others and loan financing were clasified as discontinued

operation in the prior year. The segment information reported does

not include any amounts for the discontinued operation, which are

described in more detail in note 11.

Segment revenue and results

The folowing is an analysis of the Group’s revenue and results from

continuing operations by reportable segments:

6. 分类资料

就资源分配及分类表现评估而言，呈

报给本集团之主要经营决策者（「主要经

营决策者」）首席行政总裁之资料，乃集

中于货品交付或服务提供之种类。此

亦为组织之基准，管理层选择以此来

组织本集团产品及服务之差异。

根据香港财务报告准则第8号「经营分

类」，本集团之经营及呈报分类为：(a)

物业投资、(b)物业发展、(c)证券及其

他投资及(d)贷款融资。

在中国的业务，包括物业投资、证券

及其他投资及贷款融资，于先前年度

被分类为已终止经营业务。报告的分

类信息不包括已终止经营业务的任何

金额，附注11对此进行了更详细的描

述。

分类营业额及业绩

按来自持续经营业务及呈报分类分析

本集团之营业额及业绩如下：

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

135高山企业有限公司 2024/2025 年报

6. SEGMENT INFORMATION (Continued)

Segment revenue and results (Continued)

For the year ended 31 March 2025

Property

investment

Property

development

Investment

in securities

and others

Loan

financingConsolidated

物业投资物业发展

证券及

其他投资贷款融资综合

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

(Note)(Note)

（附注）（附注）

Segment revenue分类营业额

External外来33,17010,358–1,32944,857

Segment los分类亏损(56,834)(161,284)(20,530)(72)(238,720)

Other loses其他亏损(4,896)

Other expenses其他开支(21)

Finance costs融资成本(92,555)

Other income其他收入9,717

Los on modification of terms of

convertible note

修订可换股票据条款

亏损(31,369)

Share of result of a joint venture分占一间合营公司

业绩327

Unalocated corporate expenses无分配公司开支(13,456)

Los before taxation from continuing

operations

来自持续经营业务除

税前亏损(370,973)

（续）

分类营业额及业绩（续）

截至2025年3月31日止年度

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

136EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

分类营业额及业绩（续）

截至2024年3月31日止年度

附注：由持作出售物业产生之租金收入已包括

在物业投资分类内。

分类（亏损）溢利乃各分类来自持续经

营业务之业绩，当中没有分配其他

亏损、其他开支、融资成本、其他

收入、修订可换股票据条款亏损、分

占一间合营公司业绩及无分配公司开

支。经营分类间存在不对称分配，乃

因为本集团分配所有按公平值计入损

益之金融资产之公平值变动至证券及

其他投资分类，并未分配相关金融工

具至该等分类资产。以此计量向本集

团之主要经营决策者，作为资源分配

及表现评估之参考。

6. SEGMENT INFORMATION (Continued)

Segment revenue and results (Continued)

For the year ended 31 March 2024

Property

investment

Property

development

Investment

in securities

and others

Loan

financingConsolidated

物业投资物业发展

证券及

其他投资贷款融资综合

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

(Note)(Note)

（附注）（附注）

Segment revenue分类营业额

External外来28,763–1,93030,693

Segment (los) profit分类（亏损）溢利(23,254)(104,880)(4,600)190(132,544)

Other loses其他亏损(9,241)

Other expenses其他开支(1,175)

Finance costs融资成本(55,074)

Other income其他收入8,101

Share of result of a joint venture分占一间合营公司业绩142

Unalocated corporate expenses无分配公司开支(15,528)

Los before taxation from continuing

operations

来自持续经营业务除税前亏

损(205,319)

Note: Rental income generated from PHS was included in the property investment

segment.

Segment (los) profit represents the result from continuing operations

of each segment without alocation of other loses, other expenses,

finance costs, other income, los on modification of terms of convertible

note, shares of result of a joint venture and unalocated corporate

expenses. There are asymetrical alocations to operating segments

because the Group alocates al fair value changes of financial asets

at FVTPL to segment of investment in securities and others without

alocating relevant financial instruments to those segment asets. This

is the measure to the Group’s CODM for the purposes of resource

alocation and performance asesment.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

137高山企业有限公司 2024/2025 年报

（续）

分类资产及负债

按呈报分类分析本集团之资产及负债

如下：

就分类表现监控及就分类间之资源分

配而言：

，无分

配按公平值计入损益之金融资

产、使用权资产、超过三个月的

定期存款、现金及现金等价物及

其他资产外，所有资产已分配至

经营及呈报分类。

、可换股票据

负债部分、租赁负债及其他负债

外，所有负债已分配至经营及呈

报分类。

6. SEGMENT INFORMATION (Continued)

Segment asets and liabilities

The folowing is an analysis of the Group’s asets and liabilities by

reportable segments:

HK$’000HK$’000

千港元千港元

Segment asets分类资产

Continuing operations持续经营业务

Property investment物业投资1,068,2641,261,392

Property development物业发展3,583,8653,599,366

Investment in securities and others证券及其他投资73,590119,797

Loan financing贷款融资38,34470,222

Total segment asets分类资产总额4,764,0635,050,777

Unalocated financial asets at FVTPL无分配按公平值计入损益之金融

资产8,68320,961

Right-of-use asets使用权资产3,3725,634

Time deposits over thre months超过三个月的定期存款–31,183

Cash and cash equivalents现金及现金等价物57,266299,717

Unalocated corporate asets无分配企业资产8,646535

Consolidated asets综合资产4,842,0305,408,807

Segment liabilities分类负债

Continuing operations持续经营业务

Property investment物业投资11,68121,871

Property development物业发展64,60572,313

Investment in securities and others证券及其他投资7298

Loan financing贷款融资211306

Total segment liabilities分类负债总额76,56994,588

Secured bank borowings有抵押银行借贷1,892,2602,066,734

Convertible note可换股票据47,226167,954

Lease liabilities租赁负债3,5245,726

Unalocated corporate liabilities无分配企业负债7,66626,609

Consolidated liabilities综合负债2,027,2452,361,611

For the purposes of monitoring segment performances and alocating

resources betwen segments:

• al asets are alocated to operating and reportable segments

other than asets relating to discontinued operation, unalocated

financial asets at FVTPL, right-of-use asets, time deposits over

thre months, cash and cash equivalents and other asets.

• al liabilities are alocated to operating and reportable segments

other than secured bank borowings, liability portion of

convertible note, lease liabilities and other liabilities.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

138EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

其他分类资料

已包含来自持续经营业务计算分类损

益或分类资产之金额：

截至2025年3月31日止年度

6. SEGMENT INFORMATION (Continued)

Other segment information

Amounts included in the measure of segment profit or los or segment

asets from continuing operations:

For the year ended 31 March 2025

Property

investment

Property

development

Investment

in securities

and others

Loan

financingUnalocatedTotal

物业投资物业发展

证券及

其他投资贷款融资无分配总额

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

千港元千港元千港元千港元千港元千港元

Capital aditions资本添置–161161

Depreciation of property, plant and

equipment

物业、厂房及设备之折旧

–283–364647

Los on changes in fair value of

investment properties

投资物业之公平值变动

亏损28,700–28,700

Los on disposal of investment properties出售投资物业亏损29,211–29,211

Write-down on PUD and PHS, net持作出售发展物业及持作

出售物业之撇销，净额–149,428–149,428

Reversal of impairment los on loans

receivable, net

拨回应收贷款之减值亏

损，净额–55–55

Net los on changes in fair value of

financial asets at FVTPL

按公平值计入损益之金融

资产之平值变动亏损净

额–20,427–20,427

Los on modification of terms of

convertible note

修订可换股票据条款

亏损–31,36931,369

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

139高山企业有限公司 2024/2025 年报

（续）

其他分类资料（续）

截至2024年3月31日止年度

地域资料

本集团来自持续经营业务之营运位于

香港（所在地）及新加坡。

本集团来自外来客户之营业额按其客

户所在地分类及按资产之所在地域划

分之非流动资产（不包括递延税项资产

及金融工具）资料如下：

6. SEGMENT INFORMATION (Continued)

Other segment information (Continued)

For the year ended 31 March 2024

Property

investment

Property

development

Investment

in securities

and others

Loan

financingUnalocatedTotal

物业投资物业发展

证券及

其他投资贷款融资无分配总额

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

千港元千港元千港元千港元千港元千港元

Capital aditions资本添置–7,5577,557

Depreciation of property, plant and

equipment

物业、厂房及设备之折旧

6416–278700

Los on changes in fair value of

investment properties

投资物业之公平值变动

亏损9,563–9,563

Write-down on PUD, net持作出售发展物业之

撇销，净额–102,937–102,937

Reversal of impairment los on loans

receivable, net

拨回应收贷款之减值亏

损，净额–473–473

Net los on changes in fair value of

financial asets at FVTPL

按公平值计入损益之金融

资产之公平值变动亏损

净额–4,391–4,391

Reversal of impairment los on debt

instruments at FVTOCI

拨回按公平值计入其他全

面收益之债务工具之减

值亏损，净额–1,775–1,775

Geographical information

The Group’s continuing operations are located in Hong Kong (place of

domicile) and Singapore.

The Group’s revenue from external customers based on location of

its customers for segments and information about its non-curent

asets (excluding defered tax asets and financial instruments) by

geographical locations of the asets are detailed below:

Revenue from

external customersNon-curent asets

来自外来客户之营业额非流动资产

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Hong Kong (place of domicile)香港（所在地）44,06129,3651,065,8861,187,158

Singapore新加坡7961,328–73,843

44,85730,6931,065,8861,261,001

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

140EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

主要客户之资料

于相应年度，来自持续经营业务客户

的营业额占本集团总收入超过10%如

下：

来自物业发展的营业额。

7. 其他收入

6. SEGMENT INFORMATION (Continued)

Information about major customers

Revenue from customers of the coresponding year contributing over

10% of the total revenue of the Group from continuing operations is as

folows:

HK$’000HK$’000

千港元千港元

Customer A

客户A

10,358–

Revenue from property development.

7. OTHER INCOME

HK$’000HK$’000

千港元千港元

Continuing operations持续经营业务

Bank and other interest income银行及其他利息收入5,9016,067

Dividend income from investments来自投资之股息收入371,373

Services charge服务费用276414

Writen-of of other payables其他应付款项之撇销2,998–

Others其他505247

9,7178,101

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

141高山企业有限公司 2024/2025 年报

8. 董事及雇员之酬金

(a) 有关董事酬金之资料

本公司董事酬金载列如下：

附注：

(i) 上述显示之执行董事酬金为彼等

有关本公司及本集团管理事务之

服务。

(i) 上述显示之独立非执行董事酬金

为彼等作为本公司董事之服务。

8. DIRECTORS’ AND EMPLOYES’ EMOLUMENTS

(a) Information regarding directors’ emoluments

Details of emoluments to the directors of the Company were as

folows:

Executive directors (Note i)Independent non-executive directors (Note i)

执行董事（附注i）独立非执行董事（附注i）

Lai Law Kau

Kwong

Jimy

Cheung TimLui Yuk ChuKan Ka HonLau Sin Ming

Wu Kon Yin

WelyTotal

赖罗球邝长添雷玉珠简嘉翰刘善明吴冠贤总额

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

千港元千港元千港元千港元千港元千港元千港元

Year ended 31 March 2025截至2025年3月31日

Fes董事袍金–155155155465

Other emoluments其他酬金

– Salaries and other benefits– 薪金及其他福利4806006,878–7,958

– Contributions to retirement

benefits schemes

– 退休福利计划供款

18–18

Total directors’ emoluments董事酬金总额4986006,8781551551558,441

Year ended 31 March 2024截至2024年3月31日

Fes董事袍金–155155155465

Other emoluments其他酬金

– Salaries and other benefits– 薪金及其他福利4806005,580–6,660

– Contributions to retirement

benefits schemes

– 退休福利计划供款

18–18

Total directors’ emoluments董事酬金总额4986005,5801551551557,143

Notes:

(i) The executive directors’ emoluments shown above were for their

services in conection with the management of the afairs of the

Company and the Group.

(i) The independent non-executive directors’ emoluments shown above

were for their services as directors of the Company.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

142EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

(b) 有关雇员酬金资料

本集团五名最高酬金人士包括一

名（2024年：一名）董事，彼等于

两个年度之酬金已包括在上文

内。其余四名（2024年：四名），

并非董事，最高酬金人士载列如

下：

彼等之酬金介乎下列范围：

于两个年度，本集团没有支付酬

金予董事及其他四名（2024年：

四名）最高酬金之人士，作为加

入或经加入本集团时之奖励或失

去职务之补偿。此外，于两个期

间，没有董事放弃或同意放弃任

何酬金。

8. DIRECTORS’ AND EMPLOYES’ EMOLUMENTS

(Continued)

(b) Information regarding employes’ emoluments

The five highest paid individuals of the Group included one (2024:

one) director whose emoluments was included above for both

years. The emoluments of the remaining four (2024: four) highest

paid individuals, not being directors, are as folows:

HK$’000HK$’000

千港元千港元

Salaries and other benefits薪金及其他福利5,6386,701

Contributions to retirement benefits

schemes

退休福利计划供款

5,7036,748

Their emoluments were within the folowing bands:

Number of

individuals

Number of

individuals

雇员人数雇员人数

Nil to HK$1,000,000零至1,000,000港元2–

HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元12

HK$1,500,001 to HK$2,000,0001,500,001港元至2,000,000港元–1

HK$2,000,001 to HK$2,500,0002,000,001港元至2,500,000港元11

During both years, no emoluments were paid by the Group

to the directors and the other four (2024: four) highest paid

individuals as an inducement to join or upon joining the Group or

as compensation for los of ofice. In adition, during both years,

no director waived or agre to waive any emoluments.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

143高山企业有限公司 2024/2025 年报

9. 融资成本

（抵免）开支

就两个年度之香港利得税乃根据估计

应课税溢利之16.5%计算。

9. FINANCE COSTS

HK$’000HK$’000

千港元千港元

Interest on bank borowings银行借贷利息123,193104,931

Interest on lease liabilities租赁负债利息263218

Efective interest expense on convertible note可换股票据之实际利息开支20,52517,941

143,981123,090

Les: Amount capitalised in the cost of

qualifying asets

减：于合资格资产之成本资本化之

金额(51,426)(68,016)

92,55555,074

10. TAXATION (CREDIT) CHARGE

HK$’000HK$’000

千港元千港元

Continuing operations持续经营业务

The tax (credit) charge comprises:税项（抵免）开支包括：

Curent tax:现行税项：

Hong Kong香港–1

PRC witholding tax on dividend中国的股息预扣税–8,241

Other jurisdiction其他司法88

88,250

Overprovision in prior years:过往年度超额拨备：

Hong Kong香港–(2,003)

PRC Enterprise Income Tax中国企业所得税(6,413)–

Other jurisdiction其他司法–(88)

(6,413)(2,091)

Defered tax递延税项(6,790)7,326

(13,195)13,485

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

asesable profit for both years.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

144EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（抵免）开支（续）

其他司法引伸之税项乃按相关司法之

现行税率计算。

本年度税项（抵免）开支与来自持续经营

业务之综合损益及其他全面收益表业

绩之对账如下：

10. TAXATION (CREDIT) CHARGE (Continued)

Taxation arising in other jurisdiction is calculated at the rates prevailing

in the relevant jurisdiction.

Taxation (credit) charge for the year can be reconciled to the results

from continuing operations per the consolidated statement of profit or

los and other comprehensive income as folows:

HK$’000HK$’000

千港元千港元

Los before taxation除税前亏损(370,973)(205,319)

Tax credit at the aplicable rate of 16.5%

(2024: 16.5%)

按适用税率16.5%（2024年：16.5%）

计算之税项抵免(61,211)(33,878)

Tax efect of income not taxable for tax

purposes

无须课税收入之税项影响

(1,303)(10,821)

Tax efect of expenses not deductible for tax

purposes

不获扣税开支之税项影响

12,2489,856

Tax efect of tax loses not recognised未确认税项亏损之税项影响19,90925,005

Tax efect of deductible temporary

diferences not recognised

未确认可扣除暂时性差额之税项

影响24,65616,985

Tax efect of utilisation of tax loses

previously not recognised

使用过往未确认税项亏损之税项

影响(763)(61)

Tax efect of share of result of a joint venture一间合营公司权益分占业续之税项

影响(54)(23)

Efect of diferent tax rates of subsidiaries

operating in other jurisdictions

营运于其他司法之附属公司之税率

差异之影响(10)122

Witholding tax paid on dividend股息预扣税–8,241

Overprovision in prior years过往年度超额拨备(6,413)(2,091)

Others其他(254)150

Taxation (credit) charge for the year本年度税项（抵免）开支(13,195)13,485

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

145高山企业有限公司 2024/2025 年报

11. 已终止经营业务

根据本集团与镇政府于2022年10月5日

签署的土地收储协议书，位于湖州的

土地及建筑物将由镇政府收回。该土

地的合法所有权已于2024年2月7日移

转予市政府。除投资物业务外，管

理层亦于截至2023年3月31日止年度终

止在中国的证券及其他投资以及贷款

融资业务。因此，在中国的业务被视

为已终止经营业务。

来自已终止经营业务的年度（亏损）盈利

载列于下方。

11. DISCONTINUED OPERATION

Pursuant to a land resumption agrement signed on 5 October 2022

by the Group and the municipal government, the lands and buildings

in Huzhou were resumed by the municipal government. The legal title

of the land was transfered to municipal government on 7 February

2024. Other than the property investment busines, the management

also abandoned the investment in securities and others and loan

financing busineses in the PRC during the year ended 31 March

2023. Acordingly, the operation in the PRC was considered to be a

discontinued operation.

The (los) profit for the year from the discontinued operation is set out

below.

HK$’000HK$’000

千港元千港元

Other income其他收入4982,518

Other expense, gains and loses其他开支、收益及亏损(56)41,616

Administrative expenses行政开支(4,194)(1,358)

Net gain on changes in fair value of financial

asets

金融资产之公平值变动收益净额

–204

(Los) profit before taxation除税前（亏损）盈利(3,752)42,980

Taxation charge税项开支(3,769)(37,325)

(Los) profit for the year年度（亏损）盈利(7,521)5,655

HK$’000HK$’000

千港元千港元

(Los) profit for the year from discontinued

operation has ben arived at after

charging (crediting):

年度来自已终止经营业务（亏损）盈

利已扣除（计入）：

Staf costs, including retirement benefits

costs

职工成本，包括退休福利成本

1,746288

Bank and other interest income银行及其他利息收入(498)(2,518)

Net exchange los汇兑亏损净额56–

Auditors’ remuneration核数师酬金–54

Los on write-of of property, plant and

equipment

撇销物业、厂房及设备亏损

–38

Gain on disposal of investment properties出售投资物业收益–(66,611)

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

146EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

于本年度，中国业务贡献经营活动现

金流出净额为15,747,000港元（2024

年：43,100,000港元），投资活动现

金流出净额为161,541,000港元（2024

年：净现金流入174,100,000港元）予本

集团。

12. 年度亏损

13. 股息

截至2025年及2024年3月31日止年度

没有支付或建议股息，自报告期末也

没有建议任何股息。

11. DISCONTINUED OPERATION (Continued)

During the year, the operation in the PRC contributed a net

cash outflow from operating activities of HK$15,747,000 (2024:

HK$43,100,000) and a net cash outflow from investing activities of

HK$161,541,000 (2024: net cash inflow HK$174,100,000) to the

Group.

12. LOS FOR THE YEAR

HK$’000HK$’000

千港元千港元

Continuing operations持续经营业务

Los for the year has ben arived at after

charging (crediting):

年度亏损已扣除（计入）：

Directors’ emoluments (note 8(a)董事酬金（附注8(a)）8,4417,143

Other staf costs, including retirement

benefits costs

其他职工费用，包括退休福利成本

21,86332,787

Total staf costs (including directors’

emoluments)

职工成本总额（包括董事酬金）

30,30439,930

Auditors’ remuneration核数师酬金

– audit services– 审核服务1,6501,700

– non-audit services– 非审核服务–57

Depreciation of property, plant and

equipment

物业、厂房及设备之折旧

Depreciation of right-of-use asets使用权资产之折旧2,4132,470

Gain on disposal of property, plant and

equipment

出售物业、厂房及设备之收益

–(10)

Net exchange los汇兑亏损净额4,89610,078

13. DIVIDENDS

No dividends were paid or proposed for the years ended 31 March

2025 and 2024, nor has any dividend ben proposed since the end of

the reporting period.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

147高山企业有限公司 2024/2025 年报

14. 每股亏损

对于持续经营业务

本公司股东应占来自持续经营业务之

每股基本及摊薄亏损乃根据以下资料

计算：

14. LOS PER SHARE

For continuing operations

The calculation of the basic and diluted los per share from continuing

operations atributable to owners of the Company is based on the

folowing data:

HK$’000HK$’000

千港元千港元

Los for the year atributable to owners of

the Company

本公司股东应占年度亏损

(365,299)(213,149)

Les: Los (profit) for the year from

discontinued operation

减：来自已终止经营业务的年度

亏损（盈利）7,521(5,655)

Los for the purpose of basic los per share

from continuing operations

就来自持续经营业务之每股基本亏

损而言之亏损(357,778)(218,804)

Efect of dilutive potential ordinary shares:摊薄潜在普通股的影响：

Interest on convertible note

(net of income tax)

可换股票据之利息（扣除所得税）

–

Los for the purpose of diluted los per share

from continuing operations

就来自持续经营业务之每股摊薄亏

损而言之亏损(357,778)(218,804)

Number of shares

股份数目

’000’000

千

(Restated)

（经重列）

Weighted average number of ordinary shares

for the purpose of basic los per share

就每股基本亏损而言之加权平均普

通股份数目450,37188,014

Efect of dilutive potential ordinary shares:摊薄潜在普通股的影响：

Convertible note可换股票据–

Weighted average number of ordinary shares

for the purpose of diluted los per share

就每股摊薄亏损而言之加权平均普

通股份数目450,37188,014

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

148EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

对于持续经营业务及已终止经营业务

本公司股东应占来自持续经营及已终

止经营业务之每股基本及摊薄亏损乃

根据以下资料计算：

使用的分母与上述每股基本及摊薄（亏

损）盈利的分母相同。

已终止经营业务的每股基本亏损为每

股0.02港元（2024年：每股盈利每股

0.06港元）及已终止经营业务的每股摊

薄亏损为每股0.02港元（2024年：每

股盈利每股0.06港元），根据已终止经

营业务的年度亏损为7,521,000港元

（2024年：年度盈利5,655,000港元），

以及上文详细列出每股基本和摊薄盈

利的分母。

诚如分别于附注30(i)及(iv)所披露，该两

年用于计算每股基本及摊薄亏损的普

通股加权平均数已根据2023年7月19日

的股份合并及2025年2月4日的供股情

况进行调整。

截至2025年及2024年3月31日止年度

的每股摊薄（亏损）盈利的计算并未假设

公司行使若干在附注26中列出的可换

股票据，因为行使将导致于两年间每

股亏损减少。

14. LOS PER SHARE (Continued)

For continuing and discontinued operations

The calculation of the basic and diluted los per share from continuing

and discontinued operations atributable to owners of the Company is

based on the folowing data:

HK$’000HK$’000

千港元千港元

Los for the purpose of basic los per share就每股基本亏损而言之亏损(365,299)(213,149)

Efect of dilutive potential ordinary shares:摊薄潜在普通股的影响：

Interest on convertible note (net of income

tax)

可换股票据之利息（扣除所得税）

–

Los for the purpose of diluted los per share就每股摊薄亏损而言之亏损(365,299)(213,149)

The denominators used are the same as those detailed above for both

basic and diluted (los) earnings per share.

Basic los per share for the discontinued operation is HK$0.02 per

share (2024: earnings per share of HK$0.06 per share) and diluted los

per share for the discontinued operation is HK$0.02 per share (2024:

earnings per share of HK$0.06 per share), based on the los for the

year from the discontinued operation of HK$7,521,000 (2024: profit for

the year HK$5,655,000) and the denominators detailed above for both

basic and diluted earnings per share.

The weighted average number of ordinary shares for the purpose of

basic and diluted los per share for both years have ben adjusted

for the consolidation of shares on 19 July 2023 and rights isue on 4

February 2025 as disclosed in note 30 (i) and (iv), respectively.

The computation of diluted (los) earnings per share for the years

ended 31 March 2025 and 2024 does not asume the exercise of the

Company’s certain convertible note listed in note 26 as the exercise

would result in decrease in los per share in both years.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

149高山企业有限公司 2024/2025 年报

、厂房及设备

上述各项物业、厂房及设备在考虑残

值后均以直线法根据以下之可使用年

期计算折旧：

自置物业按租约之年期

家私、装置及设备3至10年

汽车5年

15. PROPERTY, PLANT AND EQUIPMENT

Owned

properties

Furniture,

fixtures and

equipment

Motor

vehiclesTotal

自置物业

家私、装置及

设备汽车总额

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

COST成本

At 1 April 2023于2023年4月1日3,6503,9213,10810,679

Exchange adjustments汇兑调整–(2)(41)(43)

Aditions添置–43638681

Write-of/disposal撇销╱出售–(32)(1,010)(1,042)

At 31 March 2024于2024年3月31日3,6503,9302,69510,275

Aditions添置–10–10

At 31 March 2025于2025年3月31日3,6503,9402,69510,285

DEPRECIATION折旧

At 1 April 2023于2023年4月1日4213,6651,8655,951

Exchange adjustments汇兑调整–(2)(39)(41)

Provided for the year本年度拨备133112455700

Eliminated on write-of/disposal撇销╱出售时撇除–(32)(972)(1,004)

At 31 March 2024于2024年3月31日5543,7431,3095,606

Provided for the year本年度拨备133104410647

At 31 March 2025于2025年3月31日6873,8471,7196,253

CARYING VALUES账面值

At 31 March 2025于2025年3月31日2,963939764,032

At 31 March 2024于2024年3月31日3,0961871,3864,669

The above items of property, plant and equipment are depreciated on

a straight-line basis after taking into acount the residual value over the

folowing useful lives:

Owned propertiesOver the lease term

Furniture, fixtures and equipment3 to 10 years

Motor vehicles5 years

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

150EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

16. RIGHT-OF-USE ASETS

Leased

properties

租约物业

HK$’000

千港元

As at 31 March 2025于2025年3月31日

Carying amount账面值3,372

As at 31 March 2024于2024年3月31日

Carying amount账面值5,634

For the year ended 31 March 2025截至2025年3月31日止年度

Depreciation charge折旧费用2,413

For the year ended 31 March 2024截至2024年3月31日止年度

Depreciation charge折旧费用2,470

HK$’000HK$’000

千港元千港元

Total cash outflow for leases租约现金流出总额2,6162,628

Aditions to right-of-use asets使用权资产增加1516,876

The right-of-use asets are depreciated on a straight-line basis over the

lease term.

For both years, the Group leases ofices for its operations. Lease

contracts are entered into for fixed terms of 2 to 3 years (2024: 3 years)

without extension and termination option. Lease terms are negotiated

on an individual basis and contain diferent terms and conditions.

In determining the lease term and asesing the length of the non-

cancelable period, the Group aplies the definition of a contract and

determines the period for which the contract is enforceable.

16. 使用权资产

使用权资产按其租约期限按直线法计

提折旧。

两个年度期间，本集团均承租办公室

进行经营。签订的租约合同固定期限

为2至3年（2024年：3年），且没有延期

和终止选择权。租约条款根据个别情

况进行协商。在确定租约期限并评估

不可取消期限时，本集团采用合同的

定义并确定合同期可强制执行。

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

151高山企业有限公司 2024/2025 年报

17. INVESTMENT PROPERTIES

The Group leases out various residential, comercial and industrial

units under operating leases with rentals payable monthly, quarterly

or semi-anualy. The leases typicaly run for an initial period of 1

to 3 years (2024: 1 to 3 years), with unilateral rights to extend the

lease beyond initial period held by leses only. Majority of the lease

contracts contain market review clauses in the event the lese

exercises the option to extend.

The Group is not exposed to foreign curency risk as a result of the

lease arangements, as al leases are denominated in the respective

functional curencies of group entities. The lease contracts do not

contain residual value guarante and/or lese’s option to purchase

the property at the end of lease term.

Completed

investment

properties

已完成投资物业

HK$’000

千港元

FAIR VALUE公平值

At 1 April 2023于2023年4月1日1,707,555

Exchange adjustments汇兑调整(19,470)

Disposal出售(428,079)

Decrease in fair value recognised in profit or los于损益确认之公平值减少(9,563)

At 31 March 2024于2024年3月31日1,250,443

Exchange adjustments汇兑调整385

Disposal出售(164,228)

Decrease in fair value recognised in profit or los于损益确认之公平值减少(28,700)

At 31 March 2025于2025年3月31日1,057,900

17. 投资物业

本集团根据经营租赁出租各类住宅、

商业和工业单位，而应付租金为每

月、每季度或每半年收取。租约通常

为期1至3年（2024年：1至3年），并且

有单方面权利将租约延期至仅由承租

人持有的初始期以外。如果承租人行

使延期选择权，则大多数租约合同均

包含市场审视条款。

由于所有租约均以集团实体各自的功

能货币计价，故本集团不会因租约安

排而承受外币风险。租约合同不包含

残值保证及╱或承租人在租约期满时

选择购买物业的选择权。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

152EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

17. INVESTMENT PROPERTIES (Continued)

The fair values of the Group’s investment properties as at 31 March

2025 and 31 March 2024 have ben arived at on the basis of valuation

caried out on the respective dates by the folowing independent firms

of qualified profesional property valuers not conected with the Group:

Name of valuers

Location of

investment properties

Vincorn Consulting and Apraisal Limited

(2024: Vigers Apraisal and Consulting

Limited)

Hong Kong

Edmund Tie & Company (SEA) Pte LtdSingapore

The unrealised los relating to investment properties held at the end of

the reporting period of HK$28,700,000 (2024: HK$18,299,000) was

recognised in profit or los during the year ended 31 March 2025.

Al investment properties of the Group are under the Level 3 fair value

hierarchy. There were no transfers into or out of Level 3 during the

year.

（续）

本集团之投资物业于2025年3月31日及

2024年3月31日之公平值乃按以下与本

集团没有关连之独立合资格专业物业

估值师行于该等日期进行估值之基准

厘定：

估值师行名称

投资物业之

所在地

泓亮咨询及评估有限公司

（2024年：威格斯资产

评估顾问有限公司）

香港

Edmund Tie & Company

(SEA) Pte Ltd

新加坡

于报告期末持有的与投资物业有关的

未变现亏损28,700,000港元（2024年：

18,299,000港元）于截至2025年3月31

日止年度于损益确认。

本集团所有投资物业层于第三级公平

值等级。本年内并无转入或转出第三

级。

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

153高山企业有限公司 2024/2025 年报

17. INVESTMENT PROPERTIES (Continued)

The folowing table gives information about how the fair values of

the investment properties are determined (in particular, the valuation

techniques and key inputs used), as wel as the fair value hierarchy

into which the fair value measurements are categorised (Levels

1 to 3) based on the degre to which the inputs to the fair value

measurements is observable.

Investment properties

held by the Group

Fair value at

31 March

Fair value

hierarchy

Valuation techniques

and key inputs

Significant

unobservable inputsSensitivities

本集团持有之投资物业公平值于3月31日公平值等级估值方法及主要输入重大不可观察输入敏感度

HK$’000HK$’000

千港元千港元

Comercial units in Hong

Kong

389,30089,300Level 3Income aproach

– term yield

Term yield, taking into acount

of yield generated by market

average seling price and the

market average rental from

comparable properties and

adjustment to reflect the

conditions of the building,

which is 1.3% to 3.6% (2024:

3.1%)

The higher the term yield, the

lower the fair value

于香港商业单位第3级收入法

– 定期收益

定期收益，考虑可比较物业之

市场平均售价及市场平均租

金产生之收益及反映建筑物

情况之调整，为1.3%至3.6%

（2024年：3.1%）

定期收益愈高，公平值愈低

– reversionary yieldReversionary yield, taking into

acount of yield generated by

market average seling price

and the market average rental

from comparable properties

and adjustment to reflect the

risk asociated with the future

rental, which is 2.5% (2024:

3.1%)

The higher the reversionary

yield, the lower the fair

value

– 复归收益复归收益，考虑可比较物业之

市场平均售价及市场平均租

金之收益及反映未来租金风

险之调整，为2.5%（2024年：

3.1%）

复归收益愈高，公平值愈低

（续）

下表列示如何厘定投资物业之公平值

之资料（尤其是，所使用之估值方法及

输入），以及根据输入之可观察程度划

分的公平值等级（第1至第3级）之公平值

计量。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

154EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

Investment properties

held by the Group

Fair value at

31 March

Fair value

hierarchy

Valuation techniques

and key inputs

Significant

unobservable inputsSensitivities

本集团持有之投资物业公平值于3月31日公平值等级估值方法及主要输入重大不可观察输入敏感度

HK$’000HK$’000

千港元千港元

Comercial units in Hong

Kong (Continued)

于香港商业单位（续）

– monthly term rentalMonthly term rental for each unit

is derived from the average

of the rental as stated in the

existing rental agrements,

which is ranged from HK$29.7

to HK$254.1 (2024: HK$29.7

to HK$115.3) per square fot

The higher the monthly term

rental rate, the higher the

fair value

– 每月定期租金每个单位每月定期租金乃根据

现有租约所列之平均租金得

出，每平方尺介乎由29.7港

元至254.1港元(2024年：29.7

港元至115.3港元）

每月定期租金愈高，公平值

愈高

– reversionary market unit rateReversionary market unit rate

and price for each unit is

compared with direct market

comparables and taking into

acount of character, location

and other individual factor,

which is from HK$29.7 to

HK$254.1 (2024: HK$26 to

HK$130) and HK$8,666 to

HK$88,477 per square fot,

respectively.

The higher the reversionary

market unit rate and price

the higher the fair value

– 复归市场单位价格各单位之复归市场单位价格

及价款，与市场直接可比较

的资料作比较，并考虑物业

特征、位置以及其他个别因

素，每平方尺为29.7港元至

254.1港元(2024年：分别为

26港元至130港元）及8,666港

元至88,477港元

复归市场单位价格及价款愈

高，公平值愈高

17. INVESTMENT PROPERTIES (Continued)17. 投资物业（续）

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

155高山企业有限公司 2024/2025 年报

Investment properties

held by the Group

Fair value at

31 March

Fair value

hierarchy

Valuation techniques

and key inputs

Significant

unobservable inputsSensitivities

本集团持有之投资物业公平值于3月31日公平值等级估值方法及主要输入重大不可观察输入敏感度

HK$’000HK$’000

千港元千港元

Comercial units in Hong

Kong (Continued)

于香港商业单位（续）

–373,000Level 3Direct comparison method

– based on market

observable transactions

of similar properties and

adjusted to reflect the

locations and conditions of

the subject property

Price per square fot, using

market direct comparables

and taking into acount of

character, location and other

individual factors such as road

frontage, size of property,

etc., which is ranged from

HK$92,155 to HK$381,714

per square fot

The higher the price per

square fot, the higher the

fair value

第3级直接比较法

– 基于同类物业之市场可观

察交易及经调整以反映目

标物业之位置及情况

每平方尺售价，采用市场直

接可比较的资料，并考虑物

业特征、位置以及其他个别

因素如临街道路、物业大小

等，每平方尺介乎92,155港

元至381,714港元

每平方尺售价愈高，公平值

愈高

Industrial units in Hong

Kong

639,300571,000Level 3Income aproach

– term yield

Term yield, taking into acount

of yield generated by market

average seling price and the

market average rental from

comparable properties and

adjustment to reflect the

conditions of the building,

which is 3.3% (2024: 3.5%)

The higher the term yield, the

lower the fair value

于香港工业单位第3级收入法

– 定期收益

定期收益，考虑可比较物业之

市场平均售价及市场平均租

金产生之收益及反映建筑物

情况之调整，为3.3%（2024

年：3.5%）

定期收益愈高，公平值愈低

17. INVESTMENT PROPERTIES (Continued)17. 投资物业（续）

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

156EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

Investment properties

held by the Group

Fair value at

31 March

Fair value

hierarchy

Valuation techniques

and key inputs

Significant

unobservable inputsSensitivities

本集团持有之投资物业公平值于3月31日公平值等级估值方法及主要输入重大不可观察输入敏感度

HK$’000HK$’000

千港元千港元

Industrial units in Hong

Kong (Continued)

于香港工业单位（续）

– reversionary yieldReversionary yield, taking into

acount of yield generated by

market average seling price

and the market average rental

from comparable properties

and adjustment to reflect the

risk asociated with the future

rental, which is 3.5% to 3.6%

(2024: 3.5%)

The higher the reversionary

yield, the lower the fair

value

– 复归收益复归收益，考虑可比较物业之

市场平均售价及市场平均租

金之收益及反映未来租金风

险之调整，为3.5%至3.6%

（2024年：3.5%）

复归收益愈高，公平值愈低

– monthly term rentalMonthly term rental for each unit

is derived from the average

of the rental as stated in the

existing rental agrements,

which is ranged from HK$11.4

to HK$17.4 (2024: HK$19.9

to HK$23.1) per square fot

The higher the monthly term

rental rate, the higher the

fair value

– 每月定期租金每个单位每月定期租金乃根据

现有租约所列之平均租金得

出，每平方尺介乎由11.4港

元至17.4港元(2024年：19.9

港元至23.1港元）

每月定期租金愈高，公平值

愈高

17. INVESTMENT PROPERTIES (Continued)17. 投资物业（续）

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

157高山企业有限公司 2024/2025 年报

Investment properties

held by the Group

Fair value at

31 March

Fair value

hierarchy

Valuation techniques

and key inputs

Significant

unobservable inputsSensitivities

本集团持有之投资物业公平值于3月31日公平值等级估值方法及主要输入重大不可观察输入敏感度

HK$’000HK$’000

千港元千港元

Industrial units in Hong

Kong (Continued)

于香港工业单位（续）

– reversionary market unit rateReversionary market unit rate for

each unit is compared with

direct market comparables

and taking into acount of

character, location and other

individual factor, which is

ranged from HK$4,423 to

HK$7,800 (2024: HK$7,012)

per square fot

The higher the reversionary

market unit price, the

higher the fair value

– 复归市场单位价格各单位之复归市场单位价格，

与市场直接可比较的资料作

比较，并考虑物业特征、位

置以及其他个别因素，每平

方尺介乎4,423港元至7,800

港元（2024年：7,012港元）

复归市场单位价格愈高，公

平值愈高

–73,500Level 3Direct comparison method

– based on market

observable transactions

of similar properties and

adjusted to reflect the

locations and conditions of

the subject property

Price per square fot, using

market direct comparables

and taking into acount of

character, location and other

individual factors such as

size of property etc., which

is ranged from HK$4,087 to

HK$5,296 per square fot

The higher the price per

square fot, the higher the

fair value

第3级直接比较法

– 基于同类物业之市场可观

察交易及经调整以反映目

标物业之位置及情况

每平方尺售价，采用市场直

接可比较的资料，并考虑特

征、位置以及其他个别因素

如临街道路、物业大小等，

每平方尺介乎4,087港元至

5,296港元

每平方尺售价愈高，公平值

愈高

17. INVESTMENT PROPERTIES (Continued)17. 投资物业（续）

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

158EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

Investment properties

held by the Group

Fair value at

31 March

Fair value

hierarchy

Valuation techniques

and key inputs

Significant

unobservable inputsSensitivities

本集团持有之投资物业公平值于3月31日公平值等级估值方法及主要输入重大不可观察输入敏感度

HK$’000HK$’000

千港元千港元

Residential units in Hong

Kong

29,300–Level 3Income aproach

– term yield

Term yield, taking into acount

of yield generated by market

average seling price and the

market average rental from

comparable properties and

adjustment to reflect the

conditions of the building,

which is 2.25%

The higher the term yield, the

lower the fair value

于香港住宅单位第3级收入法

– 定期收益

定期收益，考虑可比较物业之

市场平均售价及市场平均租

金产生之收益及反映建筑物

情况之调整，为2.25%

定期收益愈高，公平值愈低

– reversionary yieldReversionary yield, taking into

acount of yield generated by

market average seling price

and the market average rental

from comparable properties

and adjustment to reflect the

risk asociated with the future

rental, which is 2.5%

The higher the reversionary

yield, the lower the fair

value

– 复归收益复归收益，考虑可比较物业之

市场平均售价及市场平均租

金之收益及反映未来租金风

险之调整，为2.5%

复归收益愈高，公平值愈低

– monthly term rentalMonthly term rental for each unit

is derived from the average

of the rental as stated in the

existing rental agrements,

which is ranged from HK$11.5

to HK$43.5 per square fot

The higher the monthly term

rental rate, the higher the

fair value

– 每月定期租金每个单位每月定期租金乃根据

现有租约所列之平均租金得

出，每平方尺介乎11.5港元

至43.5港元

每月定期租金愈高，公平值

愈高

17. INVESTMENT PROPERTIES (Continued)17. 投资物业（续）

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

159高山企业有限公司 2024/2025 年报

Investment properties

held by the Group

Fair value at

31 March

Fair value

hierarchy

Valuation techniques

and key inputs

Significant

unobservable inputsSensitivities

本集团持有之投资物业公平值于3月31日公平值等级估值方法及主要输入重大不可观察输入敏感度

HK$’000HK$’000

千港元千港元

Residential units in Hong

Kong (Continued)

于香港住宅单位（续）

– reversionary market unit rateReversionary market unit rate for

each unit is compared with

direct market comparables

and taking into acount of

character, location and other

individual factor, which is

ranged from HK$7,543 to

HK$17,375 per square fot

The higher the reversionary

market unit price, the

higher the fair value

– 复归市场单位价格各单位之复归市场单位价格，

与市场直接可比较的资料作

比较，并考虑物业特征、位

置以及其他个别因素，每平

方尺介乎7,543港元至17,375

港元

复归市场单位价格愈高，公

平值愈高

–30,800Level 3Direct comparison method

– based on market

observable transactions

of similar properties and

adjusted to reflect the

locations and conditions of

the subject property

Price per square fot, using

market direct comparables

and taking into acount of

character, location, age and

other individual factors, which

is ranged from HK$8,370 to

HK$18,681 per square fot

The higher the price per

square fot, the higher the

fair value

第3级直接比较法

– 基于同类物业之市场可观

察交易及经调整以反映目

标物业之位置及情况

每平方尺售价，采用市场直

接可比较的资料，并考虑物

业特征、位置、楼龄以及其

他个别因素，每平方尺介乎

8,370港元至18,681港元

每平方尺售价愈高，公平值

愈高

17. INVESTMENT PROPERTIES (Continued)17. 投资物业（续）

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

160EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

Investment properties

held by the Group

Fair value at

31 March

Fair value

hierarchy

Valuation techniques

and key inputs

Significant

unobservable inputsSensitivities

本集团持有之投资物业公平值于3月31日公平值等级估值方法及主要输入重大不可观察输入敏感度

HK$’000HK$’000

千港元千港元

Residential units in

Singapore

N/A73,843Level 3Direct comparison method

– based on market

observable transactions

of similar properties and

adjusted to reflect the

locations and conditions of

the subject property

Price per square fot, using

market direct comparables

and taking into acount of

character, location and other

individual factors such as road

frontage, size of property,

etc., which is ranged from

HK$25,591 to HK$27,218 per

square fot

The higher the price per

square fot, the higher the

fair value

于新加坡住宅单位不适用第3级直接比较法

– 基于同类物业之市场可观

察交易及经调整以反映目

标物业之位置及情况

每平方尺售价，采用市场直

接可比较的资料，并考虑特

征、位置以及其他个别因素

如临街道路、物业大小等，

每平方尺介乎25,591港元至

27,218港元

每平方尺售价愈高，公平值

愈高

Land with atached

structure in Hong Kong

N/A39,000Level 3Direct comparison method

– based on market

observable transactions

of similar properties and

adjusted to reflect the

locations and conditions of

the subject property

Price per square fot, using

market direct comparables

and taking into acount of

character, location, age and

other individual factors, which

is ranged from HK$1,349 to

HK$1,600 per square fot

The higher the price per

square fot, the higher the

fair value

于香港附属建筑土地不适用第3级直接比较法

– 基于同类物业之市场可观

察交易及经调整以反映目

标物业之位置及情况

每平方尺售价，采用市场直

接可比较的资料，并考虑物

业特征、位置、楼龄以及其

他个别因素，每平方尺介乎

1,349港元至1,600港元

每平方尺售价愈高，公平值

愈高

1,057,9001,250,443

17. INVESTMENT PROPERTIES (Continued)17. 投资物业（续）

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

161高山企业有限公司 2024/2025 年报

17. INVESTMENT PROPERTIES (Continued)

During the year, the valuation technique used for determining the fair

value of certain comercial, industrial and residential units amounting

to HK$400,600,000 as at 31 March 2025 was changed from direct

comparison method to income aproach as the management

considers that there were limited market comparables for similar

properties in curent year that were apropriate to ases the fair value

of these units.

In estimating the fair value of the investment properties, the highest and

best use of the properties is their curent use.

As at 31 March 2025, al of the Group’s investment properties (2024:

except for the land with atached structure of HK$39,000,000) have

ben pledged to secure banking facilities granted to the Group.

18. LOANS RECEIVABLE

HK$’000HK$’000

千港元千港元

Fixed-rate loans receivable定息应收贷款30,60032,100

Les: Impairment alowance减：减值拨备(1,022)(1,077)

29,57831,023

Analysed as:分析为：

Curent asets流动资产29,57817,384

Non-curent asets非流动资产–13,639

29,57831,023

Secured有抵押16,15716,971

Unsecured无抵押13,42114,052

29,57831,023

No aged analysis is disclosed, as in the opinion of the directors of the

Company, the aged analysis does not give aditional value in view of

the nature of busines of loan financing.

At 31 March 2025, the range of interest rate on the Group’s loans

receivable is 0% to 8% (2024: 0% to 14%) per anum.

（续）

于本年度，厘定若干商业、工业及住

宅单位之公平值400,600,000港元所采

用之估值技术于2025年3月31日由直

接比较法变更为收入法，乃由于管理

层认为，本年度适合评估该等单位公

平值之同类物业之市场可比较数目有

限。

于估算投资物业之公平值时，物业之

最有效及最合适使用乃其现时之使用

方式。

于2025年3月31日，本集团所有投资物

业（2024年：除39,000,000港元之附属

建筑土地）已抵押以取得授予本集团的

有抵押银行融资。

18. 应收贷款

因本公司董事认为，就贷款融资业务

性质而言，账龄分析并没有额外价

值，故不披露账龄分析。

于2025年3月31日，本集团之应收贷款

每年利率介乎0%至8%（2024年：0%至

14%）。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

162EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

18. LOANS RECEIVABLE (Continued)

Impairment asesment

Before granting loans to outsiders, the Group aseses the potential

borower’s credit quality and defines credit limits granted to each

borower. The credit limits atributed to the borowers are reviewed

by the management regularly. The management closely monitors the

credit quality of loans receivable. Except for those credit-impaired loans

receivable, there are no loans receivable which are past due at the end

of the reporting period.

Details of impairment asesment are set out in note 34.

The movement of impairment alowance for loans receivable is as

folows:

12m ECL

Lifetime

ECL –

credit-impairedTotal

12个月预期

信贷亏损

整个周期信贷

亏损 – 信贷减值总额

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于2023年4月1日1,55051,93053,480

Changes due to loans receivable recognised as at

1 April 2023:

于2023年4月1日由于已确认应收贷款而

变动：

– Repayment (Note i)– 还款（附注i）(652)–(652)

– Writen of (Note iv)– 撇销（附注iv）–(51,930)(51,930)

– Net remeasurement of ECL (Note i)– 预期信贷亏损之重新计量净额

（附注i）46–46

New loans granted (Note i)授出的新贷款（附注i）133–133

At 31 March 2024于2024年3月31日1,077–1,077

Changes due to loans receivable recognised as at

1 April 2024:

于2024年4月1日由于已确认应收贷款

而变动：

– Repayment (Note i)– 还款（附注i）(33)–(33)

– Net remeasurement of ECL (Note i)– 预期信贷亏损之重新计量净额

（附注i）(22)–(22)

At 31 March 2025于2025年3月31日1,022–1,022

（续）

减值评估

在授出贷款予外来者前，本集团评估

潜在借款人之信贷质素及厘定授予每

位借款人之信贷额。管理层定期检讨

借款人之信贷额。管理层紧密监控应

收贷款信贷质素。除已作信贷减值的

应收贷款外，于报告期末概无逾期之

应收贷款。

减值评估详情载于附注34。

应收贷款减值拨备之变动如下：

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

163高山企业有限公司 2024/2025 年报

18. LOANS RECEIVABLE (Continued)

Impairment asesment (Continued)

Notes:

(i) During the year ended 31 March 2025, the net reversal of impairment los

of HK$22,000 (2024: net impairment los of HK$46,000) was related to

loans receivable with gros carying amount of HK$30,600,000 (2024:

HK$28,800,000).

(i) The impairment los of HK$133,000 was related to loans receivable with gros

carying amount of HK$2,300,000 which were newly granted during the year

ended 31 March 2024.

(i) The reversal of impairment los of HK$33,000 (2024: HK$652,000) was related

to loans receivable under 12m ECL with gros carying of HK$1,500,000 (2024:

HK$21,000,000) which has ben fuly repaid during the year ended 31 March

2025.

(iv) The writen of of HK$51,930,000 was related to loans receivable with gros

carying amount of HK$51,930,000. During the year ended 31 March 2024, the

management reasesed and considered the Group had no realistic prospect

to recover the credit-impaired debts and hence such amount was writen of.

（续）

减值评估（续）

附注：

(i) 截至2025年3月31日止年度，减值亏

损拨回净额22,000港元（2024年：减

值亏损净额46,000港元）与账面总额为

30,600,000港元（2024年：28,800,000港

元）的应收贷款有关。

(i) 减值亏损133,000港元与截至2024年

3月31日止年度新授出的账面总值为

2,300,000港元的应收贷款有关。

(i) 减值亏损拨回33,000港元（2024年：

652,000港元）与12个月预期信贷亏损

之账面总额1,500,000港元（2024年：

21,000,000港元）的应收贷款有关，已于

截至2025年3月31日止年度全部偿还。

(iv) 撇销51,930,000港元与账面总额为

51,930,000港元的应收贷款有关。截至

2024年3月31日止年度，管理层重新作

出评估，并认为本集团并无收回信贷减

值债务的现实前景，故撇销该笔金额。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

164EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

19. DEBT INSTRUMENTS AT FAIR VALUE THROUGH OTHER

COMPREHENSIVE INCOME

HK$’000HK$’000

千港元千港元

Listed investments, at fair value:上市投资，按公平值：

Debt securities listed in Hong Kong or

overseas with fixed interests ranging

from 2.5% to 9.5% (2024: 2.5% to

9.5%) per anum and maturity dates

ranging from 11 July 2025 to 31 January

2031 (2024: 11 July 2025 to 31 January

2031)

于香港或海外上市之债务证券，

固定年利率介乎于2.5%至9.5%

（2024年： 2.5%至9.5%），到

期日由2025年7月11日至2031

年1月31日（2024年： 2025年7

月11日至2031年1月31日）

Analysed as:分析为：

Curent asets流动资产80–

Non-curent asets非流动资产–100

As at 31 March 2025 and 2024, debt instruments at FVTOCI are

stated at fair values which were determined based on the quoted

market closing prices available on the Stock Exchange or an overseas

recognised stock exchange.

Debt instruments at FVTOCI are listed bonds with the credit los

alowance measured on 12m ECL basis when the credit risk on financial

instrument has not increased significantly since initial recognition. For

those credit-impaired bonds, credit los alowance is measured using

lifetime ECL. The Group aseses the ECL for debt instruments at

FVTOCI by reference to credit rating of the bond investment by rating

agencies, macroeconomic factors afecting the respective industry for

each isuer, corporate historical default and los rate and exposure of

default of each bond investment.

During the year ended 31 March 2024, reversal of credit los alowance

of HK$1,775,000 (2025: nil) was recognised in profit or los.

Details of impairment asesment are set out in note 34.

Al debt instruments at FVTOCI are denominated in United States

dolars (“USD”), a curency other than the functional curencies of the

relevant group entities, at the end of the reporting period.

19. 按公平值计入其他全面收益之债务

工具

于2025年及2024年3月31日，按公平

值计入其他全面收益之债务工具按公

平值列账乃根据联交所或海外认可证

券交易所之所报收市价厘定。

按公平值计入其他全面收益之债务工

具按12个月预期信贷亏损基准计量

信贷亏损拨备之上市债券，因自初始

确认以来金融工具之信贷风险并无显

著增加。对于信贷减值的债券，信贷

亏损拨备利用整个周期的预期信贷亏

损作计算。本集团参考评级机构对债

券投资之信贷评级、影响各发行人各

自行业之宏观经济因素、企业历史违

约率及损失率以及各债券投资违约风

险，评估按公平值计入其他全面收益

之债务工具之预期信贷亏损。

截至2024年3月31日止年度，

1,775,000港元之信贷亏损拨备拨回已

于损益内确认（2025年：无）。

减值评估详情载于附注34。

于报告期末，所有按公平值计入其他

全面收益之债务工具以相关集团实体

功能性货币以外的货币美元（「美元」）计

值。

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

165高山企业有限公司 2024/2025 年报

20. DEBT INSTRUMENT AT AMORTISED COST

HK$’000HK$’000

千港元千港元

Unlisted debt instruments in Hong Kong:香港非上市债务工具：

Fixed-rate unsecured promisory note固定利率非担保承兑票据23,25023,490

Les: Impairment alowance减：减值拨备(914)(914)

22,33622,576

In May 2021, the Group and Lion Best Global Limited (the “isuer”),

an independent third party incorporated in the British Virgin Islands,

entered into a promisory note agrement with principal amount of

USD3,000,000 which caries interest at 8% per anum and wil be fuly

repayable on the maturity date of 25 September 2025. At 31 March

2025, the carying amount of the promisory note was HK$22,336,000

(2024: HK$22,576,000).

The promisory note is measured at amortised cost since the

Group’s busines model is to hold the debt instrument for colection

of contractual cash flows, and the cash flows represented solely

payments of principal and interest on the principal amount outstanding.

The isuer is operating in hotel busines. The Group aseses the ECL

with reference to the internal credit rating of the isuer asigned by the

Group.

During the years ended 31 March 2025 and 2024, no credit los

alowance was recognised in profit or los.

Details of impairment asesment are set out in note 34.

20. 按摊销成本计量之债务工具

于2021年5月，本集团与Lion Best

Global Limited（「发行人」）（一间于英

属维尔京群岛注册成立的独立第三

方）订立承兑票据协议，本金额为

3,000,000美元，年利率为8%并将在

2025年9月25日到期日全额偿还。于

2025年3月31日，承兑票据的账面值为

22,336,000港元（2024年：22,576,000

港元）。

由于本集团持有该等债务工具之业务

模式将为收取合约现金流量而持有，

故承兑票据按摊销成本计量，且现金

流量仅代表本金额及未偿还本金利息

之付款。发行人经营酒店业务。本集

团参考发行人之内部信贷评级评估预

期信贷亏损。

截至2025年及2024年3月31日止年

度，并无于损益确认信贷亏损拨备。

减值评估详情载于附注34。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

166EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

21. PROPERTIES HELD FOR DEVELOPMENT FOR SALE AND

PROPERTIES HELD FOR SALE

The Group’s properties PUD and PHS are situated in Hong Kong.

As at 31 March 2025, HK$970,000,000 (2024: HK$665,266,000) of

PUD are expected to be completed within twelve months after the end

of the reporting period, while the rest are expected to be completed

more than twelve months after the end of the reporting period.

As at 31 March 2025 and 2024, the Group performed asesment of

net realisable value on its PUD and PHS with reference to valuations

made by independent qualified profesional property valuer not

conected with the Group. The valuations of PUD were arived at by

using the residual method and the valuations of PHS were arived at

by using the income aproach or direct comparison method. As at 31

March 2025, there was a decrease in the estimated net realisable value

of the PUD and PHS, a net write-down of HK$129,202,000 (2024:

HK$102,937,000) and HK$20,226,000 (2024: nil) respectively, were

recognised in profit or los due to the volatile property market.

Analysis of leasehold lands component

HK$’000

千港元

As at 31 March 2025于2025年3月31日

Carying amount账面值1,846,612

As at 31 March 2024于2024年3月31日

Carying amount账面值2,520,754

For the year ended 31 March 2025截至2025年3月31日止年度

Operating cash outflows经营现金流出(19,133)

For the year ended 31 March 2024截至2024年3月31日止年度

Operating cash outflows经营现金流出(68,483)

21. 持作出售发展物业及持作出售物业

本集团之持作出售发展物业及持作出

售物业乃位于香港。

于2025年3月31日，970,000,000港元

（2024年：665,266,000港元）之持作出

售发展物业预期于报告期后十二个月

内完成，余额则预期于报告期末后超

过十二个月完成。

于2025年及2024年3月31日，本集团

已就持作出售发展物业及持作出售物

业进行可变现净值评估乃参考与本集

团没有关连之独立合资格专业物业估

值师之估值。持作出售发展物业的估

值乃根据余值法得出，而持作出售物

业乃根据收入法或直接比较法得出。

由于房地产市场出现波动，持作出售

发展物业及持作出售物业的估计可变

现净值减少，于2025年3月31日损益

内确认撇销净额分别为129,202,000

港元（2024年：102,937,000港元）及

20,226,000港元（2024年：无）。

租赁土地部分析

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

167高山企业有限公司 2024/2025 年报

21. PROPERTIES HELD FOR DEVELOPMENT FOR SALE AND

PROPERTIES HELD FOR SALE (Continued)

Analysis of leasehold lands component (Continued)

HK$’000HK$’000

千港元千港元

Aditions增加19,13368,483

Write-down撇销–(30,920)

The carying amount of leasehold lands is measured at cost les any

acumulated depreciation and any impairment loses. The residual

values are determined as the estimated disposal value of the leasehold

land component. No depreciation charge is made on the leasehold

lands taking into acount the estimated residual values as at 31 March

2025 and 2024.

Al PUD and PHS have ben pledged to secure banking facilities

granted to the Group in both years.

22. TRADE AND OTHER RECEIVABLES

HK$’000HK$’000

千港元千港元

Lease receivables应收租赁款项2,584859

Prepayments (Note (i)预付款项（附注(i)）6,9071,342

Interest receivable应收利息465110

Staf loans (Note (i)员工贷款（附注(i)8,2009,000

Deposit按金1,8151,691

Escrow deposits for properties held for sales持作出售物业之托管按金10,340–

Other receivables其他应收款项18,92420,565

49,23533,567

Notes:

(i) The Group entered into several loan agrements with certain staf. Pursuant to

the loan agrements, the staf loans were unsecured with fixed interest rate at

2% (2024: 2%) per anum and repayable on demand.

(i) As at year ended 31 March 2025, amount of HK$3,536,000 (2024: nil)

represented prepayment of rental expense to a related party.

21. 持作出售发展物业及持作出售物业

（续）

租赁土地部分析（续）

租赁土地的账面值以成本减去任何累

计折旧和任何减值损失计量。剩余价

值确定为租赁土地部分的估计出售价

值。考虑到2025年及2024年3月31日

的估计剩余值，未对租赁土地计提折

旧费用。

本集团两个年度之持作出售发展物业

及持作出售物业均已用作抵押以获取

银行融资。

22. 贸易及其他应收款项

附注：

(i) 本集团与若干员工订立数份贷款协议。

根据贷款协议，员工贷款为无抵押、固

定年利率2% （2024年：2%），及即期付

款。

(i) 截至2025年3月31日，3,536,000港元

（2024年：无）为预付租金开支予一名关

联方。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

168EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

22. TRADE AND OTHER RECEIVABLES (Continued)

The Group did not grant any credit period to its tenants in property

investment segment. The aged analysis of trade receivables and lease

receivables, based on the invoice date, at the end of the reporting

period is as folows:

HK$’000HK$’000

千港元千港元

0–60 days0–60日2,482859

61–90 days61–90日102–

2,584859

Details of impairment asesment of trade and other receivables are

set out in note 34.

No credit los alowance has ben recognised on the trade and other

receivables as the directors of the Company consider that the amount

is imaterial.

23. FINANCIAL ASETS AT FAIR VALUE THROUGH PROFIT OR

LOS

HK$’000HK$’000

千港元千港元

Listed investments, at fair value:上市投资，按公平值：

– Equity securities listed in Hong Kong and

overseas (Note i)

– 于香港及海外上市股本证券

（附注i）41,53147,124

Unlisted investments, at fair value:非上市投资，按公平值：

– Film right investment– 电影版权投资

5814,697

– Investment in limited partnership (Note i)– 有限合伙投资（附注i）–

42,732

– Unlisted securities– 非上市证券

8,6256,264

50,214110,817

Analysed as:分析为：

Curent asets流动资产41,589104,553

Non-curent asets非流动资产8,6256,264

50,214110,817

（续）

本集团并没有给予于物业投资分类之

租户赊账期。根据发票日期，贸易应

收款项及应收租赁款项于报告期末之

账龄分析如下：

贸易及其他应收款项之减值评估详情

载于附注34。

由于本公司董事认为该款项并不重

大，并无就贸易及其他应收款确认信

贷亏损拨备。

23. 按公平值计入损益之金融资产

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

169高山企业有限公司 2024/2025 年报

23. FINANCIAL ASETS AT FAIR VALUE THROUGH PROFIT OR

LOS (Continued)

The Group’s financial asets at FVTPL that are denominated in

curencies other than the functional curencies of the relevant group

entities are set out below:

HK$’000HK$’000

千港元千港元

USD美元8,62552,589

Renminbi (“RMB”)人民币（「人民币」）5814,697

Notes:

(i) The fair values of the listed equity securities are determined based on the

quoted market closing prices available on the Stock Exchange or an overseas

recognised stock exchange.

(i) During the year, the interest in limited partnership has ben disposed at a total

consideration of HK$28,971,000. Details of the disposal are set out in the

circular of the Company dated 24 June 2024.

24. TIME DEPOSITS OVER THRE MONTHS/CASH AND CASH

EQUIVALENTS

At 31 March 2024, the time deposits with maturity of more than thre

months and within 1 year caried interest at market rate of 1.50% per

anum.

Cash and cash equivalents include demand deposits and short-term

bank deposits for the purpose of meting the Group’s short term cash

comitments, which cary interest at market rates range from 0.001%

to 3.3% (2024: 0.001% to 0.925%) per anum.

The Group’s time deposits and cash and cash equivalents that are

denominated in curencies other than the functional curencies of the

relevant group entities are set out below:

HK$’000HK$’000

千港元千港元

Singapore dolar (“SGD”)新加坡元（「新加坡元」）140963

USD美元302100

RMB人民币2828

（续）

本集团按公平值计入损益的金融资产

以相关集团实体功能货币以外的货币

计值载列如下：

附注：

(i) 上市股本证券的公平值根据联交所或海

外认可证券交易所的市场收市价确定。

(i) 本年度，本公司已按总代价28,971,000

港元出售于有限合伙企业之权益。出售

详情载于本公司日期为2024年6月24日

的通函内。

╱现金及现

金等价物

于2024年3月31日，到期日超过三个

月及1年内的定期存款以市场年利率

1.50%计息。

现金及现金等价物包括活期存款及短

期银行存款以满足本集团短期现金承

担，其市场年利率介乎0.001%至3.3%

（2024年： 0.001%至0.925%）。

本集团以相关集团实体功能货币以外

之货币计值的定期存款以及现金及现

金等价物载列如下：

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

170EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

25. TRADE AND OTHER PAYABLES AND CONTRACT

LIABILITIES

Trade and other payables

HK$’000HK$’000

千港元千港元

Trade payables (Note i):贸易应付款项（附注i）：

0–30 days0–30日6,54924,260

31–60 days31–60日–6,167

Over 90 days超过90日7,112–

13,66130,427

Retention payable (Note i)应付保修金（附注i）29,01832,110

Rental deposits received and rental received

in advance

已收租金按金及预收租金

13,5358,750

Acruals预提费用2,9332,300

Interest payable应付利息10,7687,026

Other taxes payable其他应付税项–2,767

Other payables其他应付款项4,63610,370

74,55193,750

Notes:

(i) The aged analysis of trade payables is determined based on the invoice date

at the end of the reporting period. The average credit period on purchases of

gods is 30 days.

(i) Retention payable is witheld from subcontractors and wil be released by the

Group within twelve months upon completion of their works.

Contract liabilities

The Group receives deposits from customers when they sign the sale

and purchase agrement of sales of properties. The deposits from

customers are recognised as contract liabilities until the customers

obtain control of the properties. At 31 March 2025, the contract

liabilities amounted to HK$5,197,000 (2024: nil). Contract liabilities are

expected to be setled within the Group’s normal operating cycle when

control of the completed properties are transfered to the customer.

25. 贸易及其他应付款项及合约负债

贸易及其他应付款项

附注：

(i) 贸易应付款项于报告期末之账龄分析乃

根据发票日期厘定。购货之平均赊账期

为30日。

(i) 应付保修金未付予承建商及本集团将于

工程完结时十二个月内支付。

合约负债

本集团与客户签订物业买卖协议时

收取客户按金。客户按金确认为

合约负债，直至客户取得物业控制

权。于2025年3月31日，合约负债为

5,197,000港元（2024年：无）。合约负

债预期于本集团正常营运周期内，即

已完成物业的控制权转移至客户时清

偿。

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

171高山企业有限公司 2024/2025 年报

26. CONVERTIBLE NOTE CONTAINING LIABILITY AND EQUITY

COMPONENTS

On 20 February 2023, the Company isued 5% convertible note due

2028 at an agregate principal amount of HK$209,000,000 to Godco

Development Limited (“Godco”) (the “2023 Convertible Note”). The

2023 Convertible Note was used to setle of acquisition of investment

properties during the year ended 31 March 2023.

The 2023 Convertible Note is denominated in HKD and entitles the

holder to convert it into ordinary shares of the Company at any time

betwen the date of isue of the 2023 Convertible Note on 20 February

2023 and its setlement date on 20 February 2028 at a conversion

price of HK$0.106 per conversion share (subject to anti-dilutive

adjustments).

Pursuant to the adjustment provisions in the terms and conditions of

the convertible note, adjustment has ben made to the conversion

price of convertible note with principal amount of HK$209,000,000

from HK$0.106 per share to HK$4.24 per share with the number

of conversion shares adjusted from 1,971,698,113 to 49,292,452

conversion shares with efect from 19 July 2023 as a result of capital

reorganisation. Further adjustment has ben made to the conversion

price from HK$4.24 per share to HK$3.70 per share with the number of

conversion shares adjusted from 49,292,452 to 56,486,486 conversion

shares with efect from 3 August 2023 as a result of placing of shares.

On 23 January 2024, the Company entered into deds of amendment

with Godco in relation to the proposed alterations of certain terms

of the convertible note. The deds of amendment were aproved by

the shareholders at a special general meting of the Company held

on 27 March 2025 and the conditions precedent under the ded of

amendment were fulfiled on 17 April 2024. The modification of the

terms was determined to be substantial and hence resulted in the

extinguishment of the original liability component of the convertible note

and the recognition of new liability and equity components, resulting

in a net los on modification of terms of convertible note amounting

to HK$31,369,000 being recognised and presented under “los on

modification of terms of convertible note” in profit or los. After the

modification, the conversion price of the convertible notes is HK$0.18

per conversion share with interest at 5% per anum and maturity date

of 20 February 2028.

Upon modification of the 2023 Convertible Note, the Company

recognised equity component of the convertible note and defered tax

liability of HK$161,265,000 and HK$26,609,000 respectively.

26. 可换股票据包含负债及权益部分

于2023年2月20日，本公司向佳豪发展

有限公司（「佳豪」）发行于2028年到期本

金总额为209,000,000港元的5%可换股

票据（「2023年可换股票据」）。2023年

可换股票据用于结算截至2023年3月31

日止年度收购投资物业。

2023年可换股票据以港元计值，持有

人有权于2023年2月20日发行2023年

可换股票据日期至2028年2月20日结算

日期间随时按转换价将其转换为本公

司普通股每股转换股份0.106港元（须进

行反摊薄调整）。

根据可换股票据条款及条件的调整条

文，自2023年7月19日起，由于资本重

组，本金额为209,000,000港元的可换

股票据的换股价已由每股0.106港元调

整至每股4.24港元，转换股份的数目已

由1,971,698,113股调整至49,292,452

股转换股份。自2023年8月3日起，由

于配售股份而作出进一步调整，换股

价已由每股4.24港元调整至每股3.70港

元，转换股份的数目已由49,292,452股

调整至56,486,486股转换股份。

于2024年1月23日，本公司与佳豪就建

议更改可换股票据之若干条款订立修

订契据。修订契据已于2025年3月27日

举行的本公司股东特别大会上获股东

批准以及修订契据项下的先决条件已

于2024年4月17日获达成。该条款修订

厘定为重大修订，因而导致可换股票

据的原有负债部分被终止，并确认新

负债及权益部分，导致修订可换股票

据条款之净亏损达31,369,000港元已

确认并于损益内「修订可换股票据条款

亏损」呈列。修订后，可换股票据之换

股价为每股换股份0.18港元，年利率

为5%，到期日为2028年2月20日。

修订2023年可换股票据后，本公司

确认可换股票据的权益部分及递延

税项负债分别为161,265,000港元及

26,609,000港元。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

172EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

26. 可换股票据包含负债及权益部分

（续）

根据可换股票据的条款及条件中的调

整条文，本金额为109,000,000港元

的可换股票据换股价已作出调整，

其可按经调整后的现行换股价由每

股0.18港元调整至每股0.14港元兑换

605,555,555股份（经部分赎回），换

股份数目则由605,555,555股调整至

778,571,428股换股份（「调整」），由

于供股自2025年2月4日起生效。

截至2025年3月31日止年度，本公司

行使提早赎回权赎回若干本金额为

139,000,000港元之可换股票据，其中

本金额80,000,000港元以抵销应收一名

关联方款项之方式结算，构成一项非

现金交易。

于2025年3月31日，本金额

为70,000,000港元（2024年：

209,000,000港元）的2023年可换股

票据仍未偿还。假设2023年可换股

票据于2025年3月31日按换股价0.14

港元（2024年：3.70港元）全数转换，

则2023年可换股票据将可转换为

本公司股本中每股面值0.01港元的

500,000,000股（2024年：56,486,486

股）新普通股。

转换股份将于行使转换权时配发及发

行。如果2023年可换股票据在转换期

内直至到期日未转换，则将于到期日

按面值与未偿还应计利息赎回。年利

率5%的利息将每半年支付一次，直至

结算日为止。

2023年可换股票据包含负债部分和权

益部分。权益部分于权益标题「可换股

票据权益储备」中呈列。于修订日期，

2023年可换股票据负债部分的实际年

利率为17.15%。

26. CONVERTIBLE NOTE CONTAINING LIABILITY AND EQUITY

COMPONENTS (Continued)

Pursuant to the adjustment provisions in the terms and conditions of

the convertible note, adjustment has ben made to the conversion

price of convertible note with principal amount of HK$109,000,000

which is convertible into 605,555,555 shares (after partial redemption)

at an adjusted curent convertible price from HK$0.18 per share to

HK$0.14 per share with the number of conversion shares adjusted

from 605,555,555 to 778,571,428 conversion shares (the “Adjustment”)

with efect from 4 February 2025 as a result of rights isue.

During the year ended 31 March 2025, the Company exercised the

early redemption option to redem certain convertible note with

principal amount of HK$139,000,000, for which HK$80,000,000 of the

principal amount was setled by ofseting with the amount due from a

related party which constituted a non-cash transaction.

As at 31 March 2025, the 2023 Convertible Note with principal amount

of HK$70,000,000 (2024: HK$209,000,000) remained outstanding.

Asuming ful conversion of the 2023 Convertible Note at a conversion

price of HK$0.14 at 31 March 2025 (2024: HK$3.70), the 2023

Convertible Note wil be convertible into 500,000,000 new ordinary

shares (2024: 56,486,486) of HK$0.01 each in the share capital of the

Company.

Conversion shares wil be aloted and isued upon exercise of the

conversion rights. If the 2023 Convertible Note is not converted during

the conversion period up to the maturity date, it wil be redemed on

the maturity date at par with outstanding acrued interest. Interest of 5%

per anum wil be paid semi-anualy in arears up until the setlement

date.

The 2023 Convertible Note contains liability component and equity

component. The equity component is presented in equity heading

“convertible note equity reserve”. The efective interest rate of the

liability component of the 2023 Convertible Note is 17.15% per anum

at the date of modification.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

173高山企业有限公司 2024/2025 年报

26. 可换股票据包含负债及权益部分

（续）

上述可换股票据负债部分之变动载列

如下：

27. 有抵押银行借贷

26. CONVERTIBLE NOTE CONTAINING LIABILITY AND EQUITY

COMPONENTS (Continued)

The movement of the liability component of the above convertible note

is set out below:

HK$’000HK$’000

千港元千港元

At the begining of the year于年初167,954159,949

Derecognition of original liability

component upon modification of terms

of convertible note

修订可换股票据条款后取消确认原

有负债部分

(212,063)–

Recognition of new liability component upon

modification of terms of convertible note

修订可换股票据条款后确认新负债

部分143,755–

Derecognition of original liability

component upon partial redemption

of the convertible note

部分赎回可换股票据后取消确认原

有负债部分

(64,198)–

Acretion of interest利息之自然增值20,52517,941

Interest paid已付利息(8,747)(9,936)

At the end of the year于年末47,226167,954

27. SECURED BANK BOROWINGS

HK$’000HK$’000

千港元千港元

Carying amount repayable as folows (based

on the scheduled repayment dates set out

in the loan agrements):

应偿还款项之账面值如下（根据贷款

协议内所列之偿还日期）：

– within one year– 一年内1,575,2851,161,664

– within a period of more than one year

but not exceding two years

– 多于一年但不超过两年期间内

297,798834,368

– within a period of more than two years

but not exceding five years

– 多于两年但不超过五年期间内

19,17750,800

– within a period of more than five years– 超过五年期间内–19,902

1,892,2602,066,734

Les: Amount due within one year

shown under curent liabilities

减：于流动负债项下之一年内到期

之金额(1,575,285)(1,161,664)

Amount due after one year shown under

non-curent liabilities

于非流动负债项下之一年后到期之

金额316,975905,070

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

174EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

于2025年3月31日，本集团之有抵押银

行借贷年利率介乎香港银行同业拆息

（「香港银行同业拆息」）加1.3%至2.5%

（2024年：香港银行同业拆息加0.7%至

1.8%，担保隔夜融资利率（「担保隔夜融

资利率」）加0.8%），其实际年利率介乎

5.1%至6.4%（2024年：5.3%至6.4%）。

贷款以附注35所载若干资产作抵押。

款项主要用作收购投资物业，物业发

展及购买金融产品之融资。

本集团以有关集团实体功能货币以外

之货币列值之有抵押银行借贷载列如

下：

28. 租赁负债

本集团承租物业以经营其业务，而这

些租赁负债以尚未支付的租赁付款额

的现值计量。

租约经协商固定为期2至3年（2024年：

3年）。

27. SECURED BANK BOROWINGS (Continued)

At 31 March 2025, the Group’s secured bank borowings cary interest

ranging from Hong Kong Inter-Bank Ofered Rate (“HIBOR”) plus

1.3% to 2.5% (2024: HIBOR plus 0.7% to 1.8%, Secured Overnight

Financing Rate (“SOFR”) plus 0.8%) per anum, with efective interest

ranging from 5.1% to 6.4% (2024: 5.3% to 6.4%) per anum. The

loans are secured by certain asets as set out in note 35. The proceds

were mainly used to finance acquisition of investment properties,

development of properties and acquisition of financial products.

The Group’s secured bank borowings that are denominated in

curencies other than the functional curencies of the relevant group

entities are set out below:

HK$’000HK$’000

千港元千港元

HKD港元–4,614

USD美元–7,007

28. LEASE LIABILITIES

HK$’000HK$’000

千港元千港元

Lease liabilities payable:应付之租赁负债：

Within a period not exceding one year不超过一年期间内2,4472,335

Within a period of more than one year but

not exceding two years

多于一年但不超过两年期间内

1,0772,366

Within a period of more than two years but

not exceding five years

多于两年但不超过五年期间内

–1,025

3,5245,726

Les: Amount due for setlement within 12

months shown under curent

liabilities

减： 12个月内到期结算之金额显

示于流动负债下

(2,447)(2,335)

Amount due for setlement after 12 months

under non-curent liabilities

12个月后到期结算之金额显示于非

流动负债下1,0773,391

The Group leases a property to operate its busines and these lease

liabilities are measured at the present value of the lease payments that

are not yet paid.

Lease and rentals are negotiated and fixed for a terms of 2 to 3 years

(2024: 3 years).

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

175高山企业有限公司 2024/2025 年报

29. 递延税项

于年内及过往年度已确认为主要之递

延税项资产（负债）以及其变动如下：

于2025年3月31日，本集团有未动用

税项亏损509,167,000港元（2024年：

393,131,000港元）以用作抵销未来溢

利。税项亏损可无限期结转。由于未

能预计未来溢利收入，就该等亏损没

有确认其递延税项资产。

29. DEFERED TAXATION

HK$’000HK$’000

千港元千港元

Defered tax asets递延税项资产319328

Defered tax liabilities递延税项负债(3,756)(7,936)

(3,437)(7,608)

The folowings are the major defered tax asets (liabilities) recognised

and movements thereon during the curent and prior years:

ECL

alowance

Convertible

note isued

Revaluation

of propertiesTotal

预期信贷

亏损拨备

发行可换股

票据物业重估总额

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于2023年4月1日8,975(9,257)(24,536)(24,818)

(Charge) credit to profit or los

for the year

于本年度损益中（开

支）计入(8,647)1,32123,47016,144

Exchange adjustments汇兑调整–1,0661,066

At 31 March 2024于2024年3月31日328(7,936)–(7,608)

Charge to profit or los

for the year

于本年度损益中开

支(9)(6,781)–(6,790)

Release upon partial

redemption of convertible

note

部分赎回可换股票

据后解除

–15,198–15,198

Recognition upon modification

of terms of convertible note

修订可换股票据条

款后确认–(26,609)–(26,609)

Release upon modification of

terms of convertible note

修订可换股票据条

款后解除–22,372–22,372

At 31 March 2025于2025年3月31日319(3,756)–(3,437)

At 31 March 2025, the Group has unused tax loses of

HK$509,167,000 (2024: HK$393,131,000) available for ofset against

future profits. The tax loses can be caried forward indefinitely. No

defered tax aset has ben recognised in respect of such loses due

to the unpredictability of future profit streams.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

176EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

于2025年3月31日，本集团的可抵

扣暂时性差额为331,361,000港元

（2024年：181,988,000港元）。已就

1,936,000港元（2024年：1,991,000港

元）该等暂时性差额确认递延税项。

由于不大可能有应课税溢利可用作抵

扣可抵扣暂时性差额，故并无就剩余

可抵扣暂时性差额329,425,000港元

（2024年：179,997,000港元）确认递延

税项资产。

根据中国企业所得税法，自2008年1月

1日起就中国附属公司赚取的溢利宣派

的股息征收预扣税。于2025年3月31日

由于涉及金额不大，故综合财务报表并

未就中国附属公司累计溢利应占暂时性

差额人民币7,360,000元（2024年：人

民币17,121,000元）计提递延税项。

30. 股本

29. DEFERED TAXATION (Continued)

At 31 March 2025, the Group has deductible temporary diferences

of HK$331,361,000 (2024: HK$181,988,000). A defered tax has

ben recognised in respect of HK$1,936,000 (2024: HK$1,991,000)

of such temporary diferences. No defered tax aset has ben

recognised in relation to the remaining deductible temporary diference

of HK$329,425,000 (2024: HK$179,997,000) as it is not probable that

taxable profit wil be available against which the deductible temporary

diferences can be utilised.

Under the EIT Law of PRC, witholding tax is imposed on dividends

declared in respect of profits earned by PRC subsidiaries from 1

January 2008 onwards. At 31 March 2025, defered taxation has not

ben provided for in the consolidated financial statements in respect of

temporary diferences atributable to acumulated profits of the PRC

subsidiary amounting to RMB7,360,000 (2024: RMB17,121,000) as

the amount involved is insignificant.

30. SHARE CAPITAL

Notes

Nominal value

per share

Number

of sharesAmount

附注每股面值股份数目总额

HK$HK$’000

港元千港元

Authorised:法定：

At 1 April 2023, 31 March 2024

and 31 March 2025

于2023年4月1日、2024

年3月31日及2025年

3月31日0.0140,000,000,000400,000

Isued and fuly paid:已发行及缴足：

At 1 April 2023于2023年4月1日2,125,924,67621,259

Reduction of share capital upon

capital reorganisation

资本重组时减少股本

(i)0.01(2,072,776,560)(20,728)

Isue of shares upon placing配售时发行股份(i)0.0150,000,000500

At 31 March 2024于2024年3月31日103,148,1161,031

Isue of shares upon placing配售时发行股份(i)0.01235,000,0002,350

Rights isue of shares股份供股(iv)0.01676,296,2326,763

At 31 March 2025于2025年3月31日1,014,444,34810,144

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

177高山企业有限公司 2024/2025 年报

（续）

附注：

(i) 于2023年7月17日，本公司股东就股本

重组通过一项特别决议案，当中涉及

股份合并、股本削减及股份拆细。每

四十股每股面值0.01港元的已发行及

未发行现有股份合并为本公司股本中

一股每股面值0.40港元的合并股份（「合

并股份」）。紧随股份合并生效后，每股

已发行合并股份的面值由0.40港元减少

至0.01港元，乃通过注销每股已发行合

并股份的缴足股本0.39港元，使每股已

发行合并股份被视为本公司股本中一

股每股面值0.01港元的缴足股本（「新股

份」），而因股本削减而产生的进账款额

将转移至本公司实缴盈余账。紧随股份

合并及股本削减后，每股法定但未发行

合并股份（包括该等因股本削减而产生的

法定未发行合并股份）分拆为四十股法

定但未发行新股份，每股面值为0.01港

元。股本重组于2023年7月19日完成。

股本重组的详情载于本公司日期为2023

年6月21日的通函。

(i) 于2023年8月3日，本公司以每股0.5港

元的配售价向不少于六名承配人配发

50,000,000股每股面值0.01港元的普通

股。本公司筹集24,750,000港元（扣除开

支），拟于配售时用作偿还本集团银行

贷款。新配售股份乃根据本公司股东于

2023年7月24日举行的股东特别大会上

通过的决议授予董事的特别授权发行。

(i) 于2024年4月17日，本公司向不少于六

名承配人配售235,000,000股每股面值

0.01港元的普通股，配售价为每股0.18

港元。本公司筹集41,877,000港元（扣除

开支），拟于配售时用作偿还本集团银行

贷款及本集团一般营运资金。新配售股

份乃根据本公司股东于2024年3月21日

举行的股东特别大会上通过的决议授予

董事的特别授权发行。

(iv) 于2025年2月4日，本公司按每持有一股

当时现有普通股获发两股供股份之基

准，以每股供股份0.092港元之认购

价配发676,296,232股每股面值0.01港元

之供股份。本公司筹集62,219,000港

元（扣除开支前），拟于供股时用作偿还

本集团银行贷款，并用作本集团一般营

运资金。

所有于截至2025年及2024年3月31日

止年度发行之股份于各方面与当时已

发行股份享有同等权利。

30. SHARE CAPITAL (Continued)

Notes:

(i) On 17 July 2023, a special resolution has ben pased by the shareholders of

the Company for a capital reorganisation which involves share consolidation,

capital reduction and share subdivision. Consolidation of every forty isued and

unisued existing shares of par value of HK$0.01 each into one consolidated

share of par value of HK$0.40 each (the “Consolidated Share(s)”) in the share

capital of the Company. Imediately upon the share consolidation becoming

efective, the par value of each isued Consolidated Share is reduced from

HK$0.40 to HK$0.01 by a cancelation of HK$0.39 of the paid-up capital on

each isued Consolidated Share so that each isued Consolidated Share is

treated as one fuly paid up share of par value HK$0.01 each in the share

capital of the Company (the “New Share(s)”) and the credit arising from the

capital reduction be transfered to the contributed surplus acount of the

Company. Imediately folowing the share consolidation and capital reduction,

each authorised but unisued Consolidated Share (including those authorised

unisued Consolidated Shares arising from the capital reduction) is subdivided

into forty authorised but unisued New Shares of par value HK$0.01 each.

The capital reorganisation is completed on 19 July 2023. Details of the capital

reorganisation are set out in the Company’s circular dated 21 June 2023.

(i) On 3 August 2023, the Company aloted 50,000,000 ordinary shares of

HK$0.01 each by placing to not les than six places at a placing price of

HK$0.5 per share. The Company raised HK$24,750,000 (net of expenses) with

the intention at the time of placing to be used for repayment of the Group’s

bank loans. The new placing shares were isued pursuant to the specific

mandate granted to the directors by a resolution of the shareholders of the

Company pased at the special general meting held on 24 July 2023.

(i) On 17 April 2024, the Company aloted 235,000,000 ordinary shares of

HK$0.01 each by placing to not les than six places at a placing price of

HK$0.18 per share. The Company raised HK$41,877,000 (net of expenses)

with the intention at the time of placing to be used for repayment of the Group’s

bank loans and general working capital of the Group. The new placing shares

were isued pursuant to the specific mandate granted to the directors by a

resolution of the shareholders of the Company pased at the special general

meting held on 21 March 2024.

(iv) On 4 February 2025, the Company aloted 676,296,232 rights shares of

HK$0.01 each at a subscription price of HK$0.092 per rights share on the

basis of two rights shares for every one then existing ordinary share held. The

Company raised HK$62,219,000 (before expenses) with the intention at the

time of rights isue for repayment of the Group’s bank loans and as general

working capital of the Group.

Al shares isued during the years ended 31 March 2025 and 2024

rank pari pasu with the then existing shares in isue in al respects.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

178EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

31. 来自融资活动之负债之调节表

下表详列本集团来自融资活动之负债

变动，包括现金及非现金变动。来自

融资活动之负债乃有关现金流量等，

或未来现金流量将会分类为本集团之

综合现金流量表之来自融资活动之现

金流量。

31. RECONCILIATION OF LIABILITIES ARISING FROM

FINANCING ACTIVITIES

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

financing activities, including both cash and non-cash changes.

Liabilities arising from financing activities are those for which cash flows

were, or future cash flows wil be, clasified in the Group’s consolidated

statement of cash flows as cash flows from financing activities.

Convertible

note

Secured

bank

borowings

Lease

liabilitiesTotal

可换股票据

有抵押

银行借贷租赁负债总额

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

(note 26)(note 27)(note 28)

（附注26）（附注27）（附注28）

At 1 April 2023于2023年4月1日159,9491,871,9191,2602,033,128

Bank borowings raised筹集银行借贷–306,798–306,798

Repayment of bank borowings偿还银行借贷–(111,256)–(111,256)

Repayment of lease liabilities偿还租赁负债–(2,410)(2,410)

Payment of loan arangement fe支付贷款安排费用–(500)–(500)

Interest paid已付利息(9,936)(104,931)(218)(115,085)

150,0131,962,030(1,368)2,110,675

Non-cash changes:非现金变动：

– Interest expense on convertible note– 可换股票据之利息

开支17,941–17,941

– Interest expense on bank borowings– 银行借贷之利息

开支–104,931–104,931

– Interest expense on lease liabilities– 租赁负债之利息

开支–218218

– New lease entered– 新订立租赁–6,8766,876

– Exchange adjustments– 汇兑调整–(227)–(227)

At 31 March 2024于2024年3月31日167,9542,066,7345,7262,240,414

Bank borowings raised筹集银行借贷–221,079–221,079

Repayment of bank borowings偿还银行借贷–(393,674)–(393,674)

Repayment of lease liabilities偿还租赁负债–(2,353)(2,353)

Partial redemption of convertible note部分赎回可换股票据(64,198)–(64,198)

Payment of loan arangement fe支付贷款安排费用–(1,879)–(1,879)

Interest paid已付利息(8,747)(123,193)(263)(132,203)

95,0091,769,0673,1101,867,186

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

179高山企业有限公司 2024/2025 年报

Convertible

note

Secured

bank

borowings

Lease

liabilitiesTotal

可换股票据

有抵押

银行借贷租赁负债总额

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

(note 26)(note 27)(note 28)

（附注26）（附注27）（附注28）

Non-cash changes:非现金变动：

– Derecognition of original liability

component upon modification

of terms of convertible note

– 修订可换股票据后

取消确认原有负

债部分(212,063)–(212,063)

– Recognition of new liability component

upon modification of terms

of convertible note

– 修订可换股票据后

确认新负债部分

143,755–143,755

– Interest expense on convertible note– 可换股票据之利

息开支20,525–20,525

– Interest expense on bank borowings– 银行借贷之利息

开支–123,193–123,193

– Interest expense on lease liabilities– 租赁负债之利息

开支–263263

– New lease entered– 新订立租赁–151151

At 31 March 2025于2025年3月31日47,2261,892,2603,5241,943,010

31. RECONCILIATION OF LIABILITIES ARISING FROM

FINANCING ACTIVITIES (Continued)

（续）

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

180EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

╱关连交易

(a) 除综合财务报表所披露外，于年

内，本集团与永义国际之全资附

属公司进行如下交易：

本集团向永义国际承租其若干

办公室。于2025年3月31日，本

年度的租赁负债为3,524,000港

元（2024年：5,726,000港元），

已付的可退还租金按金（包括在

「贸易及其他应收款」项目中）为

416,000港元（2024年：416,000

港元）。

本公司董事雷玉珠女士亦通过其

全资拥有的实体及根据购股权计

划持有永义国际之13.52%（2024

年：13.52%）股权。

(b) 发行给永义国际之可换股票据的

详情在附注26。于年内，这些可

换股票据的利息如下：

32. RELATED PARTY TRANSACTIONS/CONECTED

TRANSACTIONS

(a) Save as disclosed in the consolidated financial statements,

during the year, the Group had the folowing transactions with

wholy-owned subsidiaries of Easyknit International:

HK$’000HK$’000

千港元千港元

Consultancy fe咨询费–2,621

Building management fe大厦管理费60–

Interest expense on lease liabilities租赁负债之利息开支263218

The Group rented certain of its ofice premises from Easyknit

International. At 31 March 2025, lease liabilities amounted to

HK$3,524,000 (2024: HK$5,726,000) and refundable rental

deposits paid (included in “trade and other receivables” line item)

amounted to HK$416,000 (2024: HK$416,000).

Ms. Lui Yuk Chu, a director of the Company, also holds 13.52%

(2024: 13.52%) equity interest of Easyknit International through

an entity wholy-owned by her and under share option scheme.

(b) Details of the convertible note isued to Easyknit International are

set out in note 26. During the year, the interests on convertible

note are as folows:

HK$’000HK$’000

千港元千港元

Acretion of interest利息之自然增值20,52517,941

Interest paid已付利息8,7479,936

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

181高山企业有限公司 2024/2025 年报

32. RELATED PARTY TRANSACTIONS/CONECTED

TRANSACTIONS (Continued)

The remuneration of executive directors and other members of

key management during the year was as folows:

HK$’000HK$’000

千港元千港元

Short-term employe benefits

Salaries and other benefits

短期雇员福利

薪金及其他福利14,48614,488

Contributions to retirement benefits

schemes

退休福利计划供款

14,58714,571

The remuneration of directors and key executives are determined

by the remuneration comite and executive directors,

respectively, having regard to the performance of individuals and

market trends.

(d) In January 2011, the Company entered into an employment

agrement with Mr. Kon Wing Ye, the spouse of Ms. Lui

Yuk Chu, to act as general manager of the Company. The

employment agrement, which constitutes a conected

transaction, comenced on 21 February 2011 but may

be terminated by either party at any time by thre months’

notice. The monthly salary has ben adjusted a few times to

HK$475,000 with efect from 1 April 2023. The remuneration of

Mr. Kon Wing Ye as general manager of the Company during

the year ended 31 March 2024 was HK$2,391,000 and was

included in the “compensation of key management personel” in

as general manager of the Company and the employment

agrement was terminated.

╱关连交易（续）

执行董事及其他主要管理人员于

年内之酬金如下：

董事及主要行政人员之酬金分别

由薪酬委员会及执行董事按照个

别人士之表现及市场趋势而厘

定。

(d) 于2011年1月，本公司与雷玉珠

女士之配偶官永义先生订立雇

用协议，雇用彼为本公司总经

理。该构成一项关连交易之雇用

协议由2011年2月21日开始，但

可于任何时候由其中任何一方

给予三个月通知而终止。每月

薪金作出了数次调整至自2023

年4月1日起为475,000港元。截

至2024年3月31日止年内官永义

先生作为本公司总经理之酬金

为2,391,000港元及已包括在以

上(c)项之「主要管理人员之薪酬」

内。于2023年9月1日，官永义

先生辞去本公司总经理，而该雇

用协议已终止。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

182EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

╱关连交易（续）

(d) （续）

2020年11月，本公司与雷玉珠

女士的女儿官可欣女士签订聘

用协议，担任本公司高级特别

顾问。该聘用协议构成关联交

易，于2020年11月25日开始生

效，但任何一方均可随时终止。

自2022年4月1日起生效，月薪

为30,000港元。官可欣女士于

截至2025年3月31日止年度担任

本公司高级特别顾问的薪酬为

360,000港元（2024年：360,000

港元）。

(e) 截至2025年3月31日止年度内，

本集团收取雷玉珠女士之若干

近亲之租金收入共288,000港元

（2024年：288,000港元）。

(f) 于2023年8月29日，城中国际有

限公司（「城中」）（本集团的一间

间接全资附属公司）与明润投资

有限公司（「明润」，永义国际的

一间接全资附属公司）订立循

环贷款协议，以授予本金额最

多为80,000,000港元之循环贷款

信贷，生效日期为2023年11月

20日，为期两年，固定利率为每

年6%。该循环贷款由永义国际

担保。详情请参阅本公司日期为

2023年8月29日的公布。

于2025年3月31日，明润获提

供贷款的未偿还余额为零（2024

年：30,000,000港元），于截至

2025年3月31日止年度产生利息

收入2,743,000港元（2024年：

404,000港元）。

(g) 截至2025年3月31日止年度，本

集团向一间合营公司就提供行政

服务收取服务费276,000元（2024

年：414,000港元）。

32. RELATED PARTY TRANSACTIONS/CONECTED

TRANSACTIONS (Continued)

(d) (Continued)

In November 2020, the Company entered into an employment

agrement with Ms. Kon Ho Yan Candy, the daughter of Ms.

Lui Yuk Chu, to act as a senior special advisor of the Company.

The employment agrement, which constitutes a conected

transaction, comenced on 25 November 2020 but may be

terminated by either party at any time. The monthly salary is

HK$30,000 with efect from 1 April 2022. The remuneration

of Ms. Kon Ho Yan Candy as a senior special advisor of

the Company during the year ended 31 March 2025 was

HK$360,000 (2024: HK$360,000).

(e) During the year ended 31 March 2025, the Group received rental

income totaling HK$288,000 (2024: HK$288,000) from certain

close relatives of Ms. Lui Yuk Chu.

(f) On 29 August 2023, City China International Limited (“City

China”), an indirect wholy-owned subsidiary of the Group,

entered into a revolving loan agrement with Main Profit

Investment Limited (“Main Profit”), an indirectly wholy-owned

subsidiary of Easyknit International to grant the revolving

loan facility in the principal amount up to a maximum of

HK$80,000,000 from efective date on 20 November 2023 for

a term of two years with fixed interest rate 6% per anum. The

revolving loan is guaranted by Easyknit International. For details,

please refer to the Company’s anouncement dated 29 August

2023.

As at 31 March 2025, the outstanding balance of loan provided

to Main Profit amounted to nil (2024: HK$30,000,000), giving

rise to interest income amounting to HK$2,743,000 (2024:

HK$404,000) during the year ended 31 March 2025.

(g) During the year ended 31 March 2025, the Group received

service charge of HK$276,000 (2024: HK$414,000) from a joint

venture for the rendering of administration services.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

183高山企业有限公司 2024/2025 年报

33. 资本风险管理

本集团对其资本实行管理以确保本集

团旗下实体可继续持续经营，透过使

债项及股本结余达致最佳平衡而为股

东争取得到最大回报。本集团之整体

策略自过往年度维持不变。

本集团之资本架构包含债务净额，当

中包括分别于附注26及27披露之可换

股票据及有抵押银行借贷、扣除现金

及现金等价物及包含已发行股本、累

计溢利及其他储备之本公司股东应占

权益。

本公司董事定期检讨资本架构。作为

检讨的一部分，本公司董事考虑资本

成本及资本的相关风险。根据本公司

董事的建议，本集团将透过发行新股

及筹集或偿还银行借贷及其他债务，

以平衡整体资本架构。

33. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that entities in the Group wil

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

shareholders through the optimisation of the debt and equity balances.

The Group’s overal strategy remains unchanged from prior year.

The capital structure of the Group consists of net debts, which includes

convertible note and secured bank borowings disclosed in notes 26

and 27, respectively, net of cash and cash equivalents and equity

atributable to owners of the Company, comprising isued share capital

and other reserves.

The directors of the Company review the capital structure on a regular

basis. As part of this review, the directors of the Company consider

the cost of capital and the risks asociated with the capital. Based

on recomendations of the directors of the Company, the Group wil

balance its overal capital structure through new share isues and

raising or repayment of bank borowings and other debts.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

184EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

34. FINANCIAL INSTRUMENTS

a. Categories of financial instruments

HK$’000HK$’000

千港元千港元

Financial asets金融资产

Financial asets at FVTPL按公平值计入损益之金融资产50,214110,817

Debt instruments at FVTOCI按公平值计入其他全面收益之债务

工具80100

Amortised cost (including cash and

cash equivalents)

摊销成本（包括现金及现金等价物）

– Trade and other receivables– 贸易及其他应收款项20,60820,919

– Amount due from a joint venture– 应收一间合营公司款项7,8501,850

– Amount due from a related party– 应收一名关联方款项–30,000

– Loans receivable– 应收贷款29,57831,023

– Debt instrument at amortised cost– 按摊销成本计量之债务工具22,33622,576

– Time deposits over thre months– 超过三个月的定期存款–31,183

– Cash and cash equivalents– 现金及现金等价物57,266299,717

187,932548,185

Financial liabilities金融负债

Amortised cost摊销成本

– Trade and other payables– 贸易及其他应付款项58,08379,240

– Convertible note– 可换股票据47,226167,954

– Secured bank borowings– 有抵押银行借贷1,892,2602,066,734

1,997,5692,313,928

34. 金融工具

a. 金融工具之类别

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

185高山企业有限公司 2024/2025 年报

（续）

b. 财务风险管理目标及政策

本集团之主要金融工具包括应收

一间合营公司款项、应收一名关

联方款项、按公平值计入损益之

金融资产、按公平值计入其他全

面收益之债务工具、贸易及其他

应收款项、应收贷款、按摊销成

本计量之债务工具、超过三个月

的定期存款、现金及现金等价

物、贸易及其他应付款项、可换

股票据及有抵押银行借贷。该等

金融工具之详情已披露于相关附

注内。该等金融工具涉及之风险

以及如何降低该等风险之政策载

列如下。管理层管理及监控该等

风险以确保适时及有效地采取适

当措施。

市场风险

(i) 货币风险

于报告期末，以外币列值

之集团实体之货币资产及

货币负债之账面值如下：

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

The Group’s major financial instruments include amount due

from a joint venture, amount due from a related party, financial

asets at FVTPL, debt instruments at FVTOCI, trade and other

receivables, loans receivable, debt instrument at amortised cost,

time deposits over thre months, cash and cash equivalents,

trade and other payables, convertible note and secured bank

borowings. Details of these financial instruments are disclosed

in respective notes. The risks asociated with these financial

instruments and the policies on how to mitigate these risks are

set out below. The management manages and monitors these

exposures to ensure that apropriate measures are implemented

on a timely and efective maner.

Market risk

(i) Curency risk

The carying amount of the group entities’ foreign curency

denominated monetary asets and monetary liabilities at

the end of the reporting period is as folows:

LiabilitiesAsets

负债资产

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

USD against HKD美元兑港元–31,26252,689

SGD against HKD新加坡元兑港元–4,614140963

RMB against HKD人民币兑港元–8614,697

USD against SGD美元兑新加坡元–7,00781100

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

186EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

（续）

市场风险（续）

(i) 货币风险（续）

敏感度分析

本集团就外币列值之货币

资产及货币负债之汇率风

险主要是来自美元兑人民

币之风险。

由于联系汇率制度，港元

与美元汇率差异之财务影

响并不重大，故此没有编

制敏感度分析。由于本公

司董事认为该外币风险的

净影响并不重大，因此并

无就新加坡元兑港元以及

美元兑新加坡元编制敏感

度分析。

下表详细列出了本集团对

人民币兑港元升值和降幅

5%的敏感度。内部向主

要管理人员报告外汇风险

时，使用5%的敏感度，

代表管理层对合理的汇率

变动的评估。敏感度分析

仅包括未偿还的外币计价

货币，并在报告期末调整

其换算，以使外币汇率

变动5%。下面的正数（负

数）表示当人民币对港元

升值5%，税后亏损减少

（增加）。如果人民币兑港

元贬值5%，则会对税后

亏损产生同等而相反的影

响。

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Market risk (Continued)

(i) Curency risk (Continued)

Sensitivity analysis

The Group is mainly exposed to the exchange rate risk on

USD against RMB for the foreign curency denominated

monetary asets and monetary liabilities.

Under the peged exchange rate system, the financial

impact on exchange diference betwen HKD and USD

wil be imaterial, and therefore no sensitivity analysis has

ben prepared. No sensitivity analysis for the curency risk

of SGD against HKD and USD against SGD is prepared

as the directors of the Company consider the net impact

of such foreign curency risk is insignificant.

The folowing table details the Group’s sensitivity to a 5%

increase and decrease in RMB against HKD. Sensitivity

rate of 5% is used when reporting foreign curency risk

internaly to key management personel and represents

management’s asesment of the reasonably posible

change in foreign exchange rates. The sensitivity analysis

includes only outstanding foreign curency denominated

monetary and adjusts their translation at the end of the

reporting period for a 5% change in foreign curency rates.

A positive (negative) number below indicates a decrease

(increase) in post-tax los where RMB strengthens 5%

against HKD. For a 5% weakening of RMB against HKD,

there would be an equal and oposite impact on the post-

tax los.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

187高山企业有限公司 2024/2025 年报

（续）

（续）

市场风险（续）

(i) 货币风险（续）

敏感度分析（续）

管理层认为，敏感度分析

反映的是年底的情况，而

不反映年内的情况。

本集团目前并无外币对冲

政策以消除货币风险。然

而，管理层密切监察相关

外币风险，并将于有需要

时考虑对冲重大外币风

险。

(i) 利率风险

本集团的主要现金流量利

率风险与其有抵押银行借

贷有关。本集团有抵押银

行借贷的利率及偿还条款

于附注27披露。

本集团亦就按公平值计入

损益之金融资产、按公平

值计入其他全面收益之债

务工具、按摊销成本计量

之债务工具、应收一名关

联方款项、超过三个月的

定期存款、现金及现金等

价物、应收固定利率贷

款、固定利率员工贷款及

可换股票据承担公平值利

率风险。本集团并无使用

任何衍生合约来对冲该等

利率风险，但管理层会监

察利率风险，并会在预期

出现重大利率风险时考虑

采取其他必要行动。

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Market risk (Continued)

(i) Curency risk (Continued)

Sensitivity analysis (Continued)

HK$’000HK$’000

千港元千港元

Increase in post-tax los税后亏损增加4614

In management’s opinion, the sensitivity analysis reflects

the exposure at the year end, but not the exposure during

the year.

The Group curently does not have a foreign curency

hedging policy to eliminate the curency exposures.

However, the management monitors the related foreign

curency exposure closely and wil consider hedging

significant foreign curency exposures should the ned

arise.

(i) Interest rate risk

The Group’s primary cash flow interest rate risk relates to

it secured bank borowings. The interest rates and terms

of repayment of the secured bank borowings of the

Group are disclosed in note 27.

The Group is also exposed to fair value interest rate

risk in relation to certain financial asets at FVTPL, debt

instruments at FVTOCI, debt instrument at amortised

cost, amount due from a related party, time deposits

over thre months, cash and cash equivalents, fixed-

rate loans receivable, fixed-rate staf loan and convertible

note. The Group has not used any derivative contracts

to hedge its exposure to such interest rate risk, however,

the management monitors interest rate exposure and wil

consider other necesary action when significant interest

rate exposure is anticipated.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

188EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

（续）

市场风险（续）

(i) 利率风险（续）

本集团于金融负债之利率

风险已于本附注之流动资

金风险管理一节内详述。

本集团之现金流量利率风

险主要来自与有抵押银行

借贷之香港银行同业拆息

（2024年：香港银行同业

拆息及担保隔夜融资利

率）波动。

按摊销成本或按公平值计

入其他全面收益计量之金

融资产之利息收益╱收入

总额如下：

敏感度分析

以下敏感度分析是根据于

以上所述于报告期末就非

衍生工具之利率及于财政

年度开始时之约定改变于

报告期间维持不变而厘

定。100个基准点增加或

减少是用于向主要管理人

员内部汇报利率风险及代

表管理层评估利率之可能

合理变动。

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Market risk (Continued)

(i) Interest rate risk (Continued)

The Group’s exposure to interest rate risk on financial

liabilities is detailed in the liquidity risk management

section of this note. The Group’s cash flow interest rate

risk is mainly concentrated on the fluctuation of HIBOR

(2024: HIBOR and SOFR) arising from secured bank

borowings.

Total interest revenue/income from financial asets that

are measured at amortised cost or at FVTOCI is as

folows:

HK$’000HK$’000

千港元千港元

Interest revenue利息收益

Financial asets at amortised cost按摊销成本计量之金融资产1,3291,930

Other income其他收入

Financial asets at amortised cost按摊销成本计量之金融资产6,3998,585

Total interest income总利息收入7,72810,515

Sensitivity analysis

The sensitivity analyses below have ben determined

based on the exposure to interest rates for non-derivative

instruments as refered to above at the end of the

reporting period and the stipulated change taking place

at the begining of the financial year and held constant

throughout the reporting period. A 100 basis points

increase or decrease is used when reporting interest

rate risk internaly to key management personel and

represents management’s asesment of the reasonably

posible change in interest rates.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

189高山企业有限公司 2024/2025 年报

（续）

（续）

市场风险（续）

(i) 利率风险（续）

敏感度分析（续）

如果浮动利率借贷的利率

升高或降低100个基点且

所有其他变量保持不变，

则本集团截至2025年3月

31日止年度的税后亏损将

增加╱减少15,800,000港

元（2024年：17,257,000

港元）。

管理层认为，该敏感度分

析并不能代表潜在利率风

险，因年底风险不能反映

年内风险。

(i) 其他价格风险

本集团因投资于上市股本

及债务证券而面临其他价

格风险。管理层通过维持

具有不同风险的投资组合

来管理此风险。本集团的

价格风险主要集中于在联

交所上市的从事经营及投

资食品及饮料品牌以及银

行及金融业的发行人所挂

牌的权益工具。此外，本

集团已委任专责小组监察

价格风险，并于有需要时

考虑对冲风险敞口。

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Market risk (Continued)

(i) Interest rate risk (Continued)

Sensitivity analysis (Continued)

If interest rates had ben 100 basis points higher or lower

for its variable rate borowings and al other variables

were held constant, the Group’s post-tax los for the

year ended 31 March 2025 would increase/decrease by

HK$15,800,000 (2024: HK$17,257,000).

In management’s opinion, the sensitivity analyses are

unrepresentative of the inherent interest rate risk as the

year end exposure does not reflect the exposure during

the year.

(i) Other price risk

The Group is exposed to other price risk through its

investments in listed equity and debt securities. The

management manages this exposure by maintaining

a portfolio of investments with diferent risks. The

Group’s price risk is mainly concentrated on listed

equity instruments quoted in the Stock Exchange of

isuers engaged in operation and investment in fod and

beverage brands and banking and finance industry sector.

In adition, the Group has apointed a special team to

monitor the price risk and wil consider hedging the risk

exposure should the ned arise.

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

190EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

（续）

市场风险（续）

(i) 其他价格风险（续）

敏感度分析

以下敏感度分析是根据于

报告日期所承受之股本价

格风险厘定。

倘上市股本工具价格上

升╱下降5%（2024年：5

%），于截至2025年3月31

日止年度之税后亏损将因

上市股本工具之公平值变

动而减少╱增加2,508,000

港元（2024年：2,356,000

港元）。

管理层认为，于2025年及

2024年3月31日债务证券

对价格风险的财务影响并

不重大，故并无编制敏感

度分析。

信贷风险及减值评估

于2025年及2024年3月31日，

本集团所面临因对手方未能履行

责任而遭受财务损失的最大信贷

风险主要来自于贸易应收款项、

租赁应收款项、应收贷款、其他

应收款项、超过三个月的定期存

款、银行结余、按摊销成本计量

之债务工具、应收一间合营公司

款项、应收一名关联方款项和按

公平值计入其他全面收益之债务

工具。本集团并无持有任何抵押

品或其他信贷增强措施，以覆盖

其金融资产相关信贷风险，惟应

收贷款相关信贷风险获减缓，因

为彼等为以上市证券或物业作抵

押。

于报告期末，对历史观察到的违

约率进行了重新评估，并考虑了

包括失业率指数预测和其他相关

因素在内的前瞻性信息的变化。

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Market risk (Continued)

(i) Other price risk (Continued)

Sensitivity analysis

The sensitivity analyses below have ben determined

based on the exposure to equity price risk at the reporting

date.

If the prices of the listed equity instruments have ben

5% (2024: 5%) higher/lower, post-tax los for the year

ended 31 March 2025 would decrease/increase by

HK$2,508,000 (2024: HK$2,356,000) as a result of the

changes in fair value of listed equity instruments.

In the management’s opinion, the financial impact on price

risk of debt securities as at 31 March 2025 and 2024

would be imaterial, and therefore no sensitivity analysis

has ben prepared.

Credit risk and impairment asesment

As at 31 March 2025 and 2024, the Group’s maximum exposure

to credit risk which wil cause a financial los to the Group due

to failure to discharge an obligation by the counterparties are

primarily atributable to trade receivables, lease receivables,

loans receivable, other receivables, time deposits over thre

months, bank balances, debt instruments at amortised cost,

amount due from a joint venture, amount due from a related

party and debt instruments at FVTOCI. The Group does not hold

any colateral or other credit enhancements to cover its credit

risk asociated with its financial asets, except that the credit

risk asociated with loans receivable is mitigated because they

are secured over marketable securities or properties.

At the end of reporting period, the historical observed default

rates are reasesed and changes in the forward-loking

information including forecast of unemployment rate index and

other relevant factors are considered.

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

191高山企业有限公司 2024/2025 年报

（续）

（续）

信贷风险及减值评估（续）

除按公平值计入损益之金融资产

外，本集团根据预期信贷亏损模

式对金融资产进行了减值评估。

有关本集团信贷风险管理，最大

信贷风险情况及相关减值评估

（如适用）的信息摘要如下：

本集团金融资产之内部信贷风险

评级包括以下类别：

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Except for financial asets at FVTPL, the Group performed

impairment asesment for financial asets under ECL model.

Information about the Group’s credit risk management,

maximum credit risk exposures and the related impairment

asesment, if aplicable, are sumarised as below:

The Group’s internal credit risk grading asesment for the

Group’s financial asets comprises the folowing categories:

Internal credit ratingDescription

Trade and

lease receivables

Financial asets

other than trade

and lease receivables

内部信贷评级详情贸易及租赁应收款项

金融资产（不包括贸易

及租赁应收款项）

Low riskThe counterparty has a low risk

of default and does not have

any past-due amounts

Lifetime ECL – not credit-

impaired

12m ECL

低风险交易对手违约风险低且并无任何

逾期款项

整个周期的预期信贷亏损 – 非

信贷减值

12个月预期信贷亏损

Medium riskDebtor frequently repays after due

date

Lifetime ECL – not credit-

impaired

12m ECL

中风险债务人经常于到期日后还款整个周期的预期信贷亏损 – 非

信贷减值

12个月预期信贷亏损

High riskThere have ben significant

increases in credit risk since

initial recognition through

information developed internaly

or external resources

Lifetime ECL – not credit-

impaired

Lifetime ECL – not

credit-impaired

高风险透过内部形成的资料或外部来源

信贷风险自首次确认以来出现

大幅增加

整个周期的预期信贷亏损 – 非

信贷减值

整个周期的预期信贷

亏损 – 非信贷减值

LosThere is evidence indicating the

aset is credit-impaired

Lifetime ECL – credit-impairedLifetime ECL – credit-

impaired

亏损有证据显示资产出现信贷减值整个周期的预期信贷亏损 – 信

贷减值

整个周期的预期信贷

亏损 – 信贷减值

Write-ofThere is evidence indicating that

the debtor is in severe financial

dificulty and the Group has no

realistic prospect of recovery

Amount is writen ofAmount is writen of

撇销有证据显示债务人陷入严重财务

困难，本集团认为无实际收回

可能

金额撇销金额撇销

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

192EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

（续）

信贷风险及减值评估（续）

下表载列本集团金融资产根据预

期信贷亏损评估的信贷风险详

情：

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

The table below details the credit risk exposures of the Group’s

financial asets, which are subject to ECL asesment:

Notes

External

credit rating

Internal

credit rating

12m

or lifetime ECLos rate range

Gros

carying amount

附注外部信贷评级内部信贷评级

12个月或整个周期的

预期信贷亏损失率范围账面总值

HK$’000HK$’000

千港元千港元

Debt instruments at FVTOCI

按公平值计入其他全面收益之债

务工具

Investments in listed bonds

(Note (i)

19C to CaN/ALifetime ECL – credit-

impaired

100%100%11,98012,000

上市债券之投资（附注(i)）C至Ca不适用整个周期的预期信

贷亏损 – 信贷减

值

Financial asets at amortised

cost

按摊销成本计量之金融资产

Loans receivable18N/ALow risk12m ECL3% to 9%3% to 8%30,60032,100

应收贷款不适用低风险12个月预期信贷亏

损

3%至9%3%至8%

Lease receivables22N/A(Note i)Lifetime ECL – not

credit-impaired

N/AN/A2,584859

租赁应收款项不适用（附注i）整个周期的预期信

贷亏损 – 非信贷

减值

不适用不适用

Other receivables22N/A(Note i)12m ECLN/AN/A18,02420,060

其他应收款项不适用（附注i）12个月预期信贷亏

损

不适用不适用

Debt instrument at amortised cost20N/A(Note i)12m ECL4%4%23,25023,490

按摊销成本计量之债务工具不适用（附注i）12个月预期信贷亏

损

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

193高山企业有限公司 2024/2025 年报

Notes

External

credit rating

Internal

credit rating

12m

or lifetime ECLos rate range

Gros

carying amount

附注外部信贷评级内部信贷评级

12个月或整个周期的

预期信贷亏损失率范围账面总值

HK$’000HK$’000

千港元千港元

Amount due from a joint ventureN/A(Note i)12m ECLN/AN/A7,8501,850

应收一间合营公司款项不适用（附注i）12个月预期信贷亏

损

不适用不适用

Amount due from a related party32(f)N/A(Note i)12m ECLN/AN/A–30,000

应收一名关联方款项不适用（附注i）12个月预期信贷亏

损

不适用不适用

Time deposits over thre months24Prime – 1N/A12m ECLN/AN/A–31,183

超过三个月的定期存款最优惠– 1不适用12个月预期信贷亏

损

不适用不适用

Bank balances24Prime – 2 to A1

(2024: Prime –

2 to A1)

N/A12m ECLN/AN/A57,266299,717

银行结余24最优惠– 2至A1

（2024年：最优

惠– 2至A1）

不适用12个月预期信贷亏

损

不适用不适用

Notes:

(i) The amounts stated in the above table represent the initial purchase

cost. For the purpose of ECL asesment, the Group considers the

gros principal amount and the related contractual interests of the debt

instruments. As at 31 March 2025, the gros principal amount of these

debt instruments amounted to HK$11,900,000 (2024: HK$11,900,000).

(i) For the purpose of internal credit impairment, the Group considers

if there is any past due record or other relevant information available

without undue cost or efort to ases whether credit risk has increased

significantly since initial recognition.

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

（续）

（续）

信贷风险及减值评估（续）

附注：

(i) 上述表格中的金额为初始购买成

本。就预期信贷亏损评估而言，

本集团考虑债务工具的本金总

额及相关的合约权益。于2025

年3月31日，该等债务工具的本

金总额为11,900,000港元（2024

年：11,900,000港元）。

(i) 就内部信贷减值而言，本集团考

虑是否有任何逾期记录或毋须繁

重成本或努力可得之其他相关资

料评估自初始确认后信贷风险是

否已显著增加。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

194EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

（续）

信贷风险及减值评估（续）

按公平值计入其他全面收益之债

务工具

本集团于报告日期评估债务证券

投资的信贷风险。本集团按公平

值计入其他全面收益之债务工具

主要包括由信用评级机构根据全

球理解的定义进行评级的上市债

券，一些没有外部信用评级的债

券则通过内部信用评级进行评

估。

按摊销成本计量之债务工具

本集团于报告日评估债务证券投资的

信用风险。本集团按摊销成本计量之

债务工具包括没有外部信用评级的承

兑票据，而经内部信用评级进行评

估。

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Debt instruments at FVTOCI

The Group aseses the credit risk of investments in debt

securities at the reporting date. The Group’s debt instruments at

FVTOCI mainly comprise listed bonds that are graded by credit-

rating agencies as per globaly understod definitions and some

bonds without external credit rating are asesed by internal

credit ratings.

Lifetime

ECL – credit

impaired

整个周期的预期

信贷亏损 – 信贷减值

HK$’000

千港元

At 1 April 2023于2023年4月1日13,675

Changes due to debt instruments at FVTOCI

recognised as at 1 April 2023

由于按公平值计入其他全面收益之

债务工具的变动于2023年

4月1日确认

– Net remeasurement of ECL– 预期信贷亏损之净重估(1,775)

At 31 March 2024 and 31 March 2025于2024年3月31日及

2025年3月31日11,900

Debt instrument at amortised cost

The Group aseses the credit risk of investments in debt

securities at the reporting date. The Group’s debt instrument at

amortised cost comprises a promisory note without external

credit rating, which has ben asesed by internal credit rating.

12m ECL

12个月预期信贷亏损

HK$’000

千港元

At 1 April 2023, 31 March 2024 and 31 March 2025于2023年4月1日、2024年3月31日

及2025年3月31日914

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

195高山企业有限公司 2024/2025 年报

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Loans receivable

The Group has concentration of credit risk in relation to loans

receivable, amounting to HK$29,578,000 at 31 March 2025

(2024: HK$31,023,000), from a few borowers with 55% (2024:

55%) of the balance secured by properties with estimated

fair values of HK$18,595,000 (2024: HK$17,745,000). The

Group is not permited to sel or repledge the colaterals in the

absence of default by the borower. There has not ben any

significant changes in the quality of the colateral held for the

loans receivable. The largest borower of the Group by itself

acounted for aproximately 33% (2024: 31%) of the Group’s

loans receivable at 31 March 2025.

The Group seks to maintain strict control over its outstanding

loans receivable to minimise credit risk. The management has

a credit policy in place and the exposures to the credit risk are

monitored on an ongoing basis. Impairment alowances on

outstanding loans receivable are determined by an evaluation

of financial background, financial condition and historical

setlement records, including past due rates and default rates,

of the borowers and relevant information from public domain at

the end of each reporting period. The borowers are asigned

diferent grading under internal credit ratings to calculate the

ECL, taking into consideration of the estimates of expected cash

shortfals which are driven by estimates of posibility of default

and the amount and timing of cash flows that are expected from

foreclosure on the colaterals (if any) les the costs of obtaining

and seling the colaterals.

Trade and lease receivables and other receivables

No alowance for impairment was made since the directors of

the Company consider that the probability of default is minimal

after asesing the counterparties’ financial background and

creditability.

Staf loans

No alowance for impairment was made since the directors of

the Company consider that the amount involved is insignificant.

（续）

（续）

信贷风险及减值评估（续）

应收贷款

本集团就应收贷款的信贷风

险集中，于2025年3月31日

为29,578,000港元（2024年：

31,023,000港元），来自少数借

款人的55%（2024年：55%）由

估计公平值为18,595,000港元

（2024年：17,745,000港元）的物

业作抵押。在借款人没有违约的

情况下，本集团不得出售或再质

押抵押品。应收贷款持有的抵押

品质量并无重大变化。于2025

年3月31日，本集团最大借款人

本身占本集团应收贷款约33%

（2024年：31%）。

本集团力求严格控制其未偿还的

应收贷款，以尽量降低信贷风

险。管理层已制定信贷政策，并

持续监控信贷风险。未偿还应收

贷款的减值拨备乃根据各报告期

末对借款人的财务背景、财务状

况及历史结算记录（包括逾期率

及违约率）及来自公开领域的相

关资料的评估而厘定。借款人在

内部信用评级下被分配不同的等

级以计算预期信贷亏损，同时考

虑到对违约可能性的估计所驱动

的预期现金短缺的估计以及预期

因抵押品止赎而产生的现金流量

和时间（如有）减去取得和出售抵

押品的成本。

贸易及租赁应收款项及其他应收

款项

经评估交易对手的财务背景及信

用后，并没有作出减值拨备因本

公司董事认为违约概率极少。

员工贷款

由于本公司董事认为，所涉金额

并不重大，因此并无作出减值拨

备。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

196EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Credit risk and impairment asesment (Continued)

Amount due from a joint venture

No alowance for impairment was made since the directors of

the Company consider that the probability of default is minimal

after asesing the joint venture’s financial background and

creditability.

Amount due from a related party

No alowance for impairment was made since the directors of

the Company consider that the probability of default is minimal

after asesing the related party’s financial background and

creditability.

Time deposits over thre months and bank balances

No alowance for impairment was made since the directors of

the Company consider that the probability of default is negligible

as such amounts are receivable from or placed in banks with

god reputation.

Liquidity risk

In the management of liquidity risk, the Group monitors and

maintains a level of cash and cash equivalents demed adequate

by the management to finance the Group’s operations. The

management monitors the utilisation of borowings and ensures

compliance with loan covenants.

As at 31 March 2025, the Group has available unutilised bank

loan facilities of HK$693,246,000 (2024: HK$1,157,367,000).

The folowing table details the Group’s remaining contractual

maturity for its financial liabilities. The table has ben drawn

up based on the undiscounted cash flows of financial liabilities

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

to pay. The table includes both interest and principal cash flows.

（续）

（续）

信贷风险及减值评估（续）

应收一间合营公司款项

经评估合营公司的财务背景及信

用后，并没有作出减值拨备因本

公司董事认为违约概率极少。

应收一名关联方款项

由于本公司董事在评估关联方之

财务背景及信誉后认为违约可能

性极低，故未有就减值作出拨

备。

超过三个月的定期存款及银行结

余

由于本公司董事认为，由于该等

款项收取自或存放于信誉良好的

银行，因此违约概率微乎其微，

故并无作出减值拨备。

流动资金风险

就流动资金风险管理而言，本集

团监控及维持管理层视为足够水

平之现金及现金等价物以供本集

团之经营所需。管理层监控借贷

之动用并确保其遵守贷款条款。

于2025年3月31日，本集团

有未动用银行贷款额度为

693,246,000港元（2024年：

1,157,367,000港元）。

下表详列本集团之金融负债之剩

余合约到期限。此表乃按本集

团可被要求付款之最早到期日之

金融负债未折现金流量列示，

表内包括利息及本金现金流量。

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

197高山企业有限公司 2024/2025 年报

34. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies

(Continued)

Liquidity table

Efective

interest rate

On demand

or les than

3 months

More than

3 months

but les

than 1 year1–2 years2–5 yearsOver 5 years

Total

undiscounted

cash flows

Carying

amounts

实际利率

按需求或

少于3个月

超过3个月

但少于1年1–2年2–5年超过5年

未折现金

流量总额账面值

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

千港元千港元千港元千港元千港元千港元千港元

20252025年

Trade and other payables贸易及其他应付款项–58,083–58,08358,083

Convertible note可换股票据17.15–80,193–80,19347,226

Secured bank borowings有抵押银行借贷5.42662,882961,569305,28219,505–1,949,2381,892,260

Lease liabilities租赁负债5.656451,9351,096–3,6763,524

721,610963,504306,37899,698–2,091,1902,001,093

20242024年

Trade and other payables贸易及其他应付款项–79,240–79,24079,240

Convertible note可换股票据11.38–219,479–219,479167,954

Secured bank borowings有抵押银行借贷6.13896,775341,729883,27043,33323,3382,188,4452,066,734

Lease liabilities租赁负债5.576571,9382,4961,039–6,1305,726

976,672343,667885,766263,85123,3382,493,2942,319,654

c. Fair value

(i) Fair value of the Group’s financial asets that are

measured at fair value on a recuring basis

Some of the Group’s financial asets are measured at

fair value at the end of the reporting period. The Board

has delegated the valuation work to the management to

determine the apropriate valuation techniques and inputs

for fair value measurements.

In estimating the fair value, the Group uses market-

observable data to the extent it is available. Where Level

1 inputs are not available, the Group engages third

party qualified valuers to perform the valuation. The

management works closely with the qualified external

valuers to establish the apropriate valuation techniques

and inputs to the model. The management reports the

findings to the directors of the Company regularly to

explain the cause of fluctuations in the fair value.

（续）

（续）

流动资金表

c. 公平值

(i) 本集团根据经常性基准按

公平值计量之金融资产之

公平值

部分本集团之金融资产于

报告期末按公平值计量。

董事会已将估值工作委托

给管理层，以确定公平值

计量的适当估值技术和输

入数据。

在估计公平值时，本集团

尽可能使用市场可观察数

据。倘无法获得第一级输

入数据，本集团委聘第三

方合资格估值师进行估

值。管理层与合资格外部

估值师紧密合作，以建立

适当的估值技术及模式输

入值。管理层定期向本公

司董事报告调查结果，以

解释公平值波动的原因。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

198EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

34. FINANCIAL INSTRUMENTS (Continued)

c. Fair value (Continued)

(i) Fair value of the Group’s financial asets that are

measured at fair value on a recuring basis (Continued)

The folowing table gives information about how the

fair values of these financial asets are determined (in

particular, the valuation techniques and key inputs used).

Financial asetsFair value at 31 March

Fair value

hierarchy

Valuation techniques and

key inputsSignificant unobservable inputs

金融资产于3月31日之公平值公平值级别估值技术及输入数据重大不可观察之输入

HK$’000HK$’000

千港元千港元

Debt instruments at FVTOCI

按公平值计入其他全面收益之

债务工具

– Listed debt securities80100Level 1Quoted bid prices in an active marketN/A

– 上市债务证券第1级于活跃市场中所报之出价不适用

Financial asets at FVTPL

按公平值计入损益之金融资产

– Listed equity securities41,53147,124Level 1Quoted bid prices in an active marketN/A

– 上市股本证券第1级于活跃市场中所报之出价不适用

– Film right investment5814,697Level 3Discounted cash flows – future cash

flows are estimated

Discount rate 4.35% (2024: 4.35%)

– 电影版权投资第3级折现金流量 – 估计未来现金流量折现率为4.35%（2024年：4.35%）

– Investment in limited

partnership

–42,732Level 3Net aset value quoted from fund

manager

Net aset value of the underlying

investments

– 有限合伙投资第3级基金经理所报的资产净值相关投资的资产净值

– Unlisted securities8,6256,264Level 3Market comparable aproachMarket multiple of 3.0 and discount

for lack of marketability of 30%

– 非上市证券第3级市场可比较法市场倍数3.0及缺乏市场折让30%

A slight increase in the discount rate used in isolation

would result in a slight decrease in the fair value

measurement of the film right investment, and vice versa.

The higher the market multiple, the higher the fair value,

and vice versa. The higher the discount, the lower the fair

value, and vice versa.

（续）

（续）

(i) 本集团根据经常性基准按

公平值计量之金融资产之

公平值（续）

下表阐述有关如何厘定该

等金融资产公平值（尤其

是所用之估值技术及输入

数据）。

单一使用的折现率略有增加，将导致

电影版权投资的公平值计量略有下

降，反之亦然。

市场倍数越高，公平值越高，反之亦

然。折让越高，公平值越低，反之亦

然。

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

199高山企业有限公司 2024/2025 年报

34. FINANCIAL INSTRUMENTS (Continued)

c. Fair value (Continued)

(i) Reconciliation of Level 3 fair value measurements

Film right

investment

Investment

in limited

partnership

Unlisted

securitiesTotal

电影版权

投资

有限合伙

投资非上市证券总额

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于2023年4月1日15,50428,230–43,734

Aditions增加–15,178–15,178

Transfer into level 3 due to

change of valuation technique

因估值技术变动转

拨至第3级–6,2646,264

Unrealised fair value los

recognised in profit or los

于损益内确认之未

变现公平值亏损–(712)–(712)

Exchange adjustments汇兑调整(807)36–(771)

At 31 March 2024于2024年3月31日14,69742,7326,26463,693

Aditions增加–785–785

Unrealised fair value gain

recognised in profit or los

于损益内确认之未

变现公平值亏损–2,4252,425

Realised fair value los

recognised in profit or los

于损益内确认之变

现公平值亏损–(14,545)–(14,545)

Disposal出售(14,367)(28,972)–(43,339)

Exchange adjustments汇兑调整(272)–(64)(336)

At 31 March 2025于2025年3月31日58–8,6258,683

Except for the unlisted securities stated above, there were

no transfers betwen Levels 1, 2 and 3 in both years.

（续）

（续）

(i) 第3级公平值计量的对账

除上文所指的非上市证券外，于两个

年度内第1、2及3级之间并无转拨。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

200EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

34. FINANCIAL INSTRUMENTS (Continued)

c. Fair value (Continued)

(i) Fair value of financial asets and financial liabilities that

are not measured at fair value on a recuring basis

Except for the convertible note isued, the directors of the

Company consider that the carying amounts of financial

asets and financial liabilities recorded at amortised cost

in the consolidated financial statements aproximate to

their fair values.

At 31 March 2025, the fair value of liability component

of the convertible note isued by the Company, which is

recognised at amortised cost of HK$47,226,000 (2024:

HK$167,954,000) (note 26), was HK$69,148,000 (2024:

HK$160,729,000). The fair value is determined using

Trinomial Tre Model (2024: management estimation) at

Level 3.

35. PLEDGE OF ASETS

At the end of the reporting period, the folowing asets of the Group

were pledged to banks to secure credit facilities granted to the Group:

HK$’000HK$’000

千港元千港元

Investment properties投资物业1,057,9001,211,443

PHS持作出售物业1,712,6541,065,891

PUD持作出售发展物业1,846,6122,520,754

4,617,1664,798,088

In adition, rentals in respect of the above investment properties and

future sale proceds and rentals in respect of the above PUD and PHS

are also pledged to these banks.

（续）

（续）

(i) 没有根据经常性基准按公

平值计量之金融资产及金

融负债之公平值

除已发行的可换股票据

外，本公司董事认为，于

综合财务报表按摊销成本

列账的金融资产及金融负

债的账面值与其公平值相

若。

于2025年3月31日，本公

司发行的可换股票据的负

债部分的公平值按摊销

成本确认47,226,000港元

（2024年：167,954,000

港元）（附注26）为

69,148,000港元（2024

年：160,729,000港元）。

公平值是在第3级使用三

项式期权定价模式（2024

年：管理层估计）确定。

35. 资产抵押

于报告期末，本集团抵押下列资产予

银行作为确保批予本集团之信贷额

度：

此外，上述投资物业租金及上述持作

出售发展物业及持作出售物业日后之

销售所得款项及租金亦抵押予该等银

行。

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

201高山企业有限公司 2024/2025 年报

36. OPERATING LEASE ARANGEMENTS

The Group as lesor

HK$’000HK$’000

千港元千港元

Property rental income earned during

the year

年内赚取之物业租金收入

32,35428,751

Les: Outgoings减：支出(3,295)(2,406)

Net rental income租金收入净额29,05926,345

Al of the properties held for rental purposes have comited leses

for 1 to 4 years (2024: 1 to 3 years) from the end of the reporting

period without termination options granted to tenants.

Undiscounted lease payments receivable on leases are as folows:

HK$’000HK$’000

千港元千港元

Within one year一年内29,09427,424

In the second year于第二年18,56615,145

In the third year于第三年6,1434,551

In the fourth year于第四年271–

54,07447,120

37. COMITMENT

HK$’000HK$’000

千港元千港元

Capital expenditure contracted for but

not provided in the consolidated financial

statements in respect of – interest in

limited partnership

已订约但尚未于综合财务报表中拨

备之资本开支乃关于 – 有限合伙

公司权益

–4,418

36. 经营租约安排

本集团作为出租人

于报告期末，所有用于租赁之物业均

已获承租人承租1至4年（2024年：1至3

年），且未向租户授予终止选择权。

应收租赁未折现租赁付款如下：

37. 承担

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

202EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

38. RETIREMENT BENEFITS SCHEMES

The Group operates a defined contribution Mandatory Provident Fund

retirement benefits scheme (the “MPF Scheme”) under the Hong

Kong Mandatory Provident Fund Schemes Ordinance. Under the MPF

Scheme, the employes are required to contribute 5% of their monthly

salaries or up to a maximum of HK$1,500 and they can chose to

make aditional contributions. The employer’s monthly contributions

are calculated at 5% of the employe’s monthly salaries or up to a

maximum of HK$1,500 (the “mandatory contributions”). The employes

are entitled to 100% of the employer’s mandatory contributions upon

their retirement at the age of 65, death or total incapacity.

There were no forfeited contributions utilised to ofset employers’

contributions for both years. The employers’ contributions which have

ben dealt with in the consolidated statement of profit or los and other

comprehensive income were as folows:

HK$’000HK$’000

千港元千港元

Employers’ contributions recognised in profit

or los

于损益中确认之雇主供款

As at 31 March 2025 and 2024, there were no forfeited contributions

available to reduce the contributions payable in the future years.

38. 退休福利计划

本集团根据香港强制性公积金计划条

例，营运界定供款强制性公积金退休

福利计划（「强积金计划」）。于强积金计

划下，雇员须根据每月薪金供款5%或

最多为1,500港元，雇员并可选择作出

额外供款。雇主每月供款为按雇员之

每月薪金计算供款5%或最多为1,500

港元（「强制性供款」）。雇员于65岁退休

时、死亡或完全丧失行为能力时，可

享有雇主强制性供款之100%。

两个年度并没有被没收的供款用于抵

销当年的雇主供款。已于综合损益及

其他全面收益表处理的雇主供款如

下：

于2025年和2024年3月31日，没有没

收的供款可用于减少未来几年的应付

供款。

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

203高山企业有限公司 2024/2025 年报

39. PARTICULARS OF PRINCIPAL SUBSIDIARIES

Particulars of the Company’s principal subsidiaries at 31 March 2025

are as folows:

Name of subsidiaries

Place of incorporation/

establishment and operation

Nominal value of isued

share capital/paid-up

registered capital/

stated capital

Proportion of nominal

value of isued share

capital/paid-up registered

capital held by the CompanyPrincipal activities

附属公司名称注册成立╱成立及经营地点

已发行股本╱缴足注册股本╱

声明股本面值

本公司持有已发行股本╱

缴足注册股本面值百分比主要业务

Directly held:

直接持有：

Fanju Investments LimitedBritish Virgin Islands

(“BVI”)/ Hong Kong

Ordinary USD1100%100%Investment in securities and

others

泛菊投资有限公司英属处女群岛（「英属处女群

岛」）╱香港

普通股1美元证券及其他投资

Glory Link Investment LimitedHong KongOrdinary HK$1100%100%Investment in securities and

others

邦兴投资有限公司香港普通股1港元证券及其他投资

Indirectly held:

间接持有：

Asia Milion Investment LimitedHong KongOrdinary HK$1100%100%Property investment

侨万投资有限公司香港普通股1港元物业投资

Capital Wel (H.K.) LimitedHong KongOrdinary HK$1100%100%Property investment

富和（香港）有限公司香港普通股1港元物业投资

City ChinaHong KongOrdinary HK$1100%100%Loan financing

城中香港普通股1港元贷款融资

Day Glory Investment LimitedHong KongOrdinary HK$1100%100%Property investment

日兴投资有限公司香港普通股1港元物业投资

39. 主要附属公司之详情

于2025年3月31日，本公司主要附属公

司之详情如下：

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

204EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

Name of subsidiaries

Place of incorporation/

establishment and operation

Nominal value of isued

share capital/paid-up

registered capital/

stated capital

Proportion of nominal

value of isued share

capital/paid-up registered

capital held by the CompanyPrincipal activities

附属公司名称注册成立╱成立及经营地点

已发行股本╱缴足注册股本╱

声明股本面值

本公司持有已发行股本╱

缴足注册股本面值百分比主要业务

Indirectly held: (Continued)

间接持有：（续）

Excelent East LimitedHong KongOrdinary HK$1100%100%Property investment

思英有限公司香港普通股1港元物业投资

Gainever Corporation LimitedHong KongOrdinary HK$2100%100%Investment in securities and

others

永达恒有限公司香港普通股2港元证券及其他投资

Goldchamp International LimitedHong KongOrdinary HK$10,000100%100%Property investment

世昌国际有限公司香港普通股10,000港元物业投资

Golden Top Properties LimitedHong KongOrdinary HK$2100%100%Property investment

高顺置业有限公司香港普通股2港元物业投资

Janson Properties LimitedHong KongOrdinary HK$2100%100%Property investment

展胜置业有限公司香港普通股2港元物业投资

Main Lucky Enterprises LimitedHong KongOrdinary HK$1100%100%Property development

明益企业有限公司香港普通股1港元物业发展

39. PARTICULARS OF PRINCIPAL SUBSIDIARIES (Continued)39. 主要附属公司之详情（续）

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

205高山企业有限公司 2024/2025 年报

Name of subsidiaries

Place of incorporation/

establishment and operation

Nominal value of isued

share capital/paid-up

registered capital/

stated capital

Proportion of nominal

value of isued share

capital/paid-up registered

capital held by the CompanyPrincipal activities

附属公司名称注册成立╱成立及经营地点

已发行股本╱缴足注册股本╱

声明股本面值

本公司持有已发行股本╱

缴足注册股本面值百分比主要业务

Indirectly held: (Continued)

间接持有：（续）

On Chanel International LimitedHong KongOrdinary HK$1100%100%Property investment

安昌国际有限公司香港普通股1港元物业投资

Ovation Motion Picture Enterprise

Limited

Hong KongOrdinary HK$1100%100%Entertainment and film right

investment

掌赏电影企业有限公司香港普通股1港元娱乐及电影版权投资

Suces Mark Investments LimitedHong KongOrdinary HK$10,000100%100%Property development

顺满投资有限公司香港普通股10,000港元物业发展

Top Chanel Enterprises LimitedHong KongOrdinary HK$1100%100%Property investment

益祥企业有限公司香港普通股1港元物业投资

Treasure Arts International Group

Limited

BVI/Hong KongOrdinary USD1100%100%Property development

宝艺国际集团有限公司英属处女群岛╱香港普通股1美元物业发展

Wealth Plan Development LimitedHong KongOrdinary HK$1100%100%Property development

康图发展有限公司香港普通股1港元物业发展

39. PARTICULARS OF PRINCIPAL SUBSIDIARIES (Continued)39. 主要附属公司之详情（续）

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

206EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

Name of subsidiaries

Place of incorporation/

establishment and operation

Nominal value of isued

share capital/paid-up

registered capital/

stated capital

Proportion of nominal

value of isued share

capital/paid-up registered

capital held by the CompanyPrincipal activities

附属公司名称注册成立╱成立及经营地点

已发行股本╱缴足注册股本╱

声明股本面值

本公司持有已发行股本╱

缴足注册股本面值百分比主要业务

Indirectly held: (Continued)

间接持有：（续）

Welmake Investments LimitedHong KongOrdinary HK$9,998

(Non-voting defered

shares HK$2*)

100%100%Property investment

纬丰投资有限公司香港普通股9,998港元

（无投票权递延股2港元*）

物业投资

Wel Honest Investment LimitedHong KongOrdinary HK$1100%100%Property investment

宏诚投资有限公司香港普通股1港元物业投资

Easyknit Enterprises (Huzhou)

Co., Ltd. (“Enterprises Huzhou”)

PRCRegistered

USD300,000

(2024: USD25,544,206)

100%100%Property investment

永义实业(湖州)有限公司

（「湖州实业」）

中国注册股本

300,000美元

（2024年：25,544,206美元）

物业投资

* The non-voting defered shares of Welmake Investments Limited cary no

rights to receive notice of, atend or vote at any general meting and have very

limited rights to participate in a distribution of profits and, on liquidation, to the

repayment of the amount paid up on the shares.

Enterprises Huzhou is a wholy foreign owned enterprise established in the

PRC, to be operated for 50 years up to 14 December 2054.

The above table lists the subsidiaries of the Company, which, in the

opinion of the directors of the Company, principaly afected the results

of the year or constituted a substantial portion of the asets of the

Group. To give details of other subsidiaries would, in the opinion of the

directors of the Company result in particulars of excesive length.

39. PARTICULARS OF PRINCIPAL SUBSIDIARIES (Continued)39. 主要附属公司之详情（续）

* 纬丰投资有限公司之无投票权递延股无

权收取任何股东大会之通告、出席或于

大会上投票，且仅具非常有限权力获分

派溢利及，于清盘时，获退回实缴股份

之金额。

湖州实业为一间于中国成立之外资全资

拥有企业，经营期为50年，直至2054年

12月14日。

根据本公司董事之意见，上表所列示

之本公司附属公司，为主要影响本

年度之业绩或构成本集团资产主要

部分。根据本公司董事之意见列出其

他附属公司之详情则会使资料过于冗

长。

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

207高山企业有限公司 2024/2025 年报

39. PARTICULARS OF PRINCIPAL SUBSIDIARIES (Continued)

At the end of the reporting period, the Company has other subsidiaries

that are not material to the Group. Majority of these subsidiaries

operate in Hong Kong. The principal activities of these subsidiaries are

sumarised as folows:

Principal activitiesPrincipal places of businesNumber of subsidiaries

主要业务主要营业地点附属公司数目

Investment holdingHong Kong3131

投资控股香港

InactiveHong Kong1714

非活跃香港

InactivePRC22

非活跃中国

None of the subsidiaries had isued any debt securities at 31 March

2025 or 31 March 2024.

（续）

于报告期末，本公司尚有其他对本集

团而言并不是重要之附属公司。此等

附属公司大部分于香港营运。此等附

属公司之主要业务概括如下：

没有附属公司于2025年3月31日或

2024年3月31日发行任何债务证券。

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

208EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

40. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

HK$’000HK$’000

千港元千港元

Non-curent asets非流动资产

Interests in subsidiaries and amounts due

from subsidiaries and a joint venture

于附属公司权益及应收附属公司

及一间合营公司款项3,491,8493,600,334

Curent asets流动资产

Other receivables其他应收款项194194

Tax recoverable可退回税项–186

Cash and cash equivalents现金及现金等价物28,18339,015

28,37739,395

Curent liabilities流动负债

Other payables其他应付款项3,7678,654

Bank borowings银行借贷–77,500

3,76786,154

Net curent asets (liabilities)流动资产（负债）净值24,610(46,759)

Total asets les curent liabilities资产总额减流动负债3,516,4593,553,575

Non-curent liabilities非流动负债

Defered tax liabilities递延税项负债3,7567,936

Convertible note可换股票据47,226167,954

50,982175,890

3,465,4773,377,685

Capital and reserves资本及储备

Share capital股本10,1441,031

Reserves (Note)储备（附注）3,455,3333,376,654

3,465,4773,377,685

40. 本公司之财务状况表

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

209高山企业有限公司 2024/2025 年报

40. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

(Continued)

Note:

Movements of the Company’s reserves during the curent and prior year are as folows:

premium

Convertible

note equity

reserve

Capital

reserve

Contributed

surplus

Acumulated

profitsTotal

股份溢价

可换股票据

权益储备股本储备缴入盈余累计溢利总额

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

千港元千港元千港元千港元千港元千港元

At 1 April 2023于2023年4月1日2,531,69447,49353,194438,102174,7223,245,205

Profit and total comprehensive income

for the year

本年度盈利及全面收益总额

–86,47186,471

Reduction of share capital upon capital

reorganisation

股本重组时之股本削减

–20,728–20,728

Isue of shares upon placing配售后发行股份24,250–24,250

At 31 March 2024于2024年3月31日2,555,94447,49353,194458,830261,1933,376,654

Los and total comprehensive expense

for the year

本年度亏损及全面开支总额

–(38,562)(38,562)

Isue of shares upon placing配售后发行股份39,527–39,527

Rights isue of shares股份供股55,456–55,456

Transfer upon modification of terms

of convertible note

修订可换股票据条款后的

转让–(103,265)–18,233(85,032)

Defered tax liabilities released

upon modification of terms

of convertible note

修订可换股票据条款后解除

递延税项负债

–17,040–17,040

Recognition upon modification

of terms of convertible note

修订可换股票据条款后确认

–161,265–161,265

Defered tax liability on recognition

of equity component upon modification

of terms of convertible note

修订可换股票据条款后确认

股权部分的递延税项负债

–(26,609)–(26,609)

Transfer upon partial redemption

of convertible note

部分赎回可换股票据后的

转让–(92,111)–32,507(59,604)

Defered tax liabilities released

upon partial redemption

of convertible note

部分赎回可换股票据后解除

递延税项负债

–15,198–15,198

At 31 March 2025于2025年3月31日2,650,92719,01153,194458,830273,3713,455,333

41. EVENT AFTER THE REPORTING PERIOD

On 4 June 2025, the Company entered into a ded of amendment

with Godco pursuant to which the conversion price of the convertible

note isued by the Company with principal amount of HK$70,000,000

wil be adjusted from HK$0.14 to HK$0.07 per conversion share. The

modification of the terms is determined to be substantial and hence

wil result in the extinguishment of the original liability component of the

2023 Convertible Note and the recognition of new liability and equity

components. Acordingly, the diference betwen the fair value of the

liability component of the 2023 Convertible Note (after modification)

and the carying amount of the original liability component wil be

recognised in profit or los during the year ending 31 March 2026.

（续）

附注：

本公司之储备于年内及过往年度之变动如下：

41. 报告期末后事项

于2025年6月4日，本公司与佳豪订立

修订契据，据此，本公司发行本金

额为70,000,000港元之可换股票据之兑

换价将由每股兑换股份0.14港元调整为

0.07港元。修订条款被认定为实质性，

故将导致2023年可换股票据的原有负

债部分终止确认，并确认新的负债和

权益部分。因此，2023年可换股票据

负债部分（经修订）的公平值与原有负债

部分账面值之间的差额将于截至2026

年3月31日止年度内于损益确认。

210EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

Financial Sumary

财务资料概要

业绩

资产及负债

RESULTS

Year ended 31 March

截至3月31日止年度

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Revenue营业额80,25364,47543,10630,69344,857

(Los) profit before

taxation

除税前（亏损）盈利

(190,743)123,49765,972(162,339)(374,725)

Taxation税项9,950(7,050)(2,400)(50,810)9,426

(Los) profit for the year

atributable to owners

of the Company

本公司股东应占

年度（亏损）盈利

(180,793)116,44763,572(213,149)(365,299)

ASETS AND LIABILITIES

At 31 March

于3月31日

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Total asets总资产4,613,3374,879,8085,624,2675,408,8074,842,030

Total liabilities总负债(1,732,044)(1,864,621)(2,389,101)(2,361,611)(2,027,245)

Equity atributable to

owners of the Company

本公司股东应占

权益2,881,2933,015,1873,235,1663,047,1962,814,785

Sumary of Properties

物业概要

At 31 March 2025 于2025年3月31日

211高山企业有限公司 2024/2025 年报

A. 投资物业A. INVESTMENT PROPERTIES

Location地址Purpose

Aproximate

gros flor/

saleable/site areaLease-term

用途

概约楼面╱实用╱

地皮面积租约年期

(sq.ft.)

（平方呎）

1.Ground Flor

No. 6 Canon Road

Causeway Bay

Hong Kong

香港

铜锣湾

景隆街6号

地下

Comercial

商业

472Long

长期

2.Sixth Flor

Nos. 650-652

Castle Peak Road, and

No. 18A Wing Hong Stret

Kowlon

九龙

青山道

650–652号

六楼及

永康街18A号

Industrial

工业

8,608Medium

中期

3.Second Flor

Nos. 790, 792 and 794

Cheung Sha Wan Road

Kowlon

九龙

长沙湾道

790号、792号及794号

二楼

Industrial

工业

2,981Medium

中期

4.Rof

No. 20 Wing Hong Stret

Kowlon

九龙

永康街20号

天台

Industrial

工业

2,910Medium

中期

5.Fifth Flor

No. 20 Wing Hong Stret

Kowlon

九龙

永康街20号

五楼

Industrial

工业

3,402Medium

中期

6.Units 1 and 2 on Seventh Flor

Block D and Car Parking Space

No. 46 on Lower Ground Flor

Shatin Heights

No. 8003 Tai Po Road

Shatin

New Teritories

新界

沙田

大埔公路8003号

沙田花园

D座七楼1号和2号单位及

低层地下车位第46号

Residential

住宅

2,086Medium

中期

7.Third Flor

No. 161 Wong Nai Chung Road

Hong Kong

香港

黄泥涌道161号

三楼

Residential

住宅

781Medium

中期

At 31 March 2025 于2025年3月31日

Sumary of Properties

物业概要

212EMINENCE ENTERPRISE LIMITED Anual Report 2024/2025

（续）

B. 持作出售发展物业

Location地址Purpose

Aproximate

gros flor/

saleable/site areaLease-term

用途

概约楼面╱实用╱

地皮面积租约年期

(sq.ft.)

（平方呎）

8.Easy Tower, No. 609

Tai Nan West Stret

Cheung Sha Wan

Kowlon

九龙

长沙湾

大南西街609号

永义广场

Industrial/

comercial

工业╱商业

74,458Medium

中期

9.Shop A and B on Ground Flor,

and Shop C on First Flor

One Victory, Nos. 1, 1A and 3

Victory Avenue, Ho Man Tin,

Kowlon

九龙

何文田胜利道

胜利道一号1号、1A号及3号

地下A及B舖

及一楼C舖

Comercial

商业

4,297Medium

中期

10.Ground Flor of No. 50

Yun Ping Road, Causeway Bay,

Hong Kong

香港

铜锣湾恩平道

50号地下

Comercial

商业

905Long

长期

B. PROPERTIES HELD FOR DEVELOPMENT FOR SALE

Location地址Purpose

Aproximate

site areaLease-term

Stage of

completion

用途概约地皮面积租约年期完成阶段

(sq.ft.)

（平方呎）

1.Nos. 646, 648, 648A

Castle Peak Road

Kowlon

九龙

青山道

646、648、648A号

Industrial

工业

9,206Medium

中期

Under

development

发展中

2.Nos. 1B – 1E

Davis Stret

Kenedy Town

Hong Kong

香港

坚尼地城

爹核士街

1B – 1E号

Residential

住宅

4,940Long

长期

Under

development

发展中

3.No. 93 and 95

Catchick Stret

Kenedy Town

Hong Kong

香港

坚尼地城

吉席街

93号及95号

Residential

住宅

2,182Long

长期

Under

development

发展中

A. INVESTMENT PROPERTIES (Continued)

EMINENCE ENTERPRISE LIMITED 高山企业有限公司 ANNUAL REPORT 2024/25 年报				EMINENC
E ENTERPRISE LIMITED 高山企业有限公司
AN
NUAL REPORT 2024/25 年报

REPORT

年报

31 MARCH 2025

年3月31日止年度