ANUAL

REPORT

二零二五

年报

89,324
69,461
2.59
3,172,470
2,846,790
325,680
7,394
45,083
299
1,531
34,990
27
(2,484)
12,377
268
450
27,109
(816)

89,324
71,153
(1,408)
69,461

3,172,470
(325,680)
2,846,790

1.30
0.22
0.10

3.5
37.7
7.6
48.9
1.36

1.65
0.05

129,234
17,413
146,647
3,570
318
8.83
1.65
0.05

36
18
18
–
23
13
36
–
35
1

10
0
–
10
0
10

89,324
1,193
(16,932)
37,176
(29,034)
(6,478)
(4,096)
71,153
(1,408)
69,745
69,461
284
69,745
40,235
2.59
N/A 不适用

69,745
40,576
(511)
40,065
109,810
109,526
284
109,810

1,750
2,014,900
2,040
32,498
169,576
40,085
3,400
3,779
2,268,028
3,011
541,670
4,171
355,590
904,442
87,502
110,802
–
125,818
141
1,229
325,492
578,950
2,846,978
188
2,846,790

26,824
2,821,033
2,847,857
(1,067)
2,846,790

71,153
6,478
272
(1,000)
16,932
(37,176)
342
4,096
(30)
157
61,224
55,362
(19,214)
–
(95)
15,480
112,757
(7,648)
105,109

(97)
1,000
(42,806)
–
–
(41,903)
(53,646)
30,275
(5,565)
(5,449)
(34,385)
28,821
255,888
284,709

6,168
193
1,033
7,394
299
1,531
27
9,251
9,251

7,394
299
1,531
27
9,251
34,990
4,440
29,946
10,697
45,083
89,324

7,394
45,083
299
1,531
34,990
27
89,324

(2,484)
12,377
268
450
27,109
(816)
36,904
37,176
1,169
(4,096)
71,153

	101,872 693,164 1,820 1,940,545 164,551 132,011 (2,837) –		– – – 37,105 – – – –		– – – – – – – 3,111
119,752		–		–		119,752
621,467		–		–		621,467
2,040		–		–		2,040
2,158,392		32,498		–		2,190,890
64,996		–		–		64,996
172,588		–		–		172,588
(4,023)		–		–		(4,023)
–		–		4,760		4,760
	3,031,126		37,105		3,111
3,135,212		32,498		4,760		3,172,470
	50,154 8,348 120 104,637 673 73 (2,837) –		– – – – – – – –		– – – – – – – 119,890
67,397		–		–		67,397
5,787		–		–		5,787
130		–		–		130
141,111		–		–		141,111
768		–		–		768
73		–		–		73
(4,023)		–		–		(4,023)
–		–		114,437		114,437
	161,168		–		119,890
211,243		–		114,437		325,680

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

6. OPERATING SEGMENTS – CONTINUED

(i) Reportable operating segments – Continued

An analysis of segment asets and liabilities of the Group on

these reportable operating segments as at 31 March 2025

and 2024 is as folows:

Segment

asets/liabilitiesInterests in an asociate

Unalocated

corporate asets/liabilitiesConsolidated

分部资产╱负债于联营公司之权益不分类企业资产╱负债综合

二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年

HK$’000HK$’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

Asets资产

Broking经纪101,872

Financing财务693,164

Asets management资产管理1,820

Properties investment房地产投资1,977,650

Precious metal trading贵金属买卖164,551

Investment holding投资控股132,011

Inter-segment elimination分部间抵销(2,837)

Unalocated未分配3,111

Consolidated综合3,071,342

Liabilities负债

Broking经纪50,154

Financing财务8,348

Asets management资产管理120

Properties investment房地产投资104,637

Precious metal trading贵金属买卖673

Investment holding投资控股73

Inter-segment elimination分部间抵销(2,837)

Unalocated未分配119,890

Consolidated综合281,058

– 续

(i) 呈报营运分部 – 续

本集团就该等呈报营运分部于二零

二五年及二零二四年三月三十一日之

分部资产及负债分析如下：

	22 522 – 192 – –		42 77 1 40 4 1		– 35,355 – – – –
89		51		–		16
–		155		16,932		16
–		1		–		2
8		60		–		–
–		4		–		3
–		1		–		6,441
	736		165		35,355
97		272		16,932		6,478

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

6. OPERATING SEGMENTS – CONTINUED

(i) Reportable operating segments – Continued

For the purposes of monitoring segment performance and

alocating resources betwen segments:

• Al asets are alocated to operating segments other

than certain corporate asets for central administrative

purpose; and

• Al liabilities are alocated to operating segments other

than borowings and certain other payables.

Capital expenditureDepreciation

Impairment los under

expected credit los

model, net of reversalFinance cost

资本开支折旧

预期信贷亏损模式项下之

减值亏损，扣除拨回融资成本

二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年

HK$’000HK$’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

Other segment information其他分类资料

Broking经纪14

Financing财务13

Asets management资产管理2

Properties investment房地产投资–

Precious metal trading贵金属买卖3

Unalocated未分配5,325

Consolidated综合5,357

– 续

(i) 呈报营运分部 – 续

就监察分部表现及在分部之间分配资

源而言：

（作

中央行政用途之若干企业资产除

外）；及

（借

款及若干其他应付款项除外）。

87,214 34,739 –
56,846		311,291
32,478		1,707,400
–		32,497
121,953
89,324		2,051,188

–

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

6. OPERATING SEGMENTS – CONTINUED

(i) Geographical information

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

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

Group’s administration is caried out in Hong Kong.

The folowing table provides an analysis of the Group’s

revenue from external customers by geographical market and

analysis of non-curent asets by the geographical location in

which asets are located other than financial instruments and

defered tax asets.

Revenue from external

customersNon-curent asets

来自外部客户之收益非流动资产

二零二五年二零二四年二零二五年二零二四年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Hong Kong香港224,312

Macau澳门1,709,053

The PRC中国37,105

1,970,470

(i) Information about major customers

The revenue from customers individualy contributing over

10% of the total revenue of the Group for the respective

reporting periods are as folow:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Contributed from financing segment来自财务分部

Customer A客户A13,838

– 续

(i) 地区资料

本集团之营运主要位于香港、澳门及

中华人民共和国（「中国」）。本集团之

行政均于香港进行。

下表提供本集团按地区市场之外部客

户收益分析及按该资产所在地区之非

流动资产分析（财务工具及递延税项

资产除外）。

(i) 主要客户资料

于报告期内，单一客户收益占本集团

总收益10%以上如下：

1,000
15
178
1,193

15,216
1,716
16,932

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

7. OTHER REVENUE

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Gain on disposal of property, plant and

equipment

出售物业、机器及设备之收益

–

Exchange gain 汇兑收益39

Sundry income 杂项收入313

8. IMPAIRMENT LOSES UNDER EXPECTED CREDIT LOS

MODEL, NET OF REVERSAL

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Impairment loses recognised on:已确认减值亏损：

– interest-bearing receivables－计息应收款项34,589

– margin financing receivables－孖展融资应收款项766

35,355

Details of impairment asesment are set out in Note 31(b)(i).

7. 其他收益

，扣

除拨回

减值评估之详情载于附注31(b)(i)。

6,441
37
6,478

720
92
13,021
394
348
13,763
272
1,120
(34,990)
6,206
(28,784)

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

9. FINANCE COSTS

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interest on:以下项目之利息：

– bank borowings－银行借款5,325

– long service payments－长期服务金32

5,357

10. PROFIT BEFORE TAXATION

Profit before taxation has ben arived at after charging (crediting)

the folowings:

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Auditors’ remuneration核数师酬金

– Audit service－审计服务720

– Non-audit service－非审计服务92

Staf cost (including directors’ emolument

(Note 11)

员工成本（包括董事酬金

（附注11）

– Salaries, bonuses and other benefits－薪金、花红及其他福利13,969

– Contributions to retirement schemes－退休计划之供款418

– Service cost of long service payments－长期服务金之服务成本1,472

Total staf cost员工总成本15,859

Depreciation on property,

plant and equipment

折旧－物业、机器及设备

Expenses relating to short-term leases短期租赁相关费用1,120

Gros rental income from investment

properties

投资物业的总租金收入

(35,026)

Les:已扣除：

Direct operating expenses incured for

investment properties that generated

rental income during the year

就年内产生租金收入的投资物业

所录得的直接营运开支

3,617

(31,409)

9. 融资成本

10. 除税前溢利

除税前溢利已扣除（计入）下列各项：

50	–	–	–	50
50	–	–	–	50
–	312	24	19	355
–	260	13	19	292
50	–	–	–	50
50	–	–	–	50
50	–	–	–	50
250	572	37	38	897

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

11. DIRECTORS’ AND SENIOR MANAGEMENT’S

REMUNERATION

(a) Directors’ and chief executive’s emolument

Directors’ and chief executive’s remuneration for the year,

disclosed pursuant to the aplicable Listing Rules and the

Hong Kong Companies Ordinance, is as folows:

Fes

Basic salaries,

housing

benefits, other

alowances and

benefits in kind

Contributions

to retirement

schemes

Discretionary

bonuses and/or

performance –

related bonusesTotal

袍金

基本薪金、

房屋福利

其他津贴及

实物利益退休计划供款

酌情花红

及╱或

绩效花红总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Year ended

31 March 2025

截至二零二五年

三月三十一日止年度

Non-executive directors:非执行董事：

Mr. Ip Man Tin, David叶漫天先生

Dr. Sze Ping Fat施炳法博士

Executive directors:执行董事：

Ms. Cheng Wai Ling, Anie郑伟玲女士

Mr. Cheng Wai Lun, Andrew郑伟伦先生

Independent non-executive

directors:

独立非执行董事：

Mr. Chan Tsun Choi, Arnold陈进财先生

Mr. Pon Kai Tik潘启廸先生

Mr. Hui Man Ho, Ivan许文浩先生

11. 董事及高级管理层酬金

(a) 董事及主要行政人员酬金

根据适用上市规则及香港公司条例披

露之年内董事及主要行政人员薪酬披

露如下：

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

11. DIRECTORS’ AND SENIOR MANAGEMENT’S

REMUNERATION – CONTINUED

(a) Directors’ and chief executive’s emolument – Continued

Fes

Basic salaries,

housing benefits,

other alowances

and benefits in

kind

Contributions

to retirement

schemes

Discretionary

bonuses and/or

performance –

related bonusesTotal

袍金

基本薪金、

房屋福利

其他津贴及

实物利益退休计划供款

酌情花红

及╱或

绩效花红总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Year ended

31 March 2024

截至二零二四年

三月三十一日止年度

Non-executive directors:非执行董事：

Mr. Ip Man Tin, David叶漫天先生50–50

Dr. Sze Ping Fat施炳法博士50–50

Executive directors:执行董事：

Ms. Cheng Wai Ling, Anie郑伟玲女士–4921919530

Mr. Cheng Wai Lun, Andrew郑伟伦先生–2471319279

Mr. Mok Kwai Hang (retired on

24 August 2023)

莫桂衡先生（于二零二三年

八月二十四日退任）–1,22117–1,238

Independent non-executive

directors:

独立非执行董事：

Mr. Chan Tsun Choi, Arnold陈进财先生50–50

Mr. Pon Kai Tik潘启廸先生50–50

Mr. Hui Man Ho, Ivan许文浩先生50–50

2501,96049382,297

Note:

The non-executive directors’ emoluments shown above were for their

services rendered as Directors.

The executive directors’ emoluments shown above were for their

services rendered in conection with the management of the afairs of

the Company and the Group.

The independent non-executive directors’ emoluments shown above

were for their services rendered as Directors.

There was no arangement under which a director or the chief executive

waived or agred to waive any remuneration during the years.

– 续

(a) 董事及主要行政人员酬金 – 续

附注：

上列非执行董事酬金就彼等作为董事而提

供的服务而作出。

上列执行董事酬金就彼等提供有关管理本

公司及集团事务的服务而作出。

上列独立非执行董事酬金就彼等作为董事

而提供的服务而作出。

年内概无董事或主要行政人员放弃或同意

放弃任何酬金之安排。

3,261
72
87
3,420

5

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

11. DIRECTORS’ AND SENIOR MANAGEMENT’S

REMUNERATION – CONTINUED

(a) Directors’ and chief executive’s emolument – Continued

During the years ended 31 March 2025 and 2024, no

emoluments were paid by the Group to the Directors as

an inducement to join or upon joining the Group or as

compensation for los for ofice.

(b) Details of emoluments of the five highest paid individuals

are:

For the year ended 31 March 2025, none (2024: one) of the

five highest paid individuals was executive Director of the

Company, whose emoluments are included in Note 11(a).

Details of the remuneration for the year of the remaining

five (2024: four) highest paid employes who are neither a

Director nor chief executive of the Company are as folows:

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Basic salaries基本薪金2,714

Contribution to retirement benefits退休计划供款62

Discretionary bonuses and/or

performance-related bonuses

酌情花红及╱或绩效花红

2,862

The number of the highest paid employes who are not the

Directors whose remuneration fel within the folowing bands

is as folows:

20252024

二零二五年二零二四年

Nil to HK$1,000,000零至1,000,000港元4

During the years ended 31 March 2025 and 2024, no

emoluments were paid by the Group to the five highest paid

individuals as an inducement to join or upon joining the Group

or as compensation for los for ofice.

– 续

(a) 董事及主要行政人员酬金 – 续

截至二零二五年及二零二四年三月

三十一日止年度，本集团并无向董事

支付任何酬金，作为吸引彼等加盟或

加盟本集团后之奖励或作为离职补偿。

(b) 五名最高薪酬人士之酬金详情：

截至二零二五年三月三十一日止年

度，五名最高薪酬人士没有一名（二零

二四年：一名）为本公司执行董事，彼

等之酬金已载于附注11(a)。

其余五名（二零二四年：四名）既非本

公司董事亦非主要行政人员之最高薪

酬雇员之薪酬详情如下：

不属于董事但薪酬在以下范围的最高

薪酬人士的人数如下：

截至二零二五年及二零二四年三月

三十一日止年度，本集团并未向五名

最高薪酬人士支付任何酬金，作为吸

引彼等加盟或加盟本集团后之奖励或

作为离职补偿。

1,691
(283)
1,408

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

12. EARNINGS PER SHARE

The basic earnings per share is based on the Group’s profit

atributable to owners of the Company of aproximately

HK$69,461,000 (2024: HK$85,731,000) and the number of

2,682,316,758 (2024: 2,682,316,758) ordinary shares in isue

during the year.

No diluted earnings per share for both 2025 and 2024 were

presented as there were no potential ordinary shares in isue for

both years ended 31 March 2025 and 31 March 2024.

13. INCOME TAX EXPENSES

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Hong Kong profits tax:香港所得税：

– Curent year－本年度7,171

Defered tax (Note 24)递延税项（附注24）(126)

7,045

The Group is subject to income tax on an entity basis on profits

arising in or derived from the jurisdictions in which subsidiaries

of the Group are domiciled and operate. Pursuant to the rules

and regulations of the Cayman Islands and BVI, the Group is not

subject to any income tax in the Cayman Islands and BVI.

Hong Kong profits tax has ben provided at the rate of 16.5%

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

Kong during the year, except for certain subsidiaries of the Group

which is qualifying entity under the two-tiered profits tax rates

regime of Hong Kong Profit Tax, under which the first HK$2 milion

of profit of the qualifying group entity wil be taxed at 8.25% and

profits above HK$2 milion wil be taxed at 16.5%.

Macau Complementary Tax is calculated at 12% of the asesable

profit, however, there are no asesable profit in Macau for the

years ended 31 March 2025 and 2024.

12. 每股溢利

每股基本溢利乃根据本公司拥有人应占

本集团溢利约69,461,000港元（二零二四

年：85,731,000港元）及本年度已发行

普通股2,682,316,758股（二零二四年：

2,682,316,758股）计算。

由于截至二零二五年三月三十一日及二零

二四年三月三十一日止两个年度均并无潜

在已发行普通股，因此并无呈列二零二五

年及二零二四年之每股均摊薄溢利。

13. 所得税开支

本集团须按实体基准就产生或源于本集团

附属公司注册及经营所在司法权区的溢利

缴纳所得税。根据开曼群岛及英属处女群

岛的规则及法规，本集团毋须缴纳开曼群

岛及英属处女群岛的任何所得税。

香港利得税按本年度于香港产生之估计应课

税溢利按税率16.5%（二零二四年：16.5%）

拨备，但本集团的若干附属公司为符合香港

利得税的两级制利得税率制度项下的合资格

实体除外，合资格集团实体的首2,000,000

港元溢利将按8.25%的税率缴税，而超过

2,000,000港元的溢利则将按16.5%的税率

缴税。

澳门所得补充税按应课税溢利的12%计算，

惟截至二零二五年及二零二四年三月三十一

日止年度于澳门并无应课税溢利。

71,153
10,631
(6,206)
(5,539)
1,234
1,669
(378)
(3)
1,408

40,235

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

13. INCOME TAX EXPENSES – CONTINUED

Taxation arising in other jurisdictions in which the Group operates

is calculated on the estimated asesable profits for the year at the

rates prevailing in the relevant jurisdictions.

Income tax expenses for the years can be reconciled to the profit

before taxation per the consolidated income statement as folows:

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Profit before taxation除税前溢利92,754

Tax at the aplicable income tax rate of

respective tax jurisdictions

按相关税务管辖区所适用之

所得税率14,969

Tax efect of net increase in fair value of

investment properties

投资物业公允值之净增值的

税务影响(7,420)

Tax efect of non-taxable income不需课税之收益的税务影响(7,365)

Tax efect of non-deductible expenses不获扣除之开支的税务影响6,549

Tax efect of tax loses not recognised未确认之税务亏损的税务影响926

Utilisation of tax loses previously not

recognised

使用以往未确认税务亏损

(608)

Tax reduction税项宽减(6)

Income tax expenses所得税开支7,045

14. PROPOSED FINAL DIVIDEND

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Proposed final dividend – HK1.5 cents

(2024: HK2.0 cents) per share

拟派末期股息－每股1.5港仙

（二零二四年：2.0港仙）53,646

A proposed final dividend in respect of the year ended 31 March

2025 of HK1.5 cents per share (2024: HK2.0 cents per share)

was proposed at the board meting on 20 June 2025, totaling

aproximately HK$40,235,000 (2024: HK$53,646,000), subject to

the aproval of the Company’s shareholders in the forthcoming

anual general meting.

– 续

本集团在其他司法权区营运而产生之税项

乃以年内估计应课税的溢利根据相关司法

权区普及使用之税率计算。

本年度所得税开支可与综合收益表之除税

前溢利对账如下：

14. 拟派末期股息

截至二零二五年三月三十一日止年度的拟

派末期股息为每股1.5港仙（二零二四年：

每股2.0港仙），已于二零二五年六月二十

日的董事会议上建议派发，总额约为

40,235,000港元（二零二四年：53,646,000

港元），并须待本公司股东于应届股东周年

大会上批准，方可作实。

742	323	860	1,925
–	97	–	97
(20)	(107)	(145)	(272)
722	313	715	1,750
1,162	7,007	1,543	9,712
(440)	(6,694)	(828)	(7,962)
722	313	715	1,750

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

15. PROPERTY, PLANT AND EQUIPMENT

Leasehold

land and

buildings

Furniture,

fixtures and

equipment

Motor

vehiclesTotal

租赁土地

及楼宇

家具、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

Net carying amount as at

1 April 2023

于二零二三年四月一日之

账面净值7621644281,354

Aditions添置–235501736

Depreciation折旧(20)(76)(69)(165)

Net carying amount as at

31 March 2024

于二零二四年三月三十一日之

账面净值7423238601,925

At 31 March 2024于二零二四年三月三十一日

Cost成本1,1626,9101,5439,615

Acumulated depreciation累积折旧(420)(6,587)(683)(7,690)

Net carying amount账面净值7423238601,925

Net carying amount as at

1 April 2024

于二零二四年四月一日之

账面净值

Aditions添置

Depreciation折旧

Net carying amount as at

31 March 2025

于二零二五年三月三十一日之

账面净值

At 31 March 2025于二零二五年三月三十一日

Cost成本

Acumulated depreciation累积折旧

Net carying amount账面净值

,007

Depreciation is calculated on the straight-line basis to write of the

cost of each item of property, plant and equipment to its residual

value over its estimated useful life. The principal anual rates used

for this purpose are as folows:

Leasehold land and buildingsOver the remaining terms

of the leases

Furniture, fixtures and equipment15% to 30%

Motor vehicles15% to 30%

Note:

The leasehold land and buildings are situated in Macau and Hong Kong.

The Group is the registered owner of these property interests, including

the underlying leasehold lands. Lump sum payments were made upfront to

acquire these property interests. The leasehold land components of these

owned properties are presented separately only if the payments made can

be alocated reliably.

、机器及设备

折旧乃按其估计可使用年期以直线法撇销

每项物业、厂房及设备项目之成本至其剩

余价值计算。就此而言所用之主要年率如

下：

租赁土地及楼宇按租约剩余期限

家具、装置及设备15% – 30%

汽车15% – 30%

附注：

租赁土地及楼宇位于澳门及香港。本集团为该等

物业权益（包括相关租赁土地）的注册业主。已预

付一笔款项以收购该等物业权益。仅倘于支付的

款项能够可靠分配的情况下，该等自有物业的租

赁土地组成部分方可单独列示。

1,929,400
–
48,324
37,176
2,014,900
37,176

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

16. INVESTMENT PROPERTIES

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Fair value:公允值：

At the begining of the year于年初1,697,000

Acquired on an acquisition of a subsidiary

(Note 34)

因收购子公司而增加

（附注34）179,991

Aditions增加4,333

Net increase in fair value recognised in the

consolidated income statement

公允值之净增值

已于综合收益表确认48,076

At the end of the year于年末1,929,400

Unrealised gain on property

valuation included in profit or los

物业估值计入损益之

未变现收益48,076

The Group leases out shops and carpark under operating leases

with rentals payable monthly. The leases typicaly run for an initial

period of one to twenty years (2024: one to twenty years), with

unilateral rights to extend the lease beyond initial period held by

leses only. Certain 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.

The Group’s investment properties are held for rental purpose and

clasified and acounted for as investment properties. The Group’s

investment properties are situated in Hong Kong and Macau and

are held under medium-term lease.

The Group has pledged certain of its investment properties with

an agregate carying value of aproximately HK$1,506,800,000

(2024: HK$1,488,400,000) to a bank to secure general banking

facilities granted to the Group (Note 25).

The fair value of the Group’s investment properties at 31 March

2025 and 31 March 2024 has ben arived at on the basis of

a valuation caried out at the end of the reporting date by LCH

(Asia-Pacific) Surveyors Limited, an independent profesional

qualified valuer not conected to the Group.

16. 投资物业

本集团以经营租赁形式租出商铺及停车位，

而租金乃按月支付。租赁营运初期一般为

1至20年（二零二四年：1至20年），只有承

租人具有可单方面在初始租期后延长租赁

的权利。若干份租赁合约具有市场回顾条

款（倘承租人行使延长租赁权利）。

由于所有租赁均以集团实体各自的功能货

币计值，故本集团并无因租赁安排而面临

外汇风险。租赁合约并不包含剩余价值保

证及╱或承租人于租期结束时购买物业的

选择权。

本集团投资物业以出租为目的持有，并分

类核算为投资物业。本集团之投资物业位

于香港及澳门及以中期租约持有。

本集团已抵押若干投资物业予一间银行作

为本集团获授权一般银行融资之抵押品，

其总账面值约为1,506,800,000港元（二零

二四年：1,488,400,000港元）（附注25）。

本集团于二零二五年三月三十一日及二零

二四年三月三十一日之投资物业的公允值

乃根据利骏行测量师有限公司（为与本集团

并无关连的独立专业合资格估值师）于报告

期末所进行之价值评估作基准。

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

– 续

董事厘定合适的估值方法及计量公允值的

输入数据。

于估计物业之公允值时，有关物业之最高

及最佳用途即为其当前用途。若干投资物

业的公允值已予调整，不包括预付或累计

经营租赁收入，以免重复计算。

16. INVESTMENT PROPERTIES – CONTINUED

The Directors determine the apropriate valuation techniques and

inputs for fair value measurement.

In estimating the fair value of the properties, the highest and best

use of the properties is their curent use. The fair values of certain

investment properties have ben adjusted to exclude prepaid or

acrued operating lease income to avoid double counting.

Valuation techniques

Significant

unobservable inputs

Range

范围

Relationship of

unobservable

inputs to fair value

不可观察输入数据与

公允值的关系估值方法重大不可观察输入数据二零二五年二零二四年

Comercial propertiesIncome capitalisation

aproach

Capitalisation rate, taking into

acount the capitalisation of

potential rental income, nature

of the property, and prevailing

market condition.

0.3％－5.8％1.3%－4.8%A slight increase in the

capitalisation rate used would

result in a significant decrease

in fair value, and vice versa.

商用物业

– shops

2025: aproximately

HK$1,432,700,000

(2024: aproximately

HK$1,414,300,000)

－商舖

二零二五年：

约1,432,700,000港元

（二零二四年：

约1,414,300,000港元）

收益法资本化比率，计及潜在租金收入资

本化、物业性质及当时市况。

0.3％－5.8％1.3%－4.8%所用资本化比率略增会导致公允

值大减，反之亦然。

Monthly market rent, taking into

acount the diferences in

location, and individual factors,

such as frontage and size,

betwen the comparables and

the property.

HK$11–HK$107

per square fot

and month

HK$12–HK$102

per square fot

and month

A significant increase in the

market rent used would result

in a significant increase in fair

value, and vice versa.

每月市场租金，计及地点差异，以

及可比较物业与物业之间的个别

因素，例如正面向及面积。

每月每平方呎

11港元–107港元

每月每平方呎

12港元–102港元

所用市场租金大增会导致公允值大

增，反之亦然。

Market unit rate, taking into

acount the recent transaction

prices for similar properties

adjusted for nature, location

and conditions of the property.

HK$4,826–

HK$53,605

per square fot

and month

HK$5,306–

HK$50,638

per square fot

and month

A significant increase in the

market unit rate used would

result in a significant increase

in fair value, and vice versa.

单位市价，计及近日类似物业的交

易价格（就物业性质、地点及环境

作出调整）。

每月每平方呎

4,826港元–

53,605港元

每月每平方呎

5,306港元–

50,638港元

所用单位市价大增会导致公允值大

增，反之亦然。

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

Valuation techniques

Significant

unobservable inputs

Range

范围

Relationship of

unobservable

inputs to fair value

不可观察输入数据与

公允值的关系估值方法重大不可观察输入数据二零二五年二零二四年

Comercial propertiesIncome capitalisation

aproach

Capitalisation rate, taking into

acount the capitalisation of

rental income, nature of the

property and prevailing market

conditions.

1.0％－3.0％1.0%–3.0%A slight increase in the

capitalisation rate used would

result in a significant decrease

in fair value, and vice versa.

商用物业

– Carparking

2025: aproximately

HK$74,100,000

(2024: aproximately

HK$74,100,000)

－车位

二零二五年：

约74,100,000港元

（二零二四年：

约74,100,000港元）

收益法资本化比率，计及租金收入资本

化、物业性质及当时市况。

1.0％－3.0％1.0%–3.0%所用资本化比率略增会导致公允值

大跌，反之亦然。

Monthly market rent, taking into

acount the diferences in

location, and individual factors,

such as frontage and size,

betwen the comparables and

the property.

HK$610–HK$5,050

per unit and month

HK$610–HK$5,050

per unit and month

A significant increase in the

market rent used would result

in a significant increase in fair

value, and vice versa.

每月市场租金，计及地点差异，以

及可比较物业与物业之间的个别

因素，例如正面向及面积。

每月每单位

610港元–5,050港元

每月每单位

610港元–5,050港元

所用市场租金大增会导致公允

值大增，反之亦然。

Market unit rate, taking into

acount the recent transaction

prices for similar properties

adjusted for nature, location

and conditions of the property.

A significant increase in the

market unit rate used would

result in a significant increase

in fair value, and vice versa.

单位市价，计及近日类似物业的

交易价格（就物业性质、地点及

环境作出调整）。

所用单位市价大增会导致公允

值大增，反之亦然。

– Private Car

私家车

HK$1,600,000–

HK$1,779,000

HK$1,600,000–

HK$1,779,000

1,600,000港元–

1,779,000港元

1,600,000港元–

1,779,000港元

– Motor Cycle

电单车

HK$281,000–

HK$282,000

281,000港元–

282,000港元

HK$281,000–

HK$282,000

281,000港元–

282,000港元

– 续16. INVESTMENT PROPERTIES – CONTINUED

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

Valuation techniques

Significant

unobservable inputs

Range

范围

Relationship of

unobservable

inputs to fair value

不可观察输入数据与

公允值的关系估值方法重大不可观察输入数据二零二五年二零二四年

– Comercial units

(excluding Kindergarten)

2025: aproximately

HK$259,320,000

(2024: aproximately

HK$160,000,000)

Income capitalisation

aproach

Capitalisation rate, taking into

acount the capitalisation of

rental income, nature of the

property and prevailing market

conditions.

5%-6.5%N/A slight increase in the

capitalisation rate used would

result in a significant decrease

in fair value, and vice versa.

－商用单位（幼稚园除外）

二零二五年：

约259,320,000港元

（二零二四年：

约160,000,000港元）

收益法资本化比率，计及租金收入资本

化、物业性质及当时市况。

5%-6.5%无所用资本化比率略增会导致公允值

大减，反之亦然。

Monthly market rent, taking into

acount the diferences in

location, and individual factors,

such as frontage and size,

betwen the comparables and

the property.

HK$32-HK$41

per square

fot and month

N/A significant increase in the

market rent used would result

in a significant increase in fair

value, and vice versa.

每月市场租金，计及地点差异，以

及可比较物业与物业之间的个别

因素，例如正面向及面积。

每月每平方呎

32港元-41港元

无所用市场租金大增会导致公允值

大增，反之亦然。

Market unit rate, taking into

acount the recent transaction

prices for similar properties

adjusted for nature, location

and conditions of the property.

HK$4,859

per square

fot and month

N/A significant increase in the

market unit rate used would

result in a significant increase

in fair value, and vice versa.

单位市价，计及近日类似物业的交

易价格（就物业性质、地点及环境

作出调整）。

每月每平方呎

4,859港元

无所用单位市价大增会导致公允值

大增，反之亦然。

(2024: Market aproach)Market unit rate, taking into

acount the recent transaction

prices for similar properties

adjusted for nature, location

and conditions of the property.

N/AHK$3,000

per square

fot and month

A significant increase in the

market unit rate used would

result in a significant increase

in fair value, and vice versa.

（二零二四年：市场法）单位市价，计及近日类似物业的交

易价格（就物业性质、地点及环境

作出调整）。

无每月每平方呎

3,000港元

所用单位市价大增会导致公允值

大增，反之亦然。

– 续16. INVESTMENT PROPERTIES – CONTINUED

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

– 续16. INVESTMENT PROPERTIES – CONTINUED

Valuation techniques

Significant

unobservable inputs

Range

范围

Relationship of

unobservable

inputs to fair value

不可观察输入数据与

公允值的关系估值方法重大不可观察输入数据二零二五年二零二四年

– Kindergarten

2025: aproximately

HK$12,100,000

(2024: aproximately

HK$15,000,000)

Income capitalisation

aproach

Capitalisation rate, taking into

acount the capitalisation of

rental income, nature of the

property and prevailing market

conditions.

6%5%A significant increase in the

capitalisation used would

result in a significant decrease

in fair value, and vice versa.

－幼稚园

二零二五年：约12,100,000

港元

（二零二四年：

约15,000,000港元）

收益法资本化比率，计及租金收入资本

化、物业性质及当时市况。

6%5%所用资本化比率略增会导致公允值

大跌，反之亦然。

Monthly market rent, taking into

acount the diferences in

location, and individual factors,

such as frontage and size,

betwen the comparables and

the property.

HK$77

per square

fot and month

HK$77

per square

fot and month

A significant increase in the

market rent used would result

in a significant increase in fair

value, and vice versa.

每月市场租金，计及地点差异，以

及可比较物业与物业之间的个别

因素，例如正面向及面积。

每月每平方呎

77港元

每月每平方呎

77港元

所用单位市价大增会导致公允值

大增，反之亦然。

Market unit rate, taking into

acount the recent transaction

prices for similar properties

adjusted for nature, location

and conditions of the property.

HK$1,429

per square

fot and month

HK$1,800

per square

fot and month

A significant increase in the

market unit rate used would

result in a significant increase

in fair value, and vice versa.

单位市价，计及近日类似物业的交

易价格（就物业性质、地点及环境

作出调整）。

每月每平方呎

1,429港元

每月每平方呎

1,800港元

所用单位市价大增会导致公允值

大增，反之亦然。

– Carparking

2025: aproximately

HK$36,680,000

(2024: aproximately

HK$46,000,000)

Income capitalisation

aproach

Capitalisation rate, taking into

acount the capitalisation of

rental income, nature of the

property and prevailing market

conditions.

5%N/A slight increase in the

capitalisation rate used would

result in a significant decrease

in fair value, and vice versa.

－车位

二零二五年：约36,680,000

港元

（二零二四年：

约46,000,000港元）

收益法资本化比率，计及租金收入资本

化、物业性质及当时市况。

5%无所用资本化比率略增会导致公允值

大跌，反之亦然。

Monthly market rent, taking into

acount the diferences in

location, and individual factors,

such as frontage and size,

betwen the comparables and

the property.

HK$3,639

per unit

N/A significant increase in the

market rent used would result

in a significant increase in fair

value, and vice versa.

每月市场租金，计及地点差异，以

及可比较物业与物业之间的个别

因素，例如正面向及面积。

每单位3,639港元无所用市场租金大增会导致公允值

大增，反之亦然。

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

Valuation techniques

Significant

unobservable inputs

Range

范围

Relationship of

unobservable

inputs to fair value

不可观察输入数据与

公允值的关系估值方法重大不可观察输入数据二零二五年二零二四年

Market unit rate, taking into

acount the recent transaction

prices for similar properties

adjusted for nature, location

and conditions of the property.

HK$873,333

per unit

N/A significant increase in the

market unit rate used would

result in a significant increase

in fair value, and vice versa.

每月市场租金，计及地点差异，以

及可比较物业与物业之间的个别

因素，例如正面向及面积。

每单位

873,333港元

无所用单位市价大增会导致公允值

大增，反之亦然。

(2024: Market aproach)Market unit rate, taking into

acount the recent transaction

prices for similar properties

adjusted for nature, location

and conditions of the property.

N/AHK$1,100,000

per unit

A significant increase in the

market unit rate used would

result in a significant increase

in fair value, and vice versa.

（二零二四年：市场法）单位市价，计及近日类似物业的交

易价格（就物业性质、地点及环境

作出调整）。

无每单位

1,100,000港元

所用单位市价大增会导致公允值

大增，反之亦然。

Residential development

2025: aproximately

HK$200,000,000

(2024: aproximately

HK$220,000,000)

Residual aproachDiscount rate5.5% per anum6.125% per anumA slight increase in the

discount rate would result in

a significant decrease in fair

value, and vice versa.

住宅发展

二零二五年：

约200,000,000港元

（二零二四年：

约220,000,000港元）

剩余法贴现率年利率5.5%年利率6.125%贴现率略增会导致公允值

大减，反之亦然。

Residential seling priceHK$8,718

per square fot

HK$9,417

per square fot

A slight increase in the

residential seling price would

result in a significant increase

in fair value and vice versa.

住宅售价每平方呎8,718港元每平方呎9,417港元住宅售价略增会导致公允值大增，

反之亦然。

Estimated total construction cost

to complete

HK$2,158

per square fot

HK$2,147

per square fot

A significant increase in the cost

would result in a significant

decrease in fair value, and

vice versa.

估计竣工所需建筑成本总额每平方呎2,158港元每平方呎2,147港元成本大增会导致公允值大减，反之

亦然。

Expected developer profit margin15% on cost15% on costA significant increase in the

expected profit would result

in a significant increase in fair

value, and vice versa.

预计发展商利润率成本的15%成本的15%预计利润大增会导致公允值

大增，反之亦然。

The fair value measurement is categorised into Level 3 fair value

hierarchy.

16. INVESTMENT PROPERTIES – CONTINUED16. 投资物业 – 续

公允值计量被分类为公允值层级第3级。

2,040

73,691
(33,374)
(7,819)
32,498

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

17. 无形资产

无形资产指联交所及香港期货交易所有限

公司之交易权，其可使用年期为无限期。

18. 于联营公司之权益

本公司于报告期末之联营公司详情载列如

下：

联营公司权益由一位本公司之董事代表本

集团附属公司以信托方式持有。

17. INTANGIBLE ASETS

Intangible asets represent the trading rights in the Stock

Exchange and the Hong Kong Futures Exchange Limited which

have indefinite useful lives.

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Net carying amount账面净值2,040

18. INTERESTS IN AN ASOCIATE

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Unlisted investment, at cost非上市投资，按成本 73,691

Share of post-acquisition loses应占收购后亏损(29,278)

Exchange adjustment汇兑差额 (7,308)

37,105

Details of the Group’s asociate at the end of the reporting period

as folows:

Name of asociate

Particulars of

isued shares

Place of

incorporation/

principal place

of busines

Percentage of

efective interest

atributable to the Group

Principal

activities

联营公司名称已发行股本详情

注册成立地点╱

主要营业地点本集团实际持股百分比主要业务

Quan Zhou Meiyu Limited

(“Meiyu”)

Registered capital

RMB60,000,000

The PRC30%Property investment

泉州美裕置业有限公司（「美裕」）注册资本人民币

60,000,000元

中国30%房地产投资

The interest in an asociate is held in trust by a Director of the

Company on behalf of a subsidiary of the Group.

356,145
40,142
(287,963)
108,324
14,599
(13,655)
(1,705)
(15,360)

108,324
30%
32,498

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

18. INTERESTS IN AN ASOCIATE – CONTINUED

Sumarised financial information of Meiyu, adjusted for any

diference in acounting policies, and reconciled to the carying

amounts in the consolidated financial statements, are disclosed

below:

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Curent asets流动资产371,550

Non-curent asets非流动资产42,072

Curent liabilities流动负债(289,938)

Equity权益123,684

Revenue收益3,412

Los after tax除税后亏损(30,447)

Other comprehensive expense其他全面开支(10,941)

Total comprehensive expense全面开支总额(41,388)

Reconciliation of the above sumarised financial information to

the carying amount of the interest in Meiyu recognised in the

consolidated financial statements:

Net asets of Meiyu美裕资产净值123,684

Proportion of the Group’s ownership

interest in Meiyu

本集团于美裕拥有权之权益部分

30%

Carying amount of the Group’s

interest in Meiyu

本集团于美裕之权益账面值

37,105

– 续

美裕的财务资料概要（根据会计政策之任何

差异进行调整，并与综合财务报表账面值

进行对账）披露如下：

上述财务资料概要与综合财务报表内所确

认于美裕的权益账面值之对账：

169,576

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

19. 按公允值于其他全面收益之权益性工具

于二零二四年五月十七日，本集团认购

Higson Holdings Limited（「HLBVI」），

一家被聘为一中国项目信托代理人之英属

处女群岛公司扩大后股本28.04%。认购金

额为129,000,000港元。本次配股已于二零

二四年五月十七日完成。公司管理层计划

长期持有该等投资。同时，由于本集团对

HLBVI不拥有管理权，亦不具备重大影响

力，因此，董事选择将对HLBVI的投资拟

为按公允值于其他全面收益之权益性工具。

19. EQUITY INSTRUMENT AT FAIR VALUE THROUGH OTHER

COMPREHENSIVE INCOME

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Unlisted非上市

– Equity instrument– 权益工具–

On 17 May 2024, the Group subscribed 28.04% of the enlarged

share capital of Higson Holdings Limited (“HLBVI”), a BVI

company which has ben engaged as a fiduciary agent for a PRC

project, with subscription amount of HK$129,000,000. The shares

alotment was completed on 17 May 2024. The management of

the Company intend to hold the investment for long-term. Also, as

the Group has no significant influence in HLBVI, the Directors

have elected to designate the investment in HLBVI as equity

instrument at FVTOCI.

9,765
2
–
775
48,918
3
–
1,277
60,740
(22,905)
37,835
697,703
(160,216)
537,487
3,542
1,424
1,467
581,755
40,085
541,670
581,755

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

、按金及预付款项20. TRADE AND OTHER RECEIVABLES, DEPOSITS AND

PREPAYMENTS

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Amounts receivable arising from the

ordinary course of busines of dealing

in securities and options:

日常业务之证券及期权交易

应收款项：

– Cash clients－现金客户11,950

– The SEHK Options Clearing

House Limited

－联交所期权结算所有限公司

– Hong Kong Securities Clearing

Company Limited

－香港中央结算有限公司

Amounts receivable arising from the

ordinary course of busines of

dealing in futures contracts:

日常业务之期指合约交易

应收款项：

– Clearing house－结算所1,422

Amounts receivable arising from the

ordinary course of busines of provision

of securities margin financing (Note (i):

日常业务之提供证券孖展融资

应收款项（附注(i)）：

– Clients－客户109,088

Amounts receivable arising from the

ordinary course of busines dealing

in precious metal:

日常业务之贵金属买卖

应收款项：

– The Chinese Gold and

Silver Exchange Society (“CGSE”)

－金银业贸易场

（「金银业贸易场」）3

Amounts receivable arising from the

ordinary course of busines dealing in

asets management:

日常业务之资产管理交易

应收款项：

– Clients－客户184

Amounts receivables arising from

ordinary courses of busines of

properties investment

日常业务之房地产投资应收款项

1,008

123,869

Les: Alowance for credit los减：信贷亏损拨备(80,874)

Trade receivables,

net of alowance for credit los

贸易应收款项（扣除信贷亏损拨备）

42,995

Interest-bearing loans receivables (Note (i)计息应收贷款（附注(i)）748,191

Les: Alowance for credit los减：信贷亏损拨备(145,094)

Loan receivables,

net of alowance for credit los

应收贷款（扣除信贷亏损拨备）

603,097

Other receivables其他应收款项133,218

Deposits按金946

Prepayments预付款项2,793

783,049

Analysed as:分析为:

Non-curent asets非流动资产54,016

Curent asets流动资产项729,033

783,049

539,550
104,358
7,078
9,827
36,890
697,703

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

20. TRADE AND OTHER RECEIVABLES, DEPOSITS AND

PREPAYMENTS – CONTINUED

Notes:

(i) Margin client receivables after ECL of aproximately HK$26,013,000

(2024: HK$28,214,000) are repayable on demand, bearing interest

at market rate and secured by clients’ securities listed on the Stock

Exchange with a total market value of aproximately HK$66,569,000

as at 31 March 2025 (2024: HK$119,086,000).

(i) The Group considers a loan to be secured when there is colateral or

credit enhancement in place. The main types of colateral and credit

enhancement obtained includes share charges over unlisted and

listed equity securities, personal guarantes, asignment of rights

and charges over properties. As at 31 March 2025, the carying

amount of secured loans receivable after the ECL amounts to

aproximately HK$537,487,000 (2024: HK$603,097,000).

The exposure of the Group’s loan receivables before ECL to

interest rate risks and their contractual maturity dates are as

folows:

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Loan receivables:应收贷款：

On demand按要求447,222

Within one year一年内244,816

In more than one year but

not more than two years

超过一年但不超过两年

的期间内4,522

In more than two years but

not more than five years

超过两年但不超过五年

的期间内11,606

In more than five years超过五年40,025

748,191

The Group has variable-rate loan receivables of HK$263,474,000

(2024: HK$261,220,000), which bear interest rates ranged from

Prime rate plus 1.00% p.a. to Prime rate plus 6.75% p.a. (2024:

from Prime rate minus 1.00% p.a. to Prime rate plus 6.75% p.a.).

、按金及预付款项 –

续

附注：

(i) 扣除预期信贷亏损后的孖展客户应收款

项约为26,013,000港元（二零二四年：

28,214,000)港元），应按要求并以市场利

率计息偿还，并以二零二五年三月三十一

日总市值约为66,569,000港元（二零二四

年：119,086,000 港元）有关客户于联交所

上市的证券作抵押。

(i) 本集团认为当该贷款持有抵押物或信贷

加强措施时，有关贷款已被担保。持有的

主要抵押品和信贷加强措施包括非上市

和上市股权证券的股份抵押、个人担保、

权利转让和物业抵押。在二零二五年三月

三十一日，有抵押应收贷款的账面值经预

期信贷亏损后约为537,487,000港元（二零

二四年：603,097,000港元）。

本集团的预期信贷亏损前应收贷款之利率

风险及其合约期限如下：

本集团之浮动利率应收贷款为263,474,000

港元（二零二四年：261,220,000港元），年

利率为最优惠利率加1.00%至最优惠利率加

6.75%（二零二四年：年利率为最优惠利率

减1.00%至最优惠利率加6.75%）。

5.50%-36.00%
5.50%-13.125%

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

、按金及预付款项 –

续

本集团应收贷款之实际利率（相等于合约利

率）范围如下：

应收贷款(扣除预期信贷亏损):

于二零二五年三月三十一日

20. TRADE AND OTHER RECEIVABLES, DEPOSITS AND

PREPAYMENTS – CONTINUED

The ranges of efective interest rates (which are equal to

contractual interest rates) on the Group’s loan receivables are as

folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Efective interest rate:实际利率：

Fixed-rate loan receivables定息应收贷款5.50%-36.00%

Variable-rate loan receivables浮息应收贷款5.50%-13.125%

Loans receivables, after ECL comprise:

As at 31 March 2025

Nature of loans

Number

of loans

Type of

borowerTermSecurities/Guarantes

Range of

interest rate

(per anum)Amount

贷款性质贷款数量借款人类型还款期抵押品╱担保年利率范围总额

HK$’000

千港元

Corporate structured

loans

1Corporate1 year and 3 monthsShare charges and/or personal

guarantes and/or corporate

guarantes

18%10.434

企业结构性贷款企业1年3个月股份抵押及╱或个人担保及╱或

企业担保

Mortgage loans42Individual,

corporate

1 month to 20 yearsShare charges and/or charges

over properties and/or

personal guarantes and/or

corporate guarantes

5.5% – 18%497,693

抵押贷款个人，企业1个月至20年股份抵押及╱或物业抵押及╱或

个人担保及╱或企业担保

Consumer finance13Individual6 months to 8 yearsPersonal guarantes and/or

corporate guarantes

5.5% – 15%22,512

私人财务个人6个月至8年个人担保及╱或企业担保

Smal busines loans1Corporate2 years to 4 yearsShare charges and/or corporate

guarantes

36%6,848

小企业贷款企业2年至4年股份抵押及╱或企业担保

537,487

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

、按金及预付款项 –

续

应收贷款(扣除预期信贷亏损): – 续

于二零二四年三月三十一日

每笔贷款的条款，如收取的利率、还款期

限及抵押品、证券或担保的要求，均由均

来财务有限公司（「均来」），一间全资附属

公司，根据具体情况进行评估。均来收取

的年利率范围为5.5%至36%（二零二四年：

5.5%至36%）和贷款还款期限介乎一个月至

二十年（二零二四年：三个月至三十年）。

本公司已成立信贷委员会（「信贷委员

会」）。信贷委员会成员包括本公司的两位

执行董事、信贷经理及来自本集团的合规

部及会计部的成员。执行董事主要负责监

督信贷和贷款策略及放债目标，并检讨贷

款的质素及表现。

20. TRADE AND OTHER RECEIVABLES, DEPOSITS AND

PREPAYMENTS – CONTINUED

Loans receivables, after ECL comprise: – continued

As at 31 March 2024

Nature of loans

Number

of loans

Type of

borowerTermSecurities/Guarantes

Range of

interest rate

(per anum)Amount

贷款性质贷款数量借款人类型还款期抵押品╱担保年利率范围总额

HK$’000

千港元

Corporate structured

loans

1Corporate1 year and 3 monthsShare charges and/or personal

guarantes and/or corporate

guarantes

18%13,283

企业结构性贷款企业1年3个月股份抵押及╱或个人担保及╱或

企业担保

Mortgage loans36Individual,

corporate

6 months to 30 yearsShare charges and/or charges

over properties and/or

personal guarantes and/or

corporate guarantes

5.5% – 15%570,995

抵押贷款个人，企业6个月至30年股份抵押及╱或物业抵押及╱或

个人担保及╱或企业担保

Consumer finance13Individual3 months to 8 yearsPersonal guarantes and/or

corporate guarantes

5.5% – 15%17,132

私人财务个人3个月至8年个人担保及╱或企业担保

Smal busines loans1Corporate2 years to 4 yearsShare charges and/or corporate

guarantes

36%1,687

小企业贷款企业2年至4年股份抵押及╱或企业担保

603,097

Terms of each of the loans such as interest rate charged,

repayment period and the requirements for colaterals, securities

or guarantes are asesed by Gold-Face Finance Limited

(“Gold-Face”), a wholy owned subsidiary of the Group, on a

case-by-case basis. Interest rates charged by Gold-Face ranged

from 5.5% to 36% (2024: 5.5% to 36%) per anum and the

repayment period for loans range from 1 month to 20 years (2024:

3 months to 30 years).

The Company has established a credit comite (the “Credit

Comite”). The Credit Comite comprises of two executive

directors of the Company, credit manager and other members from

the compliance department and acount department of the Group.

The executive directors are mainly responsible for overseing the

credit and lending strategies and objectives of the money lending

segment and reviewing the quality and performance of the loans.

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

20. TRADE AND OTHER RECEIVABLES, DEPOSITS AND

PREPAYMENTS – CONTINUED

Al decisions for money lending aplications are handled by the

Credit Comite. Before granting the loans, clients are required

to pas financial backgrounds and credit checks. Factors

including financial positions, credit history, employment status

(for individuals only), availability and value of colaterals, identity

and financial background of guarantors would be asesed by

the Credit Comite before loans are granted. Clients would also

ned to provide documents including but not limited to identity

prof, adres prof, financial information in the course of loan

aplications so the Credit Comite may ases the aplicant’s

repayment ability. Valuations on colaterals are conducted by

independent profesionals engaged by the Group in order to

ases the loan aplication. The loan to value ratio depends on

the value of the colateral and the results of the financial and credit

checks of the clients, but in general is no more than 70% of the

colateral value at the time when the loan is aproved.

The Credit Comite mets wekly and ad-hoc metings are

held when market and economic conditions change significantly in

order to closely monitor the loan recoverability of the clients and

the value of the colateral, and reports to the Board on a regular

basis. The Group’s acount department and the Board monitor

the working capital ratio, quick ratio and relevant financial ratios

closely.

In acordance with the internal control policies of the Group,

Gold-Face reviews the value of the colateral regularly

(semi-anual basis for properties and daily basis for listed

securities) and reports to the Board on a regular basis, senior

management of the Company also conducts regular reviews and

cary out folow up actions in respect of overdue amounts to

minimize the Group’s exposure to credit risk and folow up closely

with clients as to the deadlines in payment of interest of the loans.

The Group’s acount department and the Board monitor the

working capital ratio, quick ratio and relevant financial ratios

closely in order to balance the risk and return of the Group and

ensure its sustainability. An ageing analysis is also prepared on a

monthly basis and is closely monitored to minimize any credit risk

asociated with the debtors.

、按金及预付款项 –

续

所有贷款申请的决定均由信贷委员会处理。

在发放贷款之前，客户必须通过财务背景

和信用审查。在发放贷款之前，信贷委员会

将评估客户的财务状况、信贷记录、就业状

况（仅限个人）、抵押品的可用性和价值、

担保人的身分和财务背景等因素。客户在

申请贷款时还需要提供包括但不限于身分

证明、地址证明、财务资讯等文件，以便信

贷委员会评估申请人的还款能力。抵押品

估值由本集团聘请的独立专业人士进行，

以评估贷款申请。贷款价值比取决于抵押

品的价值及客户的财务和信用审查结果，但

一般不超过贷款批准时抵押品价值的70%。

信贷委员会每周召开一次会议，并在当市

场和经济状况发生重大变化时召开临时会

议，密切监控客户贷款的可收回性和抵押

物的价值，并定期向董事会报告。本集团会

计部门及董事会密切监控营运资金比率、

速动比率及相关财务比率。

根据本集团内部控制政策，均来定期（物业

每半年一次和上市证券每日一次）审核抵押

品价值，并定期向董事会报告。公司高级

管理层亦定期检讨逾期金额及进行跟进行

动，以尽量减低本集团面临的信贷风险，

并与客户密切跟进贷款利息支付期限。

本集团会计部门及董事会密切监控营运资

金比率、速动比率及相关财务比率，以平衡

本集团的风险与回报，确保其持续性。同

时，每月进行一次帐龄分析，以密切监控，

尽量减少与债务人相关的任何信用风险。

37,247
522
66
37,835

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

20. TRADE AND OTHER RECEIVABLES, DEPOSITS AND

PREPAYMENTS – CONTINUED

Gold-Face also has standard internal procedures in relation to loan

colection. Gold-Face wil send reminders or demand leters to its

clients in case of defaults. The condition of loan colection and

persistence of default for loans (if any) are reported to the Board

regularly.

The setlement terms of cash and securities margin financing

clients arising from the busines of dealing in securities are two

days after trade date, and of trade receivables arising from the

busines of dealing in futures contracts are one day after trade

date.

Receivables of aproximately HK$374,922,000 (2024:

HK$364,601,000) that were past due related to a number of

independent customers and were reviewed by the Directors with

ECL of aproximately HK$183,121,000 made at 31 March 2025

(2024: HK$225,968,000). Based on past experience, the Directors

are of the opinion that no further ECL is necesary in respect of

these balances in credit quality and the balances are considered

ful recoverable.

The Group has policy for alowance of ECL which is based on the

evaluation of colectability and ageing analysis of acounts and on

management’s judgement, including the curent creditworthines,

colaterals and the past colection history of each client.

The ageing analysis of amounts receivable based on trade date

that are neither individualy nor colectively considered to be

impaired are as folows:

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Les than 1 month不足一个月42,394

1 to 3 months一至三个月376

3 months to 1 year三个月至一年225

42,995

、按金及预付款项 –

续

均来亦制定与贷款催收相关的标准内部程

序。如果发生违约情况，均来将向客户发

送提醒或催款信。贷款催收状况及贷款拖

欠情形（如有）定期向董事会报告。

来自证券买卖业务所产生的现金及证券孖

展融资客户应收款项于交易日后两日偿还，

来自期指合约交易业务所产生的贸易应收

款项于交易日一天后偿还。

经董事审阅后，已过期之应收款项约

374,922,000元（二零二四年：364,601,000

港元）乃有关多个独立客户。该等结欠于

二零二五年三月三十一日作出预期信贷

亏损约183,121,000港元（二零二四年：

225,968,000港元）。根据过往经验，董事

认为无须就该等信贷质素欠佳的结余作出

进一步的预期信贷亏损，且该等结余可全

额收回。

本集团设有预期信贷亏损账拨备政策，乃

根据收款能力及账龄分析之评估及管理层

之判断，包括每一客户最近之信贷价值、

抵押品及过去收款之历史。

并无个别及整体评估为减值之应收款项（根

据交易日）之账龄分析如下:

162,565
4,758
8,218
136,536
225,410
537,487

100
100
200
1,500
1,500
3,400

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

、按金及预付款项 –

续

应收贷款（根据到期日）经作出预期信贷亏

损后之账龄分析如下：

有关贸易及其他应收款项之减值评估详情

载于附注31(b)(i)。

21. 其他资产

20. TRADE AND OTHER RECEIVABLES, DEPOSITS AND

PREPAYMENTS – CONTINUED

The ageing analysis of loan receivables based on due date after

ECL is as folows:

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Curent (Not past due)近期（未逾期）298,181

Les than 1 month past due逾期不足一个月45,333

1 to 3 months past due逾期一至三个月10,956

3 months to 1 year past due逾期三个月至一年70,401

Over 1 year past due逾期超过一年178,226

603,097

Details of impairment asesment of trade and other receivables

are set out in Note 31(b)(i).

21. OTHER ASETS

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Hong Kong Securities Clearing

Company Limited

香港中央结算有限公司

– Guarante fund deposit– 保证金存款100

– Admision fe– 参与费100

Statutory deposit with the Stock Exchange联交所法定按金200

Reserve fund contribution to the

Stock Exchange Options

Clearing House Limited

联交所期权结算所有限公司之

储备金供款

1,500

Reserve fund contribution to the

HKFE Clearing Corporation Limited

香港期货结算有限公司之

储备金供款1,500

3,400

3,011

49,302
7
235,400
284,709
54,653
1,228
15,000
355,590

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

22. PROPERTIES HELD FOR DEVELOPMENT

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Properties held for development, at cost持作发展物业以成本计算3,011

23. CASH AND CASH EQUIVALENTS

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Cash at banks银行结余

– General acounts－一般户口44,880

Cash in hand现金5

Non-pledged short-term bank deposits with

original maturity les than 3 months

少于3个月内到期之无抵押

短期银行存款211,003

255,888

Cash at banks银行结余

– Trust acounts－信托户口35,818

– Segregated acounts－分开处理户口849

Pledged short-term bank deposits with

original maturity les than 3 months (Note)

少于3个月内到期之有抵押

短期银行存款（附注）15,000

307,555

Note: Cash at banks earns interest at floating rates based on daily bank

deposit rates. The bank balances are deposited with creditworthy

banks with no recent history of default.

Pledged short-term bank deposits caried fixed interest rates at 1.0%

(2024: 1.0%) per anum as at 31 March 2025 and pledged to banks

for securing general bank facilities granted to the Group.

22. 持作发展物业

23. 现金及现金之等价物

附注：银行结余按浮动利率（基于每日银行存款

利率计算）赚取利息。银行结余乃存放于

信誉卓著且近期并无违约记录的银行。

就二零二五三月三十一日已抵押短期银

行存款之固定利率为年利率1.0%（二零

二四：1.0%）及以保证银行向本集团发行

的一般银行融资。

488
572
814

572

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

23. CASH AND CASH EQUIVALENTS – CONTINUED

Included in cash and cash equivalents are the folowing amounts

denominated in curencies other than the group entities’ functional

curencies:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

United States Dolar (“USD”)美元（「美元」）580

Renminbi (“RMB”)人民币（「人民币」）39

Macanese Pataca (“MOP”)澳门元（「澳门元」）462

Included in cash and cash equivalents are the folowing amounts

which are subject to foreign exchange control regulations and not

frely transferable:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Amounts denominated in RMB以人民币计价之金额39

24. DEFERED TAX ASETS

Provision for

expected credit

los

预期信贷亏损

拨备

HK$’000

千港元

At 1 April 2023于二零二三年四月一日3,370

Credited to profit or los自损益扣除126

At 31 March 2024于二零二四年三月三十一日3,496

Credited to profit or los计入损益283

At 31 March 2025于二零二五年三月三十一日3,779

At the end of the reporting period, the Group had unutilised tax

loses of aproximately HK$118,971,000 (2024: HK$66,369,000)

available for ofseting against future taxable profits. No defered

tax aset has ben recognised due to the unpredictability of future

taxable profits. The tax loses may be caried forward indefinitely.

– 续

现金及现金之等价物包括以下以集团实体

功能货币以外的货币计价的金额：

现金及现金之等价物包括以下受外汇管制

规定且不得自由转让的金额：

24. 递延税项资产

于报告期末日，本集团有可供抵销未来应

课税溢利之未动用税务亏损约118,971,000

港元（二零二四年：66,369,000港元）。由

于未能预测未来应收课税溢利之情况，因

此并无确认递延税务资产。税务亏损可无

限期结转。

110,802
75,820
6,142
20,555
8,285
110,802

5.18%-6.06%

337,198

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

– 续

现金及现金之等价物包括以下以集团实体

功能货币以外的货币计价的金额：

现金及现金之等价物包括以下受外汇管制

规定且不得自由转让的金额：

24. 递延税项资产

于报告期末日，本集团有可供抵销未来应

课税溢利之未动用税务亏损约118,971,000

港元（二零二四年：66,369,000港元）。由

于未能预测未来应收课税溢利之情况，因

此并无确认递延税务资产。税务亏损可无

限期结转。

25. BOROWINGS

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Amounts shown under curent liabilities以下项目列示于流动负债：

– Secured bank loan – interest-bearing－有抵押银行贷款－计息116,251

The carying amounts of the above

borowings that contain a repayable on

demand clause (shown under curent

liabilities) but repayable*:

载有按要求偿还条款的上述借款

账面值（列示于流动负债项下），

但须于下列时间内偿还*：

Within one year于一年内75,408

Within a period of more than one year

but not exceding two years

于一年以上但不超过两年

的期间内5,741

Within a period of more than two years

but not exceding five years

于两年以上但不超过五年

的期间内19,419

For period of more than five years超过五年的期间15,683

116,251

* The amounts due are based on scheduled repayment dates set out in

the loan agrements.

The ranges of efective interest rates (which are also equal to

contracted interest rates) on the Group’s borowings are as

folows:

20252024

二零二五年二零二四年

Variable-rate borowings浮动利率借款4.75%-6.65%

As at the end of the reporting period, the Group has the folowing

undrawn borowing facilities:

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Variable-rate浮动利率

– expiring within one year－于一年内到期331,749

25. 借款

* 有关款项乃根据贷款协议所载拟定还款日

期厘定。

本集团借款之实际利率（亦相等于合约利

率）之范围如下：

于报告期末，本集团之未提取借款额度如

下：

–

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

25. BOROWINGS – CONTINUED

Loan covenants

In respect of the bank borowing with carying amount of

HK$110,802,000 as at 31 March 2025 (2024: HK$116,251,000), the

Group is required to comply with the folowing financial covenants

throughout the continuance of the relevant loan and/or as long as

the loan is outstanding:

% by

reference to the total facilities limit against the value of the

security properties

• to maintain minimum deposit in the bank

The Group has complied with these covenants throughout the

reporting period.

Note: As at 31 March 2025, the bank borowing of aproximately

HK$110,802,000 (2024: HK$116,251,000) was secured by the

Group’s investment properties with carying amount of aproximately

HK$1,506,800,000 (2024: HK$1,488,400,000) with related rental

proceds (Note 16) and corporate guarantes provided by the

Company.

26. AMOUNTS DUE TO RELATED PARTIES

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Amounts due to related parties应付关联人士款项

– Related companies (Note (a) and

Note (b)

－关联公司（附注(a)及附注(b)）

Notes:

a) The amounts due to related companies represents payables to the

UBA Group (as defined in Note 32).

b) Amounts due to related parties are unsecured, interest-fre and

repayable on demand.

27. AMOUNT DUE TO THE ULTIMATE HOLDING COMPANY

The amount is unsecured, interest-fre and has no fixed terms of

repayment.

– 续

贷款契约

就二零二五年三月三十一日账面值为

110,802,000港元（二零二四年：116,251,000

港元）的银行借款而言，于相关贷款续存期

间及╱或贷款未获偿还期间，本集团须遵

守以下财务契约：

，将

贷款与价值比率维持低于50%

• 维持最低银行存款

本集团于报告期内一直遵守该等契约。

附注：于二零二五年三月三十一日，约110,802,000

港元（二零二四年：116,251,000港元）之银

行借款以本集团账面值约1,506,800,000港

元（二零二四年：1,488,400,000港元）之

投资物业及相关租金所得款（附注16）和

本公司所提供的企业担保作抵押。

26. 应付关联人士款项

附注：

a) 应付关联公司款项为应付开明投资集团的

款项（定义见附注32）。

b) 应付关联人士之款项为无抵押，免息及按

要求偿还。

27. 应付最终控股公司款项

款项为无抵押，免息及无固定还款期。

58,711
2,671
2,001
1,337
541
278
65,539
15,950
5,787
226
87,502

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

28. TRADE AND OTHER PAYABLES

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Amounts payable arising from the

ordinary course of busines of

dealing in securities and options:

日常业务之证券及期权交易

应付款项：

– Cash clients (Note (a)(i)－现金客户（附注(a)(i)）40,542

– Hong Kong Security Clearing

Company Limited

－香港中央结算有限公司

4,725

Amounts payable arising from the

ordinary course of busines of

dealing in futures contracts:

日常业务之期指合约交易

应付款项：

– Clients－客户2,270

Amounts payable arising from the ordinary

course of busines of provision of

securities margin financing:

日常业务之提供证券孖展融资

应付款项：

– Clients－客户2,203

Amounts payable arising from ordinary

course of busines of dealing

in precious metals (Note (a)(i)

日常业务之贵金属买卖

应付款项（附注(a)(i)）

Amounts payable arising from the ordinary

course of busines of properties investment

日常业务之房地产投资应付款项

Total trade payables贸易应付款50,363

Acruals and other payables (Note (b)应付费用及其他应付款项（附注(b)）9,172

Rental and other deposits received租赁及其他已收按金5,837

Rental received in advance预收租金256

65,628

Notes:

a) Al the amounts payables are repayable on demand, except

i) the setlement terms of cash clients arising from the busines of

dealing in securities are two working days after trade date; and

i) the amounts payables arising from the ordinary courses of

busines of dealing in precious metals should be setled within

30 days.

b) Other payables include (i) aproximately HK$2,555,000 (2024:

HK$2,555,000) which represents amounts due to minority

shareholders, which are interest fre, unsecured and are repayable

on demand, and (i) aproximately HK$7,114,000 (2024: Nil) being

payable of renovation expenses.

Al other payables are interest fre, unsecured and are repayable on

demand.

28. 贸易及其他应付款项

附注：

a) 所有应付款项须按要求偿还，除

i) 日常业务之证券交易之现金客户应付

款项于交易日后两个工作天偿还；及

i) 日常业务之贵金属买卖应付款项于

三十日内偿还。

b) 其他应付款项包括约2,555,000港元（二零

二四年：2,555,000港元）乃代表应付小股

东之款项乃免息、无抵押及按要求偿还，

及(i)约7,114,000港元（二零二四年：没有）

为应付装修开支。

其他应付款项乃免息、无抵押及按要求偿

还。

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

29. SHARE CAPITAL

Number

of ordinary

Nominal value

of ordinary

普通股之数目普通股之面值

Authorised:法定：

As at 1 April 2023, 31 March 2024 and

31 March 2025 at HK$0.01 each

于二零二三年四月一日、

二零二四年三月三十一日及

二零二五年三月三十一日，

每股为0.01港元10,000,000,000100,000

Isued and fuly paid:已发行及缴足：

As at 1 April 2023, 31 March 2024 and

31 March 2025 at HK$0.01 each

于二零二三年四月一日、

二零二四年三月三十一日及

二零二五年三月三十一日，

每股为0.01港元2,682,316,75826,824

29. 股本

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

30. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that the Group wil be

able to continue as a going concern while maximising the return

to stakeholders through the optimisation of the debt and equity

balance. The Group’s overal strategy remains unchanged from

prior years.

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

includes the borowings disclosed in Note 26, net of cash

and cash equivalents and equity atributable to owners of the

Company, comprising mainly isued share capital, retained profits

and other reserves.

Certain subsidiaries of the Group are regulated by the Securities

and Futures Comision (the “SFC”), and a subsidiary which

is a member of CGSE, they are required to comply with certain

minimum capital requirements acording to the rules of the SFC

and the CGSE.

The Directors review the capital structure on a semi-anual

basis. As part of this review, the Directors consider the cost of

capital and the risks asociated with each clas of capital. Based

on recomendations of the management, the Group wil balance

its overal capital structure through the payment of dividends and

new share isues.

As at 31 March 2025, the amount of total borowings was

aproximately HK$110,802,000 (2024: HK$116,251,000). The

gearing being equal to aproximately 3.89% (2024: 4.2%)

of the net asets of aproximately HK$2,846,790,000 (2024:

HK$2,790,284,000).

30. 资本风险管理

本集团管理资本以确保本集团能继续以持

续经营基准经营，同时透过优化债务及权

益之平衡为股东争取最大回报。本集团以

往年度之全面策略维持不变。

本集团资本结构包括净债务（包括附注26

所披露的借款、净现金及现金之等价物）及

本公司拥有人应占权益（主要包含已发行股

本、保留溢利及其他储备）。

本集团若干附属公司受证券及期货事务监

察委员会（「证监会」）及一间附属公司为金

银业贸易场之会员所监管，该等公司须依

据证监会及金银业贸易场之规则遵守若干

最低资本要求。

董事每半年审阅资本结构。审阅时，董事

考虑每一类别资本成本及相关风险。本集

团根据管理层之建议透过股息派发及发行

新股以平衡全面资本结构。

于二零二五年三月三十一日，总借款

为约110,802,000港元（二零二四年：

116,251,000港元）。负债比率为净资

产约2,846,790,000港元（二零二四年：

2,790,284,000港元）的约3.89%（二零二四

年：4.2%）。

580,288
3,400
355,590
939,278
169,576
87,276
110,802
–
125,818
323,896

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

31. FINANCIAL INSTRUMENTS

(a) Categories of Financial Instruments

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial asets财务资产

Financial asets at amortised cost:按摊销成本列账的财务资产：

Trade and other receivables and

deposits

贸易及其他应收款项及按金

780,256

Other asets其他资产3,400

Cash and cash equivalents现金及现金之等价物307,555

1,091,211

Equity instrument at FVTOCI按公允值于其他全面收益

之权益工具–

Financial liabilities财务负债

Financial liabilities at amortised cost:按摊销成本列账的财务负债：

Trade and other payables贸易及其他应付款项65,372

Borowings借款116,251

Amounts due to related parties应付关联人士款项95

Amount due to the ultimate

holding company

应付最终控股公司款项

95,543

277,261

(b) Financial risk management objectives and policies

The Group’s major financial instruments comprise equity

instrument at FVTOCI, trade and other receivables, deposits,

other asets, cash and cash equivalents, trade and other

payables, borowings, amounts due to related parties and

amount due to the ultimate holding company.

Details of the financial instruments are disclosed in respective

notes. The risks asociated with these financial instruments

include market risk (foreign curency risk, interest rate

risk and other price risk) credit risk and liquidity risk. The

policies on how to mitigate these risks are set out below.

The management of the Group manages and monitors these

exposures to ensure apropriate measures are implemented

on a timely and efective maner.

31. 财务工具

(a) 财务工具分类

(b) 财务风险管理目标及政策

本集团之主要财务工具包括按公允值

于其他全面收益之权益工具贸易及其

他应收款项、按金、其他资产、现金

及现金之等价物、贸易及其他应付款

项、借款、应付关联人士款项及应付

最终控股公司款项。

该等财务工具详情于相关附注中披

露。有关该等财务工具的风险包括市

场风险（外汇风险、利率风险及其他股

价风险）信贷风险及流动资金风险。

下文载列如何降低该等风险的政策。

本集团管理层负责管理并监控有关风

险，以确保及时有效采取适当措施。

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Credit risk and impairment asesment

Credit risk refers to the risk that the Group’s counterparties

default on their contractual obligations resulting in

financial loses to the Group. The Group’s credit risk

exposures are primarily atributable to trade and other

receivables, deposits, other asets and bank balances.

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 interest bearing loans receivables and margin

financing receivables are mitigated because they are

secured as detailed in Note 20. The management has a

credit policy in place and the exposures to these credit

risks are monitored on an ongoing basis.

The Group manages and analyses the credit risk

for each of their new and existing clients before

standard payment terms and conditions are ofered.

If there is no independent rating, the Group aseses

the credit quality of the customer based on the

customer’s financial position, past experience and other

factors. The Group seks to dealing with counter parties

which have god credit history.

In order to minimise the credit risk, the management

of the Group has delegated a team responsible for

determination of credit limits, credit aproval and other

monitoring procedures to ensure that folow-up action is

taken for the recoverable amount.

Interest bearing loans receivables

The Group holds colateral against interest-bearing loans

receivables in the form of mortgages over properties

located in Hong Kong. Certain interest-bearing loans

receivables are secured by listed and unlisted equity

securities and personal guarante. Individual risk limits

are set based on the value of colaterals provided by

customers and internal or external ratings in acordance

with limits set by the management.

– 续

(b) 财务风险管理目标及政策 – 续

(i) 信贷风险及减值评估

信贷风险指本集团的交易对手违

约而导致本集团蒙受财务损失的

风险。本集团的信贷风险主要来

自贸易及其他应收款项、按金、

其他资产以及银行结余。

本集团并无就抵销与财务资产有

关的信贷风险而持有任何抵押品

或其他加强信贷措施(除有关计

息应收贷款及孖展融资应收款项

的信贷风险因其有担保而有所降

低，详情请参阅附注20)。管理

层制定信贷政策，并持续监控有

关的信贷风险。

在提供标准付款条款和条件之

前，本集团会管理和分析每个新

旧客户的信用风险。若无独立评

级，本集团根据客户的财务状

况、过往经验及其他因素评估客

户的信用品质。本集团寻求与具

有良好信用记录的交易对手进行

交易。

为将信用风险降至最低，本集团

管理层已委派团队负责厘定信

用额度、信用审批及其他监控程

序，以确保对可收回金额采取后

续行动。

计息应收贷款

本集团持有以香港物业抵押贷款

的计息应收贷款作为抵押品。部

分计息应收贷款以上市及非上市

股本证券及个人担保作为抵押。

个别风险限额依客户提供的抵押

品价值及管理层设定的内部或外

部评级而厘定。

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Credit risk and impairment asesment – Continued

Interest bearing loans receivables – Continued

The Group aseses alowance for credit loses on

interest bearing loans receivables individualy, the

management asesed the expected loses individualy

by estimation based on historical default rates of

the customers, fair value of the colateral pledged

by the customers and adjusted for forward-loking

information. As at 31 March 2025, alowance of

credit loses in respect of interest-bearing loans

receivables was aproximately HK$160,216,000 (2024:

HK$145,094,000).

As at 31 March 2025, the Group has concentration of

credit risk as 21.05% (2024: 20.33%) and 53.11% (2024:

59.00%) of the total principal receivables from loan was

due from the Group’s largest debtor and the five largest

debtors of loan receivables respectively.

Amounts receivable arising from ordinary course of

busines of margin financing, dealing in securities and

options, futures contracts and precious metal

(a) Amounts receivable arising from the ordinary

course of busines of provision of securities margin

financing

Certain amounts receivable arising from the

ordinary course of busines of provision of

securities margin financing are secured by listed

equity securities. Individual risk limits are set based

on the value of colaterals provided by customers

and internal or external ratings in acordance with

limits set by the Directors.

In determining the impairment on margin loans

which were credit-impaired, the management of

the Group reviews and aseses each margin

client individualy based on the evaluation of

colectability, ageing analysis of acounts and on

management’s judgement, including the curent

creditworthines and the past colection statistics

of each client, the realisation value of securities or

colaterals from clients and their guarantors which

are held by the Group, subsequent setlement or

aditional colaterals received. The write-of was

made in respect of margin loans that have ben

fuly provided for in the prior years.

– 续

(b) 财务风险管理目标及政策 – 续

(i) 信贷风险及减值评估 – 续

计息应收贷款 – 续

集团个别评估计息应收贷款信

贷亏损拨备，管理层独立评估预

计亏损根据客户的历史违约率、

客户质押的抵押品的公允值及

根据前瞻性资讯进行了调整。截

至二零二五年三月三十一日，计

息应收贷款信贷亏损拨备约为

160,216,000港元（二零二四年：

145,094,000港元）。

于二零二五年三月三十一日，本

集团的信贷风险集中度分别为

21.05%（二零二四年：20.33%）

及应收贷款本金总额的53.11%

（二零二四年：59.00%），分别

来自本集团最大债务人及五大应

收贷款的债务人。

日常业务之孖展融资、证券及期

权、期指合约及贵金属交易之应

收款项

(a) 日常业务之提供证券孖展

融资之应收款项

在提供证券孖展融资的日

常业务过程中产生的若干

应收款项乃以上市证券作

担保。个人风险限额是根

据客户提供的抵押品的价

值以及根据董事厘定之限

额的内部或外部评级而定。

就出现信贷减值的孖展融

资厘定减值时，本集团管

理层根据可收回金额评

估、账目账龄分析及管理

层判断（包括目前信誉及各

客户过往收款统计数据、

本集团持有的客户及其担

保人证券或抵押品的可变

现价值、其后结算以及已

收额外抵押品）个别检讨及

评估各孖展客户。本集团

已撇销于过往年度悉数计

提的孖展融资。

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Credit risk and impairment asesment – Continued

Amounts receivable arising from ordinary course of

busines of margin financing, dealing in securities

and options, futures contracts and precious metal –

Continued

(a) Amounts receivable arising from the ordinary

course of busines of provision of securities margin

financing – Continued

As at 31 March 2025, the Group has concentration

of credit risk as 23.65% (2024: 54.67%) and

58.90% (2024: 76.08%) of the total interest bearing

receivables from margin financing was due from

the Group’s largest debtor and the five largest

debtors in margin financing respectively.

The Group ases alowance for credit loses on

margin financing receivables individualy based on

historical credit los experience of the customers

as wel as the fair value of colateral pledged by

the customers and adjusted for forward-loking

information. As at 31 March 2025, alowance

of credit loses in respect of margin financing

receivables was aproximately HK$22,905,000

(2024: HK$80,874,000).

(b) Amounts receivable due from clearing houses and

brokers

In respect of amounts receivable from clearing

houses and brokers, credit risks are considered

low as the Company normaly enters into

transactions with clearing houses and brokers

which are registered with regulatory bodies and

enjoy sound reputation in the industry. For the

years ended 31 March 2025 and 2024, the Group

asesed the ECL for amounts receivable due from

clearing houses and brokers are insignificant and

thus no los alowance is recognised.

– 续

(b) 财务风险管理目标及政策 – 续

(i) 信贷风险及减值评估 – 续

日常业务之孖展融资、证券及期

权、期指合约及贵金属交易之应

收款项 – 续

(a) 日常业务之提供证券孖展

融资之应收款项 – 续

于二零二五年三月三十一

日，本集团有集中信贷风

险占孖展融资计息应收款

项总额23.65%（二零二四

年：54.67%）及58.90%

（二零二四年：76.08%）分

别来自本集团的最大债务

人及五大孖展融资的债务

人。

本集团根据客户的过往信

贷亏损经验以及客户所

抵押的抵押品的公允值，

独立评估孖展融资应收款

项的信贷亏损拨备，并根

据前瞻性资料进行调整。

于二零二五年三月三十一

日，有关孖展融资应收款

项的信贷亏损拨备约为

22,905,000港元（二零二四

年：80,874,000港元）。

(b) 应收结算所及经纪款项

由于本公司一般与已向监

管机构注册且业内声誉良

好之结算所及经纪进行交

易，故应收结算所及经纪

款项之信贷风险甚低。截

至二零二五年及二零二四

年三月三十一日止年度，

本集团评估应收结算所及

经纪款项后认为其预期信

贷亏损并不重大，故并无

确认亏损准备。

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Credit risk and impairment asesment – Continued

Amounts receivable arising from ordinary course of

busines of dealing in margin financing, securities

and options, futures contracts and precious metal –

Continued

In respect of amounts due from cash clients,

individual credit evaluations are performed on

al clients. In adition, the Group reviews the

recoverable amount of each individual receivable

at the end of each reporting period to ensure

that adequate impairment loses are made for

irecoverable amounts. The setlement terms of

cash clients arising from the busines of dealing

in securities are two working days after trade

date, the Directors consider that the credit risk is

significantly reduced.

Besides above-mentioned transactions, clients

are required to place deposits as prescribed

in the Company’s policy before execution of

any purchase transactions. No los alowance

recognised from ordinary course dealing in futures

brokerage and precious metal during the years

ended 31 March 2025 and 2024.

Amounts receivable arising from ordinary course of

busines of properties investment

The Group aplies the simplified aproach to provide

for ECL prescribed by HKFRS 9, which permits the

use of the lifetime ECL for amounts receivable arising

from ordinary course of busines. To measure the ECL,

these amounts receivable have ben based on past

due status, historical credit los experience based

on the past default experience of the Group and are

adjusted with forward-loking information. On that basis,

the Group asesed that there is no los alowance

recognised during the years ended 31 March 2025 and

2024.

– 续

(b) 财务风险管理目标及政策 – 续

(i) 信贷风险及减值评估 – 续

日常业务之孖展融资、证券及期

权、期指合约及贵金属交易之应

收款项 – 续

就应收现金客户款项而

言，所有客户均须接受个

别信贷评估。此外，本集

团于报告期末审阅各个别

应收贷款的可收回金额，

确保为不可收回的金额计

提足够的减值亏损。来自

证券买卖业务所产生的现

金客户应收款项于交易日

后两个工作日偿还，董事

认为，信贷风险已大幅降

低。

除上述交易外，于执行任

何购买交易前，客户须按

本公司之政策存款。于截

至二零二五年及二零二四

年三月三十一日止年度期

货经纪及贵金属交易之日

常业务并无确认亏损拨备。

日常业务之房地产投资应收款项

本集团按照香港财务报告准则第

9号之规定应用简化法就预期信

贷亏损计提拨备，有关规定允许

就于日常业务中产生之应收款项

使用存续期预期信贷亏损。为计

量预期信贷亏损，该等应收款项

乃基于逾期状况、基于本集团过

往违约经验之历史信贷亏损经验

及使用前瞻性资料进行调整。按

此基准，本集团评估于截至二零

二五年及二零二四年三月三十一

日止年度并无确认亏损拨备。

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Credit risk and impairment asesment – Continued

Other receivables

For other receivables, the management makes

periodic individual asesment on the recoverability

of other receivables based on historical setlement

records, past experience, and also quantitative and

qualitative information that is reasonable and suportive

forward-loking information, the financial health of the

guarante for certain other receivables. For the years

ended 31 March 2025 and 2024, the Group asesed

the ECL for other receivables are insignificant and thus

no los alowance is recognised.

Other asets

Other asets represent statutory deposits and reserved

fund contribution to the regulatory bodies, the credit

risks are considered to be low. For the years ended 31

March 2025 and 2024, the Group asesed the ECL of

other asets are insignificant and thus no los alowance

is recognised.

Bank balances

Credit risk on bank balances is limited because the

counterparties are reputable banks with high credit

ratings asigned by international credit agencies. The

Group asesed 12m ECL for bank balances by

reference to information relating to probability of

default and los given default of the respective credit

rating grades published by external credit rating

agencies. Based on the average los rates, the 12m ECL

on bank balances is considered to be insignificant.

– 续

(b) 财务风险管理目标及政策 – 续

(i) 信贷风险及减值评估 – 续

其他应收款项

就其他应收款项而言，管理层根

据过往结算记录、过往经验及属

于合理有理据的前瞻性之定量及

定性资料，以及某些其他应收款

担保人的财务状况定期对其他应

收款项之可收回性进行单独评

估。截至二零二五年及二零二四

年三月三十一日止年度，本集团

评估其他应收款项后认为其预期

信贷亏损并不重大，故并无确认

亏损拨备。

其他资产

其他资产指法定存款及向监管机

关作出的资金储备，其信贷风险

被视为甚低。截至二零二五年及

二零二四年三月三十一日止年

度，本集团评估其他资产后认为

其预期信贷亏损并不重大，故并

无确认亏损拨备。

银行结余

由于交易对手乃获国际信贷机构

给予优良信贷评级的知名银行，

故银行结余的信贷风险有限。本

集团参考外部信贷评级机构所发

布有关信贷评级等级的违约概率

及亏损之资料评估银行结余的12

个月预期信贷亏损。基于平均亏

损率，12个月预期信贷亏损被视

为不重大。

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

– 续

(b) 财务风险管理目标及政策 – 续

(i) 信贷风险及减值评估 – 续

财务担保合约

就财务担保合约而言，于二零

二五年三月三十一日，就授予第

三方且可能须由本集团偿还的银

行融资向银行发出的未偿还财务

担保总额为3,000,000港元（二零

二四年：3,000,000港元），有关

第三方已动用未偿还财务担保。

该等财务担保于初始确认日期的

公允值被认为并不重大。于报告

期末，管理层进行了减值评估，

认为自财务担保合同初始确认以

来，信用风险并未显著增加。据

此，本集团签发的财务担保合同

损失准备按12个月预期信贷亏

损计量。于损益并无确认亏损拨

备。

本集团的内部信贷风险评级评估

包括以下分类：

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Credit risk and impairment asesment – Continued

Financial guarante contract

For financial guarante contracts, the agregate

amount of outstanding financial guarantes isued

to banks in respect of bank facilities granted to the

third parties that the Group could be required to pay

amounted to HK$3,000,000 as at 31 March 2025

(2024: HK$3,000,000), being the outstanding financial

guarantes has ben utilised by the third parties. The

fair value of these financial guarantes, as at dates

of initial recognition, were considered insignificant. At

the ended of reporting period, the management has

performed impairment asesment, and concluded

that there has ben no significant increase in credit

risk since initial recognition of the financial guarante

contracts. Acordingly, the los alowance for financial

guarante contracts isued by the Group is measured

at an amount equal to 12m ECL. No los alowance was

recognised in the profit or los.

The Group’s internal credit risk grading asesment

comprises the folowing categories:

Internal credit ratingDescriptionECL Categories

内部信贷评级描述预期信贷亏损分类

Low riskThe counterparty has a low risk of default and

does not have any past-due amounts or debtor

frequently repays after due dates in ful

12m ECL

低风险对手方的违约风险较低且无任何逾期款项，

债务人经常在到期日后悉数偿还

12个月预期信贷亏损

Medium riskAmount is more than 30 days past-due or there

have ben significant increases in credit risk since

initial recognition through information developed

internaly or external resources

Lifetime ECL

– not credit-impaired

中风险款项是超过30天逾期或根据内部资料或外部资源，

信贷风险自初始确认起大幅增加

存续期预期信贷亏损

－无信贷减值

High riskAmount is more than 90 days past-due or there is

evidence indicating the aset is credit-impaired

Lifetime ECL

– credit-impaired

高风险款项是超过90天逾期或有证据显示资产出现信贷减值存续期预期信贷亏损

－信贷减值

299,702
55,881
200,092
35,086
523,265	758,443
	4,966
	3,400
	3,000

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

– 续

(b) 财务风险管理目标及政策 – 续

(i) 信贷风险及减值评估 – 续

下表详列本集团须进行预期信贷

亏损评估的财务资产及财务担保

合约之信贷风险：

附注：

财务担保合约的账面总值代表本集

团就相关合约担保之最高金额。

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Credit risk and impairment asesment – Continued

The tables below detail the credit risk exposures of

the Group’s financial asets and financial guarante

contracts, which are subject to ECL asesment:

二零二五年二零二五年二零二四年二零二四年

Financial asets

at amortised costsNotes

Internal

credit rating

12m or

lifetime ECL

Gros

carying

amount

Gros

carying

amount

Gros

carying

amount

Gros

carying

amount

按摊销成本列账的财务资产附注内部信贷评级

12个月或存续期

预期信贷亏损账面总值账面总值账面总值账面总值

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Bank balances23N/A12m ECL270,883

银行结余不适用12个月预期信贷亏损

Bank balances – trust and

segregated acounts23N/A12m ECL36,667

银行结余－信托及分开处理户口不适用12个月预期信贷亏损

Amounts receivables and

loan receivables20Low risk12m ECL357,842

应收款项及应收贷款低风险12个月预期信贷亏损

Lifetime ECL (non-

credit-impaired)26,215

存续期预期信贷亏损

（无信贷减值）

Lifetime ECL

(credit-impaired)488,003872,060

存续期预期信贷亏损

（信贷减值）

Other receivables and deposits20Low risk12m ECL134,164

其他应收款项及按金低风险12个月预期信贷亏损

Other asets21N/A12m ECL3,400

其他资产不适用12个月预期信贷亏损

Other item

其他事项

Financial guarantor (Note)35Low risk12m ECL3,000

财务担保（附注）低风险12个月预期信贷亏损

Note:

For financial guarante contract, the gros carying amount

represents the maximum amount the Group has guaranted

under the respective contract.

(21)	21	–	–
–	(288)	–	(288)
(2,896)	–	(14,675)	(17,571)
–	–	(59,685)	(59,685)
–	–	(94)	(94)
–	2,004	–	2,004
439	1,192	31,156	32,787
1,037	24,117	157,967	183,121

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

– 续

(b) 财务风险管理目标及政策 – 续

(i) 信贷风险及减值评估 – 续

截至二零二五年及二零二四年三

月三十一日止年度计息应收贷款

及孖展融资应收款项之预期信贷

亏损变动如下：

附注：信用减损的应收帐款与正处

于清算过程中的客户及╱或

管理阶层评估该应收帐款不

太可能收回有关。

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Credit risk and impairment asesment – Continued

The movements in ECL on interest bearing loan

receivables and margin financing receivables during the

years ended 31 March 2025 and 2024 are as folows:

12m ECL

Lifetime ECL

not credit–

impaired

Lifetime ECL

credit–

impaired Total

12个月预期

信贷亏损

存续期预期

信贷亏损－

无信贷减值

存续期预期

信贷亏损－

信贷减值总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于二零二三年

四月一日3,43720,422174,751198,610

Reversal of impairment los on

margin financing receivables

拨回孖展融资应收

款项减值亏损–(989)–(989)

Reversal of impairment los on

interest bearing loan receivables

拨回计息应收

贷款减值亏损–(6,651)(6,651)

Write-ofs撇销–(7,997)(7,997)

Impairment los on margin

financing

孖展融资减值

亏损–1,755–1,755

Impairment los on interest

bearing loan receivables

计息应收贷款

减值亏损78–41,16241,240

At 31 March 2024于二零二四年

三月三十一日3,51521,188201,265225,968

Transfer to lifetime ECL not

credit-impaired

移至存续期预期

信贷亏损

未信贷减值

Reversal of impairment los on

margin financing receivables

拨回孖展融资应收

款项减值亏损

Reversal of impairment los

on interest bearing loan

receivables

拨回计息应收

贷款减值亏损

Write-ofs on margin financing

receivables

孖展融资撇销

Write-ofs on interest bearing

loan receivables

计息应收贷款撇销

Impairment los on margin

financing

孖展融资减值

亏损

Impairment los on interest

bearing loan receivables

计息应收贷款

减值亏损

At 31 March 2025于二零二五年

三月三十一日

Note: The credit impaired receivables related to customers that

were in the proces of liquidation and/ or management

asesed that the receivables are unlikely to be

recovered.

–	87,276	87,276	87,276
5.804%	110,802	110,802	110,802
–	125,818	125,818	125,818
–	323,896	323,896	323,896

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Liquidity risk

Prudent liquidity risk management implies maintaining

suficient cash and marketable securities, the availability

of funding through an adequate amount of credit

facilities and the ability to close out market positions.

The folowing table details the Group’s remaining

contractual maturity for its financial liabilities. For

non-derivative financial liabilities, the table has ben

drawn up based on the undiscounted cash flows of

the financial liabilities based on the earliest date on

which the Group can be required to pay. Specificaly,

borowings with a repayment on demand clause are

included in the earliest time band regardles of the

probability of the banks chosing to exercise their

rights. The maturity dates for other non-derivative

financial liabilities are based on the agred repayment

dates.

The table includes both interest and principal cash

flows. To the extent that interest flows are floating rate,

the undiscounted amount is derived from interest rate at

the end of the reporting period.

Weighted

average

interest rate

On demand

or les than

one year

Total

undiscounted

cash flows

Carying

amounts

加权平均利率

按要求或

少于一年

未贴现金

流量总计账面值

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

2025二零二五年

Trade and other payables贸易及其他应付款项

Borowings借款

Amount due to the ultimate

holding company

应付最终控股公司款项

2024二零二四年

Trade and other payables贸易及其他应付款项–65,37265,37265,372

Borowings借款5.134%116,251116,251116,251

Amounts due to related parties应付关联人士款项–959595

Amount due to the ultimate

holding company

应付最终控股公司款项

–95,54395,54395,543

277,261277,261277,261

– 续

(b) 财务风险管理目标及政策 – 续

(i) 流动资金风险

审慎的流动资金风险管理指维持

充足的现金及可买卖证券，透过

已承诺信贷融资之足够额度备有

资金，和有能力结算市场持仓。

下表详细载列本集团的财务负债

之合约届满期。下列表格之编制

基准为非衍生财务负债之未贴现

合约届满期以本集团需偿还较早

之日期。具体而言，附带按要求

偿还条款之借款包含于最早时间

段内，而不管该等银行选择行使

其权利之可能性。其他非衍生财

务负债之到期分析则基于协定还

款日期而作出。

下列表格载列本金及利息之现金

流量。倘利息流为浮动利率，未

贴现金额乃自报告期末之利率得

出。

77,909	7,892	23,677	12,498	121,976	110,802

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Liquidity risk – Continued

Bank borowings with a repayment on demand clause

are included in the “on demand or les than 1 year”

time band in the above maturity analysis. As at 31

March 2025, the agregate carying amounts of

these bank borowings amounted to aproximately

HK$110,802,000 (2024: HK$116,251,000). Taking into

acount the Group’s financial position, the management

does not believe that it is probable that the banks wil

exercise their discretionary rights to demand imediate

repayment. The management believes that such bank

loans wil be repaid in acordance with the scheduled

repayment dates set out in the loan agrements, details

of which are set out in the table below:

Maturity analysis – bank borowings with a repayment on

demand clause based on a scheduled repayment

Within

one year

One to

two years

Two to

five years

Over

five years

Total

undiscounted

cash flows

Carying

amounts

一年内一至两年两至五年超过五年

未贴现金

流量总额账面值

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 31 March 2025于二零二五年三月三十一日

At 31 March 2024于二零二四年三月三十一日78,0268,02424,07316,719126,842116,251

The amounts included above for variable interest rate

instruments are subject to change if changes in variable

interest rates difer to those estimates of interest rates

determined at the end of the reporting period.

– 续

(b) 财务风险管理目标及政策 – 续

(i) 流动资金风险 – 续

附带按要求偿还条款的银行借

款计入上述到期分析的「按要

求或少于一年」时间范围内。

于二零二五年三月三十一日，

该等银行借款的账面总值约为

110,802,000港元（二零二四年：

116,251,000港元）。考虑到本集

团的财务状况，管理层认为银行

不大可能行使其酌情权要求即时

还款。管理层认为，该等银行贷

款将根据贷款协议所载计划还款

日期偿还，详情载于下表：

到期分析－根据还款计划附带

按要求偿还条款的银行借款

倘浮动利率之变动与于各报告期

末所厘定之利率估值有所差异，

则上述列入浮动利率工具之金额

将有所转变。

45,083

6,441

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Interest rate risk

The Group is exposed to fair value interest rate risk in

relation to fixed-rate interest-bearing loans receivables

(se Note 20 for details). The Group is also exposed

to cash flow interest rate risk in relation to variable-rate

bank balances (se Note 23 for details), variable-rate

interest-bearing loans and margin financing receivables

(se Note 20 for details) and variable-rate bank

borowings (se Note 25 for details). The Group

cash flow interest rate risk is mainly concentrated on

the fluctuation of interest rates on bank balances,

variable-rate receivables and borowings. The Group

aims at keping borowings at variable rates. The Group

manages its interest rate exposures by asesing

the potential impact arising from any interest rate

movements based on interest rate level and outlok. The

management wil review the proportion of borowings

in fixed and floating rates and ensure they are within

reasonable range.

Total interest revenue from financial asets that are

measured at amortised cost is as folows:

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interest revenue under efective

interest method

实际利率发下的利息收益

79,713

Interest expenses on financial liabilities not measured at

FVTPL:

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial liabilities at amortised cost按摊销成本计量之财务负债5,325

– 续

(b) 财务风险管理目标及政策 – 续

(i) 利率风险

本集团面临有关来自定息计息应

收贷款的公允值利率风险（详情

请参阅附注20）。本集团亦面临

有关浮动利率银行结余（详情请

参阅附注23）、浮息计息贷款及

孖展融资应收款项之计息应收款

项（详情请参阅附注20）以及浮

动利率银行借款（详情请参阅附

注25）的现金流量利率风险。本

集团之现金流量利率风险主要集

中于银行结余、浮息应收款项以

及借款之利率波动。本集团致力

维持借款以浮动利率计息。本集

团根据利率水平及前景，评估任

何利率变动产生的潜在影响以管

理其利率风险。管理层将审阅固

定及浮动利率之借款比例，并确

保借款属合理范围内。

按摊销成本计量之总财务资产利

息收益如下：

并未按公允值于损益之财务负债

利息开支：

50	3,564	3,170
(50)	(3,564)	(3,170)

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(i) Interest rate risk – Continued

The folowing table demonstrates the sensitivity to a

reasonably posible change in interest rates, with al

other variables held constant, the Group’s profit before

tax and the Group’s equity.

Increase

(decrease)

in basis points

Increase

(decrease)

in profit before

taxation

Increase

(decrease)

in equity

基准点之

增加（减少）

除税前溢利之

增加（减少）

权益之

增加（减少）

HK$’000HK$’000

千港元千港元

2025二零二五年

Hong Kong dolars港元

2024二零二四年

Hong Kong dolars港元503,7653,322

Hong Kong dolars港元(50)(3,765)(3,322)

A fundamental reform of major interest rate benchmarks

has ben undertaken globaly, to replace some

interbank ofered rates (“IBORs”) with alternative nearly

risk-fre rates. While the Hong Kong Dolar Overnight

Index Average (“HONIA”) has ben identified as an

alternative to HIBOR, there is no plan to discontinue

HIBOR. The multi-rate aproach has ben adopted in

Hong Kong, whereby HIBOR and HONIA wil co-exist.

(iv) Other price risk

The Group invested in unquoted equity securities for

an investe engaged in a PRC project which had ben

designated as FVTOCI. The management of the Group is

responsible to manage and monitor the price risk.

Sensitivity analysis

The sensitivity analyses have ben determined based on

the exposure to equity price risk at the reporting date.

Sensitivity analyses for unquoted equity securities with

fair value measurement categorised within Level 3 were

disclosed in Note 31(c).

– 续

(b) 财务风险管理目标及政策 – 续

(i) 利率风险 – 续

下表列示本集团除税前溢利及本

集团权益对利率合理适度转变的

敏感性而所有其他变数保持不

变。

全球正在对主要利率基准进行根

本改革，包括取代几乎无风险的

利率取代若干银行拆息。尽管港

元隔夜平均指数被认定为香港银

行同业拆息之替代方案，惟目前

未有计划终止香港银行同业拆

息。香港采用多利率方式，香港

银行同业拆息及港元隔夜平均指

数将并存。

(iv) 其他股价风险

本集团投资于一家从事中国项目

的被投资方之未上市股本证券，

并将该等投资指定为按公允值于

其他全面收益。本集团管理层负

责管理及监控股价风险。

敏感度分析

敏感度分析是根据于报告日对股

价风险的曝险情况所厘定。针对

列入第三级公平值计量的未上市

股本证券的敏感度分析已载于附

注31(c)。

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

31. FINANCIAL INSTRUMENTS – CONTINUED

(b) Financial risk management objectives and policies –

Continued

(v) Foreign curency risk

The Group is exposed to foreign curency risk primarily

through transactions which gives rise to bank balances

that are denominated in a foreign curency, i.e. a

curency other than functional curency of the operations

to which the transactions relate. The curency giving rise

to this risk is primarily US$.

Since US$ are peged to HK$, the Group considers

risk of movements in exchange rates betwen the HK$

and US$ to be insignificant. Acordingly, no sensitivity

analysis with respect to US$ is presented.

Some of the Group’s financial instruments are measured at

fair value for financial reporting purposes.

In estimating the fair value, the Group uses market-observable

data to the extent it is available. For instruments with

significant unobservable inputs under Level 3, the Group

engages an independent qualified profesional valuer to

perform the valuation. The Directors work closely with the

independent qualified profesional valuer to establish the

apropriate valuation techniques and inputs to the model.

(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 each reporting period. The

folowing table gives information about how the fair

values of these financial asets are determined (in

particular, the valuation technique(s) and inputs used).

– 续

(b) 财务风险管理目标及政策 – 续

(v) 外汇风险

本集团承受之外汇风险主要通过

交易以外币呈报的银行结余，即

此交易有关业务之功能货币以外

的其他货币。导致这种风险的货

币主要为美元。

由于美元与港元挂钩，本集团因

此认为港元及美元汇率之波动微

不足道。因此并未呈列有关美元

的敏感性分析。

本集团的部分财务工具是按公允值进

行财务报告的计量。

在估算公允值时，本集团在可行情况

下会采用市场可观察的数据。对于属

于第3层级并包含重大不可观察输入的

工具，本集团会聘请独立且具备专业

资格的估值师进行估值。董事会与

该名独立专业估值师紧密合作，以确

定合适的估值技术及模型所需的输入

参数。

(i) 按公允值持续基准计量之本集团

财务资产之公允值

本集团部分财务资产于每个报告

期末按公允值计量。下表提供有

关这些财务资产之公允值的厘定

方式的资料，特别是所采用的估

值技术及所使用的输入数据。

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

– 续

(i) 按公允值持续基准计量之本集团

财务资产之公允值 – 续

附注：如单独考虑土地之公允值上

升，将导致按公允值于其他全

面收益之权益工具公允值的

上升，反之亦然。于二零二五

年三月三十一日，若土地之公

允值上升╱下跌5%，而其他

变数保持不变，则该权益工

具于按公允值于其他全面收

益金额将分别增加╱减少约

8,479,000港元。

31. FINANCIAL INSTRUMENTS – CONTINUED

Continued

(i) Fair value of the Group’s financial asets that

are measured at fair value on a recuring basis –

Continued

Fair value hierarchy as at 31 March 2025

截至二零二五年三月三十一日的公允值层级分类

Level 1Level 2Level 3Total

第1层级第2层级第3层级总额

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Equity instrument at FVTOCI

按公允值于其他全面收益之权益工具–169,576169,576

Financial asets

财务资产

Fair value at

公允值于

Fair value

Hierarchy

公允值

层级分类

Valuation

technique(s)

and key input(s)

估值技术及

主要输入项

Significant

unobservable

input(s)

重大不可

观察输入项

31 March 2025

二零二五年

三月三十一日

HK$’000

千港元

Unlisted equity

investment

未上市权益投资

169,576Level 3

第3层级

Aset-based aproach

by busines residual

method

采用业务剩余法的

资产基础估值法

Financial position

of the investe with

adjusted fair value

of the land (Note)

投资对象于调整土地

公允值后的财务

状况（附注）

Note: An increase in fair value of the land used in isolation

would result in an increase in fair value measurement of

the equity instrument at FVTOCI and vice versa. As at

31 March 2025, a 5% increase/decrease in fair value of

the land and holding al other variables constant would

increase/decrease the carying amount of the equity

instrument at FVTOCI by aproximately HK$8,479,000,

respectively.

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

– 续

(i) 按公允值持续基准计量之本集团

财务资产之公允值 – 续

附注：如单独考虑土地之公允值上

升，将导致按公允值于其他全

面收益之权益工具公允值的

上升，反之亦然。于二零二五

年三月三十一日，若土地之公

允值上升╱下跌5%，而其他

变数保持不变，则该权益工

具于按公允值于其他全面收

益金额将分别增加╱减少约

8,479,000港元。

31. FINANCIAL INSTRUMENTS – CONTINUED

Continued

(i) Fair value of the Group’s financial asets that

are measured at fair value on a recuring basis –

Continued

There were no transfers betwen levels of fair value

hierarchy during the year ended 31 March 2025.

There were no changes in valuation techniques in the

curent year.

(i) Reconciliation of Level 3 fair value measurements of

financial instruments on recuring basis:

Equity instrument

at FVTOCITotal

按公允值于其他

全面收益之

权益工具总额

HK$’000HK$’000

千港元千港元

Total gains in other comprehensive income

列入其他全面收益的总体收益金额40,57640,576

At 31 March 2025

于二零二五年三月三十一日40,57640,576

Included in other comprehensive income is an amount

of aproximately HK$40,576,000 gain relating to unlisted

equity securities clasified as equity instruments at

FVTOCI held at the end of the curent reporting period

and is reported as changes of FVTOCI.

(i) Fair value of the Group’s financial asets and financial

liability that are not measured at fair value on a

recuring basis

The Directors consider that the carying amounts of

financial asets and financial liabilities recorded at

amortised cost in the consolidated financial statements

aproximate their fair values.

– 续

(i) 按公允值持续基准计量之本集团

财务资产之公允值 – 续

截至二零二五年三月三十一日止

年度内，并无发生公允值层级之

间的转换。

本年度估值技术亦无变动。

(i) 按持续基准计量的第3层级财务

工具之公允值变动调节表：

其他全面收益中已包括一项约

40,576,000港元的收益，该项收

益与分类为按公允值于其他全面

收益的未上市权益证券有关，该

等证券于本报告期末仍持有，并

已呈列为按公允值于其他全面收

益的变动。

(i) 并非按公允值持续基准计量之本

集团财务资产及财务负债之公允

值

董事认为综合财务报表中按摊销

成本的财务资产及财务负债，其

账面金额已接近其公允值。

1,315
237
25
676
84
60
156

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

32. CONECTED AND RELATED PARTY TRANSACTIONS

Other than as disclosed elsewhere in these consolidated financial

statements, the Group has the folowing transactions with its

related parties:

Name of related partiesNature of transactionsNotes20252024

关联人士名称交易性质附注二零二五年二零二四年

HK$’000HK$’000

千港元千港元

UBA Investments Limited (“UBA”)Investment management fe income(a)1,295

开明投资有限公司（「开明投资」）投资管理费收益

Securities brokerage comision fe

income(b)12

证券经纪佣金收益

Handling fe income for dividend colection(c)25

股息征收手续费收益

Town Bright Industries LimitedExpenses relating to short-term lease(d)676

同辉实业有限公司短期租赁费用

Upbest Properties Company LimitedExpenses relating to short-term lease(e)84

美建地产有限公司短期租赁费用

Champion Asets LimitedExpenses relating to short-term lease(f)60

协纬有限公司短期租赁费用

Long Cheong LimitedExpenses relating to short-term lease(g)156

隆昌有限公司短期租赁费用

32. 关连及关联人士交易

除该等综合财务报表其他部分所披露者外，

本集团曾与其关联人士进行以下交易：

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

– 续

附注：

(a) 本公司之附属公司美建管理有限公司（「美

建管理」）作为投资经理，与开明投资有

限公司（「开明投资」）及其附属公司（统称

为「开明投资集团」），于二零二年一月

二十六日签订投资管理协议（「2022投资管

理协议」），并同意就美建管理向开明投资

提供之投资管理服务为期三年由二零二

年四月一日至二零二五年三月三十一日。

根据2022投资管理协议，每月投资管理费

由开明投资提前支付并按估值日之综合资

产净值（「资产净值」）1.5%之年利率及有关

历月实际日数除以全年365日之基准收取

投资管理费。

除投资管理费外，若截至相关财政年度止

的资产净值超过以下各项（「高水位」）：

(i) 于截至二零一九年三月三十一日止财

政年度（「参考年度」）的资产净值；及

(i) 参考年度后最近一个需支付投资表

现酬金之财政年度的资产净值。

开明投资将向美建管理支付相关财政年度

的投资表现酬金，相当于相关财政年度止

的资产净值超过高水位金额的20%。截至

二零二三年、二零二四年及二零二五年三

月三十一日止之每个财政年度之全年投资

管理费年度上限分别为1,700,000港元、

1,800,000港元及1,900,000港元及截至二

零二三年、二零二四年及二零二五年三月

三十一日止之每个财政年度之全年之投资

表现酬金年度上限分别为4,400,000港元、

4,400,000港元及4,400,000港元。预期投

资管理费及投资表现酬金总额将每年少于

10,000,000港元及有关投资管理协议之所

有适用百分比率（定义见上市规则第14.07

条）均低于25%。因此，根据上市规则第

14A.76条，2022投资管理协议项下拟进行

的交易被视为本公司符合最低豁免规定水

平的交易。截至二零二五年及二零二四年

三月三十一日止财政年度并无投资表现酬

金。投资管理收益已被包括于收益项下。

于二零二五年一月二十二日，美建管理与

开明投资签订二零二五年投资管理协议

（「二零二五年投资管理协议」），相关资

产管理服务的投资管理费及投资表现费

与二零二年投资管理协议相同。截至二

零二六年、二零二七年及二零二八年三月

三十一日止每个财政年度之全年投资管理

费之建议年度上限分别为1,500,000港元、

1,600,000港元及1,700,000港元及截至二

零二六年、二零二七年及二零二八年三月

三十一日止每个财政年度之投资表现酬金

之建议年度上限分别为1,000,000港元、

1,000,000元及1,000,000港元。

32. CONECTED AND RELATED PARTY TRANSACTIONS –

CONTINUED

Notes:

(a) A subsidiary of the Company, Upbest Asets Management Limited

(“UAML”) as investment manager, and UBA Investments Limited

(“UBA”) and its subsidiaries (colectively the “UBA Group”) have

entered into Investment Management Agrement dated 26 January

2022 (the “2022 Investment Management Agrement”) and agred

that the investment management services provided by UAML to

UBA for a period of thre years from 1 April 2022 to 31 March 2025.

Pursuant to the 2022 Investment Management Agrement, monthly

investment management fe is payable by UBA in advance and

amounts to 1.5% per anum of the consolidated net aset value of

UBA (“Net Aset Value”) as at the imediately preceding valuation

date on the basis of the actual number of days in the relevant

calendar month over 365 days a year.

In adition to the investment management fe, provided that the Net

Aset Value as at the end of the relevant financial year exceds the

higher (the “High Watermark”) of:

(i) the Net Aset Value as at the financial year ended 31 March

2019 (“Reference Year”); and

(i) the Net Aset Value as at the end of the most recent financial

year after the Reference Year and in which the investment

performance fe is paid.

UBA wil pay UAML the investment performance fe for the relevant

financial year equal to 20% of the amount by which the Net Aset

Value as at the end of the relevant financial year exceds the High

Watermark. The anual cap for the investment management fe for

each of the financial years ended 31 March 2023, 2024 and 2025

are HK$1,700,000, HK$1,800,000 and HK$1,900,000 respectively

and the anual caps for the investment performance fe for each

of the financial years ended 31 March 2023, 2024 and 2025 are

HK$4,400,000, HK$4,400,000 and HK$4,400,000 respectively. It is

expected that the total of investment management fe and investment

performance fe wil be les than HK$10,000,000 per anum and al

the aplicable percentage ratios (as defined under Rule 14.07 of the

Listing Rules) in respect of the Investment Management Agrement

are les than 25%. Thus, transaction contemplated under 2022

Investment Management Agrement is considered to be a de-minimis

transaction for the Company pursuant to Rule 14A.76 of the Listing

Rules. There was no investment performance fe for the financial

years ended 31 March 2025 and 2024. The investment management

income has ben included under revenue.

On 22 January 2025, UAML and UBA have entered into Investment

Management Agrement dated 22 January 2025 (the “2025

Investment Management Agrement”) which the term in respect

of the management fe and the performance fe for the aset

management services were the same as the 2022 Investment

Management Agrement. The proposed anual cap for the

investment management fe for each of the financial years ending 31

March 2026, 2027 and 2028 are HK$1,500,000, HK$1,600,000 and

HK$1,700,000 respectively and the anual cap for the investment

performance fe for each of the financial years ending 31 March

2026, 2027 and 2028 are HK$1,000,000, HK$1,000,000 and

HK$1,000,000 respectively.

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

– 续

附注： – 续

(b) 于二零二年一月二十六日，本公司的附

属公司，美建证券有限公司（「美建证券」）

与开明投资及其四间附属公司分别签订就

有关提供证券经纪服务的证券经纪补充协

议，同时同意将原始协议再次延续期限由

二零二年四月一日至二零二五年三月

三十一日。截至二零二三年、二零二四年

及二零二五年三月三十一日止之财政年度

每年度之全年证券经纪服务年度上限为

800,000港元及所有适用百分比率（定义见

上市规则第14.07条）均低于5%。因此，

根据上市规则第14A.76条，对美建证券而

言，根据证券经纪补充协议所拟进行之交

易被视为符合最低豁免水平的交易。其佣

金收费为所买卖证券价值0.25%（二零二四

年：0.25%），这是普遍的市场交易费用。

于二零二五年一月二十二日，美建证券与

开明投资及其六间附属公司分别地签订另

一份证券经纪补充协议，并同意原协议延

续由二零二零二五年四月一日至二零二八

年三月三十一日止。截至二零二六年、二

零二七年及二零二八年三月三十一日之财

政年度证券经纪服务建议上限为800,000港

元。

0.50%之手续费。

(d) 本公司之两间附属公司分别与同辉实业有

限公司订立租赁协议，由二零二四年四月

一日起（二零二四年：由二零二三年四月一

日起），为期一年（二零二四年：一年）。

于二零二五年四月一日该租赁协议已重续

一年至二零二六年三月三十一日。（附注）

(e) 本公司之附属公司与美建地产有限公司订

立租赁协议，由二零二四年四月一日起（二

零二四年：由二零二三年四月一日起），为

期一年（二零二四年：一年）。于二零二五

年四月一日，该租赁协议已重续一年至二

零二六年三月三十一日。（附注）

(f) 本公司之附属公司与协纬有限公司订立租

赁协议，由二零二四年四月一日起（二零

二四年：由二零二三年四月一日起），为期

一年（二零二四年：一年）。于二零二五年

四月一日，该租赁协议已重续一年至二零

二六年三月三十一日。（附注）

32. CONECTED AND RELATED PARTY TRANSACTIONS –

CONTINUED

Notes: – Continued

(b) On 26 January 2022, a subsidiary of the Company, Upbest

Securities Company Limited (“USCL”) and UBA and four of its

subsidiaries have separately entered into securities brokerage

suplemental agrements for the transaction in relation to the

provision of securities brokerage services and agred that the

original agrements were further extended for the period from 1

April 2022 to 31 March 2025. The anual cap regarding to the

securities brokerage service for each of the financial years ended

31 March 2023, 2024 and 2025 is HK$800,000 and al the aplicable

percentage ratios (as defined under Rule 14.07 of the Listing

Rules) are les than 5%. Thus, transactions contemplated under the

securities brokerage suplemental agrements are considered to

be a de-minims transaction for USCL pursuant to Rule 14A.76 of the

Listing Rules. Brokerage comision fe income was charged at

0.25% (2024: 0.25%), the prevailing market rate, on the value of the

transactions.

On 22 January 2025, USCL and UBA and six of its subsidiaries have

separately entered into another securities brokerage suplemental

agrements and agred that the original agrements wil be extended

for the period from 1 April 2025 to 31 March 2028. The proposed

anual cap regarding to the securities brokerage service for each

of the financial year ending 31 March 2026, 2027 and 2028 is

HK$800,000.

HK$30 or 0.50% per transaction amount.

(d) Two subsidiaries of the Company have respectively entered into

tenancy agrements with Town Bright Industries Limited for one year

(2024: one year), comencing from 1 April 2024 (2024: comenced

from 1 April 2023). On 1 April 2025, the tenancy agrements were

renewed for one year to 31 March 2026. (Note)

(e) A subsidiary of the Company entered into a tenancy agrement with

Upbest Properties Company Limited for one year (2024: one year),

comencing from 1 April 2024 (2024: comenced from 1 April

2023). On 1 April 2025, the tenancy agrement was renewed for one

year to 31 March 2026. (Note)

(f) A subsidiary of the Company entered into a tenancy agrement with

Champion Asets Limited for one year (2024: one year), comencing

from 1 April 2024 (2024: comenced from 1 April 2023). On 1 April

2025, the tenancy agrement was renewed for one year to 31 March

2026. (Note)

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

32. CONECTED AND RELATED PARTY TRANSACTIONS –

CONTINUED

Notes: – Continued

(g) A subsidiary of the Company entered into a tenancy agrement with

Long Cheong Limited for one year (2024: one year), comencing

from 1 April 2024 (2024: comenced from 1 April 2023). On 1 April

2025, the tenancy agrement was renewed for one year to 31 March

2026. (Note)

Note: As at 31 March 2025, CA Group Limited (“CA”) holds

aproximately 74.29% interest in Upbest Group Limited

(“Upbest”). As at the date of this report, Knight Sky Holdings

Limited and Fung Fai Growth limited (“Fung Fai”) held a direct

interest in 546,716,000 (31 March 2025 and 31 March 2024:

nil) shares and 340,000,000 (31 March 2025 and 31 March

2024: 340,000,000) shares respectively of the Company,

representing aproximately total of 69.73% (31 March 2025

and 31 March 2024: Knight Sky Holdings Limited: nil, Fung

Fai Growth limited: 26.74%) of the isued share capital of the

Company. Knight Sky Holdings Limited is wholy owned by

Mr. CHENG Kai Ming Charles. The ultimate beneficial owner

of CA and Fung Fai is Cheng’s Family Trust. Interested

beneficiaries of the Cheng’s Family Trust include Mr. CHENG

Kai Ming, Charles, Ms. CHENG Wai Ling, Anie (“Ms. Cheng”)

and Mr. CHENG Wai Lun, Andrew (“Mr. Cheng”). Ms. Cheng

and Mr. Cheng are directors of Upbest. Mr. Cheng is also a

director of UBA. Moreover, UAML, the investment manager of

UBA, is regarded as a conected person of UBA under Rule

14A.08 of the Listing Rules.

Mr. CHENG Kai Ming, Charles, the father of Ms. Cheng and

Mr. Cheng, has beneficial interests in Town Bright Industries

Limited, Upbest Properties Company Limited, Champion

Asets Limited and Long Cheong Limited.

(h) The remuneration of Directors and other members of key

management during the year are disclosed in Note 11.

The remuneration of the Directors and other members of key

management are determined by the remuneration comited having

regard to the performance of individuals and market trends.

The above transactions were caried out in the normal course of the

Group’s busines on terms mutualy agred betwen the parties.

– 续

附注： – 续

(g) 本公司之附属公司与隆昌有限公司订立租

赁协议，由二零二四年四月一日起（二零

二四年：由二零二三年四月一日起），为期

一年（二零二四年：一年）。于二零二五年

四月一日，该租赁协议已重续一年至二零

二六年三月三十一日。（附注）

附注：于二零二五年三月三十一日，

CA Group Limited（「CA」）

持有美建集团有限公司（「美建」）

约74.29%之权益。于本报告日

期，Knight Sky Holdings Limited

及 Fung Fai Growth limited

（「Fung Fai」）分别直接持有本公司

546,716,000股（二零二五年三月

三十一日及二零二四年三月三十一

日：零股）及 340,000,000股（二零

二五年三月三十一日及二零二四

年三月三十一日：340,000,000

股）股份，占本公司已发行股本约

69.73%（二零二五年三月三十一

日及二零二四年三月三十一日：

Knight Sky Holdings Limited：

零股，Fung Fai Growth limited：

26.74%）。Knight Sky Holdings

Limited由郑启明先生全资拥有。

而CA及Fung Fai之最终实益

拥有人为Cheng’s Family Trust。

Cheng’s Family Trust之实益拥有

人包括郑启明先生、郑伟玲女士

（「郑女士」）及郑伟伦先生（「郑先

生」），而郑女士及郑先生皆为美建

之董事，郑先生亦是开明投资之董

事。再者，美建管理是开明投资之

投资经理人，因此，根据上市规则

第14A.08条，美建管理被视为开明

投资之关连人士。

郑启明先生为郑女士及郑先生之父

亲，于同辉实业有限公司、美建地

产有限公司、协纬有限公司及隆昌

有限公司拥有实益权益。

(h) 董事及主要管理层其他成员于年内之酬金

已于附注11中披露。

董事及主要管理层其他成员于年内之酬金

由薪酬委员会依据个别之表现及市场趋势

厘定。

以上之交易为本集团之正常业务并以双方同意条

款进行。

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

33. RETIREMENT BENEFITS SCHEME

The Group operates a MPF scheme for al qualifying employes in

Hong Kong. Under the scheme, the employer and its employes

are each required to make contributions to the plan at 5% of the

employes’ relevant income, subject to a cap of monthly relevant

income of HK$30,000. The asets of the schemes are held

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

of trustes. The Group contributes 5% of relevant payrol costs

caped at HK$1,500 per month to MPF scheme, in which the

contribution is matched by employes.

The total expense recognised in profit or los of aproximately

HK$394,000 (2024: aproximately HK$418,000) represents

contributions paid and payable to these plans by the Group at

rates specified in the rules of the plans.

As at 31 March 2025, there was no contributions past due in

respect of the years ended 31 March 2025 and 31 March 2024 had

not ben paid over to the plans.

At 31 March 2025 and 31 March 2024, the Group had no forfeited

contribution available to reduce its contributions to the retirement

benefit schemes in future years.

Obligation to pay LSP under Hong Kong Employment

Ordinance (Chapter 57)

For the Group’s subsidiaries operating in Hong Kong, pursuant

to the Employment Ordinance, Chapter 57, the Group has the

obligation to pay LSP to qualifying employes in Hong Kong

under certain circumstances (e.g. dismisal by employers or upon

retirement), subject to a minimum of 5 years employment period,

based on the folowing formula:

Last monthly wages (before termination of employment) × 2/3 ×

Years of service

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

of long service payment shal not exced HK$390,000. This

obligation is acounted for as a post-employment defined benefit

plan.

33. 退休福利计划

本集团为全部合资格香港雇员推行强积金

计划。根据计划，雇主及其雇员须各自按

雇员有关入息的5%向计划作出供款，每月

有关入息的上限为30,000港元。计划之资

产与本集团之资产分开，由受托人控制之

基金持有。本集团向计划供款相关工资成

本的5%每月上限为1,500港元，其中供款与

雇员相称。

于损益中确认之开支总额约394,000港元

（二零二四年：418,000港元）为本集团按该

等计划之规则订明的费率应向该等计划支

付之供款。

于二零二五年三月三十一日，概无就截至

二零二五年三月三十一日及二零二四年三

月三十一日止年度到期之供款尚未支付予

该等计划。

于二零二五年三月三十一日及二零二四年

三月三十一日，本集团并无放弃供款可用

于抵减日后应付供款。

香港雇佣条例（第57章）下支付长期服务金

的责任

根据香港雇佣条例（第57章），对于本集团

在香港运营的附属公司，在特定情况下（例

如雇主解雇或退休）有责任向符合条件的香

港员工支付长期服务金，需要满足至少5年

的就业期限，并按以下公式计算：

最后一个月的工资（在雇佣终止之前）×2/3

×服务年限

最后一个月的工资上限为22,500港元，而

长期服务金的金额不得超过390,000港元。

这项责任被视为一项事后雇员福利计划进

行核算。

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

33. RETIREMENT BENEFITS SCHEME – CONTINUED

Furthermore, the Mandatory Provident Fund Schemes Ordinance

pased in 1995 permits the Group to utilise the Group’s mandatory

MPF contributions, plus/minus any positive/negative returns

thereof, for the purpose of ofseting LSP payable to an employe

(the “Ofseting Arangement”).

The Amendment Ordinance was gazeted on 17 June 2022, which

abolishes the use of the acrued benefits derived from employers’

mandatory MPF contributions to ofset the LSP. The Abolition wil

oficialy take efect on the Transition Date (i.e., 1 May 2025).

Separately, the Government of the HKSAR is also expected to

introduce a subsidy scheme to asist employers for a period of 25

years after the Transition Date on the LSP payable by employers

up to a certain amount per employe per year.

Under the Amendment Ordinance, the Group’s mandatory MPF

contributions, plus/minus any positive/negative returns, after

the Transition Date can continue to be aplied to ofset the

pre-Transition Date LSP obligation but are not eligible to ofset

the post-Transition Date LSP obligation. Furthermore, the LSP

obligation before the Transition Date wil be grandfathered

and calculated based on the last monthly wages imediately

preceding the Transition Date and the years of service up to that

date. The Amendment Ordinance has impact on the Group’s LSP

liability with respect to employes that participate in MPF Scheme

and the Group has acounted for the LSP obligation, taking into

acount the Abolition, in acordance with the acounting policies

as disclosed in Note 3.2.

– 续

此外，根据一九五年通过的《强制性公积

金计划条例》，本集团可以利用本集团强制

性公积金(MPF)的缴费金额加上╱减去任何

正╱负回报，用于抵销应向员工支付的长

期服务金（「抵销安排」）。

修订条例于二零二年六月十七日公告，

废除了使用雇主强制性MPF缴纳的应计福利

来抵销长期服务金的做法。废除将在过渡

日期（即二零二五年五月一日）正式生效。

此外，香港特别行政区政府预计在过渡日

期后的25年内推出一项补贴计划，以帮助

雇主支付一定金额的每位员工每年的长期

服务金。

根据修订条例，在过渡日期后，本集团的强

制性MPF缴纳金额，加上╱减去任何正╱负

收益，可以继续用于抵销过渡日期前的长

期服务金责任，但不适用于抵销过渡日期

后的长期服务金责任。此外，过渡日期前

的长期服务金责任将保留，并根据过渡日

期前的月薪和截至该日的服务年限进行计

算。修订条例对本集团就参与强积金计划

的雇员而言的长期服务金责任产生影响，

本集团根据会计政策考虑到废除，已对长

期服务金责任进行了核算，详情披露于附

注3.2。

1,253
–
157
(30)
37
1,417
(1,229)
188

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

33. RETIREMENT BENEFITS SCHEME – CONTINUED

LSP obligation

Movements in the present value of unfunded LSP obligation in the

curent year were as folows:

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Opening unfunded obligation at 1 April于四月一日的期初无拨支责任–

Past service cost for prior years过往年度的服务成本1,067

Curent service cost for the year本年度服务成本154

Reversal of service cost服务成本回拨–

Interest cost利息成本32

Closing unfunded obligation at 31 March

(Note)

于三月三十一日的期末无拨支责任

（附注）1,253

Les: Closing unfunded obligation shown

under curent liabilities*

减：流动负债项下之期末无拨支

责任*(1,043)

Closing unfunded obligation shown under

non-curent liabilities

非流动负债项下之期末无拨支

责任210

Note: The weighted average duration of the LSP obligation at 31 March

2025 is 8 years (2024: 9 years).

* The balances represent the closing unfunded obligation for

employes completed an employment period of 5 years or more as at

31 March 2025.

The curent service cost of aproximately HK$157,000 (2024:

HK$154,000) and for the year and the past service cost for prior

years of aproximately HK$Nil (2024: HK$1,067,000) have ben

included in administrative expenses.

– 续

长期服务金责任

于本年度，无拨支的长期服务金责任现值

之变动如下：

附注：于二零二五年三月三十一日，长期服务

金责任的加权平均期限为8年（二零二四

年：9年）。

* 结余指截至二零二五年三月三十一日受

雇期满5年或以上的雇员的期末无拨支

责任。

年内即期服务成本约157,000港元（二零

二四年：154,000港元）及过往年度服务成

本约零港元（二零二四年：1,067,000港元）

已计入行政开支。

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

33. RETIREMENT BENEFITS SCHEME – CONTINUED

Significant actuarial asumptions for the determination of the

LSP obligation are discount rate of 3% (2024: 3%) and expected

salary increase of 3% (2024: 3%). The sensitivity analysis below

has ben determined based on reasonably posible changes of

the respective asumptions ocuring at the end of the reporting

period, while holding al other asumptions constant.

, the

LSP obligation would decrease by aproximately HK$149,000

(increase by aproximately HK$171,000) (2024: decrease

by aproximately HK$143,000 (increase by aproximately

HK$166,000).

%, the

LSP obligation would increase by aproximately HK$21,000

(decrease by aproximately HK$29,000) (2024: increase

by aproximately HK$16,000 (decrease by aproximately

HK$21,000).

The sensitivity analysis presented above may not be representative

of the actual change in the LSP obligation as it is unlikely that the

change in asumptions would ocur in isolation of one another as

some of the asumptions may be corelated.

– 续

厘定长期服务金责任之重大精算假设为3%

（二零二四年：3%）贴现率及预期薪酬增加

3%（二零二四年：3%）。下列敏感度分析

乃于所有其他假设维持不变之情况下，根

据报告期末各假设合理可能发生之变动而

厘定。

（下降）100个基点，则

长期服务金责任将下降约149,000港元

（上升约171,000港元）（二零二四年：

下降约143,000港元（上升约166,000

港元）。

（减少）1%，则长期

服务金责任将增加约21,000港元（减

少约29,000港元）（二零二四年：增加

约16,000港元（减少约21,000港元）。

由于部分假设可能互有关联，故有关假设

不大可能会在不互为影响之情况下出现

变动，因此上文呈列之敏感度分析未必为

长期服务金责任之实际变动。

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

34. ACQUISITION OF A SUBSIDIARY

On 29 December 2023, the Group acquired 100% interest in Vanko

Enterprises Limited (“Vanko”) and the debt owed by Vanko to an

afiliated company of the Vanko of aproximately HK$398,596,000

(the “Sale Debt”) at a cash consideration of HK$180,000,000. The

only asets of Vanko are the properties (the “Properties”) including

the premises comprising (1) comercial units; (2) kindergarten

premises on 2nd lower ground flor of Phase I of the shoping

arcade and (3) car parking spaces no. 48 to 89 on 1st lower

ground flor, Bayview Garden, 633 Castle Peak Road, Tsuen

Wan, New Teritories, Hong Kong and the leasing thereof. The

acquisition has ben acounted for as acquisition of asets.

Asets and liabilities recognised at the date of acquisition:

HK$’000

千港元

Investment properties投资物业179,991

Trade and other receivables贸易及其他应收款项475

Trade and other payables贸易及其他应付款项(466)

Loan from an afiliated company自关联公司的贷款(398,596)

(218,596)

Les: Asignment of sale loan减：出售贷款转让398,596

180,000

Net cash outflows arising on acquisition of Vanko

HK$’000

千港元

Consideration paid in cash现金支付之代价180,000

34. 收购附属公司

于二零二三年十二月二十九日，本集团以

现金代价180,000,000收购了威豪企业有限

公司（「威豪」）100%之股权及威豪须支付威

豪一联营公司约398,596,000港元之债务。

威豪企业有限公司之唯一资产为物业（「物

业」）该处所包括香港新界荃湾青山公路633

号湾景花园(1)商业单位；(2)商场第一期底

层2楼平台幼儿园校舍；及(3)底层1楼停车

位48至89号及其租赁。本收购被视为资产

收购进行核算。

于收购日确认的资产与负债：

收购威豪所产生之净现金流出

3,000
448,000

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

35. FINANCIAL GUARANTE CONTRACTS

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Guarantes given by the Company

and its subsidiaries to financial

institutions in respect of facilities

granted to independent third parties

本公司及其附属公司为独立第三方

给予财务机构担保以取得信贷

3,000

Guarantes given by the Company to

financial institutions in respect of

facilities granted to subsidiaries

本公司为其附属公司给予财务

机构担保以取得信贷

448,000

At the end of the reporting period, the Directors do not consider it

is probable that a claim wil be made against the Group under any

of the guarantes.

Of the above guarantes, the amount utilised by the subsidiaries

at 31 March 2025 is aproximately HK$110,802,000 (2024:

HK$116,251,000)

35. 财务担保合约

于报告期末日，董事不认为本集团因担保

而可能引起索偿。

上述担保，已于二零二五年三月三十一日

被附属公司使用之额度为110,802,000港元

（二零二四年：116,251,000港元）。

–
382,980
382,980
105
28
1,641
1,774
370
1,404
384,384
26,824
357,560
384,384

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

36. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

20252024

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

NON-CURENT ASETS非流动资产

Property, plant and equipment物业、机器及设备1

Interests in subsidiaries于附属公司之权益398,267

398,268

CURENT ASETS流动资产

Tax recoverable可回收的税款–

Prepayments and other receivable预付款项及其他应收款项–

Bank balances and cash银行结余及现金146

CURENT LIABILITIES流动负债

Acrued expenses应付费用345

Net curent asets (liabilities)流动资产（负债）(199)

NET ASETS资产净值398,069

CAPITAL AND RESERVES资本及储备

Share capital股本26,824

Reserves (Note)储备（附注）371,245

398,069

The Company’s statement of financial position was aproved and

authorised for isue by the Board of Directors on 20 June 2025 and

are signed on its behalf by:

Cheng Wai Lun, AndrewCheng Wai Ling, Anie

郑伟伦郑伟玲

Executive DirectorExecutive Director

执行董事执行董事

36. 本公司的财务状况表

本公司的财务状况表已获董事会于二零二五

年六月二十日批准及授权发出及由下列董

事代表签署：

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

36. STATEMENT OF FINANCIAL POSITION OF THE COMPANY –

CONTINUED

Note: Reserves of the Company

premium

Contributed

surplus

Retained

profits

Proposed

final

dividendTotal

股份溢价实缴盈余保留溢利

拟派末期

股息总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日300,9598,5157,21053,646370,330

Profit and total comprehensive

income for the year

本年度溢利及其他全面收益

–54,561–54,561

Dividend payable应付股息–(53,646)(53,646)

Proposed final dividend (Note 14)拟派末期股息（附注14）–(53,646)53,646–

At 31 March 2024于二零二四年三月三十一日300,9598,5158,12553,646371,245

Profit and total comprehensive

income for the year

本年度溢利及其他全面收益

–39,961–39,961

Dividend payable应付股息–(53,646)(53,646)

Proposed final dividend (Note 14)拟派末期股息（附注14）–(40,235)40,235–

At 31 March 2025于二零二五年三月三十一日300,9598,5157,85140,235357,560

– 续

备注：本公司的储备

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

37. 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 as

cash flows from financing activities in the Group’s consolidated

statement of cash flows.

Amount due

to the

ultimate

holding

company

Bank

borowing

Dividend

payable

Interest

payableTotal

应付最终

控股公司

款项银行借款应付股息应付利息总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日70,229138,715–304209,248

Financing cash

flows net

净融资现金流量

25,314(22,464)(53,646)(4,121)(54,917)

Finance cost融资成本–5,3255,325

Dividend aproved已批准股息–53,646–53,646

At 31 March 2024于二零二四年三月三十一日95,543116,251–1,508213,302

Financing cash

flows net

净融资现金流量

30,275(5,449)(53,646)(5,565)(34,385)

Finance cost融资成本–6,4416,441

Dividend aproved已批准股息–53,646–53,646

At 31 March 2025于二零二五年三月三十一日125,818110,802–2,384239,004

37. 融资活动所产生负债之对账

下表详述本集团融资活动所产生负债之变

动，包括现金及非现金变动。融资活动所

产生负债指现金流量已或未来现金流量将

于本集团综合现金流动表内分类为融资活

动现金流量之负债。

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

38. PARTICULARS OF SUBSIDIARIES OF THE COMPANY

Details of the Company’s subsidiaries at 31 March 2025 and 2024

are as folows:

Name of subsidiaries

Place of

incorporation

Principal

place of

operation

Isued and

fuly paid

ordinary

share capital

Proportion of

interest/voting power

atributable

to the GroupPrincipal activities

附属公司名称注册成立地点主要营业地点

已发行及

缴足普通股本

本集团应占

权益比例╱投票权主要业务

20252024

二零二五年二零二四年

Upbest Financial Holdings LimitedBVIHong KongUS$1100%Investment holding

英属维尔京群岛香港1美元100%投资控股

Upbest Land Company LimitedBVIHong KongUS$1100%Investment holding

英属维尔京群岛香港1美元100%投资控股

Citybest Management LimitedBVIMacauUS$1100%Investment holding

英属维尔京群岛澳门1美元100%投资控股

Companhia De Desenvolvimento

E Fomento Predial Si Wan Limitada

MacauMacauMOP25,000100%Property investment

时运置业发展有限公司澳门澳门25,000澳门元100%房地产投资

Gold-Face Finance LimitedHong KongHong KongHK$28,000,004100%Money lending

均来财务有限公司香港香港28,000,004港元100%贷款融资

God Foundation Company LimitedHong KongHong KongHK$10,000100%Investment holding

开盛有限公司香港香港10,000港元100%投资控股

God Profit Development LimitedSamoaHong KongUS$1100%Investment holding

溢利发展有限公司萨摩亚香港1美元100%投资控股

Great Luck Consultants LimitedBVIHong KongUS$50,000100%Inactive

兴运顾问有限公司英属维尔京群岛香港50,000美元100%暂时无活动

King Standard International LimitedBVIMacauUS$1100%Property holding

英属维尔京群岛澳门1美元100%地产控股

38. 附属公司详情

于二零二五年及二零二四年三月三十一日，

本公司附属公司详情如下：

100%
100%
100%
100%
100%
100%
100%
100%
70%
70%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

Name of subsidiaries

Place of

incorporation

Principal

place of

operation

Isued and

fuly paid

ordinary

share capital

Proportion of

interest/voting power

atributable

to the GroupPrincipal activities

附属公司名称注册成立地点主要营业地点

已发行及

缴足普通股本

本集团应占

权益比例╱投票权主要业务

20252024

二零二五年二零二四年

Marco Tech LimitedBVIHong KongUS$2100%Investment holding

英属维尔京群岛香港2美元100%投资控股

Mei Tou Real Estate Company LimitedMacauMacauMOP25,000100%Property investment

美图置业有限公司澳门澳门25,000澳门元100%房地产投资

Mei Wo Company LimitedMacauMacauMOP25,000100%Property investment

美和有限公司澳门澳门25,000澳门元100%房地产投资

Perfect Result Investments LimitedBVIHong KongUS$1100%Investment holding

美业投资有限公司英属维尔京群岛香港1美元100%投资控股

Profit Up Development LimitedHong KongHong KongHK$1070%Project and

property

management

盈升发展有限公司香港香港10港元70%项目及物业管理

Upbest Asets Management LimitedHong KongHong KongHK$600,000100%Aset management

美建管理有限公司香港香港600,000港元100%资产管理

Upbest Bulion Company LimitedHong KongHong KongHK$11,000,000100%Precious metal

dealing

美建金业有限公司香港香港11,000,000港元100%贵金属买卖

Upbest Comodities Company LimitedHong KongHong KongHK$10,000,000100%Futures dealing

美建期货有限公司香港香港10,000,000港元100%期货买卖

Upbest Credit and Mortgage LimitedHong KongHong KongHK$2100%Inactive

美建信贷及按揭有限公司香港香港2港元100%暂时无活动

Upbest Comercial Land LimitedHong KongHong KongHK$2100%Inactive

香港香港2港元100%暂时无活动

38. PARTICULARS OF SUBSIDIARIES OF THE COMPANY –

CONTINUED

– 续

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
55%
55%
55%
55%
55%
55%

Anual Report 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

Name of subsidiaries

Place of

incorporation

Principal

place of

operation

Isued and

fuly paid

ordinary

share capital

Proportion of

interest/voting power

atributable

to the GroupPrincipal activities

附属公司名称注册成立地点主要营业地点

已发行及

缴足普通股本

本集团应占

权益比例╱投票权主要业务

20252024

二零二五年二零二四年

Upbest Hong Kong Land Company

Limited

BVIHong KongUS$1100%Investment holding

英属维尔京群岛香港1美元100%投资控股

Upbest Investment Company LimitedHong KongHong KongHK$40,000,000100%Securities margin

financing

美建投资有限公司香港香港40,000,000港元100%证券孖展融资

Upbest Macau Land Company LimitedBVIHong KongUS$1100%Investment holding

美建澳门置业有限公司英属维尔京群岛香港1美元100%投资控股

Upbest Online Securities LimitedHong KongHong KongHK$5,000,000100%Inactive

美建网上证券有限公司香港香港5,000,000港元100%暂时无活动

Upbest Strategic Company LimitedHong KongHong KongHK$5,002100%Investment holding

美建策略有限公司香港香港5,002港元100%投资控股

Upbest Securities Company LimitedHong KongHong KongHK$10,000,000100%Securities dealing

and broking

美建证券有限公司香港香港10,000,000港元100%证券交易及经纪

Peals International LimitedBVIHong KongUS$1100%Investment holding

珍珠国际有限公司英属维尔京群岛香港1美元100%投资控股

Maiyon Investment Company LimitedHong KongHong KongHK$35,000100%Inactive

美莹投资有限公司香港香港35,000港元100%暂时无活动

Peace Gain Holdings LimitedBVIHong KongUS$10055%Investment holding

英属维尔京群岛香港100美元55%投资控股

Christian Faith LimitedHong KongHong KongHK$155%Property investment

香港香港1港元55%房地产投资

Bible Workshop LimitedHong KongHong KongHK$155%Inactive

香港香港1港元55%暂时无活动

38. PARTICULARS OF SUBSIDIARIES OF THE COMPANY –

CONTINUED

– 续

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

UPBEST GROUP LIMITED（美建集团有限公司）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

Name of subsidiaries

Place of

incorporation

Principal

place of

operation

Isued and

fuly paid

ordinary

share capital

Proportion of

interest/voting power

atributable

to the GroupPrincipal activities

附属公司名称注册成立地点主要营业地点

已发行及

缴足普通股本

本集团应占

权益比例╱投票权主要业务

20252024

二零二五年二零二四年

Upbest Gold & Silver Trading LimitedHong KongHong KongHK$10,000100%Precious metal

dealing

美建金银贸易有限公司香港香港10,000港元100%贵金属买卖

Mega Benefit International LimitedBVIHong KongUS$1100%Inactive

英属维尔京群岛香港1美元100%暂时无活动

Fantasy Windom Group LimitedBVIHong KongUS$1100%Inactive

英属维尔京群岛香港1美元100%暂时无活动

Trilion Way Holdings LimitedBVIHong KongUS$1100%Inactive

英属维尔京群岛香港1美元100%暂时无活动

Vanko Enterprises LimitedHong KongHong KongHK$1100%Property investment

威豪企业有限公司香港香港1港元100%房地产投资

None of the subsidiaries had any loan capital outstanding at the

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

于报告期末或本年度内任何时间，所有附

属公司均无未清还之资本性贷款。

38. PARTICULARS OF SUBSIDIARIES OF THE COMPANY –

CONTINUED

– 续

SCHEDULE OF PROPERTIES

物业附表

Anual Report 2025 年报

(1) INVESTMENT PROPERTIES AS AT 31 MARCH 2025

AproximatePercentage of the

DescriptionUsagegros flor areaStatusGroup’s interest

物业详述用途概约楼面总面积状况本集团所占

权益百分比

(square fet)

（平方呎）%

(a) MacauComercial105,000Rental100

澳门商用出租

51 Various car parking spaces and

the whole of the ground flor and

1st Flor of Chino Plaza, located

in Baia Sul Do Bairo Fai Chi Kei,

Lote PS2 Macau

位于澳门筷子基南湾PS2地段之

信和广场，包括51个车位、

地下及一楼全层

(b) MacauResidential/11,492Rental100

澳门Comercial出租

住宅╱商用

1 piece of land at

Nosa Senhora Do Camo,

Taipa, Macau with

a two-story restaurant

位于澳门氹仔嘉模堂区

地段之一幅土地上

有一幢两层高用作餐厅之建筑物

香港商用出租

Al the comercial units of the estate,

kindergarten premises on

2nd lower ground flor of

Phase I of the estate and

car parking spaces no. 48 to 89

on 1st lower ground flor,

located in Bayview Garden,

633 Castle Peak Road, Tsuen Wan,

New Teritories, Hong Kong

位于香港新界荃湾

青山公路633号湾景花园，

包括屋苑所有商业单位，

屋苑第一期底层2楼平台

幼儿园校舍及底层1楼停车位48至89号

(1) 于二零二五年三月三十一日之投资物业

SCHEDULE OF PROPERTIES

物业附表

UPBEST GROUP LIMITED（美建集团有限公司）

(2) PROPERTIES HELD FOR DEVELOPMENT AS

AT 31 MARCH 2025

Percentage

of theEstimated

AproximateGroup’scompletionStage of

DescriptionUsagesite areainterest datedevelopment

物业详述用途概约楼面本集团预计发展阶段

总面积所占权益完成日期

百分比

(square fet)

（平方呎）%

(a)Hong KongGovernment,9,14755N/AVacant land

香港Institution or不适用空置土地

Comunity

2 pieces of land at政府、机构或社区

Tseung Kwan O

Declamation

District Number 248

两幅位于香港将军澳248区的土地

(2) 于二零二五年三月三十一日之持作发展

物业

50	–	–	–	50
50	–	–	–	50
–	312	24	19	355
–	260	13	19	292
50	–	–	–	50
50	–	–	–	50
50	–	–	–	50
250	572	37	38	897

720
92
812

50	–	–	–	50
50	–	–	–	50
–	312	24	19	355
–	260	13	19	292
50	–	–	–	50
50	–	–	–	50
50	–	–	–	50
250	572	37	38	897

ANUAL

REPORT

二零二五

年报

CONTENTS

目录

Note: As at 31 March 2025, CA Group Limited (“CA”), an asociated

Note: Identical to those disclosed above as “Directors’ and chief executives’

Comite in asesing the suitability of a proposed candidate:

Comite include:

The key tasks basicaly include:

Board:

Objectives:

Scope:

Oportunity:

Risk:

Efects:

1.Services Responsibility1.服务责任

2.Safeguard Client Asets2.保障客户资产

3.Data Privacy Protection3.资料隐私保护

4.Health and Safety4.健康与安全

5.Recruitment, Promotion and Remuneration5.招聘、晋升及薪酬

6.Labour Standards6.劳工准则

7.Development and Training7.发展及培训

8.Climate Change8.气候改变

9.Diversity and Equal oportunities9.多元化和平等机会

10.Anti-coruption 10.反贪污

11.Comunity Investment 11.社区投资

12.Risk Management 12.风险管理

13.Suply Chain Management13.供应链管理

14.Emisions 14.排放物

15.Use of Resources 15.资源使用

16.Waste Management 16.废弃物管理

The employe turnover rates is as under:

We also:

Adjustments for:已就下列各项作出调整：

1. GENERAL INFORMATION

2. APLICATION OF NEW AND AMENDMENTS TO HKFRS

2. APLICATION OF NEW AND AMENDMENTS TO HKFRS

2. APLICATION OF NEW AND AMENDMENTS TO HKFRS

50	–	–	–	50
50	–	–	–	50
–	312	24	19	355
–	260	13	19	292
50	–	–	–	50
50	–	–	–	50
50	–	–	–	50
250	572	37	38	897