00417 谢瑞麟 财务报表/环境、社会及管治资料：2024/2025年报
Our new store is a refl ection not just of our inovative spirit, but also our belief in the future and our respect
and comitment to our customers and the next generation of jewelery lovers.
我们的新店不仅体验我们的创新精神，也展现我们对未来的信念以及对客户和新一代珠宝爱好者的尊重和承诺。
FINANCIAL HIGHLIGHTS
财务概要
FINANCIAL HIGHLIGHTS
财务概要
TURNOVER (HK$’M)
营业额（港币百万元）
NET ASETS ATRIBUTABLE TO OWNERS OF
THE COMPANY PER SHARE (HK$)
本公司拥有人每股应占净资产（港元）
PROFIT/(LOS) ATRIBUTABLE TO OWNERS OF
THE COMPANY (HK$’M)
本公司拥有人应占盈利 ╱（亏损）（港币百万元）
每股息（港元）
DIVIDEND PER SHARE (HK$)
25NIL
NIL
NIL
NIL
1,712
(198)1.42
0.0200
2.22(374)
(71)
(44)
2,655
2,591
2,768
2,649
3.59
4.21
3.78
TURNOVER (HK$’M)
营业额（港币百万元）
NET ASETS ATRIBUTABLE TO OWNERS OF
THE COMPANY PER SHARE (HK$)
本公司拥有人每股应占净资产（港元）
PROFIT/(LOS) ATRIBUTABLE TO OWNERS OF
THE COMPANY (HK$’M)
本公司拥有人应占盈利 ╱（亏损）（港币百万元）
每股息（港元）
DIVIDEND PER SHARE (HK$)
25NIL
NIL
NIL
NIL
1,712
(198)1.42
0.0200
2.22(374)
(71)
(44)
2,655
2,591
2,768
2,649
3.59
4.21
3.78
FINANCIAL HIGHLIGHTS
财务概要
FINANCIAL HIGHLIGHTS (CONTINUED)
财务概要（续）
For the year
ended
31 March
截至2025年
3月31日
止年度
For the year
ended
31 March
截至2024年
3月31日
止年度
For the year
ended
31 March
截至2023年
3月31日
止年度
For the year
ended
31 March
截至2022年
3月31日
止年度
For the year
ended
31 March
截至2021年
3月31日
止年度
CONSOLIDATED STATEMENT OF PROFIT OR LOS (HK$’M)
综合损益表（港币百万元）
Turnover营业额1,7122,6552,5912,7682,649
Profit/(los) before tax除税前盈利╱（亏损）(166)(348)(47)61(1)
Profit/(los) for the year本年度盈利╱（亏损）(198)(374)(72)15(44)
Profit/(los) atributable to
owners of the company
本公司拥有人应占盈利╱
（亏损）(198)(374)(71)16(44)
PER SHARE (HK$)
以每股计（港元）
Earnings/(los)盈利╱（亏损）(0.79)(1.50)(0.29)0.06(0.18)
Dividend股息NilNilNil0.020Nil
Dividend payout ratio派息比率NilNilNil32%Nil
Net asets atributable to
owners of the Company
本公司拥有人应占净资产
1.422.223.594.213.78
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (HK$’M)
综合财务状况表（港币百万元）
No. of shares (’M Shares)股份股数（百万股）249249249249249
Total equity权益总额3535538931,048942
Borowings借贷7321,0761,174920989
Cash and cash equivalents现金及现金等价物129180348355379
Net gearing ratio净负债比率154%109%51%17%31%
Market capitalisation市值174212336262209
FINANCIAL HIGHLIGHTS (CONTINUED)
财务概要（续）
CORPORATE INFORMATION
公司资料
COMPANY NAME
Tse Sui Luen Jewelery (International) Limited
(incorporated in Bermuda with limited liability)
EXECUTIVE DIRECTORS
Yau On Ye, Anie, JP (Chairman & Chief Executive Oficer)
Ng Yi Kum, Estela (Deputy Chairman, Chief Strategy Oficer &
Chief Financial Oficer) (resigned on 27 May 2024)
INDEPENDENT NON-EXECUTIVE DIRECTORS
Chan Yue Kwong, Michael
Chow Che Wai, Christopher
Alex Chan
COMPANY SECRETARY
Yeung Yuk Lun (apointed on 27 May 2024)
Ng Yi Kum, Estela (resigned on 27 May 2024)
AUTHORISED REPRESENTATIVES
Yau On Ye, Anie, JP
Yeung Yuk Lun (apointed on 27 May 2024)
Ng Yi Kum, Estela (resigned on 27 May 2024)
AUDIT COMITE
Chow Che Wai, Christopher (Chairman)
Chan Yue Kwong, Michael
Alex Chan
REMUNERATION COMITE
Chow Che Wai, Christopher (Chairman)
Chan Yue Kwong, Michael
Yau On Ye, Anie, JP
Alex Chan
Ng Yi Kum, Estela (resigned on 27 May 2024)
NOMINATION COMITE
Chan Yue Kwong, Michael (Chairman)
Chow Che Wai, Christopher
Yau On Ye, Anie, JP
Alex Chan (apointed on 30 June 2025)
EXECUTIVE COMITE
Yau On Ye, Anie, JP (Chairman)
Ng Yi Kum, Estela (resigned on 27 May 2024)
公司名称
谢瑞麟珠宝（国际）有限公司
（于百慕达注册成立之有限公司）
执行董事
邱安仪（太平绅士）（主席及行政总裁）
伍绮琴（副主席及首席策略暨财务官）
（于2024年5月27日辞任）
独立非执行董事
陈裕光
周治伟
陈伟康
公司秘书
杨毓麟（于2024年5月27日获委任）
伍绮琴（于2024年5月27日辞任）
授权代表
邱安仪（太平绅士）
杨毓麟（于2024年5月27日获委任）
伍绮琴（于2024年5月27日辞任）
审核委员会
周治伟（主席）
陈裕光
陈伟康
薪酬委员会
周治伟（主席）
陈裕光
邱安仪（太平绅士）
陈伟康
伍绮琴（于2024年5月27日辞任）
提名委员会
陈裕光（主席）
周治伟
邱安仪（太平绅士）
陈伟康（于2025年6月30日获委任）
执行委员会
邱安仪（太平绅士）（主席）
伍绮琴（于2024年5月27日辞任）
CORPORATE INFORMATION (CONTINUED)
公司资料（续）
法律顾问
的近律师行
香港中环遮打道18号历山大厦五楼
核数师
安永会计师事务所
执业会计师
注册公众利益实体核数师
香港鲗鱼涌英皇道979号太古坊1座27楼
主要往来银行
恒生银行有限公司
香港德辅道中83号
中信银行（国际）有限公司
香港德辅道中61-65号
大华银行有限公司
香港中环花园道3号冠君大厦28楼
富邦银行（香港）有限公司
香港德辅道中38号富邦银行大厦
永丰商业银行股份有限公司香港分行
香港皇后大道中28号中汇大厦26楼
中国建设银行（亚洲）股份有限公司
香港中环干诺道中3号中国建设银行大厦28楼
股份过户登记总处
Cohort Limited
Penthouse Level, 5 Reid Stret, Hamilton, HM11, Bermuda
香港股份过户登记分处
香港中央证券登记有限公司
香港湾仔皇后大道东183号
合和中心17楼1712至1716号舖
注册办事处
Penthouse Level, 5 Reid Stret, Hamilton, HM11, Bermuda
香港主要营业地点
香港九龙红磡民裕街30号
兴业工商大厦地下B座
股份代号
网址
w.tslj.com
LEGAL ADVISER
DEACONS
5/F, Alexandra House, 18 Chater Road, Central, Hong Kong
AUDITOR
Ernst & Young
Certified Public Acountants
Registered Public Interest Entity Auditor
27/F, One Taiko Place, 979 King’s Road, Quary Bay, Hong Kong
PRINCIPAL BANKERS
Hang Seng Bank Limited
83 Des Voeux Road Central, Hong Kong
China CITIC Bank International Limited
61-65 Des Voeux Road Central, Hong Kong
United Overseas Bank Limited
28/F, Champion Tower, 3 Garden Road, Central, Hong Kong
Fubon Bank (Hong Kong) Limited
Fubon Bank Building, 38 Des Voeux Road Central, Hong Kong
Bank SinoPac, Hong Kong Branch
26/F, Central Tower, 28 Quen’s Road Central, Hong Kong
China Construction Bank (Asia) Corporation Limited
28/F, CB Tower, 3 Conaught Road Central, Central, Hong Kong
PRINCIPAL SHARE REGISTRAR
Cohort Limited
Penthouse Level, 5 Reid Stret, Hamilton, HM11, Bermuda
HONG KONG BRANCH SHARE REGISTRAR
Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17/F, Hopewel Centre,
183 Quen’s Road East, Wan Chai, Hong Kong
REGISTERED OFICE
Penthouse Level, 5 Reid Stret, Hamilton, HM11, Bermuda
PRINCIPAL PLACE OF BUSINES IN HONG KONG
Ground Flor, Block B, Sumit Building,
30 Man Yue Stret, Hunghom, Kowlon, Hong Kong
STOCK CODE
WEBSITE
w.tslj.com
LETER TO SHAREHOLDERS
致股东的函件
LETER TO SHAREHOLDERS
致股东的函件
INOVATING
FOR NEWNES
LETER TO SHAREHOLDERS
致股东的函件
各位股东：
本人谨代表谢瑞麟珠宝（国际）有限公司（「本公司」，连同
其附属公司，「本集团」）董事会（「董事会」）向阁下提呈本
集团截至2025年3月31日止年度（「本年度」）之年度报告及
综合财务报表。本人欣然报告，净亏损虽然仍为不理想，
但较上一个财政年度已大幅减少47%。
本年度无疑是对香港珠宝零售业及众多其他零售类别或行
业来说充满挑战的一年。香港总体零售销售表现虽在2023
年呈现复苏迹象，但自2024年4月起便开始下滑，并一直
处于与疫情期间相当的低水平。显然，其主要因素是香港
居民北上或出境旅游增加以及内地游客消费行为显著变
化。除此等本地问题外，由多种因素形成的全球经济持续
不稳定下，尤其是现任美国政府上任后引发的争议，阻碍
全球诸多企业的复苏或发展。即使是表现不俗的东南亚市
场亦未能幸免于近期的冲击。然而，由于中华人民共和国
（「中国」）中央人民政府（「中央人民政府」）于应对中美贸
易战等全球危机方面立场坚定，中国经济展现出韧性。此
外，随著中央人民政府最近公布利好内地零售市场发展的
新政策，本人相信最差的时刻已经过去。我们需要时间、
耐性及不懈的努力，方能取得正面的成果。
尽管存在著上述各种不确定因素，本集团仍不遗余力地
推动于23/24财政年度下半年启动的业务模式转型。于本
年度，我们持续改进产品种类，并逐间店舖投资24K金库
存，以满足日新月异的消费者需求，尽管本年度内因金价
创历史新高，而对24K金产品需求产生负面影响，经翻新
的店舖的销售额仍取得大幅增长。此外，在销售网络发展
方面，根据上一财政年度制定的策略方向，我们于本年度
透过积极与多家省级加盟商接洽而实施该等策略，以便在
未来数年通过二级加盟快速扩张网络。加盟商及终端客户
对业务模式转型的正面反馈令人鼓舞，亦是对我们「扭亏为
盈」的业务策略的全面认可。再者，显著成本节省所带来的
全年效益将逐步显现，本人相信本集团的盈利能力将持续
提升。
Dear Shareholders,
On behalf of the board of directors (the “Board”) of Tse Sui Luen Jewelery
(International) Limited (the “Company”, together with its subsidiaries, the
“Group”), I hereby present the anual report and consolidated financial
statements of the Group for the year ended 31 March 2025 (the “Year”). It is
my pleasure to report that the net los, albeit stil below par, has ben greatly
reduced by 47% against that of the previous financial year.
It was inded another chalenging year not only for the jewelery retail industry
but also for many other retail categories or sectors in Hong Kong. Considering
the overal retail sales performance of Hong Kong during 2024, after signs of
regaining momentum were shown in 2023, it started to decline and has ben
staying at a low level comparable to that during the pandemic since April
2024. Evidently, the increasing northbound or outbound travels of Hong Kong
residents together with the drasticaly changed consumption behavior of visitors
from the Mainland have ben the major factors. Apart from these domestic
isues, the continuing global economic instability brought by various isues
especialy those after the inauguration of the curent sovereignty of the United
States has ben hindering the recovery or development of many busineses al
over the world. Even the Southeast Asian markets which have ben performing
positively were not imune from the recent impact. Nevertheles, the economy
of the People’s Republic of China (“PRC”) has demonstrated resilience because
of the unwavering stance of the Central People’s Government of the PRC in
dealing with global crisis such as the US-China trade war. Moreover, with the
new policies favourable to the retail market development of the Mainland
recently anounced by the Central People’s Government of the PRC, I believe
that the worst has ben sen. Time, patience and relentles efort are what we
ned further for the positive outcome to be acomplished.
Notwithstanding the above lingering uncertainties, the Group continues to spare
no efort in transforming its busines model which was started in the second half
of FY23/24. During the Year, we continued to revamp the product asortment
and invest in the 24-karat gold inventory store by store to satisfy the changing
consumer neds, after which impresive sales improvement could be observed
for the revamped stores despite the negative impact on the 24-karat gold
product demand brought by the record-breaking gold price during the Year.
In adition, on the sales network development, acording to the strategic
direction set in the previous financial year, we executed the strategies by
actively engaging a number of Provincial Franchises during the Year for rapid
network expansion through second-tier franchising in years to come. It was
encouraging to receive positive fedback from franchises and end customers
on the transformed busines model, which was a resounding endorsement for
our busines turnaround strategies. Together with the significant cost saving
achieved with ful-year efect to be realised soner or later, I am confident that
the profitability of the Group wil continue to improve over time.
LETER TO SHAREHOLDERS (CONTINUED)
致股东的函件（续）
During the Year, I, as the Chairman & CEO of the Group, continue to serve the
retail comunity and others of the Hong Kong Special Administrative Region
of People’s Republic of China (“HKSAR”) and Hainan Province. My continuous
efort in leading the retail industry of Hong Kong has brought me to serve other
sectors or fields such as tourism and environmental sustainability. Moreover, in
the field of education, I was recently invited to serve The Education University
of Hong Kong as a member of the Advisory Group on Entrepreneurship and
Industry Engagement. In a broader spectrum, I was apointed as a Justice of
the Peace by the Chief Executive of HKSAR on 1 July 2024, which has enabled
me to lok into the wel-being of non-comercial sectors. With ful suport
from the Group, I wil persist in serving various comunities and the public
wholeheartedly and diligently.
As a final note, I would like to expres my heartfelt apreciation to my felow
directors for their dedication and guidance provided to the Group throughout
the Year. On behalf of the Board, our sincere gratitude goes to al staf members,
busines partners, loyal customers and other stakeholders for their invaluable
suport and unwavering trust. Moving forward, the Group is comited to
generating sustainable returns for our shareholders and achieving long-term
busines growth.
Yau On Ye, Anie, JP
Chairman
Hong Kong, 30 June 2025
于本年度，本人以本集团主席兼行政总裁的身份，继续服
务中华人民共和国香港特别行政区（「香港特别行政区」）及
海南省的零售业及其他行业。本人长期致力带领香港零售
业发展，亦促使我得以将服务范畴延伸至旅游业及环境可
持续发展等其他领域。此外，在教育领域，本人最近获邀
担任香港教育大学企业与产业管理咨询小组成员。在更广
泛的领域，本人于2024年7月1日获香港特别行政区行政
长官委任为太平绅士，此有助于本人关注非商业行业的福
祉。在本集团的全力支持下，本人将一如既往地全心全意
及勤勉尽责地服务各界及公众。
最后，本人谨衷心感谢各位董事在本年度全期间为本集团
作出的奉献及提供的指导。本人谨代表董事会，诚挚地感
谢所有员工、商业伙伴、忠诚顾客及其他持份者，感谢他
们宝贵的支持和坚定不移的信任。展望未来，本集团致力
于为股东缔造可持续的回报，实现长期业务增长。
邱安仪（太平绅士）
主席
香港，2025年6月30日
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
RESULTS OVERVIEW
The busines environment continued to be chalenging to the Group for the
Year. The worldwide geopolitical tension, persisting high financing costs and
record-breaking gold price had greatly afected the consumers’ spending
behavior and market sentiment throughout the Year. The recovery of global
luxury retail market, especialy in the Mainland and Hong Kong, was very slow.
The Group observed persistently weak demand for natural diamond jewelery
products over the past year. Combined with the efect of continuous sales
network adjustments through the closure of los-making self-operated stores,
the Group’s turnover decreased by aproximately 35.5% to HK$1,712.3 milion for
the Year, as compared to HK$2,654.6 milion for the year ended 31 March 2024.
In adition to the softening demand of natural diamond jewelery, the sales
momentum of 24-karat gold products was impacted by the rapid rise in gold
price during the Year. Despite these unfavorable factors, the Group continued to
increase the 24-karat gold inventory during the Year in order to achieve optimal
inventory mix that suports the curent market demand. Moreover, the Group
recorded an improvement of gros profit margin from 29.6% last year to 34.1%
for the Year, resulting from the optimal sales mix of 24-karat gold and gem-set
jewelery products.
During the Year, the Group continued with the strategic roadmap of busines
transformation which was started in 2023 – closing al underperforming retail
stores in Hong Kong, Macau and the Mainland, expanding the franchise network
in the Mainland prudently and also reduced the gem-set jewelery inventory
drasticaly. Acordingly, the Group incured an aditional restructuring cost and
stores closure expense of aproximately HK$37 milion in total during the Year.
Moreover, the Group had implemented various cost control measures including
maintaining a very lean and eficient organization structure through streamlining
of human resources, significant reduction of staf costs and relocation of
various headquarter functions from Hong Kong to the Mainland. The seling and
distribution expenses and administrative expenses were reduced substantialy
by aproximately 36.0% or HK$381.5 milion during the Year, comparing to that
of last year.
业绩概览
截至本年度，本集团的经营环境仍然充满挑战。本年度，
全球地缘政治局势紧张、融资成本持续高企，以及金价
屡创新高，均严重影响消费者的消费行为及市场情绪。
全球奢侈品零售市场复苏缓慢，尤其是内地及香港。过
去一年，本集团观察到天然钻石珠宝产品的需求持续疲
弱。连同因关闭亏损的自营店而持续调整销售网络所带
来的影响，本集团于本年度的营业额减少约35.5%至港币
1,712,300,000元，而截至2024年3月31日止年度则为港币
2,654,600,000元。
除天然钻石珠宝需求下降外，本年度24K金产品的销售势
头亦受到金价急速飙升的影响。尽管面对该等不利因素，
本集团于本年度继续增加24K金的存货，以达致最佳的存
货组合，配合现时的市场需求。此外，由于24K金及宝石
首饰的最佳销售组合，本年度本集团毛利率由去年的29.6%
改善至34.1%。
本年度，本集团继续实行自2023年起开始的业务转型策
略路线图，关闭香港、澳门及内地所有表现欠佳的零售店
舖，审慎扩大内地的加盟店网络并大幅降低宝石首饰库
存。因此，本集团于本年度产生额外重组成本及店舖关闭
开支合共约港币37,000,000元。
此外，本集团已实施多项成本控制措施，包括透过精简人
力资源、大幅削减员工成本及将多项总部职能由香港迁往
内地，以维持非常精简及高效的组织架构。本年度的销售
及分销费用以及行政费用较去年同期大幅减少约36.0%或
港币381,500,000元。
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
于本年度，融资成本高企继续对本集团的盈利能力造成
负面影响。经计及部分固定资产及使用权资产的非现金
减值及重估若干投资物业的公允价值亏损合共约港币
71,000,000元后，本年度本公司拥有人应占亏损为港币
197,800,000元，较去年亏损港币374,200,000元减少港币
176,400,000元。
业务回顾
零售业务
香港及澳门
香港零售销售总值持续按年下跌，尤以珠宝、钟表及名贵
礼品类别为甚。此乃主要由于本地居民北上内地及出境旅
游的趋势持续。至于入境旅客方面，其旅游取向正由以购
物为主转为以旅游体验为主。过去一年，该等旅客的购买
力疲弱，并有下降趋势。本地零售环境的持续急剧变化，
迫使本集团于本年度关闭香港某些表现欠佳的零售店，以
节省成本及提升营运效率。本集团亦主动与业主磋商续租
现有零售店的租金，以减低成本。
尽管如此，本集团仍致力投资于余下的店舖，特别是位于
沙田新城市广场及澳门威尼斯人的旗舰店，透过增加产品
种类及更新视觉营销，以新的品牌形象为顾客提供更佳服
务。此外，本集团于本年度投放资源去引入新的设计产
品。随著相关配套宝石首饰产品的销售组合增加，整体销
售表现亦有所改善。
The high financing cost continued to have negative impact to the profitability of
the Group during the Year. After taking into acount some non-cash impairment
of fixed asets and right-of-use asets and fair value los on revaluation of
certain investment properties, amounting to aproximately HK$71.0 milion
in total, the Group recorded a los atributable to owners of the Company of
HK$197.8 milion for the Year, a reduction of HK$176.4 milion as compared to a
los of HK$374.2 milion last year.
BUSINES REVIEW
Retailing Busines
Hong Kong and Macau
The total retail sales value of Hong Kong continues to decline on a year-on-
year basis, especialy in the category of jewelery, watches and clocks, and
valuable gifts. This was mainly resulted from the ongoing trend of northbound
travel to the Mainland and outbound travel to other countries of local residents.
With respect to the inbound visitors, the travel orientation has changed from
shoping-focus to experiential traveling-oriented. The purchasing power of
these visitors had ben found weak in the past year and was in a downward
trend. Such continuing and drastic changes in the local retail landscape forced
the Group to close certain underperforming retail stores in Hong Kong during
the Year to save costs and enhance operating eficiency. The Group also
proactively negotiated with landlords to reduce the rental cost of active retail
stores upon lease renewal.
Nevertheles, the Group remains ken and determined to invest in remaining
stores, especialy the flagship stores at New Town Plaza in Shatin and The
Venetian Macao in Macau, by enhancing product asortment and refreshing
visual merchandising with updated brand imagery to beter serve customers.
Aditionaly, the Group alocated resources to introduce new design products
during the Year. Overal sales performance improved, with the increasing sales
mix of complementary gem-set products.
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
展望未来，香港及澳门特别行政区政府积极推动旅游业及
举行大型活动，零售业将会受惠，但仍要面对旅客及居民
消费模式转变的挑战。加上近期「一签多行」政策的实施，
预期涌入港澳的内地旅客将逐步增加，从而抵销部分持续
的挑战所带来的负面影响。港澳两地零售业的复苏情况仍
然审慎乐观。
内地
由于内地房地产行业持续整固，本年度经济环境仍然疲
弱。零售市场复苏缓慢仍然是本集团过去数年面对的主要
挑战。中央人民政府近期推出多项措施刺激消费市场，预
期所带来的正面效应仍有待观察。相反，市场对天然钻石
珠宝的需求持续下降，加上金价屡创新高，抑制了消费者
对24K金产品的需求，本集团的销售表现无可避免地受到
影响。
本集团年内继续采取积极精简自营店网络及组织架构的策
略，自营店数量大幅减少61%至35间导致销售额比去年下
跌。本集团目前在内地经营346间零售店，其中约90%为
加盟店。本集团将继续适应新的市场动态，逐步扩展加盟
店网络。此外，本集团已重整黄金补货流程，提升所有自
营店的黄金存货水平；同时，扩大的加盟店网络更有利
于满足多元化的消费喜好，提供24K金及精选宝石手饰系
列，从而令集团有更均衡的存货组合。
Loking ahead, the proactive measures taken by Hong Kong and Macau Special
Administrative Region governments to promote tourism and mega events
would benefit the retail sectors, though it would continue to face chalenge from
the change in consumption paterns of visitors and residents. With the recent
implementation of the “Multi-entry Visa Scheme”, the influx of Mainland tourists
to Hong Kong and Macau is expected to grow gradualy, ofseting some of the
negative efects from ongoing chalenges over time. The retail sales recovery in
both Hong Kong and Macau remains prudently optimistic.
The Mainland
The economic environment remained slugish as a result of the continuing
consolidation of the Mainland’s property sector during the Year. The slow
recovery of retail market continued to be a key chalenge to the Group in
the past few years. The expected positive efects from various measures
recently introduced by the Central People’s Government of the PRC to bost
the consumer market have yet to observe. Conversely, the sustained decline
in the market demand for natural diamond jewelery, coupled with restrained
consumer demand for 24-karat gold products amid record-breaking gold price
surge, Group’s sales performance was inevitably impacted.
The Group continues its strategy to proactively streamline its self-operated
store network and organization structure during the Year. The number of self-
operated stores was reduced significantly by 61% to 35, resulting in a lower sales
turnover compared to last year. The Group curently operates 346 retail stores
in the Mainland, aproximately 90% of which are franchised stores. The Group
wil continue adapting to these new market dynamics and progresively expand
its franchised store network. Moreover, the Group has ben renginering its
gold replenishment proces and increasing gold inventory levels in al self-
operated stores. Meanwhile, its vast franchised store network is wel-positioned
to serve diverse consumer preferences, ofering both 24-karat gold and a robust
selection of gem-set jewelery, which enables the Group to maintain a more
balanced inventory mix.
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
中央人民政府正致力释除市场对美国近期大规模加征关税
可能阻碍经济复苏的疑虑。然而，本集团相信中央人民政
府将推行更多的政策及措施以刺激内地的零售消费市场，
零售业的消费意欲将逐步回升。透过优化自营店组合及加
盟网络扩张、巩固品牌价值及深化市场渗透，本集团有信
心内地零售业务的盈利能力将于未来数年持续改善。
马来西亚
本集团在马来西亚的零售业务保持强劲增长，与去年同期
相比，销售营业额及经营盈利均录得双位数增幅。销售表
现持续向好，主要得益于该国经济稳步复苏、本集团在此
快速增长市场中建立的强大品牌价值，以及本年度市场对
24K金珠宝首饰产品日益增长的需求。
本集团目前在马来西亚共经营8间零售店，包括两间分
别位于吉隆坡柏威年广场(Elite Pavilion)及槟城合您广场
(Gurney Plaza)新装修的旗舰店，分别于2024年4月及10月
重开。本集团将继续增加产品种类，以追求进一步的销售
增长及品牌认知度。此外，本集团将继续在马来西亚的理
想地段稳步扩大门市网络，以发掘市场潜力。
The Central People’s Government of the PRC seks to asuage concerns that the
broad tarifs recently imposed by the United States may derail eforts to shore
up the economic recovery. However, the Group believes the Central People’s
Government of the PRC wil implement more policies and measures to bost
domestic demand in the Mainland’s retail market, and the consumer sentiment in
retail sector wil gradualy improve. By adopting an optimal mix of self-operated
stores and franchise network expansion, strengthening brand equity, and
depening market penetration, the Group is confident that the profitability of its
Mainland’s retail busines wil continue to improve in coming years.
Malaysia
The Group’s retail busines in Malaysia remains strong with double-digit growth
in both sales turnover and operating profits against that of last year. The
continuous improvement in sales performance was resulted from the stable
economic recovery of this country, our strong brand equity in this growing
market, and the increasing domestic demand for 24-karat gold jewelery
products during the Year.
The Group curently operates 8 retail stores in Malaysia, including 2 newly
renovated flagship stores separately located at Elite Pavilion in Kuala Lumpur
and Gurney Plaza in Penang which were re-opened in April and October 2024
respectively. The Group wil stay the course to enhance its product asortment
in the pursuit of further sales growth and brand recognition. Moreover, the
Group wil continue to realize the market potential by expanding its store
network steadily at optimal locations in Malaysia.
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
批发业务
本年度，本集团的批发业务销售表现放缓，主要由于天然
钻石的需求自2024年第一季度起出现的大幅下降。尽管如
此，加盟网络的扩展势头依然良好，本年度开设了98间加
盟店，令加盟批发业务的经营盈利较去年同期录得令人鼓
舞的双位数字增长。于2025年3月31日，本集团在内地经
营合共311间加盟店。
随著内地零售业逐步复苏及经济增长，本集团将继续致力
由零售为主转向零售与批发更为平衡的策略性转型，并积
极与财力雄厚及有能力长远支持本集团加盟业务持续增长
的潜在加盟商合作，以巩固本集团在内地的市场地位及品
牌价值。
电子商贸业务
本集团一直致力于电子商贸业务的持续发展，通过不断优
化官方网店及拓展多元化线上销售渠道（尤其在内地），
已建立多个综合性电商平台。本年度，本集团电子商贸业
务录得销售营业额轻微下跌，主要归因于线上市场竞争加
剧，以及为提升营运效率而调整存货组合的计划性举措。
尽管由于24K金产品销售占比提升及过季宝石首饰清货导
致毛利率略有下降，惟整体盈利能力较去年仍有所改善。
Wholesale Busines
The sales performance of the Group’s wholesale busines was slowed down
during the Year, mainly due to a significant decline in demand for natural
diamonds since the first quarter of 2024. Nevertheles, the franchise network
expansion momentum remained on track, with 98 franchised stores opened
during the Year, driving an encouraging double-digit growth in operating profit
from franchise wholesale busines compared to last year. The Group runs a total
of 311 franchised stores in the Mainland as at 31 March 2025.
Witnesing the gradual recovery of retail sector and economic growth in the
Mainland, the Group wil continue its comitment to transform strategicaly
from retail-focus to a more balanced retail-and-wholesale organization and
proactively colaborate with potential franchises who are financialy strong
and capable of suporting the sustainable growth of Group’s franchise busines
in long term, so as to strengthen its market presence and brand equity in the
Mainland.
E-Busines
The Group has ben focusing on the continual development of its e-busines
and established various comprehensive e-busines platforms through ongoing
enhancement of its oficial e-Shops and diversifying its online sales chanels,
especialy in the Mainland. During the Year, the Group’s e-busines recorded
a mild drop in sales turnover, mainly due to the intense competition of online
market as wel as the planed adjustment of inventory portfolio to improve
operating eficiency. The overal profitability was however improved from last
year, despite a slight drop of gros profit margin resulting from the increased
sales mix of 24-karat gold products and clearance of aged gem-set jewelery
products.
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
除推出季节性促销活动及多项社交媒体广告及营销活动
外，本集团于本年度透过与内地多个热门电商平台合作，
进一步提升线上销售渗透率。凭借持续优化存货水平、调
整产品组合，并借助不同电商平台的流量优势，有效提升
谢瑞麟官方网店及谢瑞麟线上旗舰店的访问量。本集团认
为，在现有坚实基础的支持下，透过数码化布局，其电子
商贸业务将持续取得令人鼓舞的成果。
前景
随著政府实施刺激内需的政策及措施，特别是在内地及香
港，本集团预期零售消费市场的复苏将时有波折，而奢侈
品零售业的复苏速度相对较慢。尽管如此，本集团将继续
专注于扩大其于内地的加盟店网络，强化自营及加盟店的
组合。本集团将继续加强所有零售店的24K金珠宝种类及
存货水平，以把握消费者需求持续上升的趋势。此外，本
集团将继续致力配合卓越的产品设计及工艺，提供创新及
多元化的产品组合。
本集团的首要任务是维持最佳的资本结构，以及采取审慎
的财务及库务管理方法。我们坚定不移地致力于扭转业务
亏损，并优化其策略，使整个组织转型，为实现中长期的
可持续增长作好准备。
财务结构
于2025年3月31日，本集团未偿还计息银行贷款及黄金
贷款总额为港币731,600,000元（2024年3月31日：港币
1,076,400,000元），其中主要包括银行贷款和贸易融资信
贷。本集团的所有借贷均以港元及人民币为单位。银行借贷
之利息按银行同业拆息或最优惠利率或基准利率计算。
Apart from launching of seasonal promotions and diferent social media
advertising and marketing campaigns, the Group has enhanced its online sales
penetration through coperation with various popular e-comerce platforms in
the Mainland during the Year. With continuous optimization of inventory level,
adjustments of product portfolio and increasing trafic to TSL oficial e-Shops
and TSL online flagship stores from leveraging diferent e-comerce platforms,
the Group believes that its e-busines wil continue to show encouraging results
through its digital landscape suported by the existing solid foundation laid.
OUTLOK
Folowing the government’s implementation of policies and measures to
stimulate the domestic demand, especialy in the Mainland and Hong Kong,
the Group expects that the recovery of retail consumer market wil be at times
patchy with comparative slower sped in luxury retail segment. Nevertheles,
the Group wil continue to focus on expanding its franchise network in the
Mainland with a robust mix of self-operated and franchised stores. The Group
wil kep enhancing its 24-karat gold jewelery asortment and inventory level in
al retail stores to grasp the continuous uptrend of consumer demand. Moreover,
the Group remains comited to providing an inovative and diversified
product portfolio complimented by excelence in product design as wel as
craftsmanship.
Maintaining an optimal capital structure and adhering to prudent financial
and treasury management remain the Group’s top priorities. With steadfast
comitment, we are determined to turn around the busines and refine
its strategies to transform the whole organization to get wel prepared for
achieving sustainable growth in mid to long term.
FINANCIAL STRUCTURE
As at 31 March 2025, the Group’s total outstanding interest-bearing bank
borowings and gold loan amounted to HK$731.6 milion (31 March 2024:
HK$1,076.4 milion), which comprised mainly bank loans and trade finance
facilities. Al borowings of the Group are denominated in Hong Kong dolars
and Renminbi. Interest on bank borowings is calculated on either the inter-bank
interest rate or the prime rate or the benchmark interest rate.
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
于2025年3月31日，本集团之已抵押定期存款、现金及银
行结余总额为港币187,700,000元（2024年3月31日：港币
474,100,000元），主要以港元、人民币及美元为单位。
本年度内透过内部资源及借贷取得之资金，大部分用于优
化本集团24K金产品的库存组合及资本开支等方面。
于2025年3月31日，本集团之净债务状况为约港币
543,900,000元，对比于2024年3月31日为约港币
602,300,000元。于2025年3月31日，净负债比率为154.0%
（2024年3月31日：108.9%），此为按照净债务状况的金额
（总计息银行贷款及黄金贷款减去现金及现金等价物）占权
益总额的百分比计算。
本集团于本年度内主要以港元、人民币及美元为交易单
位。人民币并非可自由兑换的货币，而任何重大的人民币
汇率波动可能对本集团造成财务影响。董事会认为此等外
汇风险易于管理，可透过持有以相同外币计价的资产和负
债产生自然对冲，因此汇率波动对本集团的影响维持轻
微。本集团将继续密切监控其外汇状况。
集团资产抵押及或有负债
于2025年3月31日，本集团资产抵押于综合财务报表附注
33中披露。于2025年3月31日，本集团并无任何重大或有
负债未于综合财务报表中拨备（2024年3月31日：无）。
人力资源
于2025年3月31日，本集团共聘用约1,138名雇员（2024年3
月31日：1,891）。此变动乃由于本集团的业务战略和市场情
况，人力资源政策并无重大变动。本公司提供具有竞争力
的薪酬待遇，其中包括薪金、津贴及酌情花红。雇员待遇
按工作表现及参考市场水平厘定。其他雇员福利包括医疗
保险及工作相关持续进修津贴。内部高级职员及外聘专业
导师会向前线零售员工提供正统在职培训。公司内部亦举
办经验分享会议及研讨会。
As at 31 March 2025, the Group had pledged time deposits, cash and bank
balances of HK$187.7 milion (31 March 2024: HK$474.1 milion), which were
mostly denominated in Hong Kong dolars, Renminbi and United States dolars.
Internaly generated funding and borowings have mainly ben aplied during
the Year to finance the enhancement of the Group’s inventory mix on 24-karat
gold products and capital expenditure incured.
The Group was in a net debt position of aproximately HK$543.9 milion as at
31 March 2025, as compared to aproximately HK$602.3 milion as at 31 March
2024. As at 31 March 2025, the net gearing ratio was 154.0% (31 March 2024:
108.9%), which was calculated based on the amount of net debt position (sum
of total interest-bearing bank borowings and gold loan les cash and cash
equivalents) as a percentage of total equity.
During the Year, the transactions of the Group were mainly denominated in
Hong Kong dolars, Renminbi and United States dolars. Renminbi is not a frely
convertible curency and any significant exchange rate fluctuation of Renminbi
may have financial impacts on the Group. The Board is of the view that such
foreign exchange exposure is manageable by using natural hedges that arise
from holding asets and liabilities denominated in the same foreign curencies
and that the Group’s exposure to foreign exchange fluctuation remains minimal.
The Group wil continue to closely monitor its foreign exchange position.
CHARGES ON GROUP ASETS AND CONTINGENT LIABILITIES
Charge on the Group’s asets as at 31 March 2025 is disclosed in note 33 to
the consolidated financial statements. The Group did not have any material
contingent liabilities which have not ben provided for in the consolidated
financial statements as at 31 March 2025 (31 March 2024: Nil).
HUMAN RESOURCES
As at 31 March 2025, the total number of employes of the Group was
aproximately 1,138 (31 March 2024: 1,891). The change was with due regard
to the Group’s busines strategies and the market conditions. There were no
major changes in human resources policies. The Company ofers competitive
remuneration packages including salary, alowances and discretionary bonus.
Employes are rewarded on a performance basis with reference to market rates.
Other employe benefits include medical cover and subsidies for job-related
continuing education. Retail frontline staf are provided with formal on-the-
job training by internal senior staf and external profesional trainers. There are
discusion forums and in-house seminars for experience sharing.
THE FOUNDER
创办人
TSE, SUI LUEN
谢瑞麟
谢瑞麟，现年88岁，本集团之创办人。谢先生为本集团提
供一般顾问及策略性建议。彼曾于1987年至2000年间出任
集团主席一职及于2011年9月重返本集团。彼于珠宝业界拥
有逾53年经验，是一位资深的珠宝专家。彼对珠宝镶嵌、
品质监控、行政、营运、管理及市务具广泛资历，亦与同
业及供应商拥有良好关系及网络，协助本集团业务拓展。
彼为本集团副行政总裁及控股东谢达峰先生之父亲，亦
为本集团主席及行政总裁邱安仪女士（太平绅士）之家翁。
Tse Sui Luen, aged 88, is the Group’s Founder. Mr. Tse provides general advisory
& strategic advice to the Group. He was the Chairman of the Group from 1987
to 2000 and re-joined the Group in September 2011. He is a veteran jewelery
expert having over 53 years of experience in jewelery industry. He has a wide
range of experience in gem seting, quality control, administration, operations,
management and marketing. He also has very god personal networks with the
pers and supliers, which facilitate the Group’s busines development. He is the
father of Mr. Tse Tat Fung, Tomy, the Deputy Chief Executive Oficer and the
controling shareholder of the Group, and the father-in-law of Ms. Yau On Ye,
Anie, JP, the Chairman and Chief Executive Oficer of the Group.
NO PEAKS
WITHOUT
VALEYS
DIRECTORS PROFILE
董事简介
YAU, ON YE ANIE, JP
邱安仪
（太平绅士）
Chairman, Chief Executive Ofi cer and Executive Director
主席、行政总裁及执行董事
CHOW, CHE WAI CHRISTOPHER
周治伟
Independent Non-Executive Director
独立非执行董事
CHAN, ALEX
陈伟康
Independent Non-Executive Director
独立非执行董事
CHAN, YUE KWONG MICHAEL
陈裕光
Independent Non-Executive Director
独立非执行董事
CHAIRMAN & CHIEF EXECUTIVE OFICER
主席及行政总裁
Yau On Ye, Anie, JP, (“Ms. Yau”) aged 54, is the Chairman, the Chief Executive
Oficer, the chairman of the Executive Comite and a member of both the
Remuneration Comite and the Nomination Comite of the Company.
She joined the Group in 2002, and became an Executive Director of the
Company in 2006. She is also a director of most subsidiaries of the Company.
In the early years at the Company, she pionered the Group’s Jewelery ERP
discipline and modernised the Company’s management through busines
proces renginering. Prior to joining the Group, she worked for multi-national
companies such as Motorola Semiconductors and IBM. She has over 32 years of
management experience in the USA and Hong Kong. She is a director of each of
Partner Logistics Limited and Blink Technology Limited which have discloseable
interests in the Company under provisions of the Securities and Futures
Ordinance (the “SFO”). She graduated from Boston University, USA and holds a
Bachelor of Science degre in Computer Enginering. Ms. Yau is the spouse of
Mr. Tse Tat Fung, Tomy, the Deputy Chief Executive Oficer and the controling
shareholder of the Group, and the daughter-in-law of Mr. Tse Sui Luen, the
Founder of the Group.
Ms. Yau was apointed as a Justice of the Peace (“JP”) by the Chief Executive
of the HKSAR on 1 July 2024, in recognition of her outstanding achievements
and continued contribution to the society. Ms. Yau is curently a member of
the Election Comite of the HKSAR (Wholesale and Retail Subsector), the
chairman of the Hong Kong Retail Management Asociation, and a nominated
member of the Hong Kong Brand Development Council. She also involves
in some future development initiatives of HKSAR by being apointed as a
member of the Tourism Strategy Comite and a member of the Council for
Carbon Neutrality and Sustainable Development of the HKSAR Government. In
contribution to training and education, Ms. Yau serves as the convenor of the
Retail Industry Consultative Networks of the Employes Retraining Board, a
member of the advisory group on Entrepreneurship and Industry Engagement of
The Education University of Hong Kong, and a member of the Jewelery Industry
Training Advisory Comite. Her regional contributions include apointments
as a standing comite member of the Eighth Chinese People’s Political
Consultative Conference of Hainan Province and a member of the Hainan-Hong
Kong Economic Coperation and Development Consultative Comite.
邱安仪（太平绅士）（「邱女士」），现年54岁，本公司之主席、
行政总裁、执行委员会主席、薪酬委员会及提名委员会成
员。彼于2002年加入本集团并于2006年成为本公司执行
董事。彼亦为本公司大部份附属公司之董事。彼于本公司
初期数年致力开拓本集团珠宝企业资源规划及透过业务
流程再造使本公司之管理现代化。加入本集团前，彼曾
于万力半导体公司及国际商业机器等跨国企业工作。彼在
美国及香港之管理经验超逾32年。彼为Partner Logistics
Limited及Blink Technology Limited之董事，该等公司持有
本公司根据证券及期货条例须予披露之股份权益。彼毕业
于美国波士顿大学，持有理学士学位，主修电脑工程。邱
女士为本集团副行政总裁及控股东谢达峰先生之配偶及
本集团创办人谢瑞麟先生之媳妇。
邱女士获香港特别行政区行政长官于2024年7月1日委任为
太平绅士，以表彰其卓越成就及对社会持续作出的贡献。
邱女士现任香港特别行政区选举委员会（批发及零售界别
分组）委员、香港零售管理协会主席，以及香港品牌发展局
理事会选任理事。彼亦参与香港特别行政区多项前瞻性发
展事务，获委任为旅游策略委员会成员及香港特别行政区
政府碳中和及可持续发展委员会委员。在推动培训及教育
方面，邱女士担任雇员再培训局零售业行业咨询网络召集
人，香港教育大学创业与产业协作咨询小组成员、以及珠
宝业行业培训咨询委员会成员。此外，其区域贡献包括获
委任为中国人民政治协商会议海南省委员会第八届常务委
员及琼港经济合作发展咨询委员会委员，推动两地事务。
YAU, ON YE ANIE
邱安仪
CHAIRMAN & CHIEF EXECUTIVE OFICER
主席及行政总裁
CHAIRMAN & CHIEF EXECUTIVE OFICER
主席及行政总裁
INSPIRATION
INDULGENCE
DIRECTORS AND SENIOR MANAGEMENT PROFILE (CONTINUED)
董事及高级管理人员简介（续）
独立非执行董事
陈裕光（「陈先生」），现年73岁，于2010年加入本集团，现
为本公司独立非执行董事、提名委员会主席、审核委员会
及薪酬委员会成员。
陈先生为大家乐集团有限公司（股份代号：341）之前任主
席及现任非执行董事，同时分别为稻香控股有限公司（股份
代号：573）之非执行董事以及互太纺织控股有限公司（股
份代号：1382）、星光集团有限公司（股份代号：403）、现
代牙科集团有限公司（股份代号：3600）及盈健医疗集团有
限公司（股份代号：1419）之独立非执行董事，该等公司之
股份均于联交所上市。陈先生曾于香港及加拿大政府机构
任职专业城市规划师。彼持有加拿大曼尼托巴大学社会及
政治学位以及城市规划硕士学位，更获颁授工商管理荣
誉博士学位及荣膺香港岭南大学之荣誉院士殊荣。陈先生
担任公职多年，获得广泛专业经验，并从事餐饮企业管理
及领导工作，迄今已逾40年。彼现为优质旅游服务协会顾
问及香港市务学会荣誉主席。
INDEPENDENT NON-EXECUTIVE DIRECTOR
Chan Yue Kwong, Michael (“Mr. Chan”), aged 73, is an Independent
Non-executive Director, the chairman of the Nomination Comite and a
member of each of the Audit Comite and the Remuneration Comite of
the Company, who joined the Group in 2010.
Mr. Chan was the former chairman and is curently a non-executive director
of Café de Coral Holdings Limited (Stock Code: 341), and is a non-executive
director of Tao Heung Holdings Limited (Stock Code: 573) and an independent
non-executive director of each of Pacific Textiles Holdings Limited (Stock
Code: 1382), Starlite Holdings Limited (Stock Code: 403), Modern Dental Group
Limited (Stock Code: 3600) and Human Health Holdings Limited (Stock Code:
1419), al companies whose shares are listed on the Stock Exchange. Mr. Chan
has worked as a profesional town planer with government bodies in Hong
Kong and Canada. He holds a double major degre in Sociology and Political
Science, a Master degre in City Planing from the University of Manitoba,
Canada, an Honorary Doctorate degre in Busines Administration, as wel as
being bestowed the Honorary Felow from Lingnan University. Mr. Chan has
many years of profesional experience in the public sector and over 40 years
of management experience in the fod and catering industry. He is the Adviser
of the Quality Tourism Services Asociation and the Honorary Chairman of the
Hong Kong Institute of Marketing.
DIRECTORS AND SENIOR MANAGEMENT PROFILE (CONTINUED)
董事及高级管理人员简介（续）
独立非执行董事
周治伟（「周先生」），现年58岁，于2013年加入本集团，现
为本公司独立非执行董事、审核委员会及薪酬委员会主席
以及提名委员会成员。
周先生为咨询和私募股权基金管理公司天希资本的创办合
伙人。彼持有澳洲证管会的投资及财务文凭、悉尼大学经
济学士学位及为香港会计师公会员。周先生在审计及
并购咨询方面拥有逾21年经验。在创立天希资本之前，彼
曾任职于两间国际四大会计师事务所，获派驻悉尼、香港
和北京等地，并为主管收购合并的合伙人。彼对金融和资
本市场有深入的认识，见解独到，而且经验丰富，曾为香
港及内地的跨国公司、国企和民营企业担任财务顾问，提
供有关直接投资和并购交易等方面的专业意见。
陈伟康（「陈先生」），现年57岁，于2023年加入本集团，
现为本公司独立非执行董事、审核委员会及薪酬委员会成
员。彼自2025年6月30日起获委任为本公司提名委员会成
员。
陈先生为Artelex Limited的董事，该公司提供优质艺术和
摄影印刷及贸易服务。彼拥有麦克马斯特大学的理学士学
位，主修电脑科学。彼由1999年9月至2001年11月在香港流
动通讯有限公司积累了丰富的电信营销经验。于2001年至
2007年期间，彼曾负责本集团的香港零售业务、品牌策略
及市场发展，并由2004年6月至2007年2月任职本公司执
行董事。随后，彼于2007年3月至2021年6月期间出任香
港赛马会的多个高级职位。陈先生作为一位具备跨行业专
业知识且多才多艺的领导者，在销售营运、品牌营销、持
份者参与及社交媒体治理方面拥有逾21年的多元化管理经
验。
INDEPENDENT NON-EXECUTIVE DIRECTOR
Chow Che Wai, Christopher (“Mr. Chow”), aged 58, is an Independent
Non-executive Director, the chairman of each of the Audit Comite and the
Remuneration Comite and a member of the Nomination Comite of the
Company, who joined the Group in 2013.
Mr. Chow is the Founding Partner of TC Capital, an advisory and private equity
fund management company. He holds a Diploma of Investment and Finance
from The Securities Institute of Australia, a Bachelor of Economics degre from
The University of Sydney and is an asociate member of the Hong Kong Institute
of Certified Public Acountants. Mr. Chow has over 21 years’ experience in
auditing and merger and acquisition advisory. Prior to founding TC Capital, he
worked for two of the “Big Four” international acounting firms in Sydney, Hong
Kong and Beijing and was the Partner in charge of the mergers and acquisitions
practice. He poseses in-depth understanding of financial and capital markets
and has built up substantial experience in advising multinational companies,
state owned enterprises and private companies in Hong Kong and the Mainland
on a number of direct investments, and mergers and acquisitions transactions.
Alex Chan (“Mr. Chan”), aged 57, is an Independent Non-executive Director and
a member of each of the Audit Comite and the Remuneration Comite of
the Company, who joined the Group in 2023. He was apointed as a member of
the Nomination Comite of the Company with efective from 30 June 2025.
Mr. Chan is a director of Artelex Limited which provides high-quality art and
photography printing and trading services. He holds a Bachelor of Science
degre in Computer Science from McMaster University. From September 1999 to
November 2001, he built extensive telecomunications marketing experience in
Hong Kong CSL Limited. From 2001 to 2007, he was responsible for Hong Kong
retail busines, branding strategies and development of the Group and served
as an Executive Director of the Company betwen June 2004 and February
2007. Subsequently, he held various senior positions at The Hong Kong Jockey
Club from March 2007 to June 2021. Mr. Chan, as a versatile leader with
cros-industry expertise, has over 21 years of diverse management experience in
sales operations, brand marketing, stakeholders engagement, and social media
governance.
ONE TEAM
ONE DIRECTION
DEPUTY CHIEF EXECUTIVE OFICER
副行政总裁
Tse Tat Fung, Tomy (“Mr. Tse”), aged 57, is the Group’s Deputy Chief
Executive Oficer. He is responsible for the Group’s sales and operations in al
markets plus the Group’s creative directions and suply chain management. He
joined the Group after returning from the USA in 1994. He was the Chairman
of the Group from 2000 to 2008 and was, during that time, responsible for the
Group’s overal strategy and busines development. During his absence, his life
had ben enriched through touching the hearts and souls of the inmates. He re-
joined the Group in September 2011. Mr. Tse graduated from Boston University
and holds a Bachelor of Science (Busines Administration) degre, Bachelor of
Science (Mathematics) degre, and Master of Arts (Mathematics) degre. He
is a director of Partner Logistics Limited and Blink Technology Limited which
have discloseable interests in the Company under provisions of the SFO. He is
the son of Mr. Tse Sui Luen, the Founder of the Group, the spouse of Ms. Yau On
Ye, Anie, JP, the Chairman and Chief Executive Oficer of the Group, and is the
controling shareholder of the Group.
谢达峰（「谢先生」），现年57岁，本集团之副行政总裁。彼
负责本集团整体销售及营运，以及创意指导和采购供应管
理。彼于1994年自美国回港后加入本集团，曾于2000年
至2008年间出任集团主席一职，在任期间主要负责本集团
的整体策略及业务发展。在离任期间，彼透过触动在囚人
士的心灵丰盛了人生。彼于2011年9月重返本集团。谢先生
毕业于美国波士顿大学，持有科学士（工商管理）学位、
科学士（数学）学位以及文学硕士（数学）学位。根据证券
及期货条例，Partner Logistics Limited及Blink Technology
Limited持有本公司须予披露之股份权益，而彼为该等公司
之董事。彼为本集团创办人谢瑞麟先生之儿子，亦为本集
团主席及行政总裁邱安仪女士（太平绅士）之配偶，并为本集
团之控股东。
TSE, TAT FUNG TOMY
谢达峰
ONE TEAM
ONE DIRECTION
AWARDS AND ACOLADES
奖项与认可
SERVICE AWARDS
The Hong Kong Retail Management Asociation
HKRMA Quality Service Programe
2024 Excelent Service Retailer of the Year – Flagship stores
2024 Quality Service Retailer of the Year – Watch & Jewelery Category Award
HKRMA Flagship Service Recognition
2024 Quality Service Retailer of the Year – Chain Stores Silver Award
2024 Service Talent Award
Outstanding Flagship Service Brand
Excelent Service Star
Quality Tourism Services Asociation
Outstanding QTS Merchant Service Staf Award
Supervisory Staf – Fashion & Lifestyle, Retail Sector (Bronze Award)
Frontline Staf – Fashion & Lifestyle, Retail Sector (Silver Award)
服务奖项
香港管理协会
香港零售管理协会优质服务计划
2024卓越服务零售商－旗舰店
2024最佳优质服务零售商－钟表及珠宝店组别
香港零售管理协会旗舰服务认证
2024最佳优质服务零售商－连锁店（银奖）
2024杰出服务奖
杰出旗舰服务品牌
优质服务之星
优质旅游服务协会
杰出优质商户员工服务奖
管理员工－零售组：时尚及生活品味（铜）
前线员工－零售组：时尚及生活品味（银）
THE TSL |
谢瑞麟
FOUNDATION
TSL |
谢瑞麟基金
TSL | 谢瑞麟基金（「谢瑞麟基金」）成立原意为保留传统珠
宝制造工艺技术，以推动珠宝行业的可持续发展。谢瑞麟
基金扩大其支持至培育不同的人才，为香港创意产业的发
展带来更多的灵感和启发。
音乐是人类文化的基本元素。谢瑞麟基金积极促进粤语流
行曲文化。此外，谢瑞麟基金一直致力于华人社会的天文
学，教育大众于专业和业余天文学两个领域上的最新发展。
保育粤语流行曲
粤语流行曲的巅峰时期是从1980年代到2000年代，许多杰
出作品都是在那个时期创作。随著时代的进步，粤语流行
曲的流行盛况并不如20世纪末，故此保留粤语流行曲在保
育香港文化方面起著至关重要的作用。随著资讯技术的进
步，保留粤语流行曲不再是一项困难的任务。过去，人们
通过电视或光碟接触粤语流行曲；但现在，人们可以随时
通过数位或串流平台播放歌曲。全球化加速了流行音乐的
传播。
The TSL | 谢瑞麟 Foundation (“TSLF”) was originaly established by the Group
to preserve the heritage of the traditional jewelery making techniques so as
to create sustainability of jewelery industry. TSLF later expands its suport
to cultivate variety of talents to bring more inspiration and muse to the
development of creative industries in Hong Kong.
Music is a fundamental element of every human culture. TSLF has ben actively
contributing to the “Cantopop” culture in Hong Kong. Besides, TSLF has
continued to focus on astronomy for the Chinese comunity in order to educate
the public about the latest developments in both the profesional and amateur
astronomy arenas.
CANTOPOP PRESERVATION
The high time of Cantopop was from the 1980s to the 2000s where many
masterpieces were being created. As time progreses, Cantopop was not as
flourishing as in the late 20th century. Cantopop preservation therefore plays
a vital role in the substantiality of the Hong Kong culture. With the advances
in information technology, the preservation of Cantopop is no longer a dificult
task. In the past, people reached Cantopop through television or optical discs;
but for now, people can simply play the songs anytime they want via digital or
streaming platforms. The spreading of pop music is being acelerated by the
cause of globalization.
THE TSL | 谢瑞麟 FOUNDATION (CONTINUED)
TSL | 谢瑞麟基金（续）
ASTRONOMY EDUCATION
Astronomy opens the dor to understand and admire the vast and fascinating
universe we live in. It encompases the study of celestial objects such as stars,
planets, comets, nebula, clusters and galaxies. Amateur astronomer can now
even cary out observation and analysis of celestial objects at their fingertips in
the dense populated city, thanks to the instruments and techniques nowadays
available to amateurs.
Stars and nebula in the sky, just like sparking diamonds and colourful gem, catch
the human eyes. Rare and precious metals can only be produced at the heart of
supernova, it is in the learning of astronomy, for ourselves to apreciate how the
world around us is formed through the evolution of galaxies and the universe.
TSLF ses the colourful and shiny stars and galaxies as priceles and aluring of
our jewelery and we are comited to education and the promotion of aplying
the latest technologies in astronomy, with a series of events conducted with
experts to the public.
天文学教育
天文学打开了欣赏我们所在广阔而又迷人的宇宙大门。它
包括对天体的研究如恒星、行星、彗星、星云、星团和星
系。现今业余天文学家更可以在人口稠密的城市中，利用
现代的仪器和技术，进行天体观测拍摄及分析。
天空中的恒星和星云，就像闪烁的钻石和五彩缤纷的宝
石，吸引目光。稀有和珍贵的金属只能在超新星中产生，
通过学习天文学，可以欣赏到我们所在的世界是如何通过
星系和宇宙的演化而形成。谢瑞麟基金将色彩斑斓和闪亮
的恒星和星系视为我们珠宝的无价和迷人之处，我们致力
于天文学教育，并推动应用尖锐技术于天文学研究，通过
与专家一起举办的一系列活动向公众推广。
Amateur astronomers made 34 portable equatorial mounts in the
workshop using harmonic drive technology.
天文爱好者在工作坊完成了34台便携谐波驱动赤道仪。
THE TSL | 谢瑞麟 FOUNDATION (CONTINUED)
TSL | 谢瑞麟基金（续）
TSLF jointly organized seminars and workshops with Hong Kong Astro Forum, to
vitalize the aplications of cuting edge technologies for amateur astronomy. A
workshop in lunar and planetary image procesing was conducted in April 2024,
using lucky imaging and deconvolution technologies to achieve high resolution
imaging taken by Earth base telescopes. Another workshop in September 2024
was sucesfuly completed, with over 34 amateur astronomers made their own
portable equatorial mount with harmonic drive, steper motor and relevant
electronics and aplications in one day, the first ever suces and record in
Hong Kong and in the region. A forum with profesional astronomer Dr. Yuri
Beletsky and leading astronomical equipment brands founders was also caried
out in March 2025, with them shared their philosophies and technologies aplied
in astronomy with amateurs.
谢瑞麟基金与香港天文论坛合办了多个研讨会及工作坊，
以促进尖端科技在天文学上的应用。2024年4月举办了一
个月球及行星影像处理工作坊，使用幸运成像和反卷积技
术来实现由地面望远镜可以像在外太空外拍摄到的高解析
度影像。2024年9月成功举办了另一个工作坊，超过34位
业余天文爱好者在一天内完成制作自己的便携式赤道仪，
配备谐波驱动、步进马达和相关的电子设备及应用软件，
为香港及区内的一项创举。2025年3月更举行了一个论
坛，邀请了专业天文学家尤里•贝莱茨基博士和世界著名的
天文设备品牌创办人，分享了他们在拍摄天体及天象中的
理念和应用技术。
Profesional astronomer Dr. Yuri Beletsky shared how he plans and
captures the beauty of night sky.
专业天文学家尤里•贝莱茨基博士分享他怎样计划及拍摄壮丽的夜空。
THE TSL | 谢瑞麟 FOUNDATION (CONTINUED)
TSL | 谢瑞麟基金（续）
TSLF also suported the translation of WinJUPOS aplication, the de facto
standard in solar system objects measurement and analysis, to Simplified
Chinese and Traditional Chinese, to facilitate more Chinese Astronomers to
contribute to the research of the Solar System.
谢瑞麟基金也支持把国际著名的太阳系天体标准测量及分
析软件WinJUPOS翻译成简体和繁体中文，促进更多华人
天文爱好者对太阳系的研究及贡献。
WinJUPOS Chinese version.
WinJUPOS 中文版。
THE TSL | 谢瑞麟 FOUNDATION (CONTINUED)
TSL | 谢瑞麟基金（续）
此外，谢瑞麟基金也支持科学研究，跟香港天文论坛合作
营运遥控天文台。天文学家在《天体物理学期刊》发表的一
篇的论文，利用了该遥控天文台所拍摄及记录了的影像和
数据，对在距离地球2千2百万光年外的一个星系内的一颗
超新星SN2024gi进行跟踪和分析，研究这颗超新星爆发
初期阶段的演化。
In adition, TSLF suports citizen science by operating remote observatories
with Hong Kong Astro Forum. A paper in The Astrophysical Journal is published,
utilized image and data captured by the remote observatory for tracking and
analysis of Supernova SN2024gi, the evolution in the early phase of this
Supernova explosion in another galaxy 22 milion light years away from the
Earth.
The Astrophysical Journal 2025 April, on the Discovery and Extensive Folow-up of Supernova SN2024gi.
《天体物理学期刊》2025年4月，关于超新星SN2024gi的发现及详细分析。
Series of images captured by automated remote observatory on the explosion and light intensity variation of Supernova SN2024gi.
利用自动化遥控天文台所拍摄到超新星SN2024gi的爆发及光度变化。
REPORT OF THE DIRECTORS
董事会报告
本公司董事（「董事」）欣然提呈其报告，连同本年度的经审
核综合财务报表。
主要业务
本公司的主要业务是投资控股。各主要附属公司的主要业
务及其他详情载于综合财务报表附注1。
业绩及股息
本集团于本年度的业绩以及本集团于2025年3月31日的财
务状况载于本年报第88至240页的综合财务报表内。
本年度内并无宣派中期股息，董事亦不建议派发本年度末
期股息（2023/24股息总额：无）。
董事会已采纳股息政策，政策的原则及守则如下：
(a) 本公司于建议或宣派股息时，应保持足够的现金储
备以应付其营运资金的需求及未来发展，以及本公
司股东（「股东」）的价值；
(b) 本公司没有任何预先设定的派息比率；
(c) 根据本公司之公司细则（「公司细则」）、所有适用法
律及法规以及下列因素，董事会可酌情向股东宣派
及分派股息；
The directors of the Company (the “Directors”) have pleasure in presenting their
report together with the audited consolidated financial statements for the Year.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding. The principal
activities and other particulars of the principal subsidiaries are set out in note 1
to the consolidated financial statements.
RESULTS AND DIVIDENDS
The results of the Group for the Year and the financial position of the Group as
at 31 March 2025 are set out in the consolidated financial statements on pages
88 to 240 of this anual report.
No interim dividend was declared during the Year, and the Directors do not
recomend the payment of final dividend for the Year (2023/24 total dividend:
Nil).
The Board has adopted a dividend policy with the principles and guidelines as
folows:
(a) In recomending or declaring dividends, the Company shal maintain
adequate cash reserves for meting its working capital requirements and
future growth as wel as the value of the shareholders of the Company
(the “Shareholders”);
(b) The Company does not have any pre-determined dividend payout ratio;
(c) The Board has the discretion to declare and distribute dividends to the
Shareholders, subject to the bye-laws of the Company (the “Bye-laws”)
and al aplicable laws and regulations as wel as the factors set out
below;
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
(d) 当董事会在考虑宣派及派付股息时，亦须考虑本集
团的以下因素：(i)财务表现、(i)现金流量状况、(i)
营商环境和策略、(iv)未来的营运情况和收益、(v)资
本要求和开支计划、(vi)市场基准、(vi)股东权益及
(vi)任何董事会认为有关的其他因素；
(e) 视乎本公司及本集团的财务状况及上述因素，董事
会可在财政年度或期间建议及╱或宣派以下股息：
(i)中期股息、(i)末期股息、(i)特别股息及(iv)任何
董事会认为适当的纯利或实缴盈余的分配；
(f) 董事会认为本公司的利润足以应付时，可不时向股
东派付任何中期股息。除上述者外，派付股息须经
股东批准；
(g) 本公司可以现金或以代息股份形式或董事会认为适
当的其他方式宣派及派付股息；及
(h) 任何无人认领的股息将被没收，并将根据公司细则
归还本公司。
(d) The Board shal also take into acount the folowing factors of the
Group when considering the declaration and payment of dividends: (i)
financial performance, (i) cash flow position, (i) busines conditions and
strategies, (iv) future operations and earnings, (v) capital requirements
and expenditure plans, (vi) market benchmark, (vi) the Shareholders’
interests and (vi) any other factors that the Board may consider relevant;
(e) Depending on the financial conditions of the Company and the Group and
the factors as set out above, the folowing dividends may be proposed
and/or declared by the Board for a financial year or period: (i) interim
dividend, (i) final dividend, (i) special dividend and (iv) any distribution
of net profits or contributed surplus where aplicable, that the Board may
dem apropriate;
(f) The Board may from time to time pay to the Shareholders any interim
dividends as apear to the Board to be justified by the Company’s
profits. Save as the foregoing, payment of dividends wil be subject to the
Shareholders’ aproval;
(g) The Company may declare and pay dividends by way of cash or scrip or
by other means that the Board considers apropriate; and
(h) Any unclaimed dividend shal be forfeited and shal revert to the Company
in acordance with the Bye-laws.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
业务审视
对本集团业务之概述及展望载述于本年报「致股东的函件」
一节以及「管理层讨论及分析」一节内。若干财务主要表现
指标可参阅「财务概要」一节。
本集团之财务风险管理目标及政策载于综合财务报表附注
38。
有关本集团与主要持份者之关系以及本集团环境政策及表
现之讨论载于本年报「企业管治报告」一节以及独立刊发的
环境、社会及管治报告内。环境、社会及管治报告将按联
交所证券上市规则（「上市规则」）的规定刊登于本公司网
站 ir.tslj.com 「投资者」中「环境、社会及管治报告」一节及
联交所网站。
BUSINES REVIEW
An overview and the outlok of the Group’s busines are provided in the
sections headed “Leter to Shareholders” and “Management Discusion and
Analysis” of this anual report. Certain financial key performance indicators can
be found in the section headed “Financial Highlights”.
The financial risk management objectives and policies of the Group are shown in
note 38 to the consolidated financial statements.
An acount of the Group’s relationship with its key stakeholders and discusions
on the Group’s environmental policies and performance are included in the
section headed “Corporate Governance Report” of this anual report, and in a
separate Environmental, Social and Governance (“ESG”) Report. The ESG Report
wil be published under the sub-section “ESG Reports” of “Investors” section
on the Company’s website at ir.tslj.com and the Stock Exchange’s website
in compliance with the stipulations under the Rules Governing the Listing of
Securities on the Stock Exchange (the “Listing Rules”).
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
暂停办理股份过户登记手续及记录日期
本公司将于2025年8月28日（星期四）至2025年9月2日（星
期二）（首尾两天包括在内）暂停办理股份过户登记手续，
以确定有权出席将于2025年9月2日（星期二）举行之本公
司股东周年大会（「2025年股东周年大会」）及于会上表决
的股东。上述暂停期间内将不会登记任何股份转让。为符
合出席2025年股东周年大会并于会上表决之资格，所有填
妥之股份过户文件连同有关股票，必须于2025年8月27日
（星期三）下午四时三十分（香港时间）之前送达本公司在
香港之股份过户登记分处香港中央证券登记有限公司，地
址为香港湾仔皇后大道东183号合和中心17楼1712至1716号
舖。于2025年9月2日（星期二）（即2025年股东周年大会的
记录日期），名列股东名册上的股东将有权出席2025年股
东周年大会并于会上投票。
股本
本公司于本年度内并无任何股本变动。
优先购股权
公司细则或百慕达法例并无优先购股权之条款，规定本公
司须向现有股东按持股比率发售新股。
CLOSURE OF REGISTER OF MEMBERS AND RECORD DATE
The register of members of the Company wil be closed from Thursday, 28
August 2025 to Tuesday, 2 September 2025 (both days inclusive), for the
purpose of ascertaining Shareholders’ entitlement to atend and vote at the
forthcoming anual general meting of the Company to be held on Tuesday, 2
September 2025 (the “2025 AGM”). During the above closure period, no transfer
of shares wil be registered. In order to be entitled to atend and vote at the
2025 AGM, al completed transfer documents acompanied by the relevant
share certificates must be lodged with the Company’s branch share registrar
in Hong Kong, Computershare Hong Kong Investor Services Limited of Shops
1712-1716, 17/F, Hopewel Centre, 183 Quen’s Road East, Wan Chai, Hong Kong
no later than 4:30 p.m. (Hong Kong Time) on Wednesday, 27 August 2025. The
Shareholders whose names apear on the Register of Members on Tuesday, 2
September 2025, the record date of the 2025 AGM, wil be entitled to atend
and vote at the 2025 AGM.
SHARE CAPITAL
There were no movements in the share capital of the Company during the Year.
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the Bye-laws or the laws
in Bermuda, which would oblige the Company to ofer new shares on a pro-rata
basis to existing Shareholders.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
股票挂钩协议
除披露于本董事会报告中「购股权计划」一节及综合财务报
表附注30内的本公司购股权计划外，本集团于本年度内或
本年度末，并无订立任何股票挂钩协议。
慈善捐款
本集团于本年度内并无作出慈善捐款（2023/24：无）。
物业、厂房及设备以及投资物业
本集团的物业、厂房及设备以及投资物业于本年度内之变
动详情载列于综合财务报表附注14及15。
本集团的主要物业详情载于本年报第243至244页。
可分派储备
于2025年3月31日，本公司根据百慕达1981年公司法条文
（经不时修订）（「百慕达公司法」）及公司细则计算之可分派
储备约为港币162,788,000元，即代表本公司的实缴盈余及
保留盈利。
EQUITY-LINKED AGREMENTS
Save for the share option scheme of the Company as disclosed in the section
headed “Share Option Scheme” of this report of the Directors and in note 30
to the consolidated financial statements, no equity-linked agrements were
entered into by the Group during the Year or subsisted at the end of the Year.
CHARITABLE DONATIONS
There were no charitable donations made by the Group during the Year
(2023/24: Nil).
PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT
PROPERTIES
Details of the movements in property, plant and equipment as wel as
investment properties of the Group during the Year are set out in notes 14 and
15 to the consolidated financial statements.
Particulars of the major properties of the Group are shown on pages 243 to 244
of this anual report.
DISTRIBUTABLE RESERVES
As at 31 March 2025, the Company’s reserves available for distribution,
calculated in acordance with the provisions of the Bermuda Companies Act
1981 (as amended from time to time) (the “Bermuda Companies Act”) and the
Bye-laws, amounted to aproximately HK$162,788,000, which represented the
contributed surplus and retained profits of the Company.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
于百慕达公司法及公司细则下，本公司的实缴盈余可予以
分派。然而，倘出现以下情况，本公司不得从实缴盈余提
取款项作宣派或派付股息之用，或分派实缴盈余：(i)不能
或在派付股息后将无力偿还其到期负债；或(i)其资产的可
变现价值将因而少于其负债。
以上详情载于综合财务报表附注39。
主要客户及供应商
本年度内本集团之五大客户合共占本集团营业额低于
30%，而本集团五大供应商及最大供应商分别占本集团总
采购额约64.1%及33.4%。
本集团五大供应商之一的Rosy Blue Hong Kong Limited为
Rosy Blue Overseas Holdings Limited（此乃本公司之直属
控股公司Partner Logistics Limited的优先股东）的同系附
属公司。
除上述者外，概无董事或其紧密联系人或任何股东（据董事
所知，持有本公司已发行股本5%以上）拥有该等主要客户
及供应商的任何权益。
Under the Bermuda Companies Act and the Bye-laws, the contributed surplus of
the Company is available for distribution. However, the Company canot declare
or pay a dividend, or make a distribution out of this contributed surplus if: (i) it
is, or would after the payment be, unable to pay its liabilities as they become
due; or (i) the realisable value of its asets would thereby become les than its
liabilities.
Details of the above are set out in note 39 to the consolidated financial
statements.
MAJOR CUSTOMERS AND SUPLIERS
The five largest customers in agregate acounted for les than 30% of the
Group’s turnover for the Year. The five largest supliers in agregate and the
largest suplier of the Group acounted for aproximately 64.1% and 33.4%
respectively by value of the Group’s total purchases.
Rosy Blue Hong Kong Limited, one of the Group’s five largest supliers, is
a felow subsidiary of Rosy Blue Overseas Holdings Limited, which is the
preference shareholder of Partner Logistics Limited (the Company’s imediate
holding company).
Except for the above, none of the Directors or any of their close asociates or
any of the Shareholders (which, to the knowledge of the Directors, own more
than 5% of the Company’s isued share capital) had any beneficial interest in the
major customers and supliers noted above.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
董事
本年度内及截至本报告日期止的董事如下：
执行董事
邱安仪女士（太平绅士）（主席及行政总裁）
伍绮琴女士*（副主席、首席策略暨财务官及公司秘书）
独立非执行董事
陈裕光先生
周治伟先生
陈伟康先生
附注：
* 于2024年5月27日辞任
按照公司细则及遵守上市规则附录C1所载之《企业管治守
则》（「企业管治守则」）的规定，陈裕光先生将于2025年股
东周年大会上告退。陈裕光先生符合资格并已表示愿意膺
选连任为独立非执行董事，任期为三年。其他所有董事则
于来年继续留任。
本公司已收到各独立非执行董事就其独立性作出的年度确
认，并于本报告日期认为彼等均为独立人士。有关本公司
就此作出的评估，请亦参阅本年报「企业管治报告」一节。
DIRECTORS
The Directors during the Year and up to the date of this report were:
Executive Directors
Ms. Yau On Ye, Anie, JP (Chairman & Chief Executive Oficer)
Ms. Ng Yi Kum, Estela* (Deputy Chairman, Chief Strategy Oficer &
Chief Financial Oficer and Company Secretary)
Independent Non-executive Directors
Mr. Chan Yue Kwong, Michael
Mr. Chow Che Wai, Christopher
Mr. Alex Chan
Remark:
* Resigned on 27 May 2024
In acordance with the provisions of the Bye-laws and to comply with the
Corporate Governance Code (“CG Code”) as set out in Apendix C1 to the Listing
Rules, Mr. Chan Yue Kwong, Michael shal retire from his ofice by rotation at the
2025 AGM, being eligible, wil ofer himself for re-election as an Independent
Non-executive Director respectively for a term of thre years. Al other Directors
continue in ofice for the ensuing year.
The Company has received anual confirmations of independence from each
of the Independent Non-executive Directors and as at the date of this report
stil considers them to be independent. Please also se the section headed
“Corporate Governance Report” of this anual report for asesment by the
Company in this regard.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
董事之服务合约
拟于2025年股东周年大会中膺选连任的董事，概无与本集
团订立本集团不可于一年内无须赔偿（法定赔偿除外）而终
止的服务合约。
董事酬金
董事袍金须经股东于股东大会上批准。其他酬金则由董事
会按董事的职责、责任及表现以及本集团的业绩而厘定。
于本年度内，董事酬金详情载于综合财务报表附注9。
薪酬政策
本集团雇员的薪酬政策由人力资源部制定，雇员薪酬按其
等的资历、经验及专业范畴而厘定。
本公司执行董事及高级管理人员的酬金由本公司薪酬委员
会根据本集团的经营业绩、个人专长、专业经验及可比较
的市场数据而厘定。
独立非执行董事的酬金乃由董事会根据本公司薪酬委员会
的建议并考虑可比较的公司数据、其所投入时间及职责而
厘定。
本集团董事及雇员的酬金包括一项购股权计划，详情于本
董事报告「购股权计划」一节中披露。
DIRECTORS’ SERVICE CONTRACTS
No Director proposed for re-election at the 2025 AGM has a service contract
with the Group which is not determinable by the Group within one year without
payment of compensation other than statutory compensation.
DIRECTORS’ REMUNERATION
The Directors’ fes are subject to the Shareholders’ aproval at general
metings. Other emoluments are determined by the Board with reference to the
Directors’ duties, responsibilities and performance and the results of the Group.
Details of the remuneration of the Directors for the Year are set out in note 9 to
the consolidated financial statements.
EMOLUMENT POLICY
The emolument policy of the employes of the Group is set up by the Human
Resources Department and the employes’ emoluments are determined on the
basis of their qualifications, experiences and areas of expertise.
The emoluments of the executive Directors and senior management of the
Company are determined by the Remuneration Comite of the Company
having regard to the Group’s operating results, individual expertise, profesional
experience and comparable market statistics.
The emoluments of the Independent Non-executive Directors, are decided by
the Board as recomended by the Remuneration Comite of the Company
having regard to comparable companies, time comitment and responsibilities.
The emoluments of the Directors and employes of the Group include a share
option scheme, details of which are disclosed in the section headed “Share
Option Scheme” of this report of the Directors.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
董事及主要行政人员于本公司之股份、相关股
份及债权证的权益及淡仓
截至2025年3月31日，董事及本公司主要行政人员及╱或
彼等各自之任何联系人于本公司或其任何相联法团（定义见
证券及期货条例第XV部）之股份、相关股份及债权证中拥
有根据证券及期货条例第XV部第7及8分部的规定须知会本
公司及联交所的权益及淡仓（包括于证券及期货条例的规定
下已接受或被视为已接受的权益及淡仓），或须根据证券及
期货条例第352条登记于由本公司存置之登记册，或须根
据上市规则附录C3所载之上市公司发行人董事进行证券交
易的标准守则（「标准守则」）知会本公司及联交所的权益及
淡仓如下：
于本公司的普通股之权益及好仓
- ,182,030
股普通股计算。
DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND
SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND
DEBENTURES OF THE COMPANY
As at 31 March 2025, the interests and short positions of the Directors and chief
executive and/or their respective asociates of the Company in the shares,
underlying shares and debentures of the Company or any of its asociated
corporations (within the meaning of Part XV of the SFO, which were required
to be notified to the Company and the Stock Exchange pursuant to Divisions 7
and 8 of Part XV of the SFO (including interests and short positions which they
were taken or demed to have under such provisions of the SFO), or which were
required to be entered in the register maintained by the Company pursuant to
section 352 of the SFO, or which were required to be notified to the Company
and the Stock Exchange pursuant to the Model Code for Securities Transactions
by Directors of Listed Isuers as set out in Apendix C3 to the Listing Rules (the
“Model Code”), were as folows:
Interests and long positions in ordinary shares of the Company
Ordinary shares of HK$0.25 each
每股面值港币0.25元的普通股
Name of Director
Personal
interest
Family
interest
Corporate
interest
Derivative
interest
(share options)
Other
interest
Aproximate
percentage of
total isued
share capital*
董事姓名个人权益家族权益公司权益
衍生工具权益
（购股权）其他权益
占已发行
股本总数
概约百分比*
Yau On Ye, Anie, JP
邱安仪（太平绅士）
130,553180,691,775
(Note 附注)
5,219
(Note 附注)
–72.57%
- ,182,030 ordinary shares of the
Company in isue as at 31 March 2025.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
附注：
本公司180,691,775股普通股乃由Partner Logistics Limited持
有，该公司由谢达峰先生（为执行董事邱安仪女士（太平绅士）
之配偶）全资实益拥有之Blink Technology Limited拥有及控
制。根据证券及期货条例，邱安仪女士（太平绅士）被视为持有由
Partner Logistics Limited于本公司持有之所有股份之权益。
本公司5,219股普通股乃由谢达峰先生持有。根据证券及期货条
例，邱安仪女士（太平绅士）被视为持有由谢达峰先生于本公司持
有之所有股份之权益。
除上文所披露者外，截至2025年3月31日，概无董事、本
公司主要行政人员及彼等各自之联系人于本公司或其相联
法团（定义见证券及期货条例第XV部）之股份、相关股份及
债权证中拥有根据证券及期货条例第XV部第7及8分部的规
定须知会本公司及联交所的权益及淡仓（包括于证券及期货
条例的规定下已接受或被视为已接受的权益及淡仓），或须
根据证券及期货条例第352条登记于由本公司存置之登记
册，或须根据标准守则知会本公司及联交所的权益及淡仓。
Note:
180,691,775 ordinary shares of the Company are held by Partner Logistics Limited,
a company which is owned and controled by Blink Technology Limited. Blink
Technology Limited is wholy and beneficialy owned by Mr. Tse Tat Fung, Tomy,
the spouse of Ms. Yau On Ye, Anie, JP, an executive Director. By virtue of the SFO,
Ms. Yau On Ye, Anie, JP is demed to be interested in al the shares of the Company
held by Partner Logistics Limited.
5,219 ordinary shares of the Company are held by Mr. Tse Tat Fung, Tomy. By virtue
of the SFO, Ms. Yau On Ye, Anie, JP is demed to be interested in al the shares of
the Company held by Mr. Tse Tat Fung, Tomy.
Save as disclosed above, as at 31 March 2025, none of the Directors, chief
executive and their respective asociates of the Company had any other
interests or short positions in the shares, underlying shares and debentures of
the Company or its asociated corporations (within the meaning of Part XV of
the SFO) which required notification to the Company and the Stock Exchange
pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and
short positions which they were taken or demed to have taken under such
provisions of the SFO), or which were required pursuant to section 352 of the
SFO to be entered in the register maintained by the Company, or which were
required pursuant to the Model Code to be notified to the Company and the
Stock Exchange.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
主要股东及其他人士于本公司股份及相关股份
的权益与淡仓
截至2025年3月31日，任何主要股东或其他人士（并非董事
或本公司主要行政人员）在本公司股份及╱或相关股份中
拥有已根据证券及期货条例第XV部第2及3分部的规定向本
公司作出披露，及已根据证券及期货条例第336条须记入
本公司备存的登记册内的权益（均为好仓）如下：
- ,182,030
股普通股计算。
SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’
INTERESTS AND SHORT POSITIONS IN SHARES AND
UNDERLYING SHARES OF THE COMPANY
As at 31 March 2025, the interests, al being long positions, of any substantial
Shareholders or other persons (not being Directors or chief executive of the
Company) in the shares and/or underlying shares of the Company which have
ben disclosed to the Company pursuant to the provisions of Divisions 2 and
3 of Part XV of the SFO and have ben recorded in the register required to be
kept by the Company pursuant to section 336 of the SFO were as folows:
Ordinary shares of HK$0.25 each
每股面值港币0.25元的普通股
NameCapacity
Number of
ordinary shares
Aproximate
percentage of
total isued
share capital*
名称身份普通股份数目
占已发行股本
总数概约百分比*
(i)Partner Logistics Limited (Note 1 附注1)Beneficial owner180,691,77572.51%
实益拥有人
(i)Blink Technology Limited (Note 1 附注1)Interest of controled corporation180,691,77572.51%
受控制公司权益
(i)Tse Tat Fung, Tomy (Note 1 附注1)Interest of controled corporation180,691,77572.57%
谢达峰受控制公司权益
Interest of spouse130,553
配偶拥有权益
Beneficial owner5,219
实益拥有人
(iv)Rosy Blue Overseas Holdings Limited (Note 2 附注2)Interest of controled corporation180,691,77572.51%
受控制公司权益
(v)Rosy Blue Jewelery (HK) Limited (Note 2 附注2)Interest of controled corporation180,691,77572.51%
受控制公司权益
(vi)Prime Investments S.A. (Note 2 附注2)Interest of controled corporation180,691,77572.51%
受控制公司权益
(vi)Elmas Hong Kong Limited (Note 2 附注2)Truste180,691,77572.51%
信托人
- ,182,030 ordinary shares of the
Company in isue as at 31 March 2025.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
附注：
- ,691,775股普通股乃由Partner Logistics
Limited持有，该公司由谢达峰先生（为执行董事邱安仪
女士（太平绅士）之配偶）全资实益拥有之Blink Technology
Limited拥有及控制。根据证券及期货条例，Blink
Technology Limited、邱安仪女士（太平绅士）（彼被视为持
有股份之权益之详情载于「董事及主要行政人员于本公
司之股份、相关股份及债权证的权益及淡仓」一节）及谢
达峰先生被视为持有由Partner Logistics Limited于本公
司持有之所有股份之权益。
本公司130,553股普通股乃由邱安仪女士（太平绅士）持
有。根据证券及期货条例，谢达峰先生被视为持有由邱
安仪女士（太平绅士）于本公司持有之所有股份之权益。
本公司5,219股普通股由谢达峰先生持有。
2. 此等本公司普通股为上述附注1所提及的由Partner
Logistics Limited持有之相同股份，该公司由Blink
Technology Limited拥有及控制。Rosy Blue Overseas
Holdings Limited为Partner Logistics Limited的优
先股东，Prime Investments S.A.透过其全资拥有
的Rosy Blue Jewelery (HK) Limited全资拥有Rosy
Blue Overseas Holdings Limited。而Elmas Hong
Kong Limited为一项酌情信托之信托人，持有Prime
Investments S.A.的所有权益。根据证券及期货条例，
Rosy Blue Overseas Holdings Limited、Rosy Blue
Jewelery (HK) Limited、Prime Investments S.A.及
Elmas Hong Kong Limited均被视为持有由Partner
Logistics Limited于本公司持有之所有股份之权益。
除上文所披露者外，截至2025年3月31日，本公司并无获
任何人士通知，拥有须根据证券及期货条例第336条须记
入本公司备存的登记册内之本公司股份及╱或相关股份的
权益或淡仓。
Notes:
- ,691,775 ordinary shares of the Company are held by Partner Logistics
Limited, a company which is owned and controled by Blink Technology
Limited. Blink Technology Limited is wholy and beneficialy owned by Mr.
Tse Tat Fung, Tomy, the spouse of Ms. Yau On Ye, Anie, JP, an executive
Director. By virtue of the SFO, Blink Technology Limited, Ms. Yau On Ye,
Anie, JP (her demed interest is disclosed under the section headed “Directors’
and Chief Executive’s Interests and Short Positions in Shares, Underlying
Shares and Debentures of the Company”) and Mr. Tse Tat Fung, Tomy are
demed to be interested in al the shares of the Company held by Partner
Logistics Limited.
130,553 ordinary shares of the Company are held by Ms. Yau On Ye, Anie, JP.
By virtue of the SFO, Mr. Tse Tat Fung, Tomy is demed to be interested in
al the shares of the Company held by Ms. Yau On Ye, Anie, JP.
5,219 ordinary shares of the Company are held by Mr. Tse Tat Fung, Tomy.
2. These ordinary shares of the Company, relating to the same block of shares
mentioned in note 1 above, are held by Partner Logistics Limited, a company
which is owned and controled by Blink Technology Limited. Rosy Blue
Overseas Holdings Limited is the preference shareholder of Partner Logistics
Limited. Rosy Blue Overseas Holdings Limited is wholy owned by Rosy Blue
Jewelery (HK) Limited, which in turn is wholy owned by Prime Investments
S.A. Elmas Hong Kong Limited is the truste of a discretionary trust, which
holds al interests of Prime Investments S.A. By virtue of the SFO, each of
Rosy Blue Overseas Holdings Limited, Rosy Blue Jewelery (HK) Limited, Prime
Investments S.A. and Elmas Hong Kong Limited, is demed to be interested in
al the shares of the Company held by Partner Logistics Limited.
Save as disclosed above, as at 31 March 2025, the Company had not ben
notified of any persons who had interests or short positions in the shares and/
or underlying shares of the Company, which were required to be recorded in
the register required to be kept by the Company pursuant to section 336 of the
SFO.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
根据上市规则第13.51B(1)条的董事资料变动
根据上市规则第13.51B(1)条，自上一份刊发的中期报告起
之董事资料变动如下：
－ 执行董事邱安仪女士（太平绅士）自2025年5月1日起获
委任为香港教育大学创业与产业咨询小组成员，及
自2024年7月1日起获香港特区政府委任为太平绅士。
本年度内董事及主要行政人员酬金的变动载于综合财务报
表附注9。
购股权计划
本公司于2016年7月21日举行的股东周年大会通过采纳购股
权计划（「2016年购股权计划」）。2016年购股权计划的主要
条款总结如下：
- ：
2016年购股权计划的目的是为了奖励或奖赏计划项
下的参与者对本集团的贡献，及╱或为本集团得以
招揽及挽留优秀雇员，以及为本集团及任何本集团
持有股权的实体（「被投资实体」）吸纳宝贵人才。
CHANGES OF DIRECTORS’ INFORMATION PURSUANT TO
RULE 13.51B(1) OF THE LISTING RULES
Pursuant to Rule 13.51B(1) of the Listing Rules, the changes in information of the
Directors since the last published interim report are as folows:
– Ms. Yau On Ye, Anie, JP, an executive Director, has ben apointed
as a member of Advisory Group on Entrepreneurship and Industry
Engagement of The Education University of Hong Kong with efect from
1 May 2025, and a Justice of the Peace by the HKSAR Government with
efect from 1 July 2024.
Changes in Directors’ and Chief Executive’s emoluments during the Year are set
out in note 9 to the consolidated financial statements.
SHARE OPTION SCHEME
The Company has adopted a share option scheme at its anual general meting
held on 21 July 2016 (the “2016 Share Option Scheme”). The folowing is a
sumary of the principal terms of the 2016 Share Option Scheme:
1. Purpose:
The purpose of the 2016 Share Option Scheme is to provide incentives
or rewards to participants thereunder for their contribution to the Group
and/or to enable the Group to recruit and retain high-calibre employes
and atract human resources that are valuable to the Group and any entity
in which the Group holds any equity interest (“Invested Entity”).
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
- ：
(a) 本公司、其附属公司或任何被投资实体之雇员
（不论全职或兼职雇员，且包括任何董事或执
行董事，但不包括任何非执行董事）；
(b) 本公司、其任何附属公司或任何被投资实体之
任何非执行董事（包括独立非执行董事）；
(c) 任何向本集团任何成员公司或任何被投资实体
提供货品或服务之供应商；
(d) 本集团或任何被投资实体之任何客户；
(e) 任何向本集团或任何被投资实体提供研究、开
发或技术支援或其他服务之人士或实体；
(f) 本集团任何成员公司或任何被投资实体之任何
股东或本集团任何成员公司或任何被投资实体
之任何已发行证券之任何持有人；
(g) 本集团任何成员公司或任何被投资实体之任何
业务或业务发展范畴之任何顾问（专业或其他
方面）或专家顾问；及
(h) 透过合营企业、业务联盟或其他业务及╱或
财务安排而对或可能对本集团发展及成长作出
贡献之任何其他组别或类别参与者。
2. Participants:
(a) any employe(s) (whether ful time or part time employe(s),
including any director or executive director but not any
non-executive director) of the Company, its subsidiaries or any
Invested Entity;
(b) any non-executive director (including Independent Non-executive
Directors) of the Company, any of its subsidiaries or any Invested
Entity;
(c) any suplier of gods or services to any member of the Group or
any Invested Entity;
(d) any customer of the Group or any Invested Entity;
(e) any person or entity that provides research, development or
technological suport or other services to the Group or any
Invested Entity;
(f) any shareholder of any member of the Group or any Invested Entity
or any holder of any securities isued by any member of the Group
or any Invested Entity;
(g) any adviser (profesional or otherwise) or consultant to any area of
busines or busines development of any member of the Group or
any Invested Entity; and
(h) any other group or clases of participants who have contributed or
may contribute by way of joint venture, busines aliance or other
busines and/or financial arangement to the development and
growth of the Group.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
3. 可予发行的股份总数以及其于本年报日期
占已发行股份的百分比：
根据2016年购股权计划的条款，于2016年购股权计
划项下及本公司任何其他购股权计划项下所授出之
所有购股权获行使时，可予发行之普通股份总数
不得超过2016年7月21日（「采纳日期」）之已发行股
份之10%，即不超于21,033,622股份（占于本年报日
期已发行股份约8.44%），此乃基于本公司于采纳日
期的已发行股本总数为210,336,221。根据2016购股
权计划的条款或本公司任何其他购股权计划，已失
效之购股权不予计算在该10%内。惟于2016年购股权
计划下及本公司任何其他购股权计划下授出而尚未
行使之所有尚未行使购股权获行使时可发行之最高
普通股份数目，合共不得超过本公司不时已发行
股份总数之30%。
- ：
于任何12个月期间内每名参与者获授予之购股权（包
括已行使及尚未行使之购股权）予以行使时，已发行
及将予发行之股份总数不得超过本公司当时已发行
股份总数之1%。而向主要股东或独立非执行董事或
彼等各自之任何联系人授出的任何购股权，不可导
致于任何12个月期间内行使已授出及将予授出的所
有购股权（包括已行使、已注销及尚未行使的购股
权）时向该人士发行及将予发行的本公司股份超过本
公司已发行股份总数之0.1%及总值（按授出当日本公
司股份的收市价）超过港币5,000,000元。
任何进一步授出须待股东于股东大会上批准后方可
作实，且承授人、其联系人及本公司的核心关连人
士须放弃投赞成票。
3. Total number of shares available for isue and the
percentage of isued shares as at the date of this anual
report:
Pursuant to the terms of the 2016 Share Option Scheme, the total number
of ordinary shares which may be isued upon exercise of al options to
be granted under the 2016 Share Option Scheme and any other share
option schemes of the Company must not in agregate exced 10% of
the total number of shares in isue on 21 July 2016 (the “Adoption Date”)
(i.e. not exceding 21,033,622 shares (representing aproximately 8.44%
of the isued shares as at the date of this anual report) on the basis that
the total isued share capital of the Company as at the Adoption Date
is 210,336,221 shares). Options lapsed in acordance with the terms of
the 2016 Share Option Scheme or any other share option schemes of the
Company wil not be counted for the purpose of calculating the 10% limit.
However, the maximum number of ordinary shares which may be isued
upon exercise of al outstanding options granted and yet to be exercised
under the 2016 Share Option Scheme and any other share option schemes
of the Company must not exced 30% of the total number of shares in
isue from time to time.
4. Maximum entitlement of each participant:
The total number of shares isued and to be isued upon exercise of
the options granted to each participant (including both exercised and
outstanding options) in any 12-month period must not exced 1% of the
total number of shares in isue of the Company. For any grant of options
to a substantial Shareholder or an Independent Non-executive Director,
or any of their respective asociates, the Company’s shares isued and to
be isued upon exercise of al options already granted and to be granted
(including options exercised, canceled and outstanding) to such person
within any 12-month period shal not exced 0.1% of the isued shares of
the Company in agregate and with an agregate value (based on the
closing price of the Company’s shares at the date of grant) in exces of
HK$5 milion.
Any further grant is subject to the Shareholders’ aproval in general
meting with the grante, his/her/its asociates and core conected
persons of the Company abstaining from voting in favour.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
- ：
由授出购股权之日开始直至董事会于购股权授出时
决定的期限为止，但无论如何自授出之日起计算不
可多于10年。
- ：
董事会可酌情决定持有购股权之最短期限或为了可
行使认购权前之其他限制。
- ，及有关
款项须缴付之期限：
承授人接纳购股权时应付代价港币1元予本公司。承
授人可选择接纳少于要约所授予之股份数目，但该
股份数目应符合联交所可予交易本公司股份之买卖
单位或其整数倍。承授人可于要约日期起计28日内
接纳要约，惟当2016年购股权计划失效或2016年购
股权计划被终止后，承授人不可再接纳要约。
- ：
董事会可厘定购股权的行使价，而购股权的行使价
须至少为三者中的最高值(i)本公司股份于要约授予
日期在联交所录得的收市价，而该日须为交易日；
(i)本公司股份于要约授予日期前五个交易日在联交
所录得的平均收市价；及(i)本公司股份的票面值。
5. Period within which the option may be exercised by the
grante:
The period would be comencing from the date of grant of an option and
ending on such date as the Board may determine in granting the option
but in any event not exceding 10 years from the date of grant.
6. Vesting period of options granted:
The Board may at its discretion determine the minimum period for which
the option has to be held or other restrictions before the exercise of the
subscription right ataching thereto.
7. Amount payable on aplication or aceptance of the option
and the period within which payments must be made:
Upon aceptance of the option, the grante shal pay HK$1 to the
Company by way of consideration for the grant. Any ofer may be
acepted in respect of les than the number of shares for which it is
ofered provided that it is acepted in a board lot for dealing in the
Company’s shares on the Stock Exchange or an integral multiple thereof.
An ofer is open for aceptance within 28 days from the date of ofer
provided that no ofer shal be open for aceptance after the expiry of the
2016 Share Option Scheme or after the 2016 Share Option Scheme has
ben terminated.
8. Basis of determining the exercise price of options granted:
The exercise price of the option shal be determined by the Board and
such price must be at least the higher of (i) the closing price of the shares
of the Company as stated in the Stock Exchange’s daily quotations shet
on the ofer date, which must be a trading day; (i) the average closing
price of the shares of the Company as stated in the Stock Exchange’s
daily quotations shet for the five trading days imediately preceding the
ofer date; and (i) the nominal value of a share of the Company.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
- ：
2016年购股权计划有效期为10年，并将于2026年7
月21日届满。
于本年度开始日及结束日，可根据2016年购股权计划授出
的购股权数目为21,033,622，占于本年报日期本公司已发行
股份总数约8.44%。截至本报告日期止，自2016年购股权
计划获采纳以来，概无授出购股权。于本年度内，概无与
2016年购股权计划相关的任何重大事项，须提呈本公司薪
酬委员会审阅或批准。
董事认购股份及债权证之权利
除本公司于「购股权计划」一节及综合财务报表附注30中披
露本公司所运作的购股权计划外，本公司于本年度末或本
年度内任何时间，概无任何安排以本公司或其控股公司或
附属公司为其中一方，该安排的目的或其中一个目的是令
董事能藉获得本公司或任何其他法人团体的股份或债权证
而获取利益。
已发行债权证
本公司于本年度内并无任何已发行债权证。
9. Remaining life:
The 2016 Share Option Scheme is valid and efective for a period of 10
years, which wil expire on 21 July 2026.
As at the begining and the end of the Year, the number of options available
for grant under the 2016 Share Option Scheme is 21,033,622, representing
aproximately 8.44% of the total number of isued shares of the Company as
at the date of this anual report. As at the date of this report, no share option
has ben granted under the 2016 Share Option Scheme since it was adopted.
During the Year, no material mater relating to the 2016 Share Option Scheme
was brought to isue requiring the review or aproval of the Remuneration
Comite of the Company.
DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES
Apart from the share option scheme operated by the Company as disclosed in
the section headed “Share Option Scheme” and in note 30 to the consolidated
financial statements, neither at the end of nor at any time during the Year did
there subsist any arangement to which the Company, its holding company
or subsidiaries, was a party, and the objects of or one of the objects of such
arangement were/was to enable the Directors to acquire benefits by means of
the acquisition of shares in, or debentures of, the Company or any other body
corporate.
DEBENTURES IN ISUE
The Company did not have any debentures in isue during the Year.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
董事于合约的权益及关连交易
自2011年9月1日起，(i)主要股东及执行董事邱安仪女士（太
平绅士）之配偶谢达峰先生被本公司一间附属公司聘任为首
席货品供应总监（期后于2016年11月1日调任为副行政总裁）
（「谢达峰之聘任」）；及(i)谢达峰先生之父亲及邱安仪女士
（太平绅士）之家翁谢瑞麟先生被本公司一间附属公司聘任为
创办人（「谢瑞麟之聘任」）。谢达峰之聘任及谢瑞麟之聘任
曾于2012年6月22日作修订，详情于2012年6月22日公告中
披露。根据上市规则第14A章内之定义，谢达峰之聘任及谢
瑞麟之聘任均构成持续关连交易。
于本年度内，根据上市规则第14A.76(1)条，谢瑞麟之聘任
的金额符合最低豁免水平，因此谢瑞麟之聘任可获全面豁
免遵守上市规则的股东批准、年度审阅及所有披露规定。
鉴于本集团持续发展，本集团高级管理人员之角色和职能
自2016年已作相应调任。谢达峰先生的职务范畴由采购供
应及批发以外，扩展至领导内地零售、旅游销售、销售网
络拓展，以及本集团之品牌建立和创意指导。于2016年
10月31日，本公司透过一间附属公司与谢达峰先生订立雇
佣协议（「2016谢达峰雇佣协议」），取代其之前的雇佣协
议。鉴于本集团更改财政年度结算日，由2018年3月1日
起至2020年3月31日止为期二十五个月的续期雇佣协议已
于2018年3月29日签订（「2018谢达峰雇佣协议」）。详情于
2016年11月1日及2018年3月29日的公告中披露。
DIRECTORS’ INTEREST IN CONTRACTS AND CONECTED
TRANSACTIONS
With efect from 1 September 2011, (i) Mr. Tse Tat Fung, Tomy (“Mr. Tomy
Tse”), the substantial Shareholder and the spouse of Ms. Yau On Ye, Anie, JP,
the executive Director, has ben employed by a subsidiary of the Company as
the Chief Merchandising Oficer (subsequently, re-designated as the Deputy
Chief Executive Oficer with efect from 1 November 2016) (“Tomy Tse
Employment”); and (i) Mr. Tse Sui Luen, the father of Mr. Tomy Tse and
father-in-law of Ms. Yau On Ye, Anie, JP, has ben employed by a subsidiary
of the Company as the Founder (“Tse Senior Employment”). Both Tomy Tse
Employment and Tse Senior Employment have ben revised on 22 June 2012,
further details are disclosed in the anouncement dated 22 June 2012. Both
Tomy Tse Employment and Tse Senior Employment constitute continuing
conected transactions as defined in Chapter 14A of the Listing Rules.
During the Year, the amounts in respect of Tse Senior Employment is below de
minimis threshold for the purposes of Rule 14A.76(1) of the Listing Rules, Tse
Senior Employment is fuly exempt from Shareholders’ aproval, anual review
and al disclosure requirements under the Listing Rules.
The roles and functions of the senior management of the Group have changed
due to the continued development of the Group in 2016. Mr. Tomy Tse
has taken up the role in suply chain and wholesale busines, as wel as the
leadership of the Mainland retail, travel trade, alternate chanels and the Group’s
branding and creative directions. On 31 October 2016, the Company through
its subsidiary entered into an employment agrement with Mr. Tomy Tse
(“2016 Tomy Tse Employment Agrement”), which superseded his previous
employment agrement. On 29 March 2018, a renewed employment agrement
was entered into for a further term of 25 months comencing on 1 March 2018
and expiring on 31 March 2020 (“2018 Tomy Tse Employment Agrement”) in
light of the change of the Group’s financial year-end date. Further details are
disclosed in the anouncements dated 1 November 2016 and 29 March 2018.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
根据上市规则第14A.76(2)条，由于所有适用于谢达峰先生
的每年薪酬总额之百分比率皆低于5%，2016谢达峰雇佣协
议、2018谢达峰雇佣协议及年度上限均受于年报披露、公
告以及独立非执行董事及核数师年度审核之规定，但可获
豁免遵守通函及独立股东批准的要求。
由2020年4月1日起至2022年3月31日止为期两年的续期
雇佣协议已于2020年3月26日签订（「2020谢达峰雇佣协
议」）。随后再于2022年3月28日签订了由2022年4月1日起
至2025年3月31日止为期三年的续期雇佣协议（「2022谢达
峰雇佣协议」），惟可由任何一订约方给予对方三个月之书
面通知终止。根据2020谢达峰雇佣协议及2022谢达峰雇佣
协议，每个财政年度支付予谢达峰先生的总金额（包括基本
薪金及酌情花红）不会超逾根据上市规则第14A.76(1)条港
币3,000,000元之最低豁免水平；任何超出金额会于本公
司重新遵守上市规则第14A章的有关规定后支付予谢达峰先
生。
鉴于2021/22谢达峰先生对本集团作出的宝贵贡献，本集团
业务及市场状况有所改善，董事会已批准修订根据2020谢
达峰雇佣协议，就2021/22支付予谢达峰先生的总金额之年
度上限为港币3,200,000元。详情于日期为2022年6月21日
的公告中披露。
根据上市规则第14A.76(2)条，所有适用于2021/22支付予
谢达峰先生的总金额之百分比率皆低于5%。就2021/22，
2020谢达峰雇佣协议及经修订年度上限均受于年报披露、
公告以及独立非执行董事及核数师年度审核之规定，但可
获豁免遵守通函及独立股东批准的要求。
Pursuant to Rule 14A.76(2) of the Listing Rules, 2016 Tomy Tse Employment
Agrement and 2018 Tomy Tse Employment Agrement and the anual caps
were only subject to the disclosure in anual report, anouncement and anual
review by Independent Non-executive Directors and auditor requirements,
but were exempt from the circular and independent Shareholders’ aproval
requirements as al of the relevant percentage ratios for the agregate anual
package of Mr. Tomy Tse was les than 5%.
On 26 March 2020, a renewed employment agrement was entered into for a
further term of 2 years comencing on 1 April 2020 and expiring on 31 March
2022 (“2020 Tomy Tse Employment Agrement”). Subsequently, on 28 March
2022, a renewed employment agrement was entered into for a further term
of 3 years comencing on 1 April 2022 and expiring on 31 March 2025 (“2022
Tomy Tse Employment Agrement”), which is terminable on thre months’
notice in writing by either party. Acording to 2020 Tomy Tse Employment
Agrement and 2022 Tomy Tse Employment Agrement, the total amount
(including basic salary and discretionary bonus) payable to Mr. Tomy Tse for
any financial year shal not exced the de minimis threshold of HK$3,000,000
under Rule 14A.76(1) of the Listing Rules; any exces amount shal be payable
to Mr. Tomy Tse upon the Company having re-complied with the relevant
requirements under Chapter 14A of the Listing Rules.
In view of Mr. Tomy Tse’s valuable contribution to the Group, the
improvements of the Group’s performance and the market condition during
2021/22, the Board has aproved to revise the anual cap of the total amount
payable to Mr. Tomy Tse under 2020 Tomy Tse Employment Agrement for
2021/22 to HK$3,200,000. Further details are disclosed in the anouncement
dated 21 June 2022.
Pursuant to Rule 14A.76(2) of the Listing Rules, al of the relevant percentage
ratios for the total amount payable to Mr. Tomy Tse for 2021/22 was les
than 5%. As regards 2021/22, 2020 Tomy Tse Employment Agrement and
the revised anual cap were only subject to the disclosure in anual report,
anouncement and anual review by Independent Non-executive Directors
and auditor requirements, but were exempt from the circular and independent
Shareholders’ aproval requirements.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
根据2022谢达峰雇佣协议，于本年度支付予谢达峰先生的
总金额符合上市规则第14A.76(1)条最低豁免水平，因此谢
达峰之聘任可获全面豁免遵守上市规则的股东批准、年度
审阅及所有披露规定。于本年度内，本公司已根据上市规
则第14A章遵守有关披露规定。
谢达峰先生已于2025年3月28日与本公司续签雇佣合约，
新合约为期三年，自2025年4月1日起生效，至2028年3月
31日届满（「2025年谢达峰雇佣合约」）。根据2025谢达峰雇
佣协议，于2025/26年度内将支付予谢达峰先生的总金额
将低于上市规则第14A.76(1)条的最低豁免水平，因此2025
谢达峰雇佣协议可获全面豁免遵守上市规则的股东批准、
年度审阅及所有披露规定。
除上述及综合财务报表附注35披露外，于本年度末或本年
度内任何时间及截至本报告日期，概无订立关连交易、安
排或重大合同以本公司、其控股公司或附属公司为其中一
方，且董事或与董事有关连的实体于其中有直接或间接的
重大利益，或于竞争业务有任何直接或间接利益，或由本
公司或其附属公司与控股东或其附属公司之间订立的重
大合同。
关联方交易
若干本集团于本年度内订立的重大关联方交易并不构成上
市规则下之关连交易或持续关连交易，详情载于综合财务
报表附注35。
管理合约
本公司于本年度末或本年度内任何时间，概无订立或存在
与本公司整体或任何重大部分之业务有关的管理及行政合
约。
The total amount paid to Mr. Tomy Tse under 2022 Tomy Tse Employment
Agrement for the Year is below de minimis threshold for the purposes of Rule
14A.76(1) of the Listing Rules, Tomy Tse Employment is fuly exempt from
Shareholders’ aproval, anual review and al disclosure requirements under
the Listing Rules. During the Year, the Company has complied with the relevant
disclosure requirements under Chapter 14A of the Listing Rules.
Mr. Tomy Tse has renewed his employment agrement with the Company
on 28 March 2025 for a further team of 3 years comencing on 1 April
2025 and expiring on 31 March 2028 (the “2025 Tomy Tse Employment
Agrement”). The amount to be paid to Mr. Tomy Tse for 2025/26 under the
2025 Tomy Tse Employment Agrement wil below the de minimis threshold
for the purposes of Rule 14A.76(1) of the Listing Rules, the 2025 Tomy Tse
Employment Agrement is fuly exempt from Shareholders’ aproval, anual
review and al disclosure requirements under the Listing Rules.
Save as disclosed above and disclosed in note 35 to the consolidated financial
statements, there was no conected transaction, arangement or contract of
significance to which the Company, its holding company or subsidiaries was
a party, and in which a Director or an entity conected with a Director, either
directly or indirectly, had a material interest, nor any interest in competing
busines, whether directly or indirectly, nor contract of significance betwen
the Company or its subsidiaries and a controling Shareholder or its subsidiaries,
subsisted at the end of the Year or at any time during the Year and up to the
date of this report.
RELATED PARTY TRANSACTIONS
Certain significant related party transactions entered into by the Group
during the Year, which do not constitute conected transactions or continuing
conected transactions under the Listing Rules, are disclosed in note 35 to the
consolidated financial statements.
MANAGEMENT CONTRACTS
No contracts concerning the management and administration of the whole
or any substantial part of the busines of the Company were entered into or
existed as at the end of the Year or at any time during the Year.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
获准许弥偿
根据公司细则，每位董事或本公司其他高级人员就有关彼
等履行职务或在其他有关情况所蒙受或产生之所有损失或
损害，有权由本公司资产及盈利中拨付弥偿。本公司已为
董事及本集团高级人员安排合适并于现时及于本年度内均
一直有效之董事及高级人员责任保险。
购买、出售或赎回本公司的上市证券
本公司或其任何附属公司于本年度内概无购买、出售或赎
回本公司的任何上市证券（包括出售库存股份，如有）。本
公司于本年度内及截至本年报日期并无持有任何库存股份。
银行贷款
本集团于2025年3月31日的银行贷款详情载于综合财务报
表附注26。
五年财务概要
本集团于过去五个财政年度的业绩与资产、负债及非控股
股东权益概要载于本年报第241至242页。
公众持股量
根据于本报告日期本公司所得悉及董事亦知悉之公开资
料，本公司一直维持上市规则所订明之公众持股量。
PERMITED INDEMNITY
Pursuant to the Bye-laws, every Director or other oficers of the Company shal
be entitled to be indemnified out of the asets and profits of the Company
against al loses or damages which he/she may sustain or incur in or about the
execution of the duties of his/her ofice or otherwise in relation thereto. The
Company has aranged apropriate directors’ and oficers’ liability insurance
coverage, which is curently in force and was in force throughout the Year, for
the Directors and oficers of the Group.
PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S
LISTED SECURITIES
Neither the Company nor any of its subsidiaries had purchased, sold or
redemed any of the listed securities of the Company during the Year (including
the sale of treasury shares, if any). The Company did not hold any treasury
shares during the Year and up to the date of this anual report.
BANK LOANS
Particulars of bank loans of the Group as at 31 March 2025 are set out in note 26
to the consolidated financial statements.
FIVE-YEAR FINANCIAL SUMARY
A sumary of the results and of the asets, liabilities and non-controling
interests of the Group for the last five financial years is set out on pages 241 to
242 of this anual report.
PUBLIC FLOAT
Based on information publicly available to the Company and within the
knowledge of the Directors as at the date of this report, the Company has
maintained the prescribed public float as required under the Listing Rules.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
控股东须履行的特定责任
作为与恒生银行有限公司、中信银行（国际）有
限公司、大华银行有限公司、富邦银行（香港）
有限公司、永丰商业银行股份有限公司香港分
行及中国建设银行（亚洲）股份有限公司所订立
信贷协议之担保人
于2022年5月6日，本公司及其一间附属公司作为担保人，
以及其另一间附属公司作为借款人（「借款人」），与恒生银
行有限公司、中信银行（国际）有限公司、大华银行有限公
司、富邦银行（香港）有限公司、永丰商业银行股份有限
公司香港分行及中国建设银行（亚洲）股份有限公司作为
委任牵头安排行及原借贷人，订立一项信贷协议（「信贷协
议」）。据此，借款人获授予总额为港币820,000,000元的
若干信贷（包括定期贷款及循环贷款）（「该信贷」），自首次
提用该信贷之日起，为期3.5年。
根据信贷协议，若邱安仪女士（太平绅士）（控股东谢达峰
先生之配偶）不再担任董事会主席一职；或邱安仪女士（太
平绅士）及其直系家属成员（包括任何子女、继子女、父母、
继父母、配偶、兄弟姊妹、配偶的父母、配偶的子女及配
偶的兄弟姊妹）整体而言不再(i)直接或间接为单一最大股
东；或(i)拥有本公司的控制权（控制权的定义是指（通过
拥有股份、委任、合约、代理或其他方式）于以下情况的
权力：(a)委任或罢免董事会的全部或大部分董事或其他
可能被委派或有权行使该法团人士的中央管理及控制权的
人；或(b)直接或间接指示或影响该法团人士的管理及政策
方针）（为免误会，控制权包括决定董事会大部分成员的权
利）；或邱安仪女士（太平绅士）及其直系家属成员整体而言不
再在没有任何担保（定义见信贷协议）下为本公司已发行股
本至少36%权益的直接或间接法定及实益拥有人，此等将
为违约事件。
SPECIFIC PERFORMANCE OF THE CONTROLING
SHAREHOLDER
Acting as guarantor for the facilities agrement with Hang Seng
Bank Limited, China CITIC Bank International Limited, United
Overseas Bank Limited, Fubon Bank (Hong Kong) Limited, Bank
SinoPac, Hong Kong Branch and China Construction Bank (Asia)
Corporation Limited
On 6 May 2022, the Company and a subsidiary of the Company as guarantors
and another subsidiary of the Company as borower (the “Borower”) entered
into a facilities agrement (the “Facilities Agrement”) with Hang Seng Bank
Limited, China CITIC Bank International Limited, United Overseas Bank Limited,
Fubon Bank (Hong Kong) Limited, Bank SinoPac, Hong Kong Branch and China
Construction Bank (Asia) Corporation Limited acting as mandated lead arangers
and original lenders, pursuant to which certain loan facilities, comprising a term
loan and a revolving loan, in the agregate amount of HK$820,000,000 (the
“Facilities”), has ben granted to the Borower for a term of 3.5 years from the
date of the first utilisation of the Facilities.
Pursuant to the Facilities Agrement, it wil be an event of default if Ms. Yau On
Ye, Anie, JP, the spouse of Mr. Tomy Tse (being the controling Shareholder)
ceases to be the chairman of the Board; or Ms. Yau On Ye, Anie, JP and her
imediate family members (including any child, stepchild, parent, steparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law and sister-in-law) taken as a whole cease to (i) be, directly or
indirectly, the single largest Shareholder; or (i) have control of the Company
(where “control” is defined as meaning the power (whether by way of ownership
of shares, proxy, contract, agency or otherwise) to: (a) apoint or remove al,
or the majority of, directors on the Board or such other persons who may be
charged with or entitled to exercise central management and control of that
corporate person; or (b) directly or indirectly to otherwise direct or cause the
direction of management and policies of that corporate person) (which, for
the avoidance of doubt, includes the right to determine the composition of a
majority of the Board); or Ms. Yau On Ye, Anie, JP and her imediate family
members taken as a whole cease to remain as the direct or indirect, legal and
beneficial owner of at least 36% of the isued share capital of the Company
which is fre from any Security (as defined in the Facilities Agrement).
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
若该等违约事件持续出现，并获大部分借贷人（定义见信贷
协议）的指示，信贷协议下的代理人可取消贷款承诺（定义
见信贷协议）或其部分，及╱或宣布该信贷下未偿还的贷
款的全部或部分金额，连同应计利息，以及按信贷文件（定
义见信贷协议）即时到期及须予偿还的所有其他应计或未偿
还款项，及╱或宣布该信贷下未偿还的贷款的全部或部分
金额在要求下须予偿还，及╱或按信贷文件（定义见信贷
协议）行使或指示质押代理人行使任何或所有其权利、补偿
方案、权力或酌情权。
遵守企业管治守则
本公司已采纳上市规则附录C1企业管治守则所载的原则及
守则条文。于本年度内及截至本年报日期，本公司一直遵
守企业管治守则所载守则条文，守则条文第C.2.1条除外，
详情载于本年报「企业管治报告」一节内。
遵守标准守则
本公司已采纳上市规则附录C3所载的标准守则。本公司已
向全体董事作出特定查询，而董事均已确认彼等于本年度
内及截至本年报日期一直遵守标准守则。
遵守法律法规
本集团继续遵守相关法律法规，例如百慕达公司法、公司
条例（香港法例第622章）、证券及期货条例、上市规则以
及相关司法权区实施的其他规则及法规。于本年度内，据
董事所知，本公司已遵守对本集团业务及营运有重大影响
的所有相关规则及规例。
Upon the ocurence of such an event of default which is continuing, the agent
under the Facilities Agrement may, and shal if so directed by the Majority
Lenders (as defined in the Facilities Agrement), cancel the Comitments (as
defined in the Facilities Agrement) or any part thereof, and/or declare al or
part of the loans outstanding under the Facilities, together with acrued interest,
and al other amounts acrued or outstanding under the Finance Documents
(as defined in the Facilities Agrement) be imediately due and payable, and/
or declare al or part of the loans outstanding under the Facilities be payable
on demand, and/or exercise or direct the security agent to exercise any or al
of its rights, remedies, powers or discretions under the Finance Documents (as
defined in the Facilities Agrement).
COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE
The Company has adopted the principles and code provisions as set out in the
CG Code contained in Apendix C1 to the Listing Rules. Throughout the Year and
up to the date of this anual report, the Company has ben in compliance with
the code provisions set out in the CG Code, save and except for code provision
C.2.1, details of which are set out in the section headed “Corporate Governance
Report” of this anual report .
COMPLIANCE WITH THE MODEL CODE
The Company has adopted the Model Code as set out in Apendix C3 to
the Listing Rules. Specific enquiries have ben made to al the Directors and
the Directors have confirmed that they have complied with the Model Code
throughout the Year and up to the date of this anual report.
COMPLIANCE WITH LAWS AND REGULATIONS
The Group continues to comply with the relevant laws and regulations, such
as the Bermuda Companies Act, the Companies Ordinance (Chapter 622 of the
Laws of Hong Kong), the SFO, the Listing Rules and other rules and regulations
implemented in relevant jurisdictions. During the Year, the Company has
complied, to the best of the knowledge of the Directors, with al relevant rules
and regulations that have a significant impact on the busines and operation of
the Group.
REPORT OF THE DIRECTORS (CONTINUED)
董事会报告（续）
税务减免
本公司并不知悉股东因持有本公司股份而享有任何税务减
免。
核数师
本集团于本年度之综合财务报表由安永会计师事务所（「安
永」）审核。安永将卸任，并在符合资格的情况下，愿接受
重新委聘。有关重新委聘安永为本公司独立核数师之决议
案将于2025年股东周年大会上提呈。
承董事会命
邱安仪（太平绅士）
主席
香港，2025年6月30日
TAX RELIEF AND EXEMPTION
The Company is not aware of any relief and exemption from taxation available
to the Shareholders by reason of their holding of the shares of the Company.
AUDITORS
The consolidated financial statements of the Group for the Year have ben
audited by Ernst & Young (“EY”). EY wil retire and, being eligible, ofer
themselves for re-apointment. A resolution for the re-apointment of EY as
independent auditors of the Company wil be proposed at the 2025 AGM.
By Order of the Board
Yau On Ye, Anie, JP
Chairman
Hong Kong, 30 June 2025
CORPORATE GOVERNANCE REPORT
企业管治报告
CORPORATE GOVERNANCE PRACTICES
The Board has comited to achieving high corporate governance standards.
The Board believes that high corporate governance standards are esential
in providing a framework for the Company to safeguard the interests of the
Shareholders and to enhance corporate value and acountability.
During the Year, the Company has aplied the principles and complied with al
the code provisions, except for code provision C.2.1, as set out in the CG Code
contained in Apendix C1 to the Listing Rules.
Code provision C.2.1 of the CG Code stipulates that the roles of chairman and
chief executive should be separate and should not be performed by the same
individual. The ofices of chairman and chief executive oficer of the Company
are held by Ms. Yau On Ye, Anie, JP. The Board believes that Ms. Yau On
Ye, Anie, JP can provide the Company with strong and consistent leadership
and alows for efective and eficient planing and implementation of busines
decisions and strategies. The Board also considers that the curent structure
of vesting the roles of chairman and chief executive in the same person wil
not impair the balance of power and authority betwen the Board and the
management of the Company.
CORPORATE STRATEGY AND CULTURE
A robust corporate culture is vital for efective corporate governance which is
esential for the sustainable suces of the Group in the long term. The Board
plays a leading role in aligning the corporate culture with the Company’s vision,
mision, and values, guiding employes’ behaviors, busines practices, and
strategies.
Through seting the tone and molding the Company’s corporate culture based
on core values embraced at al organizational levels, the Board plays a pivotal
part in fostering a culture that emphasizes lawful, ethical and responsible
behavior. Recognising the significance of stakeholders throughout the Company,
the Board strives to deliver superior products and services, creating value
through sustainable growth and ongoing development.
企业管治常规
董事会致力实现高水平的企业管治标准。
董事会相信，在向本公司提供以保障股东利益为由的架构
及提升企业价值和问责的前提下，高水平的企业管治标准
必不可少。
于本年度内，本公司一直应用上市规则附录C1企业管治守
则所载之原则及遵守全部守则条文，惟守则条文第C.2.1条
除外。
企业管治守则之守则条文第C.2.1条规定，主席与行政总裁
的角色应分开，不应由同一人担任。本公司主席及行政总
裁之职务均由邱安仪女士（太平绅士）担任。董事会认为邱安
仪女士（太平绅士）可在本公司发挥强大且一致的领导才能，
亦可有效及高效地规划和落实业务决策及策略。董事会亦
认为，目前由同一人担任主席及行政总裁的架构不会破坏
本公司董事会与管理层之间的权力平衡。
企业策略与文化
健康的企业文化是实现良好企业管治的重要条件，而良好
企业管治对本集团实现可持续的长期成功至关重要。为了
更好地将企业文化与本公司的愿景、使命和价值相互结
合，董事会发挥主导作用指引员工的操守和行为，以及业
务运作和策略。
董事会确定并塑造了本公司的企业文化，以集团各个层面
的核心价值为基础，并积极参与建构及灌输提倡合法、合
乎道德和负责任的价值观的企业文化。透过董事会层面和
整个集团认识到持份者的重要性，本公司致力提供高品质
和可靠的产品和服务，并透过持续增长及发展为持份者创
造价值。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
With a firmly established vision, mision and values framework, the Company
directs employe conduct and busines endeavors, ensuring their integration
into overarching busines strategies.
Vision
Bring a transformative voice to the traditional world of fine jewelery, redefine
luxury by unique individuality, self-actualization and exceptional craftsmanship.
Mision
Create delicate pieces to articulate felings and capture vital moments, inspire
versatile designs that break boundaries and go beyond sex, ages, skin colors and
cultures.
Values
Diversity – Embrace diversity and respect diferences.
Integrity – Be open, truthful and ethical consistently.
Excelence – Demonstrate persistent comitment and make every endeavour to
achieve excelence while kep reflecting, improving and inovating to reach new
heights.
Sustainability – Make decisions taking into consideration their potential impacts
in the long run.
People – Ofer customers the most genuine and distinguished service and
experience.
More information about the Group’s vision, mision and values is available on the
Company’s website at ir.tslj.com (About TSL | 谢瑞麟 section).
The Group has continued to strengthen its cultural framework throughout the
Year, details of the strategic initiatives are disclosed in the sections headed
“Leter to Shareholders” and “Management Discusion and Analysis” of this
anual report and in a separate ESG Report.
本公司已确立清晰的愿景、使命和价值观，为员工的操守
和行为，以及业务活动提供指引，并确保其于整个业务策
略中。
愿景
致力为传统的珠宝世界带来革新的声音，以独特的个性、
自我实现和卓越工艺重新定义奢华。
使命
铸造精致的配饰来表达情感和捕捉重要时刻，成就打破性
别、年龄、肤色和文化界限的多元化设计。
价值
多元共融－求同存异，拥抱多元。
诚信至上－保持高透明度、诚实与守信的作风。
追求卓越－力臻完美，时刻反思、改进和创新，务求不断
达至新的高峰。
持续发展－每个决策放眼未来，积极关注长远的潜在影
响。
以人为本－为顾客送上最真挚的服务及非凡的体验。
有关本集团愿景、使命和价值的更多详情，可于本公司网
站 ir.tslj.com （关于TSL | 谢瑞麟部分）浏览。
本集团于本年度内继续加强其文化架构，有关策略举措详
情载于本年报「致股东的函件」和「管理层讨论及分析」两节
以及单独刊发的环境、社会及管治报告内。
| The Board | 董事会 |
|---|---|
| Executive Directors: 执行董事： Ms. YAU On Yee, Annie, JP (Chairman & Chief Executive Officer) 邱安仪女士（太平绅士） （主席及行政总裁） Ms. NG Yi Kum, Estella* (Deputy Chairman, Chief Strategy Officer & Chief Financial Officer and Company Secretary) 伍绮琴女士* （副主席、首席策略暨财务官及公司秘书） | Independent Non-executive Directors: 独立非执行董事： Mr. Chan Yue Kwong, Michael 陈裕光先生 Mr. Chow Chee Wai, Christopher 周治伟先生 Mr. Alex Chan 陈伟康先生 |
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted the Model Code as the code for dealing in securities
of the Company by the Directors.
Specific enquiry has ben made to al the Directors and al the Directors have
confirmed their compliance with the Model Code throughout the Year.
The Company has also established writen guidelines no les exacting than the
Model Code (the “Employes Writen Guidelines”) for securities transactions by
employes who are likely to be in posesion of unpublished inside information
of the Group. No incident of non-compliance of the Employes Writen
Guidelines by the employes was noted by the Company during the Year.
BOARD OF DIRECTORS
Board Composition
The Board during the Year and up to the date of this anual report comprises
the folowing directors:
Remark:
* Resigned on 27 May 2024
证券交易的标准守则
本公司已采纳标准守则，作为董事买卖本公司证券之准则。
本公司已向所有董事作出特定查询，而所有董事均已确
认，彼等于本年度内一直遵守标准守则。
本公司亦已就可能获悉本集团未经公布的内幕消息的雇员
进行证券交易订立不逊于标准守则的书面指引（「雇员书面
指引」）。本公司于本年度内并无发现雇员违反雇员书面指
引的任何事件。
董事会
董事会组成
本公司于本年度及截至本年报日期，董事会由以下董事组
成：
附注：
* 于2024年5月27日辞任
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
The biographical information of the Directors is set out in the section headed
“Directors and Senior Management Profile” of this anual report. None of the
members of the Board is related to one another.
Chairman and Chief Executive Oficer
Code provision C.2.1 of the CG Code stipulates that the roles of chairman and
chief executive should be separate and should not be performed by the same
individual.
The ofices of chairman and chief executive oficer of the Company are held by
Ms. Yau On Ye, Anie, JP. The Board considers that the curent management
structure has operated eficiently. Acording to the Company’s practice, al
major strategic decisions are taken by the Board, or relevant comite of the
Board, as duly constituted.
The Board considers that the curent structure of vesting the roles of chairman
and chief executive in the same person wil not impair the balance of power and
authority betwen the Board and the management of the Company.
Independent Non-executive Directors
During the Year, the Board at al times met the requirements of the Listing Rules
by apointing at least thre Independent Non-executive Directors, and ensuring
the Independent Non-executive Directors comprised at least one-third of the
Board with one of whom posesing apropriate profesional qualifications or
acounting or related financial management expertise.
The Company has received writen anual confirmation from each of the
Independent Non-executive Directors in respect of his independence in
acordance with the independence guidelines set out in Rule 3.13 of the Listing
Rules. Al of them are not conected with any Director or substantial shareholder
of the Company. The Company is of the view that al Independent Non-executive
Directors are independent.
董事的履历详情载于本年报「董事及高级管理人员简介」一
节。董事会各成员之间概无任何关系。
主席及行政总裁
企业管治守则之守则条文第C.2.1条规定，主席与行政总裁
的角色应分开，不应由同一人担任。
本公司主席及行政总裁之职务均由邱安仪女士（太平绅士）担
任。董事会认为现时管理层架构有效地运作。根据本公司
之规定，所有主要决策乃由董事会或正式组成之董事会相
关委员会作出。
董事会认为，目前由同一人担任主席及行政总裁的架构不
会破坏本公司董事会与管理层之间的权力平衡。
独立非执行董事
于本年度内，董事会一直遵守上市规则有关委任最少三名
独立非执行董事，及其成员人数最少占董事会三分之一，
而其中一名独立非执行董事具备合适专业资格或会计或相
关财务管理专业知识的规定。
本公司已接获各独立非执行董事根据上市规则第3.13条载
列的独立性指引就其独立性而发出的年度确认书。彼等均
与本公司任何董事或主要股东概无关连。本公司认为，所
有独立非执行董事均为独立人士。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
Mr. Chan Yue Kwong, Michael and Mr. Chow Che Wai, Christopher have served
the Board as Independent Non-executive Directors for more than nine years.
Notwithstanding their long term services, given their extensive experience
as profesional acountant or seasoned busines leader would significantly
contribute to the strategy development and continuous improvement on
internal controls and other relevant financial and corporate governance maters
of the Company, the Nomination Comite is satisfied that they demonstrate
complete independency in character and judgement to fulfil their designated
roles, and the Board is of the opinion that they continue to bring independent
and objective perspectives to the Company’s afairs.
Mechanism has ben established to ensure independent views and input
are available to the Board. Independent Non-executive Directors exercise
independent judgement and provide constructive chalenges for the executive
Directors and the management. An anual meting with the Chairman is also
a direct and efective chanel for the Independent Non-executive Directors to
expres independent views. Any Director may sek independent profesional
advice in apropriate circumstances at the Company’s expense.
In acordance with its clear terms of reference, the Nomination Comite
wil aces the independence of al Independent Non-executive Directors
anualy and make sure that they are fre from any relationship which may
afect their independent judgement. During the Year, the Board reviewed the
implementation of the said independence mechanism and considered that it
remains efective.
Re-election of Directors
Pursuant to bye-law 83(2) of the Bye-laws, any director apointed by the Board
to fil a casual vacancy on the Board or as an adition to the existing Board shal
hold ofice until the next folowing anual general meting of the Company and
shal then be eligible for re-election. Code provision B.2.2 of the CG Code states
that every director, including those apointed for a specific term, should be
subject to retirement by rotation at least once every thre years.
Each of the Directors is apointed for a specific term of thre years and is
subject to retirement by rotation once every thre years.
独立非执行董事陈裕光先生及周治伟先生已服务董事会逾
九年。尽管彼等长期担任独立非执行董事一职，但鉴于彼
等具备专业会计师或业务领导者的丰富经验，将可对本公
司的策略发展及持续改善内部监控以及其他相关财务及企
业管治事宜作出重大贡献，提名委员会确信彼等在品格和
判断方面表现出完全独立性以履行其指定职责，董事会认
为，彼等可继续就本公司事务提供独立及客观的观点。
本公司已制定机制以确保董事会能够获得独立性的意见和
贡献。独立非执行董事作出独立判断，为执行董事和管理
层提供建设性鞭策。与主席的年度会议也是独立非执行董
事表达独立意见的直接有效渠道。任何董事均可在适当情
况下寻求独立专业意见，费用由本公司承担。
根据其明确的职权范围，提名委员会将每年评估所有独立
非执行董事的独立性，并确保彼等不存在任何可能影响其
独立判断的关系。于本年度内，董事会已审阅上述独立机
制的实施情况，认为其仍然有效。
董事重选
根据公司细则第83(2)条，任何获董事会委任以填补董事会
之临时空缺或增加现行董事会成员之董事，任期仅至本公
司下一届股东周年大会，且符合资格膺选连任。企业管治
守则之守则条文第B.2.2条规定，每名董事（包括有指定任
期的董事）应轮流退任，至少每三年一次。
各董事均按三年指定任期获委任，并须每三年轮值退任一
次。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
Responsibilities, Acountabilities and Contributions of the Board
and Management
The Board is responsible for leadership and control of the Company and
overses the Group’s busineses, strategic decisions and performance and is
colectively responsible for promoting the suces of the Company by directing
and supervising its afairs. The Directors make decisions objectively in the
interests of the Company.
Al Directors, including Independent Non-executive Directors, have brought a
wide spectrum of valuable busines experience, knowledge and profesionalism
to the Board for its eficient and efective functioning.
Al Directors have ful and timely aces to al the information of the Company
as wel as the services and advice from the Company Secretary and senior
management. The Directors may, upon request, sek independent profesional
advice in apropriate circumstances, at the Company’s expenses for discharging
their duties to the Company.
The Directors shal disclose to the Company details of other ofices held by them
and the Board regularly reviews the contribution required from each Director to
perform his/her responsibilities to the Company.
The Board reserves for its decision al major maters relating to policy maters,
strategies and budgets, risk management and internal control, material
transactions (in particular those that may involve conflict of interests), financial
information, apointment of Directors and other significant operational maters
of the Company. Responsibilities relating to implementing decisions of the
Board, directing and cordinating the daily operation and management of the
Company are delegated to the management.
董事会及管理层的职责、问责及贡献
董事会负责领导及控制本公司以及监督本集团的业务、策
略决定及表现，并透过指导及监管本公司的事务，集体负
责推动其成功发展。各董事以本公司的利益作出客观决定。
全体董事（包括独立非执行董事）均为董事会带来范围广泛
的宝贵业务经验、知识及专业精神，供其以高效及有效方
式运作。
全体董事均可全面和及时获得本公司所有资料，以及要求
公司秘书及高级管理人员提供服务及意见。董事可要求在
适当情况下寻求独立专业意见，从而履行彼等对本公司的
责任，费用由本公司承担。
董事须向本公司披露彼等所担任其他职位的详情，而董事
会定期审阅各董事履行其对本公司所承担职责而须作出的
贡献。
董事会专责决定所有重要事项，当中涉及政策事项、策略
及预算、风险管理及内部监控、重大交易（尤其是可能会涉
及利益冲突者）、财务资料、委任董事及本公司其他重大营
运事项。有关执行董事会决定、指导及协调本公司日常营
运及管理的职责乃转授予管理层。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
Continuous Profesional Development of Directors
Directors kep abreast of responsibilities as a Director and of the conduct,
busines activities and development of the Company.
Every newly apointed Director wil receive formal, comprehensive and tailored
induction on the first ocasion of his/her apointment to ensure apropriate
understanding of the busines and operations of the Company and ful
awarenes of Director’s responsibilities and obligations under the Listing Rules
and relevant statutory requirements.
Directors should participate in apropriate continuous profesional development
to develop and refresh their knowledge and skils to ensure that their
contribution to the Board remains informed and relevant. Al Directors are
encouraged to atend relevant training courses at the Company’s expenses.
A sumary of training received by Directors during the Year acording to the
records provided by the Directors is as folows:
Directors董事
Atending briefings/
trainings/seminars and/
or reading materials
出席简介会╱培训╱
研讨会及╱或阅读材料
Ms. Yau On Ye, Anie, JP邱安仪女士（太平绅士）✓
Ms. Ng Yi Kum, Estela伍绮琴女士–
Mr. Chan Yue Kwong, Michael陈裕光先生✓
Mr. Chow Che Wai, Christopher周治伟先生✓
Mr. Alex Chan陈伟康先生✓
Remark:
* Resigned on 27 May 2024
董事的持续专业进修
董事须了解身为董事的职责，并熟悉本公司的经营方式、
业务活动及发展。
每名新委任董事将于其首次获委任时获得正式、全面及切
合个人需要的就职指导，以确保其对本公司的业务及营运
有恰当认识，且对上市规则及相关法律规定下的董事职责
及责任有充分认识。
董事应参与合适的持续专业进修，以增进及刷新其知识及
技能，确保彼等对董事会作出知情及切合所需的贡献。本
公司鼓励全体董事出席相关培训课程，费用由本公司承担。
根据董事提供的记录，董事于本年度内接受培训的概要如
下：
附注：
* 于2024年5月27日辞任
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
BOARD COMITES
The Board has established the Audit Comite, Remuneration Comite and
Nomination Comite, for overseing particular aspects of the Company’s
afairs. Al the said Board comites of the Company are established with
defined writen terms of reference, which are posted on the websites of the
Company and the Stock Exchange and are available to the Shareholders upon
request.
Al or the majority of the members of the said Board comites are
Independent Non-executive Directors and the list of the chairman and
members of each Board comite is set out in the section headed “Corporate
Information” of this anual report.
Audit Comite
The principal responsibilities of the Audit Comite include the folowing:
• to review the financial statements and reports and consider any significant
or unusual items raised by the Company’s staf responsible for acounting
and financial reporting function, internal auditor or external auditor before
submision to the Board;
- ’s financial
reporting system, risk management and internal control systems and
internal audit function; and
• to review the relationship with the external auditor with reference to the
work performed by the auditor, their fes and terms of engagement, and
make recomendations to the Board on the apointment, re-apointment
and removal of external auditor.
董事会委员会
董事会已成立审核委员会、薪酬委员会及提名委员会，以
监督本公司特定范畴的事务。上述所有本公司的董事会委
员会均已制订书面职权范围，载于本公司及联交所网站，
并可应股东要求提供。
上述董事会委员会的全部或大部分成员均为独立非执行董
事，各董事会委员会的主席及成员名单载于本年报「公司资
料」一节。
审核委员会
审核委员会的主要职责包括以下各项：
- ，以及于呈交有关报表及报告
予董事会前，考虑由负责会计及财务汇报职能的本
公司员工、内部审核员或外聘核数师提出的任何重
大或异常项目；
- 、风险管理及内部监控
系统以及内部审核功能的充分及有效程度；及
- 、酬金及委聘条款，以
审视与外聘核数师的关系，并就外聘核数师的委
任、续聘及撤换向董事会提出建议。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
The Audit Comite overses the risk management and internal control
systems of the Group, reviews the internal audit report submited by the Group’s
Internal Audit Department (the “IA Department”), reports to the Board on any
material isues, and makes recomendations to the Board.
The Audit Comite held two metings during the Year, a sumary of work
performed is set out as folows:
- /24;
- /24;
• reviewed the significant isues on financial reporting and compliance
procedures, risk management and internal control systems, as wel as the
efectivenes of internal audit function;
• reviewed the interim results and interim report for the six months ended
30 September 2024;
- ; and
• reviewed the scope of work and re-apointment of external auditor with
reference to audit fe market data.
审核委员会监督本集团的风险管理及内部监控系统，审阅
本集团内部审核部门（「内审部」）呈交的内部审核报告，向
董事会报告任何重大事项，以及向董事会提出建议。
审核委员会于本年度内共举行了两次会议，工作概要如
下：
- /24之末期业绩及年度报告；
- /24之审计费用报价；
- 、风险管理和内部监控系
统，以及内部审计职能有效性方面的重大事项；
• 审阅截至2024年9月30日止六个月的中期业绩及中
期报告；
- ；及
- 、核数
费用。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
Remuneration Comite
The principal responsibilities of the Remuneration Comite include the
folowing:
• to make recomendations to the Board on the establishment of formal
and transparent procedures for developing the remuneration policy and
structure for al Directors and the senior management, which shal ensure
that no Director or any of his/her asociates wil participate in deciding
his/her own remuneration;
- , with delegated responsibility, the remuneration packages of
the executive Directors and the senior management with reference to the
performance of the individual and the Company as wel as market practice
and conditions;
• to make recomendations to the Board on the remuneration packages
of the non-executive Directors with reference to the performance of the
individual and the Company as wel as market practice and conditions;
• to review and aprove the compensation arangements for the executive
Directors and the senior management in conection with any los or
termination of their ofices or apointments; and
- /or aprove maters relating to share schemes.
薪酬委员会
薪酬委员会的主要职责包括以下各项：
• 就建立正规及具透明度之程序以制订全体董事及高
级管理人员的薪酬政策及架构向董事会提出建议，
须确保概无董事或其任何联系人将参与决定其自身
的薪酬；
- ，透过参考个别人士及本公司的
表现以及市场惯例及情况，厘定执行董事及高级管
理人员的薪酬待遇；
• 透过参考个别人士及本公司的表现以及市场惯例及
情况，就非执行董事的薪酬待遇向董事会提出建议；
• 审阅及批准执行董事及高级管理人员有关任何离职
或终止职务或委任的补偿安排；及
- ╱或批准股份计划相关事宜。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
The Remuneration Comite held one meting during the Year, a sumary of
work performed is set out as folows:
• reviewed and aproved the discretionary bonus to the executive Directors
and the senior management for 2023/24;
• reviewed and aproved the remuneration packages of the executive
Directors and the senior management for the Year;
• reviewed and recomended to the Board on the remuneration of the
Independent Non-executive Directors for the Year; and
• noted the remuneration package of Mr. Tse Sui Luen for the Year.
The emolument policy and remuneration packages of the Directors, senior
management of the Company and employes of the Group are disclosed in the
section headed “Report of the Directors” of this anual report.
The remuneration of the members of senior management of the Company by
band for the Year is set out below:
Range of Remuneration薪酬范围
Number of Persons
人数
HK$2,000,001 to HK$3,000,000港币2,000,001元至港币3,000,000元1
薪酬委员会于本年度内举行了一次会议，工作概要如下：
- /24之酌情
花红；
• 审阅及批准执行董事及高级管理人员本年度内之薪
酬待遇；
• 审阅并向董事会建议独立非执行董事于本年度内之
薪酬；及
- 。
本公司董事、高级管理人员及本集团员工的薪酬政策及薪
酬待遇于本年报「董事会报告」一节中披露。
本公司高级管理人员于本年度的薪酬范围如下：
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
Nomination Comite
The Nomination Comite comprised one female Director and thre male
Directors. The principal responsibilities of the Nomination Comite include the
folowing:
- , size, composition and diversity of the Board;
• to make recomendation to the Board on the apointment or
re-apointment of Directors and sucesion planing for Directors;
- ; and
• to ases the independence of Independent Non-executive Directors.
The Board Diversity Policy aims to set out the aproach to achieve diversity
on the Board. In asesing the Board composition, the Nomination Comite
would take into acount various diversity aspects under the Board Diversity
Policy that complement the Company’s corporate strategy, including but not
limited to gender, age, cultural and educational background, profesional
experience, talents, skils, knowledge and length of service. Al Board
apointments would be based on meritocracy, and candidates would be
considered against objective criteria, having due regard for the benefits of
diversity on the Board.
提名委员会
提名委员会由一名女董事及三名男董事组成。提名委员会
的主要职责包括以下各项：
- 、人数、组成及多元化；
• 就董事委任或重新委任及董事继任计划向董事会提
出建议；
- ；及
- 。
董事会多元化政策旨在制定实现董事会多元化。于评估董
事会的组成时，提名委员会将考虑董事会多元化政策所载
列的多个方面，以与本公司的企业策略互补，包括但不限
于性别、年龄、文化及教育背景、专业经验、才能、技
能、知识及服务年资。董事会所有委任均以用人唯才为原
则，考虑候选人时亦会以客观标准充分顾及董事会成员多
元化的裨益。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
The Board has adopted the Director Nomination Policy, which aims to set out the
procedures, proces and criteria for nomination and apointment of Directors,
and to ensure that the Board has a balance of skils, experience and diversity
of perspectives apropriate to the Company’s busines and sucesion plan.
In identifying, evaluating and selecting suitable candidate for directorship, the
Nomination Comite would consider the candidates’ character and integrity,
potential contributions to the Board in terms of qualifications, skils, knowledge,
experience and time comitment, diversity aspects under the Board Diversity
Policy, independence (for Independent Non-executive Directors) and other
relevant criteria before making recomendation to the Board. The Nomination
Comite would also rank the candidates by order of preference based on the
Company’s neds and the candidates’ reference check where required.
The Nomination Comite held one meting during the Year, a sumary of
work performed is set out as folows:
- , size and composition of the Board, the Board
Diversity Policy and the Director Nomination Policy;
- ; and
• recomended the re-election of Directors at the 2024 AGM and the role
of Directors in various Board comites.
董事会已采纳董事提名政策，旨在制定董事提名及委任的
程序、过程及准则，并确保董事会于技能，经验及多元化
方面取得平衡的同时，亦适合本公司的业务及继任计划。
于物色、评估及挑选合适的董事候选人时，提名委员会在
向董事会提出建议之前，将考虑候选人的品行及诚信、据
其资历、技能、知识、经验及时间付出等可对董事会的贡
献、董事会多元化政策所载列的多元化因素、独立性（就委
任独立非执行董事而言）以及其他相关标准。提名委员会亦
将根据本公司的需要及候选人的资历审查（如需要）排列候
选人的优先次序。
提名委员会于本年度内举行了一次会议，工作概要如下：
- 、人数及组成，董事会多元化政
策以及董事提名政策；
- ；及
• 建议于2024年股东周年大会上重选董事及董事在各
董事会委员会中的角色。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
The folowing table shows the gender ratio in the Board and the Group’s
workforce (including senior management) respectively as at 31 March 2025:
FemaleMale
女性男性
Board董事会25%75%
Workforce雇员77.33%22.67%
The Board considers that during the Year, the Board composition of one female
and thre male Directors with diverse profesional background and industry
experience maintained an apropriate balance of diversity perspectives. Gender
diversity has ben achieved at board level with at least one female Director
throughout the Year and up to the date of this report. It is therefore not
necesary to set any target or timeline for enhancing gender diversity on the
Board for the time being. To maintain gender diversity, both male and female
candidates wil be shortlisted for consideration before apointing a new Director
where posible.
The Company values workforce diversity (including gender diversity) acros al
levels of the Group. Al employes are provided equal oportunities regardles
of their gender, age, nationality and religion. Taking into consideration of the
industry norm, the Board is of the view that the gender diversity in workforce
is curently balanced, and no imediate plan or measurable objective for
enhancing gender diversity in workforce is required. Further details on the
gender ratio in the Group’s workforce are set out in the ESG Report.
Corporate Governance Functions
The Board is responsible for performing the functions set out in the code
provision A.2.1 of the CG Code.
During the Year, the Board reviewed the Company’s corporate governance
policies and practices, the training and continuous profesional development
of Directors and senior management, the Company’s policies and practices on
compliance with legal and regulatory requirements, the compliance of the Model
Code and the Employes Writen Guidelines, and the Company’s compliance
with the CG Code and disclosure in this Corporate Governance Report.
董事会及本集团雇员（包括高级管理人员）于2025年3月31
日的性别比例于下表载列：
董事会认为，于本年度内董事会由一名女性董事和三名男
性董事组成，彼等具有的不同专业背景和行业经验维持了
多元化观点的适当平衡。于本年度内及截至本报告日期
止，董事会至少有一名女性董事，在董事会层面已实现性
别多元化。因此，目前没有必要为加强董事会的性别多元
化设定任何目标或时间表。为保持性别多元化，在可能的
情况下任命新董事之前，男性和女性候选人都将被列入候
选名单以供考虑。
本公司重视本集团各个阶层的多元化（包括性别多元化）。
不论性别、年龄、国籍和宗教信仰，所有员工都享有平等
的机会。考虑到行业常态，董事会认为目前雇员性别多元
化是平衡的，并且不需要即时的计划或可衡量的目标来提
高雇员性别多元化。有关本集团雇员性别比例的详情载于
环境、社会及管治报告。
企业管治职能
董事会负责履行企业管治守则之守则条文第A.2.1条所载的
职能。
于本年度内，董事会已审阅本公司的企业管治政策及常
规、董事及高级管理人员的培训及持续专业进修、本公司
在遵守法律及监管规定方面的政策及常规、遵守标准守则
及雇员书面指引，以及本公司在遵守企业管治守则的情况
及于本企业管治报告内的披露资料。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
ATENDANCE RECORD OF DIRECTORS AND COMITE
MEMBERS
The atendance record of each Director at the Board and Board comites
metings and the general meting of the Company held during the Year is set
out in the table below:
Atendance/Number of Metings
出席╱会议次数
DirectorsBoard
Audit
Comite
Remuneration
Comite
Nomination
Comite
Anual
General
Meting
董事董事会审核委员会薪酬委员会提名委员会股东周年大会
Ms. Yau On Ye, Anie, JP4/4–1/11/11/1
邱安仪女士（太平绅士）
Ms. Ng Yi Kum, Estela*–
伍绮琴女士*
Mr. Chan Yue Kwong, Michael4/42/21/11/11/1
陈裕光先生
Mr. Chow Che Wai, Christopher4/42/21/11/11/1
周治伟先生
Mr. Alex Chan4/42/21/1–1/1
陈伟康先生
Remarks:
* Resigned on 27 May 2024
Apointed as a member of the Nomination Comite with efect from
30 June 2025
Apart from regular Board metings, the Chairman also held a meting with the
Independent Non-executive Directors without the presence of other Directors
during the Year. Al the relevant Directors atended this meting.
董事及委员会成员的出席记录
各董事于本年度内召开的董事会及董事会委员会议以及
本公司的股东大会的出席记录载列于下表：
附注：
* 于2024年5月27日辞任
于2025年6月30日获委任为提名委员会的成员
除定期举行的董事会议外，主席于本年度内亦已与独立
非执行董事举行了一次没有其他董事出席的会议。所有
关董事均有出席此会议。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
DIRECTORS’ RESPONSIBILITY IN RESPECT OF THE FINANCIAL
STATEMENTS
The Directors acknowledge their responsibility for preparing the financial
statements of the Company for the Year.
The Board is responsible for presenting a balanced, clear and understandable
asesment of anual and interim reports, inside information anouncements
and other financial disclosures required under the Listing Rules and other
statutory and regulatory requirements.
The management has provided to the Board such explanation and information
as are necesary to enable the Board to cary out an informed asesment of the
Company’s financial statements, which are put to the Board for aproval.
The Directors are not aware of any material uncertainties relating to events
or conditions that may cast significant doubt upon the Company’s ability to
continue as a going concern.
COMPANY SECRETARY
Mr. Yeung Yuk Lun (“Mr. Yeung”) has ben apointed to suced Ms. Ng Yi Kum,
Estela as the Company Secretary with efect from 27 May 2024. During the
Year, Mr. Yeung had duly complied with the relevant training requirement under
Rule 3.29 of the Listing Rules.
AUDITOR’S REMUNERATION
The statement of the independent auditor of the Company about their reporting
responsibilities on the financial statements is set out in the section headed
“Independent Auditor’s Report” of this anual report.
The remuneration paid/payable to EY, the external auditor of the Company,
was aproximately HK$3,218,000 for audit services during the Year. No other
asurance services fe was paid/payable to EY. The remuneration paid/payable
to EY was aproximately HK$234,000 for non-asurance services during the
Year.
董事对财务报表的责任
董事确认知悉彼等须负责编制本公司本年度的财务报表。
董事会负责对年度及中期报告、内幕消息公告以及根据上
市规则及其他法定及监管规定需要的其他财务披露资料呈
列均衡、明确及容易理解的评估。
管理层已向董事会提供所需的说明及资料，从而令董事会
对提交董事会批准的本公司财务报表作出知情评估。
董事并不知悉任何事件或情况所引起的重大不明朗因素可
令本公司持续经营的能力存疑。
公司秘书
杨毓麟先生（「杨先生」）已获委任接替伍绮琴女士出任公司
秘书，自2024年5月27日起生效。于本年度内，杨先生已
遵守上市规则第3.29条项下的相关培训规定。
核数师酬金
本公司独立核数师对其就财务报表的申报责任的陈述载于
本年报「独立核数师报告书」一节。
本年度内已付╱应付予本公司外聘核数师安永会计师事务
所的审计服务酬金约为港币3,218,000元，并没有其他审计
服务费用已付╱应付予安永。而本年度内已付╱应付予安
永的非审计服务酬金约为港币234,000元。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
风险管理及内部监控
董事会确认知悉须负责监督本集团风险管理及内部监控系
统，并透过审核委员会至少每年检讨其成效。本集团之执
行管理人员及内审部获委派负责识别及评估本集团面对的
风险（包括环境、社会及管治风险），以及设计、运行及监
察一套有效的内部监控系统，其涵盖管治、合规、风险管
理、财务及经营监控。
风险管理过程包括风险识别、风险评估、风险管理措施以
及风险监控及审查。管理层获委派于其责任及权力范围内
识别、分析、评估、应对、监控及传达与任何活动、职务
或程序有关的风险。其致力参照预定可接纳风险水平与相
关风险水平作出评估及比较。就风险监控及监管而言，涉
及对有关可接纳风险及如何解决非可接纳者作出决定。如
发现任何重大风险，管理层或内审部会报告予审核委员会
及董事会。管理层及内审部确保本集团维持及运行一个有
效的风险管理系统以协助审核委员会及董事会管理及控制
该等风险。
内部监控系统的设计旨在提供合理，而非绝对保障，确保
营运效益及效率，从而达至既定公司目标、保障本集团财
产、提供可靠财务报告资料以及遵守适用法律及规例。系
统及程序的订立旨在识别、计量、管理及控制，而并非消
除不同业务及功能活动产生的不同风险。
RISK MANAGEMENT AND INTERNAL CONTROL
The Board acknowledges its responsibility for overseing the risk management
and internal control systems of the Group and reviewing their efectivenes at
least anualy through the Audit Comite. The Group’s executive management
and the IA Department have ben delegated the responsibility of identifying and
evaluating the risks faced by the Group (including ESG risks) and of designing,
operating and monitoring an efective internal control system that covers
governance, compliance, risk management, financial as wel as operational
control.
The risk management proces includes risk identification, risk evaluation,
risk management measures and risk control and review. The management is
delegated to identify, analyze, evaluate, respond, monitor and comunicate
risks asociated with any activity, function or proces within its scope of
responsibility and authority. It is endeavored to evaluate and compare the level
of risk against predetermined aceptable levels of risk. For risk control and
monitoring, it involves making decisions regarding which risks are aceptable
and how to adres those that are not. Any material risk identified by the
management or the IA Department wil be reported to the Audit Comite and
the Board. The management and the IA Department asist the Audit Comite
and the Board to manage and control such risks by ensuring an efective risk
management system is maintained and operated within the Group.
The internal control system is designed to provide reasonable, but not absolute,
asurance on the efectivenes and eficiency of operations in achieving the
established corporate objectives, safeguarding the Group’s asets, providing
reliable financial reporting information and complying with the aplicable
laws and regulations. Systems and procedures are also established to identify,
measure, manage and control, rather than eliminate, diferent risks arising from
diferent busines and functional activities.
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
内审部于加强本集团内部监控系统上担当重要角色，以循
环形式定期审核本集团所有主要营运项目，以协助董事会
决定内部监控系统是否维持有效运行，且符合既定程序及
准则。年度审核计划（包括年度审核目标及审核频率）乃按
内审部的独立风险评估制订，审核委员会于每个财政年度
年初讨论及通过该审核计划。如发现任何严重的风险或内
部监控缺失，内审部会与各有关部门主管讨论，议定行动
并作出跟进，以确保维持满意的监控。重大内部审核发现
均会呈交审核委员会审阅，而管理层会妥善跟进所有改进
措施，以确保该等改进措施在合理时间内执行。
另外，本集团已委任一间独立顾问公司，协助内审部并为
本集团提供专业内部审核服务。该委任旨在带领内审部，
加强其专业性及独立性。
本集团遵循证券及期货条例和上市规则的规定。本集团在
合理切实可行的情况下，会尽快向公众披露内幕消息，除
非有关消息属证券及期货条例下任何「安全港」条文的范围
内并符合条件。本集团在向公众全面披露有关消息前会确
保该消息绝对保密。
本集团已严格禁止未经授权使用机密或内幕消息及已就外
界查询本集团事务订立及执行回应程序，据此，只有执行
董事方获授权与本集团外部人士沟通。
The IA Department plays an important role in enhancing internal control
system of the Group. It asists the Board in determining whether sound internal
control system is maintained and operated in compliance with the established
proceses and standards by performing periodic audits over al major operations
of the Group, under a rotational cycle. An anual audit plan (comprising anual
audit focus and audit frequencies) is prepared based on the IA Department’s
independent risk asesment. Such work plan is discused and agred with
the Audit Comite at the begining of each financial year. If any material
risks or internal control defects are found, the IA Department wil discus with
respective department heads to have actions agred and subsequently folowed
up, in order to ensure that satisfactory controls are maintained. Major internal
audit findings wil be submited to the Audit Comite for review and al
improvement actions wil be properly folowed up by management to ensure
that they are implemented within a reasonable period of time.
In adition, the Group has engaged an independent consulting firm to asist the
IA Department to provide profesional internal audit services to the Group. Such
apointment aims to provide leadership to and enhance profesionalism and
independence of the IA Department.
The Group complies with the requirements of the SFO and the Listing Rules.
The Group wil disclose inside information to the public as son as reasonably
practicable unles the information fals within any of the “safe harbours”
provisions and satisfies the conditions under the SFO. Before the information is
fuly disclosed to the public, the Group wil ensure that the information is kept
strictly confidential.
The Group has strictly prohibited unauthorized use of confidential or inside
information and established and implemented procedures for responding to
external enquiries about the Group’s afairs, so that only the executive Directors
are authorized to comunicate with parties outside the Group.
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
董事会已透过审核委员会就本年度本集团风险管理及内部
监控系统的成效作年度检讨，其涵盖所有重大财务、经营
及合规监控，环境、社会及管治表现及报告，并认为本集
团的风险管理及内部监控系统有效及完善。于本年度内，
并无发现可能对股东造成影响的涉嫌重大违规情况或重大
关注事项。
本集团制定了举报政策和系统，让雇员和与本公司合作之
人士（例如客户和供应商）可以保密和匿名的方式举报任
何财务报告、内部监控或其他事项的不当、舞弊或违规行
为。审核委员会将确保作出适当安排以公平及独立地调查
可能的不当行为。
本集团致力于维持高标准的诚信和道德经营，制定了反贪
污政策和针对涉嫌贪污行为的举报机制，并已传达给本集
团所有员工和业务合作伙伴，就防止贪污、贿赂、洗黑钱
和恐怖分子资金筹集提供了明确的指引。环境、社会及管
治报告进一步披露了本集团如何促进及支持反贪污法律及
规例。
Through the Audit Comite, the Board has conducted anual review of the
efectivenes of the Group’s risk management and internal control systems for
the Year, covering al material financial, operational and compliance controls,
ESG performance and reporting and considered the Group’s risk management
and internal control systems to be efective and adequate. There were no
suspected material iregularities found or significant areas of concern identified
during the Year that might afect the Shareholders.
The Group has established a whistleblowing policy and system for employes
and those who deal with the Company, such as customers and supliers, to raise
concerns in confidence and anonymity that they may have regarding any act of
misconduct, malpractice, or iregularity in financial reporting, internal control or
other maters. The Audit Comite wil ensure that proper arangement is in
place for fair and independent investigation of the posible improprieties.
The Group is comited to maintaining a high standard of integrity and ethical
operation. Anti-coruption policy and reporting mechanism of suspected
coruption practices are in place and comunicated to al employes and
busines partners of the Group, which provide clear guidelines on preventing
coruption, bribery, money laundering and terorist financing. Further disclosure
on how the Group promotes and suports anti-coruption laws and regulations
is made in the ESG Report.
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
股东权利
股东召开股东特别大会（「股东特别大会」）之程
序
根据公司细则第58条及百慕达公司法，持有本公司附带
权利可于本公司股东大会投票之缴足股本不少于十分之一
(10%)之本公司登记股东（「股东特别大会呈请人」），可向本
公司之注册办事处（「注册办事处」）提交书面呈请，请求召
开股东特别大会。股东特别大会呈请人必须在其呈请中列
明股东特别大会之目的，而有关呈请必须由所有股东特别
大会呈请人签署，并可由若干相同格式之文件组成，各自
须经一名或以上股东特别大会呈请人签署。
本公司之股份登记处将核实股东特别大会呈请人提交之呈
请所列之股东特别大会呈请人资料。一经接获本公司之股
份登记处确认股东特别大会呈请人之呈请符合程序，公司
秘书将立即根据所有相关法定及监管规定向本公司之全体
登记股东发出充足通知并与董事会安排召开股东特别大
会。相反，倘股东特别大会呈请人之呈请经核实未有符合
程序，本公司将告知股东特别大会呈请人相关结果，而无
须按呈请要求召开股东特别大会。
倘董事会并无于股东特别大会呈请人递交呈请起计二十一
日内正式召开股东特别大会，则股东特别大会呈请人（或其
中代表全体呈请人总表决权半数以上之任何人士）可自行召
开股东特别大会，惟按此方式召开之任何股东特别大会须
于股东特别大会呈请人递交原呈请之日期起计三个月内举
行。股东特别大会呈请人依此召开之股东特别大会须尽可
能以接近本公司召开会议之方式召开。
SHAREHOLDERS’ RIGHTS
Procedures for shareholders to convene a Special General
Meting (“SGM”)
Pursuant to bye-law 58 of the Bye-laws and the Bermuda Companies Act,
registered shareholders of the Company holding not les than one-tenth (10%)
of the paid-up capital of the Company carying the right of voting at general
metings of the Company (“SGM Requisitionists”) can deposit a writen request
to convene a SGM at the registered ofice of the Company (the “Registered
Ofice”). The SGM Requisitionists must state in their request(s) the purposes of
the SGM and such request(s) must be signed by al the SGM Requisitionists and
may consist of several documents in like form, each signed by one or more of
the SGM Requisitionists.
The share registrars of the Company wil verify the SGM Requisitionists’
particulars in the SGM Requisitionists’ request. Promptly after confirmation from
the share registrars of the Company that the SGM Requisitionists’ request is in
order, the Company Secretary wil arange with the Board to convene a SGM
by serving suficient notice to al the registered shareholders of the Company
in acordance with al the relevant statutory and regulatory requirements. On
the contrary, if the SGM Requisitionists’ request is verified not in order, the SGM
Requisitionists wil be advised of the outcome and acordingly, a SGM wil not
be convened as requested.
The SGM Requisitionists, or any of them representing more than one-half of
the total voting rights of al of them, may themselves convene a SGM if within
twenty-one days of the deposit of the SGM Requisitionists’ request, the Board
does not proced to duly convene a SGM provided that any SGM so convened
is held within thre months from the date of the original SGM Requisitionists’
request. A SGM so convened by the SGM Requisitionists shal be convened in
the same maner, as nearly as posible, as that in which metings are to be
convened by the Company.
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
Procedures for shareholders to put forward proposals at a
general meting
Pursuant to the Bermuda Companies Act, either any number of the registered
shareholders of the Company holding not les than one-twentieth (5%) of the
paid-up capital of the Company carying the right of voting at general metings
of the Company (“Requisitionists”), or not les than 100 of such registered
shareholders, can request the Company in writing to (a) give to shareholders
of the Company entitled to receive notice of the next anual general meting
notice of any resolution which may properly be moved and is intended to be
moved at that meting; and (b) circulate to shareholders of the Company
entitled to have notice of any general meting any statement of not more than
1,000 words with respect to the mater refered to in any proposed resolution or
the busines to be dealt with at that meting.
The requisition signed by al the Requisitionists may consist of several
documents in like form, each signed by one or more of the Requisitionists; and
it must be deposited at the Registered Ofice with a sum reasonably suficient
to met the Company’s relevant expenses, not les than six weks before the
meting in case of a requisition requiring notice of a resolution or not les than
one wek before the meting in the case of any other requisition. Provided
that if an anual general meting is caled for a date six weks or les after the
requisition has ben deposited, the requisition though not deposited within the
time required shal be demed to have ben properly deposited for the purposes
thereof.
股东于股东大会上提呈议案之程序
根据百慕达公司法，持有本公司附带权利可于本公司股东
大会投票之缴足股本不少于二十分之一(5%)之本公司登记
股东（「呈请人」），或不少于100名有关登记股东，可向本
公司提交书面要求：(a)向有权接收下一届股东周年大会通
告之本公司股东发出通知，以告知任何可能于该大会上正
式动议及拟于会上动议之决议案；及(b)向有权获发送任何
股东大会通告之本公司股东传阅不超过1,000字之陈述书，
以告知于该大会上提呈之决议案所述事宜或将处理之事项。
由所有呈请人签署之呈请可由若干相同格式之文件组成，
各自须经一名或以上呈请人签署；且呈请须在不少于（倘为
要求决议案通知之呈请）大会举行前六周或（倘为任何其他
呈请）大会举行前一周，递交至注册办事处，并须支付足以
弥补本公司相关开支之款项。惟倘在递交呈请后六周或较
短期间内之某一日召开股东周年大会，则该呈请虽未有在
规定时间内递交，就此而言亦将被视为已妥为递交。
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
股东向董事会作出查询之程序
股东可随时透过公司秘书以书面形式将其查询及问题递交
董事会。公司秘书之联络详情如下：
公司秘书
谢瑞麟珠宝（国际）有限公司
香港九龙红磡民裕街30号
兴业工商大厦地下B座
电邮：enquiry@ tslj.com
股东亦可在本公司之股东大会上向董事会作出查询。
投资者关系
本公司已采纳股东通讯政策，旨在确保股东、有意投资者
以及报告及分析本公司表现的分析员均可同步并适时取得
全面且容易理解的本公司资料。本公司主要透过其网站、
财务报告、公告和其他公司通讯，以及股东大会和投资者
会议传达资讯。董事会主席以及审核委员会、薪酬委员会
及提名委员会主席均会出席股东大会回答股东提问。考虑
到相关的通讯渠道，董事会已于本年度内审阅股东通讯政
策的实施情况，并认为其仍然有效。
宪章文件
本公司的宪章文件载于本公司网站 ir.tslj.com 「企业管治」项
下之「组织章程大纲及公司细则」分节及联交所网站。于本
年度内，本公司的宪章文件并无任何变动。
Procedures for directing shareholders’ enquiries to the Board
Shareholders may at any time send their enquiries and concerns to the Board in
writing through the Company Secretary whose contact details are as folows:
The Company Secretary
Tse Sui Luen Jewelery (International) Limited
Ground Flor, Block B, Sumit Building
30 Man Yue Stret, Hunghom, Kowlon, Hong Kong
Email: enquiry@tslj.com
Shareholders may also make enquiries with the Board at the general metings of
the Company.
INVESTOR RELATIONS
The Company has adopted the Shareholders Comunication Policy with the
objective of ensuring that the Shareholders, potential investors as wel as
analysts reporting and analyzing the Company’s performance are provided with
ready, equal and timely aces to balanced and understandable information
about the Company. Information is comunicated mainly through the
Company’s website, financial reports, anouncements and other corporate
comunications as wel as general metings and investors’ metings. The
Chairman of the Board and the chairmen of the Audit Comite, Remuneration
Comite and Nomination Comite atend general metings to answer
Shareholders’ questions. Taking into acount of the comunication chanels
available, the Board has reviewed the implementation of the Shareholders
Comunication Policy during the Year and considered that it remains efective.
CONSTITUTIONAL DOCUMENTS
The Company’s constitutional documents have ben posted under the
sub-section “Memorandum of Asociation and Bye-laws” of “Corporate
Governance” section on the Company’s website at ir.tslj.com and the Stock
Exchange’s website. There are no changes in the constitutional documents of
the Company during the Year.
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
To the shareholders of Tse Sui Luen Jewelery (International) Limited
(Incorporated in Bermuda with limited liability)
Opinion
We have audited the consolidated financial statements of Tse Sui Luen Jewelery
(International) Limited (the “Company”) and its subsidiaries (the “Group”)
set out on pages 88 to 240, which comprise the consolidated statement of
financial position as at 31 March 2025, and the consolidated statement of profit
or los, the consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows
for the year then ended, and notes to the consolidated financial statements,
including material acounting policy information.
In our opinion, the consolidated financial statements give a true and fair view of
the consolidated financial position of the Group as at 31 March 2025, and of its
consolidated financial performance and its consolidated cash flows for the year
then ended in acordance with HKFRS Acounting Standards as isued by the
Hong Kong Institute of Certified Public Acountants (“HKICPA”) and have ben
properly prepared in compliance with the disclosure requirements of the Hong
Kong Companies Ordinance.
Basis for opinion
We conducted our audit in acordance with Hong Kong Standards on Auditing
(“HKSAs”) as isued by the HKICPA. Our responsibilities under those standards
are further described in the Auditor’s responsibilities for the audit of the
consolidated financial statements section of our report. We are independent
of the Group in acordance with the HKICPA’s Code of Ethics for Profesional
Acountants (the “Code”), and we have fulfiled our other ethical responsibilities
in acordance with the Code. We believe that the audit evidence we have
obtained is suficient and apropriate to provide a basis for our opinion.
致谢瑞麟珠宝（国际）有限公司全体股东
（于百慕达注册成立的有限公司）
意见
我们已审计列载于第88至240页的谢瑞麟珠宝（国际）有限
公司及其附属公司（以下统称「贵集团」）的综合财务报表，
此综合财务报表包括于2025年3月31日的综合财务状况表
与截至该日止年度的综合损益表及综合全面收入报表、综
合权益变动表和综合现金流量表，以及综合财务报表附
注，包括重大会计政策讯息。
我们认为，该等综合财务报表已根据香港会计师公会（「香
港会计师公会」）颁布的《香港财务报告准则会计准则》真实
而中肯地反映了 贵集团于2025年3月31日的综合财务状
况及截至该日止年度的综合财务表现及综合现金流量，并
已遵照香港《公司条例》的披露规定妥为拟备。
意见的基础
我们已根据香港会计师公会颁布的《香港审计准则》进行审
计。我们在该等准则下承担的责任已在本报告「核数师就审
计综合财务报表承担的责任」部分中作进一步阐述。根据香
港会计师公会颁布的《专业会计师道德守则》（以下简称「守
则」），我们独立于 贵集团，并已履行守则中的其他专业
道德责任。我们相信，我们所获得的审计凭证能充足及适
当地为我们的审计意见提供基础。
Ernst & Young
27/F, One Taiko Place
979 King’s Road
Quary Bay, Hong Kong
安永会计师事务所
香港鲗鱼涌英皇道979号
太古坊一座27楼
Tel 电话: +852 2846 9888
Fax 传真: +852 2868 4432
ey.com
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
独立核数师报告（续）
与持续经营相关的重大不确定性
我们提请注意综合财务报表附注2.1。该附注显示， 贵集团
于截至2025年3月31日止年度录得净亏损港币198,000,000
元，而截至2025年3月31日， 贵集团拥有现金及银行结余
（包括已抵押定期存款）港币188,000,000元，计息银行借
款总额为港币721,000,000元，其中港币678,000,000元被
分类为流动负债。此情况以及综合财务报表附注2.1所列的
其他事项显示存在重大不确定性，可能会对 贵集团持续
经营的能力产生重大疑问。我们对此无保留意见。
关键审计事项
关键审计事项是根据我们的专业判断，认为对本期综合财
务报表的审计最为重要的事项。这些事项是在对综合财务
报表整体进行审计并形成意见的背景下进行处理的，我们
不对这些事项提供单独的意见。我们对下述每一事项在审
计中是如何应对的描述也以此为背景。
我们已经履行了本报告「核数师就审计综合财务报表承担的
责任」部分阐述的责任，包括与这些关键审计事项相关的责
任。相应地，我们的审计工作包括执行为应对评估的综合
财务报表重大错误陈述风险而设计的审计程序。我们执行
审计程序的结果，包括应对下述关键审计事项所执行的程
序，为综合财务报表整体发表审计意见提供了基础。
Material uncertainty related to going concern
We draw atention to note 2.1 to the consolidated financial statements, which
indicates that the Group incured a los for the year of HK$198 milion during
the year ended 31 March 2025, and as of 31 March 2025 the Group had cash and
bank balances (including pledged time deposits) of HK$188 milion while total
interest-bearing bank borowings amounted to HK$721 milion, of which HK$678
milion was clasified as curent liabilities. These conditions, along with other
maters as set forth in note 2.1 to the consolidated financial statements, indicate
the existence of a material uncertainty which may cast significant doubt on the
Group’s ability to continue as a going concern. Our opinion is not modified in
respect of this mater.
Key audit maters
Key audit maters are those maters that, in our profesional judgement, were
of most significance in our audit of the consolidated financial statements of
the curent period. These maters were adresed in the context of our audit
of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these maters. For each
mater below, our description of how our audit adresed the mater is provided
in that context.
We have fulfiled the responsibilities described in the Auditor’s responsibilities
for the audit of the consolidated financial statements section of our report,
including in relation to these maters. Acordingly, our audit included the
performance of procedures designed to respond to our asesment of the risks
of material mistatement of the consolidated financial statements. The results
of our audit procedures, including the procedures performed to adres the
maters below, provide the basis for our audit opinion on the acompanying
consolidated financial statements.
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
独立核数师报告（续）
关键审计事项（续）Key audit maters (continued)
Key audit mater
关键审计事项
How our audit adresed the key audit mater
该事项在审计中是如何应对的
Impairment asesment of property, plant and equipment and right-of-use asets
物业、厂房及设备及使用权资产之减值评估
As at 31 March 2025, the Group recorded property, plant and equipment
and right-of-use asets amounting to HK$113 milion and HK$92 milion,
respectively. Management had performed impairment asesment on individual
cash-generating units and asets with impairment indicators and the Group
recorded impairment of property, plant and equipment and right-of-use asets
amounting to HK$17 milion and HK$43 milion, respectively, during the year to
write down the carying amounts of these asets to the recoverable amounts.
The recoverable amounts were determined based on the higher of fair value
les cost of disposal and value in use calculation. Management has estimated
the fair value les cost of disposal of certain properties with the asistance
of independent profesional valuers. For value in use calculation, significant
judgement is required to determine the value in use amounts based upon the
expected future cash flows from the aset or cash-generating unit estimated.
The estimation proces is highly based on asumptions, which are influenced
by projected future market and economic conditions.
于2025年3月31日， 贵集团确认物业、厂房及设备及使用权资产分别总值约为
港币113,000,000元及港币92,000,000元。管理层根据减值迹象进行个别现金
产生单位及资产之减值评估， 贵集团于本年度确认物业、厂房及设备及使用权
资产之减值分别为港币17,000,000元以及港币43,000,000元，令该资产之账面
值减至可收回款额。可收回款额乃根据公允价值减出售成本与使用价值计算中
的较高者厘定。管理层在独立专业估价师的协助下估计了若干物业的公允价值
减出售成本。就使用价值计算而言，确定使用价值需要重大判断，如根据资产
或现金产生单位所产生之预计将来现金流。估计过程受预期未来市场和经济条
件之假设高度影响。
The acounting policies and disclosures of the impairment of property, plant
and equipment and right-of-use asets are included in notes 2.4, 3, 14 and 16 to
the consolidated financial statements.
有关物业、厂房及设备及使用权资产之减值会计政策以及披露资料载于综合财
务报告附注2.4、3、14及16。
Our audit procedures included evaluating the Group’s
policies and procedures in identifying impairment
indicators and asesing management’s significant
asumptions adopted in the cash flow forecasts by
reviewing the Group’s busines plan and evaluating the
growth rate by comparing to market data. In adition,
we involved our internal valuation specialists to asist
us in asesing the fair value les cost of disposal of
certain properties, and asesing the methodology and
the discount rates used to determine the recoverable
amounts of the property, plant and equipment and right-
of-use asets. We also compared the cash flow forecasts
with historical data of the Group.
我们的审计程序包括评估 贵集团识别减值迹象之政策
及程序，以及审阅 贵集团业务计划以评估现金流预测
之重大判断，及比较市场数据来分析增长率。此外，我
们内部估值专家亦有协助我们分析若干物业的公允价值
减出售成本，及评估厘定物业、厂房及设备及使用权资
产之可收回款额之方法及贴现率。我们亦会用 贵集团
历史数据来比较现金流预测。
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
独立核数师报告（续）
关键审计事项（续）Key audit maters (continued)
Key audit mater
关键审计事项
How our audit adresed the key audit mater
该事项在审计中是如何应对的
Net realisable value of inventories
存货之可变现净值
As at 31 March 2025, the Group recorded inventories of aproximately HK$1,159
milion before provision for impairment of aproximately HK$115 milion. The
write-down of inventories to net realisable value is estimated by management
through the aplication of judgement and the use of highly subjective
asumptions. During the year ended 31 March 2025, a net reversal of provision
for impairment of inventories of aproximately HK$14 milion was credited
to the consolidated statement of profit or los based on management’s
asesment.
于2025年3月31日， 贵集团的存货约为港币1,159,000,000元，未计入存货拨备
约为港币115,000,000元。管理层透过判断和高度主观假设来估计撇销存货至可
变现净值。于截至2025年3月31日止年度，根据管理层作出的评估，计入综合
损益表内的存货拨备净额回拨金额约为港币14,000,000元。
The acounting policies and disclosures for the impairment provision on
inventories are included in notes 2.4, 3 and 7 to the consolidated financial
statements.
有关存货拨备的会计政策以及披露资料载于综合财务报告附注2.4、3及7。
Our audit procedures included reviewing the Group’s
procedures in identifying and valuing obsolete,
damaged, slow-moving, exces and other inventory
items whose costs may not be fuly recoverable;
evaluating inputs and asumptions used by the Group in
calculating the impairment; and asesing the adequacy
of the impairment recorded by reviewing subsequent
sales after the year end and comparing with historical
sales records.
我们的审计程序包括审阅 贵集团对于识别和量度陈
旧、损毁、滞销、过剩以及其他未能全部收回成本之存
货的程序，评估 贵集团计算减值时所用的数据和假
设；以及审阅年末后销售及与历史销售纪录作出比较，
来评估已入账减值之足够性。
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
独立核数师报告（续）
Other information included in the Anual Report
The directors of the Company are responsible for the other information. The
other information comprises the information included in the Anual Report,
other than the consolidated financial statements and our auditor’s report
thereon.
Our opinion on the consolidated financial statements does not cover the other
information and we do not expres any form of asurance conclusion thereon.
In conection with our audit of the consolidated financial statements, our
responsibility is to read the other information and, in doing so, consider whether
the other information is materialy inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or otherwise apears to be
materialy mistated. If, based on the work we have performed, we conclude
that there is a material mistatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the consolidated financial
statements
The directors of the Company are responsible for the preparation of the
consolidated financial statements that give a true and fair view in acordance
with HKFRS Acounting Standards as isued by the HKICPA and the disclosure
requirements of the Hong Kong Companies Ordinance, and for such internal
control as the directors determine is necesary to enable the preparation of
consolidated financial statements that are fre from material mistatement,
whether due to fraud or eror.
In preparing the consolidated financial statements, the directors of the Company
are responsible for asesing the Group’s ability to continue as a going concern,
disclosing, as aplicable, maters related to going concern and using the going
concern basis of acounting unles the directors of the Company either intend
to liquidate the Group or to cease operations or have no realistic alternative but
to do so.
The directors of the Company are asisted by the Audit Comite in
discharging their responsibilities for overseing the Group’s financial reporting
proces.
刊载于年度报告内其他信息
董事需对其他信息负责。其他信息包括刊载于年度报告内
的信息，但不包括综合财务报表及我们的核数师报告。
我们对综合财务报表的意见并不涵盖其他信息，我们亦不
对该等其他信息发表任何形式的鉴证结论。
结合我们对综合财务报表的审计，我们的责任是阅读其他
信息，在此过程中，考虑其他信息是否与综合财务报表或
我们在审计过程中所了解的情况存在重大抵触或者似乎存
在重大错误陈述的情况。基于我们已执行的工作，如果我
们认为其他信息存在重大错误陈述，我们需要报告该事
实。在这方面，我们没有任何报告。
董事就综合财务报表须承担的责任
董事须负责根据香港会计师公会颁布的香港财务报告准则
会计准则及香港公司条例的披露规定拟备真实而公允的综
合财务报表，并对其认为使综合财务报表的拟备不存在
由于欺诈或错误而导致的重大错误陈述所需的内部控制负
责。
在拟备综合财务报表时，董事负责评估 贵集团持续经营
的能力，并在适用情况下披露与持续经营有关的事项，以
及使用持续经营为会计基础，除非董事有意将 贵集团清
盘或停止经营，或别无其他实际的替代方案。
审计委员会协助董事履行职责，监督 贵集团的财务报告
过程。
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
独立核数师报告（续）
Auditor’s responsibilities for the audit of the consolidated
financial statements
Our objectives are to obtain reasonable asurance about whether the
consolidated financial statements as a whole are fre from material
mistatement, whether due to fraud or eror, and to isue an auditor’s report
that includes our opinion. Our report is made solely to you, as a body, in
acordance with section 90 of the Bermuda Companies Act 1981, and for no
other purpose. We do not asume responsibility towards or acept liability to
any other person for the contents of this report.
Reasonable asurance is a high level of asurance, but is not a guarante that
an audit conducted in acordance with HKSAs wil always detect a material
mistatement when it exists. Mistatements can arise from fraud or eror and are
considered material if, individualy or in the agregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of
these consolidated financial statements.
As part of an audit in acordance with HKSAs, we exercise profesional
judgement and maintain profesional scepticism throughout the audit. We also:
• Identify and ases the risks of material mistatement of the consolidated
financial statements, whether due to fraud or eror, design and perform
audit procedures responsive to those risks, and obtain audit evidence that
is suficient and apropriate to provide a basis for our opinion. The risk
of not detecting a material mistatement resulting from fraud is higher
than for one resulting from eror, as fraud may involve colusion, forgery,
intentional omisions, misrepresentations, or the overide of internal
control.
• Obtain an understanding of internal control relevant to the audit in order
to design audit procedures that are apropriate in the circumstances, but
not for the purpose of expresing an opinion on the efectivenes of the
Group’s internal control.
核数师就审计综合财务报表承担的责任
我们的目标，是对综合财务报表整体是否不存在由于欺诈
或错误而导致的重大错误陈述取得合理保证，并出具包括
我们意见的核数师报告。我们遵照百慕达一九八一年公司
法第90条仅对全体成员作出报告，除此以外，本报告并无
其他用途。我们不会就核数师报告的内容向任何其他人士
负上或承担任何责任。
合理保证是高水平的保证，但不能保证按照《香港审计准
则》进行的审计，在某一重大错误陈述存在时总能发现。错
误陈述可以由欺诈或错误引起，如果合理预期它们单独或
汇总起来可能影响综合财务报表使用者依赖综合财务报表
所作出的经济决定，则有关的错误陈述可被视作重大。
在根据《香港审计准则》进行审计的过程中，我们运用了专
业判断，保持了专业怀疑态度。我们亦：
• 识别和评估由于欺诈或错误而导致综合财务报表存
在重大错误陈述的风险，设计及执行审计程序以
应对这些风险，以及获取充足和适当的审计凭证，
作为我们意见的基础。由于欺诈可能涉及串谋、伪
造、蓄意遗漏、虚假陈述，或凌驾于内部控制之
上，因此未能发现因欺诈而导致的重大错误陈述的
风险高于未能发现因错误而导致的重大错误陈述的
风险。
- ，以设计适当的审计程
序，但目的并非对 贵集团内部控制的有效性发表
意见。
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
独立核数师报告（续）
核数师就审计综合财务报表承担的责任（续）
• 评价董事所采用会计政策的恰当性及作出会计估计
和相关披露的合理性。
- 。
根据所获取的审计凭证，确定是否存在与事项或情
况有关的重大不确定性，从而可能导致对 贵集团
的持续经营能力产生重大疑虑。如果我们认为存在
重大不确定性，则有必要在核数师报告中提请使用
者注意综合财务报中的相关披露。假若有关的披露
不足，则我们应当发表非无保留意见。我们的结论
是基于核数师报告日止所取得的审计凭证。然而，
未来事项或情况可能导致 贵集团不能持续经营。
- 、结构和内容，
包括披露，以及综合财务报表是否中肯反映交易和
事项。
• 计划及执行集团审计以就 贵集团内实体或业务单
位的财务信息获取充足、适当的审计凭证，作为对
综合财务报表形成意见的基础。我们负责指导、监
督和覆核就集团审计目的而执行的审计工作。我们
为审计意见承担全部责任。
Auditor’s responsibilities for the audit of the consolidated
financial statements (continued)
• Evaluate the apropriatenes of acounting policies used and the
reasonablenes of acounting estimates and related disclosures made by
the directors.
- ’ use of the going
concern basis of acounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required
to draw atention in our auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Group to cease to continue as a going concern.
- , structure and content of the
consolidated financial statements, including the disclosures, and
whether the consolidated financial statements represent the underlying
transactions and events in a maner that achieves fair presentation.
• Plan and perform the group audit to obtain suficient apropriate
audit evidence regarding the financial information of the entities or
busines units within the Group as a basis for forming an opinion on the
consolidated financial statements. We are responsible for the direction,
supervision and review of the audit work performed for the purposes of
the group audit. We remain solely responsible for our audit opinion.
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
独立核数师报告（续）
Auditor’s responsibilities for the audit of the consolidated
financial statements (continued)
We comunicate with the Audit Comite regarding, among other maters,
the planed scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during
our audit.
We also provide the Audit Comite with a statement that we have complied
with relevant ethical requirements regarding independence and to comunicate
with them al relationships and other maters that may reasonably be thought
to bear on our independence, and where aplicable, actions taken to eliminate
threats or safeguards aplied.
From the maters comunicated with the Audit Comite, we determine those
maters that were of most significance in the audit of the consolidated financial
statements of the curent period and are therefore the key audit maters. We
describe these maters in our auditor’s report unles law or regulation precludes
public disclosure about the mater or when, in extremely rare circumstances, we
determine that a mater should not be comunicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh
the public interest benefits of such comunication.
The engagement partner on the audit resulting in this independent auditor’s
report is Lai Ho Yin (practising certificate number: P06765).
Ernst & Young
Certified Public Acountants
Hong Kong
30 June 2025
核数师就审计综合财务报表承担的责任（续）
除其他事项外，我们与审计委员会沟通了计划的审计范
围、时间安排、重大审计发现等，包括我们在审计中识别
出内部控制的任何重大缺陷。
我们还向审计委员会提交声明，说明我们已符合有关独立
性的相关专业道德要求，并与他们沟通有可能合理地被认
为会影响我们独立性的所有关系和其他事项，以及在适用
的情况下，相关的防范措施。
从与审计委员会沟通的事项中，我们确定哪些事项对本期
综合财务报表的审计最为重要，因而构成关键审计事项。
我们在核数师报告中描述这些事项，除非法律法规不允许
公开披露这些事项，或在极端罕见的情况下，如果合理预
期在我们报告中沟通某事项造成的负面后果超过产生的公
众利益，我们决定不应在报告中沟通该事项。
出具本独立核数师报告的审计项目合伙人是黎浩贤（执业证
书编号：P06765)。
安永会计师事务所
执业会计师
香港
2025年6月30日
| 2025 2025年 HK$’000 港币千元 1,712,297 (1,128,784) | ||||
|---|---|---|---|---|
| 583,513 2,137 (524,091) (153,783) | ||||
| LOSS FROM OPERATIONS | 经营亏损 | (92,224) | (256,929) | |
| (73,915) | ||||
| LOSS BEFORE TAX | 除税前亏损 | 7 | (166,139) | (347,822) |
| (31,660) | ||||
| LOSS FOR THE YEAR | 本年度亏损 | (197,799) | (374,346) | |
| (197,752) (47) | ||||
| (197,799) | ||||
| LOSS PER SHARE ATTRIBUTABLE TO | 本公司拥有人应占 | |||
| OWNERS OF THE COMPANY | 每股亏损 | |||
| 79.4 | ||||
CONSOLIDATED STATEMENT OF PROFIT OR LOS
综合损益表
| 2025 2025年 HK$’000 港币千元 | ||||
|---|---|---|---|---|
| LOSS FOR THE YEAR | 本年度亏损 | (197,799) | (374,346) | |
| OTHER COMPREHENSIVE INCOME/ (LOSS) | 其他全面收入╱（亏损） | |||
| – 2,097 (346) | ||||
| 1,751 | ||||
| (3,692) | ||||
| (3,692) | ||||
| OTHER COMPREHENSIVE (LOSS)/ INCOME FOR THE YEAR, NET OF TAX | 本年度其他全面（亏损）╱收入， 扣除税项 | (1,941) | 33,844 | |
| TOTAL COMPREHENSIVE LOSS FOR THE YEAR | 本年度全面亏损总额 | (199,740) | (340,502) | |
| (199,700) (40) | ||||
| (199,740) | ||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
综合全面收益报表
| 2025 2025年 HK$’000 港币千元 | ||||
|---|---|---|---|---|
| NON-CURRENT ASSETS | 非流动资产 | |||
| 112,959 140,117 92,491 99 500 10,357 10,702 | ||||
| 367,225 | ||||
| CURRENT ASSETS | 流动资产 | |||
| 1,044,023 38,188 42,475 2,599 58,309 129,378 | ||||
| 1,314,972 | ||||
| CURRENT LIABILITIES | 流动负债 | |||
| (307,866) (188,770) (10,963) (677,503) (49,069) (2,133) | ||||
| (1,236,304) | ||||
| 78,668 | ||||
| 445,893 | ||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况报表
| 2025 2025年 HK$’000 港币千元 | ||||
|---|---|---|---|---|
| NON-CURRENT LIABILITIES | 非流动负债 | |||
| (1,261) (43,168) (1,326) (25,348) (21,568) | ||||
| (92,671) | ||||
| NET ASSETS | 资产净值 | 353,222 | 552,962 | |
| (62,296) (291,729) | ||||
| (354,025) 803 | ||||
| (353,222) | ||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
综合财务状况报表（续）
Aproved and authorised for isue by the board of directors on 30 June 2025.
Yau On Ye, Anie, JP 邱安仪（太平绅士）)Director 董事
)
)
)
董事会于2025年6月30日核准并许可刊发。
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
综合权益变动表
Year ended 31 March 2024Atributable to owners of the Company
截至2024年3月31日止年度本公司拥有人应占
Isued
capital
Share
premium
Capital
and other
reserves
Retained
profitsTotal
Non-
controling
interests
Total
equity
已发行股本股份溢价
资本及
其他储备保留盈利合共非控股权益权益总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元
(note 29)
(note 39
(c)(i)
(note 39
(c)(i)
（附注29）
（附注39
(c)(i)
（附注39
(c)(i)）
At 1 April 2023于2023年4月1日62,296122,011169,246540,505894,058(594)893,464
Los for the year本年度亏损–(374,198)(374,198)(148)(374,346)
Other comprehensive
income/(los) for the year:
本年度其他全面
收入╱（亏损）：
Exchange diferences on
translation of foreign operations
换算海外业务的汇兑差额
–(51,690)–(51,690)(21)(51,711)
Gain on property revaluation 物业重估之收益–85,141–85,141–85,141
Remeasurement gain on defined
benefit plan, net of tax
界定福利计划的重估收益，
扣除税项–414414–414
Total comprehensive
income/(los) for the year
本年度全面收入╱（亏损）
总额–33,451(373,784)(340,333)(169)(340,502)
At 31 March 2024于2024年3月31日62,296122,011202,697166,721*553,725(763)552,962
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
综合权益变动表（续）
Year ended 31 March 2025Atributable to owners of the Company
截至2025年3月31日止年度本公司拥有人应占
Isued
capital
Share
premium
Capital
and other
reserves
Retained
profits/
(acumulated
loses)Total
Non-
controling
interests
Total
equity
已发行股本股份溢价
资本及
其他储备
保留盈利╱
（累积亏损）合共非控股权益权益总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元
(note 29)
(note 39
(c)(i)
(note 39
(c)(i)
（附注29）
（附注39
(c)(i)
（附注39
(c)(i)）
At 1 April 2024于2024年4月1日62,296122,011202,697166,721553,725(763)552,962
Los for the year本年度亏损–(197,752)(197,752)(47)(197,799)
Other comprehensive
income/(los) for the year:
本年度其他全面
收入╱（亏损）：
Exchange diferences on
translation of foreign operations
换算海外业务的汇兑差额
–(3,699)–(3,699)7(3,692)
Remeasurement gain on defined
benefit plan, net of tax
界定福利计划的重估收益，
扣除税项–1,7511,751–1,751
Total comprehensive
los for the year
本年度全面亏损
总额–(3,699)(196,001)(199,700)(40)(199,740)
At 31 March 2025于2025年3月31日62,296122,011198,998(29,280)*354,025(803)353,222
- $291,729,000
(31 March 2024: HK$491,429,000) in the consolidated statement of financial
position.
* 此等储备账目组成综合财务状况表之综合储备港币
291,729,000元（2024年3月31日：港币491,429,000元）。
| 2025 2025年 HK$’000 港币千元 | ||||
|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | 经营业务之现金流量 | |||
| (166,139) 73,915 (1,378) 2,296 28,625 53,798 (9,537) (971) – 16,651 42,549 11,793 (13,661) 1,737 | ||||
| 39,678 | ||||
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
| 2025 2025年 HK$’000 港币千元 218,258 39,712 37,142 (29,375) (41,681) 16 | ||||
|---|---|---|---|---|
| 263,750 2,497 (23,125) (6,438) | ||||
| 236,684 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | 投资活动之现金流量 | |||
| 1,378 234,121 (26,402) 3,680 | ||||
| 212,777 | ||||
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
综合现金流量表（续）
| 2025 2025年 HK$’000 港币千元 | ||||
|---|---|---|---|---|
| CASH FLOWS FROM FINANCING ACTIVITIES | 融资活动之现金流量 | |||
| 7,809 (347,347) 9,226 (16,185) (87,033) (67,477) | ||||
| (501,007) | ||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | 现金及现金等价物之减少净额 | (51,546) | (158,568) | |
| 179,967 957 | ||||
| CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 于年终之现金及现金等价物 | 129,378 | 179,967 | |
| ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS | 现金及现金等价物结存分析 | |||
| 129,378 | ||||
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
综合现金流量表（续）
NOTES TO THE FINANCIAL STATEMENTS
财务报表附注
1. CORPORATE AND GROUP INFORMATION
Tse Sui Luen Jewelery (International) Limited (the “Company”) is a
limited liability company incorporated in Bermuda. The registered ofice
of the Company is located at Penthouse level, 5 Reid Stret, Hamilton HM
11, Bermuda. The principal place of busines of the Company is located at
Ground Flor, Block B, Sumit Building, 30 Man Yue Stret, Hunghom,
Kowlon, Hong Kong.
The principal activities of the Group are the manufacture, sale and
marketing of jewelery products and the provision of services.
In the opinion of the directors, the imediate holding company is Partner
Logistics Limited, which is incorporated in the British Virgin Islands
(“BVI”), and the ultimate holding company is Blink Technology Limited,
which is incorporated in the BVI, and the ultimate controling party is Mr.
Tse Tat Fung, Tomy (“Mr. Tomy Tse”).
Information about subsidiaries
Particulars of the Company’s principal subsidiaries are as folows:
Name
名称
Place of incorporation/
registration and busines
名称成立╱注册
及营业地点
Isued ordinary/
registered share capital
已发行普通╱
注册股本
Percentage of equity
atributable to the
Company
本公司所占
股权百分比
Principal activities
主要业务
DirectIndirect
直接间接
TSL Investment (B.V.I.) LimitedBVIHK$1,000100–Investment holding
英属处女群岛港币1,000元投资控股
Ankene Jewelry Co. LimitedHong KongHK$1–100Jewelery trading
翰特珠宝有限公司香港币1元珠宝贸易
Beijing Tse Sui Luen Jewelery Company Limited
#
*
北京谢瑞麟珠宝有限公司*
The People’s Republic of
China (“PRC”)
中华人民共和国（「中国」）
United States dolars
(“US$”) 2,000,000
2,000,000美元
–100Jewelery
manufacturing and
trading
珠宝制造及贸易
1. 公司及集团资料
谢瑞麟珠宝（国际）有限公司（「本公司」）乃于百慕
达注册成立之有限责任公司。本公司之注册办事处
位于Penthouse level, 5 Reid Stret, Hamilton HM 11,
Bermuda。本公司之主要办事处为香港九龙红磡民
裕街30号兴业工商大厦地下B座。
本集团之主要业务为制造，销售，推广珠宝产品及
提供服务。
董事认为，于英属处女群岛成立的Partner Logistics
Limited为直属控股公司，最终控股公司为于英属处
女群岛注册成立的Blink Technology Limited，而最
终控股人士为谢达峰先生。
附属公司之资料
本公司主要附属公司之详情如下：
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
Name
名称
Place of incorporation/
registration and busines
名称成立╱注册
及营业地点
Isued ordinary/
registered share capital
已发行普通╱
注册股本
Percentage of equity
atributable to the
Company
本公司所占
股权百分比
Principal activities
主要业务
DirectIndirect
直接间接
Concepts Management (H.K.) Limited
创念管理（香港）有限公司
Hong Kong
香港
HK$1
港币1元
–100Trademarks holding
and investment in
trademarks
持有商标及投资商标
Edwine Jewelery Company Limited
艾维珠宝有限公司
Hong Kong
香港
HK$1,000
港币1,000元
–100Investment holding and
provision of advisory
services
投资控股及提供咨询服
务
Excelent Ford Development LimitedHong KongHK$10,000–100Jewelery trading
福锐发展有限公司香港币10,000元珠宝贸易
Gold Fast Investment LimitedHong KongHK$1–100Investment holding
金菲投资有限公司香港币1元投资控股
Guangzhou Tai Yi Trading Company Limited
#
*PRCHK$8,000,000–100Jewelery trading
广州泰亿商贸有限公司*中国港币8,000,000元珠宝贸易
Guangzhou Xi Yun Jewelery Company Limited
#
PRCRMB2,000,000–100Jewelery retailing
广州禧云珠宝有限公司中国人民币2,000,000元珠宝零售
Guangzhou Xiang Yun Jewelery Company Limited
#
PRC
中国
RMB3,000,000
人民币3,000,000元
–100Jewelery trading
珠宝贸易广州祥云珠宝有限公司
1. CORPORATE AND GROUP INFORMATION (CONTINUED)
Information about subsidiaries (continued)
Particulars of the Company’s principal subsidiaries are as folows:
(continued)
- （续）
附属公司之资料（续）
本公司主要附属公司之详情如下：（续）
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
Name
名称
Place of incorporation/
registration and busines
名称成立╱注册
及营业地点
Isued ordinary/
registered share capital
已发行普通╱
注册股本
Percentage of equity
atributable to the
Company
本公司所占
股权百分比
Principal activities
主要业务
DirectIndirect
直接间接
Infinite Asets Corp.BVIHK$277,254–100Investment holding
英属处女群岛港币277,254元投资控股
Liberty Mark LimitedBVIUS$1–100Investment holding
英属处女群岛1美元投资控股
Richfun Enterprises LimitedHong KongHK$1–100Investment holding
丰乐企业有限公司香港币1元投资控股
Shanghai Fu Yun Jewelery Company Limited
#
*PRCRMB1,000,000–100Jewelery retailing
上海福云珠宝有限公司*中国人民币1,000,000元珠宝零售
Shenzhen Qianhai Tse Sui Luen Logistic Company
Limited
#
PRC
中国
RMB100,000
人民币100,000元
–100Logistics and suply
chain management
深圳前海谢瑞麟物流有限公司物流及供应炼管理
Tse Sui Luen Jewelery Company Limited (“TSLJ”)
#
谢瑞麟珠宝有限公司（「谢瑞麟珠宝」）
#
Hong Kong
香港
HK$83,556,090
港币83,556,090元
–100Jewelery trading and
retailing
珠宝贸易及零售
Tse Sui Luen (Guangzhou) Jewelery Company
Limited
#
*
谢瑞麟（广州）珠宝有限公司*
PRC
中国
HK$21,000,000
港币21,000,000元
–100Manufacture and
distribution of
jewelery and
franchising
珠宝制造、分销及加盟
业务
1. CORPORATE AND GROUP INFORMATION (CONTINUED)
Information about subsidiaries (continued)
Particulars of the Company’s principal subsidiaries are as folows:
(continued)
- （续）
附属公司之资料（续）
本公司主要附属公司之详情如下：（续）
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
Name
名称
Place of incorporation/
registration and busines
名称成立╱注册
及营业地点
Isued ordinary/
registered share capital
已发行普通╱
注册股本
Percentage of equity
atributable to the
Company
本公司所占
股权百分比
Principal activities
主要业务
DirectIndirect
直接间接
Tse Sui Luen Investment (China) LimitedBVIUS$6,863–100Investment holding
谢瑞麟投资（中国）有限公司英属处女群岛6,863美元投资控股
Tse Sui Luen Jewelery (China) Limited
#
Hong KongHK$201,000–100Property holding
谢瑞麟珠宝金行（中国）有限公司（「谢瑞麟中国」）
#
香港币201,000元持有物业
Tse Sui Luen Jewelery Retailing Sdn. Bhd.Malaysia
马来西亚
Malaysian Ringits
3,300,000
–100Jewelery retailing
珠宝零售
马来西亚零吉3,300,000元
Tse Sui Luen (Hainan) Jewelery Limited
#
▲
谢瑞麟（海南）珠宝有限公司
▲
PRC
中国
RMB1,000,000
人民币1,000,000元
–100No busines
comenced yet
暂时未开始营运
Tse Sui Luen (Shanghai) Comercial Consultancy
Limited
#
PRC
中国
RMB500,000
人民币500,000元
–100Cash management
service
谢瑞麟（上海）商务咨询有限公司现金管理服务
Tse Sui Luen (Shenzhen) Jewelery Company
Limited
#
*
谢瑞麟（深圳）珠宝有限公司*
PRC
中国
HK$12,500,000
港币12,500,000元
–100Manufacture and
distribution of
jewelery
珠宝制造及分销
Tse Sui Luen (Shenzhen) Trading Limited
#
PRCRMB1,000,000–100Jewelery trading
谢瑞麟（深圳）商贸有限公司中国人民币1,000,000元珠宝贸易
TSL Jewelery (Export) Company Limited
谢瑞麟珠宝（出口）有限公司
Hong Kong
香港
HK$19,824,775
港币19,824,775元
–100Jewelery trading and
retailing
珠宝贸易及零售
1. CORPORATE AND GROUP INFORMATION (CONTINUED)
Information about subsidiaries (continued)
Particulars of the Company’s principal subsidiaries are as folows:
(continued)
- （续）
附属公司之资料（续）
本公司主要附属公司之详情如下：（续）
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
Name
名称
Place of incorporation/
registration and busines
名称成立╱注册
及营业地点
Isued ordinary/
registered share capital
已发行普通╱
注册股本
Percentage of equity
atributable to the
Company
本公司所占
股权百分比
Principal activities
主要业务
DirectIndirect
直接间接
TSL Jewelery (Macau) Limited
TSL珠宝（澳门）有限公司
Macau
澳门
Macau Pataca
(“MOP”) 100,000
–100Jewelery retailing
珠宝零售
澳门币100,000元
TSL Jewelery Retailing (Macau) LimitedMacauMOP100,000–100Jewelery retailing
TSL珠宝零售（澳门）限公司澳门澳门币100,000元珠宝零售
TSL Jewelery Comercial (Macau) LimitedMacauMOP100,000–100Jewelery retailing
TSL珠宝商业（澳门）限公司澳门澳门币100,000元珠宝零售
TSL Jewelery (H.K.) Co. Limited
谢瑞麟珠宝（香港）有限公司
Hong Kong
香港
HK$42,000,390
港币42,000,390元
–100Jewelery retailing,
trademarks holding,
investment in
trademarks and
management and
administrative
services
珠宝零售、商标持有、
商标投资及管理及行
政服务
TSL Management Services Limited
谢瑞麟管理服务有限公司
Hong Kong
香港
HK$2
港币2元
–100Management and
administrative
services
管理及行政服务
1. CORPORATE AND GROUP INFORMATION (CONTINUED)
Information about subsidiaries (continued)
Particulars of the Company’s principal subsidiaries are as folows:
(continued)
- （续）
附属公司之资料（续）
本公司主要附属公司之详情如下：（续）
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
Name
名称
Place of incorporation/
registration and busines
名称成立╱注册
及营业地点
Isued ordinary/
registered share capital
已发行普通╱
注册股本
Percentage of equity
atributable to the
Company
本公司所占
股权百分比
Principal activities
主要业务
DirectIndirect
直接间接
TSL Manufacturing and Distribution Limited
谢瑞麟制造及分销有限公司
Hong Kong
香港
HK$67,000,000
港币67,000,000元
–100Investment holding,
procurement,
manufacture and
distribution of
jewelery
投资控股、采购、制造
及分销珠宝
TSL Properties Management Limited
谢瑞麟物业管理有限公司
Hong Kong
香港
HK$1,000
港币1,000元
–100Property holding and
investment
持有物业及投资
TSL Trading LimitedHong KongHK$1–100Property holding
香港币1元持有物业
TSLJ Kabushiki Kaisha*
TSLJ株式会社*
Japan
日本
Japanese Yen
75,000,000
–96.5Jewelery retailing and
wholesales
75,000,000日元珠宝零售及批发
1. CORPORATE AND GROUP INFORMATION (CONTINUED)
Information about subsidiaries (continued)
Particulars of the Company’s principal subsidiaries are as folows:
(continued)
- （续）
附属公司之资料（续）
本公司主要附属公司之详情如下：（续）
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
1. CORPORATE AND GROUP INFORMATION (CONTINUED)
Information about subsidiaries (continued)
Particulars of the Company’s principal subsidiaries are as folows:
(continued)
#
Unoficial translation
#
In adition to the ordinary shares of HK$46,982,090, the isued defered
share capital of TSLJ is HK$36,574,000
#
In adition to the ordinary shares of HK$1,000, the isued defered share
capital of Tse Sui Luen Jewelery (China) Limited is HK$200,000
* Registered under the laws of the PRC as a foreign enterprise
Registered under the laws of the PRC as a limited liability company
* Registered under the laws of Japan as a limited liability company
▲
Deregistered on 30 May 2025
The above table lists the subsidiaries of the Company which, in the opinion
of the directors, principaly afected the results for the year or formed a
substantial portion of the net asets of the Group. To give details of other
subsidiaries would, in the opinion of the directors, result in particulars of
excesive length.
- （续）
附属公司之资料（续）
本公司主要附属公司之详情如下：（续）
#
非正式译名
#
除普通股的港币46,982,090元外，谢瑞麟珠宝之
递延股本为港币36,574,000元
#
除普通股的港币1,000元外，谢瑞麟中国之递延
股本为港币200,000元
* 根据中国法律注册为外资企业
根据中国法律注册为有限责任公司
*
根据日本法律注册为有限责任公司
▲
于2025年5月30日注销登记
董事认为上表所列出本公司之附属公司为主要影响
本年度业绩或构成本集团净资产主要部分的公司。
董事认为提供其他附属公司之详情将导致篇幅过长。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES
2.1 BASIS OF PREPARATION
These financial statements have ben prepared in acordance
with HKFRS Acounting Standards (which include al Hong Kong
Financial Reporting Standards, Hong Kong Acounting Standards
(“HKASs”) and Interpretations) as isued by the Hong Kong Institute
of Certified Public Acountants (“HKICPA”) and the disclosure
requirements of the Hong Kong Companies Ordinance. They have
ben prepared under the historical cost convention, except for
investment properties and gold loan which have ben measured at
fair value. These financial statements are presented in Hong Kong
dolars (“HK$”) and al values are rounded to the nearest thousand
except when otherwise indicated.
Going concern
The Group incured a los for the year of HK$198 milion during
the year ended 31 March 2025, and as of 31 March 2025 the Group
had cash and bank balances (including pledged time deposits)
of HK$188 milion while total interest-bearing bank borowings
amounted to HK$721 milion of which HK$678 milion was clasified
as curent liabilities. The jewelery industry has continued to
experience a downward trend mainly contributed by significant
decline in consumer demand for natural diamond jewelery
especialy in the Mainland market. Further, the Group also breached
certain financial covenants for some of its bank borowings and
banking facilities for which waivers from the related banks were
obtained before the end of the financial reporting period.
Subsequent to the end of the reporting period, the related banks
have extended the maturity date of a principal instalment of HK$36
milion from mid-May 2025 to mid-June 2025. The Group has repaid
the principal instalment acording to the revised timeline.
2. 会计政策
2.1 编制基准
此等财务报表乃按照香港会计师公会颁布的香
港财务报告准则会计准则（包括所有香港财务
报告准则、香港会计准则及诠释）及香港公司
条例披露要求规定而编制。除以公允价值计量
之投资物业及黄金贷款外，此等财务报表皆按
历史成本常规法编制。此等财务报表以港元呈
报，除特别说明，所有价值均调整至最接近的
千位数。
持续经营
于本年度，本集团录得港币198,000,000元
亏损。截至2025年3月31日，集团的现金
及银行结余（包括已抵押定期存款）为港币
188,000,000元，而计息银行贷款总额为港币
721,000,000元，其中港币678,000,000元被
分类为流动负债。珠宝行业持续呈下滑趋势，
主要是由于消费者对天然钻石珠宝的需求大幅
下降，尤其是内地市场。另外，本集团亦违反
部分银行借贷及银行融资借贷的若干财务契
诺，然而财务报告期结束前已获得银行豁免。
于本财务报告期后，相关银行已将一笔本金为
港币36,000,000元之分期还款到期日从2025
年5月中旬延至2025年6月中旬。本集团已按
修订后之还款时间表偿付该笔分期本金。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.1 BASIS OF PREPARATION (continued)
Going concern (continued)
In view of the above circumstances, the directors of the Company
have given careful consideration to the future liquidity and
performance of the Group and its available sources of finance in
asesing whether the Group wil have suficient financial resources
to continue as a going concern. The folowing plans and measures
have ben undertaken to mitigate the liquidity presure and to
improve the financial position of the Group:
(a) The Group continues to transform its busines model
(especialy in the Mainland market) and restructure the store
network to improve the sales;
(b) The Group wil actively manage inventory to an optimal level
by monitoring market demands, thereby minimizing carying
exces stock while preventing shortages;
(c) The Group has implemented various cost control strategies,
such as streamlining organization functions by relocating
staf resources and substantialy reducing staf headcount;
and
(d) The Group wil continue to closely monitor its compliance
with financial covenants for banking facilities and bank
borowings and wil actively negotiate with banks to obtain
waivers as neded in order to avoid banks from requesting
imediate repayment of any outstanding bank borowings
drawn under the banking facilities, such that the facilities and
bank borowings wil continue to be available to the Group.
The Group wil also proactively engage in discusions with
banks to negotiate renewal of banking facilities with more
favourable financial covenants and terms.
- （续）
2.1 编制基准（续）
持续经营（续）
有鉴于上述情况，本公司董事在评估本集团是
否有足够财务资源持续经营时，已审慎考虑集
团未来流动资金及表现，以及其可用融资来
源。为缓解流动性压力及改善财务状况，本集
团已采取以下计划及措施：
(a) 集团持续进行业务模式转型（尤其是内
地市场）及重组门市网络以提升销售；
(b) 本集团将透过监测市场需求，积极管理
库存至最佳水平，从而最大限度地减少
库存过剩，同时防止短缺；
(c) 本集团已实施多项成本控制策略，如透
过人员重新配置、大幅裁减员工人数等
方式精简组织职能；和
(d) 本集团将继续密切监察其对银行融资借
贷及银行借款财务契诺的遵守情况，并
将在有需要时积极与银行磋商豁免，以
避免银行要求立即偿还在银行融资借贷
下任何未偿还银行借款。本集团亦将积
极与银行磋商，以更适宜的财务契诺及
条款为银行融资续期。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.1 BASIS OF PREPARATION (continued)
Going concern (continued)
The directors of the Company have reviewed the Group’s cash flow
projections prepared by management, which cover a period of not
les than twelve months from 31 March 2025. In the opinion of the
directors of the Company, taking into acount the anticipated cash
flows to be generated from the Group’s operations as wel as the
above plans and measures, the Group wil have suficient working
capital to met its financial obligations and comitments as and
when they fal due for a period of not les than twelve months
from 31 March 2025. Acordingly, the directors of the Company
consider that it is apropriate to prepare the consolidated financial
statements on a going concern basis.
Should the going concern asumption be inapropriate, adjustments
may have to be made to write down the carying values of the
Group’s asets to their recoverable amounts, to provide for further
liabilities that might arise, and to reclasify non-curent asets
and non-curent liabilities as curent asets and curent liabilities
respectively. The efects of these adjustments have not ben
reflected in these consolidated financial statements.
Basis of consolidation
The consolidated financial statements include the financial
statements of the Company and its subsidiaries (colectively
refered to as the “Group”) for the year ended 31 March 2025. A
subsidiary is an entity (including a structured entity), directly or
indirectly, controled by the Company. Control is achieved when
the Group is exposed, or has rights, to variable returns from its
involvement with the investe and has the ability to afect those
returns through its power over the investe (i.e., existing rights that
give the Group the curent ability to direct the relevant activities of
the investe).
- （续）
2.1 编制基准（续）
持续经营（续）
本公司董事已审核管理层编制涵盖自2025年
3月31日起不少于十二个月的集团现金流量预
测。本公司董事认为，集团经营及上述计划和
措施所产生的资金令集团将有足够的营运资金
履行自2025年3月31日起不少于十二个月期间
到期的财务义务和承诺。因此，本公司董事认
为以持续经营为基础编制合并财务报表是适当
的。
如果持续经营假设不恰当，则可能需要进行调
整，将本集团资产的账面价值冲减至可收回金
额，为可能产生的进一步负债做好准备，并分
别重新分类非流动资产和非流动负债至流动资
产和流动负债。这些调整的影响并未反映在本
合并财务报表中。
综合基准
本综合财务报表包括本公司及其附属公司（统
称为「本集团」）截至2025年3月31日止年度之
财务报表。附属公司为本公司能直接或间接控
制之实体（包括结构性实体）。当本集团从其
参与投资对象而承受或有权获得可变回报，并
有能力通过对投资对象之权力（即赋予本集团
指挥投资对象相关活动之现时能力之现有权
利）影响其回报，即具有控制权。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.1 BASIS OF PREPARATION (continued)
Basis of consolidation (continued)
Generaly, there is a presumption that a majority of voting rights
results in control. When the Company has les than a majority of
the voting or similar rights of an investe, the Group considers al
relevant facts and circumstances in asesing whether it has power
over an investe, including:
(a) the contractual arangement with the other vote holders of
the investe;
(b) rights arising from other contractual arangements; and
(c) the Group’s voting rights and potential voting rights.
The financial statements of the subsidiaries are prepared for the
same reporting period as the Company, using consistent acounting
policies. The results of subsidiaries are consolidated from the
date on which the Group obtains control, and continue to be
consolidated until the date that such control ceases.
Profit or los and each component of other comprehensive income
are atributed to the owners of the parent of the Group and
to the non-controling interests, even if this results in the non-
controling interests having a deficit balance. Al intra-group asets
and liabilities, equity, income, expenses and cash flows relating to
transactions betwen members of the Group are eliminated in ful
on consolidation.
The Group reaseses whether or not it controls an investe if facts
and circumstances indicate that there are changes to one or more
of the thre elements of control described above. A change in
the ownership interest of a subsidiary, without a los of control, is
acounted for as an equity transaction.
- （续）
2.1 编制基准（续）
综合基准（续）
一般而言，假定拥有大多数投票权即拥有控制
权。倘本公司拥有少于被投资方大多数投票权
或类似权利，本集团会于评估其是否对被投资
方拥有控制权时考虑所有相关事实及情况，包
括：
(a) 与投资对象之其他投票权持有人之间之
合约安排；
(b) 从其他合约安排中获取之权利；及
(c) 本集团之投票权及潜在投票权。
附属公司的财务报表按本公司之相同报告期间
及采用与本公司一致的会计政策编制。附属公
司之业绩自本集团取得其控制权之日起综合入
账，至有关控制权终止之日止。
损益及其他全面收益项目之各组成部分归属于
本公司拥有人及非控股东权益，即使这会导
致非控股东权益结余出现赤字结余。所有集
团内公司间之资产、负债与权益，以及有关本
集团成员公司之间交易的收入、开支及现金流
量，均于综合账目内全数对销。
倘事实及情况显示上文描述附属公司会计政策
所述三项控制权元素之其中一项或多项出现变
动，本集团会重新评估其是否仍然对其投资有
控制权。不涉及失去控制权之附属公司所有权
权益变动，则作权益交易入账处理。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.1 BASIS OF PREPARATION (continued)
Basis of consolidation (continued)
If the Group loses control over a subsidiary, it derecognises the
related asets (including godwil), liabilities, any non-controling
interest and the exchange fluctuation reserve; and recognises the
fair value of any investment retained and any resulting surplus or
deficit in profit or los. The Group’s share of components previously
recognised in other comprehensive income is reclasified to profit
or los or retained profits, as apropriate, on the same basis as
would be required if the Group had directly disposed of the related
asets or liabilities.
2.2 CHANGES IN ACOUNTING POLICIES AND
DISCLOSURES
The Group has adopted the folowing revised HKFRS Acounting
Standards for the first time for the curent year’s financial
statements.
Amendments to HKFRS 16Lease Liability in a Sale and Leaseback
Amendments to HKAS 1Clasification of Liabilities as Curent or
Non-curent
(the “2020 Amendments”)
Amendments to HKAS 1Non-curent Liabilities with Covenants
(the “2022 Amendments”)
Amendments to HKAS 7
and HKFRS 7
Suplier Finance Arangements
- （续）
2.1 编制基准（续）
综合基准（续）
倘本集团失去对一间附属公司之控制权，则其
终止确认相关资产（包括商誉）、负债、任何
非控股权益及汇兑波动储备；以及确认所保留
任何投资之公允值及损益中任何因此产生之盈
余或亏绌。先前于其他全面收益表内确认之本
集团应占部分按与假设本集团直接出售相关资
产或负债所须采用之相同基准，在适当情况下
重新分类至损益或保留溢利。
2.2 会计政策及披露之变动
本集团就本年度财务报表首次采用以下经修订
香港财务报告准则会计准则：
香港财务报告准则
第16号（修订本）
售后租回中的租赁负债
香港会计准则第1号
（修订本）
流动或非流动负债之
划分（「2020年修订
本」）
香港会计准则第1号
（修订本）
附带契诺之非流动负债
（「2022年修订本」）
香港会计准则第7号
及香港财务报告准
则第7号（修订本）
供应商融资安排
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.2 CHANGES IN ACOUNTING POLICIES AND
DISCLOSURES (continued)
The nature and the impact of the revised HKFRS Acounting
Standards are described below:
(a) Amendments to HKFRS 16 specify the requirements that a
seler-lese uses in measuring the lease liability arising in
a sale and leaseback transaction to ensure the seler-lese
does not recognise any amount of the gain or los that
relates to the right of use it retains. Since the Group has no
sale and leaseback transactions with variable lease payments
that do not depend on an index or a rate ocuring from the
date of initial aplication of HKFRS 16, the amendments did
not have any impact on the financial position or performance
of the Group.
(b) The 2020 Amendments clarify the requirements for
clasifying liabilities as curent or non-curent, including
what is meant by a right to defer setlement and that a
right to defer must exist at the end of the reporting period.
Clasification of a liability is unafected by the likelihod
that the entity wil exercise its right to defer setlement.
The amendments also clarify that a liability can be setled
in its own equity instruments, and that only if a conversion
option in a convertible liability is itself acounted for as an
equity instrument would the terms of a liability not impact
its clasification. The 2022 Amendments further clarify
that, among covenants of a liability arising from a loan
arangement, only those with which an entity must comply
on or before the reporting date afect the clasification of
that liability as curent or non-curent. Aditional disclosures
are required for non-curent liabilities that are subject to the
entity complying with future covenants within 12 months
after the reporting period.
- （续）
2.2 会计政策及披露之变动（续）
经修订香港财务报告准则会计准则之性质及影
响阐述如下：
(a) 香港财务报告准则第16号（修订本）订明
卖方－承租人计量售后租回交易产生之
租赁负债时所须使用之规定，以确保卖
方－承租人不会确认与所保留使用权
有关之任何收益或亏损金额。由于自首
次应用香港财务报告准则第16号日期以
来，本集团概无订立可变租赁付款毋须
取决于指数或利率的售后租回交易，该
等修订本对本集团的财务状况或表现并
无任何影响。
(b) 2020年修订本澄清将负债分类为流动
或非流动的规定，包括对延迟偿付的权
利及为何延迟权利仅存在于报告期末进
行解释。负债分类不受实体行使其延迟
偿付权利的可能性所影响。该等修订本
亦澄清负债可以本身的股本工具偿还，
惟当可转换负债的转换权本身入账列作
股本工具时，负债分类方不会受负债条
款影响。2022年修订本进一步阐明，
在该等由贷款安排产生之负债契诺中，
只有实体于报告日期或之前须遵守之契
诺方会影响相关负债被分类为流动或非
流动。使实体须于报告期后12个月内遵
守未来契诺的非流动负债须作出额外披
露。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.2 CHANGES IN ACOUNTING POLICIES AND
DISCLOSURES (continued)
(b) (continued)
The Group has reasesed the terms and conditions of
its liabilities as at 1 April 2023 and 2024 and concluded
that the clasification of its liabilities as curent or non-
curent remained unchanged upon initial aplication of the
amendments. Acordingly, the amendments did not have any
impact on the financial position or performance of the Group.
(c) Amendments to HKAS 7 and HKFRS 7 clarify the
characteristics of suplier finance arangements and require
aditional disclosure of such arangements. The disclosure
requirements in the amendments are intended to asist
users of financial statements in understanding the efects of
suplier finance arangements on an entity’s liabilities, cash
flows and exposure to liquidity risk. As the Group does not
have suplier finance arangements, the amendments did not
have any impact on the Group’s financial statements.
- （续）
2.2 会计政策及披露之变动（续）
(b) （续）
本集团已重新评估2023年及2024年4
月1日之负债的条款及条件，认为负债
之流动或非流动分类自首次应用该等修
订本以来概无变动。因此，该等修订本
对本集团的财务状况或表现并无任何影
响。
(c) 香港会计准则第7号及香港财务报告准
则第7号（修订本）阐明供应商融资安排
的特点并规定对该等安排作出额外披
露。该等修订本所载披露要求旨在协助
财务报表使用者理解供应商融资安排对
实体负债、现金流量及流动资金风险的
影响。由于本集团概无任何供应商融资
安排，该等修订本对本集团的财务报表
并无任何影响。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS
The Group has not aplied the folowing new and revised HKFRS
Acounting Standards, that have ben isued but are not yet
efective, in these financial statements. The Group intends to aply
these new and revised HKFRS Acounting Standards, if aplicable,
when they become efective.
HKFRS 18Presentation and Disclosure in Financial
Statements
HKFRS 19Subsidiaries without Public Acountability:
Disclosures
Amendments to HKFRS 9 and
HKFRS 7
Amendments to the Clasification and
Measurement of Financial Instruments
Amendments to HKFRS 9 and
HKFRS 7
Contracts Referencing Nature-dependent
Electricity
Amendments to HKFRS 10 and
HKAS 28
Sale or Contribution of Asets betwen an
Investor and its Asociate or Joint Venture
Amendments to HKAS 21Lack of Exchangeability
Anual Improvements to HKFRS
Acounting Standards
– Volume 11
Amendments to HKFRS 1, HKFRS 7, HKFRS 9,
HKFRS 10 and HKAS 7
Efective for anual periods begining on or after 1 January 2025
Efective for anual periods begining on or after 1 January 2026
Efective for anual/reporting periods begining on or after 1
January 2027
No mandatory efective date yet determined but available for
adoption
Further information about those HKFRS Acounting Standards that
are expected to be aplicable to the Group is described below.
- （续）
2.3 已颁布但未生效之香港财务报告准则
会计准则
本集团尚未于本财务报表采用以下已颁布但未
生效之经修订香港财务报告准则会计准则。本
集团拟于该等经修订香港财务报告准则会计准
则生效时于适用情况下应用该等准则。
香港财务报告准则
第18号
财务报表之呈列及披露
香港财务报告准则
第19号
无公共受托责任之附属公司：
披露
香港财务报告准则第9号
及香港财务报告准则
第7号（修订本）
金融工具分类及计量之修订
香港财务报告准则第9号
及香港财务报告准则
第7号（修订本）
涉及自然依赖型电力之合约
香港财务报告准则第10
号及香港会计准则第
28号（修订本）
投资者与其相联法团及合资公
司之间出售或注入资产
香港会计准则第21号
（修订本）
缺乏可兑换性
香港财务报告准则会计
准则之年度改进－第
11册
香港财务报告准则第1号、香港
财务报告准则第7号、
香港财务报告准则第9号、
香港财务报告准则第10号及
香港会计准则第7号（修订
本）
于2025年1月1日或之后开始之年度期间生
效
于2026年1月1日或之后开始之年度期间生
效
于2027年1月1日或之后开始之年度╱报告
期间生效
尚未厘定强制生效日期，惟可供采纳
有关上述预期将适用于本集团的香港财务报告
准则会计准则的进一步详情载述如下。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS (continued)
HKFRS 18 replaces HKAS 1 Presentation of Financial Statements.
While a number of sections have ben brought forward from HKAS
1 with limited changes, HKFRS 18 introduces new requirements
for presentation within the statement of profit or los, including
specified totals and subtotals. Entities are required to clasify al
income and expenses within the statement of profit or los into
one of the five categories: operating, investing, financing, income
taxes and discontinued operations and to present two new defined
subtotals. It also requires disclosures about management-defined
performance measures in a single note and introduces enhanced
requirements on the grouping (agregation and disagregation)
and the location of information in both the primary financial
statements and the notes. Some requirements previously included
in HKAS 1 are moved to HKAS 8 Acounting Policies, Changes in
Acounting Estimates and Erors, which is renamed as HKAS 8
Basis of Preparation of Financial Statements. As a consequence
of the isuance of HKFRS 18, limited, but widely aplicable,
amendments are made to HKAS 7 Statement of Cash Flows, HKAS
33 Earnings per Share and HKAS 34 Interim Financial Reporting.
In adition, there are minor consequential amendments to other
HKFRS Acounting Standards. HKFRS 18 and the consequential
amendments to other HKFRS Acounting Standards are efective
for anual periods begining on or after 1 January 2027 with earlier
aplication permited. Retrospective aplication is required. The
Group is curently analysing the new requirements and asesing
the impact of HKFRS 18 on the presentation and disclosure of the
Group’s financial statements.
- （续）
2.3 已颁布但未生效之香港财务报告准则
会计准则（续）
香港财务报告准则第18号取代香港会计准则第
1号财务报表之呈列。香港财务报告准则第18
号沿用香港会计准则第1号之多个章节并作出
有限改动，同时引入有关损益表内呈列之新规
定，包括订明总计及小计。实体须将损益表内
所有收入及开支分类为以下五个类别之一：经
营、投资、融资、所得税及已终止经营业务，
并呈列两项新界定之小计。其亦规定於单独之
附注中披露管理层界定之绩效计量指标，并对
主要财务报表及附注中之资料分组（汇总及拆
分）及位置提出更严格要求。香港会计准则第1
号先前所载部分规定已转移至香港会计准则第
8号会计政策、会计估计变更及错误，并更名
为香港会计准则第8号财务报表之编制基准。
由于颁布香港财务报告准则第18号，香港会计
准则第7号现金流量表、香港会计准则第33号
每股盈利及香港会计准则第34号中期财务报
告亦作出有限但广泛适用之修订。此外，其他
香港财务报告准则会计准则亦作出相应之轻微
修订。香港财务报告准则会计准则第18号及其
他香港财务报告准则之相应修订于2027年1月
1日或之后开始之年度期间生效，允许提早应
用，并须追溯应用。本集团现正分析该等新规
定，并评估香港财务报告准则第18号对本集团
财务报表呈列及披露之影响。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
2.3 已颁布但未生效之香港财务报告准则
会计准则（续）
香港财务报告准则第19号允许合资格实体选择
应用经缩减之披露规定，同时继续应用其他香
港财务报告准则会计准则之确认、计量及呈列
规定。为符合资格，于报告期末，实体须为香
港财务报告准则第10号综合财务报表所界定之
附属公司，不得具公共受托责任，且须有一间
编制符合香港财务报告准则会计准则以供公众
使用之综合财务报表之母公司（最终或中间控
股公司）。该等修订本获准提早应用。由于本
公司为上市公司，故不符合资格选择应用香港
财务报告准则第19号。本公司部分附属公司正
考虑于其特定财务报表中应用香港财务报告准
则第19号。
香港财务报告准则第9号及香港财务报告准则
第7号（修订本）阐明终止确认财务资产或财务
负债之日期，并引入一项会计政策选项，以于
达致特定标准之情况下终止确认于结算日期前
透过电子付款系统偿付之财务负债。该等修订
本厘清如何评估具有环境、社会及管治以及其
他类似或然特征之财务资产之合约现金流量特
征。此外，该等修订本厘清对具有无追索权特
征之财务资产及合约挂钩工具进行分类之规
定。该等修订本亦包括对指定按公允值计入其
他全面收益之股本工具及具有或然特征之金融
工具之投资之额外披露规定。该等修订本须追
溯应用，并于首次应用日期对期初保留溢利
（或权益之其他组成部分）进行调整。过往期
间毋须重列，且仅可在不使用事后所得资料之
情况下重列。同时提早应用所有该等修订本或
仅提早应用与财务资产分类相关之修订本，均
获允许。预期该等修订本不会对本集团之财务
报表产生任何重大影响。
2. ACOUNTING POLICIES (CONTINUED)
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS (continued)
HKFRS 19 alows eligible entities to elect to aply reduced
disclosure requirements while stil aplying the recognition,
measurement and presentation requirements in other HKFRS
Acounting Standards. To be eligible, at the end of the reporting
period, an entity must be a subsidiary as defined in HKFRS
10 Consolidated Financial Statements, canot have public
acountability and must have a parent (ultimate or intermediate)
that prepares consolidated financial statements available for public
use which comply with HKFRS Acounting Standards. Earlier
aplication is permited. As the Company is a listed company, it
is not eligible to elect to aply HKFRS 19. Some of the Company’s
subsidiaries are considering the aplication of HKFRS 19 in their
specified financial statements.
Amendments to HKFRS 9 and HKFRS 7 Amendments to the
Clasification and Measurement of Financial Instruments clarify the
date on which a financial aset or financial liability is derecognised
and introduce an acounting policy option to derecognise a
financial liability that is setled through an electronic payment
system before the setlement date if specified criteria are met.
The amendments clarify how to ases the contractual cash flow
characteristics of financial asets with environmental, social and
governance and other similar contingent features. Moreover, the
amendments clarify the requirements for clasifying financial asets
with non-recourse features and contractualy linked instruments.
The amendments also include aditional disclosures for investments
in equity instruments designated at fair value through other
comprehensive income and financial instruments with contingent
features. The amendments shal be aplied retrospectively with
an adjustment to opening retained profits (or other component
of equity) at the initial aplication date. Prior periods are not
required to be restated and can only be restated without the use
of hindsight. Earlier aplication of either al the amendments at the
same time or only the amendments related to the clasification of
financial asets is permited. The amendments are not expected to
have any significant impact on the Group’s financial statements.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
2.3 已颁布但未生效之香港财务报告准则
会计准则（续）
香港财务报告准则第9号及香港财务报告准则
第7号之修订本依赖自然能源生产电力的合同
澄清范围内合同「自用」规定的应用，并修订
范围内合同现金流量对冲关系中被对冲项目的
指定规定。修订本亦包括额外披露，使财务报
表使用者能够了解该等合同对实体财务表现及
未来现金流量的影响。与自用例外情况相关的
修订本应追溯应用。过往期间毋须重列，并在
无需事后确认的情况下方予重列。与对冲会计
相关的修订本应追溯应用于首次应用之日或之
后指定的新对冲关系。允许提早应用。香港财
务报告准则第9号及香港财务报告准则第7号
之修订本应同时应用。该等修订本预期对本集
团的财务报表并无任何重大影响。
2. ACOUNTING POLICIES (CONTINUED)
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS (continued)
Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing
Nature-dependent Electricity clarify the aplication of the
“own-use” requirements for in-scope contracts and amend the
designation requirements for a hedged item in a cash flow hedging
relationship for in-scope contracts. The amendments also include
aditional disclosures that enable users of financial statements to
understand the efects these contracts have on an entity’s financial
performance and future cash flows. The amendments relating
to the own-use exception shal be aplied retrospectively. Prior
periods are not required to be restated and can only be restated
without the use of hindsight. The amendments relating to the
hedge acounting shal be aplied prospectively to new hedging
relationships designated on or after the date of initial aplication.
Earlier aplication is permited. The amendments to HKFRS 9 and
HKFRS 7 shal be aplied at the same time. The amendments are
not expected to have any significant impact on the Group’s financial
statements.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
2.3 已颁布但未生效之香港财务报告准则
会计准则（续）
香港财务报告准则第10号及香港会计准则第
28号（修订本）针对香港财务报告准则第10号
及香港会计准则第28号之间对投资者与其相
联法团或合资公司之间出售或注入资产在处理
方式上的不一致。有关修订规定，如资产出售
或注入构成一项业务，则须全额确认下游交易
产生的收益或亏损。如涉及资产的交易不构成
一项业务，则就该交易所产生的收益或亏损而
言，仅对非相关投资者于该相联法团或合资公
司之权益确认投资者收益或亏损。有关修订本
将前瞻性应用。香港会计师公会已撤销香港财
务报告准则第10号及香港会计准则第28号（修
订本）的先前强制生效日期。然而，有关修订
本可供即时采用。
香港会计准则第21号（修订本）订明实体如何
评估货币是否可兑换为另一货币，以及于计量
日期缺乏可兑换性之情况下应如何估计即期汇
率。该等修订本规定须披露让财务报表使用者
理解货币不可兑换所产生影响之资料。该等修
订本获准提早应用。应用该等修订本时，实体
不可重列比较资料。首次应用该等修订本之任
何累计影响，应确认为对首次应用日期保留溢
利期初结余或对权益独立组成部分所累积换算
差额累计金额（如适当）之调整。预期该等修
订本不会对本集团之财务报表产生任何重大影
响。
2. ACOUNTING POLICIES (CONTINUED)
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS (continued)
Amendments to HKFRS 10 and HKAS 28 adres an inconsistency
betwen the requirements in HKFRS 10 and in HKAS 28 in dealing
with the sale or contribution of asets betwen an investor
and its asociate or joint venture. The amendments require a
ful recognition of a gain or los resulting from a downstream
transaction when the sale or contribution of asets constitutes a
busines. For a transaction involving asets that do not constitute
a busines, a gain or los resulting from the transaction is
recognised in the investor’s profit or los only to the extent of
the unrelated investor’s interest in that asociate or joint venture.
The amendments are to be aplied prospectively. The previous
mandatory efective date of amendments to HKFRS 10 and HKAS
28 was removed by the HKICPA. However, the amendments are
available for adoption now.
Amendments to HKAS 21 specify how an entity shal ases whether
a curency is exchangeable into another curency and how it
shal estimate a spot exchange rate at a measurement date when
exchangeability is lacking. The amendments require disclosures of
information that enable users of financial statements to understand
the impact of a curency not being exchangeable. Earlier aplication
is permited. When aplying the amendments, an entity canot
restate comparative information. Any cumulative efect of initialy
aplying the amendments shal be recognised as an adjustment to
the opening balance of retained profits or to the cumulative amount
of translation diferences acumulated in a separate component
of equity, where apropriate, at the date of initial aplication. The
amendments are not expected to have any significant impact on
the Group’s financial statements.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
2.3 已颁布但未生效之香港财务报告准则
会计准则（续）
香港财务报告准则会计准则之年度改进－第11
册载列香港财务报告准则第1号、香港财务报
告准则第7号（及随附之香港财务报告准则第
7号实施指引）、香港财务报告准则第9号、香
港财务报告准则第10号及香港会计准则第7号
之修订本。预期适用于本集团之修订本详情如
下：
- ：披
露：该等修订本已更新香港财务报告准
则第7号第B38段以及香港财务报告准
则第7号实施指引第IG1、IG14及IG20B
段之若干措辞，以作简化或与准则其他
段落及╱或其他准则所用概念及术语
保持一致。此外，该等修订本厘清香港
财务报告准则第7号实施指引未必说明
香港财务报告准则第7号所引述段落之
所有规定，亦无增设额外规定。该等修
订本获准提早应用。预期该等修订本不
会对本集团之财务报表产生任何重大影
响。
- ：该
等修订本厘清承租人根据香港财务报告
准则第9号厘定租赁负债已偿清时，承
租人须应用香港财务报告准则第9号第
3.3.3段，并于损益中确认所产生之任何
收益或亏损。此外，该等修订本已更新
香港财务报告准则第9号第5.1.3段及香
港财务报告准则第9号附录A之若干措
辞，以消除潜在混淆。该等修订本获准
提早应用。预期该等修订本不会对本集
团之财务报表产生任何重大影响。
2. ACOUNTING POLICIES (CONTINUED)
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS (continued)
Anual Improvements to HKFRS Acounting Standards – Volume 11
set out amendments to HKFRS 1, HKFRS 7 (and the acompanying
Guidance on implementing HKFRS 7), HKFRS 9, HKFRS 10 and
HKAS 7. Details of the amendments that are expected to be
aplicable to the Group are as folows:
- : Disclosures: The amendments
have updated certain wording in paragraph B38 of HKFRS
7 and paragraphs IG1, IG14 and IG20B of the Guidance on
implementing HKFRS 7 for the purpose of simplification or
achieving consistency with other paragraphs in the standard
and/or with the concepts and terminology used in other
standards. In adition, the amendments clarify that the
Guidance on implementing HKFRS 7 does not necesarily
ilustrate al the requirements in the referenced paragraphs
of HKFRS 7 nor does it create aditional requirements. Earlier
aplication is permited. The amendments are not expected
to have any significant impact on the Group’s financial
statements.
- : The amendments clarify
that when a lese has determined that a lease liability has
ben extinguished in acordance with HKFRS 9, the lese is
required to aply paragraph 3.3.3 of HKFRS 9 and recognise
any resulting gain or los in profit or los. In adition, the
amendments have updated certain wording in paragraph 5.1.3
of HKFRS 9 and Apendix A of HKFRS 9 to remove potential
confusion. Earlier aplication is permited. The amendments
are not expected to have any significant impact on the
Group’s financial statements.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
2.3 已颁布但未生效之香港财务报告准则
会计准则（续）
• 香港财务报告准则第10号综合财务报
表：该等修订本厘清香港财务报告准则
第10号第B74段所述之关系只是投资者
与作为投资者实际代理之其他各方之间
可能存在之各种关系之其中一个例子，
消除与香港财务报告准则第10号第B73
段规定不符之处。该等修订本获准提早
应用。预期该等修订本不会对本集团之
财务报表产生任何重大影响。
- ：于先
前删除「成本法」之定义后，该等修订本
于香港会计准则第7号第37段以「按成
本」一词取代「成本法」。该等修订本获
准提早应用。预期该等修订本不会对本
集团之财务报表产生任何影响。
2.4 重大会计政策
公允价值计量
本集团于各报告期末以公允值计量投资物业及
黄金贷款。公允价值为市场参与者间于计量日
期进行之有序交易中，出售资产所收取或转让
负债所支付之价格。公允价值计量假设出售资
产或转让负债之交易于该资产或负债之主要市
场，或在无主要市场之情况下，于对该资产或
负债最有利之市场进行。本集团必须可于该主
要市场或最有利市场进行交易。资产或负债之
公允价值乃采用该市场参与者为资产或负债定
价时所用之假设计量，即假设市场参与者按其
最佳经济利益行事。
2. ACOUNTING POLICIES (CONTINUED)
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS (continued)
- : The
amendments clarify that the relationship described in
paragraph B74 of HKFRS 10 is just one example of various
relationships that might exist betwen the investor and
other parties acting as de facto agents of the investor, which
removes the inconsistency with the requirement in paragraph
B73 of HKFRS 10. Earlier aplication is permited. The
amendments are not expected to have any significant impact
on the Group’s financial statements.
- : The amendments replace
the term “cost method” with “at cost” in paragraph 37 of
HKAS 7 folowing the prior deletion of the definition of “cost
method”. Earlier aplication is permited. The amendments
are not expected to have any impact on the Group’s financial
statements.
2.4 MATERIAL ACOUNTING POLICIES
Fair value measurement
The Group measures its investment properties and gold loan at
fair value at the end of each reporting period. Fair value is the
price that would be received to sel an aset or paid to transfer a
liability in an orderly transaction betwen market participants at
the measurement date. The fair value measurement is based on
the presumption that the transaction to sel the aset or transfer
the liability takes place either in the principal market for the aset
or liability, or in the absence of a principal market, in the most
advantageous market for the aset or liability. The principal or
the most advantageous market must be acesible by the Group.
The fair value of an aset or a liability is measured using the
asumptions that market participants would use when pricing the
aset or liability, asuming that market participants act in their
economic best interest.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Fair value measurement (continued)
A fair value measurement of a non-financial aset takes into acount
a market participant’s ability to generate economic benefits by
using the aset in its highest and best use or by seling it to another
market participant that would use the aset in its highest and best
use.
The Group uses valuation techniques that are apropriate in
the circumstances and for which suficient data are available to
measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs.
Al asets and liabilities for which fair value is measured or disclosed
in the financial statements are categorised within the fair value
hierarchy, described as folows, based on the lowest level input that
is significant to the fair value measurement as a whole:
Level 1–based on quoted prices (unadjusted) in active markets
for identical asets or liabilities
Level 2–based on valuation techniques for which the
lowest level input that is significant to the fair
value measurement is observable, either directly or
indirectly
Level 3–based on valuation techniques for which the lowest
level input that is significant to the fair value
measurement is unobservable
For asets and liabilities that are recognised in the financial
statements on a recuring basis, the Group determines whether
transfers have ocured betwen levels in the hierarchy by
reasesing categorisation (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of
each reporting period.
- （续）
2.4 重大会计政策（续）
公允价值计量（续）
非财务资产之公允价值计量计入市场参与者透
过使用其资产之最高及最佳用途或透过将资产
出售予将使用其最高及最佳用途之另一名市场
参与者而能够产生经济利益之能力。
本集团采用在各情况下适当之估值技术，而其
有足够资料以计量公允价值，以尽量使用相关
可观察之数据及尽量避免使用难以观察之数
据。
所有于财务报表中计量或披露公允价值之资产
及负债，乃按对整体公允价值计量具重大影响
之最低层数据分类至下述之公允价值等级：
级别1－按相同资产或负债在活跃市场报
价（未经调整）计量
级别2－估值技术计量，而该技术采用对
公允价值计量具重大影响之最低
层数据可直接或间接观察得出
级别3－按估值技术计量，而该技术采用
对公允价值计量具重大影响之最
低层数据难以观察得出
就于财务报表按经常基准确认之资产及负债而
言，本集团于每个报告期末按对整体公允价值
计量具重大影响之最低层数据重新评估分类，
以厘定各等级之间有否出现转移。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Impairment of non-financial asets
Where an indication of impairment exists, or when anual
impairment testing for an aset is required (other than inventories,
defered tax asets, financial asets and investment properties),
the aset’s recoverable amount is estimated. An aset’s recoverable
amount is the higher of the aset’s or cash-generating unit’s value
in use and its fair value les costs of disposal, and is determined for
an individual aset, unles the aset does not generate cash inflows
that are largely independent of those from other asets or groups
of asets, in which case the recoverable amount is determined for
the cash-generating unit to which the aset belongs.
In testing a cash-generating unit for impairment, a portion of the
carying amount of a corporate aset (e.g., a headquarters building)
is alocated to an individual cash-generating unit if it can be
alocated on a reasonable and consistent basis or, otherwise, to the
smalest group of cash-generating units.
An impairment los is recognised only if the carying amount of an
aset exceds its recoverable amount. In asesing value in use,
the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects curent market
asesments of the time value of money and the risks specific to
the aset. An impairment los is charged to the statement of profit
or los in the period in which it arises in those expense categories
consistent with the function of the impaired aset.
- （续）
2.4 重大会计政策（续）
非财务资产减值
倘若有迹象显示出现减值或须就资产进行年
度减值测试（不包括存货、递延税项资产、财
务资产及投资物业），则估计资产之可收回金
额。资产之可收回金额按资产或现金产生单位
之使用价值及其公允值减出售成本（以较高者
为准）计算，并就个别资产厘定，惟倘资产不
可产生大致独立于其他资产或资产组别之现金
流入，可收回金额则以资产所属之现金产生单
位厘定。
在对现金产生单位进行减值测试时，如果可以
合理且一致地分配，则将公司资产（例如总部
大楼）账面金额的一部分配给单一现金产出
单元，否则，分配到最小的现金产生单位。
减值亏损只会于资产账面值超过可收回金额时
方会确认。评估使用价值时，估计未来现金流
量以可反映目前市场对货币时间值以及资产独
有风险评估之税前贴现率贴现至现值。减值亏
损于产生期间自损益中在与减值资产之功能一
致的开支类别扣除。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Impairment of non-financial asets (continued)
An asesment is made at the end of each reporting period as
to whether there is an indication that previously recognised
impairment loses may no longer exist or may have decreased.
If such an indication exists, the recoverable amount is estimated.
A previously recognised impairment los of an aset other than
godwil is reversed only if there has ben a change in the
estimates used to determine the recoverable amount of that aset,
but not to an amount higher than the carying amount that would
have ben determined (net of any depreciation/amortisation) had
no impairment los ben recognised for the aset in prior years. A
reversal of such an impairment los is credited to the statement of
profit or los in the period in which it arises.
Related parties
A party is considered to be related to the Group if:
(a) the party is a person or a close member of that person’s
family and that person
(i) has control or joint control over the Group;
(i) has significant influence over the Group; or
(i) is a member of the key management personel of the
Group or of a parent of the Group;
or
- （续）
2.4 重大会计政策（续）
非财务资产减值（续）
于每个报告期末，均会评估是否有迹象显示过
往年度确认之减值亏损不再存在或可能已经减
少。倘存有任何该等迹象，便估计可收回金
额。除商誉外，仅于厘定该资产之可收回金额
之估计出现变动时，于先前已确认之减值亏损
方可拨回，惟倘若于以往年度该资产并无确认
任何减值亏损，则对比经折旧╱摊销之账面
值，高出金额不得拨回。任何减值亏损之拨回
于产生当期计入损益表内。
关连人士
在下列情况下，一方将视为与本集团有关连：
(a) 该方为一名人士或该人士之直系亲属，
而该人士：
(i) 对本集团拥有控制权或共同控制
权；
(i) 对本集团拥有重大影响力；或
(i) 为本集团或本集团母公司之主要
管理人员；
或
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Related parties (continued)
(b) the party is an entity where any of the folowing conditions
aplies:
(i) the entity and the Group are members of the same
group;
(i) one entity is an asociate or joint venture of the other
entity (or of a parent, subsidiary or felow subsidiary of
the other entity);
(i) the entity and the Group are joint ventures of the same
third party;
(iv) one entity is a joint venture of a third entity and the
other entity is an asociate of the third entity;
(v) the entity is a post-employment benefit plan for the
benefit of employes of either the Group or an entity
related to the Group;
(vi) the entity is controled or jointly controled by a person
identified in (a);
(vi) a person identified in (a)(i) has significant influence
over the entity or is a member of the key management
personel of the entity (or of a parent of the entity);
and
(vi) the entity, or any member of a group of which it is a
part, provides key management personel services to
the Group or to the parent of the Group.
- （续）
2.4 重大会计政策（续）
关连人士（续）
(b) 该方为实体，而任何以下条件适用：
(i) 该实体及本集团为同一集团之成
员公司；
(i) 一实体为另一实体（或另一实体
之母公司、附属公司或同系附属
公司）之联营公司或合营公司；
(i) 该实体及本集团为同一第三者之
合营公司；
(iv) 一实体为一第三者之合营公司，
而另一实体为该第三者之联营公
司；
(v) 该实体为本集团或与本集团有关
连的实体的雇员而设的受雇后福
利计划；
(vi) 该实体受(a)所识别人士控制或共
同控制；
(vi) (a)(i)所识别之人士对该实体行
使重大影响力，或为该实体（或
该实体之母公司）之主要管理人
员；及
(vi) 该实体或该实体为一集团之成
员，并提供主要管理服务予本集
团或本集团之母公司。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Property, plant and equipment and depreciation
Property, plant and equipment other than construction in
progres, are stated at cost les acumulated depreciation and
any impairment loses. The cost of an item of property, plant
and equipment comprises its purchase price and any directly
atributable costs of bringing the aset to its working condition and
location for its intended use.
Expenditure incured after items of property, plant and equipment
have ben put into operation, such as repairs and maintenance, is
normaly charged to the statement of profit or los in the period in
which it is incured. In situations where the recognition criteria are
satisfied, the expenditure for a major inspection is capitalised in the
carying amount of the aset as a replacement. Where significant
parts of property, plant and equipment are required to be replaced
at intervals, the Group recognises such parts as individual asets
with specific useful lives and depreciates them acordingly.
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 and
estimated useful lives used for this purpose are as folows:
BuildingsOver the shorter of the lease
terms and 2% to 5%
Plant and machinery3 to 7 years
Furniture, fixtures and equipment1 to 10 years
Motor vehicles4 to 10 years
Where parts of an item of property, plant and equipment have
diferent useful lives, the cost of that item is alocated on a
reasonable basis among the parts and each part is depreciated
separately. Residual values, useful lives and the depreciation
method are reviewed, and adjusted if apropriate, at least at each
financial year end.
- （续）
2.4 重大会计政策（续）
物业、厂房及设备及折旧
除在建工程外，物业、厂房及设备按成本减累
计折旧及任何减值亏损后列账。物业、厂房及
设备项目成本包括购入价及使资产处于拟定用
途之运作状况及地点之任何直接应占成本。
物业、厂房及设备项目投入运作后所产生之支
出，如维修及保养，一般于产生该笔支出期间
从损益表中扣除。倘符合确认准则，则重大检
查支出会于资产账面值中资本化作为替换。倘
须定期替换大部分物业、厂房及设备，则本集
团会将该等部分确认为有特定可使用年期之个
别资产，并相应地计提折旧。
折旧以直线法计算，按每项物业、厂房及设备
项目之估计可使用年期撇销其成本或估值至其
剩余价值。就此而言，所使用之主要年度折旧
率及可使用年期如下：
楼宇按租赁年期与2%至5%
两者较低者
厂房及机器3至7年
家具、装置及设备1至10年
汽车4至10年
倘若物业、厂房及设备项目之组件可使用年期
有所不同，该项目之成本按合理基准予以分配
至各组件，而每组件个别计算折旧。剩余价
值、可使用年期及折旧方法于每个财政年度末
检核及作适当调整。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Property, plant and equipment and depreciation
(continued)
An item of property, plant and equipment including any significant
part initialy recognised is derecognised upon disposal or when no
future economic benefits are expected from its use or disposal. Any
gain or los on disposal or retirement recognised in the statement
of profit or los in the year the aset is derecognised is the
diference betwen the net sales proceds and the carying amount
of the relevant aset.
Construction in progres is stated at cost les any impairment
loses, and is not depreciated. It is reclasified to the apropriate
category of property, plant and equipment when completed and
ready for use.
Investment properties
Investment properties are interests in land and buildings (including
right-of-use asets) held to earn rental income and/or for capital
apreciation. Such properties are measured initialy at cost,
including transaction costs. Subsequent to initial recognition,
investment properties are stated at fair value, which reflects market
conditions at the end of the reporting period.
Gains or loses arising from changes in the fair values of investment
properties are included in the statement of profit or los in the year
in which they arise.
Any gains or loses on the retirement or disposal of an investment
property are recognised in the statement of profit or los in the
year of the retirement or disposal.
- （续）
2.4 重大会计政策（续）
物业、厂房及设备及折旧（续）
物业、厂房及设备项目包括任何经初次确认之
主要部分于出售或估计其使用或出售不再产生
未来经济利益时，不再确认入账。任何出售或
弃用之盈亏以出售时所得款项净额及有关资产
账面值之差额计算，并于不再确认资产之年度
在损益表内确认。
在建工程按成本减任何减值亏损列账，且不予
折旧，并可供使用时重新分类至物业、厂房及
设备之适当类别内。
投资物业
投资物业指以获得租金收入及╱或资本增值
为目的而持有的土地及楼宇（包括使用权资
产）的权益。该等物业初步以包括交易成本在
内的成本计量。于初始确认后，投资物业按反
映报告期末市况的公允值列账。
投资物业公允价值变动所产生之盈亏计入产生
年度之综合损益表。
任何弃用或出售投资物业之盈亏在弃用或出售
当年之综合损益表中确认。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Investment properties (continued)
If a property ocupied by the Group as an owner-ocupied property
becomes an investment property, the Group acounts for such
property in acordance with the policy stated under “Property,
plant and equipment and depreciation” for owned property and/
or acounts for such property in acordance with the policy stated
under “Right-of-use asets” for property held as a right-of-use aset
up to the date of change in use, and any diference at that date
betwen the carying amount and the fair value of the property
is acounted for as a revaluation in acordance with HKAS 16
Property, Plant and Equipment.
Leases
The Group aseses at contract inception whether a contract is, or
contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified aset for a
period of time in exchange for consideration.
Group as a lese
The Group aplies a single recognition and measurement aproach
for al leases, except for short-term leases and leases of low-
value asets. The Group recognises lease liabilities to make lease
payments and right-of-use asets representing the right to use the
underlying asets.
- （续）
2.4 重大会计政策（续）
投资物业（续）
倘本集团作为自置物业占用的物业成为投资
物业，则本集团根据「物业、厂房及设备与折
旧」项下所述政策将该物业入账为自有物业
及╱或根据「使用权资产」项下所述政策将该
物业入账为持作使用权资产的物业，直至改变
用途当日为止，而物业于当日的账面值与公允
值之间的任何差额则根据香港会计准则第16号
「物业、机器及设备」所述政策入账列作重估。
租约
本集团于合约开始时评估合约是否为租赁或包
含租赁。倘合约为换取代价而给予在一段时间
内控制使用已识别资产之权利，则该合约为租
赁或包含租赁。
本集团作为承租人
本集团对所有租赁（惟短期租赁及低价值资产
租赁除外）采取单一确认及计量方法。本集团
确认租赁负债以作出租赁款项，而使用权资产
指使用相关资产之权利。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Leases (continued)
Group as a lese (continued)
(a) Right-of-use asets
Right-of-use asets are recognised at the comencement
date of the lease (that is the date the underlying aset is
available for use). Right-of-use asets are measured at cost,
les acumulated depreciation and any impairment loses,
and adjusted for any remeasurement of lease liabilities. The
cost of right-of-use asets includes the amount of lease
liabilities recognised, initial direct costs incured, and lease
payments made at or before the comencement date
les any lease incentives received. Right-of-use asets are
depreciated on a straight-line basis over the shorter of the
lease terms and the estimated useful lives of the asets as
folows:
Prepaid land lease50 years
Motor vehicles4 to 10 years
Furniture, fixtures and equipment1 to 10 years
Buildings2 to 3 years
If ownership of the leased aset transfers to the Group by
the end of the lease term or the cost reflects the exercise
of a purchase option, depreciation is calculated using the
estimated useful life of the aset.
- （续）
2.4 重大会计政策（续）
租约（续）
本集团作为承租人（续）
(a) 使用权资产
使用权资产于租赁开始日期（即相关资
产可供使用当日）确认。使用权资产按
成本减任何累计折旧及任何减值亏损计
量，并就任何重新计量的租赁负债作出
调整。使用权资产的成本包括已确认租
赁负债金额、已发生初始直接成本及于
开始日期或之前支付的租赁款项减已收
取的任何租赁优惠。在适用情况下，使
用权资产成本亦包括拆除及搬迁相关资
产或复原相关资产或其所在场地之估计
成本。使用权资产于租期及估计使用年
期（以较短者为准）内以直线法折旧，详
情如下：
预付土地租赁50年
汽车4至10年
家具、装置及设备1至10年
楼宇2至3年
倘租赁资产之所有权在租期结束前转移
至本集团或成本反映购买权之行使情
况，则使用该资产之估计可使用年期计
算折旧。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Leases (continued)
Group as a lese (continued)
(b) Lease liabilities
Lease liabilities are recognised at the comencement date
of the lease at the present value of lease payments to be
made over the lease term. The lease payments include fixed
payments (including in-substance fixed payments) les
any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected
to be paid under residual value guarantes. The lease
payments also include the exercise price of a purchase
option reasonably certain to be exercised by the Group and
payments of penalties for termination of a lease, if the lease
term reflects the Group exercising the option to terminate
the lease. The variable lease payments that do not depend on
an index or a rate are recognised as an expense in the period
in which the event or condition that trigers the payment
ocurs.
In calculating the present value of lease payments, the
Group uses its incremental borowing rate at the lease
comencement date because the interest rate implicit in the
lease is not readily determinable. After the comencement
date, the amount of lease liabilities is increased to reflect
the acretion of interest and reduced for the lease payments
made. In adition, the carying amount of lease liabilities is
remeasured if there is a modification, a change in the lease
term, a change in lease payments (e.g., a change to future
lease payments resulting from a change in an index or rate)
or a change in asesment of an option to purchase the
underlying aset.
- （续）
2.4 重大会计政策（续）
租约（续）
本集团作为承租人（续）
(b) 租赁负债
租赁负债于租赁开始日期按于租期内作
出的租赁款项现值确认。租赁款项包括
固定付款（包括实质固定付款）减任何应
收租赁优惠、取决于某一指数或比率的
可变租赁款项及剩余价值担保下预期应
付之金额。租赁款项亦包括本集团合理
确定行使购买权的行使价，及倘在租期
内反映了本集团正行使终止选择权时，
则须就终止租赁支付的罚款。并非取决
于某一指数或比率的可变租赁款项于触
发付款的事件或状况出现期间内确认为
开支。
于计算租赁款项之现值时，倘租赁中所
隐含的利率不易厘定，本集团则于租赁
开始日期使用增量借贷利率计算。于开
始日期后，租赁负债金额增加反映利
息增加，而减少则为租赁款项所致。此
外，倘出现修改、租期变动、租赁款项
变动（如因指数或比率变动而产生的未
来租赁款项变动）或购买相关资产的选
择权评估更改，则租赁负债的账面值将
重新计量。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Leases (continued)
Group as a lese (continued)
(c) Short-term leases
The Group aplies the short-term lease recognition
exemption to its short-term leases of furniture and fixtures
(that is those leases that have a lease term of 12 months
or les from the comencement date and do not contain a
purchase option).
Lease payments on short-term leases are recognised as an
expense on a straight-line basis over the lease term.
Group as a lesor
When the Group acts as a lesor, it clasifies at lease inception (or
when there is a lease modification) each of its leases as either an
operating lease or a finance lease.
Leases in which the Group does not transfer substantialy al the
risks and rewards incidental to ownership of an aset are clasified
as operating leases. When a contract contains lease and non-lease
components, the Group alocates the consideration in the contract
to each component on a relative stand-alone seling price basis.
Rental income is acounted for on a straight-line basis over the
lease term and is included in other income and gains, net in the
statement of profit or los due to its operating nature. Initial direct
costs incured in negotiating and aranging an operating lease are
aded to the carying amount of the leased aset and recognised
over the lease term on the same basis as rental income. Contingent
rents are recognised as revenue in the period in which they are
earned.
Leases that transfer substantialy al the risks and rewards incidental
to ownership of an underlying aset to the lese are acounted for
as finance leases.
- （续）
2.4 重大会计政策（续）
租约（续）
本集团作为承租人（续）
(c) 短期租赁
本集团将短期租赁确认豁免应用于家具
及装置的短期租赁（即自租赁开始日期
起计租期为12个月或以下，并且不包含
购买权的租赁）。
短期租赁的租赁款项在租期内按直线法
确认为开支。
本集团作为出租人
当本集团作为出租人，其租赁于开始时（或发
生租赁变更时）将其所有租赁分类为经营租赁
或融资租赁。
所有本集团并未转让资产所有权所附带之绝大
部分风险及回报的租赁归类为经营租赁。倘合
约包含租赁及非租赁部分，本集团根据相关独
立售价将合约代价分配至各个部分。租金收入
于租期内按直线法列账，而由于其营运性质，
计入综合损益表之其他收入及收益净额。于磋
商及安排经营租赁时产生的初始直接成本乃计
入租赁资产的账面值，并于租期内按相同方法
确认为租金收入。或然租金乃于所赚取的期间
内确认为营业额。
将相关资产所有权所附带之绝大部分风险及回
报转移至承租人的租赁，以融资租赁入账。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Investments and other financial asets
Initial recognition and measurement
Financial asets are clasified, at initial recognition, as
subsequently measured at amortised cost, fair value through other
comprehensive income, and fair value through profit or los.
The clasification of financial asets at initial recognition depends
on the financial aset’s contractual cash flow characteristics and
the Group’s busines model for managing them. With the exception
of trade receivables that do not contain a significant financing
component or for which the Group has aplied the practical
expedient of not adjusting the efect of a significant financing
component, the Group initialy measures a financial aset at its fair
value, plus in the case of a financial aset not at fair value through
profit or los, transaction costs. Trade receivables that do not
contain a significant financing component or for which the Group
has aplied the practical expedient are measured at the transaction
price determined under HKFRS 15 in acordance with the policies
set out for “Revenue recognition” below.
In order for a financial aset to be clasified and measured at
amortised cost or fair value through other comprehensive income,
it neds to give rise to cash flows that are solely payments of
principal and interest (“SPI”) on the principal amount outstanding.
Financial asets with cash flows that are not SPI are clasified and
measured at fair value through profit or los, irespective of the
busines model.
- （续）
2.4 重大会计政策（续）
投资及其他财务资产
初次确认及计量
财务资产于初次确认时分类为其后按摊销成
本、指定为按公允价值计入其他全面收益及按
公允价值计入损益计量。
财务资产于初次确认时之分类取决于财务资产
之合约现金流量特点及本集团管理该等财务资
产之业务模式。除不含重大融资成分或本集团
已应用权宜方法不调整重大融资部分的影响之
应收账款外，本集团的财务资产初次计量按公
允价值加上（倘财务资产并非按公允价值计入
损益）交易成本。根据香港财务报告准则第15
号，不含重大融资成分或本集团已应用权宜方
法之应收款项按交易价格（根据下文「收入确
认」所载之政策厘定）计量。
为使财务资产按摊销成本或按指定为按公允价
值计入其他全面收益进行分类及计量，其需产
生就未偿还本金的纯粹支付本金及利息（「纯
粹支付本金及利息」）之现金流量。就现金流
量并非纯粹支付本金及利息的财务资产而言，
不论其业务模式如何，分类及计量均按公允价
值计入损益。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Investments and other financial asets (continued)
Initial recognition and measurement (continued)
The Group’s busines model for managing financial asets refers
to how it manages its financial asets in order to generate cash
flows. The busines model determines whether cash flows wil result
from colecting contractual cash flows, seling the financial asets,
or both. Financial asets clasified and measured at amortised
cost are held within a busines model with the objective to hold
financial asets in order to colect contractual cash flows, while
financial asets clasified and measured at fair value through
other comprehensive income are held within a busines model
with the objective of both holding to colect contractual cash
flows and seling. Financial asets which are not held within the
aforementioned busines models are clasified and measured at fair
value through profit or los.
Purchases or sales of financial asets that require delivery of asets
within the period generaly established by regulation or convention
in the marketplace are recognised on the trade date, that is, the
date that the Group comits to purchase or sel the aset.
Subsequent measurement
Financial asets at amortised cost (debt instruments)
Financial asets at amortised cost are subsequently measured using
the efective interest method and are subject to impairment. Gains
and loses are recognised in the statement of profit or los when
the aset is derecognised, modified or impaired.
- （续）
2.4 重大会计政策（续）
投资及其他财务资产（续）
初次确认及计量（续）
本集团管理财务资产之业务模式指其如何管理
财务资产以产生现金流量之方式。业务模式厘
定现金流量是否源自收取合约现金流量、出售
财务资产或同时因两者而产生。于旨在持有财
务资产以收取合约现金流量的业务模式中持有
之财务资产，按摊销成本分类及计量；于旨在
持有以收取合约现金流量及出售财务资产之业
务模式中持有之财务资产，按公允价值计入其
他全面收益分类及计量。并非于上述业务模式
中持有之财务资产，乃按公允价值计入损益分
类及计量。
购买或出售财务资产需要在市场规则或惯例通
常规定的期限内交付资产，并于交易日（即本
集团承诺购买或出售该资产的日期）确认。
其后计量
按摊销成本入账之财务资产（债务工具）
按摊销成本入账之财务资产其后采用实际利率
法计量并须计提减值。当资产终止确认、修订
或出现减值。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Derecognition of financial asets
A financial aset (or, where aplicable, a part of a financial aset or
part of a group of similar financial asets) is primarily derecognised
(i.e., removed from the Group’s consolidated statement of financial
position) when:
- ;
or
• the Group has transfered its rights to receive cash flows
from the aset or has asumed an obligation to pay the
received cash flows in ful without material delay to a third
party under a “pas-through” arangement; and either (a) the
Group has transfered substantialy al the risks and rewards
of the aset, or (b) the Group has neither transfered nor
retained substantialy al the risks and rewards of the aset,
but has transfered control of the aset.
When the Group has transfered its rights to receive cash flows
from an aset or has entered into a pas-through arangement,
it evaluates if, and to what extent, it has retained the risk and
rewards of ownership of the aset. When it has neither transfered
nor retained substantialy al the risks and rewards of the aset nor
transfered control of the aset, the Group continues to recognise
the transfered aset to the extent of the Group’s continuing
involvement. In that case, the Group also recognises an asociated
liability. The transfered aset and the asociated liability are
measured on a basis that reflects the rights and obligations that the
Group has retained.
Continuing involvement that takes the form of a guarante over the
transfered aset is measured at the lower of the original carying
amount of the aset and the maximum amount of consideration
that the Group could be required to repay.
- （续）
2.4 重大会计政策（续）
不再确认财务资产
财务资产（或如适用，财务资产其中一部分或
一组类似之财务资产其中一部分）主要在下列
情况下不再确认（即从本集团之综合财务状况
表移除）：
- ；
或
• 本集团已转让其收取来自该资产现金流
量之权利，或已根据「转递」安排就向第
三者承担责任全数支付已收取现金流量
并无重大延误；及(a)本集团已转让该
资产之大部分风险及回报，或(b)本集
团无转让或保留该资产之大部分风险及
回报，惟已转让该资产之控制权。
倘若本集团已转让其自资产收取现金流量之权
利，或已订立转递安排，其评估其有否保留该
资产所有权之风险及回报，以及其保留该等风
险及回报之程度。倘若并无转让或保留资产之
大部分风险及回报，亦无转让资产之控制权之
情况下，则本集团继续以其持续参与该已转让
资产之程度为限确认该资产。在该情况下，本
集团亦确认相关负债。已转让资产及相关负债
乃按反映本集团已保留权利及义务之基准计
量。
就已转让资产作出担保形式之持续参与，按该
项资产之原有账面值及本集团或须偿付代价之
上限金额（以较低者为准）计量。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Impairment of financial asets
The Group recognises an alowance for expected credit loses
(“ECLs”) for al debt instruments not held at fair value through
profit or los. ECLs are based on the diference betwen the
contractual cash flows due in acordance with the contract and al
the cash flows that the Group expects to receive, discounted at an
aproximation of the original efective interest rate. The expected
cash flows wil include cash flows from the sale of colateral held
or other credit enhancements that are integral to the contractual
terms.
General aproach
ECLs are recognised in two stages. For credit exposures for which
there has not ben a significant increase in credit risk since initial
recognition, ECLs are provided for credit loses that result from
default events that are posible within the next 12 months (a
12-month ECL). For those credit exposures for which there has ben
a significant increase in credit risk since initial recognition, a los
alowance is required for credit loses expected over the remaining
life of the exposure, irespective of the timing of the default (a
lifetime ECL).
At each reporting date, the Group aseses whether the credit risk
on a financial instrument has increased significantly since initial
recognition. When making the asesment, the Group compares
the risk of a default ocuring on the financial instrument as at the
reporting date with the risk of a default ocuring on the financial
instrument as at the date of initial recognition and considers
reasonable and suportable information that is available without
undue cost or efort, including historical and forward-loking
information. The Group considers that there has ben a significant
increase in credit risk when contractual payments are more than 90
days past due.
- （续）
2.4 重大会计政策（续）
财务资产减值
本集团就所有并非按公允价值计入损益持有之
债务工具确认预期信贷亏损拨备。预期信贷亏
损乃基于根据合约应付的合约现金流量与本集
团预期收取并按原有实际利率的相若利率贴现
的所有现金流量之间的差额计算。预期现金流
量将包括出售所持抵押品或合约条款所包含的
其他信贷升级所得的现金流量。
一般方法
预期信贷亏损于两个阶段确认。就初次确认后
并无显著增加的信贷风险，预期信贷亏损就可
能于未来12个月内（12个月的预期信贷亏损）发
生就违约事件而产生的信贷亏损计提拨备。就
初次确认后显著增加的信贷风险，须于信贷亏
损风险剩余年期内计提亏损拨备，不论违约时
间（全期预期信贷亏损）。
于各报告日期，本集团评估金融工具的信贷风
险是否自初次确认后大幅提高。于作出该评估
时，本集团将于报告日期金融工具产生的违约
风险与于初次确认时金融工具产生的违约风险
进行比较，并考虑在无须付出不必要成本或努
力而可获得合理及可靠资料，包括过往及前瞻
性资料。本集团认为，当合约付款逾期超过
90天时，信贷风险显著增加。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Impairment of financial asets (continued)
General aproach (continued)
The Group considers a financial aset in default when contractual
payments are 90 days past due. However, in certain cases, the
Group may also consider a financial aset to be in default when
internal or external information indicates that the Group is unlikely
to receive the outstanding contractual amounts in ful before
taking into acount any credit enhancements held by the Group. A
financial aset is writen of when there is no reasonable expectation
of recovering the contractual cash flows.
Financial asets at amortised cost are subject to impairment under
the general aproach and they are clasified within the folowing
stages for measurement of ECLs except for trade receivables which
aply the simplified aproach as detailed below.
Stage 1–Financial instruments for which credit risk has not
increased significantly since initial recognition and for
which the los alowance is measured at an amount
equal to 12-month ECLs
Stage 2–Financial instruments for which credit risk has
increased significantly since initial recognition but that
are not credit-impaired financial asets and for which
the los alowance is measured at an amount equal to
lifetime ECLs
Stage 3–Financial asets that are credit-impaired at the
reporting date (but that are not purchased or
originated credit-impaired) and for which the los
alowance is measured at an amount equal to lifetime
ECLs
- （续）
2.4 重大会计政策（续）
财务资产减值（续）
一般方法（续）
本集团将合约付款逾期90日的财务资产视作
违约。然而，于若干情况下，当内部或外部资
料显示本集团不可能在本集团采取任何信贷提
升安排前悉数收回未偿还合约金额时，本集团
亦可能认为该财务资产违约。倘无法合理预期
收回合约现金流量，则撇销财务资产。
按摊销成本入账之财务资产根据一般方法减值
及除应收账款使用下文详述的简化法外，其在
以下阶段分类用于预期信贷亏损计量。
第一阶段－信贷风险自初次确认后并无
大幅增加的金融工具，其亏
损拨备按等于12个月预期信
贷亏损的金额计量
第二阶段－信贷风险自初次确认后大幅
增加但并无出现财务资产信
贷减值的金融工具，其亏损
拨备按等于全期预期信贷亏
损的金额计量
第三阶段－于报告日期已出现信贷减值
的财务资产（但在购买或产生
之时并无信贷减值），其亏损
拨备按等于全期预期信贷亏
损的金额计量
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Impairment of financial asets (continued)
Simplified aproach
For trade receivables that do not contain a significant financing
component or when the Group aplies the practical expedient of
not adjusting the efect of a significant financing component, the
Group aplies the simplified aproach in calculating ECLs. Under
the simplified aproach, the Group does not track changes in credit
risk, but instead recognises a los alowance based on lifetime
ECLs at each reporting date. The Group has established a provision
matrix that is based on its historical credit los experience,
adjusted for forward-loking factors specific to the debtors and the
economic environment.
Financial liabilities
Initial recognition and measurement
Financial liabilities are clasified, at initial recognition, as financial
liabilities at fair value through profit or los, loans and borowings,
payables, or as derivatives designated as hedging instruments in an
efective hedge, as apropriate.
Al financial liabilities are recognised initialy at fair value and, in
the case of loans and borowings and payables, net of directly
atributable transaction costs.
The Group’s financial liabilities include trade payables, other
payables and acruals, gold loan, interest-bearing bank borowings
and lease liabilities.
- （续）
2.4 重大会计政策（续）
财务资产减值（续）
简化法
就不包含重大融资组成部分的应收账款或当本
集团使用不调整重大融资组成部分影响的可行
权宜方法时，本集团计算预期信贷亏损时应用
简化法。根据简化法，本集团并无追踪信贷风
险的变化，但于各报告日期根据全期预期信贷
亏损确认亏损拨备。本集团已根据过往信贷亏
损经验，建立拨备矩阵，并就债务人及经济环
境的定前瞻性因素作出调整。
财务负债
初次确认及计量
财务负债于初次确认时适当地分类为按公允价
值订定盈亏之财务负债、借贷及贷款及被指定
为一有效对冲作对冲工具的衍生工具。
所有财务负债初次按公允价值确认，如属借贷
及贷款，则扣除直接应占交易成本。
本集团的财务负债包括应付账款，其他应付款
及应计费用，黄金贷款，计息银行借款及租赁
负债。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Financial liabilities (continued)
Subsequent measurement
The subsequent measurement of financial liabilities depends on
their clasification as folows:
Financial liabilities at fair value through profit or los
Financial liabilities at fair value through profit or los include
financial liabilities held for trading and financial liabilities designated
upon initial recognition as at fair value through profit or los.
Financial liabilities designated upon initial recognition as at fair
value through profit or los are designated at the initial date of
recognition, and only if the criteria in HKFRS 9 are satisfied. Gains
or loses on liabilities designated at fair value through profit or
los are recognised in the statement of profit or los, except for
the gains or loses arising from the Group’s own credit risk which
are presented in other comprehensive income with no subsequent
reclasification to the statement of profit or los. The net fair value
gain or los recognised in the statement of profit or los does not
include any interest charged on these financial liabilities.
- （续）
2.4 重大会计政策（续）
财务负债（续）
其后计量
财务负债之其后计量根据其分类进行，方式如
下：
以公允价值计量且其变动计入损益表的金融负
债
以公允价值计量且其变动计入损益表的金融负
债包括交易性金融负债及初始确认时指定为以
公允价值计量且其变动计入损益表的金融负
债。
于初始确认时指定为以公允价值计入损益表的
金融负债仅在符合香港财务报告准则第9号中
的标准的情况下于初始确认日指定。指定为以
公允价值计量且其变动计入损益表的负债的收
益或损失均在损益表中确认，但本集团自身信
用风险产生的收益或损失在其他综合收益表中
列示且随后不再重新分类至损益表。损益表中
确认的公允价值净损益不包括对这些金融负债
所收取的任何利息。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Financial liabilities (continued)
Subsequent measurement (continued)
Financial liabilities at amortised cost (trade and other payables, and
borowings)
After initial recognition, trade and other payables, and interest-
bearing borowings are subsequently measured at amortised
cost, using the efective interest rate method unles the efect of
discounting would be imaterial, in which case they are stated at
cost. Gains and loses are recognised in the statement of profit or
los when the liabilities are derecognised as wel as through the
efective interest rate amortisation proces.
Amortised cost is calculated by taking into acount any discount or
premium on acquisition and fes or costs that are an integral part
of the efective interest rate. The efective interest rate amortisation
is included in finance costs in the statement of profit or los.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the
liability is discharged or canceled, or expires.
When an existing financial liability is replaced by another from the
same lender on substantialy diferent terms, or the terms of an
existing liability are substantialy modified, such an exchange or
modification is treated as a derecognition of the original liability
and a recognition of a new liability, and the diference betwen the
respective carying amounts is recognised in the statement of profit
or los.
- （续）
2.4 重大会计政策（续）
财务负债（续）
其后计量（续）
按摊销成本入账之财务负债（贸易及其他应付
款项及贷款）
初次确认后，贸易及其他应付款项、计息贷款
其后采用实质利率法按摊销成本计量，除非折
现影响不大，在该情况下则按成本列账。于负
债不再确认时以及透过实质利率法计量之摊销
过程之收益及亏损于损益表确认。
摊销成本之计算包括收购产生之任何折价或溢
价以及属于实质利率组成部分之费用或成本。
按实质利率法计量之摊销包括在损益表之财务
费用内。
不再确认财务负债
财务负债于负债之责任已解除或注销或届满时
不再确认。
当现有财务负债为同一贷款人以大致上不同条
款之负债取代时，或现有负债之条款有重大修
改时，此等取代或修改会被视为不再确认为原
有负债及确认为一项新负债，而有关账面值之
差额乃于损益表确认。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Ofseting of financial instruments
Financial asets and financial liabilities are ofset and the net
amount is reported in the statement of financial position if there is
a curently enforceable legal right to ofset the recognised amounts
and there is an intention to setle on a net basis, or to realise the
asets and setle the liabilities simultaneously.
Inventories
Inventories are stated at the lower of cost and net realisable value.
Cost is determined on the weighted average basis for homogenous
items while it is determined on an actual unit cost basis for certain
unique or specific items and, in the case of work in progres and
finished gods, comprises direct materials, direct labour and an
apropriate proportion of overheads, and where apropriate,
subcontracting charges. Net realisable value is based on estimated
seling prices les any estimated costs to be incured to completion
and disposal.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position
comprise cash on hand and at banks, and short-term highly liquid
deposits with a maturity of generaly within thre months that
are readily convertible into known amounts of cash, subject to an
insignificant risk of changes in value and held for the purpose of
meting short-term cash comitments.
For the purpose of the consolidated statement of cash flows, cash
and cash equivalents comprise cash on hand and at banks, and
short-term deposits as defined above, les bank overdrafts which
are repayable on demand and form an integral part of the Group’s
cash management.
- （续）
2.4 重大会计政策（续）
抵销金融工具
倘实体具有抵销已确认金额之现时可执行法定
权利，且有意以净额结算或同时变现该财务资
产及清偿该财务负债时，财务资产与财务负债
方可相互抵销，并以抵销后净额于财务状况表
内呈报。
存货
存货乃按成本与可变现净值两中之较低列账。
某些同质的货品乃按加权平均法计算，而若干
独特或特定的货品则按实际单位成本计算及
（倘为在制品及制成品）包括直接原料、直接
工资及适当比例之间接费用并在适当情况下包
括加工费用。可变现净值是根据估计售价扣除
直至完成及出售所需之任何估计成本计算。
现金及现金等价物
财务状况表内的现金及现金等价物包括手头及
银行现金，以及一般在三个月内到期并可随时
转换为已知数额现金（没有重大价值变动风险
且持作满足短期现金承诺）的短期及高度流通
存款。
就综合现金流量表而言，现金及现金等价物包
括手头及银行现金，以及上文所界定的短期存
款，扣除须按要求偿还及构成本集团现金管理
方面不可或缺的银行透支。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Provisions
A provision is recognised when a present obligation (legal or
constructive) has arisen as a result of a past event and it is probable
that a future outflow of resources wil be required to setle the
obligation, provided that a reliable estimate can be made of the
amount of the obligation.
When the Group expects some or al of a provision to be
reimbursed, the reimbursement is recognised as a separate aset,
but only when the reimbursement is virtualy certain. The expense
relating to a provision is presented in the statement of profit or los
net of any reimbursement.
When the efect of discounting is material, the amount recognised
for a provision is the present value at the end of the reporting
period of the future expenditures expected to be required to setle
the obligation. The increase in the discounted present value amount
arising from the pasage of time is included in finance costs in the
statement of profit or los.
Income tax
Income tax comprises curent and defered tax. Income tax relating
to items recognised outside profit or los is recognised outside
profit or los, either in other comprehensive income or directly in
equity.
Curent tax asets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities,
based on tax rates (and tax laws) that have ben enacted or
substantively enacted by the end of the reporting period, taking
into consideration interpretations and practices prevailing in the
countries in which the Group operates.
- （续）
2.4 重大会计政策（续）
拨备
倘因过往事件而产生现时责任（法律或推
定），且将来极可能需要付出资源以应付有关
责任时，则确认为拨备，惟所涉及责任金额必
须能可靠地估计。
当本集团预计部分或全部准备金将得到偿还
时，该偿还额将被确认为一项单独资产，但仅
当偿还额几乎确定时才予以确认。与拨备相关
的费用在扣除任何报销后的损益表中列报。
当折现之影响属重大时，就拨备而确认之金额
乃预期于日后解决该责任所需开支于报告期末
之现值。因时间流逝而导致折现之现值增加金
额计入损益表之财务费用。
所得税
所得税包括本期及递延税项。有关损益外确认
项目之所得税于损益外确认，不论是于其他全
面收入或直接于权益内确认。
本期及过往期间之本期税项资产及负债乃按预
期可自税务机关收回或缴付之金额计算，按于
报告期末已经生效或大致上已经生效之税率
（及税法）为基准，并考虑本集团经营所在国
家之现行诠释及惯例。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Income tax (continued)
Defered tax is provided, using the liability method, on al
temporary diferences at the end of the reporting period betwen
the tax bases of asets and liabilities and their carying amounts for
financial reporting purposes.
Defered tax liabilities are recognised for al taxable temporary
diferences, except:
• when the defered tax liability arises from the initial
recognition of godwil or an aset or liability in a transaction
that is not a busines combination and, at the time of the
transaction, afects neither the acounting profit nor taxable
profit or los and does not give rise to equal taxable and
deductible temporary diferences; and
• in respect of taxable temporary diferences asociated with
investments in subsidiaries when the timing of the reversal
of the temporary diferences can be controled and it is
probable that the temporary diferences wil not reverse in
the foreseable future.
- （续）
2.4 重大会计政策（续）
所得税（续）
于报告期末之资产及负债之税基与其在财务报
表账面值之间所有暂时性差异，须按负债法计
提递延税项拨备。
除下述外，所有应课税暂时性差异均确认为递
延税项负债：
• 倘若由于一项非商业合并交易之中初次
确认商誉或资产或负债所产生之递延税
项负债，而在交易时对会计盈利或应课
税盈利或亏损均无影响及不产生等于应
税和可抵扣的暂时性差异；及
• 对涉及附属公司之投资之应课税暂时性
差异而言，倘若拨回暂时性差异之时间
可以控制，以及暂时性差异不大可能在
可见将来拨回。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Income tax (continued)
Defered tax asets are recognised for al deductible temporary
diferences, and the caryforward of unused tax credits and any
unused tax loses. Defered tax asets are recognised to the extent
that it is probable that taxable profit wil be available against which
the deductible temporary diferences, and the caryforward of
unused tax credits and unused tax loses can be utilised, except:
• when the defered tax aset relating to the deductible
temporary diferences arises from the initial recognition of
an aset or liability in a transaction that is not a busines
combination and, at the time of the transaction, afects
neither the acounting profit nor taxable profit or los and
does not give rise to equal taxable and deductible temporary
diferences; and
• in respect of deductible temporary diferences asociated
with investments in subsidiaries, defered tax asets are
only recognised to the extent that it is probable that the
temporary diferences wil reverse in the foreseable
future and taxable profit wil be available against which the
temporary diferences can be utilised.
The carying amount of defered tax asets is reviewed at the
end of each reporting period and reduced to the extent that it is
no longer probable that suficient taxable profit wil be available
to alow al or part of the defered tax aset to be utilised.
Unrecognised defered tax asets are reasesed at the end of
each reporting period and are recognised to the extent that it has
become probable that suficient taxable profit wil be available to
alow al or part of the defered tax aset to be recovered.
- （续）
2.4 重大会计政策（续）
所得税（续）
所有可扣除暂时性差异、承前未用税项拨回及
未用税项亏损，均确认为递延税项资产。除下
述外，如日后有可能出现应课税盈利，可用作
抵销该等可扣除暂时性差异、承前未用税项拨
回及未用税项亏损，均确认为递延税项资产：
• 当在非商业合并之交易中初次确认资产
或负债所产生之有关可扣除暂时性差异
之递延税项资产，而在交易时对会计盈
利或应课税盈利或亏损均无影响及不产
生等于应税和可抵扣的暂时性差异；及
• 对涉及附属公司之投资之可扣除暂时性
差异而言，只在暂时性差异有可能在可
见将来拨回，以及日后可用该等暂时性
差异抵销可能出现之应课税盈利，才确
认递延税项资产。
递延税项资产之账面值于每个报告期末予以审
阅，倘不再可能有足够应课税盈利用作抵销相
关递延税项资产之全部或部分，则减少递延税
项资产账面值。未予确认之递延税项资产于每
个报告期末予以审阅，如可能有足够应课税盈
利用作抵销相关递延税项资产之全部或部分
时，则予以确认。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Income tax (continued)
Defered tax asets and liabilities are measured at the tax rates that
are expected to aply to the period when the aset is realised or
the liability is setled, based on tax rates (and tax laws) that have
ben enacted or substantively enacted by the end of the reporting
period.
Defered tax asets and defered tax liabilities are ofset if and only
if the Group has a legaly enforceable right to set of curent tax
asets and curent tax liabilities and the defered tax asets and
defered tax liabilities relate to the income taxes levied by the same
taxation authority on either same taxable entity or diferent taxable
entities which intend either to setle curent tax liabilities and
asets on a net basis, or to realise the asets and setle the liabilities
simultaneously, in each future period in which significant amounts
of defered tax liabilities or asets are expected to be setled or
recovered.
Revenue recognition
Revenue from contracts with customers
Revenue from contracts with customers is recognised when control
of gods or services is transfered to the customers at an amount
that reflects the consideration to which the Group expects to be
entitled in exchange for those gods or services.
When the consideration in a contract includes a variable amount,
the amount of consideration is estimated to which the Group wil
be entitled in exchange for transfering the gods or services to
the customer. The variable consideration is estimated at contract
inception and constrained until it is highly probable that a
significant revenue reversal in the amount of cumulative revenue
recognised wil not ocur when the asociated uncertainty with the
variable consideration is subsequently resolved.
- （续）
2.4 重大会计政策（续）
所得税（续）
递延税项资产及负债以预期适用于变现资产或
偿还负债之当期税率计量，按于每个报告期末
已经生效或大致上已经生效之税率（及税法）
为基准。
当及仅当本集团有合法可执行权利将即期税项
资产与即期税项负债抵销，且递延税项资产及
递延税项负债与同一税务机关对同一应课税实
体或不同应课税实体征收的所得税相关，而该
等不同的应课税实体于各未来期间预期有大额
递延税项负债或资产将予结算或清偿时，拟按
净额基准结算即期税务负债及资产或同时变现
资产及结算负债，则递延税项资产与递延税项
负债可予抵销。
收入确认
来自客户合约之收益
来自客户合约之收益乃于货品或服务按反映本
集团预期就转让货品或服务而有权获得的代价
金额转予客户时确认。
当合约中的代价包含可变金额时，代价金额于
本集团就转让货品或服务至客户而有权获得交
换时估计。可变代价在合约开始时估计并受约
束，直至可变代价的相关不确定因素得到解决
时，确认的累计收益金额不大可能出现重大收
益回拨。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Revenue recognition (continued)
Revenue from contracts with customers (continued)
When the contract contains a financing component which provides
the customer with a significant benefit of financing the transfer
of gods or services to the customer for more than one year,
revenue is measured at the present value of the amount receivable,
discounted using the discount rate that would be reflected in
a separate financing transaction betwen the Group and the
customer at contract inception. When the contract contains a
financing component which provides the Group with a significant
financial benefit for more than one year, revenue recognised
under the contract includes the interest expense acreted on the
contract liability under the efective interest method. For a contract
where the period betwen the payment by the customer and the
transfer of the promised gods or services is one year or les, the
transaction price is not adjusted for the efects of a significant
financing component, using the practical expedient in HKFRS 15.
(a) Sale of jewelery products
Revenue from the sale of jewelery products is recognised at
the point in time when control of the aset is transfered to
the customer, generaly on delivery of the jewelery products.
Some contracts for the sale of jewelery products provide
customers with rights of return giving rise to variable
consideration.
- （续）
2.4 重大会计政策（续）
收入确认（续）
来自客户合约之收益（续）
倘合约中包含为客户提供超过一年的重大融资
利益（拨付转让货品或服务至客户）的融资部
分，则收益按应收金额的现值计量，并使用本
集团与客户之间于合约开始时的单独融资交易
中反映的贴现率贴现。倘合约中包含为本集团
提供一年以上重大融资利益的融资部分，合约
项下确认的收益包括按实际利率法计算的合约
负债所产生的利息开支。就客户付款与转让承
诺货品或服务之期间为一年或者更短的合约，
交易价格采用香港财务报告准则第15号的可行
权宜方法，不会就重大融资部分的影响作出调
整。
(a) 珠宝销售
来自珠宝销售之收益指在撇除退回、交
易折扣与增值税后售出货品之发票净
值，并于资产之控制权转让予客户时
（一般为交付货品时）确认。
若干珠宝销售之合约给予客户退货权从
而产生可变代价。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Revenue recognition (continued)
Revenue from contracts with customers (continued)
(a) Sale of jewelery products (continued)
(i) Rights of return
For contracts which provide a customer with a right
to return the gods within a specified period, the
expected value method is used to estimate the gods
that wil not be returned because this method best
predicts the amount of variable consideration to
which the Group wil be entitled. The requirements
in HKFRS 15 on constraining estimates of variable
consideration are aplied in order to determine
the amount of variable consideration that can be
included in the transaction price. For gods that are
expected to be returned, instead of revenue, a refund
liability is recognised. A right-of-return aset (and
the coresponding adjustment to cost of sales) is also
recognised for the right to recover products from a
customer.
(i) Customer loyalty programes
The Group maintains loyalty points programes within
its retail shops in Hong Kong and the PRC, which alow
customers to acumulate award credits upon purchase
of gods in the shops and joining the programes. The
award credits can then be redemed for gods or other
gifts, subject to certain terms and conditions. Under
HKFRS 15, the customer loyalty programe gives
rise to a separate performance obligation because
it provides a material right to the customer and the
Group wil alocate a portion of the transaction price to
the loyalty credits awarded to customers based on the
relative stand-alone seling price.
- （续）
2.4 重大会计政策（续）
收入确认（续）
来自客户合约之收益（续）
(a) 珠宝销售（续）
(i) 退货权
就给予客户于指定时间内可退回
货品之合约而言，使用预期价值
法估计将不予退回之货品，因该
方法为预测本集团将享有之可变
代价金额之最佳方法。采用香港
财务报告准则第15号关于可变代
价估计之规限，以厘定可计入交
易价格之可变代价金额。就预期
将予退回之货品，确认退款负
债，而并非收入。另就向客户
收回产品之权利确认退货权资产
（并对销售成本作出相应调整）。
(i) 客户忠诚计划
本集团在其于香港及中国经营之
零售店内设有忠诚积分计划，据
此，当客户于店内购买产品及加
入计划时可累积分。根据若干
条款及条件，积分随后可换领产
品或其他礼品。根据香港财务报
告准则第15号，客户忠诚度计划
产生独立履约责任，因其为客户
提供实质权利，及集团会将部分
交易价格分配至根据相关独立售
价给予客户之忠诚度积分。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Revenue recognition (continued)
Revenue from contracts with customers (continued)
(b) Service income
Service income is recognised over the scheduled period on
a straight line basis because the customer simultaneously
receives and consumes the benefits provided by the Group.
Revenue from other sources
Other income
Interest income is recognised on an acrual basis using the efective
interest method by aplying the rate that exactly discounts
the estimated future cash receipts over the expected life of the
financial instrument or a shorter period, when apropriate, to the
net carying amount of the financial aset.
Rental income is recognised on a time proportion basis over the
lease terms.
Contract liabilities
A contract liability is recognised when a payment is received or a
payment is due (whichever is earlier) from a customer before the
Group transfers the related gods or services. Contract liabilities
are recognised as revenue when the Group performs under the
contract (i.e., transfers control of the related gods or services to
the customer).
- （续）
2.4 重大会计政策（续）
收入确认（续）
来自客户合约之收益（续）
(b) 服务收入
客户同时接收与消费本集团提供之利
益，因此服务收入以直线法按已计划的
期间来确认。
来自其他来源之收益
其他收入
利息收入采用实质利息法，按应计基准，以有
关利率在有关金融工具之预计年期或较短期间
（按适用情况）内准确折现估计未来现金收入
至有关财务资产之账面净值确认。
租金收入在租赁期间内以时间比例确认。
合约负债
合约负债指就本集团已向客户收取代价（或代
价款项已到期）而须向客户转让货品或服务的
责任。倘客户于本集团将货品或服务转让予客
户前支付代价，合约负债则于作出付款或该款
项到期时（以较早者为准）确认。合约负债于
本集团履行合约时确认为收益。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Right-of-return asets
A right-of-return aset is recognised for the right to recover
the gods expected to be returned by customers. The aset is
measured at the former carying amount of the gods to be
returned, les any expected costs to recover the gods and any
potential decreases in the value of the returned gods. The Group
updates the measurement of the aset for any revisions to the
expected level of returns and any aditional decreases in the value
of the returned gods.
Refund liabilities
A refund liability is recognised for the obligation to refund some or
al of the consideration received (or receivable) from a customer
and is measured at the amount the Group ultimately expects it wil
have to return to the customer. The Group updates its estimates of
refund liabilities (and the coresponding change in the transaction
price) at the end of each reporting period.
Share-based payments
The Company operates a share option scheme. Employes
(including directors) of the Group receive remuneration in the form
of share-based payments, whereby employes render services in
exchange for equity instruments (“equity-setled transactions”).
The cost of equity-setled transactions with employes is measured
by reference to the fair value at the date at which they are granted.
The fair value is determined by an external valuer using a binomial
model, further details of which are given in note 30 to the financial
statements.
- （续）
2.4 重大会计政策（续）
退货权资产
退货权资产指本集团有权收回预期将由客户退
回之货品。该资产按将予退回货品前的账面值
减收回货品之任何预期成本（包括退回货品之
任何潜在价值减少）计量。本集团就任何修订
更新资产计量至其预期退货水平，以及就已退
回之货品更新任何额外价值减少。
退款负债
退款负债为退回收取自客户（或向客户应收）
之部分或全部代价并按本集团最终预期其将须
向客户退还之金额计量。于各报告期末，本集
团更新其退款负债之估计（及交易价格的相应
变动）。
股份付款交易
本集团实施认购股权计划。本集团雇员（包括
董事）收取以股份支付的形式作为酬金，并
提供服务作为权益工具的代价（「股权结算交
易」）。与雇员进行权益结算交易的成本以授予
日的公允价值计量。公允价值由外部估价师使
用二项式模型决定，进一步详情请参阅财务报
表附注30。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Share-based payments (continued)
The cost of equity-setled transactions is recognised in employe
benefit expense, together with a coresponding increase in equity,
over the period in which the performance and/or service conditions
are fulfiled. The cumulative expense recognised for equity-setled
transactions at the end of each reporting period until the vesting
date reflects the extent to which the vesting period has expired and
the Group’s best estimate of the number of equity instruments that
wil ultimately vest. The charge or credit to the statement of profit
or los for a period represents the movement in the cumulative
expense recognised as at the begining and end of that period.
Service and non-market performance conditions are not taken into
acount when determining the grant date fair value of awards, but
the likelihod of the conditions being met is asesed as part of
the Group’s best estimate of the number of equity instruments that
wil ultimately vest. Market performance conditions are reflected
within the grant date fair value. Any other conditions atached
to an award, but without an asociated service requirement, are
considered to be non-vesting conditions. Non-vesting conditions
are reflected in the fair value of an award and lead to an imediate
expensing of an award unles there are also service and/or
performance conditions.
For awards that do not ultimately vest because non-market
performance and/or service conditions have not ben met,
no expense is recognised. Where awards include a market or
non-vesting condition, the transactions are treated as vesting
irespective of whether the market or non-vesting condition is
satisfied, provided that al other performance and/or service
conditions are satisfied.
- （续）
2.4 重大会计政策（续）
股份付款交易（续）
在履行表现和╱或服务条件的期间，以权益
结算的交易成本连同相应的权益增加一起计入
雇员福利费用。各报告期末至可行权日为止以
权益结算的交易确认的累计费用反映了可行权
期已届满的程度以及本集团对最终可行权益
工具数量的最佳估计。某一期间损益表的费用
或贷项代表该期间期初和期末确认的累计费用
的变动。
服务及非市场绩效条件非考虑授出奖励当日公
允价值之考虑因素，但能否满足该等条件之可
能性则构成本集团对最终归属之权益工具数量
之最佳估计一部分。市场绩效条件已反映于授
出权利当日之公允价值。任何与奖励相关之其
他条件，但不属于相关服务必要条件，均考虑
作非归属条件。除非附带服务及╱或绩效条
件，非归属条件已反映于奖励之公允价值而该
奖励立即计入开支内。
由于非市场绩效及╱或服务条件未能获满
足，未最终归属之奖励不会确认为开支。当奖
励包括一个市场或非归属条件时，于所有其他
绩效及╱或服务条件获满足之前提下，无论
市场或非归属条件是否获满足，有关交易均被
视为已归属。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Share-based payments (continued)
Where the terms of an equity-setled award are modified, as a
minimum an expense is recognised as if the terms had not ben
modified, if the original terms of the award are met. In adition, an
expense is recognised for any modification that increases the total
fair value of the share-based payments, or is otherwise beneficial
to the employe as measured at the date of modification. Where
an equity-setled award is canceled, it is treated as if it had vested
on the date of cancelation, and any expense not yet recognised for
the award is recognised imediately.
The dilutive efect of outstanding options is reflected as aditional
share dilution in the computation of earnings per share.
Other employe benefits
Pension schemes
The Group operates a defined contribution Mandatory Provident
Fund retirement benefit scheme (the “MPF Scheme”) under the
Hong Kong Mandatory Provident Fund Schemes Ordinance for
employes in Hong Kong. Contributions are made based on a
percentage of the employes’ basic salaries and are charged to the
statement of profit or los as they become payable in acordance
with the rules of the MPF Scheme. The asets of the MPF Scheme
are held separately from those of the Group in an independently
administered fund. The Group’s employer contributions vest fuly
with the employes when contributed into the MPF Scheme.
The employes of the Group’s subsidiaries which operate in the
PRC, Malaysia and Japan are required to participate in central
pension schemes operated by the local municipal government.
Contributions are made based on the requirements of the respective
local municipal government. The contributions are charged to the
statement of profit or los as they become payable in acordance
with the rules of the central pension schemes.
- （续）
2.4 重大会计政策（续）
股份付款交易（续）
在股权结算奖励原有条款经已履行之情况下，
倘若修订奖励条款，则最少确认假设并无修订
有关条款时所产生的开支。此外，倘修订导致
股本偿付之总公允价值增加，或对雇员带来其
他利益，均会按修订当日之计量确认开支。倘
股权结算奖励注销时，将被视作报酬于注销当
日已经归属，而尚未确认报酬的任何支出会即
时确认。
未行使购股权的摊薄影响会反映于计算每股盈
利时的额外股份摊薄。
雇员福利
退休金计划
本集团根据香港的强制性公积金计划条例实
施一项界定供款强制性公积金退休福利计划
（「强积金计划」），供所有于香港之雇员参与。
供款按雇员有关基本入息之某一百分比提拨，
并于根据强积金计划规定应付时自损益表扣
除。强积金计划资产乃与本集团资产分开，由
独立管理基金持有。根据强积金计划规定，本
集团作出之雇主供款利益全数归属于雇员。
本集团于中国、马来西亚、及日本运作之附属
公司之雇员均须参加由当地市政府运作的中央
退休金计划。供款乃根据各自地方市政府的规
定提拨，并根据中央退休金计划规定应付时于
损益表扣除。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Other employe benefits (continued)
Long service payments
The Group’s statutory obligation to make long service payments
is a defined benefit plan. The cost of providing benefits relating to
long service payments is determined using the projected unit credit
method. The liability recognised in the consolidated statement of
financial position in respect of long service payments is the net
obligation, representing the present value of the future long service
payment benefits reduced by entitlements from acrued benefits
arising from MPF contributions made by the Group.
Remeasurements, comprising actuarial gains and loses, and
investment returns asociated with the MPF employer contributions
and other experience adjustments (excluding amounts included
in net interest on the net defined benefit liability), are debited or
credited to equity in other comprehensive income in the period in
which they ocur. Remeasurements are not reclasified to profit or
los in subsequent periods.
Past service costs are recognised in profit or los at the earlier of:
- ; and
• the date that the Group recognises restructuring-related
costs
- （续）
2.4 重大会计政策（续）
雇员福利（续）
长期服务金
本集团法定义务之下支付的长期服务金是一项
界定福利计划。该界定福利计划提供福利的成
本，按预计单位贷记法计算，于综合财务状况
报表中确认的界定福利义务，代表界定福利责
任的现值扣除强积金供款的累算权益的净值。
由长期服务金义务重新计量产生之精算收入及
亏损乃于其发生期间于综合财务状况报表即时
确认，并同时通过综合其他收入于未分配利润
计入相应借记或贷记。重新计量将不可能于日
后重新分类至损益表。
过往服务成本按以下较早者计入损益表：
- ；和
• 本集团确认重组相关费用的日期
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
2.4 重大会计政策（续）
雇员福利（续）
长期服务金（续）
净利息乃于净界定福利负债或资产采用折现率
计算。本集团按功能于综合损益表里的「销售
成本」及「行政费用」 下确认以下的净界定福利
义务变动：
- ，过往服务
成本，缩减及非例行结算收入及亏损
• 净利息费用或收入
贷款成本
直接因收购、建造或生产合资格资产，即该资
产须花一段颇长时间始能投入拟定用途或出
售，其产生之借贷成本均需资本化，作为该等
资产之部分成本。当该等合资格资产大致上可
作拟定用途或予以出售时，该等借贷成本之资
本化将会中止。所有其它贷款成本乃于产生期
间支销。贷款成本包括实体就借用资金而产生
之利息及其他成本。
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Other employe benefits (continued)
Long service payments (continued)
Net interest is calculated by aplying the discount rate to the
net defined benefit liability. The Group recognises the folowing
changes in the net defined benefit obligations under “cost of sales”
and “administrative expenses” in the consolidated statement of
profit or los by function:
- , past-service
costs, gains and loses on curtailments and non-routine
setlements
• net interest expense or income
Borowing costs
Borowing costs directly atributable to the acquisition,
construction or production of qualifying asets, i.e., asets that
necesarily take a substantial period of time to get ready for their
intended use or sale, are capitalised as part of the cost of those
asets. The capitalisation of such borowing costs ceases when
the asets are substantialy ready for their intended use or sale. Al
other borowing costs are expensed in the period in which they are
incured. Borowing costs consist of interest and other costs that an
entity incurs in conection with the borowing of funds.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
2.4 重大会计政策（续）
股息
末期股息于股东在股东大会上批准时确认为负
债。建议末期股息于财务报表附注披露。由于
本公司的组织章程大纲及细则授权董事宣派中
期股息，故中期股息将同时拟派及宣派。因
此，中期股息于拟派及宣派时即时确认为负
债。
外币
本财务报表乃以本公司之功能货币港币列报。
本集团内每个实体均自行决定其功能货币，而
每实体之财务报表所包含之项目均采用该功能
货币计量。本集团实体记录之外币结算交易最
初以交易当日之有关功能货币之现行汇率记
录。以外币计算之货币资产及负债按报告期末
之功能货币汇率换算。因货币项目结算或换算
而产生之差额乃于损益表确认。
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Dividends
Final dividends are recognised as a liability when they are aproved
by the shareholders in a general meting. Proposed final dividends
are disclosed in the notes to the financial statements. Interim
dividends are simultaneously proposed and declared, because the
Company’s memorandum and articles of asociation grant the
directors the authority to declare interim dividends. Consequently,
interim dividends are recognised imediately as a liability when
they are proposed and declared.
Foreign curencies
These financial statements are presented in Hong Kong dolars,
which is the Company’s functional curency. Each entity in the
Group determines its own functional curency and items included
in the financial statements of each entity are measured using that
functional curency. Foreign curency transactions recorded by the
entities in the Group are initialy recorded using their respective
functional curency rates prevailing at the dates of the transactions.
Monetary asets and liabilities denominated in foreign curencies
are translated at the functional curency rates of exchange ruling at
the end of the reporting period. Diferences arising on setlement
or translation of monetary items are recognised in the statement of
profit or los.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
2.4 重大会计政策（续）
外币（续）
以外币历史成本计算之非货币项目按初次交易
当日之汇率换算。以外币公允价值计算之非货
币项目按计量公允价值当日之汇率换算。换算
以公允价值计量之非货币项目而产生之收益或
亏损，按确认该项目之公允价值变动之收益或
亏损一致之方法处理（即公允价值盈亏于其他
全面收益或损益表确认之项目，其换算差额亦
分别于其他全面收益或损益表确认）。
就终止确认与预付代价有关的非货币资产或非
货币负债的相关资产、开支或收入而言，于厘
定初次确认的汇率时，初次交易的日期为本集
团初次确认预付代价所产生的非货币资产或非
货币负债的日期。倘有多笔预付款或收款，
本集团就每笔预付代价的付款或收款分别厘定
交易日期。
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Foreign curencies (continued)
Non-monetary items that are measured in terms of historical cost
in a foreign curency are translated using the exchange rates at the
dates of the initial transactions. Non-monetary items measured at
fair value in a foreign curency are translated using the exchange
rates at the date when the fair value was measured. The gain or los
arising on translation of a non-monetary item measured at fair value
is treated in line with the recognition of the gain or los on change
in fair value of the item (i.e., translation diference on the item
whose fair value gain or los is recognised in other comprehensive
income or profit or los is also recognised in other comprehensive
income or profit or los, respectively).
In determining the exchange rate on initial recognition of the
related aset, expense or income on the derecognition of a non-
monetary aset or non-monetary liability relating to an advance
consideration, the date of initial transaction is the date on which
the Group initialy recognises the non-monetary aset or non-
monetary liability arising from the advance consideration. If there
are multiple payments or receipts in advance, the Group determines
the transaction date for each payment or receipt of the advance
consideration.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
2.4 重大会计政策（续）
外币（续）
若干香港以外地区附属公司之功能货币并非港
币。于报告期末，该等实体之资产与负债按报
告期末之现行汇率换算为港币，其损益表则按
该年度之加权平均汇率换算为港币。
由此而产生之汇兑差额，在其他全面收益中确
认并于外汇变动储备中累计，非控股权益应占
差额则除外。倘出售海外业务，储备内与特定
海外业务相关的累计金额于损益表中确认。
任何收购海外业务产生之商誉及公允价值调整
整账面值乃视为该海外业务之资产及负债处
理，并按收市汇率换算。
就合并现金流量表而言，海外附属公司的现金
流量以现金流量日期的汇率换算为港币。境外
子公司全年常发生的经常性现金流量，采用当
年加权平均汇率折算为港币。
2. ACOUNTING POLICIES (CONTINUED)
2.4 MATERIAL ACOUNTING POLICIES (continued)
Foreign curencies (continued)
The functional curencies of certain subsidiaries located in
jurisdictions other than Hong Kong are curencies other than the
Hong Kong dolar. As at the end of the reporting period, the asets
and liabilities of these entities are translated into Hong Kong dolars
at the exchange rates prevailing at the end of the reporting period
and their statements of profit or los are translated into Hong Kong
dolars at the exchange rates that aproximate to those prevailing
at the dates of the transactions.
The resulting exchange diferences are recognised in other
comprehensive income and acumulated in the exchange
fluctuation reserve, except to the extent that the diferences are
atributable to non-controling interests. On disposal of a foreign
operation, the cumulative amount in the reserve relating to that
particular foreign operation is recognised in the statement of profit
or los.
Any godwil arising on the acquisition of a foreign operation and
any fair value adjustments to the carying amounts of asets and
liabilities arising on acquisition are treated as asets and liabilities
of the foreign operation and translated at the closing rate.
For the purpose of the consolidated statement of cash flows, the
cash flows of overseas subsidiaries are translated into Hong Kong
dolars at the exchange rates ruling at the dates of the cash flows.
Frequently recuring cash flows of overseas subsidiaries which arise
throughout the year are translated into Hong Kong dolars at the
weighted average exchange rates for the year.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
3. 主要会计判断及估计
管理层须就编制本集团之财务报表时对影响收入、
开支、资产及负债之呈报数额、其随附披露事项以
及或然负债披露事项作出估计及假设。此等判断及
估计之不确定性，可能引致日后须就受影响之资产
或负债账面值作出重大调整之后果。
判断
应用本集团之会计政策时，除涉及之估计外，管理
层作出下列对财务报告已确认金额影响重大之判断：
来自客户合约之收益
本集团应用以下判断对厘定客户合约收益之金额及
时间有重大影响：
厘定估计可变代价之方式及评估珠宝零售之限制
若干销售珠宝之合约给予客户包括产生可变代价之
退货权。于估计可变代价时，本集团须判断那种方
法（预期价值法或最有可能之金额法）可更好地预测
其将享有之代价金额。
鉴于大量客户合约之特性相似，本集团确定预期价
值法对用于估计附带退货权之珠宝销售之可变代价
属最适合的方法。
3. SIGNIFICANT ACOUNTING JUDGEMENTS AND
ESTIMATES
The preparation of the Group’s financial statements requires management
to make judgements, estimates and asumptions that afect the
reported amounts of revenues, expenses, asets and liabilities, and their
acompanying disclosures, and the disclosure of contingent liabilities.
Uncertainty about these asumptions and estimates could result in
outcomes that could require a material adjustment to the carying
amounts of the asets or liabilities afected in the future.
Judgements
In the proces of aplying the Group’s acounting policies, management
has made the folowing judgements, apart from those involving
estimations, which have the most significant efect on the amounts
recognised in the financial statements:
Revenue from contracts with customers
The Group aplied the folowing judgements that significantly afect the
determination of the amount and timing of revenue from contracts with
customers:
Determining the method to estimate variable consideration and asesing
the constraint for the retail of jewelery
Some contracts for the sale of jewelery products provide customers with
a right of return that gives rise to variable consideration. In estimating
the variable consideration, the Group is required to exercise judgement to
determine the use of either the expected value method or the most likely
amount method based on which method beter predicts the amount of
consideration to which it wil be entitled.
The Group determined that the expected value method is the apropriate
method to use in estimating the variable consideration for the sale of
jewelery with rights of return, given the large number of customer
contracts that have similar characteristics.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
判断（续）
来自客户合约之收益（续）
厘定估计可变代价之方式及评估珠宝零售之限制
（续）
于将任何可变代价金额计入交易价格前，本集团会
考虑可变代价之金额是否受限制。根据过往经验、
业务预测及当前经济状况，本集团确定可变代价之
估计并无受到限制。此外，可变代价之不确定性将
于短时间内解决。
投资物业与自用物业之分类
本集团须判断物业是否属于投资物业，并就有关判
断制订准则。投资物业乃持作收取租金或获取资本
升值或两者之物业。因此，本集团考虑一物业是否
大致独立于本集团所持其他资产带来现金流量。某
些物业一部分持作赚取租金或获取资本升值，另一
部分用作生产或供应货品或服务或作行政用途。倘
此等部分可独立出售或根据融资租约单独出租，本
集团将该等部分个别入账。倘该等部分不可独立出
售，惟用作生产或供应货品或服务或作行政用途之
部分不大，有关物业方可列作投资物业。管理层已
就个别物业作出判断，以厘定有关配套设施是否重
大至足以使该物业不符合列作投资物业之资格。
3. SIGNIFICANT ACOUNTING JUDGEMENTS AND
ESTIMATES (CONTINUED)
Judgements (continued)
Revenue from contracts with customers (continued)
Determining the method to estimate variable consideration and asesing
the constraint for the retail of jewelery (continued)
Before including any amount of variable consideration in the transaction
price, the Group considers whether the amount of variable consideration
is constrained. The Group determined that the estimates of variable
consideration are not constrained based on its historical experience,
busines forecast and the curent economic conditions. In adition, the
uncertainty on the variable consideration wil be resolved within a short
time frame.
Clasification betwen investment properties and owner-ocupied
properties
The Group determines whether a property qualifies as an investment
property, and has developed criteria in making that judgement.
Investment property is a property held to earn rentals or for capital
apreciation or both. Therefore, the Group considers whether a property
generates cash flows largely independently of the other asets held
by the Group. Some properties comprise a portion that is held to earn
rentals or for capital apreciation and another portion that is held for
use in the production or suply of gods or services or for administrative
purposes. If these portions could be sold separately or leased out
separately under a finance lease, the Group acounts for the portions
separately. If the portions could not be sold separately, the property is an
investment property only if an insignificant portion is held for use in the
production or suply of gods or services or for administrative purposes.
Judgement is made on an individual property basis to determine whether
ancilary services are so significant that a property does not qualify as an
investment property.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
估计不明朗因素
于年末就未来及其他主要估计不明朗因素所作之主
要假设，很大机会引致须于下一个财政年度就资产
及负债账面值作出重大调整载述如下。
应收账款之预期信货亏损拨备
本集团使用拨备矩阵计算应收账款之预期信贷亏
损。拨备比率乃基于具有类似亏损模式之多个客户
分部组别之逾期日数厘定（即地理位置及客户类别）。
拨备矩阵初始基于本集团之历史观察违约率。本集
团将校正矩阵以透过前瞻性资料调整历史信贷亏损
经验。例如，倘预期经济环境（如本地生产总值）将
在未来一年恶化，导致零售业违约数目增加，则会
调整历史违约率。于各报告日期，历史观察所得的
违约率将予更新，并分析前瞻性估计的变化。
对历史观察所得的违约率、预测之经济状况及预期
信贷亏损之间的相关性评估为一项重大估计。预期
信贷亏损金额对环境及预测经济状况之变化较为敏
感。本集团之历史信贷亏损经验及对经济状况的预
测亦未必代表日后客户之实际违约情况。有关本集
团应收账款预期信贷亏损之资料披露于财务报告附
注20。
3. SIGNIFICANT ACOUNTING JUDGEMENTS AND
ESTIMATES (CONTINUED)
Estimation uncertainty
The key asumptions concerning the future and other key sources of
estimation uncertainty at the end of the reporting period, that have a
significant risk of causing a material adjustment to the carying amounts
of asets and liabilities within the next financial year, are described below.
Provision for expected credit loses on trade receivables
The Group uses a provision matrix to calculate ECLs for trade receivables.
The provision rates are based on days past due for groupings of various
customer segments that have similar los paterns (i.e., by geographical
location and customer type).
The provision matrix is initialy based on the Group’s historical observed
default rates. The Group wil calibrate the matrix to adjust the historical
credit los experience with forward-loking information. For instance, if
forecast economic conditions (i.e., gros domestic products) are expected
to deteriorate over the next year which can lead to an increased number
of defaults in the retail sector, the historical default rates are adjusted. At
each reporting date, the historical observed default rates are updated and
changes in the forward-loking estimates are analysed.
The asesment of the corelation among historical observed default
rates, forecast economic conditions and ECLs is a significant estimate.
The amount of ECLs is sensitive to changes in circumstances and forecast
economic conditions. The Group’s historical credit los experience and
forecast of economic conditions may also not be representative of a
customer’s actual default in the future. The information about the ECLs
on the Group’s trade receivables is disclosed in note 20 to the financial
statements.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
估计不明朗因素（续）
物业、厂房及设备的可使用年期及折旧
本集团估计物业、厂房及设备的可使用年期以及相
关折旧开支。该等估计乃根据性质及功能相近的
物业、厂房及设备实际可使用年期的过往经验而作
出。倘可使用年期较先前所估计为短，则本集团将
会提高折旧开支，并会将已报废或已出售于技术上
过时或非策略的资产撇销或撇减。实际经济年期可
能与所估计可使用年期不同。定期检讨将令可折旧
年期出现变动，继而改变未来期间的折旧开支。
物业、厂房及设备及使用权资产减值
本集团于有迹象显示物业、厂房及设备及使用权资
产之账面值可能不能收回时厘定减值。倘此等资产
之账面值超其可收回金额（为其公允价值减出售成本
与其使用价值之较高者），即存在减值。公允价值减
去出售成本乃按类似资产以公平原则交易中具约束
力之销售交易所得数据或可观察市价扣除出售资产
之递增成本计算。当计算使用价值时，管理层须估
计预期来自资产或现金产生单位之未来现金流量，
及选择适当的折现率以计算该等现金流量之现值。
3. SIGNIFICANT ACOUNTING JUDGEMENTS AND
ESTIMATES (CONTINUED)
Estimation uncertainty (continued)
Useful lives and depreciation of property, plant and equipment
The Group determines the estimated useful lives and related depreciation
charges of its property, plant and equipment. These estimates are based
on the historical experience of the actual useful lives of property, plant
and equipment of similar nature and functions. The Group wil increase
the depreciation charge where useful lives are les than previously
estimated lives, and wil write of or write down technicaly obsolete or
non-strategic asets that have ben abandoned or sold. Actual economic
lives may difer from estimated useful lives. Periodic review could result
in a change in depreciable lives and, therefore, depreciation charge in the
future periods.
Impairment testing of property, plant and equipment and right-
of-use asets
The Group determines whether property, plant and equipment and right-
of-use asets are impaired when there are indicators that the carying
amounts may not be recoverable. An impairment exists when the carying
values of these asets exced their recoverable amounts, which is the
higher of their fair value les costs of disposal and their value in use. The
calculation of the fair values les costs of disposal is based on available
data from binding sales transactions in an arm’s length transaction of
similar asets or observable market prices les incremental costs for
disposing of the aset. When value in use calculations are undertaken,
management must estimate the expected future cash flows from the aset
or cash-generating unit and chose a suitable discount rate in order to
calculate the present value of those cash flows.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
估计不明朗因素（续）
递延税项资产
所有未被动用税项亏损均被确认为递延税项资产，
惟以应课税盈利可能可用作抵扣之亏损为限。厘定
可予确认之递延税项资产之金额涉及根据未来应课
税盈利之估计及其金额而作出重大判断。于2025年
3月31日，已确认税务亏损的递延税项资产账面值为
港币4,350,000元（2024年：港币7,023,000元）。于
2025年3月31日，未确认递延税项资产按适用税率的
相关税务亏损为港币217,763,000元（2024年：港币
187,732,000元）。其他详情载于财务报表附28中。
存货之可变现净值
存货的可变现净值乃于日常业务过程中作出的估计
售价减去估计完成本及可变出售开支。此等估计
乃根据现时市况及制造及出售性质类似产品的过往
经验而作出，并会因应客户品味及竞争对手就剧烈
行业周期所作出的行动而有重大变化。董事于每年
年末日重新评估有关估计。
3. SIGNIFICANT ACOUNTING JUDGEMENTS AND
ESTIMATES (CONTINUED)
Estimation uncertainty (continued)
Defered tax asets
Defered tax asets are recognised for unused tax loses to the extent
that it is probable that taxable profit wil be available against which the
loses can be utilised. Significant judgement is required to determine
the amount of defered tax asets that can be recognised, based upon
estimate and the level of future taxable profits. The carying value of
defered tax asets relating to recognised tax loses at 31 March 2025
was HK$4,350,000 (2024: HK$7,023,000). The amount of unrecognised
defered tax asets at aplicable tax rates relating to tax loses at 31
March 2025 was HK$217,763,000 (2024: HK$187,732,000). Further details
are contained in note 28 to the financial statements.
Net realisable value of inventories
Net realisable value of inventories is the estimated seling price in the
ordinary course of busines, les estimated costs of completion and
variable seling expenses. These estimates are based on the curent
market conditions and the historical experience of manufacturing and
seling products of a similar nature. It could change significantly as a
result of changes in customer taste or competitor actions in response to
a significant downturn in the industry sector. The directors reases the
estimations at the end of each reporting period.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
估计不明朗因素（续）
租赁－估算增量借款利率
本集团无法轻易厘定租赁内所隐含的利率，因此，
使用增量借款利率（「增量借款利率」）计量租赁负
债。增量借款利率为本集团于相若经济环境中为取
得与使用权资产价值相近之资产，而以相若抵押品
于相若期限借入所需资金应支付之利率。因此，增
量借款利率反映了本集团「应支付」的利率，当无可
观察的利率时（如就并无订立融资交易之附属公司而
言）或当须对利率进行调整以反映租赁之条款及条件
时（如当租赁并非以附属公司之功能货币订立时），
则须作出利率估计。当可观察输入数据可用时，本
集团使用可观察输入数据（如市场利率）估算增量借
款利率并须作出若干实体特定的估计（如附属公司的
单独信贷评级）。
4. 经营分部资料
就管理而言，本集团乃按业务性质划分业务单位，
并有四个可呈报经营分部如下：
(a) 零售业务（包括香港、澳门、内地及马来西
亚）;
(b) 批发业务；
(c) 电子商贸业务；及
(d) 其他业务。
3. SIGNIFICANT ACOUNTING JUDGEMENTS AND
ESTIMATES (CONTINUED)
Estimation uncertainty (continued)
Leases – Estimating the incremental borowing rate
The Group canot readily determine the interest rate implicit in a lease,
and therefore, it uses an incremental borowing rate (“IBR”) to measure
lease liabilities. The IBR is the rate of interest that the Group would
have to pay to borow over a similar term, and with a similar security,
the funds necesary to obtain an aset of a similar value to the right-of-
use aset in a similar economic environment. The IBR therefore reflects
what the Group “would have to pay”, which requires estimation when no
observable rates are available (such as for subsidiaries that do not enter
into financing transactions) or when it neds to be adjusted to reflect
the terms and conditions of the lease (for example, when leases are not
in the subsidiary’s functional curency). The Group estimates the IBR
using observable inputs (such as market interest rates) when available
and is required to make certain entity-specific estimates (such as the
subsidiary’s stand-alone credit rating).
4. OPERATING SEGMENT INFORMATION
For management purposes, the Group is organised into busines units
based on busines nature and has four reportable operating segments as
folows:
(a) Retail Busines (including Hong Kong, Macau, the Mainland and
Malaysia);
(b) Wholesale Busines;
(c) E-Busines; and
(d) Other Busineses.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
零售业务包括经由附有TSL |谢瑞麟、DUO by TSL及
TSL TOSI商标之实体店舖零售销售予消费者之珠宝
产品，当中亦包括提供零售管理服务予其他零售商
所收取之服务收入。
批发业务包括批发珠宝产品予客户，包括加盟商。
电子商贸业务包括于电子商贸平台销售予消费者之
珠宝产品。
其他业务包括其他。
管理层按本集团经营分部之个别业绩作出监督，以
作出资源分配及评估表现之决策。分部表现乃按可
呈报分部盈利╱（亏损）进行评估，即计算经调整后
之除税前盈利╱（亏损）。经调整后的除税前盈利╱
（亏损）之计算方式与本集团除税前亏损计算方式一
致，惟未分配支出、黄金贷款的公允价值亏损、投
资物业公允值变动之亏损、及与租赁无关的财务费
用则不包括在其计算当中。
分部资产不包括递延税项资产及可收回税项，该等
资产均由本集团统一管理。
分部负债不包括黄金贷款、计息银行贷款，应付税
项，递延税项负债及雇员福利义务，该等负债均由
本集团统一管理。
各分部之间的销售及转让乃根据销售予第三者之售
价作为通用市价。
4. OPERATING SEGMENT INFORMATION (CONTINUED)
Retail Busines includes direct retail sales of jewelery products to
end consumers through the physical outlets carying the trademark of
TSL | 谢瑞麟; DUO by TSL and TSL TOSI. It also includes the service fe
income received from the provision of retail management services to
other retailers.
Wholesale Busines includes wholesale sales of jewelery products to
customers, including franchises.
E-Busines includes sales of jewelery products to customers on
e-comerce platforms.
Other Busineses include others.
Management monitors the results of the Group’s operating segments
separately for the purpose of making decisions about resource alocation
and performance asesment. Segment performance is evaluated based
on reportable segment profit/(los), which is a measure of adjusted
profit/(los) before tax. The adjusted profit/(los) before tax is measured
consistently with the Group’s los before tax except that unalocated
expenses, fair value los on gold loan, fair value loses on investment
properties and non-lease-related finance costs are excluded from such
measurement.
Segment asets exclude defered tax asets and tax recoverable as these
asets are managed on a group basis.
Segment liabilities exclude gold loan, interest-bearing bank borowings,
tax payable, defered tax liabilities and employe benefit obligations as
these liabilities are managed on a group basis.
Intersegment sales and transfers are transacted with reference to the
seling prices used for sales made to third parties at the then prevailing
market prices.
| Other Retail Business Wholesale Business E-Business Businesses Total 零售业务 批发业务 电子商贸业务 其他业务 总计 HK$’000 港币千元 HK$’000 港币千元 HK$’000 港币千元 HK$’000 港币千元 HK$’000 港币千元 1,098,455 180,513 285,713 39,638 1,604,319 107,978 – – – 107,978 |
|---|
| 1,206,433 180,513 285,713 39,638 1,712,297 |
| (70,644) 65,064 (4,039) (2,100) (11,719) (73,413) (1,737) (11,793) (67,477) (166,139) (31,660) (197,799) 1,591,211 22,738 53,884 1,063 1,668,896 10,702 2,599 1,682,197 (502,251) (59,467) (9,097) (1,499) (572,314) (10,963) (720,671) (2,133) (21,568) (1,326) (1,328,975) |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）4. OPERATING SEGMENT INFORMATION (CONTINUED)
Year ended 31 March 2025截至2025年3月31日止年度
Segment revenue (note 5)分部营业额(附注5)
Sales to external customers销售予对外客户
Service income from external customers对外客户之服务收入
Segment results分部业绩
Reconciliation:调节：
Unalocated expenses未分配支出
Fair value los on gold loan黄金贷款的公允价值亏损
Fair value loses on investment
properties
投资物业的公允价值亏损
Finance costs (other than interest
on lease liabilities)
财务费用（不包括租赁
负债的利息）
Los before tax除税前亏损
Income tax expense所得税费用
Los for the year本年度亏损
Segment asets分部资产
Reconciliation:调节：
Defered tax asets递延税项资产
Tax recoverable可收回税项
Total asets总资产
Segment liabilities分部负债
Reconciliation:调节：
Gold loan黄金贷款
Interest-bearing bank borowings计息银行贷款
Tax payable应付税项
Defered tax liabilities递延税项负债
Employe benefit obligations雇员福利义务
Total liabilities总负债
| Other Retail Business Wholesale Business E-Business Businesses Total 零售业务 批发业务 电子商贸业务 其他业务 总计 HK$’000 港币千元 HK$’000 港币千元 HK$’000 港币千元 HK$’000 港币千元 HK$’000 港币千元 20,492 – 2,047 6,086 28,625 47,124 – – 6,674 53,798 13,961 – 2,354 336 16,651 41,835 – 625 89 42,549 26,353 – – 49 26,402 |
|---|
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
- 、厂房及设备。
4. OPERATING SEGMENT INFORMATION (CONTINUED)
Year ended 31 March 2025 (continued)截至2025年3月31日
止年度（续）
Other segment information其他分部资料
Depreciation of:折旧：
Property, plant and equipment 物业、厂房及设备
Right-of-use asets 使用权资产
Impairment of:减值：
Property, plant and equipment 物业、厂房及设备
Right-of-use asets 使用权资产
Capital expenditure资本开支
- , plant and
equipment.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）4. OPERATING SEGMENT INFORMATION (CONTINUED)
Retail BusinesWholesale BusinesE-Busines
Other
BusinesesTotal
零售业务批发业务电子商贸业务其他业务总计
Year ended 31 March 2024截至2024年3月31日止年度HK$’000 港币千元HK$’000 港币千元HK$’000 港币千元HK$’000 港币千元HK$’000 港币千元
Segment revenue (note 5)分部营业额(附注5)
Sales to external customers销售予对外客户1,846,206378,442328,1149,2852,562,047
Service income from external customers对外客户之服务收入92,580–92,580
1,938,786378,442328,1149,2852,654,627
Segment results分部业绩(216,879)56,452(4,498)2,793(162,132)
Reconciliation:调节：
Unalocated expenses未分配支出(91,804)
Fair value los on gold loan黄金贷款的公允价值亏损(3,492)
Fair value loses on investment
properties
投资物业的公允价值亏损
(7,390)
Finance costs (other than interest
on lease liabilities)
财务费用（不包括租赁
负债的利息）(83,004)
Los before tax除税前亏损(347,822)
Income tax expense所得税费用(26,524)
Los for the year本年度亏损(374,346)
Segment asets分部资产2,167,83656,52292,9673,9052,321,230
Reconciliation:调节：
Defered tax asets递延税项资产34,518
Tax recoverable可收回税项5,524
Total asets总资产2,361,272
Segment liabilities分部负债(609,490)(66,986)(11,062)(840)(688,378)
Reconciliation:调节：
Gold loan黄金贷款(16,185)
Interest-bearing bank borowings计息银行贷款(1,060,209)
Tax payable应付税项(5,866)
Defered tax liabilities递延税项负债(34,265)
Employe benefit obligations雇员福利义务(3,407)
Total liabilities总负债(1,808,310)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
- 、厂房及设备。
4. OPERATING SEGMENT INFORMATION (CONTINUED)
Retail BusinesWholesale BusinesE-Busines
Other
BusinesesTotal
Year ended 31 March 2024 (continued)截至2024年3月31日零售业务批发业务电子商贸业务其他业务总计
止年度（续）HK$’000 港币千元HK$’000 港币千元HK$’000 港币千元HK$’000 港币千元HK$’000 港币千元
Other segment information其他分部资料
Depreciation of:折旧：
Property, plant and equipment 物业、厂房及设备34,3121721,8454,80741,136
Right-of-use asets 使用权资产90,072–10,460100,532
Impairment of:减值：
Property, plant and equipment 物业、厂房及设备36,782–36,782
Right-of-use asets 使用权资产58,490–58,490
Capital expenditure资本开支72,867–1,5503,31377,730
- , plant and
equipment.
| 2025 2025年 HK$’000 港币千元 485,698 1,064,620 161,979 |
|---|
| 1,712,297 |
| 2025 2025年 HK$’000 港币千元 231,243 102,342 15,378 |
|---|
| 348,963 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
(a) 地区资料
对外客户之收入
上述营业额资料乃按客户所在地理位置划分。
非流动资产
上述非流动资产资料乃按资产所在地理位置划
分，并不包括租赁按金及递延税项资产。
(b) 有关主要客户之资料
于本年度及上一个财政年度，来自本集团最大
客户之营业额占本集团总营业额均少于10%。
4. OPERATING SEGMENT INFORMATION (CONTINUED)
(a) Geographical information
Revenue from external customers
2024年
HK$’000 港币千元
Hong Kong and Macau香港及澳门821,390
The Mainland内地1,687,152
Other countries其他国家146,085
2,654,627
The revenue information above is based on the geographical
locations of the customers.
Non-curent asets
2024年
HK$’000 港币千元
Hong Kong and Macau香港及澳门267,785
The Mainland内地162,675
Other countries其他国家5,289
435,749
The non-curent aset information above is based on the
geographical locations of the asets and excludes rental deposits
and defered tax asets.
(b) Information about major customers
The turnover from the Group’s largest customer amounted to les
than 10% of the Group’s total turnover for the years.
| 2025 2025年 HK$’000 港币千元 1,604,319 107,978 |
|---|
| 1,712,297 |
| Wholesale Other Retail Business Business E-Business Businesses Total 零售业务 批发业务 电子商贸业务 其他业务 总计 HK$’000 港币千元 HK$’000 港币千元 HK$’000 港币千元 HK$’000 港币千元 HK$’000 港币千元 1,098,455 180,513 285,713 39,638 1,604,319 107,978 – – – 107,978 |
|---|
| 1,206,433 180,513 285,713 39,638 1,712,297 |
| 445,300 – 2,279 38,119 485,698 600,673 180,513 283,434 – 1,064,620 160,460 – – 1,519 161,979 |
| 1,206,433 180,513 285,713 39,638 1,712,297 |
| 1,098,455 180,513 285,713 39,638 1,604,319 107,978 – – – 107,978 |
| 1,206,433 180,513 285,713 39,638 1,712,297 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
5. TURNOVER
An analysis of turnover is as folows:
2024年
HK$’000 港币千元
Revenue from contracts with customers与客户签订的合约收入
Sales of jewelery products珠宝销售2,562,047
Service income服务收入92,580
2,654,627
Revenue from contracts with customers
(i) Disagregated revenue information
Year ended 31 March 2025截至2025年3月31日止年度
Segments分部
Types of gods or services货品或服务类型
Sales of jewelery products销售珠宝首饰
Service income服务收入
Total总计
Geographical markets地区市场
Hong Kong and Macau香港及澳门
The Mainland内地
Other countries其他国家
Total总计
Timing of revenue recognition收益确认时间
Gods transfered at a point in time在货品转让时
Services transfered over time服务转让之一段时间内
Total总计
5. 营业额
营业额之分析如下：
与客户签订的合约收入
(i) 分类收益资料
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
与客户签订的合约收入（续）
(i) 分类收益资料（续）
5. TURNOVER (CONTINUED)
Revenue from contracts with customers (continued)
(i) Disagregated revenue information (continued)
Retail Busines
Wholesale
BusinesE-Busines
Other
BusinesesTotal
Year ended 31 March 2024截至2024年3月31日止年度零售业务批发业务电子商贸业务其他业务总计
Segments分部HK$’000 港币千元HK$’000 港币千元HK$’000 港币千元HK$’000 港币千元HK$’000 港币千元
Types of gods or services货品或服务类型
Sales of jewelery products销售珠宝首饰1,846,206378,442328,1149,2852,562,047
Service income服务收入92,580–92,580
Total总计1,938,786378,442328,1149,2852,654,627
Geographical markets地区市场
Hong Kong and Macau香港及澳门808,680–4,0188,692821,390
The Mainland内地984,614378,442324,096–1,687,152
Other countries其他国家145,492–593146,085
Total总计1,938,786378,442328,1149,2852,654,627
Timing of revenue recognition收益确认时间
Gods transfered at a point in time在货品转让时1,846,206378,442328,1149,2852,562,047
Services transfered over time服务转让之一段时间内92,580–92,580
Total总计1,938,786378,442328,1149,2852,654,627
| 2025 2025年 HK$’000 港币千元 12,970 |
|---|
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
与客户签订的合约收入（续）
(i) 分类收益资料（续）
下表显示于本报告期间内确认且于报告期初被
列入合约负债之收益金额，以及就过往期间完
成之履约责任确认之收益金额：
(i) 履约责任
本集团履约责任之相关资料概述如下：
珠宝销售
履约责任于交付货品时达成，除批发业务乃于
交付后30日内到期外，零售业务、电子商贸
业务及其他业务，相关款项主要以现金及信用
卡结算。部分合约为客户提供退货权，由此产
生受到约束之可变代价。履约义务于货物交付
时履行。
服务收入
履约责任于提供服务期间达成，于提供服务前
一般需要提供短期预付。服务合同之年期是一
年或少于一年，或根据时间来支销。全部履约
责任预期可于一年内确认。
5. TURNOVER (CONTINUED)
Revenue from contracts with customers (continued)
(i) Disagregated revenue information (continued)
The folowing table shows the amounts of revenue recognised
in the curent reporting period that were included in the contact
liabilities at the begining of the reporting period:
2024年
HK$’000 港币千元
Revenue recognised that was included in contract
liabilities at the begining of the reporting period:
于报告期初被列入合约
负债之已确认收益：
Sales of jewelery products销售珠宝首饰16,488
(i) Performance obligations
Information about the Group’s performance obligations is
sumarised below:
Sales of jewelery products
The performance obligation is satisfied upon delivery of the gods
and payment is mainly setled in cash or by credit card for Retail
Busines, E-busines and Other Busineses. For Wholesale Busines,
payment is generaly due within 30 days. Some contracts provide
customers with a right of return which gives rise to variable
consideration subject to constraint. The performance obligation is
satisfied upon delivery of the gods.
Service income
The performance obligation is satisfied over time as services are
rendered and short-term advances are normaly required before
rendering the services. Service contracts are for periods of one year
or les, or are biled based on the time incured. Al the performance
obligations are expected to be recognised within one year.
| 2025 2025年 HK$’000 港币千元 1,378 (7,136) 528 (1,737) (11,793) 726 4,296 9,537 6,338 |
|---|
| 2,137 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- ，净额
* 此乃指由内地市政府及香港特别行政区政府提供
的补贴。该等补贴无任何未履行之条件或有关此
补贴之不确定性。
6. OTHER INCOME AND GAINS, NET
2024年
HK$’000 港币千元
Interest income利息收入8,671
Foreign exchange diferences, net净汇兑差额(115)
Government grants政府补贴2,047
Fair value los on gold loan黄金贷款的公允价值亏损(3,492)
Fair value loses on investment
properties (note 15)
投资物业的公允价值亏损（附注15）
(7,390)
Repair service income维修服务收入978
Rental income租金收入3,443
Gain on lease modification修订租约收益7,434
Others其他5,198
16,774
* The government grants represented subsidies from municipal
governments in the Mainland and the Government of the HKSAR.
There were no unfulfiled conditions or contingencies relating to these
subsidies.
| 2025 2025年 HK$’000 港币千元 1,142,445 (13,661) 28,625 53,798 18,981 3,218 (9,537) 295,340 37,556 4,962 603 |
|---|
| 338,461 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
7. LOS BEFORE TAX
The Group’s los before tax is arived at after charging/(crediting):
2024年
HK$’000 港币千元
Cost of gods sold销货成本1,832,367
(Reversal of impairment)/impairment of
inventories, net
存货减值（回拨）╱拨备，净额
36,595
Depreciation of:折旧：
Property, plant and equipments (note 14) 物业、厂房及设备（附注14）41,136
Right-of-use asets (note 16(a) 使用权资产（附注16(a)）100,532
Lease payments not included in
the measurement of lease liabilities
(note 16(c)
计量租赁负债时并无
包括在内之租赁款项
（附注16(c)）10,339
Auditor’s remuneration核数师酬金2,700
Gain on lease modification修订租约收益(7,434)
Employe benefit expense (including
directors’ and chief executive’s
remuneration (note 9):
雇员福利开支（包括董事及
主要行政人员之
酬金（附注9）：
Wages, salaries and other benefits 工资，薪金及其他福利485,822
Termination benefits 离职福利43,336
Pension scheme contributions 法定供款退休计划供款7,022
Employe benefit obligations (note 27) 雇员福利义务（附注27）645
536,825
7. 除税前亏损
本集团之除税前亏损已扣除╱（计入）：
| 2025 2025年 HK$’000 港币千元 14,751 1,900 |
|---|
| 16,651 |
| 41,749 800 |
| 42,549 |
| – (971) 2,296 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
7. LOS BEFORE TAX (CONTINUED)
The Group’s los before tax is arived at after charging/(crediting):
(continued)
2024年
HK$’000 港币千元
Impairment of:减值：
Property, plant and equipment (included in
seling and distribution expenses)
物业、厂房及设备（含于销售及
分销费用中）33,000
Property, plant and equipment
(included in administrative expenses)
物业、厂房及设备
（含于行政费用中）3,782
36,782
Impairment of:减值：
Right-of use asets (included in
seling and distribution expenses)
使用权资产
（含于销售及分销费用中）57,000
Right-of-use asets (included in
administrative expenses)
使用权资产（含于行政费用中）
1,490
58,490
Impairment of other receivables (note 21)其他应收账款减值（附注21）1,067
(Reversal of impairment)/impairment of
trade receivables, net (note 20)
应收账款（减值回拨）╱减值，
净额（附注20）301
Los on disposal of items of property,
plant and equipment
弃置物业、厂房及设备项目之
亏损2,985
- $64,514,000 (2024: HK$109,340,000)
relating to employe benefit expense, depreciation of property, plant
and equipment, and depreciation of right-of-use asets, which are also
included in the respective total amounts disclosed separately above
under each of these types of expenses.
Not including comision payments in relation to sales counters in
department stores and shoping mals.
* At 31 March 2025, there were no forfeited contributions available to the
Group to reduce its contributions to pension schemes in future years
(2024: Nil).
- （续）
本集团之除税前亏损已扣除╱（计入）：（续）
- ,514,000元（2024
年：港币109,340,000元）的雇员福利开支、物
业、厂房及设备折旧及使用权资产折旧，有关金
额亦已分别记入以上所列各类相关开支中。
不包括支付予销售专柜相关的百货公司的佣金。
* 于2025年3月31日，本集团并无已失效供款可冲
减未来年度的退休计划供款（2024年：无）。
| 2025 2025年 HK$’000 港币千元 61,099 6,438 6,832 |
|---|
| 74,369 |
| (454) |
| 73,915 |
| 2025 2025年 HK$’000 港币千元 648 4,533 18 |
|---|
| 4,551 |
| 5,199 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
8. 财务费用
财务费用之分析如下：
9. 董事及主要行政人员之酬金
根据上市规则、香港公司法例第383(1)(a)、(b)、(c)
及(f)部以及公司（披露董事利益资料）规例第2部，
本年度之董事及主要行政人员之酬金披露如下：
8. FINANCE COSTS
An analysis of finance costs is as folows:
2024年
HK$’000 港币千元
Interest on bank loans, overdrafts and
other loans
银行贷款，透支及其它贷款的利息
79,025
Interest on lease liabilities租赁负债的利息7,889
Other charges其他费用6,636
93,550
Les: Interest capitalised减：利息资本化(2,657)
90,893
9. DIRECTORS’ AND CHIEF EXECUTIVE’S REMUNERATION
Directors’ and chief executive’s remuneration for the year, disclosed
pursuant to the Listing Rules, section 383(1)(a), (b), (c) and (f) of the
Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure
of Information about Benefits of Directors) Regulation, is as folows:
2024年
HK$’000 港币千元
Fes袍金706
Other emoluments:其他薪酬：
Salaries and alowances 薪金及津贴8,029
Pension scheme contributions 法定供款退休计划供款18
8,047
8,753
| Pension Salaries and scheme Fees allowances contributions Total 法定供款 袍金 薪金及津贴 退休计划供款 总额 HK$’000 HK$’000 HK$’000 HK$’000 港币千元 港币千元 港币千元 港币千元 – 4,204 18 4,222 – 329 – 329 |
|---|
| – 4,533 18 4,551 |
| 216 – – 216 216 – – 216 216 – – 216 |
| 648 – – 648 |
| 648 4,533 18 5,199 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
9. DIRECTORS’ AND CHIEF EXECUTIVE’S REMUNERATION
(CONTINUED)
Included in the directors’ remuneration were fes of HK$648,000 paid
to Independent Non-executive Directors (2024: HK$706,000) during the
year.
Year ended 31 March 2025截止2025年3月31日止年度
Executive directors:执行董事：
Yau On Ye, Anie, JP
邱安仪（太平绅士）
Ng Yi Kum, Estela
伍绮琴
Non-executive directors:非执行董事：
Chow Che Wai, Christopher* 周治伟
*
Chan Yue Kwong, Michael* 陈裕光
*
Chan, Alex*
陈伟康
*3
- （续）
董事酬金包括于年内支付予独立非执行董事为港币
648,000元（2024年：港币706,000元）。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
9. DIRECTORS’ AND CHIEF EXECUTIVE’S REMUNERATION
(CONTINUED)
Fes
Salaries and
alowances
Pension
scheme
contributionsTotal
袍金薪金及津贴
法定供款
退休计划供款总额
HK$’000 HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
Year ended 31 March 2024截止2024年3月31日止年度
Executive directors:执行董事：
Yau On Ye, Anie, JP
邱安仪（太平绅士）
–4,443184,461
Ng Yi Kum, Estela
伍绮琴
–3,586–3,586
–8,029188,047
Non-executive directors:非执行董事：
Chow Che Wai, Christopher* 周治伟
*
216–216
Chui Chi Yun, Robert*
崔志仁*
106–106
Chan Yue Kwong, Michael 陈裕光216–216
Chan, Alex*
陈伟康
*3
168–168
706–706
7068,029188,753
* Independent Non-executive Directors
1.
Ms. Yau On Ye, Anie, JP is also the chief executive oficer of the Group.
2.
Ms. Ng Yi Kum, Estela resigned as an executive director of the Group on
27 May 2024.
3.
Mr. Chan, Alex was apointed as an Independent Non-executive Director
on 21 June 2023.
4.
Mr. Chui Chi Yun, Robert retired as an Independent Non-executive
Director on 27 September 2023.
- （续）
* 独立非执行董事
1.
邱安仪女士（太平绅士）亦是本集团的行政总裁。
2.
伍绮琴女士于2024年5月27日辞任本集团执行董
事。
3.
陈伟康先生于2023年6月21日获委任为独立非执
行董事。
4.
崔志仁先生于2023年9月27日退任本集团独立非
执行董事。
| 2025 2025年 HK$’000 港币千元 9,409 204 44 |
|---|
| 9,657 |
| 2025 2025年 Number of employees 雇员人数 1 2 1 |
|---|
| 4 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
9. DIRECTORS’ AND CHIEF EXECUTIVE’S REMUNERATION
(CONTINUED)
There were no other emoluments payable to the Independent Non-
executive Directors during the year (2024: Nil).
There was no arangement under which a director waived or agred to
waive any remuneration during the year (2024: Nil).
10. FIVE HIGHEST PAID EMPLOYES
The five highest paid employes during the year included one director
(2024: two), details of whose remuneration are set out in note 9 above.
Details of the remuneration for the year of the remaining four (2024:
thre) highest paid employes who are neither a director nor chief
executive of the Company are as folows:
2024年
HK$’000 港币千元
Salaries and alowances薪金及津贴5,427
Performance related bonuses与表现相关之花红94
Pension scheme contributions法定供款退休计划供款54
5,575
The number of non-director, highest paid employes whose remuneration
fel within the folowing bands is as folows:
2024年
Number of
employes
雇员人数
HK$1,500,001 to HK$2,000,000港币1,500,001元至港币2,000,000元2
HK$2,000,001 to HK$2,500,000港币2,000,001元至港币2,500,000元1
HK$3,000,001 to HK$3,500,000港币3,000,001元至港币3,500,000元–
- （续）
年内并无其他酬金应付予独立非执行董事（2024
年：无）。
年内董事并无订立任何放弃或同意放弃任何酬金的
安排（2024年：无）。
10. 五名最高薪酬雇员
年内本集团五名最高薪酬雇员包括1名（2024年：2
名）董事，其详细酬金资料载于上述附注9。本年度
其余4名（2024年：3名）最高薪酬非董事亦非主要行
政人员的详细酬金资料如下：
酬金介乎以下组别之最高薪酬非董事雇员之人数如
下：
| 2025 2025年 HK$’000 港币千元 (2,219) 22,760 11,119 |
|---|
| 31,660 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
10. FIVE HIGHEST PAID EMPLOYES (CONTINUED)
No emolument was paid by the Group to any of the five highest paid
individuals as an inducement to join or upon joining the Group, or as
compensation for los of ofice during the year (2024: Nil).
11. INCOME TAX EXPENSE
No provision for Hong Kong profits tax has ben made as the Group did
not generate any asesable profits arising in Hong Kong during the year
(2024: Nil). Taxes on profits asesable in places other than Hong Kong
have ben calculated at the rates of tax prevailing in the jurisdictions in
which the Group operates.
2024年
HK$’000
港币千元
Curent – Hong Kong即期－香港
Overprovision in prior years 过往年度之超额拨备–
Curent – Outside Hong Kong即期－香港以外16,167
Defered (note 28)递延（附注28）10,357
26,524
- （续）
年内本集团概无向任何五名最高薪酬雇员支付酬金
（2024年：无），作为招揽彼加入或在加入本集团时
之酬金，或作为离职补偿。
11. 所得税费用
由于本集团于年内并没有于香港产生任何应课税
溢利，故并没有就香港利得税作出拨备（2024年：
无）。本集团于香港以外地区经营之应课税溢利税
项，则按其营运所在司法权区之现行税率计算。
| 2025 2025年 HK$’000 港币千元 (166,139) |
|---|
| (13,468) 15,493 (3,321) (3,135) 50,771 (12,461) (2,219) |
| 31,660 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
11. INCOME TAX EXPENSE (CONTINUED)
A reconciliation of the tax credit aplicable to los before tax at the
statutory rates for the jurisdictions in which the Company and the majority
of its subsidiaries are domiciled and/or operate to the tax expense at the
efective tax rate is as folows:
2024年
HK$’000
港币千元
Los before tax除税前亏损(374,822)
Tax at the statutory rates 按法定税率(49,506)
Expenses not deductible for tax 不可扣税之支出5,158
Income not subject to tax 无须缴税之收入(8,526)
Tax loses utilised from previous periods 使用以往期间之税项亏损(2,878)
Tax loses and temporary diferences
not recognised
未确认税项亏损及暂时差异
70,044
Efect of witholding tax at 5% on
the distributable profits of
the Group’s PRC subsidiaries
集团中国附属公司之可分派盈利5%
预扣所得税影响
12,232
Adjustments in respect of curent tax of
previous periods
就以往期间之税项作本期调整
–
Tax charge at the Group’s efective rate of
-19.1% (2024: -7.1%)
按本集团-19.1%有效税率
（2024年：-7.1%）计算之税项26,524
- （续）
按本公司及主要附属公司所在管辖区域及╱或营运
所在地区之有效税率计算并适用于除税前亏损之税
务计入如下：
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
12. DIVIDENDS
The Board did not recomend the payment of any dividend for the years
ended 31 March 2025 and 2024.
13. LOS PER SHARE ATRIBUTABLE TO OWNERS OF THE
COMPANY
The calculation of the basic los per share amount is based on the los for
the year atributable to owners of the Company of HK$197,752,000 (2024:
HK$374,198,000), and the weighted average number of ordinary shares of
249,182,030 (2024: 249,182,030) outstanding during the year.
The Company had no potentialy dilutive ordinary shares in isue during
the years ended 31 March 2025 and 2024.
12. 股息
董事会不建议宣派截至2025年及2024年3月31日止
年度股息。
13. 本公司拥有人应占每股亏损
每股基本亏损金额乃按本年度本公司拥有人应占亏
损港币197,752,000元（2024年：港币374,198,000
元）及年内已发行在外普通股之加权平均股
249,182,030股（2024年：249,182,030股）计算。
截至2025年及2024年3月31日止年度，本公司并没
有潜在摊薄之已发行普通股。
| Furniture, fixtures Plant and and Motor Construction Buildings machinery equipment vehicles in progress Total 家私、装置 楼宇 厂房及机器 及设备 汽车 在建工程 总额 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 港币千元 港币千元 港币千元 港币千元 港币千元 港币千元 27,799 23,841 471,480 6,313 90,657 620,090 (11,555) (18,330) (445,552) (6,235) – (481,672) |
|---|
| 16,244 5,511 25,928 78 90,657 138,418 |
| 16,244 5,511 25,928 78 90,657 138,418 – 1,305 24,457 – 640 26,402 – (67) (5,909) – – (5,976) (1,579) (1,975) (25,071) – – (28,625) (1,900) – (14,751) – – (16,651) – (4) (233) – (967) (1,204) – – – – 595 595 |
| 12,765 4,770 4,421 78 90,925 112,959 |
| 27,799 23,604 429,536 6,307 90,925 578,171 (15,034) (18,834) (425,115) (6,229) – (465,212) |
| 12,765 4,770 4,421 78 90,925 112,959 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
14. PROPERTY, PLANT AND EQUIPMENT
As at 31 March 2025于2025年3月31日
At 1 April 2024:于2024年4月1日：
Cost成本
Acumulated depreciation and
impairment
累计折旧及减值
Net carying amount账面净值
At 1 April 2024于2024年4月1日
Aditions添置
Disposals弃置
Depreciation provided during
the year
年内折旧拨备
Impairment during the year年内减值
Exchange realignment汇兑调整
Capitalisation of amortisation
of prepaid land lease to
construction in progres
预付土地租赁摊销资
本化为兴建工程
At 31 March 2025, net of
acumulated depreciation
and impairment
于2025年3月31日，
扣除累计折旧
及减值
At 31 March 2025:于2025年3月31日：
Cost成本
Acumulated depreciation and
impairment
累计折旧及减值
Net carying amount账面净值
- 、厂房及设备
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
14. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Buildings
Plant and
machinery
Furniture,
fixtures
and
equipmentMotor vehicles
Construction
in progresTotal
楼宇厂房及机器
家私、装置
及设备汽车在建工程总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元
As at 31 March 2024于2024年3月31日
At 1 April 2023:于2023年4月1日：
Cost成本32,74320,743492,7046,35053,886606,426
Acumulated depreciation and
impairment
累计折旧及减值
(7,528)(17,256)(423,656)(6,261)–(454,701)
Net carying amount账面净值25,2153,48769,0488953,886151,725
At 1 April 2023于2023年4月1日25,2153,48769,0488953,886151,725
Aditions添置–4,18135,619–37,93077,730
Disposals弃置–(319)(5,048)–(5,367)
Depreciation provided during
the year
年内折旧拨备
(761)(1,793)(38,572)(10)–(41,136)
Impairment during the year年内减值(3,462)–(33,320)–(36,782)
Exchange realignment汇兑调整–(45)(1,799)(1)(1,760)(3,605)
Surplus on revaluation重估盈余10,666–10,666
Capitalisation of amortisation
of prepaid land lease to
construction in progres
预付土地租赁摊销资
本化为兴建工程
–601601
Transfer to investment
properties
转至投资物业
(15,414)–(15,414)
At 31 March 2024, net of
acumulated depreciation
and impairment
于2024年3月31日，
扣除累计折旧
及减值16,2445,51125,9287890,657138,418
At 31 March 2024:于2024年3月31日：
Cost成本27,79923,841471,4806,31390,657620,090
Acumulated depreciation and
impairment
累计折旧及减值
(11,555)(18,330)(445,552)(6,235)–(481,672)
Net carying amount账面净值16,2445,51125,9287890,657138,418
- 、厂房及设备（续）
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
14. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
As at the end of the reporting period, the Group’s land and buildings in
Hong Kong and construction in progres in the Mainland were pledged
to secure banking facilities granted to the Group. Further details are
disclosed in notes 33(a), 33(b) and 33(c) to the financial statements.
At the end of the reporting period, the premises permits in respect of the
property interests held under long term leases in the Mainland have not
ben isued by the relevant PRC government authority. The net carying
amount of the properties was HK$2 (2024: HK$2) at the end of the
reporting period.
At 31 March 2025, the Group’s management identified certain retail shops
which were los-making and a property with impairment indicator and
performed impairment asesment of property, plant and equipment for
the identified retail shops and the property with impairment indicator and
estimated the coresponding recoverable amounts of the cash-generating
units based on the higher of fair value les cost of disposal and value in
use calculation.
An impairment los of HK$14,751,000 (2024: HK$33,000,000) was
recognised during the year to write down the carying amounts of certain
property, plant and equipment of certain retail shops to their estimated
recoverable amounts of Nil (2024: HK$6,623,000) as at 31 March 2025.
The recoverable amounts of the cash-generating units for retail shops are
determined based on a value in use calculation using cash flow projections
based on financial budgets covering the remaining useful lives of the
respective property, plant and equipment. The pre-tax discount rates
aplied for the cash flow projections ranged from 9.3% to 14.7% (2024:
10.8% to 11.4%).
An impairment los of HK$1,900,000 (2024: HK$3,782,000) was
recognised during the year to write down the carying amount of the
property. The recoverable amount of the building portion of the property
of HK$2,400,000 (2024: HK$4,200,000) with impairment indicator was
determined based on fair value les cost of disposal.
- 、厂房及设备（续）
于年结日，本集团在香港的若干土地及楼宇以及在
内地的在建工程均已作抵押以取得本集团银行融资
借贷，进一步详情揭露于财务报表附注33(a)、33(b)
及33(c)。
于年结日，内地相关政府部门仍未就本集团在中国
持有的物业权益发出房屋所有权证。本集团的该等
物业于年结日的账面净值为港币2元（2024年：港币
2元）。
于2025年3月31日，本集团管理层识别出若干出现亏
损的零售店舖及存在减值迹象的物业，并对已识别
的零售商店及该物业的物业、厂房及设备进行了减
值评估，相应的现金产生单位之估计可收回金额是
根据公允值减出售成本与使用价值计算中的较高者
厘定。
于2025年3月31日，把若干物业、厂房及设备项
目的账面值全部撇减(2024年：撇减至其可收回
金额港币6,623,000元），已确认减值亏损为港币
14,751,000(2024年：港币33,000,000元）。零售店
现金产生单位的可收回金额乃根据使用价值计算，
使用以涵盖各物业、厂房及设备的剩余可使用年期
为基础的财务预算之现金流预测。现金流预测中采
用税前折现率为介乎9.3%至14.7%(2024年：10.8%至
11.4%)。
该物业已确认减值亏损港币1,900,000(2024年：港
币3,782,000元）以撇减该物业的账面价值。有减值
迹象的物业建筑部分的可收回金额为港币2,400,000
元(2024年：港币4,200,000元），此乃根据公允值
减出售成本厘定。
| Fair value measurements as at 31 March 2025 using 于2025年3月31日使用下列项目进行的公允值计量 Quoted prices in Significant Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total 于活跃市场 重大可观察 重大不可观察 的报价 输入数据 输入数据 （第一层级） （第二层级） （第三层级） 总计 HK$’000 HK$’000 HK$’000 HK$’000 港币千元 港币千元 港币千元 港币千元 – – 2,400 2,400 – – 13,900 13,900 |
|---|
| – – 16,300 16,300 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
14. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Fair value hierarchy
The folowing table ilustrates the fair value measurement hierarchy of the
Group’s asets for which the recoverable amount is determined based on
fair value les cost of disposal:
31 March 20252025年3月31日
Residential property:住宅物业：
– Building portion included in property,
plant and equipment
－包含在物业、厂房及
设备的建筑部分
– Land portion included in right-of-use
asets
－包含在使用权资产的
土地部分
- 、厂房及设备（续）
公允价值等级
下表说明了本集团以公允价值减出售成本计算可收
回金额的资产的公允价值等级：
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- 、厂房及设备（续）
公允价值等级（续）
14. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Fair value hierarchy (continued)
31 March 20242024年3月31日Fair value measurements as at 31 March 2024 using
于2024年3月31日使用下列项目进行的公允值计量
Quoted
prices inSignificantSignificant
activeobservableunobservable
marketsinputsinputs
(Level 1)(Level 2)(Level 3)Total
于活跃市场重大可观察重大不可观察
的报价输入数据输入数据
（第一层级）（第二层级）（第三层级）总计
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
Residential property:住宅物业：
– Building portion included in property,
plant and equipment
－包含在物业、厂房及
设备的建筑部分–4,2004,200
– Land portion included in right-of-use
asets
－包含在使用权资产的
土地部分–15,80015,800
–20,00020,000
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
14. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Fair value hierarchy (continued)
Below is a sumary of the valuation techniques used and the key inputs
to the valuation of the residential property:
Valuation techniquesSignificant unobservable inputsRange
估值技术重大不可观察的输入数据范围
2025年2024年
Residential propertyDirect comparison aproachPrice per sq.ft. (HK$)15,185 to 20,91117,857 to 24,257
住宅物业直接比较法每平方呎价（港币）15,185至20,91117,857至24,257
Under the market aproach, fair value is estimated by the direct
comparison method on the asumption of the sale of the property
interest with the benefit of vacant posesion and by making reference to
comparable sales transactions as available in the market.
The valuation takes into acount the characteristics of the residential
property, which include the location, size, shape, view, flor level, year of
completion and other factors colectively, to arive at the market price per
unit.
The key input was the market price per unit, which a significant increase/
decrease in the market price would result in a significant increase/
decrease in the fair value of the residential property.
- 、厂房及设备（续）
公允价值等级（续）
下文为住宅物业估值所用的估值技术及主要输入数
据的概要：
在市场法下，公允价值是在假设出售物业权益并享
有空置占有的情况下，以及参考市场上可进行的可
比较销售交易，透过直接比较法估计的。
估价时会综合考虑住宅物业的特征，包括地点、面
积、形状、景观、楼层、竣工年份等因素，以得出
每单位的市场价格。
主要输入值是每单位的市场价格，市场价格的大幅
上涨╱下跌将导致住宅物业的公允价值大幅上涨╱
下跌。
| 2025 2025年 HK$’000 港币千元 151,910 – – (11,793) |
|---|
| 140,117 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
15. INVESTMENT PROPERTIES
2024年
HK$’000
港币千元
Carying amount at 1 April4月1日之账面值69,300
Transfer from property, plant and equipment转拨自物业、厂房及设备15,414
Transfer from prepaid land lease转拨自预付土地租赁74,586
Net loses from a fair value
adjustment (note 6)
公允价值调整所产生的
净亏损（附注6）(7,390)
Carying amount at 31 March3月31日之账面值151,910
The Group’s investment properties consist of industrial properties in
Hong Kong. The investment properties were revalued on 31 March 2025
based on valuations performed by CBRE Advisory Hong Kong Limited,
independent profesionaly qualified valuer, at HK$140,117,000. Each year,
the directors of the Group decide which external valuer to be responsible
for the external valuations of the Group’s properties. Selection criteria
include market knowledge, reputation, independence and whether
profesional standards are maintained. Management have discusions with
the valuer on the valuation asumptions and valuation results when the
valuation is performed at each anual reporting date.
The investment properties are leased to third parties under operating
leases, further details of which are included in note 16 to the financial
statements.
At 31 March 2025, the Group’s investment properties with a total carying
amount of HK$140,117,000 (2024: HK$151,910,000) were pledged as
security for the banking facilities granted to the Group. Further details are
disclosed in notes 33(a) and 33(b) to the financial statements.
15. 投资物业
本集团之投资物业包括在香港工业用物业。于2025
年3月31日，本集团之投资物业根据由独立专业
合资格估值师世邦魏理仕进行之估值重估为港币
140,117,000元。每年，本公司董事决定由那个外聘
估值师负责本集团物业的外部估值。市场知识、声
誉、独立性以及是否保持专业标准为选择准则。于
各年度报告日进行估值时，管理层会与估值师讨论
估值假设以及估值结果。
该等投资物业以经营租约租予第三者，进一步详情
载于综合财务报表附注16。
于2025年3月31日，本集团账面值为港币140,117,000
元（2024年：港币151,910,000元）之投资物业已作抵
押以取得本集团若干银行融资借贷。进一步详情揭
露于财务报表附注33(a)及33(b)。
| Fair value measurements as at 31 March 2025 using 于2025年3月31日的公允价值计量分类 Quoted prices in Significant Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total 于活跃市场 重大可观察 重大不可观察 的报价 输入数据 输入数据 第一层级 第二层级 第三层级 总计 HK$’000 HK$’000 HK$’000 HK$’000 港币千元 港币千元 港币千元 港币千元 – – 140,117 140,117 |
|---|
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
年内，公允值计量概无于第一层级及第二层级之间
转让，亦无自第三层级转入或转出（2024年：无）。
15. INVESTMENT PROPERTIES (CONTINUED)
Fair value hierarchy
The folowing table ilustrates the fair value measurement hierarchy of the
Group’s investment properties:
31 March 20252025年3月31日
Recuring fair value measurement for:经常性公允价值计量：
Industrial properties工业用物业
31 March 20242024年3月31日Fair value measurements as at 31 March 2024 using
于2024年3月31日的公允价值计量分类
Quoted
prices inSignificantSignificant
activeobservableunobservable
marketsinputsinputs
(Level 1)(Level 2)(Level 3)Total
于活跃市场
的报价
重大可观察
输入数据
重大不可观察
输入数据
第一层级第二层级第三层级总计
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
Recuring fair value measurement for:经常性公允价值计量：
Industrial properties工业用物业–151,910151,910
During the year, there were no transfers of fair value measurements
betwen Level 1 and Level 2 and no transfers into or out of Level 3 (2024:
Nil).
- （续）
公允价值等级
下表说明本集团投资物业的公允值计量层级
| 151,910 (11,793) |
|---|
| 140,117 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
15. INVESTMENT PROPERTIES (CONTINUED)
Fair value hierarchy (continued)
Reconciliation of fair value measurements categorised within Level 3 of
the fair value hierarchy:
Industrial
properties
工业用物业
HK$’000
港币千元
Carying amount at 1 April 2023于2023年4月1日账面值69,300
Transfer from property, plant and equipment转自物业、厂房及设备15,414
Transfer from prepaid land lease转自预付土地租赁74,586
Net loses from a fair value adjustment公允值调整之净亏损(7,390)
Carying amount at 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日账面值
Net loses from a fair value adjustment公允值调整之净亏损
Carying amount at 31 March 2025于2025年3月31日账面值
- （续）
公允价值等级（续）
分类为公允值第三层级之公允值计量之调节如下：
| 2025 2025年 4,141 to 13,547 4,141至13,547 |
|---|
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
15. INVESTMENT PROPERTIES (CONTINUED)
Fair value hierarchy (continued)
Below is a sumary of the valuation techniques used and the key inputs
to the valuation of investment properties:
Valuation techniquesSignificant unobservable inputsRange
估值技术重大不可观察输入据范围
2024年
Industrial propertiesDirect comparison aproachPrice per sq.ft. (HK$)4,282 to 10,272
工业用物业直接比较法每平方呎价（港币）4,282至10,272
Under the market aproach, fair value is estimated by the direct
comparison method on the asumption of the sale of the property
interest with the benefit of vacant posesion and by making reference to
comparable sales transactions as available in the market.
The valuation takes into acount the characteristics of the investment
properties, which include the location, size, shape, view, flor level, year
of completion and other factors colectively, to arive at the market price
per unit.
The key input was the market price per unit, which a significant increase/
decrease in the market price would result in a significant increase/
decrease in the fair value of the investment properties.
16. LEASES
The Group as a lese
The Group has lease contracts for various items of land, ofices, retail
shops, warehouses, factory and motor vehicles used in its operations.
Lump sum payments were made upfront to acquire the leased land from
the owners with lease periods of 50 years, and no ongoing payments wil
be made under the terms of this land lease. Leases of buildings generaly
have lease terms betwen 1 and 5 years. Generaly, the Group is restricted
from asigning and subleasing the leased asets outside the Group. There
are several lease contracts that include variable lease payments, which are
further discused below.
- （续）
公允价值等级（续）
下文为投资物业估值所用的估值技术及主要输入数
据的概要：
在市场法下，公允价值是在假设出售物业权益并享
有空置占有的情况下，以及参考市场上可进行的可
比较销售交易，透过直接比较法估计的。
估价时会综合考虑投资物业的特征，包括地点、面
积、形状、景观、楼层、竣工年份等因素，以得出
每单位的市场价格。
主要输入值是每单位的市场价格，市场价格的大幅
上涨╱下跌将导致投资物业的公允价值大幅上涨╱
下跌。
16. 租赁
本集团作为承租人
本集团拥有若干于营运的土地、办公室、零售店
舖、仓库、厂房及汽车的租赁合约。已提前作出一
次性付款以向业主收购租赁土地，租期为50年，而
根据该等土地租赁的条款，将不会继续支付任何款
项。租赁楼宇的租期通常介乎1至5年。一般而言，
本集团不可向本集团以外人士转让及分租赁资
产。若干租赁合约包含可变租赁款项，详情载列如
下：
| 87,247 47,616 167 135,030 – 3,755 – 3,755 – 49,855 – 49,855 (2,522) (51,180) (96) (53,798) (595) – – (595) (800) (41,749) – (42,549) (298) 1,091 – 793 |
|---|
| 83,032 9,388 71 92,491 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
16. LEASES (CONTINUED)
The Group as a lese (continued)
(a) Right-of-use asets
The carying amounts of the Group’s right-of-use asets and the
movements during the year are as folows:
Prepaid
land leaseBuildings
Furniture,
fixtures and
equipmentTotal
预付土地
租赁楼宇
家私、
装置及设备总额
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
As at 1 April 2023于2023年4月1日92,980115,351390208,721
Aditions添置–40,680–40,680
Modification修改–48,191–48,191
Depreciation (note 7)折旧（附注7）(2,579)(97,730)(223)(100,532)
Capitalisation of amortisation of prepaid
land lease to construction in progres
预付土地租赁摊销资
本化为在建工程(601)–(601)
Impairment (note 7)减值（附注7）(1,490)(57,000)–(58,490)
Surplus on revaluation重估盈余74,475–74,475
Transfer to investment properties转至投资物业(74,586)–(74,586)
Exchange realignment汇兑调整(952)(1,876)–(2,828)
As at 31 March 2024 and 1 April 2024于2024年3月31日及
2024年4月1日
Aditions添置
Modification修改
Depreciation (note 7)折旧（附注7）
Capitalisation of amortisation of prepaid
land lease to construction in progres
预付土地租赁摊销资
本化为在建工程
Impairment (note 7)减值（附注7）
Exchange realignment汇兑调整
As at 31 March 2025于2025年3月31日
- （续）
本集团作为承租人（续）
(a) 使用权资产
年内本集团使用权资产的账面值及变动如下：
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
16. LEASES (CONTINUED)
The Group as a lese (continued)
(a) Right-of-use asets (continued)
At 31 March 2025, the Group’s management identified certain retail
shops which were los-making and a property with impairment
indicator and performed impairment asesment of right-of-
use asets for the identified retail shops and the property with
impairment indicators and estimated the coresponding recoverable
amounts of the cash-generating units based on the higher of fair
value les cost of disposal and value in use calculation.
An impairment los of HK$41,749,000 (2024: HK$57,000,000) was
recognised during the year to write down the carying amounts of
certain right-of-use asets to their estimated recoverable amounts
of Nil (2024: HK$14,758,000) as at 31 March 2025. The recoverable
amounts of cash-generating units for retail shops are determined
based on a value in use calculation using cash flow projections
based on financial budgets covering the remaining lease terms
plus the anticipated renewal periods of the respective right-of-
use asets. The pre-tax discount rates aplied for the cash flow
projections ranged from 9.3% to 14.7% (2024: 10.8% to 11.4%).
An impairment los of HK$800,000 (2024: HK$1,490,000) was
recognised during the year to write down the carying amount
of the property. The recoverable amount of the land portion of
the property of HK$13,900,000 (2024: HK$15,800,000) with
impairment indicator is determined based on fair value les cost
of disposal. Details of the fair value hierarchy of the property are
disclosed in note 14 to the financial statements.
As at the end of the reporting period, some of the Group’s land and
buildings in Hong Kong and the Mainland were pledged to secure
banking facilities granted to the Group. Further details are disclosed
in notes 33(a), 33(b) and 33(c) to the financial statements.
- （续）
本集团作为承租人（续）
(a) 使用权资产（续）
于2025年3月31日，本集团管理层识别出若干
出现亏损的零售店舖及存在减值迹象的物业，
对已识别出的零售店舖及有减值迹象的物业进
行使用权资产减值评估，相应的现金产生单位
之估计可收回金额是根据公允值减出售成本与
使用价值计算中的较高者厘定。
于2025年3月31日，把若干使用权资产的账
面价值全部撇减（2024年：撇减至其的估计
可收回金额港币14,758,000元），已确认减
值亏损为港币41,749,000元（2024年：港币
57,000,000元）。零售商店的现金产生单位的
可收回金额是根据使用价值计算确定的，该使
用价值使用基于涵盖剩余租赁期限加上相应使
用权资产的预期续订期限的财务预算的现金流
量预测来确定。现金流量预测所采用的税前折
现率为9.3%至14.7%（2024年：10.8%至11.4%）。
于2025年3月31日，物业已确认减值亏损港币
800,000元（2024年：港币1,490,000元）以撇
减该物业的账面价值。有减损迹象的物业土地
部份的可收回金额为港币13,900,000元（2024
年：港币15,800,000元），此乃根据公允值减
出售成本厘定。该物业公允价值等级的详细资
料在财务报表附注14中披露。
于报告期末，本集团位于香港及内地之土地及
楼宇已抵押予银行，作为获授银行信贷之抵押
给予本集团，进一步详情揭露于财务报表附注
33(a)、33(b)及33(c)。
| 2025 2025年 HK$’000 港币千元 116,927 3,755 40,318 6,438 (93,471) 450 |
|---|
| 74,417 |
| 49,069 25,348 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
16. LEASES (CONTINUED)
The Group as a lese (continued)
(b) Lease liabilities
The carying amount of lease liabilities and the movements during
the year are as folows:
2024年
HK$’000
港币千元
Carying amount at begining of year于年初之账面值153,659
New leases新租赁40,680
Modification修改40,758
Acretion of interest recognised
during the year (note 8)
年度已确认利息增幅
（附注8）7,889
Payments付款(123,696)
Exchange realignment汇兑调整(2,363)
Carying amount at end of year于年终之账面值116,927
Analysed into:分析为：
Curent portion 流动部分73,515
Non-curent portion 非流动部分43,412
The maturity analysis of lease liabilities is disclosed in note 38 to
the financial statements.
- （续）
本集团作为承租人（续）
(b) 租赁负债
年内租赁负债的账面值及变动如下：
租赁负债的到期日分析于综合财务报告附注
38披露。
| 2025 2025年 HK$’000 港币千元 6,438 53,798 (9,537) 42,549 18,124 857 |
|---|
| 112,229 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
16. LEASES (CONTINUED)
The Group as a lese (continued)
(c) The amounts recognised in profit or los in relation to leases are as
folows:
2024年
HK$’000
港币千元
Interest on lease liabilities (note 8)租赁负债利息（附注8）7,889
Depreciation charge of right-of-use
asets (note 7)
使用权资产折旧（附注7）
100,532
Gain on lease modification修改租约收益(7,434)
Impairment of right-of-use asets (note 7)使用权资产减值（附注7）58,490
Expense relating to short-term leases
(included in seling and distribution
expenses) (note 7)
与短期租赁有关的开支
（计入销售及分销费用）
（附注7）7,866
Variable lease payments not included in the
measurement of lease liabilities
(included in seling and distribution
expenses)* (note 7)
未计入租赁负债计量的
可变租赁款项（计入销售
及分销费用）*（附注7）
2,473
Total amount recognised in profit or los于损益表确认的款项总额169,816
* The Group leased a number of retail shops which contain variable
payment terms that are based on the Group’s turnover generated
from the retail shops. There are also minimum monthly base
rental arangements for these leases.
- （续）
本集团作为承租人（续）
(c) 于损益表中确认的租赁相关款项如下：
- ，该等租
赁包含以本集团自该零售店舖产生的营业
额为基础的可变租赁款项条款。该等租赁
亦设有最低每月基础租金安排。
| 2025 2025年 HK$’000 港币千元 49,069 24,184 1,164 |
|---|
| 74,417 |
| 2025 2025年 HK$’000 港币千元 2,558 769 55 |
|---|
| 3,382 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
16. LEASES (CONTINUED)
The Group as a lese (continued)
(d) The balance of lease liabilities is analysed as folows:
2024年
HK$’000
港币千元
Repayable within one year须于一年内到期偿还73,515
Repayable in the second year须于两年内到期偿还36,668
Repayable in the third to fifth years, inclusive须于三年至五年内到期偿还6,744
116,927
(e) The total cash outflow for leases are disclosed in note 32(c) to the
financial statements.
The Group as a lesor
The Group leases its investment properties (note 15) in Hong Kong
under operating lease arangements. The terms of the leases generaly
require the tenants to pay security deposits and provide for periodic rent
adjustments acording to the then prevailing market conditions. Rental
income recognised by the Group during the year was HK$4,296,000
(2024: HK$3,443,000), details of which are included in note 6 to the
financial statements.
At 31 March 2025, the undiscounted lease payments receivable by the
Group in future periods under non-cancelable operating leases with its
tenants are as folows:
2024年
HK$’000
港币千元
Within one year一年内2,171
After one year but within two years一年以上但两年以内886
After two years but within thre years两年以上但三年以内55
3,112
- （续）
本集团作为承租人（续）
(d) 租赁负债余额分析如下：
(e) 自租赁产生的现金流出总额于综合财务报告附
注32(c)披露。
本集团作为出租人
本集团根据经营租赁安排出租其位于香港的投资物
业（附注15）。该等租赁的条款通常要求租户支付
担保按金，并根据当时的现行市况进行定期租金调
整。年内本集团已确认的租金收入为港币4,296,000
元（2024年：港币3,443,000元），详情载于综合财
务报表附注6。
于2025年3月31日，本集团根据与租客订定日后不可
撤销经营租赁的应收未贴现租赁款项如下：
| 2025 2025年 HK$’000 港币千元 97,797 10,337 935,889 |
|---|
| 1,044,023 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
17. INTANGIBLE ASETS
The balance represents the Group’s trademarks which are asesed as
having indefinite useful lives because the Group is able to renew the legal
right of the trademarks at insignificant cost indefinitely.
18. OTHER ASET
Other aset represents the cost of membership for a seat at The Chinese
Gold and Silver Exchange Society which is stated at cost les any
impairment loses.
19. INVENTORIES
2024年
HK$’000
港币千元
Raw materials原材料74,151
Work in progres在制品11,757
Finished gods制成品1,167,338
1,253,246
17. 无形资产
该款项指本集团之商标。由于本集团可以于无需支
付重大成本下无限期延续其使用权，故被评为有无
限使用年期。
18. 其他资产
其他资产指金银业贸易场会籍成本，乃按成本减去
减值损失列账。
19. 存货
| 2025 2025年 HK$’000 港币千元 48,930 (10,742) |
|---|
| 38,188 |
| 2025 2025年 HK$’000 港币千元 37,869 – 319 – |
|---|
| 38,188 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
20. TRADE RECEIVABLES
2024年
HK$’000
港币千元
Trade receivables应收账款89,278
Impairment减值(11,831)
77,447
The Group’s retail sales are normaly made on a cash basis. Credit card
receivables from financial institutions in respect of retail sales are aged
within one month. Apart from retail customers, the Group alows an
average credit period from 30 to 90 days for other customers. The
Group seks to maintain strict control over its outstanding receivables to
minimise credit risk. Overdue balances are reviewed regularly by senior
management. In view of the aforementioned and the fact that the Group’s
trade receivables relate to a large number of diversified customers, there
is no significant concentration of credit risk. The Group does not hold any
colateral or other credit enhancements over its trade receivable balances.
Trade receivables are non-interest-bearing in general.
An ageing analysis of the trade receivables as at the end of the reporting
period, based on the invoice date and net of los alowance, is as folows:
2024年
HK$’000
港币千元
Within 1 month1个月内73,807
1 to 2 months1至2个月内1,249
2 to 3 months2至3个月内–
Over 3 months超过3个月2,391
77,447
20. 应收账款
本集团的零售销售一般以现金交易。就零售销售而
言，来自财务机构之应收信用卡账款之账龄为一个
月内。除零售客户外，本集团向其他客户提供平均
30至90天之赊账期。本集团力求严密控制未收回
之应收账款以降低信贷风险。逾期账款结余由高级
管理层定期作出审阅。同时，鉴于本集团的应收账
款来自大量分散之客户，故并无重大的信贷集中风
险。本集团并无就其应收账款结余持有任何抵押品
或推行其他加强信贷措施。应收账款一般均为免息。
于报告期末，应收账款根据发票日期计算及扣除有
关拨备之账龄分析如下：
| 2025 2025年 HK$’000 港币千元 11,831 (971) (118) |
|---|
| 10,742 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
20. TRADE RECEIVABLES (CONTINUED)
The movements in los alowance for impairment of trade receivables are
as folows:
2024年
HK$’000
港币千元
At begining of year于年初11,883
(Reversal of impairment loses)/
impairment loses, net
(减值回拨)╱减值，净额
Exchange realignment汇兑调整(353)
At end of year于年末11,831
An impairment analysis is performed at each reporting date using a
provision matrix to measure expected credit loses. The provision rates
are based on days past due for groupings of various customer segments
with similar los paterns (i.e., by geographical region and customer type
and rating). The calculation reflects the probability-weighted outcome,
the time value of money and reasonable and suportable information that
is available at the reporting date about past events, curent conditions
and forecasts of future economic conditions. Generaly, trade receivables
are writen of if past due for more than one year and are not subject to
enforcement activity.
- （续）
应收账款之减值亏损变动如下：
本集团于各报告日期使用拨备矩阵进行减值分析，
以计量预期信贷亏损。拨备率乃基于具有类似损失
情况（例如按地区、客户类型及评级）之各个客户分
类组别之逾期天数厘定。相关计算反映可能性加权
结果、货币之时间价值以及于报告日期可获得有关
过往事件之合理及可支持资料、当前状况以及未来
经济状况预测。一般而言，逾期超过一年及无须受
限于强制执行活动的应收账款会予以撇销。
| Past due 逾期 Less than 1 to 2 to Over Current 1 month 2 months 3 months 3 months Total 即期 少于1个月 1至2个月 2至3个月 超过3个月 总额 1.14% 1.84% – – 99.9% 22.0% 37,106 1,521 – – 10,303 48,930 423 28 – – 10,291 10,742 |
|---|
| 2025 2025年 HK$’000 港币千元 786 37,375 2 25 |
|---|
| 38,188 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
20. TRADE RECEIVABLES (CONTINUED)
Set out below is the information about the credit risk exposure on the
Group’s trade receivables using a provision matrix:
As at 31 March 2025
Expected credit los rate预期信贷亏损率
Gros carying amount (HK$’000)账面总值（港币千元）
Expected credit loses (HK$’000)预期信贷亏损（港币千元）
As at 31 March 2024
Past due
逾期
Curent
Les than
1 month
1 to
2 months
2 to
3 months
Over
3 monthsTotal
即期少于1个月1至2个月2至3个月超过3个月总额
Expected credit los rate预期信贷亏损率1.4%1.8%–81.4%13.3%
Gros carying amount (HK$’000)账面总值（港币千元）68,5397,548–13,19189,278
Expected credit loses (HK$’000)预期信贷亏损（港币千元）952135–10,74411,831
The carying amounts of the Group’s trade receivables, net of provisions,
are denominated in the folowing curencies:
2024年
HK$’000
港币千元
HK$港币1,046
RMB人民币71,445
US$美元4,933
Others其他23
77,447
- （续）
下表载列本集团使用拨备矩阵计算的应收账款的信
贷风险资料：
2025年3月31日
2024年3月31日
本集团应收账款扣除有关拨备之账面值以下列货币
为单位：
| 2025 2025年 HK$’000 港币千元 8,194 41,523 1,708 8,254 |
|---|
| 59,679 (6,847) |
| 52,832 (10,357) |
| 42,475 |
| 2025 2025年 HK$’000 港币千元 6,847 – |
|---|
| 6,847 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
21. PREPAYMENTS, OTHER RECEIVABLES AND OTHER
ASETS
2024年
HK$’000
港币千元
Prepayments预付款12,526
Deposits按金70,102
Right-of-return asets退货权资产1,973
Other receivables其他应收款12,716
97,317
Impairment减值(6,847)
90,470
Les: Non-curent portion减：非流动部分(28,145)
62,325
An impairment analysis is performed at each reporting date by aplying a
los rate aproach. Except for an other receivable of HK$6,847,000 (2024:
HK$6,847,000) for which the Group has recognised a los alowance of
HK$6,847,000 (2024: HK$6,847,000) as at 31 March 2025, no other los
alowance was provided because management estimated that the ECLs as
at 31 March 2025 and 2024 were minimal.
The movement in los alowance for impairment of other receivables is as
folows:
Note2024年
附注HK$’000
港币千元
At begining of year于年初5,780
Impairment loses减值亏损71,067
At end of year于年末6,847
- 、其他应收款及其他资产
本集团于各报告日期采用亏损率法进行减值分
析。除本集团对一笔其他应收款项港币6,847,000
元（2024年：港币6,847,000元）确认减值为港币
6,847,000元（2024年：港币6,847,000元）外，管理
层估计2025年及2024年3月31日的预期信贷亏损极
小，故并无计提亏损拨备。
其他应收账款之减值亏损变动如下：
| 2025 2025年 HK$’000 港币千元 129,378 58,309 |
|---|
| 187,687 (58,309) |
| 129,378 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
22. CASH AND CASH EQUIVALENTS AND PLEDGED TIME
DEPOSITS
2024年
HK$’000
港币千元
Cash and bank balances现金及银行存款179,967
Pledged time deposits已抵押定期存款294,143
474,110
Les: Pledged time deposits for certain
short-term banking facilities (note 33(d)
减： 作为若干短期银行融资借贷
之定期存款（附注33 (d)）(294,143)
Cash and cash equivalents现金及现金等价物179,967
At the end of the reporting period, the cash and cash equivalents and time
deposits of the Group denominated in RMB amounted to HK$122,216,000
(2024: HK$394,249,000). RMB is not frely convertible into other
curencies, however, under the Mainland’s Foreign Exchange Regulations
and Administration of Setlement Sale and Payment of Foreign Exchange
Regulations, the Group is permited to exchange RMB for other curencies
through banks authorised to conduct foreign exchange busines.
Cash at banks earns interest at floating rates based on daily bank deposit
rates. Short term time deposits are made for varying periods of betwen
one day and one year depending on the imediate cash requirements
of the Group, and earn interest at the respective short term time
deposit rates. The bank balances and time deposits are deposited with
creditworthy banks with no recent history of default.
As at 31 March 2025, the Group’s time deposits denominated in RMB
amounting to HK$58,309,000 (2024: HK$294,143,000) have ben pledged
to secure certain banking facilities granted to the Group (note 33(d).
22. 现金及现金等价物及已抵押定期存款
于报告期末，本集团以人民币为单位之现金及现
金等价物及定期存款约为港币122,216,000元（2024
年：港币394,249,000元）。人民币不能自由兑换为
其他货币，然而，根据内地之外汇管理条例，本集
团获准透过获授权进行外汇业务之银行将人民币兑
换为其他货币。
存放于银行之现金按每日银行存款之浮动利率赚取
利息。视乎本集团的即时现金需求，短期定期存款
之存款期为1天至1年，并按相关定期存款利率赚取利
息。银行结余及定期存款均存放于信誉良好且近期
并无违约纪录之银行。
截止2025年3月31日，本集团以人民币为单位相当于
港币58,309,000元（2024年：港币294,143,000元）
之定期存款已作担保以取得本集团若干银行借贷（附
注33 (d)）。
| 2025 2025年 HK$’000 港币千元 134,455 4,659 2,267 166,485 |
|---|
| 307,866 |
| 2025 2025年 HK$’000 港币千元 88,414 103,239 115,414 799 |
|---|
| 307,866 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
23. TRADE PAYABLES
An ageing analysis of the trade payables as at the end of the reporting
period, based on the invoice date, is as folows:
2024年
HK$’000
港币千元
Within 1 month1个月内140,167
1 to 2 months1至2个月内21,427
2 to 3 months2至3个月内17,745
Over 3 months超过3个月158,642
337,981
The trade payables are non-interest-bearing and are normaly setled on
30 to 120-day terms.
The carying amounts of the Group’s trade payables are denominated in
the folowing curencies:
2024年
HK$’000
港币千元
HK$港币99,373
RMB人民币91,728
US$美元146,480
Others其他400
337,981
23. 应付账款
于报告期末，应付账款根据发票日期计算之账龄分
析如下：
应付账款均为免息以及一般为30至120日偿付期。
本集团应付账款之账面值以下列货币为单位：
| 2025 2025年 HK$’000 港币千元 31,029 56,391 6,494 8,548 2,476 85,093 |
|---|
| 190,031 |
| (1,261) |
| 188,770 |
| 31 March 2025 2025年 3月31日 HK$’000 港币千元 6,487 2,061 |
|---|
| 8,548 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
24. OTHER PAYABLES AND ACRUALS
2024年
HK$’000
港币千元
Other payables其他应付款27,592
Customer deposits客户订金71,571
Provision for liabilities负债拨备3,425
Contract liabilities (note)合约负债（附注）12,970
Refund liabilities退款负债2,711
Acruals应计费用115,201
233,470
Les: Non-curent portion减：非流动部分(1,938)
231,532
Other payables and acruals are non-interest-bearing.
Note:
Details of contract liabilities are as folows:
31 March
1 April
2024年2023年
3月31日4月1日
HK$’000HK$’000
港币千元港币千元
Short-term advances received from customers来自客户之短期预收款项
Sale of gods销售货品12,62615,909
Customer loyalty programe客户忠诚计划344579
12,97016,488
24. 其他应付款及应计费用
其他应付款及应计费用均为免息。
附注：
合约负债详情如下：
| 2025 2025年 HK$’000 港币千元 10,963 |
|---|
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
24. OTHER PAYABLES AND ACRUALS (CONTINUED)
Contract liabilities include short-term advances received to deliver
jewelery products and performance obligations that are unsatisfied
in relation to customer loyalty programe. The decrease in contract
liabilities in 2025 and 2024 was mainly due to the decrease in short-term
advances received from customers in relation to the sales of jewelery
products at the end of the year.
25. GOLD LOAN
2024年
HK$’000
港币千元
Gold loan黄金贷款16,185
Gold loan was borowed to reduce the impact of fluctuation of gold prices
on gold inventories. However, the criteria for hedge acounting were not
fuly met. Gold loan was designated as a financial liability at fair value
through profit or los as it is managed and its performance is evaluated
on a fair value basis, in acordance with a documented risk management
and investment strategy, and information about the gold loan is provided
on that basis to the Group’s top management. The gold loan is unsecured,
interest-fre with an original maturity within 1 year.
- （续）
合约负债包括就交付珠宝及未达成的客户忠诚计划
相关的履约责任所收取之短期预收款项。2025年及
2024年合约负债减少主要由于年底来自客户订单的
短期预付款减少。
25. 黄金贷款
借入黄金贷款的目的为减低黄金价格波动对黄金存
货之影响。然而，有关黄金贷款未能完全符合对冲
会计处理之条件。鉴于黄金贷款乃根据既定风险管
理及投资策略按公允价值基准管理及评估表现，故
获指定为按公允价值订定盈亏之财务负债，而有关
该等黄金贷款之资料乃按同一基准提供予本集团之
高层管理人员。黄金贷款无抵押及无息，并于一年
内到期。
| 2025 2025年 HK$’000 港币千元 677,503 19,622 23,546 |
|---|
| 720,671 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
26. INTEREST-BEARING BANK BOROWINGS
2025年2024年
Efective
interest
rate (%)MaturityHK$’000
Efective
interest
rate (%)MaturityHK$’000
有效利率(%)到期日港币千元有效利率(%)到期日港币千元
Curent流动
Bank loans and trade financing –
secured
银行贷款及贸易融资
－有抵押
3.70%-8.10%2025637,2863.70% – 8.16%2024506,000
Bank loans – unsecured银行贷款－无抵押2.75%-3.60%202540,2173.00% – 8.36%202462,527
677,503568,527
Non-curent非流动
Bank loans – secured银行贷款－有抵押3.70%-3.90%2026-202843,1685.40% – 8.16%2025 – 2028491,682
720,6711,060,209
2024年
HK$’000
港币千元
Repayment within one year or on demand须于1年内到期偿还或按要求偿还568,527
Repayment in the second year须于2年内到期偿还448,040
Repayment in the third to fifth years, inclusive须于3年至5年内到期偿还43,642
1,060,209
Note:
Al bank borowings were denominated in Hong Kong dolars and RMB.
26. 计息银行贷款
附注：
所有银行贷款均以港币及人民币作单位。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
26. INTEREST-BEARING BANK BOROWINGS (CONTINUED)
The interest-bearing bank borowings, including the bank loans and trade
finance repayable on demand, are caried at amortised cost. None of the
portions of the bank loans due for repayment after one year contains a
repayment on demand clause, and as a result, the bank loans would be
clasified as curent liabilities. This evaluation was made considering the
financial position of the Group at the date of aproval of the financial
statements, the Group’s continuing compliance with the loan covenants,
the lack of events of default and the fact that the Group has made al
previously scheduled repayments on time.
As at 31 March 2025, the Group had available borowing facilities
amounting to HK$1,006,019,000 (2024: HK$1,199,615,000), of which
HK$720,671,000 (2024: HK$1,060,209,000) had ben utilised as
borowings above as at the end of the reporting period. Certain borowing
facilities are secured by certain asets of the Group as disclosed in note
33 to the financial statements.
- （续）
计息银行贷款（包括按要求偿还之银行贷款及贸易融
资）乃按摊销成本列账。预计概无于1年后到期偿还
且包含按要求偿还条款，因此分类为流动负债。作
此评估时已考虑以下各项：本集团于本财务报表核
准日之财务状况，本集团持续遵守贷款条款，没有
违约事件及本集团过往准时还款之实况。
于2025年3月31日，本集团可动用之融资贷额为港币
1,006,019,000元（2024年：港币1,199,615,000元），
其中港币720,671,000元之融资贷款（2024年：港币
1,060,209,000元）于报告期末已动用。若干融资贷
额由本集团若干资产作抵押并披露于财务报表附注
33。
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
27. EMPLOYE BENEFIT OBLIGATIONS
Long service payments
The Group is obligated to make long service payments to qualifying
employes in Hong Kong with a minimum of 5-year employment
period upon retirement or termination of employment under certain
circumstances, in acordance with the Hong Kong Employment Ordinance
(the “Employment Ordinance”). Long service payment is calculated based
on the last monthly salary of the employes and the number of years of
service. There are provisions under the Employment Ordinance permiting
employers to ofset employes’ long service payments against the
acrued benefits atributable to the employer’s contributions to the MPF
Scheme. In 2022, the Employment and Retirement Schemes Legislation
(Ofseting Arangement) (Amendment) Bil 2022 (the “Amendment Bil”)
was enacted by the Government of the Hong Kong Special Administrative
Region, such that the Company can no longer use acrued benefits arising
from MPF mandatory employer contributions to ofset employes’ long
service payment acrued as from the transition date (i.e., 1 May 2025). The
enactment of the Amendment Bil is treated as a plan amendment. Except
for the statutory right to ofset as described above, the long service
payment benefits are unfunded.
The plan is exposed to interest rate risk, and the risk of changes in salary
increase rate and the expected return on MPF scheme balances.
The actuarial valuation specificaly designated for the Group’s employes
was completed by a qualified actuary as at 31 March 2025 using the
projected unit credit method.
27. 雇员福利义务
长期服务金
根据香港《雇佣条例》，倘在本集团服务至少5年的
员工退休或本集团在若干情况下停止聘用，便须以
整笔款项的形式向该等员工支付长期服务金。应付
金额按员工的最终薪金和服务年期计算，并扣除他
们在本集团退休计划所累积权益中由本集团作出供
款的部分。于2022年，香港特别行政区政府颁布
《2022年雇佣及退休计划法案（抵销安排）（修订）条
例》（「修订条例」）。在过渡日期（2025年5月1日）
后，雇主不可使用强制性强积金供款所产生的累算
权益来对冲长期服务金。修订条例的颁布被视为计
划修订。除上述法定抵销权外，长期服务金福利并
无资金来源。
该计划面临利率风险，涨薪幅度变化及强积金计划
结余的预期收益之风险。
于2025年3月31日，为本集团雇员而设的精算估值已
由合资格精算师采用预计单位贷记法完成。
| 2025 2025年 HK$’000 港币千元 1,326 |
|---|
| 2025 2025年 3.25% – 3.30% 3.30% 5.00% |
|---|
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
27. EMPLOYE BENEFIT OBLIGATIONS (CONTINUED)
Long service payments (continued)
The amounts recognised in the consolidated statement of financial
position are as folows:
2024年
HK$’000
港币千元
Present value of defined benefit obligations界定福利义务的现值3,407
The principal actuarial asumptions used as at the end of the reporting
period are as folows:
2024年
Discount rate贴现率4.30%
Expected rate of salary increment (%)预期薪金升幅(%)
Year 2024 2024年3.30%
Year 2025 2025年3.30%
Year 2026 and thereafter 2026年及以后3.30%
Expected anual return of the MPF scheme
asets
预期强积金计划资产
每年收益率5.00%
- （续）
长期服务金（续）
在综合财务状况报表确认的金额如下：
于报告期末主要采用以下精算假设：
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
27. EMPLOYE BENEFIT OBLIGATIONS (CONTINUED)
Long service payments (continued)
A quantitative sensitivity analysis for significant asumptions at the end of
the reporting period is shown below:
Increase
in rate
Increase/
(decrease) in
defined
benefit
obligations
Decrease
in rate
Increase/
(decrease) in
defined
benefit
obligations
增加率
界定福利
义务之增加╱（减少）减少率
界定福利
义务之增加╱（减少）
%HK$’000 %HK$’000
港币千元港币千元
20252025年
Discount rate贴现率0.25%(21)0.25%18
Future salary increase未来薪资增加0.25%30.25%(2)
Future expected rate of return
on MPF balances
未来强积金计划结余
的预期收益率0.25%(1)0.25%-
20242024年
Discount rate贴现率0.25%(142)0.25%150
Future salary increase未来薪资增加0.25%–0.25%(1)
Future expected rate of return
on MPF balances
未来强积金计划结余
的预期收益率0.25%(1)0.25%–
The sensitivity analysis above has ben determined based on a method
that extrapolates the impact on employe benefit obligations as a
result of reasonable changes in key asumptions ocuring at the end
of the reporting period. The sensitivity analysis is based on a change in
a significant asumption, keping al other asumptions constant. The
sensitivity analysis may not be representative of an actual change in the
defined benefit obligations as it is unlikely that changes in asumptions
would ocur in isolation of one another.
- （续）
长期服务金（续）
于报告期末为重大假设的定量敏感分析如下：
上述敏感分析乃根据若于报告期末主要假设发生合
理变动对雇员福利义务的影响作推断。敏感度分析
乃建基于项重要假设有所变动，而其他全部假设则
维持不变。由于若干假设的变动没有可能是非相关
的，故敏感度分析未必能反映界定福利义务于实际
情况之变动。
| 2025 2025年 HK$’000 港币千元 461 142 |
|---|
| 603 |
| 603 |
| 2025 2025年 HK$’000 港币千元 3,407 (720) (1,459) 82 461 142 (587) |
|---|
| 1,326 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
27. EMPLOYE BENEFIT OBLIGATIONS (CONTINUED)
Long service payments (continued)
The total expenses recognised in the consolidated statement of profit or
los in respect of the plan are as folows:
2024年
HK$’000
港币千元
Curent service cost本年度服务成本508
Interest cost利息费用137
Net benefit expenses净福利开支645
Recognised in administrative expenses已计入行政费用645
The movements in the present value of the defined benefit obligations are
as folows:
2024年
HK$’000
港币千元
At begining of year于年初3,894
Remeasurements:重估：
– Actuarial changes arising from experience
adjustments
－从经验调整而产生的精算变动
(57)
– Actuarial changes arising from demographic
asumptions
－从人口统计假设变动而产生的
精算变动4
– Actuarial changes arising from financial
asumptions
－从经济假设变动而产生的精算变动
(443)
Curent service cost本年度服务成本508
Interest cost利息费用137
Benefits paid已付福利(636)
At end of year于年末3,407
- （续）
长期服务金（续）
有关计划于综合损益表中确认的总费用如下：
界定福利义务现值之变动如下：
| Cost charged to profit or loss Remeasurement losses/(gains) in other comprehensive income 计入损益表之成本 计入综合全面收益之精算损失╱（收入） Actuarial Actuarial Actuarial changes changes changes Sub-total arising from arising from arising from Sub-total Net included changes in changes changes in in other At At 1 April Service interest in profit Benefits demographic in financial experience comprehensive 31 March 2024 cost expense or loss paid assumptions assumptions adjustments income 2025 从人口统计假 从财务假设变 从经验调整 于2024年 计入 设变动而产生 动而产生的 而产生的 计入综合 于2025年 4月1日 服务成本 净利息费用 损益表小计 已付福利 的精算变动 精算变动 精算变动 全面收益小计 3月31日 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 港币千元 港币千元 港币千元 港币千元 港币千元 港币千元 港币千元 港币千元 港币千元 港币千元 3,407 461 142 603 (587) (1,459) 82 (720) (2,097) 1,326 |
|---|
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
长期服务金（续）
界定福利义务及计划资产的公允价值之变动如下：
2025年
27. EMPLOYE BENEFIT OBLIGATIONS (CONTINUED)
Long service payments (continued)
The movements in the defined benefit obligations and the fair value of
plan asets are as folows:
Defined benefit obligations界定福利义务
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
27. EMPLOYE BENEFIT OBLIGATIONS (CONTINUED)
Long service payments (continued)
Cost charged to profit or losRemeasurement loses/(gains) in other comprehensive income
计入损益表之成本计入综合全面收益之精算损失╱（收入）
At 1 April
Service
cost
Net
interest
expense
Sub-total
included
in profit
or los
Benefits
paid
Actuarial
changes
arising from
changes in
demographic
asumptions
Actuarial
changes
arising from
changes
in financial
asumptions
Actuarial
changes
arising from
changes in
experience
adjustments
Sub-total
in other
comprehensive
income
At
31 March
于2023年
4月1日服务成本净利息费用
计入
损益表小计已付福利
从人口统计假
设变动而产生
的精算变动
从财务假设变
动而产生的
精算变动
从经验调整
而产生的
精算变动
计入综合
全面收益小计
于2024年
3月31日
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元
Defined benefit obligations界定福利义务3,894508137645(636)4(443)(57)(496)3,407
- （续）
长期服务金（续）
2024年
| 2025 2025年 HK$’000 港币千元 176 746 549 |
|---|
| 1,471 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
长期服务金（续）
预计于未来的界定福利义务之供款如下：
界定供款退休计划
本集团按照香港《强制性公积金计划条例》的规定，
为根据香港《雇佣条例》聘用的雇员及之前不包括在
界定福利退休计划的雇员，参与强积金计划。强积
金计划是一个界定供款退休计划，由独立的受托人
管理。根据强积金计划，雇主及其雇员均须按照雇
员相关入息的5%向计划作出供款，惟以每月有关收
入港币30,000元为上限。对计划的供款乃即时归属。
本集团亦为所有中国、日本及马来西亚合资格的雇
员参与一个界定供款退休计划。计划的资产独立于
本集团的资产并存于由独立受托人持有及管理。
于截至2025年3月31日止年度，本集团向此等计划
所作之供款总额为港币4,962,000元（2024年：港币
7,022,000元）（附注7），并已在损益中扣除。此供款
乃本集团按各附属公司相关地区政府适用的比率作
出。
27. EMPLOYE BENEFIT OBLIGATIONS (CONTINUED)
Long service payments (continued)
Expected contributions to the defined benefit plan in future years are as
folows:
2024年
HK$’000
港币千元
Within the next 12 months于未来12个月192
Betwen 2 and 5 years于2至5年之间160
Betwen 5 and 10 years于5至10年之间1,399
1,751
Defined contribution retirement plan
The Group participates in the MPF Scheme under the Hong Kong
Mandatory Provident Fund Schemes Ordinance for employes employed
under the jurisdiction of the Hong Kong Employment Ordinance and
not previously covered by the defined benefit retirement plan. The
MPF Scheme is a defined contribution retirement plan administered by
independent trustes. Under the MPF 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. Contributions to the plan vest imediately.
The Group also participates in defined contribution retirement benefit
schemes for al qualifying employes in the PRC, Japan and Malaysia.
The asets of the schemes are held separately from those of the Group in
funds under the control of independent trustes.
The Group’s total contributions to these schemes charged to profit or los
during the year ended 31 March 2025 amounted to HK$4,962,000 (2024:
HK$7,022,000) (note 7), representing contributions payable by the Group
to the schemes at the apropriate rates set by the local governments of
its subsidiaries.
| 9,932 562 16,598 7,023 12,515 46,630 (6,388) 3 (15,409) (3,013) (7,143) (31,950) – (346) – – – (346) 131 – (156) 340 (53) 262 |
|---|
| 3,675 219 1,033 4,350 5,319 14,596 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
28. DEFERED TAX
The movements in defered tax asets and liabilities during the year are as
folows:
Defered tax asets
Lease
liabilities
Employe
benefit
obligations
Impairment
of
inventories
Tax
loses
Other
temporary
diferencesTotal
租赁负债
雇员福利
义务存货拨备税项亏损
其他暂时性
差异总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元港币千元
At 1 April 2023于2023年4月1日20,22864312,6226,55816,16756,218
Defered tax credited/(charged)
to the statement of profit or
los during the year (note 11)
年内于损益表计入╱
（扣除）的递延税项
（附注11）(9,593)13,285985(3,236)(8,558)
Defered tax charged to the
statement of comprehensive
income during the year
年内于全面收益报表
扣除之递延税项
–(82)–(82)
Exchange realignment汇兑差额(703)–691(520)(416)(948)
At 31 March 2024 and
1 April 2024
于2024年3月31日
以及2024年4月1日
Defered tax credited/(charged)
to the statement of profit or
los during the year (note 11)
年内于损益表计入╱
（扣除）的递延税项
（附注11）
Defered tax charged to the
statement of comprehensive
income during the year
年内于全面收益报表
扣除之递延税项
Exchange realignment汇兑差额
At 31 March 2025于2025年3月31日
28. 递延税项
年内递延税项资产及负债变动如下：
递延税项资产
| 11,541 571 34,265 46,377 (8,090) (280) (12,461) (20,831) 153 – (237) (84) |
|---|
| 3,604 291 21,567 25,462 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
递延税项负债
28. DEFERED TAX (CONTINUED)
Defered tax liabilities
Right-of-use
asets
Depreciation
alowance
in exces
of related
depreciation
Witholding
taxes on
undistributed
profits of
subsidiariesTotal
使用权资产
折旧拨备
超出有关
折旧的金额
附属公司
未分派溢利之
预扣税总额
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
At 1 April 2023于2023年4月1日19,1943,98722,78445,965
Defered tax charged/(credited) to the
statement of profit or los during the
year (note 11)
年内于损益表扣除╱
（计入）之
递延税项（附注11）(7,018)(3,415)12,2321,799
Exchange realignment汇兑差额(635)(1)(751)(1,387)
At 31 March 2024 and
1 April 2024
于2024年3月31日
以及2024年4月1日
Defered tax credited to the
statement of profit or los
during the year (note 11)
年内于损益表扣除╱
（计入）之递延税项
（附注11）
Exchange realignment汇兑差额
At 31 March 2025于2025年3月31日
| 2025 2025年 HK$’000 港币千元 (10,702) 21,568 |
|---|
| 10,866 |
| 2025 2025年 HK$’000 港币千元 217,763 53,261 |
|---|
| 271,024 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
28. DEFERED TAX (CONTINUED)
For presentation purposes, certain defered tax asets and liabilities have
ben ofset in the statement of financial position. The folowing is an
analysis of the defered tax balances of the Group for financial reporting
purposes:
2024年
HK$’000
港币千元
Net defered tax asets recognised in the
consolidated statement of financial position
在综合财务状况报表确认的
递延税项资产净额(34,518)
Net defered tax liabilities recognised in the
consolidated statement of financial position
在综合财务状况报表确认的
递延税项负债净额34,265
(253)
The Group is liable for witholding taxes on dividends distributed by those
subsidiaries established in the Mainland in respect of earnings generated
from 1 January 2008. The aplicable tax rate is 5%.
Defered tax asets have not ben recognised in respect of the folowing
items at aplicable tax rates:
2024年
HK$’000
港币千元
Tax loses税项亏损187,732
Others其他31,592
Defered tax asets not recognised未确认之递延税项资产219,324
- （续）
就呈报目的而言，若干递延税项资产及负债已于财
务状况表内抵销。以下为就财务报告目的而言的本
集团递延税项结余分析：
本集团有责任就于中国成立之附属公司于2008年1月
1日起产生之盈利所分派之股息缴付预扣所得税，适
用税率为5%。
下列项目之递延税项资产按其适用税率并未予以确
认：
| 2025 2025年 HK$’000 港币千元 375,000 |
|---|
| 62,296 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
于2025年3月31日，以上为数港币923,393,000元
（2024年：港币887,142,000元）于香港产生之未确认
税项亏损，可无限期用作抵销该等产生税项亏损公
司之未来应课税盈利。于2025年3月31日，集团于内
地，澳门及日本产生之未确认税项亏损别约为港币
214,117,000元，港币81,613,000元及港币13,868,000
元（2024年：港币133,719,000元，港币47,061,000
元及港币13,796,000元）将于五年，三年及十年后
届满以抵销该等产生税项亏损公司之未来应课税盈
利。由于未能被判断为将有应课税盈利可运用上述
项目作抵销，故董事认为并未就此等项目确认递延
税项资产。
本公司向其股东派发之股息并无涉及所得税。
29. 股本
28. DEFERED TAX (CONTINUED)
The above unrecognised tax loses arising in Hong Kong as at 31 March
2025 of aproximately HK$923,393,000 (2024: HK$887,142,000) are
available indefinitely for ofseting against future taxable profits of the
companies in which the loses arose. The Group had unrecognised tax
loses arising in the Mainland, Macau and Japan as at 31 March 2025 of
aproximately HK$214,117,000, HK$81,613,000 and HK$13,868,000 (2024:
HK$133,719,000, HK$47,061,000 and HK$13,796,000), respectively that
wil expire in five, thre and ten years for ofseting against future taxable
profits. Defered tax asets have not ben recognised in respect of these
loses as they have arisen in subsidiaries that have ben los-making for
some time and it is not considered probable that taxable profits wil be
available against which the above items can be utilised.
There are no income tax consequences ataching to the payment of
dividends by the Company to its shareholders.
29. SHARE CAPITAL
2024年
HK$’000
港币千元
Authorised:法定：
1,500,000,000 ordinary shares of HK$0.25 each1,500,000,000股每股面值港币0.25元
之普通股375,000
Isued and fuly paid:已发行及缴足：
249,182,030 ordinary shares of HK$0.25 each249,182,030股每股面值港币0.25元
之普通股62,296
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
30. 购股权计划
本公司之购股权计划于2016年7月21日由本公司股
东采纳（「2016年购股权计划」）。2016年购股权计划
的目的是为了奖励或奖偿计划项下的参与者对本集
团的贡献及╱或为让本集团得以招揽及挽留优秀雇
员，以及为本集团持有股权的实体（「被投资实体」）
吸纳宝贵人才。
根据2016年购股权计划，本公司董事获授权可酌情
于采纳2016年购股权计划之日后但该日期之第十周
年前之任何时间，向属于下列任何参与者类别的人
士要约可供认购本公司股份的购股权：
－ 本公司、其任何附属公司或任何被投资实体的
任何雇员（不论是全职或兼职雇员，包括任何
执行董事惟不包括任何非执行董事）;
－ 本公司、其任何附属公司或任何被投资实体的
任何非执行董事（包括独立非执行董事）;
－ 本集团任何成员公司或任何被投资实体的任何
货物或服务供应商；
－ 本集团或任何被投资实体的任何客户；
－ 向本集团或任何被投资实体提供研究、开发或
技术支援或其他服务的任何人士或实体；
－ 本集团或任何被投资实体的任何股东或任何成
员公司，或本集团任何成员公司或任何被投资
实体的任何已发行证券的持有人；
30. SHARE OPTION SCHEME
The Company’s share option scheme was adopted by shareholders of
the Company on 21 July 2016 (“2016 share option scheme”). The purpose
of the 2016 share option scheme is to provide incentives or rewards to
participants thereunder for their contributions to the Group and/or to
enable the Group to recruit and retain high-calibre employes and atract
human resources that are valuable to the Group and any equity interest
(“Invested Entity”).
Under the 2016 share option scheme, the directors of the Company
are authorised, at their discretion, at any time folowing the date of
the adoption of the 2016 share option scheme but before the tenth
aniversary of that day, to ofer options to any person belonging to any
of the folowing clases of participants to subscribe for shares of the
Company:
– any employe (whether ful time or part time employe(s), including
any director or executive director but not any non-executive
director) of the Company, its subsidiaries or any Invested Entity;
– any non-executive director (including Independent Non-executive
Directors) of the Company, any of its subsidiaries or any Invested
Entity;
– any suplier of gods or services to any member of the Group or
any Invested Entity;
– any customer of the Group or any Invested Entity;
– any person or entity that provides research, development or
technological suport or other services to the Group or any
Invested Entity;
– any shareholder of any member of the Group or any Invested Entity
or any holder of any securities isued by any member of the Group
or any Invested Entity;
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
－ 本集团任何成员公司或任何被投资实体之任何
业务或业务发展范畴之任何顾问（专业或其他
方面）或专家顾问；及
－ 透过合营企业、业务联盟或其他业务及╱或
财务安排而对或可能对本集团发展及成长作出
贡献之任何其他组别或类别参与者。
购股权的行使价为股份的票面值、股份于购股权要
约授予日期在联交所录得的收市价及股份于截至购
股权要约授予日期前五个营业日在联交所录得的平
均收市价三者中的最高金额。在授予购股权起计28
日内，当附有港币1元汇款的承受人正式签署的购股
权接纳函件已收取，则视作购股权已被接纳。根据
2016年购股权计划可授出之购股权所涉及之股份总
数，最多不得超过本公司已发行股本之10%。每名承
受人的购股限制为在任何十二个月期间限于本公司
已发行普通股的1%。购股权的有效年期由授出购股
权当日起计不得超逾十年。本公司董事会可酌情决
定参与者在行使购股权所附认购权前必须持有购股
权的最短期限或其他限制。
2016年购股权计划有效期为10年，并将会于2026年
7月21日届满。截至本报告日，本公司按2016年购股
权计划下并无授出任何购股权。（2024年：无）
31. 储备
本集团之储备额、年内及以往年度之变动列载于财
务报表第92及93页之综合权益变动表内。.
30. SHARE OPTION SCHEME (CONTINUED)
– any adviser (profesional or otherwise) or consultant to any area of
busines or busines development of any member of the Group or
any Invested Entity; and
– any other group or clases of participants who have contributed or
may contribute by way of joint venture, busines aliance or other
busines and/or financial arangement to the development and
growth of the Group.
The exercise price of options is the highest of the nominal value of the
shares, the closing price of the shares on the stock exchange on the date
of ofer of the grant and the average closing price of the shares on the
stock exchange for the five busines days imediately preceding the
date of ofer of the grant. An ofer of an option shal be demed to have
ben acepted within 28 days from the date of ofer upon aceptance
of the option duly signed by the grante together with a remitance of
HK$1. The maximum number of securities available for isue under the
2016 share option scheme shal not exced 10% of the isued capital of
the Company. The maximum entitlement of each grante in any 12-month
period is limited to 1% of the ordinary shares in isue of the Company.
The option period wil not be more than ten years from the date of grant
of the option and the Company’s board of directors may at its discretion
determine the minimum period for which the option has to be held or
other restriction before the exercise of the subscription right ataching
thereon.
The 2016 share option scheme is valid and efective for a period of 10
years, which wil expire on 21 July 2026, and at the date of this report, no
share option has ben granted under the 2016 share option scheme since
it has ben adopted (2024: Nil).
31. RESERVES
The amounts of the Group’s reserves and the movements therein for the
years are presented in the consolidated statement of changes in equity on
pages 92 to 93 of the financial statements.
| Interest-bearing Lease Gold loan bank borrowings liabilities 黄金贷款 计息银行贷款 租赁负债 HK$’000 HK$’000 HK$’000 港币千元 港币千元 港币千元 16,185 1,060,209 116,927 (6,959) (339,538) (87,033) 1,737 – – – – 3,755 – – 40,318 – – 450 – – 6,438 – – (6,438) |
|---|
| 10,963 720,671 74,417 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
32. 综合现金流量表附注
(a) 主要非现金交易
(i) 年内，本集团就楼宇租赁安排的使用权
资产及租赁负债的非现金交易分别增加
为港币3,755,000元及港币3,755,000元
（2024年：港币40,680,000元及港币
40,680,000元）。
(i) 年内，本集团就租赁资产租赁安排之使
用权资产及租赁负债非现金租赁修改分
别为港币49,855,000元（2024年：港
币48,191,000元）及港币40,318,000元
（2024年：港币40,758,000元）。
(b) 融资活动产生之负债变动
2025年
32. NOTES TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS
(a) Major non-cash transactions
(i) During the year, the Group had non-cash aditions to right-
of-use asets and lease liabilities of HK$3,755,000 and
HK$3,755,000 (2024: HK$40,680,000 and HK$40,680,000),
respectively, in respect of lease arangements for buildings.
(i) During the year, the Group had non-cash lease
modification to right-of-use asets and lease liabilities
of HK$49,855,000(2024: HK$48,191,000) and
HK$40,318,000(2024: HK$40,758,000) respectively, in
respect of lease arangements for leased asets.
(b) Changes in liabilities arising from financing activities
At 1 April 2024于2024年4月1日
Changes from financing cash flows融资现金流量变动
Fair value los on gold loan黄金贷款的公允价值亏损
New leases新租赁
Modification修改
Exchange realignment外汇变动
Interest expenses利息开支
Interest paid clasified as
operating cash flows
分类为经营现金流量的
已付利息
At 31 March 2025于2025年3月31日
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
(b) 融资活动产生之负债变动（续）
2024年
32. NOTES TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS (CONTINUED)
(b) Changes in liabilities arising from financing activities
(continued)
Gold loan
Interest-bearing
bank borowings
Lease
liabilities
黄金贷款计息银行贷款租赁负债
HK$’000HK$’000HK$’000
港币千元港币千元港币千元
At 1 April 2023于2023年4月1日–1,173,577153,659
Changes from financing cash flows融资现金流量变动12,693(113,368)(115,807)
Fair value los on gold loan黄金贷款的公允价值亏损3,492
New leases新租赁–40,680
Modification修改–40,758
Exchange realignment外汇变动–(2,363)
Interest expenses利息开支–7,889
Interest paid clasified as
operating cash flows
分类为经营现金流量的
已付利息–(7,889)
At 31 March 2024于2024年3月31日16,1851,060,209116,927
| 2025 2025年 HK$’000 港币千元 25,419 87,033 |
|---|
| 112,452 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
33. 资产抵押
(a) 于2022年5月6日，本集团与恒生银行有限公
司、中信银行（国际）有限公司、大华银行有
限公司、富邦银行（香港）有限公司、永丰商
业银行股份有限公司香港分行及中国建设银
行（亚洲）股份有限公司作为委任牵头安排行
及原借贷人，订立一项信贷协议，据此获授
予总额为港币820,000,000元的若干信贷（包
括定期贷款及循环贷款）（「新借贷融资」）。本
集团再以第一法定押记的方式把账面值分别为
港币29,890,000元（于2024年3月31日：港币
31,218,000元）及港币140,117,000元（于2024
年3月31日：港币151,910,000元）在香港的土
地及楼宇和投资物业作抵押，以作为（其中包
括）本集团不时结欠该等银行之所有实际或
有负债及债务之抵押品。
32. NOTES TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS (CONTINUED)
(c) Total cash flow for leases
The total cash outflow for leases included in the consolidated
statement of cash flows is as folows:
2024年
HK$’000
港币千元
Within operating activities经营活动内18,228
Within financing activities融资活动内115,807
134,035
33. PLEDGE OF ASETS
(a) On 6 May 2022, the Group entered into a facility agrement with
Hang Seng Bank Limited, China CITIC Bank International Limited,
United Overseas Bank Limited, Fubon Bank (Hong Kong) Limited,
Bank Sinopac, Hong Kong Branch and China Construction Bank
(Asia) Corporation Limited acting as mandated lead arangers and
original lenders, pursuant to which certain loan facilities, comprising
a term loan and a revolving loan, in the agregate amount of
HK$820,000,000 (“New Facilities”) has ben granted. The Group’s
land and buildings and investment properties in Hong Kong with
carying values of HK$29,890,000 (31 March 2024: HK$31,218,000)
and HK$140,117,000 (31 March 2024: HK$151,910,000), respectively,
were mortgaged by way of a first legal charge, as securities for,
inter alia, al obligations and liabilities, actual or contingent, from
time to time owing by the Group to those banks.
- （续）
(c) 租赁现金流出总额
计入综合现金流量表的租赁现金流出总额如
下：
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
(b) 本集团与两家（2024年：一家）银行订立银行
借贷融资安排，据此安排，本集团以第一法
定押记的方式把账面值港币39,443,000元（于
2024年3月31日：港币20,000,000元）在香港
的土地及楼宇作抵押，以作为（其中包括）本
集团不时结欠该银行之所有实际或有负债及
债务之抵押品。
(c) 于本年度内，本集团与一家银行订立银行借贷
融资安排，据此安排，本集团把账面值分别为
港币26,464,000元（于2024年3月31日：港币
27,356,000元）及港币90,925,000元（于2024
年3月31日：港币90,657,000元）在内地的土
地使用权及在建工程抵押为本集团结欠该些银
行的所有债务之抵押品。
(d) 于2025年3月31日，本集团以人民币作为单位
及相约于港币58,309,000元（于2024年3月31
日：港币294,143,000元）之已抵押定期存款已
作抵押，以取得银行发出备用信用证作跨境财
务安排之用（附注22）。
33. PLEDGE OF ASETS (CONTINUED)
(b) The Group entered into banking facility arangements with 2 (2024:
1) banks, pursuant to which the Group’s land and buildings in Hong
Kong with carying values of HK$39,443,000 (31 March 2024:
HK$20,000,000) were mortgaged by way of a first legal charge,
as securities for, inter alia, al obligations and liabilities, actual or
contingent, from time to time owing by the Group to those banks.
(c) The Group entered into a banking facility arangement with a bank,
pursuant to which the Group’s land use right and construction in
progres in the Mainland with carying values of HK$26,464,000 (31
March 2024: HK$27,356,000) and HK$90,925,000 (31 March 2024:
HK$90,657,000), respectively, were mortgaged as securities for al
owing by the Group to that bank.
(d) As at 31 March 2025, pledged time deposits of the Group
denominated in Renminbi and totaling equivalent to aproximately
HK$58,309,000 (31 March 2024: HK$294,143,000) have ben
pledged to secure standby leters of credit relating to cros border
treasury arangements (note 22).
| 2025 2025年 HK$’000 港币千元 22,167 |
|---|
| 2025 2025年 HK$’000 港币千元 18,478 4,968 |
|---|
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
34. 经营租赁安排
(a) 本集团于报告期末就物业、厂房及设备的资本
承担如下：
(b) 于2025年3月31日，本集团有尚未开始的各
种租赁合约。该等不可撤销的租赁合约的未
来租赁款项为一年内到期的港币1,588,000
元（2024年：港币3,430,000元）及第二至
第五年到期的港币75,000元（2024年：港币
4,287,000元）（包括首尾两年）。
35. 关连人士交易
(a) 除已于本财务报表其他部分详载之交易外，本
集团于截至2025年3月31日止年度与关连人士
进行以下交易：
应付以上关连公司款项为港币57,831,000元
（于2024年3月31日：港币77,665,000元）。
以上关连公司均为Rosy Blue Overseas
Holdings Limited（其为Partner Logistics
Limited（「Partner Logistics」）的优先股东）
之同系附属公司。Partner Logistics董事会由
谢达峰先生控制，彼为本公司最终控股人士以
及主要股东。
34. COMITMENTS
(a) The Group had the folowing capital comitments for property,
plant and equipment at the end of the reporting period:
2024年
HK$’000
港币千元
Contracted but not provided for已签约，但未作拨备22,888
(b) The Group has various lease contracts that have not yet
comenced as at 31 March 2025. The future lease payments for
these non-cancelable lease contracts are HK$1,588,000 (2024:
HK$3,430,000) due within one year and HK$75,000 (2024:
HK$4,287,000) due in the second to fifth years, inclusive.
35. RELATED PARTY TRANSACTIONS
(a) In adition to the transactions detailed elsewhere in these financial
statements, the Group had the folowing transactions with related
parties during the year ended 31 March 2025:
2024年
HK$’000
港币千元
(i) Purchase from related companies(i) 从关连公司购货98,285
(i) Sales to a related company(i) 销售予一间关连公司71,378
Balances due to these related companies amounted to
HK$57,831,000 (31 March 2024: HK$77,665,000).
These related companies are felow subsidiaries of Rosy Blue
Overseas Holdings Limited, a preference shareholder of Partner
Logistics Limited (“Partner Logistics”), whose board of directors
is controled by Mr. Tomy Tse, the ultimate controling party and
substantial shareholder of the Company.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
(a) （续）
(i) (a)谢达峰先生被本公司旗下一间附属
公司聘任为本集团副行政总裁，谢达峰
先生为本公司执行董事邱安仪女士（太
平绅士）之配偶；(b)谢瑞麟先生被本公
司旗下一间附属公司聘任为本集团创
办人，谢瑞麟先生为谢达峰先生之父
亲及邱安仪女士（太平绅士）之家翁。于截
至2025年3月31日止年度内分别支付谢
达峰先生港币2,419,000元（2024年：
港币2,419,000元）及谢瑞麟先生港币
1,902,000元（2024年：港币1,596,000
元）的酬金和实物利益。
上述第(i)和(i)项交易根据上市规则第14A章并
不构成一项持续关连交易。本公司董事认为，
该等交易在日常业务过程中按正常商业条款进
行。
上述项目(i)(a)及(i)(b)之关连人士交易构成
上市规则第14A章所界定之持续关连交易。由
于项目(i)(a)及(i)(b)的金额低于上市规则第
14A.76条的最低豁免水平，故项目(i)(b)可获
全面豁免股东批准、年度审核、及上市规则之
所有披露规定。
35. RELATED PARTY TRANSACTIONS (CONTINUED)
(a) (continued)
(i) (a) Mr. Tomy Tse, the spouse of Ms. Yau On Ye, Anie, JP,
an Executive Director of the Company, has ben employed by
a subsidiary of the Company as the Deputy Chief Executive
Oficer of the Group; (b) Mr. Tse Sui Luen (“Mr. Tse Senior”),
the father of Mr. Tomy Tse and father-in-law of Ms. Yau
On Ye, Anie, JP, has ben employed by a subsidiary of
the Company as the Founder of the Group. During the year
ended 31 March 2025, remuneration and benefits in kind
of HK$2,419,000 (2024: HK$2,419,000) and HK$1,902,000
(2024: HK$1,596,000) were paid to Mr. Tomy Tse and Mr.
Tse Senior, respectively.
The above transactions in respect of items (i) and (i) were not
continuing conected transactions under Chapter 14A of the
Listing Rules. In the opinion of the directors of the Company, the
transactions were caried out on normal comercial terms and in
the ordinary course of busines.
The related party transactions in respect of items (i)(a) and (i)
(b) above constitute continuing conected transactions as defined
in Chapter 14A of the Listing Rules. Since the amounts in respect of
items (i)(a) and (i)(b) are below the de minimis threshold for the
purpose of Rule 14A.76 of the Listing Rules, items (i)(a) and (i)(b)
are fuly exempt from shareholders’ aproval, anual review and al
disclosure requirements under the Listing Rules.
| 2025 2025年 HK$’000 港币千元 7,582 36 |
|---|
| 7,618 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
(b) 本集团主要管理人员酬金：
董事及主要行政人员之酬金进一步详情载于财
务报表附注9。
35. RELATED PARTY TRANSACTIONS (CONTINUED)
(b) Compensation of key management personel of the Group:
2024年
HK$’000
港币千元
Short term employe benefits短期雇员福利11,136
Post-employment benefits雇用后福利36
11,172
Further details of directors’ and chief executive’s emoluments are
included in note 9 to the financial statements.
| Financial assets at amortised cost 按摊销成本入账 之财务资产 HK$’000 港币千元 38,188 42,930 58,309 129,378 |
|---|
| 268,805 |
| Financial liabilities at fair value through Financial liabilities profit or loss at amortised cost Total 按公允值计入 按摊销成本 损益的金融负债 入账之财务负债 总额 HK$’000 HK$’000 HK$’000 港币千元 港币千元 港币千元 – 307,866 307,866 – 116,122 116,122 10,963 – 10,963 – 720,671 720,671 – 74,417 74,417 |
|---|
| 10,963 1,219,076 1,230,039 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
36. 按类别分类之金融工具
于报告期末，各类别之金融工具账面值如下：
2025年
财务资产
财务负债
36. FINANCIAL INSTRUMENTS BY CATEGORY
The carying amounts of each of the categories of financial instruments as
at the end of the reporting period are as folows:
Financial asets
Trade receivables应收账款
Financial asets included in prepayments,
other receivables and other asets
包含在预付款、其他应收账款及
其他资产之财务资产
Pledged time deposits已抵押定期存款
Cash and cash equivalents现金及现金等价物
Financial liabilities
Trade payables应付账款
Financial liabilities included in
other payables and acruals
包含在其他应付款及
应计费用之财务负债
Gold loan黄金贷款
Interest-bearing bank borowings计息银行贷款
Lease liabilities租赁负债
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
于报告期末，各类别之金融工具账面值如下：（续）
2024年
财务资产
财务负债
36. FINANCIAL INSTRUMENTS BY CATEGORY (CONTINUED)
The carying amounts of each of the categories of financial instruments as
at the end of the reporting period are as folows: (continued)
Financial asets
Financial asets at
amortised cost
按摊销成本入账
之财务资产
HK$’000
港币千元
Trade receivables应收账款77,447
Financial asets included in prepayments,
other receivables and other asets
包含在预付款、其他应收账款及
其他资产之财务资产75,971
Pledged time deposits已抵押定期存款294,143
Cash and cash equivalents现金及现金等价物179,967
627,528
Financial liabilities
Financial liabilities
at fair value through
profit or los
Financial liabilities
at amortised costTotal
按公允值计入
损益的金融负债
按摊销成本
入账之财务负债总额
HK$’000HK$’000HK$’000
港币千元港币千元港币千元
Trade payables应付账款–337,981337,981
Financial liabilities included in
other payables and acruals
包含在其他应付款及
应计费用之财务负债–142,792142,792
Gold loan黄金贷款16,185–16,185
Interest-bearing bank borowings计息银行贷款–1,060,2091,060,209
Lease liabilities租赁负债–116,927116,927
16,1851,657,9091,674,094
| 2025 2025年 HK$’000 港币千元 10,963 720,671 | 2025 2025年 HK$’000 港币千元 10,963 720,671 | |
|---|---|---|
| 731,634 | 1,076,394 | 731,634 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
37. 金融工具之公允价值及公允价值等级
除若干账面值合理地与公允价值相若之财务工具
外，本集团的财务工具之账面值与其公允价值如下：
37. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS
The carying amounts and fair values of the Group’s financial instruments,
other than those with carying amounts that reasonably aproximate to
fair values, are as folows:
Carying amountsFair values
账面值公允价值
2024年
HK$’000
港币千元
Financial liabilities财务负债
Gold loan黄金贷款16,185
Interest-bearing bank borowings计息银行贷款1,060,209
1,076,394
| Fair value measurement using 公允价值计量分类 Quoted prices Significant Significant in active observable unobservable markets inputs inputs Total 活跃 重大可 重大难以 市场报价 观察数据 观察数据 总额 (Level 1) (Level 2) (Level 3) （第一层级） （第二层级） （第三层级） HK$’000 HK$’000 HK$’000 HK$’000 港币千元 港币千元 港币千元 港币千元 – 10,963 – 10,963 |
|---|
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
公允价值等级：
下表呈列本集团的金融工具之公允价值计量等级：
按公允价值计量之负债：
于2025年3月31日
37. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (CONTINUED)
Fair value hierarchy:
The folowing tables ilustrate the fair value measurement hierarchy of the
Group’s financial instruments:
Liabilities for which fair values are measured:
As at 31 March 2025
Financial liabilities财务负债
Gold loan黄金贷款
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
公允价值等级：（续）
按公允价值计量之负债：（续）
于2024年3月31日
37. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (CONTINUED)
Fair value hierarchy: (continued)
Liabilities for which fair values are measured: (continued)
As at 31 March 2024
Fair value measurement using
公允价值计量分类
Quoted
prices
in active
markets
Significant
observable
inputs
Significant
unobservable
inputsTotal
活跃
市场报价
重大可
观察数据
重大难以
观察数据总额
(Level 1)(Level 2)(Level 3)
（第一层级）（第二层级）（第三层级）
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
Financial liabilities财务负债
Gold loan黄金贷款–16,185–16,185
| Fair value measurement using 公允价值计量分类 Quoted prices Significant Significant in active observable unobservable markets inputs inputs Total 活跃 重大可 重大难以 市场报价 观察数据 观察数据 总额 (Level 1) (Level 2) (Level 3) （第一层级） （第二层级） （第三层级） HK$’000 HK$’000 HK$’000 HK$’000 港币千元 港币千元 港币千元 港币千元 – – 720,671 720,671 |
|---|
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
37. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (CONTINUED)
Fair value hierarchy: (continued)
Liabilities for which fair values are disclosed:
As at 31 March 2025
Financial liabilities财务负债
Interest-bearing bank borowings计息银行贷款
- （续）
公允价值等级：（续）
按公允价值披露之负债：
于2025年3月31日
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
公允价值等级：（续）
按公允价值披露之负债：（续）
于2024年3月31日
年内并无按公允价值计量之财务负债于第一层级及
第二层级之间调动，及转入或转出第三层级（2024
年：无）。
管理层已评定现金及现金等价物、已抵押定期存
款、应收账款、应付账款、包含在预付款、其他应
收款及其他资产之财务资产和包含在其他应付款及
应计费用之财务负债之公允价值与其账面值相若，
主要由于该等工具将于短期内到期。
37. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (CONTINUED)
Fair value hierarchy: (continued)
Liabilities for which fair values are disclosed: (continued)
As at 31 March 2024
Fair value measurement using
公允价值计量分类
Quoted
prices
in active
markets
Significant
observable
inputs
Significant
unobservable
inputsTotal
活跃
市场报价
重大可
观察数据
重大难以
观察数据总额
(Level 1)(Level 2)(Level 3)
（第一层级）（第二层级）（第三层级）
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
Financial liabilities财务负债
Interest-bearing bank borowings计息银行贷款–1,060,2091,060,209
During the year, there were no transfers of fair value measurements
betwen Level 1 and Level 2 and no transfers into or out of Level 3 for
both financial asets and financial liabilities (2024: Nil).
Management has asesed that the fair values of cash and cash
equivalents, pledged time deposits, trade receivables, trade payables,
financial asets included in prepayments, other receivables and other
asets and financial liabilities included in other payables and acruals
aproximate to their carying amounts largely due to short term
maturities of these instruments.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
由本集团的首席财务总监带领的财务团队负责厘定
金融工具的公允价值计量之政策和程序。财务团队
直接向首席财务总监汇报。在每次报告期末，财务
团队分析金融工具的价值变动和厘定估值采用的主
要数据。估值是经首席财务总监之审阅和批准。
财务资产及负债之公允价值，除了强迫或清盘出
售，乃以各方自愿的当前交易中该工具可交换之金
额入账。估计公允价值时使用了以下方法及假设：
黄金贷款的公允价值是以黄金的公开市场价格为基
础。
计入预付款项和存款的财务资产非流动部分及计息
银行借款非流动部分的公允价值是透过使用具有类
似条款、信用风险的工具的当前可用利率对预期未
来现金流量进行贴现计算得出的。预付款项和存款
中所包含非流动财务资产的公允价值与其账面价值
相近。于2025年3月31日及2024年3月31日，本集团
计息银行借款非流动部分的不履约风险被评估为轻
微。
37. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (CONTINUED)
The Group’s finance department headed by the Chief Financial Oficer
is responsible for determining the policies and procedures for their fair
value measurement of financial instruments. The finance department
reports directly to the Chief Financial Oficer. At the end of each reporting
period, the finance team analyses the movements in the values of financial
instruments and determines the major inputs aplied in the valuation. The
valuation is reviewed and aproved by the Chief Financial Oficer.
The fair values of the financial asets and liabilities are included at
the amount at which the instrument could be exchanged in a curent
transaction betwen wiling parties, other than in a forced or liquidation
sale. The folowing methods and asumptions were used to estimate the
fair values:
The fair value of the gold loan is based on the open market price of gold.
The fair values of the non-curent portion of financial asets included in
prepayments and deposits and non-curent portion of interest-bearing
bank borowings have ben calculated by discounting the expected
future cash flows using rates curently available for instruments with
similar terms, credit risk and remaining maturities. The fair value of
non-curent portion of financial asets included in prepayments and
deposits aproximated to their carying amounts. The Group’s own non-
performance risk for the non-curent portion of interest-bearing bank
borowings as at 31 March 2025 and 2024 was asesed to be insignificant.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
38. 财务风险管理目标及政策
本集团之主要金融工具包括计息银行贷款、租赁负
债、黄金贷款、已抵押定期存款及现金及现金等价
物。此等金融工具之主要用途乃为本集团之业务筹
集资金。本集团有若干其他财务资产及负债，如直
接来自其业务产生之应收账款及应付账款。
金融工具所产生之主要风险为利率风险、外汇风
险、信贷风险及流动资金风险。董事会审阅并同意
下文所概述管理各项此等风险之政策。
利率风险
本集团由于以浮动利率计息之长期债务之利率变动
而承受市场利率风险。
以下之敏感度分析乃假设利率变动于年结日发生而
厘定，并已采用于该日已存在的财务工具所面对
之利率风险。在向主要管理人员内部呈报利率风险
时，采用了按利率增加或下跌1厘之假设，即管理层
就利率之合理可能变动作出的评估。
倘利率增加╱下跌1%，而所有其他变数保持不变，
本集团截至2025年3月31日止年度之亏损（2024
年：保留盈利）将增加╱减少及于2025年3月31日
之累积亏损将增加╱减少(2024:减少╱增加）港币
6,508,000元（2024年：港币10,602,000元）。此乃
主要源于本集团就其浮息借贷所面对之利率影响。
38. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES
The Group’s principal financial instruments comprise interest-bearing bank
borowings, lease liabilities, gold loan, pledged time deposits and cash
and cash equivalents. The main purpose of these financial instruments is
to raise finance for the Group’s operations. The Group has various other
financial asets and liabilities such as trade and other receivables and
trade and other payables, which arise directly from its operations.
The main risks arising from the Group’s financial instruments are interest
rate risk, foreign curency risk, credit risk and liquidity risk. The board of
directors reviews and agres policies for managing each of these risks and
they are sumarised below.
Interest rate risk
The Group’s exposure to the risk of changes in market interest rates
relates primarily to the Group’s long term debt obligations with a floating
interest rate.
The folowing sensitivity analysis has ben determined asuming that
change in interest rates had ocured at the year end date and had ben
aplied to the exposure to interest rates for financial instruments in
existence at that date. A 1% increase or decrease is used when reporting
interest rate risk internaly to key management personel and represents
management’s asesment of the reasonably posible change in interest
rates.
If interest rates had ben 1% higher/lower and al other variables were
held constant, the Group’s los for the year ended 31 March 2025 would
have increased/decreased and the acumulated loses (2024: retained
profits) as of 31 March 2025 would have increased/decreased (2024:
decreased/increased) by HK$6,508,000 (2024: HK$10,602,000). This is
mainly atributed to the Group’s exposure to interest rates on its variable
rate borowings.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
外汇风险
本集团之交易外币风险主要来自业务单位以其功能
货币以外之货币进行之买卖。导致此风险之货币主
要为美元。本集团并无持有或发行任何衍生财务工
具，以作买卖用途或对冲汇率波动用途。本集团透
过在可能情况下以同一货币进行买卖交易减低此风
险。
董事认为，基于港元的联系汇率制度下，美元为相
当的稳定，因此，本公司并没有重大的外汇风险。
信贷风险
本集团之信贷风险主要来自于日常营运过程中授予
客户信贷。本集团于确认财务资产之最大信贷风险
仅限于年结日之账面值。
为将信贷风险减至最低，本集团管理层会定期及于
各年结日个别及共同检讨个别应收款是否可收回，
确保已就不可收回金额作出足够减值亏损。就此，
本集团管理层认为，本集团之信贷风险已大减
低。本集团信贷风险并无重大集中，所承受之风险
分散于多个交易对手及客户。
38. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES (CONTINUED)
Foreign curency risk
The Group has transactional curency exposures mainly arising from
sales and purchases by operating units in curencies other than the units’
functional curencies. The curency giving rise to this risk is primarily US$.
The Group does not hold or isue any derivative financial instruments for
trading purposes or to hedge against fluctuations in foreign exchange
rates. The Group mitigates this risk by conducting the sales and purchases
transactions in the same curency, whenever posible.
In the opinion of the directors, US$ is reasonably stable under the Linked
Exchange Rate System with HK$ and acordingly, the Company does not
have any significant foreign exchange risk.
Credit risk
The Group’s exposure to credit risk mainly arises from granting credit to
customers in the ordinary course of operations. The Group’s maximum
exposure to credit risk on recognised financial asets is limited to their
carying amount at the end of the reporting period.
In order to minimise the credit risk, the management of the Group
reviews the recoverability of receivables individualy and colectively,
periodicaly and at the end of each reporting period to ensure that
adequate impairment los is made for irecoverable amounts. In this
regard, the management of the Group considers that the Group’s credit
risk is significantly reduced. The Group has no significant concentration
of credit risk, with exposure spread over a number of counterparties and
customers.
| 12-month ECLs Lifetime ECLs 12个月预期 信贷亏损 全期预期信贷亏损 Simplified Stage 1 Stage 2 Stage 3 approach Total 第1阶段 第2阶段 第3阶段 简化方法 总额 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 港币千元 港币千元 港币千元 港币千元 港币千元 – – – 48,930 48,930 42,930 – – – 42,930 – – 6,847 – 6,847 58,309 – – – 58,309 129,378 – – – 129,378 |
|---|
| 230,617 – 6,847 48,930 286,394 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
信贷风险（续）
最高风险及年末分阶段分类
下表根据本集团的信贷政策，列示信贷质素及最高
信贷风险，除非无须过大成本或努力便可获得其他
资料，否则下表主要以逾期资料，及于2024年及
2025年3月31日之年末分阶段分类为基础。呈列数字
为财务资产的账面总值。
于2025年3月31日
38. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES (CONTINUED)
Credit risk (continued)
Maximum exposure and year-ending staging
The tables below show the credit quality and the maximum exposure to
credit risk based on the Group’s credit policy, which is mainly based on
past due information unles other information is available without undue
cost or efort, and year-end staging clasification as at 31 March 2025 and
2024. The amounts presented are gros carying amounts for financial
asets.
As at 31 March 2025
Trade receivables应收账款
Financial asets included in prepayments,
other receivables and other asets
– Normal
包括在预付款、其他应收款
及其他资产之财务资产
－正常
– Doubtful －不确定
Pledged time deposits
– Not yet past due
已抵押定期存款
－尚未逾期
Cash and cash equivalents
– Not yet past due
现金及现金等价物
－尚未逾期
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
信贷风险（续）
最高风险及年末分阶段分类（续）
于2024年3月31日
- ，以拨
备矩阵为基础的资料披露于财务报告附注20。
倘包含在预付款、其他应收款及其他资产的财务
资产并无逾期且并无资讯显示该等财务资产之信
贷风险自初次确认后大幅增加，则该等财务资产
之信贷质量被视为「正常」。否则，财务资产的信
贷质素被视为「不确定」。
38. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES (CONTINUED)
Credit risk (continued)
Maximum exposure and year-ending staging (continued)
As at 31 March 2024
12-month
ECLsLifetime ECLs
12个月预期
信贷亏损全期预期信贷亏损
Stage 1Stage 2Stage 3
Simplified
aproachTotal
第1阶段第2阶段第3阶段简化方法总额
HK$’000HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元港币千元
Trade receivables应收账款–89,27889,278
Financial asets included in prepayments,
other receivables and other asets
– Normal
包括在预付款、其他应收款
及其他资产之财务资产
－正常75,971–75,971
Pledged time deposits
– Not yet past due
已抵押定期存款
－尚未逾期294,143–294,143
Cash and cash equivalents
– Not yet past due
现金及现金等价物
－尚未逾期179,967–179,967
550,081–89,278639,359
* For trade receivables to which the Group aplies the simplified aproach
for impairment, information based on the provision matrix is disclosed in
note 20 to the financial statements.
The credit quality of the financial asets included in prepayments, other
receivables and other asets is considered to be “normal” when they
are not past due and there is no information indicating that the financial
asets had a significant increase in credit risk since initial recognition.
Otherwise, the credit quality of the financial asets is considered to be
“doubtful”.
| On demand or less than 1 year 1 to 5 years Total 按要求偿还 或1年以下 1至5年 总额 HK$’000 HK$’000 HK$’000 港币千元 港币千元 港币千元 307,866 – 307,866 116,122 – 116,122 10,963 – 10,963 700,718 45,285 746,003 50,537 24,593 75,130 |
|---|
| 1,186,206 69,878 1,256,084 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
流动资金风险
本集团就偿付应付账款、财务负债包括其他应付款
及应计费用、计息银行贷款、黄金贷款、租赁负债
以及就现金流量管理面对流动资金风险。本集团之
政策为定期监察流动资金需求，是否符合贷款契诺
之规定及其与银行之关系，确保其维持足够现金及
从大型金融机构取得充足之承诺贷款额，以应付其
短期及长期流动资金需求。
于报告期末，本集团按已订约但未折现款项计算之
财务负债之到期情况如下：
38. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES (CONTINUED)
Liquidity risk
The Group is exposed to liquidity risk in respect of setlement of trade
payables, financial liabilities included in other payables and acruals,
interest-bearing bank borowings, gold loan and lease liabilities, and also
in respect of its cash flow management. The Group’s policy is to regularly
monitor its liquidity requirements, its compliance with lending covenants
and its relationship with its banks to ensure that it maintains suficient
reserves of cash and adequate comited lines of funding from major
financial institutions to met its liquidity requirements in the short and
longer term.
The maturity profile of the Group’s financial liabilities as at the end of the
reporting period, based on the contractual undiscounted payments, is as
folows:
20252025年
Trade payables应付账款
Financial liabilities included in
other payables and acruals
包含在其他应付款及
应计费用之财务负债
Gold loan黄金贷款
Interest-bearing bank borowings计息银行贷款
Lease liabilities租赁负债
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
流动资金风险（续）
截至2025年3月31日，本集团按要求偿还条款之
长期贷款为数港币129,717,000元（2024年：港币
422,527,000元），乃按照贷款的条款须于一年内偿
还。该贷款协议包含按要求偿还条款，赋予银行无
条件权利随时要求偿还该贷款，因此就上述到期状
况该贷款之总金额被分类为「按要求偿还」。
尽管上述条款，董事并不认为该等银行贷款将于12
个月内被要求全部偿还，而且他们认为这些贷款将
按照载于贷款协议的到期日偿还。此评估已考虑以
下各项：本集团于本财务报表核准日之财务状况；
本集团于财务报告期结束前已就所违反的若干贷款
契诺获得银行豁免；没有违约事及本集团过往准时
还款之实况。
38. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES (CONTINUED)
Liquidity risk (continued)
On demand
or les than
1 year1 to 5 yearsTotal
按要求偿还
或1年以下1至5年总额
20242024年HK$’000HK$’000HK$’000
港币千元港币千元港币千元
Trade payables应付账款337,981–337,981
Financial liabilities included in
other payables and acruals
包含在其他应付款及
应计费用之财务负债142,792–142,792
Gold loan黄金贷款16,185–16,185
Interest-bearing bank borowings计息银行贷款609,032524,2221,133,254
Lease liabilities租赁负债77,19744,793121,990
1,183,187569,0151,752,202
As at 31 March 2025, the Group’s term loans with a repayment on demand
clause in the amount of HK$129,717,000 (2024: HK$422,527,000) were
repayable within one year in acordance with the terms of the loans. The
loan agrements contained a repayment on demand clause giving the
bank the unconditional right to cal in the loans at any time and therefore,
for the purpose of the above maturity profile, the total amount was
clasified as “on demand”.
Notwithstanding the above clause, the directors do not believe that
these bank loans wil be caled in their entirety within 12 months, and
they consider that these borowings wil be repaid in acordance with
the maturity dates as set out in the loan agrements. This evaluation
was made considering: the financial position of the Group at the date of
aproval of the financial statements; bank waivers were obtained before
the end of the financial reporting period for breaching certain financial
covenants; the lack of events of default, and the fact that the Group has
made al previously scheduled repayments on time.
| 2025 2025年 HK$’000 港币千元 353,222 543,947 154.0% |
|---|
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
资本管理
本集团资本管理之主要目标为保障本集团持续经营
业务之能力，并维持稳健之资本比率，以支持其业
务及增加股东之价值。
本集团管理其资本架构，并根据经济状况变动及相
关资产之风险特性对其作出调整。为维持或调整资
本架构，本集团可能调整向股东派付之股息、退回
资本予股东或发行新股。
本集团利用净负债比率监察资本，即本集团的总借
贷减现金及现金等价物及已抵押定期贷款，除以权
益总额。总借贷包括计息银行贷款及黄金贷款。于
报告期末净负债比率如下：
38. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES (CONTINUED)
Capital management
The primary objectives of the Group’s capital management are to
safeguard the Group’s ability to continue as a going concern and to
maintain healthy capital ratios in order to suport its busines and
maximise shareholders’ value.
The Group manages its capital structure and makes adjustments to it in
light of changes in economic conditions and the risk characteristics of
the underlying asets. To maintain or adjust the capital structure, the
Group may adjust the dividend payment to shareholders, return capital to
shareholders or isue new shares.
The Group monitors capital using net gearing ratio, which is total
borowings les cash and cash equivalents and pledged time deposits
divided by total equity of the Group. Total borowings include interest-
bearing bank borowings and gold loan. The net gearing ratios as at the
end of the years were as folows:
2024年
HK$’000
港币千元
Total equity权益总额552,962
Total borowings les cash and cash equivalents
and pledged time deposits
总借贷减现金及现金等价物
及已抵押定期存款602,284
Net gearing ratio净负债比率108.9%
| 2025 2025年 HK$’000 港币千元 | |||
|---|---|---|---|
| NON-CURRENT ASSETS | 非流动资产 | ||
| 350,162 | |||
| 350,162 | |||
| CURRENT ASSETS | 流动资产 | ||
| 254 276 | |||
| 530 | |||
| CURRENT LIABILITIES | 流动负债 | ||
| (3,597) | |||
| (3,597) | |||
| NET CURRENT LIABILITIES | 流动负债净值 | (3,067) | (1,928) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 总资产减流动负债 | 347,095 | 511,191 |
| NET ASSETS | 资产净值 | 347,095 | 511,191 |
| EQUITY | 权益 | ||
| (62,296) (284,799) | |||
| TOTAL EQUITY | 权益总额 | (347,095) | (511,191) |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
39. 财务状况报表
(a) 本公司的财务状况报表于报告期末如下：
董事会于2025年6月30日核准并许可刊发。.
39. STATEMENT OF FINANCIAL POSITION OF THE COMPANY
(a) Information about the statement of financial position of the
Company at the end of the reporting period is as folows:
Aproved and authorised for isue by the board of directors on 30
June 2025.
Yau On Ye, Anie, JP 邱安仪（太平绅士）)Director 董事
)
)
)
| 122,011 14,770 312,114 448,895 – – (164,096) (164,096) |
|---|
| 122,011 14,770 148,018 284,799 |
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
(b) 本公司之储备摘要如下：
39. STATEMENT OF FINANCIAL POSITION OF THE COMPANY
(CONTINUED)
(b) A sumary of the Company’s reserves is as folows:
Share
premium
Contributed
surplus
Retained
profitsTotal
股份溢价实缴盈余保留盈利总额
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
At 1 April 2023于2023年4月1日122,01114,770491,292628,073
Total comprehensive los for the year该年度全面亏损总额–(179,178)(179,178)
At 31 March 2024
and 1 April 2024
于2024年3月31日及
2024年4月1日
Total comprehensive los for the year本年度全面亏损总额
At 31 March 2025于2025年3月31日
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
财务报表附注（续）
- （续）
(c) 储备性质及目的
(i) 股份溢价指因按超过每股面值之价格发
行股份所产生溢价。
(i) 资本储备包括附属公司之合计股本面值
及根据集团重整及重组时之净资产。
其他储备包括法定储备、外汇变动储备
和资产重估储备。法定储备是根据中国
适用之法律及法规自本集团于中国的附
属公司之除税后盈利拨付，而外汇变
动储备包括换算海外业务财务报表产生
之所有汇兑差额。该储备按照财务报表
附注2.4所载重大会计政策处。自用物
业更改为用途以公允价值计量之投资物
业，因而产生资产重估储备。
40. 财务报表之批核
本财务报表于2025年6月30日经董事会批核及授权
刊发。
39. STATEMENT OF FINANCIAL POSITION OF THE COMPANY
(CONTINUED)
(c) Nature and purpose of reserves
(i) Share premium represents premium arising from the isue of
shares at a price in exces of their par value per share.
(i) Capital reserve includes the diference betwen the
agregate nominal value of the share capital of the
subsidiaries and their combined net asets acquired pursuant
to the group reorganisation and restructuring.
Other reserves include statutory reserve, exchange
fluctuation reserve and aset revaluation reserve. Statutory
reserve is apropriated from the profit after taxation of
the Group’s PRC subsidiaries under the aplicable laws and
regulations in the PRC, while exchange fluctuation reserve
comprises al foreign exchange diferences arising from the
translation of the financial statements of foreign operations.
Exchange fluctuation reserve is dealt with in acordance
with the material acounting policies set out in note 2.4 to
the financial statements. The aset revaluation reserve arose
from the changes in use from owner-ocupied properties to
investment properties.
40. APROVAL OF THE FINANCIAL STATEMENTS
The financial statements were aproved and authorised for isue by the
board of directors on 30 June 2025.
| 2025 2025年 HK$’000 港币千元 | ||||||
|---|---|---|---|---|---|---|
| TURNOVER | 营业额 | 1,712,297 | 2,654,627 | 2,590,936 | 2,767,788 | 2,648,600 |
| (LOSS)/PROFIT BEFORE TAX | 除税前（亏损）╱盈利 | (166,139) | (347,822) | (47,177) | 60,502 | (1,011) |
| (31,660) | ||||||
| (LOSS)/PROFIT FOR THE YEAR | 本年度（亏损）╱盈利 | (197,799) | (374,346) | (71,543) | 15,414 | (44,089) |
| (197,752) (47) | ||||||
| (LOSS)/PROFIT FOR THE YEAR | 本年度（亏损）╱盈利 | (197,799) | (374,346) | (71,543) | 15,414 | (44,089) |
FIVE-YEAR FINANCIAL SUMARY
五年财务概要
A sumary of the results and of the asets, liabilities and non-controling
interests of the Group for the last five financial years, as extracted from the
published audited financial statements and restated/reclasified as apropriate,
is set out below.
RESULTS
Year ended 31 March
截至3月31日止年度
本集团于过去五个财政年度之业绩及资产、负债及非控股
股东权益，摘录自已公布之经审核财务报表及经重列╱重
新分类（如适用），载列如下。
业绩
| 2025 2025年 HK$’000 港币千元 367,225 1,314,972 |
|---|
| 1,682,197 (1,236,304) (92,671) |
| 353,222 |
| (62,296) (291,729) |
| (354,025) 803 |
| (353,222) |
FIVE-YEAR FINANCIAL SUMARY (CONTINUED)
五年财务概要（续）
ASETS, LIABILITIES AND NON-CONTROLING INTERESTS
As at 31 March
于3月31日
2024年2023年2022年2021年
HK$’000HK$’000HK$’000HK$’000
港币千元港币千元港币千元港币千元
Non-curent asets非流动资产488,620497,098371,349310,730
Curent asets流动资产1,872,6522,347,1202,335,8182,220,290
2,361,2722,844,2182,707,1672,531,020
Curent liabilities流动负债(1,233,606)(1,259,588)(1,571,121)(1,103,964)
Non-curent liabilities非流动负债(574,704)(691,166)(88,001)(485,100)
Net asets资产净值552,962893,4641,048,045941,956
Isued capital已发行股本(62,296)(62,296)(62,296)(62,296)
Reserves储备(491,429)(831,762)(986,183)(879,911)
Equity atributable to owners
of the Company
本公司拥有人
应占权益总额(553,725)(894,058)(1,048,479)(942,207)
Non-controling interests非控股东权益763594434251
Total equity权益总额(552,962)(893,464)(1,048,045)(941,956)
资产、负债及非控股东权益
SUMARY OF PROPERTIES
物业摘要
Owner-ocupied Properties
自用物业
AdresUse
Gros
Flor Area
(Square Fet)
Percentage
interest in
propertyTenureType
地址用途
建筑面积
（平方尺）物业权益比率年期的分类种类
1Private Car Parking Space Nos. 43-50 and 73, Basement, and
Lory Car Parking Space Nos. 1 – 6, 11 and 14, 1st Flor Sumit
Building, 30 Man Yue Stret, Hung Hom, Kowlon, Hong Kong
Own use
自用N/A100%MC
香港九龙红磡民裕街30号兴业工商大厦地库43-50号及
73号私家车泊车位及一楼1-6号、11及14号货车泊车位
2Units A1 – A7, B, Front and Rear Portion,
Storerom No.3 and 5, Ground Flor;
Units A1 – A3 and B, 1st Flor;
Unit E – H, 2nd Flor, and
Units F – K and Flat Rof, 3rd Flor
Sumit Building, 30 Man Yue Stret,
Hung Hom, Kowlon, Hong Kong
Own use
自用77,170100%MI
香港九龙红磡民裕街30号兴业工商大厦
地下A1-A7单位、B单位，前后部分，3及5号储物室；
一楼A1-A3单位及B单位；二楼E-H单位及
三楼F-K单位及平台
3Flat A, 21st Flor, Block 7, Parc Palais, No.18 Wylie Road
Kowlon, Hong Kong
Own use
自用1,245100%MR
香港九龙卫理道18号君颐峰7座21楼A室
4No.248 Fuyong Vilage, Shawan Town, Panyu District,
Guangzhou
Own use
自用377,748100%MF
广州市番禺区沙湾镇福涌村福龙路248号
5Unit A1 on Level 1 and 2, Block 2, Heng Chang Garden, Beijing,
PRC
Own use
自用1,654100%MR
中国北京市恒昌花园2座一至二楼A1单位
SUMARY OF PROPERTIES (CONTINUED)
物业摘要（续）
AdresUse
Gros
Flor Area
(Square Fet)
Percentage
interest in
propertyTenureType
地址用途
建筑面积
（平方尺）物业权益比率年期的分类种类
6Flat 01, 23rd Flor, Block F, Beijing Rome Garden, Cao Hui
Road, Chaoyang District, Beijing, PRC
Own use
自用1,735100%MR
中国北京市朝阳区曹慧路罗马花园
F座二十三楼1号室
Investment Properties
投资物业
AdresLot numberUse
Gros
Flor Area
(Square Fet)
Percentage
interest in
propertyTenureType
地址地段编号用途
建筑面积
（平方尺）物业权益比率年期的分类种类
1Unit C, 1st Flor and Units A – E, 3rd Flor
Sumit Building, 30 Man Yue Stret, Hung Hom,
Kowlon, Hong Kong
Kowlon Marine
Lot No. 40
Rental
出租16,819100%MI
香港九龙红磡民裕街30号兴业工商大厦
一楼C单位及三楼A – E单位
2Units A and B, 1st Flor, Shui Ki Industrial Building, No.
18, Wong Chuk Hang Road, Aberden, Hong Kong
ABERDEN INLAND
LOT NO. 343
Rental
出租10,716100%LI
香港香港仔黄竹坑道18号瑞琪工业大厦一楼A至B单位
L: Long term lease
M: Medium term lease
C: Carpark
I: Industrial unit
R: Residential
N/A: Not aplicable
F: Factory
L: 长期租赁契约
M: 中期租赁契约
C: 泊车位
I: 工业用
R: 住宅用
N/A: 不适用
F: 厂房