01637 顺兴集团控股 财务报表/环境、社会及管治资料：2024-25年报
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(于开曼群岛注册成立的有限公司)
STOCK CODE股份代号 ：1637
ANUAL REPORT
年报
2024-25
年报2024-25 顺兴集团（控股）有限公司1
CONTENTS 目录
2 Corporate Information
公司资料
4 Chairman’s Statement
主席报告
7 Management Discusion and Analysis
管理层讨论及分析
14 Corporate Governance Report
企业管治报告
34 Biographical Details of Directors and Senior Management
董事及高级管理层履历
41 Directors’ Report
董事报告
54 Independent Auditor’s Report
独立核数师报告
61 Consolidated Statement of Profit or Los and Other Comprehensive Income
综合损益及其他全面收入表
62 Consolidated Statement of Financial Position
综合财务状况表
64 Consolidated Statement of Changes in Equity
综合权益变动表
65 Consolidated Statement of Cash Flows
综合现金流量表
67 Notes to the Consolidated Financial Statements
综合财务报表附注
131 Sumary of Financial Information
财务资料概要
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-252
Corporate Information
公司资料
BOARD OF DIRECTORS
Executive Directors
Mr. Yu Cheung Choy (Chairman)
Mr. Lau Man Ching (Chief Executive Oficer)
Mr. Yu Ho Chi
Non-executive Director
Ms. Yu Tsz Wai (apointed on 11 December 2024)
Independent Non-executive Directors
Mr. Lam Yim Nam
Mr. Le Wing Ke
Dr. Law Man Wah
AUDIT COMITE
Dr. Law Man Wah (Chairman)
Mr. Lam Yim Nam
Mr. Le Wing Ke
REMUNERATION COMITE
Mr. Lam Yim Nam (Chairman)
Mr. Le Wing Ke
Dr. Law Man Wah
NOMINATION COMITE
Mr. Le Wing Ke (Chairman)
Mr. Lam Yim Nam
Dr. Law Man Wah
Ms. Yu Tsz Wai (apointed on 20 January 2025)
COMPANY SECRETARY
Mr. Tse Kam Fai FCG, HKFCG
AUTHORISED REPRESENTATIVES
Mr. Yu Cheung Choy
Mr. Lau Man Ching
REGISTERED OFICE
Cricket Square, Hutchins Drive
P.O. Box 2681
Grand Cayman KY1-1111
Cayman Islands
董事会
执行董事
俞长财先生（主席）
刘文青先生（行政总裁）
俞浩智先生
非执行董事
俞紫慧女士
（于二零二四年十二月十一日获委任）
独立非执行董事
林炎南先生
李永基先生
罗文华博士
审核委员会
罗文华博士（主席）
林炎南先生
李永基先生
薪酬委员会
林炎南先生（主席）
李永基先生
罗文华博士
提名委员会
李永基先生（主席）
林炎南先生
罗文华博士
俞紫慧女士
（于二零二五年一月二十日获委任）
公司秘书
谢锦辉先生FCG, HKFCG
授权代表
俞长财先生
刘文青先生
注册办事处
Cricket Square, Hutchins Drive
P.O. Box 2681
Grand Cayman KY1-1111
Cayman Islands
年报2024-25 顺兴集团（控股）有限公司3
Corporate Information
公司资料
HEAD OFICE AND PRINCIPAL PLACE OF BUSINES IN HONG KONG
Units 603-606, 6/F, Tower I
Cheung Sha Wan Plaza
833 Cheung Sha Wan Road
Kowlon
Hong Kong
PRINCIPAL SHARE REGISTRAR AND TRANSFER OFICE IN THE
CAYMAN ISLANDS
Conyers Trust Company (Cayman) Limited
Cricket Square, Hutchins Drive
P.O. Box 2681
Grand Cayman KY1-1111
Cayman Islands
BRANCH SHARE REGISTRAR AND TRANSFER OFICE IN HONG
KONG
Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong
INDEPENDENT AUDITOR
Deloite Touche Tohmatsu
Certified Public Acountants
Registered Public Interest Entity Auditors
35/F., One Pacific Place
88 Quensway, Hong Kong
PRINCIPAL BANKS
Bank of China (Hong Kong) Limited
Hang Seng Bank
Shanghai Comercial Bank
The Bank of East Asia
STOCK CODE
COMPANY’S WEBSITE
w.shunhingeng.com
总办事处及香港主要营业地点
香港
九龙
长沙湾道833号
长沙湾广场
第一期6楼603-606室
开曼群岛股份过户登记总处
Conyers Trust Company (Cayman) Limited
Cricket Square, Hutchins Drive
P.O. Box 2681
Grand Cayman KY1-1111
Cayman Islands
香港股份过户登记分处
卓佳证券登记有限公司
香港
夏悫道16号
远东金融中心17楼
独立核数师
德勤•关黄陈方会计师行
执业会计师
注册公众利益实体核数师
香港金钟道88号
太古广场一期35楼
主要往来银行
中国银行（香港）有限公司
恒生银行
上海商业银行
东亚银行
股份代号
公司网站
w.shunhingeng.com
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-254
Chairman’s Statement
主席报告
On behalf of the board (the “Board”) of directors (the “Director(s)”) of SH
Group (Holdings) Limited (the “Company”), I present the anual report of the
Company and its subsidiaries (colectively as the “Group”) for the year ended 31
March 2025 (the “Year” or “FY2025”).
The Group is principaly engaged in providing electrical and mechanical
enginering (“E&M enginering”) services in Hong Kong. We focus our eforts
on the suply, instalation and maintenance of mechanical ventilation and
air-conditioning system (“MVAC system”) and also provide services in relation
to low voltage electrical system and other E&M systems, including fire services
system, plumbing and drainage system, in both private and public sectors.
RESULTS
During the Year, the Group recorded a decrease in revenue by aproximately
HK$267.7 milion, or 30.6%, from aproximately HK$876.2 milion for the year
ended 31 March 2024 (“Last Year” or “FY2024”) to aproximately HK$608.5
milion for the Year. The revenue generated by projects of MVAC system
contributed 73.4% of total revenue of the Group whilst revenue generated by
projects of low voltage electrical system contributed 26.6% of total revenue of
the Group.
The Group recorded a profit for the Year of aproximately HK$5.4 milion (2024:
los of HK$15.2 milion).
DIVIDEND
The Board did not recomend any final dividend for the Year (2024: Nil).
BUSINES OVERVIEW
MVAC system
During the Year, the Group was awarded 5 projects (2024: 5) in relation to
MVAC system instalation with an agregate contract sum of aproximately
HK$119.9 milion (2024: HK$226.8 milion). The awarded projects are not
limited to residential projects but also involving a MVAC system maintenance and
replacement project. The new projects, together with the continual progres of
projects awarded in previous years, would provide the Group with stable revenue
and earnings in the coming years.
本人谨代表顺兴集团（控股）有限公司
（「本公司」）董事（「董事」）会（「董事会」）
提呈本公司及其附属公司（统称「本集
团」）截至二零二五年三月三十一日止年
度（「本年度」或「二零二五财年」）的年度
报告。
本集团主要在香港从事提供机电工程
（「机电工程」）服务。我们专注于在私营
及公营领域供应、安装及维修机械通风
及空调系统（「机械通风空调系统」），亦
提供低压电气系统及其他机电系统的相
关服务，其中包括消防系统及供水和排
污系统服务。
业绩
本集团于本年度录得收益减少约2亿6,770
万港元或30.6%，由截至二零二四年三月
三十一日止年度（「上年度」或「二零二四
财年」）约8亿7,620万港元减少至本年度
约6亿850万港元。机械通风空调系统项
目产生的收益贡献本集团总收益73.4%，
而低压电气系统项目产生的收益贡献本
集团总收益26.6%。
本集团录得本年度溢利约540万港元（二
零二四年：亏损1,520万港元）。
股息
董事会不建议派付本年度任何末期股息
（二零二四年：无）。
业务概览
机械通风空调系统
于本年度，本集团获授5个（二零二四年：
5个）与机械通风空调系统安装有关的项
目，合约总值约为1亿1,990万港元（二零
二四年：2亿2,680万港元）。获授项目不
限于住宅项目，亦涉及一个机械通风空
调系统的维修及更换项目。该等新项目
加上过往年度获授项目的持续进展将可
为本集团未来数年提供稳定收益及盈利。
年报2024-25 顺兴集团（控股）有限公司5
Chairman’s Statement
主席报告
Low voltage electrical system
During the Year, the Group was awarded 3 projects in relation to electrical system
instalation with an agregate contract sum of aproximately HK$121.2 milion
(2024: Nil). The revenue contributed from projects of low voltage electrical
system to the total Group’s revenue was aproximately 26.6% (2024: 31.9%). This
is consistent with the busines plan of the Group to maintain a stable revenue and
profit contribution from projects of the low voltage electrical system.
OUTLOK
The property market in Hong Kong continues to navigate a complex landscape
marked by ongoing economic and external environment uncertainties. In this year,
the chalenges faced by the industry remain significant.
Despite these chalenges, the Hong Kong Government’s comitment to increasing
the suply of land and housing remains a vital focus. Recent adjustments to
demand-side management measures for residential properties have begun to yield
positive outcomes, with overal transactions in the property market showing signs
of steady improvement. This shift indicates a potential stabilisation in the market,
providing a strong indication of potential recovery.
In response to the prevailing market conditions, the Group is actively pursuing
strategies to enhance its competitive edge. The Group is concentrating on
targeted projects that align with market neds while implementing rigorous
cost control measures to optimise the operations. Aditionaly, the Group is
loking into oportunities to expand our service capabilities into areas other
than residential and comercial sectors. This diversification not only opens new
busines oportunities but also positions us to capture new industrial demands in
the market.
Moreover, the Group is diversifying its portfolio by venturing into various types of
E&M enginering services, such as fire services systems and plumbing and drainage
systems. Leveraging the established reputation, client satisfaction, and proven track
record, the Group is optimistic about achieving steady growth and delivering long-
term value to our shareholders.
Loking ahead, while the property market may continue to face chalenges, the
Group’s proactive aproach and comitment to inovation position us wel to
navigate this landscape. The Group remains dedicated to adapting to market
dynamics and seizing oportunities that arise, ensuring a sustainable future for our
busines.
低压电气系统
于本年度，本集团获授三个与电气系统
安装有关的项目，合约总值约为1亿2,120
万港元（二零二四年：无）。低压电气
系统项目贡献收益占本集团总收益为约
26.6%（二零二四年：31.9%）。此与本集团
维持低压电气系统项目产生稳定的收益
及溢利的业务计划相符。
未来前景
香港的房地产市场在持续的经济和外部
环境的不确定性的影响下，依然面临复
杂的挑战。今年，行业面临的挑战仍然
相当重大。
尽管面临这些挑战，香港政府对增加土
地和住房供应的承诺仍然是重要的重
点。最近对住宅物业需求方管理措施的
调整已开始产生积极的成果，整体房地
产市场的交易显示出稳定改善的迹象。
这一变化显示出市场潜在的稳定性，为
复苏提供了强烈的指标。
针对当前的市场状况，本集团正在积极
采取策略，增强竞争优势。本集团专注
于与市场需求相符的目标项目，同时实
施严格的成本控制措施，以优化集团的
运营。此外，本集团正在寻找机会扩展
服务能力到住宅和商业以外的领域。这
一多元化不仅为集团开辟了新的商业机
会，还使集团能够捕捉市场上新的产业
需求。
本集团正在通过进军各类机电工程服
务，如消防系统和供水和排污系统，来
增强我们的项目组合的多元性。凭借本
集团建立的声誉、客户满意度和良好的
业绩记录，本集团对实现稳定增长和为
股东带来长期价值充满信心。
展望未来，虽然房地产市场可能会继续
面临挑战，但本集团的主动应对和对创
新的承诺使我们能够应对这挑战环境。
本集团将继续致力于适应市场动态，把
握机遇，确保业务的未来具有可持续性。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-256
Chairman’s Statement
主席报告
APRECIATION
On behalf of the Board, I would like to take this oportunity to thank the
management team and my felow staf members for their contribution during
the Year. I would also like to expres my sincere apreciation to our customers,
supliers, subcontractors, other busines partners and our shareholders for their
continuous suport.
Yu Cheung Choy
Chairman
Hong Kong, 25 June 2025
致谢
本人谨此代表董事会感谢管理团队和各
员工在本年度作出的贡献，亦感激客
户、供应商、次承建商、其他商业伙伴
和股东一直以来对我们的支持。
俞长财
主席
香港，二零二五年六月二十五日
年报2024-25 顺兴集团（控股）有限公司7
Management Discusion and Analysis
管理层讨论及分析
The Group is principaly engaged in providing E&M enginering services in Hong
Kong. We provide services in relation to the suply, instalation and maintenance
of MVAC system, and also provide services in relation to low voltage electrical
system and other E&M systems, including fire services system, plumbing and
drainage system, in both private and public sectors.
BUSINES REVIEW
Our revenue decreased by aproximately HK$267.7 milion, or 30.6%, from
aproximately HK$876.2 milion for FY2024 to aproximately HK$608.5 milion
for FY2025. Major projects awarded and major projects undertaken in FY2025
are outlined below.
Projects awarded in FY2025
During FY2025, we were awarded 8 projects (2024: 5) with an agregate contract
sum of aproximately HK$241.1 milion (2024: HK$226.8 milion), out of which 3
projects with an agregate contract sum of aproximately HK$121.2 milion were
related to electrical system instalation (2024: nil).
The folowing table sets forth the particulars of the five largest projects awarded
in FY2025:
Key scope of work
主要工程范围
Type (Residential/
Non-residential)
(Note)
类型
（住宅╱非住宅）
（附注）
Date of award
获授日期
Original
Contract sum
原合约金额
HK$’milion
百万港元
MVAC system instalation for a housing development at
Kai Tak, Kowlon
九龙启德的房屋发展项目的机械通风空调系统安装
Residential
住宅
16 July 2024
二零二四年
七月十六日
69.8
Electrical system instalation for a proposed residential development at
Wanchai, Hong Kong
香港湾仔的拟建住宅发展项目的电气系统安装
Residential
住宅
24 March 2025
二零二五年
三月二十四日
58.3
Electrical system instalation for a proposed comercial re-development
at Jordan, Kowlon
九龙佐敦的拟重建商业发展项目的电气系统安装
Non-residential
非住宅
22 January 2025
二零二五年
一月二十二日
33.9
MVAC system instalation for a comercial building
at Shatin, New Teritories
新界沙田的商业大厦项目的机械通风空调系统安装
Non-residential
非住宅
5 September 2024
二零二四年
九月五日
29.8
Electrical system instalation for a redevelopment at Tsim Sha Tsui, Kowlon
九龙尖沙咀的重建发展项目的电气系统安装
Non-residential
非住宅
24 January 2025
二零二五年
一月二十四日
29.0
Note: “Residential” refers to projects that involve residential flats while “Non-residential” refers to projects
that do not involve residential flats.
本集团主要在香港从事提供机电工程服
务。我们同时在私营及公营领域供应、
安装及维修机械通风空调系统方面提供
服务，亦提供有关低压电气系统及其他
机电系统（包括消防系统、供水和排污系
统）的服务。
业务回顾
我们的收益由二零二四财年约8亿7,620
万港元减少约2亿6,770万港元或30.6%
至二零二五财年约6亿850万港元。二零
二五财年获授的主要项目及承接的主要
项目概述于下文。
于二零二五财年获授的项目
于二零二五财年，我们获授8个（二零
二四年：5个）项目，合约总值约为2亿
4,110万港元（二零二四年：2亿2,680万港
元），其中有3个与电气系统安装有关的
项目，合约总值约1亿2,120万港元（二零
二四年：零）。
下表载列于二零二五财年获授五大项目
的详情：
附注： 「住宅」指涉及住宅物业的项目，而「非住宅」
指不涉及住宅物业的项目。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-258
Management Discusion and Analysis
管理层讨论及分析
Major projects undertaken in FY2025
During FY2025, the Group continued to focus its eforts on the suply, instalation
and maintenance of MVAC system and low voltage electrical system. Revenue
contributed by projects relating to MVAC system and low voltage electrical system
acounted for aproximately 73.4% and 26.6% respectively (2024: 68.1% and
31.9%).
The folowing table sets forth the particulars of the five largest projects
undertaken in FY2025 in terms of revenue contribution:
Key scope of work
主要工程范围
Type (Residential/
Non-residential)
类型
（住宅╱非住宅）
Date of award
获授日期
Original
Contract sum
原合约金额
HK$’milion
百万港元
Revenue
recognised
during
FY2025
于二零二五财年
确认的收益
HK$’milion
百万港元
MVAC system instalation for a property development at Yuen Long,
New Teritories
新界元朗的物业发展项目的机械通风空调系统安装
Residential
住宅
29 April 2022
二零二年
四月二十九日
160.997.6
Electrical system instalation for a proposed residential development at
Sham Shui Po, Kowlon
九龙深水埗的拟建住宅发展项目的电气系统安装
Residential
住宅
19 February 2021
二零二一年
二月十九日
294.264.1
MVAC system instalation for a proposed residential development at Kai
Tak, Kowlon
九龙启德的拟建住宅发展项目的机械通风空调系统安装
Residential
住宅
21 December 2021
二零二一年
十二月二十一日
145.453.5
MVAC system instalation for a proposed residential development at
Tseung Kwan O, New Teritories
新界将军澳的拟建住宅发展项目的机械通风空调系统安装
Residential
住宅
17 February 2022
二零二年
二月十七日
125.453.4
Electrical system instalation for a comercial development at Cheung
Sha Wan, Kowlon
九龙长沙湾的商业发展项目的电气系统安装
Non-residential
非住宅
23 September 2020
二零二零年
九月二十三日
88.851.2
于二零二五财年承接的主要项目
于二零二五财年，本集团继续专注于供
应、安装及维修机械通风空调系统及低
压电气系统。机械通风空调系统及低压
电气系统有关的项目贡献的收益分别约
为73.4%及26.6%（二零二四年：68.1%及
31.9%）。
下表载列按收益贡献计算二零二五财年
承接的五大项目的详情：
年报2024-25 顺兴集团（控股）有限公司9
Management Discusion and Analysis
管理层讨论及分析
FINANCIAL REVIEW
Revenue
Our revenue decreased by aproximately HK$267.7 milion, or 30.6%, from
aproximately HK$876.2 milion for FY2024 to aproximately HK$608.5 milion
for FY2025. Revenue contributed by projects relating to the suply, instalation and
maintenance of MVAC system and low voltage electrical system was aproximately
73.4% and 26.6% respectively (2024: 68.1% and 31.9% respectively).
Gros profit and gros profit margin
Our gros profit increased by aproximately HK$16.7 milion, or 102.5% from
aproximately HK$16.3 milion for FY2024 to aproximately HK$33.0 milion
for FY2025. Our gros profit margin increased by aproximately 3.5 percentage
points, from aproximately 1.9% for FY2024 to aproximately 5.4% for FY2025.
The change was mainly atributable to the increase in revenue and gros profit
from variation orders with higher margins agred upon at the conclusion of
certain projects.
Other income
Other income for FY2025 slightly decreased by aproximately HK$0.2 milion
from aproximately HK$3.5 milion for FY2024 to aproximately HK$3.3 milion
for FY2025.
Other gain (los)
We recorded an other gain of aproximately HK$3.4 milion for FY2025, which
was atributable to the fair value gain of financial asets at fair value through profit
or los (“FVTPL”), comparing to the other los of aproximately HK$4.5 milion
for FY2024 due to the fair value los on financial asets at FVTPL.
Net impairment los recognised under expected credit los model
We recognised a net impairment los under expected credit los model of
aproximately HK$5.8 milion for FY2025 (2024: HK$3.2 milion).
Administrative expenses
Our administrative expenses mainly represented administrative staf costs,
profesional fes and depreciation. The amount slightly decreased from
aproximately HK$27.1 milion for FY2024 to aproximately HK$26.4 milion for
FY2025.
财务回顾
收益
我们的收益由二零二四财年约8亿7,620
万港元减少约2亿6,770万港元或30.6%
至二零二五财年约6亿850万港元。有关
供应、安装及维修机械通风空调系统及
低压电气系统的项目贡献的收益分别约
为73.4%及26.6%（二零二四年：分别为
68.1%及31.9%）。
毛利及毛利率
我们的毛利由二零二四财年约1,630万港
元增加约1,670万港元或102.5%至二零
二五财年约3,300万港元。我们的毛利率
由二零二四财年约1.9%增加约3.5个百分
点至二零二五财年约5.4%。该变动乃主
要归因于若干项目完成时结算工程变更
指令并确认较之前高的利润率，导致收
入和毛利上升。
其他收入
二零二五财年的其他收入由二零二四财
年约350万港元略为减少约20万港元至
二零二五财年约330万港元。
其他收益（亏损）
我们于二零二五财年录得其他收益约340
万港元，乃主要归因于按公平值计入损
益（「按公平值计入损益」）的金融资产的
公平值收益，而二零二四财年因按公平
值计入损益的金融资产的公平值损失而
录得其他亏损约450万港元。
预期信贷亏损模式项下确认的净减值亏
损
我们于二零二五财年确认预期信贷亏损
模式项下的净减值亏损约580万港元（二
零二四年：320万港元）。
行政开支
我们的行政开支主要指行政人员开支、
专业费用及折旧。该款项由二零二四财
年约2,710万港元略为减少至二零二五财
年约2,640万港元。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2510
Management Discusion and Analysis
管理层讨论及分析
Finance costs
Our finance costs represented interest expenses on bank borowings and lease
liabilities, with an amount of aproximately HK$1.2 milion for FY2025 (2024:
HK$2.2 milion). The decrease in finance cost was mainly due to the repayment of
bank borowings during the Year.
Income tax (expense) credit
Due to the combined efect of the above factors, we recorded a profit before
taxation of aproximately HK$6.2 milion (2024: los of HK$17.3 milion) and an
income tax expense of aproximately HK$0.8 milion (2024: income tax credit of
HK$2.1 milion) was recognised as a result for FY2025. The efective tax rate for
FY2025 was aproximately 13.0% (2024: 12.3%).
Profit (los) atributable to owners of the Company
As a result of the foregoing, we recorded a profit atributable to owners of the
Company of aproximately HK$5.4 milion for FY2025 (2024: los of HK$15.2
milion).
LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE
Capital Structure
As at 31 March 2025, the capital structure of the Group consisted of equity of
aproximately HK$234.3 milion (2024: HK$228.9 milion). The Group did not
have any bank borowing as of 31 March 2025 (2024: HK$35.0 milion).
As at 31 March 2025, the isued share capital of the Company was HK$4,000,000
divided into 400,000,000 ordinary shares of HK$0.01 each.
Cash position and fund available
During the Year, the Group maintained a healthy liquidity position, with working
capital being financed by its operating cash flows, bank borowings and the
retained profits.
As at 31 March 2025, the Group held bank balance and cash of aproximately
HK$97.5 milion (2024: HK$44.6 milion).
As at 31 March 2025, the curent ratio of the Group was aproximately 2.3 times
(2024: 1.6 times).
融资成本
我们的融资成本为银行借款及租赁负债
的利息开支，于二零二五财年的金额
为约120万港元（二零二四年：220万港
元）。融资成本减少主要由于本年度偿还
银行借款。
所得税（开支）抵免
由于上述因素的综合影响，我们录得约
620万港元的除税前溢利（二零二四年：
亏损1,730万港元），并因此于二零二五
财年确认约80万港元的所得税开支（二
零二四年：所得税抵免210万港元）。二
零二五财年的实际税率约为13.0%（二零
二四年：12.3%）。
本公司拥有人应占溢利（亏损）
基于上述各项，我们于二零二五财年录
得本公司拥有人应占溢利约540万港元
（二零二四年：亏损1,520万港元）。
流动资金、财务资源及资本架构
资本架构
于二零二五年三月三十一日，本集团资
本架构包括权益约2亿3,430万港元（二零
二四年：2亿2,890万港元）。本集团于二
零二五年三月三十一日并无任何银行借
款（二零二四年：3,500万港元）。
于二零二五年三月三十一日，本公
司已发行股本为4,000,000港元（分为
400,000,000股每股面值0.01港元的普通
股）。
现金状况及可用资金
于本年度，本集团维持稳健的流动资金
状况，营运资金由其经营现金流量、银
行借款及保留溢利提供。
于二零二五年三月三十一日，本集团持
有的银行结余及现金约为9,750万港元（二
零二四年：4,460万港元）。
于二零二五年三月三十一日，本集团的
流动比率约为2.3倍（二零二四年：1.6倍）。
年报2024-25 顺兴集团（控股）有限公司11
Management Discusion and Analysis
管理层讨论及分析
Bank Borowings and Bank Facilities
As at 31 March 2025, the Group did not have any bank borowings (2024:
HK$35.0 milion). As at 31 March 2025, the Group had a facility agrement
entered into with a bank with a facility limit of HK$150.0 milion (2024: HK$150.0
milion). The Company had made undertakings relating to certain performance
obligations of the controling shareholders of the Company, namely Mr. Yu Cheung
Choy (“Mr. Yu”), who is the chairman of the Board (the “Chairman”) and an
executive Director, and Mr. Lau Man Ching (“Mr. Lau”), who is the chief executive
oficer of the Company (the “Chief Executive Oficer”) and an executive Director,
pursuant to the facility agrement including the folowing: (i) Mr. Yu and Mr. Lau
undertake to maintain as the largest shareholders of the Company directly or
indirectly; and (i) Mr. Yu and Mr. Lau shal remain as the chairman or director of
the Company. The facility agrement remains efective as at the date of this anual
report.
GEARING RATIO
As at 31 March 2025, the Group did not have any bank borowing and its gearing
ratio was nil. As at 31 March 2024, the Group’s gearing ratio was aproximately
15.3%, calculated as the bank borowings divided by the total equity as at the end
of the respective years and multiplied by 100%.
NET CURENT ASETS
As at 31 March 2025, the Group had net curent asets of aproximately
HK$180.0 milion (2024: HK$172.2 milion).
The Group’s policy is to regularly monitor its liquidity requirements and its
compliance with covenants in relation to banking facility agrements, so as to
ensure that it maintains suficient reserves of cash and adequate comited lines
of funding from the banks to met its liquidity requirements. The Board is not
aware of any liquidity isue that may cast significant doubt on the Group’s ability to
continue as a going concern.
CAPITAL EXPENDITURES
The Group’s capital expenditures for FY2025 amounted to aproximately HK$0.3
milion (2024: HK$0.3 milion), which was incured for the purchase of property
and equipment.
银行借款及银行融资
于二零二五年三月三十一日，本集团并
无任何银行借款（二零二四年：3,500万港
元）。于二零二五年三月三十一日，本集
团有一份与一家银行订立的融资协议，
额度为1亿5,000万港元（二零二四年：
1亿5,000万港元）。本公司已根据融资协
议作出有关本公司控股东（即董事会主
席（「主席」）兼执行董事）俞长财先生（「俞
先生」）及刘文青先生（「刘先生」，本公司
的行政总裁（「行政总裁」）兼执行董事）
若干履约责任的承诺，包括以下方面：(i)
俞先生及刘先生承诺直接或间接保持作
为本公司的最大股东；及(i)俞先生及刘
先生须继续作为本公司的主席或董事。
于本年报日期，该融资协议仍有效。
资本负债比率
于二零二五年三月三十一日，本集团并
无任何银行借款及其资本负债比率为
零。于二零二四年三月三十一日，本集
团的资本负债比率约为15.3%，按相应年
末银行借款除以权益总额再乘以100%计
算。
流动资产净值
于二零二五年三月三十一日，本集团的
流动资产净值约为1亿8,000万港元（二零
二四年：1亿7,220万港元）。
本集团的政策为定期监督其流动资金需
求及其遵守与银行融资协议有关契诺的
情况，确保其维持充裕现金储备及取得
银行足够承诺信贷融资，以应付其流动
资金需求。董事会知悉并无任何流动资
金问题可能引起对本集团持续经营的能
力的严重怀疑。
资本开支
本集团于二零二五财年的资本开支约为
30万港元（二零二四年：30万港元），主
要为购买物业及设备而产生。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2512
Management Discusion and Analysis
管理层讨论及分析
FOREIGN EXCHANGE EXPOSURE
The Group’s revenue-generating activities were transacted in Hong Kong Dolar,
which is the functional curency of the respective group companies. The Board
considers that the Group was not exposed to significant foreign exchange risk, and
had not entered into any financial instrument for hedging. The Board wil review
the Group’s foreign exchange risk and exposure from time to time and wil aply
hedging where necesary.
PERFORMANCE GUARANTES AND CONTINGENT LIABILITY
As at 31 March 2025, performance guarantes of aproximately HK$155.2 milion
(2024: HK$145.2 milion) were given by banks in favour of the Group’s customers
as security for the due performance and observance of the Group’s obligations
under the contracts entered into betwen the Group and its customers. If
the Group fails to provide satisfactory performance to its customers to whom
performance guarantes have ben given, such customers may demand the
banks to pay to them the sum or sum stipulated in such demand. The Group wil
become liable to compensate such banks acordingly. The performance guarantes
wil be released upon completion of the contracts work.
The Group had no contingent liability as at 31 March 2025 and 2024.
PLEDGE OF ASETS
As at 31 March 2025, the Group’s leasehold land and buildings of aproximately
HK$15.7 milion (2024: HK$16.4 milion) were pledged with a bank to secure the
banking facilities including performance guarantes isued by the bank.
CAPITAL COMITMENTS
As at 31 March 2025, the Group did not have any capital comitments contracted
but not provided for (2024: HK$0.1 milion).
外汇风险
本集团产生收益的活动均以各集团内公
司的功能货币港元交易。董事会认为，
本集团并无面对重大外汇风险，亦无订
立任何金融工具进行对冲。董事会将不
时审核本集团的外汇风险及承担，并将
于有需要时采用对冲。
履约保证及或然负债
于二零二五年三月三十一日，银行以本
集团客户为受益人提供的履约保证约为
1亿5,520万港元（二零二四年：1亿4,520
万港元），作为本集团妥善履行及遵守其
与客户所订立合约项下责任的担保。倘
本集团的履约情况未能令其已作出履约
保证的客户满意，有关客户可要求银行
支付金额或有关要求订明的金额。本集
团将负责向有关银行作出相应补偿。履
约保证将于合约工程完成后解除。
本集团于二零二五年及二零二四年三月
三十一日并无或然负债。
资产抵押
于二零二五年三月三十一日，本集团向
一家银行抵押其租赁土地及楼宇约1,570
万港元（二零二四年：1,640万港元），以
取得授予本集团的银行融资（包括该银行
发出的履约保证）。
资本承担
于二零二五年三月三十一日，本集团并
无已订约但未计提拨备的资本承担（二零
二四年：10万港元）。
年报2024-25 顺兴集团（控股）有限公司13
Management Discusion and Analysis
管理层讨论及分析
EMPLOYES, TRAINING AND REMUNERATION POLICY
As at 31 March 2025, the Group had a total of 139 employes (2024: 202). The
remuneration ofered to employes generaly includes salaries, medical benefits
and bonus. In general, the Group determines salaries of its employes based on
each employe’s qualification, position and seniority. The Group provides training
to its employes acording to the work requirements.
MATERIAL ACQUISITIONS AND DISPOSALS
The Group did not have any material acquisitions and disposals of subsidiaries,
asociates and joint ventures during FY2025.
SIGNIFICANT INVESTMENTS HELD
The Group did not have any significant investments held as at 31 March 2025.
FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASETS
The Group did not have plans for material investments or capital asets as at 31
March 2025.
雇员、培训及薪酬政策
于二零二五年三月三十一日，本集团有
总计139名（二零二四年：202名）雇员。
提供予雇员的薪酬通常包括薪金、医疗
福利及花红。一般而言，本集团基于各
雇员资格、职位及资历厘定其雇员的薪
金。本集团根据工作需要为其雇员提供
培训。
重大收购及出售事项
于二零二五财年，本集团并无任何重大
收购及出售附属公司、联营公司及合营
公司事项。
所持重大投资
于二零二五年三月三十一日，本集团并
无持有任何重大投资。
有关重大投资或资本资产的未来计划
于二零二五年三月三十一日，本集团并
无有关重大投资或资本资产的计划。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2514
Corporate Governance Report
企业管治报告
The Company is comited to maintaining god corporate governance standard
and procedures to ensure the integrity, transparency and quality of disclosure in
order to enhance value for its shareholders (the “Shareholders”).
CORPORATE GOVERNANCE PRACTICES
The Company aims to achieve high standard of corporate governance which
is crucial to the development of the Group and safeguard the interests of the
Shareholders.
The Company has adopted the code provisions set out in the Corporate
Governance Code (the “CG Code”) as set out in Part 2 of Apendix C1 to
the Rules (the “Listing Rules”) Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”) as its own code of
corporate governance.
In the opinion of the Directors, the Company had complied, to the extent
aplicable and permisible, with al the code provisions set out in the CG Code
during the Year.
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions by
Directors of Listed Isuers (the “Model Code”) as set out in Apendix C3 to
the Listing Rules as the code of conduct regarding securities transactions by the
Directors. Having made specific enquiry of al Directors, al the Directors have
confirmed that they had complied with the required standards set out in the
Model Code throughout the Year.
BOARD OF DIRECTORS
The Board is responsible for the leadership and control of the Company, and is
responsible for seting up the overal strategy as wel as reviewing the operation
and financial performance of the Group. The Board reserved for its decision
or consideration maters covering overal Group strategy, major acquisitions
and disposals, anual budgets, anual and interim results, recomendations on
Directors’ apointment or re-apointment, aproval of major capital transactions
and other significant operational and financial maters. The management was
delegated the authority and responsibility by the Board for the daily management
of the Group. In adition, the Board has also delegated various responsibilities
to the Board comites. Further details of these comites are set out in this
report.
本公司致力维持良好的企业管治标准及
程序，以确保资料披露的完整性、透明
度及质素，借以提高其股东（「股东」）价
值。
企业管治常规
本公司旨在达到高水平的企业管治，此
对本集团的发展及保障股东的权益尤为
重要。
本公司已采纳香港联合交易所有限公司
（「联交所」）证券上市规则（「上市规则」）
附录C1第二部分所载的企业管治守则
（「企业管治守则」）所述守则条文作为其
企业管治守则。
董事认为，于本年度本公司已在适用及
许可情况下遵守企业管治守则所载的所
有守则条文。
董事进行的证券交易
本公司已采纳上市规则附录C3所载上
市发行人董事进行证券交易的标准守则
（「标准守则」）作为有关董事进行证券交
易的行为守则。在向全体董事作出特定
查询后，全体董事确认彼等于整个本年
度一直遵守标准守则所载的规定标准。
董事会
董事会负责领导及控制本公司，并负责
制定整体策略以及审阅本集团的营运及
财务表现。董事会决定或考虑的事宜涉
及整体集团策略、重大收购及出售、年
度预算、年度及中期业绩、就董事的委
任或重选提出建议、批准重大资本交易
以及其他重大营运及财务事宜。董事会
向管理层转授权力及责任以管理本集团
的日常事务。此外，董事会亦授权董事
会辖下各个委员会履行多项职责。有关
该等委员会的进一步详情载于本报告。
年报2024-25 顺兴集团（控股）有限公司15
Corporate Governance Report
企业管治报告
The Board curently consists of seven Directors including thre executive
Directors, one non-executive Director and thre independent non-executive
Directors:
Executive Directors
Mr. Yu Cheung Choy (Chairman)
Mr. Lau Man Ching (Chief Executive Oficer)
Mr. Yu Ho Chi
Non-executive Director
Ms. Yu Tsz Wai (apointed on 11 December 2024)
Independent Non-executive Directors
Mr. Lam Yim Nam
Mr. Le Wing Ke
Dr. Law Man Wah
Save for (i) Mr. Yu Cheung Choy is the father of Mr. Yu Ho Chi and Ms. Yu Tsz
Wai, and (i) Mr. Yu Cheung Choy and Mr. Lau Man Ching entered into the acting-
in-concert confirmation on 7 July 2016, whereby they confirmed that, among
other things, since 21 July 2004, they have ben actively coperating with one
another and acting in concert, with an aim to achieving consensus and concerted
action on al operating and financing decisions and major afairs relating to each
member company within the Group; the Board members have no financial,
busines, family or other material/relevant relationships with each other. Such
balanced Board composition is formed to ensure strong independence exists
acros the Board. The composition of the Board reflects the balanced skils and
experience for efective leadership. The biographical information of the Directors
are set out on pages 34 to 39 under the section headed “Biographical Details of
Directors and Senior Management” of this anual report.
Ms. Yu Tsz Wai, who was apointed as non-executive Director on 11 December
2024, obtained legal advice refered to in Rule 3.09D of Listing Rules on 11
December 2024. She confirmed that she understod her obligations as a
Director.
Directors’ Training
Acording to the code provision C.1.4 of the CG Code, al directors should
participate in 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 had participated in continuous profesional development and
provided to the Company a record of training they received for the Year.
董事会现时由七名董事组成，包括三名
执行董事、一名非执行董事及三名独立
非执行董事：
执行董事
俞长财先生（主席）
刘文青先生（行政总裁）
俞浩智先生
非执行董事
俞紫慧女士（于二零二四年十二月十一日
获委任）
独立非执行董事
林炎南先生
李永基先生
罗文华博士
除(i)俞长财先生为俞浩智先生及俞紫慧
女士的父亲，及(i)俞长财先生及刘文
青先生于二零一六年七月七日订立一致
行动确认书，据此，彼等确认（其中包
括），自二零四年七月二十一日以来，
彼等已积极相互合作并一致行动，旨在
就有关本集团各成员公司的所有经营及
财务决策以及主要事宜达成共识及一致
行动外，董事会成员之间概无财务、业
务、家庭或其他重大╱相关系。组成
一个如此均衡的董事会，是为了要确保
董事会拥有高度独立性。董事会的组成
反映均衡的技能与经验以进行有效领
导。有关董事的履历资料载于本年报第
34至39页「董事及高级管理层履历」一节。
俞紫慧女士（其于二零二四年十二月十一
日获委任为非执行董事）于二零二四年
十二月十一日已获取上市规则第3.09D条
所述之法律意见，并已确认彼了解作为
董事的职责。
董事培训
根据企业管治守则守则条文第C.1.4条，
全体董事应参与持续专业发展，以增进
及更新其知识及技能，确保彼等在知情
情况下对董事会作出适切的贡献。
全体董事均有参与持续专业发展，并已
向本公司提供彼等于本年度已接受的培
训记录。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2516
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The individual training record of each Director received for the Year is
sumarised below:
Training Received
(Notes)
Name of Directors董事姓名已接受培训
（附注）
Mr. Yu Cheung Choy (Chairman)俞长财先生（主席）1
Mr. Lau Man Ching (Chief Executive Oficer)刘文青先生（行政总裁）1
Mr. Yu Ho Chi俞浩智先生1, 2
Ms. Yu Tsz Wai俞紫慧女士1, 2
Mr. Lam Yim Nam林炎南先生1
Mr. Le Wing Ke李永基先生1
Dr. Law Man Wah罗文华博士1, 2
Notes:
1. Reading articles, training materials and updates as regards legal and regulatory changes and maters of
relevance to the Directors in the discharge of their duties.
2. Atending training courses/seminars/conferences/workshops on topics relating to the directors’ duties
and the Listing Rules.
Chairman and Chief Executive Oficer
Code provision C.2.1 of the CG Code requires that the responsibilities betwen
the chairman and the chief executive oficer should be segregated.
The two positions are held separately by two individuals to ensure their respective
independence, acountability and responsibility. Mr. Yu Cheung Choy is the
Chairman and Mr. Lau Man Ching is the Chief Executive Oficer. Mr. Yu is in
charge of the management of the Board and strategic planing of the Group. Mr.
Lau is responsible for the day-to-day management of the Group’s busines. The
Company considered that the division of responsibilities betwen the Chairman
and Chief Executive Oficer is clearly established.
Code provision C.2.7 of the CG Code requires that the chairman should at least
anualy holds metings with the independent non-executive Directors without
the presence of other Directors. During the Year, the Chairman had a meting
with the independent non-executive Directors without the presence of other
Directors.
以下概述本年度各董事已接受的个人培
训记录：
附注：
1. 阅览有关法律和监管变动以及履行董事责任相
关事务之文章、培训材料及更新资讯。
- ╱研
讨会╱会议╱工作坊。
主席及行政总裁
企业管治守则守则条文第C.2.1条规定，
主席及行政总裁的职责须予划分。
该两个职位分别由两名人士担任，以确
保彼等各自的独立性、问责性及负责
性。俞长财先生为主席，及刘文青先生
为行政总裁。俞先生负责管理董事会及
本集团的策略规划。刘先生负责本集团
业务的日常管理工作。本公司认为，主
席及行政总裁之间的职责分工已获清晰
确立。
企业管治守则守则条文第C.2.7条规定，
主席应每年至少与独立非执行董事在其
他董事并无出席时，一起举行会议。于
本年度，在其他董事并无出席时，主席
曾与独立非执行董事举行一次会议。
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Independent Non-executive Directors
The independent non-executive Directors are apointed for a specific term and
they are also subject to the retirement by rotation at least once every thre years
in acordance with the articles of asociation of the Company (the “Articles of
Asociation”).
The thre independent non-executive Directors are persons of high caliber, with
academic and profesional qualifications in the fields of construction, acounting
and finance. With their experience gained from various sectors, they provide
strong suport towards the efective discharge of the duties and responsibilities
of the Board. Each independent non-executive Director gave a confirmation of
his independence to the Company, and the Company considered each of them is
independent under Rule 3.13 of the Listing Rules.
Functions of the Board and Management
The Board is primarily responsible for establishing the overal strategies of the
Group, seting objectives and busines development plans, asuming responsibility
of corporate governance and monitoring the performance of senior management.
The management, under the leadership of the executive Directors, is responsible
for implementing the strategies and plans established by the Board and reporting
on the Group’s operations to the Board on a regular basis to ensure efective
performance of the Board’s responsibilities.
Al the Directors have separate and independent aces to the Group’s senior
management to fulfil their duties. Independent profesional advice can be sought
to asist the relevant Directors to discharge their duties at the Group’s expense
upon their request. Al the Directors have ben provided with monthly updates
on the Group’s performance and financial position to enable the Board as a whole
and each Director to discharge their duties.
BOARD DIVERSITY POLICY
The Board adopted on 6 December 2016 a board diversity policy (the “Board
Diversity Policy”), a sumary of which is set out as folows:
— A Board composed of apropriately qualified people with a broad range
of experience relevant to the busines is important to efective corporate
governance and sustained comercial suces of the Company;
— The Company endeavours to ensure that its Board has the apropriate
balance of skils, experience and diversity of perspectives that are required
to suport the execution of its busines strategy and in order for the
Board to be efective;
独立非执行董事
独立非执行董事按特定任期委任，且彼
等亦须根据本公司组织章程细则（「组织
章程细则」）至少每三年轮值退任一次。
三名独立非执行董事为卓越人才，拥有
建筑、会计及金融领域的学术及专业
资格。凭借彼等于各类行业所获取的经
验，彼等能提供强大支持以有效履行董
事会的职务及职责。各名独立非执行董
事向本公司确认其独立性，而本公司认
为彼等各自根据上市规则第3.13条均为独
立人士。
董事会及管理层的职能
董事会主要负责制定本集团整体策略，
厘定目标及业务发展计划，负责企业管
治及监督高级管理层表现。
在执行董事的领导下，管理层负责执行
董事会制定的策略及计划，并就本集团
的经营状况定期向董事会报告，确保董
事会职责得以有效履行。
全体董事可个别及独立地咨询本集团的
高级管理层以便其履行职责。相关董事
应能经发出要求获得独立专业意见助其
履行职责，费用由本集团承担。全体董
事均获提供本集团每月最新业绩及财务
状况资料，以便董事会整体及各董事履
行职责。
董事会成员多元化政策
董事会于二零一六年十二月六日采纳董
事会成员多元化政策（「董事会成员多元
化政策」），其概要载列如下：
— 董事会包含具各种业务相关经验
的适合资格人士对于本公司的有
效企业管治及可持续商业成功至
关重要；
— 本公司致力确保董事会的技能、
经验及观点多元化性之间取得适
当平衡，以支持业务策略的实施
并确保董事会有效；
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2518
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企业管治报告
— The Company is comited to maintaining a Board with an apropriate
level of female members, which shal be no les than one by 31 December
2024; and
— Selection of candidates for Board apointments wil be based on merit and
candidates wil be considered against a range of objective criteria, including
but not limited to gender, age, cultural and educational background,
ethnicity, profesional experience, skils and knowledge, with due regard
for the benefits of diversity on the Board.
As at the date of this anual report, the Board comprised six male Directors
and one female Director. The Company recognises and embraces the benefits
of diversity in the Board and is comited to enhancing quality of oportunity
in al aspects of its busines. The Company seks to achieve Board diversity
through the consideration against a range of objective criteria, including but not
limited to gender, age, cultural and educational background, ethnicity, profesional
experience, skils and knowledge. As at the date of this report, the male to female
gender ratio in the Company’s workforce (including executive Directors and
senior management) was 11.6 : 1.
The Board delegated certain duties under the Board Diversity Policy to the
nomination comite of the Company (the “Nomination Comite”). The
Nomination Comite wil discus and review the necesity to set measurable
objectives for implementing the Board Diversity Policy from time to time.
The Board has reviewed the implementation and efectivenes of the Board
Diversity Policy and considered that it had ben implemented efectively during
the Year.
MECHANISM TO ENSURE INDEPENDENT VIEWS AND INPUTS TO
THE BOARD
To ensure that independent views and input are available to the Board, the
folowing mechanism has ben established by the Board:
— Where apropriate, the Company shal arange suitable and suficient
resources to cover any maters relating to the obtaining of an independent
opinion by the Board, including but not limited to the engagement of a
legal team or any other profesionals for such purpose;
— Where apropriate, the Directors shal give at least thre working
days’ notice to the company secretary of the Company (the “Company
Secretary”) to obtain an independent opinion, including but not limited to
engaging a profesional team for such purpose;
— 本公司致力将董事会的女性成员
人数维持在适当水平，在二零
二四年十二月三十一日前女性成
员人数不应少于一名；及
— 董事会委任人选的挑选过程将以
用人唯才为原则，亦将根据一系
列客观标准考虑人选，包括但不
限于性别、年龄、文化及教育背
景、种族、专业经验、技能及知
识，并充分考虑董事会多元化的
裨益。
于本年报日期，董事会包括六名男性董
事及一名女性董事。本公司明白并深信
董事会成员多元化之裨益，并致力在业
务的各方面上加强平等参与机会。本公
司在追求达到董事会多元化方面会考虑
一系列客观条件（包括但不限于性别、
年龄、文化及教育背景、种族、专业经
验、技能及知识）。于本报告日期，本公
司员工团队（包括执行董事及高级管理
层）的男女性别比例为11.6：1。
董事会将董事会成员多元化政策下的若
干职责转授予本公司提名委员会（「提名
委员会」）。提名委员会将不时讨论及检
讨是否有需要订定推行董事会成员多元
化政策的可计量目标。
董事会已检讨董事会多元化政策的实施
情况及效用，并认为该政策已于本年度
有效实施。
确保董事会可获取独立观点及意见的机
制
为确保董事会可获取独立观点及意见，
董事会已设立下列机制：
— 在合适情况下，本公司须安排适
当及充足资源以涵盖任何与董事
会取得独立意见有关的事项，包
括但不限于就此目的而委聘法律
团队或任何其他专业人士；
— 在合适情况下，董事须至少提前
三个工作天向本公司的公司秘书
（「公司秘书」）发出通知以取得独
立意见，包括但不限于就此目的
而委聘专业团队；
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— The Board is required to review its structure, size, composition (including
skils, knowledge and experience) and diversity policy at least anualy
to ensure that the composition of the Board complies with the relevant
requirements of the Listing Rules, including maintaining a balanced
mix of executive and non-executive directors (including independent
non-executive directors) so that the Board has a strong element of
independence which can efectively exercise independent judgment; and
— If al the independent non-executive Director have served on the Board
for more than nine years, the Company should consider to apoint a new
independent non-executive Director at the forthcoming anual general
meting.
The Board has reviewed the implementation and efectivenes of the said
mechanism during the Year and considered that it has ben operating efectively
and wil continue to monitor its implementation and efectivenes on an anual
basis.
Board Metings
The Board intends to hold board metings regularly at least four times a year at
aproximately quarterly intervals. Notices of not les than 14 days wil be given
for al regular board metings to provide al Directors with an oportunity to
atend and propose maters to be discused in the meting agenda. Agendas and
acompanying papers shal be sent not les than 3 days before the date of Board
meting to ensure that the Directors are given suficient time to review the
documents.
During the Year, the Board held four metings. Al Directors are given an
oportunity to include any mater in the agenda for regular Board metings and
are given suficient time to review the documents and information to be discused
in Board metings in advance. The atendance record of each Director is set out
below:
Number of
atendance
Name of Directors董事姓名出席次数
Executive Directors执行董事
Mr. Yu Cheung Choy (Chairman)俞长财先生（主席）4/4
Mr. Lau Man Ching (Chief Executive Oficer)刘文青先生（行政总裁）4/4
Mr. Yu Ho Chi俞浩智先生4/4
Non-executive Director非执行董事
Ms. Yu Tsz Wai (Note)俞紫慧女士（附注）1/1
Independent Non-executive Directors独立非执行董事
Mr. Lam Yim Nam林炎南先生4/4
Mr. Le Wing Ke李永基先生4/4
Dr. Law Man Wah罗文华博士4/4
Note:
Ms. Yu Tsz Wai was apointed as non-executive Director on 11 December 2024. During the period from her
apointment until 31 March 2025, one Board meting was held.
— 董事会须至少每年检讨其架构、
人数、组成（包括技能、知识及经
验）及多元化政策，以确保董事
会的组成符合上市规则的相关规
定，包括维持执行董事及非执行
董事（包括独立非执行董事）的平
衡组合，使董事会具有强健的独
立性元素，能有效行使独立判断；
及
— 倘全体独立非执行董事均已于董
事会任职超过九年，本公司应考
虑在应届股东周年大会上委任新
的独立非执行董事。
董事会已于本年度审阅上述机制的实施
情况及成效，认为其一直有效运作，并
将继续每年监察实施情况及成效。
董事会议
董事会旨在每年大约每季定期举行至少
四次董事会议。所有董事会例行会议
的通知须于会议举行前至少十四天送呈
全体董事，让全体董事有机会出席会议
以及提呈将于会议程中讨论的事宜。
议程及附随文件会于董事会议日期之
前至少三天送交董事，以确保董事有充
足时间审阅有关文件。
于本年度，董事会已举行四次会议。全
体董事均有机会提议将任何事宜载入董
事会常规会议程，且于董事会议举
行前有充份时间预先审阅将予讨论的文
件及资料。下表载列各董事出席董事会
会议的记录：
附注︰
俞紫慧女士于二零二四年十二月十一日获委任为非执行
董事。于其获委任直至二零二五年三月三十一日期间，
董事会曾召开一次会议。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2520
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企业管治报告
Board minutes are kept by the Company Secretary and are open for inspection
by the Directors. Every Board member is entitled to have aces to Board papers
and related materials and has unrestricted aces to the advice and services of the
Company Secretary, and has the liberty to sek external profesional advice if so
required.
Apropriate insurance cover has ben aranged by the Company in respect of
relevant actions against its Directors.
General Metings
During the Year, one general meting of the Company, being the 2024 anual
general meting of the Company, was held on 29 August 2024.
Number of
atendance
Name of Directors董事姓名出席次数
Executive Directors执行董事
Mr. Yu Cheung Choy (Chairman)俞长财先生（主席）1/1
Mr. Lau Man Ching (Chief Executive Oficer)刘文青先生（行政总裁）1/1
Mr. Yu Ho Chi俞浩智先生1/1
Non-executive Director非执行董事
Ms. Yu Tsz Wai (Note)俞紫慧女士（附注）N/A 不适用
Independent Non-executive Directors独立非执行董事
Mr. Lam Yim Nam林炎南先生1/1
Mr. Le Wing Ke李永基先生1/1
Dr. Law Man Wah罗文华博士1/1
Note:
Ms. Yu Tsz Wai was apointed as non-executive Director on 11 December 2024. During the period from her
apointment until 31 March 2025, no general meting was held.
The Board is responsible for maintaining an on-going dialogue with Shareholders
and in particular, uses anual general meting(s) or other general metings to
comunicate with them and encourage their participation.
董事会议记录由公司秘书保存，并可
供董事查阅。每名董事会成员均有权查
阅董事会文件及相关资料，并且可在不
受限制下获取公司秘书的意见及服务，
并可于需要时寻求外部专业意见。
本公司已就针对其董事作出的相关法律
行动安排适当的保险保障。
股东大会
于本年度，本公司已举行一次股东大
会，即本公司于二零二四年八月二十九
日举行的二零二四年股东周年大会。
附注︰
俞紫慧女士于二零二四年十二月十一日获委任为非执行
董事。于其获委任直至二零二五年三月三十一日期间，
并未举行任何股东大会。
董事会负责与股东持续保持对话，尤其
是藉股东周年大会或其他股东大会与股
东沟通，并鼓励股东参加大会。
年报2024-25 顺兴集团（控股）有限公司21
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企业管治报告
NOMINATION COMITE
The Company established the Nomination Comite with writen terms of
reference on 6 December 2016 and curently consists of thre independent non-
executive Directors, namely Mr. Le Wing Ke (as chairman), Mr. Lam Yim Nam
and Dr. Law Man Wah, and one non-executive Director, Ms. Yu Tsz Wai. The
terms of reference of the Nomination Comite is curently made available on
the websites of the Stock Exchange and the Company.
Terms of reference of the Nomination Comite are aligned with the relevant
code provisions set out in the CG Code.
The primary duties and roles of the Nomination Comite include, but are not
limited to, (a) reviewing the structure, size and composition and diversity (including
the skils, knowledge, educational background, experience and diversity) of the
Board at least anualy, asisting the Board in maintaining a board skils matrix, and
making recomendations on any proposed changes to the Board to complement
the Company’s corporate strategy; (b) identifying individuals suitably qualified to
become members of the Board and selecting or making recomendations to the
Board in the selection of individuals nominated for directorships; (c) asesing the
independence of independent non-executive Directors; and (d) suporting the
Company’s regular evaluation of the Board’s performance.
To ensure changes to the Board composition can be managed without undue
disruption, there should be a formal, considered and transparent procedure for
selection, apointment and re-apointment of Directors, as wel as plans in place
for orderly sucesion (if considered necesary), including periodical review of
such plans. The apointment of a new Director (to be an aditional Director or
fil a casual vacancy as and when it arises) or any re-apointment of Directors is
a mater for decision by the Board upon the recomendation of the proposed
candidate by the Nomination Comite.
The criteria to be aplied in considering whether a candidate is qualified shal
be his or her ability to devote suficient time and atention to the afairs of the
Company and contribute to the diversity of the Board as wel as the efective
carying out by the Board of the responsibilities which, in particular, are set out as
folows:
(a) participating in Board metings to bring an independent judgement on
isues of strategy, policy, performance, acountability, resources, key
apointments and standards of conducts;
(b) taking the lead where potential conflicts of interests arise;
提名委员会
本公司于二零一六年十二月六日成立提
名委员会，并订定书面职权范围，且目
前由三名独立非执行董事，即李永基先
生（作为主席）、林炎南先生及罗文华博
士，以及一名非执行董事，即俞紫慧女
士组成。提名委员会的职权范围现时于
联交所及本公司的网站可供查阅。
提名委员会的职权范围与企业管治守则
所载的相关守则条文一致。
提名委员会的主要职责包括（但不限于）
(a)每年至少一次检讨董事会的架构、人
数及组成及多样性（包括技能、知识、教
育背景、经验及多元化），协助董事会编
制董事会技能表，并就任何为配合本公
司策略而拟对董事会作出的任何变动提
出推荐意见；(b)物色具备合适资格可担
任董事会成员的人士，并推选有关提名
人士出任董事职务或就此向董事会提出
推荐意见；(c)评估独立非执行董事的独
立性；及(d)支援本公司定期评估董事会
表现。
为确保董事会组成人员的变动能够在不
受过度干扰的情况下进行，本公司应设
有正式、经审慎考虑并具透明度的董事
甄选、委任及重新委任程序，并设定有
序的董事继任计划（如认为有需要），包
括定期检讨有关计划。委任新董事（作为
新增董事或填补所出现的临时空缺）或任
何重新委任董事乃经提名委员会推荐建
议候选人后由董事会作出决定。
用于考虑候选人是否符合资格的标准，
应视乎候选人是否能对本公司事务投入
足够时间及精力及为董事会多元化作出
贡献，使董事会能有效履行其职责，尤
其是下文所载各项：
(a) 参与董事会议为策略、政策、
表现、问责性、资源、主要委任
及操守准则等事项作出独立判断；
(b) 于发生潜在利益冲突时发挥领导
作用；
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2522
Corporate Governance Report
企业管治报告
(c) serving on the audit comite of the Company (the “Audit Comite”),
the remuneration comite of the Company (the “Remuneration
Comite”) and the Nomination Comite (in the case of candidate
for non-executive Director) and other relevant Board comites, if
invited;
(d) bringing a range of busines and financial experience to the Board, giving
the Board and any comite on which he or she serves the benefit of
his or her skils, expertise, and varied backgrounds and qualifications and
diversity through atendance and participation in the Board/comite
metings;
(e) scrutinising the Company’s performance in achieving agred corporate
goals and objectives, and monitoring the reporting of performance;
(f) ensuring the comites on which he or she serves to perform their
powers and functions confered on them by the Board; and
(g) conforming to any requirement, direction and regulation that may from
time to time be prescribed by the Board or contained in the constitutional
documents of the Company or imposed by legislation or the Listing Rules,
where apropriate.
If the candidate is proposed to be apointed as an independent non-executive
Director, his or her independence shal be asesed in acordance with, among
other things, the factors as set out in Rule 3.13 of the Listing Rules, subject to any
amendments as may be made by the Stock Exchange from time to time. Where
aplicable, the totality of the candidate’s education, qualifications and experience
shal also be evaluated to consider whether he or she has the apropriate
profesional qualifications or acounting or related financial management
expertise for filing the ofice of an independent non-executive Director with such
qualifications or expertise as required under Rule 3.10(2) of the Listing Rules.
(c) 服务于本公司审核委员会（「审
核委员会」）、本公司薪酬委员会
（「薪酬委员会」）及提名委员会（如
为非执行董事候选人）以及其他相
关董事会辖下之委员会（如获邀
请）；
(d) 透过出席及参与董事会╱委员会
会议，而使其所服务的董事会及
任何委员会受惠于其技能、专
长、各种背景及资格以及多元
化，为董事会带来一系列营商及
财务经验；
(e) 监察本公司在达致议定之企业宗
旨及目标方面的表现及监督表现
的报告情况；
(f) 确保其所服务的委员会履行董事
会授予的权力及职能；及
(g) 遵守董事会不时订定，或本公司
章程文件不时所载，或法例或上
市规则不时订立的任何规定、指
示及规例（如适用）。
如建议委任候选人为独立非执行董事，
则须根据（其中包括）上市规则第3.13条
（受限于联交所可能不时作出之修订）所
载的因素评估其独立性。如适用，则亦
须评估该候选人的学历、资格及经验等
整体情况，以考虑其是否具备合适的专
业资格或会计或相关财务管理专长（即上
市规则第3.10(2)条所规定的相关资格或
专长）以担任独立非执行董事的职位。
年报2024-25 顺兴集团（控股）有限公司23
Corporate Governance Report
企业管治报告
During the Year, the Nomination Comite held two metings.
Number of
atendance
Name of Members成员姓名出席次数
Mr. Le Wing Ke (Chairman)李永基先生（主席）2/2
Mr. Lam Yim Nam林炎南先生2/2
Dr. Law Man Wah罗文华博士2/2
Ms. Yu Tsz Wai (Note)俞紫慧女士（附注）N/A 不适用
Note:
Ms. Yu Tsz Wai was apointed as a non-executive Director on 11 December 2024. During the period from her
apointment until 31 March 2025, no Nomination Comite meting was held.
A sumary of the work performed by the Nomination Comite during the
Year is listed below:
- ;
- ;
- , size and diversity of the Board;
• considering the nomination of a female candidate to join the Board as non-
executive Director; and
• considering the apointment of a female Director as a member of the
Nomination Comite.
REMUNERATION COMITE
The Company established the Remuneration Comite with writen terms of
reference on 6 December 2016 and curently consists of thre independent non-
executive Directors, namely Mr. Lam Yim Nam (as chairman), Mr. Le Wing Ke
and Dr. Law Man Wah. The terms of reference of the Remuneration Comite
is curently made available on the Stock Exchange’s website and the Company’s
website.
Terms of reference of the Remuneration Comite are aligned with the relevant
code provisions set out in the CG Code.
于本年度，提名委员会已举行两次会议。
附注︰
俞紫慧女士于二零二四年十二月十一日获委任为非执行
董事。于其获委任直至二零二五年三月三十一日期间，
并未举行任何提名委员会议。
本年度提名委员会进行的工作概述如下：
- ；
- ；
- 、人数及多样
性；
• 考虑女性候选人作为非执行董事
加入董事会；及
• 考虑委任一名女性董事为提名委
员会成员。
薪酬委员会
本公司于二零一六年十二月六日成立薪
酬委员会，并订定书面职权范围，且目
前由三名独立非执行董事所组成，为林
炎南先生（作为主席）、李永基先生及罗
文华博士。薪酬委员会的职权范围现时
于联交所网站及本公司网站可供查阅。
薪酬委员会的职权范围与企业管治守则
所载的相关守则条文一致。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2524
Corporate Governance Report
企业管治报告
The primary duties and roles of the Remuneration Comite include, but not
limited to, (a) making recomendations to the Board on the policy and structure
for the remuneration of al Directors and senior management personel and on
the establishment of a formal and transparent procedure for developing the policy
on such remuneration; (b) making recomendations to the Board on the specific
remuneration packages of individual executive Directors and senior management;
(c) reviewing and aproving management’s remuneration proposals with reference
to the Board’s corporate goals and objectives; and (d) making recomendations
to the Board on the remuneration of non-executive Directors.
During the Year, the Remuneration Comite held two metings.
Number of
atendance
Name of Members成员姓名出席次数
Mr. Lam Yim Nam (Chairman)林炎南先生（主席）2/2
Mr. Le Wing Ke李永基先生2/2
Dr. Law Man Wah罗文华博士2/2
A sumary of the work performed by the Remuneration Comite during the
Year is listed below:
• reviewing the remuneration adjustment proposal and the bonus proposal
for the executive Directors and senior management for the Year;
• considering the salary review proposal for Directors and senior
management for the financial year ending 31 March 2026; and
• considering the remuneration package for the proposed non-executive
Director and making recomendation to the Board for aproval.
The emoluments payable to Directors and senior management depend on their
respective contractual terms under the employment agrements, if any, and is
fixed by the Board with reference to the recomendation of the Remuneration
Comite, the performance of the Group and the prevailing market conditions.
Details of the remuneration of the Directors and senior management are set out
in note 6 to the consolidated financial statements.
薪酬委员会的主要职责包括（但不限于）
(a)就全体董事及高级管理层人员的薪酬
政策及架构，以及就制订正规而具透明
度的程序就该等薪酬订立政策，向董事
会提出建议；(b)就个别执行董事及高级
管理层的特定薪酬组合向董事会提出建
议；(c)参考董事会的公司目标及目的审
阅及批准管理层的薪酬方案；及(d)就非
执行董事的薪酬向董事会提出建议。
于本年度，薪酬委员会已举行两次会议。
本年度薪酬委员会进行的工作概述如下：
• 审阅本年度有关执行董事及高级
管理层的薪酬调整建议及花红建
议；
• 考虑截至二零二六年三月三十一
日止财政年度董事及高级管理层
薪酬检讨建议；及
• 考虑拟任非执行董事的薪酬待
遇，并向董事会提出推荐建议以
供批准。
应付董事及高级管理层的酬金须视乎
彼等各自根据雇用协议的合约条款（如
有），及由董事会经参考薪酬委员会的建
议、本集团的表现及现行市况后厘定。
董事及高级管理层的薪酬详情载于综合
财务报表附注6。
年报2024-25 顺兴集团（控股）有限公司25
Corporate Governance Report
企业管治报告
Senior Management’s Remuneration
Senior management’s remuneration of the Group for the Year fals within the
folowing bands:
Number of
individuals
人数
HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元2
HK$1,500,001 to HK$2,000,0001,500,001港元至2,000,000港元1
AUDIT COMITE
The Company established the Audit Comite with writen terms of reference
on 6 December 2016 and curently consists of thre independent non-executive
Directors, namely Dr. Law Man Wah (as chairman), Mr. Lam Yim Nam and Mr.
Le Wing Ke. The terms of reference of the Audit Comite is curently made
available on the websites of the Stock Exchange and the Company.
Terms of reference of the Audit Comite are aligned with the relevant code
provisions set out in the CG Code.
The primary duties and roles of the Audit Comite include, but not limited to,
(a) making recomendations to the Board on the apointment, re-apointment
and removal of the external auditor, aproving the remuneration and terms
of engagement of the external auditor, and any questions of its resignation or
dismisal; (b) monitoring integrity of financial statements and anual report and
acounts, half-year report and, if prepared for publication, quarterly reports, and
reviewing significant financial reporting judgements contained in them; and (c)
reviewing the financial controls, risk management and internal control systems of
the Group.
The Audit Comite mets the external auditor regularly to discus any area
of concern during the audit. The Audit Comite shal review the interim and
anual reports before submision to the Board. The Audit Comite focuses
not only on the impact of the changes in acounting policies and practices but
also on the compliance with acounting standards, the Listing Rules and the legal
requirements in the review of the Company’s interim and anual reports.
高级管理层的薪酬
本集团于本年度的高级管理层的薪酬介
乎以下范围：
审核委员会
本公司于二零一六年十二月六日成立审
核委员会，并订定书面职权范围，且目
前由三名独立非执行董事（为罗文华博士
（作为主席）、林炎南先生及李永基先生）
所组成。审核委员会的职权范围现时于
联交所及本公司网站可供查阅。
审核委员会的职权范围与企业管治守则
所载的相关守则条文一致。
审核委员会的主要职责包括（但不限于）
(a)就委任、重新委聘及罢免外聘核数师
向董事会作出建议、批准外聘核数师的
薪酬及聘用条款，并处理任何有关该核
数师辞任或辞退外聘核数师的问题；(b)
监察财务报表及年度报告及账目、中期
报告及季度报告（倘有编制以作刊发）的
完整性，并审阅上述文件所载重大财务
呈报判断；及(c)检讨本集团的财务控
制、风险管理及内部监控系统。
审核委员会定期与外聘核数师会面，以
讨论审核过程中的任何需关注事宜。审
核委员会向董事会呈交中期及年度报告
之前须先审阅该等报告。审核委员会不
但著重会计政策及惯例变动的影响，而
且亦著重于审阅本公司的中期及年度报
告时遵守会计准则、上市规则及法例规
定。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2526
Corporate Governance Report
企业管治报告
During the Year, the Audit Comite held two metings.
Number of
atendance
Name of Members成员姓名出席次数
Dr. Law Man Wah (Chairman)罗文华博士（主席）2/2
Mr. Lam Yim Nam林炎南先生2/2
Mr. Le Wing Ke李永基先生2/2
In adition to the Audit Comite metings, the Audit Comite also dealt
with maters by way of circulation during the Year.
A sumary of the work performed by the Audit Comite during the Year is
listed below:
- ’s anual financial statements for the year ended
31 March 2024 and interim financial statements for the six months ended
30 September 2024 and the related results anouncements, documents
and other maters or isues raised by the external auditor;
- ;
- , for the aproval by the Shareholders, of the
re-apointment of the auditor of the Company; and
• discused and confirmed with the management the efectivenes of the
Group’s financial reporting proces, risk management and internal control
systems.
The Audit Comite noted the existing risk management and internal control
systems of the Group and also noted that review of the same wil be caried out
anualy.
The acounts for the Year were audited by Deloite Touche Tohmatsu whose
term of ofice wil expire upon the conclusion of the forthcoming anual
general meting of the Company (the “2025 AGM”). The Audit Comite has
recomended to the Board the re-apointment of Deloite Touche Tohmatsu as
auditor of the Company at the 2025 AGM.
于本年度，审核委员会已举行两次会议。
除审核委员会议外，审核委员会亦于
本年度内透过传阅文件方式处理事宜。
本年度内审核委员会进行的工作概述如
下：
• 审阅本集团截至二零二四年三月
三十一日止年度的年度财务报表
及截至二零二四年九月三十日止
六个月的中期财务报表与相关业
绩公告、文件及外部核数师提出
的其他事项或问题；
- ；
• 就重新委聘本公司核数师向董事
会作出推荐，以供股东批准；及
• 与管理层讨论并确认本集团财务
申报流程、风险管理及内部监控
系统的有效性。
审核委员会已得悉本集团的现有风险管
理及内部监控系统，且亦知悉该等系统
将会每年进行检讨。
本年度的账目是由德勤•关黄陈方会计
师行审核，其任期将于本公司应届股东
周年大会（「二零二五年股东周年大会」）
结束后届满。审核委员会已向董事会作
出推荐，建议于二零二五年股东周年大
会上续聘德勤•关黄陈方会计师行为本
公司的核数师。
年报2024-25 顺兴集团（控股）有限公司27
Corporate Governance Report
企业管治报告
CORPORATE GOVERNANCE FUNCTIONS
The corporate governance functions are performed by the Board.
The corporate governance functions are to develop and review the Company’s
policies and practices on corporate governance to comply with the CG Code and
other legal or regulatory requirements, to overse the Company’s orientation
program for new Director, to review and monitor the training and continuous
profesional development of Directors, to develop, review and monitor the code
of conduct and compliance manual (if any) aplicable to employes and Directors,
and to review the Company’s disclosure in the Corporate Governance Report.
During the Year, the Board had reviewed the training and continuous profesional
development of Directors, the Company’s compliance with the CG Code and the
Company’s disclosure in the Corporate Governance Report.
AUDITOR’S REMUNERATION
During the Year, the remuneration paid/payable to the Company’s auditor is set
out below:
Fe paid/payable
Services rendered已提供服务已付╱应付费用
HK$’000
千港元
Audit services审核服务
– Audit of consolidated financial statements– 审核综合财务报表1,488
– Review of condensed consolidated
financial statements
– 审阅简明综合财务报表
1,750
Non-audit services非审核服务227
Total:合计：1,977
- , internal controls review and other
advisory services.
COMPANY SECRETARY
The Company engaged an external profesional company secretarial services
provider, Uni-1 Corporate Services Limited (“Uni-1”), to provide compliance
and ful range of company secretarial services to the Group in order to asist the
Group to cope with the changing regulatory environment and to suit diferent
comercial neds.
企业管治职能
企业管治职能是由董事会履行。
企业管治职能为制订及审阅本公司企业
管治的政策及常规以遵守企业管治守则
及其他法律或监管规定、监督本公司对
新董事举行的职前培训课程、审阅及监
控董事的培训及持续专业发展、制订、
审阅和监控适用于雇员及董事的行为守
则及合规手册（如有），以及审阅本公司
就企业管治报告的披露。
于本年度，董事会已检讨董事的培训及
持续专业发展、本公司遵守企业管治守
则的情况以及本公司企业管治报告的披
露事宜。
核数师酬金
于本年度，已付╱应付本公司核数师的
酬金载列如下：
- 、内部监
控审阅及其他咨询服务。
公司秘书
本公司已委聘一间外部专业公司秘书服
务提供商统一企业服务有限公司（「统一
企业」）为本集团提供合规及全面公司秘
书服务，以协助本集团应付不断改变的
监管规定及配合不同的商业需要。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2528
Corporate Governance Report
企业管治报告
Mr. Tse Kam Fai (“Mr. Tse”), the representative of Uni-1, was apointed as the
named Company Secretary.
Mr. Lau Man Ching, an executive Director and the Chief Executive Oficer, is the
primary point of contact at the Company for the Company Secretary.
Acording to the requirements of Rule 3.29 of the Listing Rules, Mr. Tse has taken
no les than 15 hours of relevant profesional training during the Year.
SHAREHOLDERS’ COMUNICATION POLICY
The Company considers that efective comunication with Shareholders is
esential for enhancing investor relations and investor understanding of the
Group’s busines performance and strategies. The Company also recognizes
the importance of transparency and timely disclosure of corporate information,
which wil enable the Shareholders and investors to make the best investment
decisions. The Company has adopted its shareholders’ comunication policy
(the “Shareholders’ Comunication Policy”) to ensure that Shareholders’
views and concerns are apropriately adresed. The Company endeavours to
maintain an on-going dialogue with the Shareholders and in particular, through
the Company’s financial reports (interim and anual reports), anual general
metings and other general metings that may be convened, as wel as by making
available al the disclosures submited to the Stock Exchange and corporate
comunications on the Stock Exchange’s website at htp:/w.hkexnews.hk and
the Company’s website at htp:/w.shunhingeng.com. The general metings
of the Company provide a platform for comunication betwen the Board and
the Shareholders. The chairman of the Board as wel as chairmen of the Audit
Comite, the Remuneration Comite and the Nomination Comite or,
in their absence, other members of the respective comites, wil be available
to answer Shareholders’ questions at general metings. The external auditor of
the Company wil also be invited to atend the anual general metings of the
Company to answer questions about the conduct of audit, the preparation and
content of the auditor’s report, the acounting policies and auditor independence.
To promote efective comunication, the Company maintains a website, where
information and updates on the Company’s financial information, corporate
governance practices, biographical information of the Board members and
other information are available for public aces. Media interviews are available
on a regular basis in order to facilitate comunication betwen the Company,
Shareholders and the investment comunity. Shareholders and the investment
comunity may, at any time, direct questions, request for publicly available
information and provide coments and sugestions to the Directors or
management of the Group. Such questions, requests and coments can be
adresed to the Company’s Hong Kong branch share registrar, Tricor Investor
Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong.
统一企业的代表谢锦辉先生（「谢先生」）
获委任为公司秘书。
执行董事兼行政总裁刘文青先生为公司
秘书于本公司的主要联络人。
根据上市规则第3.29条的规定，谢先生于
本年度已接受不少于十五小时的相关专
业培训。
股东通讯政策
本公司认为，与股东有效沟通对改善投
资者关系及帮助投资者了解本集团业务
表现及战略非常重要。本公司亦深知高
透明度及适时披露公司资料之重要性可
使股东及投资者作出最佳投资决定。本
公司已采纳股东通讯政策（「股东通讯
政策」），以确保妥善回应股东意见及关
注事项。本公司致力与股东保持续对
话，尤其是透过本公司财务报告（中期
报告及年报）、股东周年大会及可能召
开的其他股东大会，以及于联交所网站
htp:/w.hkexnews.hk 及本公司网站
htp:/w.shunhingeng.com 提供向联交所
提交的所有披露及公司通讯。本公司的
股东大会为董事会与股东之间的交流提
供平台。董事会主席以及审核委员会、
薪酬委员会及提名委员会的主席或（在其
缺席的情况下）各委员会的其他成员，将
可于股东大会上回答股东提问。本公司
外聘核数师亦将获邀出席本公司的股东
周年大会，以回答有关审核行为、核数
师报告的编制及内容、会计政策及核数
师独立性的问题。
为促进有效沟通，本公司设有一个网
站，提供有关本公司财务资料、企业管
治常规、董事会成员履历资料以及其他
资料的资料及更新资料，以供公众查
阅。定期接受媒体采访，以促进本公
司、股东及投资界之间的沟通。股东与
投资界可随时向董事或本集团管理层直
接提出问题、要求索取公开资料及提供
意见与建议。有关问题、要求及意见可
邮寄予本公司香港股份过户登记分处卓
佳证券登记有限公司，地址为香港金钟
夏
悫
道16号远东金融中心17楼。
年报2024-25 顺兴集团（控股）有限公司29
Corporate Governance Report
企业管治报告
The Board has reviewed the Shareholders’ Comunication Policy and considered
that it has ben efectively implemented during the Year.
SHAREHOLDERS’ RIGHTS
The general metings of the Company provide an oportunity for comunication
betwen the Shareholders and the Board. An anual general meting of the
Company shal be held in each year and at the place as may be determined by the
Board. Each general meting, other than an anual general meting, shal be caled
an extraordinary general meting.
Shareholders to convene an extraordinary general meting
Pursuant to article 58 of the Articles of Asociation, any one or more
Shareholder(s) holding at the date of deposit of the requisition not les than one-
tenth of the paid-up capital of the Company carying the right of voting at general
metings of the Company shal at al times have the right, by writen requisition to
the Board or the Company Secretary, to require an extraordinary general meting
to be caled by the Board for the transaction of any busines specified in such
requisition; and such meting shal be held within two months after the deposit
of such requisition. The aforesaid writen requisition should be deposited to the
Board or the Company Secretary at the Company’s principal place of busines in
Hong Kong at Units 603-606, 6/F, Tower I, Cheung Sha Wan Plaza, 833 Cheung
Sha Wan Road, Kowlon, Hong Kong.
If within twenty-one days of such deposit the Board fails to proced to convene
such meting, the requisitionist(s) himself (themselves) may do so in the same
maner, and al reasonable expenses incured by the requisitionist(s) as a result
of the failure of the Board shal be reimbursed to the requisitionist(s) by the
Company.
Puting enquiries by Shareholders to the Board
Shareholder(s) may at any time send their enquiries and concerns to the Board
in writing through the Company Secretary by post to Units 603-606, 6/F, Tower I,
Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road, Kowlon, Hong Kong, or via
email at the contact information as provided on the website of the Company.
Procedures for puting forward proposals by Shareholders at general meting
Save for the procedures for the Shareholders to convene an extraordinary
general meting, there are no provisions alowing Shareholders to propose
new resolutions at the general metings under the Articles of Asociation
or the Companies Act of the Cayman Islands, as amended, modified and
suplemented. Shareholders may folow the procedures set out above to convene
an extraordinary general meting for any busines specified in such writen
requisition. The writen requisition must state the objects of the meting, and
must be signed by the relevant Shareholder(s) and deposited to the Board or the
Company Secretary at the Company’s principal place of busines in Hong Kong at
Units 603-606, 6/F, Tower I, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road,
Kowlon, Hong Kong.
董事会已审阅股东通讯政策，并认为其
于本年度行之有效。
股东权利
本公司的股东大会为股东及董事会提供
沟通的机会。本公司的股东周年大会须
每年举行一次，而地点可能由董事会厘
定。各股东大会（股东周年大会除外）均
称为股东特别大会。
股东召开股东特别大会
根据组织章程细则第58条，于递呈要求
日期持有不少于本公司缴足资本（附有于
本公司股东大会表决的权利）十分之一的
任何一名或多名股东，于任何时候均有
权透过向董事会或公司秘书发出书面要
求，要求董事会召开股东特别大会以处
理该要求订明的任何事项，而该大会应
于递呈有关要求后两个月内举行。上述
书面要求应递交至本公司于香港的主要
营业地点（地址为香港九龙长沙湾道833
号长沙湾广场第一期6楼603-606室），注
明收件人为董事会或公司秘书。
倘自递呈要求日期起二十一日内，董事
会未有召开有关大会，则有关递呈要求
的人士可以同样的方式召开大会，而因
董事会未有召开大会而产生的所有合理
开支须由本公司向彼等作出偿付。
股东向董事会提出查询
股东可随时以书面形式通过平邮将彼等
的查询及关注事项寄往香港九龙长沙湾
道833号长沙湾广场第一期6楼603-606
室，或透过本公司网站所提供的联络方
式寄发邮件，经公司秘书转交予董事会。
股东于股东大会上提呈建议的程序
除股东召开股东特别大会的程序外，根
据组织章程细则或开曼群岛公司法（经修
订、修改及补充），概无其他条文准予股
东于股东大会上提呈新决议案。股东可
遵循上文所载的程序就该等书面要求内
所指定之任何事宜召开股东特别大会。
该书面要求必须说明会议目的，并须由
相关股东签署并递交至本公司于香港的
主要营业地点（香港九龙长沙湾道833号
长沙湾广场第一期6楼603-606室），注明
收件人为董事会或公司秘书。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2530
Corporate Governance Report
企业管治报告
VOTING BY POL
Pursuant to Rule 13.39(4) of the Listing Rules, any vote of shareholders at a
general meting must be taken by pol except where the chairman, in god faith,
decides to alow a resolution which relates purely to a procedural or administrative
mater to be voted on by a show of hands. As such, al the resolutions to be set
out in the notice of the 2025 AGM wil be voted by pol.
INVESTOR RELATIONS
The Company is comited to a policy of open and regular comunication and
reasonable disclosure of information to the Shareholders.
Information of the Company is diseminated to the Shareholders in the folowing
maners:
- , if required;
• publication of anouncements on the anual and interim results on
the Stock Exchange’s website, and isue of other anouncements and
shareholders’ circulars in acordance with the continuing disclosure
obligations under the Listing Rules; and
• general meting of the Company is also an efective comunication
chanel betwen the Board and Shareholders.
DIRECTORS’ RESPONSIBILITIES FOR THE CONSOLIDATED
FINANCIAL STATEMENTS
The Board acknowledges its responsibility to prepare the Group’s consolidated
financial statements for each financial year which give a true and fair view of the
financial position of the Group and of the financial performance and cash flows
of the Group for that year. In preparing the consolidated financial statements for
the Year, the Board has selected suitable acounting policies and aplied them
consistently; made judgements and estimates that are prudent, fair and reasonable
and prepared the acounts on a going concern basis.
The Directors are responsible for taking al reasonable and necesary steps to
safeguard the asets of the Group and to prevent and detect fraud and other
iregularities.
投票表决
根据上市规则第13.39(4)条之规定，股东
于股东大会上的任何表决均须以投票方
式进行，惟主席基于诚信原则决定允许
纯粹有关程序或行政事宜的决议案以举
手方式表决者则除外。因此，二零二五
年股东周年大会通告所载的全部决议案
将以投票方式表决。
与投资者关系
本公司致力采取开放诚恳的态度，定期
与其股东沟通，并向股东作出合理的资
料披露。
本公司的资料按以下方式向股东传达：
- （如需
要）；
• 于联交所网站刊登年度及中期业
绩的公告，及根据上市规则的持
续披露规定刊发其他公告及股东
通函；及
• 本公司的股东大会亦是董事会与
股东之间的一个有效沟通渠道。
董事对综合财务报表的责任
董事会明白其就编制本集团就各财政年
度的综合财务报表的责任，而该等综合
财务报表均须真实公平地反映本集团的
财务状况及本集团就有关年度的财务表
现及现金流量。于编制本年度的综合财
务报表时，董事会已选用并贯彻应用合
适的会计政策；作出审慎、公平及合理
的判断及估计，以及按持续经营基准编
制账目。
董事负责采取一切合理及必要的步骤，
以保障本集团的资产及防止及侦测任何
欺诈及其他不合规则的事宜。
年报2024-25 顺兴集团（控股）有限公司31
Corporate Governance Report
企业管治报告
The Directors, having made apropriate enquiries, consider that the Group has
adequate resources to continue in operational existence for the foreseable
future and that, for this reason, it is apropriate to adopt the going concern basis
in preparing the consolidated financial statements.
RISK MANAGEMENT AND INTERNAL CONTROL
The Board acknowledges that it is responsible for the risk management and
internal control systems and reviewing their efectivenes. Such systems are
designed to manage rather than eliminate the risk of failure to achieve busines
objectives, and can only provide reasonable and not absolute asurance against
material mistatement or los.
The Board has delegated its responsibilities (with relevant authorities) of risk
management and internal control to the Audit Comite, who overses
management in the design, implementation and monitoring of the risk
management and internal control systems, and management has provided a
confirmation to the Audit Comite and the Board on the efectivenes of these
systems for the Year.
Risk management
The Company has already reviewed its risk management framework and proceses
and has implemented relevant measures resulting from this exercise that aim to
enhance its framework and proceses. In particular, the Company has developed,
aproved and implemented a risk management system, which is defined and
suported by its endorsed risk management policy. The terms of reference of the
Audit Comite has included its responsibility for an efective system of internal
control and risk management.
The Company’s methodology for its risk asesment comprises risk identification,
risk asesment, risk response, and risk monitoring and reporting. These proceses
are performed at least once a year to adres changes in the Group’s busines
environment.
Busines continuity plan
As an integral part of risk management, the Company has formulated and
documented a Busines Continuity Plan (“BCP”), which is reviewed regularly and
updated from time to time whenever the Board thinks fit. The BCP enables senior
management to preserve stakeholder value in the event of a crisis/incident by
responding promptly to the situation and resuming the Group’s busines functions
to normal situation as quickly and eficiently as posible.
董事经作出适当查询后认为，本集团拥
有充足资源于可预见将来持续经营，因
此，采纳持续经营基准编制综合财务报
表乃属恰当。
风险管理及内部监控
董事会明了其须负责风险管理及内部监
控系统并且审查其有效性。该等系统旨
在管理而非消除未能实现业务目标的风
险，且仅可提供预防重大错误陈述或损
失的合理而非绝对的保证。
董事会已将风险管理及内部监控的责任
（及相关权力）转授予审核委员会，而审
核委员会监督对风险管理及内部监控系
统的设计、实施及监察的管理，而管理
层已向审核委员会及董事会就该等系统
于本年度的有效性提供确认。
风险管理
本公司已检讨其风险管理框架及程序，
并根据其检讨结果实施相关措施以提升
其框架及程序。尤其是，本公司开发、
批准及实施了一个风险管理系统，该系
统由其认可的风险管理政策所界定及支
持。审核委员会的职权范围已包括其负
责内部监控及风险管理系统有效的责任。
本公司就其风险评估的方法包括风险识
别、风险评估、风险应对及风险监控和
报告。该等程序每年至少执行一次以应
对本集团业务环境的转变。
业务持续营运计划
作为风险管理不可或缺的一部分，本公
司已制定及记录业务持续营运计划（「业
务持续营运计划」），并由董事会定期检
讨及不时按其认为合适时更新。业务持
续营运计划有助高级管理层在遇上危机
╱事件时能够及时对应情况，并迅速高
效恢复本集团业务功能至正常情况，以
维护持份者的利益。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2532
Corporate Governance Report
企业管治报告
Internal control measures
The internal control system of the Group covers its major busines aspects such
as revenue management, expenditure management, human resources and payrol,
cash and treasury management, financial reporting, compliance and information
technology. The internal control measures are supervised by management team
including executive Directors. The management team is responsible to identify
risks and internal control deficiencies, evaluate the internal control system of
the Group from time to time and implementing aditional control measures,
if necesary, to improve the internal control system. Results of the internal
asesments would be reported to the Audit Comite, which is responsible to
review the financial information and supervise the financial reporting system and
internal controls system of the Group.
Internal audit function
The Board conducted an anual review on the efectivenes of risk management
and internal control systems, covering al material controls such as financial,
operational and compliance controls. In adition, the Board has apointed an
international acountancy firm to review the internal control systems of the
Group on an on-going basis which covers al major operations of the Group. The
Board considered that the risk management and internal control systems of the
Company for the Year were efective and adequate.
The Company does not have an internal audit department. The Board has
reviewed the ned for an internal audit function and is of the view that in light
of the size, nature and complexity of the busines of the Group, as oposed to
diverting resources to establish a separate internal audit department, it would be
more cost efective to apoint external independent profesionals to perform
independent review of the adequacy and efectivenes of the risk management
and internal control systems of the Group. Nevertheles, the Board wil continue
to review at least anualy the ned for an internal audit department.
Acounting and financial reporting functions
The Board conducted a review of the adequacy of resources, staf qualifications
and experience, training programes and budget of the Company’s acounting
and financial reporting functions for the Year, and considered the above resource
components to be adequate.
内部监控措施
本集团的内部监控系统涵盖收益管理、
支出管理、人力资源及薪资、现金及库
务管理、财务汇报、合规及讯息技术等
各个主要业务层面。内部监控措施由管
理团队（包括执行董事）监督。管理团
队负责识别风险及内部监控不足、不时
评估本集团的内部监控系统及实施额外
控制措施（如必要），以改善内部监控
系统。内部评估的结果将上报审核委员
会，审核委员会负责审查财务资料及监
督本集团的财务报告系统及内部监控系
统。
内部审核职能
董事会对风险管理及内部监控系统的有
效性进行年度审阅，涉及财务、营运及
合规控制等所有重要控制层面。此外，
董事会委任一间国际会计师事务所以按
持续基准审阅本集团的内部监控系统，
涵盖本集团的所有主要业务营运。董事
会认为本公司于本年度的风险管理及内
部监控系统均属有效且充足。
本公司并无内部审核部门。董事会已经
审视内部审核功能的需要，并认为，
鉴于本集团的业务规模、性质及复杂程
度，委任外部独立专业人士对本集团风
险管理及内部监控系统的充足性及有效
性进行独立检讨较分配资源成立单独的
内部审核部门更具成本效益。然而，董
事会将继续至少每年审视内部审核部门
的需要。
会计及财务汇报职能
董事会已就本公司于本年度在会计及财
务汇报方面的资源、员工资历及经验、
培训课程及预算是否充足进行审阅，并
认为上述资源组成部分属充足。
年报2024-25 顺兴集团（控股）有限公司33
Corporate Governance Report
企业管治报告
Handling and disemination of inside information
The Group regulates the handling and disemination of inside information
acording to the “Guidelines on Disclosure of Inside Information” published by
the Securities and Futures Comision to ensure inside information remains
confidential until the disclosure of such information is apropriately aproved, and
the disemination of such information is eficiently and consistently made. The
Company regularly reminds the Directors and employes about due compliance
with al policies regarding the inside information. Also, the Company keps
Directors, senior management and employes apraised of the latest regulatory
updates. The Company shal prepare or update apropriate guidelines or policies
to ensure the compliance with regulatory requirements.
DIVIDEND POLICY
The Company seks to maintain a balance betwen meting Shareholders’
expectations and prudent capital management with a sustainable dividend policy.
The Company’s dividend policy aims to alow Shareholders to participate in the
Company’s profit and for the Company to retain adequate reserves for the
Group’s future growth. In proposing any dividend payout, the Company would
consider various factors including but not limited to the Group’s overal results
of operation, financial condition, expected working capital requirements, capital
expenditure requirements, liquidity position, future expansions plans, the amount
of retained profits and distributable reserves of the Company, general economic
conditions, busines cycle of the Group’s busines, other internal or external
factors that may have an impact on the busines or financial performance and
position of the Group and any other factors that the Board dems relevant.
Any declaration and payment of the dividends by the Company wil be subject
to any restrictions under the Companies Act of the Cayman Islands, the Articles
of Asociation, the Listing Rules and any other aplicable laws and regulations.
The Company does not have any pre-determined dividend distribution ratio. The
Company’s dividend distribution record in the past may not be used as a reference
or basis to determine the level of dividends that may be declared or paid by the
Company in the future. The dividend policy shal in no way constitute a legaly
binding comitment by the Group in respect of its future dividend and/or in no
way obligate the Group to declare a dividend at any time or from time to time.
CONSTITUTIONAL DOCUMENTS
The amended and restated Articles of Asociation was adopted by a special
resolution pased by the Shareholders at the 2022 anual general meting of
the Company held on 1 September 2022 and is available on the websites of the
Company and the Stock Exchange. During the Year, there was no change in the
constitutional documents of the Company.
处理及发布内幕消息
本集团根据证券及期货事务监察委员会
公布的《内幕消息披露指引》规管内幕
消息的处理及发布，以确保内幕消息维
持保密，直至有关消息的披露获适当批
准为止，且有关消息获有效及一致地发
布。本公司定期提醒董事及雇员妥善遵
守所有关内幕消息的政策。此外，本
公司让董事、高级管理层及雇员掌握最
新的监管资料。本公司将编制或更新合
适的指引或政策，以确保遵守监管规定。
股息政策
本公司致力通过可持续的股息政策，在
符合股东预期与审慎资本管理两者之间
保持平衡。本公司的股息政策旨在让股
东得以分享本公司的利润，同时让本公
司预留足够储备供日后发展之用。在建
议宣派任何股息时，本公司将考虑多项
因素，包括但不限于本集团之整体营运
业绩、财务状况、预期的营运资金需
求、资本开支需求、流动资金状况、未
来扩展计划、本公司的保留溢利及可供
分派储备之金额、整体经济状况、本集
团业务的业务周期、可能影响本集团业
务或财务表现及状况的其他内在或外在
因素及董事会认为合适的其他因素。
任何本公司宣派及派付股息均将受限于
开曼群岛公司法、组织章程细则、上市
规则以及任何其他适用法律及法规之任
何限制。本公司并无任何预定股息分派
比率。本公司之过往股息分派记录不可
用作厘定本公司于未来可能宣派或派付
之股息水平之参考或基准。股息政策于
任何情况下均不会构成本集团有关其未
来股息之具法律约束力之承担及╱或于
任何情况下均不会使本集团有责任于任
何时间或不时宣派股息。
章程文件
经修订及重列组织章程细则已于二零
二年九月一日举行的本公司二零二
年股东周年大会上以特别决议案获股东
通过，并可于本公司及联交所网站查
阅。于本年度，本公司章程文件概无任
何变动。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2534
Biographical Details of Directors and Senior Management
董事及高级管理层履历
Executive Directors
Mr. Yu Cheung Choy (俞长财), aged 61, is the Chairman and an executive
Director. He is also the director of al subsidiaries of the Company. As the founder
of the Group, he became a controling shareholder of Golden Light Enginering
Limited, an indirect wholy-owned subsidiary of the Company, in March 1987
and established Shun Hing E & M Enginering Limited (“Shun Hing HK”), an
indirect wholy-owned subsidiary of the Company, in August 1987. He is primarily
responsible for leading the overal development, busines strategies and expansion
of the Group. Mr. Yu is a director of Prosperously Legend Limited (“Prosperously
Legend”), which is a substantial Shareholder within the meaning of Part XV of the
Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (“SFO”)
and the controling Shareholder (as defined under the Listing Rules).
Mr. Yu obtained a bachelor degre of enginering (building service management)
with honours from Washington InterContinental University in the United States
through distance learning in March 2004.
Mr. Yu has over 30 years of experience in E&M enginering services industry. His
experience includes project management, supervision and execution for various
E&M enginering services projects.
Mr. Yu is the father of Mr. Yu Ho Chi, an executive Director, and Ms. Yu Tsz Wai, a
non-executive Director.
Mr. Lau Man Ching (刘文青), aged 59, is the Chief Executive Oficer and an
executive Director. He is also the director of al subsidiaries of the Company. He
joined the Group and became the sales and marketing manager of Shun Hing HK
in October 1995. He then became the director of Shun Hing HK in February
2000. He is primarily responsible for directing the overal management and
busines operations of the Group. Mr. Lau is a director of Simply Grace Limited
(“Simply Grace”), which is a substantial Shareholder within the meaning of Part
XV of the SFO and the controling shareholder (as defined under the Listing
Rules).
执行董事
俞长财先生，61岁，主席兼执行董事。
彼亦为本公司所有附属公司的董事。作
为本集团的创办人，彼于一九八七年三
月成为显辉工程有限公司（本公司间接全
资附属公司）的控股东，并于一九八七
年八月成立顺兴机电工程有限公司（「顺
兴香港」，本公司间接全资附属公司）。
彼主要负责领导本集团整体发展、业
务策略及扩展。俞先生为Prosperously
Legend Limited （「Prosperously Legend」）的
董事，该公司为按香港法例第571章证券
及期货条例（「证券及期货条例」）第XV部
所述主要股东及控股东（定义见上市规
则）。
俞先生于二零四年三月透过远程教
育获得美国Washington InterContinental
University工程（屋宇装备管理）荣誉学士
学位。
俞先生在机电工程服务行业拥有逾30年
经验。其经验包括各种机电工程服务项
目的项目管理、监督及执行。
俞先生为执行董事俞浩智先生及非执行
董事俞紫慧女士的父亲。
刘文青先生，59岁，行政总裁兼执行
董事。彼亦为本公司所有附属公司的董
事。彼于一九五年十月加入本集团并
成为顺兴香港的销售及市场推广经理。
彼其后于二零年二月成为顺兴香港
的董事。彼主要负责指示本集团整体管
理及业务营运。刘先生为Simply Grace
Limited （「Simply Grace」）的董事，该公司
为按证券及期货条例第XV部所述主要股
东及控股东（定义见上市规则）。
年报2024-25 顺兴集团（控股）有限公司35
Biographical Details of Directors and Senior Management
董事及高级管理层履历
Mr. Lau obtained a master degre of busines administration in management
from the Southeastern University in the United States through distance learning
in February 1996. He was awarded a diploma in management studies jointly
from The Hong Kong Polytechnic University (formerly known as The Hong Kong
Polytechnic) and Hong Kong Management Asociation in Hong Kong in September
1994. He was also awarded a higher diploma in building services enginering
from The Hong Kong Polytechnic University (formerly known as The Hong Kong
Polytechnic) in Hong Kong in November 1987. He is also the authorised signatory
and technical director in the category of registered specialist contractor (sub-
register of ventilation works), and the category of minor works contractor type E
(Clases I and I) with the Buildings Department for Shun Hing HK.
Mr. Lau has over 35 years in E&M enginering services industry. His experience
include busines management, project management, supervision and execution for
various E&M enginering services projects.
Mr. Yu Ho Chi (俞浩智), aged 36, was apointed as a non-executive Director on
27 June 2016 and a member of the Audit Comite on 6 December 2016. He
was re-designated from a non-executive Director to an executive Director with
efect from 13 January 2020 and ceased to be a member of the Audit Comite
then. Mr. Yu Ho Chi is also the director of a subsidiary of the Company.
Mr. Yu Ho Chi graduated from the University of Melbourne in Australia with a
bachelor degre of comerce in 2009. He has ben a certified public acountant
under Hong Kong Institute of Certified Public Acountants since March 2016. He
has ben also a member of CPA Australia since July 2013.
Mr. Yu Ho Chi worked for a company listed on the Main Board of the Stock
Exchange from January 2016 to September 2019 and his last position was Deputy
Head of Investment Department. He was employed by an international acounting
firm, in the asurance practice and advisory practice betwen 2010 and 2016.
Mr. Yu Ho Chi is the son of Mr. Yu Cheung Choy, the Chairman, an executive
Director and a controling Shareholder (as defined in the Listing Rules) and the
brother of Ms. Yu Tsz Wai, a non-executive Director.
刘先生于一九六年二月透过远程教育
获得美国Southeastern University工商管
理硕士学位。彼于一九四年九月在香
港获香港理工大学（前称香港理工学院）
及香港管理专业协会联合授予管理学文
凭。彼亦于一九八七年十一月在香港获
香港理工大学（前称香港理工学院）颁授
屋宇装备工程高级文凭。彼亦为顺兴香
港在屋宇署专门承造商名册（通风系统工
程类别分册）类别，及小型工程承建商E
类型（第I级别及第I级别）的获授权签署
人及技术总监。
刘先生在机电工程服务行业拥有逾35年
经验。其经验包括各种机电工程服务项
目的业务管理、项目管理、监督及执行。
俞浩智先生，36岁，于二零一六年六月
二十七日获委任为非执行董事，并于二
零一六年十二月六日获委任为审核委员
会之成员。彼自二零二零年一月十三日
起由非执行董事调任为执行董事，并于
同日不再担任审核委员会之成员。俞浩
智先生亦为本公司一间附属公司的董事。
俞浩智先生于二零九年毕业于澳洲墨
尔本大学，获得商学士学位。彼自二
零一六年三月起为香港会计师公会的会
计师。彼亦自二零一三年七月起为澳洲
会计师公会员。
俞浩智先生自二零一六年一月至二零
一九年九月于一间于联交所主板上市公
司工作，离职时职位为投资部副总监。
于二零一零年至二零一六年期间，彼就
职于一间国际会计师事务所处理核证及
咨询工作。
俞浩智先生为主席、执行董事及控股
东（定义见上市规则）俞长财先生的儿子
及非执行董事俞紫慧女士的弟。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2536
Biographical Details of Directors and Senior Management
董事及高级管理层履历
Non-Executive Director
Ms. Yu Tsz Wai (“Ms. Yu”) (俞紫慧), aged 39, was apointed as a non-executive
Director on 11 December 2024. She is also a member of the Nomination
Comite.
Ms. Yu graduated from The Hong Kong University of Science and Technology in
2008 and obtained a bachelor degre of busines administration with honours.
Ms. Yu is a seasoned profesional with over 10 years of management experience
acros industries, curently serving as the Asociate Director at a multinational
company. She joined the company in 2019 and is responsible for leading strategic
initiatives that enhance busines development and market positioning.
Ms. Yu has contributed her expertise to several prestigious multinational
organizations since 2008, including L’Oréal, GlaxoSmithKline, and Mead Johnson,
where she gained valuable insights into global market trends and operational
excelence. Her diverse background and leadership skils have made her an aset in
driving inovation and achieving corporate goals in competitive environments.
Ms. Yu is the daughter of Mr. Yu Cheung Choy, the Chairman, an executive
Director and a controling Shareholder, and the sister of Mr. Yu Ho Chi, an
executive Director.
Independent Non-Executive Directors
Mr. Lam Yim Nam (“Mr. Lam”) (林炎南), aged 73, was apointed as an
independent non-executive Director on 6 December 2016. He is also the
chairman of the Remuneration Comite and a member of each of the Audit
Comite and the Nomination Comite.
Mr. Lam obtained a master degre in busines administration from The Chinese
University of Hong Kong in Hong Kong in December 1995. He also obtained
a bachelor degre of busines administration with honours from The Chinese
University of Hong Kong in Hong Kong in July 1980.
Mr. Lam has held several positions in various banks. He has ben apointed as an
independent non-executive director of Bank of Comunications (Hong Kong)
Limited since December 2019. He was an independent director of Shenzhen
Rural Comercial Bank from May 2012 to May 2018. He was the deputy chief
executive of Bank of China (Hong Kong) Limited from October 2001 to April
2011, and was responsible for overseing retail banking busines. He also held
various positions in the group companies of Bank of China Group and Bank of
China (Hong Kong) Limited, from August 1980 to April 2011, and was responsible
for managing the busines operations of the group companies.
非执行董事
俞紫慧女士（「俞女士」），39岁，于二零
二四年十二月十一日获委任为非执行董
事。彼亦为提名委员会之成员。
俞女士于二零八年毕业于香港科技大
学，并获得工商管理学士学位。
俞女士是一位经验丰富的专业人士，在
多个行业拥有超过10年的管理经验，目
前于一跨国企业担任副总监。彼于二零
一九年加入该公司，负责领导提升业务
发展和市场定位的策略性举措。
俞女士自二零八年起曾为多家知名跨
国公司贡献其专业知识，包括欧莱雅、
葛兰素史克和美赞臣，在这些公司中彼
获得了全球市场趋势和运营卓越的宝贵
见解。其多元化的背景和领导能力使彼
在推动创新和实现企业目标方面成为竞
争环境中的重要资产。
俞女士为主席、执行董事兼控股东俞
长财先生的女儿及执行董事俞浩智先生
的姐。
独立非执行董事
林炎南先生（「林先生」），73岁，于二零
一六年十二月六日获委任为独立非执行
董事。彼亦为薪酬委员会主席及审核委
员会及提名委员会各自之成员。
林先生于一九五年十二月在香港获得
香港中文大学工商管理硕士学位。彼亦
于一九八零年七月在香港获得香港中文
大学工商管理荣誉学士学位。
林先生于多家银行担任多个职务。彼自
二零一九年十二月起获委任为交通银行
（香港）有限公司独立非执行董事。于二
零一二年五月至二零一八年五月，彼曾
任深圳农村商业银行独立董事。于二零
零一年十月至二零一年四月，彼曾任
中国银行（香港）有限公司副总裁，负责
监督零售银行业务。于一九八零年八月
至二零一年四月，彼亦曾于中国银行
集团及中国银行（香港）有限公司旗下集
团公司担任多个职务，负责管理集团公
司的业务营运。
年报2024-25 顺兴集团（控股）有限公司37
Biographical Details of Directors and Senior Management
董事及高级管理层履历
Mr. Lam has ben an honorary adviser of The Hong Kong Institute of Bankers
since 2011. He was a visiting profesor of the Vocational Training Council
from September 2011 to August 2015. He was an adjunct profesor in the
department of finance of The Chinese University of Hong Kong from March
2011 to 28 February 2014. He was a member of Hong Kong Banking Industry
Training Advisory Comite from August 2010 to July 2012. He was a director
of Comunity Chest of Hong Kong from June 2006 to March 2011. He was a
member of Mandatory Provident Fund Schemes Advisory Comite from April
2009 to March 2011. He was a member of the Chongqing Comite of Chinese
People’s Political Consultative Conference (中国人民政治协商会议重庆市委员
会) from January 2008 to December 2012.
Mr. Le Wing Ke (“Mr. Le”) (李永基), aged 72, was apointed as an
independent non-executive Director on 6 December 2016. He is also the
chairman of the Nomination Comite and member of each of the Audit
Comite and the Remuneration Comite.
Mr. Le obtained a bachelor degre of science (enginering) (civil enginering)
from the Quen Mary Colege, University of London in the United Kingdom in
August 1976. He has ben a member of the Hong Kong Institution of Enginers in
Hong Kong since August 1983.
Mr. Le joined Shui On Building Contractors Limited in April 1985 and held
various positions in the company. Among the various positions he held, he was
the deputy managing director of SOCAM Aset Management (HK) Limited
from July 2013 to June 2016. He was the deputy managing director of Shui On
Construction Company Limited from July 2013 to July 2014 and the executive
director of Shui On Construction Company Limited from October 2000 to June
2013. Al of the above companies are subsidiaries of SOCAM Development
Limited, a company whose shares of which are listed on the Main Board of the
Stock Exchange (stock code: 983).
林先生自二零一年起任香港银行学会
的荣誉顾问。彼于二零一年九月至二
零一五年八月为职业训练局客席教授。
彼于二零一年三月至二零一四年二月
二十八日为香港中文大学金融系客席教
授。彼于二零一零年八月至二零一二年
七月为香港银行业培训咨询委员会
员。彼于二零六年六月至二零一年
三月为香港公益金董事。彼于二零九
年四月至二零一年三月为强制性公积
金计划咨询委员会员。彼于二零八
年一月至二零一二年十二月为中国人民
政治协商会议重庆市委员会委员。
李永基先生（「李先生」），72岁，于二零
一六年十二月六日获委任为独立非执行
董事。彼亦为提名委员会主席以及审核
委员会及薪酬委员会各自之成员。
李先生于一九七六年八月获得英国伦敦
大学玛丽皇后学院工程（土木工程）理学
士学位。彼自一九八三年八月起成为香
港的香港工程师学会员。
李先生于一九八五年四月加入瑞安承建
有限公司，并曾在该公司担任多个职
务。在所担任的多个职务中，彼于二零
一三年七月至二零一六年六月为瑞安建
业资产管理（香港）有限公司的副董事总
经理。彼于二零一三年七月至二零一四
年七月为瑞安建筑有限公司的副董事总
经理及于二零年十月至二零一三年
六月为瑞安建筑有限公司的执行董事。
所有上述公司均为瑞安建业有限公司（该
公司之股份于联交所主板上市，股份代
号：983）的附属公司。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2538
Biographical Details of Directors and Senior Management
董事及高级管理层履历
Mr. Le was a member of the disciplinary board panel of the Comisioner
for Labour from March 2009 to February 2015. He was a member of the
Comite on Employes’ Compensation from January 2009 to December 2014.
He was the chairman of Construction Workers Qualification Comite of
Construction Workers Registration Authority from May 2006 to October 2010.
He was a council member of Hong Kong Construction Asociation from April
2003 to June 2016, the vice president of Hong Kong Construction Asociation
from 2005 to 2013 and the chairman of the building comite of Hong Kong
Construction Asociation from 2005 to 2013 respectively. He was a member
of Construction Workers Registration Authority of Environment, Transport
and Works Bureau from October 2004 to October 2010. He was a member
of Building Subcomite of Land and Building Advisory Comite from April
2003 to March 2007 and a member of Construction Industry Training Authority
from September 2003 to May 2007. He was the deputy honorary treasurer of
The Hong Kong Construction Asociation, Ltd., the chairman of the Training Sub-
comite and the vice chairman of the Training, Health and Safety Comite of
The Hong Kong Construction Asociation Ltd. from 2003 to 2005 respectively.
Dr. Law Man Wah (“Dr. Law”) (罗文华), aged 73, was apointed as an
independent non-executive Director on 1 November 2019. He is also the
chairman of the Audit Comite and member of each of the Nomination
Comite and the Remuneration Comite.
Dr. Law graduated from The Chinese University of Hong Kong with a bachelor
degre of busines administration in October 1975 and obtained a master
degre in busines administration from Brunel University (curently known as
Brunel University London), United Kingdom through distance learning in May
1992, a master of science degre in finance from City University of Hong Kong in
November 1995 and a master of busines (acounting) from Monash University,
Australia through distance learning in November 2000. In October 2011, he was
confered Doctor of Busines Administration by The Hong Kong Polytechnic
University, major in finance and acounting. Dr. Law also holds various profesional
qualifications, including Certified Management Acountant in United States of
America, Certified Banker and Certified Financial Management Planer of the
Hong Kong Institute of Bankers. He is also a member of the Hong Kong Institute
of Directors and a member of its training comite. Moreover, Dr. Law holds
the International Certificate in Banking Risk and Regulation from the Global
Asociation of Risk Profesionals.
李先生于二零九年三月至二零一五年
二月担任劳工处长纪律审裁委员会
员。彼于二零九年一月至二零一四年
十二月担任雇员补偿委员会员。彼于
二零六年五月至二零一零年十月担任
建造业工人注册管理局建造业工人资格
评审委员会主席。彼于二零三年四月
至二零一六年六月为香港建造商会
员，二零五年至二零一三年为香港建
造商会的副主席，并于二零五年至二
零一三年担任香港建造商会建筑小组的
主席。彼于二零四年十月至二零一零
年十月担任环境运输及工务局的建造业
工人注册管理局成员。彼于二零三年
四月至二零七年三月为土地及建设咨
询委员会建设小组委员会员，二零
三年九月至二零七年五月为建造业训
练局的会员。彼于二零三年至二零
五年分别担任香港建造商会有限公司副
义务司库、香港建造商会培训小组委员
会主席及培训、健康与安全小组副主席。
罗文华博士（「罗博士」），73岁，于二零
一九年十一月一日获委任为独立非执行
董事。彼亦为审核委员会主席以及提名
委员会及薪酬委员会各自之成员。
罗博士于一九七五年十月毕业于香港中
文大学，获得工商管理学士学位，亦于
一九二年五月透过远程教育获得英国
布鲁内尔大学（现称伦敦布鲁内尔大学）
工商管理硕士学位、于一九五年十一
月获得香港城市大学财务学理科硕士学
位，以及于二零年十一月透过远程
教育获得澳洲蒙纳许大学商业（会计）
硕士学位。于二零一年十月，彼获香
港理工大学颁授工商管理博士学位，主
修金融及会计。罗博士亦持有多个专业
资格，包括美国注册管理会计师、香港
银行学会银行专业会士及专业财富管理
师。彼亦为香港董事学会员及其培训
委员会成员。另外，罗博士亦持有全球
风险管理专业人士协会之银行风险与监
管国际证书。
年报2024-25 顺兴集团（控股）有限公司39
Biographical Details of Directors and Senior Management
董事及高级管理层履历
Dr. Law has over 30 years’ experience in the finance industry. He worked for
Nanyang Comercial Bank Ltd. (“NCB”) from February 1983 to September
2001 and held various positions in NCB. He was the deputy general manager of
NCB from March 1992 to September 2001 and was responsible for acounting,
financial management, information technology, organisation and method, etc. He
was the director of NCB from August 1994 to April 2007. Dr. Law worked for
Bank of China (Hong Kong) Limited from October 2001 to October 2010 where
his last position held was head of financial management and general manager
of financial management department. He was involved in the restructuring and
listing of BOC Hong Kong (Holdings) Limited in 2001 and 2002. During his terms
of apointment in Bank of China (Hong Kong) Limited, he was responsible for
acounting, financial compliance, budgeting preparation and control, etc. He also
served as director of BOCI-Prudential Truste Limited from October 1999
to March 2009. Curently, Dr. Law is a member of examination moderation
comite of Hong Kong Institute of Bankers and a specialist of Hong Kong
Council for Acreditation of Academic & Vocational Qualifications.
Senior management
Mr. Wong Hoi Fung Mars (“Mr. Wong”) (黄凯锋), aged 54, is the director of
Shun Hing HK. He worked as project manager of our Group from 2003 to 2006,
re-joined our Group as general manager of Shun Hing HK in March 2020 and was
promoted to director of Shun Hing HK in April 2022. He has over 30 years of
experience in E&M enginering services industry. He is primarily responsible for
overseing and managing project administration and busines marketing.
Mr. Wong obtained a master degre of science in building services enginering
from The University of Hong Kong in December 2003. He obtained a bachelor
of enginering in mechanical enginering from The University of Hong Kong in
November 1995.
Mr. Wong has ben a chartered enginer of the Enginering Council since June
2004. He also has ben a member of The Hong Kong Institution of Enginers
and the Institution of Mechanical Enginers since June 2004 and April 2004
respectively.
罗博士于金融业拥有超过30年的经验。
于一九八三年二月至二零一年九月，
彼于南洋商业银行有限公司（「南商」）工
作并担任多个职务。于一九二年三月
至二零一年九月，彼担任南商副总经
理，负责会计、财务管理、资讯科技、
系统制度等。于一九四年八月至二
零七年四月，彼担任南商之董事。于
二零一年十月至二零一零年十月，罗
博士于中国银行（香港）有限公司任职，
最后职位为财务管理主管及财务管理部
总经理。于二零一年及二零二年，
彼曾参与中银香港（控股）有限公司的重
组及上市工作。彼于中国银行（香港）有
限公司任职期间，彼负责会计、财务合
规、预算编制及管理等。于一九
年十月至二零九年三月，彼亦担任中
银国际英国保诚信托有限公司之董事。
罗博士现为香港银行学会考试审核委员
会委员及香港学术及职业资历评审局专
家。
高级管理层
黄凯锋先生（「黄先生」），54岁，顺兴香
港董事。彼于二零三年至二零六年
于本集团担任项目经理，于二零二零年
三月重新加入本集团担任顺兴香港总经
理并于二零二年四月晋升为顺兴香港
的董事。彼于机电工程服务行业拥有逾
30年经验。彼主要负责监督及管理项目
行政管理及商业市场推广。
黄先生于二零三年十二月获得香港大
学建筑服务工程理学硕士学位。彼于
一九五年十一月获得香港大学机械工
程工学士学位。
黄先生自二零四年六月起为英国工程
委员会特许工程师。彼亦自二零四年
六月及二零四年四月起分别为香港工
程师学会及机械工程师学会员。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2540
Biographical Details of Directors and Senior Management
董事及高级管理层履历
Mr. Le Chun Mo (李振武), aged 56, is the project director of Shun Hing HK.
He joined our Group in March 2002 as project manager and was promoted to
senior project manager in April 2016 and project director in April 2024. He has
over 29 years of experience in E&M enginering services industry. He is primarily
responsible for overseing and managing project execution, operation and cost
control maters.
Mr. Le Chun Mo obtained a bachelor of enginering in building services
enginering with first clas honours from The Hong Kong Polytechnic University in
December 2005. He was awarded a higher certificate in mechanical enginering
from The Hong Kong Polytechnic University (formerly known as The Hong
Kong Polytechnic) in November 1991. He is also the authorised signatory in the
category of Ventilation Works, and the category of minor works contractors Type
E (Clases I, I and I) with the Buildings Department for Shun Hing HK.
Mr. Chan Ho Kei (“Mr. Chan”) (陈浩基), aged 38, is the financial controler
of our Group. He joined our Group in March 2016 as a financial controler. He
is primarily responsible for managing the financial operations and acounting
functions of our Group.
Mr. Chan obtained a bachelor degre in busines administration (major in
profesional acountancy) from The Chinese University of Hong Kong in July 2010.
Mr. Chan has over 14 years of experience in acounting and audit services. Prior
to joining our Group, he was employed by an international acounting firm as a
manager in the asurance department, and was responsible for providing audit
services. He has ben a certified public acountant under Hong Kong Institute of
Certified Public Acountants since January 2014 and a member of The Institute of
Chartered Acounts in England and Wales since August 2022. He has also ben
an asociate member of The Hong Kong Chartered Governance Institute (formerly
known as The Hong Kong Institute of Chartered Secretaries) and The Chartered
Governance Institute since November 2019.
COMPANY SECRETARY
Mr. Tse Kam Fai (谢锦辉), aged 61, was apointed as the Company Secretary on
9 May 2016. Mr. Tse is a felow member of The Chartered Governance Institute
(formerly known as The Institute of Chartered Secretaries and Administrators)
and The Hong Kong Chartered Governance Institute (formerly known as The
Hong Kong Institute of Chartered Secretaries). He is also a member of The
Hong Kong Institute of Directors. Mr. Tse is curently the company secretary of
several companies listed on the Main Board of the Stock Exchange. He is also an
executive director of a local profesional firm providing regulatory compliance,
corporate governance and corporate secretarial services to listed and unlisted
corporations. Mr. Tse has more than 30 years’ solid experience in handling listed
company secretarial and compliance related maters.
李振武先生，56岁，顺兴香港项目总
监。彼于二零二年三月加入本集团担
任项目经理，并分别于二零一六年四月
及二零二四年四月晋升为高级项目经理
及项目总监。彼于机电工程服务行业拥
有逾29年经验。彼主要负责监督及管理
项目执行、营运及成本控制事宜。
李振武先生于二零五年十二月获得香
港理工大学屋宇装备工程一级荣誉学士
学位。彼于一九一年十一月获香港理
工大学（前称香港理工学院）授予机械工
程高级证书。彼亦为顺兴香港于屋宇署
的通风系统工程类别及小型工程承建商E
类型（第I级别、第I级别及第I级别）的
获授权签署人。
陈浩基先生（「陈先生」），38岁，本集团
财务总监。彼于二零一六年三月加入本
集团担任财务总监。彼主要负责管理本
集团财务运营及会计职能。
陈先生于二零一零年七月获得香港中文
大学工商管理学士学位（主修专业会计
学）。
陈先生于会计及审核服务方面拥有逾14
年经验。于加入本集团前，彼于一间国
际会计师事务所担任核证部经理，负责
提供核数服务。彼自二零一四年一月起
为香港会计师公会的会计师及自二零
二年八月起为英格兰及威尔士特许会
计师公会的会员。彼自二零一九年十一
月起亦为香港公司治理公会（前称香港特
许秘书公会）及特许公司治理公会的会
士。
公司秘书
谢锦辉先生，61岁，于二零一六年五月
九日获委任为公司秘书。谢先生为特许
公司治理公会（前称特许秘书及行政人员
公会）及香港公司治理公会（前称香港特
许秘书公会）资深会士。彼亦为香港董事
学会员。谢先生现为多间于联交所主
板上市公司的公司秘书。彼亦为本地一
家向上市及非上市公司提供监管合规、
企业管治及公司秘书服务的专业公司的
执行董事。谢先生于处理上市公司秘书
及合规相关事宜方面积逾30年丰富经验。
年报2024-25 顺兴集团（控股）有限公司41
Directors’ Report
董事报告
The Directors are pleased to present the Board the anual report together with
the audited consolidated financial statements of the Group for the Year.
PRINCIPAL ACTIVITIES
The Company is an investment holding company and its subsidiaries are principaly
engaged in provision of E&M enginering services in Hong Kong.
BUSINES REVIEW
A review of the busines of the Group for the Year and a discusion on the
Group’s future busines development, and also the Group’s performance during
the Year are provided in the sections headed “Chairman’s Statement” and
“Management Discusion and Analysis” respectively from pages 4 to 6 and pages 7
to 13 of this anual report.
The details of key performance indicators are shown in the section headed
“Management Discusion and Analysis” on pages 7 to 13 of this anual report.
The environmental policies and performance, compliance with relevant laws and
regulations and relationships with employes are discused in the Environmental,
Social and Governance Report (“ESG Report”) which is published on the Stock
Exchange’s website and the Company’s website.
Principal Risks and Uncertainties
There are certain risks involved in the Group’s operations, many of which are
beyond the Group’s control, including but not limited to those relating to the
busines and the industry. Some of the major risks the Group facing include the
folowing:
- , both localy and globaly, which
may have adverse impact in the E&M enginering services industry, such as
unfavourable change in project timeline and fluctuation in raw material and
equipment;
- &M enginering services industry.
Elevated competition with market participants may lead to lower profit
margins and los of market share;
董事欣然提呈董事会年度报告及本集团
本年度的经审核综合财务报表。
主要业务
本公司是一家投资控股公司，其附属公
司主要从事在香港提供机电工程服务。
业务回顾
本集团本年度的业务回顾、本集团未来
业务发展的讨论以及本集团于本年度的
表现，分别载于本年报第4至6页的「主
席报告」及第7至13页的「管理层讨论及
分析」等节。
关键绩效指标详情载于本年报第7至13
页的「管理层讨论及分析」一节。
环境政策及表现、遵守相关法律及法规
的情况以及与雇员的关系，在刊载于联
交所网站及本公司网站的环境、社会及
管治报告（「ESG报告」）中论述。
主要风险及不确定因素
本集团运营涉及若干风险，其中许多不
受本集团控制，包括但不限于与我们的
业务及行业相关的风险。本集团面临的
若干重大风险包括下列各项：
• 本地及全球整体市场情况可能会
对机电工程服务业造成不利影
响，例如项目时间表出现不利变
化以及原材料及设备价格波动；
• 本集团于竞争激烈的机电工程行
业营运。市场参与者间的加剧竞
争或会导致利润率下降及市场份
额下降；
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2542
Directors’ Report
董事报告
• The unexpected and unreasonable contra charges deducted by our main
contractors, which may adversely impact our cashflow and profitability of
our projects;
• failure by our customers to make remitance of progres payments of our
projects on time and in ful, which may lead to mismatch of cashflows and
adverse efect on our liquidity position; and
• the potential unfavourable change in project timeline which may adversely
afect the manpower planing and financial performance of the Group.
Environmental Policy and Performance
The ESG Report of the Company for the Year contained the information required
under Apendix C2 to the Listing Rules is published on the Stock Exchange’s
website and the Company’s website.
Compliance with the Relevant Laws and Regulations
During the Year, as far as the Board and management are aware, there was no
material breach of or non-compliance with the aplicable laws and regulations by
the Group that has a significant impact on the busineses and operation of the
Group.
Further discusion on the compliance with the relevant laws and regulations are
also contained in the ESG Report which is published on the Stock Exchange’s
website and the Company’s website.
Key Relationships with Employes, Customers and Supliers
The Group recognises that employes are one of the significant asets of
the Group. The Group aims to continue establishing a caring environment to
employes and emphasis the personal development of its employes.
The Group maintains a god relationship with its customers and supliers. The
Group aims to continue providing quality services and consumption experiences
to its customers and establishing coperation strategy with its supliers.
Further discusion on the key relationships with employes, customers and
supliers is also contained in the ESG Report which is published on the Stock
Exchange’s website and the Company’s website.
• 我们的主要承包商扣除意料以外
和不合理的对销费用，或会对我
们的现金流量及项目的盈利能力
产生不利影响；
• 我们的客户未能准时并悉数汇付
我们的项目进度款项，此可能导
致现金流量错配并对我们的流动
资金状况造成不利影响；及
• 项目时间表的潜在不利变动或会
对本集团的人力计划及财务表现
产生不利影响。
环境政策及表现
载有上市规则附录C2所规定的资料的本
公司于本年度的ESG报告载列于联交所网
站及本公司网站。
遵守相关法律及法规
于本年度内，就董事会及管理层所知
悉，本集团并无严重违反或不遵守相关
法律及法规以致本集团业务及营运受到
重大影响。
就遵守相关法律及法规的进一步讨论亦
包含在刊载于联交所网站及本公司网站
的ESG报告之内。
与雇员、客户及供应商的主要关系
本集团确认雇员乃本集团重要资产之
一。本集团以持续营造关怀雇员的环境
为目标，并重视雇员的个人发展。
本集团与客户及供应商维持良好关系，
并以不断为客户提供优质服务及消费体
验以及与供应商建立合作策略为目标。
就与雇员、客户及供应商的主要关系的
进一步讨论亦包含在刊载于联交所网站
及本公司网站的ESG报告之内。
年报2024-25 顺兴集团（控股）有限公司43
Directors’ Report
董事报告
RESULTS AND APROPRIATIONS
The results of the Group for the Year are set out in the consolidated statement of
profit or los and other comprehensive income on page 61.
The Board did not propose any final dividend in respect of the year ended 31
March 2025.
CLOSURE OF REGISTER OF MEMBERS AND RECORD DATE
For the purpose of determining the identity of the Shareholders entitled to
atend and vote at the 2025 AGM, the register of members of the Company wil
be closed from Monday, 25 August 2025 to Friday, 29 August 2025, both days
inclusive, during the period no transfer of shares wil be registered. In order to be
eligible to atend and vote at the 2025 AGM, al transfer of shares acompanied by
the relevant share certificates must be lodged with the Company’s branch share
registrar and transfer ofice in Hong Kong, Tricor Investor Services Limited at 17/
F, Far East Finance Centre, 16 Harcourt Road, Hong Kong for registration not
later than 4:30 p.m. on Friday, 22 August 2025. The record date for atending and
voting at 2025 AGM is Friday, 29 August 2025.
PROPERTY AND EQUIPMENT
Details of the movements during the Year in the property and equipment of the
Group are set out in Note 13 to the consolidated financial statements.
DISTRIBUTABLE RESERVES
As at 31 March 2025, the Company’s reserves available for distribution to the
Shareholders amounted to aproximately HK$80,476,000.
业绩及分配
本集团本年度的业绩载于第61页综合损
益及其他全面收入表内。
董事会不建议就截至二零二五年三月
三十一日止年度派付任何末期股息。
暂停办理股份过户登记手续及记录日期
为厘定有权出席二零二五年股东周年大
会并于会上投票的股东的身份，本公司
将于二零二五年八月二十五日（星期一）
至二零二五年八月二十九日（星期五）（包
括首尾两日）暂停办理股份过户登记，期
间将不会进行任何股份过户登记手续。
为合资格出席二零二五年股东周年大会
并于会上投票，所有股份过户文件连同
有关股票须二零二五年八月二十二日（星
期五）下午四时三十分前送抵本公司的香
港股份过户登记分处卓佳证券登记有限
公司，地址为香港夏
悫
道16号远东金融
中心17楼，以供登记。出席二零二五年
股东周年大会及于会上投票之记录日期
为二零二五年八月二十九日（星期五）。
物业及设备
本集团的物业及设备于本年度的变动详
情载于综合财务报表附注13。
可供分派储备
于二零二五年三月三十一日，本公司可
供分派予股东的储备约为80,476,000港元。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2544
Directors’ Report
董事报告
SHARE CAPITAL
Details of the share capital are set out in Note 27 to the consolidated financial
statements. There was no movement in the Company’s share capital during the
Year.
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the Articles of Asociation
or the laws of the Cayman Islands, being the jurisdiction in which the Company
was incorporated, which would oblige the Company to ofer new Shares on a pro
rata basis to existing Shareholders.
RELIEF OF TAXATION
The Company is not aware of any relief from taxation available to the
Shareholders by reason of their holding of the shares of the Company.
PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE
COMPANY
Neither the Company nor any of its subsidiaries purchased, sold or redemed any
of the Company’s listed securities during the Year.
PERMITED INDEMNITY PROVISION
The Company has aranged for apropriate insurance cover for Directors’
and oficers’ liabilities in respect of legal actions against its Directors and senior
management arising out of corporate activities. The permited indemnity provision
is in force for the benefit of the Directors as required by section 470 of the
Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (the “Companies
Ordinance”) when the Report of the Board of the Directors prepared by the
Directors is aproved in acordance with section 391(1)(a) of the Companies
Ordinance.
GROUP FINANCIAL SUMARY
A sumary of the results and the asets and liabilities of the Group for the last
five financial years is set out on pages 131 to 132 of this anual report.
股本
股本详情载于综合财务报表附注27。本
公司的股本于本年度内并无变动。
优先购买权
组织章程细则或开曼群岛（本公司注册成
立所在的司法权区）法律并无规定本公司
须按比例向现有股东发售新股的优先购
买权的条文。
税务宽免
就本公司所知，股东并无因持有本公司
股份而获得任何税务宽免。
购买、出售或赎回本公司上市证券
于本年度本公司或其任何附属公司概无
购买、出售或赎回任何本公司上市证券。
获准许弥偿条文
本公司已就其董事及高级管理层可能面
对因企业活动产生针对彼等的法律行
动，为董事及高级职员的责任作出适当
投保安排。基于董事利益的获准许弥偿
条文根据公司条例（香港法例第622章）
（「公司条例」）第470条的规定于董事编制
的董事会报告按照公司条例第391(1)(a)
条获通过时生效。
集团财务概要
本集团过去五个财政年度的业绩及资产
与负债概要载于本年报第131至132页。
年报2024-25 顺兴集团（控股）有限公司45
Directors’ Report
董事报告
DIRECTORS
The list of Directors of the Company during the Year and up to the date of this
anual report is set out below:
Executive Directors
Mr. Yu Cheung Choy (Chairman)
Mr. Lau Man Ching (Chief Executive Oficer)
Mr. Yu Ho Chi
Non-executive Director
Ms. Yu Tsz Wai (apointed on 11 December 2024)
Independent Non-executive Directors
Mr. Lam Yim Nam
Mr. Le Wing Ke
Dr. Law Man Wah
In acordance with article 84(1) and 83(3) of the Articles of Asociation, Mr. Yu
Ho Chi, Ms. Yu Tsz Wai and Mr. Lam Yim Nam wil retire by rotation at the 2025
AGM and, being eligible, ofer themselves for re-election at the 2025 AGM.
DIRECTORS’ SERVICE CONTRACTS
Each of Mr. Yu Cheung Choy and Mr. Lau Man Ching, being executive Directors,
has renewed his service agrement with the Company for a term of thre years
comencing on 3 January 2023. Either party has the right to terminate the service
agrement by giving not les than six months’ writen notice to the other party.
Mr. Yu Ho Chi, being an executive Director, has entered into a service agrement
with the Company for a term of thre years comencing on 13 January 2023.
Either party has the right to terminate the service agrement by giving not les
than six months’ writen notice to the other party.
Ms. Yu Tsz Wai, being a non-executive Director, has entered into a leter of
apointment with the Company for a term of thre years comencing on 11
December 2024. Either party has the right to terminate the leter of apointment
by giving not les than thre months’ writen notice to the other party.
Each of Mr. Lam Yim Nam and Mr. Le Wing Ke, being independent
non-executive Directors, has renewed his leter of apointment with the
Company for a term of thre years comencing on 3 January 2023. Either party
has the right to terminate the leter of apointment by giving not les than thre
months’ writen notice to the other party.
董事
以下为本年度内及直至本年报日期本公
司董事的名单：
执行董事
俞长财先生（主席）
刘文青先生（行政总裁）
俞浩智先生
非执行董事
俞紫慧女士（于二零二四年十二月十一日
获委任）
独立非执行董事
林炎南先生
李永基先生
罗文华博士
根据组织章程细则第84(1)及83(3)条，俞
浩智先生、俞紫慧女士及林炎南先生将
于二零二五年股东周年大会上轮值告退
并符合资格在二零二五年股东周年大会
上膺选连任。
董事服务合约
执行董事俞长财先生及刘文青先生各自
已与本公司重续其服务协议，自二零
二三年一月三日起计为期三年。任何一
方有权透过向另一方发出不少于六个月
书面通知终止服务协议。
执行董事俞浩智先生已与本公司订立服
务协议，自二零二三年一月十三日起计
为期三年。任何一方有权透过向另一方
发出不少于六个月书面通知终止服务协
议。
非执行董事俞紫慧女士已与本公司订立
委任函，自二零二四年十二月十一日起
计为期三年。任何一方有权透过向另一
方发出不少于三个月书面通知终止委任
函。
独立非执行董事林炎南先生及李永基先
生各自已与本公司重续其委任函，自二
零二三年一月三日起计为期三年。任何
一方有权透过向另一方发出不少于三个
月书面通知终止委任函。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2546
Directors’ Report
董事报告
Dr. Law Man Wah, being independent non-executive Director, has entered into a
leter of apointment with the Company for a term of thre years comencing
on 1 November 2022. Either party has the right to terminate the leter of
apointment by giving not les than thre months’ writen notice to the other
party.
None of the Directors who are proposed for re-election at the 2025 AGM has
a service contract with the Company which is not determinable within one year
without payment of compensation, other than statutory compensation.
RELATED PARTY TRANSACTIONS
Details of the related party transactions undertaken by the Group are set out in
Note 29 to the consolidated financial statements. The Directors consider that
those related party transactions did not fal under the definition of “conected
transaction” or “continuing conected transaction” in Chapter 14A of the Listing
Rules which are required to comply with any of the reporting, anouncement or
independent shareholders’ aproval requirements under the Listing Rules. The
Group has complied with the disclosure requirements in acordance with Chapter
14A of the Listing Rules.
CONFIRMATION OF INDEPENDENCE
The Company has received from each of the independent non-executive
Directors a confirmation of independence. The Company considers that al of the
independent non-executive Directors are independent.
DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES
At no time during the Year was the Company or any of its subsidiaries a party to
any arangements to enable the Directors or their asociates to acquire benefits
by means of acquisition of shares in or debentures of, the Company or in any
other body corporate.
DIRECTORS’ MATERIAL INTERESTS IN TRANSACTIONS,
ARANGEMENTS OR CONTRACTS
No significant transaction, arangements and contracts of significance in relation to
the Group’s busines to which the Company or any of its subsidiaries was a party,
and in which a Director had a material interest, whether directly or indirectly
subsisted at 31 March 2025 or at any time during the Year.
CONTRACTS WITH CONTROLING SHAREHOLDERS
No contract of significance was entered into betwen the Group, or any of its
subsidiaries, and any of the controling Shareholders or any of their subsidiaries
during the Year.
独立非执行董事罗文华博士已与本公司
订立委任函，自二零二年十一月一日
起计为期三年。任何一方有权透过向另
一方发出不少于三个月书面通知终止委
任函。
拟于二零二五年股东周年大会上重选的
董事概无与本公司订有不可于一年内免
付补偿（法定补偿除外）而终止的服务合
约。
关联方交易
本集团关联方交易的详情载于综合财务
报表附注29。董事认为该等关联方交易
并非上市规则第十四A章所界定遵守上市
规则项下任何申报、公布或独立股东批
准的规定的「关连交易」或「持续关连交
易」。本集团已遵守上市规则第十四A章
的披露规定。
确认独立性
本公司已收到各独立非执行董事就其独
立性作出的确认。本公司认为，所有独
立非执行董事均属独立人士。
董事购买股份或债权证的权利
本公司或其任何附属公司于本年度任何
时间概无参与可以使董事或其联系人通
过收购本公司或任何其他法人团体的股
份或债权证以取得利益的安排。
董事于交易、安排或合约中的重大权益
于二零二五年三月三十一日或本年度内
任何时间，概无存续本公司或其附属公
司为订约方且董事直接或间接拥有重大
利益的与本集团业务有关的重大交易、
安排及重大合约。
与控股东订立合约
于本年度，本集团或其任何附属公司并
无与任何控股东或其任何附属公司订
立重大合约。
年报2024-25 顺兴集团（控股）有限公司47
Directors’ Report
董事报告
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT
POSITIONS IN SHARES AND UNDERLYING SHARES
As at 31 March 2025, the interests or short positions of the Directors and chief
executives of the Company in the shares, underlying shares and debentures of
the Company or any asociated corporation (within the meaning of Part XV of
the SFO) which were notified to the Company and the Stock Exchange pursuant
to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions
which they are taken or demed to have under such provisions of the SFO), or
which were required, pursuant to section 352 of the SFO, to be entered in the
register refered to therein, or which were required, pursuant to the Model Code,
are set out below:
Name of Directors
董事姓名
Capacity
身份
Long position/
Short position
好仓╱淡仓
Number of
shares/
underlying
shares held
所持股份╱
相关股份数目
Aproximate
percentage of
the isued share
capital of
the Company
所占本公司
已发行股本
概约百分比
Notes
附注
Yu Cheung Choy
俞长财
Interests held jointly with another
person/Interest of controled
corporations
与另一名人士共同持有的
权益╱受控法团权益
Long position
好仓
246,000,00061.50%1, 3
Lau Man Ching
刘文青
Interests held jointly with another
person/Interest of controled
corporations
与另一名人士共同持有的
权益╱受控法团权益
Long position
好仓
54,000,00013.50%2, 3
Notes:
1. Theses 246,000,000 shares of the Company are held through Prosperously Legend, which is wholy-
owned by Mr. Yu Cheung Choy.
2. Theses 54,000,000 shares of the Company are held through Simply Grace, which is wholy-owned by
Mr. Lau Man Ching.
3. On 7 July 2016, Mr. Yu Cheung Choy and Mr. Lau Man Ching entered into the acting-in-concert
confirmation, whereby they confirmed that, among other things, since 21 July 2004, they have ben
actively coperating with one another and acting in concert, with an aim to achieving consensus and
concerted action on al operating and financing decisions and major afairs relating to each member
company within the Group.
董事及最高行政人员于股份及相关股份
的权益及淡仓
于二零二五年三月三十一日，董事及本
公司最高行政人员于本公司或任何相联
法团（定义见证券及期货条例第XV部）的
股份、相关股份及债权证中，拥有根据
证券及期货条例第XV部第7及8分部须
知会本公司及联交所（包括彼等根据证券
及期货条例的该等条文被当作或视为拥
有的权益或淡仓）的权益或淡仓，或根据
证券及期货条例第352条须登记于该条例
所述登记册的权益或淡仓，或根据标准
守则规定的权益或淡仓如下：
附注：
- ,000,000股本公司股份乃透过Prosperously
Legend持有，而Prosperously Legend由俞长财先
生全资拥有。
- ,000,000股本公司股份乃透过Simply Grace
持有，而Simply Grace由刘文青先生全资拥有。
- ，俞长财先生及刘文青
先生订立一致行动确认书，据此，彼等确认
（其中包括）自二零四年七月二十一日起，彼
等一直互相积极合作及一致行动，目标是要就
所有经营及融资决定以及有关本集团内各成员
公司重大事务达成共识及一致行动。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2548
Directors’ Report
董事报告
Save as disclosed above, none of the Directors, or chief executives of the
Company or their asociates had any interests or short positions in any shares,
underlying shares or debentures of the Company or any of its asociated
corporations as defined in Part XV of the SFO as recorded in the register to be
kept under section 352 of the SFO or as otherwise notified to the Company and
the Stock Exchange pursuant to the Model Code as at 31 March 2025.
SUBSTANTIAL SHAREHOLDERS INTERESTS AND SHORT POSITIONS
IN SHARES AND UNDERLYING SHARES
As at 31 March 2025, the register of substantial shareholders maintained by
the Company pursuant to section 336 of the SFO shows that, other than the
interests of the Directors and the chief executives of the Company, the folowing
Shareholders had notified the Company of relevant interests or short position in
shares and underlying shares of Company as folows:
Name
姓名
Capacity
身份
Long position/
Short position
好仓╱淡仓
Number of
shares/
underlying
shares held
所持股份╱
相关股份数目
Aproximate
percentage of
the isued share
capital of
the Company
所占本公司
已发行股本
概约百分比
Notes
附注
Prosperously LegendBeneficial owner
实益拥有人
Long position
好仓
246,000,00061.50%1
Simply GraceBeneficial owner
实益拥有人
Long position
好仓
54,000,00013.50%2
Notes:
1. Prosperously Legend is wholy-owned by Mr. Yu Cheung Choy.
2. Simply Grace is wholy-owned by Mr. Lau Man Ching.
Save as disclosed above, no other parties were recorded in the register of the
Company required to be kept under section 336 of the SFO as having interests
or short positions in the shares or underlying shares of the Company as at
31 March 2025.
除上文所披露者外，于二零二五年三月
三十一日，概无董事或本公司的最高行
政人员或彼等的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）的股份、相关股份及债权证中，
拥有记录于根据证券及期货条例第352条
保存的登记册或根据标准守则须知会本
公司及联交所的任何权益或淡仓。
主要股东于股份及相关股份中的权益及
淡仓
于二零二五年三月三十一日，本公司根
据证券及期货条例第336条存置的主要股
东登记册列示，除董事及本公司最高行
政人员的权益外，下列股东已知会本公
司彼等于本公司股份或相关股份中的相
关权益或淡仓如下：
附注：
1. Prosperously Legend由俞长财先生全资拥有。
2. Simply Grace由刘文青先生全资拥有。
除上文所披露者外，于二零二五年三月
三十一日，于本公司根据证券及期货条
例第336条保存的登记册中，概无记录其
他人士于本公司的股份或相关股份中拥
有权益或淡仓。
年报2024-25 顺兴集团（控股）有限公司49
Directors’ Report
董事报告
MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS
The Company has adopted the Model Code as the code of conduct regarding
securities transactions by the Directors. Having made specific enquiry of al
Directors, the Company confirmed that al Directors had complied with the
required standard set out in the Model Code during the Year.
SHARE OPTION SCHEME
The Company adopted a share option scheme (the “Share Option Scheme”)
pursuant to the writen resolutions of the then shareholders pased on 6
December 2016. The purpose of the Share Option Scheme is to enable the
Group to grant options to ful time or part time employe, Directors (including
executive, non-executive or independent non-executive Directors), any suplier,
any customer, any service provider, any Shareholder, any adviser or consultant of
the Group as incentives or rewards for their contribution to the Group.
The principal terms of the Share Option Scheme are sumarised as folows:
(1) The total number of Shares which may be aloted and isued upon
exercise of al options (excluding, for this purpose, options which have
lapsed in acordance with the terms of the Share Option Scheme and any
other share option scheme of the Group) to be granted under the Share
Option Scheme and any other share option scheme of the Group must
not in agregate exced 10% of the Shares in isue at the time dealings in
the Shares first comence on the Stock Exchange, i.e. 40,000,000 Shares,
unles separate shareholders’ aproval has ben obtained, and which must
not exced 30% of the share capital of the Company in isue from time to
time.
As at the date of this report, the total number of shares available for isue
under the Share Option Scheme is 40,000,000 Shares, which represents
10% of the isued Shares as at the date of this report.
(2) The total number of Shares isued and which may fal to be isued upon
exercise of the options and the options granted under any other share
option scheme of the Group (including both exercised or outstanding
options) to each grante in any 12-month period shal not exced 1% of
the isued share capital of the Company for the time being.
董事进行证券交易的标准守则
本公司已采纳标准守则，作为董事进行
证券交易的行为守则。本公司向全体董
事作出具体查询后确认，于本年度全体
董事已符合标准守则所规定的标准。
购股权计划
本公司根据股东于二零一六年十二月六
日通过的书面决议案采纳购股权计划
（「购股权计划」）。购股权计划之目的是
让本集团向本集团的全职或兼职雇员、
董事（包括执行董事、非执行董事或独立
非执行董事）、任何供应商、任何客户、
任何服务提供者、任何股东、任何咨询
人或顾问授出购股权，作为彼等向本集
团所作贡献的奖励或回报。
购股权计划的主要条款概列如下：
(1) 根据购股权计划及本集团任何其
他购股权计划将予授出的全部购
股权（就此而言，不包括根据购股
权计划或本集团任何其他购股权
计划条款已失效的购股权）经行使
后可能配发及发行的股份总数，
除非获得股东另行批准，否则合
共不得超过股份首次开始在联交
所买卖时已发行股份的10%（即
40,000,000股份），且不得超过
本公司不时已发行股本的30%。
于本报告日期，根据购股权计划
可供发行的股份总数为40,000,000
股份，于本报告日期占已发行
股份的10%。
- ，因根据购股
权及本集团任何其他购股权计划
授出的购股权（包括已行使或尚未
行使的购股权）获行使而向各承授
人发行及可能须予发行的股份总
数，不得超过本公司当时已发行
股本的1%。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2550
Directors’ Report
董事报告
(3) The exercise price in respect of any option shal be at the discretion of the
Directors, provided that it shal not be les than the highest of:
(a) the closing price of the Shares as stated in the Stock Exchange’s
daily quotations shet for trade in one or more board lots of the
Shares on the ofer date;
(b) the average closing price of the Shares as stated in the Stock
Exchange’s daily quotations shets for the five busines days
imediately preceding the ofer date; and
(c) the nominal value of the Share.
(4) an option may (and may only) be exercised by the grante at any time or
times during the option period (which shal not be more than 10 years
from the ofer date of that option) to be determined and notified by the
Directors to the grante.
- $1.00 shal be paid by the grante to the Company be way of
consideration for the grant.
(6) The Board may in its absolute discretion set a minimum period for which
an option must be held before an option can be exercised.
(7) the Share Option Scheme shal be valid and efective until the close of
busines on the date faling on the last day of the period of ten (10) years
after the adoption date, i.e. 6 December 2016.
Other details of the Share Option Scheme are set out in the prospectus of the
Company dated 19 December 2016.
No share option has ben granted by the Company under the Share Option
Scheme since its adoption and up to the date of this anual report.
(3) 任何购股权的行使价须由董事酌
情厘定，惟不得低于下列的最高
者：
(a) 于要约日期，联交所就买
卖一手或多手股份的每日
报价表所列的股份收市价；
(b) 紧接要约日期前五个营业
日，联交所每日报价表所
列的股份平均收市价；及
(c) 股份面值。
- （及仅可）于董事厘定及
通知承授人的购股权期间（由该购
股权的要约日期起计不得超过10
年）内任何时间行使购股权。
(5) 承授人须向本公司支付1.00港元作
为获授购股权的代价。
(6) 董事会可全权酌情厘定就购股权
可行使前须持有购股权的最短期
间。
- （即二零
一六年十二月六日）后十(10)年期
间的最后一日营业时间结束前须
为有效及具有效力。
购股权计划的其他详情载于本公司日期
为二零一六年十二月十九日的招股章程。
自采纳起及直至本年报日期间，本公
司概无根据购股权计划授出购股权。
年报2024-25 顺兴集团（控股）有限公司51
Directors’ Report
董事报告
NON-COMPETITION UNDERTAKINGS
Mr. Yu Cheung Choy, Mr. Lau Man Ching, Prosperously Legend and Simply Grace
(together, the “Covenantors”) have entered into the ded of non-competition
on 6 December 2016 (the “Ded of Non-Competition Undertaking”) in favour
of the Company (for itself and as truste for each of its subsidiaries from time to
time), under which each of the Covenantors has jointly and severaly undertaken
to the Company that he/it shal not, and shal procure that none of their
respective close asociates (other than members of the Group) shal, during the
period that (a) the Shares remain listed on the Stock Exchange; and (b) either the
Covenantors and their respective close asociates (other than members of the
Group), individualy or jointly, are entitled to exercise, or control the exercise of,
not les than 30% of the voting power at general metings of the Company; or (c)
any of the Covenantors or their respective close asociates remains as a director
of any member of the Group, directly or indirectly, either on their own acount,
in conjunction with, on behalf of, or through any person, firm or company, among
other things, cary on, participate or be interested, engaged or otherwise involved
in or acquire or hold (in each case whether as a shareholder, partner, agent or
otherwise and whether for profit, reward or otherwise) any busines that directly
or indirectly be involved in or any busines that directly or indirectly competes, or
may compete, with the busines of the Group or undertaking and any other new
busines which the Group may undertake from time to time after the listing of
the Shares on the Main Board of the Stock Exchange.
The Covenantors have confirmed to the Company the compliance with the terms
of Ded of Non-Competition Undertaking during the Year. The independent
non-executive Directors have reviewed the anual declarations and made
reasonable enquiry and confirmed the compliance with the terms of Ded of
Non-Competition Undertaking by the Covenantors during the Year.
EQUITY-LINKED AGREMENTS
Save as those disclosed in the section headed “Share Option Scheme” in this
Directors’ Report and also Note 35 to the consolidated financial statements, no
other equity-linked agrement was entered into by the Group, or existed during
the Year.
SUBSIDIARIES
Details of subsidiaries of the Company as at 31 March 2025 are set out in Note
37 to the consolidated financial statements.
不竞争承诺
俞长财先生、刘文青先生、Prosperously
Legend及Simply Grace（统称「契诺人」）于
二零一六年十二月六日订立以本公司为
受益人（为其本身及作为其不时的各附属
公司的受托人）的不竞争契据承诺（「不竞
争契据承诺」），据此，各契诺人共同及
个别向本公司承诺，彼不会及促使其各
自的紧密联系人（本集团成员公司除外）
于(a)股份仍于联交所上市；及(b)契诺人
及彼等各自的紧密联系人（本集团成员公
司除外）个别或共同有权行使或控制行使
本公司股东大会不少于30%投票权；或(c)
任何契诺人或彼等各自的紧密联系人仍
为本集团任何成员公司董事的期间内，
自行、连同、代表或透过任何人士、商
号或公司直接或间接（其中包括）进行、
参与或于其中拥有权益、从事或以其他
方式涉及或收购或持有（在各情况下无论
是否以股东、合伙人、代理或其他身份
及是否为了盈利、回报或其他目的）直接
或间接涉及或从事直接或间接对我们的
业务或经营及本集团于股份在联交所主
板上市后可能不时进行的任何其他新业
务构成竞争或可能构成竞争的任何业务。
契诺人已向本公司确认彼等于本年度已
遵守不竞争契据承诺的条款。独立非
执行董事已审阅年度声明及作出合理查
询，并确认契诺人于本年度已遵守不竞
争契据承诺的条款。
股票挂钩协议
除本董事报告「购股权计划」一节以及综
合财务报表附注35所披露者外，于本年
度本集团概无订立或不存在其他股票挂
钩协议。
附属公司
本公司的附属公司于二零二五年三月
三十一日的详情载于综合财务报表附注
37。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2552
Directors’ Report
董事报告
BANKING FACILITIES
As at 31 March 2025, the Group did not have any bank borowing (2024: 35.0
milion). As at 31 March 2025, the Group had a facility agrement entered into
with a bank with a facility limit of HK$150.0 milion (2024: HK$150.0 milion). The
Company had made undertakings relating to certain performance obligations of
the controling Shareholders, namely Mr. Yu Cheung Choy and Mr. Lau Man Ching,
pursuant to the facility agrement including the folowing: (i) Mr. Yu and Mr. Lau
undertake to maintain as the largest shareholders of the Company directly or
indirectly; and (i) Mr. Yu and Mr. Lau shal remain as the chairman or director of
the Company. The facility agrement remains efective as at the date of this anual
report.
MAJOR CUSTOMERS AND SUPLIERS
During the Year, the percentage of revenue atributable to the largest customer
and the five largest customers of the Group acounted for aproximately 20.9%
and 69.8% of the Group’s total revenue respectively.
During the Year, the largest suplier and the five largest supliers of the Group
acounted for aproximately 4.8% and 13.2% of the total direct costs of the
Group respectively.
None of the Directors, their close asociates or any other Shareholder (which
to the knowledge of the Directors owns more than 5% of the Company’s share
capital) had an interest in the major supliers or customers noted above.
EMOLUMENT POLICY
The remuneration ofered to the employes of the Group generaly includes
salaries, medical benefits and bonus. In general, the Group determines salaries
of its employes based on each employe’s qualifications, position and seniority.
The Group wil review its remuneration package anualy. The Group provides
a defined contribution to the Mandatory Provident Fund as required under the
Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of
Hong Kong) for the eligible employes in Hong Kong.
On 6 December 2016, the Company had adopted the Share Option Scheme
under which ful time or part time employes, including Directors, of the
Company and its subsidiaries, might be granted options to subscribe for the
Company’s ordinary shares.
DIRECTORS’ EMOLUMENTS
Details of the remuneration of the Directors for the Year are set out in Note 6 to
the consolidated financial statements.
银行融资
于二零二五年三月三十一日，本集团并
无任何银行借款（二零二四年：3,500万港
元）。于二零二五年三月三十一日，本集
团有一份与一家银行订立的融资协议，
融资限额为1亿5,000万港元（二零二四
年：1亿5,000万港元）。本公司已根据融
资协议作出有关控股东（即俞长财先生
及刘文青先生）若干履约责任的承诺，包
括以下方面：(i)俞先生及刘先生承诺直
接或间接保持作为本公司的最大股东；
及(i)俞先生及刘先生须继续作为本公司
的主席或董事。于本年报日期，该融资
协议仍有效。
主要客户及供应商
于本年度，本集团最大客户及五大客户
应占收益百分比分别占本集团总收益约
20.9%及69.8%。
于本年度，本集团的最大供应商及五大
供应商分别占本集团总直接成本约4.8%
及13.2%。
概无董事、彼等的紧密联系人或就董事
所知拥有本公司股本5%以上的任何其他
股东于上述主要供应商或客户中拥有权
益。
酬金政策
提供予本集团雇员的薪酬通常包括薪
金、医疗福利及花红。一般而言，本集
团基于各雇员的资格、职位及资历厘定
其薪金。本集团将会每年检讨我们的薪
酬方案，并为我们的香港合资格雇员作
出强制性公积金计划条例（香港法例第
485章）规定的强积金定额供款。
于二零一六年十二月六日，本公司已采
纳购股权计划，根据该计划，本公司及
其附属公司的全职或兼职雇员（包括董
事）可能获授可认购本公司普通股的购股
权。
董事酬金
有关董事酬金于本年度的详情载于综合
财务报表附注6。
年报2024-25 顺兴集团（控股）有限公司53
Directors’ Report
董事报告
PUBLIC FLOAT
Based on the information that is publicly available to the Company and within
the knowledge of the Directors, the Company has maintained a suficient public
float as required under the Listing Rules during the Year and up to the date of this
anual report.
AUDIT COMITE
The Company established an Audit Comite on 6 December 2016 with
writen terms of reference in compliance with the CG Code. The primary duties
and roles of the Audit Comite include, but are not limited to, (a) making
recomendations to the Board on the apointment, reapointment and removal
of the external auditor, aproving the remuneration and terms of engagement
of the external auditor, and any questions of its resignation or dismisal; (b)
monitoring integrity of financial statements and anual report and acounts,
half-year report and, if prepared for publication, quarterly reports, and reviewing
significant financial reporting judgements contained in them; and (c) reviewing the
financial controls, risk management and internal control systems.
The Audit Comite curently consists of thre independent non-executive
Directors, namely Dr. Law Man Wah (as chairman), Mr. Lam Yim Nam and Mr. Le
Wing Ke. The Audit Comite has reviewed the audited consolidated financial
statements of the Group for the year ended 31 March 2025.
AUDITOR
The consolidated financial statements for the year ended 31 March 2025 were
audited by Deloite Touche Tohmatsu whose term of ofice wil expire upon the
conclusion of the 2025 AGM. A resolution for the re-apointment of Deloite
Touche Tohmatsu as auditor of the Company for the subsequent year is to be
proposed at the 2025 AGM.
By order of the Board
SH Group (Holdings) Limited
Yu Cheung Choy
Chairman
Hong Kong, 25 June 2025
公众持股量
根据本公司可取得的公开资料，就董事
所知，于本年度直至本年报日期为止，
本公司一直维持上市规则规定的充足公
众持股量。
审核委员会
本公司于二零一六年十二月六日设立审
核委员会，并遵照企业管治守则制定职
权范围。审核委员会的主要职责及角色
包括（但不限于）(a)就委任、重新委任及
罢免外聘核数师向董事会提出建议、批
准外聘核数师的薪酬及委聘条款，以及
处理外聘核数师的辞任或被辞退的问题；
(b)监察财务报表以及年度报告及账目、
半年度报告及（若拟刊发）季度报告的完
整性，并审阅报表及报告所载有关财务
申报的重大判断；及(c)检讨财务控制、
风险管理及内部监控系统。
审核委员会目前由三名独立非执行董事
（即罗文华博士（主席）、林炎南先生及李
永基先生）组成。审核委员会已审阅本集
团截至二零二五年三月三十一日止年度
的经审核综合财务报表。
核数师
截至二零二五年三月三十一日止年度综
合财务报表已由德勤•关黄陈方会计师
行审核，其任期将于二零二五年股东周
年大会结束时届满。一项重新委聘德勤•
关黄陈方会计师行为下一年度本公司核
数师的决议案将于二零二五年股东周年
大会上提呈。
承董事会命
顺兴集团（控股）有限公司
俞长财
主席
香港，二零二五年六月二十五日
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2554
Independent Auditor’s Report
独立核数师报告
To the Members of SH Group (Holdings) Limited
(incorporated in the Cayman Islands with limited liability)
OPINION
We have audited the consolidated financial statements of SH Group (Holdings)
Limited (the “Company”) and its subsidiaries (colectively refered to as “the
Group”) set out on pages 61 to 130, which comprise the consolidated statement
of financial position as at 31 March 2025, and the consolidated statement of profit
or los and other comprehensive income, consolidated statement of changes in
equity and consolidated statement of cash flows for the year then ended, and
notes to the consolidated financial statements, including material acounting policy
information and other explanatory information.
In our opinion, the consolidated financial statements give a true and fair view of
the consolidated financial position of the Group as at 31 March 2025 and of its
consolidated financial performance and its consolidated cash flows for the year
then ended in acordance with HKFRS Acounting Standards as isued by the
Hong Kong Institute of Certified Public Acountants (“HKICPA”) and have ben
properly prepared in compliance with the disclosure requirements of the Hong
Kong Companies Ordinance.
BASIS FOR OPINION
We conducted our audit in acordance with Hong Kong Standards on Auditing
(“HKSAs”) 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.
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.
致顺兴集团（控股）有限公司全体股东
（于开曼群岛注册成立的有限公司）
意见
本核数师行（以下简称「我们」）已审核列
载于第61至130页的顺兴集团（控股）有
限公司（「贵公司」）及其附属公司（统称
「贵集团」）的综合财务报表，此财务报表
包括于二零二五年三月三十一日的综合
财务状况表与截至该日止年度的综合损
益及其他全面收入表、综合权益变动表
及综合现金流量表以及综合财务报表附
注，包括主要会计政策资料及其他解释
资料。
我们认为，该等综合财务报表已根据香
港会计师公会颁布的《香港财务报告准则
会计准则》真实而中肯地反映了 贵集团
于二零二五年三月三十一日的综合财务
状况及截至该日止年度的综合财务表现
及综合现金流量，并已按照香港《公司条
例》的披露规定妥为编制。
意见的基础
我们已根据香港会计师公会颁布的《香港
审计准则》进行审核。我们在该等准则下
的责任已在本报告「核数师就审核综合财
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
得的审核凭证能充足及适当地为我们的
审计意见提供基础。
关键审核事项
关键审核事项是根据我们的专业判断，
认为对本期综合财务报表的审计最为
重要的事项。这些事项是在我们审计整
体综合财务报表及出具意见时进行处理
的。我们不会对这些事项提供单独的意
见。
年报2024-25 顺兴集团（控股）有限公司55
Independent Auditor’s Report
独立核数师报告
KEY AUDIT MATERS (Cont’d)
Key audit maters
关键审核事项
How our audit adresed the key audit maters
本核数师行于审核中处理关键审核事项之方式
Revenue recognition for enginering service contracts
工程服务合约收益确认
We identified the recognition of revenue for enginering service
contracts as a key audit mater due to the use of judgement and
estimates by management in determining the stage of completion
and the budget costs of enginering service contracts in progres.
我们已识别工程服务合约收益确认为关键审核事项，原因
为管理层于厘定完工阶段及进行中工程服务合约的预算成
本时需要作出判断及估计。
The contract revenue generated from enginering service
contracts amounting to HK$608,490,000 was recognised in the
profit or los during the year ended 31 March 2025.
工程服务合约产生的合约收益608,490,000港元于截至二零
二五年三月三十一日止年度损益确认。
Our procedures in relation to the revenue recognition for
enginering service contracts included:
我们对工程服务合约收益确认的程序包括：
- ’s proces in estimation of
the contract revenue, budget cost and determination
of completion status of the enginering service
contracts;
了解管理层估计合约收益、预算成本及厘定工程
服务合约完工状态的流程；
• Agreing the total contract value to the contracts
and variation orders (if any), agrements or other
corespondence, on a sample basis;
与合约及工程变更订单（如有）、协议或其他通讯
核对总合约价值（按抽样基准）；
The Group recognised contract revenue by reference to the stage
of completion of the contract activity using the input method
at the end of each reporting period. As set out in note 4 to the
consolidated financial statements, the management exercises
judgements in estimating the total contract costs, which are
prepared by the management on the basis of quotations from
time to time provided by the major subcontractors, supliers or
vendors involved and the experience of the management. Changes
in estimates or the actual outcome wil afect the revenue to be
recognised.
贵集团参考各报告期末使用投入法得出的合约活动完工阶
段确认合约收益。诚如综合财务报表附注4所载，管理层不
时于估计总合约成本时运用判断，有关判断乃由管理层根
据牵涉的主要次承建商、供应商或卖方提供的报价以及管
理层的经验而准备。估计变动或实际结果将影响将予确认
的收益。
• Testing the contract costs recognised to date by
checking to suporting documents including the
certificates isued to the subcontractors, invoices isued
by supliers/vendors and/or their corespondences or
other documents isued before and subsequent to year
end date to evaluate the progres of the respective
projects, on a sample basis; and
测试迄今已确认合约成本，方式为核查证明文
件，包括向次承建商出具的证书、供应商╱卖方
出具的发票及╱或其通讯或于年终日期前后出
具的其他文件，以评估各项目的进度（按抽样基
准）；及
• Evaluating the reasonablenes of percentage of
completion of enginering service contracts by
comparing the percentage calculated based on costs
incured at the end of the reporting period against that
calculated based on external surveyors’ certifications,
and investigating any significant diferences identified.
评估工程服务合约完工百分比是否合理，方式为
比较基于报告期末已产生成本计算的百分比与
基于来自外部测量师认证计算的工程服务合约完
工百分比，并对其中发现的任何重大差异进行调
查。
关键审核事项（续）
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2556
Independent Auditor’s Report
独立核数师报告
KEY AUDIT MATERS (Cont’d)
Key audit maters
关键审核事项
How our audit adresed the key audit maters
本核数师行于审核中处理关键审核事项之方式
Impairment asesment of trade receivables and contract asets
贸易应收款项及合约资产减值评估
We identified impairment asesment of trade receivables and
contract asets as a key audit mater due to the significance of
trade receivables and contract asets to the Group’s consolidated
financial position and the involvement of subjective judgement and
management estimates in evaluating the expected credit loses
(“ECL”) of the Group’s trade receivables and contract asets at the
end of the reporting period.
我们已识别贸易应收款项及合约资产减值评估为关键审核
事项，原因为贸易应收款项及合约资产对 贵集团综合财
务状况的重要性以及于评估 贵集团于报告期末贸易应收
款项及合约资产预期信贷亏损（「预期信贷亏损」）所涉及主
观判断及管理层估计。
As at 31 March 2025, the Group’s trade receivables and contract
asets amounted to HK$81,460,000 and HK$136,983,000
respectively. As disclosed in note 31 to the consolidated financial
statements, the Group recognised a net impairment los alowance
of trade receivables of HK$3,286,000 and recognised a net
impairment los alowance of contract asets of HK$2,231,000
respectively for the year and the Group’s lifetime ECL on trade
receivables and contract asets amounted to HK$4,798,000 and
HK$4,008,000 respectively as at 31 March 2025.
于二零二五年三月三十一日， 贵集团贸易应收款项及合约
资产分别为81,460,000港元及136,983,000港元。诚如综合财
务报表附注31所披露， 贵集团于年内分别确认贸易应收
款项减值亏损拨备净额3,286,000港元及确认合约资产减值
亏损拨备净额2,231,000港元，而于二零二五年三月三十一
日， 贵集团的贸易应收款项及合约资产全期预期信贷亏损
分别为4,798,000港元及4,008,000港元。
Our procedures in relation to impairment asesment of trade
receivables and contract asets included:
我们有关贸易应收款项及合约资产之减值评估的程序，
包括：
• Understanding proces on how the management
estimates the impairment los alowance for trade
receivables and contract asets;
了解管理层在估计贸易应收款项及合约资产之减
值亏损拨备时的过程；
• Testing the acuracy of trade receivables ageing analysis
as at 31 March 2025, on a sample basis, by comparing
individual items in the analysis with the relevant sales
invoices;
透过将分析中的独立项目与相关销售发票比较，
对于二零二五年三月三十一日的贸易应收款项账
龄分析的准确性进行抽样测试；
关键审核事项（续）
年报2024-25 顺兴集团（控股）有限公司57
Independent Auditor’s Report
独立核数师报告
KEY AUDIT MATERS (Cont’d)
Key audit maters
关键审核事项
How our audit adresed the key audit maters
本核数师行于审核中处理关键审核事项之方式
As disclosed in note 4 to the consolidated financial statements,
management of the Group estimates the amount of lifetime ECL
of trade receivables and contract asets individualy. The asesment
is based on the internal credit ratings, ageing, repayment history
and/or past due status of the respective customers. Estimated
los rates are based on historical observed default rates over the
expected life of the financial instruments and are adjusted for
forward-loking information.
诚如综合财务报表附注4所披露， 贵集团管理层个别估计
贸易应收款项及合约资产的全期预期信贷亏损金额。评估
乃基于相应客户的内部信贷评级、账龄、还款历史及╱或
逾期状态。估计亏损率乃基于金融工具预期年期间的历
史观察违约率，并根据前瞻性资料予以调整。
- ’s basis and judgement in
determining impairment los alowance on trade
receivables and contract asets as at 31 March 2025,
including their identification of credit-impaired balances,
and the basis of estimated los rates aplied to each
customer (with reference to the historical default rates
and forward-loking information including subsequent
setlement patern of each customer); and
评估管理层在厘定于二零二五年三月三十一日贸
易应收款项及合约资产的减值亏损拨备时所采用
的基准及判断，包括彼等对信贷减值结余的识别
以及应用于各客户的估计亏损率基准（经参考过
往违约率及前瞻性资料包括各客户的期后结算模
式）；及
• Evaluating the disclosures regarding the impairment
asesment of trade receivables and contract asets in
note 31 to the consolidated financial statements.
评估综合财务报表附注31中有关贸易应收款项及
合约资产减值评估的披露。
OTHER INFORMATION
The directors of the Company are responsible for the other information. The
other information comprises the information included in the anual report, but
does not include the consolidated financial statements and our auditor’s report
thereon.
Our opinion on the consolidated financial statements does not cover the other
information and we do not expres any form of asurance conclusion thereon.
In conection with our audit of the consolidated financial statements, our
responsibility is to read the other information and, in doing so, consider whether
the other information is materialy inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or otherwise apears to be
materialy mistated. If, based on the work we have performed, we conclude that
there is a material mistatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
关键审核事项（续）
其他信息
贵公司董事需对其他信息负责。其他信
息包括刊载于年报内的信息，但不包括
综合财务报表及我们的核数师报告。
我们对综合财务报表的意见并不涵盖其
他信息，我们亦不对该等其他信息发表
任何形式的鉴证结论。
结合我们对综合财务报表的审计，我们
的责任是阅读其他信息，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。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2558
Independent Auditor’s Report
独立核数师报告
RESPONSIBILITIES OF DIRECTORS AND THOSE CHARGED WITH
GOVERNANCE FOR THE CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company are responsible for the preparation of the
consolidated financial statements that give a true and fair view in acordance
with HKFRS Acounting Standards isued by the HKICPA and the disclosure
requirements of the Hong Kong Companies Ordinance, and for such internal
control as the directors determine is necesary to enable the preparation of
consolidated financial statements that are fre from material mistatement,
whether due to fraud or eror.
In preparing the consolidated financial statements, the directors are responsible
for asesing the Group’s ability to continue as a going concern, disclosing, as
aplicable, maters related to going concern and using the going concern basis of
acounting unles the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Those charged with governance are responsible for overseing the Group’s
financial reporting proces.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable asurance about whether the consolidated
financial statements as a whole are fre from material mistatement, whether due
to fraud or eror, and to isue an auditor’s report that includes our opinion solely
to you, as a body, in acordance with our agred terms of engagement, and for no
other purpose. We do not asume responsibility towards or acept liability to any
other person for the contents of this report. Reasonable asurance is a high level
of asurance, but is not a guarante that an audit conducted in acordance with
HKSAs wil always detect a material mistatement when it exists. Mistatements
can arise from fraud or eror and are considered material if, individualy or in the
agregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these consolidated financial statements.
董事及治理层就综合财务报表承担的责
任
贵公司董事须负责根据香港会计师公会
颁布的《香港财务报告准则会计准则》及
香港《公司条例》的披露规定拟备真实而
中肯的综合财务报表，并对其认为使
综合财务报表的拟备不存在由于欺诈或
错误而导致的重大错误陈述所需的内部
控制负责。
在编制综合财务报表时，董事负责评
估 贵集团持续经营的能力，并在适用
情况下披露与持续经营有关的事项，以
及使用持续经营为会计基础，除非董事
有意将 贵集团清盘或停止经营，或别
无其他实际的替代方案。
治理层须负责监督 贵集团财务报告过
程。
核数师就审计综合财务报表承担的责任
我们的目标，是对综合财务报表整体是
否不存在由于欺诈或错误而导致的重大
错误陈述取得合理保证，并按照我们协
定之聘用条款仅向全体成员出具包括我
们意见的核数师报告。除此以外，我们
的报告不可用作其他用途。我们并不就
本报告之内容对任何其他人士承担任何
责任或接受任何义务。合理保证是高水
平的保证，但不能保证按照《香港审计准
则》进行的审计，在某一重大错误陈述存
在时总能发现。错误陈述可以由欺诈或
错误引起，如果合理预期它们单独或汇
总起来可能影响综合财务报表使用者依
赖财务报表所作出的经济决定，则有关
的错误陈述可被视作重大。
年报2024-25 顺兴集团（控股）有限公司59
Independent Auditor’s Report
独立核数师报告
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)
As part of an audit in acordance with HKSAs, we exercise profesional judgement
and maintain profesional skepticism throughout the audit. We also:
• Identify and ases the risks of material mistatement of the consolidated
financial statements, whether due to fraud or eror, design and perform
audit procedures responsive to those risks, and obtain audit evidence that
is suficient and apropriate to provide a basis for our opinion. The risk
of not detecting a material mistatement resulting from fraud is higher
than for one resulting from eror, as fraud may involve colusion, forgery,
intentional omisions, misrepresentations, or the overide of internal
control.
• Obtain an understanding of internal control relevant to the audit in order
to design audit procedures that are apropriate in the circumstances, but
not for the purpose of expresing an opinion on the efectivenes of the
Group’s internal control.
• Evaluate the apropriatenes of acounting policies used and the
reasonablenes of acounting estimates and related disclosures made by
the directors.
- ’ use of the going
concern basis of acounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required
to draw atention in our auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Group to cease to continue as a going concern.
- , structure and content of the
consolidated financial statements, including the disclosures, and whether
the consolidated financial statements represent the underlying transactions
and events in a maner that achieves fair presentation.
核数师就审计综合财务报表承担的责任
（续）
在根据《香港审计准则》进行审计的过程
中，我们运用了专业判断，保持了专业
怀疑态度。我们亦：
• 识别和评估由于欺诈或错误而导
致综合财务报表存在重大错误陈
述的风险，设计及执行审计程序
以应对这些风险，以及获取充足
和适当的审计凭证，作为我们意
见的基础。由于欺诈可能涉及串
谋、伪造、蓄意遗漏、虚假陈
述，或凌驾于内部控制之上，因
此未能发现因欺诈而导致的重大
错误陈述的风险高于未能发现因
错误而导致的重大错误陈述的风
险。
- ，以
设计适当的审计程序，但目的并
非对 贵集团内部控制的有效性
发表意见。
• 评价董事所采用会计政策的恰当
性及作出会计估计和相关披露的
合理性。
• 对董事采用持续经营会计基础的
恰当性作出结论。根据所获取的
审计凭证，确定是否存在与事项
或情况有关的重大不确定性，从
而可能导致对 贵集团的持续经
营能力产生重大疑虑。如果我们
认为存在重大不确定性，则有必
要在核数师报告中提请使用者注
意综合财务报表中的相关披露。
假若有关的披露不足，则修订本
核数师的意见。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。
• 评价综合财务报表的整体列报方
式、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。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2560
Independent Auditor’s Report
独立核数师报告
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)
• 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 group
financial statements. We are responsible for the direction, supervision and
review of the audit work performed for purposes of the group audit. We
remain solely responsible for our audit opinion.
We comunicate with those charged with governance 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 those charged with governance 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
estimate threats or safeguards aplied.
From the maters comunicated with those charged with governance, 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 the independent auditor’s
report is Le Wing Cheong, Wilfred (practising certificate number: P06770).
Deloite Touche Tohmatsu
Certified Public Acountants
Hong Kong
25 June 2025
核数师就审计综合财务报表承担的责任
（续）
• 就 贵集团内实体或业务单位的
财务资料作出计划及执行集团审
计，以获取充足、适当的审计凭
证，作为构成集团财务报表的意
见的基础。我们负责 贵集团审
计的方向、监督和执行。我们为
审计意见承担全部责任。
除其他事项外，我们与治理层沟通了计
划的审计范围、时间安排、重大审计发
现等，包括我们在审计中识别出内部控
制的任何重大缺陷。
我们还向治理层提交声明，说明我们已
符合有关独立性的相关专业道德要求，
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，为估计威胁采取
的行动或应用的防范措施。
从与治理层沟通的事项中，我们确定哪
些事项对本期综合财务报表的审计最为
重要，因而构成关键审核事项。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
人为李永锵（执业证书编号：P06770）。
德勤•关黄陈方会计师行
执业会计师
香港
二零二五年六月二十五日
| 608,490 |
|---|
| (575,520) |
| 32,970 |
| 3,272 |
| 3,358 |
| (5,831) |
| (26,376) |
| (1,197) |
| 6,196 |
| (808) |
| 5,388 |
| 1.3 |
年报2024-25 顺兴集团（控股）有限公司61
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Consolidated Statement of Profit or Los and Other Comprehensive Income
综合损益及其他全面收入表
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
Revenue收益5876,177
Direct costs直接成本(859,888)
Gros profit毛利16,289
Other income其他收入73,471
Other gain (los)其他收益（亏损）7(4,536)
Net impairment los recognised
under expected credit los model
预期信贷亏损模式项下确认
的净减值亏损(3,221)
Administrative expenses行政开支(27,127)
Finance costs融资成本8(2,217)
Profit (los) before taxation除税前溢利（亏损）9(17,341)
Income tax (expense) credit所得税（开支）抵免102,130
Profit (los) and total comprehensive income
(expense) for the year
年内溢利（亏损）及
全面收入（开支）总额(15,211)
Earnings (los) per share每股盈利（亏损）
Basic (HK cents)基本（港仙）11(3.8)
| 16,520 |
|---|
| 503 |
| 2,716 |
| 4,377 |
| 22,741 |
| 7,875 |
| 54,732 |
| 81,460 |
| 4,997 |
| 136,983 |
| 2,349 |
| – |
| 97,521 |
| 323,310 |
| 31,898 |
| 91,712 |
| 15,241 |
| 487 |
| 3,972 |
| – |
| 143,310 |
| 180,000 |
| 234,732 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2562
As at 31 March 2025
于二零二五年三月三十一日
Consolidated Statement of Financial Position
综合财务状况表
As at 31 March
于三月三十一日
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
Non-curent asets非流动资产
Property and equipment物业及设备1317,387
Right-of-use asets使用权资产142,350
Deposits按金162,919
Debt instruments at amortised cost按摊销成本列账的债务工具186,665
Financial asets at fair value through
profit or los
按公平值计入损益的
金融资产1919,951
Defered tax asets递延税项资产248,683
57,955
Curent asets流动资产
Trade receivables贸易应收款项15145,777
Other receivables, deposits
and prepayments
其他应收款项、按金及
预付款项1617,045
Contract asets合约资产17226,107
Debt instruments at amortised cost按摊销成本列账的债务工具18–
Tax recoverable可收回税项3,930
Bank balances and cash银行结余及现金2044,634
437,493
Curent liabilities流动负债
Trade and bils payables贸易应付款项及应付票据21105,339
Other payables and acrued charges其他应付款项及应计费用22106,049
Contract liabilities合约负债1714,993
Lease liabilities租赁负债232,322
Provision for onerous contracts亏损合约拨备251,613
Bank borowings银行借款2635,000
265,316
Net curent asets流动资产净值172,177
Total asets les curent liabilities总资产减流动负债230,132
| 391 |
|---|
| 47 |
| 438 |
| 234,294 |
| 4,000 |
| 230,294 |
| 234,294 |
年报2024-25 顺兴集团（控股）有限公司63
As at 31 March 2025
于二零二五年三月三十一日
Consolidated Statement of Financial Position
综合财务状况表
As at 31 March
于三月三十一日
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
Non-curent liabilities非流动负债
Other provision其他拨备25954
Lease liabilities租赁负债23272
1,226
Net asets资产净值228,906
Capital and reserves资本及储备
Share capital股本274,000
Reserves储备224,906
Equity atributable to owners
of the Company
本公司拥有人应占权益
228,906
The consolidated financial statements on pages 61 to 130 were aproved and
authorised for isue by the Board of Directors on 25 June 2025 and are signed on
its behalf by:
Yu Cheung ChoyLau Man Ching
俞长财刘文青
DIRECTORDIRECTOR
董事董事
第61至130页的综合财务报表于二零
二五年六月二十五日获董事会批准及授
权刊发，并由下列董事代表董事会签署：
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2564
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Consolidated Statement of Changes in Equity
综合权益变动表
Share
capital
Share
premium
Other
reserve
(note)
Retained
profitsTotal
股本股份溢价
其他
储备
（附注）
保留溢利总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
At 1 April 2023于二零二三年四月一日4,00083,2235,058151,836244,117
Los and total comprehensive expense
for the year
年内亏损及
全面开支总额–(15,211)(15,211)
At 31 March 2024于二零二四年
三月三十一日4,00083,2235,058136,625228,906
Profit and total comprehensive income
for the year
年内溢利及
全面收入总额–5,3885,388
At 31 March 2025于二零二五年
三月三十一日4,00083,2235,058142,013234,294
Note: Other reserve represents the agregate amount of (i) reserve arising from the group reorganisation,
which mainly comprises isue of shares by Triumph Legend Ltd (“Triumph Legend”) to acquire
equity interests in Shun Hing E & M Enginering Limited (“Shun Hing HK”) and isue of shares by
the Company to acquire equity interests in Triumph Legend and Blisful Choice Limited (“Blisful
Choice”); and (i) HK$4,800,000 upon the waiver of amounts due to directors and credited as
demed contributions from shareholders.
附注： 其他储备指(i)集团重组产生的储备（主要包括
Triumph Legend Ltd（「Triumph Legend」）为收购
顺兴机电工程有限公司（「顺兴香港」）股权而发
行股份及本公司为收购Triumph Legend及Blisful
Choice Limited（「Blisful Choice」）股权而发行股
份）；及(i)免除应付董事款项并入账为视作股
东出资后的4,800,000港元的总额。
| 6,196 |
|---|
| 1,178 |
| 2,273 |
| 5,517 |
| 269 |
| 45 |
| (3,358) |
| (1,043) |
| (41) |
| (410) |
| (59) |
| (1,051) |
| 1,197 |
| 10,713 |
| 61,031 |
| 11,710 |
| 86,893 |
| (73,441) |
| (14,358) |
| 248 |
| 2,359 |
| (563) |
| 84,592 |
| 3,930 |
| 88,522 |
年报2024-25 顺兴集团（控股）有限公司65
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Consolidated Statement of Cash Flows
综合现金流量表
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
OPERATING ACTIVITIES经营活动
Profit (los) before taxation除税前溢利（亏损）(17,341)
Adjustments for:就以下各项调整：
Depreciation of property and equipment物业及设备折旧1,290
Depreciation of right-of-use asets使用权资产折旧2,230
Net impairment los recognised on trade
receivables and contract asets
就贸易应收款项及合约资产
确认的净减值亏损1,321
Net impairment los recognised on other
receivables
就其他应收款项确认的净减值亏损
1,782
Impairment los recognised on debt
instruments at amortised cost
按摊销成本列账的
债务工具确认减值亏损118
Fair value (gain) los on financial asets
at fair value through profit or los
按公平值计入损益的金融资产
公平值（收益）亏损4,536
Bank interest income银行利息收入(865)
Interest income on rental deposits租赁按金利息收入(34)
Interest income from debt instruments at
amortised cost
来自按摊销成本列账的债务工具
的利息收入(304)
Dividend income from insurance policy来自保单的股息收入(58)
Dividend income from financial asets
at fair value through profit or los
来自按公平值计入损益的
金融资产的股息收入(1,393)
Finance costs融资成本2,217
Operating cash flows before movements
in working capital
营运资金变动前经营现金流量
(6,501)
Decrease (increase) in trade receivables贸易应收款项减少（增加）(79,581)
Decrease (increase) in other receivables,
deposits and prepayments
其他应收款项、按金及
预付款项减少（增加）(6,333)
Decrease in contract asets合约资产减少6,935
(Decrease) increase in trade and bils payables贸易应付款项及应付票据（减少）增加33,165
Decrease in other payables and
acrued charges
其他应付款项及应计费用减少
(18,143)
Increase (decrease) in contract liabilities合约负债增加（减少）(44,129)
Increase (decrease) in provision for onerous
contracts
亏损合约拨备增加（减少）
(4,584)
(Decrease) increase in other provision其他拨备（减少）增加646
Cash from (used in) operations经营所得（所用）现金(118,525)
Income tax refunded (paid)已退还（已付）所得税(867)
Net cash from (used in) operating activities经营活动所得（所用）现金净额(119,392)
| 978 |
|---|
| 378 |
| 1,111 |
| – |
| – |
| 568 |
| (11) |
| – |
| 18 |
| – |
| 3,042 |
| (1,197) |
| (2,480) |
| – |
| (35,000) |
| (38,677) |
| 52,887 |
| 44,634 |
| 97,521 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2566
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Consolidated Statement of Cash Flows
综合现金流量表
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
INVESTING ACTIVITIES投资活动
Bank interest income received已收银行利息收入1,727
Interest income received from debt
instruments at amortised cost
来自按摊销成本列账的债务工具
的已收利息收入304
Dividend received from financial asets
at fair value through profit or los
来自按公平值计入损益的
金融资产的已收股息1,602
Redemption of debt instruments at
amortised cost
赎回按摊销成本列账的债务工具
Purchase of financial asets at fair value
through profit or los
购买按公平值计入损益的金融资产
(214)
Disposal of financial asets at fair value
through profit or los
出售按公平值计入损益的金融资产
15,918
Purchase of property and equipment购买物业及设备(316)
Withdrawal of short term bank deposits提取短期银行存款52,621
Rental deposit refund received已收租赁按金退款–
Payment for rental deposits租赁按金付款(35)
Net cash from investing activities投资活动所得现金净额71,825
FINANCING ACTIVITIES融资活动
Interest paid已付利息(2,217)
Repayment of lease liabilities偿还租赁负债(1,944)
New bank borowings raised新借银行借款40,000
Repayments of bank borowings偿还银行借款(5,000)
Net cash (used in) from financing
activities
融资活动（所用）所得现金净额
30,839
Net increase (decrease) in cash and cash
equivalents
现金及现金等价物增加（减少）净额
(16,728)
Cash and cash equivalents at begining of
the year
年初现金及现金等价物
61,362
Cash and cash equivalents at end of the year年末现金及现金等价物
represented by bank balances and cash指银行结余及现金44,634
年报2024-25 顺兴集团（控股）有限公司67
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
1. GENERAL INFORMATION
SH Group (Holdings) Limited (the “Company”) was incorporated
and registered as an exempted company with limited liability
in the Cayman Islands under the Companies Act (as revised)
of the Cayman Islands on 9 May 2016. The adreses of the
Company’s registered ofice and the principal place of busines in
Hong Kong are Cricket Square, Hutchins Drive, P.O. Box 2681,
Grand Cayman KY1-1111, Cayman Islands and Units 603–606,
6/F., Tower I, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road,
Kowlon, Hong Kong, respectively. Its imediate and ultimate holding
company is Prosperously Legend Limited (“Prosperously Legend”), which
was incorporated in the British Virgin Islands (“BVI”) and wholy owned
by Mr. Yu Cheung Choy (“Mr. Yu”), who is also the chairman of the board
(the “Board”) of directors and executive director of the Company. The
Company’s shares have ben listed on the Main Board of The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”) on 3 January
2017.
The Company acts as an investment holding company. The principal
activities of its subsidiaries are set out in note 37.
The consolidated financial statements are presented in Hong Kong dolar
(“HK$”), which is also the functional curency of the Company and its
subsidiaries (colectively refered to as the “Group”).
1. 一般资料
顺兴集团（控股）有限公司（「本公
司」）于二零一六年五月九日在开
曼群岛根据开曼群岛公司法（经
修订）注册成立为获豁免有限公
司。本公司的注册办事处地址
及于香港的主要营业地点分别为
Cricket Square, Hutchins Drive, P.O.
Box 2681, Grand Cayman KY1-1111,
Cayman Islands及香港九龙长沙湾
道833号长沙湾广场第一期6楼
603–606室。其直接及最终控股
公司为Prosperously Legend Limited
（「Prosperously Legend」），乃于英
属处女群岛（「英属处女群岛」）注
册成立并由俞长财先生（「俞先
生」）全资拥有，俞先生亦为本公
司的董事会（「董事会」）主席兼
执行董事。本公司股份已于二零
一七年一月三日在香港联合交易
所有限公司（「联交所」）主板上市。
本公司为投资控股公司，其附属
公司的主要活动载于附注37。
综合财务报表以港元（「港元」）呈
报，港元亦为本公司及其附属公
司（统称「本集团」）的功能货币。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2568
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
2. APLICATION OF NEW AND AMENDMENTS TO HKFRS
ACOUNTING STANDARDS
Amendments to HKFRS Acounting Standards that are mandatorily
efective for the curent year
In the curent year, the Group has aplied the folowing amendments
to HKFRS Acounting Standards isued by the Hong Kong Institute of
Certified Public Acountants (“HKICPA”) for the first time, which are
mandatorily efective for the Group’s anual periods begining on 1 April
2024 for the preparation of the consolidated financial statements:
Amendments to HKFRS 16Lease Liability in a Sale and Leaseback
Amendments to HKAS 1Clasification of Liabilities as Curent or
Non-curent and related amendments to
Hong Kong Interpretation 5 (2020)
Amendments to HKAS 1Non-curent Liabilities with Covenants
Amendments to HKAS 7 and
HKFRS 7
Suplier Finance Arangements
The aplication of the amendments to HKFRS Acounting Standards in the
curent year has had no material impact on the Group’s financial positions
and performance for the curent and prior years and/or on the disclosures
set out in these consolidated financial statements.
2. 应用新订香港财务报告准则会计
准则及其修订本
本年度已强制生效的香港财务报
告准则会计准则修订本
于本年度，本集团首次应用由香
港会计师公会（「香港会计师公
会」）颁布的下列香港财务报告
准则会计准则修订本，并于二零
二四年四月一日开始的本集团年
度期间强制生效，以编制综合财
务报表：
香港财务报告准则
第16号（修订本）
售后租回的租赁负债
香港会计准则第1号
（修订本）
负债分类为流动或
非流动及香港诠释
第5号相关修订本
（二零二零年）
香港会计准则第1号
（修订本）
附有契诺的非流动负债
香港会计准则第7号及
香港财务报告准则
第7号（修订本）
供应商融资安排
于本年度应用香港财务报告准则
会计准则修订本对本集团于本年
度及过往年度的财务状况及表现
及╱或于该等综合财务报表所载
的披露并无重大影响。
年报2024-25 顺兴集团（控股）有限公司69
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
2. APLICATION OF NEW AND AMENDMENTS TO HKFRS
ACOUNTING STANDARDS (Cont’d)
New and amendments to HKFRS Acounting Standards in isue but
not yet efective
The Group has not early aplied the folowing new and amendments
to HKFRS Acounting Standards that have ben isued but are not yet
efective:
Amendments to HKFRS 9 and HKFRS 7Amendments to the Clasification and Measurement of
Financial Instruments
Amendments to HKFRS 9 and HKFRS 7Contracts Referencing Nature-dependent Electricity
Amendments to HKFRS 10 and HKAS 28Sale or Contribution of Asets betwen an Investor and its
Asociate or Joint Venture
Amendments to HKFRSsAnual Improvements to HKFRS Acounting Standards –
Volume 11
Amendments to HKAS 21Lack of Exchangeability
HKFRS 18Presentation and Disclosure in Financial Statements
Efective for anual periods begining on or after a date to be determined
Efective for anual periods begining on or after 1 January 2025
Efective for anual periods begining on or after 1 January 2026
Efective for anual periods begining on or after 1 January 2027
Except for the new HKFRS Acounting Standard mentioned below, the
directors of the Company anticipate that the aplication of al other
amendments to HKFRS Acounting Standards wil have no material impact
on the consolidated financial statements in the foreseable future.
2. 应用新订香港财务报告准则会计准
则及其修订本（续）
已颁布但尚未生效的新订香港财
务报告准则会计准则及其修订本
本集团并无提早应用以下已颁布
但尚未生效的新订香港财务报告
准则会计准则及其修订本：
香港财务报告准则
第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的
修订
香港财务报告准则
第9号及香港财务
报告准则第7号
（修订本）
涉及依赖自然能源生产
电力之合约
香港财务报告准则
第10号及香港会计
准则第28号
（修订本）
投资者及其联营公司或
合营公司之间的资产
出售或注入
香港财务报告准则
（修订本）
香港财务报告准则会计
准则之年度改进 －
第11册
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
第18号
财务报表之呈列及披露
于将厘定之日期或之后开始的年度期
间生效
于二零二五年一月一日或之后开始的
年度期间生效
于二零二六年一月一日或之后开始的
年度期间生效
于二零二七年一月一日或之后开始的
年度期间生效
除以下所述新订香港财务报告准
则会计准则外，本公司董事预期
应用所有其他香港财务报告准则
会计准则修订本于可见将来将不
会对综合财务报表造成重大影响。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2570
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
2. APLICATION OF NEW AND AMENDMENTS TO HKFRS
ACOUNTING STANDARDS (Cont’d)
HKFRS 18 “Presentation and Disclosure in Financial Statements”
HKFRS 18 “Presentation and Disclosure in Financial Statements”, which
sets out requirements on presentation and disclosures in financial
statements, wil replace HKAS 1 “Presentation of Financial Statements”.
This new HKFRS Acounting Standard, while carying forward many of
the requirements in HKAS 1, introduces new requirements to present
specified categories and defined subtotals in the statement of profit or
los; provide disclosures on management-defined performance measures
in the notes to the financial statements and improve agregation and
disagregation of information to be disclosed in the financial statements.
In adition, some HKAS 1 paragraphs have ben moved to HKAS 8
“Acounting Policies, Changes in Acounting Estimates and Erors” and
HKFRS 7 “Financial Instruments: Disclosures”. Minor amendments to
HKAS 7 “Statement of Cash Flows” and HKAS 33 “Earnings per Share”
are also made.
HKFRS 18, and amendments to other standards, wil be efective for
anual periods begining on or after 1 January 2027, with early aplication
permited. The aplication of the new standard is expected to afect
the presentation of the statement of profit or los and disclosures in
the future financial statements. The Group is in the proces of asesing
the detailed impact of HKFRS 18 on the Group’s consolidated financial
statements.
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION
Basis of preparation of consolidated financial statements
The consolidated financial statements have ben prepared in acordance
with HKFRS Acounting Standards isued by the HKICPA. For the purpose
of preparation of the consolidated financial statements, information is
considered material if such information is reasonably expected to influence
decisions made by primary users. In adition, the consolidated financial
statements include the aplicable disclosures required by the Rules
Governing the Listing of Securities on the Stock Exchange and by the
Hong Kong Companies Ordinance.
2. 应用新订香港财务报告准则会计准
则及其修订本（续）
香港财务报告准则第18号「财务
报表之呈列及披露」
香港财务报告准则第18号「财务
报表之呈列及披露」规定财务报表
中的列报及披露要求，将取代香
港会计准则第1号「财务报表之呈
列」。该项新订香港财务报告准则
会计准则，于承袭香港会计准则
第1号的多项要求同时，引入于
损益表中呈列指定类别及经界定
小计的新要求；于财务报表附注
中提供管理层定义的表现指标之
披露，并改善财务报表中将予披
露的资料的聚合及分拆。此外，
若干香港会计准则第1号的段落已
移至香港会计准则第8号「会计政
策、会计估计变动及错误」及香港
财务报告准则第7号「金融工具：
披露」。对香港会计准则第7号「现
金流量表」及香港会计准则第33
号「每股盈利」亦进行小幅修订。
香港财务报告准则第18号及其他
准则的修订本将于二零二七年一
月一日或之后开始的年度期间生
效，并允许提前应用。预期新准
则的应用将影响损益表之呈列及
未来财务报表之披露。本集团正
在评估香港财务报告准则第18号
对本集团综合财务报表的详细影
响。
3. 综合财务报表的编制基准及重大
会计政策资料
综合财务报表的编制基准
综合财务报表已按照香港会计师
公会颁布的香港财务报告准则会
计准则编制。就编制综合财务报
表而言，倘有关资料可合理预期
影响主要使用者作出的决定，则
有关资料被视为重大。此外，综
合财务报表包括联交所证券上市
规则及香港公司条例规定的适用
披露。
年报2024-25 顺兴集团（控股）有限公司71
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Basis of preparation of consolidated financial statements (Cont’d)
The directors of the Company have, at the time of aproving the
consolidated financial statements, a reasonable expectation that the
Group has adequate resources to continue its operational existence for
the foreseable future. Thus, they continue to adopt the going concern
basis of acounting in preparing the consolidated financial statements.
Material acounting policy information
Basis of consolidation
The consolidated financial statements incorporate the financial statements
of the Company and entities controled by the Company and its
subsidiaries. Control is achieved when the Company:
- ;
- , or has rights, to variable returns from its involvement
with the investe; and
• has the ability to use its power to afect its returns.
The Group reaseses whether or not it controls an investe if facts and
circumstances indicate that there are changes to one or more of the thre
elements of control listed above.
Consolidation of a subsidiary begins when the Group obtains control over
the subsidiary and ceases when the Group loses control of the subsidiary.
Specificaly, income and expenses of a subsidiary acquired or disposed of
during the year are included in the consolidated statement of profit or los
and other comprehensive income from the date the Group gains control
until the date when the Group ceases to control the subsidiary.
When necesary, adjustments are made to the financial statements of
subsidiaries to bring their acounting policies into line with the Group’s
acounting policies.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
综合财务报表的编制基准（续）
于批准综合财务报表时，本公司
董事已合理预期本集团拥有充足
资源于可预见将来持续经营。因
此，彼等继续采纳持续经营会计
基准编制综合财务报表。
重大会计政策资料
综合基准
综合财务报表包括本公司及由本
公司所控制实体及其附属公司的
财务报表。本公司在下列情况下
取得控制权：
- ；
• 因参与投资对象业务而承
担可变回报的风险或享有
可变回报的权利；及
• 能够使用其权力以影响其
回报。
倘事实及情况显示上文所列控制
权的三项元素的一项或多项有
变，则本集团重新评估其是否控
制投资对象。
附属公司于本集团取得该附属公
司的控制权时综合入账，并于本
集团丧失该附属公司的控制权时
终止合并入账。具体而言，自本
集团取得控制权当日起直至本集
团不再控制附属公司当日止，于
年内收购或出售的附属公司收支
均计入综合损益及其他全面收入
表。
附属公司的财务报表于必要时会
作出调整，以使其会计政策与本
集团所采用者一致。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2572
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Al intra-group asets, liabilities, equity, income, expenses and cash flows
relating to transactions betwen members of the Group are eliminated in
ful on consolidation.
Revenue from contracts with customers
Information about the Group’s acounting policies relating to contracts
with customers is provided in notes 5 and 17.
Leases
The Group as a lese
Right-of-use asets
The cost of right-of-use aset includes:
- ;
- ,
les any lease incentives received; and
• any initial direct costs incured by the Group.
Right-of-use asets are measured at cost, les any acumulated
depreciation and impairment loses, and adjusted for any remeasurement
of lease liabilities.
Right-of-use asets are depreciated on a straight-line basis over the shorter
of its estimated useful life and the lease term.
The Group presents right-of-use asets as a separate line item on the
consolidated statement of financial position.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
所有集团内公司间的资产、负
债、股本、收入、开支以及与本
集团成员公司间交易相关的现金
流量于合并时悉数对销。
客户合约收益
有关本集团客户合约收益的会计
政策资料载于附注5及17。
租赁
本集团作为承租人
使用权资产
使用权资产的成本包括：
- ；
• 于开始日期或之前作出的
任何租赁付款，减任何已
收租赁优惠；及
• 本集团产生的任何初始直
接成本。
使用权资产按成本计量，减去任
何累计折旧及减值亏损，并就租
赁负债的任何重新计量作出调整。
使用权资产使用直线法按估计可
使用年期与租期之间之较短者计
提折旧。
本集团将使用权资产于综合财务
状况表中列作一条单独项目。
年报2024-25 顺兴集团（控股）有限公司73
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Leases (Cont’d)
The Group as a lese (Cont’d)
Refundable rental deposits
Refundable rental deposits paid are acounted under HKFRS 9 and initialy
measured at fair value. Adjustments to fair value at initial recognition are
considered as aditional lease payments and included in the cost of right-
of-use asets.
Lease liabilities
At the comencement date of a lease, the Group recognises and
measures the lease liability at the present value of lease payments that are
unpaid at that date. In calculating the present value of lease payments, the
Group uses the incremental borowing rate at the lease comencement
date if the interest rate implicit in the lease is not readily determinable.
The lease payments include fixed payments (including in-substance fixed
payments) les any lease incentives receivable.
After the comencement date, lease liabilities are adjusted by interest
acretion and lease payments.
The Group presents lease liabilities as a separate line item on the
consolidated statement of financial position.
Property and equipment
Property and equipment are tangible asets that are held for use in the
production or suply of gods or services, or for administrative purposes.
Property and equipment are stated at cost les subsequent acumulated
depreciation and subsequent acumulated impairment loses, if any.
When the Group makes payments for ownership interests of properties
which includes both leasehold land and building elements, the entire
consideration is alocated betwen the leasehold land and the building
elements in proportion to the relative fair values at initial recognition.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
租赁（续）
本集团作为承租人（续）
可退回租赁按金
已付可退回租赁按金乃根据香港
财务报告准则第9号入账，初步按
公平值计量。初始确认时对公平
值作出的调整被视为额外租赁付
款且计入使用权资产成本。
租赁负债
于租赁开始日期，本集团按该日
未付的租赁款项现值确认及计量
租赁负债。于计算租赁款项现值
时，倘租赁隐含的利率难以厘
定，则本集团使用租赁开始日期
的增量借款利率计算。
租赁付款包括固定付款（包括实质
固定付款）减任何应收租赁优惠。
于开始日期后，租赁负债就利息
增长及租赁付款作出调整。
本集团将租赁负债于综合财务状
况表中列作一条单独项目。
物业及设备
物业及设备为持作用于生产或供
应商品或服务或作行政用途的有
形资产。物业及设备按成本减其
后累计折旧及累计减值亏损（如
有）列账。
当本集团就物业的拥有权益（包
括租赁土地及楼宇成分）付款时，
全部代价于租赁土地及楼宇成分
之间按初始确认时的相对公平值
的比例分配。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2574
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Property and equipment (Cont’d)
To the extent the alocation of the relevant payments can be made
reliably, interest in leasehold land that is acounted for as an operating
lease is presented as “right-of-use asets” in the consolidated statement
of financial position. When the consideration canot be alocated reliably
betwen non-lease building element and undivided interest in the
underlying leasehold land, the entire properties are clasified as property
and equipment.
Depreciation is recognised so as to write of the cost of asets over their
estimated useful lives, using the straight-line method. The estimated
useful lives, residual values and depreciation method are reviewed at the
end of each reporting period, with the efect of any changes in estimate
acounted for on a prospective basis.
Impairment on property and equipment and right-of-use asets
At the end of each reporting period, the Group reviews the carying
amounts of its property and equipment and right-of-use asets to
determine whether there is any indication that these asets have sufered
an impairment los. If any such indication exists, the recoverable amount
of the relevant aset is estimated in order to determine the extent of
the impairment los (if any). The recoverable amount of property and
equipment and right-of-use asets are estimated individualy. When it is
not posible to estimate the recoverable amount individualy, the Group
estimates the recoverable amount of the cash-generating unit to which
the aset belongs.
Recoverable amount is the higher of fair value les costs of disposal and
value in use. In asesing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects
curent market asesments of the time value of money and the risks
specific to the aset (or a cash-generating unit) for which the estimates of
future cash flows have not ben adjusted.
If the recoverable amount of an aset (or a cash-generating unit) is
estimated to be les than its carying amount, the carying amount of the
aset (or a cash-generating unit) is reduced to its recoverable amount.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
物业及设备（续）
在相关付款可作可靠分配的情况
下，入账列为经营租赁的于租赁
土地的权益于综合财务状况表中
呈列为「使用权资产」。当代价无
法在相关租赁土地的非租赁楼宇
成分及未分割权益之间可靠分配
时，整项物业分类为物业及设备。
资产的折旧乃按其估计可使用年
期以直线法将其成本撇销后确
认。有关估计的可使用年期、剩
余价值及折旧方法于各报告期末
作出审查，并以预期基准考虑有
关估计的改变。
物业及设备及使用权资产减值
于各报告期末，本集团会检讨其
物业及设备及使用权资产账面
值，以厘定该等资产是否出现任
何减值亏损迹象。倘存在任何有
关迹象，则会估计相关资产可收
回金额，以厘定减值亏损（如有）
程度。物业及设备及使用权资产
的可回收金额将个别估计。倘无
法个别估计可收回金额，本集团
会估计该资产所属现金产生单位
的可收回金额。
可收回金额为公平值减出售成本
与使用价值间的较高者。在评估
使用价值时，估计未来现金流量
使用除税前贴现率贴现至其现
值，而有关贴现率反映当前市场
对货币时间值的评估及该资产（或
现金产生单位）（其估计未来现金
流量未予调整）特有的风险。
倘估计资产（或现金产生单位）的
可收回金额低于其账面值，则资
产（或现金产生单位）的账面值将
减至其可收回金额。
年报2024-25 顺兴集团（控股）有限公司75
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Deposits in life insurance policies
Deposits in life insurance policies are stated in the consolidated statement
of financial position at cost adjusted for interest income and service
charges, les impairment loses, if any.
Financial instruments
Financial asets and financial liabilities are recognised in the consolidated
statement of financial position when a group entity becomes a party to
the contractual provisions of the instrument. Al regular way purchases or
sales of financial asets are recognised and derecognised on a trade date
basis. Regular way purchases or sales are purchases or sales of financial
asets that require delivery of asets within the time frame established by
regulation or convention in the market place.
Financial asets and financial liabilities are initialy measured at fair value
except for trade receivables arising from contracts with customers which
are initialy measured in acordance with HKFRS 15 “Revenue from
Contracts with Customers”. Transaction costs that are directly atributable
to the acquisition or isue of financial asets and financial liabilities (other
than financial asets or financial liabilities at fair value through profit or
los (“FVTPL”) are aded to or deducted from the fair value of the
financial asets or financial liabilities, as apropriate, on initial recognition.
Transaction costs directly atributable to the acquisition of financial asets
or financial liabilities at FVTPL are recognised imediately in profit or los.
The efective interest method is a method of calculating the amortised
cost of a financial aset or financial liability and of alocating interest income
and interest expense over the relevant period. The efective interest
rate is the rate that exactly discounts estimated future cash receipts and
payments (including al fes and points paid or received that form an
integral part of the efective interest rate, transaction costs and other
premiums or discounts) through the expected life of the financial aset
or financial liability, or, where apropriate, a shorter period to the net
carying amount on initial recognition.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
寿险保单按金
寿险保单按金于综合财务状况表
中按经利息收入及服务费用调整
后的成本列账，减值亏损（如
有）。
金融工具
当集团实体成为工具合约条文的
订约方时，金融资产及金融负债
于综合财务状况表确认。所有以
正常方式购买或出售的金融资产
乃按交易日基准确认及取消确
认。以正常方式购买或出售乃购
买或出售要求于市场上按规则或
惯例设定的时间框架内付运的金
融资产。
除根据香港财务报告准则第15号
「来自客户合约的收益」初步计量
的来自客户合约之贸易应收款项
外，金融资产及金融负债初步按
公平值计量。收购或发行金融资
产及金融负债（除按公平值计入损
益（「按公平值计入损益」）的金融
资产或金融负债外）直接应占的交
易成本于初步确认时在金融资产
或金融负债的公平值计入或扣除
（如适用）。收购按公平值计入损
益的金融资产或金融负债直接应
占的交易成本即时于损益确认。
实际利率法为计算有关期间金融
资产或金融负债的摊销成本及分
配利息收入及利息开支的方法。
实际利率是将估计未来现金收入
及付款（包括所有构成实际利率组
成部分的已付或已收费用及百分
点、交易成本及其他溢价或折让）
按金融资产或金融负债预计年期
或（倘适用）更短期间准确贴现至
初步确认时的账面净值的利率。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2576
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Financial instruments (Cont’d)
Financial asets
Clasification and subsequent measurement of financial asets
Financial asets that met the folowing conditions are subsequently
measured at amortised cost:
• the financial aset is held within a busines model whose objective
is to colect contractual cash flows; and
• the contractual terms give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal
amount outstanding.
Al other financial asets are subsequently measured at FVTPL.
(i) Amortised cost and interest income
Interest income is recognised using the efective interest method
for financial asets measured subsequently at amortised cost. For
financial instruments other than purchased or originated credit-
impaired financial asets, interest income is calculated by aplying
the efective interest rate to the gros carying amount of a
financial aset, except for financial asets that have subsequently
become credit-impaired (se below). For financial asets that
have subsequently become credit-impaired, interest income is
recognised by aplying the efective interest rate to the amortised
cost of the financial aset from the next reporting period. If the
credit risk on the credit-impaired financial instrument improves so
that the financial aset is no longer credit-impaired, interest income
is recognised by aplying the efective interest rate to the gros
carying amount of the financial aset from the begining of the
reporting period folowing the determination that the aset is no
longer credit-impaired.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
金融工具（续）
金融资产
金融资产的分类及后续计量
符合以下条件的金融资产其后按
摊销成本计量：
• 金融资产于目的为收取合
约现金流量之业务模式下
持有；及
• 合约条款于指定日期产生
之现金流量纯粹为支付本
金及未偿还本金之利息。
所有其他金融资产其后按公平值
计入损益计量。
(i) 摊销成本及利息收入
其后按摊销成本计量的金
融资产的利息收入乃使用
实际利息法予以确认。对
于购入或原本已发生信贷
减值之金融资产以外之金
融工具，利息收入乃对一
项金融资产账面总值应用
实际利率予以计算，惟其
后出现信贷减值的金融资
产除外（见下文）。就其后
出现信贷减值的金融资产
而言，自下一报告期起，
利息收入乃对金融资产摊
销成本应用实际利率予以
确认。倘信贷减值金融工
具的信贷风险好转，使金
融资产不再出现信贷减
值，于厘定资产不再出现
信贷减值后，自报告期开
始起利息收入乃对金融资
产账面总值应用实际利率
予以确认。
年报2024-25 顺兴集团（控股）有限公司77
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Financial instruments (Cont’d)
Financial asets (Cont’d)
Clasification and subsequent measurement of financial asets (Cont’d)
(i) Financial asets at FVTPL
Financial asets at FVTPL are measured at fair value at the end of
each reporting period, with any fair value gains or loses recognised
in profit or los. The net gain or los recognised in profit or los
excludes any dividend or interest earned on the financial aset and
is included in the “other los” line item.
Impairment of financial asets and other items subject to impairment
asesment under HKFRS 9
The Group performs impairment asesment under expected credit
los (“ECL”) model on financial asets (including trade receivables, debt
instruments at amortised cost, other receivables and deposits and bank
balances) and contract asets which are subject to impairment asesment
under HKFRS 9. The amount of ECL is updated at each reporting date to
reflect changes in credit risk since initial recognition.
Lifetime ECL represents the ECL that wil result from al posible default
events over the expected life of the relevant instrument. In contrast,
12-month ECL (“12m ECL”) represents the portion of lifetime ECL that is
expected to result from default events that are posible within 12 months
after the reporting date. Asesment are done based on the Group’s
historical credit los experience, adjusted for factors that are specific to
the debtors, general economic conditions and an asesment of both the
curent conditions at the reporting date as wel as the forecast of future
conditions.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产的分类及后续计量（续）
(i) 按公平值计入损益的金融
资产
按公平值计入损益的金融
资产按各报告期末的公平
值计量，任何公平值收益
或亏损于损益中确认。于
损益中确认的净收益或亏
损不包括该金融资产所赚
取的任何股息或利息，并
计入「其他亏损」一项。
金融资产及须根据香港财务报告
准则第9号进行减值评估的其他项
目的减值
本集团根据预期信贷亏损（「预期
信贷亏损」）模式对金融资产（包括
贸易应收款项、按摊销成本列账
的债务工具、其他应收款项及按
金及银行结余）及合约资产（根据
香港财务报告准则第9号须予进行
减值评估）进行减值评估。预期信
贷亏损金额于各报告日期作出更
新，以反映自初步确认以来的信
贷风险变动。
全期预期信贷亏损指于相关工具
预期年期内发生的所有可能违约
事件所导致的预期信贷亏损。相
反，12个月预期信贷亏损（「12个
月预期信贷亏损」）指预期于报告
日期后12个月内可能发生的违约
事件所导致的部分全期预期信贷
亏损。评估根据本集团过往信贷
亏损经验进行，并根据债务人的
特定因素、整体经济状况以及于
报告日期对当前状况及未来状况
预测的评估而作出调整。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2578
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Financial instruments (Cont’d)
Financial asets (Cont’d)
Impairment of financial asets and other items subject to impairment
asesment under HKFRS 9 (Cont’d)
The Group always recognises lifetime ECL for trade receivables and
contract asets. The ECL on these asets are asesed individualy.
For al other instruments, the Group measures the impairment los
alowance equal to 12m ECL, unles when there has ben a significant
increase in credit risk since initial recognition, the Group recognises lifetime
ECL. The asesment of whether lifetime ECL should be recognised is
based on significant increases in the likelihod or risk of a default ocuring
since initial recognition.
(i) Significant increase in credit risk
In asesing whether the credit risk has increased significantly
since initial recognition, the Group compares the risk of a default
ocuring on the financial instrument as at the reporting date with
the risk of a default ocuring on the financial instrument as at the
date of initial recognition. In making this asesment, the Group
considers both quantitative and qualitative information that is
reasonable and suportable, including historical experience and
forward-loking information that is available without undue cost or
efort.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产及须根据香港财务报告
准则第9号进行减值评估的其他项
目的减值（续）
本集团经常就贸易应收款项及合
约资产确认全期预期信贷亏损。
该等资产的预期信贷亏损乃个别
评估。
就所有其他工具而言，本集团计
量的减值亏损拨备等于12个月预
期信贷亏损，除非自初步确认后
信贷风险显著增加，本集团确认
全期预期信贷亏损。是否应确认
全期预期信贷亏损的评估乃基于
自初步确认以来发生违约之可能
性或风险的显著增加。
(i) 信贷风险显著增加
于评估自初步确认后信贷
风险是否显著增加时，本
集团将于报告日期金融工
具发生的违约风险与初步
确认日期金融工具发生的
违约风险进行比较。在进
行该评估时，本集团会考
虑合理且有理据的定量和
定性资料，包括毋须付出
不必要的成本或努力即可
获得的历史经验及前瞻性
资料。
年报2024-25 顺兴集团（控股）有限公司79
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Financial instruments (Cont’d)
Financial asets (Cont’d)
Impairment of financial asets and other items subject to impairment
asesment under HKFRS 9 (Cont’d)
(i) Significant increase in credit risk (Cont’d)
In particular, the folowing information is taken into acount when
asesing whether credit risk has increased significantly:
• an actual or expected significant deterioration in the
financial instrument’s external (if available) or internal credit
rating;
• significant deterioration in external market indicators of
credit risk, e.g. a significant increase in the credit spread,
the credit default swap prices for the debtor;
- , financial
or economic conditions that are expected to cause a
significant decrease in the debtor’s ability to met its debt
obligations;
• an actual or expected significant deterioration in the
operating results of the debtor; and
• an actual or expected significant adverse change in the
regulatory, economic, or technological environment of the
debtor that results in a significant decrease in the debtor’s
ability to met its debt obligations.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产及须根据香港财务报告
准则第9号进行减值评估的其他项
目的减值（续）
(i) 信贷风险显著增加（续）
特别是，在评估信贷风险
是否显著增加时，会考虑
以下资料：
- （如
有）或内部信贷评级
的实际或预期显著
恶化；
• 外部市场信贷风险
指标的显著恶化，
如信贷利差大幅增
加，债务人的信用
违约掉期价格；
• 预计会导致债务人
偿还债务能力大幅
下降的业务、财务
或经济状况的现有
或预测的不利变化；
• 债务人经营业绩的
实际或预期显著恶
化；及
• 导致债务人偿还债
务能力大幅下降的
债务人监管、经济
或技术环境的实际
或预期的重大不利
变化。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2580
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Financial instruments (Cont’d)
Financial asets (Cont’d)
Impairment of financial asets and other items subject to impairment
asesment under HKFRS 9 (Cont’d)
(i) Significant increase in credit risk (Cont’d)
Irespective of the outcome of the above asesment, the Group
has rebuted the presumption that the credit risk has increased
significantly since initial recognition when contractual payments
are more than 30 days past due as the Group has reasonable and
suportable information that demonstrates otherwise.
The Group regularly monitors the efectivenes of the criteria used
to identify whether there has ben a significant increase in credit
risk and revises them as apropriate to ensure that the criteria are
capable of identifying significant increase in credit risk before the
amount becomes past due.
(i) Definition of default
For internal credit risk management, the Group considers an
event of default ocurs when information developed internaly or
obtained from external sources indicates that the debtor is unlikely
to pay its creditors, including the Group, in ful (without taking into
acount any colaterals held by the Group).
Irespective of the above, the Group has rebuted the presumption
that default has ocured when a financial aset is more than
90 days past due as the Group has reasonable and suportable
information to demonstrate that a more laging default criterion is
more apropriate.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产及须根据香港财务报告
准则第9号进行减值评估的其他项
目的减值（续）
(i) 信贷风险显著增加（续）
不论上述评估的结果如
何，本集团已驳回当合约
付款逾期超过30天，自初
步确认以来信贷风险已显
著增加的假设，原因为本
集团有合理及有理据的资
料证明相反情况。
本集团定期监察用以识别
信贷风险是否显著增加的
标准的有效性，并于适当
时候做出修订以确保该标
准能够在款项逾期前识别
信贷风险的显著增加。
(i) 违约之定义
就内部信贷风险管理而
言，本集团认为，倘内部
生成或自外部来源获得之
资料显示债务人不太可能
向其债权人（包括本集团）
全额还款（不考虑本集团持
有之任何抵押品），则发生
违约事件。
无论上述情形如何，本集
团已驳回了金融资产逾期
超过90日，即发生违约事
件的假设，原因为本集团
有合理及理据的据资料能
证明更宽松的违约标准更
为合适。
年报2024-25 顺兴集团（控股）有限公司81
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Financial instruments (Cont’d)
Financial asets (Cont’d)
Impairment of financial asets and other items subject to impairment
asesment under HKFRS 9 (Cont’d)
(i) Credit-impaired financial asets
A financial aset is credit-impaired when one or more events that
have a detrimental impact on the estimated future cash flows of
that financial aset have ocured. Evidence that a financial aset
is credit-impaired includes observable data about the folowing
events:
(a) significant financial dificulty of the isuer or the borower;
(b) a breach of contract, such as a default or past due event;
(c) the lender(s) of the borower, for economic or contractual
reasons relating to the borower’s financial dificulty, having
granted to the borower a concesion(s) that the lender(s)
would not otherwise consider;
(d) it is becoming probable that the borower wil enter
bankruptcy or other financial reorganisation; or
(e) the disapearance of an active market for that financial
aset because of financial dificulties.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产及须根据香港财务报告
准则第9号进行减值评估的其他项
目的减值（续）
(i) 信贷减值金融资产
当发生一项或多项对金融
资产估计未来现金流量有
不利影响之事件时，金融
资产出现信贷减值。金融
资产信贷减值之证据包括
以下的可观察数据：
(a) 发行人或借款人陷
入重大财务困难；
(b) 违反合约，如违约或
逾期事件；
(c) 借款人的贷款人因
与借款人出现财务
困难有关之经济或
合约理由而给予借
款人在一般情况下
贷款人不予考虑之
优惠条件；
(d) 借款人有可能破产
或进行其他财务重
组；或
(e) 因出现财政困难导
致该金融资产失去
活跃市场。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2582
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Financial instruments (Cont’d)
Financial asets (Cont’d)
Impairment of financial asets and other items subject to impairment
asesment under HKFRS 9 (Cont’d)
(iv) Write-of policy
The Group writes of a financial aset when there is information
indicating that the counterparty is in severe financial dificulty and
there is no realistic prospect of recovery, for example, when the
counterparty has ben placed under liquidation or has entered
into bankruptcy procedings, or in the case of trade receivables,
when the amounts are over two years past due, whichever
ocurs soner. Financial asets writen of may stil be subject to
enforcement activities under the Group’s recovery procedures,
taking into acount legal advice where apropriate. A write-of
constitutes a derecognition event. Any subsequent recoveries are
recognised in profit or los.
(v) Measurement and recognition of ECL
The measurement of ECL is a function of the probability of
default, los given default (i.e. the magnitude of the los if there
is a default) and the exposure at default. The asesment of the
probability of default and los given default is based on historical
data and forward-loking information. Estimation of ECL reflects
an unbiased and probability-weighted amount that is determined
with the respective risks of default ocuring as the weights.
Generaly, the ECL is the diference betwen al contractual cash
flows that are due to the Group in acordance with the contract
and the cash flows that the Group expects to receive, discounted
at the efective interest rate determined at initial recognition.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产及须根据香港财务报告
准则第9号进行减值评估的其他项
目的减值（续）
(iv) 撇销政策
倘有资料显示对手方陷入
严重财务困难且无实际收
回可能，例如对手方遭清
盘或已进入破产程序时，
或就贸易应收款项而言，
有关金额已逾期超过两年
（以较早发生者为准），则
本集团会撇销金融资产。
在考虑法律意见（如适当）
后，已撇销金融资产仍可
根据本集团之收回程序实
施强制执行。撇销构成取
消确认事件。任何其后收
回于损益内确认。
(v) 预期信贷亏损的计量及确
认
预期信贷亏损之计量为违
约概率、违约损失率（即倘
发生违约的损失程度）及违
约风险之函数。违约概率
及违约损失率之评估乃基
于历史数据及前瞻性资料
作出。预期信贷亏损的估
计反映以发生相关违约的
风险作为加权数值而厘定
的无偏概率加权平均金额。
一般而言，预期信贷亏损
乃根据合约应付本集团之
所有合约现金流量与本集
团预期收取之现金流量之
间的差额，并按首次确认
时厘定之实际利率贴现。
年报2024-25 顺兴集团（控股）有限公司83
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Financial instruments (Cont’d)
Financial asets (Cont’d)
Impairment of financial asets and other items subject to impairment
asesment under HKFRS 9 (Cont’d)
(v) Measurement and recognition of ECL (Cont’d)
Interest income is calculated based on the gros carying amount
of the financial aset unles the financial aset is credit-impaired, in
which case interest income is calculated based on amortised cost
of the financial aset.
The Group recognises an impairment gain or los in profit or los
for al financial instruments by adjusting their carying amount, with
the exception of trade receivables and contract asets where the
coresponding adjustment is recognised through a los alowance
acount.
Financial liabilities and equity instruments
Clasification as debt or equity
Debt and equity instruments isued by a group entity are clasified as
either financial liabilities or as equity in acordance with the substance of
the contractual arangements and the definitions of a financial liability and
an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in
the asets of a group entity after deducting al of its liabilities.
Financial liabilities
The Group’s financial liabilities including trade and bils payables, other
payables and acrued charges and bank borowings are subsequently
measured at amortised cost, using the efective interest method.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产及须根据香港财务报告
准则第9号进行减值评估的其他项
目的减值（续）
(v) 预期信贷亏损的计量及确
认（续）
利息收入乃根据金融资产
之账面总值计算，除非金
融资产发生信贷减值，在
此情况下，利息收入则根
据金融资产之摊销成本计
算。
本集团透过调整所有金融
工具账面值于损益确认其
减值收益或亏损，除贸易
应收款项及合约资产的相
关调整透过一项亏损拨备
账目确认。
金融负债及股本工具
分类为负债或股本
由一家集团实体所发行的债务及
股本工具乃根据合约安排的内容
及金融负债及股本工具的定义分
类为金融负债或股本。
股本工具
股本工具乃证明集团实体资产于
扣除其所有负债后的剩余权益的
任何合约。
金融负债
本集团的金融负债（包括贸易应付
款项及应付票据、其他应付款项
及应计费用以及银行借款）其后采
用实际利率法按摊销成本计量。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2584
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Financial instruments (Cont’d)
Derecognition of financial asets and financial liabilities
The Group derecognises a financial aset only when the contractual rights
to the cash flows from the aset expire, or when it transfers the financial
aset and substantialy al the risks and rewards of ownership of the aset
to another entity.
On derecognition of a financial aset, the diference betwen the aset’s
carying amount and the sum of the consideration received and receivable
is recognised in profit or los.
The Group derecognises financial liabilities when, and only when,
the Group’s obligations are discharged, canceled or have expired.
The diference betwen the carying amount of the financial liability
derecognised and the consideration paid and payable is recognised in
profit or los.
Retirement benefit costs
Payments to the Mandatory Provident Fund Scheme (“MPF Scheme”) as
defined contribution plan are recognised as an expense when employes
have rendered service entitling them to the contributions.
For long-service payment (“LSP”) obligation, the Group acounts for the
employer MPF contributions expected to be ofset as a demed employe
contribution towards the LSP obligation in terms of HKAS 19.93(a) and
it is measure on a net basis. The estimated amount of future benefit is
determined after deducting the negative service cost arising from the
acrued benefits derived from the Group’s MPF contributions that have
ben vested with employes, which are demed to be contributions from
the relevant employes.
Short-term and other long-term employe benefits
Short-term employe benefits are recognised at the undiscounted amount
of the benefits expected to be paid as and when employes rendered the
services. Al short-term employe benefits are recognised as an expense
unles another HKFRS requires or permits the inclusion of the benefit in
the cost of an aset.
A liability is recognised for benefits acruing to employes (such as wages
and salaries and anual leave) after deducting any amount already paid.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
金融工具（续）
终止确认金融资产及金融负债
仅在获取资产所产生现金流量的
合约权利到期时，或其将金融资
产及有关资产所有权的绝大部分
风险及回报转让予另一实体时，
本集团方会终止确认一项金融资
产。
于终止确认金融资产时，资产的
账面值与已收及应收代价总和之
间的差额于损益确认。
仅在本集团的义务已经履行、撤
销或已到期时，本集团方会终止
确认金融负债。终止确认的金融
负债的账面值与已付及应付代价
之间的差额在损益中确认。
退休福利成本
对作为界定供款计划的强制性公
积金计划（「强积金计划」）的付款
乃于雇员提供服务使其有权获得
供款时确认为开支。
就长期服务金（「长期服务金」）义
务而言，本集团根据香港会计准
则第19.93(a)条预计将雇主强积
金供款抵销为视作长期服务金义
务的雇员供款，并按净额基准计
量。估计未来权益金额乃于扣除
本集团强积金供款所产生的累算
权益归属于雇员而被视为相关雇
员供款而产生之负服务成本后厘
定。
短期及其他长期雇员福利
短期雇员福利按预期就雇员提供
服务所支付的福利的未折现金额
确认。所有短期雇员福利确认为
支出，惟另一项香港财务报告准
则规定或允许将该其计入资产成
本的情况则除外。
雇员福利（如工资及薪金以及年
假）于扣除已支付的任何金额后确
认为负债。
年报2024-25 顺兴集团（控股）有限公司85
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Taxation
Defered tax asets and liabilities are ofset when there is a legaly
enforceable right to set of curent tax asets against curent tax liabilities
and when they relate to income taxes levied to the same taxable entity by
the same taxation authority.
Bank balances and cash
Bank balances and cash presented on the consolidated statement of
financial position and the consolidated statement of cash flows include:
(a) cash, which comprises of cash on hand and demand deposits,
excluding bank balances that are subject to regulatory restrictions
that result in such balances no longer meting the definition of
cash; and
(b) cash equivalents, which comprises of short-term (generaly with
original maturity of thre months or les), highly liquid investments
that are readily convertible to a known amount of cash and
which are subject to an insignificant risk of changes in value. Cash
equivalents are held for the purpose of meting short-term cash
comitments rather than for investment or other purposes.
For the purposes of the consolidated statement of cash flows, cash and
cash equivalents consist of cash and cash equivalents as defined above and
form an integral part of the Group’s cash management.
Provisions
Provisions are recognised when the Group has a present obligation (legal
or constructive) as a result of a past event, it is probable that the Group
wil be required to setle the obligations, and a reliable estimate can be
made of the amount of the obligation.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
税项
当有法定可执行权利将即期税项
资产抵销即期税项负债时，以及
当该等与同一税务机关对同一应
课税实体征收的所得税有关时，
递延所得税资产和负债均予以抵
销。
银行结余及现金
于综合财务状况表及综合现金流
量表内呈列的银行结余及现金包
括：
(a) 现金，包括手头现金及活
期存款，不包括受监管限
制导致有关结余不再符合
现金定义的银行结余；及
(b) 现金等价物，包括短期（原
到期日一般为三个月或更
短）、可随时转换为已知现
金额且价值变动风险不
大的高流动性投资。现金
等价物持作满足短期现金
承担，而非用于投资或其
他目的。
就综合现金流量表而言，现金及
现金等价物包括上述界定的现金
及现金等价物，并构成本集团现
金管理的组成部分。
拨备
当本集团因过往事件而产生现时
责任（法律或推定），而本集团可
能将须结清该等责任，并可对责
任的金额作出可靠估计，则确认
拨备。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2586
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (Cont’d)
Material acounting policy information (Cont’d)
Provisions (Cont’d)
The amount recognised as a provision is the best estimate of the
consideration required to setle the present obligation at the end of
each reporting period, taking into acount the risks and uncertainties
surounding the obligation. When a provision is measured using the cash
flows estimated to setle the present obligation, its carying amount is the
present value of those cash flows (where the efect of the time value of
money is material).
Onerous contracts
Present obligations arising under onerous contracts are recognised and
measured as provisions. An onerous contract is considered to exist
where the Group has a contract under which the unavoidable costs of
meting the obligations under the contract exced the economic benefits
expected to be received from the contract. The unavoidable costs under
a contract reflect the least net cost of exiting from the contract, which is
the lower of the net cost of fulfiling it and any compensation or penalties
arising from failure to fulfil it.
When asesing whether a contract is onerous or los-making, the Group
includes costs that relate directly to the contract, consisting of both the
incremental costs (e.g. direct labour and materials) and an alocation
of other costs (e.g. an alocation of project overhead costs) that relate
directly to fulfiling contracts.
Government grants
Government grants related to income that are receivable as compensation
for expenses or loses already incured or for the purpose of giving
imediate financial suport to the Group with no future related costs are
recognised in profit or los in the period in which they become receivable.
Such grants are presented under “other income”.
3. 综合财务报表的编制基准及重大
会计政策资料（续）
重大会计政策资料（续）
拨备（续）
确认为拨备的款项乃于各报告期
末结清现时责任所需代价的最佳
估计，并已考虑有关责任的风险
及不确定因素。当利用估计现金
流量计量拨备以结清现时责任
时，其账面值为该等现金流量的
现值（倘货币时间价值的影响属重
大）。
亏损合约
亏损合约项下所产生现时责任确
认及计量为拨备。当本集团为达
致其所拥有合约项下责任而不可
避免的成本超出预期自该合约收
取的经济利益时，则被视为存在
亏损合约。该合约项下不可避免
的成本反映退出合约的最低成本
净额，即履行合约的成本净额以
及因未履行合约而产生的任何补
偿或处罚两者中的较低者。
于评估合约是否亏损或将录得亏
损时，本集团计算与合约直接相
关之成本，包括增量成本（如直接
劳工及物料），以及与履行合约直
接相关之其他成本分配（如项目开
办成本分配）。
政府补助
倘应收与收入有关的政府补助乃
用作补偿支出或已发生的亏损或
为向本集团提供并无日后相关成
本的即时财务支援，则在应收期
间于损益中确认。该等补助于「其
他收入」项下呈列。
年报2024-25 顺兴集团（控股）有限公司87
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
4. KEY SOURCES OF ESTIMATION UNCERTAINTY
In the aplication of the Group’s acounting policies, which are described
in note 3, the management is required to make judgements, estimates and
asumptions about the carying amounts of asets and liabilities that are
not readily aparent from other sources. The estimates and underlying
asumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may difer from these estimates.
The estimates and underlying asumptions are reviewed on an ongoing
basis. Revisions to acounting estimates are recognised in the period in
which the estimates is revised if the revision afects only that period, or in
the period of the revision and future periods if the revision afects both
curent and future periods.
The folowings are the key asumptions concerning the future, and other
key sources of estimation uncertainty at the end of each reporting period
that have a significant risk of causing a material adjustment to the carying
amounts of asets within the next financial year.
Enginering service contracts
The Group reviews and revises the estimates of contract revenue, contract
costs, variation orders and contract claims prepared for each enginering
service contract as the contract progreses. Budgeted enginering service
costs are prepared by the management on the basis of quotations from
time to time provided by the major subcontractors, supliers or vendors
involved and the experience of the management. In order to kep the
budget acurate and up-to-date, the management conducts periodic
reviews of the budgets of contracts by comparing the budgeted amounts
to the actual amounts incured. Such significant estimate may have impact
on the profit or los recognised in each period.
4. 估计不确定因素的主要来源
于应用附注3所载本集团会计政策
时，管理层须就未能从其他来源
取得的资产及负债账面值作出判
断、估计及假设。该等估计及有
关假设乃根据过往经验及其他被
认为相关的因素而作出。实际结
果与该等估计或有所不同。
有关估计及相关假设须按持续基
准检讨，若会计估计的修订只影
响该期间，则该修订于该期间内
确认，或如该修订影响本期及未
来期间，则于修订及未来期间内
确认。
以下为于各报告期末或会导致资
产账面值于下一个财政年度内作
出重大调整的重大风险的有关估
计不确定因素未来及其他主要来
源的主要假设。
工程服务合约
随著合约工程进度，本集团检讨
及修订就每一份工程服务合约编
制的合约收益、合约成本、工程
变更指令及合约索偿估计。工程
服务成本预算由管理层以主要次
承建商、供应商或涉及的售卖方
不时提供的报价及管理层的经验
为基础而编制。为确保预算准确
及更新，管理层通过比较预算金
额与所产生实际金额，定期对合
约预算进行检讨。有关重大估计
或会对各期间所确认的损益造成
影响。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2588
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
4. KEY SOURCES OF ESTIMATION UNCERTAINTY (Cont’d)
Enginering service contracts (Cont’d)
Recognised amounts of enginering service contract revenue and related
receivables reflect the management’s best estimate of each contract’s
outcome and stage of completion, which are determined on the basis of
a number of estimates. This includes the asesment of the profitability
of on-going enginering service contracts. For more complex contracts
in particular, costs to complete and contract profitability are subject to
significant estimation uncertainty. Notwithstanding that the management
frequently reviews and revises the estimates of both the estimated
revenue and direct costs as the contracts progres, changes in estimates
or the actual outcome wil afect the carying amounts of contract asets/
liabilities with the coresponding adjustments to future revenue and/or
direct costs.
During the year ended 31 March 2025, the Group recognised
contract revenue and contract costs amounted to HK$608,490,000
and HK$575,520,000 respectively (2024: HK$876,177,000 and
HK$859,888,000 respectively).
Impairment asesment on trade receivables and contract asets
ECL on trade receivables and contract asets are asesed individualy.
The asesment is based on the internal credit ratings, ageing, repayment
history and/or past due status of the respective customers. Estimated los
rates are based on historical observed default rates over the expected
life of the financial instruments and contract asets and are adjusted for
forward-loking information. The los alowance amount of the credit-
impaired trade receivables and contract asets is measured as the
diference betwen the aset’s carying amount and the present value of
estimated future cash flows with the consideration of expected future
credit loses.
At every reporting date, the historical observed default rates are
reasesed and changes in the forward-loking information are considered.
As at 31 March 2025, the trade receivables and contract asets
amounting to HK$81,460,000 and HK$136,983,000 respectively (2024:
HK$145,777,000 and HK$226,107,000 respectively).
- （续）
工程服务合约（续）
工程服务合约收益及相关应收款
项的已确认金额反映管理层对各
合约的结果及完成阶段的最佳估
计，乃基于若干估计厘定。这包
括评估持续经营的工程服务合约
的盈利能力。特别对较复杂的合
约而言，完成本及合约盈利能
力受限于重大估计不确定因素。
尽管理层在合约进行时经常检
讨及修订对估计收益及直接成本
的估计，估计变动或实际结果将
影响合约资产╱负债账面值以及
对未来收益及╱或直接成本的相
应调整。
截至二零二五年三月三十一日止
年度，本集团确认合约收益及
合约成本分别为608,490,000港
元及575,520,000港元（二零二四
年：分别为876,177,000港元及
859,888,000港元）。
贸易应收款项及合约资产减值评估
贸易应收款项及合约资产的预期
信贷亏损乃个别评估。评估乃基
于相应客户的内部信贷评级、账
龄、还款历史及╱或逾期状态。
估计亏损率基于金融工具及合约
资产预期有效期内的历史观察违
约率，并根据前瞻性资料进行调
整。已发生信贷减值的贸易应收
款项及合约资产的亏损拨备金额
乃按资产账面值与估计未来现金
流量现值之间的差额计量，并考
虑预期未来信贷亏损。
于各报告日期，历史观察违约率
重新评估，且前瞻性资料的变动
予以考虑。
于二零二五年三月三十一日，贸
易应收款项及合约资产分别为
81,460,000港元及136,983,000港元
（二零二四年：分别为145,777,000
港元及226,107,000港元）。
年报2024-25 顺兴集团（控股）有限公司89
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
4. KEY SOURCES OF ESTIMATION UNCERTAINTY (Cont’d)
Impairment asesment on trade receivables and contract asets
(Cont’d)
The provision of ECL is sensitive to changes in estimates. The information
about the ECL, the Group’s trade receivables and contract asets are
disclosed in notes 31, 15 and 17, respectively.
5. REVENUE AND SEGMENT INFORMATION
Revenue
Revenue represents the fair value of amounts received or receivable
arising from the enginering service contracts of the Group from external
customers. The Group’s revenue was solely derived from electrical and
mechanical enginering (“E&M enginering”) services with the focus on
the suply, instalation and maintenance of mechanical ventilation and
air-conditioning system (“MVAC system”) and low voltage electrical system
in Hong Kong during the years ended 31 March 2025 and 2024. Such
services are recognised as a performance obligation satisfied over time as
the Group creates or enhances an aset that the customer controls as the
aset is created or enhanced. The progres towards complete satisfaction
of a performance obligation is measured based on input method, which
is to recognise revenue on the basis of the Group’s eforts or inputs to
the satisfaction of a performance obligation relative to the total expected
inputs to the satisfaction of that performance obligation, that best depict
the Group’s performance in transfering control of gods or services.
For contracts that contain variable consideration, the Group estimates the
amount of consideration to which it wil be entitled using the most likely
amount, which beter predicts the amount of consideration to which the
Group wil be entitled.
The estimated amount of variable consideration is included in the
transaction price only to the extent that it is highly probable that such an
inclusion wil not result in a significant revenue reversal in the future when
the uncertainty asociated with the variable consideration is subsequently
resolved.
- （续）
贸易应收款项及合约资产减值评估
（续）
预期信贷亏损之拨备对估计变动
尤为敏感。有关预期信贷亏损、
本集团贸易应收款项及合约资产
的资料分别于附注31、15及17披
露。
5. 收益及分部资料
收益
收益指本集团来自外部客户的工
程服务合约产生的已收或应收款
项的公平值。本集团于截至二零
二五年及二零二四年三月三十一
日止年度的收益仅来自机电工程
（「机电工程」）服务，并专注于
在香港供应、安装及维修机械通
风及空调系统（「机械通风空调系
统」）及低压电气系统。倘本集团
创造或提升一项资产，而该资产
获创造或提升时由客户控制，则
该等服务会确认为于一段时间内
达成的一项履约责任。完全完成
履行履约责任的进度乃根据投入
法计量，即透过按本集团为完成
履约责任而产生的支出或投入（相
对于预期为完成履约责任的总投
入）确认收益，有关方法最能反映
本集团于转让货品或服务控制权
方面的履约情况。
就包含可变代价的合约而言，本
集团使用最有可能的金额估计其
有权收取的代价金额，使其更能
预测其有权收取的代价金额。
仅在与可变代价相关的不确定性
随后得到解决时极不可能会发生
将来收益的重大转回时，估计可
变代价金额方计入交易价格中。
| 446,587 |
|---|
| 161,903 |
| 608,490 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2590
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
5. REVENUE AND SEGMENT INFORMATION (Cont’d)
Revenue (Cont’d)
At the end of each reporting period, the Group updates the estimated
transaction price (including updating its asesment of whether an estimate
of variable consideration is constrained) to represent faithfuly the
circumstances present at the end of the reporting period and the changes
in circumstances during the reporting period.
(i) Disagregation of revenue
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Type of services服务类型
— Suply, instalation and
maintenance of MVAC system
— 供应、安装及
维修机械通风空调系统597,052
— Suply, instalation and
maintenance of low voltage
electrical system
— 供应、安装及维修低压
电气系统
279,125
876,177
The revenue recognised for the years ended 31 March 2025 and
2024 was mainly from private sector projects.
- （续）
收益（续）
于各报告期末，本集团更新估计
交易价格（包括更新评估有关可变
代价的估计是否受到限制），以真
实反映于报告期末存在的情况以
及于报告期内该等情况的变化。
(i) 收益分类
截至二零二五年及二零
二四年三月三十一日止年
度确认的收益主要来自私
营项目。
年报2024-25 顺兴集团（控股）有限公司91
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
5. REVENUE AND SEGMENT INFORMATION (Cont’d)
Revenue (Cont’d)
(i) Transaction price alocated to the remaining performance
obligation for contracts with customers
The transaction price alocated to the remaining performance
obligations (unsatisfied or partialy unsatisfied) as at 31 March
2025 amounting to aproximately HK$638,061,000 (2024:
HK$883,543,000). Based on the information available to the
Group at the end of the reporting period, management expects
that the remaining performance obligations wil be recognised as
revenue during the years ending 31 March 2026 to 2028 (2024: 31
March 2025 to 2027).
Segment information
For the purpose of resources alocation and performance asesment, the
executive directors of the Company, being the chief operating decision
maker, review the overal results and financial position of the Group as
a whole. Acordingly, the Group has only one single operating segment
and only entity-wide disclosures, major customers and geographical
information are presented.
Geographical information
The Group’s revenue are al derived from Hong Kong based on the
location of services delivered and the Group’s property and equipment
and right-of-use asets amounting to HK$17,023,000 as at 31 March 2025
(2024: HK$19,737,000 are al located in Hong Kong by physical location of
asets.
- （续）
收益（续）
(i) 分配予客户合约剩余履约责
任的交易价格
于二零二五年三月三十一
日，分配予剩余履约责任
（未履行或部分未履行）的交
易价格约为638,061,000港元
（二零二四年：883,543,000
港元）。基于本集团于报告
期末可得的资料，管理层预
期剩余履约责任将确认为截
至二零二六年至二零二八年
三月三十一日止年度（二零
二四年：二零二五年至二零
二七年三月三十一日）的收
益。
分部资料
就资源分配及表现评估而言，本
公司的执行董事作为主要经营决
策者，审阅本集团整体业绩及财
务状况。因此，本集团仅有一个
单一的经营分部，仅呈列经营实
体范围的披露、主要客户及地区
资料。
地区资料
根据提供服务的地点，本集团的
收益均来自香港，而按资产的实
际位置划分，本集团于二零二五
年三月三十一日为17,023,000港元
（二零二四年：19,737,000港元）的
物业及设备以及使用权资产全部
均位于香港。
| 127,139 |
|---|
| 98,722 |
| 72,685 |
| 68,826 |
| – | 2,710 | 110 | 18 | 2,838 |
|---|---|---|---|---|
| – | 2,266 | 92 | 18 | 2,376 |
| – | 1,686 | 68 | 18 | 1,772 |
| 48 | – | – | – | 48 |
| 156 | – | – | – | 156 |
| 156 | – | – | – | 156 |
| 156 | – | – | – | 156 |
| 516 | 6,662 | 270 | 54 | 7,502 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2592
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
5. REVENUE AND SEGMENT INFORMATION (Cont’d)
Information about major customers
Revenue atributed from customers that acounted for 10% or more of
the Group’s total revenue during the years is as folows:
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Customer A客户A224,458
Customer B客户BN/A不适用*
Customer C客户C145,750
Customer D客户D116,242
- % of the Group’s total revenue for
the respective period.
6. DIRECTORS’ AND EMPLOYES’ EMOLUMENTS
(a) Directors’ and chief executive’s emoluments
During the years ended 31 March 2025 and 2024, the emoluments
paid or payable by the entities now comprising the Group to the
directors and chief executive of the Company were as folows:
Directors’
fes
Salaries
and
other
benefits
Discretionary
bonus
Retirement
benefit
scheme
contributionsTotal
董事袍金
薪金及
其他福利酌情花红
退休福利
计划供款总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
For the year ended
31 March 2025
截至二零二五年
三月三十一日止年度
Executive Directors执行董事
Yu Cheung Choy (note i)俞长财（附注i）
Lau Man Ching (notes i and i)刘文青（附注i及i）
Yu Ho Chi (note i)俞浩智（附注i）
Non-Executive Director非执行董事
Yu Tsz Wai (note i & iv)俞紫慧（附注i及iv）
Independent
Non-Executive Directors
独立非执行董事
Lam Yim Nam (note i)林炎南（附注i）
Law Man Wah (note i)罗文华（附注i）
Le Wing Ke (note i)李永基（附注i）
- （续）
有关主要客户的资料
于该等年间源自占本集团收益总
额10%或以上的客户的收益如下：
- ，来自有关客户的收益低
于本集团收益总额的10%。
6. 董事及雇员酬金
(a) 董事及最高行政人员的酬金
于截至二零二五年及二零
二四年三月三十一日止年
度，本集团现时旗下实体
向本公司董事及主要行政
人员已付或应付的酬金如
下：
| – | 2,808 | 117 | 18 | 2,943 |
|---|---|---|---|---|
| – | 2,348 | 147 | 18 | 2,513 |
| – | 1,747 | 109 | 18 | 1,874 |
| 156 | – | – | – | 156 |
|---|---|---|---|---|
| 156 | – | – | – | 156 |
| 156 | – | – | – | 156 |
| 468 | 6,903 | 373 | 54 | 7,798 |
|---|
年报2024-25 顺兴集团（控股）有限公司93
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
6. DIRECTORS’ AND EMPLOYES’ EMOLUMENTS (Cont’d)
(a) Directors’ and chief executive’s emoluments (Cont’d)
Directors’
fes
Salaries
and
other
benefits
Discretionary
bonus
Retirement
benefit
scheme
contributionsTotal
董事袍金
薪金及
其他福利酌情花红
退休福利
计划供款总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
For the year ended
31 March 2024
截至二零二四年
三月三十一日止年度
Executive Directors执行董事
Yu Cheung Choy (note i)俞长财（附注i）
Lau Man Ching (notes i and i)刘文青（附注i及i）
Yu Ho Chi (note i)俞浩智（附注i）–1,747109181,874
Independent
Non-Executive Directors
独立非执行董事
Lam Yim Nam (note i)林炎南（附注i）
Law Man Wah (note i)罗文华（附注i）
Le Wing Ke (note i)李永基（附注i）
Notes:
(i) The emoluments of Mr. Yu, Mr. Lau Man Ching (“Mr. Lau”), who is the chief
executive oficer and executive director of the Company, and Mr. Yu Ho Chi
shown above were for their services in conection with the management of the
afairs of the Company and its subsidiaries undertaking.
(i) The emoluments of non-executive director and independent non-executive
directors shown above were for their services as directors of the Company.
(i) Mr. Lau is also the chief executive oficer of the Company and his remuneration
disclosed above included these services rendered by him as chief executive
oficer.
(iv) Ms. Yu Tsz Wai was apointed as non-executive director with efect from
11 December 2024.
During the years ended 31 March 2025 and 2024, no
remuneration was paid by the Group to the directors of the
Company as an inducement to join or upon joining the Group or
as compensation for los of ofice. No directors have waived any
remuneration during both years.
- （续）
(a) 董事及最高行政人员的酬金
（续）
附注：
(i) 上文所示俞先生、刘文青先
生（「刘先生」，本公司行政
总裁及执行董事）及俞浩智
先生的酬金为彼等就管理本
公司及其附属公司事务而承
担服务的酬金。
(i) 上文所示非执行董事及独立
非执行董事的薪酬为彼等担
任本公司董事的酬金。
(i) 刘先生亦为本公司行政总
裁，其于上文披露的薪酬包
括担任行政总裁提供的该等
服务。
(iv) 俞紫慧女士自二零二四年
十二月十一日起获委任为非
执行董事。
于截至二零二五年及二零
二四年三月三十一日止年
度，本集团并无向本公司
董事支付薪酬作为吸引彼
等加入或于加入本集团时
的奖励，或作为离职赔
偿。于两个年度，概无董
事放弃任何薪酬。
| 3,112 |
|---|
| 36 |
| 3,148 |
| 1 |
|---|
| 1 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2594
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
6. DIRECTORS’ AND EMPLOYES’ EMOLUMENTS (Cont’d)
(b) Employes’ emoluments
The five highest paid individuals included thre (2024: thre)
directors of the Company whose emoluments are included in the
disclosures in (a) above for the year ended 31 March 2025. The
emoluments of the remaining two (2024: two) individuals for the
year ended 31 March 2025 were as folows:
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Salaries and other benefits 薪金及其他福利3,331
Retirement benefit scheme contributions 退休福利计划供款36
3,367
Their emoluments were within the folowing bands:
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
Number of individuals
雇员人数
HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元1
HK$1,500,001 to HK$2,000,0001,500,001港元至2,000,000港元1
During the years ended 31 March 2025 and 2024, no emoluments
were paid by the Group to the five highest paid individuals as an
inducement to join or upon joining the Group or as compensation
for los of ofice.
- （续）
(b) 雇员酬金
五名最高薪人士包括截至
二零二五年三月三十一日
止年度酬金计入上文(a)披
露中的本公司三名（二零
二四年：三名）董事。截
至二零二五年三月三十一
日止年度，其余两名（二零
二四年：两名）人士的酬金
如下：
彼等的酬金介乎以下范围：
于截至二零二五年及二零
二四年三月三十一日止年
度，本集团并无向五名最
高薪人士支付酬金，作为
吸引彼等加入或加入本集
团后的奖励或作为离职补
偿。
| 1,043 |
|---|
| 410 |
| 59 |
| 1,051 |
| 274 |
| 435 |
| 3,272 |
| 3,358 |
| 1,080 |
|---|
| 117 |
| 1,197 |
年报2024-25 顺兴集团（控股）有限公司95
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
7. OTHER INCOME AND OTHER LOS
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Other income:其他收入：
Bank interest income银行利息收入865
Interest income from debt instruments at
amortised cost
来自按摊销成本列账的债务工具
的利息收入304
Dividend income from insurance policy来自保单的股息收入58
Dividend income from financial asets
at FVTPL
来自按公平值计入损益的
金融资产的股息收入1,393
Government grants政府补助177
Sundry income杂项收入674
3,471
Other gain (los):其他收益（亏损）：
Fair value gain (los) on financial asets at
FVTPL
按公平值计入损益的金融资产
公平值收益（亏损）(4,536)
8. FINANCE COSTS
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Interest on bank borowings银行借款利息2,010
Interest on lease liabilities租赁负债利息207
2,217
7. 其他收入及其他亏损
8. 融资成本
| 1,750 | |
|---|---|
| 1,178 | |
| 2,273 | |
| 7,502 | |
| 79,711 | |
| 2,720 | |
| 89,933 |
| (808) |
|---|
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2596
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
9. PROFIT (LOS) BEFORE TAXATION
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Profit (los) before taxation has ben arived at
after charging:
除税前溢利（亏损）经扣除
以下各项 达致：
Auditor’s remuneration核数师薪酬1,840
Depreciation of property and equipment物业及设备折旧1,290
Depreciation of right-of-use asets使用权资产折旧2,230
Directors’ emoluments (note 6)董事酬金（附注6）7,798
Other staf costs:其他员工成本：
Salaries and other benefits薪金及其他福利95,381
Retirement benefit scheme contributions退休福利计划供款3,272
Total staf costs员工成本总额106,451
10. INCOME TAX (EXPENSE) CREDIT
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Hong Kong Profits Tax:香港利得税：
Defered taxation (note 24)递延税项（附注24）2,130
- （亏损）
- （开支）抵免
| 6,196 |
|---|
| (1,022) |
| 988 |
| (556) |
| (218) |
| (808) |
年报2024-25 顺兴集团（控股）有限公司97
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
10. INCOME TAX (EXPENSE) CREDIT (Cont’d)
Under the two-tiered profits tax rates regime of Hong Kong Profits Tax,
the first HK$2 milion of profits of the qualifying group entity wil be taxed
at 8.25%, and profits above HK$2 milion wil be taxed at 16.5%. The
profits of group entities not qualifying for the two-tiered profits tax rates
regime wil continue to be taxed at a flat rate of 16.5%.
No provision for Hong Kong Profits Tax has ben recognised in the
consolidated financial statements as the Group did not generate any
asesable profit in Hong Kong for both years.
The income tax (expense) credit for the years can be reconciled to the
profit (los) before taxation per the consolidated statement of profit or
los and other comprehensive income as folows:
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Profit (los) before taxation除税前溢利（亏损）(17,341)
Tax at the Hong Kong Profits Tax rate
of 16.5%
按香港利得税率16.5%计算的
税项2,861
Tax efect of income not taxable for
tax purpose
毋须课税收入的税务影响
Tax efect of expenses not deductible for
tax purpose
不可扣税开支的税务影响
(992)
Tax efect of tax loses not recognised未确认税项亏损的税务影响(166)
Income tax (expense) credit for the year年内所得税（开支）抵免2,130
- （开支）抵免（续）
根据香港利得税的利得税两级
制，合资格集团实体的首200万港
元溢利将按8.25%的税率征税，而
超过200万港元的溢利将按16.5%
的税率征税。不符合该利得税两
级制资格的集团实体之溢利将继
续按16.5%之划一税率征税。
由于本集团于该两个年度概无在
香港产生任何应课税溢利，故并
无于综合财务报表确认香港利得
税拨备。
各年内，所得税（开支）抵免与综
合损益及其他全面收入表的除税
前溢利（亏损）对账如下：
| 5,388 |
|---|
| 400,000,000 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-2598
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
11. EARNINGS (LOS) PER SHARE
The calculation of basic earnings (los) per share is based on the folowing
data:
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
Profit (los) for the purpose of calculating
basic earnings (los) per share:
计算每股基本盈利（亏损）所用的
溢利（亏损）：
Profit (los) for the year atributable to
owners of the Company (HK$’000)
本公司拥有人应占年内溢利（亏损）
（千港元）(15,211)
Number of shares:股份数目：
Number of ordinary shares for the purpose of
calculating basic earnings (los) per share
就计算每股基本盈利（亏损）之
普通股数目400,000,000
No diluted earnings (los) per share for the years ended 31 March 2025
and 2024 was presented as there was no dilutive potential ordinary share
in isue for both years.
12. DIVIDENDS
During the years ended 31 March 2025 and 2024, no dividend was
declared or paid to the shareholders of the Company. The Board did not
propose any final dividend in respect of the year ended 31 March 2025.
- （亏损）
每股基本盈利（亏损）的计算乃基
于以下数据：
由于截至二零二五年及二零二四
年三月三十一日止年度并无已发
行潜在摊薄普通股，故未有呈列
两个年间每股摊薄盈利（亏损）。
12. 股息
截至二零二五年及二零二四年三
月三十一日止年度，概无向本公
司股东宣派或派付股息。董事会
不建议就截至二零二五年三月
三十一日止年度派付任何末期股
息。
年报2024-25 顺兴集团（控股）有限公司99
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
13. PROPERTY AND EQUIPMENT
Leasehold
land and
buildings
Leasehold
improvements
Furniture
and fixtures
Computer
and ofice
equipmentTotal
租赁土地
及楼宇租赁装修
家具及
固定装置
电脑及
办公设备总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
COST成本
At 1 April 2023于二零二三年四月一日24,0882,8111,8075,21933,925
Aditions添置–12304316
At 31 March 2024于二零二四年三月三十一日24,0882,8111,8195,52334,241
Aditions添置–311311
At 31 March 2025于二零二五年三月三十一日24,0882,8111,8195,83434,552
ACUMULATED
DEPRECIATION
累计折旧
At 1 April 2023于二零二三年四月一日6,9912,5001,5154,55815,564
Provided for the year年内拨备70598933941,290
At 31 March 2024于二零二四年三月三十一日7,6962,5981,6084,95216,854
Provided for the year年内拨备70562773341,178
At 31 March 2025于二零二五年三月三十一日8,4012,6601,6855,28618,032
CARYING AMOUNTS账面值
At 31 March 2025于二零二五年三月三十一日15,68715113454816,520
At 31 March 2024于二零二四年三月三十一日16,39221321157117,387
The above items of property and equipment are depreciated on a straight-
line basis at the folowing rates per anum:
Leasehold land and buildings Over the term of the lease of
34 years
Leasehold improvements Over the shorter of the term of
the lease or 5 years
Furniture and fixtures 20%
Computer and ofice equipment 20%
13. 物业及设备
上述物业及设备项目按直线基准
以下列年利率折旧：
租赁土地及楼宇 于租期34年内
租赁装修 于租期或5年
（以较短者
为准）内
家具及固定装置 20%
电脑及办公设备 20%
| 2,597 |
|---|
| 426 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25100
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
14. RIGHT-OF-USE ASETS
Leased properties
租赁物业
HK$’000
千港元
Carying amount账面值
As at 31 March 2025于二零二五年三月三十一日503
As at 31 March 2024于二零二四年三月三十一日2,350
Depreciation折旧
For the year ended
31 March 2025
截至二零二五年三月三十一日止年度
2,273
For the year ended
31 March 2024
截至二零二四年三月三十一日止年度
2,230
For the year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Total cash outflow for leases租赁现金流出总额2,151
Aditions/modification to right-of-use asets添置╱修改使用权资产3,981
As at 31 March 2025 and 2024, the Group has no outstanding short-term
lease comitments.
For both years, the Group leases various ofice premises and workshops
for its operations. Lease contracts are entered into for fixed term of 1 to
2 years (2024: 1 to 2 years). Lease terms are negotiated on an individual
basis and contain a wide range of diferent terms and conditions. In
determining the lease term and asesing the length of the non-cancelable
period, the Group aplies the definition of a contract and determines the
period for which the contract is enforceable.
Restrictions or covenants on leases
In adition, lease liabilities of HK$534,000 (2024: HK$2,594,000) are
recognised with related right-of-use asets of HK$503,000 (2024:
HK$2,350,000) as at 31 March 2025. The lease agrements do not impose
any covenants other than the security interests in the leased asets that are
held by the lesor. Leased asets may not be used as security for borowing
purposes.
14. 使用权资产
于二零二五年及二零二四年三月
三十一日，本集团并无短期租赁
承担。
本集团于两个年度租赁多个办公
处所及工场以经营业务。租赁合
约的固定期限为1至2年（二零
二四年：1至2年）。租赁条款按个
别情况磋商厘定，当中包含范围
广泛的不同条款及条件。厘定租
期及评估不可撤销期限时，本集
团应用合约的定义并确定合约可
强制执行的期限。
租赁限制或契诺
此外，于二零二五年三月三十一
日，就相关使用权资产503,000
港元（二零二四年：2,350,000港
元）确认租赁负债534,000港元（二
零二四年：2,594,000港元）。除
出租人持有的租赁资产的担保权
益外，租赁协议并无施加任何契
诺。租赁资产不得用作借款担保。
| 86,258 |
|---|
| (4,798) |
| 81,460 |
| 63,325 |
|---|
| 16,007 |
| 122 |
| 2,006 |
| 81,460 |
年报2024-25 顺兴集团（控股）有限公司101
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
15. TRADE RECEIVABLES
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Trade receivables 贸易应收款项147,289
Les: Impairment los alowance减：减值亏损拨备(1,512)
145,777
As at 1 April 2023, trade receivables from contracts with customers
amounted to HK$67,150,000.
The Group grants credit terms of 30 days to its customers from the date
of invoices on progres bilings of contract works. An aged analysis of the
trade receivables net of impairment los alowance presented based on
the invoice date at the end of each reporting period is as folows:
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Within 30 days30天内136,557
31–60 days31至60天5,544
61–90 days61至90天2,671
Over 90 days超过90天1,005
145,777
15. 贸易应收款项
于二零二三年四月一日，来自
客户合约的贸易应收款项为
67,150,000港元。
本集团自合约工程进度款项发票
日期起向其客户授出30天的信用
期。于各报告期末基于发票日期
呈列的贸易应收款项（扣除减值亏
损拨备）账龄分析如下：
| 854 |
|---|
| 1,993 |
| – |
| 30 |
| 231 |
| 4,605 |
| 7,713 |
| 2,716 |
| 4,997 |
| 7,713 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25102
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
15. TRADE RECEIVABLES (Cont’d)
As at 31 March 2025, included in the Group’s trade receivables balance
are debtors with agregate carying amount of HK$18,135,000 (2024:
HK$9,220,000) which are past due as at the reporting date. Out of the
past due balances, HK$2,006,000 (2024: HK$1,005,000) has ben past
due 90 days or more and is not considered as in default as these balances
are either from debtors with long term busines relationship or with
expected subsequent setlement. The Group does not hold any colateral
over these balances.
Details of impairment asesment of trade receivables are set out in note
31.
16. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Rental and other deposits租赁及其他按金840
Deposits in life insurance policies (note)寿险保单按金（附注）1,934
Deposits paid for acquisition of property and
equipment
收购物业及设备的已付按金
Other receivables from subcontractors次承建商的其他应收款项10,628
Other receivables其他应收款项350
Prepayments and others预付款项及其他5,933
Total总计19,964
Presented as non-curent asets呈列为非流动资产2,919
Presented as curent asets呈列为流动资产17,045
Total总计19,964
Note: The amount represented the deposits placed with an insurance company for the life
insurance policies of two directors of the Company. The Group can, at any time, receive
cash back based on the cash value of the policies (“Cash Value”) at the date of withdrawal,
which is equal to the sum of tabular cash value shown in the relevant policy schedules
with any dividend acumulations and the cash values of any paid-up aditions, les any
indebtednes. The carying amount of the life insurance policies aproximates the Cash
Value of the insurance policies.
- （续）
于二零二五年三月三十一日，本
集团贸易应收款项结余包括账面
总值18,135,000港元（二零二四年：
9,220,000港元）的应收账款，该等
账款于报告日期已逾期。逾期结
余中，2,006,000港元（二零二四
年：1,005,000港元）的款项已逾期
90天或以上且未被视作违约，乃
由于该等结余来自具长期业务关
系的债务人或预期后续偿付。本
集团概无就该等结余持有任何抵
押物。
有关贸易应收款项减值评估的详
情载于附注31。
- 、按金及预付款项
附注： 该金额等于就本公司两名董事的寿险
保单而存放于保险公司的存款。本集
团能够在任何时候根据提取日期的保
单现金价值（「现金价值」）获取现金返
还，即相等于相关保单附表所示的表
列现金价值总和以及任何累积股息及
任何增购缴清保险的现金价值减任何
债务。寿险保单账面值与保单现金价
值相若。
| 140,991 |
|---|
| (4,008) |
| 136,983 |
| 15,241 |
年报2024-25 顺兴集团（控股）有限公司103
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
16. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS (Cont’d)
Details of impairment asesment of other receivables and deposits are
set out in note 31.
17. CONTRACT ASETS AND CONTRACT LIABILITIES
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Contract asets合约资产227,884
Les: Impairment los alowance 减：减值亏损拨备(1,777)
226,107
Contract liabilities 合约负债14,993
As at 1 April 2023, contract asets and contract liabilities amounted to
HK$233,409,000 and HK$59,122,000 respectively.
The Group has rights to considerations from customers for the provision
of E&M enginering services. Contract asets arise when the Group has
right to consideration for completion of E&M enginering services and
not yet biled under the relevant contracts, and their right is conditional
on factors other than pasage of time. Any amount previously recognised
as a contract aset is reclasified to trade receivables when such right
becomes unconditional other than the pasage of time. Remaining rights
and performance obligations in a particular contract is acounted for and
presented on a net basis, as either a contract aset or a contract liability. If
the progres payment exceds the revenue recognised to date under the
input method, the Group recognises a contract liability for the diference.
- 、按金及预付款项
（续）
其他应收款项及按金减值评估详
情载于附注31。
17. 合约资产及合约负债
于二零二三年四月一日，合约资
产及合约负债分别为233,409,000
港元及59,122,000港元。
本集团有权就提供机电工程服务
向客户收取代价。本集团有权就
已完成机电工程服务收取代价但
尚未根据相关合约开票时产生
合约资产，而其权利以随时间
推移以外的因素为条件。有关权
利于并非因随时间推移成为无条
件时，任何早前确认为合约资产
的金额获重新分类至贸易应收款
项。指定合约的余下权利及履约
责任以净额基准入账及呈列为合
约资产或合约负债。倘进度款项
超过根据输入法确认至今的收
入，本集团则就差异确认合约负
债。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25104
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
17. CONTRACT ASETS AND CONTRACT LIABILITIES (Cont’d)
The Group’s enginering service contracts include payment schedules
which require stage payments over the contract period once certain
specified milestones based on surveyors’ asesment are reached.
Retention money is unsecured and interest-fre and represented the
monies witheld by customers of contract works recoverable after
the completion of defect liability period of the relevant contracts or in
acordance with the terms specified in the relevant contracts, usualy being
1 to 2 years from the date of completion of respective E&M enginering
services projects. Normaly the retention money wil be acumulated up to
5% or 10% of the contract value.
The Group clasifies these contract asets as curent because the Group
expects to realise them in its normal operating cycle.
Details of impairment asesment of contract asets are set out in note 31.
For the contract liabilities as at 31 March 2024, HK$13,228,000 were
recognised as revenue to profit or los during the year ended 31 March
2025.
For the contract liabilities as at 1 April 2023, HK$53,074,000 were
recognised as revenue to profit or los during the year ended 31 March
2024.
The decrease in contract asets in curent year is resulted from the
decrease in the Group’s right to consideration for completion of E&M
enginering services but not yet biled under the relevant contracts as at
31 March 2025.
The increase in contract liabilities in curent year is resulted from
increase in certain contracts’ progres payments received exceding the
coresponding customers’ contract asets as of 31 March 2025.
- （续）
本集团的工程服务合约包括付款
时间表，其要求一旦达到若干按
测量师评估的指定进程时，则需
于合约期间内按阶段付款。
保固金为无抵押及免息，并指相
关合约的保修期届满后，或根据
相关合约订明的期限，通常为各
机电工程服务项目完成后一至两
年工程客户预扣的可收回保固
金。保固金一般将累计达合约价
值的5%或10%。
本集团将该等合约资产分类为流
动，乃由于本集团预期在一般经
营周期内将其变现。
合约资产减值评估详情载于附注
31。
就于二零二四年三月三十一日的
合约负债，13,228,000港元于截至
二零二五年三月三十一日止年度
损益中确认为收益。
就于二零二三年四月一日的合约
负债，53,074,000港元于截至二零
二四年三月三十一日止年度损益
中确认为收益。
本年度合约资产减少乃由于本
集团有权就于二零二五年三月
三十一日根据相关合约已完成但
尚未开具发票的机电工程服务收
取代价减少所致。
本年度合约负债增加乃由于截至
二零二五年三月三十一日，若干
已收取合约进度付款之增加超出
相应客户合约资产所致。
| 2,536 |
|---|
| 4,190 |
| 6,726 |
| 2,349 |
| 4,377 |
| 6,726 |
年报2024-25 顺兴集团（控股）有限公司105
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
18. DEBT INSTRUMENTS AT AMORTISED COST
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Investment in listed bonds with fixed interest
rate ranging from 1.00% to 7.25%
(2024: 1.00% to 7.25%) per anum and
maturity date ranging from August 2025
to September 2032 (2024: August 2025 to
September 2032)
于固定年利率1.00%至7.25%
（二零二四年：1.00%至7.25%）
及到期日为二零二五年八月至
二零三二年九月（二零二四年：
二零二五年八月至二零三二年
九月）的上市债券投资2,475
Investment in listed perpetual capital
securities with fixed interest of 5.25% (note)
于固定利息5.25%的上市永续
资本证券的投资（附注）4,190
6,665
Analysed as:分析为：
Curent流动–
Non-curent非流动6,665
6,665
Note: There is no maturity of the securities and the payments of distribution can be defered at
the discretion of the isuer, and there is no limit as to the number of times of deferal of
distribution. Any distribution so defered shal bear interest as if it constituted the principal
of the securities. The perpetual capital securities are calable by isuer. Because the
contractual cash flows of listed perpetual capital securities represent solely the payments
of principal and interest on the principal amount outstanding, the investment in listed
perpetual capital securities is measured at amortised cost.
Details of impairment asesment of debt instruments at amortised cost
are set out in note 31.
18. 按摊销成本列账的债务工具
附注： 该等证券概无到期日，而分派付款可
按发行人酌情决定递延，并且分派递
延的次数不受限制。任何递延分派将
产生利息，犹如其构成该等证券的本
金一般。永续资本证券可由发行人赎
回。由于上市永续资本证券的合约现
金流量仅代表本金及未偿还本金的利
息付款，故上市永续资本证券的投资
按摊销成本计量。
按摊销成本列账的债务工具减值
评估详情载于附注31。
| 10,407 |
|---|
| 12,334 |
| 22,741 |
| 7,558 |
|---|
| 20,834 |
| 1,862 |
| – |
| 30,254 |
| 1,644 |
| 31,898 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25106
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
19. FINANCIAL ASETS AT FAIR VALUE THROUGH PROFIT OR
LOS
Financial asets mandatorily measured at FVTPL:
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Equity securities listed in Hong Kong 于香港上市的股本证券6,758
Unlisted funds in overseas于海外的未上市基金13,193
19,951
20. BANK BALANCES AND CASH
Bank balances and cash comprise cash held by the Group and bank
deposits cary at variable interest rates with an original maturity of thre
months or les. As at 31 March 2025, the variable interest rates ranged
from 0.01% to 4.07% (2024: 0.88% to 4.23%) per anum.
21. TRADE AND BILS PAYABLES
The credit period on purchases and subcontracting of contract work
services ranges from 30 to 60 days generaly. The folowing is an aged
analysis of trade payables presented based on the invoice date and bils
payables presented based on the date of isuance of the bils at the end of
each reporting period:
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Trade payables:贸易应付款项：
Within 30 days30天内32,600
31–60 days31至60天54,185
61–90 days61至90天15,541
Over 90 days超过90天418
102,744
Bils payables:应付票据：
Within 30 days30天内2,595
105,339
19. 按公平值计入损益的金融资产
强制按公平值计入损益计量的金
融资产：
20. 银行结余及现金
银行结余及现金包括本集团所持
现金及银行存款（按浮动利率计
息，原到期日为三个月或以下）。
于二零二五年三月三十一日，浮
动年利率介乎0.01%至4.07%（二零
二四年：0.88%至4.23%）。
21. 贸易应付款项及应付票据
物料采购及分包合约工程服务的
信用期通常介乎30至60天。以下
为于各报告期末基于发票日期呈
列的贸易应付款项及按票据发行
日期呈列的应付票据账龄分析：
| 8,726 |
|---|
| 20,495 |
| 1,430 |
| 61,061 |
| 91,712 |
| 487 |
|---|
| 47 |
| 534 |
| (487) |
| 47 |
年报2024-25 顺兴集团（控股）有限公司107
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
22. OTHER PAYABLES AND ACRUED CHARGES
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Acrued staf costs应计员工成本10,857
Acrued contract costs应计合约成本32,231
Other acrued charges其他应计费用1,776
Retention payables (note)应付保固金（附注）61,185
106,049
Note: Retention payables to subcontractors of contract works are interest-fre and payable by
the Group after the completion of defect liability period of the relevant contracts or in
acordance with the terms specified in the relevant contracts, ranging from 1 to 2 years
from the completion date of the respective enginering service contracts.
23. LEASE LIABILITIES
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Lease liabilities payable:应付租赁负债：
Within one year一年内2,322
Within a period of more than one year but
not exceding two years
一年以上但不超过两年
2,594
Les: Amount due for setlement with
12 months shown
under curent liabilities
减：流动负债项下列示
12个月到期应付金额
(2,322)
Amount due for setlement after 12 months
shown under non-curent liabilities
非流动负债项下列示12个月后
到期应付金额272
The incremental borowing rates aplied to lease liabilities range from
6.11% to 7.38% (2024: 4.93% to 7.38%).
22. 其他应付款项及应计费用
附注： 应付次承建商的合约工程保固金为免
息，须由本集团于相关合约保修期完
成后或根据相关合约规定的条款支
付，自相关工程服务合约完成日期起
计介乎1至2年。
23. 租赁负债
应用于租赁负债的增量借款利率
介乎6.11%至7.38%（二零二四年：
4.93%至7.38%）。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25108
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
24. DEFERED TAXATION
The folowing is the defered tax asets recognised and movements
thereon during the curent and prior years.
Acelerated
acounting
depreciation
ECL
provision
Provision for
onerous
contractsTax losesTotal
加速会计折旧
预期信贷
亏损拨备亏损合约拨备税项亏损总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
At 1 April 2023于二零二三年四月一日553241,0235,1516,553
Credit(charge) to profit or los
(note 10)
计入（扣除自）损益（附注10）
7169(757)2,7112,130
At 1 April 2024于二零二四年四月一日624932667,8628,683
Charge to profit or los (note 10)扣除自损益（附注10）(4)(473)(211)(120)(808)
At 31 March 2025于二零二五年三月三十一日5820557,7427,875
At 31 March 2025, the Group has unused tax loses of aproximately
HK$60,609,000 (2024: HK$60,014,000) available for ofset against
future profits. A defered tax aset has ben recognised in respect of
aproximately HK$46,924,000 (2024: HK$47,653,000) of such loses.
No defered tax aset has ben recognised in respect of the remaining
aproximately HK$13,685,000 (2024: HK$12,361,000) due to the
unpredictability of future profit streams. Al unrecognised tax loses are
loses may be caried forward indefinitely.
24. 递延税项
下列为于本年度及以往年度的已
确认递延税项资产及相关变动。
于二零二五年三月三十一日，
本集团拥有未动用税项亏损约
60,609,000港元（二零二四年：
60,014,000港元）可用作抵销未来
溢利。已就该等亏损约46,924,000
港元（二零二四年：47,653,000港
元）确认递延税项资产。由于难以
预测日后溢利来源，因此并无就
余下约13,685,000港元（二零二四
年：12,361,000港元）确认递延税
项资产。所有未确认税项亏损均
为可无限期结转的亏损。
年报2024-25 顺兴集团（控股）有限公司109
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
25. PROVISION FOR ONEROUS CONTRACTS AND OTHER
PROVISION
The provision for onerous contracts relates to certain contracts with
customers under which the unavoidable costs of meting the obligation
exced the economic benefits to be received due to anticipated increase
in certain production costs. During the year ended 31 March 2025, there
are aditions of HK$3,758,000 and utilisation of HK$1,399,000 provision
for onerous contracts.
The Group provides for the probable future long service payments
expected to be made to employes under the Hong Kong Employment
Ordinance. The provision represents the management’s best estimate of
probable future payments which have ben earned by the employes from
their services to the group entities up to the end of each reporting period.
During the year ended 31 March 2025, there is reversal of HK$563,000
other provision for long-services payments.
26. BANK BOROWINGS
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Bank loans – unsecured银行借款 – 无抵押–35,000
The bank loans that contain a repayment on
demand clause (shown under curent
liabilities) but repayable as folows:
载有偿还要求条款（流动负债项下
列示）但须于以下时间偿还的银
行贷款：
Within one year一年内–35,000
Al the bank borowings as at 31 March 2024 were variable-rate
borowings cary interest at Hong Kong Interbank Ofered Rate
(“HIBOR”).
The range of efective interest rates (which are also equal to contracted
interest rates) on the Group’s borowings was 6.68% to 7.53% per anum
as at 31 March 2024.
25. 亏损合约拨备及其他拨备
亏损合约拨备与若干与客户订立
之合约相关，当中因若干生产成
本预期增加导致因履行责任而不
可避免的成本超出预期收取的经
济利益。截至二零二五年三月
三十一日止年度，亏损合约拨备
增加3,758,000港元及动用1,399,000
港元。
本集团就预期根据香港雇佣条例
向雇员作出的可能未来长期服务
金计提拨备。拨备指直至各报告
期末管理层对于雇员已从提供予
集团实体的服务所赚取可能未来
付款的最佳估计。截至二零二五
年三月三十一日止年度，长期服
务金其他拨备拨回563,000港元。
26. 银行借款
于二零二四年三月三十一日，所
有银行借款均为浮动利率借款，
按香港银行同业拆息（「香港银行
同业拆息」）计息。
于二零二四年三月三十一日，本
集团借款的实际年利率（亦等于合
约利率）介乎6.68%至7.53%。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25110
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
26. BANK BOROWINGS (Cont’d)
As at 31 March 2025 and 2024, the Group had a facility agrement
entered into with a bank with certain obligations of Mr. Yu and Mr. Lau
pursuant to such facility agrement including the folowing: (i) Mr. Yu and
Mr. Lau undertake to maintain as the largest shareholders of the Company
directly or indirectly; and (i) Mr. Yu and Mr. Lau shal remain as the
chairman or director of the Company.
27. SHARE CAPITAL
Details of share capital of the Company are as folows:
Amount
Number
of shares
金额
HK$ HK$’000
股份数目港元千港元
Ordinary shares of HK$0.01 each每股面值0.01港元的普通股
Authorised:法定：
At 1 April 2023, 31 March 2024
and 2025
于二零二三年四月一日、
二零二四年及二零二五年
三月三十一日10,000,000,000100,000,000100,000
Isued and fuly paid:已发行及悉数支付：
At 1 April 2023, 31 March 2024
and 2025
于二零二三年四月一日、
二零二四年及二零二五年
三月三十一日400,000,0004,000,0004,000
There was no movement in the Company’s share capital during both years.
- （续）
于二零二五年及二零二四年三月
三十一日，本集团有一份与一家
银行订立的融资协议，并根据融
资协议具有俞先生及刘先生的若
干履约责任，包括如下：(i)俞先
生及刘先生承诺直接或间接维持
作为本公司的最大股东；及(i)俞
先生及刘先生仍须担任本公司的
主席或董事。
27. 股本
本公司的股本详情如下：
本公司于两个年度的股本摡无任
何变动。
| 15,687 |
|---|
年报2024-25 顺兴集团（控股）有限公司111
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
28. PLEDGE OF ASETS
As at 31 March 2025 and 2024 the Group pledged the folowing asets
to secure the certain banking facilities including performance guarantes
isued by a bank.
The carying amounts of the asets pledged are as folows:
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Leasehold land and buildings租赁土地及楼宇16,392
29. RELATED PARTY TRANSACTIONS
Other than as disclosed elsewhere in the consolidated financial statements,
the Group does not have any material related party transactions for both
years.
Compensation to key management personel
Compensation to key management personel of the Group which
represent the directors of the Company is set out in note 6(a).
30. CAPITAL RISK MANAGEMENT
The Group manages its capital to ensure that entities in the Group wil be
able to continue as a going concern while maximising the return to owners
through the optimisation of the debt and equity balance.
The capital structure of the Group consists of equity of the Group,
comprising share capital and reserves.
The management of the Group reviews the capital structure regularly
taking into acount the cost of capital and the risk asociated with the
capital. The Group wil balance its overal capital structure through
isuance of new shares and raising new borowings or the repayment of
the existing borowings.
28. 资产抵押
于二零二五年及二零二四年三月
三十一日，本集团抵押以下资产
以为若干银行融资（包括一间银行
发出的履约保证）作抵押。
已抵押资产账面值如下：
29. 关联方交易
除于综合财务报表其他地方所披
露者外，本集团于两个年度并无
任何重大关联方交易。
主要管理人员的薪酬
本集团主要管理人员（即本公司董
事）的薪酬载于附注6(a)。
30. 资本风险管理
本集团管理其资本，以确保本集
团旗下实体能够持续经营，同时
通过优化债务及权益平衡以最大
化拥有人的回报。
本集团的资本架构由本集团权益
（包括股本及储备）组成。
本集团管理层经计及资本成本及
与资本相关的风险定期检讨资本
架构。本集团将通过发行新股、
筹集新借款或偿还现有借款平衡
其整体资本架构。
| 22,741 |
|---|
| 188,815 |
| 120,983 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25112
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS
Categories of financial instruments
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Financial asets金融资产
Financial asets at FVTPL按公平值计入损益的金融资产19,951
Financial asets at amortised cost按摊销成本列账的金融资产210,828
Financial liabilities金融负债
Amortised cost摊销成本243,477
Financial risk management objectives and policies
The Group’s financial instruments include financial asets at FVTPL, debt
instruments at amortised cost, trade receivables, other receivables and
deposits, bank balances, trade and bils payables, other payables and
acrued charges, lease liabilities and bank borowings. Details of these
financial instruments are disclosed in respective notes. The risks asociated
with these financial instruments and the policies on how to mitigate these
risks are set out below. The management manages and monitors these
exposures to ensure apropriate measures are implemented on a timely
and efective maner.
Market risk
(i) Curency risk
The group entities have financial asets denominated in curencies
other than their respective functional curencies. Consequently,
the Group is exposed to risks that the exchange rate of functional
curencies relative to other curencies may change in a maner
that has an adverse efect on the value of the position of the
Group’s asets denominated in foreign curencies.
The exposure primarily arises from the investments in listed bond,
unlisted funds in overseas and bank balances denominated in
United States dolars (“US$”).
31. 金融工具
金融工具的类别
财务风险管理目标及政策
本集团的金融工具包括按公平值
计入损益的金融资产、按摊销成
本列账的债务工具、贸易应收款
项、其他应收款项及按金、银行
结余、贸易应付款项及应付票
据、其他应付款项及应计费用、
租赁负债及银行借款。有关该等
金融工具的详情于相应附注披
露。有关该等金融工具的风险及
如何减轻该等风险的政策载于下
文。管理层管理及监控该等风险
以确保及时有效执行适当的措施。
市场风险
(i) 货币风险
集团实体拥有以各自功能
货币以外的货币计值的金
融资产。因此，本集团面
临功能货币兑其他货币之
汇率发生变动，对本集团
按外币计值的资产价值产
生不利影响的风险。
该等风险主要来自按美元
（「美元」）计值的于上市债
券、海外非上市基金及银
行结余的投资。
| 15,484 |
|---|
年报2024-25 顺兴集团（控股）有限公司113
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Financial risk management objectives and policies (Cont’d)
Market risk (Cont’d)
(i) Curency risk (Cont’d)
The carying amounts of the Group’s foreign curency
denominated monetary asets at the end of the reporting period
are as folows:
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
US$美元15,979
Under the peged exchange rate system, the financial impact in
exchange fluctuation betwen HK$ and US$ is considered to be
imaterial and therefore no sensitivity analysis has ben prepared.
(i) Interest rate risk
The Group’s cash flow interest rate risk primarily relates to the
variable-rate bank balances as disclosed in note 20 as at 31 March
2025 and 2024, and variable-rate bank borowings as disclosed in
note 26 as at 31 March 2024. The Group’s fair value interest rate
risk primarily relates to fixed-rate bond investments and lease
liabilities as at 31 March 2025 and 2024 as disclosed in notes 18
and 23 respectively.
The Group has not used any interest rate swaps to mitigate
its exposure asociated with interest rate risk. However, the
management of the Group monitors interest rate exposure and
wil consider hedging significant interest rate exposure should the
ned arise.
- （续）
财务风险管理目标及政策（续）
市场风险（续）
(i) 货币风险（续）
本集团以外币计值的货币
资产于报告期末的账面值
如下：
根据联系汇率制度，港元
与美元间之汇兑波动的财
务影响被认为不大，因此
并未编制敏感度分析。
(i) 利率风险
本集团的现金流量利率风
险主要与附注20披露于二
零二五年及二零二四年三
月三十一日的浮动利率银
行结余以及附注26披露
于二零二四年三月三十一
日的浮动利率银行借款有
关。本集团的公平值利率
风险主要与附注18及23所
披露于二零二五年及二零
二四年三月三十一日的固
定利率债券投资及租赁负
债有关。
本集团并无使用任何利率
掉期降低其面临的利率风
险。然而，本集团管理层
监控利率风险，并将考虑
在需要时对冲重大利率风
险。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25114
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Financial risk management objectives and policies (Cont’d)
Market risk (Cont’d)
(i) Interest rate risk (Cont’d)
Sensitivity analysis
The sensitivity analysis below has ben determined based on the
exposure to interest rate risk on variable-rate bank borowings.
The sensitivity analysis is prepared asuming the variable-rate bank
borowings outstanding at the end of the reporting period were
outstanding for the whole year. No sensitivity analysis is provided
on bank balances as the management of the Group considers that
the interest rate fluctuation on bank balances is minimal.
A 50 basis point increase or decrease is used in the sensitivity
analysis, which represents management’s asesment of the
reasonably posible change in interest rates. If the interest rate had
ben 50 basis point higher/lower and al other variables were held
constant, the Group’s post-tax los for the year ended 31 March
2024 would increase/decrease by HK$146,000.
- （续）
财务风险管理目标及政策（续）
市场风险（续）
(i) 利率风险（续）
敏感度分析
以下敏感度分析乃按浮动
利率银行借款的利率风险
而厘定。敏感度分析乃假
设于报告期末未偿还的浮
动利率银行借款于全年未
偿还而编制。并无就银行
结余作出敏感度分析，原
因为本集团管理层认为浮
动利率银行结余的利率波
动微不足道。
敏感度分析采用上升或下
降50个基点，代表管理层
评估为合理可能的利率变
动。倘利率上升╱下降50
个基点而所有其他变数维
持不变，本集团截至二零
二四年三月三十一日止年
度的除税后亏损将增加╱
减少146,000港元。
年报2024-25 顺兴集团（控股）有限公司115
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Financial risk management objectives and policies (Cont’d)
Market risk (Cont’d)
(i) Other price risk
The Group is exposed to price risk through its investments in
equity securities and unlisted funds measured at FVTPL. For
equity securities quoted in the Stock Exchange and unlisted funds
measured at FVTPL, the management manages this exposure by
maintaining a portfolio of investments with diferent risks.
Sensitivity analysis
The sensitivity analyses have ben determined based on the
exposure to price risk at the reporting date.
If the prices of the respective instruments had ben 10% higher/
lower, the post-tax profit for the year ended 31 March 2025
would increase/decrease by HK$1,899,000 as a result of the
changes in fair value of equity securities measured at FVTPL (2024:
post-tax los for the year ended would decrease/increase by
HK$1,666,000).
Credit risk and impairment asesment
The Group’s maximum exposure to credit risk which wil cause a
financial los to the Group due to failure to discharge the obligations
by counterparties is arising from the carying amount of the respective
recognised financial asets as stated in the consolidated statement of
financial position at the end of each reporting period.
The management adopts a policy on providing credit facilities to new
customers. A credit investigation, including asesment based on financial
information of the new customers and credit search, is required. The
level of credit granted must not exced a predetermined level set by the
management. Credit evaluation is performed on a regular basis.
- （续）
财务风险管理目标及政策（续）
市场风险（续）
(i) 其他价格风险
本集团透过按公平值计入
损益计量的股本证券及未
上市基金投资而面临价格
风险。就按公平值计入损
益计量的于联交所报价的
股本证券及未上市基金，
管理层透过维持具有不同
风险的投资组合管理此风
险。
敏感度分析
敏感度分析乃根据报告日
期所面临的价格风险而厘
定。
倘相关工具的价格上升╱
下降10%，由于按公平值计
入损益的股本证券公平值
变动，截至二零二五年三
月三十一日止年度除税后
溢利增加╱减少1,899,000
港元（二零二四年：截至该
年度的除税后亏损减少╱
增加1,666,000港元）。
信贷风险及减值评估
本集团因对手方未能履行责任而
令本集团蒙受财务损失的最高信
贷风险，乃因于各报告期末综合
财务状况表所载相关已确认金融
资产的账面值。
管理层就向新客户提供信贷融资
采纳一项政策。信贷调查须予执
行，包括对新客户的财务资料进
行评估及信用查询。授出的信贷
额度不得超过管理层设定的预定
额度。信贷评估定期进行。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25116
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Financial risk management objectives and policies (Cont’d)
Credit risk and impairment asesment (Cont’d)
Trade receivables and contract asets arising from contracts with
customers
In order to minimise the credit risk on trade receivables and contract
asets, management of the Group has delegated a team responsible
for monitoring procedures to ensure that folow-up action is taken to
recover overdue debts. In adition, management of the Group reviews the
recoverable amount of each individual debt at the end of each reporting
period to ensure that adequate impairment los alowance are made for
irecoverable amounts on trade receivable and contract asets. In this
regard, management of the Group considers that the credit risk on trade
receivables and contract asets is significantly reduced. The Group aplies
simplified aproach on trade receivables and contract asets to provide for
ECL. ECL on trade receivables and contract asets are asesed individualy.
The asesment is based on the internal credit ratings, ageing, repayment
history, past due status and forward-loking information including
subsequent setlement patern of the respective customers. As part of the
Group’s credit risk management, the Group aplied internal credit rating
for its customers and aplying the estimated los rate ranging from 0.00%
to 2.29% (2024: 0.00% to 4.58%) over the gros carying amounts.
During the year ended 31 March 2024, there was a debtor who went
into liquidation proces. During the year ended 31 March 2025, there
is another debtor who went into liquidation proces. The gros amount
of credit-impaired trade receivables and contract asets of with these
debtors are HK$4,741,000 (2024: HK$822,000) and HK$5,746,000 (2024:
HK$2,630,000) respectively as at 31 March 2025.
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
来自客户合约之贸易应收款项及
合约资产
为尽量降低贸易应收款项及合约
资产的信贷风险，本集团管理层
已委派一个负责监察程序的团
队，以确保采取后续行动收回逾
期债务。此外，本集团管理层于
各报告期末检讨各项个别债务的
可收回金额，以确保就贸易应收
款项及合约资产的不可收回金额
作出足够的信贷亏损拨备。有鉴
于此，本集团管理层认为贸易应
收款项及合约资产的信贷风险大
幅降低。本集团采用贸易应收款
项及合约资产的简化方法计提预
期信贷亏损。贸易应收款项及合
约资产的预期信贷亏损乃个别评
估。评估乃基于相应客户的内部
信贷评级、账龄、还款历史、逾
期状态及前瞻性资料（包括其后结
算模式）。作为本集团信贷风险管
理一部分，本集团对其客户应用
内部信贷评级，并对账面总值应
用估计亏损率介乎0.00%至2.29%
（二零二四年：0.00%至4.58%）。
截至二零二四年三月三十一日止
年度，有一名债务人进入清盘程
序。截至二零二五年三月三十一
日止年度，另有一名债务人进
入清盘程序。于二零二五年三
月三十一日，该等债务人的已发
生信贷减值的贸易应收款项及合
约资产总额分别为4,741,000港
元（二零二四年：822,000港元）
及5,746,000港元（二零二四年：
2,630,000港元）。
年报2024-25 顺兴集团（控股）有限公司117
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Financial risk management objectives and policies (Cont’d)
Credit risk and impairment asesment (Cont’d)
Trade receivables and contract asets arising from contracts with
customers (Cont’d)
The Group has concentration of credit risks with exposure limited to
certain customers. The Group’s largest debtor contributed aproximately
28% (2024: 36%) of the Group’s trade receivables and 29% (2024: 21%)
of the Group’s contract asets, respectively. The Group’s five largest
debtors contributed aproximately 81% (2024: 81%) of the Group’s
trade receivables and 80% (2024: 73%) of the Group’s contract asets,
respectively.
Other receivables and deposits
For other receivables and deposits, the management of the Group makes
periodic colective asesment as wel as individual asesment on the
recoverability of other receivables based on historical setlement records,
past experience, and also available reasonable and suportive forward-
loking information. For the year ended 31 March 2024, impairment
los of HK$1,782,000 was recognised by aplying the estimated los rate
ranging from 0.00% to 15.01% over the gros carying amounts. For
the year ended 31 March 2025, there is reversal of impairment los of
HK$1,306,000 for not credit-impaired other receivables and recognition
of impairment los of HK$1,575,000 for credit-impaired other receivables
because these receivables are past due over one year and there is no
development concerning the colectability of these receviables. Credit-
impaired other receivables of HK$754,000 has ben writen of during the
year ended 31 March 2025 because a debtor has ceased its busines.
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
来自客户合约之贸易应收款项及
合约资产（续）
本集团所面临的集中信贷风险限
于若干客户。本集团最大债务人
分别贡献本集团贸易应收款项约
28%（二零二四年：36%）及本集
团合约资产29%（二零二四年：
21%）。本集团五大债务人分别贡
献本集团贸易应收款项约81%（二
零二四年：81%）及本集团合约资
产80%（二零二四年：73%）。
其他应收款项及按金
就其他应收款项及按金，本集团
管理层根据历史结算记录、过往
经验以及提供的合理且支持性可
得的前瞻性资料定期进行集体评
估以及对其他应收款项可回收性
的个别评估。截至二零二四年三
月三十一日止年度，透过将估计
亏损率介乎0.00%至15.01%应用于
账面总值而确认减值亏损1,782,000
港元。截至二零二五年三月
三十一日止年度，就未发生信贷
减值的其他应收款项拨回减值亏
损1,306,000港元，并就发生信贷
减值的其他应收款项确认减值亏
损1,575,000港元，因为有关应收
款项逾期超过一年，且该等应收
款项的可收回性并无任何发展。
截至二零二五年三月三十一日止
年度，由于债务人已终止业务，
已发生信贷减值的其他应收款项
754,000港元已予以撇销。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25118
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Financial risk management objectives and policies (Cont’d)
Credit risk and impairment asesment (Cont’d)
Debt instruments at amortised cost
The Group’s debt instruments at amortised cost mainly comprise listed
bonds isued by companies listed in the Stock Exchange. The Group
determines whether the debt instruments held by the Group have
sufered from significant increase in credit risk since initial recognition by
comparing the credit rating and other qualitative benchmarks that afect
the credit quality of the debt instruments at initial recognition and at the
end of the reporting period.
As at 31 March 2025 and 2024, as an isuer of a debt instrument has
sufered from significant financial dificulty, that debt instrument held
by the Group is therefore considered as credit-impaired. The Group
estimates the probability of default and the los given default of the debt
instrument with reference to relevant default studies published by the
credit rating agencies after taking into acount forward-loking information
available without undue cost or efort. In view of the above, the Group’s
management considers the ECL alowance on the debt instruments is
adequate at 31 March 2025 and 2024.
Bank balances
As at 31 March 2025 and 2024 the credit risk on bank balances of
the Group is limited because the counterparties are banks with god
reputation and credit ratings and no history of default in the past and no
impairment los alowance for bank balances was recognised. The Group
has limited exposure to any single financial institution.
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
按摊销成本列账的债务工具
本集团的按摊销成本列账的债务
工具主要包括于联交所上市的公
司发行的上市债券。本集团透过
比较信贷评级及影响债务工具于
初始确认及报告期末之信贷质素
之其他定性基准，厘定本集团所
持债务工具自初始确认以来之信
贷风险是否显著增加。
于二零二五年及二零二四年三月
三十一日，由于一名债务工具之
发行人出现重大财务困难，故本
集团所持之债务工具被视为已信
贷减值。本集团参照信贷评级机
构发布之相关违约研究报告，并
计及无需过度成本或努力而取
得之前瞻性资料，就此估计债务
工具之违约概率及违约损失。鉴
于上文所述，本集团管理层认为
债务工具之预期信贷亏损拨备于
二零二五年及二零二四年三月
三十一日已足够。
银行结余
于二零二五年及二零二四年三月
三十一日，本集团银行结余的信
贷风险有限，原因为对手方是过
往具有良好声誉及信贷评级且无
违约记录的银行，且并无确认银
行结余的信贷亏损拨备。本集团
对任何单一金融机构的风险有限。
| 81,517 |
|---|
| 4,741 |
| 3,108 |
| 1,297 |
| 6,523 |
| 1,839 |
| 97,521 |
| 135,245 |
| 5,746 |
年报2024-25 顺兴集团（控股）有限公司119
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Financial risk management objectives and policies (Cont’d)
Credit risk and impairment asesment (Cont’d)
The tables below detail the credit risk exposures of the Group’s financial
asets at amortised cost and contract asets, which are subject to ECL
asesment:
As at 31 March
于三月三十一日
二零二五年二零二四年
Notes
External credit
rating
Internal credit
rating
12m or
lifetime ECL
Gros carying
amount
Gros carying
amount
附注外部信贷评级内部信贷评级
12个月或全期
预期信贷亏损账面总值账面总值
HK$’000HK$’000
千港元千港元
Financial asets at amortised costs按摊销成本列账的金融资产
Trade receivables贸易应收款项15N/ANote 1Lifetime ECL146,467
不适用附注1全期预期
信贷亏损
15N/ANote 1Lifetime ECL
(credit-impaired)
不适用附注1全期预期
信贷亏损
（发生信贷减值）
Other receivables and deposits其他应收款项及按金16N/ANote 212m ECL15,534
不适用附注212个月预期
信贷亏损
N/ANote 212m ECL
(credit-impaired)
–
不适用附注212个月预期
信贷亏损
（发生信贷减值）
Debt instruments at amortised cost按摊销成本列账的债务工具18Ba1N/A12m ECL6,523
Bal不适用12个月预期
(2024: A3 to Ba1)
（二零二四年：A3至Bal）
信贷亏损
N/ANote 3Lifetime ECL
(credit-impaired)
1,733
不适用附注3全期预期
信贷亏损
（发生信贷减值）
Bank balances银行结余20Aa2 – A3N/A12m ECL44,634
Aa2至A3不适用12个月预期
(2024: Aa2-A3)
（二零二四年：
Aa2至A3）
信贷亏损
Other items其他项目
Contract asets合约资产17N/ANote 1Lifetime ECL225,254
不适用附注1全期预期
信贷亏损
17N/ANote 1Lifetime ECL
(credit-impaired)
2,630
不适用附注1全期预期
信贷亏损
（发生信贷减值）
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
下表详述须进行预期信贷亏损评
估的本集团按摊销成本列账的金
融资产及合约资产承担的信贷风
险：
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25120
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Financial risk management objectives and policies (Cont’d)
Credit risk and impairment asesment (Cont’d)
Notes:
1. For trade receivables and contract asets, the Group has aplied the simplified aproach
in HKFRS 9 to measure the impairment los alowance at lifetime ECL. ECL on trade
receivables and contract asets are asesed individualy. The asesment is based on the
internal credit ratings, ageing, repayment history, past due status and forward-loking
information including subsequent setlement patern of the respective customers.
2. For the purposes of internal credit risk management, the Group mainly uses past due
information to ases whether credit risk has increased significantly since initial recognition.
3. For credit-impaired debt instruments at amortised cost, the Group asesed the lifetime
ECL with reference to relevant default studies published by the credit rating agencies after
taking into acount forward-loking information available without undue cost or efort.
The folowing table shows the movement in 12m ECL and lifetime ECL
that has ben recognised for trade receivables, contract asets, other
receivables and debt instruments at amortised cost.
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
附注：
- ，本
集团已应用香港财务报告准则第9号
的简化法计量全期预期信贷亏损的减
值亏损拨备。贸易应收款项及合约资
产的预期信贷亏损乃个别评估。评估
乃基于相应客户的内部信贷评级、账
龄、还款历史、逾期状态及前瞻性资
料（包括其后结算模式）。
- ，本集团主
要使用逾期资料评估信贷风险自首次
确认以来是否显著增加。
3. 就发生信贷减值的按摊销成本列账的
债务工具而言，本集团参考信贷评级
机构发布之相关违约研究报告，并计
及毋须过度成本或投入而取得之前瞻
性资料，评估全期预期信贷亏损。
下表显示就贸易应收款项、合约
资产、其他应收款项及按摊销成
本列账的债务工具确认的12个月
预期信贷亏损及全期预期信贷亏
损变动。
年报2024-25 顺兴集团（控股）有限公司121
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Financial risk management objectives and policies (Cont’d)
Credit risk and impairment asesment (Cont’d)
Lifetime ECL
(not credit-impaired)
全期预期信贷亏损
（未发生信贷减值）
12m ECL
(not credit-
impaired)
12个月
预期信贷亏损
（未发生
信贷减值）
Lifetime ECL
(credit-impaired)
全期预期信贷亏损
（发生信贷减值）
Trade
receivables
Contract
asets
Other
receivables
Trade
receivables
Contract
asets
Other
receivables
Debt
instruments
at amortised
costTotal
贸易
应收款项合约资产
其他
应收款项
贸易
应收款项合约资产
其他
应收款项
按摊
销成本列账
的债务工具总计
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元千港元
As at 1 April 2023于二零二三年四月一日5581,410–1,4733,441
Changes due to financial instruments
recognised as at 1 April:
于四月一日确认金融工具导致
的变动：
— Impairment loses reversed— 已拨回减值亏损(482)(1,295)–(1,777)
— Impairment loses recognised— 已确认减值亏损28119–37903–1181,358
— Transfer to credit-impaired— 转移到信贷减值(1)(75)–175–
New financial asets originated
or purchased
已产生或已购买之新金融资产
3344561,782784284–3,640
As at 31 March 2024于二零二四年三月三十一日6905151,7828221,262–1,5916,662
Changes due to financial instruments
recognised as at 1 April:
于四月一日确认金融工具导致
的变动：
— Impairment loses reversed— 已拨回减值亏损(687)(497)(1,306)–(49)(2,539)
— Impairment loses recognised— 已确认减值亏损–2361,3761,575–3,187
— Transfer to credit-impaired— 转移到信贷减值–(476)–476–
— Write-of— 撇销–(754)–(754)
New financial asets originated
or purchased
已产生或已购买之新金融资产
5443–3,6831,309–945,183
As at 31 March 2025于二零二五年三月三十一日5761–4,7413,9471,2971,63611,739
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25122
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Financial risk management objectives and policies (Cont’d)
Credit risk and impairment asesment (Cont’d)
The Group writes of a trade receivable when there is information
indicating that the debtor is in severe financial dificulty and there is no
realistic prospect of recovery, e.g. when the debtor has ben placed under
liquidation or has entered into bankruptcy procedings, or when the trade
receivables are over two years past due, whichever ocurs earlier.
Liquidity risk
In the management of the liquidity risk, the Group monitors and maintains
a level of cash and cash equivalents demed adequate by management
to finance the Group’s operations and mitigate the efects of unexpected
fluctuations in cash flows.
The folowing table details the Group’s remaining contractual maturity
for its non-derivative financial liabilities and lease liabilities. The table has
ben drawn up based on the undiscounted cash flows of financial liabilities
and lease liabilities based on the earliest date on which the Group can
be required to pay. The maturity dates for other non-derivative financial
liabilities and lease liabilities are based on the agred repayment dates. To
the extent that interest flows are floating rate, the undiscounted amount is
derived from interest rate at the end of each reporting period.
The table includes both interest and principal cash flows.
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
倘有资料显示债务人陷入严重财
务困难且无实际收回可能，例如
债务人遭清盘或已进入破产程
序，或贸易应收款项已逾期超过
两年（以较早者为准），则本集团
会撇销贸易应收款项。
流动资金风险
在管理流动资金风险时，本集团
监控及维持管理层认为充足的现
金及现金等价物水平，以为本集
团的业务提供资金，并减低现金
流量意外波动的影响。
下表详述本集团非衍生金融负债
及租赁负债余下合约到期日。该
表根据本集团可能被要求付款的
最早日期的金融负债及租赁负债
未贴现金流量而编制。其他非
衍生金融负债及租赁负债的到期
日乃基于经协定的还款日期。倘
其利息流为浮动利率，则未贴现
金额按各报告期末的利率计算得
出。
该表载有利息及本金现金流量。
| N/A 不适用 | 31,898 | – | 31,898 | 31,898 |
|---|---|---|---|---|
| N/A 不适用 | 89,085 | – | 89,085 | 89,085 |
| 6.88 | 499 | 48 | 547 | 534 |
| 121,482 | 48 | 121,530 | 121,517 |
| N/A 不适用 | 105,339 | – | 105,339 | 105,339 |
|---|---|---|---|---|
| N/A 不适用 | 103,138 | – | 103,138 | 103,138 |
| 7.12 | 35,089 | – | 35,089 | 35,000 |
| 7.19 | 2,427 | 275 | 2,702 | 2,594 |
| 245,993 | 275 | 246,268 | 246,071 |
年报2024-25 顺兴集团（控股）有限公司123
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Financial risk management objectives and policies (Cont’d)
Liquidity risk (Cont’d)
Weighted
average
efective
interest rate
Within
1 year1–2 years
Total
undiscounted
cash flows
Total
carying
amount
加权平均
实际利率一年内一至两年
未贴现金
流量总额账面总值
%HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
As at 31 March 2025于二零二五年三月三十一日
Trade and bils payables贸易应付款项及应付票据
Other payables and
acrued charges
其他应付款项及
应计费用
Lease liabilities租赁负债
Weighted
average
efective
interest rate
Within
1 year1–2 years
Total
undiscounted
cash flows
Total
carying
amount
加权平均
实际利率一年内一至两年
未贴现金
流量总额账面总值
%HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
As at 31 March 2024于二零二四年三月三十一日
Trade and bils payables贸易应付款项及应付票据
Other payables and
acrued charges
其他应付款项及
应计费用
Bank borowings银行借款
Lease liabilities租赁负债
- （续）
财务风险管理目标及政策（续）
流动资金风险（续）
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25124
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
31. FINANCIAL INSTRUMENTS (Cont’d)
Fair value measurement of financial instruments
Fair value of the Group’s financial asets that are measured at fair value on
a recuring basis
Some of the Group’s financial asets are measured at fair value at the end
of each reporting period. The folowing table gives information about
how the fair values of these financial asets are determined (in particular,
the valuation technique(s) and inputs used), as wel as the level of the fair
value hierarchy into which the fair value measurements are categorised
(Levels 1 to 3) based on the degre to which the inputs to the fair value
measurements is observable.
Fair value as at
于下列日期的公平值
Financial instruments 31 March 202531 March 2024
Fair value
hierarchy
Valuation
technique(s)
and key input(s)
金融工具
二零二五年
三月三十一日
二零二四年
三月三十一日公平值架构
估值方法及
主要输入数据
Financial asets at fair value
through profit or los
Equity securities
listed in Hong Kong:
HK$10,407,000
Equity securities
listed in Hong Kong:
HK$6,758,000
Level 1Quoted bid prices
in an active market
按公平值计入损益的金融资产于香港上市的股本证券：
10,407,000港元
于香港上市的股本证券：
6,758,000港元
一级在活跃市场所报的竞价
Unlisted funds
in overseas:
HK$12,334,000
Unlisted funds
in overseas:
HK$13,193,000
Level 2Quoted prices from
financial institutions
于海外的未上市基金：
12,334,000港元
于海外的未上市基金：
13,193,000港元
二级金融机构报价
There is no transfers among Level 1 and Level 2 during both periods.
Fair value of financial asets and financial liabilities that are not measured at
fair value on a recuring basis
The directors of the Company consider that the carying amounts of
financial asets and financial liabilities recorded at amortised cost in the
consolidated financial statements aproximate their fair values.
- （续）
金融工具公平值计量
按经常性基准以公平值计量的本
集团金融资产的公平值
本集团部分金融资产乃于各报告
期末按公平值计量。下表提供如
何厘定该金融资产公平值的资料
（尤其是估值方法及所使用的输入
数据），以及按公平值计量输入数
据的可观察程度将公平值计量归
类入公平值架构的级别（第一至第
三级）。
于该两段期间，一级与二级之间
并无转让。
并非按经常性基准以公平值计量
的金融资产及金融负债的公平值
本公司董事认为，于综合财务报
表按摊销成本入账的金融资产及
金融负债的账面值与其公平值相
若。
年报2024-25 顺兴集团（控股）有限公司125
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
32. RETIREMENT BENEFITS SCHEMES
The MPF Scheme is registered with the Mandatory Provident Fund
Schemes Authority under the Mandatory Provident Fund Schemes
Ordinance. The asets of the MPF Scheme are held separately from those
of the Group in funds under the control of an independent truste. Under
the MPF Scheme, the employer and its employes are each required to
make contributions to the MPF Scheme at rates specified in the rules. The
only obligation of the Group with respect to the MPF Scheme is to make
the required contributions. Except for voluntary contribution, no forfeited
contribution under the MPF Scheme is available to reduce the contribution
payable in future years. The cap of contribution amount is HK$1,500 per
employe per month.
The retirement benefit scheme contributions arising from the MPF
Scheme recognised in profit or los represent contributions paid or
payable to the fund by the Group at rates specified in the rules of the MPF
Scheme.
The contributions paid and payable to the schemes by the Group are
disclosed in notes 6(a) and 9.
Pursuant to the Employment Ordinance, Chapter 57, the Group has the
obligation to pay Long Service Payment (“LSP”) to qualifying employes in
Hong Kong upon retirement, subject to a minimum of 5 years employment
period, based on this formula: Last monthly wages (before termination of
employment) × 2/3 × Years of service. Last monthly wages are caped at
HK$22,500 while the amount of long service payment shal not exced
HK$390,000. This obligation is acounted for as a post-employment
defined benefit plan.
Furthermore, the Mandatory Provident Fund Schemes Ordinance
pased in 1995 permits the Group to utilise the Group’s mandatory MPF
contributions, plus/minus any positive/negative returns thereof (colectively,
the “Eligible Ofset Amount”), for the purpose of ofseting LSP payable to
an employe (the “Ofseting Arangement”). The LSP obligation, if any, is
presented on a net basis.
32. 退休福利计划
强积金计划乃根据强制性公积金
计划条例于强制性公积金计划管
理局登记。强积金计划的资产与
本集团资金分开持有，由独立信
托人控制。根据强积金计划，雇
主及其雇员各自须按规则规定的
比率向强积金计划作出供款。
本集团就强积金计划的唯一责任
为按规定作出供款。除自愿供款
外，概无任何强积金计划的没收
供款可用以扣减未来年度应付的
供款。供款金额上限为每月每名
雇员1,500港元。
产生自强积金计划及于损益确认
的退休福利计划供款指本集团按
强积金计划规则规定的比率向基
金已付或应付的供款。
本集团就计划已付及应付的供款
披露于附注6(a)及9。
根据香港法例第57章《雇佣条
例》，本集团有责任向退休时符合
条件的香港雇员支付长期服务金
（「长期服务金」），受雇期至少为5
年，计算公式为：最后一个月的
工资（终止雇佣前）x 2/3 x服务年
期。最后一个月工资上限为22,500
港元，而长期服务金额不得超
过390,000港元。该责任入账列为
离职后定额福利计划。
此外，于一九五年通过的《强制
性公积金计划条例》允许本集团动
用本集团的强制性强积金供款，
加╱减其任何正╱负回报（统称
「合资格抵销额」），以抵销应付雇
员的长期服务金（「抵销安排」）。
长期服务金责任（如有）以净额呈
列。
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25126
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
32. RETIREMENT BENEFITS SCHEMES (Cont’d)
The Employment & Retirement Schemes Legislation (Ofseting
Arangement) (Amendment) Ordinance 2022 was gazeted on 17
June 2022, which wil eventualy abolish the Ofseting Arangement.
The Amendment wil come into efect prospectively from a date to be
determined by the Hong Kong SAR Government, which is expected to
be in 2025 (the “Transition Date”). Under the amended Ordinance, the
Eligible Ofset Amount after the Transition Date can only be aplied to
ofset the pre-Transition Date LSP obligation but no longer eligible to
ofset the post-Transition Date LSP obligation. Furthermore, the LSP
obligations before the Transition Date wil be grandfathered and calculated
based on the Last monthly wages imediately preceding the Transition
Date.
33. PERFORMANCE GUARANTES
As at 31 March 2025, performance guarantes of HK$155,230,000
(2024: HK$145,243,000) were given by banks in favour of the Group’s
customers as security for the due performance and observance of the
Group’s obligations under the contracts entered into betwen the Group
and its customers. If the Group fails to provide satisfactory performance
to its customers to whom performance guarantes have ben given,
such customers may demand the banks to pay to them the sum or
sum stipulated in such demand. The Group wil become liable to
compensate such banks acordingly. The performance guarantes wil
be released upon completion of the contract works. The performance
guarantes were granted under the banking facilities with details as set out
in note 26.
At the end of each reporting period, as represented by the directors of
the Company, they do not consider it is probable that a claim wil be made
against the Group.
- （续）
《二零二年雇佣及退休计划法例
（抵销安排）（修订）条例》于二零
二年六月十七日刊宪，最终将
废除抵销安排。该修订将于香港
特别行政区政府确定的日期开始
生效，预期为二零二五年（「过渡
日期」）。根据经修订条例，过渡
日期后的合资格抵销额只能用于
抵销过渡日期前的长期服务金责
任，但不再合资格抵销过渡日期
后的长期服务金责任。此外，过
渡日期前的长期服务金责任将根
据紧接过渡日期前的最后一个月
工资计算。
33. 履约保证
于二零二五年三月三十一日，银
行以本集团客户为受益人提供的
履约保证为155,230,000港元（二零
二四年：145,243,000港元），作为
本集团妥善履行及遵守本集团与
其客户所订立合约项下责任的担
保。倘本集团的履约情况未能令
其已作出履约保证的客户满意，
有关客户可要求银行向彼等支付
金额或有关要求订明的金额。本
集团将负责向有关银行作出相应
补偿。履约保证将于合约工程完
成后解除。履约保证乃根据银行
融资授出，详情载于附注26。
于各报告期末，如本公司董事所
述，其认为向本集团提出申索的
可能性不大。
| – |
|---|
年报2024-25 顺兴集团（控股）有限公司127
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
34. CAPITAL COMITMENTS
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Capital expenditure in respect of the
acquisition of property and equipment
contracted for but not provided in the
consolidated financial statements
已订约但未于综合财务报表
拨备的有关收购
物业及设备的资本开支
35. SHARE OPTION SCHEME
On 6 December 2016, the Company conditionaly adopted a share
option scheme (the “Scheme”) pursuant to a resolution pased by its
shareholders on the same date, for the primary purpose of providing
incentives or rewards to eligible employes (whether ful time or part
time, including any executive director), the non-executive directors
(including independent non-executive directors) of the Company, any
subsidiary or any entity in which any member of the Group holds any
equity interest and other eligible participants as specified under the
Scheme. The adoption of the Scheme became unconditional upon the
listing of the Company on 3 January 2017. The Scheme has a life of 10
years.
No share option has ben granted by the Company since the adoption of
the Scheme.
34. 资本承担
35. 购股权计划
于二零一六年十二月六日，本公
司根据其股东于同日通过的决议
案已有条件采纳购股权计划（「该
计划」），主要目的是向本公司、
任何附属公司或本集团任何成员
公司于其中持有任何权益的任何
实体的合资格雇员（不论全职或兼
职，包括任何执行董事）、非执行
董事（包括独立非执行董事）及该
计划指明的其他合资格参与者提
供奖励或回报。在本公司于二零
一七年一月三日上市后，该计划
的采纳方会成为无条件。该计划
的期限为十年。
本公司自采纳该计划以来并无授
出购股权。
| 23 |
|---|
| 18,000 |
| 4,377 |
| 22,690 |
| 45,090 |
| 198 |
| 31,771 |
| 2,349 |
| 5,614 |
| 39,932 |
| 546 |
| 39,386 |
| 84,476 |
| 4,000 |
| 80,476 |
| 84,476 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25128
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
36. INFORMATION ABOUT THE STATEMENT OF FINANCIAL
POSITION OF THE COMPANY
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Non-curent asets非流动资产
Investments in subsidiaries于附属公司的投资23
Loan to a subsidiary一间附属公司的贷款18,000
Debt instruments at amortised cost按摊销成本列账的债务工具6,665
Financial asets at fair value through
profit or los
按公平值计入损益的
金融资产19,899
44,587
Curent asets流动资产
Other receivables, deposits
and prepayments
其他应收款项、按金
及预付款项267
Amounts due from subsidiaries应收附属公司款项33,601
Debt instruments at amortised cost按摊销成本列账的债务工具–
Bank balances and cash银行结余及现金2,873
36,741
Curent liability流动负债
Other payables and acrued charges其他应付款项及应计费用278
Net curent asets流动资产净值36,463
Net asets资产净值81,050
Capital and reserves资本及储备
Share capital股本4,000
Reserves (note)储备（附注）77,050
Equity atributable to owners of the Company本公司拥有人应占权益81,050
36. 有关本公司财务状况表的资料
| 100% |
|---|
| 100% |
| 100% |
| 100% |
| 100% |
| 100% |
| 100% |
| 100% |
年报2024-25 顺兴集团（控股）有限公司129
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
36. INFORMATION ABOUT THE STATEMENT OF FINANCIAL
POSITION OF THE COMPANY (Cont’d)
Note:
Movement in the Company’s reserves
Share
premium
Other
reserve
Retained
profits
(acumulated
loses)Total
股份溢价其他储备
保留溢利
（累计亏损）总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
At 1 April 2023于二零二三年四月一日83,22323(2,270)80,976
Los and total comprehensive expense
for the year
年内亏损及全面开支总额
–(3,926)(3,926)
At 31 March 2024于二零二四年三月三十一日83,22323(6,196)77,050
Profit and total comprehensive income
for the year
年内溢利及全面收入总额
–3,4263,426
At 31 March 2025于二零二五年三月三十一日83,22323(2,770)80,476
37. PARTICULARS OF SUBSIDIARIES
Particulars of the Company’s subsidiaries at the end of each reporting
period are as folows:
Equity interest atributable
to the Group as at
本集团于下列日期应占股权
Isued and fuly31 March
Placepaid share capital20252024
Name of subsidiaryof incorporationPlace of operation已发行及三月三十一日Principal activities
附属公司名称注册地点经营地点悉数缴足股本二零二五年二零二四年主要活动
Triumph Legend*The BVIHong KongUS$1,000100%Investment holding
Triumph Legend*英属处女群岛香港1,000美元100%投资控股
Blisful Choice*The BVIHong KongUS$2,000100%Investment holding
Blisful Choice*英属处女群岛香港2,000美元100%投资控股
Shun Hing HK
#
Hong KongHong KongHK$4,800,000100%Provision of E&M
enginering services
顺兴香港
#
香港香港4,800,000港元100%提供机电工程服务
Golden Light Enginering
Limited
#
Hong KongHong KongHK$250,000100%Inactive
显辉工程有限公司
#
香港香港250,000港元100%暂无业务
*
Subsidiaries directly held by the Company
#
Subsidiaries indirectly held by the Company
None of the subsidiaries had isued any debt securities at the end of the
reporting period or at any time during both years.
36. 有关本公司财务状况表的资料
（续）
附注：
本公司的储备变动
*
由本公司直接持有之附属公司
#
由本公司间接持有之附属公司
概无附属公司已于报告期末或两
个年度的任何时间发行任何债务
证券。
37. 附属公司的详情
本公司附属公司于各报告期末的
详情如下：
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25130
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Notes to the Consolidated Financial Statements
综合财务报表附注
38. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING
ACTIVITIES
The table below details changes in the Group’s liabilities arising from
financing activities, including both cash and non-cash changes. Liabilities
arising from financing activities are those for which cash flows were, or
future cash flows wil be, clasified in the Group’s consolidated statement
of cash flows as cash flows from financing activities.
Lease
liabilities
Bank
borowingsTotal
租赁负债银行借款总计
HK$’000HK$’000HK$’000
千港元千港元千港元
At 1 April 2023于二零二三年四月一日630–630
Financing cash flows融资现金流量(2,151)32,99030,839
New leases entered and leases modified新租赁订立及租赁修订3,908–3,908
Finance costs融资成本2072,0102,217
At 31 March 2024于二零二四年三月三十一日2,59435,00037,594
Financing cash flows融资现金流量(2,597)(36,080)(38,677)
New leases entered and leases modified新租赁订立及租赁修订420–420
Finance costs融资成本1171,0801,197
At 31 March 2025于二零二五年三月三十一日534–534
38. 融资活动所产生负债的对账
下表详列本集团融资活动所产生
负债的变动，包括现金及非现金
变动。融资活动产生的负债指其
现金流量或未来现金流量于本集
团综合现金流量表中分类为融资
活动现金流量的负债。
| 876,177 | 608,490 |
|---|---|
| 16,289 | 32,970 |
| (15,211) | 5,388 |
| (3.8) | 1.3 |
年报2024-25 顺兴集团（控股）有限公司131
Sumary of Financial Information
财务资料概要
A sumary of the results and asets and liabilities of the Group for the five
financial years, as extracted from the audited consolidated financial statements is
set out below.
CONSOLIDATED RESULTS
综合业绩
For the year ended 31 March
截至三月三十一日止年度
二零二一年二零二年二零二三年二零二四年二零二五年
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Revenue收益707,590753,327954,255
Gros profit毛利61,39845,5998,656
Profit (los) for the year年内溢利（亏损）44,13411,733(11,002)
Earnings (los) per share每股盈利（亏损）
Basic (HK cents) 基本（港仙）11.02.9(2.8)
下文载列摘录自经审核综合财务报表的
本集团五个财政年度的业绩及资产及负
债的概要。
| 57,955 | 54,732 |
|---|---|
| 437,493 | 323,310 |
| 495,448 | 378,042 |
| 265,316 | 143,310 |
| 1,226 | 438 |
| 266,542 | 143,748 |
| 228,906 | 234,294 |
SH GROUP (HOLDINGS) LIMITED Anual Report 2024-25132
Sumary of Financial Information
财务资料概要
CONSOLIDATED ASETS, LIABILITIES AND EQUITY
综合资产、负债及权益
As at 31 March
于三月三十一日
二零二一年二零二年二零二三年二零二四年二零二五年
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
ASETS资产
Non-curent asets非流动资产65,14875,77275,085
Curent asets流动资产447,231432,341431,655
Total asets总资产512,379508,113506,740
LIABILITIES负债
Curent liabilities流动负债215,053216,312262,267
Non-curent liabilities非流动负债2,623965356
Total liabilities总负债217,676217,277262,623
EQUITY权益
Total equity atributable to
owners of the Company
本公司拥有人应占
总权益294,703290,836244,117