年报

ANUAL REPORT

(Incorporated in Bermuda with limited liability

于百慕达注册成立之有限公司

)

Stock Code

股份代号

: 2326

2024 25

年

报

ANUAL REPORT 2024/25

年报

2024/251

ABREVIATIONS

简称

In this anual report, the folowing abreviations have the

folowing meanings unles otherwise specified:

“Board”the board of directors of the

Company

“Company”New Provenance Everlasting

Holdings Limited

“Directors”the directors of the Company

“Group”the Company and its subsidiaries

“HKD”Hong Kong dolars, the lawful

curency of Hong Kong

“Hong Kong”the Hong Kong Special Administrative

Region of the PRC

“Listing Rules”the Rules Governing the Listing of

Securities on the Stock Exchange

“PRC”the People’s Republic of China,

excluding Hong Kong, the Macau

Special Administrative Region of the

PRC and Taiwan

“RMB”Renminbi, the lawful curency of the

PRC

“SFO”the Securities and Futures Ordinance

(Chapter 571 of the Laws of Hong

Kong)

“Stock Exchange”The Stock Exchange of Hong Kong

Limited

“USD”United States dolars

“%”per cent

于本年报内，除文义另有所指外，下列简称具有

以下涵义：

「董事会」指本公司之董事会

「本公司」指新源万恒控股有限公司

「董事」指本公司之董事

「本集团」指本公司及其附属公司

「港元」指港元，香港法定货币

「香港」指中国香港特别行政区

「上市规则」指联交所证券上市规则

「中国」指中华人民共和国，不包括香

港、中国澳门特别行政区及

台湾

「人民币」指人民币，中国法定货币

「证券及期货

条例」

指香港法例第

章证券及期货

条例

「联交所」指香港联合交易所有限公司

「美元」指美元

「

」指百分比

截至三月三十 2025
二零二五年 HK$’000
千港元
470,308
(4,025)
(46,098)
(45,881)

于三月三 2025
二零二五年 HK$’000
千港元
49,941
458,409
(132,630)
325,779
(66)
375,654
9,413
385,607
(0.218)
(0.9%)
(9.8%)
3.46

ANUAL REPORT 2024/25

年报

2024/253

FINANCIAL HIGHLIGHTS

财务摘要

For the year ended 31 March

截至三月三十一日止年度

二零二四年

HK$’000

千港元

Operational Results

经营业绩

Revenue

收益

864,305

Gros (los)/profit

（毛损）／毛利

12,033

Los for the year

年内亏损

(31,181)

Los for the year atributable to

owners of the Company

本公司拥有人应占年内亏损

(30,782)

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Financial Position

财务状况

Non-curent asets

非流动资产

64,490

Curent asets

流动资产

495,865

Curent liabilities

流动负债

(131,357)

Net curent asets

流动资产净值

364,508

Non-curent liabilities

非流动负债

(2,618)

Total equity

权益总额

426,380

Non-controling interests

非控股权益

9,251

Total equity atributable to owners

of the Company

本公司拥有人应占权益总额

435,631

Los per share (HK cent)

每股亏损（港仙）

(0.146)

Key Ratio Analysis

主要比率分析

Gros (los)/profit margin

（毛损率）／毛利率

1.4%

Net los margin

纯亏损率

(3.6%)

Curent ratio (Note 1)

流动比率（附注

）

3.463.78

Note:

1. Curent ratio: Curent asets divided by curent liabilities.

附注：

流动比率：流动资产除以流动负债。

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CORPORATE INFORMATION

公司资料

BOARD OF DIRECTORS

Executive Directors

Mr. Ho Yu-shun (Chairman and Chief Executive Oficer)

Ms. Sun Le

Non-Executive Director

Ms. Sun Di

Independent Non-executive Directors

Mr. Cheung Ngai Lam

Mr. Tang Kin Nam

Mr. Kwong Wing Ho

AUDIT COMITE

Mr. Cheung Ngai Lam (Chairman)

Mr. Tang Kin Nam

Mr. Kwong Wing Ho

REMUNERATION COMITE

Mr. Cheung Ngai Lam (Chairman)

Mr. Tang Kin Nam

Mr. Ho Yu-shun

Mr. Kwong Wing Ho

NOMINATION COMITE

Mr. Tang Kin Nam (Chairman)

Mr. Cheung Ngai Lam

Mr. Ho Yu-shun

Mr. Kwong Wing Ho

RISK MANAGEMENT COMITE

Mr. Tang Kin Nam (Chairman)

Mr. Cheung Ngai Lam

Mr. Ho Yu-shun

Mr. Kwong Wing Ho

AUTHORISED REPRESENTATIVE

Mr. Ho Yu-shun

Ms. Ng Wing Suen

COMPANY SECRETARY

Ms. Ng Wing Suen

董事会

执行董事

何昱勋先生（主席兼行政总裁）

孙乐女士

非执行董事

孙迪女士

独立非执行董事

张毅林先生

邓建南先生

邝永浩先生

审核委员会

张毅林先生（主席）

邓建南先生

邝永浩先生

薪酬委员会

张毅林先生（主席）

邓建南先生

何昱勋先生

邝永浩先生

提名委员会

邓建南先生（主席）

张毅林先生

何昱勋先生

邝永浩先生

风险管理委员会

邓建南先生（主席）

张毅林先生

何昱勋先生

邝永浩先生

授权代表

何昱勋先生

吴颖璇女士

公司秘书

吴颖璇女士

ANUAL REPORT 2024/25

年报

2024/255

CORPORATE INFORMATION

公司资料

核数师

国富浩华（香港）会计师事务所有限公司

股份代号

注册办事处

Clarendon House 2

Church Stret

Hamilton HM 11

Bermuda

香港主要营业地点及总办事处

香港湾仔

港湾道

6-8

号

瑞安中心

楼

室

主要往来银行

中国建设银行股份有限公司

招商永隆银行有限公司

星展银行（香港）有限公司

恒生银行有限公司

南洋商业银行有限公司

主要股份过户登记处

Conyers Corporate Services (Bermuda) Limited

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

香港股份过户登记分处

卓佳证券登记有限公司

香港

夏悫道

号

远东金融中心

楼

公司网站

htp:/w.npegroup.com.hk

AUDITOR

Crowe (HK) CPA Limited

STOCK CODE

REGISTERED OFICE

Clarendon House 2

Church Stret

Hamilton HM 11

Bermuda

PRINCIPAL PLACE OF BUSINES AND

HEAD OFICE IN HONG KONG

Unit 1102, 11/F

Shui On Centre

No. 6-8 Harbour Road

Wanchai, Hong Kong

PRINCIPAL BANKERS

China Construction Bank Corporation

CMB Wing Lung Bank Limited

DBS Bank (Hong Kong) Limited

Hang Seng Bank Limited

Nanyang Comercial Bank, Limited

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE

Conyers Corporate Services (Bermuda) Limited

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

HONG KONG BRANCH SHARE REGISTRAR

AND TRANSFER OFICE

Tricor Investor Services Limited

17/F., Far East Finance Centre

16 Harcourt Road

Hong Kong

COMPANY HOMEPAGE

htp:/w.npegroup.com.hk

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CHAIRMAN’S STATEMENT

主席报告

On behalf of the Board of the Company, I am pleased to

present the anual report of the Company together with its

subsidiaries (the “Group”) for the year ended 31 March 2025

(the “Year”).

BUSINES PERFORMANCE

During the Year, the Group has ben principaly engaged in

the sourcing and sale of metal minerals and related industrial

materials, and the production and sale of industrial products.

Folowing the market conditions in 2023, the price of

manganese continued to fluctuate significantly in 2024, and

the performance of the Group’s busines of sourcing and sale

of metal minerals and related industrial materials continued to

be afected. Secondly, due to the fluctuation of the exchange

rate betwen RMB and USD, most customers have requested

RMB as the unit of setlement, which also afected the demand

for overal orders. The Group tried to reorganise its customer

base and coperate with more new customers during the

Year, as wel as exploring and reviewing the feasibility of new

busines forms. The above factors are the main reasons for

the impact on the performance of the Group’s busines of

sourcing and sale of metal minerals and related industrial

materials.

On the other hand, the performance of the Group’s busines of

production and sale of industrial products deteriorated during

the Year, mainly due to the increase in upstream raw material

prices that in-turn caused an increase in production costs.

However, as the Group was not able to adjust its strategy in a

timely maner to reduce risks, coupled with the fact that the

regional price fluctuations of finished products resulted in an

overal los.

The management of the Group wil continue to review its

operating performance and eficiency from time to time

to further improve the returns it brings to the Company’s

shareholders.

本人谨此代表本公司董事会欣然提呈本公司连同

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」）之年报。

业务表现

本年度，本集团主要从事采购及销售金属矿物及

相关工业原料以及生产及销售工业用产品业务。

承接二零二三年的市况，锰的价格在二零二四年

仍然大幅波动，本集团采购及销售金属矿物及相

关工业原料业务的表现持续受到影响。其次，因

人民币兑美元的汇率波动，大部份的客户都要求

以人民币作为结算的单位，这亦影响整体订单的

需求。而本集团于本年度尝试重整客户群并与更

多新客户合作，以及发掘和检视新业务型态的可

行性。上述的因素是本集团采购及销售金属矿物

及相关工业原料业务业绩受到影响的主要原因。

另一方面，本年度本集团生产及销售工业用产品

业务的业绩转差，主要由于上游原料价格上涨进

而增加了生产成本。然而，由于本集团未能及时

调整策略以减低风险，加上产成品出现区域性的

价格波动，以致整体出现亏损的状况。

本集团管理层会继续不时检讨其营运表现及效

率，以进一步改善其为本公司股东带来的回报。

ANUAL REPORT 2024/25

年报

2024/257

CHAIRMAN’S STATEMENT

主席报告

前景

二零二五年在关税率的影响下，贸易局势的紧

张升级，增加市场的不确定性。此外，区域性的冲

突升级及俄乌战事持续，引致地区局势紧张，国

际贸易环境受压。虽然有很多不稳定的因素，但

内地市场对钢铁的需求有所回升，基础设施等

的行业将逐步回暖。锰能用于炼钢，而且大的锰

矿山拥有者选择减产以保持锰的价格稳定。上述

因素预计对本集团的业务表现有著正面的影响。

新型电池的材料开发亦可能会推动锰的需求，因

近年电动车的销量不断上升，添加锰是扩大电动

车续航相对便宜的技术，所以汽车产业对锰的需

求预计会日渐上升。而硫酸是生产铅酸电池所必

需的原料，而铅酸电池主要用于汽车和电动车，

这推动了对硫酸的需求。对本集团从事采购及销

售金属矿物及相关工业原料以及生产及销售工业

用产品业务发展产生正面的影响。

在二零二五年需要面对的挑战仍然很多，同时也

有新的机遇，本集团仍然积极乐观及小心谨慎地

在全球经济增长放缓的情况下寻找平衡，把握即

将到来的商机，进一步改善及提升为股东带来的

回报。

致谢

对于全体股东及业务伙伴之不断支持，本人谨此

代表董事会向彼等表示诚挚谢意，并对全体董事

及员工于本年度所作出之努力及贡献致谢。

主席兼行政总裁

何昱勋

香港，二零二五年六月二十五日

PROSPECTS

In 2025, under the influence of tarif rates, the trade tensions

escalated, increasing market uncertainty. In adition, the

escalation of regional conflicts and the continued war

betwen Rusia and Ukraine led to regional tensions and

presure on the international trade environment. Although

there are many unstable factors, the demand for stel in

the mainland market has rebounded, and industries such as

infrastructure wil continue to pick up. Manganese can be

used for stelmaking, and large manganese mine owners have

chosen to reduce production to kep the price of manganese

stable. The above factors are expected to have a positive

impact on the Group’s busines performance.

The development of new batery materials may also drive

the demand for manganese. As the sales of electric vehicles

have ben increasing in recent years, ading manganese is

a relatively cheap technology to extend the range of electric

vehicles, so the demand for manganese in the automotive

industry is expected to increase. Sulfuric acid is a necesary

raw material for the production of lead-acid bateries, which

are mainly used in automobiles and electric vehicles, which

has driven the demand for sulfuric acid. This wil have a

positive impact on the development of the Group’s busines

of sourcing and sale of metal minerals and related industrial

materials, and production and sale of industrial products.

There are stil many chalenges to be faced in 2025, but there

are also new oportunities. The Group remains optimistic and

cautious in finding a balance amid the slowdown in global

economic growth, seizing upcoming busines oportunities

and further improving and enhancing the returns to its

shareholders.

ACKNOWLEDGEMENTS

On behalf of the Board, I hereby expres my sincere gratitude

to al of our shareholders and busines partners for their

continuous suport, and to al directors and employes for

their eforts and contributions during the Year.

Ho Yu-shun

Chairman and Chief Executive Oficer

Hong Kong, 25 June 2025

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

BUSINES REVIEW

业务回顾

OPERATIONS REVIEW

For the year ended 31 March 2025 (the “Year”), the Group was

principaly engaged in the sourcing and sale of metal minerals

and related industrial materials, and the production and sale

of industrial products.

Revenue and Gros Profit

The Group recorded a decrease in revenue from aproximately

HK$864,305,000 for the year ended 31 March 2024 (the

“Last Year”) to aproximately HK$470,308,000 for the Year,

representing a decrease by aproximately 46% as compared to

the Last Year. The Group recorded a decrease from gros profit

of aproximately HK$12,033,000 for the Last Year to a gros

los of aproximately HK$4,025,000 for the Year, representing

a decrease by aproximately 133% as compared to the Last

Year.

For the sourcing and sale of metal minerals and related

industrial materials busines, the Group recorded a segment

revenue of aproximately HK$366,084,000 for the Year (2024:

aproximately HK$731,918,000), representing a decrease

by aproximately 50% as compared to the Last Year. The

segment profit was aproximately HK$1,160,000 for the Year,

representing a decrease of aproximately 75% as compared

to aproximately HK$4,617,000 for the Last Year. The Group is

acting as a principal in this busines because the Group bears

the inventory risk as the Group entered into distinct sale and

purchase agrements with supliers and customers and has

discretion in establishing the price for the product sold.

For the production and sale of industrial products busines

under

宁夏华夏环保资源综合利用有限公司

(literaly

translated as Ningxia Huaxia Integrated Waste Recycling

Company Limited) (the “Waste Recycling Company”),

the Group recorded a segment revenue of aproximately

HK$104,224,000 for the Year (2024: aproximately

HK$132,387,000), representing a decrease of aproximately

21% as compared to the Last Year. The segment los was

aproximately HK$5,731,000 for the Year, representing a

decrease of aproximately 184% as compared to the segment

profit of aproximately HK$6,836,000 for the Last Year.

业务回顾

截至二零二五年三月三十一日止年度（「本年

度」），本集团主要从事采购及销售金属矿物及相

关工业原料以及生产及销售工业用产品。

收益及毛利

本集团录得收益由截至二零二四年三月三十一日

止年度（「上年度」）之约

864,305,000

港元减少至本

年度之约

470,308,000

港元，较上年度减少约

46%

。

本集团由上年度之毛利约

12,033,000

港元减少至

本年度之毛损约

4,025,000

港元，较上年度减少约

133%

。

就采购及销售金属矿物及相关工业原料业务而

言，本集团于本年度录得分类收益约

366,084,000

港元（二零二四年：约

731,918,000

港元），较上年

度减少约

50%

。分类溢利由上年度约

4,617,000

港

元减少约

75%

至本年度约

1,160,000

港元。本集团

于此业务中担任委托人，原因是本集团与供应商

及客户订立不同的销售及采购协议而承担存货风

险，并可自由厘定所售产品的价格。

就宁夏华夏环保资源综合利用有限公司（「环保公

司」）之生产及销售工业用产品业务而言，本集团

于本年度已录得分类收益约

104,224,000

港元（二

零二四年：约

132,387,000

港元），较上年度减少约

21%

。本年度的分类亏损约为

5,731,000

港元，较上

年度的分类溢利约

6,836,000

港元减少约

184%

。

ANUAL REPORT 2024/25

年报

2024/259

BUSINES REVIEW

业务回顾

其他收入净额

本年度，本集团录得其他收入净额约

995,000

港元

（二零二四年：约

3,169,000

港元），主要指汇兑收

益或亏损净额，连同利息收入及杂项收入。汇兑

收益或亏损净额来自主要与人民币及美元相关的

外汇风险所产生。于过去两个年度，本集团管理

层成功将本集团外汇风险降至最低限度，因此本

年度及上年度的汇兑收益或亏损净额均维持于相

对较低的水平。

本年度与上年度所录得的其他收入净额之间的总

体差异约为

69%

，且与上年度相比，本年度所录得

的其他收入净额并无重大波动。

行政开支

本年度，本集团录得行政开支约

16,941,000

港元

（二零二四年：约

13,620,000

港元），本集团整体行

政开支较上年度增加约

24%

。行政开支主要包括

员工成本、一般行政开支及折旧。

其他经营开支

本年度，本集团录得其他经营开支约

5,586,000

港元

（二零二四年：其他经营收入约

2,018,000

港元）。

其他经营开支主要包括按金及其他应收款项已确

认亏损拨备／亏损拨备拨回、应收非控股权益款

项已确认亏损拨备、租赁修改亏损及存货撇减／

撇减拨回。

应收贸易款项已确认亏损拨备

于本年度，本集团录得应收贸易款项确认亏损拨

备约

5,186,000

港元（二零二四年：

约

32,615,000

港

元）。经参考一名估价专家的评估后，本集团已于

二零二五年三月三十一日计提特定预期信贷亏损

拨备约

39,130,000

港元（二零二四年：约

32,637,000

港元）。本集团其中一名债务人须遵守经中华人民

共和国法院批准的自愿债务重组还款计划清还款

项。

Other Net Income

During the Year, the Group recorded the other net income

of aproximately HK$995,000 (2024: aproximately

HK$3,169,000) which mainly comprised net foreign exchange

gain or los together with interest income and sundry

income. The net foreign exchange gain or los was arisen

from the exposure to foreign exchange risk, which was mainly

related to RMB and USD. Over the last two years, the Group’s

management has sucesfuly minimized the Group’s foreign

curency exposure and therefore the net foreign exchange

gain or los amount was maintained at the relatively low level

for both of the Year and the Last Year.

The overal variance betwen the other net income recorded

for the Year and for the Last Year was aproximately 69%, and

there was no material fluctuation for the other net income

recorded for the Year as compared to the Last Year.

Administrative Expenses

During the Year, the Group recorded the administrative

expenses of aproximately HK$16,941,000 (2024:

aproximately HK$13,620,000). The overal administrative

expenses of the Group increased by aproximately 24% as

compared to the Last Year. Administrative expenses primarily

include staf costs, general administrative expenses and

depreciation.

Other Operating Expenses

During the Year, the Group recorded the other operating

expenses of aproximately HK$5,586,000 (2024: other

operating income aproximately HK$2,018,000). Other

operating expenses are mainly represented by the los

alowance recognised/reversal of los alowance on deposits

and other receivables, los alowance recognised on amount

due from non-controling interest, los on lease modification,

and writen down/reversal of write – down on inventories.

Los Alowance Recognised On Trade Receivables

During the Year, the Group recorded the los alowance

recognised on trade receivables of aproximately

HK$5,186,000 (2024: aproximately HK$32,615,000). The

Group has provided, after making reference to the asesment

of a valuation specialist, a specific expected credit los

of aproximately HK$39,130,000 (2024: aproximately

HK$32,637,000) as at 31 March 2025. The setlement of one

of the debtors of the Group being subject to a valuator debt

restructuring repayment plan aproved by the court of

People’s Republic of China.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

BUSINES REVIEW

业务回顾

融资成本

本年度，本集团录得融资成本约

575,000

港元（二

零二四年：约

639,000

港元），较上年度减少约

10%

。融资成本减少乃主要由于本年度内租赁负

债利息与上年度相比有所减少。

本年度及上年度两个年度，本集团于采购及销售

金属矿物及相关工业原料业务中减少应收票据贴

现安排的使用。因此，于本年度及上年度所录得

的票据贴现费用均处于最低水平。本集团管理层

持续及审慎监察本集团之资本架构，以动用其财

务资源应付其持续的营运需要及业务扩张。本集

团可能考虑在适当及必要时作出应收票据的贴现

安排以维持一定水平的现金流量。

年内亏损

于本年度，本集团录得亏损增加，由上年度约

31,181,000

港元增加至本年度约

46,098,000

港元，

较上年度增加约

48%

。本集团亏损增加乃主要由

于物业、厂房及设备减值亏损以及使用权资产减

值亏损所致。本集团一直采取紧缩措施控制营运

成本及资本开支，以储备充足的资源及资本。

本年度本公司拥有人应占亏损约

45,881,000

港元

（二零二四年：约

30,782,000

港元），相当于本年

度每股基本亏损

0.218

港仙（二零二四年：

0.146

港

仙）。

Finance Costs

During the Year, the Group recorded the finance costs of

aproximately HK$575,000 (2024: aproximately HK$639,000),

representing a decrease of aproximately 10% as compared

to the Last Year. The decrease in finance costs was mainly

atributable to the decrease in the interest on lease liabilities

during the Year as compared to the Last Year.

For both of the Year and the Last Year, the Group has reduced

the use of bils receivables discounting arangement in its

sourcing and sale of metal minerals and related industrial

materials busines. The bils discount charge recorded

for both of the Year and the Last Year were therefore at a

minimum level. The Group’s management is continuously

and carefuly monitoring the Group’s capital structure in

order to utilize its financial resources to met its ongoing

operational requirements and busines expansion. The Group

may consider making the discounting arangement of bils

receivables to maintain the cash flows of the Group on a

certain level when apropriate and necesary.

Los For The Year

During the Year, the Group recorded an increase in los,

from aproximately HK$31,181,000 for the Last Year to

aproximately HK$46,098,000 for the Year, representing an

increase of aproximately 48% as compared to the Last Year.

The increase in the Group’s los was mainly atributable to

the impairment los on property, plant and equipment and

impairment los on right-of-use asets. The Group has ben

implementing austerity measures to control the operation cost

and capital expenditure in order to reserve a suficient level of

resources and capital.

The los atributable to owners of the Company for the

Year amounted to aproximately HK$45,881,000 (2024:

aproximately HK$30,782,000). This represented a basic los

per share of HK0.218 cent for the Year (2024: HK0.146 cent).

ANUAL REPORT 2024/25

年报

2024/2511

BUSINES REVIEW

业务回顾

财务回顾

流动资金、财务资源及资本架构

本集团主要以业务活动所产生之现金及银行

提供之信贷融资为经营业务提供资金。于二零

二五年三月三十一日，本集团之流动资产为约

458,409,000

港元（二零二四年：约

495,865,000

港

元），包括现金及银行结余约

3,314,000

港元（二零

二四年：约

6,503,000

港元）。

根据流动资产约

458,409,000

港元（二零二四年：约

495,865,000

港元）除以流动负债约

132,630,000

港元

（二零二四年：约

131,357,000

港元）计算，本集团

之流动比率为

3.46

（二零二四年：

3.78

），该比率

低于二零二四年三月三十一日之流动比率。于二

零二五年三月三十一日，本集团之应付贸易款项

为约

88,479,000

港元（二零二四年：约

74,145,000

港元）；应收贸易款项为约

132,838,000

港元（二零

二四年：约

171,998,000

港元）。

于二零二五年三月三十一日，本公司拥有人应

占本集团权益减少至约

385,067,000

港元（二零

二四年：约

435,631,000

港元）。自二零二四年三月

三十一日至二零二五年三月三十一日止，本公司

拥有人应占权益概无重大变动。

于二零二五年三月三十一日，本集团继续采取审

慎财务管理政策以保障本集团股东之权益。管理

层将在金融证券机构及专业顾问之支援下继续探

寻进行若干集资活动之可行性，以应付持续营运

及业务扩张需求。

重大收购及出售事项

截至二零二五年三月三十一日止年度，本集团概

无重大收购及出售事项。

FINANCIAL REVIEW

Liquidity, Financial Resources and Capital Structure

The Group financed its operations mainly by cash generated

from its busines activities and credit facilities provided by

banks. As at 31 March 2025, the Group had curent asets

of aproximately HK$458,409,000 (2024: aproximately

HK$495,865,0000), comprising cash and bank balances

of aproximately HK$3,134,000 (2024: aproximately

HK$6,503,000).

The Group’s curent ratio, calculated based on curent asets

of aproximately HK$458,409,000 (2024: aproximately

HK$495,865,000) over curent liabilities of aproximately

HK$132,630,000 (2024: aproximately HK$131,357,000),

was 3.46 (2024: 3.78), which represented a decrease when

compared with the curent ratio as at 31 March 2024. As

at 31 March 2025, the Group’s trade payables amounted

to aproximately HK$88,479,000 (2024: aproximately

HK$74,145,000); trade receivables amounted to aproximately

HK$132,838,000 (2024: aproximately HK$171,998,000).

As at 31 March 2025, the Group’s equity atributable to owners

of the Company decreased to aproximately HK$385,067,000

(2024: aproximately HK$435,631,000). No material change

has ben recorded in equity atributable to owners of the

Company from 31 March 2024 up til 31 March 2025.

As at 31 March 2025, the Group continued to implement

a prudent financial management policy to protect the

shareholders’ interest of the Group. The management wil

kep on exploring the feasibility of carying out certain

financing activities, with the suport from financial and

securities institutions and profesional advisors, to met its

ongoing operational requirements and busines expansions

requirements.

Material Acquisitions and Disposals

The Group had no material acquisitions and disposals for the

year ended 31 March 2025.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

BUSINES REVIEW

业务回顾

外汇管理

本集团之货币资产及负债以及业务交易主要以

港元、人民币及美元列账和进行。本集团恪守外

汇风险管理政策，主要透过在金属矿物贸易的定

价中计入所面临的估计货币汇兑差异，借以将外

汇风险对本集团溢利之影响降至最低。本集团将

订立远期外汇合约对冲本集团之外汇风险（倘适

用及必要）。因此，管理层认为，当前水平以人民

币及美元计值之银行结余、若干应收款项及应付

款项为本集团带来可受控制之外汇风险。管理层

正紧密留意人民币的波动，并会持续密切监察外

汇风险。本集团将进一步考虑利用任何合适的金

融衍生工具对冲其货币风险及管理其所面对的风

险。

资本承担

于二零二五年三月三十一日，本集团并无资本承担

（二零二四年：人民币

9,629,000

元）。

或然负债

于二零二五年三月三十一日，本集团并无重大或

然负债（二零二四年：无）。

报告期后事项

根据现时可得之资料，董事确认，由报告期后及

截至本年报日期，本集团财务或经营状况并无重

大不利变动。

Foreign Curency Management

The monetary asets and liabilities as wel as busines

transactions of the Group are mainly caried out and

conducted in HKD, RMB and USD. The Group maintains a

strategy in its foreign curency risk management, primarily

by including the estimated exchange diferences on curency

exposure in our pricing of metal minerals trade to minimize

the impact of foreign exchange risk on the Group’s profit. The

Group wil enter into forward foreign exchange contracts to

hedge against the Group’s curency exposure if apropriate

and necesary. The management thus believes the curent

level of bank balances, certain receivables and payables

denominated in RMB and USD expose the Group to a

manageable foreign curency risk. The management is paying

vigilant atention to the fluctuation of RMB and is constantly

and closely monitoring the foreign curency exposure. The

Group wil further consider using any apropriate financial

derivatives to hedge against the Group’s curency risk and

manage its exposure.

Capital Comitment

As at 31 March 2025, the Group had no capital comitments

(2024: RMB9,629,000).

Contingent Liabilities

As at 31 March 2025, the Group had no material contingent

liabilities (2024: nil).

Events After The Reporting Period

Based on the information curently available, the Directors

confirm that there has ben no material adverse change in the

financial or trading position of the Group since the end of the

reporting period and up to the date of this anual report.

ANUAL REPORT 2024/25

年报

2024/2513

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历详情

EXECUTIVE DIRECTORS

Mr. Ho Yu-shun, Chairman and Chief Executive Oficer,

Member of the Remuneration Comite, the Nomination

Comite and the Risk Management Comite

Aged 47, Mr. Ho has ben an employe of the Company as its

deputy chief executive oficer since 1 September 2022 and has

ben apointed as an executive director with efect from 19

September 2022. He is also a director of several subsidiaries

of the Company. He has also ben apointed as the chairman

of the Board and authorised representative of the Company

and re-designated as chief executive oficer with efect from 1

October 2022.

Mr. Ho, graduated from Tamkang University with a bachelor’s

degre in civil enginering in 2003 and further obtained

a master’s degre in busines administration from the

National Cheng Kung University in 2005. He has over 10

years’ experience in the corporate banking and global trading

busines. Before joining the Group, from August 2011 to

January 2016, he has worked as an asistant vice president

of Bank SinoPac. He then has served as a general manager

of Hong Kong Tian Yuan Manganese International Trade Co.,

Limited from January 2016 to August 2022, and also served as

a general manager of Taipei Tianyuan Metal International Co.,

Ltd. from April 2019 to August 2022.

Ms. Sun Le

Aged 37, joined the Company as an executive director in

November 2019. Ms. Sun is also a substantial shareholder of

the Company.

Ms. Sun graduated from the Self-taught higher education

examination

（高等教育自学考试）

in Tourism Management

from the Northeast Normal University

（东北师范大学）

2011. Ms. Sun has served as the senior management for

several trading companies in the People’s Republic of China,

and she has acumulated solid management experience in the

trading busines sector.

执行董事

何昱勋先生，主席兼行政总裁、薪酬委员会、提名

委员会及风险管理委员会之成员

岁，何先生自二零二年九月一日起一直为本

公司雇员，担任副行政总裁，并自二零二年九

月十九日起获委任为执行董事。彼亦为本公司数

间附属公司之董事。彼自二零二年十月一日起

获委任为本公司董事会主席兼授权代表，并调任

为行政总裁。

何先生于二零三年毕业于淡江大学，获得土木

工程学士学位，并于二零五年进一步获得国立

成功大学工商管理硕士学位。彼于企业银行及

全球贸易业务方面拥有逾

年经验。加入本集团

前，于二零一年八月至二零一六年一月，彼担

任永丰银行助理副总裁。彼其后曾于二零一六年

一月至二零二年八月担任香港天元锰业国际贸

易有限公司总经理，并于二零一九年四月至二零

二年八月兼任台北天元国际企业有限公司总经

理。

孙乐女士

岁，于二零一九年十一月加入本公司担任执行

董事。孙女士亦为本公司之主要股东。

孙女士于二零一年毕业于东北师范大学的高等

教育自学考试旅游管理专业。孙女士曾为中华人

民共和国若干贸易公司之高级管理人员，在贸易

业务领域累积了丰富的管理经验。

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历详情

非执行董事

孙迪女士

岁，于二零一九年九月加入本公司担任非执行

董事。孙女士亦为本公司若干附属公司之董事。

孙女士于二零九年七月取得北京外国语大学的

德语言文学士学位，并辅修第二学位－国际

经济与贸易。孙女士为中国注册会计师协会的非

执业会员。

孙女士于财务及投资领域的会计、审计及风险管

理方面拥有丰富经验。彼曾于二零一年十月至

二零一八年一月期间就职于毕马威华振会计师事

务所（一家国际会计师事务所）。

独立非执行董事

张毅林先生，薪酬委员会及审核委员会主席、风

险管理委员会及提名委员会之成员

岁，于二零二零年二月加入本公司担任独立非

执行董事，目前为薪酬委员会主席及审核委员会

主席以及风险管理委员会及提名委员会成员。

张先生于一九一年取得香港大学社会科学士

学位，于一九七年取得科廷科技大学（前称科廷

大学）会计硕士学位并于二零二年取得香港科

技大学理学硕士学位。张先生为美国会计师公会

会员及澳洲会计师公会注册执业会计师。

NON-EXECUTIVE DIRECTOR

Ms. Sun Di

Aged 39, joined the Company as a non-executive director

in September 2019. Ms. Sun is also a director of several

subsidiaries of the Company.

Ms. Sun obtained a Bachelor’s degre in German with a minor

in international economics and trade from the Beijing Foreign

Studies University in July 2009. Ms. Sun is a non-practicing

member of The Chinese Institution of Certified Public

Acountants.

Ms. Sun has extensive experience in acounting, auditing and

risk management in the finance and investment industry. She

had worked in KPMG Huazhen, an international CPA firm, for

the period from October 2011 to January 2018.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Cheung Ngai Lam, Chairman of the Remuneration

Comite and the Audit Comite and Member of the Risk

Management Comite and the Nomination Comite

Aged 56, joined the Company as an independent non-

executive director in February 2020 and is curently the

Chairman of the Remuneration Comite and the Audit

Comite, and member of the Risk Management Comite

and the Nomination Comite.

Mr. Cheung obtained a bachelor’s degre in social science

from the University of Hong Kong in 1991, a master’s degre in

acounting from the Curtin University of Technology (curently

known as Curtin University) in 1997 and a master degre

in science from the Hong Kong University of Science and

Technology in 2002. Mr. Cheung is a member of the American

Institute of Certified Public Acountants and is a Certified

Practicing Acountant of CPA Australia.

ANUAL REPORT 2024/25

年报

2024/2515

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历详情

独立非执行董事（续）

张先生目前担任博雅互动国际有限公司（股份代

号：

）及国开国际投资有限公司（股份代号：

）之独立非执行董事。张先生自二零二一年

六月起至二零二四年四月担任丝路物流控股有限

公司（股份代号：

）之执行董事、自二零二零年

起至二零二一年担任国安国际有限公司（股份代

号：

）之独立非执行董事；及自二零一四年至

二零二年担任中国正兴汽车国际有限公司（美

国场外市场交易代码：

ZXAIY

）之财务总监。上述

列有股份代号之公司于美国及香港上市。

邝永浩先生，审核委员会、提名委员会、薪酬委员

会及风险管理委员会之成员

岁，于二零二年十月加入本公司担任独立非

执行董事，且获委任为审核委员会、提名委员会、

薪酬委员会及风险管理委员会成员。

邝先生于一九五年获得香港城市大学法学士

学位，其后于一九七年获得法学研究生证书。

彼于一九六年进一步取得利物浦大学法学硕士

学位。彼于一九年取得香港律师资格，并自

二零七年起获委任为婚姻监礼人。

邝先生于法律领域拥有超过

年经验。邝先生自

二零二年七月四日起出任周成康赵树辉律师行

的顾问。

INDEPENDENT NON-EXECUTIVE DIRECTORS

(continued)

Mr. Cheung curently serves as an independent non-executive

director of Boya Interactive International Limited (stock code:

434) and China Development Bank International Investment

Limited (stock code 1062). Mr. Cheung served as an executive

director of Silk Road Logistics Holdings Limited (stock code:

988) from June 2021 to April 2024, an independent non-

executive director of Guoan International Limited (stock code:

143) from 2020 to 2021, and as the chief financial oficer of

China Zenix Auto International Limited (OTC: ZXAIY) from 2014

to 2022. The companies indicated above with stock code are

listed in United States of America and Hong Kong.

Mr. Kwong Wing Ho, Member of the Audit Comite, the

Nomination Comite, the Remuneration Comite and the

Risk Management Comite

Aged 52, joined the Company as an independent non-

executive director and has ben apointed as member

of the Audit Comite, the Nomination Comite,

the Remuneration Comite and the Risk Management

Comite in October 2022.

Mr. Kwong obtained a degre of bachelor of laws in 1995

and subsequently a postgraduate certificates in laws in 1997

from the City University of Hong Kong. He further obtained a

degre of master of laws from the University of Liverpol in

1996. He qualified as a solicitor in Hong Kong in 1999 and has

ben apointed as a civil celebrant of mariages since 2007.

Mr. Kwong, has more than 25 years’ experience in the legal

field. Mr. Kwong has ben a consultant of Mesrs. S. H. Chou &

Co. since 4 July 2022.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历详情

独立非执行董事（续）

邓建南先生，提名委员会及风险管理委员会

主席，以及审核委员会及薪酬委员会之成员

岁，于二零二一年十月加入本公司担任独立非

执行董事，目前为提名委员会及风险管理委员会

之主席以及审核委员会、提名委员会及薪酬委员

会之成员。

邓先生于一九一年取得香港中文大学文学士学

位并于一九年取得北京大学中国经济法硕士

学位。彼于一九五年获得英国特许秘书及行政

人员协会及香港特许秘书协会之特许秘书资格。

邓先生于企业管治及行政管理方面拥有逾

年经

验。邓先生曾于国际注册会计师行任职，专门负

责企业及私人信托结构的客户咨询。彼随后于二

零年加盟

TMF

集团，出任

TMF

集团亚太地区

的国际企业事务全球业务发展的董事兼区域主

管。邓先生于二零一七年离开

TMF

集团并成立文

星企业顾问有限公司（

Maystar Corporate Solutions

Limited

，一家于香港注册成立的有限公司），为客

户提供有关企业重组、海外公司组建的咨询及顾

问服务，并提供公司秘书服务。

INDEPENDENT NON-EXECUTIVE DIRECTORS

(continued)

Mr. Tang Kin Nam, Chairman of the Nomination Comite

and the Risk Management Comite and Member of the

Audit Comite and the Remuneration Comite

Aged 59, joined the Company as an independent non-

executive director in October 2021 and is curently the

Chairman of the Nomination Comite and the Risk

Management Comite, and member of the Audit

Comite and the Remuneration Comite.

Mr. Tang obtained a Bachelor of Arts from The Chinese

University of Hong Kong in 1991 and a master degre in

China Economic Law from the University of Beijing in 1999. He

qualified as a chartered secretary of United Kingdom Institute

of Chartered Secretaries and Administrators and The Hong

Kong Institute of Chartered Secretaries in 1995.

Mr. Tang has more than 30 years’ experience in corporate

governance and executive management. Mr. Tang had

previously worked for an international Certified Public

Acountant firm where he had specialized in advising clients

on corporate and private trust structures. He then joined TMF

Group in 2000 and became the director and regional head of

international incorporations global busines development,

Asia Pacific of TMF Group. Mr. Tang left TMF Group in 2017

to establish Maystar Corporate Solutions Limited, a company

incorporated in Hong Kong with limited liability, to deliver

consultancy and advisory services to clients in relation to their

corporate restructuring, incorporation of overseas companies

and provision of company secretary services.

ANUAL REPORT 2024/25

年报

2024/2517

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历详情

公司秘书

吴颖璇女士，公司秘书及授权代表

岁，自二零二年六月起加入财务及会计部并

于二零二年十一月获调任为财务总监。吴女士

于香港都会大学（前称香港公开大学）获得会计工

商管理学士学位及企业管治硕士学位。彼为特许

秘书、特许管治专业人员以及特许公司治理公会

及香港公司治理公会资深会员。彼亦为英国特许

公认会计师公会资深会员。吴女士于会计、审核、

库务、财务控制及合规领域拥有逾

年经验。于

加入本集团之前，彼曾任职于数家会计师事务所

及上市公司。

COMPANY SECRETARY

Ms. Ng Wing Suen, Company Secretary and Authorised

Representative

Aged 45, joined the finance and acount department of

the Group since June 2022 and has ben re-designated as

Financial Controler in November 2022. Ms. Ng obtained a

degre of Bachelor of Busines Administration in Acounting

and a degre of Master of Corporate Governance from The

Hong Kong Metropolitan University (formerly The Open

University of Hong Kong). She is a chartered secretary, a

chartered governance profesional and a felow member

of The Chartered Governance Institute and The Hong Kong

Chartered Governance Institute. She is also a felow member

of the Asociation of Chartered Certified Acountants. Ms. Ng

has more than 20 years’ experience in acounting, auditing,

treasury, financial controling and compliance. Prior to joining

the Group, she had worked at several firms of certified public

acountants and listed companies.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

REPORT OF THE DIRECTORS

董事会报告

The Directors are pleased to present the anual report and the

audited consolidated financial statements of the Group for the

year ended 31 March 2025.

PRINCIPAL ACTIVITIES AND BUSINES

REVIEW

The Company is an investment holding company. Its

subsidiaries are principaly engaged in the sourcing and

sale of metal minerals and related industrial materials, and

production and sale of industrial products.

Further discusion and analysis of the Group’s activities as

required by Schedule 5 to the Companies Ordinance (Chapter

622 of the Laws of Hong Kong), including a discusion of the

principal risks and uncertainties facing the Group, particulars

of important events afecting the Group that have ocured

since the end of the financial year and an indication of likely

future developments in the Group’s busines, can be found

in the “Chairman’s Statement” section and “Busines Review”

section set out on pages 6 to 7 and pages 8 to 12 of this

anual report respectively. These discusions form part of this

report.

RESULTS AND APROPRIATIONS

The results of the Group for the year ended 31 March 2025

are set out in the consolidated statement of profit or los

and consolidated statement of profit or los and other

comprehensive income on pages 58 to 59 of this anual report

respectively.

The Board does not recomend the payment of any dividend

in respect of the year ended 31 March 2025 (2024: nil).

ANUAL GENERAL METING

The anual general meting (“AGM”) of the Company wil

be held on 27 August 2025. A notice convening the anual

general meting wil be despatched to the shareholders of the

Company in the maner required by the Listing Rules in due

course.

董事欣然提呈本集团截至二零二五年三月三十一

日止年度之年报及经审核综合财务报表。

主要业务及业务回顾

本公司为一家投资控股公司。其附属公司主要从

事采购及销售金属矿物及相关工业原料，以及生

产及销售工业用产品。

有关公司条例（香港法例第

章）附表

所规定本

集团业务的进一步讨论及分析（包括本集团所面

对主要风险及不确定因素、自财政年度年结以来

所发生对本集团有影响的重要事件的详情及本集

团业务可能出现的未来发展的迹象的讨论），可分

别参阅本年报第

至

页之「主席报告」及第

至

页

之「业务回顾」两节。该等讨论构成本报告的一部

分。

业绩及分派

本集团于截至二零二五年三月三十一日止年度之

业绩分别载于本年报第

至

页之综合损益表及

综合损益及其他全面收益表。

董事会不建议派付截至二零二五年三月三十一日

止年度之任何股息（二零二四年：无）。

股东周年大会

本公司股东周年大会（「股东周年大会」）将于二零

二五年八月二十七日举行。召开股东周年大会的

通告将适时按上市规则规定的方式寄发予本公司

股东。

ANUAL REPORT 2024/25

年报

2024/2519

REPORT OF THE DIRECTORS

董事会报告

暂停办理股份过户登记手续

为符合资格出席本公司于二零二五年八月二十七

日举行的应届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，不得迟于二零二五

年八月二十一日下午四时三十分，送至本公司于

香港之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

号远东金融中心

楼。

本公司将于二零二五年八月二十二日至二零二五

年八月二十七日（包括首尾两天）暂停办理股份

过户登记手续，期间将不会办理股份过户登记手

续。

因此，为确定股东出席股东周年大会并于会上投

票的资格之记录日期为二零二五年八月二十七日

（星期三）。

五年财务概要

有关摘录自本集团经审核综合财务报表的本集团

于过去五个财政年度之综合业绩、资产及负债之

概要，载于本年报第

页。此概要并不构成经审

核综合财务报表之一部分。

物业、厂房及设备

年内，本集团物业、厂房及设备之变动详情载于

综合财务报表附注

。

股本

年内，本公司股本之变动详情载于综合财务报表

附注

24(b)

。

储备

年内，本公司及本集团储备之变动详情分别载于

综合财务报表附注

24(a)

及综合权益变动表。

可供分派储备

于二零二五年三月三十一日，本公司并无计算可

供分派储备（二零二四年：无）。

捐款

于截至二零二五年三月三十一日止年度，本集团

并无向慈善组织作出捐款（二零二四年：无）。

CLOSURE OF REGISTER OF MEMBERS

In order to be eligible for atending and voting at the

forthcoming AGM of the Company to be held 27 August

2025, al transfer documents acompanied by the relevant

share certificates must be lodged for registration with the

Company’s branch share registrar and transfer ofice in Hong

Kong, Tricor Investor Services Limited, 17/F., Far East Finance

Centre, 16 Harcourt Road, Hong Kong not later than 4:30 p.m.

on 21 August 2025. The register of members of the Company

wil be closed from 22 August 2025 to 27 August 2025, both

days inclusive, during which period no transfer of shares wil

be registered.

The record date for the purpose of determining the eligibility

of the shareholders to atend and vote at the AGM is therefore

Wednesday, 27 August 2025.

FIVE-YEAR FINANCIAL SUMARY

A sumary of the consolidated results and the asets and

liabilities of the Group for the last five financial years, as

extracted from the audited consolidated financial statements

of the Group, is set out on page 184 of this anual report.

This sumary does not form part of the audited consolidated

financial statements.

PROPERTY, PLANT AND EQUIPMENT

Details of the movements in the property, plant and

equipment of the Group during the year are set out in note 13

to the consolidated financial statements.

SHARE CAPITAL

Details of the movement in the share capital of the Company

during the year are set out in note 24(b) to the consolidated

financial statements.

RESERVES

Details of movements in the reserves of the Company and

of the Group during the year are set out in note 24(a) to the

consolidated financial statements and in the consolidated

statement of changes in equity respectively.

DISTRIBUTABLE RESERVES

As at 31 March 2025, the Company has no distributable

reserve calculated (2024: nil).

DONATIONS

Donations to charitable organisation by the Group during the

year ended 31 March 2025 is nil (2024: nil).

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

REPORT OF THE DIRECTORS

董事会报告

董事

于年内及截至本报告日期止之董事如下：

执行董事

何昱勋先生（主席兼行政总裁）

孙乐女士

非执行董事

孙迪女士

独立非执行董事

张毅林先生

邓建南先生

邝永浩先生

根据本公司之公司细则第

条以及上市规则附

录

所载企业管治守则（「企业管治守则」）第

B2.2

条，孙乐女士及邓建南先生将于股东周年大会上

轮值告退，而彼亦符合资格并将于股东周年大会

上膺选连任。

董事之服务合约

拟于应届股东周年大会上膺选连任之董事，概无

与本公司或其任何附属公司订立本集团不可于一

年内在不予赔偿（法定赔偿除外）之情况下终止之

服务合约。

董事酬金

本年度董事酬金之详情载于综合财务报表附注

。

董事于重大交易、安排或合约之权益

除本董事会报告「关连交易」一节所披露者外，本

公司或其任何附属公司概无订立于年结日或本年

度内任何时间生效，且本公司董事或任何与本公

司任何董事有关连之实体直接或间接于当中拥有

重大权益之其他重大交易、安排或合约。

DIRECTORS

The Directors during the Year and up to the date of this report

were:

Executive Directors

Mr. Ho Yu-shun (Chairman and Chief Executive Oficer)

Ms. Sun Le

Non-executive Director

Ms. Sun Di

Independent Non-executive Directors

Mr. Cheung Ngai Lam

Mr. Tang Kin Nam

Mr. Kwong Wing Ho

In acordance with bye-law no. 87 of the Company’s Bye-laws

and code provision B2.2 of the Corporate Governance Code

(the “CG Code”) contained in Apendix C1 of the Listing Rules,

Ms. Sun Le and Mr. Tang Kin Nam wil retire from ofice by

rotation at the AGM and being eligible, ofer themselves for re-

election at the AGM.

DIRECTORS’ SERVICE CONTRACTS

None of the Directors being proposed for re-election at the

forthcoming AGM has a service contract with the Company or

any of its subsidiaries which is not determinable by the Group

within one year without payment of compensation, other than

statutory compensation.

DIRECTORS’ EMOLUMENT

Details of the directors’ emolument during the year are set out

in note 8 to the consolidated financial statements.

DIRECTORS’ INTERESTS IN TRANSACTION,

ARANGEMENT OR CONTRACT OF

SIGNIFICANCE

Save as disclosed in the section headed “Conected

Transactions” in this report of the directors, no other

transaction, arangement or contract of significance to which

the Company or any of its subsidiaries was a party and in

which a director of the Company, or any entity conected with

any director of the Company, had a material interest, whether

directly or indirectly, subsisted at the end of the year or at any

time during the year.

ANUAL REPORT 2024/25

年报

2024/2521

REPORT OF THE DIRECTORS

董事会报告

董事于股份、相关股份及债权证之权

益及淡仓

于二零二五年三月三十一日，本公司之董事及最

高行政人员于本公司或其相联法团（定义见证券

及期货条例第

部）之股份、相关股份及债权证中

拥有本公司根据证券及期货条例第

条须存置

之登记册内所记录之权益及淡仓，或根据上市规

则所载上市发行人董事进行证券交易之标准守则

（「标准守则」）之规定而须知会本公司及联交所

之权益及淡仓如下：

于本公司股份及相关股份之好仓

附注：

占本公司已发行股本之概约百分比乃根据本公

司于二零二五年三月三十一日之

21,084,072,140

股份计算。

该等股份由

Shen Suces Investments Limited

实

益拥有，而

Shen Suces Investments Limited

由

孙乐全资拥有。因此，根据证券及期货条例，孙

乐被视为于

5,040,000,000

股份中拥有权益。

除上文所披露者外，于二零二五年三月三十一

日，本公司之董事及最高行政人员概无于本公司

或其任何相联法团（定义见证券及期货条例第

部）之股份、相关股份及债权证中拥有根据证券及

期货条例第

条须予记录之任何权益或淡仓，或

根据标准守则须知会本公司及联交所之任何权益

或淡仓。

DIRECTORS’ INTERESTS AND SHORT

POSITIONS IN SHARES, UNDERLYING SHARES

AND DEBENTURES

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

directors and chief executive of the Company in the shares,

underlying shares and debentures of the Company or its

asociated corporations (within the meaning of Part XV of

the SFO) as recorded in the register required to be kept by

the Company under section 352 of the SFO, or as otherwise

notified to the Company and the Stock Exchange pursuant

to the Model Code for Securities Transactions by Directors

of Listed Isuers (the “Model Code”) contained in the Listing

Rules, were as folows:

Long positions in the shares and underlying shares of the

Company

As at 31 March 2025

于二零二五年三月三十一日

Name of directorCapacity and nature of interests

Number of

shares held

Number of

share options heldTotal interests

Aproximate

percentage of

the Company’s

isued

share capital

(Note 1)

董事姓名身份及权益性质所持股份数目所持购股权数目权益总额

占本公司

已发行股本之

概约百分比

（附注

）

Ms. Sun LeInterest of controled corporation (Note 2)5,040,000,000–5,040,000,00023.90%

孙乐女士所控制法团之权益（附注

）

Notes:

1. The aproximate percentage of the Company’s isued share

capital was calculated on the basis of 21,084,072,140 shares of

the Company as at 31 March 2025.

2. These shares were beneficialy owned by Shen Suces

Investments Limited which was wholy owned by Sun

Le. Acordingly, Sun Le is demed to be interested in

5,040,000,000 shares under the SFO.

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

directors and chief executive of the Company had registered

an interests or short positions in the shares, underlying shares

and debentures of the Company or any of its asociated

corporations (within the meaning of Part XV of the SFO) that

was required to be recorded pursuant to section 352 of the

SFO, or as otherwise notified to the Company and the Stock

Exchange pursuant to the Model Code.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

REPORT OF THE DIRECTORS

董事会报告

董事及彼等各自之紧密联系人之竞争

权益

于截至二零二五年三月三十一日止年度，概无董

事或彼等各自之紧密联系人（定义见上市规则）被

视为于直接或间接与本集团业务构成或可能构成

竞争之业务中拥有权益及任何其他利益冲突，而

需根据上市规则作出披露。

股份计划

于二零二五年三月三十一日，本公司没有采纳任

何股份计划。本公司将于必要时就将采纳的任何

新股份计划另行刊发公告。

董事购买股份或债权证之权利

除上文「董事于股份、相关股份及债权证之权益及

淡仓」及「股份计划」两节所披露者外，于本年度内

任何时间，本公司或其任何附属公司概无订立任

何安排，致使董事可藉购买本公司或任何其他法

人团体之股份或债权证而获取利益，亦无董事或

彼等之配偶或未成年子女有权认购本公司证券，

或于年内行使任何该等权利。

COMPETING INTEREST OF DIRECTORS AND

THEIR RESPECTIVE CLOSE ASOCIATES

For the year ended 31 March 2025, none of the Directors or

any of their respective close asociates (as defined under

the Listing Rules) is considered to have interest in a busines

which competes or is likely to compete, either directly or

indirectly, with the busines of the Group and any other

conflicts of interests, which is required to be disclosed under

the Listing Rules.

SHARE SCHEME

As at 31 March 2025, the Company has not adopted any share

schemes. Further anouncement(s) wil be made in respect of

any new share schemes to be adopted by the Company when

and if necesary.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

Save as disclosed in the above sections headed “Directors’

Interests and Short Positions in Shares, Underlying Shares

and Debentures” and “Share Scheme”, at no time during the

year was the Company or any of its subsidiaries a party to

any arangements to enable the Directors to acquire benefits

by means of the acquisitions of shares in, or debentures of,

the Company or any other body corporate, and none of the

Directors or their spouse or minor children had any rights to

subscribe for the securities of the Company, or had exercised

any such rights during the year.

ANUAL REPORT 2024/25

年报

2024/2523

REPORT OF THE DIRECTORS

董事会报告

根据证券及期货条例须予披露之股东

权益及淡仓

于二零二五年三月三十一日，根据本公司按证券

及期货条例第

条所存置之权益登记册所记录，

下列股东拥有本公司已发行股本

或以上权益：

于本公司股份之好仓

附注：

该等股份由

Shen Suces Investments Limited

实

益拥有，而

Shen Suces Investments Limited

由

孙乐全资拥有。因此，根据证券及期货条例，孙

乐被视为于

5,040,000,000

股份中拥有权益。

该等股份由

Ying Sheng Investment Co., Ltd

实益

拥有，而

Ying Sheng Investment Co., Ltd

由周秋红

全资拥有。因此，根据证券及期货条例，周秋红

被视为于

3,215,322,140

股份中拥有权益。

占本公司已发行股本之概约百分比乃根据本公

司于二零二五年三月三十一日之

21,084,072,140

股份计算。

除上文所披露者外，于二零二五年三月三十一

日，本公司并无获知会根据证券及期货条例第

条须予披露之本公司股份及相关股份之任何其他

相关权益或淡仓。倘本公司知悉其他相关权益或

淡仓，则须于前述本公司根据证券及期货条例第

条须予存置之权益登记册内记入有关权益或

淡仓。

INTERESTS AND SHORT POSITIONS OF

SHAREHOLDERS DISCLOSEABLE UNDER THE

SFO

As at 31 March 2025, the folowing shareholders having

interests of 5% or more of the isued share capital of the

Company were recorded in the register of interests required to

be kept by the Company pursuant to section 336 of the SFO:

Long positions in the shares of the Company

Name of shareholderCapacity and nature of interest

Number of

shares held

as at 31 March

Aproximate

percentage of

the Company’s

isued share capital

(Note 3)

股东姓名╱名称身份及权益性质

于二零二五年

三月三十一日

所持股份数目

占本公司已发行股本

之概约百分比

（附注

）

Sun LeInterest of controled corporation5,040,000,000 (Note 1)23.90%

孙乐所控制法团之权益

5,040,000,000

（附注

）

Shen Suces Investments LimitedBeneficial owner5,040,000,000 (Note 1)23.90%

实益拥有人

5,040,000,000

（附注

）

Zhou QiuhongInterest of controled corporation3,215,322,140 (Note 2)15.25%

周秋红所控制法团之权益

3,215,322,140

（附注

）

Ying Sheng Investment Co., LtdBeneficial owner3,215,322,140 (Note 2)15.25%

实益拥有人

3,215,322,140

（附注

）

Notes:

1. These shares were beneficialy owned by Shen Suces

Investments Limited which was wholy owned by Sun

Le. Acordingly, Sun Le was demed to be interested in

5,040,000,000 shares under the SFO.

2. These shares were beneficialy owned by Ying Sheng

Investment Co., Ltd which was wholy owned by Zhou

Qiuhong. Acordingly, Zhou Qiuhong was demed to be

interested in 3,215,322,140 shares under the SFO.

3. The aproximate percentage of the Company’s isued share

capital was calculated on the basis of 21,084,072,140 shares of

the Company as at 31 March 2025.

Save as disclosed above, the Company had not ben notified

of any other relevant interests or short positions in the shares

and underlying shares of the Company as at 31 March 2025

as required pursuant to section 324 of the SFO. Such other

relevant interest or short positions, if notified to the Company,

would have to be recorded in the said register of interests

required to be kept by the Company pursuant to section 336

of the SFO.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

REPORT OF THE DIRECTORS

董事会报告

关连交易

综合财务报表附注

所披露之重大关连人士交易

均不构成上市规则第十四

章所指须遵守上市规

则第十四

章项下之任何申报、公布或独立股东批

准规定之「关连交易」或「持续关连交易」。

购买、出售或赎回本公司上市证券

于截至二零二五年三月三十一日止年度内，本公

司或其任何附属公司概无购买、出售或赎回本公

司任何上市证券。

优先购买权

本公司之公司细则或适用的百慕达法例并无有关

优先购买权之条文，规定本公司须按比例发售新

股予现有股东。

获准许的弥偿

本公司之公司细则订明，本公司不时之董事将可

就彼等执行彼等各自职责或获委托之职责（或假

定职责）或因于执行有关职责时所作出、发生或未

有作出之行动或与此有关者而产生或蒙受或可能

产生或蒙受之所有法律行动、成本、费用、损失、

损害赔偿及开支，以本公司之资产及溢利获得弥

偿及免受伤害。

本公司已于年内为本公司之董事及其他高级职员

购买合适之董事及高级职员责任保险作为保障。

股票挂钩协议

除综合财务报表附注

所披露的本公司股份计划

外，于截至二零二五年三月三十一日止年度本集

团并无订立或存在股票挂钩协议。

CONECTED TRANSACTIONS

The material related party transactions as disclosed in note 27

to the consolidated financial statements did not fal under the

scope of “Conected Transactions” or “Continuing Conected

Transactions” under Chapter 14A of the Listing Rules which are

required to comply with any of the reporting, anouncement

or independent shareholders’ aproval requirements under

Chapter 14A of the Listing Rules.

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY’S LISTED SECURITIES

During the year ended 31 March 2025, neither the Company

nor any of its subsidiaries purchased, sold or redemed any of

the Company’s listed securities.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the

Company’s Bye-laws or the aplicable laws of Bermuda which

would oblige the Company to ofer new shares on a pro-rata

basis to existing shareholders.

PERMITED INDEMNITY

The Company’s Bye-laws provided that the Directors for the

time being of the Company shal be indemnified and secured

harmles out of the asets and profits of the Company from

and against al actions, costs, charges, loses, damages and

expenses which they or any of them shal or may incur or

sustain by or by reason of any act done, concured in or

omited in or about the execution of their duty, or suposed

duty, in their respective ofices or trusts or otherwise in

relation thereto.

The Company has aranged apropriate directors’ and oficers’

liability insurance coverage for the directors and other oficers

of the Company during the year.

EQUITY-LINKED AGREMENTS

Save for note 25 to the consolidated financial statements, no

equity-linked agrements were entered into by the Group or

existed during the year ended 31 March 2025.

ANUAL REPORT 2024/25

年报

2024/2525

REPORT OF THE DIRECTORS

董事会报告

管理合约

于截至二零二五年三月三十一日止年度，本公司

并无订立或存在有关本公司整体业务或其任何主

要部分业务的管理及行政之合约。

主要客户及供应商

本集团之最大客户与五大客户之销售总额分别占

本集团本年度内收益总额约

21.9%

及

86.4%

。

本集团之最大供应商与五大供应商之采购总额

分别占本集团本年度内采购总额约

43.5%

及约

95.9%

。

于本年度内，概无董事、彼等之任何紧密联系人

或就董事所知悉拥有本公司已发行股本逾

之任

何股东，于本集团五大客户或供应商中拥有任何

实益权益。

环境政策

地球环境及各种资源，维系著所有生物和人类的

生命。面对日益匮乏的资源，本集团深信可持续

发展是唯一的解决方法。故此我们肩负保护环境

的责任，严格遵守与排放物相关的法例法规。环

保公司亦制订针对环境、废气、水资源，土壤、废

物及能源管理的制度，致力将环境保护的理念与

生产经营制度相结合。

MANAGEMENT CONTRACTS

No contract concerning management and administration

of the whole or any substantial part of any busines of the

Company was entered into or existed during the year ended

31 March 2025.

MAJOR CUSTOMERS AND SUPLIERS

The agregate sales atributable to the Group’s largest

customer and five largest customers acounted for

aproximately 21.9% and 86.4% respectively of the Group’s

total revenue for the year.

The agregate purchases atributable to the Group’s

largest suplier and five largest supliers acounted for

aproximately 43.5% and aproximately 95.9% respectively of

the Group’s total purchases for the year.

None of the Directors, or any of their close asociates or any

shareholders which to the best knowledge of the Directors

who own more than 5% of the Company’s isued share

capital, had any beneficial interest in the Group’s five largest

customers or supliers during the year.

ENVIRONMENTAL POLICIES

The planet Earth and its various resources maintain the life of

al creatures and humans. In the face of dwindling resources,

the Group strongly believes that sustainable development is

the only way out. Therefore, we shoulder the responsibility

of environmental protection through strict compliance with

laws and regulations related to emision. Our uncompromising

comitment to integrate the concept of environmental

protection into the production system is also reflected by

the operation mode of the Waste Recycling Company and a

system for the management of environment, air emision,

water resources, soil, waste and energy.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

REPORT OF THE DIRECTORS

董事会报告

与雇员、客户及供应商的主要关系

董事深知雇员、客户及业务伙伴为本集团持续发

展的关键。本集团致力于与其雇员及业务伙伴之

间建立紧密及关怀关系，以及改善提供予客户的

服务质素。

员工是本集团赖以成功的基石和核心竞争发展的

关键，本集团致力确保其运营遵守与员工福利相

关的法律法规。我们不但保障员工权益，亦致力

提供全面福利、培训及发展机会，以挽留优秀人

才。本集团亦与其客户及供应商保持联系以及透

过各种渠道与客户及供应商交流，例如电话、电

邮及会面，借此获知彼等的反馈及建议。

遵守法例及法规

本公司于香港及中国内地的附属公司主要进行本

集团的营运工作，而本公司普通股于联交所主板

上市。因此，本集团的成立及营运须遵守中国内

地及香港相关法例及法规。截至二零二五年三月

三十一日止年度及直至本年报日期为止，本集团

的业务于一切重大方面已遵守中国内地及香港所

有相关法例及法规。

KEY RELATIONSHIPS WITH EMPLOYES,

CUSTOMERS AND SUPLIERS

The Directors recognize that employes, customers and

busines partners are the keys to the sustainable development

of the Group. The Group is comited to building a close and

caring relationship with its employes and busines partners

and improving the quality of services to the customers.

With employes being its cornerstone for suces and key

to the development of core competency, the Group makes

every efort to ensure its operation is compliant with laws

and regulations related to employe benefits. We also

protect employes’ rights and benefits and provide them

with comprehensive welfare, training and development

oportunities for talent retention. The Group also stays

conected with its customers and supliers and has ongoing

comunication with the customers and supliers through

various chanels such as telephone, electronic mails and

physical metings to obtain their fedback and sugestions.

COMPLIANCE WITH LAWS AND

REGULATIONS

The Group’s operations are mainly caried out by the

Company’s subsidiaries in Hong Kong and the PRC while

the ordinary shares of the Company are listed on the Main

Board of the Stock Exchange. The Group’s establishment and

operations shal acordingly comply with the relevant laws

and regulations in the PRC and Hong Kong. During the year

ended 31 March 2025 and up to the date of this anual report,

the Group’s operation has complied with al the relevant laws

and regulations in the PRC and Hong Kong in al material

respects.

ANUAL REPORT 2024/25

年报

2024/2527

REPORT OF THE DIRECTORS

董事会报告

雇员及薪酬政策

于二零二五年三月三十一日，本集团之雇员及董

事人数共约

人（二零二四年：

人）。本集团之

员工成本（包括董事酬金）为约

23,368,000

港元（二

零二四年：约

20,962,000

港元）。

本集团按其雇员之能力、表现、经验及现行市场

水平厘定彼等之薪酬。其他雇员福利包括公积金

计划、医疗保险、资助培训计划、股份计划及酌情

花红。

厘定董事之酬金时会考虑董事各自之责任及对本

公司之贡献，并会参考市场状况。

审核委员会

审核委员会已订立符合企业管治守则之特定书面

职权范围。于二零二五年三月三十一日，审核委

员会由三名独立非执行董事组成，即张毅林先生

（主席）、邓建南先生及邝永浩先生。

企业管治

除企业管治守则之守则条文第

C.2.1

条（将于企业

管治报告「主席及行政总裁」一节讨论）外，截至二

零二五年三月三十一日止年度，本公司已遵守上

市规则附录

所载企业管治守则列载之所有适用

守则条文。

足够公众持股量

按照本公司所得之公开资料及就董事所知悉，于

本报告日期，本公司全部已发行股份中至少

25%

由公众持有。

EMPLOYES AND REMUNERATION POLICY

As at 31 March 2025, the Group had a total of about 133

employes and directors (2024: 133). The Group’s staf costs,

including directors’ remuneration, amounted to aproximately

HK$23,368,000 (2024: aproximately HK$20,962,000).

The Group remunerates its employes based on their

competence, performance, experience and prevailing market

rate. Other employe benefits included provident fund

scheme, medical insurance, subsidised training programe,

share scheme as wel as discretionary bonus.

The determination of emoluments of the Directors had

taken into consideration of their respective responsibilities

and contribution to the Company with reference to market

conditions.

AUDIT COMITE

The Audit Comite has specific writen terms of reference

that is in compliance with the CG Code. As at 31 March 2025,

the Audit Comite comprises thre Independent Non-

executive Directors, namely Mr. Cheung Ngai Lam (Chairman),

Mr. Tang Kin Nam and Mr. Kwong Wing Ho.

CORPORATE GOVERNANCE

Except for code provision C.2.1 of the CG Code, which wil be

discused in section headed “Chairman and Chief Executive

Oficer” in the Corporate Governance Report, the Company

has complied with al the aplicable code provisions of the

Corporate Governance Code as set out in Apendix C1 of the

Listing Rules for the year ended 31 March 2025.

SUFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the

Company and within the knowledge of the Directors, at least

25% of the Company’s total isued shares is held by the public

as at the date of this report.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

REPORT OF THE DIRECTORS

董事会报告

报告期后事项

根据现时可得之资料，董事确认，由报告期后及

截至本年报日期，本集团财务或经营状况并无重

大不利变动。

核数师

国富浩华（香港）会计师事务所有限公司担任本

公司核数师，审核本集团截至二零二五年三月

三十一日止财政年度的综合财务报表。

国富浩华（香港）会计师事务所有限公司退任，惟

彼符合资格并愿意膺聘连任。续聘国富浩华（香

港）会计师事务所有限公司为本公司核数师之决

议案将于应届股东周年大会上提呈。

代表董事会

主席兼行政总裁

何昱勋

香港，二零二五年六月二十五日

EVENTS AFTER THE REPORTING PERIOD

Based on the information curently available, the Directors

confirm that there has ben no material adverse change in the

financial or trading position of the Group since the end of the

reporting period and up to the date of this anual report.

AUDITOR

Crowe (HK) CPA Limited acted as auditor of the Company and

audited the Group’s consolidated financial statements for the

financial year ended 31 March 2025.

Crowe (HK) CPA Limited retire and, being eligible, ofer

themselves for re-apointment. A resolution for the re-

apointment of Crowe (HK) CPA Limited as auditor of the

Company is to be proposed at the forthcoming Anual

General Meting.

On behalf of the Board

Ho Yu-shun

Chairman and Chief Executive Oficer

Hong Kong, 25 June 2025

ANUAL REPORT 2024/25

年报

2024/2529

CORPORATE GOVERNANCE REPORT

企业管治报告

The Board is comited to uphold a high standard in

corporate governance. The Board considers efective corporate

governance is esential to protect shareholders’ interests and

enhance stakeholders’ value. Moreover, the Board is of the

view that god corporate governance wil further enhance the

value and culture of the Group, which is to cary out busines

activities while minimizing the impact on the environment

and to develop and implement gren technology more

efectively and comprehensively.

CORPORATE GOVERNANCE

Pursuant to Code Provision C.2.1 of the Corporate Governance

Code and Corporate Governance Report (“CG Code”)

contained in Apendix C1 to the Listing Rules, the roles of

chairman and chief executive oficer should be separated

and should not be performed by the same individual. Mr.

Ho Yu-shun, an executive director of the Company, has

ben apointed as chairman of the Board and has ben re-

designated as chief executive oficer of the Company with

efect from 1 October 2022. Since then, Mr. Ho Yu-shun has

ben serving as both the chairman of the Board and chief

executive oficer of the Company.

Although for the year ended 31 March 2025, the positions

of chairman and chief executive oficer were not separated,

the responsibilities betwen the two positions were clearly

separated. The Board believes that such structure helps to

provide consistent leadership, facilitates efective busines

planing and implementation of long-term busines

strategies.

In adition, al major decisions of the Company are made

only after discusion among Board members and apropriate

members of the Board comites and the heads of

departments. The power and authority are not concentrated

in one individual. Moreover, the Board is composed of

experienced members who are not involved in the day to day

management of the Company. They are in a position to and do

provide independent opinions efectively. The Board considers

that in the circumstances having the roles of the chairman and

chief executive oficer played by the same individual would

not impair the balance of power and authority betwen the

Board and the management of the Company.

The Directors wil review the Company’s corporate governance

policies and compliance with the CG Code from time to time.

董事会致力维持良好的企业管治。董事会认为有

效的企业管治对保障股东权益及提升权益持有人

价值方面至关重要。此外，董事会认为良好的企

业管治将进一步提升本集团的价值和文化，在开

展业务活动的同时尽量减少对环境的影响，并更

有效和全面地开发和实施绿色技术。

企业管治

根据上市规则附录

所载之企业管治守则及企业

管治报告（「企业管治守则」）之守则条文第

C.2.1

条，主席及行政总裁的角色应有所区分，而不应

由同一人士兼任。本公司执行董事何昱勋先生获

委任为董事会主席，并调任为本公司行政总裁，

自二零二年十月一日起生效。自此之后，何昱

勋先生一直担任董事会主席兼本公司行政总裁。

尽管于截至二零二五年三月三十一日止年度，主

席与行政总裁的职位并未有所区分，但该两个职

位的责任已明确划分。董事会认为，此架构可提

供贯彻领导，有效地促进策划业务并执行长期业

务策略。

此外，本公司的所有重大决策均于董事会成员、

董事会委员会之合适成员及部门主管讨论后方会

作出，权力及职权并非集中于一人。此外，董事会

由未参与本公司日常管理的经验丰富成员组成，

彼等的角色能够并已有效地表达独立意见。董事

会认为由同一人士担任主席兼行政总裁将不会损

害董事会与本公司管理层之权力及职权平衡。

董事将不时检讨本公司的企业管治政策及遵守企

业管治守则。

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

企业管治（续）

截至二零二五年三月三十一日止年度之环境、社

会及管治（「环境、社会及管治」）报告（其中载有本

公司遵守上市规则环境、社会及管治报告指引之

环境、社会及管治资料）将与本年报同时刊发。

上市发行人董事进行证券交易之标准

守则

本公司已采纳上市规则附录

所载上市发行人董

事进行证券交易的标准守则（「标准守则」）作为其

自身有关董事进行证券交易之行为守则。经向全

体董事作出具体查询后，彼等均已确认于截至二

零二五年三月三十一日止年度内一直遵守标准守

则所载列之规定标准。

董事会

董事会负责本集团之整体管理、领导及控制。在

本集团主席之领导下，董事会之主要职责为制定

长远企业策略、建立政策及计划、监管本集团之

管理层、评估本集团之表现、评核由董事会定期

设定之目标是否达到，以及审阅及批核年度及中

期业绩与其他重大财务及营运事宜。董事会直接

向本公司股东负责。本集团之日常管理及营运事

宜委派予本公司高级管理层负责。

于本年报日期，董事会由六名董事组成，包括两

名执行董事，即何昱勋先生（主席兼行政总裁）及

孙乐女士；一名非执行董事孙迪女士；及三名独

立非执行董事张毅林先生、邝永浩先生及邓建南

先生。

各董事均被视为具备适合本公司业务所需的适当

技能与经验。

CORPORATE GOVERNANCE (continued)

The Environmental, Social and Governance (“ESG”) report for

the year ended 31 March 2025, which contains the Company’s

ESG information in compliance with the Environmental, Social

and Governance Reporting Guide of the Listing Rules, wil be

published on the Company’s and Stock Exchange’s websites at

the same time as the publication of this anual report.

MODEL CODE FOR SECURITIES

TRANSACTIONS BY DIRECTORS OF LISTED

ISUERS

The Company has adopted the Model Code for Securities

Transactions by Directors of Listed Isuers (the “Model Code”)

as set out in Apendix C3 to the Listing Rules as its own code

of conduct regarding securities transactions by the Directors.

Having made specific enquiries with al the Directors, al of

them confirmed that they have complied with the required

standards set out in the Model Code for the year ended 31

March 2025.

BOARD OF DIRECTORS

The Board is responsible for the overal management,

leadership and control of the Group. The Board’s primary

responsibilities are to formulate long-term corporate

strategies, to establish policies and plans, to overse

management of the Group, to evaluate the performance of the

Group, to ases the achievement of targets set by the Board

periodicaly and to review and aprove anual and interim

results and other significant financial and operational maters

under the leadership of the chairman of the Group. The Board

is directly acountable to the shareholders of the Company.

The responsibility of day-to-day management and operations

of the Group are delegated to the senior management of the

Company.

As at the date of this anual report, the Board comprises six

Directors including two executive directors, namely Mr. Ho

Yu-shun (Chairman and Chief Executive Oficer) and Ms. Sun

Le, one non-executive director, namely Ms. Sun Di, and thre

independent non-executive directors, namely Mr. Cheung

Ngai Lam, Mr. Kwong Wing Ho and Mr. Tang Kin Nam.

The Directors are considered to have a balance of skil and

experience apropriate for the requirements of the busines of

the Company.

ANUAL REPORT 2024/25

年报

2024/2531

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会（续）

截至二零二五年三月三十一日止年度及截至本年

报日期止，本公司之董事会、审核委员会（「审核

委员会」）、薪酬委员会（「薪酬委员会」）、提名委员

会（「提名委员会」）及风险管理委员会（「风险管理

委员会」）之组成变动详情载于本年报第

至

页

内。

有关现任董事及高级管理人员之履历详情载于本

年报第

至

页之「董事及高级管理人员履历详

情」一节。除上文所披露者外，各董事与任何董事

会成员之间并无任何财务、业务、家族或其他重

大╱相关之关系。

本公司已接获本公司各独立非执行董事（「独立非

执行董事」）根据上市规则第

3.13

条规定就其独立

身份发出之年度确认函。本公司认为，全体独立

非执行董事均属于上市规则所载独立性指引下之

独立人士。

本公司将于各新任董事初获委任时提供全面、正

式兼特定而设之就任须知，以确保其适当了解本

公司之业务及营运，并完全知悉其在上市规则及

相关监管规定项下之责任及义务。

本公司鼓励所有董事参与持续专业发展，以开拓

及增进彼等之知识及技能。董事持续获提供有关

法规及监管制度及业务环境发展之最新资料，以

协助彼等履行职责。本公司已适时向董事提供最

新的技术性资料以及安排培训（不论是内部或外

部），包括上市规则修订之简报及联交所之新闻发

布。本公司于需要时为董事安排持续的简报及专

业发展及培训。

全体董事可随时索阅所有相关资讯，如管理层提

供的每月董事会更新资料、董事会委员会的定期

汇报，以及对本集团构成影响的重大法律、监管

或会计事宜的简报。

BOARD OF DIRECTORS (continued)

Changes in the composition of the Board, audit comite

(“Audit Comite”), remuneration comite

(“Remuneration Comite”), nomination comite

(“Nomination Comite”) and risk management comite

(“Risk Management Comite”) of the Company for the

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

report are detailed on pages 34 to 41 of this anual report.

The section “Biographical Details of Directors and Senior

Management” sets out the biographical details of the curent

Directors and senior management from pages 13 to 17 of this

anual report. Save as disclosed in the aforesaid, none of the

Directors has any financial, busines, family or other material/

relevant relationship betwen any members of the Board.

The Company has received the anual confirmation of

independence from each of the independent non-executive

directors of the Company (“Independent Non-executive

Directors”) as required under Rule 3.13 of the Listing Rules.

The Company considers al the Independent Non-executive

Directors are independent under the independence guidelines

set out in the Listing Rules.

The Company wil provide a comprehensive, formal and

tailored induction to each newly apointed director on his/

her first apointment in order to enable him/her to have

apropriate understanding of the busines and operations

of the Company and that he/she is fuly aware of his/her

responsibilities and obligations under the Listing Rules and

relevant regulatory requirements.

Al Directors are encouraged to participate in continuous

profesional development to develop and refresh their

knowledge and skils. Directors are continualy updated on

developments in the statutory and regulatory regime and

the busines environment to facilitate the discharge of their

responsibilities. The Company has provided timely technical

updates and aranged training sesions (whether internaly

or externaly), including the briefing on the amendments

on the Listing Rules and the news release published by the

Stock Exchange to the Directors. Continuing briefing and

profesional development and training for Directors are

aranged where necesary.

Al Directors have ful and timely aces to al relevant

information, including monthly Board updates from the

management, regular reports from the Board comites and

briefings on significant legal, regulatory or acounting maters

afecting the Group.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会议及股东大会

截至二零二五年三月三十一日止年度，董事会

举行了四次定期会议及二零二四年股东周年大会

（「二零二四年股东周年大会」）。各董事之出席情

况载列如下：

本公司截至二零二四年三月三十一日止年度的

二零二四年股东周年大会已于二零二四年八月

二十八日举行。本公司应届股东周年大会（「股

东周年大会」）将于二零二五年八月二十七日举行

（会议程见将于其后发出之股东周年大会通

告）。本公司董事、公司秘书以及其他高级行政人

员连同本公司外聘核数师将出席股东周年大会，

并回答股东的任何提问。全体董事均重视于每年

举行的股东周年大会上征询本公司股东意见的机

会。

BOARD METINGS AND GENERAL METINGS

During the year ended 31 March 2025, four regular Board

metings and the 2024 anual general meting (“2024 AGM”)

were held. The atendance records of each Director is set out

as folows:

Number of atendance

出席次数

Board metings

Anual General

Meting

Name of Director

董事姓名董事会议

二零二四年

股东周年大会

Executive Directors

执行董事

Mr. Ho Yu-shun

何昱勋先生

4/41/1

Ms. Sun Le

孙乐女士

4/41/1

Non-executive Director

非执行董事

Ms. Sun Di

孙迪女士

4/41/1

Independent Non-executive Directors

独立非执行董事

Mr. Cheung Ngai Lam

张毅林先生

4/41/1

Mr. Tang Kin Nam

邓建南先生

4/41/1

Mr. Kwong Wing Ho

邝永浩先生

4/41/1

The 2024 AGM of the Company for the year ended 31 March

2024 was held on 28 August 2024. The forthcoming anual

general meting (“AGM”) of the Company wil be held on 27

August 2025 (meting agenda wil be provided in the Notice

of AGM to be isued afterwards). Our Directors, company

secretary and other senior executives of the Company wil

atend the AGM together with our external auditors to answer

any questions from the shareholders. Al Directors treasure the

oportunity to canvas the views of the shareholders of the

Company at the AGM held anualy.

ANUAL REPORT 2024/25

年报

2024/2533

CORPORATE GOVERNANCE REPORT

企业管治报告

主席与行政总裁

于截至二零二五年三月三十一日止年度，本公司

已遵守上市规则附录

所载之企业管治守则之守

则条文（「守则条文」），惟下述于年内偏离守则条

文第

C.2.1

条除外。

根据企业管治守则之守则条文第

C.2.1

条，主席及

行政总裁的角色应有所区分，而不应由同一人士

兼任。截至二零二五年三月三十一日止年度直至

本年报日期为止，何昱勋先生一直担任本公司主

席兼行政总裁。

尽管于截至二零二五年三月三十一日止年度，主

席与行政总裁的职位并未有所区分，但该两个职

位的责任已明确划分。董事会认为，此架构可提

供贯彻领导，有效地促进策划业务并执行长期业

务策略。

此外，本公司的所有重大决策均于董事会成员、

董事会委员会之合适成员及部门主管讨论后方会

作出，权力及职权并非集中于一人。此外，董事会

由未参与本公司日常管理的经验丰富成员组成，

彼等的角色能够并已有效地表达独立意见。董事

会认为由同一人士担任主席兼行政总裁将不会损

害董事会与本公司管理层之权力及职权平衡。

非执行董事及独立非执行董事

每名非执行董事及独立非执行董事之委任期为

十二个月，除非任何一方发出六个月的书面通知

终止，否则每次届满时将自动续期十二个月。所

有非执行董事及独立非执行董事亦须按照本公司

之公司细则于本公司股东周年大会上轮值退任及

膺选连任，并须至少每三年轮值退任一次。

CHAIRMAN AND CHIEF EXECUTIVE OFICER

During the year ended 31 March 2025, the Company has

complied with the code provisions (the “Code Provisions”) of

the CG Code contained in Apendix C1 to the Listing Rules,

except for the deviation from Code Provision C.2.1 for the year

described below.

Pursuant to Code Provision C.2.1 of the CG Code, the roles

of chairman and chief executive oficer should be separated

and should not be performed by the same individual. Mr. Ho

Yu-shun has ben serving as both of the chairman and chief

executive oficer of the Company for the year ended 31 March

2025 and up to the date of this anual report.

Although for the year ended 31 March 2025, the positions

of chairman and chief executive oficer were not separated,

the responsibilities betwen the two positions were clearly

separated. The Board believes that such structure helps to

provide consistent leadership, facilitates efective busines

planing and implementation of long-term busines

strategies.

In adition, al major decisions of the Company are made

only after discusion among Board members and apropriate

members of the Board comites and the heads of

departments. The power and authority are not concentrated

in one individual. Moreover, the Board is composed of

experienced members who are not involved in the day to day

management of the Company. They are in a position to and do

provide independent opinions efectively. The Board considers

that in the circumstances having the roles of the chairman and

chief executive oficer played by the same individual would

not impair the balance of power and authority betwen the

Board and the management of the Company.

NON-EXECUTIVE DIRECTOR AND

INDEPENDENT NON-EXECUTIVE DIRECTORS

Each of the non-executive director and independent non-

executive directors is apointed for a term of twelve-month

period which automaticaly renews for sucesive twelve-

month periods unles terminated by either party by six

months’ notice in writing. Al of the non-executive Director

and independent Non-executive Directors are also subject

to retirement by rotation and re-election at least once every

thre years at the AGMs of the Company in acordance with

the Company’s Bye-laws.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

董事之入职简报及持续专业发展

新委任董事将获发指引及参考资料，以便其熟识

本集团业务运作及董事会政策。新委任董事亦会

在其接受委任后的

个月内接受额外培训。为鼓

励全体董事参与持续专业发展，本公司致力于安

排及资助适当的培训。本公司亦不时向各董事提

供上市规则、适用法律及监管规定，以及本集团

的管治政策的最新发展，确保董事充分知悉到彼

等的职责。全体董事亦明白持续专业发展的重要

性，并承诺参与任何合适的培训，发展及更新彼

等的知识与技能。

薪酬委员会

薪酬委员会已订立符合企业管治守则之特定书

面职权范围。于二零二五年三月三十一日，薪酬

委员会由四名成员组成，包括三名独立非执行董

事，即张毅林先生（主席）、邓建南先生、邝永浩先

生，以及一名执行董事，即何昱勋先生。

薪酬委员会之主要职责为就本公司全体董事及高

级管理层之薪酬政策及架构向董事会提供建议；

厘定个别执行董事及高级管理层之薪酬待遇，并

就非执行董事之薪酬向董事会提供建议。薪酬委

员会亦负责设立正式及具透明度之程序，以发展

有关薪酬政策及架构，确保概无任何董事或任何

彼之联系人参与决定其本身之薪酬，有关薪酬将

参照个人及本公司表现以及市场惯例及状况而厘

定。薪酬委员会职权范围之全文可于本公司及联

交所网站查阅。

INDUCTION AND CONTINUOUS

PROFESIONAL DEVELOPMENT OF

DIRECTORS

Newly apointed Directors wil receive guidelines and

reference materials to enable them to familiarise with the

Group’s busines operations and Board’s policies. Aditional

training wil be provided to those newly apointed Directors

within 18 months of their apointment. The Company is

comited to aranging and funding suitable training to al

Directors for their continuous profesional development. Each

Director is briefed and updated from time to time to ensure

that he/she is fuly aware of his/her responsibilities under the

Listing Rules and aplicable legal and regulatory requirements

and the governance policies of the Group. Al the Directors

also understand the importance of continuous profesional

development and are comited to participating in any

suitable training to develop and refresh their knowledge and

skils.

REMUNERATION COMITE

The Remuneration Comite has specific writen terms

of reference that is in compliance with the CG Code. As at

31 March 2025, the Remuneration Comite comprises

four members, including thre Independent Non-executive

Directors, namely Mr. Cheung Ngai Lam (Chairman), Mr. Tang

Kin Nam, Mr. Kwong Wing Ho and one Executive Director,

namely Mr. Ho Yu-shun.

The Remuneration Comite is mainly responsible for

making recomendations to the Board on the Company’s

policy and structure for al the directors’ and senior

management‘s remuneration; determining the remuneration

packages of individual executive directors and senior

management and making recomendations to the Board

on the remuneration of non-executive directors. The

Remuneration Comite is also responsible for establishing

a set of formal and transparent procedures for developing

such remuneration policy and structure to ensure that no

director or any of his/her asociates wil participate in deciding

his/her own remuneration, which remuneration wil be

determined by reference to the performance of the individual

and the Company as wel as market practice and conditions.

The ful terms of reference of the Remuneration Comite

are available on the Company’s and the Stock Exchange’s

websites.

ANUAL REPORT 2024/25

年报

2024/2535

CORPORATE GOVERNANCE REPORT

企业管治报告

薪酬委员会（续）

截至二零二五年三月三十一日止年度，薪酬委员

会举行了一次会议以审阅董事之薪酬待遇，各成

员之出席情况载列如下：

提名委员会

提名委员会已订立符合企业管治守则之特定书

面职权范围。于二零二五年三月三十一日，提名

委员会由四名成员组成，包括三名独立非执行董

事，即邓建南先生（主席）、张毅林先生及邝永浩

先生，以及一名执行董事，即何昱勋先生。

提名委员会主要负责就委任或重新委任董事、评

估董事会架构、评估独立非执行董事之独立性及

处理董事会继任事宜向董事会提供建议。提名委

员会职权范围之全文可于本公司及联交所网站查

阅。

董事会已于二零二三年六月采纳董事会成员多元

化政策（「多元化政策」），当中载列董事会达致成

员多元化的方针。董事会成员之委任均以用人唯

才为原则，并在考虑人选时以充分顾及董事会成

员多元化之裨益为甄选准则。人选将按一系列多

元化范畴为基准进行甄选，包括但不限于性别、

年龄、文化、教育背景、种族、专业经验、技能、知

识及服务年期。最终将按经选定人选之长处及将

可为董事会作出的贡献而作决定。

REMUNERATION COMITE (continued)

The Remuneration Comite met once during the year

ended 31 March 2025 to review the remuneration packages

for Directors. The atendance records of each member is set

out as folows:

Number of

atendance

Name of member

成员姓名出席次数

Mr. Cheung Ngai Lam (Chairman)

张毅林先生（主席）

1/1

Mr. Tang Kin Nam

邓建南先生

1/1

Mr. Ho Yu-shun

何昱勋先生

1/1

Mr. Kwong Wing Ho

邝永浩先生

1/1

NOMINATION COMITE

The Nomination Comite has specific writen terms of

reference that is in compliance with the CG Code. As at 31

March 2025, the Nomination Comite comprises four

members, including thre Independent Non-executive

Directors, namely Mr. Tang Kin Nam (Chairman), Mr. Cheung

Ngai Lam and Mr. Kwong Wing Ho and one Executive Director,

namely Mr. Ho Yu-shun.

The Nomination Comite is mainly responsible for making

recomendations to the Board on the apointment or re-

apointment of directors, evaluation of board composition,

asesment of the independence of Independent Non-

executive Directors and management of the Board sucesion.

The ful terms of reference of the Nomination Comite

are available on the Company’s and the Stock Exchange’s

websites.

The Board has adopted a board diversity policy (the “Diversity

Policy”) in June 2023 which set out the aproach to achieve

diversity on the Board. Al Board apointments shal be based

on meritocracy, and candidates wil be considered against

selection criteria, having regard for the benefits of diversity

on the Board. Selection of candidates wil be based on range

of diversity perspectives, which would include but not limited

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

profesional experience, skils, knowledge and length of

service. The ultimate decision wil be based on merit and

contribution that the selected candidates wil bring to the

Board.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

提名委员会（续）

董事会亦于二零一九年一月采纳提名政策（「提名

政策」）以履行其提名职权范围内提名委员会的职

责及责任。

(a)

推荐候选人

提名委员会应考虑获任何董事或股东推荐

为董事提名人的任何及所有候选人，惟倘

为股东推荐，有关推荐须遵守本公司之公

司细则、股东提名应正式于股东大会前提

呈的程序以及上市规则所载之所有适用通

知规定。提名委员会亦可全权酌情考虑由

任何人士推荐为董事提名人的任何及所有

候选人。

(b)

所需资历、素质及技能

提名委员会应致力物色诚实可靠并在彼等

从事的行业拥有杰出成就及相关资历、素

质及技能的人士，以有效地代表全体股东

的最佳利益。甄选候选人时将根据彼等的

判断力、承诺提升股东价值、提供实务见

解以及多元化观点的能力。提名委员会亦

会就董事会当时的组成、本公司营运需求

及全体股东长远利益对候选人作出评估。

进行评估时，提名委员会不仅考虑有关董

事候选人的评估及推荐建议，亦考虑多元

化以及鉴于董事会与本公司当时及预期将

来的需要而视为合适的其他因素，并维持

董事会观点、资历、素质及技能的平衡。提

名委员会亦可考虑彼等视为符合本公司与

其股东最佳利益的其他因素。以上多元化

观点考虑到本公司的业务模式及需要，均

载于多元化政策中。

NOMINATION COMITE (continued)

The Board has also adopted a nomination policy (the

“Nomination Policy”) in January 2019 to fulfil the duties and

responsibilities of the Nomination Comite as provided in

its terms of reference.

(a) Recomended candidates

The Nomination Comite shal consider any and al

candidates recomended as nomines for directors

to it by any directors or shareholders; provided that

in the case of shareholder recomendations, such

recomendations comply with al aplicable notice

requirements set forth in the Company’s Bye-laws,

the procedures for a shareholder’s nomination to be

properly brought before a general meting and the

Listing Rules. The Nomination Comite may also

consider, in its sole discretion, any and al candidates

recomended as nomines for directors to it by any

source.

(b) Desired qualifications, qualities and skils

The Nomination Comite shal endeavour to

find individuals of high integrity who have a solid

record of acomplishment in their chosen fields

and who poses the qualifications, qualities and

skils to efectively represent the best interests of al

shareholders. Candidates wil be selected for their

ability to exercise god judgment, to provide the

comitment to enhancing shareholder value, practical

insights and diverse perspectives. Candidates wil

also be asesed in the context of the then-curent

composition of the board, the operating requirements

of the Company and the long-term interests of al

shareholders. In conducting this asesment, the

Nomination Comite wil, in conection with

its asesment and recomendation of director

candidates, consider diversity and such other factors

as it dems apropriate given the then-curent

and anticipated future neds of the board and the

Company, and to maintain a balance of perspectives,

qualifications, qualities and skils on the board. The

Nomination Comite may also consider such other

factors as it may dem are in the best interests of the

Company and its shareholders. The above diversity

perspectives, taking into acount the Company’s

busines model and neds, are set out in a Diversity

Policy.

ANUAL REPORT 2024/25

年报

2024/2537

CORPORATE GOVERNANCE REPORT

企业管治报告

提名委员会（续）

(c)

独立性

提名委员会应确保董事会成员最少三分之

一（或上市规则不时订明的其他董事会成

员人数）符合独立非执行董事的定义。提名

委员会将根据上市规则第

3.13

条所载独立

性标准，透过每年审查每位独立非执行董

事提名人或其直系亲属（定义见上市规则）

的任何潜在利益冲突进行评估。已于董事

会任职连续九年或以上的退任独立非执行

董事，符合资格获董事会提名于股东大会

膺选连任，惟其仍须被董事会视为独立。

(d)

提名人评估程序

提名委员会将考虑任何表示愿意膺选连任

的董事以及任何股东推荐的任何其他人士

为候选人。提名委员会亦可自行物色候选

人，并聘请专业机构或其他第三方的服务

以协助物色及评估潜质的提名人。提名委

员会可采用任何其视为合适之程序评估候

选人，相关程序须符合其职权范围、本公

司之公司细则、企业管治政策以及本文所

述政策一致的程序评估候选人，惟就各选

举或委任董事评估提名人的程序必须大致

相同，且于任何情况下，提名委员会评估

由股东推荐的提名人时所根据的程序，均

不会与评估同一董事选举或委任的其他提

名人的程序有重大差异。

NOMINATION COMITE (continued)

The Nomination Comite shal ensure that at

least one-third of the board members (or such other

number of the members of the board as prescribed

by the Listing Rules from time to time) met the

definition of independent non-executive director. The

Nomination Comite shal anualy ases each

nomine for independent non-executive director

by reviewing any potential conflicts of interest that

he or she and their imediate family members (as

defined in the Listing Rules) may have, based on the

criteria for independence set forth in Rule 3.13 of the

Listing Rules. A retiring independent non-executive

director who has served the board for a period of nine

consecutive years or more is eligible for nomination by

the board to stand for re-election at a general meting

provided that he or she is stil considered independent

by the board.

(d) Nomine evaluation proces

The Nomination Comite wil consider as a

candidate any director who has indicated his or her

wilingnes to stand for re-election and any other

person who is recomended by any shareholders.

The Nomination Comite may also undertake its

own search proces for candidates and may retain the

services of profesional firms or other third parties

to asist in identifying and evaluating potential

nomines. The Nomination Comite may use any

proces it dems apropriate for the purpose of

evaluating candidates which is consistent with those

set forth in its terms of reference, the Company’s

Bye-laws, the corporate governance policy and the

policy described herein; provided that the proces

used for evaluating a nomine for each election or

apointment of directors shal be substantialy similar

and under no circumstances shal the Nomination

Comite evaluate nomines recomended by a

shareholder pursuant to a proces that is substantialy

diferent than that used for other nomines for the

same election or apointment of directors.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

提名委员会（续）

(e)

提名程序

公司秘书将召开提名委员会议，并邀请

董事会成员提名候选人（如有），以供提名

委员会于大会前考虑。提名委员会亦可提

名并非董事会成员提名的候选人。就填补

空缺时，提名委员会将提供推荐意见，以

供董事会考虑及批准。就建议候选人于股

东大会上参选而言，提名委员会将向董事

会提名以供考虑及提出推荐意见。直至刊

发股东通函为止，获提名人士不得视其已

获董事会建议于股东大会上参选。

为提供有关董事会提名于股东大会上参

选的候选人的资料，股东将获寄发一份通

函。该通函内将根据适用法律、规则及法

规的规定，载有建议候选人的姓名、履历

简述（包括资历及相关经验）以及任何其他

资料。股东可根据于本公司网站所载相关

程序于提出通知期间内向董事会或公司秘

书发出通知，表明其有意提呈推选特定人

士担任董事的决议案。有关建议候选人的

详情将透过公布及╱或补充通函寄发予全

体股东以供参考。候选人可于股东大会举

行前任何时间向董事会或公司秘书发出书

面通知退选。董事会就有关其建议候选人

于任何股东大会参选所有事宜拥有最终决

定权。股东提呈的决议案与董事会建议候

选人的决议案形式一致。

NOMINATION COMITE (continued)

(e) Nomination procedures

The company secretary shal cal a meting of the

Nomination Comite, and invite nominations

of candidates from board members, if any, for

consideration prior to its meting. The Nomination

Comite may also put forward candidates who

are not nominated by board members. For filing

a casual vacancy, the Nomination Comite shal

make recomendations for the board’s consideration

and aproval. For proposing candidates to stand

for election at a general meting, the Nomination

Comite shal make nominations to the board for

its consideration and recomendation. Until the isue

of the shareholder circular, the nominated persons

shal not asume that they have ben proposed by the

board to stand for election at the general meting.

In order to provide information of the candidates

nominated by the board to stand for election at a

general meting, a circular wil be sent to shareholders.

The circular wil set out the names, brief biographies

(including qualifications and relevant experience),

and any other information, as required pursuant to

aplicable laws, rules and regulations, of the proposed

candidates. A shareholder can serve a notice to the

board of directors or the company secretary within

the lodgement period of its intention to propose

a resolution to elect a certain person as a director

in acordance with the relevant procedures posted

on the Company’s website. The particulars of the

candidates so proposed wil be provided to al

shareholders for information by way of anouncement

and/or suplementary circular. A candidate is alowed

to withdraw his or her candidature at any time before

the general meting by serving a notice in writing

to the board of directors or the company secretary.

The board shal have the final decision on al maters

relating to its recomendation of candidates to stand

for election at any general meting. Shareholder

proposed resolutions shal take the same form as the

resolutions proposed for the candidates recomended

by the board.

ANUAL REPORT 2024/25

年报

2024/2539

CORPORATE GOVERNANCE REPORT

企业管治报告

提名委员会（续）

截至二零二五年三月三十一日止年度，提名委员

会检讨董事会之组成及独立非执行董事之独立

性，并考虑于下届股东周年大会上重选连任之

退任董事是否合适，以及董事继任人选计划之需

要。提名委员会亦检讨提名政策及多元化政策，

并讨论为推行后者而设定之目标，及确认该等目

标已经达成。提名委员会之结论为董事会之组成

应维持不变。

截至二零二五年三月三十一日止年度，提名委员

会举行了一次会议以审阅董事会之架构、规模及

组成；评估本公司独立非执行董事之独立性；就

委任及重选董事作出审核并向董事会提供推荐意

见。各成员之出席情况载列如下：

审核委员会

审核委员会已订立符合企业管治守则之特定书面

职权范围。于二零二五年三月三十一日，审核委

员会由三名独立非执行董事组成，即张毅林先生

（主席）、邓建南先生及邝永浩先生。

审核委员会主要负责协助董事会应用财务汇报及

内部监控原则及与本公司核数师维持适当的关

系。审核委员会亦已获赋予董事会之企业管治职

能，以监控、促使及管理本集团内之企业管治合

规事项。审核委员会职权范围之全文可于本公司

及联交所网站查阅。

NOMINATION COMITE (continued)

During the year ended 31 March 2025, the Nomination

Comite reviewed the board composition and

independence of the Independent Non-executive Directors,

and considered the suitability of those retiring Directors

standing for re-election at the next anual general meting

as wel as the ned for a director sucesion plan. The

Nomination Comite also reviewed the Nomination Policy

and the Diversity Policy and discused the objectives set for

implementing the later, and noted that those objectives had

ben achieved. The Nomination Comite concluded that

the board composition should continue unchanged.

The Nomination Comite met once during the year ended

31 March 2025 to review the structure, size and composition

of the Board; ases the independence of the Independent

Non-executive Directors of the Company; review and make

recomendations to the Board on the apointment and re-

election of Directors. The atendance records of each member

is set out as folows:

Number of

atendance

Name of member

成员姓名出席次数

Mr. Tang Kin Nam (Chairman)

邓建南先生（主席）

1/1

Mr. Cheung Ngai Lam

张毅林先生

1/1

Mr. Ho Yu-shun

何昱勋先生

1/1

Mr. Kwong Wing Ho

邝永浩先生

1/1

AUDIT COMITE

The Audit Comite has specific writen terms of reference

that is in compliance with the CG Code. As at 31 March 2025,

the Audit Comite comprises thre Independent Non-

executive Directors, namely Mr. Cheung Ngai Lam (Chairman),

Mr. Tang Kin Nam and Mr. Kwong Wing Ho.

The Audit Comite is mainly responsible for asisting the

Board in aplying financial reporting and internal control

principles and in maintaining an apropriate relationship

with the Company’s auditor. The Audit Comite is also

delegated with the corporate governance function of the

Board to monitor, procure and manage corporate governance

compliance within the Group. The ful terms of reference of

the Audit Comite are available on the Company’s and the

Stock Exchange’s websites.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

审核委员会（续）

截至二零二五年三月三十一日止年度，审核委员

会举行了三次会议，各成员之出席情况载列如下：

以下为本年度审核委员会履行之工作概述：

•

审阅及讨论本集团截至二零二四年三月

三十一日止年度之经审核财务报表，并建

议董事会予以批准；

•

审阅在企业管治方面遵守企业管治守则之

情况及企业管治报告之披露规定；

•

审阅及讨论本集团截至二零二四年九月

三十日止六个月之未经审核财务报表，并

建议董事会予以批准；

•

与管理层及本公司核数师审阅及讨论可能

影响本集团之会计政策及惯例以及审核范

畴；

•

审阅本公司财务报告制度、风险管理及本

集团内部监控制度之成效及充足性；

•

审阅及批准本公司核数师之酬金及委聘条

款；以及审阅本公司核数师之续聘事宜，

并向董事会提供建议；及

•

聘请专业顾问对本集团进行内部审核检讨

及风险评估。

于年结日后，审核委员会已审阅截至二零二五年

三月三十一日止年度之年报及年度业绩公布，并

建议董事会予以批准。

AUDIT COMITE (continued)

The Audit Comite met thre times during the year ended

31 March 2025 and the atendance records of each member is

set out as folows:

Number of

atendance

Name of member

成员姓名出席次数

Mr. Cheung Ngai Lam (Chairman)

张毅林先生（主席）

3/3

Mr. Tang Kin Nam

邓建南先生

3/3

Mr. Kwong Wing Ho

邝永浩先生

3/3

The sumary of work performed by the Audit Comite

during the year:

• reviewed and discused the audited financial

statements of the Group for the year ended 31 March

2024 and recomended to the Board for aproval;

• reviewed the corporate governance compliance with

the CG Code and the disclosure requirements for the

corporate governance report;

• reviewed and discused the unaudited financial

statements of the Group for the six months ended 30

September 2024 and recomended to the Board for

aproval;

• reviewed and discused with management and auditor

of the Company the acounting policies and practices

which may afect the Group and the scope of the audit;

• reviewed the efectivenes and suficiency of

the Company’s financial reporting system, risk

management and internal control system of the Group;

• reviewed and aproved the remuneration and the

terms of engagement of the Company’s auditor; and

reviewed and made recomendations to the Board on

the re-apointment of the Company’s auditor; and

• engaged a profesional consultant to conduct an

internal audit review and risk asesment of the Group.

Subsequent to the year end, the Audit Comite reviewed

the anual report and the anual results anouncement for

the year ended 31 March 2025, with a recomendation to the

Board for aproval.

ANUAL REPORT 2024/25

年报

2024/2541

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理委员会

本公司于二零一五年十一月二十三日成立风险管

理委员会，并已订立之特定书面职权范围。于二

零二五年三月三十一日，风险管理委员会包括三

名独立非执行董事，即邓建南先生（主席）、张毅

林先生及邝永浩先生，以及一名执行董事，即何

昱勋先生组成。

风险管理委员会主要负责检讨本集团风险和合

规管理的总体目标及基本政策、内部监控和风险

管理以及内部审核职能，并就此向董事会作出建

议。风险管理委员会职权范围之全文可于本公司

及联交所网站查阅。

截至二零二五年三月三十一日止年度，风险管理

委员会举行了两次会议，以识别本集团营运上之

风险；审阅风险管理及内部监控的中期检讨报

告，并就此向董事会作出推荐意见。各成员之出

席情况载列如下：

核数师及核数师酬金

有关本公司外聘核数师对本公司截至二零二五年

三月三十一日止年度综合财务报表之责任之陈述

载于本年报第

至

页之「独立核数师报告」一节

内。

RISK MANAGEMENT COMITE

The Risk Management Comite with specific writen terms

of reference was established by the Company on 23 November

2015. As at 31 March 2025, the Risk Management Comite

comprises thre Independent Non-executive Directors, namely

Mr. Tang Kin Nam (Chairman), Mr. Cheung Ngai Lam and Mr.

Kwong Wing Ho and one Executive Director, namely Mr. Ho Yu-

shun.

The Risk Management Comite is mainly responsible for

reviewing the general goals and fundamental policies of

the risk and compliance management, internal control and

risk management and internal audit functions of the Group

and made recomendations to the Board on the same. The

ful terms of reference of the Risk Management Comite

are available on the Company’s and the Stock Exchange’s

websites.

The Risk Management Comite met twice during the

year ended 31 March 2025 to identify risk on the Group’s

operation; to review and recomend to the Board the interim

review reports on risk management and internal control. The

atendance of each member is set out as folows:

Number of

atendance

Name of member

成员姓名出席次数

Mr. Tang Kin Nam (Chairman)

邓建南先生（主席）

2/2

Mr. Cheung Ngai Lam

张毅林先生

2/2

Mr. Ho Yu-shun

何昱勋先生

2/2

Mr. Kwong Wing Ho

邝永浩先生

2/2

AUDITOR AND AUDITOR’S REMUNERATION

The statement of the external auditor of the Company about

their responsibilities on the Company’s consolidated financial

statements for the year ended 31 March 2025 is set out in the

section headed “Independent Auditor’s Report” on pages 50 to

57 of this anual report.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

核数师及核数师酬金（续）

于本年度内，已付或应付本公司核数师国富浩华

（香港）会计师事务所有限公司（「国富浩华」）之

费用如下：

附注：

(a)

核数服务由国富浩华所提供。

(b)

非核数服务由国富浩华所提供。

董事就财务报表之财务申报责任

董事会须负责就年报及中期报告、股价敏感资料

公布以及根据上市规则及其他监管规定须作出之

其他财务披露呈报一个不偏不倚、清晰及易于理

解之评估。

董事已确认彼等对于编制本公司截至二零二五年

三月三十一日止年度综合财务报表之责任。

AUDITOR AND AUDITOR’S REMUNERATION

(continued)

During the year, the folowing fes were paid or payable

to Crowe (HK) CPA Limited (“Crowe”), the auditor of the

Company:

HK$’000

千港元

Fes for audit services (Note a)

核数服务之费用（附注

）

Fes for non-audit services (Note b)

非核数服务之费用（附注

）

Total

总计

Notes:

(a) The audit services provided by Crowe.

(b) The non-audit services provided by Crowe.

DIRECTORS’ RESPONSIBILITIES FOR

FINANCIAL REPORTING IN RESPECT OF THE

FINANCIAL STATEMENTS

The Board is responsible for presenting a balanced, clear and

understandable asesment of anual and interim reports,

price-sensitive anouncements and other financial disclosures

required under the Listing Rules and other regulatory

requirements.

The Directors acknowledged their responsibilities for

preparing the consolidated financial statements of the

Company for the year ended 31 March 2025.

ANUAL REPORT 2024/25

年报

2024/2543

CORPORATE GOVERNANCE REPORT

企业管治报告

企业管治职能

为确立董事会履行企业管治职能之职责及责任，

董事会已将若干企业管治职能委派予审核委员会

及风险管理委员会，包括以下各项：

(a)

制定及检讨本公司之企业管治政策及常

规，并向董事会提供建议；

(b)

检讨及监察董事及高级管理人员之培训及

持续专业发展；

(c)

检讨及监察本公司遵守法律及监管规定方

面之政策及常规；

(d)

制定、检讨及监察雇员及董事适用之操守

准则及合规手册；及

(e)

检讨本公司遵守企业管治守则之情况及企

业管治报告内之披露。

风险管理及内部监控

董事会明白其维持充分风险管理及内部监控系统

之责任，以保障本集团之资产及股东权益。设立

该等系统（包括界定权限之管理架构）乃为协助达

成业务目标、保障资产免受到未经授权之使用及

存置恰当会计纪录，以提供可靠之财务资料作内

部及刊发之用。设立系统乃为合理（但非绝对）保

证防止财务报表存在重大失实陈述或资产损失，

以及管理（而非消除）营运系统失效及未能达成本

集团目标之风险。

CORPORATE GOVERNANCE FUNCTIONS

In order to establish the duties and responsibilities of the

Board in performing its corporate governance functions, the

Board has delegated certain corporate governance functions

to the Audit Comite and the Risk Management Comite

which include the folowing:

(a) developing and reviewing the Company’s policies

and practices on corporate governance and making

recomendations to the Board;

(b) reviewing and monitoring the training and continuous

profesional development of Directors and senior

management;

practices on compliance with legal and regulatory

requirements;

(d) developing, reviewing and monitoring the code

of conduct and compliance manual aplicable to

employes and directors; and

(e) reviewing the Company’s compliance with the CG

Code and disclosure in the corporate governance

report.

RISK MANAGEMENT AND INTERNAL

CONTROL

The Board recognises its responsibilities for maintaining

adequate systems of risk management and internal control

to safeguard the Group’s asets and shareholders’ interests.

The systems, including a defined management structure

with limits of authority, is designed to help achieve busines

objectives, safeguard asets against unauthorised use,

and maintain proper acounting records for the provision

of reliable financial information for internal use and for

publication. The systems are set up to provide reasonable,

but not absolute, asurance against material mistatement of

financial statements or lost of asets and to manage rather

than eliminate risks of failure in operational systems and

achievement of the Group’s objectives.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部监控（续）

有效的风险管理对本集团业务的长远增长及可持

续发展至关重要。董事会持续监督风险管理及内

部监控系统。其评估及厘定为达到策略目标过程

中愿意承担的风险性质及程度。董事会已对本集

团的风险管理及内部监控系统的有效性进行了年

度审阅。年度审阅确保本集团在会计、内部审核

及财务汇报职能方面的资源、员工资历及经验、

培训课程及预算是足够的。

本集团用于识别、评估及管理其重大风险的程序

乃植入本集团之日常业务营运中。本集团已建立

良好组织架构，明确界定权限及职责，且本集团

已就各业务单位制定多种风险管理及内部监控政

策和程序。业务单位负责定期识别、评估及监督

其各自单位相关风险。评估结果呈报予管理层，

管理层随后评估风险发生可能性，提供补救计划

及在各业务单位主管协助下监督改正进程。本集

团之风险管理及内部监控结果及有效性已呈报予

审核委员会。

已就董事、高级管理人员、管理层及相关员工谨

慎处理及传播敏感及保密性内幕消息制定指引。

仅适当职级人员能够取得敏感及保密性内幕消

息。

RISK MANAGEMENT AND INTERNAL

CONTROL (continued)

Efective risk management is esential in the long-term

growth and sustainability of the Group’s busineses. The Board

monitors the risk management and internal control systems

on an ongoing basis. It evaluates and determines the nature

and extent of the risks it is wiling to take in achieving the

strategic objectives. An anual review of efectivenes of the

Group’s risk management and internal control systems has

ben conducted. The anual review ensured the adequacy

of resources, staf qualifications and experience, training

programes and budget of the Group’s acounting, internal

audit and financial reporting functions.

The proces used to identify, evaluate and manage the

significant risks of the Group is embeded in the Group’s

normal busines operations. Organisational structure

is wel established with clearly defined authorities and

responsibilities, and the Group has developed various risk

management and internal control policies and procedures for

each busines unit to folow. Busines units are responsible

for identifying, asesing and monitoring risks asociated

with their respective units regularly. The results of asesment

are reported to management which subsequently aseses

the likelihod of risk ocurence, provides remedial plan and

monitors the progres of rectification with the asistance of

the head of the busines units. The results and efectivenes of

the Group’s risk management and internal controls have ben

reported to the Audit Comite.

Guidelines have ben provided to the directors, oficers,

management and relevant staf in handling and diseminating

sensitive and confidential inside information with due care.

Only personel at apropriate level can have aces to

sensitive and confidential inside information.

ANUAL REPORT 2024/25

年报

2024/2545

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部监控（续）

考虑到本公司的业务及营运规模，以及为了采纳

最具成本效益的方法定期审阅本公司的内部监

控，本公司已委聘外部顾问对本集团的风险管理

及内部监控系统进行审阅，以识别及评估业务营

运的重大风险。董事会相信，外部顾问之参与可

增加评估程序的客观性和透明度。外部顾问已根

据企业管治守则守则条文第

D.2

条之规定及审核

委员会所同意及批准的审阅范围进行年度审阅，

以评估截至二零二五年三月三十一日止年度系统

是否足够及有效。该审阅涵盖财务、营运及合规

监控等所有重大监控事宜以及有关环境、社会及

管治事宜之重大风险。

于审阅后，已向审核委员会及管理层提供调查结

果报告及改进系统的建议。审核委员会已批准内

部审核报告，而管理层须根据各风险水平优先次

序制定补救计划及采取必要行动改正该等内部监

控不足。外部顾问会于其后进行审阅，以监察该

等推荐建议的执行情况，并将跟进结果呈报予审

核委员会。

公司秘书

吴颖璇女士（「吴女士」）于二零二年八月一日获

委任为本公司之公司秘书。吴女士之履历详情载

于本年报第

页「董事及高级管理人员履历详情」

一节内。吴女士于截至二零二五年三月三十一日

止年度已妥为遵守上市规则第

3.29

条项下的相关

专业培训规定。

RISK MANAGEMENT AND INTERNAL

CONTROL (continued)

In view of the Company’s busineses and scale of operations,

and in order to adopt the most cost-efective method of

conducting periodic reviews of the Company’s internal

controls, the Company has engaged an external consultant to

conduct review on the Group’s risk management and internal

control systems to identify and evaluate significant risks of the

busines operations. The Board believes that the involvement

of the external consultant could enhance the objectivity and

transparency of evaluation proces. The external consultant

has conducted an anual review to ases the adequacy and

efectivenes of the systems for the year ended 31 March 2025

in acordance with the requirements under code provision

D.2 of the CG Code, and acording to the scope of review

agred and aproved by the Audit Comite. The review

covered al material controls, including financial, operational

and compliance controls and also material risks relating to ESG

maters.

After the review, a report of findings and recomendations

for improvement in relation to the systems has ben provided

to the Audit Comite and management. The internal audit

report has ben aproved by the Audit Comite and

management is required to establish remedial plans and take

required actions to rectify those internal control deficiencies

identified acording to the respective risk level and priorities.

Subsequent review wil be performed by the external

consultant to monitor the implementation of those agred

recomendations and to report the results of the folow up

review to the Audit Comite.

COMPANY SECRETARY

Ms. Ng Wing Suen (“Ms. Ng”) was apointed as the company

secretary of the Company on 1 August 2022. The biographical

details of Ms. Ng are set out under the section headed

“Biographical Details of Directors and Senior Management” on

page 17 of this anual report. Ms. Ng has duly complied with

the relevant profesional training requirements under Rule

3.29 of the Listing Rules during the year ended 31 March 2025.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

股东权利

股东召开股东特别大会之程序

根据本公司之公司细则第

条，任何于递呈要求

日期持有不少于本公司缴足股本（附有于本公司

股东大会表决权利）十分之一之股东，应于任何时

候有权透过向董事会或本公司之公司秘书发出请

求书，要求董事会召开股东特别大会，以处理请

求书中指明的任何业务交易事项；且该大会应于

递呈该请求书后两个月内举行。倘递呈后二十一

日内，董事会未有召开该大会，则请求人可自行

根据百慕达一九八一年公司法（「公司法」）第

74(3)

条之条文召开大会。

股东于股东大会上提出议案的程序

根据公司法，于递呈要求日期持有不少于全体股

东（于递呈日期有权于请求书相关之大会上投票

者）总投票权二十分之一的任何数目股东，或不少

于一百名股东，可书面要求本公司：

(a)

向有权收取下届股东周年大会通告的本公

司股东发出通告，通知其任何可能在该大

会上正式动议及拟提呈的决议案；

(b)

向有权收取任何股东大会通告的本公司股

东传阅一份字数不多于一千字的陈述书，

内容有关在任何拟提呈决议案内所提述的

事宜，或大会上将会处理的事务。

如请求书要求发出决议案通告，该请求书必须在

大会举行日期前不少于六个星期送达本公司；如

请求书属任何其他事宜，该请求书则须在大会举

行日期前不少于一个星期送达。

SHAREHOLDERS’ RIGHTS

Procedures for shareholders to convene a special general

meting

Acording to bye-law no. 58 of the Company’s Bye-laws,

shareholders 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 of the

Company, to require a special 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. If within

twenty-one days of such deposit the Board fails to proced to

convene such meting the requisitionists themselves may do

so in acordance with the provisions of Section 74(3) of the

Companies Act 1981 of Bermuda (the “Companies Act”).

Procedures for shareholders to put forward proposals at

general metings

Pursuant to the Companies Act, any number of shareholders

representing not les than one-twentieth of the total

voting rights of al the shareholders having at the date of

the requisition a right to vote at the meting to which the

requisition relates; or not les than one hundred shareholders,

can request the Company in writing to:

(a) give to shareholders of the Company entitled to

receive notice of the next anual general meting

notice of any resolution which may properly be moved

and is intended to be moved at that meting;

(b) circulate to shareholders of the Company entitled

to have notice of any general meting send to them

any statement of not more than one thousand words

with respect to the mater refered to in any proposed

resolution or the busines to be dealt with at that

meting.

The requisition must be deposited to the Company not les

than six weks before the meting in case of a requisition

requiring notice of a resolution or not les than one wek

before the meting in case of any other requisition.

ANUAL REPORT 2024/25

年报

2024/2547

CORPORATE GOVERNANCE REPORT

企业管治报告

股东权利（续）

股东提名人选参选本公司董事之程序

根据本公司之公司细则第

条，除非获董事推荐

参选，否则除于本公司股东大会上退任之董事

外，概无任何人士合资格于本公司任何股东大会

上参选董事，除非由正式合资格出席本公司股东

大会并于会上表决的本公司股东（该获提名人士

除外）签署通告，当中表明建议提名该人士参选

的意向，并附上所提名人士签署表示愿意参选的

通知，送至本公司之香港总办事处或本公司于香

港之股份过户登记分处卓佳证券登记有限公司，

而发出该等通知之期间最少须为七天，该期间不

得早于寄发举行有关选举之股东大会之通告翌日

开始，及不得迟于该股东大会举行日期前七日结

束。

股东向董事会作出查询之程序

股东可随时将书面查询及问题送交本公司之香港

总办事处，地址为香港湾仔港湾道

6-8

号瑞安中心

楼

室，注明本公司公司秘书收。

SHAREHOLDERS’ RIGHTS (continued)

Procedures for shareholders to propose a person for

election as a director of the Company

Acording to bye-law no. 88 of the Company’s Bye-laws, no

person other than a Director retiring at the general meting

of the Company shal, unles recomended by the Directors

for election, be eligible for election as a Director at any

general meting of the Company unles a notice signed by

a shareholder of the Company (other than the person to be

proposed) duly qualified to atend and vote at the general

meting of the Company for which such notice is given of

his/her intention to propose such person for election and

also a notice signed by the person to be proposed of his/

her wilingnes to be elected shal have ben lodged at the

Company’s head ofice in Hong Kong or at the Company’s

branch share registrar and transfer ofice in Hong Kong, Tricor

Investor Services Limited provided that the minimum length

of the period, during which such notice(s) are given, shal be

at least seven days and that the period for lodgement of such

notice(s) shal comence no earlier than the day after the

despatch of the notice of the general meting apointed for

such election and end no later than seven days prior to the

date of such general meting.

Procedures for directing shareholders’ enquiries to the

Board

Shareholders may at any time send their enquiries and

concerns in writing to the Company Secretary of the Company

at the Company’s head ofice in Hong Kong at Unit 1102, 11th

Flor, Shui On Centre, No. 6-8 Harbour Road, Wanchai, Hong

Kong.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

股息政策

董事会已采纳股息政策，该政策允许本公司股东

分享本公司溢利，同时预留足够储备以供本集团

日后发展之用。根据本公司股息政策，除末期股

息外，本公司亦不时宣派中期股息或特别股息。

根据本公司股息政策，董事会于建议及宣派股息

前须考虑以下因素：

•

本集团之一般财务状况；

•

本集团之营运资金及债务水平；

•

本集团之流动资金状况；

•

本公司及本集团各成员公司之保留盈利及

可分派储备；

•

未来现金需求及业务运营、业务战略及未

来发展需求之可用资金；

•

本集团贷方可能施加之任何派息限制；

•

一般市况；

•

整体经济状况以及可能影响本集团业务或

财务表现及状况之其他内部或外部因素；

及

•

董事会认为相关之任何其他因素。

本公司宣派及派付股息亦须遵守百慕达法律、本

公司细则以及任何适用法律、规则及法规所载之

任何限制。

董事会将不时检讨本公司股息政策，并不保证在

任何指定期间派发任何特定金额之股息。

DIVIDEND POLICY

The Board has adopted its dividend policy, which alows

the shareholders of the Company to share the profits of the

Company whilst retaining adequate reserves for the Group’s

future growth. Acording to the Company’s dividend policy,

in adition to the final dividends, the Company may declare

interim dividends or special dividends from time to time.

Acording to the Company’s dividend policy, the Board shal

consider the folowing factors before proposing and declaring

dividends:

’s general financial condition;

’s working capital and debt level;

’s liquidity position;

• retained earnings and distributable reserves of the

Company and each of the members of the Group;

• future cash requirements and availability for busines

operations, busines strategies and future development

neds;

• any restrictions on payment of dividends that may be

imposed by the Group’s lenders;

;

• the general economic conditions and 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.

The declaration and payment of dividends by the Company is

also subject to any restrictions under the Laws of the Bermuda,

the Bye-laws of the Company and any aplicable laws, rules

and regulations.

The Company’s dividend policy wil be reviewed from time

to time by the Board and there can be no asurance that

dividends wil be paid in any particular amount for any given

period.

ANUAL REPORT 2024/25

年报

2024/2549

CORPORATE GOVERNANCE REPORT

企业管治报告

投资者关系

本公司已就其与股东、投资者及其他利益相关者

之间设立多个沟通渠道。当中包括股东周年大

会、年报及中期报告、通告、公布、通函及本公司

网站

w.npegroup.com.hk

。投资者的查询将得到

详尽且及时的处理。投资者可直接致函本公司之

香港总办事处，地址为香港湾仔港湾道

6-8

号瑞安

中心

楼

室。

宪章文件

于本年度，本公司之宪章文件并无变动。

INVESTOR RELATIONS

The Company has established a range of comunication

chanels betwen itself and its shareholders, investors and other

stakeholders. These include the anual general meting, the

anual and interim reports, notices, anouncements and circulars

and the Company’s website at w.npegroup.com.hk. Enquiries

from investors are dealt with in an informative and timely maner.

Investors may write directly to the Company at the Company’s

head ofice in Hong Kong at Unit 1102, 11th Flor, Shui On Centre,

No. 6-8 Harbour Road, Wanchai, Hong Kong.

CONSTITUTIONAL DOCUMENTS

During the year, there was no change in the Company’s

constitutional documents.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS

OF NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

Opinion

We have audited the consolidated financial statements of New

Provenance Everlasting Holdings Limited (the “Company”) and

its subsidiaries (together the “Group”) set out on pages 58 to

183, which comprise the consolidated statement of financial

position as at 31 March 2025, and the consolidated statement

of profit or los, the consolidated statement of profit or los

and other comprehensive income, the consolidated statement

of changes in equity and the consolidated statement of cash

flows for the year then ended, and notes to the consolidated

financial statements, including material acounting policy

information.

In our opinion, the consolidated financial statements give a

true and fair view of the consolidated financial position of the

Group as at 31 March 2025, and of its consolidated financial

performance and its consolidated cash flows for the year then

ended in acordance with HKFRS Acounting Standards isued

by the Hong Kong Institute of Certified Public Acountants

(“HKICPA”) and have ben properly prepared in compliance

with the disclosure requirements of the Hong Kong

Companies Ordinance.

Basis for opinion

We conducted our audit in acordance with Hong Kong

Standards on Auditing (“HKSAs”) isued by the HKICPA. Our

responsibilities under those standards are further described in

the Auditor’s responsibilities for the audit of the consolidated

financial statements section of our report. We are independent

of the Group in acordance with the HKICPA’s Code of Ethics

for Profesional Acountants (“the Code”), and we have

fulfiled our other ethical responsibilities in acordance

with the Code. We believe that the audit evidence we have

obtained is suficient and apropriate to provide a basis for

our opinion.

致新源万恒控股有限公司股东之

独立核数师报告

（于百慕达注册成立之有限公司）

意见

我们已审核第

至

页所载新源万恒控股有限

公司（「贵公司」）及其附属公司（统称「贵集团」）的

综合财务报表，其包括于二零二五年三月三十一

日的综合财务状况表，以及截至该日止年度的综

合损益表、综合损益及其他全面收益表、综合权

益变动表以及综合现金流量表，以及综合财务报

表附注，包括重大会计政策资料。

我们认为，综合财务报表已根据香港会计师公会

（「香港会计师公会」）颁布的《香港财务报告准则

会计准则》真实而中肯地反映了贵集团于二零

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，并已遵

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》（「香港审计准则」）进行审计。我们在该等准则

下承担的责任已在本报告核数师就审核综合财务

报表须承担的责任一节中作进一步阐述。根据香

港会计师公会颁布的《专业会计师道德守则》（「守

则」），我们独立于贵集团，并已履行守则中其他

专业道德责任。我们相信，我们所获得的审计凭

证能充足及适当地为我们的审计意见提供基础。

ANUAL REPORT 2024/25

年报

2024/2551

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审计事项

关键审计事项是根据我们的专业判断，认为对本

期综合财务报表的审计最为重要的事项。这些事

项是在我们审计整体综合财务报表及出具意见时

进行处理的。我们不会对这些事项提供单独的意

见。

应收贸易款项减值

请参阅综合财务报表附注

2(h)(i)

、

2(j)

及

及会计

政策

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.

Impairment of trade receivables

Refer to notes 2(h)(i), 2(j) and 17 to the consolidated

financial statements and the acounting policies

The Key Audit MaterHow the mater was adresed in our audit

关键审计事项审计中处理有关事项的方法

Trade receivables amounted to aproximately HK$132,838,000

as at 31 March 2025.

于二零二五年三月三十一日，应收贸易款项约为

132,838,000

港元。

The setlement of one debtor is being subject to a voluntary

debt restructuring repayment plan aproved by the court of the

People’s Republic of China.

一名债务人的清偿须遵守经中华人民共和国的法院批准的

自愿债务重组还款计划。

Management make estimates when asesing impairment

provision of trade receivables. The estimates were made based

on the ageing of the receivable balances, debtors’ credit quality,

likelihod of colection, historical write-of experience and

curent market conditions.

于评估应收贸易款项的减值拨备时，管理层作出估计。有关

估计乃基于应收款项结余的账龄、债务人的信贷质素、收回

款项的可能性、过往撇销记录及当前市况作出。

Our procedures in relation to the impairment of

trade receivables included:

我们就应收贸易款项减值所采取的程序包括：

– obtaining confirmations on a sampling

basis, directly from debtors for the trade

receivables;

以抽样方式直接向应收贸易款项的债务人

取得确认；

– inspecting, on a sampling basis, external

documents and evidences to suport the

ocurence and completenes of sales to

gain asurance for the outstanding trade

receivables;

抽样检查外部文件及证据，以支持销售发

生及完整性，从而就未偿还的应收贸易款

项取得保证；

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

The Key Audit MaterHow the mater was adresed in our audit

关键审计事项审计中处理有关事项的方法

– testing the acuracy of the trade receivables

ageing analysis on a sampling basis.

抽样测试应收贸易款项账龄分析的准确

性。

– evaluating management’s asesment on

the recoverability of amount due from

individual debtors with significant balances

past due but not impaired balance by:

评估管理层对逾期但未减值而余额重大的

个别债务人应收款项可收回性的评估，方

法为：

– examining the subsequent

setlement from these individual

debtors on a sampling basis; or

以抽样方式检查该等个别债务人的

其后结算；或

– for those individual debtors without

any subsequent setlements,

analysing the Group’s busines

relationship with them and their

payment history.

就并无任何其后结算的个别债务人

而言，分析贵集团与彼等的业务

关系及其付款历史。

– asesing the management’s basis and

asumptions employed in making estimates

on the impairment provision of the

receivable balances and the extent of los

alowance required;

评估管理层估计应收款项结余的减值拨备

及所需作出的亏损拨备程度时所采用的基

准及假设；

– evaluating the competence, capabilities and

objectivity of management’s specialist;

评估管理层专家的才干、能力及客观性；

ANUAL REPORT 2024/25

年报

2024/2553

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

The Key Audit MaterHow the mater was adresed in our audit

关键审计事项审计中处理有关事项的方法

The management engaged a valuation specialist to evaluate the

expected credit los (“ECL”) for trade receivables. Based on the

asesment, the management provided ECL of aproximately

HK$40,039,000 on trade receivables, including a specific ECL

of aproximately HK$39,130,000 on one debtor of whose

setlement being subject to a voluntary debt restructuring

repayment plan.

管理层委聘估值专家评估应收贸易款项的预期信贷亏损（「预

期信贷亏损」）。根据评估，管理层就应收贸易款项计提预期

信贷亏损拨备约

40,039,000

港元，包括就一名债务人的特定

预期信贷亏损约

39,130,000

港元，该债务人须遵守一项自愿

债务重组还款计划以清还款项。

We identified this as a key audit mater because of its

significance to the consolidated financial statements and

because asesing recoverability of debts involves a significant

degre of judgement and estimation by management.

我们识别其为关键审计事项，此乃因为其对综合财务报表的

重要性，以及因为评估债务的可收回性时涉及管理层作出重

大程度的判断及估计。

– engaging our valuation specialist to review

and chalenge the apropriatenes of the

ECL model, key asumptions, and key inputs

adopted by the Group; and

委聘估值专家对贵集团采用的预期信贷

亏损模型、关键假设及关键输入值的适当

性进行审查及质疑；及

– testing the acuracy and completenes

of key data sources aplied in the ECL

computation by checking to the Group’s

suporting information, the relevant

internal information and external data

source, as aplicable.

透过检查贵集团的支援资料、相关内部

资料及外部资料来源（如适用），测试预期

信贷亏损计算中使用的关键资料来源的准

确性及完整性。

Impairment of prepayments and deposits

Refer to note 2(h)(i) and (i) and 18 to the consolidated

financial statements and the acounting policies

The Key Audit MaterHow the mater was adresed in our audit

关键审计事项审计中处理有关事项的方法

Prepayments and deposits amounted to aproximately

HK$297,883,000 as at 31 March 2025.

于二零二五年三月三十一日，预付款项及按金约为

297,883,000

港元。

Management performed asesment at the end of each

reporting period to consider whether there is any indication

that these prepayments and deposits may be impaired. The

recoverable amounts of these prepayments and deposits are

asesed by the estimate of net cash flows to be received

taking into acount the events that have ocured and

circumstances that have changed, historical experience and

curent market condition.

管理层于各报告期末进行评估，以考虑是否有任何迹象显示

该等预付款项及按金可能减值。该等预付款项及按金的可收

回金额乃根据估计将收取的净现金流量，并考虑已发生的事

件及已改变的情况、过往经验及当前市况而评估。

Our procedures in relation to the impairment of

prepayments and deposits included:

我们就预付款项及按金减值所采取的程序包括：

– obtaining direct confirmations on a

sampling basis, directly from counterparties

for the prepayments and deposits;

以抽样方式直接向对手方取得对预付款项

及按金的直接确认；

– inspecting, on a sampling basis, external

documents and evidences to suport the

existence and completenes of prepayments

and deposits; and

抽样检查外部文件及证据，以支持预付款

项及按金的存在及完整性；及

预付款项及按金减值

请参阅综合财务报表附注

2(h)(i)

及

(i)

及

及会计

政策

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

综合财务报表及其核数师报告以外的信息

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

们就其发出的核数师报告。

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。

就审核综合财务报表而言，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，我们无任何事项需要报告。

Based on the results of management’s impairment asesment,

impairment los of aproximately HK$324,000 have ben

recognised by management on prepayments and deposits for

the year ended 31 March 2025.

根据管理层的减值评估结果，截至二零二五年三月三十一日

止年度，管理层已就预付款项及按金确认减值亏损约

324,000

港元。

We identified this as a key audit mater because of its

significance to the consolidated financial statements and

because asesing the recoverable amounts of prepayments

and deposits involve significant degre of judgement and

estimation by management.

我们识别其为关键审计事项，此乃因为其对综合财务报表的

重要性，以及因为评估预付款项及按金的可收回金额时涉及

管理层作出重大程度的判断及估计。

– discusing with management the rationale

and reasonablenes of deposits paid.

与管理层讨论已付按金的理据及合理性。

– asesing the management’s basis and

asumptions employed in making estimates

in the impairment provision of the

prepayments and deposits balances and the

extent of impairment los required.

评估管理层估计预付款项及按金结余的减

值拨备及所需作出的减值亏损程度时采用

的基准及假设。

Information other than the consolidated financial

statements and auditor’s report thereon

The directors of the Company are responsible for the other

information. The other information comprises the information

included in the anual report, other than the consolidated

financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not

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

asurance conclusion thereon.

In conection with our audit of the consolidated financial

statements, our responsibility is to read the other information

and, in doing so, consider whether the other information

is materialy inconsistent with the consolidated financial

statements or our knowledge obtained in the audit or

otherwise apears to be materialy mistated.

If, based on the work we have performed, we conclude that

there is a material mistatement of this other information, we

are required to report that fact. We have nothing to report in

this regard.

ANUAL REPORT 2024/25

年报

2024/2555

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

董事及管治人员就综合财务报表须承担的责任

贵公司董事须负责根据香港会计师公会颁布的香

港财务报告准则会计准则及香港公司条例的披露

规定拟备真实而中肯的综合财务报表，并对其认

为使综合财务报表的拟备不存在由于欺诈或错

误而导致的重大错误陈述所需的内部控制负责。

在拟备综合财务报表时，董事负责评估贵集团

持续经营的能力，并在适用情况下披露与持续经

营有关的事项，以及使用持续经营为会计基础，

除非董事有意将贵集团清盘或停止经营，或别

无其他实际的替代方案。

管治人员负责监督贵集团的财务报告流程。

核数师就审核综合财务报表须承担的责任

我们的目标，是对综合财务报表整体是否不存在

由于欺诈或错误而导致的重大错误陈述取得合理

保证，并出具包括我们意见的核数师报告。本报

告按照百慕达公司法（一九八一年）第

条的规定

仅向整体股东报告，除此之外，本报告别无其他

目的。我们概不就本报告的内容，对任何其他人

士负责或承担法律责任。

合理保证是高水平的保证，但不能保证按照香港

审计准则进行的审计，在某一重大错误陈述存在

时总能发现。错误陈述可以由欺诈或错误引起，

如果合理预期它们单独或汇总起来可能影响综合

财务报表使用者依赖综合财务报表所作出的经济

决定，则有关的错误陈述可被视为重大。

Responsibilities of the 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. This report is made solely to you, as a body, in

acordance with Section 90 of the Companies Act 1981

of Bermuda, 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.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

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。

•

了解与审计相关的内部控制，以设计适当

的审计程序，但目的并非对贵集团内部

控制的有效性发表意见。

•

评价董事所采用会计政策的恰当性及作出

会计估计和相关披露的合理性。

•

对董事采用持续经营会计基础的恰当性作

出结论。根据所获取的审计凭证，确定是

否存在与事项或情况有关的重大不确定

性，从而可能导致对贵集团的持续经营

能力产生重大疑虑。如果我们认为存在重

大不确定性，则有必要在核数师报告中提

请使用者注意综合财务报表中的相关披

露。假若有关的披露不足，则我们应当发

表非无保留意见。我们的结论是基于核数

师报告日止所取得的审计凭证。然而，未

来事项或情况可能导致贵集团不能持续

经营。

•

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

否中肯反映相关交易和事项。

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

profesional judgement and maintain profesional scepticism

throughout the audit. We also:

• Identify and ases the risks of material mistatement

of the consolidated financial statements, whether

due to fraud or eror, design and perform audit

procedures responsive to those risks, and obtain

audit evidence that is suficient and apropriate

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

detecting a material mistatement resulting from fraud

is higher than for one resulting from eror, as fraud

may involve colusion, forgery, intentional omisions,

misrepresentations, or the overide of internal control.

• Obtain an understanding of internal control relevant

to the audit in order to design audit procedures that

are apropriate in the circumstances, but not for the

purpose of expresing an opinion on the efectivenes

of the Group’s internal control.

• 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.

ANUAL REPORT 2024/25

年报

2024/2557

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

•

计划及执行集团审计，就贵集团内实体

或业务单位的财务资料获取充足、适当的

审计凭证，作为对集团财务报表发表意见

的基础。我们负责指导、监督和覆核为集

团审计目的而执行的审计工作。我们为审

计意见承担全部责任。

我们与负责管治的人员沟通了（其中包括）计划的

审计范围及时间安排以及重大审计发现等，包括

我们在审计中识别出内部控制的任何重大缺陷。

我们亦向负责管治的人员提交声明，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，采取

措施减少对我们独立性的影响或采取保护我们独

立性的措施。

从与负责管治的人员沟通的事项中，我们确定哪

些事项对本期综合财务报表的审计最为重要，因

而构成关键审计事项。我们在核数师报告中描述

这些事项，除非法律法规不允许公开披露这些事

项，或在极端罕见的情况下，如果合理预期在我

们报告中沟通某事项造成的负面后果超过产生的

公众利益，我们决定不应在报告中沟通该事项。

出具本独立核数师报告的审计项目合伙人为潘卓

毅。

国富浩华（香港）会计师事务所有限公司

执业会计师

香港，二零二五年六月二十五日

潘卓毅

执业证书编号

P06711

• 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 eliminate 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 this

independent auditor’s report is Pon Cheuk Ngai.

Crowe (HK) CPA Limited

Certified Public Acountants

Hong Kong, 25 June 2025

Pon Cheuk Ngai

Practising Certificate Number P06711

2025
二零二五年 HK$’000
千港元
470,308
(474,333)
(4,025)
995
(546)
(16,941)
(5,586)
(5,186)
(10,661)
(3,620)
(45,570)
(575)
(46,145)
47
(46,098)
(45,881)
(217)
(46,098)
(45,881)
HK Cent
港仙
(0.218)

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CONSOLIDATED STATEMENT OF PROFIT OR LOS

综合损益表FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二四年

NotesHK$’000

附注千港元

Revenue

收益

4(a)864,305

Cost of sales

销售成本

(852,272)

Gros (los)/profit

（毛损）／毛利

12,033

Other net income

其他收入净额

53,169

Seling and distribution costs

销售及分销成本

(580)

Administrative expenses

行政开支

(13,620)

Other operating (expenses)/income

其他经营（开支）／收入

2,018

Los alowance recognised on trade

receivables

应收贸易款项已确认

亏损拨备

6(c)(32,615)

Impairment los on property, plant and

equipment

物业、厂房及设备减值亏损

6(c)–

Impairment los on right-of-use asets

使用权资产减值亏损

–

Los from operations

经营亏损

(29,595)

Finance costs

融资成本

6(a)(639)

Los before taxation

除税前亏损

6(30,234)

Income tax

所得税

7(a)(947)

Los for the year

年内亏损

(31,181)

Atributable to:

下列人士应占：

Owners of the Company

本公司拥有人

(30,782)

Non-controling interests

非控股权益

(399)

(31,181)

Los for the year atributable

to owners of the Company

本公司拥有人应占年内

亏损

(30,782)

HK Cent

港仙

Los per share

每股亏损

Basic and diluted

基本及摊薄

(0.146)

The acompanying notes form an integral part of these

consolidated financial statements.

随附之附注为该等综合财务报表之组成部分。

2025
二零二五年 HK$’000
千港元
(46,098)
(4,628)
(4,628)
(50,726)
(50,564)
(162)
(50,726)

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

ANUAL REPORT 2024/25

年报

2024/2559

二零二四年

HK$’000

千港元

Los for the year

年内亏损

(31,181)

Other comprehensive expenses

for the year

年内之其他全面开支

Items that may be reclasified

subsequently to profit or los:

于往后可能重新分类至损益之项目：

Exchange diferences arising on

translation of financial statements

of subsidiaries

换算附属公司财务报表产生之

汇兑差异

(26,511)

Other comprehensive expenses for

the year, net of nil tax (2024: nil)

年内之其他全面开支，扣除零税项

（二零二四年：零）

(26,511)

Total comprehensive expenses

for the year

年内全面开支总额

(57,692)

Atributable to:

下列人士应占：

Owners of the Company

本公司拥有人

(57,575)

Non-controling interests

非控股权益

(117)

(57,692)

The acompanying notes form an integral part of these

consolidated financial statements.

随附之附注为该等综合财务报表之组成部分。

2025
二零二五年 HK$’000
千港元
27,906
4,656
–
–
17,340
39
49,941
41,858
115,498
297,919
3,134
458,409
88,479
41,800
–
2,351
132,630
325,779
375,720

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表AT 31 MARCH 2025

于二零二五年三月三十一日

二零二四年

NotesHK$’000

附注千港元

Non-curent asets

非流动资产

Property, plant and equipment

物业、厂房及设备

13(a)27,634

Right-of-use asets

使用权资产

13(b)12,793

Godwil

商誉

14–

Other intangible aset

其他无形资产

15–

Trade receivables

应收贸易款项

1724,024

Defered tax asets

递延税项资产

23(b)39

64,490

Curent asets

流动资产

Inventories

存货

1625,979

Trade receivables

应收贸易款项

17147,974

Prepayments, deposits and

other receivables

预付款项、按金及

其他应收款项

18315,409

Cash and cash equivalents

现金及现金等值物

19(a)6,503

495,865

Curent liabilities

流动负债

Trade payables

应付贸易款项

2074,145

Acruals and other payables

应计费用及其他应付款项

2152,025

Lease liabilities

租赁负债

221,626

Tax payable

应付税项

23(a)3,561

131,357

Net curent asets

流动资产净值

364,508

Total asets les curent liabilities

总资产减流动负债

428,998

2025
二零二五年 HK$’000
千港元
–
66
66
375,654
4,217
380,850
385,067
(9,413)
375,654

ANUAL REPORT 2024/25

年报

2024/2561

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

AT 31 MARCH 2025

于二零二五年三月三十一日

于二零二五年六月二十五日经董事会批准及授权

发行。

二零二四年

NotesHK$’000

附注千港元

Non-curent liabilities

非流动负债

Lease liabilities

租赁负债

222,552

Defered tax liabilities

递延税项负债

23(b)66

2,618

Net asets

资产净值

426,380

Equity

权益

Equity atributable to owners

of the Company

本公司拥有人应占权益

Share capital

股本

24(b)4,217

Reserves

储备

431,414

435,631

Non-controling interests

非控股权益

(9,251)

Total equity

权益总额

426,380

Aproved and authorised for isue by the Board of Directors

on 25 June 2025.

Mr. Ho Yu-shunMs. Sun Le

何昱勋先生孙乐女士

DirectorDirector

董事董事

The acompanying notes form an integral part of these

consolidated financial statements.

随附之附注为该等综合财务报表之组成部分。

4,217	41,970	(1,522)	7,851	16,972	31,960	(20,571)	412,329	493,206	(9,134)	484,072
–	–	–	–	–	–	–	(30,782)	(30,782)	(399)	(31,181)
–	–	–	–	–	–	(26,793)	–	(26,793)	282	(26,511)

–	–	–	–	1,060	–	–	(1,060)	–	–	–
–	–	–	–	(828)	–	–	828	–	–	–
4,217	41,970	(1,522)	7,851	17,204	31,960	(47,364)	381,315	435,631	(9,251)	426,380
4,217	41,970	(1,522)	7,851	17,204	31,960	(47,364)	381,315	435,631	(9,251)	426,380
–	–	–	–	–	–	–	(45,881)	(45,881)	(217)	(46,098)
–	–	–	–	–	–	(4,683)	–	(4,683)	55	(4,628)
–	–	–	–	–	–	(4,683)	(45,881)	(50,564)	(162)	(50,726)
–	–	–	–	34	–	–	(34)	–	–	–
–	–	–	–	(1,217)	–	–	1,217	–	–	–
4,217	41,970	(1,522)	7,851	16,021	31,960	(52,047)	336,617	385,067	(9,413)	375,654

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

Atributable to owners of the Company

本公司拥有人应占

capital

premium

Merger

reserve

Capital

reserve

Statutory

reserves

Contributed

surplus

Exchange

reserve

Retained

profitsTotal

Non-

controling

interests

Total

equity

股本股份溢价合并储备资本储备法定储备实缴盈余汇兑储备保留溢利总计非控股权益权益总额

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

Los for the year

年内亏损

Exchange diferences arising on

translation of financial statements

of subsidiaries

换算附属公司财务报表

产生之汇兑差异

Total comprehensive expenses

for the year

年内全面开支总额

–(26,793)(30,782)(57,575)(117)(57,692)

Transfer from retained profits to

statutory reserves

由保留溢利转拨至

法定储备

Utilisation of reserve

动用储备

At 31 March 2024

于二零二四年

三月三十一日

At 1 April 2024

于二零二四年四月一日

Los for the year

年内亏损

Exchange diferences arising on

translation of financial statements

of subsidiaries

换算附属公司财务报表

产生之汇兑差异

Total comprehensive expenses

for the year

年内全面开支总额

Transfer from retained profits to

statutory reserves

由保留溢利转拨至

法定储备

Utilisation of reserve

动用储备

At 31 March 2025

于二零二五年

三月三十一日

The acompanying notes form an integral part of these

consolidated financial statements.

随附之附注为该等综合财务报表之组成部分。

2025
二零二五年 HK$’000
千港元
(46,145)
575
35
2,823
7,421
5,186
324
4,830
10,661
3,620
432
–
(478)
575
(10,141)
(22,282)
23,681
10,257
15,627
(9,096)

ANUAL REPORT 2024/25

年报

2024/2563

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二四年

NotesHK$’000

附注千港元

OPERATING ACTIVITIES

经营活动

Los before taxation

除税前亏损

(30,234)

Adjustments for:

就以下各项作出之调整：

Finance costs

融资成本

6(a)639

Writen of of property,

plant and equipment

物业、厂房及设备撇销

6(c)33

Depreciation for property,

plant and equipment

物业、厂房及设备之

折旧

6(c)2,222

Depreciation for right-of-use asets

使用权资产之折旧

6(c)7,111

Los alowance recognised on

trade receivables

应收贸易款项

已确认亏损拨备

6(c)32,615

Los alowance recognised/

(reversal of los alowance) on

deposits and other receivables

按金及其他应收款项

已确认亏损拨备／

（亏损拨备拨回）

6(c)(752)

Write-down/(reversal of write-down)

on inventories

存货撇减／（撇减拨回）

6(c)(2,413)

Impairment los on property, plant

and equipment

物业、厂房及设备之减

值亏损

–

Impairment los on right-of-use asets

使用权资产减值亏损

–

Los alowance recognised on

amount due from a non-controling

interest

应收非控股权益款项

已确认亏损拨备

6(c)411

Los on lease modification

租赁修改亏损

6(c)736

Interest income

利息收入

5(436)

Net foreign exchange los/(gain)

汇兑亏损／（溢利）净额

(1,139)

Operating cash flows before movements

in working capital

营运资金变动前之

经营现金流

8,793

CHANGES IN WORKING CAPITAL

营运资金变动

(Increase)/decrease in inventories

存货之（增加）／减少

19,625

Decrease in trade receivables

应收贸易款项之减少

1,090,300

Decrease/(increase) in prepayments,

deposits and other receivables

预付款项、按金及

其他应收款项之

减少╱（增加）

(8,984)

Increase/(decrease) in trade payables

应付贸易款项之

增加╱（减少）

(1,131,058)

(Decrease)/increase in acruals

and other payables

应计费用及

其他应付款项之

（减少）╱增加

(9,096)23,104

2025
二零二五年 HK$’000
千港元
8,046
(1,135)
6,911
46
(10,453)
(10,407)
(3,496)
6,503
127
3,134

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

二零二四年

NotesHK$’000

附注千港元

CASH GENERATED FROM

OPERATIONS

来自经营之现金

1,780

Income tax paid

– PRC

已付所得税

－中国

23(a)(505)

NET CASH GENERATED FROM

OPERATING ACTIVITIES

来自经营活动之现金净额

1,275

INVESTING ACTIVITIES

投资活动

Interest received

已收利息

Payment for the purchase of

property, plant and equipment

支付购买物业、厂房及

设备之款项

13(a)(1,983)

NET CASH USED IN INVESTING

ACTIVITIES

用于投资活动之现金净额

(1,958)

NET DECREASE IN CASH AND

CASH EQUIVALENTS

现金及现金等值物

减少净额

(683)

CASH AND CASH EQUIVALENTS AT

BEGINING OF THE YEAR

于年初之现金及现金等值物

7,532

EFECT OF FOREIGN EXCHANGE

RATES CHANGES

汇率调整之影响

(346)

CASH AND CASH EQUIVALENTS AT

END OF THE YEAR

于年末之现金及现金等值物

19(a)6,503

Major non-cash transaction

The lease payment for 2025 with amounted aproximately

HK$7,714,000 (2024: aproximately HK$8,488,000) and

trade payables amounted aproximately HK$360,000 (2024:

aproximately HK$15,941,000) were of set with the trade

receivables.

主要非现金交易：

二零二五年之租赁付款额约

7,714,000

港元（二

零二四年：约

8,488,000

港元）及应付贸易款项约

360,000

港元（二零二四年：约

15,941,000

港元）已与

应收贸易款项抵销。

The acompanying notes form an integral part of these

consolidated financial statements.

随附之附注为该等综合财务报表之组成部分。

ANUAL REPORT 2024/25

年报

2024/2565

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

1. GENERAL INFORMATION

New Provenance Everlasting Holdings Limited (the

“Company”) is an exempted company incorporated in

Bermuda with limited liability and its shares are listed

on the Stock Exchange. The Company’s registered

ofice is located at Clarendon House, 2 Church Stret,

Hamilton HM 11, Bermuda and the principal place of

busines in Hong Kong of the Company is located at

Unit 1102, 11/F, Shui On Centre, No. 6-8 Harbour Road,

Wanchai, Hong Kong.

The Company is an investment holding company.

Details of the principal activities of the subsidiaries of

the Company are set out in note 29 to the consolidated

financial statements.

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION

(a) Statement of compliance

These consolidated financial statements have

ben prepared in acordance with al Hong

Kong Financial Reporting Standards, Hong

Kong Acounting Standards and Interpretation

(hereinafter colectively refered to as the

“HKFRS Acounting Standards”) isued

by the Hong Kong Institute of Certified

Public Acountants (“HKICPA”), acounting

principles generaly acepted in Hong Kong

and the disclosure requirements of the Hong

Kong Companies (Cap 622) Ordinance. These

consolidated financial statements also comply

with the aplicable disclosure provisions of

the Rules Governing the Listing of Securities

(the “Listing Rules”) on The Stock Exchange of

Hong Kong Limited (the “Stock Exchange”).

Material acounting policy information

adopted by the Group are disclosed below.

一般资料

新源万恒控股有限公司（「本公司」）于百

慕达注册成立为获豁免有限公司，其股份

在联交所上市。本公司注册办事处位于

Clarendon House, 2 Church Stret, Hamilton

HM 11, Bermuda

，而本公司之香港主要营

业地点为香港湾仔港湾道

6-8

号瑞安中心

楼

室。

本公司为投资控股公司。本公司附属公司

之主要业务详情载于综合财务报表附注

。

编制基准及重大会计政策资料

(a)

合规声明

此等综合财务报表乃按照香港会计

师公会（「香港会计师公会」）颁布之

所有香港财务报告准则、香港会计

准则及诠释（下文统称为「香港财务

报告会计准则」）、香港普遍适用会

计原则及香港公司条例（第

章）

之适用披露规定编制。此等综合财

务报表亦符合香港联合交易所有限

公司（「联交所」）证券上市规则（「上

市规则」）之适用披露规定。本集团

所采纳之重大会计政策资料披露于

下文。

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(a)

合规声明（续）

香港会计师公会已颁布若干新订及

经修订香港财务报告准则会计准

则，该等香港财务报告准则于本集

团本会计期间强制生效或可供提早

采纳。附注

提供首次应用此等新

订及经修订准则所引致之任何会计

政策变动之资料，以于此等综合财

务报表中所反映当前会计期间与本

集团相关者为限。

(b)

综合财务报表之编制基准

截至二零二五年三月三十一日止年

度之综合财务报表包括本公司及其

附属公司（统称「本集团」）。

本集团旗下各实体之财务报表所包

括项目乃采用该实体经营所在地之

主要经济环境之货币（「功能货币」）

计量。此等综合财务报表以港元

（「港元」）呈报，除每股数据外，有

关金额均约整至最接近之千位数。

港元为本公司之功能货币及本集团

之呈报货币。

财务报表乃按历史成本基准为计量

基准编制。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(a) Statement of compliance (continued)

The HKICPA has isued certain new and

amendments to HKFRS Acounting Standards

which are mandatorily efective or available

for early adoption for the curent acounting

period of the Group. Note 3 provides

information on any changes in acounting

policies resulting from the initial aplication

of these developments to the extent that

they are relevant to the Group for the

curent acounting periods reflected in these

consolidated financial statements.

(b) Basis of preparation of the consolidated

financial statements

The consolidated financial statements for

the year ended 31 March 2025 comprise

the Company and its subsidiaries (together

refered to as the “Group”).

Items included in the financial statements

of each entity in the Group are measured

using the curency of the primary economic

environment in which the entity operates (the

“functional curency”). These consolidated

financial statements are presented in Hong

Kong dolars (“HKD”), rounded to the nearest

thousand except for per share data. Hong Kong

dolar is the Company’s functional curency

and the Group’s presentation curency.

The measurement basis used in the

preparation of the financial statements is the

historical cost basis.

ANUAL REPORT 2024/25

年报

2024/2567

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(b)

综合财务报表之编制基准（续）

编制符合香港财务报告准则会计准

则的财务报表需要管理层作出会影

响政策应用及资产、负债、收入与

支出的报告金额的判断、估计及假

设。估计及有关假设乃根据过往经

验及多个被认为在有关情况下属合

理的其他因素而作出，其结果成为

判断无法轻易从其他来源得知其账

面值之资产与负债账面值的基础。

实际结果可能有异于该等估计。

估计及相关假设会持续检讨。对会

计估计进行修订时，若修订只影响

该期间，则修订会在修订估计的期

间内确认；或若修订影响到当期及

未来期间，则在修订期间及未来期

间确认。

管理层就应用对综合财务报表有重

大影响的香港财务报告准则会计准

则时所作出的判断，及估计不确定

性之主要来源载于附注

。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(b) Basis of preparation of the consolidated

financial statements (continued)

The preparation of financial statements in

conformity with HKFRS Acounting Standards

requires management to make judgements,

estimates and asumptions that afect the

aplication of policies and reported amounts

of asets, liabilities, income and expenses. The

estimates and asociated asumptions are

based on historical experience and various

other factors believed to be reasonable under

the circumstances, the results of which form

the basis of making the judgements about

carying amounts of asets and liabilities not

readily aparent from other sources. Actual

results may difer from these estimates.

The estimates and underlying asumptions

are reviewed on an ongoing basis. Revisions

to acounting estimates are recognised in

the period in which the estimate is revised if

the revision afects only that period, or in the

period of the revision and future periods if

the revision afects both curent and future

periods.

Judgements made by management in the

aplication of HKFRS Acounting Standards

that have significant efect on the consolidated

financial statements and major sources of

estimation uncertainty are discused in note

31.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(c)

附属公司及非控股权益

附属公司指本集团控制之实体。倘

本集团因参与实体业务而承担当中

的可变动回报风险或有权享有当中

的可变动回报，且能够透过其对该

实体的权力影响该等回报，则本集

团控制该实体。评估本集团是否拥

有权力时，仅会考虑本集团及其他

人士所持有的实权。倘事实及情况

显示一个或以上可控制之因素变动

时，本集团会重新评估是否能够控

制该实体。

于一间附属公司之投资由该控制权

开始之日期直至控制权终止日期综

合计入综合财务报表。如有需要，

会对附属公司之财务报表作出调

整，使其会计政策与本集团之会计

政策一致。集团间结余、交易及现

金流量以及由集团间交易所产生之

任何尚未变现溢利均于编制综合财

务报表时悉数撇销。由集团间交易

所产生之未变现亏损以与未变现盈

利相同之方式予以撇销，惟以并无

减值证据者为限。

非控股权益乃指附属公司中并非由

本公司直接或间接应占之权益，而

本集团并无与该等权益之持有人协

定任何额外条款而导致本集团整体

上须就符合金融负债定义之该等权

益负上合约责任。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

Subsidiaries are entities controled by the

Group. The Group controls an entity when it is

exposed, or has rights, to variable returns from

its involvement with the entity and has the

ability to afect those returns through its power

over the entity. When asesing whether the

Group has power, only substantive rights (held

by the Group and other parties) are considered.

The Group reaseses whether or not it controls

an entity if facts and circumstances indicate

that there are changes to one or more of the

elements of control.

An investment in a subsidiary is consolidated

into the consolidated financial statements

from the date that control comences

until the date that control ceases. Where

necesary, adjustments are made to the

financial statements of subsidiaries to bring

the acounting policies used into line with

the Group’s acounting policies. Intra-group

balances, transactions and cash flows and any

unrealised profits arising from intra-group

transactions are eliminated in ful in preparing

the consolidated financial statements.

Unrealised loses resulting from intra-group

transactions are eliminated in the same way

as unrealised gains but only to the extent that

there is no evidence of impairment.

Non-controling interests represent the equity

in a subsidiary not atributable directly or

indirectly to the Company, and in respect of

which the Group has not agred any aditional

terms with the holders of those interests which

would result in the Group as a whole having

a contractual obligation in respect of those

interests that mets the definition of a financial

liability.

ANUAL REPORT 2024/25

年报

2024/2569

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(c)

附属公司及非控股权益（续）

非控股权益于综合财务状况表内与

本公司拥有人应占权益分开，并于

权益内列示。非控股权益于本集团

之业绩乃按综合损益表及综合损益

及其他全面收益表之账面值列账，

作为非控股权益与本公司拥有人之

间于该年度之总损益及全面收益总

额之分配列示。即使会导致非控股

权益出现亏绌结余，本公司拥有人

及非控股权益仍应获发附属公司全

面收益或开支总额。

当本集团丧失对附属公司之控股

权，将按出售该附属公司之所有权

益入账，而所产生之盈亏确认于损

益表。先前于其他全面收益表确认

与该附属公司有关之全部金额，已

按犹如本集团直接出售该附属公司

有关资产或负债入账（即按适用之

香港财务报告准则会计准则指定╱

允许之情况下重新分类列作溢利或

亏损，或转拨至另一权益类别）。在

丧失控股权日仍保留该前附属公司

之任何权益按公允值确认，而此金

额被视为初始确认金融资产之公允

值，或（如适用）按成本初始确认于

联营公司或合营企业投资。

在本公司之财务状况表中，于附

属公司之投资乃按成本减值亏损

（见附注

2(h)(i)

）列账，除非该项投

资分类为持作销售（或计入分类为

持作销售之出售组别）。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(continued)

Non-controling interests are presented

in the consolidated statement of financial

position within equity, separately from equity

atributable to the owners of the Company.

Non-controling interests in the results of

the Group are presented on the face of the

consolidated statement of profit or los and

the consolidated statement of profit or los

and other comprehensive income as an

alocation of the total profit or los and total

comprehensive income for the year betwen

non-controling interests and the owners of

the Company. Total comprehensive income

or expenses of subsidiaries is atributed to

the owners of the Company and to the non-

controling interests even if this results in

the non-controling interests having a deficit

balance.

When the Group loses control of a subsidiary,

it is acounted for as a disposal of the entire

interest in that subsidiary, with a resulting

gain or los being recognised in profit or los.

Al amounts previously recognised in other

comprehensive income in relation to that

subsidiary are acounted for as if the Group

had directly disposed of the related asets or

liabilities of the subsidiary (i.e. reclasified to

profit or los or transfered to another category

of equity as specified/permited by aplicable

HKFRS Acounting Standards ). Any interest

retained in that former subsidiary at the date

when control is lost is recognised at fair value

and this amount is regarded as the fair value on

initial recognition of a financial aset or, when

apropriate, the cost on initial recognition of an

investment in an asociate or joint venture.

In the Company’s statement of financial

position, an investment in a subsidiary is stated

at cost les impairment loses (se note 2(h)

(i), unles the investment is clasified as held

for sale (or included in a disposal group that is

clasified as held for sale).

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(d)

商誉

收购业务所产生的商誉乃按收购业

务日的成本减去累计减值亏损（如

有）列账。

就减值测试而言，商誉乃分配至预

期可从合并之协同作用获益的各

个现金产生单位（「现金产生单位」）

（或现金产生单位组别），其指就

内部管理之目的对商誉进行监控的

最低水平，且不大于经营分类。

获分配商誉的现金产生单位（或现

金产生单位组别）会每年作减值测

试，并于有迹象显示有关单位可能

减值时进行更频繁测试。就于某一

报告期间进行之收购所产生之商誉

而言，获分配商誉之现金产生单位

（或现金产生单位组别）于该报告

期间结算日之前作减值测试。倘现

金产生单位的可收回款额低于其

账面值，则首先分配减值亏损以减

少分配予该单位的任何商誉的账面

值，然后按比例根据有关单位（或

现金产生单位组别）内各资产的账

面值分配至其他资产，惟资产的账

面值不得减至低于其个别公允值

减出售成本（如可计量）、使用价值

（如可确定）及零的最高值。商誉

的任何减值亏损直接于损益中确

认。商誉之已确认减值亏损不会于

其后期间拨回。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(d) Godwil

Godwil arising on an acquisition of a busines

is caried at cost as established at the date of

acquisition of the busines les acumulated

impairment loses, if any.

For the purposes of impairment testing,

godwil is alocated to each of the Group’s

cash-generating units (“CGUs”), or groups of

CGUs, that is expected to benefit from the

synergies of the combination, which represents

the lowest level at which the godwil is

monitored for internal management purposes

and not larger than an operating segment.

A CGU (or group of CGUs) to which godwil

has ben alocated is tested for impairment

anualy, or more frequently whenever there

is indication that the unit may be impaired.

For godwil arising on an acquisition in

a reporting period, the CGUs (or group of

CGUs) to which godwil has ben alocated is

tested for impairment before the end of that

reporting period. If the recoverable amount

of the CGU is les than the carying amount

of the unit, the impairment los is alocated

first to reduce the carying amount of any

godwil alocated to the unit and then to the

other asets of the unit on a pro – rata basis

based on the carying amount of each aset

in the unit (or group of CGUs), except that the

carying value of an aset wil not be reduced

below the highest of its individual fair value

les costs of disposal (if measurable), value in

use (if determinable) and zero. Any impairment

los for godwil is recognised directly in profit

or los. Any impairment los recognised for

godwil is not reversed in subsequent periods.

ANUAL REPORT 2024/25

年报

2024/2571

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(d)

商誉（续）

于出售相关现金产生单位或现金产

生单位组别内任何现金产生单位

时，商誉应占金额于厘定出售时之

损益金额时计入在内。当本集团出

售现金产生单位（或现金产生单位

组别）内现金产生单位旗下之业务

时，所出售商誉金额按所出售业务

（或现金产生单位）与所保留现金

产生单位（或现金产生单位组别）部

分之相对价值计量，除非本集团能

够证明其他方法可更好地反映与出

售业务相关的商誉。

(e)

物业、厂房及设备

下列自用物业、厂房及设备项目

（在建工程除外）按成本减累计折

旧及减值亏损（见附注

2(h)(i)

）列

账：

－

于本集团作为物业权益登

记持有人的租赁土地及楼

宇的权益（见附注

2(g)

）；

－

本集团并非物业权益登记

持有人的租赁物业的租赁

所产生的使用权资产；及

－

其他厂房及设备项目，包括

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(d) Godwil (continued)

On disposal of the relevant CGU or any

of the CGU within the group of CGUs, the

atributable amount of godwil is included in

the determination of the amount of profit or

los on disposal. When the Group disposes of

an operation within the CGU (or a CGU within

a group of CGUs), the amount of godwil

disposed of is measured on the basis of the

relative values of the operation (or the CGU)

disposed of and the portion of the CGU (or

the group of CGUs) retained, unles the Group

can demonstrate that some other method

beter reflects the godwil asociated with the

operation disposed of.

(e) Property, plant and equipment

The folowing items of property, plant

and equipment for own use, other than

construction in progres, are stated at cost les

acumulated depreciation and impairment

loses (se note 2(h)(i):

– interests in leasehold land and

buildings where the Group is the

registered owner of the property

interest (se note 2(g);

– right-of-use asets arising from leases

over leasehold properties where the

Group is not the registered owner of

the property interest; and

– other items of plant and equipment,

including right-of-use asets arising

from leases of underlying plant and

equipment (se note 2(g).

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(e)

物业、厂房及设备（续）

物业、厂房及设备项目（在建工程

除外）的折旧乃以直线法于以下估

计可使用年期内撇销其成本（扣除

其估计剩余价值（如有）计算：

厂房、机器及

设备

5%-33%

家私及装置

20%-25%

办公室设备

20%-33%

电脑设备

20%-33%

汽车

20%-30%

租赁物业装修按租约剩余年期及

预计四年使用

寿命（以较短者

为准）

倘物业、厂房及设备项目部分之可

使用年期不同，该项目成本则于各

部分之间按合理基准分配，而各部

分将分开折旧。资产可使用年期及

其剩余价值（如有）会每年审阅。

历史成本包括收购物业、厂房及设

备项目的直接开支。

日后成本仅在本集团可能获得与该

项目有关的未来经济利益及该项目

的成本能可靠计算时，计入资产账

面值或确认为独立资产（如适用）。

作为独立资产入账的任何部分的账

面值于被替换时将被取消确认。所

有其他维修及保养费用于产生的财

政期间内于损益中确认。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(e) Property, plant and equipment (continued)

Depreciation is calculated to write of the cost

of items of property, plant and equipment,

other than construction in progres, les their

estimated residual value, if any, using the

straight-line method over their estimated

useful lives as folows:

Plant, machinery and

equipment

5%-33%

Furniture and fixtures20%-25%

Ofice equipment20%-33%

Computer equipment20%-33%

Motor vehicles20%-30%

Leasehold

improvements

Over the shorter of

the remaining term

of the lease and the

estimated useful life

of 4 years

Where parts of an item of property, plant and

equipment have diferent useful lives, the cost

of the item is alocated on a reasonable basis

betwen the parts and each part is depreciated

separately. Both the useful life of an aset and

its residual value, if any, are reviewed anualy.

Historical cost includes expenditure that is

directly atributable to the acquisition of an

item of property, plant and equipment.

Subsequent costs are included in the aset’s

carying amount or recognised as a separate

aset, as apropriate, only when it is probable

that future economic benefits asociated with

the item wil flow to the Group and the cost

of the item can be measured reliably. The

carying amount of any component acounted

for as a separate aset is derecognised when

replaced. Al other repairs and maintenance are

recognised in profit or los during the financial

period in which they are incured.

ANUAL REPORT 2024/25

年报

2024/2573

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(e)

物业、厂房及设备（续）

如资产的账面值较其估计可收回金

额为高，则将资产的账面值即时撇

减至其可收回金额。

报废或出售物业、厂房及设备项目

所产生之收益或亏损，乃以出售所

得款项净额与项目账面值之差异厘

定，并于报废或出售日期于损益中

确认。

在建工程指用于生产、供应或行政

用途之物业、厂房及设备，按成本

减任何已确认减值亏损计值。根据

本集团之会计政策，成本包括将资

产转移至使其能够以管理层预期的

方式营运所必需的位置及条件而直

接产生的任何成本，而就合资格资

产而言，则另包括拨充资本之借贷

成本。在建工程于竣工及可作拟定

用途时分类至合适类别之物业、厂

房及设备。该等资产按与其他物业

资产相同之基准，于资产可作拟定

用途起计算折旧。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(e) Property, plant and equipment (continued)

An aset’s carying amount is writen down

imediately to its recoverable amount if the

aset’s carying amount is greater than its

estimated recoverable amount.

Gain or los arising from the retirement or

disposal of an item of property, plant and

equipment is determined as the diference

betwen the net proceds on disposal and the

carying amount of the item and is recognised

in profit or los on the date of retirement or

disposal.

Construction in progres represents

property, plant and equipment in the course

of construction for production, suply or

administrative purposes, which are caried at

cost, les any recognised impairment loses.

Costs include any costs directly atributable

to bringing the aset to the location and

condition necesary for it to be capable

of operating in the maner intended by

management and, for qualifying asets,

borowing costs capitalised in acordance with

the Group’s acounting policy. Construction

in progres are clasified to the apropriate

categories of property, plant and equipment

when completed and ready for their intended

use. Depreciation of these asets, on the same

basis as other property asets, comences

when the asets are ready for their intended

use.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(f)

无形资产（商誉除外）

于业务合并中收购之无形资产

于业务合并中收购并自商誉中单独

确认的无形资产初步按其于收购日

期的公允值确认（视为其成本）。

于初步确认后，于业务合并中收购

的具有限可使用年期的无形资产

按成本减累计摊销及任何累计减值

亏损列账。具有限可使用年期的

无形资产摊销于其估计可使用年期

内按直线基准确认。估计可使用年

期及摊销法于各报告期末检讨，而

估计之任何变动影响于日后反映。

收购并拥有永久可使用年期之无形

资产将按成本减任何其后累计减

值亏损列账。每年均会对永久年期

的评估进行审查，以确定永久年期

是否可继续有效。倘不能，则将可

使用年期由永久年期更改为有限年

期，乃按预期基础进行。

下列具有限可用期限的无形资产

自其可供使用日期起计算摊销，而

其估计可用期限如下：

客户关系五年

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(f) Intangible asets (other than godwil)

Intangible asets acquired in a busines

combination

Intangible asets acquired in a busines

combination are recognised separately from

godwil and are initialy recognised at their

fair value at the acquisition date (which is

regarded as their cost).

Subsequent to initial recognition, intangible

asets acquired in a busines combination

with finite useful lives are reported at cost

les acumulated amortisation and any

acumulated impairment loses. Amortisation

for intangible asets with finite useful lives

is recognised on a straight-line basis over

their estimated useful lives. The estimated

useful life and amortisation method are

reviewed at the end of each reporting period,

with the efect of any changes in estimate

being acounted for on a prospective basis.

Intangible asets with indefinite useful lives

that are acquired are stated at cost les any

subsequent acumulated impairment loses.

The asesment of indefinite life is reviewed

anualy to determine whether the indefinite

life continues to be suportable. If not, the

change in useful life from indefinite to finite is

made on a prospective basis.

The folowing intangible asets with finite

useful lives are amortised from the date they

are available for use and their estimated useful

lives are as folows:

Customer relationship5 years

ANUAL REPORT 2024/25

年报

2024/2575

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(f)

无形资产（商誉除外）（续）

于业务合并中收购之无形资产（续）

无形资产于出售时或预期使用或出

售将不会产生未来经济利益时取消

确认。因取消确认无形资产而产生

之收益及亏损乃按出售所得款项

净额与有关资产账面值间之差额计

量，并在取消确认该资产时于损益

确认。

(g)

租赁

本集团会于合约初始生效时评估该

合约是否属租赁或包含租赁。本集

团仅于合约条款及条件在其后变更

时方会重新评估合约是否为租赁或

包含租赁。倘合约为换取代价而转

让在一段时间内控制可识别资产使

用的权利，则该合约属租赁或包含

租赁。倘客户有权主导可识别的资

产的使用及从该使用中获取绝大部

分的经济收益，则表示控制权已转

让。

作为承租人

倘合约载有租赁部分及非租赁部

分，本集团已选择不单独划分非租

赁部分，并将所有租赁的各租赁部

分及任何相关非租赁部分入账列为

单一租赁部分。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(f) Intangible asets (other than godwil)

(continued)

Intangible asets acquired in a busines

combination (continued)

An intangible aset is derecognised on

disposal, or when no future economic benefits

are expected from use or disposal. Gains

and loses arising from derecognition of an

intangible aset, measured as the diference

betwen the net disposal proceds and the

carying amount of the aset, is recognised in

profit or los when the aset is derecognised.

(g) Leases

At inception of a contract, the Group aseses

whether the contract is, or contains, a lease.

The Group wil reases whether a contract

is, or contains, a lease only if the terms and

conditions of the contract are subsequently

changed. A contract is, or contains, a lease

if the contract conveys the right to control

the use of an identified aset for a period of

time in exchange for consideration. Control is

conveyed where the customer has both the

right to direct the use of the identified aset

and to obtain substantialy al of the economic

benefits from that use.

As a lese

Where the contract contains lease component(s)

and non-lease component(s), the Group has

elected not to separate non-lease components

and acounts for each lease component and

any asociated non-lease components as a

single lease component for al leases.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(g)

租赁（续）

作为承租人（续）

于租赁开始日期，本集团确认使用

权资产及租赁负债，惟租期为

个

月或以下且并无包含购买权的短期

租赁以及低价值资产租赁除外。当

本集团就低价值资产订立租赁时，

本集团会按租赁基准决定是否将租

赁拨充资本。与该等租赁有关而未

资本化之租赁付款于租期内按系统

性基准确认为开支。

当租赁于租赁开始日期开始资本

化，租赁负债初步于租期内按应付

租赁付款现值确认（减任何应收租

赁优惠），然后使用租赁隐含之利

率贴现，倘无法即时厘定利率，则

使用相关增量借贷利率。并非基于

指数或利率之可变租赁付款并不计

入租赁负债计量，因此于产生之会

计期间于损益扣除。租赁付款亦包

括根据剩余价值担保预期本集团应

付之款项；购买权的行使价（倘本

集团合理确定行使该权利）；及终

止租赁的罚款付款（倘租期反映本

集团行使终止权终止租赁）。

于初步确认后，租赁负债按摊销成

本计量，而利息开支使用实际利率

法计算。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(g) Leases (continued)

As a lese (continued)

At the lease comencement date, the Group

recognises a right-of-use aset and a lease

liability, except for short-term leases that have

a lease term of 12 months or les and do not

include a purchase option and leases of low-

value asets. When the Group enters into a

lease in respect of a low-value aset, the Group

decides whether to capitalise the lease on

a lease-by-lease basis. The lease payments

asociated with those leases which are not

capitalised are recognised as an expense on a

systematic basis over the lease term.

Where the lease is capitalised at the

comencement date of the lease, the lease

liability is initialy recognised at the present

value of the lease payments (les any lease

incentives receivable) payable over the lease

term, discounted using the interest rate

implicit in the lease or, if that rate canot

be readily determined, using a relevant

incremental borowing rate. Variable lease

payments that do not depend on an index or

rate are not included in the measurement of

the lease liability and hence are charged to

profit or los in the acounting period in which

they are incured. Lease payments also include

amounts expected to be payable by the Group

under residual value guarantes; the exercise

price of a purchase option if the Group is

reasonably certain to exercise the option; and

payments of penalties for terminating a lease, if

the lease term reflects the Group exercising an

option to terminate the lease.

After initial recognition, the lease liability

is measured at amortised cost and interest

expense is calculated using the efective

interest method.

ANUAL REPORT 2024/25

年报

2024/2577

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(g)

租赁资产（续）

作为承租人（续）

当租赁资本化时，所确认使用权资

产初步按成本计量，包括租赁负债

之初始金额加上开始日期或之前之

任何租赁付款减所收取的任何租赁

优惠与产生之任何初始直接成本。

在适用的情况下，使用权资产之成

本亦包括拆除及移除相关资产，或

恢复相关资产或恢复相关资产所

在地之成本估算，贴现至现值并因

任何所收租赁优惠措施而减少。使

用权资产随后按成本减去累计折旧

及减值亏损列账（见附注

2(e)

及

2(h)

(i)

），惟与本集团为租赁权益登记

拥有人的租赁土地及楼宇有关的使

用权资产乃根据附注

2(e)

按成本列

账除外。

倘租赁于租赁期间结束时将相关资

产的所有权转移至本集团，或倘使

用权资产的成本反映本集团将行使

购买选择权，则本集团应自开始日

期起至相关资产可使用年期结束时

对使用权资产进行折旧。否则，本

集团应自开始日期起至使用权资产

可使用年期结束时或租赁期间结束

时（以较早者为准）折旧使用权资

产。

当本集团于租赁期间结束时取得租

赁资产的所有权时，于行使购买选

择权时，将相关使用权资产的成本

以及相关的累计折旧及减值亏损转

入相应的物业、厂房及设备类别。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(g) Leases (continued)

As a lese (continued)

The right-of-use aset recognised when a

lease is capitalised is initialy measured at cost,

which comprises the initial amount of the lease

liability plus any lease payments made at or

before the comencement date les any lease

incentives received, and any initial direct costs

incured. Where aplicable, the cost of the

right-of-use asets also includes an estimate of

costs to dismantle and remove the underlying

aset or to restore the underlying aset or the

site on which it is located, discounted to their

present value, and is reduced by any lease

incentives received. The right-of-use aset is

subsequently stated at cost les acumulated

depreciation and impairment loses (se notes

2(e) and 2(h)(i), except for the right-of-use

asets related to leasehold land and buildings

where the Group is the registered owner of

the leasehold interest are caried at cost in

acordance with note 2(e).

If the lease transfers ownership of the

underlying aset to the Group by the end of

the lease term or if the cost of the right-of-use

aset reflects that the Group wil exercise a

purchase option, the Group shal depreciate

the right-of-use aset from the comencement

date to the end of the useful life of the

underlying aset. Otherwise, the Group shal

depreciate the right-of-use aset from the

comencement date to the earlier of the end

of the useful life of the right-of-use aset or the

end of the lease term.

When the Group obtains ownership of the

underlying leased aset at the end of the

lease term, upon exercising purchase option,

the cost of the relevant right-of-use aset

and the related acumulated depreciation

and impairment los is transfered to the

apropriate category of property, plant and

equipment.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(g)

租赁资产（续）

作为承租人（续）

可退还租赁按金的初始公允值根据

以摊销成本计量的金融资产适用的

会计政策与使用权资产分开列账。

按金的初始公允值与按金面值之

间的任何差额均以额外租赁付款入

账，并计入使用权资产成本。

本集团于「物业、厂房及设备」中呈

列不符合投资物业定义的使用权资

产，倘拥有相应的相关资产，则于

同一行项目中呈列。符合投资物业

定义的使用权资产于「投资物业」中

呈列。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(g) Leases (continued)

As a lese (continued)

The initial fair value of refundable rental

deposits is acounted for separately from

the right-of-use asets in acordance with

the acounting policy aplicable to financial

aset measured at amortised cost. Any

diference betwen the initial fair value and

the nominal value of the deposits is acounted

for as aditional lease payments made and is

included in the cost of right-of-use asets.

The Group presents right-of-use asets, that do

not met the definition of investment property,

in “property, plant and equipment”, the same

line item within which the coresponding

underlying asets would be presented if they

were owned. Right-of-use asets that met

the definition of investment property are

presented within “investment properties”.

ANUAL REPORT 2024/25

年报

2024/2579

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(g)

租赁资产（续）

作为承租人（续）

当未来租赁付款额因用于确定未来

租赁付款额的指数或比率变动而发

生变动，或本集团对剩余价值担保

下预计应付金额的估计发生变动

时，租赁负债将重新计量，透过使

用不变的折现率对修订后的租赁付

款额进行折现，除非租赁付款变动

乃由浮动利率的变动所引起。在该

情况下，承租人应使用反映利率变

动的经修订贴现率。倘在重新评估

本集团是否合理确定将行使购买、

延期或终止选择权时出现变化，则

通过使用经修订贴现率（即租赁期

剩余时间内的租赁隐含利率）对经

修订租赁付款进行贴现，重新计量

租赁负债。倘租赁隐含利率无法清

楚厘定，则使用本集团于重新评估

日期的增量借贷利率。当租赁负债

以上述任一方式重新计量时，使用

权资产的账面金额将进行相应调

整，倘使用权资产账面金额已降至

零，则计入损益。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(g) Leases (continued)

As a lese (continued)

The lease liability is remeasured when there is

a change in future lease payments arising from

a change in an index or rate used to determine

those payments, or there is a change in the

Group’s estimate of the amount expected to

be payable under a residual value guarante,

by discounting the revised lease payments

using an unchanged discount rate, unles

the change in lease payments results from a

change in floating interest rates. In that case,

the lese shal use a revised discount rate

that reflects changes in the interest rate. When

there is a change arising from the reasesment

of whether the Group wil be reasonably

certain to exercise a purchase, extension

or termination option, the lease liability is

remeasured by discounting the revised lease

payments using a revised discount rate, being

the interest rate implicit in the lease for the

remainder of the lease term, or the Group’s

incremental borowing rate at the date of

reasesment, if the interest rate implicit in the

lease canot be readily determined. When the

lease liability is remeasured in either of these

ways, a coresponding adjustment is made to

the carying amount of the right-of-use aset,

or is recorded in profit or los if the carying

amount of the right-of-use aset has ben

reduced to zero.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(g)

租赁资产（续）

作为承租人（续）

当租赁范畴发生变化或租赁合约

原先并无规定的租赁代价发生变化

（「租赁修改」），且未作为单独的

租赁入账时，则亦要对租赁负债进

行重新计量。在该情况下，修改后

的合约中的代价根据租赁部分的相

对单独价格分配予各租赁部分，相

关的非租赁部分则包含于相应的租

赁部分中。租赁负债根据经修订租

赁付款及租赁期限，使用经修订的

贴现率在修改生效日重新计量。

本集团将租赁负债作为综合财务状

况报表内的单独项目呈列。于综合

财务状况表内，长期租赁负债的即

期部分厘定为应于报告期结束后

十二月内结算的合约付款的现值。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(g) Leases (continued)

As a lese (continued)

The lease liability is also remeasured when

there is a change in the scope of a lease or the

consideration for a lease that is not originaly

provided for in the lease contract (“lease

modification”) and that is not acounted for as

a separate lease. In this case, the consideration

in the modified contract is alocated to each

lease component on the basis of the relative

stand-alone price of the lease component

and the asociated non-lease components are

included in the respective lease components.

The lease liability is remeasured based on the

revised lease payments and lease term using

a revised discount rate at the efective date of

the modification.

The Group presents lease liabilities as a

separate line item on the consolidated

statement of financial position. In the

consolidated statement of financial position,

the curent portion of long-term lease

liabilities is determined as the present value

of contractual payments that are due to

be setled within twelve months after the

reporting period.

ANUAL REPORT 2024/25

年报

2024/2581

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值

(i)

金融工具之信贷亏损

本集团就按摊销成本计量

之金融资产（包括现金及现

金等值物、应收贸易款项以

及其他应收款项）确认预期

信贷亏损（「预期信贷亏损」）

的亏损拨备。

按公允值计量之其他金融

资产毋须进行预期信贷亏

损评估。

预期信贷亏损之计量

预期信贷亏损为金融工具

预期年期内信贷亏损的概

率加权估计之信贷亏损。信

贷亏损乃按所有预期现金

短缺（即根据合约应付予本

集团之现金流量与本集团

预期将收到之现金流量之

间之差额）之现值计量。

倘贴现之影响重大，则使用

下列贴现率贴现预期现金

短缺：

－

固定利率之金融资

产、应收贸易款项以

及其他应收款项：初

始确认时所确定之

实际利率或其近似

值；

－

浮动利率之金融资

产：现行实际利率。

估计预期信贷亏损时所考

虑之最长期间为本集团面

对信贷风险之最长合约期

间。

于计量预期信贷亏损时，本

集团会考虑在无需付出过

多成本及努力下即可获得

之合理可靠资料。此项包括

有关过往事件、现时状况及

未来经济状况预测之资料。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(i) Credit loses from financial instruments

The Group recognises a los alowance

for expected credit loses (“ECLs”)

on the financial asets measured at

amortised cost (including cash and

cash equivalents, trade receivables and

other receivables).

Other financial asets measured at

fair value are not subject to the ECL

asesment.

Measurement of ECLs

ECLs are a probability-weighted

estimate of credit loses over

the expected life of the financial

instrument. Credit loses are measured

as the present value of al expected

cash shortfals (that is, the diference

betwen the cash flows due to the

Group in acordance with the contract

and the cash flows that the Group

expects to receive).

The expected cash shortfals are

discounted using the folowing

discount rates where the efect of

discounting is material:

– fixed-rate financial asets,

trade receivables and other

receivables: efective interest

rate determined at initial

recognition or an aproximation

thereof;

– variable-rate financial asets:

curent efective interest rate.

The maximum period considered

when estimating ECLs is the maximum

contractual period over which the

Group is exposed to credit risk.

In measuring ECLs, the Group takes into

acount reasonable and suportable

information that is available without

undue cost or efort. This includes

information about past events, curent

conditions and forecasts of future

economic conditions.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

金融工具之信贷亏损（续）

预期信贷亏损之计量（续）

预期信贷亏损乃按下列任

何一项基准计量：

－

个月预期信贷亏

损：指报告日期后

个月内可能发生之

违约事件而导致之

预期亏损；及

－

存续期预期信贷亏

损：指一项金融工具

之预期年期内所有

可能违约事件而导

致之预期亏损。

应收贸易款项之亏损拨备

一般按等同于存续期预期

信贷亏损之金额计量。该等

应收贸易款项之预期信贷

亏损乃使用本集团历史信

贷亏损经验之拨备矩阵进

行估算，根据债务人特定之

因素进行调整，并对报告日

期当前及预测之整体经济

状况进行评估。

至于所有其他金融工具，本

集团会按等同于

个月预

期信贷亏损之金额确认亏

损拨备，除非该金融工具之

信贷风险自初步确认后显

著增加，在此情况下，亏损

拨备会按等同于存续期预

期信贷亏损之金额计量。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Credit loses from financial instruments

(continued)

Measurement of ECLs (continued)

ECLs are measured on either of the

folowing bases:

– 12-month ECLs: these are loses

that are expected to result

from posible default events

within the 12 months after the

reporting date; and

– lifetime ECLs: these are loses

that are expected to result from

al posible default events over

the expected life of a financial

instrument.

Los alowances for trade receivables

are always measured at an amount

equal to lifetime ECLs. ECLs on trade

receivables are estimated using a

provision matrix based on the Group’s

historical credit los experience,

adjusted for factors that are specific

to the debtors and an asesment of

both the curent and forecast general

economic conditions at the reporting

date.

For al other financial instruments, the

Group recognises a los alowance

equal to 12-month ECLs unles there

has ben a significant increase in

credit risk of the financial instrument

since initial recognition, in which case

the los alowance is measured at an

amount equal to lifetime ECLs.

ANUAL REPORT 2024/25

年报

2024/2583

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

金融工具之信贷亏损（续）

信贷风险显著增加

在评估金融工具之信贷风

险是否自初步确认后显著

增加时，本集团将于报告日

期评估之金融工具违约风

险与于初步确认时评估之

违约风险作比较。于进行评

估时，本集团会考虑合理且

可支持的定量及定性资料，

包括毋须付出过多成本或

精力即可获得的过往经验

及前瞻性资料。

特别是，于评估信贷风险自

初始确认后是否显著增加

时，会考虑以下资料：

－

未能于合约规定的

到期日支付本金或

利息；

－

金融工具的外部或

内部信贷评级（如有）

实际或预期显著恶

化；

－

债务人经营绩效实

际或预期显著恶化；

－

技术、市场、经济或

法律环境的现有或

预期变化对债务人

履行其对本集团义

务的能力产生重大

不利影响；

－

借款人的实际或预

期内部信用评等下

调；

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Credit loses from financial instruments

(continued)

Significant increases in credit risk

In asesing whether the credit risk of

a financial instrument has increased

significantly since initial recognition,

the Group compares the risk of default

ocuring on the financial instrument

asesed at the reporting date with

that asesed at the date of initial

recognition. In making this asesment,

the Group considers both quantitative

and qualitative information that is

reasonable and suportably including

historical experience and forward-

loking information that is available,

undue cost or efort.

In particular, the folowing information

is taken into acount when asesing

whether credit risk has increased

significantly since initial recognition:

– failure to make payments of

principal or interest on their

contractualy due dates;

– an actual or expected significant

deterioration in a financial

instrument’s external or internal

credit rating (if available);

– an actual or expected significant

deterioration in the operating

results of the debtor;

– existing or forecast changes

in the technological, market,

economic or legal environment

that have a significant adverse

efect on the debtor’s ability

to met its obligation to the

Group;

– an actual or expected internal

credit rating downgrade for the

borower;

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

金融工具之信贷亏损（续）

信贷风险显著增加（续）

－

借款人经营绩效的

实际或预期重大变

动；

－

同一借款人其他金

融工具的信贷风险

显著增加；

－

支持债务的抵押品

价值或第三方担保

或信贷增级的品质

发生重大变动，预计

会降低借款人按计

划进行合约付款的

经济动机，或以其他

方式对发生违约的

可能性产生影响；及

－

借款人的预期表现

及行为有重大不利

变动。

当合约付款逾期超过

天

时，除非本集团有合理且有

依据资料显示相反情况，否

则本集团假定信贷风险自

初始确认后已显著增加。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Credit loses from financial instruments

(continued)

Significant increases in credit risk

(continued)

– an actual or expected significant

change in the operating results

of the borower;

– significant increases in credit risk

on other financial instruments of

the same borower;

– significant changes in the value

of the colateral suporting

the obligation or in the quality

of third-party guarantes or

credit enhancements, which

are expected to reduce the

borower’s economic incentive

to make scheduled contractual

payments or to otherwise have

an efect on the probability of a

default ocuring; and

– significant adverse changes in

the expected performance and

behaviour of the borower.

The Group presumes that the credit

risk has increased significantly since

initial recognition when contractual

payments are more than 30 days past

due, unles the Group has reasonable

and suportable information that

demonstrates otherwise.

ANUAL REPORT 2024/25

年报

2024/2585

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

金融工具之信贷亏损（续）

信贷风险显著增加（续）

根据金融工具之性质，信贷

风险显著增加之评估按个

别项目或集体基准进行。当

评估以集体基准进行时，金

融工具会按照共同信贷风

险特征（例如逾期状态及信

贷风险评级）归类。

预期信贷亏损于各报告日

期进行重新计量，以反映金

融工具自初次确认以来之

信贷风险变动。预期信贷亏

损金额之任何变动均于损

益中确认为减值收益或亏

损。在确认所有金融工具之

减值收益或亏损时，本集团

会透过亏损拨备账对其账

面值进行相应调整。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Credit loses from financial instruments

(continued)

Significant increases in credit risk

(continued)

Depending on the nature of the

financial instruments, the asesment

of a significant increase in credit risk

is performed on either an individual

basis or a colective basis. When the

asesment is performed on a colective

basis, the financial instruments are

grouped based on shared credit risk

characteristics, such as past due status

and credit risk ratings.

ECLs are remeasured at each reporting

date to reflect changes in the financial

instrument’s credit risk since initial

recognition. Any change in the ECLs

amount is recognised as an impairment

gain or los in profit or los. The

Group recognises an impairment gain

or los for al financial instruments

with a coresponding adjustment to

their carying amount through a los

alowance acount.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

金融工具之信贷亏损（续）

违约的定义

对于内部信贷风险管理，当

(i)

借贷人不大可能向本集团

支付全数信贷责任，而不考

虑本集团之追索行动（如将

抵押品（如有持有）变现）；

或

(i)

该金融资产逾期

日，

本集团认为违约事件发生，

除非本集团有合理及可靠

资料证明较为滞后的违约

准则更为适当则作别论。本

集团会考虑合理可靠之定

量及定性资料，包括无需付

出不必要之成本或努力而

可得之历史经验及前瞻性

资料。

预期信贷亏损的计量及识别

预期信贷亏损的计量乃违

约机率、违约亏损（即存在

违约时的亏损程度）及违约

风险的机率。

对违约机率及

违约亏损的评估乃基于历

史数据及前瞻性资料。预期

信贷亏损的估计反映以各

自发生违约风险为权重确

定的无偏机率加权金额。

历

史损失率经过调整以反映

当前及前瞻性资料。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Credit loses from financial instruments

(continued)

Definition of default

For internal credit risk management,

the Group considers that a default

event ocurs when (i) the borower is

unlikely to pay its credit obligations

to the Group in ful, without recourse

by the Group to actions such as

realising security (if any is held); or

(i) the financial aset is 90 days past

due unles the Group has reasonable

and suportable information to

demonstrate that a more laging

default criterion is more apropriate.

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.

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.

The historical los rates are adjusted

to reflect curent and forward-loking

information.

ANUAL REPORT 2024/25

年报

2024/2587

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

金融工具之信贷亏损（续）

利息收入之计算基础

根据附注

2(r)(i)

确认之利息

收入乃根据金融资产之账

面总值计算，除非该金融资

产为信贷减值，在此情况

下，利息收入会根据金融资

产之摊销成本（即账面总值

扣除亏损拨备）计量。

金融资产之信贷减值

于各报告日期，本集团评估

金融资产是否出现信贷减

值。当发生一项或多项对金

融资产预计未来现金流量

有不利影响之事件时，则金

融资产出现信贷减值。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Credit loses from financial instruments

(continued)

Basis of calculation of interest income

Interest income recognised in acordance

with note 2(r)(i) 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

the amortised cost (that is, the gros

carying amount les los alowance) of

the financial aset.

Credit-impaired financial asets

At each reporting date, the Group

aseses whether a financial aset is

credit-impaired. A financial aset is

credit-impaired when one or more

events that have a detrimental impact

on the estimated future cash flows of

the financial aset have ocured.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

金融工具之信贷亏损（续）

金融资产之信贷减值（续）

金融资产信贷减值之证据

包括以下可观察事件：

－

债务人正面临重大

经济困难；

－

发生违约行为，例如

拖欠或逾期事件；

－

借款人的贷款人出

于与借款人财务困

难相关的经济或合

约原因，向借款人授

予贷款人于其他情

况下不会考虑的让

步；

－

借贷人可能会破产

或进行其他财务重

组；

－

技术、市场、经济或

法律环境发生重大

变动，对债务人产生

不利影响；或

－

以反映所发生信贷

亏损的大幅折让购

买或设立金融资产；

或

－

由于发行人出现财

务困难，金融资产活

跃市场消失。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Credit loses from financial instruments

(continued)

Credit-impaired financial asets

(continued)

Evidence that a financial aset is

credit-impaired includes the folowing

observable events:

– significant financial dificulties

of the debtor;

– a breach of contract, such as a

default or past due event;

– 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;

– it is becoming probable that

the borower wil enter into

bankruptcy or other financial

reorganisation;

– significant changes in the

technological, market,

economic or legal environment

that have an adverse efect on

the debtor; or

– the purchase or origination of a

financial aset at a dep discount

that reflects the incured credit

loses; or

– the disapearance of an active

market for a that financial

asets because of financial

dificulties of the isuer.

ANUAL REPORT 2024/25

年报

2024/2589

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

金融工具之信贷亏损（续）

撇销政策

若日后实际上不可收回款

项，本集团则会撇销（部分

或全部）金融资产之账面总

值。该情况通常出现在本集

团确定债务人没有资产或

可产生足够现金流量之收

入来源来偿还应撇销之金

额。已撇销的金融资产仍可

能根据本集团的追收程序

进行强制执行，并视情况考

虑法律建议。

随后收回先前撇销之资产

于收回期间在损益中确认

为减值拨回。

(i)

非金融资产减值

商誉、尚未达到预定可使用

状态的无形资产及具有无

限使用年期的无形资产每

年进行减损测试，倘发生事

件或情况变动显示其可能

出现减值，则会更频繁地进

行减值测试。倘发生事件或

情况变动显示账面金额可

以收回时，则其他资产会进

行减值测试。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Credit loses from financial instruments

(continued)

Write-of policy

The gros carying amount of a

financial aset is writen of (either

partialy or in ful) to the extent

that there is no realistic prospect of

recovery. This is generaly the case

when the Group determines that

the debtor does not have asets or

sources of income that could generate

suficient cash flows to repay the

amounts subject to the write-of.

Financial asets writen of may stil

be subject to enforcement activities

under the Group’s recovery procedures,

taking into acount legal advice where

apropriate.

Subsequent recoveries of an aset

that was previously writen of are

recognised as a reversal of impairment

in profit or los in the period in which

the recovery ocurs.

(i) Impairment of non-financial asets

Godwil, intangible asets that are

not yet available for use and intangible

asets that have an indefinite useful life

are tested anualy for impairment, or

more frequently if events or changes

in circumstances indicate that they

might be impaired. Other asets are

tested for impairment whenever events

or changes in circumstances indicate

that the carying amount may be

recoverable.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

非金融资产减值（续）

本集团会于各报告期末检

讨内部及外界资料，以确定

以下资产有否出现减值之

迹象，或过往确认之减值亏

损（商誉减值除外）是否不再

存在或已减少：

－

物业、厂房及设备

（包括使用权资

产）；

－

其他无形资产；

－

商誉；

－

预付款项及按金；及

－

本公司财务状况表

内于附属公司之投

资。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Impairment of non-financial asets

(continued)

Internal and external sources of

information are reviewed at the end

of each reporting period to identify

indications that the folowing asets

may be impaired or, except in the

case of godwil, an impairment los

previously recognised no longer exists

or may have decreased:

– property, plant and equipment,

including right-of-use asets;

– other intangible aset;

– godwil;

– prepayments and deposits; and

– investments in subsidiaries in

the Company’s statement of

financial position.

ANUAL REPORT 2024/25

年报

2024/2591

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

非金融资产减值（续）

倘若存在任何有关迹象，则

会估计资产之可收回金额。

此外，就商誉、尚未可供使

用之无形资产以及永久可

使用年期的无形资产而言，

不论有否减值迹象均须每

年估计可收回金额。

－

计算可收回金额

资产之可收回金额

指其公允值减出售

成本与使用价值两

者中之较高者。于评

估使用价值时，估计

未来现金流量乃以

能反映当前市场对

金钱之时间价值及

该资产特定风险之

税前贴现率，折现至

其现值。倘资产所产

生之现金流入基本

上不独立于其他资

产所产生之现金流

入，则以能独立产生

现金流入之最小资

产组别（即现金产生

单位）厘定可收回金

额。倘公司资产（例

如总部办公大楼）可

基于合理一致之分

配基准予以分配，则

其部分账面值会分

配至个别现金产生

单位，否则分配至最

小现金产生单位组

别。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Impairment of non-financial asets

(continued)

If any such indication exists, the aset’s

recoverable amount is estimated. In

adition, for godwil, intangible asets

that are not yet available for use and

intangible asets that have indefinite

useful lives, the recoverable amount

is estimated anualy whether or not

there is any indication of impairment.

– Calculation of recoverable

amount

The recoverable amount of an

aset is the greater of its 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. Where an aset does not

generate cash inflows largely

independent of those from

other asets, the recoverable

amount is determined for

the smalest group of asets

that generates cash inflows

independently (i.e. a cash-

generating unit). A portion

of the carying amount of a

corporate aset (for example,

head ofice building) is

alocated to an individual cash-

generating unit if the alocation

can be done on a reasonable

and consistent basis, or to

the smalest group of (cash-

generating units) if otherwise.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

非金融资产减值（续）

－

确认减值亏损

当资产或所属现金

产生单位之账面值

高于其可收回金额

时，则于损益确认减

值亏损。现金产生单

位之已确认减值亏

损首先于一项或一

组现金产生单位之

商誉账面值扣减，

然后按比例于该项

或该组单位之其他

资产账面值扣减，惟

资产账面值不可减

至低于个别资产公

允值减出售成本（如

可计量）或使用价值

（如可厘定）。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Impairment of non-financial asets

(continued)

– Recognition of impairment

loses

An impairment los is

recognised in profit or los

whenever the carying

amount of an aset, or the

cash-generating unit to

which it belongs, exceds

its recoverable amount.

Impairment loses recognised

in respect of cash-generating

units are alocated first to

reduce the carying amount

of any godwil alocated to

the cash-generating unit (or

group of units) and then, to

reduce the carying amount of

the other asets in the unit (or

group of units) on a pro rata

basis, except that the carying

amount of an aset wil not be

reduced below its individual fair

value les costs of disposal (if

measurable) or value in use (if

determinable).

ANUAL REPORT 2024/25

年报

2024/2593

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

非金融资产减值（续）

－

拨回减值亏损

倘用作计算可收回

金额之估计出现有

利变动，则可拨回资

产（不包括商誉）之

减值亏损。商誉之减

值亏损不予拨回。

拨回之减值亏损以

假设过往年度并无

确认减值亏损之资

产账面值为限。减值

亏损拨回于拨回确

认之年度计入损益

中。

(i)

中期财务报告及减值

根据香港联合交易所有限

公司证券上市规则之规定，

本集团须遵照香港会计准

则第

号中期财务报告编

制有关财政年度首六个月

之中期财务报告。于中期

末，本集团应用于财政年度

末时所应用的相同减值测

试、确认及拨回标准。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Impairment of non-financial asets

(continued)

– Reversal of impairment loses

In respect of asets other than

godwil, an impairment los

is reversed if there has ben

a favourable change in the

estimates used to determine

the recoverable amount. An

impairment los in respect of

godwil is not reversed.

A reversal of an impairment los

is limited to the aset’s carying

amount that would have ben

determined had no impairment

los ben recognised in prior

years. Reversals of impairment

loses are credited to profit or

los in the year in which the

reversals are recognised.

(i) Interim financial reporting and

impairment

Under the Rules Governing the Listing

of Securities on the Stock Exchange

of Hong Kong Limited, the Group is

required to prepare an interim financial

report in compliance with HKAS 34,

Interim Financial Reporting, in respect

of the first six months of the financial

year. At the end of the interim period,

the Group aplies the same impairment

testing, recognition, and reversal

criteria as it would at the end of the

financial year.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(h)

信贷亏损及资产减值（续）

(i)

中期财务报告及减值（续）

在中期间确认有关商誉

之减值亏损在其后期间不

得拨回。即使仅于该中期

间有关之财政年度末时所

作出的减值评估无须确认

亏损或确认较少亏损，在中

期间确认之减值亏损仍

不得拨回。

(i)

存货

存货是指日常业务过程中持有以作

销售、处在为该等销售之生产过程

中，或在生产过程中耗用之材料或

物料形式持有之资产。

存货按成本与可变现净值两者之较

低者入账。

成本按加权平均成本公式计算，包

括所有购买成本、兑换成本及将存

货付运至目前地点及状况所产生之

其他成本。

可变现净值乃日常业务过程中之估

计销售价格减估计完成本及进行

销售所必要之估计成本。销售所需

之成本包括直接归属于销售的增量

成本以及本集团进行销售所必须产

生的非增量成本。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(h) Credit loses and impairment of asets

(continued)

(i) Interim financial reporting and

impairment (continued)

Impairment loses recognised in an

interim period in respect of godwil

are not reversed in a subsequent

period. This is the case even if no los,

or a smaler los, would have ben

recognised had the impairment ben

asesed only at the end of the financial

year to which the interim period

relates.

(i) Inventories

Inventories are asets which are held for sale in

the ordinary course of busines, in the proces

of production for such sale or in the form of

materials or suplies to be consumed in the

production proces.

Inventories are caried at the lower of cost and

net realisable value.

Cost is calculated using the weighted average

cost formula and comprises al costs of

purchase, costs of conversion and other costs

incured in bringing the inventories to their

present location and condition.

Net realisable value is the estimated seling

price in the ordinary course of busines les

the estimated costs of completion and the

estimated costs necesary to make the sale.

Costs necesary to make the sale include

incremental costs directly atributable to the

sale and non-incremental costs which the

Group must incur to make the sale.

ANUAL REPORT 2024/25

年报

2024/2595

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(i)

存货（续）

存货出售时，该等存货之账面值会

在相关收益确认期间确认为开支。

存货撇减至可变现净值的减幅及所

有存货亏损于撇减或亏损产生期间

确认为开支。存货之任何撇减之任

何拨回金额于发生拨回期间确认为

已确认存货金额之扣减。

(j)

贸易及其他应收款项

应收款项于本集团有无条件权利收

取代价时确认。倘代价到期付款前

仅需待时间推移，则收取代价之权

利为无条件。倘于本集团有收取代

价之无条件权利前已确认收益，则

该款项呈列为合约资产。

不包含重大融资组成部分之贸易应

收账款初步按其交易价格计量。包

含重大融资组成部分之贸易应收账

款及其他应收款项初步按公允值加

交易成本计量。所有应收款项其后

按摊销成本采用实际利率法扣除预

期信贷亏损拨备列账（见附注

2(h)

(i)

）。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(i) Inventories (continued)

When inventories are sold, the carying

amount of those inventories is recognised

as an expense in the period in which the

related revenue is recognised. The amount

of any write-down of inventories to net

realisable value and al loses of inventories

are recognised as an expense in the period

the write-down or los ocurs. The amount of

any reversal of any write-down of inventories

is recognised as a reduction in the amount of

inventories recognised as an expense in the

period in which the reversal ocurs.

(j) Trade and other receivables

A receivable is recognised when the Group

has an unconditional right to receive

consideration. A right to receive consideration

is unconditional if only the pasage of time is

required before payment of that consideration

is due. If revenue has ben recognised before

the Group has an unconditional right to receive

consideration, the amount is presented as a

contract aset.

Trade receivables that do not contain a

significant financing component are initialy

measured at their transaction prices. Trade

receivables that contain a significant financing

component and other receivables are initialy

measured at fair value plus transaction costs.

Al receivables are subsequently stated at

amortised cost, using the efective interest

method, les alowance for expected credit

loses (se note 2(h)(i).

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(k)

现金及现金等值物

现金及现金等值物指银行及手头

现金、存放于银行及其他金融机构

之活期存款，以及可随时转换为已

知金额现金、无重大价值变动风险

且于购入后三个月内到期之短期高

流通性投资。就综合现金流量表而

言，按要求偿还及构成本集团现金

管理不可或缺部分之银行透支亦列

入现金及现金等值物部分。现金及

现金等值物根据附注

2(h)(i)

所载政

策就预期信贷亏损（预期信贷亏损）

进行评估。

银行现金不包括须受监管限制规限

以致该等结余不再符合现金定义之

银行结余。

(I)

贸易及其他应付款项

贸易及其他应付款项初步按公允值

确认，其后以摊销成本列账，惟倘

折现影响甚微者则除外，在此情况

下，则以成本列账。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(k) Cash and cash equivalents

Cash and cash equivalents comprise cash at

banks and on hand, demand deposits with

banks and other financial institutions, and

short-term, highly liquid investments readily

convertible into known amounts of cash and

which are subject to an insignificant risk of

changes in value, having ben within thre

months of maturity at acquisition. Bank

overdrafts that are repayable on demand

and form an integral part of the Group’s cash

management are also included as a component

of cash and cash equivalents for the purpose of

the consolidated statement of cash flows. Cash

and cash equivalents are asesed for expected

credit loses (ECLs) in acordance with the

policy set out in note 2(h)(i).

Cash at bank excludes bank balances that are

subject to regulatory restrictions that result in

such balances no longer meting the definition

of cash.

(l) Trade and other payables

Trade and other payables are initialy

recognised at fair value and are subsequently

stated at amortised cost unles the efect of

discounting would be imaterial, in which

case they are stated at cost.

ANUAL REPORT 2024/25

年报

2024/2597

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(m)

终止确认金融资产

仅当从资产收取现金流量的合约

权利届满时，或转让金融资产并已

转移资产拥有权的绝大部分风险及

回报予另一实体时，本集团方会终

止确认该项金融资产。倘本集团并

无转移亦无保留拥有权的绝大部分

风险及回报，并继续控制已转让资

产，则本集团确认于该资产之保留

权益及就其可能须支付的金额确认

相关负债。倘本集团保留已转让金

融资产拥有权的绝大部分风险及回

报，则本集团继续确认金融资产，

亦会就已收取的所得款项确认有抵

押借款。

于终止确认按摊销成本计量的金融

资产时，资产账面值与已收及应收

代价总额的差额会于损益确认。

(n)

终止确认金融负债

当（且仅当）本集团责任获解除、取

消或到期时，本集团方会终止确认

金融负债。终止确认的金融负债账

面值与已付及应付代价之间的差额

于损益确认。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(m) Derecognition of financial asets

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. If the Group neither transfers

nor retains substantialy al the risks and

rewards of ownership and continues to control

the transfered aset, the Group recognises its

retained interest in the aset and an asociated

liability for amounts it may have to pay. If the

Group retains substantialy al the risks and

rewards of ownership of a transfered financial

aset, the Group continues to recognise

the financial aset and also recognises a

colateralised borowing for the proceds

received.

On derecognition of a financial aset measured

at amortised cost, the diference betwen

the aset’s carying amount and the sum of

the consideration received and receivable is

recognised in profit or los.

(n) Derecognition of financial liabilities

The Group derecognises financial liabilities

when, and only when, the Group’s obligations

are discharged, canceled or have expired.

The diference betwen the carying amount

of the financial liability derecognised and the

consideration paid and payable is recognised

in profit or los.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(o)

雇员福利

(i)

短期雇员福利及定额供款

退休计划供款

薪金、年终花红、有薪年

假、定额供款退休计划供款

及非货币福利的成本，于雇

员提供相关服务的年度内

累计。所有短期雇员福利均

确认为费用，除非另一香港

财务报告准则要求或允许

将福利计入资产成本。

(i)

离职福利

离职福利于本集团不再取

消提供该等福利时及本集

团确认涉及支付离职福利

的重组成本时（以较早者为

准）确认。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(o) Employe benefits

(i) Short-term employe benefits and

contributions to defined contribution

retirement plans

Salaries, anual bonuses, paid anual

leave, contributions to defined

contribution retirement plans and

the cost of non-monetary benefits

are acrued in the year in which the

asociated services are rendered by

employes. 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.

(i) Termination benefits

Termination benefits are recognised

at the earlier of when the Group

can no longer withdraw the ofer of

those benefits and when it recognises

restructuring costs involving the

payment of termination benefits.

ANUAL REPORT 2024/25

年报

2024/2599

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(p)

所得税

年内所得税包括即期税项及递延

税项资产及负债变动。即期税项及

递延税项资产及负债变动于损益确

认，惟倘与于其他全面收益或直接

于权益确认之项目相关者，在该情

况下，则税项相关金额分别于其他

全面收益或直接于权益中确认。倘

若即期所得税或递延所得税是乃于

业务合并的初始会计处理中产生，

则该所得税影响应计入业务合并的

会计处理中。

即期税项为年内应课税收入之预期

应缴税项，按于报告期末已实施或

基本上实施之税率计算，并就过往

年度之应缴税项作出任何调整。

递延税项资产及负债乃可扣税及应

课税暂时差异而产生，即就财务报

告而言之资产及负债账面值与税基

间之差额。递延税项资产亦因未运

用之税项亏损及未运用之税项抵免

产生。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(p) Income tax

Income tax for the year comprises curent

tax and movements in defered tax asets

and liabilities. Curent tax and movements

in defered tax asets and liabilities are

recognised in profit or los except to the extent

that they relate to items recognised in other

comprehensive income or directly in equity,

in which case the relevant amounts of tax are

recognised in other comprehensive income or

directly in equity, respectively. Where curent

tax or defered tax arises from the initial

acounting for a busines combination, the

tax efect is included in the acounting for the

busines combination.

Curent tax is the expected tax payable on the

taxable income for the year, using tax rates

enacted or substantively enacted at the end of

the reporting period, and any adjustment to

tax payable in respect of previous years.

Defered tax asets and liabilities arise from

deductible and taxable temporary diferences

respectively, being the diferences betwen

the carying amounts of asets and liabilities

for financial reporting purposes and their

tax bases. Defered tax asets also arise from

unused tax loses and unused tax credits.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(p)

所得税（续）

除若干有限之例外情况外，所有

递延税项负债及所有递延税项资产

（以于将来有可能取得应课税溢

利而令该项资产可予动用者为限）

均予以确认。容许确认由可扣减暂

时差异所产生之递延税项资产之未

来应课税溢利包括将由现有应课税

暂时差异拨回之部分，惟此等差异

应由同一税务当局向同一应课税单

位征收，并预期在可予扣减暂时差

异预期拨回之同一期间内拨回或在

由递延税项资产生之税务亏损可

转回或转入之期间内拨回。于评定

现有应课税暂时差异是否容许确认

未使用之税务亏损及抵免所产生之

递延税项资产时采用上述相同之基

准，该实体具有与同一税务机关及

同一应课税实体相关的足够的应课

税暂时差异，其将产生可使用之未

使用税收亏损或未使用税收抵免的

应课税金额。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(p) Income tax (continued)

Apart from certain limited exceptions, al

defered tax liabilities, and al defered

tax asets to the extent that it is probable

that future taxable profits wil be available

against which the aset can be utilised, are

recognised. Future taxable profits that may

suport the recognition of defered tax asets

arising from deductible temporary diferences

include those that wil arise from the reversal

of existing taxable temporary diferences,

provided that those diferences relate to the

same taxation authority and the same taxable

entity, and are expected to reverse either in the

same period as the expected reversal of the

deductible temporary diferences or in periods

into which a tax los arising from the defered

tax aset can be caried back or forward. The

same criteria are adopted when determining

whether existing taxable temporary diferences

suport the recognition of defered tax asets

arising from unused tax loses and credits, that

is, the entity has suficient taxable temporary

diferences relating to the same taxation

authority and the same taxable entity, which

wil result in taxable amounts against which

the unused tax loses or unused tax credits can

be utilised.

ANUAL REPORT 2024/25

年报

2024/25101

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(p)

所得税（续）

确认递延税项资产及负债之有限例

外情况为：

—

不可在税务方面获得扣减

之商誉所引致之暂时差异；

—

初步确认并不影响会计或

应课税溢利之资产或负债

（惟其不可为业务合并之

一部分）所引致之暂时差

异，且不产生同等应课税及

可抵扣暂时性差异；

—

有关于附属公司、联营公司

及合营企业之暂时差异，只

限于本集团可以控制拨回

时间，且在可预见将来不大

可能不会拨回，或如为可予

扣减差异，则只限于可能在

未来拨回并可获得应课税

利润；及

—

与为实施经济合作暨发展

组织所公布的第二支柱示

范规则而颁布或实质颁布

的税法所产生的所得税相

关的暂时差异。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(p) Income tax (continued)

The limited exceptions to recognition of

defered tax asets and liabilities are:

– temporary diferences arising from

godwil not deductible for tax

purposes;

– temporary diferences arising from the

initial recognition of asets or liabilities

that afect neither acounting nor

taxable profit (provided they are not

part of a busines combination) and

do not give rise to equal taxable and

deductible temporary diferences;

– temporary diferences relating to

investments in subsidiaries, asociates

and joint ventures to the extent that

the Group controls the timing of the

reversal and it is probable that the

diferences wil not reverse in the

foreseable future, or in the case of

deductible diferences, unles it is

probable that they wil reverse in

the future and taxable profits wil be

available; and

– temporary diferences related to

income taxes arising from tax laws

enacted or substantively enacted

to implement the Pilar Two model

rules published by the Organisation

for Economic Co-operation and

Development.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(p)

所得税（续）

已确认之递延税项数额是按照资产

及负债账面值之预期变现或清偿方

式，按报告期末已生效或实际生效

的税率计量。递延税项资产及负债

均毋须贴现。

递延税项资产之账面值于各报告期

末作出检讨，并于不可能会有足够

应课税溢利以动用相关税项福利时

作出调减。倘日后可能取得足够之

应课税溢利时，已扣减金额则予以

拨回。

因分派股息而产生之额外所得税于

支付相关股息之责任获确认时予以

确认。

本期及递延税项结余及其变动会分

开列示，并且不予抵销。本期及递

延税项资产仅会在集团实体有法定

行使权以本期税项资产抵销本期税

项负债，并且符合以下附带条件的

情况下，方可分别抵销本期及递延

税项负债：

－

倘属本期税项资产及负债，

集团实体计划按净额基准

结算，或同时变现该资产及

清偿该负债；或

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(p) Income tax (continued)

The amount of defered tax recognised is

measured based on the expected maner

of realisation or setlement of the carying

amount of the asets and liabilities, using tax

rates enacted or substantively enacted at the

end of the reporting period. Defered tax asets

and liabilities are not discounted.

The carying amount of a defered tax aset is

reviewed at the end of each reporting period

and is reduced to the extent that it is no longer

probable that suficient taxable profits wil be

available to alow the related tax benefit to be

utilised. Any such reduction is reversed to the

extent that it becomes probable that suficient

taxable profits wil be available.

Aditional income taxes that arise from the

distribution of dividends are recognised when

the liability to pay the related dividends is

recognised.

Curent tax balances and defered tax balances,

and movements therein, are presented

separately from each other and are not ofset.

Curent tax asets are ofset against curent

tax liabilities, and defered tax asets against

defered tax liabilities, if a group entity has the

legaly enforceable right to set of curent tax

asets against curent tax liabilities and the

folowing aditional conditions are met:

– in the case of curent tax asets and

liabilities, a group entity intends

either to setle on a net basis, or to

realise the aset and setle the liability

simultaneously; or

ANUAL REPORT 2024/25

年报

2024/25103

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(p)

所得税（续）

－

倘属递延税项资产及负债，

该等资产及负债必须与同

一税务机关就以下其中一

项征收的所得税有关：

－

同一应课税实体；或

－

不同的应课税实体，

该等实体计划在预

期有大额递延税项

负债需要清偿或递

延税项资产可以收

回的每个未来期间，

按净额基准变现本

期税项资产及清偿

本期税项负债，或同

时变现该资产及清

偿该负债。

于评估所得税处理的任何不确定性

时，本集团考虑税务机关是否可能

接受不确定的税务处理。倘税务机

关很可能接受不确定的税务处理，

则本集团应按照集团实体已动用或

计划动用的税务处理以确定应课税

溢利（税项亏损）、计税基础、未动

用税项亏损、未动用税收抵免或税

率。倘税务机关不太可能接受不确

定性税务处理，则本集团于确定相

关应课税溢利（税项亏损）、计税基

础、未动用税项亏损、未动用税收

抵免或税率时，应动用最有可能金

额法或预期价值法以反映不确定性

的影响，具体取决于本集团预期哪

种方法能够更好预测不确定性的解

决方案。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(p) Income tax (continued)

– in the case of defered tax asets and

liabilities, if they relate to income taxes

levied by the same taxation authority

on either:

– the same taxable entity; or

– diferent taxable entities,

which, in each future period in

which significant amounts of

defered tax liabilities or asets

are expected to be setled or

recovered, intend to realise the

curent tax asets and setle

the curent tax liabilities on a

net basis or realise and setle

simultaneously.

In asesing any uncertainty over income tax

treatments, the Group considers whether it is

probable that a taxation authority wil acept

an uncertain tax treatment. If it is probable that

the taxation authority wil acept an uncertain

tax treatment, the Group shal determine the

taxable profit (tax los), tax bases, unused

tax loses, unused tax credits or tax rates

consistently with the tax treatment used or

planed to be used by a group entity in its

income tax filings. If it is not probable that the

taxation authority wil acept an uncertain tax

treatment, the Group shal reflect the efect

of uncertainty in determining the related

taxable profit (tax los), tax bases, unused tax

loses, unused tax credits or tax rates, by using

either the most likely amount method or the

expected value method, depending on which

method the Group expects to beter predict

the resolution of the uncertainty.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(q)

拨备、或然负债及有偿合约

(i)

拨备及或然负债

当本集团须就过往事件承

担目前的法定或推定责任，

且履行责任可能须流出经

济利益并可作出可靠估计

时，便会确认拨备。倘货币

的时间价值重大，则按预计

履行该责任所需的支出现

值计提拨备。

倘不大可能需要经济利益

流出，或无法对有关数额作

出可靠估计，该责任将披露

为或然负债，惟经济利益流

出的可能性极低者除外。倘

潜在责任须视乎一宗或多

宗特定不完全在本集团控

制范围内的未来事件是否

发生方可确定是否存在，其

亦将披露为或然负债，惟经

济利益流出的可能性极低

者除外。

(i)

有偿合约

有偿合约被视为存在当本

集团拥有一份合约，根据合

约符合责任之不可避免成

本超过该合约预计将收到

的经济效益。履行合约的成

本包括与合约直接相关的

成本，其中包括履行合约的

增量成本（例如直接人工及

材料）；与履行合约直接相

关的其他成本的分配（例如

用于履行合约的物业、厂房

及设备项目的折旧费用的

分配）。有偿合约拨备按终

止合约的预期成本及履行

合约的成本净额两者之较

低者之现值计量。於单独计

提有偿合约拨备前，本集团

对用于履行该合约的资产

确认已经发生的减损亏损。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(q) Provisions, contingent liabilities and

onerous contracts

(i) Provisions and contingent liabilities

Provisions are recognised when

the Group has a present legal or

constructive obligation arising as a

result of a past event, it is probable that

an outflow of economic benefits wil be

required to setle the obligation and a

reliable estimate can be made. Where

the time value of money is material,

provisions are stated at the present

value of the expenditure expected to

setle the obligation.

Where it is not probable that an

outflow of economic benefits wil be

required, or the amount canot be

estimated reliably, the obligation is

disclosed as a contingent liability,

unles the probability of outflow of

economic benefits is remote. Posible

obligations, whose existence wil only

be confirmed by the ocurence or

non-ocurence of one or more certain

future events not wholy within the

control of the Group is also disclosed

as contingent liabilities unles the

probability of outflow of economic

benefits is remote.

(i) Onerous contracts

An onerous contract exists when 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

cost of fulfiling a contract comprises

the costs that relate directly to the

contract, which consist of both the

incremental costs of fulfiling that

contract (e.g., direct labour and

materials); and an alocation of other

costs that relate directly to fulfiling

contracts -for example, an alocation

of the depreciation charge for an item

of property, plant and equipment used

in fulfiling that contract. Provisions

for onerous contracts are measured

at the present value of the lower of

the expected cost of terminating the

contract and the net cost of fulfiling

with the contract. Before a separate

provision for an onerous contract is

established, the Group recognises any

impairment los that has ocured on

asets used in fulfiling the contract.

ANUAL REPORT 2024/25

年报

2024/25105

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(r)

收益及其他收入

于本集团业务之一般过程中销售货

物产生收入时，本集团将收入分类

为收益。

当产品或服务之控制权转移至客户

时，按本集团预期将有权收取之承

诺代价金额确认收益，不包括代表

第三方收取之款项。收益不包括增

值税或其他销售税，乃经扣除任何

贸易折扣。

倘合约载有向客户提供重大融资福

利超过

个月之融资部分，收益按

应收款项之现值计量，采用将于合

约开始时与客户之单独融资交易中

反映之贴现率进行贴现，而利息收

入则按实际利率法单独应计。倘合

约载有向本集团提供重大融资福利

之融资部分，则根据合约确认之收

益包括采用实际利率法就合约负债

应计之利率开支。本集团利用香港

财务报告准则第

号第

段之实际

权宜方法，并无调整在融资期间为

个月或以下情况下重大融资部分

任何影响之代价。

委托人与代理人

当另一方从事向客户提供商品或服

务，本集团厘定其承诺之性质是否

为提供指定商品或服务本身之履约

义务（即本集团为委托人）或安排由

另一方提供该等商品或服务（即本

集团为代理人）。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(r) Revenue and other income

Income is clasified by the Group as revenue

when it arises from the sale of gods in the

ordinary course of the Group’s busines.

Revenue is recognised when control over

a product or service is transfered to the

customer at the amount of promised

consideration to which the Group is expected

to be entitled, excluding those amounts

colected on behalf of third parties. Revenue

excludes value aded tax or other sales taxes

and is after deduction of any trade discounts.

Where the contract contains a financing

component which provides a significant

financing benefit to the customer for more

than 12 months, revenue is measured at

the present value of the amount receivable,

discounted using the discount rate that would

be reflected in a separate financing transaction

with the customer at contract inception, and

interest income is acrued separately under the

efective interest method. Where the contract

contains a financing component which

provides a significant financing benefit to the

Group, revenue recognised under that contract

includes the interest expense acreted on the

contract liability under the efective interest

method. The Group takes advantage of the

practical expedient in paragraph 63 of HKFRS

15 and does not adjust the consideration

for any efects of a significant financing

component if the period of financing is 12

months or les.

Principal versus agent

When another party is involved in providing

gods or services to a customer, the Group

determines whether the nature of its promise

is a performance obligation to provide the

specified gods or services itself (that is, the

Group is a principal) or to arange for those

gods or services to be provided by the other

party (that is, the Group is an agent).

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(r)

收益及其他收入（续）

委托人与代理人（续）

倘本集团在向客户转让商品或服务

之前控制指定商品或服务，则本集

团为委托人。

倘本集团之履行义务为安排另一

方提供指定之商品或服务，则本集

团为代理人。在此情况下，在将商

品或服务转让予客户之前，本集团

不控制另一方提供之指定商品或服

务。当本集团为代理人时，应就为

换取另一方安排提供之指定商品或

服务预期有权取得之任何收费或佣

金之金额确认收益。

本集团有关收益及其他收入确认政

策之进一步详情载列如下：

(i)

销售货品

收益乃于客户管有并接纳

产品时确认。倘该等产品为

部分履行涵盖其他货品及

╱或服务之合约，则所确认

收益金额为合约项下交易

价格总额之合适比例，按照

相对独立售价基准在合约

项下承诺之所有货品及服

务之间分配。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(r) Revenue and other income (continued)

Principal versus agent (continued)

The Group is a principal if it controls the

specified god or service before that god or

service is transfered to a customer.

The Group is an agent if its performance

obligation is to arange for the provision of

the specified god or service by another party.

In this case, the Group does not control the

specified god or service provided by another

party before that god or service is transfered

to the customer. When the Group acts as an

agent, it recognises revenue in the amount of

any fe or comision to which it expects to

be entitled in exchange for aranging for the

specified gods or services to be provided by

the other party.

Further details of the Group’s revenue and

other income recognition policies are as

folows:

(i) Sale of gods

Revenue is recognised when the

customer takes posesion of and

acepts the products. If the products

are a partial fulfilment of a contract

covering other gods and/or services,

then the amount of revenue recognised

is an apropriate proportion of the

total transaction price under the

contract, alocated betwen al the

gods and services promised under

the contract on a relative stand-alone

seling price basis.

ANUAL REPORT 2024/25

年报

2024/25107

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(r)

收益及其他收入（续）

委托人与代理人（续）

(i)

利息收入

利息收入乃于产生时根据

实际利率法，按于金融资产

的预计年期内将估计未来

现金收入准确贴现至金融

资产账面总值的利率确认。

对于以摊销成本计量之非

信贷减值金融资产（已购买

或原先已发生信贷减值的

金融资产除外），实际利率

适用于资产之账面总值。就

信贷减值之金融资产而言，

实际利率适用于资产之摊

销成本（即扣除亏损拨备之

账面总值）（见附注

2(h)(i)

）。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(r) Revenue and other income (continued)

Principal versus agent (continued)

(i) Interest income

Interest income is recognised as it

acrues under the efective interest

method using the rate that exactly

discounts estimated future cash

receipts through the expected life of

the financial aset to the gros carying

amount of the financial aset. For

financial asets (other than purchased

or originated credit-impaired financial

asets) measured at amortised cost that

are not credit-impaired, the efective

interest rate is aplied to the gros

carying amount of the aset. For

credit-impaired financial asets, the

efective interest rate is aplied to the

amortised cost (that is, gros carying

amount net of los alowance) of the

aset (se note 2(h)(i).

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(s)

外币换算

年内外币交易乃按交易日之外币汇

率换算为集团实体之功能货币。以

外币列值之货币资产及负债乃按报

告期末之外币汇率换算为集团实体

之功能货币。汇兑收益及亏损于损

益中确认，惟用作有效对冲于海外

业务之投资净额之外币借贷产生之

汇兑收益及亏损于其他全面收益确

认除外。

以外币历史成本计量之非货币资产

及负债采用于交易日之外币汇率换

算为集团实体之功能货币及不会重

新换算。交易日为集团实体初步确

认该等非货币资产或负债之日期。

以外币按公允值列账之非货币资产

及负债乃采用于公允值计量日期之

外币汇率换算。

就呈列综合财务报表而言，海外业

务的资产及负债按报告日期的汇率

换算。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(s) Translation of foreign curencies

Foreign curency transactions during the year

are translated into the functional curency of

a group entity at the foreign exchange rates

ruling at the transaction dates. Monetary

asets and liabilities denominated in foreign

curencies are translated into the functional

curency of a group entity at the foreign

exchange rates ruling at the end of the

reporting period. Exchange gains and loses

are recognised in profit or los, except those

arising from foreign curency borowings used

as efective hedge a net investment in a foreign

operation which are recognised in other

comprehensive income.

Non-monetary asets and liabilities measured

in terms of historical cost in a foreign curency

are translated into the functional curency of a

group entity using the foreign exchange rates

ruling at the transaction dates and are not re-

translated. The transaction date is the date

on which a group entity initialy recognises

such non-monetary asets or liabilities. Non-

monetary asets and liabilities denominated

in foreign curencies stated at fair value are

translated using the foreign exchange rates

ruling at the dates the fair value was measured.

For the purpose of presenting consolidated

financial statements, the asets and liabilities

of the foreign operations are translated at

exchange rates prevailing on the reporting

date.

ANUAL REPORT 2024/25

年报

2024/25109

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(s)

外币换算（续）

海外业务之业绩当期平均汇率换

算为港元，除非该期间汇率大幅波

动，于该情况下，采用交易日的外

汇率。财务状况表项目，包括合

并于二零五年四月一日或之后

收购之海外业务产生之商誉，乃以

报告期末之收市汇率换算为港元。

所产生之汇兑差异于其他全面收益

确认及于权益中独立累计为汇兑储

备，除非换算差额分配至非控股权

益。合并于二零五年四月一日之

前收购之海外业务产生之商誉，乃

以于收购海外业务日期适用之外币

汇率换算。

于出售海外业务（即出售本集团于

该海外业务之全部权益，或涉及失

去包括海外业务之附属公司之控制

权之出售）时，就本公司拥有人应

占之业务于权益累计之所有汇兑差

异乃重新分类至损益。

倘部分出售包含海外业务之附属公

司并未导致本集团失去附属公司之

控制权，则按此比例将累计汇兑差

异重新归属于非控股权益，而并无

于损益中确认。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(s) Translation of foreign curencies (continued)

The results of foreign operations are translated

into Hong Kong dolars at the average

exchange rates for the period, unles exchange

rates fluctuate significantly during that period,

in which case the foreign exchange rates

ruling at the dates of the transactions are

used. Statement of financial position items,

including godwil arising on consolidation of

foreign operations acquired on or after 1 April

2005, are translated into Hong Kong dolars

at the closing foreign exchange rates ruling at

the end of the reporting period. The resulting

exchange diferences are recognised in other

comprehensive income and acumulated

separately in equity in the exchange reserve,

except to the extent that the translation

diference is alocated to non-controling

interests. Godwil arising on consolidation of a

foreign operation acquired before 1 April 2005

is translated at the foreign exchange rate that

aplied at the date of acquisition of the foreign

operation.

On the disposal of a foreign operation (that

is, a disposal of the Group’s entire interest in

a foreign operation, or a disposal involving

lost of control over a subsidiary that includes

a foreign operation), al of the exchange

diferences acumulated in equity in respect

of that operation atributable to the owners of

the Company are reclasified to profit or los.

In the case of a partial disposal of a subsidiary

that includes a foreign operation that does

not result in the Group losing control over

the subsidiary, the proportionate share of

acumulated exchange diferences is re-

atributed to non-controling interests and is

not recognised in profit or los.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(t)

关连人士

(i)

倘属以下人士，则该人士或

该人士关系密切的家庭成

员与本集团有关连：

(a)

控制或共同控制本

集团；

(b)

对本集团有重大影

响；或

(c)

为本集团或本集团

母公司之主要管理

人员。

(i)

倘符合下列任何条件，则该

实体与本集团有关连：

(a)

该实体与本集团属

同一集团之成员公司

（即各母公司、附属

公司及同系附属公

司彼此间关连）。

(b)

一间实体为另一实

体之联营公司或合

营企业（或另一实

体为成员公司之集

团旗下成员公司之

联营公司或合营企

业）。

(c)

实体与本集团均为

同一第三方之合营

企业。

(d)

一间实体为第三方

实体之合营企业，而

另一实体为该第三

方实体之联营公司。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(t) Related parties

(i) A person, or a close member of that

person’s family, is related to the Group

if that person:

(a) has control or joint control over

the Group;

(b) has significant influence over

the Group; or

management personel of the

Group or the Group’s parent.

(i) An entity is related to the Group if any

of the folowing conditions aplies:

(a) The entity and the Group are

members of the same group

(which means that each parent,

subsidiary and felow subsidiary

is related to the others).

(b) One entity is an asociate

or joint venture of the other

entity (or an asociate or joint

venture of a member of a group

of which the other entity is a

member).

are joint ventures of the same

third party.

(d) One entity is a joint venture of a

third entity and the other entity

is an asociate of the third

entity.

ANUAL REPORT 2024/25

年报

2024/25111

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(t)

关连人士（续）

(i)

倘符合下列任何条件，则该

实体与本集团有关连：（续）

(e)

实体为本集团或与

本集团有关连之实

体就雇员利益设立

之离职福利计划。

(f)

实体受

(i)

内所指人士

控制或共同控制。

(g)

于

(i)(a)

项所指人士

对实体有重大影响

力或属该实体（或该

实体之母公司）之主

要管理层人员。

(h)

向本集团或本集团

母公司提供主要管

理人员服务的实体

或其所属集团的任

何成员公司。

某一人士之关系密切家庭

成员指与实体进行买卖时

预期可影响该人士或受该

人士影响的有关家庭成员。

(u)

分类报告

经营分类及于财务报表呈报之各分

类项目金额，乃根据就分配资源予

本集团各业务及地区分类并评估其

表现而定期提供予本集团行政总裁

（主要营运决策人）之财务资料而

确定。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(t) Related parties (continued)

(i) An entity is related to the Group if any

of the folowing conditions aplies:

(continued)

(e) The entity is a post-employment

benefit plan for the benefit of

employes of either the Group

or an entity related to the

Group.

(f) The entity is controled or

jointly controled by a person

identified in (i).

(g) A person identified in (i)(a) has

significant influence over the

entity or is a member of the

key management personel of

the entity (or of a parent of the

entity).

(h) The entity or any member of

a group of which it is a part,

provides key management

personel services to the Group

or to the Group’s parent.

Close members of the family of a

person are those family members who

may be expected to influence, or be

influenced by, that person in their

dealings with the entity.

(u) Segment reporting

Operating segments, and the amounts of each

segment item reported in the discrete financial

statements, are identified from the financial

information provided regularly to the Group’s

chief executive oficer (the chief operating

decision maker) for the purposes of alocating

resources to, and asesing the performance

of, the Group’s various lines of busines and

geographical locations.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料

（续）

(u)

分类报告（续）

个别重要经营分类不会合并计算以

供财务报告之用，除非该等分类具

有类似经济特征以及有关产品及服

务性质、生产程序性质、客户类型

或类别、分销产品或提供服务所采

用之方式及监管环境性质类似。个

别并非重大之经营分类如符合该等

标准大部分特征，则可合并呈报。

(v)

利率基准改革

当按摊销成本计量的金融资产或金

融负债的合约现金流量厘定基准因

利率基准改革而发生变动时，本集

团更新该金融资产或金融负债的实

际利率以反映该变动。当且仅当达

成以下两个条件时，利率基准改革

才需要改变厘定合约现金流量的基

础：

(a)

由于利率基准改革的直接

后果而必要进行变更；及

(b)

用于厘定合约现金流量的

新基准于经济上与先前的

基准（即紧接变更前的基准）

相同。

当金融资产或金融负债发生变动

时，除利率基准改革要求厘定合约

现金流量的基础发生变动外，本集

团首先更新有关金融资产或金融负

债的实际利率以反映利率基准改革

所要求的变动。本集团随后将会计

修改政策应用于其他变动。

2. BASIS OF PREPARATION AND

MATERIAL ACOUNTING POLICY

INFORMATION (continued)

(u) Segment reporting (continued)

Individualy material operating segments

are not agregated for financial reporting

purposes unles the segments have similar

economic characteristics and are similar in

respect of the nature of products and services,

the nature of production proceses, the type

or clas of customers, the methods used to

distribute the products or provide the services,

and the nature of the regulatory environment.

Operating segments which are not individualy

material may be agregated if they share a

majority of these criteria.

(v) Interest rate benchmark reform

When the basis for determining the contractual

cash flows of a financial aset or financial

liability measured at amortised cost changes

as a result of interest rate benchmark reform,

the Group updates the efective interest rate

of the financial aset or financial liability to

reflect the change that is required by interest

rate benchmark reform. A change in the basis

for determining the contractual cash flows is

required by interest rate benchmark reform if,

and only if, both these conditions are met:

(a) the change is necesary as a direct

consequence of interest rate

benchmark reform; and

(b) the new basis for determining the

contractual cash flows is economicaly

equivalent to the previous basis, i.e.

the basis imediately preceding the

change).

When changes are made to a financial aset

or financial liability in adition to changes to

the basis for determining the contractual cash

flows required by interest rate benchmark

reform, the Group first updates the efective

interest rate of the financial aset or financial

liability to reflect the changes required by

interest rate benchmark reform. The Group

then aplies the policies on acounting

modifications to the aditional changes.

ANUAL REPORT 2024/25

年报

2024/25113

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

应用经修订香港财务报告准则会

计准则

本集团已首次应用下列由香港会计师公会

颁布之香港财务报告会计准则修订本，该

等准则于本集团于二零二四年四月一日或

之后开始的财务年度期间强制生效：

香港会计准则第

号

之修订本

负债分类为流动或

非流动及香港诠

释第

号的相关

修订以及附带契

诺的非流动负债

香港会计准则第

号及

香港财务报告准则

第

号之修订本

供应商融资安排

香港财务报告准则

第

号之修订本

售后租回的租赁

负债

本集团并无于本会计期间应用任何尚未强

制生效的香港财务报告会计准则之新准则

及修订本，而本年度应用新订香港财务报

告会计准则及其修订本对本集团本年度

及过往年度的财务状况及表现以及／或该

等综合财务报表中所载的披露并无重大影

响。

3. APLICATION OF AMENDMENTS TO

HKFRS ACOUNTING STANDARDS

The Group has aplied the folowing amendments to

HKFRS Acounting Standards isued by the HKICPA for

the first time, which are mandatorily efective for the

Group’s financial anual period begining on or after 1

April 2024:

Amendments to HKAS 1Clasification of Liabilities as

Curent or Non-curent and

related Amendments to

Hong Kong Interpretation 5

and Non-curent Liabilities

with Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

Amendments to

HKFRS 16

Lease Liability in a Sale and

Leaseback

The Group has not aplied any new standards and

amendments to HKFRS Acounting Standards that

are not yet mandatorily efective for the curent

acounting period, the aplication of the new and

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.

2025
二零二五年 HK$’000
千港元
366,084
104,224
470,308
–
31,834
438,474
470,308

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

收益及分类报告

(a)

收益

(i)

收益分拆

按主要产品分拆客户合约

收益如下：

来自上述类别的收益于时

间点确认。

4. REVENUE AND SEGMENT REPORTING

(a) Revenue

(i) Disagregation of revenue

Disagregation of revenue from

contracts with customers by major

products is as folows:

二零二四年

HK$’000

千港元

Revenue from contracts

with customers within

the scope of HKFRS 15

香港财务报告准则第

号

范围内之客户合约收益

Sourcing and sale of metal

minerals and related

industrial materials

采购及销售金属矿物及

4. REVENUE AND SEGMENT REPORTING

(continued)

(a) Revenue (continued)

(i) Revenue expected to be recognised in

the future arising from contracts with

customers in existence at the reporting

date

Al sales contracts with customers

are for periods of one year or les.

As permited by practical expedient

under HKFRS 15, the transaction price

alocated to these contracts for the

remaining unsatisfied performance

obligations is not disclosed.

(b) Segment reporting

The Group manages its busineses by

divisions, which are organised by busines

lines. In a maner consistent with the way in

which information is reported internaly to

the Group’s chief executive oficer (the chief

operating decision maker) for the purposes

of resources alocation and performance

asesment, the Group has presented the

folowing thre reportable segments.

(i) Sourcing and sale of metal minerals

and related industrial materials;

(i) Production and sale of industrial

products; and

(i) Others

Others segment represents busines activities

and operating segments not separately

reported, including provision of logistics

services.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

收益及分类报告（续）

(b)

分类报告（续）

分类业绩、资产及负债

为评估分类表现及于分类之间分

配资源，本集团之行政总裁按以下

基准监察各个可呈报分类应占之业

绩、资产及负债：

分类资产包括各分类之物业、厂房

及设备、使用权资产、商誉、其他

无形资产、存货、应收贸易款项、

预付款项、按金及其他应收款项及

递延税项资产。分类负债包括各分

类之租赁负债、应付贸易款项、应

计费用及其他应付款项、应付税项

及递延税项负债。

收益及开支乃参考该等分类所得之

销售额及该等分类所产生之开支，

或因该等分类应占资产之折旧而产

生之开支，分配至可呈报分类。

呈报分类溢利所用之计量方式为各

分类之毛利减销售及分销成本。

除取得有关分类溢利之分类资料

外，本集团行政总裁获提供于营运

中按分类使用有关收益、折旧、物

业、厂房及设备减值亏损、使用权

资产减值亏损、融资成本、所得税

开支及添置非流动分类资产之分类

资料。分类间销售乃参考就向外界

客户类似订单收取之价格定价。

4. REVENUE AND SEGMENT REPORTING

(continued)

(b) Segment reporting (continued)

Segment results, asets and liabilities

For the purposes of asesing segment

performance and alocating resources betwen

segments, the Group’s chief executive oficer

monitors the results, asets and liabilities

atributable to each reportable segment on the

folowing bases:

Segment asets include property, plant and

equipment, right-of-use asets, godwil, other

intangible aset, inventories, trade receivables,

prepayments, deposits and other receivables

and defered tax asets of each segment.

Segment liabilities include lease liabilities,

trade payables, acruals and other payables,

tax payable and defered tax liabilities of each

segment.

Revenue and expenses are alocated to

the reportable segments with reference to

sales generated by those segments and the

expenses incured by those segments or which

otherwise arise from the depreciation of asets

atributable to those segments.

The measure used for reporting segment profit

is gros profit les seling and distribution costs

of each segment.

In adition to receiving segment information

concerning segment profits, the Group’s chief

executive oficer is provided with segment

information concerning revenue, depreciation,

impairment los on property, plant and

equipment, impairment los on right-of-use

asets finance costs, income tax expense and

aditions to non-curent segment asets used

by the segments in their operations. Inter-

segment sales are priced with reference to

price charged to external parties for similar

orders.

2025
Sourcing and sale of metal minerals and related industrial materials	二零二 Production and sale of industrial products	五年 Others	Total
采购及销售金属矿物及	生产及销售
相关工业 $’原料 HK 00 0	工业用 $’产品 HK 00 0	HK$’其他 00 0	HK$’总计 00 0
千港元	千港元	千港元	千港元
366,084	104,224	–	470,308
1,160	(5,731)	–	(4,571)
–	(2,823)	–	(2,823)
–	(7,421)	–	(7,421)
–	(10,661)	–	(10,661)
–	(3,620)	–	(3,620)
–	(575)	–	(575)
–	47	–	47
359,619	144,107	7	503,733
–	14,094	–	14,094
(79,796)	(45,829)	(3,559)	(129,184)

ANUAL REPORT 2024/25

年报

2024/25117

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

收益及分类报告（续）

(b)

分类报告（续）

分类业绩、资产及负债（续）

经营分类之会计政策资料与附注

所述之本集团之重大会计政策资料

相同。

截至二零二五年及二零二四年三月

三十一日止年度，提供予本集团行

政总裁作资源分配及评估分类表现

之本集团可呈报分类之资料载列如

下：

4. REVENUE AND SEGMENT REPORTING

(continued)

(b) Segment reporting (continued)

Segment results, asets and liabilities

(continued)

The acounting policy information of the

operating segments are the same as the

Group’s material acounting policy information

described in note 2.

Information regarding the Group’s reportable

segments as provided to the Group’s chief

executive oficer for the purposes of resources

alocation and asesment of segment

performance for the years ended 31 March

2025 and 2024 are set out below:

Reportable segment revenue

from external customers

来自外界客户之

可呈报分类收益

Reportable segment

profit/(los)

可呈报分类溢利╱

（亏损）

Depreciation for property,

plant and equipment

物业、厂房及

设备折旧

Depreciation for

right-of-use asets

使用权资产折旧

Impairment los on property,

plant and equipment

物业、厂房及设备

减值亏损

Impairment los on

right-of-use asets

使用权资产减值亏损

Finance costs

融资成本

Income tax credit

所得税抵免

Reportable segment asets

可呈报分类资产

Aditions to non-curent

segment asets

during the year

年内添置非流动

分类资产

Reportable segment

liabilities

可呈报分类负债

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

收益及分类报告（续）

(b)

分类报告（续）

分类业绩、资产及负债（续）

截至二零二五年及二零二四年三

月三十一日止年度，并无分类间销

售。

4. REVENUE AND SEGMENT REPORTING

(continued)

(b) Segment reporting (continued)

Segment results, asets and liabilities

(continued)

二零二四年

Sourcing

and sale of

metal

minerals

and related

industrial

materials

Production

and sale of

industrial

productsOthersTotal

采购及销售

金属矿物及

4. REVENUE AND SEGMENT REPORTING

(continued)

(b) Segment reporting (continued)

Reconciliation of reportable segment revenue,

profit, asets, liabilities and other items:

二零二四年

HK$’000

千港元

Revenue

收益

Total reportable segment revenue

可呈报分类收益总额

864,305

Elimination of inter-segment

revenue

对销分类间收益

–

Consolidated revenue

综合收益

864,305

(Los)/Profit

（亏损）／溢利

Total reportable segment (los)/

profit derived from the Group’s

external customers

来自本集团外界客户之

可呈报分类（亏损）╱

溢利总额

11,453

Other net income

其他收入净额

3,169

Depreciation for property, plant and

equipment of reportable segment

not included in measurement of

segment (los)/profit

于计算分类（亏损）／溢利

时未计入之可呈报分类之

物业、厂房及设备折旧

(5)

Depreciation for right-of-use

asets of reportable segment

not included in measurement of

segment (los)/profit

于计算分类（亏损）／溢利

时未计入之可呈报分类之

使用权资产折旧

(67)

Los alowance recognised on trade

receivables

应收贸易款项已确认

亏损拨备

(32,615)

(Los alowance recognised)/reversal

of los alowance on deposits and

other receivables

按金及其他应收款项

（已确认亏损拨备）／

亏损拨备拨回

Los alowance recognised on

amount due from a non-

controling interest

应收非控股权益款项

已确认亏损拨备

(411)

(Write-down)/reversal of write-down

on inventories

存货（撇减）╱撇减拨回

2,413

Impairment los on property, plant

and equipment

物业、厂房及设备之减值亏损

–

Impairment los on right-of-use

asets

使用权资产之减值亏损

–

Los on lease modification

租赁修改亏损

(736)

Finance costs

融资成本

(639)

Unalocated head ofice and

corporate expenses

未分配总办事处及企业开支

– Staf costs (including directors’

emoluments)

－员工成本（包括董事

薪酬）

(6,448)

– Others

－其他

(7,100)

Consolidated los before taxation

综合除税前亏损

(30,234)

2025
二零二 $’五年 HK 00 0
千港元
503,733
–
503,733
3,134
1,483
508,350
129,184
–
129,184
3,512
132,696
2,823
–
2,823
7,421
–
7,421

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

收益及分类报告（续）

(b)

分类报告（续）

二零二四年

HK$’000

千港元

Asets

资产

Total reportable segment asets

可呈报分类资产总值

552,410

Elimination of inter-segment

receivable

对销分类间应收款项

–

552,410

Unalocated head ofice and

corporate asets

未分配总办事处及企业资产

– Cash and cash equivalents

－现金及现金等值物

6,503

– Others

－其他

1,442

Consolidated total asets

综合资产总值

560,355

Liabilities

负债

Total reportable segment liabilities

可呈报分类负债总额

130,603

Elimination of inter-segment

payable

对销分类间应付款项

–

130,603

Unalocated head ofice and

corporate liabilities

未分配总办事处及企业负债

– Others

－其他

3,372

Consolidated total liabilities

综合负债总额

133,975

Other items

其他项目

Depreciation for property,

plant and equipment

物业、厂房及设备折旧

Reportable segment total

可呈报分类总额

2,222

Unalocated head ofice and

corporate total

未分配总办事处及

企业总额

–

Consolidated total

综合总额

2,222

Depreciation for right-of-use asets

使用权资产折旧

Reportable segment total

可呈报分类总额

7,111

Unalocated head ofice and

corporate total

未分配总办事处及

企业总额

–

Consolidated total

综合总额

7,111

4. REVENUE AND SEGMENT REPORTING

(continued)

(b) Segment reporting (continued)

2025
二零二 $’五年 HK 00 0
千港元
(47)
–
(47)
14,094
–
14,094

2025
二零二五年 HK$’000
千港元
366,084
104,224
470,308

ANUAL REPORT 2024/25

年报

2024/25121

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

收益及分类报告（续）

(b)

分类报告（续）

主要产品及服务之收益

以下为本集团来自主要产品之收益

分析：

二零二四年

HK$’000

千港元

Other items (continued)

其他项目（续）

Income tax (credit)/expense

所得税（抵免）╱开支

Reportable segment total

可呈报分类总额

Unalocated head ofice and

corporate total

未分配总办事处及

企业总额

–

Consolidated total

综合总额

Aditions to non-curent segment

asets during the year

年内添置非流动分类资产

Reportable segment total

可呈报分类总额

6,410

Unalocated head ofice and

corporate total

未分配总办事处及

企业总额

–

Consolidated total

综合总额

6,410

Revenue from major products and services

The folowing is an analysis of the Group’s

revenue from its major products:

二零二四年

HK$’000

千港元

Metal minerals and related industrial

materials

金属矿物及相关工业原料

731,918

Industrial products

工业用产品

132,387

864,305

4. REVENUE AND SEGMENT REPORTING

(continued)

(b) Segment reporting (continued)

来自外界客 2025
二零二五年 HK$’000
千港元
–
31,834
438,474
470,308

非流动 2025
二零二五年 HK$’000
千港元
–
–
49,902
49,902

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

收益及分类报告（续）

(b)

分类报告（续）

地区资料

下表载列

(i)

本集团来自外界客户之

收益；及

(i)

本集团物业、厂房及设

备、使用权资产、商誉、应收贸易

款项及其他无形资产按地理位置划

分之分析。客户之地理位置乃按交

付货品之位置划分。物业、厂房及

设备及使用权资产之地理位置乃根

据所考虑资产之实际位置划分。就

商誉、应收贸易款项及其他无形资

产而言，则根据彼等获分配之经营

业务所在位置划分。

4. REVENUE AND SEGMENT REPORTING

(continued)

(b) Segment reporting (continued)

Geographic information

The folowing is an analysis of geographical

location of (i) the Group’s revenue from

external customers; and (i) the Group’s

property, plant and equipment, right-of-use

asets, godwil, trade receivables and other

intangible aset. The geographical location of

customers is based on the location at which

the products were delivered. The geographical

locations of property, plant and equipment

and right-of-use asets is based on the physical

location of the asets under consideration.

In the case of godwil, trade receivables

and other intangible aset, it is based on the

location of the operation to which they are

alocated.

Revenue from

external customersNon-curent asets

来自外界客户之收益非流动资产

二零二四年二零二四年

HK$’000HK$’000

千港元千港元

Hong Kong (place of

domicile)

香港（注册地点）

–

Other Asian countries

其他亚洲国家

–

PRC except Hong Kong

中国（香港除外）

864,30564,451

2025
二零二五年 HK$’000
千港元
102,906
93,177
86,303
79,619

2025
二零二五年 HK$’000
千港元
46
432
478
165
352
995

ANUAL REPORT 2024/25

年报

2024/25123

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

收益及分类报告（续）

(b)

分类报告（续）

有关主要客户之资料

占本集团总销售额

10%

或以上之客

户收益如下：

附注：

截至二零二五年及二零二四年

三月三十一日止年度，上述客

户组别之收益乃来自生产及销

售工业用产品。

截至二零二五年三月三十一日

止年度，上述客户之收益乃来

自采购及销售金属矿物及相关

工业原料业务。

截至二零二五年及二零二四年

三月三十一日止年度，上述客

户之收益乃来自采购及销售金

属矿物及相关工业原料业务。

其他收入净额

4. REVENUE AND SEGMENT REPORTING

(continued)

(b) Segment reporting (continued)

Information about major customers

Revenue from customers contributing 10%

or more of the total sales of the Group are as

folows:

二零二四年

HK$’000

千港元

Customer A (note (i)

客户

（附注

(i)

）

132,231

Customer B (note (i)

客户

（附注

(i)

）

–

Customer C (note (i)

客户

（附注

(i)

）

–

Customer D (note (i)

客户

（附注

(i)

）

731,918

Notes:

i) Revenue from the above a group of

customers arose from the busineses of

production and sale of industrial products

for the years ended 31 March 2025 and 2024.

i) Revenue from the above customers arose

from the busines of sourcing and sale

of metal minerals and related industrial

materials for the year ended 31 March 2025.

i) Revenue from the above customer arose

from the busines of sourcing and sale metal

minerals and related industrial materials for

the years ended 31 March 2025 and 2024.

5. OTHER NET INCOME

二零二四年

HK$’000

千港元

Interest income on bank deposits

银行存款之利息收入

Interest income on amount due from a

non-controling interest

应收非控股权益款项之

利息收入

Total interest income on financial

asets measured at amortised cost

按摊销成本计量之金融资产

之利息收入总额

Sundry income

杂项收入

Net foreign exchange gain

汇兑收益净额

2,706

3,169

2025
二零二五年 HK$’000
千港元
575
575
21,064
2,304
23,368
473,999
752
2,823
7,421
–
5,186
324
432
4,830
35
10,661
3,620

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

除税前亏损

除税前亏损已扣除╱（抵免）下列各项：

6. LOS BEFORE TAXATION

Los before taxation is arived at after charging/

(crediting):

二零二四年

HK$’000

千港元

(a) Finance costs

融资成本

Interest on lease liabilities

租赁负债利息

Total interest expense on financial

liabilities not at fair value through

profit or los

并非按公允值计入

损益之金融负债

之利息开支总额

(b) Employe benefits expenses

(including directors’ emoluments)

雇员福利开支

（包括董事薪酬）

Salaries, wages and other benefits

薪金、工资及

其他福利

20,666

Contributions to defined

contribution retirement plans

定额供款退休计划

之供款

20,962

其他项目

Cost of inventories (note (i)

存货成本（附注

(i)

）

851,650

Auditor’s remuneration

核数师薪酬

Depreciation for property, plant and

equipment

物业、厂房及

设备折旧

2,222

Depreciation for right-of-use asets

使用权资产折旧

7,111

Los on lease modification

租赁修改亏损

Los alowance recognised on trade

receivables (note (i)

应收贸易款项已确认

亏损拨备（附注

(i)

）

32,615

Los alowance recognised/(reversal

of los alowance) on deposits and

other receivables

按金及其他应收款项

已确认亏损拨备╱

（亏损拨备拨回）

(752)

Los alowance recognised on

amount due from a non-

controling interests

应收非控股权益款项

已确认亏损拨备

Write-down/(reversal of

write-down) on inventories

存货撇减╱撇减拨回

(2,413)

Writen of of property, plant and

equipment

物业、厂房及

设备撇销

Impairment los on property, plant

and equipment

物业、厂房及设备之

减值亏损

–

Impairment los on right-of-use

asets

使用权资产之减值亏损

–

2025
二零二五年 HK$’000
千港元
–
–
–
(47)
(47)

ANUAL REPORT 2024/25

年报

2024/25125

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

除税前亏损（续）

附注：

(i)

存货成本于综合损益及其他全面收益表

计入「销售成本」，即已售存货之账面值

包括截至二零二五年及二零二四年三月

三十一日止年度之有关雇员福利开支及

物业、厂房及设备折旧以及使用权资产

折旧约

25,619,000

港元（二零二四年：约

22,391,000

港元），有关款项亦已就各支

出类别计入分别于附注

6(b)

及

6(c)

所披

露之各项总额中。

(i)

应收贸易款项亏损拨备包括应收贸易

款项特定预期信贷亏损约

6,906,000

港元

（二零二四年：约

32,637,000

港元）及应

收贸易款项亏损拨备拨回约

1,720,000

港

元（二零二四年：约

22,000

港元）。

综合损益表之所得税

(a)

综合损益表之所得税指：

6. LOS BEFORE TAXATION (continued)

Notes:

(i) Cost of inventories which included in “Cost of sales”

in the consolidated statement of profit or los and

other comprehensive income and being the carying

amount of inventories sold, included aproximately

HK$25,619,000 (2024: aproximately HK$22,391,000)

relating to employe benefits expenses and

depreciation for property, plant and equipment and

for right-of-use asets for the years ended 31 March

2025 and 2024 which amounts were also included

in the respective total amounts disclosed separately

in notes 6(b) and 6(c) for each of these types of

expenses.

(i) Los alowance recognised on trade receivables

included specific expected credit los on trade

receivables aproximately HK$6,906,000 (2024:

aproximately HK$32,637,000) and reversal of

los alowance on trade receivables aproximately

HK$1,720,000 (2024: aproximately HK$22,000).

7. INCOME TAX IN THE CONSOLIDATED

STATEMENT OF PROFIT OR LOS

(a) Income tax in the consolidated statement of

profit or los represents:

二零二四年

HK$’000

千港元

Curent tax

本期税项

– Hong Kong Profits Tax (note (i)

－香港利得税（附注

(i)

）

–

– PRC Enterprise Income Tax (“EIT”)

(note (i)

－中国企业所得税

（「企业所得税」）

（附注

(i)

）

1,127

Over-provision of prior year

过往年度超额拨备

– PRC EIT

－中国企业所得税

(180)

Total

总计

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

综合损益表之所得税（续）

(a)

综合损益表之所得税指：（续）

附注：

(i)

由于本集团截至二零二五年三

月三十一日止年度并无应课税

溢利或足够税项亏损抵销应课

税溢利，故并无计提香港利得税

（二零二四年：无）。

(i)

根据中国企业所得税法（「企

业所得税法」）及企业所得税

法实施条例，中国附属公司于

两个年度企业所得税率均为

25%

。

根据财政部及国家税务总局联

合下发之通知财税

第

号，

外资企业仅于向外国投资者分

派其于二零八年一月一日前

赚取之溢利时豁免缴纳预扣

税。从该日后所产生溢利所分

派之股息则须按

或

10%

之税

率缴纳企业所得税，并由中国

实体预扣。

(i)

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

均毋须就百慕达、萨摩亚、泽西

及英属处女群岛之司法权区缴

纳任何税项。

7. INCOME TAX IN THE CONSOLIDATED

STATEMENT OF PROFIT OR LOS

(continued)

(a) Income tax in the consolidated statement of

profit or los represents: (continued)

Notes:

(i) No Hong Kong Profits Tax has ben provided

as the Group has no asesable profits or

suficient tax loses to set-of the asesable

profits for the year ended 31 March 2025

(2024: nil).

(i) Under the Law of the PRC on EIT (the “EIT

Law”) and Implementation Regulation of

the EIT Law, the EIT tax rate of the PRC

subsidiaries is 25% for both years.

Acording to a joint circular of the Ministry

of Finance and State Administration of

Taxation, Cai Shui 2008 No. 1, only the profits

earned by foreign-investment enterprise

prior to 1 January 2008, when distributed to

foreign investors, can be grandfathered and

exempted from witholding tax. Dividend

distributed out of the profits generated

thereafter shal be subject to the EIT at 5% or

10% and witheld by PRC entities.

(i) The Group is not subject to any taxation

under the jurisdiction of Bermuda, Samoa,

Jersey and the British Virgin Islands for the

years ended 31 March 2025 and 2024.

2025
二零二五年 HK$’000
千港元
(46,145)
(7,614)
2,884
(85)
(3,043)
1,733
–
6,125
(47)
–
(47)

ANUAL REPORT 2024/25

年报

2024/25127

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

综合损益表之所得税（续）

(b)

税项（抵免）／开支与会计亏损按适

用税率计算税项的对账：

7. INCOME TAX IN THE CONSOLIDATED

STATEMENT OF PROFIT OR LOS

(continued)

(b) Reconciliation betwen tax (credit)/expense

and acounting los at the aplicable tax

rates:

二零二四年

HK$’000

千港元

Los before taxation

除税前亏损

(30,234)

Notional tax on los before

taxation, calculated at the

domestic income tax rate of

16.5% (2024: 16.5%)

除税前亏损之名义税项，

按照本地所得

税率

16.5%

计算

（二零二四年：

16.5%

）

(4,989)

Tax efect of non-deductible

expenses

不可抵扣费用之税务影响

8,997

Tax efect of non-taxable income

不计课税收入之税务影响

(1,458)

Efect of diferent tax rates arising

from other tax jurisdictions

其他税项司法权区所产生

税率差异之影响

(2,346)

Tax loses not recognised

未确认之税项亏损

1,277

Tax efect of utilisation of tax los

not recognised

使用未确认税项亏损之

税务影响

(325)

Tax efect of temporary diference

not recognise

未确认暂时差额之

税务影响

–

Over-provision in prior year

过往年度超额拨备

(180)

Others

其他

(29)

Income tax (credit)/expense

所得税项（抵免）／开支

2025
Directors’ fees	Salaries, allowances and benefits in kind	二零二五年 Discretionary bonuses	Retirement scheme contributions	Total
董事	薪金、津贴及		退休计划
袍金 HK$’000	实物利益 HK$’000	酌情花红 HK$’000	供款 HK$’000	总计 HK$’000
千港元	千港元	千港元	千港元	千港元
–	2,000	–	18	2,018
–	1,800	150	18	1,968
50	–	–	–	50
240	–	–	–	240
150	–	–	–	150
150	–	–	–	150
590	3,800	150	36	4,576

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

董事酬金

须根据香港公司条例第

383(1)

条及公司（披

露董事利益资料）规例第

部予以披露的董

事酬金如下：

8. DIRECTORS’ EMOLUMENTS

Directors’ emoluments disclosed pursuant to section

383(1) of the Hong Kong Companies Ordinance and

Part 2 of the Companies (Disclosure of Information

about Benefits of Directors) Regulation are as folows:

Executive directors

执行董事

Mr. Ho Yu-shun (Chief Executive)

何昱勋先生（行政总裁）

Ms. Sun Le

孙乐女士

Non-executive director

非执行董事

Ms. Sun Di

孙迪女士

Independent non-executive directors

独立非执行董事

Mr. Cheung Ngai Lam

张毅林先生

Mr. Tang Kin Nam

邓建南先生

Mr. Kwong Wing Ho

邝永浩先生

ANUAL REPORT 2024/25

年报

2024/25129

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

董事酬金（续）

截至二零二五年及二零二四年三月三十一

日止年度，本公司之董事概无放弃任何酬

金，而本集团亦无向任何董事支付或应付

任何酬金，作为彼等加入本集团或加入本

集团时之奖励。

8. DIRECTORS’ EMOLUMENTS (continued)

二零二四年

Directors’

fes

Salaries,

alowances

and

benefits

in kind

Discretionary

bonuses

Retirement

scheme

contributionsTotal

董事

袍金

薪金、津贴及

实物利益酌情花红

退休计划

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

Executive directors

执行董事

Mr. Ho Yu-shun (Chief Executive)

何昱勋先生（行政总裁）

–2,000–182,018

Ms. Sun Le

孙乐女士

–1,800150181,968

Non-executive director

非执行董事

Ms. Sun Di

孙迪女士

50–50

Independent non-executive directors

独立非执行董事

Mr. Cheung Ngai Lam

张毅林先生

240–240

Mr. Tang Kin Nam

邓建南先生

150–150

Mr. Kwong Wing Ho

邝永浩先生

150–150

5903,800150364,576

No director of the Company has waived any

emoluments and no emoluments were paid or payable

by the Group to any of the directors as an inducement

to join or upon joining the Group for the years ended

31 March 2025 and 2024.

2025
二零二五年 HK$’000
千港元
1,735
195
54
1,984

2025
二零二五年 Number of individuals
人数
3

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

最高薪酬人士

本集团五名最高薪酬人士中，两名（二零

二四年：两名）为本公司董事，其酬金已于

附注

披露。其余三名（二零二四年：三名）

最高薪酬人士之酬金总额如下：

三名（二零二四年：三名）最高薪酬人士（并

非本公司董事）之酬金属于下列组别：

于两个年度，本集团并无向该等人士支付

任何酬金，作为彼等加入本集团或加入本

集团时之奖励或离职补偿。

10.

股息

截至二零二五年三月三十一日止年度内，

并无向本公司普通股东派发或建议派发

股息，自报告期末起亦无建议派发任何股

息（二零二四年：无）。

9. INDIVIDUALS WITH HIGHEST

EMOLUMENTS

Of the five individuals with the highest emoluments,

two (2024: two) are directors of the Company whose

emoluments are disclosed in notes 8. The agregate

emoluments in respect of the other thre (2024: thre)

individuals are as folows:

二零二四年

HK$’000

千港元

Salaries and other emoluments

薪金及其他酬金

1,735

Discretionary bonuses

酌情花红

Retirement scheme contributions

退休计划供款

1,964

The emoluments of the thre (2024: thre) individuals

(who are not directors of the Company) with the

highest emoluments are within the folowing bands:

二零二四年

Number of

individuals

人数

HK$500,001 – HK$1,000,000500,001

港元至

1,000,000

港元

No emoluments were paid by the Group to these

individuals as an inducement to join or upon joining

the Group or as compensation for los of ofice for

both years.

10. DIVIDENDS

No dividend was paid or proposed for ordinary

shareholders of the Company during the year ended

31 March 2025, nor has any dividend ben proposed

since the end of the reporting period (2024: nil).

2025
二零二五年
(45,881)
21,084,072,140
(0.218)

ANUAL REPORT 2024/25

年报

2024/25131

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

11. LOS PER SHARE

a) Basic los per share

Basic los per share is calculated by dividing

the los for the year atributable to owners of

the Company by the weighted average number

of ordinary shares in isue during the year.

二零二四年

Los

亏损

Los for the year

atributable to owners of

the Company (HK$’000)

本公司拥有人

应占年内亏损

（千港元）

(30,782)

Number of shares

股份数目

Weighted average number of

ordinary shares in isue

已发行普通股

加权平均数

21,084,072,140

Basic los per share

(HK cent per share)

每股基本亏损

（每股港仙）

(0.146)

b) Diluted los per share

Diluted los per share for the years ended

31 March 2025 and 2024 is the same as the

basic los per share as there is no potential

ordinary shares outstanding during the years.

11.

每股亏损

每股基本亏损

每股基本亏损乃根据本公司拥有人

应占年内亏损除以年内已发行普通

股加权平均数计算。

每股摊薄亏损

由于年内并无潜在普通股尚未行

使，故截至二零二五年及二零二四

年三月三十一日止年度之每股摊薄

亏损与每股基本亏损相同。

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

12.

雇员退休福利

本集团为根据香港雇佣条例的管辖所雇用

雇员按照香港强制性公积金计划条例，安

排其香港雇员参与强制性公积金计划（「强

积金计划」）。强积金计划为一项由独立信

托人管理的定额供款退休计划。根据强积

金计划，雇主及雇员均须按雇员相关薪金

每月对计划作出供款。雇主及雇员各自

之供款额上限为每月

1,500

港元，其后可自

愿供款，计划之供款即时归属。

本集团亦参与一项定额供款之国家管理退

休福利计划。本集团之中国附属公司雇员

均为由中国政府营运之国家管理退休福利

计划之成员。该等附属公司须按工资成本

之指定百分比向退休福利计划供款，作为

有关退休福利金。本集团就退休福利计划

之唯一责任是作出指定供款。

12. EMPLOYE RETIREMENT BENEFITS

The Group has aranged its Hong Kong employes to

join the Mandatory Provident Fund Scheme (the “MPF

Scheme”) under the Hong Kong Mandatory Provident

Fund Schemes Ordinance for employes employed

under the jurisdiction of the Hong Kong Employment

Ordinance. The MPF Scheme is a defined contribution

retirement plan administered by independent

trustes. Under the MPF Scheme, the employer and

its employes make monthly contributions to the

scheme at 5% of the employes’ relevant income.

The contributions from each of the employer and

employes are subject to a cap of HK$1,500 per

month and thereafter contributions are voluntary.

Contributions to the plan vest imediately.

The Group also participates in a defined contribution

state-managed retirement benefit scheme. The

employes of the Group’s subsidiaries in PRC are

members of a state-managed retirement benefit

scheme operated by the government of PRC. The

subsidiaries are required to contribute a specified

percentage of payrol costs to the retirement benefit

scheme to fund the benefits. The only obligation of the

Group with respect to the retirement benefit scheme is

to make the specified contributions.

68,684	444	2,075	930	911	2,839	2,738	78,621
1,953	–	30	–	–	–	–	1,983
2,613	–	–	–	–	–	(2,613)	–
(33)	–	–	–	–	–	–	(33)
(3,647)	(15)	(106)	(4)	(45)	(149)	(125)	(4,091)
69,570	429	1,999	926	866	2,690	–	76,480
14,094	–	–	–	–	–	–	14,094
(358)	–	–	–	–	–	–	(358)
(874)	(3)	(22)	(1)	(9)	(29)	–	(938)
82,432	426	1,977	925	857	2,661	–	89,278

45,191	444	1,588	928	911	107	–	49,169
1,905	–	317	–	–	–	–	2,222
(2,393)	(15)	(82)	(4)	(45)	(6)	–	(2,545)
44,703	429	1,823	924	866	101	–	48,846
2,682	–	141	–	–	–	–	2,823
9,537	–	–	–	–	1,124	–	10,661
(323)	–	–	–	–	–	–	(323)
(590)	(3)	(21)	(1)	(9)	(11)	–	(635)
56,009	426	1,943	923	857	1,214	–	61,372
26,423	–	34	2	–	1,447	–	27,906

ANUAL REPORT 2024/25

年报

2024/25133

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

13.

物业、厂房及设备

(a)

物业、厂房及设备

13. PROPERTY, PLANT AND EQUIPMENT

(a) Property, plant and equipment

Plant,

machinery and

equipment

Furniture

and

fixtures

Ofice

equipment

Computer

equipment

Motor

vehicles

Leasehold

improvements

Construction

progresTotal

厂房、机器及

设备家私及装置办公室设备电脑设备汽车

租赁物业

装修在建工程合计

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

Cost

成本

At 1 April 2023

于二零二三年四月一日

Aditions

添置

Transfer from CIP

在建工程转入

Writen of

撇销

Efect of foreign curency

exchange diferences

外币汇兑差异之影响

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日

Aditions

添置

Writen of

撇销

Efect of foreign curency

exchange diferences

外币汇兑差异之影响

At 31 March 2025

于二零二五年三月三十一日

Acumulated depreciation

and impairment

累计折旧及减值

At 1 April 2023

于二零二三年四月一日

Charge for the year

年度扣除

Efect of foreign curency

exchange diferences

外币汇兑差异之影响

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日

Charge for the year

年度扣除

Impairment los

减值亏损

Writen of

撇销

Efect of foreign curency

exchange diferences

外币汇兑差异之影响

At 31 March 2025

于二零二五年三月三十一日

Carying amounts

账面值

At 31 March 2025

于二零二五年三月三十一日

At 31 March 2024

于二零二四年三月三十一日

24,867–1762–2,589–27,634

2025
二零二五年 HK$’000
千港元
2,777
1,879
4,656

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

13.

物业、厂房及设备（续）

(b)

使用权资产

按相关资产类别划分之使用权资产

账面净值之分析如下：

13. PROPERTY, PLANT AND EQUIPMENT

(continued)

(b) Right-of-use asets

The analysis of the net bok value of right-

of-use asets by clas of underlying aset is as

folows:

二零二四年

HK$’000

千港元

Ownership interests in leasehold

land and buildings held for

own use, caried at cost les

depreciation with remaining lease

term of:

持作自用租赁土地及楼宇的

拥有权益（按成本减

折旧列账），剩余租期为：

– Betwen 17 and 35 years (2024:

betwen 18 and 36 years)

－

年至

年

（二零二四年：

年

至

年）

2,874

Other leasehold land and buildings

leased for own use, caried at cost

les depreciation and impairment

其他自用租赁土地及楼宇

（按成本减折旧及

减值列账）

9,919

12,793

2025
二零二五年 HK$’000
千港元
66
7,355
7,421
3,620
575
582

ANUAL REPORT 2024/25

年报

2024/25135

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

13.

物业、厂房及设备（续）

(b)

使用权资产（续）

于损益中确认与租赁相关的开支项

目之分析如下：

年内，因租赁修改而添置约

2,970,000

港元（二零二四年：约

4,427,000

港元）。

截至二零二五年及二零二四年三

月三十一日止年度，租赁并无现金

流出。截至二零二五年三月三十一

日止年度租赁付款约为

7,714,000

港元，由应收贸易款项抵销（二零

二四年：约

8,488,000

港元）。

租赁负债的到期日分析载于附注

。

13. PROPERTY, PLANT AND EQUIPMENT

(continued)

(b) Right-of-use asets (continued)

The analysis of expense items in relation to

leases recognised in profit or los is as folows:

二零二四年

HK$’000

千港元

Depreciation charge for

right-of-use asets by clas of

underlying aset:

按相关资产类别划分之

使用权资产之折旧支出：

– Ownership interests in leasehold

land and buildings held for

own use

–

持作自用租赁土地及

楼宇的拥有权益

– Other leasehold land and

buildings leased for own use

–

其他自用租赁土地及楼

宇

7,044

7,111

Impairment los on other leasehold

land and buildings leased for own

use

其他自用租赁土地及

楼宇之减值亏损

–

Interest on lease liabilities

(note 6(a)

租赁负债利息

（附注

6(a)

）

Expense relating to short-term lease

与短期租赁有关的开支

During the year, aditions of aproximately

HK$2,970,000 (2024: aproximately

HK$4,427,000) as a result of lease modification.

No cash outflow for leases during the years

ended 31 March 2025 and 2024. The lease

payment for the year ended 31 March 2025

with amounted aproximately HK$7,714,000

was set of with trade receivables (2024:

aproximately HK$8,488,000).

The maturity analysis of lease liabilities is set

out in note 22.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

13.

物业、厂房及设备（续）

(b)

使用权资产（续）

(i)

持作自用租赁土地及楼宇

之拥有权益

本集团于日常业务过程中

持有持作自用租赁土地及

楼宇之权益。本集团为该等

物业权益之注册拥有人，

包括相关土地的全部或部

份不可分割份额。本集团已

预先作出一次性付款，以从

政府当局购入该等物业权

益，而除根据有关政府当局

确定的应课税差饷值付款

外，毋须根据土地租赁的条

款继续付款。该等付款不时

有变，并应付予有关政府当

局。

(i)

其他自用租赁土地及楼宇

本集团已透过租赁协议取

得土地及楼宇的使用权。租

赁的期限一般为

年。

(c)

减值评估

从事生产及销售工业产品业务的现

金产生单位的物业、厂房及设备以

及使用权资产的减值评估：

生产及销售工业产品现金产生单位

的营运出现亏损。

因此，管理层对相关物业、厂房及

设备以及使用权资产进行减值测

试。现金产生单位的可收回金额乃

据使用价值计算，透过使用基于管

理层批准五年期财务预算的预期现

金流量预测厘定。

13. PROPERTY, PLANT AND EQUIPMENT

(continued)

(b) Right-of-use asets (continued)

(i) Ownership interests in leasehold land

and buildings held for own use

The Group holds the interests in

leasehold land and buildings for

its ordinary course of busines. The

Group is the registered owner of

these property interests, including

the whole or part of undivided share

in the underlying land. Lump sum

payments were made upfront to

acquire these property interests from

the government authorities, and there

are no ongoing payments to be made

under the terms of the land lease,

other than payments based on rateable

values set by the relevant government

authorities. These payments vary from

time to time and are payable to the

relevant government authorities.

(i) Other leasehold land and buildings

leased for own use

The Group has obtained the right to

use the land and building through

tenancy agrements. The lease typicaly

runs for an period of 5 years.

Impairment asesment of property, plant and

equipment and right-of-use asets of CGU

engaged in the busines of production and sale

of industrial products:

The production and sale of industrial products

cash-generating unit operated at a los.

As a result, the management performed an

impairment test on the relevant property,

plant and equipment and right-of-use asets.

The recoverable amount of the CGU has ben

determined based on a value in use calculation

by using cash flow forecast projections

based on financial budgets aproved by

management covering a five-year period.

2025
二零二五年
3% to 23%
12%
3%
11%

ANUAL REPORT 2024/25

年报

2024/25137

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

13.

物业、厂房及设备（续）

(c)

减值评估（续）

下表载列计算使用价值时所用的主

要假设：

管理层已将前述各项主要假设的价

值厘定如下：

13. PROPERTY, PLANT AND EQUIPMENT

(continued)

The folowing table set out the key

asumptions used in the value in use

calculation:

Revenue growth rate

收益增长率

Budgeted gros margin

预算毛利率

Long-term growth rate

长期增长率

Pre-tax discount rate

除税前贴现率

11%

Management has determined the values

asigned to each of the above key asumptions

as folows:

AsumptionAproach used to determine values

假设厘定价值的方法

Revenue growth rate– Based on past performance and management’s expectation of

future income.

收益增长率－基于过往表现及管理层对未来收入的预期。

Budgeted gros margin– Based on past performance and management’s expectation of

future gros margin.

预算毛利率－基于过往表现及管理层对未来毛利率的预期。

Long-term growth rate– Based on the historical data and management expectation of

the future market.

长期增长率－基于历史数据及管理层对未来市场的预期。

Pre-tax discount rate– The discount rate used is before tax and reflect specific risk

relating to the relevant busines unit.

除税前贴现率－所使用的贴现率为除税前贴现率，并反映与相关业务单位

有关的特定风险。

HK$’000
千港元
10,661
3,620
14,281

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

13.

物业、厂房及设备（续）

(c)

减值评估（续）

根据使用价值计算，可收回金额低

于现金产生单位的账面值，因此已

对该现金产生单位的相关资产计提

以下减值亏损：

于二零二五年三月三十一日，相关

资产的相关现金产生单位的可收回

金额约为

95,139,000

港元。

于二零二五年三月三十一日，董事

认为，上述主要假设的合理可能变

动将不会导致现金产生单位的相关

资产出现进一步减值亏损。

13. PROPERTY, PLANT AND EQUIPMENT

(continued)

Based on the value in use calculation, the

recoverable amount is lower than the carying

amount of the CGU, and thus impairment

loses were made on the related asets of the

CGU as folows:

Impairment los on property,

plant and equipment

物业、厂房及设备减值亏损

Impairment los on right-of-use asets

使用权资产减值亏损

The recoverable amount of the relevant CGU

for the relevant asets was aproximately

HK$95,139,000 at 31 March 2025.

At 31 March 2025, the directors considered

that a reasonably posible change in key

asumptions mentioned above would not

cause further impairment loses on the related

asets of the CGU.

2025
二零二五年 HK$’000
千港元
5,368
(5,368)
–

ANUAL REPORT 2024/25

年报

2024/25139

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

14.

商誉

其他分类：

就减值测试而言，商誉乃被分配到现金产

生单位其主要于香港及中国从事物流业

务，包括仓库、运输及货柜处理，被计入其

他分类项下。管理层认为，胜记国际物流

控股有限公司（「胜记国际物流」）及其附属

公司胜记海陆物流仓（深圳）有限公司（「胜

记海陆」）（统称「胜记国际物流集团」）属分

配商誉之现金产生单位，乃由于有关安排

可产生协同效益。

14. GODWIL

二零二四年

HK$’000

千港元

Cost

成本

At begining and at end of the year

于年初及年末

5,368

Acumulated impairment los

累计减值亏损

At begining and at end of the year

于年初及年末

(5,368)

Carying amount

账面值

–

Others segment:

For purposes of impairment testing, godwil had

ben alocated to a CGU which is principaly engaged

in logistics busineses comprising warehousing,

transportation and cargo handling in Hong Kong

and PRC, and included under others segment. The

management considered Shing Ke International

Logistics Holdings Limited (“SKIL”) together with

its subsidiary, Shing Ke Sea-land Logistics &

Warehousing (Shenzhen) Co., Ltd. (literaly translation

胜记海陆物流仓（深圳）有限公司）

(“Sealand”)

(colectively the “SKIL Group”) is the CGU for

alocation of godwil as synergies are derived in such

arangement.

13.

物业、厂房及设备（续）

(c)

减值评估（续）

根据使用价值计算，可收回金额低

于现金产生单位的账面值，因此已

对该现金产生单位的相关资产计提

以下减值亏损：

于二零二五年三月三十一日，相关

资产的相关现金产生单位的可收回

金额约为

95,139,000

港元。

于二零二五年三月三十一日，董事

认为，上述主要假设的合理可能变

动将不会导致现金产生单位的相关

资产出现进一步减值亏损。

–

2025
二零二五年 HK$’000
千港元
8,991
32,867
41,858

2025
二零二五年 HK$’000
千港元
473,399
4,830
478,229

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

15.

其他无形资产

16.

存货

确认为开支／（收入）并计入损益之存货金

额之分析如下：

存货撇减拨回乃由于年内出售流动缓慢的

存货。

所有存货预期将于一年内出售。

15. OTHER INTANGIBLE ASET

Customer

relationship

客户关系

HK$’000

千港元

Cost

成本

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、二零二四年

三月三十一日、二零二四年四月一日及

二零二五年三月三十一日

4,202

Acumulated amortisation and

impairment

累计摊销及减值

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、二零二四年

三月三十一日、二零二四年四月一日及

二零二五年三月三十一日

4,202

Carying amount

账面值

At 31 March 2025

于二零二五年三月三十一日

At 31 March 2024

于二零二四年三月三十一日

–

16. INVENTORIES

二零二四年

HK$’000

千港元

Raw materials

原材料

1,242

Finished gods

制成品

24,737

25,979

The analysis of the amount of inventories recognised

as an expense/(income) and included in profit or los is

as folows:

二零二四年

HK$’000

千港元

Carying amount of inventories sold

已售存货之账面值

851,650

Write-down/(reversal of write-down)

on inventories

存货撇减╱（撇减拨回）

(2,413)

849,237

The reversal of write-down on inventories arose due to

the slow-moving inventories were sold during the year.

Al the inventories are expected to be sold within one

year.

2025
二零二五年 HK$’000
千港元
172,877
(40,039)
132,838

2025
二零二五年 HK$’000
千港元
17,340
115,498
132,838

2025
二零二五年 HK$’000
千港元
100,843
6,192
8,453
10
17,340
132,838

ANUAL REPORT 2024/25

年报

2024/25141

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

17.

应收贸易款项

附注：

(i)

账龄分析

以下为截至报告期末按发票日期或发货

及交付日期呈列之应收贸易款项（扣除

亏损拨备）之账龄分析：

应收贸易款项通常于发票日期或发货及

交付日期起计

日（二零二四年：

日）内到期。本集团信贷政策及自应收

贸易款项产生的信贷风险之进一步详情

载于附注

26(a)

。

(i)

本集团该名债务人须遵守经中国法院批

准的自愿债务重组还款计划清还款项。

17. TRADE RECEIVABLES

二零二四年

HK$’000

千港元

Trade receivables

应收贸易款项

207,278

Les: Los alowance recognised

减：已确认亏损拨备

(35,280)

171,998

二零二四年

HK$’000

千港元

Represented by:

代表：

Non-curent portion (note (i)

非流动部分（附注

(i)

）

24,024

Curent portion

流动部分

147,974

171,998

Notes:

(i) Ageing analysis

As of the end of the reporting period, the ageing

analysis of trade receivables based on the invoice

date or shipment and delivery date and net of los

alowance, is as folows:

二零二四年

HK$’000

千港元

0-60 days0

至

日

16,023

61-120 days61

至

日

8,802

121-180 days121

至

日

90,146

181-360 days181

至

日

51,262

Over 360 days

超过

日

5,765

171,998

Trade receivables are usualy due within 360 days

(2024: 360 days) from invoice date or shipment and

delivery date. Further details on the Group’s credit

policy and credit risk arising from trade receivables

are set out in note 26(a).

(i) The setlement of this debtor of the Group being

subject to a voluntary debt restructuring repayment

plan aproved by the court of PRC.

2025
二零二五年 HK$’000
千港元
8,858
428
296,937
1,615
174
(10,093)
297,919
297,919
–
297,919

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

18.

预付款项、按金及其他应收款项

附注：

(a)

款项乃以多间于香港注册成立之私人有

限公司之股份提供抵押，其中一间为本

集团非全资附属公司胜记国际物流。有

关款项按年利率

5.01%

计息，及须于二

零一七年九月三十日还款。

于二零二五年三月三十一日，结余已

逾期并已确认减值拨备约

8,858,000

港元

（二零二四年：约

8,426,000

港元）。

18. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES

二零二四年

HK$’000

千港元

Amount due from a non-controling

interest (note (a)

应收非控股权益款项

（附注

(a)

）

8,426

Other receivables

其他应收款项

Trade deposits paid (note (d)

已付贸易按金（附注

(d)

）

309,508

Other deposits and prepayments

其他按金及预付款项

5,774

Other tax prepayments (note (c)

其他预付税项（附注

(c)

）

Les: Los alowance recognised

(notes (a) and (b)

减：已确认亏损拨备

（附注

(a)

及

(b)

）

(9,349)

315,409

Analysed for reporting purposes as:

就呈报目的分析为：

Curent asets

流动资产

315,409

Non-curent asets

非流动资产

–

315,409

Notes:

(a) The amount is secured by the shares in certain private

limited companies incorporated in Hong Kong, one

of which being SKIL, a non-wholy-owned subsidiary

of the Group. It was interest-bearing at 5.01% per

anum and was due on 30 September 2017.

As at 31 March 2025, the balance is past due and

impairment alowance recognised of aproximately

HK$8,858,000 (2024: aproximately HK$8,426,000) is

provided.

2025
二零二五年 HK$’000
千港元
9,349
756
(12)
10,093

ANUAL REPORT 2024/25

年报

2024/25143

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

18.

预付款项、按金及其他应收款项

（续）

附注：（续）

(b)

其他应收款项之减值

有关其他应收款项之已确认减值亏损乃

使用拨备账记账，除非本集团信纳收回

有关款项之可能性极低则作别论，在此

情况下，已确认减值亏损会直接撇销其

他应收款项（见附注

2(h)

）。

已确认亏损拨备之变动

附注：

(i)

于二零二五年三月三十一日，

本集团已确认有关本集团其他

应收款项，包括应收非控股权

益款项、其他应收款项以及按

金及预付款项之亏损拨备约为

10,093,000

港元（二零二四年：

约

9,349,000

港元）。主要减值之

应收款项为于报告期末已逾期

一年以上，乃面对财政困难之

非控股权益的应收款项。

(c)

其他预付税项指中国预付增值税，其可

用作抵销在中国营运之附属公司于未来

进行销售所产生之应付增值税。

(d)

于二零二五年三月三十一日，本集团

已付供应商贸易按金约

296,937,000

港元

（二零二四年：约

309,508,000

港元），以

确保采购量及购买货物及原材料，有关

金额可于本集团交付货物及原材料时在

年结日后确认为采购额。

于二零二五年三月三十一日，已确认贸

易按金之减值亏损约

669,000

港元（二零

二四年：约

351,000

港元）。

18. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES (continued)

Notes: (continued)

(b) Impairment of other receivables

Impairment loses recognised in respect of other

receivables are recorded using an alowance acount

unles the Group is satisfied that recovery of the

amount is remote, in which case the impairment los

recognised is writen of against other receivables

directly (se note 2(h).

Movements in the los alowance recognised

二零二四年

NoteHK$’000

附注千港元

At begining of the year

于年初

9,758

Impairment los/(reversal of

impairment los) to

profit or los

于损益减值亏损╱

（减值亏损拨回）

(i)(341)

Exchange diferences

汇兑差异

(68)

At end of the year

于年末

(i)9,349

Note:

(i) At 31 March 2025, los alowance in respect

of other receivables of the Group including

amount due from a non-controling

interest, other receivables and deposits and

prepayments amounting to aproximately

HK$10,093,000 (2024: aproximately

HK$9,349,000) were recognised by the

Group. The major impaired receivables were

outstanding for over 1 year at the end of the

reporting period and were due from a non-

controling interest with financial dificulties.

value-aded tax in PRC which can be utilised to ofset

the value-aded tax payable arising from the future

sales of the subsidiaries operating in PRC.

(d) At 31 March 2025, trade deposits of aproximately

HK$296,937,000 (2024: aproximately

HK$309,508,000) were paid by the Group to the

supliers for secure the procurement volume and

purchase of merchandise and raw materials which

can be recognised as purchases after the year end

date upon the delivery of the merchandise and raw

materials to the Group.

At 31 March 2025, an impairment los on trade

deposits aproximately HK$669,000 (2024:

aproximately HK$351,000) has ben recognised.

2025
二零二五年 HK$’000
千港元
3,134
3,134

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

19.

现金及现金等值物及其他现金流

量资料

(a)

现金及现金等值物

附注：

银行现金按每日银行存款利率之浮动利

率赚取利息。

于二零二五年三月三十一日，位于

中国内地的现金及现金等值物约为

8,000

港元（二零二四年：约

19,000

港

元）。资金汇出中国内地须遵守相

关外汇管制的规则及规例。

19. CASH AND CASH EQUIVALENTS AND

OTHER CASH FLOWS INFORMATION

(a) Cash and cash equivalents

二零二四年

HK$’000

千港元

Cash at banks and on hand

银行及手头现金

6,503

Cash and cash equivalents in the

consolidated statement of financial

position and the consolidated

statement of cash flows

综合财务状况表及

综合现金流量表之

现金及现金等值物

6,503

Note:

Cash at banks earns interest at floating rates based on

daily bank deposit rates.

At 31 March 2025, cash and cash equivalents

situated in Mainland China amount to

aproximately HK$8,000 (2024: aproximately

HK$19,000). Remitance of funds out of

Mainland China is subject to relevant rules and

regulations of foreign exchange control.

(8,488)
5,163
375
639
4,178
(7,714)
2,970
(9)
575
–

ANUAL REPORT 2024/25

年报

2024/25145

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

19.

现金及现金等值物及其他现金流

量资料（续）

(b)

融资活动所产生负债之对账

附注：

二零二五年租赁付款额约为

7,714,000

港

元（二零二四年：约

8,488,000

港元），由

应收贸易款项抵销。

19. CASH AND CASH EQUIVALENTS AND

OTHER CASH FLOWS INFORMATION

(continued)

(b) Reconciliation of liabilities arising from

financing activities

Lease

liabilities

租赁负债

HK$’000

千港元

(note 22)

（附注

）

At 1 April 2023

于二零二三年四月一日

6,489

Non-cash transaction (note)

非现金交易（附注）

Lease modification

租赁修改

Exchange diferences

汇兑差异

Interest expenses (note 6(a)

利息开支（附注

6(a)

）

At 31 March 2024 and at 1 April 2024

于二零二四年三月三十一日及

于二零二四年四月一日

Non-cash transaction (note)

非现金交易（附注）

Lease modification

租赁修改

Exchange diferences

汇兑差异

Interest expenses (note 6(a)

利息开支（附注

6(a)

）

At 31 March 2025

于二零二五年三月三十一日

Note:

The lease payment for 2025 with amounted

aproximately HK$7,714,000 (2024: aproximately

HK$8,488,000) was set of with trade receivables.

2025
二零二五年 HK$’000
千港元
88,479

2025
二零二五年 HK$’000
千港元
2,326
78,738
6
1,387
6,022
88,479

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

20.

应付贸易款项

附注：

账龄分析

以下为于报告期末按发票日期或发货及交付日

期呈列之应付贸易款项之账龄分析：

应付贸易款项预期将于一年内支付。

20. TRADE PAYABLES

二零二四年

HK$’000

千港元

Trade payables

应付贸易款项

74,145

Note:

Ageing analysis

As the end of the reporting period, the ageing analysis of

trade payables based on the invoice date or shipment and

delivery date is as folows:

二零二四年

HK$’000

千港元

0-60 days0

至

日

6,648

61-120 days61

至

日

61,271

121-180 days121

至

日

181-360 days181

至

日

Over 360 days

超过

日

5,148

74,145

Trade payables are expected to be setled within one year.

2025
二零二五年 HK$’000
千港元
41,800

2025
二零二五年 HK$’000
千港元
–
–
–

ANUAL REPORT 2024/25

年报

2024/25147

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

21.

应计费用及其他应付款项

附注：

应计费用及其他应付款项全部预期将于一年内

支付或按要求偿还。

22.

租赁负债

于二零二五年及二零二四年三月三十一

日，租赁负债偿还方式如下：

适用于租赁负债的借贷利率为

4.75%

（二零

二四年：

4.75%

）。

21. ACRUALS AND OTHER PAYABLES

二零二四年

HK$’000

千港元

Acruals and other payables

应计费用及其他应付款项

52,025

Note:

Al the acruals and other payables are expected to be setled

within one year or are repayable on demand.

22. LEASE LIABILITIES

At 31 March 2025 and 2024, the lease liabilities are

repayable as folows:

二零二四年

HK$’000

千港元

Within 1 year

一年内

1,626

After 1 year but within 2 years

一年后但两年内

2,552

4,178

The incremental borowing rate aplied to lease

liabilities is 4.75% (2024: 4.75%).

2025
二零二五年 HK$’000
千港元
3,561
–
–
–
(47)
(47)
–
(1,135)
(1,135)
(28)
2,351
–
2,351
2,351

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

23.

综合财务状况表之所得税

(a)

综合财务状况表之本期税项指：

23. INCOME TAX IN THE CONSOLIDATED

STATEMENT OF FINANCIAL POSITION

(a) Curent taxation in the consolidated

statement of financial position represents:

二零二四年

HK$’000

千港元

At begining of the year

于年初

3,296

Provision for the year

本年度拨备

– Hong Kong Profits Tax (note 7(a)

－香港利得税

（附注

7(a)

）

–

– PRC EIT (notes 7(a)

－中国企业所得税

（附注

7(a)

）

1,127

Over-provision of prior year

过往年度超额拨备

– PRC EIT (notes 7(a)

－中国企业所得税

（附注

7(a)

）

(180)

Income tax paid

during the year

年内已付所得税

– Hong Kong Profits Tax

－香港利得税

–

– PRC EIT

－中国企业所得税

(505)

Efect of foreign curency exchange

diferences

汇兑差异之影响

(177)

At end of the year

于年末

3,561

Representing:

代表：

Tax recoverable

可收回税项

–

Tax payable

应付税项

3,561

At end of the year

于年末

3,561

66	(39)	27
–	–	–
66	(39)	27

ANUAL REPORT 2024/25

年报

2024/25149

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

23.

综合财务状况表之所得税（续）

(b)

已确认递延税项资产及负债

(i)

在综合财务状况表确认之

递延税项资产及负债部分

及于年内的变动如下：

23. INCOME TAX IN THE CONSOLIDATED

STATEMENT OF FINANCIAL POSITION

(continued)

(b) Defered tax asets and liabilities

recognised

(i) The components of defered tax

asets and liabilities recognised in the

consolidated statement of financial

position and the movements during

the year are as folows:

Depreciation

alowances

in exces

of related

depreciation

Depreciation

in exces

of related

depreciation

alowancesTotal

折旧

免税额超过

Defered tax arising from:HK$’000HK$’000HK$’000

递延税项来自：千港元千港元千港元

At 1 April 2023

于二零二三年

四月一日

66(39)27

Charged to profit or los

(note 7(a)

扣除自损益

（附注

7(a)

）

–

At 31 March 2024 and

1 April 2024

于二零二四年

三月三十一日

及二零二四年

四月一日

Charged to profit or los

(note 7(a)

扣除自损益

（附注

7(a)

）

At 31 March 2025

于二零二五年

三月三十一日

2025
二零二五年 HK$’000
千港元
(39)
66
27

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

23.

综合财务状况表之所得税（续）

(b)

已确认递延税项资产及负债（续）

(i)

综合财务状况表对账：

23. INCOME TAX IN THE CONSOLIDATED

STATEMENT OF FINANCIAL POSITION

(continued)

(b) Defered tax asets and liabilities

recognised (continued)

(i) Reconciliation to the consolidated

statement of financial position:

二零二四年

HK$’000

千港元

Defered tax asets

recognised in the

consolidated statement of

financial position

于综合财务状况表确认之

递延税项资产

(39)

Defered tax liabilities

recognised in the

consolidated statement of

financial position

于综合财务状况表确认之

递延税项负债

ANUAL REPORT 2024/25

年报

2024/25151

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

23.

综合财务状况表之所得税（续）

(c)

未确认递延税项资产

于二零二五年三月三十一日，本集

团未动用税项亏损约

140,484,000

港

元（二零二四年：约

134,224,000

港

元）及约零港元可用以抵销未来溢

利（二零二四年：约

115,000

港元），

并分别为可无限期结转及于五年

内到期。于二零二五年三月三十一

日，本集团有可扣减暂时差额约

24,497,000

港元（二零二四年：零港

元）。由于未能预测未来溢利来源，

因此未就税项亏损及可扣减暂时差

额确认递延税项资产。

(d)

未确认之递延税项负债

根据中国企业所得税法，以中国附

属公司于二零八年一月一日以后

所赚取之溢利宣派之股息须缴纳预

扣税。

于二零二五年三月三十一日，与附

属公司未分派溢利相关之暂时差额

约为

11,988,000

港元（二零二四年：

约

47,926,000

港元）。由于本公司控

制该等附属公司之股息政策，且认

为该等保留溢利不大可能于可见将

来作出分派，因而并无就分派该等

溢利之应付税项确认递延税项负

债约

599,000

港元（二零二四年：约

2,396,000

港元）。

23. INCOME TAX IN THE CONSOLIDATED

STATEMENT OF FINANCIAL POSITION

(continued)

As at 31 March 2025, the Group has unused

tax loses of aproximately HK$140,484,000

(2024: aproximately HK$134,224,000) and

aproximately HK$Nil (2024: aproximately

HK$115,000) available for ofset against

future profits that may be caried forward

indefinitely and with expiry date of within 5

years, respectively. As at 31 March 2025, the

Group has deductible temporary diferences

of aproximately HK$24,497,000 (2024:

HK$Nil). No defered tax asets have ben

recognised in respect of the tax loses and

deductible temporary diferences due to the

unpredictability of future profit streams.

(d) Defered tax liabilities not recognised

Under the EIT Law of PRC, witholding tax

is imposed on dividends declared in respect

of profits earned by PRC subsidiaries from 1

January 2008 onwards.

At 31 March 2025, temporary diferences

relating to the undistributed profits of

subsidiaries amounted to aproximately

HK$11,988,000 (2024: aproximately

HK$47,926,000). Defered tax liabilities

of aproximately HK$599,000 (2024:

aproximately HK$2,396,000) have not ben

recognised in respect of the tax that would

be payable on the distribution of these

retained profits as the Company controls the

dividend policy of these subsidiaries and it

has ben determined that it is probable that

these profits wil not be distributed in the

foreseable future.

4,217	41,970	(1,522)	7,851	31,960	(47,472)	37,004
–	–	–	–	–	(9,074)	(9,074)
–	–	–	–	–	(9,074)	(9,074)
4,217	41,970	(1,522)	7,851	31,960	(56,546)	27,930

4,217	41,970	(1,522)	7,851	31,960	(56,546)	27,930
–	–	–	–	–	(8,103)	(8,103)
–	–	–	–	–	(8,103)	(8,103)
4,217	41,970	(1,522)	7,851	31,960	(64,649)	19,827

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

24.

股本及储备

(a)

本集团综合权益各组成部分于年初

与年末结余之对账载于综合权益变

动表。本公司各个权益组成部分于

年初与年末之变动详情如下：

24. SHARE CAPITAL AND RESERVES

(a) The reconciliation betwen the opening and

closing balances of each component of the

Group’s consolidated equity is set out in the

consolidated statement of changes in equity.

Details of the changes in the Company’s

individual components of equity betwen the

begining and the end of the year are set out

below:

capital

premium

Merger

reserve

Capital

reserve

Contributed

surplus

Acumulated

losesTotal

股本股份溢价合并储备资本储备实缴盈余累计亏损总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

Los for the year

本年度亏损

Total comprehensive expenses

for the year

本年度全面开支总额

At 31 March 2024

于二零二四年三月三十一日

4,21741,970(1,522)7,85131,960(56,546)27,930

At 1 April 2024

于二零二四年四月一日

Los for the year

本年度亏损

Total comprehensive expenses for

the year

本年度全面开支总额

At 31 March 2025

于二零二五年三月三十一日

2025
二零二 Number of shares	五年 Amount
股份数目	HK$’金额 00 0
股份数目	千港元
500,000,000,000	100,000
21,084,072,140	4,217

ANUAL REPORT 2024/25

年报

2024/25153

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

24.

股本及储备（续）

(b)

股本

普通股拥有人有权收取不时宣派之

股息，并有权于本公司大会上就每

股份投一票。所有普通股于本公

司剩余资产方面享有同等地位。

(c)

储备性质及用途

(i)

股份溢价

股份溢价账之用途受百慕

达一九八一年公司法（「公

司法」）及本公司之细则规

管。

(i)

合并储备

根据本公司股份于联交所

上市时所进行之集团重组

计划（「集团重组」），本公司

于二零三年一月六日成

为当时组成本集团之各公

司之控股公司。本集团之合

并储备为根据集团重组收

购之本公司一间前附属公

司之股份面值与本公司为

交换其股份而发行之股份

之面值两者之间之差额。

24. SHARE CAPITAL AND RESERVES

(continued)

(b) Share capital

二零二四年

Number of

sharesAmount

股份数目金额

HK$’000

千港元

Authorised:

法定：

At the begining and at the

end of the year (ordinary

shares of HK$0.0002 each)

于年初及年末

（每股面值

0.0002

港元

之普通股）

500,000,000,000100,000

Isued and fuly paid:

已发行及缴足：

Ordinary shares of

HK$0.0002 each

每股面值

0.0002

港元

之普通股

At the begining and at the

end of the year

于年初及年末

21,084,072,1404,217

The owner of ordinary shares are entitled to

receive dividends as declared from time to

time and are entitled to one vote per share at

metings of the Company. Al ordinary shares

rank equaly with regard to the Company’s

residual asets.

(i) Share premium

The aplication of the share premium

acount is governed by the Companies

Act 1981 of Bermuda (the “Companies

Act”) and Bye-laws of the Company.

(i) Merger reserve

On 6 January 2003, the Company

became the holding company of the

companies then comprising the Group

pursuant to a group reorganisation

scheme (the “Group Reorganisation”)

at the time of listing of the Company’s

shares on the Stock Exchange. The

merger reserve of the Group represents

the diference betwen the nominal

value of the shares of a former

subsidiary of the Company acquired

pursuant to the Group Reorganisation

and the nominal value of the

Company’s shares isued in exchange

therefor.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

24.

股本及储备（续）

(c)

储备性质及用途（续）

(i)

资本储备

资本储备指于初步确认时

应付前最终控股公司及前

直接控股公司款项之公允

值之调整、于延长还款日期

被视为前直接控股公司之

注资及豁免应付前最终控

股公司款项。

(iv)

法定储备

根据适用的中国法规，本集

团之若干中国附属公司须

将其除税后溢利不少于

10%

划拨至法定储备，直至此等

储备达到注册资本之

50%

为

止。有关款项必须于向股东

分派股息前转拨至本储备。

根据适用的中国法规，本集

团从事涉及规定危险品业

务的中国附属公司须将按

照该实体收入应用的

0.5%

至

的累进率计算的若干

溢利划拨至法定储备。该专

项储备可在生产安全措施

产生开支或资本支出时予

以动用。该储备已动用金额

将由储备账转回保留溢利。

24. SHARE CAPITAL AND RESERVES

(continued)

(i) Capital reserve

Capital reserve represents the fair value

adjustment on the amounts due to

the former ultimate holding company

and the former imediate holding

company at initial recognition, demed

capital contribution from the former

imediate holding company on the

date of extension of repayment and

waiver of amount due to the former

ultimate holding company.

(iv) Statutory reserves

Pursuant to aplicable PRC regulations,

certain PRC subsidiaries in the Group

are required to apropriate not les

than 10% of their profit after tax to the

statutory reserve until such reserve

reaches 50% of their registered capital.

Transfers to this reserve must be made

before distribution of dividends to

shareholders.

Pursuant to aplicable PRC regulations,

PRC subsidiaries in the Group engaged

in busines involving the prescribed

dangerous gods are required to

apropriate certain of their profit,

calculated based on regresive rate

ranging from 0.5% to 4% aplied

on the revenue of that entity, to the

statutory reserve. This specific reserve

can be utilised when expenses or

capital expenditures on production

safety measures are incured. The

amount of this reserve utilised would

be transfered from the reserve acount

to retained profits.

ANUAL REPORT 2024/25

年报

2024/25155

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

24.

股本及储备（续）

(c)

储备性质及用途（续）

(v)

实缴盈余

于报告期末，本公司之实缴

盈余指将由本公司股份溢

价账转拨至本公司实缴盈

余账所产生之进账金额，当

中已减去自本公司实缴盈

余账所转拨用以抵销本公

司累计亏损之金额。

(vi)

汇兑储备

汇兑储备包括所有由换算

海外业务之财务报表所产

生之汇兑差异。此储备按

附注

2(s)

所载之会计政策处

理。

(d)

资本管理

本集团管理其资本的目的为透过在

债务与权益间作出最佳平衡，确保

本集团内各实体可持续经营，同时

为持份者缔造最大回报。本集团的

整体策略与过往数年维持不变。

本公司董事定期检讨资本架构。作

为检讨之一部分，董事考虑资本成

本及与各类资本相关之风险。根据

董事建议，本集团将通过发行新股

及购回股份以及发行新债或赎回现

有债项，以平衡其整体资本架构。

本公司及其任何附属公司概无受到

外界所施加的资本规定所限。

24. SHARE CAPITAL AND RESERVES

(continued)

(v) Contributed surplus

The contributed surplus of the

Company at the end of the reporting

period represented the credit arising

from the transfer of the share premium

acount of the Company to the

contributed surplus acount of the

Company as reduced by amounts

transfered from the contributed

surplus acount of the Company to

set of the acumulated loses of the

Company.

(vi) Exchange reserve

The exchange reserve comprises al

foreign exchange diferences arising

from the translation of the financial

statements of foreign operations. The

reserve is dealt with in acordance with

the acounting policy set out in note

2(s).

(d) Capital 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

stakeholders through the optimisation of the

debt and equity balances. The Group’s overal

strategy remains unchanged from prior years.

The directors of the Company review the

capital structure regularly. As part of this

review, the directors consider the cost of

capital and the risks asociated with each clas

of capital. Based on recomendations of the

directors, the Group wil balance its overal

capital structure through new share isues and

share buy-backs as wel as the isue of new

debt or the redemption of existing debt.

Neither the Company nor any of its subsidiaries

are subject to externaly imposed capital

requirements.

2025
二零二五年 HK$’000
千港元
–
385,067
385,067
Nil
零

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

24.

股本及储备（续）

(d)

资本管理（续）

本集团使用资产负债比率，即总借

贷除以权益加总借贷监察资本。权

益指本公司拥有人应占权益。于报

告期末之资产负债比率如下：

24. SHARE CAPITAL AND RESERVES

(continued)

(d) Capital management (continued)

The Group monitors capital using a gearing

ratio, which is total borowings divided by

equity plus total borowings. Equity represents

equity atributable to owners of the Company.

The gearing ratio as at the end of the reporting

periods is as folows:

二零二四年

HK$’000

千港元

Total borowings

总借贷

–

Equity atributable to owners of the

Company

本公司拥有人应占权益

435,631

Equity and total borowings

权益及总借贷

435,631

Gearing ratio

资产负债比率

零

Nil

零

ANUAL REPORT 2024/25

年报

2024/25157

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

25.

股权结算以股份为基础之交易

本公司于二零一二年八月二十七日举行

之本公司股东周年大会上采纳购股权计划

（「购股权计划」），以为合资格参与者提

供奖励并于同日终止其于二零三年一月

六日采纳之前购股权计划。除非被注销或

修订，否则购股权计划将由采纳日期起计

十年期间有效及生效。购股权计划之目的

是使本集团可吸引、挽留及激励有才能之

参与者为本集团日后之发展及扩展而努

力。购股权计划将提供奖励，鼓励参与者

为达致本集团之目标作出最大努力，并让

参与者分享本公司透过彼等之努力及贡献

而取得之成果。购股权计划之合资格参与

者包括任何身为本集团任何成员公司之雇

员、高级职员、代理、顾问或代表（包括本

集团任何成员公司之任何执行或非执行董

事）之人士，而董事会可根据有关人士之表

现及╱或服务年期，全权酌情厘定其已对

本集团之业务作出宝贵贡献，或根据有关

人士之工作经验、业内知识及其他相关因

素视其为本集团之宝贵人力资源。授出购

股权之要约可自授出日期起计三十日内接

纳，惟有关授出于购股权计划采纳日期起

计十年期限届满后或购股权计划被终止后

不得接纳。每名购股权承授人就接纳授出

购股权之要约应付本公司之金额为

1.00

港

元。

25. EQUITY-SETLED SHARE-BASED

TRANSACTIONS

The share option scheme of the Company (the “Share

Option Scheme”) was adopted by the Company at the

anual general meting of the Company held on 27

August 2012 for the purpose of providing incentives

to eligible participants and the previous share option

scheme of the Company adopted on 6 January 2003

was terminated on the same date. Unles otherwise

canceled or amended, the Share Option Scheme

wil be valid and efective for a period of ten years

comencing on the date of adoption. The purpose

of the Share Option Scheme is to enable the Group

to atract, retain and motivate talented participants

to strive for future development and expansion of

the Group. The Share Option Scheme shal provide

incentive to encourage participants to perform their

best in achieving the goals of the Group and alow

the participants to enjoy the results of the Company

atained through their eforts and contributions.

Eligible participants of the Share Option Scheme

include any individual being an employe, oficer,

agent, consultant or representatives of any member of

the Group (including any executive or non-executive

director of any member of the Group) who, as the

Board may determine in its absolute discretion, has

made valuable contribution to the busines of the

Group based on his/her performance and/or years of

service, or is regarded to be a valuable human resource

of the Group based on his/her working experience,

knowledge in the industry and other relevant factors.

The ofer of a grant of share options may be acepted

within thirty days from the date of grant, provided that

no such grant shal be open for aceptance after the

expiry of the period of ten years comencing on the

adoption date of the Share Option Scheme or after

the Share Option Scheme has ben terminated. The

amount payable by each grante of options to the

Company on aceptance of the ofer for the grant of

options is HK$1.00.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

25.

股权结算以股份为基础之交易

（续）

行使购股权计划项下购股权时就股份支付

之认购价由董事会厘定，并于授予参与者

购股权（待参与者接纳后方可作实）时通知

有关参与者（可根据购股权计划及上市规

则相关条文作出任何调整），认购价须至

少为下列各项之最高者：

(i)

授出购股权当日

（必须为营业日）在联交所每日报价表所

载之股份收市价；

(i)

紧接授出购股权之日

前五个营业日在联交所每日报价表所载之

股份平均收市价；及

(i)

股份之面值。承授

人可于董事会授出该购股权后之购股权期

间内，随时根据购股权计划之条款以及授

出该购股权时订明之其他条款及条件行使

购股权，但无论如何不得超过授出日期起

计十年。

于紧接建议授出日期前十二个月期间内，

授予各参与者之购股权获行使而已发行及

将予发行之股份总数，连同根据本公司任

何其他购股权计划已授予及将授予该参与

者之所有购股权（包括已行使、已注销及尚

未行使之购股权）不得超过于建议授出日

期已发行股份总数之

。凡向参与者进一

步授出超过

限额之购股权，须待本公司

股东批准方可作实，而该参与者及其联系

人须放弃投票。

25. EQUITY-SETLED SHARE-BASED

TRANSACTIONS (continued)

The subscription price for the shares on the exercise

of options under the Share Option Scheme shal be

a price determined by the Board and notified to the

relevant participant at the time of grant of the options

(subject to any adjustments made pursuant to the

Share Option Scheme and the relevant provisions

of the Listing Rules) made to (subject to aceptance

by) the participant and shal be at least the highest

of: (i) the closing price of the shares as stated in the

Stock Exchange’s daily quotations shets on the

date on which the option is granted, which date

must be a busines day; (i) 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 date on which the option

is granted; and (i) the nominal value of the share. An

option may be exercised in acordance with the terms

of the Share Option Scheme and such other terms and

conditions upon which an option was granted, at any

time during the option period after the option has

ben granted by the Board but in any event, not longer

than ten years from the date of grant.

The total number of shares isued and to be isued

upon exercise of the options granted to each

participant, together with al options granted and to

be granted to him/her under any other share option

scheme(s) of the Company within the 12-month

period imediately preceding the proposed date of

grant (including exercised, canceled and outstanding

options) shal not exced 1% of the total number of

the shares in isue as at the proposed date of grant.

Any further grant of options to a participant in exces

of the 1% limit shal be subject to the aproval of the

Company’s shareholders with such participant and his/

her asociates abstaining from voting.

ANUAL REPORT 2024/25

年报

2024/25159

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

25.

股权结算以股份为基础之交易

（续）

所有根据购股权计划及本公司任何其他购

股权计划已授出但尚未行使之购股权（不

包括已失效及已注销之购股权）获行使而

可能发行之股份总数上限不得超过不时已

发行股份总数之

30%

。此外，于根据购股权

计划将予授出之所有购股权连同根据本公

司任何其他购股权计划将予授出之所有购

股权（不包括已失效之购股权）而可能发行

之股份总数，不得超过批准购股权计划当

日或批准经更新计划授权限额当日（视情

况而定）已发行股份总数之

10%

（「计划授

权限额」）。于二零二五年三月三十一日，

本公司根据购股权计划可供发行之股份总

数为

1,085,407,210

股。

每份购股权给予持有人权利可认购一股本

公司之普通股，并全数以股份结算。

购股权计划已于二零二年八月届满，且

并无采纳新购股权计划。

25. EQUITY-SETLED SHARE-BASED

TRANSACTIONS (continued)

The limit on the total number of the shares which may

be isued upon exercise of al outstanding options

granted and yet to be exercised under the Share

Option Scheme and any other share option scheme(s)

of the Company (excluding lapsed and canceled

options) must not exced 30% of the total number

of the shares in isue from time to time. In adition,

the total number of the shares which may be isued

upon exercise of al options to be granted under the

Share Option Scheme, together with al options to be

granted under any other share option scheme(s) of

the Company (excluding lapsed options), must not

represent more than 10% of the total number of the

shares in isue as at the date of aproval of the Share

Option Scheme (the “Scheme Mandate Limit”) or as at

the date of aproval of the refreshed Scheme Mandate

Limit as the case may be. As at 31 March 2025 the

total number of shares of the Company available for

isue under the Share Option Scheme is 1,085,407,210

shares.

Each option gives the holder the right to subscribe for

one ordinary share in the Company and is setled gros

in shares.

The Share Option Scheme was expired in August 2022

and no new share option scheme is adopted.

2025
二零二五年 HK$’000
千港元
132,838
36
3,134
136,008
88,479
41,800
–
130,279

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS

The Group’s major financial instruments include the

folowings:

Categories of financial instruments

二零二四年

HK$’000

千港元

Financial asets

金融资产

Trade receivables

应收贸易款项

171,998

Amount due from a non-controling

interest and other receivables

应收非控股权益款项及

其他应收款项

Cash and cash equivalents

现金及现金等值物

6,503

Financial asets at amortised cost

按摊销成本计量之金融资产

178,979

Financial liabilities

金融负债

Trade payables

应付贸易款项

74,145

Acruals and other payables

应计费用及其他应付款项

52,025

Lease liabilities

租赁负债

4,178

Financial liabilities at amortised cost

按摊销成本列账之金融负债

130,348

Details of the financial instruments are disclosed in

the respective notes. The main risks arising from the

Group’s financial instruments are credit risk, liquidity

risk, interest rate risk and curency risk. 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.

26.

金融工具之财务风险管理及

公允值

本集团之主要金融工具包括下列各项：

金融工具之类别

金融工具详情于相关附注中披露。本集团

金融工具产生之主要风险为信贷风险、流

动资金风险、利率风险及货币风险。有关

减轻该等风险之政策载于下文。管理层负

责管理及监控该等风险，以确保适时及有

效采取适当措施。

ANUAL REPORT 2024/25

年报

2024/25161

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26.

金融工具之财务风险管理及

公允值（续）

(a)

信贷风险

信贷风险指交易对手违反其合约责

任而导致本集团蒙受财务损失之风

险。本集团之信贷风险主要来自应

收贸易款项。本集团面对来自现金

及现金等值物之信贷风险有限，因

为对手方为信誉良好之银行，本集

团认为该等银行拥有较低之信贷风

险。

应收贸易款项

本集团已制定信贷风险管理政策，

据此对所有需要超过一定金额的信

贷的客户进行个别信贷评估。该等

评估侧重于客户过往到期作出付款

的记录及目前的支付能力，并计及

客户的特定资料以及有关客户经营

所在经济环境的资料。应收贸易款

项自发票日期或发货及交付日期起

计

日内到期。正常情况下，本集

团不会收取客户的抵押品。

本集团于客户营运所属的行业或所

在的国家并无重大信贷集中风险。

重大信贷集中风险主要由于本集团

与个别客户往来时须承受重大风险

所致。于报告期末，应收贸易款项

总额中有

59%

（二零二四年：

38%

）

及

99%

（二零二四年：

99%

）分别来

自本集团最大贸易债务人及前三大

贸易债务人。

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(a) Credit risk

Credit risk refers to the risk that a counterparty

wil default on its contractual obligations

resulting in a financial los to the Group. The

Group’s credit risk is primarily atributable

to trade receivables. The Group’s exposure

to credit risk arising from cash and

cash equivalents is limited because the

counterparties are reputable banks, which the

Group considers to have low credit risk.

Trade receivables

The Group has established a credit risk

management policy under which individual

credit evaluations are performed on al

customers requiring credit over a certain

amount. These evaluations focus on the

customer’s past history of making payments

when due and curent ability to pay, and

take into acount information specific to the

customer as wel as pertaining to the economic

environment in which the customer operates.

Trade receivables are usualy due within 360

days from the invoice date or shipment and

delivery date. Normaly, the Group does not

obtain colateral from customers.

The Group has no significant concentration

of credit risk in industries or countries in

which the customers operate. Significant

concentrations of credit risk primarily arise

when the Group has significant exposure

to individual customers. At the end of the

reporting period, 59% (2024: 38%) and 99%

(2024: 99%) of the total trade receivables is due

from the Group’s largest trade debtor and the

thre largest trade debtors respectively.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26.

金融工具之财务风险管理及

公允值（续）

(a)

信贷风险（续）

本集团按等同于存续期预期信贷亏

损之金额计量应收贸易款项之亏

损拨备。就已信贷减值的应收贸易

款项而言，亏损拨备会单独评估。

于二零二五年三月三十一日，已信

贷减值的应收贸易款项账面总值约

为

80,554,000

港元（二零二四年：约

77,708,000

港元），已确认亏损拨备

约为

39,130,000

港元（二零二四年：

约

32,637,000

港元）。就其余应收贸

易款项而言，亏损拨备使用拨备矩

阵计算。由于本集团过往之信贷亏

损经验并未就不同客户分部显示重

大不同亏损模式，基于逾期状态之

亏损拨备不会于本集团不同客户基

础之间进一步区分。

作为本集团信贷风险管理的一部

分，本集团使用债务人账龄评估客

户减值。就应收贸易款项，本集团

采用香港财务报告准则第

号中的

简化方法，按存续期预期信贷亏损

计算亏损拨备。

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(a) Credit risk (continued)

The Group measures los alowances for trade

receivables at an amount equal to lifetime

ECL. For the credit-impaired trade receivables,

the los alowances are asesed individualy.

As at 31 March 2025, the gros carying

amount of credit-impaired trade receivables

was aproximately HK$80,554,000 (2024:

aproximately HK$77,708,000), against which a

los alowance of aproximately HK$39,130,000

was recognised (2024: aproximately

HK$32,637,000). For the remaining trade

receivables, the los alowances are calculated

using a provision matrix. As the Group’s

historical credit los experience does not

indicate significantly diferent los paterns

for diferent customer segments, the los

alowance based on past due status is not

further distinguished betwen the Group’s

diferent customer bases.

As part of the Group’s credit risk management,

the Group uses debtors’ aging to ases

the impairment for its customers. For trade

receivables, the Group has aplied the

simplified aproach in HKFRS 9 to measure the

los alowance at lifetime ECL.

2025
Expected loss rate	二零二五年 Gross carrying amount	Loss allowance
预期亏损率 %	账面总值 HK$’000	亏损拨备 HK$’000
%
	千港元	千港元
0.22	91,572	197
–	–	–
3.33	30	1
–	10	–
100.00	711	711
100.00	92,323	909
48.58	80,554	39,130
48.58	172,877	40,039

ANUAL REPORT 2024/25

年报

2024/25163

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(a) Credit risk (continued)

Trade receivables (continued)

The folowing table provides information about

the Group’s exposure to credit risk and ECLs for

trade receivables:

Curent (not past due)

即期（未逾期）

1-30 days past due

逾期

至

日

31-60 days past due

逾期

至

日

61-90 days past due

逾期

至

日

More than 90 days past due

逾期超过

日

Credit – impaired asesed

individualy

信贷—

单独评估减值

26.

金融工具之财务风险管理及

公允值（续）

(a)

信贷风险（续）

应收贸易款项（续）

下表提供关于本集团之信贷风险以

及应收贸易款项之预期信贷亏损：

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(a) Credit risk (continued)

Trade receivables (continued)

二零二四年

Expected

los rate

Gros

carying

amount

Los

alowance

预期亏损率账面总值亏损拨备

%HK$’000HK$’000

千港元千港元

Curent (not past due)

即期（未逾期）

0.7985,011674

1-30 days past due

逾期

至

日

2.847,195204

31-60 days past due

逾期

至

日

2.866,964199

61-90 days past due

逾期

至

日

2.867,529215

More than 90 days past due

逾期超过

日

5.9122,8711,351

129,5702,643

Credit – impaired asesed

individualy

信贷—

单独评估减值

42.0077,70832,637

207,27835,280

26.

金融工具之财务风险管理及

公允值（续）

(a)

信贷风险（续）

应收贸易款项（续）

2025
二零二五年 HK$’000
千港元
35,280
5,186
(427)
40,039

ANUAL REPORT 2024/25

年报

2024/25165

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26.

金融工具之财务风险管理及

公允值（续）

(a)

信贷风险（续）

应收贸易款项（续）

预期亏损率乃基于过往年度的实际

亏损经验。已对该等比率作出调整

以反映于收集历史数据年度内的经

济状况、当前状况与本集团对应收

款项预期可用年期内经济状况的看

法之间的差异。

已逾期但无减值之应收款项则关于

与本集团拥有良好往绩记录之客

户。根据过往经验，管理层认为毋

须就该等结余计提任何减值拨备，

原因为信贷质素并无重大变动，而

该等结余仍被视为可全数收回。

就应收贸易款项存续期预期信贷亏

损计提之亏损拨备账于本年度之变

动如下：

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(a) Credit risk (continued)

Trade receivables (continued)

Expected los rates are based on actual los

experience over the past years. These rates

are adjusted to reflect diferences betwen

economic conditions during the year over

which the historic data has ben colected,

curent conditions and the Group’s view of

economic conditions over the expected lives of

the receivables.

Receivables that were past due but not

impaired related to customers that had a

god track record with the Group. Based on

past experience, management believed that

no impairment alowance was necesary

in respect of these balances as there had

ben no significant change in credit quality

and the balances were stil considered fuly

recoverable.

Movement in the los alowance acount in

respect of lifetime ECL recognised for trade

receivables during the years are as folows:

二零二四年

HK$’000

千港元

Balance at begining of the year

于年初之结余

3,103

Los alowance recognised

during the year

于本年度已确认亏损拨备

32,615

Exchange diferences

汇兑差额

(438)

Balance at end of the year

于年末之结余

35,280

2025
On demand	Within 1 year	二零二 1-2 years	五年 2-5 years	Total contractual undiscounted cash flows	Carrying amount
On demand	Within 1 year	二零二 1-2 years	五年 2-5 years	合约未贴现
按要求 HK$’000	于一年内 HK$’000	一至两年 HK$’000	二至五年 HK$’000	现金流量总额 HK$’000	账面值 HK$’000
千港元	千港元	千港元	千港元	千港元	千港元
–	88,479	–	–	88,479	88,479
–	41,800	–	–	41,800	41,800
–	–	–	–	–	–
–	130,279	–	–	130,279	130,279

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26.

金融工具之财务风险管理及

公允值（续）

(b)

流动资金风险

本集团之现金管理政策包括以现金

盈余进行短期投资，以及筹借贷款

应付预计现金需要。本集团之政策

为定期监察现行及预期流动资金需

要及遵守借贷契诺之情况，以确保

其维持足够之现金储备及从主要机

构取得充足之承诺贷款额，以应付

其短期及长期流动资金需求。本集

团依赖其流动资金及银行垫款作为

其流动资金之重要来源。

下表载列本集团的非衍生金融负债

于报告期末之余下合约到期情况，

乃根据合约未贴现金流（包括根

据合约利率或（如为浮息）于报告期

末之当前利率计算之利息付款）及

本集团可被要求还款之最早日期

得出。

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(b) Liquidity risk

The cash management policy of the Group

includes short-term investment of cash

surpluses and raising of loans to cover

expected cash demands. The Group’s policy is

to regularly monitor its curent and expected

liquidity requirements and its compliance with

lending covenants to ensure that it maintains

suficient reserves of cash and adequate

comited lines of funding from major

institutions to met its liquidity requirements

in the short and long term. The Group relies

on its liquid funds and bank advances as

significant sources of liquidity.

The folowing tables set out the remaining

contractual maturities at the end of the

reporting period of the Group’s non-derivative

financial liabilities, which are based on

contractual undiscounted cash flows (including

interest payments computed using contractual

rates or, if floating, based on rates curent

at the end of the reporting period) and the

earliest date the Group can be required to pay.

Non-derivative financial

liabilities:

非衍生金融负债：

Trade payables

应付贸易款项

Acruals and other payables

应计费用及其他应付款项

Lease liabilities

租赁负债

ANUAL REPORT 2024/25

年报

2024/25167

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26.

金融工具之财务风险管理及

公允值（续）

(b)

流动资金风险（续）

(c)

利率风险

利率风险指一项金融工具之公允值

或未来现金流量因市场利率变动而

出现波动之风险。本集团就浮息银

行结余（详情见附注

19(a)

）承受现

金流量利率风险，及主要就应收非

控股权益之定息款项（详情见附注

18(a)

）。

本集团管理利率风险之方法为维持

合适组合之定息及浮息金融工具。

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(b) Liquidity risk (continued)

二零二四年

On demand

Within

1 year1-2 years2-5 years

Total

contractual

undiscounted

cash flows

Carying

amount

按要求于一年内一至两年二至五年

合约未贴现

现金流量总额账面值

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

Non-derivative financial

liabilities:

非衍生金融负债：

Trade payables

应付贸易款项

–74,145–74,14574,145

Acruals and other payables

应计费用及其他应付款项

–52,025–52,02552,025

Lease liabilities

租赁负债

–1,9322,577–4,5094,178

–128,1022,577–130,679130,348

Interest rate risk is the risk that the fair value or

future cash flows of a financial instrument wil

fluctuate because of changes in market interest

rates. The Group is exposed to cash flow

interest rate risk in relation to variable-rate

bank balances (se note 19(a) for details) and

fair value interest rate risk mainly in relation to

fixed-rate amount due from a non-controling

interest (se note 18(a) for details).

Interest rate risks are managed by the Group by

maintaining an apropriate mix betwen fixed

and variable rate financial instruments.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26.

金融工具之财务风险管理及

公允值（续）

(c)

利率风险（续）

敏感度分析

于二零二五年三月三十一日，估计

倘浮息金融工具之利率整体上升╱

下降

（二零二四年：

）而所有

其他变数维持不变，则本集团之除

税后亏损减少╱增加及本集团之保

留溢利将增加╱减少约

157,000

港

元（二零二四年：本集团之除税后

溢利增加及本集团之保留溢利增加

约

325,000

港元），主要归因于本集

团所面对之浮息银行结余利率。本

集团综合权益之其他组成部分将不

会因利率整体上升╱下降而出现变

动。

上述敏感度分析乃根据于报告期末

所承受之利率风险厘定。分析假设

报告期末未偿还金融工具于整个年

度仍未偿还而编制。于向主要管理

人员内部报告利率风险所用的利率

为

（二零二四年：

）利率增加

╱减少，此为管理层所评估利率可

能出现之合理变动。有关分析按与

二零二四年相同之基准进行。

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

Sensitivity analysis

At 31 March 2025, it is estimated that a general

increase/decrease of 5% (2024: 5%) in interest

rates for variable-rate financial instruments,

with al other variables held constant, would

have decreased/increased the Group’s los

after tax and the increased/decreased Group’s

retained profits by aproximately HK$157,000

(2024: increased the Group’s profit after tax

and the increased the Group’s retained profits

by aproximately HK$325,000). This is mainly

atributable to the Group’s exposure to interest

rates on its variable-rate bank balances. Other

components of the Group’s consolidated equity

would not change in response to the general

increase/decrease in interest rates.

The sensitivity analysis above has ben

determined based on the exposure to interest

rates at the end of the reporting period. The

analysis is prepared asuming the financial

instruments outstanding at the end of the

reporting period were outstanding for the

whole year. A 5% (2024: 5%) increase/decrease

in interest rates is used when reporting

interest rate risk internaly to key management

personel and represents management’s

asesment of the reasonably posible change

in interest rates. The analysis is performed on

the same basis for 2024.

ANUAL REPORT 2024/25

年报

2024/25169

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26.

金融工具之财务风险管理及

公允值（续）

(d)

货币风险

(i)

所承受之货币风险

本集团主要就买卖活动而

承受货币风险，有关买卖会

产生以外币即交易有关业

务之功能货币以外之货币

计值之应收款项、应付款项

及现金及现金等值物。此

外，本公司与多间附属公司

之间存在以外币计值的集

团间结余，其亦使本集团面

临外汇风险。导致是项风险

之货币以美元及人民币为

主。本集团管理是项风险之

方式如下：

已确认资产及负债

就以外币计值之其他资产

及负债而言，本集团会密切

监察风险净额，并将订立远

期外汇合约，用以于必要时

对冲本集团之货币风险。

以下详述本集团于报告期

末就以有关实体功能货币

以外之货币计值之已确认

资产或负债承受之货币风

险。就呈报目的，所承受风

险之金额以港元呈列，其乃

采用报告期末之现行汇率

折算。将海外业务的财务报

表换算为本集团之呈列货

币所产生之风险并无呈列。

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(d) Curency risk

(i) Exposure to curency risk

The Group is exposed to curency risk

primarily through sales and purchases

which give rise to receivables, payables

and cash and cash equivalents that are

denominated in a foreign curency, that

is, a curency other than the functional

curency of the operations to which

the transactions relate. In adition, the

Company has intra-group balances with

several subsidiaries denominated in

foreign curencies which also expose

the Group to foreign curency risk.

The curencies giving rise to this risk

are primarily USD and RMB. The Group

manages this risk as folows:

Recognised asets and liabilities

In respect of other asets and liabilities

denominated in foreign curencies,

the Group closely monitors the net

exposure and wil enter into forward

foreign exchange contracts to hedge

against the Group’s curency exposure

it considered necesary.

The folowing details the Group’s

exposure at the end of the reporting

period to curency risk arising

from recognised asets or liabilities

denominated in a curency other than

the functional curency of the entity

to which they relate. For presentation

purposes, the amounts of the exposure

are shown in HK$, translated using the

spot rates at the end of the reporting

period. Exposure resulting from the

translation of the financial statements

of foreign operations into the Group’s

presentation curency are excluded.

外币风险（ 2025
二零二 US$	五年 RMB
美元 HK$’000	人民币 HK$’000
千港元	千港元
78,982	53,856
2,008	140
(79,266)	(8,913)
1,724	45,083

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26.

金融工具之财务风险管理及

公允值（续）

(d)

货币风险（续）

(i)

所承受之货币风险（续）

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(d) Curency risk (continued)

(i) Exposure to curency risk (continued)

Exposure to foreign curencies

(expresed in HK$)

外币风险（以港元列示）

二零二四年

US$RMB

美元人民币

HK$’000HK$’000

千港元千港元

Trade receivables

应收贸易款项

63,806108,192

Cash and cash equivalents

现金及现金等值物

5,290138

Trade payables

应付贸易款项

(60,325)(13,519)

Net exposure arising from recognised

asets and liabilities

已确认资产及负债所产生

之风险净额

8,77194,811

2025
Increase/ (decrease) in foreign exchange rates	二零二五年 (Decrease)/ increase in loss after tax	Increase/ (decrease) in retained profits
汇率上升	除税后亏损（减少）	保留溢利增加
╱（下降）	╱增加 HK$’000	╱（减少） HK$’000
╱（下降）	千港元	千港元
5%	(2,254)	2,254
(5%)	2,254	(2,254)
5%	(86)	86
(5%)	86	(86)

ANUAL REPORT 2024/25

年报

2024/25171

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26.

金融工具之财务风险管理及

公允值（续）

(d)

货币风险（续）

(i)

敏感度分析

下表显示倘本集团于报告

期末承受重大风险之汇率

于当日有任何变动，假设所

有其他变数维持不变，本

集团除税后亏损（及保留溢

利）及其他全面收益之即时

变动。就此而言，当中假设

港元与美元之联系汇率不

会因美元兑其他货币汇价

走势之任何变动而受到重

大影响。汇率上升╱（下降）

为管理层所评估外币兑

集团实体之功能货币可能

合理出现之升值╱（贬值）之

敏感度比率。

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(d) Curency risk (continued)

(i) Sensitivity analysis

The folowing tables indicate the

instantaneous change in the Group’s

los after tax (and retained profits)

and other comprehensive income that

would arise if foreign exchange rates

to which the Group has significant

exposure at the end of the reporting

period had changed at that date,

asuming al other risk variables

remained constant. In this respect, it is

asumed that the peged rate betwen

the HK$ and the USD would not be

materialy afected by any changes

in movement in value of the USD

against other curencies. The increase/

(decrease) in foreign exchange rates

of 5% represents the sensitivity rate

of management’s asesment of the

reasonably posible strengthening/

(weakening) of the foreign curency

against the functional curencies of the

group entities.

二零二四年

increase/

(decrease)

in foreign

exchange

rates

(Decrease)/

increase

in profit

after tax

Increase/

(decrease)

in retained

profits

汇率上升

／（下降）

除税后

溢利（减少）

╱增加

保留溢利

增加

╱（减少）

HK$’000HK$’000

千港元千港元

RMB

人民币

5%(4,741)4,741

(5%)4,741(4,741)

US$

美元

5%(439)439

(5%)439(439)

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

26.

金融工具之财务风险管理及

公允值（续）

(d)

货币风险（续）

(i)

敏感度分析（续）

上表中所列示的分析结果

为对各集团实体以各自功

能货币计量之除税后溢利

或亏损及权益的即时影响

总计，乃以报告期末的当前

汇率换算成港元呈列。

敏感度分析乃假设汇率的

变动已应用于重新计量本

集团于报告期末所持有令

本集团面临外币风险的金

融工具而厘定。有关分析按

与二零二四年相同之基准

进行。

管理层认为，由于以美元列

值之负债具有不同的到期

日及全年的外汇率变动

未必稳定，导致于报告期末

的风险并未反映年内的风

险，故敏感度分析无法代表

固有的外汇风险。

26. FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(d) Curency risk (continued)

(i) Sensitivity analysis (continued)

Results of the analysis as presented

in the above table represent an

agregation of the instantaneous

efects on each of the group entities’

profit or los after tax and equity

measured in the respective functional

curencies, translated into HK$ at the

exchange rate ruling at the end of

the reporting period for presentation

purposes.

The sensitivity analysis has ben

determined asuming that the change

in foreign exchange rates had ben

aplied to re-measure those financial

instruments held by the Group which

expose the Group to foreign curency

risk at the end of the reporting period.

The analysis is performed on the same

basis for 2024.

In management’s opinion, the

sensitivity analysis is unrepresentative

of the inherent foreign exchange risk

because the exposure at the end of

the reporting period does not reflect

the exposure during the year, at the

USD denominated liabilities are with

diferent maturity dates and the

changes in foreign exchange rates may

not be steady throughout the year.

2025
二零二五年 HK$’000
千港元
4,540
36
4,576

2025
二零二五年 HK$’000
千港元
–

ANUAL REPORT 2024/25

年报

2024/25173

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

27.

重大关连人士交易

本集团已订立下列重大关连人士交易：

主要管理人员薪酬

所有主要管理人员均为本公司之董事，彼

等于任职董事期间之酬金已于附注

披露

及彼等于年内之酬金总额（包括获委任为

董事之前作为本集团雇员支付予彼等的金

额）载列如下：

酬金总额已计入「雇员福利开支」（见附注

6(b)

）内。

28.

资本承担

于报告期末订立但尚未确认为负债之重大

资本开支如下：

27. MATERIAL RELATED PARTY

TRANSACTIONS

The Group has entered into the folowing material

related party transactions:

Key management personel compensation

Al members of key management personel are the

directors of the Company, and the remuneration for

them during directorship is disclosed in note 8 and

total remuneration for them (including amounts

paid to them as employe of the Group prior to

apointment as directors) in the year as folows:

二零二四年

HK$’000

千港元

Salaries and other short-term employe

benefits

薪金及其他短期雇员福利

4,540

Post-employment benefits

离职后福利

4,576

Total remuneration is included in “employe benefits

expenses” (se note 6(b).

28. CAPITAL COMITMENTS

Significant capital expenditure contracted for at the

end of the reporting period but not recognised as

liabilities is as folows:

二零二四年

HK$’000

千港元

Contracted for but not provided for

in the consolidated financial

statements

已订约惟尚未于综合财务

报表计提拨备

– acquisition of property,

plant and equipment

－收购物业、厂房及设备

10,420

应占股 2025
二零二五年
100%
100%
100%
100%

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

29.

附属公司

于二零二五年三月三十一日之主要附属公

司如下：

附注：

根据中国法例注册为外商独资企业。

29. SUBSIDIARIES

The folowing is a list of the principal subsidiaries at 31

March 2025:

Name of subsidiary

Place of

establishment or

incorporation/

busines

Clas of

shares held

Particulars of

isued and

paid up capital

Atributable

equity interest

Principal

activities

附属公司名称

成立或注册成立╱

经营地点持股类别

已发行及

缴足股本之详情应占股本权益主要业务

二零二四年

Indirectly held

间接持有

China Mining Industrial Import &

Export Company Limited

Hong KongOrdinary1 share (2024: 1 share)100%Sourcing and

sale of metal

minerals and

related industrial

materials

中国矿业进出口贸易有限公司香港普通

股份

（二零二四年：

股份）

采购及销售金属矿

物及相关工业

原料

Global Metal Industrial Company

Limited

Hong KongOrdinary1 share (2024: 1 share)100%Sourcing and

sale of metal

minerals and

related industrial

materials

全球金属事业有限公司香港普通

股份

（二零二四年：

股份）

采购及销售金属矿

物及相关工业

原料

New Provenance Everlasting

Management Company Limited

Hong KongOrdinary1 share (2024: 1 share)100%Provision of

management

services

新源万恒管理有限公司香港普通

股份

（二零二四年：

股份）

提供管理服务

宁夏华夏环保资源综合利用有

限公司

(literaly translated as

“Ningxia Huaxia Integrated

Waste Recycling Company

Limited”) (note)

（附注）

PRCRegisteredRMB77,365,215

(2024: RMB77,365,215)

100%Production and

sale of industrial

products

中国注册人民币

77,365,215

元

（二零二四年：

人民币

77,365,215

元）

生产及销售工业用

产品

Note: Registered under the laws of PRC as wholy-foreign-

owned enterprise.

2025
二零二五年 HK$’000
千港元
–
103,428
1,037
104,465
84,638
19,827
4,217
15,610
19,827

ANUAL REPORT 2024/25

年报

2024/25175

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

30.

公司层面之财务状况表

30. COMPANY-LEVEL STATEMENT OF

FINANCIAL POSITION

二零二四年

NoteHK$’000

附注千港元

Non-curent asets

非流动资产

Investments in subsidiaries

于附属公司之投资

–

Curent asets

流动资产

Prepayments, deposits and

other receivables

预付款项、按金及其他

应收款项

103,247

Cash and cash equivalents

现金及现金等值物

1,146

104,393

Curent liabilities

流动负债

Acruals and other payables

应计费用及其他应付款项

76,463

Net asets

资产净值

27,930

Equity

权益

Equity atributable to owners

of the Company

本公司拥有人应占权益

Share capital

股本

24(b)4,217

Reserves

储备

23,713

Total equity

权益总额

27,930

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

31.

会计判断及预期不确定性

(a)

重大会计判断

金融资产减值

金融资产亏损拨备是基于对违约

风险及预期亏损率之假设而计算。

本集团在作出该等假设及选择减值

计算的输入值时，按照本集团以往

经验、现有市场条件以及于各报告

期末的前瞻性估计进行判断。关键

假设及所用输入值详情披露于附注

26(a)

之表格。

(b)

估计不确定因素之主要来源

以下为涉及日后之主要假设，以及

于报告期末具有可能导致于下一个

财政年度内对资产及负债账面值作

出重大调整之重大风险之不确定因

素之其他主要来源。

31. ACOUNTING JUDGEMENTS AND

ESTIMATION UNCERTAINTIES

(a) Significant acounting judgements

Impairment of financial asets

The los alowance for financial asets are

based on asumptions about risk of default and

expected los rates. The Group uses judgement

in making these asumptions and selecting the

inputs to the impairment calculation, based

on the Group’s past history, existing market

conditions as wel as forward loking estimates

at the end of each reporting period. Details

of the key asumptions and inputs used are

disclosed in the tables in note 26(a).

(b) Key sources of estimation uncertainties

The folowing are the key asumptions

concerning the future, and other key sources

of estimation uncertainty at the end of the

reporting period, that may have a significant

risk of causing a material adjustment to the

carying amounts of asets and liabilities within

the next financial year.

ANUAL REPORT 2024/25

年报

2024/25177

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

31.

会计判断及预期不确定性（续）

(b)

估计不确定因素之主要来源（续）

(i)

非金融资产之估计减值

厘定是否作出减值时须估

计相关非金融资产或非金

融资产所属各现金产生单

位之可收回金额，即使用价

值与公允值减出售成本之

较高者。倘有任何迹象显示

一项资产可能减值，则须就

个别资产估计其可收回金

额。倘不能估计个别资产之

可收回金额，则本集团须厘

定资产所属现金产生单位

之可收回金额。使用价值计

算要求本集团估计预期产

生自相关资产或现金产生

单位之未来现金流量及合

适之贴现率以计算现值。贴

现率乃反映现时市场对金

钱时间值及未调整未来现

金流量估计之资产特定风

险的评估。当实际未来现金

流量或修订估计未来现金

流量少于原来估计的未来

现金流量，则可能产生重大

减值亏损。

31. ACOUNTING JUDGEMENTS AND

ESTIMATION UNCERTAINTIES

(continued)

(b) Key sources of estimation uncertainties

(continued)

(i) Estimated impairment of non-financial

asets

Determining whether there is an

impairment requires an estimation

of recoverable amounts of the non-

financial asets or the respective CGU in

which the non-financial asets belong,

which is the higher of value in use and

fair value les costs of disposal. If there

is any indication that an aset may be

impaired, recoverable amount shal be

estimated for individual aset. If it is not

posible to estimate the recoverable

amount of the individual aset, the

Group shal determine the recoverable

amount of the CGU to which the aset

belongs. The value in use calculation

requires the Group to estimate the

future cash flows expected to arise

from the asets or CGUs and a suitable

discount rate in order to calculate

the present value. The discount rate

represents a rate that reflects curent

market asesments of the time value

of money and the risks specific to the

aset for which the future cash flow

estimates have not ben adjusted.

Where the actual future cash flows or

the revision of estimated future cash

flows are les than original estimated

future cash flow, a material impairment

los may arise.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

31.

会计判断及预期不确定性（续）

(b)

估计不确定因素之主要来源（续）

(i)

应收贸易款项之预期信贷

亏损拨备

本集团单独评估结余重大

且已发生信贷减值之应收

贸易款项之预期信贷亏损。

此外，本集团采用实际权宜

方法估计并无使用拨备矩

阵单独评估的应收贸易款

项之预期信贷亏损。拨备率

乃基于各债务人组别之逾

期日数，并经考虑本集团之

历史违约率及无需过度成

本或投入即可获取之合理

及支持性前瞻性资料后得

出。于各报告日期，本集团

会重新评估历史观察违约

率并考虑前瞻性资料之变

化。

预期信贷亏损拨备对估计

之变动具有敏感度。有关预

期信贷亏损及本集团应收

贸易款项之资料披露于附

注

26(a)

。

(i)

存货之可变现净值

存货的可变现净值为于日

常业务过程中的估计售价，

扣除估计完成的成本及销

售所需估计成本。该等估计

乃基于目前市场状况及过

往销售同类性质产品之经

验，其可能因客户喜好改变

及竞争对手因应严峻的行

业周期而作出的行动而出

现重大改变。管理层于各报

告期末重新评估该等估计。

31. ACOUNTING JUDGEMENTS AND

ESTIMATION UNCERTAINTIES

(continued)

(b) Key sources of estimation uncertainties

(continued)

(i) Provision of ECL for trade receivables

Trade receivables with significant

balances and credit-impaired are

asesed for ECL individualy. In

adition, the Group uses practical

expedient in estimating ECL on trade

receivables which are not asesed

individualy using a provision matrix.

The provision rates are based on days

past due as groupings of various

debtors taking into consideration the

Group’s historical default rates and

forward-loking information that is

reasonable and suportable available

without undue costs or efort. At

every reporting date, the historical

observed default rates are reasesed

and changes in the forward-loking

information are considered.

The provision of ECL is sensitive to

changes in estimates. The information

about the ECL and the Group’s trade

receivables are disclosed in note 26(a).

(i) Net realisable value of inventories

Net realisable value of inventories is the

estimated seling price in the ordinary

course of busines, les the estimated

costs of completion and the estimated

cost necesary to make the sale. These

estimates are based on the curent

market conditions and the historical

experience of seling products of

similar nature. It could change

significantly as a result of changes in

customer preferences and competitor

actions in response to severe industry

cycles. Management reaseses these

estimates at the end of each reporting

period.

ANUAL REPORT 2024/25

年报

2024/25179

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

31.

会计判断及预期不确定性（续）

(b)

估计不确定因素之主要来源（续）

(iv)

折旧

物业、厂房及设备经考虑估

计剩余价值后，按资产的估

计可使用年期以直线法折

旧。管理层定期审阅本集团

之物业、厂房及设备的估计

可使用年期及剩余价值以

决定年度折旧金额。有关可

使用年期及剩余价值乃基

于本集团对类似资产的过

往经验得出，并经考虑预计

技术转变。倘过往的估计出

现重大改变，则未来期间的

折旧支出会被调整。

(v)

确定租期

诚如政策附注

2(g)

所阐释，

租赁负债初步按租期内应

付租赁款项之现值确认。于

租约开始日期厘定租赁（含

有可由本集团行使的续期

选择权）的租期时，本集团

经考虑所有行使续期选择

权所得之经济诱因的相关

事实及情况（包括优惠条

款、所进行的租赁装修及相

关资产对本集团营运的重

要性）后，评估行使续期选

择权之可能性。倘于本集团

控制范围内出现重大事件

或重大变动，本集团将重新

评估租期。租期的任何增减

将影响未来年度确认的租

赁负债及使用权资产的金

额。

31. ACOUNTING JUDGEMENTS AND

ESTIMATION UNCERTAINTIES

(continued)

(b) Key sources of estimation uncertainties

(continued)

(iv) Depreciation

Property, plant and equipment are

depreciated on a straight-line basis

over the estimated useful lives of

the asets, after taking into acount

the estimated residual values. The

management reviews the estimated

useful lives and the residual values

of the Group’s property, plant and

equipment regularly in order to

determine the amount of depreciation

charge for the year. The useful lives

and the residual values are based on

the Group’s historical experience with

similar asets and taking into acount

anticipated technological changes. The

depreciation charge for future periods

is adjusted if there are significant

changes from previous estimates.

(v) Determining the lease term

As explained in policy note 2(g), the

lease liability is initialy recognised

at the present value of the lease

payments payable over the lease term.

In determining the lease term at the

comencement date for leases that

include renewal options exercisable

by the Group, the Group evaluates

the likelihod of exercising the

renewal options taking into acount

al relevant facts and circumstances

that create an economic incentive

for the Group to exercise the option,

including favourable terms, leasehold

improvements undertaken and the

importance of that underlying aset to

the Group’s operation. The lease term is

reasesed when there is a significant

event or significant change in

circumstance that is within the Group’s

control. Any increase or decrease in the

lease term would afect the amount of

lease liabilities and right-of-use asets

recognised in future years.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

31.

会计判断及预期不确定性（续）

(b)

估计不确定因素之主要来源（续）

(vi)

所得税

本公司的附属公司须缴纳

香港及中国所得税，包括资

本增值税（如有）。于决定所

得税拨备时须作出重大判

断。于日常业务过程中存在

许多其最终税务决定存在

不确定因素的交易。倘该等

事宜的最终税务结果与最

初入账的金额不同，则有关

差异将影响作出该决定的

财务期间的即期税项及递

延税项拨备。

因管理层认为本集团可能

有未来应课税溢利可供对

销该等暂时差额，故确认与

若干暂时差额相关之递延

所得税资产。倘预期与原先

估计有别，则有关差异将影

响有关估计情况有变期间

内所确认之递延税项资产

及所得税支出。

31. ACOUNTING JUDGEMENTS AND

ESTIMATION UNCERTAINTIES

(continued)

(b) Key sources of estimation uncertainties

(continued)

(vi) Income tax

The subsidiaries of the Company are

subject to income taxes, including

capital gain tax, if any, in Hong Kong

and PRC. Significant judgement is

required in determining the provision

for income taxes. There are many

transactions for which the ultimate tax

determination is uncertain during the

ordinary course of busines. Where the

final tax outcome of these maters is

diferent from the amounts that were

initialy recorded, such diferences wil

impact the curent tax and defered

tax provisions in the financial period in

which such determination is made.

Defered income tax asets relating

to certain temporary diferences are

recognised as management considers

it is likely that future taxable profits

wil be available against which the

temporary diferences can be utilised.

Where the expectation is diferent from

the original estimates, such diferences

wil impact the recognition of defered

tax asets and income tax charges in

the period in which such estimates are

changed.

ANUAL REPORT 2024/25

年报

2024/25181

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

32.

截至二零二五年三月三十一日止

年度已颁布但尚未生效之修订本

及新订香港财务报告准则会计准

则可能产生之影响

截至该等综合财务报表批准刊发日期，香

港会计师公会已颁布部分于截至二零二五

年三月三十一日止年度尚未生效及尚未于

该等综合财务报表采纳之修订本，具体如

下：

香港会计准则

第

号之修订本

缺乏可交换性

香港财务报告准则

第

号及香港财务

报告准则第

号之

修订本

金融工具的分类及计量之

修订本

香港财务报告准则会计

准则年度改进（二零

二四年）

香港财务报告准则第

号、

香港财务报告准则

第

号、香港财务报告准

则第

号、香港财务报告

准则第

号及香港会计准

则第

号之修订本

香港财务报告准则第

号及对其他香港财务

报告准则的相应修订

财务报表中的呈列及披露

香港财务报告准则

第

号

非公共受托责任附属公司：

披露

香港财务报告准则

第

号及香港会计

准则第

号之修订本

投资者及其联营公司或合营

企业的资产出售或投入

于二零二五年一月一日或之后开始之年

度期间生效2

于二零二六年一月一日或之后开始之年

度期间生效3

于二零二七年一月一日或之后开始之年

度期间生效4

对待定日期或之后开始之年度期间有效

除下文所述的新订及香港财务报告准则会

计准则之修订本外，董事预期，应用上述

新订及香港财务报告准则会计准则之修订

本于可见的未来将不会对综合财务报表造

成重大影响。

32. POSIBLE IMPACT OF AMENDMENTS

AND NEW HKFRS ACOUNTING

STANDARDS ISUED BUT NOT YET

EFECTIVE FOR THE YEAR ENDED 31

MARCH 2025

Up to the date of aproval for isue of these

consolidated financial statements, the HKICPA has

isued a number of amendments which are not yet

efective for the year ended 31 March 2025 and which

have not ben adopted in these consolidated financial

statements, as folows:

Amendments to HKAS 21Lack of Exchangeability

Amendments to HKFRS 9 and

HKFRS 7

Amendments to the Clasification

and Measurement of Financial

Instruments

Anual Improvements to HKFRS

Acounting Standards 2024

Amendments to HKFRS 1, HKFRS 7,

HKFRS 9, HKFRS 10 and HKAS 7

HKFRS 18 and consequential

amendments to other

HKFRSs

Presentation and Disclosure in

Financial Statements

HKFRS 19Subsidiaries without Public

Acountability: Disclosures

Amendments to HKFRS 10 and

HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

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

Efective for anual periods begining on or after a

date to be determined

Except for the new and amendments to HKFRS

Acounting Standards mentioned below, the directors

anticipate that the aplication of the above new and

amendments to HKFRS Acounting Standards wil

have no material impact on the consolidated financial

statements in the foreseable future.

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

32.

截至二零二五年三月三十一日止

年度已颁布但尚未生效之修订本

及新订香港财务报告准则会计准

则可能产生之影响（续）

香港财务报告准则第

号财务报表中的呈

列及披露及对其他香港财务报告准则会计

准则的相应修订

香港财务报告准则第

号取代香港会计准

则第

号财务报表的呈列（「香港会计准则

第

号」）。其延续香港会计准则第

号的多

项规定，并无任何变动。香港财务报告准

则第

号对损益表及财务报表附注带来以

下重大变更：

(a)

香港财务报告准则第

号要求实

体：

(i)

将收入及支出分类为损益

表中的经营、投资及融资类

别，以及所得税及已终止业

务；

(i)

提出两个新定义小计，即经

营损益及融资及除所得税

前损益。

(b)

其要求实体披露管理层定义的绩效

指标（「管理层绩效指标」）以及管理

层绩效指标与香港财务报告准则第

号中列出的小计或香港财务报告

准则会计准则所要求的总计或小计

之间的对账。

(c)

其列出帮助实体判断有关项目的

资料应该载入主要财务报表中

或在附注中所需的要求，并提供

确定资料所需详细程度的原则。

香港财务报告准则第

号亦载列汇兑差

额、货币持仓净额的收益或亏损，以及衍

生工具及指定对冲工具的收益及亏损的分

类要求。

32. POSIBLE IMPACT OF AMENDMENTS

AND NEW HKFRS ACOUNTING

STANDARDS ISUED BUT NOT YET

EFECTIVE FOR THE YEAR ENDED 31

MARCH 2025 (continued)

HKFRS 18 Presentation and Disclosure in Financial

Statements and consequential amendments to

other HKFRS Acounting Standards

HKFRS 18 replaces HKAS 1 Presentation of Financial

Statements (“HKAS 1”). It caries forward many

requirements from HKAS 1 unchanged. HKFRS 18

brings major changes to the statement of profit or los

and notes to the financial statements as folows:

(a) HKFRS 18 requires an entity:

(i) to clasify income and expenses into

operating, investing and financing

categories in the statement of

profit or los, plus income taxes and

discontinued operations;

(i) to present two new defined subtotals,

namely, operating profit or los and

profit or los before financing and

income taxes.

(b) It requires an entity to disclose management-

defined performance measures (“MPM”) and

reconciliations betwen MPM and subtotals

listed in HKFRS 18 or totals or subtotals

required by HKFRS Acounting Standards.

determine whether information about items

should be in the primary financial statements

or in the notes and provides principles for

determining the level of detail neded for the

information.

HKFRS 18 also set out clasification requirements

for foreign exchange diferences, the gain or los on

the net monetary position, and gains and loses on

derivatives and designated hedging instruments.

ANUAL REPORT 2024/25

年报

2024/25183

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FOR THE YEAR ENDED 31 MARCH 2025

截至二零二五年三月三十一日止年度

32.

截至二零二五年三月三十一日止

年度已颁布但尚未生效之修订本

及新订香港财务报告准则会计准

则可能产生之影响（续）

香港财务报告准则第

号财务报表中的呈

列及披露及对其他香港财务报告准则的相

应修订（续）

此外，香港会计准则第

号的若干段落已被

移至香港会计准则第

号财务报表的编制

基础及香港财务报告准则第

号。对香港

会计准则第

号现金流量表及香港会计准

则第

号会计准则每股盈利亦进行轻微修

订。

香港财务报告准则第

号及对其他香港财

务报告准则会计准则的相应修订，于二零

二七年一月一日或之后开始的年度报告期

间生效，并允许提前应用。应用新准则预

计将影响未来综合损益表的呈现及综合财

务报表中的披露。本集团正评估对综合财

务报表的详细影响。

33.

报告期后事项

根据现时可得之资料，董事确认，由报告

期后截至本年报日期，本集团财务或经营

状况并无重大不利变动。

32. POSIBLE IMPACT OF AMENDMENTS

AND NEW HKFRS ACOUNTING

STANDARDS ISUED BUT NOT YET

EFECTIVE FOR THE YEAR ENDED 31

MARCH 2025 (continued)

HKFRS 18 Presentation and Disclosure in Financial

Statements and consequential amendments to

other HKFRS Acounting Standards (continued)

In adition, some paragraphs in HKAS 1 have ben

moved to HKAS 8 Basis of Preparation of Financial

Statements and HKFRS 7. Minor amendments to HKAS

7 Statement of Cash Flows and HKAS 33 Earnings per

Share are also made.

HKFRS 18 and consequential amendments to other

HKFRS Acounting Standards are efective for anual

reporting 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 consolidated statement of profit

or los and disclosures in the future consolidated

financial statements. The Group is in the proces of

asesing the detailed impact on the consolidated

financial statements.

33. EVENTS AFTER REPORTING PERIOD

Based on the information curently available, the

Directors confirm that there has ben no material

adverse change in the financial or trading position of

the Group since the end of the reporting period and

up to the date of this anual report.

2025
二零二五年 HK$’000
千港元
470,308
(46,145)
47
(46,098)
217
(45,881)
–
(45,881)

2025
二零二五年 HK$’000
千港元
508,350
(132,696)
9,413
385,067
385,067

NEW PROVENANCE EVERLASTING HOLDINGS LIMITED

新源万恒控股有限公司

FIVE-YEAR FINANCIAL SUMARY

五年财务概要

Year ended 31 March

截至三月三十一日止年度

二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

RESULTS

业绩

Revenue from continuing operations

持续经营业务收益

864,3051,888,298262,229601,950

(Los)/profit before taxation from continuing

operations

持续经营业务除税前

（亏损）／溢利

(30,234)3,369(6,836)(11,912)

Income tax from continuing operations

持续经营业务所得税

(947)(2,032)1,399(3,078)

(Los)/profit for the year from continuing

operations

持续经营业务年度

（亏损）／溢利

(31,181)1,337(5,437)(14,990)

Non-controling interests

非控股权益

399505(15)92

(Los)/profit atributable to owners

of the Company for the year

本公司拥有人应占年度

（亏损）／溢利

– from continuing operations

－来自持续经营业务

(30,782)1,842(5,452)(14,898)

– from discontinued operation

－来自已终止经营业务

–(23,009)

(30,782)1,842(5,452)(37,907)

At 31 March

于三月三十一日

二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

ASETS AND LIABILITIES

资产与负债

Total asets

资产总额

560,3551,805,176625,019977,766

Total liabilities

负债总额

(133,975)(1,321,104)(102,995)(472,430)

Non-controling interests

非控股权益

9,2519,1349,0538,835

435,631493,206531,077514,171

Equity atributable to owners of

the Company

本公司拥有人应占权益

435,631493,206531,077514,171

年报

ANUAL REPORT

(Incorporated in Bermuda with limited liability

于百慕达注册成立之有限公司

)

Stock Code

股份代号

: 2326

2024 25

年

报

ANUAL REPORT

2024 25

CONTENTS

目录

ABREVIATIONS

简称

FINANCIAL HIGHLIGHTS

财务摘要

Note:

1. Curent ratio: Curent asets divided by curent liabilities.

CORPORATE INFORMATION

公司资料

CHAIRMAN’S STATEMENT

主席报告

BUSINES REVIEW

业务回顾

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历详情

2011. Ms. Sun has served as the senior management for

1996. He qualified as a solicitor in Hong Kong in 1999 and has

REPORT OF THE DIRECTORS

董事会报告

Notes:

1. The aproximate percentage of the Company’s isued share

2. These shares were beneficialy owned by Shen Suces

Notes:

1. These shares were beneficialy owned by Shen Suces

2. These shares were beneficialy owned by Ying Sheng

3. The aproximate percentage of the Company’s isued share

CORPORATE GOVERNANCE REPORT

企业管治报告

2015. As at 31 March 2025, the Risk Management Comite

Company:

Notes:

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

CONSOLIDATED STATEMENT OF PROFIT OR LOS

Atributable to:

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

Atributable to:

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED STATEMENT OF CASH FLOWS

Adjustments for:

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. GENERAL INFORMATION

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