兴胜创建控股有限公司

2024/2025

年报

CORPORATE INFORMATION

公司资料

董事会

查懋德先生

（主席）

王世涛先生（董事总经理）

戴世豪先生（总经理）

周嘉峰先生

林泽宇博士

陈伯佐先生

刘子耀博士

陈繁昌博士

郝荃女士

非执行董事#

独立非执行董事

审核委员会

刘子耀博士（主席）

陈伯佐先生

陈繁昌博士

提名委员会

陈繁昌博士（主席）

王世涛先生

戴世豪先生

陈伯佐先生

刘子耀博士

郝荃女士

薪酬委员会

陈伯佐先生（主席）

王世涛先生

戴世豪先生

刘子耀博士

陈繁昌博士

公司秘书

马丽琼女士

注册办事处P.O. Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

主要营业地点

香港

新界沙田

石门

安群街

号

京瑞广场

期

楼

BOARD OF DIRECTORS

Mr. Cha Mou Daid, Johnson * (Chairman)

Mr. Wong Sue Toa, Stewart (Managing Director)

Mr. Tai Sai Ho (General Manager)

Mr. Chow Ka Fung

Dr. Lam Chat Yu *

Mr. Chan Pak Joe

Dr. Lau Tze Yiu, Peter

Dr. Chan Fan Cheong, Tony

Ms. Hao Quan

* non-executive director

independent non-executive director

AUDIT COMITE

Dr. Lau Tze Yiu, Peter (Chairman)

Mr. Chan Pak Joe

Dr. Chan Fan Cheong, Tony

NOMINATION COMITE

Dr. Chan Fan Cheong, Tony (Chairman)

Mr. Wong Sue Toa, Stewart

Mr. Tai Sai Ho

Mr. Chan Pak Joe

Dr. Lau Tze Yiu, Peter

Ms. Hao Quan

REMUNERATION COMITE

Mr. Chan Pak Joe (Chairman)

Mr. Wong Sue Toa, Stewart

Mr. Tai Sai Ho

Dr. Lau Tze Yiu, Peter

Dr. Chan Fan Cheong, Tony

COMPANY SECRETARY

Ms. Ma Lai King

REGISTERED OFICE

P.O. Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

PRINCIPAL PLACE OF BUSINES

22/F., Kings Wing Plaza 1

3 On Kwan Stret

Shek Mun

Shatin, New Teritories

Hong Kong

兴胜创建控股有限公司

2024/2025

年报

CORPORATE INFORMATION

公司资料

核数师

德勤

•

关黄陈方会计师行

执业会计师

注册公众利益实体核数师

香港

金钟道

号

太古广场

座

楼

主要往来银行

•

中国银行（香港）有限公司

•

交通银行（香港）有限公司

•

恒生银行有限公司

•

中国工商银行（亚洲）有限公司

•

上海商业银行有限公司

•

渣打银行（香港）有限公司

•

东亚银行有限公司

•

香港上海汇丰银行有限公司

股份过户登记处

•

香港

香港中央证券登记有限公司

香港湾仔

皇后大道东

号

合和中心

17M

楼

•

开曼群岛

Maples Corporate Services Limited

P.O. Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

法律顾问

•

香港法律

金杜律师事务所

礼德齐伯礼律师行有限法律责任合伙

•

开曼群岛法律

迈普达律师事务所

股份代号

（普通股份）

网址

w.hanison.com

AUDITOR

Deloite Touche Tohmatsu

Certified Public Acountants

Registered Public Interest Entity Auditors

35/F, One Pacific Place

88 Quensway

Hong Kong

PRINCIPAL BANKERS

• Bank of China (Hong Kong) Limited

• Bank of Comunications (Hong Kong) Limited

• Hang Seng Bank Limited

• Industrial and Comercial Bank of China (Asia)

Limited

• Shanghai Comercial Bank Limited

• Standard Chartered Bank (Hong Kong) Limited

, Limited

• The Hongkong and Shanghai Banking Corporation

Limited

SHARE REGISTRARS

• Hong Kong

Computershare Hong Kong Investor Services Limited

17M Flor, Hopewel Centre

183 Quen’s Road East

Wanchai, Hong Kong

• Cayman Islands

Maples Corporate Services Limited

P.O. Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

LEGAL ADVISERS

• Hong Kong Law

King & Wod Malesons

Red Smith Richards Butler LP

• Cayman Islands Law

Maples and Calder

STOCK CODE

896 (ordinary shares)

WEBSITE

w.hanison.com

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

FINANCIAL HIGHLIGHTS

财务纪要

REVENUE & PROFIT (LOS) ATRIBUTABLE TO OWNERS OF

THE COMPANY FOR THE YEAR

收入及本公司拥有人应占年度溢利（亏损）

Profit (los) atributable to owners of the Company for the Year

本公司拥有人应占年度溢利（亏损）

HK$ Milion

港币百万元

HK$ Milion

港币百万元

1,000

1,500

2,000

Revenue

收入

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1,438.3

154.3

1,451.6

275.0

4,216.4

4,137.1

1,232.8

4,072.7

3,766.5

1,612.7

(216.0)

(38.4)

1,985.3

(295.3)

3,461.6

Shareholders’ Funds

股东资金

SHAREHOLDERS’ FUNDS AS AT THE YEAR END

于年末股东资金

Profit (los) atributable to owners of the Company for the Year

本公司拥有人应占年度溢利（亏损）

HK$ Milion

港币百万元

HK$ Milion

港币百万元

1,000

1,500

2,000

Revenue

收入

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1,438.3

154.3

1,451.6

275.0

4,216.4

4,137.1

1,232.8

4,072.7

3,766.5

1,612.7

(216.0)

(38.4)

1,985.3

(295.3)

3,461.6

Shareholders’ Funds

股东资金

兴胜创建控股有限公司

2024/2025

年报

CHAIRMAN’S STATEMENT

主席报告书

本人谨代表

Hanison Construction Holdings

Limited

（兴胜创建控股有限公司）（「本公司」）

董事会（「董事会」）向各位股东提呈本公司及

其附属公司（统称「本集团」或「兴胜创建」）截

至二零二五年三月三十一日止年度之业绩。

截至二零二五年三月三十一日止财

政年度之业绩

截至二零二五年三月三十一日止年度，本

集团录得收入港币

1,985,300,000

元，较上

一财政年度增加约

23.1%

（二零二四年：

港币

1,612,700,000

元）。该增加主要来自

建筑部。本公司拥有人应占综合亏损为港

币

295,300,000

元（二零二四年：亏损港币

216,000,000

元）。净亏损主要由于物业市场

下行，导致本集团及合营企业持有之物业重

估净亏损约港币

278,700,000

元，以及利息支

出约港币

51,200,000

元所致。截至二零二五

年三月三十一日止年度的经营业绩（未计

入重估净亏损及上述利息支出）为溢利港币

34,600,000

元（二零二四年：港币

37,000,000

元）。

截至二零二五年三月三十一日止年度之每

股基本亏损及每股摊薄亏损为港币

27.5

仙

（二零二四年：港币

19.9

仙）。于二零二五

年三月三十一日，本集团之资产净值为

港币

3,461,600,000

元（二零二四年：港币

3,766,500,000

元），每股资产净值为港币

3.23

元（二零二四年：港币

3.51

元）。

股息

董事会已议决不宣派截至二零二五年三月

三十一日止年度之第二次中期股息（二零

二四年：无）。年内并无派付第一次中期股息

（二零二四年：每股港币

1.0

仙）。

On behalf of the board of directors (“Board”) of Hanison

Construction Holdings Limited (“Company”), I am

pleased to present to our shareholders the results of the

Company and its subsidiaries (colectively “Group” or

“Hanison”) for the year ended 31 March 2025.

RESULTS FOR THE FINANCIAL YEAR

ENDED 31 MARCH 2025

For the year ended 31 March 2025, the Group achieved

revenue of HK$1,985.3 milion, representing an increase

of aproximately 23.1% compared with the previous

financial year (2024: HK$1,612.7 milion). This increase

was mainly from Construction Division. The consolidated

los atributable to owners of the Company was

HK$295.3 milion (2024: los of HK$216.0 milion). The

net los was mainly due to the net revaluation los of

the properties held by the Group and joint ventures

of aproximately HK$278.7 milion as a result of the

downturn in the property market together with the

interest expenses of aproximately HK$51.2 milion. The

operating result (before the net revaluation los and

interest expenses as mentioned above) was a profit of

HK$34.6 milion for the year ended 31 March 2025 (2024:

HK$37.0 milion).

The basic los per share and the diluted los per share for

the year ended 31 March 2025 were HK27.5 cents (2024:

HK19.9 cents). As at 31 March 2025, the Group’s net aset

value amounted to HK$3,461.6 milion (2024: HK$3,766.5

milion) and net aset value per share was HK$3.23 (2024:

HK$3.51).

DIVIDEND

The Board has resolved not to declare a second interim

dividend for the year ended 31 March 2025 (2024: Nil).

No first interim dividend was paid during the year (2024:

HK1.0 cent per share).

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CHAIRMAN’S STATEMENT

主席报告书

展望

于回顾年内，全球经济持续面临复杂而充满

挑战的局势。尽管

冠状病毒病疫情的影

响已大致消退，惟受结构性及周期性因素交

织影响，不同地区的经济复苏步伐仍不均衡。

全球各地央行（尤其是美国（「美国」）及欧盟

（「欧盟」）等主要经济体）维持相对高企的利

率水平，以对抗持续通胀压力，从而抑制全球

投资及消费。

此外，地缘政治不确定性加剧，持续冲突（如

俄乌战争、涉及加沙及以色列的中东危机以

及最近爆发的以色列－伊朗战争）进一步扰

乱全球供应链及能源市场。中国与西方经济

体（尤其是美国及欧盟）之间的贸易紧张局势

亦升温，对产能过剩及中国出口产品关税提

高的忧虑加剧。

近期，美国加剧使用关税作为战略经济及地

缘政治工具，并针对主要行业及贸易伙伴。

该等措施虽旨在保护本土产业及应对贸易失

衡，惟已对全球经济产生广泛而复杂的影响。

在此背景下，于二零二五年一月，国际货币基

金组织

(IMF)

已预测二零二五年及二零二六年

的全球本地生产总值增长率将为

3.3%

，低于

历史（二零年至二零一九年）平均水平的

3.7%

。然而，中期前景更显疲弱，全球增长预

测将于二零二九年放缓至

3.1%

，为数十年来

最疲弱的五年展望之一，乃由于生产力增长

乏力、人口结构趋势下滑及经济碎片化加剧

等结构性挑战所致。

OUTLOK

During the review year, the global economy continued to

navigate a complex and chalenging landscape. While the

impact of the COVID-19 pandemic has largely faded, the

pace of economic recovery has ben remaining uneven

acros diferent regions, influenced by a combination

of structural and cyclical factors. Central banks around

the world, particularly in major economies such as the

United States (“US”) and the European Union (“EU”),

have maintained relatively high interest rates to combat

persistent inflation, which has, in turn, dampened global

investment and consumption.

Moreover, geopolitical uncertainties have escalated,

with ongoing conflicts such as the Rusia-Ukraine war,

the Midle East crisis involving Gaza and Israel and

the most recent Israel and Iran war, further disrupting

global suply chains and energy markets. Trade tensions

betwen China and Western economies, particularly the

US and the EU, have intensified, with growing concerns

over industrial overcapacity and heightened tarifs on

Chinese exports.

Recently, the US has intensified the use of tarifs as a

strategic economic and geopolitical tol, targeting key

sectors and trading partners. These measures, while

aimed at protecting domestic industries and adresing

trade imbalances, have had broad and complex

implications for the global economy.

Against this backdrop, in January 2025, the International

Monetary Fund (IMF) has projected global GDP growth

at 3.3% both in 2025 and 2026, below the historical

(2000-2019) average of 3.7%. However, the medium-

term outlok apears more subdued, with global growth

being forecasted to slow to 3.1% by 2029, marking one

of the weakest five-year outloks in decades due to

structural chalenges such as weak productivity growth,

declining demographic trends, and increasing economic

fragmentation.

兴胜创建控股有限公司

2024/2025

年报

CHAIRMAN’S STATEMENT

主席报告书

中国于二零二四年的经济走势呈现出有韧性

而审慎的复苏态势，成功克服早前市场对房

地产行业长期低迷及内需疲弱的忧虑。于二

零二四年第一季度，中国内生产总值按年

强劲增长

5.3%

，超出市场预期。该增长主要

由基建投资强劲、工业生产稳健及出口回升

所带动。

尽管表现胜于预期，惟结构性挑战仍然存在。

房地产行业仍为经济的一大拖累，许多发展

商仍面临高负债水平及置业人士信心疲弱，

导致多个城市的楼市销情低迷及价格回调。

此外，地缘政治磨擦以及美国及欧盟对中国

制造业（尤其是电动车、半导体及可再生能源

技术）施加贸易限制，亦为中国长远的工业发

展及出口增长带来潜在风险。

为应对该等挑战，中国政府已推出一系列刺

激措施，包括针对性减息、高新技术行业的财

政激励，以及促进消费及私营部门投资的支

持政策。尽管该等举措有望稳定经济势头，惟

IMF

预期中国于二零二五年的全年国内生产

总值增长为

4.6%

，反映对国内消费疲弱、地

方政府债务高企及全球经济不确定性的忧虑

持续存在。

China’s economic trajectory in 2024 has ben

characterised by a resilient yet cautious recovery,

overcoming initial concerns about a prolonged downturn

in the real estate sector and subdued domestic demand.

In the first quarter of 2024, China’s GDP grew by

an impresive 5.3% year-on-year, surpasing market

expectations. This growth was largely fueled by robust

infrastructure investment, solid industrial production and

a rebound in exports.

Despite this beter-than-expected performance, structural

chalenges persist. The real estate sector remains a

significant drag on the economy, with many developers

stil grapling with high debt levels and weak homebuyer

sentiment, resulting in slugish property sales and price

corections in various cities. Aditionaly, geopolitical

frictions and trade restrictions imposed by the US and the

EU on China’s manufacturing sector, particularly in areas

such as electric vehicles, semiconductors, and renewable

energy technologies, pose potential risks to the country’s

long-term industrial and export growth.

In response to these chalenges, the Chinese Government

has introduced a series of stimulus measures, including

targeted interest rate cuts, fiscal incentives for high-

tech industries, and suportive policies for consumption

and private sector investment. While these eforts

are expected to stabilise economic momentum, the

IMF expected China’s ful-year GDP growth to 4.6% in

2025, reflecting lingering concerns over weak domestic

consumption, high local government debt, and global

economic uncertainties.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CHAIRMAN’S STATEMENT

主席报告书

于二零二四年，香港经济在复杂多变的环境

下稳步发展。多项因素限制香港经济动力，包

括：

(1)

利率持续高企，导致企业及个人借贷成

本上升；

(2)

外部需求疲弱，尤其是来自美国及

欧洲等主要贸易伙伴的需求；

(3)

金融市场疲

弱，已影响投资者信心及企业盈利能力；及

(4)

根据香港特别行政区政府的报告，私人消

费开支于年内轻微下跌

0.6%

，原因为本地居

民于假日出境旅游的消费模式增加而出现变

化。尽管如此，中国经济持续稳步发展，并陆

续推出多项惠港措施。加上特区政府推动经

济的各项措施，以及美国自二零二四年九月

起减息，均为香港不同经济领域提供支持。整

体而言，香港经济于二零二四年录得

2.5%

的

温和增长。

为应对该等挑战，本集团已策略性地聚焦于

建造业的机遇，把握政府基建项目，同时于物

业发展方面采取审慎而具有风险意识高的方

针。本集团将继续致力提升营运效率、巩固核

心业务优势，并为持份者创造价值。

Hong Kong’s economy progresed steadily amid a

complicated and changing environment in 2024.

Several factors have constrained the city’s economic

momentum, including: (1) persistent high interest rates,

which have increased borowing costs for busineses

and individuals; (2) weak external demand, particularly

from major trade partners such as the US and Europe;

, which has impacted

investors’ confidence and corporate earnings; and (4)

private consumption expenditure slightly declined

by 0.6% for the year as a result of changes in the

consumption patern of local residents’ increased

outbound trips during the holidays as reported by the

HKSAR Government. Nonetheles, the China economy

is making steady progres and has roled out measures

benefiting Hong Kong one by one. Together with the

HKSAR Government’s initiatives to bost the economy

and interest rate cuts by the US since September 2024,

they al provided suport to diferent economic segments

in Hong Kong. Overal, Hong Kong’s economy recorded

moderate growth of 2.5% in 2024.

In response to these chalenges, the Group has

strategicaly focused on capitalising on oportunities

within the construction sector, leveraging government

infrastructure projects while adopting a prudent and risk-

conscious aproach to property development. The Group

remains comited to enhancing operational eficiency,

consolidating core busines strengths, and delivering

value to stakeholders.

兴胜创建控股有限公司

2024/2025

年报

CHAIRMAN’S STATEMENT

主席报告书

公司活动摘要及展望

于二零二四年，香港建造业面临重大挑战，

例如部分主要承建商突然停工、因财务危机

面临清盘，涉及拖欠工资丑闻。建造业的该等

事件反映低价投标、资金链紧张及银行提高

存款要求等因素令本地建造生态承受前所未

有的压力。香港建造业于二零二年至二零

二五年的实际平均年增长率预计为

，主要

受惠于香港特区政府刺激经济增长的政策，

以及公私营机构于工业、机构、能源及公用设

施建设项目的投资。预期于二零二五年至二

零二八年，香港建造业将录得平均年增长率

2.3%

，受惠于运输、电力、房屋及工业领域的

投资。行业产出将获政府支持，政府承诺发展

三项主要道路计划及三项策略性铁路项目，

以推动及支持香港于二零三零年前的整体发

展。

香港建造业继续为经济增长的重要支柱，稳

健而持续的政府支持确保项目供应稳定。香

港政府每年公共基建开支维持在超过港币

1,000

亿元，

年房屋供应目标为

440,000

个

单位。

公营房屋供应方面，香港特区政府已物识到

足够土地，以达致未来十年供应

308,000

个公

营房屋单位的目标。连同简约公屋

(LPH)

，未

来五年内的公营房屋总供应量将达

190,000

个

单位，较本届政府上任后首个五年期的供应

量高出约

80%

。

HIGHLIGHTS OF CORPORATE ACTIVITIES

AND PROSPECTS

In 2024, Hong Kong’s construction industry faced large

chalenges, for example there was suden closure,

loming liquidation due to financial crisis, involvement

in a wage arears scandal of certain main contractors.

The series of incidents in the construction industry show

that factors such as low-price biding, tight capital chain

and banks’ requirements for higher deposits are puting

the local construction ecosystem under unprecedented

presure. The construction industry has ben projected

to record an average anual growth rate of 2% in real

terms betwen 2022 and 2025, suported by the HKSAR

Government’s stimulation for economic growth, as wel

as public and private sector investments in industrial,

institutional, energy and utility building projects. It

is expected the construction industry in Hong Kong

to register an anual average growth of 2.3% from

2025-2028, suported by investment in the transport,

electricity, housing, and industrial sectors. The industry’s

output wil be upheld by the Government’s comitment

to the development of thre major road schemes and

thre strategic railway projects to drive and suport the

city’s development by 2030.

Hong Kong’s construction industry continues to be a key

pilar of economic growth, with strong and consistent

government suport ensuring a steady pipeline of

projects. The Hong Kong Government has maintained

its anual public infrastructure spending at over HK$100

bilion, with a 10-year housing suply target of 440,000

units.

On public housing suply, the HKSAR Government has

identified suficient land for meting the suply target

of 308,000 public housing units over the next ten years.

Coupled with Light Public Housing (LPH), the total

public housing suply in the coming five years wil reach

190,000 units, which is about 80% higher than that of

the first 5-year period since the curent-term Government

tok ofice.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CHAIRMAN’S STATEMENT

主席报告书

尽管已采取该等积极的政策措施，惟劳动力

短缺及劳动力老化问题仍然为建造业的重大

挑战。为应对该等问题，政府已积极推动数码

化，并采纳先进建筑技术，例如组装合成建筑

法

(MiC)

及建筑资讯模型

(BIM)

，以提升效率及

生产力。

鉴于公共项目需求稳定且利润率较可预测，

本集团已继续优先承接政府合约，尤其是简

约公屋发展项目、公营医疗设施、教育机构及

政府基础建设项目等领域。

本集团凭借其技术专业知识及悠久业界声

誉，确保收入来源稳定。透过大学招募及同事

培训计划，亦可持续确保本集团内部团队稳

定，同时持续实施有效的成本控制及增效措

施，以提升生产力。

香港楼市面临借贷成本高企、买家情绪审慎

及投资活动疲弱等多项挑战的环境。于二零

二三年，楼价下跌，反映需求减弱及经济活动

放缓。

然而，财政司长陈茂波先生表示，随著二零

二四年初取消额外印花税，以及二零二四

年底美国联邦储备局减息，成交量正出现

回升迹象，发展商亦透过折扣价格加快去货。

值得注意的是，中国内地买家在推动新物业

销售方面发挥重要作用，占高达三分之一的

核心地段交易。

Despite these positive policy measures, labour shortages

and an ageing workforce remain significant chalenges

for the construction sector. To adres these isues, the

Government has ben actively promoting digitalisation

and the adoption of advanced construction technologies,

such as Modular Integrated Construction (MiC) and

Building Information Modeling (BIM), to enhance

eficiency and productivity.

Given the stable demand and more predictable profit

margins asociated with public sector projects, the

Group has continued to prioritise government contracts,

particularly in areas such as: LPH developments, public

healthcare facilities, educational institutions and

government infrastructure projects.

The Group’s technical expertise and long-standing

industry reputation have ensured a steady revenue

stream. Recruitment from universities and training

programes for coleagues also continued to ensure

stable work teams within the Group, while efective

cost control and eficiency improvement measures were

continuously implemented to improve productivity.

The Hong Kong property market has faced a chalenging

environment, characterised by high borowing costs,

cautious buyer sentiment, and subdued investment

activity. In 2023, property prices declined, reflecting

weakened demand and a slowdown in economic activity.

However, acording to Mr. Paul Chan, Financial Secretary,

folowing the removal of aditional stamp duties in early

2024 coupled with an interest rate cut by the US Federal

Reserve in late 2024, transaction volumes are showing

signs of recovery, with developers ofering discounted

prices to clear inventory. Notably, Mainland Chinese

buyers have played a key role in driving new property

sales, acounting for up to one-third of the transactions

in prime locations.

兴胜创建控股有限公司

2024/2025

年报

CHAIRMAN’S STATEMENT

主席报告书

鉴于市场环境不明朗，本集团维持审慎态度，

专注于现有发展项目。本集团多个位于屯门

扫管笏（与新鸿基地产发展有限公司合作）、

九龙塘衙前围道

57A

号及元朗唐人新村的住

宅项目，以及位于葵涌业成街

号及柴湾利

众街

号的工业项目，均预期于未来数年内

竣工，预期届时市场环境将有所改善。该等项

目中，位于九龙塘衙前围道

57A

号的住宅项目

及位于葵涌业成街

号的工业项目将于下一

个财政年度推出发售。

展望未来，全球经济局势仍不明朗，主要风险

包括利率高企、地缘政治冲突及贸易紧张局

势。然而，鉴于政府大力支持基建发展，以及

香港楼市呈现逐步复苏迹象，本集团对未来

前景仍持审慎乐观态度。

为有效应对该等挑战，本集团将继续优先发

展公营建设项目，利用稳定需求及政府支持

的合约，采取审慎及具风险意识的物业投资

方法，投资劳动力发展及数码转型，确保在建

筑及房地产行业中具有持续竞争力。

In light of the uncertain market conditions, the Group

has remained cautious, focusing on existing development

projects. Several of the Group’s residential projects

located at So Kwun Wat, Tuen Mun, in partnership with

Sun Hung Kai Properties Limited, No. 57A Nga Tsin Wai

Road, Kowlon Tong and Tong Yan San Tsuen in Yuen

Long; and industrial projects located at No. 22 Yip Shing

Stret, Kwai Chung and No. 18 Le Chung Stret, Chai

Wan are on track for completion in the coming years,

when it is anticipated that market conditions wil be

improved. Out of these projects, residential project at

No. 57A Nga Tsin Wai Road, Kowlon Tong and industrial

project at No. 22 Yip Shing Stret, Kwai Chung wil be

launched for sale in this coming financial year.

Loking ahead, the global economic landscape remains

uncertain, with key risks including high interest rates,

geopolitical conflicts, and trade tensions. However,

with strong government suport for infrastructure

developments and signs of a gradual recovery in Hong

Kong’s property market, the Group remains cautiously

optimistic about future prospects.

To navigate these chalenges efectively, the Group wil

continue prioritising public sector construction projects,

leveraging stable demand and government-backed

contracts, adopting a disciplined and risk-conscious

aproach to property investment, investing in workforce

development and digital transformation, to ensure

ongoing competitivenes in the construction and real

estate sectors.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CHAIRMAN’S STATEMENT

主席报告书

致谢

本人谨代表董事会向管理团队及同事始终坚

守承诺、专心致志致以衷心谢意，对本集团的

稳定业绩提供有力支持。本人亦对本集团股

东及业务伙伴一直以来的信任及支持深表谢

意。展望未来，我们将继续善用我们的专业知

识及市场优势应对各种挑战及市场出现的机

遇。

查懋德

主席

APRECIATION

On behalf of the Board, I would like to expres my sincere

gratitude to our management team and coleagues,

who have remained steadfast in their comitment and

whose eforts have underpined the Group’s stable

performance. I would also like to thank the Group’s

shareholders and busines partners for their continued

trust and suport. Going forward, we wil continue to

leverage our expertise and market position to met the

chalenges and oportunities presented by the market.

Cha Mou Daid, Johnson

Chairman

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

CONSTRUCTION DIVISION

建筑部

Revenue

收入

Revenue

收入

Revenue

收入

HK$ Milion

港币百万元

HK$ Milion

港币百万元

HK$ Milion

港币百万元

05001,0001,5002,000

1,148.2

2020/21

2021/22

2022/23

2023/24

2020/21

2021/22

2022/23

2023/24

1,198.1

906.4

1,124.0

2020/21

2021/22

2022/23

2023/24

2024/251,538.1

48.9

83.7

59.5

143.4

2024/25178.8

195.7

158.2

229.9

293.3

2024/25

204.6

INTERIOR AND RENOVATION DIVISION

装饰及维修部

Revenue

收入

Revenue

收入

Revenue

收入

HK$ Milion

港币百万元

HK$ Milion

港币百万元

HK$ Milion

港币百万元

05001,0001,5002,000

1,148.2

2020/21

2021/22

2022/23

2023/24

2020/21

2021/22

2022/23

2023/24

1,198.1

906.4

1,124.0

2020/21

2021/22

2022/23

2023/24

2024/251,538.1

48.9

83.7

59.5

143.4

2024/25178.8

195.7

158.2

229.9

293.3

2024/25

204.6

BUILDING MATERIALS DIVISION

建筑材料部

Revenue

收入

Revenue

收入

Revenue

收入

HK$ Milion

港币百万元

HK$ Milion

港币百万元

HK$ Milion

港币百万元

05001,0001,5002,000

1,148.2

2020/21

2021/22

2022/23

2023/24

2020/21

2021/22

2022/23

2023/24

1,198.1

906.4

1,124.0

2020/21

2021/22

2022/23

2023/24

2024/251,538.1

48.9

83.7

59.5

143.4

2024/25178.8

195.7

158.2

229.9

293.3

2024/25

204.6

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

Construction Division建筑部

Hong Kong Science Park Expansion Stage 2 (SPX2) Building 18W

香港科学园第二期扩建工程

(SPX2)18W

大楼项目

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

建筑部

截至二零二五年三月三十一日止年度，建筑

部的收入为港币

1,538,100,000

元（二零二四

年：港币

1,124,000,000

元）。

年内，建筑部继续进行手头项目。于二零二五

年三月三十一日，建筑部的手头合约价值总

额为港币

3,783,900,000

元。

已完成的主要工程

(1)

兴建香港坚尼地城吉席街

号至

号之

建议住宅及商业发展项目

(2)

兴建新界屯门显发里之公共房屋发展项

目

CONSTRUCTION DIVISION

The revenue for the Construction Division was

HK$1,538.1 milion for the year ended 31 March 2025

(2024: HK$1,124.0 milion).

During the year, the Construction Division continued

to work on the projects on hand. The total amount

of contracts on hand as at 31 March 2025 for the

Construction Division amounted to HK$3,783.9 milion.

Major Projects Completed

(1) Construction of the proposed residential and

comercial development at Nos. 33-47 Catchick

Stret, Kenedy Town, Hong Kong

(2) Construction of public housing development at Hin

Fat Lane, Tuen Mun, New Teritories

Proposed residential and comercial

development at Nos. 33-47

Catchick Stret, Kenedy Town

坚尼地城吉席街

号至

号之建议住宅及商业发展项目

Public housing development at

Hin Fat Lane, Tuen Mun

屯门显发里之公共房屋发展项目

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

承接的主要工程

(1)

兴建九龙九龙塘衙前围道

57A

号之建议

住宅发展项目

(2)

兴建新界葵涌业成街

号之建议工业重

建项目

(3)

兴建香港柴湾利众街

号之建议工业重

建项目

(4)

兴建新界元朗唐人新村丈量约份第

约地段第

号之建议住宅发展项目

(5)

兴建新界屯门扫管笏屯门市地段第

号之住宅发展项目

(6)

香港科学园第二期扩建工程

(SPX2)18W

（前称

12W-A

）大楼之主要工程合约

(7)

兴建香港干诺道西

号至

103A

号及德

辅道西

号、

号及

号之建议商业

发展项目

(8)

兴建九龙油塘碧云道地盘

之公共房屋

发展项目

Major Projects Undertaken

(1) Construction of the proposed residential

development at No. 57A Nga Tsin Wai Road,

Kowlon Tong, Kowlon

(2) Construction of the proposed industrial

redevelopment at No. 22 Yip Shing Stret, Kwai

Chung, New Teritories

(3) Construction of the proposed industrial

redevelopment at No. 18 Le Chung Stret, Chai

Wan, Hong Kong

(4) Construction of the proposed residential

development at Lot No. 2143 in D.D. 121, Tong Yan

San Tsuen, Yuen Long, New Teritories

(5) Construction of the residential development at Tuen

Mun Town Lot No. 496, So Kwun Wat, Tuen Mun,

New Teritories

(6) Main works contract for Hong Kong Science Park

Expansion Stage 2 (SPX2) Building 18W (formerly

known as 12W-A)

(7) Construction of the proposed comercial

development at Nos. 92-103A Conaught Road

West and Nos. 91, 99 and 101 Des Voeux Road West,

Hong Kong

(8) Construction of public housing development at Pik

Wan Road Site B, Yau Tong, Kowlon

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

Proposed residential development at

No. 57A Nga Tsin Wai Road, Kowlon Tong

九龙塘衙前围道

57A

号之建议住宅发展项目

Proposed industrial redevelopment at

No. 22 Yip Shing Stret, Kwai Chung

葵涌业成街

号之建议工业重建项目

Proposed residential development at

Tong Yan San Tsuen, Yuen Long

元朗唐人新村之建议住宅发展项目

Proposed industrial redevelopment at

No. 18 Le Chung Stret, Chai Wan

柴湾利众街

号之建议工业重建项目

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

Residential development at So Kwun Wat, Tuen Mun

屯门扫管笏之住宅发展项目

Proposed comercial development at

Conaught Road West and

Des Voeux Road West

干诺道西及德辅道西之建议商业发展项目

Public housing development at

Pik Wan Road Site B, Yau Tong

油塘碧云道地盘

之公共房屋发展项目

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

奖项

(1)

于二零二五年三月，兴胜建筑有限公司

（「兴胜建筑」）荣获香港建造商会颁发

的「香港建造商会香港建筑环保大奖－

环保优异奖」，表扬其于二零二三

／二零二四年在环保方面的杰出表现。

(2)

于二零二四年十月，兴胜建筑荣获香港

建造商会颁发的「香港建造商会积极推

动安全承建商奖

」。

(3)

于二零二四年八月，兴胜建筑以兴建屯

门显发里之公共房屋发展项目，在发展

局及建造业议会联合举办的第

届「公

德地盘嘉许计划」中，获颁「杰出环境管

理奖－非工务工程」优异奖。

(4)

于二零二四年八月，兴胜建筑以兴建屯

门显发里之公共房屋发展项目，在发展

局及建造业议会联合举办的第

届「公

德地盘嘉许计划」中，获颁「公德地盘

奖－非工务工程（新建工程－

组）」优异

奖。

Awards

, Hanison Construction Company

Limited (“HCL”) got the “HKCA Hong Kong

Construction Environmental Awards – 2024

Environmental Merit Award” organised by the Hong

Kong Construction Asociation, in recognition of

its outstanding environmental performance for the

year 2023/2024.

, HCL received the “HKCA

Proactive Safety Contractor Award For the Year

2023” organised by the Hong Kong Construction

Asociation.

, HCL received a Merit Award in

the Outstanding Environmental Management and

Performance Award – Non-Public Works under the

30th Considerate Contractors Site Award Scheme

jointly organised by the Development Bureau and

the Construction Industry Council, with regard to

the construction of public housing development at

Hin Fat Lane, Tuen Mun.

, HCL received a Merit Award in the

Considerate Contractors Site Award – Non-Public

Works (New Works – Group A) under the 30th

Considerate Contractors Site Award Scheme jointly

organised by the Development Bureau and the

Construction Industry Council, with regard to the

construction of public housing development at Hin

Fat Lane, Tuen Mun.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

展望

过去一年，香港建造业挑战与机遇并存。此行

业受经济环境、政府政策、科技进步及可持续

发展倡议影响。尽管面临劳动力短缺、材料成

本上升及监管日趋复杂等因素，香港仍继续

推进大型基建项目及房屋发展计划。

香港政府一直致力推动大型基建及房屋项

目，以应对城市发展与房屋短缺问题。

•

北部都会区发展：过去一年中其中一项

最重要的项目为北部都会区计划。政府

已加快该区的规划及土地发展，以创造

一个新的经济及住宅枢纽。该项目旨在

为超过

2.5

百万人提供房屋，并加强香港

与大湾区融合。

•

公共房屋扩建：为应对持续的房屋短缺

问题，政府已加快步伐建设公共房屋。

房屋委员会已推出多项新措施以加快工

程进度，包括更广泛地应用组装合成建

筑法

(MiC)

，此方法能令建筑流程更快捷

及更具成本效益。

•

港铁及交通基建：多项港铁延线项目（包

括东涌线延线及北环线）于过去一年取

得重大进展。该等项目旨在提升铁路连

系以及支援新住宅及商业发展项目。

Outlok

Over the past year, Hong Kong’s construction industry

has experienced both chalenges and oportunities.

The sector has ben influenced by economic conditions,

government policies, technological advancements, and

sustainability initiatives. Despite facing labor shortages,

rising material costs, and regulatory complexities,

Hong Kong has continued to push forward with major

infrastructure projects and housing developments.

Hong Kong’s government has remained comited to

large-scale infrastructure and housing projects to adres

urban development and housing shortages.

: One of the most

significant projects in the past year has ben the

Northern Metropolis initiative. The government

has acelerated planing and land development in

this area to create a new economic and residential

hub. This project aims to provide housing for more

than 2.5 milion people and strengthen Hong Kong’s

integration with the Greater Bay Area.

: To adres the persistent

housing shortage, the government has ramped up

public housing construction. The Housing Authority

has introduced new measures to sped up project

timelines, including the wider use of Modular

Integrated Construction (MiC), which alows for

faster and more cost-efective building proceses.

: Several MTR

expansion projects, including the Tung Chung Line

Extension and the Northern Link, have progresed

significantly in the past year. These projects aim to

enhance conectivity and suport new residential

and comercial developments.

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

创新在提升香港建造业效率及生产力方面发

挥重要作用。于过去一年，多项技术进步逐渐

获得关注。

•

组装合成建筑法

(MiC)

：公营及私人领

域项目越来越多采用

MiC

。多个试点项目

（包括学生住宿及检疫设施）已证明此

方法在减少建筑时间及环境影响方面的

成效。

•

建筑资讯模型

(BIM)

：

BIM

继续于建筑项

目中获广泛应用，以提升设计准确性、

成本估计及项目协调。政府已将

BIM

列

为公共工程项目的强制要求，进一步推

动其采用。

•

人工智能

(AI)

及机械人技术：

驱动的项

目管理工具及工地巡查的机械人的应用

日益增加，以提升安全及效率。无人机

亦用于工地测量及进度监察。

尽管于多方面均取得进展，但香港建造业于

过去一年仍面临若干挑战。

•

劳动力短缺：劳动人口老化及吸引年轻

人才的困难继续令劳动力短缺。政府已

推行培训计划及输入劳工计划应对此问

题。

Inovation has played a crucial role in improving

eficiency and productivity in Hong Kong’s construction

industry. Over the past year, several technological

advancements have gained traction.

: MiC has

ben increasingly adopted in both public and

private sector projects. Several pilot projects,

including student housing and quarantine facilities,

have demonstrated the efectivenes of this method

in reducing construction time and environmental

impact.

: BIM has

continued to be widely implemented acros

construction projects to improve design acuracy,

cost estimation, and project cordination.

The government has made BIM a mandatory

requirement for public works projects, further

driving its adoption.

: AI-driven

project management tols and robotics for site

inspections have ben increasingly used to enhance

safety and eficiency. Drones have also ben

employed for surveying and monitoring progres on

construction sites.

Despite the progres made in various areas, Hong Kong’s

construction industry has faced several chalenges over

the past year.

: The aging workforce and

dificulties in atracting young talent have

continued to create labor shortages. The

government has introduced training programs and

labor importation schemes to adres this isue.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

•

建筑成本上升：全球供应链中断及通胀

导致材料成本上升，影响项目预算。发

展商正探索节约成本的措施，例如先进

采购策略及数码项目管理工具。

•

规管及审批延误：复杂的规例及冗长的

审批流程令部分项目进度受阻。已透过

数码平台及政府政策改革推动简化审批

程序。

为把握公营领域持续带来的机遇，本集团建

筑部将提高响应客户需要的能力，进一步加

强其作为值得信赖及信誉可靠建筑合作伙伴

的地位。该部门将继续使用创新建筑技术及

充分利用数码化，提高营运效率、加强质量并

降低成本。其亦将透过多种方式扩大其建筑

劳动力，包括吸引更多人才入行，加强培训及

人力资源开发，以及分配更多资源供员工发

展。

: Global suply chain

disruptions and inflation have led to increased

material costs, afecting project budgets. Developers

have ben exploring cost-saving measures, such as

advanced procurement strategies and digital project

management tols.

: Complex

regulations and lengthy aproval proceses have

slowed down some projects. Eforts have ben made

to streamline aproval procedures through digital

platforms and government policy reforms.

In response to the increasing number of oportunities

in the public sector, the Group’s Construction Division

wil improve its responsivenes to customer neds and

further strengthen its position as a trusted and reliable

construction partner. The Division wil continue to

use inovative construction technology and embrace

digitalisation to improve operational eficiency, enhance

quality and reduce costs. It wil expand its construction

workforce in a number of ways, including atracting

more talent to the sector, strengthening training and

human resource development, and alocating more

resources to employe development.

兴胜创建控股有限公司

2024/2025

年报

Interior and Renovation Division装饰及维修部

Interior fiting out works for redevelopment of North Point Methodist Church

北角卫理堂重建项目之室内装修工程

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

装饰及维修部

截至二零二五年三月三十一日止年度，装饰

及维修部录得收入为港币

204,600,000

元，而

去年则为港币

293,300,000

元。

于二零二五年三月三十一日，装饰及维修部

的手头合约价值总额为港币

107,600,000

元。

已完成的主要工程

(1)

领展旗下香港岛、九龙东、新界东及将

军澳（区域

）购物中心、停车场、街市及

熟食档之两年定期工程合约（二零二

年至二零二四年）

(2)

香港浸会大学维修保养定期合约（二零

二年至二零二五年）

(3)

香港浸会大学邵逸夫大楼、查济民科

学大楼、方树泉图书馆及温仁才大楼

楼之厕所翻新工程（二零二年至二零

二三年改建及改善项目）

(4)

香港北角长康街

号北角卫理堂重建项

目之指定室内装修分包合约

(5)

香港房屋委员会港岛及离岛区（二）保

养、改善及空置单位翻新工程的分区定

期合约（二零二一年至二零二四年）

INTERIOR AND RENOVATION DIVISION

For the year ended 31 March 2025, the Interior and

Renovation Division recorded a revenue of HK$204.6

milion, as compared with HK$293.3 milion last year.

The total amount of contracts on hand as at 31 March

2025 for the Interior and Renovation Division amounted

to HK$107.6 milion.

Major Projects Completed

(1) 2-year term tenancy works contract (2022-2024) for

shoping centres, car parks, markets & coked-fod

stals for Hong Kong Island, Kowlon East, New

Teritories East and Tseung Kwan O (Region 2) for

the Link

(2) Repair and Maintenance term contract (2022-2025)

for Hong Kong Baptist University

&I project 2022-2023 renovation works to

lavatories in Sir Run Run Shaw Building, Cha Chi-

Ming Science Tower and Fong Shu Chuen Library,

renovation works to lavatories at Level 5 of Oen Hal

Building at Hong Kong Baptist University

(4) Interior fiting out works nominated sub-contract

for redevelopment of North Point Methodist Church

at 11 Cheung Hong Stret, North Point, Hong Kong

(5) HKHA district term contract (2021-2024) for

the maintenance, improvement and vacant flat

refurbishment for Hong Kong Island and Islands (2)

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

承接的主要工程

(1)

领展旗下天水围、屯门、新界北及马鞍山

（区域

）购物中心、停车场、街市及熟

食档之建造工程定期合约（二零二年

至二零二五年）

(2)

天瑞、蝴蝶、良景、颂安、沙角、翠屏及

赤柱购物中心洗手间改善工程

Major Projects Undertaken

(1) Building works term contract (2022-2025) for

shoping centres, car parks, markets & coked-fod

stals in Tin Shui Wai, Tuen Mun, New Teritories

North and Ma On Shan (Region 1) for the Link

(2) Toilet improvement works at shoping centres of

Tin Shui, Buterfly, Leung King, Chung On, Sha Kok,

Tsui Ping and Stanley

Interior fiting out works for redevelopment of

North Point Methodist Church

北角卫理堂重建项目之室内装修工程

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

(3)

新界葵涌业成街

号建议工业重建项目

之装修工程

(4)

九龙九龙塘衙前围道

57A

号建议住宅发

展项目之示范单位装修工程

获授的主要工程

(1)

香港理工大学建造工程之改建及加建定

期合约（二零二五年至二零二七年）

奖项

(1)

于二零二四年十月，兴胜室内及维修

有限公司荣获香港建造商会颁发的「香

港建造商会积极推动安全承建商奖

」。

(3) Fiting out works for the proposed industrial

redevelopment at No. 22 Yip Shing Stret, Kwai

Chung, New Teritories

(4) Show flat fiting out works for the proposed

residential development at No. 57A Nga Tsin Wai

Road, Kowlon Tong, Kowlon

Major Projects Awarded

(1) Alterations and aditions term contract (2025-2027)

for building works for The Hong Kong Polytechnic

University

Award

, Hanison Interior & Renovation

Limited received the “HKCA Proactive Safety

Contractor Award For the Year 2023” organised by

the Hong Kong Construction Asociation.

Toilet improvement works at shoping centres of Tin Shui, Buterfly,

Leung King, Chung On, Sha Kok, Tsui Ping and Stanley

天瑞

、蝴蝶、良景、颂安、沙角、翠屏及赤柱购物中心洗手间改善工程

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

展望

香港的装修及维修行业因多项经济、社会及

科技因素而出现重大变化。尽管此行业受惠

于家居装修需求上升及政府支持楼宇维修，

但其亦面临劳动力短缺、材料成本上升及监

管规定越趋严格等挑战。

香港政府持续推动楼宇安全及维修工作，

尤其是老化建筑物。「楼宇更新大行动

2.0

」及

「消防安全改善工程资助计划」等计划鼓励

业主及大厦管理公司进行必要的维修及升级

工程。该等计划为维修项目提供财政支援，惠

及业主及装修公司。

此外，更严格的楼宇安全规例经已实施，要求

旧楼须进行强制检查及维修。其为专门从事

结构修缮、防水工程及消防安全提升工程的

承建商创造更多商机。

随著建造业持续复苏可望缔造新机遇，预期

本集团装饰及维修部的短期前景正面。该部

门将致力成为知名装饰及维修公司，继续推

广持续改进文化，力求超越客户期望。其将致

力实现独特及创新设计，平衡美学吸引力及

实用性，同时保持成本竞争力。此外，为响应

全球对环境保护及绿色建筑的日益关注，本

集团正积极研究环保技术及绿色建筑材料并

应用到其工程中。

Outlok

Hong Kong’s renovation and maintenance industry

has experienced significant changes due to various

economic, social, and technological factors. While the

sector has benefited from increased demand for home

improvements and government suport for building

maintenance, it has also faced chalenges such as labour

shortages, rising material costs, and stricter regulatory

requirements.

The Hong Kong government has continued to promote

building safety and maintenance, particularly for aging

structures. Programs such as the “Operation Building

Bright 2.0” and the “Fire Safety Improvement Works

Subsidy Scheme” have encouraged property owners and

building management companies to cary out necesary

repairs and upgrades. These initiatives have provided

financial suport for maintenance projects, benefiting

both building owners and renovation companies.

In adition, stricter building safety regulations have

ben enforced, requiring older buildings to undergo

mandatory inspections and repairs. This has created

more busines oportunities for contractors specialising

in structural repairs, waterprofing, and fire safety

enhancements.

The Group’s Interior and Renovation Division is

expected to have a positive outlok in the near future,

with new prospects emerging as the construction

industry recovering. The Division wil strive for

excelence in order to become a respected provider

of interior and renovation services, continuing its

culture of continuous improvement and striving to

exced customer expectations. It wil strive to achieve

distinctive and inovative designs that balance aesthetics

and functionality while remaining cost competitive.

Aditionaly, in response to the growing global focus on

environmental protection and gren buildings, the Group

actively researches and implements environmentaly

technologies and gren building materials for

incorporation into its proceses.

Building Materials Division建筑材料部

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

HKIA Terminal 2 Expansion Works – Design, suply and instalation of main

rof bafle ceiling system

香港国际机场二号客运大楼扩建工程－设计、供应及安装主天幕天花系统

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

建筑材料部

本集团的建筑材料部专门供应及安装不同种

类的假天花系统、金属饰板系统、防火保护系

统及木地板。

截至二零二五年三月三十一日止年度，建筑

材料部之收入为港币

178,800,000

元，而去年

则为港币

143,400,000

元。

于二零二五年三月三十一日，建筑材料部的

手头合约价值总额为港币

25,600,000

元。

已完成的主要工程

(1)

九龙何文田九龙内地段第

号之何

文田站第一期物业发展项目－供应及安

装地下

层及地下

层停车场条子天花

(2)

新界大埔市地段第

号白石角科学园

第二期扩建工程

(SPX2) 12W-A

大楼－设

计、供应及安装防火吊墙及机电外壳系

统

BUILDING MATERIALS DIVISION

The Group’s Building Materials Division specialises in the

suply and instalation of diferent types of suspended

ceiling system, metal clading system, fire rated enclosure

system and timber floring.

For the year ended 31 March 2025 the revenue of

the Building Materials Division was HK$178.8 milion

compared with that of HK$143.4 milion last year.

The total amount of contracts on hand as at 31 March

2025 for the Building Materials Division amounted to

HK$25.6 milion.

Major Projects Completed

(1) Ho Man Tin Station Package One Property

Development at KIL 11264, Ho Man Tin, Kowlon –

Suply and instalation of bafle ceiling at LG1 and

LG2 carpark

(2) Science Park Expansion Stage 2 (SPX2) Building

12W-A at Pak Shek Kok, Tai Po, T.P.T.L. No.204, N.T.

– Design, suply and instalation of fire resistance

hanger wal and E&M enclosure system

Ho Man Tin Station Package One Property Development –

Suply and instalation of bafle ceiling at LG1 and LG2 carpark

何文田站第一期物业发展项目－供应及安装地下

层及地下

层停车场天花

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

承接的主要工程

(1)

香港国际机场合约

二号客运大楼扩

建工程－设计、供应及安装主天幕条子

天花系统

(2)

香港国际机场合约

二号客运大楼扩

建工程－设计、供应及安装低层天幕条

子及室外天花系统

(3)

新界将军澳日出康城第

期将军澳市地

段第

号之余段之建议住宅发展项目－

供应及安装石膏板天花系统

Major Projects Undertaken

Design, suply and instalation of main rof bafle

ceiling system

Design, suply and instalation of lower level bafle

and external ceiling system

Phase 11, Lohas Park, Tseung Kwan O, N.T. – Suply

and instalation of gypsum board ceiling system

HKIA Terminal 2 Expansion Works – Design, suply and instalation of main rof bafle ceiling system

香港国际机场二号客运大楼扩建工程－设计、供应及安装主天幕天花系统

HKIA Terminal 2 Expansion Works – Design, suply and instalation of lower-level bafle and external ceiling system

香港国际机场二号客运大楼扩建工程－设计、供应及安装低层天幕及室外天花系统

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

(4)

中九龙干线－大楼及机电工程－设计、

供应及安装假天花系统

(5)

香港科技大学物理科学与技术大楼（新

科研楼

座）－设计、供应及安装假天花

系统

(6)

香港中文大学第

区综合科研实验大楼

（第

座）－设计、供应及安装假天花系

统

获授的主要工程

(1)

香港西贡南边围之建议住宅发展项目－

设计、供应与安装防火外壳

(2)

新界葵涌业成街

号之建议工业重建项

目－供应及安装地面层之条子天花

展望

年内，本集团建筑材料部继续执行香港机场

二号客运大楼主天幕天花系统项目，并已改

进施工流程及时间表。此项优化将有助确保

在整个项目过程中有效管理成本及项目按

时、按预算完成及符合质量标准。

从多方面来看，建筑材料部的前景可期。假天

花在住宅及商业楼宇中日益普及，原因为其

能够提升室内设计美感、改善照明效率及隐

藏电线与空调系统。过去一年，现代化及订制

天花设计的需求显著上升，尤其是办公室翻

新、零售空间及高端住宅项目。随著智能家居

及节能建筑趋势兴起，许多发展商及业主倾

向选用融合

LED

照明、隔音材料及隔热功能的

– Building, electrical and

mechanical works – Design, suply and instalation

of suspended ceiling system

(5) The Physical Sciences and Technologies Building

(New Research Building 1) at The Hong Kong

University of Science and Technology – Design,

suply and instalation of suspended ceiling system

(6) Centralized General Research Laboratories Complex

(Block 2) at Area 39, The Chinese University of Hong

Kong – Design, suply and instalation of suspended

ceiling system

Major Projects Awarded

(1) Proposed residential development at Nam Pin

Wai, Sai Kung, Hong Kong – Design, suply and

instalation of fire rated enclosure

(2) Proposed industrial re-development at No.22

Yip Shing Stret, Kwai Chung, N.T. – Suply and

instalation of bafle ceiling at G/F

Outlok

During the year, the Group’s Building Materials Division

continued to execute the main rof bafle system project

at Hong Kong Airport’s Terminal 2 with an improved

workflow and schedule. This optimisation wil help to

ensure that costs are managed efectively throughout the

project and that the project is completed on time, within

budget and to quality standards.

The outlok for the Building Materials Division is

favourable in several respects. False ceilings have become

a popular feature in both residential and comercial

buildings due to their ability to enhance interior design,

improve lighting eficiency, and conceal electrical wiring

and air conditioning systems. In the past year, there

has ben a notable increase in demand for modern

and customised ceiling designs, particularly in ofice

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

假天花。该等特点不仅提升居住舒适度，亦有

助节省能源，因而更受具环保意识的消费者

青睐。

首先，建筑材料市场与建造市场发展息相

关，鉴于与房屋发展有关的建造工程前景理

想，预计建造市场有望增长。其次，香港政府

未来十年的公共房屋计划，加上撤销辣招后

重振私人住宅市场，将可带动建筑材料的需

求增加，从而为市场参与者提供机会实现更

高销售额及改善盈利能力。

在瞬息万变的商业环境中，为了提升其竞争

力，把握该等新兴机遇，本集团将会继续实施

有效的成本管理。除使用创新但价格合理的

建筑材料外，本集团将加大力度招聘及挽留

经验丰富的工人及合资格的分包商，借以确

保可按时交付工程项目。凭借于假天花及地

板供应及安装方面具备的专业知识及声誉，

本集团有信心将能够把握香港城市发展及基

建计划所带来的机遇。通过因应市场需求调

整策略并充分发挥本身优势，本集团已准备

就绪，全面把握建筑材料市场的增长潜力。

renovations, retail spaces, and high-end residential

projects. With the growing trend of smart homes

and energy-eficient buildings, many developers and

homeowners are opting for false ceilings that incorporate

LED lighting, soundprofing materials, and thermal

insulation. These features not only improve comfort but

also contribute to energy savings, making them more

atractive to environmentaly conscious consumers.

First, the building materials market, which is highly

corelated with the development of the construction

market, is expected to grow with the prospect of

construction work related to housing development.

Second, the Hong Kong government’s plan for public

housing over the next decade, together with the

resurgence of the private housing sector folowing the

lifting of the coling measures, wil generate increased

demand for construction materials. This presents an

oportunity for market players to achieve higher sales

and improved profitability.

In order to enhance its competitivenes in the dynamic

busines environment and take advantage of these

emerging oportunities, the Group wil continue to

implement efective cost management. In adition to the

use of inovative yet afordable construction materials,

the Group wil step up its eforts to recruit and retain

experienced staf and qualified subcontractors to ensure

timely project delivery. With its strong expertise and

reputation in the suply and instalation of suspended

ceilings and flors, the Group is confident of being able

to capitalise on the oportunities presented by Hong

Kong’s urban development and infrastructure plans. By

aligning its strategies with market neds and leveraging

its strengths, the Group is wel positioned to capitalise on

the growth potential in the building materials market.

兴胜创建控股有限公司

2024/2025

年报

Property Development Division物业发展部

Park Colege at No. 57A Nga Tsin Wai Road

(rendering of the development)

位于衙前围道

57A

号之

Park Colege (

设计概念图

)

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

物业发展部

截至二零二五年三月三十一日止年度，物业

发展部并无录得收入（二零二四年：无）。

至于本集团占

49%

权益之「尚东」，位于中华

人民共和国浙江省海宁市区文苑路西侧、后

富亭港南侧的一幅土地（用作开发及兴建办

公室、零售店舖、停车位及与该地块相关的其

他开发项目），已于二零一五年三月获发房屋

所有权证。截至报告期末，总共签订了

份

商品房买卖合同，所有单位已交付予客户。

与新鸿基地产发展有限公司在屯门扫管笏合

作发展之建议住宅发展项目，地盘施工正在

进行中。

本集团拥有

50%

权益之位于九龙九龙塘衙前

围道

57A

号之土地，旨在将该物业发展为一个

优质住宅项目。契约修订已完成，而补地价已

结清。地盘施工正在进行中，并预计将于今年

完成。该项目之占用许可证已于二零二五年

六月发出。

本集团拥有

50%

权益之位于元朗唐人新村之

土地，旨在将该物业发展为住宅项目，将土

地转换为住宅用途的土地转换申请已于二零

二一年四月完成。地盘施工正在进行中。

PROPERTY DEVELOPMENT DIVISION

The Property Development Division recorded no revenue

during the year ended 31 March 2025 (2024: nil).

LUXÉAST, the Group’s 49% interest in the parcel of

land situated at

中华人民共和国浙江省海宁市区文苑路

西侧、后富亭港南侧

(West of Wenyuan Road and South

of Houfutingang, Haining, Zhejiang Province, the

People’s Republic of China) for the development and

construction of ofice, retail, car parking spaces and other

development pertaining to the land. The respective

房屋

所有权证

(Building Ownership Certificates) were isued

in March 2015. A total of 222

商品房买卖合同

(Sale and

Purchase Agrement for Comodity Flat) were signed up

to the end of the reporting period and al units had ben

delivered to customers.

For the proposed residential development project with

Sun Hung Kai Properties Limited at So Kwun Wat, Tuen

Mun, the development of the site is in progres.

A piece of land at No. 57A Nga Tsin Wai Road, Kowlon

Tong, Kowlon in which the Group has 50% interest with

the objective of developing the property into a premium

residential project, lease modification was completed and

premium has ben fuly setled. The development of the

site is in progres and is expected to be completed in this

year. Ocupation permit for the project has ben isued in

June 2025.

For the piece of land at Tong Yan San Tsuen in Yuen Long

in which the Group has 50% interest with the objective

of developing the property into a residential project,

a land exchange aplication for residential use was

completed in April 2021. The development of the site is

in progres.

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

本集团拥有

50%

权益之位于香港柴湾利众街

号至

号之合营企业项目

Johnson Place

，

将重建为一项全新工业物业，就额外地积比

率提交的规划申请及建筑计划已获批准。现

有建筑的清拆工作即将展开。

本集团拥有

50%

权益之位于葵涌业成街

号

之合营企业项目

West Castle

，将重建为取得

额外地积比率的全新工业物业。地盘施工正

在进行中，将于今年完成。

本集团拥有

50%

权益之位于香港柴湾利众街

号之合营企业项目，将重建为一项全新工

业物业。具有额外地积比率的开发项目的建

筑图则已获批准，清拆工作已于二零二年

四月完成。地盘施工正在进行中。

展望

香港物业市场因经济变化、政府政策及买家

偏好转变而出现显著变化。尽管市场面临加

息及经济不明朗等挑战，但新住宅发展项目、

政策调整及可持续生活需求增加均对市场走

势产生影响。

香港楼市一向为全球最昂贵的市场之一。然

而，近年来受全球经济环境及按揭利率上升

影响，楼价已出现调整迹象。许多潜在买家均

采取观望态度，导致住宅及商业物业的成交

As for the joint venture project, Johnson Place, located

at Nos. 14-16 Le Chung Stret, Chai Wan, Hong Kong in

which the Group has 50% interest, it wil be redeveloped

into a brand new industrial property, the planing

aplication and building plans for bonus plot ratio have

ben aproved. Demolition of the existing building wil

be comenced son.

As for the joint venture project, West Castle, located

at No. 22 Yip Shing Stret, Kwai Chung in which the

Group has 50% interest, it wil be redeveloped into a

brand new industrial property with bonus plot ratio.

The development of the site is in progres and wil be

completed in this year.

For the joint venture project at No. 18 Le Chung

Stret, Chai Wan, Hong Kong, in which the Group has

50% interest, it wil be redeveloped into a brand new

industrial property. Building plans for the development

with bonus plot ratio have ben aproved and

demolition work was completed in April 2022. The

development of the site is in progres.

Outlok

Hong Kong’s property market has undergone notable

changes due to economic shifts, government policies,

and evolving buyer preferences. While the market

has faced chalenges such as rising interest rates and

economic uncertainty, new housing developments, policy

adjustments, and increasing demand for sustainable

living have shaped its trajectory.

Hong Kong’s property market has traditionaly ben one

of the most expensive in the world. However, in the past

years, property prices have shown signs of adjustment

due to global economic conditions and rising mortgage

rates. Many potential buyers have adopted a wait-and-

se aproach, leading to a slower transaction volume in

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

量放缓。尽管如此，可负担房屋的需求仍然殷

切。香港政府持续致力增加土地供应，并发展

更多公营及资助房屋项目。亦有越来越多首

次置业人士及年轻专业人士对面积较小、价

格相宜的单位产生兴趣。

在商业物业领域，办公空间需求波动对市场

产生影响。尽管部分公司因混合工作模式而

缩减规模，但亦有其他公司寻求设施更佳的

现代办公空间，带动新建商业大厦的需求。

香港政府已推出多项政策，以稳定楼市并应

对房屋可负担程度问题。置业计划、税务调整

及增加土地供应等措施经已实施，以平衡市

场变化。为应对经济放缓，政府亦放宽部分楼

市降温措施，例如物业交易印花税，以鼓励投

资。此外，政府亦推出多项基建项目及市区重

建计划，以提升若干地区的整体吸引力，吸引

本地及海外买家。此外，政府持续推动基建发

展项目，例如北部都会区及大湾区扩展计划。

该等项目进一步提升对位于策略性地点的物

业的关注，预期该等物业将受惠于长远经济

增长。

both residential and comercial real estate. Despite this,

demand for afordable housing remains high. The Hong

Kong government has continued eforts to increase land

suply and develop more public and subsidised housing

projects. There has also ben a growing interest in

smaler, more afordable apartments, particularly among

first-time homebuyers and young profesionals.

In the comercial property sector, fluctuating ofice

space demand has influenced the market. While some

companies have downsized due to hybrid working

models, others have sought modern ofice spaces with

beter facilities, driving demand for newly developed

comercial buildings.

The Hong Kong government has introduced various

policies to stabilise the property market and adres

housing afordability. Measures such as homeownership

schemes, tax adjustments, and increased land suply

have ben implemented to balance market dynamics. In

response to the economic slowdown, the government

has also relaxed some coling measures, such as

stamp duties on property transactions, to encourage

investment. Aditionaly, new infrastructure projects and

urban redevelopment initiatives have ben launched to

enhance the overal apeal of certain districts, atracting

both local and overseas buyers. Furthermore, the

government has continued to promote infrastructure

development projects, such as the Northern Metropolis

and the expansion of the Greater Bay Area initiatives.

These projects have increased interest in properties

located in strategic locations that are expected to benefit

from long-term economic growth.

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

随著本港息率相应下调，预期楼市成交量将

会增加，可望带动楼价转趋稳定甚至小幅回

升。此外，政府近年来大力吸引中国内地及其

他地区的人才来港发展，推出各种不同人才

入境计划，当中包括「高端人才通行证计划」。

该等计划推出后，由于技术专才需要在港安

居置业，带动住宅物业需求增加，为楼市带来

进一步支撑。

展望未来，本集团将继续确保能够审慎管理

其物业组合，并积极寻求新机遇以实现稳定

增长。本集团与合适的合作伙伴合作，致力于

尽量发挥协同效应同时减少发展风险，将工

地成功转型成为物业项目。在承接土地发展

项目时，本集团亦会优先考虑维持稳定现金

流及合理资产负债比率。采取此项审慎的财

务方针，将可让本集团灵活驾驭市场波动，同

时尽量降低风险。

With a coresponding reduction in local interest rates,

the property market is expected to se increased sales,

potentialy leading to a stabilisation or even a slight

recovery in property prices. In adition, the government

has made significant eforts in recent years to atract

talent to Hong Kong from Mainland China and beyond.

These eforts have resulted in the introduction of various

talent admision schemes, including the prestigious Top

Talent Pas Scheme. The introduction of these schemes

has created aditional demand for residential properties

as skiled profesionals sek to setle in Hong Kong,

further strengthening the property market.

Loking ahead, the Group wil continue to ensure

prudent management of its property portfolio while

actively pursuing new oportunities for solid growth. By

entering into joint ventures with suitable partners, the

Group aims to maximise synergies, minimise development

risks and transform sites into sucesful property projects.

When undertaking land development projects, the Group

wil also prioritise the maintenance of a stable cash flow

and a reasonable gearing ratio. This prudent financial

aproach wil enable the Group to navigate the market

in a sound maner and minimise risks.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

Property Investment Division物业投资部

PeakCastle at No. 476 Castle Peak Road

位于青山道

号之

PeakCastle

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

物业投资部

截至二零二五年三月三十一日止年度，物业

投资部录得收入港币

70,300,000

元（二零二四

年：港币

80,200,000

元）。

于二零二四年四月，本集团与独立第三方订

立临时买卖协议，以出售位于九龙官涌街

号「

The Austine Place

」之住宅兼零售综合物

业之若干店舖。出售事项已于二零二四年七

月完成。

位于荷李活道

号之

Holywod Hil

于二零

二四年九月推出分层出售。截至本报告日期，

合共签订

份买卖协议，所有单位已交付予

客户。余下地面层店舖现正提呈出售。

本集团的投资物业包括位于长沙湾的

PeakCastle

、位于上环的

The Mercer

、位

于荷李活道

号的

Holywod Hil

地下店

舖、位于上环的永和街

号，以及本集团

拥有

50%

权益之位于干诺道西

号的

The

Conaught

，于本财政年度内均为本集团贡

献租金收入。

PROPERTY INVESTMENT DIVISION

The Property Investment Division recorded a revenue of

HK$70.3 milion for the year ended 31 March 2025 (2024:

HK$80.2 milion).

In April 2024, the Group entered into a provisional sale

and purchase agrement with an independent third

party to dispose of certain shops in a residential-cum-

retail composite property named “The Austine Place”

located in No. 38 Kwun Chung Stret, Kowlon. The

disposal was completed in July 2024.

Stratified sale of Holywod Hil at No. 222 Holywod

Road was launched in September 2024. A total of 48 sale

and purchase agrements were signed and al units had

ben delivered to customers up to the date of this report.

The remaining G/F shops are being ofered for sales.

Investment properties of the Group including PeakCastle

in Cheung Sha Wan, The Mercer in Sheung Wan, G/F

Shops of Holywod Hil at No. 222 Holywod Road, No.

31 Wing Wo Stret in Sheung Wan and The Conaught

at No. 138 Conaught Road West in which the Group has

50% interest, al contributed rental incomes to the Group

during the financial year.

The Conaught at No. 138 Conaught Road West

位于干诺道西

号之

The Conaught

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

The Mercer at No. 29 Jervois Stret

位于苏杭街

号之

The Mercer

Holywod Hil at No. 222 Holywod Road

位于荷李活道

号之

Holywod Hil

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

展望

香港一直为本地及国际物业投资者的热门目

标地点。然而，近年来受全球经济环境、加息

及投资者情绪转变影响，香港物业投资市场

放缓。尽管香港仍为具长远潜力的主要金融

中心，惟物业价值下跌、成交量减少及需求模

式转变等挑战已重塑投资策略，令投资者对

入市更趋审慎。持续的地缘政治紧张局势及

经济不明朗因素亦影响投资者信心。部分海

外投资者采取更审慎策略，将重心转向亚太

区其他市场。然而，本地投资者及机构买家仍

继续寻求被低估资产的机会。

尽管市场放缓，但若干分部（如学生住宿）越

来越受关注。投资者一直聚焦于具强劲长远

租赁潜力的资产，尤其是受惠于香港特区政

府政策的地区。此外，住宅租赁市场维持相对

稳定，由于部分潜在买家因借贷成本高昂而

延迟置业，令租赁物业需求上升。其为买入出

租领域的投资者带来机会。

香港政府已推出多项政策调整，以支撑楼市

及鼓励投资。为提振投资者信心，当局已放宽

若干楼市降温措施，例如下调物业交易的印

花税。该等调整对本地及海外投资者而言更

具入市吸引力。

Outlok

Hong Kong has long ben an atractive destination

for property investors, both local and international.

However, in the past years, Hong Kong’s property

investment market has slowed due to global economic

conditions, rising interest rates, and shifting investor

sentiment. While the city remains a key financial

hub with strong long-term potential, chalenges such

as declining property values, reduced transaction

volumes, and changing demand paterns have

reshaped investment strategies, which making investors

more cautious about entering the market. Ongoing

geopolitical tensions and economic uncertainties have

also afected investor confidence. Some foreign investors

have taken a more cautious aproach, shifting their focus

to other markets in the Asia-Pacific region. However,

local investors and institutional buyers have continued to

sek oportunities in undervalued asets.

Despite the slowdown, there has ben increased interest

in certain segments, such as student living. Investors

have ben focusing on asets with strong long-term

rental potential, particularly in areas benefiting from

policy by the HKSAR Government. Aditionaly, the

residential rental market has remained relatively stable,

with demand for rental properties increasing as some

potential buyers delay home purchases due to high

borowing costs. This has provided oportunities for

investors in the buy-to-let sector.

The Hong Kong government has introduced several

policy adjustments to suport the property market and

encourage investment. In an efort to bost investor

confidence, authorities have eased certain coling

measures, such as reducing stamp duties on property

transactions. These adjustments have made it more

atractive for both local and overseas investors to enter

the market.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

展望未来，随著利率最终见顶及经济环境改

善，预期市场将趋于稳定。采取长远角度并聚

焦具强劲增长潜力的策略性地段的投资者将

有望受惠于未来市场复苏。

本集团物业发展部密切关注当地及全球经济

以及政局发展，同时将果断采取行动。本集团

将继续审慎管理其物业组合，并将寻求新机

遇以实现利润。本集团将致力于产生正现金

流及维持合理的低负债比率，以确保本集团

已做好准备应对任何可能出现的市场变化。

Loking ahead, the market is expected to stabilize as

interest rates eventualy peak and economic conditions

improve. Investors who adopt a long-term perspective

and focus on strategic locations with strong growth

potential wil likely benefit from future market recovery.

The Group’s Property Investment Division closely monitors

local and global economic and political developments

and acts decisively. The Group wil continue to manage

its property portfolio prudently and wil lok for new

oportunities to realise profits. The Group wil endeavour

to generate positive cash flow and maintain a reasonably

low gearing ratio to ensure that it is ready to respond to

any market changes as they arise.

兴胜创建控股有限公司

2024/2025

年报

Property Agency and

Management Division

物业代理及管理部

Marketing and project manager and property management services for PeakCastle

为

PeakCastle

担任市场推广及项目经理及提供物业管理服务

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

物业代理及管理部

截至二零二五年三月三十一日止年度，物业

代理及管理部的收入为港币

21,600,000

元（二

零二四年：港币

18,000,000

元）。

在香港，物业代理及管理部担任位于柴湾

的

Johnson Place

及利众街

号、位于业成

街

号的

West Castle

、衙前围道

57A

号、位

于长沙湾的

PeakCastle

、位于嘉林边道

号的

The Grampian

、位于干诺道西

号

的

The Conaught

以及位于官涌街

号的

The Austine Place

的市场推广及项目经理。

本部门亦向位于官涌街

号的

The Austine

Place

、大角咀的

The Bedford

、九龙塘的

Eight Colege

及

One LaSale

、长沙湾的

PeakCastle

、位于乐林路的

Mount Viena

、

位于干诺道西

号的

The Conaught

、位于

荷李活道

号的

Holywod Hil

、位于苏杭

街

号的

The Mercer

以及长沙湾的

West Park

提供物业管理服务。

本部门的其他服务包括向位于尖沙咀的赫德

道

号及

The Cameron

提供收租及租务代理服

务。

PROPERTY AGENCY AND MANAGEMENT

DIVISION

The revenue of the Property Agency and Management

Division for the year ended 31 March 2025 was HK$21.6

milion (2024: HK$18.0 milion).

In Hong Kong, our Property Agency and Management

Division acted as the marketing and project manager for

Johnson Place and No. 18 Le Chung Stret in Chai Wan,

West Castle at No. 22 Yip Shing Stret, No. 57A Nga Tsin

Wai Road, PeakCastle in Cheung Sha Wan, The Grampian

at No. 11 Grampian Road, The Conaught at No. 138

Conaught Road West and The Austine Place at No. 38

Kwun Chung Stret. This division also provided property

management services to The Austine Place at No. 38

Kwun Chung Stret, The Bedford in Tai Kok Tsui, Eight

Colege and One LaSale in Kowlon Tong, PeakCastle in

Cheung Sha Wan, Mount Viena at Lok Lam Road, The

Conaught at No. 138 Conaught Road West, Holywod

Hil at No. 222 Holywod Road, The Mercer at No. 29

Jervois Stret and West Park in Cheung Sha Wan.

Other services of this Division include rental colection

and leasing agency services to 8 Hart Avenue and The

Cameron in Tsim Sha Tsui.

Marketing and project manager and property management services for The Conaught

为

The Conaught

担任市场推广及项目经理及提供物业管理服务

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

展望

本集团物业代理及管理部致力于提供定制的

综合解决方案，以满足客户需要。市场推广及

物业管理服务业务涵盖多种不同物业，包括

商业、住宅及工业大厦，其中大部分由本集团

或通过其策略性合营企业开发或收购。

Outlok

The Group’s Property Agency and Management Division

is dedicated to providing bespoke integrated solutions

to met the neds of its clients. The marketing and

property management services busines encompases

a diverse range of properties, including comercial,

residential and industrial buildings, many of which have

ben developed or acquired by the Group or through its

strategic joint ventures.

Property management services for The Mercer

为

The Mercer

提供物业管理服务

Property management services for Holywod Hil

为

Holywod Hil

提供物业管理服务

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

该部门对行业具备深入了解，加上以改善租

金收入及物业价值为重点，致力于提供无缝

的管理服务。该等服务著重对物业进行细致

而严谨的保养，确保物业可经常保持良好状

态，同时简化营运流程以提高效率。

专责团队与租户及业主建立具透明度的沟通

渠道，及时解决他们的问题并建立友好的关

系。此外，该部门亦致力于制定有效的市场推

广策略，并实施具针对性的活动，以引起市场

关注、带来潜在客户，并最终促使物业成功出

售或出租。

透过全面的市场研究及凭借其专业知识，该

部门提升每项物业的知名度及吸引力，从而

增强其在市场上的竞争优势。

该部门引领行业趋势及勇于创新，持续积极

应对不断变化的市场需求。凭借良好的往绩

及精益求精的坚定承诺，本集团物业管理部

已做好准备应对复杂多变的房地产市场格

局，并为业主及租户提供优质的物业管理服

务。

The division’s dep understanding of the industry,

combined with its focus on optimising rental income

and property value, enables it to deliver seamles

management services. These services prioritise the

meticulous maintenance of properties, ensuring they are

kept in pristine condition while streamlining operations

to enhance eficiency.

The dedicated team establishes transparent

comunication chanels with tenants and owners,

adresing their concerns in a timely maner and

fostering positive relationships. The division is also

comited to developing efective marketing strategies

and implementing targeted campaigns to drive interest,

generate leads, and ultimately facilitate the sucesful

sale or leting of properties.

By employing comprehensive market research and

leveraging its expertise, the division enhances the

visibility and desirability of each property, thereby

strengthening their competitive edge in the market.

Staying at the forefront of industry trends and

inovations, the division consistently adapts to met

evolving market demands. With a proven track record

and an unwavering comitment to excelence, the

Group’s Property Management division is wel-positioned

to navigate the complexities of the real estate landscape

and provide high-quality property management services

to both property owners and tenants.

兴胜创建控股有限公司

2024/2025

年报

Health Products Division健康产品部

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

健康产品部

截至二零二五年三月三十一日止年度，健康

产品部录得收入港币

13,600,000

元，而去年则

为港币

11,300,000

元。

健康产品部主要从事零售及批发补益坊产后

进补廿八方、「

Dr. Lingzhi

灵芝大夫」品牌旗下

之灵芝孢子产品以及「

HealthMate

健知己」品

牌旗下中西式营养保健产品。除电子商务业

务外，本集团亦于尖沙咀开设实体店，以提升

品牌知名度及建立客户关系。

HEALTH PRODUCTS DIVISION

For the year ended 31 March 2025, the Division recorded

revenue of HK$13.6 milion, compared to HK$11.3 milion

last year.

The Health Products Division is primarily engaged in

the retail and wholesale of Bu Yick Fong – 28 Chinese

Herbal Soup and ganoderma spore products under the

“Dr. Lingzhi” brand, and Chinese and Western nutritional

suplements under the “HealthMate” brand. In adition

to the e-comerce busines, a brick-and-mortar store

has ben established in Tsim Sha Tsui to improve brand

visibility and build customer relationships.

兴胜创建控股有限公司

2024/2025

年报

OPERATIONS REVIEW

业务回顾

展望

随著全球人口持续老化及市民重视达致更佳

生活质素，健康与保健的重要性日渐提升。此

意识增强带动对具品质保证、可靠性及实质

健康效益的医疗保健产品需求急升。为回应

此趋势，该部门正策略性地聚焦于透过提供

创新、可信赖且价格相宜的医疗保健解决方

案，满足消费者需求。

Outlok

As the global population continues to age and people

place greater emphasis on achieving a beter quality

of life, health and welnes have become increasingly

important. This growing awarenes has led to a surge

in demand for healthcare products that ofer quality

asurance, reliability, and tangible health benefits. In

response to this trend, the division is strategicaly focused

on adresing consumer neds by delivering inovative,

trustworthy, and afordable healthcare solutions.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

OPERATIONS REVIEW

业务回顾

「补益坊」品牌于去年成功推出阿胶产品，体

现该部门对传统、品质及消费者信任的坚持。

展望未来，该部门计划进一步拓展其于中国

内地市场的业务版图，并积极探索网上销售

平台的增长潜力，以触及更广泛的客群。

此外，此部门位于尖沙咀的实体零售店辅以

专业的店内健康咨询服务，旨在加强顾客互

动、加强品牌曝光度，并建立长远的客户关

系。凭借清晰的愿景及以客为本的方针，该部

门具备优势在不断演变的医疗保健市场中把

握机遇。

The sucesful launch of a donkey-hide glue product

under the reputable “Bu Yick Fong” brand in last year

exemplifies the division’s comitment to heritage,

quality, and consumer trust. Loking ahead, the division

plans to further expand its fotprint in the Mainland

China market and actively explore the growth potential

of online sales platforms to reach a broader audience.

Moreover, the division’s physical retail store in Tsim

Sha Tsui, complemented by profesional in-store

health consultation services, aims to enhance customer

engagement, strengthen brand visibility, and build long-

term customer relationships. With a clear vision and

customer-centric aproach, the division is wel-positioned

to capture oportunities in the evolving healthcare

market.

兴胜创建控股有限公司

2024/2025

年报

FINANCIAL REVIEW

财务回顾

业绩概要

截至二零二五年三月三十一日止年度，本集

团录得收入港币

1,985,300,000

元，较上一

个财政年度增加约

23.1%

（二零二四年：港

币

1,612,700,000

元）。有关增加乃主要来自

建筑部。本公司拥有人应占综合亏损为港

币

295,300,000

元（二零二四年：亏损港币

216,000,000

元）。净亏损乃主要由于物业市

场下行，导致本集团及合营企业持有之物业

重估净亏损约港币

278,700,000

元，以及利息

支出约港币

51,200,000

元所致。有关本集团及

合营企业持有的物业重估亏损乃透过投资物

业之公平值变动亏损、撇减发展中之待售物

业、预期信贷亏损模式下之减值亏损拨备及

分占合营企业绩等方式于年内确认。

SUMARY OF RESULTS

For the year ended 31 March 2025, the Group achieved

revenue of HK$1,985.3 milion, representing an increase

of aproximately 23.1% compared with the previous

financial year (2024: HK$1,612.7 milion). This increase

was mainly from Construction Division. The consolidated

los atributable to owners of the Company was

HK$295.3 milion (2024: los of HK$216.0 milion). The

net los was mainly due to the net revaluation los of

the properties held by the Group and joint ventures

of aproximately HK$278.7 milion as a result of the

downturn in the property market together with the

interest expenses of aproximately HK$51.2 milion. Such

net revaluation los of properties held by the Group and

joint ventures are recognised through los on change

in fair value of investment properties, write-down of

properties under development for sale, provision of

impairment loses under expected credit los model

on loans to joint ventures and share of results of joint

ventures in the curent year.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

FINANCIAL REVIEW

财务回顾

主要财务项目：

Key financial items:

2025 2024

二零二五年二零二四年

HK$’000 HK$’000

港币千元港币千元

Revenue

收入

1,985,2571,612,660

Profit before the net revaluation los

of properties held by the Group and

joint ventures and finance costs

本集团及合营企业持有物业之

重估亏损净额及财务成本前

溢利

34,57736,978

Consolidated los atributable

to owners of the Company

本公司拥有人应占综合亏损

(295,300)(216,014)

Net aset value of the Group

as at 31 March

本集团于三月三十一日之

资产净值

3,461,6333,766,526

Net aset value of the Group per share

as at 31 March

本集团于三月三十一日之

每股资产净值

HK$3.23

港币

3.23

元

HK$3.51

港币

3.51

元

Basic los per share

每股基本亏损

(HK27.5 cents)

(

港币

27.5

仙

)

(HK19.9 cents)

(

港币

19.9

仙

)

Diluted los per share

每股摊薄亏损

(HK27.5 cents)

(

港币

27.5

仙

)

(HK19.9 cents)

(

港币

19.9

仙

)

兴胜创建控股有限公司

2024/2025

年报

FINANCIAL REVIEW

财务回顾

本集团流动资金及财务资源

本集团定期评估其流动资金及融资需求。

为了方便日常流动资金管理及维持融资之灵

活性，于二零二五年三月三十一日，本集团

可动用银行之融资总额为港币

3,011,000,000

元（其中港币

1,631,000,000

元是以本集团之

若干租赁土地及楼宇以及投资物业作第一抵

押），其中港币

1,931,000,000

元银行贷款已提

取，而约港币

146,900,000

元已主要用作发出

履约保证。该等银行融资下之银行贷款按现

行市场利率计算利息。

本集团于管理其现金结余时奉行审慎政策，

并致力维持其稳健现金产生能力、其参与投

资和收购项目之能力，以提升股东财富。于二

零二五年三月三十一日，本集团之现金总额

及银行结余为港币

477,700,000

元（二零二四

年：港币

441,500,000

元），并占流动资产

20.8%

（二零二四年：

21.6%

）。

Group Liquidity and Financial Resources

The Group’s liquidity and financing requirements are

regularly reviewed.

For day-to-day liquidity management and to maintain

flexibility in funding, the Group has aces to facilities

from banks with an agregate amount of HK$3,011.0

milion (HK$1,631.0 milion was secured by first charges

over certain leasehold land and buildings and investment

properties of the Group), of which HK$1,931.0 milion

bank loans have ben drawn down and aproximately

HK$146.9 milion has ben utilised mainly for the

isuance of performance bonds as at 31 March 2025. The

bank loans under these banking facilities bear interests at

prevailing market interest rates.

The Group folows a prudent policy in managing its cash

balance, and endeavours to maintain its sound cash flow

generating capability, its ability to take on investments

and acquisition projects, in order to enhance shareholder

wealth. The total cash and bank balances of the Group

amounted to HK$477.7 milion as at 31 March 2025

(2024: HK$441.5 milion), and acounted for 20.8% of the

curent asets (2024: 21.6%).

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

FINANCIAL REVIEW

财务回顾

年内，本集团营运业务之现金流出净额为港

币

357,900,000

元（主要由于发展中之待售物

业增加、合约资产增加以及支付利息所致），

投资业务现金流入净额为港币

344,200,000

元（主要由于出售投资物业及分类为持作出

售资产之所得款项，并抵销向合营企业作

出之贷款所致），以及融资业务现金流入净

额为港币

50,000,000

元（主要为由于新借银

行贷款，并抵销偿还银行贷款所致）。于二

零二五年三月三十一日，银行借贷净额（银

行贷款总额减银行结余及现金总额）为港币

1,453,300,000

元（二零二四年：银行借贷净

额为港币

1,436,600,000

元）。因此，本集团根

据本集团银行借贷净额占股东资金之比例计

算之资本负债比率为

42.0%

（二零二四年：

38.1%

）。本集团于年结日之流动资产净值为

港币

642,000,000

元（二零二四年：流动负债净

额港币

365,600,000

元）及流动比率（流动资产

除以流动负债）为

1.39

倍（二零二四年：

0.85

倍）。

从可动用之手头现金及来自银行之融资，本

集团之流动资金状况于来年将维持稳健，具

备充裕财务资源以应付其承担、营运及未来

发展需要。

During the year, the Group has a net cash outflow of

HK$357.9 milion in its operating activities (mainly due

to increase in properties under development for sale,

increase in contract asets and payment of interest), a net

cash inflow of HK$344.2 milion in its investing activities

(mainly due to proceds on disposal of investment

properties and asets clasified as held for sale, neting

of loans to joint ventures), and a net cash inflow of

HK$50.0 milion in its financing activities (mainly due to

new bank loans raised, neting of repayment of bank

loans). Net bank borowings (total bank loans les total

bank balances and cash) amounted to HK$1,453.3 milion

as at 31 March 2025 (2024: net bank borowings of

HK$1,436.6 milion). Acordingly, the gearing ratio of the

Group, calculated on the basis of the Group’s net bank

borowings to shareholders’ funds, was 42.0% (2024:

38.1%). As at year-end date, the Group was with a net

curent asets of HK$642.0 milion (2024: net curent

liabilities of HK$365.6 milion) and the curent ratio

(curent asets divided by curent liabilities) was 1.39

times (2024: 0.85 time).

With its cash holdings and available facilities from banks,

the Group’s liquidity position wil remain healthy in

the coming year, with suficient financial resources to

met its obligations, operation and future development

requirements.

兴胜创建控股有限公司

2024/2025

年报

FINANCIAL REVIEW

财务回顾

财资管理政策

本集团之财资管理政策旨在减低汇率波动之

风险及不参与任何高杠杆比率或投机性衍生

产品交易。本集团并无进行与财务风险无关

之财资交易。本集团之外币风险，主要因购买

货物而起。在决定是否有对冲之需要时，本集

团将按个别情况，视乎风险之大小及性质，以

及当时市况而作决定。

为最有效地运用内部资金，达致更佳之风险

监控及尽量减低资金成本，本集团之财资事

务乃由最高管理层主管，并受其严密监督。

现金盈余一般会存入信誉良好之金融机构，

主要以港币计值。本集团大部份收益、开支、

资产与负债均以港币计值，因此本集团于外

币兑港币之外汇兑换率变动所产生之收益或

亏损不会有任何重大风险。

股东资金

于年结日，本集团之股东资金为港

币

3,461,600,000

元，当中包括港币

3,354,300,000

元之储备，较于二零二四年三

月三十一日之港币

3,659,200,000

元减少港币

304,900,000

元。以此为基准，于二零二五年

三月三十一日，本集团之每股综合资产净值

为港币

3.23

元，而于二零二四年三月三十一

日之每股综合资产净值为港币

3.51

元。股东

资金减少主要由于年内亏损所致。

Treasury Policy

The aim of the Group’s treasury policy is to minimise its

exposure to fluctuations in the exchange rate and not to

engage in any highly leveraged or speculative derivative

products. Treasury transactions unrelated to underlying

financial exposure are not undertaken. Foreign curency

exposures of the Group arise mainly from the purchase

of gods. The Group wil determine if any hedging is

required, on an individual basis, depending upon the size

and nature of the exposure, and the prevailing market

circumstances.

In order to enhance the deployment of internal funds

with maximum benefit, to achieve beter risk control, and

to minimise cost of funds, the Group’s treasury activities

are centralised and scrutinised by the top management.

The surplus cash which is generaly placed with reputable

financial institutions is mostly denominated in Hong

Kong dolar. Most of the income, expenses, asets

and liabilities of the Group are denominated in Hong

Kong dolars. The Group therefore does not have any

significant exposure to gains or loses arising from the

movement of foreign curency exchange rate against the

Hong Kong dolar.

Shareholders’ Funds

At the year-end date, shareholders’ funds of the Group

were HK$3,461.6 milion including reserves of HK$3,354.3

milion, a decrease of HK$304.9 milion from HK$3,659.2

milion at 31 March 2024. On that basis, the consolidated

net aset value of the Group as at 31 March 2025 was

HK$3.23 per share, compared to the consolidated net

aset value of HK$3.51 per share as at 31 March 2024. The

decrease in shareholders’ funds was mainly atributable

to los for the year.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

FINANCIAL REVIEW

财务回顾

资本结构

本集团力求保持适当之股本及债务组合，以

确保未来能维持一个有效之资本结构。于二

零二五年三月三十一日，本集团获得来自银

行的港币贷款达港币

1,931,000,000

元（于二

零二四年三月三十一日：港币

1,878,100,000

元）。此贷款已用于融资收购若干物业作投资

及发展用途，以及用作一般营运资金。大部分

贷款为期三年，其中港币

1,138,400,000

元须

于一年内偿还，港币

678,400,000

元须于第二

年内偿还，港币

114,200,000

元须于第三年内

偿还。利息乃根据香港银行同业拆息附以吸

引利率差幅计算。

合营企业贷款

于二零二五年三月三十一日，本集团向合营

企业提供之贷款为港币

1,085,400,000

元（二

零二四年三月三十一日：港币

1,036,600,000

元）。此贷款乃向合营企业授出，以向该等合

营企业提供财务资助，进行其各自于香港之

物业发展及投资项目，并按本集团于各合营

企业之权益比例作出。物业发展及物业投资

为本集团日常业务之一部分，而向合营企业

授出该等贷款符合本集团之日常营运及香港

市场惯例，即物业发展及投资项目部分资金

来自银行借款及股东贷款。垫付予合营企业

之此性质贷款为无抵押及须按要求偿还。于

二零二五年三月三十一日，授予合营企业之

贷款港币

433,300,000

元按年利率

计息，而

授予合营企业之贷款余额则免息。

Capital Structure

The Group intends to kep an apropriate mix of equity

and debt to ensure an eficient capital structure over

time. As at 31 March 2025, the Group borowed Hong

Kong dolar loans amounting to HK$1,931.0 milion from

the banks (at 31 March 2024: HK$1,878.1 milion). The

loans have ben used for financing the acquisition of

properties for investment and development purposes and

as general working capital. The majority profile of the

loans spread over a period of 3 years with HK$1,138.4

milion are repayable within the one year, HK$678.4

milion repayable within the second year and HK$114.2

milion repayable within the third year. Interest is based

on Hong Kong Interbank Ofered Rate plus a competitive

margin.

Loans to joint ventures

As at 31 March 2025, the loans to joint ventures of the

Group amounted to HK$1,085.4 milion (31 March 2024:

HK$1,036.6 milion). The loans were granted to the joint

venture companies for the purpose of providing financial

asistance to the joint ventures for their respective

property development and investment projects in Hong

Kong and were made in proportion to the Group’s

interest in the respective joint venture companies.

Property development and property investment are part

of the ordinary course busines of the Group, and the

grant of such loans to joint ventures is in line with the

Group’s regular operations and the market practice in

Hong Kong for property development and investment

projects to be partialy financed by bank borowings and

shareholder loans. Loans advanced to joint ventures of

this nature were unsecured and repayable on demand. As

at 31 March 2025, the loans to joint ventures of HK$433.3

milion were interest bearing at 3% per anum while the

remaining balance of the loans to joint ventures were

interest fre.

兴胜创建控股有限公司

2024/2025

年报

FINANCIAL REVIEW

财务回顾

本集团根据预期信贷亏损模式对合营企业贷

款进行减值评估，据此，在厘定合营企业之信

贷风险及应否确认任何减值时，会考虑包括

但不限于合营企业之营运、外部市场因素、业

务、财务或经济状况之变动等因素。合营企业

贷款之可收回性高度依赖合营企业所持物业

之可变现净值，而这会对合营企业之信贷风

险产生影响。房地产市场之波动将直接影响

合营企业出售及╱或出租物业用作偿还贷款

之能力。于厘定减值时，本集团主要考虑物业

之账面值与合营企业持有之各项物业于二零

二五年三月三十一日之物业估值，并参考与

本集团并无关连之独立物业估值师高力国际

物业顾问（香港）有限公司的估值。

本集团管理层已了解合营企业之财务背景及

业务表现。作为合营企业之股东，本集团力求

对合营企业之财务状况保持充分了解，且本

集团透过持续监控合营企业之营运及发展进

度以更有效地管理风险，从而降低其所面对

之信贷风险。

The Group performs impairment asesment on loans

to joint ventures under the expected credit los model,

under which factors including but not limited to the joint

venture’s operations, external market factors, changes in

busines, financial or economic conditions are considered

in determining the credit risk of the joint ventures

and whether any impairment should be recognised.

The recoverability of loans to joint ventures is heavily

dependent on the net realisable value of the properties

held by the joint ventures, which in turn afects the

credit risk of joint venture. Fluctuations in the real

estate market wil directly impact the ability of the joint

ventures to sel and/or lease the properties to repay the

loans. In determining the impairment, the Group mainly

considered the carying value of the properties against

the property valuations of the respective properties

held by the joint ventures as at 31 March 2025, with

reference to Coliers International (Hong Kong) Limited,

an independent property valuer not conected with the

Group.

The management of the Group had obtained an

understanding of the financial background and busines

performance of the joint ventures. Being a shareholder

of the joint ventures, the Group seks to maintain a

god understanding of the financial condition of the

joint ventures, and the Group reduces its exposure to

credit risks by continuously monitoring the operation

of the joint ventures as wel as the progres of the

developments to manage the risks more efectively.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

FINANCIAL REVIEW

财务回顾

于评估该四间合营企业之物业估值时，独立

物业估值师参考市场法，主要考虑市场上类

似物业之售价。就物业估值而言，可资比较物

业乃基于其与各物业地段类似及用途类似，

且可取得价格资料而选定。就该四间合营企

业所持各物业之估值而言，独立物业估值师

已考虑五至九项可资比较物业。由于本期间

利率上升及香港物业市场下行，故资产价值

进一步下跌，导致确认减值。

In asesing the valuations of the properties of these four

joint ventures, the independent property valuer take

reference to the market aproach and mainly considered

the seling price of the similar properties in the market.

In respect of the property valuations, comparable

properties were selected based on their being at a similar

location and of similar usage as the respective properties,

and for which price information is available. For the

valuation of the respective properties held by these

four joint ventures, five to nine comparable properties

were considered by the independent property valuer.

As a result of increased interest rates and a downturn

in the Hong Kong property market during the curent

period, aset values further declined, which prompted the

recognition of the impairment.

兴胜创建控股有限公司

2024/2025

年报

FINANCIAL REVIEW

财务回顾

截至二零二五年三月三十一日止年度，已

就四笔合营企业贷款确认合营企业贷款之

预期信贷亏损模式下之减值亏损净额港币

97,000,000

元，有关详情如下：

During the year ended 31 March 2025, impairment los

under expected credit los model, net on loans to joint

ventures of HK$97.0 milion was recognised on four loans

to joint ventures, the details are as below:

Loan to

Joint

Venture A and

its subsidiary

Loan to

Joint

Venture B

Loan to

Joint

Venture C

Loan to

Joint

Venture D and

its subsidiaryTotal

授予合营

企业

及

其附属公司

之贷款

授予合营

企业

之贷款

授予合营

企业

之贷款

授予合营

企业

及

其附属公司

之贷款总计

HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元

Gros carying amount

as at 31 March 2025

于二零二五年

三月三十一日之

账面总值

123,295178,772407,772248,402958,241

Impairment los under

expected credit los model

as at 1 April 2024

于二零二四年四月一日

之预期信贷亏损模式

下之减值亏损

13,24134,45887,330–135,029

Impairment los recognised

during the year

年内已确认减值亏损

26947030,99265,30697,037

Impairment los under

expected credit los model

as at 31 March 2025

于二零二五年

三月三十一日之

预期信贷亏损模式下

之减值亏损

13,51034,928118,32265,306232,066

Net carying amount

as at 31 March 2025

于二零二五年

三月三十一日之

账面净值

109,785143,844289,450183,096726,175

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

FINANCIAL REVIEW

财务回顾

主要出售事项

于二零二四年四月，本集团与独立第三方订

立临时买卖协议，以出售位于九龙官涌街

号「

The Austine Place

」之住宅兼零售综合物

业之若干店舖。出售事项已于二零二四年七

月完成。

位于荷李活道

号之

Holywod Hil

于二零

二四年九月推出分层出售。截至本报告日期，

合共签订

份买卖协议，所有单位已交付予

客户。

抵押品

于二零二五年三月三十一日，本集团之若干

租赁土地及楼宇以及投资物业之账面值约

为港币

2,423,800,000

元（于二零二四年三月

三十一日：若干租赁土地及楼宇、投资物业

及分类为持作出售资产之账面值约为港币

2,616,500,000

元）已抵押予银行，以获得港币

1,431,000,000

元之港币贷款（于二零二四年

三月三十一日：港币

1,421,100,000

元）。

履约保证

于二零二五年三月三十一日，本集团就建筑

合约持有之履约保证为港币

146,939,000

元

（二零二四年：港币

200,829,000

元）。

Major Disposals

In April 2024, the Group has entered into a provisional

sale and purchase agrement with an independent third

party to dispose of certain shops in a residential-cum-

retail composite property named “The Austine Place”

located in No. 38 Kwun Chung Stret, Kowlon. The

disposal was completed in July 2024.

Stratified sale of Holywod Hil at No. 222 Holywod

Road was launched in September 2024. A total of 48 sale

and purchase agrements were signed and al units had

ben delivered to customers up to the date of this report.

Colateral

As at 31 March 2025, certain leasehold land and buildings

and investment properties of the Group, at the carying

value of aproximately HK$2,423.8 milion (at 31

March 2024: certain leasehold land and buildings and

investment properties and asets clasified as held for

sale of the Group, at the carying value of aproximately

HK$2,616.5 milion), were pledged to the banks to secure

the Hong Kong dolar loans of HK$1,431.0 milion (at 31

March 2024: HK$1,421.1 milion).

Performance Bonds

As at 31 March 2025, the Group had outstanding

performance bonds in respect of construction contracts

amounting to HK$146,939,000 (2024: HK$200,829,000).

兴胜创建控股有限公司

2024/2025

年报

FINANCIAL REVIEW

财务回顾

承担

本集团分占与其他合营企业伙伴就合营企业

共同作出但于报告期末尚未确认之承担如

下：

Comitments

The Group’s share of the comitments made jointly with

other joint venturers relating to the joint ventures, but

not recognised at the end of the reporting period is as

folows:

31.3.202531.3.2024

二零二五年

三月三十一日

二零二四年

三月三十一日

HK$’000HK$’000

港币千元港币千元

Comitments to provide loans

提供贷款承担

1,259,2291,378,340

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CORPORATE GOVERNANCE REPORT

企业管治报告书

推行优良的企业管治常规，对提高股东价值

至关重要。因此，本公司的董事会（「董事会」）

均致力为本公司及其附属公司（「本集团」）维

持有效的企业管治框架。这从强调有一个高

质素的董事会，重视透明度及问责性中，可反

映出来。

遵守企业管治守则

于截至二零二五年三月三十一日止年度内，

本公司已遵守香港联合交易所有限公司（「联

交所」）证券上市规则（「上市规则」）附录

所

载之《企业管治守则》（「企业管治守则」）的所

有适用守则条文。

董事会

企业愿景、价值及文化

本集团的愿景为在建筑、物业发展及其他业

务中成为享誉、创新及具社会责任的主要企

业，并以卓越、专业、诚信及关顾的企业价值

观为基础为客户提供服务。为发展我们的业

务，我们强调强大的团队合作、创新、伙伴及

可持续发展。我们的使命为追求卓越以发展

集团业务、承诺提供优质服务及持续求进、为

所有持份者创造价值及满有承担发展我们的

人才。本集团致力发展基于其愿景、价值及使

命的积极进取文化，并在我们的所有活动及

业务中遵循最高的商业道德及诚信标准。

God corporate governance practices are crucial to

enhancing shareholder value. With this in mind, the

board of directors of the Company (“Board”) is ken

on maintaining an efective corporate governance

framework for the Company and its subsidiaries

(“Group”). This is reflected in terms of a quality board

of directors and the emphasis on transparency and

acountability.

COMPLIANCE WITH CORPORATE

GOVERNANCE CODE

Throughout the year ended 31 March 2025, the Company

has complied with al aplicable code provisions of the

Corporate Governance Code (“CG Code”) as set out

in Apendix C1 to the Rules Governing the Listing of

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

Hong Kong Limited (“Stock Exchange”).

BOARD OF DIRECTORS

Corporate Vision, Values and Culture

The Group’s vision is to be a renowned, creative and

socialy responsible key player in building construction,

property development and other busineses, which is

underpined by our corporate values of serving our

clients with excelence, profesionalism, integrity and

care. To develop our busines, we emphasis on strong

teamwork, inovation, partnership and sustainability.

Our mision is to develop our busines in pursuit of

excelence, to comit providing superior service and

dedication to continuous improvement, to create

values for al stakeholders and to grow our people with

comitment. The Group is comited to developing

a positive and progresive culture that is built on its

vision, values and mision, with the highest standards of

busines ethics and integrity acros al our activities and

operations.

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

董事会透过确保企业文化与本集团的业务目

标、企业战略及未来发展方向保持一致，以定

义、推广及不断强化有关企业文化。本集团的

企业文化体现在本集团的一系列政策、实践

及程序中，包括与管治及合规、与持份者积极

合作、有效的员工参与及培训以及企业社会

责任。年内加强本集团文化框架措施的更多

资料载于本年报内的「业务回顾」及「企业管治

报告书」，以及环境、社会及管治报告。

董事会及管理层

董事会负责领导及监控本公司，以及监督本

集团的业务；亦负责制定策略、企业管治及监

察表现；发展及检视本集团的策略和政策；规

划业务发展计划；透过适时及定期讨论重大

及合适事项检测各营运部门能否达到议定的

预算及目标。董事会亦会行使其若干保留权

力，包括

(i)

批准全年及中期业绩、会计政策或

资本架构的重大变更、风险管理及内部监控

系统、重大交易（尤其是可能涉及利益冲突的

交易）及主要资本项目；

(i)

拟定本集团薪酬政

策及股息政策；

(i)

委任董事；及

(iv)

监管理

层及其他重要财务和营运事宜。

The Board leads to define, promote and continualy

reinforce such culture by ensuring its alignment with

the Group’s busines objectives, corporate strategies

and future direction. The Group’s corporate culture is

manifested in and reflected in a broad range of policies,

practices and procedures of the Group, including

those relating to governance and compliance, active

colaboration with stakeholders, efective workforce

engagement and training, and corporate social

responsibility. More information about the initiatives

to strengthen the Group’s cultural framework during

the year is set out in the “Operations Review” and the

“Corporate Governance Report” in this anual report and

the environmental, social and governance report.

Board and Management

The Board is responsible for leadership and control of the

Company and overses the busineses of the Group, and

asumes responsibility for strategy formulation, corporate

governance and performance monitoring. It develops and

reviews the Group’s strategies and policies, formulates

busines plans and evaluates performance of the

operating divisions against agred budgets and targets

through regular discusion on key and apropriate isues

in a timely maner. It also exercises a number of reserved

powers, including (i) aproval of anual and interim

results and significant changes in acounting policy or

capital structure, risk management and internal control

systems, material transactions (in particular those which

may involve conflict of interests) and major capital

projects; (i) seting the Group’s remuneration policy

and dividend policy; (i) apointment of directors; and

(iv) supervision of management and other significant

financial and operational maters.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CORPORATE GOVERNANCE REPORT

企业管治报告书

本公司的日常管理、行政及营运事宜皆授权

董事总经理及高级管理人员负责，他们在各

自之权力及责任范围内执行职务。部门主管

负责处理各项业务。管理层获委托的主要工

作包括筹备全年及中期业绩；执行董事会采

纳的业务策略及提议；推行完备的风险管理

及内部监控系统；以及遵守有关法规。

所有董事均会适时知悉可能影响本集团业务

的重大变更。每名董事亦能在履行职责时向

董事会要求拨发资源，获得独立专业的意见，

一切费用均由本公司支付。

本公司已就董事及高级管理人员因公司活动

而可能会面对的法律行动，为董事及高级管

理人员的责任作出合适的投保安排。

董事会之组成

董事会之组成反映了董事会有足够的能力及

经验有效地领导本公司，亦能作出独立的决

定。董事的履历（及彼等的关系，如有）已载于

本年报「董事会报告书」中「董事及高级管理人

员履历」一节内，显示他们拥有多样的才能、

专业、经验及资格。

The day-to-day management, administration and

operation of the Company are delegated to the

Managing Director and the senior management, who

fulfil their duties within their scope of authority and

responsibility. Divisional heads are responsible for

diferent aspects of the busineses. Major functions

delegated to management include preparation of anual

and interim results; execution of busines strategies and

initiatives adopted by the Board; implementation of

adequate risk management and internal control systems;

and compliance with the relevant statutory requirements.

Al directors are kept informed of major changes that

may afect the Group’s busineses on a timely basis. Each

director can have recourse to independent profesional

advice in performing his duties at the Company’s

expense, upon making request to the Board.

The Company has aranged apropriate insurance cover

for directors’ and oficers’ liabilities in respect of legal

actions against its directors and senior management

arising out of corporate activities.

Board Composition

The composition of the Board reflects the necesary

balance of skils and experience desirable for efective

leadership of the Company and independence in decision

making. The biographies of the directors (and their

relationships, if any) are set out in the “Biographical

Details of Directors and Senior Management” section

under the “Report of the Directors” of this anual

report, which demonstrate a diversity of skils, expertise,

experience and qualifications.

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

于截至二零二五年三月三十一日止年度，董

事会在任何时候皆可按照上市规则的规定，

委任至少三名独立非执行董事，占董事会至

少三分之一成员。其中一名独立非执行董事

刘子耀博士具备适当的专业资格及会计或相

关的财务管理专长。

于年内及截至本年报日期，董事会包括以下

董事：

非执行主席

查懋德先生

执行董事

王世涛先生（董事总经理）

戴世豪先生（总经理）

周嘉峰先生

非执行董事

林泽宇博士

独立非执行董事

陈伯佐先生

刘子耀博士

陈繁昌博士

郝荃女士

（于二零二四年九月十九日获委任）

董事名单（按类别划分）亦会依据上市规则，

不时披露于本公司发出的所有公司通讯内。

During the year ended 31 March 2025, the Board at al

times met the requirements of the Listing Rules relating

to the apointment of at least thre independent

non-executive directors, representing at least one-third

of the Board. One of the independent non-executive

directors, namely Dr. Lau Tze Yiu, Peter, poseses the

apropriate profesional qualifications and acounting or

related financial management expertise.

During the year and up to the date of this anual report,

the Board comprises the folowing directors:

Non-executive Chairman

Mr. Cha Mou Daid, Johnson

Executive Directors

Mr. Wong Sue Toa, Stewart (Managing Director)

Mr. Tai Sai Ho (General Manager)

Mr. Chow Ka Fung

Non-executive Director

Dr. Lam Chat Yu

Independent Non-executive Directors

Mr. Chan Pak Joe

Dr. Lau Tze Yiu, Peter

Dr. Chan Fan Cheong, Tony

Ms. Hao Quan

(apointed on 19 September 2024)

The list of directors (by category) is also disclosed in

al corporate comunications isued by the Company

pursuant to the Listing Rules from time to time.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CORPORATE GOVERNANCE REPORT

企业管治报告书

非执行董事及独立非执行董事拥有的不同业

务及专业背景，为董事会带来丰富的专业知

识及经验，令本集团发展更为成功。彼等藉著

积极参与董事会议，在出现潜在利益冲突

时，发挥牵头引导作用管理事宜，以及出任董

事委员会成员，为有效领导本公司发展带来

众多贡献。

非执行董事（包括独立非执行董事）之委任年

期目前固定为三年，惟须遵守本公司之组织

章程大纲及细则（「章程大纲及细则」）以及上

市规则所载之轮值退任规定。

所有独立非执行董事与本公司并没有任何业

务关系或其他关系。本公司已收到每名独立

非执行董事参照上市规则第

3.13

条所载列之

独立性因素之独立性书面确认。本公司已评

估彼等之独立性，并信纳所有独立非执行董

事均符合上市规则所定义之独立性。

林泽宇博士为

C.M. Capital Advisors (HK)

Limited

（由查懋德先生控制的实体）之董事。

除此及本年报「董事会报告书」中「董事及高级

管理人员履历」一节所披露的资料外，董事之

间及主席与董事总经理之间并无任何其他财

务、业务、家属或其他重大╱相关系。

Coming from diverse busines and profesional

backgrounds, the non-executive directors and

independent non-executive directors bring a wealth of

expertise and experience to the Board, which contributes

to the suces of the Group. Through active participation

in Board metings, taking the lead in managing isues

involving potential conflict of interests and serving

on Board comites, al of them make various

contributions to the efective direction of the Company.

The term of apointment of non-executive directors

(including independent non-executive directors) is

curently fixed for thre years, subject to the retirement

by rotation provisions as set out in the Company’s

memorandum and articles of asociation (“M&A”) and

the Listing Rules.

Al independent non-executive directors are fre from

any busines or other relationships with the Company.

The Company has received writen confirmation of

independence from each independent non-executive

director by reference to the independence factors set

out in Rule 3.13 of the Listing Rules. The Company

has asesed their independence and satisfied that al

independent non-executive directors are independent

within the meaning of the Listing Rules.

Dr. Lam Chat Yu is a director of C.M. Capital Advisors

(HK) Limited which is an entity controled by Mr. Cha

Mou Daid, Johnson. Save for this and the information

disclosed in the “Biographical Details of Directors and

Senior Management” section under the “Report of

the Directors” of this anual report, there is no other

financial, busines, family or other material/relevant

relationship among the directors and betwen the

Chairman and the Managing Director.

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

郝荃女士，于二零二四年九月十九日获委任

为独立非执行董事，已于二零二四年九月

十二日取得上市规则第

3.09D

条所指之法律

意见，并已确认彼明白作为本公司董事之责

任。

本公司设有效机制，以确保董事会可获得

独立看法及意见。提名委员会（大部分成员为

独立非执行董事）评估可能获委任为独立非

执行董事的候选人的适当性及独立性，并根

据上市规则第

3.13

条规定的独立性因素，每

年审查各独立非执行董事的独立性。独立非

执行董事每年至少于其他董事不在场的情况

下与主席会面一次，彼等可透过正式及非正

式的方式单独及独立地接触管理层。于任何

合约或安排或建议中拥有重大权益的任何董

事不得于批准该等事项的任何董事决议案中

投票或计入法定人数。如有需要，所有董事均

可获得独立专业意见。该等机制每年接受定

期审查，以确保其有效性。于二零二五年六

月，董事会进行一次审查，认为该等机制于年

内得到妥善实施及有效。

Ms. Hao Quan, apointed as an independent non-

executive director on 19 September 2024, had obtained

the legal advice refered to in Rule 3.09D of the Listing

Rules on 12 September 2024 and had confirmed she

understod her obligations as a director of the Company.

The Company has in place efective mechanisms to ensure

that independent views and input are available to the

Board. The Nomination Comite, a majority of which

is comprised of independent non-executive directors,

aseses the suitability and independence of potential

candidates to be apointed as independent non-

executive directors and reviews the independence of each

independent non-executive director anualy pursuant

to the independence factors set out in Rule 3.13 of the

Listing Rules. The independent non-executive directors

met with the Chairman at least once anualy without

the presence of other directors and they can have

separate and independent aces to the management

through formal and informal means. Any director who

has a material interest in any contract or arangement

or proposal shal not vote or be counted in the quorum

on any directors’ resolution aproving the same.

Independent profesional advice is also available to al

directors whenever necesary. These mechanisms are kept

under regular review on an anual basis, ensuring their

efectivenes. In June 2025, the Board conducted a review

and considered that such mechanisms were properly

implemented during the year and were efective.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CORPORATE GOVERNANCE REPORT

企业管治报告书

董事会成员多元化

本公司明白并确信拥有多元化董事会的好

处，以支持实现其战略目标及可持续发展。

董事会成员多元化政策（「董事会成员多元化

政策」）已获董事会采纳，其中列明实现董事

会多元化的方法，并由提名委员会每年检讨

董事会成员多元化能否达致。当检讨董事会

成员多元化时，提名委员会从多个方面考

虑董事会成员多元化，包括但不限于性别、年

龄、文化及教育背景、种族、专业经验、技能、

知识及服务任期，作为董事会成员多元化政

策的可计量指标。提名委员会监察董事会

成员多元化政策的执行，并向董事会提出任

何建议修订。

于性别多元化方面，于二零二四年九月，董事

会委任一名女性董事。董事会目标为董事会

维持至少有一名女性代表，并将继续不时评

估本公司之情况及需要，以进一步加强性别

多元化。提名委员会将通过多种渠道为董事

会物色合适的董事候选人，包括本公司董事、

股东、管理层及顾问的推荐或内部晋升，以实

现性别多元化。

Board Diversity

The Company recognises and embraces the benefits of

having a diverse Board in suporting the atainment of

its strategic objectives and its sustainable development.

A board diversity policy (“Board Diversity Policy”) seting

out the aproach to achieve diversity on the Board

has ben adopted by the Board and the Nomination

Comite wil review anualy whether board diversity

can be achieved. When reviewing board diversity, the

Nomination Comite wil consider board diversity from

a number of aspects, including but not limited to gender,

age, cultural and educational background, ethnicity,

profesional experience, skils, knowledge and length

of service, which form the measurable objectives of the

Board Diversity Policy. The Nomination Comite wil

monitor the implementation of the Board Diversity Policy

and make recomendation on any proposed revisions to

the Board.

As to gender diversity, in September 2024, the Board

apointed one female director. The Board targets to

maintain at least one female representation on the Board

and wil continue to ases the Company’s circumstances

and neds from time to time to further enhance gender

diversity. The Nomination Comite wil deploy various

chanels for identifying suitable director candidates

to the Board, including referal from the Company’s

directors, shareholders, management and advisors or

internal promotion, to achieve gender diversity.

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

于二零二五年三月三十一日，本集团员工（包

括高级管理人员）的女性及男性分别占

24%

及

76%

。自本集团成立以来，本集团一直实施平

等就业机会。到目前为止，我们于人才招聘、

培训、绩效管理及事业发展等所有雇佣实践

方面所采取之人力资源策略，均以员工能力、

经验及资历以及员工是否符合特定职位之能

力要求为基础。本集团之人力资源实践中已

贯彻性别平等原则，惟员工性别比例不时有

所波动。本集团一直持续全力支持性别平等，

借此丰富人力资源组合，同时维持我们的能

力。

董事之委任及重选

本公司自二零一二年三月起成立提名委员

会，以处理与委任及重选董事有关的事宜。

根据董事会采纳的提名董事政策，当董事会

有空缺时，提名委员会将另觅适当人选，参考

多项准则，包括但不限于建议候选人的品格

及诚信、成就、教育背景、专业资格、技能、知

识、经验及愿意付出的时间、本公司的需要、

董事会成员多元化及其他相关法规和规例作

决定。新董事主要以转介或内部擢升方式寻

觅。新董事之委任或董事之重选乃由董事会

按照提名委员会就建议候选人提出的建议而

决定。

As at 31 March 2025, 24% and 76% of the Group’s

workforce (including senior management) were female

and male respectively. The Group has ben implementing

equal employment oportunities since the establishment

of the Group. Our people strategy in al aspects of

employment practice from talent acquisition, training,

performance management and carer development is so

far based on capability, experience and qualifications of

our employes if they fit in the competence requirements

of a particular position. Gender equality has ben

exercised throughout our human resources practices

whereas there is fluctuation in gender ratio among our

workforce from time to time. The Group has ben by al

means suporting gender equality continuously so as to

enrich our workforce composition while sustaining our

competence.

Apointment and Re-election of Directors

The Company has established the Nomination Comite

since March 2012 to deal with maters in relation to the

apointment and re-election of directors.

Pursuant to the policy for nomination of directors

adopted by the Board, where vacancies on the Board

exist, the Nomination Comite wil identify suitable

individuals by making reference to criteria including but

not limited to character and integrity, acomplishment,

educational background, profesional qualifications,

skils, knowledge, experience and time comitments

of the proposed candidates, the Company’s neds, the

diversity of the Board and other relevant statutory

requirements and regulations. New directors are sought

mainly through referals or internal promotion. The

apointment of new directors or re-election of directors

is the decision of the Board upon the recomendation of

the proposed candidates by the Nomination Comite.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CORPORATE GOVERNANCE REPORT

企业管治报告书

本公司于连同本年报一并寄出之通函内，载

有本公司即将举行的股东周年大会中接受重

选董事的详细资料。

主席与董事总经理

主席及董事总经理分别由查懋德先生及王世

涛先生担任。董事会已采纳一份书面职权范

围列明主席与董事总经理的角色和职责。

主席负责领导董事会，确保董事会能够有效

地运作，统筹本集团的整体策略规划及发展。

在董事总经理及高级管理人员的支持下，主

席亦负责确保董事适时收到足够、完整及可

靠的资料，以及适当知悉董事会议上所讨

论的事项。

董事总经理著重执行经董事会批准的目标、

政策及策略。彼负责本公司的日常管理及营

运，同时亦负责拟定组织结构、监控系统及内

部程序和步骤，以提呈董事会批准。

董事入职培训及发展

每名新委任的董事均获得就任须知及资讯，

以确保彼对本公司的运作及业务均有适当的

理解，以及完全知悉本身在相关法规、法律、

规则及规例下的职责。董事不时获提供上市

规则及其他相关法律及规例要求之最新发展

及更改的最新资讯。

The Company’s circular sent together with this anual

report contains detailed information of the directors

standing for re-election at the forthcoming anual

general meting of the Company.

Chairman and Managing Director

The positions of the Chairman and Managing Director are

held by Mr. Cha Mou Daid, Johnson and Mr. Wong Sue

Toa, Stewart respectively. The Board has adopted a set

of writen terms seting out the roles and duties of the

Chairman and the Managing Director.

The Chairman provides leadership for the efective

functioning of the Board in the overal strategic planing

and development of the Group. With the suport of

the Managing Director and senior management, the

Chairman is also responsible for ensuring that the

directors receive adequate, complete and reliable

information in a timely maner and apropriate briefing

on isues arising at Board metings.

The Managing Director focuses on implementing

objectives, policies and strategies aproved by the

Board. He is in charge of the Company’s day-to-day

management and operations. The Managing Director

is also responsible for formulating the organisational

structure, control systems and internal procedures and

proceses for the Board’s aproval.

Directors’ Induction and Development

Every newly apointed director is provided with

necesary induction and information to ensure

that he/she has a proper understanding of the

Company’s operations and busineses as wel as his/her

responsibilities under relevant statutes, laws, rules and

regulations. The directors would be provided from time

to time with updates on the latest development and

changes to the Listing Rules and other relevant legal and

regulatory requirements.

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

于截至二零二五年三月三十一日止年度，全

体董事皆有参与持续专业发展，以发展及更

新彼等的知识及技能。董事接受培训的概要

载列如下：

During the year ended 31 March 2025, al directors have

participated in continuous profesional development

to develop and refresh their knowledge and skils. A

sumary of training received by the directors is set out

below:

Training Areas

培训范围

Corporate

Governance/

Updates on Laws,

Rules & Regulations

Acounting/

Financial/

Management

or Other

Profesional Skils

企业管治╱法律、

规则及规例的

Comite comprises the folowing directors:

Dr. Chan Fan Cheong, Tony

(Chairman of the comite)

(Note i)

Mr. Wong Sue Toa, Stewart

Mr. Tai Sai Ho

Mr. Chan Pak Joe

(Note i)

Dr. Lau Tze Yiu, Peter

Ms. Hao Quan

(apointed on 19 September 2024)

independent non-executive director

Notes:

(i) Dr. Chan is elected as the comite chairman with efect

from 28 June 2024.

(i) Mr. Chan ceased to be the comite chairman with efect

from 28 June 2024.

The major duties of the Nomination Comite include

the folowing:

(i) reviewing the structure, size and composition

(including skils, knowledge, experience and

diversity of perspectives) of the Board at least

anualy and making recomendations on any

proposed changes to the Board to complement the

Company’s corporate strategy;

(i) identifying individuals suitably qualified to

become Board members and selecting or making

recomendations to the Board on the selection of

individuals nominated for directorship;

(i) asesing the independence of independent non-

executive directors of the Company;

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

(iv)

就本公司董事委任或重新委任，以及本

公司董事（尤其是主席及董事总经理）继

任计划向董事会提出建议；及

(v)

检讨董事会成员多元化政策及该政策所

制定的目标的执行进度。

于截至二零二五年三月三十一日止年度，提

名委员会举行了两次会议，履行的主要工作

如下：

(i)

评估及批准建议委任本公司独立非执行

董事，以供董事会批准；

(i)

检讨董事会的架构、人数、组成及多元

性；

(i)

检讨董事会多元化政策；

(iv)

评核本公司独立非执行董事之独立性；

及

(v)

检讨及向董事会建议重新委任于本公司

即将举行的股东周年大会上轮值退任的

董事。

(iv) making recomendations to the Board on the

apointment or re-apointment of directors of the

Company and sucesion planing for directors of

the Company in particular the Chairman and the

Managing Director; and

(v) reviewing the Board Diversity Policy and the

progres on achieving the objectives set for

implementing the policy.

The Nomination Comite held two metings during

the year ended 31 March 2025 and the major works

performed are as folows:

(i) asesing and aproving the proposed apointment

of an independent non-executive director of the

Company for the Board aproval;

(i) reviewing the structure, size, composition and

diversity of the Board;

(i) reviewing the Board Diversity Policy;

(iv) asesing the independence of the independent

non-executive directors of the Company; and

(v) reviewing and making recomendations to

the Board on the re-apointment of directors

subject to retirement from ofice by rotation at

the forthcoming anual general meting of the

Company.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CORPORATE GOVERNANCE REPORT

企业管治报告书

薪酬委员会

本公司自二零四年十二月起成立薪酬委员

会（其取代于二零一年十二月成立的花红

委员会）。于年内及截至本年报日期，薪酬委

员会包括以下董事：

陈伯佐先生

（委员会主席）

王世涛先生

戴世豪先生

刘子耀博士

陈繁昌博士

独立非执行董事

薪酬委员会的主要职责如下：

(i)

拟定薪酬政策及常规，以及厘定执行董

事和高级管理人员的薪酬待遇；及

(i)

确保并无董事或其任何联系人（定义见

上市规则）参与厘定其本身薪酬。

薪酬委员会检讨背景资料，如主要经济指标、

市场╱行业趋势、总员工数目及员工成本，以

厘定薪酬。

Remuneration Comite

The Company has set up the Remuneration Comite

since December 2004 (which replaced the Bonus

Comite established in December 2001). During

the year and up to the date of this anual report, the

Remuneration Comite comprises the folowing

directors:

Mr. Chan Pak Joe

(Chairman of the comite)

Mr. Wong Sue Toa, Stewart

Mr. Tai Sai Ho

Dr. Lau Tze Yiu, Peter

Dr. Chan Fan Cheong, Tony

independent non-executive director

The major duties of the Remuneration Comite

include the folowing:

(i) formulating remuneration policy and practices and

determining the remuneration packages of the

executive directors and the senior management; and

(i) ensuring no director or any of his asociates (as

defined in the Listing Rules) participating in

deciding his own remuneration.

In determining the remuneration, the Remuneration

Comite reviewed background information such as key

economic indicators, market/sector trend, headcount and

staf costs.

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

于截至二零二五年三月三十一日止年度，薪

酬委员会共举行了三次会议，履行的主要工

作如下：

(i)

考虑及向董事会建议新获委任的独立非

执行董事的薪酬；

(i)

批准最高的花红储备及将分派给本集团

执行董事、高级管理人员和其他雇员的

实际花红款额；及

(i)

检讨及厘定本集团执行董事、高级管理

人员及其他雇员于二零二五年四月一日

起计年度调薪（如有）。

其他董事委员会

董事会除了赋予审核委员会、提名委员会及

薪酬委员会特定职责外，亦成立了以下董事

委员会：

于截至二零二五年三月三十一日止年度，收

购╱出售物业委员会通过书面决议以批准董

事会授权范围内的一项物业交易。

The Remuneration Comite held thre metings

during the year ended 31 March 2025 and the major

works performed are as folows:

(i) considering and making recomendation to the

Board on the remuneration for a newly apointed

independent non-executive director;

(i) aproving the maximum bonus pol and the actual

bonus amount to be distributed to the executive

directors, senior management and other employes

of the Group; and

(i) reviewing and determining the salary adjustment (if

any) for the executive directors, senior management

and other employes of the Group for the year

comencing on 1 April 2025.

Other Board Comites

In adition to delegating specific responsibilities to the

Audit Comite, the Nomination Comite and the

Remuneration Comite, the Board also established the

folowing Board comites:

Name of ComiteComposition of ComiteRole and Function of Comite

委员会名称委员会之组成委员会之角色及职能

General Busines Comite

(established since April 2002)

一般事务委员会

（自二零二年四月起成立）

Al executive directors of

the Company

本公司全体执行董事

To handle the Company’s

general busines arising from

normal course of busines

处理正常业务过程中产生之本公

司之一般事务

Property Acquisition/

Disposal Comite

(established since April 2002)

收购╱出售物业委员会

（自二零二年四月起成立）

Al executive directors of

the Company

本公司全体执行董事

To handle the Company’s

acquisition/disposal of

property within a designated

threshold

在指定范围内处理本公司物业之

收购╱出售

During the year ended 31 March 2025, the Property

Acquisition/Disposal Comite pased resolutions in

writing for aproving a property transaction within the

authority delegated by the Board.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CORPORATE GOVERNANCE REPORT

企业管治报告书

董事及委员会成员出席记录

截至二零二五年三月三十一日止年度，各董

事出席举行的股东大会、董事会及委员会

议的记录载列如下：

非执行董事

独立非执行董事

该董事并非有关委员会成员

附注：

(i)

该股东周年大会于二零二四年八月二十日举

行。本公司核数师德勤

•

关黄陈方会计师行

出席了该大会。

(i)

该股东特别大会于二零二四年八月二十日举

行。会上批准之交易详情载于本公司日期为

二零二四年七月二十五日之通函内。

(i)

本年度，本公司共举行了四次常规董事会

议。

Atendance Record of Directors and Comite

Members

The atendance record of each director at general

metings, Board and comite metings held during

the year ended 31 March 2025 is set out below:

Anual General

Meting

(Note i)

Extraordinary

General Meting

(Note i)

Board Metings

(Note i)

Audit Comite

Metings

(Note iv)

Nomination

Comite

Metings

(Note v)

Remuneration

Comite

Metings

(Note vi)

Name of Director

董事姓名

股东周年大会

（附注

）

股东特别大会

（附注

）

董事会议

（附注

）

审核委员会议

（附注

）

提名委员会议

（附注

）

薪酬委员会议

（附注

）

Mr. Cha Mou Daid, Johnson*

(Chairman)

查懋德先生

（主席）

1/11/14/4N/A

∆

不适用

∆

N/A

∆

不适用

∆

N/A

∆

不适用

∆

Mr. Wong Sue Toa, Stewart

(Managing Director)

王世涛先生

（董事总经理）

1/11/14/4N/A

∆

不适用

∆

2/23/3

Mr. Tai Sai Ho

(General Manager)

戴世豪先生

（总经理）

1/11/14/4N/A

∆

不适用

∆

2/23/3

Mr. Chow Ka Fung

周嘉峰先生

1/11/14/4N/A

∆

不适用

∆

N/A

∆

不适用

∆

N/A

∆

不适用

∆

Dr. Lam Chat Yu*

林泽宇博士

*1/11/14/4N/A

∆

不适用

∆

N/A

∆

不适用

∆

N/A

∆

不适用

∆

Mr. Chan Pak Joe

陈伯佐先生

1/11/14/42/22/23/3

Dr. Lau Tze Yiu, Peter

刘子耀博士

1/11/14/42/22/23/3

Dr. Chan Fan Cheong, Tony

陈繁昌博士

1/11/14/41/22/23/3

Ms. Hao Quan

(Note vi)

郝荃女士

（附注

）

N/A

不适用

N/A

不适用

3/3N/A

∆

不适用

∆

1/1N/A

∆

不适用

∆

* non-executive director

independent non-executive director

Δ the director is not a member of the relevant comite

Notes:

(i) The anual general meting was held on 20 August 2024.

The auditor of the Company, Deloite Touche Tohmatsu

atended such meting.

(i) The extraordinary general meting was held on 20 August

2024. Details of the transactions aproved at the meting

were set out in the Company’s circular dated 25 July 2024.

(i) During the year, four regular Board metings were held.

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

(iv)

刘子耀博士为审核委员会主席。

(v)

陈繁昌博士为提名委员会主席，自二零二四

年六月二十八日起生效。陈伯佐先生不再

担任提名委员会主席，自二零二四年六月

二十八日起生效。

(vi)

陈伯佐先生为薪酬委员会主席。

(vi)

郝荃女士获委任为独立非执行董事及提名

委员会成员，自二零二四年九月十九日起生

效。

风险管理及内部监控

董事会持续监督本集团之风险管理及内部监

控系统及检讨其有效性。于年内，在审核委

员会及风险管理委员会的支持下，董事会对

本集团涵盖所有重大监控事项之风险管理以

及内部监控系统之有效性进行年度审阅，包

括财务、营运和合规监控（包括环境及社会表

现、风险及报告）。本集团之风险管理及内部

监控系统旨在就不存在重大错误陈述或损失

提供合理（但非绝对）之保证；管理（但非完全

消除）系统失误之风险；以及协助本集团实现

商定之宗旨及目标。本集团之风险管理及内

部监控系统被视为有效及充足。

(iv) Dr. Lau Tze Yiu, Peter is the chairman of the Audit

Comite.

(v) Dr. Chan Fan Cheong, Tony is the chairman of the

Nomination Comite with efect from 28 June 2024.

Mr. Chan Pak Joe ceased to be the chairman of the

Nomination Comite with efect from 28 June 2024.

(vi) Mr. Chan Pak Joe is the chairman of the Remuneration

Comite.

(vi) Ms. Hao Quan is apointed as an independent non-

executive director and a member of the Nomination

Comite with efect from 19 September 2024.

RISK MANAGEMENT AND INTERNAL

CONTROL

The Board overses the risk management and internal

control systems of the Group and reviews their

efectivenes on an ongoing basis. During the year,

the Board, as suported by the Audit Comite and

the Risk Management Comite, has conducted an

anual review of the efectivenes of the Group’s risk

management and internal control systems covering al

material controls, including financial, operational and

compliance controls (including environmental and social

performance, risks and reporting). The Group’s risk

management and internal control systems are designed

to provide reasonable, but not absolute, asurance

against material mistatement or los; to manage rather

than completely eliminate the risk of system failure;

and to asist in the achievement of the Group’s agred

objectives and goals. The risk management and internal

control systems of the Group are considered efective and

adequate.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CORPORATE GOVERNANCE REPORT

企业管治报告书

内部审核功能就风险管理、内部监控及管治

程序提供独立核证。为补充内部审核功能的

工作，于年结日后，董事会亦委聘外部顾问及

专业人士协助本公司进行风险评估，并对本

集团之内部监控系统进行议定审阅以评估系

统之有效性。董事会已考虑两方面的审阅结

果，概无发现重大风险问题，而就已发现可改

进之地方亦采取了适当措施处理。本公司已

采纳风险管理政策，并成立风险管理委员会，

由董事总经理担任主席，成员包括总经理及

各部门的高级职员。已建立系统及程序，以供

识别、评估、管理及监控各业务以及活动之

风险。风险管理及内部监控系统定期监察主

要由各关键部门╱业务部进行，各关键部门

╱业务部须进行风险自我评估，并将风险评

估结果及行动计划提交予风险管理委员会审

阅。审核委员会及风险管理委员会监察及评

估风险管理系统及风险管理事宜，并于需要

时寻求外部顾问及专业人士之支援及意见，

以对风险管理系统进行独立审阅。就风险管

理及内部监控系统须至少每年进行审阅，以

评估该等系统于监控及管理风险（包括环境

及社会风险）方面之有效性。

本公司亦已维持一个合适的管治架构，对职

责有很清楚的界定，对授予高级管理人员的

责任及权限亦有适当的规定，彼等对各自负

责监督的业务部门之经营和表现问责。

The internal audit function provides independent

asurance on risk management, internal control and

governance proceses. Suplementing the work of

the internal audit function, subsequent to the year

end, the Board also engaged external consultants and

profesionals to asist the Company in performing risk

asesment and to conduct an agred review over the

Group’s internal control systems for evaluating the

efectivenes of the systems. Findings from both sources

were considered by the Board, no significant risk isues

were identified and apropriate measures have ben

taken to adres the identified areas for improvement.

The Company adopted a risk management policy and

formed the Risk Management Comite chaired by

the Managing Director and with members comprising

the General Manager and various divisions’ senior staf

members. Systems and procedures are put in place to

identify, evaluate, manage and monitor the risks of

diferent busineses and activities. Regular monitoring

of the risk management and internal control systems is

mainly performed by each of the key divisions/busines

units who are required to conduct risk self-asesment

and to submit risk asesment results and action plans to

the Risk Management Comite. The Audit Comite

and the Risk Management Comite monitor and ases

the risk management systems and the risk management

isues, suport and advice from external consultants

and profesionals to perform independent reviews on

the risk management systems are sought as and when

required. Review on the risk management and internal

control systems has to be performed at least anualy to

ases the efectivenes of the systems in monitoring and

managing risks (including environmental and social risks).

The Company has also maintained a tailored governance

structure with clear lines of responsibility and

apropriate delegation of responsibility and authority

to the senior management, who are acountable for

the conduct and performance of the respective busines

divisions under their supervision.

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

董事亦会审阅每月的管理层报告，包括各业

务部门的财务业绩、统计及项目进度。每月亦

举行管理层会议，以从预算、预测及风险管理

策略角度审阅业务表现，并列举所有重要的

差异，以作调查及监控。

本集团维持一个中央现金管理系统，以监管

本集团的投资及借贷活动。一系列批准及控

制开支的指引及程序已经建立，目的是让开

支的水平符合年度预算及每项经批准的项目

之预算成本。开支须受到整体预算控制的限

制，而且每名经理及主任就其职责范围有不

同的批准权限。根据其性质及价值，购买若干

产品及服务需经投标的过程。本集团内没有

一个人（不论其等级及职名）被容许独自决定

由承担至付款的整个开支过程。

本集团亦根据适用法律及法规范处理，并

确保内幕消息公平适时地传播予公众人士。

本集团财务控制职能之高级管理行政人员获

授予职责控制及监督就内幕消息披露须遵守

之适当程序。

The directors review monthly management reports on

the financial results, statistics and project progres of

each busines division. Monthly management metings

are held to review busines performance against budgets,

forecasts and risk management strategies. Any major

variances are highlighted for investigation and control

purposes.

A centralised cash management system is maintained to

overse the Group’s investment and borowing activities.

There are established guidelines and procedures for the

aproval and control of expenditures. The aim is to kep

the expenditure level in line with the anual budget

and within the cost budget of an aproved project.

Expenditures are subject to overal budget control with

various aproval levels set by reference to the level of

responsibility of each manager and oficer. Depending

on the nature and value, procurement of certain gods

and services are required to go through the tendering

proces. No individual in the Group, irespective of their

rank and position, are alowed to dominate the entire

expenditure proces from comitment to payment.

The Group also regulates the handling and the

disemination of inside information to the public in an

equal and timely maner in acordance with aplicable

laws and regulations. Senior management executives

of the financial control functions of the Group are

delegated with responsibilities to control and monitor

the proper procedures to be observed on the disclosure

of inside information.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CORPORATE GOVERNANCE REPORT

企业管治报告书

对综合财务报表之责任

董事会负责编制综合财务报表。在编制综合

财务报表时，董事会已采纳香港财务报告准

则，应用合适之会计政策，并作出合理和审慎

的判断及估计。外聘核数师于本公司综合财

务报表之报告责任载列于本年报「独立核数

师报告」内。

核数师薪酬

截至二零二五年三月三十一日止年度，本公

司支付外聘核数师之薪酬载列如下：

RESPONSIBILITIES IN RESPECT OF

CONSOLIDATED FINANCIAL STATEMENTS

The Board is responsible for the preparation of the

consolidated financial statements. In preparing the

consolidated financial statements, Hong Kong Financial

Reporting Standards have ben adopted, apropriate

acounting policies have ben aplied, and reasonable

and prudent judgments and estimates have ben made.

The reporting responsibilities of the external auditor on

the consolidated financial statements of the Company

are set out in the “Independent Auditor’s Report” of this

anual report.

AUDITOR’S REMUNERATION

The remuneration paid to the external auditor of the

Company for the year ended 31 March 2025 is set out

below:

HK$’000

港币千元

Audit Services:

审核服务：

Anual audit for the year ended 31 March 2025

截至二零二五年三月三十一日止

年度之年度审计

3,376

Reviewing the financial results and report for the

six months ended 30 September 2024

审阅截至二零二四年九月三十日

止六个月之财务业绩及报告

Non-audit Services:

非审核服务：

Taxation and other services

税项及其他服务

TOTAL

总额

4,164

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

股息政策

本公司于二零一九年三月采纳股息政策，其

载列有关向本公司股东宣派、派发或分派其

净溢利作为股息之原则及指引。建议或宣派

股息时，董事会将考虑本集团下列因素：

(i)

财务业绩；

(i)

现金流情况；

(i)

可分派利润的可用情况；

(iv)

业务状况和策略；

(v)

未来经营和收益；

(vi)

现金需求；

(vi)

预期资本要求及支出计划；

(vi)

股东的整体利益；

(ix)

任何就股息宣派及╱或派发的限制；及

(x)

董事会可能认为相关的任何其他因素。

董事会将不时检讨股息政策。

DIVIDEND POLICY

The Company adopted a dividend policy in March

2019 seting out the principles and guidelines relating

to the declaration, payment or distribution of its net

profits as dividends to the Company’s shareholders. In

recomending or declaring dividends, the Board shal

take into acount the folowing factors of the Group:

(i) financial results;

(i) cash flow situation;

(i) availability of distributable profits;

(iv) busines conditions and strategies;

(v) future operations and earnings;

(vi) cash requirements;

(vi) expected capital requirements and expenditure

plans;

(vi) interests of shareholders as a whole;

(ix) any restrictions on declaration and/or payment of

dividends; and

(x) any other factors that the Board may consider

relevant.

The Board wil review the dividend policy from time to

time.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CORPORATE GOVERNANCE REPORT

企业管治报告书

股东参与

股东通讯

本公司股东通讯政策旨在为股东及投资界提

供随时、平等和及时获取本集团资料的途径。

目前有多种可用的沟通及参与渠道。

股东及投资界可以书面形式向本公司于香港

的主要办事处（地址为香港新界沙田石门安

群街

号京瑞广场

期

楼）（致公司秘书）索

取本公司资料（如该等资料为公开资料）。股

东如欲了解其持股情况，可联络本公司股份

过户登记处香港中央证券登记有限公司，地

址为香港湾仔皇后大道东

号合和中心

楼

1712-1716

室。

本公司的资料亦透过本公司的企业通讯传达

予股东，包括但不限于年度及中期报告、公告

及通函。

该等刊发文件可于本公司及联交所

网站查阅。本公司股东周年大会及其他股东

大会为股东与本公司提供直接互动的平台。

董事会成员，特别是董事会委员会主席或其

代表、适当的管理人员及外部核数师（按适用

者）将出席股东周年大会及其他股东大会，以

回答股东的问题。本公司股东大会的程序将

定期受监控及审查，并于必要时进行更改，以

确保最好地满足股东需求。

SHAREHOLDERS ENGAGEMENT

Shareholders Comunication

The Company’s shareholders comunication policy

aims to provide the shareholders and the investment

comunity with ready, equal and timely aces to the

Group’s information. There are in place multiple chanels

of comunication and engagement available.

Shareholders and the investment comunity may make

a request for the Company’s information to the extent

such information is publicly available, in writing to the

Company’s principle ofice in Hong Kong at 22/F., Kings

Wing Plaza 1, 3 On Kwan Stret, Shek Mun, Shatin, New

Teritories, Hong Kong (for the atention of the company

secretary). For information about their shareholdings,

shareholders can contact the Company’s share registrar,

Computershare Hong Kong Investor Services Limited at

Shops 1712-1716, 17/F., Hopewel Centre, 183 Quen’s

Road East, Wanchai, Hong Kong.

Information of the Company is also comunicated

to shareholders through the Company’s corporate

comunications, including but not limited to anual

and interim reports, anouncements and circulars. Such

published documents are available on the websites

of the Company and the Stock Exchange. Anual

general metings and other general metings of the

Company provide a forum for direct interaction betwen

shareholders and the Company. Board members, in

particular, the chairmen of board comites or their

delegates, apropriate management executives and

external auditors, as apropriate, wil atend anual

and other general metings to answer shareholders’

questions. The proces of the Company’s general

metings wil be monitored and reviewed on a regular

basis, and, if necesary, changes wil be made to ensure

that shareholders’ neds are best served.

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

股东可随时将他们的查询以书面方式透过公

司秘书传递给董事会，有关联络资料如下：

地址：香港新界沙田石门安群街

号京瑞广场

期

楼

电邮：

sc@hanison.com

传真：

(852) 2415 2080

于二零二五年六月，董事会已审阅本公司股

东通讯政策，认为于上述措施到位的情况下，

该政策于年内的实施为有效。

于股东大会上，每项重要事宜会个别提出决

议案，包括个别董事之选举。

根据本公司组织章程细则，股东周年大会通

告、年报及载有拟提呈决议案有关资料之通

函将于大会举行前至少

天向股东发送。股

东周年大会或其他股东大会将以投票方式进

行表决。投票结果将于股东大会当日在本公

司及联交所网站内公布。

Shareholders may at any time send their enquiries to the

Board in writing through the company secretary, with the

contact details below:

Adres:22/F., Kings Wing Plaza 1, 3 On Kwan Stret,

Shek Mun, Shatin, New Teritories, Hong Kong

Email:sc@hanison.com

Fax:(852) 2415 2080

In June 2025, the Board reviewed the Company’s

shareholders comunication policy and considered that,

with the above measures in place, the implementation of

the policy was efective during the year.

Separate resolutions are proposed at general metings

on each substantial isue, including the election of

individual directors.

Pursuant to the Company’s articles of asociation, the

notice of anual general meting, the anual report

and the circular containing information on the proposed

resolutions wil be sent to shareholders at least 21 days

before the meting. Voting at anual general meting

or other general meting wil be conducted by way of a

pol. The results of the pol wil be published on the day

of general meting by posting on the Company’s and the

Stock Exchange’s websites.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

CORPORATE GOVERNANCE REPORT

企业管治报告书

召开股东特别大会及在股东大会提出

建议

于下列情况下须召开股东大会：

(i)

本公司任何一名或以上股东向本公司于

香港的主要办事处（香港新界沙田石门

安群街

号京瑞广场

期

楼）送达书面

要求，书面要求须列明大会目的及添加

至大会议程的决议案，并由提出要

求的人士签署，惟提出要求的人士于递

交要求当日须持有权于本公司股东大

会投票的本公司股本不少于十分之一的

投票权（按每股一票计算）；或

(i)

任何一名属于认可结算所的本公司股东

（或其代理人）向本公司于香港的主要

办事处（香港新界沙田石门安群街

号

京瑞广场

期

楼）送达书面要求，书面

要求须列明大会目的及添加至大会议

议程的决议案，并由提出要求的人士签

署，惟提出要求的人士于递交要求当日

须持有权于本公司股东大会投票的本

公司股本不少于十分之一的投票权（按

每股一票计算）。

Convening of Extraordinary General Metings and

Puting Forward Proposals at General Metings

General metings shal be convened:

(i) on the writen requisition of any one or more

members of the Company deposited at the principal

ofice of the Company in Hong Kong (22/F., Kings

Wing Plaza 1, 3 On Kwan Stret, Shek Mun,

Shatin, New Teritories, Hong Kong), specifying the

objects of the meting and the resolutions to be

aded to the meting agenda and signed by the

requisitionists, provided that such requisitionists

held as at the date of deposit of the requisition

not les than one-tenth of the voting rights, on

a one vote per share basis, in the share capital of

the Company which caries the right of voting at

general metings of the Company; or

(i) on the writen requisition of any one member of

the Company which is a recognised clearing house

(or its nomine) deposited at the principal ofice

of the Company in Hong Kong (22/F., Kings Wing

Plaza 1, 3 On Kwan Stret, Shek Mun, Shatin, New

Teritories, Hong Kong), specifying the objects of

the meting and the resolutions to be aded to the

meting agenda, and signed by the requisitionist,

provided that such requisitionist held as at the date

of deposit of the requisition not les than one-tenth

of the voting rights, on a one vote per share basis, in

the share capital of the Company which caries the

right of voting at general metings of the Company.

兴胜创建控股有限公司

2024/2025

年报

CORPORATE GOVERNANCE REPORT

企业管治报告书

倘董事会未有于接获要求后

日内正式召开

大会，提出要求的人士或当中持有本公司股

本中不少于十分之一投票权（按每股一票计

算）的任何人士可自行以与董事会召开股东

大会同样的方式（尽可能相近）召开大会，惟

如此召开的大会不可迟于提交要求当日起三

个月后召开，而提出要求的人士因董事会未

能完成有关要求而涉及的所有合理开支，将

由本公司向彼等作出补偿。

章程文件

于二零二四年八月二十日举行之本公司股东

周年大会上，股东通过一项特别决议案，批

准章程大纲及细则的若干修订，以

(i)

更新章

程大纲及细则及使其与上市规则规定上市发

行人就扩大无纸化上市制度及以电子方式发

放公司通讯作出的相关修订保持一致；及

(i)

作出其他相应的内务修订。该等修订详情载

于本公司日期为二零二四年六月二十八日之

公告及日期为二零二四年七月二十五日之通

函。经修订及重述之章程大纲及细则可于本

公司及联交所网站查阅。

If the Board does not within 21 days from the date of

deposit of the requisition proced duly to convene the

meting, the requisitionist(s) themselves or any of them

holding not les than one-tenth of the voting rights,

on a one vote per share basis, in the share capital of

the Company, may convene the general meting in the

same maner, as nearly as posible, as that in which the

meting may be convened by the Board provided that

any meting so convened shal not be held after the

expiration of thre months from the date of deposit of

the requisition, and al reasonable expenses incured by

the requisitionist(s) as a result of the failure of the Board

shal be reimbursed to them by the Company.

CONSTITUTIONAL DOCUMENTS

At the anual general meting of the Company held

on 20 August 2024, a special resolution was pased by

the shareholders of the Company aproving certain

amendments to the M&A in order to (i) update and bring

the M&A in line with the relevant amendments made to

the Listing Rules in respect of the expanded paperles

listing regime and the electronic disemination of

corporate comunications by listed isuers; and (i) make

other consequential and housekeping amendments.

Details of the amendments were set out in the Company’s

anouncement dated 28 June 2024 and circular dated

25 July 2024. The amended and restated M&A is available

on the websites of the Company and the Stock Exchange.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

董事会（「董事会」）同寅呈览本公司及其附属

公司（「本集团」）截至二零二五年三月三十一

日止年度之报告及经审核综合财务报表。

主要业务

本公司为一间投资控股公司。其附属公司、联

营公司及合营企业之主要业务分别载于综合

财务报表附注

、

及

。

业务回顾

就公司条例（香港法例第

章）附表

所要求

对本集团业务活动之进一步讨论及回顾（包

括对本集团面对之主要风险及不明朗因素之

描述和本集团业务相当可能有的未来发展之

揭示）载于本年报之「主席报告书」（第

至

页）、「业务回顾」（第

至

页）、「财务回顾」

（第

至

页）及「综合财务报表附注」内。

运用财务关键表现指标分析本集团于年内之

表现载于本年报之「财务纪要」（第

页）及「业

务回顾」（第

页）内。

有关本集团财务风险管理之详情披露于综合

财务报表附注

。

自年结日起，概无发生对本集团造成影响之

重大事件。

本集团环境政策及表现之披露载于本公司环

境、社会及管治报告，该报告与本年报同时刊

载于本公司网站

(w.hanison.com)

。

The board of directors (“Board”) presents its report and

the audited consolidated financial statements of the

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

ended 31 March 2025.

PRINCIPAL ACTIVITIES

The Company acts as an investment holding company.

The principal activities of its subsidiaries, asociate and

joint ventures are set out in notes 50, 19 and 20 to the

consolidated financial statements respectively.

BUSINES REVIEW

Further discusion and review on the busines activities

of the Group as required by Schedule 5 to the Companies

Ordinance (Cap. 622 of the Laws of Hong Kong),

including the principal risks and uncertainties facing the

Group and an indication of likely future development

in the Group’s busines are set out in the “Chairman’s

Statement” (on pages 5 to 12), “Operations Review”

(on pages 13 to 50), “Financial Review” (on pages 51

to 61) and the “Notes to the Consolidated Financial

Statements” of this anual report.

An analysis of the Group’s performance during the year

using financial key performance indicators is provided in

the “Financial Highlights” (on page 4) and “Operations

Review” (on page 13) of this anual report.

Details of the Group’s financial risk management are

disclosed in note 48 to the consolidated financial

statements.

No material event afecting the Group has ocured since

the year end date.

Disclosures of the Group’s environmental policies and

performance are set out in the environmental, social, and

governance report of the Company which is published on

the Company’s website (w.hanison.com) at the same

time as the publication of this anual report.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

业绩及分配

本集团截至二零二五年三月三十一日止年度

之业绩载于第

页之「综合损益表」。

年内并无派付第一次中期股息予股东（二零

二四年：每股港币

1.0

仙）。

董事会已议决不宣派截至二零二五年三月

三十一日止年度之第二次中期股息（二零

二四年：无）。

投资物业

本集团投资物业于年内之变动详情载于综合

财务报表附注

。

物业、厂房及设备

本集团物业、厂房及设备于年内之变动详情

载于综合财务报表附注

。

储备

本集团储备于年内之变动详情载于第

页之

「综合权益变动表」。

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” on page 135.

No first interim dividend was paid to the shareholders

during the year (2024: HK1.0 cent per share).

The Board has resolved not to declare a second interim

dividend for the year ended 31 March 2025 (2024: Nil).

INVESTMENT PROPERTIES

Details of the movements in the investment properties of

the Group during the year are set out in note 16 to the

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 17 to the consolidated financial statements.

RESERVES

Details of the movements in the reserves of the Group

during the year are set out in the “Consolidated

Statement of Changes in Equity” on page 139.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

本公司可供派发储备金

于二零二五年三月三十一日，本公司可供分

配予股东的储备，包括股份溢价及累计溢利，

总共港币

722,878,000

元（二零二四年：港币

722,516,000

元）。

根据本公司的组织章程细则，股息可从本公

司已变现或未变现的溢利，或从任何本公司

董事认为不再需要的储备金（从溢利中拨出）

中宣派及支付。股息亦可从股份溢价账（惟须

通过载列于开曼群岛法例公司法（修订版）第

三十四条的偿债能力测试）中宣派及支付。

股本

本公司股本于年内之变动详情载于综合财务

报表附注

。

遵守法律及法规

本集团致力于遵守香港特别行政区政府及中

华人民共和国（「中国」）所制定之所有相关法

律及法规。本集团持续检讨新颁布或修订之

法律及法规，并于必要时向员工提供相关培

训及指引。

DISTRIBUTABLE RESERVES OF THE

COMPANY

The Company’s reserves available for distribution

to shareholders as at 31 March 2025 comprised the

agregate of share premium and acumulated profits of

HK$722,878,000 (2024: HK$722,516,000).

Under the articles of asociation of the Company,

dividends may be declared and paid out of the profits

of the Company, realised or unrealised, or from any

reserves set aside from profits which the directors of the

Company determine is no longer neded. Dividends may

also be declared and paid out of share premium acount

subject to a solvency test as set out in section 34 of the

Companies Act (As Revised) of the Cayman Islands.

SHARE CAPITAL

Details of the movements in the share capital of the

Company during the year are set out in note 36 to the

consolidated financial statements.

COMPLIANCE WITH LAWS AND

REGULATIONS

The Group is comited to complying with al relevant

laws and regulations imposed by the Government of

the Hong Kong Special Administrative Region and the

People’s Republic of China (“PRC”). We conduct on-

going reviews of the newly enacted or revised laws

and regulations, and we provide relevant training and

guidance to our staf when necesary.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

与雇员、商业伙伴及其他人士之关

系

本集团珍视与所有持份者之关系及努力透

过多项措施及渠道与彼等合作。我们尤为重

视人力资本。为维持我们的长期人才管道战

略，我们经常审阅及提供具竞争力之酬金及

福利、表现管理、培训及发展以及员工参与活

动，以吸引、培养及挽留人才及雇员。

本集团与商业伙伴之持久关系可为本集团、

供应商及客户带来利益。除维持可信赖之业

务伙伴关系外，我们亦与业务伙伴合作以追

求业务营运、环境影响、社区投资及管治之整

体更佳表现。

本集团一直鼓励员工参与义工活动，尤其是

于我们营运所在及交付产品或服务的社区。

具建设性的站点－社区关系无疑是本集团之

优先事项。我们与社区的持份者保持双向紧

密沟通，并与有关各方深入合作，发起活动，

以解决社区关注的问题。

RELATIONSHIP WITH EMPLOYES,

BUSINES PARTNERS AND OTHERS

The Group treasures the relationship with al

stakeholders and endeavours to engage them through

various initiatives and chanels. In particular, we value

our human capital. To sustain our long-term talent

pipeline strategy, we frequently review and deliver

competitive compensation and benefits, performance

management, training and development, and staf

engagement activities to atract, nurture, and retain

talents and employes.

A long-standing relationship with busines partners can

bring benefits for the Group as wel as for supliers and

customers. In adition to maintaining trusted busines

partnership, we also engage our busines partners in the

pursuit of beter performance in busines operations,

environmental impact, comunity investment, and

governance as a whole.

The Group has ben encouraging staf to serve as

volunters especialy in the comunity where we are

operating and delivering our products or services.

Constructive site-comunity relationship is definitely our

priority. We maintain two-way and close comunications

with the stakeholders in the comunity and work

thoroughly with relevant parties to initiate programes

aiming to adres the comunity’s concerns.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

购股权计划

本公司之原有购股权计划（「二零一购股权

计划」）由本公司于二零一年九月二十一

日采纳并于二零二零年八月二十五日终止。

终止前授出之购股权继续有效及可根据二

零一购股权计划之条款予以行使。于二零

二四年十月十八日，二零一购股权计划项

下的所有未行使购股权已于其行使期届满时

自动失效。

本公司于二零二零年八月二十五日采纳新购

股权计划（「现行计划」），本集团任何成员公

司之所有执行或非执行董事及全职雇员以及

以合约形式聘用的顾问均符合参与现行计划

之资格。自现行计划获采纳起，其项下概无授

出购股权。

现行计划之目的是为向参与者提供购入本公

司拥有人权益之机会，并鼓励参与者为本公

司及其股东之整体利益，努力提高本公司及

其股份之价值。

(a)

可供发行之股份数目上限

根据现行计划及本公司任何其他计划授

出的所有购股权因行使而可予发行的股

份总数，不得超过于现行计划批准当日

本公司已发行股份之

10%

，惟须经本公

司股东批准更新。现行计划项下可供发

行之股份总数为

109,092,467

股，占本公

司于本年报日期已发行股份之

10.17%

。

SHARE OPTION SCHEME

The Company’s former share option scheme (“2011 Share

Option Scheme”) was adopted by the Company on 21

September 2011 and was terminated on 25 August 2020.

Share options granted prior to the termination continued

to be valid and exercisable in acordance with the terms

of the 2011 Share Option Scheme. On 18 October 2024,

al unexercised share options under the 2011 Share

Option Scheme lapsed automaticaly on the expiry of

their exercise period.

The Company adopted a new share option scheme

(“Existing Scheme”) on 25 August 2020, al executive

or non-executive directors and ful-time employes of,

and consultants employed on a contract basis by, any

member of the Group are eligible to participate in the

Existing Scheme. No options have ben granted under

the Existing Scheme since its adoption.

The purpose of the Existing Scheme is to provide the

participants with the oportunity to acquire proprietary

interest in the Company and to encourage them to

work towards enhancing the value of the Company

and its shares for the benefit of the Company and our

shareholders as a whole.

(a) Maximum number of shares available for

isue

The total number of shares which may be isued

upon exercise of al options to be granted under

the Existing Scheme and any other schemes of the

Company shal not exced 10% of the shares of the

Company in isue on the date of the aproval of the

Existing Scheme, subject to renewal as aproved by

the shareholders of the Company. The total number

of shares available for isue under the Existing

Scheme is 109,092,467, which represents 10.17% of

the isued shares of the Company as at the date of

this anual report.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

(b)

各参与者之购股权配额上限

(1)

除非经本公司股东另作批准，否则

于任何十二个月期间，因行使已授

出购股权（包括已行使及尚未行使

之购股权）而向各参与者发行及将

予发行之股份总数，不得超过本公

司已发行股份之

。

(2)

倘向本公司之主要股东或独立非

执行董事或任何彼等各自之联系人

（定义见香港联合交易所有限公司

（「联交所」）证券上市规则（「上市

规则」）授出任何购股权，将会导

致于截至授出日期止之任何十二

个月期间（包括授出之日）向该人

士已授出及将予授出之所有购股权

（包括已行使、注销及尚未行使之

购股权）获行使而已发行及将予发

行之股份：

(i)

合共占本公司已发行股份

0.1%

（或联交所不时指定之

其他百分比）以上；及

(i)

根据本公司股份于授出日期

之收市价计算，总值超过港

币

5,000,000

元（或联交所不

时指定之其他金额），

则此等授出购股权事宜必须取得

本公司股东事先批准方可进行，且

该承授人、其联系人及所有本公司

核心关连人士必须于该股东大会

上放弃投票。

(b) Maximum entitlement of each participant

(1) The total number of shares isued and to be

isued upon exercise of the options granted to

each participant (including both exercised and

outstanding options) in any 12-month period

shal not exced 1% of the Company’s shares

in isue unles otherwise aproved by the

shareholders of the Company.

(2) Where any grant of options to a substantial

shareholder or an independent non-executive

director of the Company, or any of their

respective asociates (as defined in the Rules

Governing the Listing of Securities (“Listing

Rules”) on The Stock Exchange of Hong Kong

Limited (“Stock Exchange”), would result

in the shares isued and to be isued upon

exercise of al options already granted and to

be granted (including exercised, canceled and

outstanding options) to such person in the

12-month period up to and including the date

of such grant:

(i) representing in agregate over 0.1%

(or such other percentage as may from

time to time be specified by the Stock

Exchange) of the Company’s shares in

isue; and

(i) having an agregate value, based on

the closing price of the shares of the

Company on the date of grant, in exces

of HK$5.0 milion (or such other amount

as may from time to time be specified by

the Stock Exchange),

such grant of options shal be subject to

prior aproval by the shareholders of the

Company, such grante, his asociates and al

core conected persons of the Company shal

abstain from voting at such general meting.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

(c)

购股权期间

董事会须于作出要约时通知承授人之可

以行使购股权期间，其届满日期不得迟

于授出日期起计十年。

(d)

购股权之行使时限

本公司须于作出要约时列明根据现行计

划授出之购股权可全部或部分行使前须

持有之最低限期（如有）。

(e)

接纳要约之应付款项

承授人接纳要约时须付以本公司港币

元作为授出之代价。授出购股权之要约

须于要约日期后

天（或董事会不时厘

定的其他期间）内接纳。

(f)

厘定购股权行使价之基准

购股权之行使价必须不低于下列三者之

最高者：

(i)

联交所于授出日期（该日必须为营

业日）发出之日报表所述之本公司

股份收市价；

(i)

联交所于紧接授出日期前五个营

业日发出之日报表所述之本公司

股份平均收市价；及

(i)

本公司股份于授出日期之面值。

The period within which the grante may exercise

the option shal be notified by the Board to the

grante at the time of making an ofer, but such

period shal not expire later than ten years from the

date of grant.

(d) Time of exercise of option

At the time of making an ofer, the Company must

specify the minimum period(s), if any, for which

an option under the Existing Scheme must be held

before it can be exercised in whole or in part.

(e) Amount payable on aceptance of ofer

A payment to the Company of HK$1 as

consideration for the grant shal be paid on the

aceptance of the ofer by the grante. The ofer

of grant of option must be acepted within 14 days

(or such other period of days as determined by the

Board from time to time) after the date of ofer.

(f) Basis of determining exercise price of option

The exercise price of the option shal be no les than

the highest of:

(i) the closing price of the shares of the Company

as stated in the daily quotations shets isued

by the Stock Exchange on the date of grant,

which must be a busines day;

(i) the average closing price of the shares of the

Company as stated in the daily quotations

shets isued by the Stock Exchange for the

five busines days imediately preceding the

date of grant; and

(i) the nominal value of a share of the Company

on the date of grant.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

(g)

现行计划之余下年限

除非根据现行计划条款予以终止，否则

现行计划之有效年限为自采纳日期起计

十年，并将于二零三零年八月二十四日

届满。

年内，二零一购股权计划项下之购股权之

变动详情如下：

(g) Remaining life of Existing Scheme

The Existing Scheme has a life of ten years

comencing on the adoption date and wil expire

on 24 August 2030 unles otherwise terminated in

acordance with the terms of the Existing Scheme.

Details of the movement of share options under the 2011

Share Option Scheme during the year are as folows:

Number of share options

购股权数目

Name or Category

of participant

参与者姓名或类别

Date of grant

授出日期

Exercise price

per share

每股行使价

Exercise period

(Note i)

行使期间（附注

）

Balance

as at

1.4.2024

Exercised

during

the year

于年内行使

Lapsed

during

the year

于年内失效

Balance

as at

31.3.2025

Aproximate

percentage

of isued

(Note i)

于

二零二四年

四月一日

之结余

于

二零二五年

三月三十一日

之结余

占已发行

股份概约

百分比

（附注

）

Directors

董事

Cha Mou Daid, Johnson18.10.2019HK$1.1618.10.2019 to 17.10.20245,454,000–(5,454,000)–

查懋德二零一九年十月十八日港币

1.16

元二零一九年十月十八日至

二零二四年十月十七日

Tai Sai Ho18.10.2019HK$1.1618.10.2019 to 17.10.20245,454,000–(5,454,000)–

戴世豪二零一九年十月十八日港币

1.16

元二零一九年十月十八日至

二零二四年十月十七日

Chow Ka Fung18.10.2019HK$1.1618.10.2019 to 17.10.20241,898,000–(1,898,000)–

周嘉峰二零一九年十月十八日港币

1.16

元二零一九年十月十八日至

二零二四年十月十七日

Chan Pak Joe18.10.2019HK$1.1618.10.2019 to 17.10.20241,090,000–(1,090,000)–

陈伯佐二零一九年十月十八日港币

1.16

元二零一九年十月十八日至

二零二四年十月十七日

Subtotal13,896,000–(13,896,000)–

小计

Other Employe Participants18.10.2019HK$1.1618.10.2019 to 17.10.20248,250,000–(8,250,000)–

其他雇员参与者二零一九年十月十八日港币

1.16

元二零一九年十月十八日至

二零二四年十月十七日

Subtotal8,250,000–(8,250,000) –

小计

Total22,146,000–(22,146,000)–

总计

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

附注：

(i)

购股权于授出日期即时归属。

(i)

年内并无注销购股权。

(i)

百分比乃根据本公司于二零二五年三月

三十一日已发行股份总数（即

1,073,074,676

股份）计算。

于二零二四年四月一日及二零二五年三月

三十一日，根据现行计划授权可授予的购股

权数量为

109,092,467

股。

可换股证券、认股权证或类似权利

除上述所披露者外，于二零二五年三月

三十一日，本公司并无任何尚未行使的可换

股证券、认股权证或类似权利。年内，并无发

行或行使任何可换股证券、认股权证或类似

权利。

购买、出售或赎回上市证券

截至二零二五年三月三十一日止年度，本公

司或其任何附属公司概无购买、出售或赎回

任何本公司之上市证券。

Notes:

(i) The share options vested imediately on the date of

grant.

(i) No share options were canceled during the year.

(i) The percentage is calculated based on the total number

of isued shares of the Company as at 31 March 2025 (i.e.

1,073,074,676 shares).

The number of share options available for grant under

the Existing Scheme mandate as at 1 April 2024 and 31

March 2025 was 109,092,467.

CONVERTIBLE SECURITIES, WARANTS

OR SIMILAR RIGHTS

Save as disclosed above, the Company had no

outstanding convertible securities, warants or similar

rights as at 31 March 2025 and there has ben no isue or

exercise of any convertible securities, warants or similar

rights during the year.

PURCHASE, SALE OR REDEMPTION OF

LISTED SECURITIES

Neither the Company nor any of its subsidiaries

purchased, sold or redemed any of the Company’s listed

securities during the year ended 31 March 2025.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

董事

于年内及截至本年报日期之本公司董事如

下：

非执行主席

查懋德先生

执行董事

王世涛先生（董事总经理）

戴世豪先生（总经理）

周嘉峰先生

非执行董事

林泽宇博士

独立非执行董事

陈伯佐先生

刘子耀博士

陈繁昌博士

郝荃女士

（于二零二四年九月十九日获委任）

按照本公司之组织章程细则第

条规定，查

懋德先生、周嘉峰先生及林泽宇博士须于应

届股东周年大会上轮值退任。根据本公司组

织章程细则第

条，郝荃女士于二零二四年

九月十九日获董事会委任，任期至彼获委任

后的第一次本公司股东周年大会止。所有退

任董事符合资格且愿意于应届股东周年大会

上膺选连任。

拟于应届股东周年大会上重选连任之董事，

概无与本公司或其任何附属公司订立本集团

不可于一年内终止而免付赔偿（法定赔偿除

外）之服务合约。

DIRECTORS

The directors of the Company during the year and up to

the date of this anual report are:

Non-executive Chairman

Mr. Cha Mou Daid, Johnson

Executive Directors

Mr. Wong Sue Toa, Stewart (Managing Director)

Mr. Tai Sai Ho (General Manager)

Mr. Chow Ka Fung

Non-executive Director

Dr. Lam Chat Yu

Independent Non-executive Directors

Mr. Chan Pak Joe

Dr. Lau Tze Yiu, Peter

Dr. Chan Fan Cheong, Tony

Ms. Hao Quan

(apointed on 19 September 2024)

In acordance with Article 116 of the Company’s articles

of asociation, Mr. Cha Mou Daid, Johnson, Mr. Chow

Ka Fung and Dr. Lam Chat Yu shal retire from ofice by

rotation at the forthcoming anual general meting. In

acordance with Article 99 of the Company’s articles of

asociation, Ms. Hao Quan who was apointed by the

Board on 19 September 2024, shal hold ofice until the

first anual general meting of the Company after her

apointment. Al the retiring directors, being eligible,

ofer themselves for re-election at the forthcoming

anual general meting.

None of the directors being proposed for re-election at

the forthcoming anual general meting 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.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

董事及员工薪酬

截至二零二五年三月三十一日止年度，有关

董事酬金之详情载列于综合财务报表附注

12(i)

。截至二零二五年三月三十一日止年度，

高级管理人员之薪酬（其履历详情载于下文

「董事及高级管理人员履历」一节）列入以下

组别：

DIRECTORS’ AND EMPLOYES’

EMOLUMENTS

Details of directors’ emoluments for the year ended 31

March 2025 are set out in note 12(i) to the consolidated

financial statements. For the year ended 31 March 2025,

the emoluments of the senior management, whose

biographical details are set out in the “Biographical

Details of Directors and Senior Management” section

below, fel within the folowing bands:

Emolument Bands

薪酬组别

Number of

individuals

人数

HK$1,000,001 – HK$1,500,000

港币

1,000,001

元－港币

1,500,000

元

HK$1,500,001 – HK$2,000,000

港币

1,500,001

元－港币

2,000,000

元

HK$2,000,001 – HK$2,500,000

港币

2,000,001

元－港币

2,500,000

元

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

董事及高级管理人员履历

董事

查懋德先生，

岁，本公司主席兼非执行董

事。彼于二零一年十一月起加入本公司。

查先生于创业投资及投资管理方面累积逾

年经验，现时为

C.M. Capital Advisors

(HK) Limited

之主席。彼为香港兴业国际集

团有限公司（「香港兴业」）及美亨实业控股

有限公司（「美亨」）之非执行董事。香港兴业

及美亨之证券均于联交所上市。彼为

Trust (Cayman) Limited

（「

CM Trust

」）、

LBJ Regents (PTC) Limited

（「

LBJ

」，前称

LBJ

Regents Limited

）及

Mingly Asia Capital

Limited

（「

Mingly Asia

」）之董事以及名力

集团控股有限公司（「名力」）之非执行董事。

CM Trust

、

LBJ

、

Mingly Asia

及名力均为本

公司根据证券及期货条例（「证券及期货条

例」）第

部须予披露的主要股东。查先生亦

为上海商业银行有限公司之独立非执行董事

及多间香港及海外公司之董事。彼为多间非

牟利机构之成员，包括求是科技基金会及德

育关注小组，以及香港科技大学校董会财务

委员会增选外部委员及大学顾问委员会委

员。

BIOGRAPHICAL DETAILS OF DIRECTORS

AND SENIOR MANAGEMENT

Directors

Mr. Cha Mou Daid, Johnson, aged 73, is the Chairman

and a non-executive director of the Company. He joined

the Company since November 2001. Mr. Cha has over 40

years of experience in venture capital and investment

management and is curently the chairman of C.M.

Capital Advisors (HK) Limited. He is a non-executive

director of HKR International Limited (“HKRI”) and

Milion Hope Industries Holdings Limited (“Milion

Hope”). The securities of HKRI and Milion Hope are

listed on the Stock Exchange. He is a director of CM

Trust (Cayman) Limited (“CM Trust”), LBJ Regents (PTC)

Limited (“LBJ”, formerly known as LBJ Regents Limited)

and Mingly Asia Capital Limited (“Mingly Asia”), and a

non-executive director of Mingly Corporation (“Mingly”).

Each of CM Trust, LBJ, Mingly Asia and Mingly is a

substantial shareholder of the Company discloseable

under Part XV of the Securities and Futures Ordinance

(“SFO”). Mr. Cha is also an independent non-executive

director of Shanghai Comercial Bank Limited and a

director of a number of other companies in Hong Kong

and overseas. He is a member in non-profit organisations

including Qiu Shi Science & Technologies Foundation and

Moral Education Concern Group, and a co-opted external

member to the Finance Comite of the Council and

a member to the University Court of The Hong Kong

University of Science and Technology.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

王世涛先生，

岁，于一九八九年加入本集

团，现任本公司董事总经理。王先生亦担任本

公司一般事务委员会及收购╱出售物业委员

会之主席，以及提名委员会及薪酬委员会之

成员。王先生为美亨（其证券于联交所上市）

主席及非执行董事。加入本集团之前，彼曾为

多间上市公司之董事，同时亦为香港兴业（其

证券于联交所上市）之董事，直至彼于二零

一年十二月辞任其职务。彼亦是本公司旗下

多间附属公司之董事。彼在建筑及房地产界

累积丰富经验。王先生持有美国圣地亚哥州

立大学科学士学位及美国

Carnegie Melon

University

土木工程理学硕士学位。彼为香港

营造师学会之会员。

戴世豪先生（别名：

David

），

岁，本公司执

行董事兼总经理。戴先生亦担任本公司一般

事务委员会及收购╱出售物业委员会之成员

╱署理主席，以及提名委员会及薪酬委员会

之成员。戴先生于一九八九年加入本集团，在

香港公营及私营楼宇及土木工程业累积丰富

经验。戴先生为美亨（其证券于联交所上市）

非执行董事。彼亦是本公司旗下多间附属公

司之董事。戴先生持有澳门亚洲国际公开大

学工商管理学硕士学位、澳洲新南威尔斯大

学建筑管理学硕士学位及台湾国立成功大学

土木工程学士学位。戴先生为香港董事学会

及香港营造师学会之资深会员。

Mr. Wong Sue Toa, Stewart, aged 79, joined the Group in

1989 and is the Managing Director of the Company. Mr.

Wong also serves as the chairman of the General Busines

Comite and the Property Acquisition/Disposal

Comite, and a member of the Nomination Comite

and the Remuneration Comite of the Company. Mr.

Wong is the chairman and a non-executive director of

Milion Hope, whose securities are listed on the Stock

Exchange. Before he joined the Group, he was a director

for several listed companies and a director of HKRI

(whose securities are listed on the Stock Exchange) until

his resignation in December 2001. He is also a director

of various subsidiaries of the Company. He has extensive

experience in the construction and real estate fields.

Mr. Wong holds a bachelor degre in science from San

Diego State University and a master degre of science in

civil enginering from Carnegie Melon University in the

United States of America. He is a member of the Hong

Kong Institute of Construction Managers (MHKICM).

Mr. Tai Sai Ho (Alias: David), aged 74, is an executive

director and the General Manager of the Company.

Mr. Tai also serves as a member/the acting chairman

of the General Busines Comite and the Property

Acquisition/Disposal Comite; and a member of

the Nomination Comite and the Remuneration

Comite of the Company. Mr. Tai joined the Group in

1989 and has extensive experience in public and private

sectors of the building and civil enginering industries

in Hong Kong. Mr. Tai is a non-executive director of

Milion Hope, whose securities are listed on the Stock

Exchange. He is also a director of various subsidiaries of

the Company. Mr. Tai holds a master degre in busines

administration from Asia International Open University

in Macau, a master degre in construction management

from University of New South Wales in Australia and a

bachelor degre in civil enginering from National Cheng

Kung University in Taiwan. Mr. Tai is a felow of the Hong

Kong Institute of Directors (FHKIoD) and the Hong Kong

Institute of Construction Managers (FHKICM).

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

周嘉峰先生（别名：

Mathew

），

岁，自二零

二一年三月起担任本公司执行董事。周先生

自一九八年起于本集团任职。彼负责监管

管理物业发展部、物业投资部以及物业代理

及管理部。彼亦担任本公司一般事务委员会

及收购╱出售物业委员会之成员，以及若干

附属公司之董事。周先生专长于香港及中国

之物业发展、投资、推广、管理及项目管理。

彼持有香港理工大学土地管理学士学位。

周先生为香港测量师注册管理局之注册专业

测量师（产业测量）（物业设施管理）。彼亦为

英国皇家特许测量师学会员、中国房地产

估价师与房地产经纪人学会员、英国仲裁

学会员及香港测量师学会员。

林泽宇博士（别名：

Chat

），

岁，自二零二一

年三月起担任本公司非执行董事。林博士于

二零一年十一月加入本集团担任本公司执

行董事并自二零一三年八月起调任为非执行

董事，直至二零一五年十二月辞任。林博士专

注致力于直接投资、财务咨询及资产管理等

领域。彼在科技界之投资方面经验丰富，包括

年在美国加利福尼亚州矽谷以及逾

年在

亚洲投资的经验。林博士在美国麻省理工学

院

The Sloan Schol

取得管理科学博士学位，

同时持有美国西北大学计算机科学硕士学位

及电气工程本科学位。

Mr. Chow Ka Fung (Alias: Mathew), aged 56, is an

executive director of the Company since March 2021.

Mr. Chow has ben serving the Group from 1998. He

overses the Property Development Division, Property

Investment Division as wel as Property Agency and

Management Division. He also serves as a member

of the General Busines Comite and the Property

Acquisition/Disposal Comite, and is a director of

certain subsidiaries of the Company. Mr. Chow specialises

in property development, investment, marketing,

management and project management in Hong Kong

and the PRC. He holds a bachelor of science degre in

land management from The Hong Kong Polytechnic

University. Mr. Chow is a Registered Profesional Surveyor

(General Practice) (Property and Facility Management)

under the Surveyor Registration Board (RPS). He is

also a member of the Royal Institution of Chartered

Surveyors (MRICS), a member of China Institute of Real

Estate Apraisers and Agents (MCIREA), a member of

the Chartered Institute of Arbitrators (MCIArb) and a

member of Hong Kong Institute of Surveyors (MHKIS).

Dr. Lam Chat Yu (Alias: Chat), aged 73, has ben a non-

executive director of the Company since March 2021.

Dr. Lam joined the Group in November 2001 as an

executive director of the Company and was re-designated

as a non-executive director since August 2013 until he

resigned in December 2015. Dr. Lam is specialised in the

areas of direct investment, financial advisory, and aset

management. He has extensive investment experience

in the technology sector, including 15 years in Silicon

Valey, California, and over 20 years in Asia. Dr. Lam

holds a Ph.D. degre of Management Science from MIT

Sloan Schol of Management, M.S degre in Computer

Science from Northwestern University and a B.S degre of

Electrical Enginering.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

陈伯佐先生，

岁，自二零一年十一月起担

任本公司独立非执行董事。陈先生亦担任本

公司薪酬委员会之主席及审核委员会及提名

委员会之成员。陈先生自一九七三年起出任

陆海通有限公司之执行董事。陈先生为中国

清华大学「励志助学金」之创办人，彼亦自二

零五年九月起为中国复旦大学「爱心接力

助学基金」之创会副理事长。彼之社会服务包

括曾出任中华基督教青年会之董事，并曾为

香港房屋协会之薪酬委员会及审核委员会委

员。

刘子耀博士，

岁，自二零四年九月起担

任本公司独立非执行董事。刘博士亦担任本

公司审核委员会之主席及提名委员会及薪酬

委员会之成员。刘博士曾担任香港浸会大学

工商管理学院副院长。彼为香港浸会大学工

商管理学院的特邀教授。彼持有加拿大

Saint

Mary’s University

商业学士学位、加拿大

Dalhousie University

工商管理硕士学位及香

港中文大学会计学哲学博士学位。彼为加拿

大安大略省特许专业会计师公会员、加拿

大英属哥伦比亚特许专业会计师协会员、

香港会计师公会资深会员及香港税务学会

员。彼亦曾任香港城市狮子会长（一九二

年至一九三年）。

Mr. Chan Pak Joe, aged 72, has ben an independent

non-executive director of the Company since November

2001. Mr. Chan also serves as the chairman of the

Remuneration Comite and a member of the Audit

Comite and the Nomination Comite of the

Company. Mr. Chan has ben an executive director of The

Luk Hoi Tong Company, Limited since 1973. Mr. Chan is

the founder of the “Li Zhi Bursary” of Tsinghua University

in the PRC. He is also the Vice-Chairman of “Love Relay

Grant-in-Aid” of Fudan University in the PRC since

September 2005. His comunity services include having

served as a director of YMCA and as a member of the

Remuneration Comite and the Audit Comite of

the Hong Kong Housing Society.

Dr. Lau Tze Yiu, Peter, aged 66, has ben an independent

non-executive director of the Company since September

2004. Dr. Lau also acts as the chairman of the Audit

Comite and a member of the Nomination Comite

and the Remuneration Comite of the Company. Dr.

Lau was the Asociate Dean of the Schol of Busines

of the Hong Kong Baptist University. He serves as

Adjunct Profesor in the Schol of Busines of the Hong

Kong Baptist University. He holds a bachelor degre

in comerce from Saint Mary’s University in Canada,

a master degre in busines administration from

Dalhousie University in Canada and a doctorate degre

of philosophy in acounting from The Chinese University

of Hong Kong. He is a member of The Chartered

Profesional Acountants of Ontario (CPA, CA) in Canada,

a member of the Chartered Profesional Acountants

of British Columbia (CPA, CMA) in Canada, a felow

member of the Hong Kong Institute of Certified Public

Acountants (FCPA), and an asociate member of The

Taxation Institute of Hong Kong (ATIHK). He was also

a president (1992-1993) of the City Lions Club of Hong

Kong.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

陈繁昌博士，

岁，自二零二三年四月起担

任本公司独立非执行董事。陈博士亦为本公

司提名委员会主席以及审核委员会及薪酬

委员会成员。彼为

Hutchison Port Holdings

Management Pte. Limited

（为和记港口信

托之托管人－经理，而和记港口信托于新加

坡交易所上市，股票代号：

NS8U

）之独立非

执行董事。陈博士曾担任阿卜杜拉国王科技

大学（「

KAUST

」）校长（二零一八年至二零

二四年）、香港科技大学校长（二零九年至

二零一八年）以及美国家科学基金会数学

及物理科学理事会助理会长（二零六年至

二零九年）。彼为以下各项的受托人委员

会╱董事会成员：美国

KAUST Investment

Management Company

；俄罗斯

Skolkovo

；

香港科学院及香港一丹奖基金会。陈博士为

中国杭州西湖大学国际顾问委员会成员及沙

特阿拉伯科技创投基金

Beta Lab

的创业合伙

人。彼为（曾担任）以下各项的顾问委员会╱

委员会成员：中国世界大学术排名；沙特

阿拉伯法赫德国王石油矿产大学；韩国科学

技术院；沙特阿拉伯新未来城（二零一八年至

二零二零年）；沙特阿拉伯沙特数据及人工智

能

(SDAIA)

国家数据及人工智能策略监督委员

会；日本理化学研究所；中国南方科技大学

及维也纳大学（二零一五年至二零二零年）。

彼曾担任以下各项的受托人委员会╱董事会

成员：沙特阿拉伯阿卜杜勒阿齐兹国王科技

城，未来投资倡议（

研究所）；沙特阿拉伯

利雅得生物科技城。陈博士曾为沙特阿拉伯

研究发展及创新最高委员会之委员。彼为美

国家科学基金会数学研究所

IPAM

的联合

创办人、董事（二零年至二零一年）及

董事会成员（二零九年至二零二零年）。陈

博士曾于耶鲁大学教授计算机科学，其后于

一九八六年加入加州大学洛杉矶分校担任数

学教授，并于一九七年担任数学系主任及

物理科学院长（一九一年至一九六

年）。

Dr. Chan Fan Cheong, Tony, aged 73, has ben an

independent non-executive director of the Company

since April 2023. Dr. Chan also serves as the chairman of

the Nomination Comite and a member of the Audit

Comite and the Remuneration Comite of the

Company. He is an independent non-executive director of

Hutchison Port Holdings Management Pte. Limited (the

truste-manager of Hutchison Port Holdings Trust which

is listed on the Singapore Exchange, stock code: NS8U).

Dr. Chan was the President of King Abdulah University

of Science and Technology (“KAUST”) (2018-2024), the

President of The Hong Kong University of Science and

Technology (2009-2018), and Asistant Director of the

Mathematical and Physical Sciences Directorate at the

US National Science Foundation (2006-2009). He is on

the Board of Trustes/Directors of: KAUST Investment

Management Company, US; Skolkovo, Rusia; The Hong

Kong Academy of Sciences and Yidan Prize Foundation,

Hong Kong. Dr. Chan is a member of the International

Advisory Board of Westlake University in Hangzhou,

China, and a Venture Partner for Beta Lab, a KSA-based

venture capital fund in technology. He is (was) on the

Advisory Board/Comite of the Academic Ranking

of World Universities, China; King Fahd University of

Petroleum & Minerals, KSA; Korea Advanced Institute

of Science & Technology, Korea; NEOM, KSA (2018-

2020); Saudi Data and AI (SDAIA) Supervisory National

Strategy Comite of Data and AI, Saudi Arabia;

RIKEN, Japan; SUSTech, China and University of Viena

(2015-2020). He had ben on the Board of Trustes/

Directors of: King Abdulaziz City of Science & Technology,

Future Investment Initiative (FI Institute), KSA; Riyadh

BioTech City, KSA. Dr. Chan had ben a member of the

KSA Research Development and Inovation Supreme

Comite. He was a co-founder, Director (2000-2001)

and Board member (2009-2020) of the US NSF Math

Institute IPAM. Dr. Chan taught Computer Science

at Yale University before joining UCLA as Profesor

of Mathematics in 1986 and was the Chair of the

Department of Mathematics in 1997 and Dean of Physical

Sciences (1991-1996).

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

陈博士于加州理工学院取得工程学士及硕

士学位，并于史丹福大学取得计算机科学博

士学位。彼为美国家工程院士、电机电子

工程师学会士、美国科学促进会士以及

工业及应用数学会士。陈博士获得二零

二零年

SIAM

专业杰出服务奖以及斯特拉斯克

莱德大学（二零一五年）及滑铁卢大学（二零

二年）的荣誉博士学位。

郝荃女士（别名：

Shery

），

岁，自二零二四

年九月起担任本公司独立非执行董事，亦担

任本公司提名委员会成员。郝女士在审计及

会计领域及教育行业拥有丰富经验。郝女士

于一九三年加入毕马威会计师事务所（美

国），并自二零一年起成为毕马威华振会

计师事务所（特殊普通合伙）及其前身之合伙

人，直至彼于二零一五年退休。在此之前，郝

女士自一九八二年至一九八九年任中国人民

大学讲师。郝女士自二零一五年起担任联想

控股份有限公司（一间于联交所上市之公

司）之独立非执行董事，及自二零二零年起担

任蚂蚁科技集团股份有限公司之独立非执行

董事。彼自二零一八年至二零二四年担任汇

丰银行（中国）有限公司之独立非执行董事，

及自二零一七年至二零二一年担任

BEST Inc.

（百世集团）（一间于纽约证券交易所上市之

公司）之独立董事。郝女士现任北京蒲公英中

学理事会理事、北京中艺术基金会理事长

及中金公益基金会董事。郝女士获得中国人

民大学颁发的财务会计学士学位，并获得美

国天普大学工商管理硕士学位。彼为中国注

册会计师及美国加利福尼亚州注册会计师。

郝女士自二零一年至二零一五年担任中国

财政部会计准则委员会委员。

Dr. Chan received his BS and MS degres in Enginering

from Caltech and his Ph.D. in Computer Science from

Stanford University. He is a member of US National

Academy of Enginering, a Felow of IE, American

Asociation for the Advancement of Science and Society

for Industrial & Aplied Math. Dr. Chan was awarded

the 2020 SIAM Prize for Distinguished Service to the

Profesion, and the Honorary Doctorates from University

of Strathclyde (2015) and University of Waterlo (2022).

Ms. Hao Quan (Alias: Shery), aged 66, has ben an

independent non-executive director of the Company

since September 2024 and also serves as a member of

the Nomination Comite of the Company. Ms. Hao

has extensive experience in audit and acounting as wel

as in the education sector. Ms. Hao joined KPMG (USA)

in 1993 and became a partner of KPMG Huazhen LP

(Special General Partnership) and its predecesor since

2001 until her retirement in 2015. Prior to this, Ms. Hao

served as a lecturer at the Renmin University of China

(1982-1989). Ms. Hao is curently an independent non-

executive director of Legend Holdings Corporation (a

company listed on the Stock Exchange) since 2015 and

an independent non-executive director of Ant Group Co.,

Ltd. since 2020. She was an independent non-executive

director of HSBC Bank (China) Company Limited (2018-

2024) and an independent director of BEST Inc. (a

company listed on the New York Stock Exchange) (2017-

2021). Ms. Hao is a council member of Dandelion Midle

Schol, Beijing, the chairperson of China Arts Foundation

and a director of CIC Charity Foundation. Ms. Hao

obtained a bachelor degre in acounting and finance

from the Renmin University of China and a master degre

in busines administration from Temple University in the

United States. She is a certified public acountant in the

PRC and in California, the United States. Ms. Hao was

a member of China Acounting Standards Comite

(2011-2015).

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

高级管理人员

陈耀基先生，

岁，于二零一零年加入本集

团。彼为本集团建筑部之董事。彼在香港人力

资源管理、雇员培训与发展、组织发展及咨询

方面累积逾

年经验。彼亦参与近十年的企

业社会责任及环境、社会及管治报告。彼持有

香港中文大学社会科学硕士学位、英国李斯

特大学人力资源管理及培训理学硕士学位及

香港大学管理顾问变革研究生文凭。彼为加

拿大企业培训大学

(Corporate Coach U)

的企

业培训计划毕业生、麦尔斯－布瑞格斯人格

类型指标

(MBTI)

的获认证人员、

Motivational

Living

研究所的获认证行为顾问、管理顾问学

会之注册管理顾问、香港人力资源管理学会

的专业会员及全球可持续发展规划师学会研

究员及认证可持续发展规划师。

章学全先生，

岁，于一九年加入本集

团。彼为本集团建筑部以及装饰及维修部之

董事。章先生在香港建筑界拥有广泛的经验。

彼持有香港大学测量学理学士学位。

蔡兆辉先生，

岁，于二零一五年加入本集

团。彼负责监管本集团的财务及会计工作及

为本集团健康产品部之董事。彼在财务及会

计方面累积逾

年经验。彼持有香港中文大

学专业会计学工商管理学士学位及为香港会

计师公会（「香港会计师公会」）会计师。

Senior Management

Mr. Chan Yiu Kei, Charles, aged 59, joined the Group

in 2010. He is a director of the Construction Division

of the Group. He has over 30 years of experience in

human resources management, employe training

and development, organisation development and

consultation in Hong Kong. He also involves in corporate

social responsibility and ESG reporting in the latest

decade. He holds a Master of Social Science from The

Chinese University of Hong Kong, a Master of Science

in Human Resource Management and Training from

University of Leicester in the United Kingdom and a

Postgraduate Diploma in Management Consulting

and Change from The University of Hong Kong. He is

a graduate of Corporate Coaching Program (CP) of

Corporate Coach U Canada, a Certified Administrator

of The Myers-Brigs Type Indicator (MBTI), a Certified

Behavioral Consultant (DISC) of the Institute for

Motivational Living, a Certified Management Consultant

(CMC) of Institute of Management Consultants, a

profesional member (MIHRM) of Hong Kong Institute of

Human Resource Management, and a Felow & Certified

Sustainable Development Planer of World Institute of

Sustainable Development Planers.

Mr. Cheung Hok Chuen, aged 55, joined the Group in

1999. He is a director of the Construction Division and

Interior and Renovation Division of the Group. Mr.

Cheung has comprehensive experience in the building

industry in Hong Kong. He holds a BSc in surveying from

The University of Hong Kong.

Mr. Choi Siu Fai, aged 38, joined the Group in 2015. He

overses the Group’s finance and acounting function

and is a director of the Health Products Division of the

Group. He has over 15 years of experience in finance and

acounting. He holds a BA in Profesional Acountancy

from The Chinese University of Hong Kong and is a

Certified Public Acountant of The Hong Kong Institute

of Certified Public Acountants (“HKICPA”).

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

何志棠先生，

岁，于一九八年加入本集

团。彼为本集团建筑部、建筑材料部及装饰及

维修部之董事。彼在工料测量顾问及建筑合

约方面累积丰富经验。彼持有香港理工大学

工料测量专业文凭。彼为香港测量师注册管

理局之注册专业测量师（工料测量），并为英

国皇家特许测量师学会及香港测量师学会

员。

江永健先生，

岁，于一九六年加入本集

团。彼为本集团装饰及维修部之董事，在香

港建筑界拥有丰富经验。彼持有香港城市大

学设施管理学副学士学位，香港浸会大学

职业安全及健康专业文凭及英国雷丁大学

(University of Reading)

建筑测量学士学位。

彼为中国一级注册建造师（前海）。彼亦为香

港营造师学会、英国特许建造学会及英国特

许建筑工程师协会之会员。

林超一先生，

岁，于二零年加入本集

团。彼为本集团建筑材料部之董事。彼在项目

管理方面累积逾

年经验。彼持有新南威尔

斯大学建筑学士学位。

林泰宁先生，

岁，于二零八年加入本集

团。彼为本集团物业代理及管理部之董事。林

先生于项目管理方面拥有丰富经验。彼持有

香港大学文学士学位（建筑研究）及建筑学士

学位。彼为香港建筑师学会注册建筑师。

Mr. Ho Chi Tong, aged 60, joined the Group in 1998.

He is a director of the Construction Division, Building

Materials Division and Interior and Renovation Division

of the Group. He has extensive experience in quantity

surveying consultancy and construction contracting.

He holds a profesional diploma in quantity surveying

from The Hong Kong Polytechnic University. He is a

Registered Profesional Surveyor (QS) under the Surveyor

Registration Board (RPS) and a member of The Royal

Institution of Chartered Surveyors (MRICS) and Hong

Kong Institute of Surveyors (MHKIS).

Mr. Kong Wing Kin, aged 51, joined the Group in 1996.

He is a director of the Interior and Renovation Division of

the Group and has extensive experience in the building

industry in Hong Kong. He holds an asociate degre

in facilities management from the City University of

Hong Kong, a profesional diploma in ocupational

safety and health from the Hong Kong Baptist University

and a bachelor degre in building surveying from the

University of Reading in the United Kingdom. He is a

registered Constructor (Qianhai) under the PRC. He is

also a member of Hong Kong Institute of Construction

Managers (MHKICM), The Chartered Institute of Building

(MCIOB), and Chartered Asociation of Building Enginers

(MCABE).

Mr. Lam Chiu Yat, Paul, aged 61, joined the Group in

2000. He is a director of the Building Materials Division of

the Group. He has over 33 years of experience in project

management. He holds a Bachelor of Building from

University of New South Wales.

Mr. Lin Tai Ning, Raymond, aged 60, joined the Group

in 2008. He is a director of the Property Agency and

Management Division of the Group. Mr. Lin has extensive

experience in project management. He holds a bachelor

degre in arts (architectural studies) and a bachelor

degre in architecture from The University of Hong Kong.

He is a Registered Architect of The Hong Kong Institute

of Architects.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

伦添浩先生，

岁，于一九零年加入本集

团，现任本集团建筑部及装饰及维修部之董

事。伦先生在香港及中国建筑界累积丰富经

验。彼持有香港理工大学建筑工艺及管理学

院士及高级文凭。彼为英国特许建造学会、香

港营造师学会、英国皇家特许测量师学会、香

港测量师学会及香港工程师学会建造部之会

员。

黄秉中先生，

岁，于一九六年加入本集

团。彼负责监管本集团资讯科技工作及为本

集团健康产品部之董事。彼在资讯科技方面

累积逾

年经验。彼持有

Curtin University

商

业资讯科技硕士学位。

Mr. Lun Tim Ho, aged 66, joined the Group in 1990 and

is a director of the Construction Division and Interior and

Renovation Division of the Group. Mr. Lun has extensive

experience in the construction field in Hong Kong and

the PRC. He holds an asociateship and a higher diploma

in the building technology and management from The

Hong Kong Polytechnic University. He is a member of

The Chartered Institute of Building (MCIOB), Hong Kong

Institute of Construction Managers (MHKICM), Royal

Institution of Chartered Surveyors (MRICS), The Hong

Kong Institute of Surveyors (MHKIS), and The Hong Kong

Institution of Enginers – Building (MHKIE).

Mr. Wong Ping Chung, aged 54, joined the Group in

1996. He overses the Group’s information technology

function and is a director of the Health Products Division

of the Group. He has over 25 years of experience in

information technology. He holds a Master of Busines

Information Technology from Curtin University.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

董事于股份、相关股份及债权证之

权益与淡仓

于二零二五年三月三十一日，本公司董事于

本公司之股份及相关股份中拥有记录于本公

司根据证券及期货条例第

条须存置之登

记册内之权益如下：

(i)

于本公司股份之好仓

DIRECTORS’ INTERESTS AND SHORT

POSITIONS IN SHARES, UNDERLYING

SHARES AND DEBENTURES

As at 31 March 2025, the interests of the directors of

the Company in the shares and underlying shares of the

Company as recorded in the register required to be kept

by the Company under Section 352 of the SFO were as

folows:

(i) Long position in the shares of the Company

Name

姓名

Capacity

身份

Number of

shares held

所持股份数目

Total

number of

shares held

所持股份总数

Aproximate

percentage of

isued shares

(Note v)

占已发行股份

概约百分比

（附注

）

Cha Mou Daid, JohnsonBeneficial owner 14,155,500

查懋德实益拥有人

Beneficiary of discretionary trusts

酌情信托之受益人

539,500,961

(Note i)

553,656,46151.59%

（附注

）

Wong Sue Toa, StewartBeneficial owner48,704,157

王世涛实益拥有人

Interest of controled corporation

受控法团之权益

4,270,975

(Note i)

（附注

）

Interest of spouse

配偶权益

5,485,487

(Note i)

58,460,6195.44%

（附注

）

Tai Sai HoBeneficial owner17,385,72117,385,7211.62%

戴世豪实益拥有人

Chow Ka FungBeneficial owner2,394,0002,394,0000.22%

周嘉峰实益拥有人

Lam Chat YuBeneficial owner318,000

林泽宇实益拥有人

Interest held jointly with another person

与其他人士共同持有之权益

2,140,000

(Note iv)

2,458,0000.22%

（附注

）

Chan Pak JoeBeneficial owner2,830,1002,830,1000.26%

陈伯佐实益拥有人

Lau Tze Yiu, PeterBeneficial owner5,110,9505,110,9500.47%

刘子耀实益拥有人

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

附注：

(i)

该等股份由若干不同酌情信托所持

有，查懋德先生为若干不同酌情信托

之酌情受益人组别其中之成员。

(i)

王世涛先生于本公司之公司权益乃透

过其拥有世涛投资有限公司的

50%

股

权持有，该公司持有本公司

4,270,975

股份。

(i)

该等股份由王世涛先生之配偶王雷国

慧女士持有。

(iv)

该等股份由林泽宇博士及其配偶梅丽

卿女士共同持有。

(v)

百分比乃根据本公司于二零二五年

三月三十一日已发行股份总数（即

1,073,074,676

股份）计算。

Notes:

(i) These shares are held under certain but not identical

discretionary trusts, of which Mr. Cha Mou Daid,

Johnson is among the members of the clas of

discretionary beneficiaries.

(i) Mr. Wong Sue Toa, Stewart’s corporate interests in

the Company arise from the fact that he owns 50%

equity interest in Executive Plaza Limited, which

holds 4,270,975 shares of the Company.

(i) These shares are held by Ms. Wong Lui Kwok Wai,

the spouse of Mr. Wong Sue Toa, Stewart.

(iv) These shares are held by Dr. Lam Chat Yu jointly with

his spouse Ms. Lam Elizabeth Mona.

(v) The percentage is calculated based on the total

number of isued shares of the Company as at 31

March 2025 (i.e. 1,073,074,676 shares).

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

(i)

购股权

董事于购股权之权益载于上文「购股权

计划」一节。

除上文所披露者外，于二零二五年三月

三十一日，本公司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

中拥有记录于本公司根据证券及期货条例第

条须存置之登记册内，或根据上市规则附

录

所载之《上市发行人董事进行证券交易

的标准守则》须知会本公司及联交所之任何

权益或淡仓。截至二零二五年三月三十一日

止年度内，概无任何董事及最高行政人员于

本公司及其相联法团（定义见证券及期货条

例第

部）之证券中拥有任何权益或获授予

任何权利认购本公司及其相联法团之证券或

已行使任何有关权利。

购买股份或债权证之安排

除上文「购股权计划」一节所披露者外，于本

年度内任何时间，本公司或其任何附属公司

并无作为任何安排之订约方，以令本公司董

事取得本公司或任何其他公司之利益（包括

债权证），亦无董事或彼等之配偶或未满十八

岁之子女拥有可认购本公司证券之任何权利

或于年内曾行使任何该等权利。

(i) Share options

Directors’ interests in share options are set out in

the section headed “Share Option Scheme” above.

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

the directors and chief executive of the Company had

any 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) which were recorded in the register required

to be kept by the Company under Section 352 of the SFO,

or which were required to be notified to the Company

and the Stock Exchange pursuant to the Model Code for

Securities Transactions by Directors of Listed Isuers as set

out in Apendix C3 to the Listing Rules. Nor any of the

directors and the chief executive had any interest in, or

had ben granted any right to subscribe for the securities

of the Company and its asociated corporations (within

the meaning of Part XV of the SFO) or had exercised any

such right during the year ended 31 March 2025.

ARANGEMENTS TO ACQUIRE SHARES

OR DEBENTURES

Save as disclosed in the section headed “Share Option

Scheme” above, at no time during the year was the

Company or any of its subsidiaries a party to any

arangements to enable the directors of the Company to

acquire benefits (including debentures) of the Company

or any other body corporate and none of the directors

or their spouses or children under the age of 18, had any

rights to subscribe for securities of the Company, or had

exercised any such rights during the year.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

根据证券及期货条例须予披露的股

东权益

据本公司所知，于二零二五年三月三十一日，

股东（本公司董事及最高行政人员除外）于本

公司股份及相关股份中拥有记录于本公司根

据证券及期货条例第

条须存置之登记册

之权益如下：

于本公司股份之好仓

INTERESTS OF SHAREHOLDERS

DISCLOSEABLE UNDER SFO

So far as is known to the Company, as at 31 March 2025,

the interests of the shareholders (other than the directors

and chief executive of the Company) in the shares and

underlying shares of the Company as recorded in the

Section 336 of the SFO were as folows:

Long position in the shares of the Company

Name

名称╱姓名

Capacity

身份

Number of

shares held

所持股份数目

Aproximate

percentage of

isued shares

(Note vi)

占已发行股份

概约百分比

（附注

）

CM TrustTruste487,702,041

(Note i)

（附注

）

45.44%

信托人

Interest of controled corporations

受控法团之权益

Mingly

名力

Interest of controled corporation

受控法团之权益

104,243,301

(Note i)

9.71%

（附注

）

Mingly AsiaBeneficial owner104,243,3019.71%

实益拥有人

LBJTruste67,829,571

(Note i)

（附注

）

6.32%

信托人

Interest of controled corporation

受控法团之权益

Wong Lui Kwok WaiBeneficial owner58,460,619

(Note iv)

（附注

）

5.44%

王雷国慧实益拥有人

Interest of controled corporation

受控法团之权益

Interest of spouse

配偶权益

Cha Mou Sing, Payson

(Deceased)

查懋声（辞世）

Beneficial owner54,437,427

(Note v)

（附注

）

5.07%

实益拥有人

Interest of controled corporations

受控法团之权益

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

附注：

(i)

该等股份权益包括由

CM Trust

直接持有之

383,458,740

股份及透过名力之全资附属

公司间接持有之

104,243,301

股份。

Trust

拥有名力

87.5%

之股权。

CM Trust

以信托人身份为若干不同酌情信托持有

383,458,740

股份，该等信托之酌情受益人

其中有查氏家族成员（当中包括查懋德先生

（本公司主席）。查懋德先生为

CM Trust

董

事。

(i)

该等股份权益由名力透过其全资附属公司

Mingly Asia

间接持有。查懋德先生为名力及

Mingly Asia

董事。

(i)

该等股份权益包括由

LBJ

直接持有之

61,022,931

股份及透过其全资附属公司

Bie

Ju Enterprises Limited

间接持有之

6,806,640

股份。

LBJ

以信托人身份为若干不同酌情信

托持有

61,022,931

股份，该等信托之酌情

受益人其中有查氏家族成员（当中包括查懋

德先生（本公司主席）。查懋德先生亦为

LBJ

董事。

(iv)

王雷国慧女士为王世涛先生之配偶，并根据

证券及期货条例被视为于由其配偶实益拥

有之

48,704,157

股份中拥有权益。王女士

个人持有

5,485,487

股份，并拥有世涛投

资有限公司的

50%

股权，该公司持有本公司

4,270,975

股份。

(v)

该等股份权益包括已故查懋声先生实益

拥有之

26,537,925

股份以及分别透过

Acomplished Investments Limited

及

Kola

Heights Limited

间接持有的

14,189,502

股及

13,710,000

股份。该两间公司均由已故查

先生直接全资拥有。

(vi)

百分比乃根据本公司于二零二五年三月

三十一日已发行股份总数（即

1,073,074,676

股份）计算。

除上文所披露者外，于二零二五年三月

三十一日，本公司并不知悉任何人士（本公司

董事及最高行政人员除外）于本公司股份及

相关股份中拥有本公司根据证券及期货条例

第

条须存置之登记册之任何权益或淡仓。

Notes:

(i) These share interests comprise 383,458,740 shares directly

held by CM Trust and 104,243,301 shares held indirectly

through Mingly’s wholy-owned subsidiary. CM Trust is

interested in 87.5% equity interest in Mingly. CM Trust

is holding the 383,458,740 shares as the truste of certain

but not identical discretionary trusts of which members

of the Cha Family (comprising, inter alios, Mr. Cha Mou

Daid, Johnson (the Chairman of the Company) are among

the discretionary objects. Mr. Cha Mou Daid, Johnson is a

director of CM Trust.

(i) These share interests are held by Mingly indirectly through

its wholy-owned subsidiary, Mingly Asia. Mr. Cha Mou

Daid, Johnson is a director of Mingly and Mingly Asia.

(i) These share interests comprise 61,022,931 shares directly

held by LBJ and 6,806,640 shares held indirectly through

Bie Ju Enterprises Limited, its wholy-owned subsidiary. LBJ

is holding the 61,022,931 shares as the truste of certain

but not identical discretionary trusts of which members of

the Cha Family (comprising, inter alios, Mr. Cha Mou Daid,

Johnson (the Chairman of the Company) are among the

discretionary objects. Mr. Cha Mou Daid, Johnson is also a

director of LBJ.

(iv) Ms. Wong Lui Kwok Wai is the spouse of Mr. Wong

Sue Toa, Stewart and is demed under the SFO to be

interested in 48,704,157 shares beneficialy owned by her

spouse. Ms. Wong is personaly interested in 5,485,487

shares and owns 50% equity interest in Executive Plaza

Limited which is holding 4,270,975 shares of the Company.

(v) These share interests comprise 26,537,925 shares

beneficialy owned by the late Mr. Cha Mou Sing, Payson

and 14,189,502 shares and 13,710,000 shares held

indirectly through Acomplished Investments Limited and

Kola Heights Limited, respectively. These two companies

are directly wholy-owned by the late Mr. Cha.

(vi) The percentage is calculated based on the total number

of isued shares of the Company as at 31 March 2025 (i.e.

1,073,074,676 shares).

Save as disclosed above, as at 31 March 2025, the

Company has not ben notified by any persons (other

than the directors and chief executive of the Company)

who had any interests or short positions in the shares and

underlying shares of the Company which were recorded

in the register required to be kept by the Company under

Section 336 of the SFO.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

董事于竞争业务中之权益

本年度内，本公司董事（独立非执行董事除

外）于与本集团主要业务直接或间接具竞争

性或可能具竞争性，而根据上市规则须予披

露之任何业务中拥有之权益如下：

附注：

(i)

查懋德先生为本公司非执行董事，彼并无参

与本集团日常管理工作。因此，本公司能够

在经营其业务时独立于上述具竞争性业务并

按公平基准经营。

此外，王世涛先生于若干私营公司（「该等私

营公司」，从事物业投资及服务式公寓或酒店

营运）持有股权及担任董事职务。由于本公司

董事会独立于该等私营公司的董事会且董事

会之组成与该等私营公司的各自董事会有别

（本公司董事会由三名执行董事、两名非执

行董事及四名独立非执行董事组成），本公司

能独立于该等私营公司的业务并按公平基准

经营其业务。

(i)

该等业务可透过附属公司或联属公司经营，

或透过其他投资方式作出。

DIRECTORS’ INTERESTS IN COMPETING

BUSINES

During the year, the interests of the directors (not

being the independent non-executive directors) of the

Company in busineses which compete or were likely to

compete, either directly or indirectly, with the principal

busineses of the Group as required to be disclosed

pursuant to the Listing Rules were as folows:

Name of director (Note i)Name of companyNature of interestCompeting busines (Note i)

董事姓名（附注

）公司名称权益性质竞争性业务（附注

）

Cha Mou Daid, Johnson

查懋德

HKRI

香港兴业

Director of HKRI and a member of the clas of

discretionary beneficiaries of certain but not

identical discretionary trusts of which the

trustes are demed substantial shareholders

of HKRI under Part XV of the SFO

香港兴业董事及若干不同酌情信托之酌情受益人

组别之成员，而根据证券及期货条例第

部，该

等信托之信托人被视为香港兴业主要股东

(a) Property development and

investment

物业发展及投资

(b) Provision of property agency

and management services

提供物业代理及管理服务

Notes:

(i) Mr. Cha Mou Daid, Johnson is a non-executive director

of the Company, who is not involved in the daily

management of the Group. Acordingly, the Company is

capable of carying its busineses independently of, and

at arm’s length from the abovementioned competing

busineses.

In adition, Mr. Wong Sue Toa, Stewart held share

interests and directorships in certain private companies

(“Private Companies”) which engage in property

investment and serviced apartment or hotel operation.

As the Board of the Company is independent of the

boards of the Private Companies and has a diferent

board composition to the respective boards of the Private

Companies (the Board of the Company comprises thre

executive directors, two non-executive directors and

four independent non-executive directors), the Company

operates its busineses independently of, and at arm’s

length from the busineses of the Private Companies.

(i) Such busineses may be made through subsidiaries,

afiliated companies or by way of other forms of

investments.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

董事于交易、安排或合约之权益

除下文「持续关连交易」一节所披露者外，本

公司或其任何附属公司、其母公司或其母公

司之任何附属公司概无订立与本集团业务有

关，且本公司董事或其关连实体于其中直接

或间接拥有重大权益而于本年度完结之日或

本年度内任何时间仍然生效之任何重大交

易、安排或合约。

获准许弥偿条文及保险

本公司之组织章程细则规定，本公司各董事

或其他高级职员有权自本公司资产中就其作

为本公司董事或其他高级职员在获判胜诉或

获判无罪之任何诉讼中进行抗辩而产生或蒙

受之一切损失或责任获得弥偿。于截至二零

二五年三月三十一日止年度内及于本年报日

期，有关获准许弥偿条文一直有效。

本公司已为本公司董事及高级职员购买适当

的董事及高级职员责任保险作为保障。

股票挂钩协议

除上述购股权计划外，本集团于年内并无订

立任何股票挂钩协议。

DIRECTORS’ INTERESTS IN

TRANSACTIONS, ARANGEMENTS OR

CONTRACTS

Save as disclosed in the section headed “Continuing

Conected Transactions” below, no transactions,

arangements or contracts that are significant in relation

to the Group’s busines to which the Company or any of

its subsidiaries, its parent company or any subsidiary of

its parent company was a party and in which a director

of the Company or his conected entities had a material

interest, whether directly or indirectly, subsisted at the

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

PERMITED INDEMNITY PROVISION AND

INSURANCE

The Company’s articles of asociation provides that every

director or other oficer of the Company shal be entitled

to be indemnified out of the asets of the Company

against al loses or liabilities incured or sustained by

him as a director or other oficer of the Company in

defending any procedings, in which judgment is given

in his favour, or in which he is acquited. Such permited

indemnity provision is in force during the year ended 31

March 2025 and at the date of this anual report.

The Company has aranged apropriate directors’ and

oficers’ liabilities insurance coverage for directors and

oficers of the Company.

EQUITY-LINKED AGREMENTS

Save for the share option scheme described above, the

Group has not entered into any equity-linked agrements

during the year.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

管理合约

于年内，本公司并无订立或存在任何有关本

公司全部或其中任何主要部分业务之管理及

行政合约。

主要客户及供应商

于年内，本集团之五大客户占本集团营业额

约

64%

，而最大客户为独立第三方，占本集团

营业额约

26%

。截至二零二五年三月三十一

日止年度，本集团五大供应商应占总采购额

少于

30%

。

截至二零二五年三月三十一日止年度，概无

董事、彼等各自之紧密联系人或任何股东（就

董事所知拥有本公司已发行股份

以上）于

本集团五大客户及供应商中拥有任何权益。

退休福利计划

本集团严格遵守强制性公积金计划条例之规

定，向其雇员作出强制性供款。有关退休福利

计划供款详情载于综合财务报表附注

。

雇员及薪酬政策

本集团实行一项以尽量发挥现有雇员资源，

借此提高生产力为目的之人力政策。我们相

信，透过提高雇员之工作能力，我们可以在无

需大量增加人手之情况下，加强整体之营运

效率。

MANAGEMENT CONTRACT

No contract for undertaking the management and

administration of the whole or any substantial part of

any busines of the Company was entered into or existed

during the year.

MAJOR CUSTOMERS AND SUPLIERS

During the year, the five largest customers of the Group

acounted for about 64% of the turnover of the Group

and the largest customer is an independent third party,

acounted for about 26% of the turnover of the Group.

Agregate purchases for the year ended 31 March 2025

atributable to the Group’s five largest supliers were les

than 30%.

None of the directors, their respective close asociates,

or any shareholders (which to the knowledge of the

directors own more than 5% of the Company’s isued

shares) has any interest in the five largest customers and

supliers of the Group for the year ended 31 March 2025.

RETIREMENT BENEFITS SCHEMES

The Group strictly complies with the requirements of the

Mandatory Provident Fund Schemes Ordinance in making

mandatory contributions for its staf. Details of charges

relating to the retirement benefits schemes are set out in

note 43 to the consolidated financial statements.

EMPLOYES AND REMUNERATION

POLICY

The Group is implementing a manpower policy that

aims to maximise the output of existing staf resources

in order to achieve productivity gains. We believe that

through improving our staf’s job-related competencies,

our overal operational eficiency can be improved

without the ned for substantial increase in headcount.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

于二零二五年三月三十一日，本集团（不包括

其合营企业）有

名雇员（二零二四年：

名雇员）。截至二零二五年三月三十一日止

年度，本集团的员工成本为港幤

225,600,000

元（不包括董事酬金）（二零二四年：港币

212,800,000

元）。本集团参照市场水平及根

据雇员之资历，为雇员提供具吸引力的薪酬

组合，包括酌情花红及购股权计划。本集团亦

为雇员提供退休金计划、医疗福利、公司及外

间的培训课程。

雇员及董事之薪酬乃按个人及本集团之表

现、行业趋势、当时市场情况、工作性质及价

值创造而定。本集团根据个别人士之发展潜

能、才干及能力作出招聘及晋升，并确保其薪

酬维持于合理之市场水平。本集团之董事、合

资格全职雇员及顾问均符合参与本公司之购

股权计划之资格。

持续关连交易

于二零二四年七月十九日，本公司与美亨订

立框架协议（「框架协议」），以就规管美亨及

其附属公司（「美亨集团」）向本集团提供外墙

及幕墙、铝门窗工程的设计、供应及安装服

务（「该等服务」）提供框架。框架协议自二零

二四年四月一日起生效，直至二零二七年三

月三十一日（包括该日）为止，除非根据框架

协议的条文提前终止。

As at 31 March 2025, the Group (excluding its joint

ventures) had 512 employes (2024: 543 employes).

Staf costs of the Group for the year ended 31 March

2025 amounted to HK$225.6 milion (excluding directors’

emoluments) (2024: HK$212.8 milion). The Group

ofers competitive remuneration packages, including

discretionary bonus and share option scheme, to its

employes, comensurable to market level and their

qualifications. The Group also provides retirement

schemes, medical benefits and both in-house and

external training courses for employes.

Employes and directors are remunerated acording

to individual and the Group’s performance, industry

trends, prevailing market conditions, the nature of the

job and value creation. The Group recruits and promotes

individuals based on their development potential, merits

and competencies, and ensures that their remuneration

packages are at a reasonable market level. The directors,

eligible ful time employes and consultants of the Group

are entitled to participate in the share option scheme of

the Company.

CONTINUING CONECTED

TRANSACTIONS

On 19 July 2024, the Company and Milion Hope have

entered into a framework agrement (“Framework

Agrement”) to provide a framework for the regulation

of the provision of design, suply and instalation of

façade and curtain wals, aluminium windows and dors

works (“Services”) by Milion Hope and its subsidiaries

(“MH Group”) to the Group. The Framework Agrement

is efective from 1 April 2024 up to and including 31

March 2027, unles terminated earlier in acordance with

the provisions of the Framework Agrement.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

截至二零二七年三月三十一日止三个年度各

年，本集团成员公司（作为一方）与美亨集团

成员公司（作为另一方）就本集团与美亨集团

将予订立的框架协议项下拟订立的附属协议

进行交易的总值（就本集团而言，按已付款项

计算；就美亨集团而言，按已确认收入计算）

（「年度上限」）不得超过以下各项：

二零二四年四月一日至

二零二五年三月三十一日

港币

80,000,000

元

二零二五年四月一日至

二零二六年三月三十一日

港币

80,000,000

元

二零二六年四月一日至

二零二七年三月三十一日

港币

80,000,000

元

框架协议规定，支付合约款项必须根据相关

附属协议条款进行结算。美亨集团将获委聘

按项目提供服务，框架协议下与该交易有关

的附属协议条款将因项目而异。一般而言，

附属协议将规定每个项目服务的固定总价，

并提供分阶段付款机制。通常情况下，美亨集

团将按月就当月完成的工作提交进度付款申

请。项目的受委建筑师或总承建商（即该交易

中的本集团相关成员公司）将审查已完成的

工作，并向美亨集团发出付款证明。美亨集

团其后将根据付款证明开具发票，一般在开

具付款证明后

至

天，美亨集团方会收到

付款。付款透过支票、自动转账或银行转账进

行，通常反映项目主合约下的机制。每个项目

的最终账目亦将在缺陷责任期（在此期间，美

亨集团将自费负责对任何缺陷工程或使用的

不合标准的材料可能出现的补救工程）后向

美亨集团发出，并且协定最终账目内列出的

尚未偿还结余代表美亨集团就该项目的全部

及最终结算。

The total value of the transactions betwen members

of the Group on the one hand and members of the MH

Group on the other hand in relation to the subsidiary

agrements contemplated under the Framework

Agrement to be entered into betwen the Group and

MH Group (in terms of payments made in the case of the

Group and in terms of revenue recognised in the case

of the MH Group) for each of the thre years ending

31 March 2027 (‘Anual Caps’) shal not exced the

folowing:

1 April 2024 – 31 March 2025HK$80,000,000

1 April 2025 – 31 March 2026HK$80,000,000

1 April 2026 – 31 March 2027HK$80,000,000

The Framework Agrement provides that payments of

contract sums must be setled in acordance with the

terms of the relevant subsidiary agrements. The MH

Group wil be engaged to provide the Services on a

project-by-project basis, and the terms of a subsidiary

agrement in respect of a transaction under the

Framework Agrement wil vary depending on the

project. In general, the subsidiary agrement would

set out a lump sum fixed price for the Services for

each project and wil provide a mechanism for staged

payments. Typicaly, progres payment aplications would

be submited by the MH Group on a monthly basis

for the work done during that month. The apointed

architects of the project or the main contractor (i.e.

the relevant member of the Group in respect of a

transaction) wil examine the work done and isue a

payment certificate to the MH Group. The MH Group

wil then isue an invoice acording to the payment

certificate, and it generaly takes 30 to 44 days after

the isue of the payment certificate for the MH Group

to receive payment. Payments are efected by cheque,

autopay or bank transfer, generaly to miror the

mechanics under the main contract for the project. The

final acount in respect of each project wil also be isued

to the MH Group after the defects liability period (a

period during which the MH Group wil be responsible,

at its own costs, for remedial works which may arise in

respect of any defective works or substandard materials

used), and the outstanding balance presented in the

agred final acount represents ful and final setlement

to the MH Group regarding the project.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

CM Trust is a substantial shareholder of the Company

under the Listing Rules. For the purpose of Chapter

14A of the Listing Rules, as Milion Hope is an over

30%-controled company held (directly and indirectly)

by CM Trust, Milion Hope is an asociate of CM

Trust and acordingly is a conected person of the

Company. Therefore, the Framework Agrement and

the transactions contemplated thereunder constitute

continuing conected transactions of the Company under

Chapter 14A of the Listing Rules.

The Framework Agrement and the transactions

contemplated thereunder and the Anual Cap were

aproved by an ordinary resolution pased at an

extraordinary general meting of the Company held on

20 August 2024. Details of the continuing conected

transactions, are set out in the anouncement and

circular of the Company dated 19 July 2024 and 25 July

2024 respectively.

The Anual Cap for the Services for the year ended

31 March 2025 was HK$80,000,000, and the actual

agregate costs recognised by the Group for the year

ended 31 March 2025 was HK$11,025,000.

The independent non-executive directors have reviewed

the above continuing conected transactions for the

year ended 31 March 2025 and confirmed that the

transactions have ben entered into:

(i) in the ordinary and usual course of busines of the

Group;

(i) on normal comercial terms; and

(i) in acordance with the terms of the agrements

governing the transactions and on terms which

are fair and reasonable and in the interests of the

shareholders of the Company as a whole.

根据上市规则的规定，

CM Trust

为本公司的

主要股东。根据上市规则第

14A

章的规定，由

于美亨乃由

CM Trust

（直接或间接）持有的

逾

30%

受控公司，故美亨为

CM Trust

的联系

人，因而为本公司的关连人士。因此，根据上

市规则第

14A

章，框架协议及其项下拟进行之

交易构成本公司之持续关连交易。

框架协议及其项下拟进行的交易以及年度上

限已于二零二四年八月二十日举行的本公司

股东特别大会上以普通决议案方式批准。有

关持续关连交易的详情载于本公司日期分别

为二零二四年七月十九日及二零二四年七月

二十五日的公告及通函。

该等服务截至二零二五年三月三十一日止年

度的年度上限为港币

80,000,000

元，而本集团

于截至二零二五年三月三十一日止年度确认

的实际总成本为港币

11,025,000

元。

独立非执行董事已审阅上述截至二零二五年

三月三十一日止年度的持续关连交易，并确

认该等交易乃于以下情况订立：

(i)

于本集团一般及日常业务过程中订立；

(i)

按正常商业条款订立；及

(i)

根据规管该等交易的协议条款以及属公

平合理且符合本公司股东整体利益的条

款订立。

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

The Company’s external auditor was engaged to report

on the above continuing conected transactions of

the Group in acordance with Hong Kong Standard

on Asurance Engagements 3000 (Revised) “Asurance

Engagements Other Than Audits or Reviews of Historical

Financial Information”, and with reference to Practice

Note 740 (Revised) “Auditor’s Leter on Continuing

Conected Transactions under the Hong Kong Listing

Rules” isued by the HKICPA. The external auditor has

isued an unqualified report containing its findings

and conclusions in respect of the continuing conected

transactions disclosed above in acordance with Rule

14A.56 of the Listing Rules.

本公司外聘核数师获委聘根据香港会计师公

会颁布的香港核证委聘准则第

号（经修

订）「审核或审阅过往财务资料以外的核证委

聘」及参照实务说明第

号（经修订）「关于香

港上市规则所述持续关连交易的核数师函件」

就本集团的上述持续关连交易作出报告。外

聘核数师已按照上市规则第

14A.56

条的规定

出具无保留意见的报告，当中载有就上文披

露的持续关连交易得出的发现及结论。

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

DISCLOSURE UNDER RULE 13.22 OF

LISTING RULES

The financial asistance to afiliated companies of the

Company, and guarantes given for banking facilities

granted to afiliated companies of the Company named

in the first column in the table below, in agregate

amounted to aproximately HK$3,082,000,000 which

represented aproximately 51.7% of the total asets of

the Company at 31 March 2025. Details of which are as

folows:

Name of afiliated company

联属公司名称

Company’s

equity interest

in afiliated

company

本公司

于联属公司

之股权

Total amount of financial

asistance given to,

comited capital injection

to and guarantes given

for facilities granted to,

afiliated company

向联属公司提供之

财务资助、承诺向联属公司

作出之注资及就授予联属公司

之融资作出之担保总额

HK$’000

港币千元

Great Splendor Enterprises Limited

(“Great Splendor”)

and its subsidiaries

Great Splendor Enterprises

Limited

（「

Great Splendor

」）

及其附属公司

50%250,000

(Note 1)

（附注

）

Flourishing Stable Limited

(“Flourishing Stable“)

and its subsidiaries

盛坚有限公司（「盛坚」）及其

附属公司

50%1,000,000

(Note 2)

（附注

）

Honour Advent Limited

(“Honour Advent”)

and its subsidiaries

誉临有限公司（「誉临」）及其

附属公司

50%535,000

(Note 3)

（附注

）

Protic Limited (“Protic”)

宝德有限公司（「宝德」）

50%500,000

(Note 4)

（附注

）

Estemed Virtue Limited

(“Estemed Virtue”)

and its subsidiaries

敬德有限公司（「敬德」）及其

附属公司

50%160,000

(Note 5)

（附注

）

Exces Wonder Limited

(“Exces Wonder”)

and its subsidiaries

多奇有限公司（「多奇」）及其

附属公司

50%637,000

(Note 6)

（附注

）

3,082,000

根据上市规则第

13.22

条作出之披

露

于二零二五年三月三十一日，向本公司之联

属公司提供之财务资助及就授予名列下表首

栏之本公司之联属公司之银行融资作出之担

保总额约为港币

3,082,000,000

元，其相当于

本公司之总资产约

51.7%

，有关详情如下：

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

附注：

有关

Great Splendor

所涉任何付款责任产生

之任何资金需要之资本承担总额将按其于合

营企业之股权比例由本集团出资。

有关盛坚所涉任何付款责任产生之任何资金

需要之资本承担总额将按其于合营企业之股

权比例由本集团出资。

有关誉临所涉任何付款责任产生之任何资金

需要之资本承担总额将按其于合营企业之股

权比例由本集团出资。

有关宝德所涉任何付款责任产生之任何资金

需要之资本承担总额将按其于合营企业之股

权比例由本集团出资。

有关敬德所涉任何付款责任产生之任何资金

需要之资本承担总额将按其于合营企业之股

权比例由本集团出资。

有关多奇所涉任何付款责任产生之任何资金

需要之资本承担总额将按其于合营企业之股

权比例由本集团出资。

Notes:

1. The total capital comitment shal be contributed by

the Group in proportion to its equity interest in the joint

venture in respect of any funding ned arising from any

payment obligation of the Great Splendor concerned.

2. The total capital comitment shal be contributed by

the Group in proportion to its equity interest in the joint

venture in respect of any funding ned arising from any

payment obligation of the Flourishing Stable concerned.

3. The total capital comitment shal be contributed by

the Group in proportion to its equity interest in the joint

venture in respect of any funding ned arising from any

payment obligation of the Honour Advent concerned.

4. The total capital comitment shal be contributed by

the Group in proportion to its equity interest in the joint

venture in respect of any funding ned arising from any

payment obligation of the Protic concerned.

5. The total capital comitment shal be contributed by

the Group in proportion to its equity interest in the joint

venture in respect of any funding ned arising from any

payment obligation of the Estemed Virtue concerned.

6. The total capital comitment shal be contributed by

the Group in proportion to its equity interest in the joint

venture in respect of any funding ned arising from any

payment obligation of the Exces Wonder concerned.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

REPORT OF THE DIRECTORS

董事会报告书

上述联属公司于二零二五年三月三十一日之

备考合并财务状况表如下：

捐款

于年内，本集团作出慈善及其他捐款达港币

228,100

元（二零二四年：港币

281,600

元）。

足够公众持股量

根据本公司所得之公开资料及就本公司董事

所知，于本报告书之日期，本公司已根据上市

规则规定维持不少于本公司已发行股份数目

25%

之足够公众持股量。

股份优先认购权

本公司之组织章程细则或开曼群岛法例并无

关于股份优先认购权之条文，规定本公司须

按比例向现有股东发售新股份。

The proforma combined statement of financial position

of the above afiliated companies at 31 March 2025 is as

folows:

HK$’000

港币千元

Curent asets

流动资产

3,669,216

Curent liabilities

流动负债

(4,527,528)

Non-curent asets

非流动资产

571,049

Net liabilities

负债净额

(287,263)

DONATIONS

During the year, the Group made charitable and other

donations amounting to HK$228,100 (2024: HK$281,600).

SUFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the

Company and within the knowledge of its directors, as

at the date of this report, the Company has maintained

suficient public float of not les than 25% of the number

of the Company’s isued shares as required under the

Listing Rules.

PRE-EMPTIVE RIGHTS

There are no provision for pre-emptive rights under

the Company’s articles of asociation, or the laws of

the Cayman Islands, which would oblige the Company

to ofer new shares on pro-rata basis to existing

shareholders.

兴胜创建控股有限公司

2024/2025

年报

REPORT OF THE DIRECTORS

董事会报告书

核数师

本公司将于应届股东周年大会上提呈决议

案，续聘德勤

•

关黄陈方会计师行为本公司核

数师。

代表董事会

王世涛

董事总经理

二零二五年六月二十七日

AUDITOR

A resolution wil be proposed at the forthcoming anual

general meting of the Company to re-apoint Mesrs.

Deloite Touche Tohmatsu as auditor of the Company.

On behalf of the Board

Wong Sue Toa, Stewart

Managing Director

27 June 2025

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

致

HANISON CONSTRUCTION HOLDINGS

LIMITED

（兴胜创建控股有限公司）全体股东

（于开曼群岛注册成立之有限公司）

意见

本核数师（以下简称「我们」）已审计列载

于第

至第

页

Hanison Construction

Holdings Limited

（兴胜创建控股有限公司）

（以下简称「贵公司」）及其附属公司（以下统

称为「贵集团」）的综合财务报表，此财务报表

包括于二零二五年三月三十一日的综合财务

状况表与截至该日止年度的综合损益表、综

合损益及其他全面收益表、综合权益变动表

和综合现金流量表以及综合财务报表附注，

包括重大会计政策资料及其他解释资料。

我们认为，该等综合财务报表已根据香港会

计师公会颁布的《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》的披露要求妥为拟

备。

TO THE SHAREHOLDERS OF

HANISON CONSTRUCTION HOLDINGS LIMITED

(incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of

Hanison Construction Holdings Limited (the “Company”)

and its subsidiaries (colectively refered to as the

“Group”) set out on pages 135 to 278, which comprise

the consolidated statement of financial position as at 31

March 2025, and the consolidated statement of profit

or los, consolidated statement of profit or los and

other comprehensive income, consolidated statement

of changes in equity and consolidated statement of

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

consolidated financial statements, including material

acounting policy information and other explanatory

information.

In our opinion, the consolidated financial statements give

a true and fair view of the consolidated financial position

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

financial performance and its consolidated cash flows

for the year then ended in acordance with HKFRS

Acounting Standards 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.

兴胜创建控股有限公司

2024/2025

年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

意见基础

我们已根据香港会计师公会颁布的《香港审

计准则》进行审计。我们在该等准则下承担的

责任已在本报告「核数师就审计综合财务报

表承担的责任」部分中作进一步阐述。根据香

港会计师公会颁布的《专业会计师道德守则》

（以下简称「守则」），我们独立于贵集团，

并已履行守则中的其他专业道德责任。我们

相信，我们所获得的审计凭证能充足及适当

地为我们的审计意见提供基础。

关键审核事项

关键审核事项是根据我们的专业判断，认为

对本期综合财务报表的审计中最为重要的事

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。

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

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

Our responsibilities under those standards are further

described in the Auditor’s Responsibilities for the Audit

of the Consolidated Financial Statements section of our

report. We are independent of the Group in acordance

with the HKICPA’s Code of Ethics for Profesional

Acountants (“the Code”), and we have fulfiled our

other ethical responsibilities in acordance with the Code.

We believe that the audit evidence we have obtained

is suficient and apropriate to provide a basis for our

opinion.

KEY AUDIT MATER

Key audit mater is the mater that, in our profesional

judgement, was of most significance in our audit of the

consolidated financial statements of the curent period.

The mater was 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 this mater.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审核事项

（续）

KEY AUDIT MATER (Continued)

Key audit mater

关键审核事项

How our audit adresed the key audit mater

我们的审计如何处理关键审核事项

Valuation of investment properties

投资物业之估值

We identified the valuation of investment

properties as a key audit mater as they are

quantitatively significant to the consolidated

financial statements as a whole and the significant

unobservable inputs and significant judgements

asociated with determination of the fair value.

鉴于投资物业对综合财务报表具有重大量化意义以

及厘定公平值涉及重大不可观察输入数据及重大判

断，我们将投资物业之估值识别为关键审核事项。

As disclosed in note 16 to the consolidated

financial statements, the Group’s investment

property portfolio comprised comercial and

industrial properties and was stated at fair value

of HK$2,193,170,000 in agregate, acounting

for aproximately 37% of the Group’s total asets

as at 31 March 2025 with a los on change in fair

value of investment properties of HK$140,706,000

recognised in the consolidated statements of

profit or los for the year then ended.

诚如综合财务报表附注

所披露，贵集团投资物

业组合包括商业及工业物业且其公平值合计为港

币

2,193,170,000

元，占贵集团于二零二五年三月

三十一日总资产约

37%

，包括截至该年度止于综合

损益表内确认之投资物业公平值变动之亏损港币

140,706,000

元。

Our procedures in relation to the valuation of the

investment properties included:

我们就投资物业之估值执行的程序包括：

• Obtaining an understanding from the

Valuer and management of the Group

about the valuation aproaches, significant

unobservable inputs and significant

judgements used in the valuations;

了解估值师及贵集团管理层于作出估值时所

用之估值方法、主要不可观察输入参数及重大

判断；

• Asesing the acuracy of information

provided by the management to the Valuer

by comparing details of rentals on a sample

basis to the respective underlying existing

lease agrements;

通过抽样将租金详情与相关现有租赁协议进

行比对，以评估管理层向估值师所提供之资料

的准确性；

兴胜创建控股有限公司

2024/2025

年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审核事项

（续）

KEY AUDIT MATER (Continued)

Key audit mater

关键审核事项

How our audit adresed the key audit mater

我们的审计如何处理关键审核事项

Valuation of investment properties (Continued)

投资物业之估值（续）

Al of the Group’s investment properties are

measured using the fair value model based on

valuation conducted by independent property

valuer (the “Valuer”). As disclosed in note 4 to the

consolidated financial statements, in determining

the fair values of the Group’s investment

properties, the Valuer aplied a market value basis

which involves, inter-alia, significant unobservable

inputs and significant judgements, representing

apropriate market rent, capitalisation rate and

adjusted market price that has taken into acount

of property-specific adjustments including location

and condition.

贵集团全部投资物业乃根据独立物业估值师（「估值

师」）作出之估值按公平值模式计量。诚如综合财务

报表附注

所披露，于厘定贵集团投资物业之公平

值时，估值师应用市值基准，当中涉及（其中包括）重

大不可观察输入数据和重大判断，即适当市场租金、

资本化率及经调整市场价格（已考虑包括位置及条件

在内的与物业相关之具体调整）。

, capabilities and

objectivity of the Valuer and obtaining an

understanding of the Valuer’ scope of work

and their terms of engagement; and

评估值师之能力、才能及客观性，并了解估

值师之工作范畴及其委聘条款；及

• Evaluating the reasonablenes of significant

unobservable inputs by comparing the

market rent estimated by the Valuer against

market data or rental of existing lease,

benchmarking capitalisation rate against

market data and comparing adjusted market

price with comparable market transactions

for comparable property in similar location

and condition on a sample basis.

透过抽样比较估值师估计之市场租金与市场

数据或现有租赁之租金、基准资本化率与市场

数据、经调整市场价格与类似地点及状况之可

比较物业的可比较市场交易，以评价重大不可

观察输入数据的合理性。

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

其他信息

贵公司董事需对其他信息负责。其他信息包

括刊载于年报内的信息，但不包括综合财务

报表及我们就此发出的核数师报告。

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

的鍳证结论。

结合我们对综合财务报表的审计，我们的责

任是阅读其他信息，在此过程中，考虑其他信

息是否与综合财务报表或我们在审计过程中

所了解的情况存在重大抵触或者似乎存在重

大错误陈述的情况。基于我们已执行的工作，

如果我们认为其他信息存在重大错误陈述，

我们需要报告该事实。在这方面，我们没有任

何报告。

董事及治理层就综合财务报表须承

担的责任

贵公司董事须负责根据香港会计师公会颁布

的《香港财务报告准则会计准则》及香港《公司

条例》的披露要求拟备真实而中肯的综合财

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。

OTHER INFORMATION

The directors of the Company are responsible for the

other information. The other information comprises the

information included in the anual report, but does not

include the consolidated financial statements and our

auditor’s report thereon.

Our opinion on the consolidated financial statements

does not cover the other information and we do not

expres any form of asurance conclusion thereon.

In conection with our audit of the consolidated

financial statements, our responsibility is to read the

other information and, in doing so, consider whether

the other information is materialy inconsistent

with the consolidated financial statements or our

knowledge obtained in the audit or otherwise apears

to be materialy mistated. If, based on the work we

have performed, we conclude that there is a material

mistatement of this other information, we are required

to report that fact. We have nothing to report in this

regard.

RESPONSIBILITIES OF DIRECTORS AND

THOSE CHARGED WITH GOVERNANCE

FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors of the Company are responsible for the

preparation of the consolidated financial statements

that give a true and fair view in acordance with HKFRS

Acounting Standards 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.

兴胜创建控股有限公司

2024/2025

年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

董事及治理层就综合财务报表须承

担的责任

（续）

在拟备综合财务报表时，董事负责评估贵

集团持续经营的能力，并在适用情况下披露

与持续经营有关的事项，以及使用持续经营

为会计基础，除非董事有意将贵集团清盘

或停止经营，或别无其他实际的替代方案。

治理层须负责监督贵集团的财务报告过

程。

核数师就审计综合财务报表承担的

责任

我们的目标，是对综合财务报表整体是否不

存在由于欺诈或错误而导致的重大错误陈述

取得合理保证，并按照我们商定的业务约定

条款仅向全体股东出具包括我们意见的核数

师报告。除此以外，我们的报告不可用作其他

用途。本行并不就本报告之内容对任何其他

人士承担任何责任或接受任何义务。合理保

证是高水平的保证，但不能保证按照《香港审

计准则》进行的审计，在某一重大错误陈述存

在时总能发现。错误陈述可以由欺诈或错误

引起，如果合理预期它们单独或汇总起来可

能影响综合财务报表使用者依赖综合财务报

表所作出的经济决定，则有关的错误陈述可

被视作重大。

RESPONSIBILITIES OF DIRECTORS AND

THOSE CHARGED WITH GOVERNANCE

FOR THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

In preparing the consolidated financial statements, the

directors are responsible for asesing the Group’s ability

to continue as a going concern, disclosing, as aplicable,

maters related to going concern and using the going

concern basis of acounting unles the directors either

intend to liquidate the Group or to cease operations, or

have no realistic alternative but to do so.

Those charged with governance are responsible for

overseing the Group’s financial reporting proces.

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about

whether the consolidated financial statements as a

whole are fre from material mistatement, whether

due to fraud or eror, and to isue an auditor’s report

that includes our opinion solely to you, as a body, in

acordance with our agred terms of engagement, and

for no other purpose. We do not asume responsibility

towards or acept liability to any other person for the

contents of this report. Reasonable asurance is a high

level of asurance, but is not a guarante that an audit

conducted in acordance with HKSAs wil always detect a

material mistatement when it exists. Mistatements can

arise from fraud or eror and are considered material if,

individualy or in the agregate, they could reasonably

be expected to influence the economic decisions of

users taken on the basis of these consolidated financial

statements.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计综合财务报表承担的

责任

（续）

在根据《香港审计准则》进行审计的过程中，

我们运用了专业判断，保持了专业怀疑态度。

我们亦：

•

识别及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。

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (Continued)

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

profesional judgement and maintain profesional

skepticism throughout the audit. We also:

• Identify and ases the risks of material

mistatement of the consolidated financial

statements, whether due to fraud or eror, design

and perform audit procedures responsive to those

risks, and obtain audit evidence that is suficient

and apropriate to provide a basis for our opinion.

The risk of not detecting a material mistatement

resulting from fraud is higher than for one resulting

from eror, as fraud may involve colusion, forgery,

intentional omisions, misrepresentations, or the

overide of internal control.

• Obtain an understanding of internal control

relevant to the audit in order to design

audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing

an opinion on the efectivenes of the Group’s

internal control.

• Evaluate the apropriatenes of acounting

policies used and the reasonablenes of acounting

estimates and related disclosures made by the

directors.

兴胜创建控股有限公司

2024/2025

年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计综合财务报表承担的

责任

（续）

•

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。

•

规划及进行集团审计，以就集团内实体

或业务单位的财务信息获取充足、适当

的审计凭证，作为对集团财务报表形成

意见的基础。我们负责指导、监督及审

阅为进行集团审计而进行的审计工作。

我们为审计意见承担全部责任。

除其他事项外，我们与治理层沟通了计划的

审计范围、时间安排及重大审计发现等，包括

我们在审计中识别出内部控制的任何重大缺

陷。

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (Continued)

use of the going concern basis of acounting and,

based on the audit evidence obtained, whether

a material uncertainty exists related to events or

conditions that may cast significant doubt on the

Group’s ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are

required to draw atention in our auditor’s report to

the related disclosures in the consolidated financial

statements or, if such disclosures are inadequate,

to modify our opinion. Our conclusions are based

on the audit evidence obtained up to the date

of our auditor’s report. However, future events

or conditions may cause the Group to cease to

continue as a going concern.

, structure and

content of the consolidated financial statements,

including the disclosures, and whether the

consolidated financial statements represent the

underlying transactions and events in a maner that

achieves fair presentation.

• Plan and perform the group audit to obtain

suficient apropriate audit evidence regarding the

financial information of the entities or busines

units within the group as a basis for forming an

opinion on the 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.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计综合财务报表承担的

责任

（续）

我们还向治理层提交声明，说明我们已符合

有关独立性的相关专业道德要求，并与他们

沟通有可能合理地被认为会影响我们独立

性的所有关系及其他事项，以及为消除对独

立性的威胁所采取的行动或防范措施（如适

用）。

从与治理层沟通的事项中，我们确定哪些事

项对本期综合财务报表的审计最为重要，因

而构成关键审核事项。我们在核数师报告中

描述这些事项，除非法律法规不允许公开披

露这些事项，或在极端罕见的情况下，如果合

理预期在我们报告中沟通某事项造成的负面

后果超过产生的公众利益，我们决定不应在

报告中沟通该事项。

出具本独立核数师报告的审计项目合伙人是

李永锵（执业证书号码：

P06770

）。

德勤

•

关黄陈方会计师行

执业会计师

香港

二零二五年六月二十七日

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (Continued)

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

the independent auditor’s report is Le Wing Cheong,

Wilfred (practising certificate number: P06770).

Deloite Touche Tohmatsu

Certified Public Acountants

Hong Kong

27 June 2025

2025
二零二五年 HK$’000
港币千元
1,985,257
(1,860,788)
124,469
21,997
(48,369)
(97,794)
(1,049)
(107,364)
(140,706)
–
4,551
(51,209)
(295,474)
174
(295,300)
(27.5)
(27.5)

兴胜创建控股有限公司

2024/2025

年报

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

附注港币千元

Revenue

收入

51,612,660

Cost of sales

销售成本

(1,492,805)

Gros profit

毛利

119,855

Other income

其他收入

730,119

Other gains and loses

其他收益及亏损

8(10,325)

Impairment loses under

expected credit los model, net

预期信贷亏损模式下之

减值亏损净额

9(88,216)

Marketing and distribution costs

市场推广及分销费用

(735)

Administrative expenses

行政开支

(116,765)

Los on change in fair value

of investment properties

投资物业之公平值变动之

亏损

(71,078)

Share of los of an asociate

分占联营公司亏损

(7)

Share of profit (los) of joint

ventures

分占合营企业溢利（亏损）

(13,077)

Finance costs

财务费用

10(65,625)

Los before taxation

除税前亏损

11(215,854)

Tax credit (expense)

税项抵免（支出）

13(160)

Los for the year

本年度亏损

(216,014)

Los per share

每股亏损

Basic (HK cents)

基本（港仙）

15(19.9)

Diluted (HK cents)

摊薄（港仙）

15(19.9)

2025
二零二五年 HK$’000
港币千元
(295,300)
(61)
(850)
(8,682)
(9,593)
(304,893)

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

二零二四年

HK$’000

港币千元

Los for the year

本年度亏损

(216,014)

Other comprehensive expense:

其他全面支出：

Items that may be subsequently

reclasified to profit or los:

可于其后重新分类至损益之项目：

Exchange diferences arising

on translation of foreign

operations

换算海外业务产生之汇兑差额

(313)

Share of exchange diferences of

a joint venture

分占合营企业之汇兑差额

(4,543)

Los on change in fair value

of hedging instrument

designated as cash flow hedge

指定为现金流量对冲之对冲工具之

公平值变动亏损

–

(4,856)

Total comprehensive expense for

the year

本年度全面支出总额

(220,870)

31.3.2025
二零二五年
三月三十一日 HK$’000
港币千元
2,193,170
287,925
3,074
–
92,349
1,085,366
5,501
3,667,385
1,197,378
3,610
381,967
139,053
290
–
477,722
2,200,020
97,700
2,297,720

兴胜创建控股有限公司

2024/2025

年报

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

31.3.2024

二零二四年

三月三十一日

NOTESHK$’000

附注港币千元

Non-curent asets

非流动资产

Investment properties

投资物业

162,743,080

Property, plant and equipment

物业、厂房及设备

17300,638

Right-of-use asets

使用权资产

184,047

Interest in an asociate

联营公司之权益

19–

Interests in joint ventures

合营企业之权益

2088,648

Loans to joint ventures

合营企业贷款

211,036,628

Defered tax asets

递延税项资产

355,340

4,178,381

Curent asets

流动资产

Properties under development

for sale

发展中之待售物业

231,039,000

Inventories

存货

244,338

Contract asets

合约资产

25308,982

Debtors, deposits and

prepayments

应收款项、按金及

预付款项

2694,620

Financial asets at fair value

through profit or los

透过损益按公平值计算之

财务资产

Taxation recoverable

可退回税项

2,001

Cash and cash equivalents

现金及现金等值

28441,485

1,890,689

Asets clasified as held for sale

分类为持作出售资产

29157,050

2,047,739

31.3.2025
二零二五年
三月三十一’00 日 HK $ 0
港币千元
464,665
28,622
3,307
20,715
1,138,368
1,655,677
642,043
4,309,428
8,682
792,632
40,704
2,190
3,587
847,795
3,461,633
107,307
3,354,326
3,461,633

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

第

页至第

页所列之综合财务报表，经

董事会于二零二五年六月二十七日核准及授

权发布，并由下列董事代表签署：

Curent liabilities

流动负债

Trade and other payables

应付款项及其他应付款项

30495,578

Provisions

拨备

3116,470

Lease liabilities

租赁负债

323,026

Taxation payable

应付税项

20,225

Bank loans – amounts due

within one year

银行贷款－于一年内

应付款项

331,878,072

2,413,371

Net curent asets (liabilities)

流动资产净值（负债净额）

(365,632)

Total asets les curent liabilities

总资产减流动负债

3,812,749

Non-curent liabilities

非流动负债

Derivative financial instrument

衍生财务工具

34–

Bank loans – amounts due

after one year

银行贷款－于一年后

应付款项

33–

Provisions

拨备

3134,869

Defered tax liabilities

递延税项负债

356,477

Lease liabilities

租赁负债

324,877

46,223

3,766,526

Capital and reserves

资本及储备

Share capital

股本

36107,307

Reserves

储备

3,659,219

3,766,526

The consolidated financial statements on pages 135 to 278

were aproved and authorised for isue by the board of

directors on 27 June 2025 and are signed on its behalf by:

Wong Sue Toa, StewartTai Sai Ho

王世涛戴世豪

DIRECTORDIRECTOR

董事董事

31.3.2024

二零二四年

三月三十一日

NOTESHK$’000

附注港币千元

Loss for the year		–	–	–	–	–	–	–	–	–	(295,300)	(295,300)
Exchange differences arising on translation of foreign operations	本年度亏损换算海外业务产生之汇兑差额	–	–	–	–	–	–	–	(61)	–	–	(61)
Share of exchange differences of a joint venture		–	–	–	–	–	–	–	(850)	–	–	(850)
Loss on change in fair value of hedging instrument designated as cash flow hedge	分占合营企业之汇兑差额指定为现金流量对冲之对冲工具之	–	–	–	–	–	–	(8,682)	–	–	–	(8,682)
	公平值变动亏损
Total comprehensive expense for the year		–	–	–	–	–	–	(8,682)	(911)	–	(295,300)	(304,893)
本年度全面支出总额
Share options lapsed		–	–	–	(4,577)	–	–	–	–	–	4,577	–
Reclassification to accumulated profits upon disposal of properties	购股权失效出售物业后重新分类至累计溢利	–	–	–	–	–	(22,708)	–	–	–	22,708	–
At 31 March 2025	于二零二五年三月三十一日	107,307	393,245	21,941	–	–	981	(8,682)	(10,938)	(78)	2,957,857	3,461,633

兴胜创建控股有限公司

2024/2025

年报

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

Contributed

surplus

Special

reserve

Share-

based

compensation

reserve

Treasury

reserve

Property

revaluation

reserve

Hedging

reserve

Translation

reserve

Godwil

reserve

Acumulated

profitsTotal

股本缴入盈余特别储备

以股份支付的

酬金储备

库存

股份储备

物业

重估储备对冲储备换算储备商誉储备累计溢利总计

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

港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元

(Note 37)(Note 37)

（附注

）（附注

）

At 1 April 2023

于二零二三年四月一日

109,629417,20221,9415,194(6,129)23,689–(5,171)(78)3,506,4054,072,682

Los for the year

本年度亏损

–(216,014)(216,014)

Exchange diferences arising on translation of

foreign operations

换算海外业务产生之汇兑差额

–(313)–(313)

Share of exchange diferences of a joint venture

分占合营企业之汇兑差额

–(4,543)–(4,543)

Total comprehensive expense for the year

本年度全面支出总额

–(4,856)–(216,014)(220,870)

Dividends paid (note 14)

已付之股息（附注

）

–(65,136)(65,136)

Share options lapsed

购股权失效

–(617)–617–

Repurchase of shares (note 36)

回购股份（附注

）

–(19,999)–(19,999)

Transaction costs atributable to repurchase and

cancelation of shares

回购及注销股份应占之交易成本

–(151)–(151)

Cancelation of shares (note 36)

注销股份（附注

）

(2,322)(23,957)–26,279–

At 31 March 2024

于二零二四年三月三十一日

107,307393,24521,9414,577–23,689–(10,027)(78)3,225,8723,766,526

于二零二五年三月三十一日

2025
二零二五年 HK$’000
港币千元
(295,474)
–
(4,551)
(6)
(18,749)
51,209
16,165
2,892
(754)
140,706
49,146
(27)
123
97,794

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

HK$’000

港币千元

Operating activities

营运业务

Los before taxation

除税前亏损

(215,854)

Adjustments for:

调整：

Share of los of an asociate

分占联营公司亏损

Share of (profit) los of joint

ventures

分占合营企业（溢利）

亏损

13,077

Dividend income

股息收入

(5)

Interest income

利息收入

(21,891)

Interest expense

利息支出

65,625

Depreciation of property,

plant and equipment

物业、厂房及设备之

折旧

15,709

Depreciation of

right-of-use asets

使用权资产之折旧

1,752

Gain on disposal of property,

plant and equipment

出售物业、厂房及

设备之收益

(6)

Los on change in fair value of

investment properties

投资物业之公平值变动

之亏损

71,078

Write-down of properties under

development for sale

撇减发展中之待售物业

21,740

(Gain) los on change in fair

value of financial asets at fair

value through profit or los

透过损益按公平值计算

之财务资产公平值变

动之（收益）亏损

Write-down of inventories

(reversal of write-down of

inventories), net

撇减存货（拨回存货

撇减）净额

(17)

Impairment loses under expected

credit los model, net

预期信贷亏损模式下之

减值亏损净额

88,216

2025
二零二五年 HK$’000
港币千元
38,474
605
(147,294)
(49,784)
(73,761)
17,987
(30,913)
(244,686)
(3,861)
2,078
(111,439)
(357,908)

兴胜创建控股有限公司

2024/2025

年报

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

Operating cash flows before

movements in working capital

营运资金变动前之

营运现金流

39,573

Decrease (increase) in inventories

存货减少（增加）

(1,079)

Increase in properties under

development for sale

发展中之待售物业增加

(96,807)

(Increase) decrease in debtors,

deposits and prepayments

应收款项、按金及

预付款项（增加）减少

11,099

Increase in contract asets

合约资产增加

(70,967)

Increase in provisions

拨备增加

7,771

(Decrease) increase in trade and

other payables

应付款项及其他应付款项

（减少）增加

2,967

Cash used in operating activities

用于营运业务之现金

(107,443)

Hong Kong Profits Tax paid

已付香港利得税

(355)

Hong Kong Profits Tax refunded

已退还香港利得税

Interest paid

已付利息

(97,558)

Net cash used in operating activities

用于营运业务之现金净额

(204,500)

二零二四年

HK$’000

港币千元

2025
二零二五年 HK$’000
港币千元
5,374
6
(3,431)
(3,452)
314,935
754
157,050
5,370
(132,400)
–
344,206

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

Investing activities

投资业务

Interest received

已收利息

2,217

Dividend received from financial

asets at fair value through

profit or los

已收透过损益按公平值计

算之财务资产之股息

Purchase of investment properties

添置投资物业

(728)

Purchase of property,

plant and equipment

添置物业、厂房及设备

(13,621)

Proceds on disposal of

investment properties

出售投资物业所得款项

63,500

Proceds on disposal of property,

plant and equipment

出售物业、厂房及

设备所得款项

Proceds on disposal of asets

clasified as held for sale

出售分类为持作出售

资产所得款项

6,600

Deposits received from disposal of

asets clasified as held for sale

就出售分类为持作出售

资产已收按金

–

Advance of loans to joint ventures

合营企业贷款垫款

(77,350)

Return of capital from an asociate

联营公司发还股本

Net cash from (used in) investing

activities

来自（用于）投资业务之

现金净额

(18,753)

二零二四年

HK$’000

港币千元

2025
二零二五年 HK$’000
港币千元
–
1,246,000
(1,193,072)
(2,928)
–
–
50,000
36,298
441,485
(61)
477,722
477,722

兴胜创建控股有限公司

2024/2025

年报

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

Financing activities

融资业务

Dividends paid

已付之股息

(65,136)

New bank loans raised

新借银行贷款

897,003

Repayment of bank loans

偿还银行贷款

(544,365)

Repayment of lease liabilities

偿还租赁负债

(1,789)

Payment on repurchase of

ordinary shares

回购普通股之付款

(19,999)

Transaction costs atributable

to repurchase and cancelation

of share

回购及注销股份应占之

交易成本

(151)

Net cash from financing activities

来自融资业务之现金净额

265,563

Net increase in cash and cash

equivalents

现金及现金等值增加净额

42,310

Cash and cash equivalents at

the begining of the year

年初现金及现金等值

399,488

Efect of foreign exchange

rate changes

汇率变动之影响

(313)

Cash and cash equivalents at

the end of the year

年终现金及现金等值

441,485

Analysis of balances of cash and

cash equivalents:

现金及现金等值结余之

分析：

Bank balances and cash

银行结余及现金

441,485

二零二四年

HK$’000

港币千元

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

Hanison Construction Holdings Limited (the “Company”)

is an exempted company incorporated in the Cayman

Islands with limited liability under the Companies

Law (2001 Second Revision), Chapter 22 of the Laws

of Cayman Islands. Its shares are listed on The Stock

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

The adreses of the registered ofice and principal place

of busines of the Company are disclosed in the corporate

information section of the anual report.

The consolidated financial statements are presented in

Hong Kong dolars (“HK$”), which is also the functional

curency of the Company.

The Company is an investment holding company and the

principal activities of its subsidiaries are construction,

interior and renovation works, suply and instalation

of building materials, property investment, property

development, provision of property agency and

management services and sale of health products.

2. APLICATION OF NEW AND

AMENDMENTS TO HKFRS

ACOUNTING STANDARDS

Amendments to HKFRS Acounting Standards

that are mandatorily efective for the curent

year

In the curent year, the Group has aplied the folowing

amendments to HKFRS Acounting Standards isued by

the Hong Kong Institute of Certified Public Acountants

(“HKICPA”) for the first time, which are mandatorily

efective for the Group’s anual period begining on

1 April 2024 for the preparation of the consolidated

financial statements:

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

一般资料

Hanison Construction Holdings Limited

（兴

胜创建控股有限公司）（「本公司」）根据开曼群

岛法例第二十二章公司法（二零一年第二

修订版），在开曼群岛注册成立为一间获豁免

有限公司，其股份于香港联合交易所有限公司

（「联交所」）上市。本公司之注册办事处及主

要营业地点之地址均于年报的公司资料一节

披露。

综合财务报表以港币呈列，港币亦为本公司

之功能货币。

本公司乃一家投资控股公司。其附属公司之

主要业务为建筑、装饰及维修工程、供应与安

装建筑材料、物业投资、物业发展、物业代理

及管理服务之提供及健康产品之销售。

采用新订及经修订香港财务报

告准则会计准则

于本年度强制生效之经修订香港财务

报告准则会计准则

于本年度，本集团首次采用由香港会计师公会

（「香港会计师公会」）颁布并于二零二四年四

月一日开始之本集团年度期间强制生效之下

列经修订香港财务报告准则会计准则，以编

制综合财务报表：

香港财务报告准则

第十六号（修订本）

售后租回的

租赁负债

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

香港会计准则第一号

（修订本）

负债分类为流动

或非流动及香

港诠释第五号

之相关修订

（二零二零年）

香港会计准则第一号

（修订本）

附有契诺的非流

动负债

香港会计准则第七号

（修订本）及香港财务报

告准则第七号（修订本）

供应商融资安排

除下文所述者外，本年度应用经修订香港财

务报告准则会计准则对本集团于本年度及过

往年度之财务状况及表现及╱或该等综合财

务报表所载之披露事项并无重大影响。

应用香港会计准则第一号（修订本）负债

分类为流动或非流动及香港诠释第五号之

相关修订（二零二零年）（「二零二零年修订

本」）及香港会计准则第一号（修订本）附有

契诺的非流动负债（「二零二年修订本」）

之影响

于本年度，本集团已首次采用该等修订本。

二零二零年修订本就评估自报告日期起至少

十二个月的延期结付权利提供澄清及额外指

引，以将负债分类为流动或非流动，其中：

•

订明将负债分类为流动或非流动负债

应基于报告期末已存在的权利。具体而

言，分类不应受到管理层意图或期望在

十二个月内清偿债务的影响。

Amendments to HKAS 1Clasification of Liabilities

as Curent or Noncurent

and related amendments

to Hong Kong

Interpretation 5 (2020)

Amendments to HKAS 1Non-curent Liabilities with

Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance

Arangements

Except as described below, the aplication of the

amendments to HKFRS Acounting Standards in the

curent year has had no material impact on the Group’s

financial positions and performance for the curent and

prior years and/or on the disclosures set out in these

consolidated financial statements.

Impacts on aplication of Amendments to HKAS

1 Clasification of Liabilities as Curent or Non-

curent and related amendments to Hong Kong

Interpretation 5 (2020) (the “2020 Amendments”)

and Amendments to HKAS 1 Non-curent Liabilities

with Covenants (the “2022 Amendments”)

The Group has aplied the amendments for the first time

in the curent year.

The 2020 Amendments provide clarification and

aditional guidance on the asesment of right to defer

setlement for at least twelve months from reporting

date for clasification of liabilities as curent or non-

curent, which:

• specify that the clasification of liabilities as curent

or non-curent should be based on rights that are

in existence at the end of the reporting period.

Specificaly, the clasification should not be afected

by management intentions or expectations to setle

the liability within 12 months.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

•

澄清偿负债可以是转移现金、商品或

服务，或实体本身的权益工具给对手

方。倘负债具有条款，可由对手方选择

透过转让实体本身的权益工具进行结

算，则仅当实体应用香港会计准则第

三十二号财务工具：呈列将选择权单独

确认为权益工具时，该等条款方不会影

响其分类为流动或非流动。

就以遵守契约为条件的延迟结算自报告日期

起计至少十二个月的权利而言，二零二年

修订本明确阐明，实体须于报告期末或之前

遵守的契约方会影响实体于报告日期后最少

十二个月内延迟结清负债的权利（即使对契

约条款之遵守情况乃于报告日期后方进行评

估）。二零二年修订本进一步规定，实体于

报告日期后须遵守之契约（即未来契约）并不

影响负债于报告日期之流动或非流动分类。

然而，若实体延迟结算负债之权利取决于其

于报告期间后十二个月内遵守契约之情况，

则实体须披露相关资料，以使财务报表使用

者得以了解负债于报告期间后十二个月内可

能须偿还之风险。此等资料应包括相关契约

之内容、相关负债之账面金额，以及任何可能

显示实体于遵守契约方面存在困难之事实与

情况。

• clarify that the setlement of a liability can be a

transfer of cash, gods or services, or the entity’s

own equity instruments to the counterparty. If a

liability has terms that could, at the option of the

counterparty, result in its setlement by the transfer

of the entity’s own equity instruments, these terms

do not afect its clasification as curent or non-

curent only if the entity recognises the option

separately as an equity instrument aplying HKAS

32 Financial Instruments: Presentation.

For rights to defer setlement for at least twelve

months from reporting date which are conditional on

the compliance with covenants, the 2022 Amendments

specificaly clarify that only covenants that an entity

is required to comply with on or before the end of

the reporting period afect the entity’s right to defer

setlement of a liability for at least twelve months

after the reporting date, even if compliance with the

covenant is asesed only after the reporting date. The

2022 Amendments also specify that covenants with

which an entity must comply after the reporting date

(i.e. future covenants) do not afect the clasification

of a liability as curent or non-curent at the reporting

date. However, if the entity’s right to defer setlement

of a liability is subject to the entity complying with

covenants within twelve months after the reporting

period, an entity discloses information that enables users

of financial statements to understand the risk of the

liabilities becoming repayable within twelve months after

the reporting period. This would include information

about the covenants, the carying amount of related

liabilities and facts and circumstances, if any, that indicate

that the entity may have dificulties complying with the

covenants.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

根据过渡条款之规定，本集团已追溯应用新

会计政策，对负债进行流动或非流动之分类。

于本年度应用该修订本对综合财务报表并无

重大影响。

已颁布但尚未生效之新订及经修订香

港财务报告准则会计准则

本集团并无提早应用以下已颁布但尚未生效

之新订及经修订香港财务报告准则会计准

则：

香港财务报告准则第九号

及香港财务报告准则

第七号（修订本）

财务工具分类及计量

之修订本

香港财务报告准则第九号

及香港财务报告准则

第七号（修订本）

涉及依赖自然能源的

电力的合约

香港财务报告准则第十

号及香港会计准则第

二十八号（修订本）

投资者与其联营公司

或合营企业之间的

资产出售或投入

香港财务报告准则

会计准则（修订本）

香港财务报告准则

会计准则的年度改

进－第十一卷

香港会计准则

第二十一号（修订本）

缺乏可交换性

香港财务报告准则

第十八号

财务报表之呈列及

披露

于待厘定的日期或之后开始的年度期间生

效。

于二零二五年一月一日或之后开始的年度期

间生效。

于二零二六年一月一日或之后开始的年度期

间生效。

于二零二七年一月一日或之后开始的年度期

间生效。

In acordance with the transition provision, the

Group has aplied the new acounting policy to the

clasification of liability as curent or non-curent

retrospectively. The aplication of the amendments in the

curent year had no material impact on the consolidated

financial statements.

New and amendments to HKFRS Acounting

Standards in isue but not yet efective

The Group has not early aplied the folowing new and

amendments to HKFRS Acounting Standards that have

ben isued but are not yet efective:

Amendments to

HKFRS 9 and HKFRS 7

Amendments to the

Clasification and

Measurement of Financial

Instruments

Amendments to

HKFRS 9 and HKFRS 7

Contracts Referencing Nature-

dependent Electricity

Amendments to

HKFRS 10 and

HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Amendments to HKFRS

Acounting Standards

Anual Improvements

to HKFRS Acounting

Standards – Volume 11

Amendments to

HKAS 21

Lack of Exchangeability

HKFRS 18Presentation and Disclosure in

Financial Statements

Efective for anual periods begining on or after a date

to be determined.

Efective for anual periods begining on or after

1 January 2025.

Efective for anual periods begining on or after

1 January 2026.

Efective for anual periods begining on or after

1 January 2027.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

除下述香港财务报告准则会计准则修订本

外，本公司董事预期应用所有其他新订及经

修订香港财务报告准则会计准则于可见未来

不会对综合财务报表造成重大影响。

香港财务报告准则第九号及香港财务报告

准则第七号（修订本）财务工具分类及计量

之修订本

香港财务报告准则第九号财务工具（「香港财

务报告准则第九号」）之修订本澄清财务资产

及财务负债的确认及解除确认，并新增一项

例外，在满足特定条件的情况下，如财务负债

以电子支付系统以现金结算，则允许实体可

视该笔财务负债在结算日之前已经清偿。

该等修订本亦就评估财务资产之合约现金流

量是否与基本借贷安排相一致提供指引。该

等修订本订明，实体应关注实体所获得的补

偿而非补偿金额。倘合约现金流量与并非基

本借贷风险或成本的变量挂钩，则其与基本

借贷安排不一致。该等修订本声明，于若干情

况下，或然特征可能于合约现金流量变动之

前及之后引致与基本贷款安排一致之合约现

金流量，惟或然事件本身之性质与基本借贷

风险及成本之变化并不直接相关。此外，该等

修订本中加强对「无追索权」一词之描述，并

澄清「合约关联工具」之特性。

Except for the amendments to HKFRS Acounting

Standards mentioned below, the directors of the

Company anticipate that the aplication of al other new

and amendments to HKFRS Acounting Standards wil

have no material impact on the consolidated financial

statements in the foreseable future.

Amendments to HKFRS 9 and HKFRS 7 Amendments

to the Clasification and Measurement of Financial

Instruments

The amendments to HKFRS 9 Financial Instruments

(“HKFRS 9”) clarify the recognition and derecognition for

financial aset and financial liability and ad an exception

which permits an entity to dem a financial liability to

be discharged before the setlement date if it is setled

in cash using an electronic payment system if, and only if

certain conditions are met.

The amendments also provide guidance on the

asesment of whether the contractual cash flows of

a financial aset are consistent with a basic lending

arangement. The amendments specify that an entity

should focus on what an entity is being compensated

for rather than the compensation amount. Contractual

cash flows are inconsistent with a basic lending

arangement if they are indexed to a variable that is

not a basic lending risk or cost. The amendments state

that, in some cases, a contingent feature may give rise

to contractual cash flows that are consistent with a

basic lending arangement both before and after the

change in contractual cash flows, but the nature of

the contingent event itself does not relate directly to

changes in basic lending risks and costs. Furthermore, the

description of the term “non-recourse” is enhanced and

the characteristics of “contractualy linked instruments”

are clarified in the amendments.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

香港财务报告准则第七号财务工具：披露

（「香港财务报告准则第七号」）有关指定为

透过其他全面收益按公平值列账（「透过其他

全面收益按公平值列账」）之权益工具之投资

之披露规定已予修订。特别是，实体须披露

于期内其他全面收益内呈列之公平值收益或

亏损，分别列示与于报告期内已解除确认之

投资相关者以及与于报告期末持有之投资相

关者。实体亦须披露于报告期内已解除确认

投资相关之权益内累计收益或亏损之任何转

拨。此外，该等修订本引进对可能影响基于或

然因素（与基本借贷风险及成本不直接相关）

之合约现金流量之合约条款进行定性及定量

披露之要求。

该等修订本于二零二六年一月一日或之后开

始之年度报告期间生效，并允许提早应用。应

用该等修订本预期不会对本集团之财务状况

及表现产生重大影响。

The disclosure requirements in HKFRS 7 Financial

Instruments: Disclosures (“HKFRS 7”) in respect of

investments in equity instruments designated at fair

value through other comprehensive income (“FVTOCI”)

are amended. In particular, entities are required to

disclose the fair value gain or los presented in other

comprehensive income during the period, showing

separately those related to investments derecognised

during the reporting period and those related to

investments held at the end of the reporting period.

An entity is also required to disclose any transfers of

the cumulative gain or los within equity related to the

investments derecognised during the reporting period.

In adition, the amendments introduce the requirements

of qualitative and quantitative disclosure of contractual

terms that could afect the contractual cash flow based

on a contingent event not directly relating to basic

lending risks and cost.

The amendments are efective for anual reporting

periods begining on or after 1 January 2026, with

early aplication permited. The aplication of the

amendments is not expected to have significant impact

on the financial position and performance of the Group.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

香港财务报告准则第十八号财务报表之呈

列及披露（「香港财务报告准则第十八号」）

香港财务报告准则第十八号载列财务报表

之呈列及披露规定，将取代香港会计准则第

一号财务报表之呈列（「香港会计准则第一

号」）。此新订香港财务报告准则会计准则在

延续香港会计准则第一号中众多规定之同

时，引入于损益表中呈列指定类别及定义小

计之新规定；就财务报表附注中管理层界定

之表现计量提供披露及改进于财务报表中将

予披露之合并及分类资料。此外，香港会计准

则第一号之部分段落已移至香港会计准则第

八号会计政策、会计估计变动及错误及香港

财务报告准则第七号。香港会计准则第七号

现金流量表及香港会计准则第三十三号每股

盈利亦作出细微修订。

香港财务报告准则第十八号及其他准则之修

订本将于二零二七年一月一日或之后开始之

年度期间生效，并允许提早应用。应用新准则

预期将会影响损益表之呈列以及未来财务报

表之披露。本集团正在评估香港财务报告准

则第十八号对本集团综合财务报表之详细影

响。

HKFRS 18 Presentation and Disclosure in Financial

Statements (“HKFRS 18”)

HKFRS 18, which sets out requirements on presentation

and disclosures in financial statements, wil replace HKAS

1 Presentation of Financial Statements (“HKAS 1”). This

new HKFRS Acounting Standard, while carying forward

many of the requirements in HKAS 1, introduces new

requirements to present specified categories and defined

subtotals in the statement of profit or los; provide

disclosures on management-defined performance

measures in the notes to the financial statements and

improve agregation and disagregation of information

to be disclosed in the financial statements. In adition,

some HKAS 1 paragraphs have ben moved to HKAS 8

Acounting Policies, Changes in Acounting Estimates

and Erors and HKFRS 7. Minor amendments to HKAS 7

Statement of Cash Flows and HKAS 33 Earnings per Share

are also made.

HKFRS 18, and amendments to other standards, wil

be efective for anual periods begining on or after

1 January 2027, with early aplication permited. The

aplication of the new standard is expected to afect

the presentation of the statement of profit or los

and disclosures in the future financial statements. The

Group is in the proces of asesing the detailed impact

of HKFRS 18 on the Group’s consolidated financial

statements.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

编制综合财务报表之基准及重

大会计政策资料

3.1.

编制综合财务报表之基准

本综合财务报表乃根据香港会计师公会颁布

之香港财务报告准则会计准则而编制。就编

制综合财务报表而言，倘合理预期有关资料

将影响主要使用者之决策，则该资料被视为

重大。此外，本综合财务报表内所披露之内

容，皆符合香港联合交易所有限公司证券上

市规则（「上市规则」）及香港公司条例之适用

披露要求。

于批准综合财务报表时，本公司董事合理预

期本集团有充足资源，可在可见将来继续营

运。因此，彼等在编制综合财务报表时，将继

续采用会计的持续经营基准。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

3.1 Basis of preparation of consolidated financial

statements

The consolidated financial statements have ben

prepared in acordance with HKFRS Acounting

Standards isued by the HKICPA. For the purpose of

preparation of the consolidated financial statements,

information is considered material if such information

is reasonably expected to influence decisions made by

primary users. In adition, the consolidated financial

statements include aplicable disclosures required by the

Rules Governing the Listing of Securities on The Stock

Exchange of Hong Kong Limited (“Listing Rules”) and by

the Hong Kong Companies Ordinance.

The directors of the Company have, at the time of

aproving the consolidated financial statements, a

reasonable expectation that the Group has adequate

resources to continue in operational existence for the

foreseable future. Thus they continue to adopt the

going concern basis of acounting in preparing the

consolidated financial statements.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

3.2

重大会计政策资料

综合基准

本综合财务报表内包括本公司以及本公司及

其附属公司所控制之实体之财务报表。当本

公司出现以下情况时则视为取得控制权：

•

可对被投资方行使权力；

•

参与于被投资方所带来的各种回报的风

险或权利；及

•

行使其权力以影响其回报的能力。

倘有事实及情况显示上述三项控制权因素中

有一项或以上出现变化，本集团会重新评估

其是否对被投资方拥有控制权。

一间附属公司于本集团取得该附属公司之控

制权时开始综合入账，并于本集团失去该附

属公司之控制权时终止综合入账。具体而言，

于本年度内收购或出售一间附属公司之收入

及支出，自本集团取得控制权之日至本集团

失去该附属公司控制权之日计入综合损益及

其他全面收益表。

损益及其他全面收益中的各项目均分配至本

公司拥有人及非控制性权益。附属公司的全

面收益总额分配至本公司拥有人及非控制性

权益，即使此举会导致非控制性权益产生赤

字结余。

3.2 Material acounting policy information

Basis of consolidation

The consolidated financial statements incorporate

the financial statements of the Company and entities

controled by the Company and its subsidiaries. Control is

achieved when the Company:

;

, or has rights, to variable returns from its

involvement with the investe; and

• has the ability to use its power to afect its returns.

The Group reaseses whether or not it controls an

investe if facts and circumstances indicate that there are

changes to one or more of the thre elements of control

listed above.

Consolidation of a subsidiary begins when the Group

obtains control over the subsidiary and ceases when

the Group loses control of the subsidiary. Specificaly,

income and expenses of a subsidiary acquired or disposed

of during the year are included in the consolidated

statement of profit or los and other comprehensive

income from the date the Group gains control until the

date when the Group ceases to control the subsidiary.

Profit or los and each item of other comprehensive

income are atributed to the owners of the Company

and to the non-controling interests. Total comprehensive

income 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.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

如有需要，就附属公司之财务报表作出调整，

以使其会计政策与本集团之会计政策一致。

与本集团旗下成员公司间之交易有关的所有

集团内部资产及负债、权益、收入、支出及现

金流，会于综合时全数撇销。

于联营公司及合营企业之权益

联营公司为本集团对其有重大影响力之实

体。重大影响指参与被投资方的财务及营运

决策的权力，而非控制或联合控制有关政策

的权力。

合营企业指一项合营安排，对安排拥有共同

控制权的订约方据此对合营安排的资产净值

拥有权利。共同控制是指按照合约定对某

项安排所共有的控制，共同控制仅在当相关

业务要求共同享有控制权的各方作出一致同

意的决定时存在。

联营公司或合营企业之业绩及资产与负债以

权益会计法计入该等综合财务报表内。联营

公司及合营企业之财务报表用于权益会计用

途，乃采用与本集团于类似的情况下的交易

和事件一致的会计政策编制。根据权益法，于

联营公司或合营企业之投资初始以成本计入

综合财务状况表及其后作出调整以确认本集

团应占联营公司或合营企业之损益及其他全

面收益。

When necesary, adjustments are made to the financial

statements of subsidiaries to bring their acounting

policies in line with the Group’s acounting policies.

Al intragroup asets and liabilities, equity, income,

expenses and cash flows relating to transactions

betwen members of the Group are eliminated in ful on

consolidation.

Interests in an asociate and joint ventures

An asociate is an entity over which the Group has

significant influence. Significant influence is the power to

participate in the financial and operating policy decisions

of the investe but is not control or joint control over

those policies.

A joint venture is a joint arangement whereby the

parties that have joint control of the arangement have

rights to the net asets of the joint arangement. Joint

control is the contractualy agred sharing of control of

an arangement, which exists only when decisions about

the relevant activities require unanimous consent of the

parties sharing control.

The results and asets and liabilities of an asociate or

joint ventures are incorporated in these consolidated

financial statements using the equity method of

acounting. The financial statements of an asociate

and joint ventures used for equity acounting purposes

are prepared using uniform acounting policies as those

of the Group for like transactions and events in similar

circumstances. Under the equity method, an investment

in an asociate or a joint venture is initialy recognised in

the consolidated statement of financial position at cost

and adjusted thereafter to recognise the Group’s share of

the profit or los and other comprehensive income of the

asociate or joint venture.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

联营公司或合营企业之投资自被投资方成为

联营公司或合营企业之日起采用权益法入

账。收购联营公司或合营企业投资时，投资成

本超出本集团应占被投资方可识别资产与负

债公平值净额的任何差额确认为商誉，计入

投资之账面值。本集团应占可识别资产与负

债公平值净额超出投资成本的任何差额经重

新评估后于收购投资期间即时于损益确认。

本集团评估是否有客观证据显示于联营公

司或合营企业之权益或会减值。倘存在任何

客观证据，该项投资之全部账面值（包括商

誉）会根据香港会计准则第三十六号资产减

值（「香港会计准则第三十六号」）作为单一项

资产进行减值测试，方法是比较其可收回金

额（即使用价值与公平值减出售成本两者中

之较高者）与账面值。任何已确认的减值亏损

不会分配至构成该项投资账面值之一部分之

任何资产（包括商誉）。有关减值亏损之任何

拨回乃根据香港会计准则第三十六号予以确

认，惟以该项投资之可收回金额其后增加金

额为限。

An investment in an asociate or a joint venture is

acounted for using the equity method from the

date on which the investe becomes an asociate or a

joint venture. On acquisition of the investment in an

asociate or a joint venture, any exces of the cost of the

investment over the Group’s share of the net fair value

of the identifiable asets and liabilities of the investe

is recognised as godwil, which is included within the

carying amount of the investment. Any exces of the

Group’s share of the net fair value of the identifiable

asets and liabilities over the cost of the investment, after

reasesment, is recognised imediately in profit or los

in the period in which the investment is acquired.

The Group aseses whether there is an objective

evidence that the interest in an asociate or a joint

venture may be impaired. When any objective evidence

exists, the entire carying amount of the investment

(including godwil) is tested for impairment in

acordance with HKAS 36 Impairment of asets (“HKAS

36”) as a single aset by comparing its recoverable

amount (higher of value in use and fair value les costs

of disposal) with its carying amount. Any impairment

los recognised is not alocated to any aset, including

godwil, that forms part of the carying amount

of the investment. Any reversal of that impairment

los is recognised in acordance with HKAS 36 to the

extent that the recoverable amount of the investment

subsequently increases.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

本集团将香港财务报告准则第

号（包括减值

规定）应用于并不适用权益法且构成对被投

资方净投资一部分的联营公司或合营企业的

长期权益。此外，在将香港财务报告准则第

号应用于长期权益时，本集团并无考虑香港

会计准则第

号对其账面值作出的调整（即

分配被投资方的亏损或按照香港会计准则第

号进行减值评估而对长期权益的账面价值

作出的调整）。

当集团实体与本集团的联营公司或合营企业

进行交易时，则与联营公司或合营企业交易

所产生损益仅于联营公司或合营企业的权益

与本集团无关时，方于综合财务报表中确认。

于合营业务之权益

合营业务乃一项合营安排，据此对该项安排

拥有共同控制权之各方就该项合营安排而对

资产拥有权利及对其负债承担责任。共同控

制权是指按照合约定对某项安排所共有之

控制权，共同控制权仅在相关业务要求共同

享有控制权之各方作出一致同意之决定时存

在。

本集团就其于合营业务中的权益按照适用于

特定资产、负债、收入及开支的香港财务报告

准则会计准则入账其资产、负债、收入及开

支。

The Group aplies HKFRS 9, including the impairment

requirements, to long-term interests in an asociate

or joint venture to which the equity method is not

aplied and which form part of the net investment in

the investe. Furthermore, in aplying HKFRS 9 to long-

term interests, the Group does not take into acount

adjustments to their carying amount required by HKAS

28 (i.e. adjustments to the carying amount of long-

term interests arising from the alocation of loses of the

investe or asesment of impairment in acordance with

HKAS 28).

When a group entity transacts with an asociate or a joint

venture of the Group, profits and loses resulting from

the transactions with the asociate or joint venture are

recognised in the consolidated financial statements only

to the extent of interests in the asociate or joint venture

that are not related to the Group.

Interests in joint operations

A joint operation is a joint arangement whereby the

parties that have joint control of the arangement have

rights to the asets, and obligations for the liabilities,

relating to the joint arangement. Joint control is

the contractualy agred sharing of control of an

arangement, which exists only when decisions about

the relevant activities require unanimous consent of the

parties sharing control.

The Group acounts for the asets, liabilities, revenues

and expenses relating to its interest in a joint operation

in acordance with the HKFRS Acounting Standards

aplicable to the particular asets, liabilities, revenues

and expenses.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

当集团实体与合营业务交易而集团实体为合

营运作方（如出售或贡献资产），则本集团被

视为与合营业务之其他各方进行交易，及该

等交易产生之收益及亏损于综合财务报表确

认，惟以其他各方于合营业务之权益为限。当

集团实体与其作为共同经营者的共同经营进

行交易时（如购买资产），本集团在将该等资

产转售予第三方前，不会确认其应占收益及

亏损。

当集团实体与合营业务交易而集团实体为合

营运作方（如购买资产），则本集团不会确认

其摊占之收益及亏损，直至转售该资产予第

三方为止。

持作出售之非流动资产

倘非流动资产（及出售组别）之账面值将主要

透过出售交易而非持续使用而收回，该资产

（及出售组别）将分类为持作出售。只有当资

产（或出售组别）可按现状即时出售，并只受

出售该类资产（或出售组别）之一般及惯常条

款所限，而且达成出售的机会极高时，方会被

视为已符合上述条件。管理层必须对出售作

出承担，而出售预期应可于分类日期起计一

年内符合确认为已完成出售之资格。

When a group entity transacts with a joint operation in

which a group entity is a joint operator (such as a sale

or contribution of asets), the Group is considered to be

conducting the transaction with the other parties to the

joint operation, and gains and loses resulting from the

transactions are recognised in the consolidated financial

statements only to the extent of other parties’ interests

in the joint operation. When a group entity transacts

with a joint operation in which a group entity is a joint

operator (such as a purchase of asets), the Group does

not recognise its share of the gains and loses until it

resels those asets to a third party.

When a group entity transact with a joint operation

in which a group entity is a joint operator (such as a

purchase of asets), the Group does not recognise its

share of the gains and loses until it resels those asets to

a third party.

Non-curent asets held for sale

Non-curent asets (and disposal groups) are clasified as

held for sale if their carying amount wil be recovered

principaly through a sale transaction rather than

through continuing use. This condition is regarded as

met only when the aset (or disposal group) is available

for imediate sale in its present condition subject

only to terms that are usual and customary for sales

of such aset (or disposal group) and its sale is highly

probable. Management must be comited to the sale,

which should be expected to qualify for recognition

as a completed sale within one year from the date of

clasification.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

倘若本集团承担一项涉及失去附属公司控制

权的销售计划，则该附属公司之所有资产及

负债在符合上述标准时列为待出售（不论本

集团于该销售后会否保留于相关附属公司之

非控股权益）。

当本集团致力进行涉及出售于联营公司或合

营企业之投资或部分投资之出售计划，倘符

合上述条件，将予出售之该项投资或部分投

资分类为持作出售，而本集团将由该项投资

（或部分投资）分类为持作出售之时起，终止

就该分类为持作出售之部分使用权益法。

分类为持作出售之非流动资产（及出售组别）

以其过往账面金额及其公平值减去出售成本

后所得数额两者中以较低额列账，惟香港财

务报告准则第九号范围内的财务资产及按公

平值计量的投资物业将继续根据各自章节所

述的会计政策计量。

来自客户合约之收入

当（或于）本集团履行履约义务时确认收入，

即当货品或服务按特定之履约义务转移并由

客户「控制」时。

履约义务指可明确区分的一件货品及一项服

务（或一批货品或服务）或一系列大致相同之

可明确区分的货品或服务。

When the Group is comited to a sale plan involving

los of control of a subsidiary, al of the asets and

liabilities of that subsidiary are clasified as held for sale

when the criteria described above are met, regardles of

whether the Group wil retain a non-controling interest

in the relevant subsidiary after the sale.

When the Group is comited to a sale plan involving

disposal of an investment, or a portion of an investment,

in an asociate or joint venture, the investment or the

portion of the investment that wil be disposed of is

clasified as held for sale when the criteria described

above are met, and the Group discontinues the use of the

equity method in relation to the portion that is clasified

as held for sale from the time when the investment (or a

portion of the investment) is clasified as held for sale.

Non-curent asets (and disposal groups) clasified

as held for sale are measured at the lower of their

previous carying amount and fair value les costs to sel

except for financial asets within the scope of HKFRS

9 and investment properties measured at fair value

which continue to be measured in acordance with the

acounting policies as set out in respective sections.

Revenue from contracts with customers

The Group recognises revenue when (or as) a

performance obligation is satisfied, i.e. when “control”

of the gods or services underlying the particular

performance obligation is transfered to the customer.

A performance obligation represents a god or service

(or a bundle of gods or services) that is distinct or a

series of distinct gods or services that are substantialy

the same.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

倘符合下列其中一项准则，控制权随时间转

移，而收入按相关履约义务完成之进度随时

间确认：

•

于本集团履约时，客户同时取得并耗用

本集团履约所提供之利益；

•

当本集团履约时，本集团的履约行为构

成或提升客户所控制之资产；或

•

本集团之履约并未产生对本集团有替代

用途之资产，且本集团对迄今已完成履

约之付款具有可强制执行的权利。

否则，收入会在当客户获得可明确区分的货

品或服务之控制权时确认。

合约资产指本集团就本集团已向客户转移之

货品或服务而于交换中收取代价之权利（尚

未成为无条件）。合约资产根据香港财务报告

准则第九号评估减值。相反，应收款项指本集

团收取代价的无条件权利，即代价到期付款

前仅需随时间推移。

合约负债指本集团因已向客户收取代价（或

代价金额已到期），而须向客户转移货品或服

务之责任。

与相同合约有关的合约资产及合约负债按净

额基准入账及呈列。

Control is transfered over time and revenue is

recognised over time by reference to the progres

towards complete satisfaction of the relevant

performance obligation if one of the folowing criteria is

met:

• the customer simultaneously receives and consumes

the benefits provided by the Group’s performance

as the Group performs;

’s performance creates or enhances an

aset that the customer controls as the Group

performs; or

’s performance does not create an aset

with an alternative use to the Group and the

Group has an enforceable right to payment for

performance completed to date.

Otherwise, revenue is recognised at a point in time when

the customer obtains control of the distinct god or

service.

A contract aset represents the Group’s right to

consideration in exchange for gods or services that

the Group has transfered to a customer that is not yet

unconditional. It is asesed for impairment in acordance

with HKFRS 9. In contrast, a receivable represents the

Group’s unconditional right to consideration, i.e. only

the pasage of time is required before payment of that

consideration is due.

A contract liability represents the Group’s obligation

to transfer gods or services to a customer for which

the Group has received consideration (or an amount of

consideration is due) from the customer.

A contract aset and a contract liability relating to the

same contract are acounted for and presented on a net

basis.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

在一段时间内确认收入：计量完成履约义务

之进度

产量法

履约义务完成之进度乃按产量法计量，即

根据直接计量迄今向客户转移之货品或服务

（相对于合约项下所承诺余下货品或服务的

价值）确认收入，此方法最能描述本集团转移

货品或服务控制权之履约行为。

作为一种可行权宜方法，倘本集团有权收取

的代价金额与本集团迄今已履约部分的价值

直接相关，本集团根据本集团迄今所完成的

相关服务的测量确认收入，由客户委任的独

立测量师就本集团所完成的工作核证。

投入法

履约义务完成之进度乃按投入法计量，乃根

据本集团为完成履约义务之付出或投入（相

对于预期为履行履约义务的总投入）确认收

入，此方法最能描述本集团转移货品或服务

控制权之履约行为。

Over time revenue recognition: measurement of

progres towards complete satisfaction of a performance

obligation

Output method

The progres towards complete satisfaction of a

performance obligation is measured based on output

method, which is to recognise revenue on the basis of

direct measurements of the value of the gods or services

transfered to the customer to date relative to the

remaining gods or services promised under the contract,

that best depict the Group’s performance in transfering

control of gods or services.

As a practical expedient, if the Group has a right to

consideration in an amount that coresponds directly

with the value of the Group’s performance completed

to date, the Group recognises revenue based on surveys

of the relevant services completed by the Group to date

as certified by independent surveyors apointed by the

customers in relation to the work completed by Group.

Input method

The progres towards complete satisfaction of a

performance obligation is measured based on input

method, which is to recognise revenue on the basis of

the Group’s eforts or inputs to the satisfaction of a

performance obligation relative to the total expected

inputs to the satisfaction of that performance obligation,

that best depict the Group’s performance in transfering

control of gods or services.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

可变代价

就包含可变代价的合约（建筑合约的变更指

令）而言，本集团使用

(a)

预期价值法或

(b)

最可

能金额（视乎何种方法可令本集团更好预测

其有权获得的代价金额而定）估计其有权获

得的代价金额。

可变代价的估计金额仅于当可变代价相关的

不明朗因素其后获解决，致使有关估计金额

很大可能不会导致于未来出现重大收益拨回

时，方会计入交易价格中。

于各报告期末，本集团更新估计交易价格（包

括更新其对可变代价估计是否受限的评估），

以忠实反映于报告期末存在的情况及于报告

期间的情况变动。

借贷成本

收购、建设或生产于用作其拟定用途或出售

前须较长时间准备的合资格资产所直接产生

的借贷成本乃计入有关资产的成本，直至有

关资产已大致可作其拟定用途或销售为止。

Variable consideration

For contracts that contain variable consideration

(variation order of construction contract), the Group

estimates the amount of consideration to which it wil be

entitled using either (a) the expected value method or

(b) the most likely amount, depending on which method

beter predicts the amount of consideration to which the

Group wil be entitled.

The estimated amount of variable consideration is

included in the transaction price only to the extent that

it is highly probable that such an inclusion wil not result

in a significant revenue reversal in the future when the

uncertainty asociated with the variable consideration is

subsequently resolved.

At the end of each reporting period, the Group updates

the estimated transaction price (including updating

its asesment of whether an estimate of variable

consideration is constrained) to represent faithfuly the

circumstances present at the end of the reporting period

and the changes in circumstances during the reporting

period.

Borowing costs

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, which are

asets that necesarily take a substantial period of time

to get ready for their intended use or sale, are aded to

the cost of those asets until such time as the asets are

substantialy ready for their intended use or sale.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

在相关资产准备用于其拟定用途或出售后仍

未偿还的任何特定借贷都将计入一般借贷

池，以计算一般借贷的资本化率。特定借贷在

未用作合资格资产的开支前进行的短期投资

所赚取的投资收入，将从合资格资本化的借

贷成本扣除。

所有其他借贷成本于产生期间于损益内确

认。

雇员福利

退休福利成本

向本集团定额供款退休福利计划、国家管理

的退休福利计划及强积金计划支付之供款在

雇员提供服务并有权享用该福利后可确认为

支出。

就长期服务金（「长期服务金」）责任而言，本

集团根据香港会计准则第

19.93(a)

条将预计

用作抵销之雇主强积金供款按被视为雇员长

期服务金责任之供款入账，并以净额基准计

量。未来福利之估计金额乃于扣除由本集团

强积金供款所产生并已归属雇员之累计福利

所产生之负值服务成本后厘定，而该等金额

被视为相关雇员之供款。

Any specific borowing that remain outstanding after

the related asets is ready for its intended use or sale is

included in the general borowing pol for calculation

of capitalisation rate on general borowings. Investment

income earned on the temporary investment of specific

borowings pending their expenditure on qualifying

asets is deducted from the borowing costs eligible for

capitalisation.

Al other borowing costs are recognised in profit or los

in the period in which they are incured.

Employe benefits

Retirement benefits cost

Payments to the Group’s defined contribution retirement

benefits schemes, state-managed retirement benefit

scheme and the Mandatory Provident Fund Scheme are

recognised as an expense when employes have rendered

services entitling them to the contributions.

For Long Service Payment (“LSP”) obligation, the Group

acounts for the employer MPF contributions expected

to be ofset as a demed employe contribution

towards the LSP obligation in terms of HKAS 19.93(a)

and it is measure on a net basis. The estimated amount

of future benefit is determined after deducting the

negative service cost arising from the acrued benefits

derived from the Group’s MPF contributions that have

ben vested with employes, which are demed to be

contributions from the relevant employes.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

短期及其他长期雇员福利

短期雇员福利于雇员提供服务时就预计将支

付福利的未折现金额予以确认。所有短期雇

员福利确认为支出，除非另一项香港财务报

告准则会计准则要求或允许将有关福利纳入

资产成本，则作别论。

在扣除已支付的任何金额后，对雇员应得的

福利（例如工资、薪金及年假）确认为负债。

就其他长期雇员福利所确认之负债按预期将

由本集团就雇员直至报告日期所提供之服务

产生之估计未来现金流出之现值计量。因服

务成本、利息及重新计量而导致负债账面值

之任何变动均于损益中确认，惟另一项香港

财务报告准则会计准则规定或准许将变动计

入资产之成本中除外。

以股份支付之款项

以权益结算及以股份支付之款项交易

向雇员及提供同类服务的其他人士作出以权

益结算及以股份支付之款项按股本工具于授

出日期的公平值计量。

Short-term and other long-term employe benefits

Short-term employe benefits are recognised at the

undiscounted amount of the benefits expected to be paid

as and when employes rendered the services. Al short-

term employe benefits are recognised as an expense

unles another HKFRS Acounting Standard requires or

permit the inclusion of the benefit in the cost of an aset.

A liability is recognised for benefits acruing to

employes (such as wages and salaries and anual leave)

after deducting any amount already paid.

Liabilities recognised in respect of other long-term

employe benefits are measured at present value of the

estimated future cash outflows expected to be made by

the Group in respect of services provided by employes

up to the reporting date. Any changes in the liabilities’

carying amounts resulting from service cost, interest and

remeasurements are recognised in profit or los except

to the extent that another HKFRS Acounting Standard

requires or permits their inclusion in the cost of an aset.

Share-based payment

Equity-setled share-based payment transactions

Equity-setled share-based payments to employes and

others providing similar services are measured at the fair

value of the equity instruments at the grant date.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

未计及所有非市场归属条件，于授出当日以

权益结算及以股份支付之款项所厘定之公平

值，基于本集团对将最终归属之股本工具之

估计于归属期间以直线法列为开支，并于权益

（以股份支付的酬金储备）中作相应增加。于

各报告期末，本集团根据所有相关非市场归

属条件的评估修订预期归属的股本工具数目

的估计。修订原估计之影响（如有）于损益中

确认以使累计开支反映经修订估计，并对以

股份支付的酬金储备作相应调整。对于授出

当日立即归属的购股权，所授购股权公平值

即时于损益支销。

行使购股权时，先前于以股份支付的酬金储

备确认的金额将会转移至股本及缴入盈余。

倘若购股权于归属日期后被没收或于到期日

仍未行使，则先前于以股份支付的酬金储备

确认的金额将会转移至累计溢利。

税项

所得税支出指即期及递延所得税开支之和。

即期应付税项乃按本年度之应课税溢利计

算。应课税溢利与除税前亏损有别，此乃由

于其他年度之应课税收入或可扣减之支出项

目，以及永不需课税或不可扣减之项目。本集

团之即期税项负债乃根据于报告期末已颁布

或实质上已颁布之税率计算。

The fair value of the equity-setled share-based

payments determined at the grant date without taking

into consideration al non-market vesting conditions is

expensed on a straight-line basis over the vesting period,

based on the Group’s estimate of equity instruments

that wil eventualy vest, with a coresponding increase

in equity (share-based compensation reserve). At the

end of each reporting period, the Group revises its

estimate of the number of equity instruments expected

to vest based on asesment of al relevant non-market

vesting conditions. The impact of the revision of the

original estimates, if any, is recognised in profit or los

such that the cumulative expense reflects the revised

estimate, with a coresponding adjustment to the share-

based compensation reserve. For share options that vest

imediately at the date of grant, the fair value of the

share options granted is expensed imediately in profit

or los.

When share options are exercised, the amount previously

recognised in share-based compensation reserve

wil be transfered to share capital and contributed

surplus. When the share options are forfeited after

the vesting date or are stil not exercised at the expiry

date, the amount previously recognised in share-based

compensation reserve wil be transfered to acumulated

profits.

Taxation

Income tax expense represents the sum of the curent

and defered income tax expense.

The tax curently payable is based on taxable profit

for the year. Taxable profit difers from los before

taxation because of income or expense that are taxable

or deductible in other years and items that are never

taxable or deductible. The Group’s liability for curent tax

is calculated using tax rates that have ben enacted or

substantively enacted by the end of the reporting period.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

递延税项指就综合财务报表内资产及负债之

账面值与计算应课税溢利所用之相关税基产

生之临时差额予以确认之税项。递延税项负

债一般就所有应课税临时差额而予以确认，

而递延税项资产一般就所有可扣减临时差额

而予以确认，惟以当应课税溢利可能出现以

抵销可扣减临时差额为限。

递延税项资产之账面值于报告期末均予以检

讨及减少，惟以不可能再有充足应课税溢利

可容许收回所有或部份资产为限。

递延税项负债及资产的计量反映本集团于报

告期末，预期将要收回或偿还其资产及负债

的账面值的税务后果。

就计量以使用公平值模型计量之投资物业的

递延税项而言，除非有关推定被推翻，物业之

账面值获假定为透过出售完全收回。当有关

投资物业为可折旧及以耗尽大体上所有包含

在投资物业内的经济得益为目的，而不是以

出售方式之商业模式持有，有关推定则可被

推翻。

当有法定可强制执行权利将即期税项资产抵

销即期税项负债时，以及当它们与同一税务

机关向同一应税实体征收的所得税有关时，

递延税项资产和负债均予以抵销。

Defered tax is recognised on temporary diferences

betwen the carying amounts of asets and liabilities

in the consolidated financial statements and the

coresponding tax bases used in the computation of

taxable profit. Defered tax liabilities are generaly

recognised for al taxable temporary diferences.

Defered tax asets are generaly recognised for al

deductible temporary diferences to the extent that it

is probable that taxable profit wil be available against

which those deductible temporary diferences can be

utilised.

The carying amount of defered tax asets is reviewed

at the end of the reporting period and reduced to the

extent that it is no longer probable that suficient taxable

profits wil be available to alow al or part of the aset to

be recovered.

The measurement of defered tax liabilities and asets

reflects the tax consequences that would folow from the

maner in which the Group expects, at the end of the

reporting period, to recover or setle the carying amount

of its asets and liabilities.

For the purpose of measuring defered tax for investment

properties that are measured using the fair value model,

the carying amounts of such properties are presumed

to be recovered entirely through sale, unles the

presumption is rebuted. The presumption is rebuted

when the investment property is depreciable and is held

within a busines model whose objective is to consume

substantialy al of the economic benefits embodied in

the investment property over time, rather than through

sale.

Defered tax asets and liabilities are ofset when there

is a legaly enforceable right to set of curent tax asets

against curent tax liabilities and when they relate to

income taxes levied to the same taxable entity by the

same taxation authority.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

除与在其他全面收益中确认或直接计入权益

的项目相关外，即期及递延税项均在损益中

确认。如在前述的情况下，即期及递延税项

亦分别在其他全面收益中确认或直接计入权

益。就因对业务合并进行初始会计处理而产

生之即期税项或递延税项而言，税务影响乃

计入业务合并的会计处理。

于评估所得税处理之不确定性时，本集团考

虑相关税务机关是否可能接受个别集团实体

在其所得税申报中使用或拟使用之不确定税

务处理进行税务申报。如果可能接受，即期及

递延税项与所得税申报中之税务处理一致。

如果相关税务机关不太可能接受不确定税务

处理，则使用最可能之金额或预期值来反映

每项不确定性之影响。

投资物业

投资物业乃指用于赚取租金收入及╱或资本

升值之物业。

投资物业亦包括确认为使用权资产之租赁物

业并由本集团根据经营租赁分租。

投资物业初始按成本（包括任何直接应占开

支）计量。于初次确认后，投资物业按公平值

计量，并进行调整以扣除任何预付或应计的

经营租赁收入。

因投资物业之公平值变动而产生之收益或亏

损计入该变动产生期间之损益内。

Curent and defered tax are recognised in profit or los,

except when they relate to items that are recognised

in other comprehensive income or directly in equity,

in which case, the curent and defered tax are also

recognised in other comprehensive income or directly

in equity respectively. When 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.

In asesing any uncertainty over income tax treatments,

the Group considers whether it is probable that the

relevant tax authority wil acept the uncertain tax

treatment used, or proposed to be use by individual

group entities in their income tax filings. If it is

probable, the curent and defered taxes are determined

consistently with the tax treatment in the income tax

filings. If it is not probable that the relevant taxation

authority wil acept an uncertain tax treatment, the

efect of each uncertainty is reflected by using either the

most likely amount or the expected value.

Investment properties

Investment properties are properties held to earn rentals

and/or for capital apreciation.

Investment properties also include leased properties

which are being recognised as right-of-use asets and

subleased by the Group under operating leases.

Investment properties are initialy measured at cost,

including any directly atributable expenditure.

Subsequent to initial recognition, investment properties

are measured at fair value, adjusted to exclude any

prepaid or acrued operating lease income.

Gains or loses arising from changes in the fair value of

investment properties are included in profit or los for

the period in which they arise.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

投资物业于出售或当投资物业永久地撤销用

途及预期有关出售不会产生未来经济利益

时，方会终止确认。倘本集团作为中间出租人

将分租分类为融资租赁，则确认为使用权资

产之租赁物业获终止确认。因终止确认物业

而产生之任何收益或亏损（按出售该项资产

之所得款项净额与其账面值之差额计算）于

该项物业被终止确认之期间计入损益内。

物业、厂房及设备

物业、厂房及设备为被持作生产，或供应货物

或服务，或行政用途之有形资产。物业、厂房

及设备按成本值减其后累计折旧及其后累计

减值亏损（如有）于综合财务状况表内列账。

当本集团就物业（包括租赁土地及楼宇部分）

的拥有权益作出付款时，全部代价按初始

确认时的相对公平值比例于租赁土地及楼宇

部分之间分配。倘相关付款能可靠分配，租

赁土地权益于综合财务状况表呈列为「使用

权资产」，惟根据公平值模式分类及入账为投

资物业者除外。倘代价无法可靠地于相关租

赁土地的非租赁楼宇部分及未分割权益间分

配，则全部物业分类为物业、厂房及设备。

An investment property is derecognised upon disposal or

when the investment property is permanently withdrawn

from use and no future economic benefits are expected

from its disposals. A leased property which is recognised

as a right-of-use aset is derecognised if the Group as

intermediate lesor clasifies the sublease as a finance

lease. Any gain or los arising on derecognition of the

property (calculated as the diference betwen the net

disposal proceds and the carying amount of the aset)

is included in the profit or los in the period in which the

property is derecognised.

Property, plant and equipment

Property, plant and equipment are tangible asets that

are held for use in the production or suply of gods or

services, or for administrative purposes. Property, plant

and equipment are stated in the consolidated statement

of financial position at cost les subsequent acumulated

depreciation and subsequent acumulated impairment

loses, if any.

When the Group makes payments for ownership

interests of properties which includes both leasehold

land and building elements, the entire consideration is

alocated betwen the leasehold land and the building

elements in proportion to the relative fair values at initial

recognition. To the extent the alocation of the relevant

payments can be made reliably, interest in leasehold land

is presented as “right-of-use asets” in the consolidated

statement of financial position except for those that are

clasified and acounted for as investment properties

under the fair value model. When the consideration

canot be alocated reliably betwen non-lease building

element and undivided interest in the underlying

leasehold land, the entire properties are clasified as

property, plant and equipment.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

折旧乃按直线法于估计可使用年期确认，以

撇销资产之成本值减去其剩余价值。估计可

使用年期、剩余价值及折旧方法会在报告期

末审核，并按预期基准将任何估计转变之影

响列账。

于物业、厂房及设备项目出售后或当预计不

会因持续使用资产而产生未来经济利益时，

该项物业、厂房及设备项目则被终止确认。因

出售或报废物业、厂房及设备项目产生之任

何收益或亏损，乃按该项资产之所得款项净

额与账面值之间的差额计算，并于损益确认。

物业、厂房及设备之减值

于报告期末，本集团审阅其物业、厂房及设备

之账面值，以决定是否有任何迹象显示该等

资产蒙受减值亏损。如有任何该等迹象存在，

需要估计相关资产之可收回金额，以确定减

值亏损之程度（如有）。

现金及现金等值

现金及现金等值于综合财务状况表呈列，包

括现金（包括库存现金及活期存款）及现金等

值（包括短期（原到期日一般为三个月或更

短）、可随时转换为已知数额现金且价值变动

风险不大的高流动性投资。现金等值持作满

足短期现金承担，而非用于投资或其他目的。

Depreciation is recognised so as to write of the cost of

asets les their residual values over their estimated useful

lives, using the straight-line method. The estimated

useful lives, residual values and depreciation method

are reviewed at the end of the reporting period, with

the efect of any changes in estimate acounted for on a

prospective basis.

An item of property, plant and equipment is

derecognised upon disposal or when no future economic

benefits are expected to arise from the continued use

of the aset. Any gain or los arising on disposal or

retirement of an item of property, plant and equipment

is determined as the diference betwen the net sale

proceds and the carying amount of the aset and is

recognised in profit or los.

Impairment on property, plant and equipment

At the end of the reporting period, the Group reviews

the carying amounts of its property, plant and

equipment, to determine whether there is any indication

that these asets have sufered an impairment los. If

any such indication exists, the recoverable amount of

the relevant aset is estimated in order to determine the

extent of the impairment los (if any).

Cash and cash equivalents

Cash and cash equivalents presented on the consolidated

statement of financial position include cash, which

comprises of cash on hand and demand deposits and cash

equivalents, which comprises of short-term (generaly

with original maturity of thre months or les), highly

liquid investments that are readily convertible to a

known amount of cash and which are subject to an

insignificant risk of changes in value. Cash equivalents

are held for the purpose of meting short-term cash

comitments rather than for investment or other

purposes.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

存货

发展中之待售物业

拟于完成发展后出售之发展中之待售物业被

分类为流动资产。除根据有关使用权资产之

会计政策按成本模式计量之租赁土地部份

外，发展中之待售物业按成本与可变现净值

之较低者列账。成本按特定识别基准（包括所

产生相关发展开支及（如适用）资本化借贷成

本之分配）厘定。可变现净值指有关物业之估

计售价减估计竣工成本以及必要销售成本。

必要销售成本包括销售直接应占之增量成本

及本集团进行销售必会产生的非增量成本。

发展中之待售物业于竣工后转为持作待售物

业。

拨备

当本集团因过往事件而导致现时的责任（法

律或推定），而本集团可能将须结清该责任，

并可对该责任的金额作出可靠估计，则确认

拨备。

确认为拨备之金额按于报告期末时结清该现

时责任所需的代价之最佳估计，并考虑有关

责任的风险及不确定性进行计量。倘拨备使

用估计结清现时责任的现金流量计量，其账

面值为该等现金流量的现值（当有关金额的

时间值之影响为重大时）。

Inventories

Properties under development for sale

Properties under development for sale which are

intended to be sold upon completion of development are

clasified as curent asets. Except for the leasehold land

element which is measured at cost model in acordance

with the acounting policies of right-of-use asets,

properties under development for sale are caried at the

lower of cost and net realisable value. Cost is determined

on a specific identification basis including alocation

of the related development expenditure incured and

where apropriate, borowing costs capitalised. Net

realisable value represent the estimated seling price for

the properties les estimated cost to completion and 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. Properties under development

for sale are transfered to properties held for sale upon

completion.

Provisions

Provisions are recognised when the Group has a present

obligation (legal or constructive) as a result of a past

event, it is probable that the Group wil be required to

setle the obligation, and a reliable estimate can be made

of the amount of the obligation.

The amount recognised as a provision is the best estimate

of the consideration required to setle the present

obligation at the end of the reporting period, taking

into acount the risks and uncertainties surounding

the obligation. When a provision is measured using the

cash flows estimated to setle the present obligation, its

carying amount is the present value of those cash flows

(where the efect of the time value of money is material).

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

相关建筑工程合约、装饰及维修工程合约及

安装建筑材料合约项下整改工程的预期成本

于提交各自合约工程当日按董事于各报告期

末对履行本集团责任所需支出的最佳估计确

认拨备。

财务工具

倘集团实体成为工具合约条文之订约方，则

须确认财务资产及财务负债。所有日常买卖

之财务资产于交易日期确认及终止确认。日

常买卖指须根据市场规则或惯例订立之时间

内交收资产之财务资产买卖。

财务资产及财务负债初始按公平值计量，惟

客户合约所产生应收款项初始根据香港财务

报告准则第十五号来自客户合约之收入计量

除外。因收购或发行财务资产及财务负债（不

包括透过损益按公平值计算（「透过损益按公

平值计算」）之财务资产）而直接产生之交易

成本，于初次确认时加入财务资产及财务负债

（如适用）之公平值或自财务资产或财务负债

（如适用）之公平值扣除。因收购透过损益按

公平值计算之财务资产或财务负债而直接产

生之交易成本即时于损益确认。

Provisions for the expected cost of rectification work

under the relevant construction contracts, interior

and renovation contracts and instalation of building

materials contracts, are recognised at the date of

rendering the respective contract work, at the directors’

best estimate of the expenditure required to setle the

Group’s obligation at the end of each reporting period.

Financial instruments

Financial asets and financial liabilities are recognised

when a group entity becomes a party to the contractual

provisions of the instrument. Al regular way purchases or

sales of financial asets are recognised and derecognised

on a trade date basis. Regular way purchases or sales are

purchases or sales of financial asets that require delivery

of asets within the time frame established by regulation

or convention in the market place.

Financial asets and financial liabilities are initialy

measured at fair value except for trade receivables

arising from contracts with customers which are initialy

measured in acordance with HKFRS 15 Revenue from

Contracts with Customers. Transaction costs that are

directly atributable to the acquisition or isue of

financial asets and financial liabilities (other than

financial asets at fair value through profit or los

(“FVTPL”) are aded to or deducted from the fair

value of the financial asets or financial liabilities, as

apropriate, on initial recognition. Transaction costs

directly atributable to the acquisition of financial

asets or financial liabilities at FVTPL are recognised

imediately in profit or los.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

实际利率法乃计算财务资产或财务负债之摊

销成本及按相关期间摊分利息收入及利息支

出之方法。实际利率为可透过财务资产或财

务负债的预期年期或（如适用）较短期间将估

计未来现金收入及付款（包括所有支付或收

取构成整体实际利率之费用和点数、交易成

本及其他溢价或折让）准确折现至初始确认

时的账面净值的利率。

财务资产

财务资产之分类及其后计量

符合下列条件的财务资产其后按摊销成本计

量：

•

财务资产乃于目的为收取合约现金流量

的业务模式下持有；及

•

合约条款于特定日期产生纯粹为支付本

金及未偿还本金之利息的现金流量。

所有其他财务资产其后透过损益按公平值计

算。

The efective interest method is a method of calculating

the amortised cost of a financial aset or financial liability

and of alocating interest income and interest expense

over the relevant period. The efective interest rate is

the rate that exactly discounts estimated future cash

receipts and payments (including al fes and points paid

or received that form an integral part of the efective

interest rate, transaction costs and other premiums or

discounts) through the expected life of the financial aset

or financial liability, or, where apropriate, a shorter

period, to the net carying amount on initial recognition.

Financial asets

Clasification and subsequent measurement of financial

asets

Financial asets that met the folowing conditions are

subsequently measured at amortised cost:

• the financial aset is held within a busines model

whose objective is to colect contractual cash flows;

and

• the contractual terms give rise on specified dates to

cash flows that are solely payments of principal and

interest on the principal amount outstanding.

Al other financial asets are subsequently measured at

FVTPL.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

在下列情况下，财务资产为持作买卖：

•

主要为于短期内出售而购入；或

•

于初始确认时属于本集团共同管理且在

最近有实际短期获利模式之可识别财务

工具组合；或

•

并非指定及有效作为对冲工具之衍生工

具。

(i)

摊销成本及利息收入

利息收入乃使用实际利息法予以确认其后按

摊销成本计量的财务资产。利息收入乃对一

项财务资产账面总值应用实际利率予以计

算，惟其后出现信贷减值（见下文）的财务资

产除外。就其后出现信贷减值的财务资产而

言，自下一报告期起，利息收入乃对财务资产

摊销成本应用实际利率予以确认。倘信贷减

值财务工具的信贷风险好转，使财务资产不

再出现信贷减值，于厘定资产不再出现信贷

减值后，自报告期开始起，利息收入乃对财务

资产账面总值应用实际利率予以确认。

A financial aset is held for trading if:

• it has ben acquired principaly for the purpose of

seling in the near term; or

• on initial recognition it is a part of a portfolio of

identified financial instruments that the Group

manages together and has a recent actual patern

of short-term profit-taking; or

• it is a derivative that is not designated and efective

as a hedging instrument.

(i) Amortised cost and interest income

Interest income is recognised using the efective interest

method for financial asets measured subsequently at

amortised cost. Interest income is calculated by aplying

the efective interest rate to the gros carying amount

of a financial aset, except for financial asets that have

subsequently become credit-impaired (se below). For

financial asets that have subsequently become credit

impaired, interest income is recognised by aplying

the efective interest rate to the amortised cost of the

financial aset from the next reporting period. If the

credit risk on the credit impaired financial instrument

improves so that the financial aset is no longer credit-

impaired, interest income is recognised by aplying the

efective interest rate to the gros carying amount of

the financial aset from the begining of the reporting

period folowing the determination that the aset is no

longer credit-impaired.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

(i)

透过损益按公平值计算之财务资产

不符合按摊销成本或透过其他全面收益按公

平值计算条件之财务资产均透过损益按公平

值计算。

透过损益按公平值计算之财务资产按各报告

期末之公平值计量，而任何公平值收益或亏

损于损益中确认。于损益中确认之收益或亏

损净额不包括财务资产所赚取之任何股息或

利息，并计入「其他收益及亏损」项目。

财务资产之减值以及须根据香港财务报告准

则第九号进行减值评估之其他项目

本集团对根据预期信贷亏损（「预期信贷亏

损」）模式进行减值评估之财务资产（包括应收

款项、合营企业贷款、应收合营企业款项、其

他应收款项、银行结余）以及其他项目（包括

合约资产、应收租赁款项、财务担保合约及贷

款承担）须根据香港财务报告准则第九号予

以减值评估。预期信贷亏损之金额会于各报

告日期予以更新以反映自初始确认起的信贷

风险变动。

存续期间的预期信贷亏损指于有关工具预期

年期内所有可能的违约事件将产生的预期信

贷亏损。相反，十二个月预期信贷亏损（「十二

个月预期信贷亏损」）指于报告日期后十二个

月内可能发生的违约事件预期产生的部分存

续期间的预期信贷亏损。本集团已根据历史

信贷亏损经验完成评估，并就债务人特定因

素、整体经济环境以及于报告日期当前状况

及日后状况预测的评估作出调整。

(i) Financial asets at FVTPL

Financial asets that do not met the criteria for being

measured at amortised cost or FVTOCI are measured at

FVTPL.

Financial asets at FVTPL are measured at fair value at

the end of each reporting period, with any fair value

gains or loses recognised in profit or los. The net gain

or los recognised in profit or los excluded any dividend

or interest earned on the financial aset and is included in

the “other gains and loses” line item.

Impairment of financial asets and other items subject to

impairment asesment under HKFRS 9

The Group performs impairment asesment under

expected credit los (“ECL”) model on financial asets

(including trade debtors, loans to joint ventures,

amounts due from joint ventures, other receivables,

bank balances, and other items (including contract

asets, lease receivables, financial guarante contracts

and loan comitments) which are subject to impairment

asesment under HKFRS 9. The amount of ECL is updated

at each reporting date to reflect changes in credit risk

since initial recognition.

Lifetime ECL represents the ECL that wil result from

al posible default events over the expected life of the

relevant instrument. In contrast, 12-month ECL (“12m

ECL”) represents the portion of lifetime ECL that is

expected to result from default events that are posible

within 12 months after the reporting date. Asesment

are done based on the Group’s historical credit los

experience, adjusted for factors that are specific to the

debtors, general economic conditions and an asesment

of both the curent conditions at the reporting date as

wel as the forecast of future conditions.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

本集团一直就应收款项、合约资产及应收租

赁款项确认存续期间的预期信贷亏损。本集

团使用集体评估以厘定应收款项及合约资

产的预期信贷亏损，惟应收香港特别行政区

（「香港特别行政区」）政府部门并出现信贷减

值的款项及合约资产单独评估预期信贷亏损

除外。

就财务担保合约、贷款承担及所有其他工具

而言，本集团按十二个月预期信贷亏损计量

亏损拨备，除非信贷风险自初始确认以来显

著上升，在此情况下，本集团确认存续期间的

预期信贷亏损。是否应以存续期间的预期信

贷亏损确认乃根据自初始确认以来出现违约

之可能性或风险显著上升而评估。

(i)

信贷风险显著上升

于评估自初始确认起信贷风险是否显著上升

时，本集团会将财务工具于报告日期发生违

约的风险与财务工具于初始确认日期发生违

约的风险进行比较。作出此项评估时，本集团

会考虑合理可证实的定量及定性资料，包括

过往经验及毋须付出过度成本或努力而取得

的前瞻性资料。

具体而言，评估信贷风险是否显著上升时会

考虑以下资料：

•

财务工具之外部（如有）或内部信贷评级

实际上或预期将会显著恶化；

The Group always recognises lifetime ECL for trade

debtors, contract asets and lease receivables. The Group

uses colective asesment to determine the ECL for

the trade debtors and contract asets, except for trade

debtors and contract asets receivable from departments

of The Government of Hong Kong Special Administrative

Region (“HKSAR”) and credit-impaired which are asesed

for ECL individualy.

For financial guarante contracts, loan comitments

and al other instruments, the Group measures the los

alowance equal to 12m ECL, unles when there has

ben a significant increase in credit risk since initial

recognition, in which case the Group recognises lifetime

ECL. The asesment of whether lifetime ECL should

be recognised is based on significant increases in the

likelihod or risk of a default ocuring since initial

recognition.

(i) Significant increase in credit risk

In asesing whether the credit risk has increased

significantly since initial recognition, the Group compares

the risk of a default ocuring on the financial instrument

as at the reporting date with the risk of a default

ocuring on the financial instrument as at the date of

initial recognition. In making this asesment, the Group

considers both quantitative and qualitative information

that is reasonable and suportable, including historical

experience and forward-loking information that is

available without undue cost or efort.

In particular, the folowing information is taken into

acount when asesing whether credit risk has increased

significantly:

• an actual or expected significant deterioration in

the financial instrument’s external (if available) or

internal credit rating;

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

•

信贷风险的外部市场指标显著恶化，例

如债务人的信贷息差、信用违约掉期价

格显著上升；

•

商业、金融或经济情况目前或预期有不

利变动，预计将导致债务人履行其债务

责任的能力显著下降；

•

债务人经营业绩实际上或预期将会显著

恶化；及

•

债务人的监管、经济或技术环境实际上

或预计将会重大不利变动，导致债务人

履行其债务责任的能力显著下降。

不论上述评估结果如何，本集团均假设逾期

超过三十日之合约付款的信贷风险自初始确

认以来显著上升，除非本集团有合理及可证

实的资料证明情况相反。

尽管存在上述情况，倘债务工具于报告日期

被厘定为具有低信贷风险，本集团假设该债

务工具的信贷风险自初始确认起并无大幅增

加。债务工具会被厘定为具有低信贷风险，

倘

(1)

其违约风险较低、

(2)

借款人有强大能力

于短期履行其合约现金流量义务及

(3)

长远而

言，经济及业务状况存有不利变动，惟未必

会降低借款人履行其合约现金流量义务的能

力。

• significant deterioration in external market

indicators of credit risk, e.g. a significant increase in

the credit spread, the credit default swap prices for

the debtor;

financial or economic conditions that are expected

to cause a significant decrease in the debtor’s ability

to met its debt obligations;

• an actual or expected significant deterioration in

the operating results of the debtor; and

• an actual or expected significant adverse change

in the regulatory, economic, or technological

environment of the debtor that results in a

significant decrease in the debtor’s ability to met

its debt obligations.

Irespective of the outcome of the above asesment,

the Group presumes that the credit risk has increased

significantly since initial recognition when contractual

payments are more than 30 days past due, unles the

Group has reasonable and suportable information that

demonstrates otherwise.

Despite the aforegoing the Group asumes that the credit

risk on a debt instrument has not increased significantly

since initial recognition if the debt instrument is

determined to have low credit risk at the reporting date.

A debt instrument is determined to have low credit

risk if (1) it has a low risk of default, (2) the borower

has a strong capacity to met its contractual cash flow

obligations in the near term and (3) adverse changes

in economic and busines conditions in the longer term

may, but wil not necesarily, reduce the ability of the

borower to fulfil its contractual cash flow obligations.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

就财务担保合约及贷款承担而言，本集团成

为不可撤销承诺一方的日期被视为就评估减

值之初始确认日期。于评估信贷风险自贷款

承担初始确认起是否有显著增加时，本集团

会考虑贷款承担有关的贷款出现违约的风险

的变动；就财务担保合约而言，本集团会考虑

特定债务人违约风险的变动。

本集团定期监控用以识别信贷风险有否大幅

增加的标准之效益，且修订标准（如适当）来

确保标准能在金额逾期前识别信贷风险大幅

增加。

(i)

违约定义

就内部信贷风险管理而言，本集团认为，倘内

部生成或自外部来源获得的资料显示债务人

不太可能向其债权人（包括本集团）悉数付款

（不计本集团持有的任何抵押品），则发生违

约事件。

尽管以上所述，当财务资产逾期超过九十日

时，本集团认为发生违约事件，除非本集团有

合理及可证实的资料证明较为滞后的违约准

则更为适当则作别论。

For financial guarante contracts and loan comitments,

the date that the Group becomes a party to the

irevocable comitment is considered to be the date

of initial recognition for the purposes of asesing

impairment. In asesing whether there has ben

a significant increase in the credit risk since initial

recognition of a loan comitment, the Group considers

changes in the risk of a default ocuring on the loan to

which a loan comitment relates; for financial guarante

contracts, the Group considers the changes in the risk

that the specific debtor wil default on the contract.

The Group regularly monitors the efectivenes of the

criteria used to identify whether there has ben a

significant increase in credit risk and revises them as

apropriate to ensure that the criteria are capable of

identifying significant increase in credit risk before the

amount becomes past due.

(i) Definition of default

For internal credit risk management, the Group considers

an event of default ocurs when information developed

internaly or obtained from external sources indicates

that the debtor is unlikely to pay its creditors, including

the Group, in ful (without taking into acount any

colaterals held by the Group).

Irespective of the above, the Group considers that

default has ocured when a financial aset is more than

90 days past due unles the Group has reasonable and

suportable information to demonstrate that a more

laging default criterion is more apropriate.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

(i)

信贷减值的财务资产

当发生一项或多项对财务资产估计未来现金

流量有不利影响的事件时，财务资产会出现

信贷减值。财务资产信贷减值的证据包括以

下事件的可观察数据：

(a)

发行人或借款人出现重大财政困难；

(b)

违约，例如拖账或逾期事项；

(c)

借款人的放款人因与借款人出现财务困

难有关之经济或合约理由而给予借款人

在其他情况下放款人不予考虑之优惠条

件；或

(d)

借款人有可能破产或进行其他财务重

组。

(iv)

撇销政策

倘有资料显示交易对手方陷入严重财务困难

且无实际可收回之期望（如交易对手方已进

行清盘或进入破产程序，或如属应收款项，该

款项已逾期超过三年（以较早发生者为准），

本集团则撇销财务资产。经考虑法律意见（如

适用）后，已撇销之财务资产仍可能受制于本

集团收回程序下之强制执行活动。撇销构成

终止确认事件。其后的任何收回均在损益确

认。

(i) Credit-impaired financial asets

A financial aset is credit-impaired when one or more

events that have a detrimental impact on the estimated

future cash flows of that financial aset have ocured.

Evidence that a financial aset is credit-impaired includes

observable data about the folowing events:

(a) significant financial dificulty of the isuer or the

borower;

(b) a breach of contract, such as a default or past due

event;

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; or

(d) it is becoming probable that the borower wil enter

bankruptcy or other financial reorganisation.

(iv) Write-of policy

The Group writes of a financial aset when there is

information indicating that the counterparty is in severe

financial dificulty and there is no realistic prospect of

recovery, for example, when the counterparty has ben

placed under liquidation or has entered into bankruptcy

procedings, or in the case of trade debtors, when the

amounts are over thre years past due, whichever ocurs

soner. Financial asets writen of may stil be subject

to enforcement activities under the Group’s recovery

procedures, taking into acount legal advice where

apropriate. A write-of constitutes a derecognition

event. Any subsequent recoveries are recognised in profit

or los.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

(v)

计量及确认预期信贷亏损

预期信贷亏损之计量为违约概率、违约亏损

（即违约亏损程度）及违约风险的函数。违约

概率及违约亏损之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不偏不

倚及概率加权金额，以各自发生违约的风险

为权重厘定。

一般而言，预期信贷亏损乃根据合约应付本

集团之所有合约现金流量与本集团预期收取

之现金流量（按初始确认时厘定的实际利率

折现）之间的差额。就应收租赁款项而言，用

于厘定预期信贷亏损之现金流量与用于根据

香港财务报告准则第十六号计量应收租赁款

项之现金流量一致。

就财务担保合约而言，根据所担保工具的条

款，本集团仅须于债务人违约时作出付款。因

此，预期信贷亏损为偿还持有人所产生信贷

亏损的预期付款减本集团预期自持有人、债

务人或任何其他方收取的所有金额的现值。

就未提取贷款承担而言，预期信贷亏损为贷

款承担持有人提取贷款之情况下应付本集团

之合约现金流量与提取贷款之情况下本集团

预期将收取之现金流量间之差额之现值。

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the probability

of default, los given default (i.e. the magnitude of the

los if there is a default) and the exposure at default. The

asesment of the probability of default and los given

default is based on historical data and forward-loking

information. Estimation of ECL reflects an unbiased and

probability-weighted amount that is determined with the

respective risks of default ocuring as the weights.

Generaly, the ECL is the diference betwen al

contractual cash flows that are due to the Group in

acordance with the contract and the cash flows that

the Group expects to receive, discounted at the efective

interest rate determined at initial recognition. For a lease

receivable, the cash flows used for determining the ECL

is consistent with the cash flows used in measuring the

lease receivable in acordance with HKFRS 16.

For a financial guarante contract, the Group is required

to make payments only in the event of a default by the

debtor in acordance with the terms of the instrument

that is guaranted. Acordingly, the ECL is the present

value of the expected payments to reimburse the holder

for a credit los that it incurs les any amounts that the

Group expects to receive from the holder, the debtor or

any other party.

For undrawn loan comitments, the ECL is the present

value of the diference betwen the contractual cash

flows that are due to the Group if the holder of the loan

comitments draws down the loan, and the cash flows

that the Group expects to receive if the loan is drawn

down.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

就实际利率无法厘定财务担保或贷款承担之

预期信贷亏损而言，本集团将应用反映货币

时间价值及现金流量特有风险的目前市场评

估的折现率，惟仅在透过调整折现率而非调

整折现金差额的方式计及风险的情况下，

方应用有关折现率。

经计及逾期资料及相关信贷资料（如前瞻宏

观经济资料），若干应收款项及合约资产之存

续期间的预期信贷亏损乃按集体基准予以考

虑。

就集体评估而言，本集团于制定组别时考虑

以下特征：

•

逾期状况；

•

债务人之性质、规模及行业；及

•

外部信贷评级（如有）。

本集团管理层定期检讨分组，以确保各组之

组成持续具有类似之信贷风险特征。

利息收入根据财务资产的账面总值计算，除

非财务资产信贷减值，在此情况下，利息收入

根据财务资产的摊销成本计算。

除贷款承担外，本集团透过调整其账面值在

损益确认所有财务工具之减值收益或亏损，

惟应收款项及合约资产之相应调整则透过亏

损拨备账确认。

For ECL on financial guarante or on loan comitments

for which the efective interest rate canot be

determined, the Group wil aply a discount rate that

reflects the curent market asesment of the time value

of money and the risks that are specific to the cash flows

but only if, and to the extent that, the risks are taken

into acount by adjusting the discount rate instead of

adjusting the cash shortfals being discounted.

Lifetime ECL for certain trade debtors and contract

asets are considered on a colective basis taking into

consideration past due information and relevant credit

information such as forward loking macroeconomic

information.

For colective asesment, the Group takes into

consideration the folowing characteristics when

formulating the grouping:

;

, size and industry of debtors; and

• External credit ratings where available.

The grouping is regularly reviewed by the management

of the Group to ensure the constituents of each group

continue to share similar credit risk characteristics.

Interest income is calculated based on the gros carying

amount of the financial aset unles the financial aset

is credit impaired, in which case interest income is

calculated based on amortised cost of the financial aset.

Except for loan comitments, the Group recognises an

impairment gain or los in profit or los for al financial

instruments by adjusting their carying amount, with the

exception of trade debtors and contract asets where the

coresponding adjustment is recognised through a los

alowance acount.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

终止确认财务资产

本集团仅于资产收取现金流量的合约权利届

满时，或向另一实体转让财务资产及该资产

拥有权绝大部份风险及回报时终止确认财务

资产。

于终止确认按摊销成本计量的财务资产时，

该资产账面值与已收及应收代价总和间之差

额于损益中确认。

财务负债及股本权益

分类为债务或股本权益

债务及股本权益工具按所订立之合约安排的

性质，以及财务负债及股本权益工具之定义

而分类为财务负债或股本权益工具。

股本权益工具

股本权益工具指能证明于扣除所有负债后实

体资产之剩余权益之任何合约。本公司发行

之股本权益工具乃按已收取之所得款项减直

接发行成本确认。

购回本公司自身股本权益工具直接于权益确

认及扣除。概无就购买、出售、发行或注销本

公司自身股本权益工具而于损益中确认收益

或亏损。

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.

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.

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments are clasified as either

financial liabilities or as equity in acordance with

the substance of the contractual arangements and

the definitions of a financial liability and an equity

instrument.

Equity instruments

An equity instrument is any contract that evidences a

residual interest in the asets of an entity after deducting

al of its liabilities. Equity instruments isued by the

Company are recognised at the proceds received, net of

direct isue costs.

Repurchase of the Company’s own equity instruments

is recognised and deducted directly in equity. No gain

or los is recognised in profit or los on the purchase,

sale, isue or cancelation of the Company’s own equity

instruments.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

财务负债

所有财务负债其后以实际利率法按摊销成本

或按公平值计入损益计量。

按公平值计入损益的财务负债

当财务负债为

(i)

香港财务报告准则第

号适用

的业务合并项下收购方的或然对价；

(i)

持作

买卖用途；或

(i)

指定为按公平值计入损益，

则财务负债分类为按公平值计入损益。

在下列情况下，财务负债为买卖目的而持有：

•

收购的主要目的为于短期内购回；或

•

在初始确认时，属本集团所合并管理的

已识别财务工具组合的一部分，且近期

出现实际短期获利模式；或

•

其为衍生工具，但属于财务担保合约或

指定及有效作对冲工具的衍生工具除

外。

财务负债（除持作买卖之财务负债或收购方

于企业合并中的或然代价外）可在下列情况

下于初始确认时被指定为透过损益按公平值

计算：

•

有关指定消除或大幅减低在计量或确认

方面可能出现的不一致情况；或

Financial liabilities

Al financial liabilities are subsequently measured at

amortised cost using the efective interest method or at

FVTPL.

Financial liabilities at FVTPL

Financial liabilities are clasified as at FVTPL when the

financial liability is (i) contingent consideration of an

acquirer in a busines combination to which HKFRS 3

aplies, (i) held for trading or (i) it is designated as at

FVTPL.

A financial liability is held for trading if:

• it has ben acquired principaly for the purpose of

repurchasing it in the near term; or

• on initial recognition it is part of a portfolio of

identified financial instruments that the Group

manages together and has a recent actual patern

of short-term profit-taking; or

, except for a derivative that is a

financial guarante contract or a designated and

efective hedging instrument.

A financial liability other than a financial liability held

for trading or contingent consideration of an acquirer in

a busines combination may be designated as at FVTPL

upon initial recognition if:

• such designation eliminates or significantly reduces

a measurement or recognition inconsistency that

would otherwise arise; or

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

•

财务负债组成一个财务资产或财务负债

组别或两者的一部分，并根据本集团的

既定风险管理或投资策略，按公平值基

准管理及评估表现，而分类资料按该基

准于内部提供；或

•

其组成包含一种或以上嵌入式衍生工具

的合约的一部分，而香港财务报告准则

第

号允许将整份合并合约指定透过损

益按公平值列账。

按摊销成本列账之财务负债

财务负债包括应付款项及其他应付款项及银

行贷款，乃其后采用实际利率法按摊销成本

计算或透过损益按公平值计算。

财务担保合约

财务担保合约为发行人须因指定债务人未能

根据债务工具的条款支付到期款项致使持有

人蒙受损失时，向持有人偿付指定款项的合

约。财务担保合约负债初步按其公平值计量，

其后按以下较高者计量：

•

根据香港财务报告准则第九号厘定的亏

损拨备金额；及

•

初始确认的金额减（如适用）于担保期内

确认的累计摊销。

• the financial liability forms part of a group of

financial asets or financial liabilities or both, which

is managed and its performance is evaluated on

a fair value basis, in acordance with the Group’s

documented risk management or investment

strategy, and information about the grouping is

provided internaly on that basis; or

• it forms part of a contract containing one or more

embeded derivatives, and HKFRS 9 permits the

entire combined contract to be designated as at

FVTPL.

Financial liabilities at amortised cost

Financial liabilities, including trade and other payables,

and bank loans are subsequently measured at amortised

cost, using the efective interest method or at FVTPL.

Financial guarante contracts

A financial guarante contract is a contract that requires

the isuer to make specified payments to reimburse the

holder for a los it incurs because a specified debtor fails

to make payments when due in acordance with the

terms of a debt instrument. Financial guarante contract

liabilities are measured initialy at their fair values. It is

subsequently measured at the higher of:

• the amount of the los alowance determined in

acordance with HKFRS 9; and

, where

apropriate, cumulative amortisation recognised

over the guarante period.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

终止确认财务负债

本集团于且仅于其责任已解除、注销或已届

满时终止确认财务负债。已终止确认之财务

负债之账面值与已付及应付代价间之差额于

损益中确认。

衍生财务工具

衍生工具于衍生合约签订日期以公平值进行

初步确认，并于报告期末以公平值进行后续

重新计量。所产生的收益或亏损将于损益表

内确认，除非该衍生工具为一项指定并有效

的对冲工具，在此情况下，于损益表内确认的

时间取决于对冲关系的性质。

倘衍生工具的剩余期限超过

个月，且于

个月内不会实现或结算，则衍生工具将作为

非流动资产或非流动负债呈列。其他衍生工

具则作为流动资产或流动负债呈列。

对冲会计法

本集团指定若干衍生工具作为现金流量之对

冲工具。

在对冲关系开始阶段，本集团确定对冲工具

与对冲项目之间的关系，以及其风险管理目

标及其进行多种对冲交易的策略。此外，在对

冲开始阶段及按持续基准，本集团确定在对

冲关系中使用的对冲工具在抵销对冲项目的

公平值或现金流方面是否非常有效。

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.

Derivative financial instruments

Derivatives are initialy recognised at fair value at the

date when derivative contracts are entered into and

are subsequently remeasured to their fair value at the

end of the reporting period. The resulting gain or los

is recognised in profit or los unles the derivative is

designated and efective as a hedging instrument, in

which event the timing of the recognition in profit or los

depends on the nature of the hedge relationship.

A derivative is presented as a non-curent aset or a

non-curent liability if the remaining maturity of the

instrument is more than 12 months and it is not due to

be realised or setled within 12 months. Other derivatives

are presented as curent asets or curent liabilities.

Hedge acounting

The Group designates certain derivatives as hedging

instruments for cash flow hedges.

At the inception of the hedging relationship the Group

documents the relationship betwen the hedging

instrument and the hedged item, along with its risk

management objectives and its strategy for undertaking

various hedge transactions. Furthermore, at the inception

of the hedge and on an ongoing basis, the Group

documents whether the hedging instrument is highly

efective in ofseting changes in fair values or cash flows

of the hedged item atributable to the hedged risk.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

评估对冲关系及有效性

就对冲有效性评估而言，本集团会考虑对冲

工具是否有效抵销被对冲项目的公平值或现

金流量变动，当对冲关系符合以下所有对冲

有效性要求：

•

被对冲项目与对冲工具之间存在经济关

系；

•

信用风险的影响不会主导经济关系带来

的价值变化；及

•

对冲关系的对冲比率与本集团实际对冲

的被对冲项目的数量以及该实体实际用

于对冲该对冲项目数量的对冲工具的数

量相同。

倘对冲关系不再符合与对冲比率相关的对冲

有效性要求，但该指定对冲关系的风险管理

目标保持不变，则本集团会调整对冲关系的

对冲比率（即重新平衡对冲）以使其符合再次

符合资格标准。

Asesment of hedging relationship and efectivenes

For hedge efectivenes asesment, the Group considers

whether the hedging instrument is efective in ofseting

changes in fair values or cash flows of the hedged item

atributable to the hedged risk, which is when the

hedging relationships met al of the folowing hedge

efectivenes requirements:

• there is an economic relationship betwen the

hedged item and the hedging instrument;

• the efect of credit risk does not dominate the value

changes that result from that economic relationship;

and

• the hedge ratio of the hedging relationship is

the same as that resulting from the quantity of

the hedged item that the Group actualy hedges

and the quantity of the hedging instrument that

the entity actualy uses to hedge that quantity of

hedged item.

If a hedging relationship ceases to met the hedge

efectivenes requirement relating to the hedge ratio

but the risk management objective for that designated

hedging relationship remains the same, the Group

adjusts the hedge ratio of the hedging relationship (i.e.

rebalances the hedge) so that it mets the qualifying

criteria again.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

现金流量对冲

被指定为现金流对冲并符合现金流对冲资格

的衍生工具公允价值变动及其他合资格的对

冲工具，其有效部分于其他全面收益内确认

及累计于现金流对冲储备中，仅限于对冲项

目于初始时累计的公允价值变动。有关无效

部分的盈利及亏损随即于损益中确认为其他

损益，并计入财务费用项目。

先前于其他全面收益中确认及于权益中累计

的金额，会于对冲项目影响损益的期间重新

分类至损益，与已确认对冲项目列于同一项

下。

重大会计判断及估计不明朗因

素的主要来源

于应用本集团的会计政策（详情见附注

）时，

本公司董事对目前无法从其他来源得悉的资

产及负债的账面值作出多项判断、估计及假

设。该等估计及相关假设乃基于过往经验及

被认为相关的其他因素决定。实际结果与该

等估计可能存在差异。

Cash flow hedges

The efective portion of changes in the fair value of

derivatives and other qualifying hedging instruments

that are designated and qualify as cash flow hedges

is recognised in other comprehensive income and

acumulated under the heading of cash flow hedging

reserve, limited to the cumulative change in fair value of

the hedged item from inception of the hedge. The gain

or los relating to the inefective portion is recognised

imediately in profit or los, and is included in the

finance costs’ line item.

Amounts previously recognised in other comprehensive

income and acumulated in equity are reclasified to

profit or los in the periods when the hedged item afects

profit or los, in the same line as the recognised hedged

item.

4. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY

In the aplication of the Group’s acounting policies,

which are described in note 3, the directors of the

Company are required to make judgements, estimates

and asumptions about the carying amounts of asets

and liabilities that are not readily aparent from other

sources. The estimates and asociated asumptions are

based on historical experience and other factors that are

considered to be relevant. Actual results may difer from

these estimates.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

估计及相关假设乃以持续基准审阅。倘对会

计估计的修订只对该期间有影响，有关修订

乃于修订有关估计的期间确认，或倘有关修

订对本期间及未来期间均有影响，则于修订

期间及未来期间确认。

应用会计政策之重大判断

除涉及估计外，以下为本公司董事应用本集

团之会计政策过程中作出并对综合财务报表

内确认之款项造成重大影响的重大判断。

投资物业之递延税项

就计量由使用公平值模式计量之投资物业所

产生的递延税项负债而言，本公司董事检视

本集团附属公司的投资物业组合及断定本集

团的投资物业是以出售方式之商业模式持

有，而并非以耗尽大体上所有包含在投资物

业内的经济得益为商业目的，所以本公司董

事认为，于厘定本集团投资物业之递延税项

时，使用公平值模式计量之投资物业账面值

乃全部透过出售予以收回之假设没有被推

翻。由于本集团于出售时毋须就投资物业之

公平值变动缴付任何所得税，因此本集团并

无确认投资物业公平值变动的任何递延税

项。

The estimates and underlying asumptions are reviewed

on an on-going basis. Revisions to acounting estimates

are recognised in the period in which the estimate is

revised if the revision afects only that period, or in the

period of the revision and future periods if the revision

afects both curent and future periods.

Critical judgement in aplying acounting

policies

The folowing is the critical judgement, apart from those

involving estimations, that the directors of the Company

have made in the proces of aplying the Group’s

acounting policies and that have the significant efect

on the amounts recognised in the consolidated financial

statements.

Defered taxation on investment properties

For the purpose of measuring defered tax liabilities

arising from investment properties that are measured

using the fair value model, the directors of the Company

have reviewed the investment property portfolio of the

Group’s subsidiaries and concluded that the investment

properties of the Group are not held under a busines

model whose objective is to consume substantialy al

of the economic benefits embodied in the investment

properties over time, rather than through sale. Therefore,

in determining the Group’s defered taxation on

investment properties, the directors of the Company

have determined that the presumption that the carying

amounts of investment properties measured using the

fair value model are recovered entirely through sale is

not rebuted. The Group has not recognised any defered

taxes on changes in fair value of investment properties as

the Group are not subject to any income taxes on the fair

value changes of the investment properties on disposal.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

估计不明朗因素的主要来源

以下为有关未来的主要假设以及于报告期末

的估计不明朗因素的其他主要来源，有关假

设及不明朗因素可能有重大风险，导致须对

下一财政年度的资产及负债的账面值进行重

大调整。

投资物业之公平值

于二零二五年三月三十一日，列账于综

合财务状况表之投资物业的公平值为港

币

2,193,170,000

元（二零二四年：港币

2,743,080,000

元）（附注

），乃以独立物业估

值师（「估值师」）高力国际物业顾问（香港）有

限公司（「高力」）（二零二四年：高力）对相关

物业进行的估值为基准。于厘定本集团之投

资物业之公平值时，估值师已应用市值基准，

其涉及（其中包括）重大不可观察输入数据及

重大判断，即适当市场租金、资本化率及经调

整市价（包括位置及条件在内与物业相关之

具体调整）。

于参照估值报告时，本公司董事已运用其判

断并信纳有关估值方法可反映当前市况。该

等假设（包括宏观经济环境变化、政策方向及

╱或抵押要求的变化或其他突发事件导致的

任何市场违规、政策、地缘政治及社会变化或

其他突发事件的潜在风险）有所变动，将会导

致本集团投资物业的公平值出现变动及对综

合损益及其他全面收益表中呈报的损益金额

作出相应调整。

Key sources of estimation uncertainty

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.

Fair value of investment properties

Investment properties are caried in the consolidated

statement of financial position at 31 March 2025 at their

fair value of HK$2,193,170,000 (2024: HK$2,743,080,000)

(note 16) based on valuation of these properties

conducted by Coliers International (Hong Kong) Limited

(“Coliers”) (2024: Coliers), independent property valuer

(the “Valuer”). In determining the fair values of the

Group’s investment properties, the Valuer aplied a

market value basis which involves, inter-alia, significant

unobservable inputs and significant judgements,

representing apropriate market rent, capitalisation rate

and adjusted market price that has taken into acount

of property-specific adjustments including location and

condition.

In relying on the valuation report, the directors of the

Company have exercised their judgements and are

satisfied that the method of valuation is reflective of

the curent market conditions. Any changes to these

asumptions, including the potential risk of any market

violation, policy, geopolitical and social changes or

other unexpected incidents as a result of change in

macroeconomic environment, changes in policy direction

and/or mortgage requirements, or other unexpected

incidents would result in changes in the fair values of the

Group’s investment properties and the coresponding

adjustments to the amount of gain or los reported in

the consolidated statement of profit or los and other

comprehensive income.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

应收款项及合约资产的预期信贷亏损减值

亏损

出现信贷减值或来自香港特别行政区政府部

门的应收款项及合约资产会个别评估其预期

信贷亏损。通过基于本集团内部信贷评级对

债务人进行分组，本集团使用集体评估以厘

定余下应收款项及合约资产之预期信贷亏

损。

于二零二五年三月三十一日，应收款项及

合约资产的账面值分别为港币

96,832,000

元及港币

381,967,000

元（二零二四年：港币

62,924,000

元及港币

308,982,000

元）（扣除

应收款项及合约资产的信贷亏损拨备港币

80,000

元及港币

1,898,000

元（二零二四年：港

币

99,000

元及港币

1,122,000

元）。预期信贷

亏损拨备易受估计变动影响。减值评估之详

情载于附注

。

合营企业贷款的预期信贷亏损减值亏损

管理层定期审查减值评估并估计合营企业贷

款之预期信贷亏损。适当减值拨备于损益确

认。

于评估自初始确认起信贷风险是否显著上升

时，本集团定期监察合营企业的业务表现。本

集团于该等结余的信贷风险通过合营企业所

持资产的价值减轻。于进行该评估时，合营企

业贷款由本集团管理层根据财务背景、合营

企业贷款发生违约之风险以及毋须付出过度

成本或努力即可取得合理、可证实的前瞻性

资料进行个别评估。

Impairment loses under ECL for trade debtors and

contract asets

Trade debtors and contract asets that are credit-impaired

or receivable from departments of The Government

of HKSAR are asesed for ECL individualy. The Group

uses colective asesment to determine the ECL for the

remaining trade debtors and contract asets by grouping

debtors based on the Group’s internal credit ratings.

As at 31 March 2025, the carying amounts of trade

debtors and contract asets were HK$96,832,000

and HK$381,967,000 (2024: HK$62,924,000 and

HK$308,982,000) (net of alowance for credit loses of

trade debtors and contract asets of HK$80,000 and

HK$1,898,000 (2024: HK$99,000 and HK$1,122,000),

respectively. The provision of ECL is sensitive to changes

in estimates. Details of impairment asesment are set out

in note 48.

Impairment loses under ECL for loans to joint

ventures

Management regularly reviews the impairment

asesment and evaluate the ECL for the loans to

joint ventures. Apropriate impairment alowance is

recognised in profit or los.

In asesing whether the credit risk has increased

significantly since initial recognition, the Group regularly

monitors the busines performance of the joint ventures.

The Group’s credit risks in these balances are mitigated

through the value of asets held by the joint ventures. In

making this asesment, the loans to joint ventures are

asesed individualy by the management of the Group,

based on the financial background, the risk of default

ocuring on the loans to joint ventures and forward-

loking information that is reasonable, suportable and

available without undue cost or efort.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

于二零二五年三月三十一日，合营企业贷款

的账面值为港币

1,085,366,000

元（二零二四

年：港币

1,036,628,000

元）（扣除信贷亏损

拨备港币

232,066,000

元（二零二四年：港币

135,029,000

元）。减值评估之详情载于附注

。

撇减发展中之待售物业

当事件或情况变动表明资产的账面值可能超

过其可变现净值时，管理层会参考当前市场

环境检讨本集团发展中之待售物业的可收回

性。估计需要作出判断，包括根据现有开发计

划考虑竣工时的建筑成本以及对可资比较地

点及条件的物业售价的估计。当可变现净值

低于成本时，撇减估计不可收回金额会于损

益内确认。实际变现金额可能与估计不同，或

者事件及情况变动可能导致该等发展中之待

售物业的估计可变现净值下降，并可能需要

额外撇减。

于二零二五年三月三十一日，发展中之待售

物业的账面值为港币

1,197,378,000

元（二零

二四年：港币

1,039,000,000

元），扣除撇减发

展中之待售物业港币

81,297,000

元（二零二四

年：港币

32,151,000

元）（附注

）。

As at 31 March 2025, the carying amount of loans

to joint ventures was HK$1,085,366,000 (2024:

HK$1,036,628,000) (net of alowance for credit loses

of HK$232,066,000 (2024: HK$135,029,000). Details of

impairment asesment are set out in note 48.

Write-down of properties under development for

sale

Management reviews the recoverability of the Group’s

properties under development for sale with reference to

curent market environment whenever events or changes

in circumstances indicate that the carying amount of the

asets may exced its net realisable value. The estimate

requires judgement including the consideration of

construction costs to completion based on the existing

development plans and the estimation of seling prices of

the properties of comparable locations and conditions.

Write-down for estimated irecoverable amounts is

recognised in profit or los when the net realisable value

is below cost. Actual realised amount may difer from

estimates or changes in facts and circumstances may

result in downward revision of estimated net realisable

value of these properties under development for sale and

aditional write-down may be required.

As at 31 March 2025, the carying amount of properties

under development for sale was HK$1,197,378,000 (2024:

HK$1,039,000,000), net of write-down of properties

under development for sale of HK$81,297,000 (2024:

HK$32,151,000) (note 23).

2025
二零二�年 HK$’000
港币千元
1,537,351
191,170
167,267
13,706
13,577
908
1,923,979
61,278
1,985,257
1,985,257

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

收入

收入指年内自建筑工程合约、装饰及维修工

程合约、安装建筑材料、健康产品之销售、提

供物业代理及管理服务以及物业投资之租赁

收入已收或应收款项总金额，分析如下：

收入分列

5. REVENUE

Revenue represents the agregate of the amounts

received or receivable from construction contracts,

interior and renovation contracts, instalation of building

materials, sales of health products, provision of property

agency and management services, and lease income from

property investment during the year, and is analysed as

folows:

Disagregation of revenue

二零二�年

HK$’000

港币千元

Recognised over time:

随时间确认：

Revenue from construction

contract work

建筑工程合约之收入

1,122,883

Revenue from interior and

renovation contracts

装饰及维修工程合约之收入

259,022

Revenue from instalation of

building materials

安装建筑材料之收入

140,772

Property management

services income

物业管理服务收入

5,620

Recognised at a point in time:

在某个时间点确认：

Sales of health products

健康产品之销售

11,252

Property agency service income

物业代理服务收入

1,844

Revenue from contracts

with customers

来自客户合约之收入

1,541,393

Fixed-lease income from property

investment

物业投资之固定租赁收入

71,267

1,612,660

Geographical market:

地区市场：

Hong Kong

香港

1,612,660

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

客户合约的履约义务

建筑合约、装饰及维修工程合约及安装建

筑材料所得收入

本集团根据长期客户合约提供建筑合约工

程、装饰及维修合约工程及安装建筑材料合

约工程。相关合约于服务开始前订立。本集团

之合约工程提升一项资产，而该项资产于本

集团履约时由外部客户控制。因此提供相关

合约工程之收入随时间确认。除提供应及

安装建筑材料之收入（并无直接计量截至目

前已完成的履约价值）外，合约工程之收入乃

采用产量法确认，即根据本集团迄今所完成

的相关服务的测量，由客户委任的独立测量

师就本集团所完成的工程核证。本公司董事

认为，产量法将中肯描述本集团对香港财务

报告准则第十五号项下合约中的履约义务的

履约责任。提供应及安装建筑材料之收入

乃采用投入法确认。进度的衡量标准是根据

迄今产生的具体费用相对每份合约估计总成

本的比例所厘定。

Performance obligations for contracts with

customers

Revenue from construction contracts, interior and

renovation contracts, and instalation of building

materials

The Group provides construction contract work, interior

and renovation contract work and instalation of building

materials contract work under long-term contracts with

customers. Such contracts are entered into before the

services begin. The Group’s contract work enhances an

aset that the external customers control as the Group

performs. Revenue from provision of such contract work

is therefore recognised over time. The revenue from the

contract work, except for the revenue from provision of

suply and instalation of building materials (without a

direct measurement of value of performance completed

to date), are recognised using output method, i.e. based

on surveys of the relevant services completed by the

Group to date as certified by independent surveyors

apointed by the customers in relation to the work

completed by the Group. The directors of the Company

consider that output method would faithfuly depict

the Group’s performance towards complete satisfaction

of the performance obligations in these contracts

under HKFRS 15. The revenue from provision of suply

and instalation of building materials are recognised

using input method. The measures of the progres is

determined based on the proportion of specific costs

incured to-date to the estimated total costs for each

contract.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

物业管理服务收入

提供物业管理服务乃随时间确认。此乃由于

客户同时取得并耗用本集团履约所产生的利

益，而收入则于物业管理服务期间内随时间

推移予以确认。

健康产品销售

健康产品的收入于健康产品控制权转移至客

户，即客户于零售店购买商品时，或当商品已

经交付或运送予客户时，且客户于某个时间

点获得健康产品的控制权以及本集团现时有

权收取付款并很可能收回代价时的某一时间

点确认。

物业代理服务收入

就提供物业代理服务的收入而言，收入于客

户与对手方签立具有法律约束力的协议并履

行履约义务时的某一时间点确认。交易付款

于履行履约义务时立即到期。

Property management services income

The provision of property management services is

recognised over time, as the customers simultaneously

receive and consume the benefits from the Group’s

performance and the revenue is recognised over the

property management services period as time lapses.

Sales of health products

Revenue from health products is recognised at a point

in time when control of health products is transfered to

the customers, being at the point the customer purchases

the gods at the retail shop, or when the gods have

ben delivered or shiped to the customers and the

customer has obtained the control of the health products

and the Group has present right to payment and the

colection of the consideration is probable.

Property agency service income

For revenue from provision of property agency service,

revenue is recognised at a point in time when customers

sign a legaly binding agrement from its counterparty

and performance obligations are satisfied. Payment of

the transaction is due imediately when performance

obligations are satisfied.

As at 31 March 2025
Within one year	于二零二五年三月三十一日	1,252,311	59,167	25,559
More than one year but not more than two years	一年内一年以上但两年以内	1,429,988	48,446	–
More than two years		1,101,633	–	–
两年以上
		3,783,932	107,613	25,559

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

分配至余下客户合约的履约义务之交

易价

于二零二五年及二零二四年三月三十一日，

分配至余下未完成或部分未完成履约义务之

交易价及确认收入的预期时间如下：

除来自建筑合约、装饰及维修工程合约以及

建筑材料安装的收入外，其他分类的收入期

限为一年或以下。诚如香港财务报告准则第

十五号所允许，并无披露分配至该等未履行

合约的交易价格。

Transaction price alocated to the remaining

performance obligation for contracts with

customers

The transaction price alocated to the remaining

performance obligations (unsatisfied or partialy

unsatisfied) as at 31 March 2025 and 2024 and the

expected timing of recognising revenue are as folows:

Revenue from

construction

contracts

Revenue from

interior and

renovation

contracts

Revenue from

instalation

of building

materials

建筑

合约收入

装饰及维修工程

合约收入

安装建筑材料

收入

HK$’000HK$’000HK$’000

港币千元港币千元港币千元

As at 31 March 2024

于二零二四年三月三十一日

Within one year

一年内

2,272,676175,842111,035

More than one year but not

more than two years

一年以上但两年以内

1,665,28525,81030,196

More than two years

两年以上

462,692– –

4,400,653201,652141,231

Other than revenue from construction contracts, interior

and renovation contracts, and instalation of building

materials, the revenue from other segment are for

periods of one year or les. As permited under HKFRS

15, the transaction price alocated to these unsatisfied

contracts is not disclosed.

Construction	Interior and renovation	Building materials	Health products	Property investment	Property development	Property agency and management	Segment total	Eliminations	Consolidated
Construction	Interior and renovation	Building materials	Health products	Property investment	Property development	物业代理
建’00 筑 HK$ 0	装饰及维’00 修 HK $ 0	建筑材’00 料 HK $ 0	健康产’00 品 HK $ 0	物业投’00 资 HK $ 0	物业发’00 展 HK $ 0	及管’00 理 HK $ 0	分类总’00 计 HK $ 0	撇’00 销 HK$ 0	综’00 合 HK$ 0
港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元
1,537,351	191,170	167,267	13,577	61,278	–	14,614	1,985,257	–	1,985,257
787	13,443	11,505	29	8,971	–	7,000	41,735	(41,735)	–
1,538,138	204,613	178,772	13,606	70,249	–	21,614	2,026,992	(41,735)	1,985,257
25,615	(20,176)	18	1,116	(212,522)	(56,973)	57	(262,865)	–	(262,865)
									(32,435)
									(295,300)

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

分类资料

本集团主要经营范畴分为七类：建筑、装饰及

维修工程、建筑材料设计、供应及安装、健康

产品之销售、物业投资、物业发展及物业代理

及管理服务之提供。本集团根据此等分类为

基准报告其内部财务资料，并由本公司执行

董事（为主要经营决策者）定期审阅以分配各

分类间之资源及评估分类间之表现。

(a)

分类收入及业绩

以下为本集团各经营及可呈报分类之收入及

业绩之分析：

截至二零二五年三月三十一日止年度

6. SEGMENT INFORMATION

The Group is organised into seven operating divisions:

construction, interior and renovation works, design,

suply and instalation of building materials, sales

of health products, property investment, property

development and provision of property agency and

management services. These divisions are the basis

on which the Group reports its financial information

internaly and are regularly reviewed by the executive

directors of the Company, being the chief operating

decision makers, for the purpose of alocating resources

to segments and asesing their performance.

(a) Segment revenues and results

The folowing is an analysis of the Group’s revenue and

results by operating and reportable segment:

For the year ended 31 March 2025

REVENUE

收入

External sales

对外销售

Inter-segment sales

分类业务间之销售

Total

总计

RESULTS

业绩

Segment result

分类业绩

Unalocated expenses

未分配支出

Los for the year

本年度亏损

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

截至二零二四年三月三十一日止年度

各经营分类间之会计政策与附注

所述的本

集团之会计政策一致。分类业绩代表每个分

类产生之业绩，并未分配已赚取利息收入及

总部及业务经营不活跃之附属公司之行政成

本。此衡量标准乃向主要经营决策者呈报以

作资源分配及表现评估之目的。

分类业务间之销售乃参考市价计算。

For the year ended 31 March 2024

Construction

Interior and

renovation

Building

materials

Health

products

Property

investment

Property

development

Property

agency and

management

Segment

totalEliminationsConsolidated

建筑装饰及维修建筑材料健康产品物业投资物业发展

物业代理

及管理分类总计撇销综合

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

港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元

REVENUE

收入

External sales

对外销售

1,122,883259,022140,77211,25271,267– 7,4641,612,660– 1,612,660

Inter-segment sales

分类业务间之销售

1,13834,3162,610268,971– 10,50057,561(57,561)–

Total

总计

1,124,021293,338143,38211,27880,238– 17,9641,670,221(57,561)1,612,660

RESULTS

业绩

Segment result

分类业绩

19,540(18,115)26291(100,965)(84,750)16(183,957)– (183,957)

Unalocated expenses

未分配支出

(32,057)

Los for the year

本年度亏损

(216,014)

The acounting policies of the operating segments are

the same as the Group’s acounting policies described in

note 3. Segment results represent the results from each

segment without alocation of interest income earned

and administration costs incured by head ofice and

the inactive subsidiaries. This is the measure reported to

the chief operating decision makers for the purposes of

resource alocation and performance asesment.

Inter-segment sales are charged by reference to market

prices.

31.3.2025
二零二�年
三月三HK十$一’00日0
港币千元
707,826
142,850
92,892
13,753
2,629,846
2,192,246
37,184
5,816,597
148,508
5,965,105
487,238
13,487
55,907
1,849
1,924,524
69
639
2,483,713
19,759
2,503,472

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

(b)

分类资产与负债

以下为本集团各经营及可呈报分类之资产及

负债分析：

为监察分类表现及分配分类间的资源：

•

除总部及其他业务经营不活跃附属公司

的中央管有之银行结余及现金及若干

自用物业外，所有资产均分配至经营分

类；及

•

除总部及业务经营不活跃附属公司的其

他应付款项外，所有负债均分配至经营

分类。

(b) Segment asets and liabilities

The folowing is an analysis of the Group’s asets and

liabilities by operating and reportable segment:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Segment asets

分类资产

Construction

建筑

638,954

Interior and renovation

装饰及维修

168,761

Building materials

建筑材料

90,981

Health products

健康产品

14,739

Property investment

物业投资

3,197,862

Property development

物业发展

1,929,024

Property agency and management

物业代理及管理

31,997

Total segment asets

分类资产总额

6,072,318

Unalocated asets

未分配资产

153,802

Consolidated asets

综合资产

6,226,120

Segment liabilities

分类负债

Construction

建筑

449,316

Interior and renovation

装饰及维修

36,910

Building materials

建筑材料

23,129

Health products

健康产品

2,890

Property investment

物业投资

1,933,793

Property development

物业发展

Property agency and management

物业代理及管理

Total segment liabilities

分类负债总额

2,446,862

Unalocated liabilities

未分配负债

12,732

Consolidated liabilities

综合负债

2,459,594

For the purposes of monitoring segment performance

and alocating resources betwen segments:

• al asets are alocated to operating segments other

than central bank balances and cash of head ofice

and other inactive subsidiaries and certain self-used

properties; and

• al liabilities are alocated to operating segments

other than other payables of head ofice and the

inactive subsidiaries.

Construction	Interior and renovation	Building materials	Health products	Property investment	Property development	Property agency and management	Unallocated	Consolidated
Construction	Interior and renovation	Building materials	Health products	Property investment	Property development	物业代理
建’00 筑 HK$ 0	装饰及维’00 修 HK $ 0	建筑材’00 料 HK $ 0	健康产’00 品 HK $ 0	物业投’00 资 HK $ 0	物业发’00 展 HK $ 0	及管’00 理 HK $ 0	未分’00 配 HK $ 0	综’00 合 HK$ 0
港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元
4,495	1,445	1,212	25	735	–	1,412	6,841	16,165
1,969	–	–	923	–	–	–	–	2,892
–	–	–	–	–	49,146	–	–	49,146
–	–	–	–	140,706	–	–	–	140,706
(27)	–	–	–	–	–	–	–	(27)
–	–	–	123	–	–	–	–	123
(292)	(462)	–	–	–	–	–	–	(754)
339	51	368	–	65,306	31,730	–	–	97,794
(3,095)	(113)	(163)	(15)	(1,978)	(13,376)	(6)	(3)	(18,749)
–	–	–	–	–	(4,551)	–	–	(4,551)
124	–	–	51	51,034	–	–	–	51,209
4,140	(18)	(61)	–	(4,395)	–	160	–	(174)
5,024	–	–	6	3,767	–	5	–	8,802
–	–	–	–	–	92,349	–	–	92,349
–	–	–	–	183,095	902,271	–	–	1,085,366

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

(c)

其他资料

截至二零二五年三月三十一日止年度

附注：

非流动资产不包括递延税项资产、联营公

司之权益、合营企业之权益及合营企业贷

款。

Year ended 31 March 2025

Amounts included in the measure

of segment results or segment asets:

计量分类业绩或分类资产时计入

之金额：

Depreciation of property, plant and equipment

物业、厂房及设备之折旧

Depreciation of right-of-use asets

使用权资产之折旧

Write-down of properties under development for sale

撇减发展中之待售物业

Los on change in fair value of investment properties

投资物业之公平值变动之亏损

Gain on change in fair value of financial asets at FVTPL

透过损益按公平值计算之财务资产

之公平值变动之收益

Write-down of inventories, net

存货撇减净额

Gain on disposal of property, plant and equipment

出售物业、厂房及设备之收益

Impairment loses under ECL model, net

预期信贷亏损模式下之减值亏损净额

Interest income

利息收入

Share of profit of joint ventures

分占合营企业溢利

Finance costs

财务费用

Income tax expenses (credit)

所得税支出（抵免）

Aditions to non-curent asets (note)

添置非流动资产（附注）

Interests in joint ventures

合营企业之权益

Loans to joint ventures

合营企业贷款

Note: Non-curent asets exclude defered tax asets, interest in

an asociate, interests in joint ventures and loans to joint

ventures.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

截至二零二四年三月三十一日止年度

附注：

非流动资产不包括递延税项资产、联营公

司之权益、合营企业之权益及合营企业贷

款。

地区资料

因本集团的收入港币

1,985,257,000

元（二零

二四年：港币

1,612,660,000

元）来自香港（本

公司所在地区）的客户，故本集团并未根据客

户之地理位置呈列以地区市场分类的收入作

进一步分析。

Year ended 31 March 2024

Construction

Interior and

renovation

Building

materials

Health

products

Property

investment

Property

development

Property

agency and

managementUnalocatedConsolidated

建筑装饰及维修建筑材料健康产品物业投资物业发展

物业代理

及管理未分配综合

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

港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元

Amounts included in the measure

of segment results or segment asets:

计量分类业绩或分类资产时计入

之金额：

Depreciation of property, plant and equipment

物业、厂房及设备之折旧

3,7161,5751,2121241,008– 1,6156,45915,709

Depreciation of right-of-use asets

使用权资产之折旧

855– – 897– – – – 1,752

Write-down of properties under development for sale

撇减发展中之待售物业

– – – – – 21,740– – 21,740

Los on change in fair value of investment properties

投资物业之公平值变动之亏损

– – – – 71,078– – – 71,078

Los on change in fair value of financial asets at FVTPL

透过损益按公平值计算之财务资产

之公平值变动之亏损

142– – – – – – – 142

Reversal of write-down of inventories

拨回存货撇减

– – – (17)– – – – (17)

(Gain) los on disposal of property, plant and equipment

出售物业、厂房及设备之

（收益）亏损

(74)– – – 68– – – (6)

Impairment loses (reversal of impairment loses)

under ECL model, net

预期信贷亏损模式下之减值亏损

（拨回减值亏损）净额

100(224)130– – 88,210– – 88,216

Interest income

利息收入

(1,500)(162)(111)(15)(405)(19,674)(13)(11)(21,891)

Share of los of an asociate

分占联营公司亏损

– – – – 7– – – 7

Share of los of joint ventures

分占合营企业亏损

– – – – – 13,077– – 13,077

Finance costs

财务费用

51– – 5265,522– – – 65,625

Income tax expenses (credit)

所得税支出（抵免）

3,060(4,013)(22)– 1,003– 132– 160

Aditions to non-curent asets (note)

添置非流动资产（附注）

5,068– – 1,909823– 35810,70718,865

Interests in joint ventures

合营企业之权益

– – – – – 88,648– – 88,648

Loans to joint ventures

合营企业贷款

– – – – 235,502801,126– – 1,036,628

Note: Non-curent asets exclude defered tax asets, interest in

an asociate, interests in joint ventures and loans to joint

ventures.

Geographical information

The Group’s revenue which is generated from

customers located in Hong Kong, the Company’s place

of domicile, amounted to HK$1,985,257,000 (2024:

HK$1,612,660,000). Acordingly, no further analysis of

the Group’s revenue by geographical market based on

geographical location of customers has ben presented.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
2,506,784
69,734
2,576,518

2025
二零二�年 HK$’000
港币千元
524,764
329,531
N/A *
不适用

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

本集团非流动资产根据资产之地理位置分析

呈列如下（附注）：

附注：

联营公司之权益及合营企业之权益分别以

其各自经营的地理位置作分析。

非流动资产不包括合营企业贷款及递延税

项资产。

关于主要客户之资料

于相关年度内，贡献超过本集团总收入

10%

之个别客户之收入如下：

来自建筑分类之建筑合约收益之收入。

于截至二零二五年三月三十一日或二零二四

年三月三十一日止年度，并无相应收入贡献

超过本集团总收入

10%

。

The analysis of the Group’s non-curent asets by

geographical location of asets is presented as folows

(note):

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Hong Kong (place of domicile)

香港（所在地区）

3,065,608

Mainland China

中国内地

70,805

3,136,413

Note: Interest in an asociate and interests in joint ventures

are analysed by geographical location of their respective

operations.

Non-curent asets excluded loans to joint ventures and

defered tax asets.

Information about major customers

Revenue from customers of the coresponding years

individualy contributing over 10% of the total revenue

of the Group is as folows:

二零二�年

HK$’000

港币千元

Customer A

客户甲

N/A

不适用

Customer B

客户乙

640,417

Customer C

客户丙

221,793

The revenue is income from construction contracts within

the construction segment.

of the total revenue of the Group during the year ended

31 March 2025 or 31 March 2024.

2025
二零二�年 HK$’000
港币千元
13,375
5,374
–
6
3,242
21,997

2025
二零二�年 HK$’000
港币千元
754
27
(49,150)
(48,369)

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

其他收入

其他收益及亏损

7. OTHER INCOME

二零二�年

HK$’000

港币千元

Interest income from joint ventures

来自合营企业之利息收入

19,674

Bank interest income

银行利息收入

2,217

Building management fe income

楼宇管理费收入

Dividend income from financial asets

at FVTPL

透过损益按公平值计算之

财务资产之股息收入

Others

其他

8,118

30,119

8. OTHER GAINS AND LOSES

二零二�年

HK$’000

港币千元

Gain on disposal of property,

plant and equipment

出售物业、厂房及设备之收益

Gain (los) on change in fair value

of financial asets at FVTPL

透过损益按公平值计算之

财务资产之公平值变动之

收益（亏损）

(142)

Others

其他

(10,189)

(10,325)

2025
二零二�年 HK$’000
港币千元
19
(776)
(97,037)
(97,794)

2025
二零二�年 HK$’000
港币千元
109,236
362
109,598
(60,230)
49,368
1,841
51,209

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

预期信贷亏损模式下之减值亏

损净额

截至二零二五年及二零二四年三月三十一日

止年度的减值评估详情载于附注

。

10.

财务费用

9. IMPAIRMENT LOSES UNDER

EXPECTED CREDIT LOS MODEL, NET

二零二�年

HK$’000

港币千元

Reversal of impairment loses

(impairment loses), net,

recognised on:

就以下各项确认拨回减值亏损

（减值亏损）净额：

Trade debtors

应收款项

Contract asets

合约资产

(193)

Loans to joint ventures

合营企业贷款

(88,210)

(88,216)

Details of impairment asesment for the year ended 31

March 2025 and 2024 are set out in note 48.

10. FINANCE COSTS

二零二�年

HK$’000

港币千元

Interest on bank loans

银行贷款之利息

97,265

Interest on lease liabilities

租赁负债之利息

97,558

Les: Amount capitalised in properties

under development for sale

减：发展中待售物业之

资本化金额

(31,933)

65,625

Reclasification of net loses from

hedging reserve on financial

instruments designated as

cash flow hedges

重新分类指定为现金流量对冲之

财务工具之对冲储备净亏损

–

65,625

2025
二零二�年 HK$’000
港币千元
224,271
17,115
241,386
16,165
(1,721)
14,444

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

11.

除税前亏损

11. LOS BEFORE TAXATION

二零二�年

HK$’000

港币千元

Los before taxation has ben arived

at after charging (crediting):

除税前亏损已扣除（计入）：

Salaries and other benefits

薪金及其他福利

218,966

Retirement benefits scheme

contributions

退休福利计划供款

16,889

Staf costs incured (including

directors’ remuneration)

已产生之员工成本

（包括董事酬金）

235,855

Depreciation of property,

plant and equipment

物业、厂房及设备之折旧

15,709

Les: Depreciation expenses included

in the cost of sales

减：包含于销售成本之折旧支出

(956)

14,753

2025
二零二�年 HK$’000
港币千元
2,892
(2,194)
698
3,376
1,815,837
23,511
123
49,146
(61,278)
17,991
(43,287)
17,402

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

二零二�年

HK$’000

港币千元

Depreciation of right-of-use asets

使用权资产之折旧

1,752

Les: Depreciation expenses included

in the cost of sales

减：包含于销售成本之折旧支出

(1,082)

Auditor’s remuneration

核数师酬金

3,670

Contract costs recognised as expenses

合约成本确认为支出

1,457,043

Costs of inventories recognised as

expenses

存货成本确认为支出

23,548

Write-down of inventories (reversal

of write-down of inventories), net

存货撇减（拨回存货撇减）净额

(17)

Write-down of properties under

development for sale

撇减发展中之待售物业

21,740

Gros rental income under operating

leases on:

经营租赁租金收入总额：

Investment properties

投资物业

(71,267)

Les: Direct operating expenses

arising from leasing

减：租赁产生的直接经营支出

18,531

(52,736)

Expenses included in cost of sales:

包含于销售成本内之支出：

Short-term leases expense in respect

of plant and machinery

有关厂房及机器之短期租赁

支出

10,193

Executive directors (Note a)				Non-executive directors (Note b)			Independent non-executive directors (Note c)
a				b			c
执行董事（附注）				非执行董事（附注）			独立非执行董事（附注）
Wong Sue Toa, Stewart	Tai Sai Ho	Chow Ka Fung	Subtotal	Cha Mou Daid, Johnson	Lam Chat Yu	Subtotal	Chan Pak Joe	Lau Tze Yiu, Peter	Chan Fan Cheong, Tony^	Hao Quan#	Subtotal	Total emoluments
Wong Sue Toa, Stewart	Tai Sai Ho	Chow Ka Fung	Subtotal	Cha Mou Daid, Johnson	Lam Chat Yu	Subtotal	Chan Pak Joe	Lau Tze Yiu, Peter	^	#
HK王$世’00涛0	HK戴$世’00豪0	HK周$嘉’00峰0	HK$小’00计0	HK查$懋’00德0	HK林$泽’00宇0	HK$小’00计0	HK陈$伯’00佐0	HK刘$子’00耀0	HK陈$繁’00昌0	HK$郝’00荃0	HK$小’00计0	HK总$酬’00金0
港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元
–	–	–	–	4,000	150	4,150	350	350	350	186	1,236	5,386
4,079	2,564	1,759	8,402	–	–	–	–	–	–	–	–	8,402
340	214	146	700	–	–	–	–	–	–	–	–	700
611	385	264	1,260	–	–	–	–	–	–	–	–	1,260
5,030	3,163	2,169	10,362	4,000	150	4,150	350	350	350	186	1,236	15,748

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

12.

董事及五名最高薪人士酬金

(i)

董事酬金

于本年度，根据适用之上市规则及香港公司

条例披露之董事酬金，及已付或应付予九名

（二零二四年：九名）董事各自之酬金如下：

截至二零二五年三月三十一日止年度

截至二零二四年三月三十一日止年度

陈繁昌博士于二零二三年四月十八日获委任

为本公司独立非执行董事。

孙大伦博士于二零二三年十一月十四日退任

本公司独立非执行董事。

郝荃女士于二零二四年九月十九日获委任为

本公司独立非执行董事。

12. DIRECTORS’ AND FIVE HIGHEST PAID

EMOLUMENTS

(i) Directors’ emoluments

Directors’ remuneration for the year, disclosed pursuant

to the aplicable Listing Rules and Hong Kong Companies

Ordinance and the emoluments paid or payable to each

of the nine (2024: nine) directors were as folows:

For the year ended 31 March 2025

Fes

袍金

Other emoluments

其他酬金

Salaries and other benefits

薪金及其他福利

Performance related incentive payments (note d)

工作表现奖励金（附注

）

Retirement benefits scheme contributions

退休福利计划供款

For the year ended 31 March 2024

Executive directors (Note a)Non-executive directors (Note b)Independent non-executive directors (Note c)

执行董事（附注

）非执行董事（附注

）独立非执行董事（附注

）

Wong

Sue Toa,

Stewart

Tai

Sai Ho

Chow Ka

FungSubtotal

Cha Mou

Daid,

Johnson

Lam

Chat YuSubtotal

Chan

Pak Joe

Lau

Tze Yiu,

Peter

Chan Fan

Cheong,

Tony

Sun

Tai Lun*Subtotal

Total

emoluments

王世涛戴世豪周嘉峰小计查懋德林泽宇小计陈伯佐刘子耀陈繁昌

孙大伦

小计总酬金

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

港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元

Fes

袍金

– – – – 4,0001504,1503503503342171,2515,401

Other emoluments

其他酬金

Salaries and other benefits

薪金及其他福利

3,9602,4901,7018,151– – – – – – – – 8,151

Performance related incentive payments (note d)

工作表现奖励金（附注

）

4,5002,2501,5008,250– – – – – – – – 8,250

Retirement benefits scheme contributions

退休福利计划供款

5943742551,223– – – – – – – – 1,223

9,0545,1143,45617,6244,0001504,1503503503342171,25123,025

^ Dr. Chan Fan Cheong, Tony was apointed as an

independent non-executive director of the Company on 18

April 2023.

* Dr. Sun Tai Lun retired as an independent non-executive

director of the Company on 14 November 2023.

Ms. Hao Quan was apointed as an independent non-

executive director of the Company on 19 September 2024.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

附注：

(a)

上述执行董事酬金为与彼等对本公司及本集

团管理事务之服务有关。

(b)

上述非执行董事酬金为彼等作为本公司及本

集团董事之服务。

(c)

上述独立非执行董事酬金为彼等作为本公司

董事之服务。

(d)

工作表现奖励金是根据该年度的个人之表现

及本集团之业绩及盈利能力而厘定。

于两个年度，并无有关董事放弃或同意放弃

任何酬金的安排。

于截至二零二五年及二零二四年三月三十一

日止年度，本集团并无向任何董事支付酬金，

作为鼓励加入本集团或加入本集团之奖励，

或离职补偿。

Notes:

(a) The executive directors’ emoluments shown above were

for their services in conection with the management of

the afairs of the Company and the Group.

(b) The non-executive directors’ emoluments shown above

were for their services as directors of the Company and the

Group.

shown above were for their services as directors of the

Company.

(d) The performance related incentive payments are

determined based on the performance of the individual

and the Group’s performance and profitability for the

year.

There was no arangement under which the directors

waived or agred to waive any emoluments for both

years.

During the years ended 31 March 2025 and 2024, no

emoluments were paid by the Group to any directors as

an inducement to join or upon joining the Group or as

compensation for los of ofice.

2025
二零二�年 HK$’000
港币千元
1,758
140
167
2,065

2025
二零二�年 Number of employee
�员數目
1

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

(i)

五名最高薪人士

于截至二零二五年三月三十一日止年度，五

名最高薪人士包括四名董事及一名雇员（二

零二四年：四名董事及一名雇员）。其余一名

雇员（二零二四年：一名雇员）之酬金如下：

雇员之酬金属于下列组别：

(i) Five highest paid individuals

During the year ended 31 March 2025, the five highest

paid individuals included four directors and one

employe (2024: four directors and one employe). The

emoluments of the remaining one employe (2024: one

employe) were as folows:

二零二�年

HK$’000

港币千元

Salaries and other benefits

薪金及其他褔利

1,709

Performance related incentive payments

工作表现奖励金

Retirement benefits scheme contributions

退休福利计划供款

2,141

The emoluments of the employe were within the

folowing bands:

二零二�年

Number

of employe

�员數目

HK$2,000,001 – HK$2,500,000

港币

2,000,001

元—

港币

2,500,000

元

2025
二零二�年 HK$’000
港币千元
(4,454)
180
(4,274)
4,448
174

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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.

税项抵免（支出）

两个年度的香港利得税均按有关年度估计应

课税溢利之

16.5%

计算，惟属于两级制利得

税制度项下的合资格法团的集团实体除外。

就该集团实体而言，首笔港币

2,000,000

元之

应课税溢利按税率

8.25%

征税，余下应课税

溢利则按税率

16.5%

征税。

13. TAX CREDIT (EXPENSE)

二零二�年

HK$’000

港币千元

Hong Kong Profits Tax

香港利得税

Curent year

本年度

(3,741)

Over (under)-provision in prior years

过往年度超额拨备（拨备不足）

(810)

(4,551)

Defered taxation (note 35)

递延税项（附注

）

4,391

(160)

Hong Kong Profits Tax for both years is calculated

at 16.5% of the estimated asesable profits for the

year, except for the group entity which is a qualifying

corporation under the two-tiered profits tax rates

regime. For this group entity, the first HK$2 milion of

asesable profits are taxed at 8.25% and the remaining

asesable profits are taxed at 16.5%.

2025
二零二�年 HK$’000
港币千元
(295,474)
48,753
–
751
(48,747)
4,972
1,820
(7,390)
(165)
180
174

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

年度税项抵免（支出）与综合损益表之除税前

亏损对账如下：

Tax credit (expense) for the year can be reconciled to the

los before taxation per the consolidated statement of

profit or los as folows:

二零二�年

HK$’000

港币千元

Los before taxation

除税前亏损

(215,854)

Tax at the domestic income tax rate of

16.5% (2024: 16.5%)

按本地所得税率

16.5%

（二零二四年：

16.5%

）之税项

35,616

Tax efect of share of los of an

asociate

分占联营公司亏损之税务影响

(1)

Tax efect of share of profit (los) of

joint ventures

分占合营企业溢利（亏损）

之税务影响

(2,158)

Tax efect of expenses not deductible

for tax purpose

于税务方面不可扣减之支出

之税务影响

(32,460)

Tax efect of income not taxable for

tax purpose

于税务方面毋须课税之收入

之税务影响

5,615

Utilisation of tax loses previously

not recognised

已动用先前未确认之税项亏损

Tax efect of tax loses not recognised

未确认之税项亏损之税务影响

(6,585)

Income tax at concesionary rate

按优惠税率计算之所得税

(165)

Over (under)-provision in prior years

过往年度超额拨备（拨备不足）

(810)

Tax credit (expense)

税项抵免（支出）

(160)

2025
二零二�年 HK$’000
港币千元
–
–
–

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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. DIVIDENDS

二零二�年

HK$’000

港币千元

Dividends recognised as distribution

during the year:

年内获确认为分派之股息如下：

Nil (2024: 2024 first interim dividend

– HK1.0 cent per share)

无（二零二四年：二零二四年

第一次中期股息

－每股港币

1.0

仙）

10,731

Nil (2024: 2023 second interim

dividend – HK5.0 cents per share)

无（二零二四年：二零二三年

第二次中期股息

－每股港币

5.0

仙）

54,405

65,136

No dividend was proposed by the board of directors of

the Company for the financial year ended 31 March 2025

(2024: no second interim dividend was proposed).

14.

股息

本公司董事会不建议派发截至二零二五年三

月三十一日止财政年度之股息（二零二四年：

并无建议派发第二次中期股息）。

2025
二零二�年 HK$’000
港币千元
(295,300)

2025
二零二�年 ‘000
千股
1,073,075

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

15.

每股亏损

本公司拥有人应占本年度每股基本及摊薄亏

损乃根据以下数据计算：

用以计算截至二零二四年三月三十一日止年

度每股基本及摊薄亏损的普通股加权平均数

已考虑两个年度内自市场回购的普通股。

截至二零二五年及二零二四年三月三十一日

止年度，计算每股摊薄亏损时并无假设行使

本公司全部尚未行使购股权，原因为假设行

使该等购股权将会导致每股亏损减少。

15. LOS PER SHARE

The calculation of the basic and diluted los per share for

the year atributable to owners of the Company is based

on the folowing data:

二零二�年

HK$’000

港币千元

Los

亏损

Los for the purpose of basic and

diluted los per share

用以计算每股基本及摊薄

亏损的亏损

(216,014)

二零二�年

‘000

千股

Number of shares

股份数目

Weighted average number of ordinary

shares for the purpose of calculating

basic and diluted los per share

用以计算每股基本及摊薄亏损的

普通股加权平均数

1,083,897

The weighted average number of ordinary shares for the

purpose of calculating basic and diluted los per share for

the year ended 31 March 2024 has taken into acount the

ordinary shares repurchased from the market during the

respective year.

During the years ended 31 March 2025 and 2024, the

computation of diluted los per share does not asume

the exercise of al of the Company’s outstanding share

options as their asumed exercise would result in a

decrease in los per share.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

16.

投资物业

本集团根据经营租赁出租多个办公室、服务

式公寓、仓库及零售店舖，租金须按月支付。

办公室及仓库的租赁包含于租期内固定的租

赁付款。租约一般固定为期一至三年（二零

二四年：一至四年）。

本集团并不因租赁安排而须承受外币风险，

原因是所有租赁均以集团各实体之功能货币

计值。租赁合约并无载有剩余价值担保及╱

或承租人于租期结束时购买物业的选择权。

截至二零二五年三月三十一日止年度，分租

项下的租赁物业已获付港币

240,000

元（二零

二四年：港币

240,000

元）。

16. INVESTMENT PROPERTIES

The Group leases out various ofices, service apartments,

warehouses and retail stores under operating leases

with rentals payable monthly. The leases of ofices and

warehouses contain lease payments that are fixed over

the lease term. The leases typicaly run for a fixed period

of one to thre years (2024: one to four years).

The Group is not exposed to foreign curency risk as

a result of the lease arangements, as al leases are

denominated in the respective functional curencies

of group entities. The lease contracts do not contain

residual value guarante and/or lese’s option to

purchase the property at the end of lease term.

For the year ended 31 March 2025, HK$240,000 (2024:

HK$240,000) was paid for leased properties under sub-

leases.

2025
二零二�年 HK$’000
港币千元
2,743,080
3,431
(140,706)
(314,935)
(97,700)
2,193,170

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

本集团所有根据经营租赁持有作赚取租金或

资本增值用途之物业权益乃使用公平值模式

计量并分类及入账为投资物业。

本集团委聘第三方合资格估值师进行估值。

管理层与合资格外聘估值师密切合作，为该

模式确立适当的估值方法及输入数据。管理

层每半年向本公司董事会报告调查结果，解

释物业公平值波动的原因。

于估计物业的公平值时，物业之最高及最佳

用途为其现时用途。

二零二�年

HK$’000

港币千元

FAIR VALUE

公平值

At the begining of the year

年初

3,033,980

Aditions

添置

Change in fair value

公平值变动

(71,078)

Disposals

出售

(63,500)

Transfer to asets clasified as held for

sale (note 29)

转移至分类为持作出售资产

（附注

）

(157,050)

At the end of the year

年末

2,743,080

Al of the Group’s property interests held under

operating leases to earn rentals or for capital

apreciation purposes are measured using the fair value

model and are clasified and acounted for as investment

properties.

The Group engages third party qualified valuer to

perform the valuation. The management works closely

with the qualified external valuer to establish the

apropriate valuation aproaches and inputs to the

model. The management reports the findings to the

board of directors of the Company every half-year to

explain the cause of fluctuations in the fair value of the

property.

In estimating the fair value of the property, the highest

and best use of the property is the curent use.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

本集团之投资物业于二零二五年三月三十一

日之公平值乃由与本集团并无关连之独立

物业估值师高力（二零二四年：高力）按该日

之估值厘定。估值师具备合适资格且于近期

曾在相关地区就同类物业进行估值。参考同

类物业之市场交易价格估值（并对已采纳市

价作出调整）之物业价值为港币

645,000,000

元（二零二四年：港币

1,193,000,000

元）。采

用收入拨充资本方法估值之其他物业价值

为港币

1,548,170,000

元（二零二四年：港币

1,550,080,000

元），此方法是根据采纳适合的

资本化比率将潜在收入净额作资本化，这是

由销售交易分析和当时投资者之要求或预期

推测而引申出来。

公平值等级及第三级公平值计量之摘要

本集团所有投资物业乃参考第三级公平值计

量估值。

于两个年度内并无公平值等级间不同级别的

转移。

The fair values of the Group’s investment properties

at 31 March 2025 have ben arived at on the basis

of a valuation caried out on that date by Coliers

(2024: Coliers), an independent property valuer not

conected with the Group. The Valuer has apropriate

qualifications and recent experience in the valuation of

similar properties in the relevant locations. The valuation

of properties amounting to HK$645,000,000 (2024:

HK$1,193,000,000) was arived at by reference to market

evidence of transaction prices of similar properties, with

adjustments on adopted market prices. The valuations of

other properties amounting to HK$1,548,170,000 (2024:

HK$1,550,080,000) were arived at by reference to the

income capitalisation method which is based on the

capitalisation of the net income potential by adopting

an apropriate capitalisation rate, which is derived

from analysis of sale transactions and interpretation of

prevailing investor requirements or expectations.

Sumary of fair value hierarchy and Level 3 fair

value measurements

Al investment properties of the Group are valued by

reference to a Level 3 fair value measurement.

There are no transfers among diferent levels within the

fair value hierarchy during both years.

Investment properties	Valuation method	Fair value	Significant unobservable inputs (Note a) a
投资物业 Commercial 商业 Residential 住宅 Industrial 工业	估值方法 Direct comparison method 直接比较法 Direct comparison method 直接比较法 Direct comparison method 直接比较法	公平值 HK$642,000,000 (2024: HK$673,000,000) 642,000,000 港币 673,0元00,000 （二零二四年：港币元） HK$Nil (2024: HK$517,000,000) 港币零5元17,000,000 （二零二四年：港币元） HK$3,000,000 (2024: HK$3,000,000) 3,000,000 港币 3,0元00,000 （二零二四年：港币元）	重大不可观察输入变数（附注） Adjusted market price per square foot (Note b) b 经调整的每平方呎市价（附注） HK$16,925 (2024: HK$17,742) 16,925 港币元17,742 （二零二四年：港币元） N/A (2024: HK$18,859) 不适用 18,859 （二零二四年：港币元） N/A (2024: N/A) 不适用（二零二四年：不适用）

Investment properties 投资物业	Valuation method 估值方法	Fair value 公平值	Significant unobservable inputs (Note a) a 重大不可观察输入变数（附注）
Investment properties 投资物业	Valuation method 估值方法	Fair value 公平值	Capitalisation rate 资本化比率	Monthly market rent (per square foot) 每月市值租金（每平方呎）
Commercial 商业	Income capitalisation approach 收入资本化法	HK$1,548,170,000 (2024: HK$1,550,080,000) 1,548,170,000 港币 1,550,0元80,000 （二零二四年：港币元）	3.0% – 4.5% (2024: 3.0% – 4.5%) 3.0% 4.5% －3.0% 4.5% （二零二四年：－）	HK$14.0 to HK$58.0 (2024: HK$14.0 to HK$60.0) 14.0 58.0 港币元－14港.0币元60.0 （二零二四年：港币元－港币元）

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

第三级估值方法

下表呈列重大不可观察输入变数：

附注：

(a)

不可观察输入变数与公平值间之关系为

(i)

资

本化比率越高，公平值越低；

(i)

市值租金越

高，公平值越高；及

(i)

经调整市价越高，公

平值越高，反之亦然。

(b)

经调整市价乃考虑到物业的特定调整，主要

包括位置及条件。

Level 3 valuation methodologies

Below is a table which presents the significant

unobservable inputs:

（二零二四年：港币元）（二零二四年：不适用）

（二零二四年：港币元）（二零二四年：－）（二零二四年：港币元－港币元）

Notes:

(a) The relationship of unobservable inputs to fair value are (i)

the higher the capitalisation rate, the lower the fair value;

(i) the higher the market rent, the higher the fair value;

and (i) the higher the adjusted market price, the higher

the fair value, vice versa.

(b) Adjusted market price has taken into acount of property-

specific adjustments including mainly location and

condition.

Additions	于二零二四年三月三十一日	–	–	346	–	3,106	3,452
Disposals	添置	–	(21,663)	–	–	(3,250)	(24,913)
Disposals	出售
At 31 March 2025		366,094	9,998	12,979	23,622	12,569	425,262
于二零二五年三月三十一日

Provided for the year	于二零二四年三月三十一日	12,557	743	749	351	1,765	16,165
Eliminated on disposals	年度拨备	–	(21,663)	–	–	(3,250)	(24,913)
Eliminated on disposals	出售时撇销
At 31 March 2025		86,722	8,085	11,294	23,067	8,169	137,337
于二零二五年三月三十一日

At 31 March 2025	账面值	279,372	1,913	1,685	555	4,400	287,925
At 31 March 2025	于二零二五年三月三十一日

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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.

物业、厂房及设备

以上物业、厂房及设备项目乃依据直线法为

基准以计算折旧，可使用年期如下：

租赁土地

及楼宇

有关租约未届满年期由

二十至五十年

租赁物业装修有关租约届满年期或五年

（以较短者为准）

其他资产两至五年

于二零二五年三月三十一日及二零二四年三

月三十一日，所有租赁土地及楼宇均位于香

港。

17. PROPERTY, PLANT AND EQUIPMENT

Leasehold

land and

buildings

Plant and

equipment

Furniture

and

fixtures

Leasehold

improvements

Motor

vehiclesTotal

租赁土地及

楼宇厂房及设备家私及装置

租赁物业

装修汽车总计

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

港币千元港币千元港币千元港币千元港币千元港币千元

COST

成本

At 1 April 2023

于二零二三年四月一日

355,38730,15619,17723,62213,224441,566

Aditions

添置

10,7071,74596– 1,07313,621

Disposals

出售

– (240)(6,640)– (1,584)(8,464)

At 31 March 2024

于二零二四年三月三十一日

366,09431,66112,63323,62212,713446,723

于二零二五年三月三十一日

DEPRECIATION

折旧

At 1 April 2023

于二零二三年四月一日

61,99028,69216,09222,2699,729138,772

Provided for the year

年度拨备

12,1755531,0254471,50915,709

Eliminated on disposals

出售时撇销

– (240)(6,572)– (1,584)(8,396)

At 31 March 2024

于二零二四年三月三十一日

74,16529,00510,54522,7169,654146,085

于二零二五年三月三十一日

CARYING VALUES

账面值

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

291,9292,6562,0889063,059300,638

The above items of property, plant and equipment are

depreciated on a straight-line basis over the folowing

useful lives:

Leasehold land and

buildings

Over the unexpired term of the

relevant lease period from 20

to 50 years

Leasehold

improvements

Over the shorter of the term of

the lease period or 5 years

Other asets2 to 5 years

As at 31 March 2025 and 31 March 2024, al the leasehold

land and buildings are located in Hong Kong.

2025
二零二�年 HK$’000
港币千元
3,074
2,892
1,919
17,402
20,692

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

18.

使用权资产

使用权资产于其估计可使用年期及租期（以

较短者为准）内以直线法折旧。

于两个年度，本集团租赁办公室及零售店舖

用于营运。租赁合约按介乎一至五年（二零

二四年：一至五年）的固定年期订立，概无任

何续租及终止选择权。租期均按个别情况磋

商。厘定租期及评估不可撤销期限的长度时，

本集团应用合约定义并厘定可强制执行合约

的期限。

18. RIGHT-OF-USE ASETS

二零二�年

HK$’000

港币千元

Leased properties, carying amount

租赁物业，账面值

4,047

Depreciation charge

折旧费用

1,752

Aditions to right-of-use asets

添置使用权资产

4,516

Expenses relating to short-term leases

of plant and machinery

有关厂房及机器之

短期租赁的开支

10,193

Total cash outflow of leases (excluding

leased properties under sublease)

租赁（不包括分租项下之租赁物业）

现金流出总额

12,275

The right-of-use asets are depreciated on a straight-line

basis over the shorter of its estimated useful life and the

lease term.

For both years, the Group leases ofice and a retail

shop for its operations. Lease contracts are entered into

for fixed terms ranging from 1 to 5 years (2024: 1 to 5

years) without any extension and termination option.

Lease terms are negotiated on an individual basis. In

determining the lease term and asesing the length

of the non-cancelable period, the Group aplies the

definition of a contract and determines the period for

which the contract is enforceable.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
7
(7)
–

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

本集团拥有多项物业（包括相关租赁土地）。

本集团已就收购该等物业权益支付一次性预

付款项。仅在能够可靠分配已付款项的情况

下，方会独立呈列该等自有物业的租赁土地

部分。未能可靠分配已付款项的该等自有物

业中的租赁土地部分于物业、厂房及设备项

下呈列为租赁土地及楼宇。

本集团定期订立厂房及机器的短期租赁。于

二零二五年及二零二四年三月三十一日，短

期租赁组合与上文披露的短期租赁开支所对

应的短期租赁组合相似。

此外，于二零二五年三月三十一日，租赁

负债港币

6,894,000

元（二零二四年：港

币

7,903,000

元）与相关使用权资产港币

3,074,000

元（二零二四年：港币

4,047,000

元）

及投资物业港币

9,170,000

元（二零二四年：港

币

9,080,000

元）一并确认。除出租人持有的租

赁资产的抵押权益外，租赁协议并未施加任

何契诺。租赁资产不得用作借款的抵押品。

19.

联营公司之权益

The Group owns several properties including the

underlying leasehold lands. Lump sum payments were

made upfront to acquire these property interests. The

leasehold land components of these owned properties

are presented separately only if the payments made can

be alocated reliably. Those leasehold land components of

the owned properties that the payments made could not

be alocated reliably are presented as leasehold land and

building under property, plant and equipment.

The Group regularly entered into short-term leases for

plant and machinery. As at 31 March 2025 and 2024, the

portfolio of short-term leases is similar to the portfolio of

short-term leases to which the short-term lease expense

disclosed above.

In adition, lease liabilities of HK$6,894,000 (2024:

HK$7,903,000) are recognised with related right-

of-use asets of HK$3,074,000 (2024: HK$4,047,000)

and an investment property of HK$9,170,000 (2024:

HK$9,080,000) as at 31 March 2025. The lease

agrements do not impose any covenants other than the

security interests in the leased asets that are held by

the lesor. Leased asets may not be used as security for

borowing purposes.

19. INTEREST IN AN ASOCIATE

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Cost of unlisted investment in

an asociate

于联营公司非上市投资之成本

Share of post-acquisition profits,

net of dividends received

分占收购后之溢利

（扣除已收之股息）

(7)

–

投票权 2025
二零二�年
50%

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
242,424
(150,075)
92,349

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

于二零二五年及二零二四年三月三十一日，

本集团联营公司之详情如下：

20.

合营企业之权益

Details of the Group’s asociate as at 31 March 2025 and

2024 are as folows:

Name of asociate

Form of

busines

structure

Place of

incorporation

and principal

place of operation

Clas of

shares held

Atributable

interest and

proportion of

voting power

held by the GroupPrincipal activity

联营公司之名称业务架构形式

注册成立地点及

主要营业地点

所持股份

类别

本集团应占股本权益及

投票权之比例主要业务

二零二�年

Hoi Bun Godown Company Limited

(“Hoi Bun Godown”)

Limited liability

company

Hong KongOrdinary50%Property investment

海滨货仓有限公司（「海滨货仓」）有限公司香港普通股物业投资

20. INTERESTS IN JOINT VENTURES

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Interests in joint ventures comprise:

合营企业之权益包括：

Cost of unlisted investments in

joint ventures

于合营企业非上市投资之成本

242,424

Share of post-acquisition results and

other comprehensive expense,

net of dividends received

分占收购后之业绩及

其他全面支出

(

扣除已收之股息）

(153,776)

88,648

投票权 2025
二零二�年
49%
50%
50%
50%
50%
50%
50%
50%
50%
50%

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

于二零二五年及二零二四年三月三十一日，

本集团主要合营企业之详情如下：

Details of the Group’s principal joint ventures as at 31

March 2025 and 2024 are as folows:

Name of joint venture

Form of

busines

structure

Place of

incorporation/

registration

and principal

place of operation

Clas of

shares held

Atributable

interest and

proportion of

voting power

held by the GroupPrincipal activities

合营企业之名称业务架构形式

注册成立地点╱登记

及主要营业地点

所持股份

类别

本集团应占股本权益及

投票权之比例主要业务

二零二�年

Haining Jiafeng Real Estate

Development Limited

(“Haining Jiafeng”)

海宁嘉丰房地产有限公司（「海宁嘉丰」）

Limited liability

company

有限公司

The People’s

Republic of China

(the “PRC”)

中华人民共和国

（「中国」）

Registered

capital

注册资本

49%Property development in

Haining, the PRC

于中国海宁进行

物业发展业务

Great Splendor Enterprises LimitedLimited liability

company

有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

Ordinary

普通股

50%Investment holding in

Hong Kong

于香港进行投资控股业务

Ideal League LimitedLimited liability

company

有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

Ordinary

普通股

50%Investment holding in

Hong Kong

于香港进行投资控股业务

Grace Universe Limited

恩宇有限公司

Limited liability

company

有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

Ordinary

普通股

50%Investment holding in

Hong Kong

于香港进行投资控股业务

Super Plus LimitedLimited liability

company

有限公司

Hong Kong

香港

Ordinary

普通股

50%Property investment in

Hong Kong

于香港进行物业投资业务

Flourishing Stable Limited

盛坚有限公司

Limited liability

company

有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

Ordinary

普通股

50%Investment holding in

Hong Kong

于香港进行投资控股业务

Fortunate Benefit Limited

益祥有限公司

Limited liability

company

有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

Ordinary

普通股

50%Investment holding in

Hong Kong

于香港进行投资控股业务

Fortune Creation Developments

Limited

Limited liability

company

有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

Ordinary

普通股

50%Property development in

Hong Kong

于香港进行物业发展业务

Honour Advent Limited

誉临有限公司

Limited liability

company

有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

Ordinary

普通股

50%Investment holding in

Hong Kong

于香港进行投资控股业务

Prime Suces Global Limited

盛成环球有限公司

Limited liability

company

有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

Ordinary

普通股

50%Investment holding in

Hong Kong

于香港进行投资控股业务

投票权 2025
二零二�年
50%
50%
50%
50%
50%
50%

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

所有合营企业使用权益法于该等综合财务报

表入账。

Name of joint venture

Form of

busines

structure

Place of

incorporation/

registration

and principal

place of operation

Clas of

shares held

Atributable

interest and

proportion of

voting power

held by the GroupPrincipal activities

合营企业之名称业务架构形式

注册成立地点╱登记

及主要营业地点

所持股份

类别

本集团应占股本权益及

投票权之比例主要业务

二零二�年

Fortune Shiner Development Limited

富晖发展有限公司

Limited liability

company

有限公司

Hong Kong

香港

Ordinary

普通股

50%Property development in

Hong Kong

于香港进行物业发展业务

Protic Limited

宝德有限公司

Limited liability

company

有限公司

Hong Kong

香港

Ordinary

普通股

50%Property development in

Hong Kong

于香港进行物业发展业务

Estemed Virtue Limited

敬德有限公司

Limited liability

company

有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

Ordinary

普通股

50%Investment holding in

Hong Kong

于香港进行投资控股业务

Befit LimitedLimited liability

company

有限公司

Hong Kong

香港

Ordinary

普通股

50%Property development in

Hong Kong

于香港进行物业发展业务

Exces Wonder Limited

多奇有限公司

Limited liability

company

有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

Ordinary

普通股

50%Investment holding in

Hong Kong

于香港进行投资控股业务

Rainbow Jade Enterprises Limited

彩碧企业有限公司

Limited liability

company

有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

Ordinary

普通股

50%Property development in

Hong Kong

于香港进行物业发展业务

Al joint ventures are acounted for using the equity

method in these consolidated financial statements.

2025
二零二�年 HK$’000
港币千元
3,888,576
(4,604,295)
571,310
(144,409)
92,349
(45,651)
(1,735)
4,551
(850)

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

于二零二五年及二零二四年三月三十一日，

本集团合营企业之汇总财务资料载列如下：

Agregate financial information of the Group’s joint

ventures as at 31 March 2025 and 2024 is set out below:

二零二�年

HK$’000

港币千元

Curent asets

流动资产

3,394,702

Curent liabilities

流动负债

(4,091,524)

Non-curent asets

非流动资产

599,799

Net liabilities

负债净值

(97,023)

Group’s share of net asets

本集团分占资产净值

88,648

Net los for the year

本年度净亏损

(83,302)

Other comprehensive expense

for the year

本年度其他全面支出

(9,271)

Group’s share of profit (los)

for the year

本集团分占之本年度溢利（亏损）

(13,077)

Group’s share of exchange

diferences for the year

本集团分占之本年度汇兑差额

(4,543)

2025
二零二�年 HK$’000
港币千元
27,373
165,699

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
1,085,366

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

21.

合营企业贷款

于二零二五年三月三十一日，本集团授予

于香港从事物业发展及物业投资之合营企

业贷款港币

433,294,000

元（二零二四年：

港币

420,381,000

元）。该款项属无抵押，按

年息

3.0%

（二零二四年：

4.25%

）计息及须

按要求偿还。余下授予合营企业之贷款乃

无抵押、不计息及无固定还款期。本集团

无意于报告期末起计十二个月内要求偿还

港币

1,085,366,000

元（二零二四年：港币

1,036,628,000

元）之贷款。因此，该等贷款被

分类为非流动资产。

本集团参考交易方之内部信贷评级评估预期

信贷亏损。截至二零二五年三月三十一日止

年度减值亏损港币

97,037,000

元（二零二四

年：减值亏损港币

88,210,000

元）于损益中确

认。减值评估详情载于附注

。

二零二�年

HK$’000

港币千元

The unrecognised share of los of

joint ventures for the year

本年度未确认分占合营

企业亏损

28,408

Cumulative unrecognised share of

loses of joint ventures

累计未确认分占合营企业亏损

138,326

21. LOANS TO JOINT VENTURES

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Loans to joint ventures

合营企业贷款

1,036,628

As at 31 March 2025, loans are granted to joint ventures

engaging in property development and property

investment in Hong Kong. The loans amounted to

HK$433,294,000 (2024: HK$420,381,000) are unsecured,

interest bearing at 3.0% (2024: 4.25%) per anum and

repayable on demand. The remaining loans to joint

ventures are unsecured, non-interest bearing and have

no fixed terms of repayment. The Group has no intention

to request for repayment of the loans amounting to

HK$1,085,366,000 (2024: HK$1,036,628,000) within the

twelve months from the end of the reporting period.

Acordingly, the loans are clasified as non-curent asets.

The Group asesed the ECL with reference to the internal

credit rating of the counterparties. Impairment los of

HK$97,037,000 (2024: impairment los of HK$88,210,000)

was recognised in profit or los for the year ended 31

March 2025. Details of impairment asesment are set out

in note 48.

2025
二零二�年 HK$’000
港币千元
1,197,378
(6,165)
–
(49,229)

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

22.

联合经营

本公司、本公司之附属公司及独立第三方

（「联合经营者」）就于香港的住宅发展项目

（「该项目」）的联合发展订立一份日期为二零

零五年十二月二十日的发展协议及日期为二

零一零年二月八日的补充协议。于二零二一

年一月十九日，本集团与联合经营者订立第

二份补充协议。第二份补充协议之详情于本

公司日期为二零二一年一月十九日之公告披

露。根据该等协议，本集团及联合经营者贡献

所拥有的地段并签立交换契据以合并地段的

拥有权，并于合并地块及该项目中分别拥有

24.82%

及

75.18%

。

于综合财务报表中确认有关本集团于联合经

营中的权益的资产及负债、收入及开支总金

额如下：

金额指附注

所披露的发展中之待售物业。

22. JOINT OPERATIONS

The Company, a subsidiary of the Company and

independent third parties (“Joint Operator”) entered

into a development agrement dated 20 December

2005 and a suplemental agrement date 8 February

2010 in respect of the joint development of a residential

development project in Hong Kong (the “Project”).

On 19 January 2021, the Group entered into a second

suplement agrement with the Joint Operator. The

details of the second suplement agrement were

disclosed in the Company’s anouncement dated 19

January 2021. Pursuant to the agrements, the Group

and the Joint Operator contributed the lots of land

owned and executed of a ded of exchange to merge the

ownership of the lots of land and owned in the ratio of

24.82% and 75.18%, respectively, in the merged land and

the Project.

The agregate amounts of asets and liabilities, revenue

and expenses recognised in the consolidated financial

statements in relation to the Group’s interest in the joint

operation are as folows:

二零二�年

HK$’000

港币千元

Asets*

资产

*1,039,000

Liabilities

负债

(96)

Revenue

收入

–

Expenses

开支

(21,821)

* Amounts represented properties under development for

sale disclosed in note 23.

2025
二零二�年 HK$’000
港币千元
69,737
(12,154)
272,717
(261,442)

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

本集团亦与联合经营者之一间同系附属公司

订立合营安排，为该项目提供建造合约工程。

订约双方共同出资、分占收入并分担成本。

于综合财务报表中确认有关本集团于联合经

营中的权益的资产及负债、收入及开支总金

额如下：

23.

发展中之待售物业

于报告期末，发展中之待售物业资本化之累

计借款成本总额为港币

107,587,000

元（二零

二四年：港币

47,357,000

元）。

剩余价值厘定为租赁土地部分的估计处置

价值。考虑到二零二五年及二零二四年三月

三十一日的估计剩余价值，并无就租赁土地

计提折旧费用。

The Group also entered into a joint arangement with

a felow subsidiary of the Joint Operator to provide

construction contract work for the Project. The two

parties contribute the funding, share revenue and bear

costs equaly.

The agregate amounts of asets and liabilities, revenue

and expenses recognised in the consolidated financial

statements in relation to the Group’s interest in the joint

operation are as folows:

二零二�年

HK$’000

港币千元

Asets

资产

51,320

Liabilities

负债

(5,012)

Revenue

收入

145,931

Expenses

开支

(139,603)

23. PROPERTIES UNDER DEVELOPMENT

FOR SALE

At the end of the reporting period, total cumulative

borowing costs capitalised in the properties under

development for sale were HK$107,587,000 (2024:

HK$47,357,000).

The residual values are determined as the estimated

disposal value of the leasehold land component. No

depreciation charge is made on the leasehold lands

taking into acount the estimated residual values as at 31

March 2025 and 2024.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
3,610

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
383,865
(1,898)
381,967

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

由于位于香港的发展中之待售物业预期可于

本集团正常营运周期内变现，故分类为流动

资产。预期全部金额于报告期末起计十二个

月后才可收回。

24.

存货

25.

合约资产

于二零二三年四月一日，合约资产为港币

238,208,000

元。

合约资产于本集团完成建筑工程合约、装饰

及维修工程合约及安装建筑材料工程合约并

拥有收取代价的权利而有关代价尚未根据相

关合约开单收取时产生，而彼等是否拥有权

利取决于时间推移以外的因素。先前已确认

为合约资产的任何款项乃于有关权利成为无

条件时重新分类至应收款项。

The properties under development for sale located in

Hong Kong, is clasified under curent asets as it is

expected to be realised in the Group’s normal operating

cycle. The entire amount is expected to be recovered

after twelve months from the end of the reporting

period.

24. INVENTORIES

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Health products – finished gods

健康产品－制成品

4,338

25. CONTRACT ASETS

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Construction contracts

建筑工程合约

310,104

Les: Alowance for credit loses

减：信贷亏损拨备

(1,122)

308,982

As at 1 April 2023, contract asets amounted to

HK$238,208,000.

Contract asets arise when the Group has right to

consideration for completion of construction contract,

interior and renovation contract and instalation of

building materials contract and not yet biled under

the relevant contracts, and their right is conditioned

on factors other than pasage of time. Any amount

previously recognised as a contract aset is reclasified to

trade debtors when such right becomes unconditional.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
51,881
127,424
179,305

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

于二零二五年三月三十一日，合约资产的账

面值包括保固金港币

179,305,000

元（二零

二四年：港币

121,377,000

元）。保固金为无

抵押及免息，且代表客户就合约工程所预留

的款项，其可根据有关合约规定之条款于建

筑工程合约完成日期起计一至两年内全数收

回。于合约所列出之合约工程圆满完成后，楼

宇项目之建筑师将发出实际竣工证书。一般

而言，发出实际竣工证书后，此类合约工程之

一半保固金将发放予本集团，而剩余一半将

于有关全部楼宇项目所发现之缺陷已获修复

之证书发出后发放予本集团。

保固金将于报告期末基于缺陷责任期的到期

结清，详情如下：

Included in carying amount of contract asets was

retention money amounted to HK$179,305,000 (2024:

HK$121,377,000) as at 31 March 2025. Retention money

is unsecured and interest-fre and represented the

monies witheld by customers of contract works to be

fuly recoverable within 1 to 2 years from the date of

completion of construction contracts, in acordance

with the terms specified in the relevant contracts. Upon

satisfactory completion of contract work as set out in

the contract, the architect for the building project wil

isue a practical completion certificate. Generaly, upon

the isuance of the practical completion certificate, half

of the retention money of such contract work wil be

released to the Group, while the remaining half wil be

released to the Group upon the isuance of the certificate

that identified defects in respect of the entire building

project have ben made god.

The retention money would be setled, based on the

expiry of the defect liability period, at the end of the

reporting period as folows:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Amount receivable within one year

一年内应收金额

51,535

Amount receivable after one year

一年后应收金额

69,842

121,377

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
73,529
1,019

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

以上合约资产内包括应收关联人士具贸易性

质之款项列明如下：

附注：

美亨被视为关联公司，而本公司主要股

东

CM Trust (Cayman) Limited

（「

Trust

」）及若干酌情信托（本公司若干董事

为其酌情受益人组别中之成员）于其中拥有

实益权益。

作为内部信贷风险管理之一部分，本集团就

建筑工程合约、装饰及维修工程合约及安装

建筑材料工程合约为其客户采用内部信贷评

级。就合约资产所承担之信贷风险及预期信

贷亏损基于集体评估进行评估，惟存在信贷

减值的合约资产或香港特区政府部门合约资

产进行个别评估除外。

减值评估详情载于附注

。

Included in the above contract asets are amounts due

from related parties of trading nature as folows:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Joint ventures

合营企业

33,469

Subsidiaries of Milion Hope Industries

Holdings Limited (“Milion Hope”)

(note)

美亨实业控股有限公司

（「美亨」）之附属公司（附注）

1,017

Note: Milion Hope is regarded as a related company in which

CM Trust (Cayman) Limited (“CM Trust”), a substantial

shareholder of the Company, and certain discretionary

trusts, of which certain directors of the Company

are among the members of the clas of discretionary

beneficiaries, have beneficial interests.

As part of the internal credit risk management, the

Group aplies internal credit rating for its customers in

relation to construction contract, interior and renovation

contract and instalation of building materials contract.

The exposure to credit risk and ECL for contract asets

are asesed based on colective asesment, except for

contract asets that are credit-impaired or contract asets

from departments of The Government of HKSAR which

are asesed individualy.

Details of impairment asesment are set out in note 48.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
95,747
1,165
(80)
96,832
17,417
4,036
20,768
139,053

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

26.

应收款项、按金及预付款项

于二零二三年四月一日，来自客户合约

之应收款项（扣除信贷亏损拨备）为港币

72,870,000

元。

至于建筑服务及其他业务，本集团一般给

予其客户分别三十至九十日及不多于九十日

（二零二四年：三十至九十日及不多于九十

日）之信贷期。在接纳新客户之前，本集团将

对潜在客户之信贷质素作内部评估，并厘订

合适信贷限额。其他应收款项乃无抵押、免息

及于要求时偿还。

26. DEBTORS, DEPOSITS AND

PREPAYMENTS

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Trade debtors

应收款项

– contracts with customers

－客户合约

62,695

– lease receivables

－租赁应收款项

Les: Alowance for credit loses

减：信贷亏损拨备

(99)

62,924

Other receivables

其他应收款项

3,168

Deposits

按金

4,940

Prepayments

预付款项

23,588

94,620

As at 1 April 2023, trade debtors from contracts with

customers, net of alowance for credit loses, amounted

to HK$72,870,000.

For the busines of construction services and others, the

Group generaly alows a credit period of 30 to 90 days

and not more than 90 days (2024: 30 to 90 days and not

more than 90 days), respectively, to its customers. Before

acepting any new customer, the Group wil internaly

ases the credit quality of the potential customers and

define apropriate credit limit. Other receivables are

unsecured, interest-fre and repayable on demand.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
92,788
2,099
298
1,647
96,832

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

管理层会密切监察应收款项之信贷质素，其

中

96%

（二零二四年：

82%

）应收款项未逾期

亦未减值，根据彼等之还款历史而言，被视

为信贷质素良好。包含于应收款项结余账面

值总额港币

1,647,000

元（二零二四年：港币

3,026,000

元）之应收款项于报告期末已逾期

逾九十日而本集团认为该等款项并无发生信

贷减值，原因为本公司董事认为，由于与该等

债务人的长期╱持续关系及其良好的还款记

录，故该等应收款项仍被视为可全数收回，因

此并无发生任何违约。本集团概无就该等结

余持有任何抵押品。其他应收款项并无包括

已逾期之结余。

应收款项（扣除信贷亏损拨备）之账龄分析乃

根据报告期末之发票日期（如适用）现呈列如

下：

Management closely monitors the credit quality of trade

debtors. 96% (2024: 82%) of the trade debtors are

neither past due nor impaired to be of a god credit

quality based their historical repayments. Included in the

trade debtors balance are trade debtors with agregate

carying amount of HK$1,647,000 (2024: HK$3,026,000)

which are past due over 90 days at the end of the

reporting period for which the Group does not consider

them to be credit-impaired as the directors of the

Company considered there has no default ocured as

these trade debtors are stil considered fuly recoverable

due to long term/on-going relationship and god

repayment record from these debtors. The Group does

not hold any colateral over these balances. There are

no balances included in other receivables which are past

due.

The aged analysis of trade debtors, net of alowance

for credit loses, presented based on the invoice date,

as apropriate, at the end of the reporting period is as

folows:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Within 30 days

三十日内

51,349

31 – 60 days

三十一至六十日

4,705

61 – 90 days

六十一至九十日

3,844

Over 90 days

超过九十日

3,026

62,924

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
38,892

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

在以上应收款项内包括应收关联人士具贸易

性质之款项列明如下：

作为内部信贷风险管理之一部分，本集团就

建筑工程合约、装饰及维修工程合约及安装

建筑材料工程合约为其客户采用内部信贷评

级。就应收款项所承担之信贷风险及预期信

贷亏损基于集体评估进行评估，惟存在信贷

减值的应收款项或应收香港特区政府部门的

款项进行个别评估除外。

减值评估详情载于附注

。

27.

透过损益按公平值计算之财务

资产

该等款项指于联交所上市之股本证券投资，

于二零二五年三月三十一日，其公平值为港

币

290,000

元（二零二四年：港币

263,000

元）。

Included in the above trade debtors are amounts due

from related parties of trading nature as folows:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Joint ventures

合营企业

14,131

As part of the internal credit risk management, the

Group aplies internal credit rating for its customers in

relation to construction contract, interior and renovation

contract and instalation of building materials contract.

The exposure to credit risk and ECL for trade debtors

are asesed based on colective asesment, except for

trade debtors that are credit-impaired or receivable from

departments of The Government of HKSAR which are

asesed individualy.

Details of impairment asesment are set out in note 48.

27. FINANCIAL ASETS AT FAIR VALUE

THROUGH PROFIT OR LOS

The amounts represent investments in equity securities

listed on the Stock Exchange whose fair value amounted

to HK$290,000 (2024: HK$263,000) as at 31 March 2025.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
97,700

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

28.

现金及现金等值

现金及现金等值包括用于满足本集团短期现

金承担活期存款及短期银行存款，原定期限

为三个月或以下，于二零二五年三月三十一

日的年利率为

0.01%

至

0.28%

（二零二四年：

0.01%

至

1.50%

）。

于二零二五年三月三十一日，港币

5,925,000

元（二零二四年：港币

5,987,000

元）之银行结

余及现金按人民币（「人民币」）列值，人民币

不能于国际市场自由兑换。人民币汇率受中

国政府规管及从中国汇出有关资金须受中国

政府实施的外汇限制规限。

减值评估详情载于附注

。

29.

分类为持作出售资产

分类为持作出售资产之主要类别如下：

28. CASH AND CASH EQUIVALENTS

Cash and cash equivalents include demand deposits and

short-term bank deposits for the purpose of meting the

Group’s’ short-term cash comitments, with an original

maturity of thre months or les at interest rate at a

range from 0.01% to 0.28% (2024: 0.01% to 1.50%) per

anum as at 31 March 2025.

At 31 March 2025, bank balances and cash of

HK$5,925,000 (2024: HK$5,987,000) were denominated

in Renminbi (“RMB”) which is not a frely convertible

curency in the international market. The exchange rate

of RMB is regulated by the PRC government and the

remitance of these funds out of the PRC is subject to

exchange restrictions imposed by the PRC government.

Details of impairment asesment are set out in note 48.

29. ASETS CLASIFIED AS HELD FOR

SALE

The major clases of asets clasified as held for sale are as

folows:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Investment properties

投资物业

157,050

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

于二零二五年三月三十一日，分类为持作出

售之投资物业公平值港币

97,700,000

元（二零

二四年：港币

157,050,000

元）乃参考该等订有

买卖协议的单位的已订约售价以及独立物业

估值师高力厘定。

于截至二零二四年三月三十一日止年度，本

集团于一栋位于香港之工业物业内开设工

作间，账面值为港币

8,250,000

元以于市场出

售。于二零二四年三月三十一日后及直至本

报告日期，本集团与独立第三方订立临时买

卖协议，总代价为港币

8,250,000

元。该出售

事项已于二零二四年五月完成。

于截至二零二四年三月三十一日止年度，本

集团于一栋位于香港之住宅物业开设若干

店舖，账面值为港币

148,800,000

元。于二零

二四年三月三十一日后及直至本报告日期，

本集团与独立第三方订立临时买卖协议，总

代价为港币

148,800,000

元。该出售事项已于

二零二四年七月完成。

As at 31 March 2025, fair value of the investment

properties clasified as held for sale amounting to

HK$97,700,000 (2024: HK$157,050,000) were determined

with reference to the contracted seling price for those

units with sale and purchase agrement and Coliers, an

independent property valuer.

During the year ended 31 March 2024, the Group

launched a workshop in an industrial property located

in Hong Kong with carying value amounting to

HK$8,250,000 for sale in the market. Subsequent to 31

March 2024 and up to date of the report, the Group

entered into a provisional sale and purchase agrement

with an independent third party at an agregate

consideration of HK$8,250,000. The disposal was

completed in May 2024.

During the year ended 31 March 2024, the Group

launched certain retail shops in a residential property

located in Hong Kong with carying value amounting to

HK$148,800,000 for sale in the market. Subsequent to

31 March 2024 and up to date of the report, the Group

entered into a provisional sale and purchase agrement

with an independent third party at an agregate

consideration of HK$148,800,000. The disposal was

completed in July 2024.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
83,077
72,708
66,134
31,041
166,177
29,347
16,181
464,665

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

于截至二零二五年三月三十一日止年度，

本集团于香港推出零售店舖以及一批住宅

投资物业的若干住宅单位，账面值为港币

97,700,000

元以于市场出售。经计及该资产

即时可供出售及因适当级别的管理层已承诺

出售股权或资产的计划以致出售的可能性极

高，本公司董事认为符合香港财务报告准则

第五号所载持作出售标准。因此，截至二零

二五年三月三十一日，相关资产被分类为持

作出售资产，并就分类报告目的而计入物业

投资分类。

30.

应付款项及其他应付款项

购买商品及支付分包商工程款项之信贷期介

乎三十至九十日。

During the year ended 31 March 2025, the Group

launched retail shops and certain residential units of

a block of residential investment properties in Hong

Kong with carying value amounting to HK$97,700,000

for sale in the market. The directors of the Company

considered that the held-for sale criteria as set out in

HKFRS 5 were met, by taking into acount the fact that

the subject asets were imediately available for sale,

and the sale is to be highly probable as apropriate level

of management had comited to a plan to sel the

equity interest or asets. Acordingly, the respective asets

were clasified as asets held for sale as at 31 March 2025

and included in the property investment for segment

reporting purposes.

30. TRADE AND OTHER PAYABLES

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Trade payables

应付款项

59,171

Retention payable – amount payable

within one year

应付保固金－

一年内应付金额

94,423

Retention payable – amount payable

after one year

应付保固金－

一年后应付金额

37,282

Acrued operating costs and charges

应计营运成本及费用

60,211

Acrued costs for construction work

应计建筑工程成本

217,691

Temporary receipts

临时收取之款项

12,351

Deposits received

已收取按金

14,449

495,578

The credit period on purchase of gods and payment for

subcontractors’ works is ranged from 30 to 90 days.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
74,746
852
747
6,732
83,077

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
28,622
40,704
69,326

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

应付款项之账龄分析乃根据报告期末之发票

日期现呈列如下：

于二零二五年三月三十一日，应付保固金结

余包括应付美亨之附属公司为港币

9,000

元

（二零二四年：港币零元）之保固金。

31.

拨备

本集团作呈报用途的拨备分析如下：

The aged analysis of trade payables presented based on

the invoice date at the end of the reporting period is as

folows:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Within 30 days

三十日内

55,260

31 – 60 days

三十一至六十日

61 – 90 days

六十一至九十日

Over 90 days

超过九十日

2,595

59,171

As at 31 March 2025, the retention payable balances

included retention payable to subsidiaries of Milion

Hope amounting to HK$9,000 (2024: HK$Nil).

31. PROVISIONS

The Group’s provisions are analysed for reporting

purposes as:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Curent liabilities

流动负债

16,470

Non-curent liabilities

非流动负债

34,869

51,339

Provision	于二零二四年三月三十一日	37,065
Utilisation	拨备	(19,078)
Utilisation	动用
At 31 March 2025		69,326
于二零二五年三月三十一日

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

本集团拨备变动如下：

于二零二五年及二零二四年三月三十一日，

整改工程拨备涉及本集团于缺陷责任期内就

向客户提供之建筑工程合约、装饰及维修工

程合约以及供应及安装建筑材料的施工成

本，基于与客户的相关函件及合约以及管理

层对过往整改工程索赔的经验，缺陷责任期

主要为一段最长达两年的期间。由于相关影

响并不重大，故该等金额并未就计算整改工

程拨备进行折现。

The movement of the Group’s provisions are as folows:

Provision for

rectification

work

整改工程

拨备

HK$’000

港币千元

At 1 April 2023

于二零二三年四月一日

43,568

Provision

拨备

23,650

Utilisation

动用

(15,879)

At 31 March 2024

于二零二四年三月三十一日

51,339

The provision for rectification work as at 31 March

2025 and 2024 relates to the cost of work to be caried

out in relation to construction contracts, interior and

renovation contracts and suply and instalation of

building materials suplied to the Group’s customers

during the defects liability period, mainly for a period of

maximum of 2 years, based on relevant corespondence

and contracts with customers and management’s prior

experience with the consideration of the rectification

work claim in the past. These amounts have not ben

discounted for the purpose of measuring the provision

for rectification work because the efect is not material.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
3,307
617
203
2,767
6,894
(3,307)
3,587

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

32.

租赁负债

适用于租赁负债的加权平均增量借款利率

介乎

4.0%

至

6.0%

（二零二四年：

4.0%

至

6.0%

）。

32. LEASE LIABILITIES

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Lease liabilities payable:

应付租赁负债：

Within one year

一年内

3,026

Within a period of more than one year

but not more than two years

超过一年但不多于两年期间内

1,677

Within a period of more than two years

but not more than five years

超过两年但不多于五年期间内

More than five years

超过五年

2,838

7,903

Les: Amount due for setlement

within 12 months shown

under curent liabilities

减：于十二个月内到期结算分类

为流动负债之金额

(3,026)

Amount due for setlement after

12 months shown under non-curent

liabilities

于十二个月后到期结算分类为

非流动负债之金额

4,877

The weighted average incremental borowing rates

aplied to lease liabilities ranged from 4.0% to 6.0%

(2024: 4.0% to 6.0%).

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
1,931,000
(1,138,368)
792,632
38,368
678,368
114,264
831,000
1,100,000
1,931,000
1,431,000
500,000
1,931,000

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

33.

银行贷款

33. BANK LOANS

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Bank loans (note a)

银行贷款（附注

）

1,878,072

Les: Amount shown under curent

liabilities (including Bank loans

with a repayable on demand

clause)

减：分类为流动负债之金额

（包括须按要求偿还

之银行贷款）

(1,878,072)

Amount shown under

non-curent liabilities

分类为非流动负债之金额

–

The carying amounts of the above

borowings are repayable:

上述借贷之账面值须于

下列期间偿还：

within one year

一年内

831,069

within a period of more than one

year but not more than two years

超过一年但不超过

两年期间内

–

within a period of more than two

year but not more than five years

超过两年但不超过

五年期间内

–

831,069

The carying amount of bank loans

that contain a repayable on demand

clause (shown under curent liabilities

but repayable):

包含须按要求偿还条款之

银行贷款账面值（分类为

流动负债）须于下列期间

偿还：

within one year

一年内

1,047,003

1,878,072

Secured (note b)

已抵押（附注

）

1,421,069

Unsecured

无抵押

457,003

1,878,072

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
8,682

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

附注：

(a)

本集团银行贷款乃以市场利率计息的浮动

利率贷款，年利率由香港银行同业拆息加

0.75%

至香港银行同业拆息加

1.75%

计算（二

零二四年：由香港银行同业拆息加

0.75%

至

香港银行同业拆息加

1.84%

）。

(b)

该等银行贷款以本集团若干资产抵押，详情

于附注

中披露。

(c)

本集团银行贷款之加权平均实际年利率

为

4.71%

至

6.32%

（二零二四年：

5.24%

至

6.32%

）。

34.

衍生财务工具

衍生工具于衍生合约订立日期以公平值进行

初步确认，并于报告期末以公平值进行后续

重新计量。本集团指定衍生工具作为现金流

量之对冲工具。在对冲关系开始阶段，本集团

确定对冲工具与对冲项目之间的关系，以及

其风险管理目标及其进行多种对冲交易的策

略。此外，在对冲开始阶段及按持续基准，本

集团确定在对冲关系中使用的对冲工具在抵

销对冲项目的公平值或现金流方面是否非常

有效。

Notes:

(a) The Group’s bank loans are floating-rate borowings

which cary interest at market rates ranging from HIBOR +

0.75% to HIBOR + 1.75% per anum (2024: from HIBOR +

0.75% to HIBOR + 1.84% per anum).

(b) The bank loans are secured by charges over certain asets

of the Group, which are disclosed in note 39.

Group’s bank loans range from 4.71% to 6.32% (2024:

5.24% to 6.32%) per anum.

34. DERIVATIVE FINANCIAL INSTRUMENT

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Derivative under cash flow hedge

acounting Interest rate swaps

现金流量对冲会计法利率

掉期项下之衍生工具

–

Derivative is initialy recognised at fair value at the

date when derivative contract is entered into and is

subsequently remeasured to their fair value at the

end of the reporting period. The Group designates

derivative as hedging instruments for cash flow hedge.

At the inception of the hedging relationship the Group

documents the relationship betwen the hedging

instrument and the hedged item, along with its risk

management objectives and its strategy for undertaking

various hedge transactions. Furthermore, at the inception

of the hedge and on an ongoing basis, the Group

documents whether the hedging instrument is highly

efective in ofseting changes in fair values or cash flows

of the hedged item atributable to the hedged risk.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

被指定为现金流对冲并符合现金流对冲资格

的衍生工具公允价值变动及其他合资格的对

冲工具，其有效部分于其他全面收益内确认

及累计于对冲储备中，仅限于对冲项目于初

始时累计的公平值变动。有关无效部分的盈

利及亏损随即于损益中确认为其他损益，并

计入「财务费用」项目。先前于其他全面收益

中确认及于权益中累计的金额，会于对冲项

目影响损益的期间重新分类至损益，与已确

认对冲项目列于同一项下。

利率掉期合约

本集团订立利率掉期合约，以管理与本集团

借贷有关的本集团利率风险，其利息与香港

银行同业拆息（「香港银行同业拆息」）挂钩。

该利率掉期合约被指定为对冲工具，以对冲

相关已对冲借贷的利息及本金还款的现金流

量变动。

于报告期末，本集团有以下尚未偿还的利率

掉期合约：

为尽量减低借贷利率波动风险而订立的名义

总金额为港币

670,000,000

元、到期日为二零

二六年六月二十二日、按香港银行同业拆息

加

1.75%

的利率收取利息且按年利率

6.32%

支付利息的利率掉期合约。

于截至二零二五年三月三十一日止年度，指

定为及有效作为对冲工具的利率掉期合约的

公平值亏损港币

8,682,000

元已于其他全面收

益内确认并于对冲储备内累计。

The efective portion of changes in the fair value of

derivative and other qualifying hedging instrument

that is designated and qualify as cash flow hedge

is recognised in other comprehensive income and

acumulated under the heading of hedging reserve,

limited to the cumulative change in fair value of the

hedged item from inception of the hedge. The gain

or los relating to the inefective portion is recognised

imediately in profit or los, and is included in the

“finance costs” line item. Amounts previously recognised

in other comprehensive income and acumulated in

equity are reclasified to profit or los in the periods

when the hedged item afects profit or los, in the same

line as the recognised hedged item.

Interest rate swap contract

The Group entered into interest rate swap contracts in

order to manage the Group’s interest rate exposure in

relation to the Group’s borowings with interests indexed

to Hong Kong Interbank Ofered Rate (“HIBOR”). This

interest rate swap contract is designated as hedging

instruments which hedge the variability in the cash flows

relating to interest and principal repayments of the

underlying hedged borowings.

At the end of the reporting period, the Group has the

folowing outstanding interest rate swap contract:

Interest rate swap contract to minimise the exposure

to fluctuations in interest rate of borowings with

agregate notional amount of HK$670,000,000 at with

maturity date to 22 June 2026 which receives interest

rates at HIBOR + 1.75% and pays interest at 6.32% per

anum.

During the year ended 31 March 2025, the fair value

los of interest rate swap contract that is designated

and efective as hedging instruments of HK$8,682,000

is recognised in other comprehensive income and

acumulated in hedging reserve.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
5,501
(2,190)
3,311

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

受可强制执行的总净额结算安排或类

似协议规限的财务资产及财务负债

本集团已订立利率合约，其由与一家银行签

署的国际掉期及衍生工具协会总协议（「国际

掉期及衍生工具协会总协议」）所涵盖。由于

国际掉期及衍生工具协会总协议规定，仅可

于出现拖欠款项、无力偿债或破产的情况下

行使抵销权，以致本集团目前并无可抵销已

确认款项的依法可强制执行权利，故该等衍

生工具并未于综合财务状况表内抵销。由于

总净额结算安排涉及的金额并不重大，故并

无作出进一步披露。

35.

递延税项

呈列综合财务状况表时，若干递延税项资产

及负债已互相抵销。以下为就财务报告目的

而言之递延税项结余之分析：

Financial asets and financial liabilities subject

to enforceable master neting arangement or

similar agrements

The Group has entered into interest rate contracts that

are covered by the International Swaps and Derivatives

Asociation Master Agrements (“ISDA Agrements”)

signed with a bank. These derivative instruments are not

ofset in the consolidated statement of financial position

as the ISDA Agrements are in place with a right to set

of only in the event of default, insolvency or bankruptcy

so that the Group curently has no legaly enforceable

right to set of the recognised amounts. No further

disclosure is provided as the amounts involved in master

neting arangements are not significant.

35. DEFERED TAXATION

For the purpose of presentation in the consolidated

statement of financial position, certain defered tax

asets and liabilities have ben ofset. The folowing is

the analysis of the defered tax balances for financial

reporting purposes:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Defered tax asets

递延税项资产

5,340

Defered tax liabilities

递延税项负债

(6,477)

(1,137)

Credit to consolidated statement of profit or loss for the year	于二零二四年三月三十一日于本年度综合损益表中计入		3,635	688	125	4,448
At 31 March 2025		(	37,278)	40,263	326	3,311
于二零二五年三月三十一日

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

本集团主要递延税项（负债）资产及于本年度

及过往年度由此而产生之变动如下：

于报告期末，本集团未用之税项亏损约为

港币

452,082,000

元（二零二四年：港币

454,462,000

元），可用作抵销未来之溢利。已

就税项亏损约港币

244,016,000

元（二零二四

年：港币

239,847,000

元）确认递延税项资产。

由于不能估计未来之溢利来源，概无就其余

税项亏损约港币

208,066,000

元（二零二四年：

港币

214,615,000

元）确认递延税项资产。所有

未使用之税项亏损可能无限期结转。

The folowings are the major defered tax (liabilities)

asets of the Group and movements thereon during the

curent and prior years:

Acelerated

tax

depreciation

Tax

loses

Provision

for ECLTotal

加速

税务折旧税项亏损

预期信贷

亏损拨备总额

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

At 1 April 2023

于二零二三年四月一日

(37,987)32,259200(5,528)

(Charge) credit to consolidated

statement of profit or los

for the year

于本年度综合损益表中

（支出）计入

(2,926)7,31614,391

At 31 March 2024

于二零二四年三月三十一日

(40,913)39,575201(1,137)

At the end of the reporting period, the Group has

unused tax loses of aproximately HK$452,082,000

(2024: HK$454,462,000) available for ofset against

future profit. A defered tax aset has ben recognised

in respect of aproximately HK$244,016,000 (2024:

HK$239,847,000) of such loses. No defered tax aset

has ben recognised in respect of the remaining loses of

aproximately HK$208,066,000 (2024: HK$214,615,000)

due to the unpredictability of future profit streams. Al

the unused tax loses may be caried forward indefinitely.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

36.

股本

附注：

(i)

已发行股份于各方面享有相同权利。

(i)

截至二零二四年三月三十一日止年度，本公

司于市场上购回

17,964,000

股份，已付总

代价约为港币

19,999,000

元，全部股份已于

截至二零二四年三月三十一日止年度注销以

及概无股份于报告日期后注销。

36. SHARE CAPITAL

No. of sharesHK$’000

股份数目港币千元

Authorised:

法定：

Shares of HK$0.10 each

每股港币

0.10

元之股份

Balance as at 1 April 2023,

31 March 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及

二零二五年三月三十一日之

结余

1,500,000,000150,000

Isued and fuly paid:

已发行及缴足：

Shares of HK$0.10 each

每股港币

0.10

元之股份

Balance as at 1 April 2023

于二零二三年四月一日之结余

1,096,286,676109,629

Repurchased and canceled

(note i)

已回购及注销（附注

）

(23,212,000)(2,322)

Balance as at 31 March 2024 and

31 March 2025

于二零二四年三月三十一日及

二零二五年三月三十一日之

结余

1,073,074,676107,307

Notes:

(i) The shares in isue rank pari pasu in al respects.

(i) During the year ended 31 March 2024, the Company

repurchased 17,964,000 shares on the market for

an agregated consideration paid of aproximately

HK$19,999,000, in which al shares were canceled during

the year ended 31 March 2024 and no shares were

canceled after the reporting date.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

37.

储备

本集团之缴入盈余，主要指于

(1)

本公司收购

附属公司当日，该等附属公司之股本总额及

于本集团重组时本公司已发行股份面值之差

额，减去本公司已发行红股之面值，及

(2)

行

使购股权后本公司已发行股份之市价与面值

之差额。

本集团之特别储备是指于本集团重组前组成

本集团之公司及香港兴业国际集团有限公司

（「香港兴业」）的其他附属公司的当时股东于

过往年度之投入资金总额。

Number of

ordinary

repurchased

Agregate

consideration

paid

Consideration per share

每股代价

HighestLowest

已回购

普通股数目最高最低已付总代价

HK$HK$HK$

Month

月份港币元港币元港币元

June 2023

二零二三年六月

2,154,0001.141.082,423,640

July 2023

二零二三年七月

8,564,0001.141.099,613,000

August 2023

二零二三年八月

7,246,0001.101.087,962,060

37. RESERVES

Contributed surplus of the Group mainly represents the

(1) diference betwen the agregate share capital of the

subsidiaries at the date on which they were acquired by

the Company and the nominal amount of the Company’s

shares isued at the time of the group corporate

reorganisation, les the par value of the bonus shares

isued by the Company; and (2) the diference betwen

market price and the nominal value of the shares of the

Company isued upon exercise of share options.

Special reserve of the Group represents the agregate

of contributions from the then shareholders of the

companies comprising the Group and other subsidiaries

of HKR International Limited (“HKRI”) before the group

corporate reorganisation in prior years.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

38.

购股权计划

本公司之原有购股权计划（「二零一购股权

计划」）由本公司于二零一年九月二十一日

采纳并于二零二零年八月二十五日终止。终

止前授出之购股权将继续有效及可根据二零

一购股权计划之条款予以行使。

本公司于二零二零年八月二十五日采纳新购

股权计划（「现行计划」），本集团任何成员公

司之所有执行或非执行董事及全职雇员以及

以合约形式聘用的顾问均符合参与现行计划

之资格。自现行计划获采纳起，其项下概无授

出购股权。

现行计划之目的为向参与者提供购入本公司

所有人权益之机会，并鼓励参与者为本公司

及其股东之整体利益，努力提高本公司及其

股份之价值。

(a)

可供发行之股份数目上限

根据现行计划及本公司任何其他计划授出

的所有购股权因行使而可予发行的股份总

数，不得超过于现行计划批准当日本公司已

发行股份之

10%

，惟须经本公司股东批准

更新。现行计划项下可供发行之股份总数为

109,092,467

股。

38. SHARE OPTION SCHEME

The Company’s former share option scheme (“2011 Share

Option Scheme”) was adopted by the Company on 21

September 2011 and was terminated on 25 August 2020.

Share options granted prior to the termination continue

to be valid and exercisable in acordance with the terms

of 2011 Share Option Scheme.

The Company adopted a new share option scheme

(“Existing Scheme”) on 25 August 2020, al executive

or non-executive directors and ful-time employes of,

and consultants employed on a contract basis by, any

member of the Group are eligible to participate in the

Existing Scheme. No options have ben granted under

the Existing Scheme since its adoption.

The purpose of the Existing Scheme is to provide the

participants with the oportunity to acquire proprietary

interest in the Company and to encourage them to

work towards enhancing the value of the Company

and its shares for the benefit of the Company and its

shareholders as a whole.

(a) Maximum number of shares available for

isue

The total number of shares which may be isued upon

exercise of al options to be granted under the Existing

Scheme and any other schemes of the Company shal

not exced 10% of the shares of the Company in isue

on the date of aproval of the Existing Scheme, subject

to renewal as aproved by the shareholders of the

Company. The total number of shares available for isue

under the Existing Scheme is 109,092,467.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

(b)

各参与者之购股权配额上限

(1)

除非经本公司股东另作批准，否则于任

何十二个月期间，因行使向各参与者

授出之购股权（包括已行使及尚未行使

之购股权）而发行及将予发行之股份总

数，不得超过本公司已发行股份之

。

(2)

倘向本公司之主要股东或独立非执行董

事或任何彼等各自之联系人（定义见上

市规则）授出任何购股权，将会导致于截

至授出日期止之十二个月期间（包括授

出之日）向该人士已授出及将予授出之

所有购股权（包括已行使、注销及尚未行

使之购股权）获行使而已发行及将予发

行之股份：

(i)

合共占本公司已发行股份

0.1%

（或

联交所不时指定之其他百分比）以

上；及

(i)

根据本公司股份于授出日期

之收市价计算，总值超过港币

5,000,000

元（或联交所不时指定之

其他金额），则此等授出购股权事

宜必须取得本公司股东事先批准

方可进行，且该承授人、其联系人

及所有本公司核心关连人士必须

于该股东大会上放弃投票。

此等授出购股权事宜必须取得本公司股东事

先批准方可进行，且该承授人、其联系人及所

有本公司核心关连人士必须于该股东大会上

放弃投票。

(b) Maximum entitlement of each participant

(1) The total number of shares isued and to be

isued upon exercise of the options granted to

each participant (including both exercised and

outstanding options) in any 12-month period shal

not exced 1% of the Company’s shares in isue

unles otherwise aproved by the shareholders of

the Company.

(2) Where any grant of options to a substantial

shareholder or an independent non-executive

director of the Company, or any of their respective

asociates (as defined in the Listing Rules), would

result in the shares isued and to be isued upon

exercise of al options already granted and to

be granted (including exercised, canceled and

outstanding options) to such person in the

12-month period up to and including the date of

the grant:

(i) representing in agregate over 0.1% (or such

other percentage as may from time to time

be specified by the Stock Exchange) of the

Company’s shares in isue; and

(i) having an agregate value, based on the

closing price of the shares of the Company on

the date of grant in exces of HK$5.0 milion

(or such other amount as may from time to

time be specified by the Stock Exchange),

such grant of options shal be subject to

prior aproval of the shareholders of the

Company, such grante, his asociates and al

core conected persons of the Company shal

abstain from voting at such general meting.

Such grant of options shal be subject to prior aproval

by the shareholders of the Company, such grante, his

asociates and al core conected persons of the Company

shal abstain from voting at such general meting.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

(c)

购股权期间

董事会须于作出要约时通知承授人之可以行

使购股权期间，其届满日期不得迟于授出日

期起计十年。

(d)

购股权之行使时限

本公司须于作出要约时列明根据现行计划授

出之购股权可全部或部分行使前须持有之最

低限期（如有）。

(e)

接纳要约之应付款项

承授人接纳要约时须付以本公司港币

元作

为授出之代价。授出购股权之要约须于要约

日期后

天（或董事会不时厘定的其他期间）

内接纳。

(f)

厘定购股权行使价之基准

购股权之行使价必须不低于下列三者之最高

者：

(i)

联交所于授出日期（该日必须为营业日）

发出之日报表所述之本公司股份收市

价；

(i)

联交所于紧接授出日期前五个营业日发

出之日报表所述之本公司股份平均收市

价；及

(i)

本公司一股份于授出日期之面值。

The period within which the grante may exercise the

option shal be notified by the Board to the grante at

the time of making an ofer, but such period shal not

expire later than ten years from the date of grant.

(d) Time of exercise of option

At the time of making an ofer, the Company must

specify the minimum period(s), if any, for which an

option under the Existing Scheme must be held before it

can be exercised in whole or in part.

(e) Amount payable on aceptance of ofer

A payment to the Company of HK$1 as consideration for

the grant shal be paid upon on the aceptance of the

ofer by the grante. The ofer of grant of option must

be acepted within 14 days (or such other period of days

as determined by the Board from time to time) after the

date of ofer.

(f) Basis of determining exercise price of option

The exercise price of the option shal be no les than the

highest of:

(i) the closing price of the shares of the Company as

stated in the daily quotations shets isued by the

Stock Exchange on the date of grant, which must be

a busines day;

(i) the average closing price of the shares of the

Company as stated in the daily quotation shets

isued by the Stock Exchange for the five busines

days imediately preceding the date of grant; and

(i) the nominal value of the shares of the Company on

the date of grant.

Directors 董事	18 October 2019 二零一九年十月十八日	18 October 2019 to 17 October 2024 二零一九年十月十八日至	1.16	13,896,000	(13,896,000)	–
Directors 董事	18 October 2019 二零一九年十月十八日	二零二四年十月十七日
Employees 雇员	18 October 2019 二零一九年十月十八日	18 October 2019 to 17 October 2024 二零一九年十月十八日至	1.16	8,250,000	(8,250,000)	–
Employees 雇员	18 October 2019 二零一九年十月十八日	二零二四年十月十七日
Total				22,146,000	(22,146,000)	–
总计
Exercisable at the end of the reporting period						–
于报告期末可行使
Weighted average exercise price 加权平均行使价				1.16	1.16	N/A 不适用

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

(g)

现行计划之余下年限

除非根据现行计划条款予以终止，否则现行

计划之有效年限为自采纳日期起计十年，并

将于二零三零年八月二十四日届满。

于二零二五年三月三十一日，并无根据二零

一购股权计划已授出但尚未行使之购股权

之股份（二零二四年：

22,146,000

股），占该

日期本公司已发行股份约

（二零二四年：

2.06%

）。

已授出购股权之变动详情如下：

截至二零二五年三月三十一日止年度

(g) Remaining life of the Existing Scheme

The Existing Scheme has a life of ten years comencing

on the adoption date and wil expire on 24 August 2030

unles otherwise terminated in acordance with the terms

of the Existing Scheme.

At 31 March 2025, no shares in respect of which options

had ben granted and remained outstanding under

the 2011 Share Option Scheme (2024: 22,146,000),

representing aproximately 0% (2024: 2.06%) of the

shares of the Company in isue at that date.

Details of the movements of the share options granted

are as folows:

For the year ended 31 March 2025

Category of participantsDate of grantExercise period

Exercise

price per

Outstanding

as at

1 April

Lapsed

during

the year

Outstanding

as at

31 March

参与者类型授出日期行使期间每股行使价

于二零二四年

四月一日

尚未行使于年内失效

于二零二五年

三月三十一日

尚未行使

HK$

港币元

加权平均行使价

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

截至二零二四年三月三十一日止年度

附注：

一名董事及多名雇员于截至二零二四年三

月三十一日止年度内退任本公司董事或雇

员，彼等有权享有的

3,014,000

股份已告

失效。

于截至二零二五年及二零二四年三月三十一

日止年度，本集团并无就本公司授予本集团

董事及雇员之购股权确认以权益结算及以股

份支付之款项支出。

For the year ended 31 March 2024

Category of participantsDate of grantExercise period

Exercise

price per

Outstanding

as at

1 April

Lapsed

during

the year

Outstanding

as at

31 March

(Note)

参与者类型授出日期行使期间每股行使价

于二零二三年

四月一日

尚未行使于年内失效

于二零二四年

三月三十一日

尚未行使

HK$

（附注）

港币元

Directors

董事

18 October 2019

二零一九年十月十八日

18 October 2019 to

17 October 2024

二零一九年十月十八日至

二零二四年十月十七日

1.1614,986,000(1,090,000)13,896,000

Employes

雇员

18 October 2019

二零一九年十月十八日

18 October 2019 to

17 October 2024

二零一九年十月十八日至

二零二四年十月十七日

1.1610,174,000(1,924,000)8,250,000

Total

总计

25,160,000(3,014,000)22,146,000

Exercisable at the end of the reporting period

于报告期末可行使

22,146,000

Weighted average exercise price

加权平均行使价

1.161.161.16

Note: A director and several employes were resigned as a

director or employes of the Company during the year

ended 31 March 2024, their entitlement of 3,014,000

shares was lapsed acordingly.

During the years ended 31 March 2025 and 2024, the

Group did not recognised equity-setled share-based

payments expenses in relation to share options granted

by the Company to the directors and employes of the

Group.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
2,181,000
242,803
–
2,423,803

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
1,259,229

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

39.

资产抵押

于报告期末，本集团之银行贷款乃以本集团

下列资产作抵押：

40.

履约保证

于二零二五年三月三十一日，本集团就建筑

合约尚未履行之履约保证为港币

146,939,000

元（二零二四年：港币

200,829,000

元）。

41.

承担

本集团分占与其他合营企业伙伴就合营企业

共同作出但于报告期末尚末确认之承担如

下：

39. PLEDGE OF ASETS

At the end of the reporting period, the Group’s bank

loans were secured by the Group’s asets as folows:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Investment properties

投资物业

2,214,000

Property, plant and equipment

物业、厂房及设备

253,717

Asets clasified as held for sale

分类为持作出售资产

148,800

2,616,517

40. PERFORMANCE BONDS

As at 31 March 2025, the Group had outstanding

performance bonds in respect of construction contracts

amounting to HK$146,939,000 (2024: HK$200,829,000).

41. COMITMENTS

The Group’s share of the comitments made jointly with

other joint venturers relating to the joint ventures, but

not recognised at the end of the reporting period is as

folows:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Comitments to provide loans

提供贷款承担

1,378,340

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
23,419
8,928
1,517
33,864

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

42.

经营租赁安排

本集团作为出租人

于报告期末，本集团就租赁应收之最低租金

如下：

租约可磋商，租期介乎一至三年（二零二四

年：一至三年）。

42. OPERATING LEASE ARANGEMENTS

The Group as lesor

At the end of the reporting period, minimum lease

payments receivable on leases are as folows:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Within one year

一年内

28,595

In the second year

第二年

9,835

In the third year

第三年

1,580

40,010

Leases are negotiable for lease term ranging from one to

thre years (2024: one to thre years).

2025
二零二�年 HK$’000
港币千元
17,578
(463)
17,115

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

43. RETIREMENT BENEFITS SCHEMES

Defined contribution plan

With the implementation of Mandatory Provident

Fund Scheme in Hong Kong on 1 December 2000, the

Group has maintained the defined contribution scheme

registered under the Ocupational Retirement Schemes

Ordinance and has obtained an exemption satisfying the

requirements of the Mandatory Provident Fund Schemes

Ordinance (“MPFO”).

To comply with the MPFO, a Mandatory Provident Fund

Scheme (“MPF Scheme”) with voluntary contributions

has ben established. New employes must join the MPF

Scheme since its comencement on 1 December 2000.

The Group contributes 5% to 15% of the relevant payrol

costs for each employe to the MPF Scheme.

The amounts charged to the consolidated statement of

profit or los represent contributions paid and payable to

the schemes by the Group at rates specified in the rules

of the schemes les forfeitures arising from employes

leaving the Group prior to completion of qualifying

service period. The amount for the year is as folows:

二零二�年

HK$’000

港币千元

Contributions paid and payable

已付及应付供款

16,927

Forfeiture

没收供款

(38)

16,889

At 31 March 2025 and 2024, there is no forfeited

contribution arose upon employes leaving the

retirement benefits schemes and which were available to

reduce contributions payable.

43.

退休福利计划

界定供款计划

随著于二零年十二月一日香港实行强制

性公积金计划，本集团已设有根据职业退休

计划条例注册设立之界定供款计划，并已获

豁免遵守强制性公积金计划条例（「强积金条

例」）之规定。

为遵守强积金条例，本集团已设立具自愿性

供款特性之强积金计划（「强积金计划」）。于

二零年十二月一日开始实行强积金计划

后，新雇员必须加入强积金计划。本集团就每

名雇员按相关工资成本的

至

15%

向强积金

计划供款。

在综合损益表内扣除之款项指本集团按该等

计划规则所指定之比率向该等计划已付及应

付之供款，减去因于达到服务年资领取雇主

供款前离开本集团之雇员而产生之没收供

款。本年度之款项如下：

于二零二五年及二零二四年三月三十一日，

本集团并无因雇员退出退休福利计划而产生

及可用以减低应付供款之没收供款。

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

界定福利计划

根据雇佣条例第

章，本集团有责任向香港

合资格雇员退休时支付长期服务金（「长期服

务金」），惟受雇期须最少为

年，计算公式如

下：

•

最后一个月的工资（终止雇佣前）×

2/3

×服务年限

•

最后一个月工资上限为港币

22,500

元，而长期服务金额不得超过港币

390,000

元。该责任作为离职后界定福利

计划入账。

此外，《强制性公积金计划条例》允许本集团

动用本集团的强制性及自愿性强积金供款，

加上╱减去任何正╱负回报（统称「合资格

抵销额」），以抵销应付予雇员的长期服务金

（「抵销安排」）。长期服务金责任（如有）按净

额基准呈列。

《二零二年雇佣及退休计划法例（抵销安排）

（修订）条例》于二零二年六月十七日刊

宪，最终将废除抵销安排。该修订将自由香港

特别行政区政府厘定的日期（预计将为于二

零二五年）（「过渡日期」）提前生效。根据经修

订的条例，过渡日期后的合资格抵销额只能

用于抵销过渡日期前的长期服务金责任，惟

不再合资格抵销过渡日期后的长期服务金责

任。此外，过渡日期前的长期服务金责任将不

受此限，并将根据紧接过渡日期前的最后一

个月工资计算。

Defined benefit plan

Pursuant to the Employment Ordinance, Chapter 57,

the Group has the obligation to pay LSP to qualifying

employes in Hong Kong upon retirement, subject to a

minimum of 5 years employment period, based on the

folowing formula:

• Last monthly wages (before termination of

employment)

2/3

Years of service

$22,500 while

the amount of LSP shal not exced HK$390,000.

This obligation is acounted for as a post-

employment defined benefit plan.

Furthermore, the MPFO permits the Group to utilise the

Group’s mandatory and voluntary MPF contributions,

plus/minus any positive/negative returns thereof

(colectively, the “Eligible Ofset Amount”), for the

purpose of ofseting LSP payable to an employe (the

“Ofseting Arangement’). The LSP obligation, if any, is

presented on a net basis.

The Employment & Retirement Schemes Legislation

(Ofseting Arangement) (Amendment) Ordinance 2022

was gazeted on 17 June 2022, which wil eventualy

abolish the Ofseting Arangement. The Amendment

wil come into efect prospectively from a date to be

determined by the Hong Kong SAR Government, which

is expected to be in 2025 (the “Transition Date”). Under

the amended Ordinance, the Eligible Ofset Amount

after the Transition Date can only be aplied to ofset

the pre-Transition Date LSP obligation but no longer

eligible to ofset the post-Transition Date LSP obligation.

Furthermore, the LSP obligations before the Transition

Date wil be grandfathered and calculated based on the

Last monthly wages imediately preceding the Transition

Date.

2025
二零二�年 HK$’000
港币千元
69
337,611
8,589
13,375
15
11,025
331

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

考虑到抵销安排，于二零二五年三月三十一

日及二零二四年三月三十一日，本集团的长

期服务金责任被认为并不重大，且并无确认

额外拨备。

44.

关联人士结余及交易

除于综合财务状况表及附注

、

及

所披露之关联人士结余外，本集团与关联人

士有以下交易及结余：

The Group’s LSP obligation, taking into consideration the

Ofseting Arangement, is considered to be insignificant

and no aditional provision has ben recognised as at 31

March 2025 and 31 March 2024.

44. RELATED PARTY BALANCES AND

TRANSACTIONS

In adition to the balances with related parties as

disclosed in the consolidated statement of financial

position and notes 21, 25, 26 and 30, the Group has the

folowing transactions and balances with related parties:

二零二�年

HK$’000

港币千元

Subsidiaries of HKRI (note d):

香港兴业之附属公司（附注

）：

– Interior and renovation income

(note a)

－装饰及维修收入（附注

）

–

Joint ventures of the Group:

本集团之合营企业：

– Construction income (note b)

－建筑收入（附注

）

144,898

– Project management income

(note b)

－项目管理收入（附注

）

1,645

– Interest income (note b)

－利息收入（附注

）

19,674

Subsidiaries of Milion Hope (note d):

美亨之附属公司（附注

）

– Building materials income (note a)

－建筑材料收入（附注

）

–

– Construction cost (note c)

－建筑成本（附注

）

–

– Repairing, maintenance and

other cost (note a)

－维修、保养及其他费用

（附注

）

–

2025
二零二�年 HK$’000
港币千元
5,386
19,959
2,139
2,675
30,159

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

附注：

(a)

此等关联人士交易构成上市规则第

14A

章定

义之关连交易，惟已获豁免遵守上市规则第

14A

章项下的披露及其他规定。

(b)

此等关联人士交易不构成上市规则第

14A

章

定义之关连交易或持续关连交易。

(c)

此等关联人士交易构成上市规则第

14A

章

定义之持续关连交易，并已遵守上市规则第

14A

章项下之披露及其他规定。

(d)

香港兴业与美亨被视为本公司主要股东

Trust

及若干酌情信托于其中拥有实益权益之

关联公司。

主要管理人员之薪酬

本年度董事及其他主要管理人员之薪酬

如下：

Notes:

(a) These related party transactions constitute conected

transactions as defined in Chapter 14A of the Listing Rules

but are exempted from disclosure and other requirements

under Chapter 14A of the Listing Rules.

(b) These related party transactions do not constitute

conected transactions or continuing conected

transactions as defined in Chapter 14A of the Listing Rules.

conected transaction as defined in Chapter 14A of the

Listing Rules and complied with disclosure and other

requirements under Chapter 14A of the Listing Rules.

(d) HKRI and Milion Hope are regarded as related companies

in which CM Trust, a substantial shareholder of the

Company, and certain discretionary trusts have beneficial

interests.

Compensation of key management personel

The remuneration of directors and other members of key

management during the year are as folows:

二零二�年

HK$’000

港币千元

Fes

袍金

5,401

Salaries and other benefits

薪金及其他福利

22,017

Performance related incentive

payments

工作表现奖励金

11,360

Retirement benefits schemes

contributions

退休福利计划供款

2,936

41,714

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
326,740
489,713
816,453
914
11,868
1,394
14,176
444
13,732
830,185
107,307
722,878
830,185

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

45.

本公司之财务状况表及储备

45. STATEMENT OF FINANCIAL POSITION

OF THE COMPANY AND RESERVES

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Non-curent asets

非流动资产

Investment in a subsidiary

投资于一间附属公司

326,740

Amounts due from subsidiaries

应收附属公司款项

481,012

807,752

Curent asets

流动资产

Other receivables

其他应收款项

Amounts due from subsidiaries

应收附属公司款项

30,000

Cash and cash equivalents

现金及现金等值

30,568

Curent liability

流动负债

Other payables and acrued charges

其他应付款项及应计费用

3,920

Net curent asets

流动资产净值

26,648

834,400

Capital and reserves

资本及储备

Share capital

股本

107,307

Reserves (note)

储备（附注）

727,093

834,400

Loss and total comprehensive expense for the year	于二零二四年三月三十一日本年度亏损及全面支出	–	–	–	(4,215)	(4,215)
Share options lapsed	总额	–	(4,577)	–	4,577	–
Share options lapsed	购股权失效
At 31 March 2025		657,584	–	–	65,294	722,878
于二零二五年三月三十一日

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

附注：

本公司储备之变动：

46.

财务担保合约

于二零二五年三月三十一日，本公司附属公

司及本公司合营企业的其他股东就授予合营

企业的银行融资共同及个别向若干银行提供

财务担保。倘担保遭要求悉数偿还，则可能需

要支付的总金额为港币

1,176,496,000

元（二

零二四年：港币

1,178,696,000

元），其中相关

银行融资的部分金额港币

505,339,000

元（二

零二四年：港币

532,003,000

元）已被该等合

营企业动用。本集团认为，该合约于初始确认

时的公平值为港币零元，且于二零二五年及

二零二四年三月三十一日的亏损拨备并不重

大。财务担保合约的信贷风险评估详情载于

附注

。

Note: Movements in reserves of the Company:

Share-

basedTreasury

SharecompensationsharesAcumulated

premiumreservereserveprofitsTotal

股份溢价

以股份

支付的

酬金储备

库存

股份储备累计溢利总计

HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元

At 1 April 2023

于二零二三年四月一日

681,5415,194(6,129)132,044812,650

Los and total comprehensive

expense for the year

本年度亏损及全面支出

总额

– – – (2,593)(2,593)

Dividends paid (note 14)

已付股息（附注

）

– – – (65,136)(65,136)

Share options lapsed

购股权失效

– (617)– 617–

Repurchase of shares

回购股份

– – (19,999)– (19,999)

Transaction costs atributable

to repurchase

回购应占之交易成本

– – (151)– (151)

Cancelation of shares

注销股份

(23,957)– 26,279– 2,322

At 31 March 2024

于二零二四年三月三十一日

657,5844,577– 64,932727,093

46. FINANCIAL GUARANTE CONTRACTS

As at 31 March 2025, the subsidiaries of the Company

and the other shareholders of the joint ventures of

the Company isued financial guarantes jointly and

severaly to certain banks in respect of banking facilities

granted to joint ventures. The agregate amounts that

could be required to be paid is HK$1,176,496,000 (2024:

HK$1,178,696,000) if the guarantes were caled upon

in entirety, of which partial amount of the relevant

banking facilities, amounting to HK$505,339,000

(2024: HK$532,003,000) has ben utilised by these joint

ventures. The Group considers the fair value of the

contract is HK$Nil at initial recognition and the los

alowance as at 31 March 2025 and 2024 are insignificant.

Details of the credit risk asesment of the financial

guarante contracts are set out in note 48.

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
290
1,855,450
8,682
2,169,100

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

47.

资金风险管理

本集团管理其资金，以确保本集团内各实体

能够以持续经营方式营运，同时亦透过达致

债务与权益的最佳平衡而为股东争取最大回

报。本集团的整体策略自去年起维持不变。

本集团的资本架构由净债务（包括分别于附

注

及

披露之租赁负债及银行贷款）（扣除

现金及现金等值）及权益（包含已发行股本、

储备及累计溢利）组成。

本公司董事定期检讨资本架构。作为此检讨

之一部分，本公司董事考虑资金成本及与各

类资金的相关风险。根据本公司董事的建议，

本集团将透过派付股息及发行新股，以及发

行新债务及赎回现有债务以平衡其整体资本

架构。

48.

财务工具

财务工具类别

47. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that entities in

the Group wil be able to continue as a going concern

while maximising the return to shareholders through

the optimisation of the debt and equity balances. The

Group’s overal strategy remains unchanged from prior

year.

The capital structure of the Group consists of net debt,

which includes lease liabilities and bank loans disclosed

in notes 32 and 33, respectively, net of cash and cash

equivalents, and equity, comprising isued share capital,

reserves and acumulated profits.

The directors of the Company review the capital structure

on a regular basis. As part of this review, the directors

of the Company consider the cost of capital and the

risks asociated with each clas of capital. Based on

recomendations of the directors of the Company, the

Group wil balance its overal capital structure through

the payment of dividends and new share isues, as wel

as the isue of new debts and the redemption of existing

debts.

48. FINANCIAL INSTRUMENTS

Categories of financial instruments

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Financial asets

财务资产

Financial asets at FVTPL

透过损益按公平值计算之

财务资产

Financial asets at amortised cost

按摊销成本计量的财务资产

1,666,492

Financial liabilities

财务负债

Derivative financial instrument

衍生财务工具

–

At amortised cost

按摊销成本计量

2,083,397

31.3.2025
二零二�年
三月三十一日 HK$’000
港币千元
13
886
19

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

财务风险管理目标及政策

本集团之主要财务工具包括合营企业贷款、

应收款项、其他应收款项、应收合营企业款

项、现金及现金等值、透过损益按公平值计算

之财务资产、应付款项及其他应付款项、衍生

财务工具、租赁负债以及银行贷款。

有关该等财务工具之详情于相关附注披露。

与该等财务工具有关之风险及有关如何减轻

该等风险之政策载于下文。管理层管理及监

察该等风险，以确保及时和有效地采取妥善

措施。

市场风险

(i)

货币风险

本集团各实体之功能货币主要为港币，大部

份交易均以港币计值。

本集团各实体于报告期末以外币计值之货币

资产为应收款项及现金及现金等值，其账面

值如下：

Financial risk management objectives and

policies

The Group’s major financial instruments include loans to

joint ventures, trade debtors, other receivables, amounts

due from joint ventures, cash and cash equivalents,

financial asets at FVTPL, trade and other payables,

derivative financial instrument, lease liabilities and bank

loans.

Details of these financial instruments are disclosed in the

respective notes. The risks asociated with these financial

instruments and the policies on how to mitigate these

risks are set out below. The management manages and

monitors these exposures to ensure apropriate measures

are implemented on a timely and efective maner.

Market risk

(i) Curency risk

The functional curency of the group entities is mainly

HK$, the curency in which most of the transactions are

denominated.

The carying amounts of the foreign curency

denominated monetary asets which are debtors and

cash and cash equivalents, of the group entities at the

end of the reporting period are as folows:

31.3.2024

二零二�年

三月三十一日

HK$’000

港币千元

Euro

欧元

RMB

人民币

United States Dolars

美元

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

本集团管理层认为上述货币资产之货币风险

对本集团而言并不重大，因此，并无呈列敏感

度分析。本集团现时并无外币对冲政策。然

而，管理层监察外汇风险，并将于有需要时考

虑对冲重大外币风险。

(i)

利率风险

为使本集团的银行贷款维持固定利率，本集

团订立利率掉期合约，以对冲若干浮动利率

银行贷款的现金流量变动风险。现金流利率

风险主要与本集团之浮息银行贷款（该等贷

款与香港银行同业拆息挂钩）及按现行市场

存款利率计息之银行结余有关。本集团亦承

受与固定利率债务证券（请参阅附注

）、向

合营企业作出之贷款（请参阅附注

）及租赁

负债有关之公平值利率风险。本集团根据利

率水平及前景评估任何利率变动所产生的潜

在影响，从而管理其利率风险。管理层将审阅

固定及浮动利率借贷的比例，并确保其在合

理范围内。

全球已就主要利率基准进行根本性改革，以

接近无风险的替代利率取代部分银行同业拆

息。有关利率基准改革对本集团风险管理策

略的影响及替代基准利率的实施进度的详

情，载于本附注「利率基准改革」。

The management of the Group considers that the

curency risk of the above monetary asets is not

significant to the Group, acordingly, no sensitivity

analysis is presented. The Group curently does not

have a foreign curency hedging policy. However, the

management monitors foreign exchange exposure

and wil consider hedging significant foreign curency

exposure should the ned arise.

(i) Interest rate risk

In order to kep the Group’s bank loans at fixed rates,

the Group entered into interest rate swaps to hedge

against its exposure to changes in cash flows for certain

floating-rate bank loans. The cash flow interest rate risk

relates primarily to the Group’s variable-rate bank loans

which are linked to the HIBOR and bank balances at the

prevailing market deposit rate The Group is also exposed

to fair value interest rate risk in relation to fixed-rate

debt securities (se note 33), loans to joint ventures

(se note 21) and lease liabilities. The Group manages

its interest rate exposures by asesing the potential

impact arising from any interest rate movements based

on interest rate level and outlok. The management

wil review the proportion of borowings in fixed and

floating rates and ensure they are within reasonable

range.

A fundamental reform of major interest rate benchmarks

has ben undertaken globaly to replace some interbank

ofered rates with alternative nearly risk-fre rates.

Details of the impacts on the Group’s risk management

strategy arising from the interest rate benchmark reform

and the progres towards implementation of alternative

benchmark interest rates are set out under “interest rate

benchmark reform” in this note.

2025
二零二�年
50 basis
points
50
个基点
HK$’000
港币千元
(5,265)
5,265

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

下文之敏感度分析已根据于报告期末之利率

风险厘定。分析乃假设于报告期末的浮息银

行贷款金额于整个年度仍为未偿还金额而编

制。敏感度分析不包括现金流量对冲项下的

若干银行贷款及对利息不敏感的银行结余。

假设所有其他变量保持不变，本集团于报告

期末对利率风险之敏感度如下：

The sensitivity analysis below has ben determined

based on the exposure to interest rates at the end of the

reporting period. The analysis is prepared asuming the

amount of variable-rate bank loans at the end of the

reporting period was the amount outstanding for the

whole year. The sensitivity analysis has excluded certain

bank loans under cash flow hedges and bank balances

which are not interest sensitive.

The Group’s sensitivity to interest rate risk at the end of

the reporting period while al other variables were held

constant is as folows:

二零二�年

Reasonably posible change in

interest rate

利率可能出现之

合理变动

50 basis

points

个基点

HK$’000

港币千元

Increase in post-tax los for the year

(2024: Increase in post-tax los

for the year) as a result of an

increase in the interest rate

本年度除税后亏损由于

利率上升而增加（二零二四年：

本年度除税后亏损增加）

(7,841)

Decrease in post-tax los for the year

(2024: Decrease in post-tax los

for the year) as a result of a

decrease in the interest rate

本年度除税后亏损由于

利率下降而减少（二零二四年：

本年度除税后亏损减少）

7,841

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

(i)

股本价格风险

本集团透过损益按公平值计算之财务资产包

括香港上市股本证券。该等上市股本证券须

承受市场价格风险。管理层以设立不同风险

水平的投资组合来管理有关风险。透过损益

按公平值计算之财务资产详情载于附注

。

本集团管理层认为该等投资之市场价格风险

对本集团而言并不重大，因此，并无呈列敏感

度分析。

信贷风险及减值评估

信贷风险指本集团交易方违反其合约责任而

导致本集团遭受财务损失的风险。本集团信

贷风险主要来自按摊销成本计量的财务资

产、应收租赁款项及合约资产。本集团并无持

有任何抵押品或其他信贷增强措施以抵销与

其财务资产、应收租赁款项及合约资产相关

的信贷风险。

为了尽量降低信贷风险，本集团管理层已委

任一组人员负责厘定信贷限额、信贷批核及

其他监控程序，以确保已采取跟进行动收回

逾期欠款。就此而言，本集团管理层认为本集

团之信贷风险已大幅降低。

(i) Equity price risk

The Group’s financial asets at FVTPL include listed equity

securities in Hong Kong. These listed equity securities are

subject to market price risk. The management manages

this exposure by maintaining a portfolio of investments

with diferent risk profiles. Details of the financial asets

at FVTPL are set out in note 27. The management of

the Group considers that the market price risks of these

investments are not significant to the Group, acordingly,

no sensitivity analysis is presented.

Credit risk and impairment asesment

Credit risk refers to the risk that the Group’s

counterparties default on their contractual obligations

resulting in the financial loses to the Group. The

Group’s credit risk exposures are primarily atributable to

financial asets at amortised cost, lease receivables and

contract asets. The Group does not hold any colateral

or other credit enhancements to cover its credit risks

asociated with its financial asets, lease receivables and

contract asets.

In order to minimise the credit risk, the management

of the Group has delegated a team responsible for

determination of credit limits, credit aprovals and other

monitoring procedures to ensure that folow-up action

is taken to recover overdue debts. In this regards, the

management of the Group considers that the Group’s

credit risk is significantly reduced.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

本集团之内部信贷风险级别评估包括以下类

别：

此外，本集团已根据各财务资产之分类及性

质而对内部信贷评级类别应用不同亏损率。

The Group’s internal credit risk grading asesment

comprises the folowing categories:

Internal credit ratingDescription

Trade debtors/

contract asets

Other financial asets/

other items

内部信贷评级说明应收款项╱合约资产其他财务资产╱其他项目

Low riskThe counterparty has a low risk of default and

does not have any past-due amounts

Lifetime ECL

– not credit-impaired

12m ECL

低风险交易方违约风险低，且并无任何逾期款项存续期间之预期信贷亏损

－无信贷减值

十二个月预期信贷亏损

Watch listDebtor frequently repays after due dates but

usualy setle in ful or requires the Group’s

closer monitoring

Lifetime ECL

– not credit-impaired

12m ECL

观察名单债务人频繁于到期日后还款但通常悉数结清或

需要本集团更密切监控

存续期间之预期信贷亏损

－无信贷减值

十二个月预期信贷亏损

DoubtfulThere have ben significant increases in

credit risk since initial recognition through

information developed internaly or external

resources

Lifetime ECL

– not credit-impaired

Lifetime ECL

– not credit-impaired

可疑通过内部所得资料或外部资源得知信贷风险自

初始确认起显著增加

存续期间之预期信贷亏损

－无信贷减值

存续期间之预期信贷亏损

－无信贷减值

LosThere is evidence indicating the aset is credit-

impaired

Lifetime ECL

– credit-impaired

Lifetime ECL

– credit-impaired

亏损有证据显示资产已出现信贷减值存续期间之预期信贷亏损

－已出现信贷减值

存续期间之预期信贷亏损

－已出现信贷减值

Write-ofThere is evidence indicating that the debtor is

in severe financial dificulty and the Group has

no realistic prospect of recovery

Amount is writen ofAmount is writen of

撇销有证据显示债务人陷入严重财政困难，而本集团

无实际收回款项的可能

款项已经撇销款项已经撇销

In adition, the Group has aplied diferent los rates

to the internal credit rating category acording to the

clasification and nature of respective financial asets.

As at 31 March 2025
Low risk	于二零二五年三月三十一日	0.12% – 0.67%	49,122	254,373
Watch list	低风险	1.25%	1,556	–
Watch list	观察名单

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

应收款项及合约资产

就应收款项及合约资产而言，本集团应用香

港财务报告准则第九号内的简化法按存续期

间的预期信贷亏损计量亏损拨备。此外，本集

团单独就应收款项及合约资产根据预期信贷

亏损模式或基于集体评估进行减值评估。

作为本集团信贷风险管理的一部分，本集团

为其客户应用内部信贷评级。于二零二五

年三月三十一日，账面总值分别为港币

46,234,000

元（二零二四年：港币

24,806,000

元）及港币

129,492,000

元（二零二四年：港币

124,341,000

元）之信贷减值或应收香港特区

政府部门之款项及合约资产的预期信贷亏损

被单独评估。于本年度及上一年度概无确认

减值亏损。

下表提供有关属存续期间之预期信贷亏损

（无信贷减值）且已根据集体评估进行评估

之应收款项及合约资产之信贷风险之资料。

账面总值

Trade debtors and contract asets

For trade debtors and contract asets, the Group has

aplied the simplified aproach in HKFRS 9 to measure

the los alowance at lifetime ECL. In adition, the Group

performs impairment asesment under ECL model on

trade debtors and contract asets individualy or based on

colective asesment.

As part of the Group’s credit risk management, the

Group aplies internal credit rating for its customers.

As at 31 March 2025, the ECL for trade debtors and

contract asets that are credit-impaired or receivable and

contract asets from departments of The Government of

HKSAR with gros carying amounts of HK$46,234,000

(2024: HK$24,806,000) and HK$129,492,000 (2024:

HK$124,341,000) are asesed individualy. No impairment

los has ben recognised during the curent and prior

year.

The folowing table provides information about the

exposure to credit risk for trade debtors and contract

asets which are asesed based on colective asesment

within lifetime ECL (not credit-impaired).

Gros carying amount

AverageTradeContract

los ratedebtorsasets

平均亏损率应收款项合约资产

Internal credit rating

内部信贷评级

HK$’000HK$’000

港币千元港币千元

观察名单

As at 31 March 2024

于二零二四年三月三十一日

Low risk

低风险

0.15% – 0.60%34,905185,763

Watch list

观察名单

1.36%3,312–

Changes due to financial instruments, lease receivables or contract assets as at 1 April 2024:	于二零二四年三月三十一日于二零二四年四月一日因财务工具、应收租赁款项或合约资产产生的
– Impairment loss reversed	变动：	(99)	(548)
New financial assets, lease receivables or contract assets originated or purchased	－已拨回减值亏损新产生或购买的财务资产、	80	1,324
	应收租赁款项或合约资产
At 31 March 2025		80	1,898

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

估计亏损率乃根据债务人预期年期的过往可

观察违约率估计，并就毋须耗费过多成本或

努力即可取得的合理可证实的前瞻性资料作

出调整。管理层定期进行审查，以确保更新有

关特定债务人的相关资料。

下表列示已按简化法就应收款项及合约资

产确认的存续期间之预期信贷亏损的变动

情况。

The estimated los rates are estimated based on

historical observed default rates over the expected life

of the debtors and are adjusted for forward-loking

information that is reasonable, suportable and available

without undue cost or efort. Management performs

review regularly to ensure relevant information about

specific debtors is updated.

The folowing table shows the movement in lifetime ECL

that has ben recognised for trade debtors and contract

asets under the simplified aproach.

Trade debtorsContract asets

应收款项合约资产

Lifetime ECL

(not credit-

impaired)

Lifetime ECL

(not credit-

impaired)

存续期间之

预期信贷亏损

（并无信贷减值）

存续期间之

预期信贷亏损

（并无信贷减值）

HK$’000HK$’000

港币千元港币千元

At 1 April 2023

于二零二三年四月一日

Changes due to financial instruments,

lease receivables or contract asets

as at 1 April 2023:

于二零二三年四月一日因财务工具、

应收租赁款项或合约资产生的变

动：

– Impairment los reversed

－已拨回减值亏损

(286)(499)

New financial asets, lease receivables or

contract asets originated or purchased

新产生或购买的财务资产、

应收租赁款项或合约资产

At 31 March 2024

于二零二四年三月三十一日

991,122

于二零二五年三月三十一日

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

当有资料显示债务人陷入严重财政困难，且

并无实际收回款项的可能时（如债务人被清

盘或进入破产程序，或当应收款项已逾期超

过三年（以较早发生者为准），本集团会撇销

应收款项。

于二零二五年三月三十一日，本集团面临集

中信贷风险，

48%

（二零二四年：

39%

）及

34%

（二零二四年：

40%

）的来自客户合约及合约

资产之总应收款项总额为应收本集团最大客

户香港特区政府部门的款项。鉴于彼等的信

用状况、过往良好的还款记录及与本集团的

长期关系并计及前瞻性资料，本公司董事认

为本集团的信贷风险并不重大。

于截至二零二五年及二零二四年三月三十一

日止年度，并无就个别评估的应收款项确认

减值亏损。

The Group writes of a trade debtor when there is

information indicating that the debtor is in severe

financial dificulty and there is no realistic prospect of

recovery, e.g. when the debtor has ben placed under

liquidation or has entered into bankruptcy procedings,

or when the trade debtors are over thre years past due,

whichever ocurs earlier.

As at 31 March 2025, the Group has concentration of

credit risk with 48% (2024: 39%) and 34% (2024: 40%)

of the total gros trade debtors from contracts with

customers and contract asets was due from the Group’s

largest customer, departments of The Government of

HKSAR. In view of their credit standings, god repayment

record in the past and long term relationships with the

Group and taking into consideration of forward-loking

information, the directors of the Company consider that

the Group’s credit risk is not material.

During the year ended 31 March 2025 and 2024, no

impairment los has ben recognised on trade debtors

which were asesed individualy.

Gross carrying amount as at 31 March 2025
于二零二五年三月三十一日
的账面总值 HK$’000
港币千元
359,191
958,241
–
17,390
477,320

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

下表详列本集团其他财务资产之信贷风险，

有关风险须接受预期信贷亏损评估：

该金额被视为已发生信贷减值，并对应收一

间合营企业款项计提全额拨备。

为进行内部信贷风险管理，本集团使用合理

及可证实前瞻性资料评估信贷风险是否已自

初始确认起大幅增加。

The table below details the credit risk exposures of the

Group’s other financial asets, which are subject to ECL

asesment:

External

credit rating

Internal

credit rating

12m or

lifetime ECL

Gros carying

amount as at

31 March 2024

外部信贷评级内部信贷评级

十二个月或

存续期间之

预期信贷亏损

于二零二四年

三月三十一日

的账面总值

HK$’000

港币千元

Financial asets at amortised cost

按摊销成本计量的财务资产

Loans to joint venturesN/ALow risk12m ECL536,193

合营企业贷款不适用低风险十二个月预期

信贷亏损

N/AWatch list12m ECL635,464

不适用观察名单十二个月预期

信贷亏损

Amounts due from joint venturesN/ALosLifetime ECL847*

应收合营企业款项不适用亏损存续期间之

预期信贷亏损

Other receivablesN/ALow risk12m ECL4,863

其他应收款项不适用低风险十二个月预期

信贷亏损

Bank balancesA or aboveN/A12m ECL441,028

银行结余

或以上不适用十二个月预期

信贷亏损

* The amount is considered as credit-impaired and ful

provision is made on that amounts due from a joint

venture.

For the purpose of internal credit risk management, the

Group uses reasonable and suportable forward-loking

information to ases whether credit risk has increased

significantly since initial recognition.

As at 31 March 2025
Loans to joint ventures	于二零二五年三月三十一日		–	1,317,432	1,317,432
Other receivables	合营企业贷款		–	17,390	17,390

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

合营企业贷款及应收合营企业款项

为进行内部信贷风险管理，本集团定期监察

合营企业的业务表现。授予合营企业贷款

前，本集团管理层已了解合营企业的财务背

景及业务表现。本集团于该等结余的信贷风

险通过监察合营企业所持资产的价值及参与

或共同控制该等实体相关活动的权力而减

轻。于二零二五年三月三十一日，合营企业

贷款及应收合营企业款项的账面总值分别

为港币

1,317,432,000

元（二零二四年：港币

1,171,657,000

元）及零（二零二四年：港币

847,000

元）。

Past due

Not past due/

no fixed

repayment

termsTotal

逾期

未逾期╱

无固定还款

期限总计

HK$’000HK$’000HK$’000

港币千元港币千元港币千元

其他应收款项

As at 31 March 2024

于二零二四年三月三十一日

Loans to joint ventures

合营企业贷款

– 1,171,6571,171,657

Amounts due from

joint ventures

应收合营企业款项

– 847847

Other receivables

其他应收款项

– 4,8634,863

Loans to joint ventures and amounts due from joint

ventures

For the purpose of internal credit risk management,

the Group regularly monitors the busines performance

of joint ventures. Before granting the loans to joint

ventures, the management of the Group has obtained

understanding to the financial background and busines

performance of the joint ventures. The Group’s credit

risks in these balances are mitigated through monitoring

the value of the asets held by the joint ventures and

the power to participate or jointly control the relevant

activities of these entities. As at 31 March 2025, the

gros carying amounts of loans to joint ventures and

amounts due from joint ventures are HK$1,317,432,000

(2024: HK$1,171,657,000) and nil (2024: HK$847,000),

respectively.

Changes due to financial instruments as at 1 April 2024:	于二零二四年三月三十一日于二零二四年四月一日
– Impairment loss recognised	因财务工具产生的变动：	97,037
– Impairment loss recognised	－已确认减值亏损
At 31 March 2025		232,066

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

下表所示为已就合营企业贷款（经单独评估）

确认的十二个月预期信贷亏损（无信贷减值）

的变动情况。

其他应收款项

作为本集团信贷风险管理的一部分，本集团

管理层已了解债务人的信贷背景并进行了内

部信贷审批程序。本集团对债务人应用内部

信贷评级。由于经考虑交易方之偿还记录后，

本集团管理层认为违约的可能性甚微，故并

无计提减值拨备。

The folowing table shows the movement in 12m ECL

(not credit-impaired) that has ben recognised for loans

to joint ventures which are asesed individualy.

Loans to

joint ventures

合营企业贷款

HK$’000

港币千元

At 1 April 2023

于二零二三年四月一日

46,819

Changes due to financial instruments

as at 1 April 2023:

于二零二三年四月一日

因财务工具产生的变动：

– Impairment los recognised

－已确认减值亏损

88,210

At 31 March 2024

于二零二四年三月三十一日

135,029

于二零二五年三月三十一日

Other receivables

As part of the Group’s credit risk management, the

management of the Group has obtained understanding

to the credit background of the debtors and undertaken

the internal credit aproval proces. The Group aplies

internal credit rating for its debtors. No alowance for

impairment was made since the management of the

Group considers that the probability of default is minimal

after considering the counterparties’ repayment history.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

银行结余

为进行内部信贷风险管理，本集团主要与信

贷评级较高的银行交易，并定期监察交易方

的国际信贷评级。由于有关款项为应收声誉

良好之银行之款项或存放于该等银行之款

项，本集团管理层认为违约的可能性微不足

道，故并无计提减值拨备。

财务担保合约及贷款承担

由于本集团管理层认为其已了解合营企业的

财务背景及业务表现，并得出结论认为自初

始确认以来信贷风险并未显著增加，相关违

约风险甚微，故并无计提减值拨备。本公司董

事认为，本集团向合营企业提供的财务担保

合约及贷款承担的信贷风险通过合营企业所

持资产的价值减轻。因此，财务担保合约及贷

款承诺的亏损拨备按等同十二个月预期信贷

亏损的金额计量，亏损拨备被视为并不重大。

Bank balances

For the purpose of internal credit risk management,

the Group mainly transacts with banks with high

credit ratings and regularly monitors the international

credit rating of the counterparties. No alowance

for impairment was made since the management of

the Group consider that the probability of default is

negligible as such amounts are receivable from or placed

in banks with god reputation.

Financial guarante contracts and loan comitments

No alowance for impairment was made since the

management of the Group considers that the exposure

at default was minimal as the management of the Group

has obtained understanding of the financial background

and busines performance of the joint ventures and

concluded that there has ben no significant increase

in credit risk since initial recognition. In the opinion of

the directors of the Company, the Group’s credit risks

in financial guarante contracts and loan comitments

to joint ventures are mitigated through the value of

the asets held by the joint ventures. Acordingly, the

los alowance for financial guarante contracts and

loan comitments is measured at an amount equal

to 12m ECL and the los alowance was considered as

insignificant.

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

流动资金风险

在管理流动资金风险时，本集团监控及维持

管理层认为属充足的现金及现金等值水平，

以为本集团之营运提供资金及减轻现金流波

动所带来的影响。管理层监控银行贷款之动

用情况并确保遵守贷款契诺。

本集团依赖银行贷款作为重要的流动资金

来源。于二零二五年三月三十一日，本集团

于二零二五年三月三十一日的未动用银行

融资约为港币

933,061,000

元（二零二四年：

港币

1,100,569,000

元）。银行贷款之详情载于

附注

。

下表详述本集团基于协定还款条款的财务负

债、衍生财务工具及租赁负债之合约剩余到

期日。就非衍生财务负债及租赁负债而言，此

表乃根据本集团可能需要支付的最早日期之

财务负债及租赁负债未折现金流编制。特

别是，含按要求偿还条款之银行贷款计入最

早时间段，不论银行是否可能选择行使其权

利。其他非衍生财务负债及租赁负债之到期

日根据协定还款日期厘定。该表包括利息及

本金现金流。

此外，下表详列本集团衍生财务工具的流动

性分析。本集团衍生财务工具的流动性分析

乃根据合约到期日编制，原因为管理层认为

合约到期日对了解衍生工具的现金流量时间

性至为重要。

Liquidity risk

In the management of the liquidity risk, the Group

monitors and maintains a level of cash and cash

equivalents demed adequate by the management to

finance the Group’s operations and mitigate the efects

of fluctuations in cash flows. The management monitors

the utilisation of bank loans and ensures compliance with

loan covenants.

The Group relies on bank loans as a significant source of

liquidity. As at 31 March 2025, the Group has unutilised

banking facilities of aproximately HK$933,061,000

(2024: HK$1,100,569,000) as at 31 March 2025. Details of

bank loans are set out in note 33.

The folowing table details the Group’s remaining

contractual maturity for its financial liabilities, and

derivative financial instrument and lease liabilities based

on the agred repayment terms. For non-derivative

financial liabilities and lease liabilities, the table has

ben drawn up based on the undiscounted cash flows

of financial liabilities and lease liabilities based on the

earliest date on which the Group can be required to pay.

Specificaly, bank loans with a repayment on demand

clause are included in the earliest time band regardles

of the probability of the banks chosing to exercise

their rights. The maturity dates for other non-derivative

financial liabilities and lease liabilities are based on the

agred repayment dates. The table includes both interest

and principal cash flows.

In adition, the folowing tables detail the Group’s

liquidity analysis for its derivative financial instrument.

The liquidity analysis for the Group’s derivative financial

instrument is prepared based on the contractual

maturities as the management consider that the

contractual maturities are esential for an understanding

of the timing of the cash flows of derivatives.

Weighted	On demand
average	or				Total
effective	less than	1 – 2	2 – 5	Over	undiscounted	Carrying
interest rate	1 year	years	years	5 years	cash flow	amount
加权平均	按要求或 1	1 – 2	2 – 5	5	未折现
实际利率 %	不足年 HK$’000	年 HK$’000	年 HK$’000	年以上 HK$’000	现金流总额 HK$’000	账面值 HK$’000
百分比	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元
–	171,967	66,133	–	–	238,100	238,100
5.36	1,138,368	720,886	120,393	–	1,979,647	1,931,000
5.19	3,530	799	720	4,720	9,769	6,894
5.19	1,313,865	787,818	121,113	4,720	2,227,516	2,175,994
–	7,185	1,796	–	–	8,981	8,682

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

流动资金表

浮动息率银行贷款之预计未折现金流所采

用的利率为报告期末之利率。

上述计入非衍生财务负债浮息工具之金额，

将于浮动利率之变动与于报告期末厘定之估

计利率有异时作出变动。

Liquidity tables

As at 31 March 2025

于二零二五年三月三十一日

Non-derivative financial liabilities

非衍生财务负债

Trade and other payables

应付款项及其他应付款项

Bank loans – variable rate*

银行贷款－浮动息率

Lease liabilities

租赁负债

Derivative financial liability

衍生财务负债

Interest rate swap contract

利率掉期合约

As at 31 March 2024

于二零二四年三月三十一日

WeightedOn demand

averageorTotal

efectiveles than1 – 22 – 5OverundiscountedCarying

interest rate1 yearyearsyears5 yearscash flowamount

加权平均

实际利率

按要求或

不足

年

1 – 2

年

2 – 5

年

年以上

未折现

现金流总额账面值

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

百分比港币千元港币千元港币千元港币千元港币千元港币千元

Non-derivative financial liabilities

非衍生财务负债

Trade and other payables

应付款项及其他应付款项

–168,04337,282– – 205,325205,325

Bank loans – variable rate*

银行贷款－浮动息率

*5.981,878,072– – – 1,878,0721,878,072

Lease liabilities

租赁负债

5.063,3451,8998924,96011,0967,903

2,049,46039,1818924,9602,094,4932,091,300

* The interest rates aplied to projected undiscounted cash

flows of variable rate bank loans are the interest rates at

the end of the reporting period.

The amounts above for variable interest rate instruments

for non-derivative financial liabilities are subject to

change if changes in variable interest rate difer to those

estimates of interest rates determined at the end of the

reporting period.

31 March 2025		1,159,005	–	–	1,159,005	1,100,000
二零二五年三月三十一日

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

在以上到期分析中，包含须按要求偿还条款

之银行贷款乃列入「按要求或不足一年」时间

组别。于二零二五年三月三十一日，该等银行

贷款之未折现本金总额为港币

1,100,000,000

元（二零二四年：港币

1,047,003,000

元）。经计

及本集团之财务状况，本公司董事并不认为

有关银行会行使其酌情权要求即时还款。本

公司董事相信，根据有关贷款协议所载之预

设还款日期，于二零二五年三月三十一日该

等银行贷款将于报告日期起一年（二零二四

年：一年）内偿还，有关详情载于下表：

利率基准改革

诚如附注

所披露，本集团之若干香港银行

同业拆息银行贷款已受到利率基准改革的影

响。本集团正在密切监察市场，并管理向新基

准利率的过渡，包括有关银行同业拆息监管

机构作出的公告。

香港银行同业拆息

尽管港元隔夜平均指数（「港元隔夜平均指

数」）已被识别为香港银行同业拆息的替代方

案，惟并无终止香港银行同业拆息的计划。香

港采用多利率方式，香港银行同业拆息及港

元隔夜平均指数将并存。本集团与香港银行

同业拆息挂钩的银行贷款将持续至到期日，

因此无须过渡。

Bank loans with a repayment on demand clause are

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

band in the above maturity analysis. As at 31 March

2025, the agregate undiscounted principal amounts

of these bank loans amounted to HK$1,100,000,000

(2024: HK$1,047,003,000). Taking into acount the

Group’s financial position, the directors of the Company

do not believe that it is probable that the banks wil

exercise their discretionary rights to demand imediate

repayment. The directors of the Company believe that

such bank loans as at 31 March 2025 wil be repaid

within one (2024: one) year after the reporting date in

acordance with the scheduled repayment dates set out

in the loan agrements, details of which are set out in

the table below:

Les than

1 year1 – 2 years2 – 5 years

Cash

outflows

Carying

amount

不足

年

1 – 2

年

2 – 5

年现金流出量账面值

HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元

31 March 2024

二零二四年三月三十一日

1,109,642– – 1,109,6421,047,003

Interest rate benchmark reform

As disclosed in note 33, several of the Group’s HIBOR

bank loans has ben subject to the interest rate

benchmark reform. The Group is closely monitoring the

market and managing the transition to new benchmark

interest rates, including anouncements made by the

relevant IBOR regulators.

HIBOR

While the Hong Kong Dolar Overnight Index Average

(“HONIA”) has ben identified as an alternative to

HIBOR, there is no plan to discontinue HIBOR. The multi-

rate aproach has ben adopted in Hong Kong, whereby

HIBOR and HONIA wil co-exist. The Group’s bank loan

linked to HIBOR wil continue til maturity and hence, not

subject to transition.

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

公平值计量

财务资产及财务负债之公平值乃按下列方式

厘定：

•

有标准条款及条件及在交投活跃市场买

卖的财务资产及财务负债之公平值参照

市场所报买入价厘定；

•

其他财务资产及财务负债之公平值根据

基于折现金流分析的公认定价模式厘

定。

本公司董事认为，于综合财务报表按摊销成

本列账之财务资产及财务负债之账面值与其

公平值相若。

按经常性基准以公平值计量之本集团

财务资产的公平值

本集团部分财务资产于各报告期末按公平值

计量。下表阐述有关厘定该等财务资产公平

值之方法（尤其是所用之估值技术及输入数

据）。

Fair value measurement

The fair value of financial asets and financial liabilities

are determined as folows:

• the fair value of financial asets and financial

liabilities with standard terms and conditions and

traded in active markets are determined with

reference to quoted market bid prices;

• the fair value of other financial asets and

financial liabilities are determined in acordance

with generaly acepted pricing models based on

discounted cash flow analysis.

The directors of the Company consider that the carying

amounts of financial asets and financial liabilities

recorded at amortised cost in the consolidated financial

statements aproximate their fair values.

Fair value of the Group’s financial asets that are

measured at fair value on a recuring basis

Some of the Group’s financial asets are measured at fair

value at the end of each reporting period. The folowing

table gives information about how the fair values of

these financial asets are determined (in particular, the

valuation technique(s) and inputs used).

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

于本年度及过往年度，第一级、第二级及第三

级之间并无转移。

Financial asets

Fair value as at

31 March 2025

Fair value

hierarchy

Valuation technique(s)

and key input(s)

财务资产

于二零二五年

三月三十一日之公平值公平值等级估值技术及主要输入数据

Financial asets at FVTPL

– Listed equity securities in

Hong Kong

HK$290,000

(2024: HK$263,000)

Level 1Quoted bid prices in an active

market.

透过损益按公平值计算之

财务资产－香港上市股本证券

港币

290,000

元

（二零二四年：

港币

263,000

元）

第一级于活跃市场所报之买入价。

Derivative financial instrument

– interest rate swap contracts

Liabilities –

HK$8,682,000

(2024: HK$Nil)

Level 2Discounted cash flow. Future

cash flows are quoted by

counterparty (i.e. the bank)

which estimated based on

forward interest rates (from

observable yield curves at the

end of the reporting period)

and contracted interest rates,

discounted at a rate that

reflects the credit risk of a

counterparty

衍生财务工具－利率掉期合约负债－港币

8,682,000

元

（二零二四年：

港币零元）

第二级折现金流量。未来现金流量由

交易对手（即银行）报价，根据

远期利率（来自报告期末可观

察的收益曲线）及合约利率估

算，并按反映交易对手信贷风

险的利率折现。

There was no transfer among Level 1, 2 and 3 during the

curent and prior years.

Financing cash flows	于二零二四年三月三十一日	(2,928)	–	52,928	50,000
Non-cash change:	融资现金流
Addition of lease liabilities	非现金变动：	1,919	–	–	1,919
Addition of lease liabilities	租赁负债增加
At 31 March 2025		6,894	–	1,931,000	1,937,894
于二零二五年三月三十一日

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

49.

融资业务产生之负债对账

下表详列本集团融资业务产生的负债变动情

况，包括现金及非现金变动。融资业务产生的

负债为将于本集团综合现金流量表中分类为

融资业务现金流的现金流或未来现金流。

49. RECONCILIATION OF LIABILITIES

ARISING FROM FINANCING

ACTIVITIES

The table below details changes in the Group’s liabilities

arising from financing activities, including both cash

and non-cash changes. Liabilities arising from financing

activities are those for which cash flows were, or future

cash flows wil be, clasified in the Group’s consolidated

statement of cash flows as cash flows from financing

activities.

LeaseDividend

liabilitiespayableBank loansTotal

租赁负债应付股息银行贷款总计

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

(Note 32)(Note 33)

（附注

）（附注

）

At 1 April 2023

于二零二三年四月一日

5,176– 1,525,4341,530,610

Financing cash flows

融资现金流

(1,789)(65,136)352,638285,713

Dividend declared

宣派股息

– 65,136– 65,136

Non-cash change:

非现金变动：

Adition of lease liabilities

租赁负债增加

4,516– – 4,516

At 31 March 2024

于二零二四年三月三十一日

7,903– 1,878,0721,885,975

31 March 2025
二零二五年三月三十一日
Issued and fully paid ordinary share capital	Effective equity interest attributable to the Group
已发行及缴足	本集团应占
普通股本	有效股本权益
HK$2 2	100%
港币元
US$1 1 美元	100%
HK$1 1	100%
港币元
US$2 2 美元	100%
HK$1 1	100%
港币元
US$2 2 美元	100%
HK$10,000 10,000	100%
港币元
US$1 1 美元	100%

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

50.

主要附属公司详情

本公司于二零二五年及二零二四年三月

三十一日之主要附属公司详情如下：

50. PARTICULARS OF PRINCIPAL

SUBSIDIARIES

Particulars of the Company’s principal subsidiaries at 31

March 2025 and 2024 are as folows:

31 March 2024

二零二四年三月三十一日

Name of subsidiary

Place of incorporation/

registration/operation

Isued and fuly

paid ordinary

share capital

Efective

equity interest

atributable to

the GroupPrincipal activities

附属公司名称成立╱注册╱营业地点

已发行及

缴足普通股本

本集团应占

有效股本权益主要业务

Care & Health Limited

康而健有限公司

Hong Kong

香港

HK$2

港币

元

100%Trading of health products

健康产品贸易

Clear Profit Holdings Limited

显利控股有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

US$1

美元

100%Property investment

物业投资

Excel Chinese International Limited

卓雄国际有限公司

Hong Kong

香港

HK$1

港币

元

100%Property investment

物业投资

Fairview Harbour LimitedBritish Virgin Islands/

Hong Kong

英属处女群岛╱香港

US$2

美元

100%Investment holding

投资控股

Faithful Sun Limited

忠日有限公司

Hong Kong

香港

HK$1

港币

元

100%Property holding

物业持有

Galant Elite Enterprises Limited

腾杰企业有限公司

British Virgin/ Islands/

Hong Kong

英属处女群岛╱香港

US$2

美元

100%Investment holding

投资控股

General Target Limited

祥加有限公司

Hong Kong

香港

HK$10,000

港币

10,000

元

100%Property investment

物业投资

Great Popular Limited

伟众有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

US$1

美元

100%Investment holding

投资控股

31 March 2025
二零二五年三月三十一日
Issued and fully paid ordinary share capital	Effective equity interest attributable to the Group
已发行及缴足	本集团应占
普通股本	有效股本权益
Ordinary shares HK$1,000 Deferred shares HK$60,000,000 (Note a) 普通股 1,000 港币元递延股 60,000,000 港币元 a	100%
（附注）
US$2 2 美元	100%
HK$10,000,000 10,000,000	100%
港币元
HK$10,000,000 10,000,000	100%
港币元
HK$2 2 港币元	100%
HK$1 1	100%
港币元
HK$17,400,000 17,400,000 港币元	100%
HK$2 2 港币元	100%

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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 March 2024

二零二四年三月三十一日

Name of subsidiary

Place of incorporation/

registration/operation

Isued and fuly

paid ordinary

share capital

Efective

equity interest

atributable to

the GroupPrincipal activities

附属公司名称成立╱注册╱营业地点

已发行及

缴足普通股本

本集团应占

有效股本权益主要业务

Hanison Construction Company Limited

兴胜建筑有限公司

Hong Kong

香港

Ordinary shares

HK$1,000

Defered shares

HK$60,000,000

(Note a)

普通股

港币

1,000

元

递延股

港币

60,000,000

元

（附注

）

100%Property construction

物业建筑

Hanison Construction Holdings (BVI)

Limited (note b)

（附注

）

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

US$2

美元

100%Investment holding

投资控股

Hanison Contractors Limited

兴胜营造有限公司

Hong Kong

香港

HK$10,000,000

港币

10,000,000

元

100%Property construction

物业建筑

Hanison Enginering Limited

兴胜工程有限公司

Hong Kong

香港

HK$10,000,000

港币

10,000,000

元

100%Property construction

物业建筑

Hanison Estate Services Limited

兴胜物业服务有限公司

Hong Kong

香港

HK$2

港币

元

100%Provision of property

management services

提供物业管理服务

Hanison Foundation Limited

兴胜地基工程有限公司

Hong Kong

香港

HK$1

港币

元

100%Property construction

物业建筑

Hanison Interior & Renovation Limited

兴胜室内及维修有限公司

Hong Kong

香港

HK$17,400,000

港币

17,400,000

元

100%Provision of interior and

renovation services

提供装饰及维修服务

Hanison Project Management Limited

兴胜项目管理有限公司

Hong Kong

香港

HK$2

港币

元

100%Provision of property leasing

and marketing services

and project management

提供物业租赁及市场推广服务

以及项目管理

31 March 2025
二零二五年三月三十一日
Issued and fully paid ordinary share capital	Effective equity interest attributable to the Group
已发行及缴足	本集团应占
普通股本	有效股本权益
HK$1 1 港币元	100%
HK$1 1	100%
港币元
HK$400,000 400,000	100%
港币元
US$1 1 美元	100%
US$1 1 美元	100%
HK$1 1	100%
港币元
HK$2 2	100%
港币元
HK$1 1	100%
港币元
HK$1 1	100%
港币元
HK$2,000,000 2,000,000	100%
港币元
HK$2 2 港币元	100%
HK$10,000 10,000	100%
港币元
HK$1 1	100%
港币元

兴胜创建控股有限公司

2024/2025

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

截至二零二五年三月三十一日止年度

31 March 2024

二零二四年三月三十一日

Name of subsidiary

Place of incorporation/

registration/operation

Isued and fuly

paid ordinary

share capital

Efective

equity interest

atributable to

the GroupPrincipal activities

附属公司名称成立╱注册╱营业地点

已发行及

缴足普通股本

本集团应占

有效股本权益主要业务

Hantex Enginering Limited

兴达工程有限公司

Hong Kong

香港

HK$1

港币

元

100%Plant maintenance and

servicing

厂房维修及修理

Healthmate Products Limited

健知己有限公司

Hong Kong

香港

HK$1

港币

元

100%Trading of health products

健康产品贸易

Heatex Ceramic Limited

益金有限公司

Hong Kong

香港

HK$400,000

港币

400,000

元

100%Property development

物业发展

Nimble Run Limited

迅弘有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

US$1

美元

100%Investment holding

投资控股

Oriental Efort Limited

东勤有限公司

British Virgin Islands/

Hong Kong

英属处女群岛╱香港

US$1

美元

100%Investment holding

投资控股

Precise Leader Limited

辉信有限公司

Hong Kong

香港

HK$1

港币

元

100%Property holding

物业持有

Retailcorp Limited

零售企业有限公司

Hong Kong

香港

HK$2

港币

元

100%Sales of health product

销售健康产品

Saney Limited

骏生有限公司

Hong Kong

香港

HK$1

港币

元

100%Property investment

物业投资

Suny Way Properties Limited

朝阳置业有限公司

Hong Kong

香港

HK$1

港币

元

100%Property investment

物业投资

Tai Ke Pipes Limited

泰记有限公司

Hong Kong

香港

HK$2,000,000

港币

2,000,000

元

100%Investment holding

投资控股

Trigon Building Materials Limited

华高达建材有限公司

Hong Kong

香港

HK$2

港币

元

100%Suply and instalation of

building materials

供应及安装建筑材料

Trilion Mart Development LimitedHong Kong

香港

HK$10,000

港币

10,000

元

100%Property investment

物业投资

Vast Media International Limited

星汉国际有限公司

Hong Kong

香港

HK$1

港币

元

100%Investment holding

投资控股

31 March 2025
二零二五年三月三十一日
Issued and fully paid ordinary share capital	Effective equity interest attributable to the Group
已发行及缴足	本集团应占
普通股本	有效股本权益
HK$100 100	100%
港币元
HK$1 1	100%
港币元

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

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

附注：

(a)

递延股是其持有人无权接收任何股东大会通

告、无权出席任何股东大会及在会上投票，

亦无权收取自经营溢利派发之任何股息及在

附属公司发还股本时仅拥有非常有限权利的

股份。

(b)

除本公司直接持有之

Hanison Construction

Holdings (BVI) Limited

外，所有其他公司均

由本公司间接持有。

并无任何附属公司于本年度发行任何债务证

券或于本年度末有未偿付债务证券。

上表列示本公司的附属公司。本公司董事认

为，载列其他附属公司的详情将令本报告过

于冗长。

31 March 2024

二零二四年三月三十一日

Name of subsidiary

Place of incorporation/

registration/operation

Isued and fuly

paid ordinary

share capital

Efective

equity interest

atributable to

the GroupPrincipal activities

附属公司名称成立╱注册╱营业地点

已发行及

缴足普通股本

本集团应占

有效股本权益主要业务

Vision Smart LimitedHong Kong

香港

HK$100

港币

元

100%Property investment

物业投资

Westpac Limited

西丰有限公司

Hong Kong

香港

HK$1

港币

元

100%Property investment

物业投资

Notes:

(a) The defered shares are shares whose shareholders are

neither entitled to receive notices, atend, vote at any

general metings nor to receive any dividend out of

operating profit and have very limited rights on return of

capital of the subsidiary.

(b) Other than Hanison Construction Holdings (BVI) Limited,

which is directly held by the Company, al other companies

are indirectly held by the Company.

None of the subsidiaries had isued any debt securities

during the year or outstanding at the end of the year.

The above table lists the subsidiaries of the Company. To

give details of other subsidiaries would, in the opinion

of the directors of the Company, result in particulars of

excesive length.

2025
二零二五年 HK$’000
港币千元
1,985,257
(295,474)
174
(295,300)

2025
二零二五年 HK$’000
港币千元
5,965,105
(2,503,472)
3,461,633
3,461,633

兴胜创建控股有限公司

2024/2025

年报

FINANCIAL SUMARY

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

港币千元港币千元港币千元港币千元

RESULTS

业绩

Revenue

收入

1,612,6601,232,8031,438,3401,451,560

(Los) profit before taxation

除税前（亏损）溢利

(215,854)(35,951)162,716273,190

Tax credit (expense)

税项抵免（支出）

(160)(2,481)(8,373)1,796

(Los) profit for the year

年度（亏损）溢利

(216,014)(38,432)154,343274,986

As 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

港币千元港币千元港币千元港币千元

ASETS AND LIABILITIES

资产及负债

Total asets

资产总值

6,226,1206,162,8346,718,8018,130,161

Total liabilities

负债总额

(2,459,594)(2,090,152)(2,502,363)(3,993,056)

3,766,5264,072,6824,216,4384,137,105

Equity atributable to:

Owners of the Company

下列人士应占权益：

本公司拥有人

3,766,5264,072,6824,216,4384,137,105

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

SUMARY OF MAJOR PROPERTIES

主要物业摘要

持有投资物业作为租金收入用

途

A. INVESTMENT PROPERTIES HELD FOR

RENTAL INCOME PURPOSES

Descriptions

概况

Area

(sq.ft.)

面积

（平方呎）

Nature of

property

物业性质

Atributable

interest of

the Group

本集团

应占权益

Category of

lease

租约类别

1.Leasehold interest in the

Head-Lease for the residual

term of 30 years comencing

from 1 December 1989 with an

option to renew for a further

term of 30 years of whole of No.

31 Wing Wo Stret, Sheung Wan,

Hong Kong

2,701

(Saleable

area)

Comercial100%Medium-term

lease

香港上环永和街

号整幢之

总租赁契约之租赁权益租赁年期

由一九八九年十二月一日开始，

为期三十年（并有续订另外三十年

租期之权利）

2,701

（实用面积）

商业

100%

中期租约

2.PeakCastle

No. 476 Castle Peak Road,

Kowlon

145,394

(Gros flor

area)

Comercial100%Medium-term

lease

九龙

青山道

号

PeakCastle

145,394

（建筑面积）

商业

100%

中期租约

3.The Mercer

No. 29 Jervois Stret,

Hong Kong

37,933

(Gros flor

area)

Comercial100%Long lease

香港

苏杭街

号

The Mercer

37,933

（建筑面积）

商业

100%

长期租约

兴胜创建控股有限公司

2024/2025

年报

SUMARY OF MAJOR PROPERTIES

主要物业摘要

于香港之发展中之待售物业

B. PROPERTIES UNDER DEVELOPMENT

FOR SALE IN HONG KONG

Descriptions

概况

Site area

(sq.ft.)

地盘面积

（平方呎）

Gros flor

area (sq.ft.)

建筑面积

（平方呎）

Stage of

completion

完成阶段

Expected

completion

date

预计

完工日期

Nature of

property

物业性质

Atributable

interest of

the Group

本集团

应占权益

Category of

lease

租约类别

1.Park Colege,

No. 57A Nga Tsin Wai Road,

Kowlon Tong, Kowlon

8,09224,270Construction

in progres

To be

completed

in 2025

Residential50%Medium-

term lease

九龙九龙塘衙前围道

57A

号

Park Colege

8,09224,270

建筑进行中将于

二零二五年

竣工

住宅

50%

中期租约

2.Johnson Place, Nos. 14-16

Le Chung Stret, Chai Wan

10,516Not yet

determined

Planing in

progres

No definite

plan

Industrial50%Long lease

柴湾利众街

号至

号德昌大厦

10,516

尚未确定按计划进行中无具体计划工业

50%

长期租约

3.Lot No. 2143 in Demarcation

District No. 121,

Tong Yan San Tsuen,

Yuen Long, New Teritories

81,05380,990Construction

in progres

To be

completed

in 2026

Residential50%Medium-

term lease

新界元朗

唐人新村

丈量约份

号

第

地段

81,05380,990

建筑进行中将于

二零二六年

竣工

住宅

50%

中期租约

4.Tuen Mun Town Lot No. 496,

So Kwun Wat, Tuen Mun,

New Teritories

238,089619,030Construction

in progres

No definite

plan

Residential24.82%Medium-

term lease

新界

屯门扫管笏

屯门市地段第

号

238,089619,030

建筑进行中无具体计划住宅

24.82%

中期租约

5.West Castle

No. 22 Yip Shing Stret,

Kwai Chung,

New Teritories

5,72865,286Construction

in progres

To be

completed

in 2025

Industrial50%Medium-

term lease

新界

葵涌

业成街

号

West Castle

5,72865,286

建筑进行中将于

二零二五年

竣工

工业

50%

中期租约

6.No. 18 Le Chung Stret,

Chai Wan, Hong Kong

6,68696,215Construction

in progres

To be

completed

in 2026

Industrial50%Long lease

香港柴湾

利众街

号

6,68696,215

建筑进行中将于

二零二六年

竣工

工业

50%

长期租约

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

SUMARY OF MAJOR PROPERTIES

主要物业摘要

于中国内地之发展中之待售物

业╱持作待售物业

C. PROPERTIES UNDER DEVELOPMENT

FOR SALE/PROPERTIES HELD FOR

SALE IN MAINLAND CHINA

Descriptions

概况

Site area

(sq. m.)

地盘面积

（平方米）

Gros flor

area

(sq. m.)

建筑面积

（平方米）

Stage of

completion

完成阶段

Nature of

property

物业性质

Atributable

interest of

the Group

本集团

应占权益

Category of

lease

租约类别

A development project located at the

west of Wenyuan Road and south of

Houfutingang, Haining City, Zhejiang

Province,The PRC (including sold but not

yet handover units and unsold units of Phase 1

17,14935,235Phase 1 –

Completed

Comercial49%Medium-

term lease

位于中国浙江省

海宁市区文苑路西侧、

后富亭港南侧的一项发展项目

（包括第一期已出售但并未交收之单

位及未出售单位）

17,14935,235

第一期－

已完工

商业

49%

中期租约

兴胜创建控股有限公司

2024/2025

年报

SUMARY OF MAJOR PROPERTIES

主要物业摘要

自用物业

D. SELF-USED PROPERTIES

Descriptions

概况

Area

(sq.ft.)

面积

（平方呎）

Nature of

property

物业性质

Atributable

interest

of the Group

本集团

应占权益

Category of

lease

租约类别

1.Various lots in Demarcation District

No. 77, Ping Che, Fanling, New Teritories

45,518

(Site area)

Agricultural100%Medium-term

lease

新界粉岭坪𪨶

丈量约份

号若干地段

45,518

（地盘面积）

农地

100%

中期租约

2.Ofices A, B, C, D, E, F, G, H, J, K, L, M, N & P

on 22/F and Car Parking Space

Nos. P44, P45 and P46 on Basement Flor,

Kings Wing Plaza 1, 3 On Kwan Stret,

Shek Mun, Shatin, New Teritories

15,175

(excluding

area of car

parking spaces)

(Marketing

gros flor

area)

Comercial100%Medium-term

lease

新界沙田石门

安群街

号京瑞广场

期

楼之

办公室

、

及

及地库

P44

号、

P45

号及

P46

号车位

15,175

（不包括车位

之面积）

（可售建筑面积）

商业

100%

中期租约

3.Ofices A, B, C, D, E, F, G, H, J, K, L, M, N & P

on 21/F and Car

Parking Space No. P47, P48 and

P49 on Basement Flor,

Kings Wing Plaza 1, 3 On Kwan Stret,

Shek Mun, Shatin, New Teritories

15,073

(excluding

area of car

parking spaces)

(Marketing

gros flor area

Comercial100%Medium-term

lease

新界沙田石门

安群街

号京瑞广场

期

楼之

办公室

、

及

及地库

P47

号、

P48

号及

P49

号车位

15,073

（不包括车位

之面积）

（可售建筑面积）

商业

100%

中期租约

4.The Conaught

No. 138 Conaught Road West,

Hong Kong

41,704

(Gros flor

area)

Comercial50%Long lease

香港

干诺道西

号

The Conaught

41,704

（建筑面积）

商业

50%

长期租约

HANISON CONSTRUCTION HOLDINGS LIMITED

ANUAL REPORT 2024/2025

SUMARY OF MAJOR PROPERTIES

主要物业摘要

分类为持作出售资产

E. ASETS CLASIFIED AS HELD FOR

SALE

Descriptions

概况

Area

(sq.ft.)

面积

（平方呎）

Nature of

property

物业性质

Atributable

interest of

the Group

本集团

应占权益

Category of

lease

租约类别

1.Unsold units and retail shops of

Holywod Hil

No. 222 Holywod Road,

Sheung Wan, Hong Kong

2,400

(Unsold units)

(Saleable area)

2,070

(Retail shops)

(Marketing

gros flor

area)

Residential100%Long lease

香港上环

荷李活道

号

Holywod Hil

未售出单位及商舖

2,400

（未售出单位）

（实用面积）

2,070

（商舖）

（可售建筑面积）

住宅

100%

长期租约

CONTENTS

目录

CORPORATE INFORMATION

公司资料

FINANCIAL HIGHLIGHTS

财务纪要

CHAIRMAN’S STATEMENT

主席报告书

OPERATIONS REVIEW

业务回顾

Construction Division建筑部

Interior and Renovation Division装饰及维修部

Building Materials Division建筑材料部

Property Development Division物业发展部

Property Investment Division物业投资部

Property Agency and

Management Division

物业代理及管理部

Health Products Division健康产品部

FINANCIAL REVIEW

财务回顾

Key financial items:

CORPORATE GOVERNANCE REPORT

企业管治报告书

Comite comprises the folowing directors:

Notes:

Notes:

2024. Details of the transactions aproved at the meting

Adres:22/F., Kings Wing Plaza 1, 3 On Kwan Stret,

Email:sc@hanison.com

Fax:(852) 2415 2080

General metings shal be convened:

REPORT OF THE DIRECTORS

董事会报告书

Notes:

2001. Mr. Chan also serves as the chairman of the

2004. Dr. Lau also acts as the chairman of the Audit

Directors of: King Abdulaziz City of Science & Technology,

1999. He is a director of the Construction Division and

2000. He is a director of the Building Materials Division of