SANBASE

CORPORATION

LIMITED

(Incorporated in the Cayman Islands with limited liability)

庄皇集团公司

（于开曼群岛注册成立的有限公司）

Stock code股份代号：8501

年报

ANUAL REPORT

香港联合交易所有限公司（「联交所」）

GEM的特色

GEM的定位，乃为中小型公司提供一个上市的市场，

此等公司相比起其他在主板上市的公司带有较高投资

风险。有意投资的人士应了解投资于该等公司的潜在

风险，并应经过审慎周详的考虑后方作出投资决定。

由于GEM上市公司普遍为中小型公司，在GEM买卖

的证券可能会较于主板买卖之证券承受较大的市场波

动风险，同时无法保证在GEM买卖的证券会有高流通

量的市场。

香港交易及结算所有限公司及联交所对本年报之内容

概不负责，对其准确性或完整性亦不发表任何声明，

并明确表示概不就因本年报全部或任何部分内容而产

生或因倚赖该等内容而引致之任何损失承担任何责任。

本年报乃遵照联交所GEM证券上市规则（「GEM上市

规则」）而刊载，旨在提供有关庄皇集团公司（「本公

司」）的资料，本公司的董事（「董事」）愿就此共同及个

别地承担全部责任。各董事在作出一切合理查询后，

确认就其所知及所信，本年报所载资料在各重要方面

均属准确完备，没有误导或欺诈成份，且并无遗漏任

何事项，足以令致本年报或其所载任何陈述产生误导。

CHARACTERISTICS OF GEM OF THE

STOCK EXCHANGE OF HONG KONG

LIMITED (THE “STOCK EXCHANGE”)

GEM has ben positioned as a market designed to

acomodate smal and mid-sized companies to

which a higher investment risk may be atached

than other companies listed on the Stock Exchange.

Prospective investors should be aware of the potential

risks of investing in such companies and should

make the decision to invest only after due and careful

consideration.

Given that the companies listed on GEM are generaly

smal and mid-sized companies, there is a risk that

securities traded on GEM may be more susceptible to

high market volatility than securities traded on the Main

Board and no asurance is given that there wil be a liquid

market in the securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and the Stock

Exchange take no responsibility for the contents of this

anual report, make no representation as to its acuracy or

completenes and expresly disclaim any liability whatsoever for

any los howsoever arising from or in reliance upon the whole

or any part of the contents of this anual report.

This anual report, for which the directors (the “Directors”) of

Sanbase Corporation Limited (the “Company”) colectively and

individualy acept ful responsibility, includes particulars given

in compliance with the Rules Governing the Listing of Securities

on GEM of the Stock Exchange (the “GEM Listing Rules”) for

the purpose of giving information with regard to the Company.

The Directors, having made al reasonable enquiries, confirm

that to the best of their knowledge and belief the information

contained in this anual report is acurate and complete in al

material respects and not misleading or deceptive, and there

are no other maters the omision of which would make any

statement herein or this anual report misleading.

CONTENTS

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

Page页码

Corporate Information公司资料3

Chairman’s Statement主席报告6

Financial Highlights财务摘要8

Management Discusion and Analysis管理层讨论及分析9

Biographical Details of Directors董事履历详情16

Directors’ Report董事会报告19

Corporate Governance Report企业管治报告37

Environmental, Social and Governance Report环境、社会及管治报告62

Independent Auditor’s Report独立核数师报告107

Consolidated Statement of Profit or Los

and Other Comprehensive Income

综合损益及其他全面收益表116

Consolidated Statement of Financial Position综合财务状况表118

Consolidated Statement of Changes in Equity综合权益变动表120

Consolidated Statement of Cash Flows综合现金流量表121

Notes to the Consolidated Financial Statements综合财务报表附注122

Five Year Financial Sumary五年财务概要212

CONTENTS

庄皇集团公司 2025年度报告

CORPORATE INFORMATION

公司资料

董事会

执行董事

王世存先生（主席兼行政总裁）

许曼怡女士

独立非执行董事

张志文先生

罗俊逸先生

萧志伟先生

审核委员会

张志文先生（主席）

罗俊逸先生

萧志伟先生

薪酬委员会

张志文先生（主席）

罗俊逸先生

萧志伟先生

提名委员会

王世存先生（主席）

许曼怡女士（于2025年6月20日获委任）

张志文先生

罗俊逸先生

萧志伟先生

合规主任

王世存先生

公司秘书

郑琦菲女士

授权代表

王世存先生

许曼怡女士

BOARD OF DIRECTORS

Executive Directors

Mr. Wong Sai Chuen (Chairman and Chief Executive Oficer)

Ms. Hui Man Ye, Magie

Independent Non-executive Directors

Mr. Cheung Chi Man, Denis

Mr. Law Chun Yat

Mr. Siu Chi Wai

AUDIT COMITE

Mr. Cheung Chi Man, Denis (Chairman)

Mr. Law Chun Yat

Mr. Siu Chi Wai

REMUNERATION COMITE

Mr. Cheung Chi Man, Denis (Chairman)

Mr. Law Chun Yat

Mr. Siu Chi Wai

NOMINATION COMITE

Mr. Wong Sai Chuen (Chairman)

Ms. Hui Man Ye, Magie (apointed on 20 June 2025)

Mr. Cheung Chi Man, Denis

Mr. Law Chun Yat

Mr. Siu Chi Wai

COMPLIANCE OFICER

Mr. Wong Sai Chuen

COMPANY SECRETARY

Ms. Cheng Faye

AUTHORISED REPRESENTATIVES

Mr. Wong Sai Chuen

Ms. Hui Man Ye, Magie

CORPORATE INFORMATION

公司资料

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE INFORMATION

公司资料

核数师

天职香港会计师事务所有限公司

执业会计师

注册公众利益实体核数师

香港

鲗鱼涌

英皇道728号8楼

法律顾问

泰乐信律师事务所

香港

皇后大道中8号

21楼

主要往来银行

香港上海汇丰银行有限公司

香港

皇后大道中181号

新纪元广场低座8楼

中国银行（香港）有限公司

香港

花园道1号

主要股份过户及登记处

Harneys Fiduciary (Cayman) Limited

4th Flor, Harbour Place

103 South Church Stret, P.O. Box 10240

Grand Cayman KY1-1002

Cayman Islands

香港股份过户及登记分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

AUDITOR

Baker Tily Hong Kong Limited

Certified Public Acountants

Registered Public Interest Entity Auditor

Level 8, 728 King’s Road

Quary Bay

Hong Kong

LEGAL ADVISER

Taylor Wesing

21st Flor

8 Quen’s Road Central

Hong Kong

PRINCIPAL BANKERS

The Hongkong and Shanghai Banking Corporation Limited

8/F, Lower Block, Grand Milenium Plaza

181 Quen’s Road Central

Hong Kong

Bank of China (Hong Kong) Limited

1 Garden Road

Hong Kong

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE

Harneys Fiduciary (Cayman) Limited

4th Flor, Harbour Place

103 South Church Stret, P.O. Box 10240

Grand Cayman KY1-1002

Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR

AND TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

庄皇集团公司 2025年度报告

CORPORATE INFORMATION

公司资料

香港主要营业地点及总部

香港

德辅道中267-275号

龙记大厦16楼

开曼群岛注册办事处

4th Flor, Harbour Place

103 South Church Stret, P.O. Box 10240

Grand Cayman KY1-1002

Cayman Islands

股份代号

网址

w.sclhk.com

PRINCIPAL PLACE OF BUSINES AND

HEADQUARTERS IN HONG KONG

16/F, Lon Ke Building

267-275 Des Voeux Road Central

Hong Kong

REGISTERED OFICE IN THE CAYMAN

ISLANDS

4th Flor, Harbour Place

103 South Church Stret, P.O. Box 10240

Grand Cayman KY1-1002

Cayman Islands

STOCK CODE

WEBSITE

w.sclhk.com

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CHAIRMAN’S STATEMENT

主席报告

各位股东：

本人谨代表庄皇集团公司（「庄皇集团」或「本公司」）

及其附属公司（统称「本集团」）之董事会（「董事

会」），提呈本集团截至2025年3月31日止年度（「年

内」）之经审核简明综合业绩。

本财政年度，高息环境持续，加上地缘政治不确定性

持续影响市场的整体气氛。在这背景下，企业倾向采

取相对保守的策略，减慢扩张步伐，导致市场对商业

空间的需求疲弱。根据仲量联行一项市场报告，香港

甲级商厦空置率持续高企，整体空置率于2025年3月

底升至13.7%，对装潢服务行业构成一定压力。

面对重挑战，我们的业务难免受到一定影响。尽管

如此，在团队的共同努力下，我们年内参与的项目数

量与去年基本持平，收入按年仅减少2.2%至约4.2亿

港元。然而，由于项目的规模较小，加上我们主动调整

利润空间，以留住及吸引更多客户，确保长期的合作

关系，毛利按年减少21.6%至约2,000万港元。鉴于上

述策略有利巩固与客户关系，并开拓更多新客户，我

们预期市场回暖时可以带来更多业务机会，推动整体

盈利能力回升。

在短期内，我们会继续优化次承判商的组合，积极寻

找具竞争力的合作伙伴，确保施工质素的同时，争取

更大的利润空间。同时，我们也在探索甲级商厦以外

的装潢项目，例如拓展与非政府组织、零售业及教育

机构的合作，致使业务更多元化。

Dear Shareholders,

On behalf of the board (the “Board”) of Directors of Sanbase

Corporation Limited (“Sanbase Corporation” or the

“Company”) and its subsidiaries (colectively the “Group”), I

hereby present the audited condensed consolidated results of

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

During the financial year, the prevailing high interest rates and

geopolitical instability have cast doubts on market sentiment,

with companies slowing down their expansion plans due to

uncertain economic outlok, leading to subdued demand for

comercial space in Hong Kong. Acording to a market report

from Jones Lang LaSale (“JL”), the vacancy rate for Grade A

ofice buildings in Hong Kong remains high, increasing to 13.7%

by the end of March 2025. As a result, the fit-out services

industry, a close proxy to the demand for comercial space,

also saw notable operational presure.

Facing such chalenging conditions, the Group has inevitably

experienced some adversities. However, through our

profesionalism and hard work, the number of projects

undertaken during the Year has remained largely stable as

compared with last year, with our revenue reporting a modest

decrease of 2.2% year-on-year to aproximately HKD419

milion. Although the scale of these projects has become

smaler in size, we have showcased our ability to maintain

market share and retain customers through service excelence

and profit margin adjustment. Our gros profit recorded a

decline by 21.6% to HKD19.8 milion during the Year; yet, as

market sentiment recovers, the market share and customer

loyalty should suport an improvement in future profitability.

In the short term, we wil continue to refine our subcontractor

portfolio by actively seking high-quality partners with excelent

cost-performance ratios, in order to maintain our work quality

while increasing our profit margins. We wil also lok into fit-

out oportunities beyond Grade A ofice buildings, such as

colaborations with non-governmental organizations, retails

sector and educational institutions, in order to further diversify

our revenue mix.

CHAIRMAN’S STATEMENT

主席报告

庄皇集团公司 2025年度报告

CHAIRMAN’S STATEMENT

主席报告

长远来看，我们对甲级商厦装潢行业仍持有信心。随

著市场逐渐复苏，尤其是在政府推动的各项发展计划

下，我们相信将会看到市场重拾对装潢服务的需求。

北部都会区及其他大型项目的建设将为市场带来新的

活力，并有助于推动本集团的业绩增长。

最后，本人在此感谢董事会仝人、各位员工及股东对

庄皇集团的支持。未来，我们将继续秉持「做得更好」

的企业座右铭，为客户提供最优质的服务，努力将集

团发展带向新的高度，并为股东创造更好的回报。

董事会主席

王世存

香港，2025年6月20日

From a longer-term perspective, we remain confident in the

prospect of the Grade A ofice fit-out market. As the market

gradualy recovers, particularly with the government being the

key driver behind diferent development initiatives, we anticipate

a resurgence in the eventual demand for fit-out services. The

development of the northern metropolitan area and other large-

scale projects are also expected to bring new impetus to the

market, suporting the Group’s long-term growth.

Lastly, I would like to expres my sincere gratitude to our Board

members, staf, and shareholders for their suport of Sanbase

Corporation. As we move forward, we wil continue to uphold

the corporate moto of “To Do Beter”, striving to provide the

highest quality services to our customers, and generate beter

returns for our shareholders.

Chairman of the Board

WONG Sai Chuen

Hong Kong, 20 June 2025

2025
2025年
HKD’000
千港元
418,769
19,760
4.7%
(1,279)
(3,976)
HK cents
港仙
(1.99)

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

FINANCIAL HIGHLIGHTS

财务摘要

Audited

经审核

Year ended 31 March

截至3月31日止年度

Change in

percentage

百分比变动

2024年

HKD’000

千港元

Revenue收入428,077-2.2%

Gros profit毛利25,192-21.6%

Gros profit margin毛利率5.9%-1.2pt

-1.2个百分点

(Los)/profit before income tax除所得税前（亏损）╱溢利1,749N/A

不适用

Los atributable to owners

of the Company

本公司拥有人应占

亏损

(1,369)190.4%

HK cents

港仙

Basic and diluted los per share每股基本及摊薄亏损(0.69)188.4%

FINANCIAL HIGHLIGHTS

财务摘要

庄皇集团公司 2025年度报告

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾

本集团为室内装潢解决方案供应商，专注为办公室主

要位于香港及中国甲级写字楼的客户提供服务。我们

在该等装潢项目中的角色涉及通过聘用不同行业的次

承判商提供服务及劳动力对装潢项目进行整体项目管

理、协调及实施，并提供项目品质控制以及进行相应

的项目管理等方面的专业知识。

我们的项目大致可分为以下几类：(i)毛坯房装潢，该

等项目在铺有地板及墙壁已批灰的空置物业室内空间

进行；(i)重装，涉及物业现有内部结构的升级、重新规

划及提供改装工程；(i)还原，涉及拆除现有租户安装

的任何额外可移除结构；(iv)设计；(v)零碎工程；及(vi)

保养及其他，涉及提供小型维修及对租户的办公设施

进行一般建筑商保养工作、害虫防治及紧急求助服务、

项目管理服务以及机械、电力及管道（「机械、电力及

管道」）咨询服务。

本集团的收入由截至2024年3月31日止年度的428.1

百万港元减少2.2%至截至2025年3月31日止年度的

418.8百万港元。该减少主要是由于毛坯房装潢的收入

减少。本集团的毛利由截至2024年3月31日止年度的

25.2百万港元减少21.6%至截至2025年3月31日止年

度的19.8百万港元。

截至2025年3月31日止年度，本公司拥有人应占亏损

为4.0百万港元，而去年（即截至2024年3月31日止年

度）同期本公司拥有人应占亏损为1.4百万港元。

BUSINES REVIEW

The Group is an interior fit-out solutions provider focusing on

providing services to clients whose ofices are predominately

situated in Grade A ofices in Hong Kong and the PRC. Our role

in these fit-out projects entails the overal project management,

cordination and implementation of fit-out projects by engaging

subcontractors from diferent trades for their services and

labour, providing expertise such as controling the quality

aspects of the projects and carying out the coresponding

project management.

Our projects can be broadly categorised into (i) bare shel

fit-out which is undertaken in the interior space of a vacant

premise having basic floring and plastered wals; (i) restacking

which involves upgrading and re-planing and providing

modification works to existing interior structures of a premise;

(i) reinstatement which involves demolishing any aditional

moveable structure that the existing tenant instaled; (iv) design;

(v) churn works; and (vi) maintenance and others which involve

providing minor repairs and general builder’s maintenance work

to the tenant’s ofice facilities, pest control and emergency

cal services, project management services and mechanical,

electrical and plumbing (the “MEP”) consultancy services.

During the year ended 31 March 2025, the Group recorded

a decrease in revenue of 2.2% to HKD418.8 milion from

HKD428.1 milion for the year ended 31 March 2024. The

decrease was mainly atributable to the decrease in revenue

from the busines of bare shel fit-out. The Group’s gros profit

decreased to HKD19.8 milion for the year ended 31 March

2025 from HKD25.2 milion for the year ended 31 March 2024,

representing a decrease of 21.6%.

For the year ended 31 March 2025, the los atributable to

owners of the Company was HKD4.0 milion while the los

atributable to owners of the Company was HKD1.4 milion

for the coresponding period of last year (i.e., the year ended

31 March 2024).

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2025
2025年
HKD’000	%
千港元	百分比
357,099	85.3
15,442	3.7
3,131	0.7
12,295	2.9
28,873	6.9
1,929	0.5
418,769	100.0

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务回顾

收入

本集团的收入主要来自(i)毛坯房装潢；(i)重装；(i)还

原；(iv)设计；(v)零碎工程；及(vi)保养及其他。截至

2025年3月31日止年度，本集团的收入为418.8百万港

元，较去年的428.1百万港元减少2.2%。该收入减少主

要是由于毛坯房装潢业务的收入减少。

下表载列本集团截至2025年及2024年3月31日止年度

按项目类型划分的收入明细：

如上表所示，截至2025年及2024年3月31日止年度，

我们的毛坯房装潢贡献的收入分别占本集团总收入的

85.3%及87.7%。截至2025年3月31日止年度，毛坯房

装潢产生的收入为357.1百万港元，较去年的375.2百

万港元减少4.8%。

自2024年4月1日起直至2025年3月31日，我们共获得

33个新的毛坯房装潢项目，项目总额为328.8百万港

元。

FINANCIAL REVIEW

Revenue

The Group’s revenue is principaly generated from (i) bare shel

fit-out; (i) restacking; (i) reinstatement; (iv) design; (v) churn

works; and (vi) maintenance and others. For the year ended 31

March 2025, the revenue of the Group was HKD418.8 milion,

representing a decrease of 2.2% as compared with HKD428.1

milion recorded last year. The decrease was mainly atributable

to the decrease in revenue from the busines of bare shel fit-

out.

The folowing table sets forth a breakdown of the Group’s

revenue by project types for the years ended 31 March 2025

and 2024:

Year ended 31 March

截至3月31日止年度

2024年

HKD’000%

千港元百分比

Project type项目类型

Bare shel fit-out毛坯房装潢375,24087.7

Restacking重装22,3755.2

Reinstatement还原–

Design设计5,2011.2

Churn works零碎工程24,2885.7

Maintenance and others保养及其他9730.2

Total总计428,077100.0

As shown in table above, our bare shel fit-out contributed to

85.3% and 87.7% of the Group’s total revenue for the year

ended 31 March 2025 and 2024, respectively. Revenue from

bare shel fit-out was HKD357.1 milion for the year ended 31

March 2025, representing an decrease of 4.8% as compared

with HKD375.2 milion recorded last year.

From 1 April 2024 and up to 31 March 2025, we were newly

awarded a total of 33 bare shel fit-out projects with a total

project sum of HKD328.8 milion.

庄皇集团公司 2025年度报告

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务回顾（续）

销售成本

本集团的销售成本主要包括分包费用及员工成本。截

至2025年3月31日止年度的销售成本为399.0百万港

元，较去年的402.9百万港元减少1.0%。该减少与收入

减少一致。

毛利及毛利率

截至2025年3月31日止年度，本集团的整体毛利为19.8

百万港元，较本集团去年的25.2百万港元减少21.6%。

截至2025年3月31日止年度，毛利率为4.7%，较去年同

期的5.9%减少1.2%。毛利率减少主要是由于毛坯房

装潢业务产生的毛利减少。

其他收入

本年度（即截至2025年3月31日止年度）的其他收入为

港币5,000元，与去年同期相若。

行政开支

本年度的行政开支为19.2百万港元，较去年的26.7百

万港元减少27.9%。该减少主要由于(i)行政人员成本

减少5.4百万港元及(i)短期租赁付款减少1.3百万港元。

财务成本

本年度财务成本为0.1百万港元主要包括租赁负债利

息，与去年同期相若。

所得税开支

本年度所得税开支为0.2百万港元，而去年所得税开支

为1.0百万港元。

本年度亏损

截至2025年3月31日止年度的净亏损为1.5百万港元，

而去年录得净溢利为0.7百万港元。

FINANCIAL REVIEW (Continued)

Cost of sales

The Group’s cost of sales mainly comprised of subcontracting

charges and staf costs. Cost of sales for the year ended

31 March 2025 was HKD399.0 milion, representing a decrease

of 1.0% as compared with HKD402.9 milion recorded last year.

The decrease was in line with the decrease in revenue.

Gros profit and gros profit margin

The Group’s overal gros profit was HKD19.8 milion for the

year ended 31 March 2025, representing a decrease of 21.6%

as compared with HKD25.2 milion recorded last year of the

Group. The gros profit margin for the year ended 31 March

2025 was 4.7%, representing a decrease of 1.2% as compared

with 5.9% for the coresponding period of last year. Such

decrease in the gros profit was primarily due to the decrease

in gros profit from the busines of bare shel fit-out.

Other income

Other income for the curent year (i.e., the year ended 31

March 2025) was HKD 5,000, which is aproximately the same

as the coresponding period of last year.

Administrative expenses

Administrative expenses was HKD19.2 milion for the curent

year, representing a decrease of 27.9% as compared with

HKD26.7 milion recorded last year. Such decrease was

primarily atributable to (i) a decrease of HKD5.4 milion in

administrative staf costs and (i) a decrease of HKD1.3 milion

in short-term lease payments.

Finance costs

Finance costs which comprised mainly the interest on the

lease liabilities for the curent year was 0.1 milion, which is

aproximately the same as the coresponding period of last

year.

Income tax expense

Income tax expense for the curent year was HKD0.2 milion

while income tax expense for last year was HKD1.0 milion.

Los for the year

Net los was HKD1.5 milion for the year ended 31 March 2025

while net profit of HKD0.7 milion was recorded for last year.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务回顾（续）

本公司拥有人应占年内亏损

截至2025年3月31日止年度，本公司拥有人应占亏损

为4.0百万港元，而去年本公司拥有人应占亏损为1.4

百万港元。

股息

董事会不建议就截至2025年3月31日止年度派付末期

股息（2024年3月31日：无）。

流动资金、财务资源、资产负债比率及资

本结构

于截至2025年3月31日止年度内，本集团以内部资源

拨付营运所需资金。于2025年3月31日，本集团的流

动资产净值为114.8百万港元（2024年3月31日：116.0

百万港元），包括现金及现金等价物为103.6百万港元

（2024年3月31日：139.6百万港元），主要以港元（「港

元」）及人民币（「人民币」）计值。

于2025年3月31日，流动比率（即流动资产与流动负债

之比率）为1.8倍（2024年3月31日：2.0倍）。本集团于

2025年3月31日的资产负债比率为1.8%（2024年3月

31日：2.9%）。资产负债比率按各期末的负债总额除

以权益总额计算。总负债包括租赁负债。

本公司于2025年3月31日的资本结构并无发生变化。

于2025年3月31日，本公司拥有人应占权益约为132.9

百万港元（2024年3月31日：136.9百万港元）。

截至2025年3月31日止年度，本集团在库务政策方面

采取审慎的财务管理方法，从而维持了稳健的流动资

金状况。为管理流动资金风险，董事会密切监控本集

团的流动资金状况，确保本集团的资产、负债及其他

承担的流动资金结构能够满足其不时的资金需求。

由于本集团的收入及成本主要以港元及人民币计值，

董事会认为本集团并无重大外汇风险。

本集团并无汇率波动风险，且于截至2025年3月31日

止年度内并无进行任何外汇相关对冲。

FINANCIAL REVIEW (Continued)

Los for the year atributable to owners of the

Company

Los atributable to owners of the Company was HKD4.0 milion

for the year ended 31 March 2025, while los atributable to

owners of the Company was HKD1.4 milion for last year.

Dividend

The Board does not recomend the payment of the final

dividend for the year ended 31 March 2025 (31 March 2024:

Nil).

LIQUIDITY, FINANCIAL RESOURCES,

GEARING RATIO AND CAPITAL STRUCTURE

During the year ended 31 March 2025, the Group financed its

operation by its internal resources. As at 31 March 2025, the

Group had net curent asets of HKD114.8 milion (31 March

2024: HKD116.0 milion), including cash and cash equivalents

of HKD103.6 milion (31 March 2024: HKD139.6 milion) mainly

denominated in Hong Kong dolars (“HKD”) and Renminbi

(“RMB”).

The curent ratio, being the ratio of curent asets to curent

liabilities, was 1.8 times as at 31 March 2025 (31 March 2024:

2.0 times). The gearing ratio of the Group as at 31 March

2025 was 1.8% (31 March 2024: 2.9%). The gearing ratio

is calculated as total debt divided by total equity as at the

respective period end. Total debt includes lease liabilities.

There has ben no change in capital structure of the Company

as at 31 March 2025. The equity atributable to owners of the

Company amounted to aproximately HKD132.9 milion as at

31 March 2025 (31 March 2024: HKD136.9 milion).

The Group has adopted a prudent financial management

aproach towards its treasury policy and thus maintained a

healthy liquidity position for the year ended 31 March 2025.

To manage the liquidity risk, the Board closely monitors the

Group’s liquidity position to ensure that the liquidity structure of

the Group’s asets, liabilities and other comitments can met

its funding requirements from time to time.

As the revenue and costs of the Group are mainly denominated

in HKD and RMB, the Board considers that the Group has no

significant foreign exchange exposures.

The Group has no exposure to fluctuations in exchange rate

and did not make any foreign exchange related hedges for the

year ended 31 March 2025.

庄皇集团公司 2025年度报告

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

资产抵押

于2025年3月31日，已抵押银行存款为12.6百万港元

（2024年3月31日：无）。

资本承担

于2025年3月31日，本集团并无任何重大资本承担

（2024年3月31日：无）。

重大投资、重大收购及出售附属公司及

联属公司

截至2025年3月31日止年度内，本集团并无持有任何

重大投资，或重大收购或出售附属公司、联营公司及

合营企业。

重大投资及资本资产的未来计划

除本年报所披露者外，本集团于截至2025年3月31日

及本年报日期并无任何重大投资或收购资本资产的计

划。如有任何投资及收购机会，本公司将根据GEM上

市规则（如适用）作进一步公布。

或然负债

于2025年3月31日，本集团已就本集团日常业务过程

中的5份（2024年3月31日：4份）室内装潢解决方案服

务合约提供22.3百万港元(2024年3月31日：15.2百万

港元）履约保证保函。

于2025年3月31日，一家银行就本集团五份（2024年

3月31日：无）室内装潢解决方案服务合约，向本集团

客户提供6.5百万港元（2024年3月31日：无）的履约保

证，作为本集团履行与客户签订合约义务之担保。

PLEDGE OF ASETS

The pledge bank deposits amounted to HKD12.6 milion as at

31 March 2025 (31 March 2024: Nil).

CAPITAL COMITMENTS

As at 31 March 2025, the Group did not have any material

capital comitments (31 March 2024: Nil).

SIGNIFICANT INVESTMENTS, MATERIAL

ACQUISITIONS AND DISPOSAL OF

SUBSIDIARIES AND AFILIATED

COMPANIES

During the year ended 31 March 2025, the Group did not have

any significant investment held, or material acquisitions or

disposals of subsidiaries, asociates and joint ventures.

FUTURE PLANS FOR MATERIAL

INVESTMENTS AND CAPITAL ASETS

Save as disclosed in this anual report, the Group did not

have any plans for material investment or acquisition of capital

asets as at 31 March 2025 and as at the date of this anual

report. The Company wil make further anouncement in

acordance with the GEM Listing Rules, where aplicable, if

any investments and acquisition oportunities materialise.

CONTINGENT LIABILITIES

As at 31 March 2025, the Group provided guarantes of surety

bonds of HKD22.3 milion (31 March 2024: HKD15.2 milion) in

respect of 5 (31 March 2024: 4) interior fit-out solution service

contracts of the Group in its ordinary course of busines.

As at 31 March 2025, performance guarantes of HKD6.5

milion (31 March 2024: Nil) were given by a bank in favour

of the Group’s customers in respect of 5 (31 March 2024:

Nil) interior fit-out solution service contracts of the Group

as security for the due performance and observance of the

Group’s obligations under the contracts entered into betwen

the Group and their customers.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

或然负债（续）

若本集团未能向获提供履约保函及履约保证的客户提

供合意的服务，该等客户有权要求银行按规定支付履

约保证金额。然后，本集团将须对银行作出相应赔偿。

相关履约保函及履约保证预计将根据各建筑合约的条

款解除。

有关的履约保证及履约保函，乃以综合财务报表附注

20所披露的已抵押银行存款作抵押。

在每个报告期结束时，本公司董事认为本集团面临索

赔的可能性不大。

人力资源管理

于2025年3月31日，本集团共有67（2024年3月31日：

67）名员工。为确保本集团有能力吸引及挽留表现优

秀的员工，我们定期检讨薪酬待遇。此外，我们亦参考

本集团的业绩及个人表现向合资格雇员发放酌情花红。

截至2025年3月31日止年度的总员工成本约为43.0百

万港元（2024年3月31日：49.3百万港元）。

雇员的聘用条款符合一般商业惯例。本集团雇员、董

事及高级管理层的薪酬乃根据有关雇员、董事及高级

管理层的资历、能力、工作表现、行业经验、相关市场

趋势及本集团的经营业绩等因素厘定及支付。本集团

为合资格雇员提供包括购股权、退休福利、医保补贴、

养老金及培训计划在内的其他福利。

CONTINGENT LIABILITIES (Continued)

If the Group fails to provide satisfactory performance to their

customers to whom surety bonds and performance guarantes

have ben given, such customers may demand the bank to

pay to them the sum or sum stipulated in such demand. The

Group wil become liable to compensate such bank acordingly.

The relevant surety bonds and performance guarantes wil be

released.

The surety bonds and performance guarantes were secured

by the pledged bank deposits as disclosed in note 20 to the

consolidated financial statements.

At the end of each reporting period, the Directors of the

Company do not consider it is probable that a claim wil be

made against the Group.

HUMAN RESOURCES MANAGEMENT

As at 31 March 2025, the Group had a total of 67 (31

March 2024: 67) employes. To ensure that the Group is

able to atract and retain staf capable of ataining the best

performance levels, remuneration packages are reviewed on

a regular basis. In adition, discretionary bonus is ofered to

eligible employes by reference to the Group’s results and

individual performance. The total staf cost for the year ended

31 March 2025 amounted to aproximately HKD43.0 milion (31

March 2024: HKD49.3 milion).

The terms of employment of employes conform to normal

comercial practice. The remuneration of the employes,

Directors and senior management of the Group is set and paid

on the basis of the relevant employes’, Directors’ and senior

managements’ qualifications, competence, work performance,

industry experience, relevant market trend and the Group’s

operating results, etc. Other benefits including share options,

retirement benefits, subsidised medical care, pension funds and

training programes are ofered to eligible employes.

庄皇集团公司 2025年度报告

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

展望

踏入2025/2026财年，利率仍然高企，在宏观经济充满

不确定性的背景下，企业大多采取审慎态度，押后或

暂停扩张步伐。根据仲量联行的报告，2025年第一季

度香港整体写字楼市场录得负143,400平方呎净吸纳

量，主要归因于企业完成对办公室整合以及搬迁后释

出大型楼面。受新项目落成影响，整体写字楼空置率

于2025年3月底上升至13.7%。在各分区市场中，九龙

东空置率由2024年第四季度的18.6%升至21.3%，而

中环的空置率轻微下降，由11.6%降至11.5%，湾仔╱

铜锣湾及尖沙咀的空置率亦改善至9.5%及8.3%。

此外，莱坊近日的报告提到，香港整体租金已录得连

续三个月下跌，中环传统甲级写字楼租金的调整最为

明显，或会吸引更多租户选择承租更高品质的写字楼，

推动对本地甲级写字楼装潢服务的需求。

在此背景下，本集团将致力于提升服务质素，灵活应

对市场变化，以争取更大的市场份额。我们将继续加

强成本控制，并优化次承判商的组合，旨在提升集团

的盈利能力，同时为客户提供更高质素的装潢方案。

OUTLOK

Entering the 2025/2026 financial year, against the backdrop of

prevailing high interest rates and growing macro uncertainties,

most corporates remained concerned with the macro

environment. This has led to companies slowing down or

suspending their expansion plans. Acording to a report

from JL, the market for ofice spaces market in Hong Kong

recorded a negative net absorption of 143,400 square fet in

the first quarter of 2025. The decline is primarily atributable to

company consolidations and relocations, releasing substantial

ofice spaces during the proces. In adition, as new ofice

building projects contributed to the suply, the overal ofice

vacancy rate rose further to 13.7% by the end of March

2025. Loking into submarket performance, the vacancy rate

in Kowlon East increased from 18.6% in the fourth quarter

of 2024 to 21.3%. Conversely, the vacancy rate in Central

experienced a slight decrease from 11.6% to 11.5%, whereas

the vacancy rate in Wan Chai/Causeway Bay and Tsim Sha Tsui

improved to 9.5% and 8.3%, respectively.

Other than ocupancy rates, a recent report from Knight Frank

has indicated that overal rent rates in Hong Kong have declined

for the third consecutive month, with a notable reduction among

traditional Grade A ofices in Central. The trend has prompted

an increasing number of tenants to switch to higher-quality

leasing options, which is anticipated to drive the demand for

local Grade A ofice fit-out services.

By considering the above market movement, the Group is

dedicated to enhancing its service quality and adapting to the

latest market dynamics in order to capture a larger market

share. In adition, the Group wil further strengthen its cost

control measures and optimize its subcontractor portfolio, laying

the solid foundation for quality and profitability enhancement.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

BIOGRAPHICAL DETAILS OF DIRECTORS

董事履历详情

执行董事

王世存先生（「王先生」），50岁，自2018年1月4日起

出任本公司主席、行政总裁兼执行董事。王先生亦于

2020年1月8日获委任为本公司提名委员会主席。王先

生于2009年创立本集团，并于2017年3月24日获委任

为董事。王先生负责本集团策略规划、业务拓展、日常

营运及重大决策。王先生亦担任本公司若干附属公司

之董事。

王先生于室内装潢行业拥有逾15年的经验。王先生乃

本公司执行董事许曼怡女士之配偶。

王先生根据证券及期货条例（香港法例第571章）（「证

券及期货条例」）第XV部的条文于股份及相关股份的

须予披露权益，载于本年报董事会报告「董事及最高

行政人员于本公司或任何相联法团股份、相关股份及

债券的权益及淡仓」一节。

许曼怡女士（「许女士」），48岁，自2018年1月4日起出

任本公司执行董事。许女士于2015年4月加入本集团，

并于2017年7月6日获委任为董事。许女士亦于2025年

6月20日获委任为本公司提名委员会成员。许女士负责

本集团日常营运、业务拓展、人力资源及行政管理。许

女士亦担任本公司若干附属公司的董事。

于加入本集团之前，许女士于酒店行业拥有逾10年经

验。许女士于1998年6月毕业于英国谢菲尔德哈勒姆

大学，取得酒店及旅游管理学士学位。许女士于

2011年12月于英国伯明翰大学取得工商管理硕士学位。

许女士乃本公司主席、行政总裁兼执行董事王先生之

配偶。

许女士根据证券及期货条例第XV部的条文于股份及

相关股份的须予披露权益，载于本年报董事会报告「董

事及最高行政人员于本公司或任何相联法团股份、相

关股份及债券的权益及淡仓」一节。

Executive Directors

Mr. WONG Sai Chuen (“Mr. Wong”), aged 50, is the Chairman,

Chief Executive Oficer and an executive Director of the

Company since 4 January 2018. Mr. Wong was also apointed

as the chairman of the nomination comite on 8 January

2020. Mr. Wong founded the Group in 2009 and was apointed

as a Director on 24 March 2017. Mr. Wong is responsible for

the strategic planing, busines development, daily operations

and major decision making of the Group. Mr. Wong is also a

director of certain subsidiaries of the Company.

Mr. Wong has over 15 years of experience in the interior fit-out

industry. Mr. Wong is the spouse of Ms. Hui Man Ye, Magie,

an executive Director of the Company.

The disclosable interests of Mr. Wong in the shares and

underlying shares under the provisions of Part XV of the

Securities and Futures Ordinance (Chapter 571 of the Laws

of Hong Kong) (the “SFO”) are set out in the section headed

“Directors’ and Chief Executive’s Interests and Short Positions

in the Shares, Underlying Shares and Debentures of the

Company or any Asociated Corporations” under the Directors’

Report of this anual report.

Ms. HUI Man Ye, Magie (“Ms. Hui”), aged 48, is an

executive Director of the Company since 4 January 2018.

Ms. Hui joined the Group in April 2015 and was apointed as

a Director on 6 July 2017. Ms. Hui was also apointed as a

member of the nomination comite on 20 June 2025. Ms.

Hui is responsible for daily operations, busines development,

human resources and administrative management of the

Group. Ms. Hui is also a director of certain subsidiaries of the

Company.

Prior to joining the Group, Ms. Hui has over 10 years of

experience in the hotel industry. Ms. Hui graduated from

Shefield Halam University in the United Kingdom with a

bachelor’s degre of science in hotel and tourism management

in June 1998. Ms. Hui then obtained a master’s degre in

busines administration from University of Birmingham in the

United Kingdom in December 2011. Ms. Hui is the spouse

of Mr. Wong, the Chairman, Chief Executive Oficer and an

executive Director of the Company.

The disclosable interests of Ms. Hui in the shares and

underlying shares under the provisions of Part XV of the

SFO are set out in the section headed “Directors’ and Chief

Executive’s Interests and Short Positions in the Shares,

Underlying Shares and Debentures of the Company or any

Asociated Corporations” under the Directors’ Report of this

anual report.

BIOGRAPHICAL DETAILS OF DIRECTORS

董事履历详情

庄皇集团公司 2025年度报告

BIOGRAPHICAL DETAILS OF DIRECTORS

董事履历详情

独立非执行董事

张志文先生（「张先生」），57岁，自2020年1月21日起

出任本公司独立非执行董事、审核委员会主席、提名

委员会成员及薪酬委员会成员，并于2022年1月28日

调任为薪酬委员会主席。张先生于财务管理、库务及

公司秘书事宜方面拥有逾20年经验。

自2017年8月起，张先生获委任为瑞港建设控股有限公

司，一家于联交所主板上市的公司（股份代号：6816）

的独立非执行董事。自2015年4月至2020年6月，张先

生出任GSN Corporations Limited（前称新威斯顿集团

有限公司），一家于联交所GEM上市的公司（股份代

号：8242）的独立非执行董事，及自2020年8月至2020

年10月，彼获委任为林达控股有限公司，一家于联交

所主板上市的公司（股份代号：1041）的独立非执行董

事。

张先生拥有澳洲新南威尔士大学商学硕士学位及英国

伦敦帝国学院机械工程学士学位。张先生为香港会计

师公会资深会员及香港税务学会注册税务师。

罗俊逸先生（「罗先生」），37岁，自2022年2月25日起

出任本公司独立非执行董事、审核委员会成员、提名

委员会成员及薪酬委员会成员。罗先生于会计、审计

及税务方面拥有逾10年经验。罗先生拥有香港浸会大

学颁授会计学商学士（荣誉）学位。罗先生为香港会计

师公会员及执业会计师。

Independent non-executive Directors

Mr. Cheung Chi Man, Denis (“Mr. Cheung”), aged 57, is an

independent non-executive Director, the chairman of the audit

comite, and a member of the nomination comite and

the remuneration comite of the Company since 21 January

2020, and was re-designated as the chairman of the

remuneration comite on 28 January 2022. Mr. Cheung has

over 20 years of experience in financial management, treasury,

and company secretarial maters.

Mr. Cheung was apointed as an independent non-executive

director of the Prosper Construction Holdings Limited, a

company listed on the Main Board of the Stock Exchange (stock

code: 6816), since August 2017. From April 2015 to June

2020, Mr. Cheung served as an independent non-executive

director of GSN Corporations Limited (formerly known as New

Western Group Limited), a company listed on GEM of the Stock

Exchange (stock code: 8242) and he was apointed as an

independent non-executive director of Lamtex Holdings Limited,

a company listed on the Main Board of the Stock Exchange

(stock code: 1041), from August 2020 to October 2020.

Mr. Cheung holds a master’s degre in comerce from The

University of New South Wales, Australia and a bachelor’s

degre in mechanical enginering from Imperial Colege,

London, the United Kingdom. Mr. Cheung is a felow member of

The Hong Kong Institute of Certified Public Acountants and a

certified tax adviser of The Taxation Institute of Hong Kong.

Mr. Law Chun Yat (“Mr. Law”), aged 37, is an independent

non-executive Director, a member of each of the audit

comite, the nomination comite, and the remuneration

comite of the Company since 25 February 2022. Mr. Law

has over 10 years of experience in acounting, auditing,

and taxation maters. Mr. Law holds a bachelor’s degre of

Comerce (Honours) in Acountancy from The Hong Kong

Baptist University. Mr. Law is a member and Certified Public

Acountant (Practising) of The Hong Kong Institute of Certified

Public Acountants.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

BIOGRAPHICAL DETAILS OF DIRECTORS

董事履历详情

独立非执行董事（续）

萧志伟先生（「萧先生」），44岁，自2023年11月9日起

出任本公司独立非执行董事、审核委员会成员、提名

委员会成员及薪酬委员会成员。

萧先生于估值咨询、金融风险管理及投资管理方面

拥有逾16年经验。彼自2022年8月起一直担任Magic

Empire Global Limited（一家于纳斯达克资本市场上

市之公司，股份代号：MEGL）之独立董事，主要从事

提供企业财务咨询服务。自2019年2月起，萧先生亦担

任汉华专业服务集团之首席执行官。自2016年1月至

2019年1月，萧先生担任深圳市也买股网络金融服务

有限公司之首席执行官，主要从事点对点网上投资服

务。在此之前，萧先生曾于瑞银集团及大和资本市场

等公司的投资银行部任职，主要负责企业财务咨询服

务。萧先生于2005年6月获得加拿大多伦多大学工商

管理学士学位。萧先生为特许金融分析师及美国注册

会计师协会之注册会计师。

Independent non-executive Directors (Continued)

Mr. SIU Chi Wai (“Mr. Siu”), aged 44, is an independent non-

executive Director, a member of each of the audit comite,

the nomination comite, and the remuneration comite of

the Company since 9 November 2023.

Mr. Siu has over 16 years of experience in valuation consulting,

financial risk management and investment management. Since

August 2022, he has ben serving as an independent director

of Magic Empire Global Limited, a company listed on Nasdaq

Capital Market (stock code: MEGL) principaly engaged in

the provision of corporate financial advisory services. Since

February 2019, Mr. Siu has also ben serving as the chief

executive oficer of GCA Profesional Services Group. From

January 2016 to January 2019, Mr. Siu served as the chief

executive oficer of Yemaigu Internet Financial Services Ltd.,

a Shenzhen-based per-to-per online investment platform.

Prior to these positions, Mr. Siu served in companies such as

UBS AG and Daiwa Capital Markets with a focus on corporate

finance advisory services. Mr. Siu received a bachelor’s degre

in busines administration from the University of Toronto,

Canada in June 2005. Mr. Siu is a Chartered Financial Analyst

and a Certified Public Acountant of the American Institute of

Certified Public Acountants.

庄皇集团公司 2025年度报告

DIRECTORS’ REPORT

董事会报告

董事欣然提呈本集团截至2025年3月31日止年度的董

事会报告及经审核综合财务报表。

主要业务

本公司的主要业务为投资控股。本集团的主要业务为

于香港及中国提供室内装潢解决方案。本公司的主要

附属公司之主要业务详情载于综合财务报表附注27。

本集团按营运分部划分的本年度业绩分析载于综合财

务报表附注5。

业务回顾

对本集团截至2025年3月31日止年度业务的公平回顾，

包括利用财务关键绩效指标对本集团业绩的分析、对

本集团未来可能业务发展的讨论、自截至2025年3月

31日止年度结束以来发生的影响本公司的重要事件、

本公司遵守对本公司有重大影响的相关法律法规的情

况，本公司与其主要持份者（包括其雇员、客户及供应

商）之间的关系，以及本集团可能面临的主要风险及不

明朗因素描述分别载于本年报「财务摘要」、「财务回

顾」、「展望」、「报告期后事件」、「遵守法律及法规」、

「与客户、供应商、雇员及股东的关系」及「主要风险及

不明朗因素」等各段落。有关讨论构成本董事会报告

的一部分。

主要风险及不明朗因素

本集团的业务营运及业绩可能受多项因素影响，当中

部分为外部因素，部分为业务固有因素。董事会知悉

本集团面临多种风险，主要的风险及不明朗因素概括

如下：

• 本集团的业务及营运可能会受到疫情或公共卫

生事件的影响，并可能会延缓项目进度；

，并承担

与分包费用波动、表现不合格及彼等营运不稳定

DIRECTORS’ REPORT

董事会报告

主要风险及不明朗因素（续）

。收费及利润率取决

于工作合约的条款，可能不会固定；

该等合约均属非经常性质。本集团的业务取决于

能否赢得项目招标；

• 我们根据预计的投入时间及成本厘定投标价格

或许并不准确；及

或根本无法收到有关款项，本公司的流动资金及

财务状况可能会受到不利影响。

环境政策

本集团致力于在业务营运的所有可能方面尽量减少碳

足迹及自然资源的消耗。本集团之环境策略为于服务

质素及效率与尽量减少温室气体排放及环境恶化之间

达致平衡。因此，本集团提高雇员的环保意识并已采

取积极措施，透过电话、电邮及会议或其他高效且环

保之通讯方式进行内部及外部交流。此外，本集团可

尽量减少实体差旅及印刷。

与雇员的关系

本集团之雇员为本集团最重要的资产及持份者之一，

他们的贡献及支持一直对本集团至关重要。本集团根

据行业标准及雇员之个人表现定期检讨薪酬及福利政

策。本集团提供的其他附加福利包括但不限于酌情花

红以挽留忠诚雇员，旨在形成可令本集团取得不同层

面成功之专业雇员及管理团队。

PRINCIPAL RISKS AND UNCERTAINTIES

(Continued)

’s busines is project-based. Fe colection and

profit margin depend on the terms of the work contract

and may not be regular;

• most of the revenue is derived from contracts awarded

through competitive tendering and the contracts are non-

recuring in nature. The Group’s busines depends on its

suces on project tenders;

• we determine the tender price based on our estimation of

the time and costs involved, which may not be acurate;

and

• our liquidity and financial position may be adversely

afected if we canot receive progres payments or

retention money in ful in time or at al.

ENVIRONMENTAL POLICIES

The Group is comited to minimizing its carbon fotprint and

consumption of natural resources in al posible aspects of

busines operations. Our environmental strategy is to achieve

a balance betwen the quality and eficiency of our services

and the minimization of grenhouse gas emisions and

environmental degradation. Acordingly, the Group promotes

awarenes towards environmental protection to the employes

and has taken a proactive aproach to afect internal and

external comunications by means of telephone, emails and

conferences or such other comunication means which are

eficient yet environmentaly friendly. Also, the Group is able to

minimize physical traveling and printing.

RELATIONSHIPS WITH EMPLOYES

The employes of the Group are one of the most important

asets and stakeholders of the Group, their contribution

and suport are valuable to the Group at al times. The

Group regularly reviews compensation and benefits policies

acordingly to industry benchmark as wel as the individual

performance of employes. Other fringe benefits include but

are not limited to discretionary bonus, are provided to retain

loyal employes with the aim to form a profesional staf and

management team that can bring the Group to diferent levels

of suces.

庄皇集团公司 2025年度报告

DIRECTORS’ REPORT

董事会报告

与客户、供应商、雇员及股东的关系

本集团的成功亦依赖于客户、供应商、雇员及股东等

主要人士的支持。于截至2025年3月31日止年度，本集

团已与客户及供应商建立良好的合作关系且本集团与

客户或供应商之间并无重大分歧。

关于雇员，本集团关注雇员的才能并视其为我们最宝

贵的资产，并为雇员提供和谐专业的工作环境。于截

至2025年3月31日止年度，我们提供予雇员具竞争力

的薪酬待遇以确认其对本集团的贡献。

本集团的主要目标是尽全力提高股东回报。本集团专

注于核心业务，力求实现可持续的利润增长，并通过

股息派发回馈股东，当中会考虑本集团的业务发展需

要及财务稳健。

遵守法律及法规

本公司已遵守开曼群岛《公司法》第22章（1961年第3

号法律，经合并及修订）、GEM上市规则及证券及期货

条例其中包括信息披露和企业管治的要求。更多有关

本集团在本财政年度中环保及法规合规表现的相关资

讯，请参阅本年报内的环境、社会及管治报告。

业绩及股息

本集团截至2025年3月31日止年度业绩载于本年报第

116至117页之综合损益及其他全面收益表。

RELATIONSHIP WITH CUSTOMERS,

SUPLIERS, EMPLOYES AND

SHAREHOLDERS

The suces of the Group also depends on the suport from

key parties which comprise customers, supliers, employes

and shareholders. During the year ended 31 March 2025, the

Group has maintained god relationships with the customers

and supliers and there was no material dispute betwen the

Group and the customers or the supliers.

Regarding the employes, the Group focuses on the talents

of our employes as our most valuable aset and provides a

harmonious and profesional working environment. During the

year ended 31 March 2025, we have provided competitive

remuneration packages to our employes to recognise their

contribution to the Group.

The principal goal of the Group is to maximize the return to

the Shareholders. The Group wil focus on our core busines

for achieving sustainable profit growth and rewarding the

Shareholders with dividend payouts while taking into acount

the busines development neds and financial health of the

Group.

COMPLIANCE WITH LAWS AND

REGULATIONS

The Company has complied with the requirements under the

Companies Act Cap 22 (Act 3 of 1961, as consolidated and

revised) of the Cayman Islands, the GEM Listing Rules and the

SFO relating to, among other things, the information disclosure

and corporate governance. For more information about the

measures adopted by the Group for environmental protection

and regulatory compliance during this financial year, please

refer to the environmental, social and governance report of this

anual report.

RESULTS AND DIVIDENDS

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

set out in the consolidated statement of profit or los and other

comprehensive income on pages 116 to 117 of this anual

report.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

DIRECTORS’ REPORT

董事会报告

业绩及股息（续）

股息政策

本公司致力于透过积极稳健及可持续的股息政策，与

股东分享其发展和成就。董事会努力在符合股东期望

与审慎管理资金之间达致平衡。本公司已采纳股息政

策，董事会将综合考虑宏观经济、行业竞争格局以及

自身发展策略。本公司宣派的末期股息均须经过股东

批准。董事会将会不时审阅股息政策并会对其作出适

当修改。本公司无法保证能够选派或派发董事会任何

计划内所载的任何股息额。

股息

董事会不建议就截至2025年3月31日止年度派付末期

股息（2024年：无）。

据本公司所知，于2025年3月31日，概无任何股东根据

安排放弃或同意放弃截至2025年3月31日止年度建议

分派的任何股息。

为股东周年大会（「股东周年大会」）暂停

办理股份过户登记手续

为确定股东有权出席股东周年大会并于会上投票，本

公司将自2025年8月19日（星期二）至2025年8月22日

（星期五）（包括首尾两日）暂停办理股份过户登记手

续及股东名册登记，期间不会办理任何股份过户登记

手续。为符合资格出席股东周年大会并于会上投票，

所有股份过户文件连同有关股票必须最迟于2025年

8月18日（星期一）下午四时三十分前送达本公司的香

港股份过户及登记分处卓佳证券登记有限公司（地址

为香港夏悫道16号远东金融中心17楼），以办理登记。

储备

本集团及本公司于本年度之储备变动详情载于综合权

益变动表第120页及综合财务报表附注28(b)。

RESULTS AND DIVIDENDS (Continued)

Dividend Policy

The Company is comited to sharing its development and

achievements with Shareholders through proactive, stable

and sustainable dividend policy. The Board would strive to

strike a balance betwen meting Shareholder’s expectations

and managing funds prudently. The Company has adopted a

dividend policy which comprehensively consider the macro-

economic, the competition patern of the industry and its

own development strategy. Final dividends declared by the

Company shal be subject to Shareholder’s aproval. The Board

wil review the dividend policy from time to time and it may be

revised as apropriate. There is no asurance that the Company

wil be able to declare or distribute any dividend in the amount

set out in any plan by the Board.

Dividend

The Board does not recomend the payment of final dividend

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

As far as the Company is aware, as at 31 March 2025, there

has ben no arangement under which any Shareholder has

waived, or agred to waive, any dividends proposed to be

distributed for the year ended 31 March 2025.

CLOSURE OF REGISTER OF MEMBERS

FOR THE ANUAL GENERAL METING

(THE “AGM”)

In order to ascertain the entitlement of Shareholders to

atend and vote at the AGM, the transfer boks and register

of members of the Company wil be closed from Tuesday,

19 August 2025 to Friday, 22 August 2025 (both days

inclusive), during which no transfer of Shares wil be afected. In

order to qualify for atending and voting at the AGM, al transfer

documents acompanied by the relevant share certificates

must be lodged for registration with the Company’s branch

share registrar and transfer ofice in Hong Kong, Tricor Investor

Services Limited, at 17th Flor, Far East Finance Centre, No. 16

Harcourt Road, Hong Kong not later than 4:30 p.m. on Monday,

18 August 2025.

RESERVES

Movements in the reserves of the Group and the Company

during the year are set out in the consolidated statement

of changes in equity on page 120 and in note 28(b) to the

consolidated financial statements.

庄皇集团公司 2025年度报告

DIRECTORS’ REPORT

董事会报告

可供分派之储备

于2025年3月31日，本公司的可供分派储备为64.9百万

港元（2024年：66.4百万港元）。

捐款

本集团于本年度作出的慈善捐款及其他捐款为7,500

港元（2024年：11,400港元）。

物业、厂房及设备

本集团于本年度的物业、厂房及设备之变动详情载于

综合财务报表附注12。

股本及购股权

本公司股本于本年度变动之详情载于综合财务报表附

注21及26。

购股权于本年度变动之详情载于综合财务报表附注26

及本董事会报告的「购股权计划」一节。

优先购买权

本公司经修订及重列的组织章程大纲及章程细则（「细

则」）并无优先购买权的规定，开曼群岛法律也没有关

于此类权利的限制，规定本公司须按比例向现有股东

发售新股。

五年财务摘要

本集团过去五个财政年度之业绩、资产及负债摘要载

于本年报第212页。

已发行股票及债券

截至2025年3月31日止年度，本公司并无发行任何股

票及债券。

DISTRIBUTABLE RESERVES

As at 31 March 2025, the distributable reserves of the Company

amounted to HKD64.9 milion (2024: HKD66.4 milion).

DONATIONS

Charitable and other donations made by the Group during the

year amounted to HKD7,500 (2024: HKD11,400).

PROPERTY, PLANT AND EQUIPMENT

Details of movements during the year in the property, plant

and equipment of the Group are set out in note 12 to the

consolidated financial statements.

SHARE CAPITAL AND SHARE OPTIONS

Details of movements during the year in the share capital of

the Company is set out in note 21 and 26 to the consolidated

financial statements.

Details of movements during the year in the share options is

set out in note 26 to the consolidated financial statements and

“SHARE OPTION SCHEME” section contained in this Directors’

report.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Amended

and Restated Memorandum and Articles of Asociation of the

Company (the “Articles”) and there was no restriction against

such rights under the laws of Cayman Islands, which would

oblige the Company to ofer new shares on a pro rata basis to

existing Shareholders.

FIVE YEAR FINANCIAL SUMARY

A sumary of the results and of the asets and liabilities of the

Group for the last five financial years is set out on page 212 of

this anual report.

SHARES AND DEBENTURES ISUED

The Company did not isue any shares and debentures during

the year ended 31 March 2025.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

DIRECTORS’ REPORT

董事会报告

DIRECTORS

The Directors during the year and up to the date of this anual

report were as folows:

Executive Directors

Wong Sai Chuen (Chairman and Chief Executive Oficer)

Hui Man Ye, Magie

Independent Non-executive Directors

Cheung Chi Man, Denis

Law Chun Yat

Siu Chi Wai

In acordance with Article 109 of the Articles and pursuant to

Apendix C1 to the GEM Listing Rules, Mr. Wong Sai Chuen

and Ms. Hui Man Ye, Magie (colectively, the “Retiring

Directors”) wil retire as Directors by rotation at the AGM and,

being eligible, have agred to ofer themselves for re-election

at the AGM. Further particulars of the Retiring Directors are

set out in the circular to the shareholders sent together with

this anual report. Al other existing Directors shal continue in

ofice.

DIRECTORS’ SERVICE CONTRACTS

No Director proposed for re-election at the forthcoming

AGM has a service contract with the Company which is not

determinable by the Company within one year without payment

of compensation, other than statutory compensation.

董事

于本年度及截至本年报日期的董事如下：

执行董事

王世存（主席兼行政总裁）

许曼怡

独立非执行董事

张志文

罗俊逸

萧志伟

根据细则第109条规定以及GEM上市规则附录C1之规

定，王世存先生及许曼怡女士（统称「退任董事」）将于

股东周年大会上轮值退任，彼等均符合资格且已同意

于股东周年大会上膺选连任。退任董事之更多详情，

载于随本年报向股东一并寄发之通函内。其余所有现

任董事均留任。

董事之服务合约

拟于应届股东周年大会重选连任之董事概无与本公司

订立本公司不得在一年内毋须作出赔偿（法定赔偿除

外）而终止之服务合约。

庄皇集团公司 2025年度报告

DIRECTORS’ REPORT

董事会报告

董事于有关本公司业务之重大交易、安

排及合约的重大权益

概无有关本集团业务而本公司、其控股公司或其任何

附属公司或同系附属公司为其中一名订约方或董事或

董事之关连方于当中拥有重大利益（不论直接或间接）

之其他重大交易、安排或合约，于年末或于本年度内

任何时间存续。

管理合约

除董事服务协议及委任函外，于截至2025年3月31日

止年度末，概无订立或存在与本集团整体或任何重大

部分业务的管理及行政事务有关的合约。

董事及高级管理人员履历详情

董事及本集团高级管理人员之履历详情已载于本年报

第16至18页。

董事，最高行政人员及五名最高薪酬人

士的薪酬

有关董事及五名最高薪酬人士的薪酬详情分别载于综

合财务报表附注29(a)及8。

董事的薪酬须经股东于股东大会批准。其他薪酬由董

事会薪酬委员会（「薪酬委员会」）根据董事的职务、职

责及表现以及本集团的业绩厘定。

DIRECTORS’ MATERIAL INTERESTS IN

TRANSACTIONS, ARANGEMENTS AND

CONTRACTS THAT ARE SIGNIFICANT IN

RELATION TO THE COMPANY’S BUSINES

No transactions, arangements and contracts of significance

in relation to the Group’s busines, to which the Company, its

holding company, any of its subsidiaries or felow subsidiaries

was a party or in which a Director or an entity conected

with the Director had a material interest, whether directly or

indirectly, subsisting at the end of the year or at anytime during

the year.

MANAGEMENT CONTRACTS

Other than the Directors’ service agrements and apointment

leters, no contract concerning the management and

administration of the whole or any substantial part of the

busines of the Group was entered into or in existence as at

the end of the year ended 31 March 2025.

BIOGRAPHICAL DETAILS OF DIRECTORS

AND SENIOR MANAGEMENT

Brief biographical details of Directors and the senior

management of the Group are set out on pages 16 to 18 of this

anual report.

EMOLUMENTS OF THE DIRECTORS, CHIEF

EXECUTIVE AND THE FIVE HIGHEST PAID

INDIVIDUALS

Details of the Directors’ emoluments and of the five highest paid

individuals are set out in notes 29(a) and 8 to the consolidated

financial statements, respectively.

The Directors’ remunerations are subject to Shareholders’

aproval at general metings. Other emoluments are

determined by the remuneration comite of the Board (the

“Remuneration Comite”) with reference to Directors’

duties, responsibilities and performance and the results of the

Group.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

DIRECTORS’ REPORT

董事会报告

董事及最高行政人员于本公司或任何相

联法团股份、相关股份及债券的权益及

淡仓

于2025年3月31日，本公司董事及最高行政人员于本

公司或其任何相联法团（定义见香港法例第571章证

券及期货条例第XV部）的股份，相关股份及债券中拥

有根据证券及期货条例第XV部第7及8分部须知会本

公司及联交所的权益及淡仓（包括根据证券及期货条

例的有关条文彼等被视为或当作拥有的权益及淡仓），

或根据证券及期货条例第352条须登记由本公司存置

之登记册内的权益及淡仓或根据有关董事进行证券交

易的GEM上市规则第5.46至5.67条规定须另行知会本

公司及联交所的权益及淡仓，如下：

(A) 于本公司普通股份及相关股份的好仓

附注：

（一

间由王先生全资拥有的公司，根据证券及期货条

例第XV部，王世存先生被视为于其中拥有权益）

持有的112,500,000股份。

，许曼怡女士作

为王世存先生的配偶，同样被视为于本公司

112,500,000股份中拥有权益。

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND SHORT POSITIONS IN

THE SHARES, UNDERLYING SHARES AND

DEBENTURES OF THE COMPANY OR ANY

ASOCIATED CORPORATIONS

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

Directors and chief executive of the Company in the shares,

underlying shares and debentures of the Company or any of its

asociated corporations (within the meaning of Part XV of the

SFO), which would have to be notified to the Company and the

Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the

SFO (including interest or short positions which they are taken

or demed to have under such provisions of the SFO) or which

were required to be recorded in the register maintained by the

Company pursuant to section 352 of the SFO or otherwise

notified to the Company and the Stock Exchange pursuant

to rules 5.46 to 5.67 of the GEM Listing Rules relating to the

securities transactions by the directors were as folows:

(A) Long Position in the Ordinary Shares and

Underlying Shares of the Company

Name of Directors/

chief executive

Capacity/

nature of interest

Number of

isued ordinary

Shares held/

interested in

Percentage

of the isued

share capital

董事╱最高行政人员姓名身份╱权益性质

所持╱拥有权益的

已发行普通股数目

占已发行

股本百分比

Mr. Wong Sai ChuenInterest in a controled

corporation

112,500,000 (Note 1)56.25%

王世存先生受控法团权益（附注1）

Ms. Hui Man Ye, MagieInterest of spouse112,500,000 (Note 2)56.25%

许曼怡女士配偶权益（附注2）

Notes:

1. Shares in which Mr. Wong Sai Chuen is interested in

consist of 112,500,000 Shares held by Madison Square

International Investment Limited, a company wholy owned

by him, in which Mr. Wong Sai Chuen is demed to be

interested under Part XV of the SFO.

2. Ms. Hui Man Ye, Magie, is the spouse of Mr. Wong Sai

Chuen and she was also demed to be interested in the

112,500,000 Shares, pursuant to Part XV of the SFO.

庄皇集团公司 2025年度报告

DIRECTORS’ REPORT

董事会报告

董事及最高行政人员于本公司或任何相

联法团股份、相关股份及债券的权益及

淡仓（续）

(B) 于相联法团股份的好仓

附注：

，根据证券及期

货条例第XV部，被视为于王世存先生于世曼有

限公司的权益中拥有权益。

，上市法团的控股

公司被视作「相联法团」。世曼有限公司持有本公

司已发行股本的56.25%，故为本公司的相联法

团。

除上文所披露者外，于2025年3月31日，概无本公司董

事及最高行政人员或彼等之紧密联系人于本公司或其

任何相联法团（定义见证券及期货条例）的任何股份、

相关股份及债券中拥有任何权益或淡仓。

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND SHORT POSITIONS IN

THE SHARES, UNDERLYING SHARES AND

DEBENTURES OF THE COMPANY OR ANY

ASOCIATED CORPORATIONS (Continued)

(B) Long Position in the Shares of asociated

corporations

Name of Directors/

chief executive

Name of asociated

corporation

Capacity/

nature of interest

Number of

isued shares

held/interested in

Percentage of

shareholding

董事╱最高行政人员姓名相联法团名称身份╱权益性质

所持╱拥有权益的

已发行股份数目持股百分比

Mr. Wong Sai ChuenMadison Square

International Investment

Limited (Note 2)

Beneficial owner37,500100%

王世存先生世曼有限公司（附注2）实益拥有人

Ms. Hui Man Ye,

Magie (Note 1)

Madison Square

International Investment

Limited (Note 2)

Interest of spouse37,500100%

许曼怡女士（附注１）世曼有限公司（附注2）配偶权益

Notes:

1. Ms. Hui Man Ye, Magie, the spouse of Mr. Wong Sai

Chuen, is demed to be interested in Mr. Wong Sai Chuen’s

interest in Madison Square International Investment Limited,

pursuant to Part XV of the SFO.

2. Under Part XV of the SFO, a holding company of listed

corporation is regarded as an “asociated corporation”.

Madison Square International Investment Limited held

56.25% of the Company’s isued share capital and thus

was the Company’s asociated corporation.

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

Directors and chief executive of the Company nor their close

asociates had any interests or short positions in any shares,

underlying shares and debentures of the Company or any of its

asociated corporations as defined in the SFO.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

DIRECTORS’ REPORT

董事会报告

INTERESTS AND SHORT POSITIONS OF

SUBSTANTIAL SHAREHOLDERS AND

OTHER PERSONS IN THE SHARES AND

UNDERLYING SHARES OF THE COMPANY

As at 31 March 2025, so far as known to the Directors, the

particulars of the corporate or persons (other than a Director

or the chief executive of the Company) which had 5% or more

interests and short positions in the shares and the underlying

shares of the Company as recorded in the register kept

pursuant to section 336 of the SFO were as folows:

Long Position in the Ordinary Shares and

Underlying Share of the Company

Name of Shareholders

Capacity/

nature of interest

Number of

isued

ordinary

Shares held/

interested in

Percentage of

shareholding

股东姓名身份╱权益性质

所持╱拥有权益的

已发行普通股数目持股百分比

Madison Square International

Investment Limited (Note 1)

Beneficial owner112,500,00056.25%

世曼有限公司（附注1）实益拥有人

J&J Partner Investment Group Limited

(Note 2)

Beneficial owner37,500,00018.75%

旭杰有限公司（附注2）实益拥有人

Mr. Wong Kin Kei (Note 2)Interest in a controled

corporation

37,500,00018.75%

黄健基先生（附注2）受控法团权益

Ms. Ho Sin Ying (Note 3)Interest of spouse37,500,00018.75%

何倩莹女士（附注3）配偶权益

主要股东及其他人士于本公司股份及相

关股份的权益及淡仓

于2025年3月31日，据董事所知，根据证券及期货条例

第336条存置的登记册所记录拥有本公司股份及相关

股份5%或以上权益及淡仓的法团或人士（本公司董事

或最高行政人员除外）详情如下：

于本公司普通股份及相关股份的好仓

庄皇集团公司 2025年度报告

DIRECTORS’ REPORT

董事会报告

主要股东及其他人士于本公司股份及相

关股份的权益及淡仓（续）

附注：

（一

间由王先生全资拥有的公司，根据证券及期货条例

第XV部，王世存先生被视为于其中拥有权益）持有的

112,500,000股份。根据证券及期货条例第XV部，

许曼怡女士作为王世存先生的配偶被视为于本公司

112,500,000股份中拥有权益。

（一间

由黄健基先生全资拥有的公司，根据证券及期货条例

第XV部，黄健基先生被视为于其中拥有权益）持有的

37,500,000股份。

，何倩莹女士作为黄健基

先生的配偶同样被视为于本公司37,500,000股份中

拥有权益。

除上文所披露者外，于2025年3月31日，概无任何人士

（本公司董事或最高行政人员除外）曾知会本公司，其

于本公司股份或相关股份中拥有根据证券及期货条例

第336条规定须记录在本公司存置的登记册内的权益

或淡仓。

购股权计划

于2017年12月8日，本公司采纳的购股权计划（「购股

权计划」）符合GEM上市规则第23章项下规定的范围，

并须遵守该等规定。购股权计划旨在吸引、挽留及鼓

励雇员、董事及其他参与者，并透过授出购股权酬谢

彼等对本集团增长及利润作出贡献，以及让该等雇员、

董事及其他人员分享本集团的增长及盈利。

购股权计划的合资格参与者包括本公司或其任何附属

公司的董事（包括执行董事、非执行董事及独立非执

行董事）及雇员（不论全职或兼职）或董事会全权认为

对本集团已作出或将作出贡献的任何其他人士。

INTERESTS AND SHORT POSITIONS OF

SUBSTANTIAL SHAREHOLDERS AND

OTHER PERSONS IN THE SHARES AND

UNDERLYING SHARES OF THE COMPANY

(Continued)

Notes:

1. Shares in which Mr. Wong Sai Chuen is interested in consist

of 112,500,000 Shares held by Madison Square International

Investment Limited, a company wholy owned by him, in which

Mr. Wong Sai Chuen is demed to be interested under Part XV

of the SFO. Ms. Hui Man Ye, Magie is the spouse of Mr. Wong

Sai Chuen and she was also demed to be interested in the

112,500,000 Shares pursuant to Part XV of the SFO.

2. Shares in which Mr. Wong Kin Kei is interested in consist of

37,500,000 Shares held by J&J Partner Investment Group

Limited, a company wholy owned by him, in which Mr. Wong Kin

Kei is demed to be interested under Part XV of the SFO.

3. Ms. Ho Sin Ying is the spouse of Mr. Wong Kin Kei and she was

also demed to be interested in the 37,500,000 Shares pursuant

to Part XV of the SFO.

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

had not ben notified by any persons (other than Directors or

chief executive of the Company) who has interests or short

positions in the Shares or underlying Shares of the Company

which were recorded in the register required to be kept by the

Company under section 336 of the SFO.

SHARE OPTION SCHEME

On 8 December 2017, the Company adopted the share option

scheme (the “Share Option Scheme”), which fals within the

ambit of, and is subject to, the regulations under Chapter 23

of the GEM Listing Rules. The purpose of the Share Option

Scheme is to atract, retain and motivate employes, Directors

and other participants, and to provide a means of compensating

them through the grant of options for their contribution to the

growth and profits of the Group, and to alow such employes,

Directors and other persons to participate in the growth and

profitability of the Group.

Qualified participants of the Share Option Scheme include

directors (including executive, non-executive and independent

non-executive Directors) and employes (whether ful-time or

part-time) of the Company or any of its subsidiaries or any

other person who is in the absolute discretion of the Board has

contributed or wil contribute to the Group.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

DIRECTORS’ REPORT

董事会报告

购股权计划（续）

于截至2025年3月31日止年度年初及年末以及本年报

日期，因根据购股权计划将予授出的所有购股权获行

使而可能发行的股份总数为20,000,000股，占于本年

度报告日期本公司已发行股本总数约10% 。

于任何12个月期间，因根据购股权计划已授予或将授

予各合资格人士的购股权（包括已获行使、已注销及

未获行使的购股权）获行使而已发行及将予发行的股

份总数不得超过已发行股份的1%。

根据购股权计划授出购股权的要约可由承授人在支付

1港元代价后接纳。该要约可被接受且代价应在董事会

确定的期限内支付，该期限将在要约函中具体说明。

购股权计划将于2017年12月8日起计十年内仍然有效，

及已授出之购股权行使期为十年。购股权可于董事会

全权酌情厘定的期间归属，惟须遵守任何适用法律、

规例或法规的规定。因此，于本年报日期，购股权计划

的余下有效期约为2年。

购股权计划项下购股权的行使价由董事会厘定，但不

得低于以下最高者(i)股份于授出日期（必须为营业日）

在联交所日报表所示的收市价；(i)紧接授出日期前五

个营业日股份在联交所日报表所示的平均收市价；及(i)

股份面值。

自购股权计划采纳起至本年度报告日期，概无任何购

股权根据购股权计划已失效或授出或获行使或注销，

因此，于2025年及2024年3月31日并无任何发行在外

的购股权。

SHARE OPTION SCHEME (Continued)

The total number of Shares which may be isued upon exercise

of al options to be granted under the Share Option Scheme as

at the begining and the end of the year ended 31 March 2025

and the date of this anual report was 20,000,000 Shares,

representing 10% of the total isued share capital of the

Company as at the date of this anual report.

The total number of Shares isued and to be isued upon the

exercise of the options granted to or to be granted to each

eligible person under the Share Option Scheme (including

exercised, canceled and outstanding options) in any 12-month

period shal not exced 1% of the Shares in isue.

The ofer of a grant of share options under the Share Option

Scheme may be acepted upon payment of a consideration

of HKD1 by the grante. Such ofer may be acepted and

payment of consideration shal be made by a grante within the

time limit to be determined by the Board which wil be specified

in the ofer leter.

The Share Option Scheme wil remain in force for a period of

10 years comencing on 8 December 2017 and the options

granted have a 10-year exercise period. Options may be vested

over such period(s) as determined by the Board in its absolute

discretion subject to compliance with the requirements under

any aplicable laws, regulations or rules. Acordingly, the

remaining life of the Share Option Scheme as at the date of this

anual report is aproximately 2 years.

The exercise price of share options under the Share Option

Scheme is determined by the Board, but shal not be les than

the higher of (i) the closing price of the Shares as stated in the

daily quotation shet of the Stock Exchange on the date of

grant, which must be a busines day; (i) the average closing

price of the Shares as stated in the daily quotation shets of

the Stock Exchange for the five busines days imediately

preceding the date of grant; and (i) the nominal value of a

Share.

No share options has lapsed, or have ben granted, exercised

or canceled under the Share Option Scheme since its adoption

and up to the date of this anual report, hence there was no

outstanding share option as at 31 March 2025 and 2024.

庄皇集团公司 2025年度报告

DIRECTORS’ REPORT

董事会报告

董事购买股份或债券的权利

除本年报所披露者外，截至2025年3月31日止年度内

或该年度末的任何时间，本公司、其控股公司或其任

何附属公司或同系附属公司概无订立任何安排致使董

事或彼等紧密联系人藉收购本公司或任何其他法团的

股份或债券而获益。

获准许的弥偿条文

根据细则并受当中相关条文所规限，董事、公司秘书

及其他高级管理人员就执行其职务或与之相关的其他

事宜而承担或蒙受的所有诉讼、费用、收费、损失、赔

偿及开支均可获得本公司以其资产及溢利作出弥偿及

保证免受损害。本公司已为董事及高级管理人员在其

真诚善意地履行职责过程中可能招致的任何法律诉讼

安排适当的责任保险以兹保障。

股权挂钩协议

除上文「购股权计划」一节及综合财务报表附注26所

披露者外，本公司并无于截至2025年3月31日止年度

订立股权挂钩协议。

主要客户及供应商

截至2025年3月31日止年度，本集团向最大客户的销

售额占本集团销售总收入的17.6%，及本集团五大客

户的销售总额占本集团销售总收入的61.0%。

截至2025年3月31日止年度，本集团最大供应商的采

购额占本集团采购总额的7.8%，及本集团五大供应商

的采购总额占本集团采购总额的28.6%并因此占本集

团本年度总收入的30%以下。

就董事所深知，概无董事或彼等紧密联系人或拥有本

公司已发行股份（不包括库存股份）5%以上之股东于

本集团任何五大客户或供应商中拥有任何实益权益。

DIRECTORS’ RIGHTS TO ACQUIRE SHARES

OR DEBENTURES

Save as disclosed in this anual report, at no time during or at

the end of the year ended 31 March 2025 was the Company, its

holding company or any of its subsidiaries or felow subsidiaries

a party to an arangement that would enable the Directors

or their close asociates to acquire benefits by means of the

acquisition of shares or debentures of the Company or any

other body corporate.

PERMITED INDEMNITY PROVISIONS

Pursuant to the Articles and subject to the relevant provisions

therein, the Directors, company secretary and other oficers

shal be indemnified and secured harmles out of the asets

and profits of the Company from and against al actions, costs,

charges, loses, damages and expenses which he/she may

incur in or sustain by the execution of their duties in their

respective ofices or otherwise in relation thereto. The Company

has aranged apropriate insurance cover for the Directors and

senior management of the Company in respect of legal action

against them in the course of execution of their duties in god

faith.

EQUITY-LINKED ARANGEMENT

Save as disclosed under the section headed “SHARE OPTION

SCHEME” above and note 26 to the consolidated financial

statements, no equity-linked agrement was entered into by the

Company for the year ended 31 March 2025.

MAJOR CUSTOMERS AND SUPLIERS

For the year ended 31 March 2025, sales atributable to the

Group’s largest customer acounted for 17.6% of the Group’s

total sales and agregate sales to the five largest customers of

the Group acounted for 61.0% of the Group’s total sales.

For the year ended 31 March 2025, purchases atributable to

the Group’s largest suplier acounted for 7.8% of the Group’s

total purchases and agregate purchases atributable to the

five largest supliers of the Group acounted for 28.6% of the

Group’s total purchases and hence acounted for les than

30% of the Group’s total revenues for the year.

To the best knowledge of the Directors, none of the Directors,

or their respective close asociates, or Shareholders owning

more than 5% of the Company’s isued share capital (excluding

treasury shares) had any beneficial interests in any of the

Group’s five largest customers or supliers.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

DIRECTORS’ REPORT

董事会报告

关连人士及关连交易

于本年度内，集团根据适用的会计准则与关连方进行

了若干交易，详情已于综合财务报表附注24中披露。

此类关连交易符合GEM上市规则第20章对关连交易

或持续关连交易的定义，并根据GEM上市规则第20章

获得完全豁免。公司确认已根据GEM上市规则第20章

遵守了有关此类关连交易和持续关连交易的适用披露

及其他要求。除上述关连交易外，本集团与关连方并

无任何交易。

董事已对本集团于年内之关连方交易进行审阅，且并

不知悉任何根据GEM上市规则规定须作关连交易披露

的交易。

购买、出售或赎回本公司上市证券

于年内，本公司或其任何附属公司并无购买、出售或

赎回任何本公司的上市证券，亦无出售本公司库存股

份。截至2025年3月31日，本公司并未持有任何库存股

份。

企业管治常规

本公司的企业管治常规之详情载于本年报第37至第61

页的企业管治报告。

王世存先生分别为本公司之主席、行政总裁、执行董

事及合规主任，其履历详情刊载于本年报第16页。

郑琦菲女士为本公司之公司秘书，彼为特许秘书、特

许管治专业人员以及香港公司治理公会及英国特许公

司治理公会员。

RELATED PARTY TRANSACTIONS AND

CONECTED TRANSACTIONS

During the year, the Group entered into certain transactions

with related parties as defined in acordance with aplicable

acounting standards, details of which are disclosed in note

24 to the consolidated financial statements. Such related party

transactions fal under the definition of conected transactions

or continuing conected transactions in Chapter 20 of the GEM

Listing Rules, and they are fuly exempted pursuant to Chapter

20 of the GEM Listing Rules. The Company confirms that it has

complied with the aplicable disclosure and other requirements

in respect of such conected transactions and continuing

conected transactions in acordance with Chapter 20 of the

GEM Listing Rules. Save for such related party transactions,

the Group had no transactions with its related parties.

The Directors conducted a review of the related party

transactions of the Group during the year and were not aware

any transaction requiring disclosure of conected transactions

in acordance with the requirements of the GEM Listing Rules.

PURCHASE, SALE OR REDEMPTION OF

THE COMPANY’S LISTED SECURITIES

Neither the Company nor any of its subsidiaries had purchased,

sold or redemed any of the Company’s listed securities, nor

were there any sales of treasury shares of the Company during

the year. As of 31 March 2025, the Company did not hold any

treasury shares.

CORPORATE GOVERNANCE PRACTICE

Details of the Company’s corporate governance practices are

set out in the Corporate Governance Report on pages 37 to 61

of this anual report.

Mr. Wong Sai Chuen is the Chairman, the chief executive

oficer, the executive Director and the compliance oficer of the

Company respectively, his biographical details are set out on

page 16 of this anual report.

Ms. Cheng Faye is the company secretary of the Company, she

is a Chartered Secretary, a Chartered Governance Profesional

and an asociate of both The Hong Kong Chartered

Governance Institute and The Chartered Governance Institute in

the United Kingdom.

庄皇集团公司 2025年度报告

DIRECTORS’ REPORT

董事会报告

环境、社会及管治报告

有关本公司如何遵守GEM上市规则附录C2中之环境、

社会及管治报告指引的环境、社会及管治报告载于本

年报第62至106页。

足够公众持股量

根据本公司可供公众查阅之资料及就董事所知，本

公司于年内及于本年报日期已维持GEM上市规则第

17.38A条所规定的足够公众持股量（即公众至少持有

25%的已发行股份）。

于竞争业务中的权益

于本年度内，概无董事及控股东或任何彼等各自之

紧密联系人（定义见GEM上市规则）从事与本集团业

务直接或间接构成竞争或与本集团有任何其他利益冲

突的任何业务，亦不知悉任何该等人士与或可能与本

集团具有任何其他利益冲突。

非竞争契约

于2017年12月8日，控股东王世存先生及世曼有限

公司（统称为「契约人」）与本公司（为其自身及作为其

各附属公司的受托人）订立一份非竞争契约（「非竞争

契约」），据此，各契约人共同及个别地向本公司承诺

若干不可撤回的非竞争协议。非竞争契约的详情载于

招股书的「与控股东的关系－非竞争契约」一节。

契约人确认彼等于截至2025年3月31日止年度已遵守

非竞争契约。独立非执行董事已于截至2025年3月31

日止年度进行有关检讨，亦已检讨相关承诺并信纳非

竞争契约已获全面遵守。除本年报所披露者外，本公

司（或其任何附属公司）与本公司（或其任何附属公司）

的任何控股东于截至2025年3月31日止年度结束时

或该年度内任何时间并无订立任何重大合约（包括提

供服务的重大合约）。

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

The environmental, social and governance report which explains

how the Company complies with the environmental, social and

governance reporting guide in Apendix C2 to the GEM Listing

Rules is set out on pages 62 to 106 of this anual report.

SUFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the

Company and to the best knowledge of the Directors, the

Company has maintained suficient public float (i.e. at least

25% of the isued shares were held by the public) as required

by Rule 17.38A of the GEM Listing Rules during the year and

as at the date of this anual report.

INTEREST IN COMPETING BUSINES

None of the Directors and Controling Shareholders or any of

their respective close asociates (as defined in the GEM Listing

Rules) are engaged in any busines that competes or may

compete, directly or indirectly, with the busines of the Group

or have any other conflicts of interest with the Group nor are

they aware of any other conflicts of interest with the Group nor

are they aware of any other conflicts of interest which any such

person has or may have with the Group during the year.

DED OF NON-COMPETITION

On 8 December 2017, Mr. Wong Sai Chuen, a controling

shareholder, and Madison Square International Investment

Limited (colectively refered to as the “Covenantors”), and the

Company (for itself and as truste for each of its subsidiaries)

entered into a ded of non-competition (the “Non-competition

Ded”), pursuant to which each of the Covenantors has

irevocably, jointly and severaly given certain non-competition

undertakings to the Company. Details of the Non-competition

Ded are set out in the section headed “Relationship with

Controling Shareholders – Ded of Non-competition” in the

Prospectus.

The Covenantors confirmed that they have complied with the

Non-competition Ded for the year ended 31 March 2025. The

independent non-executive Directors have conducted such

review for the year ended 31 March 2025 and also reviewed the

relevant undertakings and are satisfied that the Non-competition

Ded has ben fuly complied. Save as disclosed herein, no

contracts of significance (including contracts of significance for

the provision of services) satisfied the Company (or any of its

subsidiaries) and any controling shareholder of the Company (or

any of its subsidiaries) subscribed at the end of the year or at

any time during the year ended 31 March 2025.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

DIRECTORS’ REPORT

董事会报告

确认独立性

本公司已接获各独立非执行董事就GEM上市规则第

5.09(1)至(8)条所述各项因素的独立性的年度确认书。

各独立非执行董事确认：(i)彼等与本公司或其附属公

司的业务或与本公司任何核心关连人士（定义见GEM

上市规则）并无任何过往或现时的财务或其他利益关

系；及(i)彼等在获委任时并无其他可能影响其独立性

的因素。本公司认为，所有独立非执行董事均属独立

人士。

薪酬政策

本集团雇员的薪酬政策由薪酬委员会基于其表现、资

历及能力而订立。

董事的薪酬由薪酬委员会经考虑本公司的经营业绩、

个人表现及可比较市场数据而厘定。

本公司已采纳购股权计划以奖励董事及合资格雇员，

计划详情载于综合财务报表附注26。

退休福利计划

根据香港法律规定，本集团亦会向香港所有合资格雇

员作出强制性公积金计划（「强积金」）供款。雇主与雇

员均须按雇员每月收入的特定百分比向雇员强积金计

划中的个人账户作出供款。

根据中国有关当局的法规，本集团于中国的附属公司

参与各自的政府退休福利计划（「中国计划」），据此，

附属公司须向中国计划供款以为合资格雇员的退休福

利提供资金。向中国计划作出的供款乃根据中国规定

所指定的适用工资成本的若干百分比计算。中国有关

当局负责应付退休雇员的全部退休金承担。本集团就

中国计划的唯一责任为根据中国计划持续支付所需供

款。

CONFIRMATION OF INDEPENDENCE

The Company has received from each of the independent non-

executive Director, an anual confirmation of his independence

as regard to each of the factors refered to in Rule 5.09(1) to

(8) of the GEM Listing Rule. Each of the independent non-

executive Director confirms that (i) they have no past or present

financial or other interest in the busines of the Company or its

subsidiaries or any conection with any core conected person

(as defined in the GEM Listing Rules) of the Company; and (i)

there are no other factors that may afect their independence at

the time of their apointment. The Company considers al of the

independent non-executive Directors are independent.

EMOLUMENT POLICY

The emolument policy of the employes of the Group is set up

by the Remuneration Comite on the basis of their merit,

qualifications and competence.

The emoluments of the Directors are reviewed and

recomended by the Remuneration Comite, having regard

to the Company’s operating results, individual performance and

comparable market statistics.

The Company has adopted a Share Option Scheme as an

incentive to Directors and eligible employes, details of the

scheme is set out in note 26 to the consolidated financial

statements.

RETIREMENT BENEFIT SCHEME

As required by Hong Kong law, the Group also makes

contributions to the Mandatory Provident Fund Schemes

(the “MPF Scheme”) for al qualifying employes in Hong

Kong. Both the employer and employe are required to make

contributions to the employe’s individual acount in the MPF

Scheme at a specified percentage of the employe’s monthly

income.

Pursuant to the regulation of the relevant authorities in the

PRC, the subsidiaries of the Group in the PRC participate in

respective government retirement benefit schemes (the “PRC

Schemes”) whereby the subsidiaries are required to contribute

to the PRC Schemes to fund the retirement benefits of the

eligible employes. Contribution made to the PRC Schemes is

calculated based on the certain percentages of the aplicable

payrol costs as stipulated under the requirements in the PRC.

The relevant authorities of the PRC are responsible for the

entire pension obligations payable to the retired employes. The

only obligation of the Group with respect to the PRC Schemes

is to pay the ongoing required contribution under the PRC

Schemes.

庄皇集团公司 2025年度报告

DIRECTORS’ REPORT

董事会报告

强积金计划及中国计划为定额供款计划。强积金计划

及中国计划并无诸如被没收供款（于此类供款悉数归

属前由雇主代退出强积金计划及中国计划的雇员作出）

可由雇主用于减少现有供款水平的安排。因此，截至

2025年3月31日止年度并无可动用的被没收供款金额，

于2025年3月31日亦无可用于降低本集团现有供款水

平的任何金额。

审核委员会

本公司已设立董事会审核委员会（「审核委员会」），并

已制定其书面职权范围，职权范围不比GEM上市规则

附录C1中之《企业管治守则》（「企业管治守则」）所载

者宽松。目前，审核委员会包括三名独立非执行董事

张志文先生、罗俊逸先生及萧志伟先生，并由张志文

先生担任主席，彼具备GEM上市规则规定的合适专业

资格及经验。

审核委员会已连同本公司管理层审阅本集团所采纳之

会计原则及惯例以及截至2025年3月31日止年度的综

合财务报表，并认为该等资料乃根据所有适用之会计

准则、公司条例及GEM上市规则规定编制。

核数师

截至2025年3月31日止年度的综合财务报表已由天职

香港会计师事务所有限公司审核，其将于应届股东周

年大会上退任并符合资格并愿意接受续聘。本公司已

于2025年1月24日将其核数师从罗兵咸永道会计师事

务所更换为天职香港会计师事务所有限公司。有关更

换核数师的详情，请参阅本公司日期为2025年1月24

日的公告。

刊发2025年报

本公司2025年报载有GEM上市规则所规定的

全部资料，将寄发予股东，亦将刊载于披露易网站

(w.hkexnews.hk)及本公司网站(w.sclhk.com)。

The MPF Scheme and the PRC Schemes are defined

contribution schemes. The MPF Scheme and the PRC Schemes

do not have an arangement such that forfeited contributions

(by employers on behalf of employes who leave the MPF

Scheme and the PRC Schemes prior to vesting fuly in such

contributions) may be used by the employer to reduce the

existing level of contributions. Therefore there was no amount

of forfeited contributions that could be utilised during the year

ended 31 March 2025 nor was there any available to reduce

the Group’s existing level of contributions as at 31 March 2025.

AUDIT COMITE

The Company has established an audit comite of the Board

(the “Audit Comite”) with writen terms of reference which

are no les exacting terms than those set out in the Corporate

Governance Code contained in Apendix C1 to the GEM

Listing Rules (the “CG Code”). Curently, the Audit Comite

comprises thre independent non-executive Directors, Mr.

Cheung Chi Man, Denis, Mr. Law Chun Yat and Mr. Siu Chi

Wai, and chaired by Mr. Cheung Chi Man, Denis, who has

apropriate profesional qualifications and experience as

required by the GEM Listing Rules.

The Audit Comite has reviewed with the management of

the Company, the acounting principles and practices adopted

by the Group and the consolidated financial statements for the

year ended 31 March 2025, which is of the opinion that such

information has ben prepared in acordance with al aplicable

acounting standards, the requirements under the Companies

Ordinance and the GEM Listing Rules.

AUDITOR

The consolidated financial statements for the year ended

31 March 2025 have ben audited by Baker Tily Hong Kong

Limited who wil retire and, being eligible, ofer themselves for

re-apointment at the forthcoming AGM. The Company has

changed its auditors from PricewaterhouseCopers to Baker

Tily Hong Kong Limited on 24 January 2025. For details of

change of auditor, please refer to the anouncement of the

Company dated 24 January 2025.

PUBLICATION OF 2025 ANUAL REPORT

The 2025 anual report of the Company containing al

the information required by the GEM Listing Rules wil be

dispatched to Shareholders and wil also be published on

the website of HKEXnews (w.hkexnews.hk) as wel as the

website of the Company (w.sclhk.com).

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

DIRECTORS’ REPORT

董事会报告

董事资料变动

自本公司2024年中期报告日期起至本年报日期止，根

据GEM上市规则第17.50A(1)条须予披露的董事资料

并无变动。除本年报所披露者外，于本年报日期，董事

确认并无任何资料须根据GEM上市规则第17.50A(1)

条予以披露。

报告期后事件

除本年报所披露者外，董事概不知悉2025年3月31日

之后至本年报日期所发生的任何须予披露的重大事件。

代表董事会

庄皇集团公司

王世存

主席、行政总裁兼执行董事

香港，2025年6月20日

CHANGES TO DIRECTORS’ INFORMATION

There is no change in the information of the Directors pursuant

to Rule 17.50A(1) of the GEM Listing Rules since the date

of the Company’s interim report 2024, up to the date of this

anual report. Save as disclosed herein, as at the date of this

anual report, the Directors confirm that no information is

required to be disclosed pursuant to Rule 17.50A(1) of the GEM

Listing Rules.

EVENTS AFTER THE REPORTING PERIOD

Save as disclosed in this anual report, the Directors are not

aware of any significant event requiring disclosure that has

taken place subsequent to 31 March 2025 and up to the date

of this anual report.

On behalf of the Board

Sanbase Corporation Limited

Wong Sai Chuen

Chairman, Chief Executive Oficer and

Executive Director

Hong Kong, 20 June 2025

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

企业管治常规

本公司致力于在整个集团采纳高标准的企业管治常规

及程序。董事深信完善及合理的企业管治常规对于本

集团的稳健增长及保障股东权益至关重要。

除以下偏离外，本公司于截至2025年3月31日止年度

整个期间内已遵守GEM上市规则附录C1中之企业管

治守则（「企业管治守则」）的全部守则条文：

根据企业管治守则守则条文C.2.1，主席及最高行政人

员的角色应有所区分，且不应由同一人同时兼任。自

2009年起，王先生作为主席兼行政总裁，一直主要负

责仔细审查管理层在达至公司目标、监督本集团的业

绩呈报、管理及业务发展、确保本集团制定良好的企

业管治常规及程序以及制定本集团业务策略及政策方

面的表现。由于董事会定期举行会议讨论有关本集团

业务营运的事项，所有重大决策均于咨询董事会及相

关董事委员会的成员后作出，且董事会中有三名独立

非执行董事提供独立观点，董事会认为有足够的保障

措施确保董事会与公司管理层之间的权力及权限的足

够平衡，而上述安排将不会削弱董事会与执行管理层

之间之权责平衡。公司的规划、公司策略的执行及决

策的效率大致上将不会受到影响。

为维持本公司高标准的企业管治常规，董事会辖下的

提名委员会及董事会仍会因应当时情况，不时检讨董

事会架构及组成的成效。本公司将继续检讨及监察其

企业管治常规，以确保遵守企业管治守则。

CORPORATE GOVERNANCE PRACTICES

The Company is comited to adopting a high standard of

corporate governance practices and procedures throughout the

Group. The Directors firmly believe that sound and reasonable

corporate governance practices are esential for the steady

growth of the Group and for safeguarding the interests of

Shareholders.

The Company has complied throughout the year ended

31 March 2025 with al the code provisions in the Corporate

Governance Code (“CG Code”) as set out in Apendix C1 to

the GEM Listing Rules, except the folowing deviation:

Under code provision C.2.1 of the CG Code, the roles of

chairman and chief executive should be separate and should

not be performed by the same individual. Mr. Wong, being

the Chairman and Chief Executive Oficer, has ben primarily

responsible for scrutinizing the performance of management in

achieving agred corporate goals and objectives, monitoring

the Group’s performance reporting, management and busines

development, ensuring corporate governance practices and

procedures of the Group and formulating busines strategies

and policies of the Group since 2009. As the Board mets

regularly to consider maters relating to busines operations of

the Group, al major decisions are made in consultation with

members of the Board and relevant Board comites, and

there are thre independent non-executive Directors on the

Board ofering independent perspectives, the Board is of the

view that there are adequate safeguards in place to ensure

suficient balance of powers and authorities betwen the

Board and the management of the Company, and the above

arangement wil not impair the balance of power and authority

of the Board and the executive management. The efectivenes

of corporate planing and implementation of corporate

strategies and decisions wil generaly not be undermined.

To maintain a high standard of corporate governance practice

for the Company, the nomination comite of the Board and

the Board shal nevertheles review the efectivenes of the

structure and composition of the Board from time to time in

light of the prevailing circumstances. The Company wil continue

to review and monitor its corporate governance practices to

ensure its compliance with the CG Code.

CORPORATE GOVERNANCE REPORT

企业管治报告

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事进行证券交易

本公司已采纳条款不比GEM上市规则第5.48至5.67条

所载交易必守标准（「交易必守标准」）宽松之董事进

行证券交易的行为守则。于作出具体查询后，全体董

事均已确认彼等于截至2025年3月31日止年度整个期

间内完全遵守交易必守标准所载的标准规定。

董事会

职责及授权

本集团业务由董事会负责整体管理，董事会负责领导

及控制本公司及本集团的业务、战略决策及表现。董

事会透过指导及监督本公司事务，对促进本公司之成

功共同负责。全体董事皆以本公司的整体利益为依归，

以真诚履行其受信责任、并客观地作出决策。

董事会保留其在本公司所有重大事宜的决策权，包括

批准及监察所有政策事务、整体策略及预算、风险管

理及内部控制系统、重大交易（尤其是可能牵涉利益

冲突的交易）、财务资料、董事的委任及其他重大财务

及经营事宜。

全体董事均可及时获取一切有关资料，以及高级管理

层和本公司公司秘书（「公司秘书」）的意见及服务，确

保符合董事会程序及一切适用法律及法规。在向董事

会提出合理要求后，任何董事均可于适合情况下征询

独立专业意见，费用由本公司承担。

董事会已就本集团的日常管理及营运，委以高级管理

层权力及职责。已委派执行的职务及工作会作定期检

讨。高级管理层于订立任何重大交易前，须事先获董

事会批准。管理层为董事会提供充分的解释及资讯，

使其能够对提交予其批准的财务及其他资料作出知情

评估。高级管理层全力支持董事会履行其职责。

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the code of conduct for securities

transactions by Directors on terms no les exacting than the

required standard of dealings set out in Rules 5.48 to 5.67 of

the GEM Listing Rules (the “Required Standard of Dealings”).

Having made specific enquiry, al Directors have confirmed that

they have fuly complied with the required standards set out in

the Required Standard of Dealings throughout the year ended

31 March 2025.

BOARD OF DIRECTORS

Responsibilities and delegation

The overal management of the Group’s busines is vested in

the Board, which asumes responsibility for leadership and

control of the Company and overses the Group’s busines,

strategic decisions and performance. The Board is colectively

responsible for promoting the suces of the Company by

directing and supervising its afairs. Al Directors should cary

out their fiduciary duties in god faith, and make decisions

objectively in the interests of the Company as a whole.

The Board reserves for its decisions al major maters of the

Company, including the aproval and monitoring of al policy

maters, overal strategies and budgets, risk management

and internal control systems, material transactions (in

particular those that may involve conflict of interests), financial

information, apointment of Directors and other significant

financial and operational maters.

Al Directors have timely aces to al relevant information as

wel as the advice and services of the senior management

and the company secretary of the Company (the “Company

Secretary”), with a view to ensuring compliance with Board

procedures and al aplicable laws and regulations. Any Director

may request independent profesional advice in apropriate

circumstances at the Company’s expense, upon reasonable

request made to the Board.

The senior management is delegated the authority and

responsibilities by the Board for the day-to-day management

and operation of the Group. The delegated functions and work

tasks are periodicaly reviewed. Aproval has to be obtained

from the Board prior to any significant transactions entered into

by the senior management. The management provides suficient

explanation and information to the Board to enable it to make

an informed asesment of financial and other information port

before it for aproval. The Board has the ful suport of the

senior management to discharge its responsibilities.

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会（续）

董事会的组成

董事会共同负责监督本集团业务及事务的管理以提高

股东价值。目前，董事会由两名执行董事及三名独立

非执行董事组成。于年内及截至本年报日期，董事会

由下列成员组成：

执行董事

王世存（主席兼行政总裁）

许曼怡

独立非执行董事

张志文

罗俊逸

萧志伟

于截至2025年3月31日止年度内，董事会已遵守GEM

上市规则第5.05条及5.05A条委任不少于三名独立非

执行董事的规定，而至少其中一名独立非执行董事乃

具备合适专业资格或会计或相关财务管理专业知识且

所委任的独立非执行董事须占董事会至少三分之一。

董事会成员具备本集团业务所需及目标而适用的技巧

与经验。各执行董事根据其专业知识负责本集团的不

同业务及职能部门。独立非执行董事为董事会提供不

同的业务及财务专业知识、经验及独立判断，并且在

本公司董事会辖下各委员会中占据多数。透过参与董

事会议及在管理涉及潜在利益冲突事宜上担任领导

工作，独立非执行董事已对本公司订立有效方针作出

贡献，并给予充份的制衡作用，以保障本集团及股东

的利益。

BOARD OF DIRECTORS (Continued)

Board composition

The Board is colectively responsible for the oversight of the

management of the busines and afairs of the Group with

the objective of enhancing Shareholders value. The Board

comprises two executive Directors and thre independent non-

executive Directors curently. The members of the Board during

the year and up to the date of this anual report are as folows:

Executive Directors

Wong Sai Chuen (Chairman and Chief Executive Oficer)

Hui Man Ye, Magie

Independent Non-executive Directors

Cheung Chi Man, Denis

Law Chun Yat

Siu Chi Wai

During the year ended 31 March 2025, the Board has met the

requirements under Rules 5.05 and 5.05A of the GEM Listing

Rules having a minimum of thre independent non-executive

Directors with at least one of them posesing apropriate

profesional qualifications or acounting or related financial

management expertise and must apoint independent non-

executive Directors representing at least one-third of the Board.

The members of the Board have skils and experience

apropriate for the busines requirements and objectives of

the Group. Each executive Director is responsible for diferent

busineses and functional divisions of the Group in acordance

with his/her expertise. The independent non-executive Directors

bring diferent busineses and financial expertise, experiences

and independent judgement to the Board and they constitute

the majority of each of the Board comites of the Company.

Through participation in Board metings and taking the lead in

managing isues involving potential conflicts of interests, the

independent non-executive Directors have made contributions

to the efective direction of the Company and provided

adequate checks and balances to safeguard the interests of

both the Group and the Shareholders.

Skill and Experience
Industry Knowledge General Ma 行业知识综合	nagement Globa 管理环	E l Business Socia 球商业环境	nvironment, Ac l & Governance Le 、社会及管治会	counting/Finance/ gal & Compliance 计/财务/法律及合规	Internal Control & Risk Management 内部控制及风险管理
Executive Director 执行董事
Independent Non-Executive Director 独立非执行董事

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会（续）

下表列载董事会具备的技能及专业知识：

BOARD OF DIRECTORS (Continued)

The skils matrix below sets out the skils and expertise of the

Board:

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会（续）

本公司已收到各独立非执行董事根据GEM上市规则第

5.09条的规定就其独立性所发出的年度书面确认书并

认为，按照GEM上市规则有关独立性的指引，彼等均

为独立人士。

就董事所深知，除王先生及许女士外，董事与董事会

任何成员概无任何关系（包括财务、业务、家族或其他

重大关系）。董事履历载于本年报第16至18页。

委任及重选董事

所有董事均有特定任期，须于现有任期届满后续约。

本公司已与各执行董事（即王先生及许女士）订立董

事服务协议为期3年。

本公司已向各独立非执行董事（即张志文先生、罗俊

逸先生及萧志伟先生）发出委任函，任期由各自的委任

日期起计为期1年。

根据细则，在本公司每届股东周年大会上，当时三分

之一董事（若其人数并非三之倍数，则须为最接近但

不少于三分之一人数）将轮值告退，惟每位董事须至少

每三年轮值退任一次。任何获董事会委任填补临时空

缺的新董事任期仅至其获委任后首次股东大会为止，

而任何获董事会委任为董事会新增成员的董事任期至

本公司下届股东周年大会为止。董事符合资格于本公

司有关股东大会上膺选连任。

BOARD OF DIRECTORS (Continued)

The Company has received an anual confirmation of

independence in writing from each of the independent non-

executive Directors pursuant to Rule 5.09 of the GEM Listing

Rule and considers them to be independent with reference to

the independence guidelines set out in the GEM Listing Rules.

To the best knowledge of the Directors, except for Mr. Wong

and Ms. Hui, the Directors have no relationship (including

financial, busines, family or other material relationship)

betwen any members of the Board. Biographies of the

Directors are set out on pages 16 to 18 of this anual report.

Apointment and re-election of Directors

Al Directors are apointed for a specific term, subject to

renewal upon expiry of the existing term. The Company has

entered into a director’s service agrement with each of the

executive Directors, namely Mr. Wong and Ms. Hui, for a term

of thre years.

The Company has isued leters of apointment to each of

the independent non-executive Directors, namely Mr. Cheung

Chi Man, Denis, Mr. Law Chun Yat and Mr. Siu Chi Wai, with

a term of one year comencing from their respective dates of

apointment.

Pursuant to the Articles, one-third of the Directors for the

time being (if their number is not thre or a multiple of thre,

the number nearest to but not les than one-third) shal retire

from ofice by rotation at each anual general meting of the

Company provided that every Director shal be subject to

retirement by rotation at least once every thre years. Any

new Director apointed by the Board to fil a casual vacancy

shal hold ofice only until the first anual general meting of

the Company after his/her apointment, whereas any Director

apointed by the Board as an adition to the existing Board

shal hold ofice only until the next folowing anual general

meting of the Company. The Directors should be eligible

for re-election at the relevant anual general meting of the

Company.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

BOARD OF DIRECTORS (Continued)

Board metings and atendance

The Company Secretary shal asist the Chairman and the

executive Directors in establishing the meting agenda, and

each Director is given an oportunity to include items in the

agenda. The Board conducts regularly scheduled metings on

a quarterly basis with the active participation of the Directors.

Ad-hoc metings are convened when circumstances require.

The Board held 5 metings during the financial year ended 31

March 2025 to consider, among other things, reviewing and

aproving the quarterly, interim, anual results and payments of

dividends of the Group.

Notice of at least 14 days are given of a regular board meting

to give al Directors an oportunity to atend. Adequate

and apropriate information is circulated to the Directors in

advance of Board metings or such period acepted by them.

For regular Board metings, an agenda and acompanying

Board papers are sent in ful to al Directors in a timely

maner and at least 3 days before the informed date of a

Board or Board comite meting. Minutes of al Board and

comite metings are kept by the Company Secretary and

are open for inspection by the Directors at any reasonable

time on reasonable notice. Minutes of Board and comite

metings record in suficient detail the maters considered and

decisions reached, including any concerns raised by Directors

or disenting views expresed. Draft and final versions of

minutes of al Board and comite metings are circulated

to al Directors and comite members for coments and

records within the period acepted by them after each meting.

The Directors atend metings in person or via telephone

conference, as permited under the Articles of Asociation.

The Company Secretary atends the Board/Board comites

metings. Al Directors have aces to the Company Secretary

who is responsible for ensuring that Board/Board comites

procedures are observed and advising the Board/Board

comites on compliance maters.

董事会（续）

董事会议及出席率

公司秘书协助主席及执行董事编制会议程，及各董

事均有机会于议程中加入项目。各董事积极参与董事

会于每季度举行的例会，并于有需要时召开特别会议。

截至2025年3月31日止财政年度内，董事会已举行5次

会议，以考虑（其中包括）审阅及批准本集团之季度、

中期、年度业绩及派付股息。

董事会于至少14日前发出定期举行之董事会议通告，

让全体董事皆可抽空出席。在董事会议举行前或董

事接受的期间向彼等传阅充足及适用资料。就定期召

开之董事会议而言，会议程及随附有关之董事会

文件均于适时（即于董事会议或董事委员会议通

知日期前最少三天）送达全体董事。所有董事会及委员

会议记录均由公司秘书保存，倘任何董事给予合理

通告，则可在合理时间查阅该等会议记录。董事会及

委员会议的会议纪录对会议上各董事所考虑事项及

达致的决定作足够详细的记录，其中应该包括董事提

出的任何疑虑或表达的反对意见。所有董事会及委员

会议记录草拟本及定稿，均于每次会议结束后，在

全体董事及委员会成员接纳期间内，寄发予彼等作评

论及记录。董事可亲身或根据组织章程细则所批准透

过电话会议方式出席会议。

公司秘书出席所有董事会╱董事会委员会议。全体

董事均可联络公司秘书。公司秘书负责确保董事会╱

董事会委员会之程序获得遵守，并向董事会╱董事会

委员会就合规事宜作出建议。

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会（续）

董事会议及出席率（续）

每位董事于年内出席董事会议、董事会委员会议

及于2024年8月23日举行的股东周年大会（「2024股东

周年大会」）的出席记录载列如下：

附注：出席次数指董事实际出席之次数╱有权出席之会议之

次数。

BOARD OF DIRECTORS (Continued)

Board metings and atendance (Continued)

The atendance record of each Director at Board metings,

comite metings, the anual general meting held on

23 August 2024 (the “2024 AGM”) for the year is set out below:

Atendance/Number of Metings

出席次数╱会议次数

Board

metings

Audit

Comite

metings

Remuneration

Comite

metings

Nomination

Comite

metings

AGM

董事会

会议

审核委员会

会议

薪酬委员会

会议

提名委员会

会议

股东周年大会

Total Number of Metings会议次数总数54111

Executive Directors执行董事

Wong Sai Chuen王世存5/5N/A不适用N/A不适用1/11/1

Hui Man Ye, Magie许曼怡5/5N/A不适用N/A不适用N/A不适用1/1

Independent Non-Executive

Directors

独立非执行董事

Cheung Chi Man Denis张志文5/54/41/11/11/1

Law Chun Yat 罗俊逸5/54/41/11/11/1

Siu Chi Wai萧志伟5/54/41/11/11/1

Note: The atendance figure represents actual atendance/the number

of metings a Director is entitled to atend.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会（续）

董事之培训及持续专业发展

董事培训属持续过程。年内，董事定期收到本公司业

绩、状况及前景的更新资料，以便董事会整体及各董

事可履行其职责。此外，本公司鼓励所有董事参与持

续专业发展（「持续专业发展」），以发展并更新其知识

及技能，以确保彼等在具备全面资讯及切合所需之情

况下对董事会作出贡献。

年内，全体董事已参与持续专业发展，透过阅读有关

企业管治或有关董事角色、职能及职责的法律、规则

及法规最新资讯的材料及╱或参加由专业机构组织的

培训课程、研讨会或讨论会，以提高及更新彼等的知

识及技能。

于本年度内接受培训的各董事的个人记录概述如下：

BOARD OF DIRECTORS (Continued)

Directors’ training and continuous profesional

development

Directors’ training is an ongoing proces. During the year,

Directors are provided with regular updates on the Company’s

performance, position and prospects to enable the Board as a

whole and each Director to discharge their duties. In adition,

al Directors are encouraged to participate in continuous

profesional development (“CPD”) to develop and refresh their

knowledge and skils to ensure that their contribution into the

Board remains informed and relevant.

During the year, al Directors had participated in CPD to develop

and refresh their knowledge and skils by reading materials

and/or atending training courses, seminars or workshops

organized by profesional bodies on corporate governance or

updated on laws, rules and regulations relating to the roles,

functions and duties of a Director.

The individual records of each Director who received training for

the year is sumarised as folows:

Course/

Seminar/

Workshop

organized by

Profesional

Body

Total

number

of hour(s)

Reading

materials

Total

number

of hour(s)

由专业机构

组织的课程╱

研讨会╱讨论会总时长阅读材料总时长

Directors董事

Executive Directors执行董事

Wong Sai Chuen王世存✓1✓3

Hui Man Ye, Magie许曼怡✓1✓3

Independent Non-executive Directors独立非执行董事

Cheung Chi Man, Denis张志文✓3✓3

Law Chun Yat罗俊逸✓57.8✓3

Siu Chi Wai萧志伟✓16✓3

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会（续）

企业管治职能

根据企业管治守则守则条文第A.2.1条，于截至2025年

3月31日止年度内，董事会亦负责履行企业管治职责载

列如下：

• 审阅及监察董事及高级管理层之培训及持续专

业发展；

• 审阅及监察本公司遵守法定及监管规定方面之

政策及惯例；

、审阅及监察适用于雇员及董事之行为守则

及合规手册（如有）；及

• 审阅本公司遵守企业管治守则之情况及于企业

管治报告作出之披露。

董事会委员会

本公司已成立董事会审核委员会、提名委员会（「提名

委员会」）及薪酬委员会，以监督本公司事务之特定范

畴。所有董事会委员会成立均订有明确的书面职权范

围，此等资料可于联交所网站及本公司网站查阅。所

有董事会委员会应向董事会汇报彼等所作决定或建议。

所有董事会委员会均获得充足资源以履行彼等的职责，

并按合理要求而能够于适当情况下征询独立专业意见，

费用由本公司承担。各董事会委员会之各自角色、职

责及活动列载如下︰

审核委员会

本公司已设立审核委员会，并已遵照企业管治守则订

立特定书面职权范围。委员会现时由三名独立非执行

董事张志文先生、罗俊逸先生及萧志伟先生组成，并

由张志文先生担任主席，彼拥有GEM上市规则第5.05

及5.28条规定的合适专业资格及经验。概无审核委员

会成员为本公司现任外聘核数师的前任合伙人。

BOARD OF DIRECTORS (Continued)

Corporate governance functions

Pursuant to code provision A.2.1 of the CG Code, the Board

is also responsible for performing the corporate governance

duties during the year ended 31 March 2025 as set out below:

’s policies and

practices on corporate governance;

• reviewed and monitored the training and continuous

profesional development of Directors and senior

management;

’s policies and

practices on compliance with legal and regulatory

requirements;

, reviewed and monitored the code of conduct

and compliance manual (if any) aplicable to employes

and Directors; and

’s compliance with the CG Code

and disclosure in the Corporate Governance Report.

BOARD COMITE

The Company has established the Audit Comite, the

nomination comite of the Board (the “Nomination

Comite”) and the Remuneration Comite, for overseing

particular aspects of the Company’s afairs. Al Board

comites have ben established with defined writen terms of

reference which are available on the Stock Exchange’s website

and the Company’s website. Al the Board comites should

report to the Board on their decisions or recomendations

made.

Al Board comites are provided with suficient resources

to discharge their duties and, upon reasonable request, are

able to sek independent profesional advice in apropriate

circumstances, at the Company’s expenses. The respective

role, responsibilities and activities of each Board comite are

set out below:

Audit Comite

The Audit Comite was established with a specific writen

terms of reference in compliance with the CG Code. The

comite curently comprised thre independent non-

executive Directors, Mr. Cheung Chi Man, Denis, Mr. Law

Chun Yat and Mr. Siu Chi Wai and chaired by Mr. Cheung Chi

Man, Denis, who has apropriate profesional qualifications

and experience as required by Rules 5.05 and 5.28 of the GEM

Listing Rules. None of the members of the Audit Comite is

a former partner of the Company’s existing external auditor.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

BOARD COMITE (Continued)

Audit Comite (Continued)

The main duties of the Audit Comite are (i) reviewing

the quarterly, half-yearly and anual results of the Group

and considering any significant or unusual items raised by

the financial oficers of the Group or external auditor before

submision to the Board; (i) reviewing the relationship with and

the terms of apointment of the external auditor and making

relevant recomendations to the Board; and (i) reviewing the

Company’s financial reporting system and the efectivenes of

the risk management and internal control systems.

By invitation of the Audit Comite, other Directors and senior

management may also atend the metings. The Company

Secretary prepared ful minutes of the Audit Comite

metings with details of discusions and decisions reached.

Suficient resources are made available to the comite when

independent legal or profesional advice is required. The Audit

Comite members met with the external auditor twice a year.

The folowing is a sumary of the work of the Audit Comite

during the year ended 31 March 2025:

• reviewed the audited consolidated financial statements

and the anual results anouncement of the Company for

the year ended 31 March 2024;

• reviewed the interim unaudited consolidated financial

statements and the interim results anouncement of the

Company for the 6 months ended 30 September 2024;

• reviewed the remuneration and terms of engagement of

the Company’s external auditor;

’s financial controls, internal control

and risk management systems, and the efectivenes of

the Company’s internal audit function;

’s acounting principles and practices,

compliance with the GEM Listing Rules and statutes, and

financial reporting maters; and

’s external auditor

and the anouncement regarding change of auditor.

During the year ended 31 March 2025, the Board had no

disagrement with the Audit Comite’s view on the re-

apointment of the Company’s external auditor.

董事会委员会（续）

审核委员会（续）

审核委员会之主要职责为(i)于提呈董事会前审阅本集

团之季度、半年及全年业绩及考虑本集团财务人员或

外聘核数师提出之任何重大或不寻常项目；(i)检讨与

外聘核数师之关系及聘用条款，并向董事会提出有关

建议；及(i)审阅本公司财务报告系统、风险管理及内

部控制系统的有效性。

在审核委员会邀请下，其他董事及高级管理层亦可出

席会议。公司秘书编制审核委员会议的详尽会议纪

录，包括会议的讨论及决议。倘需要独立法律或专业

意见，该委员会可获得充足资源。审核委员会成员每

年与外聘核数师会面两次。

截至2025年3月31日止年度内，审核委员会之工作概

述如下：

• 审阅本公司截至2024年3月31日止年度之经审核

财务报表及年度业绩公告；

• 审阅本公司截至2024年9月30日止6个月之中期

未经审核综合财务报表及中期业绩公告；

、内部控制及风险管理制

度，以及本公司内部审核职能的成效；

，遵守GEM上市规

则及法规及财务报告事宜；及

• 审阅更换本公司外聘核数师及有关更换核数师

公告。

截至2025年3月31日止年度，董事会对审核委员会关

于续聘本公司外部核数师的意见并无异议。

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会委员会（续）

提名委员会

本公司已设立提名委员会，并已遵照企业管治守则订

立特定书面职权范围。委员会现时由两名执行董事王

先生、许女士，及三名独立非执行董事张志文先生、罗

俊逸先生及萧志伟先生组成，并由王先生担任主席。

提名委员会之主要职责为(i)定期审阅董事会架构、人

数及成员组成（包括技能、知识及经验），并就任何建

议变动向董事会提出建议；(i)物色合资格及合适之人

士加盟董事会，并挑选或向董事会推荐提名加盟董事

会之人士；(i)评估独立非执行董事的独立性；及(iv)就

委任或重新委任董事及董事继任计划（特别是主席及

行政总裁）等相关事宜向董事会提出建议。

提名政策

本公司已为提名委员会采纳提名政策，以考虑及推荐

股东于股东大会上选举董事或委任填补临时空缺的董

事。

甄选标准

于选择本公司董事职务的候选人时，提名委员会可参

考以下若干标准：

、经验、技能及专业知识；及

• 候选人将为履行其职责及责任而付出的时间和

精力。

必要时，可能委聘外部招聘专员进行甄选程序。

BOARD COMITE (Continued)

Nomination Comite

The Nomination Comite was established with specific

writen terms of reference in compliance with the CG Code.

The comite curently comprised two executive Directors, Mr.

Wong, Ms. Hui, and thre independent non-executive Directors,

Mr. Cheung Chi Man, Denis, Mr. Law Chun Yat and Mr. Siu Chi

Wai, and chaired by Mr. Wong.

The primary duties of the Nomination Comite are to (i)

review the structure, size and composition (including the skils,

knowledge and experience) of the Board on a regular basis and

make recomendations to the Board regarding any proposed

changes; (i) identify qualified and suitable individuals to

become Board members and select or make recomendations

to the Board on the selection of individuals nominated for

directorships; (i) asesing the independence of independent

non-executive Directors; and (iv) make recomendations to

the Board on relevant maters relating to the apointment

or re-apointment of directors and sucesion planing for

directors in particular the chairman and the chief executive

oficer.

Nomination policy

The Company has adopted a nomination policy for the

Nomination Comite to consider and make recomendations

to Shareholders for election as Directors at general metings or

apoint as Directors to fil casual vacancies.

Selection criteria

In selecting candidates for the directorship of the Company, the

Nomination Comite may make reference to certain criteria

such as:

’s neds;

;

, experience, skils and profesional knowledge

of the candidate; and

• the amount of time and efort that the candidate wil

devote to discharge his/her duties and responsibilities.

External recruitment profesionals might be engaged to cary

out selection proces when necesary.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会委员会（续）

董事会多元化政策

年内，董事会已采纳董事会多元化政策，其中载有实

现董事会多元化之方式。本公司明白并深信董事会成

员多元化之裨益。其致力确保董事会于技能、经验及

多样化观点与角度方面具备符合本集团业务规定之平

衡发展。董事会所有委任将用人唯才，并在考虑候选

人时以客观准则充分顾及董事会多元化的裨益。董事

会多元化政策将由董事会作出每年审查。

甄选候选人将基于一系列多元化角度，包括但不限于

性别、年龄、文化及教育背景、专业经验、技能及知识。

最终决定将按所选候选人的优点及其将为董事会带来

的贡献而作出。本公司亦将考虑多种因素包括基于其

自身业务模式及不时的特定需求。该政策将会不时检

讨，以确保决定董事会最佳组成的适宜性。

董事会亦已制定可计量的目标以实现董事会多元化，

其中包括：(i)候选人将基于一系列多元化角度进行甄

选，包括但不限于性别、年龄、文化及教育背景、种族、

专业经验、技能、知识及服务年期；(i)提名委员会将每

年进行讨论，并在必要时就实现董事会多元化的可计

量目标达成共识。其将向董事会提供建议以供采纳，

其中包括至少一名具有适当专业资格或会计或相关财

务管理专业知识的董事，以及至少一名在本集团业务

所在行业具有丰富经验的董事；(i)董事会应至少有一

名不同性别的董事。该董事应具备本公司营运所需的

技能、经验及才能；及(iv)为实现及╱或维持性别多元

化，提名委员会将向董事会推荐潜在候选人，以实现

性别多元化。经计及本公司的企业战略及业务营运，

最终决定将视乎客观标准、候选者将为董事会带来的

价值及贡献而定。

BOARD COMITE (Continued)

Board diversity policy

During the year, the Board adopted a Board diversity policy

seting out the aproach to achieving diversity on the Board.

The Company recognises and embraces the benefits of the

diversity of Board members. It endeavors to ensure that the

Board has a balance of skils, experience and diversity of

perspectives apropriate to the requirements of the Group’s

busines. Al Board apointments wil be based on meritocracy,

and candidates wil be considered against objective criteria,

having due regard for the benefits of diversity on the Board.

The implementation and efectivenes of the Board diversity

policy wil be reviewed by the Board anualy.

The selection of candidates wil be based on a range of diverse

perspectives, including but not limited to gender, age, cultural

and educational background, profesional experience, skils and

knowledge. The ultimate decision wil be made upon the merits

and contributions that the selected candidates wil bring to the

Board. The Company wil also take into acount factors based

on its own busines model and specific neds from time to

time. Such policy wil be reviewed from time to time to ensure

the apropriatenes of determining the optimum composition of

the Board.

The Board has also set measurable objectives to achieve

board diversity, which includes the folowing: (i) the selection of

candidates wil be based on a range of diversity perspectives,

including but not limited to gender, age, cultural and

educational background, ethnicity, profesional experience,

skils, knowledge and length of service, (i) the Nomination

Comite wil discus and make discusion anualy, and,

where necesary, reach consensus on measurable objectives

for achieving board diversity. It wil provide its recomendation

to the Board for adoption, which includes at least one of the

Directors having apropriate profesional qualifications or

acounting or related financial management expertise, and at

least one Director having intensive experience of the industry

on which the busines of the Group is engaged in, (i) the

Board shal have at least one Director of a diferent gender.

Such Director shal poses the skils, experience and talent

necesary for the operation of the Company, and (iv) to achieve

and/or maintain gender diversity, the Nomination Comite

wil recomend potential candidates for the Board so as to

realise gender diversity. The ultimate decision wil be based

on objective criteria, merit and contribution that the selected

candidates wil bring to the Board, taking into consideration of

the Company’s corporate strategies and busines operation.

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会委员会（续）

董事会多元化政策（续）

截至2025年3月31日止年度内，提名委员会之工作概

述如下：

、人数及成员多元化；

，并就

其委任向董事会作出推荐意见；

；及

• 审阅轮值退任之董事及于2024股东周年大会上

重新委任退任董事。

董事会认为，上述可计量目标已于截至2025年3月31

日止年度圆满达成。提名委员会已对董事会多元化政

策进行年度检讨，且提名委员会对董事会多元化政策

的实施及成效感到满意。

员工多元化政策

为实现及╱或保持多元性（包括性别多元化），提名委

员会将识别并向董事会推荐潜在候选人，以推广及实

现性别多元化。具体而言，在选择董事会潜在候选人

时，提名委员会及董事会将（其中包括）(i)对提名人选

以及董事会及高级管理层的继任计划提出建议时，考

虑董事会及高级管理层中不同性别的当前能力、多样

化及代表水平；及(i)不时参考香港平等机会委员会公

布的雇佣实务守则及其他适用司法权区的其他手册，

以考虑促进多元化的标准。本集团在招聘程序上坚持

公平原则，不对性别、民族、国籍及地区实施任何限制。

提名委员会采纳上述措施并根据上述选择标准审阅董

事会成员潜在候选人的资料，以发展董事会的潜在继

任人管道，实现性别多元化。

BOARD COMITE (Continued)

Board diversity policy (Continued)

The folowing is a sumary of the work of the Nomination

Comite during the year ended 31 March 2025:

, size and diversity of the Board;

• identified individual suitably qualified to become Board

members and made recomendations to the Board on

their apointments;

• asesed the independence of the independent

non-executive Directors; and

• reviewed the retirement of Directors by rotation and the

re-apointment of retiring Directors at the 2024 AGM.

The Board considered that the aforementioned measurable

goals have ben achieved satisfactorily during the year ended

31 March 2025. The Nomination Comite has conducted

an anual review of the board diversity policy and the

Nomination Comite is satisfied with the implementation and

efectivenes of the board diversity policy.

Workforce Diversity Policy

To achieve and/or maintain diversity (including gender diversity),

the Nomination Comite wil identify and recomend

potential candidates to the Board so as to promote and

realise gender diversity. Specificaly, when selecting potential

candidates for the Board, the Nomination Comite and the

Board wil, inter alia, (i) consider the curent ability, diversity and

representation level of diferent gender in the Board and senior

management when making recomendation on nomines and

the sucesion plan of the Board and senior management,

and (i) take reference to the Code of Practice on Employment

published by Hong Kong Equal Oportunities Comision and

other manuals in other aplicable jurisdictions from time to

time, so as to consider the standards in promoting diversity.

The Group adheres to the principle of fairnes in the recruitment

procedures, and does not implement any restriction on gender,

ethnicity, nationality and teritory. The Nomination Comite

adopts the above measures and reviews the profiles of the

potential candidates of Board members against the above

selection criteria in order to develop a pipeline of potential

sucesors to the Board to achieve gender diversity.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会委员会（续）

员工多元化政策（续）

截至2025年3月31日止年度，员工（包括高级管理层）

的男女性别比例为41:26。本公司认为性别多元化相当

均衡，并在其员工中普遍实现。本集团目标为透过在

招聘时促成多元化，继续保持员工中更加平衡的性别

多元化。

有关性别比例及相关数据的进一步详情，请参阅与本

年报同日刊发的本公司「环境、社会及管治报告」的披

露。

薪酬委员会

本公司已设立薪酬委员会，并已遵照企业管治守则订

立特定书面职权范围。委员会现时由三名独立非执行

董事张志文先生、罗俊逸先生及萧志伟先生组成并由

张志文先生担任主席。

薪酬委员会的主要职责包括根据企业管治守则的守则

条文第E.1.2(c)(i)条向董事会就本公司的薪酬政策及

架构以及董事及高级管理层的薪酬待遇提出建议。薪

酬委员会亦负责就该等薪酬政策及结构制定具透明度

之程序，以确保并无董事或其任何联系人士参与厘定

其自身薪酬，而薪酬将由董事会参考个人及本公司表

现以及当前市场环境后厘定。

于截至2025年3月31日止年度内，薪酬委员会之工作

概述如下：

• 审阅及厘定本集团有关董事及高级管理层薪酬

之政策及架构；

年内，并无任何与GEM上市规则第23章项下的股份计

划有关的重大事项须经薪酬委员会审阅或批准。

BOARD COMITE (Continued)

Workforce Diversity Policy (Continued)

The gender ratio of male to female in the workforce (including

senior management) for the year ended 31 March 2025 is

41:26. The Company considers that gender diversity is rather

balanced and has ben achieved in its workforce generaly. The

Group aims to continue maintaining a more balanced gender

diversity in the workforce by promoting such diversity during

recruitment.

For further details of gender ratio, together with the relevant

data, please refer to the disclosure in the “Environmental, Social

and Governance Report” of the Company which is published on

the same date as this anual report.

Remuneration Comite

The Remuneration Comite was established with specific

writen terms of reference in compliance with the CG Code.

The comite curently comprised thre independent non-

executive Directors, Mr. Cheung Chi Man, Denis, Mr. Law

Chun Yat and Mr. Siu Chi Wai, and chaired by Mr. Cheung Chi

Man, Denis.

The principal responsibilities of the Remuneration Comite

include making recomendations to the Board on the

Company’s remuneration policy and structure and on the

remuneration packages of Directors and senior management

pursuant to the code provision E.1.2(c)(i) of the CG Code. The

Remuneration Comite is also responsible for establishing

transparent procedures for developing such remuneration policy

and structure to ensure that no Director or any of his asociates

wil participate in deciding his own remuneration, which

remuneration wil be determined by the Board with reference to

the performance of the individual and the Company as wel as

the prevailing market conditions.

The folowing is a sumary of the work of the Remuneration

Comite during the year ended 31 March 2025:

’s policy and structure

for the remuneration of Directors and senior management;

;

No material maters relating to share schemes under Chapter

23 of the GEM Listing Rules were required to be reviewed or

aproved by the Remuneration Comite during the year.

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会委员会（续）

薪酬委员会（续）

• 审阅及向董事会建议董事及高级管理层之薪酬

待遇及服务合约条款；及

• 确保并无董事或其任何联系人士参与决定其自

身薪酬之事宜。

董事及高级管理层薪酬

截至2025年及2024年3月31日止年度的董事薪酬载于

综合财务报表附注29(a)。

根据企业管治守则，截至2025年3月31日止年度的高

级管理层成员（董事除外）之薪酬范围载列如下：

高级管理层的股份权益

于2025年3月31日，概无任何高级管理层于本公司股

份中拥有任何权益。

核数师薪酬

外聘核数师对管理层所呈列之财务资料提供客观评核，

并视为确保有效企业管治之重要元素之一。年内，天

职香港会计师事务所有限公司就审核服务所收取之费

用为760,000港元。

截至2025年3月31日止年度的非审核服务未收取任何

费用。

审计委员会对（其中包括）审核费用、审核过程之效能，

以及天职香港会计师事务所有限公司之独立性及客观

性表示满意，并建议董事会于本公司应届股东周年大

会上，续聘天职香港会计师事务所有限公司为本公司

来年之外聘核数师。

BOARD COMITE (Continued)

Remuneration Comite (Continued)

• reviewed and recomended to the Board the terms of

remuneration packages and service contracts of Directors

and senior management; and

/her asociates are

involved in deciding his/her own remuneration.

REMUNERATION OF DIRECTORS AND

SENIOR MANAGEMENT

The Directors’ remuneration for the year ended 31 March 2025

and 2024 are set out in note 29(a) to the consolidated financial

statements.

Pursuant to the CG Code, the remuneration of the members of

the senior management (other than the Directors) for the year

ended 31 March 2025 by band is set out below:

Remuneration band (in HKD)Number of individual

薪酬范围（港元）人数

2,000,001 to 2,500,0002,000,001至2,500,0003

Share interest of senior management

As at 31 March 2025, none of the senior management had any

interests in the shares of the Company.

Auditor’s remuneration

The external audit provides an objective asesment of the

financial information presented by the management, and is

considered one of the esential elements to ensure efective

corporate governance. During the year, the fe charged

by Baker Tily Hong Kong Limited for audit service was

HKD760,000.

There were no fes charged in respect of the non-auditing

services for the year ended 31 March 2025.

The Audit Comite is satisfied with, inter alia, the audit fes,

efectivenes of the audit proces, independence and objectivity

of Baker Tily Hong Kong Limited and has recomended to the

Board the re-apointment of Baker Tily Hong Kong Limited

as the Company’s external auditor for the ensuring year at the

forthcoming AGM.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部控制

董事会全权负责维持本集团健全及有效的风险管理及

内部控制系统，包括制定管理层架构及其相关之权限

并检视其成效。内部控制系统旨在协助达成本集团业

务目标、保护资产以防未经授权之使用或处理、以确

保会计纪录得以妥善保存，以便提供可靠的财务资料

供内部使用或对外发放，并确保遵守相关法例与规则。

内部控制系统旨在提供合理但并非绝对的保证，以防

止重大错误陈述或损失以及管理并非消除营运系统故

障的风险以实现本集团之目标。内部控制系统已嵌入

本公司营运和成为其文化之一，包括：

• 能对由本公司内在因素所产生的业务风险及对

营商环境的改变迅速作出反应，并包括向合适的

管理层即时汇报经确认的任何重大控制弱点，及

应采取的纠正行动的程序；

；及

董事会为有效的内部控制已设立的主要程序如下：

RISK MANAGEMENT AND INTERNAL

CONTROL

The Board has overal responsibility for maintaining an

integrated and efective risk management and internal control

systems of the Group, which includes the establishment of a

defined management structure with specified limits of authority,

and reviewing their efectivenes. The internal control system

is designed to asist in the achievement of busines objectives

of the Group, safeguarding asets against unauthorised use

or disposition, ensuring the proper maintenance of acounting

records for the provision of reliable financial information for

internal use or publication and ensuring compliance with

relevant legislation and regulation. The internal control system

is designed to provide reasonable, but not absolute, asurance

against material mistatement or los and to manage rather

than eliminate risks of failure in operational systems and

achievement of the Group’s objectives. The internal control

system (embeded in the operations of the Company and forms

part of the Company’s culture) includes:

;

• capability in responding quickly to evolving risks to the

busines arising from factors within the Company and

to the change in the busines environment; and include

procedures for reporting imediately to apropriate

management levels regarding any significant control

weaknes that is identified together with details of

corective action being undertaken;

; and

, laws and regulations.

The key procedures that the Board established to provide

efective internal controls are as folows:

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部控制（续）

组织结构

本集团设有适当的组织结构和明确的营运政策和程序

以及责任和授权。

授权和控制

授予执行董事和高级管理层适当的权力以执行企业政

策及策略和董事会制定的相关事项。

付款程序

已设有相关程序以评估、检讨及批准有关资本及经常

性支出之付款。

财务报告

董事会知悉其责任乃按持续经营基准编制真实而公

平地反映本集团财政状况之本集团综合财务报表，并

于必要时辅以合理及审慎的判断和估算。于编制截至

2024年9月30日止六个月及截至2025年3月31日止年

度之账目时，董事已选择适当之会计政策及贯彻应用。

本公司核数师就彼等对本集团综合财务报表之汇报责

任所作出之声明载于独立核数师报告内。

风险管理

董事会连同高级管理层负责监督及每年评估风险、提

高相关管理标准及评估投资项目。

RISK MANAGEMENT AND INTERNAL

CONTROL (Continued)

Organizational Structure

An apropriate organizational structure is in place with defined

operating policies and procedures as wel as responsibility and

lines of authority.

Authority and Control

The executive Directors and senior management are delegated

with respective levels of authorities to cary out the corporate

strategies and policies and related maters formulated by the

Board.

Payment Procedures

Relevant procedures have ben established to ases, review

and aprove payment in respect of the capital and recuring

expenditures.

Financial Reporting

The Board acknowledges its responsibility for preparing the

consolidated financial statements of the Group which give a

true and fair view of the state of afairs of the Group on a going

concern basis, with reasonable and prudent judgement and

estimates as necesary. In preparing the acounts for the six

months ended 30 September 2024, and the year ended 31

March 2025, the Directors have selected suitable acounting

policies and aplied them consistently.

The statement of the auditor of the Company about their

reporting responsibilities on the consolidated financial

statements of the Group is set out in the Independent Auditor’s

Report.

Risk Management

The Board together with senior management responsible

for monitoring and asesing risk anualy, bost related

management standards and evaluate investment projects.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部控制（续）

内部审核

由于本集团规模及架构较小及简单且董事会认为于必

要时委聘外部独立服务供应商执行本集团内部审核功

能更具成本效益，故于年内并无设立内部审核团队。

然而，董事会将继续至少每年检讨设立内部审核部门

的需要。

内部控制评估

年内，本公司已聘请外部服务供应商对风险管理及内

部控制系统的成效（包括财务、营运及合规控制及风

险管理功能）进行年度评估，并解决重大内部控制缺陷。

评估采用风险导向方式塑造及检讨内部控制系统成效，

包括下列工作：

(i) 根据涵盖主要监控范畴之原则，对本集团新业务

及成员公司的内部控制系统进行高层次检查；及

(i) 随机安排管理层访谈本集团之成员公司的内部

控制系统并进行专项穿行测试。

本公司已采纳一套内部控制政策及程序，以保障本集

团资产，以确保会计记录妥善保存及财务资料的可靠

性，以及确保遵守相关法律及法规。

本公司的董事及高级管理层基于有关本地及市场动态

的可查阅资料（通常来自新闻及期刊）了解风险评估，

并透过在职培训及定期举行会议讨论有关潜在风险的

案例得以加强有关了解。

RISK MANAGEMENT AND INTERNAL

CONTROL (Continued)

Internal Audit

No internal audit team has ben set up during the year since

the Group’s size and its structure is smal and simple and the

Board is of the opinion that it is more cost efective to apoint

an external independent service provider to cary out internal

audit function for the Group if necesary. However, the Board

wil continue to review the ned for an internal audit function at

least anualy.

Internal Control Review

During the year, the Company has engaged an external service

provider to cary out an anual review of the efectivenes of

the risk management and internal control system including

financial, operational and compliance controls, and risk

management functions, and to resolve material internal control

defects. The review adopts a risk-based aproach to create

and review the efectivenes of the internal control system and

includes the folowing works:

(i) to cary out a high level review on the internal control

system on new busines and members of the Group under

the principles which cover major control aspects; and

(i) to interview management and perform focused walk

through tests on the internal control system of members

of the Group on a selective basis.

The Company has adopted a set of internal control policies and

procedures to safeguard the Group’s asets, to ensure proper

maintenance of acounting records and reliability of financial

information, and to ensure compliance with relevant laws and

regulations.

The Directors and senior management of the Company based

on the available information (normaly from the news and

periodicals) about local and market’s dynamic movements and

their understanding of the risk asesment is enhanced through

the on-the-job training and regular metings to discus cases

with potential risk.

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部控制（续）

内部控制评估（续）

辨认、评估及管理：

（包括财务部及董事会）将获知悉根

据业务性质及自身经验，针对那些对溢利及价格

有影响的因素。于执行过程中，本公司相关负责

人会处理相关文件，并向董事汇报情况。

，公司秘书

将问题提呈董事会审阅及讨论，并通知董事及有

关人员禁止买卖本公司股份。

截至交易前的检查：

，公司秘书于执行建议交易前（包括持

续关连交易）根据GEM上市规则第19章及第20章

所规定之要求检查有关交易以评估建议交易是

否将触发公告、通函或年报之披露规定，及获得

股东批准之需要。

年内，本公司聘请的外部服务供应商已向审核委员会

提交其评估报告及建议，审核委员会已与管理层讨论，

并在董事会议上向董事会提交其工作计划进展及相

关发现。

RISK MANAGEMENT AND INTERNAL

CONTROL (Continued)

Internal Control Review (Continued)

Identification, asesment and management:

, including the Finance

Department and the Board wil be informed regarding the

factors that have an impact on the profit and price based

on the nature of busines and their own experience.

During the course of execution, the concerned responsible

person of the Company wil handle relevant documents

and report to the Directors.

• as for maters as required to be disclosed under the GEM

Listing Rules, the Company Secretary wil present the

isues to the Board for review and discusion, and inform

Directors and relevant personel that trading the shares of

the Company is prohibited.

Review prior to the transactions:

, the Company Secretary wil check with the

requirements as prescribed in Chapter 19 and Chapter 20

of the GEM Listing Rules before execution of the proposed

transactions (including continuing conected transactions),

to ases whether the proposed transaction wil triger

the disclosures requirements either in anouncements,

circulars and anual reports, and the ned to obtain

Shareholders’ aproval.

During the year, the external service provider, engaged by

the Company, has presented its review report and made

recomendations to the Audit Comite and the Audit

Comite has discused with the management and reported

the progres of the work plan and related findings to the Board

at the board meting.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部控制（续）

加强内部控制系统及企业管治

为符合GEM上市规则要求及进一步完善本集团的内

部控制系统，本公司已设立一套健全的内部控制架构、

严谨的政策及操守则以强调诚信、公平、透明及问

责的价值，以防止贪污和欺诈。年内，本公司聘请的外

部服务供应商已向审核委员会（负责检讨有关政策及

系统）呈报其内部控制报告以达致发展有效控制活动

进而减低风险。

董事已进一步加强企业管治常规，包括监控本公司营

运及业务发展而在本集团内建立汇报实施制度，以便

持续记录潜在股价敏感资料，及监察持续披露责任。

截至2025年3月31日止年度及直至本年报日期，本集

团的风险评估（包括环境、社会及管治风险）以及风险

管理及内部控制系统没有任何重大变更。

董事会已每年检讨(i)重大风险的性质及程度变化，以

及本集团应对其业务及外部环境转变的能力；(i)引致

并已经、本应或于未来可能对本集团财务表现或状况

有重大影响的不可预见后果或然事项的任何重大控

制缺陷或不足；(i) 向董事会通报控制结果的内容和频

率，以便董事会评估公司的控制情况和风险管理的有

效性；及(iv)本集团内部控制及风险管理制度的成效，

以确保管理层按照协定程序及标准维持及运作健全制

度。有关检讨涵盖所有重大控制，包括财务、营运及合

规控制以及风险管理职能。

RISK MANAGEMENT AND INTERNAL

CONTROL (Continued)

Internal Control System and Corporate

Governance enhancement

In compliance with the requirements of the GEM Listing Rules

and for the purpose of reinforcing the Group’s internal control

system, the Company has established a strong internal control

framework, put in place a set of stringent policies and code of

conduct to emphasis values on integrity, fairnes, transparency

and acountability so as to stand against coruption and fraud.

During the year, the external service provider, engaged by

the Company, has presented its internal control report to the

Audit Comite, who is responsible for reviewing the relevant

policy and system so as to achieve in develop efective control

activities and then mitigate the risks.

The Directors have strengthened corporate governance

practices, including the formalization of the reporting practice

throughout the Group in monitoring the operation and busines

developments of the Company so as to capture potentialy

price-sensitive information on an ongoing basis, monitoring the

continuing disclosure obligation.

During the year ended 31 March 2025 and up to the date of

this anual report, the Group has no significant changes in the

Group’s asesment of risks (including ESG risks) and the risk

management and internal control systems.

The Board has reviewed on an anual basis (i) the changes

in the nature and extent of significant risks and the Group’s

ability to respond to changes in its busines and the external

environment; (i) any significant control failings or weakneses

which have resulted in unforesen outcomes or contingencies

that have had, could have had, or may in the future have,

a material impact on the Group’s financial performance or

condition; (i) the extent and frequency of comunication

of monitoring results to the Board which enables it to

ases control of the Company and the efectivenes of risk

management; and (iv) the efectivenes of the internal control

and risk management systems of the Group to ensure that a

sound system is maintained and operated by the management

in compliance with the agred procedures and standards.

The review covered al material controls, including financial,

operational and compliance controls and risk management

functions.

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

RISK MANAGEMENT AND INTERNAL

CONTROL (Continued)

Internal Control System and Corporate

Governance enhancement (Continued)

As a result of the above review, the Board confirms, and

management has also confirmed to the Board, that the Group’s

risk management and internal control systems are efective

and adequate (including the resources, staf qualifications and

experience, training programes and budget of the Company’s

acounting and financial reporting functions are adequate), in

particular, for financial reporting GEM Listing Rules compliance,

and have complied with the CG Code provisions on risk

management and internal control throughout the year and up to

the date of this anual report.

Procedures and internal controls for the handling

and disemination of inside information

The Group has complied with the relevant aplicable

requirements of the Securities and Futures Ordinance and the

GEM Listing Rules on the disclosure of inside information. The

Group has disclosed inside information to the public as son as

reasonably practicable and kept strictly confidential before fuly

disclosing to the public.

Anti-coruption Policy

The Company does not tolerate any form of bribery, whether

direct or indirect, by, or of, its Directors, oficers, employes,

agents or consultants or any persons or companies acting for

it or on its behalf. The Company adopts an anti-coruption

policy in promoting and suporting anti-coruption laws and

regulations, as wel as asisting its employes in recognising

circumstances which may lead to or give the apearance of

being involved in coruption or unethical busines conduct, so

as to avoid such conduct which is clearly prohibited, and to

promptly sek guidance if necesary.

The anti-coruption policy wil be reviewed on a regular

basis, and any convicted cases wil be reported to the Audit

Comite or the Board.

Whistleblowing Policy

The Company expects and encourages employes of the

Group and those who deal with the Group (e.g., supliers,

customers, creditors and debtors) to raise concerns to the

Audit Comite, in confidence and anonymity, any suspected

impropriety, misconduct or malpractice concerning the Group.

The Company adopts a whistleblowing policy that provide

(i) reporting chanels; (i) guidance on reporting posible

improprieties; and (i) reasurances to whistleblowers of the

protection that the Group wil extend to them in the formal

system.

风险管理及内部控制（续）

加强内部控制系统及企业管治（续）

根据上述检讨的结果，董事会确认，及管理层亦向董

事会确认，本集团之风险管理及内部控制系统均有效

及充足（包括本公司在会计及财务报告功能方面的

资源、员工资历及经验，以及员工所接受的培训课程

及有关预算是足够的），特别是在财务报告方面遵守

GEM上市规则，并于本年度内及截至本年报日期已遵

守企业管治守则条文的风险管理及内部控制度之规

定。

处理和传播内幕消息的程序和内部控制

本集团已遵守证券及期货条例及GEM上市规则有关披

露内幕消息的相关适用规定。本集团已在合理可行的

情况下尽快向公众披露内幕消息，并在向公众全面披

露前严格保密。

反贪污政策

本公司不容忍其董事、高级职员、员工、代理或顾问或

代其行事或代表本公司的任何个人或公司进行任何形

式的直接或间接贿赂。本公司采纳反贪污政策促进及

支持反贪污法律及法规，并协助其员工识别可能导致

或看似涉及贪污或不道德商业行为的情况，以避免此

类明确禁止的行为，并于必要时即时寻求指导。

反贪污政策将定期检讨，任何定罪个案将向审核委员

会或董事会报告。

举报政策

本公司期望并鼓励本集团员工及与本集团进行交易的

人员（例如，供应商、客户、债权人及债务人）以保密

及匿名的方式向审核委员会提出与本集团有关的任何

涉嫌不当行为、失职或渎职。本公司采纳举报政策，提

供(i)举报渠道；(i)举报可能不当行为的指引；及(i)本

集团将在正式系统中向举报人提供保护的保证。

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部控制（续）

举报政策（续）

举报政策将定期检讨，任何怀疑个案将向审核委员会

报告。

股息政策

本集团订有派付股息的政策。股息政策的详情载于本

年报第22页。

公司秘书

公司秘书协助董事会以确保董事会之间有效交流资讯

及遵照董事会政策及程序。公司秘书亦负责就管治事

宜向董事会提出建议。截至2025年3月31日，本公司之

公司秘书为郑琦菲女士。郑女士已根据GEM上市规则

第5.15条于年内接受不少于15小时之相关专业培训，

以更新其技能及知识。

股东权利

下文为根据企业管治守则第K段之强制性披露规定而

须予披露股东若干权利之概要。

应股东之要求召开股东特别大会

根据组织章程细则第64条规定：

股东特别大会亦可应本公司任何一名或多名股东的书

面要求召开，惟彼等须将列明大会议题及经请求人签

署的书面要求送交本公司于香港的总办事处或（如本

公司不再有该总办事处）注册办事处，但该等请求人于

送交要求之日须持有本公司附带本公司股东大会投票

权不少于十分之一之缴足股本。股东特别大会须于送

交该要求后两个月内召开。如董事会并未于正式送交

要求之日起计21日内召开大会，则请求人本人可按相

同方式召开股东大会，而所有因董事会未有召开大会

致使请求人产生的合理开支，须由本公司向请求人偿

还。

RISK MANAGEMENT AND INTERNAL

CONTROL (Continued)

Whistleblowing Policy (Continued)

The whistleblowing policy wil be reviewed on a regular

basis, and any suspected cases wil be reported to the Audit

Comite.

Dividend Policy

The Group has a policy on payment of dividend. Details of the

dividend policy are set out on page 22 of this anual report.

COMPANY SECRETARY

The Company Secretary asists the Board by ensuring god

information flow within the Board and the Board policy and

procedures are folowed. The Company Secretary is also

responsible for advising the Board on governance maters. As

at 31 March 2025, the Company Secretary of the Company

was Ms. Cheng Faye. Ms. Cheng has undertaken not les than

15 hours of relevant profesional training to update their skils

and knowledge during the year pursuant to Rule 5.15 of the

GEM Listing Rules.

SHAREHOLDERS’ RIGHT

Set out below is a sumary of certain rights of the

Shareholders as required to be disclosed pursuant to the

mandatory disclosure requirement under paragraph K of the CG

Code.

Convening of extraordinary general meting on

requisition by Shareholders

Pursuant to Article 64 of the Articles of the Asociation, it is

stipulated that:

Extraordinary general metings shal also be convened on

the writen requisition of any one or more members of the

Company deposited at the principal ofice of the Company in

Hong Kong or, in the event the Company ceases to have such

a principal ofice, the registered ofice specifying the objects

of the meting 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 paid up capital of the

Company which caries the right of voting at general metings

of the Company. The extraordinary general meting shal be

held within two months after the deposit of such requisition.

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 may do so in the same maner,

and al reasonable expenses incured by the requisitionist(s) as

a result of the failure of the Board shal be reimbursed to the

requisitionist(s) by the Company.

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

股东权利（续）

于股东大会上提呈建议之程序

为于本公司股东大会上提呈建议，股东须以书面提交

其建议（「建议」），连同其详细联络资料，送至本公司

之主要营业地点（香港德辅道中267-275号龙记大厦

16楼）。本公司会向本公司于香港之股份过户及转让

登记分处核实该要求，于获得股份过户及转让登记分

处确认该要求为恰当及适当后，将要求董事会在股东

大会的议程内加入建议。

就股东提出考虑之建议于股东大会向全体股东发出通

告之通知期因应建议之性质有所不同，详情如下：

a. 倘建议须于本公司股东周年大会上以本公司特

别决议案或普通决议案方式获得批准，则须不少

于二十一个完整日及不少于二十个完整营业日

之书面通知。

b. 倘建议须于本公司股东特别大会上以本公司特

别决议案方式获得批准，则须不少于二十一个完

整日及不少于十个完整营业日之书面通知。

c. 倘建议须于本公司股东特别大会上以本公司普

通决议案方式获得批准，则须不少于十四个完整

日及不少于十个完整营业日之书面通知。

将股东的查询送达董事会的程序

股东可透过邮件ir@sanbase.com.hk、传真(852) 2870

3813或邮寄（香港德辅道中267-275号龙记大厦16楼）

方式经公司秘书向本公司提出书面查询。

SHAREHOLDERS’ RIGHT (Continued)

Procedures for puting forward proposals at

Shareholders’ meting

To put forward proposals at a general meting of the Company,

a shareholder should lodge a writen notice of his/her proposal

(the “Proposal”) with his/her detailed contact information at the

Company’s principal place of busines, 16/F, Lon Ke Building,

267-275 Des Voeux Road Central, Hong Kong. The request

wil be verified with the Company’s branch share registrars and

transfer ofice in Hong Kong and upon their confirmation that

the request is proper and in order, the Board wil be asked to

include the Proposal in the agenda for the general meting.

The notice period to be given to al the Shareholders for

consideration of the Proposal raised by the Shareholder

concerned at the general meting varies acording to the

nature of the Proposal as folows:

a. Notice in writing of not les than 21 clear days and not

les than 20 clear busines days if the Proposal requires

aproval by way of a special resolution or an ordinary

resolution of the Company in the AGM of the Company.

b. Notice in writing of not les than 21 clear days and not

les than 10 clear busines days if the Proposal requires

aproval by way of a special resolution of the Company in

an extraordinary general meting of the Company.

c. Notice in writing of not les than 14 clear days and not

les than 10 clear busines days if the Proposal requires

aproval by way of an ordinary resolution of the Company

in an extraordinary general meting of the Company.

Procedures for Puting Shareholders enquires to

the Board

Shareholders may send their writen enquiries to the

Company, for the atention of Company Secretary, by email:

ir@sanbase.com.hk, fax: (852) 2870 3813, or mail to 16/F, Lon

Ke Building, 267-275 Des Voeux Road Central, Hong Kong.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

投资者关系

本公司与股东及投资者建立不同之通讯渠道。除刊发

中期及年度报告、公告及新闻稿外，本集团之最新及

主要资讯亦于本公司之网页w.sclhk.com刊登。本

公司之网页为本公司及其股东与投资者提供沟通渠道。

本公司之股份过户处就所有股份登记事宜为股东提供

服务。

根据本公司的股东沟通政策，本公司将采取措施

征求及了解其股东及其他持份者（包括雇员、客

户、供应商及投资者）的意见。股东可透过邮寄至

香港德辅道中267-275号龙记大厦16楼或电邮至

ir@sanbase.com.hk，就影响本公司的各项事宜提出疑

问及发表意见，索取公开资料及向本公司董事或管理

层提供意见及建议。

本公司的股东周年大会为股东提供直接与董事沟通的

机会。在一般情况下，董事会主席及独立非执行董事

及董事委员会主席均将出席股东周年大会，以回答股

东提问。本公司外聘核数师亦将出席股东周年大会，

以回答审核工作、编制核数师报告及内容、会计政策

及核数师独立性等问题。

本公司于截至2025年3月31日止年度内对股东通讯政

策进行年度审阅。本公司与股东之间的多种沟通渠道

均畅通无阻。概无证据表明本公司与股东之间的沟通

不尽如人意。董事会对股东沟通政策的实施及有效性

较为满意。

INVESTOR RELATIONS

The Company establishes diferent comunication chanels

with Shareholders and investors. Apart from publication of

interim and anual reports, pres anouncement and release,

updated and key information of the Group are available on the

Company’s website at w.sclhk.com. The Company’s website

ofers a comunication chanel betwen the Company and its

Shareholders and investors. The Company’s registrars serve the

Shareholders in respect of al share registration maters.

Under the Company’s Shareholders’ comunication policy, the

Company wil take steps to solicit and understand the views of

its Shareholders and other stakeholders (including employes,

customers, supliers and investors). Shareholders may direct

questions and comunicate their views on various maters

afecting the Company, request for publicly available information

and provide coments and sugestions to the Directors

or management of the Company by mail to 16/F, Lon Ke

Building, 267-275 Des Voeux Road Central, Hong Kong or by

email to ir@sanbase.com.hk.

The anual general metings of the Company provide an

oportunity for Shareholders to comunicate directly with

the Directors. Under normal circumstances, the chairman of

the Board and the independent non-executive Directors and

the chairmen of the Board comites wil atend the anual

general metings to answer Shareholders’ questions. The

external auditor of the Company wil also atend the anual

general metings to answer questions about the audit works,

the preparation and content of the auditor’s report, the

acounting policies and the independence of the auditor.

An anual review of the Shareholders’ comunication policy

has ben conducted by the Company during the year ended

31 March 2025. Several comunication chanels betwen

the Company and the Shareholders are there and they have

ben working properly. There is no evidence of unsatisfactory

comunication betwen the Company and Shareholders. The

Board is satisfied with the implementation and efectivenes of

the Shareholders’ comunication policy.

庄皇集团公司 2025年度报告

CORPORATE GOVERNANCE REPORT

企业管治报告

获取独立意见及建议的政策

董事会已采纳一项获取独立意见及建议的政策，详情

如下：

董事会、董事会委员会或个别董事可在必要时寻求独

立专业意见、观点及建议，以履行其职责，并在行使独

立判断时作出决策，该费用将由本公司承担（「机制」）。

该机制的建立旨在确保董事会能够获得独立意见及建

议，并应在本公司治理报告中披露。

独立专业意见应包括法律意见、会计师及其他专业财

务顾问在法律、会计、税务及其他受监管事项上的建

议。

尽管透过该机制从董事会主席和╱或任何独立专业顾

问获取了任何信息或建议，董事仍应在形成决策时行

使独立判断。

所有董事均已了解此政策及机制。已对截至2025年3

月31日的年度获取独立意见及建议的公司政策进行了

年度审查。董事会对该政策的实施及其有效性感到满

意。

章程文件

本公司于2022年9月2日举行的股东周年大会通过特别

决议案，以采纳第二次经修订及重列的组织章程大纲

及章程细则，以符合GEM上市规则。

根据GEM上市规则第17.102条，本公司已于联交所及

本公司的网站刊登其组织章程大纲及组织章程细则。

POLICY ON OBTAINING INDEPENDENT

VIEWS AND INPUT

The Board has adopted a policy on obtaining independent

views and input of the Company, details of which are as

folows:

The Board, Board comites or individual Directors may

sek such independent profesional advice, views and input

as considered necesary to fulfil their responsibilities and in

exercising independent judgement when making decisions in

furtherance of their Directors’ duties at the Company’s expense

(the “Mechanism”). The Mechanism is established to ensure

independent views and input are available to the Board and

should be disclosed in this Corporate Governance Report.

Independent profesional advice shal include legal advice,

advice of acountants and other profesional financial advisers

on maters of law, acounting, tax and other regulatory maters.

Despite having obtained any information or advice from the

Chairman of the Board and/or any independent profesional

advisers through the Mechanism, the Directors are expected to

exercise independent judgement in forming their decisions.

Al Directors are aware of this policy and the Mechanism.

An anual review of the Company’s policy on obtaining

independent views and input for the year ended 31 March

2025 has ben conducted. The Board is satisfied with the

implementation and efectivenes of the policy.

CONSTITUTIONAL DOCUMENTS

A special resolution has ben pased at the anual general

meting of the Company held on 2 September 2022 to adopt

the second amended and restated memorandum of asociation

and articles of asociation in order to comply with the GEM

Listing Rules.

Pursuant to Rule 17.102 of the GEM Listing Rules, the

Company has published its memorandum of asociation and

articles of asociation on the respective websites of the Stock

Exchange and the Company.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

关于本报告

报告概览

庄皇集团公司（「庄皇」或「本公司」，连同其附属公司

统称「本集团」、「我们」或「我们的」）欣然向持份者

呈列我们的环境、社会及管治报告（「环境、社会及管

治报告」或「报告」）。本报告描述了本集团于2024年

4月1日至2025年3月31日（「报告期间」、「本年度」或

「2025年」）期间的环境、社会及管治活动、挑战和采取

的措施。

报告范围

本集团主要从事室内装潢服务。报告主要涵盖本集团

在香港总部及其在中华人民共和国（「中国」）的营运。

报告范围与去年相同。

报告框架

本报告乃根据香港联合交易所有限公司（「联交所」）

GEM证券上市规则附录C2所载的环境、社会及管治报

告指引（「环境、社会及管治报告指引」）编制。在编制

本报告期间，本集团应用环境、社会及管治报告指引

规定的报告原则如下：

重要性：对本集团及其持份者而言属重要的事宜会优

先处理。透过与内部管理层、雇员及外部持份者的交

流，本集团已识别多项需要解决的重要可持续发展问

题。本报告的编制乃基于该等重要议题。有关进一步

详情，请参阅持份者参与及重要性评估章节。

量化：本集团提供量化资料，以便制定可计量目标，并

客观评估环境、社会及管治表现。本报告的量化数据

已加入补充说明，以解释计算排放量及能源消耗时使

用的任何标准、方法及转换因素。

平衡：于本报告中，本集团透过审阅及披露取得的成

果、有待改进领域及计划，不偏不倚地呈报其环境、社

会及管治表现。

ABOUT THIS REPORT

Report Overview

Sanbase Corporation Limited (“Sanbase” or the “Company”,

together with its subsidiaries, colectively known as

the “Group”, “We” or “Our”), is pleased to present its

Environmental, Social and Governance Report (the “ESG

Report” or the “Report”) to stakeholders. This Report

describes the ESG activities, chalenges and measures taken by

the Group from 1 April 2024 to 31 March 2025 (the “Reporting

Period”, the “Year” or “2025”).

Reporting Scope

The Group is principaly engaged in interior fiting-out services.

The Report mainly covers the Group’s head ofice in Hong

Kong and its operations in the People’s Republic of China (the

“PRC”). The reporting boundary is as the same as last year.

Reporting Framework

This Report has ben prepared in acordance with the

Environmental, Social and Governance Reporting Guide (the

“ESG Reporting Guide”) as set out in Apendix C2 of the

Rules Governing the Listing Securities on the GEM of The Stock

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

preparation for this Report, the Group aplied the reporting

principles stipulated in the ESG Reporting Guide as folows:

Materiality: A high priority is given to isues important to the

Group and its stakeholders. Throughout the interaction with

internal management, employes and external stakeholders,

the Group has identified various material sustainability isues

that ned to be adresed. The preparation of this Report was

based on these material isues. Please refer to the Stakeholder

Engagement and Materiality Asesment sections for further

details.

Quantitative: Quantitative information is provided so that a

measurable target can be set and the ESG performance can be

evaluated objectively. Aditional clarifications have ben aded

to the quantitative data in this Report to explain any standards,

methodologies and conversion factors used in calculating

emisions and energy consumption.

Balance: In this Report, the Group provides an unbiased

picture of its ESG performance by reviewing and disclosing the

achievements, areas for improvement, and plans.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

一致性：本报告的范围及编制与上一年度基本一致，

并提供了披露范围及计算方法变更的数据说明。

前瞻性陈述

本报告包含前瞻性陈述，其乃基于本集团对其及其附

属公司经营的业务和市场的当前预期、估计、预测、理

念和假设。前瞻性陈述不是对未来业绩的保证，并受

市场风险、不确定性和本集团无法控制的因素所影响。

因此，实际结果及回报可能与本报告所载假设及陈述

有差异。

联络我们

我们欢迎持份者提出意见及建议。欢迎阁下就本环境、

社会及管治报告或我们的可持续发展表现反馈宝贵意

见：

地址：香港

德辅道中267–275号

龙记大厦16楼

电邮：ir@sanbase.com.hk

网址：w.sclhk.com

Consistency: This Report’s scope and preparation are

substantialy consistent with the previous year, and explanations

regarding data with a change in the scope of disclosure and

calculation methodologies are provided.

Forward-loking Statements

This Report contains forward-loking statements based on

the curent expectations, estimates, projections, beliefs,

and asumptions of the Group about the busineses and

the markets in which it and its subsidiaries operate. The

forward-loking statement is not a guarante of future

performance and is subject to market risk, uncertainties, and

factors beyond the control of the Group. Therefore, actual

outcomes and returns may difer from the asumptions and

statements in this Report.

We welcome stakeholders to provide opinions and sugestions.

You are welcome to provide valuable fedback on this ESG

Report or our sustainability performance at:

Adres:16/F, Lon Ke Building,

267-275 Des Voeux Road Central,

Hong Kong

Email:ir@sanbase.com.hk

Website:w.sclhk.com

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

董事会声明及环境、社会及管治理架

构

董事会声明

拥有稳健的环境、社会及管治理架构对解决作为本

集团企业议程一部分的可持续发展议题至关重要。作

为实现该目标的其中一环，本集团建立了自上而下的

管治框架，以确保环境、社会及管治与其策略增长目

标保持一致，将环境、社会及管治整合到业务活动中。

下图列出了我们的治理架构，包括董事会（「董事会」）

及环境、社会及管治工作组成。

BOARD STATEMENT AND ESG

GOVERNANCE STRUCTURE

The Board Statement

Having a robust ESG governance structure is crucial to

adresing sustainability isues as part of the Group’s corporate

agenda. As part of its eforts to achieve this goal, the Group

has established a top-down governance framework to ensure

that ESG is aligned with its strategic growth objectives for the

integration of ESG into busines activities. The chart below

sets forth our governance structure consisting of the Board of

Directors (the “Board”) and the ESG Working Group.

‧ Evaluate ESG-related risks

and oportunities

评估环境、社会及管治相关

的风险及机遇

‧ Formulate ESG

management aproaches,

strategies, priorities and

goals

制定环境、社会及管治管理

方法、策略、重点及目标

‧ Review the disclosures in

the ESG Report

审阅环境、社会及管治报告

的披露

‧ Overse al ESG isues

监督所有环境、社会及管治

事宜

‧ Overse the development

of the sustainability

strategies and goals

监督可持续发展策略及目标

的进展

‧ Review ESG-related

policies and practices

检讨环境、社会及管治相关

政策及实务

‧ Identify and evaluate the

Group’s ESG-related isues

and risks

认别及评估本集团的环境、

社会及管治相关议题及风险

‧ Flag emerging ESG-related

risks and oportunities

标记与环境、社会及管治相

关的新兴风险及机遇

‧ Implement sustainability

policies, procedure and

initiatives

实施可持续发展政策、程序

及倡议

‧ Colect ESG information

and data for ESG

disclosures

为环境、社会及管治披露收

集环境、社会及管治信息和

数据

Board of Directors

董事会

Senior Management

高级管理层

ESG Working Group

环境、社会及管治工作组

Subsidiaries’

Representatives

附属公司代表

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

董事会

董事会为环境、社会及管治事宜的最终责任人，为最

高决策机构，并定期审查在实现该等目标及指标方面

取得的进展。董事会亦负责与环境、社会及管治相关

的政策和策略，包括评估及管理可持续发展相关风险，

以确保有效及高效的可持续发展风险管理及内部控制

系统到位。董事会在环境、社会及管治工作组协助下，

定期就不同持份者的意见进行重要性评估，以更好地

管理本集团的环境、社会及管治表现及识别潜在风险。

环境、社会及管治工作组

环境、社会及管治工作组由本集团高级管理层成员及

其附属公司的核心代表组成，在促进董事会监督环境、

社会及管治问题方面发挥著重要作用。该跨职能小组

汇集组织各层级及各分部的专业知识，为董事会有效

管理环境、社会及管治相关事宜提供支持。

环境、社会及管治工作组在营运层面的一个关键作用

是审查环境、社会及管治议题相关法律法规的合规状

况。管理层定期向董事会报告环境、社会及管治相关

事宜，以便董事会可在必要时评估及修订策略。管理

层团队与附属公司代表密切合作，收集及分析环境、

社会及管治数据、监控相关表现、编制环境、社会及管

治报告，并最终向董事会报告。董事会已确认其已审

阅及批准本环境、社会及管治报告。据其所知，本报告

公平地呈列重大议题及本集团的环境、社会及管治方

法。

The Board

The Board holds ultimate responsibility for ESG maters, serving

as the highest decision-making body, and periodicaly reviewing

the progres that has ben made in achieving these goals and

targets. It is also the responsibility of the ESG-related policies

and strategies including asesing and managing sustainability-

related risks to ensure that an efective and eficient

sustainability risk management and internal control system is

in place. The Board conducts regular materiality asesments

concerning the views of diferent stakeholders, with the help

of the ESG Working Group to beter manage the Group’s ESG

performance and identify potential risks.

ESG Working Group

The ESG Working Group, comprised of senior management

members from the Group and core representatives from its

subsidiaries, plays a vital role in facilitating the Board’s oversight

of ESG isues. This cros-functional group brings together

expertise from various levels and divisions of the organization to

suport the Board in efectively managing ESG-related maters.

A key role of the ESG Working Group at the operational level is

to review compliance with laws and regulations related to ESG

isues. Management reports periodicaly to the Board about

ESG-related maters so that the Board can evaluate and revise

the strategies as necesary. The management team works

closely with subsidiaries’ representatives in colecting and

analyzing ESG data, monitoring ESG performance, preparing

the ESG report, and finaly reporting to the Board. It has ben

confirmed by the Board that it has reviewed and aproved this

ESG Report. This Report has, to the best of its knowledge,

fairly presented the material isues and Group’s ESG aproach.

Investors and Shareholders 投资者及股东	• Annual General Meeting 股东周年大会 • Financial Statements 财务报表 • Announcements and Circulars 公告及通函 • Seminars 研讨会	• Compliant Operation 合规营运 • Information Disclosure 信息披露 • Financial Performance 财务表现 • Corporate Governance 企业管治

Suppliers/Subcontractors 供应商╱次承判商	• Supplier Meetings and Interviews 供应商会议及面谈 • Periodic Assessments 定期评估 • Open Tendering 公开招标 • Regular Meetings 定期会议 • Circulars and Manuals 通函及手册 • Company Website 公司网站	• Contract Performance 合约表现 • Business Ethics 商业道德 • Win-win Cooperation 双赢合作 • Information Resources Sharing 信息资源共享 • Long-term Partnership 长期伙伴关系

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

持份者参与

本集团重视持份者对本集团可持续发展的反馈意见。

为加强与持份者的沟通，我们鼓励彼等通过不同渠道

积极反馈有关本集团的策略。我们致力于了解并满足

持份者不断与时变化的期望，以改善环境、社会及管

治方面的表现，并为更广泛的社区持续创造更大的价

值。

STAKEHOLDER ENGAGEMENT

The Group values the fedback of stakeholders on the Group’s

sustainable development. To enhance comunication with

stakeholders, we encourage their active fedback on the

Group’s strategy via diferent chanels. We are comited

to understanding and meting stakeholders’ ever-changing

expectations to improve ESG performance and continue to

create greater value for the wider comunity.

StakeholdersEngagement ChanelsExpectations

持份者参与渠道期望

Customers

客户

• Company Website

公司网站

• Corporate Reports and

Anouncements

企业报告及公告

• Hotline and Emails

热线及电邮

• Quality Services

优质服务

• Personal Safety

个人安全

• Busines Ethics

商业道德

• Privacy Protection

私隐保护

• Seamles Comunication

密切交流

Government/Regulators 政府╱监管机构	• Corporate Reports and Announcements 企业报告及公告 • On-site Inspections 实地检验 • Field Trips 实地考察 • Tax Payments 税务支付	• Taxation Compliance 税务合规 • Employment Growth 就业发展 • Regulatory Compliance 监管合规 • Security Operations 安全营运 • Business Ethics 商业道德

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

StakeholdersEngagement ChanelsExpectations

持份者参与渠道期望

Employes

雇员

• Employe Opinion Surveys

雇员意见调查

• Regular Metings

定期会议

• Performance Apraisal

绩效考核

• Employe Activities

雇员活动

• Profesional Training

职业培训

• Health and Safety

健康与安全

• Equal Oportunities

平等机会

• Welfare and Benefits

社会福利

• Carer Development

职业发展

• Legal Rights and Interests

合法权益

Comunity and the Media

社区及媒体

• Comunity Involvement

社区参与

• Comunity Investment Programs

社区投资计划

• ESG Report

环境、社会及管治报告

• Comunity Contributions

社区贡献

• Environmental Protection

环境保护

• Transparent Information

公开信息

MATERIALITY ASESMENT

As part of its busines development strategy and in line with

industry practices, the Group identified 17 ESG isues and

prepared a questionaire based on those isues. In relation

to each of the ESG isues, significant stakeholders and

management and staf were asked to rate their importance. In

this Report, material isues refer to those isues that may have

a significant impact on the Group’s busines operations or have

a direct impact on its stakeholders.

重要性评估

作为其业务发展策略的一部分，并根据行业惯例，本

集团已厘定17个环境、社会及管治议题，并根据该等

议题编制调查问卷。关于每个环境、社会及管治议题，

重要的持份者及管理层以及员工均受邀对其重要性进

行评分。于本报告中，重要性议题指可能对本集团的

业务营运产生重大影响或对其持份者产生直接影响的

若干议题。

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团收集答复，分析结果，并在重要性矩阵中呈现。

矩阵由董事会及高级管理层进行审阅，以确保其与本

集团的业务目标一致，并具有代表性。这将为未来的

策略、目标及沟通提供指引。报告期间，本集团的重要

环境、社会及管治议题呈列如以下矩阵：

The Group colected responses, analyzed the results, and

presenting them in a materiality matrix. The matrix was reviewed

by the Board and senior management to ensure its alignment

with the Group’s busines objectives and its representativenes.

It wil serve as a guide for future strategies, targets, and

comunications. Below is a sumary of the Group’s material

ESG isues during the Reporting Period, presented in the

folowing matrix:

9. Suply Chain Management

供应链管理

11. Anti-Coruption

反贪污

High

6. Ocupational

Health and Safety

职业健康与安全

7. Employe Development and Training

雇员发展及培训

5. Employment Practices

招聘惯例

4. Resource Use

资源使用

10. Product Responsibility

产品责任

17. Intelectual Property

Protection

知识产权保护

12. Comunity Development

社区发展

1. Emision Management

排放管理

2. Climate Change

气候变化

14. Advertising and

Promotion

广告及宣传

8. Labour Standards

劳工标准

16. Information

Security and

Privacy Protection

资讯安全与私稳保护

3. Environmental

and Natural

Resource Protection

环境及自然资源保护

13. Customer Satisfaction

客户满意度

Low

高低

高

低L

IMPACT ON BUSINES

The Group’s Materiality Matrix

本集团重要性矩阵

对业务的影响

对

持

份

者

的

影

响

15. Renovation Services

and Quality

翻新服务及品质

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

环境目标

为继续将绿色低碳经济转型融入至本集团的日常营运

及管理政策中，同时努力应对全球气候变化，坚定实

现「在2050年前在香港实现碳中和」，促进本集团减缓

气候变化影响的策略及措施的效果评估，本集团制定

了如下各级环保目标：以2023年为基准年，到2030年

降低强度：

A. 环境

我们积极采取环保措施，应对业务营运对环境造

成的影响。为履行环境管理承诺，本集团一直将

环境保护纳入营运及管理实践。通过实施绿色营

运和加强环境管理流程，本集团旨在减轻其发展

活动对环境的影响。通过获得ISO14001:2015环

境管理体系认证，我们的环境管理实践与国际公

认的标准保持一致，进一步扩大本集团努力的影

响。这一认证明了我们致力于负责任的环保行

动和可持续发展。

Environmental Targets

In order to continue implementing the gren and low-carbon

economic transformation into the Group’s daily operations

and management policies, at the same time, make eforts to

cope with global climate change, resolutely achieving “carbon

neutrality Hong Kong by 2050”, and facilitate the evaluation of

efectivenes of the Group’s strategies and measures to mitigate

the impact of climate change, the Group has set environmental

targets at al levels, as shown below: It is targeted to reduce

intensity by 2030, with 2023 as the base year:

Aspects

(Base Year)

2030 Targets

(Against Base Year)

(Results)

层面

2023年

（基准年）

2030年目标

（与基准年对比）

2025年

（结果）

Energy consumption intensity

MWh/employe

能源消耗强度

兆瓦时╱雇员

1.27↓5%1.38 In progres

进展中

Non-hazardous waste intensity

tones/employe

无害废弃物强度

公吨╱雇员

0.02↓5%0.02 In progres

进展中

GHG emisions intensity

tCO2e/employe

温室气体排放强度

公吨二氧化碳当量╱雇员

0.90↓5%0.87 In progres

进展中

A Environmental

We actively adopt environmental protection measures

to tackle the environmental impacts generated by our

operations. In line with its comitment to environmental

stewardship, the Group has consistently integrated

environmental protection into its operational and

management practices. By implementing gren operations

and enhancing environmental management proceses,

the Group aims to mitigate the environmental impact

asociated with its development activities. These

eforts have ben further reinforced by obtaining the

ISO14001:2015 Environmental Management System

certification, which aligns our environmental management

practices with internationaly recognized standards. This

acreditation serves as a testament to our dedication to

responsible environmental practices and sustainability.

2025
2025年
–
58.22
58.22
0.87

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

排放

于本报告期间，本集团并未发现任何与废气及温

室气体（「温室气体」）、排放、水及土地排放以及

产生有害及无害废弃物有关的、会对本集团产生

重大影响的环境相关法律及法规的重大违规行为。

该等法律及法规包括但不限于《空气污染管制条

例》、《废弃物处置条例》、《废物处置（化学废物）

（一般）规例》、《环境影响评估条例》、《水污染

管制（一般）规例》、《建筑物能源效益条例》、

《中华人民共和国环境保护法》、《中华人民共

和国水污染防治法》及《中华人民共和国固体废

物污染环境防治法》。

废气排放

由于自2021年11月起尚无使用公司车辆，于本报

告期间，因消耗柴油及汽油而产生的废气排放并

不适用。

温室气体（「温室气体」）排放

本集团温室气体排放的主要来源是外购电力产

生的间接排放（范围2）。为有效解决温室气体排

放问题，本集团实施了多项措施，重点优化能源

使用，于下文「能源管理」一节概述。

Emisions

During this Reporting Period, the Group was not aware of

any material non-compliance with environmental-related

laws and regulations in relation to air and grenhouse

gases (“GHG”), emisions, discharges into water and land

discharges, and the generation of hazardous and non-

hazardous waste that would have a significant impact

on the Group. Such laws and regulations include but are

not limited to the Air Polution Control Ordinance, Waste

Disposal Ordinance, Waste Disposal (Chemical Waste)

(General) Regulation, Environmental Impact Asesment

Ordinance, the Water Polution Control (General)

Regulations, Buildings Energy Eficiency Ordinance, the

Environmental Protection Law of the PRC, the Water

Polution Prevention and Control Law of the PRC, and the

Prevention and Control of Environmental Polution by Solid

Wastes of the PRC.

Air Emisions

Since the company’s vehicle has not ben utilised

since November 2021, the emisions resulting from the

consumption of diesel and petrol are not aplicable during

this Reporting Period.

Grenhouse Gas (“GHG”) Emisions

The primary contributors to the Group’s grenhouse gas

(GHG) emisions are the indirect emisions (Scope 2)

resulting from purchased electricity. To efectively adres

GHG emisions, the Group has implemented various

measures focused on optimizing energy usage, as outlined

in the “Energy Management” section below.

Indicators

Unit2024

指标

单位2024年

Direct GHG emisions (Scope 1)tCO2e–

直接温室气体排放（范围1）公吨二氧化碳当量

Indirect GHG emisions (Scope 2)tCO2e63.63

间接温室气体排放（范围2）公吨二氧化碳当量

Total GHG emisions (Scope 1 and Scope 2)tCO2e63.63

温室气体排放总量（范围1和范围2）公吨二氧化碳当量

Total GHG emision intensity

tCO2e/employe0.94

温室气体排放总量密度

公吨二氧化碳当量╱雇员

2025
2025年
1.55
0.02

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

附注：

，并根据但不限

于世界资源研究所及世界可持续发展工商理事

会刊发的《温室气体议定书：企业会计和报告标

准》、香港交易所刊发的《如何编制环境、社会

及管治报告－附录二：环境关键绩效指标汇报指

引》、中华人民共和国生态环境部于2024年12月

最新公布的中国全国电力二氧化碳平均排放因

子以及港灯电力投资有限公司刊发的《2024年

可持续发展报告》。

，本集团报告范围内的全职

雇员总数为67人（截至2024年3月31日：67人）。

该数据亦用于计算其他密度数据。

废弃物管理

鉴于本集团的业务性质，于报告期间内概无产生

有害废弃物。然而，如果日后产生任何有害废弃

物，本集团承诺会聘请合资格的废弃物收集者，

按照相关环境法律及法规处理废弃物。

在无害废弃物方面，本集团业务营运产生的主要

废物是办公用纸。为了最大限度地减少无害废弃

物对环境的影响，本集团强调正确的废弃物管理

方法。这包括实施回收计划及确保采用负责任的

处理方法。通过推广回收计划及鼓励负责任地使

用纸张，本集团积极致力于减少废弃物，为可持

续资源管理作出贡献。于报告期间内，办公用纸

的使用情况如下：

Notes:

1. Emision data is presented in terms of carbon dioxide

equivalent and is based on, but not limited to, “The

Grenhouse Gas Protocol: A Corporate Acounting and

Reporting Standards” isued by the World Resources

Institute and the World Busines Council for Sustainable

Development, “How to prepare an ESG Report – Apendix

I: Reporting Guidance on Environmental KPIs” isued

by the HKEX, the latest released average carbon dioxide

emision factor for national electricity in China, published

by the Ministry of Ecology and Environment of PRC in

December, 2024 and the “2024 Sustainability Report”

published by Hong Kong Electric Investments Limited.

2. As at 31 March 2025, the total number of ful-time

employes under the Reporting Scope of the Group was

67 (as at 31 March 2024: 67). This data is also used for

calculating other intensity data.

Waste Management

Considering the nature of the Group’s busines, no

hazardous waste was generated during the Reporting

Period. However, if any hazardous waste were to be

generated in the future, the Group is comited to

engaging qualified waste colectors to handle and dispose

of such waste in acordance with aplicable environmental

laws and regulations.

Regarding non-hazardous waste, the Group’s main waste

stream resulting from its busines operations is ofice

paper. To minimize the environmental impact asociated

with non-hazardous waste, the Group emphasizes proper

waste management practices. This includes implementing

recycling programs and ensuring responsible disposal

methods are in place. By promoting recycling initiatives

and encouraging responsible paper usage, the Group

actively works towards waste reduction and contributes

to sustainable resource management. The usage of ofice

paper during the Reporting Period was as below:

Category of WasteUnit2024

废弃物范畴单位2024年

Total Non-hazardous Waste

无害废弃物总量

• Ofice Papertones1.35

办公用纸公吨

Total Non-hazardous Waste Intensity

tones/employe0.02

无害废弃物密度总量

公吨╱雇员

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团在办公室的设计上注重从源头进行废弃

物分类及回收，以创造绿色的工作环境。这种积

极措施旨在通过推广环境保护政策中概述的减少、

重用及回收原则，最大限度地减少营运过程中产

生的废弃物。为进一步提高员工的环保意识，本

集团在办公设备上张贴环保资料，强调环保问题

的重要性，并鼓励负责任的行为。通过采取这些

措施，本集团努力培养可持续发展文化，以营造

一个更加绿色、更具环保意识的工作场所。

为建立一个「无纸化」的操作环境，办公室尽量

使用线上系统。我们已鼓励本集团雇员通过以下

措施尽量减少浪费：

，回收用过的纸张、纸箱及

资料夹；及

污水排放

由于本集团的业务活动无需消耗大量水源，本集

团于日常营运中不会产生大量污水。因此，该披

露不适用于本集团。

资源使用

为了管理资源的使用和尽量减少非必要材料的

使用，本集团实施了环境保护政策及可持续发展

政策。该等政策是本集团致力于减少对环境影响

的指导原则。通过日常营运，本集团积极寻求提

高和改善环保措施的方法。通过不断努力实现可

持续发展，本集团旨在最大限度地减少生态足迹，

并对工作的各个方面采取更环保的营运模式。

The Group has designed its ofices to facilitate waste

separation and recycling at the source, creating a gren

workplace environment. This proactive aproach aims to

minimize waste generated during operations by promoting

the principles of reduce, reuse, and recycle, as outlined

in the Environmental Protection Policy. To further enhance

employes’ environmental awarenes, the Group displays

environmental mesages on ofice equipment, emphasizing

the importance of environmental isues and encouraging

responsible behavior. By incorporating these initiatives,

the Group strives to foster a culture of sustainability

and contribute to a grener and more environmentaly

conscious workspace.

To establish a “paperles” operating environment, the

ofice has made ful use of the online system. Employes

of the Group were encouraged to minimize waste through

the folowing measures:

• Avoid printing and copying documents as much as

posible;

• Use double-sided printing and photocopying

whenever posible;

cartons, and folders; and

• Reduce the use of disposable paper products.

Sewage Discharge

Since the Group’s busines activities do not consume a

significant quantity of water, the Group does not generate

a substantial amount of sewage during daily operations.

Hence, this disclosure does not aply to the Group.

Use of Resources

To manage resource usage and minimize the use of non-

esential materials, the Group has implemented the

Environmental Protection Policy and Sustainability Policy.

These policies serve as guiding principles for the Group’s

comitment towards reducing its environmental impact.

Through daily operations, the Group actively seks ways

to enhance and improve environmental practices. By

continuously striving for sustainability, the Group aims to

minimize its ecological fotprint and contribute to a more

environmentaly operation mode to al aspects of its work.

2025
2025年
–
92.17
92.17
1.38

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

能源管理

办公室用电是我们业务营运中使用的主要能源

类型，其中包括为办公设备、照明、供暖及制冷

系统供电所需的能源。了解我们的电力使用量后，

我们可识别出提高效率及实施可持续的方法，以

减少我们整体的能源消耗。本集团的能源消耗详

情如下：

Energy Management

Electricity consumption in our ofice is the principal

type of energy used in our busines operations. This

encompases the energy required to power ofice

equipment, lighting, heating and coling systems. By

understanding our electricity usage, we can identify

oportunities for increased eficiency and implement

sustainable practices to reduce our overal energy

consumption. The Group’s energy consumption details are

as folows:

Category of Energy ConsumptionUnit2024

能源消耗类别单位2024年

Direct Energy Consumption

直接能源消耗

汽油兆瓦时

Indirect Energy Consumption

间接能源消耗

• Purchased ElectricityMWh97.25

外购电力兆瓦时

Total Energy ConsumptionMWh97.25

能源消耗总量兆瓦时

Total Energy Consumption Intensity

MWh/employe1.45

总能源消耗强度

兆瓦时╱雇员

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

我们已制定以下旨在宣传节能的指引及措

施：

通过实施该等节能措施并持续审查其效果，本集

团致力于减少对环境的影响，并努力实现更可持

续的未来。

用水管理

由于本集团办公室的租赁费中包含了用水量，因

此本集团目前无法提供具体的用水数据。由于没

有单独记录用水量的分户水表，详细追踪及报告

用水量具有挑战性。于报告期间，鉴于我们办公

室的地理位置，我们并无任何求取适用水源的问

题。尽管如此，本集团仍努力减少不必要的用水，

在不使用时关闭水龙头，以及立即向物业管理办

事处报告水龙头漏水情况。

包装材料使用

鉴于集团的业务性质，我们没有使用包装材料。

包装材料不被认为是本集团的重要环境、社会及

管治问题。

We have established guidelines and initiatives aimed at

promoting energy savings as below:

Emphasised the

maintenance of electronic

equipment to ensure

optimal performance

强调电子设备的维护

以确保最佳性能

Set a recomended rom

temperature range of 24 to 26

degres Celsius to balance

comfort and energy

conservation.

建议室温设定在24至

26摄氏度之间，以兼

顾舒适及节能。

Encourage staf to turn of

ofice equipment when

not in use

鼓励员工关闭不用的

办公设备

Instalation of LED lighting

systems in al our ofices

于所有办公室安装

LED照明系统

Our energy-saving

measures

我们的节能措施

By implementing these energy-saving practices and

continuously reviewing their efectivenes, the Group

is comited to reducing its environmental impact and

working towards a more sustainable future.

Water Management

Due to the inclusion of water usage in the tenancy fes

for the Group’s ofices, it is curently not feasible for the

Group to provide specific water consumption data. As

there is no sub-meter in place to record water usage

separately, it becomes chalenging to track and report

on water consumption at a detailed level. During the

Reporting Period, we have no dificulty in obtaining

suitable water sources due to the geographical location of

our ofice. Stil, the Group strives to reduce unecesary

water consumption by turning of taps when not in use

and reporting leaking faucets imediately to the estate

management ofice.

Use of Packaging Materials

In view of the busines nature of the Group, there is no

packaging material used by our Group. The packaging

material is not considered a material ESG isue to the

Group.

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

环境及自然资源

尽管本集团的业务性质不会对环境及资源造成

相关重大影响，我们非常重视监测我们的装潢服

务对环境的影响。我们在建设项目中采用的环境

管理体系符合ISO 14001:2015的要求。该认证

明我们的环境管理实务符合国际认可的标准。

室内空气质素控制

在处理建设项目产生的潜在室内空气质素事宜时，

本集团实施各种预防措施。其中一项措施为，在

异味出现的地点周围建造屏障，并将其与建筑物

的其他部分隔离，有助于防止空气在工作区与正

在使用的区域之间流动。此外，本集团确保使用

防水布或其他获认可的方法适当盖住含尘材料（如

灰尘及建筑碎片），降低空气中的灰尘。为提高

安全意识，本集团在工地上展示防尘口罩的安全

标签，用作所有人佩戴口罩的提醒，在必要时保

护自身免遭大气污染物危害。

通过实施该等措施，本集团旨在减轻建筑相关污

染源及污染物对室内空气质素的影响，于建设项

目期间为居民创造更安全及健康的环境。

噪声控制

本集团意识到，在其营运过程中，可能会产生噪

音，而施工活动是最大的噪音来源。任何人于下

午7时至翌日上午7时，或于公众假期的任何时间，

在任何地方使用，或促使或准许使用，任何机动

设备进行任何非撞击式打桩工程的建筑工程，并

在使用该等设备时，未持有与该工程有关的有效

建筑噪音许可证，即属犯罪。在所有施工过程中，

本集团及其次承判商合作伙伴严格遵守环境保

护部门所制定的法律。

The Environment and Natural Resources

Although the nature of our Group’s busines does not have

significant environmental and resource-related impacts, we

maintain a strong focus on monitoring the environmental

fotprint asociated with our fiting-out services. In

our construction projects, we have implemented an

environmental management system that aligns with the

requirements of ISO 14001:2015. This certification serves

as evidence that our environmental management practices

met internationaly recognized standards.

Indor Air Quality Control

To adres potential indor air quality isues arising from

construction projects, the Group implements various

precautionary measures. One such measure involves

constructing bariers around the location where odors

are present, isolating it from other parts of the building.

This prevents air from moving betwen the work area and

ocupied spaces. Furthermore, the Group ensures that

dusty materials such as dirt and construction debris, are

properly covered with tarps or other aproved methods

to reduce dust in the air. To raise awarenes about safety,

the Group displays dust respirator safety labels on the

construction site. This serves as a reminder for everyone

to wear masks, if necesary, to protect themselves from

air polutants.

By implementing these measures, the Group aims to

mitigate the impact of construction-related polutants and

contaminants on indor air quality, creating a safer and

healthier environment for ocupants during construction

projects.

Noise Control

The Group is aware that during its operations, there

may be noise generated, and the construction activities

represent the bigest source of the noise. Any person who

at any place betwen the hours of 7 p.m. and 7 a.m., or

at any time on a public holiday, uses, or causes or permits

to be used, any powered mechanical equipment for the

purpose of carying out any construction work other than

percusive piling with which a construction noise permit is

not in force comits an ofence. During al constructions,

the Group and its subcontracting partners strictly adhere

to the laws defined by the Environmental Protection

Department.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

The Group requires our subcontractors to chose quieter

construction equipment and provide their employes with

earmufs for working on construction sites. The noise level

of a building should be measured, and when the sound

presure level exceds 85 decibels (A), it is required that

a warning label be atached to noisy machines in the

hearing protection zone and a safety sign be displayed

in that area. When any environmental non-compliance is

observed on the construction site, our staf and Registered

Safety Oficers wil imediately rectify the situation and

implement corective measures to mitigate the problem

imediately.

Climate Change

The Group recognizes the escalating risks and chalenges

posed by climate change and global warming, which have

the potential to adversely impact its busines operations.

The efects of climate change, such as extreme weather

events, rising sea levels, and changes in temperature

paterns, can have significant implications for various

industries and sectors.

Acording to the reporting framework developed by IFRS

S2, climate-related risks are typicaly divided into physical

and transition risks. The Group has incorporated climate

change-related risks into its enterprise risk management

proces and has identified and mitigated potential risks.

本集团要求我们的次承判商选择降音建筑设备，

并为其在建筑工地工作的雇员提供耳罩。本集团

应测量建筑物的噪音等级，当声压等级超过85分

贝（A）时，应在听力保护区的高噪音机器上张贴

警告标签，并在该区域展示安全标志。当发现建

筑工地有任何不符合环境要求的情况时，我们的

员工和注册安全主任将立即对这种情况进行整改，

并采取纠正措施，以即时缓解问题。

气候变化

本集团意识到气候变化及全球变暖带来的风险

及挑战不断升级，这可能对本集团的业务营运产

生不利影响。气候变化（如极端天气事件、海平

面不断上升）及温度模式变化的影响可能对各行

各业造成重大影响。

根据国际财务报告准则S2制定的报告框架，气候

相关风险通常分为实体风险及过渡风险。本集团

已将气候变化相关风险纳入其企业风险管理流程，

并识别及缓解潜在风险。

In the event of extreme weather events, such as typhoons, heavy rain and a persistent heatwave, we may experience delays in our construction works and physical damage to our construction sites, premises and employees as a result. The Group’s capacity and productivity will be reduced under extreme weather conditions as the safety of our employees is threatened, and the operational sites might be damaged, which leads to a direct negative impact on the Group’s revenue. As a precaution against extreme weather events, the Group has adopted appropriate measures. Arrangements have been made for working during typhoons and rainstorms. Aside from this, the Group also invested in insurance coverage for its employees and properties to protect the interests of all parties involved and reduce the risk of financial loss.

倘发生极端天气事件，如台风、暴雨及持续的热浪，我们的建筑工程可能会出现延误，并因此对我们的建筑工地、场所及雇员造成物理损害。本集团根据极端天气情况将减少产能及生产力，因为我们的雇员安全将受到威胁，以及经营场所可能受损，从而导致本集团的收入直接受到负面影响。为防范极端天气事件，本集团已采取适当措施并为台风和暴雨期间的工作作出安排。除此之外，本集团亦为其雇员及财产投保，以保护相关各方的利益，降低经济损失的风险。

In response to global carbon neutrality, the Group expects significant changes in regulations, technology, and the market due to climate change. These changes may involve stricter national policies and listing rules, as well as the introduction of environmentally-related taxes. For example, some countries have introduced taxes to encourage companies to reduce their GHG emissions and energy usage. Stricter environmental laws could increase the risk of lawsuits for companies, raise compliance costs, and harm the Group’s reputation. In response to transition risks, we constantly monitor the updates of environmental regulations and global trends on climate change to avoid cost increments, non-compliance fines or reputational risks due to the violation of laws. In addition, we have been taking comprehensive environmental protection measures, including energy saving, water conserving and GHG emissions reduction.

为应对全球碳中和，本集团预计法规、技术及市场将因气候变化而发生重大变化。这些变化可能涉及更严格的国家政策及上市规则，以及引入与环境相关的税收政策。例如，部分国家已经颁布了鼓励公司减少温室气体排放及能源使用的税收政策。更严格的环境法律可能会增加公司的诉讼风险，提高合规成本，并损害本集团的声誉。为应对过渡风险，我们经常监测有关气候变化环境监管及全球趋势最新资料，以避免成本递增、因违反法律产生违规罚款或声誉风险。此外，我们一直采取全面的环境保护措施，包括节约能源、节约用水及减少排放温室气体。

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Physical Risks

实体风险

Transition Risks

过渡风险

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

B. 社会

雇佣

庄皇相信雇员是其最宝贵的资产，亦是业务增长

及可持续发展的关键。本集团深知其成功取决于

其雇员的知识、技能及贡献及实现长期可持续发

展的能力。庄皇致力于创造具支持性及包容性的

工作场所，推进雇员福祉、成长及互动。以工作

满意度及专业发展为首要任务，本公司旨在吸引

及挽留骨干人才，提高生产力并推行积极向上的

企业文化。

于报告期间，本集团并不知悉任何严重违反关于

薪酬及解雇、招聘及晋升、工作时数、假期、平等

机会、多元化、反对歧视、其他待遇及福利之任

何相关法律法规的情况，将会对本集团产生重大

影响。有关法律及法规包括但不限于香港《雇佣

条例》、《中华人民共和国劳动法》及《中华人民

共和国劳动合同法》。

招聘、晋升及解雇

本集团在《员工手册》中规定了关于招聘的具体

程序。该等程序包括招聘申请流程、招聘流程自

身涉及的步骤等各方面以及申请人及本集团须

遵循的任何禁令及责任。人力资源部将通过多种

渠道进行招聘，包括线上招聘、招聘会、推荐等。

入围的候选人将由人力资源部及部门负责人进

行面试。

B. Social

Employment

Sanbase believes that employes are its most valuable

aset and key to busines growth and sustainable

development. The Group knows that the knowledge, skils,

and dedication of its employes directly contribute to its

suces and ability to achieve long-term sustainability.

Sanbase focuses on creating a suportive and inclusive

workplace that promotes employe wel-being, growth,

and involvement. By prioritizing job satisfaction and

profesional development, the Company aims to atract

and kep top talent, bost productivity, and foster a

positive company culture.

During the Reporting Period, the Group was not aware of

any material non-compliance with any relevant laws and

regulations in relation to compensation and dismisal,

recruitment, and promotion, working hours, rest periods,

equal oportunity, diversity, anti-discrimination, and other

benefits and welfare, that would have a significant impact

on the Group. Such laws and regulations include but not

limited to the Employment Ordinance of Hong Kong, the

Labour Law of the PRC, and the Labour Contract Law of

the PRC.

Recruitment, Promotion and Dismisal

The Group has established specific procedures regarding

recruitment, which are outlined in the Employe

Handbok. These procedures cover various aspects,

including the recruitment aplication proces, the steps

involved in the recruitment proces itself, as wel as any

prohibitions and responsibilities that aplicants and the

Group must adhere to. The Human Resources Department

wil recruit through multiple chanels, including online

recruitment, job fairs, referals etc. Shortlisted candidates

wil be interviewed by the Human Resources Department

as wel as by heads of departments.

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本公司已制定绩效管理体系用于确定每位员工

的技能及能力。该体系为员工晋升及薪酬提供一

个清晰的框架，确保公平并符合员工晋升及本集

团的利益。此外，评估结果亦用于制定量身定制

的员工发展计划及本集团年度目标。所有员工均

须签署绩效考核表，并将其保存在人事档案中。

本集团将对所有文件进行持续审查，以确保其始

终具有相关性，并定期对员工进行更新，以适应

本集团需求及要求的任何变化。

本集团对任何无理解雇员工的行为保持零容忍

政策。为了有效管理员工的解雇和转型，本集团

已制定调动程序政策。该政策确保有关程序顺利

执行，并将对生产力的影响降至最低。我们将遵

循合理的解雇程序，并在正式解雇前充分沟通所

有问题，以避免冲突。此外，当员工自愿辞职时，

人力资源部将进行离职面谈，了解辞职原因、对

本集团的意见及改进建议。

A performance management system has ben established

to identify each employe’s skils and abilities. This system

provides a clear framework for employe promotions and

compensation, ensuring fairnes and alignment with the

interests of both employes and the Group. Aditionaly,

apraisal results are utilized to develop tailor-made

employe development plans and to establish the Group’s

anual targets. Al employes are required to sign their

performance apraisal forms, which are then kept in their

personel files. An ongoing review of al documents is

conducted to ensure they remain relevant, and employes

are updated regularly to align with any changes in the

Group’s neds and requirements.

The Group has a zero-tolerance policy for unfair

employe dismisals. To manage employe dismisals

and transitions efectively, the Group has a Movement

Procedures Policy. This policy ensures that these

proceses are executed smothly and with minimal

disruption to productivity. A fair dismisal procedure wil

be folowed, and al isues wil be clearly comunicated

before formal dismisal to prevent conflicts. Aditionaly,

when employes resign, the Human Resources

Department wil conduct an exit interview to understand

the reasons for resignation, the opinions and improvement

sugestions for the Group.

2025
2025年
67
41
26
9
46
12
11
34
22
12
55

2025
2025年
6%
2%
12%
11%
7%
–
8%
5%

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

截至2025年3月31日，本集团于报告期内共有67

名全职员工。结构显示如下：

于报告期内，本集团整体雇员流失率为6%。员工

结构按性别组别、年龄组别及地理位置划分如下：

As at 31 March 2025, the Group had a total of 67 ful-time

employes during the Reporting Period. The breakdown is

shown below:

Breakdown of Employes2024

员工结构2024年

Total总计67

By Gender按性别划分

Male男性39

Female女性28

By Age按年龄划分

Age 30 or below30岁或以下10

Age 31 to 5031至50岁50

Above 5050岁以上7

By Employment Category按雇佣类别划分

Senior Management Staf高级管理人员5

Midle Management Staf中层管理人员25

General Staf一般雇员37

By Geographical Location按地理位置划分

PRC中国12

Hong Kong香港55

During the Reporting Period, the Group’s overal employe

turnover rate was 6%. The breakdown of employes

acording to gender group, age group, and geographical

location are as folows:

Employe Turnover Rate

雇员流失率

2024年

Overal总体27%

By Gender按性别划分

Male男性31%

Female女性21%

By Age按年龄划分

Age 30 or below30岁或以下50%

Age 31 to 5031至50岁24%

Above 5050岁以上14%

By Geographical Location按地理位置划分

PRC中国42%

Hong Kong香港24%

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

附注：

：报告期内离

职员工人数╱截至2025年3月31日的员工总数*

100%。

薪酬及福利

基于对雇员表现的评估，本集团提供与市场标准

相比较公平及有竞争力的薪酬。薪酬待遇应根据

个人工作表现、贡献和市场环境定期调整。本集

团制定了全面的制度来挽留人才及增强雇员的

归属感，包括香港雇员的强制性公积金计划及内

地雇员的社会保障公积金管理制度。

本集团不仅向雇员提供基本工资，还向彼等提供

全面的福利：

• 所有合资格雇员均有权参加雇员赔偿保险

及庄皇医疗计划；

• 因公到香港以外地区出差的雇员均可受本

集团的商务旅游保险保障；

，都可以享

受膳食和交通补贴；及

，并于年终获

得酌情花红。

工作时间及休息时间

在员工手册及雇佣合约中，本集团规定了雇员的

工作日及休息时间，以符合《中华人民共和国劳

动法》和香港《雇佣条例》的规定。

Note:

3. Formula for calculating the percentage of employes

leaving the company: the number of employes left during

the Reporting Period/total number of employes as at 31

March 2025 * 100%.

Compensation and Benefits

Based on an evaluation of the employes’ performance,

the Group provides fair and competitive remuneration

compared with market standards. The remuneration

package shal be adjusted periodicaly acording to the

individual work performance, contribution, and market

environment. The Group has developed comprehensive

systems to retain talents and strengthen employes’

sense of belonging, including the Mandatory Provident

Fund Schemes for Hong Kong employes as wel as the

Social Security Provident Fund Management Systems for

mainland employes.

Employes of the Group are not only provided with a basic

salary, but they are also ofered comprehensive benefits:

• Al qualified employes are entitled to join the

Employes’ Compensation Insurance and Sanbase

Medical Scheme;

• Employes traveling outside Hong Kong on

busines are covered by the Group’s Busines Travel

Insurance;

• Al overtime work is entitled to meals and

transportation alowances for labour that exceds

the legal working hours; and

• Employes are provided with external training

sponsorship and a discretionary bonus at the end of

the year.

Working Hours and Rest Periods

In the Employe Handbok and Employment Agrement,

the Group stipulates the working days and rest time

for employes in acordance with the provisions of the

Labour Law of the PRC and the Hong Kong Employment

Ordinance.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

此外，本集团还有效地保护雇员的合法休息及休

假权利。所有符合条件的雇员在签订雇佣合约后

均可享受带薪年假。本集团还为雇员提供各种类

型的假期，包括法定假期及其他带薪假期，如产

假、侍产假、生日假、恩恤假和考试假。

平等机会、多元化及反歧视

本集团的招聘程序坚持公平、公正、透明的原则，

完全符合适用国家及地方的法律和法规。为防止

招聘过程中的歧视，本集团已在员工手册中列出

相关政策，该等政策确保所有候选人受公平对待，

不受偏见，不论种族、家庭状况、宗教信仰、国

籍、残疾、年龄、婚姻状况、性别、怀孕、性倾向、

所属工会或政治立场。

如任何员工面临恐吓、侮辱、欺凌或骚扰（包括

性骚扰），彼等有多种渠道举报此类事件。彼等

可以选择向上司举报，或直接向部门主管举报。

本集团致力于创建一个安全和相互尊重的工作

场所，该等举报渠道的设立是为了确保任何此类

不当行为能得到及时处理，并采取适当的行动。

重要的是，要让员工放心地举报任何虐待事件，

因为本集团非常重视此类事件，并致力于维护一

个无骚扰和歧视的工作环境。

雇员沟通渠道

集团管理层通过各种管理机制和沟通渠道（包括

电子邮件、问卷调查、会议等）积极与雇员进行沟

通。根据员工手册中列出的指引，本集团鼓励雇

员向其主管或直接向人力资源部门报告彼等遇

到的任何违规行为。本集团非常重视处理此类举

报，并确保所有案件得到保密处理。本集团会开

展调查，收集相关资讯，并采取适当行动处理举

报的违规行为。

In adition, the Group has efectively protected its

employes’ legal rights to rest and vacation time. Al

qualified employes are entitled to pay anual leave

folowing the Employment Agrement. The Group also

provides various types of leave for its employes,

including statutory holidays and other paid holidays

such as maternity leave, paternity leave, birthday leave,

compasionate leave and examination leave.

Equal Oportunity, Diversity and Anti-Discrimination

The Group’s recruitment procedures are designed to

uphold principles of fairnes, equality, and transparency,

in ful compliance with aplicable national and local laws

and regulations. To prevent discrimination during the

hiring proces, the Group has outlined relevant policies

in the Employe Handbok. These policies ensure that

al candidates are treated fairly and without prejudice,

irespective of their race, family status, religion, nationality,

disability, age, marital status, gender, pregnancy, sexual

orientation, union membership, or political afiliation.

If any employe faces intimidation, humiliation, bulying,

or harasment, including sexual harasment, they have

several options to report these incidents. They can report

it to their supervisors or file complaints directly with the

Department Head. The Group is dedicated to creating

a safe and respectful workplace, and these reporting

chanels are designed to ensure that any misconduct is

promptly adresed, and apropriate actions are taken. It

is important for employes to fel comfortable reporting

any mistreatment, as the Group takes these isues

seriously and is comited to maintaining a workplace

fre from harasment and discrimination.

Employe Comunication Chanels

The Group’s management actively fosters employe

engagement through various management mechanisms

and comunication chanels, such as emails,

questionaires, and metings. In acordance with

the guidelines outlined in the Employe Handbok,

employes are encouraged to report any iregularities

they come acros to their supervisors or directly to the

Human Resources Department. The Group places great

importance on adresing such reports and ensures

that al cases are handled confidentialy. Investigations

are conducted to gather relevant information and take

apropriate actions to adres the reported iregularities.

2025
2025年
0
0
0
0

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

健康与安全

本集团采用以人为本的管理方法，致力于确保员

工在安全、舒适的环境中工作。包括减少健康和

安全隐患，并在工作场所实施有效的安全措施。

本集团已连续三年（包括本报告期间）实现零工

伤死亡事故及零死亡率。于报告期间，本集团没

有因工伤而损失任何工作日。本集团亦无发现任

何重大违反雇佣相关法律及法规且会对本集团

产生重大影响的行为。有关法律及法规包括但

不限于香港《职业安全及健康条例》、《中华人民

共和国劳动法》及《中华人民共和国职业病防治

法》。

推广健康的生活方式

本集团一贯提倡工作与生活平衡，不时为员工举

办各种活动，如生日会、健身课程、年度晚宴、游

船旅行及圣诞晚会等，以提升员工的福祉。此外，

我们还为员工提供多种假期选择，包括产假、陪

产假、陪审假、补偿假以及学习和考试假。这有

助于我们的员工有效管理工作和个人责任。

Health and Safety

The Group adopts a people-centered management

aproach and is dedicated to ensuring that employes

are working in a safe and comfortable environment. This

includes reducing potential health and safety risks and

implementing efective safety measures in the workplace.

The Group has achieved zero work-related fatalities with

zero fatality rates for thre consecutive years (including the

Reporting Period). During the Reporting Period, the Group

has not lost any working days due to work injury. The

Group was also not aware of any material non-compliance

with employment-related laws and regulations that would

have a significant impact on the Group. Such laws and

regulations include but are not limited to the Ocupational

Safety and Health Ordinance of Hong Kong, the Labour

Law of the PRC and the Prevention and Treatment of

Ocupational Diseases Law of the PRC.

Health & Safety IndicatorsUnit20242023

健康与安全指标单位2024年2023年

Work-related fatalitiesNumbers00

工作伤亡事故数目

Fatality rate%00

死亡率

Lost days due to work injuryDays00

工伤损失天数天数

Work-related injuryCases00

工伤件

Promoting Healthy Lifestyle

The Group has consistently promoted a work-life balance

by organizing various activities for employes from time

to time, such as birthday parties, fitnes programes,

anual diners, boat trips, and Christmas parties for

employes to enhance their wel-being. Moreover, we ofer

our employes with a variety of leave options, including

maternity leave, paternity leave, jury leave, compensation

leave, and study and examination leave. This helps our

employes manage their work and personal responsibilities

efectively.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

职业健康与安全

确保为所有员工提供一个安全的工作环境是本

集团的首要任务。本集团完全遵守其经营所在地

的职业健康与安全方面相关的法律和法规。我们

已制定一套详细的内部政策及程序，以评估、监

测及尽量减少组织内的职业健康及安全风险。职

业健康与安全计划提供关于各方面的详细信息，

如在安全组织工作的个人的责任、健康和安全培

训、个人保护计划、危险状况检查、事故调查及

应急准备。对于因公出国的员工，本集团将为其

安排旅行保险。员工应提前与人力资源部联系，

以便安排商务旅游保险。

职业健康与安全管理系统已于我们的施工现场

实施，经认证符合ISO 45001:2018标准的要求

（提供翻新及装潢工程）。于发生紧急情况时，庄

皇将实施适当的程序及每六个月进行一次演习。

可预见的紧急情况将包括但不限于火灾、暴雨、

台风、山泥倾泻及危险品泄漏等。此外，本集团

亦为员工、次承判商及供应商制作自学小册子及

手册。该等材料介绍工作职责、一般说明及预防

措施，如《在酷热天气下工作的工地指引》及《离

地工作的安全指引》。

Ocupational Health and Safety

Ensuring a safe working environment for al employes

is a top priority for the group. The group fuly complies

with al relevant laws and regulations regarding

ocupational health and safety in jurisdictions where

it operates. A detailed set of internal policies and

procedures has ben created for asesing, monitoring,

and minimizing ocupational health and safety risks

within the organization. The Health and Safety Plan

details information regarding various aspects, such as

the responsibilities of individuals working with a safety

organization, the health and safety training, the personal

protection programe, inspections of hazardous

conditions, incident investigation, and emergency

preparednes. For those employes traveling abroad

for work, the Group wil arange travel insurance, and

employes should contact the Human Resources

Department in advance for the arangement of busines

travel insurance.

Ocupational health and safety management systems

have ben implemented in our construction sites and were

certified to folow the requirements of ISO 45001:2018

standard (provision of renovation and fiting out works).

Sanbase wil implement apropriate procedures and

conduct emergency drils every six months. Foreseable

emergencies include, but are not limited to, fires,

rainstorms, typhons, landslides, and hazardous

substance spils. Aditionaly, the Group has created

self-learning pamphlets and boklets for employes,

subcontractors, and vendors. These materials outline work

duties, general instructions, and preventive measures,

such as guidelines on Site Safety Measures for Working

in Hot Weather and Guidelines for Work-Above-Ground

Safety.

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

建筑工地安全

考虑到其业务营运的绝大部分于工地进行，确保

建筑工地安全是本集团的首要事项。为此，我们

成立了现场安全委员会。项目经理将领导该委员

会，该委员会由管理层代表、注册安全主任、次

承判商监理人员、工地主管以及工人代表组成。

所有现场工作的工人均须取得有效建筑业强制

性基本安全培训证明书（「强制性基本安全训练」）

及建造业工人注册证。为维持所有项目现场的安

全工作环境，我们为建筑工地的工人提供适当及

足够的防护设备（如包括安全头盔、护目镜、安

全鞋、耳塞及防尘口罩）。

根据我们的内部安全规则，屡次违反安全要求的

工地工人将被停工，直至整改完毕。访客将佩戴

安全头盔并由监督人员陪同。注册安全主任须定

期进行现场安全检查，以发现缺陷、不安全的情

况及不当行为，以及任何违反安全方案要求的行

为。每次发生事故均应报告。对于报告的严重事

故，应停止施工，直至进行调查工作。本集团遵

守相关法律及法规，包括但不限于香港的《工

厂及工业经营条例（第6A及6B条）》、《建筑工

地（安全）规例》及《工厂及工业经营（危险物质）

规例》。

此外，本集团还积极识别、评估及管理营运过程

中可能导致事故的潜在危险源和职业健康与安

全缺陷。这需要注册安全主任通力合作，对即将

开展的日常活动进行风险评估，并将所有相关资

讯记录在风险评估表中。风险评估每六个月定期

审查一次，如果情况发生重大变化，则进行重新

评估，以确保安全措施持续有效。

Construction Site Safety

Ensuring safety at construction sites is a top priority for

the group, given that a significant portion of its operations

ocur on-site. To adres this, the Group has formed a

Site Safety Comite led by the Project Manager. The

comite composes representatives from management, a

Registered Safety Oficer, subcontractor supervisors, site

supervisors, and worker representatives. Al workers on

the site must have a valid Construction Industry Mandatory

Basic Safety Training Certificate (“MBSTC”) and registered

construction worker cards. To maintain a safe working

environment at al project sites, we provide construction

workers with apropriate protective equipment, including

safety helmets, gogles, safety shoes, earplugs, and dust

masks.

Acording to our in-house safety rules, workers from the

site who repeatedly infringe on our safety requirements

wil be suspended from work until the rectification is

made. Visitors are provided with safety helmets and are

acompanied by supervisory staf. Site safety inspections

shal be conducted by the Registered Safety Oficer on

a regular basis to identify defects, unsafe conditions and

malpractices, and any breaches of the safety plan. An

acident must be reported in every instance. For serious

acidents reported, construction work shal be ceased

until investigation work has ben caried out. The Group

complies with relevant laws and regulations, including but

not limited to the Factories and Industrial Undertakings

Ordinance (Section 6A & 6B), Construction Sites (Safety)

Regulations, and Factories and Industrial Undertakings

(Dangerous Substances) Regulations of Hong Kong.

Furthermore, the Group actively identifies, evaluates, and

manages potential sources of hazards and ocupational

health and safety deficiencies that could lead to acidents

during its operations. This involves the colaborative

efort of the Registered Safety Oficer to conduct

risk asesments for upcoming routine activities and

document al pertinent information in the risk asesment

shet. The risk asesments are periodicaly reviewed

every six months, and if there are significant changes in

circumstances, a re-asesment is conducted to ensure

the continued efectivenes of the safety measures.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

发展及培训

本集团致力于为员工提供各种培训机会，帮助彼

等根据个人需求和企业要求发展新的技能和知识。

部门经理在引导团队参与相关培训活动方面发

挥著至关重要的作用，确保管理团队和员工都能

了解行业趋势。这些培训活动有效地促进了员工

的持续学习和专业成长。

为了满足所有员工的不同需求，本集团加强了内

部培训系统，不仅提供入职培训，并就消防安全、

内务管理规则、高空坠物防护、用电安全和手持

电动工具的安全使用等基本主题提供了针对性

的培训。此外，我们还鼓励员工对培训课程提出

回馈意见，以便我们不断改进培训课程。

安全培训对于预防事故和提高员工的安全意识

至关重要。正如我们的健康与安全计划所述，我

们为工地管理人员和前线主管提供强制性培训。

培训内容包括应急协议和施工活动指南。注册安

全主任每季度都会对培训计划进行审查，以确保

其满足施工现场不断变化的需求，并在必要时引

入新的培训主题。所有安全和环境入职培训课程

都会记录在案，并在绩效考核中予以考虑。我们

的目标是培养一种安全和适任的文化，让员工对

自己的角色充满信心，并具备有效应对挑战的能

力。这种对员工发展的投资最终将为每个人创造

一个更安全、更高效的工作场所。

本集团根据业务需求于每年底制定下年度的

培训计划。本集团亦将根据培训需求及目标对培

训课程作出适当调整。

Development and Training

The Group is comited to ofering a diverse range of

training oportunities designed to help employes develop

new skils and knowledge tailored to their individual neds

and the demands of the busines. Department managers

play a crucial role in engaging their teams in relevant

training activities, ensuring that both the management

team and employes remain informed about industry

trends. These training initiatives efectively promote

continuous learning and profesional growth.

To met the diverse neds of al employes, the Group

has enhanced its internal training system by ofering

not just induction training but also targeted sesions on

esential topics such as fire safety, housekeping rules,

protection against faling objects, electrical safety, and

the safe use of hand-held power tols. Aditionaly, we

encourage employes to provide fedback on training

sesions, enabling us to continualy improve our oferings.

Safety training is esential for preventing acidents and

raising safety awarenes among employes. As outlined

in our Health and Safety Plan, we provide mandatory

training in site management and front-line supervisors.

This training includes emergency response protocols

and guidelines for construction activities. The Registered

Safety Oficer reviews the training programe quarterly

to ensure it mets the evolving neds of our construction

sites and introduces new training topics as necesary.

Al safety and environmental induction training sesions

are documented and considered during performance

apraisals. Our goals is to foster a culture of safety and

competence, enabling employes to fel confident in

their roles and equiped to handle chalenges efectively.

This investment in employe development ultimately

contributes to a safer and more productive workplace for

everyone.

The Group formulates the folowing year’s training plan

at the end of each year acording to its busines neds.

The Group wil also make apropriate adjustments to

the training courses acording to the training neds and

targets.

2025
2025年
104%
95%
119%
82%
103%
118%

2025
2025年
56%
44%
13%
50%
37%

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

于报告期间，本集团整体受训率为104%（2024

年：156%），210个小时（2024年：271个小时）

的培训，每位受训雇员平均接受约3.13个小时

（2024年：4.04个小时）的培训。本集团参加培训

的员工占员工总数的百分比如下：

按性别及雇员类型划分受训雇员明细如下：

附注：

=受训员工数╱截至

2025年3月31日的总员工数* 100%。计算相关类

别员工百分比的公式=在指定类别中参加培训的

员工数╱指定类别中的总员工数* 100%。

During the Reporting Period, the Group achieved an

overal training percentage of 104% (2024: 156%),

providing 210 hours (2024: 271 hours) of training with an

average training hour of aproximately 3.13 hours (2024:

4.04 hours) per employe trained. The percentage of total

employes who tok part in training in the Group is as

folows:

Percentage of Employes Received Training

已受训雇员百分比

2024年

Overal总人数156%

By Gender按性别划分

Male男性154%

Female女性161%

By Employment Category按雇员类型划分

Senior Management Staf高级管理层300%

Midle Management Staf中级管理层128%

General Staf一般雇员157%

The breakdown of total employes by gender and

employment categories is as folows:

Breakdown of Employe Training

受训雇员明细

2024年

By Gender按性别划分

Male男性57%

Female女性43%

By Employment Category按雇员类型划分

Senior Management Staf高级管理层14%*

Midle Management Staf中级管理层31%*

General Staf一般雇员55%*

Notes:

4. Formula for calculating the percentage of employes trained

= number of employes trained/total number of employes

on 31 March 2025 * 100%. Formula for calculating the

percentage of employes in the relevant categories =

Employes in the specified category who tok part in

training/total number of employes in the specified category

2025
2025年
3.13
2.85
3.58
2.45
3.09
3.55

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

=在X类别下受训的

员工数╱截至2025年3月31日受训的总员工数*

100%。计算相关类别受训员工明细的公式=在

指定类别中参加培训的员工数╱参加培训的员工

总数* 100%。

按性别及雇员类型划分每名雇员完成的平均培

训时数如下：

附注：

=总培训小时╱

总员工数。计算相关类别员工的平均受训小时的

公式=指定类别员工的总培训小时╱指定类别中

的员工数。

，数据已重新呈列。

5. Formula for calculating the breakdown of employes trained

= number of employes trained under x category/total

number of employes trained on 31 March 2025 * 100%.

Formula for calculating the breakdown of employes in

relevant categories = Employes in the specified category,

who tok part in training/Employes who tok part in

training * 100%.

The average number of training hours completed per

employe by gender and employment category are as

folows:

Average Number of Training Hours (hours)

平均培训时数（小时）

2024年

Overal总时数4.04

By Gender按性别划分

Male男性4.00

Female女性4.11

By Employment Category按雇员类型划分

Senior Management Staf高级管理层7.80*

Midle Management Staf中级管理层2.52*

General Staf一般雇员4.57*

Note:

6. Formula for calculating average training hours per

employe = Total number of training hours/Total number

of employes. Formula for calculating average training

hours of employes in relevant categories = Total number

of training hours for employes in the specified category/

Number of employes in the specified category.

* The data has ben restated due to an updated calculation

model.

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

劳工标准

防止童工或强制劳工

本集团一直坚守承诺，遵守所有相关法例法规，

在工作场所禁止童工或强制劳工。本集团制定了

详细的员工手册，以确保应征者达到法定工作年

龄，人力资源部于招聘过程中会检查应征者的身

份证明文件，如学历证书、身份证和籍贯信息等。

通过进行该等身份核实，本集团采取积极的措施，

核实候选人的资格并坚持道德雇佣惯例的承诺。

如有任何违规行为，员工请直接向人力资源部和

高层管理人员举报，以立即进行核实，本集团将

立即进行调查、解除雇佣合约并对相关员工进行

处分。必要时，本集团将进一步完善违规劳动机

制。

此外，雇佣合约及相应的职位描述订明了工作时

间、地点、任务及确保雇员在其职责范围内进行

工作的首要职责。为消除强制劳工的可能性，采

取了以下措施：

，明确禁止强制劳工，并概

述违反规定的后果。

，加班工作须经协商

一致，并按适用法律法规作补偿，以防止强

制加班的情况发生。

，以发现并解决

与工作条件有关的任何问题。

该等惯例确保防止强迫加班并保证员工的权利

及福利。

Labour Standards

Prevention of Child and Forced Labour

The Group maintains a strong comitment to compliance

with al relevant laws and regulations, prohibiting the

use of child or forced labour in the workplace. The

Group has created a detailed Employe Handbok to

ensure candidates are of legal working age, the Human

Resources Department checks their identity documents,

such as academic certificates, ID cards, and hometown

information, during the hiring proces. By conducting

these identity checks, the Group takes proactive measures

to verify the eligibility of candidates and uphold its

comitment to ethical employment practices. Employes

are instructed to report any violations directly to the

Human Resources Department and senior management

for imediate verification, the Group wil imediately

investigate, terminate the labor contract and discipline the

employes involved. If necesary, the Group wil further

improve the labour mechanism for violations.

Furthermore, the Employment Agrements and job

descriptions clearly outline the working hours, location,

asigned tasks, and primary responsibilities to ensure

that employes are not compeled to perform tasks that

fal outside the scope of their roles. To eliminate any

potential for forced labour, the folowing steps have ben

implemented:

• Establish comprehensive policies that explicitly

prohibit forced labor and outline the consequences

for violations.

• If employes are required to work beyond their

regular working hours, any overtime work is voluntary

and compensated in acordance with aplicable

laws and regulations.

’ fedback to

identify and adres any isues related to working

conditions.

These practices safeguard against forced overtime and

uphold the rights and wel-being of the employes.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团亦禁止以任何理由对员工进行辱骂、体罚、

暴力、精神压迫、性骚扰（包括不恰当语言、姿势

和身体的接触）等惩罚性措施和行为。如发现任

何员工违反本集团的规定，本集团将立即按员工

手册立即终止试用期或雇佣合约。

于报告期间，本集团并不知悉任何会对本集团产

生重大影响的严重违反有关童工及强迫劳工法

律法规之情况，包括但不限于香港《雇佣条例》、

《中华人民共和国劳动法》及中华人民共和国《禁

止使用童工规定》。

供应链管理

供应商管理

供应商管理为稳健经营必不可少的一部分。本集

团期望与供应商就可持续创新发展开长期合作。

其在《次承判商分包及采购政策》以及《道德准

则》中对供应商分类、检查、管理、权利及权益进

行了详细规定。于报告期间，我们与268家主要供

应商合作，其中22家来自中国，246家来自香港。

确保供应商和次承判商的质素，对于为客户提供

卓越服务至关重要。为支持一个负责任和可靠的

供应链，本集团已制定一套标准化的甄选程序。

该程序从多个方面进行评估，如服务质素、对关

切问题的回应能力、资格及公司简介。经过全面

评估后，选出最合适的供应商和次承判商，并记

录在合格名单中。

此外，本集团进行定期评估，以确保供应商和次

承判商符合我们的要求。作为每个项目的一部分，

我们会进行现场环境检查，以促进可持续发展。

指定人员负责评估各种因素，包括废物管理、节

水、噪音控制、能源效率和化学品管理等。

The Group also prohibits any punishments and behaviours

involving verbal abuse, physical punishment, physical

abuse, opresion, sexual harasment (including

inapropriate language, postures and physical contact),

etc., against employes for any reason. If any employe is

discovered has violated the Group’s regulations, the Group

wil terminate the probationary period or the Employment

Agrement imediately under Employe Handbok.

During the Reporting Period, the Group was not aware of

any material non-compliance with child and forced labour-

related laws and regulations that would have a significant

impact on the Group. Such laws and regulations include

but are not limited to the Employment Ordinance of Hong

Kong, the Labour Law of the PRC, and the Provisions on

the Prohibition of Using Child Labour of the PRC.

Suply Chain Management

Suplier Management

Suplier management is an indispensable part of robust

operations. The Group loks forward to long-term

coperation with supliers for sustainable and inovative

development. It provides detailed provisions regarding

suplier clasification, inspection, management, rights and

interests in the Subcontracting and Procurement Policy

and Code of Ethics. During the Reporting Period, we

worked with 268 major supliers: 22 from the PRC and

246 from Hong Kong.

Ensuring suplier and subcontractor quality is vital for

providing exceptional service to customers. To suport

a responsible and dependable suply chain, the Group

has established a standardized selection proces. This

procedure aseses multiple aspects, including service

quality, responsivenes to concerns, qualifications, and

company profile. Folowing a thorough evaluation proces,

the most suitable supliers and subcontractors are

selected and documented in a qualified vendor list.

Aditionaly, periodic evaluations are caried out to ensure

that supliers and subcontractors continue to met our

standards and requirements. As part of every project, a

site environmental inspection is conducted to promote

sustainability. Designated personel are responsible for

asesing various factors, including waste management,

water conservation, noise control, energy eficiency, and

chemical management, etc.

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

于装潢活动期间，集团对供应商和次承判商实施

严格监管。如有任何违约发生，我们可能雇用临

时员工或其他经核准的供应商，并可能指派次承

判商处理项目并承担责任，以便我们的服务顺利

进行。于报告期间，本集团所有供应商均参与上

述与供应商管理相关的惯例。

绿色采购

本集团致力于将可持续发展融入其业务模式。为

减少采购过程中的碳足迹，本集团优先考虑本地

采购。通过依赖主要位于香港的供应商和次承判

商，本集团最大限度地减少材料交付和运输过程

中产生的温室气体排放。这种做法不仅有助于减

轻对环境的影响，亦促进当地的经济发展。本集

团在当地采购，促进了经济增长，并为当地社区

创造了就业机会。本集团认识到支持当地经济的

重要性，并致力于通过其商业活动为社会和经济

做出积极贡献。

本集团于采购过程中非常重视环保产品及服务。

优先考虑选择包装少的产品的供应商及次承判商，

从而减少不必要的浪费，倾向于使用节能型设备

（包括LED）以减少能源消耗。

除了环境问题外，本集团将监察其供应商及次承

判商是否遵守适用的健康、安全、强制劳工及童

工法例法规及标准。作为评估流程的一部分，本

集团将参观供应商的经营现场，以确保其满足所

有方面的标准。本集团旨在就供应链方面透过上

述实践减少环境及社会风险。

During fiting-out activities, supliers and subcontractors

are strictly monitored by the Group. If any breach of

contract ocurs, we may hire temporary staf or other

aproved supliers, and subcontractors may be asigned

to handle the project and asume responsibility so that

our services run smothly. During the Reporting Period, al

of the Group’s supliers were engaged under the above

practices relating to suplier management.

Gren Procurement

The Group is comited to integrating sustainable

development into its busines model. To reduce the

carbon fotprint asociated with the procurement proces,

the Group prioritizes local sourcing. By relying on supliers

and subcontractors primarily located in Hong Kong,

the Group minimizes grenhouse gas (GHG) emisions

resulting from material deliveries and transportation. This

aproach not only contributes to mitigating environmental

impact but also suports local economic development.

By sourcing localy, the Group fosters economic

growth and creates employment oportunities for local

comunities. It recognizes the importance of suporting

the local economy and aims to make a positive social and

economic contribution through its busines activities.

The Group places a high priority on environmentaly

friendly products and services during the procurement

proces. A preference is given to supliers and

subcontractors who chose products with les packaging,

thus reducing unecesary waste, and opt to use energy-

eficient equipment, including LEDs, to reduce energy

consumption.

Apart from environmental concerns, the Group wil

monitor whether its supliers and contractors comply with

aplicable health, safety, forced labour, and child labour

laws, regulations, and standards. As part of the evaluation

proces, the Group wil visit supliers’ operating sites to

ensure they met al aspects of standards. The Group

aims to reduce environmental and social risks in its suply

chain through the above practices.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

产品责任

负责任的业务行为是健康业务的关键。本集团认

为产品质素及客户服务对可持续发展至关重要。

为此，本集团已制定一系列相关政策及指引，以

持续提升其产品及服务质素。由于本集团的业务

性质，本集团并无制定具体的产品召回程序。

于报告期间，本集团并无销售或运送的产品因安

全及健康问题而被召回，且本集团并不知悉任何

会对本集团产生重大影响的、违反与所提供的产

品及服务相关的健康与安全、广告、标签、私隐

事项等相关法律法规的事件。有关法律及法规包

括但不限于香港《个人资料（私隐）条例》、《中

华人民共和国消费者权益保护法》及《中华人民

共和国广告法》。

优质服务

我们的核心价值为提供及保持高质素的服务，使

客户满意。为此，我们坚持按照ISO9001:2015品

质管理体系标准及流程制定政策及程序。为确保

装潢工作的整体质素，我们在整个工作流程中实

施了工程品质控制计划，分别是材料采购、文件

提交、样本提交、建筑及安装、验收及测试控制、

安装前模型、交接准备及品质记录管理。

Product Responsibility

Responsible busines practices are critical to a

healthy busines. The Group believes quality products

and customer service are esential for sustainable

development. To this end, the Group has formulated a

series of relevant policies and guidelines to improve the

quality of its products and services continuously. Due to

the nature of the Group’s busineses, the Group does not

have specific product recal procedures in place.

During the Reporting Period, there were no sold or

shiped products of the Group that were subject to

recals for safety and health reasons, and the Group

was not aware of any incidents of non-compliance with

related laws and regulations concerning health and safety,

advertising, labeling, and privacy maters relating to

products and services provided and methods of redres

that would have a significant impact on the Group. Such

laws and regulations include but are not limited to the

Personal Data (Privacy) Ordinance of Hong Kong, the

Protection of Consumer Rights and Interests of the PRC,

and the Advertising Law of the PRC.

Quality Services

Our core value is to provide and maintain high-quality

services that satisfy our clients. For this purpose,

we adhere to policies and procedures established in

acordance with ISO9001:2015 Quality Management

System standards and procedures. To ensure the overal

quality of the fit-out work, a Project Quality Plan has

ben implemented in the whole work proces, starting

with materials purchase, document submision, sample

submision, construction and instalation, inspection and

testing control, mock-up prior to instalation, preparation

for handover and quality record management.

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

除提高项目质素外，我们亦将工人及项目现场的

安全放在首位。本集团的员工均获得劳工处认证

为注册安全主任。为保持安全标准，每周均会根

据本集团制定的清单进行安全检查。检查涵盖各

种标准，包括有效的工人许可证、遵守工地安全

规则、应急计划、防尘措施、噪音控制、识别绊倒

危险及电气设备安全。通过开展该等检查，我们

确保采取全面的安全管理办法，并识别及解决潜

在危险。

Certain Control Measures

若干控制措施

Material Purchased

材料采购

, the site manager/site

supervisor conducts the materials inspection.

材料到达后，工地管理人员╱工地主管进行材料检查。

• Any materials found sub-standard or defective would be rejected

and replaced with qualified materials.

任何不符合标准或有缺陷的材料将被拒收，并用合格的材料替换。

Document Submision

文件提交

including leters, drawings and technical literature, shal be

identified, documented, reviewed and aproved by the project

manager before the implementation.

对任何格式的文件，包括信件、工程图及技术文献的所有变更及

修改，均应在实施前由项目管理人员确定、记录、审查及批准。

Construction and Instalation

建筑及安装

• The instalation procedures shal be in acordance with the

aproved Method Statement.

安装程序应符合核准的方法说明。

Inspection and Testing

验收及测试

• Inspection and testing would be conducted before the handover

of the completed work to the client. Al the relevant records shal

be reviewed for compliance with satisfactory results.

验收及测试将在向客户移交完成的工作之前进行。所有相关的记

录均应被审查，以确保符合规定并取得令人满意的结果。

, the subject parts

are required to take corective and preventive actions, and these

items are to be re-inspected.

如有任何不符合要求或不合格的结果，须对受检部件采取纠正及

预防措施，并对该等项目进行重新检查。

In adition to enhancing the project quality, we prioritize

the safety of our workers and project sites. The Group has

employes who are certified as Registered Safety Oficers

by the Labour Department. To maintain safety standards,

wekly safety inspections are caried out using a checklist

developed by the Group. The inspections encompas

various criteria, including valid workers’ permits,

adherence to site safety rules, emergency plans, dust

control measures, noise control, identification of triping

hazards, and the safety of electrical equipment. By

conducting these inspections, we ensure a comprehensive

aproach to safety management and the identification and

resolution of potential hazards.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

客户服务

为提升客户满意度，本集团著重改善其客户意见

反馈系统，并提供更多途径供客户分享彼等对产

品及服务的意见及投诉。本集团提供多种渠道供

公众分享其反馈，包括官方网站、电话、本集团

热线及面谈等。该等多样化的渠道为客户提供方

便快捷的方式，以表达彼等的想法，使本集团能

够更好地了解彼等的需求，并迅速解决任何疑虑

或问题。透过积极处理客户的回馈，本集团力求

不断提升其产品及服务，确保客户满意度持续处

于高水平。

在项目执行过程中，我们定期与客户沟通，以确

保满足客户的要求。项目完成后，客户将收到维

护指南，内容包括电器安装说明及已竣工场所的

详细图纸。本集团密切关注服务期间及之后收到

的所有反馈。在此期间，客户在满意度调查中均

给予正面回应。于报告期间，本集团并无接获任

何与产品及服务有关的重大投诉。

广告及标签

适当的广告活动必不可少，且须遵守媒体广告规

则。本集团利用线上平台宣传其业务活动。本集

团已制定相关政策及程序，以确保广告资料准确、

完整，且不包含虚假或误导资料。这可以降低广

告风险。为保护消费者免受广告造成的任何伤害，

本集团须遵守广告法律法规。

Customer Service

To enhance customer satisfaction, the Group is focused

on improving its customer fedback system and providing

more ways for customers to share their opinions and

complaints about products and services. The Group

provides multiple chanels for the public to share their

fedback, including oficial websites, phone cals, the

Group’s hotline, and in-person metings. These diverse

chanels ofer customers convenient and acesible ways

to comunicate their thoughts, enabling the Group to

beter understand their neds and promptly adres any

concerns or isues. By actively engaging with customer

fedback, the Group strives to continuously enhance its

products and services, ensuring a consistently high level

of customer satisfaction.

During the project, we comunicate with customers

regularly to ensure that their requirements are met. Once

the project is completed, the customer wil receive a

maintenance guide that includes apliance instalation

instructions and a detailed drawing of the completed

space. The Group pays close atention to al fedback

received during and after the service. Customers have

given positive responses in satisfaction surveys during

this period. During the Reporting Period, the Group did

not receive any material product and service-related

complaints.

Advertising and Labeling

A apropriate advertising campaign is esential, and it

is important to folow media advertising rules. Online

platforms are used by the Group to advertise its busines

activities. The Group have established relevant policies

and procedures to ensure that advertising information

is acurate, complete, and does not contain false or

misleading information. This can reduce advertising risks.

To protect consumers from any harm caused by ads, the

Group must comply with advertising laws and regulations.

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

私隐保障

保障客户的权利、私隐及数据对本集团至关重要。

为保护个人数据私隐，本集团实施严格的安全和

保密标准。本集团确保遵守所有与数据私隐相关

的监管要求，保证按照适用的法律法规处理和保

护客户数据。通过保持高标准的数据私隐，本集

团展示了其对保护客户资料、维护客户权利和私

隐的承诺。

为确保电脑系统仅用于商业目的，本集团已制定

出通用资讯科技政策。除非法律允许或要求，否

则本集团不会在未经人员事先同意的情况下向

任何第三方披露所收集的个人数据。本集团亦要

求前雇员将所有与工作相关的资料及文件交给

负责的部门。这包括客户详细资料、项目计划、

各项任务的内容和进度，连同待定的任务。此外，

本集团不会为宣传目的而向任何人披露个人资料。

每当需交换敏感资料时，须签订保密协议（NDA）

作为合约一部分。

知识产权的保护

我们鼓励集团员工进行创新，并遵守其营运所在

地有关知识产权保护的适用法律法规。本集团维

护及保护知识产权，并鼓励员工跟上最新的技术

突破的步伐。

根据通用资讯科技政策，无论在雇佣期间还是终

止雇佣后，员工禁止向任何第三方披露机密资料，

包括但不限于集团策略、商业利益、专有技术、

发明及知识产权。

Privacy Protection

Protecting the rights, privacy, and data of customers is of

paramount importance to the Group. Stringent security

and confidentiality standards have ben implemented

to safeguard the privacy of personal data. The Group

ensures compliance with al regulatory requirements

related to data privacy, guaranteing that customer data

is handled and protected in acordance with aplicable

laws and regulations. By maintaining high standards of

data privacy, the Group demonstrates its comitment to

safeguarding customer information and upholding their

rights and privacy.

To ensure that computer systems are used exclusively for

busines purposes, the Group has established the General

Information Technology Policy. Unles permited or

required by law, the Group wil not disclose the colected

personal data to any third parties without the personel’s

prior consent. The Group also requires former employes

to give al work-related information and documents to the

responsible department. This includes customer details,

project plans, contents and progres of various tasks in

conjunction with pending tasks. In adition, the Group

wil not disclose personal data to anyone for promotional

purposes. Whenever sensitive information neds to

be exchanged, a Non-Disclosure Agrement (NDA) is

mandatory as part of the contract.

Protection of Intelectual Property Rights

Group employes are encouraged to inovate and comply

with aplicable laws and regulations regarding intelectual

property protection in the places where they operate. The

Group maintains and protects intelectual property rights

and encourages its employes to kep up to date with the

latest technological breakthroughs.

Acording to the General Information Technology Policy,

employes are forbiden from disclosing confidential

information to any third party, including but not limited

to Group strategies, busines interests, know-how,

inventions, and intelectual property, whether during

employment or after the termination of employment.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anti-coruption

Corporate governance is integral to the growth and

development of the Group. Towards the development

of an ethical, open, and transparent corporate culture,

the Group has formulated a Code of Ethics Policy and

Anti-Coruption Policy to govern busines practices and

protect stakeholders’ interests. The Group takes a zero-

tolerance aproach towards al forms of bribery and

coruption. Moreover, the Group explicitly specifies that

employes must be honest, loyal to their duties, and not

abuse their oficial status to obtain improper benefits.

Training and briefings on anti-coruption are provided to al

employes and directors of the Board in a regular maner

by the Group. Group directors and employes were

trained for 3 hours on the latest anti-coruption regulations

during the Reporting Period. The training materials

highlight the importance of embeding integrity in the

workplace, provide guidance on adhering to busines

ethics, and provide industry-specific examples to facilitate

the understanding of anti-coruption by employes.

During the Reporting Period, there were no concluded

legal cases regarding any forms of fraud raised by the

Group or its employes. The Group was not aware of

any material non-compliance with relevant laws and

regulations of bribery, extortion, fraud and money

laundering that would have a significant impact on the

Group. Such laws and regulations include but are not

limited to the Prevention of Bribery Ordinance of Hong

Kong, the Anti-Money Laundering Law of the PRC, the

Criminal Law of the PRC, and the Company Law of the

PRC and the Anti-Unfair Competition Law of the PRC.

反贪污

企业管理乃本集团成长及发展不可或缺的一环。

为发展合乎道德、开放及透明的企业文化，本集

团已制定出《道德准则政策》及《反贪污政策》，

以规范商业行为及保护持份者的利益。本集团对

所有形式的贿赂及贪污采取零容忍的态度。此外，

本集团明确规定，员工须诚实，忠于职守，且不

得滥用其官方身份获取不正当利益。

本集团定期为所有员工和董事会董事提供有关

反贪污的培训及简报。于报告期间，本集团董事

及雇员接受了3小时的最新反贪污法规培训。培

训材料强调了在工作场所树立诚信的重要性，指

导员工遵守商业道德，并提供了具体的行业案例，

以促进员工对反贪污的理解。

于报告期间，本集团或其员工未就任何形式的欺

诈行为提起诉讼。本集团并无知悉任何重大违反

贿赂、勒索、欺诈及洗钱等相关法律及法规且会

对本集团产生重大影响的情况。该等法律及法规

包括但不限于香港《防止贿赂条例》、《中华人民

共和国反洗钱法》、《中华人民共和国刑法》及

《中华人民共和国公司法》及《中华人民共和国

反不正当竞争法》。

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Whistle-blowing Mechanism

The Group has created a transparent Whistle-blowing

Policy to identify and prevent misconduct or unethical

behavior. The Audit Comite regularly reviews this

policy to encourage staf and stakeholders to report

coruption and improve anti-coruption eforts. Employes

who notice any actual or suspected violations must report

them through the chanels outlined in the policy. This

alows employes and others asociated with the Group to

voice concerns about misconduct. They can contact the

Board via email to whistleblower@sanbase.com.hk or mail

to the Group’s principal place of busines in Hong Kong.

The Chief Executive Oficer or the Audit Comite wil

handle the reports, conduct investigations, and present

findings to the Board. Al reports wil be kept confidential

and treated fairly. The identity of the whistleblower wil

not be disclosed without their consent, unles legaly

required. There wil be no unfair treatment or punishment

of whistleblowers, and their legal rights wil be protected.

Comunity Investment

The Group recognizes its role as a responsible corporate

citizen and actively monitors the neds of the comunities

in which it operates. Through various chanels, the Group

gives back to the comunity, aiming to promote social

harmony and sustainable development while fulfiling its

corporate social responsibility. In another efort to help

cultivate employes’ sense of social responsibility, the

Group has always encouraged employes to participate

in social welfare activities during their working day and in

their spare time to make a greater contribution to society.

During the Reporting Period, the focus area of the Group

is health and education and the Group’s total comunity

investment amount was aproximately HKD7,500. Below

are the sections where we have made public donations:

,000 to Yan Chai Hospital,

suporting health initiatives.

,500 and organized a

volunter event with Read cycling, focusing on

education and manpower.

,000 and held a volunter

event with Mision health grens, contributing to

health and manpower development.

举报机制

本集团已建立透明的举报政策，以识别及防止

不当行为或不道德行为。审核委员会定期检讨

该政策，以鼓励员工及持份者举报贪污行为，

并改善反贪污工作。雇员若发现任何实际或可

疑的违规行为，须透过政策中列出的管道举

报。这使员工和其他与本集团有关的人员能够

表达对不当行为的疑虑。彼等可透过电子邮件

whistleblower@sanbase.com.hk或邮寄至本集团

的香港主要营业地点与董事会联络。行政总裁或

审核委员会将处理举报、进行调查，并向董事会

提交调查结果。所有举报均会保密及公正处理。

除非法律要求，否则在未经举报人同意的情况下，

不会披露举报人的身份。举报者不会受到不公平

的对待或处罚，彼等的合法权利将受到保护。

社区投资

本集团认识到自身作为负责任企业公民的角色，

并积极关注营运所在社区的需求。本集团通过各

种渠道回馈社会，于履行企业社会责任的同时，

促进社会和谐与可持续发展。同时，为培养雇员

的社会责任感，本集团一直鼓励雇员在工作期间

及业余时间参加社会公益活动，为社会做出更大

的贡献。于报告期间，本集团的关注领域为健康

及教育，本集团的社区投资总额约为7,500港元。

以下为我们公开捐赠的部分：

,000港元，支持健

康活动。

,500港元，并与书送快乐举办

义工活动，关注教育及人力资源。

,000港元，并与乐耕园举办义

工活动，为健康及人力发展作出贡献。

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

The Group is dedicated to making a positive impact

on the comunity through our service eforts. We

envision a future where our contributions foster health,

education, and wel-being. By encouraging employe

involvement in volunter projects and colaborating with

local organizations, we aim to adres social isues and

promote sustainable development. Our goal is to inspire

others to join us in this mision, creating a stronger, more

resilient comunity for everyone. Through these ongoing

eforts, we hope to leave a gift and empower future

generations.

本集团致力透过我们的服务工作，为社区带来正面影

响。我们憧憬，在未来，我们的贡献能促进健康、教育

和福祉。透过鼓励员工参与义工项目，并与当地组织

合作，我们旨在解决社会问题并促进持续发展。我们

的目标是启发其他人加入我们的使命，为每个人创造

更强大、更有弹性的社区。透过这些持续不断的努力，

我们希望能留下一份赠礼，并赋予未来世代力量。

Governance Structure 管治架构	BOARD STATEMENT AND ESG GOVERNANCE STRUCTURE 董事会声明及环境、社会及管治治理架构

Reporting Boundary 汇报范围	Reporting Scope 报告范围

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

香港联合交易所有限公司环境、社会及

管治报告指引索引

THE ESG REPORTING GUIDE CONTENT

INDEX OF THE STOCK EXCHANGE OF

HONG KONG LIMITED

Mandatory Disclosure RequirementsChapter/Statement

强制披露规定章节╱声明

Reporting Principles

汇报原则

Reporting Principles

汇报原则

Subject Areas,

Aspects, General

Disclosures and KPIsDescriptionSection/Declaration

主要范畴、层面、一般披

露及关键绩效指标描述章节╱声明

Aspect A1: Emisions

层面A1：排放物

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have

a significant impact on the isuer relating to Exhaust Gas

and GHG emisions, discharges into water and land, and

generation of hazardous and non-hazardous waste.

Emisions

一般披露有关废气及温室气体排放、向水及土地的排污、有害及无害废弃物

的产生等的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

排放

KPI A1.1The types of emisions and respective emisions data.Emisions –

Air Emisions

关键绩效指标A1.1排放物种类及相关排放数据。排放－废气排放

KPI A1.2Direct (Scope 1) and energy indirect (Scope 2) grenhouse gas

emisions (in tones) and, where apropriate, intensity.

Emisions –

Grenhouse Gas

(“GHG”) Emisions

关键绩效指标A1.2直接（范围1）及能源间接（范围2）温室气体排放量（以吨计算）及

（如适用）密度。

排放－温室气体（「温室

气体」）排放

KPI A1.3Total hazardous waste produced (in tones) and intensity.Emisions –

Waste Management

关键绩效指标A1.3所产生有害废弃物总量（以吨计算）及密度。排放－废弃物管理

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Subject Areas,

Aspects, General

Disclosures and KPIsDescriptionSection/Declaration

主要范畴、层面、一般披

露及关键绩效指标描述章节╱声明

KPI A1.4Total non-hazardous waste produced (in tones) and intensity.Emisions –

Waste Management

关键绩效指标A1.4所产生无害废弃物总量（以吨计算）及密度。排放－废弃物管理

KPI A1.5Description of emision target(s) set and steps taken to achieve

them.

Emisions –

Environmental Targets

Energy Management

关键绩效指标A1.5描述所订立的排放量目标及为达到这些目标所采取的步骤。排放－环境目标能源管

理

KPI A1.6Description of how hazardous and non-hazardous wastes are

handled, reduction initiatives and results achieved.

Emisions – Waste

Management

关键绩效指标A1.6描述处理有害及无害废弃物的方法、减低产生量的措施及所得成果。排放－废弃物管理

Aspect A2: Use of Resources

层面A2：资源使用

General DisclosurePolicies on the eficient use of resources, including energy, water

and other raw materials.

Use of Resources

一般披露有效使用资源（包括能源、水及其他原材料）的政策。资源使用

KPI A2.1Direct and/or indirect energy consumption by type in total and

intensity.

Use of Resources –

Energy Management

关键绩效指标A2.1按类型划分的直接及╱或间接能源总耗量及密度。资源使用－能源管理

KPI A2.2Water consumption in total and intensity.Use of Resources –

Water Management

关键绩效指标A2.2总耗水量及密度。资源使用－用水管理

KPI A2.3Description of energy use eficiency initiatives and results

achieved.

Use of Resources –

Energy Management

关键绩效指标A2.3描述能源使用效益计划及所得成果。资源使用－能源管理

KPI A2.4Description of whether there is any isue in sourcing water that is

fit for purpose, water eficiency initiatives and results achieved.

Use of Resources –

Water Management

关键绩效指标A2.4描述求取适用水源上可有任何问题，以及提升用水效益计划及所

得成果。

资源使用－用水管理

KPI A2.5Total packaging material used for finished products (in tones)

and with reference to per unit produced.

Use of Resources –

Use of Packaging

Materials

关键绩效指标A2.5制成品所用包装材料的总量（以吨计算）及每生产单位占量。资源使用－包装材料使

用

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Subject Areas,

Aspects, General

Disclosures and KPIsDescriptionSection/Declaration

主要范畴、层面、一般披

露及关键绩效指标描述章节╱声明

Aspect A3: The Environment and Natural Resources

层面A3：环境及天然资源

General DisclosurePolicies on minimizing the isuer’s significant impact on the

environment and natural resources.

The Environment and

Natural Resources

一般披露减低发行人对环境及天然资源造成重大影响的政策。环境及天然资源

KPI A3.1Description of the significant impacts of activities on the

environment and natural resources and the actions taken to

manage them.

The Environment and

Natural Resources –

Indor Air Quality

Control, Noise Control

关键绩效指标A3.1描述业务活动对环境及天然资源的重大影响及已采取管理有关影

响的行动。

环境及天然资源－室内

空气质素控制、噪音控

制

Aspect A4：Climate Change

层面A4：气候变化

General DisclosurePolicies on identification and mitigation of significant climate

related isues which have impacted, and those which may

impact, the isuer.

Climate Change

一般披露识别及应对已经及可能会对发行人产生影响的重大气候相关事宜

的政策。

气候变化

KPI A4.1Description of the significant climate-related isues which have

impacted, and those which may impact, the isuer, and the

actions taken to manage them.

Climate Change –

Physical Risks,

Transition Risks

关键绩效指标A4.1描述已经及可能会对发行人产生影响的重大气候相关事宜，及应

对行动。

气候变化－物理风险、

过渡风险

Aspect B1: Employment

层面B1：雇佣

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a

significant impact on the isuer relating to compensation

and dismisal, recruitment and promotion, working hours,

rest periods, equal oportunity, diversity, antidiscrimination,

and other benefits and welfare.

Employment

一般披露有关薪酬及解雇、招聘及晋升、工作时数、假期、平等机会、多元化、

反歧视以及其他待遇及福利的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

雇佣

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Subject Areas,

Aspects, General

Disclosures and KPIsDescriptionSection/Declaration

主要范畴、层面、一般披

露及关键绩效指标描述章节╱声明

KPI B1.1Total workforce by gender, employment type, age group and

geographical region.

Employment –

Recruitment,

Promotion and

Dismisal

关键绩效指标B1.1按性别、雇佣类型、年龄组别及地区划分的雇员总数。雇佣－招聘、晋升及解

雇

KPI B1.2Employe turnover rate by gender, age group and geographical

region.

Employment –

Recruitment,

Promotion and

Dismisal

关键绩效指标B1.2按性别、年龄组别及地区划分的雇员流失比率。雇佣－招聘、晋升及解

雇

Aspect B2: Health and Safety

层面B2：健康与安全

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have

a significant impact on the isuer relating to providing a

safe working environment and protecting employes from

ocupational hazards.

Health and Safety

一般披露有关提供安全工作环境及保障雇员避免职业性危害的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

健康与安全

KPI B2.1Number and rate of work-related fatalities.Health and Safety

关键绩效指标B2.1因工死亡人数及比率。健康与安全

KPI B2.2Lost days due to work injury.Health and Safety

关键绩效指标B2.2因工伤损失工作日数。健康与安全

KPI B2.3Description of ocupational health and safety measures adopted,

and how they are implemented and monitored.

Health and Safety –

Ocupational

Health and Safety,

Construction Site Safety

关键绩效指标B2.3描述所采纳的职业健康与安全措施，以及相关执行及监察方法。健康与安全－职业健康

与安全、建筑工地安全

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Subject Areas,

Aspects, General

Disclosures and KPIsDescriptionSection/Declaration

主要范畴、层面、一般披

露及关键绩效指标描述章节╱声明

Aspect B3: Development and Training

层面B3：发展及培训

General DisclosurePolicies on improving employes’ knowledge and skils for

discharging duties at work. Description of training activities.

Development and

Training

一般披露有关提升雇员履行工作职责的知识及技能的政策。描述培训活动。发展及培训

KPI B3.1The percentage of employes trained by gender and employe

category (e.g. senior management, midle management).

Development and

Training

关键绩效指标B3.1按性别及雇员类别（如高级管理层、中级管理层）划分的受训雇员

百分比。

发展及培训

KPI B3.2The average training hours completed per employe by gender

and employe category.

Development and

Training

关键绩效指标B3.2按性别及雇员类别划分，每名雇员完成受训的平均时数。发展及培训

Aspect B4: Labour Standards

层面B4：劳工标准

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a

significant impact on the isuer relating to preventing child

and forced labour.

Labour Standards –

Prevention of Child and

Forced Labour

一般披露有关防止童工及强制劳工的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

劳工标准－防止童工及

强制劳工

KPI B4.1Description of measures to review employment practices to avoid

child and forced labour.

Labour Standards –

Prevention of Child and

Forced Labour

关键绩效指标B4.1描述检讨招聘惯例的措施以避免童工及强制劳工。劳工标准－防止童工及

强制劳工

KPI B4.2Description of steps taken to eliminate such practices when

discovered.

Labour Standards –

Prevention of Child and

Forced Labour

关键绩效指标B4.2描述在发现违规情况时消除有关情况所采取的步骤。劳工标准－防止童工及

强制劳工

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Subject Areas,

Aspects, General

Disclosures and KPIsDescriptionSection/Declaration

主要范畴、层面、一般披

露及关键绩效指标描述章节╱声明

Aspect B5: Suply Chain Management

层面B5：供应链管理

General DisclosurePolicies on managing environmental and social risks of the suply

chain.

Suply Chain

Management

一般披露管理供应链的环境及社会风险政策。供应链管理

KPI B5.1Number of supliers by geographical region.Suply Chain

Management –

Suplier Management

关键绩效指标B5.1按地区划分的供应商数目。供应链管理－

供应商管理

KPI B5.2Description of practices relating to engaging supliers, number of

supliers where the practices are being implemented, and how

they are implemented and monitored.

Suply Chain

Management –

Suplier Management

关键绩效指标B5.2描述有关聘用供应商的惯例，向其执行有关惯例的供应商数目、以

及有关惯例的执行及监察方法。

供应链管理－供应商管

理

KPI B5.3Description of practices used to identify environmental and social

risks along the suply chain, and how they are implemented and

monitored.

Suply Chain

Management –

Gren Procurement

关键绩效指标B5.3描述有关识别供应链每个环节的环境及社会风险的惯例，以及相

关执行及监察方法。

供应链管理－绿色采购

KPI B5.4Description of practices used to promote environmentaly

preferable products and services when selecting supliers, and

how they are implemented and monitored.

Suply Chain

Management –

Gren Procurement

关键绩效指标B5.4描述在拣选供应商时促使多用环保产品及服务的惯例，以及相关

执行及监察方法。

供应链管理－绿色采购

Aspect B6: Product Responsibility

层面B6：产品责任

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have

a significant impact on the isuer relating to health and

safety, advertising, labeling and privacy maters relating to

products and services provided and methods of redres.

Product Responsibility

一般披露有关所提供产品和服务的健康与安全、广告、标签及私隐事宜以及

补救方法的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

产品责任

KPI B6.1Percentage of total products sold or shiped subject to recals for

safety and health reasons.

Product Responsibility

关键绩效指标B6.1已售或已运送产品总数中因安全与健康理由而须回收的百分比。产品责任

庄皇集团公司 2025年度报告

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Subject Areas,

Aspects, General

Disclosures and KPIsDescriptionSection/Declaration

主要范畴、层面、一般披

露及关键绩效指标描述章节╱声明

KPI B6.2Number of products and service-related complaints received and

how they are dealt with.

Product Responsibility –

Customer Service

关键绩效指标B6.2接获关于产品及服务的投诉数目以及应对方法。产品责任－客户服务

KPI B6.3Description of practices relating to observing and protecting

intelectual property rights.

Product Responsibility –

Protection of Intelectual

Property Rights

关键绩效指标B6.3描述与维护及保障知识产权有关的惯例。产品责任－保护知识产

权

KPI B6.4Description of quality asurance proces and recal procedures.Product Responsibility –

Quality Service

关键绩效指标B6.4描述品质检定过程及产品回收程序。产品责任－优质服务

KPI B6.5Description of consumer data protection and privacy policies, and

how they are implemented and monitored.

Product Responsibility –

Privacy Protection

关键绩效指标B6.5描述消费者资料保障及私隐政策，以及相关执行及监察方法。产品责任－私隐保护

Aspect B7: Anti-coruption

层面B7：反贪污

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a

significant impact on the isuer relating to bribery, extortion,

fraud and money laundering.

Anti-coruption

一般披露有关防止贿赂、勒索、欺诈及洗黑钱的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

反贪污

KPI B7.1Number of concluded legal cases regarding corupt practices

brought against the isuer or its employes during the Reporting

Period and the outcomes of the cases.

Anti-coruption

关键绩效指标B7.1于报告期内对发行人或其雇员提出并已审结的贪污诉讼案件的数

目及诉讼结果。

反贪污

KPI B7.2Description of preventive measures and whistle-blowing

procedures, and how they are implemented and monitored.

Anti-coruption –

Whistle-blowing

Mechanism

关键绩效指标B7.2描述防范措施及举报程序，以及相关执行及监察方法。反贪污－举报机制

KPI B7.3Description of anti-coruption training provided to directors and

staf.

Anti-coruption

关键绩效指标B7.3描述向董事及雇员提供的反贪污培训。反贪污

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Subject Areas,

Aspects, General

Disclosures and KPIsDescriptionSection/Declaration

主要范畴、层面、一般披

露及关键绩效指标描述章节╱声明

Aspect B8: Comunity Investment

层面B8：社区投资

General DisclosurePolicies on comunity engagement to understand the neds

of the comunities where the isuer operates and to ensure its

activities take into consideration the comunities’ interests.

Comunity Investment

一般披露有关以社区参与来了解营运所在社区需要和确保其业务活动会考

虑社区利益的政策。

社区投资

KPI B8.1Focus areas of contribution (e.g. education, environmental

concerns, labour neds, health, culture, sport).

Comunity Investment

关键绩效指标B8.1专注贡献范畴（如教育、环境事宜、劳工需求、健康、文化、体育）。社区投资

KPI B8.2Resources contributed (e.g. money or time) to the focus area.Comunity Investment

关键绩效指标B8.2在专注范畴所动用资源（如金钱或时间）。社区投资

庄皇集团公司 2025年度报告

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

致庄皇集团公司股东

（于开曼群岛注册成立的有限公司）

意见

我们已审计庄皇集团公司（「贵公司」）及其附属公司

（统称「贵集团」）列载于第116至211页的综合财务报

表，当中包括于2025年3月31日的综合财务状况表，以

及截至该日止年度的综合损益表及其他全面收益表、

综合权益变动表及综合现金流量表，以及综合财务报

表附注，包括重大会计政策信息。

我们认为，该等综合财务报表已根据香港会计师公会

（「香港会计师公会」）颁布的香港财务报告准则会计准

则真实而中肯地反映了贵集团于2025年3月31日的

综合财务状况及其截至该日止年度的综合财务表现及

综合现金流量，并已遵照香港《公司条例》的披露规

定妥为编制。

意见的基础

我们已根据香港会计师公会颁布的《香港审计准则》

（「香港审计准则」）进行审计。我们在该等准则下承担

的责任已在本报告「核数师就审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》（「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分及适当地为我

们的审计意见提供基础。

To the Shareholders of Sanbase Corporation Limited

(incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements

of Sanbase Corporation Limited (the “Company”) and its

subsidiaries (colectively refered to as the “Group”) set out on

pages 116 to 211, which comprise the consolidated statement

of financial position as at 31 March 2025, and the consolidated

statement of profit or los and other comprehensive income,

the consolidated statement of changes in equity and the

consolidated statement of cash flows for the year then ended,

and notes to the consolidated financial statements, including

material acounting policy information.

In our opinion, the consolidated financial statements give a

true and fair view of the consolidated financial position of the

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

performance and its consolidated cash flows for the year then

ended in acordance with HKFRS Acounting Standards isued

by the Hong Kong Institute of Certified Public Acountants

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

with the disclosure requirements of the Hong Kong Companies

Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

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

responsibilities under those standards are further described in

the Auditor’s responsibilities for the audit of the consolidated

financial statements section of our report. We are independent

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

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

fulfiled our other ethical responsibilities in acordance with the

Code. We believe that the audit evidence we have obtained is

suficient and apropriate to provide a basis for our opinion.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审核事项

关键审计事项是根据我们的专业判断，认为对本期综

合财务报表的审计最为重要的事项。这些事项是在我

们审计整体综合财务报表及出具意见时进行处理的。

我们不会对这些事项提供单独意见。我们对下述每一

事项在审计中是如何处理的描述也以此为背景。

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional

judgement, were of most significance in our audit of the

consolidated financial statements of the curent period. These

maters were adresed in the context of our audit of the

consolidated financial statements as a whole, and in forming

our opinion thereon, and we do not provide a separate opinion

on these maters. For each mater below, our description of

how our audit adresed the mater is provided in that context.

Key Audit MaterHow our audit adresed the Key Audit Mater

关键审核事项我们的审核如何处理关键审核事项

Recognition of contract revenue

确认合约收入

Refer to notes 4(i) and 5 to the consolidated financial

statements.

请参阅综合财务报表附注4(i)及附注5。

The Group recorded contract revenue from the services

of bare shel fit-out, restacking and reinstatement for the

year ended 31 March 2025 of aproximately HKD375.7

milion.

截至2025年3月31日止年度，贵集团自毛坯房装潢、重

装及还原服务录得合约收入约375.7百万港元。

Revenue from contracts for the above services

is recognised over the period of the contracts by

measuring the progres towards complete satisfaction

of the performance obligation on the basis of the actual

costs incured by the Group up to the year-end date as

a percentage of total estimated costs for each contract.

上述服务合约收入于合约期内通过按贵集团截至年结

日已产生之实际成本占各合约估计总成本的百分比计算

履约责任而确认完成之进度。

Our audit procedures in relation to management’s

recognition of contract revenue included:

我们就有关管理层确认合约收入的审核程序包括：

• Selecting ongoing contracts on a sample basis and

reviewing the terms and conditions of the contracts to

understand the respective work nature and contractual

relationship with the customers;

• 按抽样方式选择正在进行的合约并审阅合约的条款及条

件，以了解其工作性质及与客户的合约关系；

庄皇集团公司 2025年度报告

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key Audit MaterHow our audit adresed the Key Audit Mater

关键审核事项我们的审核如何处理关键审核事项

We focused on this area as significant management’s

judgement is involved to estimate the costs to complete

individual service contract for projects in progres. The

estimated costs to completion are used to determine the

progres towards complete satisfaction of performance

obligation of an individual service contract and to

recognise relevant contract revenue acordingly.

我们关注此领域，乃由于估计完成个别进行中服务合约项

目的成本涉及重大管理层判断。估计完成本用于厘定个

别服务合约履约责任完成之进度并相应地确认相关合约

收入。

• Agreing to the corespondences with selected

customers, including project aceptance documents

or comunication evidence to evaluate the

reasonablenes of management’s estimates on the

progres towards completion of a project;

，包括项目接纳文件或通信证据，

以评估管理层对项目完成进度估计的合理性；

’s determination of the progres

towards complete satisfaction of the projects through

inquiry with project managers, on a sample basis,

inspection of project status sumary and other

corespondences with customers and performing site

visits;

、检查项目概况及与客户进行其他

通信并以抽样方式进行现场考察，以评估管理层对项目

完成进度的决定；

on a sample basis, from subcontractors in asesing

management’s determination of estimated total costs of

projects; and

，以评

估管理层对项目估计总成本的决定；及

• Testing the total costs incured up to the date of

statement of financial position by checking, on a sample

basis, subcontractors’ invoices and/or quotations.

╱或报价，对截

至财务状况表日期产生的总成本进行测试。

KEY AUDIT MATERS (Continued)

关键审核事项（续）

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key Audit MaterHow our audit adresed the Key Audit Mater

关键审核事项我们的审核如何处理关键审核事项

Impairment asesment of contract asets and

trade and retention receivables

合约资产以及贸易及保固金应收款的减值评估

Refer to notes 3.1(i)(b), 4(i), 17 and 18 to the

consolidated financial statements.

请参阅综合财务报表附注3.1(i)(b)、附注4(i)、附注17及附

注18。

The Group had gros contract asets of aproximately

HKD61.6 milion and gros trade and retention

receivables of aproximately HKD78.5 milion as at 31

March 2025.

于2025年3月31日，贵集团的合约资产总额约为61.6百

万港元以及贸易及保固金应收款总额约为78.5百万港元。

Management aplied the HKFRS 9 simplified aproach

to measure expected credit loses which uses a lifetime

expected los alowance for al contract asets and

trade and retention receivables. In developing the los

alowances of contract asets and trade and retention

receivables, management used judgement in making

the asumptions about the risk of default and expected

credit los rate.

管理层应用香港财务报告准则第9号的简化方法计量预期

信贷亏损，对所有合约资产以及贸易及保固金应收款使用

全期预期亏损拨备。在制定合约资产以及贸易及保固金应

收款的亏损拨备时，管理层运用判断，作出有关违约风险

及预期亏损率的假设。

The contract asets and trade and retention receivables

were grouped based on busines segments,

geographical locations and credit risk characteristics,

and individualy and colectively asesed for likelihod

of recovery, taking into consideration of ageing analysis

and historical credit los experience. The expected credit

los rates were determined based on default rates and

were adjusted to reflect forward-loking information on

macroeconomic factors.

合约资产及贸易及保固金应收款根据业务分类、地理位置

及信贷风险特性进行分组，并考虑到账龄分析及过往信贷

亏损经验，个别和集体评估可收回的可能性。预期信贷亏

损率乃根据违约率厘定，并经调整以反映有关宏观经济因

素的前瞻性资料。

Our audit procedures in relation to impairment asesment

of contract asets and trade and retention receivables

included:

我们就有关合约资产以及贸易及保固金应收款减值评估的审

核程序包括：

• Asesing the inherent risk of material mistatement by

considering the degre of estimation uncertainty and

level of other inherent risk factors such as significant

judgements involved in determining colectability of

contract asets and trade and retention receivables for

the calculation of los alowance;

• 通过考虑估计的不确定性程度和厘定合约资产以及贸易

及保固金应收款可收回性及计算亏损拨备涉及重大判断

等其他固有风险因素的水平，评估重大错误陈述的固有

风险；

’s

asesment of expected credit loses of contract

asets and trade and retention receivables including

the evaluations of customers’ credit profiles and their

respective credit risk;

• 了解管理层就评估合约资产以及贸易及保固金应收款项

之预期信贷亏损（包括评估客户的信贷资料及彼等各自

的信贷风险）的关键控制措施；

’s key controls in respect of

management’s asesment of expected credit loses

of contract asets and trade and retention receivables,

including ageing analysis, review and regular

asesment performed on colectability of the receivable

balances;

• 评估管理层对于其评估合约资产及贸易及保固金应收款

的预期信贷亏损所作的关键控制，包括就应收账款结余

的可收回性进行的账龄分析、检讨及定期评估；

• Asesing the apropriatenes of the impairment

methodology in determining the provision for credit los

alowance;

KEY AUDIT MATERS (Continued)

关键审核事项（续）

庄皇集团公司 2025年度报告

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key Audit MaterHow our audit adresed the Key Audit Mater

关键审核事项我们的审核如何处理关键审核事项

In adition, for receivables related to customers

with known financial dificulties or significant doubt

in colection of receivables, specific provision was

made based on the estimated amount, taking into

consideration of the relationship with customers, credit

history, busines performance and financial capability of

those customers and other relevant factors.

此外，就已知有财务困难的客户或对收回应收款有严重怀

疑的相关应收款项而言，乃考虑到与客户的关系、信贷历

史、业务表现及该等客户的财政能力和其他相关因素，根

据估计金额作出特定拨备。

We focused on this area given that the inherent risk in

relation to the estimation of expected credit loses of

contract asets and trade and retention receivables is

considered significant and significant judgements are

involved in determining colectability of contract asets

and trade and retention receivables and selecting data

for the calculation of los alowance.

基于厘定合约资产及贸易及保固金应收款的可收回性及

选择用作计算亏损拨备的数据时涉及重大判断，因此对有

关合约资产及贸易及保固金应收款的预期信贷亏损所作

估计的内在风险被认为属重大，故属于我们的关注范围。

• Evaluating the outcome of prior period asesment of

the estimation of expected credit loses of contract

asets and trade and retention receivables to ases

the efectivenes of management’s estimation proces;

• 评价过往期间就合约资产及贸易及保固金应收款的预期

信贷亏损估计数字之结果，以评估管理层的估计程序之

有效性；

, on a sample basis, the ageing profiles of

the trade and retention receivables to the underlying

financial record;

• 以抽样方式验证贸易及保固金应收款的账龄资料与相关

财务记录进行比对；

, on a sample basis, the historical setlement

of the customers by checking to the bank record to

ases the efectivenes of management’s estimation

proces on historical los rate;

以评估管理阶层对历史亏损率估计程序之有效性；

• Chalenging management for the use of forward-

loking information in adjusting the credit los rates by

comparing to external market data or public available

information; and

，对管理

层在调整信贷亏损率时对前瞻性资料的使用提出了挑战；

及

• Independently asesing the recoverability of a sample

of trade and retention receivables balances, focusing

on long overdue balances by examining suporting

evidence, including subsequent setlements, credit

history, busines performance and the financial

capability of these customers.

，集中于贸易及保固金应收款的长期未还结

余，独立评估其可收回性，并审查了相关支持证据，包括

期后结算、客户的信贷历史、经营业绩及财务实力。

KEY AUDIT MATERS (Continued)

关键审核事项（续）

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

其他事项

贵集团截至2024年3月31日止年度的综合财务报表经

由另一家独立核数师审计，其于2024年6月21日对该

等综合财务报表发表了无保留意见。

其他信息

贵公司董事须对其他信息负责。其他信息包括包含在

年报的信息，惟不包括综合财务报表及我们的核数师

报告。

我们对综合财务报表的意见并不涵盖其他信息，我们

亦不对该等其他信息发表任何形式的鉴证结论。

结合我们对综合财务报表的审计，我们的责任是阅读

其他信息，在此过程中，考虑其他信息是否与综合财

务报表或我们在审计过程中所了解的情况存在重大抵

触或者似乎存在重大错误陈述的情况。基于我们所执

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》的披露规定

拟备真实而中肯的综合财务报表，并对其认为使综

合财务报表的拟备不存在由于欺诈或错误而导致的重

大错误陈述所需的内部控制负责。

在编制综合财务报表时，贵公司董事负责评估贵

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

非贵公司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。

OTHER MATER

The consolidated financial statements of the Group for the year

ended 31 March 2024 were audited by another independent

auditor who expresed an unmodified opinion on those

consolidated financial statements on 21 June 2024.

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 THE DIRECTORS

AND THOSE CHARGED WITH

GOVERNANCE FOR THE CONSOLIDATED

FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation

of the consolidated financial statements that give a true and fair

view in acordance with HKFRS Acounting Standards isued

by the HKICPA and the disclosure requirements of the Hong

Kong Companies Ordinance, and for such internal control as

the directors determine is necesary to enable the preparation

of consolidated financial statements that are fre from material

mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors

of the Company are responsible for asesing the Group’s

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

maters related to going concern and using the going concern

basis of acounting unles the directors of the Company either

intend to liquidate the Group or to cease operations or have no

realistic alternative but to do so.

Those charged with governance are responsible for overseing

the Group’s financial reporting proces.

庄皇集团公司 2025年度报告

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审核综合财务报表承担的责任

我们的目标，是对综合财务报表整体是否不存在由于

欺诈或错误而导致的重大错误陈述取得合理保证，并

出具包括我们意见的核数师报告，我们仅向阁下按

照委聘的协定条款报告我们的意见，除此之外本报告

别无其他目的。我们不会就本报告的内容向任何其他

人士负上或承担任何责任。合理保证是高水平的保证，

但不能保证按照《香港审计准则》进行的审计，在某

一重大错误陈述存在时总能发现。错误陈述可以由欺

诈或错误引起，如果合理预期它们单独或汇总起来可

能影响综合财务报表使用者依赖综合财务报表所作出

的经济决定，则有关的错误陈述可被视作重大。

在根据《香港审计准则》进行审计的过程中，我们运

用了专业判断，保持了专业怀疑态度。我们亦：

• 识别和评估由于欺诈或错误而导致综合财务报

表存在重大错误陈述的风险，设计及执行审计程

序以应对这些风险，以及获取充足和适当的审计

凭证，作为我们意见的基础。由于欺诈可能涉及

串谋、伪造、蓄意遗漏、虚假陈述，或凌驾于内部

控制之上，因此未能发现因欺诈而导致的重大错

误陈述的风险高于未能发现因错误而导致的重

大错误陈述的风险。

，以设计适当的审计

程序，但目的并非对贵集团内部控制的有效性

发表意见。

• 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

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, 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.

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

profesional judgment 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.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审核综合财务报表承担的责任

（续）

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。

、结构和内容，

包括披露，以及综合财务报表是否中肯反映交易

和事项。

，并取得与贵集团内实体

或业务单位的财务信息获取充足、适当的审计凭

证，作为对贵集团财务报表发表意见的基础。

我们负责指导、监督和审查为进行集团审核而执

行的审计工作。我们仍保持为审计意见承担全部

责任。

除其他事项外，我们与治理层沟通了计划的审计范围、

时间安排、重大审计发现等，包括我们在审计中识别

出内部控制的任何重大缺陷。

我们还向治理层提交声明，说明我们已符合有关独立

性的相关专业道德要求，并与他们沟通有可能合理地

被认为会影响我们独立性的所有关系和其他事项，以

及在适用的情况下，用以消除对独立性产生威胁的行

动或采取的防范措施。

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 and obtain suficient

apropriate audit evidence regarding the financial

information of the entities or busines units within the

Group as a basis for forming an opinion on the Group

financial statements. We are responsible for the direction,

supervision and review of the audit work performed for

purposes of the group audit. We remain solely responsible

for our audit opinion.

We comunicate with those charged with governance

regarding, among other maters, the planed scope and

timing of the audit and significant audit findings, including any

significant deficiencies in internal control that we identify during

our audit.

We also provide those charged with governance with a

statement that we have complied with relevant ethical

requirements regarding independence, and to comunicate

with them al relationships and other maters that may

reasonably be thought to bear on our independence, and where

aplicable, actions taken to eliminate threats or safeguards

aplied.

庄皇集团公司 2025年度报告

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

From the maters comunicated with those charged with

governance, we determine the 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 director on the audit resulting in this

independent auditor’s report is Chu, Johny Chun Yin.

Baker Tily Hong Kong Limited

Certified Public Acountants

Chu, Johny Chun Yin

Practising certificate number P08355

Hong Kong, 20 June 2025

核数师就审核综合财务报表承担的责任

（续）

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，因而构成关键审计事

项。我们在核数师报告中描述这些事项，除非法律法

规不允许公开披露这些事项，或在极端罕见的情况下，

如果合理预期在我们报告中沟通某事项造成的负面后

果超过产生的公众利益，我们决定不应在报告中沟通

该事项。

出具本独立核数师报告的审计项目董事是朱俊贤。

天职香港会计师事务所有限公司

执业会计师

朱俊贤

执业证书编号P08355

香港，2025年6月20日

2025
2025年
HKD’000
千港元
418,769
(399,009)
19,760
5
(19,222)
(2,060)
(2,620)
(4,137)
2,994
(136)
2,858
(1,279)
(202)
(1,481)
(37)
(63)
(1,581)

SANBASE CORPORATION LIMITED ANUAL REPORT 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2025年3月31日止年度

2024年

NotesHKD’000

附注千港元

Revenue收入5428,077

Cost of sales销售成本6(402,885)

Gros profit毛利25,192

Other income其他收入5

Administrative expenses行政开支6(26,651)

Fair value change of a financial aset

at fair value through profit or los

按公允值计入损益之

金融资产的公允值变动15(437)

(Provision)/reversal of provision for

impairment loses on financial asets

金融资产减值亏损之

（拨备）╱拨回3.1(i)(b)372

Operating los经营亏损(1,519)

Finance income财务收入3,382

Finance costs财务成本(114)

Finance income – net财务收入－净额73,268

(Los)/profit before income tax除所得税前（亏损）╱溢利1,749

Income tax expense所得税开支9(1,030)

(Los)/profit for the year年内（亏损）╱溢利719

Other comprehensive (los)/income,

net of income tax

其他全面（亏损）╱收益，

扣除所得税

Item that may be subsequently

reclasified to profit or los:

其后可能重新分类至

损益的项目：

– Exchange diferences on translation

of foreign operation

－换算海外业务的

汇兑差额(293)

Item that wil not be reclasified

to profit or los:

不会重新分类至损益的

项目：

– Remeasurements of employe

benefit obligations

－重新计量雇员褔利

责任515

Total comprehensive (los)/income

for the year

年内全面（亏损）╱收益

总额941

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2025年3月31日止年度

2025
2025年
HKD’000
千港元
(3,976)
2,495
(1,481)
(4,048)
2,467
(1,581)
HK Cents
港仙
(1.99)

庄皇集团公司 2025年度报告

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2025年3月31日止年度

上述综合损益及其他全面收益应与随附注一并阅览。

2024年

NotesHKD’000

附注千港元

(Los)/profit for the year

atributable to:

应占年内（亏损）╱溢利：

Owners of the Company本公司拥有人(1,369)

Non-controling interests非控股权益2,088

Total comprehensive (los)/income

for the year atributable to:

应占年内全面（亏损）╱

收益总额：

Owners of the Company本公司拥有人(1,133)

Non-controling interests非控股权益2,074

HK Cents

港仙

Los per share atributable

to owners of the Company

本公司拥有人应占

每股亏损

Basic and diluted基本及摊薄10(0.69)

The above consolidated statement of profit or los and other

comprehensive income should be read in conjunction with the

acompanying notes.

31 March 2025
2025年 3月31日
HKD’000
千港元
196
2,465
9,544
12,063
68
2,227
26,563
73,794
61,539
3,704
–
12,570
103,618
255,225
281,788
1,553
57,632
(123)
73,815
132,877
7,130
140,007

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

AS AT 31 MARCH 2025

于2025年3月31日

31 March

2024年

3月31日

NotesHKD’000

附注千港元

Asets资产

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备12334

Right-of-use asets使用权资产134,082

Intangible asets无形资产149,544

Financial aset at fair value

through profit or los

按公允值计入损益之

金融资产1514,202

Deposits and prepayments按金及预付款19484

Defered income tax asets递延所得税资产231,121

29,767

Curent asets流动资产

Trade and retention receivables贸易及保固金应收款1754,550

Contract asets合约资产1839,065

Deposits, other receivables

and prepayments

按金、其他应收款及

预付款192,732

Income tax recoverable可收回税款608

Pledged bank deposits已抵押银行存款20–

Cash and cash equivalents现金及现金等价物20139,638

236,593

Total asets总资产266,360

Equity权益

Equity atributable to

the owners of the Company

本公司拥有人应占权益

Share capital股本21(a)1,553

Share premium股份溢价57,632

Exchange reserve汇兑储备(96)

Retained earnings保留盈利77,836

136,925

Non-controling interests非控股权益7,059

Total equity总权益143,984

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

AS AT 31 MARCH 2025

于2025年3月31日

31 March 2025
2025年 3月31日
HKD’000
千港元
713
690
1,403
120,658
1,255
16,265
1,835
365
140,378
141,781
281,788

庄皇集团公司 2025年度报告

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

AS AT 31 MARCH 2025

于2025年3月31日

第116至211页的综合财务报表已获董事会于2025年6

月20日批准及授权刊发及由以下董事代其签署：

31 March

2024年

3月31日

NotesHKD’000

附注千港元

Liabilities负债

Non-curent liabilities非流动负债

Lease liabilities租赁负债131,449

Employe benefit obligations雇员福利责任372

1,821

Curent liabilities流动负债

Trade payables贸易应付款22110,562

Acruals and other payables应计及其他应付款221,920

Contract liabilities合约负债185,401

Lease liabilities租赁负债132,672

Income tax payables应付所得税–

120,555

Total liabilities总负债122,376

Total equity and liabilities总权益及负债266,360

The consolidated financial statements on pages 116 to 211

were aproved and authorised for isue by the Board of

Directors on 20 June 2025 and were signed on its behalf by:

Wong Sai ChuenHui Man Ye Magie

王世存许曼怡

Executive DirectorExecutive Director

执行董事执行董事

The above consolidated statement of financial position should

be read in conjunction with the acompanying notes.

上述综合财务状况表应与随附注一并阅览。

1,55 3	57,63 2	–	(9 6)	77,83 6	136,92 5	7,05 9	143,98 4
–	–	–	–	(3,976)	(3,976)	2,495	(1,481)
–	–	–	(27)	–	(27)	(10)	(37)
–	–	–	–	(4 5)	(4 5)	(1 8)	(6 3)
–	–	–	(27)	(4,021)	(4,048)	2,467	(1,581)
–	–	–	–	–	–	(2,39 6)	(2,39 6)
1,553	57,632	–	(123)	73,815	132,877	7,130	140,007

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

FOR THE YEAR ENDED 31 MARCH 2025

截至2025年3月31日止年度

上述综合权益变动表应与随附注一并阅览。

Atributable to owners of the Company

本公司拥有人应占

capital

premium

held under

share award

scheme

(Note 21(b)

Exchange

reserve

Retained

earningsSubtotal

Non-

controling

interestsTotal equity

股本股份溢价

股份奖励

计划下

所持股份

（附注21(b)）汇兑储备保留盈利小计非控股权益总权益

HKD’000HKD’000HKD’000HKD’000HKD’000HKD’000HKD’000HKD’000

千港元千港元千港元千港元千港元千港元千港元千港元

At 1 April 2023于2023年4月1日1,55357,632(2,998)11580,882137,1846,969144,153

(Los)/profit for the year年内（亏损）╱溢利–(1,369)(1,369)2,088719

Other comprehensive (los)/income

for the year:

年内其他全面（亏损）╱

收益：

Exchange diferences on translation

of foreign operation

换算海外业务的汇兑差额

–(211)–(211)(82)(293)

Remeasurements of employe benefit

obligations

重新计量雇员褔利责任

–44744768515

Total comprehensive (los)/income

for the year

年内全面（亏损）╱

收益总额–(211)(922)(1,133)2,074941

Transactions with owners in their capacity

as owners:

以拥有人身份与拥有人进行

交易：

Dividend paid to non-controling interests已付予非控股权益之股息–(1,984)(1,984)

Isuance of shares under share award

scheme (Note 21(b)

股份奖励计划下发行之股份

（附注21(b)）–2,998–(2,124)874–874

At 31 March 2024于2024年3月31日1,55357,632–(96)77,836136,9257,059143,984

At 1 April 2024于2024年4月1日

(Los)/profit for the year年内（亏损）╱溢利

Other comprehensive (los)/income

for the year:

年内其他全面（亏损）╱

收益：

Exchange diferences on translation

of foreign operation

换算海外业务的汇兑差额

Remeasurements of employe benefit

obligations

重新计量雇员褔利责任

Total comprehensive (los)/income

for the year

年内全面（亏损）╱

收益总额

Transactions with owners in their capacity

as owners:

以拥有人身份与拥有人进行

交易：

Dividend paid to non-controling interests已付予非控股权益之股息

At 31 March 2025于2025年3月31日

The above consolidated statement of changes in equity should

be read in conjunction with the acompanying notes.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

FOR THE YEAR ENDED 31 MARCH 2025

截至2025年3月31日止年度

2025
2025年
HKD’000
千港元
(20,813)
2,994
(338)
(18,157)
(71)
(12,570)
(12,641)
(2,859)
(2,396)
(5,255)
(36,053)
33
139,638
103,618

庄皇集团公司 2025年度报告

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

FOR THE YEAR ENDED 31 MARCH 2025

截至2025年3月31日止年度

上述综合现金流量表应与随附注一并阅览。

2024年

NotesHKD’000

附注千港元

Cash flows from operating activities经营活动之现金流量

Cash (used in)/generated from operations营运（所用）╱产生之

现金30(a)33,613

Interest received已收利息3,382

Income tax paid已付所得税(2,424)

Net cash (used in)/generated from

operating activities

经营活动（所用）╱产生之

净现金34,571

Cash flows from investing activities投资活动之现金流量

Payments for purchase of property,

plant and equipment

支付购置物业、厂房及

设备(78)

Placement of pledged bank deposits存放已抵押银行存款–

Net cash used in investing activities投资活动所用之净现金(78)

Cash flows from financing activities融资活动之现金流量

Lease payments租赁付款30(b)(2,216)

Dividend paid to non-controling interests已付予非控股权益

之利息(1,984)

Net cash used in financing activities融资活动所用之净现金(4,200)

Net (decrease)/increase in cash

and cash equivalents

现金及现金等价物

（减少）╱增加净额30,293

Efects of exchange rate changes

on cash and cash equivalents

汇率换算对现金及

现金等价物之影响(357)

Cash and cash equivalents at

begining of the year

于年初现金及

现金等价物109,702

Cash and cash equivalents at

end of the year

于年末现金及

现金等价物20139,638

The above consolidated statement of cash flows should be read

in conjunction with the acompanying notes.

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

FOR THE YEAR ENDED 31 MARCH 2025

截至2025年3月31日止年度

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1. 公司资料

庄皇集团公司于2017年3月24日根据开曼群岛

法例第22章《公司法》（1961年第3号法律，经

综合及修订），于开曼群岛注册成立为获豁免

有限公司。本公司注册办事处地址为4th Flor,

Harbour Place, 103 South Church Stret, P.O.

Box 10240, Grand Cayman KY1-1002, Cayman

Islands。主要营业地点为香港德辅道中267-275

号龙记大厦16楼。

本公司为一家投资控股公司。本公司及其附属公

司的主要业务为于香港及中华人民共和国（「中

国」）提供室内装潢解决方案。本公司的最终控股

公司为世曼有限公司。本集团的最终控股方为王

世存先生。

本公司的股份（「股份」）自2018年1月4日起于香

港联合交易所有限公司（「联交所」）GEM上市。

除另有说明者外，该等综合财务报表以千港元列

示且所有数值均四舍五入至最接近的千位。该等

综合财务报表已获本公司董事会（「董事会」）于

2025年6月20日批准刊发。

2. 编制基准

(i) 遵守香港财务报告准则会计准则及

《香港公司条例》

本集团综合财务报表乃按照香港财务报告

准则会计准则以及第622章《香港公司条

例》（「《香港公司条例》」）的披露规定编

制。

香港财务报告准则会计准则包括以下权威

性文件：

• 香港财务报告准则

• 香港会计准则

1. CORPORATE INFORMATION

Sanbase Corporation Limited was incorporated in the

Cayman Islands on 24 March 2017 as an exempted

company with limited liability under the Companies Act,

Cap. 22 (Act 3 of 1961, as consolidated and revised)

of the Cayman Islands. The adres of the Company’s

registered ofice is 4th Flor, Harbour Place, 103 South

Church Stret, P.O. Box 10240, Grand Cayman KY1-1002,

Cayman Islands. The principal place of busines is 16/F,

Lon Ke Building, 267-275 Des Voeux Road Central,

Hong Kong.

The Company is an investment holding company. The

Company and its subsidiaries together are principaly

engaged in the provision of interior fit-out solutions in

Hong Kong and the People’s Republic of China (the

“PRC”). The ultimate holding company of the Company

is Madison Square International Investment Limited. The

ultimate controling party of the Group is Mr. Wong Sai

Chuen.

The shares of the Company (the “Shares”) have ben

listed on GEM of The Stock Exchange of Hong Kong

Limited (the “Stock Exchange”) since 4 January 2018.

These consolidated financial statements are presented

in Hong Kong dolar (“HKD”) and al values are rounded

to the nearest thousand, unles otherwise stated. These

consolidated financial statements have ben aproved

for isue by the board of directors (the “Board”) of the

Company on 20 June 2025.

2. BASIS OF PREPARATION

(i) Compliance with HKFRS Acounting

Standards and Hong Kong Companies

Ordinance

The consolidated financial statements of the Group have

ben prepared in acordance with HKFRS Acounting

Standards and disclosure requirements of the Hong

Kong Companies Ordinance (“HKCO”) Cap.622.

HKFRS Acounting Standards comprises the folowing

authoritative literature:

• Hong Kong Financial Reporting Standards

• Hong Kong Acounting Standards

• Interpretations developed by the Hong Kong

Institute of Certified Public Acountants.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 历史成本法

综合财务报表乃按照历史成本法编制，惟

按公允值计量之金融工具除外。

(i) 本年度强制生效的经修订香港财务报

告准则会计准则

于本年度，本集团已首次应用下列由香港

会计师公会颁布且于2024年4月1日开始之

本集团年度期间强制生效的香港财务报告

准则会计准则修订本，以编制综合财务报

表：

香港财务报告准则

第16号（修订本）

售后租回的租赁

负债

香港会计准则

第1号（修订本）

将负债分类为

流动或非流动

及香港诠释

第5号（2020年）

的相关修订

香港会计准则

第1号（修订本）

附带契诺的非流动

负债

香港会计准则第7号及

香港财务报告准则

第7号（修订本）

供应商融资安排

于本年度应用上文所列之香港财务报告准

则会计准则修订本对本集团于本年度及过

往年度的财务状况及表现及╱或该等综合

财务报表所载的披露并无重大影响。

2. BASIS OF PREPARATION (Continued)

(i) Historical cost convention

The consolidated financial statements have ben

prepared on a historical cost basis, except for

financial aset measured at fair value.

(i) 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 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

Amendments to HKAS 1Clasification of Liabilities as Curent

or Non-curent and related

amendments to Hong Kong

Interpretation 5 (2020)

Amendments to HKAS 1Non-curent Liabilities with Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

The aplication of the amendments listed above 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.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(iv) 已颁布但本集团尚未采纳之新订及经

修订准则

本集团并未提早采用下列已颁布及并未于

本集团自2024年4月1日开始的财政期间强

制生效的新订及经修订准则。

香港财务报告准则

第18号

财务报表的呈列及

披露

香港财务报告准则

第9号及香港财务

报告准则第7号

（修订本）

金融工具分类及

计量的修订

香港财务报告准则

第10号及香港会计

准则第28号

（修订本）

投资者与其联营

公司或合营企业

之间之资产

出售或注资

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11卷

香港会计准则第21号

（修订本）

缺乏可兑换性

香港财务报告准则

第9号及香港财务

报告准则第7号

（修订本）

涉及依赖自然能源

生产电力的

合约

于待厘定日期或之后开始的年度期间生效。

于2025年1月1日或之后开始的年度期间生

效。

于2026年1月1日或之后开始的年度期间生

效。

于2027年1月1日或之后开始的年度期间生

效。

除下文所述的新订及经修订香港财务报告

准则会计准则外，董事会预期应用所有其

他新订及经修订香港财务报告准则会计准

则于可预见的将来将不会对综合财务报表

构成重大影响。

2. BASIS OF PREPARATION (Continued)

(iv) New and amended standards isued but

not yet adopted by the Group

The folowing new and amended standards have

ben published that are not mandatory for the

Group’s financial periods begining 1 April 2024 and

have not ben early adopted by the Group.

HKFRS 18Presentation and Disclosure in

Financial Statements

Amendments to HKFRS 9

and HKFRS 7

Amendments to the Clasification

and Measurement of Financial

Instruments

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 21Lack of Exchangeability

Amendments to HKFRS 9

and HKFRS 7

Contracts Referencing

Nature-dependent Electricity

Efective for anual periods begining on or after a

date to be determined.

Efective for anual periods begining on or after

1 January 2025.

Efective for anual periods begining on or after

1 January 2026.

Efective for anual periods begining on or after

1 January 2027.

Except for the new and amendments to HKFRS

Acounting Standards mentioned below, the Board

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.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(iv) 已颁布但本集团尚未采纳之新订及经

修订准则（续）

香港财务报告准则第18号财务报表的呈列

及披露

香港财务报告准则第18号财务报表的呈列

及披露载列财务报表的呈列及披露规定，

将取代香港会计准则第1号财务报表的呈列。

本新订香港财务报告准则会计准则在延续

香港会计准则第1号中众多规定的同时，引

入于损益表中呈列指定类别及定义小计的

新规定；就财务报表附注中管理层界定的

表现计量提供披露及改进于财务报表中将

予披露的合并及分类资料。此外，香港会计

准则第1号的部分段落已移至香港会计准则

第8号及香港财务报告准则第7号。香港会

计准则第7号现金流量表及香港会计准则

第33号每股盈利亦作出细微修订。香港财

务报告准则第18号及其他准则的修订将于

2027年1月1日或之后开始的年度期间生效，

并允许提早应用。应用新准则预期将会影

响损益表的呈列以及未来财务报表的披露。

本集团正在评估香港财务报告准则第18号

对本集团综合财务报表的详细影响。

2. BASIS OF PREPARATION (Continued)

(iv) New and amended standards isued but

not yet adopted by the Group (Continued)

HKFRS 18 Presentation and Disclosure in

Financial Statements

HKFRS 18 Presentation and Disclosure in Financial

Statements, which sets out requirements on

presentation and disclosures in financial statements,

wil replace HKAS 1 Presentation of Financial

Statements. This new HKFRS Acounting Standard,

while carying forward many of the requirements in

HKAS 1, introduces new requirements to present

specified categories and defined subtotals in the

statement of profit or los; provide disclosures on

management defined performance measures in

the notes to the financial statements and improve

agregation and disagregation of information to be

disclosed in the financial statements. In adition,

some HKAS 1 paragraphs have ben moved to

HKAS 8 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.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要

1 综合

附属公司

附属公司指本集团对其有控制权的所

有实体（包括结构性实体）。当本集团

乃由于参与该实体而承担可变回报的

风险或享有可变回报的权益，并有能

力透过其对该实体的权力影响此等回

报时，本集团即控制该实体。附属公

司在控制权转移至本集团之日全面综

合入账。附属公司在控制权终止之日

起停止综合入账。会计法收购法乃用

作本集团收购附属公司的入账方法。

收购附属公司的转让代价为本集团所

转让资产、所产生负债及所发行的股

权的公允价值。所转让代价包括或有

代价安排所产生的任何资产或负债的

公允值。于业务合并时所收购可识辨

的资产以及所承担的负债及或然负债，

初步按收购日的公允价值计量。集团

内公司间交易、结余及交易的未变现

收益均予以抵销。除非该交易提供所

转移资产减值的证据，否则，未变现

亏损亦予以对销。附属公司财务报表

金额已经作出必要的调整以确保与本

集团的会计政策保持一致。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

1 Consolidation

Subsidiaries

A subsidiary is an entity (including a structured

entity) over which the Group has control. The

Group controls an entity when the Group is

exposed to, or has rights to, variable returns

from its involvement with the entity and has the

ability to afect those returns through its power

over the entity. Subsidiaries are consolidated

from the date on which control is transfered to

the Group. They are deconsolidated from the

date that control ceases. The Group aplies

the acquisition method to acount for busines

combinations. The consideration transfered

for the acquisition of a subsidiary is the fair

values of the asets transfered, the liabilities

incured to the former owners of the acquire,

the equity interests isued by the Group and

the fair value of any aset or liability resulting

from a contingent consideration arangement.

Identifiable asets acquired and liabilities and

contingent liabilities asumed in a busines

combination are measured initialy at their fair

values at the acquisition date. Intra-group

transactions, balances and unrealised gains

on transactions betwen group companies

are eliminated. Unrealised loses are also

eliminated unles the transaction provides

evidence of an impairment of the transfered

aset. When necesary, amounts reported by

subsidiaries have ben adjusted to conform

with the Group’s acounting policies.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

2 独立财务报表

于附属公司的投资按成本扣除减值列

账。成本包括直接应占投资成本。附

属公司的业绩乃由本公司按已收及应

收股息基准入账。

倘股息超出附属公司宣派股息期间全

面收益总额，或倘独立财务报表中投

资账面值超出综合财务报表所示被投

资方资产净值（包括商誉）的账面值，

则须于自该投资收取股息时，对该等

附属公司的投资进行减值测试。

3 分部报告

经营分部按与向主要经营决策者（「主

要经营决策者」）提供之内部报告一致

之方式呈报。主要经营决策者（被视

为作出策略性决策的执行董事）负责

分配资源及评估经营分部之表现。

4 外币换算

(i) 功能及呈列货币

本集团内各实体之财务报表中之

项目乃按有关实体营运所在之

主要经济环境之货币（「功能货

币」）计量。本公司的功能货币为

港元，本集团的大部分附属公司

在香港及中国经营及其功能货币

分别为港元及人民币。该等综合

财务报表乃以港元呈列，港元乃

本公司及本集团之呈列货币。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

2 Separate financial statements

Investments in subsidiaries are acounted for

at cost les impairment. Cost includes direct

atributable costs of investment. The results

of subsidiaries are acounted for by the

Company on the basis of dividend received and

receivable.

Impairment testing on the investments

in subsidiaries is required upon receiving

dividends from these investments if the dividend

exceds the total comprehensive income of the

subsidiary in the period the dividend is declared

or if the carying amount of the investment in

the separate financial statement exceds the

carying amount in the consolidated financial

statements of the investe’s net asets

including godwil.

3 Segment reporting

Operating segments are reported in a

maner consistent with the internal reporting

provided to the chief operating decision-maker

(“CODM”). The CODM, who is responsible

for alocating resources and asesing

performance of the operating segments, has

ben identified as the executive directors that

make strategic decisions.

4 Foreign curency translation

(i) Functional and presentation curency

Items included in the financial statements

of each of the Group’s entities are

measured using the curency of the

primary economic environment in which

the entity operates (the “functional

curency”). The Company’s functional

curency is HKD and majority of the

subsidiaries of the Group operate in

Hong Kong and the PRC whereas their

functional curency are HKD and RMB

respectively. The consolidated financial

statements are presented in HKD, which

is the Company’s and the Group’s

presentation curency.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

4 外币换算（续）

(i) 交易及结余

外币交易乃按交易日或项目重新

计量的估值日期以当日汇率换算

为功能货币。该等交易结算及按

年末汇率换算以外币结算之货币

性资产及负债按年终日之汇率换

算所产生之汇兑盈亏于损益内确

认。

按公允值计量并以外币计值之非

货币性项目采用厘定公允值当日

之汇率换算。按公允值列账之资

产与负债之换算差额作为公允值

盈亏的一部分呈报。例如，非货

币性资产及负债（例如按公允值

计量且其变动计入损益（「按公

允值计量且其变动计入损益」）

之股权）之换算差额在损益中确

认为公允值盈亏的一部分，而非

货币性资产（例如分类为按公允

值计量且其变动计入其他全面收

益之股权）之换算差额在其他全

面收益中确认。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

4 Foreign curency translation (Continued)

(i) Transactions and balances

Foreign curency transactions are

translated into the functional curency

using the exchange rates prevailing at

the dates of the transactions or valuation

where items are re-measured. Foreign

exchange gains and loses resulting from

the setlement of such transactions and

from the translation at year-end exchange

rates of monetary asets and liabilities

denominated in foreign curencies are

recognised in profit or los.

Non-monetary items that are measured

at fair value in a foreign curency are

translated using the exchange rates at the

date when the fair value was determined.

Translation diferences on asets and

liabilities caried at fair value are reported

as part of the fair value gain or los. For

example, translation diferences on non-

monetary asets and liabilities such as

equities held at fair value through profit

or los (“FVPL”) recognised in profit

or los as part of the fair value gain

or los and translation diferences on

non-monetary asets such as equities

clasified as fair value through other

comprehensive income are recognised in

other comprehensive income.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

4 外币换算（续）

(i) 集团公司

功能货币与呈列货币不同之集团

全部实体（均无采用高通胀经济

体系的货币）之业绩及财务状况

按以下方式换算为呈列货币：

(a) 各财务状况表所呈列之资

产及负债乃按报告日期之

收市汇率换算；

(b) 各损益及其他全面收益表

之收益及开支乃按平均汇

率换算（除非此平均数值

并非该等交易日期当日汇

率累计影响之合理约数，否

则收益及开支将按交易日

期之汇率换算）；及

算差额于其他全面收益内

确认。

因收购海外实体而产生之商誉及

公允值调整，视为该海外实体之

资产及负债处理，并于结算日的

汇率换算。于编制综合账目时，

货币换算产生自换算任何海外实

体投资净额的差额于其他全面收

益中确认。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

4 Foreign curency translation (Continued)

(i) Group companies

The results and financial position of al

the group entities (none of which has the

curency of a hyperinflationary economy)

that have a functional curency diferent

from the presentation curency are

translated into the presentation curency

as folows:

(a) asets and liabilities for each

statement of financial position

presented are translated at the

closing rate at the reporting date;

(b) income and expenses for each

statement of profit or los and

statement of comprehensive income

are translated at average exchange

rates (unles this average is not

a reasonable aproximation of

the cumulative efect of the rates

prevailing on the transaction dates,

in which case income and expenses

are translated at the rate on the

dates of the transactions); and

diferences are recognised in other

comprehensive income.

Godwil and fair value adjustments

arising on the acquisition of a foreign

entity are treated as asets and liabilities

of the foreign entity and translated at

the closing rate. Curency translation

diferences arising from the translation

of any net investment in foreign entities

on consolidation are recognised in other

comprehensive income.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

5 物业、厂房及设备

所有物业、厂房及设备乃按历史成本

减折旧及减值亏损列账。历史成本包

括收购项目的直接应占开支。

后续成本仅在本集团很可能获得与该

项目有关的未来经济利益及该项目的

成本能被可靠计量时，方可计入资产

账面值或确认为独立资产（如适用）。

替换部分的账面值终止确认。所有其

他维修及保养于其产生的财政期内计

入损益表。

物业、厂房及设备以直线法计算折旧，

按估计可使用年期将其成本分配至其

剩余价值：

家私及设备2-5年

租赁装修4年或租赁期内，

以较短者为准

汽车4年

资产的剩余价值及可使用年期于各报

告期末进行审阅并调整（如适用）。倘

资产的账面值高于其估计可收回金额，

则其账面值即时撇减至可收回金额。

出售盈亏是按所得款项与账面值之差

额厘定，并于损益中确认。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

5 Property, plant and equipment

Al property, plant and equipment are stated at

historical cost les depreciation and impairment

loses. Historical cost includes expenditure that

is directly atributable to the acquisition of the

items.

Subsequent costs are included in the aset’s

carying amount or recognised as a separate

aset, as apropriate, only when it is probable

that future economic benefits asociated with

the item wil flow to the Group and the cost of

the item can be measured reliably. The carying

amount of the replaced part is derecognised.

Al other repairs and maintenance are charged

to profit or los during the financial period in

which they are incured.

Depreciation of property, plant and equipment

is calculated using the straight-line method to

alocate their costs to their residual values over

their estimated useful lives, as folows:

Furniture and

equipment

2-5 years

Leasehold

improvements

4 years or over the lease

term, whichever is shorter

Motor vehicles4 years

The aset’s residual values and useful lives

are reviewed, and adjusted if apropriate, at

the end of each reporting period. An aset’s

carying amount is writen down imediately

to its recoverable amount if the aset’s

carying amount is greater than its estimated

recoverable amount.

Gains and loses on disposals are determined

by comparing the proceds with the carying

amount and recognised in profit or los.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

6 无形资产

(i) 商誉

商誉于收购附属公司时产生，即

所转让代价、于所收购方之任何

非控股权益金额及任何先前于所

收购方之权益于收购日期之公允

值超出已收购可识别资产净值之

公允值之差额。

就减值测试而言，于业务合并所

收购的商誉获分配至预期可受惠

于合并协同效应的各现金产生单

位（「现金产生单位」）或现金产

生单位组别。各获分配商誉的单

位或单位组别指就内部管理目的

监察商誉的实体内部最低层面。

商誉于现金产生单位或现金产生

单位组合层次进行监察。

商誉的减值每年进行检讨，或当

有事件或情况改变显示可能出现

减值时作更频密检讨。商誉已分

配至现金产生单位或现金产生单

位组合，其账面值与单位之可收

回金额（使用价值与公允值减出

售成本之较高者）作比较。任何

减值即时确认为开支，且其后不

会拨回。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

6 Intangible asets

(i) Godwil

Godwil arises on the acquisition of

subsidiaries represents the exces of the

consideration transfered, the amount of

any non-controling interest in the acquire

and the acquisition-date fair value of any

previous equity interest in the acquire

over the fair value of the identified net

asets acquired.

For the purpose of impairment testing,

godwil acquired in a busines

combination is alocated to each of the

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

of CGUs, that is expected to benefit

from the synergies of the combination.

Each unit or group of units to which the

godwil is alocated represents the lowest

level within the entity at which the godwil

is monitored for internal management

purposes. Godwil is monitored at the

CGU or group of CGUs level.

Godwil impairment reviews are

undertaken anualy or more frequently

if events or changes in circumstances

indicate a potential impairment. The

carying value of the CGU or the group

of CGUs to which godwil has ben

alocated is compared to the recoverable

amount of the unit, which is the higher of

value in use and the fair value les costs

to sel. Any impairment is recognised

imediately as an expense and is not

subsequently reversed.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

6 无形资产（续）

(i) 客户关系及合约

于收购日客户关系及合约为业务

合并的一部份，并已按公允值资

本化与商誉分开，按成本减累计

摊销及累计减值亏损列账。摊销

以直线法将无形资产的成本按其

估计可使用年期1至3年计算。

(i) 摊销方法和期限

本集团对使用寿命有限的无形资

产，采用直线法在1至3年内进行

摊销。

7 非金融资产的减值

不确定使用年期的资产（如商誉或无

形资产）毋须摊销，并每年进行若干减

值测试。当有事件或情况改变显示账

面值可能无法收回时，须就摊销的资

产进行减值检讨。减值亏损按资产的

账面值超出其可收回金额的差额确认。

可收回金额为资产的公允值减销售成

本及使用价值两者之中的较高者。就

评估减值而言，本集团按可独立识别

的现金流量（现金产生单位）的最低水

平划分资产类别。除商誉外，出现减

值的非金融资产将于各报告日期进行

检讨，以厘定减值是否可予拨回。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

6 Intangible asets (Continued)

(i) Customer relationship and contracts

Customer relationship and contracts

acquired as part of a busines combination

are capitalised at fair value separately from

godwil at acquisition date and are caried

at cost les acumulated amortisation

and acumulated impairment loses.

Amortisation is determined using the

straight-line method to alocate the cost of

the intangible asets over their estimated

useful lives of one to thre years.

(i) Amortisation methods and periods

The Group amortises intangible asets

with a limited useful life using the straight-

line method over 1 to 3 years.

7 Impairment of non-financial asets

Asets that have an indefinite useful life,

for example godwil, are not subject to

amortisation and are tested anualy for

impairment, or more frequently if events or

changes in circumstances indicate that they

might be impaired. Asets that are subject

to amortisation are reviewed for impairment

whenever events or changes in circumstances

indicate that the carying amount may not be

recoverable. An impairment los is recognised

for the amount by which the aset’s carying

amount exceds its recoverable amount. The

recoverable amount is the higher of an aset’s

fair value les costs to sel and value in use. For

the purposes of asesing impairment, asets

are grouped at the lowest levels for which there

are separately identifiable cash flows (cash-

generating units). Non-financial asets other

than godwil that sufered an impairment are

reviewed for posible reversal of the impairment

at each reporting date.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

8 投资及金融资产

(i) 分类

本集团按以下计量类别对其金融

资产进行分类：

• 将按摊销成本计量的金融

资产，及

• 其后将按公允值计量且其

变动计入其他全面收益或

损益的金融资产。

分类取决于实体管理金融资产及

现金流量合约条款的业务模式。

就按公允值计量的资产而言，其

收益及亏损于损益或其他全面收

益列账。就并非持作买卖的权益

工具投资而言，则取决于本集团

是否于初次确认时行使不可撤

销选择权，将权益投资按公允值

计量且其变动计入其他全面收益

（「按公允值计量且其变动计入

其他全面收益」）。

本集团仅于管理该等资产的业务

模式改变时方会对债务工具进行

重新分类。

(i) 确认及终止确认

金融资产的常规买卖于交易日

（本集团承诺买卖资产当日）确

认。当从金融资产收取现金流量

的权利已到期或已转让，且本集

团已将所有权的绝大部分风险

及回报转让，即终止确认金融资

产。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

8 Investments and financial asets

(i) Clasification

The Group clasifies its financial asets in

the folowing measurement categories:

• those to be measured at amortised

cost; and

• those to be measured subsequently

at fair value (either through other

comprehensive income or through

profit or los).

The clasification depends on the entity’s

busines model for managing the financial

asets and the contractual terms of the

cash flows.

For asets measured at fair value, gains

and loses wil either be recorded in profit

or los or other comprehensive income.

For investments in equity instruments that

are not held for trading, this wil depend

on whether the Group has made an

irevocable election at the time of initial

recognition to acount for the equity

investment at fair value through other

comprehensive income (“FVOCI”).

The Group reclasifies debt instruments

when and only when its busines model

for managing those asets changes.

(i) Recognition and derecognition

Regular way purchases and sales of

financial asets are recognised on trade-

date, the date on which the Group

comits to purchase or sel the asets.

Financial asets are derecognised when

the rights to receive cash flows from the

financial asets have expired or have ben

transfered and the Group has transfered

substantialy al the risks and rewards of

ownership.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

8 投资及金融资产（续）

(i) 计量

初始确认时，本集团按金融资产

之公允值加（倘并非按公允值计

量且其变动计入损益的金融资产）

收购金融资产之直接应占交易成

本计量。按公允值计量且其变动

计入损益的金融资产之交易成本

于损益内支销。

在厘定嵌入衍生工具的金融资产

的现金流量是否仅为支付本金及

利息时，应以整体作考虑。

债务工具

债务工具的后续计量取决于本集

团管理资产及资产现金流量特征

的业务模式。本集团将其债务工

具分类为以下三种计量类别：

：倘持作收取合约

现金流量资产的现金流量

仅为支付本金及利息，则按

摊销成本计量。来自该等金

融资产的利息收入按实际

利率法计入财务收入。终止

确认产生的任何收益或亏

损直接于损益确认。减值亏

损于损益及其他收益表中

作为单独项目呈列。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

8 Investments and financial asets (Continued)

(i) Measurement

At initial recognition, the Group measures

a financial aset at its fair value plus,

in the case of a financial aset not at

FVPL, transaction costs that are directly

atributable to the acquisition of the

financial aset. Transaction costs of

financial asets caried at FVPL are

expensed in profit or los.

Financial asets with embeded

derivatives are considered in their entirety

when determining whether their cash

flows are solely payment of principal and

interest.

Debt instruments

Subsequent measurement of debt

instruments depends on the Group’s

busines model for managing the aset

and the cash flow characteristics of the

aset. There are thre measurement

categories into which the Group clasified

its debt instruments:

: Asets that are

held for colection of contractual

cash flows where those cash

flows represent solely payments of

principal and interest are measured

at amortised cost. Interest income

from these financial asets is

included in finance income using the

efective interest rate method. Any

gain or los arising on derecognition

is recognised directly in profit or los.

Impairment loses are presented as

separate line item in profit or los

and other comprehensive income.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

8 投资及金融资产（续）

(i) 计量（续）

债务工具（续）

• 按公允价值计量且其变动

计入其他全面收益：倘为收

回合约现金流量及出售金

融资产而持有之资产的现

金流量仅为支付本金及利

息，则该等资产按公允价值

计量且其变动计入其他全

面收益。账面值变动计入其

他全面收益，惟于损益确认

之减值收益或亏损、利息收

入及汇兑收益及亏损之确

认除外。终止确认金融资产

时，先前于其他全面收益确

认之累计收益或亏损由权

益重新分类至损益并于损

益确认。该等金融资产的利

息收入按实际利率法计入

财务收入。汇兑收益及亏损

于综合收益及其他全面收

益表中作为单独项目列示。

• 按公允值计量且其变动计

入损益：未达按摊销成本或

按公允值计量且其变动计

入其他全面收益计量标准

的资产乃按公允值计量且

其变动计入损益。后续按公

允值计量且其变动计入损

益的债务投资所产生的盈

亏于损益确认。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

8 Investments and financial asets (Continued)

(i) Measurement (Continued)

Debt instruments (Continued)

: Asets that are held for

colection of contractual cash

flows and for seling the financial

asets, where the asets’ cash

flows represent solely payments of

principal and interest, are measured

at FVOCI. Movements in the carying

amount are taken through other

comprehensive income, except

for the recognition of impairment

gains or loses, interest income

and foreign exchange gains and

loses which are recognised in profit

or los. When the financial aset

is derecognised, the cumulative

gain or los previously recognised

in other comprehensive income is

reclasified from equity to profit or

los and recognised in profit or los.

Interest income from these financial

asets is included in finance income

using the efective interest rate

method. Foreign exchange gains and

loses are presented as separate

line item in the consolidated

statement of profit or los and other

comprehensive income.

: Asets that do not met the

criteria for amortised cost or FVOCI

are measured at FVPL. A gain or

los on a debt investment that is

subsequently measured at FVPL is

recognised in profit or los.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

8 投资及金融资产（续）

(i) 计量（续）

权益工具

本集团其后就所有权益投资按公

允值计量。倘本集团管理层已选

择于其他全面收益中呈列权益投

资的公允值收益及亏损，公允值

收益及亏损于终止确认该投资后

不会重新分类至损益。有关投资

的股息于本集团收取付款的权利

确立时继续于损益确认。

按公允值计量且其变动计入损益

的金融资产之公允值变动于损益

内的其他收入及其他收益净额中

确认。按公允值计入其他全面收

益计量的股本投资的减值亏损

（及减值亏损拨回）不会与其他

公允值变动分开列报。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

8 Investments and financial asets (Continued)

(i) Measurement (Continued)

Equity instruments

The Group subsequently measures

al equity investments at fair value.

Where the Group’s management has

elected to present fair value gains and

loses on equity investments in other

comprehensive income, there is no

subsequent reclasification of fair value

gains and loses to profit or los folowing

the derecognition of the investment.

Dividends from such investments continue

to be recognised in profit or los when

the Group’s right to receive payments is

established.

Changes in the fair value of financial

asets at FVPL are recognised in profit or

los. Impairment loses (and reversal of

impairment loses) on equity investments

measured at FVOCI are not reported

separately from other changes in fair value.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

8 投资及金融资产（续）

(iv) 减值

本集团按前瞻性基准评估与按摊

销成本计量的债务工具有关的预

期信贷亏损。所应用的减值方法

视乎信贷风险有否大幅增长而

定。就合约资产及贸易应收款项

而言，本集团已应用香港财务报

告准则第9号允许之简化方法，

该方法规定预期整个存续期之亏

损自初始确认应收款项时确认，

进一步详情请见附注3.1(i)(b)。

已知有财务困难或对收回应收款

项有重大疑问的客户，其应收帐

款将单独评估以计提减值拨备。

信贷风险显著增加

于评估信贷风险自初始确认以来

是否已显著增加时，本集团将于

报告日期金融工具发生违约的风

险与其于初始确认日期发生违

约的风险进行比较。在进行评估

时，本集团会考虑合理且有理据

支持的定量及定性资料，包括过

往经验及毋须过多成本或精力即

可获取的前瞻性资料。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

8 Investments and financial asets (Continued)

(iv) Impairment

The Group aseses on a forward

loking basis the expected credit loses

asociated with its debt instruments

caried at amortised cost. The impairment

methodology aplied depends on whether

there has ben a significant increase

in credit risk. For contract asets and

trade receivables, the Group aplies the

simplified aproach permited by HKFRS

9, which requires expected lifetime loses

to be recognised from initial recognition

of the receivables, se Note 3.1(i)(b) for

further details.

Receivable related to customers with

known financial dificulties or significant

doubt on colection of receivables are

asesed individualy for provision for

impairment alowance.

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.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

8 投资及金融资产（续）

(iv) 减值（续）

信贷风险显著增加（续）

具体而言，评估信贷风险是否已

显著增加时考虑下列资料：

（如有）或

内部信贷评级实际或预期

显著恶化；

• 信贷风险的外部市场指标

显著恶化，例如信贷息差大

幅增加、债务人的信贷违约

掉期价格大幅上升；

、财务或经济状况的现

有或预测不利变动预期会

导致债务人履行其债务责

任的能力大幅下降；

• 债务人的经营业绩实际或

预期显著恶化；

、经济或技术

环境实际或预期出现重大

不利变动而导致债务人履

行其债务责任的能力大幅

下降。

不论上述评估结果如何，本集团

假设当合约付款逾期超过180日

时，信贷风险已自初始确认以来

已显著增加，除非本集团有合理

且有理据支持的资料显示并非如

此。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

8 Investments and financial asets (Continued)

(iv) Impairment (Continued)

Significant increase in credit risk

(Continued)

In particular, the folowing information

is taken into acount when asesing

whether credit risk has increased

significantly:

• An actual or expected significant

deterioration in the financial

instrument’s external (if available) or

internal credit rating;

• Significant deterioration in external

market indicators of credit risk, e.g.

a significant increase in the credit

spread, the credit default swap

prices for the debtor;

• Existing or forecast adverse changes

in busines, 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;

• 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 180 days past

due, unles the Group has reasonable and

suportable information that demonstrates

otherwise.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

8 投资及金融资产（续）

(iv) 减值（续）

信贷减值金融资产

当发生对金融资产的估计未来现

金流量产生不利影响的一项或多

项事件时，该金融资产即出现信

贷减值。金融资产出现信贷减值

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

财务困难；

(b) 违反合约，例如违约或逾期

事件；

有关的经济或合约原因，借

款人的贷款人向借款人授

出贷款人在其他情况下不

会考虑的宽限；

(d) 借款人可能面临破产或进

行其他财务重组。

撇销政策

当有资料显示交易对方陷入严重

财务困难，且并无实际收回的可

能时（例如交易对方已被清盘或

面临破产），本集团会撇销金融

资产。经适当考虑法律意见，已

撇销的金融资产仍可根据本集团

的收回程序实施强制执行。撇销

构成取消确认事件。任何后续收

回款项会于损益中确认。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

8 Investments and financial asets (Continued)

(iv) Impairment (Continued)

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;

economic or contractual reasons

relating to the borower’s financial

dificulty, having granted to the

borower a concesion that the

lenders would not otherwise

consider;

(d) It is becoming probable that the

borower wil enter bankruptcy or

other financial reorganisation.

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.

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.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

9 抵销金融工具

当有法定可强制执行的权利抵销已确

认金额且拟按净值基准结算或同时变

现资产及结算负债时，金融资产及负

债将予抵销，有关净额则于财务状况

表内列报。法定可执行权利必须不得

依赖未来事件而定，而在一般业务过

程中以及倘公司或对手方一旦出现违

约、无偿债能力或破产时，这也必须

具有约束力。

10 贸易、保固金及其他应收款项

贸易及保固金应收款为就于日常业务

过程中提供服务而应收客户的款项。

倘贸易、保固金及其他应收款项预期

于一年或以内（或倘时间较长，则在

业务正常营运周期内）收回，则其将分

类为流动资产，否则呈列为非流动。

贸易、保固金及其他应收款项初步按

有关无条件代价金额确认，除非其包

含重大融资部分，并按公允值确认。

本集团为收取合约现金流量而持有贸

易、保固金及其他应收款项，因此其

后以实际利率法按摊销成本计量。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

9 Ofseting financial instruments

Financial asets and liabilities are ofset and

the net amount reported in the statement

of financial position when there is a legaly

enforceable right to ofset the recognised

amounts and there is an intention to setle on

a net basis or realise the aset and setle the

liability simultaneously. The legaly enforceable

right must not be contingent on future events

and must be enforceable in the normal course

of busines and in the event of default,

insolvency or bankruptcy of the Company or

the counterparty.

10 Trade, retention and other receivables

Trade and retention receivables are amounts

due from customers for service performed in

the ordinary course of busines. If colection

of trade, retention and other receivables is

expected in one year or les (or in the normal

operating cycle of the busines if longer), they

are clasified as curent asets. If not, they are

presented as non-curent.

Trade, retention and other receivables

are recognised initialy at the amount of

consideration that is unconditional unles they

contain significant financing components,

when they are recognised at fair value. The

Group holds the trade, retention and other

receivables with the objective to colect the

contractual cash flows and therefore measures

them subsequently at amortised cost using the

efective interest method.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

11 合约资产及合约负债

与客户签订合约时，本集团获得向客

户收取代价的权利，并承担向客户转

让商品或提供服务的履约责任。

该等权利及履约责任的组合产生合约

资产净额或合约负债净额，视乎余下

权利及履约责任之间的关系。合约乃

一项资产，倘按有条件的权利计量剩

余对价超出履行履约义务则确认为合

约资产。相反，合约乃一项负债，倘自

客户收到的对价（或应收对价的金额）

超过计量剩余未履约义务的确认为合

约负债。于综合状况表中，合约资产

乃包含未开具发票的在建工程及合约

负债包含预收客户款。

合约资产乃按与贸易应收账款减值估

计所采纳的相同方法进行减值估计。

合约负债于本集团将货物或服务转让

予客户因而完成履约义务时确认为收

入。

倘本集团预期可收回增量成本及其后

按与转让货物或服务予客户一致的系

统性基准摊销递增成本，获取与客户

的合约所产生的递增成本则作资本化

且于与合约有关资产中呈报。因应已

确认与合约有关资产账面值超过本集

团预期收取代价余下金额减直接与提

供该等货物或服务但尚未确认为开支

的成本，本集团于损益确认减值亏损。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

11 Contract asets and contract liabilities

Upon entering into a contract with a

customer, the Group obtains rights to receive

consideration from the customer and asumes

performance obligations to transfer gods or

provide services to the customer.

The combination of those rights and

performance obligations gives rise to a net

contract aset or a net contract liability

depending on the relationship betwen

the remaining rights and the performance

obligations. The contract is an aset and

recognised as contract asets if the measure of

the remaining conditional rights to consideration

exceds the satisfied performance obligations.

Conversely, the contract is a liability and

recognised as contract liabilities if consideration

received (or an amount of consideration is due)

from the customer exceds the measure of the

remaining unsatisfied performance obligations.

In the consolidated statement of financial

position, the contract asets mainly consist of

unbiled work in progres and contract liabilities

mainly consist of receipts in advance from

customers.

Contract asets are asesed for impairment

under the same aproach adopted for

impairment asesment of trade receivables.

Contract liabilities are recognised as revenue

when the Group transfers the gods or services

to the customers and therefore satisfied its

performance obligation.

The incremental costs of obtaining a contract

with a customer are capitalised and presented

as contract related asets, if the Group expects

to recover those costs, and are subsequently

amortised on a systematic basis that is

consistent with the transfer to the customers

of the gods or services to which the asets

relate. The Group recognises an impairment

los in profit or los to the extent that the

carying amount of the contract related asets

recognised exceds the remaining amounts of

consideration that the Group expects to receive

les the costs that relate directly to providing

those gods or services that have not ben

recognised as expenses.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

12 现金及现金等价物

现金及现金等价物包括手头现金、原

有到期限为三个月或以内之银行通

知存款及其他短期高流动性投资。

现金及现金等价物并不包括已抵押存

款。

13 股本及股份奖励计划下所持股份

普通股分类为权益。发行新股或购股

权直接产生的增量成本于扣除税项后

在权益中作为所得款项的减项列示。

倘任何集团公司购入本公司之权益工

具，例如由于进行股份回购或以股份

支付计划，则已付代价（包括任何直

接应占增量成本（扣除所得税）从本公

司拥有人应占权益扣除，直至股份注

销或再发行为止。倘随后再发行有关

普通股，任何已收代价（扣除任何直

接应占增量交易成本及相关所得税影

响）计入本公司拥有人应占权益。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

12 Cash and cash equivalents

Cash and cash equivalents include cash on

hand, deposits held at cal with banks and

other short-term highly liquid investments with

original maturities of thre months or les.

Pledged bank deposits are not included in cash

and cash equivalents.

13 Share capital and shares held under share

award scheme

Ordinary shares are clasified as equity.

Incremental costs directly atributable to the

isue of new shares or options are shown in

equity as a deduction, net of tax, from the

proceds.

Where any group company purchases the

Company’s equity instruments, for example as

the result of a share buy-back or a share-based

payment plan, the consideration paid, including

any directly atributable incremental costs

(net of income taxes) is deducted from equity

atributable to the owners of the Company

until the shares are canceled or reisued.

Where such ordinary shares are subsequently

reisued, any consideration received, net of

any directly atributable incremental transaction

costs and the related income tax efects, is

included in equity atributable to the owners of

the Company.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

14 贸易及其他应付款

该等款项指本集团于财政年度结束前

就获提供的服务未支付的负债。有关

款项为无抵押及通常在确认后一年内

或较短期间支付。贸易及其他应付款

呈列为流动负债，除非付款并非于报

告期后12个月内到期。贸易及其他应

付款初始按公允值确认，随后以实际

利率法按摊销成本计量。

15 即期及递延所得税

本期间之所得税开支或抵免乃就本期

间应课税收入按各司法权区之适用所

得税率应付税项（就暂时差额及未

动用税损应占之递延所得税资产及负

债之变动而作出调整）。

(a) 即期所得税

即期所得税乃按本集团经营及产

生应课税收入于报告期末已颁布

或实质颁布的税法计算。管理层

须就适用税法诠释相关情况从而

定期评估报税表状况，并在适当

情况下根据预期须向税务机关支

付的税设定拨备。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

14 Trade and other payables

These amounts represent liabilities for services

provided to the Group prior to the end of

financial year which are unpaid. The amounts

are unsecured and are usualy paid within one

year or les after recognition. Trade and other

payables are presented as curent liabilities

unles payment is not due within 12 months

after the reporting period. They are recognised

initialy at fair value and subsequently measured

at amortised cost using the efective interest

method.

15 Curent and defered income tax

The income tax expense or credit for the period

is the tax payable on the curent period’s

taxable income based on the aplicable income

tax rate for each jurisdiction adjusted by

changes in defered tax asets and liabilities

atributable to temporary diferences and to

unused tax loses.

(a) Curent income tax

The curent income tax charge is

calculated on the basis of the tax

laws enacted or substantively enacted

at the end of the reporting period in

the countries where the Company’s

subsidiaries operates and generates

taxable income. Management periodicaly

evaluates positions taken in tax returns

with respect to situations in which

aplicable tax regulation is subject to

interpretation, and it considers whether it

is probable that a taxation authority wil

acept an uncertain tax treatment. The

Group measures its tax balances either

based on either the most likely amount or

the expected value, depending on which

method provides a beter prediction of the

resolution of the uncertainty.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

15 即期及递延所得税（续）

(b) 递延所得税

递延所得税采用负债法就资产及

负倩的税基与其于财务报表的账

面值之间产生的暂差额悉数拨

备。然而，倘递延所得税负债因

初始确认商誉而产生，则不予确

认。倘递延所得税资产因初始确

认资产或负债于一项交易（业务

合并除外）而产生，且交易时不

会影响会计或应课税损益，亦不

产生相等的应课税及可扣减暂时

性差额，则亦不予入账。递延所

得税乃按报告期末已颁布或实质

颁布的税率（及税法）厘定，并预

期在有关递延所得税资产变现或

递延所得税负债清偿时应用。

递延所得税资产仅在未来应课税

溢利将可用于动用该等暂时差额

及亏损时予以确认。

倘本集团能控制拨回暂时差额的

时间及该等差额可能不会于可见

将来拨回，则不会就海外业务投

资账面值与税基之间的暂时差额

确认递延所得税负债及资产。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

15 Curent and defered income tax (Continued)

(b) Defered income tax

Defered income tax is provided in ful,

using the liability method, on temporary

diferences arising betwen the tax bases

of asets and liabilities and their carying

amounts in the financial statements.

However, defered tax liabilities are not

recognised if they arise from the initial

recognition of godwil. Defered income

tax is also not acounted for if it arises

from initial recognition of an aset or

liability in a transaction other than a

busines combination that at the time of

the transaction afects neither acounting

nor taxable profit or los and does not

give rise to equal taxable and deductible

temporary diferences. Defered income

tax is determined using tax rates

(and laws) that have ben enacted or

substantialy enacted by the end of the

reporting period and are expected to

aply when the related defered income

tax aset is realised or the defered

income tax liability is setled.

Defered tax asets are recognised only if

it is probable that future taxable amounts

wil be available to utilize those temporary

diferences and loses.

Defered tax liabilities and asets are

not recognised for temporary diferences

betwen the carying amount and tax

bases of investments in foreign operations

where the Group is able to control the

timing of the reversal of the temporary

diferences and it is probable that

the diferences wil not reverse in the

foreseable future.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

15 即期及递延所得税（续）

当有法定权利将即期税项资产及

负债抵销，而递延所得税余额与

同一税务机关相关时，则可将递

延所得税资产及负债抵销。当实

体有法定权利抵销或有意按净额

基准结算，或同时变现资产及结

算负债。

即期及递延所得税于损益中确认，惟

有关于其他全面收益或直接于权益中

确认的项目除外。在此情况下，税项

亦分别于其他全面收益或直接于权益

中确认。

16 雇员福利

(i) 雇员应享假期

雇员应享年假在雇员享有时确

认。已就截至报告日期因雇员提

供服务而享有年假的估计责任作

出拨备。

雇员应享病假及产假或陪产假于

雇员休假时方予确认。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

15 Curent and defered income tax (Continued)

Defered tax asets and liabilities are

ofset when there is a legaly enforceable

right to ofset curent tax asets and

liabilities and when the defered tax

balances relate to the same taxation

authority. Curent tax asets and tax

liabilities are ofset where the entity has

a legaly enforceable right to ofset and

intends either to setle on a net basis, or

to realise the aset and setle the liability

simultaneously.

Curent and defered tax is recognised in profit

or los, except to the extent that it relates

to items recognised in other comprehensive

income or directly in equity. In this case, the

tax is also recognised in other comprehensive

income or directly in equity, respectively.

16 Employe benefits

(i) Employe leave entitlements

Employe entitlements to anual leave

are recognised when they acrue to

employes. A provision is made for the

estimated liability for anual leave as a

result of services rendered by employes

up to the reporting dates.

Employe entitlements to sick leave and

maternity or paternity leaves are not

recognised until the time of leave.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

16 雇员福利（续）

(i) 退休金责任

本集团于香港设有强制性公积金

计划（「强积金计划」），该计划

一般透过根据定额供款向保险

公司付款而注资。本集团向管理

退休保险计划作出强制、合约或

自愿性质供款。此外，所有身为

本集团于中国注册成立实体之雇

员，均已参与由地方政府组织及

管理之雇员社会保障计划，涵盖

退休金、医疗、房屋及其他社会

福利。本集团一经缴付供款后再

无进一步付款责任。供款于应付

时确认为雇员福利开支。预付供

款按照现金退款或扣减未来付款

而确认为资产。本集团向强积金

计划作出之供款即时归属。

(i) 花红计划拨备

支付予雇员的花红付款由管理层

酌情决定。在本集团正式宣布向

雇员支付花红后，花红付款于期

内在损益中确认。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

16 Employe benefits (Continued)

(i) Pension obligations

The Group operates the Mandatory

Provident Fund Scheme (“MPF Scheme”)

in Hong Kong which is generaly

funded through payments to insurance

companies under defined contribution

plan. It pays contributions to administered

pension insurance plans on a mandatory,

contractual or voluntary basis. Moreover,

al the employes of the Group’s entities

incorporated in the PRC participate

in employe social security plans,

including pension, medical, housing and

other welfare benefits, organized and

administered by the local governments.

The Group has no further payment

obligations once these contributions

have ben paid. The contributions are

recognised as employe benefit expense

when they are due. Prepaid contributions

are recognised as an aset to the extent

that a cash refund or a reduction in the

future payments is available.

(i) Provision for bonus plans

Bonus payments to employes are

discretionary to management. Bonus

payments are recognised in profit or

los in the period when the Group has

formaly anounced the bonus payments

to employes.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

16 雇员福利（续）

(iv) 长期服务金

本集团根据香港《雇佣条例》在

若干情况下终止雇用雇员而支付

之长期服务金所衍生之负债净

额，是指雇员于本年度及过往期

间就提供服务所赚取之未来福

利。

长期服务金负债采用预计的单位

贷记法评估。支付长期服务金负

债之成本会从综合损益表中扣

除，以便将成本于雇员之服务年

期内摊分。

在厘定现值时，长期服务金负债

须予以折现，并扣除在本集团界

定供款退休计划下作为被视为雇

员供款的雇员累计权益中由本集

团供款之部份。根据经验调整而

产生之精算盈亏，以及精算假设

的变动，在产生期间内分别于其

他全面收益贷记或扣除。由于计

划修订，因计划修订日期之前期

间雇员服务的界定福利责任现值

变化而产生之过往服务成本确认

为开支。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

16 Employe benefits (Continued)

(iv) Long service payments

The Group’s net obligation in respect

of long service amounts payable on

cesation of employment in certain

circumstances under the Hong Kong

Employment Ordinance is the amount of

future benefit that employes have earned

in return for their service in the curent

and prior periods.

The long service payment liabilities are

asesed by using the projected unit

credit method. The cost of providing the

long service payment liabilities is charged

to profit or los so as to spread the costs

over the service lives of employes.

The long service payment liabilities are

discounted to determine the present

value and reduced by entitlements by

employes acrued under the Group’s

defined contribution retirement scheme

that is atributable to contributions made

by the Group. Actuarial gains and loses

arising from experience adjustments

and changes in actuarial asumptions

are credited or charged to other

comprehensive income in the period in

which they arise, respectively. As a result

of plan amendment, a past service cost,

arising from the change in the present

value of the defined benefit obligation for

employe service in prior periods on the

date of plan amendment, is recognised as

an expense.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

17 拨备

倘本集团因过往事件而导致现时须承

担法律或推定责任，而履行有关责任

时可能需资源外流，且有关金额能可

靠估计，则确认拨备。拨备不会就未

来经营亏损作出确认。倘本集团预期

拨备将获偿付，则偿付额于实际可确

定将获偿付之时作为单独资产确认。

倘有多项相若责任，则会整体考虑有

关类别责任以确定就履行责任造成流

出的可能性。即使就同一类别责任当

中的任何一项责任造成流出的可能性

不高，但仍会确认拨备。

拨备乃按偿付该责任预期所需开支以

税前利率（应能反映当时对金钱的时

间值及该责任特定风险的市场评估）

计算的现值衡量。因时间的流逝而增

加的拨备确认为利息开支。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

17 Provisions

Provisions are recognised when the Group

has a present legal or constructive obligation

as a result of past events, it is probable that

an outflow of resources wil be required to

setle the obligation, and a reliable estimate

of the amount can be made. Provisions are

not recognised for future operating loses.

Where the Group expects a provision to be

reimbursed, the reimbursement is recognised

as a separate aset when the reimbursement is

virtualy certain.

Where there are a number of similar obligations,

the likelihod that an outflow wil be required

in setlement is determined by considering the

clas of obligations as a whole. A provision is

recognised even if the likelihod of an outflow

with respect to any on item included in the

same clas of obligations may be smal.

Provisions are measured at the present value

of the expenditures expected to be required to

setle the obligation using a pre-tax rate that

reflects curent market asesments of the time

value of money and the risks specific to the

obligation. The increase in the provision due

to pasage of time is recognised as interest

expense.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

18 Revenue recognition

(i) Revenue from contracts with customers

Revenue is measured at the fair value of

the consideration received or receivable

for the sales of gods and services in the

ordinary course of the Group’s activities.

Revenue is shown, net of discounts and

after eliminating sales with the group

companies. The Group recognises

revenue when the amount of revenue can

be reliably measured; when it is probable

that future economic benefits wil flow

to the entity; and when specific criteria

have ben met for each of the Group’s

activities, as described below.

Revenues are recognised when or as the

control of the aset is transfered to the

customer. Depending on the terms of the

contract and the laws that aply to the

contract, control of the aset may transfer

over time or at a point in time. Control of

the aset is transfered over time if the

Group’s performance:

• provides al of the benefits received

and consumed simultaneously by the

customer; or

• creates and enhances an aset that

the customer controls as the Group

performs; or

• does not create an aset with an

alternative use to the Group and the

Group has an enforce able right to

payment for performance completed

to date.

（续）

(v) 重要的会计政策摘要（续）

18 收入确认

(i) 客户合约收入

收入按于本集团日常业务活动过

程中销售货品及提供服务的已收

代价或应收款项的公允值计量。

收入乃经扣除折扣后及对销集

团公司的销售额后列示。当收入

的金额能够可靠计量，未来经济

利益有可能流入有关实体，而本

集团每项活动均符合具体条件时

（如下文所述），本集团会确认收

入。

收入乃于资产之控制权转移至客

户时确认。视乎合约条款及应用

至合约的法律，资产之控制权可

经过一段时间或于某一时间点转

移。倘本集团在履约过程中满足

下列条件，资产之控制权乃经过

一段时间转移：

，而客户亦同

步收到并消耗有关福利；或

• 随著本集团履约而创建并

提升客户所控制之资产；或

• 并无创建对本集团而言有

替代用途之资产，而本集团

具有可强制执行权利收回

迄今已完成履约部份之款

项。

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

18 收入确认（续）

(i) 客户合约收入（续）

倘资产之控制权经过一段时间转

移，收入乃参考已圆满完成履约

责任之进度而在合约期间内确

认。否则，收入于客户获得资产

之控制权之时间点确认。

圆满完成履约责任之进度乃根据

本集团为完成履约责任所作出的

努力或投入（参考截至报告期末

所产生的合约成本占每份合约估

计总成本的百份比）而计量。

收入于就本集团活动满足特定条

件时确认，详情概述如下：

(a) 提供毛坯房装潢、重装及还

原服务

提供该等服务所得收入于

本集团之履约创造或增强

客户在资产被创造或改良

时就控制之资产或在建工

程的情况下，随时间确认。

因此，本集团参考已产生的

实际成本占各合约估计成

本总额的百分比，随时间履

行履约责任。

(b) 提供零碎工程、设计、保养

及其他服务

提供该等服务所得收入于

提供服务时确认。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

18 Revenue recognition (Continued)

(i) Revenue from contracts with customers

(Continued)

If control of the aset transfers over time,

revenue is recognised over the period of

the contract by reference to the progres

towards complete satisfaction of that

performance obligation. Otherwise,

revenue is recognised at a point in time

when the customer obtains control of the

aset.

The progres towards complete

satisfaction of the performance obligation

is measured based on the Group’s

eforts or inputs to the satisfaction of the

performance obligation, by reference to

the contract costs incured up to the end

of reporting period as a percentage of

total estimated costs for each contract.

Revenue is recognised when specific

criteria have ben met for the Group’s

activities described below:

(a) provision of bare shel fit-out,

restacking and reinstatement

services

Revenue from the provision of

these services is recognised over

time as the Group’s performance

creates or enhances an aset or

work in progres that the customer

controls as the aset is created or

enhanced. Thus, the Group satisfies

a performance obligation over time,

by reference to the actual costs

incured as a percentage of the total

estimated costs for each contract.

(b) rendering of churn works, design,

maintenance and other services

Revenue from the provision of these

services is recognised when the

services are rendered.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

18 收入确认（续）

(i) 利息收入

利息收入采用实际利息法按时间

比例基准确认入账。倘应收款项

出现减值时，本集团会将账面值

撇减至可收回款额，即估计的未

来现金流量按该工具之原实际

利率贴现值，并继续将贴现计算

并确认为利息收入。已减值应收

款的利息收入利用原实际利率确

认。

(i) 股息收入

股息在收取款项的权利确定时确

认。

19 租赁

租赁确认为使用权资产，并在租赁资

产可供本集团使用之日确认相应负债。

租赁产生之资产及负债初步按现值进

行计量。租赁负债包括以下租赁付款

之净现值：

（包括实质固定付款）

减任何应收租赁优惠；

• 基于指数或利率的可变租赁付

款，采用于开始日期的指数或利

率初步计量；

• 剩余价值担保下之本集团预期应

付款项；

（倘本集团合

理地确定行使该选择权）；

• 在某些合理延长选项下作出的租

赁付款亦被包括在负债计量内；

及

（倘租赁

期反映本集团行使该选择权）。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

18 Revenue recognition (Continued)

(i) Interest income

Interest income is recognised on a time-

proportion basis using the efective

interest method. When a receivable is

impaired, the Group reduces the carying

amount to its recoverable amount,

being the estimated future cash flows

discounted at original efective interest

rate of the instrument, and continues

unwinding the discount as interest

income. Interest income on impaired

receivables is recognised using the

original efective interest rate.

(i) Dividend income

Dividends are recognised when the right

to receive payment is established.

19 Leases

Leases are recognised as a right-of-use aset

and a coresponding liability at the date at

which the leased aset is available for use by

the Group.

Asets and liabilities arising from a lease are

initialy measured on a present value basis.

Lease liabilities include the net present value of

the folowing lease payments:

• fixed payments (including in-substance

fixed payments), les any lease incentives

receivable;

• variable lease payment that are based on

an index or a rate, initialy measured using

the index or rate as at the comencement

date;

• amounts expected to be payable by the

Group under residual value guarantes;

• the exercise price of a purchase option

if the Group is reasonably certain to

exercise that option;

• lease payments to be made under

reasonably certain extension options are

also included in the measurement of the

liability; and

• payments of penalties for terminating the

lease, if the lease term reflects the Group

exercising that option.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

19 租赁（续）

租赁付款采用租赁所隐含的利率予以

折现。倘无法厘定该利率，则使用承

租人的新增借款利率，即承租人在类

似条款及条件的类似经济环境中借入

获得类似价值资产所需资金所必须支

付的利率。

本集团以下方式测定增量借款利率：

，使用个别承租人

最近得到的第三方融资作起点，

作出调整反映得到第三方融资后

融资条件的改变；及

，例如：条

款、国家、货币及抵押。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

19 Leases (Continued)

The lease payments are discounted using the

interest rate implicit in the lease. If that rate

canot be readily determined, the lese’s

incremental borowing rate is used, being the

rate that the individual lese would have to

pay to borow the funds necesary to obtain an

aset of similar value to the right-of-use aset

in a similar economic environment with similar

terms, security and conditions.

To determine the incremental borowing rate,

the Group:

, uses recent third-party

financing received by the individual lese

as a starting point, adjusted to reflect

changes in financing conditions since third

party financing was received; and

e.g. term, country, curency and security.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(v) 重要的会计政策摘要（续）

19 租赁（续）

使用权资产按成本计量，包括租赁负

债的初始计量金额，于开始日期或之

前所作的任何租赁付款及修复成本。

使用权资产一般在资产的使用寿命与

租赁期两者孰短的期间内按直线法计

提折旧。如本集团合理确定会行使购

买权，则在相关的资产的使用寿命期

间内对使用权资产计提折旧。

与停车场及办公室的短期租赁相关的

付款以直线法于损益中确认为开支。

短期租赁指租期为十二个月或以下的

租赁。

20 股息分派

向股东分派的股息于末期股息获本公

司股东批准期间及中期股息获董事会

批准期间在本集团及本公司财务报表

内确认为负债。

2. BASIS OF PREPARATION (Continued)

(v) Sumary of material acounting policies

(Continued)

19 Leases (Continued)

Right-of-use asets are measured at

cost comprising the amount of the

initial measurement of lease liability, any

lease payments made at or before the

comencement date and restoration costs.

Right-of-use asets are generaly depreciated

over the shorter of the aset’s useful life and the

lease term on a straight-line basis. If the Group

is reasonably certain to exercise a purchase

option, the right-of-use aset is depreciated over

the underlying aset’s useful life.

Payments asociated with short-term leases

of car park and ofices are recognised on a

straight-line basis as an expense in profit or

los. Short-term leases are leases with a lease

term of 12 months or les.

20 Dividend distribution

Dividend distribution to the Shareholders is

recognised as a liability in the Group’s and

Company’s financial statements in the period in

which the final dividends are aproved by the

Company’s shareholders and interim dividends

are aproved by the Board where apropriate.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3. 财务风险管理

3.1 财务风险因素

本集团的活动使其面临多项财务风险：市

场风险（包括外汇风险、价格风险、现金流

量及公允值利率风险）、信贷风险及流动性

风险。本集团的整体风险管理计划集中于

金融市场的难预测性，并寻求尽量降低本

集团财务表现所遭受的潜在不利影响。

风险管理按照董事会批准的政策执行。本

公司的董事（「董事」）确认与经营单位紧密

合作以确定和评估财务风险。董事会为整

体风险管理订定指引，亦为若干特定范畴

提供政策，例如外汇风险、利率风险、信贷

风险，以及投资剩余的流动资金。

(i) 市场风险

(a) 外汇风险

本集团认为外汇风险并不重大，

因大部分资产及负债以港元或人

民币计值，而港元或人民币为本

集团主要经营实体的功能货币。

本集团目前并无对冲其外汇风

险。

由于现时港元与美元（「美元」)

挂钩，故以美元列值的按公允值

计量且其变动计入损益的金融资

产的外汇风险被视为极低。

人民币受中国政府颁布的外汇管

制规则及条例所约束。本集团透

过密切监察外币汇率变动来管理

外币风险。

3. FINANCIAL RISK MANAGEMENT

3.1 Financial risk factors

The Group’s activities expose it to a variety of

financial risks: market risk (including foreign

exchange risk, price risk, cash flow and fair value

interest rate risk), credit risk and liquidity risk. The

Group’s overal risk management programe focuses

on the unpredictability of financial markets and seks

to minimise potential adverse efects on the Group’s

financial performance.

Risk management is caried out under the policies

aproved by the Board. The directors of the

Company (the “Directors”) identify and evaluates

financial risks in close co-operations with its

operating units. The Board provides principles for

overal risk management, as wel as policies covering

specific areas, such as foreign exchange risk,

interest rate risk, credit risk and investing of exces

liquidity.

(i) Market risk

(a) Foreign exchange risk

The Group considers the foreign

exchange risk exposure is not significant

as majority of the asets and liabilities

are denominated in HKD or RMB, which

are the functional curencies of the major

operating entities within the Group. The

Group curently does not hedge its foreign

curency exposure.

The foreign curency exchange exposure

on financial aset at FVPL denominated in

United States Dolar (“USD”) is considered

to be minimal as HKD is curently peged

to USD.

RMB is subject to the rules and

regulations of foreign exchange control

promulgated by the PRC government. The

Group manages its foreign curency risk

by closely monitoring the movement of the

foreign curency rates.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.1 财务风险因素（续）

(i) 市场风险（续）

(b) 价格风险

本集团因其按公允值计量且其变

动计入损益的金融资产之基金投

资面临股价风险。本集团以长期

战略目的持有该基金投资。

于2025年3月31日，倘透过损益

账按公允值计量且其变动计入

损益的金融资产之公平值上升╱

下跌10%，而全部其他可变因素

保持不变，则年内溢利将增加╱

减少约1,206,000港元（2024年：

1,420,000港元）。

本集团于年末持有之投资并未于

市场公开交易。管理层参考其管

理人提供的占净资产的份额和相

关住宅及商业项目的现金流量折

现以自身判断力估算该投资之公

允值。

利率风险是指金融工具的公允值

或现金流量因市场利率变化而波

动的风险。浮动利率金融工具使

本集团面临现金流量利率风险。

固定利率金融工具使本集团面临

公允值利率风险。本集团的利率

风险主要来自银行存款。其他金

融资产及金融负债为免息并按摊

销成本计量。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.1 Financial risk factors (Continued)

(i) Market risk (Continued)

(b) Price risk

The Group is exposed to price risk arising

from the fund investment clasified as

financial asets at FVPL. The Group

maintains the fund investment for long-

term strategic purposes.

As at 31 March 2025, if the fair value

of the Group’s financial asets at FVPL

had ben 10% higher/lower with al

other variables held constant, profit for

the year would have ben aproximately

HKD1,206,000 (2024: HKD1,420,000)

higher/lower.

The Group’s investment as at year end

date is not publicly traded. Management

exercises its judgement to determine its

fair value with reference to the Group’s

share of the net aset value provided

by its administrators of its underlying

residential and comercial project.

Interest rate risk relates to the risk that

the fair value or cash flows of a financial

instrument wil fluctuate because of

changes in market interest rates. Financial

instruments at variable rates expose the

Group to cash flow interest rate risk.

Financial instruments at fixed rates expose

the Group to fair value interest rate risk.

The Group’s interest rate risk arises mainly

from bank deposits. Other financial asets

and financial liabilities are non-interest-

bearing and are measured at amortised

cost.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.1 财务风险因素（续）

(i) 市场风险（续）

（续）

于2025年3月31日，在所有其他

变量保持不变的情况下，估计银

行存款利率上升╱下降50个基

点，将使本集团本年度的除税前

溢利增加╱减少约580,000港元

（2024年：698,000港元）。

上述敏感度分析乃假设利率变化

于报告日期发生而厘定并运用于

该日存在的金融工具面临的利率

风险。上升╱下调50个基点代表

管理层对直至下一年度报告日期

止的一年内对利率合理可能变化

的评估。

(i) 信贷风险

信贷风险自现金及现金等价物、合约

资产、贸易及保固金应收款、按金及

其他应收款项、按公允价值计量且其

变动计入损益的金融资产生。本集

团面临的最高信贷风险为该等金融资

产的账面值。

本集团设有信贷政策，并会持续监察

该等信贷风险。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.1 Financial risk factors (Continued)

(i) Market risk (Continued)

(Continued)

At 31 March 2025, it is estimated that

an increase/decrease of 50 basis points

in interest rates on bank deposits, with

al other variables held constant, would

increase/decrease the Group’s pre-

tax profit for the year by aproximately

HKD580,000 (2024: HKD698,000).

The above sensitivity analysis has ben

determined asuming that the change

in interest rates had ocured at the

reporting date and had ben aplied

to the interest rate risk exposure of the

financial instruments in existence at

that date. The 50 basis points increase/

decrease represents management’s

asesment of a reasonably posible

change in interest rates over the year until

the next anual reporting date.

(i) Credit risk

Credit risk arises from cash and cash

equivalents, contract asets, trade and

retention receivables, deposits and other

receivables, financial aset at FVPL. The

Group’s maximum exposure to credit risk is the

carying amounts of these financial asets.

The Group has a credit policy in place and the

exposures to these credit risks are monitored

on an ongoing basis.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.1 财务风险因素（续）

(i) 信贷风险（续）

(a) 风险管理

管理层认为，本集团与其银行的

信贷风险有限，这些银行的信用

评级为投资级信用评级。本集团

过去并未因该等方不履行履约而

蒙受重大损失，管理层预计未来

亦不会蒙受重大损失。因此，截

至2025年及2024年3月31日，银

行现金的预期信贷损失率估计接

近零，并未提列拨备。

于2025年3月31日，本集团面临

来自本集团客户贸易及保固金应

收款的集中信贷风险，其中最大

及五大客户的总贸易及保固金

应收款结余分别约为33,782,000

港元（2024年：7,641,000港元）

及56,108,000港元（2024年：

33,936,000港元），分别占总贸

易及保固金应收款结余的43.1%

（2024年：13.2%）及71.5%

（2024年：58.7%）。本集团主要

客户为声誉卓著机构。就此，管

理层认为信贷风险有限。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.1 Financial risk factors (Continued)

(i) Credit risk (Continued)

(a) Risk management

Management considers that the Group

has limited credit risk with its banks

which are leading and reputable with

investment grade credit rating. The Group

has not incured significant los from non-

performance by these parties in the past

and management does not expect so in

the future. Therefore, expected credit los

rate of cash at bank is asesed to be

close to zero and no provision was made

as at 31 March 2025 and 2024.

The Group is exposed to concentration

of credit risk as at 31 March 2025 on

trade and retention receivables from

the Group’s customers with the largest

and top five largest gros trade and

retention receivables balance amounting

to aproximately HKD33,782,000 (2024:

HKD7,641,000) and HKD56,108,000

respectively (2024: HKD33,936,000),

and acounted for 43.1% (2024: 13.2%)

and 71.5% (2024: 58.7%) respectively

of the total gros trade and retention

receivables balance. The major customers

of the Group are reputable organisations.

Management considers that the credit risk

is limited in this regard.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.1 财务风险因素（续）

(i) 信贷风险（续）

(a) 风险管理（续）

鉴于与客户的业务往来历史以

及这应收客户款项的收款历史，

管理层认为，除下文披露的与减

值合同资产、贸易及保固金应收

款相关的债务人外，本集团应收

其客户的未清偿应收款项余额

并无内在的重大信用风险。管理

层根据历史付款记录、逾期时间

长短、债务人的财务实力、与交

易对手的关系以及与债务人是否

存在任何纠纷，定期评估合约资

产、贸易及保固金应收款以及按

金及其他应收款的可收回情况。

本集团在收回合约资产、贸易及

保固金应收款以及按金及其他应

收款方面的历史经验处于所记录

的备抵范围内，因此董事认为已

于该等综合财务报表中为无法收

回的应收款项作出充分拨备。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.1 Financial risk factors (Continued)

(i) Credit risk (Continued)

(a) Risk management (Continued)

In view of the history of busines dealings

with customers and the colection

history of receivables due from them,

management makes periodic asesment

on the recoverability of contract asets,

trade and retention receivables, and

deposits and other receivables based on

historical payment records, the length

of the overdue period, the financial

strength of the debtors, relationship

with counterparties, and whether there

are any disputes with the debtors. The

Group’s historical experience in colection

of contract asets, trade and retention

receivables, and deposits and other

receivables fals within the recorded

alowances and the Directors are of

the opinion that adequate provision for

uncolectible receivables has ben made

in these consolidated financial statements.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.1 财务风险因素（续）

(i) 信贷风险（续）

(b) 金融资产减值

本集团有三个主要种类的受限于

预期信贷亏损模式的金融资产：

，贸易及保固金应

收账；

• 按摊销成本计量的其他金

融资产（包括按金及其他

应收款项）；及

• 按公允值计量且其变动计

入损益之金融资产。

合约资产以及贸易及保固金应收

款

本集团采用《香港财务报告准则

第9号》简化方法计量预期信贷

亏损，对所有贸易及保固金应收

款以及合约资产使用全期预计亏

损备抵。除了具有重大未偿余额

或信贷减值的合约资产以及贸易

及保固金应收款外，本集团根据

逾期状态以集体综合基准计量这

些项目的预期信贷亏损。有关本

集团合约资产以及贸易及保固金

应收款面临的信贷风险信息如下

所示。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.1 Financial risk factors (Continued)

(i) Credit risk (Continued)

(b) Impairment of financial asets

The Group has thre main types of

financial asets that are subject to the

expected credit los model:

• contract asets and trade and

retention receivables;

;

• other financial asets measured at

amortised costs (including deposits

and other receivables); and

• financial aset at FVPL.

Contract asets and trade and retention

receivables

The Group aplies the HKFRS 9 simplified

aproach to measuring expected credit

loses which uses a lifetime expected

los alowance for al trade and retention

receivables and contract asets. Except

for contract asets and trade and

retention receivables with significant

outstanding balances or credit-impaired,

the Group determines the expected credit

loses on these items on a colective

basis, grouped by past due status. The

information about the credit risk exposure

on the Group’s contract asets and trade

and retention receivables is set out below.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.1 财务风险因素（续）

(i) 信贷风险（续）

(b) 金融资产减值（续）

合约资产以及贸易及保固金应收

款（续）

为计量预期信贷亏损，合约资产

以及贸易及保固金应收款已根据

共同信贷风险特征及逾期天数分

组。合约资产与未开具发票的在

建工程相关，并且与具有相同类

型合约的贸易应收款的风险特征

基本相同。因此，本集团得出的

结论是贸易应收款的预期亏损率

可以合理地近似于合约资产的信

贷亏损率。

作为集团信贷风险管理的一部

分，集团使用合约资产以及贸易

及保固金应收款的帐龄来评估在

香港及中国提供室内装潢解决方

案业务的客户的减值，因为这些

客户由大量具有共同风险特征的

小型客户组成，这些特征代表了

客户根据合约条款支付所有到期

款项的能力。合约资产以及贸易

及保固金应收款的信贷风险采用

年期预期信贷亏损内的拨备矩阵

进行集体综合基准评估（不属于

信贷减值）。截至2025年3月31

日，已发生信贷减值的合约资产

以及贸易及保固金应收款的帐面

总值约为3,518,000港元（2024

年3月31日：5,273,000港元，具

有重大未偿余额）已进行单独评

估。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.1 Financial risk factors (Continued)

(i) Credit risk (Continued)

(b) Impairment of financial asets (Continued)

Contract asets and trade and retention

receivables (Continued)

To measure the expected credit loses,

contract asets and trade and retention

receivable have ben grouped based on

share credit risk characteristics and the

days past due. The contract asets relate

to unbiled work in progres and have

substantialy the same risk characteristics

as the trade receivables for the same

types of contracts. The Group has

therefore concluded that the expected

los rates for trade receivables are a

reasonable aproximation of the los rates

for the contract asets.

As part of the Group’s credit risk

management, the Group uses ageing of

contract asets and trade and retention

receivables to ases the impairment for

its customers in relation to its provision

of interior fit-out solutions operation in

Hong Kong and PRC because these

customers consist of a large number

of smal customers with comon risk

characteristics that are representative of

the customers’ abilities to pay al amounts

due in acordance with the contractual

terms. The exposure to credit risk for

contract asets and trade and retention

receivables which are asesed on a

colective basis by using provision matrix

within lifetime expected credit loses

(not credit-impaired). Contract asets

and trade and retention receivables

of credit-impaired with gros carying

amount of aproximately HKD3,518,000

as at 31 March 2025 (31 March

2024: HKD5,273,000 with significant

outstanding balances) were asesed

individualy.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.1 财务风险因素（续）

(i) 信贷风险（续）

(b) 金融资产减值（续）

合约资产以及贸易及保固金应收

款（续）

预计亏损率是根据合约资产以及

贸易及保固金应收款预计期限内

观察到的历史违约率估算得出

的，并根据无需过多成本或精力

即可获得的前瞻性资料进行调

整。

截至2025年3月31日止年度，集

团确认亏损拨备约为2,623,000

港元。本集团的管理阶层厘定为

财务困难的债务人作出减值拨备

约为3,194,000港元（2024年3月

31日：1,920,000港元），因此所

有余额均被厘定为已发生信贷减

值。此信贷减值拨备已抵销依据

集体评估合约资产以及贸易及

保固金应收款的减值拨回约为

571,000港元（2024年3月31日：

已作出减值拨备204,000港元）

所带来的影响。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.1 Financial risk factors (Continued)

(i) Credit risk (Continued)

(b) Impairment of financial asets (Continued)

Contract asets and trade and retention

receivables (Continued)

The estimated los rates are estimated

based on historical observed default rates

over the expected life of the contract

asets and trade and retention receivables

and are adjusted for forward-loking

information that is available without undue

cost or efort.

During the year ended 31 March 2025,

the Group recognised los alowance

of aproximately HKD2,623,000. The

Group provided impairment alowance of

aproximately HKD3,194,000 (31 March

2024: HKD1,920,000) on debtors which

the management has determined to be

with financial dificulties and acordingly

the entire balance was determined to

be credit-impaired. The credit-impaired

provision was net-of by impact of an

reversal of impairment alowance for trade

receivables and retention receivables with

amounting to aproximately HKD571,000

(31 March 2024: HKD204,000 of

impairment alowance provided), based on

colective asesment.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.1 财务风险因素（续）

(i) 信贷风险（续）

(b) 金融资产减值（续）

合约资产以及贸易及保固金应收

款（续）

于2025年及2024年3月31日合约

资产，贸易及保固金应收款的亏

损拨备之变动如下：

贸易及保固金应收款项于并无合

理预期可予收回时撇销。并无合

理预期可予收回之迹象包括（其

中包括）债务人未能与本集团达

成还款计划。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.1 Financial risk factors (Continued)

(i) Credit risk (Continued)

(b) Impairment of financial asets (Continued)

Contract asets and trade and retention

receivables (Continued)

The movement of los alowances for

contract asets, trade and retention

receivables as at 31 March 2025 and

2024 are as folows:

Contract

asets

Trade and

retention

receivables

合约资产

贸易及保固金

应收款项

HKD’000HKD’000

千港元千港元

Los alowance as at 1 April 2023于2023年4月1日的

亏损拨备6691,846

(Decrease)/increase in los

alowance recognised

确认的亏损拨备

（减少）╱增加(576)204

Los alowance as at 31 March 2024

and 1 April 2024

于2024年3月31日及

2024年4月1日的

亏损拨备932,050

(Decrease)/increase in los

alowance recognised

确认的亏损拨备

（减少）╱增加(3)2,623

Los alowance as at 31 March 2025于2025年3月31日的

亏损拨备904,673

Trade and retention receivables are

writen of when there is no reasonable

expectation of recovery. Indicators that

there is no reasonable expectation

of recovery include, amongst others,

the failure of a debtor to engage in a

repayment plan with the Group.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.1 财务风险因素（续）

(i) 信贷风险（续）

(b) 金融资产减值（续）

合约资产以及贸易及保固金应收

款（续）

于2025年及2024年3月31日合约

资产，贸易及保固金应收款的亏

损拨备之变动如下：

贸易及保固金应收款项于并无合

理预期可予收回时撇销。并无合

理预期可予收回之迹象包括（其

中包括）债务人未能与本集团达

成还款计划。

（续）

3.1 财务风险因素（续）

(i) 信贷风险（续）

(b) 金融资产减值（续）

合约资产以及贸易及保固金应收

款（续）

合约资产以及贸易及保固金应收

款的减值亏损于经营溢利内呈列

为减值亏损净额。先前撇销金额

的其后收回贷记入同一项目中。

按摊销成本计量的其他金融资产

于2025年3月31日，该等按摊销

成本计量的资产并无亏损拨备

（2024年：相同）。

按公允价值计量且其变动计入损

益的金融资产

本集团承受与按公允价值计量且

其变动计入损益的基金投资有关

的信用风险。截止2025年3月31

日，投资的最大风险为账面值约

为12,065,000港元（2024年3月

31日：14,202,000港元）。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.1 Financial risk factors (Continued)

(i) Credit risk (Continued)

(b) Impairment of financial asets (Continued)

Contract asets and trade and retention

receivables (Continued)

Impairment loses on contract asets

and trade and retention receivables are

presented as net impairment loses within

operating profit. Subsequent recoveries of

amounts previously writen of are credited

against the same line item.

Other financial asets at amortised cost

There is no los alowance for these

asets at amortised cost as at 31 March

2025 (2024: same).

Financial aset at FVPL

The Group is exposed to credit-risk

in relation to fund investment that is

measured at FVPL. As at 31 March 2025,

the maximum exposure of the investment

is the carying amount of aproximately

HKD12,065,000 (31 March 2024:

HKD14,202,000).

120,658	–	–	120,658	120,658
927	–	–	927	927
1,909	435	345	2,689	2,548

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.1 财务风险因素（续）

(i) 流动性风险

流动性风险指实体难以履行以交付现

金或其他金融资产的形式清偿金融负

债的相关责任的风险。

审慎的流动性风险管理指维持足够的

现金及现金等价物。

下表为将本集团的金融负债分类至相

关到期组别后基于报告日期至合同到

期日的剩余期间作出的分析。下表披

露的金额乃基于合约未贴现金流量。

由于贴现影响并不重大，故十二个月

内到期的结余等于其账面值。

于2025年3月31日，本集团的流动资

产净值约为114,847,000港元（2024年

3月31日：116,038,000港元）。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.1 Financial risk factors (Continued)

(i) Liquidity risk

Liquidity risk refers to the risk that an entity

wil encounter dificulty in meting obligations

asociated with financial liabilities that are

setled by delivering cash or other financial

asets.

Prudent liquidity risk management implies

maintaining suficient cash and cash

equivalents.

The table below analyses the Group’s financial

liabilities into relevant maturity groupings based

on the remaining period at the reporting date

to the contractual maturity date. The amounts

disclosed in the table are based on the

contractual undiscounted cash flows. Balances

due within 12 months equal their carying

balances, as the impact of discounting is not

significant.

On demand

or les than

1 year

From

1 year to

2 years

From

2 years to

5 years

Total

contractual

cash flows

Carying

amounts

按要求或

一年以下

由一年

至两年

由两年

至五年

合约现金流

总额账面值

HKD’000HKD’000HKD’000HKD’000HKD’000

千港元千港元千港元千港元千港元

At 31 March 2025于2025年3月31日

Trade payables贸易应付款

Acruals and other payables应计及其他应付款

Lease liabilities租赁负债

At 31 March 2024于2024年3月31日

Trade payables贸易应付款110,562–110,562110,562

Acruals and other payables应计及其他应付款1,401–1,4011,401

Lease liabilities租赁负债2,7931,472–4,2654,121

As at 31 March 2025, the Group’s net curent aset

amounted to aproximately HKD114,847,000 (31

March 2024: HKD116,038,000).

2025
2025年
HKD’000
千港元
2,548
2,548
140,007
1.8%

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.2 资本管理

本集团的资本管理目标为保障其持续营运

的能力，以为股东提供回报及为其他持份

者提供利益以及维持最佳资本架构以减少

资本成本。

为维持或调整资本架构，本集团可调整派

付予股东的股息金额、向股东退还资本、发

行新股或出售资产以减少债务。

本集团于2025年3月31日的资产负债比

率（负债总额除以权益总额计算）为1.8%

（2024年：2.9%）。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.2 Capital management

The Group’s objectives when managing capital

are to safeguard its ability to continue as a going

concern in order to provide returns for Shareholders

and benefits for other stakeholders and to maintain

an optimal capital structure to reduce the cost of

capital.

In order to maintain or adjust the capital structure,

the Group may adjust the amount of dividends paid

to Shareholders, return capital to Shareholders, isue

new Shares or sel asets to reduce debt.

The gearing ratio (calculated at total debt divided by

total equity) of the Group as at 31 March 2025 was

1.8% (2024: 2.9%).

As at 31 March

于3月31日

2024年

HKD’000

千港元

Lease liabilities租赁负债4,121

Total debt总负债4,121

Total equity总权益143,984

Gearing ratio资产负债比率2.9%

2025
2025年
HKD’000
千港元
–

2025
2025年
HKD’000
千港元
–

2025
2025年
HKD’000
千港元
12,063

2025
2025年
HKD’000
千港元
12,063

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

3.3 公允值估计

以下根据公允值计量的金融工具进行分类，

乃根据在公允值层级中输入估值技巧的级

别厘定。不同层级的定义如下：

（未

经调整）（第一层）；

，该资产

和负债的可观察的其他输入，可为直

接（即例如价格）或间接（即源自价格）

（第二层）；

• 资产或负债并非依据可观察市场数据

的输入（即非可观察输入）（第三层）。

下表按公允价值计量层级列示了本集团在

报告期末以公允价值计量的金融工具。

有关公允价值计量的金融资产之披露载于

附注15并于2025年及2024年3月31日均纳

入公允价值层级第三层级。

截至2025年及2024年3月31日止年度，第一

层、第二层与第三层公允值层级分类之间

并无财务资产的转拨。

按摊销成本计量的其他金融资产和负债的

公允值乃与其账面值相若。

于2025年及2024年3月31日，概无其他金融

工具乃按公允值计量。

截至2025年及2024年3月31日止年度，估值

技巧概无变动。

3. FINANCIAL RISK MANAGEMENT

(Continued)

3.3 Fair value estimation

The folowing financial instrument caried at fair value

is categories based on the level of inputs to valuation

techniques within a fair value hierarchy. The diferent

levels have ben defined as folows:

• Quoted prices (unadjusted) in active markets

for identical asets or liabilities (level 1);

• Inputs other than quoted prices included within

level 1 that are observable for the aset or

liability, either directly (that is, as prices) or

indirectly (that is, derived from prices) (level 2);

• Inputs for the aset or liability that are not

based on observable market data (that is,

unobservable inputs) (level 3).

The folowing table presents the Group’s financial

instrument that is measured at fair value at the end

of the reporting period by level of the fair value

measurement hierarchy.

Level 1Level 2Level 3Total

第一层第二层第三层合计

2024年2024年2024年2024年

HKD’000HKD’000HKD’000HKD’000

千港元千港元千港元千港元

Unlisted fund investment (Note 15)非上市基金投资（附注15）– 14,20214,202

Disclosures of the financial aset that is measured

at fair value is set out in Note 15 and is included in

level 3 of the fair value hierarchy for the years ended

31 March 2025 and 2024.

There were no transfers of financial asets betwen

level 1, level 2 and level 3 fair value hierarchy

clasifications for the year ended 31 March 2025 and

2024.

The fair values of other financial asets and financial

liabilities measured at amortised cost aproximate

their carying amounts.

There are no other financial instruments that were

measured at fair value as at 31 March 2025 and

2024.

There were no changes in valuation techniques for

the year ended 31 March 2025 and 2024.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

4. 关键会计估计及判断

估计及判断会被持续评估，并基于过往经验及其

他因素（包括于有关情况下相信对未来事件的合

理预期）。

本集团为未来作出估算。所得之会计估计如其定

义，很少与相关的实际结果相符。有关估计及判

断将持续审阅。倘会计估计的修订仅影响修订估

计的期间，修订将仅于该期间确认，倘修订同时

影响现时及未来期间，则于修订期间及未来期间

确认。

除涉及估计（见下文）者外，以下关键判断为董

事在应用本集团会计政策过程中所作出并且对

综合财务报表内确认的金额构成最重要影响。

(i) 建筑合约

本集团根据合约进度审阅及修订就各室内

装潢解决方案服务合约估计合约收入、合

约成本以及工程变更订单。管理层根据主

要次承判商、供应商或卖方不时提供的报

价及管理层之经验编制建筑成本预算。为

确保预算准确及最新，管理层通过将预算

金额与实际产生金额进行比较，对合约预

算进行定期审查。该等重大估计或会对于

各年度的溢利产生影响。

4. CRITICAL ACOUNTING ESTIMATES

AND JUDGEMENTS

Estimates and judgements are continualy evaluated and

are based on historical experience and other factors,

including expectations of future events that are believed to

be reasonable under the circumstances.

The Group makes estimates concerning the future. The

resulting acounting estimates wil, by definition, seldom

equal the related actual results. The estimates and

judgements 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.

The folowing are the critical acounting estimations (se

below), that the Directors have made in the proces of

aplying the Group’s acounting policies and that have

the most significant efect on the amounts recognised in

the consolidated financial statements.

(i) Construction contracts

The Group reviews and revises the estimates of

contract revenue, contract costs and variation orders

prepared for each interior fit-out solutions services

contract as the contract progreses. Budgeted

construction costs are prepared by management on the

basis of quotations from time to time provided by major

subcontractors, supliers or vendors involved and

the experience of the management. In order to kep

the budgets acurate and up-to-date, management

conducts periodic reviews of the budgets of contracts

by comparing the budgeted amounts to the actual

amounts incured. Such significant estimates may have

an impact on the profit recognised in each year.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 金融资产减值亏损

本集团遵循《香港财务报告准则第9号》的

指引，以确定合约资产、贸易及保固金应收

帐款何时发生减值。这项决定需要根据对

违约风险和预期损失率的假设进行重大判

断和估计。在做出此判断及估计时，本集团

会评估应收帐款的存续期、个别债务人的

财务状况及收款历史，以及预期未来信贷

风险的变化，包括考虑一般经济指标、宏观

经济指标变化等因素。所用假设和投入的

细节请参考附注3.1(i)(b)。

(i) 以公允价值计量且其变动计入损益的

金融资产的价值

本集团持有未在活跃市场交易或报价的金

融资产。本集团根据每个期末报告所存在

的市场情况，运用其判断选择适当的方法

并做出假设，以估计在公允价值层次中分

类于第三级的金融工具的公允价值。估值

方法包括基金管理人提供的资产净值和现

金流折现法，该法利用相关项目的预计现

金流量和贴现率等输入数据。尽管在估计

公允价值时使用了最佳估计，但任何估值

技术都存在固有的局限性。如果存在现成

的市场，估计的公允价值可能会不同于已

使用的价值。

(iv) 商誉减值评估的估计

本集团每年会测试商誉是否出现减值。截

止2025年及2024年3月31日止年度，现金产

生单位的可收回金额乃根据需采用假设的

使用价值计算厘定。计算根据管理层批准

的涵盖五年期财务预算使用现金流量预测。

五年期后的现金流量使用附注14所述的估

计增长率进行推算。该等增长率与各现金

产生单位经营所处行业的行业报告中的预

测一致。

4. CRITICAL ACOUNTING ESTIMATES

AND JUDGEMENTS (Continued)

(i) Impairment loses on financial asets

The Group folows the guidance of HKFRS 9 to

determine when contract asets, trade and retention

receivables are impaired. This determination requires

significant judgement and estimation based on

asumptions about risk of default and expected los

rates. In making this judgement and estimation, the

Group evaluates, among other factors, the duration

of receivables and the ageing and colection history of

individual debtors and expected future change of credit

risks, including the consideration of factors such as

general economy measure, changes in macroeconomic

indicators etc. Details of the asumptions and inputs

used are discused in Note 3.1(i)(b).

(i) Valuation of a financial aset at fair value

through profit or los

The Group holds a financial aset that is not traded

or quoted in active markets. The Group uses its

judgement to select the apropriate methods and

make asumptions based on market conditions

existing at the end of each reporting period to

estimate the fair value of such financial instrument

clasified under level 3 in the fair value hierarchy.

Valuation techniques include net aset values as

provided by fund administrators and discounted

cash flow aproach which utilises inputs such

as projected cash flow and discount rate of the

underlying project. Although best estimate is used in

estimating fair values, there are inherent limitations

in any valuation technique. Estimated fair values may

difer from the values that would have ben used if a

readily available market existed.

(iv) Estimations in godwil impairment

asesment

The Group tests whether godwil has sufered any

impairment los on an anual basis. For the years

ended 31 March 2025 and 2024, the recoverable

amounts of CGUs was determined based on value in

use calculations which require the use of asumptions.

The calculations use cash flow projections based on

financial budgets aproved by management covering a

five-year period.

Cash flows beyond the five-year period are

extrapolated using the estimated growth rates stated

in note 14. These growth rates are consistent with

forecasts included in industry reports specific to the

industry in which each CGU operates.

2025
2025年
HKD’000
千港元
357,099
15,442
3,131
12,295
28,873
1,929
418,769

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5. 收入及分部资料

本集团截至2025年及2024年3月31日止年度的收

入主要为提供室内装潢解决方案所得的收入。

由毛坯房装潢、重装及还原服务而产生的收入乃

随时间而确认，而由设计、零碎工程、保养及其

他服务而产生的收入乃根据某个时间点而确认。

执行董事已被确认为本集团的主要经营决策者，

负责审阅本集团的内部报告，以评估表现及分配

资源。截至2025年及2024年3月31日止年度，本

集团专注于在香港及中国提供室内装潢解决方案。

由于董事将本集团的业务视为单一经营分部并

相应审阅综合财务报表，故就资源分配及表现评

估而言，向主要经营决策者呈报的资料侧重于本

集团的整体经营业绩。本集团主要于香港及中国

经营业务。来自于中国客户的收入亦与提供室内

装潢解决方案有关，及其呈报地理分部资料列示

如下。

5. REVENUE AND SEGMENT INFORMATION

2024年

HKD’000

千港元

Bare shel fit-out毛坯房装潢375,240

Restacking重装22,375

Reinstatement还原–

Design设计5,201

Churn works零碎工程24,288

Maintenance and others保养及其他973

428,077

The Group’s revenue for the years ended 31 March 2025

and 2024 mainly represents revenue from the provision of

interior fit-out solutions.

Revenue generated from bare shel fit-out, restacking and

reinstatement services were recognised over time while

revenue generated from design, churn works, maintenance

and other services were recognised at a point in time.

The executive directors have ben identified as the

CODM who review the Group’s internal reporting in order

to ases performance and alocate resources. The

Group focuses on provision of interior fit-out solutions in

Hong Kong and the PRC for the years ended 31 March

2025 and 2024. Information reported to the CODM, for

the purpose of resources alocation and performance

asesment, focuses on the operating results of the Group

as a whole as the directors regard the Group’s busines

as a single operating segment and review consolidated

financial statements acordingly. The Group primarily

operates in Hong Kong and the PRC. Revenue generated

from customers in the PRC is also related to the provision

of interior fit-out solutions and the reported geographical

segment information is presented below.

2025
2025年
HKD’000
千港元
409,293
9,476
418,769

2025
2025年
HKD’000
千港元
N/A (Note) 不适用（附注）
73,802
68,418
N/A (Note) 不适用（附注）
43,325

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

地理资料

客户的地理位置乃基于提供服务的位置。本集团

之经营及人力主要位于香港及中国。下表载列本

集团来自外部客户的收入分析。

主要客户资料

来自占本集团总收入超过10%的客户的收入载

列如下。

附注：相应收入不超过本集团总收入之10%。

5. REVENUE AND SEGMENT

INFORMATION (Continued)

Geographical information

The geographical location of customers is based on the

location at which the services were provided. The Group’s

operations and workforce are mainly located in Hong Kong

and the PRC. The folowing table provides an analysis of

the Group’s revenue from external customers.

2024年

HKD’000

千港元

Hong Kong香港412,220

The PRC中国15,857

428,077

Information about major customers

Revenue from customers contributing over 10% of the

Group’s total revenue are set out below.

2024年

HKD’000

千港元

Customer A客户A92,963

Customer B客户B–

Customer C客户C54,146

Customer D客户D51,693

Customer E客户EN/A (Note)

不适用（附注）

Note: The coresponding revenue did not contribute over 10%

of the Group’s total revenue.

2025
2025年
HKD’000
千港元
357,981
42,959
3,493
3,895
173
760
2,770
206
2,558
3,436
418,231
399,009
19,222
418,231

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

6. 按性质划分的开支

本集团截至2025年及2024年3月31日止年度的

（亏损）╱溢利经扣除以下销售成本及行政开支

后，载列如下：

6. EXPENSES BY NATURE

The Group’s (los)/profit for the years ended 31 March

2025 and 2024 are stated after charging the folowing

cost of sales and administrative expenses:

2024年

HKD’000

千港元

Subcontracting charges分包费用359,663

Staf costs (Note 8)员工成本（附注8）49,257

Cleaning expenses清洁费用5,629

Insurance expenses保险开支3,032

Short-term lease payments (Note 13)短期租赁付款（附注13）1,466

Auditor’s remuneration核数师薪酬

– Audit service－审核服务1,150

Depreciation on right-of-use

asets (Note 13)

使用权资产之折旧

（附注13）2,057

Depreciation on property, plant and

equipment (Note 12)

物业、厂房及设备之折旧

（附注12）533

Legal and profesional fes法律及专业费用2,983

Other expenses其他开支3,766

Total cost of sales and administrative

expenses

销售成本及行政开支总额

429,536

Representing:其中：

Cost of sales销售成本402,885

Administrative expenses行政开支26,651

429,536

2025
2025年
HKD’000
千港元
2,994
(136)
2,858

2025
2025年
HKD’000
千港元
34,484
6,760
–
1,715
42,959

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

－净额

（包括董事酬金）

附注：于2025年及2024年3月31日，本集团概无没收

供款可用于扣减未来年度供款。

7. FINANCE INCOME – NET

2024年

HKD’000

千港元

Interest income from bank deposits银行存款利息收入3,382

Interest expense on lease liabilities (Note 13)租赁负债之利息开支（附注13）(114)

3,268

8. STAF COSTS, INCLUDING DIRECTORS’

EMOLUMENTS

2024年

HKD’000

千港元

Salaries and alowances薪金及津贴38,288

Discretionary bonuses酌情花红8,279

Share-based payments以股份为基础的支付874

Retirement benefits contributions (Note)退休福利供款（附注）1,816

49,257

Note: As at 31 March 2025 and 2024, there were no forfeited

contributions available to reduce the Group’s contributions

in future years.

2025
2025年
HKD’000
千港元
4,126
2,917
–
54
7,097

2025
2025年
2
1

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（包括董事酬金）（续）

五名最高薪酬人士

年内在本集团内薪酬最高之5名人士包括2名

（2024年：2名）董事，其薪酬在附注29(a)中反映。

年内已付余下3名（2024年：3名）人士之薪酬如

下：

有关酬金介于以下范围：

年内本集团并无向上文所述五名最高薪酬人士

支付任何酬金，作为加入或于加入本集团时之报

酬或离职之补偿（2024年3月31日：无）。

8. STAF COSTS, INCLUDING

DIRECTORS’ EMOLUMENTS (Continued)

Five highest paid individuals

The five individuals whose emoluments were the highest

in the Group for the year included two (2024: two)

Directors whose emoluments are reflected in Note 29(a).

The emoluments paid and payable to the remaining thre

(2024: thre) individual during the year are as folows:

2024年

HKD’000

千港元

Salaries薪金3,893

Discretionary bonuses酌情花红2,796

Share-based payments以股份为基础的支付116

Retirement benefits contributions退休福利供款54

6,859

The emoluments fel within the folowing bands:

Number of individuals

人数

2024年

Emolument bands酬金范围

HKD2,000,001 to HKD2,500,0002,000,001港元至

2,500,000港元3

HKD2,500,001 to HKD3,000,0002,500,001港元至

3,000,000港元–

During the year, no emoluments have ben paid by the

Group to the five highest paid individuals mentioned above

as an inducement to join or upon joining the Group, or as

compensation for los of ofice (31 March 2024: Nil).

2025
2025年
HKD’000
千港元
1,282
–
29
(1,109)
202

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

9. 所得税开支

于2018年3月21日，香港立法会通过《2017年税

务（修订）（第7号）条例草案》（「条例草案」），

引入两级利得税率制度。条例草案于2018年3

月28日签署成为法律，并于翌日刊登宪报。根据

两级利得税率制度，合资格集团实体的首2百

万港元应课税溢利将按8.25%的税率征税，而超

过2百万港元的应课税溢利则按16.5%的税率征

税。不符合两级利得税率制度资格的集团实体

之应课税溢利将继续沿用16.5%的统一税率征税。

故此，年内其中一间集团实体的香港利得税乃

按估计应课税溢利的首2百万港元（2024年3月

31日：2百万港元）以8.25%（2024年3月31日：

8.25%）的税率计算，超过2百万港元（2024年3

月31日：2百万港元）的估计应课税溢利按16.5%

（2024年3月31日：16.5%）的税率计算。

9. INCOME TAX EXPENSE

2024年

HKD’000

千港元

Curent income tax即期所得税

– Hong Kong profits tax－香港利得税917

– PRC enterprise income tax－中国企业所得税11

– Under-provision for prior years－往年拨备不足25

Defered income tax (Note 23)递延所得税（附注23）77

1,030

On 21 March 2018, the Hong Kong Legislative Council

pased The Inland Revenue (Amendment) (No. 7) Bil 2017

(the “Bil”) which introduces the two-tiered profits tax

rates regime. The Bil was signed into law on 28 March

2018 and was gazete on the folowing day. Pursuant to

the two-tiered profits tax rates regime, the first HKD2

milion of asesable profits of the qualifying group entity

wil be taxed at 8.25%, and asesable profits above

HKD2 milion wil be taxed at 16.5%. The asesable

profits of group entities not qualifying for the two-tiered

profits tax rates regime wil continue to be taxed at a flat

rate of 16.5%.

Acordingly, the Hong Kong profits tax of one of group

entities is calculated at 8.25% (31 March 2024: 8.25%) on

the first HKD2 milion (31 March 2024: HKD2 milion) of

the estimated asesable profits and at the rate of 16.5%

(31 March 2024: 16.5%) on the estimated asesable

profits above HKD2 milion (31 March 2024: HKD2 milion)

for the year.

2025
2025年
HKD’000
千港元
(1,279)
(376)
20
61
(625)
1,095
(2)
29
202

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

根据中国企业所得税（「企业所得税」）法及企业

所得税法实施条例，中国附属公司之税率为25%

（2024年3月31日：25%）。

本集团于年内在其他司法权区并无取得应课税溢

利，故无就其他司法权区的所得税作出拨备（2024

年3月31日：相同）。

本集团就除所得税前（亏损）╱溢利的税项，与

本集团各公司采用的适用税率计算的理论税额

有所不同，截列如下：

9. INCOME TAX EXPENSE (Continued)

Under the Law of the PRC on enterprise income tax (the

“EIT”) and Implementation Regulation of the EIT Law, the

tax rate of the PRC subsidiary is 25% (31 March 2024:

25%).

No provision for income tax in other jurisdictions has ben

made as the Group had no asesable profit in other

jurisdictions during the year (31 March 2024: same).

The taxation on the Group’s (los)/profit before income tax

difers from the theoretical amount that would arise using

the tax rates aplicable to the respective companies of

the Group as folows:

2024年

HKD’000

千港元

(Los)/profit before income tax除所得税前（亏损）╱

溢利1,749

Tax calculated at Hong Kong statutory

tax rate

按香港的法定税率计算

的税项123

Efect of diferent taxation rates in

other jurisdictions

其他司法权区不同税率的

影响132

Expenses not deductible for tax purposes不可扣税开支57

Income not subject to income tax无须课税的收入(560)

Tax los not recognised未确认税务亏损1,256

Tax concesion税务宽减(3)

Under-provision in prior years往年拨备不足25

Income tax expense所得税开支1,030

2025
2025年
(3,976)
200,000
(1.99)

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

10. 每股亏损

(a) 基本

每股基本亏损乃按截至2025年及2024年3

月31日止年度本公司拥有人应占亏损除以

已发行的加权平均数减股份奖励计划下所

持股份总数计算。

(b) 摊薄

于2025年及2024年3月31日，概无尚未行使

之购股权或其他已发行之潜在可摊薄权益

工具。因此，每股摊薄亏损与每股基本亏损

相同。

11. 股息

董事会不建议就截至2025年3月31日止年度派付

末期股息（2024年3月31日：无）。

10. LOS PER SHARE

(a) Basic

Basic los per share is calculated by dividing the

los atributable to owners of the Company by the

weighted average number of Shares in isue les

the total number of Shares held under share award

scheme during the years ended 31 March 2025 and

2024.

2024年

Los atributable to owners

of the Company (HKD’000)

本公司拥有人应占亏损

（千港元）(1,369)

Weighted average number of

Shares in isue les shares held under

share award scheme (in thousand)

已发行的加权平均数

减股份奖励计划下

所持股份（千股）198,084

Basic los per share (HK cents)每股基本亏损（港仙）(0.69)

(b) Diluted

There were no outstanding share options or other

potential dilutive equity instruments in isue as at 31

March 2025 and 2024. Acordingly, diluted los per

share is equal to basic los per share.

11. DIVIDEND

The Board do not recomend the payment of a final

dividend for the year ended 31 March 2025 (31 March

2024: nil).

330	4	–	334
71	–	–	71
(202)	(4)	–	(206)
(2)	–	–	(2)
(1)	–	–	(1)
196	–	–	196
3,322	2,697	475	6,494
(3,12 6)	(2,69 7)	(475)	(6,298)
196	–	–	196

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

、厂房及设备

于截至2025年3月31日止年度，约为206,000港元

（2024年：533,000港元）的折旧开支已计入「行

政开支」。

12. PROPERTY, PLANT AND EQUIPMENT

Furniture and

equipment

Leasehold

improvements

Motor

vehiclesTotal

家私及设备租赁装修车辆合计

HKD’000HKD’000HKD’000HKD’000

千港元千港元千港元千港元

Year ended 31 March 2024截至2024年3月31日止年度

Net bok amount at 1 April 2023于2023年4月1日的账面净值550240–790

Aditions添置78–78

Depreciation charge (Note 6)折旧费用（附注6）(297)(236)–(533)

Exchange translation diference汇兑换算差额(1)–(1)

Net bok amount at

31 March 2024

于2024年3月31日的

账面净值3304–334

At 31 March 2024于2024年3月31日

Cost成本3,7452,6974756,917

Acumulated depreciation累计折旧(3,415)(2,693)(475)(6,583)

Net bok amount账面净值3304–334

Year ended 31 March 2025截至2025年3月31日止年度

Net bok amount at 1 April 2024于2024年4月1日的账面净值

Aditions添置

Depreciation charge (Note 6)折旧费用（附注6）

Writen of撇销

Exchange translation diference汇兑换算差额

Net bok amount at

31 March 2025

于2025年3月31日的

账面净值

At 31 March 2025于2025年3月31日

Cost成本

Acumulated depreciation累计折旧

Net bok amount账面净值

Depreciation expenses of aproximately HKD206,000

(2024: HKD533,000) have ben charged to “administrative

expenses” for the year ended 31 March 2025.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2025
2025年
HKD’000
千港元
2,038
172
255
2,465
1,835
713
2,548

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

13. 租赁

本附注提供有关本集团为承租人的租赁的资料。

(i) 于综合财务状况表确认的金额

综合财务状况表显示以下与租赁有关的金

额：

适用于租赁负债的加权平均增量借款利率

在两个年度均为4.27%。

截至2025年3月31日止年度添置的使用权

资产约为1,155,000港元（2024年3月31日：

4,245,000港元）。

13. LEASE

This note provides information for leases where the Group

is a lese.

(i) Amounts recognised in the consolidated

statement of financial position

The consolidated statement of finance position

shows the folowing amounts relating to leases:

2024年

HKD’000

千港元

Right-of-use asets使用权资产

Ofice premises办公室物业3,877

Warehouse仓库69

Ofice equipment办公室设备136

4,082

Lease liabilities租赁负债

Curent即期部分2,672

Non-curent非即期部分1,449

4,121

The weighted average incremental borowing rate

aplied to lease liabilities is 4.27% for both years.

Aditions to the right-of-use asets during the year

ended 31 March 2025 amounted to aproximately

HKD1,155,000 (31 March 2024: HKD4,245,000).

2025
2025年
HKD’000
千港元
2,564
103
103
2,770
136
173

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 于综合损益表确认的金额

综合损益表显示以下与租赁有关的金额：

截至2025年3月31日止年度的租赁现金

流出总额约为3,032,000港元（2024年：

3,682,000港元）。

13. LEASE (Continued)

(i) Amounts recognised in the consolidated

statement of profit or los

The consolidated statement of profit or los shows

the folowing amounts relating to leases:

2024年

NotesHKD’000

附注千港元

Depreciation charge of

right-of-use asets

使用权资产之折旧费用

Ofice premises办公室物业1,821

Warehouse仓库104

Ofice equipment办公室设备132

62,057

Interest expense

(included in finance cost)

利息开支（包括财务成本内）

Expense relating to short-term

leases (included in administrative

expenses)

短期租赁之开支

（包括行政开支内）

61,466

The total cash outflow for leases for the year

ended 31 March 2025 amounted to aproximately

HKD3,032,000 (2024: HKD3,682,000).

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 本集团的租赁活动及其列账方法

本集团租赁多个办公室、仓库及设备。租赁

合约通常为1至5年的固定期限，惟部分拥

有下文(iv)所述的延期选择权。

租赁条款乃单独协商达致，当中包含各种

不同的条款及条件。

截至2025年及2024年3月31日止年度本集

团概无签订可变租赁付款的租赁。

(iv) 延期及终止选择权

本集团的若干物业及仓库租赁包含延期及

终止选择权。这些用于在管理集团营运中

使用的资产方面尽量提升经营灵活性。仅

当本集团极有可能行使期权时，本集团才

确认具有延期和终止选择权的使用权资产，

这些选择权只能由本集团而非各自的出租

人行使。

13. LEASE (Continued)

(i) The Group’s leasing activities and how

these are acounted for

The Group leases various ofices, warehouse and

equipment. Lease contracts are typicaly made for

fixed periods of one to five years, but some may

have extension options as described in (iv) below.

Lease terms are negotiated on an individual basis

and contain a wide range of diferent terms and

conditions.

There were no variable lease payments for the

leases entered into by the Group for the years ended

31 March 2025 and 2024.

(iv) Extension and termination options

Extension and termination options are included in a

number of property and warehouse leases acros

the Group. These are used to maximise operational

flexibility in terms of managing the asets used in the

Group’s operations. The Group recognises right-of-

use asets with extension and termination options

that are exercisable only by the Group and not by

the respective lesor only if the Group is highly likely

to exercise the options.

9,544	–	9,544
9,544	2,870	12,414
–	(2,87 0)	(2,87 0)
9,544	–	9,544

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

14. 无形资产14. INTANGIBLE ASETS

Godwil

Customer

relationship

and contractsTotal

商誉

客户关系及

合约合计

HKD’000HKD’000HKD’000

千港元千港元千港元

Year ended 31 March 2024截至2024年3月31日止年度

Net bok amount at 1 April 2023

and 31 March 2024

于2023年4月1日及

2024年3月31日的账面净值9,544–9,544

At 31 March 2024于2024年3月31日

Cost成本9,5442,87012,414

Acumulated amortisation累计摊销–(2,870)(2,870)

Net bok amount账面净值9,544–9,544

Year ended 31 March 2025截至2025年3月31日止年度

Net bok amount at 1 April 2024

and 31 March 2025

于2024年4月1日及

2025年3月31日的账面净值

At 31 March 2025于2025年3月31日

Cost成本

Acumulated amortisation累计摊销

Net bok amount账面净值

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

附注：

商誉之减值评估

本集团之商誉约6,470,000港元（2024年：6,470,000港

元）及约3,074,000港元（2024年：3,074,000港元）分

别产生自以往年度内收购Core Group Holding Limited

（「Core Group」）及广州斯五建筑设计有限公司（「广

州斯五」）。董事将Core Group及广州斯五视为两个单

独的现金产生单位并据此分配自上述收购产生之商誉。

管理层每年检讨现金产生单位账面值是否高于可收回

金额以致产生商誉减值。现金产生单位的可收回金额

按使用价值厘定。税前现金流预测的计算方法是按董

事批准的涵盖五年期间的财政预算而厘定。计算所采

用的关键假设包括五年预测期介乎18%至22%（2024

年：19%至23%）的税前贴现率、介乎3%至4%的收入

增长率（2024年：3%）。超逾五年期之现金流量则采用

介乎2.0%至2.5%（2024年：3%）的估计增长率推算。

管理层据现金产生单位之过往表现及市场发展预期厘

定收入增长率及毛利率。本集团应用之贴现率乃反映

现时市场对金钱时间价值及该现金产生单位特定风险

的评估。

在减值评估后发现，于2025年及2024年3月31日，商誉

已分配两个现金产生单位的可收回金额高于其账面值。

因此截至2025年及2024年3月31日止年度并无商誉减

值。

由于本集团现金产生单位之账面值并不会对假设之变

动作出敏感反应，故并无披露敏感度分析。

14. INTANGIBLE ASETS (Continued)

Notes:

Impairment asesment for godwil

The Group’s godwil of aproximately HKD6,470,000 (2024:

HKD6,470,000) and aproximately HKD3,074,000 (2024:

HKD3,074,000) were arisen from the acquisitions of Core

Group Holding Limited (“Core Group”) and Siwu Architectural

(Guangzhou) Limited (“GZ Siwu”), respectively, in prior years.

The Directors consider Core Group and GZ Siwu as two separate

CGUs and alocates godwil resulting from the said acquisitions

acordingly.

Management reviews anualy whether the carying amount of

a CGU is higher than the recoverable amount which results in

impairment of godwil. The recoverable amount of a CGU is

determined based on value in use calculation. The calculation

uses pre-tax cash flow projections based on financial budget

aproved by the Directors covering a five-year period. Key

asumptions used in the calculation includes pre-tax discount

rates ranging from 18% to 22% (2024: 19% to 23%), revenue

growth rate from 3% to 4% (2024: 3%) for the five-year forecast

period. Cash flows beyond the five-year period are extrapolated

using the estimated growth rate from 2.0% to 2.5% (2024: 3%).

Management determined the revenue growth rate based on past

performance of the CGUs and their expectations of the market

development. The discount rates aplied by the Group are rates

that reflect curent market asesment of the time value of money

and risk specific to each CGU.

As a result of the impairment review, the recoverable amounts of

the CGUs in which godwil has ben alocated are higher than

their carying amounts as at 31 March 2025 and 2024. As a

result, no impairment los was charged during the years ended

31 March 2025 and 2024.

Since the carying amounts of the Group’s CGUs are not

sensitive to the changes in asumptions, no sensitivity analysis is

disclosed.

2025
2025年
HKD’000
千港元
12,063

2025
2025年
HKD’000
千港元
14,202
(2,060)
(79)
12,063
4.28%

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15. 按公允值计量且其变动计入损益的

金融资产

按公允值计量且其变动计入损益的金融资产包

括以下各项：

于2025年3月31日，本集团的非上市基金投资代

表于开曼群岛注册成立的非上市私人有限责任

公司位于柬埔寨的相关住宅及商业项目（「项目」）

的一项投资（「柬埔寨基金」）。

该项目占柬埔寨基金的大部分净资产，并按2025

年及2024年3月31日的公允价值列账，因此，董

事认为，柬埔寨基金的资产净值与其公允价值相

近。

15. FINANCIAL ASET AT FAIR VALUE

THROUGH PROFIT OR LOS

Financial aset measured at FVPL include the folowing:

2024年

HKD’000

千港元

Non-curent asets非流动资产

Unlisted fund investment非上市基金投资14,202

2024年

HKD’000

千港元

Opening balance期初结余14,687

Fair value change公允值变动(437)

Exchange translation diference汇兑换算差额(48)

Closing balance期末结余14,202

As a percentage of total asets占总资产的百分比5.33%

As at 31 March 2025, the Group’s unlisted fund

investment represented an investment in an unlisted

private fund with limited liability incorporated in Cayman

Islands with an underlying residential and comercial

project (the “Project”) located in Cambodia (the

“Cambodia Fund”).

The Project acounted for substantialy al of the

Cambodia Fund’s net asets and was caried at fair value

as at 31 March 2025 and 2024, acordingly, in the opinion

of the directors, the net aset value of the Cambodia Fund

aproximated its fair value.

2025
2025年
USD3,400/square meter
3,400美元╱平方米
USD23/square meter
23美元╱平方米
8% and 11% 8%和11%
10%
2.5%
3.0%
5.0%
6.0%

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

本集团于柬埔寨基金的投资的公允价值呈现是

参考其管理人提供的其占资产净值的份额及项

目的贴现金流。用于评估柬埔寨基金项目的主

要假设如下：

柬埔寨基金以美元计值。

管理层认为，项目的销售价格增长率变化是本集

团对柬埔寨基金投资公允价值最敏感的因素。若

项目的销售价格增长率由原定增长率增加╱减

少10%，而所有其他变数保持不变，则截至2025

年3月31日，本集团在柬埔寨基金的投资的公允

价值将增加╱减少约3,906,000港元（2024年：

4,481,000港元）。

15. FINANCIAL ASET AT FAIR VALUE

THROUGH PROFIT OR LOS (Continued)

The Group’s investment in the Cambodia Fund was stated

at fair value with reference to its share of the net aset

value of the Cambodia Fund provided by its administrators

and discounted cash flow of the Project. Key asumptions

used in the valuation of the Project of the Cambodia Fund

are as folows:

2024年

Adopted unit rate采用的单位费率USD3,400/square meter

3,400美元╱平方米

Adopted unit rent采用的单位租金USD25/square meter

25美元╱平方米

Adopted agency fes and

comision

采用的代理费和佣金8% and 11%

8%和11%

Pre-tax discount rate税前贴现率10%

Seling price growth rate

per anum:

每年销售价格增长率：

For the 1st year第一年2.5%

For the 2nd year第二年3.0%

For the 3rd year第三年5.0%

For the 4th year第四年6.0%

The Cambodia Fund was denominated in USD.

Management considers that the change in the seling

price growth rate of the Project is the most sensitive

factor to the fair value of the Group’s investment in

the Cambodia Fund. If the seling price growth rate

of the Project had increased/decreased by 10% from

the original growth rate with al other variables held

constant, the fair value of the Group’s investments in the

Cambodia Fund would have ben increased/decreased by

aproximately HKD3,906,000 as at 31 March 2025 (2024:

HKD4,481,000).

2025
2025年
HKD’000
千港元
73,794
2,958
116,188
192,940
12,063
205,003
120,658
927
2,548
124,133

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

16. 按类别划分的金融工具

本集团持有以下金融工具：

16. FINANCIAL INSTRUMENTS BY

Financial liabilities measured at amortised costs:按摊销成本计量的金融负债：

– Trade payables (Note 22)－贸易应付款（附注22）110,562

– Acruals and other payables－应计及其他应付款1,401

– Lease liabilities (Note 13)－租赁负债（附注13）4,121

Total合计116,084

2025
2025年
HKD’000
千港元
74,958
3,509
78,467
(4,673)
73,794

2025
2025年
HKD’000
千港元
77,917
550
78,467

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

17. 贸易及保固金应收款

贸易及保固金应收款余额被分类为「按摊销成本

计量的金融资产」。于2025年及2024年3月31日，

上述各类应收款的最高信贷风险为其账面值。本

集团并无持有任何担保品作为抵押。贸易及保固

金应收款之账面值乃与其公允值相若。贸易及保

固金应收款主要以港元及人民币计值。

于2025年及2024年3月31日，贸易及保固金应收

款的账面值乃与其公允值相若并按以下货币计值：

17. TRADE AND RETENTION RECEIVABLES

2024年

NotesHKD’000

附注千港元

Trade receivables贸易应收款(a)53,606

Retention receivables保固金应收款(c)2,994

56,600

Les: provision for impairment los

(Note 3.1(i)(b)

减：减值亏损拨备

（附注3.1(i)(b)）(2,050)

Trade and retention receivables – net贸易及保固金应收款－净额54,550

Trade and retention receivables balances are categorised

as “financial asets measured at amortised cost”. The

maximum exposure to credit risk as at 31 March 2025 and

2024 was the carying value of each clas of receivables

mentioned above. The Group did not hold any colateral

as security. The carying amounts of trade and retention

receivables aproximate their fair values. The trade and

retention receivables were mainly denominated in HKD

and RMB.

As at 31 March 2025 and 2024, the carying amounts

of gros trade and retention receivables aproximate

their fair values and were denominated in the folowing

curencies.

2024年

HKD’000

千港元

HKD港元55,301

RMB人民币1,299

56,600

2025
2025年
HKD’000
千港元
20,338
21,729
15,614
11,265
6,012
74,958

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(a) 本集团授予其客户的信贷期一般为自发票

日期起计30日，不包括工程完成日期后1年

之应付保固金款项。于2025年及2024年3月

31日，按发票日期呈列的贸易应收款之账

龄分析如下：

(b) 根据预期信贷亏损模式对金融资产进

行资产减值评估

本集团采用简化方法提供香港财务报告准

则第9号所规定的预期信贷亏损。厘定输入

数据以及假设及估计方法的基准载于附注

3.1(i)(b)。预期信贷亏损模式下的金融资产

减值评估之详情载列于附注3.1(i)(b)。

年内，本集团分别对贸易及保固金应收款

减值拨备约2,623,000港元和合约资产减值

拨回约3,000港元（2024年3月31日：分别对

贸易及保固金应收款和合约资产减值拨备

约204,000港元及约576,000港元）。

17. TRADE AND RETENTION RECEIVABLES

(Continued)

(a) The credit terms granted to its customers were

generaly 30 days from the invoice date except for

the amount relating to retention money which is

payable after 1 year from the date of completion

of the works. As at 31 March 2025 and 2024, the

ageing analysis of the trade receivables based on the

invoice date is as folows:

2024年

HKD’000

千港元

Within 30 days30日内12,630

31 to 60 days31至60日17,381

61 to 90 days61至90日12,066

91 to 180 days91至180日1,389

Over 180 days180日以上10,140

53,606

(b) Impairment asesment on financial

asets subject to expected credit los

model

The Group aplies the simplified aproach to provide

for expected credit loses prescribed by HKFRS 9.

The basis of determining the inputs and asumptions

and the estimation techniques are set out in Note

3.1(i)(b). Details of impairment asesment on

financial asets subject to expected credit los

model are set out in Note 3.1(i)(b).

During the year, the Group provided aproximately

HKD2,623,000 impairment alowance to trade and

retention receivables and reversed aproximately

HKD3,000 impairment alowance to contract asets

respectively (31 March 2024: provided aproximately

HKD204,000 impairment alowance to trade and

retention receivables and reversed aproximately

HKD576,000 impairment alowance to contract

asets respectively).

2025
2025年
HKD’000
千港元
165
–
11
3,333
3,509

2025
2025年
HKD’000
千港元
61,629
(90)
61,539
16,265

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

列的保固金应收款之账龄分析如下：

本集团就贸易及保固金应收款作出减值拨

备的变动详载于附注3.1(i)(b)。

18. 合约资产及负债

17. TRADE AND RETENTION RECEIVABLES

(Continued)

of the retention receivables based on the invoice

date was as folows:

2024年

HKD’000

千港元

31 to 60 days31至60日236

61 to 90 days61至90日758

91 to 180 days91至180日588

Over 180 days180日以上1,412

2,994

Movement on the Group’s provision for impairment of

trade and retention receivables are detailed in Note

3.1(i)(b).

18. CONTRACT ASETS AND LIABILITIES

2024年

HKD’000

千港元

Contract asets (Note (i)合约资产（附注(i)）39,158

Les: provision for impairment los

(Note 3.1(i)(b)

减：减值亏损拨备（附注3.1(i)(b)）

(93)

39,065

Contract liabilities (Note (i)合约负债（附注(i)）5,401

2025
2025年
HKD’000
千港元
2,499
459
2,958
814
3,772
(68)
3,704

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

附注：

(i) 于2025年及2024年3月31日，与室内装潢解决方

案服务有关的合约资产包含因室内装潢解决方

案服务时确认的收入超过向客户收取的金额而

产生的未开具发票金额。

(i) 于2025年及2024年3月31日，已确认的合约负债

乃指已收进度发票超过已完成之室内装潢解决

方案服务工程及客户预付款。

(i) 与合约负债有关的已确认收入

于年初计入合约负债余额的已确认收入约为

5,401,000港元（2024年：1,716,000港元）。于截

至2025年及2024年3月31日止年度内，概无因过

往年度已履行履约义务而确认收入。

(iv) 于2025年3月31日未履行合约

于2025年3月31日，分配至服务合约部份或全部

未履行的交易价格总额约为135,678,000港元

（2024年：91,578,000港元）。

、其他应收款及预付款

18. CONTRACT ASETS AND LIABILITIES

(Continued)

Notes:

(i) As at 31 March 2025 and 2024, contract asets related to

interior fit-out solution services consist of unbiled amounts

resulting from interior fit-out solution services when the

revenue recognised exceds the amount biled to the

customer.

(i) As at 31 March 2025 and 2024, contract liabilities

recognised represented the progres bilings received in

exces of interior fit-out solution services works performed

and the advance payment made by customers.

(i) Revenue recognised in relation to contract liabilities

Revenue recognised that was included in the contract

liability balance at the begining of the year amounted to

aproximately HKD5,401,000 (2024: HKD1,716,000). There

was no revenue recognised from performance obligations

satisfied in previous years during the years ended 31 March

2025 and 2024.

(iv) Unsatisfied contracts as at 31 March 2025

Agregate amount of the transaction price alocated to

service contracts that are partialy or fuly unsatisfied

as at 31 March 2025 amounted to aproximately

HKD135,678,000 (2024: HKD91,578,000).

19. DEPOSITS, OTHER RECEIVABLES AND

PREPAYMENTS

2024年

HKD’000

千港元

Deposits按金1,610

Other receivables其他应收款736

Financial asets (Note 16)金融资产（附注16）2,346

Prepayments预付款870

3,216

Les: non-curent portion of deposits and

prepayments

减：按金及预付款的

非即期部分(484)

Curent portion即期部分2,732

2025
2025年
HKD’000
千港元
2,552
406
2,958

2025
2025年
HKD’000
千港元
103,522
96
103,618
12,570
116,188
116,092

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

、其他应收款及预付款（续）

除预付款项约814,000港元（2024年：870,000港

元）外，按金及其他应收款均分类为按摊销成本

计量的金融资产。本集团之按金及其他应收款的

公允值乃与其账面值相若。

按金及其他应收款乃按以下货币计值：

20. 现金及银行结余

附注：

(a) 现金及现金等价物包括原到期日为三个月

或更短的存款，并按现行市场利率介乎每年

0.25%至3.59%（2024年：0.08%至4.61%）

计息。

(b) 已抵押银行存款指已抵押予银行以担保本

集团获授银行信贷（如附注25所披露的履

约保函和履约保证）的存款，并按现行市场

利率介乎每年0.28%至1.5%计息。

19. DEPOSITS, OTHER RECEIVABLES AND

PREPAYMENTS (Continued)

Except for prepayments of aproximately HKD814,000

(2024: HKD870,000), deposits and other receivables are

financial asets categorised as those to be measured at

amortised costs. The fair values of the Group’s deposits

and other receivables aproximate their carying amounts.

The deposits and other receivables were denominated in

the folowing curencies:

2024年

HKD’000

千港元

HKD港元2,022

RMB人民币324

Total合计2,346

20. CASH AND BANK BALANCES

2024年

HKD’000

千港元

Cash at bank and on hand银行结余及手头现金

– Cash at bank－银行结余139,540

– Cash on hand－手头现金98

Cash and cash equivalents (Note a)现金及现金等价物（附注a）139,638

Pledged bank deposits (Note b)已抵押银行存款（附注b）–

Total cash and bank balances总现金及银行结余139,638

Maximum exposure to credit risk最高信贷风险139,540

Notes:

(a) Cash and cash equivalents comprise deposit with an

original maturity of thre months or les and carying

interest at prevailing market rate from 0.25% to 3.59%

(2024: 0.08% to 4.61%) per anum.

(b) Pledged bank deposits represent deposits pledged to bank

to secure the bank facilities (representing surety bonds and

performance guarantes as disclosed in note 25) granted to

the Group, and caried with prevailing market interest rate

at 0.28% to 1.5% per anum.

2025
2025年
HKD’000
千港元
105,434
6,336
4,418
116,188

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

现金及银行结余按以下货币计值：

21. 股本及股份奖励计划下所持股份

(a) 股本

20. CASH AND BANK BALANCES (Continued)

Cash and bank balances are denominated in the folowing

curencies:

2024年

HKD’000

千港元

HKD港元128,786

RMB人民币6,383

Others其他4,469

Total合计139,638

21. SHARE CAPITAL AND SHARES HELD

UNDER SHARE AWARD SCHEME

(a) Share capital

Number of

SharesAmount

股份数目面值

(in thousand)HKD’000

（千股）千港元

Authorised share capital:法定股本：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于2023年4月1日、2024年3月31日、

2024年4月1日及2025年3月31日5,000,00039,000

Isued and fuly paid:已发行及缴足：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于2023年4月1日、2024年3月31日、

2024年4月1日及2025年3月31日200,0001,553

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 股份奖励计划

于2018年10月16日，董事会批准采纳股份

奖励计划（「股份奖励计划」），即时生效，

据此，所有合资格人士将有权参与。股份奖

励计划之目的乃嘉许若干合资格人士的贡

献并向彼等提供奖励，以挽留彼等服务于

本集团的持续营运及发展，并为本集团的

进一步发展吸引合适人员。

股份奖励计划于2018年10月16日获采纳及

有效期为10年，直至2028年10月15日止，除

非董事会提前终止。

根据有关股份奖励计划的规则，董事会可

不时选定董事会或其代表全权酌情认为对

本集团作出贡献或将作出贡献的本集团任

何成员公司或其任何联属公司的雇员、董事

或高级职员参加股份奖励计划。任何授出

奖励的归属期、标准及条件由董事会或其

代表根据股份奖励计划之条款及GEM上市

规则厘定。除非奖励函另有规定，否则承授

人于接纳所授出奖励时毋须支付任何款项。

本公司不得再授予任何奖励而导致根据股

份奖励计划授出的所有奖励（不包括被没

收奖励）所涉及的股份总数超过16,000,000

股，占于采纳股份奖励计划之日期（即2018

年10月16日）已发行股份总数的8%。股份

奖励计划项下并无服务供应商分限额。

21. SHARE CAPITAL AND SHARES HELD

UNDER SHARE AWARD SCHEME

(Continued)

(b) Share award scheme

On 16 October 2018, the Board aproved the

adoption of the share award scheme (the “Share

Award Scheme”) with imediate efect, pursuant

to which al eligible persons wil be entitled to

participate. The purpose of the Share Award Scheme

is to recognise the contributions by certain eligible

persons and provide them with incentives in order

to retain them for the continuing operation and

development of the Group, and to atract suitable

personel for further development of the Group.

The Share Award Scheme was adopted on 16

October 2018 and shal be valid and efective for a

term of 10 years until 15 October 2028 unles early

terminated by the Board.

Under the rules relating to the Share Award Scheme,

the Board may from time to time select employes,

Director or oficer of any member of the Group or

any of its afiliates whom the Board or its delegate(s)

considers, in their sole discretion, to have contributed

or wil contribute to the Group to participate in the

Share Award Scheme. The vesting period, criteria

and conditions of any award granted are determined

by the Board or its delegate(s) in acordance with

the terms of the Share Award Scheme and the GEM

Listing Rules. Unles otherwise specified in the award

leter, no payment is payable by the grante upon

aceptance of the award granted. The Company

shal not make any further grant of award which wil

result in the agregate number of Shares underlying

al grants made pursuant to the Share Award Scheme

(excluding forfeited awards) to exced 16,000,000

Shares, representing 8% of the total number of Shares

in isue as at the date of adoption of the Share Award

Scheme (i.e., 16 October 2018). There is no service

provider sublimit under the Share Award Scheme.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 股份奖励计划（续）

根据GEM上市规则第23.03D(1)条，除非获

本公司独立股东于股东大会上批准，否则

本公司于任何12个月期间（直至及包括授

出日期）就根据股份奖励计划向每名参与者

授出的股份奖励而发行及将予发行的股份

总数不得超过已发行股份的1%。

于截至2024年3月31日止年度开始时，根

据股份奖励计划可供发行之奖励总数为

16,000,000份及涉及16,000,000股份，占

于采纳股份奖励计划之日期已发行股份的

8%。

于2023年9月22日，本公司以零代价向38名

合资格人士（「承授人」）授出合共2,056,000

股普通股（「奖励股份」）。于2024年3月6

日，有关向各承授人派发代表奖励股份的股

票的行政程序已完成，因此，奖励股份自受

托人转让予各承授人的事宜已完成。经计

及转让奖励股份后股份的市价为每股0.425

港元，奖励股份的公允值约为873,800港元。

2,056,000股奖励股份相当于授出日期本公

司已发行股本约1.03%。除一名承授人为本

公司附属公司董事兼主要股东并因此为本

公司附属公司层面的关连人士外，所有承

授人均为本集团雇员。

21. SHARE CAPITAL AND SHARES HELD

UNDER SHARE AWARD SCHEME

(Continued)

(b) Share award scheme (Continued)

Pursuant to Rule 23.03D(1) of the GEM Listing Rules,

unles aproved by independent shareholders of the

Company in a general meting, the total number of

Shares isued and to be isued by the Company in

respect of the share awards granted under the Share

Award Scheme to each participant in any 12-month

period (up to and including the date of grant) shal

not exced 1% of the Shares in isue.

As at the begining of the year ended 31 March

2024, the total number of awards available for grant

under the Share Award Scheme was 16,000,000,

and the underlying 16,000,000 Shares represent 8%

of the Shares in isue as at the date of adoption of

the Share Award Scheme.

On 22 September 2023, a total of 2,056,000

ordinary shares (the “Award Shares”) were

granted to 38 eligible persons (“Grantes”) for nil

consideration. On 6 March 2024, the administrative

procedures in conection with the despatch of the

share certificates representing the Award Shares

to the respective Grantes had ben completed,

and as such, the transfer of the Award Shares from

the Truste to the respective Grantes had ben

completed. The Award Shares represent a fair value

of aproximately HKD873,800, taking into acount

the market price of the Shares upon transfer of

the Award Shares was HKD0.425 per Share. The

2,056,000 Award Shares represented aproximately

1.03% of the isued share capital of the Company as

at the date of Grant. Save for one Grante who was

a director and substantial shareholder of a subsidiary

of the Company was therefore a conected person

of the Company at the subsidiary level, al Grantes

were employes of the Group.

2025
2025年
HKD’000
千港元
120,658
1,255
121,913

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 股份奖励计划（续）

于2024年3月6日，董事会议决终止股份奖

励计划，自2024年3月6日起生效。自2024年

3月6日起不得根据股份奖励计划进一步授

出奖励股份。

、应计及其他应付款

21. SHARE CAPITAL AND SHARES HELD

UNDER SHARE AWARD SCHEME

(Continued)

(b) Share award scheme (Continued)

On 6 March 2024, the Board has resolved to the

terminate the Share Award Scheme with efect from

6 March 2024. No further Award Shares may be

granted under the Share Award Scheme in the future

from 6 March 2024.

22. TRADE PAYABLES, ACRUALS AND

OTHER PAYABLES

2024年

HKD’000

千港元

Trade payables贸易应付款110,562

Acruals and other payables应计及其他应付款1,920

112,482

2025
2025年
HKD’000
千港元
117,953
3,960
121,913

2025
2025年
HKD’000
千港元
101,619
2,811
4,023
2,842
9,363
120,658

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

、应计及其他应付款（续）

于2025年及2024年3月31日，贸易应付款、应计

及其他应付款的账面值乃与其公允值相若并按

以下货币计值：

于2025年及2024年3月31日，按发票日期呈列的

贸易应付款之账龄分析如下：

22. TRADE PAYABLES, ACRUALS AND

OTHER PAYABLES (Continued)

As at 31 March 2025 and 2024, the carying amounts of

trade payables, acruals and other payables aproximate

their fair values and were denominated in the folowing

curencies.

2024年

HKD’000

千港元

HKD港元107,712

RMB人民币4,770

112,482

As at 31 March 2025 and 2024, the ageing analysis of the

trade payables based on invoice date was as folows:

2024年

HKD’000

千港元

Within 30 days30日内80,011

31 to 60 days31至60日2,667

61 to 90 days61至90日7,109

91 to 180 days91至180日10,390

Over 180 days180日以上10,385

110,562

2025
2025年
HKD’000
千港元
2,227

2025
2025年
HKD’000
千港元
1,121
1,109
(3)
2,227

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

23. 递延所得税

递延所得税乃采用负债法就暂时性差额按财务

状况表的报表日已颁布或实际颁布之税率计算。

递延所得税资产及负债只可在即期税项资产及

即期税项负债有合法权利互相抵销及递延所得

税与同一财务机关相关的情况下，方可互相抵销。

递延所得税款项之净变动如下：

23. DEFERED INCOME TAX

Defered income tax is calculated in ful on temporary

diferences under the liability method using the tax rate

enacted or substantively enacted by the reporting date.

Defered income tax asets and liabilities are ofset when

there is legaly enforceable right to ofset curent tax

asets against curent tax liabilities and when the defered

income taxes related to the same fiscal authority.

2024年

HKD’000

千港元

Defered income tax asets递延所得税资产1,121

The net movements in the defered income tax acount

are as folows:

2024年

HKD’000

千港元

Opening balance期初结余1,233

Credit/(charged) to profit or los

for the year (Note 9)

年内于损益账计入╱（扣除）

（附注9）(77)

Exchange translation diference汇兑换算差额(35)

Closing balance期末结余1,121

2025
2025年
HKD’000
千港元
125
(3)
–
122

2025
2025年
HKD’000
千港元
414
432
–
846

2025
2025年
HKD’000
千港元
582
680
( 3)
1,259

2025
2025年
HKD’000
千港元
1,121
1,109
( 3)
2,227

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

递延所得税资产及负债（抵销同一司法权区之税

项结余前）于年内之变动如下：

递延所得税资产：

倘有可能透过未来应课税溢利变现有关税项优惠，

则就可扣减暂时性差额确认递延所得税资产。

于2025年3月31日，本集团并未就可无限期

结转的税项亏损约6,440,000港元（2024

年：5,345,000港元）确认递延所得税资产约

39,030,000港元（2024年：32,391,000港元）。

根据中国企业所得税法，于中国成立的外资企业

向外国投资者宣派的股息须缴纳10%预扣税。基

于中国及香港有特别税务协定，故中国企业向香

港投资企业分派股息，可享有较优惠的税率5%

征收。但该5%协定税率并非自动获得，纳税人需

向有关主管税局申请批准享有税务协定。因此，

本集团须就于中国成立的附属公司分派的股息

缴纳预扣税。于2025年3月31日，本集团并未就

中国附属公司汇出盈利须支付的预扣税确认约

228,000港元（2024年：243,000港元）的递延所

得税负债。于2025年3月31日，相关未汇出盈利

约为2,278,000港元（2024年：2,427,000港元），

本集团不拟于可见未来将该等来自相关附属公

司的未汇出盈利汇出至本公司。

23. DEFERED INCOME TAX (Continued)

The movements in defered income tax asets and

liabilities (prior to ofseting of balance within the same tax

jurisdiction) during the year are as folows:

Defered income tax asets:

Acelerated tax

depreciation and

amortisationProvisionsTax losesTotal

加速税项折旧及摊销拨备税损合计

2024年2024年2024年2024年

HKD’000HKD’000HKD’000HKD’000

千港元千港元千港元千港元

Opening balance期初结余885026431,233

(Charged)/credited to profit or los

for the year (Note 9)

年内于损益账

（扣除）╱计入

（附注9）37(88)(26)(77)

Exchange translation diference汇兑换算差额–(35)(35)

Closing balance期末结余1254145821,121

Defered income tax asets are recognised for deductible

temporary diferences to the extent that the realisation

of the related tax benefit through future taxable profits is

probable.

As at 31 March 2025, the Group did not recognise

defered income tax asets of aproximately

HKD6,440,000 (2024: HKD5,345,000) in respect of tax

loses of HKD39,030,000 (2024: HKD32,391,000) which

can be caried forward indefinitely.

Pursuant to the PRC Corporate Income Tax Law, a 10%

witholding tax is levied on dividends declared to foreign

investors from the foreign investment enterprises established

in the PRC. A lower witholding tax rate of 5% is aplied

to Hong Kong investors as there is a tax treaty betwen

the PRC and Hong Kong. However, the 5% treaty rate is

not automaticaly granted. The taxpayer neds to aply

to the relevant tax bureau for an aproval for the treaty

rate. The Group is therefore liable for witholding taxes on

dividends distributed by the subsidiary established in the

PRC. As at 31 March 2025, defered income tax liabilities

of aproximately HKD228,000 (2024: HKD243,000) has

not ben recognised for the witholding tax that would be

payable on the remitance of earnings of the PRC subsidiary.

The related unremited earnings amounted to aproximately

HKD2,278,000 as at 31 March 2025 (2024: HKD2,427,000),

and the Group does not intend to remit these unremited

earnings from the relevant subsidiary to the Company in the

foreseable future.

2025
2025年
HKD’000
千港元
3,840
1,101
–
36
4,977

2025
2025年
HKD’000
千港元
22,262
6,532
28,794

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

24. 关连方交易

关连方指在作出财务或经营决定时有能力控制、

联合控制另一方或对其产生重大影响力的人士。

受共同控制或联合控制的人士亦被视为有关连。

关连方可为个人或其他实体。

下文概述本集团与其关连方截至2025年及2024

年3月31日止年度在日常业务过程中进行的重大

交易。

主要管理人员薪酬

主要管理人员包括本集团行政人员。就雇员服务

已付或应付主要管理人员的薪酬如下所示：

25. 或有负债

本集团未作出拨备的或有负债如下：

于2025年3月31日，本集团已就本集团日常业务

过程中的5份（2024年3月31日：4份）室内装潢解

决方案服务合约提供22,262,000港元(2024年3月

31日:15,173,000港元)履约保证保函。

24. RELATED PARTY TRANSACTIONS

Related parties are those parties that have the ability

to control, jointly control or exert significant influence

over the other party in making financial or operational

decisions. Parties are also considered to be related if they

are subject to comon control or joint control. Related

parties may be individuals or other entities.

The folowing is a sumary of the significant transactions

caried out betwen the Group and its related parties in

the ordinary course of busines during the years ended

31 March 2025 and 2024.

Compensation of key management

Key management includes executives of the Group. The

compensation paid or payable to key management for

employe services is shown below:

2024年

HKD’000

千港元

Salaries and alowances薪金及津贴5,587

Discretionary bonuses酌情花红3,410

Share-based payments以股份为基础的支付18

Retirement benefits contributions退休福利供款49

9,064

25. CONTINGENT LIABILITIES

The Group had the folowing contingent liabilities not

provided for:

2024年

HKD’000

千港元

Surety bonds履约保函15,173

Performance guarantes履约保证–

15,173

As at 31 March 2025, the Group provided guarantes

of surety bonds of HKD22,262,000 (31 March 2024:

HKD15,173,000) in respect of 5 (31 March 2024: 4)

interior fit-out solution service contracts of the Group in its

ordinary course of busines.

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

于2025年3月31日，一家银行就本集团五份（2024

年3月31日：无）室内装潢解决方案服务合约，向

本集团客户提供6,532,000港元（2024年3月31

日：无）的履约保证，作为本集团履行与客户签订

合约义务之担保。

若本集团未能向获提供履约保函及履约保证的

客户提供合意的服务，该等客户有权要求银行按

规定支付履约保证金额。然后，本集团将须对银

行作出相应赔偿。相关履约保函及履约保证预计

将根据各建筑合约的条款解除。

有关的履约保证及履约保函，乃以附注20所披露

的已抵押银行存款作抵押。

在每个报告期结束时，本公司董事认为本集团面

临索赔的可能性不大。

26. 购股权计划

于2017年12月8日，本公司采纳的购股权计划

（「购股权计划」）符合GEM上市规则第23章项下

规定的范围，并须遵守该等规定。购股权计划旨

在吸引、挽留及鼓励雇员、董事及其他参与者，

并透过授出购股权酬谢彼等对本集团增长及溢

利作出贡献，以及让该等雇员、董事及其他人士

分享本集团的增长及盈利。

购股权计划的合资格参与者包括本公司或其任

何附属公司的董事（包括执行董事、非执行董事

及独立非执行董事）及雇员（不论全职或兼职）或

董事会全权认为对本集团已作出或将作出贡献

的任何其他人士。

25. CONTINGENT LIABILITIES (Continued)

As at 31 March 2025, performance guarantes of

HKD6,532,000 (31 March 2024: Nil) were given by a bank

in favour of the Group’s customers in respect of 5 (31

March 2024: Nil) interior fit-out solution service contracts

of the Group as security for the due performance and

observance of the Group’s obligations under the contracts

entered into betwen the Group and their customers.

If the Group fails to provide satisfactory performance to

their customers to whom surety bonds and performance

guarantes have ben given, such customers may

demand the bank to pay to them the sum or sum

stipulated in such demand. The Group wil become liable

to compensate such bank acordingly. The relevant surety

bonds and performance guarantes wil be released.

The surety bonds and performance guarantes were

secured by the pledged bank deposits as disclosed in

note 20.

At the end of each reporting period, the Directors of the

Company do not consider it is probable that a claim wil

be made against the Group.

26. SHARE OPTION SCHEME

On 8 December 2017, the Company adopted the share

option scheme (the “Share Option Scheme”), which

fals within the ambit of, and is subject to, the regulations

under Chapter 23 of the GEM Listing Rules. The purpose

of the Share Option Scheme is to atract, retain and

motivate employes, Directors and other participants,

and to provide a means of compensating them through

the grant of options for their contribution to the growth

and profits of the Group, and to alow such employes,

Directors and other persons to participate in the growth

and profitability of the Group.

Qualified participants of the Share Option Scheme

include directors (including executive, non-executive and

independent non-executive Directors) and employes

(whether ful-time or part-time) of the Company or any of

its subsidiaries or any other person who is in the absolute

discretion of the Board has contributed or wil contribute

to the Group.

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

因根据购股权计划将予授出的所有购股权获行

使而可能发行的股份总数为20,000,000股，占于

本报告日期本公司已发行股本总数约10%。

于任何12个月期间，因根据购股权计划已授予或

将授予各合资格人士的购股权（包括已获行使、

已注销及未获行使的购股权）获行使而已发行及

将予发行的股份总数不得超过已发行股份的1%。

根据购股权计划授出购股权的要约可由承授人

在支付1港元代价后接纳。

购股权计划将于2017年12月8日起计十年内维持

有效，及已授出之购股权行使期为十年。购股权

可于董事会全权酌情厘定的期间归属，惟须遵守

任何适用法律、规例或法规的规定。

购股权计划项下购股权的行使价由董事会厘定，

但不得低于以下最高者(i)股份于授出日期（必须

为营业日）在联交所日报表所示的收市价；(i)紧

接授出日期前五个营业日股份在联交所日报表

所示的平均收市价；及(i)股份面值。

自购股权计划采纳起至本报告日期，概无任何购

股权根据购股权计划已失效或授出、获行使或注

销，因此，于2025年及2024年3月31日并无任何

发行在外的购股权。

26. SHARE OPTION SCHEME (Continued)

The total number of Shares which may be isued upon

exercise of al options to be granted under the Share

Option Scheme is 20,000,000 Shares, representing

aproximately 10% of the total isued share capital of the

Company as at the date of this report.

The total number of Shares isued and to be isued upon

the exercise of the options granted to or to be granted

to each eligible person under the Share Option Scheme

(including exercised, canceled and outstanding options) in

any 12-month period shal not exced 1% of the Shares in

isue.

The ofer of a grant of share options under the Share

Option Scheme may be acepted upon payment of a

consideration of HKD1 by the grante.

The Share Option Scheme wil remain in force for a period

of 10 years comencing on 8 December 2017 and the

options granted have a 10-year exercise period. Options

may be vested over such period(s) as determined by the

Board in its absolute discretion subject to compliance with

the requirements under any aplicable laws, regulations or

rules.

The exercise price of share options under the Share

Option Scheme is determined by the Board, but shal

not be les than the higher of (i) the closing price of the

Shares as stated in the daily quotation shet of the Stock

Exchange on the date of grant, which must be a busines

day; (i) the average closing price of the Shares as stated

in the daily quotation shets of the Stock Exchange for

the five busines days imediately preceding the date of

grant; and (i) the nominal value of a Share.

No share options has lapsed, or have ben granted,

exercised or canceled under the Share Option Scheme

since its adoption and up to the date of this report, hence

no outstanding share option as at 31 March 2025 and

2024.

2025 2025年
100%
100%
65%
60%
60%
100%

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

27. 主要附属公司之详情

下表列出董事认为主要影响本集团业绩及净资

产的本集团主要附属公司。董事认为，提供附属

公司的全部详情会导致篇幅过长。除另有说明外，

股本仅由本集团直接持有的普通股构成，所持有

的所有者权益比例与本集团持有的表决权相等。

27. PARTICULARS OF PRINCIPAL

SUBSIDIARIES

Below table lists the principal subsidiaries of the Group

which, in the opinion of the Directors, principaly afect the

results and net asets of the Group. To give ful details of

subsidiaries would, in the opinion of the Directors, result in

particulars of excesive length. Unles otherwise stated, they

have share capital consisting solely of ordinary shares that are

held directly by the Group, and the proportion of ownership

interests held equals the voting rights held by the Group.

Name of subsidiaries

附属公司名称

Place of incorporation,

operation and kind of

legal entity

注册成立、主要业务地点及

法律实体类别

Isued and fuly paid

share capital/registered

and paid-up capital

已发行及缴足股本╱

注册及缴足股本

Ownership interest held

by the Group

本集团持有的拥有权益

Principal activities

主要活动

2024年

Indirectly held subsidiaries

间接持有附属公司

Sanbase Contracting (Enginering) LimitedHong Kong, limited liabilityHKD10,000100%Interior fit-out solutions provider

香港，有限公司10,000港元提供室内装潢解决方案

Sanbase Interior Contracting Limited Hong Kong, limited liabilityHKD10,000100%Interior fit-out solutions provider

诚和乐有限公司香港，有限公司10,000港元提供室内装潢解决方案

Siwu Architectural (Guangzhou) Limited PRC, limited liabilityRMB1,500,00065%Design, interior fit-out solutions provider

广州斯五建筑设计有限公司中国，有限公司人民币1,500,000元设计、室内装潢解决方案供应商

Studio 5 International LimitedHong Kong, limited liabilityHKD10,00060%Design, interior fit-out solutions provider

廸澳有限公司香港，有限公司10,000港元设计、室内装潢解决方案供应商

Core Group Holding LimitedBVI, limited liabilityUSD50,00060%Investment holding

英属处女群岛，有限公司50,000美元投资控股

Sanbase Management LimitedBVI, limited liabilityUSD1100%Purchase, administers and holds

the Company’s Shares for

share award scheme

英属处女群岛，有限公司1美元购买、管理及持有本公司股份奖励计划

所持股份

2025
2025年
HKD’000
千港元
9,558
(6,096 )
3,462
1,158
(471 )
687
4,149
1,519

2025
2025年
HKD’000
千港元
59,392
(46,304 )
13,088
1,459
(306 )
1,153
14,241
5,611

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

27. PARTICULARS OF PRINCIPAL

SUBSIDIARIES (Continued)

(a) Non-controling interests (“NCI”)

Set out below is sumarised financial information for

subsidiaries that has non-controling interests that

are material to the Group. The amounts disclosed for

subsidiaries are before inter-company eliminations.

Sumarised balance shetGZ Siwu

Core Group

and its subsidiaries

财务状况表概要广州斯五Core Group及其附属公司

2024年2024年

HKD’000HKD’000

千港元千港元

Curent asets流动资产10,55867,268

Curent liabilities流动负债(7,239)(54,723)

Curent net asets净流动资产3,31912,545

Non-curent asets非流动资产8792,320

Non-curent liabilities非流动负债–(835)

Non-curent net asets净非流动资产8791,485

Net asets净资产4,19814,030

Acumulated NCI累积非控股权益1,5365,523

（续）

(a) 非控股权益（「非控股权益」）

以下载列本集团有重大非控股权益的附属

公司财务资料摘要。附属公司披露乃公司

内部抵消前之金额。

2025
2025年
HKD’000
千港元
9,476
(49)
(17)
–

2025
2025年
HKD’000
千港元
200,450
6,211
2,484
(2,396)

2025
2025年
HKD’000
千港元
(301)
–
27 6
(25)

2025
2025年
HKD’000
千港元
(3,766)
(71)
(6,90 2)
(10,739)

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(a) 非控股权益（「非控股权益」）（续）

27. PARTICULARS OF PRINCIPAL

SUBSIDIARIES (Continued)

(a) Non-controling interest (“NCI”) (Continued)

Sumarised statement of comprehensive

incomeGZ Siwu

Core Group

and its subsidiaries

全面收益表概要广州斯五Core Group及其附属公司

2024年2024年

HKD’000HKD’000

千港元千港元

Revenue收入15,857175,515

(Los)/profit and other

comprehensive (los)/

income for the year

年内（亏损）╱溢利

及其他全面

（亏损）╱收益1395,063

(Los)/profit and total

comprehensive income

for the year alocated

to NCI

年内（亏损）╱溢利

及全面收益总额

分配予非控股权益

492,025

Dividend paid to NCI已付予非控股权益

之股息–(1,984)

Sumarised cash flows

GZ Siwu

Core Group

and its subsidiaries

现金流量表概要广州斯五Core Group及其附属公司

2024年2024年

HKD’000HKD’000

千港元千港元

Cash flows from

operating activities

经营活动之现金流量

(957)20,284

Cash flows from

investing activities

投资活动之现金流量

–(74)

Cash flows from

financing activities

融资活动之现金流量

(534)(5,902)

Net (decrease)/

increase in cash and

cash equivalents

现金及现金等价物

（减少）╱增加

净额(1,491)14,308

31 March 2025
2025年 3月31日
HKD’000
千港元
1
35,064
12,063
47,128
661
17,056
39,73 4
57,451
104,579

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

28. 本公司财务状况表及储备变动

(a) 本公司财务状况表

28. STATEMENT OF FINANCIAL POSITION

AND RESERVE MOVEMENTS OF THE

COMPANY

(a) Statement of financial position of the

Company

31 March

2024年

3月31日

HKD’000

千港元

Asets资产

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备50

Interests in a subsidiary于一间附属公司之权益35,064

Financial aset at fair value

through profit or los

按公允值计入损益之

金融资产14,202

49,316

Curent asets流动资产

Deposits, other receivables and

prepayments

按金、其他应收及预付款

Amounts due from subsidiaries应收附属公司款17,477

Cash and cash equivalents现金及现金等价物38,455

56,588

Total asets总资产105,904

31 March 2025
2025年 3月31日
HKD’000
千港元
1,553
57,632
34,986
(27,68 4)
66,487
20
419
37,65 3
38,072
38,092
104,579

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Equity权益

Equity atributable to the

owners of the Company

本公司拥有人应占

权益

Share capital股本1,553

Share premium股份溢价28(b)57,632

Other reserve其他储备28(b)34,986

Acumulated loses累计亏损28(b)(26,263)

Total equity总权益67,908

Non-curent liabilities非流动负债

Employe benefit obligations雇员福利责任7

Liabilities负债

Curent liabilities流动负债

Acruals and other payables应计及其他应付款248

Amounts due to subsidiaries应付附属公司款37,741

37,989

Total liabilities总负债37,996

Total equity and liabilities总权益及负债105,904

28. STATEMENT OF FINANCIAL POSITION

AND RESERVE MOVEMENTS OF THE

COMPANY (Continued)

(a) Statement of financial position of the

Company (Continued)

31 March

2024年

3月31日

NoteHKD’000

附注千港元

（续）

(a) 本公司财务状况表（续）

57,632	34,986	(26,263)	66,355
–	–	(1,42 1)	(1,42 1)
57,632	34,986	(27,684)	64,934

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 本公司储备变动

附注：

本公司的其他储备是指应付代价10,000港元与

集团在本公司上市前重组期间收购的附属公司

账面值约34,996,000港元之间的差额。

28. STATEMENT OF FINANCIAL POSITION

AND RESERVE MOVEMENTS OF THE

COMPANY (Continued)

(b) Movements in the Company’s reserves

premium

Other

reserve

(Note)

Acumulated

losesTotal

股份溢价

其他储备

（附注）累计亏损合计

HKD’000HKD’000HKD’000HKD’000

千港元千港元千港元千港元

At 31 March 2023于2023年3月31日57,63234,986(23,360)69,258

Los for the year年内亏损–(2,903)(2,903)

At 31 March 2024于2024年3月31日

Los for the year年内亏损

At 31 March 2025于2025年3月31日

Note:

Other reserve of the Company represented the diference

betwen the consideration payable of HKD10,000 and the

carying value of the Company’s subsidiary of aproximately

HKD34,996,000 acquired during the Group’s reorganisation

before the Company’s listing.

Fees	Salaries	Discretionary bonus	Allowance and benefit in kind	Employer’s contribution to a retirement benefit scheme	Total
袍金	薪金	酌情花红	实物津贴和福利	雇员退休福利计划供款	合计
HKD’000	HKD’000	HKD’000	HKD’000	HKD’000	HKD’000
千港元	千港元	千港元	千港元	千港元	千港元
240	1,980	901	–	18	3,139
240	1,380	200	–	18	1,838
216	–	–	–	–	216
144	–	–	–	–	144
18 0	–	–	–	–	18 0
1,020	3,360	1,101	–	36	5,517

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29. 董事福利及权益

(a) 董事及行政总裁酬金

于截至2025年及2024年3月31日止年度，各

董事及本公司行政总裁的酬金载列如下：

29. BENEFITS AND INTEREST OF

DIRECTORS

(a) Directors’ and chief executive’s

emoluments

The remuneration of each Director and chief

executive of the Company for the years ended

31 March 2025 and 2024 are set out below:

Name of DirectorsNote

董事名称附注

Year ended 31 March 2025截至2025年3月31日止年度

Chairman and chief executive oficer主席兼行政总裁

Mr. Wong Sai Chuen王世存先生

Executive director执行董事

Ms. Hui Man Ye Magie许曼怡女士

Independent non-executive directors独立非执行董事

Mr. Cheung Chi Man Denis张志文先生

Mr. Siu Chi Wai萧志伟先生(i)

Mr. Law Chun Yat罗俊逸先生

Name of DirectorsNotesFesSalaries

Discretionary

bonus

Alowance

and

benefit in

kind

Employer’s

contribution to

a retirement

benefit schemeTotal

董事名称附注袍金薪金酌情花红

实物津贴和

福利

雇员退休福利

计划供款合计

HKD’000HKD’000HKD’000HKD’000HKD’000HKD’000

千港元千港元千港元千港元千港元千港元

Year ended 31 March 2024截至2024年3月31日止年度

Chairman and chief executive oficer主席兼行政总裁

Mr. Wong Sai Chuen王世存先生2401,9802,740–184,978

Executive directors执行董事

Ms. Hui Man Ye Magie许曼怡女士2401,380670–182,308

Dr. Sung Tak Wing Leo宋得荣博士(i)–1,747–18131,778

Independent non-executive directors独立非执行董事

Mr. Cheung Chi Man Denis张志文先生216–216

Mr. Chan Charles Cham Chuen陈湛全先生(i)82–82

Mr. Siu Chi Wai萧志伟先生(i)57–57

Mr. Law Chun Yat罗俊逸先生180–180

1,0155,1073,41018499,599

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29. BENEFITS AND INTEREST OF

DIRECTORS (Continued)

(a) Directors’ and chief executive’s

emoluments (Continued)

Notes:

(i) Dr. Sung Tak Wing Leo retired as an executive

director of the Company on 18 August 2023.

(i) Mr. Chan Charles Cham Chuen retired as an

independent non-executive director of the Company

on 18 August 2023.

(i) Mr. Siu Chi Wai has ben apointed as an

independent non-executive director of the Company

on 9 November 2023.

The executive directors’ and chief executives’

emoluments shown above were mainly for their

services in conection with the management of

the afairs of the Company and the Group. The

independent non-executive directors’ emoluments

shown above were mainly for their services as

Directors.

No emoluments were paid by the Group to the

Directors as an inducement to join, or upon joining

the Group, and no compensation was paid or

receivable by directors or past directors for los of

ofice as director of any member of the Group or of

any other ofice in conection with the management

of the afairs of any member of the Group during

both years.

There was no arangement under which a director

or the chief executive waived or agred to waive any

remuneration during both years.

（续）

(a) 董事及行政总裁酬金（续）

附注：

(i) 宋德荣博士于2023年8月18日退任本公司

之执行董事。

(i) 陈湛全先生于2023年8月18日退任本公司

之独立非执行董事。

(i) 萧志伟先生于2023年11月9日委任本公司

之独立非执行董事。

上文所示执行董事及行政总裁的薪酬主要

为彼等就管理本公司及本集团事务所提供

服务之薪酬。上文所示独立非执行董事的

薪酬主要为彼等就担任董事所提供服务的

薪酬。

本集团于两年内概无向董事支付薪酬，作

为促使加入或于加入本集团时随即支付的

酬金，且并无就管理本集团任何成员公司

事务而向董事或过往董事支付或由彼等收

取作为失去本集团任何成员公司董事职务

或任何其他职务之补偿。

两年内概无董事或行政总裁放弃或同意放

弃任何酬金之安排。

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 董事退休福利及终止福利

除附注29(a)所披露者外，在财政年度内，董

事没有收取任何退休福利及终止福利（2024

年：无）。

价

截至2025年3月31日年度内，本公司并未就

获提供董事服务向任何第三方支付供任何

代价（2024年：无）。

(d) 有关以董事、受董事控制的法团及关

连实体为受益人的贷款、类似贷款及

其他交易的资料

于2025年3月31日，概无以董事、受董事控

制的法团及关连实体为受益人的任何贷款、

类似贷款或其他交易（2024年：无）。

(e) 董事于交易、安排或合约中的重大权

益

于年末或年内任何时间，本公司均不存在

任何与本集团业务有关的重大交易、安排

及合同而董事于当中享有直接或间接的重

大权益（2024年：无）。

29. BENEFITS AND INTEREST OF

DIRECTORS (Continued)

(b) Directors’ retirement benefits and

termination benefits

Save as disclosed in Note 29(a), the Directors did

not receive any retirement benefits or termination

benefits during the financial year (2024: Nil).

making available Directors’ services

During the year ended 31 March 2025, the Company

did not pay any consideration to any third party for

making available Directors’ services (2024: Nil).

(d) Information about loans, quasi-loans and

other dealings in favour of Directors,

controled bodies corporate by and

conected entities with such Directors

As at 31 March 2025, there are no loans, quasi-loans

or other dealings in favour of Directors, controled

bodies corporate by and conected entities with

such Directors (2024: Nil).

(e) Directors’ material interests in

transactions, arangements or contracts

No significant transactions, arangements and

contracts in relation to the Group’s busines to

which the Company was a party and in which a

director had a material interest, whether directly or

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

time during the year (2024: Nil).

2025
2025年
HKD’000
千港元
(1,279)
206
2,770
2,060
–
2,620
(2,858)
(319)
(2)
2
3,200
(21,869)
(558)
(22,487)
10,123
(77)
10,855
(20,813)

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

30. 现金流量表资料

(a) 营运产生之现金

除所得税前（亏损）╱溢利与营运（所

用）╱产生之现金调节表

30. CASH FLOWS INFORMATION

(a) Cash generated from operations

Reconciliation of (los)/profit before income tax to

cash (used in)/generated from operations

2024年

NotesHKD’000

附注千港元

(Los)/profit before income tax除所得税前（亏损）╱溢利1,749

Adjustments for:调整：

Depreciation on property, plant

and equipment

物业、厂房及设备之折旧

Depreciation on right-of-use asets使用权资产之折旧62,057

Fair value changes of a financial aset

at FVPL

按公允值计量且其变动

计入损益之金融资产的

公允值变动437

Share-based payments以股份为基础的支付874

Provision/(reversal of provision) for

impairment loses on financial asets

金融资产减值亏损之拨备╱

（拨回）(372)

Finance income – net财务收入－净额7(3,268)

Provision for employe benefit

obligations

雇员福利责任之拨备

Gain of termination of lease终止租赁收益–

Los on writen of of property,

plant and equipment

物业、厂房及设备撇销亏损

–

Operating profit before working

capital changes:

营运资金变动前之

经营溢利：2,282

Trade and retention receivables贸易及保固金应收款33,415

Deposits, other receivables and

prepayments

按金、其他应收及预付款

(372)

Contract asets合约资产66,891

Trade payables贸易应付款(70,944)

Acruals and other payables应计及其他应付款(1,362)

Contract liabilities合约负债3,703

Cash (used in)/generated from operations营运（所用）╱产生之现金33,613

庄皇集团公司 2025年度报告

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 融资活动之调节表

本节载列分析负债及于截至2025年及2024

年3月31日止年度内之变动：

30. CASH FLOWS INFORMATION (Continued)

(b) Reconciliation of financing activities

This section sets out an analysis and the movements

of liabilities from financial activities during the years

ended 31 March 2025 and 2024:

Lease liabilities

租赁负债

HKD’000

千港元

At 1 April 2023于2023年4月1日2,024

Cash flows现金流量(2,216)

Aditions (Note 13(i)添置（附注13(i)）4,245

Finance costs财务成本114

Exchange translation diferences汇兑换算差额(46)

At 31 March 2024于2024年3月31日4,121

At 1 April 2024于2024年4月1日4,121

Cash flows现金流量(2,859)

Aditions (Note 13(i)添置（附注13(i)）1,155

Finance costs财务成本136

Termination of lease终止租赁(2)

Exchange translation diferences汇兑换算差额(3)

At 31 March 2025于2025年3月31日2,548

2025
2025年
HKD’000
千港元
418,769
(1,279)
(202)
(3,976)
(4,048)

2025
2025年
HKD’000
千港元
281,788
141,78 1
140,007
132,877

SANBASE CORPORATION LIMITED ANUAL REPORT 2025

FIVE YEAR FINANCIAL SUMARY

五年财务概要

业绩

资产及负债

Results

Year ended 31 March

截至3月31日止年度

2024年2023年2022年2021年

HKD’000HKD’000HKD’000HKD’000

千港元千港元千港元千港元

Revenue收入428,077517,599413,122481,286

(Los)/profit before income tax除所得税前（亏损）╱溢利1,7494,128(6,833)(953)

Income tax (expense)/credit所得税（开支）╱抵免(1,030)(1,547)(413)1,393

(Los)/profit atributable to the owners

of the Company for the year

年内本公司拥有人

应占（亏损）╱溢利(1,369)751(5,735)397

Total comprehensive (los)/income

atributable to the owners of

the Company for the year

年内本公司拥有人应占全面

（亏损）╱收益总额

(1,133)750(5,626)810

Asets and Liabilities

As at 31 March

于3月31日

2024年2023年2022年2021年

HKD’000HKD’000HKD’000HKD’000

千港元千港元千港元千港元

Total asets资产总额266,360334,481287,042265,409

Total liabilities负债总额122,376190,328144,893116,204

Net asets资产净额143,984144,153142,149149,205

Equity atributable to the owners of

the Company for the year

年内本公司拥有人

应占权益136,925137,184136,434142,484

FIVE YEAR FINANCIAL SUMARY

五年财务概要

SAN COR

w.sclhk.com.hk

CORPORATION

LIMITED

(Incorporated in the Cayman Islands with limited liability)

庄皇集团公司

（于开曼群岛注册成立的有限公司）

SANBASE

CORPORATION

LIMITED

庄皇集团公司

年 报

ANUAL REPORT

CONTENTS

CORPORATE INFORMATION

CORPORATE INFORMATION

CORPORATE INFORMATION

CHAIRMAN’S STATEMENT

CHAIRMAN’S STATEMENT

FINANCIAL HIGHLIGHTS

MANAGEMENT DISCUSION AND ANALYSIS

MANAGEMENT DISCUSION AND ANALYSIS

MANAGEMENT DISCUSION AND ANALYSIS

MANAGEMENT DISCUSION AND ANALYSIS

MANAGEMENT DISCUSION AND ANALYSIS

MANAGEMENT DISCUSION AND ANALYSIS

MANAGEMENT DISCUSION AND ANALYSIS

2025. Loking into submarket performance, the vacancy rate

BIOGRAPHICAL DETAILS OF DIRECTORS

2020. Mr. Wong founded the Group in 2009 and was apointed

BIOGRAPHICAL DETAILS OF DIRECTORS

BIOGRAPHICAL DETAILS OF DIRECTORS

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

Notes:

1. Shares in which Mr. Wong Sai Chuen is interested in

2. Ms. Hui Man Ye, Magie, is the spouse of Mr. Wong Sai

DIRECTORS’ REPORT

Notes:

1. Ms. Hui Man Ye, Magie, the spouse of Mr. Wong Sai

2. Under Part XV of the SFO, a holding company of listed

DIRECTORS’ REPORT

DIRECTORS’ REPORT

Notes:

1. Shares in which Mr. Wong Sai Chuen is interested in consist

2. Shares in which Mr. Wong Kin Kei is interested in consist of

3. Ms. Ho Sin Ying is the spouse of Mr. Wong Kin Kei and she was

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

Board:

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

Note: The atendance figure represents actual atendance/the number

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

Review prior to the transactions:

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

年报