01229 南南资源 财务报表/环境、社会及管治资料：年报2025
(Stock Code 股份代号: 1229)
(Incorporated in Bermuda with limited liability)
（于百慕达注册成立之有限公司）
2024/25
Anual Report
年报
本年报以环保纸印制
This report is printed on environmentaly friendly paper
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This anual report is prepared in English and Chinese.
In case of inconsistency, please refer to the English version as it shal prevail.
本年报以中英文编制。
如有任何歧义，敬请参阅英文版本，并以英文版本为准。
CONTENT 目录
2 Corporate Information
公司资料
4 Chairman’s Statement
主席报告
13 Management Discusion and Analysis
管理层讨论及分析
27 Biography of Directors and Senior Management
董事及高级管理人员简历
30 Corporate Governance Report
企业管治报告
59 Report of the Directors
董事会报告
68 Independent Auditor’s Report
独立核数师报告
77 Consolidated Statement of Profit or Los and Other
Comprehensive Income
综合损益及其他全面收益表
78 Consolidated Statement of Financial Position
综合财务状况表
80 Consolidated Statement of Changes in Equity
综合权益变动表
82 Consolidated Statement of Cash Flows
综合现金流量表
84 Notes to the Consolidated Financial Statements
综合财务报表附注
203 Five-Year Financial Sumary
五年财务摘要
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE INFORMATION
公司资料
Board of directors
Executive Directors
Kwan Man Fai (Chairman & Managing Director)
Wong Sze Wai
Li Chun Fung
Tong Yuk Ying Angel (apointed on 1 October 2024)
Independent Non-executive Directors
Wong Man Hin Raymond
Chan Yiu Fai Youdey
Pak Wai Keung Martin
audit comite
Pak Wai Keung Martin (Chairman)
Wong Man Hin Raymond
Chan Yiu Fai Youdey
remuneration comite
Wong Man Hin Raymond (Chairman)
Kwan Man Fai
Wong Sze Wai
Chan Yiu Fai Youdey
Pak Wai Keung Martin
nomination comite
Kwan Man Fai (Chairman)
Wong Man Hin Raymond
Chan Yiu Fai Youdey
Pak Wai Keung Martin
Tong Yuk Ying Angel (apointed on 20 June 2025)
comPanY secretarY
Li Chun Fung
auditor
Forvis Mazars CPA Limited
42/F., Central Plaza
18 Harbour Road
Wanchai, Hong Kong
LeGaL adViser
Conyers Dil and Pearman
2901, One Exchange Square
8 Conaught Place
Central, Hong Kong
董事会
执行董事
关文辉（主席兼董事总经理）
王四维
李震锋
汤玉英（于二零二四年十月一日获委任）
独立非执行董事
黄文显
陈耀辉
白伟强
审核委员会
白伟强（主席）
黄文显
陈耀辉
薪酬委员会
黄文显（主席）
关文辉
王四维
陈耀辉
白伟强
提名委员会
关文辉（主席）
黄文显
陈耀辉
白伟强
汤玉英（于二零二五年六月二十日获委任）
公司秘书
李震锋
核数师
富睿玛泽会计师事务所有限公司
香港湾仔
港湾道18号
中环广场42楼
法律顾问
康德明律师事务所
香港中环
康乐广场8号
交易广场1座2901室
Anual Report 2024/25 年报
CORPORATE INFORMATION 公司资料
主要往来银行
中信银行（国际）有限公司
注册办事处
Clarendon House
2 Church Stret
Hamilton HM11
Bermuda
总办事处及主要营业地点
香港金钟
夏悫道18号
海富中心
2座11楼
股份过户登记总处
Apleby Global Corporate Services
(Bermuda) Limited
Canon’s Court, 22 Victoria Stret
PO Box HM 1179, Hamilton HM EX
Bermuda
香港股份过户登记分处
联合证券登记有限公司
香港北角
英皇道338号
华懋交易广场2期
33楼3301-04室
香港联合交易所股份代号
网站
htps:/w.nananlisted.com
PrinciPaL BanKers
China CITIC Bank International Limited
reGistered ofice
Clarendon House
2 Church Stret
Hamilton HM11
Bermuda
Head ofice and PrinciPaL PLace of Busines
11/F., Tower 2
Admiralty Centre
18 Harcourt Road
Admiralty, Hong Kong
PrinciPaL sHare reGistrar and
transfer ofice
Apleby Global Corporate Services
(Bermuda) Limited
Canon’s Court, 22 Victoria Stret
PO Box HM 1179, Hamilton HM EX
Bermuda
HonG KonG BrancH sHare reGistrar and
transfer ofice
Union Registrars Limited
Suites 3301-04, 33/F.
Two Chinachem Exchange Square
338 King’s Road
North Point, Hong Kong
HonG KonG stocK eXcHanGe stocK code
WeBsite
htps:/w.nananlisted.com
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 327,049 |
| (173,523) |
| 153,526 |
| 4,593 |
| (1,770) |
| (59,002) |
| 565 |
| (5,483) |
| 11,145 |
| – |
| 103,574 |
| (31,786) |
| 71,788 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CHAIRMAN’S STATEMENT
主席报告
to aL sHareHoLders
On behalf of the board of directors (the “Directors”) (the “Board”) of
Nan Nan Resources Enterprise Limited (the “Company”), I present
to you the audited consolidated final results of the Company and its
subsidiaries (colectively the “Group”) for the year ended 31 March
2025 (the “Year”).
resuLts and diVidends
The below sumaries the results of the Group for the years ended
31 March 2025 and 31 March 2024 respectively. The Board does not
recomend the payment of any dividend for the Year (2024: Nil).
二零二四年
NotesHK$’000
附注千港元
Revenue收益1116,069
Cost of services and gods sold已售服务及货品成本(72,931)
Gros profit毛利1, 2 b)43,138
Other revenue其他收益2 c)3,563
Seling and distribution expenses销售及分销费用(1,181)
Administrative and other operating expenses行政及其他经营费用2 d)(61,588)
Exchange gain/(los), net汇兑收益╱（亏损）净额2 a)(3,464)
Finance costs融资成本2 f)(3,762)
Gain on fair value change of convertible bond
designated as financial liabilities at fair value through
profit or los (“FVPL”)
指定为按公平值列账并在损益内
处理（「按公平值列账并在损益
内处理」）之金融负债之
可换股债券产生之公平值收益2 e)62,794
Impairment los on property, plant and equipment物业、厂房及设备减值亏损2 g)(1,016)
Profit before tax除税前溢利38,484
Income tax expenses所得税开支2 h)(787)
Profit for the year年内溢利1, 237,697
Notes:
1. For the Year, the Group recorded a revenue of aproximately
HK$327,049,000 (2024: aproximately HK$116,069,000), gros profit of
aproximately HK$153,526,000 (2024: aproximately HK$43,138,000)
and net profit of aproximately HK$71,788,000 (2024: aproximately
HK$37,697,000) respectively. The Board does not recomend the payment
of any dividend for the Year (2024: Nil).
2. Profit for the Year of the Group was aproximately HK$71,788,000 (2024:
aproximately HK$37,697,000), representing an increase of profit of
aproximately HK$34,091,000 as compared with the previous year. The
increase of profit during the Year was mainly due to the net efect of the
folowing:
a) the net exchange gain of aproximately HK$565,000 (2024: net
exchange los of aproximately HK$3,464,000);
致各位股东
本人谨代表南资源实业有限公司（「本公
司」）董事（「董事」）会（「董事会」）向 阁下提
呈本公司及其附属公司（统称「本集团」）截至
二零二五年三月三十一日止年度（「本年度」）
之经审核综合末期业绩。
业绩及股息
以下分别概述本集团截至二零二五年三月
三十一日及二零二四年三月三十一日止年度
的业绩。董事会不建议就本年度派付任何股
息（二零二四年：无）。
附注：
- ，本集团分别录得收益约327,049,000
港元（二零二四年：约116,069,000港元）、
毛利约153,526,000港元（二零二四年：约
43,138,000港元）及溢利净额约为71,788,000
港元（二零二四年：约37,697,000港元）。董
事会不建议就本年度派付任何股息（二零二四
年：无）。
- ,788,000港元
（二零二四年：约37,697,000港元），较去年溢
利增加约34,091,000港元。于本年度内溢利增
加主要由于以下各项原因之净影响：
a) 汇兑收益净额约565,000港元（二零
二四年：汇兑亏损净额约3,464,000港
元）；
Anual Report 2024/25 年报
CHAIRMAN’S STATEMENT 主席报告
业绩及股息（续）
附注： （续）
- （续）
b) 毛利增加约110,388,000港元；
c) 其他收益增加约1,030,000港元；
d) 行政及其他经营费用减少约2,586,000
港元；
e) 指定为按公平值列账并在损益内处理之
金融负债之可换股债券之公平值收益
约为11,145,000港元（二零二四年：约
62,794,000港元）；
f) 融资成本增加约1,721,000港元；
g) 本年度内并无物业、厂房及设备减值亏
损（二零二四年：1,016,000港元）；及
h) 所得税开支增加约30,999,000港元。
resuLts and diVidends (continued)
Notes: (continued)
2. (continued)
b) the increase of gros profit by aproximately HK$110,388,000;
c) the increase of other revenue by aproximately HK$1,030,000;
d) the decrease of administrative and other operating expenses by
aproximately HK$2,586,000;
e) fair value gain of convertible bond designated as financial liabilities
at FVPL of aproximately HK$11,145,000 (2024: aproximately
HK$62,794,000);
f) the increase in the finance costs by aproximately HK$1,721,000;
g) no impairment los on property, plant and equipment during the Year
(2024: HK$1,016,000); and
h) the increase of income tax expenses by aproximately
HK$30,999,000.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CHAIRMAN’S STATEMENT 主席报告
业务概览
于本年度，本集团从事三个业务分类：(1)煤
矿业务；(2)可再生能源业务；及(3)资讯科技
服务（定义见下文）业务。我们的主要业务为
于中华人民共和国（「中国内地」）新疆维吾尔
自治区（「新疆」）从事煤矿开采及煤炭销售。
新疆远离中国内地主要工业城市，因此，基
于物流及运输成本之因素，新疆所产煤炭主
要在当地使用。近年来，透过成功完成取得
安全生产许可证之最终测试、检查、认证及
程序，我们达成重大里程碑，为本公司合规
及未来发展之重大突破，而且我们根据政府
规定每年增加于凯源公司（定义见下文）之投
资、获得地方政府之认可及为增加产能提供
重要之基础。于本年度，凯源公司已获当地
政府行业及能源主管部门批准将经扩大凯源
煤矿（定义见下文）的产能由每年900,000吨
增加至每年4,000,000吨，而其采矿区仍维
持约4.112平方公里（可参阅本公司日期为二
零二五年三月七日之公告）。于本年度，本
集团在采矿业务的资本资产方面作出庞大开
支。该等开支旨在提升自动化及科技水平，
以实现无人化采煤运作，提高效率及营运安
全。尽管如此，本公司预料未来仍会面对挑
战，尤其是当地煤炭供应增加及行业竞争导
致煤炭价格呈下跌趋势，以及煤炭开采业务
的资本资产开支增加。因此，本公司预期其
煤矿业务可能受到负面影响。
由于本年度香港及全球经济气候欠佳，本集
团面对困难的经营环境，对资讯科技服务业
务造成负面影响。董事会现正评估策略方
案，当中可能包括逐步淘汰资讯科技服务业
务。然而，本集团将继续专注发展现有业务
（包括煤炭开采能力及技术升级），而长远而
言，我们将继续维持多元化业务。
Busines oVerVieW
For the Year, the Group was engaged in thre busines segments,
- ; (2) renewable energy busines; and (3)
IT Services (as defined below) busines. Our main busines is coal
mining and sales of coal in Xinjiang Uygur Autonomous Region
(“Xinjiang”) of the People’s Republic of China (the “Mainland China”).
Xinjiang is remote from major industrial cities in the Mainland China,
and hence coal produced in Xinjiang is mainly consumed localy
due to the logistic and the transportation costs. In recent years, we
achieved a significant milestone by sucesfuly completing the final
tests, checking, verification and procedures of ataining the Work
Safety Permit* (安全生产许可证), which represents an important
breakthrough for the Company’s compliance and future development,
and increased investment in Kaiyuan Company (as defined below)
anualy in acordance with government requirements, gaining
recognition from the local government and providing an important
basis for increasing our production capacity. During the Year, Kaiyuan
Company has ben permited by local government industry and
energy competent department to increase its production capacity at
the Enlarged Kaiyuan Mine (as defined below) from 900,000 tones
per anum to 4,000,000 tones per anum, while its mining area
remains aproximately 4.112 km
(References could be made to
the anouncement of the Company dated 7 March 2025). During
the Year, the Group made substantial expenditures in capital asets
within the mining operations. These expenditures were aimed at
advancing automation and technology to achieve an unmaned
coal mining operation, enhancing eficiency and operational safety.
Despite the above, the Company foreses chalenges in the upcoming
future, particularly, the downward trend of coal prices resulting from
increased suply and competition in the local industry, as wel as the
increase of expenditures in capital asets of the coal mining busines.
Consequently, the Company expects a potential negative impact on
its coal mining busines.
Due to the adverse economic climate in Hong Kong and worldwide
for the Year, we are facing a dificult busines environment, which
has negatively impacted our IT Services busines. The Board is
curently evaluating strategic options that may include phasing out
our IT Services busines. Yet, our Group wil continue our focus on
developing the existing busines including coal mining capacity and
technology upgrades, while in the long run, we continue to maintain a
diversified busines.
* English translation for identification purposes only.
Anual Report 2024/25 年报
CHAIRMAN’S STATEMENT 主席报告
* English translation for identification purposes only.
#
The “Optimization and Upgrading Plan” was previously refered to as the
“Management Restructuring Plan” in the anouncement of the Company
dated 11 November 2011 and in the anouncements, notices, circulars,
interim reports and anual reports of the Company thereafter.
#
「优化升级方案」之前于本公司日期为二零一
年十一月十一日之公告以及本公司其后之公
告、通告、通函、中报及年报中称为「管理重
组计划」。
maJor eVents
Acquisition of the New Mining Right of the Enlarged
Kaiyuan Mine
As disclosed in the anouncements of the Company dated 11
November 2011, 21 March 2012, 15 June 2012, 21 March 2014,
15 August 2017, 28 March 2018, 14 December 2018, 31 December
2018, 15 May 2019, 31 May 2019, 4 November 2019 and 15
November 2019, the Group negotiated with the Department of
Natural Resources of Xinjiang Uygur Autonomous Region* (新疆维
吾尔自治区自然资源厅) of the Mainland China (the “Xinjiang Natural
Resources Department”) regarding the Optimization and Upgrading
Plan
#
relating to the Kaiyuan Open Pit Coal Mine (the “Kaiyuan Mine”)
(i.e. the operating coal mine of the Group in Xinjiang), in particular,
to increase the mining area of the Kaiyuan Mine and obtain the
coresponding new mining right.
(i) Mulei County Kai Yuan Company Limited* (木垒县凯源煤炭有
限责任公司) (“Kaiyuan Company”), an indirect wholy-owned
subsidiary of the Company, as the transfere and Xinjiang
Natural Resources Department as the transferor entered into
the transfer agrement (the “Transfer Agrement”) dated 2
December 2019, pursuant to which Kaiyuan Company acquired
the new mining right (the “New Mining Right”) of the Kaiyuan
Mine with an enlarged mining area (including the original mining
area of aproximately 1.1596 km
) of 4.1123 km
in Xinjiang
(the “Enlarged Kaiyuan Mine”) for 30 years from August 2019 to
August 2049 from the Xinjiang Natural Resources Department
to conduct mining activities at the Enlarged Kaiyuan Mine
at a consideration of Renminbi (“RMB”) 160,978,000 (the
“Acquisition”);
(i) the estimated coal resources of the Enlarged Kaiyuan Mine are
41.6433 milion tones for the mining life of 30 years under the
Transfer Agrement;
(i) the new mining permit (the “New Mining Permit”) in respect
of the New Mining Right with mining term of 1 year from 21
December 2018 to 21 December 2019 regarding the New
Mining Right was granted to Kaiyuan Company on 3 November
2018, which has ben renewed for two years from 21
December 2019 to 21 December 2021; On 10 October 2021,
the New Mining Right has ben further renewed for ten years
from 11 October 2021 to 11 October 2031;
重大事项
收购经扩大凯源煤矿之新采矿权
诚如本公司日期为二零一年十一月十一
日、二零一二年三月二十一日、二零一二
年六月十五日、二零一四年三月二十一日、
二零一七年八月十五日、二零一八年三月
二十八日、二零一八年十二月十四日、二零
一八年十二月三十一日、二零一九年五月
十五日、二零一九年五月三十一日、二零
一九年十一月四日及二零一九年十一月十五
日之公告所披露，本集团与中国内地新疆维
吾尔自治区自然资源厅（「新疆自然资源厅」）
磋商凯源露天煤矿（「凯源煤矿」）（即于新疆
经营本集团之煤矿）之优化升级方案
#
，尤其
是扩大凯源煤矿之开采面积及取得相应之新
采矿权。
(i) 本公司间接全资附属公司木垒县凯源
煤炭有限责任公司（「凯源公司」）（作为
受让方）与新疆自然资源厅（作为出让
方）订立日期为二零一九年十二月二日
之出让协议（「出让协议」），据此，凯
源公司向新疆自然资源厅收购凯源煤
矿于新疆之经扩大矿区（包括原矿区约
1.1596平方公里）4.1123平方公里（「经
扩大凯源煤矿」）之新采矿权（「新采矿
权」），年期由二零一九年八月起至二
零四九年八月止为期三十年，以于经
扩大凯源煤矿进行采矿业务，代价为
人民币（「人民币」）160,978,000元（「收
购事项」）；
(i) 根据出让协议，就30年之开采寿命而
言，经扩大凯源煤矿之估计煤矿资源
为41.6433百万吨；
(i) 凯源公司于二零一八年十一月三日获
授有关新采矿权之新采矿许可证（「新
采矿许可证」）（开采期限由二零一八
年十二月二十一日起至二零一九年
十二月二十一日止为期一年），该许
可证已重续两年，由二零一九年十二
月二十一日起至二零二一年十二月
二十一日止；于二零二一年十月十
日，新采矿权已再次重续，由二零
二一年十月十一日至二零三一年十月
十一日止，为期十年；
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CHAIRMAN’S STATEMENT 主席报告
重大事项（续）
收购经扩大凯源煤矿之新采矿权（续）
(iv) 根据出让协议，凯源公司有权就新采
矿权之余下期限申请重续新采矿许可
证；
(v) 代价人民币160,978,000元将由凯
源公司分十五期向新疆自然资源厅
以现金结付：(a)第一期金额人民币
32,200,000元由凯源公司支付；(b)第
二至十四期每期金额人民币9,200,000
元将于二零二零年至二零三二年期间
每年十一月二十日前支付；及(c)最后
一期金额人民币9,178,000元将于二零
三年十一月二十日前支付；
(vi) 根据香港联合交易所有限公司证券上
市规则（「上市规则」），收购事项构成
本公司之非常重大收购事项，而有关
收购事项之进一步资料已于日期为二
零二零年八月十九日之通函内披露；
及
(vi) 作为出让协议之一部分，凯源公司须
就凯源煤矿之19.8百万吨煤炭（即凯
源煤矿于二零一七年末之累计产出量
23.65百万吨与产出量3.8819百万吨
之间的差额）向新疆自然资源厅支付补
充资源费人民币76,502,500元（「资源
费」）（该产出量之资源费已由凯源公司
向新疆自然资源厅支付），并已于截至
二零二零年三月三十一日止年度之损
益内确认。根据本公司有关中国内地
法律的法律顾问所给予之意见，除支
付资源费外，根据出让协议之条款凯
源公司毋须支付任何与原凯源煤矿有
关之费用。
maJor eVents (continued)
Acquisition of the New Mining Right of the Enlarged
Kaiyuan Mine (continued)
(iv) Kaiyuan Company has the right to aply for the renewal of New
Mining Permit for the remaining period of the New Mining Right
under the Transfer Agrement;
(v) the consideration of RMB160,978,000 shal be setled in
cash and paid by Kaiyuan Company to the Xinjiang Natural
Resources Department in fiften instalments: (a) the first
instalment in an amount of RMB32,200,000 was paid by
Kaiyuan Company; (b) the second to fourtenth instalments
in an amount of RMB9,200,000 each shal be paid before 20
November of every year from 2020 to 2032; and (c) the last
instalment in an amount of RMB9,178,000 shal be paid before
20 November 2033;
(vi) the Acquisition constituted a very substantial acquisition for the
Company under the Rules Governing the Listing of Securities on
the Stock Exchange of Hong Kong Limited (the “Listing Rules”)
and further information on the Acquisition was disclosed in the
circular dated 19 August 2020; and
(vi) as part of the Transfer Agrement, Kaiyuan Company
is required to pay a suplemental resources fe of
RMB76,502,500 (the “Resources Fe”) to the Xinjiang Natural
Resources Department for 19.8 milion tones of coal of
Kaiyuan Mine, which represented the diference betwen the
acumulated output of 23.65 milion tones of the Kaiyuan Mine
at the end of 2017 and the output of 3.8819 milion tones
(Resources Fe of such output had ben paid by Kaiyuan
Company to the Xinjiang Natural Resources Department) and
recognised in the profit or los for the year ended 31 March
2020. Based on the advice given by the legal adviser of the
Company as to the laws of the Mainland China, other than the
payment of the Resources Fe, Kaiyuan Company wil not be
subject to any fes relating to the original Kaiyuan Mine pursuant
to the terms of the Transfer Agrement.
Anual Report 2024/25 年报
CHAIRMAN’S STATEMENT 主席报告
重大事项（续）
测试、检查及认证每年900,000吨
之扩充计划以及进一步增加至每年
4,000,000吨之许可量
自二零一零年起，凯源公司一直就扩充计
划提出申请，以将煤炭产能提升至每年
900,000吨。由于规划、政策及其他程序之
时间限制，凯源煤矿之扩充计划经历数年时
间方获地方机关批准。于项目批准后，凯源
公司仍需要进行取得采矿许可证及其他许可
证以及文档之程序以完成该项目。于二零
一九年底取得每年900,000吨之新采矿许可
证，开采期限由二零一八年十二月二十一日
至二零一九年十二月二十一日为期一年。
兹提述本公司日期分别为二零一年十一
月十一日、二零一二年三月十二日、二零
一二年三月二十一日、二零一二年六月十五
日、二零一四年三月二十一日、二零一八年
三月二十八日、二零一八年十二月十四日、
二零一八年十二月三十一日、二零一九年五
月十五日、二零一九年五月三十一日、二零
一九年十一月四日及二零一九年十一月十五
日之公告（统称「该等公告」）。于二零一九
年底，凯源公司已就凯源煤矿由原开采面积
约1.1596平方公里（「原凯源煤矿」）扩大至
4.1123平方公里（「经扩大凯源煤矿」）之经扩
大开采面积（包括原开采面积）获授凯源扩大
范围采矿权之新采矿许可证。新采矿许可证
涵盖约4.1123平方公里之开采面积，设计产
能为每年900,000吨，相当于原凯源煤矿设
计年产能90,000吨之十倍。
凯源公司其后开始建设必要之设施以满足提
升之采矿产能。所有建设之设施须待相关政
府机关及其专家检查、测试及批准。所有建
设、检查及测试程序于Covid-19期间减慢，
惟最终检查及测试程序最后于二零二三年底
进行及完成。
maJor eVents (continued)
The Testing, Checking and Verification of the 900,000
Tones/Year Expansion Project and further Increment to
4,000,000 Tones/Year Permision
Since 2010, Kaiyuan Company had ben aplying for the expansion
project to upgrade the coal mine capacity to 900,000 tones per year.
Due to the time constraints of planing, policies, and other procedures,
the Kaiyuan Mine’s expansion project experienced several years’ time
to obtain aproval from the local authorities. After the project aproval,
Kaiyuan Company stil neded to undergo the proces of obtaining the
mining permit and other relevant licences and documentations in order
to complete the project. In late 2019, the 900,000 tones/year New
Mining Permit with mining term of 1 year from 21 December 2018 to 21
December 2019 was obtained.
References are made to the anouncements of the Company dated 11
November 2011, 12 March 2012, 21 March 2012, 15 June 2012, 21
March 2014, 28 March 2018, 14 December 2018, 31 December 2018,
15 May 2019, 31 May 2019, 4 November 2019 and 15 November
2019 respectively (colectively, the “Anouncements”). In late 2019,
Kaiyuan Company had ben granted the New Mining Permit in respect
of the Kaiyuan Extended Area Mining Right for the Kaiyuan Mine with
an enlarged mining area (including the original mining area) from the
original mining area of aproximately 1.1596 km
(the “Original Kaiyuan
Mine”) to 4.1123 km
(the “Enlarged Kaiyuan Mine”). The New Mining
Permit covered a mining area of aproximately 4.1123 km
with
designed capacity of 900,000 tones/year, representing ten times of
the designed anual capacity of 90,000 tones of the Original Kaiyuan
Mine.
Kaiyuan Company then started to build the necesary facilities to cater
for the increased mining capacities. Al facilities built neded to be
checked, tested and aproved by the relevant government authorities
and their experts. Al building, checking and testing proceses were
slowed down during the Covid-19 period, but eventualy the final
checking and testing proceses were done and completed in late 2023.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CHAIRMAN’S STATEMENT 主席报告
重大事项（续）
测试、检查及认证每年900,000吨
之扩充计划以及进一步增加至每年
4,000,000吨之许可量（续）
于完成设计后，每年900,000吨之扩充计划
于二零二一年初开始建设。于二零二年六
月至十一月，项目正式进入每年900,000吨
之扩充计划之试运行阶段。自建设期间以
来，测试、检查及认证乃由专家进行并提交
至当地政府机关，并已获发相关意见函及证
书，意味著为完成扩充计划向前迈进。于二
零二三年九月，一组专家就文件进行专门检
查，而其成功通过专家组之评估。与此同
时，一组专家就每年900,000吨之扩充计划
进行全面完工测试及认证，并获发完工认证
意见书。于二零二三年十月及十一月，昌吉
州应急局及自治区应急厅（「昌吉州应急局及
自治区应急厅」）组织专家就申请安全生产许
可证进行初步检测，并成功获批。昌吉州应
急局及自治区应急厅同意发出安全生产许可
证，最终许可证要求完成每年900,000吨之
扩充计划。
于本年度，凯源公司已获当地政府行业及能
源主管部门批准将经扩大凯源煤矿的产能由
每年900,000吨增加至每年4,000,000吨，而
其采矿区仍维持约4.112平方公里（可参阅本
公司日期为二零二五年三月七日之公告）。
经扩大后的凯源煤矿是一个符合当地法规、
文件及许可证完备的煤矿，为本集团的可持
续发展奠定了坚实的基础。上述产能的提升
将继续需要对设备、机器及设施进行大量资
本投资，以促进采矿业务的增加。
maJor eVents (continued)
The Testing, Checking and Verification of the 900,000
Tones/Year Expansion Project and further Increment to
4,000,000 Tones/Year Permision (continued)
After completing the design, the construction of the 900,000 tones/
year expansion project started in early 2021. From June to November
2022, the project oficialy entered the trial operation phase of the
900,000 tones/year expansion project. Since the construction
period, testing, checking and verification were conducted by
experts, which were filed to the local government authorities, and
relevant opinion leters and certificates were isued, implying steps
forward to the completion of expansion project. In September
2023, a specialized checking of the documents was conducted by
a group of experts, and it sucesfuly pased the expert group’s
evaluation. At the same time, a comprehensive completion testing,
checking and verification of the 900,000 tones/year expansion
project was conducted by a group of experts, and a completion
verification opinion leter for the project was isued. In October and
November 2023, the Changji Emergency Bureau and Autonomous
Region Emergency Department (“Changji EBARED”)* (昌吉州应急
局及自治区应急厅) organized experts to perform the inspection of
the aplication for the Work Safety Permit and it was sucesfuly
aproved. The Changji EBARED agred to isue the Work Safety
Permit, the final permit required to complete 900,000 tones/year
expansion plan.
During the Year, Kaiyuan Company has ben permited by local
government industry and energy competent department to increase
its production capacity at the Enlarged Kaiyuan Mine from 900,000
tones per anum to 4,000,000 tones per anum, while its mining
area remains aproximately 4.112 km
(References could be made to
the anouncement of the Company dated 7 March 2025).
The Enlarged Kaiyuan Mine is a coal mine operating in compliance
with local rules and regulations, with complete documentation and
permits, which has laid a solid foundation for the Group’s sustainable
development. The increased production capacity mentioned
above would continue to require substantial capital investment into
equipment, machinery and facilities to facilitate increased mining
operations.
* English translation for identification purposes only.
Anual Report 2024/25 年报
CHAIRMAN’S STATEMENT 主席报告
ProsPects
The Group actively proceded with the Optimization and Upgrading
Plan since 2011 in relation to the New Mining Right of the Enlarged
Kaiyuan Mine. The Acquisition enlarged the Group’s coal resources
and alowed the Group to enhance the development of its sales
operations of Kaiyuan Mine in the future. The Directors consider
that the transaction is in line with the Group’s strategy to expand
the coal mining busines of the Group. In 2021, Kaiyuan Company
sucesfuly renewed and received the renewed New Mining Permit
isued by the Xinjiang Natural Resources Department, pursuant to
which the term of the mining right of the Enlarged Kaiyuan Mine is
renewed for a period of 10 years from 11 October 2021 to 11 October
2031.
Despite Kaiyuan Company’s achievement in obtaining complete
documentation and permits including the New Mining Permit and the
Work Safety Permit in 2019 and 2023 respectively, the Company
foreses continuing chalenges in the upcoming future, particularly,
that there has ben a downward trend of coal prices in 2025. This
may be a combined efect of various factors, such as (i) the local
government granting coal mines in the Zhundong district in the
Mainland China aditional mining and production capacity (in the
case of the Enlarged Kaiyuan Mine, its production capacity has ben
increased from 900,000 tones per anum to 4,000,000 tones per
anum). In such circumstances where there is an increased suply
of coal amidst relatively steady demand, the Company has observed
and anticipates a posible continuing significant decrease in coal
prices as a result of the increased competition in the region; and (i)
the Company evaluating any ned to make substantial expenditures
in capital asets (including advancing automation and technology,
and making relevant electricity enhancements utilizing gren energy)
to acomodate the aforementioned increased mining operations,
enhancing eficiency and maintaining operational safety. In agregate,
the Group expects a potential decrease in the profit margin of its coal
mining busines in the coming months. Nonetheles, loking ahead,
we wil strive to further increase production capacity, maintain financial
stability, and continue to ensure proper compliance and governance
at the same time.
前景
自二零一年以来，本集团积极进行经扩大
凯源煤矿新采矿权之优化升级方案。收购事
项已扩大本集团之煤矿资源，有助本集团日
后进一步发展凯源煤矿的销售业务。董事认
为，该交易与本集团扩大其煤矿业务之战略
相一致。于二零二一年，凯源公司成功重续
并获新疆自然资源厅签发经重续新采矿许可
证，据此，经扩大凯源煤矿的采矿权期限重
续期由二零二一年十月十一日至二零三一年
十月十一日止，为期十年。
尽管凯源公司分别在二零一九年及二零二三
年实现取得完整文档及许可证（包括新采矿
许可证及安全生产许可证），但本公司预期
未来将面临持续挑战，尤其是二零二五年煤
炭价格呈下降趋势。这可能是多种因素的综
合影响，例如(i)当地政府授予中国内地准东
区煤矿额外的开采及生产能力（就经扩大凯
源煤矿而言，其产能已由每年900,000吨增
加至每年4,000,000吨）。在煤炭供应增加而
需求相对稳定的情况下，本公司已观察到并
预期煤炭价格会因区内竞争加剧而可能持续
大幅下降；及(i)本公司正在评估是否需在资
本资产方面作出庞大开支（包括提升自动化
及技术，以及进行使用绿色能源的相关电力
改善），以配合上述采矿业务的增加、提升
效率及维持营运安全。总体而言，本集团预
期未来数月的煤矿业务利润率可能下降。尽
管如此，展望将来，我们将致力进一步提升
产能、维持财务稳定性以及同时继续确保妥
善合规及管治。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CHAIRMAN’S STATEMENT 主席报告
ProsPects (continued)
In the coming years, there wil be (i) a reasonable expected amount
of expenditure in capital asets, in particular for the new plants,
machines and facilities for the continuous environmental protection
works and potential future capacity and technology upgrades,
infrastructural development and sustainable development and (i)
reasonable expenditures for works required by the Safety Bureau to
maintain safety standard of our coal mine. Sources of funding are
expected to come primarily from the coal sales revenue and external
banking facilities of the Group if necesary.
In adition to coal mining, the Group has ben exploring new markets
and developing its busines coverage on technological and renewable
energy sectors. It is one of the objectives of the Group to diversify its
busines portfolio into sectors ofering higher growth momentum.
Due to the adverse economic climate in Hong Kong and worldwide,
we are facing a dificult busines environment, which has negatively
impacted our IT Services busines. The Board is curently evaluating
strategic options that may include phasing out our IT Services
busines. This consideration aligns with our comitment to optimizing
our service oferings and focusing on areas that best.
The Board wil use its best endeavors to manage the Group’s
busines portfolio with a view to improving the Group’s financial
performance and enhance shareholders’ value.
aPreciation
I wish to thank my felow Directors, management and staf for their
unrelentles eforts for the busines development of the Company.
On behalf of the Board, I expres our sincere gratitude to our
shareholders, customers, supliers, employes and busines
partners for their continuing suport of the Company.
By Order of the Board
Kwan Man Fai
Chairman
Hong Kong, 20 June 2025
前景（续）
于未来数年，(i)将就资本资产（尤其是新厂
房、机器及设施）产生合理预期开支，以供
持续环保工程及潜在未来产能及技术升级、
基建发展及以及可持续发展之用；及(i)将就
安全局要求维持煤矿的安全标准所作工作支
付合理开支。预期资金来源主要来自本集团
之煤炭销售收益及外部银行融资（如需要）。
除煤矿开采外，本集团一直开拓新市场及扩
大其于技术及可再生能源分部之业务范围。
本集团目标之一是将其业务组合多元化，进
入能提供较高增长动力的行业。
由于香港及全世界之不利经济环境，我们正
面对艰难之营商环境，对我们之资讯科技服
务业务构成负面影响。董事会目前正在评估
策略方案，其中可能包括逐步淘汰我们的资
讯科技服务业务。此项考量与我们优化服务
种类及专注于最佳领域的承诺一致。
董事会将尽最大努力管理本集团的业务组
合，旨在改善本集团的财务表现及提升股东
价值。
致谢
本人谨此答谢各董事、管理层及员工努力不
懈，为本公司之业务发展作出贡献。本人谨
代表董事会就各股东、客户、供应商、雇员
及业务伙伴一直以来对本公司之鼎力支持深
表谢意。
承董事会命
关文辉
主席
香港，二零二五年六月二十日
Anual Report 2024/25 年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
financiaL reVieW
Revenue
The Group recorded a revenue of aproximately HK$327,049,000
for the Year (2024: aproximately HK$116,069,000). It represents
an increase of aproximately HK$210,980,000 or aproximately
181.77% as compared with the previous year.
Coal Mining Busines
During the Year, the revenue of aproximately HK$319,597,000 of the
coal mining busines increased by aproximately HK$221,537,000
or aproximately 225.92% as compared to aproximately
HK$98,060,000 in the previous year. The increase in revenue
was mainly due to the increase in sales volume but the decrease
in average seling price of coal during the Year. The Group sold
aproximately 2,704,639 tones (2024: aproximately 630,302
tones) of coal during the Year, increased by 2,074,337 tones or
aproximately 329.10% compared to that in the previous year. The
revenue increased significantly due to the net efect of sales volume
increase, and the average seling prices per ton decreased from
HK$155.58 to HK$118.17, representing a decrease of aproximately
HK$37.41 per ton or 24.05% per ton during the Year.
Renewable Energy Busines
During the Year, the renewable energy busines recorded a
revenue of aproximately HK$3,676,000 (2024: aproximately
HK$3,487,000). The increase in revenue of the renewable energy
busines amounting to aproximately HK$189,000 or 5.42% was
mainly due to the efect of exchange rate during the Year.
IT Services Busines
During the Year, the IT Services busines contributed a revenue of
aproximately HK$3,776,000 (2024: aproximately HK$14,522,000).
The drastic decrease in revenue of aproximately HK$10,746,000
or aproximately 74.00% was mainly due to the sustained adverse
economic climate in Hong Kong and worldwide and ken competition
in IT service sector, in which the busines of IT Services experienced
chalenges.
Cost of services and gods sold
Coal Mining Busines
The cost of sales of the coal mining busines for the Year
was aproximately HK$167,651,000 (2024: aproximately
HK$58,085,000). The cost mainly comprises direct labor cost, cost
for explosive works, depreciation, amortisation and cost of materials,
etc. The increase in cost of sales was mainly a result of the increase in
production cost and local resource related levies during the Year.
财务回顾
收益
于本年度内，本集团录得收益约327,049,000
港元（二零二四年：约116,069,000港元），
与去年相比增加约210,980,000港元或约
181.77%。
煤矿业务
于本年度内，煤矿业务收益约319,597,000
港元，与去年约98,060,000港元相比增加约
221,537,000港元或约225.92%。收益增加
乃主要由于本年度内煤炭销量增加及平均售
价减少。本集团于本年度销售约2,704,639
吨（二零二四年：约630,302吨）煤炭，较
去年增加2,074,337吨或约329.10%。收益
大幅增加是由于销售量增加的净影响，而
每吨平均售价于本年度由155.58港元减少
至118.17港元，即每吨减少约37.41港元或
24.05%。
可再生能源业务
于本年度内，可再生能源业务录得收益约
3,676,000港元（二零二四年：约3,487,000
港元）。可再生能源业务收益增加约189,000
港元或5.42%，主要由于本年度汇率的影
响。
资讯科技服务业务
于本年度内，资讯科技服务业务贡献收益约
3,776,000港元（二零二四年：约14,522,000
港元）。收益大幅减少约10,746,000港元或
约74.00%，主要由于香港及全世界之不利
经济环境以及资讯科技服务领域之竞争激
烈，令资讯科技服务业务面对挑战所致。
已售服务及货品成本
煤矿业务
于本年度，煤矿业务之销售成本约
167,651,000港元（二零二四年：约58,085,000
港元）。成本主要包括直接劳动成本、爆破工
程成本、折旧、摊销以及材料成本等。销售
成本的增幅乃主要由于本年度之生产成本及
地方资源相关征收费用上升。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
financiaL reVieW (continued)
Cost of services and gods sold (continued)
Renewable Energy Busines
During the Year, the cost of services of the renewable energy
busines was aproximately HK$1,935,000 (2024: aproximately
HK$1,854,000). The increase in cost of services of the renewable
energy busines was mainly due to the efect of exchange rate during
the Year.
IT Services Busines
During the Year, the cost of services and gods sold of the IT Services
busines was aproximately HK$3,937,000 (2024: aproximately
HK$12,992,000). The decrease in cost of services and gods sold
was largely in line with the decrease of revenue during the Year.
Gros profit
The gros profit of the Group for the Year increased to aproximately
HK$153,526,000 (2024: aproximately HK$43,138,000). It
represents an increase of aproximately HK$110,388,000 or
aproximately 255.90% and gros profit margin increased
by aproximately 9.77 percentage points from aproximately
37.17% for the previous year to aproximately 46.94% for the
Year. Coal mining busines contributed a gros profit significantly
amounting to aproximately HK$151,946,000 (2024: aproximately
HK$39,975,000); IT Services busines contributed a gros los of
aproximately HK$161,000 (2024: gros profit of aproximately
HK$1,530,000); and renewable energy busines contributed a
gros profit of aproximately HK$1,741,000 (2024: aproximately
HK$1,633,000).
Other revenue
The Group’s other revenue for the Year was aproximately
HK$4,593,000 (2024: aproximately HK$3,563,000), representing an
increase of aproximately HK$1,030,000 or aproximately 28.91%
as compared with the previous year. This was mainly due to the net
efect of 1) increase of government grants in Mainland China from
local Special Fund for Foreign Trade and Economic Development
provided amounting to aproximately HK$2,795,000 (2024: Nil); and
2) decreased interest income to aproximately HK$1,495,000 (2024:
aproximately HK$2,745,000).
财务回顾（续）
已售服务及货品成本（续）
可再生能源业务
于本年度内，可再生能源业务之服务成本约
1,935,000港元（二零二四年：约1,854,000
港元）。可再生能源业务之服务成本增加主
要由于本年度汇率的影响。
资讯科技服务业务
于本年度内，资讯科技服务业务之已售服务
及货品成本约3,937,000港元（二零二四年：
约12,992,000港元）。本年度已售服务及货
品成本之跌幅与收益跌幅基本一致。
毛利
本集团于本年度之毛利增加至约
153,526,000港元（二零二四年：约
43,138,000港元），较去年增加约
110,388,000港元或约255.90%，而毛利
率由去年约37.17%增加约9.77个百分点
至本年度约46.94%。煤矿业务大幅贡献
毛利约151,946,000港元（二零二四年：约
39,975,000港元），而资讯科技服务业务及
可再生能源业务分别贡献毛损约161,000
港元（二零二四年：毛利约1,530,000港元）
及毛利约1,741,000港元（二零二四年：约
1,633,000港元）。
其他收益
本集团于本年度之其他收益约4,593,000港
元（二零二四年：约3,563,000港元），较去
年增加约1,030,000港元或约28.91%，此乃
主要由于以下各项原因之净影响：1)增加中
国内地的当地外经贸发展专项资金的政府
补助约2,795,000港元（二零二四年：无）；
及2)利息收入减少至约1,495,000港元（二零
二四年：约2,745,000港元）。
Anual Report 2024/25 年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
financiaL reVieW (continued)
Administrative and other operating expenses
The Group’s administrative and other operating expenses for the
Year was aproximately HK$59,002,000 (2024: aproximately
HK$61,588,000), representing a decrease in aproximately
HK$2,586,000 or aproximately 4.20% as compared with the
previous year. This was mainly due to the net efect of 1) the
increase in salaries and bonus of aproximately HK$13,295,000;
2) no suplemental environmental related fes for the Year (2024:
aproximately HK$7,043,000); 3) the decrease in amortisation
and depreciation charged by aproximately HK$1,493,000; and
4) the decrease of other operating expenses of aproximately
HK$8,867,000.
Profit for the Year
Profit for the Year of the Group was aproximately HK$71,788,000
(2024: profit of aproximately HK$37,697,000), representing an
increase of profit of aproximately HK$34,091,000 as compared with
the previous year. The increase was mainly due to the net efect of the
folowing:
a) the net exchange gain of aproximately HK$565,000 (2024: net
exchange los of aproximately HK$3,464,000);
b) the increase in gros profit by aproximately HK$110,388,000;
c) the increase in other revenue by aproximately HK$1,030,000;
d) the decrease in administrative and other operating expenses by
aproximately HK$2,586,000;
e) fair value gain of convertible bond designated as financial
liabilities at FVPL of aproximately HK$11,145,000 (2024:
aproximately HK$62,794,000);
f) the increase in the finance costs by aproximately
HK$1,721,000;
g) no impairment los on property, plant and equipment during the
Year (2024: aproximately HK$1,016,000); and
h) the increase in income tax expenses by aproximately
HK$30,999,000.
财务回顾（续）
行政及其他经营费用
于本年度，本集团之行政及其他经营费
用约59,002,000港元（二零二四年：约
61,588,000港元），较去年减少约2,586,000
港元或约4.20%，主要由于以下各项之净影
响所致：1)薪金及花红增加约13,295,000港
元；2)本年度并无补充环境相关费用（二零
二四年：约7,043,000港元）；3)计提之摊销
及折旧减少约1,493,000港元；及4)其他经
营开支减少约8,867,000港元。
本年度溢利
本集团于本年度之溢利约为71,788,000港元
（二零二四年：溢利约37,697,000港元），较
去年溢利增加约34,091,000港元。增加乃主
要由于以下各项原因之净影响：
a) 汇兑收益净额约565,000港元（二零
二四年：汇兑亏损净额约3,464,000港
元）；
b) 毛利增加约110,388,000港元；
c) 其他收益增加约1,030,000港元；
d) 行政及其他经营费用减少约2,586,000
港元；
e) 指定为按公平值列账并在损益内处理
之金融负债之可换股债券之公平值收
益约11,145,000港元（二零二四年：约
62,794,000港元）；
f) 融资成本增加约1,721,000港元；
g) 本年度内并无物业、厂房及设备减
值亏损（二零二四年：约1,016,000港
元）；及
h) 所得税开支增加约30,999,000港元。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
financiaL reVieW (continued)
Profit for the Year (continued)
Change in fair value and los arising from modification of
convertible bond designated as financial liabilities at FVPL
The zero coupon convertible bond (the “Convertible Bond”) of the
Company in the principal amount of HK$200,000,000 was isued on
14 March 2008 with a conversion price of HK$0.2 per share (subject
to adjustments) and maturity date of 17 March 2011 (details of which
were set out in the anouncements of the Company dated 28 January
2008 and 14 March 2008).
The maturity date of the Convertible Bond was then extended to 13
March 2014, 13 March 2017, 13 March 2020, 13 March 2023, and
further extended to 13 March 2026 (details of which were respectively
set out in the circulars of the Company dated 21 February 2011,
13 February 2014, 16 February 2017, 24 February 2020 and 16
November 2022 and anouncements of the Company dated 11
March 2011, 10 March 2014, 7 March 2017, 11 March 2020 and 9
December 2022).
As at the date of this anual report, the outstanding principal amount
of the Convertible Bond is HK$200,000,000.
The Company conducted valuation for the fair value of the Convertible
Bond every financial year after its isuance in compliance with the
relevant acounting policies. The Company has engaged ValQuest
Advisory (Hong Kong) Limited (“ValQuest”) as its independent
profesional valuer for the purpose of asesing the fair value of the
Convertible Bond as at 31 March 2025. In asesing the fair value of
the Convertible Bond, the binomial model was adopted and factors
including stock price of the Company, specific terms and structure
of the Convertible Bond, and ancilary efects asociated with the
exercise or conversion and partial conversion of the Convertible Bond
were taken into acount. As an input to the valuation model, the
referencing credit rating for our Company is changed to a rating of B
on 31 March 2025 with reference to Mody’s Rating Methodology,
where the discount rate adopted is 9.92% (2024: 22.92%) estimated
base on those of corporate bonds with isuer credit rating of B+ to B-
with similar time to maturity. The fair value of Convertible Bond on 31
March 2025 is evaluated based on the credit rating of B.
财务回顾（续）
本年度溢利（续）
修改指定为按公平值列账并在损益内处理之
金融负债之可换股债券产生之公平值变动及
亏损
本公司本金额为200,000,000港元之零票息
可换股债券（「可换股债券」）于二零八年三
月十四日发行，转换价为每股份0.2港元
（可予调整）及到期日为二零一年三月十七
日（有关详情载列于本公司日期为二零八
年一月二十八日及二零八年三月十四日之
公告）。
可换股债券之到期日其后延长至二零一四年
三月十三日、二零一七年三月十三日、二零
二零年三月十三日、二零二三年三月十三
日，并进一步延长至二零二六年三月十三
日（有关详情分别载列于本公司日期为二零
一年二月二十一日、二零一四年二月十三
日、二零一七年二月十六日、二零二零年二
月二十四日及二零二年十一月十六日之通
函以及本公司日期为二零一年三月十一
日、二零一四年三月十日、二零一七年三月
七日、二零二零年三月十一日及二零二年
十二月九日之公告）。
于本年报日期，可换股债券之尚未偿还本金
额为200,000,000港元。
本公司自发行可换股债券以来每个财政年度
根据相关会计政策就可换股债券之公平值进
行估值。本公司已委任中诚达行（香港）有限
公司（「中诚达行」）担任其独立专业估值师，
以评估可换股债券于二零二五年三月三十一
日之公平值。评估可换股债券之公平值时采
纳二项式模式并计及本公司股价、可换股债
券之特别条款及架构以及与行使或转换及部
分转换可换股债券有关之附带影响等因素。
作为估值模型的输入数据，经参照穆迪评级
方法，本公司的参考信贷评级于二零二五年
三月三十一日更改为评级B，获采纳的贴现
率为9.92%（二零二四年：22.92%），估算以
信贷评级为B+至B-的发行人所发行到期日
相若的企业债券之资料为基础。可换股债券
于二零二五年三月三十一日的公平值乃以信
贷评级B为基础予以评估。
Anual Report 2024/25 年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
financiaL reVieW (continued)
Profit for the Year (continued)
Change in fair value and los arising from modification of
convertible bond designated as financial liabilities at FVPL
(continued)
The fair values of the Convertible Bond were aproximately
HK$205,948,000 and aproximately HK$208,149,000 as at 31
March 2025 and 2024, respectively. The amounts were asesed and
reviewed by the Directors and reviewed and audited by the auditor
of the Company. Acording to the relevant acounting policies, the
decrease in fair value of the Convertible Bond represents an decrease
in liabilities of the Company. The gain on fair value change of the
Convertible Bond of aproximately HK$11,145,000 was derived by
taking the diference betwen the fair value of the Convertible Bond
as at 31 March 2025 and 2024, and the efect of the fair value change
arising from change of credit risk of aproximately HK$8,944,000
charged to other comprehensive income. The significant change in
fair value of the Convertible Bond was mainly due to the change in
credit rating of the Company during the Year being Mody’s Rating
Methodology with a rating of B (2024: Standard & Por’s Corporate
Rating Criteria at C).
seGment information
Busines segment
Information reported to the executive Directors, being identified as the
chief operating decision makers (the “CODM”), for the purposes of
resource alocation and asesment of segment performance focuses
on types of gods delivered or services rendered. No operating
segments identified by the CODM have ben agregated in ariving at
the reportable segments of the Group.
Specificaly, the Group’s reportable and operating segments are as
folows:
- : mining and sales of coal mine in
Xinjiang, Mainland China;
- : service income from
renewable energy solutions in Malaysia; and
- : provision of IT Services in Hong
Kong, Singapore, Malaysia and the UK.
Segment revenue and results
Segment revenue represents revenue derived from (i) coal mining
busines, (i) renewable energy busines and (i) IT Services busines.
财务回顾（续）
本年度溢利（续）
修改指定为按公平值列账并在损益内处理之
金融负债之可换股债券产生之公平值变动及
亏损（续）
于二零二五年及二零二四年三月三十一日，
可换股债券之公平值分别约为205,948,000
港元及约208,149,000港元。有关金额经董
事评估及审阅并经本公司核数师审阅及审
核。根据有关会计政策，可换股债券公平值
减少即本公司负债减少。可换股债券之公平
值变动收益约11,145,000港元乃经计及可
换股债券于二零二五年及二零二四年三月
三十一日之公平值差额及产生自信贷风险变
动约8,944,000港元并扣除自其他全面收益
的公平值变动之影响得出。可换股债券公平
值重大变动乃主要由于本公司的信贷评级于
本年度发生变动，即穆迪评级方法的评级为
B级（二零二四年：标准普尔公司评级准则为
C级）
分类资料
业务分类
就资源分配及分类表现评估而向执行董事
（被认定为主要营运决策者（「主要营运决策
者」）报告之资料，主要集中于所交付货品
或所提供服务之类型。于达致本集团之可报
告分类时概无汇集由主要营运决策者识别之
经营分类。
具体而言，本集团之可报告及经营分类如
下：
- ：于中国内地新疆之煤
矿开采及销售；
- ：马来西亚可再
生能源解决方案之服务收入；及
- ：于香港、新
加坡、马来西亚及英国提供资讯科技
服务。
分类收益及业绩
分类收益指(i)煤矿业务，(i)可再生能源业
务，及(i)资讯科技服务业务所产生之收益。
| 2025 |
|---|
| 二零二五年 |
| 2,704,639 tonnes 吨 |
| Coal Sales |
|---|
| (tonnes) |
| 煤炭销售 （吨） |
| 2,398,239 |
| 306,400 |
| 2,704,639 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
seGment information (continued)
Segment revenue and results (continued)
(i) Coal Mining Busines
Coal mining is the major busines of the Group at present. It
contributed a revenue of aproximately HK$319,597,000 for
the Year (2024: aproximately HK$98,060,000), representing
an increase of aproximately 225.92% as compared with the
previous year.
Sale and Production of Coal
During the Year, the Group sold aproximately 2,704,639
tones of coal (2024: aproximately 630,302 tones) with
total sales income of aproximately HK$319,597,000 (2024:
aproximately HK$98,060,000). Details of sales of coal in
tones are listed in the table below:
二零二四年
Sales of coal煤炭销售
630,302
tones
吨
Coal Sales (tones) and Percentage of Coal Sales
Coal Sales
in %
煤炭销售
百分比
Mixed Coal混合煤89
Slack Coal沫煤11
Total总计100
(i) Renewable Energy Busines
Service income from renewable energy busines contributed
a revenue of aproximately HK$3,676,000 for the Year (2024:
aproximately HK$3,487,000). The increase in revenue of the
renewable energy busines was mainly due to the efect of
exchange rate during the Year.
(i) IT Services Busines
Service income from IT Services busines contributed a
revenue of aproximately HK$3,776,000 for the Year (2024:
aproximately HK$14,522,000). The drastic decrease in
revenue was due to the sustained adverse economic climate
in Hong Kong and worldwide and ken competition in the IT
Service sector.
分类资料（续）
分类收益及业绩（续）
(i) 煤矿业务
煤矿为本集团目前主要业务。于本年
度，该业务之收益约为319,597,000
港元（二零二四年：约98,060,000港
元），较去年增加约225.92%。
煤炭销售及生产
于本年度，本集团售出约2,704,639吨
煤炭（二零二四年：约630,302吨），
总销售收入约319,597,000港元（二零
二四年：约98,060,000港元）。以吨计
之煤炭销售详情载于下表：
(i) 可再生能源业务
于本年度，可再生能源业务产生之服
务收入贡献收益约3,676,000港元（二
零二四年：约3,487,000港元）。可再
生能源业务收益增加主要由于本年度
汇率的影响。
(i) 资讯科技服务业务
于本年度，资讯科技服务业务产生之
服务收入贡献收益约3,776,000港元
（二零二四年：约14,522,000港元）。
收益大幅减少乃由于香港及全世界之
持续不利经济环境以及资讯科技服务
领域之竞争激烈所致。
煤炭销售（吨）及煤炭销售百分比
Anual Report 2024/25 年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
seGment information (continued)
Reserves and Resources
The Group owns a mining right located in Xinjiang. The estimated
remaining reserve in Kaiyuan Mine (excluding the Enlarged Kaiyuan
Mine (as defined in “Major Events”) was aproximately 5.11 milion
tones as at 31 March 2020.
On 2 December 2019, the Transfer Agrement was oficialy pased
by the Xinjiang Natural Resources Department to Kaiyuan Company.
Acording to the Competent Person’s report and valuation report
of the Enlarged Kaiyuan Mine dated 19 August 2020, the probable
reserve in the Enlarged Kaiyuan Mine was aproximately 63.48 milion
tones as at the date of acquisition of the Enlarged Kaiyuan Mine.
During the Year, aproximately 2.82 milion tones of coal were
extracted (2024: aproximately 0.63 milion tones).
Total aproximate reserve of the mine in Xinjiang as at 31 March 2025
was equivalent to 60.46 milion tones (i.e. the sum of the estimated
remaining coal reserve in Kaiyuan Mine including the Enlarged
Kaiyuan Mine) (2024: aproximately 63.28 milion tones).
Coal Reserve as at 31 March 2025 = Coal Reserve as at 31 March
2024 – Amount of coal extracted by the Group during the Year.
The geographical location of customers is determined based on the
location where the gods are delivered or services are rendered.
The Group’s revenue and results from operations are mainly derived
from activities in Mainland China, Hong Kong, Singapore, the UK and
Malaysia. Activities outside these five locations are insignificant. The
principal asets of the Group are located in Mainland China, Hong
Kong and Malaysia.
Godwil
Renewable Energy CGU
The godwil of the Group is arising from the acquisition of 90% equity
interests in NEFIN Leasing and its subsidiary on 8 October 2018
with CGU engaged in renewable energy solutions and solar farm
development (the “Renewable Energy CGU”).
As at 31 March 2025 and 2024, the Directors asesed the
recoverable amount of the Renewable Energy CGU with reference
to VIU calculations using cash flow projections based on financial
budgets and forecasts covering a five-year period and extrapolation of
cash flows beyond such period conducted by ValQuest.
分类资料（续）
储量及资源
本集团拥有一项位于新疆之采矿权。于二零
二零年三月三十一日，凯源煤矿（不包括经
扩大凯源煤矿（定义见「重大事项」）估计剩
余储量约5.11百万吨。
于二零一九年十二月二日，新疆自然资源厅
正式通过凯源公司之出让协议。根据经扩大
凯源煤矿日期为二零二零年八月十九日的合
资格人士报告及估值报告，经扩大凯源煤矿
于收购经扩大凯源煤矿日期的概算储量约为
63.48百万吨。
本年度开采约2.82百万吨（二零二四年：约
0.63百万吨）煤炭。
于二零二五年三月三十一日，新疆的煤矿之
总概约储量相等于60.46百万吨（即凯源煤矿
（包括经扩大凯源煤矿）之估计剩余煤炭储备
总量）（二零二四年：约63.28百万吨）。
于二零二五年三月三十一日的煤炭储备＝于
二零二四年三月三十一日的煤炭储备－本集
团本年度开采的煤炭数量。
客户地区位置依据货品交付，或提供服务之
地点厘定。本集团之收益及经营业绩主要源
自中国内地、香港、新加坡、英国及马来西
亚之业务。上述五个地区以外之业务微不足
道。本集团之主要资产位于中国内地、香港
及马来西亚。
商誉
可再生能源现金产生单位
本集团商誉为于二零一八年十月八日收购新
能源租赁及其附属公司90%股权连同从事提
供可再生能源解决方案及太阳能发电站开发
业务的现金产生单位（「可再生能源现金产生
单位」）产生商誉。
于二零二五年及二零二四年三月三十一日，
董事参照使用现金流量预测计算的使用价值
评估可再生能源现金产生单位的可收回金
额，而现金流量预测根据财务预算及五年期
预测及中诚达行作出之超过五年后之推断现
金流量计算。
| As at 31 March 2025 |
|---|
| 于二零二五年 三月三十一日 |
| 1.45%-1.97% |
| 44.19%-48.42% |
| 2.00% |
| 6.30% |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
seGment information (continued)
Godwil (continued)
Renewable Energy CGU (continued)
Key asumptions used for cash flow projections to undertake
impairment testing of the godwil alocated to Renewable Energy
CGU are as folows:
Growth in revenue year-on-year during the five-
year period
五年期间之按年收益增长
Budgeted gros profit margin year-on-year
during the five-year period
五年期间之按年
目标毛利率
Perpetual growth rate永续增长率
Discount rate (pre-tax)贴现率（税前）
The Directors determined the growth rates based on past
performance and the expectation of market development. The
discount rate used is pre-tax and reflects specific risks relating to the
Renewable Energy CGU.
As at 31 March 2025, the recoverable amount of the Renewable
Energy CGU was higher than its carying amount by aproximately
HK$10,752,000 (2024: aproximately HK$4,325,000). Acordingly,
there was no impairment on the godwil during the years ended 31
March 2025 and 2024.
The Directors are of the opinion that they are not aware of any material
change in the key asumptions in determining the recoverable amount
of the CGU as at 31 March 2025 and 2024.
Intangible asets
The Directors conducted impairment review of the mining right
and striping activity asets at the end of each reporting period or
when impairment indicator exists. In such conection, the Company
engaged ValQuest to ases the VIU of CGU of the coal mines
related non-curent asets, including property, plant and equipment,
mining right, striping activity asets and prepayments for acquisition
of property, plant and equipment of the individual mine site, of the
coal mining busines of the Group (the “Coal Mining Asets”) for the
purpose of impairment testing as at 31 March 2025 and 2024.
分类资料（续）
商誉（续）
可再生能源现金产生单位（续）
为分配至可再生能源现金产生单位的商誉进
行减值测试而作出现金流量预测所用之主要
假设如下：
董事按过往表现及市场发展预期厘定增长
率。所用贴现率为税前，并反映涉及可再生
能源现金产生单位的具体风险。
于二零二五年三月三十一日，可再生能源现
金产生单位的可收回金额高于其账面值约
10,752,000港元（二零二四年：约4,325,000
港元）。因此，截至二零二五年及二零二四
年三月三十一日止年度并无商誉减值。
董事认为，彼等于二零二五年及二零二四年
三月三十一日未有发现任何用于厘定现金产
生单位可收回金额之主要假设出现任何重大
转变。
无形资产
于各报告期间结束或出现减值迹象时，董事
对采矿权及剥离活动资产进行减值检讨。因
此，于二零二五年及二零二四年三月三十一
日，本公司已委聘中诚达行评估与本集团煤
矿业务之非流动采矿资产（包括各矿场之物
业、厂房及设备、采矿权及剥离活动资产以
及收购物业、厂房及设备预付款项）（「煤矿
资产」）现金产生单位之使用价值，以作减值
测试。
Anual Report 2024/25 年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
seGment information (continued)
Intangible asets (continued)
During the years ended 31 March 2025 and 2024, with reference
to valuations conducted by ValQuest using discounted cash
flow method, the Directors expected that the VIU of the Coal
Mining Asets is higher than its carying amount by aproximately
HK$198,881,000 (2024: aproximately HK$76,265,000) and thus
concluded that no impairment los was recognised during the years
ended 31 March 2025 and 2024.
The Directors had also considered the folowing factors and
concluded that no reversal of impairment los was required for the
years ended 31 March 2025 and 2024:
(a) the impairment los recognised in previous years was related to
the Coal Mining Asets of Kaiyuan Mine before the completion
of Optimization and Upgrading Plan during the year ended 31
March 2020;
(b) the asesment of the VIU of Coal Mining Asets as at 31 March
2025 and 2024 was mainly represented by the VIU of Coal
Mining Asets of Enlarged Kaiyuan Mine; and
(c) there is no comparability for the VIU of Coal Mining Asets as at
31 March 2025 and 2024 with the impairment los recognised
in previous years.
In light of the curent mining right which is expiring in August 2049,
the Directors are of the opinion that, based on past experience and
curent laws and regulations in the Mainland China, the Group is
eligible to further renew the mining right without incuring significant
incremental cost, given the Group continues to comply with the
requirements as required by the relevant local authorities in the
Mainland China. In this conection, when asesing the VIU of the
Coal Mining Asets, the Directors adopted a cash flow forecast which
covers beyond the expiry date, representing the remaining periods of
the mine until the expected coal reserves of the mine is fuly utilised.
分类资料（续）
无形资产（续）
截至二零二五年及二零二四年三月三十一日
止年度，经参照中诚达行使用已贴现金流
量方法作出之估值，董事预期煤矿资产之使
用价值高于其账面值约198,881,000港元（二
零二四年：约76,265,000港元），因而断定
截至二零二五年及二零二四年三月三十一日
止年度并无确认任何减值亏损。
董事亦已考虑下列因素，并认为毋须就截至
二零二五年及二零二四年三月三十一日止年
度作出减值亏损拨回：
(a) 截至二零二零年三月三十一日止年
度，过往年度确认的减值亏损乃关于
优化升级方案完成前凯源煤矿的煤矿
资产；
(b) 于二零二五年及二零二四年三月
三十一日对煤矿资产使用价值的评估
主要为经扩大凯源煤矿煤矿资产的使
用价值；及
(c) 于二零二五年及二零二四年三月
三十一日的煤矿资产使用价值与过往
年度确认的减值亏损并无可比性。
有关将于二零四九年八月届满之现时采矿
权，董事认为，根据过往经验及中国内地
现时的法例及规例，由于本集团一直符合相
关中国内地方机关要求的条件，故合资格
可不在招致额外大额成本下进一步重续采矿
权。因此，评估煤矿资产之使用价值时，董
事采用了一个涵盖届满日期后（直至完全动
用估计的矿场煤炭储量止剩余的时间）的现
金流量预测方式。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
seGment information (continued)
Intangible asets (continued)
Having considered the sensitivity analysis about the posible
outcomes for any mining activities after August 2049 and the
likelihod of sucesful renewal of the mining right with reference to a
legal opinion isued by the lawyer in the Mainland China, the Directors
considered the risk exposed to the renewal of mining right after
August 2049 may not have significant impact on the VIU of the Coal
Mining Asets.
In asesing the VIU of the CGUs, the future cash flows of the coal
mining busines are discounted to the related present values using a
pre-tax discount rate that reflects curent asesment of the time value
of money and the risks specific to such busines. Parameters used
in the projected cash flows included but were not limited to seling
prices and sales volumes of coal, production cost and other expenses,
capital expenditure, production plan and discount rate, respectively,
which reflected the curent conditions of the market and the Group and
estimated trend in the future. In particular, the Group may revise the
anual production plan and the expected sales volumes of coal adopted
in the cash flows projection with reference to the latest government
policies anounced from time to time.
When evaluating the apropriate discount rate for each of the CGUs,
the Capital Aset Pricing Model (“CAPM”) had ben used. Under
CAPM, the apropriate expected rate of return was the sum of the
risk-fre return and the equity risk premium required by investors to
compensate for the market risk asumed. In adition, the expected
rate of return of the CGUs was expected to be afected by other firm
specific risk factors that are independent of the general market. The
cost of equity was determined by the risk-fre rate, market return and
estimated beta of the CGUs and firm specific risk factors. Therefore,
the Group may update the inputs of discount rate and other valuation
parameters with reference to the latest market information and
the firm’s specific risk factors based on the most recent available
evidences from the relevant apropriate sources, e.g. the competent
person’s report on mine reserve.
分类资料（续）
无形资产（续）
考虑有关二零四九年八月后任何采矿活动的
潜在成果之敏感度分析以及参照中国内地律
师发表的法律意见所得成功重续采矿权的可
能性后，董事认为，二零四九年八月后重续
采矿权之风险未必会对煤矿资产之使用价值
造成重大影响。
于评估现金产生单位之使用价值时，煤矿业
务之未来现金流量采用可反映当前所评估之
货币时间值及相关业务特定风险之除税前贴
现率贴现至相关现值。预测现金流量所使用
之参数分别包括但不限于反映市场及本集团
现状以及未来估计走势之煤炭售价及销量、
生产成本及其他开支、资本开支、生产计划
及贴现率。尤其是，本集团或会按照不时公
布的最新政府政策，修订全年生产计划及现
金流量预测中采纳的预期煤炭销量。
于评估各现金产生单位之适用贴现率时，已
采用资本资产定价模式（「资本资产定价模
式」）。根据资本资产定价模式，合适之预期
回报率为无风险回报与投资者为弥补所承担
市场风险而须取得之权益风险溢价两者之总
和。此外，预期现金产生单位之预期回报率
将受到整体市场以外之其他企业特定风险因
素所影响。权益成本乃按无风险利率、市场
回报及现金产生单位之估计贝塔系数以及企
业特定风险因素厘定。因此，本集团可参照
最新市场资讯以及根据从有关合适来源（如
矿产储量的合资格人士报告）可得最近期证
明得出该公司的特定风险因素，更新贴现率
输入数据及其他估值参数。
| As at 31 March 2025 |
|---|
| 于二零二五年 三月三十一日 |
| 0.22% |
| 21.19%-31.68% |
| 2.00% |
| 13.06% |
Anual Report 2024/25 年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
分类资料（续）
无形资产（续）
评估煤矿资产的减值时使用的现金流量预测
所作的主要假设如下：
seGment information (continued)
Intangible asets (continued)
Key asumptions used for cash flow projections to undertake
impairment asesment of the Coal Mining Asets are as folows:
Average growth in revenue收益平均增长
Budgeted gros profit margin year-on-year
during the projection period
于推算期之按年
目标毛利率
Long-term growth rate长期增长率
Discount rate (pre-tax)贴现率（税前）
Details of the Group’s mining right at the end of the reporting period
are as folows:
Mining rightLocationExpiry date
采矿权地点届满日期
Kaiyuan Mine and the Enlarged
Kaiyuan Mine
Inside Zhundong Meitian Xiheishan Coal Mining
Area in Xinjiang
Mining right expired
in August 2049
with existing
mining permit until
11 October 2031
(renewable)
凯源煤矿及经扩大凯源煤矿新疆准东煤田西黑山煤炭矿区采矿权于二零四九年八月
届满，而现有采矿许可
证有效期至二零三一年
十月十一日为止
（可重续）
The as-mined coal from Kaiyuan Mine or Enlarged Kaiyuan Mine is
screned to various sizes and to the local thermal coal market. The
mine has an established thermal coal sales market with low risk for
future sales. The significant customers include thermal coal domestic
and industry in the local areas.
Xinjiang is remote from major industrial cities in Mainland China,
and hence coal produced in Xinjiang is mainly consumed localy by
customers due to the logistic and the transportation costs. The Group
did not enter into long term writen service agrements with the
existing customers.
有关本集团于报告期末之采矿权详情如下：
凯源煤矿或经扩大凯源煤矿原煤经筛选后分
为不同大小，并运抵致当地动力煤市场。该
煤矿拥有成熟的动力煤销售市场，其未来销
售风险较低。主要客户包括当地动力煤家用
及工业用户。
新疆远离中国内地主要工业城市，因此，基
于物流及运输成本之因素，新疆所产煤炭主
要由当地客户使用。本集团未有与现有客户
订立长期书面服务协议。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
seGment information (continued)
Intangible asets (continued)
However, the management of the Group closely monitors the
short-term operation strategy and profit margin of diferent coal
products and, if necesary, modifies the production plan through
understanding the local government’s policies and the coal market
demand. The Group keps strict control over the costs and expenses
to maintain a strong financial position in the coal mining busines
segment.
Despite the aforementioned internal control mechanisms, the Group
foreses chalenges in the upcoming future in its coal mining busines
segment. The increased coal production target amongst industry
players has recently led to a significant decrease in coal prices. It is
expected that such direction may persist in the coming months, and
the decrease in coal prices may lead to a decrease in the profit margin
of the sale of coal. For further details on the prospects of the Group’s
coal mining busines, please refer to the section headed “Chairman’s
Statement” on pages 11 to 12.
siGnificant inVestments HeLd, materiaL
acquisitions and disPosaLs of suBsidiaries,
and future PLans for materiaL inVestments
or caPitaL asets
Save as otherwise disclosed, there were neither significant
investments held as at 31 March 2025 nor material acquisitions and
disposals of subsidiaries during the Year.
Save as otherwise disclosed, the Group does not have any future
plans for material investments. There wil, however, be a reasonable
expected amount of expenditure in capital asets, in particular for
the new plants and machines for the environmental protection works
and reasonable expenditure for works required by the Safety Bureau
to improve safety standard of our coal mine. Sources of funding are
expected to come primarily from the coal sales revenue and also
external banking facilities of the Group if necesary.
LiquiditY and financiaL resources
As at 31 March 2025, the Group had:
- $58,290,000 (2024:
net curent asets aproximately HK$123,046,000).
分类资料（续）
无形资产（续）
然而，本集团管理层密切监察短期营运策略
及不同煤炭产品的溢利率，如需要，透过瞭
解当地政府政策及煤市场需求以调整生产计
划。本集团将严格控制成本及开支以维持煤
炭开采业务分部强劲的财务状况。
尽管有上述内部监控机制，本集团预期煤矿
业务分部在未来仍会面对挑战。业内人士增
加煤炭生产目标导致煤炭价格近期大幅下
跌。预计未来数月该方向可能持续，而煤价
下跌可能导致煤炭销售利润率下降。有关本
集团煤矿业务前景的进一步详情，请参阅第
11至12页的「主席报告」一节。
所持重大投资、附属公司之重大收
购及出售事项以及重大投资或资本
资产之未来计划
除另行披露者外，于二零二五年三月三十一
日并无持有重大投资，于本年度亦无附属公
司之重大收购或出售事项。
除另行披露者外，本集团并无任何重大投资
之未来计划。然而，本集团预期将就资本资
产作出合理开支，尤其是用于环保工程之新
厂房及机器以及安全局要求就工程花费以改
善煤矿安全标准之合理开支。预期资金来源
主要来自本集团之煤炭销售收益及外部银行
融资（如需要）。
流动资金及财务资源
于二零二五年三月三十一日，本集团有：
- ,290,000港元（二零
二四年：流动资产净值约123,046,000
港元）。
Anual Report 2024/25 年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
LiquiditY and financiaL resources (continued)
- $248,219,000
(2024: aproximately HK$189,307,000), which comprised the
bank balances and cash of aproximately HK$248,219,000
(2024: aproximately HK$189,307,000), were the major
components of the Group’s curent asets of aproximately
HK$266,894,000 (2024: aproximately HK$199,567,000).
Al the cash and cash equivalents are denominated in HK$,
Malaysian Ringit (“RM”), Singapore Dolars (“S$”), Great Britain
Pound (“GBP”), United States Dolars (“US$”) and RMB (2024:
HK$, RM, S$, GBP, US$ and RMB).
- $325,184,000 (2024:
aproximately HK$76,521,000) which comprised mainly
trade and other payables of aproximately HK$108,019,000
(2024: aproximately HK$68,352,000), and curent portion of
Convertible Bond of aproximately HK$205,948,000 (2024:
Nil).
- $77,496,000 (2024:
aproximately HK$276,697,000) which comprised non-curent
portion of Convertible Bond of HK$Nil (2024: aproximately
HK$208,149,000) and non-curent portion payable related to
mining right payables of aproximately HK$57,297,000 (2024:
aproximately HK$62,559,000).
The Group’s gearing ratio was aproximately 1.12 (2024:
aproximately 1.61). The computation is based on total debt
(Convertible Bond, mining right payables and lease liabilities) divided
by total equity.
caPitaL structure
The capital of the Group comprises only ordinary shares.
As at 31 March 2025, there were 765,373,584 ordinary shares of the
Company in isue.
The Convertible Bond of the Company with an agregate principal
amount of HK$200,000,000 were isued on 14 March 2008 the
maturity date of which was aproved to be further extended for 36
months to 13 March 2026 by the shareholders of the Company on
9 December 2022. Reference could be made to the anouncement
dated 9 December 2022.
流动资金及财务资源（续）
- ,219,000
港元（二零二四年：约189,307,000
港元），包括银行结余及现金约
248,219,000港元（二零二四年：约
189,307,000港元），为本集团流动资
产约266,894,000港元（二零二四年：
约199,567,000港元）之主要组成部
分。所有现金及现金等值项目均以港
元、马来西亚令吉（「马币」）、新加坡
元（「新加坡元」）、英镑（「英镑」）、美
元（「美元」）及人民币计值（二零二四
年：港元、马币、新加坡元、英镑、
美元及人民币）。
- ,184,000港元（二零
二四年：约76,521,000港元），主
要包括应付货款及其他应付款项约
108,019,000港元（二零二四年：约
68,352,000港元）及可换股债券的即期
部分约为205,948,000港元（二零二四
年：零）。
- ,496,000港元（二零
二四年：约276,697,000港元），包括
可换股债券之非即期部分为零（二零
二四年：约208,149,000港元）及应
付采矿权款项有关之应付非即期部分
约57,297,000港元（二零二四年：约
62,559,000港元）。
本集团之资产负债比率约为1.12（二零二四
年：约1.61），乃按总负债（可换股债券、应
付采矿权款项及租赁负债）除以总权益计算。
资本结构
本集团资本仅包括普通股。
于二零二五年三月三十一日，本公司有
765,373,584股已发行普通股。
本公司已于二零八年三月十四日发行本金
总额为200,000,000港元之可换股债券，本
公司股东于二零二年十二月九日批准进一
步将其到期日延长36个月至二零二六年三月
十三日。详情可参阅日期为二零二年十二
月九日的公告。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
本集团资产抵押
于上个年度计息借贷经已全数结清，而采
矿权之抵押已获解除。于二零二五年三月
三十一日，本集团并无抵押资产。
外汇风险
本集团之收益主要以人民币、港元及马币计
值，而开支亦以人民币、港元及马币计值。
本集团面对其于中国内地之核心业务所产生
港元与人民币之间兑换以及其马来西亚业务
产生港元与马币兑换波动之外汇风险。本年
度之货币兑换风险主要源自因人民币兑港元
贬值所导致可换股债券汇兑差额净额。为将
该两类货币间之外币风险减至最低，本集团
以该两类货币持有足够应付其数个月经营现
金流量需要之现金结余。
库存政策
除发行面值为200,000,000港元之可换股债
券外，本集团主要透过内部产生资源拨付其
营运之资金需求。
或然负债
于二零二五年三月三十一日，本集团并无任
何重大或然负债（二零二四年：无）。
雇员
于二零二五年三月三十一日，本集团有148
名（二零二四年：136名）雇员，遍布香港、
马来西亚、新加坡、英国及中国内地。为表
扬本公司近期的营运表现及成就，并感谢员
工的奉献及辛勤工作，本公司于本年度派发
花红。于本年度，员工成本总额（不包括董
事酬金）约41,418,000港元（二零二四年：
约33,715,000港元），代表本集团薪金及花
红增加，而资讯科技服务业务之员工数目下
降，及煤矿业务分部之员工人数增加。本集
团与雇员一直保持良好雇佣关系。
cHarGes on GrouP’s asets
During the previous year, the interest-bearing borowings were fuly
setled and the pledge of the mining right was released. As at 31
March 2025, there were no asets pledged by the Group.
foreiGn eXcHanGe eXPosure
The Group mainly earns revenue in RMB, HK$ and RM and incurs
costs in RMB, HK$ and RM. The Group is exposed to foreign
exchange risk based on fluctuations betwen HK$ and RMB arising
from its core operation in Mainland China as wel as HK$ and RM
arising from its operation in Malaysia. The curency exchange risk
for the Year is mainly derived from the net exchange diference on
Convertible Bond, which is a result from the curency depreciation
of RMB against HK$. In order to minimise the foreign curency risk
exposure betwen these two curencies, the Group maintained cash
balances in both curencies that are suficient to met several months’
operating cash flows requirements of the Group.
treasurY PoLicies
Apart from the isuance of Convertible Bond at the face value of
HK$200,000,000, the Group finances its operation mainly by internal
generated resources.
continGent LiaBiLities
As at 31 March 2025, the Group did not have any material contingent
liabilities (2024: Nil).
emPLoYes
As at 31 March 2025, the Group had 148 employes (2024: 136)
spreading amongst Hong Kong, Malaysia, Singapore, the UK and
Mainland China. In recognition of the Company’s recent operational
performance and achievements, and as a gesture of apreciation for
staf’s dedication and hard work, the Company distributed bonuses
during the Year. Total staf costs (excluding Directors’ emoluments)
for the Year amounted to aproximately HK$41,418,000 (2024:
aproximately HK$33,715,000), representing the increase in salaries
and bonus of the Group, while there is a decrease in number of staf in
the IT Services busines and an increase in number of staf in the coal
mining busines. Employment relationship has ben wel maintained
by the Group with its employes.
Anual Report 2024/25 年报
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT
董事及高级管理人员简历
eXecutiVe directors
Mr. Kwan Man Fai (“Mr. Kwan”), aged 56, is an executive Director
and authorised representative of the Company (under rule 3.05 of
the Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited (the “Stock Exchange”) (the “Listing Rules”)
apointed on 25 March 2008. Mr. Kwan has ben the chairman
and managing director of the Company since March 2017 and is
a member of the remuneration comite and the chairman of the
nomination comite of the Company. He is also a director of certain
subsidiaries of the Company. Mr. Kwan graduated from the University
of Hong Kong with a bachelor degre in laws and a postgraduate
certificate in laws. Mr. Kwan also holds a master degre in laws from
The London Schol of Economics and Social Sciences, the University
of London and a master degre in the Mainland China law from
the City University of Hong Kong. Mr. Kwan is now a consultant of
Mesrs. Anthony Siu & Co., a law firm in Hong Kong. Mr. Kwan has
over 10 years of experience in corporate finance and banking work,
including asisting various companies in their listing on the Main
Board and the GEM of the Stock Exchange.
Mr. Wong Sze Wai, aged 42, is an executive Director apointed on
20 November 2018. Mr. Wong Sze Wai is a member of remuneration
comite of the Company. Mr. Wong Sze Wai is also a director of
certain subsidiaries of the Company. Mr. Wong Sze Wai obtained a
master degre in Social Science from the University of Hong Kong
in 2010 and an honours bachelor degre in Science from McMaster
University of Canada in 2007. Mr. Wong Sze Wai is curently a director
of several private companies in Hong Kong. His industrial experience
includes research and development, busines development, and legal
and compliance, etc. Mr. Wong Sze Wai is a director of Ascent Goal
Investments Limited, the controling shareholder of the Company.
Mr. Li Chun Fung (“Mr. Li”), aged 43, is an executive Director and
authorised representative of the Company (under rule 3.05 of the
Listing Rules) apointed on 17 September 2021. Mr. Li has ben
the financial controler of the Company since 14 April 2015 and
the company secretary of the Company since 21 April 2015. Mr.
Li graduated from the Imperial Colege, University of London with a
master degre in chemical enginering in August 2004. Mr. Li became
a member of Hong Kong Institute of Certified Public Acountants
in October 2014. Mr. Li is a Certified Information Systems Auditor
(CISA). He is curently a director of APEC Busines Consultancy
Limited. Mr. Li has ben providing corporate services to a variety
of Hong Kong listed companies and ofshore companies and has
extensive experience in corporate governance and compliance
maters. Mr. Li is the company secretary of Grand Power Logistics
Group Limited (stock code: 8489), a company listed on GEM of the
Stock Exchange. Mr. Li was an executive director of IAG Holdings
Limited (curently known as MaxWin International Holdings Limited)
(stock code: 8513), a company whose shares are listed on GEM of
the Stock Exchange, from June 2022 to April 2023.
执行董事
关文辉先生（「关先生」），56岁，于二零八
年三月二十五日获委任为执行董事及香港联
合交易所有限公司（「联交所」）证券上市规则
（「上市规则」）第3.05条项下本公司之授权代
表。关先生自二零一七年三月起出任本公司
主席兼董事总经理，为本公司薪酬委员会成
员及提名委员会主席。彼亦为本公司若干附
属公司之董事。关先生毕业于香港大学，获
颁法学士学位及法学专业证书。关先生亦持
有伦敦大学伦敦经济社会科学院法律硕士学
位及香港城市大学法律硕士学位（中国内地
法）。关先生现为香港律师事务所萧一峰律
师行之顾问律师。关先生于企业融资及银行
业务方面拥有逾十年经验，当中包括协助多
间公司于联交所主板及GEM上市之经验。
王四维先生，42岁，于二零一八年十一月
二十日获委任为执行董事。王四维先生为本
公司薪酬委员会成员。王四维先生亦担任本
公司若干附属公司之董事。王四维先生于二
零一零年取得香港大学社会科学硕士学位，
以及于二零七年取得加拿大McMaster
University（麦马斯达大学）理学士荣誉学位。
王四维先生现时担任香港若干私人公司董
事。彼之行业经验包括研究及开发、业务发
展及法律合规等。王四维先生为本公司控股
股东晋标投资有限公司之董事。
李震锋先生（「李先生」），43岁，于二零二一
年九月十七日获委任为执行董事及上市规则
第3.05条项下本公司之授权代表。李先生自
二零一五年四月十四日起担任本公司财务总
监及自二零一五年四月二十一日起担任本公
司公司秘书。李先生于二零四年八月毕业
於伦敦大学帝国学院，获颁授化学工程硕士
学位。李先生于二零一四年十月成为香港会
计师公会员。李先生为注册信息系统审计
师(CISA)。彼目前为雅博策略顾问有限公司
之董事。李先生一直以来向香港多间上市公
司及离岸公司提供企业服务，并于企业管治
及合规事宜方面拥有丰富经验。李先生现为
联交所GEM上市公司裕程物流集团有限公司
（股份代号：8489）的公司秘书。李先生于二
零二年六月至二零二三年四月为官酝控股
有限公司（现称加和国际控股有限公司，股
份代号：8513，一间股份于联交所GEM上市
的公司）的执行董事。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT 董事及高级管理人员简历
eXecutiVe directors (continued)
Ms. Tong Yuk Ying Angel (“Ms. Tong”), aged 64, is an executive
Director apointed on 1 October 2024. Ms. Tong is a member of the
nomination comite of the Company. Ms. Tong was graduated
from The University of Leds with a Bachelor Degre of Science
(Hons) in July 1984. Ms. Tong became a felow of The Institute of
Chartered Acountants in England and Wales in October 1999.
Ms. Tong had worked at a diversified group with a wide range of
busineses, she has over 7 years of experience as a group-level
financial controler and a group-level fund controler. The group was
engaged in investment in and development of, among others, oil,
natural resources, infrastructure, railway, industrial project and real
estate. Ms. Tong worked for a company listed on the Main Board
of the Stock Exchange and its wholy owned subsidiary for about
20 years, where she was responsible for financial and acounting
management. The busines of the company focuses on the real
estate investments and developments in major cities of Mainland
China, such as Beijing and Shanghai. Ms. Tong has over 9 years of
experience in auditing.
indePendent non-eXecutiVe directors
Dr. Wong Man Hin Raymond, aged 59, is an independent non-
executive Director apointed on 25 March 2008. Dr. Wong Man
Hin Raymond is the chairman of the remuneration comite of
the Company and a member of both the audit comite and the
nomination comite of the Company. Dr. Wong Man Hin Raymond
is a member of American Institute of Certified Public Acountants
(CPA), a Chartered Global Management Acountant (CGMA), a
Certified Management Acountant (CMA) and holds a certificate in
financial management (CFM). Dr. Wong Man Hin Raymond holds
a bachelor degre in chemical enginering, a master degre in
economics and a doctorate degre in busines administration. Dr.
Wong Man Hin Raymond is an executive director and chairman of
Raymond Industrial Limited (stock code: 229), a company whose
shares are listed on the Main Board of the Stock Exchange. Dr. Wong
Man Hin Raymond is also an independent non-executive director of
Modern Healthcare Technology Holdings Limited (stock code: 919),
Tak Le Machinery Holdings Limited (stock code: 2102) and Guanze
Medical Information Industry (Holding) Co., Ltd. (stock code: 2427),
companies whose shares are listed on the Main Board of the Stock
Exchange.
执行董事（续）
汤玉英女士（「汤女士」），64岁，于二零二四
年十月一日获委任为执行董事。汤女士为提
名委员会的成员。汤女士于一九八四年七月
毕业于利兹大学，获颁授理学士（荣誉）学
位。汤女士于一九年十月成为英格兰及
威尔斯特许会计师公会之资深会员。汤女士
曾就职于一个业务范围多元化的集团，拥有
7年以上集团财务总监及集团资金管理总监
的经验。该集团的经营范围包括石油、自然
资源、基础设施、铁路、工业项目、房地产
投资开发。汤女士曾在一家于联交所主板上
市的公司及其全资附属公司负责财务与会计
管理工作约20年。该公司业务集中于中国内
地主要城市的房地产投资及发展，如北京及
上海。汤女士拥有9年以上的审计经验。
独立非执行董事
黄文显博士，59岁，于二零八年三月
二十五日获委任为独立非执行董事。黄文显
博士为本公司薪酬委员会主席，亦为本公司
审核委员会及提名委员会成员。黄文显博
士为美国执业会计师公会(CPA)会员、特许
全球管理会计师(CGMA)、注册管理会计师
(CMA)，并持有财务管理师(CFM)证书。黄
文显博士持有化学工程学士学位、经济硕士
学位及工商管理博士学位。黄文显博士为利
民实业有限公司（股份代号：229）之执行董
事兼主席，该公司股份于联交所主板上市。
黄文显博士亦担任现代健康科技控股有限
公司（股份代号：919）、德利机械控股有限
公司（股份代号：2102）及Guanze Medical
Information Industry (Holding) Co., Ltd.（股份
代号：2427）之独立非执行董事，其股份均
于联交所主板上市。
Anual Report 2024/25 年报
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT 董事及高级管理人员简历
indePendent non-eXecutiVe directors
(continued)
Mr. Chan Yiu Fai Youdey (“Mr. Chan”), aged 55, is an independent
non-executive Director apointed on 25 March 2008. Mr. Chan is a
member of each of the audit comite, remuneration comite and
nomination comite of the Company. Mr. Chan graduated from
the University of Hong Kong with a bachelor degre in laws and a
postgraduate certificate in laws. Mr. Chan also holds master degres
in laws from the City University of Hong Kong and from the People’s
University of China. Mr. Chan is curently a partner of Mesrs. David
Y.Y. Fung & Co., a law firm in Hong Kong. Mr. Chan has extensive
experience in civil and comercial crime litigation and also handles
various transactions for corporate clients and banks in Hong Kong.
Mr. Chan is also an independent non-executive director of Qinqin
Fodstufs Group (Cayman) Company Limited (stock code: 1583),
a company whose shares are listed on the Main Board of the Stock
Exchange.
Mr. Pak Wai Keung Martin (“Mr. Pak”), aged 61, is an independent
non-executive Director apointed on 19 September 2017. He is the
chairman of audit comite, a member of each of remuneration
comite and nomination comite of the Company. He is a
felow of the Hong Kong Institute of Certified Public Acountants, an
asociate of The Chartered Governance Institute and The Hong Kong
Chartered Governance Institute. He has over 25 years of experience
in finance, acounting and corporate governance afairs. Mr. Pak had
held positions as the chief financial oficer and the company secretary
at various listed companies in Hong Kong. Mr. Pak is curently an
independent non-executive director of Dragon Mining Limited (Stock
Code: 1712) and Viva Gods Company Limited (Stock Code: 933),
companies whose shares are listed on the Main Board of the Stock
Exchange.
senior manaGement
Mr. Li Chun Fung, aged 43, is the company secretary of the
Company apointed on 21 April 2015. The brief biographical details
of Mr. Li are set out in the section headed “Executive Directors”
above.
独立非执行董事（续）
陈耀辉先生（「陈先生」），55岁，于二零八
年三月二十五日获委任为独立非执行董事。
陈先生为本公司之审核委员会、薪酬委员会
及提名委员会各自之成员。陈先生毕业于香
港大学，获颁法学士学位及法学专业证书。
陈先生亦持有香港城市大学及中国人民大学
之法律硕士学位。陈先生现为香港律师事务
所冯元钺律师行之合伙人。陈先生于民事及
商业犯罪诉讼方面饶富经验，亦为公司客户
及银行在香港处理各种交易。陈先生亦为亲
亲食品集团（开曼）股份有限公司（其股份于
联交所主板上市，股份代号：1583）之独立
非执行董事。
白伟强先生（「白先生」），61岁，于二零一七
年九月十九日获委任为独立非执行董事。彼
为本公司审核委员会主席以及薪酬委员会及
提名委员会成员。彼为香港会计师公会资深
会员以及特许公司治理公会及香港公司治理
公会员。彼于财务、会计及企业管治事务
方面拥有逾25年经验。白先生曾于多间香港
上市公司担任财务总监及公司秘书等职位。
白先生现任龙资源有限公司（股份代号：
1712）及非凡领越有限公司（股份代号：933）
独立非执行董事，该等公司之股份在联交所
主板上市。
高级管理人员
李震锋先生，43岁，于二零一五年四月
二十一日获委任为本公司公司秘书。李先生
的简历详情载于上文「执行董事」一节。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT
企业管治报告
comitment to corPorate GoVernance
The Company is comited to maintaining statutory and regulatory
standards and adherence to the principles of corporate governance
emphasizing on transparency, independence, acountability,
responsibility and fairnes.
The Directors had reviewed the Company’s performance of its
corporate governance practices that the Company has complied with
the code provisions as set out in the Corporate Governance Code (the
“Code”) contained in Apendix C1 to the Listing Rules throughout the
Year, save for the deviation from code provision C.2.1 of the Code as
set out in the section headed “Chairman and Chief Executive” of this
Corporate Governance Report.
tHe Board
Roles and responsibilities
The Board asumes responsibility for leadership and control of the
Company and is colectively responsible for promoting the suces of
the Company by directing and supervising the Company’s afairs. It
should act in the best interest of the Company and its shareholders at
al times. The Board sets strategies for the Company and monitors the
performance and activities of the senior management.
The executive Directors and the senior management of the Company
are responsible for the day to day operations of the Company
whereas the independent non-executive Directors are responsible
for ensuring a high standard of financial and management reporting
to the Board and shareholders of the Company as wel as to provide
a balanced composition in the Board so that there is a strong
independent element on the Board.
企业管治承诺
本公司致力维持法定及法规标准，并恪守强
调透明、独立、问责、负责任及公允之企业
管治原则。
董事已审阅本公司履行其企业管治常规之表
现，而本公司于本年度一直遵守上市规则附
录C1所载《企业管治守则》（「守则」）之守则
条文，惟本企业管治报告「主席及行政总裁」
一节所载偏离守则之守则条文第C.2.1条之
情况除外。
董事会
角色及责任
董事会承担领导及监控本公司之责任，并整
体上透过督导及监管本公司事务推动本公司
取得佳绩。董事会应时刻在符合本公司及其
股东最佳利益之前提下行事。董事会为本公
司制定策略及监察高级管理人员之表现及活
动。
本公司执行董事及高级管理人员负责本公司
之日常运作；独立非执行董事负责确保向董
事会及本公司股东作出之财务及管理报告达
到高标准，平衡董事会之组成，使董事会具
有高度独立地位。
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
董事会（续）
董事会组成
于本年度内至本年报日期止，董事会成员如
下：
执行董事：
关文辉（主席兼董事总经理）
王四维
李震锋
汤玉英（于二零二四年十月一日获委任）
独立非执行董事：
黄文显
陈耀辉
白伟强
本公司提名委员会（「提名委员会」）于二零
二五年六月二十日举行会议进行年度评核
后，董事会认为，所有董事于其各自专业领
域拥有突出技能，为就董事会有效运作提供
均衡之所需技能、知识和经验以及成员多元
化之裨益。董事会目前由四名执行董事及三
名独立非执行董事组成。有关董事及高级管
理人员之履历简介及彼等之间之关系载于本
年报「董事及高级管理人员简历」一节。
董事会成员多元化
董事会已采纳本公司董事会成员多元化政
策（「董事会成员多元化政策」）的最新更新
版本，并已于二零二年一月一日生效。董
事会成员多元化政策要求，在考虑多项因素
（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、知识及任期）
后，不时就任何董事委任、重选或任何继任
计划进行审阅、评核及向董事会提出推荐建
议，以迎合本公司之业务模式及特定需要。
tHe Board (continued)
Board composition
The members of the Board during the Year and up to the date of this
anual report are as folows:
Executive Directors:
Kwan Man Fai (Chairman & Managing Director)
Wong Sze Wai
Li Chun Fung
Tong Yuk Ying Angel (apointed on 1 October 2024)
Independent Non-executive Directors:
Wong Man Hin Raymond
Chan Yiu Fai Youdey
Pak Wai Keung Martin
After anual asesment by the nomination comite of the
Company (the “Nomination Comite”) at a meting on 20 June
2025, the Board considers that al the Directors have distinguished
themselves in their field of expertise so as to give a balance of skils,
knowledge and experience, and diversity of perspectives required
for the runing of an efective Board. The Board curently comprises
four executive Directors and thre independent non-executive
Directors. The brief biographical details of the Directors and the senior
management and relationship among them are set out in the section
headed “Biography of Directors and Senior Management” of this
anual report.
Board diversity
The latest updated version of the board diversity policy of the
Company (the “Board Diversity Policy”) was adopted by the Board
and became efective on 1 January 2022. The Board Diversity Policy
is to review, ases and recomend any apointment, re-election or
any sucesion plan of any Directors to the Board from time to time
after considering a number of factors, including but not limited to
gender, age, cultural and educational background, race, profesional
experience, skils, knowledge and tenure of apointment to alow for
the Company’s busines model and specific neds.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
董事会（续）
董事会成员多元化（续）
董事会已就实行董事会成员多元化政策设定
以下可计量目标：－
a. 本公司须遵守上市规则有关董事会组
成的规定。
b. 独立非执行董事之人数应不少于三名
及董事会人数之三分之一。
c. 至少一名独立非执行董事须拥有适当
专业资格或会计或相关财务管理专业
知识。
d. 至少一名董事应为本集团所从事业务
行业之专业人士或拥有丰富经验。
e. 董事会不认为单一性别的董事会能实
现多元化。
- ，本公司须于未能符合
有关规定后三个月内委任合适的董事
会成员，以符合上述规定。
提名委员会全权负责实施、监察及定期检讨
董事会的组成及董事会多元化政策。
于本年度，董事会满意董事会成员多元化政
策的实行及成效。
提名委员会将每年检讨董事会成员多元化政
策，以确保董事会成员多元化政策的成效及
董事会的多元化概况（包括董事的性别平衡）
及达成多元化目标的进度。
tHe Board (continued)
Board diversity (continued)
The Board has set the folowing measurable objectives for
implementing the Board Diversity Policy:-
a. The Company should comply with the requirements on board
composition in the Listing Rules.
b. The number of independent non-executive Directors should be
not les than thre and one-third of the Board.
c. At least one of the independent non-executive Directors must
have apropriate profesional qualifications or acounting or
related financial management expertise.
d. At least one Director should be the profesional or have
intensive experience of the industry on which the busines of the
Group is.
e. The Board wil not consider diversity to be achieved for a single
gender Board.
- , the Company must apoint
apropriate members to the Board to met the above
requirement(s) within thre months after failing to met such
requirement(s).
The Nomination Comite has ben delegated with the overal
responsibility for the implementation, monitoring and periodic review
of the composition of the Board and the Board Diversity Policy.
The Board was satisfied with the implementation and efectivenes of
the Board Diversity Policy for the Year.
The Nomination Comite wil review the Board Diversity Policy to
ensure the efectivenes of the Board Diversity Policy and the diversity
profile of the Board, including the gender balance of the Directors, and
the progres on achieving the diversity objectives, anualy.
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
董事会（续）
董事会议及股东大会
于本年度内，董事会曾举行四次定期会议，
而本公司曾举行一次股东大会。个别董事于
董事会议及股东大会之出席记录载列如
下：
董事姓名
出席╱
合资格
出席
董事会
会议次数
出席╱
合资格
出席
股东大会
次数
执行董事：
关文辉
（主席兼董事总经理）
4/41/1
王四维4/41/1
李震锋4/41/1
汤玉英
（于二零二四年
十月一日获委任）
1/20/0
独立非执行董事：
黄文显4/41/1
陈耀辉4/41/1
白伟强4/41/1
#
独立非执行董事已于本年度内出席由董事会主席
就有关本集团策略及政策方向所举行之独立会
议，执行董事并无出席。
全体董事均可接触本公司之公司秘书，而公
司秘书负责确保董事会程序得以遵守及所有
适用规则及规例得以遵循。
董事会确保其成员适时获提供所有具适当形
式及质量之必要资料，以便董事会履行其职
责。
tHe Board (continued)
Board metings and general metings
During the Year, the Board held four regular metings and the
Company held one general meting. The atendance records of
individual Directors at the Board metings and at the general meting
are set out below:
Name of Directors
Number of
Board metings
atended/
eligible
to atend
Number of
general meting
atended/
eligible
to atend
Executive Directors:
Kwan Man Fai
(Chairman & Managing Director)
4/41/1
Wong Sze Wai4/41/1
Li Chun Fung4/41/1
Tong Yuk Ying Angel
(apointed on 1 October 2024)
1/20/0
Independent Non-executive Directors:
Wong Man Hin Raymond4/41/1
Chan Yiu Fai Youdey4/41/1
Pak Wai Keung Martin4/41/1
#
Independent non-executive Directors had atended meting(s) independently
held with the chairman of the Board without the executive Directors present on
the direction of the Group’s strategy and policies during the Year.
Al Directors have aces to the company secretary of the Company
who is responsible for ensuring that Board procedures are folowed
and al aplicable rules and regulations are complied with.
The Board ensures that its members are suplied, in a timely maner,
with al necesary information in a form and of a quality apropriate to
enable the Board to discharge its duties.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
董事会（续）
董事会议及股东大会（续）
董事会议记录对董事会所审议之事项及达
致之决定均有详尽记录，包括董事提出之任
何关注事项或所表达之不同意见。董事会
议记录由本公司之公司秘书保管，可供任何
董事查阅。
委任及重选董事
委任新董事为提名委员会审议之事项。根据
本公司之公司细则，于每届股东周年大会
上，三分之一在任董事须轮值告退，惟每位
董事必须至少每三年于股东周年大会上退任
一次。
汤玉英女士于二零二四年十月一日获委任为
执行董事。彼于二零二四年九月二十日已取
得上市规则第3.09D条所述法律意见，并确
认彼了解作为董事之责任。
独立非执行董事
根据上市规则第3.10(1)、3.10(2)及3.10A
条，本公司已委任三名独立非执行董事，占
董事会人数超过三分之一，其中两位具备适
当专业资格或会计或相关财务管理专长。
两名独立非执行董事黄文显博士及陈耀辉先
生均于二零八年三月二十五日获委任。彼
等之服务协议已自二零二五年三月二十五日
起延期一年。独立非执行董事白伟强先生于
二零一七年九月十九日获委任，而其服务协
议自二零二四年九月十九日起续期一年。然
而，根据本公司之公司细则条文，彼等仍须
于本公司之股东周年大会上轮值退任及重选
连任。
本公司已接获各独立非执行董事根据上市规
则第3.13条发出之年度独立确认书，而提名
委员会于二零二五年六月二十日举行会议进
行年度评核后，本公司认为全体独立非执行
董事均为独立人士。
tHe Board (continued)
Board metings and general metings (continued)
The minutes of Board metings recorded al the details of the maters
considered by the Board and the decisions reached, including
any concerns raised by Directors or disenting views expresed.
Minutes of Board metings are kept by the company secretary of the
Company and are available for inspection by any Director.
Apointment and re-election of Directors
The apointment of new Directors is a mater for consideration by the
Nomination Comite. In acordance with the Company’s Bye-laws,
at each anual general meting, one-third of the Directors for the time
being, shal retire from ofice by rotation provided that every Director
shal be subject to retirement at an anual general meting at least
once every thre years.
Ms. Tong Yuk Ying Angel was apointed as an executive Director on
1 October 2024. She had obtained the legal advice refered to in Rule
3.09D of the Listing Rules on 20 September 2024 and has confirmed
that she understod her obligations as a Director.
Independent Non-executive Directors
Pursuant to Rules 3.10(1), 3.10(2) and 3.10A of the Listing Rules, the
Company has apointed thre independent non-executive Directors,
representing more than one-third of the Board and with two of whom
hold apropriate profesional qualifications or acounting or related
financial management expertise.
Two independent non-executive Directors, namely Dr. Wong Man
Hin Raymond and Mr. Chan Yiu Fai Youdey, were apointed on 25
March 2008. Their service agrements have ben extended for one
year comencing on 25 March 2025. Mr. Pak Wai Keung Martin,
the independent non-executive Director, was apointed on 19
September 2017 and the service agrement has ben extended for
one year comencing from 19 September 2024. However, they are
stil subject to retirement by rotation and re-election at the anual
general meting of the Company in acordance with the provisions of
the Company’s Bye-laws.
The Company has received from each of its independent non-
executive Directors an anual confirmation of independence pursuant
to Rule 3.13 of the Listing Rules and after anual asesment by the
Nomination Comite at a meting on 20 June 2025, the Company
considers that al of the independent non-executive Directors are
independent.
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
董事会（续）
董事及高级职员之责任
本公司已就可能对董事及高级职员作出之法
律行动，为董事及高级职员提供适当责任保
险。
董事培训及支持
全体董事须透彻了解彼等之集体责任，与时
并进。本集团提供简介及其他训练，以提高
及更新董事之相关知识及技能。本公司所获
提供董事于本年度内参与持续专业培训之详
情载列如下：
董事姓名
参与研讨会或
简介会╱阅读资料
执行董事：
关文辉
（主席兼董事总经理）
✔
王四维✔
李震锋✔
汤玉英
（于二零二四年
十月一日获委任）
✔
独立非执行董事：
黄文显✔
陈耀辉✔
白伟强✔
独立观点政策
董事会已采纳本公司的独立观点政策（「独立
观点政策」），并已于二零二年一月一日生
效。独立观点政策概述如下：
董事会应包含最少三名独立非执行董事。最
少一名独立非执行董事于董事会任职少于九
年。至少一名独立非执行董事必须具备适当
专业资格或会计或相关财务管理专业知识。
本公司必须委任占董事会人数至少三分之一
的独立非执行董事。本公司应于未能符合规
定后三个月内委任足够的独立非执行董事人
数，以符合上文规定的最少人数。
董事委员会过半数须为独立非执行董事。
tHe Board (continued)
Directors’ and Oficers’ liability
Apropriate insurance cover on Directors and oficers’ liabilities has
ben provided to cover potential legal actions against Directors and
oficers.
Training and suport for Directors
Al Directors must kep abreast of their colective responsibilities. The
Group provides briefings and other training to develop and refresh the
Directors’ knowledge and skils. Details of the continuous profesional
development participated by the Directors for the Year, that the
Company received, are set out below:
Name of Directors
Atended seminars or
briefing/read materials
Executive Directors:
Kwan Man Fai
(Chairman & Managing Director)
✔
Wong Sze Wai ✔
Li Chun Fung✔
Tong Yuk Ying Angel
(apointed on 1 October 2024)
✔
Independent Non-executive Directors:
Wong Man Hin Raymond✔
Chan Yiu Fai Youdey✔
Pak Wai Keung Martin✔
indePendent VieW PoLicY
The independent view policy of the Company (the “Independent View
Policy”) was adopted by the Board and became efective on 1 January
2022. The Independent View Policy is sumarized as folows:
The Board should include at least thre independent non-executive
Directors. At least one of the independent non-executive Directors
has served les than 9 years on the Board. At least one of the
independent non-executive Directors must have apropriate
profesional qualifications or acounting or related financial
management expertise. The Company must apoint independent
non-executive Directors representing at least one-third of the Board.
The Company shal apoint a suficient number of independent non-
executive Directors to met the minimum number required above
within thre months after failing to met the requirement(s).
The Board comites should comprise a majority of independent
non-executive Directors.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
独立观点政策（续）
董事应向本公司披露于公众公司或组织担任
职位的数目及性质以及其他重大承担。公众
公司或组织的名称以及其担任有关职务所涉
及的时间亦应予以披露。鼓励所有董事全面
积极投身参与董事会事务，而持不同观点的
董事亦鼓励发表己见。
董事会主席应至少每年与独立非执行董事举
行并无其他董事出席的会议。
提名委员会的董事招聘程序应遵从本公司的
提名政策，并应知悉可能影响该人士对本公
司的时间承诺之因素。
由独立非执行董事领导的内部董事会评估可
获进行，以征求董事有关董事会表现的意
见。本公司亦可不时委聘外聘熟练及独立的
协调人员进行董事会评估，以补充内部领导
的董事会评估。
于作出合理要求后，董事可于合适情况下寻
求独立专业意见，费用由本公司承担。所有
董事均可从公司秘书获取意见及其提供的服
务，以确保董事会程序以及所有适用法律、
法规及规例均获遵守。
董事会应每年检讨独立观点政策，以确保其
行之有效。
于本年度，董事会满意独立观点政策的实行
及成效。
董事证券交易
本公司已采纳上市规则附录C3所载上市发
行人董事进行证券交易的标准守则（「标准守
则」）作为其董事进行证券交易之操守则。
全体董事已于本公司作出特定查询后确认，
彼等于本年度内已遵守标准守则所载之规定
准则。
indePendent VieW PoLicY (continued)
The Directors should disclose to the Company the number and
nature of ofices held in public companies or organisations and other
significant comitments. The identity of the public companies or
organisations and an indication of the time involved should also be
disclosed. Al Directors are encouraged to make a ful and active
contribution to the Board’s afairs and Directors with diferent views
are encouraged to voice their concerns.
The chairman of the Board should at least anualy hold metings
with the independent non-executive Directors without the presence of
other Directors.
The Nomination Comite should folow the nomination policy of
the Company for the recruitment proces of Directors and should be
aware of the factors which may afect an individual’s time comitment
to the Company.
Internal Board evaluations, led by an independent non-executive
Director, may be conducted to solicit views from the Directors on the
performance of the Board. The Company may also, from time to time,
engage external skiled and independent facilitators to conduct Board
evaluations to suplement internal-led Board evaluations.
Upon reasonable request, Directors may sek independent
profesional advice in apropriate circumstances, at the Company’s
expense. Al Directors should have aces to the advice and services
of the company secretary to ensure that Board procedures, and al
aplicable law, rules and regulations, are folowed.
The Board shal review the Independent View Policy anualy to
ensure its continued efectivenes.
The Board was satisfied with the implementation and efectivenes of
the Independent View Policy for the Year.
directors’ securities transactions
The Company has adopted the Model Code for Securities
Transactions by Directors of Listed Isuers (the “Model Code”) as
set out in Apendix C3 to the Listing Rules as its code of conduct
regarding securities transactions by the Directors. Al Directors have
confirmed, folowing specific enquiry by the Company, that they have
complied with the required standard as set out in the Model Code
throughout the Year.
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
主席及行政总裁
守则之守则条文第C.2.1条规定主席及行政
总裁（「行政总裁」）之职务须予区分，不应由
同一人担任。
于本年度内，本公司并无任何高级人员出任
行政总裁。本公司主席兼董事总经理关文辉
先生于本年度内亦履行政总裁之职务。鉴
于本集团之营运规模，董事会认为，现时架
构能促进本公司策略之有效制定及落实，故
此架构更适合本公司。
董事委员会
董事会已成立三个委员会以监督本集团事务
之特定范畴及协助执行董事会职责。所有委
员会均有其各自之职权范围。不同委员会所
提供之意见及建议不但可确保本集团获得适
当之监控，更可保证本集团持续维持上市公
司应有之高标准企业管治。董事会定期检讨
委员会之架构及成员组合，尤其重视个别成
员之技能、知识及经验。
审核委员会
本公司审核委员会（「审核委员会」）于
一九年三月成立，并订有特定职权范
围。审核委员会之职权范围（可于联交所及
本公司网站查阅）包括守则之守则条文第
D.3.3条所载之职责，并于需要时作出适当
修订。为符合上市规则之修订，审核委员会
之职权范围已于二零一六年三月十五日作出
修订。
审核委员会现时包括三名独立非执行董事，
分别为白伟强先生（审核委员会主席）、黄文
显博士及陈耀辉先生。
cHairman and cHief eXecutiVe
Code provision C.2.1 of the Code stipulates that the roles of chairman
and chief executive (the “CE”) should be separate and should not be
performed by the same individual.
During the Year, the Company did not have any oficer with CE
title. Mr. Kwan Man Fai, the chairman and managing director of the
Company, also caried out the responsibility of CE during the Year. In
view of the size of operation of the Group, the Board considered that
this structure is more suitable for the Company as it can promote the
eficient formulation and implementation of the Company’s strategies.
Board comites
The Board has established thre comites to overse particular
aspects of the Group’s afairs and to asist in the execution
of the Board’s responsibilities. Al comites have their own
terms of reference. The views of diferent comites and their
recomendation not only ensure proper control of the Group but
also the continual achievement of the high corporate governance
standards expected of a listed company. The Board conducts
regular review of the structure and composition of the comites
with particular atention to the skils, knowledge and experience of
individual members.
Audit Comite
The audit comite of the Company (the “Audit Comite”) was
set up in March 1999 with specific terms of reference. The terms
of reference of the Audit Comite which are available on the
websites of the Stock Exchange and the Company have included the
duties which are set out in code provision D.3.3 of the Code, with
apropriate modifications when necesary. The terms of reference of
the Audit Comite were amended on 15 March 2016 in order to
comply with the amendments to the Listing Rules.
The Audit Comite curently consists of thre independent non-
executive Directors namely, Mr. Pak Wai Keung Martin, the chairman
of the Audit Comite, Dr. Wong Man Hin Raymond and Mr. Chan
Yiu Fai Youdey.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
董事委员会（续）
审核委员会（续）
于本年度内，共举行两次会议，个别成员之
出席记录如下：
成员姓名
出席╱
合资格出席
会议次数
白伟强（主席）2/2
黄文显2/2
陈耀辉2/2
于本年度，审核委员会进行下列工作：
1. 财务报告
• 连同本公司外部核数师审阅截至
二零二四年三月三十一日止年度
之经审核综合财务报表及截至二
零二四年九月三十日止六个月之
未经审核简明综合财务报表；
• 审阅本集团采纳之会计原则及惯
例；
- ；
- ，包
括本公司截至二零二四年三月
三十一日止年度之年报所载截至
二零二四年三月三十一日止年度
之综合财务报表之关键审核事
项；
• 连同外部核数师审阅截至二零
二五年三月三十一日止年度之审
核计划；
Board comites (continued)
Audit Comite (continued)
A total of two metings were held during the Year and the
atendances of individual members are as folows:
Name of members
Number of
metings atended/
eligible to atend
Pak Wai Keung Martin (Chairman) 2/2
Wong Man Hin Raymond2/2
Chan Yiu Fai Youdey2/2
During the Year, the Audit Comite performed the folowing work:
1. Financial Reporting
• reviewed the audited consolidated financial statements
for the year ended 31 March 2024 and the unaudited
condensed consolidated financial statements for the six
months ended 30 September 2024 in conjunction with
the external auditor of the Company;
• reviewed the acounting principles and practices adopted
by the Group;
• reviewed the significant isues on operational and
compliance controls;
- ,
including the key audit maters of the consolidated
financial statements for the year ended 31 March 2024
which are set out in the anual report of the Company for
the year ended 31 March 2024;
• reviewed the audit planing for the year ended 31 March
2025 in conjunction with the external auditor;
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
Board comites (continued)
Audit Comite (continued)
2. External Auditor
- , terms of engagement and the
independence of the external auditors of the Company;
• reviewed the engagement of non-audit services and
relevant scope of works;
• reviewed with external auditor the convertible bond of the
Company;
• reviewed the re-apointment of external auditor of
the Company and was satisfied with their work, their
independence, and their objectivity, and therefore
recomended the re-apointment of Forvis Mazars CPA
Limited (which had indicated their wilingnes to continue
in ofice) as the Group’s external auditor for Shareholders’
aproval at the anual general meting held on 20 August
2024;
3. Internal Audit
• reviewed the internal audit plan in conjunction with the
independent profesional adviser;
• reviewed the efectivenes of the internal audit function
performed by independent profesional adviser;
• considered the major internal audit isues for the year
ended 31 March 2024;
4. Risk Management and Internal Controls
- ;
• reviewed the efectivenes of risk management and
internal control systems; and
• reviewed the arangements for employes to raise
concerns about posible improprieties.
Each member of the Audit Comite has unrestricted aces to the
auditor and al senior management of the Group. During the Year, the
Audit Comite also met the external auditor without the presence of
the executive Directors.
董事委员会（续）
审核委员会（续）
2. 外部核数师
- 、
委聘条款及独立性；
• 审视非审核服务及有关工作范
围；
• 与外部核数师审阅本公司之可换
股债券；
- ，
并信纳其工作、独立性及客观
性，因此推荐续聘富睿玛泽会
计师事务所有限公司（已表明愿
意继续任职）为本集团外部核数
师，以供股东于二零二四年八月
二十日举行之股东周年大会上批
准；
3. 内部审核
• 与独立专业顾问审视内部审核计
划；
• 检讨独立专业顾问所进行内部审
核职能的成效；
• 考虑截至二零二四年三月三十一
日止年度的主要内部审核事宜；
4. 风险管理及内部监控
- ；
• 检讨风险管理及内部监控系统之
成效；及
• 审视供雇员就可能不当行为提出
疑虑之安排。
审核委员会各成员可无限制地接洽本集团审
核数师及全体高级管理层。于本年度，审核
委员会亦已与外部核数师举行会议，其中执
行董事并无出席。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
董事委员会（续）
薪酬委员会
本公司薪酬委员会（「薪酬委员会」）于二零
五年七月成立，并订有特定职权范围。薪酬
委员会之职权范围（可于联交所及本公司网
站查阅）包括守则之守则条文第E.1.2条所载
之职责，并于需要时作出适当修订。为符合
上市规则之修订，薪酬委员会之职权范围已
于二零二年十一月二十三日作出修订。
薪酬委员会目前由五名成员组成，包括本公
司主席兼董事总经理关文辉先生、执行董事
王四维先生及三名独立非执行董事黄文显博
士（薪酬委员会主席）、陈耀辉先生及白伟强
先生。
薪酬政策
董事会已采纳本公司的薪酬政策（「薪酬政
策」），并已于二零二年一月一日生效。
高质量及忠诚的员工乃为本集团成功作出贡
献的宝贵资产。为确保可吸引并保留人才，
薪酬政策的原则在于提供公平及具市场竞争
力的薪酬待遇，以鼓励表现文化及促进达成
策略业务目标。因此，薪酬政策的目标为富
有竞争力而不过度。
薪酬结构的目的为确保固定及可变奖励（包
括短期及长期激励）的适当平衡，并倾向于
计及个人、职能及企业绩的表现相关元
素。概无人士应参与决定彼之个人薪酬。
薪酬委员会已获授权就个别执行董事及非执
行董事的薪酬待遇向董事会提出推荐建议。
执行董事的薪酬包括董事袍金、基本薪金、
津贴及其他短期雇员福利以及退休福利计
划。
Board comites (continued)
Remuneration Comite
The remuneration comite of the Company (the “Remuneration
Comite”) was set up in July 2005 with specific terms of reference.
The terms of reference of the Remuneration Comite which are
available on the websites of the Stock Exchange and the Company
have included the duties which are set out in code provision E.1.2
of the Code, with apropriate modifications when necesary. The
terms of reference of the Remuneration Comite were amended on
23 November 2022 in order to comply with the amendments to the
Listing Rules.
The Remuneration Comite curently comprises five members,
including the chairman and managing director of the Company, Mr.
Kwan Man Fai, the executive Director, Mr. Wong Sze Wai and thre
independent non-executive Directors, Dr. Wong Man Hin Raymond
as the chairman of the Remuneration Comite, Mr. Chan Yiu Fai
Youdey and Mr. Pak Wai Keung Martin.
Remuneration Policy
The remuneration policy of the Company (the “Remuneration Policy”)
was adopted by the Board and became efective on 1 January 2022.
Quality and comited staf are valuable asets contributing to the
Group’s suces. To ensure the ability to atract and retain talents,
the Remuneration Policy is built upon the principles of providing
equitable and market-competitive remuneration package that suport
the performance culture and enable the achievement of strategic
busines goals. The Remuneration Policy is, therefore, aiming at being
competitive but not excesive.
The remuneration structure is designed to ensure that there is an
apropriate balance of fixed and variable rewards, which include
both short-term and long-term incentives, and is weighted towards
performance-related elements that take into acount individual,
functional and corporate performance. No one should be involved in
deciding his or her own remuneration.
The Remuneration Comite has ben delegated to make
recomendations to the Board on the remuneration packages of
individual executive Directors and non-executive Directors.
The remuneration for the executive Directors comprises director’s
fes, basic salary, alowance and other short-term employe benefits
and retirement benefits scheme.
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
董事委员会（续）
薪酬委员会（续）
薪酬政策（续）
除基本薪金外，经考虑市场状况以及企业及
个人表现等因素后，执行董事合资格收取酌
情花红。
非执行董事（包括独立非执行董事）的薪酬包
括董事袍金，并不受任何类型的激励或表现
相关薪酬所涵盖。
向非执行董事提供酬金乃旨在确保有适当的
薪酬水平以吸引并留住具经验及高质素的人
才监督本集团的业务及发展。彼等的酬金每
年参照业务或规模相若的公司作出检讨，任
何调整须由董事会批准。
薪酬委员会应每年检讨薪酬政策（如适用），
以确保薪酬政策的成效。薪酬委员会应讨论
任何可能需要作出的修订，并向董事会提出
任何有关修订建议供考虑及批准。
于本年度内，薪酬委员会已举行三次会议并
已审阅董事会及本公司高级管理人员现有薪
酬待遇，并对全体董事及高级管理层的薪酬
待遇作出推荐建议。个别成员之出席记录如
下：
成员姓名
出席╱
合资格出席
会议次数
黄文显（主席）3/3
关文辉3/3
王四维3/3
陈耀辉3/3
白伟强3/3
Board comites (continued)
Remuneration Comite (continued)
Remuneration Policy (continued)
In adition to basic salary, executive Directors are eligible to receive a
discretionary bonus taking into consideration factors such as market
conditions as wel as corporate and individual performances.
The remuneration for the non-executive Directors (including
independent non-executive Directors) comprises director’s fe
and is not covered by any type of incentive or performance-related
remuneration.
The objective of remunerating non-executive Directors is to ensure
that there is an apropriate level of remuneration to atract and retain
experienced people of high caliber to overse the Group’s busines
and development. Their remuneration is reviewed anualy with
reference to companies of comparable busines or scale, and any
changes are subject to Board aproval.
The Remuneration Comite shal review the Remuneration Policy,
as apropriate, to ensure the efectivenes of the Remuneration Policy
anualy. The Remuneration Comite shal discus any revisions
that may be required, and recomend any such revisions to the
Board for consideration and aproval.
During the Year, thre metings were held and the Remuneration
Comite had reviewed the existing remuneration packages of the
Board and the senior management of the Company and to make
recomendation on the remuneration package of al Directors and
senior management. The atendances of individual members are as
folows:
Name of members
Number of
metings atended/
eligible to atend
Wong Man Hin Raymond (Chairman) 3/3
Kwan Man Fai3/3
Wong Sze Wai3/3
Chan Yiu Fai Youdey3/3
Pak Wai Keung Martin3/3
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
董事委员会（续）
支付予高级管理人员之薪酬
本集团于本年度支付予高级管理人员之薪酬
介乎以下范围：
Board comites (continued)
Remuneration paid to senior management
Senior management’s remuneration payment of the Group for the
Year fals within the folowing band:
Number of
individual(s)
人数
Nil to HK$1,000,000零至1,000,000港元1
Nomination Comite
The Nomination Comite was set up in March 2012 with specific
terms of reference. The terms of reference of the Nomination
Comite which are available on the websites of the Stock
Exchange and the Company have included the duties which are
set out in code provision B.3.1 of the Code, with apropriate
modifications when necesary. The terms of reference of the
Nomination Comite were amended on 20 June 2025 in order to
comply with the amendments to the Listing Rules.
The Nomination Comite wil take into consideration a candidate’s
qualification, experience, expertise, knowledge and diversity of
perspectives, the requirements aplicable to the Company and the
structure and composition of the Board. The Nomination Comite
identifies, reviews and nominates with diligence and care that
candidates suitably qualified as Board members before making
recomendation to the Board for their final apointment. Factors
such as gender, age, cultural and educational background, and
profesional experience wil also be taken into acount to maintain a
balanced composition and diversity of the perspectives of the Board.
The Board had adopted the Board Diversity Policy seting out the
aproach to diversify members of the Board. Selection of candidates
wil be based on a number of factors, including but not limited to
gender, age, culture and educational background, race, profesional
experience, skils, knowledge and tenure of apointment.
The Board is curently composed of diversified members of diferent
age, with education in economic, legal, acounting and chemical
enginering respectively from leading universities in Mainland China
(including Hong Kong) and the UK. Busines and profesional
experiences of the Board are even diversified which include but
not limited to, multinational entrepreneurship, listed companies
directorship in Hong Kong, legal practices in Hong Kong, corporation
finance and investment banking, acounting and auditing, and
financial management.
提名委员会
提名委员会于二零一二年三月成立，并订有
特定职权范围。提名委员会之职权范围（可
于联交所及本公司网站查阅）包括守则之守
则条文第B.3.1条所载之职责，并于需要时
作出适当修订。提名委员会的职权范围已于
二零二五年六月二十日予以修订，旨在符合
上市规则之修订。
提名委员会将考虑候选人之资历、经验、专
长、知识及成员多元化之裨益、本公司之适
用规定以及董事会之架构及组成，审慎识
别、审阅及提名具备合适资格可担任董事会
成员之候选人，方会向董事会推荐最终委任
之人选。提名委员会亦考虑性别、年龄、文
化、教育背景及专业经验等因素，以维持董
事会有均衡组合及成员多元化之裨益。
董事会已采纳董事会多元化政策，载明董事
会成员多元化措施。董事会将根据多项因素
甄选候选人，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
识以及任期。
董事会现时由不同年龄之成员组成，各具有
中国内地（包括香港）及英国著名大学经济、
法律、会计及化学工程专业之学历。董事会
之商业及专业经验更多元化，包括但不限于
跨国企业家；香港上市公司董事；香港执业
律师；企业融资及投资银行、会计及审核以
及财务管理。
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
董事委员会（续）
提名委员会（续）
于本年报日期，董事会成员多元化政策之
资料（包括性别、年龄、教育背景、商业经
验、专业经验、任期及职务）如下：
Board comites (continued)
Nomination Comite (continued)
As at the date of this anual report, the information (including sex,
age, educational background, busines experience, profesional
experience, term of apointment and designation) of the Board
Diversity Policy is as folows:
No. of Directors
董事人数
Age group:31 to 4031至40岁0
年龄组别：41 to 5041至50岁2
51 to 6051至60岁3
Over 60超过60岁2
Gender:Male男性6
性别：Female女性1
Educational background:Hong Kong香港6
教育背景：Mainland China中国内地2
Overseas海外6
Busines experience:Multinational entrepreneurship跨国企业家2
商业经验：Listed companies directorship in
Hong Kong
香港上市公司董事5
Profesional experience:Legal practices in Hong Kong香港执业律师2
专业经验：Corporation finance and
investment banking
企业融资及
投资银行
Acounting and auditing会计及审核3
Financial management财务管理4
Length of service (year):<1短于一年1
服务时长（按年计）：1-51至5年1
6-106至10年2
Over 10超过10年3
Designation:Executive Director执行董事4
职务：Independent Non-executive Director独立非执行董事3
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
Board comites (continued)
Nomination Comite (continued)
After anual asesment by the Nomination Comite at a meting
on 20 June 2025, the Company considers that the Board has
achieved al the measurable objectives under the Board Diversity
Policy.
The Nomination Comite curently comprises five members,
including the chairman and managing director of the Company, Mr.
Kwan Man Fai as the chairman of the Nomination Comite, another
executive Director, namely, Ms. Tong Yuk Ying Angel, and thre
independent non-executive Directors namely, Dr. Wong Man Hin
Raymond, Mr. Chan Yiu Fai Youdey and Mr. Pak Wai Keung Martin.
During the Year, four metings were held and the Nomination
Comite had reviewed and adopted the existing policy for the
nomination of Directors. The atendances of individual members are
as folows:
Name of members
Number of
metings atended/
eligible to atend
Kwan Man Fai (Chairman)4/4
Wong Man Hin Raymond4/4
Chan Yiu Fai Youdey4/4
Pak Wai Keung Martin4/4
Tong Yuk Ying Angel
(apointed on 20 June 2025)
0/0
董事委员会（续）
提名委员会（续）
提名委员会于二零二五年六月二十日举行会
议进行年度评核后，本公司认为，董事会已
达成董事会成员多元化政策下的所有可计量
目标。
提名委员会目前由五名成员组成，包括本公
司主席兼董事总经理关文辉先生（提名委员
会主席），另一名执行董事汤玉英女士及三
名独立非执行董事黄文显博士、陈耀辉先生
及白伟强先生。
于本年度内，提名委员会曾举行四次会议，
检讨并采纳现时董事提名之政策。个别成员
之出席记录如下：
成员姓名
出席╱
合资格出席
会议次数
关文辉（主席）4/4
黄文显4/4
陈耀辉4/4
白伟强4/4
汤玉英（于二零二五年
六月二十日获委任）
0/0
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
企业管治
本公司致力于维持高标准之企业管治，而董
事会则负责履行上市规则所规定之企业管治
职责。于本年度内，董事委员会已制订及审
阅本公司企业管治之政策及常规，并检讨及
监察董事及高级管理人员之培训及持续专业
发展；检讨及监察本公司之政策及常规有否
遵守法律及监管规定；及检讨有否遵守则
及于企业管治报告之披露。
提名政策
构成
- （「提名
政策」）的最新更新版本，并已于二零
二年一月一日生效，而提名委员会
则负责执行。
目的及原则
• 提名委员会可在其认为合适的情况下
在将于股东大会上获委任或重选连任
的董事人数或需要填补的临时空缺人
数之外提名多名候选人。
- 、
经验及多元化方面维持适合本公司业
务要求之平衡。
• 提名委员会应因应本公司既定的策略
及目标评价及评估董事会的最佳组成。
• 提名委员会已获委派物色具备合适资
格成为董事会成员的人士，并就甄选
获提名担任董事职位的人士作出选择
或向董事会提出建议。
- 。
corPorate GoVernance
The Company is dedicated to maintaining a high standard of
corporate governance and the Board is responsible for performing
the corporate governance duties as stipulated in the Listing Rules.
During the Year, the Board comites had developed and reviewed
the Company’s policies and practices on corporate governance;
reviewed and monitored the training and continuous profesional
development of Directors and senior management; reviewed and
monitored the Company’s policies and practices on compliance with
legal and regulatory requirements and reviewed the compliance with
the Code and disclosure in the Corporate Governance Report.
nomination PoLicY
Constitution
• The latest updated version of the nomination policy of the
Company (the “Nomination Policy”) was adopted by the Board
and became efective on 1 January 2022 and the Nomination
Comite is responsible for execution.
Purpose and Principles
- , as it considers apropriate,
nominate a number of candidates more than the number of
Directors to be apointed or re-apointed at a general meting,
or the number of casual vacancies to be filed.
• The Nomination Policy is to ensure that the Board maintains
a balance of skils, experience and diversity of perspectives
apropriate to the requirement of the Group’s busines.
• The Nomination Comite must evaluate and ases the
optimal composition of the Board, taking into acount the
Company’s agred strategies and objectives.
• The Nomination Comite has ben delegated to identify
individuals suitably qualified to become Board members and
select or make recomendations to the Board on the selection
of individuals nominated for directorships.
• The Board is responsible for selection and apointment of new
Directors.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
提名政策（续）
挑选标准
• 下文列出的因素将被提名委员会用作
评估建议候选人是否合适的依据。
– 诚信声誉
– 于相关行业之成就及经验
– 符合上市规则载列的「独立性」准
则，而董事会组成须不时遵守上
市规则的条文（如适用）
– 能贡献董事会的相关技能及经验
– 投放可用时间及相关利益的承诺
– 于所有方面之多元性，包括但不
限于性别、年龄（18岁或以上）、
文化及教育背景、种族、专业经
验、技能、知识及服务任期
- ，并非详尽无遗，
亦不具有决定性。提名委员会有权酌
情提名其认为合适的任何人士。
• 建议候选人将会被要求按既定格式提
交所需的个人资料及提交同意被委任
为董事的同意书，并同意就其参选董
事或与此有关的事情在任何文件或相
关网站公开披露其个人资料。
• 提名委员会可在认为有必要时要求候
选人提供额外的资料及文件。
nomination PoLicY (continued)
Selection Criteria
• The factors listed below could be used as reference by the
Nomination Comite in asesing the suitability of a proposed
candidate.
– Reputation for integrity
– Acomplishment and experience in the related industry
– Meting the “independence” criteria as set out in the
Listing Rules and the composition of the Board is in
conformity with the provisions of the Listing Rules from
time to time (where aplicable)
– Relevant skils and experience to contribute to the Board
– Comitment in respect of available time and relevant
interest
– Diversity in al its aspects, including but not limited to
gender, age (18 years or above), cultural and educational
background, ethnicity, profesional experience, skils,
knowledge and length of service
- , and not meant to be
exhaustive and decisive. The Nomination Comite has the
discretion to nominate any person, as it considers apropriate.
• Proposed candidates wil be asked to submit the necesary
personal information in a prescribed form, together with their
writen consent to be apointed as a Director and to the
public disclosure of their personal data on any documents or
the relevant websites for the purpose of or in relation to their
standing for election as Directors.
• The Nomination Comite may request candidates to provide
aditional information and documents, if considered necesary.
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
提名政策（续）
提名程序
• 本公司之公司秘书须召开提名委员会
会议，并邀请董事会成员或高级管理
层提名人选（如有）供提名委员会开会
前考虑。提名委员会亦可提名未获董
事会成员提名的人选。
- ，提名委员会须推
荐人选供董事会考虑及批准。
• 候选人可于股东大会举行前任何时候
向本公司公司秘书发出书面通知退选。
• 董事会对于其推荐候选人在股东大会
上参选的所有事宜有最后决定权。
董事会成员多元化及继任计划
• 提名委员会将实行董事会成员多元化
政策及致力于所有层面（包括性别、岁
数、文化及教育背景或专业经验）的多
元化，以满足为实行董事会成员多元
化政策而设定的可计量目标。
• 提名委员会应评估董事会空缺是否因
或预期因董事身故、辞任、退任、取
消资格、职务罢免或其他原因或董事
人数定期或按规定变动而产生。
• 提名委员会应每年评估本公司的多元
化概况（包括董事及高级管理层以及其
直接下属的性别平衡）及达致董事会多
元化目标的进度。
- ，提名委员会可竭力提
前物色一名或多名可能填补预期空缺
之潜在董事候选人。提名委员会根据
上文「挑选标准」一节所述考虑因素制
定将应用于物色董事候选人之标准。
nomination PoLicY (continued)
Nomination Procedures
• The company secretary of the Company shal cal a meting
of the Nomination Comite, and invite nominations of
candidates from Board members or senior management if
any, for consideration by the Nomination Comite prior to
its meting. The Nomination Comite may also put forward
candidates who are not nominated by Board members.
- , the Nomination Comite shal
make recomendations for the Board’s consideration and
aproval.
• A candidate is alowed to withdraw his candidature at any time
before the general meting by serving a notice in writing to the
company secretary of the Company.
• The Board shal have the final decision on al maters relating to
its recomendation of candidates to stand for election at any
general meting.
Board Diversity and Sucesion Plan
• The Nomination Comite wil implement the Board Diversity
Policy and comit to diversity at al levels, including gender,
age, cultural and educational background, or profesional
experience to met the measurable objectives that has ben set
for implementing the Board Diversity Policy.
• The Nomination Comite shal ases whether any vacancy
on the Board has ben created or is expected due to a
Director’s death, resignation, retirement, disqualification,
removal from ofice or other cause or due to change in the
number of Directors on a regular basis or as required.
• The Nomination Comite shal ases anualy on the
Company’s diversity profile including gender balance of the
Directors and senior management and their direct reports, and
the progres in achieving the diversity objectives of the Board.
- , the Nomination Comite
may endeavor to identify in advance one or more potential
director candidates who may fil those expected vacancies. The
Nomination Comite develops the criteria to be aplied in
identifying director candidates, based upon the considerations
described in section headed “Selection Criteria” above.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
提名政策（续）
董事会成员多元化及继任计划（续）
• 实行本公司的董事会成员多元化政策
及继任计划有助招聘及构建由技术熟
练及经验丰富的雇员组成的更广泛多
元的人才库，最终彼等的技能将为彼
等就任董事会职位作好准备。
- ，以评估
本公司的领导层需要，继而确保挑选
具备多元背景的合资格领导层╱主要
人员将非常适合本公司的使命及目
标，并具备本公司所需的技能。
• 提名委员会应注意定期更新董事会成
员组合的需要，以吸引新思维。董事
会亦应每年检讨继任计划的实行及成
效，以确保本公司的长期成功。
检讨及修订
• 董事会应就监察及检讨提名政策实行
正式程序，以确保其继续切合本公司
的需要，并反映当前的监管规定及良
好企业管治常规。
- ，以
确保提名政策的成效。提名委员会将
讨论任何可能需要作出的修订，并向
董事会提出修订建议，以供考虑及审
批。
nomination PoLicY (continued)
Board Diversity and Sucesion Plan (continued)
• The implementation of Board Diversity Policy and sucesion
plan of the Company could asist in the recruitment and
development of a broader and more diverse pol of skiled and
experienced employes and that, in time, their skils wil prepare
them for board positions.
• Sucesion plan of the Company has ben adopted to ases
the leadership neds of the Company to ensure the selection of
qualified leaders/key personel who are of diverse background
and wel fit in the Company’s mision and goals, with the
necesary skils for the Company.
• The Nomination Comite should be mindful of the ned
to refresh the Board regularly to atract fresh thinking. The
Board shal also review the implementation and efectivenes
of the sucesion plan to ensure the long term suces of the
Company anualy.
Review and Revision
• The Board shal implement a formal proces for monitoring
and reviewing the Nomination Policy to ensure that it remains
relevant to the Company’s neds and reflects both curent
regulatory requirements and god corporate governance
practice.
• The Nomination Comite wil review the Nomination Policy to
ensure the efectivenes of the Nomination Policy anualy. The
Nomination Comite wil discus any revisions that may be
required, and recomend any such revisions to the Board for
consideration and aproval.
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
ProGres on and status of Gender
diVersitY
As at 31 March 2025, the Group had 148 (2024: 136) employes,
aproximately 76% (2024: 71%) of whom were male and
aproximately 24% (2024: 29%) of whom were female. The details of
workforce composition are included in the Environmental, Social and
Governance Report for the Year. In respect of the gender diversity of
the Board, as at the date of this anual report, 6 Directors are male
and 1 Director is female. The Company recognizes and embraces
the benefits of having a diverse Board to enhance the quality of its
performance, and ses increasing diversity at the Board level as
an esential element in suporting the atainment of its strategic
objectives and its sustainable development in the long run. It is
expected that the ratio of female Directors wil continue to reach more
than 10% in the folowing years. The Company wil achieve this goal
through active nomination of suitable candidates with no gender
limitation to be newly apointed Directors in coming years.
Moreover, the curent gender ratio (male vs female) of the Company
workforce (including senior management) is 76% vs 24%, while the
ratio is 71% vs 29% in the previous year. The Company is in the
progres of achieving gender diversity and is determined to ensure an
apropriate balance of gender diversity is achieved with reference to
stakeholders’ expectations and international and local recomended
best practices, with the ultimate goal of bringing the workforce to
gender diversity.
Although there may be some mitigating circumstances where gender
diversity can be very hard to achieve (for instance, male workers are
more comon to work in the mining regions in Xinjiang), the Company
wil kep focusing on the workforce gender diversity to maintain its
curent strength as wel as to further improve its competitivenes in
the future.
有关性别多元化的进展及状况
于二零二五年三月三十一日，本集团聘有
148名雇员（二零二四年：136名），男女占
比分别约76%（二零二四年：71%）及约24%
（二零二四年：29%）。雇员组成的详情载于
本年度的环境、社会及管治报告。董事会性
别多元化方面，于本年报日期，全数6名董
事属男性及1名董事属女性。本公司认同及
接受董事会成员多元化对提升其表现质素的
裨益，并视董事会层面上的日益多元化长远
为支持其实现战略目标及可持续发展的一个
关键元素。预计未来数年女性董事的比例将
继续达至10%以上。本公司将于未来数年积
极提名合适人选成为新委任董事，其中不会
受到性别上的限制，从而达成上述目标。
此外，本公司员工（包括高级管理人员）目前
的男女比例为76%对24%，而去年则为71%
对29%。本公司正积极达成性别多元化，
并因应持份者的期望及参考国际和本地的建
议最佳常规以确保男女成员组合取得适当平
衡，并以迈向员工性别多元化为最终目标。
尽管环境未必使性别多元化轻易达成，如新
疆矿区的工人通常为男性，惟本公司将著力
达成员工性别多元化，以保持现有的实力以
及进一步提升其日后的竞争力。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
有关性别多元化的进展及状况（续）
提名委员会将每年检讨董事会的组成及多元
性，以确保董事会持续有效。
为达致董事会的性别多元性，培育潜在董事
继任人的措施包括：
- ，其
中会考虑员工的行业专业知识、领导
能力、决策能力、沟通技巧及专业资
格。
• 董事会亦会考虑向外寻找潜在继任
人，如猎头公司及转介。
董事就财务报表承担之责任
董事确认，彼等之职责为就年度及中期报
告、内幕消息及股价敏感公告及上市规则
下之其他财务披露、呈交监管机构之报告以
及根据法定规定须予披露之资料，提呈中
肯、清晰及易懂之评估。于二零二五年三月
三十一日，董事未有发现任何有关可能对本
公司按持续基准继续经营之能力构成重大疑
问之事件或情况之任何重大不明朗因素。本
公司外聘核数师就其对综合财务报表之申报
责任所发出之声明载于本年报第68至76页
之独立核数师报告。
风险管理及内部监控
本集团于本年度已遵守则之守则条文第
D.2条，建立适当及有效之风险管理及内部
监控系统。管理层负责相关系统之设计、实
施和监控，董事会则负责监督管理层持续执
行有关职责。风险管理和内部监控系统之主
要特点如下面章节所述：
ProGres on and status of Gender
diVersitY (continued)
The Nomination Comite wil review the composition and diversity
of the Board anualy to ensure its continued efectivenes.
Measures to develop a pipeline of potential sucesors to achieve
gender diversity of the Board:
- , having
regard to the industry expertise, leadership skils, decision
making capabilities, comunication skils and profesional
qualification of the staf.
• The Board wil also consider outside sources such as
headhunter and referal.
directors’ resPonsiBiLitY for tHe financiaL
statements
The Directors acknowledge their responsibility to present a balanced,
clear and understandable asesment relating to anual and interim
reports, inside information and price-sensitive anouncements and
other financial disclosures under the Listing Rules, and reports to
regulators as wel as to information required to be disclosed pursuant
to statutory requirements. As at 31 March 2025, the Directors are not
aware of any material uncertainties relating to events or conditions
which may cast significant doubt upon the ability of the Company to
continue as a going concern. The statement of the external auditor of
the Company about its reporting responsibilities on the consolidated
financial statements is set out in the Independent Auditor’s Report
from page 68 to page 76 of this anual report.
risK manaGement and internaL controL
During the Year, the Group has complied with code provision D.2 of
the Code by establishing apropriate and efective risk management
and internal control systems. Management is responsible for the
design, implementation and monitoring of such systems, while the
Board overses management in performing its duties on an ongoing
basis. Main features of the risk management and internal control
systems are described in the sections below:
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
风险管理及内部监控（续）
风险管理系统
本集团采用风险管理系统，管理与其业务及
营运相关之风险。该系统包括以下各方面：
- ：识别风险所属、业务目标及可
能影响达致目标之风险。
- ：分析风险之可能性及影响，并
相应地评估风险组合。
- ：考虑风险应对，确保与董事会
有效沟通并持续监督剩余风险。
根据于二零二四╱二五年度进行之风险评
估，概无识别到任何重大风险。
内部监控系统
本公司设有内部监控系统，与反虚假财务报
告委员会下属的发起人委员会（「COSO」）二
零一三年框架相符。该框架使本集团能够实
现经营之效力及效率、财务报告之可靠性及
适用法律法规之遵循之目标。该框架组成部
分列示如下：
- ：一套可提供本集团实施内
部监控基础之标准、程序及架构。
- ：一个识别及分析风险之动
态及迭代过程，以达致本集团目标，
为确定如何管理风险奠定基础。
- ：通过政策及程序制定之行
动，协助确保管理层为实现目标而缓
解风险之指令能落实执行。
- ：内部及外部沟通为本集
团提供进行日常监控所需资料。
- ：持续及独立评估以确定内部监
控各组成部分是否存在及发挥作用。
risK manaGement and internaL controL
(continued)
Risk Management System
The Group adopts a risk management system which manages the risk
asociated with its busines and operations. The system comprises
the folowing phases:
- : Identify ownership of risks, busines objectives
and risks that could afect the achievement of objectives.
- : Analyze the likelihod and impact of risks and
evaluate the risk portfolio acordingly.
- : Consider the risk responses, ensure efective
comunication to the Board and monitor the residual risks
persistently.
Based on the risk asesments conducted in 2024/25, no significant
risk was identified.
Internal Control System
The Company has in place an internal control system which is
compatible with the Comite of Sponsoring Organizations of the
Treadway Comision (“COSO”) 2013 framework. The framework
enables the Group to achieve objectives regarding efectivenes
and eficiency of operations, reliability of financial reporting and
compliance with aplicable laws and regulations. The components of
the framework are shown as folows:
- : A set of standards, proceses and
structures to provide the basis for carying out internal control
acros the Group.
- : A dynamic and iterative proces for identifying
and analyzing risks to achieve the Group’s objectives, forming a
basis for determining how risks should be managed.
- : Actions established by policies and
procedures to help ensure that management directives to
mitigate risks to the achievement of objectives are caried out.
- : Internal and external
comunication to provide the Group with the information
neded to cary out day-to-day controls.
- : Ongoing and separate evaluations to ascertain
whether each component of internal control is present and
functioning.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
风险管理及内部监控（续）
内部监控系统（续）
为强化本集团处理内部资料之系统，以及确
保其公开披露之真实性、准确性、完整性及
适时性，本集团亦采纳及执行内部资料政策
及程序。本集团亦不时采取若干合理措施，
确保有适当之防范措施以避免违反与本集团
有关之披露要求，其中包括：
- ，仅限供少
数雇员接触。拥有内部资料之雇员须
充分认识彼等之保密义务；
• 本集团进行重大协商时签订保密协
议；及
- 、分析员或投
资者等外界人士沟通时代表本公司发
言之人士。
根据于二零二四╱二五年度进行之内部监控
检讨，概无识别到有任何重大监控不足之
处。
内部审计
本集团设有内部审计（「内部审计」）职能，由
具备相关专业知识之专业员工（例如执业会
计师）组成。内部审计职能独立于本集团日
常运作，并通过面谈、巡视及进行操作效
力测试，对风险管理及内部监控系统进行评
估。
董事会已批准一项内部审计划。根据既定
计划，每半年对风险管理及内部监控系统进
行审查，且之后通过审核委员会将结果向董
事会报告。
risK manaGement and internaL controL
(continued)
Internal Control System (continued)
In order to enhance the Group’s system of handling inside
information, and to ensure the truthfulnes, acuracy, completenes
and timelines of its public disclosures, the Group also adopts and
implements an inside information policy and procedures. Certain
reasonable measures have ben taken from time to time to ensure
that proper safeguards exist to prevent a breach of disclosure
requirements in relation to the Group, which include:
• the aces of information is restricted to a limited number of
employes on a ned-to-know basis. Employes who are in
posesion of inside information are fuly conversant with their
obligations to preserve confidentiality;
• confidentiality agrements are in place when the Group enters
into significant negotiations; and
• the executive Directors are designated persons who speak
on behalf of the Company when comunicating with external
parties such as the media, analysts or investors.
Based on the internal control reviews conducted in 2024/25, no
significant control deficiency was identified.
Internal Audit
The Group has an Internal Audit (“IA”) function, which is consisted
of profesional staf with relevant expertise (such as Certified Public
Acountant). The IA function is independent of the Group’s daily
operation and caries out apraisal of the risk management and
internal control systems by conducting interviews, walkthroughs and
tests of operating efectivenes.
An IA plan has ben aproved by the Board. Acording to the
established plan, review of the risk management and internal control
systems is conducted semi-anualy and the results are reported to
the Board via Audit Comite afterwards.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 1,500 |
| 360 |
| 1,860 |
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
风险管理及内部监控（续）
风险管理及内部监控系统之有效性
董事会负责本集团风险管理及内部监控系
统，确保每半年对该等系统之有效性进行审
查。董事会进行审查时已作出多方面考虑，
其中包括但不限于：
(i) 自上次年度审查后，重大风险性质及
程度之改变，以及本集团于其业务及
外部环境中应对变化之能力；及
(i) 管理层持续监督风险及内部监控系统
之范围及质量。
董事会通过其审查和内部审计职能与审核委
员会之审查，认定风险管理和内部监控系统
于本年度均属有效及足够。然而，该等系统
旨在管理而非杜绝未能实现业务目标之风
险，并且只能就防止重大失实陈述或损失提
供合理而非绝对之保证。资源、员工资历及
相关员工之经验视作足够，所提供培训项目
及预算亦属充裕。
核数师薪酬
本集团于本年度之审核工作由富睿玛泽会计
师事务所有限公司进行。
于本年度内，本集团已付或应付本公司核数
师富睿玛泽会计师事务所有限公司及其联属
公司之费用如下：
risK manaGement and internaL controL
(continued)
Efectivenes of the Risk Management and Internal
Control Systems
The Board is responsible for the risk management and internal control
systems of the Group and ensuring review of the efectivenes of
these systems has ben conducted semi-anualy. Several areas
have ben considered during the Board’s reviews, which include but
not limited to:
(i) the changes in the nature and extent of significant risks since
the last anual review, and the Group’s ability to respond to
changes in its busines and the external environment; and
(i) the scope and quality of management’s ongoing monitoring of
risks and of the internal control systems.
The Board, through its reviews and the reviews made by IA function
and Audit Comite, concluded that the risk management and
internal control systems were efective and adequate during the
Year. Such systems, however, are designed to manage rather than
eliminate the risk of failure to achieve busines objectives, and can
only provide reasonable and not absolute asurance against material
mistatement or los. It is also considered that the resources, staf
qualifications and experience of relevant staf were adequate and the
training programes and budget provided were suficient.
auditor’s remuneration
The audit works of the Group for the Year were performed by Forvis
Mazars CPA Limited.
For the Year, fes paid or payable to the auditor of the Company,
Forvis Mazars CPA Limited, and its afiliates by the Group are as
folows:
二零二四年
HK$’000
千港元
– Audit services－审核服务1,500
– Non-audit services (Note)－非审核服务（附注）360
1,860
Note:
The non-audit services primarily included interim review services.
附注：
非审核服务主要包括中期审阅服务。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
公司秘书
本公司之公司秘书为李震锋先生（「李先
生」），彼熟悉本公司日常事务。根据上市规
则第3.29条，李先生已于本年度内接受逾15
小时之相关专业培训。
投资者关系及股东权利
本公司将于二零二五年八月二十二日举行二
零二五年股东周年大会（「股东周年大会」）。
股东周年大会通告将于大会前最少二十一个
足日向本公司股东发出。
组织章程大纲及公司细则
于二零二四年六月二十七日，董事会建议修
订本公司之公司细则，以（其中包括）(i)规定
公司通讯可透过多种方式发放予本公司股
东，包括但不限于将公司通讯刊载于本公司
网站及联交所网站；(i)容许本公司根据百慕
达适用法律及上市规则持有及出售其股份为
库存股份；及(i)纳入后续修订以与上述修订
及其他内务修订一致。本公司第二次经修订
及重列的公司细则已于二零二四年八月二十
日举行的本公司股东周年大会上以特别决议
案方式批准，以取代及排除本公司先前经修
订及重列的公司细则。
详情请参阅本公司日期为二零二四年六月
二十七日及二零二四年八月二十日的公告及
本公司日期为二零二四年七月二十六日的通
函。
股东通讯政策
本公司已于二零一二年三月二十七日采纳股
东通讯政策（「股东通讯政策」），以确保股东
可快速、平等及适时获得有关本公司全面而
易于理解之资料。股东通讯政策可于本公司
网站查阅，现概述如下：
comPanY secretarY
The company secretary of the Company is Mr. Li Chun Fung (“Mr. Li”),
who has day-to-day knowledge of the Company’s afairs. Mr. Li has
taken over 15 hours of relevant profesional training in acordance
with Rule 3.29 of the Listing Rules during the Year.
inVestor reLations and sHareHoLders’
riGHts
The 2025 anual general meting (“AGM”) of the Company wil be
held on 22 August 2025. A notice of anual general meting wil be
sent to the shareholders of the Company not les than 21 clear days
before the meting.
Memorandum of Asociation and Bye-laws
On 27 June 2024, the Board proposed to amend the Bye-laws
of the Company in order to, inter alia, (i) provide that corporate
comunications may be diseminated to shareholders of the
Company through various means, including but not limited to, by
publishing it on the Company’s website and the website of the
Stock Exchange; (i) alow the Company to hold and dispose of its
shares as treasury shares in acordance with the aplicable laws of
Bermuda and the Listing Rules; and (i) incorporate consequential
amendments in line with the above amendments and other house-
keping amendments. The second amended and restated Bye-
laws of the Company in substitution for, and to the exclusion of, the
preceding amended and restated bye-laws of the Company was
aproved by way of special resolution at the anual general meting
of the Company held on 20 August 2024.
For details, please refer to the Company’s anouncements dated 27
June 2024 and 20 August 2024 and the Company’s circular dated 26
July 2024.
Shareholders Comunication Policy
A shareholders comunication policy of the Company (the
“Shareholders Comunication Policy”) was adopted on 27 March
2012 to ensure that shareholders are provided with ready, equal and
timely aces to balanced and understandable information about the
Company. The Shareholders Comunication Policy is available on the
Company’s website and is sumarized as folows:
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
投资者关系及股东权利（续）
股东通讯政策（续）
本公司向股东及投资人士传达资讯的主要渠
道为：本公司的财务报告（季度（如有）、中
期及年度报告）；股东周年大会及其他可能
召开的股东大会；并于本公司网站及联交所
网站提供所有公告、通函及其他公司通讯。
本公司亦应确保外聘核数师出席股东周年大
会，以回应股东有关进行审计、核数师报告
的编制及内容、会计政策及核数师独立性的
查询。此外，于股东周年大会上将就各项重
要独立议题（包括个别董事的选举）提呈决议
案。
董事会已检讨股东通讯政策及其于本年度内
的成效。本公司已根据股东通讯政策向股东
提供合适的沟通渠道，故现行股东通讯政策
对本公司而言属合适。
股东权利
任何于呈递要求日期持有不少于本公司实缴
股本（附有于本公司股东大会投票之权利）十
分之一之股东于任何时候均有权向董事会或
本公司之公司秘书发出书面要求（方法为将
书面要求递交至本公司之注册办事处及香港
主要办事处），要求董事会召开股东特别大
会（「股东特别大会」）以处理有关要求中指明
之任何事宜；而该大会应于呈递该要求后两
(2)个月内举行。书面要求必须列明股东大
会目的，由有关股东签署，并可包括多份相
同形式之文件，而每份文件由一名或以上该
等股东签署。倘要求属妥当，则本公司之公
司秘书将透过根据法定规定向全体已登记股
东发出足够通知要求董事会召开股东特别大
会。反之，倘要求属无效，则有关股东将获
通知此结果，股东特别大会将因此不会应要
求召开。
inVestor reLations and sHareHoLders’
riGHt (continued)
Shareholders Comunication Policy (continued)
Information shal be comunicated to shareholders and the
investment comunity mainly through the Company’s financial
reports (quarter (if any), interim and anual reports), anual general
metings and other general metings that may be convened, as
wel as by making available al anouncements, circulars and other
corporate comunications on the websites of the Company and
the Stock Exchange. The Company should also ensure the external
auditor to atend the anual general meting to adres shareholders’
queries about the conduct of the audit, the preparation and content
of the auditors’ report, the acounting policies and auditor’s
independence. Moreover, resolutions are proposed at anual general
meting on each substantialy separate isue, including the election of
individual Directors.
The Board has reviewed the Shareholders Comunication Policy and
its efectivenes for the Year. The Company has provided apropriate
comunication chanels to the shareholders in acordance with
the Shareholders Comunication Policy and therefore existing
Shareholders Comunication Policy is apropriate to the Company.
Shareholders’ Rights
Shareholders holding at the date of deposit of the requisition not
les than one-tenth of the paid up capital of the Company carying
the right of voting at general metings of the Company shal at al
times have the right, by writen requisition sent to the Company’s
registered ofice and its principal ofice in Hong Kong for the atention
of the Board or the company secretary of the Company, to require
a special general meting (the “SGM”) to be caled by the Board for
the transaction of any busines specified in such requisition; and
such meting shal be held within two (2) months after the deposit
of such requisition. The writen requisition must state the purposes
of the general meting, signed by the shareholder(s) concerned and
may consist of several documents in like form, each signed by one or
more of those shareholders. If the requisition is in order, the company
secretary of the Company wil ask the Board to convene an SGM by
serving suficient notice in acordance with the statutory requirements
to al the registered shareholders. On the contrary, if the requisition is
invalid, the shareholders concerned wil be advised of this outcome
and acordingly, an SGM wil not be convened as requested.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
投资者关系及股东权利（续）
股东权利（续）
倘本公司有股东(i)于股东大会上持有全体股
东之总投票权不少于二十分之一；或(i)不少
于一百名股东，则可提交书面要求，列明
拟于股东周年大会上动议之决议案，或提交
一份不超过一千字之陈述，说明任何提呈之
决议案所提述事宜，或将于特定股东大会上
处理之事宜。书面要求╱陈述必须由相关股
东签署，并于股东周年大会举行不少于六周
前（倘要求需决议案通知）或股东大会举行不
少于一周前（倘为任何其他要求）寄交本公司
注册办事处及香港主要办事处，致本公司之
公司秘书。倘书面要求妥当，本公司之公司
秘书将要求董事会(i)将决议案载入股东周年
大会议程；或(i)传阅股东大会陈述，惟相关
股东须支付董事会厘定之合理金额费用，以
便本公司足够支付根据法定要求向全体登记
股东寄发决议案通知及╱或向彼等传阅相关
股东所提呈陈述之开支。反之，倘要求属无
效，或相关股东未能支付足够费用供本公司
就上述行动支付开支，则向相关股东告知此
结果，而建议决议案将因此不会载入股东周
年大会议程，或股东大会将不会传阅陈述。
inVestor reLations and sHareHoLders’
riGHt (continued)
Shareholders’ Rights (continued)
Shareholder(s) of the Company holding (i) not les than one-twentieth
of the total voting rights of al shareholders having the right to vote at
the general meting; or (i) not les than 100 shareholders, can submit
a writen request stating the resolution intended to be moved at the
AGM or a statement of not more than 1,000 words with respect to
the mater refered to in any proposed resolution or the busines to
be dealt with at a particular general meting. The writen request/
statements must be signed by the shareholder(s) concerned and
deposited at the Company’s registered ofice and its principal ofice
in Hong Kong for the atention of the company secretary of the
Company, not les than six weks before the AGM in the case of a
requisition requiring notice of a resolution and not les than one wek
before the general meting in the case of any other requisition. If the
writen request is in order, the company secretary of the Company wil
ask the Board (i) to include the resolution in the agenda for the AGM;
or (i) to circulate the statement for the general meting, provided
that the shareholder(s) concerned have deposited a sum of money
reasonably determined by the Board suficient to met the Company’s
expenses in serving the notice of the resolution and/or circulating the
statement submited by the shareholder(s) concerned in acordance
with the statutory requirements to al the registered shareholders.
On the contrary, if the requisition is invalid or the shareholder(s)
concerned have failed to deposit suficient money to met the
Company’s expenses for the said purposes, the shareholder(s)
concerned wil be advised of this outcome and acordingly, the
proposed resolution wil not be included in the agenda for the AGM or
the statement wil not be circulated for the general meting.
Anual Report 2024/25 年报
CORPORATE GOVERNANCE REPORT 企业管治报告
投资者关系及股东权利（续）
股东权利（续）
股东及其他持份者可于任何时间将彼等之查
询及对董事会之关注事项以邮寄、传真或电
邮之方式递交至本公司之公司秘书。联络资
料载列如下：
注册办事处：Clarendon House,
2 Church Stret,
Hamilton HM 11, Bermuda
香港主要
营业地点：
香港金钟
夏悫道18号
海富中心
2座11楼
邮寄地址：香港金钟
夏悫道18号
海富中心
2座11楼
电话：3845 5790
传真：2110 1907
电邮：info@nananlisted.com
股息政策
董事会采纳本公司的股息政策（「股息政
策」），于二零一九年一月九日生效。
本公司于建议派付任何股息时须考虑（其中
包括）以下因素：
(a) 本集团的实际及预期财务表现；
(b) 本集团及其各成员公司的保留盈利及
可供分派储备；
(c) 本集团的债务权益比率、权益回报率
及相关财务契诺水平；
(d) 本集团当前及未来营运能力、于宣派
股息时的未来承担；
(e) 本集团贷款人就派付股息可能施加的
任何限制；
inVestor reLations and sHareHoLders’
riGHt (continued)
Shareholders’ Rights (continued)
Shareholders and other stakeholders may at any time send their
enquiries and concerns to the Board by adresing them to the
company secretary of the Company by post, fax or email. The contact
details are set out as below:
Registered ofice:Clarendon House,
2 Church Stret,
Hamilton HM 11, Bermuda
Principal place of
busines in
Hong Kong:
11/F., Tower 2,
Admiralty Centre,
18 Harcourt Road,
Admiralty, Hong Kong
Postal adres:11/F., Tower 2,
Admiralty Centre,
18 Harcourt Road,
Admiralty, Hong Kong
Tel:3845 5790
Fax:2110 1907
Email:info@nananlisted.com
diVidend PoLicY
The dividend policy of the Company (the “Dividend Policy”) was
adopted by the Board and became efective on 9 January 2019.
In proposing any dividend payout, the Company could also take into
acount, inter alia:
(a) the Group’s actual and expected financial performance;
(b) retained earnings and distributable reserves of the Group and
each of the members of the Group;
(c) the level of the Group’s debts to equity ratio, return on equity
and the relevant financial covenants;
(d) the Group’s capacity from curent and future operation, future
comitments at the time of declaration of dividend;
(e) any restrictions on payment of dividends that may be imposed
by the Group’s lenders;
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CORPORATE GOVERNANCE REPORT 企业管治报告
股息政策（续）
(f) 百慕达及本公司的公司细则项下的任
何限制；
(g) 从本集团附属公司及联营公司收取股
息，而该等股息将视乎该等附属公司
及联营公司派付股息的能力而定；
(h) 本集团的预期营运资金需求；
(i) 一般经济状况、本集团业务的业务周
期，以及对本集团业务或财务表现及
状况可能造成影响的其他内部或外部
因素；及
(j) 董事会视为合适的任何其他因素。
股息政策及根据股息政策宣派及╱或派付未
来股息，须视乎董事会持续认为此股息政策
及宣派及╱或派付股息符合本集团及股东之
最佳利益方可作实，且会遵守所有适用法律
及法规之规定。董事会致力凭借可持续的股
息政策，在满足其股东预期与审慎资本管理
之间取得平衡。
董事会将持续审阅股息政策，并保留其唯一
及绝对酌情权，可随时更新、修订、修改
及╱或取消股息政策。股息政策绝不会在任
何方面构成有关本集团未来股息之具法律约
束力承诺及╱或绝不会令本集团有义务随时
或不时宣派股息，且概不保证股息将于任何
既定期间按任何特定金额派付。即使董事会
决定建议及派付股息，但形式、频率及金额
将视乎上述因素而定。
diVidend PoLicY (continued)
(f) any restrictions under the law in Bermuda and the Company’s
Bye-laws;
(g) the dividends received from the Group’s subsidiaries and
asociates, which in turn wil depend on the ability of those
subsidiaries and asociates to pay a dividend;
(h) the Group’s expected working capital requirements;
(i) general economic conditions, busines cycle of the Group’s
busines and other internal or external factors that may have an
impact on the busines or financial performance and position of
the Group; and
(j) any other factors that the Board dem apropriate.
The Dividend Policy and the declaration and/or payment of future
dividends under the Dividend Policy are subject to the Board’s
continuing determination that the Dividend Policy and the declaration
and/or payment of dividends would be in the best interests of the
Group and shareholders, and are in compliance with al aplicable
laws and regulations. The Board endeavours to maintain a balance
betwen meting its shareholders’ expectations and prudent capital
management with a sustainable dividend policy.
The Board could continualy review the Dividend Policy and reserves
the right in its sole and absolute discretion to update, amend, modify
and/or cancel the Dividend Policy at any time. The Dividend Policy
shal in no way constitute a legaly binding comitment by the Group
in respect of its future dividend and/or in no way obligate the Group
to declare a dividend at any time or from time to time, there can be
no asurance that dividends wil be paid in any particular amount for
any given period. Even if the Board decides to recomend and pay
dividends, the form, frequency and amount wil depend upon the
abovementioned factors.
Anual Report 2024/25 年报
REPORT OF THE DIRECTORS
董事会报告
The Directors present their report and the audited consolidated
financial statements of the Group for the Year.
PrinciPaL actiVities
The Company is an investment holding company. The subsidiaries
of the Company are principaly engaged in (i) mining and sales of
coal; (i) renewable energy solutions; and (i) provision of information
technology outsourcing, consultancy and technical services.
resuLts and diVidends
The Group’s results for the Year and the state of afairs of the
Company and the Group are set out in the consolidated financial
statements on pages 77 to 202. The Board does not recomend the
payment of any dividend for the Year (2024: Nil).
Busines reVieW
A review of the Group’s busines for the Year, a discusion on
the Group’s future busines development and principal risks and
uncertainties that the Group is facing are provided in the sections
headed “Chairman’s Statement” on pages 4 to 12 and “Management
Discusion and Analysis” on pages 13 to 26 of this anual report.
The financial risk management objectives and policies of the Group
are set out in Note 27 to the consolidated financial statements.
The Company promotes the culture of adhering to the high ethical
standards of busines conduct and comits to complying with al
prevailing laws and regulations in al its operating regions. During the
Year, the Company did not aware of any material non-compliance or
breach of legislation.
fiVe-Year financiaL sumarY
A sumary of the published results, asets and liabilities, and
non-controling interests of the Group for the last five financial years,
as extracted from the audited consolidated financial statements is set
out on pages 203 to 204 of this anual report. This sumary does not
form part of the audited consolidated financial statements.
董事谨此提呈本集团于本年度之董事会报告
及经审核综合财务报表。
主要业务
本公司为一间投资控股公司。本公司附属公
司之主要业务为(i)煤炭开采及销售；(i)可再
生能源解决方案；及(i)提供的资讯科技外
包、咨询及技术服务。
业绩及股息
本集团于本年度之业绩及本公司与本集团之
业务状况载于第77至202页之综合财务报表
内。董事会并不建议就本年度派付任何股息
（二零二四年：无）。
业务回顾
本集团于本年度之业务回顾、本集团就未来
业务发展之论述及本集团面临之主要风险及
不确定因素分别载于本年报第4至12页之「主
席报告」及第13至26页之「管理层讨论及分
析」各节。
本集团之财务风险管理目标及政策载于综合
财务报表附注27。
本公司提倡致力于高道德标准之业务操守文
化，并致力于其所有营运地区遵守所有现行
法律及法规。于本年度，本公司未有发现任
何重大不合规或违反法律事宜。
五年财务摘要
本集团过去五个财政年度已公布之业绩、
资产及负债以及非控股权益概要（摘录自经
审核综合财务报表）载于本年报第203至204
页。此概要并不构成经审核综合财务报表一
部分。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
REPORT OF THE DIRECTORS 董事会报告
物业、厂房及设备
本集团于本年度之物业、厂房及设备变动详
情载于综合财务报表附注12。
股本及购股权
本公司股本之变动详情载于综合财务报表附
注21(b)。本公司概无采纳购股权计划。
可换股债券
本公司于本年度发行之可换股债券详情载于
综合财务报表附注22。
股权挂钩协议
除本董事会报告「可换股债券」一节及综合财
务报表附注22所披露者外，本公司于本年度
概无订立股权挂钩协议。
与主要持份者之关系
本公司深明我们的管理层、雇员、客户及业
务伙伴（包括供应商、金融机构及学术机构）
为本公司迈向成功之关键持份者。我们通过
委聘管理层及雇员、为客户提供优质产品、
与业务伙伴合作以交付优质及具可持续性之
产品及服务以及为社区提供支持，致力实现
企业可持续发展。
环境、政策及表现
本公司于刊发本年报的同一时间于本公司网
站及联交所网站刊载环境、社会及管治报
告。
获准弥偿条文
本公司之公司细则规定，全体董事及本公司
高级职员均可从本公司之资产及溢利获得弥
偿，该等人士就执行其职责时因所作出、发
生之作为或不作为而将会或可能招致或蒙受
之所有诉讼、费用、收费、损失、损害及开
支，可获确保免就此受任何损害。已安排董
事及高级职员之责任保险以就董事及本集团
高级职员所招致的申索产生之任何潜在成本
及负债提供保障。
ProPertY, PLant and equiPment
Details of movements in the property, plant and equipment of the
Group during the Year are set out in Note 12 to the consolidated
financial statements.
sHare caPitaL and sHare oPtions
Details of movements in the Company’s share capital are set out in
Note 21(b) to the consolidated financial statements. The Company
does not adopt share option scheme.
conVertiBLe Bond
Details of the Convertible Bond isued by the Company during the
Year are set out in Note 22 to the consolidated financial statements.
equitY-LinKed aGrements
Save as disclosed in the section headed “Convertible Bond” of this
Report of the Directors and Note 22 to the consolidated financial
statements, no equity-linked agrement was entered into by the
Company during the Year.
reLationsHiPs WitH KeY staKeHoLders
The Company recognises that our management, employes,
customers and busines partners (including supliers, financial
institutions and academic bodies) are key stakeholders to the
Company’s suces. We strive to achieve corporate sustainability
through engaging our management and employes, providing quality
products to our customers, colaborating with busines partners to
deliver quality sustainable products and services and suporting our
comunity.
enVironmentaL, PoLicies and Performance
The Company publishes an Environmental, Social and Governance
Report on the websites of the Company and the Stock Exchange at
the same time as the publication of this anual report.
Permited indemnitY ProVision
The Company’s Bye-laws provided that al Directors and oficers
of the Company shal be indemnified and secured harmles out of
the asets and profits of the Company from and against al actions,
costs, charges, loses, damages and expenses which they shal or
may incur or sustain by or by reason of any act done, concured in or
omited in or about the execution of their duty. Directors’ and oficers’
liability insurance is aranged to cover the directors and oficers of the
Group against any potential costs and liabilities arising from claims
brought against them.
Anual Report 2024/25 年报
REPORT OF THE DIRECTORS 董事会报告
退休计划
本集团已为其香港雇员安排参加由独立托管
人管理之界定供款计划强制性公积金计划
（「强积金计划」）。根据强积金计划，本集团
（雇主）及其雇员各自须向强积金计划作出每
月供款，根据强积金计划条例界定一般为雇
员薪金之5%。各雇主及雇员之每月供款最
多为每月1,500港元（自二零一四年六月一日
起），而超出此数之供款属自愿供款性质。
除作出供款外，本集团毋须就退休后之福利
承担其他责任。
本集团之中国内地附属公司雇员均为中国内
地政府所设立国家管理退休福利计划之成
员。附属公司按基本薪金之某个百分比向退
休福利计划供款，以拨付福利。除作出该等
供款外，本集团毋须就实际支付退休金或退
休后之福利承担其他责任。国家资助的退休
计划对应付退休雇员之退休金全权负责。
上述退休计划供款即时归属。按上述退休计
划并无可被没收之供款用作冲减将来雇主之
供款。
薪酬政策
本公司薪酬政策乃定期审阅，并参考市况以
及本公司及个别员工（包括董事）之表现。董
事及管理团队之薪酬政策及薪酬组合由薪酬
委员会及董事会审阅，详情载于第40至41
页企业管治报告「薪酬委员会」一段。
关连人士交易
董事认为于综合财务报表附注28所披露之该
等关连人士交易概不属于上市规则第十四A
章项下之「关连交易」或「持续关连交易」（视
情况而定）之定义，须遵守上市规则项下之
申报、公告或独立股东批准之规定。董事确
认本公司已根据上市规则第十四A章遵守披
露规定。
关连交易及持续关连交易
于本年度，除第60页董事会报告项下「可换
股债券」一段所披露者外，本公司并无任何
关连交易或持续关连交易须遵守上市规则第
十四A章项下之申报规定。
retirement scHeme
The Group has aranged for its Hong Kong employes to join the
Mandatory Provident Fund Scheme (the “MPF Scheme”), a defined
contribution scheme managed by an independent truste. Under the
MPF Scheme, each of the Group (the employer) and its employes
make monthly contributions to the MPF Scheme generaly at 5% of
the employes’ earnings as defined under the Mandatory Provident
Fund legislation. The monthly contributions of each of the employer
and the employe are subject to a maximum contribution of
HK$1,500 per month (for period after 1 June 2014) and thereafter
contributions are voluntary. The Group has no further obligation for
post-retirement benefits beyond the contributions.
The employes of the Group’s subsidiaries in Mainland China are
members of the state-managed retirement benefit plan operated
by the government of Mainland China. The subsidiaries contributed
certain percentage of basic salaries to the retirement benefits plan to
fund the benefits. The Group has no further obligations for the actual
payment of pensions or post-retirements benefits beyond these
contributions. The state-sponsored retirement plans are responsible
for the entire pension obligations payable to retired employes.
Contributions to the above retirement schemes vest imediately.
No forfeited contributions under the above retirement schemes is
available to reduce the contribution payable by the employer in future
years.
remuneration PoLicY
Remuneration policy of the Company is reviewed regularly, making
reference to market condition and performance of the Company and
individual staf (including the Directors). The remuneration policy and
remuneration packages of the Directors and management team are
reviewed by the Remuneration Comite and the Board which are
detailed in the paragraph headed “Remuneration Comite” under
the Corporate Governance Report on pages 40 to 41.
reLated PartY transactions
The Directors consider that those related party transactions disclosed
in Note 28 to the consolidated financial statements did not fal under
the definition of “conected transactions” or “continuing conected
transactions” (as the case may be) in Chapter 14A of the Listing Rules
which are required to comply with any of the reporting, anouncement
or independent shareholders’ aproval requirements under the Listing
Rules. The Directors confirmed that the Company has complied with
the disclosure requirements in acordance with Chapter 14A of the
Listing Rules.
conected transaction and continuinG
conected transaction
During the Year, save as disclosed in the paragraph headed
“Convertible Bond” under the Report of the Directors on page 60,
the Company did not have any conected transactions or continuing
conected transactions which were subject to the reporting
requirements under Chapter 14A of the Listing Rules.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
REPORT OF THE DIRECTORS 董事会报告
重大事项
本集团重大事项载于本年报第7至10页之「主
席报告」一节。
优先购买权
本公司之公司细则或百慕达法例并无有关优
先购买权之条文，要求本公司必须向现有股
东按比例发行新股份。
购入、出售或赎回本公司上市证券
本公司或其任何附属公司于本年度概无购
入、出售或赎回本公司任何上市证券。
储备
本公司及本集团于本年度之储备变动详情分
别载于综合财务报表附注21(a)及综合权益变
动表。
可供分派储备
于二零二五年三月三十一日，本公司并无可
作现金分派及╱或实物分派之保留溢利。根
据百慕达一九八一年公司法，本公司之缴入
盈余约为128,013,000港元，于若干情况下
可供分派。此外，本公司之股份溢价账结余
约为191,534,000港元，可以缴足红股形式
分派。
主要客户及供应商
于本年度，本集团五大客户之销售额占本
年度总销售额37.38%，而当中最大客户
之销售额则占13.31%。本集团五大供应
商之货品及服务采购额占本年度总采购额
77.43%，而当中最大供应商之采购额则占
61.89%。
于本年度任何时间内，董事、彼等之紧密联
系人或任何股东（据董事所深知，拥有本公
司已发行股份多于5%）于五大客户或五大供
应商概无任何实益权益。
maJor eVents
The major events of the Group are provided in the section headed
“Chairman’s Statement” on pages 7 to 10 of this anual report.
Pre-emPtiVe riGHts
There are no provisions for pre-emptive rights under the Bye-
laws of the Company or the laws of Bermuda which would oblige
the Company to ofer new shares on a pro rata basis to existing
shareholders.
PurcHase, saLe or redemPtion of tHe
comPanY’s Listed securities
Neither the Company nor any of its subsidiaries purchased, sold or
redemed any of the Company’s listed securities during the Year.
reserVes
Details of movements in the reserves of the Company and the Group
during the Year are set out in Note 21(a) to the consolidated financial
statements and in the consolidated statement of changes in equity
respectively.
distriButaBLe reserVes
As at 31 March 2025, the Company had no retained profits
available for cash distribution and/or distribution in specie. Under
the Companies Act 1981 of Bermuda, the Company’s contributed
surplus of aproximately HK$128,013,000 may be distributed under
certain circumstances. In adition, the Company’s share premium
acount with a balance of aproximately HK$191,534,000 may be
distributed in the form of fuly paid bonus shares.
maJor customers and suPLiers
For the Year, sales to the Group’s five largest customers acounted
for 37.38% of the total sales for the Year and sales to the largest
customer included therein amounted to 13.31%. Purchases of gods
and services from the Group’s five largest supliers acounted for
77.43% of the total purchases for the Year and purchases from the
largest suplier included therein amounted to 61.89%.
At no time during the Year, the Directors, their close asociates or any
shareholders (which to the best knowledge of the Directors own more
than 5% of the Company’s isued shares) had any beneficial interest
in the five largest customers or the five largest supliers.
Anual Report 2024/25 年报
REPORT OF THE DIRECTORS 董事会报告
董事
以下为本年度及直至本年报日期之董事：
执行董事：
关文辉（主席兼董事总经理）
王四维
李震锋
汤玉英（于二零二四年十月一日获委任）
独立非执行董事：
黄文显
陈耀辉
白伟强
根据本公司之公司细则第84条规定，王四维
先生及李震锋先生将轮值退任，并符合资格
及愿意于应届股东周年大会重选连任。
根据本公司之公司细则第83(2)条，汤玉英女
士之任期至应届股东周年大会，并符合资格
并愿意于应届股东周年大会上重选连任。
董事及高级管理人员简历
董事及本集团高级管理人员简历详情载于本
年报第27至29页。
董事资料变动
自本公司二零二四╱二五年中期报告刊发
后，根据上市规则第13.51B(1)条须予披露之
董事资料变动载列如下：
(1) 独立非执行董事黄文显博士及陈耀辉
先生与本公司订立之服务协议于二零
二五年三月二十四日届满，且彼等之
服务协议已自二零二四年三月二十五
日起延期一年；及
(2) 汤玉英女士已获委任为提名委员会的
成员，自二零二五年六月二十日起生
效。
directors
The Directors during the Year and up to the date of this anual report
were:
Executive Directors:
Kwan Man Fai (Chairman & Managing Director)
Wong Sze Wai
Li Chun Fung
Tong Yuk Ying Angel (apointed on 1 October 2024)
Independent Non-executive Directors:
Wong Man Hin Raymond
Chan Yiu Fai Youdey
Pak Wai Keung Martin
In acordance with bye-law 84 of the Company’s Bye-laws, Mr. Wong
Sze Wai and Mr. Li Chun Fung wil retire by rotation and being eligible,
ofer themselves for re-election at the forthcoming anual general
meting.
In acordance with bye-law 83(2) of the Company’s Bye-laws,
Ms. Tong Yuk Ying Angel shal hold ofice until the forthcoming anual
general meting and being eligible, ofer herself for re-election at the
forthcoming anual general meting.
BioGraPHY of directors and senior
manaGement
Biographical details of the Directors and the senior management of
the Group are set out on pages 27 to 29 of this anual report.
cHanGes in directors’ information
Changes in the information of the Directors required to be disclosed
pursuant to Rule 13.51B(1) of the Listing Rules subsequent to the
publication of the 2024/25 interim report of the Company are set out
below:
(1) The service agrements of the independent non-executive
Directors, namely Dr. Wong Man Hin Raymond and Mr. Chan
Yiu Fai Youdey, entered with the Company expired on 24 March
2025 and their service agrements had ben extended for one
year comencing on 25 March 2024; and
(2) Ms. Tong Yuk Ying Angel has ben apointed as a member of
the Nomination Comite with efect from 20 June 2025.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
REPORT OF THE DIRECTORS 董事会报告
董事服务合约
本公司并无与拟于应届股东周年大会上重选
连任之董事订立任何不可由本公司于一年内
无偿终止（法定补偿除外）之服务合约。
董事于交易、安排及合约之权益
董事或其关连实体概无于本公司或其任何附
属公司于本年度末或本年度内任何时间所订
立与本集团业务有重大关连之任何交易、安
排及合约中，直接或间接拥有任何重大权
益。
董事及主要行政人员于股份及相关
股份之权益及淡仓
于二零二五年三月三十一日，概无本公司
董事及主要行政人员于本公司及其相联法
团（定义见证券及期货条例（「证券及期货条
例」）第XV部）之股份、相关股份及债券中，
拥有(a)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之权益或淡仓
（包括根据证券及期货条例有关条文彼等当
作或被视作拥有之权益及淡仓）；或(b)根据
证券及期货条例第352条须记入该条例所述
之登记册内之权益或淡仓；或(c)根据标准守
则须知会本公司及联交所之权益或淡仓。
董事购买股份或债券之权利
于本年度任何时间或于本年度结束时，本公
司或其任何附属公司概无订立任何安排，致
使董事可透过购入本公司或任何其他法人团
体之股份或债券获得任何利益。
购股权计划
于本年度，本集团并无采纳任何购股权计
划。
directors’ serVice contracts
No Director proposed for re-election at the forthcoming anual
general meting has a service contract with the Company, which is
not determinable by the Company within one year without payment
other than statutory compensation.
directors’ interests in transactions,
aranGements and contracts
No Director or his/her conected entity had a material interest,
whether directly or indirectly in any transactions, arangements and
contracts of significance to the busines of the Group to which the
Company or any its subsidiaries was party at the end of the Year or at
any time during the Year.
directors’ and cHief eXecutiVes’ interests
and sHort Positions in sHares and
underLYinG sHares
As at 31 March 2025, none of the Directors or chief executives of
the Company, had any interests or short positions in the shares,
underlying shares and debentures of the Company and its asociated
corporations (within the meaning of Part XV of the Securities and
Futures Ordinance (the “SFO”) which (a) were required to be notified
to the Company and the Stock Exchange pursuant to Divisions 7 and
8 of Part XV of the SFO (including interests and short positions which
they have taken or were demed to have taken under such provisions
of the SFO); or (b) were required, pursuant to Section 352 of the SFO,
to be entered in the register refered to therein; or (c) were required,
pursuant to the Model Code, to be notified to the Company and the
Stock Exchange.
directors’ riGHts to acquire sHares or
deBentures
Neither the Company nor any of its subsidiaries was a party to any
arangements to enable the Directors to acquire benefits by means
of the acquisition of shares in, or debentures of, the Company or any
other body corporate at any time during the Year or at the end of the
Year.
sHare oPtion scHeme
The Group has not adopted any share option scheme during the
Year.
Anual Report 2024/25 年报
REPORT OF THE DIRECTORS 董事会报告
主要股东于股份及相关股份之权益
及淡仓
于二零二五年三月三十一日，下列人士（董
事或本公司主要行政人员除外）于本公司股
份及相关股份中拥有须登记于本公司根据证
券及期货条例第336条所存置之登记册之权
益或淡仓：
于本公司股份或相关股份之好仓
suBstantiaL sHareHoLders’ interests and
sHort Positions in sHares and underLYinG
sHares
As at 31 March 2025, the folowing persons (other than Directors or
chief executive of the Company) had interests or short positions in
the shares and underlying shares of the Company as recorded in the
register required to be kept under Section 336 of the SFO:
Long positions in shares or underlying shares of the
Company
Name of Shareholders
股东名称╱姓名
Notes
附注
Nature of interest
权益性质
Number of
shares held
所持股份数目
Number of
underlying
shares held
所持
相关股份数目
Total number
of shares
and underlying
shares held
所持股份及
相关股份总数
Aproximate
percentage of
the total
number
of isued
shares of
the Company
(Note 5)
占本公司
已发行股份
总数概约百分比
（附注5）
Ascent Goal Investments Limited
(“Ascent Goal”)
晋标投资有限公司
（「晋标」）
1,4Beneficial owner
实益拥有人
569,616,5891,000,000,0001,569,616,589205.08%
CSIL Limited (“CSIL”)
安中国际石油有限公司
（「安中国际」）
2,4Interests of controled
corporation
569,616,5891,000,000,0001,569,616,589205.08%
受控法团之权益
New Bright International
Development Limited
(“New Bright”)
创辉国际发展有限公司
（「创辉」）
2,4Interests of controled
corporation
569,616,5891,000,000,0001,569,616,589205.08%
受控法团之权益
Ms. Fung Yuen Kwan Veronica
冯婉筠女士
3,4Interests of controled
corporation
569,616,5891,000,000,0001,569,616,589205.08%
受控法团之权益
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
REPORT OF THE DIRECTORS 董事会报告
主要股东于股份及相关股份之权益
及淡仓（续）
于本公司股份或相关股份之好仓（续）
附注：
- ,616,589股份中拥有直接权益，
并于可换股债券按转换价每股0.20港元转换时
可能全面配发及发行之额外1,000,000,000股
相关股份中拥有直接权益。该1,569,616,589
股份由晋标作为实益拥有人直接持有，包括
(i)于569,616,589股份之权益，及(i)导致于
1,000,000,000股相关股份拥有权益之可换股
债券。
- ，而安中
国际由创辉实益拥有70%，故根据证券及期货
条例，晋标之权益被视为安中国际之权益，继
而被视为创辉之权益。
- %权益而被视为拥有
股份及相关股份之权益。
- ,616,589股份及可换股债券项下
1,000,000,000股相关股份分别相当于本公司
已发行股份总数约74.42%及约130.66%，因
此，该569,616,589股份及1,000,000,000股
相关股份合共相当于本公司已发行股份总数约
205.08%。倘紧随兑换后，本公司未能达到上
市规则之公众持股量规定，则可换股债券附带
之兑换权将不予行使，而本公司亦将不会发行
兑换股份。
5. 股权概约百分比根据于二零二五年三月三十一
日之765,373,584股份计算，而非根据于可
换股债券获悉数兑换后本公司之经扩大已发行
股份计算。
除上文所披露者外，于二零二五年三月
三十一日，董事概不知悉有任何其他人士于
本公司股份或相关股份中拥有须登记于本公
司根据证券及期货条例第336条所存置之登
记册之权益或淡仓。
suBstantiaL sHareHoLders’ interests and
sHort Positions in sHares and underLYinG
sHares (continued)
Long positions in shares or underlying shares of the
Company (continued)
Notes:
1. Ascent Goal was directly interested in 569,616,589 shares and further
1,000,000,000 underlying shares which may be fuly aloted and isued
if the Convertible Bond are converted at the conversion price of HK$0.20
per share. These 1,569,616,589 shares were held by Ascent Goal directly
as beneficial owner. It includes (i) interests in 569,616,589 shares and (i)
the Convertible Bond giving rise to an interest in 1,000,000,000 underlying
shares.
2. Since Ascent Goal is a wholy-owned subsidiary of CSIL which is beneficialy
owned as to 70% by New Bright, the interests of Ascent Goal is demed
to be the interests of CSIL and in turn the interests of New Bright under the
SFO.
3. Ms. Fung Yuen Kwan Veronica is demed to have interests in the shares and
underlying shares through her 70% interests in New Bright.
4. The 569,616,589 shares and 1,000,000,000 underlying shares under the
Convertible Bond represent aproximately 74.42% and aproximately
130.66% of the total number of isued shares of the Company respectively,
thus the total of 569,616,589 shares and 1,000,000,000 underlying shares
represent aproximately 205.08% of the total number of isued shares of
the Company. The conversion rights ataching to the Convertible Bond wil
not be exercised and the Company wil not isue the conversion shares if,
imediately folowing the conversion, the Company would be unable to met
the public float requirement under the Listing Rules.
5. The aproximate percentage of shareholdings is based on 765,373,584
shares as at 31 March 2025, not the enlarged number of isued shares of the
Company upon ful conversion of the Convertible Bond.
Save as disclosed above, as at 31 March 2025, the Directors are not
aware of any other persons who had interests or short positions in
the shares or underlying shares of the Company as recorded in the
register required to be kept under Section 336 of the SFO.
Anual Report 2024/25 年报
REPORT OF THE DIRECTORS 董事会报告
directors’ interests in comPetinG Busines
No Director had interests in a busines which competes or is likely
to compete, either directly or indirectly, with the busineses of the
Group, as defined in the Listing Rules, during the Year and up to the
date of this anual report.
suficiencY of PuBLic fLoat
As at the date of this anual report, based on the information that
is publicly available to the Company and within the knowledge of
the Directors, over 25% of the total number of isued shares of the
Company is held by the public as required under the Listing Rules.
confirmation of indePendence
The Company has received from each of the independent non-
executive Directors an anual confirmation of independence pursuant
to Rule 3.13 of the Listing Rules and considers al the independent
non-executive Directors to be independent.
auditor
The consolidated financial statements for the Year have ben audited
by Forvis Mazars CPA Limited who wil retire and, being eligible, ofer
itself for re-apointment. A resolution for the re-apointment of Forvis
Mazars CPA Limited as the auditor of the Company is to be proposed
at the forthcoming anual general meting of the Company.
On Behalf of the Board
Kwan Man Fai
Chairman and Managing Director
Hong Kong, 20 June 2025
董事于竞争业务之权益
于本年度及直至本年报日期，董事概无于与
本集团业务直接或间接构成竞争或可能构成
竞争之业务（定义见上市规则）中拥有权益。
足够公众持股量
按本公司所取得公开资料及据董事所知，于
本年报日期，公众人士持有本公司已发行股
份总数超过25%，符合上市规则所规定。
确认独立性
本公司已接获各独立非执行董事根据上市规
则第3.13条就其独立性所作出年度确认，并
认为所有独立非执行董事均为独立人士。
核数师
本年度之综合财务报表已由富睿玛泽会计师
事务所有限公司审核，彼将退任并符合资格
及愿意重新获委任。重新委任富睿玛泽会计
师事务所有限公司为本公司核数师之决议案
将于本公司应届股东周年大会上提呈。
代表董事会
关文辉
主席兼董事总经理
香港，二零二五年六月二十日
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
FORVIS MAZARS CPA LIMITED
(cid:11867)(cid:18958)(cid:18169)(cid:16947)(cid:14738)(cid:23703)(cid:12474)(cid:8474)(cid:9576)(cid:13519)(cid:14744)(cid:26847)(cid:9211)(cid:9863)
nd
Flor, Central Plaza
18 Harbour Road, Wanchai, Hong Kong
(cid:27688)(cid:16574)(cid:17138)(cid:8547)(cid:16574)(cid:17138)(cid:25314)18(cid:22766)(cid:8380)(cid:18239)(cid:12658)(cid:10947)42(cid:15522)
Tel(cid:27018)(cid:23808): (852) 2909 5555
Fax(cid:9026)(cid:18862): (852) 2810 0032
Email(cid:27018)(cid:25476): info.hk@forvismazars.com
Website(cid:20545)(cid:10703): forvismazars.com/hk
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
NAN NAN RESOURCES ENTERPRISE LIMITED
(incorporated in Bermuda with limited liability)
oPinion
We have audited the consolidated financial statements of Nan Nan
Resources Enterprise Limited (the “Company”) and its subsidiaries
(together the “Group”) set out on pages 77 to 202, 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 financial position of the Group as at 31 March 2025,
and of its financial performance and cash flows for the year then
ended in acordance with HKFRS Acounting Standards as isued
by the Hong Kong Institute of Certified Public Acountants (the
“HKICPA”) and have ben properly prepared in compliance with the
disclosure requirements of Hong Kong Companies Ordinance.
Basis for oPinion
We conducted our audit in acordance with Hong Kong Standards
on Auditing (“HKSAs”) as isued by the HKICPA. Our responsibilities
under those standards are further described in the “Auditor’s
Responsibilities for the Audit of the Consolidated Financial
Statements” section of our report. We are independent of the Group
in acordance with the HKICPA’s Code of Ethics for Profesional
Acountants (the “Code”), and we have fulfiled our other ethical
responsibilities in acordance with the Code. We believe that the audit
evidence we have obtained is suficient and apropriate to provide a
basis for our opinion.
KeY audit maters
Key audit maters are those maters that, in our profesional
judgement, were of most significance in our audit of the consolidated
financial statements of the curent period. These maters were
adresed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these maters.
致南资源实业有限公司股东之独立核数师
报告
（于百慕达注册成立之有限公司）
意见
我们已完成审核第77至202页所载南资源
实业有限公司（「贵公司」）及其附属公司（统
称「贵集团」）之综合财务报表，其中包括于
二零二五年三月三十一日之综合财务状况表
及截至该日止年度之综合损益及其他全面收
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（包括重要会计政策资
料）。
我们认为，综合财务报表已根据香港会计师
公会（「香港会计师公会」）颁布之香港财务报
告准则会计准则真实而公平地反映 贵集团
于二零二五年三月三十一日之财务状况以
及 贵集团截至该日止年度之财务表现及现
金流量，并已根据香港公司条例之披露规定
妥善编制。
意见的基础
我们已按照香港会计师公会颁布之香港核数
准则（「香港核数准则」）进行审核工作。我们
根据该等准则之责任进一步描述于本报告
「核数师就审核综合财务报表承担之责任」一
节。按照香港会计师公会之「专业会计师操
守则」（「守则」），我们独立于 贵集团，
且我们已按照守则履行其他道德责任。我们
相信，我们获取之审核凭证能充足及适当地
为我们的意见提供基准。
关键审核事项
关键审核事项指根据我们之专业判断，在我
们对本期间综合财务报表之审核中最重要之
事项。该等事项在我们对综合财务报表进行
整体审核及就此出具意见时处理，我们不会
对该等事项提供单独的意见。
Anual Report 2024/25 年报
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
KeY audit maters (continued)
Impairment asesment on coal mines related non-curent
asets
Refer to Notes 2, 3, 4, 12, 13 and 17 to the consolidated financial
statements.
Key audit materHow our audit adresed the key audit mater
关键审核事项我们之审核如何处理关键审计事项
As at 31 March 2025, the Group held various coal
mines related non-curent asets, including property,
plant and equipment, prepayments for acquisition of
property, plant and equipment and intangible asets in
the People’s Republic of China with carying amounts
of aproximately HK$108,419,000, HK$626,000 and
HK$236,256,000, respectively.
The Group would, at least anualy, perform impairment
asesment of coal mines related non-curent asets
and the management engaged an independent
profesional valuer (the “Valuer”) to ases the value-
in-use of coal mines related non-curent asets for the
purpose of impairment asesment. The impairment
asesment involves the management’s estimates
in certain areas including the discount rate and the
underlying cash flow projection based on the future
market suply and demand conditions. Any changes in
the management’s estimates may result in significant
financial impact to the Group.
We have identified the impairment asesment on coal
mines related non-curent asets as a key audit mater
due to significant estimates made by the management
in determining the recoverable amounts of the
coresponding cash-generating unit.
As set out in Note 13 to the consolidated financial
statements, the management concluded that the
recoverable amount of the cash-generating unit is
higher than its carying value and no impairment
provision was required for the curent year.
Our key audit procedures, among others, included:
a) evaluating the competence, capabilities and
objectivity of the Valuer engaged by the management
to ases the value-in-use of coal mines related
non-curent asets;
b) involving our internal valuation specialists to asist
us on the asesment of valuation prepared by the
Valuer;
c) asesing the valuation methodologies adopted in
the valuation with reference to the requirements of the
prevailing acounting standards;
d) asesing the suitability of the source data as the
basis for the valuation by comparing key financial
information in the source data with the financial
statements and operational forecast prepared by the
management;
e) asesing the key asumptions underlying the
operational forecasts by comparison with the
historical financial performance together with market
and other externaly available information;
f) asesing the discount rates aplied in the cash flow
forecasts, by benchmarking against those of similar
companies in the markets;
g) re-performing the management’s calculations of
the sensitivity of the key asumptions adopted in
the cash flow forecasts and considering posible
management bias in the selection of asumptions;
and
h) evaluating the sensitivity of impairment asesment to
changes in key asumptions.
关键审核事项（续）
煤矿相关非流动资产减值评估
请参阅综合财务报表附注2、3、4、12、13
及17。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
KeY audit maters (continued)
Impairment asesment on coal mines related non-curent
asets (continued)
Key audit materHow our audit adresed the key audit mater
关键审核事项我们之审核如何处理关键审计事项
于二零二五年三月三十一日， 贵集团于中华人民共
和国拥有多个煤矿相关非流动资产（包括物业、厂房及
设备、收购物业、厂房及设备之预付款项以及无形资
产），账面值分别约为108,419,000港元、626,000港
元及236,256,000港元。
贵集团每年最少评核与煤矿相关非流动资产的减值一
次，而管理层已委聘独立专业估值师（「估值师」）就减
值评核对煤矿相关非流动资产进行使用价值评估。有
关减值评估涉及管理层若干方面估计，包括贴现率以
及基于未来市场供求情况之相关现金流量预测。管理
层估计之任何改变均可能会对 贵集团造成重大财务
影响。
我们已识别对煤矿相关非流动资产进行减值评估为关
键审核事项，原因为管理层于厘定相应现金产生单位
之可回收金额时作出重大估计。
诚如综合财务报表附注13所述，管理层认为现金产生
单位之可回收金额高于其账面值及本年度毋须计提减
值拨备。
我们执行之主要审核程序包括（其中包括）：
a) 评核管理层所委聘估值师在评估煤矿相关非流动资
产使用价值情况之技能、能力及客观性；
b) 涉及吾等的内部评估专家协助吾等评估值师编制
的估值；
c) 经参考现行会计准则之要求，评估于估值时所采用
之估值方法；
d) 透过将源数据之主要财务资料与财务报表及管理层
编制之经营预测进行比较，评估源数据是否适合作
为估值基准；
e) 透过比较历史财务表现连同市场及其他从外部获取
之资料，评估有关经营预测之主要假设；
f) 以市场上类似公司作为基准，评估现金流量预测所
采用贴现率；
g) 重新进行管理层对现金流量预测所采用主要假设之
敏感度计算及考虑选择假设时管理层可能存在之偏
见；及
h) 评核减值评估对主要假设变动的敏感度。
关键审核事项（续）
煤矿相关非流动资产减值评估（续）
Anual Report 2024/25 年报
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
KeY audit maters (continued)
Valuation of convertible bond designated as financial
liabilities at fair value through profit or los (the
“Convertible Bond”)
Refer to Notes 2, 3, 4, 22 and 27(b) to the consolidated financial
statements.
Key audit materHow our audit adresed the key audit mater
关键审核事项我们之审核如何处理关键审计事项
As at 31 March 2025, the fair value of the Convertible
Bond was aproximately HK$205,948,000. During
the year ended 31 March 2025, the gain on fair value
change of the Convertible Bond of aproximately
HK$11,145,000 was recognised in profit or los, while
the los on fair value change of the Convertible Bond
arising from change in its credit risk of aproximately
HK$8,944,000 was recognised in other comprehensive
income.
The management engaged the Valuer to estimate the
fair value of the Convertible Bond as at 31 March 2025.
We have identified the valuation of the Convertible Bond
as a key audit mater because the amount involved is
significant and the valuation of the Convertible Bond
and the related disclosures require market data and
modeling techniques which rely on a range of inputs.
Where observable market data are not available, or
where instruments are not liquid, estimates must be
developed based on the most apropriate source data.
These estimates are subject to significant judgement.
In adition, we have identified the disclosure of
the fair value of the Convertible Bond in the fair
value hierarchy as an area of focus. Besides, the
recognition and measurement of the Convertible Bond
involved significant judgement and estimates by the
management.
Our key audit procedures, among others, included:
a) evaluating the Valuer’s competence, capabilities and
objectivity;
b) involving our internal valuation specialists to asist
us on the asesment of valuation prepared by the
Valuer;
c) asesing and evaluating the apropriatenes of
the valuation methodology, and the reasonablenes
on the key inputs and asumptions used by the
Valuer and agred by the management including the
discount rate, share price and stock price volatility;
d) evaluating the sensitivity analysis performed by the
Valuer in relation to the fluctuation on the share price
and stock price volatility of the Company’s shares;
and
e) checking the calculation of the fair value of
Convertible Bond based on the methodology
adopted by the Group and the adequacy of the
Group’s disclosure made in the consolidated financial
statements in relation to the Convertible Bond.
关键审核事项（续）
指定为按公平值列账并在损益内处理之
金融负债之可换股债券（「可换股债券」）
之估值
请参阅综合财务报表附注2、3、4、22及
27(b)。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
关键审核事项（续）
指定为按公平值列账并在损益内处理之
金融负债之可换股债券（「可换股债券」）
之估值（续）
请参阅综合财务报表附注2、3、4、22及
27(b)。（续）
KeY audit maters (continued)
Valuation of convertible bond designated as financial
liabilities at fair value through profit or los (the
“Convertible Bond”) (continued)
Refer to Notes 2, 3, 4, 22 and 27(b) to the consolidated financial
statements. (continued)
Key audit materHow our audit adresed the key audit mater
关键审核事项我们之审核如何处理关键审计事项
于二零二五年三月三十一日，可换股债券之公平值约
为205,948,000港元。截至二零二五年三月三十一日止
年度，可换股债券之公平值变动收益约11,145,000港
元于损益内确认，而可换股债券产生自其信贷风险变
动之公平值变动亏损约8,944,000港元则于其他全面收
益内确认。
管理层已委聘估值师对于二零二五年三月三十一日可
换股债券之公平值进行估值。
我们已识别可换股债券之估值为关键审核事项，原因
为所涉金额重大及可换股债券之估值及有关披露需要
市场数据及倚赖大量输入数据之建模技巧。倘可观察
市场数据无法取得，或倘工具未具流通性，则必须根
据最适当之来源数据作出估计。该等估计受重大判断
限制。除此之外，我们已将于公平值层级内披露可换
股债券之公平值识别为重心。此外，可换股债券之确
认及计量牵涉管理层之重大判断及估计。
我们执行之主要审核程序包括（其中包括）：
a) 评估值师之技能、能力及客观性；
b) 涉及吾等的内部评估专家协助吾等评估值师编制
的估值；
c) 评估及评价估值方法是否合适，并评估值师所用
及管理层所同意之重大输入数据（包括贴现率、股价
及股价波幅）及假设的合理程度；
d) 评估值师就 贵公司股份之股价波动及股价波幅
所实施之敏感度分析；及
e) 检查可换股债券公平值根据 贵集团采纳之方法使
用之计算方式及 贵集团于综合财务报表中有关可
换股债券作出之披露。
Anual Report 2024/25 年报
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
其他资料
贵公司董事须对其他资料负责。其他资料包
括载于 贵公司二零二五年报之资料，但
不包括综合财务报表及我们核数师报告。
我们对综合财务报表之意见并不涵盖其他资
料，我们亦不对该等其他资料发表任何形式
之鉴证结论。
就审核综合财务报表而言，我们的责任是查
阅其他资料，在此过程中，考虑其他资料是
否与综合财务报表或我们在审核过程中所理
解之情况有重大抵触，或可能有重大错误陈
述。基于我们已执行的工作，如果我们认为
其他资料存在重大错误陈述，我们须报告该
事实。就此方面，我们并无任何报告。
董事及该等负责管治人员就综合财
务报表承担之责任
贵公司董事须负责根据香港会计师公会颁布
之香港财务报告准则会计准则及香港公司条
例之披露规定编制真实而中肯之综合财务报
表，并对 贵公司董事认为使综合财务报表
之编制不存在由于欺诈或错误而导致之重大
错误陈述所必需之内部监控负责。
在编制综合财务报表时， 贵公司董事负责
评估 贵集团持续经营之能力，并在适用情
况下披露与持续经营有关之事项，以及使用
持续经营作为会计基础，除非 贵公司董事
有意将 贵集团清盘或停止经营，或别无其
他实际之替代方案。
审核委员会协助 贵公司董事履行监督 贵
集团之财务报告过程之责任。
otHer information
The directors of the Company are responsible for the other
information. The other information comprises the information included
in the Company’s 2025 anual report but does not include the
consolidated financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover
the other information and we do not expres any form of asurance
conclusion thereon.
In conection with our audit of the consolidated financial statements,
our responsibility is to read the other information and, in doing so,
consider whether the other information is materialy inconsistent with
the consolidated financial statements or our knowledge obtained in
the audit or otherwise apears to be materialy mistated. If, based
on the work we have performed, we conclude that there is a material
mistatement of this other information, we are required to report that
fact. We have nothing to report in this regard.
resPonsiBiLities of directors and tHose
cHarGed WitH GoVernance for tHe
consoLidated financiaL statements
The directors of the Company are responsible for the preparation
of the consolidated financial statements that give a true and fair
view in acordance with HKFRS Acounting Standards as isued
by the HKICPA and the disclosure requirements of the Hong Kong
Companies Ordinance, and for such internal control as the directors
of the Company determine is necesary to enable the preparation
of consolidated financial statements that are fre from material
mistatement, whether due to fraud or eror.
In preparing the consolidated financial statements, the directors of the
Company are responsible for asesing the Group’s ability to continue
as a going concern, disclosing, as aplicable, maters related to going
concern and using the going concern basis of acounting unles the
directors of the Company either intend to liquidate the Group or to
cease operations, or have no realistic alternative but to do so.
The audit comite asists the directors of the Company in
discharging their responsibilities for overseing the Group’s financial
reporting proces.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
auditor’s resPonsiBiLities for tHe audit of
tHe consoLidated financiaL statements
Our objectives are to obtain reasonable asurance about whether the
consolidated financial statements as a whole are fre from material
mistatement, whether due to fraud or eror, and to isue an auditor’s
report that includes our opinion. This report is made solely to you, as
a body, in acordance with Section 90 of the Bermuda Companies
Act 1981, and for no other purpose. We do not asume responsibility
towards or acept liability to any other person for the contents of this
report.
Reasonable asurance is a high level of asurance, but is not a
guarante that an audit conducted in acordance with HKSAs wil
always detect a material mistatement when it exists. Mistatements
can arise from fraud or eror and are considered material if, individualy
or in the agregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these
consolidated financial statements.
As part of an audit in acordance with HKSAs, we exercise
profesional judgement and maintain profesional 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 of the Company.
核数师就审核综合财务报表承担之
责任
我们之目标为对整体综合财务报表是否不存
在由于欺诈或错误而导致之重大错误陈述取
得合理保证，并出具包括我们意见之核数师
报告。根据百慕达一九八一年公司法第90
条，本报告仅向 阁下（作为整体）作出，除
此之外别无其他用途。我们不会就本报告之
内容向任何其他人士负上或承担任何责任。
合理保证为高水平之保证，但不能保证按香
港核数准则进行之审核在某一重大错误陈述
存在时总能被发现。错误陈述可由欺诈或错
误引起，倘合理预期其个别或汇总起来可能
影响综合财务报表使用者所作出之经济决
定，则有关错误陈述被视为重大事项。
于根据香港核数准则进行审核之过程中，我
们运用专业判断并保持专业怀疑态度。我们
亦：
• 识别并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之风
险，设计并执行审核程序以应对该等
风险，以及获取充足及适当之审核凭
证，作为我们意见之基础。由于欺诈
可能涉及串谋、伪造、蓄意遗漏、虚
假陈述，或凌驾于内部监控之上，因
此未能发现因欺诈而导致之重大错误
陈述之风险较因错误而导致之重大错
误陈述之风险为高。
- ，以设计
按适当情况之审核程序，但并非为
对 贵集团内部监控之成效发表意见。
• 评价 贵公司董事所采用会计政策之
合适性及所作出会计估计及相关披露
之合理性。
Anual Report 2024/25 年报
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
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.
• Obtain suficient apropriate audit evidence regarding the
financial information of the entities or busines activities within
the Group to expres an opinion on the consolidated financial
statements. We are responsible for the direction, supervision
and performance of the group audit. We remain solely
responsible for our audit opinion.
核数师就审核综合财务报表承担之
责任（续）
• 对董事采用持续经营会计基础之合适
性作出结论，并按照所获得之审核凭
证，确定是否存在与事件或情况有关
之重大不确定因素，从而可能对 贵
集团之持续经营能力构成重大疑虑。
倘我们总结认为存在重大不确定因
素，则须于核数师报告中提请使用者
垂注综合财务报表之相关披露，或倘
有关披露资料不足，则我们须修正意
见。该结论为基于截至核数师报告日
止所取得之审核凭证所作出。然而，
未来事件或情况可能导致 贵集团无
法继续持续经营。
- 、
结构及内容，包括披露资料，以及综
合财务报表是否中肯反映相关交易及
事项。
• 就 贵集团内实体或业务活动之财务
资料获取充足及适当之审核凭证，以
对综合财务报表发表意见。我们负责
指导、监督并执行集团之审核。我们
就审核意见承担全部责任。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
auditor’s resPonsiBiLities for tHe audit
of tHe consoLidated financiaL statements
(continued)
We comunicate with the audit comite regarding, among other
maters, the planed scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the audit comite with a statement that we have
complied with relevant ethical requirements regarding independence,
and to comunicate with them al relationships and other maters that
may reasonably be thought to bear on our independence, and where
aplicable, actions taken to eliminate threats or safeguards aplied.
From the maters comunicated with the audit comite, we
determine those maters that were of most significance in the audit
of the consolidated financial statements of the curent period and
are therefore the key audit maters. We describe these maters in our
auditor’s report unles law or regulation precludes public disclosure
about the mater or when, in extremely rare circumstances, we
determine that a mater should not be comunicated in our report
because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such
comunication.
Forvis Mazars CPA Limited
Certified Public Acountants
Hong Kong, 20 June 2025
The engagement director on the audit resulting in this independent
auditor’s report is:
Lam Kwok Sun
Practising Certificate number: P08281
核数师就审核综合财务报表承担之
责任（续）
除其他事项外，我们与审核委员会沟通计划
之审核范围及审核时间安排以及重大审核发
现等其他事项，包括我们于审核期间所识别
出内部监控之任何重大缺失。
我们亦向审核委员会提交声明，说明我们已
符合有关独立性之相关专业道德规定，并与
彼等沟通有可能合理被视为影响我们独立性
之所有关系及其他事项，以及于适用之情况
下，为消除威胁而采取的行动或应用的防范
措施。
就与审核委员会沟通之事项中，我们确定对
本期间综合财务报表之审核最为重要之事
项，因而构成关键审核事项。我们于核数师
报告中描述该等事项，除非法律或法规不允
许公开披露该等事项，或于极端罕见之情况
下，我们认为于报告中沟通该事项所预期合
理造成之负面结果超过其产生之公众利益，
则我们将不会反映于报告中。
富睿玛泽会计师事务所有限公司
执业会计师
香港，二零二五年六月二十日
就本独立核数师报告进行审核工作之委聘董
事为：
林国燊
执业证书编号：P08281
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 327,049 |
| (173,523) |
| 153,526 |
| 4,593 |
| (1,770) |
| (59,002) |
| 565 |
| (5,483) |
| 11,145 |
| – |
| 103,574 |
| (31,786) |
| 71,788 |
| (572) |
| (8,944) |
| 6,597 |
| (2,919) |
| 68,869 |
| 72,586 |
| (798) |
| 71,788 |
| 70,547 |
| (1,678) |
| 68,869 |
| 9.48 |
| 3.55 |
Anual Report 2024/25 年报
CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME
综合损益及其他全面收益表
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
列载于第84至202页之附注构成该等综合财
务报表之一部分。
二零二四年
NotesHK$’000
附注千港元
Revenue收益5116,069
Cost of services and gods sold已售服务及货品成本(72,931)
Gros profit毛利43,138
Other revenue其他收益63,563
Seling and distribution expenses销售及分销费用(1,181)
Administrative and other operating expenses行政及其他经营费用(61,588)
Exchange gain/(los), net汇兑收益╱（亏损）净额(3,464)
Finance costs融资成本7(3,762)
Gain on fair value change of convertible bond designated
as financial liabilities at fair value through profit or los
(“FVPL”)
指定为按公平值列账并在损益内
处理（「按公平值列账并在损益内
处理」）之金融负债之可换股债券
产生之公平值变动收益2262,794
Impairment los on property, plant and equipment物业、厂房及设备减值亏损12(1,016)
Profit before tax除税前溢利738,484
Income tax expenses所得税开支8(787)
Profit for the year年内溢利37,697
Other comprehensive (los)/income, net of nil tax其他全面（亏损）╱收益，
扣除零税项
Items that wil not be reclasified to profit or los:不会重新分类至损益之项目：
Exchange diferences on translation of the Company’s
financial statements to presentation curency
换算本公司财务报表为呈列
货币之汇兑差额1,350
(Los)/Gain on fair value change of convertible bond
designated as financial liabilities at FVPL arising from
change in its credit risk
指定为按公平值列账并在损益内
处理之金融负债之可换股债券
产生自其信贷风险变动之
公平值变动（亏损）╱收益2228,429
Item that may be reclasified subsequently to profit or los:其后可能重新分类至损益之项目：
Exchange diferences on translation of functional curency
to presentation curency
换算功能货币为呈列货币之
汇兑差额(23,018)
Other comprehensive (los)/income for the year年内其他全面（亏损）╱收益6,761
Total comprehensive income for the year年内全面收益总额44,458
Profit/(Los) for the year atributable to:以下人士应占年内
溢利╱（亏损）：
– Owners of the Company－本公司拥有人39,095
– Non-controling interests－非控股权益(1,398)
37,697
Total comprehensive income/(los) for the year atributable
to:
以下人士应占年内全面
收益╱（亏损）总额：
– Owners of the Company－本公司拥有人45,952
– Non-controling interests－非控股权益(1,494)
44,458
Earnings/(Los) per share (expresed in
Hong Kong cents)
每股盈利╱（亏损）
（以港仙呈列）
– Basic－基本105.11
– Diluted－摊薄10(0.56)
The notes on pages 84 to 202 form an integral part of these
consolidated financial statements.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 134,121 |
| 237,453 |
| 4,229 |
| 626 |
| 376,429 |
| 11,132 |
| 7,543 |
| 248,219 |
| 266,894 |
| 108,019 |
| 205,948 |
| 4,885 |
| 602 |
| 5,730 |
| 325,184 |
| (58,290) |
| 318,139 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
As at 31 March 2025
于二零二五年三月三十一日
二零二四年
NotesHK$’000
附注千港元
Non-curent asets非流动资产
Property, plant and equipment物业、厂房及设备12138,848
Intangible asets无形资产13182,121
Godwil商誉144,229
Prepayments for acquisition of property,
plant and equipment
收购物业、厂房及设备之
预付款项17227
325,425
Curent asets流动资产
Inventories存货162,031
Trade and other receivables应收货款及其他应收款项178,229
Cash and cash equivalents现金及现金等值项目18189,307
199,567
Curent liabilities流动负债
Trade and other payables应付货款及其他应付款项1968,352
Convertible bond designated as financial
liabilities at FVPL
指定为按公平值列账并在
损益内处理之金融负债之
可换股债券22–
Mining right payables, curent portion应付采矿权款项，
即期部分204,541
Lease liabilities租赁负债241,029
Tax payables应付税项2,599
76,521
Net curent (liabilities) asets流动（负债）资产净值123,046
Total asets les curent liabilities总资产减流动负债448,471
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 76,537 |
| 165,410 |
| 241,947 |
| (1,304) |
| 240,643 |
| – |
| 2,661 |
| 57,297 |
| 963 |
| 16,575 |
| 77,496 |
| 318,139 |
Anual Report 2024/25 年报
As at 31 March 2025
于二零二五年三月三十一日
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 综合财务状况表
该等综合财务报表于二零二五年六月二十日
由董事会批准及授权刊发，并由以下人士代
表签署
列载于第84至202页之附注构成该等综合财
务报表之一部分。
二零二四年
NotesHK$’000
附注千港元
Capital and reserves股本及储备
Share capital股本2176,537
Reserves储备94,863
Equity atributable to owners of the
Company
本公司拥有人应占权益
171,400
Non-controling interests非控股权益15374
Total equity总权益171,774
Non-curent liabilities非流动负债
Convertible bond designated as financial
liabilities at FVPL
指定为按公平值列账并在
损益内处理之金融负债之
可换股债券22208,149
Provision for close down, restoration and
environmental costs
关闭、复垦及环境成本
拨备232,678
Mining right payables, non-curent portion应付采矿权款项，
非即期部分2062,559
Lease liabilities租赁负债24267
Defered tax liabilities递延税项负债253,044
276,697
448,471
The consolidated financial statements were aproved and authorised
for isue by the board of directors on 20 June 2025 and signed on its
behalf by
Kwan Man FaiLi Chun Fung
关文辉李震锋
DirectorDirector
董事董事
The notes on pages 84 to 202 form an integral part of these
consolidated financial statements.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
综合权益变动表
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Atributable to owners of the Company
本公司拥有人应占
Share
capital
Share
premium
Capital
reserve
Statutory
reserves
Exchange
translation
reserve
Fair value
reserve
Special
reserve
Acumulated
losesTotal
Non-
controling
interests
Total
equity
股本股份溢价资本储备法定储备汇兑储备公平值储备特别储备累计亏损总额非控股权益总权益
(Note 21(b)(Note 21(a)(i)(Note 21a)(i)(Note 21(a)(i)(Note 21(a)(iv)(Note 21(a)(v)(Note 21(a)(vi)
（附注21(b)）（附注21(a)(i)）（附注21(a)(i)）（附注21(a)(i)）（附注21(a)(iv)）（附注21(a)(v)）（附注21(a)(vi)）
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
As at 1 April 2023于二零二三年四月一日76,537191,53414,88239,495(29,023)–27,143(195,120)125,4481,868127,316
Profit for the year年内溢利–39,09539,095(1,398)37,697
Total other comprehensive income:其他全面收益总额：
Items that wil not be reclasified to
profit or los
不会重新分类至损益之
项目
Exchange diferences on translation of
the Company’s financial statements
to presentation curency
换算本公司财务报表为
呈列货币之汇兑差额
–1,350–1,350–1,350
Gain on fair value change of
convertible bond designated as
financial liabilities at FVPL arising
from change in its credit risk
指定为按公平值列账并在
损益内处理之金融负债
之可换股债券产生自
其信贷风险变动之公平
值变动收益–28,429–28,429–28,429
Item that maybe reclasified subsequently
to profit or los
其后可能重新分类至损益之
项目
Exchange diferences on translation of
functional curency to presentation
curency
换算功能货币为呈列货币之
汇兑差额
–(22,922)–(22,922)(96)(23,018)
Other comprehensive income for the year年内其他全面收益–(21,572)28,429–6,857(96)6,761
Total comprehensive income for the year年内全面收益总额–(21,572)28,429–39,09545,952(1,494)44,458
Transactions with owners:与拥有人进行之交易：
Apropriation for maintenance and
production funds
维简及生产基金之分配
–6,745–(6,745)–
Utilisation of maintenance and
production funds
维简及生产基金之动用
–(6,745)–6,745–
–
As at 31 March 2024于二零二四年三月三十一日76,537191,53414,88239,495(50,595)28,42927,143(156,025)171,400374171,774
The notes on pages 84 to 202 form an integral part of these
consolidated financial statements.
列载于第84至202页之附注构成该等综合财
务报表之一部分。
| Attributable to owners of the Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 本公司拥有人应占 | ||||||||||
| Share capital | Share premium | Capital reserve | Statutory reserves | Exchange translation reserve | Fair value reserve | Special reserve | Accumulated losses | Total | Non- controlling interests | Total equity |
| 股本 | 股份溢价 | 资本储备 | 法定储备 | 汇兑储备 | 公平值储备 | 特别储备 | 累计亏损 | 总额 | 非控股权益 | 总权益 |
| (Note 21(b)) | (Note 21(a)(i)) | (Note 21(a)(ii)) | (Note 21(a)(iii)) | (Note 21(a)(iv)) | (Note 21(a)(v)) | (Note 21(a)(vi)) | ||||
| （附注21(b)） | （附注21(a)(i)） | （附注21(a)(ii)） | （附注21(a)(iii)） | （附注21(a)(iv)） | （附注21(a)(v)） | （附注21(a)(vi)） | ||||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 |
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
| 76,537 | 191,534 | 14,882 | 39,495 | (50,595) | 28,429 | 27,143 | (156,025) | 171,400 | 374 | 171,774 |
| – | – | – | – | – | – | – | 72,586 | 72,586 | (798) | 71,788 |
| – | – | – | – | (572) | – | – | – | (572) | – | (572) |
| – | – | – | – | – | (8,944) | – | – | (8,944) | – | (8,944) |
| – | – | – | – | 7,477 | – | – | – | 7,477 | (880) | 6,597 |
| – | – | – | – | 6,905 | (8,944) | – | – | (2,039) | (880) | (2,919) |
| – | – | – | – | 6,905 | (8,944) | – | 72,586 | 70,547 | (1,678) | 68,869 |
| – | – | – | 38,518 | – | – | – | (38,518) | – | – | – |
| – | – | – | (38,518) | – | – | – | 38,518 | – | – | – |
| – | – | – | – | – | – | – | – | – | – | – |
| 76,537 | 191,534 | 14,882 | 39,495 | (43,690) | 19,485 | 27,143 | (83,439) | 241,947 | (1,304) | 240,643 |
Anual Report 2024/25 年报
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 综合权益变动表
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
As at 1 April 2024于二零二四年四月一日
Profit for the year年内溢利
Total other comprehensive los:其他全面亏损总额：
Items that wil not be reclasified to
profit or los
不会重新分类至损益之
项目
Exchange diferences on translation of
the Company’s financial statements
to presentation curency
换算本公司财务报表为
呈列货币之汇兑差额
Los on fair value change of
convertible bond designated as
financial liabilities at FVPL arising
from change in its credit risk
指定为按公平值列账并在
损益内处理之金融负债
之可换股债券产生自
其信贷风险变动之公平
值变动亏损
Item that maybe reclasified subsequently
to profit or los
其后可能重新分类至损益之
项目
Exchange diferences on translation of
functional curency to presentation
curency
换算功能货币为呈列货币之
汇兑差额
Other comprehensive los for the year年内其他全面亏损
Total comprehensive income for the year年内全面收益总额
Transactions with owners:与拥有人进行之交易：
Apropriation for maintenance and
production funds
维简及生产基金之分配
Utilisation of maintenance and
production funds
维简及生产基金之动用
As at 31 March 2025于二零二五年三月三十一日
The notes on pages 84 to 202 form an integral part of these
consolidated financial statements.
列载于第84至202页之附注构成该等综合财
务报表之一部分。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 103,574 |
| 15,825 |
| 30,408 |
| (11,145) |
| 1,388 |
| 262 |
| (481) |
| – |
| 3,693 |
| 5,483 |
| (1,495) |
| 147,512 |
| (9,363) |
| (702) |
| 33,726 |
| 171,173 |
| (78) |
| (14,800) |
| 156,295 |
| (8,629) |
| (87,238) |
| (512) |
| 1,495 |
| (94,884) |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
二零二四年
HK$’000
千港元
Operating activities经营活动
Profit before tax除税前溢利38,484
Adjustments for:就下列项目作调整：
Depreciation of property,
plant and equipment
物业、厂房及设备折旧
15,395
Amortisation of intangible asets which
was included in “cost of services
and gods sold”
无形资产摊销（计入「已售
服务及货品成本」）
7,817
Gain on fair value change of
convertible bond designated as
financial liabilities at FVPL
指定为按公平值列账
并在损益内处理之金融
负债之可换股债券产生
之公平值变动收益(62,794)
Charge of los alowances of trade
receivables, net
应收货款亏损拨备之
支出净额425
Write down of inventories存货撇减–
Gain on early termination of lease提前终止租约收益–
Impairment los on property, plant and
equipment
物业、厂房及设备
减值亏损1,016
Exchange diferences, net汇兑差额净额(408)
Finance costs融资成本3,762
Interest income利息收入(2,745)
Operating cash flow before movements in
working capital
营运资金变动前之经营现金流量
Changes in working capital:营运资金变动：
Inventories存货4,500
Trade and other receivables应收货款及其他应收款项1,489
Trade and other payables应付货款及其他应付款项(1,917)
Cash generated from operations经营业务所得现金5,024
Interest paid已付利息(193)
Income tax paid已付所得税(6,389)
Net cash generated from/(used in)
operating activities
经营活动所得╱（所用）现金净额
(1,558)
Investing activities投资活动
Purchase of property, plant and equipment购买物业、厂房及设备(21,640)
Aditions to intangible asets添置无形资产(10,154)
Prepayments for acquisition of property,
plant and equipment
收购物业、厂房及设备之
预付款项(99)
Interest received已收利息2,745
Net cash used in investing activities投资活动所用现金净额(29,148)
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| – |
| (938) |
| (938) |
| 60,473 |
| 189,307 |
| (1,561) |
| 248,219 |
| 226,572 |
| 21,518 |
| 129 |
| 248,219 |
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
CONSOLIDATED STATEMENT OF CASH FLOWS 综合现金流量表
二零二四年
NoteHK$’000
附注千港元
Financing activities融资活动
Repayment of interest-bearing borowings偿还计息借贷(3,477)
Repayment of lease liabilities偿还租赁负债(2,017)
Net cash used in financing activities融资活动所用现金净额26(b)(5,494)
Net increase/(decrease) in cash and cash
equivalents
现金及现金等值项目增加╱
（减少）净额(36,200)
Cash and cash equivalents at begining of
year
年初之现金及现金等值项目
234,113
Efect on foreign exchange rate changes汇率变动之影响(8,606)
Cash and cash equivalents at end of year年终之现金及现金等值项目189,307
Analysis of the balances of cash and cash
equivalents
现金及现金等值项目之结余分析
Bank balances银行结余180,675
Short term deposit with an original maturity of
thre months or les
原到期日为三个月或以内之
短期存款8,384
Cash on hand手头现金248
189,307
The notes on pages 84 to 202 form an integral part of these
consolidated financial statements.
列载于第84至202页之附注构成该等综合财
务报表之一部分。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
1. GeneraL
Nan Nan Resources Enterprise Limited (the “Company”) was
incorporated in Bermuda as an exempted company with limited
liability. The shares of the Company are listed on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”).
In the opinion of the directors of the Company, its holding
company is Ascent Goal Investments Limited (“Ascent Goal”),
a company incorporated in the British Virgin Islands (“BVI”) with
limited liability and its ultimate holding company is New Bright
International Development Limited, a company incorporated in
Hong Kong with limited liability. These entities do not produce
financial statements available for public use. Its ultimate
controling party is Ms. Fung Yuen Kwan, Veronica.
The adreses of the registered ofice and principal place
of busines of the Company are disclosed in the corporate
information section of the anual report.
The consolidated financial statements for the year ended
31 March 2025 comprise the Company and its subsidiaries
(together refered to as the “Group”).
The Company is an investment holding company and the
subsidiaries of the Company are principaly engaged in (i)
mining and sales of coal; (i) renewable energy solutions; and
(i) information technology (“IT”) outsourcing, consultancy and
technical services (together refered to “IT Services”). The
principal activities of its subsidiaries are set out in Note 15 to the
consolidated financial statements.
2. PrinciPaL acountinG PoLicies
Basis of compliance
The consolidated financial statements have ben prepared
in acordance with HKFRS Acounting Standards, which
colective term includes al aplicable individual Hong Kong
Financial Reporting Standards (“HKFRSs”), Hong Kong
Acounting Standards (“HKASs”) and Interpretations as isued
by the Hong Kong Institute of Certified Public Acountants
(the “HKICPA”), acounting principles generaly acepted in
Hong Kong and the disclosure requirements of the Hong Kong
Companies Ordinance. The consolidated financial statements
also comply with the aplicable disclosure provisions of the
Rules Governing the Listing of Securities on the Stock Exchange
(the “Listing Rules”).
Al amounts have ben rounded to the nearest thousand, unles
otherwise indicated.
1. 一般资料
南资源实业有限公司（「本公司」）于
百慕达注册成立为一间获豁免有限公
司。本公司股份在香港联合交易所有
限公司（「联交所」）上市。本公司董事
认为，其控股公司为于英属处女群岛
（「英属处女群岛」）注册成立之有限公
司晋标投资有限公司（「晋标」），而其
最终控股公司则为于香港注册成立之
有限公司创辉国际发展有限公司。该
等实体并未编制可供公众使用之财务
报表。其最终控制方为冯婉筠女士。
本公司注册办事处及主要营业地点之
地址均披露于年报之公司资料一节。
截至二零二五年三月三十一日止年度
之综合财务报表包括本公司及其附属
公司（统称「本集团」）。
本公司为投资控股公司，而本公司之
附属公司之主要业务为(i)煤炭开采及销
售；(i)可再生能源解决方案；及(i)提供
资讯科技（「资讯科技」）外包、咨询及
技术服务（统称为「资讯科技服务」）。
其附属公司之主要业务载于综合财务
报表附注15。
2. 主要会计政策
合规基准
该等综合财务报表已根据香港财务报
告准则会计准则，包括由香港会计师
公会（「香港会计师公会」）颁布之所有
适用之个别香港财务报告准则（「香港
财务报告准则」）、香港会计准则（「香
港会计准则」）及诠释之统称）、香港公
认会计原则及香港公司条例之披露规
定编制。该等综合财务报表亦遵守联
交所证券上市规则（「上市规则」）之适
用披露规定。
除另有注明者外，所有数额均约整至
最接近之千位数。
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
合规基准（续）
除采纳下文所载与本集团有关并于本
年度生效之新订╱经修订香港财务报
告准则会计准则外，该等综合财务报
表乃根据与二零二四年综合财务报表
所采纳之会计政策一致之基准编制。
采纳新订╱经修订香港财务报告
准则会计准则
本集团首次应用以下新订╱经修订香
港财务报告准则会计准则：
香港会计准则
第1号之修订
将负债分类为流
动或非流动
香港会计准则
第1号之修订
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号之修订
供应商融资安排
香港会计准则第1号之修订：将负债分
类为流动或非流动
该等修订旨在帮助公司决定在财务状
况表中结算日期不确定的债务及其他
负债应分类为流动（于一年内到期或可
能于一年内到期结算）还是非流动，从
而提高应用规定的一致性。修订内容
包括阐明公司可能透过转换为股本清
偿债务的分类要求。
采纳该等修订对综合财务报表并无任
何重大影响。
香港会计准则第1号之修订：附带契诺
的非流动负债
该等修订明，须于报告日期后遵守
的契诺并不影响于报告日期将债务分
类为流动或非流动。相反，该等修订
要求公司在综合财务报表附注中披露
有关该等契诺的资料。
采纳该等修订对综合财务报表并无任
何重大影响。
2. PrinciPaL acountinG PoLicies (continued)
Basis of compliance (continued)
The consolidated financial statements have ben prepared on
a basis consistent with the acounting policies adopted in the
2024 consolidated financial statements except for the adoption
of the folowing new/revised HKFRS Acounting Standards that
are relevant to the Group and efective from the curent year as
set out below.
Adoption of new/revised HKFRS Acounting
Standards
The Group has aplied, for the first time, the folowing new/
revised HKFRS Acounting Standards:
Amendments to HKAS 1Clasification of Liabilities as
Curent or Non-curent
Amendments to HKAS 1Non-curent Liabilities with
Covenants
Amendments to HKAS 7
and HKFRS 7
Suplier Finance Arangements
Amendments to HKAS 1: Clasification of Liabilities as
Curent or Non-curent
The amendments aim to promote consistency in aplying the
requirements by helping companies determine whether, in the
statement of financial position, debt and other liabilities with an
uncertain setlement date should be clasified as curent (due or
potentialy due to be setled within one year) or non-curent. The
amendments include clarifying the clasification requirements
for debt a company might setle by converting it into equity.
The adoption of the amendments does not have any significant
impact on the consolidated financial statements.
Amendments to HKAS 1: Non-curent Liabilities with
Covenants
The amendments specify that covenants to be complied with
after the reporting date do not afect the clasification of debt
as curent or non-curent at the reporting date. Instead, the
amendments require a company to disclose information about
these covenants in the notes to the consolidated financial
statements.
The adoption of the amendments does not have any significant
impact on the consolidated financial statements.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
采纳新订╱经修订香港财务报告
准则会计准则（续）
香港会计准则第7号及香港财务报告准
则第7号之修订：供应商融资安排
该等修订引入新披露规定，以提高供
应商融资安排的透明度及其对实体负
债、现金流量及流动资金风险的影响。
采纳该等修订对综合财务报表并无任
何重大影响。
持续经营
鉴于二零二五年三月三十一日，本
集团的流动负债超出其流动资产约
58,290,000港元，故在编制综合财务
报表时，本公司董事已仔细考虑本集
团的未来的流动性。该等事项出现重
大不确定因素，可能对本集团持续经
营之能力造成重大疑问，因此，本集
团或无法于正常业务过程中变现其资
产及解除其负债。
本公司董事认为，(i)可换股债券持有人
为本集团的控股公司晋标投资有限公
司（「晋标」）；(i)与晋标就延长可换股
债券到期日磋商后，连同过往年度成
功延期五次之以往经验；(i)即使并无
延长可换股债券，晋标已经承诺在需
要时向本集团提供财务支持，致令本
集团可于到期时履行财务责任，以作
为替代方案；(iv)本集团的潜在可用融
资来源；及(v)管理层编制的本集团现
金流量预测，该预测涵盖自二零二五
年三月三十一日起计不少于十二个月
期间，彼等因而认为本集团将有充裕
营运资金，以拨支其营运及履行其自
综合财务报表批准日期起计至少未来
十二个月之财务责任。
2. PrinciPaL acountinG PoLicies (continued)
Adoption of new/revised HKFRS Acounting
Standards (continued)
Amendments to HKAS 7 and HKFRS 7: Suplier Finance
Arangements
The amendments introduce new disclosure requirements to
enhance the transparency of suplier finance arangements and
their efects on an entity’s liabilities, cash flows and exposure to
liquidity risk.
The adoption of the amendments does not have any significant
impact on the consolidated financial statements.
Going concern
In preparing the consolidated financial statements, the directors
of the Company have given careful consideration to the future
liquidity of the Group in light of the fact that the Group’s
curent liabilities exceded its curent asets by aproximately
HK$58,290,000 as at 31 March 2025. There is a material
uncertainty related to these maters that may cast significant
doubt on the Group’s ability to continue as a going concern
and, therefore, the Group may be unable to realise its asets
and discharge its liabilities in the normal course of busines.
The directors of the Company considered that (i) the holder
of the convertible bond is the holding company of the Group,
Ascent Goal Investments Limited (“Ascent Goal”), (i) after
negotiation with Ascent Goal about the extension of the maturity
date of the convertible bond, together with past experience
of sucesfuly extension for five times in previous years, (i)
even if the convertible bond was not extended, Ascent Goal
had comited to provide financial suport to the Group as is
necesary to enable the Group to met its financial obligation as
they fal due as alternative, (iv) the potential available sources of
financing to the Group, and (v) the Group’s cash flow forecast
prepared by the management which covers a period of not les
than twelve months from 31 March 2025, they are therefore of
the opinion that the Group wil have suficient working capital to
finance its operations and to met its financial obligations for at
least the next twelve months from the date of aproval of the
consolidated financial statements.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
持续经营（续）
经考虑本集团现金流量预测（其乃基
于上述措施属成功之假设而编制），
本公司董事认为，鉴于现时所采取之
措施，连同其他正在实施之措施之预
期成果，本集团将有充裕资金来源，
以达致其未来营运资金及其他资金需
求。本公司董事相信，凭借本集团管
理层持续努力，上述措施将会取得成
功。
然而，倘上述措施未能成功实施，则
本集团或无充足资金持续经营业务，
于此情况下，可能须对本集团资产之
账面值作出调整，以将该等账面值减
少至可收回金额，分别将非流动资产
及非流动负债重新分类为流动资产及
流动负债，并就任何可能产生之进一
步负债作出拨备。
计量基准
除指定为按公平值列账并在损益内处
理（「按公平值列账并在损益内处理」）
之金融负债之可换股债券如下文会计
政策所述按公平值计量外，该等综合
财务报表乃以历史成本计算基准编制。
综合账目基准
综合财务报表包括本公司及其所有附
属公司之财务报表。附属公司之财务
报表的报告期间与本公司相同，并采
用一致会计政策编制。
所有集团内公司间之结余、交易和集
团内公司间交易所产生之收入及支
出、溢利及亏损均全数对销。附属公
司之业绩自本集团取得控制权之日期
起综合入账，并继续综合入账至该控
制权终止日期。
2. PrinciPaL acountinG PoLicies (continued)
Going concern (continued)
Having regard to the cash flow projection of the Group, which
are prepared asuming that the above measure is sucesful,
the directors of the Company are of the opinion that, in the
light of the measure taken to-date, together with the expected
results of the other measures in progres, the Group wil have
suficient funding resources to satisfy its future working capital
and other financing requirements. The directors of the Company
believe that the aforementioned measure wil be sucesful,
based on the continuous eforts by the management of the
Group.
However, should the above measure not be able to implement
sucesfuly, the Group may not have suficient funds to operate
as a going concern, in which case adjustments might have to
be made to reduce the carying values of the Group’s asets
to their recoverable amounts, to reclasify the non-curent
asets and non-curent liabilities as curent asets and curent
liabilities, respectively and to provide for any further liabilities
which might arise.
Basis of measurement
The measurement basis used in the preparation of the
consolidated financial statements is historical cost, except for
the convertible bond designated as financial liabilities at fair
value through profit or los (“FVPL”), which is measured at fair
value as explained in the acounting policies set out below.
Basis of consolidation
The consolidated financial statements comprise the financial
statements of the Company and al of its subsidiaries. The
financial statements of the subsidiaries are prepared for the
same reporting period as that of the Company using consistent
acounting policies.
Al intra-group balance, transactions, income and expenses and
profits and loses resulting from intra-group transactions are
eliminated in ful. The results of subsidiaries are consolidated
from the date on which the Group obtains control and continue
to be consolidated until the date that such control ceases.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
综合账目基准（续）
非控股权益乃独立于本公司拥有人，
于综合损益及其他全面收益表及综合
财务状况表之权益中呈列。属现有所
有权益并授权持有人于清盘时按比
例分占被收购方之资产净值之于被收
购方之非控股权益可初步按公平值或
按现有所有权工具按比例分占被收购
方可识别资产净值之已确认数额计
量。计量基准可按个别收购事项选
择。其他类别的非控股权益初步以公
平值计量，惟香港财务报告准则会计
准则规定须按其他计量基准除外。
分配全面收益总额
损益及其他全面收益各部分均归属于
本公司拥有人及非控股权益。全面收
益总额归属于本公司拥有人及非控股
权益，即使此举会导致非控股权益出
现亏绌结余。
附属公司
附属公司指本集团控制的实体。当本
集团承受或享有由参与实体所得的可
变回报，且有能力透过其对实体的权
力影响该等回报时，则本集团控制该
实体。倘有事实及情况显示控制因素
中的一项或以上出现变动，本集团会
重新评估其是否控制被投资公司。
于附属公司之投资于本公司财务状况
报表（于该等附注呈列）中按成本减累
计减值亏损列账。倘各项投资之账面
值高于可收回款项，则个别削减至其
可收回款项。至于附属公司之业绩，
本公司按已收及应收股息入账。
2. PrinciPaL acountinG PoLicies (continued)
Basis of consolidation (continued)
Non-controling interests are presented, separately from
owners of the Company, in the consolidated statement of
profit or los and other comprehensive income and within
equity in the consolidated statement of financial position.
The non-controling interests in the acquire, that are present
ownership interests and entitle their holders to a proportionate
share of the acquire’s net asets in event of liquidation,
are measured initialy either at fair value or at the present
ownership instruments’ proportionate share in the recognised
amounts of the acquire’s identifiable net asets. This choice
of measurement basis is made on an acquisition-by-acquisition
basis. Other types of non-controling interests are initialy
measured at fair value, unles another measurement basis is
required by HKFRS Acounting Standards.
Alocation of total comprehensive income
Profit or los and each component of other comprehensive
income are atributed to the owners of the Company and to
the non-controling interests. Total comprehensive income
is atributed to the owners of the Company and the non-
controling interests even if this results in the non-controling
interests having a deficit balance.
Subsidiaries
A subsidiary is an entity that is controled by the Group. The
Group controls an entity when it is exposed, or has rights, to
variable returns from its involvement with the entity and has the
ability to afect those returns through its power over the entity.
The Group reaseses whether it controls an investe if facts
and circumstances indicate that there are changes to one or
more of the elements of control.
In the Company’s statement of financial position which is
presented within these notes, an investment in subsidiary
is stated at cost les acumulated impairment loses. The
carying amount of the investment is reduced to its recoverable
amount on an individual basis, if it is higher than the recoverable
amount. The results of subsidiaries are acounted for by the
Company on the basis of dividends received and receivable.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
商誉
收购业务产生之商誉按收购业务当日
之成本减累计减值亏损（如有）列账。
就减值测试而言，商誉分配至预期受
益于合并协同效应之本集团各现金产
生单位（「现金产生单位」）（或现金产生
单位组别）。
获分配商誉之一个现金产生单位会每
年进行减值测试，或于出现可能减值
之迹象时更频密地进行减值测试。倘
于本年度期间分配至现金产生单位的
部分或全部商誉在业务合并过程中获
收购，该单位将于本年度期间结束前
进行减值测试。倘现金产生单位之可
收回金额少于其账面值，则减值亏损
会先分配以扣减分配予现金产生单位
之任何商誉之账面值，其后按现金产
生单位内各项资产之账面值之比例扣
减现金产生单位之其他资产。商誉之
任何减值亏损直接于损益内确认。已
确认之商誉减值亏损不会于往后期间
拨回。
物业、厂房及设备
物业、厂房及设备包括持作生产或供
应货品或服务所用或作行政用途之租
赁土地及楼宇，乃按成本减累计折旧
及累计减值亏损（如有）列账。物业、
厂房及设备项目之成本值包括其购买
价及任何将资产达致可作拟定用途之
运作情况及地点之任何直接应占成
本。维修及保养乃于其产生期间于损
益支销。
2. PrinciPaL acountinG PoLicies (continued)
Godwil
Godwil arising on an acquisition of a busines is caried at cost
as established at the date of acquisition of the busines les
acumulated impairment loses, if any.
For the purposes of impairment testing, godwil is alocated to
each of the Group’s cash-generating units (“CGU”) (or groups
of CGUs) that is expected to benefit from the synergies of the
combination.
A CGU to which godwil has ben alocated is tested for
impairment anualy, or more frequently when there is an
indication that the unit may be impaired. If some or al of
the godwil alocated to a CGU was acquired in a busines
combination during the curent anual period, that unit shal
be tested for impairment before the end of the curent anual
period. If the recoverable amount of the CGU is les than its
carying amount, the impairment los is alocated first to reduce
the carying amount of any godwil alocated to the CGU,
and then to the other asets of the CGU on a pro rata basis
based on the carying amount of each aset in the CGU. Any
impairment los for godwil is recognised directly in profit or
los. An impairment los recognised for godwil is not reversed
in subsequent periods.
Property, plant and equipment
Property, plant and equipment including leasehold land and
buildings held for use in the production or suply of gods or
services, or for administrative purposes are stated at cost les
acumulated depreciation and acumulated impairment loses,
if any. The cost of an item of property, plant and equipment
comprises its purchase price and any directly atributable costs
of bringing the aset to its working condition and location for its
intended use. Repairs and maintenance are charged to profit or
los during the period in which they are incured.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
物业、厂房及设备（续）
物业、厂房及设备项目之折旧乃按直
线法于其估计可使用年期内并经计及
其估计剩余价值后计算，以撇销其成
本。当一项物业、厂房及设备的各部
分有不同可使用年期时，该项目的成
本或估值乃按合理基准在各部分之间
分配，而各部分乃个别地折旧。
仅当有关项目之未来经济利益有可能
流入本集团及该项目之成本能可靠计
量时，其后成本计入资产之账面值或
确认为独立资产（倘适用）。被取代部
分之账面值予以终止确认。所有其他
维修及保养乃于其产生期间于损益支
销。
物业、厂房及设备项目于出售时或于
预期不会从持续使用该项资产中获得
未来经济利益时终止确认。任何因出
售或弃用物业、厂房及设备项目而产
生之收益或亏损按出售所得款项与该
资产之账面值间之差额厘定，并于损
益确认。
无形资产
于业务合并中收购之无形资产
于业务合并中收购及与商誉分开确认
之无形资产于收购当日按其公平值作
初步确认（视为其成本）。
有限可使用年期之无形资产于初步确
认后，按成本减累计摊销及累计减值
亏损（如有）入账。估计可使用年期及
摊销方法于各报告期间结束时检讨，
任何估计变动之影响按预期基准列账。
2. PrinciPaL acountinG PoLicies (continued)
Property, plant and equipment (continued)
Depreciation is calculated to write of the cost of items of
property, plant and equipment over their estimated useful lives
and after taking into acount their estimated residual value,
using the straight-line method. Where parts of an item of
property, plant and equipment have diferent useful lives, the
cost or valuation of the item is alocated on a reasonable basis
and depreciated separately.
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 expensed
in profit or los during the period in which they are incured.
An item of property, plant and equipment is derecognised upon
disposal or when no future economic benefits are expected
to arise from the continued use of the aset. Any gain or los
arising on the disposal or retirement of an item of property,
plant and equipment is determined as the diference betwen
the sales proceds and the carying amount of the aset and is
recognised in profit or los.
Intangible asets
Intangible asets acquired in a busines combination
Intangible asets acquired in a busines combination and
recognised separately from godwil are initialy recognised at
their fair value at the acquisition date (which is regarded as their
cost).
Subsequent to initial recognition, intangible asets with finite
useful lives are caried at costs les acumulated amortisation
and acumulated impairment loses, if any. The estimated
useful life and amortisation method are reviewed at the end of
each reporting period, with the efect of any changes in estimate
being acounted for on a prospective basis.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
无形资产（续）
采矿权
采矿权按成本减累计摊销及累计减值
亏损列账，并仅根据煤炭可采储量按
生产单位法以剥离基准摊销。
剥离活动资产
一般而言，于生产阶段产生的剥离成
本视为带来两项利益，即生产存货，
或改善进入日后将开采矿场的通道。
倘该等利益在期内以所生产存货的方
式实现，则生产剥离成本入账为生产
该等存货的成本的一部分。
倘该等利益以改善进入日后将开采矿
场的通道的方式实现，则有关成本确
认为剥离活动资产，并在符合以下准
则时，入账列为无形资产的增加：
(a) 剥离活动之相关日后经济利益
（进入矿体的通道得到改善）将有
可能流入该实体；
(b) 该实体可识别矿体中通道获改善
的部分；及
(c) 能可靠地计量与该部分相关之剥
离活动之有关成本。
其他生产剥离成本于产生时计入损
益，列作营运成本。
2. PrinciPaL acountinG PoLicies (continued)
Intangible asets (continued)
Mining right
Mining right is stated at cost les acumulated amortisation
and acumulated impairment loses and is amortised based on
the units of production method utilising only recoverable coal
reserves as the depletion base.
Striping activity asets
Striping costs incured during the production phase are
generaly considered to create two benefits, being either the
production of inventory or improved aces to the ore to be
mined in the future. Where the benefits are realised in the form
of inventory produced in the period, the production striping
costs are acounted for as part of the cost of producing those
inventories.
Where the benefits are realised in the form of improved aces
to ore to be mined in the future, the costs are recognised as a
striping activity aset and is acounted for as an adition to
intangible asets if the folowing criteria are met:
(a) it is probable that the future economic benefit (improved
aces to the ore body) asociated with the striping
activity wil flow to the entity;
(b) the entity can identify the component of the ore body for
which aces has ben improved; and
(c) the costs relating to the striping activity asociated with
that component can be measured reliably.
Other production striping costs are charged to the profit or
los as operating costs as they are incured.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
无形资产（续）
剥离活动资产（续）
剥离活动资产初步以成本计量，该成
本乃为改善已识别矿场部分的进入通
道而进行的剥离活动所直接产生的累
计成本，加上分配直接应占的杂项成
本。
倘所生产存货的成本及剥离活动资产
不能分开识别，则以相关生产计量在
所生产存货及剥离活动资产之间分配
生产剥离成本。该生产计量乃为已识
别矿场部分（即煤炭储量）而计算，并
用作识别产生未来利益的额外活动的
进度的基准。本集团将预期提取的废
物量与各部分生产某一矿量产生的实
际废物量作比较。
剥离活动资产其后按生产单位法，在
因剥离活动而变得更易进入的已识别
矿场部分的开采年限内进行摊销。剥
离活动资产其后以成本减累计摊销及
累计减值亏损（如有）列账。
可再生能源服务合约
可再生能源服务合约按成本减累计摊
销及累计减值亏损（如有）列账。摊销
按估计可使用年限25年以直线法计提
拨备。
2. PrinciPaL acountinG PoLicies (continued)
Intangible asets (continued)
Striping activity asets (continued)
The striping activity aset is initialy measured at cost, which
is the acumulation of costs directly incured to perform
the striping activity that improves aces to the identified
component of ore, plus an alocation of directly atributable
overhead costs.
If the costs of the inventory produced and the striping activity
aset are not separately identifiable, a relevant production
measure is used to alocate the production striping costs
betwen the inventory produced and the striping activity
aset. This production measure is calculated for the identified
component of the ore body (i.e. coal reserves) and is used
as a benchmark to identify the extent to which the aditional
activity of creating a future benefit has taken place. The Group
uses the expected volume of waste extracted compared with
the actual volume for a given volume of ore production of each
component.
The striping activity aset is subsequently amortised using
the unit of production method over the life of the identified
component of the ore body that became more acesible as a
result of the striping activity. The striping activity aset is then
caried at cost les acumulated amortisation and acumulated
impairment loses, if any.
Renewable energy service contract
Renewable energy service contract is stated at cost les
acumulated amortisation and acumulated impairment loses,
if any. Amortisation is provided on the straight-line basis over
the estimated useful lives of 25 years.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
金融工具
金融资产
确认及终止确认
金融资产乃当且仅当本集团成为工具
合约条文之订约方时按交易日基准确
认。
金融资产于且仅于(i)本集团对该项金融
资产生之未来现金流量之合约权利
届满时；或(i)本集团转让该项金融资
产及(a)本集团已转移该项金融资产拥
有权之绝大部分风险及回报；或(b)本
集团既无转移亦无保留该项金融资产
拥有权之绝大部分风险及回报，但并
无保留该项金融资产之控制权时取消
确认。
金融资产（并无重大融资部分之应收货
款除外）初步按其公平值加（倘金融资
产并非按公平值列账并在损益内处理
列账）直接归属于收购金融资产之交易
成本确认。有关应收货款初步按其交
易价格计量。
于初始确认时，金融资产分类为(i)按摊
销成本计量；(i)按公平值列账并在其他
全面收益内处理（「按公平值列账并在
其他全面收益内处理」）债务投资；(i)
按公平值列账并在其他全面收益内处
理股权投资；或(iv)按公平值计量并在
损益内处理。
于初始确认时之金融资产分类取决于
本集团管理金融资产之业务模式及金
融资产之合约现金流量特征。除非本
集团更改其业务模式之管理，金融资
产于初始确认后不会重新分类，在此
情况下，所有受影响金融资产于业务
模式更改后第一个年度报告期间首日
重新分类。
2. PrinciPaL acountinG PoLicies (continued)
Financial instruments
Financial asets
Recognition and derecognition
Financial asets are recognised when and only when the
Group becomes a party to the contractual provisions of the
instruments and on a trade date basis.
A financial aset is derecognised when and only when (i) the
Group’s contractual rights to future cash flows from the financial
aset expire or (i) the Group transfers the financial aset and
either (a) it transfers substantialy al the risks and rewards of
ownership of the financial aset, or (b) it neither transfers nor
retains substantialy al the risks and rewards of ownership of
the financial aset but it does not retain control of the financial
aset.
Financial asets (except for trade receivables without a
significant financing component) are initialy recognised at their
fair value plus, in the case of financial asets not caried at FVPL,
transaction costs that are directly atributable to the acquisition
of the financial asets. Such trade receivables are initialy
measured at their transaction price.
On initial recognition, a financial aset is clasified as
(i) measured at amortised cost; (i) debt investment measured
at fair value through other comprehensive income (“FVOCI”);
(i) equity investment measured at FVOCI; or (iv) measured at
FVPL.
The clasification of financial asets at initial recognition
depends on the Group’s busines model for managing the
financial asets and the financial aset’s contractual cash flow
characteristics. Financial asets are not reclasified subsequent
to their initial recognition unles the Group changes its busines
model for managing them, in which case al afected financial
asets are reclasified on the first day of the first anual
reporting period folowing the change in the busines model.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
金融工具（续）
金融资产（续）
确认及终止确认（续）
(1) 按摊销成本计量之金融资产
按摊销成本计量之金融资产倘符
合以下条件，且并无指定按公平
值列账并在损益内处理，则该金
融资产将以摊销成本计量：
(i) 其为在以持有金融资产以
收取合约现金流量为目的
之业务模式下持有；及
(i) 其合约条款订明在特定日
期产生之现金流量仅为支
付本金及未偿还本金利息
之付款。
按摊销成本计量之金融资产其后
采用实际利率法计量，并可能会
出现减值。减值、终止确认或摊
销过程产生之收益及亏损于损益
确认入账。
实际利率法为计算债务工具之摊
销成本及于相关期间分配利息收
入之方法。实际利率为于初步确
认时按债务工具之预计年期或适
用之较短期间，准确贴现估计未
来现金收入（包括构成实际利率
整体部分之一切已付或已收费用
及点子、交易成本及其他溢价或
折让）至账面总值之利率。
本集团按摊销成本计量之金融资
产包括应收货款及其他应收款项
及现金及现金等值项目。
2. PrinciPaL acountinG PoLicies (continued)
Financial instruments (continued)
Financial asets (continued)
Recognition and derecognition (continued)
(1) Financial asets measured at amortised cost
A financial aset is measured at amortised cost if it mets
both of the folowing conditions and is not designated as
at FVPL:
(i) it is held within a busines model whose objective
is to hold financial asets in order to colect
contractual cash flows; and
(i) its contractual terms give rise on specified dates to
cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Financial asets at amortised cost are subsequently
measured using the efective interest method and are
subject to impairment. Gains and loses arising from
impairment, derecognition or through the amortisation
proces are recognised in profit or los.
The efective interest method is a method of calculating
the amortised cost of a debt instrument and of alocating
interest income over the relevant period. The efective
interest rate is the rate that exactly discounts estimated
future cash receipts (including al fes and points paid or
received that form an integral part of the efective interest
rate, transaction costs and other premiums or discounts)
through the expected life of the debt instrument, or
where apropriate, a shorter period, to the gros carying
amount on initial recognition.
The Group’s financial asets at amortised cost include
trade and other receivables and cash and cash
equivalents.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
金融工具（续）
金融负债
确认及终止确认
金融负债乃当且仅当本集团成为工具
合约条文之订约方时确认。
金融负债于且仅于负债终绝时方终止
确认，即有关合约订明的责任获解
除、注销或届满时。
分类及计量
金融负债初步按其公平值加（倘金融负
债并非按公平值列账并在损益内处理）
直接归属于发行金融负债之交易成本
确认。
本集团之金融负债包括应付货款及其
他应付款项、租赁负债、应付采矿权
款项及指定为按公平值列账并在损益
内处理之金融负债之可换股债券。除
指定为按公平值列账并在损益内处理
之金融负债之可换股债券外，所有金
融负债均按其公平值初步确认，其后
采用实际利率法按摊销成本计量，除
非贴现之影响微不足道，在此情况下
按成本列账。
按公平值列账并在损益内处理之金融
负债包括持作交易之金融负债、于初
步确认时指定为以按公平值列账并在
损益内处理之金融负债以及香港财务
报告准则第3号适用之业务合并中的收
购方或有代价的金融负债。彼等按公
平值列账，任何由此产生的收益及亏
损于损益中确认，惟指定为按公平值
列账并在损益内处理之金融负债之公
平值变动中归属于其他全面收益内呈
列之负债之信贷风险部分除外，除非
该等处理会产生或扩大损益中之会计
错配。其他全面收益中呈列之金额不
得随后转拨至损益。
2. PrinciPaL acountinG PoLicies (continued)
Financial instruments (continued)
Financial liabilities
Recognition and derecognition
Financial liabilities are recognised when and only when the
Group becomes a party to the contractual provisions of the
instruments.
A financial liability is derecognised when and only when the
liability is extinguished, that is, when the obligation specified in
the relevant contract is discharged, canceled or expires.
Clasification and measurement
Financial liabilities are initialy recognised at their fair value plus,
in the case of financial liabilities not caried at FVPL, transaction
costs that are directly atributable to the isue of the financial
liabilities.
The Group’s financial liabilities include trade and other payables,
lease liabilities, mining right payables and convertible bond
designated as financial liabilities at FVPL. Al financial liabilities,
except for convertible bond designated as financial liabilities at
FVPL, are recognised initialy at their fair value and subsequently
measured at amortised cost, using the efective interest
method, unles the efect of discounting would be insignificant,
in which case they are stated at cost.
Financial liabilities at FVPL include financial liabilities held for
trading, financial liabilities designated upon initial recognition as
at FVPL and financial liabilities that are contingent consideration
of an acquirer in a busines combination to which HKFRS 3
aplies. They are caried at fair value, with any resultant gain
and los recognised in profit or los, except for the portion of fair
value changes of financial liabilities designated at FVPL that are
atributable to the credit risk of the liabilities which is presented
in other comprehensive income unles such treatment would
create or enlarge an acounting mismatch in profit or los. The
amounts presented in other comprehensive income shal not be
subsequently transfered to profit or los.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
金融工具（续）
金融负债（续）
分类及计量（续）
倘符合以下条件，某项金融负债分类
为持作买卖：
(i) 其发生之主要目的为于不久将来
购回；
(i) 属于受共同管理的已识别金融工
具组合的一部分，且有证据显示
其于初步确认时近期确实出现短
期获利模式；或
(i) 并非财务担保合约亦非指定有效
对冲工具的衍生工具。
仅当符合下列条件时，金融负债于初
步确认时指定为按公平值列账并在损
益内处理：
(i) 该分类会消除或明显减少按不同
基准计量资产或负债或确认其盈
亏所产生之计量或确认不一致；
(i) 属于一组受管理之金融负债或金
融资产及金融负债的一部分且根
据明文规定之风险管理策略按公
平值基准评估其表现；或
(i) 彼等包含一个或多个嵌入式衍生
工具，在此情况下，整个混合
约可能被指定为按公平值列账并
在损益内处理之金融负债，惟嵌
入式衍生工具不会显著改变现金
流量，或者明显禁止分离嵌入式
衍生工具者除外。
2. PrinciPaL acountinG PoLicies (continued)
Financial instruments (continued)
Financial liabilities (continued)
Clasification and measurement (continued)
A financial liability is clasified as held for trading if it is:
(i) incured principaly for the purpose of repurchasing it in
the near term;
(i) part of a portfolio of identified financial instruments that
are managed together and for which there is evidence of
a recent actual patern of short-term profit-taking on initial
recognition; or
(i) a derivative that is not a financial guarante contract or not
a designated and efective hedging instrument.
Financial liabilities are designated at initial recognition as at FVPL
only if:
(i) the designation eliminates or significantly reduces a
measurement or recognition inconsistency that would
otherwise arise from measuring asets or liabilities or
recognising the gains or loses on them on diferent
bases;
(i) they are part of a group of financial liabilities or financial
asets and financial liabilities that are managed and
their performance evaluated on a fair value basis, in
acordance with a documented risk management
strategy; or
(i) they contain one or more embeded derivatives, in which
case the entire hybrid contract may be designated as a
financial liability at FVPL, except where the embeded
derivatives do not significantly modify the cash flows or
it is clear that separation of the embeded derivatives is
prohibited.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
金融工具（续）
金融负债（续）
分类及计量（续）
本集团发行之可换股债券（包括相关嵌
入式衍生工具）于初步确认时指定为按
公平值列账并在损益内处理之金融负
债。初步确认后，全部可换股债券按
公平值计量，而公平值变动则于产生
期间于损益确认，惟负债之信贷风险
变动引起之公平值变动将于其他全面
收益确认除外。
实际利率法为计算金融负债之摊销成
本及于相关期间分配利息支出之方
法。实际利率是可将金融负债预计年
期或（如适用）较短期间之估计未来现
金付款（包括构成实际利率不可或缺部
分之一切已付或已收费用及点子、交
易成本及其他溢价或贴现）精确贴现至
初始确认时账面净值之利率。
除分类为按公平值列账并在损益内处
理之金融负债外，利息支出乃按实际
利率基准确认。
嵌入主合约不属于香港财务报告准则
第9号范围内资产的混合约中的衍生
工具，当符合衍生工具定义、其经济
特征及风险与主合约并无密切关系及
混合约并非按公平值列账并在损益
内处理时被视为独立衍生工具。
由集团实体所发行之债务及股权工具
根据合约安排之实质以及金融负债及
股权工具之定义分类为金融负债或股
权。
股本工具为证明于实体经扣除其所有
负债后之资产中所剩余权益之任何合
约。集团实体发行之股本工具乃按已
收所得款项扣除直接发行成本确认。
本公司所购回其本身之股本工具于权
益内确认及直接扣除。于损益内并无
就购买、出售、发行或注销本公司的
股本工具确认任何损益。
2. PrinciPaL acountinG PoLicies (continued)
Financial instruments (continued)
Financial liabilities (continued)
Clasification and measurement (continued)
The convertible bond isued by the Group (including related
embeded derivative) is designated as financial liabilities at
FVPL on initial recognition. Subsequent to the initial recognition,
the entire convertible bond is measured at fair value, with
changes in fair value recognised in profit or los in the period in
which they arise, except for the changes in fair value atributable
to the changes in the credit risk of the liabilities which to be
recognised in other comprehensive income.
The efective interest method is a method of calculating the
amortised cost of a financial liability and of alocating interest
expense over the relevant period. The efective interest rate is
the rate that exactly discounts estimated future cash payments
(including al fes and points paid or received that form an
integral part of the efective interest rate, transaction costs and
other premiums or discounts) through the expected life of the
financial liability, or, where apropriate, a shorter period, to the
net carying amount on initial recognition.
Interest expenses is recognised on an efective interest basis
other than financial liabilities clasified as at FVPL.
Derivatives embeded in a hybrid contract with a host that is not
an aset within the scope of HKFRS 9 are treated as separate
derivatives when they met the definition of a derivative, their
economic characteristics and risks are not closely related to
those of the host, and the hybrid contract is not measured at
FVPL.
Debt and equity instruments isued by a group entity are
clasified as either financial liabilities or as equity in acordance
with the substance of the contractual arangements and the
definitions of a financial liability and an equity instrument.
An equity instrument is any contract that evidences a residual
interest in the asets of an entity after deducting al of its
liabilities. Equity instruments isued by a group entity are
recognised at the proceds received, net of direct isue costs.
Repurchase of the Company’s own equity instruments is
recognised and deducted directly in equity. No gain or los
is recognised in profit or los on the purchase, sale, isue or
cancelation of the Company’s own equity instruments.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
金融工具（续）
香港财务报告准则第9号项下之金融资
产及其他项目减值
本集团就按照香港财务报告准则第9
号应用减值规定之按摊销成本计量之
金融资产之预期信贷亏损（「预期信贷
亏损」）确认亏损拨备。除下文详述之
具体处理外，于各报告日期，倘金融
资产信贷风险自初始确认以来显著增
加，则本集团按相等于全期预期信贷
亏损之金额计量该金融资产之亏损拨
备。倘金融资产信贷风险自初始确认
以来并无显著增加，则本集团按相等
于12个月预期信贷亏损之金额计量该
金融资产之亏损拨备。
计量预期信贷亏损
预期信贷亏损为于金融工具预期年期
内信贷亏损之概率加权估计（即所有现
金不足额之现值）。
就金融资产而言，信贷亏损为实体根
据合约应收的合约现金流量与实体预
计收取的现金流量之间的差异的现值。
全期预期信贷亏损指于金融工具之预
计年期内所有可能之违约事件而产生
的预期信贷亏损，而12个月预期信贷
亏损指于报告日期后12个月内因可能
发生的金融工具违约事件而预期产生
的部分全期预期信贷亏损。
倘预期信贷亏损按集体基准计量，金
融工具基于逾期资料或其他信贷风险
特征分组。
2. PrinciPaL acountinG PoLicies (continued)
Financial instruments (continued)
Impairment of financial asets and other items under
HKFRS 9
The Group recognises los alowances for expected credit
loses (“ECL”) on financial asets that are measured at
amortised cost which the impairment requirements aply in
acordance with HKFRS 9. Except for the specific treatments
as detailed below, at each reporting date, the Group measures
a los alowance for a financial aset at an amount equal to
the lifetime ECL if the credit risk on that financial aset has
increased significantly since initial recognition. If the credit risk
on a financial aset has not increased significantly since initial
recognition, the Group measures the los alowance for that
financial aset at an amount equal to 12-month ECL.
Measurement of ECL
ECL is a probability-weighted estimate of credit loses (i.e. the
present value of al cash shortfals) over the expected life of the
financial instrument.
For financial asets, a credit los is the present value of the
diference betwen the contractual cash flows that are due to
an entity under the contract and the cash flows that the entity
expects to receive.
Lifetime ECL represents the ECL that wil result from al posible
default events over the expected life of a financial instrument
while 12-month ECL represents the portion of lifetime ECL
that is expected to result from default events on a financial
instrument that are posible within 12 months after the reporting
date.
Where ECL is measured on a colective basis, the financial
instruments are grouped based on the past due information or
other credit risk characteristics.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
金融工具（续）
香港财务报告准则第9号项下之金融资
产及其他项目减值（续）
违约之定义
本集团认为以下情况就内部信贷风险
管理目的而言构成违约事件，原因为
过往经验表明倘金融工具符合以下任
何一项标准，则本集团或无法全数收
回未偿还合约金额：
(i) 内部产生或获取自外部来源的资
料表明，债务人不太可能向债权
人（包括本集团）全额付款（不考
虑本集团持有的任何抵押品）；
或
(i) 交易对手违反财务契诺。
不论上述分析，本集团认为当金融资
产逾期超过90日时，即属发生违约，
除非本集团有合理及有理据的资料证
明较宽松的违约标准更为适用则当别
论。
评估信贷风险显著上升
评估金融工具的信贷风险自初步确认
后是否显著上升时，本集团比较金融
工具于报告日期产生的违约风险与金
融工具于初步确认日期产生的违约风
险。作此评估时，本集团会考虑合理
及有理据的定量及定性资料，包括历
史经验及毋须花费不必要成本或精力
即可获得的前瞻性资料。不论上述评
估结果，本集团假定，当合约付款逾
期超过30日，金融工具的信贷风险自
初步确认以来已显著上升，惟本集团
有合理及有根据的资料证明者除外。
2. PrinciPaL acountinG PoLicies (continued)
Financial instruments (continued)
Impairment of financial asets and other items under
HKFRS 9 (continued)
Definition of default
The Group considers the folowing as constituting an event
of default for internal credit risk management purposes as
historical experience indicates that the Group may not receive
the outstanding contractual amounts in ful if the financial
instrument that mets any of the folowing criteria:
(i) information developed internaly or obtained from external
sources indicates that the debtor is unlikely to pay its
creditors, including the Group, in ful (without taking into
acount any colaterals held by the Group); or
(i) there is a breach of financial covenants by the
counterparty.
Irespective of the above analysis, the Group considers that
default has ocured when a financial aset is more than
90 days past due unles the Group has reasonable and
suportable information to demonstrate that a more laging
default criterion is more apropriate.
Asesment of significant increase in credit risk
In asesing whether the credit risk on a financial instrument
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. Irespective of the outcome of the above asesment,
the Group presumes that the credit risk on a financial
instrument has increased significantly since initial recognition
when contractual payments are more than 30 days past due,
except for which the Group has reasonable and suportable
information to demonstrate.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
金融工具（续）
香港财务报告准则第9号项下之金融资
产及其他项目减值（续）
低信贷风险
金融工具于以下情况下将被厘定为具
有低信贷风险：
(i) 其具有低违约风险；
(i) 借款人在短期内绝对有能力履行
其合约现金流量义务；及
(i) 经济及商业条件长远之不利变
化，不一定会降低借款人履行合
约现金流量义务之能力。
预期信贷亏损之简化方法
就应收货款而言，本集团采用简化方
法计算预期信贷亏损。本集团于各报
告日期基于全期预期信贷亏损确认亏
损拨备，并已建立一个基于其历史信
贷亏损经验的拨备矩阵，并根据债务
人特定的前瞻性因素和经济环境进行
调整。
信贷减值金融资产
当发生一项或多项对金融资产估计未
来现金流量有不利影响之事件时，金
融资产出现信贷减值。金融资产信贷
减值之证据包括以下事件之可观察数
据：
(a) 发行人或借款人面临重大财务困
难。
(b) 违反合约，如违约或逾期事件。
(c) 借款人之放款人因与借款人出现
财务困难有关之经济或合约理由
而给予借款人放款人不予另行考
虑之优惠条件。
2. PrinciPaL acountinG PoLicies (continued)
Financial instruments (continued)
Impairment of financial asets and other items under
HKFRS 9 (continued)
Low credit risk
A financial instrument is determined to have low credit risk if:
(i) it has a low risk of default;
(i) the borower has a strong capacity to met its
contractual cash flow obligations in the near term; and
(i) adverse changes in economic and busines conditions
in the longer term may, but wil not necesarily, reduce
the ability of the borower to fulfil its contractual cash
flow obligations.
Simplified aproach of ECL
For trade receivables, the Group aplies a simplified aproach
in calculating ECL. The Group recognises a los alowance
based on lifetime ECL at each reporting date and has
established a provision matrix that is based on its historical
credit los experience, adjusted for forward-loking factors
specific to the debtors and the economic environment.
Credit-impaired financial aset
A financial aset is credit-impaired when one or more events
that have a detrimental impact on the estimated future cash
flows of that financial aset have ocured. Evidence that a
financial aset is credit-impaired includes observable data about
the folowing events:
(a) significant financial dificulty of the isuer or the borower.
(b) a breach of contract, such as a default or past due event.
(c) the lender(s) of the borower, for economic or contractual
reasons relating to the borower’s financial dificulty,
having granted to the borower a concesion(s) that the
lender(s) would not otherwise consider.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
金融工具（续）
香港财务报告准则第9号项下之金融资
产及其他项目减值（续）
信贷减值金融资产（续）
(d) 借款人有可能破产或进行其他财
务重组。
(e) 由于财务困难致使金融资产之活
跃市场消失。
(f) 以大幅折扣购买或源生一项金融
资产，该折扣反映了发生信贷亏
损的事实。
撇销
当本集团并无合理预期收回全部或部
分金融资产的合约现金流量时，则会
撇销金融资产。本集团预期将不会收
回大量的已撇销金额。然而，已撇销
金融资产仍可能受到本集团收回应收
金额之程序（必要时计及法律意见）项
下之执行活动之影响。任何后续回收
金额于损益确认。
现金及现金等值项目
现金及现金等值项目包括银行及手头
现金、存放于银行及其他金融机构之
活期存款以及可随时兑换为已知金额
之现金且价值变动风险不大，并在购
入后三个月内到期之短期高流动性投
资。就综合现金流量表而言，须应要
求偿还并构成本集团现金管理组成部
分之银行透支（如有）亦列为现金及现
金等值项目。
2. PrinciPaL acountinG PoLicies (continued)
Financial instruments (continued)
Impairment of financial asets and other items under
HKFRS 9 (continued)
Credit-impaired financial aset (continued)
(d) it is becoming probable that the borower wil enter
bankruptcy or other financial reorganisation.
(e) the disapearance of an active market for that financial
aset because of financial dificulties.
(f) the purchase or origination of a financial aset at a dep
discount that reflects the incured credit loses.
Write-of
The Group writes of a financial aset when the Group has no
reasonable expectations of recovering the contractual cash
flows on a financial aset in its entirety or a portion thereof. The
Group expects no significant recovery from the amount writen
of. However, financial asets that are writen of could stil be
subject to enforcement activities under the Group’s procedures
for recovery of amounts due, taking into acount legal advice if
apropriate. Any subsequent recovery is recognised in profit or
los.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and
on hand, demand deposits with banks and other financial
institutions, and short-term, highly liquid investments readily
convertible into known amounts of cash and which are subject
to an insignificant risk of changes in value, having ben within
thre months of maturity at acquisition. Bank overdrafts (if
any) that are repayable on demand and form an integral part
of the Group’s cash management are also included as a
component of cash and cash equivalents for the purpose of the
consolidated statement of cash flows.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
确认收益
利息收入
金融资产的利息收入使用实际利率法
确认。就按摊销成本计量且并无出现
信贷减值的金融资产而言，按资产的
总账面值采用实际利率，而就出现信
贷减值的金融资产而言，资产的摊销
成本（即扣除亏损拨备的总账面值）采
用实际利率。
香港财务报告准则第15号来自客户合
约之收益
货品或服务之性质
本集团提供的货品或服务的性质如下：
(i) 煤炭出售；
(i) 可再生能源解决方案；
(i) 销售资讯科技硬件产品；
(iv) 资讯科技外包服务；及
(v) 资讯科技咨询及技术服务。
确定履约责任
于合约开始时，本集团评估与一名客
户订立的合约内承诺的货品或服务，
向客户承诺转让以下商品或服务时，
则识别为履约责任：
(a) 明确货品或服务（或一组货品或
服务）；或
(b) 一系列大致相同及转让予客户的
模式相同的明确货品或服务。
2. PrinciPaL acountinG PoLicies (continued)
Revenue recognition
Interest income
Interest income from financial asets is recognised using the
efective interest method. For financial asets measured at
amortised cost that are not credit-impaired, the efective interest
rate is aplied to the gros carying amount of the asets while
it is aplied to the amortised cost (i.e. the gros carying amount
net of los alowance) in case of credit-impaired financial asets.
Revenue from contracts with customers within HKFRS 15
Nature of gods or services
The nature of gods or services provided by the Group is as
folows:
(i) sales of coals;
(i) renewable energy solutions;
(i) sales of IT hardware products;
(iv) IT outsourcing services; and
(v) IT consultancy and technical services.
Identification of performance obligations
At contract inception, the Group aseses the gods or
services promised in a contract with a customer and identify
as a performance obligation each promise to transfer to the
customer either:
(a) a god or service (or a bundle of gods or services) that is
distinct; or
(b) a series of distinct gods or services that are substantialy
the same and that have the same patern of transfer to the
customer.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
确认收益（续）
香港财务报告准则第15号来自客户合
约之收益（续）
确定履约责任（续）
倘符合以下准则，则承诺予客户的货
品或服务属明确：
(a) 客户可自其本身的货品或服务或
连同客户可获得的其他资源（即
货品或服务能够独立识别）中获
益；及
(b) 本集团向客户转让货品或服务的
承诺可与合约内的其他承诺（即
转让合约内容上有所区分的货品
或服务的承诺）单独区分。
收益确认的时间
收益于本集团透过向客户转让承诺货
品或服务（如资产）履行履约责任时（或
就此）确认。资产于客户获得资产控制
权时（或就此）转让。
如符合下列任一条件，本集团在一段
时间内转移对货品或服务的控制权，
并因此在一段时间内履行履约义务及
确认收益：
(a) 客户在本集团履约的同时取得及
消耗通过本集团履约提供的利
益；
(b) 本集团的履约行为创造或改良客
户在资产被创造或改良时便控制
的资产（如在建工程）；或
(c) 本集团的履约行为并未创造一项
可被本集团用于替代用途的资
产，并且本集团有强制执行权就
迄今为止已完成的履约部分收取
款项。
2. PrinciPaL acountinG PoLicies (continued)
Revenue recognition (continued)
Revenue from contracts with customers within HKFRS 15
(continued)
Identification of performance obligations (continued)
A god or service that is promised to a customer is distinct if
both of the folowing criteria are met:
(a) the customer can benefit from the god or service either
on its own or together with other resources that are
readily available to the customer (i.e. the god or service
is capable of being distinct); and
(b) the Group’s promise to transfer the god or service to the
customer is separately identifiable from other promises
in the contract (i.e. the promise to transfer the god or
service is distinct within the context of the contract).
Timing of revenue recognition
Revenue is recognised when (or as) the Group satisfies a
performance obligation by transfering a promised god or
service (i.e. an aset) to a customer. An aset is transfered
when (or as) the customer obtains control of that aset.
The Group transfers control of a god or service over time and,
therefore, satisfies a performance obligation and recognises
revenue over time, if one of the folowing criteria is met:
(a) the customer simultaneously receives and consumes the
benefits provided by the Group’s performance as the
Group performs;
(b) the Group’s performance creates or enhances an aset
(for example, work in progres) that the customer controls
as the aset is created or enhanced; or
(c) the Group’s performance does not create an aset with
an alternative use to the Group and the Group has an
enforceable right to payment for performance completed
to date.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
确认收益（续）
香港财务报告准则第15号来自客户合
约之收益（续）
收益确认的时间（续）
如在一段时间内未能履行履约责任，
则本集团于客户取得承诺资产的控制
权的时间点履行履约责任。于厘定转
移控制权的时间时，本集团考虑控制
权的概念以及法定所有权、实体占
有、付款权利、资产所有权的重大风
险及回报以及客人认可等指标。
煤炭及资讯科技硬件产品销售于客户
取得承诺资产的控制权的时间点（一般
与货品向客户交付及所有权转交的时
间相符）确认。
可再生能源解决方案、资讯科技外包
服务及资讯科技咨询及技术服务之服
务收入于提供服务时确认。
就根据香港财务报告准则第15号随时
间确认的收益而言，倘履约责任结果
可合理计量，本集团则应用输出法（基
于直接衡量迄今为止转让的货品或服
务对客户而言相对根据合约承诺的剩
余货品或服务的价值）计量完全履行履
约责任的进展情况，因为该方法真实
描述本集团之表现，或应用投入法（即
根据迄今为止部署的实际投入与估计
总投入的比例）来衡量完全履行履约义
务的进度，是由于本集团的投入与向
客户转让对货品或服务的控制权之间
存在直接关系（如适用），并提供可靠
资料供本集团采用该方法。否则，本
集团仅以所产生成本为限确认收益，
直至其可合理计量履约责任的结果。
2. PrinciPaL acountinG PoLicies (continued)
Revenue recognition (continued)
Revenue from contracts with customers within HKFRS 15
(continued)
Timing of revenue recognition (continued)
If a performance obligation is not satisfied over time, the Group
satisfies the performance obligation at a point in time when the
customer obtains control of the promised aset. In determining
when the transfer of control ocurs, the Group considers the
concept of control and such indicators as legal title, physical
posesion, right to payment, significant risks and rewards of
ownership of the aset, and customer aceptance.
Sales of coals and IT hardware products are recognised at a
point in time at which the customer obtains the control of the
promised aset, which generaly coincides with the time when
the gods are delivered to customers and the title is pased.
Service income from renewable energy solutions, IT outsourcing
services and IT consultancy and technical services are
recognised over time when services are rendered.
For revenue recognised over time under HKFRS 15, provided
the outcome of the performance obligation can be reasonably
measured, the Group aplies the output method (i.e. based on
the direct measurements of the value to the customer of the
gods or services transfered to date relative to the remaining
gods or services promised under the contract) to measure
the progres towards complete satisfaction of the performance
obligation because the method provides a faithful depiction of
the Group’s performance, or the input method (i.e. based on the
proportion of the actual inputs deployed to date as compared
to the estimated total inputs) to measure the progres towards
complete satisfaction of the performance obligation because
there is a direct relationship betwen the Group’s inputs and the
transfer of control of gods or services to the customers, where
apropriate, and reliable information is available to the Group to
aply the method. Otherwise, revenue is recognised only to the
extent of the costs incured until such time that it can reasonably
measure the outcome of the performance obligation.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
确认收益（续）
香港财务报告准则第15号来自客户合
约之收益（续）
收益确认的时间（续）
本集团采用以下输出法：
– 可再生能源解决方案：生产的能
源单位
– 资讯科技咨询及技术服务：评估
所取得的进展
应用于投入法的主要输入数据：
– 资讯科技外包服务：客户使用的
员工小时数
交易价格：重大融资部分
当合约包括重大融资部分（即客户或本
集团于向客户转移货品或服务而获取
的重大融资利益时），于厘定交易价格
时，本集团就货币时间价值之影响调
整已承诺代价。重大融资部分之影响
于损益中确认利息收入或利息开支，
并从来自客户合约之收益分开。
本集团经参考（倘适用）合约中隐含利
率（即将货品或服务之现金售价贴现至
预付或产生之金额之利率）、现行市场
利率、本集团之借贷利率及本集团客
户的其他相关信誉资料确定利率，其
与合约开始时本集团与其客户之间独
立融资交易所反映之利率相符。
本集团已应用香港财务报告准则第15
号第63段可行权宜方法，倘融资期间
为一年或以下，则不会调整受重大融
资成分影响之代价。
2. PrinciPaL acountinG PoLicies (continued)
Revenue recognition (continued)
Revenue from contracts with customers within HKFRS 15
(continued)
Timing of revenue recognition (continued)
The folowing output methods are aplied:
– Renewable energy solutions: unit of energy produced
– IT consultancy and technical services: apraisal of
progres achieved
The principal input aplied in the input method is:
– IT outsourcing services: usage of staf hours by customer
Transaction price: significant financing components
When the contract contains a significant financing component
(i.e. the customer or the Group is provided with a significant
benefit of financing the transfer of gods or services to the
customer), in determining the transaction price, the Group
adjusts the promised consideration for the efects of the
time value of money. The efect of the significant financing
component is recognised as an interest income or interest
expense separately from revenue from contracts with
customers in profit or los.
The Group determines the interest rate that is comensurate
with the rate that would be reflected in a separate financing
transaction betwen the Group and its customer at contract
inception by reference to, where apropriate, the interest rate
implicit in the contract (i.e. the interest rate that discounts the
cash seling price of the gods or services to the amount paid
in advance or arears), the prevailing market interest rates, the
Group’s borowing rates and other relevant creditworthines
information of the customer of the Group.
The Group has aplied the practical expedient in paragraph
63 of HKFRS 15 and does not adjust the consideration for the
efect of the significant financing component if the period of
financing is one year or les.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
合约资产及合约负债
倘本集团的履约方式为于客户支付代
价或付款到期前将货品或服务转让予
客户，则合约呈列为合约资产，惟不
包括呈列为应收款项的任何款项。相
反，倘于本集团将货品或服务转让予
客户前客户支付代价，或本集团拥有
无条件收取代价的权利，本集团在付
款或付款到期时（以较早者为准），则
合约呈列为合约负债。应收款项指本
集团拥有无条件收取代价的权利，或
代价到期付款前仅需时间推移。
就单一合约或多份单一系列相关合约
而言，以合约资产净值或合约负债净
额呈列。不相关合约的合约资产与合
约负债概不以净额呈列。
就本集团业务而言，本集团于服务完
成前或货品交付时（即有关交易的收益
确认时间）自客户收取全部或部分合约
款项属常见。于合约负债确认为收益
前，本集团确认合约负债。期内，除
非利息开支合资格资本化，否则任何
重大融资成分（如适用）将计入合约负
债并按应计开支销。
本集团向客户开具的发票大致与收益
确认时间一致且概无重大合约资产获
确认。与客户垫款有关之合约负债于
「应付货款及其他应付款项」下确认。
2. PrinciPaL acountinG PoLicies (continued)
Contract asets and contract liabilities
If the Group performs by transfering gods or services to a
customer before the customer pays consideration or before
payment is due, the contract is presented as a contract aset,
excluding any amounts presented as a receivable. Conversely,
if a customer pays consideration, or the Group has a right to
an amount of consideration that is unconditional, before the
Group transfers a god or service to the customer, the contract
is presented as a contract liability when the payment is made
or the payment is due (whichever is earlier). A receivable is
the Group’s right to consideration that is unconditional or
only the pasage of time is required before payment of that
consideration is due.
For a single contract or a single set of related contracts, either
a net contract aset or a net contract liability is presented.
Contract asets and contract liabilities of unrelated contracts
are not presented on a net basis.
For the Group’s busineses, it is comon for the Group to
receive from the customer the whole or some of the contractual
payments before the services are completed or when the gods
are delivered (i.e. the timing of revenue recognition for such
transactions). The Group recognises a contract liability until it
is recognised as revenue. During that period, any significant
financing components, if aplicable, wil be included in the
contract liability and wil be expensed as acrued unles the
interest expense is eligible for capitalisation.
The Group’s biling to its customers which are largely in line with
the timing of revenue recognition and no significant contract
asets are recognised. Contract liabilities in relation to advances
from customers are recognised under “Trade and other
payables”.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
外币交易
本集团各实体之财务报表内项目均以
该实体业务所在主要经济环境通行之
货币（「功能货币」）计量。由于本公司
于香港上市，为方便股东，综合财务
报表以港元（「港元」）呈列。本公司之
功能货币为人民币（「人民币」）。
外币交易依交易日的当期汇率转换成
功能货币入账。该等交易结算时及按
期末汇率转换以外币计值的货币资产
及负债所产生的外汇盈亏在损益确认。
功能货币有别于呈列货币的所有集团
实体（「海外业务」）的业绩及财政状况
按下列基准兑换成呈列货币：
• 各财务状况表的资产及负债按各
报告期末的收市汇率兑换；
• 各损益及其他全面收益表的收入
及开支按平均汇率兑换；
• 上述兑换产生的一切汇兑差异及
构成本集团于海外业务的净投资
部分的货币项目导致的汇兑差额
确认为权益中的一个独立部分；
2. PrinciPaL acountinG PoLicies (continued)
Foreign curency translation
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 consolidated financial statements are
presented in Hong Kong dolars (“HK$”) for the convenience of
the shareholders as the Company is listed in Hong Kong. The
Company’s functional curency is Renminbi (“RMB”).
Foreign curency transactions are translated into the functional
curency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and loses resulting from
the setlement of such transactions and from the translation at
period-end exchange rates of monetary asets and liabilities
denominated in foreign curencies are recognised in profit or
los.
The results and financial position of al the group entities that
have a functional curency diferent from the presentation
curency (“foreign operations”) are translated into the
presentation curency as folows:
• asets and liabilities for each statement of financial
position presented, are translated at the closing rate at the
end of each reporting period;
• income and expenses for each statement of profit or
los and other comprehensive income are translated at
average exchange rate;
• al resulting exchange diferences arising from the
above translation and exchange diferences arising
from a monetary item that forms part of the Group’s net
investment in a foreign operation are recognised as a
separate component of equity;
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
存货
存货按成本与可变现净值之较低者列
账。
成本采用加权平均成本法计算，并包
括所有购买成本、兑换成本及将存货
运至现址及达成现状之其他成本。
可变现净值乃日常业务过程中之估计
售价减估计完工成本及销售所需之估
计成本。
当售出存货时，该等存货之账面值于
确认有关收益之期间内确认为开支。
任何由存货撇减至可变现净值之金额
及所有存货亏损均于撇减或亏损产生
期间确认为开支。任何存货撇减之拨
回金额确认为于拨回期间确认为开支
之存货金额减少。
其他资产之减值（商誉除外）
其他资产之减值
于各报告期间结束时，本公司会审阅
内部及外部资料，以识别下列资产是
否出现减值迹象，或先前确认之减值
亏损是否不再存在或已减少（商誉除
外）：
－ 物业、厂房及设备；
－ 使用权资产；
－ 无形资产；及
－ 在本公司财务状况表所示于附属
公司之投资。
倘存在任何有关迹象，则对资产之可
收回金额作出估计。
2. PrinciPaL acountinG PoLicies (continued)
Inventories
Inventories are caried at the lower of cost and net realisable
value.
Cost is calculated using the weighted average cost formula
and comprises al costs of purchase, costs of conversion and
other costs incured in bringing the inventories to their present
location and condition.
Net realisable value is the estimated seling price in the ordinary
course of busines les the estimated costs of completion and
the estimated costs necesary to make the sale.
When inventories are sold, the carying amount of those
inventories is recognised as an expense in the period in which
the related revenue is recognised. The amount of any write-
down of inventories to net realisable value and al loses of
inventories are recognised as an expense in the period the
write-down or los ocurs. The amount of any reversal of any
write-down of inventories is recognised as a reduction in the
amount of inventories recognised as an expense in the period in
which the reversal ocurs.
Impairment of other asets, other than godwil
Impairment of other asets
Internal and external sources of information are reviewed at
the end of each reporting period to identify indications that
the folowing asets may be impaired or, except in the case of
godwil, an impairment los previously recognised no longer
exists or may have decreased:
– property, plant and equipment;
– right-of-use asets;
– intangible asets; and
– investment in subsidiaries in the Company’s statement of
financial position.
If any such indication exists, the aset’s recoverable amount is
estimated.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
其他资产之减值（商誉除外）（续）
其他资产之减值（续）
计算可收回金额
资产之可收回金额为其公平值减出售
成本与使用价值（「使用价值」）间之较
高者。于评估使用价值时，估计未来
现金流量会采用可反映当时市场对货
币时间价值及该资产特定风险之除税
前贴现率，贴现至其现值。倘资产所
产生之现金流入基本上不能独立于其
他资产所产生之现金流入，则以能独
立产生现金流入之最小资产组别（即现
金产生单位）厘定可收回金额。
确认减值亏损
倘资产或其所属现金产生单位之账面
值超过其可收回金额时，则于损益确
认减值亏损。就现金产生单位确认之
减值亏损首先予以分配，以减低分配
予现金产生单位（或单位组别）之任何
商誉之账面值，其后再按比例减低该
单位（或该单位组别）其他资产之账面
值，惟资产之账面值不会降至低于其
个别公平值减出售成本（如可计量）或
使用价值（如可厘定）。
减值亏损拨回
就资产（商誉除外）而言，倘用作厘定
可收回金额之估算出现有利变动，则
会拨回减值亏损。有关商誉之减值亏
损不予拨回。
所拨回之减值亏损限于在过往期间并
未确认减值亏损时原应厘定之资产账
面值。所拨回之减值亏损于确认拨回
之期间计入损益。
2. PrinciPaL acountinG PoLicies (continued)
Impairment of other asets, other than godwil
(continued)
Impairment of other asets (continued)
Calculation of recoverable amount
The recoverable amount of an aset is the greater of its fair value
les costs of disposal and value-in-use (“VIU”). In asesing VIU,
the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects curent market
asesments of the time value of money and the risks specific
to the aset. Where an aset does not generate cash inflows
largely independent of those from other asets, the recoverable
amount is determined for the smalest group of asets that
generates cash inflows independently (i.e., a CGU).
Recognition of impairment loses
An impairment los is recognised in profit or los if the carying
amount of an aset, or the CGU to which it belongs, exceds its
recoverable amount. Impairment loses recognised in respect
of CGUs are alocated first to reduce the carying amount of
any godwil alocated to the CGU (or group of units) and then,
to reduce the carying amount of the other asets in the unit (or
group of units) on a pro rata basis, except that the carying value
of an aset wil not be reduced below its individual fair value les
costs of disposal (if measurable) or VIU (if determinable).
Reversals of impairment loses
In respect of asets other than godwil, an impairment los is
reversed if there has ben a favourable change in the estimates
used to determine the recoverable amount. An impairment los
in respect of godwil is not reversed.
A reversal of an impairment los is limited to the aset’s carying
amount that would have ben determined had no impairment
los ben recognised in prior periods. Reversals of impairment
loses are credited to profit or los in the period in which the
reversals are recognised.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
借贷成本
与收购、建设或生产需要长时间才可
投入拟定用途或销售之资产直接相关
之借贷成本会资本化为该资产成本之
一部分。其他借贷成本于其产生期间
支销。
属于合资格资产成本一部分之借贷成
本在用于资产之开支产生、产生借贷
成本及使资产投入拟定用途或销售所
必需之准备工作进行期间开始资本
化。当使合资格资产投入拟定用途或
销售所必需之绝大部分准备工作中止
或完成时，借贷成本便会暂停或停止
资本化。
拨备及或然负债
当本集团因过往事件须承担法定或推
定责任，很可能须以经济利益流出之
方式履行有关责任且该金额能可靠估
计时，则对不确定时间及金额之负债
确认为拨备。倘货币之时间价值属重
大，拨备乃按预计履行责任之支出之
现值列账。
倘不大可能导致经济利益流出或其金
额不能可靠估计，则责任披露为或然
负债，除非经济利益流出之可能性极
低。可能出现之责任将仅取决于日后
是否会发生一项或多项事件，亦披露
为或然负债，除非经济利益流出之可
能性极低。
2. PrinciPaL acountinG PoLicies (continued)
Borowing costs
Borowing costs that are directly atributable to the acquisition,
construction or production of an aset which necesarily takes
a substantial period of time to get ready for its intended use
or sale are capitalised as part of the cost of that aset. Other
borowing costs are expensed in the period in which they are
incured.
The capitalisation of borowing costs as part of the cost of a
qualifying aset comences when expenditure for the aset
is being incured, borowing costs are being incured and
activities that are necesary to prepare the aset for its intended
use or sale are in progres. Capitalisation of borowing costs
is suspended or ceases when substantialy al the activities
necesary to prepare the qualifying aset for its intended use or
sale are interupted or complete.
Provisions and contingent liabilities
Provisions are recognised for liabilities of uncertain timing or
amount when the Group has a legal or constructive obligation
arising as a result of a past event, it is probable that an outflow
of economic benefits wil be required to setle the obligation
and a reliable estimate can be made. Where the time value of
money is material, provisions are stated at the present value of
the expenditure expected to setle the obligation.
Where it is not probable that an outflow of economic benefits
wil be required, or the amount canot be estimated reliably,
the obligation is disclosed as a contingent liability, unles the
probability of outflow of economic benefits is remote. Posible
obligations, whose existence wil only be confirmed by the
ocurence or non-ocurence of one or more future events are
also disclosed as contingent liabilities unles the probability of
outflow of economic benefits is remote.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
拨备及或然负债（续）
关闭、复垦及环境成本拨备
煤矿开采之一个后果为因在矿场搬运
泥土而造成土地下陷。视乎各种情
况，本集团可于进行开采活动前先将
居民迁离矿场，或可于矿场开采后就
关闭矿场及土地下陷所造成之损失或
损害向居民作出赔偿。本集团亦可能
须支付矿场开采后之土地复垦、修复
或环保费用。
关闭及复垦成本包括拆除及拆卸基建
设施、清理残余材料及修复受干扰区
域之成本。关闭及复垦成本于产生有
关干扰引起之责任之会计期间，按估
计未来成本之净现值计提拨备，而不
论该责任是在煤矿开发期间或生产阶
段产生。有关成本于其产生未来利益
时资本化，而不论修复活动预期会在
经营期限内或在关闭时产生。资本化
成本（计入存货成本部分除外）按经营
期限摊销，而拨备净现值之增加则计
入借贷成本或其他项目（倘适用）。
倘预期拆除及复垦成本出现变动，拨
备及相关资产账面值将作出调整，所
产生影响届时将于剩余经营期限内按
预期基准于综合损益及其他全面收益
表确认，惟计入存货成本部分除外。
关闭及复垦成本之拨备不包括未来干
扰事件预期会产生之任何额外责任。
成本估计于报告期间结束时检讨及修
正，以反映情况变化。
2. PrinciPaL acountinG PoLicies (continued)
Provisions and contingent liabilities (continued)
Provision for close down, restoration and environmental
costs
One consequence of coal mining is land subsidence caused
by the resetlement of the land at the mining sites. Depending
on the circumstances, the Group may relocate inhabitants from
the mining sites prior to conducting mining activities or the
Group may compensate the inhabitants for loses or damage
from close down and land subsidence after the sites have ben
mined. The Group may also be required to make payments for
restoration, rehabilitation or environmental protection of the land
after the sites have ben mined.
Close down and restoration costs include the dismantling and
demolition of infrastructure and the removal of residual materials
and remediation of disturbed areas. Close down and restoration
costs are provided in the acounting period when the obligation
arising from the related disturbance ocurs, whether this ocurs
during mine development or during the production phase,
based on the net present value of estimated future costs. The
cost is capitalised where it gives rise to future benefits, whether
the rehabilitation activity is expected to ocur over the life of
the operation or at the time of close down. The capitalised cost
other than that is included in the cost of inventories is amortised
over the life of the operation and the increase in the net present
value of the provision is included in borowing costs or other
items where apropriate.
Where there is a change in the expected decomisioning
and restoration costs, an adjustment is recorded against the
carying value of the provision and related asets, and the efect
is then recognised in the consolidated statement of profit or
los and other comprehensive income on a prospective basis
over the remaining life of the operation except for the portion
included in the cost of inventories. Provisions for close down
and restoration costs do not include any aditional obligations
which are expected to arise from future disturbance. The cost
estimates are reviewed and revised at the end of the reporting
period to reflect changes in conditions.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
政府补助
政府补助于能合理确定将收到补助，
且所有附带条件将获遵守的情况下按
公平值确认。倘补助与开支项目相
关，有关补助于需要有系统地将补助
与其拟补偿的成本配对的年度内确认
为收入。倘补助与资产有关，则公平
值按扣减相关资产账面值计入递延收
入账╱确认，并按相关资产的预计可
使用年期按年以等额分期转拨至损益。
所收取按低于市场利率计息的政府贷
款利益视为政府补助。按低于市场利
率计息的利益须按贷款初始公平值与
收取的所得款项之间的差额计量。
租赁
本集团于合约生效时评估合约是否为
或包含租赁。倘合约为换取代价而给
予在一段时间内控制已识别资产使用
的权利，则该合约为租赁或包含租赁。
作为承租人
本集团对短期租赁及低值资产租赁应
用确认豁免。该等租赁相关的租赁付
款按直线法于租赁期内确认为开支。
本集团已选择不从租赁组成部分中分
离出非租赁组成部分，并对各个租赁
组成部分及任何相关非租赁组成部分
入账作为单独租赁组成部分。
本集团将租赁合约中各租赁组成部分
单独作为一项租赁项目入账。本集团
将合约代价按租赁组成部分相对独立
价格基准分配至各租赁组成部分。
本集团未产生单独组成部分之应付款
项被视作分配至合约单独已识别组成
部分之总代价之一部分。
2. PrinciPaL acountinG PoLicies (continued)
Government grants
Government grants are recognised at their fair value where there
is reasonable asurance that the grant wil be received and
al ataching conditions wil be complied with. When the grant
relates to an expense item, it is recognised as income over the
years necesary to match the grant on a systematic basis to
the costs that it is intended to compensate. Where the grant
relates to an aset, the fair value is credited to a defered income
acount/recognised as a deduction from the carying amount
of the relevant aset and is released to profit or los over
the expected useful life of the relevant aset by equal anual
instalments.
The benefit of a government loan received at a below-market
rate of interest is treated as a government grant. The benefit
of the below-market rate of interest shal be measured as the
diference betwen the initial fair value of the loan and the
proceds received.
Leases
The Group aseses whether a contract is, or contains, a lease
at inception of the contract. A contract is, or contains, a lease if
the contract conveys the right to control the use of an identified
aset for a period of time in exchange for consideration.
As lese
The Group aplies the recognition exemption to short-term
leases and low-value aset leases. Lease payments asociated
with these leases are recognised as an expense on a straight-
line basis over the lease term.
The Group has elected not to separate non-lease components
from lease components, and acounts for each lease
component and any asociated non-lease components as a
single lease component.
The Group acounts for each lease component within a
lease contract as a lease separately. The Group alocates the
consideration in the contract to each lease component on the
basis of the relative stand-alone price of the lease component.
Amounts payable by the Group that do not give rise to a
separate component are considered to be part of the total
consideration that is alocated to the separately identified
components of the contract.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
租赁（续）
作为承租人（续）
本集团于租赁开始日期确认使用权资
产及租赁负债。
使用权资产乃按成本进行初始计量，
其中包括：
(a) 租赁负债的初始计量金额；
(b) 于开始日期或之前所作的任何租
赁付款，减已收取的任何租赁优
惠；
(c) 本集团产生的任何初始直接成
本；及
(d) 本集团拆除及移除相关资产、恢
复相关资产所在场地或将相关资
产恢复至租赁条款及条件所规定
状态将予产生的估计成本，除非
该等成本乃因生产存货而产生。
随后，使用权资产按成本减任何累计
折旧及任何累计减值亏损计量，并就
租赁负债的任何重新计量作出调整。
于租赁期及使用权资产之估计可使用
年期之较短者按直线法计提折旧（除
非租赁于租赁期末将相关资产的拥有
权转移予本集团或使用权资产的成本
反映本集团将行使购买权，在此情况
下，将于相关资产的估计可使用年期
内计提折旧）。
租赁负债乃按于合约开始日期尚未支
付之租赁款项现值进行初始计量。
计入租赁负债计量的租赁款项包括下
列于租赁期内使用相关资产权利且于
开始日期尚未支付之付款：
(a) 固定付款（包括实质性固定付款）
减任何应收租赁优惠；
2. PrinciPaL acountinG PoLicies (continued)
Leases (continued)
As lese (continued)
The Group recognises a right-of-use aset and a lease liability at
the comencement date of the lease.
The right-of-use aset is initialy measured at cost, which
comprises:
(a) the amount of the initial measurement of the lease liability;
(b) any lease payments made at or before the comencement
date, les any lease incentives received;
(c) any initial direct costs incured by the Group; and
(d) an estimate of costs to be incured by the Group in dismantling
and removing the underlying aset, restoring the site on which
it is located or restoring the underlying aset to the condition
required by the terms and conditions of the lease, unles those
costs are incured to produce inventories.
Subsequently, the right-of-use aset is measured at cost
les any acumulated depreciation and any acumulated
impairment loses and adjusted for any remeasurement of the
lease liability. Depreciation is provided on a straight-line basis
over the shorter of the lease term and the estimated useful lives
of the right-of-use aset (unles the lease transfers ownership of
the underlying aset to the Group by the end of the lease term
or if the cost of the right-of-use aset reflects that the Group
wil exercise a purchase option – in which case depreciation is
provided over the estimated useful life of the underlying aset).
The lease liability is initialy measured at the present value of the
lease payments that are not paid at the comencement date of
the contract.
The lease payments included in the measurement of the lease
liability comprise the folowing payments for the right to use the
underlying aset during the lease term that are not paid at the
comencement date:
(a) fixed payments (including in-substance fixed payments),
les any lease incentives receivable;
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
租赁（续）
作为承租人（续）
(b) 取决于一项指数或利率之可变租
赁款项；
(c) 根据剩余价值担保预期应付之款
项；
(d) 购买权的行使价（倘本集团合理
确定行使该选择权）；及
(e) 终止租赁的罚款付款（倘租赁条
款反映本集团行使终止租赁之选
择权）。
租赁付款使用租赁的隐含利率贴现，
或倘该利率无法随时厘定，则采用承
租人之增量借贷利率。
随后，租赁负债透过增加账面值以反
映租赁负债之利息及调减账面值以反
映已付的租赁款项进行计量。
当租赁期出现变动而产生租赁付款变
动或重新评估本集团是否将合理确定
行使购买选择权时，租赁负债使用经
修订贴现率进行重新计量。
当剩余价值担保、实质固定租赁付款
或未来租赁付款因指数或利率（浮动利
率除外）发生变动而随之变动时，租赁
负债将使用原贴现率重新计量。倘未
来租赁付款因浮动利率变动而出现变
动时，本集团将使用经修订贴现率重
新计量租赁负债。
本集团将租赁负债之重新计量金额确
认为对使用权资产之调整。倘使用权
资产账面值减少至零且于租赁负债计
量进一步调减，本集团将于损益中确
认任何重新计量之剩余金额。
2. PrinciPaL acountinG PoLicies (continued)
Leases (continued)
As lese (continued)
(b) variable lease payments that depend on an index or a
rate;
(c) amounts expected to be payable under residual value
guarantes;
(d) exercise price of a purchase option if the Group is
reasonably certain to exercise that option; and
(e) payments of penalties for terminating the lease, if the
lease term reflects the Group exercising an option to
terminate the lease.
The lease payments are discounted using the interest rate
implicit in the lease, or where it is not readily determinable, the
incremental borowing rate of the lese.
Subsequently, the lease liability is measured by increasing the
carying amount to reflect interest on the lease liability and by
reducing the carying amount to reflect the lease payments
made.
The lease liability is remeasured using a revised discount rate
when there are changes to the lease payments arising from a
change in the lease term or the reasesment of whether the
Group wil be reasonably certain to exercise a purchase option.
The lease liability is remeasured by using the original discount
rate when there is a change in the residual value guarante, the
in-substance fixed lease payments or the future lease payments
resulting from a change in an index or a rate (other than floating
interest rate). In case of a change in future lease payments
resulting from a change in floating interest rates, the Group
remeasures the lease liability using a revised discount rate.
The Group recognises the amount of the remeasurement of
the lease liability as an adjustment to the right-of-use aset. If
the carying amount of the right-of-use aset is reduced to zero
and there is a further reduction in the measurement of the lease
liability, the Group recognises any remaining amount of the
remeasurement in profit or los.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
租赁（续）
作为承租人（续）
倘出现以下情况，租赁修改则作为单
独租赁入账：
(a) 该修改透过增加一项或以上相关
资产之使用权利而扩大租赁范
围；及
(b) 租赁代价增加之金额相当于经扩
大范围对应之单独价格及为反映
特定合约之情况而对该单独价格
进行之任何适当调整。
当租赁修改并未于租赁修改生效日期
作为单独租赁入账：
(a) 本集团根据上述相对单独价格将
代价分配至经修订合约。
(b) 本集团厘定经修订合约之租赁
期。
(c) 本集团透过于经修订租赁期使用
经修订贴现率对经修订租赁款项
进行贴现以重新计量租赁负债。
(d) 就缩减租赁范围之租赁修改而
言，本集团透过减少使用权资产
之账面值将租赁负债之重新计量
列账，以反映部分或全面终止该
租赁及于损益中确认任何与部分
或全面终止该租赁相关之收益或
亏损。
(e) 就所有其他租赁修改而言，本集
团透过对使用权资产作出相应
调整，将租赁负债之重新计量列
账。
2. PrinciPaL acountinG PoLicies (continued)
Leases (continued)
As lese (continued)
A lease modification is acounted for as a separate lease if:
(a) the modification increases the scope of the lease by
ading the right to use one or more underlying asets;
and
(b) the consideration for the lease increases by an amount
comensurate with the stand-alone price for the increase
in scope and any apropriate adjustments to that stand-
alone price to reflect the circumstances of the particular
contract.
When a lease modification is not acounted for as a separate
lease, at the efective date of the lease modification:
(a) the Group alocates the consideration in the modified
contract on the basis of relative stand-alone price as
described above.
(b) the Group determines the lease term of the modified
contract.
(c) the Group remeasures the lease liability by discounting the
revised lease payments using a revised discount rate over
the revised lease term.
(d) for lease modifications that decrease the scope of the
lease, the Group acounts for the remeasurement of the
lease liability by decreasing the carying amount of the
right-of-use aset to reflect the partial or ful termination of
the lease and recognising any gain or los relating to the
partial or ful termination of the lease in profit or los.
(e) for al other lease modifications, the Group acounts
for the remeasurement of the lease liability by making a
coresponding adjustment to the right-of-use aset.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
雇员福利
短期雇员福利及定额供款退休计划供
款
薪金、年度花红、有薪年假以及非货
币福利之成本于雇员提供相关服务之
期间内计提。
香港定额供款退休计划供款之责任于
产生时在损益中确认为开支。该计划
之资产与本集团于香港成立之实体之
资产分开，并由独立管理基金持有。
根据中华人民共和国（「中国内地」）之
规则及规例，本集团于中国内地成立
之实体雇员须参与由地方政府组织之
定额供款退休计划。对该等计划之供
款于产生时支销，而除该等每月供款
外，本集团概无向其雇员支付退休福
利之其他责任。
终止福利
终止福利于本集团再无能力撤回提供
有关福利时或本集团确认重组成本（涉
及支付终止福利）时（以较早者为准）确
认。
2. PrinciPaL acountinG PoLicies (continued)
Employe benefits
Short-term employe benefits and contributions to defined
contribution retirement plans
Salaries, anual bonuses, paid anual leave and the cost of
non-monetary benefits are acrued in the period in which the
asociated services are rendered by employes.
The obligations for contributions to defined contribution
retirement scheme in Hong Kong are recognised as expense
in profit or los as incured. The asets of the scheme are held
separately from those of the Group’s entities established in
Hong Kong in an independently administered fund.
In acordance with the rules and regulations in the People’s
Republic of China (“Mainland China”), the employes of the
Group’s entities established in Mainland China are required to
participate in defined contribution retirement plans organised by
local governments. Contributions to those plans are expensed
as incured and other than these monthly contributions, the
Group has no further obligation for the payment of retirement
benefits to its employes.
Termination benefits
Termination benefits are recognised at the earlier of when the
Group can no longer withdraw the ofer of those benefits and
when it recognises restructuring costs involving the payment of
termination benefits.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
税项
即期所得税开支乃根据期内业绩计
算，并就无须课税或不获宽减之项目
调整。即期所得税开支采用于各报告
期末已颁布或实质颁布之税率计算。
本集团就综合财务报表内资产及负债
之税基与账面值于各报告期末之所有
暂时差额利用负债法计提递延税项拨
备。然而，当初步确认商誉或一项交
易（业务合并除外）中之其他资产或负
债所产生之任何递延税项于交易时不
影响会计溢利或应课税溢利或亏损及
不会导致相等应课税及可扣减之暂时
差额，则不予确认。
递延税项资产及负债基于在各报告期
末已颁布或实质颁布之税率及税法，
按预期适用于收回资产或清偿负债各
期间之税率计量。
倘日后可能有应课税溢利可供抵销可
扣减之暂时差额、税项亏损及抵免，
则会确认递延税项资产。
本集团按于附属公司之投资所产生之
暂时差额计提递延税项拨备，惟倘本
集团可控制暂时差额之拨回时间及暂
时差额不大可能于可见将来拨回则作
别论。
2. PrinciPaL acountinG PoLicies (continued)
Taxation
The charge for curent income tax is based on the results
for the period as adjusted for items that are non-asesable
or disalowed. It is calculated using tax rates that have ben
enacted or substantively enacted by the end of each reporting
period.
Defered tax is provided, using the liability method, on al
temporary diferences at the end of each reporting period
betwen the tax bases of asets and liabilities and their carying
amounts in the consolidated financial statements. However,
any defered tax arising from initial recognition of godwil; or
other aset or liability in a transaction other than a busines
combination that at the time of the transaction afects neither
the acounting profit nor taxable profit or los and does not give
rise to equal taxable and deductible temporary diference is not
recognised.
The defered tax asets and liabilities are measured at the tax
rates that are expected to aply to the period when the aset is
recovered or the liability is setled, based on tax rates and tax
laws that have ben enacted or substantively enacted at the
end of each reporting period.
Defered tax asets are recognised to the extent that it is
probable that future taxable profit wil be available against which
the deductible temporary diferences, tax loses and credits can
be utilised.
Defered tax is provided on temporary diferences arising on
investment in subsidiaries, except where the timing of the
reversal of the temporary diferences is controled by the Group
and it is probable that the temporary diference wil not reverse
in the foreseable future.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
关连方
(a) 倘属以下人士，则该人士或该人
士之近亲与本集团有关连：
(i) 控制或共同控制本集团；
(i) 对本集团有重大影响；或
(i) 为本集团或本集团控股公
司之主要管理人员。
(b) 倘符合下列任何条件，则该实体
与本集团有关连：
(i) 该实体与本集团属同一集
团之成员公司（即各控股公
司、附属公司及同系附属
公司彼此间有关连）。
(i) 一间实体为另一实体之联
营公司或合营企业（或另一
实体为成员公司之集团旗
下成员公司之联营公司或
合营企业）。
(i) 两间实体均为同一第三方
之合营企业。
(iv) 一间实体为第三方实体之
合营企业，而另一实体为
该第三方实体之联营公司。
(v) 实体为本集团或与本集团
有关连之实体就雇员利益
设立之离职福利计划。
(vi) 实体受(a)所识别人士控制
或受共同控制。
(vi) 于(a)(i)所识别人士对实体
有重大影响力或属该实体
（或该实体之控股公司）主
要管理人员。
(vi) 实体或实体作为集团任何
成员公司其中一部分向本
集团或本集团之控股公司
提供主要管理人员服务。
2. PrinciPaL acountinG PoLicies (continued)
Related parties
(a) A person, or a close member of that person’s family, is
related to the Group if that person:
(i) has control or joint control over the Group;
(i) has significant influence over the Group; or
(i) is a member of the key management personel of
the Group or the holding company of the Group.
(b) An entity is related to the Group if any of the folowing
conditions aplies:
(i) the entity and the Group are members of the same
group (which means that each holding company,
subsidiary and felow subsidiary is related to the
others).
(i) one entity is an asociate or joint venture of the
other entity (or an asociate or joint venture of a
member of a group of which the other entity is a
member).
(i) both entities are joint ventures of the same third
party.
(iv) one entity is a joint venture of a third entity and the
other entity is an asociate of the third entity.
(v) the entity is a post-employment benefit plan for the
benefit of employes of either the Group or an entity
related to the Group.
(vi) the entity is controled or jointly controled by a
person identified in (a).
(vi) a person identified in (a)(i) has significant influence
over the entity or is a member of the key
management personel of the entity (or of a holding
company of the entity).
(vi) the entity, or any member of a group of which it is a
part, provides key management personel services
to the Group or to holding company of the Group.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
- （续）
关连方（续）
个人之近亲家庭成员指预期可影响，
或受该人士影响彼等与该实体交易之
家庭成员，其中包括：
(a) 该名人士之子女及配偶或家庭伴
侣；
(b) 该名人士之配偶或家庭伴侣之子
女；及
(c) 该名人士或该名人士之配偶或家
庭伴侣之受供养人。
于界定关连方时，联营公司包括该联
营公司之附属公司，而合营企业包括
该合营企业之附属公司。
分类报告
经营分类及财务报表内呈报之各分类
项目之金额自定期提供予本集团执行
董事之财务资料中识别，旨在将资源
分配至本集团之各项业务及评估本集
团各项业务及地区之表现。
就财务报告而言，除非分类具备相似
之经济特征及在产品及服务性质、生
产工序性质、客户类型或类别、用作
分配产品或提供服务之方法以及监管
环境之性质方面相似，否则各重大经
营分类不会汇集计算。个别非重大之
经营分类，倘符合上述大部分标准，
则可汇集计算。
2. PrinciPaL acountinG PoLicies (continued)
Related parties (continued)
Close members of the family of a person are those family
members who may be expected to influence, or be influenced
by, that person in their dealings with the entity and include:
(a) that person’s children and spouse or domestic partner;
(b) children of that person’s spouse or domestic partner; and
(c) dependants of that person or that person’s spouse or
domestic partner.
In the definition of a related party, an asociate includes
subsidiaries of the asociate and a joint venture includes
subsidiaries of the joint venture.
Segment reporting
Operating segments, and the amounts of each segment item
reported in the financial statements, are identified from the
financial information provided regularly to the Group’s executive
directors for the purposes of alocating resources to, and
asesing the performance of, the Group’s various lines of
busines and geographical locations.
Individualy material operating segments are not agregated for
financial reporting purposes unles the segments have similar
economic characteristics and are similar in respect of the nature
of products and services, the nature of production proceses,
the type or clas of customers, the methods used to distribute
the products or provide the services, and the nature of the
regulatory environment. Operating segments which are not
individualy material may be agregated if they share a majority
of these criteria.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
3. 关键会计判断及估计不明朗因
素之主要来源
于应用本集团之会计政策时，本公司
董事须对未能透过其他来源确定之资
产及负债账面值作出判断、估计及假
设。该等估计及相关假设乃以过往经
验及其他视为相关之因素为基准。实
际结果可能有别于该等估计。
该等估计及相关假设会持续予以检
讨。如修订会计估计仅影响修订期
间，则有关估计之修订在该期间确
认，或如修订影响现时及未来期间，
则在修订期间及未来期间确认。
估计不明朗因素之主要来源
以下为有关未来之主要假设及于报告
期间结束时估计不明朗因素之其他主
要来源，该等假设及来源存在可能导
致对下一个财政期间之资产及负债账
面值须作出重大调整之重大风险。
储量估计
储量为可按经济原则合法自本集团之
煤矿储量取得之估计产品数量。为计
算储量，须就地质、技术及经济因素
范畴作出估计及假设，其中包括数
量、品位、生产技术、采收率、生产
成本、运输成本、商品需求及商品价
格。估计储量之数量及╱或品位时，
须按钻探采样等地质数据分析，厘定
矿体或矿场之规模、形状及深度。此
工序或涉及繁复艰巨之地质判断及计
算以解释有关数据。
3. criticaL acountinG JudGement and KeY
sources of estimation uncertaintY
In the aplication of the Group’s acounting policies, the
directors of the Company are required to make judgements,
estimates and asumptions about the carying amounts of
asets and liabilities that are not readily aparent from other
sources. The estimates and asociated asumptions are based
on historical experience and other factors that are considered to
be relevant. Actual results may difer from these estimates.
The estimates and underlying asumptions are reviewed on
an ongoing basis. Revisions to acounting estimates are
recognised in the period in which the estimate is revised if the
revision afects only that period, or in the period of the revision
and future periods if the revision afects both curent and future
periods.
Key sources of estimation uncertainty
The folowing are the key asumptions concerning the future
and other key sources of estimation uncertainty at the end of
reporting period, that have a significant risk of causing a material
adjustment to the carying amounts of asets and liabilities
within the next financial period.
Reserve estimates
Reserves are estimates of the amount of products that can
be economicaly and legaly extracted from the Group’s
coal reserves. In order to calculate reserves, estimates and
asumptions are required about a range of geological, technical
and economic factors, including quantities, grades, production
techniques, recovery rates, production costs, transport costs,
comodity demand and comodity prices. Estimating the
quantity and/or grade of reserves requires the size, shape and
depth of ore bodies or fields to be determined by analysing
geological data such as driling samples. This proces may
require complex and dificult geological judgements and
calculations to interpret the data.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
3. 关键会计判断及估计不明朗因
素之主要来源（续）
估计不明朗因素之主要来源（续）
储量估计（续）
由于估计储量所用经济假设会随著不
同期间而改变，而营运过程中会额外
产生地质数据，故储量估计或会随不
同期间而有所变动。呈报储量之变动
可循不同方法影响本集团之财务业绩
及财务状况，其中包括下列各项：
(i) 因估计未来现金流量之变动可能
影响资产账面值。
(i) 倘折旧、耗减及摊销支出按生产
单位为基准予以厘定，或资产之
可使用经济年限有所变动，于损
益内扣除之折旧、耗减及摊销可
能有所变动。
(i) 倘估计储量之变动影响拆撤、矿
场复垦及环保工作预期之时间表
或成本，拆撤、矿场复垦及环保
拨备可能有所变动。
(iv) 递延税项之账面值或因上文所讨
论之资产账面值改变而有所变
动。
3. criticaL acountinG JudGement and
KeY sources of estimation uncertaintY
(continued)
Key sources of estimation uncertainty (continued)
Reserve estimates (continued)
Because the economic asumptions used to estimate reserves
change from period to period, and because aditional
geological data is generated during the course of operations,
estimates of reserves may change from period to period.
Changes in reported reserves may afect the Group’s financial
results and financial position in a number of ways, including the
folowing:
(i) aset carying values may be afected due to changes in
estimated future cash flows.
(i) depreciation, depletion and amortisation charged to
the profit or los may change where such charges are
determined by the units of production basis, or where the
useful economic lives of asets change.
(i) decomisioning, site restoration and environmental
provisions may change where changes in estimated
reserves afect expectations about the timing or cost of
these activities.
(iv) the carying value of defered tax may change as a result
of changes in the aset carying values as discused
above.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
3. 关键会计判断及估计不明朗因
素之主要来源（续）
估计不明朗因素之主要来源（续）
物业、厂房及设备、使用权资产、收
购物业、厂房及设备之预付款项以及
无形资产账面值
本集团之物业、厂房及设备、使用权
资产、收购物业、厂房及设备之预付
款项以及无形资产按成本减累计折
旧、累计摊销及累计减值亏损（如适
用）列账。倘内部及外界资料来源显示
账面值可能无法收回，则会检讨该等
项目之账面值是否出现减值。若资产
账面值超过其可收回金额时，会就其
差额确认减值亏损。可收回金额为资
产公平值减出售成本或使用价值之较
高者。在估计资产之可收回金额时作
出多项假设，包括与非流动资产有关
之未来现金流量及贴现率。倘未来事
项与该等假设不符，可收回金额将需
要作出修订，此修订可能影响本集团
之经营业绩或财务状况。计入无形资
产之本集团采矿权及剥离活动资产，
其减值评估于下文进一步论述。
采矿权及剥离活动资产
本集团每年评估各现金产生单位，以
确定是否存在任何减值迹象，包括有
关采矿权之内部及外界资料来源、剥
离活动资产之实情及情况。倘出现减
值迹象，则会作出可收回金额之正式
估计，有关金额即公平值减出售成本
与使用价值间之较高者。该等评估须
采用有关估计及假设，如长期商品价
格、贴现率、未来资金需求、勘探潜
力及经营表现。由于该等资产可能缺
乏现成之市场报价，故难以准确地估
计公平值。在厘定使用价值时，资产
产生之预期现金流量贴现至其现值，
须作出销量、售价及经营成本等重大
判断及估计。管理层已评估其现金产
生单位作为某个别矿场，其为主要独
立于其他资产之现金流量之最低水平。
3. criticaL acountinG JudGement and
KeY sources of estimation uncertaintY
(continued)
Key sources of estimation uncertainty (continued)
Carying values of property, plant and equipment, right-of-
use asets, prepayment for acquisition of property, plant
and equipment and intangible asets
The Group’s property, plant and equipment, right-of-use
asets, prepayment for acquisition of property, plant and
equipment and intangible asets are caried at cost les
acumulated depreciation, acumulated amortisation and
acumulated impairment loses, where apropriate. These
carying amounts are reviewed for impairment whenever
internal and external sources of information indicate that the
carying amounts 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 of
disposal and VIU. In estimating the recoverable amounts of
asets, various asumptions, including future cash flows to be
asociated with the non-curent asets and discount rates, are
made. If future events do not corespond to such asumptions,
the recoverable amounts wil ned to be revised, and this may
have an impact on the Group’s results of operations or financial
position. The impairment asesment of the Group’s mining
right and striping activity asets included in intangible asets is
further discused below.
Impairment of mining right and striping activity asets
The Group aseses each CGU anualy to determine whether
any indication of impairment exists, which included internal and
external sources of information for mining right and facts and
circumstances for striping activity asets. Where an indicator
of impairment exists, a formal estimate of the recoverable
amount is made, which is considered to be the higher of the
fair value les costs of disposal and VIU. These asesments
require the use of estimates and asumptions such as long-term
comodity prices, discount rates, future capital requirements,
exploration potential and operating performance. It is dificult
to precisely estimate fair value because quoted market prices
are not readily available. In determining the VIU, expected cash
flows generated by the aset are discounted to their present
value, which require significant judgements and estimates such
as sale volume, seling price and amount of operating costs. The
management has asesed its CGU as being an individual mine
site, which is the lowest level for which cash flows are largely
independent of other asets.
Anual Report 2024/25 年报
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
3. 关键会计判断及估计不明朗因
素之主要来源（续）
估计不明朗因素之主要来源（续）
商誉减值
本集团至少每年确定商誉是否减值。
这需要对获分配商誉的现金产生单位
的使用价值进行估计。为了估计使用
价值，本集团需要对现金产生单位的
预期现金流量进行估计，并选择适当
的贴现率，以计算上述现金流量现值。
预期信贷亏损之亏损拨备
本集团管理层使用各种输入数据及假
设（包括违约风险及预期亏损率）估计
应收货款及其他应收款项的亏损拨
备。估计涉及高度不确定性，该不确
定性乃基于本集团的过往资料、现有
市况及各报告期末的前瞻性估计。倘
预期与原估计有所不同，该差额将影
响应收货款及其他应收款项的账面值。
公平值计量及估值过程
就财务报告而言，本集团之可换股债
券以公平值计量。本公司董事须就公
平值计量厘定合适估值方法及输入数
据。
于估计负债之公平值时，本集团尽可
能使用可观察市场数据。在并无第一
级输入数据之情况下，本集团委聘第
三方合资格估值师进行估值。本公司
董事与合资格外聘估值师紧密合作，
以设立模式适用之估值方法及输入数
据。
于估计若干类别金融工具之公平值
时，本集团采用包括并非根据可观察
市场数据之估值方法。
主观输入数据假设之变动可对公平值
估值造成重大影响。
3. criticaL acountinG JudGement and
KeY sources of estimation uncertaintY
(continued)
Key sources of estimation uncertainty (continued)
Impairment of godwil
The Group determines whether godwil is impaired at least on
an anual basis. This requires an estimation of the VIU of the
CGUs to which the godwil is alocated. Estimating the VIU
requires the Group to make an estimate of the expected cash
flows from the CGU and also to chose a suitable discount rate
in order to calculate the present value of those cash flows.
Los alowance for ECL
The management of the Group estimates the los alowance for
trade receivables and other receivables by using various inputs
and asumptions including risk of a default and expected los
rate. The estimation involves high degre of uncertainty which
is based on the Group’s historical information, existing market
conditions as wel as forward-loking estimates at the end of
each reporting period. Where the expectation is diferent from
the original estimate, such diference wil impact the carying
amount of trade receivables and other receivables.
Fair value measurements and valuation proces
The Group’s convertible bond is measured at fair value for
financial reporting purposes. The directors of the Company
have to determine the apropriate valuation techniques and
inputs for fair value measurements.
In estimating the fair value of a liability, the Group uses market-
observable data to the extent it is available. Where Level 1
inputs are not available, the Group engages third party qualified
valuer to perform the valuation. The directors of the Company
work closely with the qualified external valuer to establish the
apropriate valuation techniques and inputs to the model.
The Group uses valuation techniques that include inputs that
are not based on observable market data to estimate the fair
value of certain types of financial instruments.
Changes in subjective input asumptions can materialy afect
the fair value estimate.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
3. 关键会计判断及估计不明朗因
素之主要来源（续）
估计不明朗因素之主要来源（续）
物业、厂房及设备及使用权资产之可
使用年限
本公司董事厘定其物业、厂房及设备
及使用权资产之估计可使用年限及有
关折旧费用。该估计乃基于有关具备
类似性质及功能之物业、厂房及设备
及使用权资产之实际可使用年期的过
往经验。彼可能由于技术创新及竞争
对手为应对严峻行业周期采取的行动
而发生重大变化。倘可使用年限较先
前所估计年限为短，则管理层将增加
折旧费用，或撇销或撇减已弃置或出
售之技术过时或非策略性资产。
存货撇减
本公司董事于各报告期间结束时检讨
存货账龄分析，并就确定为不再适合
用作生产或销售之过时及滞销存货项
目作出拨备。本公司董事主要根据最
近期发票价格及当时市况估计该等消
费品及煤炭之可变现净值。本集团于
各报告期间结束时进行逐项存货盘
点，并就过时项目作出拨备。
关闭、复垦及环境成本拨备
关闭、复垦及环境成本拨备由本公司
董事考虑现有相关中国内地规例后，
根据过往经验及对未来支出之最佳估
计厘定。然而，在目前采矿活动于未
来期间对土地及环境之影响变得明显
之情况下，有关成本之估计可能须不
时予以修订。
剥离活动资产之确认
剥离活动资产之确认乃由本公司董事
根据其过往经验以及对有关所发生剥
离活动的未来收益的最佳估计而确
定。该估计可能会受到实际地质条
件、煤炭储量及未来的生产计划变化
的影响。
3. criticaL acountinG JudGement and
KeY sources of estimation uncertaintY
(continued)
Key sources of estimation uncertainty (continued)
Useful lives of property, plant and equipment and right-of-
use asets
The directors of the Company determine the estimated useful
lives and related depreciation charges for its property, plant
and equipment and right-of-use asets. This estimate is
based on the historical experience of the actual useful lives of
property, plant and equipment and right-of-use asets of similar
nature and functions. It could change significantly as a result
of technical inovations and competitor actions in response
to severe industry cycles. The management wil increase the
depreciation charges where useful lives are les than previously
estimated lives, or it wil write of or write down technicaly
obsolete or non-strategic asets that have ben abandoned or
sold.
Write down of inventories
The directors of the Company review the ageing analysis of
inventories at the end of each reporting period, and makes
alowance for obsolete and slow-moving inventory items
identified that are no longer suitable for use in production or
sales. The directors of the Company estimate the net realisable
value for consumables and coals based primarily on the latest
invoice prices and curent market conditions. The Group caries
out an inventory review on a item-by-item basis at the end of
each reporting period and makes alowance for obsolete items.
Provision for close down, restoration and environmental
costs
The provision for close down, restoration and environmental
costs is determined by the directors of the Company based
on their past experience and best estimation of future
expenditures, after taking into acount existing relevant
regulations in Mainland China. However, in so far as the efect
on the land and the environment from curent mining activities
becomes aparent in future periods, the estimate of the
asociated costs may be subject to revision from time to time.
Recognition of striping activity asets
The recognition of striping activity asets is determined by the
directors of the Company based on their past experience and
best estimation of future benefits asociated with the striping
activities incured. The estimate may be influenced by changes
of actual geological conditions, coal reserves and future
production plan.
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
4. seGment information
Information reported to the executive directors of the
Company, being identified as the chief operating decision
makers (“CODM”), for the purposes of resource alocation
and asesment of segment performance focuses on types of
gods delivered or services rendered. No operating segments
identified by the CODM have ben agregated in ariving at the
reportable segments of the Group.
Specificaly, the Group’s reportable and operating segments are
as folows:
- : mining and sales of coal in
Mainland China;
- : service income
from renewable energy solutions in Malaysia; and
- : information technology
(“IT”) consultancy and technical services (including sales
of IT hardware products) and IT outsourcing services in
Hong Kong, Malaysia, Singapore and the United Kingdom
(the “UK”).
Segment revenue represents revenue derived from (i) coal
mining busines; (i) renewable energy busines; and (i) IT
Services busines.
4. 分部资料
就资源分配及分部表现评估而向本公
司执行董事（被认定为主要营运决策者
（「主要营运决策者」）报告之资料，主
要集中于所交付货品或所提供服务之
类型。于达致本集团之可报告分部时
概无汇集由主要营运决策者识别之经
营分部。
具体而言，本集团之可报告及经营分
类如下：
- ：于中国内地从事
煤炭开采及销售；
- ：于马来西
亚之可再生能源解决方案之服务
收入；及
- ：于香港、马
来西亚、新加坡及英国（「英国」）
之资讯科技（「资讯科技」）咨询及
技术服务（包括销售资讯科技硬
件产品）及资讯科技外包服务。
分部收益指(i)煤矿业务；(i)可再生能源
业务；及(i)资讯科技服务业务所产生
之收益。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
分部业绩乃就资源分配及分类业绩评
估向主要营运决策者报告之措施。分
部业绩指各分部赚取的溢利或招致的
亏损（并未分配指定为按公平值列账
并在损益内处理之金融负债之可换股
债券之公平值变动以及汇兑收益或亏
损）。
分部资产包括物业、厂房及设备、无
形资产、商誉、收购物业、厂房及设
备的预付款项、存货、应收货款及其
他应收款以及现金及现金等值项目。
所有资产均分配至经营分部，惟未分
配之总公司及企业资产除外，原因为
该等资产乃按小组基础管理。
分部负债包括指定为按公平值列账并
在损益内处理之金融负债之可换股债
券、应付货款及其他应付款项、租赁
负债、应付采矿权款项、应付税项、
封矿、复垦及环境成本拨备以及递延
税项负债。所有负债均分配至经营分
部，惟未分配之总公司及企业负债除
外，原因为该等负债乃按小组基础管
理。
此外，本公司董事认为本集团所在地
为香港，因香港是其中央管理及控制
所在地。
4. seGment information (continued)
Segment results, which are the measures reported to
the CODM for the purposes of resources alocation and
asesment of segment performance, represent the profit
earned or los incured by each segment without alocation
of changes on fair value of convertible bond designated as
financial liabilities at FVPL and exchange gain or los.
Segment asets include property, plant and equipment,
intangible asets, godwil, prepayments for acquisition of
property, plant and equipment, inventories, trade and other
receivables and cash and cash equivalents. Al asets are
alocated to operating segments other than unalocated head
ofice and corporate asets as these asets are managed on a
group basis.
Segment liabilities include convertible bond designated as
financial liabilities at FVPL, trade and other payables, lease
liabilities, mining right payables, tax payables, provision for close
down, restoration and environmental costs and defered tax
liabilities. Al liabilities are alocated to operating segments other
than unalocated head ofice and corporate liabilities as these
liabilities are managed on a group basis.
In adition, the directors of the Company consider that the
Group’s place of domicile is Hong Kong, where the central
management and control is located.
| Coal mining business | Renewable energy business | IT Services business | Unallocated | Total |
|---|---|---|---|---|
| 煤矿业务 | 可再生能源 业务 | 资讯科技 服务业务 | 未分配 | 总计 |
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 |
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
| 319,597 | 3,676 | 3,776 | – | 327,049 |
| 151,946 | 1,741 | (161) | – | 153,526 |
| (1,736) | – | (34) | – | (1,770) |
| 150,210 | 1,741 | (195) | – | 151,756 |
| 3,420 | 84 | 528 | 561 | 4,593 |
| (28,872) | (2,100) | (3,966) | (24,064) | (59,002) |
| (5,429) | – | – | (54) | (5,483) |
| – | – | – | 11,145 | 11,145 |
| 11 | – | (18) | 572 | 565 |
| 119,340 | (275) | (3,651) | (11,840) | 103,574 |
| (31,772) | (26) | 12 | – | (31,786) |
| 87,568 | (301) | (3,639) | (11,840) | 71,788 |
| 30,343 | 65 | – | – | 30,408 |
| 13,927 | 1,555 | – | 343 | 15,825 |
| 10,328 | 5 | – | 97 | 10,430 |
| 87,238 | – | – | – | 87,238 |
| – | – | 1,388 | – | 1,388 |
| – | – | 262 | – | 262 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
分部收益及业绩
以下为本集团可报告及经营分部的收
益及业绩分析：
4. seGment information (continued)
Segment revenue and results
The folowings are analysis of the Group’s revenue and results
by reportable and operating segments:
Year ended 31 March 2025截至二零二五年
三月三十一日止年度
Revenue from external customers and
reportable segment revenue
来自外部客户之收益及
可报告分类收益
Gros profit/(los)毛利╱（毛损）
Seling and distribution expenses销售及分销费用
Segment results分部业绩
Other revenue其他收益
Administrative and other operating
expenses
行政及其他经营费用
Finance costs融资成本
Gain on fair value change of
convertible bond designated as
financial liabilities at FVPL
指定为按公平值列账并
在损益内处理之金融
负债之可换股债券
之公平值变动收益
Exchange gain/(los), net汇兑收益╱（亏损）净额
Profit/(Los) before tax除税前溢利╱（亏损）
Income tax expenses所得税开支
Profit/(Los) for the year年内溢利╱（亏损）
Aditional segment information:其他分类资料：
Amortisation摊销
Depreciation折旧
Aditions to property, plant and
equipment
添置物业、厂房及设备
Aditions to intangible asets添置无形资产
Charge of los alowance of trade
receivables, net
应收货款亏损拨备之
支出净额
Write-down of inventories存货撇减
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
分部收益及业绩（续）
4. seGment information (continued)
Segment revenue and results (continued)
Coal
mining
busines
Renewable
energy
busines
IT
Services
businesUnalocatedTotal
煤矿业务
可再生能源
业务
资讯科技
服务业务未分配总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Year ended 31 March 2024截至二零二四年
三月三十一日止年度
Revenue from external customers and
reportable segment revenue
来自外部客户之收益及
可报告分类收益98,0603,48714,522–116,069
Gros profit毛利39,9751,6331,530–43,138
Seling and distribution expenses销售及分销费用(1,075)–(106)–(1,181)
Segment results分部业绩38,9001,6331,424–41,957
Other revenue其他收益2,361176789483,563
Administrative and other operating
expenses
行政及其他经营费用
(39,174)(1,376)(7,436)(13,602)(61,588)
Finance costs融资成本(3,632)–(130)(3,762)
Impairment los on property,
plant and equipment
物业、厂房及设备减值亏损
–(1,016)–(1,016)
Gain on fair value change of
convertible bond designated as
financial liabilities at FVPL
指定为按公平值列账并在
损益内处理之金融
负债之可换股债券
之公平值变动收益–62,79462,794
Exchange los, net汇兑亏损净额–(3,464)(3,464)
(Los)/Profit before tax除税前（亏损）╱溢利(1,545)433(6,950)46,54638,484
Income tax expenses所得税开支(741)(23)(23)–(787)
(Los)/Profit for the year年内（亏损）╱溢利(2,286)410(6,973)46,54637,697
Aditional segment information:其他分类资料：
Amortisation摊销7,75166–7,817
Depreciation折旧12,1491,5077341,00515,395
Aditions to property, plant and
equipment
添置物业、厂房及设备
27,668141,02631029,018
Aditions to intangible asets添置无形资产10,154–10,154
Charge of los alowance of trade
receivables, net
应收货款亏损拨备之
支出净额–1424–425
Suplemental environmental
related fes
补充环境相关费用
7,043–7,043
| 108,419 | 25,640 | – | 62 | 134,121 |
|---|---|---|---|---|
| 236,256 | 1,197 | – | – | 237,453 |
| – | 4,229 | – | – | 4,229 |
| 240,315 | 6,229 | 1,177 | 19,799 | 267,520 |
| 584,990 | 37,295 | 1,177 | 19,861 | 643,323 |
| – | – | – | (205,948) | (205,948) |
| (62,182) | – | – | – | (62,182) |
| (130,940) | (622) | (1,084) | (1,904) | (134,550) |
| (193,122) | (622) | (1,084) | (207,852) | (402,680) |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
分部资产及负债
以下为本集团可报告及经营分部的资
产及负债分析：
4. seGment information (continued)
Segment asets and liabilities
The folowings are analysis of the Group’s asets and liabilities
by reportable and operating segments:
Coal
mining
busines
Renewable
energy
busines
IT
Services
businesUnalocatedTotal
煤矿业务
可再生能源
业务
资讯科技
服务业务未分配总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
As at 31 March 2025于二零二五年三月三十一日
Property, plant and equipment物业、厂房及设备
Intangible asets无形资产
Godwil商誉
Other asets其他资产
Total asets总资产
Convertible bond designated
as financial liabilities at FVPL
指定为按公平值列账并在
损益内处理之金融负债之
可换股债券
Mining right payables应付采矿权款项
Other liabilities其他负债
Total liabilities总负债
As at 31 March 2024于二零二四年三月三十一日
Property, plant and equipment物业、厂房及设备112,99725,533–318138,848
Intangible asets无形资产180,8571,264–182,121
Godwil商誉–4,229–4,229
Other asets其他资产172,1787,8895,96313,764199,794
Total asets总资产466,03238,9155,96314,082524,992
Convertible bond designated
as financial liabilities at FVPL
指定为按公平值列账并在
损益内处理之金融负债之
可换股债券–(208,149)(208,149)
Mining right payables应付采矿权款项(67,100)–(67,100)
Other liabilities其他负债(72,283)(824)(2,526)(2,336)(77,969)
Total liabilities总负债(139,383)(824)(2,526)(210,485)(353,218)
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 319,597 |
| 666 |
| 3,676 |
| 3,110 |
| – |
| 327,049 |
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 345,301 |
| 62 |
| 31,066 |
| 376,429 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
地理资料
下表载列(i)本集团来自外部客户之收益
及(i)本集团物业、厂房及设备、无形
资产、商誉及收购物业、厂房及设备
之预付款项（「指定非流动资产」）地理
位置之资料。收益地理位置按客户所
在地呈列。物业、厂房及设备以及收
购物业、厂房及设备之预付款项之地
理位置按资产之实际位置呈列，而无
形资产及商誉之地理位置按相关业务
营运之位置呈列。
收益位置
来自外部客户之收益
4. seGment information (continued)
Geographical information
The folowing table sets out information about the geographical
location of (i) the Group’s revenue from external customers and
(i) the Group’s property, plant and equipment, intangible asets,
godwil and prepayment for acquisition of property, plant and
equipment (“Specified Non-curent Asets”). The geographical
location of the revenue is presented based on the location of
the customers. The geographical location of property, plant
and equipment and prepayments for acquisition of property,
plant and equipment is presented based on the physical
location of the asets and the geographical location of intangible
asets and godwil is presented based on the location of the
respective busines operations.
Location of revenue
Revenue from external customers
Year ended 31 March
截至三月三十一日止年度
二零二四年
HK$’000
千港元
Mainland China中国内地98,060
Hong Kong香港10,118
Malaysia马来西亚3,492
Singapore新加坡4,172
The UK英国227
116,069
Location of the Specified Non-curent Asets
As at 31 March
于三月三十一日
二零二四年
HK$’000
千港元
Mainland China中国内地294,081
Hong Kong香港318
Malaysia马来西亚31,026
325,425
指定非流动资产位置
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 43,521 |
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 319,597 |
| 3,676 |
| – |
| 3,307 |
| 469 |
| 3,776 |
| 327,049 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
有关主要客户之资料
占总收益10%或以上的外部客户收益
如下：
4. seGment information (continued)
Information about major customers
Revenue from external customers contributing 10% or more of
the total revenue is as folow:
二零二四年
HK$’000
千港元
Customer A from coal mining busines
segment
来自煤矿业务分部之客户A
*
- % or more of the
total revenue of the Group during the year ended 31 March 2024.
5. reVenue
二零二四年
HK$’000
千港元
Revenue from contracts with customers
within HKFRS 15
香港财务报告准则第15号
来自客户合约之收益
Coal mining busines煤矿业务
– Sales of coals－销售煤炭98,060
Renewable energy busines可再生能源业务
– Service income from renewable
energy solutions
－可再生能源解决方案之
服务收入3,487
IT Services busines资讯科技服务业务
– Sales of IT hardware products－销售资讯科技硬件产品2,597
– IT outsourcing services－资讯科技外包服务5,081
– IT consultancy and technical services－资讯科技咨询及技术服务6,844
14,522
116,069
- ，
相应收益并无占本集团总收益10%或以
上。
5. 收益
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 319,597 |
| – |
| 319,597 |
| 3,676 |
| 3,307 |
| 469 |
| 7,452 |
| 327,049 |
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 1,495 |
| 2,795 |
| 303 |
| 4,593 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
除分部披露所列示之资料外，香港财
务报告准则第15号来自客户合约之收
益按以下方式分拆：
5. reVenue (continued)
In adition to the information shown in segment disclosures,
the revenue from contracts with customers within HKFRS 15 is
disagregated as folows:
二零二四年
HK$’000
千港元
Timing of revenue recognition:收益确认时间：
– at a point in time－于某一时间点
Sales of coals销售煤炭98,060
Sales of IT hardware products销售资讯科技硬件产品2,597
100,657
– over time－随时间推移
Service income from renewable energy
solutions
可再生能源解决方案之
服务收入3,487
IT outsourcing services资讯科技外包服务5,081
IT consultancy and technical services资讯科技咨询及技术服务6,844
15,412
116,069
6. otHer reVenue
二零二四年
HK$’000
千港元
Interest income on bank deposits银行存款之利息收入2,745
Government grants (Remark)政府津贴（备注）–
Others其他818
3,563
Remark: The government grants are mainly represented the Special Fund
for Foreign Trade and Economic Development received from
the Mainland authority which aims to help enterprises explore
international markets and bost their global competitivenes.
6. 其他收益
备注： 政府补助主要指来自内地当局对外
经贸发展专项资金，旨在帮助企业
开拓国际市场，并提高其全球竞争
力。
| 2025 | |
|---|---|
| 二零二五年 | |
| HK$’000 | |
| 千港元 | |
| – | |
| 5,405 | |
| 78 | |
| 5,483 | |
| – | |
| 5,483 | |
| 36,520 | |
| 4,898 | |
| 41,418 | |
| 30,408 | |
| 1,500 | |
| 360 | |
| 1,860 | |
| 167,651 | |
| 15,825 | |
| 1,388 | |
| 1,249 | |
| (1,814) | |
| 319 | |
| – |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
7. 除税前溢利
扣除╱（计入）下列各项后呈列：
7. Profit Before taX
This is stated at after charging/(crediting):
二零二四年
HK$’000
千港元
Finance costs融资成本
Interest on interest-bearing borowings计息借贷利息37
Interest on mining right payables应付采矿权款项利息5,822
Interest on lease liabilities租赁负债利息156
Total finance costs总融资成本6,015
Les: Capitalised into construction in
progres (Note (i)
减：资本化至在建工程（附注(i)）
(2,253)
3,762
Staf costs员工成本
Staf cost (excluding directors’ remuneration)
(charged to “cost of services and gods
sold”, “seling and distribution expenses”
and “administrative and other operating
expenses”)
员工成本（不包括董事酬金）
（已于「已售服务及货品成本」、
「销售及分销费用」及
「行政及其他经营费用」中扣除）
Salaries, bonus, alowance and
other short-term employe benefits
薪金、奖金、津贴及其他短期
雇员福利30,366
Contributions to defined contribution
retirement plan
定额供款退休计划供款
3,349
33,715
Other items其他项目
Amortisation of intangible asets (charged to
“cost of services and gods sold”)
无形资产摊销（于「已售服务及
货品成本」中扣除）7,817
Auditor’s remuneration核数师酬金
– audit services－核数服务1,500
– other services－其他服务360
1,860
Cost of inventories sold出售存货成本55,080
Depreciation of property, plant and
equipment and right-of-use asets
(charged to “cost of services and gods
sold” and “administrative and other
operating expenses”)
物业、厂房及设备以及使用权资产
折旧（已于「已售服务及货品成本」
及「行政及其他经营费用」中扣除）
15,395
Charge of los alowance of
trade receivables, net
应收货款亏损拨备之支出净额
Exchange los on financial liabilities at
FVPL, net
按公平值列账并在损益内处理之
金融负债汇兑亏损净额13,878
Other exchange gain, net其他汇兑收益净额(10,414)
Expenses recognised payments under
short-term leases
短期租赁付款确认的开支
Suplemental environmental related fes
(charged to “Administrative and other
operating expenses”) (Note (i)
补充环境相关费用
（于「行政及其他经营费用」扣除）
（附注(i)）7,043
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 17,115 |
| (1,350) |
| 2,127 |
| 39 |
| – |
| 17,931 |
| 13,855 |
| 31,786 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
附注：
(i) 截至二零二五年三月三十一日止年度，
借贷成本已按每年为零%（二零二四
年：7.3%）之比率资本化。
(i) 截至二零二四年三月三十一日止年度，
中国内地新疆维吾尔自治区有关当局已
诠释有关征收环境相关费用的计量规定
的现有规则及法规。实施新计量规定要
求木垒县凯源煤炭有限责任公司（「凯源
公司」）向当地政府支付更高的环境相关
费用。
考虑到与当地政府就补充环境相关费用
进行进一步磋商对煤矿营运之潜在负面
影响，凯源公司决定不再与当地政府进
行进一步磋商，并向当地政府作出一笔
自愿结算约7,043,000港元。
8. 所得税开支
7. Profit Before taX (continued)
Notes:
(i) The borowing costs have ben capitalised at a rate of nil% (2024:
7.3%) per anum for the year ended 31 March 2025.
(i) During the year ended 31 March 2024, the relevant authorities in
Xinjiang Uygur Autonomous Region of the Mainland China have
interpreted the existing rules and regulations on the measurement
requirements for the imposition of environmental related fes. The
implementation of the new measurement requirements required 木
垒县凯源煤炭有限责任公司 (Mulei County Kai Yuan Coal Company
Limited*, “Kaiyuan Company”) to pay a higher environmental related
fes to the local government.
Taking into consideration of the potential negative impact on the
operation of coal mine from further negotiation with local government
about the suplemental environment related fes, Kaiyuan Company
decided not to further negotiate with the local government and to
make an one-of voluntary setlement of aproximately HK$7,043,000
to the local government.
* English translation for identification purposes only.
8. income taX eXPenses
二零二四年
HK$’000
千港元
Income tax expenses comprise:所得税开支包括：
The Mainland China Enterprise
Income Tax
中国内地企业所得税
– Curent year－本年度386
– Over-provision in prior year－过往年度超额拨备(1,906)
– Witholding tax－预扣税–
Malaysia corporate income tax马来西亚企业所得税38
Singapore corporate income tax
(“Singapore CIT”)
新加坡企业所得税
（「新加坡企业所得税」）23
(1,459)
Defered tax递延税项
– Origination and reversal of
temporary diferences
－暂时差额的产生
及拨回2,246
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
本公司于百慕达注册成立并获豁免缴
付当地所得税。本公司于英属处女群
岛及萨摩亚成立之附属公司获豁免缴
付各司法权区所得税。
根据中国内地企业所得税法（「企业所
得税法」）及企业所得税法之实施条
例，中国内地附属公司于两个年度之
税率为25%。
根据企业所得税法，于二零八年一
月一日后在中国内地设立的外商投资
企业向境外投资者宣派的股息须缴纳
10%的预扣税。本集团根据中国内地
与香港的税务协定，采用较低的预扣
税率5%。
于二零一八年三月，香港法例签署引
入利得税两级制，据此，于截至二零
二五年及二零二四年三月三十一日止
年度，合资格法团将就首2,000,000港
元之溢利按8.25%（「累进税率」）缴纳
税项，而超过2,000,000港元之溢利将
按16.5%缴纳税项。截至二零二五年
及二零二四年三月三十一日止年度，
不符合利得税两级制资格之本集团法
团之溢利将继续按估计应课税溢利之
统一税率16.5%缴纳税项。
马来西亚企业所得税按本集团于马来
西亚之实体于截至二零二五年及二零
二四年三月三十一日止年度在马来西
亚产生的估计应课税溢利按24%的税
率计算。截至二零二五年及二零二四
年三月三十一日止年度，实缴资本为
2,500,000马来西亚令吉（「马币」）或以
下及总营业收入不超过50,000,000马
币的马来西亚注册成立实体于估计应
课税溢利之首150,000马币按15%及其
后450,000马币按17%的税率缴税，而
余额则按标准税率24%缴税。
8. income taX eXPenses (continued)
The Company is incorporated in Bermuda and is exempted
from income tax. The Company’s subsidiaries established in the
British Virgin Islands and Samoa are exempted from income tax
of the respective jurisdictions.
Under the Law of the Mainland China on Enterprise Income Tax
(the “EIT Law”) and Implementation Regulation of the EIT Law,
the tax rate of the Mainland China subsidiaries is 25% for both
years.
Pursuant to the EIT Law, a 10% witholding tax is levied
on dividends declared to foreign investors from the foreign
investment enterprises established in the Mainland China
subsequent to 1 January 2008. The Group aplied a lower
witholding tax rate of 5% under the tax treaty betwen
Mainland China and Hong Kong.
In March 2018, the two-tiered profits tax rates regime was
signed into law of Hong Kong, under which the first HK$2
milion of profits of qualifying corporations wil be taxed at 8.25%
(the “graduated tax rate”), and profits above HK$2 milion wil be
taxed at 16.5% for the years ended 31 March 2025 and 2024.
The profits of corporations in the Group not qualifying for the
two-tiered profits tax rates regime wil continue to be taxed at
a flat rate of 16.5% of the estimated asesable profits for the
years ended 31 March 2025 and 2024.
Malaysia corporate income tax is calculated at the rate of 24%
of the estimated asesable profits of the Group’s entities in
Malaysia arising from Malaysia during the years ended 31 March
2025 and 2024. During the years ended 31 March 2025 and
2024, Malaysia incorporated entities with paid-up capital of
Malaysia Ringit (“RM”) 2.5 milion or les and gros busines
income of not more than RM50 milion enjoy tax rate of 15%
on the first RM150,000 and 17% on the next RM450,000 and
remaining balance of the estimated asesable profits at the
standard rate of 24%.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 103,574 |
| 27,326 |
| 7,763 |
| (4,244) |
| (24) |
| 278 |
| (90) |
| (1,350) |
| 2,127 |
| – |
| 31,786 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
截至二零二五年三月三十一日止年度，
新加坡企业所得税乃按本集团于新加坡
之实体在新加坡产生的估计应课税收入
按17%（二零二四年：17%）的税率计算。
截至二零二五年及二零二四年三月
三十一日止年度，新加坡注册成立的公
司首10,000新加坡元（「新加坡元」）的正
常应课税收入可享有75%的税项豁免，
而其后190,000新加坡元的正常应课税收
入可享有额外50%的税项豁免。
截至二零二五年三月三十一日止年度，
本集团于英国成立之实体须按25%的法
定税率缴纳企业所得税（二零二四年：
25%）。
本年度所得税开支与除税前溢利之对账
如下：
8. income taX eXPenses (continued)
During the year ended 31 March 2025, Singapore CIT is
calculated at the rate of 17% (2024: 17%) of the estimated
chargeable income of the Group’s entities in Singapore arising
from Singapore.
During the years ended 31 March 2025 and 2024, Singapore
incorporated companies can enjoy 75% tax exemption on
the first Singapore Dolars (“S$”) 10,000 of normal chargeable
income and a further 50% tax exemption on the next
S$190,000 of normal chargeable income.
The Group’s entity established in the UK is subject to the
corporate income tax at a statutory rate of 25% (2024: 25%) for
the year ended 31 March 2025.
The income tax expenses for the year can be reconciled to the
profit before tax as folows:
二零二四年
HK$’000
千港元
Profit before tax除税前溢利38,484
Notional tax on profit before tax,
calculated at the rates aplicable to
profit in the countries concerned
按照在相关国家获得溢利之
适用税率计算除税前
溢利之名义税项5,960
Tax efect of expenses not deductible
for tax purposes
不作扣税开支之税务影响
6,163
Tax efect of income not taxable for
tax purposes
毋须课税收入之税务影响
(10,404)
Tax efect of graduated tax rate and
tax concesion
累进税率及税收优惠之
税务影响(25)
Tax efect of tax loses not recognised未确认税项亏损之税务影响736
Utilisation of previously unrecognised
tax loses
动用过往未确认税项亏损
(89)
Over-provision for prior year过往年度超额拨备(1,906)
Witholding tax预扣税–
Others其他352
Income tax expenses for the year年内所得税开支787
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 72,586 |
| 2025 |
|---|
| 二零二五年 |
| Number of shares |
| 股份数目 |
| 765,373,584 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
9. 股息
于截至二零二五年三月三十一日止年
度内既无派付亦无建议派付股息，而
自本报告期末以来亦无建议派付任何
股息（二零二四年：无）。
- ╱（亏损）
(a) 每股基本盈利
本公司拥有人应占年内每股基本
盈利乃根据下列数据计算：
9. diVidend
No dividend was paid or proposed during the year ended 31
March 2025, nor has any dividend ben proposed since the end
of the curent reporting period (2024: Nil).
- /(Los) Per sHare
(a) Basic earnings per share
The calculation of the basic earnings per share
atributable to the owners of the Company for the year is
based on the folowing data:
二零二四年
HK$’000
千港元
Profit溢利
Profit for the purpose of
basic earnings per share
(Profit for the year atributable to
owners of the Company)
用以计算每股基本
盈利之溢利（本公司
拥有人应占年内溢利）
39,095
二零二四年
Number of
shares
股份数目
Weighted average number of
ordinary shares
普通股加权平均数
Weighted average number of ordinary
shares for the purpose of basic
earnings per share
用以计算每股基本盈利之
普通股加权平均数
765,373,584
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 72,586 |
| (11,145) |
| 1,249 |
| 62,690 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- ╱（亏损）（续）
(b) 每股摊薄盈利╱（亏损）
本公司拥有人应占年内每股摊薄
盈利╱（亏损）乃根据下列数据计
算：
(i) 本公司拥有人应占年内
溢利╱（亏损）
- /(Los) Per sHare (continued)
(b) Diluted earnings/(los) per share
The calculation of the diluted earnings/(los) per share
atributable to the owners of the Company for the year is
based on the folowing data:
(i) Profit/(Los) for the year atributable to owners
of the Company
二零二四年
HK$’000
千港元
Profit for the year atributable to
owners of the Company
本公司拥有人应占
年内溢利39,095
Gain on fair value change of
convertible bond designated as
financial liabilities at FVPL
指定为按公平值列账并
在损益内处理之金融
负债之可换股债券之
公平值变动收益(62,794)
Exchange los on convertible
bond designated as financial
liabilities at FVPL
指定为按公平值列账并
在损益内处理之金融
负债之可换股债券之
汇兑亏损13,878
(9,821)
| 2025 |
|---|
| 二零二五年 |
| Number of shares |
| 股份数目 |
| 765,373,584 |
| 1,000,000,000 |
| 1,765,373,584 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- /(Los) Per sHare (continued)
(b) Diluted earnings/(los) per share (Continued)
(i) Weighted average number of ordinary shares
二零二四年
Number of
shares
股份数目
Weighted average number of
ordinary shares for the purpose
of basic earnings per share
用以计算每股基本
盈利之普通股加权
平均数765,373,584
Efect of conversion of convertible
bond
转换可换股债券之影响
1,000,000,000
Weighted average number of
ordinary shares for the purpose
of diluted earnings/(los) per share
用以计算每股摊薄
盈利╱（亏损）之
普通股加权平均数1,765,373,584
- ╱（亏损）（续）
(b) 每股摊薄盈利╱（亏损）（续）
(i) 普通股加权平均数
| Other emoluments | ||||
|---|---|---|---|---|
| 其他酬金 | ||||
| Fees | Salaries, allowance and other short-term employee benefits | Bonus | Retirement benefits scheme contributions | Total |
| 袍金 | 薪金、津贴及 其他短期 雇员福利 | 奖金 | 退休福利 计划供款 | 总额 |
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 |
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
| – | 1,712 | 4,050 | 18 | 5,780 |
| – | 1,396 | 3,550 | 18 | 4,964 |
| – | 816 | 400 | 18 | 1,234 |
| – | 318 | – | – | 318 |
| 336 | – | 28 | – | 364 |
| 336 | – | 28 | – | 364 |
| 336 | – | 28 | – | 364 |
| 1,008 | 4,242 | 8,084 | 54 | 13,388 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
11. 有关董事及五名最高薪人士福
利之资料
(a) 董事薪酬
本公司董事已收及应收之薪酬总
额如下：
11. information aBout tHe Benefits of
directors and fiVe HiGHest Paid
indiViduaLs
(a) Directors’ emoluments
The agregate amounts of remuneration received and
receivable by the directors of the Company are as folows:
For the year ended
31 March 2025
截至二零二五年
三月三十一日止年度
Executive directors:执行董事：
Kwan Man Fai关文辉
Wong Sze Wai王四维
Li Chun Fung李震锋
Tong Yuk Ying Angel (Note (i)汤玉英（附注(i)）
Independent non-executive
directors:
独立非执行董事：
Wong Man Hin, Raymond黄文显
Chan Yiu Fai, Youdey陈耀辉
Pak Wai Keung, Martin白伟强
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
11. 有关董事及五名最高薪人士福
利之资料（续）
(a) 董事薪酬（续）
11. information aBout tHe Benefits of
directors and fiVe HiGHest Paid
indiViduaLs (continued)
(a) Directors’ emoluments (continued)
Other emoluments
其他酬金
Fes
Salaries,
alowance
and other
short-term
employe
benefitsBonus
Retirement
benefits
scheme
contributionsTotal
袍金
薪金、津贴及
其他短期
雇员福利奖金
退休福利
计划供款总额
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
For the year ended
31 March 2024
截至二零二四年
三月三十一日止年度
Executive directors:执行董事：
Kwan Man Fai关文辉–1,711–181,729
Wong Sze Wai王四维–1,396–181,414
Li Chun Fung李震锋–816–18834
Independent non-executive
directors:
独立非执行董事：
Wong Man Hin, Raymond黄文显336–336
Chan Yiu Fai, Youdey陈耀辉336–336
Pak Wai Keung, Martin白伟强336–336
1,0083,923–544,985
Note:
(i) Tong Yuk Ying Angel was apointed as an executive director
with efective from 1 October 2024.
附注：
(i) 汤玉英获委任为执行董事，自
二零二四年十月一日起生效。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 3,064 |
| 18 |
| 3,082 |
| 2025 |
|---|
| 二零二五年 |
| – |
| 1 |
| 1 |
| 2 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
11. 有关董事及五名最高薪人士福
利之资料（续）
(b) 五名最高薪人士
于本集团五名最高薪人士中，三
名（二零二四年：三名）为本公司
董事，其酬金载于上文。余下两
名（二零二四年：两名）最高薪人
士之酬金如下：
11. information aBout tHe Benefits of
directors and fiVe HiGHest Paid
indiViduaLs (continued)
(b) Five highest paid individuals
Of the five individuals with the highest emoluments in the
Group, thre (2024: thre) were directors of the Company
whose emoluments are set out above. The emoluments
of the remaining two (2024: two) highest paid individuals
were as folows:
二零二四年
HK$’000
千港元
Salaries, bonus, alowances and other
short-term employe benefits
薪金、奖金、津贴及其他
短期雇员福利2,031
Contributions to defined contribution
retirement plan
定额供款退休计划供款
2,067
The emoluments of the two (2024: two) highest paid non-
directors fal in the folowing bands:
Number of individuals
人数
二零二四年
Nil – HK$1,000,000零至1,000,000港元1
HK$1,000,001 – HK$1,500,0001,000,001港元至
1,500,000港元1
HK$1,500,001 – HK$2,000,0001,500,001港元至
2,000,000港元–
两名（二零二四年：两名）最高薪
非董事之酬金介乎下列酬金范围：
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
11. 有关董事及五名最高薪人士福
利之资料（续）
(b) 五名最高薪人士（续）
于截至二零二五年及二零二四年
三月三十一日止两个年度，本
集团并无向本公司董事或五名最
高薪人士支付或应付酬金，以作
为彼等加盟本集团或于加盟本集
团时之奖励，或作为彼等之离职
赔偿。于截至二零二五年及二零
二四年三月三十一日止两个年
度，概无任何有关董事或五名最
高薪人士放弃或同意放弃任何薪
酬之安排。
(c) 以董事为受益人之贷款、准
贷款及其他交易
截至二零二五年及二零二四年三
月三十一日止两个年度，概无订
立或存续以本公司董事为受益人
之贷款、准贷款或其他交易。
(d) 董事于交易、安排或合约中
之重大权益
本公司董事经考虑后认为，于截
至二零二五年三月三十一日止
年度末或截至二零二五年及二零
二四年三月三十一日止两个年度
内任何时间，概无存续本公司就
本公司业务所订立，而本公司董
事或本公司董事之关连实体直接
或间接于其中拥有重大权益之重
大交易、安排及合约。
11. information aBout tHe Benefits of
directors and fiVe HiGHest Paid
indiViduaLs (continued)
(b) Five highest paid individuals (continued)
No emoluments were paid or payable by the Group to
the directors of the Company or the five highest paid
individuals as an inducement to join or upon joining
the Group, or as compensation for los of ofice during
the years ended 31 March 2025 and 2024. There
was no arangement under which a director or the five
highest paid individuals waived or agred to waive any
remuneration for the years ended 31 March 2025 and
2024.
(c) Loans, quasi-loans and other dealings in favour
of directors
There are no loans, quasi-loans or other dealings in favour
of the directors of the Company that were entered into
or subsisted during the years ended 31 March 2025 and
2024.
(d) Directors’ material interests in transactions,
arangements or contracts
After consideration, the directors of the Company are
of the opinion that no transactions, arangements and
contracts of significance in relation to the Company’s
busines to which the Company was a party and in
which a director of the Company, or conected entity
of the directors of the Company, had a material interest,
whether directly or indirectly, subsisted at the end of the
year ended 31 March 2025 or at any time during the years
ended 31 March 2025 and 2024.
| 6,519 | 79,145 | 295 | 114,823 | 10,951 | 3,060 | 214,793 |
|---|---|---|---|---|---|---|
| (5) | (699) | – | 1,807 | (39) | (18) | 1,046 |
| 1,688 | – | 24 | 4,766 | 1,530 | 2,422 | 10,430 |
| (2,537) | – | – | – | – | – | (2,537) |
| – | 4,390 | – | 443 | 518 | (5,351) | – |
| – | (2,389) | – | (11,541) | (11) | – | (13,941) |
| 5,665 | 80,447 | 319 | 110,298 | 12,949 | 113 | 209,791 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- 、厂房及设备12. ProPertY, PLant and equiPment
Right-of-
use asets
Leasehold
land and
buildings
Leasehold
improvements
Plant and
machinery
Furniture,
equipment
and motor
vehicles
Construction-
in-progresTotal
使用权资产
租赁土地及
楼宇租赁装修
厂房及
机器
家私、设备及
汽车在建工程总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元
(Note 24)
（附注24）
Cost成本
As at 1 April 2023于二零二三年四月一日5,60249,372330103,33710,53126,819195,991
Exchange realignment汇兑调整(113)(2,660)(35)(5,638)(358)(1,114)(9,918)
Aditions添置1,328–2,29763824,75529,018
Writen of upon expiration
of leases
于租赁届满后撇销
(298)–(298)
Transfers into/(out)转入╱（出）–32,433–14,827140(47,400)–
As at 31 March 2024于二零二四年三月三十一日6,51979,145295114,82310,9513,060214,793
As at 1 April 2024于二零二四年四月一日
Exchange realignment汇兑调整
Aditions添置
Writen of upon expiration
of leases
于租赁届满后撇销
Transfers into/(out)转入╱（出）
Disposals出售
As at 31 March 2025于二零二五年三月三十一日
| 5,879 | 14,410 | 247 | 46,793 | 8,616 | – | 75,945 |
|---|---|---|---|---|---|---|
| (9) | (105) | – | 533 | (41) | – | 378 |
| (2,537) | – | – | – | – | – | (2,537) |
| 782 | 4,541 | 72 | 8,408 | 2,022 | – | 15,825 |
| – | (2,389) | – | (11,541) | (11) | – | (13,941) |
| 4,115 | 16,457 | 319 | 44,193 | 10,586 | – | 75,670 |
| 1,550 | 63,990 | – | 66,105 | 2,363 | 113 | 134,121 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- 、厂房及设备（续）12. ProPertY, PLant and equiPment
(continued)
Right-of-
use asets
Leasehold
land and
buildings
Leasehold
improvements
Plant and
machinery
Furniture,
equipment
and motor
vehicles
Construction-
in-progresTotal
使用权资产
租赁土地及
楼宇租赁装修
厂房及
机器
家私、设备及
汽车在建工程总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元
(Note 24)
（附注24）
Acumulated depreciation
and impairment loses
累计折旧及减值亏损
As at 1 April 2023于二零二三年四月一日3,50412,01622439,5147,584–62,842
Exchange realignment汇兑调整(67)(607)(36)(2,061)(239)–(3,010)
Writen of upon expiration
of leases
于租赁届满后撇销
(298)–(298)
Impairment los减值亏损705–311–1,016
Charge for the year年内支出2,0353,001599,340960–15,395
As at 31 March 2024于二零二四年三月三十一日5,87914,41024746,7938,616–75,945
As at 1 April 2024于二零二四年四月一日
Exchange realignment汇兑调整
Writen of upon expiration
of leases
于租赁届满后撇销
Charge for the year年内支出
Writen back upon disposal出售时拨回
As at 31 March 2025于二零二五年三月三十一日
Net carying amount账面净值
As at 31 March 2025于二零二五年三月三十一日
As at 31 March 2024于二零二四年三月三十一日64064,7354868,0302,3353,060138,848
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- 、厂房及设备（续）
除在建工程外，上述物业、厂房及设
备以直线法按下列可使用年期或年率
计提折旧：
使用权资产按介乎2年至3年之
可使用年期或租赁未
到期年期之间较短者
租赁土地及
楼宇
按租赁年期或30年之
间较短者
租赁装修20%
厂房及机器4%至25%
家私、设备及
汽车
10%至25%
本集团之租赁土地根据原租赁有关年
期为48年。租赁土地及楼宇均位于中
国内地。
截至二零二四年三月三十一日止年
度，资讯科技服务现金产生单位（定
义见综合财务报表附注14）于近年持
续录得亏损，本公司董事认为其存在
减值迹象。本公司董事就资讯科技服
务现金产生单位之物业、厂房及设备
（包括使用权资产）进行减值评估，其
载于综合财务报表附注14。因此，约
1,016,000港元之减值亏损于截至二零
二四年三月三十一日止年度之损益中
确认。
截至二零二五年三月三十一日止年
度，资讯科技服务现金产生单位蒙受
进一步亏损。本公司董事认为减值迹
象仍然存在，而资讯科技服务现金产
生单位之可收回金额甚低。因此，于
截至二零二五年三月三十一日止年
度，并无考虑拨回资讯科技服务现金
产生单位之物业、厂房及设备之减值
亏损。
除上文所述者外，截至二零二五年及
二零二四年三月三十一日止年度，概
无就其他物业、厂房及设备确认减值
亏损。
12. ProPertY, PLant and equiPment
(continued)
The above property, plant and equipment, except for
construction-in-progres, are depreciated on a straight-line
basis at the folowing useful lives or rates per anum:
Right-of-use asetsShorter of useful lives ranging
from 2 years to 3 years or
over unexpired term of lease
Leasehold land and buildingsOver the shorter of the term of
leases or 30 years
Leasehold improvements20%
Plant and machinery4% to 25%
Furniture, equipment and
motor vehicles
10% to 25%
The Group’s leasehold land is under original lease term of 48
years. The leasehold land and buildings were situated in the
Mainland China.
During the year ended 31 March 2024, the IT Services CGU
(as defined in Note 14 to the consolidated financial statements)
was sufering a continuous los in recent years, in which
the directors of the Company considered an impairment
indicator existed. The directors of the Company conducted an
impairment asesment of the property, plant and equipment
(including the right-of-use asets) of IT Services CGU which is
set out in Note 14 to the consolidated financial statements. As
a result, impairment los of aproximately HK$1,016,000 was
considered in profit or los during the year ended 31 March
2024.
During the year ended 31 March 2025, the IT Services CGU
was sufering a further los. The directors of the Company
considered the impairment indicator was stil existed and the
recoverable amount of the IT Services CGU is minimal. As a
result, no reversal of impairment los of property, plant and
equipment of IT Services CGU was considered during the year
ended 31 March 2025.
Other than above mentioned, no impairment los on other
property, plant and equipment was recognised during the years
ended 31 March 2025 and 2024.
| 203,783 | 93,521 | 1,618 | 298,922 |
|---|---|---|---|
| (1,231) | (1,185) | – | (2,416) |
| – | 87,238 | – | 87,238 |
| 202,552 | 179,574 | 1,618 | 383,744 |
| 105,232 | 11,213 | 356 | 116,801 |
|---|---|---|---|
| (694) | (224) | – | (918) |
| 8,303 | 22,040 | 65 | 30,408 |
| 112,841 | 33,029 | 421 | 146,291 |
| 89,711 | 146,545 | 1,197 | 237,453 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
13. 无形资产13. intanGiBLe asets
Mining
right
Striping
activity
asets
Renewable
energy
service
contractTotal
采矿权
剥离活动
资产
可再生能源
服务合约总额
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
(Notes i)(Note i)(Note i)
（附注i）（附注i）（附注i）
Cost成本
As at 1 April 2023于二零二三年四月一日214,16887,7041,618303,490
Exchange realignment汇兑调整(10,385)(4,337)–(14,722)
Aditions添置–10,154–10,154
As at 31 March 2024于二零二四年三月三十一日203,78393,5211,618298,922
As at 1 April 2024于二零二四年四月一日
Exchange realignment汇兑调整
Aditions添置
As at 31 March 2025于二零二五年三月三十一日
Acumulated amortisation
and impairment loses
累计摊销及减值亏损
As at 1 April 2023于二零二三年四月一日104,7589,543290114,591
Exchange realignment汇兑调整(5,126)(481)–(5,607)
Charge for the year年内支出5,6002,151667,817
As at 31 March 2024于二零二四年三月三十一日105,23211,213356116,801
As at 1 April 2024于二零二四年四月一日
Exchange realignment汇兑调整
Charge for the year年内支出
As at 31 March 2025于二零二五年三月三十一日
Net carying amount账面净值
As at 31 March 2025于二零二五年三月三十一日
As at 31 March 2024于二零二四年三月三十一日98,55182,3081,262182,121
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
附注：
(i) 采矿权及剥离活动资产
于各报告期间结束或出现减值迹象时，
本公司董事对采矿权及剥离活动资产进
行减值检讨。因此，于二零二五年及二
零二四年三月三十一日，本公司已委聘
独立专业估值师中诚达行（香港）有限公
司（「中诚达行」）评估与本集团煤矿业务
之煤矿相关非流动资产（包括各矿场之
物业、厂房及设备、采矿权及剥离活动
资产以及收购物业、厂房及设备预付款
项）（「煤矿资产」）现金产生单位之使用
价值，以作减值测试。
截至二零二五年及二零二四年三月
三十一日止两个年度，经参照中诚达行
使用已贴现金流量方法作出之估值，
本公司董事预期煤矿资产之使用价值高
于其账面值约198,881,000港元（二零
二四年：约76,265,000港元），因而断
定截至二零二五年及二零二四年三月
三十一日止年度并无确认任何减值亏
损。
本公司董事亦已考虑下列因素，并认为
毋须就截至二零二五年及二零二四年三
月三十一日止年度作出减值亏损拨回：
(a) 过往年度确认的减值亏损乃有
关优化升级方案于截至二零二
零年三月三十一日止年度完成
前凯源煤矿（定义见下文附注(i)）
的煤矿资产。
13. intanGiBLe asets (continued)
Note:
(i) Mining right and striping activity asets
The directors of the Company conducted impairment review of the
mining right and striping activity asets at the end of each reporting
period or when impairment indicator exists. In such conection,
the Company engaged ValQuest Advisory (Hong Kong) Limited
(“ValQuest”), an independent profesional valuer, to ases the
VIU of CGU of the coal mines related non-curent asets, including
property, plant and equipment, mining right, striping activity asets
and prepayments for acquisition of property, plant and equipment of
the individual mine site, of the coal mining busines of the Group (the
“Coal Mining Asets”) for the purpose of impairment testing as at 31
March 2025 and 2024.
During the years ended 31 March 2025 and 2024, with reference
to valuations conducted by ValQuest using discounted cash
flow method, the directors of the Company expected that
the VIU of the Coal Mining Asets is higher than its carying
amount by aproximately HK$198,881,000 (2024: aproximately
HK$76,265,000) and thus concluded that no impairment los was
recognised during the years ended 31 March 2025 and 2024.
The directors of the Company had also considered the folowing
factors and concluded that no reversal of impairment los was
required for the years ended 31 March 2025 and 2024:
(a) the impairment los recognised in previous years was related
to the Coal Mining Asets of Kaiyuan Mine (as defined in Note
(i) below) before the completion of optimization and upgrading
plan during the year ended 31 March 2020.
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
13. intanGiBLe asets (continued)
Note: (continued)
(i) Mining right and striping activity asets (continued)
(b) the asesment of the VIU of Coal Mining Asets as at 31
March 2025 and 2024 was mainly represented by the VIU of
Coal Mining Asets of Enlarged Kaiyuan Mine (as defined in
Note (i) below); and
(c) there is no comparability for the VIU of Coal Mining Asets
as at 31 March 2025 and 2024 with the impairment los
recognised in previous years.
In light of the curent mining right which is expiring in August 2049
as disclosed below, the directors of the Company are of the opinion
that, based on past experience and curent laws and regulations
in the Mainland China, the Group is eligible to further renew the
mining right without incuring significant incremental cost, given the
Group continues to comply with the requirements as required by the
relevant local authorities in the Mainland China. In this conection,
when asesing the VIU of the Coal Mining Asets, the directors of
the Company adopted a cash flow forecast which covers beyond the
expiry date, representing the remaining periods of the mine until the
expected coal reserves of the mine is fuly utilised.
Having considered the sensitivity analysis about the posible
outcomes for any mining activities after August 2049 and the
likelihod of sucesful renewal of the mining right with reference to a
legal opinion isued by the lawyer in the Mainland China, the directors
of the Company considered the risk exposed to the renewal of mining
right after August 2049 may not have significant impact on the VIU of
the Coal Mining Asets.
- （续）
附注：（续）
(i) 采矿权及剥离活动资产（续）
(b) 于二零二五年及二零二四年三
月三十一日对煤矿资产使用价
值的评估主要为经扩大凯源煤
矿（定义见下文附注(i)）煤矿资产
的使用价值；及
(c) 于二零二五年及二零二四年三
月三十一日的煤矿资产使用价
值与过往年度确认的减值亏损
并无可比性。
有关下文披露将于二零四九年八月届满
之现时采矿权，本公司董事认为，根据
过往经验及中国内地现时的法例及规
例，由于本集团一直符合相关中国内地
地方机关要求的规定，故合资格可不在
招致额外大额累计成本下进一步重续采
矿权。因此，评估煤矿资产之使用价值
时，本公司董事采用了一个涵盖届满日
期后（直至完全动用预计的矿场煤炭储
量止剩余的时间）的现金流量预测方式。
考虑有关二零四九年八月后任何采矿活
动的潜在成果之敏感度分析以及参照中
国内地律师发表的法律意见所得成功重
续采矿权的可能性后，本公司董事认
为，重续二零四九年八月后采矿权涉及
的风险未必对煤矿资产之使用价值构成
重大影响。
| As at 31 March 2025 |
|---|
| 于二零二五年 三月三十一日 |
| 0.22% |
| 21.19%-31.68% |
| 2.00% |
| 13.06% |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
13. intanGiBLe asets (continued)
Note: (continued)
(i) Mining right and striping activity asets (continued)
In asesing the VIU of the CGUs, the future cash flows of the coal
mining busines are discounted to the related present values using
a pre-tax discount rate that reflects curent asesment of the time
value of money and the risks specific to such busines. Parameters
used in the projected cash flows included but were not limited to
seling prices and sales volumes of coal, production cost and other
expenses, capital expenditure, production plan and discount rate,
respectively, which reflected the curent conditions of the market
and the Group and estimated trend in the future. In particular, the
Group may revise the anual production plan and the expected sales
volumes of coal adopted in the cash flows projection with reference to
the latest government policies anounced from time to time.
When evaluating the apropriate discount rate for each of the CGUs,
the Capital Aset Pricing Model (“CAPM”) had ben used. Under
CAPM, the apropriate expected rate of return was the sum of the
risk-fre return and the equity risk premium required by investors to
compensate for the market risk asumed. In adition, the expected
rate of return of the CGUs was expected to be afected by other firm
specific risk factors that are independent of the general market. The
cost of equity was determined by the risk-fre rate, market return and
estimated beta of the CGUs and firm specific risk factors. Therefore,
the Group may update the inputs of discount rate and other valuation
parameters with reference to the latest market information and
the firm’s specific risk factors based on the most recent available
evidences from the relevant apropriate sources, e.g. the competent
person’s report on mine reserve.
Key asumptions used for cash flow projections to undertake
impairment asesment of the Coal Mining Asets are as folows:
As at
31 March
于二零二四年
三月三十一日
Average growth in revenue收益平均增长3.90%
Budgeted gros profit margin year-on-year
during the projection period
于推算期之按年
目标毛利率32.54%-39.78%
Long-term growth rate长期增长率3.00%
Discount rate (pre-tax)贴现率（税前）12.84%
- （续）
附注：（续）
(i) 采矿权及剥离活动资产（续）
于评估现金产生单位之使用价值时，煤
矿业务之未来现金流量采用可反映当前
所评估之货币时间值及相关业务特定风
险之除税前贴现率贴现至相关现值。预
测现金流量所使用之参数分别包括但不
限于反映市场及本集团现状以及未来估
计走势之煤炭售价及销量、生产成本及
其他开支、资本开支、生产计划及贴现
率。尤其是，本集团或会按照不时公布
的最新政府政策，修订全年生产计划及
现金流量预测中采纳的预期煤炭销量。
于评估各现金产生单位之适用贴现率
时，已采用资本资产定价模式（「资本
资产定价模式」）。根据资本资产定价模
式，合适之预期回报率为无风险回报与
投资者为弥补所承担市场风险而须取得
之权益风险溢价两者之总和。此外，预
期现金产生单位之预期回报率将受到整
体市场以外之其他企业特定风险因素所
影响。权益成本乃按无风险利率、市场
回报及现金产生单位之估计贝塔系数以
及企业特定风险因素厘定。因此，本集
团可参照最新市场资讯以及根据从有关
合适来源（如矿产储量的合资格人士报
告）可得最近期证明得出该公司的特定
风险因素，更新贴现率输入数据及其他
估值参数。
评估煤矿资产的减值时使用的现金流量
预测所作的主要假设如下：
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
附注：（续）
(i) 采矿权及剥离活动资产（续）
有关本集团于报告期末之采矿权详情如
下：
13. intanGiBLe asets (continued)
Note: (continued)
(i) Mining right and striping activity asets (continued)
Details of the Group’s mining right at the end of the reporting period
are as folows:
Mining rightLocationExpiry date
采矿权地点届满日期
Kaiyuan Open Pit Coal Mine
(the “Kaiyuan Mine”) and
the Kaiyuan Mine after
optimization and upgrading plan
(“Enlarged Kaiyuan Mine”)
Inside Zhundong Meitian Xiheishan Coal Mining
Area in Xinjiang
Mining right expired
in August 2049
with existing
mining permit until
11 October 2031
(renewable)
凯源露天煤矿（「凯源煤矿」）及
优化升级方案后的凯源煤矿
（「经扩大凯源煤矿」）
新疆准东煤田西黑山煤炭矿区内采矿权于二零四九年八月
届满，而现有采矿许可
证有效期至二零三一年
十月十一日为止
（可重续）
The details of the optimization and upgrading plan, were set out in
Note 13(i) in the 2024 consolidated financial statements.
(i) Renewable energy service contract
The renewable energy service contract relates to the Renewable
Energy CGU (as defined in Note 14 to the consolidated financial
statements) and represented a legaly binding service agrement
entered into betwen NEFIN Technologies (Malaysia) Sdn. Bhd.
(“NEFIN Technologies”), a wholy-owned subsidiary of NEFIN Leasing
Technologies Limited (“NEFIN Leasing”) (together refered to as
“NEFIN Group”), and its customer, which was acquired as part of the
Group’s acquisition of NEFIN Group during the year ended 31 March
2019 and was initialy recognised at its fair value at acquisition date
with reference to a profesional valuation conducted by ValQuest
using discounted cash flow method. The remaining useful life of
the renewable energy service contract as at acquisition date is
determined by the Group to be 25 years.
The renewable energy service contract is tested for impairment at
least anualy and has ben included in the Renewable Energy CGU
for impairment asesment of godwil as set out in Note 14 to the
consolidated financial statements.
As at 31 March 2025 and 2024, the directors of the Company
estimated that the recoverable amount of renewable energy service
contract exced its carying amount and thus concluded that no
impairment los was recognised during the years ended 31 March
2025 and 2024.
优化升级方案详情截于二零二四年综合
财务报表附注13(i)。
(i) 可再生能源服务合约
新能源租赁科技有限公司（「新能
源租赁」）的全资附属公司NEFIN
Technologies (Malaysia) Sdn. Bhd.
（「NEFIN Technologies」）（统称「新能源
集团」）与其客户订立涉及可再生能源现
金产生单位（定义见综合财务报表附注
14）的可再生能源服务合约（构成具有
法律约束能力的服务协议），合约于截
至二零一九年三月三十一日止年度获收
购为本集团收购新能源集团的一部分，
并初步使用贴现金流量法参照中诚达
行进行的专业估值按其收购日期的公平
值确认。本集团厘定于收购日期，可再
生能源服务合约的剩余可用年期为25
年。
诚如综合财务报表附注14所载，可再
生能源服务合约每年至少须进行减值测
试，并已计入可再生能源现金产生单位
进行商誉减值评估。
于二零二五年及二零二四年三月三十一
日，本公司董事估计可再生能源服务合
约可回收金额超出其账面值，故断定截
至二零二五年及二零二四年三月三十一
日止年度并无确认减值亏损。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
14. GodWiL
Coal Mining
CGU
Renewable
Energy CGU
IT Services
CGUTotal
煤矿现金
产生单位
可再生能源
现金产生单位
资讯科技服务
现金产生单位总额
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
(Note (a)(Note (b)(Note (c)
（附注(a)）（附注(b)）（附注(c)）
Cost成本
As at 1 April 2023, 31 March 2024,
1 April 2024 and 31 March 2025
于二零二三年四月一日、
二零二四年三月三十一日、
二零二四年四月一日及
二零二五年三月三十一日37,4694,22924,14865,846
Acumulated impairment loses累计减值亏损
As at 1 April 2023, 31 March 2024,
1 April 2024 and 31 March 2025
于二零二三年四月一日、
二零二四年三月三十一日、
二零二四年四月一日及
二零二五年三月三十一日37,469–24,14861,617
Net carying amount账面净值
As at 31 March 2025于二零二五年三月三十一日–4,229–4,229
As at 31 March 2024于二零二四年三月三十一日–4,229–4,229
14(a) Coal Mining CGU
The godwil arising on acquisition of 奇台县泽旭商贸
有限责任公司 (Qitai County Zexu Trading Company
Limited*, “Zexu Company”) and Kaiyuan Company was
fuly impaired during the year ended 31 March 2011.
* English translation for identification purpose only.
14. 商誉
14(a) 煤矿现金产生单位
截至二零一年三月三十一日止
年度，收购奇台县泽旭商贸有限
责任公司（「泽旭公司」）及凯源公
司产生的商誉已作出悉数减值。
| As at 31 March 2025 |
|---|
| 于二零二五年 三月三十一日 |
| 1.45%-1.97% |
| 44.19%-48.42% |
| 2.00% |
| 6.30% |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
14(b) 可再生能源现金产生单位
于二零一八年十月八日，收购新
能源租赁及其附属公司90%股权
连同从事提供可再生能源解决方
案及太阳能发电站开发业务的现
金产生单位（「可再生能源现金产
生单位」）产生商誉。
于二零二五年及二零二四年三月
三十一日，本公司董事参照使用
现金流量预测计算的使用价值评
估可再生能源现金产生单位的可
收回金额，而现金流量预测根据
财务预算及五年期预测及中诚达
行作出之超过五年后之推断现金
流量计算。
为分配至可再生能源现金产生单
位的商誉进行减值测试而作出
现金流量预测所用之主要假设如
下：
14. GodWiL (continued)
14(b) Renewable Energy CGU
The godwil arising from the acquisition of 90% equity
interests in NEFIN Leasing and its subsidiary on 8 October
2018 with CGU engaged in renewable energy solutions
and solar farm development (the “Renewable Energy
CGU”).
As at 31 March 2025 and 2024, the directors of
the Company asesed the recoverable amount of
the Renewable Energy CGU with reference to VIU
calculations using cash flow projections based on financial
budgets and forecasts covering a five-year period
and extrapolation of cash flows beyond such period
conducted by ValQuest.
Key asumptions used for cash flow projections to
undertake impairment testing of the godwil alocated to
Renewable Energy CGU are as folows:
As at
31 March
于二零二四年
三月三十一日
Growth in revenue year-on-year
during the five-year period
五年期间之按年收益增长
1.45%-1.96%
Budgeted gros profit margin
year-on-year during the five-year
period
于五年期间之按年
目标毛利率
45.49%-49.87%
Perpetual growth rate永续增长率2.00%
Discount rate (pre-tax)贴现率（税前）6.40%
The directors of the Company determined the growth
rates based on past performance and the expectation
of market development. The discount rate used is pre-
tax and reflects specific risks relating to the Renewable
Energy CGU.
本公司董事按过往表现及市场发
展预期厘定增长率。所用贴现率
为税前，并反映涉及可再生能源
现金产生单位的具体风险。
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
14. GodWiL (continued)
14(b) Renewable Energy CGU (continued)
As at 31 March 2025, the recoverable amount of the
Renewable Energy CGU is higher than its carying amount
by aproximately HK$10,752,000 (2024: aproximately
HK$4,325,000). Acordingly, there was no impairment on
the godwil during the years ended 31 March 2025 and
2024.
The directors of the Company are of the opinion that
they are not aware of any material change in the key
asumptions in determining the recoverable amount of the
CGU as at 31 March 2025 and 2024.
14(c) IT Services CGU
The godwil arising from the acquisition of 80.86% equity
interests in Harbour Group Holdings Limited (“Harbour
Group Holdings”) and its subsidiaries (together refered to
as “Harbour Group”) on 23 April 2019 with CGU engaged
in IT Services (the “IT Services CGU”). The godwil was
fuly impaired during the year ended 31 March 2022.
For the year ended 31 March 2024, the IT Services CGU
was sufering a continuous los due to ken competition
in IT Services sector, the management identified the
existence of an impairment indication and conducted an
impairment asesment on the carying amount of the
non-curent asets of IT Services CGU as at 31 March
2024.
As at 31 March 2024, the directors of the Company
asesed the recoverable amount of the IT Services
CGU with reference to VIU calculations using cash flow
projections based on financial budgets and forecasts
covering a five-year period and extrapolation of cash flows
beyond such period conducted by ValQuest.
- （续）
14(b) 可再生能源现金产生单位
（续）
于二零二五年三月三十一日，可
再生能源现金产生单位的可收回
金额高于其账面值约10,752,000
港元（二零二四年：约4,325,000
港元）。因此，截至二零二五年
及二零二四年三月三十一日止年
度并无商誉减值。
本公司董事认为，彼等于二零
二五年及二零二四年三月三十一
日未有发现任何用于厘定现金产
生单位可收回金额之主要假设出
现任何重大变动。
14(c) 资讯科技服务现金产生单位
于二零一九年四月二十三日，收
购港海控股有限公司（「港海控
股」）及其附属公司（统称「港海
集团」）80.86%股权连同从事资
讯科技服务的现金产生单位（「资
讯科技服务现金产生单位」）产生
商誉。商誉已于截至二零二年
三月三十一日止年度悉数减值。
由于资讯科技服务分部竞争激
烈，资讯科技服务现金产生单位
于截至二零二四年三月三十一日
止年度持续录得亏损，而管理层
识别存在减值迹象，并已就资讯
科技服务现金产生单位之非流动
资产于二零二四年三月三十一日
之账面值进行减值评估。
于二零二四年三月三十一日，本
公司董事参照使用现金流量预测
计算的使用价值评估资讯科技服
务现金产生单位的可收回金额，
而现金流量预测根据财务预算及
五年期预测及中诚达行作出之超
过五年后之推断现金流量计算。
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
14(c) 资讯科技服务现金产生单位
（续）
为分配至资讯科技服务现金产生
单位的非流动资产进行减值测试
而作出现金流量预测所用之主要
假设如下：
14. GodWiL (continued)
14(c) IT Services CGU (continued)
Key asumptions used for cash flow projections to
undertake impairment testing of the non-curent asets
alocated to IT Services CGU were as folows:
As at
31 March
于二零二四年
三月三十一日
Growth in revenue year-on-year
during the five-year period
五年期间之按年收益增长
2.41%
Budgeted gros profit margin目标毛利率10.42%
Perpetual growth rate永续增长率2.00%
Discount rate (pre-tax)贴现率（税前）15.04%
The directors of the Company determined the growth
rates based on past performance and the expectation of
market development. The discount rate used is pre-tax
and reflects specific risks relating to the IT Services CGU.
As at 31 March 2024, the recoverable amount of the IT
Services CGU is considered to be minimal based on the
VIU calculation conducted by ValQuest, and the Group
had recognised a ful impairment los of aproximately
HK$1,016,000 on the identifiable non-curent asets of IT
Services CGU during the year ended 31 March 2024.
During the year ended 31 March 2025, the IT Services
CGU was sufering a further los. The directors of the
Company considered the impairment indicator was stil
existed of and the recoverable amount of the IT Services
CGU is minimal. As a result, no reversal of impairment los
of property, plant and equipment of IT Services CGU was
recognised during the year ended 31 March 2025.
本公司董事按过往表现及市场发
展预期厘定增长率。所用贴现率
为税前，并反映涉及资讯科技服
务现金产生单位的具体风险。
根据中诚达行进行之使用价值估
值，资讯科技服务现金产生单位
于二零二四年三月三十一日之可
收回金额并不重大，而本集团已
于截至二零二四年三月三十一日
止年度就资讯科技服务现金产生
单位之可识别非流动资产确认全
数减值亏损约1,016,000港元。
截至二零二五年三月三十一日止
年度，资讯科技服务现金产生
单位蒙受进一步亏损。本公司董
事认为减值指标仍然存在及资讯
科技服务现金产生单位之可收回
金额仍然极低。因此于截至二零
二五年三月三十一日止年度并无
确认资讯科技服务现金产生单位
之物业、厂房及设备减值亏损拨
回。
| 2025 |
|---|
| 二零二五年 |
| Increase of impairment |
| 减值增加 |
| HK$’000 |
| 千港元 |
| N/A 不适用 |
| N/A 不适用 |
| N/A 不适用 |
| N/A 不适用 |
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| –* |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
14(d) 主要假设的敏感度
管理层识别以下主要假设，单独
重大变动之主要假设将导致任何
或额外减值亏损。
单独导致商誉额外减值亏损的重
大变动：
14. GodWiL (continued)
14(d) Sensitivity of key asumptions
The management identified the folowing key asumptions
in which a material change on an individual basis would
cause any or aditional impairment los.
Material changes that individualy cause aditional
impairment los on the godwil:
二零二四年
Increase of
impairment
减值增加
HK$’000
千港元
Renewable Energy CGU可再生能源现金
产生单位
Change
变动
Growth rate in revenue收益增长率Decrease 1%
减少1%
Budgeted gros profit
margin
目标毛利率Decrease 1%
减少1%
N/A
不适用
Perpetual growth rate永续增长率Decrease 1%
减少1%
N/A
不适用
Discount rate贴现率Increase 1%
增加1%
2,091
15. inVestments in suBsidiaries
二零二四年
HK$’000
千港元
Unlisted shares, at cost非上市股份，按成本–*
The amounts due from subsidiaries are unsecured, non
interest-bearing and repayable on demand.
- $1,000.
15. 于附属公司之投资
应收附属公司款项为无抵押、免息及
须于要求时偿还。
- ,000港元之金额。
| 2025 |
|---|
| 二零二五年 |
| % |
| 100 |
| 100 |
| 100 |
| 100 |
| 100 |
| 90 |
| 90 |
| 100 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
本公司于二零二五年及二零二四年三
月三十一日持有之附属公司详情如下：
15. inVestments in suBsidiaries (continued)
Details of the subsidiaries held by the Company as at 31 March
2025 and 2024 are as folows:
Name of subsidiary
Clas of shares
held/paid up capital
Place of
incorporation/
registration and
operation
Isued shares and
paid up capital
Percentage of equity
atributable to the CompanyPrincipal activities
附属公司名称
所持股份类别╱
实缴股本
注册成立╱
注册及经营地点
已发行股份及
实缴股本公司应占股权百分比主要业务
二零二四年
%
Directly held:
直接持有：
Lasting Power Investments Limited
力恒投资有限公司
Ordinary share
普通股
The BVI
英属处女群岛
United States Dolars
(“US$”)1
1美元（「美元」）
100Investment holding
投资控股
Indirectly held:
间接持有：
Star Fortune International Investment
Company Limited (“Star Fortune”)
星力富鑫国际投资有限公司
（「星力富鑫」）
Ordinary share
普通股
The BVI
英属处女群岛
US$100
100美元
100Investment holding
投资控股
Ming Kei Kai Yuan Investment Company
Limited
明基凯源投资有限公司
Ordinary share
普通股
Hong Kong
香港
HK$60,000,000
60,000,000港元
100Investment holding
投资控股
Kaiyuan Company (Note i)
凯源公司（附注i）
Paid up capital
实缴股本
The Mainland China
中国内地
RMB52,000,000
(2024: RMB40,000,000)
人民币52,000,000元
（二零二四年：
人民币40,000,000元）
100Coal mining and sales
煤炭采矿及销售
Radiant Day Holdings Limited
耀日控股有限公司
Ordinary share
普通股
Samoa
萨摩亚
US$1
1美元
100Investment holding
投资控股
NEFIN Leasing
新能源租赁
Ordinary share
普通股
Hong Kong
香港
HK$1,000,000
1,000,000港元
90Investment holding
投资控股
NEFIN Technologies
NEFIN Technologies
Ordinary share
普通股
Malaysia
马来西亚
RM1,000,000
1,000,000马币
90Renewable energy solutions
可再生能源解决方案
Ample Talent Ventures Limited
裕智创投有限公司
Ordinary share
普通股
Samoa
萨摩亚
US$1
1美元
100Investment holding
投资控股
| 2025 |
|---|
| 二零二五年 |
| % |
| 80.86 |
| 80.86 |
| 80.86 |
| 80.86 |
| 80.86 |
| 80.86 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
Name of subsidiary
Clas of shares
held/paid up capital
Place of
incorporation/
registration and
operation
Isued shares and
paid up capital
Percentage of equity
atributable to the CompanyPrincipal activities
附属公司名称
所持股份类别╱
实缴股本
注册成立╱
注册及经营地点
已发行股份及
实缴股本公司应占股权百分比主要业务
二零二四年
%
Indirectly held (continued):
间接持有（续）：
Harbour Group Holdings
港海控股
Ordinary share
普通股
Hong Kong
香港
HK$2,018,800
2,018,800港元
80.86Provision of IT Services
提供资讯科技服务
Mountain Managed Cloud Consulting
Limited
峻岭云端顾问有限公司
Ordinary share
普通股
Hong Kong
香港
HK$10,000
10,000港元
80.86Provision of IT Services
提供资讯科技服务
Vanguard Busines Services Limited
领导商业服务有限公司
Ordinary share
普通股
Hong Kong
香港
HK$10,000
10,000港元
80.86Provision of IT Services
提供资讯科技服务
Harbour Group (Singapore) Pte. Ltd.
Harbour Group (Singapore) Pte. Ltd.
Ordinary share
普通股
Singapore
新加坡
S$1
1新加坡元
80.86Provision of IT Services
提供资讯科技服务
Harbour Group Consulting (UK) Limited
Harbour Group Consulting (UK) Limited
Ordinary share
普通股
The UK
英国
Great Britain Pound
100英镑
80.86Provision of IT Services
提供资讯科技服务
HGH Technology Sdn. Bhd.
HGH Technology Sdn. Bhd.
Ordinary share
普通股
Malaysia
马来西亚
RM500,000
500,000马币
80.86Provision of IT Services
提供资讯科技服务
Note:
(i) Registered under the laws of the Mainland China as wholy-foreign-
owned enterprise.
None of the subsidiaries had any debt securities outstanding
as at the end of the reporting period or at any time during the
reporting period.
15. inVestments in suBsidiaries (continued)
附注：
(i) 根据中国内地法律注册为外商独资企
业。
于报告期间结束时或报告期间内任何
时间，概无附属公司拥有任何已发行
之债务证券。
| Harbour Group 2025 |
|---|
| 港海集团 二零二五年 |
| 19.14% |
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| – |
| 1,304 |
| (673) |
| (7,060) |
| (6,429) |
| (1,231) |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
有关拥有个别重大非控股权益（「非
控股权益」）之附属公司之财务资料
下表载列与拥有重大非控股权益之非
全资附属公司港海集团有关之资料。
财务资料概要载列收购后公司间撇销
前的数额。
15. inVestments in suBsidiaries (continued)
Financial information of subsidiaries with individualy
material non-controling interests (“NCI”)
The folowing table shows the information relating to the non-
wholy owned subsidiary, Harbour Group, that has material
NCI. The sumarised financial information represents amounts
before inter-company eliminations since acquisition.
Harbour
Group
2024
港海集团
二零二四年
Proportion of NCI’s
ownership interests
非控股权益之所有权益占比
19.14%
二零二四年
HK$’000
千港元
Non-curent asets非流动资产–
Curent asets流动资产6,243
Curent liabilities流动负债(1,821)
Non-curent liabilities非流动负债(6,724)
Net (liabilities)/asets（负债）╱资产净值(2,302)
Carying amount of NCI非控股权益之账面值(441)
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 3,776 |
| (4,041) |
| (4,127) |
| (790) |
| 361 |
| – |
| (253) |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
有关拥有个别重大非控股权益（「非
控股权益」）之附属公司之财务资料
（续）
15. inVestments in suBsidiaries (continued)
Financial information of subsidiaries with individualy
material non-controling interests (“NCI”) (continued)
二零二四年
HK$’000
千港元
Revenue for the year年内收益14,522
Los for the year年内亏损(6,435)
Total comprehensive los for the year年内全面亏损总额(6,766)
Total comprehensive los for the year
atributable to NCI
非控股权益应占年内全面
亏损总额(1,295)
Net cash flows from/(used in):现金流量净额所得╱（所用）：
Operating activities经营活动(279)
Investing activities投资活动1
Financing activities融资活动(585)
During the year ended 31 March 2025, no dividend (2024: Nil)
was paid to NCI.
截至二零二五年三月三十一日止年
度，并无向非控股权益支付股息（二零
二四年：无）。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 675 |
| 10,457 |
| – |
| 11,132 |
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 3,633 |
| 3,795 |
| 115 |
| 626 |
| 8,169 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
截至二零二五年三月三十一日止年
度，因市况转变导致资讯科技硬件产
品过时及╱或市场销售能力下降而撇
减至可变现净值的存货约262,000港元
（二零二四年：无）已于损益中确认。
17. 应收货款及其他应收款项
16. 存货16. inVentories
二零二四年
HK$’000
千港元
Consumables消费品393
Coals煤炭1,376
IT hardware products资讯科技硬件产品262
2,031
During the year ended 31 March 2025, a write-down of
inventory of aproximately HK$262,000 (2024: Nil) was
recognised in profit or los in respect of write-down to net
realisable value of IT hardware products due to obsolescence
and/or diminishing marketability as a result of changes in market
condition.
17. trade and otHer receiVaBLes
二零二四年
NoteHK$’000
附注千港元
Trade receivables from
third parties
应收第三方货款
17(a)4,159
Prepayments, deposits and other
receivables
预付款项、按金及
其他应收款项3,959
Other taxes receivables其他应收税项111
Prepayments for acquisition of
property, plant and equipment
收购物业、厂房及设备之
预付款项227
8,456
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 626 |
| 7,543 |
| 8,169 |
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 4,159 |
| 3,633 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
所有分类为流动资产之应收货款及其
他应收款项预期于一年内收回或确认
为开支。
17(a) 应收第三方货款
本集团向煤矿业务分类客户之销
售大部分按预付款项基准作出。
就若干关系良好之客户而言，本
集团允许之平均信贷期为90天。
本集团授予其可再生能源业务分
类及资讯科技服务业务分类客户
之信贷期自发票发出日期起计最
多60天。
结余内包括香港财务报告准则第
15号内来自客户合约之应收货
款：
- （续）
分析为：
17. trade and otHer receiVaBLes (continued)
Analysed by:
二零二四年
HK$’000
千港元
Non-curent asets非流动资产227
Curent asets流动资产8,229
8,456
Al of the trade and other receivables that are clasified as
curent asets are expected to be recovered or recognised as
expense within one year.
17(a) Trade receivables from third parties
The Group’s sales to customers from coal mine busines
segment are largely done on payment in advance basis.
For certain wel-established customers, the Group alows
an average credit period of 90 days.
The Group grants credit period up to 60 days from
the date of isuance of invoice to its customers from
renewable energy busines segment and IT Services
busines segment.
Included in the balances are the trade receivables from
contracts with customers within HKFRS 15:
二零二四年
HK$’000
千港元
At the begining of the reporting
period
于报告期初
4,105
At the end of the reporting period于报告期末4,159
For the year ended 31 March 2025, a charge of los
alowance of aproximately HK$1,388,000 (2024:
aproximately HK$425,000) is recognised for the trade
receivables from contracts with customers within HKFRS
15.
截至二零二五年三月三十一日止
年度，已就香港财务报告准则第
15号内来自客户合约之应收货款
确认亏损拨备支出约1,388,000
港元（二零二四年：约425,000港
元）。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 2,910 |
| 362 |
| 361 |
| 11 |
| 2,333 |
| 5,977 |
| (2,344) |
| 3,633 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
有关本集团面临之信贷风险及应
收货款及其他应收款项之亏损拨
备之资料载于综合财务报表附注
27。
- （续）
17(a) 应收第三方货款（续）
账龄分析
于报告期间结束时，应收货款
（按发票日期呈列）于扣除亏损拨
备后之账龄分析如下：
17. trade and otHer receiVaBLes (continued)
17(a) Trade receivables from third parties (continued)
Ageing analysis
At the end of reporting period, the ageing analysis of the
trade receivables (presented based on the invoice date),
net of los alowance, was as folows:
二零二四年
HK$’000
千港元
Within 30 days30日内1,142
31 – 60 days31日至60日895
61 – 90 days61日至90日273
91 – 365 days91日至365日2,194
Over 1 year超过一年611
5,115
Les: Los alowance减：亏损拨备(956)
4,159
Information about the Group’s exposure to credit risks
and los alowance for trade and other receivables
is included in Note 27 to the consolidated financial
statements.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 226,572 |
| 21,518 |
| 129 |
| 248,219 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
18. 现金及现金等值项目
本集团之现金及现金等值项目约
248,219,000港元（二零二四年：约
189,307,000港元），包括本集团持有
之银行结余及现金以及原到期日为三
个月或以内之短期存款。银行结余及
银行存款按介乎0.10%至3.60%（二零
二四年：0.10%至4.85%）之市场年利
率计息。
18. casH and casH equiVaLents
Cash and cash equivalents of the Group amounting to
aproximately HK$248,219,000 (2024: aproximately
HK$189,307,000) comprised bank balances and cash held by
the Group and short-term deposits with an original maturity of
thre months or les. The bank balances and bank deposits
caried interest at market rates ranging from 0.10% to 3.60%
(2024: 0.10% to 4.85%) per anum.
二零二四年
HK$’000
千港元
Bank balances银行结余180,675
Short term deposits with an original
maturity of thre months or les
原到期日为三个月或以内之
短期存款8,384
Cash on hand手头现金248
Cash and cash equivalents现金及现金等值项目189,307
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 20,421 |
| 1 |
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 29,562 |
| 5,144 |
| 12,700 |
| 715 |
| 48,121 |
| 8,269 |
| 25,317 |
| 5,029 |
| 8,074 |
| 13,209 |
| 108,019 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
于二零二五年三月三十一日，本集
团存于中国内地银行之结余约为
人民币207,504,000元（相当于约
222,854,0000港元）（二零二四年：
约人民币155,709,000元，相当于约
168,242,000港元）。汇出中国内地境
外之资金须受中国内地政府实行之外
汇管制所规限。
19. 应付货款及其他应付款项
于报告期间结束时，应付货款（按发票
日期呈列）之账龄分析如下：
- （续）
现金及现金等值项目包括下列以相关
实体功能货币以外之货币计值之款项：
18. casH and casH equiVaLents (continued)
Included in cash and cash equivalents are the folowing
amounts denominated in a curency other than the functional
curency of the entity to which they relate:
二零二四年
HK$’000
千港元
HK$港元13,578
US$美元1
As at 31 March 2025, the Group had balances amounted to
aproximately RMB207,504,000, equivalent to aproximately
HK$222,854,000 (2024: aproximately RMB155,709,000,
equivalent to aproximately HK$168,242,000), that were
placed with banks in the Mainland China. Remitance of funds
out of the Mainland China is subject to the exchange controls
imposed by the Mainland China government.
19. trade and otHer PaYaBLes
At the end of reporting period, the ageing analysis of the trade
payables (presented based on the invoice date) is as folows:
二零二四年
NoteHK$’000
附注千港元
Within 90 days90日内11,494
91 – 180 days91日至180日1,213
181 – 365 days181日至365日3,569
Over 1 year超过一年3,571
Trade payables应付货款19,847
Contract liabilities合约负债19(a)3,300
Government levies payable应付政府征费
– Economic development fes in
coal resources areas
－煤炭资源地方经济
发展费25,471
Acrued expenses应计费用4,269
Other taxes payables其他应付税项5,863
Other payables其他应付款项9,602
68,352
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 3,300 |
| 8,269 |
| (3,300) |
| 8,269 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
所有分类为流动负债之应付货款及其
他应付款项预计将按要求或于一年内
结清。
采购商品之平均信贷期最多180天。本
集团已制定财务风险管理政策，确保
所有应付款项于信贷期限内清偿。
19(a) 合约负债
截至二零二五年及二零二四年三
月三十一日止年度，香港财务报
告准则第15号客户合约产生的合
约负债变动（不包括同年产生的
增加及减少引致的变动）如下：
19. trade and otHer PaYaBLes (continued)
Al of the trade and other payables that are clasified as curent
liabilities are expected to be setled on demand or within one
year.
The average credit period of purchases of gods is up to 180
days. The Group has financial risk management policies in
place to ensure that al payables are setled within the credit
timeframe.
19(a) Contract liabilities
The movements (excluding those arising from increases
and decreases both ocured within the same year) of
contract liabilities from contracts with customers within
HKFRS 15 during the years ended 31 March 2025 and
2024 are as folows:
二零二四年
HK$’000
千港元
At the begining of the reporting
period
于报告期初
4,778
Receipts in advance预收垫款3,300
Recognised as revenue确认为收益(4,778)
At the end of the reporting period于报告期末3,300
The Group aplies the practical expedient and does
not disclose information about remaining performance
obligations that have original expected durations of one
year or les.
The significant amount of contract liabilities was mainly
due to the significant receipts from the customers in
advance for purchase of coal resources, which is the
normal practice of coal mining busines to make sales in
advance basis.
本集团采用可行权宜方法，并无
披露有关该等原定预期年期为
一年或以内之余下履约责任之资
料。
大额合约负债主要由于就采购煤
炭资源自客户预先收取大额款
项，此为煤矿业务以预付款项基
准作出销售之常规。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 4,885 |
| 57,297 |
| 62,182 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
20. 应付采矿权款项20. mininG riGHt PaYaBLes
二零二四年
HK$’000
千港元
Curent流动4,541
Non-curent非流动62,559
67,100
Pursuant to the terms of the Transfer Agrement relating to
purchase of Enlarged Kaiyuan Mine for a term of 30 years from
August 2019 to August 2049 as set out in Note 13(i) in the 2024
consolidated financial statements, the consideration totaling
aproximately RMB160,978,000, which shal be setled in cash
and paid by Kaiyuan Company to Xinjiang Land Department in
fiften instalments over a period of 15 years:
(i) the first instalment in an amount of aproximately
RMB32,200,000 shal be paid within 30 days upon
signing of the Transfer Agrement;
(i) the second to fourtenth instalments in an amount of
aproximately RMB9,200,000 each shal be paid before
20 November of every year from 2020 to 2032; and
(i) the last instalment in an amount of aproximately
RMB9,178,000 shal be paid before 20 November 2033.
The amounts due are unsecured and interest-fre. The carying
amount was determined based on the present value of the
future cash flows stated in Transfer Agrement discounted
using the efective interest rate of 8.47% per anum with
reference to valuation report isued by ValQuest.
根据二零二四年综合财务报表附注
13(i)所载有关购买经扩大凯源煤矿之
出让协议（年期由二零一九年八月起至
二零四九年八月止为期三十年）之条
款，代价总额约为人民币160,978,000
元，将由凯源公司于十五年期内分
十五期向新疆国土资源厅现金结付：
(i) 第一期金额约人民币32,200,000
元将于签署出让协议后30日内支
付；
(i) 第二至十四期每期约人民币
9,200,000元将于二零二零年至
二零三二年期间每年十一月二十
日前支付；及
(i) 最后一期金额约人民币9,178,000
元将于二零三年十一月二十日
前支付。
到期金额为无抵押及免息。账面金额
参考中诚达行发出之估值报告，基于
使用实际年利率8.47%贴现之出让协
议所载未来现金流量之现值厘定。
| 191,534 | 15,308 | 28,429 | 128,013 | (433,521) | (70,237) |
|---|---|---|---|---|---|
| – | – | – | – | 46,386 | 46,386 |
| – | (572) | – | – | – | (572) |
| – | – | (8,944) | – | – | (8,944) |
| – | (572) | (8,944) | – | 46,386 | 36,870 |
| 191,534 | 14,736 | 19,485 | 128,013 | (387,135) | (33,367) |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
21. 股本及储备
(a) 权益部分变动
本集团之综合权益各个部分之年
初及年末结余对账载于综合权益
变动表。本公司于年内个别权益
部分之变动详情载列如下：
本公司
21. sHare caPitaL and reserVes
(a) Movements in components of equity
The reconciliation betwen the opening and closing
balances of each component of the Group’s consolidated
equity is set out in the consolidated statement of changes
in equity. Details of the changes in the Company’s
individual components of equity during the year are set
out below:
The Company
Share
premium
Exchange
translation
reserve
Fair
value
reserve
Contributed
surplus
Acumulated
losesTotal
股份溢价汇兑储备公平值储备缴入盈余累计亏损总计
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元
(Note i)(Note iv)(Note v)(Note vi)
（附注i）（附注iv）（附注v）（附注vi）
As at 1 April 2023于二零二三年四月一日191,53413,958–128,013(443,746)(110,241)
Profit for the year年内溢利–10,22510,225
Other comprehensive income:其他全面收益：
Items that wil not be reclasified
to profit or los
不会重新分类至损益之
项目
Exchange diferences on translation of
the Company’s financial statements
to presentation curency
换算本公司财务报表为
呈列货币之汇兑差额
–1,350–1,350
Change in fair value of convertible bond
designated as financial liabilities at
FVPL arising from change
in its credit risk
指定为按公平值列账并在
损益内处理之金融负债
之可换股债券产生自
其信贷风险变动之
公平值变动–28,429–28,429
Total comprehensive income for the year年内全面收益总额–1,35028,429–10,22540,004
As at 31 March 2024于二零二四年三月三十一日191,53415,30828,429128,013(433,521)(70,237)
As at 1 April 2024于二零二四年四月一日
Profit for the year年内溢利
Other comprehensive los:其他全面亏损：
Items that wil not be reclasified
to profit or los
不会重新分类至损益之
项目
Exchange diferences on translation of
the Company’s financial statements
to presentation curency
换算本公司财务报表为
呈列货币之汇兑差额
Change in fair value of convertible bond
designated as financial liabilities at
FVPL arising from change
in its credit risk
指定为按公平值列账并在
损益内处理之金融负债
之可换股债券产生自
其信贷风险变动之
公平值变动
Total comprehensive income for the year年内全面收益总额
As at 31 March 2025于二零二五年三月三十一日
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(a) 权益部分变动（续）
附注：
(i) 股份溢价
运用股份溢价须受百慕达
一九八一年公司法第40条管辖。
(i) 股本储备
股本储备源于过往年度收购附
属公司额外股权。该储备指于
收购日期有关额外权益应占该
等附属公司资产净值之账面值
与本集团所付代价公平值之间
之差额。
(i) 法定储备
法定盈余储备
根据中国内地法规，本集团所
有在中国内地之附属公司须于
分派溢利前将其部分除税后溢
利转拨至法定盈余储备，该储
备为不可分派之储备。转拨金
额须经由该等公司之董事会按
照其组织章程细则批准。
维简及生产资金之专项储备
根据中国内地相关法规，本集
团须按照相关基准以固定比率
转拨维简及生产资金至专项储
备账。维简及生产资金可在产
生产维简及安全措施之开支
或资本开支时动用。已动用维
简及生产资金将由专项储备账
转拨至保留盈利。
(iv) 汇兑储备
汇兑储备包括换算功能货币至
呈列货币时产生之全部外汇差
额。该储备根据综合财务报表
附注2所载会计政策处理。
(v) 公平值储备
公平值储备包括指定为按公平
值列账并在损益内处理之金融
负债产生自金融负债信贷风险
变动之公平值变动。储备乃根
据综合财务报表附注2所载之会
计政策处理。
21. sHare caPitaL and reserVes (continued)
(a) Movements in components of equity (continued)
Notes:
(i) Share premium
The aplication of share premium is governed by Section 40 of
the Bermuda Companies Act 1981.
(i) Capital reserve
Capital reserve arose from the acquisition of the aditional
equity interest of subsidiaries in prior years. It represents the
diference betwen the carying amount of the net asets of
the subsidiaries atributable to the aditional interest at the
dates of acquisition and the fair value of consideration paid by
the Group.
(i) Statutory reserves
Statutory surplus reserve
In acordance with the Mainland China regulations, al of the
Group’s subsidiaries in the Mainland China are required to
transfer part of their profit after tax to the statutory surplus
reserve, which are non-distributable, before profit distributions
are made. The amounts of the transfers are subject to the
aproval of the boards of directors of these companies in
acordance with their articles of asociation.
Specific reserve for maintenance and production funds
Pursuant to the relevant Mainland China regulations, the
Group is required to transfer maintenance and production
funds at fixed rates based on relevant bases to a specific
reserve acount. The maintenance and production funds
can be utilised when expenses or capital expenditures on
production maintenance and safety measures are incured.
The amount of maintenance and production funds utilised
would be transfered from the specific reserve acount to
retained earnings.
(iv) Exchange translation reserve
Exchange translation reserve comprises al foreign exchange
diferences arising from the translation of functional curency
to presentation curency. The reserve is dealt with in
acordance with the acounting policy set out in Note 2 to the
consolidated financial statements.
(v) Fair value reserve
Fair value reserve comprises the fair value changes of the
financial liabilities designated as FVPL arising from change in
the financial liabilities’ credit risk. The reserve is dealt with in
acordance with the acounting policy set out in Note 2 to the
consolidated financial statements.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(a) 权益部分变动（续）
附注：（续）
(vi) 特别储备
特别储备金额相当于进一步收
购星力富鑫49%股权之已付代
价与星力富鑫上一年非控股权
益账面值减额间之差额。
(vi) 缴入盈余
本公司之缴入盈余指本公司为
交换所收购公司已发行股份而
发行之本公司股份面值，与
所收购相关公司于本集团在
一九五年为筹备上市进行重
组时之资产净值之差额。根据
百慕达一九八一年公司法，本
公司可在若干情况下自缴入盈
余向其股东作出分派。
(b) 法定及已发行股本
21. sHare caPitaL and reserVes (continued)
(a) Movements in components of equity (continued)
Notes: (continued)
(vi) Special reserve
The amount in special reserve represents the diference
betwen the consideration paid for acquiring a further 49%
equity interest in Star Fortune and the decrease in the carying
amount of the non-controling interests of Star Fortune in a
previous year.
(vi) Contributed surplus
The contributed surplus of the Company represents the
diference betwen the nominal value of the Company’s
shares isued in exchange for the isued shares of the
companies being acquired and the value of net asets of the
underlying companies acquired at the time of the Group’s
reorganisation in preparation for its listing in 1995. Under the
Companies Act 1981 of Bermuda, the Company may make
distributions to its members out of the contributed surplus in
certain circumstances.
(b) Authorised and isued share capital
Number of
ordinary shares
of HK$0.10 eachAmount
每股面值0.10港元
之普通股数目金额
HK$’000
千港元
Authorised:法定：
Balance as at 1 April 2023,
31 March 2024,
1 April 2024 and
31 March 2025
于二零二三年四月一日、
二零二四年三月
三十一日、二零二四年
四月一日及二零二五年
三月三十一日之结余5,000,000,000500,000
Isued and fuly paid:已发行及缴足：
Balance as at 1 April 2023,
31 March 2024,
1 April 2024 and
31 March 2025
于二零二三年四月一日、
二零二四年三月
三十一日、二零二四年
四月一日及二零二五年
三月三十一日之结余765,373,58476,537
The holders of ordinary shares are entitled to receive
dividends as declared from time to time and are entitled
to one vote per share at metings of the Company.
Al ordinary shares rank equaly with regards to the
Company’s residual asets.
普通股持有人有权收取不时宣派
之股息，并可于本公司会议上享
有一股可投一票之权利。所有普
通股在分摊本公司之剩余资产方
面均享有同等权益。
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(c) 资本管理
本集团管理资本之首要目标乃保
障本集团能够继续根据持续经营
基准经营，以及赚取足够利润以
维持增长，并为其股东赚取满意
回报。
本公司董事积极定期检讨及管理
其资本架构，以在较高股东回
报情况下可能伴随之较高借贷水
平与稳健资本状况带来之好处及
保障之间取得平衡，并根据经济
状况变化对资本结构作出调整。
有鉴于此，本集团将透过派付股
息或发行新债务平衡其整体资本
结构。于截至二零二五年及二零
二四年三月三十一日止年度并无
对目标或政策作出任何变动。
本集团以权益负债比率作为监察
其资本架构之基准。就此而言，
总负债即应付采矿权款项、租赁
负债及指定为按公平值列账并在
损益内处理之金融负债之可换股
债券。权益包括权益之所有组成
部分。
21. sHare caPitaL and reserVes (continued)
(c) Capital management
The Group’s primary objectives when managing capital
are to safeguard the Group’s ability to continue as
a going concern, and to generate suficient profit to
maintain growth and provide a satisfactory return to its
shareholders.
The directors of the Company actively and regularly
review and manage its capital structure to maintain a
balance betwen the higher shareholders’ returns that
might be posible with higher levels of borowings and
the advantages and security aforded by a sound capital
position, and makes adjustments to the capital structure
in light of changes in economic condition. In view of this,
the Group wil balance its overal capital structure through
the payment of dividend or the isue of new debt. No
changes were made in the objectives or policies during
the years ended 31 March 2025 and 2024.
The Group monitors its capital structure on the basis
of a debt-to-equity ratio. For this purpose, total debt
represented mining right payables, lease liabilities and
convertible bond designated as financial liabilities at FVPL.
Equity comprises al components of equity.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 62,182 |
| 1,565 |
| 205,948 |
| 269,695 |
| 240,643 |
| 1.12 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
本公司或其任何附属公司均无受
到外部施加之资本规定之限制。
22. 可换股债券
于二零八年三月十四日，本公司于
完成发行及配发400,000,000股每股面
值0.1港元之普通股之同时，向晋标发
行本金总额为200,000,000港元之零息
可换股债券。该债券以港元计值，赋
予持有人权利于该债券发行日期至结
算日期二零一年三月十三日期间，
随时按转换价每股0.20港元（可予调
整）将之转换为本公司普通股，转换时
须为1,000,000港元之倍数。转换时将
予发行及配发之股份彼此之间及与于
配发及发行日期本公司所有其他已发
行普通股于各方面均享有同等权益。
倘可换股债券未获转换，本公司应于
二零一年三月十三日偿还晋标未转
换可换股债券之本金额。
- （续）
(c) 资本管理（续）
于二零二五年及二零二四年三月
三十一日之权益负债比率如下：
21. sHare caPitaL and reserVes (continued)
(c) Capital management (continued)
The debt-to-equity ratio as at 31 March 2025 and 2024
are as folows:
二零二四年
HK$’000
千港元
Mining right payables应付采矿权款项67,100
Lease liabilities租赁负债1,296
Convertible bond designated as
financial liabilities at FVPL
指定为按公平值列账并在
损益内处理之金融负债之
可换股债券208,149
Total debt总负债276,545
Total equity总权益171,774
Debt-to-equity ratio权益负债比率1.61
Neither the Company nor any of its subsidiaries are
subject to externaly imposed capital requirements.
22. conVertiBLe Bond
On 14 March 2008, the Company isued zero-coupon
convertible bond with an agregate principal amount of
HK$200,000,000 to Ascent Goal simultaneously upon
completion of the isue and alotment of 400,000,000 ordinary
shares of HK$0.1 each. The bond was denominated in HK$
and entitled the holders to convert them into ordinary shares
of the Company at any time betwen the date of isue of the
bond and its setlement date on 13 March 2011 in multiples
of HK$1,000,000 at a conversion price HK$0.20 (subject to
adjustments) per share. The shares to be isued and aloted
upon conversions shal rank pari pasu in al respects among
themselves and with al other ordinary shares in isue by
the Company on the date of such alotment and isue. If the
convertible bond has not ben converted, the Company should
repay the principal amount of the outstanding convertible bond
to Ascent Goal at 13 March 2011.
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
截至二零一年三月三十一日止年
度，功能货币从港元转为人民币后，
本公司董事认为到期日延期后之可换
股债券（「可换股债券」）不可再以固定
关系转换。因此，可换股债券于综合
财务状况表内指定为按公平值列账并
在损益内处理之金融负债。
于过往年度，本公司与晋标订立五份
修订契据，以将可换股债券之到期日
延期36个月及转换期将相应从二零
二三年三月十三日（第五次延期日期）
延期36个月至二零二六年三月十三日
（第五次延期到期日）（第五次延期）。
除延长到期日及转换期外，所有可换
股债券条款按原有条款维持不变（「第
五次延期可换股债券」）。
由于第五次延期可换股债券现金流量
已贴现值超过到期日延期前之尚未
偿还之（「第四次延期可换股债券」）可
换股债券现金流量已贴现值10%以
上，故第五次延期到期日被视为先前
延期可换股债券条款之重大修改。因
此，已终止确认第四次延期可换股债
券并确认第五次延期可换股债券。
第五次延期可换股债券乃由本公司董
事参考中诚达行于二零二五年及二零
二四年三月三十一日发出之估值报告
进行估值。
22. conVertiBLe Bond (continued)
During the year ended 31 March 2011, folowing the change
of functional curency from HK$ to RMB, the directors of
the Company are of the view that the convertible bond upon
extension of maturity date (“Convertible Bond”) was no longer
convertible at a fixed for fixed relationship. Acordingly, the
Convertible Bond was designated as a financial liability at FVPL
in the consolidated statement of financial position.
In prior years, the Company entered into five deds of
amendments with Ascent Goal to extend the maturity date of
the convertible bond for 36 months and the conversion period
was acordingly extended for 36 months from 13 March
2023 (5th date of extension) to 13 March 2026 (5th extended
maturity date) (the “5th Extension”). Apart from the extensions
of the maturity date and the conversion period, al terms of the
convertible bond remain unchanged from the original terms
(“5th extended Convertible Bond”).
The 5th Extension was considered to be a substantial
modification of terms of the previous convertible bond (“4th
extended Convertible Bond”) as the discounted present value
of the cash flows of the 5th extended Convertible Bond was
more than 10% diferent from the discounted present value
of the outstanding 4th extended Convertible Bond prior to
the extension of maturity date. As such, the 4th extended
Convertible Bond was derecognised and the 5th extended
Convertible Bond was recognised.
The 5th extended Convertible Bond was valued by the directors
of the Company with reference to valuation reports isued by
ValQuest as at 31 March 2025 and 2024.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 208,149 |
| (11,145) |
| 8,944 |
| 1,249 |
| (1,249) |
| 205,948 |
| 205,948 |
| – |
| 205,948 |
| 205,948 |
| (200,000) |
| 5,948 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
第五次延期可换股债券于年内之变动
载列如下：
22. conVertiBLe Bond (continued)
The movements of the 5th extended Convertible Bond for the
year are set out below:
5th extended Convertible Bond
第五次延期可换股债券
二零二四年
HK$’000
千港元
Balance at begining of the year年初结余299,372
Gain on fair value change credited to
the profit or los
计入损益之公平值变动收益
(62,794)
Los/(Gain) on fair value change arising
from change in the Convertible Bond’s
credit risk charged/(credited) to other
comprehensive income
产生自可换股债券信贷风险变动
并扣除╱（计入）其他全面收益之
公平值变动亏损╱（收益）
(28,429)
Los on translation of 5th extended
Convertible Bond denominated in a
foreign curency into the functional
curency
换算以外币计值之第五次延期
可换股债券为功能货币之
亏损
13,878
Exchange adjustment arising on
translation of functional curency to
presentation curency and recorded in
other comprehensive income
换算功能货币为呈列货币时产生并
计入其他全面收益之汇兑调整
(13,878)
Balance at end of the year年末结余208,149
Analysed for reporting as:报告分析为：
Curent liabilities流动负债–
Non-curent liabilities非流动负债208,149
208,149
Diference betwen carying amount and
maturity amount:
账面值与到期金额之差额：
5th extended Convertible Bond at
fair value
按公平值计算之第五次延期
可换股债券208,149
Amount payable on maturity于到期时应付金额(200,000)
8,149
None of the 5th extended Convertible Bond had ben
converted into ordinary shares of the Company during the years
ended 31 March 2025 and 2024.
截至二零二五年及二零二四年三月
三十一日止年度，概无第五次延期可
换股债券兑换为本公司普通股。
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
23. ProVision for cLose doWn, restoration
and enVironmentaL costs
HK$’000
千港元
As at 1 April 2023于二零二三年四月一日2,814
Exchange diference汇兑差额(136)
As at 31 March 2024 and 1 April 2024于二零二四年三月三十一日及
二零二四年四月一日2,678
Exchange diference汇兑差额(17)
As at 31 March 2025于二零二五年三月三十一日2,661
Mining activities may result in land subsidence or damage,
which could lead to loses to the residents of the mining areas.
Pursuant to the relevant Mainland China regulations, the Group
is required to make compensation payments to the residents
for their loses resulting from land subsidence or damage, or to
restore the mining areas back to certain aceptable conditions.
Under existing legislation, the directors of the Company believe
that there are no probable liabilities that wil have a material
adverse efect on the financial position or results of operations
of the Group. The Mainland China government, however, has
moved and may move further towards the adoption of more
stringent environmental standards. Environmental liabilities
are subject to considerable uncertainties which afect the
Group’s ability to estimate the ultimate cost of remediation
eforts. These uncertainties include: (i) the exact nature and
extent of the contamination at various sites including, but not
limited to, coal mines and land development areas, whether
operating, closed or sold, (i) the extent of required cleanup
eforts, (i) varying costs of alternative remediation strategies, (iv)
changes in environmental remediation requirements, and (v) the
identification of new remediation sites.
- 、复垦及环境成本拨备
开采活动可能导致地层下陷或受损，
从而可令开采地区之居民遭受损失。
根据中国内地相关法规，本集团须就
地层下陷或受损对居民造成之损失向
有关居民作出赔偿，或将开采地区恢
复至一定可接受状况。
根据现行法例，本公司董事相信不会
发生任何可能对本集团财务状况或经
营业绩有重大负面影响之责任。然
而，中国内地政府已经并有可能进一
步实施更严格之环保标准。环保责任
涉及相当程度之不确定因素，并可能
影响本集团估计最终环境补偿成本之
能力。此等不确定因素包括：(i)于不同
地点（包括但不限于营运中、已关闭或
已出售之矿场及土地开发区域）出现污
染之确切性质及程度；(i)需要展开清理
工作之程度；(i)各种其他可供选用补
救措施之成本；(iv)环境补偿规定之更
改；及(v)确定需要采取补救措施之新
地点。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 1,550 |
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 602 |
| 963 |
| 1,565 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
23. ProVision for cLose doWn, restoration
and enVironmentaL costs (continued)
The provision for close down, restoration and environmental
clean up costs has ben determined by the directors of the
Company based on their past experience and best estimate of
future expenditure by discounting the expected expenditures
to their net present value. However, in so far as the efect on
the land and the environment from curent mining activities
becomes aparent in future periods, the estimate of the
asociated costs may be subject to revision in the future. The
amounts provided in relation to close down, restoration and
environmental clean up costs are reviewed at least anualy
based upon the facts and circumstances available at the time
and the provisions are updated acordingly.
24. Leases
二零二四年
HK$’000
千港元
Right-of-use asets (Note 12)使用权资产（附注12）
Leased properties租赁物业640
二零二四年
HK$’000
千港元
Lease liabilities租赁负债
Curent流动1,029
Non-curent非流动267
1,296
- 、复垦及环境成本拨备
（续）
本公司董事已根据彼等过往经验及对
未来开支之最佳估计，透过将预期开
支贴现至其现有净值而厘定关闭、复
垦及环境清理成本拨备。然而，只要
目前采矿活动带来之土地及环境影响
于未来期间变得显著，则相关成本之
估计或须于未来作出修订。就关闭、
复垦及环境清理成本计提之拨备至少
每年根据当时获悉之事实及情况而审
阅，并相应更新拨备。
24. 租赁
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 782 |
| Lease payments | Present value of lease payments |
|---|---|
| 租赁付款 | 租赁付款 之现值 |
| 2025 | 2025 |
| 二零二五年 | 二零二五年 |
| HK$’000 | HK$’000 |
| 千港元 | 千港元 |
| 651 | 602 |
| 694 | 669 |
| 297 | 294 |
| 1,642 | 1,565 |
| (77) | – |
| 1,565 | 1,565 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
截至二零二五年三月三十一日止年度
之租赁现金流出总额约为1,335,000港
元（二零二四年：约2,961,000港元）。
租赁承担
于二零二五年三月三十一日，本集
团就租赁物业订立一项租赁合约，
该合约尚未开始。未付及未于计量
租赁负债时反映之相关租赁付款约
为2,645,000港元（二零二四年：约
195,000港元）。
租赁负债：
24. Leases (continued)
In adition to the information disclosed in Note 7 and Note 12
to the consolidated financial statements, the Group had the
folowing amounts relating to leases during the years ended 31
March 2025 and 2024:
二零二四年
HK$’000
千港元
Depreciation charge of right-of-use
asets
使用权资产之折旧费用
Leased properties租赁物业2,035
The total cash outflow for leases for the year ended 31 March
2025 was aproximately HK$1,335,000 (2024: aproximately
HK$2,961,000).
Comitments under leases
As at 31 March 2025, the Group was comited to a lease
contract in relation to a leased property that have not yet
comenced. The related lease payments that were not
paid and not reflected in the measurement of lease liabilities
were aproximately HK$2,645,000 (2024: aproximately
HK$195,000).
Lease liabilities:
Lease
payments
Present
value
of lease
payments
租赁付款
租赁付款
之现值
二零二四年二零二四年
HK$’000HK$’000
千港元千港元
Amount payable:应付款项：
Within one year一年内1,1051,029
More than one year,
but not exceding two years
一年以上，但不超过
两年277267
More than two years,
but not exceding five years
两年以上，但不超过
五年–
1,3821,296
Les: future finance charges减：未来融资费用(86)–
Total lease liabilities租赁负债总额1,2961,296
- （续）
除综合财务报表附注7及附注12所披
露之资料外，截至二零二五年及二零
二四年三月三十一日止两个年度本集
团拥有以下有关租赁之款项：
| 6,368 | – | 2,665 | 9,033 |
|---|---|---|---|
| (39) | – | (50) | (89) |
| – | – | 4,675 | 4,675 |
| 6,329 | – | 7,290 | 13,619 |
| 10,968 | 686 | 423 | 12,077 |
|---|---|---|---|
| (395) | (18) | – | (413) |
| 17,406 | 1,137 | (13) | 18,530 |
| 27,979 | 1,805 | 410 | 30,194 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
25. defered taX
Defered tax asets
The folowing are the major defered tax asets recognised and
their movements during the curent and prior reporting periods:
Acrued
expenses
Mining
right
payablesInventoriesTotal
应计费用应付采矿权存货总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
As at 1 April 2023于二零二三年四月一日6,6923801,3808,452
Exchange realignment汇兑调整(324)(15)(78)(417)
(Charged)/Credited to profit or
los for the year
（扣除自）╱计入年内损益
–(365)1,363998
As at 31 March 2024 and
1 April 2024
于二零二四年三月三十一日及
二零二四年四月一日
Exchange realignment汇兑调整
Credited to profit or
los for the year
计入年内损益
As at 31 March 2025于二零二五年三月三十一日
Defered tax liabilities
The folowing are the major defered tax liabilities recognised
and their movements during the curent and prior reporting
periods:
Intangible
asets
Mining right
payables
Other
temporary
diferencesTotal
无形资产应付采矿权其他暂时差额总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
As at 1 April 2023于二零二三年四月一日8,855–4219,276
Exchange realignment汇兑调整(445)–2(443)
Charged to profit or
los for the year
扣除自年内损益
2,558686–3,244
As at 31 March 2024 and
1 April 2024
于二零二四年三月三十一日及
二零二四年四月一日
Exchange realignment汇兑调整
Charged/(Credited) to profit or
los for the year
扣除自╱（计入）自年内损益
As at 31 March 2025于二零二五年三月三十一日
25. 递延税项
递延税项资产
当前及过往报告期间之已确认主要递
延税项资产及其变动如下：
递延税项负债
当前及过往报告期间之已确认主要递
延税项负债及其变动如下：
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 16,575 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
就呈报目的而言，若干递延税项资产
及负债已于综合财务状况表内抵销。
就财务报告目的而言的递延税项结余
分析如下：
25. defered taX (continued)
For presentation purposes, certain defered tax asets and
liabilities have ben ofset in the consolidated statement of
financial position. The folowing is an analysis of the defered tax
balances for financial reporting purposes:
二零二四年
HK$’000
千港元
Net defered tax liabilities递延税项负债净额3,044
Under the EIT Law of the Mainland China, witholding
tax is payable on dividends declared in respect of profits
earned by Mainland China subsidiaries from 1 January 2008
onwards. Defered taxation has not ben provided for in the
consolidated financial statements in respect of temporary
diferences atributable to the acumulated taxable profits of
the Mainland China subsidiaries amounting to aproximately
HK$354,165,000 (2024: aproximately HK$292,080,000) as
the Group is able to control the timing of the reversal of the
temporary diferences and it is probable that the temporary
diferences wil not be reversed in the foreseable future.
Unrecognised defered tax asets
No tax loses arising in the Mainland China as at 31 March 2025
and 2024.
In adition, the Group has tax loses arising in Hong Kong
of aproximately HK$13,582,000 (2024: aproximately
HK$11,896,000) that are available indefinitely for ofseting
against future taxable profits of the companies in which the
loses arose. These tax loses are subject to aproval of the
Hong Kong Inland Revenue Department. The Group has no
tax loses (2024: aproximately HK$95,000 and 373,000,
respectively) arising from operations in the UK and Malaysia,
subject to aproval of the relevant tax bureaus, that are available
indefinitely for ofseting against future taxable profits of the
companies in which the loses arose.
The Group had not recognised defered tax asets in respect
of the tax loses of aproximately HK$2,241,000 (2024:
aproximately HK$2,042,000) at 31 March 2025, as it is not
considered probable that there would be suficient future
taxable profits to utilise such amount.
根据中国内地企业所得税法，自二零
零八年一月一日起，将向中国内地附
属公司就其所赚取之溢利而宣派之股
息征收预扣税。概无就中国内地附属
公司累计应课税溢利应占之暂时差额
约354,165,000港元（二零二四年：约
292,080,000港元）于综合财务报表作
出递延税项拨备，乃因本集团能控制
拨回暂时差额之时间，且有关暂时差
额于可见将来不大可能拨回。
未确认递延税项资产
于二零二五年及二零二四年三月
三十一日，并无于中国内地产生税项
亏损。
此外，本集团于香港产生之税项亏损
约为13,582,000港元（二零二四年：约
11,896,000港元），可无限期于产生亏
损之公司用作抵销未来应课税溢利。
该等税项亏损须取得香港税务局之批
准。本集团于英国及马来西亚之业务
并无产生税项亏损（二零二四年：分别
约95,000港元及373,000港元），待获
得相关税务机关之批准后，该等税项
亏损可无限期于产生亏损之公司用作
抵销未来应课税溢利。
本集团于二零二五年三月三十一日并
无就约2,241,000港元（二零二四年：
约2,042,000港元）之税项亏损确认递
延税项资产，此乃由于考虑到不大可
能出现足够未来应课税溢利以动用该
等金额。
| Non-cash changes | |||||||
|---|---|---|---|---|---|---|---|
| 非现金变动 | |||||||
| As at 1 April 2024 | Net cash flows | Additions of property, plant and equipment | Early termination of lease | Change in fair value | Translation of convertible bond into functional currency | Translation from functional currency to presentation currency | As at 31 March 2025 |
| 于 二零二四年 四月一日 | 现金 流量 净额 | 添置物业、 厂房及 设备 | 提前 终止租赁 | 公平值 变动 | 换算 可换股债券 为功能货币 | 换算功能 货币为 呈列货币 | 于 二零二五年 三月三十一日 |
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’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 |
| 1,296 | (938) | 1,688 | (481) | – | – | – | 1,565 |
| 208,149 | – | – | – | (2,201) | 1,249 | (1,249) | 205,948 |
| 209,445 | (938) | 1,688 | (481) | (2,201) | 1,249 | (1,249) | 207,513 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
26. 其他现金流量资料
(a) 主要非现金交易
除综合财务报表其他部分披露之
资料外，本集团进行以下主要非
现金交易：
截至二零二五年三月三十一日止
年度，本集团将收购物业、厂房
及设备之预付款项约113,000港
元（二零二四年：约6,050,000港
元）确认为物业、厂房及设备项
下之在建工程。
(b) 融资活动产生的负债变动
本集团来自融资活动的负债变动
详情如下：
26. otHer casH fLoW information
(a) Major non-cash transactions
In adition to information disclosed elsewhere in the
consolidated financial statements, the Group has
folowing major non-cash transactions:
During the year ended 31 March 2025, the Group
recognised prepayments of acquisition of property, plant
and equipment of aproximately HK$113,000 (2024:
aproximately HK$6,050,000) as property, plant and
equipment.
(b) Changes in liabilities arising from financing
activities
Details of the changes in the Group’s liabilities from
financing activities are as folows:
Year ended 31 March 2025截至二零二五年三月三十一日
止年度
Lease liabilities租赁负债
Convertible bond designated as
financial liabilities at FVPL
指定为按公平值列账并在损益
内处理之金融负债之可换股
债券
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 融资活动产生的负债变动
（续）
26. otHer casH fLoW information (continued)
(b) Changes in liabilities arising from financing
activities (continued)
Non-cash changes
非现金变动
As at
1 April
Net
cash
flows
Aditions
of property,
plant and
equipment
Change in
fair value
Translation
of
convertible
bond into
functional
curency
Translation
from
functional
curency to
presentation
curency
As at
31 March
于
二零二三年
四月一日
现金
流量
净额
添置物业、
厂房及
设备
公平值
变动
换算
可换股债券
为功能货币
换算功能
货币为
呈列货币
于
二零二四年
三月三十一日
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元
Year ended 31 March 2024截至二零二四年三月三十一日止年度
Interest-bearing borowings计息借贷3,477(3,477)–
Lease liabilities租赁负债2,028(2,017)1,328–(43)1,296
Convertible bond designated as financial
liabilities at FVPL
指定为按公平值列账并在损益内
处理之金融负债之可换股债券299,372–(91,223)13,878(13,878)208,149
304,877(5,494)1,328(91,223)13,878(13,921)209,445
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 5,264 |
| 248,219 |
| 253,483 |
| 66,359 |
| 1,565 |
| 62,182 |
| 130,106 |
| 205,948 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
27. financiaL instruments
(a) Categories of financial instruments
二零二四年
HK$’000
千港元
Financial asets measured
at amortised cost:
按摊销成本计量之
金融资产：
Trade and other receivables应收货款及其他应收款项5,734
Cash and cash equivalents现金及现金等值项目189,307
195,041
Financial liabilities measured at
amortised cost:
按摊销成本计量之金融
负债：
Trade and other payables应付货款及其他应付款项33,718
Lease liabilities租赁负债1,296
Mining right payables应付采矿权款项67,100
102,114
Financial liabilities designated
as at FVPL:
指定为按公平值列账并在
损益内处理之金融负债：
Convertible Bond可换股债券208,149
27. 金融工具
(a) 金融工具类别
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
本集团之主要金融工具包括应收
货款及其他应收款项、现金及
现金等值项目、应付货款及其他
应付款项、租赁负债、计息借
贷、应付采矿权款项以及可换股
债券。该等金融工具详情于各相
关附注披露。与该等金融工具相
关之风险包括市场风险（货币风
险、利率风险及价格风险）、信
贷风险及流动资金风险。如何降
低该等风险之政策载于下文。本
公司董事管理及监察该等风险，
以确保及时与有效地采取适当措
施。
货币风险
本公司若干附属公司有外币开
支，令本集团承受外币风险。本
集团并无任何外币对冲政策。然
而，本公司董事监察外汇风险，
并于有需要时考虑对冲重大外币
风险。
本集团若干应收款项、现金及现
金等值项目、若干应付款项及可
换股债券均以集团实体之相关功
能货币以外之货币计值。
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies
The Group’s major financial instruments include trade and
other receivables, cash and cash equivalents, trade and
other payables, lease liabilities, mining right payables and
Convertible Bond. Details of these financial instruments
are disclosed in respective notes. The risks asociated
with these financial instruments include market risk
(curency risk, interest rate risk and price risk), credit risk
and liquidity risk. The policies on how to mitigate these
risks are set out below. The directors of the Company
manage and monitor these exposures to ensure
apropriate measures are implemented on a timely and
efective maner.
Curency risk
Several subsidiaries of the Company have foreign
curency expenditures, which expose the Group to foreign
curency risk. The Group does not have a foreign curency
hedging policy. However, the directors of the Company
monitor foreign exchange exposure and wil consider
hedging significant foreign curency exposure should the
ned arise.
Certain receivables, cash and cash equivalents, certain
payables and Convertible Bond of the Group are
denominated in curencies other than the functional
curency of the group entity to which they relate.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 19,802 |
| (207,852) |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
货币风险（续）
下表显示本集团于报告期间结束
时因已确认以相关集团实体功能
货币以外之货币计值之资产或负
债所产生之货币风险：
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Curency risk (continued)
The folowing table shows the Group’s exposure at the
end of the reporting period to curency risk arising from
recognised asets or liabilities denominated in a curency
other than the functional curency of the group entity to
which they relate:
二零二四年
HK$’000
千港元
Asets资产21,253
Liabilities负债(209,805)
Sensitivity analysis
The group entities are mainly exposed to foreign curency
risk of HK$.
The folowing table details the group entities’ sensitivity to
a 10% (2024: 10%) increase and decrease in HK$ against
each group entity’s functional curency. 10% (2024:
10%) is the sensitivity rate used when reporting foreign
curency risk internaly to key management personel and
represents management’s asesment of the material
change in foreign exchange rates. The sensitivity analysis
includes only outstanding foreign curency denominated
monetary items and adjusts their translation at the year
end for a 10% (2024: 10%) change in foreign curency
rates. A negative number below indicates a decrease in
pre-tax profit for the year of the Group (2024: decrease in
pre-tax profit for the year of the Group) where each group
entity’s functional curency weaken 10% (2024: 10%)
against HK$. For a 10% (2024: 10%) strengthening of
each group entity’s functional curency against HK$, there
would be an equal and oposite impact.
敏感度分析
集团实体主要承受港元之外币风
险。
下表详列集团实体对港元兑各集
团实体之功能货币之汇率升跌
10%（二零二四年：10%）之敏感
度。10%（二零二四年：10%）为
向主要管理人员内部汇报外币风
险所用之敏感度比率，并指管理
层对外币汇率重大变动之评估。
敏感度分析仅包括以外币计值之
未偿还货币项目，并就外币汇率
10%（二零二四年：10%）变动调
整于年终之换算。当各集团实体
之功能货币兑港元贬值10%（二
零二四年：10%）时，下表负数
显示本集团年内除税前溢利减少
（二零二四年：本集团年内除税
前溢利减少）。倘各集团实体之
功能货币兑港元升值10%（二零
二四年：10%），则构成金额相
等但效果相反之影响。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| (18,805) |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
利率风险
本集团须承受有关以当前市场利
率计息之银行结余及计息借贷之
现金流量利率风险。本集团并无
运用任何衍生合约对冲其利率风
险。本集团并无制定政策管理其
利率风险。
由于目前市场利率相对较低且稳
定，本公司董事认为，承担浮动
利率银行结余产生的现金流利率
风险并不重大。
- （续）
(b) 财务风险管理目标及政策
（续）
货币风险（续）
敏感度分析（续）
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Curency risk (continued)
Sensitivity analysis (continued)
二零二四年
HK$’000
千港元
Pre-tax profit除税前溢利╱亏损(18,855)
Interest rate risk
The Group is exposed to cash flow interest rate risk in
relation to bank balances caried at prevailing market
rate. The Group has not used any derivative contracts to
hedge its exposure to interest rate risk. The Group has not
formulated a policy to manage the interest rate risk.
The directors of the Company consider that the exposure
of cash flow interest rate risk arising from variable-rate
bank balances is insignificant because the curent market
interest rates are relatively low and stable.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
股本价格风险
本集团须于报告期间结束时估计
可换股债券（见附注22）之公平
值，并于损益内确认其公平值变
动。公平值调整将受（其中包括）
本公司股份市价变动之正面或负
面影响。
敏感度分析
下述敏感度分析仅根据本公司于
报告日期所承受之股价风险厘
定。倘本公司股价上升10%（二
零二四年：10%），而所有其他
变数维持不变，则本集团于截至
二零二五年三月三十一日止年度
之年内除税前溢利（乃源自可换
股债券之公平值变动）将减少约
7,767,000港元（二零二四年：约
10,670,000港元）。倘可换股债
券内含衍生工具估值模式有关
之股价输入数据减少10%（二零
二四年：10%），而所有其他变
数维持不变，则本集团于截至二
零二五年三月三十一日止年度
之年内除税前溢利（乃源自可换
股债券之公平值变动）将增加约
5,379,000港元（二零二四年：约
13,017,000港元）。
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Equity price risk
The Group was required to estimate the fair value of the
Convertible Bond (se Note 22) at the end of the reporting
period with changes in fair value to be recognised in the
profit or los. The fair value adjustment would be afected
either positively or negatively, amongst others, by the
changes in the Company’s share market price.
Sensitivity analysis
The sensitivity analysis below had ben determined based
on the exposure to the Company’s share price risk at the
reporting date only. If the Company’s share price had
ben 10% (2024: 10%) higher and al other variables were
held constant, the Group’s pre-tax profit for the year (as
a result of changes in fair value of the Convertible Bond)
would be decreased by aproximately HK$7,767,000
(2024: aproximately HK$10,670,000) during the year
ended 31 March 2025. If the input of share price to
the valuation model of the derivatives embeded in the
Convertible Bond had ben 10% (2024: 10%) lower while
al other variables were held constant, the Group’s pre-
tax profit for the year (as a result of changes in fair value of
Convertible Bond) would be increased by aproximately
HK$5,379,000 (2024: aproximately HK$13,017,000)
during the year ended 31 March 2025.
| 66,359 | – | – | – | 66,359 | 66,359 |
|---|---|---|---|---|---|
| 651 | 694 | 297 | – | 1,642 | 1,565 |
| 9,881 | 9,881 | 29,642 | 39,497 | 88,901 | 62,182 |
| 200,000 | – | – | – | 200,000 | 205,948 |
| 276,891 | 10,575 | 29,939 | 39,497 | 356,902 | 336,054 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
流动资金风险
就管理流动资金风险而言，本集
团监察并维持现金及现金等值
项目于本公司董事认为足够之水
平，为本集团业务提供资金，减
少现金流量波动之影响。
下表载有本集团金融负债剩余合
约到期日之详情。有关列表乃
基于本集团可能须还款之最早日
期，根据金融负债之合约未贴现
现金流量而编制。列表载有利息
及本金现金流量：
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Liquidity risk
In the management of the liquidity risk, the Group
monitors and maintains a level of cash and cash
equivalents demed adequate by the directors of the
Company to finance the Group’s operations and mitigate
the efects of fluctuations in cash flows.
The folowing tables detail the Group’s remaining
contractual maturity for its financial liabilities. The
tables have ben drawn up based on the contractual
undiscounted cash flows of financial liabilities based on
the earliest date on which the Group can be required to
pay. The table includes both interest and principal cash
flows:
Within
1 year
or on
demand
More than
1 year but
les than
2 years
2 years to
5 years
Over
5 years
Total
undiscounted
cash flows
Carying
amount
一年内或
应要求
超过一年
但少于两年两年至五年逾期五年
未贴现金
流量总额账面值
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元
As at 31 March 2025于二零二五年三月三十一日
Trade and other payables应付货款及其他应付款项
Lease liabilities租赁负债
Mining right payables应付采矿权款项
Convertible bond designated
as financial liabilities at FVPL
指定为按公平值列账并在
损益内处理之金融负债之
可换股债券
As at 31 March 2024于二零二四年三月三十一日
Trade and other payables应付货款及其他应付款项33,718–33,71833,718
Lease liabilities租赁负债1,105277–1,3821,296
Mining right payables应付采矿权款项9,9409,94029,82249,67999,38167,100
Convertible bond designated
as financial liabilities at FVPL
指定为按公平值列账并在
损益内处理之金融负债之
可换股债券–200,000–200,000208,149
44,763210,21729,82249,679334,481310,263
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
信贷风险
于综合财务状况表确认的金融资
产账面值乃扣除减值亏损，代表
本集团最大的信贷风险，惟并未
计及所持有任何抵押或其他信贷
增值的价值。
应收货款
本集团仅与获认可及信誉卓著的
第三方交易。本集团的政策为所
有愿意按信贷条款交易的客户接
受信用验证程序。此外，应收结
余持续受监察，而本集团所承担
的坏账风险并不重大。
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Credit risk
The carying amount of financial asets recognised on the
consolidated statement of financial position, which is net
of impairment loses, represents the Group’s maximum
exposure to credit risk without taking into acount the
value of any colateral held or other credit enhancements.
Trade receivables
The Group trades only with recognised and creditworthy
third parties. It is the Group’s policy that al customers
who wish to trade on credit terms are subject to credit
verification procedures. In adition, receivable balances
are monitored on an ongoing basis and the Group’s
exposure to bad debts is not significant.
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
信贷风险（续）
应收货款（续）
本集团所面对的信贷风险主要受
各客户的个别特殊情况所影响。
客户经营所在行业及国家的违约
风险亦会影响信贷风险，但程度
较低。客户的信用质素乃基于全
面信贷评级及个人信用额度进行
评估，该评估主要基于本集团的
自身交易记录。
于估计预期信贷亏损时，本集团
在估计该等金融资产的违约概率
及违约亏损时，已计及过去三个
年度的过往实际信贷亏损经验及
可用报刊资料，并就债务人特定
的前瞻性因素及对手方经营所处
行业的整体经济环境予以调整。
经计及对手方的财务状况及信贷
质量后，本公司董事认为该等金
融资产的预期信贷亏损并不重
大。由于本集团仅与获认可及信
誉卓著的第三方交易，故无需收
取抵押品。
有关煤矿业务之应收货款涉及之
信贷风险并不重大，原因为本集
团向煤炭客户之销售大部分按预
付款项基准作出。
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Credit risk (continued)
Trade receivables (continued)
The Group’s exposure to credit risk is influenced mainly
by the individual characteristics of each customer. The
default risk of the industry and country in which customers
operate also has an influence on credit risk but to a leser
extent. Credit quality of a customer is asesed based
on an extensive credit rating and individual credit limit
asesment which is mainly based on the Group’s own
trading records.
In estimating the ECL, the Group has taken into acount
the historical actual credit los experience over the past
thre years and available pres information, adjusted for
forward-loking factors that are specific to the debtors
and general economic conditions of the industry in
which the counterparties operate, in estimating the
probability of default of these financial asets, as wel as
the los upon default in each case. The directors of the
Company consider the ECL of these financial asets to be
insignificant after taking into acount the financial position
and credit quality of the counterparties. Since the Group
trades only with recognised and creditworthy third parties,
there is no requirement for colateral.
The credit risk in respect of trade receivables regarding
coal mining busines is insignificant as the Group’s
sales to coal customers are largely done on payment in
advance basis.
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
信贷风险（续）
应收货款（续）
本集团有关可再生能源及资讯科
技服务业务之客户基础由为数
众多之客户组成，应收货款按共
同的风险特征进行分类，该风险
特征代表客户根据合约条款支付
所有到期款项的能力。本集团应
用简化方法就应收货款计算预期
信贷亏损，并根据于各报告日期
全期预期信贷亏损确认亏损拨备
并已确立基于其过往信贷亏损经
验之拨备矩阵，并就债务人独有
之前瞻性因素及经济环境作出调
整。拨备矩阵所用之预期亏损率
乃根据应收货款之预期年期内的
过往可观察亏损率就各类别计
算，并根据当前及前瞻性因素进
行调整，以反映在收集过往数据
期间的经济状况、现况与本集团
就应收款项之预期年期之未来经
济状况之估计之差异。
有关本集团所承担来自应收货款
之信贷风险之更多量化数据于综
合财务报表附注17披露。
于二零二五年三月三十一日，
本集团的信贷风险集中，原因
为约29.56%（二零二四年：约
42.56%）的应收货款总额乃应收
本集团最大贸易债务人及其联属
公司的款项，而约97.17%（二零
二四年：约78.34%）的应收货款
总额则为应收本集团五大贸易债
务人及其联属公司的款项。
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Credit risk (continued)
Trade receivables (continued)
The Group’s customer base regarding renewable
energy busines and IT Services busines consists of
a wide range of customers and the trade receivables
are categorised by comon risk characteristics that
are representative of the customers’ abilities to pay al
amounts due in acordance with the contractual terms.
The Group aplies a simplified aproach in calculating
ECL for trade receivables and recognises a los alowance
based on lifetime ECL at each reporting date and has
established a provision matrix that is based on its
historical credit los experience, adjusted for forward-
loking factors specific to the debtors and the economic
environment. The expected los rate used in the provision
matrix is calculated for each category based on historical
observed los rates over the expected life of the trade
receivables and adjusted for curent and forward-
loking factors to reflect diferences betwen economic
conditions during the period over which the historical data
has ben colected, curent conditions and the Group’s
estimate on future economic conditions over the expected
lives of the receivables.
Further quantitative data in respect of the Group’s
exposure to credit risk arising from trade receivables
are disclosed in Note 17 to the consolidated financial
statements.
As at 31 March 2025, the Group had a concentration of
credit risk as aproximately 29.56% (2024: aproximately
42.56%) of the total trade receivables was due from the
Group’s largest trade debtor and its afiliated companies,
and aproximately 97.17% (2024: aproximately 78.34%)
of the total trade receivables was due from the Group’s
five largest trade debtors and their afiliated companies,
respectively.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 2,910 |
| 312 |
| 411 |
| – |
| 96 |
| 2,248 |
| 3,067 |
| 5,977 |
| (2,344) |
| 3,633 |
| 39.2 | 5,977 | (2,344) | 3,633 |
|---|
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
信贷风险（续）
应收货款（续）
于各报告期末，按到期日划分之
应收货款账龄分析如下：
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Credit risk (continued)
Trade receivables (continued)
At the end of each reporting period, the ageing analysis of
the trade receivables by due date is as folow:
二零二四年
HK$’000
千港元
Not yet due尚未逾期1,911
Past due:逾期：
Within 30 days30日内355
31 – 60 days31日至60日45
61 – 90 days61日至90日115
91 – 365 days91日至365日2,078
Over 1 year超过一年611
3,204
5,115
Les: Los alowance减：亏损拨备(956)
4,159
The information about the exposure to credit risk and ECL
for trade receivables using a provision matrix is as folows:
ECL rate
Gros
carying
amounts
Los
alowance
Net
carying
amounts
预期信贷
亏损率总账面值亏损拨备账面净值
%HK$’000HK$’000HK$’000
%千港元千港元千港元
As at 31 March 2025于二零二五年
三月三十一日
As at 31 March 2024于二零二四年
三月三十一日18.65,115(956)4,159
使用拨备矩阵的应收货款信贷风
险及预期信贷亏损资料如下：
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 956 |
| 1,388 |
| 2,344 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
信贷风险（续）
应收货款（续）
本集团于二零二五年及二零二四
年三月三十一日并无持有任何应
收货款的抵押品。应收货款亏损
拨备变动如下：
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Credit risk (continued)
Trade receivables (continued)
The Group does not hold any colateral over trade
receivables as at 31 March 2025 and 2024. The
movement in the los alowance for trade receivables is as
folows:
二零二四年
HK$’000
千港元
At the begining of the reporting period于报告期初531
Charge of los alowance, net亏损拨备支出净额425
At the end of the reporting period于报告期末956
If the ECL rates on the trade receivables, other than those
receivables already fuly provided with ECL, had ben
1% higher (lower) at the end of the reporting period, with
other asumptions held constant, the los alowance
would have ben aproximately HK$36,000 (2024:
aproximately HK$51,000) higher (lower).
Other receivables
The Group considers that the other receivables have
low credit risk based on the borowers’ strong capacity
to met its contractual cash flow obligations in the near
term and low risk of default. No impairment on the other
receivables is recognised based on the measurement on
12-month ECL.
倘应收货款（经已悉数计提预期
信贷亏损之应收款项除外）之预
期信贷亏损率于报告期末上升
（下降）1%，且其他假设维持不
变，亏损拨备将增加（减少）约
36,000港元（二零二四年：约
51,000港元）。
其他应收款项
由于借款人具有雄厚实力，可于
短期内履行其合约现金流量责
任及较低的违约风险，故本集团
认为其他应收款项的信贷风险较
低。概无根据计量十二个月预期
信贷亏损确认其他应收款项减
值。
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
信贷风险（续）
现金及现金等值项目
本集团认为有关现金及现金等值
项目的信贷风险微乎其微，因为
对手方为信贷等级较高的认可金
融机构。
公平值计量
本集团以摊销成本列账之金融工
具之账面值与于二零二五年及二
零二四年三月三十一日之公平值
并无重大分别。
下表呈列本集团金融工具之公平
值，乃于报告期间结束时按经常
性基准计量，并分类为香港财务
报告准则第13号：公平值计量所
界定之三级公平值层级。将公平
值计量分类之等级乃经参考如下
估值方法所用输入数据之可观察
性及重要性后厘定：
- （最高层级）：本
集团在计量日能获得的相
同资产或负债在活跃市场
中的报价（未经调整）。
- ：除了第一层级
输入值所包含的报价以外
的，资产或负债的直接或
间接可观察的输入值。
- （最低层级）：资
产或负债的不可观察输入
值。
本集团委聘一名独立专业估值师
对分类为公平值层级第二级及第
三级之金融工具进行估值。载有
公平值计量变动分析之估值报告
由独立专业估值师于各中期及年
度报告日期编制，并由财务总监
审阅及批准，并配合报告日期与
财务总监每年两次讨论估值过程
及结果。
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Credit risk (continued)
Cash and cash equivalents
The Group considers the credit risk in respect of cash
and cash equivalents is minimal because the counter-
parties are authorised financial institutions with high credit
ratings.
Fair value measurements
The carying amounts of the Group’s financial instruments
caried amortised cost are not materialy diferent from
their fair values as at 31 March 2025 and 2024.
The folowing table presents the fair value of the Group’s
financial instruments measured at the end of the reporting
period on a recuring basis, categorised into the thre-
level fair value hierarchy as defined in HKFRS 13: Fair
Value Measurement. The level into which a fair value
measurement is clasified is determined with reference to
the observability and significance of the inputs used in the
valuation technique as folows:
- : quoted prices (unadjusted) in
active markets for identical asets or liabilities that
the Group can aces at the measurement date.
- : inputs other than quoted prices included
within Level 1 that are observable for the aset or
liability, either directly or indirectly.
- : unobservable inputs for the
aset or liability.
The Group engaged an independent profesional valuer
to perform valuations of financial instruments which are
categorised into Level 2 and Level 3 of the fair value
hierarchy. Valuation reports with analysis of changes in
fair value measurement are prepared by the independent
profesional valuer at each interim and anual reporting
date, and are reviewed and aproved by the financial
controler. Discusion of the valuation proces and results
with the financial controler is held twice a year to coincide
with the reporting dates.
| 205,948 | – | – | 205,948 |
|---|
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
公平值计量（续）
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Fair value measurements (continued)
Fair value measurements categorised
into
公平值计量分类
Fair valueLevel 1Level 2Level 3
公平值第一级第二级第三级
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
As at 31 March 2025于二零二五年
三月三十一日
Recuring fair value
measurements
经常性公平值计量
Financial liabilities
designated as at FVPL:
指定为按公平值列账并
在损益内处理之金融
负债：
Convertible Bond可换股债券
As at 31 March 2024于二零二四年
三月三十一日
Recuring fair value
measurements
经常性公平值计量
Financial liabilities
designated as at FVPL:
指定为按公平值列账并
在损益内处理之金融
负债：
Convertible Bond可换股债券208,149–208,149
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
公平值计量（续）
截至二零二五年及二零二四年三
月三十一日止年度，第一级与第
二级之间概无转换，或转入或转
出第三级。本集团之政策为确认
于报告期间结束时所产生之公平
值层级之层级间转换。
有关第三级公平值计量之资料
可换股债券公平值参照负债部分
与转换期权部分别按贴现金
流量及二项式期权定价模式计算
之公平值厘定。可换股债券估值
采纳之假设如下：
(i) 无风险利率乃参考年期与
可换股债券相同之外汇基
金票据收益估计；
(i) 相关股价波幅之估计已考
虑本公司之过往价格变动；
(i) 贴现率乃根据本公司之信
贷评级以及具有类似到期
日及信贷风险之可资比较
公司债券而厘定，就可资
比较公司债券而言，已厘
定于估值日之可资比较到
期收益范围，计算时采纳
的中位数；及
(iv) 股息率之估计乃基于本公
司过往之股息派付。
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Fair value measurements (continued)
During the years ended 31 March 2025 and 2024,
there were no transfers betwen Level 1 and Level 2, or
transfers into or out of Level 3. The Group’s policy is to
recognise transfers betwen levels of fair value hierarchy
as at the end of the reporting period in which they ocur.
Information about Level 3 fair value measurements
The fair value of the Convertible Bond is determined
with reference to the fair value of the liability component
and conversion option component, calculated using
discounted cash flows and binomial model, respectively.
The asumptions adopted for the valuation of the
convertible bond are as folows:
(i) The estimation of risk fre rate has made reference
to the yield of Exchange Fund Bil with same
duration as the Convertible Bond;
(i) The estimation of volatility for the underlying share
price has considered the historical price movements
of the Company;
(i) The discount rate was determined based on the
Company’s credit rating and comparable corporate
bonds with similar maturity and credit risk for which
the range of comparable yield to maturity as of date
of valuation was determined and the median has
ben adopted; and
(iv) The estimation of dividend yield is based on
historical dividend payment of the Company.
| As at 31 March 2025 |
|---|
| 于二零二五年 三月三十一日 |
| HK$0.140 0.140港元 |
| HK$0.20 0.20港元 |
| 3.04% |
| 9.92% |
| 0% |
| 0.95 years 0.95年 |
| 68.00% |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
有关第三级公平值计量之资料
（续）
计算公平值所采纳之主要参数概
列如下：
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Information about Level 3 fair value measurements
(continued)
Major parameters adopted in the calculation of the fair
value are sumarised below:
As at
31 March 2024
于二零二四年
三月三十一日
Stock price股价HK$0.139
0.139港元
Exercise price行使价HK$0.20
0.20港元
Risk fre rate无风险利率3.69%
Discount rate贴现率22.92%
Dividend yield股息率0%
Time to expiration到期时间1.95 years
1.95年
Stock price volatility股价波幅110.56%
The discount rate of the Convertible Bond was
determined with reference to the Company’s credit rating
and comparable corporate bonds with similar maturity
and credit risk for which the range of comparable yield to
maturity as of date of valuation was determined and the
average has ben adopted.
可换股债券之贴现率乃经参考本
公司之信贷评级以及到期日及信
贷风险相近之可比公司债券以确
定截至估值日期可比到期回报之
范围而厘定，并已采用平均值。
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Information about Level 3 fair value measurements
(continued)
The fair value changes atributable to the credit risk of
the Convertible Bond is determined with reference to the
Company’s credit rating which changed from “C” to
“B1” during the year, which, among other factors, results
in the significant decrease in the discount rate of the
Convertible Bond. Such fair value changes are recognised
in other comprehensive income.
The significant unobservable input used in the fair value
measurement is expected stock price volatility. The
fair value measurement is positively corelated to the
expected stock price volatility. If the expected stock
price volatility has ben 10% (2024: 10%) higher with
al other variables held constant, the Group’s pre-tax
profit for the year would be decreased by aproximately
HK$6,175,000 (2024: aproximately HK$5,328,000)
during the year ended 31 March 2025. If the expected
stock price volatility has ben 10% (2024: 10%) lower
with al other variables held constant, the Group’s pre-tax
profit for the year would be increased by aproximately
HK$4,947,000 (2024: aproximately HK$7,352,000)
during the year ended 31 March 2025.
- （续）
(b) 财务风险管理目标及政策
（续）
有关第三级公平值计量之资料
（续）
归因于可换股债券信贷风险之公
平值变动乃经参考本公司信贷评
级于本年度由「C」变为「B1」
而厘定，其（其中包括）导致可换
股债券之贴现率大幅减少。有关
公平值变动于其他全面收益中确
认。
公平值计量中所用之重大不可观
察输入数据为预期股价波幅。公
平值计量与预期股价波幅呈正相
关。倘预期股价波幅调高10%
（二零二四年：10%），而所有
其他变数维持不变，则本集团于
截至二零二五年三月三十一日
止年度之年内除税前溢利将减少
约6,175,000港元（二零二四年：
约5,328,000港元）。倘预期股
价波幅调低10%（二零二四年：
10%），而所有其他变数维持不
变，则本集团于截至二零二五年
三月三十一日止年度之年内除
税前溢利将增加约4,947,000港
元（二零二四年：约7,352,000港
元）。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 18,221 |
| 257 |
| 18,478 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
- （续）
(b) 财务风险管理目标及政策
（续）
有关第三级公平值计量之对账
第三级公平值计量之金融负债结
余之截至二零二五年及二零二四
年三月三十一日止年度变动载于
综合财务报表附注22。
28. 关连人士交易
除综合财务报表其他部分所披露者
外，本集团与关连人士有以下交易。
主要管理人员薪酬
报告期内本公司董事及其他主要管理
层成员之薪酬如下：
27. financiaL instruments (continued)
(b) Financial risk management objectives and
policies (continued)
Reconciliation of Level 3 fair value measurements
The movements during the years ended 31 March 2025
and 2024 in the balances of financial liabilities of Level
3 fair value measurements are set out in Note 22 to the
consolidated financial statements.
28. reLated PartY transactions
Except as disclosed elsewhere in the consolidated financial
statements, the Group had the folowing transactions with the
related parties.
Compensation of key management personel
The remunerations of the directors of the Company and other
members of key management personel during the reporting
periods are as folows:
二零二四年
HK$’000
千港元
Salaries, bonus, alowances and
other short-term employe benefits
薪金、奖金、津贴及
其他短期雇员福利9,133
Contributions to defined
retirement contribution plan
定额供款退休计划供款
9,413
The remunerations of the directors of the Company were
determined by the remuneration comite having regard to the
performance of individuals and market trends.
During the year ended 31 March 2025, the Group had granted
a special and one-of bonus totaling HK$8,000,000 to the
executive directors of the Company as a reward of the eforts
exercised in past years regarding the achievement of the
Group, including but not limited to the extension of mining right
permit and restructure of coal mine which completed in late
2023. During the year ended 31 March 2025, the remuneration
comite had held a meting and aproved the special and
one-of bonus, in view of the financial resources of the Company
is suficient and stable after geting through Covid-19 pandemic
and restructure of coal mine in recent years.
本公司董事薪酬由薪酬委员会参照彼
等之个人表现及市场趋势后厘定。
截至二零二五年三月三十一日止年
度，本集团已向本公司执行董事授出
合共8,000,000港元的特别及一次性花
红（作为对过去几年为实现本集团目标
所作努力之回报），有关努力包括但
不限于已在二零二三年底完成之采矿
权许可证延期及煤矿重组。截至二零
二五年三月三十一日止年度，薪酬委
员会已举行一次会议及批准一笔特别
之一次性花红，乃鉴于本公司在度过
Covid-19疫情及于近年重组煤矿后拥
有充足及稳定之财务资源。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 4,399 |
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
29. 资本开支承担
30. 定额供款退休计划
本集团根据强制性公积金计划条例为
受香港雇佣条例管辖之受聘雇员营办
一项定额供款强制性公积金计划（「强
积金计划」）。强积金计划为一项由独
立受托人管理之定额供款退休计划。
根据强积金计划，雇主及其雇员各自
须按雇员相关收入5%向计划供款，最
高每月相关收入合共为30,000港元。
计划供款即时归属。
本公司在中国内地成立之附属公司为
中国内地政府营办之国家管理退休福
利计划（「中国内地退休计划」）之成
员。退休计划供款根据中国内地附属
公司雇员之薪金若干百分比计算，并
于供款有关年度在综合损益及其他全
面收益表内扣除，数额为此等附属公
司应付予该项计划之供款金额。
于综合损益及其他全面收益表扣除
之总成本约4,952,000港元（二零二四
年：约3,403,000港元）指本集团就本
财政年度向该等计划应付之供款。
截至二零二五年及二零二四年三月
三十一日止年度，并无可用作扣减本
集团现时对强积金计划及中国内地退
休计划供款金额之已没收供款。
29. caPitaL eXPenditure comitments
二零二四年
HK$’000
千港元
Contracted but not provided, net
of deposit paid for acquisition of
property, plant and equipment
已订约但未拨备，经扣除就收购
物业、厂房及设备支付之按金
7,308
30. defined contriBution retirement PLan
The Group operates a defined contribution Mandatory Provident
Fund Scheme (“MPF Scheme”) under the Mandatory Provident
Fund Schemes Ordinance, for employes employed under the
jurisdiction of the Hong Kong Employment Ordinance. The MPF
scheme is a defined contribution retirement plan administered
by independent trustes. Under the MPF scheme, the employer
and its employes are each required to make contributions
to the plan at 5% of the employes’ relevant income, subject
to a cap of monthly relevant income of HK$30,000 in total.
Contributions to the plan vest imediately.
The Company’s subsidiaries established in the Mainland
China are members of the state-managed retirement benefits
scheme operated by the Mainland China government (the
“Mainland China Retirement Scheme”). The retirement scheme
contributions, which are based on a certain percentage of the
salaries of the Mainland China subsidiaries’ employes, are
charged to the consolidated statement of profit or los and
other comprehensive income in the year to which they are
related and represented the amount of contributions payable by
these subsidiaries to this scheme.
The total cost charged to the consolidated statement of profit
or los and other comprehensive income of aproximately
HK$4,952,000 (2024: aproximately HK$3,403,000)
represents contributions payable to the schemes by the Group
in respect of the curent financial year.
For the years ended 31 March 2025 and 2024, there were
no forfeited contributions which were available to reduce the
Group’s existing level of contributions to the MPF Scheme and
the Mainland China Retirement Scheme.
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 62 |
| –* |
| 62 |
| 231,161 |
| 1,160 |
| 18,640 |
| 250,961 |
| 1,850 |
| 205,948 |
| 55 |
| 207,853 |
| 43,108 |
| 43,170 |
| 76,537 |
| (33,367) |
| 43,170 |
| – |
| – |
| – |
| 43,170 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
31. 本公司公司层面之财务状况表31. comPanY LeVeL statement of financiaL
Position of tHe comPanY
二零二四年
NotesHK$’000
附注千港元
Non-curent asets非流动资产
Property, plant and equipment物业、厂房及设备270
Investments in subsidiaries于附属公司之投资15–*
Curent asets流动资产
Amounts due from subsidiaries应收附属公司款项15202,073
Other receivables其他应收款项701
Cash and cash equivalents现金及现金等值项目13,061
215,835
Curent liabilities流动负债
Other payables and acruals其他应付款项及应计费用1,380
Convertible bond designated as
financial liabilities at FVPL
指定为按公平值之计入
损益之可换股债券22–
Lease liabilities租赁负债221
1,601
Net curent asets流动资产净值214,234
Total asets les curent liabilities总资产减流动负债214,504
Capital and reserves股本及储备
Share capital股本2176,537
Capital deficiency资金亏绌21(70,237)
Total equity总权益╱（亏绌）6,300
Non-curent liabilities非流动负债
Convertible bond designated as
financial liabilities at FVPL
指定为按公平值列账并在
损益内处理之金融负债之
可换股债券22208,149
Lease liabilities租赁负债55
208,204
214,504
- $1,000.
The statement of financial position was aproved and
authorised for isue by the board of directors on 20 June 2025
and signed on its behalf by
Kwan Man FaiLi Chun Fung
关文辉李震锋
DirectorDirector
董事董事
- ,000港元之金额。
财务状况表由董事会于二零二五年六
月二十日批准及授权刊发，并由以下
人士代表签署：
Anual Report 2024/25 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
32. 于截至二零二五年三月三十一
日止年度已颁布但尚未生效之
修订、新订准则及诠释之潜在
影响
截至该等综合财务报表刊发之日，香
港会计师公会已颁布下列于截至二零
二五年三月三十一日止年度尚未生效
及与本集团有关之修订及新订准则，
而该等修订及新订准则并无于该等综
合财务报表获提早采纳：
香港会计准则
第21号之修订
缺乏可交换性
香港财务报告准则
第9号及香港财务
报告准则第7号之
修订
金融工具的分类及
计量
香港财务报告准则
会计准则的年度
改进
第11册
香港财务报告准则
第9号及香港财务
报告准则第7号之
修订
涉及依赖自然电力
的合约
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19号
不具公众问责的附
属公司：披露
香港财务报告准则
第10号及香港会计
准则第28号之修订
投资者与其联营公
司或合营企业之
间的资产出售或
注资
于二零二五年一月一日或之后开始的年
度期间生效
于二零二六年一月一日或之后开始的年
度期间生效
于二零二七年一月一日或之后开始的年
度期间生效
待定日期或之后开始的年度期间生效
32. PosiBLe imPact of amendments, neW
standards and interPretations isued
But not Yet efectiVe for tHe Year
ended 31 marcH 2025
Up to the date of isue of the consolidated financial statements,
the HKICPA has isued the folowing amendments and new
standards which are not yet efective for the year ended 31
March 2025 and are relevant to the Group and which have not
ben early adopted in the consolidated financial statements:
Amendments to
HKAS 21
Lack of Exchangeability
Amendments to HKFRS 9
and HKFRS 7
Amendments to the Clasification
and Measurement of Financial
Instruments
Anual Improvements
to HKFRS Acounting
Standards
Volume 11
Amendments to HKFRS 9
and HKFRS 7
Contracts Referencing Nature-
dependent Electricity
HKFRS 18Presentation and Disclosure in
Financial Statements
HKFRS 19Subsidiaries without Public
Acountability: Disclosures
Amendments to HKFRS 10
and HKAS 28
Sale or Contribution of Asets
betwen an Investor and its
Asociate or Joint Venture
Efective for anual periods begining on or after 1 January 2025
Efective for anual periods begining on or after 1 January 2026
Efective for anual periods begining on or after 1 January 2027
The efective date to be determined
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
32. PosiBLe imPact of amendments, neW
standards and interPretations isued
But not Yet efectiVe for tHe Year
ended 31 marcH 2025 (continued)
The directors of the Company are in the proces of asesing
the posible impact on the future adoption of these new/revised
HKFRS Acounting standards, but are not yet in a position to
reasonably estimate their impact on the Group’s consolidated
financial statements.
33. eVents after rePortinG Period
On 26 March 2025, the Group had entered into a lease
agrement regarding ofice premises efective from 14 April
2025 for thre years, in which the right-of-use asets clasified
as property, plant and equipment and lease liabilities of
aproximately HK$2,645,000 would be recognised during the
year ending 31 March 2026.
32. 于截至二零二五年三月三十一
日止年度已颁布但尚未生效之
修订、新订准则及诠释之潜在
影响（续）
本公司董事正在评估日后采纳该等新
订╱经修订香港财务报告准则会计准
则，但尚无法合理估计其对本集团综
合财务报表之影响。
33. 报告期后事项
于二零二五年三月二十六日，本集团
已就办公室物业订立租赁协议，由二
零二五年四月十四日起生效，为期三
年，其中分类为物业、机器及设备之
使用权资产及租赁负债约2,645,000港
元将于截至二零二六年三月三十一日
止年度确认。
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 327,049 |
| 97,347 |
| 565 |
| (5,483) |
| 11,145 |
| – |
| – |
| – |
| 103.574 |
| (31,786) |
| 71,788 |
| 72,586 |
| (798) |
| 71,788 |
Anual Report 2024/25 年报
FIVE-YEAR FINANCIAL SUMARY
五年财务摘要
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
A sumary of the published results, asets and liabilities of the Group
for the last five financial years is set out below.
resuLts
Year ended 31 March
截至三月三十一日止年度
二零二四年二零二三年二零二年二零二一年
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
REVENUE收益116,069239,886300,241130,521
PROFIT/(LOS) FROM
OPERATIONS
经营溢利╱（亏损）
(16,068)87,686120,44128,121
Exchange gain/(los), net汇兑收益╱（亏损）净额(3,464)3,946(4,091)7,979
Finance costs融资成本(3,762)(7,214)(10,342)(9,626)
Gain on fair value change/(los on
fair value change and los arising
from modification) of convertible
bond designated as financial
liabilities at FVPL
指定为按公平值列账
并在损益内处理之
金融负债之可换股
债券产生之公平值
变动收益╱（亏损及产
生自修改之亏损）62,794(116,835)(11,254)(24,857)
Change in fair value of contingent
consideration receivables
应收或然代价之
公平值变动–(3,648)
Impairment los on godwil商誉减值亏损–(5,814)(14,503)
Impairment los on property,
plant and equipment
物业、厂房及
设备减值亏损(1,016)–
Profit/(Los) before tax除税前溢利╱（亏损）38,484(32,417)88,940(16,534)
Income tax (expenses)/credit所得税（开支）╱抵免(787)(26,621)(22,940)14,326
Profit/(Los) for the year年内溢利╱（亏损）37,697(59,038)66,000(2,208)
Atributable to:以下人士应占：
Owners of the Company本公司拥有人45,952(96,090)75,231(4,243)
Non-controling interests非控股权益(1,494)(783)(625)761
44,458(96,873)74,606(3,482)
本集团于过去五个财政年度已公布业绩、资
产及负债之概要载列如下。
业绩
| 2025 |
|---|
| 二零二五年 |
| HK$’000 |
| 千港元 |
| 643,323 |
| 402,680 |
| 240,643 |
NAN NAN RESOURCES ENTERPRISE LIMITED 南资源实业有限公司
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
FIVE-YEAR FINANCIAL SUMARY 五年财务摘要
资产及负债asets and LiaBiLities
As at 31 March
于三月三十一日
二零二四年二零二三年二零二年二零二一年
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Total asets总资产524,992583,614616,270560,188
Total liabilities总负债(353,218)(456,298)(392,081)(410,605)
Net asets资产净值171,774127,316224,189149,583
(Stock Code 股份代号: 1229)
(Incorporated in Bermuda with limited liability)
（于百慕达注册成立之有限公司）
2024/25
Anual Report
年报
本年报以环保纸印制
This report is printed on environmentaly friendly paper
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资
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