变动

Change

业绩摘要（港币千元）RESULTS HIGHLIGHTS (HK$’000)

收益Revenue2,594,7352,009,54529%

除税前溢利Profit before tax189,625125,14252%

本公司权益持有人

应占溢利

Profit atributable to equity holders of

the Company154,386100,85353%

资产总值Total asets4,358,9644,143,7505%

股东权益Shareholders’ funds3,081,5703,057,5301%

已发行股本Isued share capital63,05363,0530%

流动资产净值Net curent asets1,997,6481,985,1801%

每股数据PER SHARE DATA

每股基本盈利（港仙）Basic earnings per share (HK cents)24.516.053%

每股现金股息（港仙）Cash dividends per share (HK cents)11.88.048%

每股资产净值（港元）Net asets per share (HK$)4.94.90%

主要财务比率KEY FINANCIAL RATIOS

平均股东权益回报率(%)Return on average shareholders’ funds (%)5.03.352%

平均资产总值回报率(%)Return on average total asets (%)3.62.450%

股东日志

Shareholders’ Calendar

股东周年大会Anual General Meting (AGM)

2025年8月28日（星期四）28 August 2025 (Thu)

股东登记册Register of Members

暂停办理股份过户登记（首尾两天包括在内）Closure of Register (both days inclusive)

出席股东周年大会适用：2025年8月25日至28日For atending AGM:25–28 August 2025

（星期一至星期四）(Mon – Thu)

末期股息适用：2025年9月4日至8日For Final Dividend:4–8 September 2025

（星期四至星期一）(Thu – Mon)

股息（每股）Dividend (per Share)

中期股息：港币3.8仙Interim Dividend:HK3.8 cents

派发日期：2025年1月14日（星期二）Paid on:14 January 2025 (Tue)

末期股息：港币8.0仙Final Dividend:HK8.0 cents

派发日期约于：2025年9月22日（星期一）Payable on or about:22 September 2025 (Mon)

财务摘要

Financial Highlights

截至二零二五年三月三十一日止年度

Year ended 31 March 2025

2公司资料Corporate Information

4主席报告书Chairman’s Statement

6管理层之论述及分析Management’s Discusion & Analysis

17董事之个人资料Biographical Details of Directors

22企业管治报告书Corporate Governance Report

64董事局报告书Report of the Directors

90独立核数师报告书Independent Auditor’s Report

98综合收益表Consolidated Income Statement

99综合全面收益表Consolidated Statement of Comprehensive Income

100综合财务状况表Consolidated Statement of Financial Position

102综合权益变动表Consolidated Statement of Changes in Equity

106综合现金流量表Consolidated Statement of Cash Flows

109财务报表附注Notes to Financial Statements

232主要附属公司Principal Subsidiaries

235五年财务摘要Five-Year Financial Sumary

236投资物业详情Particulars of Investment Properties

公司资料

Corporate Information

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报2

董事

执行董事

蒋丽苑女士（主席兼集团总裁）

钟效良先生

独立非执行董事

陈智思先生（自2024年8月26日起退任）

许志伟先生

郭敬文先生（委任自2024年12月1日起生效）

Anish LALVANI先生

利子厚先生

陈庆光先生

审核委员会

陈庆光先生（主席）

陈智思先生（自2024年8月26日起不再担任）

许志伟先生

郭敬文先生（委任自2024年12月1日起生效）

Anish LALVANI先生

利子厚先生

薪酬委员会

Anish LALVANI先生（主席）

蒋丽苑女士

陈智思先生（自2024年8月26日起不再担任）

许志伟先生（委任自2024年12月1日起生效）

利子厚先生

陈庆光先生

提名委员会

蒋丽苑女士（主席）（委任自2024年8月26日生效）

陈智思先生（自2024年8月26日起不再担任）

郭敬文先生（委任自2024年12月1日起生效）

Anish LALVANI先生

利子厚先生

陈庆光先生

企业管治委员会

利子厚先生（主席）

陈智思先生（自2024年8月26日起不再担任）

许志伟先生

郭敬文先生（委任自2024年12月1日起生效）

Anish LALVANI先生

陈庆光先生

公司秘书

陈志毅先生

授权代表

蒋丽苑女士

陈志毅先生

DIRECTORS

Executive Directors

Ms. Lai Yuen CHIANG (Chairman and Chief Executive Oficer)

Mr. Stephen Hau Leung CHUNG

Independent Non-executive Directors

Mr. Bernard Charnwut CHAN (retired with efect from 26 August 2024)

Mr. Hary Chi HUI

Mr. Clement King Man KWOK (apointed with efect from 1 December 2024)

Mr. Anish LALVANI

Mr. Michael Tze Hau LE

Mr. Johnson Chin Kwang TAN

AUDIT COMITE

Mr. Johnson Chin Kwang TAN (Chairman)

Mr. Bernard Charnwut CHAN (ceased with efect from 26 August 2024)

Mr. Hary Chi HUI

Mr. Clement King Man KWOK (apointed with efect from 1 December 2024)

Mr. Anish LALVANI

Mr. Michael Tze Hau LE

REMUNERATION COMITE

Mr. Anish LALVANI (Chairman)

Ms. Lai Yuen CHIANG

Mr. Bernard Charnwut CHAN (ceased with efect from 26 August 2024)

Mr. Hary Chi HUI (apointed with efect from 1 December 2024)

Mr. Michael Tze Hau LE

Mr. Johnson Chin Kwang TAN

NOMINATION COMITE

Ms. Lai Yuen CHIANG (Chairman) (apointed with efect from 26 August 2024)

Mr. Bernard Charnwut CHAN (ceased with efect from 26 August 2024)

Mr. Clement King Man KWOK (apointed with efect from 1 December 2024)

Mr. Anish LALVANI

Mr. Michael Tze Hau LE

Mr. Johnson Chin Kwang TAN

CORPORATE GOVERNANCE COMITE

Mr. Michael Tze Hau LE (Chairman)

Mr. Bernard Charnwut CHAN (ceased with efect from 26 August 2024)

Mr. Hary Chi HUI

Mr. Clement King Man KWOK (apointed with efect from 1 December 2024)

Mr. Anish LALVANI

Mr. Johnson Chin Kwang TAN

COMPANY SECRETARY

Mr. Chi Ngai CHAN

AUTHORIZED REPRESENTATIVES

Ms. Lai Yuen CHIANG

Mr. Chi Ngai CHAN

3CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

公司资料

Corporate Information

AUDITOR

Ernst & Young

Registered Public Interest Entity Auditor

PRINCIPAL BANKERS

China Construction Bank (Asia) Corporation Limited

Hang Seng Bank Limited

Industrial and Comercial Bank of China (Asia) Limited

The Hongkong and Shanghai Banking Corporation Limited

PRINCIPAL SHARE REGISTRAR

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court, 22 Victoria Stret

PO Box HM 1179, Hamilton HM EX

Bermuda

BRANCH SHARE REGISTRAR

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

Tel: (852) 2980 1333

Fax: (852) 2810 8185

Email: is-enquiries@vistra.com

REGISTERED OFICE

Victoria Place

5th Flor, 31 Victoria Stret

Hamilton HM 10

Bermuda

HEAD OFICE & PRINCIPAL PLACE OF BUSINES

Unit 2001, 20th Flor

Citicorp Centre

18 Whitfield Road

Hong Kong

CORPORATE COMUNICATIONS & INVESTOR RELATIONS

Company Secretary

Tel: (852) 2665 3888

Fax: (852) 2664 8202

E-mail: com@chenhsong.com

Website: w.chenhsong.com

STOCK CODE

核数师

安永会计师事务所

注册公众利益实体核数师

主要往来银行

中国建设银行（亚洲）股份有限公司

恒生银行有限公司

中国工商银行（亚洲）有限公司

香港上海汇丰银行有限公司

主要股份过户登记处

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court, 22 Victoria Stret

PO Box HM 1179, Hamilton HM EX

Bermuda

股份过户登记分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

电话：(852) 2980 1333

传真：(852) 2810 8185

电邮：is-enquiries@vistra.com

注册办事处

Victoria Place

5th Flor, 31 Victoria Stret

Hamilton HM 10

Bermuda

总办事处及主要营业地点

香港

威非路道18号

万国宝通中心

20楼2001室

企业传讯及投资者关系

公司秘书

电话：(852) 2665 3888

传真：(852) 2664 8202

电邮：com@chenhsong.com

网址：w.chenhsong.com

股份代号

主席报告书

Chairman’s Statement

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报4

业务回顾

截至二零二五年三月三十一日止的财政年度，本

集团录得营业额港币25.95亿元（二零二四年：港

币20.10亿元），较去年上升29%。而本公司权益

持有人应占溢利为港币1.54亿元（二零二四年：

港币1.01亿元），较去年上升53%。

于本财政年度，国际贸易格局发生重大转变。地

缘政治紧张局势加剧，部分地区冲突频繁，导致

全球经济增长放缓、供应链受阻、贸易政策不确

定性增加，对全球经济增长构成威胁。

中国政府积极推出政策促进经济发展，包括宽松

的货币政策和支持制造业的措施等，促使国内

经济保持相对稳定。根据国家统计局数据，二零

二五年中国内生产总值增速接近百分之五的预

期目标，彰显政策效果。与本集团相关的关键行

业如新能源汽车与工业机器人等战略性新兴产业

呈现明显的快速增长，充分受惠于国家产业升级

和绿色发展战略。

另一方面，虽然全球已进入减息周期，但减息幅

度仍低于预期。在已发展经济体当中，美国经济

增长较为显著，但其他区域如欧元区的经济增长

仍然缓慢。同时，为应对全球性「China + 1」趋

势，更多中国制造企业选择在东南亚及印度等地

区设厂投资。然而，有赖于集团持续积极拓展海

外市场策略，特别是在巴西、印度、印尼、越南

等新兴市场投资，已初见成效，该等市场份额逐

步扩大，从而带动海外销售业绩显著增长。

在中国内卷情况持续及全球不明朗因素笼罩下，

「变革」已成为企业持续发展的核心。本集团于本

年度进一步投入更多资源于深圳厂房的创新研发

中心，引进更多专业人才加入研究及开发团队。

在产品创新研发及智能生产转型方面，将持续投

放更多资源，以加快产品研发与技术革新。

Busines Review

For the financial year ended 31 March 2025, the Group registered

a total turnover of HK$2.595 bilion (2024: HK$2.01 bilion),

representing an increase of 29% over the previous year. Profit

atributable to equity holders increased by 53% to HK$154 milion

(2024: HK$101 milion).

This financial year has ben characterised by a major shift in

international trade landscape, together with intensifying geopolitical

tension and frequent regional conflicts that disrupted global suply

chains amidst mounting policy uncertainties, threatening economic

growth worldwide.

The Mainland Chinese Government implemented proactive policies to

promote economic development, which included monetary easing and

manufacturing suport measures to stabilise the domestic economy.

Data from the Chinese National Bureau of Statistics indicated GDP

growth rate expectations aproaching 5% in 2025, which proved

the relative efectivenes of these policies. Industries such as

EV’s and advanced robotics, sectors key to the Group’s busines,

benefited greatly from the national strategies for upgrading and gren

manufacturing.

On the other hand, even though the world has oficialy entered an

interest rate cut cycle, the extent of cuts remained below expectations.

Among the developed economies, the USA economy exhibited

much greater strength and resilience than other regions, such as

the Eurozone where economic growth remained slugish. Many

enterprises, however, started paying hed to “China + 1” initiatives,

with Chinese manufacturing companies increasingly opting to invest in

production facilities in Southeast Asia and India. Owing to the Group’s

long-term strategic investments into international markets, especialy

in key emerging markets such as Brazil, India, Indonesia and Vietnam,

early signs of suces were aparent with increased market share,

leading to a significant bost in the Group’s international market

performance.

As the domestic economy in Mainland China continued to be

lackluster and global uncertainties abound, “transformation” has

become the focus of many enterprises in order to achieve sustainable

development. During the course of this financial year, the Group has

further invested in its Centre for Inovation and Advanced Research

in Shenzhen, bringing in profesional talents to bost the research

and development team. The Group wil also step up investments into

product inovation and inteligent manufacturing in order to acelerate

product research and development and technological inovation.

5CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

主席报告书

Chairman’s Statement

面对行业内激烈的市场竞争，本集团除了进一步

完善原有产品的更新换代外，还成立了智能产业

事业部，推出「iChen Smart Family」智能生产系

统，包括「iChen Cloud」、「iChen Smart Factory」

和「iChen AI Molder」等。这些创新科技已在首批

客户中应用，成功部署了智能化生产线与大数据

管理方案，有效提升客户的智能制造能力。当中

「iChen AI Molder」引入人工智能调模技术，为客

户解决招聘调模技术师傅困难的痛点。

未来展望

本集团相信中美贸易紧张和地缘政治风险将持续

至来年。以审慎的财务策略为基础，本集团将深

化新兴市场布局、加大研发投资并推动产业升级。

同时，亦将持续优化供应链管理，控制成本，提

升运营效率，以应对外部商业环境急剧变化带来

的挑战。

感谢辞

我代表董事局衷心感谢所有股东、客户、供应商、

合作伙伴，以及银行的长期支持与信任。同时，

也向公司管理层和全体员工表达诚挚的感谢，正

是因为你们长期的努力与奉献，才有集团今天的

成就。

蒋丽苑

主席兼集团总裁

香港，二零二五年六月二十日

In the face of intense market competition, in adition to constantly

upgrading its product lines, the Group also established the “Inteligent

Manufacturing Division,” which launched the “iChen Smart Family”,

an inteligent manufacturing system, including “iChen Cloud”,

“iChen Smart Factory” and “iChen AI Molder.” These inovative

technologies have already ben wel-deployed in client facilities on

large-scale inteligent production lines with big data management

solutions. Among them, the “iChen AI Molder” maries advanced AI

algorithms with decades of real-life aplications experience to form an

inovative automatic solution which uniquely adreses the dificulties

the Group’s clients curently face in recruiting skiled moulding

technicians.

Future Prospects

The Group anticipates Sino-USA trade tensions and geopolitical risks to

continue wel into the coming year. The Group wil continue to adhere

to prudent financial practices, acelerate its investments into global

emerging markets, step up investment in research and development

to promote industrial upgrading. Furthermore, the Group wil continue

to optimise its suply chain management, control costs and enhance

operating eficiency in order to face the chalenges ahead caused by

rapid changes in international busines environment.

Gratitude

On behalf of the Board of Directors, I extend my heartfelt thanks to al

shareholders, customers, supliers, busines partners, and bankers

for their long-term suport and trust, and to our management team

and employes for their eforts and dedication over the years which

have ben the key to the Group’s achievement today.

Lai Yuen CHIANG

Chairman and Chief Executive Oficer

Hong Kong, 20 June 2025

管理层之论述及分析

Management’s Discusion & Analysis

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报6

业务表现

截至二零二五年三月三十一日止的财政年度，本

集团录得营业总额港币25.95亿元（二零二四年：

港币20.10亿元），较去年上升29%。权益持有人

应占溢利上升53%至港币1.54亿元（二零二四年：

港币1.01亿元）；每股基本盈利为港币24.5仙（二

零二四年：港币16.0仙）。董事局建议本财政年

度派发末期股息为每股港币8.0仙（二零二四年：

港币5.0仙）。

本财政年度的国际经济环境风云暗涌、在普遍的

增长态势下隐伏危机，地缘政治角力以及保护主

义、脱钩主义抬头引致全球营商环境充斥不确定

性。自新一届美国政府于本财政年度最后一季度

就任，随即落实早已宣告的贸易保护政策、发动

全球性的贸易战，规模之大前所未有。

二零二四年的全球经济基本向好，大部分国家经

历高利率周期后，通货膨胀放缓，促使央行逐步

放宽货币政策。美国联邦储备局在九月份启动降

息周期时，降幅大于预期，显示过去的金融干预

已收成效。由于新冠疫情的影响，二零二零年至

二零二四年是冷战结束以来，全球经济增长最慢

的五年，不同国家与地区之间的表现差异明显，

发达经济体中只有美国增长较为强劲，而欧元区

和日本则复苏乏力，发展中国家更为严峻。本年

度初期欧洲的经济数据意外下滑，引发市场忧虑，

促使欧洲启动更深、更快的宽松周期。这些宽松

政策鼓励了欧洲各国消费增长，本集团的业绩亦

因而得以受惠。

Busines Performance

For the financial year ended 31 March 2025, the Group’s total

turnover increased by 29% to HK$2,595 milion (2024: HK$2,010

milion). Profit atributable to equity holders increased by 53% to

HK$154 milion (2024: HK$101 milion) while basic earnings per

share amounted to HK24.5 cents (2024: HK16.0 cents). The Board

recomended the payment of a final dividend of HK8.0 cents (2024:

HK5.0 cents) per share for this financial year.

During the course of this financial year, amidst general overal growth,

the global economy was fraught with hiden surprises and unexpected

sped-bumps. Geopolitical tensions escalated, with protectionism

and “decoupling” becoming mainstream values, and led to increasing

uncertainties and volatility in international trade. The latest USA

administration, after taking ofice during the last quarter of this fiscal

year, promptly implemented a range of pre-anounced protectionism

policies, initiating a global trade war of which the scale had ben

unprecedented in modern history.

Worldwide economic sentiments started positive in 2024 with inflation

moderating in most countries after a long period of high interest rates,

prompting central banks to start easing monetary policies. When the

Federal Reserve finaly initiated its interest rate-cut cycle in September

with a larger-than-anticipated cut, it was almost as if the worst were

behind us after years of active financial interventions. The COVID-19

pandemic from 2020 to 2024 remained the slowest period of global

economic growth since the end of the Cold War, and subsequent

recoveries acros countries and regions varied greatly. For instance,

amongst the developed economies, only the USA exhibited robust

growth throughout while the Eurozone and Japan remained lacklustre

while the position of the developing countries was even worse. In fact,

Europe’s recent por economic indicators at the begining of this

financial year had raised serious market concerns, leading to deper

and stronger easing policies which to an extent stimulated consumer

spending acros Europe, a trend that the Group benefited from.

7CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

管理层之论述及分析

Management’s Discusion & Analysis

During the first half of this fiscal year, global economies continued to

recover with increasing trade activities, which in turn intensified suply

chain conflicts. While total global trade volume registered an increase

and market demand remained robust, but simultaneously faced with

the chalenges of unbalanced development and considerable risks and

uncertainties. The final outcome was a new USA administration taking

ofice in the second half of the financial year, adopting broad anti-

globalisation policies hostile to the multilateral trade practices that the

world had for decades become acustomed to. Since then, the world

economy has ben clouded with significant uncertainty.

As the world factory, China played a central role in ever-changing

international trade relations. Not only did China help sustain global

economic activity with domestic demand, its stranglehold on global

suply chains became tighter than ever, raising serious concerns in

Western developed countries. Previous Sino-USA trade disputes son

escalated into a ful trade war under the new President of the USA,

eventualy evolving into a global trade war.

Trade wars shake market confidence, which is critical in any wel-

functioning busines environment. During the second half of this

financial year, worldwide markets were plagued with uncertainties.

Although market demand apeared to continue growing as compared

with the first half, the Group’s view is that it was primarily due to frantic

stockpiling before the new round of tarifs in the USA tok efect. Such

market strength is unlikely to last, and the world wil son be forced to

acept an evolving new reality in global trade.

Recent economic environment has always ben characterised by

“oportunities within crisis”. This financial year also confirmed the

aplicability of the oposite: “crisis within oportunities”. When

multilateral relationships could drift from close alies to being far apart

merely at the whims of the President of the USA alone, global suply

chains are facing some strong headwinds, with rising protectionism,

intensifying geopolitical conflicts and anti-globalisation under the

forces of localisation, nationalism and multipolarism. The Group

wil continue to adopt a pragmatic, cautious but proactive aproach

towards managing the financial and market risks that may arise as a

result.

在本财政年度的上半年，全球经济持续复苏，贸

易需求总体上升，进而令供应链的矛盾加深。尽

管贸易总额有所增加，市场需求持续旺盛，但同

时面临发展失衡和诸多不确定性风险。最终的结

果是自下半年新一届美国政府上台，采取对全球

化产业结构及多边贸易充满敌意的政策，世界经

济从此增添大量未知数。

中国作为世界工厂，在风云变幻的国际贸易关系

中扮演著核心角色，除了中国内部消费对带动全

球的经济活力举足轻重，中国供应链亦越来越变

得难以替代，使西方经济体系担心加剧，从局部

的中美贸易纠纷演化成贸易战，继而在新一届美

国总统的推动下，演变成全球性的贸易战。

任何营商环境都离不开市场信心，而贸易战带来

的不确定性正在不断动摇市场信心。在本财政年

度下半年，全球市场前景充斥著不确定因素，虽

然市场需求比上半年持续增加，但本集团认为主

要原因是商家赶在美国新一轮关税实施之前积极

囤积库存所致，这情况不会持久，新的全球贸易

现实正在演变。

一直以来的经济环境是「危中有机」，而本财政年

度证实了反向概念亦同样适用：「机中有危」。当

国与国的关系可以因美国总统的一句话而在瞬间

转变，全球供应链遭遇强劲逆风，贸易保护主义

抬头，地缘政治冲突加剧，国际产业分工格局呈

现本土化、区域化及多元化发展，重构趋势不断

深化。本集团将继续采取积极的态度、务实审慎

地面对潜在危机，并严格控制由此而衍生的市场

及财务风险。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报8

管理层之论述及分析

Management’s Discusion & Analysis

Market Analysis

Breakdown of turnover, based on the location of customers, for the

year ended 31 March 2025 is as folows:

During this financial year, the Mainland China economy faced complex

conditions, including presure from outside and growing domestic

dificulties from within amid a generaly smoth-runing economy with

GDP growing an expectations-meting 5% to surpas RMB130 trilion

for the first time in history. Faced with the complex and severe external

environment, the structure of the China economy was notably evolving

towards the high-end, with high-tech industries faring significantly

beter than traditional and remarkable growth in new sectors such as

IT services, EV, IC and advanced robotics. The group continued to

provide its strategic EV partner BYD with large numbers of high-end

injection moulding machines, including large-tonage two-platens and

high-precision al-electrics, asisting BYD in their rapid EV capacity

expansion while also contributing to the rapid growth of China’s EV

sector in general.

“Crisis within oportunities” fuly held for Mainland China due to

intensified Sino-USA trade conflicts. Presidential election in the USA

during the second half of this financial year already foretold the

resurgence of localism and protectionism. Many international buyers

started to hoard inventory ahead of the oncoming troubles, pushing

Mainland China’s export trade volume to record height, with trade

volume in December 2024 alone growing 6.8% to exced RMB4

trilion. Similarly, market demand for injection moulding machines

was also red-hot. Market sentiments further ignited as the new USA

administration was sworn in during the last quarter of this financial

year. The threat of high tarifs caused frantic stockpiling in a race

against time. The Group sucesfuly leveraged this oportunity and its

capacity advantages to capture market share with new product lines,

leading to strong Mainland China turnover growth to HK$1.84 bilion

(2024: HK$1.45 bilion), an increase of 27%.

市场分析

截至二零二五年三月三十一日止的财政年度，按

客户地域划分的营业额分析如下：

二零二五年二零二四年

（港币百万元）（港币百万元）变动

客户地域Customer Location(HK$ milion)(HK$ milion)Change

中国大陆及香港Mainland China and Hong Kong1,8401,450+27%

台湾Taiwan3938+3%

其他海外国家Other overseas countries716522+37%

2,5952,010+29%

本财政年度，中国大陆面对外部压力加大和内部

困难增多的复杂形势，虽然整体经济运行平稳，

国内生产总值首次突破人民币130万亿元，增长

5%，达到预期目标。面对外部复杂严峻环境，

中国经济结构持续向高端化演进，例如高科技制

造业增速明显快于传统工业，信息技术相关服务

业、新能源汽车、集成电路和工业机器人等领域

均有显著增长。本集团继续为策略性伙伴比亚迪

提供大量高端注塑机，包括大型二板机及高精密

全电机等，协助其电动汽车产能快速的扩张，亦

间接为中国的新能源汽车板块高速成长作出了贡

献。

「机中有危」是源于美国总统大选从本财政年度下

半年开始已经预告本土主义和保护主义抬头，及

中美贸易纠纷加剧，故此许多国际客户都囤积库

存，使二零二四年的中国出口贸易额创下新高，

十二月份的贸易总额更是首次突破人民币4万亿

元，增幅达6.8%，市场对注塑机的需求亦趋向

炽热。踏入本财政年度的最后一季度，随著美国

新一届政府就职以及关税战的阴霾，市场热度进

一步提升，主要是美国买家赶在关税生效前尽量

囤货，而本集团顺利地抓紧机遇，凭新推出的产

品线及产能优势抢占市场份额，使中国市场营业

额大幅增长27%至港币18.40亿元（二零二四年：

港币14.50亿元）。

9CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

管理层之论述及分析

Management’s Discusion & Analysis

Taiwanese customers traditionaly rely on exports to the USA and

Europe and registered god growth during the first half of this financial

year. However, as the Eurozone economies stagnated, many customers

started adopting a “wait-and-se” aproach, delaying the purchases of

capital equipment, which resulted in a sharp deterioration of busines

sentiment during the second half. Overal, the Group’s Taiwan turnover

remained esentialy flat with previous year at HK$39 milion (2024:

HK$38 milion).

Internationaly, the global employment rates remained resilient with the

International Labour Organisation forecasting global unemployment

droping to only 4.9% in 2024. Nevertheles, the data hid substantial

polarisation among countries, as labour markets in developed countries

stayed robust but developing countries continued to be plagued with

high unemployment. The same polarisation was also observed in

inflation.

A direct consequence was the developed countries as a whole, mainly

North America, driving global consumption demand in the first half. As

political landscape in the USA evolved in the second half, and with the

new administration clearly hostile towards Sino-USA trade relations, in

order to diversify the risk of having most egs in a single basket, many

multinational brands began adopting “China + 1” and actively pursued

new suply sources from other countries. Southeast Asia, along with

developing countries like Brazil and Turkey, benefited greatly from

such strategic risk-diversifying initiatives during the second half of this

financial year, leading to increased demand for injection moulding

machines.

Due to the Group’s foresight of making long-term strategic investments

into key developing markets, e.g., expanding subsidiaries in Europe,

Brazil and India, as wel as new subsidiaries in Mexico and Indonesia

providing local inventory, the Group was able to capture this wave of

transfer demand to register an impresive 37% growth in international

market turnover to HK$716 milion (2024: HK$522 milion).

台湾客户主要依赖美国及欧洲出口，在本财政年

度的上半年录得良好的增长。但随著欧元区经济

停滞，很多客户开始采取观望态度暂缓增加生

产设备，使下半年的市场景气急剧恶化。总计全

年的业绩仅与去年持平为港币3,900万元（二零

二四年：港币3,800万元）。

在国际市场方面，虽然全球就业展现良好的韧性，

国际劳工组织预计二零二四年全球的失业率仅为

4.9%，但从失业率水平来看，发达国家的劳动市

场较为紧张，失业率普遍偏低，而发展中国家的

失业率普遍偏高，通货膨胀数据亦显示了同样的

两极化趋势。

因此，以北美洲为主的发达国家在上半年推动需

求，主导著全球的消费。然而，随著美国本土政

局的变化，在下半年新一届政府对中美贸易关系

的敌意加剧，许多国际性品牌都开始采取「China

+ 1」的供应链策略，即在中国的原有供应商以外

积极开辟其他国家的供应商，以降低供应链过度

集中的政策风险。故此，在本财政年度的下半年，

东南亚以及巴西、土耳其等发展中国家受惠于这

些分散政策风险策略，对注塑机的需求越趋畅旺。

本集团庆幸早前已在关键的策略性国际市场提前

部署，如年前开始扩充欧洲子公司、成立新的墨

西哥及印尼子公司、提供当地库存，并积极发展

巴西和印度的子公司规模，深耕市场，因此能够

顺利捕捉这一波的供应链转移需求，使本财政年

度内的国际市场营业额录得37%的增长至港币

7.16亿元（二零二四年：港币5.22亿元）。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报10

管理层之论述及分析

Management’s Discusion & Analysis

Development of New Technologies and New Products

During this financial year, the Group launched a number of product

line extensions including new models of large-tonage two-platen

machines, al electric machines, hybrid hydraulic-electric machines

and multi-material machines. In adition, the Group introduced

a new line of vertical injection moulding machines to augment its

existing product portfolio, which helped serve high-end segments

such as EV, 3C electronics and medical more profesionaly. At the

same time, the Group also aded specialised oferings into its linage,

including multi-material with micro-foaming, switchable injection units

for optical aplications in EV, a new series for producing pales, the

next generation SUPER-PACK series for thin-waled packaging, and

a new series for PET preforms. Most notably, a 4,500-ton two-platen

machine with an industry-leading 280kg shot-pot-type injection unit

was sucesfuly delivered to overseas customer during this financial

year. Another 3,600-ton two-platen machine, which also achieved

the industry-leading ultra-large shot-weight of 200kg, was awarded

the prestigious “New Technology and New Product” Certificate by the

Plastics Machinery Industry Asociation of China.

The Group’s investments and eforts into advanced research and

development earned it acreditation by the Department of Science

and Technology, Guangdong Province, in 2023 as the “Chen Hsong

Technology Centre for Precision Injection Moulding in Guangdong”.

To acelerate transformation into digital-enabled manufacturing, the

Group made the first major step in establishing the Digital Technology

Department focusing on building state-of-the-art unified data platforms

and proces control technology. By streamlining and optimising core

busines proceses together with unified data analytics, the Group was

able to suport quick and inteligent decision-making through acurate

and timely information, greatly enhancing production eficiency and

visual management.

新技术及新产品开发

本集团于本财政年度内，延伸拓展了二板式大型

注塑机、全电动注塑机、混合动力三板机以及多

物料注塑机等产品线的新型号，并开拓直立式注

塑机产品线，以满足新能源汽车、3C电子、医疗

等行业客户的专业需求。同时，本集团亦推出了

多款专用机产品，如微发泡双色机、可切换双射

台的新能源汽车光学专用机、整系列化工桶包装

专用机、新一代薄壁包装专用机SUPER-PACK、

新一代PET瓶胚行业专用机等。尤其是280公斤

超大射胶量的预熔技术搭载于4,500吨二板机，

在本财政年度成功交付予海外客户，完成了行业

的重大突破。本集团的3,600吨二板机也实现了

20万克超大注射容量，达到同类产品国际先进

水平，获得中国塑料机械工业协会颁发「新技术、

新产品成果」鉴定证书。

在先进研发方面，本集团获得广东省科学技术厅

二零二三年度「广东省震雄精密注塑成型工程技

术研究中心」的资格认定。在加速数字化转型方

面，本集团亦取得重大突破，一方面成立了集团

数字化中心，聚焦于构建统一的数据平台与流程

引擎，通过梳理并优化核心业务流程，引入统一

数据分析等工作，实现智能决策，同时大幅提升

流程生产效率与可视化管理能力。

SUPER PACK 伺服驱动注塑机

SUPER PACK Servo Drive Injection Moulding Machine

11CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

管理层之论述及分析

Management’s Discusion & Analysis

The Group also oficialy launched its ambitious program for “Industrial

Empowerment” by providing end-to-end comprehensive solutions to

clients in various sectors such as automotive, consumer electronics

and fod packaging. This program provides consultation to clients

in target industries, starting from status snapshot, solution proposal,

system integration to subsequent fine-tuning and optimisation. It

enables clients to markedly improve their manufacturing flexibility and

control, as wel as make beter-informed decisions, through real-time

management of production equipment and advanced features, such

as smart scheduling. With customised dashboards providing clear

visualisation of key proces statuses, the Group’s clients and partners

are more able to surge ahead of competition in the new race for digital

supremacy.

Last but not least, the Group established a new busines unit for “Smart

Manufacturing Services” to further acelerate upgrade of the industry

into the digital age. Through the “iChen Smart Family” platform which

includes the “iChen Cloud”, “iChen Smart Factory” and “iChen AI

Molder”, the Group sucesfuly provided clients with a ful range of

services from one-top turn-key factory projects to cloud-based big-data

systems to advanced mold seting services utilising advanced dep-AI

models. Among these, the “iChen AI Molder” service, which employs

advanced AI models to tackle the dificult but critical task of mold

seting, stands to revolutionise the industry by digitalising decades of

manual-tuning expertise, aleviating the pain of hiring experienced

technicians for many clients.

本集团亦正式启动「赋能千行百业」计划，针对汽

车零部件、消费电子、食品包装等多个行业客户

提供端到端的全面解决方案。从需求诊断、方案

设计到系统实施与持续微调优化，全流程赋能设

备管理、智能排产与数据驱动决策，帮助客户实

现柔性生产与精细化运营，并通过定制化数据看

板与决策模型，助力客户与合作伙伴在数字化浪

潮中抢占市场先机。

此外，为了进一步加快智能产业升级，本集团

新成立了智能产业事业部，推出「iChen Smart

Family」智能生产系统，包括「iChen Cloud」、

「iChen Smart Factory」和「iChen AI Molder」等创新

科技。这些智能产品线为客户提供不同选择，从

智能工厂建设的一站式解决方案，到云端控制和

人工智能调模等先进技术。并于本年度为客户成

功部署智能化生产线与大数据管理方案，有效提

升客户的智能制造能力。当中「iChen AI Molder」

引入人工智能调模技术，更为客户解决招聘具经

验调模技术人员的困难。

捷霸 PET/S2 伺服驱动注塑机

JETMASTER PET/S2 Servo Drive Injection Moulding Machine

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报12

管理层之论述及分析

Management’s Discusion & Analysis

Production Capacity and Cost Control

During this financial year, under the auspice of lean manufacturing,

the Group continued to pursue its thre-level planing system that

aims to provide precise, timely and acurate instructions to every

worker and every machine. In adition, the Group implemented an

advanced MES system in its production facility, part of a larger initiative

to digital-enable its production proceses. The Group also continued

to actively control costs through optimising steps in manufacturing,

employing more eficient tols and rigings and automating machining

equipment as a networked managed whole, which led to material

improvements in production eficiency and cost efectivenes.

The Group sought to integrate its suply chain resources, pursuing

coperation with strategic supliers to build nearby facilities, in order to

reduce overal delivery lead time and procurement costs. In adition,

design standardisation would also help shorten lead time and improve

suply chain resilience.

Finaly, the Group established its “Smart Manufacturing” division which

included internal research and development eforts and colaboration

with external parties to develop the industry-leading “iChen Cloud”,

MES and QMS systems, leveraging dep AI for its core inovative

features. These systems would help the Group increase equipment

utilization and shorten production cycle time.

Financial Review

Liquidity and Financial Conditions

As at 31 March 2025, the Group had net curent asets of HK$1,998

milion (2024: HK$1,985 milion). Cash and bank balances (including

pledged deposits) amounted to HK$667 milion (2024: HK$874

milion), representing a decrease of HK$207 milion as compared to

last year. As at 31 March 2025, the Group had no bank borowings

(2024: Nil). The Group recorded a net cash position of HK$667 milion

(2024: HK$874 milion), representing a decrease of HK$207 milion as

compared to last year.

The gearing ratio of the Group is measured as total borowings net of

cash and bank balances divided by total asets. The Group had a net

cash position as at 31 March 2025. As a result, no gearing ratio was

presented.

It is the policy of the Group to adopt a consistently prudent financial

management strategy, suficient liquidity is maintained to met

the funding requirements of the Group’s capital investments and

operations.

生产能与成本控制

于本财政年度内，本集团的生产运作上以精益生

产为先导，致力建立完善的「三级计划体系」，将

计划精确、及时和清晰地落实到每一位员工、每

一台设备，而先进的MES系统投入使用也开启了

数字化工厂建设。本集团亦积极地推动成本控制，

在生产过程中优化加工程序及工装夹具，从而实

现设备联动及零件加工的一键启动，预计生产效

率及成本效益将有可观的提升。

在供应链方面，本集团通过整合资源及战略合作

方式，引入配套资源周边建厂、缩短交付周期、

实现成本优化；通过标准化设计缩短交货周期，

进一步提升供应链的响应速度。

最后，本集团组建了智能产业事业部，整合内部

研发与外部合作力量，率先在各生产基本部署自

主研发、人工智能深度集成的「iChen Cloud」、

MES与QMS系统，可提升设备综合利用率及缩短

生产周期。

财务回顾

流动资金及财务状况

于二零二五年三月三十一日，本集团的流动资产

净值为港币19.98亿元（二零二四年：港币19.85

亿元）。现金及银行结存（包括有抵押存款）为港

币6.67亿元（二零二四年：港币8.74亿元），较去

年减少港币2.07亿元。于二零二五年三月三十一

日，本集团并无银行贷款（二零二四年：无）。本

集团净现金结余为港币6.67亿元（二零二四年：

港币8.74亿元），较去年减少港币2.07亿元。

本集团的负债比率乃按总借贷扣除现金及银行结

存除以总资产计算。于二零二五年三月三十一日，

本集团持有净现金结余。因此，并无呈报负债比

率。

本集团会继续维持一贯稳健的财务管理政策，储

备充足的流动资金，以应付本集团对各项资本投

资及营运资金的需求。

13CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

管理层之论述及分析

Management’s Discusion & Analysis

资产抵押

于二零二五年三月三十一日，在本集团之若干附

属公司所持有之银行存款中，为数港币1.39亿元

（二零二四年：港币4,500万元）已作抵押，用作

担保发出给予供应商的银行承兑汇票，该等汇票

记入应付贸易及票据账款内。于二零二四年三月

三十一日，本集团之一间附属公司所持有之银行

存款中，为数港币300万元已作抵押，用作担保

于中国大陆之银行给予客户作购买本集团产品的

银行贷款。此外，于二零二五年三月三十一日，

本集团之一间附属公司所持有之应收票据账款中，

为数港币1.49亿元（二零二四年：港币7,300万元）

已作抵押，用作担保发出给予供应商的银行承兑

汇票，该等汇票记入应付贸易及票据账款内。

资本承担

于二零二五年三月三十一日，本集团主要于中国

大陆之生产设施兴建及更新改善工程、购买之生

产设备，以及购买位于欧洲仓库之资本承担为港

币2,200万元（二零二四年：港币600万元），资

金会由本集团内部资源提供。

重大投资、收购及出售

于截至二零二五年三月三十一日止年度内，本集

团并无任何有关其附属公司及联营公司的重大投

资、收购或出售。

重大投资或资本资产之未来计划

于二零二五年三月三十一日，本集团并无有关重

大投资或资本资产的具体计划。

本公司为联属公司提供财务资助及作出担保

于二零二五年三月三十一日，本公司并无向联属

公司提供任何财务资助及作出担保而须按香港联

合交易所有限公司（「联交所」）证券上市规则（「上

市规则」）第13.22条予以披露。

Charge on Asets

As at 31 March 2025, bank deposits of certain subsidiaries of the

Group in the amount of HK$139 milion (2024: HK$45 milion) were

pledged for securing the isuance of bank aceptance notes, recorded

in the trade and bils payables, to supliers. As at 31 March 2024,

a bank deposit of a subsidiary of the Group in the amount of HK$3

milion was pledged for securing a bank loan granted by a bank in

Mainland China to a customer to purchase the Group’s products. In

adition, as at 31 March 2025, bils receivable of a subsidiary of the

Group in the amount of HK$149 milion (2024: HK$73 milion) was

pledged for securing the isuance of bank aceptance notes, included

in the trade and bils payables, to supliers.

Capital Comitments

As at 31 March 2025, the Group had capital comitments of HK$22

milion (2024: HK$6 milion), mainly in respect of the construction

and upgrading of industrial facilities, the purchases of production

equipment in Mainland China, as wel as the purchase of warehouse in

Europe which are to be funded by internal resources of the Group.

Significant Investments, Acquisitions and Disposals

The Group did not make any significant investments, acquisitions

or disposals in relation to its subsidiaries and asociated companies

during the year ended 31 March 2025.

Future Plans for Material Investments or Capital Asets

As at 31 March 2025, the Group had no specific plan for material

investments or capital asets.

Financial Asistance and Guarantes to Afiliated Companies

by the Company

As at 31 March 2025, the Company had not provided any financial

asistance and guarantes to afiliated companies which is subject to

disclosure requirement under Rule 13.22 of the Rules Governing the

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

Hong Kong Limited (the “Stock Exchange”).

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报14

管理层之论述及分析

Management’s Discusion & Analysis

本公司给予某实体的垫款

于二零二五年三月三十一日，本公司并无给予某

实体任何垫款而须按上市规则第13.20条予以披露。

资金及外币风险管理

本集团在资金管理方面，采取稳健的理财策略，

资金主要以港元、人民币、新台币、美元及欧元

持有，并一般以短期或中期存款存放于银行，作

为本集团的流动资金。

本集团亦不时对若干波动较大的外币风险作出评

估，以合适之方法减低有关的风险。

本集团于中国大陆有重大投资，并知悉任何人民

币汇率波动将对本集团的净溢利有所影响。但由

于本集团之交易多以人民币结算，故该汇兑差额

对本集团的实际营运及现金流不构成直接影响。

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。于二零二四年三月三十一日，本集

团就客户用于购买本集团产品的银行贷款提供给

银行的担保为港币100万元。

客户与供应商关系

本集团秉承一向的宗旨「客人所要的，就是我们

要做的」，在最大的可能下时刻以客户的利益作

为目标，为所有客户提供优良的产品、以及适当、

及时的售前、售后服务。同样地，本集团严格选

择优质的供应商，并视供应商为策略性配套伙伴，

致力保持良好的关系以及互动、互信的沟通原则，

务求使供应商成为本集团的供应链中紧扣的环节。

无论是客户或供应商，本集团的最终目的是互惠

互利，共创「双赢」。

Advance to an Entity Provided by the Company

As at 31 March 2025, the Company had not provided any advance to

an entity which is subject to disclosure requirement under Rule 13.20

of the Listing Rules.

Treasury and Foreign Exchange Risk Management

The Group adopts a prudent aproach in managing its funding.

Funds, primarily denominated in the Hong Kong Dolar, the Renminbi,

the New Taiwanese Dolar, the United States Dolar and the Euro, are

generaly placed with banks as short or medium term deposits for

working capital of the Group.

The Group, from time to time, aseses the risk exposure on certain

volatile foreign curencies and manages it in apropriate maner to

minimize the risk.

The Group has substantial investments in Mainland China and is

aware that any fluctuation of the Renminbi would have an impact on

the net profits of the Group. However, since most of the transactions of

the Group are conducted with the Renminbi, the exchange diferences

have no direct impact on the Group’s actual operations and cash flows.

Contingent Liabilities

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

contingent liabilities. As at 31 March 2024, the Group provided

guarante to a bank amounted to HK$1 milion for a bank loan granted

to a customer to purchase the Group’s products.

Relationship with Customers and Supliers

It has long ben the Group’s moto to “Our Customer’s Ned is Our

Comand” and to the maximum extent posible the Group puts the

interests and neds of our customers as its primary reason of being.

This includes providing the Group’s customers with the best designed

products, and timely and apropriate pre/after-sales services. Similarly,

the Group strictly selects high-quality supliers and views its supliers

not as mere vendors but as strategic partners and important links in

its suply chain. It is the Group’s procurement policy to maintain god

relationship and comunications with supliers based on the principle

of mutual trust.

In the end, the ultimate goal of the Group with regards to customers

and supliers is “Win-Win”.

15CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

管理层之论述及分析

Management’s Discusion & Analysis

环境政策及表现

本集团专注加强环境保护，将营运对环境所产生

的影响减至最低，并遵守适用的环保法规。本集

团已实施有效的环境保护政策（「该政策」），致力

促进本集团对环境保护的进程。

根据该政策，本集团专注推行洁净生产和在营运

上最有效地善用资源及减低浪费和排放。本集团

通过积极更新运作和生产方法以鼓励和提升资源

再利用，采用对环境友善的原材料和恒常检讨生

产营运，以确保生产流程之成效和效益。

本集团争取供应商和顾客参与及支持环境保护，

并且实施培训计划以提升员工对环境保护的认知。

透过设立实际可行的主要表现目标，本集团持续

评估营运对当地环境的影响，并研究和探索创新

绿色可能替代品以支持绿色环境。

遵守法律及法规

本集团之业务主要由本公司于中国大陆、香港及

台湾之附属公司营运，而本公司于联交所上市。

本集团因此须遵守中国大陆、香港、台湾及本公

司及其附属公司于各自注册成立地之相关法律及

法规。

于本年度内及直至本年报日期，董事局并不知悉

存在对本集团业务及营运造成重大影响之适用法

律及法规之任何不合规情况。

人力资源

于二零二五年三月三十一日，本集团共有约2,700

名全职雇员（二零二四年：2,400名）。本集团为

雇员提供良好之薪酬及福利待遇，薪酬维持具竞

争力水平，而雇员之回报取决于其个人表现及本

集团业绩表现。

Environmental Policies and Performance

The Group is comited to enhancing environmental protection,

minimizing the impact of its activities on the environment, and

complying with aplicable environmental laws. The Group has

implemented efective Environmental Protection Policy (the “Policy”)

that enables the Group to making progres in environmental protection.

Under the Policy, the Group focuses on promoting clean production,

and strives to making the most eficient use of resources in its

operations, and minimizing waste and emision. The Group achieves

this aim through actively re-designing its activities and production

methods that encourage and promote recycling of resources, using

environmentaly-friendly raw materials and reviewing production

operations constantly to ensure that the proceses are efective and

eficient.

The Group enlists its suport by engaging and promoting

environmental protection among its supliers and customers and

implementing training programes that raise environmental protection

awarenes among its employes. Through realistic and achievable key

performance targets, the Group measures the impact of its activities

on the local environment continuously, and conducts research and

explores potential inovative gren alternatives that suport a gren

environment.

Compliance with Laws and Regulations

The Group’s operations are mainly caried out by the Company’s

subsidiaries in Mainland China, Hong Kong and Taiwan, while the

Company itself is listed on the Stock Exchange. The Group acordingly

shal comply with relevant laws and regulations in Mainland China,

Hong Kong, Taiwan and the respective places of incorporation of the

Company and its subsidiaries.

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

unaware of any non-compliance with the relevant laws and regulations

that have a significant impact on the busines and operations of the

Group.

Human Resources

As at 31 March 2025, the Group had aproximately 2,700 ful-

time employes (2024: 2,400 employes). The Group ofers god

remuneration and welfare packages to its employes and maintains

market-competitive pay levels. Employes are rewarded based on

individual as wel as the financial performance of the Group.

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报16

管理层之论述及分析

Management’s Discusion & Analysis

于人才培训方面，本集团透过定期为雇员提供教

育、专业培训及生活辅导等活动，不断提升员工

质素、专业知识水平及团队精神。

来年展望

展望来年，美国新一届政府于二零二五年一月份

正式就职，随即采取了一连串激进政策，对未来

的全球市场、营商环境以及中美贸易关系均带来

了极大的不确定性。

首先，美国政府近期采取的极端本土政策将迫使

许多国家优先增加国防开支，边界冲突与移民政

策也将变成炙手可热的问题。而保护主义抬头及

高关税带来的不确定性，亦严重影响了国际市场

氛围。国际货币基金组织已大幅下调美国来年的

经济增长预测，成为所有发达经济体中调整幅度

最大的国家，并预期急剧提高关税将导致全球经

济出现显著放缓。而高关税引致的通货膨胀忧虑

迫使美国联邦储备局在九月份大幅降息后改为持

续观望，市场预期的美国降息周期因此突然中断。

本集团认为大国博弈将越演越烈，地缘政治形势

将更为复杂。在此大背景之下，将加速全球供应

链的重构进程。发达国家会加大力度干预其大型

制造业回流，在高涨保护主义推动下，美国及欧

洲国家将继续扩大干预产业发展，并推动战略性

措施促使制造业回归本土。

在如此动荡的经济、市场及政治环境下，本集团

将一如既往，采取审慎而灵活的措施，严格管控

风险，并持续投资于研发新技术、扩充国际市场

以及加大品牌经营力度。无论未来的市场及营商

环境如何变化、利率周期何去何从、关税如何落

实，本集团都会积极面对，并在可控的风险下争

取最佳的业绩。

The Group conducted regular programes, including comprehensive

educational and profesional training, and social counseling activities,

to its employes to enhance staf quality, standards of profesional

knowledge and teamwork spirit.

Prospects for the Coming Year

Loking ahead, the new USA administration oficialy tok ofice in

January 2025 and, almost imediately, started implementing a series

of earth-shatering policies that brought great uncertainties to world

markets, global busines sentiment and Sino-USA trade relations.

To begin with, extreme localism recently from the USA wil inevitably

force many countries to increase defence budgets while border

conflicts and imigration isues wil also become comonplace. The

rise of protectionism and uncertainties brought about by high tarifs

is already severely impacting international market sentiments. The

IMF substantialy revised down its growth forecast for the USA for

the coming year, the largest such adjustment among al developed

economies, with a warning that sharp tarif increases may lead to a

significant global slowdown. Concerns over inflationary efects of the

new tarifs also forced the Federal Reserve to pause its rate-cuting

cycle, after a sizable drop in September, to adopt a more cautious

position, thereby abruptly ending the market’s anticipation for further

rate reductions in the near term.

The Group believes multilateral tension to intensify, geopolitical

situation to become more complex and global suply chain

restructuring to acelerate. As developed countries increasingly sek

to bring back manufacturing, the USA, driven by rising protectionism,

together with other European countries, wil likely increase government

intervention upon key industrial sectors and start introducing more

measures and policies to this efect.

Under such volatile economic, market and political conditions, the

Group wil continue to be prudent and adopt strict and proactive

measures towards managing risks while continue to invest into

advanced research and development, international market expansions

and brand awarenes enhancement. The Group believes that it is wel

positioned to face any on-coming chalenges while maintaining an

aceptable risk profile, regardles of what the future may hold in terms

of uncertain busines environment, unpredictable interest rates and

uncertain tarifs.

董事之个人资料

Biographical Details of Directors

17CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

执行董事

蒋丽苑BA, JP

（别名蒋丽婉）

主席兼集团总裁

蒋女士于一九八年加入本集团，并分别自二零

零年九月及二零一八年四月获委任为本公司

执行董事及董事局主席。彼亦出任本公司集团总

裁，负责本集团之管理及业务发展。此外，彼亦

获委任为本公司提名委员会主席及薪酬委员会

成员。蒋女士为本公司多间附属公司之董事及为

本公司之主要股东震雄投资有限公司及Chiangs’

Industrial Holdings Limited之董事。彼为Proficient

City Investments Limited（根据证券及期货条例被

视为本公司主要股东）之唯一董事及股东。彼取

得美国卫斯理女子大学文学院学士，且对生产

管理、营销及市场推广均拥有丰富的经验。蒋女

士为九龙仓置业地产投资有限公司（股份代号：

01997）（一间于香港联合交易所有限公司（「联交

所」）主板上市的公司）的独立非执行董事。彼亦

为中国人民政治协商会议广东省委员会委员、中

国塑料机械工业协会副会长、深圳工业总会副会

长及深圳市机械行业协会副会长。彼曾于二零

零至二零二一年担任中国人民政治协商会议深圳

市委员会常务委员。彼曾为恒生银行有限公司（股

份代号：00011）（一间于联交所主板上市的公司）

的独立非执行董事。蒋女士于二零四年荣获香

港工业总会颁发「香港青年工业家奖」。蒋女士，

现年59岁，为已故蒋震博士之女儿。

EXECUTIVE DIRECTORS

Lai Yuen CHIANG BA, JP

Chairman and Chief Executive Oficer

Ms. Chiang joined the Group in 1988 and has ben apointed as an

Executive Director and the Chairman of the board of the Company

since September 2000 and April 2018 respectively. She is also

the Chief Executive Oficer of the Company responsible for the

management and busines development of the Group. She is also

apointed as the Chairman of the Nomination Comite and a

member of the Remuneration Comite of the Company. Ms. Chiang

holds directorships in various subsidiaries of the Company and is a

Director of Chen Hsong Investments Limited and Chiangs’ Industrial

Holdings Limited, substantial shareholders of the Company. She is the

sole Director and shareholder of Proficient City Investments Limited

(demed to be a substantial shareholder of the Company by virtue of

the Securities and Futures Ordinance). She holds a bachelor degre

of Arts from Welesley Colege, U.S.A. and has extensive experience

in production management, sales and marketing. Ms. Chiang is an

Independent Non-executive Director of Wharf Real Estate Investment

Company Limited (stock code: 01997) (a company listed on the

Main Board of The Stock Exchange of Hong Kong Limited (the

“Stock Exchange”). She is also a member of Guangdong Provincial

Comite of the Chinese People’s Political Consultative Conference,

Vice-President of China Plastics Machinery Industry Asociation,

Vice-Chairman of the Federation of Shenzhen Industries and Vice-

President of China Shenzhen Machinery Asociation. She had served

as a standing comite member of the Shenzhen Comite of the

Chinese People’s Political Consultative Conference during 2000 to

2021. She was formerly an Independent Non-executive Director of

Hang Seng Bank Limited (stock code: 00011) (a company listed on

the Main Board of the Stock Exchange). Ms. Chiang was awarded the

“Young Industrialist Awards of Hong Kong” by the Federation of Hong

Kong Industries in 2004. Ms. Chiang, aged 59, is a daughter of the

late Dr. Chen CHIANG.

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报18

董事之个人资料

Biographical Details of Directors

Stephen Hau Leung CHUNG BSc, MBA

Mr. Chung joined the Group in 2001 and has ben apointed as an

Executive Director of the Company since April 2003. He also holds

the position of Group Chief Oficer — Strategy, Sales and Marketing.

Mr. Chung holds directorships in certain subsidiaries of the Company.

Mr. Chung, aged 58, holds a bachelor degre of Science in Electrical

Enginering & Computer Science from the University of California,

Berkeley. He also holds an MBA degre in Finance from Columbia

University, New York City, U.S.A. Prior to joining the Group, Mr.

Chung had more than 14 years’ experience in sales and marketing,

management consultancy, financial analysis and information

technology.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Hary Chi HUI BSc, MBA

Mr. Hui, aged 61, has ben apointed as an Independent Non-

executive Director of the Company since July 2023. He is also a

member of the Audit Comite, the Remuneration Comite

and the Corporate Governance Comite of the Company. He has

aproximately 21 years of experience in marketing and busines

management. He is a managing director of ClearVue Partners

(Shanghai) Limited, which is principaly engaged in private equity

investment, since 31 October 2012, and he is responsible for the

overal busines development and investment strategies. He was a

president of Universal Music International Limited, which is principaly

engaged in music production, from 2002 to 2006, and he was

responsible for managing overal busines in Asia (except Japan). From

December 2006 to 2010, he was a vice president of China beverages

busines unit of Pepsico Investment (China) Limited in the PRC,

which is principaly engaged in sale and distribution of beverages, and

he was responsible for customer service relation strategies. Mr. Hui

was formerly an Independent Non-executive Director of K W Nelson

Interior Design and Contracting Group Limited (stock code: 08411) (a

company listed on the GEM of the Stock Exchange). Mr. Hui obtained

a Bachelor of Science in Economics and Busines Degre from

University at Albany-SUNY in the United States in May 1985 and a

Master of Busines Administration Degre from University of Southern

California in the United States in December 1992.

钟效良BSc, MBA

钟先生于二零一年加入本集团，并自二零三

年四月获委任为本公司执行董事，彼亦出任集团

策略及营销总监。钟先生为本公司若干附属公司

之董事。钟先生，现年58岁，持有美国栢克莱大

学电子工程及电脑科学士学位，彼亦持有美国

纽约市哥伦比亚大学工商管理（财务）硕士学位。

在加入本集团前，钟先生在销售及市务、管理咨

询、财务分析及资讯科技方面拥有超过十四年的

经验。

独立非执行董事

许志伟BSc, MBA

许先生，现年61岁，自二零二三年七月获委任

为本公司独立非执行董事。彼亦为本公司审核

委员会、薪酬委员会及企业管治委员会成员。彼

拥有约二十一年市场推广及业务管理经验，自

二零一二年十月三十一日起为ClearVue Partners

(Shanghai) Limited（主要从事私募股本投资）之董

事总经理，负责整体业务发展及投资策略。于

二零二年至二零六年，彼为Universal Music

International Limited（主要从事音乐制作）之总

裁，负责管理整个亚洲（日本除外）业务。于二零

零六年十二月至二零一零年，彼于中国担任百

事（中国）投资有限公司（主要从事饮料销售及分

销）中国饮料业务部副总裁，负责客户服务关系

策略。许先生曾为K W Nelson Interior Design and

Contracting Group Limited（股份代号：08411）（一

间于联交所GEM上市的公司）之独立非执行董事。

许先生于一九八五年五月获得美国Albany-SUNY

大学经济商业科学士学位，及于一九二年

十二月获得美国南加州大学工商管理硕士学位。

19CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

董事之个人资料

Biographical Details of Directors

Clement King Man KWOK BSc, FCA

Mr. Kwok, Chevalier de l’Ordre National de la Légion d’Honeur, aged

65, has ben apointed as an Independent Non-executive Director

of the Company since December 2024. He is also a member of the

Audit Comite, the Nomination Comite and the Corporate

Governance Comite of the Company. Mr. Kwok has over two

decades of hospitality and real estate experience, as wel as board

and comite experience for other listed entities. Mr. Kwok’s prior

experience was in acounting, investment banking, and corporate and

financial management. After qualifying as a chartered acountant with

Price Waterhouse London in 1983, he had over 10 years of investment

banking experience with Barclays de Zoete Wed in London and

Schroders Asia in Hong Kong, where he was apointed as Head of

Corporate Finance in 1991. Mr. Kwok then served as Finance Director

of MTR Corporation Limited from 1996 to 2002. Mr. Kwok served as

Managing Director and Chief Executive Oficer of The Hongkong and

Shanghai Hotels, Limited (stock code: 00045) (a company listed on the

Main Board of the Stock Exchange), which is the owner and operator of

the Peninsula Hotels Group from 2002 to 31 October 2024, remaining

thereafter on the Board as an Executive Director until May 2025.

Mr. Kwok’s knowledge of international markets, acounting, corporate

risk management and compliance is enhanced by his experience

serving on prominent regulatory bodies such as the Listing Comite

of the Stock Exchange, the Takeovers and Mergers Panel of the

Securities and Futures Comision and the Interpretations Comite

of the International Acounting Standards Board. He was previously

an Independent Non-executive Director of Swire Pacific Limited (stock

codes: ‘A’ Shares 00019 and ‘B’ Shares 00087) and Orient Overseas

(International) Limited (stock code: 00316) (both of which are listed on

the Main Board of the Stock Exchange).

Mr. Kwok is also curently an Independent Non-executive Director

and the Chairman of Audit Comite of Hang Seng Bank Limited

(stock code: 00011) (a company listed on the Main Board of the

Stock Exchange), and an Independent Non-executive Director and a

member of the Audit and Risk Comite and the Strategy Comite

of Shui On Land Limited (stock code: 00272) (a company listed

on the Main Board of the Stock Exchange). He is also a council

member of the World Travel & Tourism Council, a member of the

International Advisory Council of Faculty of Busines and Economics

of The University of Hong Kong and the Chairperson of the Advisory

Comite on Hotel and Tourism Management of The Chinese

University of Hong Kong.

Mr. Kwok holds a Bachelor of Science in Economics from the London

Schol of Economics. He is a felow of the Institute of Chartered

Acountants in England and Wales and the Hong Kong Institute of

Certified Public Acountants.

郭敬文BSc, FCA

郭先生，Chevalier de l’Ordre National de la Légion

d’Honeur，现年65岁，自二零二四年十二月获

委任为本公司独立非执行董事。彼亦为本公司审

核委员会、提名委员会及企业管治委员会成员。

郭先生拥有超过二十年酒店及房地产相关经验，

并曾任职其他上市公司董事局及委员会。郭先生

亦具备会计、投资银行及企业和财务管理的经验。

自一九八三年於伦敦罗兵咸会计师事务所获得

特许会计师资格后，彼於伦敦巴克莱德胜投资公

司及香港宝源投资拥有逾十年的投资银行经验，

且于一九一年获晋升为企业财务主管。郭先生

其后于一九六年至二零二年担任香港铁路有

限公司财务总监。于二零二年至二零二四年十

月三十一日，郭先生于半岛酒店集团之持有人及

经营者 — 香港上海大酒店有限公司（股份代号：

00045）（一间于联交所主板上市的公司）担任董

事总经理兼行政总裁，其后继续担任董事局执行

董事直至二零二五年五月。

郭先生曾任职于多个知名监管机构（例如联交所

上市委员会、证券及期货事务监察委员会的收购

及合并委员会以及国际会计准则理事会的阐释委

员会），进一步加强其国际市场、会计、企业风

险管理及合规方面的专业知识。彼曾为太古股份

有限公司（股份代号：‘A’股00019及‘B’股00087）

及东方海外（国际）有限公司（股份代号：00316）

独立非执行董事（两间公司均于联交所主板上市）。

郭先生现时亦为恒生银行有限公司（股份代号：

00011）（一间于联交所主板上市的公司）独立非

执行董事及审核委员会主席，及瑞安房地产有限

公司（股份代号：00272）（一间于联交所主板上

市的公司）独立非执行董事及审核及风险委员会

和策略委员会成员。彼亦为世界旅游及旅行理事

会的理事会成员、香港大学经济及工商管理学院

国际顾问委员会成员及香港中文大学酒店及旅游

管理学咨询委员会主席。

郭先生持有伦敦经济学院经济科学士学位。彼为

英格兰及威尔斯特许会计师公会以及香港会计师

公会资深会员。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报20

董事之个人资料

Biographical Details of Directors

Anish LALVANI BSc, MBA

Mr. Lalvani has ben apointed as an Independent Non-executive

Director of the Company since August 2002. He is also the Chairman

of the Remuneration Comite of the Company and a member of

the Audit Comite, the Nomination Comite and the Corporate

Governance Comite of the Company. He is the Chairman of Euro

Suise International Limited which has busines interests in Hong

Kong, Europe, Africa and the Midle East. He has lived and worked

in the U.K., U.S.A., India and Hong Kong and holds an MBA degre

from the University of San Diego. Mr. Lalvani has extensive marketing

experience in the emerging markets and an in-depth knowledge of

electrical apliances manufacturers in China — many of whom have

in-house moulding facilities. He was the former Chairman for both

the North Asia Region and the Hong Kong Chapter of the Young

Presidents’ Organization. Mr. Lalvani, aged 59, is curently a member

of the Hong Kong Friends’ Comite of Asian Cultural Council,

a member of the HKUST Busines Schol Advisory Council and a

member of the Busines Advisory Council of Shah Family Enterprise.

He resigned as a Truste/Member of Kew Foundation/Council and a

Director of Harvard Busines Schol Asociation of Hong Kong Limited

on 11 March 2020 and 17 August 2017, respectively.

Michael Tze Hau LE BA, MBA

Mr. Le has ben apointed as an Independent Non-executive

Director of the Company since May 2008. He is also the Chairman

of the Corporate Governance Comite of the Company and a

member of the Audit Comite, the Remuneration Comite

and the Nomination Comite of the Company. He is a Director

of Oxer Limited, a private investment company. Mr. Le started

his carer in the investment industry in 1987 and has since held

senior management positions in multinational investment companies

including Indosuez Asia Investment Services Limited and Lloyd

George Management. He also co-founded Asia Strategic Investment

Management Limited in 1995. Mr. Le, aged 64, was educated in the

U.S.A. and holds a Bachelor of Arts Degre from Bowdoin Colege and

a Master of Busines Administration Degre from Boston University.

Mr. Le is a Non-executive Director of Hysan Development Company

Limited (stock code: 00014) (a company listed on the Main Board

of the Stock Exchange) and the Chairman of the Board of Stewards

of The Hong Kong Jockey Club. He was previously an Independent

Non-executive Director of Hong Kong Exchanges and Clearing Limited

(stock code: 00388) (a company listed on the Main Board of the Stock

Exchange), and an Independent Non-executive Director and Chairman

of OTC Clearing Hong Kong Limited.

Anish LALVANI BSc, MBA

Lalvani先生自二零二年八月获委任为本公司

独立非执行董事。彼亦为本公司薪酬委员会主

席，以及本公司审核委员会、提名委员会及企业

管治委员会成员。彼为欧瑞国际贸易有限公司

主席，该公司之业务遍布香港、欧洲、非洲及中

东等地。彼曾于英国、美国、印度及香港工作和

生活，并持有美国圣地牙哥大学工商管理硕士

学位。Lalvani先生于新兴市场之营销拥有丰富经

验，与国内家电制造商（大部分均自设注塑设备）

之关系非常密切。彼为青年总裁协会北亚洲区及

香港分会的前主席。Lalvani先生，现年59岁，

现为亚洲文化协会香港分会委员会成员、香港

科技大学商学院顾问委员会成员及Shah Family

Enterprise业务咨询委员会成员。彼分别于二零

二零年三月十一日及二零一七年八月十七日辞任

Kew Foundation/Council的理事╱成员及Harvard

Busines Schol Asociation of Hong Kong Limited

董事。

利子厚BA, MBA

利先生自二零八年五月获委任为本公司独立非

执行董事。彼亦为本公司企业管治委员会主席，

以及本公司审核委员会、薪酬委员会及提名委员

会成员。彼为私人投资管理公司Oxer Limited之

董事。利先生于一九八七年在投资行业发展其事

业，其后一直在跨国投资公司包括东方汇理投资

有限公司及罗祖儒投资管理担任高级管理职务，

亦于一九五年与他人共同创办亚洲策略投资管

理有限公司。利先生，现年64岁，于美国接受教

育，并持有Bowdoin Colege文学士学位及波士顿

大学工商管理硕士学位。利先生现为希慎兴业有

限公司（股份代号：00014）（一间于联交所主板

上市的公司）之非执行董事，以及香港赛马会的

董事局主席。彼过往曾为香港交易及结算所有限

公司（股份代号：00388）（一间于联交所主板上

市的公司）的独立非执行董事，以及香港场外结

算有限公司的独立非执行董事及主席。

21CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

董事之个人资料

Biographical Details of Directors

陈庆光BA, BSc

陈先生自二零一年九月获委任为本公司独立

非执行董事。彼亦为本公司审核委员会主席，以

及本公司薪酬委员会、提名委员会及企业管治委

员会成员。彼于二零一三年五月至二零一六年六

月及二零一三年二月至二零一七年六月曾分别

为Raimon Land Public Company Limited（于泰国

证券交易所上市）行政总裁及董事。陈先生在纽

约、香港及新加坡累积超过二十年的投资银行经

验。彼曾于多间主要金融机构出任不同职务，当

中包括JP Morgan、UBS Warburg、麦格理及BNP

Paribas Capital (Singapore) Limited，而彼更曾为

BNP Paribas Capital (Singapore) Limited之行政总

裁，以及东南亚区企业融资业务之区域主管。彼

曾跨地域为多个大型企业及政府机构提供意见。

陈先生，现年64岁，毕业于新加坡国立大学，并

曾荣获Lim Tay Boh金奖及新加坡国立大学经济

学会著作奖。

Johnson Chin Kwang TAN BA, BSc

Mr. Tan has ben apointed as an Independent Non-executive

Director of the Company since September 2001. He is also the

Chairman of the Audit Comite of the Company and a member of

the Remuneration Comite, the Nomination Comite and the

Corporate Governance Comite of the Company. He was the Chief

Executive Oficer and a Director of Raimon Land Public Company

Limited (listed on The Stock Exchange of Thailand) from May 2013 to

June 2016 and from February 2013 to June 2017, respectively. Mr.

Tan has over 20 years’ experience in investment banking based out

of New York, Hong Kong and Singapore. He had held various roles

with leading financial institutions including JP Morgan, UBS Warburg,

Macquarie and BNP Paribas Capital (Singapore) Limited where he was

the Chief Executive Oficer and regional head for their South East Asia

corporate finance busines. He has advised major corporations and

government authorities acros the region. Mr. Tan, aged 64, graduated

from the National University of Singapore and was a recipient of the

Lim Tay Boh gold medal and NUS Economics Society Bok Prize.

企业管治报告书

Corporate Governance Report

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报22

CORPORATE GOVERNANCE PRACTICES

The board of directors (the “Director(s)”) of the Company (the “Board”)

recognizes the importance of god corporate governance practices in

safeguarding the interests of the shareholders of the Company (the

“Shareholder(s)”) and enhancing the performance of the Company

and its subsidiaries (the “Group”). The Board is comited to

maintaining and ensuring a high standard of corporate governance

practices. The Board reviews codes of conduct, policies and practices,

corporate governance framework and disclosures of this report,

from time to time, to improve the Company’s corporate governance

practices in respect of the latest developments on al aplicable laws,

rules and regulations.

COMPLIANCE WITH CORPORATE GOVERNANCE CODE

Throughout the year ended 31 March 2025, the Company has

complied with al the code provisions of the Corporate Governance

Code (the “CG Code”) as set out in Part 2 of Apendix C1 to the Rules

Governing the Listing of Securities (the “Listing Rules”) on The Stock

Exchange of Hong Kong Limited (the “Stock Exchange”), except for

the folowing deviations:

Code provision B.2.2 provides that every director should be subject

to retirement by rotation at least once every thre years. The Directors

(except the Chairman of the Board) are subject to retirement by

rotation at least once every thre years as the Chen Hsong Holdings

Limited Company Act, 1991 of Bermuda provides that the chairman

and the managing director of the Company are not required to retire by

rotation.

Code provision C.2.1 provides that the roles of chairman and chief

executive oficer should be separate and should not be performed

by the same individual. Ms. Lai Yuen CHIANG is the Chairman of the

Board and Chief Executive Oficer of the Company. Given the skils

and experience of Ms. CHIANG and her long term of service with the

Group, this structure can be considered apropriate to the Group

and can provide the Group with strong and consistent leadership for

efective and eficient busines planing and decisions, as wel as

execution of long term busines strategies.

企业管治常规

本公司董事（「董事」）局（「董事局」）深明良好企业

管治常规对保障本公司股东（「股东」）权益及提升

本公司及其附属公司（「本集团」）表现的重要性。

董事局一直致力维持及确保高水平之企业管治常

规。董事局不时检讨操守准则、政策与常规、企

业管治框架及本报告书内的披露，依据所有适用

法律、规则及法规之最新发展以完善本公司之企

业管治常规。

遵守企业管治守则

于截至二零二五年三月三十一日止之年度内，本

公司一直遵守香港联合交易所有限公司（「联交

所」）证券上市规则（「上市规则」）附录C1第二部

分所载之企业管治守则（「企业管治守则」）之所有

守则条文，惟与以下守则条文之偏离者除外：

根据守则条文第B.2.2条之规定，每名董事应至

少每三年一次轮流退任。董事（除董事局主席

外）须至少每三年一次轮流退任，因根据百慕达

一九一年震雄集团有限公司公司法，本公司主

席及董事总经理毋须轮流退任。

根据守则条文第C.2.1条之规定，主席与集团总

裁的角色应有区分，并不应由一人同时兼任。蒋

丽苑女士为本公司董事局主席兼集团总裁。鉴于

蒋女士的技能和经验以及彼长期服务于本集团，

该架构可视为适合本集团，并可为本集团提供强

大且贯彻的领导力，为业务提供有效及高效的规

划及决策，以及能执行长期业务策略。

23CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

企业管治报告书

Corporate Governance Report

遵守环境、社会及管治报告守则

于截至二零二五年三月三十一日止之财政年

度内，本公司已根据上市规则第13.91条之规

定，并已遵守上市规则附录C2环境、社会及

管治报告守则载列的「不遵守就解释」条文，并

在本公司之「环境、社会及管治报告2024/25」

中对相关信息进行披露。该报告总结了本集团

业务在环境、社会及管治范畴所实行的政策、

可持续发展策略、管理方针及措施，以及本集

团在该范畴之表现；并将以另一份报告形式在

本公司网站w.chenhsong.com 及联交所网站

w.hkexnews.hk 上刊载。

企业文化

本集团致力以其宗旨、愿景、价值观和策略为本，

创建正面、鼓励进步的文化，并透过不懈地追求

技术进步、创新制造、坚守优质服务水平以及坚

持追求超卓的表现，立志成为注塑机行业的先驱。

董事局负责制定本集团的策略，以使其与本集团

的宗旨、愿景和价值观保持一致，长远而言，本

集团将据此创造价值。董事局已制定下列宗旨、

愿景、价值观及策略：

COMPLIANCE WITH ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORTING CODE

During the financial year ended 31 March 2025, the Company has

complied with Rule 13.91 of the Listing Rules and the “comply or

explain” provisions set out in Apendix C2 to the Listing Rules as

Environmental, Social and Governance Reporting Code, and made

disclosures concerning relevant information in the “Environmental,

Social and Governance Report 2024/25” of the Company which,

outlines the policies, sustainability strategies, management aproach

and initiatives implemented by the Group and the performance of

the Group in environmental, social and governance aspects of its

busines, and wil be presented in a separate report and published on

the websites of the Company at w.chenhsong.com and the Stock

Exchange at w.hkexnews.hk.

CORPORATE CULTURE

The Group is comited to developing a positive and progresive

culture that is built on its purpose, vision, values and strategy and

aspiring to be the pioner in the plastic injection moulding machinery

industry through relentles pursuit of technological advancements,

manufacturing inovations, uncompromising service levels and

persistent pursuit for excelence.

The Board asumes responsibility for establishing the Group’s strategy

to align with its purpose, vision and values upon which the Group

would generate value in the long run. The Board established the

folowing purpose, vision, values and strategy:

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报24

企业管治报告书

Corporate Governance Report

震雄的宗旨

Chen Hsong’s Purpose

震雄的愿景

Chen Hsong’s Vision

本著集团的经营格言及秉承著已故创办人的理念，我们

一直致力开发和完善注塑机技术：

We have ben dedicated to the development and perfecting

of plastic injection moulding machinery technology under

our busines moto and our late founder’s philosophy:

「客人所要的，就是我们要做的。」

「工业富民，民富国强。」

“Our Customer’s Ned is Our Comand.”

“Industry Enriches People’s Livelihod, Leading

to Prosperity which Strengthens the Country.”

以完美品质和先进科技为全球客户创造最高价值，不断

创新，永远走在注塑业的前方。

We kep to stand at the forefront of the plastic injection

moulding industry, and create the greatest value for our

global customers, through perfect quality, advanced

technologies and relentles pursuit of inovation.

震雄的价值观

Chen Hsong’s Values

震雄的策略

Chen Hsong’s Strategy

，科技为本。

，创造价值。

，追求卓越。

，勇于担当。

，缔造双赢。

，永续发展。

, technology is our

core competence.

, always create value.

, encourage the pursuit of

excelence.

, be agresive, dare to embrace

responsibility.

, go for win-win.

, ensure sustainable growth.

、新产品和新市场。

• Enhancement of the long-term total return for al its

stakeholders.

, new products and

new markets.

• Production capacity and cost control.

• Sustainability development.

• Talents for growth and inovation.

25CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

企业管治报告书

Corporate Governance Report

董事局

董事局的组成

于本报告书日期，董事局由七名董事组成，包括

本公司两名执行董事（「执行董事」）及本公司五名

独立非执行董事（「独立非执行董事」）：

董事局

Board of Directors

执行董事

Executive Directors

蒋丽苑女士（主席兼集团总裁）

Ms. Lai Yuen CHIANG (Chairman &

Chief Executive Oficer)

钟效良先生

Mr. Stephen Hau Leung CHUNG

独立非执行董事

Independent Non-executive Directors

许志伟先生

Mr. Hary Chi HUI

郭敬文先生

Mr. Clement King Man KWOK

Anish LALVANI先生

Mr. Anish LALVANI

利子厚先生

Mr. Michael Tze Hau LE

陈庆光先生

Mr. Johnson Chin Kwang TAN

所有董事之个人资料详列于本年报第17至21页。

每名董事具有广泛及多年的从商及╱或专业经验，

彼等之经验、知识及专业技能对监察本集团的业

务有莫大裨益，并起制衡作用，以确保股东的利

益。

董事局的角色及职责

董事局主要负责制定本集团的愿景、策略方向、

基本政策及策略性业务计划；监控及管理本集团

营运及财务表现；在本集团内全面推行最佳企业

管治常规；以及制定适当之风险评估及管理政策

以实现本集团的策略目标。

BOARD OF DIRECTORS

Board Composition

As at the date of this report, the Board comprises seven Directors,

consisting of two executive directors of the Company (the “Executive

Director(s)”) and five independent non-executive directors of the

Company (the “Independent Non-executive Director(s)”):

The biographical details of al Directors are set out on pages 17 to 21

of this anual report. Each Director brings a wide range and years of

busines and/or profesional experience to the Board. Their combined

experience, knowledge and expertise are valuable in overseing the

Group’s busines as wel as checks and balances to safeguard the

interests of the Shareholders.

Roles and Responsibilities of the Board

The primary responsibilities of the Board are to establish the Group’s

vision, strategic direction, general policies and strategic busines plans;

monitor and control the operation and financial performance of the

Group; implement the best corporate governance practices throughout

the Group; and set apropriate policies to ases and manage risks in

pursuit of the strategic objectives of the Group.

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授予管理层权力

董事局已将本公司日常营运之权力授予管理层，

管理层由所有执行董事、管理人员及各业务单位

的总监组成。管理层主要负责履行董事局制定的

策略及业务计划，并按董事局的政策及指令管理

本集团的业务运作。

董事局多元化

董事局在委任成员及甄选候选人时将客观地考虑

并基于广泛而多元化的观点，其中包括但不限于

性别、年龄、文化及教育背景、专业资格及经验、

技能、知识、任期、行业及地区经验，以及董事

局可能不时认为属相关及适当的其他因素。

董事局的组成反映其成员在技能、经验及多元化

观点方面均保持适当平衡，能配合本集团的策略、

管治及业务，为董事局的有效运作出贡献。

根据可衡量目标对董事局现时组成的分析详见于

下表：

董事数目概约百分比

多元化观点分类Number ofAproximate

Diversity PerspectiveCategoryDirectorsPercentage

性别男性 Male685.7%

Gender女性 Female114.3%

国籍中国籍 Chinese228.6%

Nationality非中国籍 Non-Chinese571.4%

年龄组别60岁以上 Over 60457.1%

Age Group51–60岁 / Years342.9%

任期20年或以上 20 Years or Over457.1%

Length of Service10–19 年 / Years114.3%

0–9 年 / Years228.6%

身份执行董事 Executive Director228.6%

Capacity独立非执行董事 Independent Non-executive Director571.4%

于其他上市公司担任董事（公司数目）1342.9%

Other Listed Company Directorship(s)0457.1%

(Number of Companies)

Delegation to Management

The Board has delegated the daily operations of the Company to the

management comprising al Executive Directors, management staf,

and heads of various busines units. The main responsibilities of the

management are to implement the strategies and busines plans

set by the Board and to manage the Group’s busines operations in

acordance with the policies and directives of the Board.

Board Diversity

Apointments of Board members and selection of candidates are

considered objectively based on a range of diversity perspectives,

including but not limited to, gender, age, cultural and educational

background, profesional qualifications and experience, skils,

knowledge, length of service, industry and regional experience, and

other factors that the Board may consider relevant and apropriate

from time to time.

The Board’s composition reflects an apropriate balance of skils,

experience and diversity of perspectives among its members, which

are relevant to the Group’s strategy, governance and busines and

contribute to the Board’s efectivenes.

An analysis of the Board’s curent composition based on the

measurable objectives is set out in the table below:

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董事局成员多元化政策

董事局于二零二年十一月采纳及修订董事局成

员多元化政策（「该政策」），该政策为达致董事局

成员多元化而制订的方案。该政策摘要如下：

、人数

及成员多元化时，提名委员会将考虑多方

面的多元化因素，当中包括但不限于性别、

年龄、文化及教育背景、专业资格及经验、

技能、知识、任期和行业及区域经验（「董

事局成员多元化准则」），并就任何为配合

本公司企业策略而拟对董事局作出的变动

提出建议。

提名委员会将会考虑董事局成员多元化准则。

• 提名委员会将至少每年在适当时候检讨该

政策的实施，因应最新企业管治准则讨论

任何或需作出的修订，再向董事局提出修

订建议，由董事局审查、审批，以确保该

政策行之有效性。

董事局已根据董事局成员多元化准则检讨其架构、

人数及成员多元化，并认为目前董事局的组成具

多元化，在文化及教育背景、专业资格、经验、

技能及知识方面均保持适当平衡。董事局满意董

事局及各董事委员会的多元化程度，并认为董事

局成员多元化政策已于年内有效地实施。

性别多元化

董事局

董事局重视本集团各个层面的多元化（包括性别

多元化）。于本年报日期，董事局由七名董事组

成，其中一名是女性，比率为14.3%。董事局认

为董事局成员性别多元化已达到。董事局的目标

是维持现时其女性成员比例的水平，提名委员会

将每年审查有关目标。

Board Diversity Policy

The Board adopted and revised the Board Diversity Policy (the “Policy”)

in November 2022 which sets out the aproach to achieve diversity on

the Board. The Policy is sumarized below:

, size and diversity of the Board at least

anualy, the Nomination Comite wil consider a number of

aspects of diversity, including but not limited to gender, age,

cultural and educational background, profesional qualifications

and experience, skils, knowledge, length of service and industry

and regional experience (the “Board Diversity Criteria”) and

make recomendations on any proposed changes to the Board

to complement the Company’s corporate strategy.

• In selection and nomination of qualified individuals to become

Board members, the Nomination Comite wil consider the

Board Diversity Criteria.

• The Nomination Comite wil review the implementation of the

Policy on an anual basis, as apropriate, discus any revisions

in line with the latest corporate governance standards that may

be required, and recomend any such revisions to the Board for

review, consideration and aproval to ensure the efectivenes of

the Policy.

The Board has reviewed its structure, size and diversity based on

the Board Diversity Criteria and believes that the curent Board

composition is diverse, with a wel-balanced mix of cultural and

educational backgrounds, profesional qualifications, experience, skils

and knowledge. The Board was satisfied with the diversity of the Board

and each Board Comite, and considered that the Board Diversity

Policy has ben efectively implemented during the year.

Gender Diversity

Board

The Board emphasizes diversity (including gender diversity) acros

al levels of the Group. As at the date of this anual report, the Board

comprises seven Directors, one of whom is female, representing

14.3%. The Board considers that gender diversity on the Board has

ben achieved. The Board targets to maintain the curent level of its

female representation and this target wil be reviewed anualy by the

Nomination Comite.

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员工

截至二零二五年三月三十一日，本集团员工

（不包括本公司的高级管理人员）的性别比例为

81.3%男性及18.7%女性，本公司高级管理人员

的性别比例为50.0%男性及50.0%女性。鉴于本

集团业务及营运性质需要大量技术人员及劳动力，

因此本集团相信目前员工性别比率在合理范围内。

本集团将根据实际情况不时检讨该等措施与实践

的效用。特别是本集团将持续监控性别比例，并

致力于在雇用本集团内所有职位时实现更佳的性

别多元化。有关员工性别多元化的详情，请参阅

本公司之「环境、社会及管治报告2024/25」。

董事局专业知识及技能

下表列载有关董事局与公司策略、管治及营运最

为相关的技能及专业知识，这些技能及专业知识

让董事局有效履行其职责及责任，以实现本公司

策略目标及促进本集团可持续的发展，尤其是在

以下方面：

：指导本公司策略举措的实施，

以提升工业制造的竞争力和创新能力。

：监督建立健全的风险管理框架

和内部监控，确保遵守行业标准和法规。

：提供市场趋势（全球及中国内

地）、客户需求、创新及技术进步的洞察力

和专业知识，以推动产品开发和市场定位。

：确保有效的营运策略，提高制

造过程中的效率、生产力和质量。

：监督可支持增长、盈利能力及

创新和技术投资的财务策略。

、社会及管治：确保公司的策略与可

持续做法相符，展现对社会的责任，并维

持良好的企业管治。

董事局拥有多元化的技能和经验，指导公司实现

其长期愿景并在工业领域取得成功。

Workforce

As at 31 March 2025, the gender ratio in the workforce (excluding the

senior management of the Company) of the Group comprised 81.3%

male and 18.7% female. The gender ratio in the senior management of

the Company comprised 50.0% male and 50.0% female. As the Group’s

nature of the busines and operation requires significant technicians and

manual labour, the Group believes that the gender ratio of the curent

workforce is within a reasonable range. The Group wil from time to time

review the efectivenes of the measures and practices acording to the

actual circumstances of the Group. In particular, the Group wil continue

to monitor the gender ratio aiming at achieving a greater gender diversity

in hiring al positions acros the Group. For details of gender diversity

at the workforce level, please refer to the Company’s “Environmental,

Social and Governance Report 2024/25”.

Board Expertise and Skils

The skils matrix set out in the table below outlines the skils and

expertise of the Board that are most relevant to the Company’s

strategy, governance, and operations. This matrix enables the Board

to efectively fulfil its duties and responsibilities in achieving the

Company’s strategic objectives and fostering sustainable development

of the Group, particularly in the folowing areas:

: Guiding the implementation of the

Company’s strategic initiatives to enhance competitivenes and

inovation in industrial manufacturing.

: Overseing the establishment of a robust

risk management framework and internal controls, ensuring

compliance with industry standards and regulations.

: Providing insights and expertise on market

trends, both globaly and in Mainland China, as wel as customer

neds, inovation, and technological advancements to drive

product development and enhance market positioning.

: Ensuring efective operational

strategies that enhance eficiency, productivity, and quality in

manufacturing proceses.

: Overseing financial strategies that suport

growth, profitability, and investment in inovation and technology.

, Social, and Governance: Ensuring that

the Company’s strategies align with sustainable practices,

demonstrate responsibility toward society, and uphold strong

corporate governance.

The Board is equiped with a diverse range of skils and experiences to

guide the Company toward achieving its long-term vision and suces

in the industrial sector.

董事姓名 Name of Directors	行政领导及策略╱于其他上市公司担任董事或高级行政人员经验 Executive Leadership & Strategy/Directorship or Senior Executive Experience with Other Listed Company(ies)	工业及制造业 Industry and Manufacturing	中国内地 Mainland China	环球商业 Global Business	科技及创新 Technology and Innovation	环境、社会及管治 Environmental, Social and Governance	专业（法律及循规，财务及会计） Professional (Legal and Compliance, Finance and Accounting)	风险管理 Risk Management	销售╱品牌 Marketing/ Branding

执行董事
Executive Directors

独立非执行董事
Independent Non-executive Directors

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Note:

(1) Mr. Clement King Man KWOK was apointed as an Independent Non-

executive Director with efect from 1 December 2024.

蒋丽苑女士（主席兼集团总裁）√

Ms. Lai Yuen CHIANG (Chairman

and Chief Executive Oficer)

钟效良先生√

Mr. Stephen Hau Leung CHUNG

许志伟先生√

Mr. Hary Chi HUI

郭敬文先生

(1)

√

Mr. Clement King Man KWOK

(1)

Anish LALVANI先生√

Mr. Anish LALVANI

利子厚先生√

Mr. Michael Tze Hau LE

陈庆光先生√

Mr. Johnson Chin Kwang TAN

合计（人数）736776745

Total (in number)

合计（概约百分比）100%43%86%100%100%86%100%57%71%

Total (in aproximate percentage)

附注：

，自二零

二四年十二月一日起生效。

管治领域 Areas of Governance	独立性机制 Independence Mechanisms
董事局及董事委员会架构 Board and Board Committees Structure
委任独立非执行董事 Appointment of Independent Non-executive Directors

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董事局的独立性

董事局独立性政策

本公司深明董事局的独立性对良好企业管治至关

重要。为确保董事局能够获得独立的观点和意见，

董事局采纳了董事局独立性政策，该政策旨在规

定适用于董事局及其成员的独立性要求和标准，

详细说明了在企业治理框架内建立的机制。该政

策亦具体列出了董事局在评估每位董事独立性时

所考虑的因素，并确定了将从每位董事收集的资

讯以进行此评估。

为确保董事局具有强大的独立性，以下为已制定

的独立性机制：

Board Independence

Board Independence Policy

The Company recognises that the Board independence is critical for

god corporate governance. To ensure that the independent views

and inputs are available to the Board, the Board adopted the Board

Independence Policy which aims to set forth the independence

requirements and standards aplicable to the Board and its members,

detailing the mechanisms established within the corporate governance

framework. It also specifies the considerations the Board wil take

into acount when asesing the independence of each Director and

identifies the information that wil be colected from each Director for

this asesment.

Below are the independence mechanisms to ensure a strong

independent element on the Board:

管治领域 Areas of Governance	独立性机制 Independence Mechanisms
独立非执行董事的独立性年度检讨 Annual Review of Independence of Independent Non-executive Directors
独立非执行董事薪酬 Independent Non-executive Directors’ Remuneration
健全沟通渠道 Robust Communication Channels
专业意见 Professional Advice

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管治领域 Areas of Governance	独立性机制 Independence Mechanisms
独立非执行董事的任期 Independent Non-executive Directors Tenure
利益冲突 Conflict of Interest

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The Company has received anual confirmations of independence

from each Independent Non-executive Director in acordance with

Rule 3.13 of the Listing Rules. Mr. Clement King Man KWOK, who has

ben apointed as an Independent Non-executive Director with efect

from 1 December 2024, has also provided a writen confirmation of

his independence to the Company pursuant to Rule 3.13 of the Listing

Rules before the date of his apointment.

Moreover, the Independent Non-executive Directors do not hold

any cros-directorships or have significant links with other Directors

through involvement in other companies or entities that could create

conflicts of interest in their roles. They are not involved in the daily

management of the Company and are fre from any relationships or

circumstances that could impair their independent judgment.

During the financial year ended 31 March 2025, the Corporate

Governance Comite conducted an anual review on behalf of

the Board to ases the implementation and efectivenes of the

independence mechanisms to ensure that independent views and

inputs were available to the Board.

The Nomination Comite and the Board considered that (i) al

Independent Non-executive Directors who served during the year were

and continued to be independent in acordance with the independence

guidelines set out in Rule 3.13 of the Listing Rules, (i) there were no

busines or other relationships or circumstances likely to afect the

judgment of any Independent Non-executive Directors, and (i) they

continued to provide independent perspectives in Board discusions

and strategic oversight.

Considering al circumstances described in this section, the Company

considers al of the Independent Non-executive Directors to be independent.

Directors’ Time Comitment

The Directors have demonstrated a strong comitment to the Board

afairs and are wel aware of the expectation to dedicate suficient time

to the Board afairs.

Confirmations have ben received from the Directors that they are

able to devote suficient time as and when required to discharge their

responsibility as a Director. Besides, the Directors have disclosed

their interests semi-anualy to the Company, including the number,

identity and nature of ofices held in public companies or organizations

and other significant comitment and shal notify the Company on

any subsequent changes in a timely maner. As at 31 March 2025,

none of the Directors concurently holds more than six listed company

directorships.

本公司已接获各独立非执行董事根据上市规则第

3.13条确认其独立性的年度确认函。郭敬文先生

（获委任为独立非执行董事，自二零二四年十二

月一日起生效）亦已于获委任日期之前根据上市

规则第3.13条向本公司提供书面确认函以确认其

独立性。

此外，独立非执行董事并无相互担任对方公司的

董事职务或透过参与其他公司或团体与其他董事

存有任何重大联系，从而可能与独立非执行董事

的职责产生利益冲突。他们不参与本公司的日常

管理，亦不牵涉会影响其作出独立判断的任何关

系或情况。

于截至二零二五年三月三十一日止之财政年度内，

企业管治委员会代表董事局进行年度审查，以评

估独立性机制的实施和有效性，确保董事局能够

获得独立的观点和意见。

提名委员会和董事局认为(i)在本年度任职的所有

独立非执行董事均依据上市规则第3.13条所述的

独立性指引被视为独立，并持续保持独立；(i)没

有任何商业或其他关系或情况可能影响任何独立

非执行董事的判断；及(i)彼等继续为董事局讨

论及策略监督提供独立观点。

考虑到本节中描述的所有情况，本公司认为所有

独立非执行董事均为独立。

董事投入的时间

董事对董事局事务表现出强烈承担，亦充分意识

到需要他们投入足够时间于董事局事务的期望。

本公司已接获董事能付出足够时间（不时及按需

要）履行其作为董事的职责之确认函。此外，董

事每半年向本公司披露其作为董事的利益，包括

公众公司或组织担任职位的数目、身份及性质以

及其他重大承担，并须于及后有任何变更时适时

通知本公司。截至二零二五年三月三十一日，并

无董事同时担任超过六间上市公司的董事职务。

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The Nomination Comite has undertaken an anual review and

asesment of each Director’s time comitment and contribution

to the Board to ensure that they are efectively discharging their

responsibilities. Folowing this review, the Nomination Comite has

confirmed that each Director is able to met the demands of their role

and contribute efectively to the Board.

Board Proces

The Board held four metings throughout the year at aproximately

quarterly intervals to review the overal strategies and the operating and

financial performance of the Group. The Company Secretary asists the

Chairman in seting the agenda for Board metings in consultation with

al Directors. Notice of at least 14 days is given to al Directors for al

regular Board metings, and al Directors are given the oportunity to

propose maters for discusion on the agenda. Drafts and final versions

of minutes of Board metings are sent to al Directors for coments and

records. Minutes of Board metings with details of maters considered

by the Board and decisions reached are kept by the Company Secretary

and are available for inspection by the Directors.

During the financial year ended 31 March 2025, the Chairman has

also held a meting with the Independent Non-executive Directors

without the presence of other Directors.

The agendas and acompanying board papers for regular Board

metings are sent in ful package to al Directors at least thre days

before the date of each Board meting. Al Directors have aces

to board papers and related materials and may, in apropriate

circumstances, sek independent profesional advice at the

Company’s expense. Al Directors have aces to the advice and

services of the Company Secretary, who ensures that Board

procedures and aplicable rules and regulations are folowed.

Acording to curent Board practice, any material transaction or mater

that involves conflicting interests of a substantial shareholder or a

Director, are dealt with by a duly convened physical Board meting,

at which Independent Non-executive Directors who have no material

interest in the transaction should be present. Any Directors or their

close asociates with material interests in the transaction or mater

shal abstain from voting and wil not be counted in the quorum for

metings aproving such transactions.

提名委员会已对各董事投入时间及对董事局之贡

献进行年度审阅及评估，以确保其等能有效履行

其职责。经审阅后，提名委员会确认每名董事均

有效履行其职责，并对董事局作出有效贡献。

董事局程序

董事局于年内举行了四次会议，约于每季度举行，

以检讨本集团整体策略及营运和财务表现。公司

秘书协助主席制订董事局会议之议程，并咨询全

体董事。董事局的所有定期会议通知最少在会议

前十四天发给所有董事，并且所有董事均可提出

讨论事项列入会议程。董事局会议纪录初稿及

最终定稿会发送全体董事以表达意见及作其纪录

之用。董事局会议纪录详细记录董事局在会议上

所考虑之事项及达致的决定，由公司秘书备存，

董事可随时查阅。

于截至二零二五年三月三十一日止之财政年度内，

主席亦与独立非执行董事举行一次没有其他董事

出席的会议。

董事局定期会议的议程及会议文件于每次董事局

会议日期前至少三天全部送交所有董事。全体董

事均有权取得董事局文件及相关资料，及可在适

当的情况下寻求独立专业意见，费用由本公司支

付。所有董事可取得公司秘书的意见和享用他的

服务，以确保董事局程序和适用之规则及规例均

获得遵守。

根据现行董事局常规，任何涉及主要股东或董事

利益冲突的重大交易或事宜，须经由正式召开的

实体董事局会议中处理，并要求无重大利益关系

的独立非执行董事出席。任何于交易或事宜拥有

重大权益的董事或其紧密联系人须在批准该等交

易的会议中放弃表决及不获计入法定人数内。

董事姓名 Name of Directors	董事局会议出席次数╱会议次数 Number of Board Meetings Attended/Held	股东大会出席次数╱会议次数 Number of General Meetings Attended/Held
执行董事
Executive Directors
蒋丽苑女士（主席兼集团总裁）
Ms. Lai Yuen CHIANG (Chairman and Chief Executive Officer)
钟效良先生
Mr. Stephen Hau Leung CHUNG
独立非执行董事
Independent Non-executive Directors
陈智思先生(1)
Mr. Bernard Charnwut CHAN(1)
许志伟先生
Mr. Harry Chi HUI
郭敬文先生(2)
Mr. Clement King Man KWOK(2)
Anish LALVANI先生
Mr. Anish LALVANI
利子厚先生
Mr. Michael Tze Hau LEE
陈庆光先生
Mr. Johnson Chin Kwang TAN

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出席纪录

于截至二零二五年三月三十一日止之财政年度内，

本公司共举行四次董事局会议及一次股东大会，

每名董事之出席纪录载列如下：

附注：

，自二零二四年

八月二十六日举行之本公司股东周年大会结束后

生效。

，自二零

二四年十二月一日起生效。

Atendance Record

During the financial year ended 31 March 2025, four Board metings

and one general meting were held and the atendance record of each

Director is as folows:

Notes:

(1) Mr. Bernard Charnwut CHAN retired as an Independent Non-executive

Director with efect from the conclusion of the anual general meting of

the Company held on 26 August 2024.

(2) Mr. Clement King Man KWOK was apointed as an Independent Non-

executive Director with efect from 1 December 2024.

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董事局表现评核

董事局每年对其本身的表现以及其委员会和董事

的表现进行正式评核，以确保其持续有效地履行

职责。该评核通过董事局评核问卷的方式进行。

于截至二零二五年三月三十一日止之财政年度内，

本公司编制董事局评核问卷，以收集董事局成员

的观点和意见。企业管治委员会已审阅董事局评

核问卷，并对董事局于履行其管治职责上的表现

表示满意。

董事局就任培训及发展

在获委任加入董事局时，每名董事均收到一份全

面、正式及专属之入职资料，涵盖本公司组织章

程文件、本公司管治政策及程序以及作为董事在

一般、法定及监管规定上所须履行责任之资料，

以确保其对本公司之营运、业务以及其于上市规

则及其他相关法律及监管规定下之责任有确切了

解。

本公司已为于年内获委任为独立非执行董事的郭

敬文先生提供一份全面、正式及专属之入职资料。

于二零二四年十一月二十二日，郭先生已向有资

格就香港法律提供意见的律师行取得法律意见，

明白上市规则中适用于其作为董事的规定，以及

向联交所作出虚假声明或提供虚假信息所可能引

致的后果。郭先生确认明白其作为董事的责任。

董事亦定期获简介有关上市规则、企业管治常规、

相关法例之修订及本公司的业务发展。为使董事

了解其职责及灌输新的知识，于截至二零二五年

三月三十一日止之财政年度内已提供参阅资料（包

括联交所提供的网上培训材料）。除由本公司作

出之安排外，若干董事亦有参加外部培训研讨会。

Board Performance Evaluation

The Board anualy undertakes a formal evaluation of its own

performance and that of its comites and Directors to ensure that

they continue to perform efectively. The evaluation is conducted by

way of Board evaluation questionaire.

During the financial year ended 31 March 2025, a board evaluation

questionaire was prepared to colect views and coments from

Board members. The Corporate Governance Comite reviewed the

Board evaluation questionaire and was satisfied with the Board’s

performance in fulfiling its governance responsibilities.

Board Induction and Development

On apointment to the Board, each Director shal receive a

comprehensive, formal and tailored induction package covering

the Company’s constitutional documents, governance policies and

procedures of the Company as wel as the general, statutory and

regulatory obligations of being a Director to ensure that he/she has a

proper understanding of the Company’s operations and busines, and

his/her responsibilities under the Listing Rules and other relevant legal

and regulatory requirements.

The Company has provided Mr. Clement King Man KWOK, being the

Independent Non-executive Director apointed during the year, with

a comprehensive, formal and tailored induction package upon his

apointment. On 22 November 2024, Mr. KWOK has obtained legal

advice from a firm of solicitors qualified to advise on Hong Kong law as

regards the requirements under the Listing Rules that are aplicable

to him as a Director and the posible consequences of making a false

declaration or giving false information to the Stock Exchange. Mr.

KWOK confirmed that he understod his obligations as a Director.

The Directors are regularly briefed on the amendments to or updates

on the Listing Rules, corporate governance practices, related regulatory

regime and the busines development of the Company. To kep

abreast of the responsibilities of the Directors and infuse them with new

knowledge, reading materials (including e-learning materials provided

by the Stock Exchange) had ben provided during the financial year

ended 31 March 2025. Apart from what the Company had aranged,

certain Directors also atended external training seminars.

培训类型：阅读资料╱期刊及╱或出席简报会╱简介会╱ 网络研讨会╱研讨会╱讨论会
Types of Training: Reading Materials/Journals and/or Attending Briefings/ Presentations/Webinars/Seminars/Conferences
董事姓名 Name of Directors	公司责任╱ 董事职责 Company’s Obligations/ Director’s Duties	环境、社会及管治常规 ESG Practices	财务汇报╱ 风险管理 Financial Reporting/ Risk Management	法例╱监管规定的遵守 Legislative/ Regulatory Compliance

执行董事
Executive Directors

独立非执行董事
Independent Non-executive Directors

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董事须向本公司提供他们所参与的培训之资料。

于截至二零二五年三月三十一日止之财政年度内，

董事合共接受约209小时的培训。

于截至二零二五年三月三十一日止之财政年度内，

所有董事参与的培训概述如下：

蒋丽苑女士（主席兼集团总裁）✓

Ms. Lai Yuen CHIANG (Chairman and

Chief Executive Oficer)

钟效良先生✓

Mr. Stephen Hau Leung CHUNG

陈智思先生

(1)

✓

Mr. Bernard Charnwut CHAN

(1)

许志伟先生✓

Mr. Hary Chi HUI

郭敬文先生

(2)

✓

Mr. Clement King Man KWOK

(2)

Anish LALVANI先生✓

Mr. Anish LALVANI

利子厚先生✓

Mr. Michael Tze Hau LE

陈庆光先生✓

Mr. Johnson Chin Kwang TAN

附注：

，自二零二四年

八月二十六日举行之本公司股东周年大会结束后

生效。

，自二零

二四年十二月一日起生效。

The Directors are required to provide the Company with details of

the training undertaken by them. During the financial year ended 31

March 2025, the Directors received an agregate of about 209 hours

of training.

The training undertaken by the Directors during the financial year

ended 31 March 2025 is sumarized as folows:

Notes:

(1) Mr. Bernard Charnwut CHAN retired as an Independent Non-executive

Director with efect from the conclusion of the anual general meting of

the Company held on 26 August 2024.

(2) Mr. Clement King Man KWOK was apointed as an Independent Non-

executive Director with efect from 1 December 2024.

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董事责任保险

本公司已就董事及行政人员因本集团业务而引起

之责任购买适当保险。本公司每年检讨保险所保

障之范围。

委任、重选及罢免董事

所有独立非执行董事获委任之年期均不多于三年，

惟须于本公司股东周年大会上轮流退任及由股东

重选连任。

此外，任何于年内获董事局委任以填补临时空缺

或增加董事局成员的董事，须履行董事职务直至

下届股东周年大会，并符合资格于该大会上获重

选连任。

根据本公司之细则第100条及上市规则附录A1第

4(2)段，新委任的独立非执行董事郭敬文先生（自

二零二四年十二月一日起生效）将于即将举行之

本公司股东周年大会上退任，彼符合资格并愿意

膺选连任。

根据本公司之细则第109(A)条，除本公司主席及

董事总经理外，当时在任三分之一之董事须于

本公司股东周年大会上轮流退任及重选连任。

Anish LALVANI先生及利子厚先生（独立非执行董

事）将于即将举行之本公司股东周年大会上轮流

退任。Anish LALVANI先生符合资格并愿意于即

将举行之股东周年大会上重选连任。利子厚先生

已通知本公司彼将不会于即将举行之股东周年大

会上寻求重选连任，并将于即将举行之股东周年

大会结束后退任独立非执行董事。

Liability Insurance for Directors

The Company has in force apropriate insurance coverage on

directors’ and oficers’ liabilities arising from the Group’s busines. The

Company reviews the extent of insurance coverage on an anual basis.

Apointment, Re-election and Removal of Directors

Al the Independent Non-executive Directors are apointed for a

term of not more than thre years, subject to retirement by rotation

and re-election by Shareholders at the anual general meting of the

Company.

In adition, any Directors apointed by the Board during the year,

either to fil a casual vacancy or as an adition to the Board, shal hold

ofice until the next anual general meting, and then shal be eligible

for re-election at that meting.

Acording to Bye-law 100 of the Company’s Bye-laws and paragraph

4(2) of Apendix A1 to the Listing Rules, Mr. Clement King Man

KWOK, being an Independent Non-executive Director newly apointed

with efect from 1 December 2024, shal retire at the forthcoming

anual general meting of the Company and, being eligible, has

ofered himself for re-election.

In acordance with the Bye-law 109(A) of the Company’s Bye-laws,

other than the Chairman and the managing director of the Company,

one-third of the directors for the time being shal retire by rotation, and

stand for re-election, at the anual general meting of the Company.

Mr. Anish LALVANI and Mr. Michael Tze Hau LE, the Independent

Non-executive Directors, shal retire by rotation at the forthcoming

anual general meting. Mr. Anish LALVANI, being eligible, wil ofer

himself for re-election at the forthcoming anual general meting. Mr.

Michael Tze Hau LE has informed the Company that he wil not be

seking re-election at the forthcoming anual general meting and

acordingly wil retire as an Independent Non-executive Director with

efect from the conclusion of the forthcoming anual general meting.

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董事证券交易

本公司已就董事进行证券交易采纳一套操守准则

（「操守准则」），其条款的严格程度不低于上市规

则附录C3上市发行人董事进行证券交易的标准

守则（「标准守则」）的条款。经本公司向全体董事

作出特定查询，本公司确认全体董事于截至二零

二五年三月三十一日止之年度内，一直遵守操守

准则及标准守则所规定的标准。

主席及集团总裁

于截至二零二五年三月三十一日止之财政年度内，

蒋丽苑女士为本公司董事局主席兼集团总裁。主

席及集团总裁之角色已清楚界定，以确保彼管理

本公司之问责性及职责。

蒋丽苑女士作为董事局主席专注于本集团之整体

企业发展及高层策略性方针，领导董事局及监督

董事局之有效运作。彼同时负责管理本集团的业

务、制定政策及企业管理，并在管理层的协助下

实施董事局采纳的策略和措施。

于本报告书日期，蒋丽苑女士为本公司董事局主

席兼集团总裁。根据上市规则企业管治守则之守

则条文第C.2.1条之规定，主席与集团总裁的角

色应有区分，并不应由一人同时兼任。然而，鉴

于蒋女士的技能和经验以及彼长期服务于本集团，

该架构可视为适合本集团，并可为本集团提供强

大且贯彻的领导力，为业务提供有效及高效的规

划及决策，以及能执行长期业务策略。

Directors’ Securities Transactions

The Company has adopted a Code of Conduct regarding Securities

Transactions by the Directors (the “Code of Conduct”) on terms no

les exacting than the required standard as set out in the Model Code

for Securities Transactions by Directors of Listed Isuers (the “Model

Code”) contained in Apendix C3 to the Listing Rules. The Company,

after having made specific enquiry of al Directors, confirms that al

Directors have complied with the required standard set out in the Code

of Conduct and the Model Code throughout the year ended 31 March

2025.

CHAIRMAN AND CHIEF EXECUTIVE OFICER

During the financial year ended 31 March 2025, Ms. Lai Yuen CHIANG

was the Chairman of the Board and the Chief Executive Oficer of the

Company. The roles of the Chairman and the Chief Executive Oficer

are defined clearly to ensure the acountability and responsibility with

respect to the management of the Company.

Ms. Lai Yuen CHIANG, being the Chairman of the Board, focuses on

overal corporate development and high-level strategic directions of the

Group, provides leadership to the Board, and overses the eficient

functioning of the Board. She is also responsible for managing the

busines of the Group, policy making and corporate management and

the implementation of strategies and initiatives adopted by the Board

with the suport from the management.

As at the date of this report, Ms. Lai Yuen CHIANG is the Chairman

of the Board and Chief Executive Oficer of the Company. Pursuant to

code provision C.2.1 of the CG Code of the Listing Rules, the roles of

Chairman and Chief Executive Oficer should be separate and should

not be performed by the same individual. However, given the skils

and experience of Ms. CHIANG and her long term of service with the

Group, this structure can be considered apropriate to the Group

and can provide the Group with strong and consistent leadership for

efective and eficient busines planing and decisions, as wel as

execution of long term busines strategies.

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董事委员会

董事委员会的架构

作为良好企业管治不可或缺的一环且为提升董事

局的职能，董事局设立四个董事委员会，分别为

审核委员会、企业管治委员会、提名委员会、以

及薪酬委员会，以承担本集团事务中特定范畴之

职责，并就此进行监督。

董事局

Board of Directors

审核委员会

Audit Comite

企业管治委员会

Corporate Governance

Comite

提名委员会

Nomination Comite

薪酬委员会

Remuneration Comite

审核委员会

审核委员会于一九八年成立。于本报告书日期，

审核委员会成员包括五名独立非执行董事许志伟

先生、郭敬文先生、Anish LALVANI先生、利子厚

先生及陈庆光先生。陈庆光先生为审核委员会主

席。

审核委员会的角色是确保本公司具有正式及具透

明度的安排，以考虑有关本集团财务汇报、风险

管理及内部监控事项，并且监察本公司与外聘核

数师的关系。审核委员会之职权范围已载于本公

司及联交所之网站上。

BOARD COMITES

Board comites’ Structure

As an integral part of god corporate governance and to enhance

the function of the Board, the Board has established four Board

comites, namely the Audit Comite, the Corporate Governance

Comite, the Nomination Comite and the Remuneration

Comite, to asume responsibilities for and to overse particular

aspects of the Group’s afairs.

Audit Comite

The Audit Comite was established in 1998. As at the date of this

report, the Audit Comite comprises five Independent Non-executive

Directors, namely Mr. Hary Chi HUI, Mr. Clement King Man KWOK,

Mr. Anish LALVANI, Mr. Michael Tze Hau LE and Mr. Johnson Chin

Kwang TAN. Mr. Johnson Chin Kwang TAN is the Audit Comite

Chairman.

The roles of the Audit Comite are to ensure that the Company has

formal and transparent arangements for considering maters relating

to the Group’s financial reporting, risk management and internal

control and overseing the Company’s relationship with the Company’s

external auditor. The terms of reference of the Audit Comite are

available on the websites of the Company and the Stock Exchange.

审核委员会成员 Members of Audit Committee	出席次数╱会议次数 Number of Meetings Attended/Held
独立非执行董事
Independent Non-executive Directors
陈庆光先生(1)
Mr. Johnson Chin Kwang TAN(1)
陈智思先生(2)
Mr. Bernard Charnwut CHAN(2)
许志伟先生
Mr. Harry Chi HUI
郭敬文先生(3)
Mr. Clement King Man KWOK(3)
Anish LALVANI先生(4)
Mr. Anish LALVANI(4)
利子厚先生
Mr. Michael Tze Hau LEE

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出席纪录

于截至二零二五年三月三十一日止之财政年度内，

审核委员会曾举行三次会议（合共五节），与本公

司外聘核数师以及外聘顾问审阅本集团之财务业

绩和检讨内部监控及相关事项。每名成员之出席

纪录载列如下：

附注：

，自二零

二四年八月二十六日举行之本公司股东周年大会

结束后生效。

，自二零

二四年八月二十六日举行之本公司股东周年大会

结束后生效。

，自二零

二四年十二月一日起生效。

但继续担任审核委员会成员，自二零二四年八月

二十六日举行之本公司股东周年大会结束后生效。

Atendance Record

The Audit Comite held thre metings (totaling five sesions)

during the financial year ended 31 March 2025 to review with the

Company’s external auditor and external consultant, the Group’s

financial results and internal controls and related maters. The

atendance record of each member is as folows:

Notes:

(1) Mr. Johnson Chin Kwang TAN was apointed as the Chairman of the

Audit Comite with efect from the conclusion of the anual general

meting of the Company held on 26 August 2024.

(2) Mr. Bernard Charnwut CHAN ceased to be a member of the Audit

Comite with efect from the conclusion of the anual general meting

of the Company held on 26 August 2024.

(3) Mr. Clement King Man KWOK was apointed as a member of the Audit

Comite with efect from 1 December 2024.

(4) Mr. Anish LALVANI ceased to act as the Chairman but remain as a

member of the Audit Comite with efect from the conclusion of the

anual general meting of the Company held on 26 August 2024.

职务范围 Areas of Duties	主要工作摘要 Summary of Major Activities
定期财务业绩 Periodic Financial Results
外聘核数师 External Auditor
内部审核 Internal Audit
风险管理和内部监控 Risk Management and Internal Control
其他 Others

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审核委员会2024/25年的工作摘要

Sumary of Work of the Audit Comite in 2024/25

企业管治委员会成员 Members of Corporate Governance Committee	出席次数╱会议次数 Number of Meetings Attended/Held
独立非执行董事
Independent Non-executive Directors
利子厚先生
Mr. Michael Tze Hau LEE
陈智思先生(1)
Mr. Bernard Charnwut CHAN(1)
许志伟先生
Mr. Harry Chi HUI
郭敬文先生(2)
Mr. Clement King Man KWOK(2)
Anish LALVANI先生
Mr. Anish LALVANI
陈庆光先生
Mr. Johnson Chin Kwang TAN

43CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

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Corporate Governance Comite

The Corporate Governance Comite (the “CG Comite”) was

established in 2012. As at the date of this report, the CG Comite

comprises five Independent Non-executive Directors, namely Mr.

Hary Chi HUI, Mr. Clement King Man KWOK, Mr. Anish LALVANI, Mr.

Michael Tze Hau LE and Mr. Johnson Chin Kwang TAN. Mr. Michael

Tze Hau LE is the CG Comite Chairman.

The CG Comite is responsible for developing and reviewing the

Company’s policies and practices on corporate governance and

making recomendations to the Board, reviewing and monitoring

the training and continuous profesional development of Directors

and management, reviewing and monitoring the Company’s policies

and practices on compliance with legal and regulatory requirements,

developing, reviewing and monitoring the Codes of Conduct aplicable

to the Directors and employes of the Company, reviewing the

relevance and efectivenes of the Board Independence Policy

and reviewing the Company’s compliance with the CG Code and

disclosures in this report. The Company has established the terms of

reference of the CG Comite.

Atendance Record

The CG Comite held two metings during the financial year ended

31 March 2025. The atendance record of each member is as folows:

Notes:

(1) Mr. Bernard Charnwut CHAN ceased to be a member of the Corporate

Governance Comite with efect from the conclusion of the anual

general meting of the Company held on 26 August 2024.

(2) Mr. Clement King Man KWOK was apointed as a member of the

Corporate Governance Comite with efect from 1 December 2024.

企业管治委员会

企业管治委员会（「企业管治委员会」）于二零一二

年成立。于本报告书日期，企业管治委员会成员

包括五名独立非执行董事许志伟先生、郭敬文先

生、Anish LALVANI先生、利子厚先生及陈庆光先

生。利子厚先生为企业管治委员会主席。

企业管治委员会之职责为制定及检讨本公司的企

业管治政策及常规，并向董事局提出建议，检讨

及监察董事及管理人员的培训及持续专业发展，

检讨及监察本公司在遵守法律及监管规定方面的

政策及常规，制订、检讨及监察适用于本公司董

事及雇员的操守准则，检讨董事局独立性政策的

相关性及有效性，以及检讨本公司遵守企业管治

守则的情况及于本报告书内的披露。本公司已制

定企业管治委员会之职权范围。

出席纪录

于截至二零二五年三月三十一日止之财政年度内，

企业管治委员会曾举行两次会议。每名成员之出

席纪录载列如下：

附注：

，自二

零二四年八月二十六日举行之本公司股东周年大

会结束后生效。

，自二

零二四年十二月一日起生效。

职务范围 Areas of Duties	主要工作摘要 Summary of Major Activities
遵守法律及监管规定 Legal and Regulatory Compliance
董事局的有效性 Board Effectiveness
其他 Others

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企业管治委员会2024/25年的工作摘要

Sumary of Work of the Corporate Governance Comite in 2024/25

Nomination Comite

The Nomination Comite was established in 2012. As at the date

of this report, the Nomination Comite comprises four Independent

Non-executive Directors, namely Mr. Clement King Man KWOK, Mr.

Anish LALVANI, Mr. Michael Tze Hau LE and Mr. Johnson Chin

Kwang TAN, and the Executive Director Ms. Lai Yuen CHIANG. Ms.

Lai Yuen CHIANG is the Nomination Comite Chairman and the

Chairman of the Board.

The Nomination Comite is responsible for reviewing the structure,

size and composition (including the skils, knowledge and experience)

of the Board, asisting the Board in maintaining a board skils matrix,

and making recomendations on any proposed changes to the

Board members to complement the Company’s corporate strategy;

identifying individuals suitably qualified to become Board members

and select or make recomendations to the Board on the selection of

individuals nominated for directorships; asesing the independence

of Independent Non-executive Directors; making recomendations

to the Board on the apointment or re-apointment of Directors and

sucesion planing for Directors; asesing the time comitment

and contribution of the Directors to the Board; and suporting the

Company’s regular evaluation of the Board’s performance. The

terms of reference of the Nomination Comite are available on the

websites of the Company and the Stock Exchange.

提名委员会

提名委员会于二零一二年成立。于本报告书日期，

提名委员会成员包括四名独立非执行董事郭敬文

先生、Anish LALVANI先生、利子厚先生、陈庆光

先生，以及执行董事蒋丽苑女士。蒋丽苑女士为

提名委员会主席及董事局主席。

提名委员会之职责为检讨董事局的架构、人数及

组成（包括技能、知识及经验方面），协助董事局

编制董事局技能表，并就任何为配合本公司企业

策略而拟对董事局成员作出的变动提出建议；物

色具备合适资格可担任董事的人士；并挑选提名

有关人士出任董事或就此向董事局提出建议，评

核独立非执行董事的独立性；且就董事委任或续

任以及董事继任计划向董事局提出建议；评估董

事付出的时间及对董事局的贡献以及协助本公司

定期评核董事局的表现。提名委员会之职权范围

已载于本公司及联交所之网站上。

45CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

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提名政策

董事局于二零一八年十一月采纳提名政策，载列

提名及委任董事的条件及程序。董事局将相关筛

选及委任董事过程授权予提名委员会，以确定合

适的候选人成为董事局成员并向董事局推荐。在

评估建议候选人的适合性时，提名委员会将考虑

和评估候选人性格及诚信、资格、技能、经验、

性别和在董事局成员多元化政策下与公司业务和

企业策略相关的特征，投入足够的时间以有效履

行职务及是否符合上市规则第3.13条所载之独立

性要求（就独立非执行董事而言）。经评估后，提

名委员会提名适当的候选人予董事局批准和任命。

对于任何由股东在公司股东大会上提名选举为董

事的人，提名委员会应根据上述标准对该候选人

进行评估，以确定该候选人是否合符资格担任董

事职务。在适当情况下，提名委员会于股东大会

上就建议膺选董事向股东推荐建议。

提名委员会亦已根据提名政策及董事局成员多元

化政策所订明的提名条件及程序以及董事局成员

多元化准则，考虑并建议董事局委任郭敬文先生

为独立非执行董事及于二零二四年股东周年大会

上重选退任董事的提名。

董事局已检讨提名及委任董事的条件及程序，并

认为提名政策已于年内有效地实施。

Nomination Policy

The Board adopted a Nomination Policy in November 2018 which

sets out the criteria and proces on the nomination and apointment

of Directors. The Board has delegated the relevant selection and

apointment of Directors to the Nomination Comite, which

identifies suitable qualified candidates to become Board members

and recomends them to the Board. In asesing the suitability of a

proposed candidate, the Nomination Comite would ases and

evaluate the candidate’s character and integrity, qualifications, skils,

experience, gender and diversity aspects under the Board Diversity

Policy that are relevant to the Company’s busines and corporate

strategy, devoting adequate time to efectively cary out their duties,

and fulfilment of the independence requirements as set out in Rule

3.13 of the Listing Rules (for Independent Non-executive Directors).

After the evaluation, the Nomination Comite nominates the

apropriate candidate to the Board for aproval and apointment.

For any person that is nominated by a Shareholder for election as

a director at the general meting of the Company, the Nomination

Comite should evaluate such candidate based on the criteria as

set out above to determine whether such candidate is qualified for

directorship. Where apropriate, the Nomination Comite should

make recomendation to Shareholders in respect of the proposed

election of director at the general meting.

The Nomination Comite had considered and made recomendations

to the Board on the apointment of Mr. Clement King Man KWOK as

an Independent Non-executive Director and the nomination of the

retiring Director for re-election at the 2024 anual general meting in

acordance with the nomination criteria and procedures and board

diversity criteria as set out in the Nomination Policy and the Board

Diversity Policy respectively.

The Board had reviewed the criteria and proces on the nomination

and apointment of Directors and, considered the Nomination Policy

has ben efectively implemented during the year.

提名委员会成员 Members of Nomination Committee	出席次数╱会议次数 Number of Meetings Attended/Held
执行董事
Executive Director
蒋丽苑女士(1)
Ms. Lai Yuen CHIANG(1)
独立非执行董事
Independent Non-executive Directors
陈智思先生(2)
Mr. Bernard Charnwut CHAN(2)
郭敬文先生(3)
Mr. Clement King Man KWOK(3)
Anish LALVANI先生
Mr. Anish LALVANI
利子厚先生
Mr. Michael Tze Hau LEE
陈庆光先生(4)
Mr. Johnson Chin Kwang TAN(4)

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出席纪录

于截至二零二五年三月三十一日止之财政年度内，

提名委员会曾举行两次会议。每名成员之出席纪

录载列如下：

附注：

，自二零

二四年八月二十六日举行之本公司股东周年大会

结束后生效。

，自二零

二四年八月二十六日举行之本公司股东周年大会

结束后生效。

，自二零

二四年十二月一日起生效。

，但继续担

任提名委员会成员，自二零二四年八月二十六日

举行之本公司股东周年大会结束后生效。

Atendance Record

The Nomination Comite held two metings during the financial

year ended 31 March 2025. The atendance record of each member is

as folows:

Notes:

(1) Ms. Lai Yuen CHIANG was apointed as the Chairman of the Nomination

Comite with efect from the conclusion of the anual general meting

of the Company held on 26 August 2024.

(2) Mr. Bernard Charnwut CHAN ceased to be a member of the Nomination

Comite with efect from the conclusion of the anual general meting

of the Company held on 26 August 2024.

(3) Mr. Clement King Man KWOK was apointed as a member of the

Nomination Comite with efect from 1 December 2024.

(4) Mr. Johnson Chin Kwang TAN ceased to act as the Chairman but

remain as a member of the Nomination Comite with efect from the

conclusion of the anual general meting of the Company held on 26

August 2024.

职务范围 Areas of Duties	主要工作摘要 Summary of Major Activities
董事局的组成及多元化 Board Composition and Diversity
董事局的独立性 Board Independence
董事退任及重选 Retirement and Re-election of Directors
董事职务变更 Change of Directorship

47CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

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提名委员会2024/25年的工作摘要

Sumary of Work of the Nomination Comite in 2024/25

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薪酬委员会

薪酬委员会于二零五年成立。于本报告书日期，

薪酬委员会成员包括四名独立非执行董事许志伟

先生、Anish LALVANI先生、利子厚先生及陈庆光

先生，以及执行董事蒋丽苑女士。Anish LALVANI

先生为薪酬委员会主席。

薪酬委员会之主要职责为就董事及高级管理人员

之薪酬政策及架构，及就设立正规而具透明度之

程序制定薪酬政策，向董事局推荐意见，亦因应

企业方针及目标而检讨及制订本集团执行董事及

高级管理人员之薪酬及就独立非执行董事之薪酬

向董事局提出建议。薪酬委员会考虑之因素包括

执行董事及高级管理人员之职务和责任及可供比

较之公司所支付之薪酬数额。此外，薪酬委员会

亦负责审阅及╱或批准与上市规则规定的股份计

划有关的事项。薪酬委员会之职权范围已载于本

公司及联交所之网站上。

执行董事之薪酬福利包括薪金、津贴、与表现挂

钩之花红及退休金。截至二零二五年三月三十一

日止之财政年度内之董事及高级管理人员薪酬资

料载于本年报内财务报表附注9。

Remuneration Comite

The Remuneration Comite was established in 2005. As at the

date of this report, the Remuneration Comite comprises four

Independent Non-executive Directors, namely Mr. Hary Chi HUI,

Mr. Anish LALVANI, Mr. Michael Tze Hau LE and Mr. Johnson Chin

Kwang TAN, and the Executive Director, Ms. Lai Yuen CHIANG. Mr.

Anish LALVANI is the Remuneration Comite Chairman.

The main responsibilities of the Remuneration Comite are to

make recomendations to the Board on the policy and structure for

the remuneration of Directors and senior management and on the

establishment of a set of formal and transparent procedures for its

remuneration policy. It also reviews and determines the remuneration

packages for Executive Directors and senior management and to make

recomendations to the Board on the remuneration for Independent

Non-executive Directors of the Group with reference to the corporate

goals and objectives. The Remuneration Comite considers

factors such as duties and responsibilities of the Executive Directors

and senior management and the amount of remuneration paid by

comparable companies. In adition, the Remuneration Comite

is also responsible for reviewing and/or aproving maters relating to

the share schemes under the Listing Rules. The terms of reference

of the Remuneration Comite are available on the websites of the

Company and the Stock Exchange.

Remuneration packages of Executive Directors comprises salary,

alowances, performance related bonus and pension scheme

contributions. Information about the emoluments of Directors and

senior management during the financial year ended 31 March 2025 is

set out in note 9 to the financial statements of this anual report.

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薪酬政策

董事局采纳薪酬政策，通过正式及透明之程序实

施薪酬政策，旨在确认适当的薪酬水平对于吸引、

留住和激励董事成功营运本公司至关重要，以及

确保董事的薪酬水平恰当，并与本公司所制定的

目标、目的及业绩表现一致，以提升股东的价值。

根据薪酬政策，个别董事之薪酬及其他与薪酬相

关的事宜已按照以下主要原则而制定：

• 执行董事之薪酬将由薪酬委员会及董事局

每年检讨一次。

、资历、

经验、所肩负的职责，及本集团的业绩表

现及盈利向董事局建议批准任何有关执行

董事薪酬之修订。

• 执行董事可具备资格获得参照市场状况以

及企业与个人表现因素而厘定的酌情花红

及╱或表现花红及╱或保证花红。

• 薪酬委员会将根据本公司之购股权计划及

持股计划（如有）审阅及向董事局建议（如合

适）审批授出购股权及╱或奖励股份予执行

董事。该计划让执行董事拥有本公司之权

益，以鼓励或奖励彼等对本集团作出之贡

献或将可作出之贡献。

• 非执行董事之袍金将由薪酬委员会及董事

局每年检讨一次。

Remuneration Policy

The Board adopted a Remuneration Policy which aims to recognize

that apropriate level of remuneration is crucial to atract, retain

and motivate the Directors to run the Company sucesfuly, and to

ensure that the Directors’ remuneration is apropriate and aligns with

the Company’s goals, objectives and performance and to enhance

the value of Shareholders, through a set of formal and transparent

procedures for implementing the Remuneration Policy. Pursuant

to the Remuneration Policy, the folowing key principles have

ben established for determination of the remuneration and other

remuneration related maters of individual Directors:

’ emoluments shal be reviewed anualy by

the Remuneration Comite and the Board.

• Recomendations shal be made by the Remuneration

Comite to the Board for aproval of any revision to the

Executive Directors’ emoluments by reference to his/her position,

qualifications, experience, level of responsibilities and the

Group’s performance and profitability.

• Executive Directors may be eligible to receive discretionary

bonus and/or performance bonus and/or guaranted bonus

taking into consideration factors such as market conditions as

wel as corporate and individual performances.

recomend to the Board for aproval the grant of share options

and/or the award of shares to the Executive Directors under the

share option scheme and share ownership scheme (if any) of

the Company. Such scheme(s) enables the Executive Directors

to obtain an ownership interest in the Company as incentives

or rewards for their contribution or potential contribution to the

Group.

’ fes shal be reviewed anualy by the

Remuneration Comite and the Board.

薪酬委员会成员 Members of Remuneration Committee	出席次数╱会议次数 Number of Meetings Attended/Held
独立非执行董事
Independent Non-executive Directors
Anish LALVANI先生(1)
Mr. Anish LALVANI(1)
陈智思先生(2)
Mr. Bernard Charnwut CHAN(2)
许志伟先生(3)
Mr. Harry Chi HUI(3)
利子厚先生
Mr. Michael Tze Hau LEE
陈庆光先生
Mr. Johnson Chin Kwang TAN
执行董事
Executive Director
蒋丽苑女士
Ms. Lai Yuen CHIANG

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、职务与

职责及市场情况向股东建议于股东大会批

准有关非执行董事袍金之修订。

• 任何有关非执行董事袍金之修订亦须受限

于在相应财政年度支付给所有非执行董事

的董事袍金总额的年度限额，并且该限额

的任何调整将根据本公司之细则由股东批准。

出席纪录

于截至二零二五年三月三十一日止之财政年度内，

薪酬委员会曾举行三次会议。每名成员之出席纪

录载列如下：

附注：

自二零二四年八月二十六日举行之本公司股东周

年大会结束后生效。

，自二零

二四年八月二十六日举行之本公司股东周年大会

结束后生效。

，自二零

二四年十二月一日起生效。

• Recomendations shal be made by the Board to the

Shareholders for aproval at the Shareholders’ meting any

revision to the non-executive directors’ fes by reference to his/

her experience, duties, responsibilities and market conditions.

’ fes shal also be subject

to an anual limit on the agregate amount of non-executive

directors’ fes payable to al the non-executive directors during

the respective financial year, and any adjustment of such limit

shal require aproval by the Shareholders pursuant to the

Company’s Bye-laws.

Atendance Record

The Remuneration Comite held thre metings during the financial

year ended 31 March 2025. The atendance record of each member is

as folows:

Notes:

(1) Mr. Anish LALVANI was apointed as the Chairman of the Remuneration

Comite with efect from the conclusion of the anual general meting

of the Company held on 26 August 2024.

(2) Mr. Bernard Charnwut CHAN ceased to act as the Chairman of the

Remuneration Comite with efect from the conclusion of the anual

general meting of the Company held on 26 August 2024.

(3) Mr. Hary Chi HUI was apointed as a member of the Remuneration

Comite with efect from 1 December 2024.

职务范围 Areas of Duties	主要工作摘要 Summary of Major Activities
薪酬福利 Remuneration Packages
购股权计划 Share Option Scheme

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薪酬委员会2024/25年的工作摘要

Sumary of Work of the Remuneration Comite in 2024/25

The Remuneration Comite had also reviewed and made

recomendations to the Board for aproval on the grant of share

options on 16 September 2024 to eligible participants (the “Grantes”)

under the Share Option Scheme. The Remuneration Comite had

considered the maters as set out below:

There was no performance target atached to the share options

granted. The Remuneration Comite noted that the purpose of the

Share Option Scheme was to enable the Board to grant share options

to eligible participants as rewards or incentive for their contribution

or potential contribution to the Group and for achieving the long-term

busines objectives of the Group.

Having considered the purpose of the Share Option Scheme and

(i) those Grantes’ roles and experiences in the Group’s busines,

length of services to the Group, and contribution and dedication to

the promotion of the Group’s busines; (i) those Grantes directly

contributed to the overal busines performance, sustainable

development and god corporate governance of the Group; and (i)

such grant of share options being subject to the vesting schedules

which reinforces Grantes’ comitment to long-term services to

the Group, the Remuneration Comite was of the view that, the

performance target was not necesary for the grant of share options

to the Grantes and such grant of share options without performance

target atached was in line with the purpose of the Share Option

Scheme.

薪酬委员会亦审阅及向董事局建议批准于二零

二四年九月十六日根据购股权计划向合资格之参

与人（「承授人」）授出购股权。薪酬委员会考虑了

以下事宜：

授出之购股权并无附带表现目标。薪酬委员会知

悉，购股权计划的目的旨在使董事局能够向合资

格之参与人授出购股权，以奖励或鼓励彼等对本

集团所作出之贡献或将可作出之贡献，以及达致

本集团长期业务目标。

经考虑购股权计划的目的及(i)该等承授人于本集

团业务之角色及经验、为本集团服务之年资，及

对推广本集团业务所付出的贡献及努力；(i)该等

承授人直接对本集团之整体业务表现、可持续发

展及良好企业管治所作出的贡献；及(i)该授出

购股权根据归属时间表将加强承授人为本集团长

期服务的承诺，薪酬委员会认为授出购股权予承

授人，表现目标并非必要，且授出无需附带表现

目标的购股权乃符合购股权计划的目的。

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授出之购股权并无附带退扣机制。薪酬委员会认

为购股权计划项下已提供有关不同情况下之购股

权失效及注销，可充分保障本公司之利益，授出

购股权予承授人，退扣机制并非必要。

问责性及审核

财务汇报

董事局有责任监督年度财务报表的编制，而董事

局会收取每月有关集团表现、财务状况及前景的

最新资料。本公司分别于相关期间结束后三个月

及两个月内刊发其年度及中期业绩。

本集团截至二零二五年三月三十一日止之财政年

度内的综合财务报表已由外聘核数师安永会计师

事务所审核及经审核委员会审阅。董事确认彼等

对编制本集团综合财务报表负有责任，该等财务

报表乃依照法定要求及适用会计准则编制。

外聘核数师就其审核本集团截至二零二五年三月

三十一日止年度之综合财务报表之责任声明，载

于本年报第90至97页之独立核数师报告书内。

风险管理及内部监控

本集团知悉其业务和经营的市场潜在若干风险（包

括环境、社会及管治风险），在实践企业目标时，

会查证重大风险并为其进行监控，以使能够达至

持续增长和长期股东价值。本集团实施一套全面

的风险管理及内部监控系统（「监控系统」），其设

计是提供合理保证，而非杜绝，重大风险的识别

和管理，业务是根据管理层的授权进行，资产得

到保障，财务报表准确可靠和可供刊印，以及本

集团的活动有遵守适用法律和规例。

There was no clawback mechanism atached to the share options

granted. The Remuneration Comite was of the view that clawback

mechanism was not necesary for the grant of share options to the

Grantes as the lapse and cancelation of the share options in various

scenarios had already ben provided for under the Share Option

Scheme which could adequately safeguard the Company’s interests.

ACOUNTABILITY AND AUDIT

Financial Reporting

The Board, which is responsible for overseing the preparation

of anual financial statements, receives monthly updates on the

Group’s performance, financial position and prospects. The Company

publishes its anual and interim results within thre months and two

months respectively after the relevant period ends.

The consolidated financial statements of the Group for the financial

year ended 31 March 2025 have ben audited by the external auditor,

Ernst & Young, and reviewed by the Audit Comite. The Directors

acknowledge their responsibility for preparing the consolidated

financial statements of the Group which were prepared in acordance

with statutory requirements and aplicable acounting standards.

A statement by the external auditor regarding the responsibilities for

the audit of the consolidated financial statements of the Group for the

year ended 31 March 2025 is set out in the Independent Auditor’s

Report on pages 90 to 97 of this anual report.

Risk Management and Internal Control

The Group acknowledges certain aspects of risks (including

environmental, social and governance risks) are inherent in its

busineses and the markets it operates, and in pursuit of its corporate

objectives, undertakes to determine and monitor material risks in

order to enable sustainable growth and long term Shareholder value.

The Group implements a comprehensive Risk Management and

Internal Control System (the “Control System”) which is designed to

provide reasonable, but not absolute, asurance that significant risks

are identified and managed, transactions are executed in acordance

with management’s authorization, asets are protected, the financial

statements are acurate and reliable for publication, and the Group’s

activities are in compliance with aplicable laws and regulations.

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风险管理和内部监控程序已与本集团的日常业务

和营运融合，其涉及对风险的理解、识别潜在的

风险、评估可能产生的后果、确定风险水平、设

立适当的缓解措施，以及适当的报告跟进情况。

风险理解

Understand

Context

识别风险

Identify

Risk

分析风险

Analyze

Risk

评估影响

Evaluate

Impact

缓解╱监控

Mitigate/

Control

报告

Report

该监控系统包含一套组织监控架构，强调责任界

定、权力分配和职责分工。风险管治的最高架构

为董事局，彼监督及负责该监控系统的运作，确

保监控系统的足够和有效性，并了解有关系统旨

在管理而非消除未能达成业务目标的风险，而且

只能就不会有重大的失实陈述或损失作出合理而

非绝对的保证。董事局授权风险管理委员会施行

监控系统，风险管理委员会成员包括高级及有经

验的管理层。风险管理委员会监督监控系统的实

施，并为其提供适当的指引和工具，追踪重大风

险和缓解行动，和查证已出现的重大监控缺失或

弱点。风险管理委员会委托业务单位和其内部的

功能组别执行该监控系统。各业务单位均由一名

总经理及财务总监领导，其职责是监控业务单位

的操作，确保有合适和充分的营运政策、准则和

程序，并确保它们的妥善执行。功能组别主管在

他们日常决策过程中执行风险评估，并向业务单

位主管汇报重大风险。通过与各业务单位和功能

组别主管的讨论，风险管理委员会透过独立外聘

内部监控顾问协助每年呈送及概括风险评估报告，

并与审核委员会商讨。

对困难的风险监控事项，本集团可寻求外部专业

人员的协助。

The risk management and internal control proces is embeded in the

Group’s daily busineses and operations, which involves understanding

the context, identifying potential exposures, asesing the likelihod

of consequences, determining the risk level, establishing apropriate

mitigating measures and folowed by apropriate reporting.

The Control System involves an organizational control structure which

emphasizes defined lines of duties and responsibilities, delegation of

authority and segregation of duties. At the top of the risk governance

structure sits the Board who overses and is responsible for the Control

System and ensures its adequacy and efectivenes and acknowledge

that such system is designed to manage rather than eliminate the

risk of failure to achieve busines objectives, and can only provide

reasonable but not absolute asurance against material mistatement

or los. The Board delegates implementation responsibilities of the

Control System to the Risk Management Comite which comprises

senior and experienced members of management. The Risk

Management Comite supervises and facilitates the implementation

of the Control System with apropriate guidelines and tols, tracks

material risks and mitigating activities, and determines significant

control failings or weakneses that have ocured. The execution of

the Control System is entrusted to the Busines Units, and within

the Busines Units, the Functional Groups. Each Busines Unit is

headed by a General Manager and a Financial Controler whose duties

are to control the activities of the Busines Unit, ensure apropriate

and adequate operational policies, standards and procedures are in

place and are properly executed. The heads of the Functional Groups

exercise risk asesment in their daily decision making proceses,

escalate and report material risks to the Busines Unit heads. Through

discusion with the respective Busines and Functional Unit heads,

the Risk Management Comite as suported by an independent

external internal control consultant whom presents and sumarizes

a Risk Asesment Report anualy for discusion with the Audit

Comite.

The Group is able to cal for asistance from outside profesionals to

suport dificult risk controling maters.

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内幕消息

本公司遵循证券及期货条例（「证券及期货条例」）

第XIVA部和上市规则的规定，于知悉任何内幕消

息后，在合理地切实可行的范围内，尽快向公众

披露该消息，除非有关消息属于证券及期货条例

下任何「安全港条文」的范围。本公司在向公众全

面披露有关消息前，会确保该消息绝对保密。若

本公司认为无法保持所需的机密性，或该消息可

能已外泄，会即时向公众披露该消息。本公司致

力确保公告中所载的资料不得在某事关重要的事

实方面属虚假或具误导性，或因遗漏某事关重要

的事实而属虚假或具误导性，使公众能平等、适

时及有效地取得所披露的内幕消息。

就根据证券及期货条例及上市规则处理及发放内

幕消息而言，本公司已采取不同程序及措施，包

括提高本公司内幕消息的保密意识，定期向董事

和有关雇员发送禁售期和证券交易限制的通知，

以及在需要知情的基础上向指定人员传播信息。

董事局已制定及修订内幕消息指引，并将定期作

出检讨以确保其相关性及有效性。

外聘审核

董事局任命外聘核数师安永会计师事务所为本集

团的财务报表进行独立法定审核工作。外聘核数

师与审核委员会出席会议，以讨论和汇报审核的

性质及范围，以及于审核综合财务报表过程中发

现之任何重大内部监控缺失及在审核中的重大发

现。

外聘核数师的服务及收费

截至二零二五年三月三十一日止之财政年度，外

聘核数师之酬金合共为港币3,356,000元，其中

港币2,736,000元为审核服务，港币407,000元为

税务服务及港币213,000元为其他非审核服务。

Inside Information

The Company complies with the requirements of Part XIVA of the

Securities and Futures Ordinance (the “SFO”) and the Listing Rules.

The Company discloses inside information to the public as son

as reasonably practicable after any inside information has come to

its knowledge unles the information fals within any of the “Safe

Harbours” as provided for in the SFO. Before the information is fuly

disclosed to the public, the Company ensures the information is kept

strictly confidential. If the Company believes that the necesary degre

of confidentiality canot be maintained or that confidentiality may

have ben breached, the Company would imediately disclose the

information to the public. The Company is comited to ensure that

information contained in anouncements are not false or misleading

as to a material fact, or false or misleading through the omision of a

material fact, to provide for equal, timely and efective aces by the

public to the inside information disclosed.

To handle and diseminate inside information in acordance with

the SFO and the Listing Rules, the Company has taken various

procedures and measures, including arousing the awarenes to

preserve confidentiality of inside information with the Company,

sending blackout period and securities dealing restrictions notification

to the Directors and relevant employes regularly, and diseminating

information to specified persons on a ned-to-know basis. The Board

established and revised the Inside Information Guidelines and wil

regularly review to ensure its relevance and efectivenes.

EXTERNAL AUDIT

The Board apoints the external auditor, Ernst & Young, to conduct

independent statutory audits of the Group’s financial statements.

The external auditor atends metings with the Audit Comite to

discus and report the nature and scope of the audit, any significant

deficiencies in internal control identified during the audit of the

consolidated financial statements, and significant findings from the

audit.

External Auditor’s Services and Fes

External auditor’s remuneration for the financial year ended 31 March

2025 amounted to a total of HK$3,356,000, of which HK$2,736,000

was incured for audit services, HK$407,000 for tax-related services

and HK$213,000 for other non-audit services.

55CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

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内部审核

审核委员会和内部审核

董事局委任具备企业管理丰富经验的独立非执行

董事组成审核委员会，订有明确职权范围。审核

委员会受托监察及评估监控系统是否足够及有效。

审核委员会亦会辨识有待改善的地方，检讨本集

团在会计、内审和财务汇报功能方面的资源、员

工资历及经验、培训课程及预算是否足够。

董事局透过审核委员会将本集团内部审核职能授

予一家独立专业公司作为外聘内部监控顾问，负

责每半年检讨业务单位及╱或营运附属公司的业

务流程及营运，就其在工作过程中识别的监控事

宜、风险及建议提交报告。外聘内部监控顾问亦

设计一套以风险为基础的方法以进行内部审核，

并制定年度内部审核计划及检讨范围，覆盖本集

团营运、业务单位的主要活动及程序。该等审核

活动的结果会交予审核委员会及业务单位及功能

组别主管。内部审核职能会查察审核事务，并于

其后跟进，力求妥善实行，并会定期向审核委员

会汇报其进展。公司秘书备存所有审核委员会

议之完整会议纪录。审核委员会议纪录的初稿

及最终定稿会发送全体委员会成员，以供彼等表

达意见及作具纪录之用。

INTERNAL AUDIT

Audit Comite and Internal Audit

The Board apoints the Audit Comite with clear terms of reference,

which comprises Independent Non-executive Directors who are wel-

experienced in corporate management. The Audit Comite overses

and evaluates the adequacy and efectivenes of the Control System.

It also identifies areas for improvement, reviews the adequacy of

resources, staf qualifications and experience, training programes

and budget of the Group’s acounting, internal audit and financial

reporting functions.

The Board, through the Audit Comite, has delegated the internal

audit function of the Group to an independent profesional firm which

was apointed to act as an external internal control consultant, to

conduct semi-anual reviews of the busines proces and operations

of Busines Units and/or operating subsidiaries and report findings,

risk and recomendations on any control isues identified in the

course of their work. The external internal control consultant also

developed a risk-based aproach for the internal audit and established

anual internal audit plan and scope of review, covering major

activities and proceses of the Group’s operations, busineses and

Busines Units. The results of these audit activities are comunicated

to the Audit Comite and heads of the Busines Units and

the Functional Groups. Audit isues are tracked, folowed up for

proper implementation, and their progres are reported to the Audit

Comite periodicaly. The Company Secretary keps ful minutes of

al Audit Comite metings. Drafts and final versions of minutes of

the Audit Comite metings are sent to al comite members for

their coment and records.

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2024/25 Asesment

During the year, the external internal control consultant conducted

the review of internal control and risk management systems for

certain principal subsidiaries’ operation with a view to identifying

any gaps in the Control System and making recomendations for

improvement. The results of such asesments were submited to the

Audit Comite during the year. In adition to the Control System, a

Whistleblowing Policy has ben put in place alowing employes and

others who interact with the Group (e.g., customers, supliers etc.) to

raise their concerns about any suspected misconduct or malpractice

within the Group. Al reported whistleblowing maters were handled

and investigated confidentialy and independently.

To adhere to practicing integrity and responsible busines ethics, the

Anti-Coruption Policy adopted by the Board provides information

and guidances to al busines units and employes of the Group on

how to recognize and deal with coruption and bribery and to handle

corporate donation and sponsorship activities of the Group. The Group

regularly conducts external and in-house anti-bribery training sesions

to enhance the Group’s anti-coruption culture, awarenes and

knowledge. More details in relation to the Whistleblowing Policy and

the Anti-Coruption Policy can be found in the “Environmental, Social

and Governance Report 2024/25” of the Company. The Whistleblowing

Policy together with the Anti-Coruption Policy are to be updated

periodicaly to ensure their relevance and compliance with corporate

and regulatory requirements.

Based on the respective asesments, the Board acknowledges that an

adequate and efective risk management and internal control proces

was in place for the year ended 31 March 2025. The Board considers

that the Group’s risk management and internal control systems are

efective and adequate. The resources (internal and external) for

designing, implementing and monitoring the risk management and

internal control systems, including, staf qualifications and experience,

training programes and budget of the Company’s acounting,

internal audit and financial reporting functions as wel as those relating

to the Company’s ESG performance and reporting were adequate. The

Group has complied with the risk management and internal control

code provisions for the year ended 31 March 2025.

2024/25年度测评

于年内，外聘内部监控顾问对若干主要附属公司

业务的内部监控及风险管理系统作出检讨，旨在

辨识监控系统的不足之处并提出改善建议。评估

结果已于年内呈送审核委员会。除了监控系统，

本集团设有举报政策，以供雇员及其他与本集团

有往来的人士（如客户及供应商）通报其关注的

问题或本集团其他员工所作出的任何可疑不当或

渎职行为。所有举报事宜均会在保密及独立的情

况下予以处理及调查。

为遵守实践有关诚信和负责任的商业道德，董事

局已采纳反贪污政策，向本集团所有业务单位和

雇员提供如何识别及处理贪污和贿赂以及本集团

企业捐款及赞助活动的资讯及指引。本集团定期

进行外部及内部反贿赂培训，以加强本集团的反

贪腐文化、意识及认识。举报政策及反贪污政策

的更多详情，可查阅本公司之「环境、社会及管

治报告2024/25」。举报政策连同反贪污政策定期

更新，以确保其适当性符合公司和监管要求。

基于各项测评，董事局认为截至二零二五年三月

三十一日止年度有足够和有效的风险管理和内部

监控制度。董事局认为，本集团的风险管理及内

部监控制度有效及足够。本集团用于设计、实施

及监察风险管理及内部监控系统的内部及外部资

源（包括员工资历及经验、培训课程以及本公司

在会计、内部审核及财务汇报职能方面的预算）

以及与本公司环境、社会及管治表现和汇报相关

的资源是足够的。本集团截至二零二五年三月

三十一日止年度已遵守风险管理和内部监控守则

条文。

57CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

企业管治报告书

Corporate Governance Report

公司秘书

公司秘书为本公司之雇员，对本公司的日常事务

有所认识。公司秘书向董事局主席及集团总裁汇

报。所有董事均可取得公司秘书的意见和享用他

的服务，以确保董事局程序及适用法律、规则及

规例均获得遵守。公司秘书于回顾年度内一直遵

守上市规则第3.29条。

与股东的关系

股息政策

本公司已于二零一八年十一月采纳予股东可持续

股息的股息政策，其须取决于每个财政年度末与

业务相关的财务表现。本公司旨在分派一定比例

的可分配利润予股东，同时保留剩余之可分配利

润用于未来业务扩展。董事局可不时宣布及派付

股息，惟在适当的情况下须经股东批准。

在考虑派付股息时，董事局将考虑（其中包括）本

公司的可分配利润、现金流量、流动资金和财务

状况、当前和未来的营运、资本需要和盈余，以

及从本公司的附属公司和联营公司已收取的股息。

派付股息亦须遵守百慕达法例及本公司之细则及

任何其他适用规例及监管限制。

股息政策反映了采纳当时本公司对本集团财务及

现金流量需求的处理方法。董事局可不时检讨该

政策，并采纳所需的变更。

董事局于本年度内所作之股息决定均符合本公司

股息政策。

COMPANY SECRETARY

The Company Secretary is an employe of the Company and has day-

to-day knowledge of the Company’s afairs. The Company Secretary

reports to the Chairman of the Board and Chief Executive Oficer.

Al Directors have aces to the advice and services of the Company

Secretary to ensure that Board procedures, and aplicable laws, rules

and regulations are folowed. The Company Secretary had complied

with Rule 3.29 of the Listing Rules during the year under review.

RELATIONSHIP WITH SHAREHOLDERS

Dividend Policy

The Company has adopted a Dividend Policy in November 2018

to provide Shareholders with sustainable dividends, based on the

underlying financial performance of the busines in each financial year

end. The Company aims to distribute a certain portion of distributable

profits to Shareholders, whilst retaining the balance for future busines

expansion. The Board may declare and pay dividends from time to

time, subject to the aproval of the Shareholders, where aplicable.

When considering the payment of dividend, the Board wil take

into acount, among other maters, distributable profits, cash flow,

liquidity and financial position, curent and future operations, capital

requirements and surplus of the Company, as wel as dividends

received from the Company’s subsidiaries and asociates. The

payment of dividend is also subject to any restrictions under Bermuda

laws and the Company’s Bye-laws and any other aplicable statutory

and regulatory restrictions.

The dividend policy reflects the Company’s aproach on the financial

and cash flow requirements of the Group prevailing at the time of its

adoption. The Board may review the policy from time to time and may

adopt changes as necesary.

It is confirmed that the dividend decisions made by the Board during

the year were made in acordance with the Company’s Dividend

Policy.

沟通渠道 Communication Channels	工作 Activities
二零二四年股东周年大会 2024 AGM
报告及公告 Reports and Announcements
投资者会议 Investor Meetings
公司网站 Company’s Website

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Corporate Governance Report

Shareholders Comunication and Engagement

The Board recognises the importance of maintaining an ongoing

dialogue with the Shareholders and does so through general metings,

pres releases, anouncements and corporate comunications. The

Board is comited to the timely disclosure of information. The latest

information regarding the Group’s activities, anouncements, results

presentations and corporate comunications are made available on

the Company’s website at w.chenhsong.com in a timely maner.

The Company’s aproach to Shareholders comunication and

engagement includes:

股东沟通及参与

董事局深明透过股东大会、新闻稿、公告及公司

通讯与股东持续保持对话的重要性。董事局致力

于及时披露资料。有关本集团的活动、公告、业

绩简报及公司通讯的最新资料均及时刊载于本公

司网站w.chenhsong.com 。

本公司与股东沟通及参与的方式包括：

沟通渠道 Communication Channels	工作 Activities
股东通讯政策 Shareholders’ Communication Policy
股东之查询 Enquiries from Shareholders

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Corporate Governance Report

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Corporate Governance Report

Procedings of General Metings

The general metings provide a useful forum for Shareholders to

exchange views with the Board. Shareholders are encouraged to

atend the general metings. Notice of general metings together

with other relevant corporate comunications wil be despatched

to Shareholders (i) not les than 21 days prior to the anual general

meting and general meting where a special resolution is proposed

for consideration, or (i) not les than 14 days for al other general

metings. Detailed information on each resolution to be proposed wil

be provided. To safeguard the interests and rights of the Shareholders,

significant isue is dealt with under separate resolution at general

meting, including re-election of individual Directors.

Shareholders wil be provided oportunities to ask questions for each

of the proposed resolutions at general metings. The Board, the Chief

Executive Oficer and the Chairmen of the Board comites (or in

their absence, other members of the comites) are available to

answer Shareholders’ questions at the general metings. In adition, a

representative of the Company’s external auditor is requested to atend

the anual general meting to answer questions about the conduct

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

acounting policies and auditor independence. In the case of any

special busines which is required independent shareholders’ aproval

(e.g., conected transaction), members of the independent Board

comite wil make an efort to atend the general meting to adres

Shareholders’ queries.

Al resolutions set out in the notice of general meting put to vote at

the meting were by way of a pol. The procedures for conducting a

pol wil be explained at the metings. Independent scrutiner wil be

engaged to ensure al votes at general metings are properly counted.

The pol results wil be published on the websites of the Company and

the Stock Exchange.

股东大会之程序

股东大会为股东与董事局交流意见提供重要的平

台。董事局鼓励股东出席股东大会。股东大会通

告连同其他相关公司通讯将于(i)在股东周年大会

和股东大会（倘提呈之决议案为特别决议案）举行

前不少于二十一天，或(i)在其他所有股东大会

举行前不少于十四天寄予股东。每项建议的决议

案都会提供详细资讯。为保障股东的利益和权利，

于股东大会上，重要事项（包括重选个别董事）以

个别决议案处理。

股东有机会于股东大会上就每项建议的决议案上

提问。董事局、集团总裁连同董事局辖下的委员

会之主席（或在彼等缺席的情况下，该委员会之

其他成员）在股东大会上回应股东的提问。此外，

本公司外聘核数师的代表亦应要求出席股东周年

大会，以回应有关审计工作、编制核数师报告书

及其内容、会计政策以及核数师之独立性等问题。

在任何需要独立股东批准的特别事项（例如关连

交易），独立董事委员会成员将致力出席股东大

会并解答股东的提问。

所有载列于股东大会通告内的决议案均于大会上

以投票方式表决。进行投票表决的程序会于会议

上讲解。独立监票员将获委任以确保在股东大会

上的所有选票均适当点算。投票表决结果将刊载

于本公司及联交所之网站上。

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二零二四年股东周年大会

二零二四年股东周年大会于二零二四年八月

二十六日举行。全体董事，连同本集团管理层

及外聘核数师均有亲身或以电子方式出席二零

二四年股东周年大会。该大会的投票结果可于

本公司网站w.chenhsong.com 及联交所网站

w.hkexnews.hk 查阅。二零二四年股东周年大

会上所决议的事项概括如下：

• 采纳截至二零二四年三月三十一日止年度

之经审核财务报表与董事局报告书及核数

师报告书；

• 宣派截至二零二四年三月三十一日止年度

之末期股息；

• 厘定截至二零二五年三月三十一日止年度

之董事袍金总额不超过港币2,000,000元；

• 续聘安永会计师事务所为核数师及授权董

事局厘定核数师酬金；

，以购回不超过二零

二四年股东周年大会当日本公司之已发行

股本面值总额百分之十之本公司股份；

，以配发、发行及处

理不超过二零二四年股东周年大会当日本

公司之已发行股本面值总额百分之十之本

公司股本中额外股份；及

、发行及处理本公司股

本中额外股份之一般性授权，加入本公司

购回股份之总额。

本公司应届股东周年大会将于二零二五年八月

二十八日（星期四）（「二零二五年股东周年大会」）

举行。进一步详情将载于本公司将就二零二五年

股东周年大会向股东发出的通函内。

2024 Anual General Meting

The 2024 AGM was held on 26 August 2024. Al Directors at that time,

together with the Group’s management and external auditor, atended

the 2024 AGM in person or by electronic means. The pol voting results

are available on the Company’s website at w.chenhsong.com and

the website of the Stock Exchange at w.hkexnews.hk. The maters

resolved at the 2024 AGM are sumarized below:

• Adoption of the audited financial statements and the reports of

the Directors and the auditor for the year ended 31 March 2024;

;

;

’ fes for the year ending 31 March

2025 at an agregate sum of not exceding HK$2,000,000;

& Young as auditor and authorization of

the Board to fix their remuneration;

• Granting a general mandate to the Directors to repurchase the

shares of the Company not exceding 10% of the agregate

nominal amount of the isued share capital of the Company at

the date of the 2024 AGM;

, isue and

deal with aditional shares in the capital of the Company not

exceding 10% of the agregate nominal amount of the isued

share capital of the Company at the date of the 2024 AGM; and

• Extension of general mandate granted to the Directors to

alot, isue and deal with aditional shares in the capital of

the Company by the adition of the total amount of shares

repurchased by the Company.

The forthcoming anual general meting of the Company wil be held

on Thursday, 28 August 2025 (the “2025 AGM”). Further details wil

be set out in the Company’s circular to be isued to the Shareholders

for the 2025 AGM.

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Corporate Governance Report

SHAREHOLDERS’ RIGHTS

Convening of Special General Meting on Requisition

Pursuant to the provisions of the Companies Act 1981 of Bermuda

(as amended) (the “Bermuda Companies Act”), shareholders holding

at the date of the deposit of the requisition not les than one-tenth

(10%) of the paid-up share capital of the Company as at the date of

the deposit which caries the right of voting at general metings of the

Company have the right to requisite the directors to convene a special

general meting of the Company. The requisition must state the

purposes of the special general meting, and must be signed by the

requisitionist and deposited at the registered ofice of the Company.

If the directors do not convene a special general meting within 21

days from the date of the deposit of the requisition, the requisitionist,

or any of them representing more than one-half (50%) of the total

voting rights of al of them, may themselves convene a special general

meting of the Company.

Puting Forward Proposals at General Metings

Pursuant to the provisions of the Bermuda Companies Act,

shareholders representing not les than one-twentieth (5%) of the

total voting rights of al the shareholders having at the date of the

requisition a right to vote at general metings of the Company or of at

least 100 shareholders in number of the Company, may put forward

any resolution which may properly be moved and is intended to be

moved at a general meting of the Company by sending the requisition

together with a statement of not more than 1,000 words with respect

to the mater refered to in the proposed resolution must be deposited

at the head ofice and principal place of busines of the Company as

below not les than six weks before the general meting:

Head Ofice and Principal Place of Busines

Unit 2001, 20th Flor

Citicorp Centre

18 Whitfield Road

Hong Kong

股东权利

请求召开股东特别大会

根据百慕达一九八一年公司法（经修订）（「百慕达

公司法」）之条文，凡于请求送达日期持有不少于

本公司已缴足股本（该股本于送达日期附有在本

公司股东大会上进行投票的权利）十分之一(10%)

之股东，皆有权请求董事召开本公司股东特别大

会。有关之请求应注明召开股东特别大会之目的，

由请求召开会议之人士签署后送达本公司之注册

办事处。

若董事于有关召开会议请求送达日期起计二十一

天内仍未召开股东特别大会，请求召开会议之人

士（或当中占超过一半(50%)总投票权之人士）可

自行召开本公司股东特别大会。

于股东大会上提出建议

根据百慕达公司法之条文，于请求送达日期有权

于本公司股东大会投票之全体股东中占不少于

二十分之一(5%)总投票权之股东或至少100名本

公司股东，可在本公司股东大会上提出任何可能

被正式或刻意动议之决议案，该动议决议案之请

求连同一份不多于1,000字有关该动议决议案所

提述事宜之陈述书，须于股东大会前不少于六星

期送达本公司以下总办事处及主要营业地点：

总办事处及主要营业地点

香港

威非路道18号

万国宝通中心

20楼2001室

63CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

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Corporate Governance Report

Pursuant to Bye-law 114 of the Company’s Bye-laws, shareholder(s)

may propose a person other than a retiring director of the Company for

election as a director of the Company at the general meting by lodging

at the head ofice of the Company, a writen notice of nomination with

the writen notice signed by the nominated person of his wilingnes

to be elected, for a period of at least 7 days which shal comence no

earlier than the day after the despatch of the notice of general meting

apointed for such election and end no later than 7 days before the

date of such general meting. Procedures for Shareholders to propose

a person for election as a director are posted on the website of the

Company.

Puting Enquiries to the Board

Shareholders and interested parties are welcome to send their

enquiries in writing to the Board for the atention of the Company

Secretary at the Company’s head ofice and principal place of busines

at the adres of Unit 2001, 20th Flor, Citicorp Centre, 18 Whitfield

Road, Hong Kong or by email to com@chenhsong.com . Questions

about the procedures for convening or puting forward proposals at an

anual general meting or special general meting may also be put to

the Company Secretary by the same means.

Shareholders should direct their questions about their shareholdings

and entitlements to dividend to the Company’s branch share registrar

in Hong Kong whose contact details are set out in the section headed

“Corporate Information” of this anual report.

RELATIONSHIP WITH STAKEHOLDERS

The Group believes regular and transparent comunication with

stakeholders can not only strengthen mutual trust and respect and

build harmonious relationship, but also help contribute to long term

Company’s suces. The Group maintains open, two-way and smoth

comunication and exchange with its key stakeholders (including

Shareholders, employes, customers, supliers, busines partners and

bankers) through Shareholders’ metings, on-site visits and internal

publications.

CONSTITUTIONAL DOCUMENTS

There was no change in the Company’s constitutional documents

during the financial year ended 31 March 2025.

根据本公司之细则第114条，股东可向本公司总

办事处呈交一份书面提名通知（连同被推选人士

签发表明其愿意膺选之书面通知）提名个别人士

（本公司退任董事除外）于股东大会参选本公司董

事，通知期为最少七日（该期间由不早过就该推

选之指定股东大会通知寄发后当日起至不迟过该

股东大会日期前七日止）。股东提名个别人士参

选董事之程序刊载于本公司之网站上。

向董事局提出查询

本公司欢迎各股东及有关各方将其向董事局之查

询以书面方式发送至本公司总办事处及主要营业

地点（地址为香港威非路道18号万国宝通中心20

楼2001室，并注明公司秘书收启），或发送电邮

至com@chenhsong.com 。股东亦可透过相同方

式向公司秘书查询有关召开股东周年大会及股东

特别大会，及于该等大会上提出动议之程序。

股东如对名下持股及派息情况有任何问题，应向

本公司在香港的股份过户登记分处提出，其联络

资料详列于本年报内「公司资料」一节。

与持份者的关系

本集团相信与持份者之间定期和具透明度的交流

沟通不仅可以加强相互之间的信任和尊重，并且

建立和谐关系，亦有助于本公司获得长期的成功。

本集团与主要持份者（包括股东、员工、客户、

供应商、业务伙伴及往来银行）通过股东会议、

现场考察及内部出版刊物等形式，持续保持开放、

双向、顺畅的沟通与交流。

组织章程文件

于截至二零二五年三月三十一日止之财政年度内，

本公司之组织章程文件并无任何变动。

董事局报告书

Report of the Directors

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报64

The board of Directors (the “Directors”) of the Company (the “Board”)

present its report and the audited financial statements of the Company

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

PRINCIPAL ACTIVITIES AND ANALYSIS OF

OPERATIONS

The principal activities of the Company are investment holding and the

provision of management services.

The principal activities of the subsidiaries comprise the manufacture

and sale of plastic injection moulding machines and related products.

There were no significant changes in the nature of the Group’s

principal activities during the year.

Details of the analysis of the Group’s revenue and contribution to

results for the year, by operating segments, are set out in note 5 to the

financial statements.

BUSINES REVIEW

The busines review of the Group as required by Schedule 5 to the

Hong Kong Companies Ordinance, including a fair review of the

Group’s busines; a description of the principal risks and uncertainties

facing the Group; particulars of important events afecting the Group

that have ocured since the end of the financial year; an indication

of likely future development in the Group’s busines; an analysis of

the Group’s performance using financial key performance indicators;

a discusion on the Group’s environmental policies and performance;

a discusion on the Group’s compliance with the relevant laws and

regulations that have a significant impact on the Group; and an

acount of the Group’s relationships with its key stakeholders, can

be found in the “Chairman’s Statement”, “Management Discusion

& Analysis” and “Financial Highlights” on pages 4 to 5, pages 6 to

16 and the inside cover of this anual report, respectively. The above

sections form part of this report.

The financial risk management objectives and policies of the Group

are set out in note 40 to the financial statements.

本公司董事（「董事」）局（「董事局」）现提呈本公

司及其附属公司（「本集团」）截至二零二五年三月

三十一日止年度之董事局报告书及经审核财务报

表。

主要业务及营运分析

本公司之主要业务为投资控股及提供管理服务。

于本年度内本集团之主要业务并无重大改变，附

属公司之主要业务包括制造及销售注塑机及相关

产品。

本集团按经营分部的收益及年度业绩贡献分析详

情载于财务报表附注5。

业务审视

香港公司条例附表5规定关于本集团之业务审视，

包括对本集团业务的中肯审视；对本集团面对的

主要风险及不明朗因素的描述；在该财政年度终

结后发生的、对本集团有影响的重大事件的详情；

本集团业务相当可能有的未来发展的揭示；运用

财务关键表现指标对本集团表现进行的分析；对

本集团的环境政策及表现的探讨；本集团就对其

有重大影响的有关法律及规例的遵守情况的探讨；

以及本集团与其主要持份者关系的说明，可分别

参阅本年报第4至5页之「主席报告书」、第6至

16页之「管理层之论述及分析」及封面内页之「财

务摘要」。上述部分构成本报告书的一部分。

本集团之金融风险管理目标及政策载于财务报表

附注40。

65CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

董事局报告书

Report of the Directors

业绩及股息

本集团截至二零二五年三月三十一日止年度之业

绩及本集团于该日之财务状况载于本年报第98

至231页之财务报表。

董事局建议就截至二零二五年三月三十一日止年

度派发末期股息每股普通股港币8.0仙（二零二四

年：每股普通股港币5.0仙），与本公司的股息政

策一致。

待本公司股东（「股东」）于即将举行之本公司股东

周年大会上批准后，末期股息将约于二零二五年

九月二十二日向于二零二五年九月八日（即为厘

定末期股息权益的记录日期）名列本公司股东名

册上之股东派付。

拟派发之末期股息连同已于二零二五年一月十四

日派付之中期股息每股普通股港币3.8仙，本年

度合共派发股息每股普通股港币11.8仙。

五年财务摘要

本集团过往五个财政年度之业绩及资产、负债与

非控股权益摘要载于本年报第235页。此摘要并

不构成本集团经审核财务报表之部分。

投资物业

本集团于二零二五年三月三十一日之投资物业已

由独立及专业资格估值师公司作估值。重估减值

为港币22,944,000元，于综合收益表确认。本集

团于本年度内投资物业之变动详情载于财务报表

附注15。本集团于二零二五年三月三十一日持有

之投资物业之详情载于第236页。

物业、厂房及设备

于年内，本集团之物业、厂房及设备变动详情载

于财务报表附注14。

RESULTS AND DIVIDENDS

The Group’s results for the year ended 31 March 2025 and the

financial position of the Group at that date are set out in the financial

statements on pages 98 to 231 of this anual report.

The Board recomends the payment of a final dividend of HK8.0

cents per ordinary share for the year ended 31 March 2025 (2024:

HK5.0 cents per ordinary share), consistent with Company’s Dividend

Policy.

Subject to the aproval of the shareholders of the Company (the

“Shareholders”) at the forthcoming anual general meting of the

Company, the final dividend wil be payable on or about 22 September

2025 to Shareholders whose names apear on the register of members

of the Company on 8 September 2025, being the record date for

determining the entitlement to the final dividend.

The proposed final dividend together with the interim dividend of

HK3.8 cents per ordinary share paid on 14 January 2025, make a total

dividend of HK11.8 cents per ordinary share for the year.

FIVE-YEAR FINANCIAL SUMARY

A sumary of the results and of the asets, liabilities and non-

controling interests of the Group for the last five financial years is set

out on page 235 of this anual report. This sumary does not form

part of the audited financial statements of the Group.

INVESTMENT PROPERTIES

The Group’s investment properties as at 31 March 2025 were

revalued by an independent firm of profesionaly qualified valuers.

The revaluation decrease of HK$22,944,000 has ben recognized in

the consolidated income statement. Details of the movements in the

investment properties of the Group during the year are set out in note

15 to the financial statements. Particulars of the investment properties

held by the Group as at 31 March 2025 are set out on page 236.

PROPERTY, PLANT AND EQUIPMENT

Details of the movements in property, plant and equipment of

the Group during the year are set out in note 14 to the financial

statements.

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已发行股本

本公司的已发行股本于年内并没有变动。

股票挂钩协议

除本年报所披露之本公司购股权计划外，本集团

于年内并无订立股票挂钩协议，亦无在本年度终

结时存在股票挂钩协议。

股份优先购买权

本公司之细则或百慕达法例对股份优先购买权并

无规定。

购买、出售或赎回本公司之上市证券

于年内，本公司或其任何附属公司概无购买、出

售或赎回本公司之任何上市证券。

可供分派储备

按百慕达一九八一年公司法（经修订）计算，于二

零二五年三月三十一日，本公司可供分派之储备

为港币59,704,000元，当中港币50,443,000元已

建议作为本年度之末期股息。

捐赠

于年内，本集团之慈善捐款及其他捐赠为港币

100,000元（二零二四年：港币152,000元）。

主要客户及供应商

于年内，本集团之最大五名客户总计之营业额占

本集团之总收益不足30%，而本集团之单一最大

客户之营业额占本集团之总收益约3%。

于年内，本集团之最大五名供应商总计之采购额

占本集团之总采购额不足30%。

概无董事、任何彼等的紧密联系人或任何股东（据

董事所知拥有5%以上的本公司已发行股份数目）

拥有本集团之最大五名客户或供应商的任何权益。

ISUED SHARE CAPITAL

There is no movement in the Company’s isued share capital during

the year.

EQUITY-LINKED AGREMENTS

Save for the share option scheme of the Company as disclosed in this

anual report, no equity-linked agrements were entered into by the

Group during the year or subsisted at the end of the year.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Company’s

Bye-laws or the laws of Bermuda.

PURCHASE, SALE OR REDEMPTION OF LISTED

SECURITIES OF THE COMPANY

Neither the Company nor any of its subsidiaries purchased, sold or

redemed any of the listed securities of the Company during the year.

DISTRIBUTABLE RESERVES

As at 31 March 2025, the Company’s reserves available for

distribution, calculated in acordance with the Companies Act 1981

of Bermuda (as amended), amounted to HK$59,704,000, of which

HK$50,443,000 has ben proposed as the final dividend for the year.

DONATIONS

During the year, the Group made charitable and other donations

totaling HK$100,000 (2024: HK$152,000).

MAJOR CUSTOMERS AND SUPLIERS

Sales to the five largest customers of the Group acounted for les

than 30% of the Group’s total revenue for the year and sales to the

single largest customer of the Group acounted for aproximately 3%

of the Group’s total revenue for the year.

Purchases from the five largest supliers of the Group acounted for

les than 30% of the Group’s total purchases for the year.

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

Shareholders (which, to the knowledge of the Directors, own more than

5% of the number of isued shares of the Company) had any interest

in the Group’s five largest customers or supliers.

风险类别	风险描述	风险缓解措施
Risk Category	Risk Description	Mitigation Controls to the Risk
宏观经济因素 Macro-Economic Factors

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主要风险及不明朗因素

下表阐述本集团数项主要风险以及目前因应管理

或减轻风险而采取的风险管理╱控制活动：

策

，

PRINCIPAL RISKS AND UNCERTAINTIES

The folowing table ilustrates the curent risk management/control

activities that are in place to manage or mitigate the major risks of the

Group:

风险类别	风险描述	风险缓解措施
Risk Category	Risk Description	Mitigation Controls to the Risk
宏观经济因素（续） Macro-Economic Factors (Continued)
人力资源 Human Resources

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–

吸

团

职

如

风险类别	风险描述	风险缓解措施
Risk Category	Risk Description	Mitigation Controls to the Risk
人力资源（续） Human Resources (Continued)
原材料供应 Supply of Raw Materials

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：

相

）

日

才

欠

」

风险类别	风险描述	风险缓解措施
Risk Category	Risk Description	Mitigation Controls to the Risk
原材料供应（续） Supply of Raw Materials (Continued)

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报70

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，

以

，

风险类别	风险描述	风险缓解措施
Risk Category	Risk Description	Mitigation Controls to the Risk
危机管理 Crisis Management

71CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

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机

，

风险类别	风险描述	风险缓解措施
Risk Category	Risk Description	Mitigation Controls to the Risk
生产 Production

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）

。

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董事

于年内及截至本报告书日期，本公司之董事如下：

执行董事

蒋丽苑女士*

（主席兼集团总裁）

钟效良先生

独立非执行董事

陈智思先生

（自二零二四年八月二十六日起退任）

许志伟先生

郭敬文先生

+@#

Anish LALVANI先生

利子厚先生

陈庆光先生

+ 审核委员会成员

* 薪酬委员会成员

@ 提名委员会成员

# 企业管治委员会成员

本公司董事之个人资料载于本年报第17至21页。

本公司之高级管理人员同时为本公司执行董事

（「执行董事」）。

于二零二四年十一月二十八日，郭敬文先生获

委任为本公司独立非执行董事（「独立非执行董

事」），有关委任自二零二四年十二月一日起生效。

根据本公司之细则第100条的规定，郭敬文先生

将于即将举行之本公司股东周年大会上退任并有

资格重选连任。

根据本公司之细则第109(A)条的规定，Anish

LALVANI先生及利子厚先生将于即将举行之本公

司股东周年大会上轮流退任。Anish LALVANI先

生符合资格并愿意于即将举行之股东周年大会上

膺选连任。利子厚先生已通知本公司，他将不会

于即将举行之股东周年大会上寻求重选连任。因

此，他将于即将举行之股东周年大会结束后退任

本公司的独立非执行董事。

DIRECTORS

The Directors of the Company during the year and up to the date of

this report were:

Executive Directors

Ms. Lai Yuen CHIANG*

(Chairman and Chief Executive Oficer)

Mr. Stephen Hau Leung CHUNG

Independent Non-executive Directors

Mr. Bernard Charnwut CHAN

(retired with efect from 26 August 2024)

Mr. Hary Chi HUI

Mr. Clement King Man KWOK

+@#

Mr. Anish LALVANI

Mr. Michael Tze Hau LE

Mr. Johnson Chin Kwang TAN

+ Member of the Audit Comite

* Member of the Remuneration Comite

@ Member of the Nomination Comite

# Member of the Corporate Governance Comite

The biographical details of the Directors of the Company are set out on

pages 17 to 21 of this anual report. The senior management of the

Company is also the executive directors of the Company (the “Executive

Directors”).

Mr. Clement King Man KWOK was apointed as an Independent Non-

executive Director of the Company (the “Independent Non-executive

Director(s)”) on 28 November 2024 with his apointment efective

from 1 December 2024. In acordance with Bye-law 100 of the

Company’s Bye-laws, Mr. Clement King Man KWOK shal retire and,

being eligible for re-election at the forthcoming anual general meting

of the Company.

In acordance with Bye-law 109(A) of the Company’s Bye-laws, Mr.

Anish LALVANI and Mr. Michael Tze Hau LE shal retire by rotation

at the forthcoming anual general meting of the Company. Mr.

Anish LALVANI, being eligible, wil ofer himself for re-election at the

forthcoming anual general meting. Mr. Michael Tze Hau LE has

informed the Company that he wil not be seking re-election at the

forthcoming anual general meting. He wil therefore retire as an

Independent Non-executive Director of the Company at the conclusion

of the forthcoming anual general meting.

姓名 Name	变动详情 Details of Changes

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The Company has received from each Independent Non-executive

Director an anual confirmation of his independence pursuant to

Rule 3.13 of the Rules Governing the Listing of Securities (the “Listing

Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”) and stil considers them to be independent.

CHANGES IN DIRECTORS’ INFORMATION

Changes in Directors’ information which are required to be disclosed

under Rule 13.51B(1) of the Listing Rules are set out below:

许志伟先生

Mr. Hary Chi HUI

（股份代号：

08411）（一间于联交所GEM上市的公司）独立非执行董事，自二零二五年一月

一日起生效。

Mr. Hui resigned as an Independent Non-executive Director of K W Nelson Interior

Design and Contracting Group Limited (stock code: 08411) (a company listed on the

GEM of the Stock Exchange) with efect from 1 January 2025.

，该委任将于二零二五年八月

二十八日举行之本公司股东周年大会结束后生效。

Mr. Hui has ben apointed as the Chairman of the Corporate Governance

Comite of the Company which shal take efect from the conclusion of the

forthcoming anual general meting of the Company to be held on 28 August 2025.

本公司已收到各独立非执行董事就其依据香港联

合交易所有限公司（「联交所」）证券上市规则（「上

市规则」）第3.13条而作出有关独立性的年度确认

函，并仍然认为彼等仍属独立人士。

董事资料之变更

以下列载有关董事资料变动而根据上市规则第

13.51B(1)条须作披露的资料：

姓名 Name	变动详情 Details of Changes

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郭敬文先生

Mr. Clement King Man KWOK

（股份代号： 00045）（一间于联交所主板上

市的公司）董事总经理兼行政总裁，自二零二四年十月三十一日起生效；彼亦

不再担任香港上海大酒店有限公司执行董事及行政总裁顾问，自二零二五年五

月七日起生效。

Mr. Kwok steped down as the Managing Director and Chief Executive Oficer of The

Hongkong and Shanghai Hotels, Limited (stock code: 00045) (a company listed on

the Main Board of the Stock Exchange) with efect from 31 October 2024. He also

ceased to act as an Executive Director and Advisor to the Chief Executive Oficer of

The Hongkong and Shanghai Hotels, Limited with efect from 7 May 2025.

，自二零二五

年一月一日起生效。

Mr. Kwok was apointed as the Chairperson of the Advisory Comite on Hotel and

Tourism Management of The Chinese University of Hong Kong with efect from 1

January 2025.

（股份代号：00272）（一间于联交所主板上

市的公司）独立非执行董事，自二零二五年七月一日起生效。

Mr. Kwok was apointed as an Independent Non-executive Director of Shui On

Land Limited (stock code: 00272) (a company listed on the Main Board of the Stock

Exchange) with efect from 1 July 2025.

利子厚先生

Mr. Michael Tze Hau LE

，并将不再担任本公司企业管治委员会主

席，以及本公司审核委员会、薪酬委员会及提名委员会成员，自二零二五年八

月二十八日即将举行之本公司股东周年大会结束后生效。

Mr. Le wil retire as an Independent Non-executive Director of the Company and wil

cease to be the Chairman of the Corporate Governance Comite of the Company

and a member of each of the Audit Comite, the Remuneration Comite

and the Nomination Comite of the Company, which shal take efect from the

conclusion of the forthcoming anual general meting of the Company to be held on

28 August 2025.

Save as disclosed above, there was no substantial change in

Directors’ information since the date of the 2024/25 Interim Report

of the Company and up to the date of this report which is required

to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules. The

biographical details of Directors are available in the “Investors” under

“About Us” section on the Company’s website.

除上文所披露者外，自本公司2024/25中期报告

日期以来及截至本报告日期概无董事资料之重大

变更须根据上市规则第13.51B(1)条作出披露。

董事之个人资料载于本公司网站「关于我们」 —

「投资者专区」一栏。

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董事服务合约

拟于即将举行之本公司股东周年大会上重选连任

之董事，概无与本公司订立本公司在一年内不可

在不予赔偿（法定赔偿除外）之情况下可予以终

止之服务合约。

董事薪酬

年内董事薪酬详情载于财务报表附注9。

董事于交易、安排或合约中之重大权益

除本年报所披露者外，在年内或年度结束时概无

其他与董事或与董事有关连的实体仍然或曾经直

接或间接拥有重大权益的重要交易、安排或合约。

获准许的弥偿条文

惠及本公司董事之获准许的弥偿条文现正有效，

且于年内及本报告书批准时一直生效。于截至二

零二五年三月三十一日止之财政年度内，本公司

亦已为本公司及其附属公司之董事购买董事及行

政人员责任保险，以为其在依法履行职务过程中

可能产生的赔偿提供足够保障。

董事购买股份或债券之权利

除于上文「购股权」一节及财务报表附注31所披

露外，本公司或其任何附属公司于年内并无订立

任何安排，致使本公司董事可藉购买本公司或任

何其他法人团体之股份或债券而获益，而董事、

最高行政人员或彼等之配偶或未满十八岁之子女

于年内概无拥有可认购本公司证券之任何权利，

亦无行使任何该等权利。

董事于竞争业务之权益

于二零二五年三月三十一日，概无执行董事于直

接或间接与本集团业务构成竞争或可能构成竞争

的业务拥有任何权益。

DIRECTORS’ SERVICE CONTRACTS

No Director proposed for re-election at the forthcoming anual general

meting of the Company has a service contract with the Company

which is not determinable by the Company within one year without

payment of compensation, other than statutory compensation.

DIRECTORS’ EMOLUMENTS

Details of Directors’ emoluments for the year are set out in note 9 to

the financial statements.

DIRECTORS’ MATERIAL INTERESTS IN TRANSACTIONS,

ARANGEMENTS OR CONTRACTS OF SIGNIFICANCE

Save as disclosed in this anual report, no transaction, arangement or

contract of significance in which any Director or any entity conected

with the Director is or was materialy interested, either directly or

indirectly, subsisted during or at the end of the year.

PERMITED INDEMNITY PROVISION

A permited indemnity provision for the benefit of the Directors of the

Company is curently in force and was in force during the year and at

the time of aproval of this report. The Company has also purchased

the Directors’ and oficers’ liability insurance to provide adequate

protection against claims arising from the lawful discharge of duties

by the Directors of the Company and its subsidiaries throughout the

financial year ended 31 March 2025.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

Save as disclosed under the section headed “Share Options” above

and in note 31 to the financial statements, at no time during the year

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

to enable the Directors of the Company to acquire benefits by means

of the acquisitions of shares in, or debentures of, the Company or

any other body corporate, and none of the Directors, chief executive

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

subscribe for securities of the Company, or had exercised any such

right during the year.

DIRECTORS’ INTERESTS IN COMPETING BUSINES

As at 31 March 2025, none of the Executive Directors had any interest

in a busines, which competes or is likely to compete, either directly or

indirectly, with the busines of the Group.

董事姓名 Name of Director	身份 Capacity	于普通股╱ 相关股份* 之权益 Interest in ordinary shares/ underlying shares*	附注 Notes	占本公司已发行普通股之概约百分比 Approximate percentage of the Company’s issued ordinary shares

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DIRECTORS’ INTERESTS AND SHORT POSITIONS IN

SHARES, UNDERLYING SHARES AND DEBENTURES

As at 31 March 2025, the number of isued ordinary shares of the

Company was 630,531,600; and the interests and short positions

of the Directors and chief executive of the Company in the shares,

underlying shares and debentures of the Company or any asociated

corporation (within the meaning of Part XV of the Securities and

Futures Ordinance (the “SFO”), as recorded in the register of the

Company required to be kept under Section 352 of the SFO, or as

otherwise notified to the Company and the Stock Exchange pursuant

to the Model Code for Securities Transactions by Directors of Listed

Isuers (the “Model Code”) as set out in Apendix C3 to the Listing

Rules were as folows:

(a) Long positions in shares and underlying shares of the

Company

Notes:

(i) Among these interests, 4,730,000 were share options granted by

the Company to the Director as beneficial owner.

(i) Among these interests, 2,000,000 were share options granted by

the Company to the Director as beneficial owner.

(i) These interests in shares were held in the capacity as discretionary

beneficiary of a discretionary trust.

* Details of the interests of the Directors and chief executive of the

Company in the underlying shares in respect of the share options

granted by the Company are set out in the section headed “Share

Options” below.

董事于股份、相关股份及债券之权益及

淡仓

于二零二五年三月三十一日，本公司之已发行普

通股数目为630,531,600股；本公司董事及最高

行政人员于本公司或其任何相联法团（定义见证

券及期货条例（「证券及期货条例」）第XV部）之股

份、相关股份及债券中持有根据证券及期货条例

第352条须登记于本公司所备存的登记册内之权

益及淡仓，或根据上市规则附录C3上市发行人

董事进行证券交易的标准守则（「标准守则」）而须

另行知会本公司及联交所之权益及淡仓如下：

(a) 于本公司股份及相关股份之好仓

蒋丽苑实益拥有人9,730,000(i)1.54%

Lai Yuen CHIANGBeneficial owner

其他399,641,620(2)63.38%

Other

钟效良实益拥有人2,666,000(i)0.42%

Stephen Hau Leung CHUNGBeneficial owner

陈庆光实益拥有人484,000–0.08%

Johnson Chin Kwang TANBeneficial owner

Anish LALVANI其他652,000(i)0.10%

Other

附注：

(i) 于该等权益中，4,730,000为本公司授予董

事（作为实益拥有人）之购股权。

(i) 于该等权益中，2,000,000为本公司授予董

事（作为实益拥有人）之购股权。

(i) 该等股份权益乃以全权信托的全权受益人

身份持有。

* 有关本公司董事及最高行政人员于本公司

授出之购股权的相关股份权益之详情载于

下文「购股权」一节。

董事姓名 Name of Director	身份 Capacity	于普通股之权益 Interest in ordinary shares	附注 Notes	占震雄投资已发行普通股股份之概约百分比 Approximate percentage of the issued ordinary shares of CH Investments

相联法团名称 Name of associated corporation	于股份之权益 Interest in shares	附注 Notes	占相联法团有关类别已发行股份之概约百分比 Approximate percentage of the relevant class of issued shares of associated corporation

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(b) Long positions in shares of asociated corporations

(i) Interests in ordinary shares of Chen Hsong Investments

Limited (“CH Investments”):

(i) Ms. Lai Yuen CHIANG, a Director of the Company, is

demed to be interested in the shares of the folowing

asociated corporations:

(b) 于相联法团股份之好仓

(i) 于震雄投资有限公司（「震雄投资」）之

普通股权益：

蒋丽苑其他58,220,300(2)100.00%

Lai Yuen CHIANGOther

(i) 本公司之董事蒋丽苑女士被视作持有

下列相联法团的股份之权益：

Asetwise Holdings Limited1股普通股(1), (3)100.00%

1 ordinary share

震雄（中国）投资有限公司2股无投票权递延股份(1), (3)100.00%

Chen Hsong (PRC) Investment

Company Limited

2 non-voting defered shares

震雄机器厂有限公司

Chen Hsong Machinery Company,

50,000,000股

无投票权递延股份

(1), (3)100.00%

Limited50,000,000

non-voting defered shares

Chiangs’ Industrial Holdings Limited1股可赎回股份(1)100.00%

1 redemable share

CHI Dorset Square Limited4,264,675股普通股(1), (6)100.00%

4,264,675 ordinary shares

相联法团名称 Name of associated corporation	于股份之权益 Interest in shares	附注 Notes	占相联法团有关类别已发行股份之概约百分比 Approximate percentage of the relevant class of issued shares of associated corporation

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连凯有限公司1股普通股(1), (3)100.00%

Continuous Victory Limited1 ordinary share

迪斯有限公司2股普通股(1), (4)100.00%

Dese Limited2 ordinary shares

达观有限公司2股普通股(1), (4)100.00%

Desko Limited2 ordinary shares

雅都发展有限公司1股普通股(1), (3)100.00%

Elegant City Developments Limited1 ordinary share

Elite Sino Investments Limited2股普通股(1), (3)100.00%

2 ordinary shares

博冠投资有限公司2股普通股(1), (3)100.00%

Equaltex Investment Limited2 ordinary shares

高文有限公司2股普通股(1), (4)100.00%

Goman Limited2 ordinary shares

Gondmyne Limited100,000股普通股(1), (3)100.00%

100,000 ordinary shares

Granwich Limited1股普通股(1), (3)100.00%

1 ordinary share

香港电脑辅助设计及生产服务

有限公司

52,570,000股普通股(1), (3)75.10%

Hong Kong Cad-Cam Services Limited52,570,000 ordinary shares

Kadom Limited2股普通股(1), (3)100.00%

2 ordinary shares

佳事来投资有限公司1股普通股(1), (5)100.00%

KCI Investments Limited1 ordinary share

相联法团名称 Name of associated corporation	于股份之权益 Interest in shares	附注 Notes	占相联法团有关类别已发行股份之概约百分比 Approximate percentage of the relevant class of issued shares of associated corporation

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高祐有限公司2股普通股(1), (4)100.00%

Koyoki Limited2 ordinary shares

美姬有限公司2股普通股(1), (4)100.00%

Mikia Limited2 ordinary shares

慕珍有限公司2股普通股(1), (4)100.00%

Mogin Limited2 ordinary shares

Pacific Concept Global Limited6股普通股(1), (3)60.00%

6 ordinary shares

派诺有限公司2股普通股(1), (4)100.00%

Parot Limited2 ordinary shares

Perfect Choice Global Limited1股普通股(1), (3)100.00%

1 ordinary share

宝达仕有限公司2股普通股(1), (4)100.00%

Potachi Limited2 ordinary shares

Pro-Team Pacific Limited1股普通股(1), (3)100.00%

1 ordinary share

利勤有限公司2股普通股(1), (4)100.00%

Rikon Limited2 ordinary shares

仲都有限公司2股普通股(1), (4)100.00%

Semicity Limited2 ordinary shares

西北有限公司2股普通股(1), (4)100.00%

Sibeland Limited2 ordinary shares

崇美有限公司2股普通股(1), (4)100.00%

Sumei Limited2 ordinary shares

益创集团有限公司1股普通股(1), (3)100.00%

Value Creation Group Limited1 ordinary share

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附注：

’ Industrial Holdings Limited

持有震雄投资100%权益，Chiangs’

Industrial Holdings Limited则由

Cititrust (Bahamas) Limited全资拥有。

Cititrust (Bahamas) Limited为蒋震工

业慈善基金（「慈善基金」）之全权信

托之信托人。根据证券及期货条例，

由于蒋丽苑女士实益拥有Proficient

City Investments Limited之100%股

份，该公司为慈善基金之几位合资

格受益人之其中一位，故被视作于

有关股份持有权益。

(2) 此乃Cititrust (Bahamas) Limited间接

持有之权益，而Cititrust (Bahamas)

Limited为慈善基金之信托人，而慈善

基金间接持有震雄投资100%权益。

根据证券及期货条例，由于蒋丽苑女

士实益拥有Proficient City Investments

Limited之100%股份，该公司为慈善

基金之几位合资格受益人之其中一

位，故被视作于有关股份持有权益。

(4) 该等权益由震雄投资透过Gondmyne

Limited间接持有。

(5) 该等权益由震雄投资透过Asetwise

Holdings Limited间接持有。

(6) 该等权益由震雄投资透过Perfect

Choice Global Limited间接持有。

除上文所披露者外，于二零二五年三

月三十一日，本公司董事或最高行政

人员概无于本公司或其任何相联法团

（定义见证券及期货条例第XV部）之股

份、相关股份或债券中拥有根据证券

及期货条例第352条须登记于本公司

所备存的登记册内之任何权益或淡仓，

或根据标准守则而须另行知会本公司

及联交所之权益或淡仓。

Notes:

’ Industrial Holdings Limited holds 100% interest

in CH Investments. In turn, Chiangs’ Industrial Holdings

Limited is wholy-owned by Cititrust (Bahamas) Limited.

Cititrust (Bahamas) Limited is the truste of a discretionary

trust, namely The Chiang Chen Industrial Charity

Foundation (the “Charity Foundation”). By virtue of the

SFO, Ms. Lai Yuen CHIANG is demed to be interested in

the relevant shares as she beneficialy owns 100% shares

in Proficient City Investments Limited, one of the several

eligible beneficiaries of the Charity Foundation.

(2) This represents the interest indirectly held by Cititrust

(Bahamas) Limited, the truste of the Charity Foundation,

which holds 100% indirect interest in CH Investments. By

virtue of the SFO, Ms. Lai Yuen CHIANG is demed to be

interested in the relevant shares as she beneficialy owns

100% shares in Proficient City Investments Limited, one of

the several eligible beneficiaries of the Charity Foundation.

(3) Such interests are held by CH Investments.

(4) Such interests are indirectly held by CH Investments

through Gondmyne Limited.

(5) Such interests are indirectly held by CH Investments

through Asetwise Holdings Limited.

(6) Such interests are indirectly held by CH Investments

through Perfect Choice Global Limited.

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

of the Directors or chief executive of the Company had

any interests or short positions in the shares, underlying

shares or debentures of the Company or any asociated

corporation (within the meaning of Part XV of the SFO) as

recorded in the register of the Company required to be

kept under Section 352 of the SFO or as otherwise notified

to the Company and the Stock Exchange pursuant to the

Model Code.

购股权数量
Number of share options
参与人姓名或类别 Name or category of participant	授出日期 Date of grant	于二零二四年四月一日 As at 1 April 2024	授出 Granted	已行使 Exercised	注销 Cancelled	失效 Lapsed	于二零二五年三月三十一日 As at 31 March 2025	行使期 Exercise period	附注 Notes	行使价每股（港币） Exercise price per share (HK$)

第一类
Category I

第二类
Category II

第三类
Category III

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购股权

本公司之购股权计划（「购股权计划」）摘要载于财

务报表附注31。

本公司已采纳经股东于本公司在二零一四年九月

二十四日（「采纳日期」）举行之股东周年大会上批

准之购股权计划，自采纳日期起为期十年。购股

权计划已于二零二四年九月二十三日届满，不可

再提出任何关于授出购股权之要约，惟根据购股

权计划已授出但尚未行使的购股权将继续有效，

并可根据购股权计划规则之规定而可继续行使。

于年内根据购股权计划董事（其中一名亦为主要

股东）及本集团选定雇员持有的购股权的变动及

于二零二五年三月三十一日尚未行使的购股权的

详情如下：

董事

Directors

蒋丽苑（附注(6)）27/11/20202,200,000–2,200,00027/11/2022 – 26/11/2030(5)(i)2.20

Lai Yuen CHIANG (Note (6)21/01/20221,900,000–1,900,00021/01/2024 – 20/01/2032(5)(i)2.49

06/12/2023630,000–630,00006/12/2025 – 05/12/2033(5)(i)1.436

钟效良27/11/20201,200,000–1,200,00027/11/2022 – 26/11/2030(5)(i)2.20

Stephen Hau Leung CHUNG21/01/2022600,000–600,00021/01/2024 – 20/01/2032(5)(i)2.49

06/12/2023200,000–200,00006/12/2025 – 05/12/2033(5)(i)1.436

选定雇员（附注(3)）（总计）27/11/20202,640,000–(100,000)2,540,00027/11/2022 – 26/11/2030(5)(i)2.20

Selected employes (Note (3)

(in agregate)

21/01/2022840,000–840,00021/01/2024 – 20/01/2032(5)(i)2.49

06/12/20232,270,000–(30,000)2,240,00006/12/2025 – 05/12/2033(5)(i)1.436

16/09/2024–1,110,000–1,110,00016/09/2026 – 15/09/2034(5)(i)1.44

选定雇员（附注(3)）（总计）27/11/20201,890,000–(600,000)1,290,00027/11/2023 – 26/11/2030(5)(i)2.20

Selected employes (Note (3)

(in agregate)

21/01/20221,180,000–(100,000)1,080,00021/01/2025 – 20/01/2032(5)(i)2.49

06/12/20232,910,000–(670,000)2,240,00006/12/2026 – 05/12/2033(5)(i)1.436

16/09/2024–2,240,000–(100,000)2,140,00016/09/2027 – 15/09/2034(5)(i)1.44

合计

Total18,460,0003,350,000–(1,600,000)20,210,000

SHARE OPTIONS

A sumary of the share option scheme of the Company (the “Share

Option Scheme”) is set out in note 31 to the financial statements.

The Company had adopted the Share Option Scheme aproved by

the Shareholders at the anual general meting of the Company held

on 24 September 2014 (“Adoption Date”) with a term of 10 years

from the Adoption Date. The Share Option Scheme expired on 23

September 2024, under which no further grant of share options shal

be ofered. The outstanding share options granted under the Share

Option Scheme continue to be valid and exercisable in acordance

with the rules of the Share Option Scheme.

Details of the movements in the share options held by the Directors (one

of whom is also a substantial Shareholder) and the selected employes

of the Group under the Share Option Scheme during the year and

outstanding as at 31 March 2025 were as folows:

购股权数量
Number of share options
参与人姓名或类别 Name or category of participant	授出日期 Date of grant	于二零二四年四月一日 As at 1 April 2024	授出 Granted	已行使 Exercised	注销 Cancelled	失效 Lapsed	于二零二五年三月三十一日 As at 31 March 2025	行使期 Exercise period	附注 Notes	行使价每股（港币） Exercise price per share (HK$)

第一类
Category I

第二类
Category II

第三类
Category III

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Report of the Directors

获最高薪酬之五名人士（附注(10)）

Five highest paid individuals

(Note (10)

Category I

董事

Directors

蒋丽苑（附注(6)）27/11/20202,200,000–2,200,00027/11/2022 – 26/11/2030(5)(i)2.20

Lai Yuen CHIANG (Note (6)21/01/20221,900,000–1,900,00021/01/2024 – 20/01/2032(5)(i)2.49

06/12/2023630,000–630,00006/12/2025 – 05/12/2033(5)(i)1.436

钟效良27/11/20201,200,000–1,200,00027/11/2022 – 26/11/2030(5)(i)2.20

Stephen Hau Leung CHUNG21/01/2022600,000–600,00021/01/2024 – 20/01/2032(5)(i)2.49

06/12/2023200,000–200,00006/12/2025 – 05/12/2033(5)(i)1.436

Category I

选定雇员（附注(3)）（总计）27/11/2020600,000–600,00027/11/2022 – 26/11/2030(5)(i)2.20

Selected employes (Note (3)

(in agregate)

21/01/2022200,000–200,00021/01/2024 – 20/01/2032(5)(i)2.49

06/12/202370,000–70,00006/12/2025 – 05/12/2033(5)(i)1.436

16/09/2024–16/09/2026 – 15/09/2034(5)(i)1.44

Category I

选定雇员（附注(3)）（总计）27/11/2020–27/11/2023 – 26/11/2030(5)(i)2.20

Selected employes (Note (3)

(in agregate)

21/01/2022–21/01/2025 – 20/01/2032(5)(i)2.49

06/12/2023150,000–150,00006/12/2026 – 05/12/2033(5)(i)1.436

16/09/2024–400,000–400,00016/09/2027 – 15/09/2034(5)(i)1.44

合计

Total7,750,000400,000–8,150,000

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Report of the Directors

附注：

（除二零二三年十二月六日及二

零二四年九月十六日所授出者以外）均于二零

二三年一月一日生效的上市规则第十七章修订前

授出。

%的个人

限额。

。概无向任何关连实体

参与者或服务提供者授出购股权。

、二

零二年一月二十一日、二零二三年十二月六日

及二零二四年九月十六日授出日期之前的股份收

市价分别为港币2.22元、港币2.44元、港币1.41

元及港币1.44元。

(5) 购股权的归属期自授出日期开始至相关行使期开

始时结束：

(i) 就第一类而言，向各承授人授出之50%及

50%购股权分别于授出日期第二周年及第

四周年当日起归属并可行使，惟概无购股

权可于授出日期起计满十年后行使。

(i) 就第二类而言，向各承授人授出之30% 、

30%及40%购股权分别于授出日期第二周

年、第四周年及第六周年当日起归属并可

行使，惟概无购股权可于授出日期起计满

十年后行使。第二类所涉及购股权之归属

须经董事局主席同意。

(i) 就第三类而言，向各承授人授出之30% 、

30%及40%购股权分别于授出日期第三周

年、第五周年及第七周年当日起归属并可

行使，惟概无购股权可于授出日期起计满

十年后行使。第三类所涉及购股权之归属

须经董事局主席同意。

购股权的归属不受任何表现目标及╱或回补机制

的约束。

Notes:

(1) Al of the above grants of share options (except the grants on 6 December

2023 and 16 September 2024) were made prior to the amendments to

Chapter 17 of the Listing Rules taking efect on 1 January 2023.

(2) None of the grants of share options to any participant is in exces of the

1% individual limit.

(3) Such category included employe participants only. No share options

had ben granted to any related entity participant or service provider.

(4) The closing prices of the shares imediately before the date on which

the share options were granted on 27 November 2020, 21 January

2022, 6 December 2023 and 16 September 2024 were HK$2.22,

HK$2.44, HK$1.41 and HK$1.44 respectively.

(5) The vesting period of the share options is from the date of grant until the

comencement of the relevant exercise period:

(i) In respect of Category I, as to 50% and 50% of the share options

granted to each grante shal be vested on and are exercisable

from the date faling on the second and fourth aniversary from

the date of grant respectively provided that no share options shal

be exercised after ten years from the date of grant.

(i) In respect of Category I, as to 30%, 30% and 40% of the share

options granted to each grante shal be vested on and are

exercisable from the date faling on the second, fourth and sixth

aniversary from the date of grant respectively provided that no

share options shal be exercised after ten years from the date

of grant. Vesting of the share options in respect of Category I is

subject to the consent of the Chairman of the Board.

(i) In respect of Category I, as to 30%, 30% and 40% of the share

options granted to each grante shal be vested on and are

exercisable from the date faling on the third, fifth and seventh

aniversary from the date of grant respectively provided that no

share options shal be exercised after ten years from the date of

grant. Vesting of the share options in respect of Category I is

subject to the consent of the Chairman of the Board.

The vesting of the share options is not subject to any performance target

and/or clawback mechanism.

85CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

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Report of the Directors

，蒋丽苑女士（本公司主席、

执行董事兼集团总裁及主要股东）由于实益拥有

慈善基金之几位合资格受益人其中一位之100%

股份，而该慈善基金之信托人间接持有震雄投资

（该公司持有399,641,620股份，占本公司于本

报告书日期已发行股份之63.38%）之100%权益，

因此彼亦被视为拥有震雄投资所持有本公司股份

之权益。

，本公司可根据购股权

计划授出39,113,160购股权。于二零二四年九月

十六日，本公司授出合共3,350,000购股权。购

股权计划已于二零二四年九月二十三日届满，

不可再提出任何关于授出购股权之要约。于购股

权计划届满前，可根据购股权计划授出之购股

权总数为35,763,160，占本公司已发行股份数目

之5.67%。本公司可根据购股权计划可予发行之

股份总数为20,210,000（即于本报告日期尚未行

使的购股权），占本公司于截至二零二五年三月

三十一日止年度内已发行股份数目之3.21%。购

股权计划并无设立服务提供者分项限额。

，根据本

公司购股权计划授出的购股权而可予发行之股

份数目（即3,350,000股）除以本公司于截至二零

二五年三月三十一日止年度之已发行普通股总数

（按截至二零二五年三月三十一日止年度内本公

司已发行股份并无变动，即630,531,600股）的加

权平均数为0.53%。

(9) 截至二零二五年三月三十一日止年度内及截至本

报告日期，本公司并无任何库存股份。

，本集团

获最高薪酬之五名人士包括两名董事及三名雇员。

, Ms. Lai Yuen CHIANG (the Chairman, an Executive

Director and the Chief Executive Oficer and a substantial Shareholder

of the Company) is also demed to be interested in the shares of the

Company held by CH Investments, a company holding 399,641,620

shares, representing 63.38% of the isued shares of the Company as

at the date of this report, as she beneficialy owns 100% shares in one

of the several eligible beneficiaries of the Charity Foundation, where the

truste thereof indirectly holds 100% interest in CH Investments.

, 39,113,160 share options were available for grant

under the Share Option Scheme. On 16 September 2024, the Company

granted a total of 3,350,000 share options. The Share Option Scheme

expired on 23 September 2024, under which no further grant of share

options shal be ofered. Prior to the expiry of the Share Option Scheme,

the total number of shares options available for grant under the Share

Option Scheme were 35,763,160, representing 5.67% of the number of

isued shares of the Company. The total number of shares available for

isue under the Share Option Scheme were 20,210,000, representing

3.21% of the number of isued shares of the Company during the year

ended 31 March 2025, which were outstanding share options as at the

date of this report. There was no service provider sublimit set under the

Share Option Scheme.

(8) The number of shares that may be isued in respect of share options

granted under the Share Option Scheme during the year ended 31

March 2025 (i.e., 3,350,000) divided by the weighted average number of

ordinary shares of the Company for the year ended 31 March 2025 (i.e.,

630,531,600, where there has ben no movements in the isued shares

of the Company during the year ended 31 March 2025) was 0.53%.

(9) The Company does not have any treasury shares during the year ended

31 March 2025 and up to the date of this report.

(10) The five highest paid individuals of the Group for the year ended 31

March 2025 included two Directors and thre employes.

股东名称╱姓名 Name of Shareholder	身份 Capacity	普通股╱ 相关股份* 股数 Number of ordinary shares/ underlying shares*	附注 Notes	占本公司已发行普通股之概约百分比 Approximate percentage of the Company’s issued ordinary shares

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报86

董事局报告书

Report of the Directors

主要股东及其他人士于股份及相关股份

之权益及淡仓

于二零二五年三月三十一日，就本公司董事及最

高行政人员所知，根据证券及期货条例第336条

须备存的本公司登记册所记录之主要股东及其他

人士于本公司之股份及相关股份之权益或淡仓如

下：

于本公司股份及相关股份之好仓

震雄投资实益拥有人399,641,620(1)63.38%

CH InvestmentsBeneficial owner

Chiangs’ Industrial Holdings Limited于受控制法团之权益399,641,620(1)63.38%

Interest of controled

corporation

Cititrust (Bahamas) Limited信托人399,641,620(1)63.38%

Truste

蒋丽苑实益拥有人9,730,000(2)1.54%

Lai Yuen CHIANGBeneficial owner

其他399,641,620(3)63.38%

Other

Proficient City Investments Limited于受控制法团之权益399,641,620(3)63.38%

Interest of controled

corporation

David Michael WEB于受控制法团之权益48,004,000(4)7.61%

Interest of controled

corporation

SUBSTANTIAL SHAREHOLDERS’ AND OTHER

PERSONS’ INTERESTS AND SHORT POSITIONS IN

SHARES AND UNDERLYING SHARES

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

executive of the Company, the interests or short positions of substantial

Shareholders and other persons in the shares and underlying shares

of the Company as recorded in the register of the Company required to

be kept under Section 336 of the SFO were as folows:

Long positions in shares and underlying shares of the

Company

87CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

董事局报告书

Report of the Directors

附注：

。由于Cititrust

(Bahamas) Limited为慈善基金之信托人，故被

视作于有关股份持有权益，而该等有关股份乃

透过其所控制之法团Chiangs’ Industrial Holdings

Limited在震雄投资持有100%权益而持有。

，4,730,000为本公司授予董事（作

为实益拥有人）之购股权。

。由于Proficient

City Investments Limited为慈善基金之几位合资格

受益人之其中一位，故被视作于有关股份持有权

益，而本公司之董事蒋丽苑女士为Proficient City

Investments Limited唯一实益股东。

(4) 根据David Michael WEB先生于二零二五年三月

三十一日呈交之权益披露通知，该等股份权益由

Preferable Situation Asets Limited及Member One

Limited持有，该等公司由David Michael WEB先

生100%控制。

* 有关本公司董事及最高行政人员于本公司授出之

购股权的相关股份权益之详情载于上文「购股权」

一节。

除上文所披露者外，于二零二五年三月三十一日，

概无任何其他人士拥有本公司之股份或相关股份

之权益或淡仓而须记录于根据证券及期货条例第

336条本公司所备存之登记册内。

Notes:

(1) This represents the same parcel of shares held by CH Investments.

Cititrust (Bahamas) Limited is demed to have interest in the relevant

shares by virtue of being the truste of the Charity Foundation,

and the relevant shares are held through its controled corporation,

Chiangs’ Industrial Holdings Limited, which holds 100% interest in CH

Investments.

, 4,730,000 were share options granted by the

Company to the Director as beneficial owner.

(3) This represents the same parcel of shares held by CH Investments.

Proficient City Investments Limited is demed to have interest in the

relevant shares by virtue of being one of the several eligible beneficiaries

of the Charity Foundation and Ms. Lai Yuen CHIANG, a Director of the

Company, is the sole beneficial shareholder of Proficient City Investments

Limited.

(4) Based on the notice of disclosure of interests of Mr. David Michael WEB

filed on 31 March 2025, these interests in shares are held by Preferable

Situation Asets Limited and Member One Limited, companies 100%

controled by Mr. David Michael WEB.

* Details of the interests of the Directors and chief executive of the

Company in the underlying shares in respect of the share options

granted by the Company are set out in the section headed “Share

Options” above.

Save as disclosed above, as at 31 March 2025, no other persons were

recorded in the register of the Company required to be kept under

Section 336 of the SFO as having interests or short positions in the

shares and underlying shares of the Company.

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报88

董事局报告书

Report of the Directors

控股东于合约中之重大权益

除本年报所披露者外，于年内，概无存续由本集

团任何成员公司与本公司任何控股东或其任何

附属公司订立的重大合约。

管理合约

于年内并无订立或存在有关本公司全部或任何重

大部分业务的管理及行政之合约。

薪酬政策

本集团之薪酬政策（包括厘定薪金及花红）合符

本公司及其附属公司经营当地之一般惯例。本公

司之薪酬委员会经考虑本集团之经营业绩、个人

职务和表现及可供比较之市场统计数据以及当时

市场情况，检讨本公司董事包括执行董事（同时

为本公司高级管理人员）之薪酬政策及架构。本

公司之董事的薪酬政策乃由薪酬委员会检讨。

本公司已采纳购股权计划作为对本公司董事及本

集团选定雇员的奖励或激励；有关计划之详情载

于上文「购股权」一节及财务报表附注31。

关连交易

于年内，本集团并无进行任何须遵照上市规则的

申报规定于本年报内作出披露的关连交易。

关连人士交易

本集团与根据适用之会计原则被视为「关连人士」

之人士订立若干交易。详情载于财务报表附注

35。

CONTROLING SHAREHOLDERS’ INTERESTS IN

CONTRACT OF SIGNIFICANCE

Save as disclosed in this anual report, no contract of significance

betwen any members of the Group and any of the controling

Shareholders of the Company, or any of their subsidiaries, subsisted

during the year.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the

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

entered into or existing during the year.

EMOLUMENT POLICY

The Group’s emolument policy, including the determination of

salaries and bonuses, is in line with the local practices where the

Company and its subsidiaries operate. The Remuneration Comite

of the Company reviews the emolument policy and structure for the

remuneration package for the Directors of the Company (including

Executive Directors who are also senior management of the Company),

having regard to the Group’s operating results, individual duties and

performance and comparable market statistics as wel as prevailing

market conditions. The Remuneration Policy of the Directors of the

Company is reviewed by the Remuneration Comite.

The Company has adopted the Share Option Scheme as rewards or

incentives to Directors of the Company and selected employes of the

Group, details of the scheme are set out in the section headed “Share

Options” above and in note 31 to the financial statements.

CONECTED TRANSACTIONS

During the year, the Group had no conected transactions that were

subject to the Listing Rules’ reporting requirements for disclosure in

this anual report.

RELATED PARTY TRANSACTIONS

The Group entered into certain transactions with parties regarded as

“Related Parties” under aplicable acounting principles. Details are

set out in note 35 to the financial statements.

89CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

董事局报告书

Report of the Directors

PUBLIC FLOAT

Based on the information publicly available to the Company and within

the knowledge of the Directors, the Company has maintained the

suficient amount of public float of more than 25% of the Company’s

isued shares during the year and up to the date of this report as

required under the Listing Rules.

CORPORATE GOVERNANCE

The Company’s corporate governance principles and practices are

set out in the Corporate Governance Report on pages 22 to 63 of this

anual report.

AUDITOR

The financial statements of the Group for the year ended 31 March

2025 have ben audited by Ernst & Young who retire and, being

eligible, ofer themselves for re-apointment. A resolution for re-

apointment of Ernst & Young as auditor of the Company wil be

proposed at the forthcoming anual general meting of the Company.

On behalf of the Board

Lai Yuen CHIANG

Chairman and Chief Executive Oficer

Hong Kong, 20 June 2025

公众持股量

根据本公司得悉而董事知悉的公开资料，本公司

于年内及截至本报告书日期已按照上市规则规定

维持多于本公司已发行股份之25%的足够数额

公众持股量。

企业管治

本公司的企业管治原则及常规载于本年报第22

至63页之企业管治报告书。

核数师

本集团截至二零二五年三月三十一日止年度之财

务报表已由安永会计师事务所审核，安永会计师

事务所将任满告退，并合资格及愿意膺选连任。

本公司将于即将举行之本公司股东周年大会上提

呈决议案，续聘安永会计师事务所为本公司之核

数师。

代表董事局

蒋丽苑

主席兼集团总裁

香港，二零二五年六月二十日

独立核数师报告书Independent Auditor’s Report

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报90

To the shareholders of Chen Hsong Holdings Limited

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of Chen

Hsong Holdings Limited (the “Company”) and its subsidiaries

(the “Group”) set out on pages 98 to 231, which comprise the

consolidated statement of financial position as at 31 March 2025,

and the consolidated income statement, the consolidated statement

of comprehensive income, the consolidated statement of changes in

equity and the consolidated statement of cash flows for the year then

ended, and notes to the consolidated financial statements, including

material acounting policy information.

In our opinion, the consolidated financial statements give a true and

fair view of the consolidated financial position of the Group as at 31

March 2025, and of its consolidated financial performance and its

consolidated cash flows for the year then ended in acordance with

HKFRS Acounting Standards as isued by the Hong Kong Institute

of Certified Public Acountants (“HKICPA”) and have ben properly

prepared in compliance with the disclosure requirements of the Hong

Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards

on Auditing (“HKSAs”) 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.

致：震雄集团有限公司列位股东

（于百慕达注册成立之有限公司）

意见

我们已审计列载于第98至231页的震雄集团有限

公司及其附属公司（以下统称「贵集团」）的综合

财务报表，此综合财务报表包括于二零二五年三

月三十一日的综合财务状况表与截至该日止年度

的综合收益表、综合全面收益表、综合权益变动

表和综合现金流量表，以及综合财务报表附注，

包括重大会计政策资料。

我们认为，该等综合财务报表已根据香港会计师

公会颁布的《香港财务报告准则会计准则》真实而

中肯地反映了贵集团于二零二五年三月三十一

日的综合财务状况及截至该日止年度的综合财务

表现及综合现金流量，并已遵照香港《公司条例》

的披露规定妥为拟备。

意见的基础

我们已根据香港会计师公会颁布的《香港审计

准则》进行审计。我们在该等准则下承担的责任

已在本报告「核数师就审计综合财务报表承担的

责任」部分中作进一步阐述。根据香港会计师公

会颁布的《专业会计师道德守则》（以下简称「守

则」），我们独立于贵集团，并已履行守则中的

其他专业道德责任。我们相信，我们所获得的审

计凭证能充足及适当地为我们的审计意见提供基

础。

91CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Independent Auditor’s Report (continued)独立核数师报告书（续）

To the shareholders of Chen Hsong Holdings Limited

(Incorporated in Bermuda with limited liability)

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, we do not

provide a separate opinion on these maters. For each mater below,

our description of how our audit adresed the mater is provided in

that context.

We have fulfiled the responsibilities described in the Auditor’s

responsibilities for the audit of the consolidated financial statements

section of our report, including in relation to these maters.

Acordingly, our audit included the performance of procedures

designed to respond to our asesment of the risks of material

mistatement of the consolidated financial statements. The results of

our audit procedures, including the procedures performed to adres

the maters below, provide the basis for our audit opinion on the

acompanying consolidated financial statements.

致：震雄集团有限公司列位股东

（于百慕达注册成立之有限公司）

关键审计事项

关键审计事项是根据我们的专业判断，认为对本

期综合财务报表的审计最为重要的事项。这些事

项是在对综合财务报表整体进行审计并形成意见

的背景下进行处理的，我们不对这些事项提供单

独的意见。我们对下述每一事项在审计中是如何

应对的描述也以此为背景。

我们已经履行了本报告「核数师就审计综合财务

报表承担的责任」部分阐述的责任，包括与这些

关键审计事项相关的责任。相应地，我们的审计

工作包括执行为应对评估的综合财务报表重大错

误陈述风险而设计的审计程序。我们执行审计程

序的结果，包括应对下述关键审计事项所执行的

程序，为综合财务报表整体发表审计意见提供了

基础。

Key audit matter 关键审计事项	How our audit addressed the key audit matter 该事项在审计中是如何应对的
Impairment assessment of trade receivables 应收贸易账款的减值评估
As at 31 March 2025, after netting off with an aggregate impairment provision of HK$91,633,000, the total net carrying amount of the Group’s trade receivables was HK$1,130,754,000. Significant judgements and estimates are applied by management, based on the lifetime expected credit loss approach, in assessing whether the trade receivables are recoverable and if impairment provision is required. Management considers various factors, including the ageing of the trade receivables, historical collection patterns, existence of any disputes, trading history with each customer, prevailing and expected future market conditions and other available information concerning the creditworthiness of customers. Related disclosures about trade receivables are included in notes 4 and 21 to the consolidated financial statements. 于二零二五年三月三十一日，贵集团的应收贸易账款经扣除港币91,633,000元的减值拨备后，总净额为港币 1,130,754,000元。管理层按全期预期信贷亏损方式应用重大判断及估计以评估应收贸易账款是否可收回及减值拨备是否需计提。管理层考虑因素包括应收贸易账款的账龄、以往还款记录、争议存在性、跟各个别客户的贸易记录、现时及预期未来市场状况及其他有关客户信贷质素的资讯。有关应收贸易账款的披露事项，载于综合财务报表附注 4及21。	Our audit procedures included evaluating management’s assessment methodology, and the inputs and assumptions applied by management in performing the impairment assessment by checking the ageing of trade receivables, the credit terms granted by the Group, historical collection patterns and post year-end settlements, of selected samples of customers. In addition, we assessed the published economic indices that management applied in their assessment of the impairment provision for trade receivables. 我们的审计程序包括评估管理层的评估方法，以及透过审阅选定的样本客户应收贸易账款的账龄、贵集团给予之信贷期、过往还款记录以及期末后的还款情况，以评估管理层在进行减值评估时投入的资料和假设。此外，我们评估管理层应用于评估应收贸易账款减值拨备的已公布经济指标。

Key audit matter 关键审计事项

How our audit addressed the key audit matter 该事项在审计中是如何应对的

Impairment assessment of trade receivables 应收贸易账款的减值评估

As at 31 March 2025, after netting off with an aggregate impairment provision of HK$91,633,000, the total net carrying amount of the Group’s trade receivables was HK$1,130,754,000. Significant judgements and estimates are applied by management, based on the lifetime expected credit loss approach, in assessing whether the trade receivables are recoverable and if impairment provision is required. Management considers various factors, including the ageing of the trade receivables, historical collection patterns, existence of any disputes, trading history with each customer, prevailing and expected future market conditions and other available information concerning the creditworthiness of customers. Related disclosures about trade receivables are included in notes 4 and 21 to the consolidated financial statements. 于二零二五年三月三十一日，贵集团的应收贸易账款经扣除港币91,633,000元的减值拨备后，总净额为港币 1,130,754,000元。管理层按全期预期信贷亏损方式应用重大判断及估计以评估应收贸易账款是否可收回及减值拨备是否需计提。管理层考虑因素包括应收贸易账款的账龄、以往还款记录、争议存在性、跟各个别客户的贸易记录、现时及预期未来市场状况及其他有关客户信贷质素的资讯。有关应收贸易账款的披露事项，载于综合财务报表附注 4及21。

Our audit procedures included evaluating management’s assessment methodology, and the inputs and assumptions applied by management in performing the impairment assessment by checking the ageing of trade receivables, the credit terms granted by the Group, historical collection patterns and post year-end settlements, of selected samples of customers. In addition, we assessed the published economic indices that management applied in their assessment of the impairment provision for trade receivables. 我们的审计程序包括评估管理层的评估方法，以及透过审阅选定的样本客户应收贸易账款的账龄、贵集团给予之信贷期、过往还款记录以及期末后的还款情况，以评估管理层在进行减值评估时投入的资料和假设。此外，我们评估管理层应用于评估应收贸易账款减值拨备的已公布经济指标。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报92

Independent Auditor’s Report (continued)独立核数师报告书（续）

To the shareholders of Chen Hsong Holdings Limited

(Incorporated in Bermuda with limited liability)

KEY AUDIT MATERS (continued)

致：震雄集团有限公司列位股东

（于百慕达注册成立之有限公司）

关键审计事项（续）

93CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Independent Auditor’s Report (continued)独立核数师报告书（续）

To the shareholders of Chen Hsong Holdings Limited

(Incorporated in Bermuda with limited liability)

OTHER INFORMATION INCLUDED IN THE ANUAL

REPORT

The directors of the Company are responsible for the other information.

The other information comprises the information included in the

Anual Report, other than the consolidated financial statements and

our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover

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

conclusion thereon.

In conection with our audit of the consolidated financial statements,

our responsibility is to read the other information and, in doing so,

consider whether the other information is materialy inconsistent with

the consolidated financial statements or our knowledge obtained in

the audit or otherwise apears to be materialy mistated. If, based

on the work we have performed, we conclude that there is a material

mistatement of this other information, we are required to report that

fact. We have nothing to report in this regard.

致：震雄集团有限公司列位股东

（于百慕达注册成立之有限公司）

刊载于年度报告内其他信息

贵公司董事须对其他信息负责。其他信息包括刊

载于年度报告内的信息，但不包括综合财务报表

及我们的核数师报告书。

我们对综合财务报表的意见并不涵盖其他信息，

我们亦不对该等其他信息发表任何形式的鉴证结

论。

结合我们对综合财务报表的审计，我们的责任是

阅读其他信息，在此过程中，考虑其他信息是否

与综合财务报表或我们在审计过程中所了解的情

况存在重大抵触或者似乎存在重大错误陈述的情

况。基于我们已执行的工作，如果我们认为其他

信息存在重大错误陈述，我们需要报告该事实。

在这方面，我们没有任何报告。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报94

Independent Auditor’s Report (continued)独立核数师报告书（续）

致：震雄集团有限公司列位股东

（于百慕达注册成立之有限公司）

董事就综合财务报表须承担的责任

贵公司董事须负责根据香港会计师公会颁布的《香

港财务报告准则会计准则》及香港《公司条例》的

披露规定拟备真实而中肯的综合财务报表，并对

其认为使综合财务报表的拟备不存在由于欺诈

或错误而导致的重大错误陈述所需的内部监控负

责。

在拟备综合财务报表时，贵公司董事负责评

估贵集团持续经营的能力，并在适用情况下披

露与持续经营有关的事项，以及使用持续经营为

会计基础，除非贵公司董事有意将贵集团清

盘或停止经营，或别无其他实际的替代方案。

审核委员会协助贵公司董事履行职责，监

督贵集团的财务报告过程。

To the shareholders of Chen Hsong Holdings Limited

(Incorporated in Bermuda with limited liability)

RESPONSIBILITIES OF THE DIRECTORS 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 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 directors of the Company are asisted by the Audit Comite in

discharging their responsibilities for overseing the Group’s financial

reporting proces.

95CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Independent Auditor’s Report (continued)独立核数师报告书（续）

To the shareholders of Chen Hsong Holdings Limited

(Incorporated in Bermuda with limited liability)

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. Our 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 scepticism throughout the audit.

We also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate

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

material mistatement resulting from fraud is higher than for

one resulting from eror, as fraud may involve colusion, forgery,

intentional omisions, misrepresentations, or the overide of

internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion

on the efectivenes of the Group’s internal control.

致：震雄集团有限公司列位股东

（于百慕达注册成立之有限公司）

核数师就审计综合财务报表承担的责任

我们的目标，是对综合财务报表整体是否不存在

由于欺诈或错误而导致的重大错误陈述取得合理

保证，并出具包括我们意见的核数师报告书。我

们遵照百慕达一九八一年公司法第90条的法规，

仅对全体成员作出报告，除此以外，本报告书并

无其他用途。我们不会就核数师报告书的内容向

任何其他人士负上或承担任何责任。

合理保证是高水平的保证，但不能保证按照《香

港审计准则》进行的审计，在某一重大错误陈述

存在时总能发现。错误陈述可以由欺诈或错误引

起，如果合理预期它们单独或汇总起来可能影响

综合财务报表使用者依赖综合财务报表所作出的

经济决定，则有关的错误陈述可被视作重大。

在根据《香港审计准则》进行审计的过程中，我们

运用了专业判断，保持了专业怀疑态度。我们亦：

• 识别和评估由于欺诈或错误而导致综合财

务报表存在重大错误陈述的风险，设计及

执行审计程序以应对这些风险，以及获取

充足和适当的审计凭证，作为我们意见的

基础。由于欺诈可能涉及串谋、伪造、蓄

意遗漏、虚假陈述，或凌驾于内部监控之

上，因此未能发现因欺诈而导致的重大错

误陈述的风险高于未能发现因错误而导致

的重大错误陈述的风险。

，以设计适当

的审计程序，但目的并非对贵集团内部

监控的有效性发表意见。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报96

Independent Auditor’s Report (continued)独立核数师报告书（续）

To the shareholders of Chen Hsong Holdings Limited

(Incorporated in Bermuda with limited liability)

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS (continued)

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures

made by the directors.

’ use of the

going concern basis of acounting and, based on the audit

evidence obtained, whether a material uncertainty exists related

to events or conditions that may cast significant doubt on the

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

that a material uncertainty exists, we are required to draw

atention in our auditor’s report to the related disclosures in the

consolidated financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based

on the audit evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause the

Group to cease to continue as a going concern.

, structure and content of the

consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves

fair presentation.

• Plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities

or busines units within the Group as a basis for forming an

opinion on the consolidated financial statements. We are

responsible for the direction, supervision and review of the audit

work performed for purposes of the group audit. We remain

solely responsible for our audit opinion.

We comunicate with 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.

致：震雄集团有限公司列位股东

（于百慕达注册成立之有限公司）

核数师就审计综合财务报表承担的责任（续）

• 评价董事所采用会计政策的恰当性及作出

会计估计和相关披露的合理性。

• 对董事采用持续经营会计基础的恰当性作

出结论。根据所获取的审计凭证，确定是

否存在与事项或情况有关的重大不确定性，

从而可能导致对贵集团的持续经营能力

产生重大疑虑。如果我们认为存在重大不

确定性，则有必要在核数师报告书中提请

使用者注意综合财务报表中的相关披露。

假若有关的披露不足，则我们应当发表非

无保留意见。我们的结论是基于核数师报

告日止所取得的审计凭证。然而，未来事

项或情况可能导致贵集团不能持续经营。

、结构

和内容，包括披露，以及综合财务报表是

否中肯反映交易和事项。

，就贵集团

内实体或业务活动的财务信息获取充足、

适当的审计凭证，作为对综合财务报表发

表意见之基础。我们负责贵集团审计目

的而执行的审计工作的方向、监督和审查。

我们为审计意见承担全部责任。

除其他事项外，我们与审核委员会沟通了计划的

审计范围、时间安排、重大审计发现等，包括我

们在审计中识别出内部监控的任何重大缺陷。

97CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Independent Auditor’s Report (continued)独立核数师报告书（续）

To the shareholders of Chen Hsong Holdings Limited

(Incorporated in Bermuda with limited liability)

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS (continued)

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.

The engagement partner on the audit resulting in this independent

auditor’s report is Wong Ka Wing (practising certificate number:

P07059).

Ernst & Young

Certified Public Acountants

27/F One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

20 June 2025

致：震雄集团有限公司列位股东

（于百慕达注册成立之有限公司）

核数师就审计综合财务报表承担的责任（续）

我们还向审核委员会提交声明，说明我们已符合

有关独立性的相关专业道德要求，并与他们沟通

有可能合理地被认为会影响我们独立性的所有关

系和其他事项，以及为消除对独立性的威胁所采

取的行动或防范措施（若适用）。

从与审核委员会沟通的事项中，我们确定哪些事

项对本期综合财务报表的审计最为重要，因而构

成关键审计事项。我们在核数师报告书中描述这

些事项，除非法律法规不允许公开披露这些事项，

或在极端罕见的情况下，如果合理预期在我们报

告书中沟通某事项造成的负面后果超过产生的公

众利益，我们决定不应在报告书中沟通该事项。

出具本独立核数师报告书的审计项目合伙人是黄

家荣（执业证书号码：P07059）。

安永会计师事务所

执业会计师

香港鲗鱼涌

英皇道979号

太古坊一座27楼

二零二五年六月二十日

综合收益表Consolidated Income Statement

截至二零二五年三月三十一日止年度Year ended 31 March 2025

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报98

（港币千元）(HK$’000)附注 Notes20252024

收益 REVENUE62,594,7352,009,545

销售成本Cost of sales(1,984,983)(1,532,561)

毛利Gros profit609,752476,984

其他收入及收益净额Other income and gains, net106,880108,357

销售及分销支出Seling and distribution expenses(279,851)(219,167)

行政支出Administrative expenses(145,401)(153,069)

其他经营支出净额Other operating expenses, net(101,605)(86,712)

融资成本Finance costs8(1,561)(1,199)

应占联营公司溢利减亏损Share of profits les loses of asociates1,411(52)

除税前溢利PROFIT BEFORE TAX7189,625125,142

所得税支出Income tax expense11(35,620)(26,283)

本年度溢利PROFIT FOR THE YEAR154,00598,859

归属于：ATRIBUTABLE TO:

本公司权益持有人Equity holders of the Company154,386100,853

非控股权益Non-controling interests(381)(1,994)

154,00598,859

本公司权益EARNINGS PER SHARE

持有人应占

每股盈利

ATRIBUTABLE TO EQUITY

HOLDERS OF THE COMPANY13

基本（港仙）Basic (HK cents)24.516.0

摊薄（港仙）Diluted (HK cents)24.516.0

综合全面收益表Consolidated Statement of Comprehensive Income

99CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

截至二零二五年三月三十一日止年度Year ended 31 March 2025

（港币千元）(HK$’000)20252024

本年度溢利PROFIT FOR THE YEAR154,00598,859

其他全面收益╱（支出）OTHER COMPREHENSIVE INCOME/(EXPENSES)

可于其后期间重新分类

至收益表之其他

全面支出：

Other comprehensive expenses that may be

reclasified to the income statement in

subsequent periods:

汇兑差额：Exchange diferences:

换算海外业务之

汇兑差额

Exchange diferences on translation

of foreign operations(74,574)(84,067)

应占联营公司其他

全面支出

Share of other comprehensive

expenses of asociates(345)(1,004)

于出售附属公司之

转拨汇兑变动储备

Release of exchange fluctuation reserve

upon disposal of subsidiaries(2,062)–

可于其后期间重新分类

至收益表之其他

全面支出净额

Net other comprehensive expenses that

may be reclasified to the income

statement in subsequent periods(76,981)(85,071)

不会于其后期间重新分类

至收益表之其他全面

收益╱（支出）：

Other comprehensive income/(expenses)

that wil not be reclasified to the income

statement in subsequent periods:

定额福利计划之精算收益Actuarial gains on a defined benefit plan4621,755

物业重估之收益（附注14）Gain on property revaluation (note 14)–72,112

所得税之影响Income tax efect–(18,028)

–54,084

不会将于其后期间重新

分类至收益表之其他

全面收益净额

Net other comprehensive income that

wil not be reclasified to the income

statement in subsequent periods46255,839

本年度其他全面支出，

扣除税项

OTHER COMPREHENSIVE EXPENSES

FOR THE YEAR, NET OF TAX(76,519)(29,232)

本年度总全面

收益

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR77,48669,627

归属于：ATRIBUTABLE TO:

本公司权益持有人Equity holders of the Company78,12772,129

非控股权益Non-controling interests(641)(2,502)

77,48669,627

综合财务状况表Consolidated Statement of Financial Position

于二零二五年三月三十一日As at 31 March 2025

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报100

（港币千元）(HK$’000)附注 Notes20252024

非流动资产NON-CURENT ASETS

物业、厂房及设备Property, plant and equipment14546,815551,750

投资物业Investment properties15358,347388,071

使用权资产Right-of-use asets16(a)56,11158,120

商誉Godwil1751,90551,905

无形资产Intangible asets181,8082,648

于联营公司之投资Investments in asociates1925,67324,607

递延税项资产Defered tax asets2928,88031,065

购买物业、厂房及

设备订金

Deposits for purchases of items of

property, plant and equipment12,9535,474

应收贸易及票据账款Trade and bils receivables21109,82486,214

定额福利资产Defined benefit asets285,0414,764

非流动资产总计Total non-curent asets1,197,3571,204,618

流动资产CURENT ASETS

存货Inventories20788,554694,637

应收贸易及票据账款Trade and bils receivables211,463,9741,232,090

订金、预付款项及

其他应收账款

Deposits, prepayments and

other receivables22242,116137,119

应收融资租赁账款Finance lease receivables23–1,610

抵押银行存款Pledged bank deposits24138,78447,899

现金及银行结存Cash and bank balances25528,179825,777

流动资产总计Total curent asets3,161,6072,939,132

流动负债CURENT LIABILITIES

应付贸易及票据账款Trade and bils payables26816,347623,110

其他应付账款、

应计负债及合约负债

Other payables, acruals and

contract liabilities27302,654290,667

租赁负债Lease liabilities16(b)4,2743,429

应付税项Tax payable40,68436,746

流动负债总计Total curent liabilities1,163,959953,952

流动资产净值NET CURENT ASETS1,997,6481,985,180

资产总值减

流动负债

TOTAL ASETS LES

CURENT LIABILITIES3,195,0053,189,798

101CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Consolidated Statement of Financial Position (continued)综合财务状况表（续）

As at 31 March 2025于二零二五年三月三十一日

（港币千元）(HK$’000)附注 Notes20252024

非流动负债NON-CURENT LIABILITIES

其他应付账款及应计负债Other payables and acruals274,43111,195

租赁负债Lease liabilities16(b)13,26213,910

递延税项负债Defered tax liabilities2988,94090,624

非流动负债总计Total non-curent liabilities106,633115,729

资产净值NET ASETS3,088,3723,074,069

权益EQUITY

本公司权益持有人

应占权益

Equity atributable to equity holders

of the Company

已发行股本Isued share capital3063,05363,053

储备Reserves323,018,5172,994,477

3,081,5703,057,530

非控股权益Non-controling interests6,80216,539

权益总计TOTAL EQUITY3,088,3723,074,069

蒋丽苑 Lai Yuen CHIANG钟效良 Stephen Hau Leung CHUNG

主席兼集团总裁 Chairman and Chief Executive Oficer董事 Director

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

截至二零二五年三月三十一日止年度Year ended 31 March 2025

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报102

本公司权益持有人应占

Atributable to equity holders of the Company

（港币千元）(HK$’000)

附注

Notes

已发行

股本

Isued

capital

股份

溢价账

premium

acount

资本赎回

储备

Capital

redemption

reserve

资本储备

Capital

reserve

法定储备

Statutory

reserve

一般储备

General

reserve

于二零二四年四月一日At 1 April 202463,053509,58029558,478150,7022,351

本年度溢利╱（亏损）Profit/(los) for the year–

本年度其他全面

收益╱（支出）：

Other comprehensive income/

(expenses) for the year:

换算海外业务之

汇兑差额

Exchange diferences on translation

of foreign operations–

应占联营公司

其他全面支出

Share of other comprehensive

expenses of asociates–

于出售附属公司之

转拨汇兑变动

储备

Release of exchange fluctuation

reserve upon disposal of

subsidiaries38–

定额福利计划之

精算收益

Actuarial gains on a defined

benefit plan28–

本年度总全面

收益╱（支出）

Total comprehensive income/

(expenses) for the year–

以股权支付的

购股权安排

Equity-setled share option

arangements31–1,400–

出售附属公司Disposal of subsidiaries38–

保留溢利转拨Transfer from retained profits–889–

截至二零二四年

三月三十一日止

年度之末期股息

Final dividend

for the year ended

31 March 202412–

中期股息Interim dividend12–

于二零二五年

三月三十一日At 31 March 202563,053509,58029559,878151,5912,351*

103CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Consolidated Statement of Changes in Equity (continued)综合权益变动表（续）

Year ended 31 March 2025截至二零二五年三月三十一日止年度

本公司权益持有人应占

Atributable to equity holders of the Company

（港币千元）(HK$’000)

附注

Notes

资产重估

储备

Aset

revaluation

reserve

汇兑变动

储备

Exchange

fluctuation

reserve

保留溢利

Retained

profits

总计

Total

非控股

权益

Non-

controling

interests

权益总计

Total

equity

于二零二四年四月一日At 1 April 2024135,31578,3912,059,3653,057,53016,5393,074,069

本年度溢利╱（亏损）Profit/(los) for the year–154,386154,386(381)154,005

本年度其他全面

收益╱（支出）：

Other comprehensive income/

(expenses) for the year:

换算海外业务之

汇兑差额

Exchange diferences on translation

of foreign operations–(74,314)–(74,314)(260)(74,574)

应占联营公司

其他全面支出

Share of other comprehensive

expenses of asociates–(345)–(345)–(345)

于出售附属公司之

转拨汇兑变动

储备

Release of exchange fluctuation

reserve upon disposal

of subsidiaries38–(2,062)–(2,062)–(2,062)

定额福利计划之

精算收益

Actuarial gains on a defined

benefit plan28–462462–462

本年度总全面

收益╱（支出）

Total comprehensive income/

(expenses) for the year–(76,721)154,84878,127(641)77,486

以股权支付的

购股权安排

Equity-setled share option

arangements31–1,400–1,400

出售附属公司Disposal of subsidiaries38–(9,096)(9,096)

保留溢利转拨Transfer from retained profits–(889)–

截至二零二四年

三月三十一日止

年度之末期股息

Final dividend

for the year ended

31 March 202412–(31,527)(31,527)–(31,527)

中期股息Interim dividend12–(23,960)(23,960)–(23,960)

于二零二五年

三月三十一日At 31 March 2025135,3151,6702,157,837*3,081,5706,8023,088,372

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报104

Consolidated Statement of Changes in Equity (continued)综合权益变动表（续）

Year ended 31 March 2025截至二零二五年三月三十一日止年度

本公司权益持有人应占

Atributable to equity holders of the Company

（港币千元）(HK$’000)

附注

Notes

已发行

股本

Isued

capital

股份

溢价账

premium

acount

资本赎回

储备

Capital

redemption

reserve

资本储备

Capital

reserve

法定储备

Statutory

reserve

一般储备

General

reserve

于二零二三年四月一日At 1 April 202363,053509,58029557,030149,6412,351

本年度溢利╱（亏损）Profit/(los) for the year–

本年度其他全面

收益╱（支出）：

Other comprehensive income/

(expenses) for the year:

换算海外业务之

汇兑差额

Exchange diferences on translation

of foreign operations–

应占联营公司

其他全面支出

Share of other comprehensive

expenses of asociates–

物业重估之收益

扣除税项

Gain on property revaluation,

net of tax14–

定额福利计划之

精算收益

Actuarial gains on a defined

benefit plan28–

本年度总全面

收益╱（支出）

Total comprehensive income/

(expenses) for the year–

以股权支付的

购股权安排

Equity-setled share option

arangements31–1,206–

保留溢利转拨Transfer from retained profits–2421,061–

截至二零二三年

三月三十一日止

年度之末期股息

Final dividend

for the year ended

31 March 202312–

中期股息Interim dividend12–

于二零二四年

三月三十一日At 31 March 202463,053509,58029558,478150,7022,351*

* 该等储备账项包括综合财务状况表内之综合储

备为港币3,018,517,000元（二零二四年：港币

2,994,477,000元）。

* These reserve acounts comprise the consolidated reserves of

HK$3,018,517,000 (2024: HK$2,994,477,000) in the consolidated

statement of financial position.

105CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Consolidated Statement of Changes in Equity (continued)综合权益变动表（续）

Year ended 31 March 2025截至二零二五年三月三十一日止年度

本公司权益持有人应占

Atributable to equity holders of the Company

（港币千元）(HK$’000)

附注

Notes

资产重估

储备

Aset

revaluation

reserve

汇兑变动

储备

Exchange

fluctuation

reserve

保留溢利

Retained

profits

总计

Total

非控股

权益

Non-

controling

interests

权益总计

Total

equity

于二零二三年四月一日At 1 April 202381,231162,9542,023,0053,049,14019,0413,068,181

本年度溢利╱（亏损）Profit/(los) for the year–100,853100,853(1,994)98,859

本年度其他全面

收益╱（支出）：

Other comprehensive income/

(expenses) for the year:

换算海外业务之

汇兑差额

Exchange diferences on translation

of foreign operations–(83,559)–(83,559)(508)(84,067)

应占联营公司

其他全面支出

Share of other comprehensive

expenses of asociates–(1,004)–(1,004)–(1,004)

物业重估之收益

扣除税项

Gain on property revaluation,

net of tax1454,084–54,084–54,084

定额福利计划之

精算收益

Actuarial gains on a defined

benefit plan28–1,7551,755–1,755

本年度总全面

收益╱（支出）

Total comprehensive income/

(expenses) for the year54,084(84,563)102,60872,129(2,502)69,627

以股权支付的

购股权安排

Equity-setled share option

arangements31–1,206–1,206

保留溢利转拨Transfer from retained profits–(1,303)–

截至二零二三年

三月三十一日止

年度之末期股息

Final dividend

for the year ended

31 March 202312–(46,029)(46,029)–(46,029)

中期股息Interim dividend12–(18,916)(18,916)–(18,916)

于二零二四年

三月三十一日At 31 March 2024135,31578,3912,059,365*3,057,53016,5393,074,069

综合现金流量表Consolidated Statement of Cash Flows

截至二零二五年三月三十一日止年度Year ended 31 March 2025

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报106

（港币千元）(HK$’000)附注 Notes20252024

经营业务之

现金流量

CASH FLOWS FROM

OPERATING ACTIVITIES

除税前溢利Profit before tax189,625125,142

调整：Adjustments for:

融资成本Finance costs81,5611,199

应占联营公司溢利减亏损Share of profits les loses of asociates19(1,411)52

利息收入Interest income7(28,672)(23,603)

融资租赁利息收入Finance lease interest income7(54)(225)

物业、厂房及设备

之折旧

Depreciation of property, plant and

equipment752,60651,176

使用权资产之折旧Depreciation of right-of-use asets75,1524,971

无形资产之摊销Amortization of intangible asets7800812

出售物业、厂房及设备及

使用权资产之

收益净额

Gain on disposal of items of

property, plant and equipment

and right-of-use aset, net7(2,157)(1,245)

提前终止租赁收益Gain on early termination of a lease7–(9)

出售附属公司之收益净额Gain on disposal of subsidiaries, net7(17,886)–

注销附属公司收益Gain on deregistration of a subsidiary7–(83)

物业、厂房及设备

之注销

Write-of of items of property,

plant and equipment76,3591,511

存货拨备╱（拨备拨回）

净额

Provision/(write-back of provision)

for inventories, net79,814(1,045)

应收贸易账款减值╱

（减值拨回）净额

Impairment/(write-back of impairment)

of trade receivables, net710,755(2,956)

投资物业之公平值

亏损

Fair value loses on

investment properties722,94410,569

以股权支付的购股权支出Equity-setled share option expenses311,4001,206

250,836167,472

存货减少╱（增加）Decrease/(increase) in inventories(120,547)79,621

应收贸易及票据账款

减少╱（增加）

Decrease/(increase) in trade and

bils receivables(304,096)136,765

应收融资租赁账款

减少╱（增加）

Decrease/(increase) in finance lease

receivables1,044(1,104)

订金、预付款项及

其他应收账款增加

Increase in deposits, prepayments and

other receivables(108,367)(23,682)

应付贸易及票据账款增加Increase in trade and bils payables204,3359,657

其他应付账款、应计负债及

合约负债增加╱（减少）

Increase/(decrease) in other payables,

acruals and contract liabilities9,389(16,953)

供款予定额福利计划Contributions to a defined benefit plan(29)(586)

107CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Consolidated Statement of Cash Flows (continued)综合现金流量表（续）

Year ended 31 March 2025截至二零二五年三月三十一日止年度

（港币千元）(HK$’000)附注 Notes20252024

经营产生╱（流出）之现金Cash generated from/(used in) operations(67,435)351,190

已付利息Interest paid(1,561)(1,199)

已收融资租赁利息Finance lease interest received54225

已付香港利得税项Hong Kong profits tax paid–(3,305)

退回海外税项Overseas taxes refunded1,2644,466

已付海外税项Overseas taxes paid(31,194)(28,335)

经营业务之现金流入╱（流出）

净额

Net cash flows from/(used in) operating

activities(98,872)323,042

投资业务之

现金流量

CASH FLOWS FROM

INVESTING ACTIVITIES

购买物业、厂房及设备

及使用权资产

Purchases of items of property, plant and

equipment and a right-of-use aset33(a)(58,922)(52,807)

出售物业、厂房及设备

及使用权资产

所得款项

Proceds from disposal of items of

property, plant and equipment and

a right-of-use aset2,2131,568

出售附属公司所得款项Proceds from disposal of subsidiaries386,728–

已收利息Interest received28,67223,603

购买物业、厂房及

设备订金增加

Increase in deposits for purchases of

items of property, plant and equipment33(a)(12,697)(5,147)

于存款时距离原期满日超过

三个月之银行存款

减少╱（增加）

Decrease/(increase) in bank deposits with

original maturity of more than thre

months when acquired8,825(8,825)

提取抵押银行存款Withdrawal of pledged bank deposits447,38570,793

存放抵押银行存款Placement of pledged bank deposits(538,614)(93,736)

投资业务之现金流出净额Net cash flows used in investing activities(116,410)(64,551)

融资业务之

现金流量

CASH FLOWS FROM

FINANCING ACTIVITIES

新借银行贷款New bank loans101,652–

偿还银行贷款Repayment of bank loans(101,652)–

已付股息Dividends paid(55,487)(64,945)

租赁付款之本金部分Principal portion of lease payments33(c)(3,610)(3,170)

融资业务之现金流出净额Net cash flows used in financing activities(59,097)(68,115)

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报108

Consolidated Statement of Cash Flows (continued)综合现金流量表（续）

Year ended 31 March 2025截至二零二五年三月三十一日止年度

（港币千元）(HK$’000)附注 Notes20252024

现金及现金等价物之

增加╱（减少）净额

NET INCREASE/(DECREASE) IN CASH

AND CASH EQUIVALENTS(274,379)190,376

年初之现金

及现金等价物

Cash and cash equivalents

at begining of year816,952644,662

汇率变动之影响

净额

Efect of foreign exchange rate

changes, net(14,394)(18,086)

年终之现金

及现金等价物

CASH AND CASH EQUIVALENTS

AT END OF YEAR528,179816,952

现金及现金等价物

结存之分析

ANALYSIS OF BALANCES OF

CASH AND CASH EQUIVALENTS

现金及银行结存Cash and bank balances25398,004470,388

于存款时距离原期满日

不足三个月之银行存款

Bank deposits with original maturity of

les than thre months when acquired25130,175346,564

综合现金流量表所列之

现金及现金等价物

Cash and cash equivalents as stated in the

consolidated statement of cash flows528,179816,952

于存款时距离原期满日

超过三个月之银行存款

Bank deposits with original maturity of

more than thre months when acquired25–8,825

综合财务状况表所列之

现金及现金

等价物

Cash and cash equivalents as stated in

the consolidated statement of

financial position528,179825,777

财务报表附注Notes to Financial Statements

109CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

二零二五年三月三十一日31 March 2025

1. CORPORATE AND GROUP INFORMATION

Chen Hsong Holdings Limited (the “Company”) is a limited

liability company incorporated in Bermuda. The principal place

of busines of the Company is located at Unit 2001, 20th Flor,

Citicorp Centre, 18 Whitfield Road, Hong Kong.

During the year, the Group was principaly involved in the

manufacture and sale of plastic injection moulding machines

and related products.

In the opinion of the directors, the Company’s ultimate holding

company is Cititrust (Bahamas) Limited, a company incorporated

in the Bahamas. Chen Hsong Investments Limited (“CH

Investments”), a company incorporated in Hong Kong, is the

Company’s imediate holding company.

Particulars of the principal subsidiaries are set out on pages 232

to 234.

2. ACOUNTING POLICIES

2.1 BASIS OF PREPARATION

These financial statements have ben prepared in acordance

with HKFRS Acounting Standards (which include al Hong

Kong Financial Reporting Standards (“HKFRSs”), Hong Kong

Acounting Standards (“HKASs”) and Interpretations) as isued

by the Hong Kong Institute of Certified Public Acountants

(“HKICPA”) and the disclosure requirements of the Hong Kong

Companies Ordinance. They have ben prepared under the

historical cost convention, except for investment properties

which have ben measured at fair value. Defined benefit asets

are measured using the projected unit credit actuarial valuation

method as further explained in note 3 to the financial statements.

These financial statements are presented in Hong Kong dolars

and al values are rounded to the nearest thousand (HK$’000)

except when otherwise indicated.

1. 公司及集团资料

震雄集团有限公司（「本公司」）为于百慕达

注册成立之有限公司。本公司之主要营业

地点位于香港威非路道18号万国宝通中心

20楼2001室。

于年内，本集团主要从事制造及销售注塑

机及有关产品。

董事认为本公司之最终控股公司为于巴哈

马注册成立之Cititrust (Bahamas) Limited。

香港注册成立之震雄投资有限公司（「震雄

投资」）则为本公司之直接控股公司。

主要附属公司之详情载于第232至234页。

2. 会计政策

2.1 编制基准

该等财务报表乃按照香港会计师公会（「香

港会计师公会」）颁布之香港财务报告准则

会计准则（包括所有香港财务报告准则（「香

港财务报告准则」）、香港会计准则（「香港

会计准则」）及诠释）及香港公司条例之披露

要求而编制。除投资物业按公平值计算外，

财务报表乃按历史成本惯例而编制。定额

褔利资产以预计单位基数精算估值法计量，

并于财务报表附注3进一步解释。财务报表

以港币呈列，除了另有指明，所有金额均

以千元（港币千元）列报。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报110

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

2. ACOUNTING POLICIES (continued)

2.1 BASIS OF PREPARATION (continued)

Basis of consolidation

The consolidated financial statements include the financial

statements of the Company and its subsidiaries (colectively

refered to as the “Group”) for the year ended 31 March 2025. A

subsidiary is an entity (including a structured entity), directly or

indirectly, controled by the Company. Control is achieved when

the Group is exposed, or has rights, to variable returns from its

involvement with the investe and has the ability to afect those

returns through its power over the investe (i.e., existing rights

that give the Group the curent ability to direct the relevant

activities of the investe).

Generaly, there is a presumption that a majority of voting rights

results in control. When the Company has les than a majority

of the voting or similar rights of an investe, the Group considers

al relevant facts and circumstances in asesing whether it has

power over an investe, including:

(a) the contractual arangement with the other vote holders of

the investe;

(b) rights arising from other contractual arangements; and

The financial statements of the subsidiaries are prepared for

the same reporting period as the Company, using consistent

acounting policies. 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.

Profit or los and each component of other comprehensive

income are atributed to the owners of the Company and to

the non-controling interests, even if this results in the non-

controling interests having a deficit balance. Al intra-group

asets and liabilities, equity, income, expenses and cash flows

relating to transactions betwen members of the Group are

eliminated in ful on consolidation.

（续）

2.1 编制基准（续）

综合基准

综合财务报表包括本公司及其附属公司（全

部统称为「本集团」）截至二零二五年三月

三十一日止年度之财务报表。附属公司为

本公司直接或间接控制的实体（包括结构性

实体）。当本集团对参与投资对象业务的浮

动回报承担风险或享有权利以及能透过对

投资对象的权力（如本集团获赋予现有能力

以主导投资对象相关活动的既存权利）影响

该等回报时，即取得控制权。

在一般情况下，有一个假设，即大多数投

票权形成控制权。倘本公司拥有少于投资

对象大多数投票或类似的权利，则本集团

于评估其是否拥有对投资对象的权力时会

考虑一切相关事实及情况，包括：

(a) 与投资对象其他投票持有人的合约安

排；

(b) 其他合约安排所产生的权利；及

附属公司财务报表使用与本公司一致的会

计政策按相同申报期编制。附属公司业绩

自本集团获得控制权之日起综合入账，直

至控制权终止之日为止。

即使会导致非控股权益出现亏损结余，收

益表及其他全面收入的各个组成部分仍会

归属于本公司拥有人及非控股权益。所有

与本集团成员公司间交易有关的集团内公

司间资产及负债、权益、收入、支出及现

金流量于综合账目时全数抵销。

111CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

2. ACOUNTING POLICIES (continued)

2.1 BASIS OF PREPARATION (continued)

Basis of consolidation (continued)

The Group reaseses whether or not it controls an investe if

facts and circumstances indicate that there are changes to one

or more of the thre elements of control described above. A

change in the ownership interest of a subsidiary, without a los

of control, is acounted for as an equity transaction.

If the Group loses control over a subsidiary, it derecognizes the

related asets (including godwil), liabilities, any non-controling

interest and the exchange fluctuation reserve and recognizes the

fair value of any investment retained and any resulting surplus

or deficit in profit or los. The Group’s share of components

previously recognized in other comprehensive income is

reclasified to the income statement or retained profits, as

apropriate, on the same basis as would be required if the Group

had directly disposed of the related asets or liabilities.

2.2 CHANGES IN ACOUNTING POLICIES AND DISCLOSURES

The Group has adopted the folowing revised HKFRS Acounting

Standards for the first time for the curent year’s financial

statements.

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1Clasification of Liabilities as

Curent or Non-curent (the

“2020 Amendments”)

Amendments to HKAS 1Non-curent Liabilities with

Covenants (the “2022

Amendments”)

Amendments to HKAS 7 and

HKFRS 7

Suplier Finance

Arangements

（续）

2.1 编制基准（续）

综合基准（续）

倘事实及情况显示以上所述三项控制元素

中的一项或多项元素有变动，则本集团会

重新评估其是否拥有投资对象的控制权。

倘并无失去控制权，则附属公司之拥有权

权益变动会入账列为权益交易。

倘本集团失去对附属公司之控制权，则终

止确认该附属公司之资产（包括商誉）、负

债、相关任何非控股权益及汇兑波动储备，

并记录所保留任何投资之公平值及任何因

此于损益产生之盈余或亏绌。先前于其他

全面收入已确认的本集团应占部分会视乎

情况，按倘本集团直接出售相关资产或负

债所要求的相同基准重新分类至收益表或

保留溢利（如适当）。

2.2 会计政策及披露变动

本集团于本年度的财务报表首次采纳以下

经修订之香港财务报告准则会计准则。

香港财务报告准则

第16号（修订）

售后回租的

租赁负债

香港会计准则第1号

（修订）

负债分类为

流动或非流动

（「二零二零年

修订」）

香港会计准则第1号

（修订）

附带契诺的非流动

负债（「二零二

年修订」）

香港会计准则第7号

及香港财务报告

准则第7号（修订）

供应商融资安排

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报112

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

2. ACOUNTING POLICIES (continued)

2.2 CHANGES IN ACOUNTING POLICIES AND DISCLOSURES

(continued)

The nature and the impact of the revised HKFRS Acounting

Standards are described below:

(a) Amendments to HKFRS 16 specify the requirements that

a seler-lese uses in measuring the lease liability arising

in a sale and leaseback transaction to ensure the seler-

lese does not recognise any amount of the gain or los

that relates to the right of use it retains. Since the Group

has no sale and leaseback transactions with variable

lease payments that do not depend on an index or a rate

ocuring from the date of initial aplication of HKFRS 16,

the amendments did not have any impact on the financial

position or performance of the Group.

(b) The 2020 Amendments clarify the requirements for

clasifying liabilities as curent or non-curent, including

what is meant by a right to defer setlement and that a

right to defer must exist at the end of the reporting period.

Clasification of a liability is unafected by the likelihod

that the entity wil exercise its right to defer setlement. The

amendments also clarify that a liability can be setled in

its own equity instruments, and that only if a conversion

option in a convertible liability is itself acounted for as an

equity instrument would the terms of a liability not impact

its clasification. The 2022 Amendments further clarify

that, among covenants of a liability arising from a loan

arangement, only those with which an entity must comply

on or before the reporting date afect the clasification of

that liability as curent or non-curent.

（续）

2.2 会计政策及披露变动（续）

经修订香港财务报告准则会计准则之性质

及影响详述如下：

(a) 香港财务报告准则第16号之修订明

卖方承租人于计量售后租回交易中产

生之租赁负债时之规定，以确保卖方

承租人不会确认与其保留之使用权有

关之任何损益金额。由于本集团自首

次应用香港财务报告准则第16号之日

起并无具有并非基于指数或比率之可

变租赁付款之售后租回交易，故该等

修订对本集团之财务状况或表现并无

产生任何影响。

(b) 二零二零年修订澄清负债分类为流动

或非流动之规定，包括延迟结算权利

之含义及于报告期结束时必须存在递

延权利。负债之分类不受实体行使其

延迟结算之权利之可能性影响。该等

修订亦澄清负债可以其本身之股本工

具结算，且仅当可换股负债之换股权

本身作为股本工具入账时，负债之条

款才不会影响其分类。二零二年修

订进一步澄清，在贷款安排中产生之

负债之契诺中，只有实体必须于报告

日期或之前遵守之契诺才会影响该负

债被分类为流动或非流动之结果。

113CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

2. ACOUNTING POLICIES (continued)

2.2 CHANGES IN ACOUNTING POLICIES AND DISCLOSURES

(continued)

(b) (continued)

Aditional disclosures are required for non-curent

liabilities that are subject to the entity complying with

future covenants within 12 months after the reporting

period.

The Group has reasesed the terms and conditions of

its liabilities as at 1 April 2023 and 2024 and concluded

that the clasification of its liabilities as curent or non-

curent remained unchanged upon initial aplication of the

amendments. Acordingly, the amendments did not have

any impact on the financial position or performance of the

Group.

characteristics of suplier finance arangements and

require aditional disclosure of such arangements. The

disclosure requirements in the amendments are intended

to asist users of financial statements in understanding

the efects of suplier finance arangements on an entity’s

liabilities, cash flows and exposure to liquidity risk. As

the Group does not have suplier finance arangements,

the amendments did not have any impact on the Group’s

financial statements.

（续）

2.2 会计政策及披露变动（续）

(b) （续）

对于实体须于报告期后十二个月内遵

守未来契诺之非流动负债，须作出额

外披露。

本集团已重新评估其于二零二三年及

二零二四年四月一日之负债条款及条

件，并认为其负债之流动或非流动分

类于首次应用该等修订时维持不变。

因此，该等修订对本集团之财务状况

或表现并无产生任何影响。

准则第7号之修订阐明供应商融资安

排之特点，并规定须就该等安排作出

额外披露。该等修订之披露规定旨在

协助财务报告书使用者了解供应商融

资安排对实体之负债、现金流量及流

动资金风险之影响。因本集团并没有

提供应商融资安排，该等修订对本

集团之财务报表并无任何影响。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报114

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE HKFRS ACOUNTING

STANDARDS

The Group has not aplied the folowing new and revised HKFRS

Acounting Standards, that have ben isued but are not yet

efective, in these financial statements. The Group intends to

aply these new and revised HKFRS Acounting Standards, if

aplicable, when they become efective.

HKFRS 18Presentation and Disclosure in

Financial Statements

HKFRS 19Subsidiaries without Public

Acountability: Disclosures

Amendments to HKFRS 9 and

HKFRS 7

Amendments to the

Clasification and

Measurement of Financial

Instruments

Amendments to HKFRS 9 and

HKFRS 7

Contracts Referencing Nature-

dependent Electricity

Amendments to HKFRS 10 and

HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Amendments to HKAS 21Lack of Exchangeability

Anual improvements to

HKFRS Acounting

Standards — Volume 11

Amendments to HKFRS 1,

HKFRS 7, HKFRS 9, HKFRS

10 and HKAS 7

（续）

2.3 已颁布但未生效的香港财务报告准则会计

准则

本集团并无于该等财务报表内应用以下已

颁布但尚未生效之新订及经修订之香港财

务报告准则会计准则。本集团拟在该等新

订及经修订香港财务报告准则会计准则生

效时予以应用（如适用）。

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

无公众责任的附属公

司：披露

香港财务报告准则

第9号及香港财务

报告准则第7号

（修订）

金融工具之分类及

计量

香港财务报告准则

第9号及香港财务

报告准则第7号

（修订）

涉及依赖自然能源的

电力的合约

香港财务报告准则

第10号及香港

会计准则第28号

（修订）

投资者与其联营公司

或合营企业之间的

资产出售或注资

香港会计准则

第21号（修订）

缺乏可兑换性

香港财务报告准则

会计准则之

年度改进

— 第11册

香港财务报告准则

第1号、香港财务

报告准则第7号、

香港财务报告准则

第9号、香港财务

报告准则第10号

及香港会计准则

第7号（修订）

115CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE HKFRS ACOUNTING

STANDARDS (continued)

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/reporting periods begining on or after 1

January 2027

No mandatory efective date yet determined but available for

adoption

The Group is in the proces of making an asesment of the

impact of these new and revised HKFRS Acounting Standards

upon initial aplication, but is not yet in a position to state

whether these new and revised HKFRS Acounting Standards

would have any significant impact on its financial performance

and financial position.

（续）

2.3 已颁布但未生效的香港财务报告准则会计

准则（续）

于二零二五年一月一日或以后开始之年度

期间生效

于二零二六年一月一日或以后开始之年度

期间生效

于二零二七年一月一日或以后开始之年

度╱报告期间生效

尚未厘定强制生效日期，但可供采纳

本集团现正就初次采纳此等新订及经修订

之香港财务报告准则会计准则之影响作出

评估，惟尚未能确定此等新订及经修订香

港财务报告准则会计准则会否对其财务表

现及财务状况造成任何重大影响。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报116

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES

Investments in asociates and joint ventures

An asociate is an entity in which the Group has a long-term

interest of generaly not les than 20% of the equity voting rights

and over which it has significant influence. Significant influence

is the power to participate in the financial and operating policy

decisions of the investe, but is not control or joint control over

those policies.

A joint venture is a type of joint arangement whereby the parties

that have joint control of the arangement have rights to the

net asets of the joint venture. Joint control is the contractualy

agred sharing of control of an arangement, which exists

only when decisions about the relevant activities require the

unanimous consent of the parties sharing control.

The Group’s investments in asociates and joint ventures are

stated in the consolidated statement of financial position at

the Group’s share of net asets under the equity method of

acounting, les any impairment loses.

Adjustments are made to bring into line any disimilar

acounting policies that may exist. The Group’s share of the

post-acquisition results and other comprehensive income of

asociates and joint ventures is included in the consolidated

income statement and consolidated statement of comprehensive

income, respectively. In adition, when there has ben a

change recognized directly in the equity of the asociate or joint

venture, the Group recognizes its share of any changes, when

aplicable, in the consolidated statement of changes in equity.

Unrealized gains and loses resulting from transactions betwen

the Group and its asociates or joint ventures are eliminated to

the extent of the Group’s investments in the asociates or joint

ventures, except where unrealized loses provide evidence of an

impairment of the asets transfered. Godwil arising from the

acquisition of asociates or joint ventures is included as part of

the Group’s investments in asociates or joint ventures.

3. 重大会计政策

投资联营公司及合营企业

联营公司指本集团持有不少于20%投票权

作为长期权益，且对其有影响力之实体。

显著影响力指参与被投资方财务及经营决

策之权力，惟并非控制或共同控制有关政策。

合营企业指一种合营安排，对安排拥有共

同控制权之订约方据此对合营企业之资产

净值拥有权利。共同控制指按照合约协定

对一项安排所共有之控制，共同控制仅在

有关活动要求享有控制权之订约方作出一

致同意之决定时存在。

本集团于联营公司及合营企业之投资乃按

本集团根据权益会计法应占资产净值减任

何减值亏损于综合财务状况表列账。

任何可能存在差异之会计政策已作出调整

使之贯彻一致。本集团占联营公司及合营

企业收购后业绩及其他全面收益分别计入

综合收益表及综合全面收益表内。此外，

变动于联营公司或合营企业权益直接确认

时，本集团于综合权益变动表确认其任何

所占变动（如适用）。本集团与其联营公司

或合营企业进行交易产生之未变现收益及

亏损，将按本集团所占联营公司或合营企

业之投资比率抵销，惟未变现亏损证实是

由已转让资产减值而产生则除外。收购联

营公司或合营企业所产生之商誉列作本集

团于联营公司或合营企业投资之一部分。

117CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Investments in asociates and joint ventures (continued)

If an investment in an asociate becomes an investment in a joint

venture or vice versa, the retained interest is not remeasured.

Instead, the investment continues to be acounted for under

the equity method. In al other cases, upon los of significant

influence over the asociate or joint control over the joint venture,

the Group measures and recognizes any retained investment

at its fair value. Any diference betwen the carying amount of

the asociate or joint venture upon los of significant influence

or joint control and the fair value of the retained investment and

proceds from disposal is recognized in the income statement.

Busines combinations and godwil

Busines combinations are acounted for using the acquisition

method. The consideration transfered is measured at the

acquisition date fair value which is the sum of the acquisition

date fair values of asets transfered by the Group, liabilities

asumed by the Group to the former owners of the acquire

and the equity interests isued by the Group in exchange for

control of the acquire. For each busines combination, the

Group elects whether to measure the non-controling interests

in the acquire at fair value or at the proportionate share of the

acquire’s identifiable net asets. Al other components of non-

controling interests are measured at fair value. Acquisition-

related costs are expensed as incured.

The Group determines that it has acquired a busines when

the acquired set of activities and asets includes an input and a

substantive proces that together significantly contribute to the

ability to create outputs.

（续）

投资联营公司及合营企业（续）

倘于联营公司投资成为于合营企业投资（或

于合营企业投资成为于联营公司投资），保

留权益不予重新计量。相反，投资继续按

权益法列账。在所有其他情况下，失去对

联营公司之重大影响力或对合营企业之共

同控制权后，本集团计量及确认按公平值

计量之任何保留投资。失去重大影响力或

共同控制权后，联营公司或合营企业之账

面值与保留投资之公平值及出售所得款项

之间之差额于收益表确认。

业务合并及商誉

业务合并乃以购买法入账。转让之代价乃

以收购日期的公平值计量，该公平值为本

集团转让的资产于收购日期的公平值，本

集团向被收购方之前拥有人承担的负债及

本集团发行以换取被收购方控制权之股本

权益总和。于各业务合并中，本集团选择

是否以公平值或被收购方可识别资产净值

的应占比例，计量于被收购方属现时拥有

人权益之非控股权益。非控股权益之所有

其他部分乃按公平值计量。收购相关成本

于产生时列为开支。

当所收购的一系列活动及资产包括一项输

入数据和一个实质流程，且两者可为创造

输出作出重大贡献时，本集团确定其已收

购一项业务。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报118

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Busines combinations and godwil (continued)

When the Group acquires a busines, it aseses the financial

asets and liabilities asumed for apropriate clasification and

designation in acordance with the contractual terms, economic

circumstances and pertinent conditions as at the acquisition

date. This includes the separation of embeded derivatives in

host contracts of the acquire.

If the busines combination is achieved in stages, the previously

held equity interest is remeasured at its acquisition date fair

value and any resulting gain or los is recognized in the profit or

los or other comprehensive income, as apropriate.

Any contingent consideration to be transfered by the acquirer

is recognized at fair value at the acquisition date. Contingent

consideration clasified as an aset or liability is measured at

fair value with changes in fair value recognized in the income

statement. Contingent consideration that is clasified as equity

is not remeasured and subsequent setlement is acounted for

within equity.

Godwil is initialy measured at cost, being the exces of

the agregate of the consideration transfered, the amount

recognized for non-controling interests and any fair value of the

Group’s previously held equity interests in the acquire over the

identifiable asets acquired and liabilities asumed. If the sum

of this consideration and other items is lower than the fair value

of the net asets acquired, the diference is, after reasesment,

recognized in the income statement as a gain on bargain

purchase.

（续）

业务合并及商誉（续）

当本集团收购业务时，须根据合约条款、

收购日期之经济环境及相关条件对所承担

金融资产及负债进行评估，以适当分类及

确认，包括将嵌入式衍生工具与被收购方

主合约分开。

倘业务合并分阶段进行，先前持有之股本

权益应按收购日期公平值重新计量，而任

何因此产生的收益或亏损将于收益表或其

他全面收益表中确认（如适当）。

收购方将转让之任何或然代价于收购日期

按公平值确认。分类为资产或负债的或然

代价均以公平值计量，而公平值变动将于

收益表中确认。分类为权益的或然代价将

不会重新计量，且其后结清于权益中入账。

商誉按成本进行初始计量，即已转让代价、

非控股权益之确认金额及本集团先前所持

于被收购方之股本权益公平值总额超出所

收购可识别资产及所承担负债之差额。倘

总代价及其他项目之总和低于所收购资产

净值之公平值，则于重新评估后之差额会

于收益表确认为廉价购买时之收益。

119CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Busines combinations and godwil (continued)

After initial recognition, godwil is measured at cost les

any acumulated impairment loses. Godwil is tested for

impairment anualy or more frequently if events or changes in

circumstances indicate that the carying value may be impaired.

The Group performs its anual impairment test of godwil as

at 31 March. For the purpose of impairment testing, godwil

acquired in a busines combination is, from the acquisition

date, alocated to each of the Group’s cash-generating units that

are expected to benefit from the synergy of the combination,

irespective of whether other asets or liabilities of the Group are

asigned to those units or groups of units.

Impairment is determined by asesing the recoverable amount

of the cash-generating unit (group of cash-generating units) to

which the godwil relates. Where the recoverable amount of

the cash-generating unit (group of cash-generating units) is les

than the carying amount, an impairment los is recognized.

An impairment los recognized for godwil is not reversed in a

subsequent period.

Where godwil has ben alocated to a cash-generating unit

(or group of cash-generating units) and part of the operation

within that unit is disposed of, the godwil asociated with the

operation disposed of is included in the carying amount of the

operation when determining the gain or los on the disposal.

Godwil disposed of in these circumstances is measured based

on the relative value of the operation disposed of and the portion

of the cash-generating unit retained.

（续）

业务合并及商誉（续）

初始确认后，商誉按成本减累计减值亏损

计量。商誉每年就减值进行检讨，倘有事

件或情况变化显示账面值可能出现减值迹

象，则进行更为频密之检讨。本集团于三

月三十一日进行年度商誉减值测试。就减

值测试而言，业务合并中购入之商誉由收

购日期起，被分配到预期将从合并之协同

效应中受益之本集团各现金产生单位，不

论本集团之其他资产或负债是否被分配至

该等单位或单位组别。

减值按对与商誉有关之现金产生单位（现金

产生单位组别）可收回金额进行之评估厘

定。倘现金产生单位（现金产生单位组别）

之可收回金额少于其账面值，则确认减值

亏损。就商誉确认之减值亏损不会于随后

期间拨回。

当商誉分配至现金产生单位（或现金产生单

位组别）及出售该单位之某部分业务，则于

厘定出售业务之收益或亏损时，与出售业

务相关之商誉将包括在该业务之账面值内。

在此情况下出售之商誉将以出售业务和保

留之现金产生单位部分相对价值为基础作

计量。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报120

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Fair value measurement

The Group measures its investment properties at fair value at

the end of each reporting period. Fair value is the price that

would be received to sel an aset or paid to transfer a liability

in an orderly transaction betwen market participants at the

measurement date. The fair value measurement is based on the

presumption that the transaction to sel the aset or transfer the

liability takes place either in the principal market for the aset

or liability, or in the absence of a principal market, in the most

advantageous market for the aset or liability. The principal or

the most advantageous market must be acesible by the Group.

The fair value of an aset or a liability is measured using the

asumptions that market participants would use when pricing

the aset or liability, asuming that market participants act in

their economic best interest.

A fair value measurement of a non-financial aset takes into

acount a market participant’s ability to generate economic

benefits by using the aset in its highest and best use or by

seling it to another market participant that would use the aset

in its highest and best use.

The Group uses valuation techniques that are apropriate in

the circumstances and for which suficient data are available to

measure fair value, maximizing the use of relevant observable

inputs and minimizing the use of unobservable inputs.

（续）

公平值计量

本集团于各报告期末按公平值计量投资物

业。公平值为于计量日期于与市场参与者

之有序交易中因出售资产而收取或因转让

负债而支付之价格。公平值计量乃基于假

设出售资产或转让负债之交易于资产或负

债之主要市场发生，或如并无主要市场，

则于资产或负债之最有利之市场发生。主

要或最有利市场须为本集团可进入之市场。

资产或负债之公平值乃使用市场参与者会

于行使最佳经济利益对资产或负债进行定

价时所使用之假设予以计量。

非金融资产之公平值计量计及市场参与者

以最佳方式动用资产或向会以最佳方式动

用资产之其他市场参与者出售有关资产，

以产生经济利益之能力。

本集团针对具体情况使用不同估值方法，

确保有足够数据计量公平值，并尽可能利

用有关可观察输入值及减少使用不可观察

输入值。

121CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Fair value measurement (continued)

Al asets and liabilities for which fair value is measured or

disclosed in the financial statements are categorized within the

fair value hierarchy, described as folows, based on the lowest

level input that is significant to the fair value measurement as a

whole:

Level 1–based on quoted prices (unadjusted) in active

markets for identical asets or liabilities

Level 2–based on valuation techniques for which the

lowest level input that is significant to the

fair value measurement is observable, either

directly or indirectly

Level 3–based on valuation techniques for which the

lowest level input that is significant to the fair

value measurement is unobservable

For asets and liabilities that are recognized in the financial

statements on a recuring basis, the Group determines whether

transfers have ocured betwen levels in the hierarchy by

reasesing categorization (based on the lowest level input that is

significant to the fair value measurement as a whole) at the end

of each reporting period.

（续）

公平值计量（续）

公平值于财务报表计量或披露之所有资产

及负债，乃根据对公平值计量整体而言属

重大之最低层级输入值分类于公平值层级，

载列如下：

第一层—基于相同资产或负债于活跃

市场之报价（未经调整）

第二层—基于对公平值计量而言属重大

之最低层级输入值可观察（不

论直接或间接）之估值技巧

第三层—基于对公平值计量而言属重

大之最低层级输入值不可观

察之估值技巧

对于按经常性基准于财务报表确认之资产

及负债，本集团于各报告期末透过重新评

估分类（根据对公平值计量整体而言属重大

之最低层级输入值），确定是否于各层级之

间发生转移。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报122

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Impairment of non-financial asets

Where an indication of impairment exists, or when anual

impairment testing for an aset is required (other than

inventories, defered tax asets and investment properties), the

aset’s recoverable amount is estimated. An aset’s recoverable

amount is the higher of the aset’s or cash-generating unit’s

value in use and its fair value les costs of disposal, and is

determined for an individual aset, unles the aset does not

generate cash inflows that are largely independent of those from

other asets or groups of asets, in which case the recoverable

amount is determined for the cash-generating unit to which the

aset belongs.

In testing a cash-generating unit for impairment, a portion of

the carying amount of a corporate aset (e.g., a headquarters

building) is alocated to an individual cash-generating unit if

it can be alocated on a reasonable and consistent basis or,

otherwise, to the smalest group of cash-generating units.

An impairment los is recognized only if the carying amount

of an aset exceds its recoverable amount. In asesing value

in use, the estimated future cash flows are discounted to

their present value using a pre-tax discount rate that reflects

curent market asesments of the time value of money and

the risks specific to the aset. An impairment los is charged to

the income statement in the period in which it arises in those

expense categories consistent with the function of the impaired

aset. An impairment los is charged to the income statement

in the period in which it arises, unles the aset is caried

at a revalued amount, in which case the impairment los is

acounted for in acordance with the relevant acounting policy

for that revalued aset.

（续）

非金融资产减值

倘有迹象显示出现减值或要求就资产进行

年度减值测试（存货、递延税项资产及投资

物业除外），则会估计该资产的可收回金额。

可收回金额按资产或现金产出单位的使用

价值或其公平值减处置成本（以较高者为

准），并就个别资产而厘定，除非有关资产

并无产生在颇大程度上独立于其他资产或

资产组别的现金流入，在此情况下可收回

金额就资产所属的现金产出单位而厘定。

在对现金产出单位进行减值测试时，倘公

司资产（如总部大楼）的部分账面值在合理

及一致的基准上进行分配，则将分配至个

别现金产出单位，否则将分配至最小现金

产出单位组别。

减值亏损仅于资产账面值超出其可收回金

额时予以确认。于评估使用价值时，估计

未来现金流量按可反映现时市场评估的货

币时间值及资产特定风险的除税前折现率

折减至现值。减值亏损于产生期间自收益

表中与减值资产功能相符之该等支出类别

扣除。减值亏损于其产生期间计入，并于

收益表内扣除，除非该资产是以重估值列

账，在此情况下，则减值亏损按该重估资

产的有关会计政策入账。

123CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Impairment of non-financial asets (continued)

An asesment is made at the end of each reporting period

as to whether there is an indication that previously recognized

impairment loses may no longer exist or may have decreased. If

such an indication exists, the recoverable amount is estimated.

A previously recognized impairment los of an aset other than

godwil is reversed only if there has ben a change in the

estimates used to determine the recoverable amount of that

aset, but not to an amount higher than the carying amount

that would have ben determined (net of any depreciation/

amortization) had no impairment los ben recognized for the

aset in prior years. A reversal of such an impairment los is

credited to the income statement in the period in which it arises.

Related parties

A party is considered to be related to the Group if:

(a) the party is a person or a close member of that person’s

family and 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 of a parent of the Group;

（续）

非金融资产减值（续）

于每个报告期末会评定是否有迹象显示之

前已确认的减值亏损不再存在或减少。倘

出现该等迹象，则会估计可收回金额。过

往确认的资产减值亏损（商誉除外）仅会于

用以厘定资产可收回金额的估计改变时拨

回，惟拨回后的数额不得高于假设过往年

度并无就资产确认减值亏损而应有的账面

值（扣除折旧╱摊销后）。减值亏损的拨回

于产生期间计入收益表。

关连人士

一方被视为本集团之关连人士倘若：

(a) 该一方为该名人士家族的人士或直系

亲属，而该名人士

(i) 控制或共同控制本集团；

(i) 对本集团施以重大影响；或

(i) 为本集团或本集团母公司的主

要管理层成员；

或

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报124

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Related parties (continued)

(b) the party is an entity where any of the folowing conditions

aplies:

(i) the entity and the Group are members of the same

group;

(i) one entity is an asociate or joint venture of the other

entity (or of a parent, subsidiary or felow subsidiary

of the other entity);

(i) the entity and the Group 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 parent

of the entity); and

(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 the parent of the Group.

（续）

关连人士（续）

(b) 该一方为实体，而符合下列任何一项

条件：

(i) 该实体与本集团属同一集团之

成员公司；

(i) 该实体为另实体的联营公司或

合营企业（或另一实体之母公

司、附属公司或同系附属公司）；

(i) 该实体及本集团均为同一第三

方之合营企业；

(iv) 该实体为第三方实体之合营企

业，而另实体为该第三方实体

之联营公司；

(v) 该实体为本集团或一家与本集

团有关连之实体就雇员的福利

而设的离职后福利计划；

(vi) 该实体由(a)项所识别人士控制

或共同控制；

(vi) 于(a)(i)项所识别人士对实体有

重大影响或属该实体（或该实体

的母公司）主要管理人员；及

(vi) 该实体或其所属集团的任何成

员向本集团或本集团的母公司

提供主要管理人员服务。

125CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Property, plant and equipment and depreciation

Property, plant and equipment, other than construction in

progres, are stated at cost les acumulated depreciation and

any impairment loses.

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. Expenditure incured after items of property, plant and

equipment have ben put into operation, such as repairs and

maintenance, is normaly charged to the income statement in the

period in which it is incured. In situations where the recognition

criteria are satisfied, the expenditure for a major inspection is

capitalized in the carying amount of the aset as a replacement.

Where significant parts of property, plant and equipment are

required to be replaced at intervals, the Group recognizes

such parts as individual asets with specific useful lives and

depreciates them acordingly.

Depreciation is calculated on the straight-line basis to write of

the cost of each item of property, plant and equipment to its

residual value over its estimated useful life. The principal anual

rates used for this purpose are as folows:

Buildings in Hong Kong–Over the lease terms

Buildings outside Hong Kong–15 to 60 years

Plant, machinery, furniture and

other equipment

–2 to 15 years

Frehold land is not depreciated.

（续）

物业、厂房及设备及折旧

除在建工程以外之物业、厂房及设备乃按

成本值减累计折旧及任何减值后入账。

物业、厂房及设备之成本值包括其购入价

及令其达致符合预计用途之操作状况及付

运至使用地点之任何直接应占费用。在物

业、厂房及设备投产后产生之开支，例如

维修及保养，通常在产生之期间从收益表

中扣除。在符合确认条件之情况下，主要

检修费用将予以资本化，作为一项置换列

入资产之账面值。倘物业、厂房及设备之

重要部分需要分期更换，本集团会将该部

分确认为拥有特定使用年期及相应地折旧

之独立资产。

折旧乃以直线法按其估计可使用年期将物

业、厂房及设备各个项目之成本摊销至其

剩余价值计算。为此而采用的主要年率如下：

香港之楼宇–按租赁年期

香港以外地区之楼宇–十五至六十年

厂房、机器、家私及

其他设备

–二至十五年

永久业权土地并无作出折旧拨备。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报126

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Property, plant and equipment and depreciation (continued)

Where parts of an item of property, plant and equipment have

diferent useful lives, the cost of that item is alocated on a

reasonable basis among the parts and each part is depreciated

separately.

Residual values, useful lives and the depreciation method are

reviewed, and adjusted if apropriate, at least at each financial

year end.

An item of property, plant and equipment including any

significant part initialy recognized is derecognized upon disposal

or when no future economic benefits are expected from its use

or disposal. Any gain or los on disposal or retirement recognized

in the income statement in the year the aset is derecognized is

the diference betwen the net sale proceds and the carying

amount of the relevant aset.

Construction in progres is stated at cost les any impairment

loses, and is not depreciated. It is reclasified to the apropriate

category of property, plant and equipment when completed and

ready for use.

（续）

物业、厂房及设备及折旧（续）

倘若物业、厂房及设备项目之部分具不同

的使用期限，该项目之成本按合理基准分

配给各部分，其各部分各自计算折旧。

剩余价值、可使用年期及折旧方法最少于

每个财政年度末审阅及在适当时进行调整。

物业、厂房及设备项目包括任何已初始确

认之重要部分乃于出售或当预期使用或出

售项目将不产生未来经济利益时终止确认。

于终止确认该资产的年度有关出售或弃用

所产生的收益或亏损，为其销售所得净额

与账面价之差额。

在建工程按成本值扣除减值列账及无作出

折旧拨备。当工程完成及可供使用后，在

建工程将重新适当地按物业、厂房及设备

种类分类。

127CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Investment properties

Investment properties are interests in land and buildings

(including right-of-use asets) held to earn rental income and/

or for capital apreciation. Such properties are measured

initialy at cost, including transaction costs. Subsequent to initial

recognition, investment properties are stated at fair value, which

reflects market conditions at the end of the reporting period.

Gains or loses arising from changes in the fair values of

investment properties are included in the income statement in

the year in which they arise.

Any gains or loses on the retirement or disposal of an

investment property are recognized in the income statement in

the year of the retirement or disposal.

For a transfer from investment properties to owner-ocupied

properties, the demed cost of a property for subsequent

acounting is its fair value at the date of change in use. If a

property ocupied by the Group as an owner-ocupied property

becomes an investment property, the Group acounts for such

property in acordance with the policy stated under “Property,

plant and equipment and depreciation” for owned property and/

or acounts for such property in acordance with the policy

stated under “Right-of-use asets” for property held as a right-of-

use aset up to the date of change in use, and any diference at

that date betwen the carying amount and the fair value of the

property is acounted for as movements in the aset revaluation

reserve in acordance with HKAS 16 Property, Plant and

Equipment.

（续）

投资物业

投资物业指持作赚取租金收入及╱或资本

增值用途（包括使用权资产）。该等物业初

始按成本（包括交易成本）列账。于初始确

认后，投资物业乃按反映报告期末之市况

的公平值列账。

投资物业公平值变动产生之收益或亏损于

产生年度计入收益表内。

弃用或出售投资物业产生之任何收益或亏

损于弃用或出售年度在收益表内确认。

关于投资物业转拨为自用物业，该物业就

其后会计处理之视作成本，为改变用途当

日的公平值。倘本集团占用的物业由自用

物业成为投资物业，须根据香港会计准则

第16号《物业、厂房及设备》，本集团就自

用物业将根据「物业、厂房及设备及折旧」

所述的政策；及╱或就持有为使用权资产

的物业将根据「使用权资产」所述的政策，

将该物业入账，直至更改用途该日为止，

而该物业的账面值及公平值于当日的任何

差额，则于资产重估储备内作为变动入账。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报128

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Intangible asets (other than godwil)

Intangible asets acquired separately are measured on initial

recognition at cost. The useful lives of intangible asets are

asesed to be either finite or indefinite. Intangible asets with

finite lives are subsequently amortized over the useful economic

life and asesed for impairment whenever there is an indication

that the intangible aset may be impaired. The amortization

period and the amortization method for an intangible aset with a

finite useful life are reviewed at least at each financial year end.

Know-how

Purchased know-how is stated at cost les any impairment loses

and is amortized on the straight-line basis over its estimated

useful life of 5 years.

Research and development costs

Al research costs are charged to the income statement as

incured.

Expenditure incured on projects to develop new products is

capitalized and defered only when the Group can demonstrate

the technical feasibility of completing the intangible aset so that

it wil be available for use or sale, its intention to complete and its

ability to use or sel the aset, how the aset wil generate future

economic benefits, the availability of resources to complete the

project and the ability to measure reliably the expenditure during

the development. Product development expenditure which does

not met these criteria is expensed when incured.

（续）

无形资产（商誉除外）

单独取得的无形资产于初始确认时按成本

计量。无形资产的可使用年期评定为有限

期或无限期。有限期的无形资产随后按可

使用经济年期摊销，于有迹象显示无形资

产可能出现减值时评估减值。有限可使用

年期的无形资产的摊销期及摊销方法至少

于各财政年度末审阅。

技术

购入的技术按成本扣除任何减值亏损列账，

并按五年可使用年期以直线法摊销。

研究及开发费用

所有研究费用于发生时在收益表中扣除。

集团须展示新产品的研发项目为技术上可

行，使该项目的无形资产可以被应用或出

售，有意及有能力应用或出售该资产，该

资产如何带来未来经济利益，有足够资源

完成该资产，以及该研发费用可以可靠地

计量，该费用才可资本化及延后列支。否

则，产品开发开支于发生时会作列支处理。

129CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Investments and other financial asets

Initial recognition and measurement

Financial asets are clasified, at initial recognition, as

subsequently measured at amortized cost, fair value through

other comprehensive income, and fair value through profit or

los.

The clasification of financial asets at initial recognition depends

on the financial aset’s contractual cash flow characteristics

and the Group’s busines model for managing them. With the

exception of trade receivables that do not contain a significant

financing component or for which the Group has aplied the

practical expedient of not adjusting the efect of a significant

financing component, the Group initialy measures a financial

aset at its fair value, plus in the case of a financial aset not

at fair value through profit or los, transaction costs. Trade

receivables that do not contain a significant financing component

or for which the Group has aplied the practical expedient are

measured at the transaction price determined under HKFRS 15

in acordance with the policies set out for “Revenue recognition”

below.

In order for a financial aset to be clasified and measured

at amortized cost or fair value through other comprehensive

income, it neds to give rise to cash flows that are solely

payments of principal and interest (“SPI”) on the principal

amount outstanding. Financial asets with cash flows that are

not SPI are clasified and measured at fair value through profit

or los, irespective of the busines model.

（续）

投资及其他金融资产

初始确认及计量

金融资产于初始确认时分类为其后按摊销

成本、按公平值计入其他全面收益及按公

平值计入损益计量。

于初始确认时，金融资产分类取决于金融

资产的合约现金流量特点及本集团管理该

等金融资产的业务模式。除并无重大融资

成分或本集团已应用可行权宜方法不调整

重大融资成分的影响的应收贸易账款外，

本集团初始按公平值加上（倘金融资产并非

按公平值计入损益）交易成本计量金融资

产。并无重大融资部分或本集团已应用可

行权宜方法的应收贸易账款按照下文「收益

确认」所载政策根据香港财务报告准则第

15号厘定的交易价格计量。

为使金融资产按摊销成本或按公平值计入

其他全面收益进行分类及计量，需产生纯

粹为支付本金及未偿还本金利息（纯粹为支

付本金及利息）的现金流量。具有并非纯粹

支付本金及利息之现金流量的金融资产进

行分类及按公平值计量计入损益，且不论

业务模式。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报130

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Investments and other financial asets (continued)

Initial recognition and measurement (continued)

The Group’s busines model for managing financial asets refers

to how it manages its financial asets in order to generate cash

flows. The busines model determines whether cash flows wil

result from colecting contractual cash flows, seling the financial

asets, or both. Financial asets clasified and measured

at amortized cost are held within a busines model with the

objective to hold financial asets in order to colect contractual

cash flows, while financial asets clasified and measured at

fair value through other comprehensive income are held within

a busines model with the objective of both holding to colect

contractual cash flows and seling. Financial asets which are not

held within the aforementioned busines models are clasified

and measured at fair value through profit or los.

Purchases or sales of financial asets that require delivery of

asets within the period generaly established by regulation or

convention in the marketplace are recognized on the trade date,

that is, the date that the Group comits to purchase or sel the

aset.

Subsequent measurement

The subsequent measurement of financial asets depends on

their clasification as folows:

Financial asets at amortized cost (debt instruments)

Financial asets at amortized cost are subsequently measured

using the efective interest method and are subject to

impairment. Gains and loses are recognized in the income

statement when the aset is derecognized, modified or impaired.

（续）

投资及其他金融资产（续）

初始确认及计量（续）

本集团管理金融资产的业务模式指其如何

管理其金融资产以产生现金流量。业务模

式确定现金流量是否来自收集合约现金流

量、出售金融资产、或两者兼有。按摊销

成本分类及计量的金融资产乃于一项业务

模式中以持有该等金融资产以收取合约现

金流量为目标而持有，而按公平值分类及

计量计入其他全面收益的金融资产则于一

项业务模式中以持作收取合约现金流量及

持作出售为目标而持有。并非于上述业务

模式中持有的金融资产根据按公平值计量

计入损益而分类及计量。

买入及出售乃指按照一般市场规定或惯例

在一定期间内要求交付资产之金融资产买

卖，正常情况下于交易日（即本集团承诺购

买或出售该资产之日期）予以确认。

后续计量

其后金融资产之计量根据其分类进行，该

等金融资产之分类如下：

按摊销成本计量的金融资产（债务工具）

按摊销成本计量的金融资产其后使用实际

利率方法计量，并可能受减值影响。当资

产终止确认、修订或减值时，收益及亏损

于收益表内确认。

131CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Derecognition of financial asets

A financial aset (or, where aplicable, a part of a financial

aset or part of a group of similar financial asets) is primarily

derecognized (i.e., removed from the Group’s consolidated

statement of financial position) when:

• the rights to receive cash flows from the aset have

expired; or

• the Group has transfered its rights to receive cash flows

from the aset or has asumed an obligation to pay the

received cash flows in ful without material delay to a third

party under a “pas-through” arangement; and either

(i) the Group has transfered substantialy al the risks

and rewards of the aset, or (i) the Group has neither

transfered nor retained substantialy al the risks and

rewards of the aset, but has transfered control of the

aset.

When the Group has transfered its rights to receive cash flows

from an aset or has entered into a pas-through arangement,

it evaluates if, and to what extent, it has retained the risk

and rewards of ownership of the aset. When it has neither

transfered nor retained substantialy al the risks and rewards

of the aset nor transfered control of the aset, the Group

continues to recognize the transfered aset to the extent of the

Group’s continuing involvement. In that case, the Group also

recognizes an asociated liability. The transfered aset and

the asociated liability are measured on a basis that reflects the

rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarante over

the transfered aset is measured at the lower of the original

carying amount of the aset and the maximum amount of

consideration that the Group could be required to repay.

（续）

终止确认金融资产

金融资产（或金融资产之一部分或一组相似

金融资产之一部分，如适用）主要在下列情

况将被终止确认（例如：从本集团之综合财

务状况表移除），倘：

• 收取该项资产的所得现金流量之权利

经已届满；或

• 本集团已将收取该项资产所得现金流

量之权利转让，但已透过「传送」安

排，将所得现金流量在没有显著延缓

之情况下，全数付予第三者；及(i)本

集团已转让该项资产之绝大部分风险

及回报；或(i)本集团并无转让或保留

该项资产绝大部分风险及回报，但已

转让该项资产之控制权。

倘本集团已转让其收取该项资产所得现金

流量之权利或已订立传送安排，会评估其

有否保留该项资产拥有权的风险及回报，

以及其程度。倘其并无转让或保留该项资

产的绝大部分风险及回报，且并无转让该

项资产的控制权，本集团继续按本集团的

持续参与程度确认入账该转让资产。于该

情况下，本集团亦确认相关负债。已转让

资产及相关负债乃按反映本集团保留之权

利及义务之基准计量。

以对所转让资产作出担保的形式持续涉及

的资产按资产原有账面值与本集团应须偿

还的最高代价金额两者的较低者计算。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报132

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Impairment of financial asets

The Group recognizes an alowance for expected credit loses

(“ECLs”) for al debt instruments not held at fair value through

profit or los. ECLs are based on the diference betwen the

contractual cash flows due in acordance with the contract and

al the cash flows that the Group expects to receive, discounted

at an aproximation of the original efective interest rate. The

expected cash flows wil include cash flows from the sale of

colateral held or other credit enhancements that are integral to

the contractual terms.

General aproach

ECLs are recognized in two stages. For credit exposures for

which there has not ben a significant increase in credit risk

since initial recognition, ECLs are provided for credit loses

that result from default events that are posible within the next

12 months (a 12-month ECL). For those credit exposures for

which there has ben a significant increase in credit risk since

initial recognition, a los alowance is required for credit loses

expected over the remaining life of the exposure, irespective of

the timing of the default (a lifetime ECL).

At each reporting date, the Group aseses whether the credit

risk on a financial instrument has increased significantly

since initial recognition. When making the asesment,

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 and considers reasonable and suportable

information that is available without undue cost or efort,

including historical and forward-loking information. The Group

considers that there has ben a significant increase in credit risk

when contractual payments are more than 30 days past due.

（续）

金融资产减值

本集团就所有并非按公平值计入损益而持

有之所有债务工具确认预期信贷亏损（「预

期信贷亏损」）拨备。预期信贷亏损乃基于

根据合约到期的合约现金流量与本集团预

期收取的所有现金流量之间的差额而厘定，

并以原实际利率的近似值贴现。预期现金

流量将包括出售所持抵押的现金流量或组

成合约条款的其他加强信用之物品。

一般方式

预期信贷亏损分两个阶段确认。就自初始

确认起未有显著增加的信贷风险而言，预

期信贷亏损提供予由未来十二个月内可能

发生违约事件而导致的信贷亏损（十二个月

预期信贷亏损）。就自初始确认起经已显著

增加的信贷风险而言，不论何时发生违约，

于余下风险年期内的预期信贷亏损均须计

提亏损拨备（全期预期信贷亏损）。

于各报告日期，本集团评估金融工具的信

贷风险自初始确认后是否出现显著增加。

作此评估时，本集团比较金融工具于报告

日期出现违约的风险与该金融工具于初始

确认日期出现违约的风险，并考虑毋须花

费不必要成本或精力即可获得的合理及有

理据的资料，包括过往及前瞻性资料。本

集团认为，当合约付款逾期超过三十天时，

信贷风险即显著增加。

133CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Impairment of financial asets (continued)

General aproach (continued)

The Group considers a financial aset in default when

contractual payments are one year past due. The Group has

rebuted the 90 days past due presumption of default based on

reasonable and suportable information including the Group’s

credit risk control practices and the historical recovery rate of

financial asets over 90 days past due. However, the Group may

also consider a financial aset to be in default when internal or

external information indicates that the Group is unlikely to receive

the outstanding contractual amounts in ful before taking into

acount any credit enhancements held by the Group. A financial

aset is writen of when there is no reasonable expectation of

recovering the contractual cash flows.

Financial asets at amortized cost are subject to impairment

under the general aproach and they are clasified within the

folowing stages for measurement of ECLs except for trade

receivables and finance lease receivables which aply the

simplified aproach as detailed below.

Stage 1–Financial instruments for which credit risk

has not increased significantly since initial

recognition and for which the los alowance

is measured at an amount equal to 12-month

ECLs

Stage 2–Financial instruments for which credit risk has

increased significantly since initial recognition

but that are not credit-impaired financial

asets and for which the los alowance is

measured at an amount equal to lifetime ECLs

Stage 3–Financial asets that are credit-impaired at

the reporting date (but that are not purchased

or originated credit-impaired) and for which

the los alowance is measured at an amount

equal to lifetime ECLs

（续）

金融资产减值（续）

一般方式（续）

本集团认为，倘合约付款逾期一年，则金

融资产视作违约。本集团根据合理及有理

据的资料（包括本集团的信贷风险控制惯例

及逾期超过九十天之金融资产的过往还款

率），对逾期九十天视作违约的假设作出反

驳。然而，在并无计及本集团持有的任何

加强信用之物品前，本集团亦可于内部或

外部资料显示本集团不大可能悉数收取尚

未偿还合约金额时将金融资产视作违约。

倘无法合理预期收回合约现金流量，则撇

销金融资产。

按摊销成本计量之金融资产须根据一般方

法进行减值，并于下列计量预期信贷亏损

之阶段分类，惟如下文所详述应用简化方

法之应收贸易账款及应收融资租赁账款除外。

阶段一–信贷风险自初始确认以来并

无显著增加，且亏损拨备按等

同于十二个月预期信贷亏损

之金额计量之金融工具

阶段二–信贷风险自初始确认以来显

著增加（惟并非已信贷减值之

金融资产），且亏损拨备按等

同于全期预期信贷亏损之金

额计量之金融工具

阶段三–于报告日期为已信贷减值（惟

并非购买或发起之已信贷减

值），且亏损拨备按等同于全

期预期信贷亏损之金额计量

之金融资产

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报134

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Impairment of financial asets (continued)

Simplified aproach

For trade receivables that do not contain a significant financing

component or when the Group aplies the practical expedient

of not adjusting the efect of a significant financing component,

and finance lease receivables, the Group aplies the simplified

aproach in calculating ECLs. Under the simplified aproach,

the Group does not track changes in credit risk, but instead

recognizes a los alowance based on lifetime ECLs at each

reporting date. The Group 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.

Financial liabilities

Initial recognition and measurement

Financial liabilities are clasified, at initial recognition, as

financial liabilities at fair value through profit or los, loans and

borowings, or as derivatives designated as hedging instruments

in an efective hedge, as apropriate.

Al financial liabilities are recognized initialy at fair value and,

in the case of loans and borowings, net of directly atributable

transaction costs.

The Group’s financial liabilities include trade and bils payables,

financial liabilities included in other payables and acruals and

lease liabilities.

（续）

金融资产减值（续）

简化方式

就不含重大融资部分，或当本集团应用可

行权宜方法不调整重大融资部分应收贸易

账款，以及应收融资租赁账款，本集团应

用简化方式计算预期信贷亏损。根据简化

方法，本集团并无追踪信贷风险之变动，

而是基于各报告日期之全期预期信贷亏损

确认亏损拨备。本集团已设立建基于历史

信贷亏损经验之拨备矩阵，并就债务人及

经济环境特定之前瞻性因素作出调整。

金融负债

初始确认及计量

金融负债于初始确认分类为透过损益账按

公平值列账之金融负债、贷款及借款或指

定于有效对冲中作为对冲工具的衍生工具

（视情况而定）。

所有金融负债初始按公平值确认，如属贷

款及借款，则扣除直接应占之交易成本。

本集团之金融负债包括应付贸易及票据账

款、于其他应付账款及应计负债内的金融

负债以及租赁负债。

135CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Financial liabilities (continued)

Subsequent measurement

The subsequent measurement of financial liabilities depends on

their clasification as folows:

Financial liabilities at amortized cost (trade and other payables,

and borowings)

After initial recognition, trade and other payables and interest-

bearing borowings are subsequently measured at amortized

cost, using the efective interest rate method unles the efect of

discounting would be imaterial, in which case they are stated

at cost.

Gains and loses are recognized in the income statement when

the liabilities are derecognized as wel as through the efective

interest rate amortization proces.

Amortized cost is calculated by taking into acount any discount

or premium on acquisition and fes or costs that are an integral

part of the efective interest rate. The efective interest rate

amortization is included in the income statement.

Financial guarante contracts

Financial guarante contracts isued by the Group are those

contracts that require a payment to be made to reimburse the

holder for a los it incurs because the specified debtor fails to

make a payment when due in acordance with the terms of a

debt instrument. A financial guarante contract is recognized

initialy as a liability at its fair value, adjusted for transaction costs

that are directly atributable to the isuance of the guarante.

Subsequent to initial recognition, the Group measures the

financial guarante contract at the higher of (i) the ECL

alowance determined in acordance with the policy as set out

in “Impairment of financial asets”; and (i) the amount initialy

recognized les, when apropriate, the cumulative amount of

income recognized.

（续）

金融负债（续）

后续计量

金融负债之后续计量根据其分类进行，该

等金融负债之分类如下：

按摊销成本计量的金融负债（应付及其他应

付账款及借款）

于初始确认后，应付及其他应付以及计息

借款其后以实际利率法按摊销的成本计价，

惟折算之影响并不重大者除外，于该情况

下则以成本列账。

如果负债终止确认以及按实际利率进行摊

销程序时，其损益在收益表内确认。

摊销后的成本于计入收购之任何折让或溢

价后计算，并包括属实际利率不可分割部

分之费用或成本。实际利率摊销于收益表

内确认。

财务担保合同

本集团作出之财务担保合同即要求作出付

款以偿付持有人因特定债务人未能根据债

务工具之条款偿还到期款项而招致损失之

合同。财务担保合同初始按其公平值确认

为负债（就发出该担保直接应占之交易成本

进行调整）。初始确认后，本集团按以下两

者中之较高者计量财务担保合同：(i)根据「金

融资产减值」所载政策厘定的预期信贷亏损

的拨备；及(i)初始确认之金额减（倘适用）

累计确认收入金额。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报136

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Derecognition of financial liabilities

A financial liability is derecognized when the obligation under the

liability is discharged or canceled, or expires.

When an existing financial liability is replaced by another from

the same lender on substantialy diferent terms, or the terms of

an existing liability are substantialy modified, such an exchange

or modification is treated as a derecognition of the original

liability and a recognition of a new liability, and the diference

betwen the respective carying amounts is recognized in the

income statement.

Ofseting of financial instruments

Financial asets and financial liabilities are ofset and the net

amount is reported in the statement of financial position if there

is a curently enforceable legal right to ofset the recognized

amounts and there is an intention to setle on a net basis, or to

realize the asets and setle the liabilities simultaneously.

Inventories

Inventories are stated at the lower of cost and net realizable

value. Cost is determined on the weighted average basis and,

in the case of work in progres and finished gods, comprises

direct materials, direct labour and an apropriate proportion of

overheads. Net realizable value is based on estimated seling

prices les any estimated costs to be incured to completion and

disposal.

（续）

终止确认金融负债

财务负债之责任在已解除或注销或届满时

终止确认。

倘现有金融负债为同一贷款人以重大不同

条款之负债取代时，或现有负债之条款有

重大修改时，有关交换或修改则被视为终

止确认原有负债及确认一项新负债，而有

关账面值之差额乃于收益表内确认入账。

抵销金融工具

金融资产与金融负债抵销，而有关净额当

有现时可强制执行之法律权利以抵销已确

认金额且有意按净额基准结算或变现资产

及结清负债时在财务状况表呈报。

存货

存货乃按成本值及可变现净值之较低者入

账。成本按加权平均法计算，倘为在制品

及制成品，则包括直接物料，直接劳工及

应分担之生产费用的部分入账。可变现净

值乃根据估计售价减去预计直至产品制成

及出售货品所需之任何成本。

137CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Cash and cash equivalents

Cash and cash equivalents in the consolidated statement of

financial position comprise cash on hand and at banks, and

short-term highly liquid deposits with maturity of generaly within

thre months that are readily convertible into known amounts

of cash, subject to an insignificant risk of changes in value and

held for the purpose of meting short-term cash comitments.

For the purpose of the consolidated statement of cash flows,

cash and bank balances comprise cash on hands and at banks,

and short-term deposits as defined above, les bank overdrafts

which are repayable on demand and form an integral part of the

Group’s cash management.

Provisions

A provision is recognized when a present obligation (legal or

constructive) has arisen as a result of a past event and it is

probable that a future outflow of resources wil be required to

setle the obligation, provided that a reliable estimate can be

made of the amount of the obligation.

When the efect of discounting is material, the amount

recognized for a provision is the present value at the end of

the reporting period of the future expenditures expected to be

required to setle the obligation. The increase in the discounted

present value amount arising from the pasage of time is

included in finance costs in the income statement.

The Group provides for waranties in relation to the sale of

certain products. Provisions for these asurance-type waranties

granted by the Group are initialy recognized based on sales

volume and past experience of the level of repairs and returns,

discounted to their present values as apropriate. The waranty-

related cost is revised anualy.

（续）

现金及现金等价物

就综合财务状况表而言，现金及现金等价

物指现金、银行存款、以及可随时转换为

已知数额现金，并一般于购入时三个月内

到期并承受价值变动风险甚微之短期及高

度流通性之存款。

就综合现金流量表而言，现金及银行结存

包括现金、银行存款及以上定义之短期存

款，扣除须应要求偿还之银行透支，该银

行透支用作为本集团现金管理之一个完整

部分。

拨备

由于过往事件而需要承担现时责任（法定或

推定），而履行该责任很可能导致资源流出，

且责任之金额能够可靠地估计，则确认拨备。

倘折现影响大，确认为拨备之金额为预期

履行该责任所需之未来开支于报告期末之

现值。倘由于时间流逝导致已折现值金

额增加，则计入收益表之融资成本内。

本集团就若干产品的销售提供保证。本集

团于初始确认该等保证式保证拨备，乃根

据销售量及过往维修及退货之情况，（适当

地）折现至其现值金额。保修相关费用会于

每年更改。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报138

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Income tax

Income tax comprises curent and defered tax. Income tax

relating to items recognized outside the income statement is

recognized in other comprehensive income or directly in equity.

Curent tax asets and liabilities are measured at the amount

expected to be recovered from or paid to the taxation authorities,

based on tax rates (and tax laws) that have ben enacted or

substantively enacted by the end of the reporting period, taking

into consideration interpretations and practices prevailing in the

countries in which the Group operates.

Defered tax is provided, using the liability method, on al

temporary diferences at the end of the reporting period betwen

the tax bases of asets and liabilities and their carying amounts

for financial reporting purposes.

Defered tax liabilities are recognized for al taxable temporary

diferences, except:

• when the defered tax liability arises from the initial

recognition of an aset or liability in a transaction that is not

a busines combination and, 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 diferences; and

• in respect of taxable temporary diferences asociated

with investments in subsidiaries and asociates, when the

timing of the reversal of the temporary diferences can be

controled and it is probable that the temporary diferences

wil not reverse in the foreseable future.

（续）

所得税

所得税包括当期及递延税项。与于收益表

以外确认项目有关之所得税在其他全面收

益或直接于权益内确认。

即期税务资产及负债以预期可退回或支付

予税务机关的金额计量，根据报告期末已

颁布或实际颁布之税率（及税务法例）推算，

并计及诠释及本集团经营所在国家之现行

惯例。

在报告期末时，资产与负债的税基与其在

财政报告的账面值之间的所有暂时性差异，

按负债法计提递延税项拨备。

所有应课税暂时性差异均会确认为递延税

项负债，惟：

，是由一宗

非属企业合并的交易中初始确认之资

产或负债，与及在交易时，对会计溢

利或应课税溢利或亏损均无影响，且

不会产生同等之应课税及可扣减暂时

性差，则属例外；及

• 对于涉及附属公司及联营公司之投资

的应课税暂时性差异而言，倘若拨回

暂时性差异的时间可以控制，以及该

暂时性差异可能不会在可见将来拨回，

则属例外。

139CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Income tax (continued)

Defered tax asets are recognized for al deductible temporary

diferences, and the caryforward of unused tax credits and

any unused tax loses. Defered tax asets are recognized to

the extent that it is probable that taxable profit wil be available

against which the deductible temporary diferences, and the

caryforward of unused tax credits and unused tax loses can be

utilized, except:

• when the defered tax aset relating to the deductible

temporary diferences arises from the initial recognition of

an aset or liability in a transaction that is not a busines

combination and, 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 diferences; and

• in respect of deductible temporary diferences asociated

with investments in subsidiaries and asociates, defered

tax asets are only recognized to the extent that it is

probable that the temporary diferences wil reverse in

the foreseable future and taxable profit wil be available

against which the temporary diferences can be utilized.

The carying amount of defered tax asets is reviewed at the

end of each reporting period and reduced to the extent that it is

no longer probable that suficient taxable profit wil be available

to alow al or part of the defered tax aset to be utilized.

Unrecognized defered tax asets are reasesed at the end of

each reporting period and are recognized to the extent that it has

become probable that suficient taxable profit wil be available to

alow al or part of the defered tax aset to be recovered.

（续）

所得税（续）

所有可扣减暂时性差异，及未被动用税项

抵免与任何未被动用税项亏损结转，均确

认为递延税项资产。若日后有可能出现应

课税溢利，可用以抵扣该等可扣减暂时性

差异、以及未被动用税项抵免及未被动用

税项亏损结转，则递延税项资产方会确认

入账，惟：

• 倘若有关可扣减暂时性差异的递延税

项资产的起因，是由一宗非属企业合

并的交易中初始确认资产或负债，而

且在交易时，对会计溢利或应课税溢

利或亏损均无影响，且不会产生同等

之应课税及可扣减暂时性差，则属例

外；及

• 对于涉及附属公司及联营公司之投资

的可扣减暂时性差异而言，只有在暂

时性差异有可能在可见将来拨回，而

且日后有可能出现应课税溢利，可用

以抵扣该等暂时性差异时，方会确认

递延税项资产。

递延税项资产的账面值，在每个报告期末

予以评估。若不再可能有足够应课税溢利

用以抵扣相关税项资产的全部或部分，则

扣减递延税项资产账面值。在可能有足够

应课税溢利用以抵扣相关税项资产的全部

或部分时，则在每个报告期末确认过往不

予确认的递延税项资产。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报140

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Income tax (continued)

Defered tax asets and liabilities are measured at the tax

rates that are expected to aply to the period when the aset

is realized or the liability is setled, based on tax rates (and tax

laws) that have ben enacted or substantively enacted by the

end of the reporting period.

Defered tax asets and defered tax liabilities are ofset if and

only if the Group has a legaly enforceable right to set of curent

tax asets and curent tax liabilities and the defered tax asets

and defered tax liabilities relate to income taxes levied by the

same taxation authority on either the same taxable entity or

diferent taxable entities which intend either to setle curent

tax liabilities and asets on a net basis, or to realize the asets

and setle the liabilities simultaneously, in each future period in

which significant amounts of defered tax liabilities or asets are

expected to be setled or recovered.

Government grants

Government grants are recognized 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 recognized as income on

a systematic basis over the periods that the costs, for which

it is intended to compensate, are expensed. Where the grant

relates to an aset, the fair value is credited to a defered

income acount and is released to the income statement over

the expected useful life of the relevant aset by equal anual

instalments.

（续）

所得税（续）

变现资产或清偿负债的期间预期适用的税

率，会用作衡量递延税项资产及负债，并

以报告期末当日已经生效或大致上已经生

效的税率（及税法）为基准。

仅当本集团有可合法执行权利可将即期税

项资产与即期税项负债抵销，且递延税项

资产与递延税项负债与同一税务机关对同

一应税实体或于各未来期间预期有大额递

延税项负债或资产需要结算或清偿时，拟

按净额基准结算即期税务负债及资产或同

时变现资产及结算负债之不同税务实体征

收之所得税相关，则递延税项资产与递延

税项负债可予抵销。

政府补助款

政府补助款乃于合理确定将会取得该笔补

助款及符合所有附带条件时按公平值确认。

当该补助款与开支项目有关时，补助款须

有系统地与其拟补偿的成本支销期间内确

认为收入。如补助款涉及一项资产，则公

平值会计入递延收入账，并按有关资产之

预期使用年期以每年均等额转拨至收益表。

141CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognized when

control of gods is transfered to the customers at an amount

that reflects the consideration to which the Group expects to be

entitled in exchange for those gods.

When the contract contains a financing component which

provides the customer with a significant benefit of financing

the transfer of gods to the customer for more than one year,

revenue is measured at the present value of the amount

receivable, discounted using the discount rate that would be

reflected in a separate financing transaction betwen the Group

and the customer at contract inception. When the contract

contains a financing component which provides the Group with

a significant financial benefit for more than one year, revenue

recognized under the contract includes the interest expense

acreted on the contract liability under the efective interest

method. For a contract where the period betwen the payment

by the customer and the transfer of the promised gods is

one year or les, the transaction price is not adjusted for the

efects of a significant financing component, using the practical

expedient in HKFRS 15. Furthermore, the Group has elected

to aply the practical expedient to recognize the incremental

costs of obtaining a contract as an expense when incured if the

amortization period of the aset that the Group otherwise would

have recognized is one year or les.

Revenue from the sale of gods is recognized at the point in

time when control of the aset is transfered to the customer,

generaly on delivery of the gods.

（续）

收益确认

来自客户合约之收益

来自客户合约之收益在货品转移至客户时

按反映本集团就交换该等货品而预期有权

换取之代价金额确认。

当合约包含融资部分，就货品转移予客户

而为客户提供重大利益超过一年时，收益

按应收金额现值计量，使用合约开始时在

本集团与客户之间订立的独立融资交易中

反映的贴现率贴现。当合约包含为本集团

提供超过一年的重大财务利益的融资部分

时，根据合约确认的收益包括根据实际利

率法计算的合约负债所附加的利息开支。

对于客户付款与承诺货品转移之间的期限

为一年或不足一年的合约，交易价格根据

香港财务报告准则第15号应用可行权宜方

式就重大融资部分的影响不进行调整。此

外，倘本集团确认之资产摊销期为一年或

不足一年，本集团已选择应用可行权宜方

法将获取合同的增量成本于发生时确认为

支出。

来自销售货品的收益于资产的控制权转移

至客户时（一般在交付货品时）确认。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报142

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Revenue recognition (continued)

Other income

Interest income is recognized on an acrual basis using the

efective interest method by aplying the rate that exactly

discounts the estimated future cash receipts over the expected

life of the financial instrument or a shorter period, when

apropriate, to the net carying amount of the financial aset.

Rental income is recognized on a time proportion basis over the

lease term.

Finance lease interest income is recognized on an acrual

basis using the efective interest method by aplying the rate

that exactly discounts the estimated future cash receipts over

the expected life of the net investment of the finance lease or a

shorter period, when apropriate, to the net carying amount of

the net investment of the finance lease.

Contract liabilities

A contract liability is recognized when a payment is received or a

payment is due (whichever is earlier) from a customer before the

Group transfers the related gods or services. Contract liabilities

are recognized as revenue when the Group performs under the

contract (i.e., transfers control of the related gods or services to

the customer).

（续）

收益确认（续）

其他收入

利息收入利用实际利率法以应计基准确认，

所用利率为于金融工具之预期年期或更短

期间（如适用）内将估计未来现金收款准确

折现至金融资产账面净额之利率。

租金收入于租赁年期内按时间比例基准确认。

融资租赁利息收入利用实际利率法以应计

基准确认，所用利率为于融资租赁的净投

资之预期年期或更短期间（如适用）内将估

计未来现金收款准确折现至融资租赁的净

投资账面净额之利率。

合约负债

合约负债于本集团转移相关货品或服务之

前收到客户付款或有关款项到期（以较早者

为准）时确认。合约负债于本集团履行合约

（即转让相关货品或服务的控制权予客户）

时确认为收益。

143CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Leases

The Group aseses at contract inception whether a contract

is, or contains, a lease. 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.

Group as a lese

The Group aplies a single recognition and measurement

aproach for al leases, except for short-term leases and leases

of low-value asets. The Group recognizes lease liabilities to

make lease payments and right-of-use asets representing the

right to use the underlying asets.

(a) Right-of-use asets

Right-of-use asets are recognized at the comencement

date of the lease (that is the date the underlying aset

is available for use). Right-of-use asets are measured

at cost, les any acumulated depreciation and any

impairment loses, and adjusted for any remeasurement

of lease liabilities. The cost of right-of-use asets includes

the amount of lease liabilities recognized, initial direct

costs incured, and lease payments made at or before the

comencement date les any lease incentives received.

Where aplicable, the cost of a right-of-use aset also

includes an estimate of costs to dismantle and remove

the underlying aset or to restore the underlying aset

or the site on which it is located. Right-of-use asets are

depreciated on a straight-line basis over the shorter of the

lease terms and the estimated useful lives of the asets as

folows:

Leasehold land 50 to 52 years

Properties 2 to 7 years

When a right-of-use aset mets the definition of

investment property, it is included in investment properties.

The coresponding right-of-use aset is initialy measured

at cost, and subsequently measured at fair value, in

acordance with the Group’s policy for “Investment

properties”.

（续）

租赁

本集团于合同开始时评估合同是否属于或

包含租赁。倘合同授予权利以代价为换取

在一段时间内控制已识别资产的使用，则

该合同属于或包含租赁。

本集团作为承租人

本集团对所有租赁（惟短期租赁及低价值资

产租赁除外）采取单一确认及计量方法。本

集团确认租赁负债以作出租赁款项，而使

用权资产指使用相关资产的权利。

(a) 使用权资产

使用权资产于租赁开始日期（即相关

资产可供使用日期）确认。使用权资

产按成本减任何累计折旧及任何减值

亏损计量，并就重新计量租赁负债作

出调整。使用权资产的成本包括已确

认的租赁负债金额、已产生的初始直

接成本，以及于开始日期或之前作出

的租赁款减已收取的任何租赁优惠。

使用权资产的成本亦包括拆除及移除

相关资产或还原相关资产或其位处的

场地之估计成本（如适用）。使用权资

产在租期及估计可使用年期（以较短

者为准）内按直线法计提折旧如下：

租赁土地五十至五十二年

物业二至七年

倘使用权资产符合投资物业的定义，

则计入投资物业。相应使用权资产初

始按成本计量，其后根据本集团「投

资物业」政策按公平值计量。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报144

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Leases (continued)

Group as a lese (continued)

(b) Lease liabilities

Lease liabilities are recognized at the comencement date

of the lease at the present value of lease payments to be

made over the lease term. The lease payments include

fixed payments (including in-substance fixed payments)

les any lease incentives receivable.

In calculating the present value of lease payments,

the Group uses its incremental borowing rate at the

lease comencement date because the interest rate

implicit in the lease is not readily determinable. After the

comencement date, the amount of lease liabilities is

increased to reflect the acretion of interest and reduced

for the lease payments made. In adition, the carying

amount of lease liabilities is remeasured if there is a

modification, a change in the lease term, a change in

lease payments (e.g., a change to future lease payments

resulting from a change in an index or rate) or a change in

asesment of an option to purchase the underlying aset.

The Group aplies the short-term lease recognition

exemption to its short-term leases of properties (that

is those leases that have a lease term of 12 months or

les from the comencement date and do not contain a

purchase option). It also aplies the recognition exemption

for leases of low-value asets to leases of ofice equipment

that is considered to be of low value.

Lease payments on short-term leases and leases of low-

value asets are recognized as an expense on a straight-

line basis over the lease term.

（续）

租赁（续）

本集团作为承租人（续）

(b) 租赁负债

租赁负债于租赁开始日期按租期内作

出的租赁款的现值予以确认。租赁款

包括固定款项（包括实质固定款项）减

任何应收租赁优惠。

于计算租赁款的现值时，倘租赁内所

隐含的利率不易厘定，则本集团应用

租赁开始日期的增量借款利率计算。

于开始日期后，租赁负债金额的增加

反映利息的增加，并因支付租赁款项

而减少。此外，如租期有任何修改、

变化、租赁款项变化（例如租赁款日

后因指数或利率变动而出现变动）或

购买相关资产的选择权评估有变，则

重新计量租赁负债的账面值。

本集团对其物业的短期租赁（即租期

为开始日期起计十二个月或以内且不

包含购买选择权的租赁）应用短期租

赁确认豁免。其亦将低价值资产租赁

的确认豁免应用予被视为低价值的办

公室设备的租赁。

短期租赁及低价值资产租赁的租赁款

在租期内按直线法确认为支出。

145CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Leases (continued)

Group as a lesor

When the Group acts as a lesor, it clasifies at lease inception (or

when there is a lease modification) each of its leases as either an

operating lease or a finance lease.

Leases in which the Group does not transfer substantialy al

the risks and rewards incidental to ownership of an aset are

clasified as operating leases. Rental income is acounted for on

a straight-line basis over the lease terms and is included in other

income in the income statement.

Leases that transfer substantialy al the risks and rewards

incidental to ownership of an underlying aset to the lese are

acounted for as finance leases. At the comencement date,

the cost of the leased aset is capitalized at the present value of

the lease payments and related payments (including the initial

direct costs), and presented as a receivable at an amount equal

to the net investment in the lease. The finance income on the net

investment in the lease is recognized in the income statement

so as to provide a constant periodic rate of return over the lease

terms.

Borowing costs

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, i.e., asets that

necesarily take a substantial period of time to get ready for

their intended use or sale, are capitalized as part of the cost of

those asets. The capitalization of such borowing costs ceases

when the asets are substantialy ready for their intended use or

sale. Investment income earned on the temporary investment

of specific borowings pending their expenditure on qualifying

asets is deducted from the borowing costs capitalized. Al other

borowing costs are expensed in the period in which they are

incured. Borowing costs consist of interest and other costs that

an entity incurs in conection with the borowing of funds.

（续）

租赁（续）

本集团作为出租人

本集团作为出租人时，于租赁开始（或租赁

变更）时将其每项租赁分类为经营租赁或融

资租赁。

本集团并未转移资产拥有权所附带的绝大

部分风险与回报的租赁归类为经营租赁。

租金收入于租期内按直线法列账并计入收

益表的其他收入。

将相关资产拥有权所附带的绝大部分风险

与回报转移予承租人的租赁，入账列作融

资租赁。于开始日期，租赁资产的成本按

租赁款及相关款项的现值（包括初始直接成

本）资本化，及以应收款列示，金额相等于

租赁的净投资。于租赁的净投资之融资收

入按租期内之每期间之固定回报率自收益

表中确认。

借贷成本

收购、建造或生产合资格资产（即须花费长

时间以达致拟定用途或出售之资产）之直接

应占借贷成本，乃予以资本化作为该等资

产之成本部分。该借贷成本于有关资产大

致可作拟定用途或出售时停止拨作资本。

特定借贷作合资格资产开支因等待作临时

投资而赚取的投资收入须从资本化的借贷

成本中扣除。所有其他借贷成本均于产生

期间支销。借贷成本包括实体所产生与借

款有关之利息及其他成本。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报146

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Dividends

Final dividends are recognized as a liability when they are

aproved by the shareholders in a general meting. Proposed

final dividends are disclosed in the notes to the financial

statements. Interim dividends are simultaneously proposed and

declared, because the Company’s Memorandum and Asociation

and Bye-laws grant the directors the authority to declare interim

dividends. Consequently, interim dividends are recognized

imediately as a liability when they are proposed and declared.

Foreign curencies

These financial statements are presented in Hong Kong dolars,

which is the Company’s functional curency. Each entity in

the Group determines its own functional curency and items

included in the financial statements of each entity are measured

using that functional curency. Foreign curency transactions

recorded by the entities in the Group are initialy recorded using

their respective functional curency rates prevailing at the dates

of the transactions. Monetary asets and liabilities denominated

in foreign curencies are translated at the functional curency

rates of exchange ruling at the end of the reporting period.

Diferences arising on setlement or translation of monetary

items are recognized in the income statement. Non-monetary

items that are measured in terms of historical cost in a foreign

curency are translated using the exchange rates at the dates

of the initial transactions. Non-monetary items measured at fair

value in a foreign curency are translated using the exchange

rates at the date when the fair value was measured. The gain or

los arising on translation of a non-monetary item measured at

fair value is treated in line with the recognition of the gain or los

on change in fair value of the item (i.e., translation diferences

on the item whose fair value gain or los is recognized in

other comprehensive income or the income statement is also

recognized in other comprehensive income or the income

statement, respectively).

（续）

股息

末期股息在获股东于股东大会批准时确认

为负债。拟派之末期股息于财务报告书附

注披露。由于本公司之组织章程及细则授

予董事宣派中期股息之权力，故中期股息

可同时获建议及宣派。因此，中期股息在

获建议及宣派时即时确认为一项负债。

外币

该等财务报表以港元（乃本公司之功能货币）

呈列。本集团属下各公司自行决定其功能

货币，而各公司的财务报表内之项目均以

该功能货币计算。本集团属下各公司列账

之外币交易首先按交易日期之功能货币汇

率入账。于报告期末以外币为单位之货币

资产与负债按该日之功能货币汇率重新换

算。因货币结算或换算引起之差额于收益

表内确认。根据外币历史成本计算之非货

币项目按初始交易日期之汇率换算。根据

外币公平值计算之非货币项目按厘定公平

值当日之汇率计算。重新换算按公平值计

量之非货币项目产生之收益或亏损，按确

认该项目的公平值变动之收益或亏损一致

之方式处理（即公平值收益或亏损于其他全

面收益或收益表内确认之项目之汇兑差额

亦分别于其他全面收益或收益表内确认）。

147CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Foreign curencies (continued)

In determining the exchange rate on initial recognition of the

related aset, expense or income on the derecognition of a non-

monetary aset or non-monetary liability relating to an advance

consideration, the date of initial transaction is the date on which

the Group initialy recognizes the non-monetary aset or non-

monetary liability arising from the advance consideration. If

there are multiple payments or receipts in advance, the Group

determines the transaction date for each payment or receipt of

the advance consideration.

The functional curencies of certain overseas subsidiaries and

asociates are curencies other than the Hong Kong dolar.

As at the end of the reporting period, the asets and liabilities

of these entities are translated into Hong Kong dolars at the

exchange rates prevailing at the end of the reporting period and

their income statements are translated into Hong Kong dolars

at the exchange rates that aproximate to those prevailing at the

dates of the transactions. The resulting exchange diferences are

recognized in other comprehensive income and acumulated

in the exchange fluctuation reserve, except to the extent that

the diferences are atributable to non-controling interests. On

disposal of a foreign operation, the cumulative amount in the

reserve relating to that particular foreign operation is recognized

in the income statement.

For the purpose of the consolidated statement of cash flows,

the cash flows of overseas subsidiaries are translated into Hong

Kong dolars at the exchange rates ruling at the dates of the cash

flows. Frequently recuring cash flows of overseas subsidiaries

which arise throughout the year are translated into Hong Kong

dolars at the weighted average exchange rates for the year.

（续）

外币（续）

为厘定终止确认与预付代价有关的非货币

资产或非货币负债时的相关资产、开支或

收入的初始确认汇率，初始交易日期为本

集团初始确认因预付代价而产生非货币资

产或非货币负债的日期。倘存在多次付款

或预收款项，本集团厘定预付代价各付款

或收款交易日期。

若干海外附属公司、及联营公司之功能货

币并非港元。于报告期末，该等公司之资

产及负债均按报告期末之汇率换算为港元，

而该等公司之收益表按与交易日期之现行

汇率相若之汇率换算为港元。汇率差异计

入其他全面收益，并于汇兑变动储备累计，

惟归属于非控股权益之差额除外。于出售

外地营运时，就特定外地营运储备内之累

计金额部分将于收益表确认。

就综合现金流量表而言，海外附属公司之

现金流量按有关日期之汇率换算为港元。

海外附属公司年内经常产生之现金流量按

年内之加权平均汇率换算为港元。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报148

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Employe benefits

(a) Pension schemes

The Group operates a defined contribution Mandatory

Provident Fund retirement benefit scheme (the “MPF

Scheme”) under the Mandatory Provident Fund Schemes

Ordinance, for those employes who are eligible to

participate in the MPF Scheme. Contributions are made

based on a certain percentage of the employes’ basic

salaries and are charged to the income statement as

they become payable in acordance with the rules of the

MPF Scheme. The asets of the MPF Scheme are held

separately from those of the Group in an independently

administered fund. The Group’s employer contributions

vest fuly with the employes when contributed into the

MPF Scheme.

Prior to the MPF Scheme becoming efective, the Group

operated a defined contribution retirement benefit

scheme (the “DCRB Scheme”) for those employes who

were eligible and had elected to participate in the DCRB

Scheme. The DCRB Scheme operates in a similar way to

the MPF Scheme, except that when an employe leaves

the Group prior to his/her interest in the DCRB Scheme

vesting fuly, the ongoing contributions payable by the

Group would be reduced by the relevant amount of the

forfeited employer contributions.

The employes of the Group’s subsidiaries in Mainland

China are required to participate in a central pension

scheme (the “Central Scheme”) which is operated by the

local municipal government. The contributions payable by

these subsidiaries to the Central Scheme, which are based

on a certain percentage of the salaries of their employes,

are charged to the income statement as they become

payable in acordance with the rules of the Central

Scheme.

（续）

雇员褔利

(a) 退休金计划

本集团根据强制性公积金计划条例设

立定额供款之强制性公积金退休福利

计划（「强积金计划」）予合资格参与该

强积金计划之雇员。供款乃按雇员底

薪之若干百分比计算，并于根据强积

金计划之规则应予支付时计入收益表。

强积金计划之资产乃独立于本集团之

资产，并由独立管理之基金另行持有。

本集团之雇主供款于强积金计划供款

后全数归属雇员。

强积金计划生效前，本集团曾设立一

个定额供款退休福利计划（「退休计

划」），供合资格及选择参与该计划之

雇员参加。退休计划与强积金计划之

运作方式相近，惟倘雇员于有权全数

收取本集团之雇主供款以前离职，本

集团继后应付之供款可以从遭放弃之

有关款项扣减。

本集团在中国大陆附属公司之雇员须

参与地方市政府所管理之中央退休金

计划（「中央计划」）。该等附属公司须

根据其雇员之薪金若干百分比计算，

在按中央计划规定之支付日期向该中

央计划支付供款额，并在有关之期间

从收益表中扣除。

149CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Employe benefits (continued)

(a) Pension schemes (continued)

As required by the Taiwanese Labour Standard Law,

the Group’s subsidiaries in Taiwan operate a funded

defined benefit pension scheme (the “Old Scheme”)

and make monthly contributions to the retirement fund

to met employes’ retirement and termination benefits

entitlements. The fund is administered by the Employes’

Retirement Fund Comite (the “Comite”) and is

deposited under the Comite’s name with a government

aproved financial institution, which acts as the truste.

The cost of providing pension benefits under the defined

benefit plan is determined using the projected unit credit

actuarial valuation method.

Remeasurements arising from the Old Scheme, comprising

actuarial gains and loses, the efect of the aset ceiling

(excluding amounts included in net interest on the net

defined benefit liability) and the return on plan asets

(excluding amounts included in net interest on the net

defined benefit liability), are recognized imediately in

the consolidated statement of financial position with a

coresponding debit or credit to retained profits through

other comprehensive income in the period in which they

ocur. Remeasurements are not reclasified to the income

statement in subsequent periods.

Past service costs are recognized in the income statement

at the earlier of:

; and

• the date that the Group recognizes restructuring-

related costs

Net interest is calculated by aplying the discount rate

to the net defined benefit liability or aset. The Group

recognizes the folowing changes in the net defined

benefit obligation under “cost of sales”, “seling and

distribution expenses” and “administrative expenses” in

the consolidated income statement:

（续）

雇员褔利（续）

(a) 退休金计划（续）

根据台湾劳动基准法所要求，本集团

在台湾之附属公司设立一项拨款定额

福利退休金计划（「旧计划」），并须每

月向该退休准备金供款，为雇员提供

退休及终止服务之福利。该退休准备

金由劳工退休准备金监督委员会（「委

员会」）管理，并以委员会之名义存入

一间经政府批准担当信托人之金融机

构。定额福利计划的退休金福利成本，

乃采用预计单位基数精算估值法计算。

旧计划所产生之重新计量（包括精算

收益及亏损、资产上限之影响（不包

括定额福利负债的利息净额）及计划

资产回报（不包括定额福利负债的利

息净额），乃即时确认于综合财务状

况表内，有关计入或扣除自保留溢利

之款项于发生期间确认于其他全面收

益。重新计量概不于随后期间重新分

类至收益表。

过往服务成本乃于以下日期（以较早

者为准）确认于收益表内：

；及

• 本集团确认架构重整相关成本

之日

利息净额乃利用折现率将定额福利负

债或资产净额计算。本集团于综合收

益表「销售成本」，「销售及分销支出」

及「行政支出」下确认定额福利责任之

以下变动：

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报150

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Employe benefits (continued)

(a) Pension schemes (continued)

, past-

service costs, gains and loses on curtailments and

non-routine setlements; and

• Net interest expense or income

In 2005, the Taiwan government amended the related

pension scheme regulations by ading a new contributory

pension scheme (the “New Scheme”) in the Labour

Pension Act, which became efective on 1 July 2005.

Acording to the amended retirement regulations, the

employes can chose to either join the New Scheme or

to stay participating with the Old Scheme. The obligation

of the Group’s subsidiaries in Taiwan to those employes

selecting the New Scheme is to contribute the required

portion of the monthly compensation to the government

designated acount since the election, while the Group’s

subsidiaries in Taiwan are stil liable under the Old Scheme

for the portion pertaining to the service years prior to 1 July

2005.

(b) Share-based payment transactions

The Company operates a share option scheme. Employes

(including directors) of the Group receive remuneration in

the form of share-based payment transactions, whereby

employes render services in exchange for equity

instruments (“equity-setled transactions”). The cost of

equity-setled transactions with employes is measured

by reference to the fair value at the date at which they are

granted. The fair value is determined by an external valuer

using a polynomial model, further details of which are

given in note 31 to the financial statements.

（续）

雇员褔利（续）

(a) 退休金计划（续）

过往服务成本、裁减之损益及

非例行结算；及

• 利息支出或收入净额

于二零五年，台湾政府修订了相关

的退休金计划，于劳工退休金条例中，

增加了新的供款性退休金计划（「新计

划」），并于二零五年七月一日生效。

根据修订的退休规则，雇员能按需要

选择加入新计划或继续参与旧计划。

本集团在台湾之附属公司对选择了新

计划的雇员的责任为自选择后按每月

报酬的所需部分供款予政府指定账户，

但本集团在台湾之附属公司仍须负责

按旧计划于二零五年七月一日前相

关服务年期的部分。

(b) 基于股权的支付交易

本公司采纳购股权计划。集团的雇员

（包括董事）为集团提供服务借以换取

股权形式报酬之交易是为「以股权支

付交易」。与雇员进行股权结算之交

易成本乃参考其于授出日期之公平值

计量。该公平值乃由外聘专业合资格

估值师采用二项式╱布莱克 — 斯科

尔斯期权定价模型厘定，详情载列于

财务报表附注31。

151CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Employe benefits (continued)

(b) Share-based payment transactions (continued)

The cost of equity-setled transactions is recognized in

employe benefit expense, together with a coresponding

increase in equity, over the period in which the

performance and/or service conditions are fulfiled.

The cumulative expense recognized for equity-setled

transactions at the end of each reporting period until the

vesting date reflects the extent to which the vesting period

has expired and the Group’s best estimate of the number

of equity instruments that wil ultimately vest. The charge

or credit to the income statement for a period represents

the movement in the cumulative expense recognized as at

the begining and end of that period.

Service and non-market performance conditions are not

taken into acount when determining the grant date fair

value of awards, but the likelihod of the conditions being

met is asesed as part of the Group’s best estimate of

the number of equity instruments that wil ultimately vest.

Market performance conditions are reflected within the

grant date fair value. Any other conditions atached to an

award, but without an asociated service requirement,

are considered to be non-vesting conditions. Non-vesting

conditions are reflected in the fair value of an award and

lead to an imediate expensing of an award unles there

are also service and/or performance conditions.

For awards that do not ultimately vest because non-market

performance and/or service conditions have not ben met,

no expense is recognized. Where awards include a market

or non-vesting condition, the transactions are treated as

vesting irespective of whether the market or non-vesting

condition is satisfied, provided that al other performance

and/or service conditions are satisfied.

（续）

雇员褔利（续）

(b) 基于股权的支付交易（续）

以股权支付交易的成本连同股价的相

应升幅会于达到表现及╱或服务条件

的期内确认为雇员福利支出。由每个

报告期末直至归属日就以股权支付交

易确认的累计支出反映归属期届满，

以及就本集团有关最终将会归属的股

本工具数目的最佳估计。每一期间收

益表之扣除或计入，指该期间开始和

结束时已确认累计支出之变动。

厘定奖励获授当日之公平值时，并不

计及服务及非市场表现条件，惟在有

可能符合条件的情况下，作为本集团

对最终将会归属的股本工具数目最佳

估计之一部分评估。市场表现条件反

映于获授当日之公平值。奖励之任何

其他附带条件（但不带有附属服务要

求）视作非归属条件。非归属条件反

映于奖励之公平值中，除非同时具服

务及╱或表现条件，否则奖励即时支

销。

因非市场表现及╱或服务条件尚未达

到，该奖励最终未归属而不确认任何

支出。当奖励包括市场或非归属条件，

倘符合所有其他表现及╱或服务条件，

不论市场或非归属条件是否达到要求，

该等交易均视作已归属。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报152

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

3. MATERIAL ACOUNTING POLICIES (continued)

Employe benefits (continued)

(b) Share-based payment transactions (continued)

Where the terms of an equity-setled award are modified,

as a minimum an expense is recognized as if the terms

had not ben modified, if the original terms of the award

are met. In adition, an expense is recognized for any

modification that increases the total fair value of the share-

based payment transaction, or is otherwise beneficial to

the employe as measured at the date of modification.

Where an equity-setled award is canceled, it is treated

as if it had vested on the date of cancelation, and any

expense not yet recognized for the award is recognized

imediately.

This includes any award where non-vesting conditions

within the control of either the Group or the employe

are not met. However, if a new award is substituted for

the canceled award, and is designated as a replacement

award on the date that it is granted, the canceled and new

awards are treated as if they were a modification of the

original award, as described in the previous paragraph.

The dilutive efect of outstanding options is reflected as

aditional share dilution in the computation of earnings per

share.

4. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES

The preparation of the Group’s financial statements requires

management to make judgements, estimates and asumptions

that afect the reported amounts of revenue, expenses, asets

and liabilities, and their acompanying disclosures, and the

disclosure of contingent liabilities. Uncertainty about these

asumptions and estimates could result in outcomes that could

require a material adjustment to the carying amounts of the

asets or liabilities afected in the future.

（续）

雇员褔利（续）

(b) 基于股权的支付交易（续）

当以股权支付报酬的条件修订时，会

确认最少的支出，犹如条款并无修订

一般之符合奖励原先条款之水平。此

外，倘按修订日期的计算，任何修订

导致基于股权的支付交易的总公平值

有所增加，或对雇员带来其他利益，

则应就该等修订确认支出。

当以股权支付报酬注销时，会视作报

酬已于注销当日已归属，而报酬尚未

确认的任何支出会即时确认。

此包括未符合属本集团或雇员控制范

围内之非归属条款所涉及之购股权。

然而，倘注销的报酬有任何替代的新

报酬，并指定为授出当日的替代报酬，

则该项注销及报酬会如上段所述被视

为原有报酬的修订处理。

未行使购股权的摊薄影响会以额外股

份摊薄入账，计算每股盈利。

4. 重大会计判断及估计

编制本集团财务报表时，管理层须作出可

能影响收益、支出、资产及负债呈报金额

及相应披露以及或然负债披露之判断、估

计及假设。此等假设及估计之不确定因素

可能导致须于未来为受影响之资产及负债

账面值作出重大调整。

153CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

4. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES (continued)

Judgements

In the proces of aplying the Group’s acounting policies,

management has made the folowing judgements, apart from

those involving estimations, which have the most significant

efect on the amounts recognized in the financial statements:

(a) Impairment of asets

In determining whether an aset is impaired or the event

previously causing the impairment no longer exists, the

Group has to exercise judgement in the area of aset

impairment, particularly in asesing: (1) whether an event

has ocured that may afect the aset value or such event

afecting the aset value has not ben in existence; (2)

whether the carying value of an aset can be suported

by the net present value of future cash flows which are

estimated based upon the continued use of the aset or

derecognition; and (3) the apropriate key asumptions

to be aplied in preparing cash flow projections including

whether these cash flow projections are discounted using

an apropriate rate. Changing the asumptions selected

by management to determine the level of impairment,

including the discount rates or the growth rate asumptions

in the cash flow projections, could materialy afect the net

present value used in the impairment test.

(b) Witholding taxes arising from the distributions of

dividends

The Group’s determination as to whether to acrue for

witholding taxes arising from the distributions of dividends

from certain subsidiaries acording to the relevant tax

jurisdictions is subject to judgement on the timing of the

payment of the dividend. The Group considered that if the

profits wil not be distributed in the foreseable future, then

no witholding taxes should be provided.

（续）

判断

于应用本集团之会计政策过程中，管理层

已作出下列对财务报表内所确认金额产生

最重大影响之判断（不包括涉及估计者）：

(a) 资产减值

厘定资产有否出现减值或过往导致减

值之情况是否不再存在时，本集团须

就资产减值范围作出判断，特别是评

估(1)有否出现可能影响资产价值之

事件或影响资产价值之该等事件已不

存在；(2)资产账面值是否获得日后现

金流量现值净额支持，而日后现金流

量按持续使用资产或终止确认估计；

及(3)编制现金流量预测所用适合主

要假设包括现金流量预测是否以适当

比率折现。倘管理层所选用以决定减

值水平之假设（包括现金流量预测所

用折现率或增长率假设）有变，或对

减值测试所用现值净额构成重大影响。

(b) 分派股息产生之扣缴税

本集团在决定是否应根据有关税务管

辖权就若干附属公司所分派之股息计

提扣缴税，乃按支付股息时间而作出

判断。本集团认为，倘若于可预见之

未来溢利不获分派，则毋须计提扣缴

税。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报154

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

4. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES (continued)

Judgements (continued)

ocupied properties

The Group determines whether a property qualifies as an

investment property, and has developed criteria in making

that judgement. Investment property is a property held to

earn rentals or for capital apreciation or both. Therefore,

the Group considers whether a property generates cash

flows largely independently of the other asets held by the

Group. Some properties comprise a portion that is held

to earn rentals or for capital apreciation and another

portion that is held for use in the production or suply of

gods or services or for administrative purposes. If these

portions could be sold separately or leased out separately

under a finance lease, the Group acounts for the portions

separately. If the portions could not be sold separately, the

property is an investment property only if an insignificant

portion is held for use in the production or suply of gods

or services or for administrative purposes. Judgement is

made on an individual property basis to determine whether

ancilary services are so significant that a property does not

qualify as an investment property.

(d) Clasification betwen finance leases and operating

leases

Leases are required to be clasified as either finance

leases (which transfer substantialy al the risks and

rewards of ownership, and give rise to the recognition of a

receivable by the lesor) or operating leases (which result

in the recognition of the leased aset by the lesor).

Situations that would normaly lead to a lease being

clasified as a finance lease include the folowing:

• the lease transfers ownership of the aset to the

lese by the end of the lease term;

（续）

判断（续）

本集团厘定一项物业是否符合投资物

业资格，并已制定作出此类判断的准

则。投资物业指为赚取租金或资本升

值或两者兼得而持有的物业。因此，

本集团考虑一项物业产生的现金流量

是否很大程度上独立于本集团持有的

其他资产。一些物业部分是为赚取租

金或资本升值而持有，而另一部分为

用于生产或提供货品或服务或行政用

途而持有。倘该等部分可分开出售或

根据融资租赁分开出租，则本集团对

该等部分独立列账。倘该等部分不能

分开出售，则只有在为用于生产或提

供货品或服务或行政用途而持有的部

分不重大的情况下，该物业方属投资

物业。判断是对各单项物业作出，以

确定配套服务是否如此重要以致物业

不符合投资物业的资格。

(d) 融资租赁与经营租赁的划分

租赁须分类为融资租赁（此租赁转移

拥有权之所有回报及风险大部分，及

导致出租人确认应收款）或经营租赁

（此租赁导致出租人仍确认租赁资产）。

以下情况一般会将租赁分类为融资租

赁：

，租赁将资产

的拥有权转移给承租人；

155CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

4. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES (continued)

Judgements (continued)

(d) Clasification betwen finance leases and operating

leases (continued)

• the lese has the option to purchase the aset at

a price which is expected to be suficiently lower

than the fair value at the date the option becomes

exercisable and, at the inception of the lease, it is

reasonably certain that the option wil be exercised;

• the lease term is for the major part of the economic

life of the aset, even if title is not transfered;

, the present value of

the minimum lease payments amounts to at least

substantialy al of the fair value of the leased aset;

• the leased asets are of a specialized nature such

that only the lese can use them without major

modifications being made.

(e) Significant judgement in determining the lease term of a

contract with a renewal option

The Group has a lease contract that includes an extension

option. The Group aplies judgement in evaluating

whether or not to exercise the option to renew the lease.

That is, it considers al relevant factors that create an

economic incentive for it to exercise the renewal. After the

comencement date, the Group reaseses the lease term

if there is a significant event or change in circumstances

that is within its control and afects its ability to exercise or

not to exercise the option to renew.

The Group includes the renewal period as part of the lease

term for a lease of its property due to the significance of

the aset to its operations. The lease has a short non-

cancelable period (i.e., five years) and there wil be a

significant negative efect on operation if a replacement is

not readily available.

（续）

判断（续）

(d) 融资租赁与经营租赁的划分（续）

所订立的购买价格预计将远低

于行使选择权时的公平值，并

于租赁开始日时，就可合理地

确定该选择权将被行使；

，但租赁期

占资产使用寿命的大部分；

，最少应付租赁

款项的现值几乎相当于租赁资

产的公平值；或

，如果不作

较大改造，只有承租人才能使用。

(e) 厘定附有续租选择权的合同租期的重

大判断

本集团有一张含延期选择权的租赁合

同。本集团运用判断以评估是否行使

选择权作续租。就此，本集团会考虑

产生经济诱因以使其行使续租的所有

相关因素。于开始日期后，倘出现本

集团可予控制的重大事项或情况改变，

并影响其行使或不行使续租选择权的

能力，则本集团会重新评估租期。

由于该资产对本集团营运构成重要性，

本集团将续租期计入物业租赁租期的

一部分。该租赁有一个不可撤销的短

期间（即五年），而倘替代品是不易可

得的，则将会对营运造成重大负面影

响。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报156

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

4. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES (continued)

Estimation uncertainty

The key asumptions concerning the future and other key

sources of estimation uncertainty at the end of the reporting

period, that have a significant risk of causing a material

adjustment to the carying amounts of asets and liabilities within

the next financial year, are described as below.

(a) Estimation regarding provision for expected credit loses

on trade receivables and finance lease receivables

The Group uses a provision matrix to calculate ECLs for

trade receivables and finance lease receivables. The

provision rates are based on days past due for groupings of

various customer segments that have similar los paterns.

The Group takes into consideration information that is

available at the reporting date about past events, curent

conditions and forecasts of future economic conditions.

The provision matrix is initialy based on the Group’s

historical observed default rates. The Group wil calibrate

the matrix to adjust the historical credit los experience

with forward-loking information. For instance, if forecast

economic conditions are expected to deteriorate over

the next year which can lead to an increased number of

defaults in the manufacturing sector, the historical default

rates are adjusted. At each reporting date, the historical

observed default rates are updated and changes in the

forward-loking estimates are analyzed.

The asesment of the corelation among historical

observed default rates, forecast economic conditions

and ECLs is a significant estimate. The amount of ECLs

is sensitive to changes in circumstances and forecast

economic conditions. The Group’s historical credit los

experience and forecast of economic conditions may

also not be representative of a customer’s actual default

in the future. The information about the ECLs on the

Group’s trade receivables and finance lease receivables is

disclosed in notes 21 and 23 to the financial statements,

respectively.

（续）

估计不明朗因素

大有可能导致下一财政年度之资产及负债

账面值须作重大调整之未来主要假设及报

告期末之其他主要估计不明朗因素讨论如下。

(a) 应收贸易账款及应收融资租赁账款预

期信贷亏损拨备之估计

本集团利用拨备矩阵计算应收贸易账

款及应收融资租赁账款之预期信贷亏

损。拨备率乃基于多个具有类似亏损

模式之客户分部组别之逾期天数厘定。

本集团考虑于报告日期可得的有关过

往事项、当前状况及未来经济状况预

测之资料。

拨备矩阵初始以本集团观察所得之历

史违约率为基础。本集团将校准矩阵，

以利用前瞻性资料调整历史信贷亏损

经验。举例而言，倘预测经济状况预

期于来年转差，导致制造界别违约宗

数上升，则会调整历史违约率。于各

报告日期，本集团会更新其观察所得

之历史违约率，并分析前瞻性估计之

变动。

对观察所得之历史违约率、预测经济

状况及预期信贷亏损三者之相互关系

之评估属重大估计。预期信贷亏损之

金额易受状况变动及预测经济状况影

响。本集团之历史信贷亏损经验及对

经济状况之预测亦未必能反映客户日

后之实际违约情况。有关本集团应收

贸易账款及应收融资租赁账款的预期

信贷亏损的资料分别披露于财务报表

附注21及23。

157CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

4. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES (continued)

Estimation uncertainty (continued)

(b) Estimation regarding inventory provision

Management of the Group reviews the inventory ageing

analysis on a periodic basis for those aged inventories.

This involves comparison of the carying value of the aged

inventory items with the respective net realizable value.

In adition, management of the Group considers various

factors, including historical sales paterns, post year-end

usage or sales and seling prices of inventories, market

demand, technological changes and the Group’s future

plan of usage or sale to ascertain whether provision is

required to be made in the financial statements for any

obsolete and slow-moving items. Physical counts on al

inventories are caried out on a periodic basis in order to

determine whether any provision is required to be made in

respect of any obsolete and defective inventories identified.

The net carying amount of inventories as at 31 March

2025 was HK$788,554,000 (2024: HK$694,637,000),

details of which are set out in note 20 to the financial

statements.

The Group determines whether godwil is impaired at

least on an anual basis. This requires an estimation of

the value in use of the cash-generating units to which the

godwil is alocated. Estimating the value in use requires

the Group to make an estimate of the expected future

cash flows from the cash-generating unit and also to

chose a suitable discount rate and growth rate in order

to calculate the present value of those cash flows. The

net carying amount of godwil as at 31 March 2025 was

HK$51,905,000 (2024: HK$51,905,000). More details of

the impairment asesment are given in note 17.

（续）

估计不明朗因素（续）

(b) 存货拨备之估计

本集团之管理层定期检阅陈旧存货之

货龄分析，此涉及将陈旧存货项目之

账面值与可变现净值作比较。另外，

本集团之管理层考虑因素包括过往销

售记录、期末后存货使用或销售情况

及售价、市场需求、技术变更以及本

集团未来存货的使用或销售计划。其

目的在于确定有否需要对任何陈旧及

滞销之项目于财务报表计提拨备。此

外，亦定期进行人手点算所有存货，

以决定是否需要对任何已辨别之陈旧

存货及次货计提拨备。于二零二五年

三月三十一日的存货账面净值为港

币788,554,000元（二零二四年：港币

694,637,000元），详情载列于财务报

表附注20。

本集团至少每年厘定商誉是否减值，

对已获分配商誉之现金产出单位之使

用价值作出估计。估计使用价值要求

本集团对来自现金产出单位之预期未

来现金流量作出估计，亦要选择合适

折现率及增长率计算该等现金流量之

现值。于二零二五年三月三十一日，

商誉之账面净值为港币51,905,000元

（二零二四年：港币51,905,000元）。

减值评估之详情载列于附注17。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报158

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

5. OPERATING SEGMENT INFORMATION

The Group is principaly involved in the manufacture and sale of

plastic injection moulding machines and related products. For

management purposes, the Group is organized into busines

units based on the locations of customers and has thre

reportable operating segments as folows:

(i) Mainland China and Hong Kong;

(i) Taiwan; and

(i) Other overseas countries.

Management monitors the results of the Group’s operating

segments separately for the purpose of making decisions about

resource alocation and performance asesment. Segment

performance is evaluated based on reportable segment profit,

which is a measure of adjusted profit before tax. The adjusted

profit before tax is measured consistently with the Group’s profit

before tax except that interest income, unalocated income

and gains, non-lease-related finance costs, share of profits les

loses of asociates and corporate and unalocated expenses are

excluded from such measurement.

Segment asets exclude investments in asociates, defered

tax asets and cash and bank balances except pledged bank

deposits. Segment liabilities exclude tax payable and defered

tax liabilities.

There are no significant sales betwen the reportable operating

segments.

5. 经营分部资料

本集团主要从事制造及销售注塑机及有关

产品。就管理而言，本集团根据其客户所

在地分为不同业务单位，有下列三个可报

告经营分部：

(i) 中国大陆及香港；

(i) 台湾；及

(i) 其他海外国家。

管理层会分开监察本集团之经营分部之业

绩，以就资源分配及表现评估方面作出决

定。分部表现乃根据经调整之除税前溢利

而计量之可报告分部溢利来作评估。经调

整除税前溢利与本集团之除税前溢利计量

一致，惟利息收入、未摊分收入及收益、

非租赁有关的融资成本、应占联营公司溢

利减亏损及企业及未摊分支出不计入有关

计量中。

分部资产扣除于联营公司之投资、递延税

项资产及现金及银行结存（抵押银行存款除

外）。分部负债扣除应付税项及递延税项负

债。

可报告经营分部之间并没有重大销售。

159CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

5. OPERATING SEGMENT INFORMATION (continued)

The folowing tables present revenue, results, certain asets,

liabilities and expenditure information for the Group’s operating

segments for the years ended 31 March 2025 and 2024.

（续）

下表载列截至二零二五年及二零二四年三

月三十一日止年度本集团经营分部之收益、

业绩、若干资产、负债及开支资料。

从对外客户的

分部收益

Segment revenue

from external customers

分部业绩

Segment results

（港币千元）(HK$’000)2025202420252024

中国大陆及香港Mainland China and Hong Kong1,840,0821,449,902183,370114,900

台湾Taiwan38,61637,815(1,610)(3,682)

其他海外国家Other overseas countries716,037521,82826,82537,497

2,594,7352,009,545208,585148,715

经营分部业绩与

除税前溢利

调节如下：

Reconciliation of results of operating

segments to profit before tax is

as folows:

经营分部业绩Operating segment results208,585148,715

未摊分收入及收益Unalocated income and gains28,72623,828

企业及未摊分支出Corporate and unalocated expenses(48,500)(47,280)

融资成本（租赁负债

利息除外）

Finance costs (other than interest on

lease liabilities)(597)(69)

应占联营公司溢利减亏损Share of profits les loses of asociates1,411(52)

除税前溢利Profit before tax189,625125,142

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报160

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

5. OPERATING SEGMENT INFORMATION (continued)5. 经营分部资料（续）

分部资产分部负债

Segment asetsSegment liabilities

（港币千元）(HK$’000)2025202420252024

中国大陆及香港Mainland China and Hong Kong3,002,4852,705,3521,008,908834,726

台湾Taiwan58,64162,75614,49113,668

其他海外国家Other overseas countries715,106494,193117,56993,917

3,776,2323,262,3011,140,968942,311

于联营公司之投资Investments in asociates25,67324,607–

未摊分资产Unalocated asets557,059856,842–

未摊分负债Unalocated liabilities–129,624127,370

4,358,9644,143,7501,270,5921,069,681

其他分部资料

Other segment information

折旧及摊销其他非现金支出资本开支

Depreciation and

amortization

Other non-cash

expenses

Capital

expenditure

（港币千元）(HK$’000)202520242025202420252024

中国大陆及香港Mainland China and Hong Kong55,98354,81829,01412,06363,22366,358

台湾Taiwan524485106–442260

其他海外国家Other overseas countries2,0511,6561838378766

58,55856,95929,30312,07164,04367,384

161CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

5. OPERATING SEGMENT INFORMATION (continued)

The non-curent aset information above is based on the

locations of the asets and excludes defered tax asets and

financial instruments.

Information about major customers

For the years ended 31 March 2025 and 2024, no revenue from

transactions with a single external customer amounted to 10% or

more of the Group’s total revenue.

6. REVENUE

The Group’s revenue from contracts with customers is related

to the sale of plastic injection moulding machines and related

products, and al the revenue is recognized at a point in time

when control of gods is transfered to customers generaly on

delivery of the gods.

（续）

非流动资产

Non-curent asets

（港币千元）(HK$’000)20252024

中国大陆及香港Mainland China and Hong Kong1,041,0941,069,984

台湾Taiwan15,72416,922

其他海外国家Other overseas countries1,835433

1,058,6531,087,339

上述之非流动资产资料乃按资产所在地及

扣除递延税项资产及金融工具计算。

主要客户之资料

截至二零二五年及二零二四年三月三十一

日止年度，与单一对外客户之交易收益并

无占本集团总收益之10%或以上。

6. 收益

本集团来自客户合约的收益与销售注塑机

及有关产品有关，并且所有收益均于货品

控制权转移至客户时确认，一般为交付货

品时。

（港币千元）(HK$’000)20252024

来自客户合约的收益Revenue from contracts with customers2,594,7352,009,545

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报162

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

6. REVENUE (continued)

Disagregated revenue information

The folowing table shows the amount of revenue recognized in

the curent reporting period that was included in the contract

liabilities at the begining of the reporting period:

Performance obligations

Information about the Group’s performance obligations is

sumarized below:

Sale of plastic injection moulding machines and related products

The performance obligation is satisfied upon delivery of the

gods and payment is generaly due betwen 30 days and 180

days from delivery.

（续）

分拆收益资料

（港币千元）(HK$’000)20252024

来自客户合约的

收益 — 销售注塑机及

有关产品

Revenue from contracts with customers

— sale of plastic injection moulding

machines and related products

按地域区分之市场Geographical markets

中国大陆及香港Mainland China and Hong Kong1,840,0821,449,902

台湾Taiwan38,61637,815

其他海外国家Other overseas countries716,037521,828

来自客户合约的收益总计Total revenue from contracts with customers2,594,7352,009,545

下表载列计入报告期初合约负债而于本报

告期内确认的收益金额：

（港币千元）(HK$’000)20252024

计入报告期初

合约负债的

已确认收益：

Revenue recognized that was included in

contract liabilities at the begining of

the reporting period:

销售注塑机及

有关产品

Sale of plastic injection moulding

machines and related products60,30065,620

履约责任

有关本集团履约责任的资料概列如下：

销售注塑机及有关产品

履约责任于交付货品后达成，而付款一般

于交付起计三十天至一百八十天内到期。

163CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

7. PROFIT BEFORE TAX

The Group’s profit before tax is arived at after charging/

(crediting):

7. 除税前溢利

本集团之除税前溢利已扣除╱（计入）下列

各项：

（港币千元）(HK$’000)附注 Notes20252024

售出存货成本Cost of inventories sold1,984,9831,532,561

物业、厂房及设备

之折旧

Depreciation of property,

plant and equipment1452,60651,176

使用权资产之折旧Depreciation of right-of-use asets16(a)5,1524,971

无形资产之摊销Amortization of intangible asets18800812

出售物业、厂房及设备

及使用权资产

之收益净额*

Gain on disposal of items of property,

plant and equipment and right-of-

use aset, net*(2,157)(1,245)

出售附属公司之收益净额Gain on disposal of subsidiaries, net38(17,886)–

注销附属公司之收益Gain on deregistration of a subsidiary–(83)

物业、厂房及设备

之注销*

Write-of of items of property,

plant and equipment*146,3591,511

不记入租赁负债计量的

租赁款

Lease payments not included in the

measurement of lease liabilities16(c)4,4752,959

提前终止租赁收益Gain on early termination of a lease16(c)–(9)

研究及开发费用Research and development costs78,98679,077

政府补助款/Government grants/(38,610)(41,822)

核数师酬金Auditor’s remuneration2,7562,738

员工福利支出（董事薪酬

除外 — 附注9）：

Employe benefit expenses (excluding

directors’ emoluments — note 9):

工资及薪酬Wages and salaries367,637322,342

以股权支付的购股权支出Equity-setled share option expenses1,248783

退休金计划供款

（定额供款计划）*

Pension scheme contributions

(defined contribution scheme)*52,52442,655

退休金计划成本

（定额福利计划）

Pension scheme costs

(defined benefit scheme)28(29)27

应收贸易账款减值╱

（减值拨回）净额*

Impairment/(write-back of impairment)

of trade receivables, net*2110,755(2,956)

存货拨备╱（拨备拨回）

净额

Provision/(write-back of provision)

for inventories, net9,814(1,045)

汇兑差额净额Foreign exchange diferences, net4,762(201)

投资物业之公平值

亏损*

Fair value loses on investment

properties*1522,94410,569

自用物业之租金

收入总值*

Gros rental income on

owner-ocupied properties*(5,829)(5,973)

减：因自用物业赚取

租金产生之

直接经营开支

Les: Direct operating expenses

arising from rental-earning

owner-ocupied properties3536

自用物业之租金

收入净额

Net rental income on

owner-ocupied properties(5,794)(5,937)

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报164

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

7. PROFIT BEFORE TAX (continued)

The Group’s profit before tax is arived at after charging/

(crediting): (continued)

“Other income and gains, net” on the

face of the consolidated income statement.

This item is included in “Cost of sales” on the face of the

consolidated income statement.

* These items are included in “Other operating expenses, net” on

the face of the consolidated income statement.

Various government grants have ben received mainly for

seting up research activities in Mainland China. Conditions or

contingencies relating to these grants are fulfiled and they are

not deducted from the related costs for which they are intended

to compensate, but recorded in other income. Government grants

received for which related expenditure has not yet ben incured

to which there were unfulfiled conditions are included in “Other

payables and acruals” on the face of the consolidated statement

of financial position.

* As at 31 March 2025 and 31 March 2024, the Group had no

forfeited contributions available to reduce its contributions to the

pension schemes in future years.

（续）

本集团之除税前溢利已扣除╱（计入）下列

各项：（续）

（港币千元）(HK$’000)20252024

投资物业之租金

收入总值*

Gros rental income on investment

properties*(31,358)(31,319)

减：因投资物业赚取

租金产生之

直接经营开支

Les: Direct operating expenses

arising from rental-earning

investment properties1,4701,470

投资物业之

租金收入净额

Net rental income on

investment properties(29,888)(29,849)

利息收入Interest income(28,672)(23,603)

融资租赁利息收入Finance lease interest income(54)(225)

「其他收

入及收益净额」内。

该项目已包括于综合收益表之「销售成本」

内。

* 该等项目已包括于综合收益表之「其他经

营支出净额」内。

因主要于中国大陆开展研究活动下收取的

补助而收到多项政府补助。收到的政府补

助，倘若无附带任何未实现之条件或有事

项且与意图补助之成本并不匹配，则被确

认为其他收入。倘若与收到的政府补助所

匹配的相关支出尚未发生或所附带条件尚

未实现，则在综合财务状况表中作为「其

他应付账款及应计负债」列示。

* 于二零二五年三月三十一日及二零二四年

三月三十一日，本集团并无可用作扣减其

来年退休金计划供款的没收供款。

165CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

8. FINANCE COSTS

9. DIRECTORS’ EMOLUMENTS

Directors’ emoluments for the year, disclosed pursuant to the

Listing Rules, section 383(1)(a), (b), (c) and (f) of the Hong Kong

Companies Ordinance and Part 2 of the Companies (Disclosure

of Information about Benefits of Directors) Regulation, are as

folows:

Executive directors were granted share options under the share

option scheme of the Company adopted on 24 September

2014 in respect of their services and contribution to the Group,

further details of which are set out in note 31 to the financial

statements. The fair value of such share options, which has ben

recognized in the income statement over the vesting periods,

was determined as at the date of grant and the amount included

in the financial statements for the curent year is included in the

above directors’ emoluments disclosures.

8. 融资成本

（港币千元）(HK$’000)20252024

银行贷款利息Interest on bank loans59769

租赁负债利息Interest on lease liabilities9641,130

1,5611,199

9. 董事薪酬

根据上市规则及香港公司条例第383(1)(a)、

(b)、(c)及(f)条以及公司（披露董事利益资

料）规例第2分部，年内董事薪酬披露如下：

（港币千元）(HK$’000)20252024

袍金：Fes:

执行董事Executive directors–

独立非执行董事Independent non-executive directors1,1871,209

其他薪酬：Other emoluments:

薪金、津贴及实物利益Salaries, alowances and benefits in kind8,0558,108

表现挂钩花红Performance related bonuses3,7471,536

以股权支付的购股权支出Equity-setled share option expenses152423

退休金计划供款Pension scheme contributions3636

袍金及其他薪酬总计Total fe and other emoluments13,17711,312

执行董事就彼等为本集团提供的服务及贡

献，根据本公司于二零一四年九月二十四

日采纳之购股权计划获授购股权，进一步

详请载列于财务报表附注31。该等购股权

的公平值（已于归属期内在收益表中确认）

按照于授予日期的价值厘定及计入本年度

财务报表，并已于上述董事薪酬中披露。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报166

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

9. DIRECTORS’ EMOLUMENTS (continued)

(a) Independent non-executive directors

The fes paid to independent non-executive directors

during the year were as folows:

There were no other emoluments payable to the

independent non-executive directors during the year (2024:

Nil).

The independent non-executive directors’ emoluments

shown above were for their services as directors of the

Company.

Mr. Bernard Charnwut CHAN retired as an independent

non-executive director with efect from the conclusion of

the anual general meting of the Company held on 26

August 2024.

Mr. Clement King Man KWOK was apointed as an

independent non-executive director of the Company with

efect from 1 December 2024.

（续）

(a) 独立非执行董事

年内，支付予独立非执行董事的袍金

如下：

（港币千元）(HK$’000)20252024

陈智思先生Mr. Bernard Charnwut CHAN105258

许志伟先生Mr. Hary Chi HUI210153

Anish LALVANI先生Mr. Anish LALVANI266276

利子厚先生Mr. Michael Tze Hau LE264264

陈庆光先生Mr. Johnson Chin Kwang TAN269258

郭敬文先生Mr. Clement King Man KWOK73–

总计Total1,1871,209

年内，并无其他薪酬支付予独立非执

行董事（二零二四年：无）。

上表所示独立非执行董事之薪酬乃与

彼等担任本公司董事之服务有关。

陈智思先生退任本公司独立非执行董

事，自二零二四年八月二十六日举行

之本公司股东周年大会结束后生效。

郭敬文先生获委任为本公司之独立非

执行董事，自二零二四年十二月一日

起生效。

167CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

9. DIRECTORS’ EMOLUMENTS (continued)

(b) Executive directors

* The performance related bonus was determined by

reference to the Company’s performance as wel as the

individual performance and contribution.

（续）

(b) 执行董事

（港币千元）(HK$’000)

袍金

Fes

薪金、

津贴及

实物利益

Salaries,

alowances

and benefits

in kind

表现

挂钩花红

Performance

bonuses

以股权

支付的

购股权支出

Equity-

setled

share option

expenses

退休金

计划供款

Pension

scheme

contributions

薪酬总计

Total

emoluments

蒋丽苑女士Ms. Lai Yuen CHIANG–6,1303,155116189,419

钟效良先生Mr. Stephen Hau Leung CHUNG–1,92559236182,571

–8,0553,7471523611,990

（港币千元）(HK$’000)

袍金

Fes

薪金、

津贴

及实物利益

Salaries,

alowances

and benefits

in kind

表现

挂钩花红

Performance

bonuses

以股权

支付的

购股权支出

Equity-

setled

share option

expenses

退休金

计划供款

Pension

scheme

contributions

薪酬总计

Total

emoluments

蒋丽苑女士Ms. Lai Yuen CHIANG–6,1831,536308188,045

钟效良先生Mr. Stephen Hau Leung CHUNG–1,925–115182,058

–8,1081,5364233610,103

* 表现挂钩花红乃参照公司表现以及

根据个人表现与贡献而厘定。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报168

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

9. DIRECTORS’ EMOLUMENTS (continued)

(b) Executive directors (continued)

The emoluments of the executive directors fel within the

folowing bands:

The executive directors’ emoluments shown above were for

their services in conection with the management of the

afairs of the Company and the Group.

The senior management of the Company is also the

executive directors of the Company.

There was no arangement under which a director waived

or agred to waive any remuneration during the years

ended 31 March 2025 and 2024.

During the year, no emoluments were paid by the Group to

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

Group, or as compensation for los of ofice (2024: Nil).

（续）

(b) 执行董事（续）

执行董事薪酬范围如下：

董事人数

Number of directors

（港币）(HK$)20252024

2,000,001 – 2,500,000–1

2,500,001 – 3,000,0001–

8,000,001 – 8,500,000–1

9,000,001 – 9,500,0001–

上表所示执行董事之薪酬乃与彼等就

管理本公司及本集团事务之服务有关。

本公司之高级管理人员同时为本公司

执行董事。

截至二零二五年及二零二四年三月

三十一日止年度内并无安排致使董事

放弃或同意放弃任何薪酬。

年内，本集团并无支付薪酬予董事以

促使对方加入本集团或作为加入本集

团时之报酬、或离职补偿（二零二四

年：无）。

169CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

10. FIVE HIGHEST PAID EMPLOYES

The five highest paid employes during the year included two

(2024: two) directors, details of whose emoluments are set out in

note 9 to the financial statements.

Details of the remuneration for the year of the thre (2024: thre)

non-director highest paid employes are as folows:

The remuneration of the non-director highest paid employes fel

within the folowing bands:

Share options were granted under the share option scheme

of the Company adopted on 24 September 2014 to the non-

director highest paid employes in respect of their services and

contribution to the Group, further details of which are set out in

note 31 to the financial statements. The fair value of such share

options, which has ben recognized in the income statement

over the vesting periods, was determined as at the date of grant

and the amount included in the financial statements for the

curent year is included in the above non-director highest paid

employes’ remuneration disclosures.

10. 五名获最高薪酬之雇员

年内，五名获最高薪酬之雇员包括二名（二

零二四年：二名）董事，其薪酬已载列于财

务报表附注9。

三名（二零二四年：三名）非董事最高薪酬

雇员的年内薪酬详情如下：

（港币千元）(HK$’000)20252024

薪金、津贴及实物利益Salaries, alowances and benefits in kind3,1493,226

表现挂钩花红Performance related bonuses7060

以股权支付的购股权支出Equity-setled share option expenses13489

退休金计划供款Pension scheme contributions3654

3,3893,429

非董事最高薪酬雇员薪酬范围如下：

雇员人数

Number of employes

（港币）(HK$)20252024

500,001 – 1,000,00011

1,000,001 – 1,500,00022

非董事最高薪酬雇员就彼为本集团提供的

服务及贡献，根据本公司于二零一四年九

月二十四日采纳之购股权计划获授购股权，

进一步详情载列于财务报表附注31。该等

购股权的公平值（已于归属期内在收益表中

确认）按照于授予日期的价值厘定及计入本

年度财务报表，并已于上述非董事最高薪

酬雇员薪酬中披露。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报170

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

11. INCOME TAX EXPENSE

No provision for Hong Kong profits tax has ben made as the

Group did not generate any asesable profits arising in Hong

Kong during the year (2024: Nil). Taxes on profits asesable

elsewhere have ben calculated at the rates of tax prevailing in

the countries/jurisdictions in which the Group operates.

A reconciliation of the tax expense aplicable to profit before tax

at the statutory rates, ranging from 15% to 40% (2024: 15% to

40%), for the countries/jurisdictions in which the Company and

its subsidiaries are domiciled and/or operate to the tax expense

at the efective tax rate is as folows:

11. 所得税支出

本集团年内未有计提香港利得税，乃由于

本集团于该年度没有产生源于香港之应课

税溢利（二零二四年：无）。其他地区之溢

利税项则按本集团经营业务所在国家╱司

法权区之现行税率计算。

（港币千元）(HK$’000)20252024

即期：Curent:

本年度支出Charge for the year

香港Hong Kong–

其他地区Elsewhere33,99726,293

过往年度少提╱（多提）拨备Underprovision/(overprovision) in prior years117(2,621)

递延（附注29）Defered (note 29)1,5062,611

本年度税项支出Tax charge for the year35,62026,283

就除税前溢利以适用于本公司及其附属公

司住所及╱或经营所在国家╱司法权区之

法定税率计算（税率由15%至40%（二零

二四年：15%至40%）之税项支出，与按

实际税率计算之税项支出之调节如下：

（港币千元）(HK$’000)20252024

除税前溢利Profit before tax189,625125,142

按法定税率计算之税项Tax at the statutory tax rates55,66935,848

个别省份或地方机构之

税务宽减╱较低税率

Tax concesions/lower tax rates for

specific provinces and local authorities(25,365)(14,482)

联营公司应占溢利及亏损Profits and loses atributable to asociates(353)14

不可扣税之支出Expenses not deductible for tax16,76915,875

毋须缴纳税项之收入Income not subject to tax(11,719)(7,009)

未确认之本年度税项亏损Tax loses for the year not recognized2,3505,094

使用未确认之过往年度

税项亏损

Unrecognized tax loses from prior

years utilized(5,247)(3,008)

过往年度即期税项之

调整

Adjustments in respect of curent tax

of prior years117(2,621)

本集团之附属公司分配利润

产生扣缴税之影响

Efect of witholding tax on distributable

profits of the subsidiaries of the Group3,399(3,428)

按本集团实际税率计算之

税项支出

Tax charge at the Group’s efective

tax rate35,62026,283

171CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

12. DIVIDENDS

The proposed final dividend for the year is subject to the

aproval of the Company’s shareholders at the forthcoming

anual general meting. These financial statements do not

reflect the final dividend payable.

13. EARNINGS PER SHARE ATRIBUTABLE TO EQUITY

HOLDERS OF THE COMPANY

The calculation of the basic earnings per share is based on the

Group’s profit atributable to equity holders of the Company for

the year of HK$154,386,000 (2024: HK$100,853,000) and on

the weighted average number of ordinary shares of 630,531,600

(2024: 630,531,600) outstanding during the year.

No adjustment has ben made to the basic earnings per share

amounts presented for the years ended 31 March 2025 and

2024 in respect of a dilution as the exercise prices of the share

options of the Company outstanding during the years are higher

than the average market prices of the Company’s ordinary shares

and, acordingly, such share options held have no dilutive efect

on the basic earnings per share amounts presented.

12. 股息

（港币千元）(HK$’000)20252024

年内已付股息：Dividends paid during the year:

截至二零二四年三月三十一日止

财政年度之末期 —

每股普通股港币0.050元

（截至二零二三年三月三十一日

止年度：港币0.073元）

Final in respect of the financial year

ended 31 March 2024 — HK$0.050

(year ended 31 March 2023: HK$0.073)

per ordinary share

31,52746,029

中期 — 每股普通股港币0.038元

（二零二四年：港币0.030元）

Interim — HK$0.038 (2024: HK$0.030)

per ordinary share23,96018,916

55,48764,945

建议末期股息：Proposed final dividend:

末期 — 每股普通股港币0.080元

（二零二四年：港币0.050元）

Final — HK$0.080 (2024: HK$0.050)

per ordinary share50,44331,527

本年度建议之末期股息须经本公司股东在

即将举行之股东周年大会批准后方可作实。

该等财务报表并未反映应付末期股息。

13. 本公司权益持有人应占每股盈利

每股基本盈利乃根据年内本公司权益持有

人应占本集团溢利港币154,386,000元（二

零二四年：港币100,853,000元）及年内已

发行普通股之加权平均数630,531,600股（二

零二四年：630,531,600股）计算所得。

由于截至二零二五年及二零二四年三月

三十一日止年度尚未行使的购股权的行使

价高于本公司的平均市价，因此，所持该

等购股权对每股普通股的基本盈利金额并

无摊薄效果，故于该年内概无就所呈列的

每股基本盈利金额就摊薄进行调整。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报172

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

14. PROPERTY, PLANT AND EQUIPMENT

31 March 2025

, included in land and buildings was a

frehold land of HK$4,496,000 (2024: HK$4,694,000).

、厂房及设备

二零二五年三月三十一日

厂房、

机器、家私

及其他设备

(港币千元)(HK$’000)

土地

及楼宇*

Land and

buildings*

在建工程

Construction

in progres

Plant,

machinery,

furniture

and other

equipment

总计

Total

于二零二四年四月一日At 1 April 2024

成本Cost637,7773,3391,061,5731,702,689

累计折旧及减值Acumulated depreciation and impairment(383,469)–(767,470)(1,150,939)

账面净值Net carying amount254,3083,339294,103551,750

于二零二四年四月一日，

已扣除累计折旧及减值

At 1 April 2024, net of acumulated

depreciation and impairment254,3083,339294,103551,750

添置Aditions34752,12011,57664,043

出售Disposals–(56)(56)

注销Write-ofs–(64)(6,295)(6,359)

转拨Transfers–(4,801)4,801–

本年度折旧拨备Depreciation provided during the year(26,302)–(26,304)(52,606)

汇兑调整Exchange realignment(3,736)(83)(6,138)(9,957)

于二零二五年三月三十一日，

已扣除累计折旧及减值

At 31 March 2025, net of acumulated

depreciation and impairment224,61750,511271,687546,815

于二零二五年三月三十一日At 31 March 2025

成本Cost621,24350,5111,013,4971,685,251

累计折旧及减值Acumulated depreciation and impairment(396,626)–(741,810)(1,138,436)

账面净值Net carying amount224,61750,511271,687546,815

，土地及楼宇

包括永久业权土地港币4,496,000元（二零

二四年：港币4,694,000元）。

173CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

14. PROPERTY, PLANT AND EQUIPMENT (continued)

31 March 2024

、厂房及设备（续）

二零二四年三月三十一日

（港币千元）(HK$’000)

土地

及楼宇*

Land and

buildings*

在建工程

Construction

in progres

厂房、

机器、家私

及其他设备

Plant,

machinery,

furniture

and other

equipment

总计

Total

于二零二三年四月一日At 1 April 2023

成本Cost681,28511,9061,085,0561,778,247

累计折旧及减值Acumulated depreciation and impairment(390,548)–(802,317)(1,192,865)

账面净值Net carying amount290,73711,906282,739585,382

于二零二三年四月一日，

已扣除累计折旧及减值

At 1 April 2023, net of acumulated

depreciation and impairment290,73711,906282,739585,382

添置Aditions–4,49340,07544,568

出售Disposals–(323)(323)

注销Write-ofs–(1,511)(1,511)

转拨Transfers2,782(12,517)9,735–

转拨至投资物业Transfer to investment properties(4,356)–(4,356)

本年度折旧拨备Depreciation provided during the year(26,427)–(24,749)(51,176)

汇兑调整Exchange realignment(8,428)(543)(11,863)(20,834)

于二零二四年三月三十一日，

已扣除累计折旧及减值

At 31 March 2024, net of acumulated

depreciation and impairment254,3083,339294,103551,750

于二零二四年三月三十一日At 31 March 2024

成本Cost637,7773,3391,061,5731,702,689

累计折旧及减值Acumulated depreciation and impairment(383,469)–(767,470)(1,150,939)

账面净值Net carying amount254,3083,339294,103551,750

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报174

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

14. PROPERTY, PLANT AND EQUIPMENT (continued)

During the year ended 31 March 2024, one of the Group’s

leasehold buildings was transfered to investment properties (the

“Transfer to Investment Properties”). That leasehold building

was revalued individualy at the date of the transfer by Cushman

& Wakefield Limited, an independent firm of profesionaly

qualified valuers, at an agregate fair value of HK$76,468,000

(note 15) based on its existing use. A total revaluation surplus

of HK$72,112,000, resulting from the above valuation, had

ben credited to other comprehensive income, together with the

related defered tax liability of HK$18,028,000 (note 29). Further

details of the valuation were set out in note 15 to the financial

statements.

15. INVESTMENT PROPERTIES

The investment properties of the Group were determined

as industrial properties in Mainland China, based on the

nature, characteristics and risks of each property. Apart

from the revaluation of the Group’s investment properties of

HK$76,468,000 during the date of the Transfer to Investment

Properties as detailed in note 14 to the financial statements, the

investment properties of the Group were revalued on 31 March

2025 based on valuations performed by Cushman & Wakefield

Limited, at HK$358,347,000 (2024: HK$388,071,000). Each

year, the Group’s management decides to apoint which

external valuer to be responsible for the external valuations of the

Group’s properties. Selection criteria include market knowledge,

reputation, independence and whether profesional standards

are maintained. The Group’s management has discusions with

the valuer on the valuation asumptions and valuation results

once a year when the valuation is performed for anual financial

reporting.

The investment properties are leased to third parties under

operating leases, further sumary details of which are included

in note 16 to the financial statements.

Further particulars of the Group’s investment properties are

included on page 236.

、厂房及设备（续）

截至二零二四年三月三十一日止年度内，

本集团之一个租赁楼宇转拨至投资物业（「转

拨至投资物业」）。该租赁楼宇于转拨之日

按其现时用途作个别重估价值，其公平值

总计为港币76,468,000元（附注15），由独

立及专业资格估值师公司戴德梁行有限公

司作估值。来自以上估值之重估溢利总计

为港币72,112,000元，连同相关之递延税

项负债港币18,028,000元（附注29）已计入

其他全面收益。估值之进一步详情载列于

财务报表附注15。

15. 投资物业

（港币千元）(HK$’000)20252024

于年初的账面值Carying amount at begining of year388,071332,866

转拨至投资物业The Transfer to Investment Properties–76,468

于收益表确认之公平值

变动（附注7）

Fair value changes recognized in

the income statement (note 7)(22,944)(10,569)

汇兑调整Exchange realignment(6,780)(10,694)

于年末的账面值Carying amount at end of year358,347388,071

本集团投资物业根据各项物业之性质、特

征及风险列为位于中国大陆的工业物业。

除了本集团的投资物业港币76,468,000元

之转拨至投资物业之日的重估进一步详

情载列于财务报表附注14外，本集团投

资物业依据戴德梁行有限公司所作估值，

于二零二五年三月三十一日之重估价值

为港币358,347,000元（二零二四年：港币

388,071,000元）。本集团管理层每年会决

定委任外部估值师负责本集团物业之外部

估值。挑选之标准包括市场知识、名声、

独立性以及是否可保持专业标准。本集团

管理层每年一次于年度财务报告进行估值

时就估值假设及估值结果与估值师进行讨论。

投资物业乃根据经营租赁租予第三方，有

关概要之进一步详情载于财务报表附注16。

本集团投资物业之进一步详情载于第236页。

175CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

15. INVESTMENT PROPERTIES (continued)

Fair value hierarchy

The folowing table ilustrates the fair value measurement

hierarchy of the Group’s investment properties:

During the year, there were no transfers of fair value

measurements betwen Level 1 and Level 2 and no transfers

into or out of Level 3 (2024: Nil).

（续）

公平值层级

下表列示本集团投资物业之公平值计量层级：

于二零二五年三月三十一日的公平值计量采用

Fair value measurement as at 31 March 2025 using

于活跃市场

之报价

（第一层）

Quoted

prices in

active markets

重大可观察

输入数据

（第二层）

Significant

observable

inputs

重大不可观察

输入数据

（第三层）

Significant

unobservable

inputs总计

（港币千元）(HK$’000)(Level 1)(Level 2)(Level 3)Total

以下项目之经常性

公平值计量：

Recuring fair value

measurement for:

工业物业Industrial properties–358,347358,347

于二零二四年三月三十一日的公平值计量采用

Fair value measurement as at 31 March 2024 using

于活跃市场

之报价

（第一层）

Quoted

prices in

active markets

重大可观察

输入数据

（第二层）

Significant

observable

inputs

重大不可观察

输入数据

（第三层）

Significant

unobservable

inputs总计

（港币千元）(HK$’000)(Level 1)(Level 2)(Level 3)Total

以下项目之经常性

公平值计量：

Recuring fair value

measurement for:

工业物业Industrial properties–388,071388,071

年内，第一层与第二层之间并无任何公平

值计量转拨，亦无从第三层转入或转出（二

零二四年：无）。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报176

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

15. INVESTMENT PROPERTIES (continued)

Fair value hierarchy (continued)

Below is a sumary of the valuation technique used and the key

inputs to the valuation of investment properties:

The fair value of the Group’s industrial properties is determined

using the investment method, by capitalizing the rental

income derived from the existing tenancy with due alowance

for the reversionary potential of the property. The fair value

measurement is positively corelated to the term rent and

reversionary rent and negatively corelated to term yield and

reversionary yield.

（续）

公平值层级（续）

以下为投资物业估值所用估值方法及主要

输入数据之概要：

估值方法

Valuation

technique

重大不可观察

输入数据

Significant

unobservable

inputs

范围╱加权平均值

Range/weighted average

工业物业

Industrial properties

投资方法

Investment method

年期租金

（每月）

Term rent

(per month)

港币2,268,000元

HK$2,268,000

港币2,838,000元

HK$2,838,000

年期收益率

Term yield

6.5%-7%6.5%-7%

复归租金

（每月）

Reversionary rent

(per month)

港币2,403,000元

HK$2,403,000

港币2,608,000元

HK$2,608,000

复归收益率

Reversionary yield

6.5%-7%6.5%-7%

本集团工业物业之公平值乃使用投资方法，

以现有租约的租金收入，并计及物业的可

复归潜在作出资本化。公平值计量与年期

租金及复归租金呈正相关系以及与年期

收益率及复归收益率呈负相关系。

177CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

16. LEASES

The Group as a lese

The Group has lease contracts for certain of its properties and

ofice equipment used in its operations. Lump sum payments

were made upfront to acquire the leased land from the owners

with lease periods of 50 to 52 years (2024: 50 to 52 years) and

no ongoing payments wil be made under the terms of these

land leases. During the year ended 31 March 2025, leases of

properties generaly have lease terms betwen 1 and 7 years

(2024: betwen 1 and 7 years). Ofice equipment is individualy

of low value.

(a) Right-of-use asets

The carying amounts of the Group’s right-of-use asets

and the movements during the year are as folows:

16. 租赁

本集团作为承租人

本集团就经营中使用的若干物业及办公

室设备订有租赁合同。一次性付款已被

提前作出，以向业主收购租赁土地，租期

为五十至五十二年（二零二四年：五十至

五十二年），且根据该等土地租赁条款，将

不会支付进一步款项。截至二零二五年三

月三十一日止年度内，物业租赁之租赁期

限一般介乎一至七年（二零二四年：介乎一

至七年）。办公室设备个别为低价值。

(a) 使用权资产

于年内本集团使用权资产的账面值及

变动如下：

（港币千元）(HK$’000)

租赁土地

Leasehold

land

物业

Properties

总计

Total

于二零二三年四月一日At 1 April 202320,28920,07340,362

添置Aditions22,8161,04523,861

提前终止Early termination–(457)(457)

折旧支出Depreciation charge(985)(3,986)(4,971)

汇兑调整Exchange realignment(684)9(675)

于二零二四年三月三十一日及

二零二四年四月一日

At 31 March 2024 and

1 April 202441,43616,68458,120

添置Aditions–4,3164,316

折旧支出Depreciation charge(1,125)(4,027)(5,152)

汇兑调整Exchange realignment(694)(479)(1,173)

于二零二五年三月三十一日At 31 March 202539,61716,49456,111

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报178

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

16. LEASES (continued)

The Group as a lese (continued)

(b) Lease liabilities

The carying amount of lease liabilities and the movements

during the year are as folows:

The maturity analysis of lease liabilities is disclosed in note

40 to the financial statements.

（续）

本集团作为承租人（续）

(b) 租赁负债

年内租赁负债的账面值及变动如下：

（港币千元）(HK$’000)20252024

于四月一日之账面值Carying amount at 1 April17,33919,926

新租赁New leases4,3161,045

提早解除租赁Early termination of a lease–(466)

年内已确认

利息增加

Acretion of interest recognized

during the year9641,130

付款Payments(4,574)(4,300)

汇兑调整Exchange realignment(509)4

于三月三十一日之账面值Carying amount at 31 March17,53617,339

分析为:Analyzed into:

流动部分Curent portion4,2743,429

非流动部分Non-curent portion13,26213,910

分析为:Analyzed into:

一年内Within one year4,2743,429

第二年In the second year3,7973,564

第三至第五年

（首尾两年包括在内）

In the third to fifth years,

inclusive9,4657,830

五年后Beyond five years–2,516

17,53617,339

租赁负债的到期分析披露于财务报表

附注40。

179CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

16. LEASES (continued)

The Group as a lese (continued)

relation to leases are as folows:

(d) The total cash outflow for leases is disclosed in note 33(c)

to the financial statements.

（续）

本集团作为承租人（续）

（港币千元）(HK$’000)20252024

租赁负债利息Interest on lease liabilities9641,130

使用权资产折旧支出Depreciation charge of right-of-use asets5,1524,971

与短期租赁有关的支出

（记入销售成本、

销售及分销支出

以及行政支出）

Expense relating to short-term leases

(included in cost of sales,

seling and distribution expenses and

administrative expenses)4,3872,864

与低价值资产租赁有关的

支出（记入行政支出）

Expense relating to leases of low-value asets

(included in administrative expenses)8895

提前终止租赁收益Gain on early termination of a lease–(9)

于收益表确认的

款项总额

Total amount recognized in the income

statement10,5919,051

(d) 租赁的现金流出总额披露于财务

报表附注33(c)。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报180

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

16. LEASES (continued)

The Group as a lesor

The Group leases certain parts of its owner-ocupied properties

and investment properties (notes 14 and 15) consisting of

industrial properties in the People’s Republic of China (the

“PRC”) under operating lease arangements. The terms of the

leases generaly require the tenants to pay security deposits

and provide for periodic rent adjustments acording to the

then prevailing market conditions. Rental income recognized

by the Group during the year was HK$37,187,000 (2024:

HK$37,292,000), details of which are included in note 7 to the

financial statements.

At 31 March 2025, the undiscounted lease payments receivable

by the Group in future periods under non-cancelable operating

leases with its tenants are as folows:

（续）

本集团作为出租人

本集团根据经营租赁安排于中华人民共和

国（「中国」）出租若干部分自用物业及投资

物业（附注14及15），由工业物业组成。租

赁条款一般要求承租人支付保证金，并根

据当时市场状况定期调整租金。年内，本

集团的已确认租金收入为港币37,187,000

元（二零二四年：港币37,292,000元），详

情载于财务报表附注7。

于二零二五年三月三十一日，本集团根据

与承租人订立的不可撤销经营租赁之未来

期间的未折现应收租赁款项如下：

（港币千元）(HK$’000)20252024

一年内Within one year45,49247,475

一年以上但两年以内After one year but within two years16,88739,972

两年以上但三年以内After two years but within thre years17,24412,997

三年以上但四年以内After thre years but within four years14,7448,503

四年以上但五年以内After four years but within five years12,9527,412

超过五年After five years11,05716,174

118,376132,533

181CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

17. GODWIL

Impairment testing of godwil

Godwil acquired through busines combinations is alocated

to a group of subsidiaries in Shunde, the PRC, which is a

cash-generating unit under the reportable operating segment

in Mainland China and Hong Kong and engaged in the

manufacture and sale of plastic injection moulding machines

and related products. The recoverable amount of the subsidiaries

has ben determined based on a value in use calculation using

cash flow projections based on financial budgets covering

a five-year period. The key asumptions for the value in use

calculation include the expected growth rate and discount

rate. Changes in revenue and costs are based on management

experience and expectations of future changes in the market.

The financial budgets are prepared reflecting curent and prior

years performance and development expectations. The discount

rate aplied to the cash flow projections is 8% (2024: 10%)

which is before tax and reflects specific risks relating to the

relevant subsidiaries. The cash flows beyond the 5-year period

are extrapolated using a growth rate of 2% (2024: 2%).

17. 商誉

（港币千元）(HK$’000)

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

At 1 April 2023,

31 March 2024,

1 April 2024 and

31 March 2025

成本Cost94,923

累计减值Acumulated impairment(43,018)

账面净值Net carying amount51,905

商誉减值测试

由业务合并产生之商誉分配予本集团于中

国顺德之一组附属公司，其为位于中国大

陆及香港可报告经营分部之现金产生单位，

从事制造及销售注塑机及有关产品。该等

附属公司之可收回金额乃根据使用价值之

计算厘定，计算所用的现金流量预测以五

年财政预算为基础。此使用价值计算的主

要假设包括预期增长率及折现率。收益及

成本之变动乃根据管理层经验及对市场未

来变化之预期。财政预算的制定反映了当

年及过去年度的表现、以及发展的预期。

现金流量预测所用的折现率定为8%（二零

二四年：10%）（税前），以反映相关附属公

司之特定风险。五年期后之现金流量按增

长率2%（二零二四年：2%）推算。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报182

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

18. INTANGIBLE ASETS

31 March 2025

31 March 2024

18. 无形资产

二零二五年三月三十一日

（港币千元）(HK$’000)

技术

Know-how

于二零二四年四月一日的成本，

已扣除累计摊销及减值

Cost at 1 April 2024, net of acumulated

amortization and impairment2,648

本年度摊销拨备Amortization provided during the year(800)

汇兑调整Exchange realignment(40)

于二零二五年三月三十一日之账面净值Net carying amount at 31 March 20251,808

于二零二五年三月三十一日At 31 March 2025

成本Cost3,969

累计摊销及减值Acumulated amortization and impairment(2,161)

账面净值Net carying amount1,808

二零二四年三月三十一日

（港币千元）(HK$’000)

技术

Know-how

于二零二三年四月一日的成本，

已扣除累计摊销及减值

Cost at 1 April 2023, net of acumulated

amortization and impairment3,579

本年度摊销拨备Amortization provided during the year(812)

汇兑调整Exchange realignment(119)

于二零二四年三月三十一日之账面净值Net carying amount at 31 March 20242,648

于二零二四年三月三十一日At 31 March 2024

成本Cost4,040

累计摊销及减值Acumulated amortization and impairment(1,392)

账面净值Net carying amount2,648

183CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

19. INVESTMENTS IN ASOCIATES

The balances due to the asociates are trade related, unsecured,

interest-fre and are normaly setled on a term of 30 days.

Acordingly, as at 31 March 2025, the amounts due to

asociates of HK$407,000 (2024: HK$13,322,000) are included

in the trade and bils payables, as disclosed in note 26 to the

financial statements.

Al of the Group’s asociates are corporate entities registered in

the PRC and operating in Mainland China.

Particulars of the asociates are as folows:

Notes:

(1) The above companies use 31 March as their reporting date to

conform with their holding company’s reporting date.

(2) The English company names are translated for identification

purposes only.

19. 于联营公司之投资

（港币千元）(HK$’000)20252024

应占资产净值Share of net asets25,67324,607

应付联营公司之账款余额为贸易相关、无

抵押、免息及一般于三十天内支付。就此，

于二零二五年三月三十一日，应付联营公

司账款港币407,000元（二零二四年：港币

13,322,000元）已记入应付贸易及票据账款

内，于财务报表附注26载列。

所有本集团之联营公司均为于中国注册及

于中国大陆经营之企业法人。

联营公司之详细资料如下：

名称

Name

实收注册资本

Paid-up

registered capital

本集团应占

权益百分比

Percentage of

ownership interest

atributable

to the Group

主要业务

Principal

activities

佛山市富雄铸造厂有限公司

(1), (2)

1,520,000美元25制造及销售

球墨铸铁产品

Manufacture and sale

of iron casting products

Foshan Fu Xiong Foundry Co., Ltd.

(1), (2)

US$1,520,000

佛山市顺德区富雄机械制造有限公司

(1), (2)

800,000美元25无经营活动

Foshan Shunde Fu Xiong Machinery

Company, Limited

(1), (2)

US$800,000Dormant

附注：

以符合其控股公司之报告日期。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报184

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

19. INVESTMENTS IN ASOCIATES (continued)

The folowing table ilustrates the agregate financial information

of the Group’s asociates that are not individualy material:

20. INVENTORIES

（续）

下表列示本集团个别并非重大的联营公司

的财务资讯总额：

（港币千元）(HK$’000)20252024

占联营公司年度溢利╱（亏损）Share of the asociates’ profit/(los) for the year1,411(52)

占联营公司

其他全面支出

Share of the asociates’ other

comprehensive expenses(345)(1,004)

占联营公司

总全面收益╱（支出）

Share of the asociates’ total

comprehensive income/(expenses)1,066(1,056)

本集团于联营公司

投资账面值总额

Agregate carying amount of the Group’s

investments in the asociates25,67324,607

20. 存货

（港币千元）(HK$’000)20252024

原料Raw materials262,323259,413

在制品Work in progres219,391193,168

制成品Finished gods306,840242,056

788,554694,637

185CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

21. TRADE AND BILS RECEIVABLES

Trading terms with customers are either cash on delivery, bank

bils or on credit. The Group grants credit to customers based on

their respective busines strength and creditability, with credit

periods of 30 days to 180 days in general. The Group adopts

strict control policies over credit terms and receivables that serve

to minimize credit risk.

In view of the aforementioned and the fact that the Group’s

trade and bils receivables relate to a large number of diversified

customers, there is no significant concentration of credit

risk. The Group does not hold any colateral or other credit

enhancements over these balances. Except for the trade

receivables of HK$60,681,000 (2024: HK$93,126,000) which

are interest-bearing at an average interest rate of 6.3% (2024:

6.2%) per anum and with credit periods of 18 months to

36 months (2024: 18 months to 36 months) in general, the

remaining trade and bils receivables are non-interest-bearing.

21. 应收贸易及票据账款

（港币千元）(HK$’000)20252024

应收贸易账款Trade receivables1,222,3871,098,568

减值Impairment(91,633)(86,938)

应收贸易账款净额Trade receivables, net1,130,7541,011,630

应收票据账款Bils receivable443,044306,674

应收贸易及票据账款总计Total trade and bils receivables1,573,7981,318,304

部分类为非流动部分Portion clasified as non-curent portion(109,824)(86,214)

流动部分Curent portion1,463,9741,232,090

客户之贸易条款一般为现金交易、银行票

据及信用放贷。本集团根据个别客户之商

业实力及信誉给予客户信贷额，信贷期一

般为三十天至一百八十天。本集团采取严

格政策控制信贷条款及应收账款，务求信

贷风险降至最低。

基于上述的观点及本集团的应收贸易及票

据账款由大量分散客户所组成，故没有重

大的集中信贷风险。本集团并无就该等结

余持有任何抵押或其他加强信用之物品。

除应收贸易账款港币60,681,000元（二零

二四年：港币93,126,000元）以平均年利率

6.3%（二零二四年：6.2%）计息及信贷期一

般为十八个月至三十六个月（二零二四年：

十八个月至三十六个月）外，剩余之应收贸

易及票据账款并不附利息。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报186

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

21. TRADE AND BILS RECEIVABLES (continued)

As at 31 March 2025, the Group has pledged bils receivable

of HK$149,475,000 (2024: HK$73,307,000) to secure the

isuance of bank aceptance notes, included in the trade and

bils payables, to supliers.

The ageing analysis of the trade receivables as at the end of

the reporting period, based on the invoice date and net of los

alowance, is as folows:

The movements in the los alowance for trade receivables are as

folows:

As at 31 March 2025, the increase in the los alowance was

mainly due to the increase in expected credit los rate of

balances past due over 180 days.

As at 31 March 2024, the decrease in the los alowance was

mainly due to the decrease in expected credit los rate of

balances past due over 180 days.

（续）

于二零二五年三月三十一日，本集团已质

押应收票据账款港币149,475,000元（二零

二四年：港币73,307,000元）用作担保发出

给予供应商的银行承兑汇票，该等汇票记

入应付贸易及票据账款内。

于报告期末之应收贸易账款按发票日期及

扣除亏损拨备计算之账龄分析如下：

（港币千元）(HK$’000)20252024

九十天内Within 90 days651,126471,634

九十一至一百八十天91 to 180 days173,251151,274

一百八十一至三百六十五天181 to 365 days160,584176,240

超过一年Over 1 year145,793212,482

1,130,7541,011,630

应收贸易账款亏损拨备变动如下：

（港币千元）(HK$’000)20252024

于年初At begining of year86,93892,297

已于收益表扣除的减值亏损╱

（计入的减值亏损拨回）的

净额（附注7）

Impairment loses charged/(write-back of

impairment loses credited) to

the income statement, net (note 7)10,755(2,956)

注销不能收回的金额Amounts writen of as uncolectible(1,966)(202)

汇兑调整Exchange realignment(4,094)(2,201)

于年末At end of year91,63386,938

于二零二五年三月三十一日，亏损拨备增

加乃主要由于逾期超过一百八十天以上之

结余的预期信贷亏损率增加所致。

于二零二四年三月三十一日，亏损拨备减

少乃主要由于逾期超过一百八十天以上之

结余的预期信贷亏损率下降所致。

187CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

21. TRADE AND BILS RECEIVABLES (continued)

An impairment analysis is performed at each reporting date

using a provision matrix to measure ECLs. The provision rates

are based on days past due for groupings of various customer

segments with similar los paterns. The calculation reflects

the probability-weighted outcome, the time value of money

and reasonable and suportable information that is available

at the reporting date about past events, curent conditions and

forecasts of future economic conditions.

Set out below is the information about the credit risk exposure on

the Group’s trade receivables using a provision matrix:

At 31 March 2025

At 31 March 2024

（续）

于各报告日期采用拨备矩阵进行减值分析，

以计量预期信贷亏损。拨备率乃基于具有

类似亏损模式的多个客户分部组别的逾期

日数厘定。该计算反映或然率加权结果、

货币时值及于报告日期可得的有关过往事

项、当前状况及未来经济状况预测的合理

及可靠资料。

下表载列使用拨备矩阵计算的本集团应收

贸易账款的信贷风险资料：

于二零二五年三月三十一日

逾期

Past due

即期

Curent

少于九十天

Les than

90 days

九十一至

一百八十天

91 to

180 days

超过

一百八十天

Over

180 days

总计

Total

预期信贷亏损率Expected credit los rate0%3%5%63%7%

账面值总额（港币千元）Gros carying amount (HK$’000)894,481141,20651,732134,9681,222,387

预期信贷亏损（港币千元）Expected credit loses (HK$’000)3903,8652,54484,83491,633

于二零二四年三月三十一日

逾期

Past due

即期

Curent

少于九十天

Les than

90 days

九十一至

一百八十天

91 to

180 days

超过

一百八十天

Over

180 days

总计

Total

预期信贷亏损率Expected credit los rate0%2%3%53%8%

账面值总额（港币千元）Gros carying amount (HK$’000)750,068127,50266,081154,9171,098,568

预期信贷亏损（港币千元）Expected credit loses (HK$’000)1,1932,3651,87481,50686,938

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报188

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

21. TRADE AND BILS RECEIVABLES (continued)

The maturity dates of the bils receivable as at the end of the

reporting period are analyzed as folows:

As at 31 March 2025, none of the bils receivable was either

past due or impaired (2024: Nil). The financial asets included

in the above balances relate to receivables for which there was

no recent history of default and past due amounts. The ECLs are

estimated by aplying a los rate aproach with reference to the

historical los record of the Group. The los rate is adjusted to

reflect the curent conditions and forecasts of future economic

conditions, as apropriate. No los alowance was provided

because management estimated that the ECLs as at 31 March

2025 and 31 March 2024 were minimal.

22. DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

（续）

于报告期末之应收票据账款之到期日分析

如下：

（港币千元）(HK$’000)20252024

九十天内Within 90 days176,684139,352

九十一至一百八十天91 to 180 days246,442129,552

一百八十一至三百六十五天181 to 365 days18,29618,226

超过一年Over 1 year1,62219,544

443,044306,674

于二零二五年三月三十一日，应收票据账

款并无逾期或减值（二零二四年：无）。上

述结余中的金融资产概无涉及近期违约纪

录及逾期款项之应收账款。预期信贷亏损

乃参考本集团过往亏损记录使用亏损率法

估计。亏损率将于适时调整以反映当前状

况及未来经济状况预测。本集团并无提拨

亏损拨备，乃由于管理层估计于二零二五

年三月三十一日及二零二四年三月三十一

日的预期信贷亏损为最小。

、预付款项及其他应收账款

（港币千元）(HK$’000)20252024

订金及预付款项Deposits and prepayments195,151102,036

其他应收账款Other receivables47,88941,732

减：减值Les: Impairment(12,345)(15,443)

应收税项Tax recoverable11,4218,794

242,116137,119

189CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

22. DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

(continued)

The movements in impairment alowance for deposits and

prepayments and other receivables are as folows:

Generaly, the Group measures the los alowance equal to 12-

month ECLs of other receivables. The recoverability was asesed

with reference to the credit status of the debtors. Except for other

receivables of HK$12,345,000 (2024: HK$15,443,000), the

financial asets included in these balances relate to receivables

for which there was no recent history of default and past due

amounts. The ECLs of the remaining balances as at 31 March

2025 and 31 March 2024 were asesed to be minimal.

Included in the above impairment alowance for other

receivables is an alowance for individualy impaired other

receivables of HK$12,345,000 (2024: HK$15,443,000) with a

gros carying amount before provision of HK$12,555,000 (2024:

HK$15,656,000).

、预付款项及其他应收账款（续）

订金及预付款项以及其他应收账款减值拨

备变动如下：

（港币千元）(HK$’000)20252024

于年初At begining of year15,44316,947

注销不能收回的金额Amounts writen of as uncolectible(2,837)(946)

汇兑调整Exchange realignment(261)(558)

于年末At end of year12,34515,443

一般而言，本集团计量相等于其他应收款

项的十二个月预期信贷亏损的亏损拨备。

可收回性乃参考债务人信贷状况作评估。

除其他应收账款港币12,345,000元（二零

二四年：港币15,443,000元）外，结余中的

金融资产概无涉及近期违约记录及逾期款

项之应收账款。于二零二五年三月三十一

日及二零二四年三月三十一日的剩余结余

的预期信贷亏损被评估为最小。

在上述其他应收账款减值拨备中包括

对已作个别减值其他应收账款拨备港

币12,345,000元（二零二四年：港币

15,443,000元），其于拨备前之账面值为

港币12,555,000元（二零二四年：港币

15,656,000元）。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报190

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

23. FINANCE LEASE RECEIVABLES

The Group leases certain of its injection moulding machines to

its customers. These leases are clasified as finance leases and

have no remaining lease terms as at 31 March 2025 (2024:

1 month to 10 months). The customers shal purchase the

leased injection moulding machines at the end of the lease terms

of the finance leases.

The total future minimum lease receivables under finance leases

and their present values as at the end of the reporting period are

analyzed as folows:

No contingent income was recognized during the year ended 31

March 2025 (2024: Nil).

23. 应收融资租赁账款

本集团租赁若干注塑机予客户。该等租

赁分类为融资租赁及于二零二五年三月

三十一日，其剩余租期已完结（二零二四年：

一个月至十个月）。客户于融资租赁租期完

结时，将购买已租赁之注塑机。

（港币千元）(HK$’000)20252024

应收融资租赁账款Finance lease receivables4,2585,944

减值Impairment(4,258)(4,334)

应收融资租赁账款净额Finance lease receivables, net–1,610

于报告期末之根据融资租赁的未来最少应

收租赁款项总额及彼等现值分析如下：

最少应收租赁款项

Minimum lease receivables

最少应收租赁款项的现值

Present value of

minimum lease receivables

（港币千元）(HK$’000)2025202420252024

应收款项：Amounts receivable:

一年内Within one year–1,665–1,610

最少应收融资Total minimum finance

租赁款项总计lease receivables–1,665–1,610

未赚取财务收入Unearned finance income–(55)

应收融资租赁款项Total net finance lease

净额总计receivables–1,610

截至二零二五年三月三十一日止年度内并

无或然收入被确认（二零二四年：无）。

191CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

23. FINANCE LEASE RECEIVABLES (continued)

The movements in the los alowance for finance lease

receivables are as folows:

An impairment analysis is performed at each reporting date

using a provision matrix to measure ECLs. The provision rates

are based on days past due for groupings of various customer

segments with similar los paterns. The calculation reflects

the probability-weighted outcome, the time value of money

and reasonable and suportable information that is available

at the reporting date about past events, curent conditions and

forecasts of future economic conditions.

Set out below is the information about the credit risk exposure on

the Group’s finance lease receivables using a provision matrix:

At 31 March 2025

（续）

应收融资租赁账款亏损拨备变动如下：

（港币千元）(HK$’000)20252024

于年初At begining of year4,3344,488

汇兑调整Exchange realignment(76)(154)

于年末At end of year4,2584,334

于各报告日期采用拨备矩阵进行减值分析，

以计量预期信贷亏损。拨备率乃基于具有

类似亏损模式的多个客户分部组别的逾期

日数厘定。该计算反映或然率加权结果、

货币时值及于报告日期可得的有关过往事

项、当前状况及未来经济状况预测的合理

及可靠资料。

下表载列使用拨备矩阵计算的本集团应收

融资租赁账款的信贷风险资料：

于二零二五年三月三十一日

逾期

Past due

即期

Curent

少于九十天

Les than

90 days

九十一至

一百八十天

91 to

180 days

超过

一百八十天

Over

180 days

总计

Total

预期信贷亏损率Expected credit los rate0%0%0%100%100%

账面值总额（港币千元）Gros carying amount (HK$’000)–4,2584,258

预期信贷亏损（港币千元）Expected credit loses (HK$’000)–4,2584,258

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报192

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

23. FINANCE LEASE RECEIVABLES (continued)

At 31 March 2024

24. PLEDGED BANK DEPOSITS

Balances included pledged bank deposits of certain subsidiaries

in the amount of HK$138,784,000 (2024: HK$45,141,000)

for securing the isuance of bank aceptance notes which are

included in the trade and bils payables, to supliers. As at 31

March 2024, a pledged bank deposit of a subsidiary in the

amount of HK$2,758,000 was secured for a bank loan granted

by bank in Mainland China to customers to purchase the Group’s

products.

The pledged bank deposits are deposited with creditworthy

banks with no recent history of default.

（续）

于二零二四年三月三十一日

逾期

Past due

即期

Curent

少于九十天

Les than

90 days

九十一至

一百八十天

91 to

180 days

超过

一百八十天

Over

180 days

总计

Total

预期信贷亏损率Expected credit los rate0%0%0%100%73%

账面值总额（港币千元）Gros carying amount (HK$’000)1,53080–4,3345,944

预期信贷亏损（港币千元）Expected credit loses (HK$’000)–4,3344,334

24. 抵押银行存款

（港币千元）(HK$’000)20252024

抵押银行存款，流动部分Pledged bank deposits, curent portion138,78447,899

结存包括若干附属公司所持有之抵押银

行存款为港币138,784,000元（二零二四

年：港币45,141,000元）用作担保发出给

予供应商的银行承兑汇票，该等汇票记入

应付贸易及票据账款内。于二零二四年三

月三十一日，一间附属公司所持为港币

2,758,000元之抵押银行存款用作担保于中

国大陆银行给予客户作购买本集团产品的

银行贷款。

抵押银行存款存放于并无近期违约纪录之

有信誉银行。

193CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

25. CASH AND BANK BALANCES

As at 31 March 2025, the cash and bank balances of the Group

denominated in Renminbi (“RMB”) amounted to aproximately

HK$212,830,000 (2024: HK$345,405,000). RMB is not

frely convertible into other curencies. However, under the

Mainland China’s Foreign Exchange Control Regulations and

Administration of Setlement, and Sale and Payment of Foreign

Exchange Regulations, the Group is permited to exchange RMB

for other curencies through banks authorized to conduct foreign

exchange busines.

The cash at banks earns interest at floating rates based on daily

bank deposit rates. The time deposits are made for varying

periods of betwen 2 weks and 6 months (2024: 7 days and

6 months) depending on the imediate cash requirements

of the Group, and earn interest at the respective time deposit

rates. The bank balances are deposited with creditworthy

banks with no recent history of default. As at 31 March 2025,

included in the cash and bank balances were demand deposits

of HK$26,625,000 (2024: HK$238,987,000). The demand

deposits were made for varying periods of betwen 1 year and 2

years. There was no penalty for or restriction on early withdrawal

of the demand deposits. The demand deposits were held for the

purpose of meting short-term cash comitments.

25. 现金及银行结存

（港币千元）(HK$’000)20252024

现金及银行结存Cash and bank balances398,004470,388

于存款时距离原期满日

不足三个月之银行存款

Bank deposits with original maturity of

les than thre months when acquired130,175346,564

于存款时距离原期满日

超过三个月之银行存款

Bank deposits with original maturity of

more than thre months when acquired–8,825

总现金及银行结存Total cash and bank balances528,179825,777

于二零二五年三月三十一日，本集团以

人民币计值之现金及银行结存为约港

币212,830,000元（二零二四年：港币

345,405,000元）。人民币不能自由兑换为

其他货币，惟根据中国大陆外汇管理条例

及结汇、售汇及付汇管理规定，本集团可

透过获准经营外汇业务之银行将人民币兑

换为其他货币。

银行存款以银行每日存款浮动利率赚取利

息。视乎本集团现金的需求，而定立由两

星期至六个月（二零二四年：七天至六个

月）不等的定期存款，并以各自的定期存

款息率赚取利息。银行结存放于并无近

期违约纪录之有信誉银行。于二零二五年

三月三十一日，现金及银行结存包括活期

存款港币26,625,000元（二零二四年：港币

238,987,000元）。该活期存款订立由一年

至两年不等的年期。提早取出该活期存款

并无罚息或限制。该活期存款持有之目的

乃应付短期现金承诺。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报194

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

26. TRADE AND BILS PAYABLES

The ageing analysis of the trade and bils payables as at the end

of the reporting period, based on the invoice date, is as folows:

The trade and bils payables are non-interest-bearing and are

normaly setled on terms of 3 months to 6 months. Included in

the trade and bils payables are trade payables of HK$407,000

(2024: HK$13,322,000) due to asociates which are repayable

within 30 days.

27. OTHER PAYABLES, ACRUALS AND CONTRACT

LIABILITIES

Notes:

(a) Contract liabilities include advances received to deliver gods. The

contract liabilities as at 1 April 2023 amounted to HK$83,390,000.

The decrease (2024: increase) in contract liabilities in 2025 was

mainly due to the decrease (2024: increase) in advances received

from customers in relation to the sale of gods at the end of the

year.

(b) The financial liabilities included in other payables and acruals

are non-interest-bearing.

26. 应付贸易及票据账款

于报告期末之应付贸易及票据账款按发票

日期计算之账龄分析如下：

（港币千元）(HK$’000)20252024

九十天内Within 90 days410,742408,225

九十一至一百八十天91 to 180 days214,285128,443

一百八十一至三百六十五天181 to 365 days160,30673,350

超过一年Over 1 year31,01413,092

816,347623,110

应付贸易及票据账款并不附利息及一般三

个月至六个月内结算。应付贸易及票据账

款当中包括应付联营公司款项港币407,000

元（二零二四年：港币13,322,000元），其

付款条款为三十天内支付。

、应计负债及合约负债

（港币千元）(HK$’000)附注 Notes20252024

合约负债Contract liabilities(a)67,81788,649

其他应付账款及应计负债Other payables and acruals(b)239,268213,213

其他应付账款、应计负债

及合约负债总计

Total other payables, acruals

and contract liabilities307,085301,862

部分类

为非流动部分

Portion clasified as non-curent

portion(4,431)(11,195)

流动部分Curent portion302,654290,667

附注：

(a) 合约负债包括交付货品的预收款。于二

零二三年四月一日的合约负债为港币

83,390,000元。合约负债于二零二五年减

少（二零二四年：增加）主要由于年终就

销售货品而向客户收取的预收款减少（二

零二四年：增加）。

(b) 记入其他应付账款及应计负债的金融负债

并不附利息。

195CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

28. DEFINED BENEFIT PLAN

The Group’s subsidiaries in Taiwan operate the Old Scheme,

covering substantialy al of its employes who were recruited

by the Taiwanese subsidiaries before the implementation of

the Labour Act on 1 July 2005. Under the Old Scheme, the

employes are entitled to retirement benefits anualy based on

an acumulated base point, which is determined based on their

years of service, with a maximum of 45 points multiplied by the

average monthly salary for the final six months of employment on

atainment of a retirement age ranging from 55 to 65.

The Old Scheme requires the Group to make monthly

contributions to the retirement fund. The fund is administered

by the Comite and is deposited under the Comite’s name

with a government aproved financial institution, which acts

as the truste. The asets held by the truste are separated

from those of the Group. The Comite is responsible for the

determination of the investment strategy of the scheme.

The Old Scheme is exposed to interest rate risk, the risk of

changes in the life expectancy for pensioners, equity market risk

and credit risk.

The most recent actuarial valuations of the plan asets and the

present value of the defined benefit obligations were caried out

on 31 March 2025 by Greatfine Wealth Management Consulting

Inc., a qualified actuary recognized by the Actuarial Institute

in Taiwan, using the projected unit credit actuarial valuation

method.

The principal actuarial asumptions used as at the end of the

reporting period are as folows:

The actuarial valuation showed that the market value of plan

asets was HK$11,779,000 (2024: HK$11,645,000) and that

the actuarial value of these asets represented 175% (2024:

169%) of the benefits that had acrued to qualifying employes.

The surplus of HK$5,041,000 is expected to be cleared over the

remaining service period of 13 years.

28. 定额福利计划

本集团在台湾之附属公司设立旧计划，提

供于二零五年七月一日劳工退休金条例

实施前已获台湾之附属公司聘用之绝大部

分雇员。根据旧计划，雇员有权每年按照

累计基点享有退休福利，累计基点乃按服

务年数厘定，最多为45点。直至五十五至

六十五岁之退休年龄时，按累计基点乘以

最后六个月的平均月薪计算。

旧计划要求本集团每月向该退休准备金供

款，该退休准备金由委员会管理，并以委

员会之名义存入一间经政府批准担当信托

人之金融机构。该资产由信托人持有，与

本集团的资产单独分开。委员会负责确定

该计划的投资策略。

旧计划受利率风险、退休金受益人的寿命

变动风险，股本市场风险及信贷风险的影响。

最近期之计划资产及定额福利责任现值精

算估值，乃由台湾精算学会认可之合资格

精算师巨璇资产管理顾问股份有限公司于

二零二五年三月三十一日进行，乃以预计

单位基数精算估值法计算。

于报告期末之主要精算假设如下：

折现率Discount rate1.4%1.3%

预期薪金增长率Expected rate of salary increase1.0%1.0%

精算估值显示计划资产的市值为港

币11,779,000元（二零二四年：港币

11,645,000元），且这些资产的精算价值占

为符合条件员工计提的福利的175%（二零

二四年：169%）。盈余为港币5,041,000元

并预期于剩余服务期十三年消除。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报196

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

28. DEFINED BENEFIT PLAN (continued)

A quantitative sensitivity analysis for significant asumptions as

at the end of the reporting period is shown below:

The sensitivity analysis above has ben determined based

on a method that extrapolates the impact on defined benefit

obligations as a result of reasonable changes in key asumptions

ocuring at the end of the reporting period. The sensitivity

analysis is based on a change in a significant asumption,

keping al other asumptions constant. The sensitivity analysis

may not be representative of an actual change in the defined

benefit obligations as it is unlikely that changes in asumptions

would ocur in isolation of one another.

（续）

下表为报告期末所使用的重大假设的定量

敏感性分析：

（港币千元）(HK$’000)

比率增加

Increase

in rate

定额福利

责任增加

Increase of

defined

benefit

obligations

比率减少

Decrease

in rate

定额福利

责任减少

Decrease of

defined

benefit

obligations

折现率Discount rate0.530(0.5)(31)

未来薪金增长Future salary increase0.53(0.5)(3)

（港币千元）(HK$’000)

比率增加

Increase

in rate

定额福利责任

增加╱（减少）

Increase/

(decrease) of

defined

benefit

obligations

比率减少

Decrease

in rate

定额福利责任

增加╱（减少）

Increase/

(decrease) of

defined

benefit

obligations

折现率Discount rate0.5(122)(0.5)133

未来薪金增长Future salary increase0.5133(0.5)(123)

上述敏感性分析，乃根据关键假设在报告

期末时发生合理变动时对定额福利责任的

影响的推断。敏感性分析乃根据重大假设

变动，同时所有其他假设维持不变而厘定。

敏感性分析可能并不代表定额福利责任之

实际变动，因为假设不太可能孤立于其他

假设出现变动。

197CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

28. DEFINED BENEFIT PLAN (continued)

The total expenses/income recognized in the consolidated

income statement in respect of the scheme are as folows:

The movements in the defined benefit obligations and the fair

value of plan asets are as folows:

（续）

在综合收益表中确认的有关计划费用╱

收入总额如下：

（港币千元）(HK$’000)20252024

当期服务成本Curent service cost3356

利息成本净额Interest cost, net(62)(29)

净福利费用╱（收入）Net benefit expenses/(income)(29)27

定额福利责任及计划资产的公平值之变动

如下：

于收益表扣除的退休成本

Pension cost charged to the

income statement

计入其他全面收益的重新计量亏损╱（溢利）

Remeasurement loses/(gains) in other

comprehensive income

（港币千元）(HK$’000)

于

二零二四年

四月一日

1 April

当期

服务成本

Curent

service

cost

利息

费用净额

Net

interest

expense

计入

收益表小计

Subtotal

included in

the income

statement

已付福利

Benefit

paid

人口统计

假设变化

引起的

精算变动

Actuarial

changes

arising from

changes in

demographic

asumptions

财务

假设变化

引起的

精算变动

Actuarial

changes

arising from

changes in

financial

asumptions

经验调整

Experience

adjustments

计入其他

全面收益

小计

Subtotal

included

in other

comprehensive

income

雇主缴存

Contribution

by employer

汇兑调整

Exchange

realignment

于

二零二五年

三月三十一日

31 March

定额福利责任Defined benefit obligations6,8813390123(320)–(11)358347–(293)6,738

计划资产公平值Fair value of plan asets(11,645)–(152)(152)320–(809)(809)–507(11,779)

福利资产Benefit asets(4,764)33(62)(29)–(11)(451)(462)–214(5,041)

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报198

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

28. DEFINED BENEFIT PLAN (continued)

The major categories of the fair value of the total plan asets of

the Group are as folows:

During the years ended 31 March 2025 and 2024, the Group

did not expect to make a contribution to the defined benefit plan

during the next financial year.

The average duration of the defined benefit obligations at the

end of the reporting period is 3 years (2024: 4 years).

（续）

于收益表扣除的退休成本

Pension cost charged to the

income statement

计入其他全面收益的重新计量溢利

Remeasurement gains in other

comprehensive income

（港币千元）(HK$’000)

于

二零二三年

四月一日

1 April

当期

服务成本

Curent

service

cost

利息

费用净额

Net

interest

expense

计入

收益表小计

Subtotal

included in

the income

statement

已付福利

Benefit

paid

人口统计

假设变化

引起的

精算变动

Actuarial

changes

arising from

changes in

demographic

asumptions

财务

假设变化

引起的

精算变动

Actuarial

changes

arising from

changes in

financial

asumptions

经验调整

Experience

adjustments

计入其他

全面收益

小计

Subtotal

included

in other

comprehensive

income

雇主缴存

Contribution

by employer

汇兑调整

Exchange

realignment

于

二零二四年

三月三十一日

31 March

定额福利责任Defined benefit obligations11,36156124180(3,515)–(53)(583)(636)–(509)6,881

计划资产公平值Fair value of plan asets(13,972)–(153)(153)3,515–(1,119)(1,119)(613)697(11,645)

福利资产Benefit asets(2,611)56(29)27–(53)(1,702)(1,755)(613)188(4,764)

本集团计划资产总额之公平值主要分类如下：

现金及现金等价物Cash and cash equivalents14%15%

股本工具Equity instruments72%72%

债务工具Debt instruments14%13%

100%100%

截至二零二五年及二零二四年三月三十一

日止年度内，本集团预期于下个财政年度

内对定额福利计划不作出供款。

于报告期末，定额福利责任之平均持续时

间为三年（二零二四年：四年）。

199CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

29. DEFERED TAX

The movements in defered tax liabilities and asets during the

year are as folows:

Defered tax liabilities

29. 递延税项

于年内，递延税项负债及资产变动如下：

递延税项负债

（港币千元）(HK$’000)

物业重估

Revaluation

of properties

拨备及超过

29. DEFERED TAX (continued)

Defered tax asets

201CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

29. DEFERED TAX (continued)

Defered tax asets (continued)

The Group has tax loses arising in Hong Kong, Mainland China

and Taiwan of HK$242,736,000 (2024: HK$257,254,000),

HK$28,354,000 (2024: HK$22,544,000) and HK$45,920,000

(2024: HK$54,997,000), respectively, that are available for

ofseting against future taxable profits of the companies in

which the loses arose. Defered tax asets have not ben

recognized in respect of these loses as they have arisen in

those companies that have ben los-making for some time

and it is not considered probable that taxable profits wil be

available against which the tax loses can be utilized in the

foreseable future, except for tax loses arising in Hong Kong of

HK$7,454,000 (2024: Nil) as at 31 March 2025 to the extent

that it was probable that future taxable profit would be available

against which the unused tax loses could be utilised. Included

in unrecognized tax loses are loses of HK$28,354,000 (2024:

HK$22,544,000) and HK$45,920,000 (2024: HK$54,997,000)

that wil expire within five years and ten years, respectively, from

the date the loses arose. Other loses can be caried forward

indefinitely.

Pursuant to the New Corporate Income Tax Law, a 10%

witholding tax is levied on dividends declared to foreign

investors from the foreign investment enterprises established in

Mainland China. The requirement was efective from 1 January

2008 and aplies to earnings after 31 December 2007. A

lower witholding tax rate may be aplied if there is a tax treaty

betwen the PRC and the jurisdiction of the foreign investors. For

the Group, the aplicable rate during the year was 5% or 10%.

In adition, pursuant to Taiwan witholding tax regulations, a

21% (2024: 21%) witholding tax is levied on dividends declared

to non-resident shareholders. Therefore, the Group is liable for

witholding taxes on dividends distributed by those subsidiaries

established in Taiwan in respect of earnings generated.

（续）

递延税项资产（续）

就本集团之税项亏损源于香港、中国

大陆及台湾分别为港币242,736,000元

（二零二四年：港币257,254,000元）、

港币28,354,000元（二零二四年：港币

22,544,000元）及港币45,920,000元（二零

二四年：港币54,997,000元），可供抵销录

得该亏损之公司日后之应课税溢利。由于

该等公司已录得亏损一段时间，并无预计

应课税溢利于可见将来可供抵扣税项亏损，

故无就该等亏损确认递延税项资产，惟于

二零二五年三月三十一日香港产生之税项

亏损港币7,454,000元（二零二四年：无）

除外（乃由于在日后有可能出现应课税溢

利，可用以抵扣该未被动用税项亏损）。在

未确认税项亏损中，包括港币28,354,000

元（二零二四年：港币22,544,000元）及

港币45,920,000元（二零二四年：港币

54,997,000元）的亏损分别将于亏损产生后

五年及十年内逾期。其他亏损可以无限期

累积。

根据新企业所得税法，于中国大陆成立的

外资企业向外国投资者宣派股息时需征

10%扣缴税，自二零八年一月一日起生

效并适用于二零七年十二月三十一日后

赚取的溢利。倘中国与外国投资者所在司

法权区订有税务条约，则可能适用较低的

扣缴税率。本集团于年内的适用税率为

5%或10%。

此外，根据台湾扣缴税条例，向非本地居

民股东宣派之股息将被征收21%（二零二四

年：21%）扣缴税。因此，本集团须就于台

湾成立的该等附属公司产生的溢利所派发

之股息缴纳扣缴税。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报202

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

29. DEFERED TAX (continued)

Defered tax asets (continued)

As at 31 March 2025, no defered tax has ben recognized

for witholding taxes that would be payable on the unremited

earnings of certain of the Group’s subsidiaries established in

Mainland China, of which the agregate amount of temporary

diferences has not ben recognized totaled aproximately

HK$1,827,617,000 (2024: HK$1,674,711,000). In the opinion

of the directors, it is not probable that these subsidiaries wil

distribute their earnings acrued after 1 January 2008 in the

foreseable future.

As at 31 March 2025, the agregate amount of temporary

diferences asociated with the investments in subsidiaries

established in Taiwan for which defered tax liabilities arising

from witholding tax have not ben recognized totaled

aproximately HK$44,270,000 (2024: HK$46,216,000).

There are no income tax consequences ataching to the payment

of dividends by the Company to its shareholders.

30. SHARE CAPITAL

（续）

递延税项资产（续）

于二零二五年三月三十一日，本集团若

干于中国大陆成立的附属公司未就未汇

出溢利的应付扣缴税确认递延税项，其

无确认之相关的暂时性差异总值合共约

港币1,827,617,000元（二零二四年：港币

1,674,711,000元）。董事认为，该等附属公

司不大可能于可见未来分配于二零八年

一月一日后赚取之溢利。

于二零二五年三月三十一日，并无就因扣

缴税产生之于台湾成立的附属公司投资相

关的暂时性差异总值而确认的递延税项负

债合共约港币44,270,000元（二零二四年：

港币46,216,000元）。

本公司向其股东派发之股息并无任何所得

税之影响。

30. 股本

（港币千元）(HK$’000)20252024

法定：Authorized:

1,000,000,000股普通股

每股港币0.10元

1,000,000,000 ordinary shares of

HK$0.10 each100,000100,000

已发行及全数缴足：Isued and fuly paid:

630,531,600股

（二零二四年：630,531,600股）

普通股每股港币0.10 元

630,531,600

(2024: 630,531,600)

ordinary shares of HK$0.10 each63,05363,053

203CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

31. SHARE OPTIONS

The Company had adopted a share option scheme (the “Share

Option Scheme”) aproved by the shareholders at the anual

general meting of the Company held on 24 September 2014

(the “Adoption Date”) with a term of 10 years from the Adoption

Date. The Share Option Scheme expired on 23 September 2024,

under which no further grant of share options shal be ofered.

The outstanding share options granted under the Share Option

Scheme continue to be valid and exercisable in acordance with

the terms of the Share Option Scheme.

Under the Share Option Scheme, the directors of the Company

may, at their discretion, invite any participants to take up

share options to subscribe for fuly paid ordinary shares in the

Company subject to the terms and conditions stipulated therein.

Share options under the Share Option Scheme do not confer

rights on the holders to dividends or to vote at shareholders’

metings.

The particulars of the Share Option Scheme are as folows:

(a) Purpose

As rewards or incentives for the contribution or potential

contribution to the Group from the eligible participants.

(b) Participants

(i) (a) any director (whether executive or non-

executive, including any independent non-

executive director) and employe (whether ful

time or part time) of, or

(b) any individual for the time being seconded to

work for,

any member or any controling shareholder (as

defined under the Share Option Scheme) of the

Group or any company controled by a controling

shareholder; or

31. 购股权

本公司已采纳经股东于本公司在二零一四

年九月二十四日（「采纳日期」）举行之股东

周年大会上批准之购股权计划（「购股权计

划」），自采纳日期起计为期十年。购股权

计划已于二零二四年九月二十三日届满，

不再提出任何关于授出购股权之要约，惟

根据购股权计划已授出但尚未行使的购股

权将继续有效，并可根据购股权计划规则

之规定而可继续行使。

根据购股权计划，本公司董事可酌情邀请

任何参与人接纳购股权以认购本公司悉数

缴足普通股，惟须受当中所述之条款及条

件限制。根据购股权计划授出之购股权并

不赋予持有人收取股息或于股东大会上投

票之权利。

购股权计划之详情载列如下：

(a) 目的

对合资格之参与人于本集团作出或将

可作出贡献而予以奖励或鼓励。

(b) 参与人

(i) 本集团任何成员或任何控股

东（根据购股权计划之定义）或

由控股东控制之任何公司之：

(a) 任何董事（不论是执行或

非执行，包括任何独立非

执行董事）及雇员（不论是

全职或兼职），或

(b) 其时借调之任何人；或

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报204

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

31. SHARE OPTIONS (continued)

(b) Participants (continued)

(i) any holder of any securities isued by any member

or any controling shareholder of the Group or any

company controled by a controling shareholder; or

(i) (a) any busines or joint venture partner,

franchise, contractor or distributor of,

(b) any person or entity that provides research,

development or other technological suport or

any advisory, consultancy, profesional or other

services in respect of busines operations to,

(d) any customer of gods or services of,

any member or any controling shareholder of the

Group or a company controled by a controling

shareholder.

For the purposes of the Share Option Scheme, the

participants shal include any company controled by one

or more persons belonging to any of the above clases of

participants.

A total of 63,053,160 ordinary shares are available for

isue, which represent 10% of the isued share capital of

the Company as at the date of expiry of the Share Option

Scheme.

（续）

(b) 参与人（续）

(i) 本集团任何成员或任何控股

东或由控股东控制之任何公

司所发行之任何证券之持有人；

或

(i) 本集团任何成员或任何控股

东或由控股东控制之公司之：

(a) 任何业务或合作伙伴、特

许经营权受让人、承包商

或分销商，

(b) 任何人士或个体提供研

究、发展或其他技术支援

或任何咨询、顾问、专业

或其他与业务运作有关之

服务，

商，或

(d) 货品或服务之任何客户。

就购股权计划而言，参与人包括由一

位或多位隶属以上任何类别参与人所

控制之任何公司。

于购股权计划届满之日，最多达

63,053,160股普通股（相等于本公司

已发行股本10%）可予发行。

205CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

31. SHARE OPTIONS (continued)

(d) Maximum entitlement of each participant

The maximum number of ordinary shares isued and to be

isued upon exercise of share options granted under the

Share Option Scheme and any other share option schemes

of the Company to any participant (including canceled,

exercised and outstanding share options) in any 12-month

period up to the date of grant shal not exced 1% of the

ordinary shares in isue unles otherwise aproved in

acordance with the terms of the Share Option Scheme.

(e) Period within which the ordinary shares must be taken

up under a share option

Within ten years from the date of grant of the share option

or such shorter period as the board of directors of the

Company determines at the time of grant.

(f) Minimum period, if any, for which a share option must

be held before it can be exercised

At the time of granting a share option, the board of

directors of the Company wil determine the minimum

period(s), if any, for which a share option must be held

before it can be exercised.

(g) Amount payable upon aceptance of a share option and

the period within which the payment must be made

An ofer for the grant of a share option must be acepted

within forty-five days inclusive of the day on which the ofer

was made. The amount payable on aceptance of the ofer

for an option is HK$1.00.

（续）

(d) 每位参与人可获授权益上限

除根据购股权计划之条款另行批准外，

任何参与人在任何十二个月内（截至

授出购股权当日止）根据购股权计划

及本公司任何其他购股权计划获授之

购股权（包括已注销、已行使及尚未

行使之购股权）予以行使时所发行及

将发行之普通股上限不得超过本公司

已发行普通股的1%。

(e) 可根据购股权认购普通股之期限

由授出购股权之日起计十年内，或本

公司董事局于授出时所指定的较短期

间。

(f) 购股权获行使前必须持有之最短期限

（如有）

于授出购股权时，本公司董事局将指

定购股权获行使前必须持有之最短期

限（如有）。

(g) 接纳购股权须付金额及付款之期限

在提出购股权要约之日起（包括该日）

四十五天内须接受有关之要约。于接

受每份购股权要约时，须付港币1.00

元。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报206

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

31. SHARE OPTIONS (continued)

(h) Basis of determining the exercise price of a share option

The exercise price per share payable on the exercise of a

share option shal be determined by the board of directors

of the Company and shal be no les than the highest of:

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

Company as stated in the daily quotation shet

isued by the Stock Exchange on the date of ofer of

grant, which must be a busines day;

(i) the average of the closing prices of the ordinary

shares of the Company as stated in the daily

quotation shets isued by the Stock Exchange for

the five busines days imediately preceding the

date of ofer of grant; and

(i) the nominal value of an ordinary share of the

Company.

(i) Life of the Share Option Scheme

The Share Option Scheme had a life of ten years

comencing on the Adoption Date and expired on 23

September 2024.

During the year, the Company had granted a total of 3,350,000

share options on 16 September 2024 (the “2024 Grant Date”)

to participants under the Share Option Scheme, which were

granted to selected employes of the Group. The number of

share options granted represented aproximately 0.53% of the

Company’s ordinary shares in isue as at 2024 Grant Date.

The exercise price per share payable on the exercise of a share

option is HK$1.44. The closing price of the ordinary shares of

the Company imediately before the 2024 Grant Date (i.e., as of

13 September 2024) was HK$1.44.

（续）

(h) 厘定购股权行使价之基准

行使购股权时须予支付之每股份行

使价将由本公司董事局厘定，惟行使

价须至少为下列最高者：

(i) 于授出购股权之要约日期（必须

为营业日）之本公司普通股收市

价，而该收市价乃载于联交所

刊发之日报表；

(i) 于紧接授出购股权之要约日期

前五个营业日之本公司普通股

平均收市价，而该等收市价乃

载于联交所刊发之日报表；及

(i) 本公司普通股之面值。

(i) 购股权计划之有效期

购股权计划之有效年期由采纳日期起

计为期十年及已于二零二四年九月

二十三日届满。

年内，本公司已于二零二四年九月十六日

（「二零二四年授出日期」）根据购股权计划

向参与人授出合共3,350,000购股权予本集

团选定雇员。有关授出之购股权数目占本

公司于二零二四年授出日期已发行普通股

之约0.53%

行使购股权时须予支付之每股份行使价

为港币1.44元。本公司普通股于紧接二零

二四年授出日期前（即二零二四年九月十三

日）之收市价为港币1.44元。

207CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

31. SHARE OPTIONS (continued)

During the year ended 31 March 2024, the Company had

granted a total of 6,290,000 share options on 6 December

2023 (the “2023 Grant Date”) to participants under the Share

Option Scheme, amongst which 830,000 share options were

granted to executive directors (one of whom is also a substantial

shareholder) of the Company and 5,460,000 share options were

granted to selected employes of the Group.

The exercise price per share payable on the exercise of a share

option is HK$1.436. The closing price of the ordinary shares of

the Company imediately before the 2023 Grant Date (i.e., as of

5 December 2023) was HK$1.41.

During the year ended 31 March 2022, the Company has

granted a total of 6,130,000 share options on 21 January

2022 (the “2022 Grant Date”) to participants under the Share

Option Scheme, amongst which 2,500,000 share options were

granted to executive directors (one of whom is also a substantial

shareholder) of the Company and 3,630,000 share options were

granted to selected employes of the Group.

The exercise price per share payable on the exercise of a share

option is HK$2.49. The closing price of the ordinary shares of

the Company imediately before the 2022 Grant Date (i.e., as of

20 January 2022) was HK$2.44.

During the year ended 31 March 2021, the Company had

granted a total of 11,520,000 share options on 27 November

2020 (the “2020 Grant Date”) to participants under the Share

Option Scheme, amongst which 3,400,000 share options were

granted to executive directors (one of whom is also a substantial

shareholder) of the Company and 8,120,000 share options were

granted to selected employes of the Group.

（续）

截至二零二四年三月三十一日止年内，

本公司已于二零二三年十二月六日（「二

零二三年授出日期」）根据购股权计划向

参与人授出合共6,290,000购股权，其中

830,000购股权授予本公司执行董事（其中

一位亦为主要股东），及5,460,000购股权

授予本集团选定雇员。

行使购股权时须予支付之每股份行使价

为港币1.436元。本公司普通股于紧接二零

二三年授出日期前（即二零二三年十二月五

日）之收市价为港币1.41元。

截至二零二年三月三十一日止年内，本

公司已于二零二年一月二十一日（「二

零二年授出日期」）根据购股权计划向

参与人授出合共6,130,000购股权，其中

2,500,000购股权授予本公司执行董事（其

中一位亦为主要股东），及3,630,000购股

权授予本集团选定雇员。

行使购股权时须予支付之每股份行使价

为港币2.49元。本公司普通股于紧接二零

二年授出日期前（即二零二年一月二十

日）之收市价为港币2.44元。

截至二零二一年三月三十一日止年内，本

公司已于二零二零年十一月二十七日（「二

零二零年授出日期」）根据购股权计划向

参与人授出合共11,520,000购股权，其中

3,400,000购股权授予本公司执行董事（其

中一位亦为主要股东），及8,120,000购股

权授予本集团选定雇员。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报208

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

31. SHARE OPTIONS (continued)

The exercise price per share payable on the exercise of a share

option is HK$2.20. The closing price of the ordinary shares of

the Company imediately before the 2020 Grant Date (i.e., as of

26 November 2020) was HK$2.22.

Save as disclosed above, no share options were granted, granted

for adjustment, exercised or canceled under the Share Option

Scheme during the year ended 31 March 2025. As at 31

March 2025, no ordinary shares (2024: Nil) were isued by the

Company as a result of the exercise of share options granted

under the Share Option Scheme.

The folowing share options were outstanding under the Share

Option Scheme during the year:

（续）

行使购股权时须予支付之每股份行使价

为港币2.20元。本公司普通股于紧接二零

二零年授出日期前（即二零二零年十一月

二十六日）之收市价为港币2.22元。

除上文所披露者除外，于截至二零二五年

三月三十一日止年度概无根据购股权计划

购股权获授出、就调整而获授出、已行使

或被注销。于二零二五年三月三十一日，

本公司概无（二零二四年：无）因行使根据

购股权计划授出的购股权而发行普通股。

年内，根据购股权计划，以下的购股权尚

未行使：

加权平均行使价

（每股普通股港币）

Weighted average

exercise price

(HK$ per

ordinary share)

购股权数目

Number of

share options

加权平均行使价

（每股普通股港币）

Weighted average

exercise price

(HK$ per

ordinary share)

购股权数目

Number of

share options

于年初At begining of year2.0218,460,0002.3114,090,000

于年内授出Granted during the year1.443,350,0001.4366,290,000

于年内失效Lapsed during the year1.84(1,600,000)2.21(1,920,000)

于年末At end of year1.9420,210,0002.0218,460,000

209CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

31. SHARE OPTIONS (continued)

The exercise periods and exercise prices of the share options

outstanding as at the end of the reporting period are as folows:

（续）

于报告期末，尚未行使之购股权的行使期

及行使价如下：

于二零二五年三月三十一日

At 31 March 2025

行使期Exercise period

行使价*

（每股普通股港币）

Exercise price*

(HK$ per

ordinary share)

购股权数目

Number of

share options

二零二年十一月二十七日至

二零三零年十一月二十六日

27 November 2022 to

26 November 20302.202,462,000

二零二三年十一月二十七日至

二零三零年十一月二十六日

27 November 2023 to

26 November 20302.20387,000

二零二四年十一月二十七日至

二零三零年十一月二十六日

27 November 2024 to

26 November 20302.202,462,000

二零二五年十一月二十七日至

二零三零年十一月二十六日

27 November 2025 to

26 November 20302.20387,000

二零二六年十一月二十七日至

二零三零年十一月二十六日

27 November 2026 to

26 November 20302.201,016,000

二零二七年十一月二十七日至

二零三零年十一月二十六日

27 November 2027 to

26 November 20302.20516,000

二零二四年一月二十一日至

二零三二年一月二十日

21 January 2024 to

20 January 20322.491,502,000

二零二五年一月二十一日至

二零三二年一月二十日

21 January 2025 to

20 January 20322.49324,000

二零二六年一月二十一日至

二零三二年一月二十日

21 January 2026 to

20 January 20322.491,502,000

二零二七年一月二十一日至

二零三二年一月二十日

21 January 2027 to

20 January 20322.49324,000

二零二八年一月二十一日至

二零三二年一月二十日

21 January 2028 to

20 January 20322.49336,000

二零二九年一月二十一日至

二零三二年一月二十日

21 January 2029 to

20 January 20322.49432,000

二零二五年十二月六日至

二零三年十二月五日

6 December 2025 to

5 December 20331.4361,087,000

二零二六年十二月六日至

二零三年十二月五日

6 December 2026 to

5 December 20331.436672,000

二零二七年十二月六日至

二零三年十二月五日

6 December 2027 to

5 December 20331.4361,087,000

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报210

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

于二零二五年三月三十一日

At 31 March 2025

行使期Exercise period

行使价*

（每股普通股港币）

Exercise price*

(HK$ per

ordinary share)

购股权数目

Number of

share options

二零二八年十二月六日至

二零三年十二月五日

6 December 2028 to

5 December 20331.436672,000

二零二九年十二月六日至

二零三年十二月五日

6 December 2029 to

5 December 20331.436896,000

二零三零年十二月六日至

二零三年十二月五日

6 December 2030 to

5 December 20331.436896,000

二零二六年九月十六日至

二零三四年九月十五日

16 September 2026 to

15 September 20341.44333,000

二零二七年九月十六日至

二零三四年九月十五日

16 September 2027 to

15 September 20341.44642,000

二零二八年九月十六日至

二零三四年九月十五日

16 September 2028 to

15 September 20341.44333,000

二零二九年九月十六日至

二零三四年九月十五日

16 September 2029 to

15 September 20341.44642,000

二零三零年九月十六日至

二零三四年九月十五日

16 September 2030 to

15 September 20341.44444,000

二零三一年九月十六日至

二零三四年九月十五日

16 September 2031 to

15 September 20341.44856,000

20,210,000

31. SHARE OPTIONS (continued)31. 购股权（续）

211CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

31. SHARE OPTIONS (continued)31. 购股权（续）

于二零二四年三月三十一日

At 31 March 2024

行使期Exercise period

行使价*

（每股普通股港币）

Exercise price*

(HK$ per

ordinary share)

购股权数目

Number of

share options

二零二年十一月二十七日至

二零三零年十一月二十六日

27 November 2022 to

26 November 20302.202,492,000

二零二三年十一月二十七日至

二零三零年十一月二十六日

27 November 2023 to

26 November 20302.20567,000

二零二四年十一月二十七日至

二零三零年十一月二十六日

27 November 2024 to

26 November 20302.202,492,000

二零二五年十一月二十七日至

二零三零年十一月二十六日

27 November 2025 to

26 November 20302.20567,000

二零二六年十一月二十七日至

二零三零年十一月二十六日

27 November 2026 to

26 November 20302.201,056,000

二零二七年十一月二十七日至

二零三零年十一月二十六日

27 November 2027 to

26 November 20302.20756,000

二零二四年一月二十一日至

二零三二年一月二十日

21 January 2024 to

20 January 20322.491,502,000

二零二五年一月二十一日至

二零三二年一月二十日

21 January 2025 to

20 January 20322.49354,000

二零二六年一月二十一日至

二零三二年一月二十日

21 January 2026 to

20 January 20322.491,502,000

二零二七年一月二十一日至

二零三二年一月二十日

21 January 2027 to

20 January 20322.49354,000

二零二八年一月二十一日至

二零三二年一月二十日

21 January 2028 to

20 January 20322.49336,000

二零二九年一月二十一日至

二零三二年一月二十日

21 January 2029 to

20 January 20322.49472,000

二零二五年十二月六日至

二零三年十二月五日

6 December 2025 to

5 December 20331.4361,096,000

二零二六年十二月六日至

二零三年十二月五日

6 December 2026 to

5 December 20331.436873,000

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报212

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

于二零二四年三月三十一日

At 31 March 2024

行使期Exercise period

行使价*

（每股普通股港币）

Exercise price*

(HK$ per

ordinary share)

购股权数目

Number of

share options

二零二七年十二月六日至

二零三年十二月五日

6 December 2027 to

5 December 20331.4361,096,000

二零二八年十二月六日至

二零三年十二月五日

6 December 2028 to

5 December 20331.436873,000

二零二九年十二月六日至

二零三年十二月五日

6 December 2029 to

5 December 20331.436908,000

二零三零年十二月六日至

二零三年十二月五日

6 December 2030 to

5 December 20331.4361,164,000

18,460,000

，购股权行

使价须作调整。

截至二零二五年三月三十一日止年度内授

出之购股权之公平值为港币867,000元（各

为港币0.25元至港币0.27元）。截至二零

二四年三月三十一日止年度内授出之购

股权之公平值为港币1,068,000元（各为港

币0.16元至港币0.18元）。截至二零二

年三月三十一日止年度内授出之购股权之

公平值为港币1,993,000元（各为港币0.30

元至港币0.34元）。截至二零二一年三月

三十一日止年度内授出之购股权之公平值

为港币4,657,000元（各为港币0.39元至港

币0.42元）。截至二零二五年三月三十一日

止年度内，本集团于收益表确认购股权支

出为港币1,400,000元（二零二四年：港币

1,206,000元）。

31. SHARE OPTIONS (continued)31. 购股权（续）

* The exercise price of the share options is subject to adjustment

in the event of any variation in the isued share capital of the

Company.

The fair value of the share options granted during the year ended

31 March 2025 was HK$867,000 (HK$0.25 to HK$0.27 each).

The fair value of the share options granted during the year ended

31 March 2024 was HK$1,068,000 (HK$0.16 to HK$0.18

each). The fair value of the share options granted during the

year ended 31 March 2022 was HK$1,993,000 (HK$0.30 to

HK$0.34 each). The fair value of the share options granted

during the year ended 31 March 2021 was HK$4,657,000

(HK$0.39 to HK$0.42 each). During the year ended 31

March 2025, the Group recognized a share option expense of

HK$1,400,000 (2024: HK$1,206,000) in the income statement.

213CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

31. SHARE OPTIONS (continued)

The fair values of equity-setled share options granted during

the years ended 31 March 2025, 2024, 2022 and 2021 were

estimated as at the dates of grant, using a polynomial model,

taking into acount the terms and conditions upon which the

options were granted. The folowing table lists the major inputs to

the model used:

The expected life of the share options is not necesarily

indicative of the exercise paterns that may ocur. The expected

volatility reflects the asumption that the historical volatility is

indicative of future trends, which may also not necesarily be the

actual outcome.

No other feature of the share options granted was incorporated

into the measurement of fair value.

As at 31 March 2025, the Company had 20,210,000 share

options outstanding under the Share Option Scheme, which

represented aproximately 3.21% of the Company’s ordinary

shares in isue as at that date. The exercise in ful of the

outstanding share options would, under the present capital

structure of the Company, result in the isue of 20,210,000

aditional ordinary shares of the Company and aditional share

capital of HK$2,021,000 and share premium of HK$37,196,000

(before isue expenses).

（续）

截至二零二五年，二零二四年，二零二

年及二零二一年三月三十一日止年度内所

授出之以股权支付之购股权之公平值，乃

于授出日期使用多项式模型作出估计，经

计及授出购股权之条款及条件。下表载列

所用模型之主要输入数据：

股息收益率(%)Dividend yield (%)5.568.376.74.1

预期波幅(%)Expected volatility (%)29.829.829.629.7

历史波幅(%)History volatility (%)29.829.829.629.7

无风险利率(%)Risk-fre interest rate (%)2.63.61.50.5

购股权预期年期（年）Expected life of option (year)10101010

加权平均股价

（每股港币）

Weighted average share price

(HK$ per share)1.441.4362.492.20

购股权预期年期未必反映可能出现之行使

模式。预期波幅反映历史波幅可指示未来

趋势之假设，惟亦未必代表实际结果。

计算公平值时并无考虑所授出购股权之其

他特性。

于二零二五年三月三十一日，本公司

根据购股权计划尚未行使的购股权为

20,210,000，占本公司于该日已发行普通

股之约3.21%。于本公司目前的资本架构

下，悉数行使尚未行使的购股权将导致本

公司发行20,210,000股额外普通股，并录

得额外股本港币2,021,000元及股份溢价港

币37,196,000元（发行支出前）。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报214

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

31. SHARE OPTIONS (continued)

1,600,000 share options (2024: 1,920,000 share options)

granted under the Share Option Scheme were lapsed during

the year. Save as disclosed above, no share option was granted,

granted for adjustment, exercised or canceled during the year

ended 31 March 2025.

Subsequent to the year ended 31 March 2025 and up to the

date of the aproval of the financial statements, no share options

granted under the Share Option Scheme were lapsed. As at

the date of aproval of the financial statements, the Company

had 20,210,000 share options outstanding under the Share

Option Scheme, which represented aproximately 3.21% of the

Company’s ordinary shares in isue as at that date.

32. RESERVES

The amounts of the Group’s reserves and the movements therein

for the curent and prior years are presented in the consolidated

statement of changes in equity of the financial statements.

In acordance with the Company Law of Taiwan, Asian Plastic

Machinery Company, Limited and Chen Hsong Machinery

Taiwan Company, Limited are required to transfer a portion

of their profit after tax to a capital reserve, which is non-

distributable. When the capital reserve has acumulated to

50% of their capital, up to 50% of the capital reserve may be

capitalized. The capital reserve may be utilized at anytime to

ofset any deficit.

In acordance with the Law of the PRC on Sole Foreign

Investment Enterprises and Sino-foreign equity joint venture

enterprises, the Company’s Mainland China subsidiaries

are required to transfer a portion of their profit after tax to

the statutory reserve, which is restricted as to use, until the

acumulated total reaches 50% of their registered capital.

（续）

年内，根据购股权计划授出的1,600,000购

股权（二零二四年：1,920,000购股权）已失

效。除上文所披露者外，于截至二零二五

年三月三十一日止年度概无购股权获授出、

就调整而获授出、已行使或被注销。

于截至二零二五年三月三十一日止之年度

后直至财务报表审批日期，根据购股权计

划授出的购股权并没有失效。于财务报表

审批日期，本公司根据购股权计划尚未行

使的购股权为20,210,000，占本公司于该

日已发行普通股之约3.21%。

32. 储备

本集团本年度及过往年度的储备及其变动

于财务报表内之综合权益变动表中呈列。

根据台湾公司法，亚塑机械股份有限公司

及震雄机械厂股份有限公司须将一部分税

后溢利转拨至一不可派发之资本储备中。

惟当该资本储备达到该公司资本50%时，

可将其半数拨充资本，而该资本储备亦可

随时用于抵销亏损。

根据中国对外商独资企业及中外合资经营

企业之法例，本公司于中国大陆之附属公

司须转拨部分税后溢利至法定储备（此为被

限制使用之储备），直至该项储备累积总额

达至其注册资本50%。

215CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

33. NOTES TO THE CONSOLIDATED STATEMENT OF

CASH FLOWS

(a) Major non-cash transactions

(i) During the year, non-curent deposits for purchases

of items of property, plant and equipment of

HK$5,121,000 (2024: HK$14,577,000) were

transfered to property, plant and equipment.

(i) During the year, the Group had non-cash

aditions to right-of-use asets and lease liabilities

of HK$4,316,000 (2024: HK$1,045,000) and

HK$4,316,000 (2024: HK$1,045,000), respectively,

in respect of lease arangements for properties (2024:

properties).

(b) Changes in liabilities arising from financing activities

33. 综合现金流量报附注

(a) 主要非现金交易

(i) 于年内，购买物业、厂房及

设备之非流动订金为港币

5,121,000元（二零二四年：港币

14,577,000元）转拨至物业、厂

房及设备。

(i) 于年内，本集团有关物业（二零

二四年：物业）租赁安排的使用

权资产及租赁负债的非现金添

置分别为港币4,316,000元（二

零二四年：港币1,045,000元）及

港币4,316,000元（二零二四年：

港币1,045,000元）。

(b) 融资活动引起的负债变动

（港币千元）(HK$’000)

租赁负债

Lease

liabilities

计息银行贷款

Interest-bearing

bank borowings

于二零二三年四月一日At 1 April 202319,926–

融资现金流量变动Changes from financing cash flows(3,170)–

新租赁New leases1,045–

提早解除租赁Early termination of a lease(466)–

融资成本Finance costs1,130–

分类为经营现金流量之

已付利息

Interest paid clasified as operating

cash flows(1,130)–

外汇变动Foreign exchange movement4–

于二零二四年三月三十一日及

二零二四年四月一日

At 31 March 2024 and 1 April 2024

17,339–

融资现金流量变动Changes from financing cash flows(3,610)–

新租赁New leases4,316–

融资成本Finance costs964597

分类为经营现金流量之

已付利息

Interest paid clasified as operating

cash flows(964)(597)

外汇变动Foreign exchange movement(509)–

于二零二五年三月三十一日At 31 March 202517,536–

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报216

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

33. NOTES TO THE CONSOLIDATED STATEMENT OF

CASH FLOWS (continued)

The total cash outflow for leases included in the statement

of cash flows is as folows:

34. COMITMENTS

The Group had the folowing capital comitments at the end of

the reporting period:

As at 31 March 2025, the Group had capital comitments,

which were contracted but not provided for, in respect of

the construction and upgrading of industrial facilities in

Mainland China, as wel as purchase of the warehouse in

Europe amounting to aproximately HK$17,177,000 (2024:

HK$1,074,000).

As at 31 March 2025, the Group had capital comitments,

which were contracted but not provided for, in respect of

the purchase of property, plant and equipment in Mainland

China amounting to aproximately HK$4,401,000 (2024:

HK$5,404,000).

（续）

计入现金流量表的租赁现金流出总额

如下：

（港币千元）(HK$’000)20252024

经营活动内Within operating activities5,4394,089

融资活动内Within financing activities3,6103,170

9,0497,259

34. 承担

本集团于报告期末的资本承担如下：

于二零二五年三月三十一日，关于本集团

于中国大陆之生产设施兴建及更新改善工

程，以及购买位于欧洲仓库，已签约但未

拨备之资本承担合共约港币17,177,000元

（二零二四年：港币1,074,000元）。

于二零二五年三月三十一日，关于本集

团购买于中国大陆之物业、厂房及设备，

已签约但未拨备之资本承担合共约港币

4,401,000元（二零二四年：港币5,404,000

元）。

217CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

35. RELATED PARTY TRANSACTIONS

The Group had the folowing related party transactions during

the year:

(a) The Group purchased raw materials amounting to

HK$44,564,000 (2024: HK$48,102,000) from an

asociate at prices and on terms mutualy agred by the

Group and the asociate.

(b) During the year ended 31 March 2023, the Group

leased a property from Desko Limited, a subsidiary of CH

Investments, the controling shareholder of the Company,

for a term of five years. The Group has an option to renew

the lease for a further term of two years. The monthly

lease payable was determined on a basis mutualy

agred by both parties. Acordingly, a right-of-use aset

of HK$10,490,000 (2024: HK$12,624,000) and a lease

liability of HK$11,239,000 (2024: HK$12,978,000) in

respect of the lease were recognized in the consolidated

statement of financial position as at 31 March 2025.

During the year, depreciation of the right-of-use aset of

HK$2,134,000 (2024: HK$2,133,000) and the interest

expense on the lease liability of HK$648,000 (2024:

HK$747,000) were charged to the consolidated income

statement.

The related party transaction in respect of Desko Limited

above constituted a conected transaction for which the

Company had complied with the disclosure requirements

of Chapter 14A of the Listing Rules.

35. 关连人士交易

年内，本集团有以下的关连人士交易：

(a) 本集团以港币44,564,000元（二零

二四年：港币48,102,000元）向一联

营公司以双方协商的价格与条款购买

原材料。

(b) 截至二零二三年三月三十一日止年

度内，本集团向达观有限公司（本公

司之控股东震雄投资的附属公司）

租用物业，为期五年。本集团有选择

权续租额外两年期。每月应付租赁款

项以双方同意之基础厘定。就此，涉

及租赁之使用权资产港币10,490,000

元（二零二四年：港币12,624,000元）

及租赁负债港币11,239,000元（二零

二四年：港币12,978,000元）于二零

二五年三月三十一日的综合财务状况

表内确认。于年内，使用权资产之折

旧港币2,134,000元（二零二四年：港

币2,133,000元）及租赁负债利息支出

港币648,000元（二零二四年：港币

747,000元）于综合收益表内扣除。

以上与达观有限公司有关的关连人士

交易构成关连交易，本公司已就此按

照上市规则第14A章遵守披露规定。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报218

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

35. RELATED PARTY TRANSACTIONS (continued)

The compensation of key management personel was

determined by reference to the Company’s performance as

wel as individual performance and contribution.

（续）

（港币千元）(HK$’000)20252024

短期雇员福利Short-term employe benefits11,8029,644

受雇后福利Post-employment benefits3636

以股权支付的购股权支出Equity-setled share option expenses152423

支付主要管理人员

薪酬总额

Total compensation paid to key

management personel11,99010,103

主要管理人员薪酬乃参照公司表现以

及根据个人表现与贡献而厘定。

219CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

36. FINANCIAL INSTRUMENTS BY CATEGORY

The carying amounts of each of the categories of financial

instruments as at the end of the reporting period are as folows:

Financial asets

Financial liabilities

36. 金融工具分类

于报告期末，不同类别金融工具之账面值

如下：

金融资产

以摊销后的成本计价之

金融资产

Financial asets at

amortized cost

（港币千元）(HK$’000)20252024

应收贸易及票据账款Trade and bils receivables1,573,7981,318,304

记入订金、预付款项及

其他应收账款的金融资产

Financial asets included in deposits,

prepayments and other receivables41,86532,606

应收融资租赁账款Finance lease receivables–1,610

抵押银行存款Pledged bank deposits138,78447,899

现金及银行结存Cash and bank balances528,179825,777

2,282,6262,226,196

金融负债

以摊销后的成本计价之

金融负债

Financial liabilities at

amortized cost

（港币千元）(HK$’000)20252024

应付贸易及票据账款Trade and bils payables816,347623,110

记入其他应付账款及

应计负债的金融负债

Financial liabilities included in

other payables and acruals167,121152,253

租赁负债Lease liabilities17,53617,339

1,001,004792,702

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报220

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

37. FAIR VALUE AND FAIR VALUE HIERARCHY OF

FINANCIAL INSTRUMENTS

Management has asesed that the fair values of cash and

bank balances, the curent portion of pledged bank deposits,

the curent portion of trade receivables and finance lease

receivables, bils receivable, financial asets included in deposits,

prepayments and other receivables, trade and bils payables and

curent portion of financial liabilities included in other payables

and acruals aproximate to their carying amounts largely due

to the short term maturities of these instruments.

The fair values of the non-curent portion of trade receivables

and finance lease receivables, the non-curent portion of pledged

bank deposits, the non-curent portion of financial liabilities

included in other payables and acruals and lease liabilities are

estimated by discounting the expected future cash flows using

rates curently available for instruments with similar terms, credit

risk and remaining maturities and aproximate to their carying

amounts.

The Group’s finance team is responsible for determining the

policies and procedures for the fair value measurement of

financial instruments. At each reporting date, it analyzes the

movements in the values of the financial instruments and

determines the major inputs aplied in the valuation. The

valuation is reviewed and reported to directors.

37. 金融工具的公平值及公平值层级

管理层估计现金及银行结存、抵押银行存

款之流动部分、应收贸易账款及应收融资

租赁账款之流动部分、应收票据账款、记

入订金、预付款项及其他应收款项的金融

资产、应付贸易及票据账款、记入其他应

付账款以及应计负债的金融负债之流动部

分的公平值与其账面值相若，主要是由于

该等工具于短期内届满所致。

应收贸易账款及应收融资租赁账款之非流

动部分、抵押银行存款之非流动部分、记

入其他应付账款及应计负债的金融负债之

非流动部分及租赁负债的公平值已使用具

有类似条款、信贷风险及余下到期日之工

具现时可取得之利率折现预期未来现金流

量而估算，其公平值与其账面值相若。

本集团之财务团队负责厘定金融工具公平

值计量的政策及程序。于各报告日期，财

务团队分析金融工具的价值变动及厘定估

值应用的主要输入数据。估值经审阅及向

董事报告。

221CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

38. DISPOSAL OF SUBSIDIARIES

In March 2025, the Group disposed of equity interests in several

subsidiaries to an independent third party for a consideration

of RMB6,200,000 (equivalent to HK$6,728,000). Subsequent

to the disposal, these entities are no longer subsidiaries of the

Group.

The carying values of the asets and liabilities on the date of

disposal were as folows:

An analysis of the net inflow of cash and cash equivalents in

respect of the disposal is as folows:

38. 出售附属公司

于二零二五年三月，本集团向独立第三方

出售若干附属公司的股权，代价为人民币

6,200,000元（相等于港币6,728,000元）。

出售后，该等实体不再是本集团的附属公司。

出售日期的资产及负债的账面值如下：

（港币千元）(HK$’000)2025

已出售资产净值：Net asets disposed of:

非控股权益Non-controling interests(9,096)

汇兑变动储备Exchange fluctuation reserve(2,062)

出售附属公司之收益净额Gain on disposal of subsidiaries, net17,886

总代价Total consideration6,728

支付方式：Satisfied by:

现金Cash6,728

有关出售的现金及现金等价物流入净额的

分析如下：

（港币千元）(HK$’000)2025

有关出售附属公司之现金及

现金等价物流入净额

Net inflow of cash and cash equivalents

in respect of the disposal of subsidiaries6,728

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报222

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

39. TRANSFERS OF FINANCIAL ASETS

(a) Transfered financial asets that are not derecognized in

their entirety

Bils endorsement under the Law of Negotiable

Instruments of the PRC

The folowing table provides a sumary of bils receivable

that have ben transfered in such a way that part of the

transfered financial asets do not qualify for derecognition,

together with the asociated liabilities:

As at 31 March 2025, the Group endorsed certain bils

receivable acepted by certain local banks in the PRC

(the “Endorsed Bils”) to certain of its supliers in order

to setle the trade payables due to such supliers. Since

the Group has retained the substantial risks and rewards,

which include default risk relating to the Endorsed Bils,

it continued to recognize the ful carying amounts of the

Endorsed Bils and the asociated trade payables setled.

Subsequent to the endorsement, the Group does not retain

any rights on the use of the Endorsed Bils, including sales,

transfer or pledge of the Endorsed Bils to any other third

parties.

39. 转让金融资产

(a) 所有未终止确认的已转让金融资产

根据中国票据法之票据背书

下表提供以部分已转让金融资产不符

合终止确认方式转让的应收票据摘要

及相关负债：

（港币千元）(HK$’000)20252024

持续获确认资产

账面值

Carying amount of asets that continued to

be recognized52,71068,006

相关负债账面值Carying amount of asociated liabilities52,71068,006

于二零二五年三月三十一日，本集团

向其若干供应商背书已获若干中国的

当地银行接受的若干应收票据（「背书

票据」），以结清应付此等供应商的应

付贸易账款。因本集团保留重大风险

及回报，包括背书票据的违约风险，

故此，其持续确认背书票据的所有账

面值及相关的已结清应付贸易账款。

背书后，本集团对背书票据使用并无

任何权利，包括向任何其他第三方出

售、转让或质押背书票据。

223CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

39. TRANSFERS OF FINANCIAL ASETS (continued)

(b) Transfered financial asets that are derecognized in

their entirety

Bils endorsement under the Law of Negotiable

Instruments of the PRC

As at 31 March 2025, the Group endorsed certain bils

receivable acepted by certain reputable banks in the

PRC (the “Derecognized Endorsed Bils”) to certain of its

supliers in order to setle the trade payables due to such

supliers with a remaining carying amount in agregate

of HK$195,643,000 (2024: HK$100,867,000). The

Derecognized Endorsed Bils have a remaining maturity

of 1 month to 6 months at the end of the reporting period

(2024: 1 month to 6 months). In acordance with the

Law of Negotiable Instruments in the PRC, the holders of

the Derecognized Endorsed Bils have a right of recourse

against the Group if the banks default (the “Continuing

Involvement”). Since the Group has transfered

substantialy al risks and rewards relating to the

Derecognized Endorsed Bils, it has derecognized the ful

carying amounts of the Derecognized Endorsed Bils and

the asociated trade payables. The maximum exposure

to los from the Group’s Continuing Involvement in the

Derecognized Endorsed Bils and the undiscounted cash

flows to repurchase these Derecognized Endorsed Bils is

equal to their carying amounts. Thus, the fair values of

the Group’s Continuing Involvement in the Derecognized

Endorsed Bils are not significant.

During the year, the Group has not recognized any

gain or los on the date of transfer of the Derecognized

Endorsed Bils. No gains or loses were recognized from

the Continuing Involvement, both during the year or

cumulatively. The endorsement has ben made evenly

throughout the year.

（续）

(b) 所有终止确认的已转让金融资产

根据中国票据法之票据背书

于二零二五年三月三十一日，本集团

向其若干供应商背书剩余账面值为港

币195,643,000元（二零二四年：港币

100,867,000元）已获若干中国有信誉

的银行接受的若干应收票据（「终止确

认背书票据」），以结清应付此等供应

商的应付贸易账款。终止确认背书票

据于报告期末剩余到期日为一个月至

六个月（二零二四年：一个月至六个

月）。根据中国票据法，倘银行欠款，

则终止确认背书票据持有人有权向本

集团追索（「持续参与」）。因本集团已

转让被终止确认背书票据有关的绝大

部分风险及回报，故此，其终止确认

终止确认背书票据的所有账面值及相

关应付贸易账款。本集团就持续参与

终止确认背书票据及购回该等终止确

认背书票据的未折现金流量的最大

亏损风险相等于其账面值。因此，本

集团的持续参与终止确认背书票据的

公平值并不重大。

于年内，本集团于转让终止确认背书

票据日期并未确认任何收益或亏损。

并无收益或亏损于年内或累计确认自

持续参与。该背书于整年平均地作出。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报224

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES

The Group’s principal financial instruments comprise cash

and bank balances, pledged bank deposits, trade and bils

receivables, finance lease receivables, other receivables, trade

and bils payables, other payables, acruals and interest-bearing

bank borowings.

The main risks arising from the Group’s financial instruments are

interest rate risk, foreign curency risk, credit risk and liquidity

risk. The risks asociated with these financial instruments and

the policies on how to mitigate these risks are set out below.

Management manages and monitors these exposures to ensure

apropriate measures are implemented in a timely and efective

maner.

Interest rate risk

The Group’s exposure to the risk of changes in market interest

rates relates primarily to the Group’s bank loans carying floating

interest rates. The Group monitors its interest rate exposure

closely and considers to take measures to reduce significant

interest rate exposure, if any.

Foreign curency risk

The Group’s foreign exchange risk arises from comercial

transactions, recognized asets and liabilities and net

investments in operations in Mainland China, Taiwan, Brazil and

the Netherlands.

The Group has transactional curency risk exposures. Such

risk exposures arise from a substantial portion of the Group’s

sales and purchases transactions denominated in United States

dolars (“US$”), RMB, JPY and New Taiwanese dolars (“NTD”).

Management closely monitors foreign exchange exposure in

transactions denominated in US$, RMB, JPY and NTD and

its investments in Mainland China, Taiwan, Brazil and the

Netherlands and wil consider hedging significant foreign

curency exposure should the ned arise.

40. 金融风险管理目标及政策

本集团主要金融工具包括现金及银行结存、

抵押银行存款、应收贸易及票据账款、应

收融资租赁账款、其他应收账款、应付贸

易及票据账款、其他应付账款、应计负债

以及计息银行贷款。

由本集团金融工具所产生的主要风险为利

率风险、外币风险、信贷风险及流动资金

风险。有关该等金融工具的风险及减低该

等风险的政策载于下文。管理层管理及监

察该等风险，以确保及时和有效地施行适

当的措施。

利率风险

本集团所面对的市场利率变动风险主要与

本集团的浮息银行贷款有关。本集团紧密

监察其利率风险，当有重大利率风险时，

会考虑采取措施以减低有关风险。

外币风险

本集团的外币风险源于商业交易、已确认

的资产及负债，以及于中国大陆、台湾、

巴西及荷兰业务的净投资。

本集团有外币交易风险，该等风险源于本

集团的大部分销售及采购交易，是以美元、

人民币、日圆及新台币为交易货币。

管理层紧密监控以美元、人民币、日圆及

新台币为交易货币的交易及投资于中国大

陆、台湾、巴西及荷兰之外币风险；如有

需要，会考虑对冲重大外币风险。

225CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (continued)

Foreign curency risk (continued)

The folowing table demonstrates the sensitivity at the end of the

reporting period to a reasonably posible change in US$, RMB,

Euro and NTD exchange rates, with al other variables held

constant, of the Group’s profit before tax (due to changes in the

fair value of monetary asets and liabilities).

（续）

外币风险（续）

下表列示本集团除税前溢利于报告期末（在

所有其他变数保持不变的情况下）对美元、

人民币、欧元及新台币汇率的合理可能变

动的敏感度（由于货币资产及负债的公平值

变动）。

（港币千元）(HK$’000)

外币汇率

增加╱（减少）

Increase/

(decrease)

in foreign

curency rate

除税前溢利

增加╱（减少）

Increase/

(decrease)

in profit

before tax

倘人民币对港元升值If RMB strengthens against HK$5%(14,862)

倘人民币对港元贬值If RMB weakens against HK$(5%)14,862

倘人民币对美元升值If RMB strengthens against US$5%(9,880)

倘人民币对美元贬值If RMB weakens against US$(5%)9,880

倘欧元对港元升值If Euro strengthens against HK$5%(82)

倘欧元对港元贬值If Euro weakens against HK$(5%)82

倘新台币对美元升值If NTD strengthens against US$5%(922)

倘新台币对美元贬值If NTD weakens against US$(5%)922

倘人民币对巴西雷亚尔升值If RMB strengthens against Brazilian Real (“R$”)5%(1,570)

倘人民币对巴西雷亚尔贬值If RMB weakens against R$(5%)1,570

倘美元对巴西雷亚尔升值If US$ strengthens against R$5%(7,795)

倘美元对巴西雷亚尔贬值If US$ weakens against R$(5%)7,795

倘人民币对港元升值If RMB strengthens against HK$5%4,765

倘人民币对港元贬值If RMB weakens against HK$(5%)(4,765)

倘人民币对美元升值If RMB strengthens against US$5%(7,787)

倘人民币对美元贬值If RMB weakens against US$(5%)7,787

倘欧元对港元升值If Euro strengthens against HK$5%290

倘欧元对港元贬值If Euro weakens against HK$(5%)(290)

倘新台币对美元升值If NTD strengthens against US$5%(2,733)

倘新台币对美元贬值If NTD weakens against US$(5%)2,733

倘人民币对巴西雷亚尔升值If RMB strengthens against R$5%(2,168)

倘人民币对巴西雷亚尔贬值If RMB weakens against R$(5%)2,168

倘美元对巴西雷亚尔升值If US$ strengthens against R$5%(5,003)

倘美元对巴西雷亚尔贬值If US$ weakens against R$(5%)5,003

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报226

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (continued)

Credit risk

Maximum exposure and year-end staging

The tables below show the credit quality and the maximum

exposure to credit risk based on the Group’s credit policy, which

is mainly based on past due information unles other information

is available without undue cost or efort, and year-end staging

clasification as at 31 March. The amounts presented are gros

carying amounts for financial asets and the exposure to credit

risk for the financial guarante contracts.

At 31 March 2025

（续）

信贷风险

最大风险及年末阶段

下表根据本集团的信贷政策（除非有毋须花

费不必要成本或精力而取得的资料，否则

主要基于过往逾期资料及于三月三十一日

的年末阶段分类）列出信贷风险的信贷质素

及最大信贷风险。呈报金额为金融资产的

账面值总额及财务担保合同面对的信贷风险。

于二零二五年三月三十一日

十二个月

预期

信贷亏损

12-month

ECLs

全期预期信贷亏损

Lifetime ECLs

（港币千元）(HK$’000)

第一阶段

Stage 1

第二阶段

Stage 2

第三阶段

Stage 3

简化方式

Simplified

aproach

总计

Total

应收贸易账款Trade receivables–1,222,3871,222,387

应收票据账款Bils receivable

— 正常— Normal443,044–443,044

记入订金、预付款项及

其他应收账款

的金融资产

Financial asets included in

deposits, prepayments and

other receivables

— 正常— Normal41,655–41,655

— 呆坏— Doubtful–12,555–12,555

应收融资租赁账款Finance lease receivables–4,2584,258

抵押银行存款Pledged bank deposits

— 未逾期— Not yet past due138,784–138,784

现金及银行结存Cash and bank balances

— 未逾期— Not yet past due528,179–528,179

1,151,662–12,5551,226,6452,390,862

227CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (continued)

Credit risk (continued)

Maximum exposure and year-end staging (continued)

At 31 March 2024

* For trade receivables and finance lease receivables to which

the Group aplies the simplified aproach for provision for

impairment, information based on the provision matrix is disclosed

in notes 21 and 23 to the financial statements.

The credit quality of the bils receivable and the financial asets

included in deposits, prepayments and other receivables is

considered to be “normal” when they are not past due and

there is no information indicating that the financial asets had

a significant increase in credit risk since initial recognition.

Otherwise, the credit quality of the financial asets is considered

to be “doubtful”.

（续）

信贷风险（续）

最大风险及年末阶段（续）

于二零二四年三月三十一日

十二个月

预期

信贷亏损

12-month

ECLs

全期预期信贷亏损

Lifetime ECLs

（港币千元）(HK$’000)

第一阶段

Stage 1

第二阶段

Stage 2

第三阶段

Stage 3

简化方式

Simplified

aproach

总计

Total

应收贸易账款Trade receivables–1,098,5681,098,568

应收票据账款Bils receivable

— 正常— Normal306,674–306,674

记入订金、预付款项及

其他应收账款

的金融资产

Financial asets included in

deposits, prepayments and

other receivables

— 正常— Normal32,393–32,393

— 呆坏— Doubtful–15,656–15,656

应收融资租赁账款Finance lease receivables–5,9445,944

抵押银行存款Pledged bank deposits

— 未逾期— Not yet past due47,899–47,899

现金及银行结存Cash and bank balances

— 未逾期— Not yet past due825,777–825,777

提供给银行的担保，最大

数额，用作担保给予

客户作购买本集团产品

的银行贷款

Guarante given to a bank, at

the maximum, for a bank

loan granted to a customer to

purchase the Group’s products

— 未逾期— Not yet past due1,307–1,307

1,214,050–15,6561,104,5122,334,218

* 就本集团应用减值拨备简化方式的应收贸

易账款及应收融资租赁账款而言，基于拨

备矩阵的资料于财务报表附注21及23中

披露。

当应收票据账款以及记入订金、预付款项

及其他应收账款的金融资产并未逾期，以

及无资料表明该等金融资产自初始确认后

信贷风险显著增加，则其信贷质素被视为

「正常」。否则，金融资产的信贷质素被视

为「呆坏」。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报228

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (continued)

Liquidity risk

The Group monitors its risk to a shortage of funds using

recuring liquidity planing tol. This tol considers the maturity

of both its financial instruments (e.g., trade and bils payables)

and financial asets (e.g., trade and bils receivables and finance

lease receivables) and projected cash flows from operations.

The maturity profile of the Group’s financial liabilities (including

contingent liabilities) as at the end of the reporting period, based

on the contractual undiscounted payments, was as folows:

（续）

流动资金风险

本集团采用循环流动资金计划工具，以监

察其资金短缺的风险。该工具考虑到金融

工具（如：应付贸易及票据账款）及金融资

产（如：应收贸易及票据账款以及应收融资

租赁账款）的到期日及预测经营现金流量。

本集团的金融负债（包括或然负债）于报告

期末（按已订约未折现的付款额）的到期日

分布如下：

（港币千元）(HK$’000)

三个月内

或按要求

Les than

3 months or

on demand

三个月以上及

十二个月内

More than

3 months and

les than

12 months

一至五年

1 to 5 years

超过五年

Over

5 years

总计

Total

应付贸易及票据账款Trade and bils payables602,882213,465–816,347

记入其他应付账款及

应计负债的金融负债

Financial liabilities included in

other payables and acruals164,774–2,347–167,121

租赁负债Lease liabilities1,3673,84414,710–19,921

769,023217,30917,057–1,003,389

229CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (continued)

Liquidity risk (continued)

Capital management

The primary objectives of the Group’s capital management are to

safeguard the Group’s ability to continue as a going concern and

to maintain healthy capital ratios in order to suport its busines

and maximize shareholders’ value.

The Group manages its capital structure and make adjustments

to it in light of changes in economic conditions. To maintain or

adjust the capital structure, the Group may adjust the dividend

payment to shareholders, return capital to shareholders or isue

new shares. No changes were made in the objectives, policies

or proceses for managing capital during the years ended 31

March 2025 and 31 March 2024.

In adition, the Group monitors capital using the position

of net curent asets of HK$1,997,648,000 (2024:

HK$1,985,180,000), which is total curent asets minus total

curent liabilities. The Group’s policy is to maintain net curent

asets position.

（续）

流动资金风险（续）

（港币千元）(HK$’000)

三个月内

或按要求

Les than

3 months or

on demand

三个月以上及

十二个月内

More than

3 months and

les than

12 months

一至五年

1 to 5 years

超过五年

Over

5 years

总计

Total

应付贸易及票据账款Trade and bils payables566,70056,410–623,110

记入其他应付账款及

应计负债的金融负债

Financial liabilities included in

other payables and acruals143,910–8,343–152,253

租赁负债Lease liabilities1,1443,18713,0512,57819,960

提供给银行的担保，

最大数额，用作担保给予

客户作购买本集团产品的

银行贷款

Guarante given to a bank, at the

maximum, for a bank loan granted

to a customer to purchase the

Group’s products1,307–1,307

713,06159,59721,3942,578796,630

资本管理

本集团资本管理的主要目标为维护本集团

持续经营的能力及保持健康的资本比率，

以支持其业务及最大限度地提高股东利益。

本集团根据经济状况的变动而管理及调整

其资本架构。为保持或调整资本架构，本

集团或会调整派予股东的股息、向股东退

回资本或发行新股。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

度内，该等资本管理之目标、政策或程序

并无任何改变。

此外，本集团乃透过净流动资产状况合共

港币1,997,648,000元（二零二四年：港币

1,985,180,0000元）（即总流动资产减总流

动负债）监控资本。本集团之政策为维持净

流动资产。

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报230

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

41. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY

Information about the statement of financial position of the

Company at the end of the reporting period is as folows:

41. 本公司财务状况表

本公司于报告期末的财务状况表资料如下：

（港币千元）(HK$’000)20252024

非流动资产NON-CURENT ASETS

于附属公司之投资Investments in subsidiaries644,440536,286

流动资产CURENT ASETS

订金及其他应收账款Deposits and other receivables7351,434

现金及银行结存Cash and bank balances5,854105,210

流动资产总计Total curent asets6,589106,644

流动负债CURENT LIABILITIES

其他应付账款及应计负债Other payables and acruals12,1038,128

流动负债总计Total curent liabilities12,1038,128

流动资产╱（负债）净值NET CURENT ASETS/(LIABILITIES)(5,514)98,516

资产总值减流动负债TOTAL ASETS LES CURENT LIABILITIES638,926634,802

非流动负债NON-CURENT LIABILITIES

其他应付账款及应计负债Other payables and acruals432661

资产净值NET ASETS638,494634,141

权益EQUITY

已发行股本Isued share capital63,05363,053

储备（附注）Reserves (note)575,441571,088

权益总计TOTAL EQUITY638,494634,141

231CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Notes to Financial Statements (continued)财务报表附注（续）

31 March 2025二零二五年三月三十一日

41. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY (continued)

Note:

A sumary of the Company’s reserves is as folows:

The capital reserve comprises the fair value of share options

granted which are yet to be exercised, as further explained in

the acounting policy for share-based payment transactions in

note 3 to the financial statements. The amount wil either be

transfered to share premium acount when the related share

options are exercised, or be transfered to retained profits when

the related share options expire or are forfeited.

42. APROVAL OF THE FINANCIAL STATEMENTS

The financial statements were aproved and authorized for isue

by the board of directors on 20 June 2025.

（续）

附注：

本公司之储备概要如下：

（港币千元）(HK$’000)

股份

溢价账

premium

acount

资本赎回

储备

Capital

redemption

reserve

资本储备

Capital

reserve

保留溢利

Retained

profits

总计

Total

于二零二三年四月一日At 1 April 2023509,5802953,256110,164623,295

本年度溢利及

本年度总全面收益

Profit for the year and total

comprehensive income for the year–11,53211,532

以股权支付的购股权安排Equity-setled share option arangements–1,206–1,206

截至二零二三年三月三十一日

止年度之末期股息（附注12）

Final dividend for the year ended

31 March 2023 (note 12)–(46,029)(46,029)

中期股息（附注12）Interim dividend (note 12)–(18,916)(18,916)

于二零二四年三月三十一日及

二零二四年四月一日

At 31 March 2024 and

1 April 2024509,5802954,46256,751571,088

本年度溢利及

本年度总全面收益

Profit for the year and total

comprehensive income for the year–58,44058,440

以股权支付的购股权安排Equity-setled share option arangements–1,400–1,400

截至二零二四年三月三十一日

止年度之末期股息（附注12）

Final dividend for the year ended

31 March 2024 (note 12)–(31,527)(31,527)

中期股息（附注12）Interim dividend (note 12)–(23,960)(23,960)

于二零二五年三月三十一日At 31 March 2025509,5802955,86259,704575,441

资本储备包括已授出但尚未行使的购股权

之公平值，并于财务报表附注3内基于股权

的支付交易之会计政策进一步解释。该金

额将于相关购股权获行使时被转至股份溢

价账，或于相关购股权届满或被没收时被

转至保留溢利。

42. 财务报表审批

此财务报表已于二零二五年六月二十日经

董事局审批及授权刊发。

主要附属公司Principal Subsidiaries

于二零二五年三月三十一日As at 31 March 2025

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报232

The table below lists the subsidiaries of the Company which, in the

opinion of the directors, principaly afected the results for the year or

formed a substantial portion of the net asets of the Group. To give

details of other subsidiaries would, in the opinion of the directors,

result in particulars of excesive length.

下表所载列之公司为董事认为对本年度业绩产生

重大影响或构成本集团资产净值主要部分之附属

公司。董事并认为，列出其余附属公司之详情将

过于冗长。

公司名称

Company name

成立╱注册

及经营地区

Place of

incorporation/

registration

and operations

已发行股本╱

实收资本

Isued share/

paid-up capital

本公司持有

权益百分比

Percentage

of equity

atributable

to the

Company

主要业务

Principal activities

间接持有

Held indirectly

亚塑机械股份有限公司

(5)

Asian Plastic Machinery

Company, Limited

(5)

台湾

Taiwan

普通股

Ordinary

新台币50,000,000元

NTD50,000,000

100销售注塑机

Sale of

plastic injection

moulding machines

震雄工业园﹙深圳﹚有限公司

(1)

Chen Hsong Industrial Park

(Shenzhen) Company Limited

(1)

中国/

中国大陆

PRC/

Mainland China

3,000,000美元

US$3,000,000

100持有物业

Property holding

震雄机器厂有限公司

Chen Hsong Machinery

Company, Limited

香港

Hong Kong

普通股港币2元

Ordinary HK$2

无投票权递延股份

(4)

港币50,000,000元

Non-voting defered

(4)

HK$50,000,000

–

销售注塑机

Sale of

plastic injection

moulding machines

Chen Hsong Machinery (India)

Private Limited

印度

India

普通股

Ordinary

印度卢比25,000,000

Rs.25,000,000

100销售注塑机

Sale of

plastic injection

moulding machines

233CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

Principal Subsidiaries (continued)主要附属公司（续）

As at 31 March 2025于二零二五年三月三十一日

公司名称

Company name

成立╱注册

及经营地区

Place of

incorporation/

registration

and operations

已发行股本╱

实收资本

Isued share/

paid-up capital

本公司持有

权益百分比

Percentage

of equity

atributable

to the

Company

主要业务

Principal activities

间接持有（续）

Held indirectly (continued)

震雄机械（宁波）有限公司

(1) (5)

Chen Hsong Machinery (Ningbo)

Company, Limited

(1) (5)

中国/

中国大陆

PRC/

Mainland China

8,010,000美元

US$8,010,000

100制造及销售注塑机

Manufacture and sale

of plastic injection

moulding machines

震雄机械（深圳）有限公司

(3) (5)

Chen Hsong Machinery (Shenzhen)

Company Limited

(3) (5)

中国/

中国大陆

PRC/

Mainland China

17,130,000美元

US$17,130,000

100制造及销售注塑机

Manufacture and sale

of plastic injection

moulding machines

震雄机械厂股份有限公司

(5)

Chen Hsong Machinery Taiwan

Company, Limited

(5)

台湾

Taiwan

普通股

Ordinary

新台币165,000,000元

NTD165,000,000

100制造及销售注塑机

Manufacture and sale

of plastic injection

moulding machines

震雄机电设备（深圳）有限公司

(1) (5)

Chen Hsong Mechanical and

Electrical Equipment

(Shenzhen) Co., Ltd.

(1) (5)

中国/

中国大陆

PRC/

Mainland China

港币24,000,000元

HK$24,000,000

100制造及销售哥林柱

Manufacture and

sale of tie bars

震雄营销（深圳）有限公司

(1) (5)

Chen Hsong Sales & Marketing

(Shenzhen) Company,

Limited

(1) (5)

中国/

中国大陆

PRC/

Mainland China

港币10,000,000元

HK$10,000,000

100销售注塑机

Sale of

plastic injection

moulding machines

Chen Hsong South America

Importação, Exportação e

Comércio de Equipamentos Ltda.

巴西

Brazil

巴西雷亚尔5,721,000

R$5,721,000

100销售注塑机

Sale of

plastic injection

moulding machines

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报234

Principal Subsidiaries (continued)主要附属公司（续）

As at 31 March 2025于二零二五年三月三十一日

公司名称

Company name

成立╱注册

及经营地区

Place of

incorporation/

registration

and operations

已发行股本╱

实收资本

Isued share/

paid-up capital

本公司持有

权益百分比

Percentage

of equity

atributable

to the

Company

主要业务

Principal activities

间接持有（续）

Held indirectly (continued)

佛山市顺德区震德塑料机械

有限公司

(3) (5)

Foshan Shunde Chen De Plastics

Machinery Company Limited

(3) (5)

中国/

中国大陆

PRC/

Mainland China

7,300,000美元

US$7,300,000

100制造及销售注塑机

Manufacture and sale

of plastic injection

moulding machines

佛山市顺德区震德精密机械

有限公司

(3) (5)

Foshan Shunde Chen De Precision

Machinery Co., Limited

(3) (5)

中国/

中国大陆

PRC/

Mainland China

7,900,000美元

US$7,900,000

100制造及销售注塑机

Manufacture and sale

of plastic injection

moulding machines

佛山市顺德区中意液压

有限公司

(1) (5)

Intra-Italia Hydraulics

(Foshan Shunde) Co., Ltd.

(1) (5)

中国/

中国大陆

PRC/

Mainland China

3,000,000美元

US$3,000,000

100制造及销售液压马达

Manufacture and sale

of hydraulic motors

深圳震雄精密设备有限公司

(2) (5)

Shenzhen Chen Hsong Precision

Equipment Limited

(2) (5)

中国/

中国大陆

PRC/

Mainland China

12,000,000美元

US$12,000,000

100制造及销售铸件

Manufacture and sale

of casting parts

附注：

，无权

在股东大会上投票及有受限制权利于清盘时收取

发还资本后之盈余。

Notes:

(1) These companies are wholy foreign-owned enterprises.

(2) This company is a Sino-foreign equity joint venture.

(3) These companies are foreign invested enterprises.

, no rights

to vote at general metings and limited rights to receive any surplus in a

return of capital in a winding-up.

(5) English company names are translated for identification purposes only.

五年财务摘要Five-Year Financial Sumary

235CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报

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

non-controling interests of the Group for the last five financial years,

as extracted from the published audited financial statements, is set out

below.

RESULTS

Year ended 31 March

ASETS, LIABILITIES AND NON-CONTROLING INTERESTS

As at 31 March

以下为摘录自本集团过往五个财政年度已公布及

经审核之财务报表的业绩、资产、负债及非控股

权益。

业绩

截至三月三十一日止年度

（港币千元）(HK$’000)20252024202320222021

收益Revenue2,594,7352,009,5452,312,5842,728,7632,360,553

经营溢利Profit from operating activities189,775126,393161,012239,097270,013

融资成本Finance costs(1,561)(1,199)(1,157)(1,306)(1,948)

应占联营公司

溢利减亏损

Share of profits les loses of

asociates1,411(52)(914)7772,737

除税前溢利Profit before tax189,625125,142158,941238,568270,802

所得税支出Income tax expense(35,620)(26,283)(30,156)(24,574)(65,977)

本年度溢利Profit for the year154,00598,859128,785213,994204,825

归属于：Atributable to:

本公司权益持有人Equity holders of the Company154,386100,853130,289213,309203,021

非控股权益Non-controling interests(381)(1,994)(1,504)6851,804

154,00598,859128,785213,994204,825

资产、负债及非控股权益

于三月三十一日

（港币千元）(HK$’000)20252024202320222021

资产总值Total asets4,358,9644,143,7504,149,3094,429,3274,378,438

负债总值Total liabilities(1,270,592)(1,069,681)(1,081,128)(1,200,865)(1,365,392)

非控股权益Non-controling interests(6,802)(16,539)(19,041)(19,413)(16,514)

3,081,5703,057,5303,049,1403,209,0492,996,532

投资物业详情Particulars of Investment Properties

CHEN HSONG HOLDINGS LIMITED ANUAL REPORT 2024/25震雄集团有限公司 2024/25年报236

于二零二五年三月三十一日As at 31 March 2025

地点

Location

现时用途

Existing use

租约类型

Type of lease

本集团

应占权益

Atributable

interest of

the Group

总楼面积

（平方米）

Gros

flor area

(sq. m.)

中国

广东省深圳市

坪山区

坑梓街道

人民西路177号

震雄工业园

12-B幢、13-B幢及B区食堂大楼

工业

Industrial

中期

Medium

100%约72,000

Aproximately

72,000

Block 12-B, Block 13-B and

canten building in District B

Chen Hsong Industrial Park

177 Renmin West Road

Kengzi Sub-District

Pingshan District

Shenzhen, Guangdong Province

The PRC

中国

浙江省宁波市

北仑区

新碶街道

甬江路28号

3幢1号及6幢1号

工业

Industrial

中期

Medium

100%约15,000

Aproximately

15,000

No. 1 of Buildings 3 & 6,

28 Yongjiang Road

Xinqi Sub-District

Beilun District

Ningbo, Zhejiang Province

The PRC

股东日志

Shareholders’ Calendar

财务摘要

Financial Highlights

目录

Contents

公司资料

Corporate Information

Tel: (852) 2980 1333

Fax: (852) 2810 8185

Email: is-enquiries@vistra.com

Tel: (852) 2665 3888

Fax: (852) 2664 8202

Website: w.chenhsong.com

主席报告书

Chairman’s Statement

管理层之论述及分析

Management’s Discusion & Analysis

董事之个人资料

Biographical Details of Directors

2021. She was formerly an Independent Non-executive Director of

企业管治报告书

Corporate Governance Report

Note:

Director is as folows:

Notes:

Notes:

Notes:

Notes:

Notes:

Notes:

董事局报告书

Report of the Directors

Group:

Rules were as folows:

Notes:

Notes:

Notes:

Notes:

独立核数师报告书Independent Auditor’s Report

We also:

综合收益表Consolidated Income Statement

综合全面收益表Consolidated Statement of Comprehensive Income

综合财务状况表Consolidated Statement of Financial Position

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

综合现金流量表Consolidated Statement of Cash Flows

财务报表附注Notes to Financial Statements

1. CORPORATE AND GROUP INFORMATION

2. ACOUNTING POLICIES

2. ACOUNTING POLICIES (continued)

2. ACOUNTING POLICIES (continued)

2. ACOUNTING POLICIES (continued)

Standards are described below:

2. ACOUNTING POLICIES (continued)

2. ACOUNTING POLICIES (continued)

Acountability: Disclosures

2. ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)

3. MATERIAL ACOUNTING POLICIES (continued)