00104 ASIA COMM HOLD 财务报表/环境、社会及管治资料：2024/2025年年报

1Anual Report 2024/2025年报2024/2025

Corporate Information 公司资料 2

Profile of Directors and Senior Management 董事及高层管理人员简介 4

Management Discusion and Analysis 管理层讨论及分析 7

Directors’ Report 董事会报告 12

Corporate Governance Report 企业管治报告 24

Environmental, Social and Governance Report 环境、社会及管治报告 38

Independent Auditor’s Report 独立核数师报告 46

Consolidated Statement of Profit or Los 综合损益表 52

Consolidated Statement of Profit or Los and Other Comprehensive Income 综合损益及其他全面收益表 53

Consolidated Statement of Financial Position 综合财务状况表 54

Consolidated Statement of Changes in Equity 综合权益变动表 55

Consolidated Statement of Cash Flows 综合现金流量表 57

Notes to the Financial Statements 财务报表附注 59

Five-Year Financial Sumary 五年财务摘要 155

Properties Held By the Group 本集团持有之物业 156

CORPORATE INFORMATION

公司资料

DIRECTORS

Executive Directors

Lam Kim Phung (Chairman)

Eav Feng Ming, Jonathan

Eav Guech Rosana

Independent non-executive Directors

Lai Si Ming

Le Tat Cheung, Vincent

Ke Wah Sze

AUDIT COMITE

Lai Si Ming (Comite Chairman)

Le Tat Cheung, Vincent

Ke Wah Sze

REMUNERATION COMITE

Le Tat Cheung, Vincent (Comite Chairman)

Lai Si Ming

Ke Wah Sze

NOMINATION COMITE

Lam Kim Phung (Comite Chairman)

Lai Si Ming

Le Tat Cheung, Vincent

Ke Wah Sze

AUTHORISED REPRESENTATIVES

Eav Guech Rosana

Cheng Ka Chung

COMPANY SECRETARY

Cheng Ka Chung

AUDITOR

Crowe (HK) CPA Limited

Certified Public Acountants

9/F, Leighton Centre

77 Leighton Road

Causeway Bay

Hong Kong

董事

执行董事

林金凤（主席）

杨峰铭

杨玉

独立非执行董事

赖思明

李达祥

纪华士

审核委员会

赖思明（委员会主席）

李达祥

纪华士

薪酬委员会

李达祥（委员会主席）

赖思明

纪华士

提名委员会

林金凤（委员会主席）

赖思明

李达祥

纪华士

授权代表

杨玉

郑嘉聪

公司秘书

郑嘉聪

核数师

国富浩华（香港）会计师事务所有限公司

执业会计师

香港

铜锣湾

礼顿道77号

礼顿中心9楼

CORPORATE INFORMATION

公司资料

3Anual Report 2024/2025年报2024/2025

PRINCIPAL REGISTRAR

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court,

22 Victoria Stret,

PO Box HM 1179,

Hamilton HM EX,

Bermuda

BRANCH REGISTRAR

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

REGISTERED OFICE

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM10

Bermuda

PRINCIPAL PLACE OF BUSINES IN HONG KONG

3901, 39th Flor,

The Hopewel Centre,

183 Quen’s Road East,

Wanchai, Hong Kong

BANKER

United Overseas Bank Limited

COMPANY’S WEBSITE

w.asiacomercialholdings.com

STOCK CODE

Stock Exchange of Hong Kong: 104

股份过户及登记处

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court,

22 Victoria Stret,

PO Box HM 1179,

Hamilton HM EX,

Bermuda

股份过户及登记分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

注册办事处

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM10

Bermuda

香港主要营业地点

香港湾仔

皇后大道东183号

合和中心

39楼3901室

银行

大华银行有限公司

公司网址

w.asiacomercialholdings.com

股份代号

香港联合交易所：104

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员简介

BOARD OF DIRECTORS

Executive Directors

Ms. Lam Kim Phung, aged 82, is the wife of Mr. Eav Yin who

was the former chairman of the Board, an Executive Director, the

former chairman of the Nomination Comite and a member of the

Remuneration Comite of the Company before he pased away

in September 2020. She was apointed as a non-executive Director,

the Chairman of the Board and the chairman of the Nomination

Comite of the Company on 30th June 2022 and re-designated

from a non-executive Director to an Executive Director on 24th March

2023. Ms. Lam is a Cambodian Chinese and has extensive experience

in watch retailing in Cambodia, Hong Kong and mainland China. She

was apointed as an Executive Director of the Company in June 1989,

overseing the purchasing function of the Group before she resigned

to pursue her own carer in August 1996. Ms. Lam is the mother of

Ms. Eav Guech Rosana and Mr. Eav Feng Ming, Jonathan, both of

whom are Executive Directors of the Company. She is also a controling

shareholder of the Company.

Mr. Eav Feng Ming, Jonathan (former name was Mr. Eav Ming

Keong, Kinson), aged 50, holds a Bachelor of Arts degre in Interior

Design and Technology and a Master of Arts degre in Art, Design

and Visual Culture from the London Guildhal University. After

graduation, he practiced in an architecture firm in London for 2 years.

He was apointed as an Executive Director of the Company on 22nd

November 2006 and acted as a director of a number of subsidiaries

of the Company before his resignation from the Board of Directors

on 21st August 2015 as he wanted to devote more time for his

personal busines at that time. Mr. Eav remained as a consultant

of the Company and its subsidiaries since 21st August 2015. He

was apointed as a director of thre subsidiaries of the Company in

February, April and May 2018, respectively and he was apointed as an

Executive Director of the Company on 11th October 2018. In adition,

he is curently acting as a director of a number of subsidiaries of the

Company. Mr. Eav is the brother of Ms. Eav Guech Rosana, who is an

Executive Director of the Company, and the son of Ms. Lam Kim Phung

who is a controling shareholder, Executive Director and Chairman of

the Board of the Company.

Ms. Eav Guech Rosana (former names were Eav Xin Qi, Rosana

and Eav Guech Rosana), aged 55, holds a Bachelor of Busines

Administration Degre in Marketing from Adelphi University in the

U.S.A. She is curently the chief executive oficer of Time City (Hong

Kong) Limited, a subsidiary of the Company. Before joining the Group

in 1993, she worked in a major international US Bank specializing in

local corporate companies. She is curently acting as a director of

a number of subsidiaries of the Company. Ms. Eav is the sister of

Mr. Eav Feng Ming, Jonathan, who is an Executive Director of the

Company, and the daughter of Ms. Lam Kim Phung who is a controling

shareholder, Executive Director and Chairman of the Board of the

Company. She was apointed as an Executive Director of the Company

on 21st August 2015.

董事会

执行董事

林金凤女士，现年八十二岁，为杨仁先生之妻子。杨仁

先生于二零二零年九月离世前为前任董事会主席、执

行董事、本公司提名委员会前任主席及薪酬委员会成

员。于二零二年六月三十日，林女士获委任为本公司

非执行董事、董事会主席及提名委员会主席，并于二零

二三年三月二十四日由非执行董事调任为执行董事。

林女士为柬埔寨华侨，拥有于柬埔寨、香港及中国内

地零售钟表之丰富经验。彼于一九八九年六月曾获委

任为本公司执行董事，于一九六年八月因发展个人

事业而辞任前负责监督本集团之采购职能。林女士为

杨玉女士及杨峰铭先生（均为本公司之执行董事）之母

亲。彼亦为本公司之控股东。

杨峰铭先生（原名杨明强），现年五十岁，持有伦敦吉

尔德霍尔大学室内设计与技术文学士学位，以及艺

术、设计与视觉文化文学硕士学位。毕业后，彼於伦

敦一家建筑公司工作了两年。彼于二零六年十一月

二十二日获委任为本公司执行董事，并于二零一五年

八月二十一日辞任董事会成员前担任本公司若干附属

公司之董事，彼辞任董事会成员是希望投入更多时间

于其个人业务之上。杨先生自二零一五年八月二十一

日开始仍保留担任本公司及其附属公司之顾问。彼于

二零一八年二月、四月及五月分别获委任为本公司三

间附属公司之董事，并于二零一八年十月十一日获委

任为本公司执行董事。此外，彼现时为本公司多家附

属公司之董事。杨先生为本公司执行董事杨玉女士之

胞弟及本公司控股东、执行董事兼董事会主席林金

凤女士之儿子。

杨玉女士（原名杨薪锜及杨访梅），现年五十五岁，持

有美国艾德菲大学市场营销工商管理学位，彼目前为本

公司附属公司冠亚名表城（香港）有限公司之首席执行

官。一九三年加入本集团之前，彼曾于一家国际性美

国大银行专注于当地企业公司的服务。彼现时为本公

司多家附属公司之董事。杨女士为本公司执行董事杨

峰铭先生之胞姊及本公司控股东、执行董事兼董事

会主席林金凤女士之女儿。于二零一五年八月二十一

日，彼获委任为本公司执行董事。

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高层管理人员简介

5Anual Report 2024/2025年报2024/2025

Independent non-executive Directors

Mr. Lai Si Ming, aged 67, is a felow member of the Hong Kong

Institute of Surveyors and an asociate member of the Royal Institution

of Chartered Surveyors. He was apointed as an independent non-

executive Director of the Company on 8th August 1998. He is also

the chairman of the audit comite and a member of the nomination

comite and remuneration comite of the Company. Mr. Lai was

elected as the Vice Chairman, General Practice Division of the Hong

Kong Institute of Surveyors during the years from 2001 to 2003. Mr.

Lai has ben practicing as a profesional surveyor since 1983 and

has considerable experience in the property field. Mr. Lai was an

independent non-executive director of Glory Health Industry Limited

(Stock Code: 2329), the shares of which are listed on the Main Board of

The Stock Exchange of Hong Kong Limited, from July 2013 to August

2023. Mr. Lai holds a Master Degre of Busines Administration from

Chinese University of Hong Kong.

Mr. Le Tat Cheung, Vincent, aged 55, has around 30 years’

experience in acounting and auditing and is the sole proprietor of

a firm of Certified Public Acountants practicing in Hong Kong. Mr.

Le is a felow member of The Institute of Chartered Acountants

in England and Wales, a felow member of The Hong Kong Institute

of Certified Public Acountants and The Asociation of Chartered

Certified Acountants. He holds a Master Degre in Corporate Finance

from the Hong Kong Polytechnic University. He was apointed as an

independent non-executive Director of the Company on 16th December

2006. He is the chairman of the remuneration comite and also a

member of the audit comite and the nomination comite of the

Company.

Mr. Ke Wah Sze, aged 77, is a partner of Mesrs. Michael Cheuk,

Wong & Ke and is a practicing solicitor in Hong Kong for over 40 years

specialized in both comercial and conveyancing fields. He is a Notary

Public of Hong Kong, a China Apointed Atesting Oficer and holder

of Master Degre in Chinese and Comparative Law of City University

of Hong Kong and Master Degre in Law of the People’s University of

the PRC. He was an independent non-executive director of Shougang

Fushan Resources Group Limited (Stock Code: 639), the shares of

which are listed on the Main Board of The Stock Exchange of Hong

Kong Limited, from April 1997 to June 2021.

Mr. Ke was apointed as an independent non-executive director of the

Company on 10th August 2020. He is also a member of the nomination

comite, the audit comite and the remuneration comite of the

Company.

SENIOR MANAGEMENT

Mr. Cheng Ka Chung, aged 57, joined the Group in 2010. Mr. Cheng

has around 30 years experience in finance and acounting. He holds

a Bachelor of Arts degre in Acountancy and a Master of Science

degre in Acountancy from the Hong Kong Polytechnic University. Mr.

Cheng is the Finance Director and Company Secretary of the Company.

独立非执行董事

赖思明先生，现年六十七岁，为香港测量师学会资深

会员及英国皇家特许测量师学会之会员。于一九八

年八月八日，彼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及提名委员会及薪酬委员

会委员。赖先生于二零一年至二零三年期间被选

为香港测量师学会之产业测量组之副主席。赖先生自

一九八三年起开始以专业测量师之身份执业，并在地产

界具丰富经验。于二零一三年七月至二零二三年八月

期间，赖先生曾任国瑞健康产业有限公司（股份代号：

2329）之独立非执行董事，该公司股份为香港联合交易

所有公司主板上市。赖先生持有香港中文大学之工商

管理硕士学位。

李达祥先生，现年五十五岁，于会计及审计方面拥有

约三十年经验，并为香港一间执业会计师行的独资经

营者。李先生为英格兰及威尔斯特许会计师公会、香

港会计师公会及英国特许公认会计师公会资深会员。

彼持有香港理工大学企业金融硕士学位。二零六年

十二月十六日，彼获委任为本公司独立非执行董事。

彼为薪酬委员会主席及同时亦为本公司审核委员会及

提名委员会成员。

纪华士先生，现年七十七岁，为卓黄纪律师事务所合

伙人，并在香港从事执业律师超过四十年，专门从事

商业及产权转让事务。彼为香港公证人，中国委任公

证人及持有香港城市大学中文及比较法硕士学位，以

及中国人民大学法学硕士学位。于一九七年四月至

二零二一年六月期间，彼曾出任首钢福山资源集团有

限公司（股票代号：639）独立非执行董事，该公司股份

为香港联合交易所有限公司主板上市。

纪先生于二零二零年八月十日获委任为本公司独立非

执行董事。彼亦为本公司提名委员会、审核委员会及

薪酬委员会成员。

高层管理人员

郑嘉聪先生，五十七岁，二零一零年加入本集团。郑先

生在财务及会计方面拥有约三十年的经验。彼持有香

港理工大学会计学文学士学位及硕士学位。郑先生为

本公司之财务总监及公司秘书。

MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 FINANCIAL HIGHLIGHTS 财务摘要 2025 2024 Change 二零二五年二零二四年变动 HK$ million HK$ million % 百万港元百万港元 Operations 经营 Revenue 营业收入 709 705 1 Profit attributable to owners of 归属于本公司持有人之溢利 24 26 (8) the Company Earnings per share – Basic 每股盈利－基本 3.27 3.51 (7) HK cents HK cents 3.27港仙 3.51港仙 Final dividend proposed after 报告期末后建议派发之末期股息 20 26 (23) the end of the reporting period 2025 2024 Change 二零二五年二零二四年变动 HK$ million HK$ million % 百万港元百万港元 Financial position 财务状况 Total assets 总资产 713 773 (8) Equity attributable to owners of the 归属于本公司持有人权益 442 445 (1) Company 年报2024/2025 Annual Report 2024/2025 7

709
24
3.27 HK cents 3.27港仙	3.27
20

713
442

MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 Business Review 业务回顾 The Group’s revenue for the year amounted to HK$709 million which 本年度本集团之营业收入为709,000,000港元，与上 was comparable to HK$705 million in last year. The sales in Mainland 年度的705,000,000港元相若。本年度于中国内地之 China this year amounted to HK$696 million which were comparable to 销售额为696,000,000港元，与上年度的693,000,000 HK$693 million in last year. The “Sales of watches” segment continued 港元相若。「钟表销售」分部于本年度继续发挥重要角 to play a key role this year and achieved a total revenue of HK$699 色，于本年度录得营业收入总额699,000,000港元。另 million. On the other hand, the business in the “Property leasing” 一方面，「租赁物业」分部业务于本年度带来9,000,000 segment derived a total revenue of HK$9 million this year, representing 港元之营业收入总额，较上年度的8,000,000港元增加 an increase of 13% as compared with HK$8 million in last year due to 13%，乃由于去年度末的投资物业之新租约已生效。 the commencement of a new tenancy for the investment property in late last year. The total number of stores is as below: 店舖总数如下： As at As at 31st March 31st March 2025 2024 于二零二五年于二零二四年三月三十一日三月三十一日 Beijing 北京 1 1 Shanghai 上海 2 2 Xiamen 厦门 1 1 Nantong 南通 1 1 5 5 Financial Review 财务回顾 Results review 业绩回顾 For the year ended 31st March 2025, the Group’s revenue amounted to 截至二零二五年三月三十一日止年度，本集团之营业 HK$709 million which was comparable to HK$705 million in last year. 收入为709,000,000港元，与上年度的705,000,000港 Gross profit margin was 33% which was the same as last year. 元相若。毛利率为33%，与上年度一致。 Distribution costs this year amounted to HK$99 million which was 本年度分销成本为99,000,000港元，与上年度为 comparable to HK$100 million in last year. 100,000,000港元一致。 Administrative expenses increased by 13% this year to HK$35 million 行政费用与上年度31,000,000港元比较，增加13%至本 as compared with HK$31 million in last year which was mainly due to 年度的35,000,000港元，主要由于董事酬金增加。 the increase in director’s remuneration. Fair value losses on investment properties amounted to HK$37 million 本年度投资物业之公允值亏损为37,000,000港元，上年 this year as compared with fair value losses of HK$32 million in last 度则为公允值亏损32,000,000港元，乃由于香港及伦敦 year as there was a downturn in both the property markets in Hong 物业市场低迷所致，尤其是香港市场。 Kong and London, and in particular the Hong Kong market. 年报2024/2025 Annual Report 2024/2025 9

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MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 Finance costs amounted to HK$9 million this year which was 18% 由于银行借贷减少，本年度财务成本为9,000,000港 lower than the last year’s amount of HK$11 million as there was a 元，较上年度的11,000,000港元减少18%。 decrease in bank borrowings. Other net gains amounting to HK$8 million this year as compared with 本年度的其他收益净额为8,000,000港元，而上年度的 net losses of approximately HK$0.2 million in last year was mainly due 亏损净额约为200,000港元，此乃主要由于本年度政府 to government subsidies received in this year. 提供补贴所致。 As a result of the above, the Group achieved a net profit of HK$24 鉴于上文所述，本集团于本年度录得纯利24,000,000港 million this year as compared with a net profit of HK$26 million in last 元，而上年度则录得纯利26,000,000港元。 year. Liquidity, financial resources and capital structure 流动资金、财务资源及资本结构 As at 31st March 2025, the Group’s total cash balance amounted 于二零二五年三月三十一日，本集团之现金结余总 to HK$179 million (31st March 2024: HK$165 million). The increase 额为179,000,000港元（二零二四年三月三十一日： was mainly due to the increase in cashflow from operations which 165,000,000港元）。现金结余增加主要由于年内经 was partially offset by the repayments of bank loans and payment 营产生的现金流量增加，但部分被偿还银行借贷及 of dividend during the year. Bank loans amounted to HK$134 million 派付股息所抵销。于二零二五年三月三十一日，银 as of 31st March 2025 (HK$159 million as of 31st March 2024). The 行借贷为134,000,000港元（二零二四年三月三十一 bank loans were secured by (i) pledged of investment properties of 日为159,000,000港元）。银行借贷由(i)投资物业抵押 HK$289 million; (ii) corporate guarantees given by the Company; (iii) 289,000,000港元；(ii)本公司提供之公司担保；(iii)本公 subordination of the payables to the group companies owned by a 司一间附属公司（作为贷款借款人）欠集团公司之次级 subsidiary of the Company as the loan borrower and (iv) assignment of 应付款项；及(iv)若干投资物业租金收入的分配作为抵 rental income from certain investment properties. 押。 Gearing ratio of the Group, expressed as a ratio of total bank 本集团之借贷比率（以银行借贷总额除以总权益表示） borrowings over total equity, was 30% as at 31st March 2025 (31st 于二零二五年三月三十一日为30%（二零二四年三月 March 2024: 36%). 三十一日：36%）。 Foreign exchange risks 外汇风险 The Group views its main currencies as Hong Kong dollars, Renminbi, 本集团认为，其主要货币为港元、人民币、英镑及瑞士 Pound Sterling and Swiss Francs. 法郎。 The Group monitors its exposure to foreign exchange risks and, when 本集团对外汇风险实行监控，会在必要及适当时运用 it considers necessary and appropriate, will hedge its foreign exchange 金融工具对冲其外汇风险。 risks by using financial instruments. Prospect 展望 The Group currently operates 5 stores in Mainland China. The Group 本集团现时在中国内地经营5间店舖。本集团年内仍将 remained focus on its core stores and has streamlined their operating 重点放在核心商店，并已精简营运成本，且会持续此 costs during the year and will continue to do so with a view to further 一做法，旨在进一步提升每家商店的成本效益。尽管 enhance the cost efficiency of each store. Though our sales in Mainland 本年度我们于中国内地的销售额稳定，但中国内地经 China were stable this year, the slowing economy in Mainland China is 济放缓仍是奢侈品零售业务未来面临的挑战。 still a challenge for the luxury retail business looking ahead. Apart from the “Sales of watches” segment which continues to be the 除继续作为本集团核心业务之「钟表销售」分部外，本 core business of the Group, the Group is also developing its business 集团亦正在发展其「租赁物业」分部之业务，除其位于 in the “Property leasing” segment and acquired two residential 香港之主要投资物业外，亦于过往年度曾在伦敦购置 properties in London in previous years in addition to the key investment 两个住宅物业。 properties located in Hong Kong. The Group will continue to improve its business and take a cautious 本集团将继续改进其业务，并在未来的扩展中采取审 approach in its future expansion. 慎态度。 On behalf of the Group, we sincerely thank for the kind and positive 谨代表本集团，对各股东、客户、供应商及联系人给予 support of our shareholders, customers, suppliers and associates. 本集团的积极支持，致以由衷谢意。年报2024/2025 Annual Report 2024/2025 11

DIRECTORS’ REPORT

董事会报告

The Directors have pleasure in submiting their report together with the

audited financial statements for the year ended 31st March 2025.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding and the

principal activities of its subsidiaries are set out in Note 16 to the

financial statements.

The analysis of the principal activities and geographical locations of the

operations of the Company and its subsidiaries (“the Group”) during the

financial year are set out in Note 16 to the financial statements.

FINANCIAL STATEMENTS

The profit of the Group for the year ended 31st March 2025 and the

state of the Company and the Group’s afairs as at that date are set out

in the financial statements on pages 52 to 54.

BUSINES REVIEW

The busines review of the Group for the year ended 31st March 2025

is set out in the section headed “Management Discusion and Analysis”

on pages 9 to 11.

Description of posible risks and uncertainties that the Group may be

facing can be found in the section headed “Management Discusion

and Analysis” on pages 9 to 11 of this anual report and Note 29 to the

financial statements. An analysis of the Group’s performance during

the year using financial key performance indicators is set out in section

headed “Management Discusion and Analysis” on pages 9 to 11 of

this anual report.

SHARE CAPITAL

Particulars of the share capital of the Company during the year are set

out in Note 27 to the financial statements.

DIVIDENDS

The Directors recomended the payment of a final dividend of

HK$0.02677 per share for the year ended 31st March 2025 (2024:

HK$0.0348) to the shareholders whose names apear on the register

of members of the Company on 5th September 2025. Subject to the

aproval of the Shareholders at the forthcoming anual general meting,

the final dividend is expected to be paid on 16th September 2025.

Details of the dividends are set out in Note 12 to the financial

statements.

PRINCIPAL SUBSIDIARIES

Particulars of the principal subsidiaries of the Company are set out in

Note 16 to the financial statements.

PROPERTY, PLANT AND EQUIPMENT

Details of the movements in property, plant and equipment are set out

in Note 14 to the financial statements.

董事会欣然提呈截至二零二五年三月三十一日止年度

之报告及经审核财务报表。

主要业务

本公司之主要业务为投资控股及其附属公司之主要业

务载于财务报表附注16。

本公司及其附属公司（「本集团」）于本财政年度内之主

要业务及经营地点分析载于财务报表附注16。

财务报表

本集团截至二零二五年三月三十一日止年度之溢利以

及本公司及本集团于该日之财务状况载于财务报表第

52页至第54页。

业务回顾

本集团于截至二零二五年三月三十一日止年度业务回

顾载于第9至11页「管理层讨论及分析」一节。

描述本集团或会面对的可能性风险及不确定性可参阅

本年报第9至11页标题为「管理层讨论及分析」段落及财

务报表附注29。于年内本集团的业绩表现分析所使用

的财务主要绩效指标载于本年报第9至11页标题为「管

理层讨论及分析」段落。

股本

本公司于年内之股本详情载于财务报表附注27。

股息

董事建议向于二零二五年九月五日名列本公司股东名册

的股东派付截至二零二五年三月三十一日止年度之末

期股息每股0.02677港元（二零二四年：0.0348港元）。

末期股息须待股东于应届股东周年大会上批准，始可

作实，并预计于二零二五年九月十六日派付。

股息之详情载于财务报表附注12。

主要附属公司

本公司主要附属公司之详情载于财务报表附注16。

物业、机器及设备

物业、机器及设备之变动详情载于财务报表附注14。

DIRECTORS’ REPORT

董事会报告

13Anual Report 2024/2025年报2024/202513

INVESTMENT PROPERTIES

Details of the movements in investment properties during the year are

set out in Note 15 to the financial statements.

RESERVES

Details of reserves available for distribution to shareholders and

movements in the reserves of the Company and the Group during

the year are set out in Note 28 to the financial statements and the

consolidated statement of changes in equity respectively.

BOROWING

Details of the bank borowings are set out in Note 25 to the financial

statements.

MAJOR SUPLIERS AND CUSTOMERS

For the year ended 31st March 2025, the Group’s largest suplier

contributed aproximately 96% of the total purchases for the year and

the agregate amount of purchases atributable to the Group’s top

five supliers represented aproximately 100% of the Group’s total

purchases.

Since the customer base of the Group is very wide, the agregate sales

atributable to the Group’s five largest customers are aproximately

0.4% of total sales during the year.

None of the Directors, their close asociates or any shareholders

(which to the knowledge of the Directors owning more than 5% of the

Company’s isued share capital) had interest in the Group’s five largest

supliers.

FINANCIAL SUMARY

A financial sumary of the Group for the past five financial years is set

out on page 155.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the

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

entered into during the year or subsisted at the end of the year.

PERMITED INDEMNITY PROVISION

Pursuant to the Company’s bye-laws, subject to the statues, every

Director shal be indemnified and secured harmles out of the asets

of the Company from and against al actions, costs, charges, loses,

damages and expenses which he/she may incur or sustain by reason of

any act done, concured in or omited in or about the execution of his/

her ofice. The Company has taken out insurance against the liability

and costs asociated with defending any procedings which may be

brought against Directors of the Group.

投资物业

本年度投资物业之变动详情载于财务报表附注15。

储备

本公司及本集团年内可供分派储备予股东详情以及储

备变动详情分别载于财务报表附注28及综合权益变动

表。

借贷

银行借贷之详情载于财务报表附注25。

主要供应商及客户

截至二零二五年三月三十一日止年度，本集团最大供

应商占本年度总采购额约96%；而本集团五大供应商

之总采购额占本集团采购总额约100%。

由于本集团之客户基础庞大，年内本集团五大客户之

总销售额约占本集团销售总额0.4%。

各董事、其紧密联系人或就董事所知拥有本公司5%以

上已发行股本之任何股东概无在本集团五大供应商中

拥有任何权益。

财务摘要

本集团于过去五个财政年度之财务摘要载于第155页。

管理合约

本公司并无就有关管理及行政工作的整体业务或任何

业务重大部分于本年度内或年末订立或存有任何合约。

允许赔偿条款

根据本公司的章程细则，视情况而定，每名董事就

他╱她之职务所作出任何行为、同意或忽略或有关执

行其职务而可能产生或蒙受之所有诉讼、费用、收费、

损失、损害及开支，均可从本公司之资产获得弥偿，并

确保免就此受任何损害。本公司已就集团之董事可能

面对任何诉讼时产生的责任和相关费用购买保险。

DIRECTORS’ REPORT

董事会报告

董事及董事之服务合约

年内及截至本报告日止，本公司董事为：

执行董事：

林金凤女士（主席）

杨峰铭先生

杨玉女士

独立非执行董事：

赖思明先生

李达祥先生

纪华士先生

根据本公司公司细则之公司细则第99条，赖思明先生

及纪华士先生须于应届股东周年大会上轮席告退，惟

彼等符合资格及愿意膺选连任。

林金凤女士将于应届股东周年大会上自愿退任，并有

资格膺选连任。

根据本公司细则，独立非执行董事须轮值退任。

各位获提名膺选连任之董事与本公司或其附属公司均

无订立任何本集团若于一年内将之终止即须作出赔偿

（法定赔偿除外）之服务合约。

DIRECTORS AND DIRECTORS’ SERVICE CONTRACTS

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

report were:

Executive Directors:

Ms. Lam Kim Phung (Chairman)

Mr. Eav Feng Ming, Jonathan

Ms. Eav Guech Rosana

Independent non-executive Directors:

Mr. Lai Si Ming

Mr. Le Tat Cheung, Vincent

Mr. Ke Wah Sze

Pursuant to Bye-law 99 of the Bye-Laws of the Company, Mr. Lai Si

Ming and Mr. Ke Wah Sze shal retire by rotation from ofice at the

forthcoming Anual General Meting and shal be eligible and ofer

themselves for re-election.

Ms. Lam Kim Phung wil voluntarily retire from her directorship at the

forthcoming Anual General Meting and shal be eligible and ofer

herself for re-election.

The independent non-executive Directors are subject to retirement by

rotation in acordance with the Company’s Bye-Laws.

None of the Directors proposed for re-election has a service contract

with the Company or its subsidiaries which is not determinable by the

Group within one year without payment of compensation, other than

statutory compensation.

DIRECTORS’ REPORT

董事会报告

15Anual Report 2024/2025年报2024/202515

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS IN SHARES,

UNDERLYING SHARES AND DEBENTURES

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

Directors and chief executive of the Company in the shares, underlying

shares or debentures of the Company and any asociated corporations

(within the meaning of Part XV of the Securities and Futures Ordinance

(“SFO”) which were required to be notified to the Company and

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

SFO (including interests and short positions which they were taken

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

required to be and were recorded in the register 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 (“Model Code”) as set out

in Apendix C3 to the Rules Governing the Listing of Securities on the

Stock Exchange of Hong Kong Limited (the “Listing Rules”) were as

folows:

Long positions in shares and underlying shares of the Company

Number ofAproximate

ordinarypercentage of

shares ofagregate

HK$0.2 each/interests to

underlyingtotal isued

shares held share capital

持有每股总权益占已发行

Name of DirectorsNature of interest0.2港元普通股╱股本总额

董事姓名权益性质相关股份数目概约百分比

Ms. Lam Kim Phung林金凤女士Note 1 附注1 446,949,40059.82

Ms. Eav Guech Rosana杨玉女士Note 2 附注22,087,4720.28

Mr. Eav Feng Ming, Jonathan杨峰铭先生Note 3 附注3707,4000.09

Note 1: Among the 446,949,400 shares in which Ms. Lam Kim Phung is demed

to have interests under the SFO (i) 43,072,400 shares are personal

interest of Ms. Lam Kim Phung, (i) 344,700,200 shares are corporate

interest through Ms. Lam Kim Phung’s controled corporations, and (i)

59,176,800 shares represent the interest held by Ms. Lam Kim Phung,

as the administrator/executor of the estate of Mr. Eav Yin through

Chanchaya Truste Holding Corporation (as a truste of Eav An Unit

Trust). Eav An Unit Trust is a discretionary trust of which Mr. Eav Yin is

the founder, the beneficiaries include Ms. Lam Kim Phung who is the

administrator/executor of the estate of Mr. Eav Yin and her children.

Among the 344,700,200 shares shown in (i) above, (a) 291,210,668

shares are held by Century Hero International Limited, (b) 51,133,864

shares are held by Godideal Industrial Limited and (c) 1,423,268 shares

are held by Godnes Management Limited and (d) 932,400 shares

held by Debonair Company Limited. Century Hero International Limited,

Godnes Management Limited and Debonair Company Limited are

wholy owned and Godideal Industrial Limited which is 87% owned by

Ms. Lam Kim Phung.

董事及主要行政人员于股份、相关股份及债券中

之权益

于二零二五年三月三十一日，本公司董事及主要行政

人员在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）的股份、相关股份

或债券证中拥有，而根据证券及期货条例第XV部第7及

第8分部须通知本公司及联交所的权益及淡仓（包括根

据证券及期货条例之该等条文彼等被当作或视为拥有

之权益及淡仓），或根据证券及期货条例第352条规定

须列入而已列入须予备存之登记册或依据香港联合交

易所有限公司证券上市规则（「上市规则」）附录C3所载

之上市发行人董事进行证券交易的标准守则（「标准守

则」）须通知本公司及联交所的权益及淡仓如下：

于本公司股份及其相关股份之好仓

附注1：于林金凤女士根据证券及期货条例被视作拥有权益的

446,949,400股份当中，(i)43,072,400股份为林金

凤女士之个人权益；(i)344,700,200股份为透过林

金凤女士之受控制法团之公司权益；及(i)59,176,800

股份指由林金凤女士为杨仁先生遗产之遗产管理

人╱遗嘱执行人通过Chanchaya Truste Holding

Corporation（作为Eav An Unit Trust之受托人）持有之

权益。Eav An Unit Trust为全权信托，杨仁先生为该

信托之创立人，受益人包括杨仁先生之遗产管理人╱

遗嘱执行人林金凤女士及彼之子女。

于上文(i)所述的344,700,200股份当中，

(a)291,210,668股份由世雄国际有限公司持

有；(b)51,133,864股份由Godideal Industrial

Limited持有；及(c)1,423,268股份由Godnes

Management Limited持有；以及(d)932,400股份

由Debonair Company Limited持有。世雄国际有限

公司、Godnes Management Limited及Debonair

Company Limited由林金凤女士全资拥有，而

Godideal Industrial Limited由林金凤女士拥有87%。

DIRECTORS’ REPORT

董事会报告

Note 2: Al the 2,087,472 shares are personal interest of Ms. Eav Guech

Rosana.

Note 3: Al the 707,400 shares are personal interest of Mr. Eav Feng Ming,

Jonathan.

Save as disclosed herein, as at 31st 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 of its asociated corporations (within the meaning of Part XV of

the SFO) which were required to be notified to the Company and the

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

(including interests and short positions which they are taken or demed

to have under such provisions of the SFO) or which were required to

be recorded in the register kept by the Company under Section 352 of

the SFO or which were required to be notified to the Company and the

Stock Exchange pursuant to the Model Code.

In adition, save as disclosed above, none of the Directors or chief

executive of the Company nor their spouses or children under 18 years

of age had ben granted or had exercised any rights to subscribe for

any equity or debt securities of the Company or any of its asociated

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

附注2：所有2,087,472股份均属杨玉女士个人权益。

附注3：所有707,400股份均属杨峰铭先生个人权益。

除本文所披露者外，于二零二五年三月三十一日，本

公司各董事或主要行政人员概无在本公司或其任何相

联法团（定义见证券及期货条例第XV部）的股份、相关

股份或债券证中拥有，而根据证券及期货条例第XV部

第7及第8分部须通知本公司及联交所的权益及淡仓（包

括根据证券及期货条例之该等条文彼等被当作或视为

拥有之权益及淡仓），或根据证券及期货条例第352条

须登记于备存的登记册内或根据标准守则须通知本公

司及联交所的权益及淡仓。

此外，除上文所披露者外，本公司各董事或主要行政

人员或彼等之配偶或未满18岁之子女概无获授予或行

使认购本公司或其任何相联法团（定义见证券及期货条

例第XV部）之股本或债务证券之任何权利。

DIRECTORS’ REPORT

董事会报告

17Anual Report 2024/2025年报2024/2025

CONTINUING CONECTED TRANSACTIONS

Sub-Tenancy Agrement

On 15th November 2019, the Company as a principal tenant entered into

the Sub-Tenancy Agrement I with Honour Rich International Limited

(“Honour Rich”) (a conected person) as a sub-tenant, under which

the Company agred to grant a tenancy of 3901-02, 39/F, Hopewel

Centre, 183 Quen’s Road East, Wanchai, Hong Kong (“Hopewel

property”) to Honour Rich for a term of 26.5 months at a monthly

rental of HK$359,706. This sub-tenancy agrement was renewed on

28th January 2022 for a term of 24 months at a monthly rental of

HK$163,713. Details are set out in the Company’s anouncements

dated 18th November 2019 and 28th January 2022 respectively.

The Hopewel property wil be rented by the Company and leased to

Honour Rich for the use as ofice.

Honour Rich is a company owned by Ms. Lam Kim Phung, who is

the controling shareholder and Executive Director of the Company,

the wife of Mr. Eav Yin (the former Chairman and Executive Director

of the Company who has pased away on 4th September 2020) and

the mother of Ms. Eav Guech Rosana (an Executive Director of the

Company) and Mr. Eav Feng Ming, Jonathan (an Executive Director

of the Company), and hence are conected persons of the Company

under the Listing Rules. Acordingly, the tenancy under the Sub-

Tenancy Agrement I constitutes conected transaction or continuing

conected transaction for the Company under Chapter 14A.

Save for the information disclosed above, during the year, the Company

did not enter into any other transactions which constituted conected

transactions or continuing conected transactions that were subject to

reporting requirements under Chapter 14A of the Listing Rules.

The continuing conected transactions have ben reviewed by the

independent non-executive Directors. The independent non-executive

Directors have confirmed that the continuing conected transactions

have ben entered into:

(a) in the ordinary and usual course of busines of the Group;

(b) on normal comercial terms or on terms no les favourable to

the Group than terms available to or from (as the case may be)

independent third parties; and

Shareholders as a whole.

持续关连交易

分租协议

于二零一九年十一月十五日，本公司（作为主租户）与

一名关连人士诚富国际有限公司（「诚富」）（作为分租

户）订立分租协议I，据此，本公司同意向诚富授出香港

湾仔皇后大道东183号合和中心39楼3901-02室（「合和

物业」）的租约，为期26.5个月，每月租金为359,706港

元。分租协议已于二零二年一月二十八日重续，为

期二十四个月，月租为163,713港元。有关详情分别载

于本公司日期为二零一九年十一月十八日及二零二

年一月二十八日的公告。

合和物业将由本公司租用并出租予诚富用作办公室。

诚富为杨仁先生（本公司之前主席兼执行董事，已于二

零二零年九月四日离世）之妻子暨杨玉女士（本公司之

执行董事）及杨峰铭先生（本公司之执行董事）之母亲

即本公司控股东以及执行董事林金凤女士拥有的公

司，并因此根据上市规则为本公司的关连人士。因此，

根据第14A章，分租协议I项下的租赁构成本公司的关连

交易或持续关连交易。

除上文所披露的资料外，于本年度内，本公司并无订

立任何其他构成关连交易或持续关连交易而须根据《上

市规则》第14A章规定申报的交易。

独立非执行董事已审阅持续关连交易。独立非执行董

事已确认经已订立之持续关连交易：

(a) 本集团之日常及一般业务；

(b) 按正常商业条款，或条款不逊于独立第三方提供

予本集团或从本集团获得的条款（视情况而定）；

及

DIRECTORS’ REPORT

董事会报告

For the purpose of Rule 14A.56 of the Listing Rules, auditors of the

Company, have confirmed to the Company regarding the continuing

conected transactions disclosed above that nothing has come to the

auditors’ atention that causes them to believe that:

1. the disclosed continuing conected transactions have not ben

aproved by the Company’s board of directors;

, in al material respects, in

acordance with the terms governing such transactions; and

3. have exceded the cap.

The Company confirmed that it has disclosed the continuing conected

transactions and the details of the continuing conected transactions

mentioned above pursuant to the disclosure requirements of Chapter

14A of the Listing Rules.

RELATED PARTY TRANSACTIONS

Material related party transactions entered into by the Group during

the year ended 31st March 2025, which may also constitute conected

transactions under the Listing Rules, are disclosed in Note 30 to the

financial statements.

For those related party transactions that constituted conected

transactions or continuing conected transactions (as the case may

be) under the Listing Rules but are not disclosed in the section headed

“Continuing Conected Transactions”, they are exempt from reporting,

anual review and independent shareholder’s aproval requirements

under Chapter 14A of the Listing Rules.

DIRECTORS’ INTERESTS IN TRANSACTIONS, ARANGEMENTS OR

CONTRACTS

Save as disclosed herein the section headed “RELATED PARTY

TRANSACTIONS”, no transactions, arangements or contracts of

significance to which the Company, its parent company, its subsidiaries

or felow subsidiaries were a party and in which a Director of the

Company or his conected entities had a material interest, whether

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

during the year.

对于上市规则第14A.56条而言，本公司核数师确认，

本公司就上文所披露有关持续关连交易，并无任何值

得核数师关注并导致他们相信：

1. 所披露的持续关连交易尚未获得本公司董事会批

准；

（在所有重大方面）根据规管该等交易的

条款进行；及

本公司确认，上文所述之已披露持续关连交易及持续关

连交易的细节，已根据上市规则第14A章之披露规定。

关连人士交易

于截至二零二五年三月三十一日止年度期间，由本集

团订立的重大关连人士交易其中亦可能根据上市规则

构成关连交易，于财务报表附注30中披露。

就根据上市规则构成关连交易或持续关连交易（视情况

而定）之关联人士交易（但未于「持续关连交易」一节所

披露者）而言，该等交易根据上市规则第14A章获豁免

遵守报告、年度审核及独立股东批准之规定。

董事于交易、安排或合约之权益

除上文「关连人士交易」一节所披露者外，并无在年末

或在年内任何时间仍然继续存在之重大交易、安排或

合约，而其中本公司、其母公司或其附属公司或同系

附属公司为一方当事人，以及当中本公司董事或其关

连实体直接或间接拥有重大权益。

DIRECTORS’ REPORT

董事会报告

19Anual Report 2024/2025年报2024/2025

EQUITY-LINKED AGREMENTS

No equity-linked agrements were entered into during the year or

subsisted at the end of the year.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES

Save as disclosed herein, at no time during the year, was the Company

or any of its asociated corporations a party to any arangement to

enable the Directors to acquire benefits by means of the acquisition of

shares in, or debentures of, the Company or any other body corporate

and none of the Directors or their spouses or children under 18 years of

age was granted any right to subscribe for any shares in, or debentures

of, the Company or any of its asociated corporations.

DIRECTORS’ INTERESTS IN COMPETING BUSINES

During the year and up to the date of this report, no Director is considered

to have interests in the busineses which compete or are likely to

compete with the busineses of the Group pursuant to the Listing Rules.

CONVERTIBLE SECURITIES, OPTIONS, WARANTS OR SIMILAR

RIGHTS

The shareholders of the Company aproved the adoption of a share

award plan (the “Share Award Plan 2010”) on 13th September 2010 but

the Share Award Plan 2010 was already expired on 13th September

2020 and no award was granted before and hence there was no

outstanding award as at 31st March 2025.

股票挂钩协议

本年度内，本公司并无订立或存有任何股票挂钩协议。

董事购买股份或债券之权利

除上文所披露者外，本公司或其任何相联法团于年度

内概无订立任何安排，致使董事可藉著购买本公司或

任何其他法人团体之股份或债券而获取利益，且并无

任何董事或其配偶或其年龄在十八岁以下之子女获授

予任何权利以认购本公司或其任何相联法团之任何股

份或债券。

董事于竞争的业务之权益

于本年度内及至本报告日止，并无董事被认为根据上

市规则与本集团之业务竞争或有机会构成竞争之业务

拥有权益。

可换股证券、购股权、认股权证或类似权利

本公司股东于二零一零年九月十三日批准采纳股份奖

励计划（「股份奖励计划（二零一零年）」），惟股份奖励

计划（二零一零年）已于二零二零年九月十三日届满，

之前并无授出任何奖励，因此于二零二五年三月三十一

日并无未行使之奖励。

DIRECTORS’ REPORT

董事会报告

SUBSTANTIAL SHAREHOLDERS’ INTERESTS

As at 31st March 2025, so far as is known to any Directors and chief

executive of the Company, the folowing persons (other than the

Directors or chief executive of the Company) had an interest or short

position in the shares and underlying shares of the Company, being

5% or more of the Company’s isued share capital, which fal to be

disclosed to the Company under the provisions of Divisions 2 and 3 of

the Part XV of the SFO, or which were recorded in the register kept by

the Company or required to be notified under Section 336 of the SFO:

Long positions in shares and underlying shares of the Company

Number of

ordinary shares

and underlyingAproximate

shares (if any)percentage

Name of shareholders

Capacity

(Notes)Notes

of HK$0.2

each held

of isued

share capital

股东名称

身份

（附注）附注

持有每股0.2港元之

普通股及其相关

股份（如有）之数目

占已发行股本

概约百分比

Century Hero International Limited世雄国际有限公司51291,210,66838.98

Chanchaya Truste Holding

Corporation

Chanchaya Truste Holding

Corporation62 59,176,800 7.92

Godideal Industrial LimitedGodideal Industrial Limited5351,133,8646.84

Covenhils LimitedCovenhils Limited5464,255,2438.60

Notes:

1. Century Hero International Limited is wholy owned by Ms. Lam Kim Phung

who is a director of this company.

2. Chanchaya Truste Holding Corporation is the truste of Eav An Unit

Trust, a discretionary trust, the beneficiaries of which include Ms. Lam Kim

Phung who is the administrator/executor of the estate of Mr. Eav Yin and

her children.

3. Godideal Industrial Limited is 87% owned by Ms. Lam Kim Phung who is a

director of this company.

4. Covenhils Limited is owned equaly by the estate beneficiary of late Mr.

Leong Lou Teck, Mr. Leong Lum Thye, Mis Leong Yoke Kheng and Mr.

Leong Siew Khuen.

5. Beneficial owner.

6. Truste.

Al the interests disclosed above represent long positions in shares

and underlying shares of the Company. Save as disclosed above, as at

31st March 2025, there was no other person (other than the Directors

or chief executive of the Company) who was recorded in the register

of the Company as having an interest or short position in the shares or

underlying shares of the Company which would fal to be disclosed to

the Company under the provision of Divisions 2 and 3 of Part XV of the

SFO, or which were recorded in the register required to be kept by the

Company under Section 336 of the SFO.

主要股东之权益

于二零二五年三月三十一日，据任何本公司董事及主

要行政人员所知，下列人士（本公司董事或主要行政人

员除外）于本公司之股份及相关股份中拥有本公司已发

行股本5%或更多，按照证券及期货条例第XV部第2及

3分部之条文须向本公司披露，或记录于本公司所存置

之登记册或按照证券及期货条例第336条须予知会之权

益或淡仓：

于本公司股份及其相关股份之好仓

附注：

，林金凤女士

亦为该公司之董事。

2. Chanchaya Truste Holding Corporation为全权信托

Eav An Unit Trust之受托人，该信托之受益人包括林金

凤女士（为杨仁先生遗产之遗产管理人╱遗嘱执行人）及

彼之子女。

3. Godideal Industrial Limited由林金凤女士拥有87%，

林金凤女士亦为该公司之董事。

4. Covenhils Limited由已故梁留德先生之遗产受益人

Leong Lum Thye先生、Leong Yoke Kheng小姐及

Leong Siew Khuen先生均等拥有。

上文所披露之所有权益均为本公司股份及其相关股份

之好仓。除上文所披露者外，于二零二五年三月三十一

日，概无其他被列入本公司登记册之人士（本公司董事

或主要行政人员除外）于本公司股份或相关股份中拥

有，而根据证券及期货条例第XV部第2及第3分部之条

文须向本公司披露之权益或淡仓，或须根据证券及期

货条例第336条规定列入本公司须予备存之登记册内之

权益或淡仓。

DIRECTORS’ REPORT

董事会报告

21Anual Report 2024/2025年报2024/2025

Save as disclosed above, as at 31st March 2025, there were no other

person (other than the Directors or chief executive of the Company)

who was recorded in the register of the Company as having an interest

or short position in the shares or underlying shares of the Company

which would fal to be disclosed to the Company under the provision of

Divisions 2 and 3 of Part XV of the SFO, or, which were recorded in the

SFO.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Company’s

Bye-Laws although there is no restriction against such right under

Bermuda law.

DIRECTORS AND EMPLOYES AND REMUNERATION POLICY

There were 114 employes in the Group as at 31st March 2025. The

Group ofers competitive remuneration packages to employes in line

with market trends with incentive such as discretionary bonus.

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

Remuneration Comite on the basis of their merit, qualifications and

competence.

The emoluments of the Directors of the Company are decided by the

Remuneration Comite, having regard to the Company’s operating

results, individual performance and comparable market statistics.

PUBLIC FLOAT

Based on the information that is publicly available to the Company and

within the knowledge of the Directors, as at the date of this anual

report, the Company has maintained the prescribed public float under

the Listing Rules.

Environmental policies

The Group puts great emphasis on environmental protection and

sustainable development. The conscientious use of resources and the

adoption of best practices acros the Group’s busineses underlie its

comitment to safeguarding the environment. The Group encourages

environmental protection, complies with environmental legislations

and promotes awarenes towards environmental protection to its

employes. Several measures have ben implemented by the Group in

order to promote environmental protection, including, among others:

(i) promoting energy saving by encouraging its staf to switch of

al air-conditioners and lightings before leaving the ofice, and to

utilise the timer-control function of al air-conditioning systems;

(i) reducing energy consumption by using energy-saving light bulbs

in the coridors and the reception area of its ofices;

(i) promoting recycling by placing recycle bins next to printers for

colecting used papers for reusing and recycling purposes, and by

encouraging two-sided printing and/or the use of scratch papers;

除上文所披露者外，于二零二五年三月三十一日，概无

其他被列入本公司登记册之人士（本公司董事或主要行

政人员除外）于本公司股份或相关股份中拥有，而根据

证券及期货条例第XV部第2及第3分部之条文须向本公

司披露之权益或淡仓，或须根据证券及期货条例第336

条规定列入本公司须予备存之登记册内之权益或淡仓。

优先购买权

本公司之公司细则并无有关优先购买权之规定，而百

慕达法例亦无对该项权利施加限制。

董事及雇员及薪酬政策

于二零二五年三月三十一日，本集团共聘用114名雇

员。本集团按市场趋势向雇员提供具竞争力之薪酬组

合，并提供奖励，如酌情花红。

本集团雇员之薪酬政策乃由薪酬委员会设立，根据雇

员之能力、资格及专长厘定薪酬。

本公司董事之酬金由薪酬委员会经考虑本公司经营业

绩、个人表现及可比较市场统计数据厘定。

公众持股量

根据本公司可从公开途径取得的资料及就董事所知，

于本年报日，本公司已根据上市规则维持规定之公众

持股量。

环境保护政策

本集团高度重视环境保护及可持续发展。本集团承诺

保护环境，并于业务过程中谨慎使用资源及采取最佳

实践。本集团鼓励环境保护及遵守环境法例，努力提

高雇员的环境保护意识。本集团采取若干环境保护措

施，包括但不限于：

(i) 透过鼓励员工离开办公室前关闭所有空调及照明

工具以及使用空调系统定时功能促进节能；

(i) 透过于走廊及办公室接待区域使用节能灯减少能

源消耗；

(i) 透过在打印机旁边放置回收桶收集使用后纸张用

于再利用及资源回收以及鼓励双面打印及╱或使

用便签促进循环利用；

DIRECTORS’ REPORT

董事会报告

(iv) reducing the use of disposable products by, for example,

canceling the distribution of plastic bags in ofice; and

(v) reducing water consumption by replacing al water taps by

automatic faucets in ofices.

The environmental, social and governance report is set out on pages 38

to 45 of this anual report.

RELATIONSHIPS WITH STAKEHOLDERS

The Group recognises employes as one of the valuable asets

of the Group and the Group strictly complies with the labour laws

and regulations in Hong Kong and China and regularly reviews the

existing staf benefits for improvement. The Group provides god

quality services to the customers and maintains a god relationship

with them. The Group is able to establish trusting and long-standing

busines relationships with the major customers. The Group also

maintains efective comunication and develops long-term and stable

relationships with its supliers. During the year, there was no material

dispute or disagrement betwen the Group and its customers or

supliers.

Compliance with laws and regulations

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

this report, the Group has complied with al the relevant laws and

regulations in China, Switzerland and Hong Kong that have a significant

impact on the Group.

Donations

During the year, the Group made some charitable donations.

Dividend Policy

Under the Companies Act 1981 of Bermuda and the Memorandum of

Asociation and Bye-Laws of the Company, dividends may be paid out

of the profits of the Company, or subject to solvency of the Company,

out of sums standing to the credit of the share premium acount

of the Company. However, no dividend shal exced the amount

recomended by Directors of the Company.

(iv) 减少使用一次性产品，如取消在办公室派发塑料

袋；及

(v) 透过安装感应水龙头减少用水量。

环境、社会及管治报告载于本年报第38至45页。

与持份者的关系

本集团视雇员为本集团其中一项宝贵资产。本集团严

格遵守香港及中国的劳动法例及法规，并定期审阅并

完善现有员工福利。本集团为客户提供优质服务，并与

彼等维持良好关系。本集团能够与主要客户建立互信

并维持长远业务关系。本集团亦与供应商维持有效沟

通，并建立长期稳定关系。本年度，本集团与客户或供

应商之间并无重大纠纷或意见分歧。

遵守法律及法规

于截至二零二五年三月三十一日止年度及截至本年报

公布日，本集团已遵守其对本集团有重大影响的中国、

瑞士及香港的所有相关法律及法规。

捐赠

年内，本集团作出多次慈善捐款。

股息政策

根据一九八一年百慕达公司法及本公司组织章程大纲及

细则，股息可从本公司的溢利中支付，或（视乎本公司

的偿付能力）从本公司股份溢价账之贷方金额中支付。

然而，任何股息均不得超过本公司董事建议的金额。

DIRECTORS’ REPORT

董事会报告

23Anual Report 2024/2025年报2024/2025

本公司宣派及建议派付股息须待董事批准，并须视乎经

营业绩、营运资金、财务状况、未来前景及资本要求，

以及董事不时考虑的任何其他因素而定。本公司日后

宣派、建议派付及派付任何股息，可能会或可能不会

反映股息的宣派及派付历史，并将由董事全权酌情决

定。本公司没有任何预设的派息率。

核数师

截至二零二五年三月三十一日止年度之综合财务报表乃

由国富浩华（香港）会计师事务所有限公司进行审核，

其将于本公司应届股东周年大会上退任，惟合资格并

愿意膺选连任。

致谢

董事会谨借此机会就所有员工、股东、往来银行、客

户、供应商及专业顾问一直以来对本集团之亲切支持

致以深切之感谢。

承董事会命

杨玉

董事

香港，二零二五年六月二十六日

Declaration and recomendation of payment of dividends of the

Company is subject to the aproval of the Directors of the Company,

depending on results of operations, working capital, financial position,

future prospects, and capital requirements, as wel as any other factors

which the Directors of the Company may consider relevant from

time to time. Any future declaration, recomendation and payment

of dividends of the Company may or may not reflect the historical

declarations and payments of dividends and wil be at the absolute

discretion of the Directors of the Company. The Company does not

have any predetermined dividend payout ratio.

AUDITOR

The consolidated financial statements for the year ended 31st March

2025 have ben audited by Crowe (HK) CPA Limited, who wil retire

and, being eligible, ofer themselves for re-apointment at the

forthcoming anual general meting of the Company.

EXPRESION OF GRATITUDE

The Board would like to take this oportunity to expres its gratitude

to al staf members, shareholders, bankers, customers, supliers and

profesional advisors for the sincere suport to the Group.

By Order of the Board

Eav Guech Rosana

Director

Hong Kong, 26th June 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE PRACTICES

The Company is comited to maintain a high standard of corporate

governance practices by emphasising a quality board of directors,

sound internal control, transparency and acountability to al the

shareholders of the Company.

The Company has complied with al the code provisions set out in the

Corporate Governance Code (the “Code”) contained in Apendix C1

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

The Stock Exchange of Hong Kong Limited throughout the year ended

31st March 2025 except for the deviation from the Code Provision

C.3.3 and those discused below:

The Company was incorporated in Bermuda and enacted by private

act, the Asia Comercial Holdings Limited Company Act, 1989 of

Bermuda (the “1989 Act”). Pursuant to section 3(e) of the 1989 Act,

director holding ofice as executive chairman or managing director shal

not be subject to retirement by rotation at each anual general meting

as provided in the Bye-Laws.

As the Company is bound by the provision of the 1989 Act, at this

time, the Bye-Laws canot be amended to fuly reflect the requirements

of the Code. As such, a special resolution was pased at the special

general meting held on 28th March 2007 to amend the Bye-Laws of

the Company so that, inter alia, (i) every director (save for a director

holding ofice as Chairman or Managing Director) of the Company shal

be subject to retirement by rotation at least once every thre years; (i)

a director may be removed by an ordinary resolution in general meting

instead of a special resolution; (i) any director apointed by the Board

to fil a casual vacancy or as an aditional director shal hold ofice until

the next folowing general meting, instead of the next anual general

meting.

To enhance god corporate governance practices, the Chairman of the

Board wil voluntarily retire as director at anual general meting of the

Company at least once every thre years in order for the Company to

comply with the Code, provided that being eligible for re-election at the

anual general meting.

企业管治常规

本公司致力透过高质素的董事会、有效的内部监控对

本公司全体股东之透明度及问责性维持高水平之企业

管治常规。

于截至二零二五年三月三十一日止年度内，本公司已

遵守香港联合交易所有限公司证券上市规则（「上市规

则」）附录C1企业管治守则（「守则」）所载的所有守则条

文，惟下文所述对守则条文第C.3.3条之偏离者除外：

本公司于百慕达注册成立及实施冠亚商业集团有限公

司之私人法案，百慕达一九八九年公司法案（「一九八九

年法案」）。根据一九八九年法案第3(e)条，担任执行主

席或董事总经理的董事毋须根据公司细则在每次股东

周年大会上轮值退任。

由于本公司受一九八九年法案之条文约束，现时无法

修订公司细则，以完全反映守则之规定。故此，本公司

于二零七年三月二十八日举行之股东特别大会上通

过一项特别决议案修订本公司之公司细则，从而令（其

中包括），(i)每名本公司董事（不包括担任主席或董事

总经理之董事）最少每三年轮值退任一次；(i)可于股东

大会上藉普通决议案而非特别决议案罢免董事；(i)获

董事会委任填补临时空缺或作为董事会新增成员的董

事，任期将直至下一届股东大会为止，而非下一届股

东周年大会。

为提升良好企业管治常规，董事会主席将自愿最少每三

年一次于本公司之股东周年大会上按照守则之规定退

任董事职务，惟符合资格于股东周年大会上膺选连任。

CORPORATE GOVERNANCE REPORT

企业管治报告

25Anual Report 2024/2025年报2024/2025

Code Provision C.3.3 stipulates that directors should clearly

understand delegation arangements in place. The Company should

have formal leters of apointment for directors seting out the

key terms and conditions of their apointments. Except for the

apointments of Mr. Ke Wah Sze as an independent non-executive

Director of the Company in August 2020 and the apointment of Ms.

Lam Kim Phung as a non-executive Director of the Company, the

Chairman of the Board and the chairman of the Nomination Comite

of the Company in June 2022, and her redesignation as an Executive

Director of the Company in March 2023, the Company has not entered

into any writen leters of apointment with its Directors.

However, the Board recognises that (i) the Directors have already

ben subject to the laws and regulations aplicable to directors of

a company listed on The Stock Exchange of Hong Kong Limited,

including the Listing Rules as wel as the fiduciary duties to act in the

best interests of the Company and its shareholders; (i) al of them are

wel established in their profesions and (i) the curent arangement

has ben adopted by the Company for several years and has proven to

be efective. Therefore, the Board considers that the Directors are able

to cary out their duties in a responsible and efective maner under the

curent arangement.

The Board wil continuously review and improve the corporate

governance practices and standards of the Company to ensure that

busines activities and decision making proceses are regulated in a

proper and prudent maner.

Compliance of the Model Code for Securities Transaction by

Directors of Listed Isuers

Al Directors have confirmed that they complied with the required

standards set out in the Model Code for Securities Transactions by

Directors of Listed Isuers as set out in Apendix C3 to the Listing

Rules throughout the year under review.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted a code for securities transactions by

Directors of the Company (the “Code of Conduct”) on terms no les

exacting than the required standard of the Model Code for Securities

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

out in Apendix C3 to the Listing Rules.

Having made specific enquiry with al the Directors of the Company, al

of them confirmed that they have complied with the required standard

set out in the Model Code and the Code of Conduct during the year

ended 31st March 2025.

守则条文第C.3.3条规定，董事应清楚地认识到适当委

托安排。本公司应该有正式的董事委任函件载列其委

任之主要条款及条件。除于二零二零年八月委任纪华

士先生为本公司独立非执行董事；及于二零二年六

月委任林金凤女士为本公司非执行董事、董事会主席

及本公司提名委员会主席及于二零二三年三月调任为

本公司执行董事外，本公司与其董事并无订立任何书

面委任信函。

然而，董事会确认：(i)各董事已受到适用于香港联合交

易所有限公司上市公司董事的法律和法规（包括上市规

则，以及受托责任）规管，以本公司及其股东之最佳利

益行事；(i)彼等在其专业中均信誉卓著及(i)采纳本公

司目前之安排已有数年及已证明有效。因此，董事会

认为各董事在目前的安排下，可以负责任地及有效地

履行自己的职责。

董事会将持续检讨及改善本公司之企业管治常规及标

准，以确保业务经营及决策过程受到适当及审慎的规

管。

遵照上市发行人董事进行证券交易的标准守则

于回顾年度，所有董事确认彼等已遵守刊于上市规则

附录C3所载之上市发行人董事进行证券交易的标准守

则之要求准则。

董事之证券交易

本公司已采纳有关本公司董事进行证券交易之守则（「操

守准则」），该准则之条款之严格程序不逊于上市规则

附录C3所载之上市发行人董事进行证券交易之标准守

则（「标准守则」）之规定准则。

本公司全体董事经咨询后，确认彼等于截至二零二五

年三月三十一日止年度已遵守标准守则及操守准则所

载之规定准则。

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会

董事会负责领导及控制本公司以及监察本集团业务、

策略性决策及财务表现。本集团管理层负责各业务部

门日常管理及营运。

董事会现时由三名执行董事及三名独立非执行董事所

组成。董事履历载于本年报第4及5页。

董事会成员具备经营本公司业务所需之各种技能及经

验。本公司之独立非执行董事于董事会议上提出之

意见有助维持良好之企业管治常规。其中一名独立非

执行董事拥有上市规则第3.10(2)条订明之适当专业会

计经验及相关专业知识。执行董事及非执行董事之均

衡组成比例亦大提升董事会之独立性，可有效发挥

独立判断及客观地为本公司之最佳利益制订决策。

本公司已接获每名独立非执行董事根据上市规则第3.13

条就其独立身份而发出之年度确认声明，而本公司认

为所有独立非执行董事均属独立人士。

董事会定期开会，以检讨本集团之财务及业务表现。

本年度，董事会举行五次定期会议。此外，本年度已举

行两次审核委员会议、一次薪酬委员会议及一次

提名委员会议，各董事于该等会议之出席纪录刊载

如下：

杨玉女士为杨峰铭先生（彼等均为本公司执行董事）之

胞姊。林金凤女士为执行董事、董事会主席及本公司

提名委员会主席，为杨玉女士及杨峰铭先生之母亲。

除本文所披露者外，董事会成员之间或主席与行政总

裁之间并无财务、业务、家庭或其他重大或相关系。

BOARD OF DIRECTORS

The Board is responsible for the leadership and control of the Company

and overses the Group’s busines, strategic decisions and financial

performance. The management of the Group is responsible for the

day-to-day management and operation of the respective individual

busines unit.

The Board curently comprises thre executive Directors and thre

independent non-executive Directors. The biographical details of the

Directors are set out on pages 4 and 5 of this anual report.

The Board poseses a balance of skils and experience which are

apropriate for the requirements of the busines of the Company. The

opinions raised by the independent non-executive Directors of the

Company in the Board metings facilitate the maintenance of god

corporate governance practices. One of the independent non-executive

Directors has the apropriate profesional acounting experience and

expertise as required by Rule 3.10(2) of the Listing Rules. A balanced

composition of Executive and non-executive Directors also generates a

strong independent element on the Board, which alows independent and

objective decision making proces for the best interests of the Company.

The Company has received from each independent non-executive

Director an anual confirmation of his independence pursuant to Rule

3.13 of the Listing Rules and the Company considers al of them to be

independent.

The Board mets regularly to review the financial and operating

performance of the Group. During the year, 5 regular Board metings

were held. Moreover, 2 Audit Comite metings, 1 Remuneration

Comite meting and 1 Nomination Comite meting were

held during the year. The individual atendance of Directors in these

metings was set out below:

AuditRemunerationNomination

BoardComiteComiteComite

Name of Directorsmetingsmetingsmetingmeting

董事姓名董事会议审核委员会议薪酬委员会议提名委员会议

Executive Directors执行董事

Ms. Lam Kim Phung林金凤女士4/4N/A不适用N/A不适用1/1

Mr. Eav Feng Ming, Jonathan杨峰铭先生4/4N/A不适用N/A不适用N/A不适用

Ms. Eav Guech Rosana杨玉女士4/4N/A不适用N/A不适用N/A不适用

Independent non-executive独立非执行董事

Directors

Mr. Lai Si Ming赖思明先生5/52/21/11/1

Mr. Le Tat Cheung, Vincent李达祥先生5/52/21/11/1

Mr. Ke Wah Sze纪华士先生5/52/21/11/1

Ms. Eav Guech Rosana is the sister of Mr. Eav Feng Ming, Jonathan

who are both Executive Directors of the Company. Ms. Lam Kim Phung

is an Executive Director, Chairman of the Board and the chairman of

the Nomination Comite of the Company, is the mother of Ms. Eav

Guech Rosana and Mr. Eav Feng Ming, Jonathan. Save as disclosed

herein, there is no financial, busines, family or other material or

relevant relationship among members of the Board or betwen the

Chairman and the chief executive oficer.

CORPORATE GOVERNANCE REPORT

企业管治报告

27Anual Report 2024/2025年报2024/2025

主席及行政总裁

主席由林金凤女士担任，而行政总裁之功能由余下之

执行董事分担。

非执行董事

于本年度，除本公司于二零二零年八月委任独立非执

行董事纪华士先生与于二零二年六月委任非执行董

事林金凤女士之任期为三年外，本公司之其他非执行

董事并无指定任期，但须根据本公司之公司细则最少

每三年轮值退任一次及须于股东周年大会上重选。因

此，本公司认为已采取充足措施以确保本公司之企业

管治常规并不比守则所定者宽松。于二零二三年三月

二十四日，林女士调任为本公司执行董事。

提名委员会

董事会于二零一二年四月一日成立提名委员会。提名

委员会的主要职责包括至少每年一次检讨董事会的架

构，规模及组成（包括技能，知识和经验），并在董事会

任何建议之变动提供意见以配合本公司之企业策略，

识别有资格成为董事会成员的合适人选，及对董事提

名人选之选择向董事会作出选择或提供意见，评估独

立非执行董事的独立性及就委任或重新委任董事及董

事的继任人选计划，尤其是主席及行政总裁向董事会

提供意见。

提名委员会包括一名执行董事，即林金凤女士及三名

独立非执行董事，即赖思明先生、纪华士先生及李达

祥先生。林金凤女士为提名委员会之主席。

年内，提名委员会召开了一次会议，以检讨董事会的

架构、人数及组成，并评估独立非执行董事的独立性、

检讨《董事会多元化政策》的实施及有效性以及向董事

会提出重新委任董事之建议。

CHAIRMAN AND CHIEF EXECUTIVE OFICER

The Chairman is Ms. Lam Kim Phung while the function of the chief

executive oficer is divided betwen the remaining Executive Directors.

NON-EXECUTIVE DIRECTORS

During the year, except for apointment of Mr. Ke Wah Sze as

independent executive Director of the Company in August 2020 and the

apointment of Ms. Lam Kim Phung as a non-executive Director of the

Company in June 2022 for a term of 3 years, the other non-executive

Directors of the Company are not apointed for a specific term but are

subject to retirement by rotation at least once every thre years and re-

election at anual general meting in acordance with the Company’s

Bye-Laws. As such, the Company considers that suficient measures

have ben taken to ensure that the Company’s corporate governance

practices are not les exacting than those in the Code. On 24th March

2023, Ms. Lam was re-designated as an Executive Director of the

Company.

NOMINATION COMITE

The Board has set up a nomination comite on 1st April 2012. The

principle duties of the Nomination Comite include reviewing the

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

experience) of the Board at least anualy and make recomendations

on any proposed changes to the Board 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 and making

recomendations to the Board on the apointment or re-apointment

of Directors and sucesion planing for Directors, in particular the

Chairman and the chief executive.

The Nomination Comite comprises Ms. Lam Kim Phung as an

Executive Director and thre independent non-executive Directors,

namely Mr. Lai Si Ming, Mr. Ke Wah Sze and Mr. Le Tat Cheung,

Vincent. The Nomination Comite is chaired by Ms. Lam Kim Phung.

During the year, the Nomination Comite held 1 meting to review

the structure, size and composition of the Board and to ases

the independence of independent non-executive Directors, review

the implementation and efectivenes of the Board Diversity Policy

and make recomendations to the Board on the re-apointment of

Directors.

CORPORATE GOVERNANCE REPORT

企业管治报告

NOMINATION POLICY

1. OBJECTIVE

This policy was aproved and adopted by the board of directors

of the Company (“the Board”) by resolution pased on 23rd

November 2018. It sets out the criteria and procedures to be

adopted when considering candidates to be apointed or re-

elected as directors of the Company.

2. NOMINATION CRITERIA

The Nomination Comite shal consider the folowing criteria in

evaluating and selecting candidates for directorship:

;

skils, knowledge and experience that are relevant to the

Company’s busines and corporate strategy;

• Wilingnes to devote adequate time to discharge duties as a

member of the Board;

• Board Diversity Policy and any measurable objectives

adopted for achieving diversity on the Board;

• Requirement for the Board to have independent directors in

acordance with the listing rules of The Stock Exchange of

Hong Kong Limited aplicable to the Company (the “Listing

Rules”) and whether the candidates would be considered

independent with reference to the independence guidelines

set out in the Listing Rules;

’s

busines or as sugested by the Board.

3. NOMINATION PROCES

3.1. Nomination by the Nomination Comite

3.1.1 The Nomination Comite reviews the structure,

size and composition (including the skils, knowledge

and experience) of the Board periodicaly and make

recomendation on any proposed changes to the

Board to complement the Company’s corporate

strategy;

3.1.2 When it is necesary to fil a causal vacancy or

apoint an aditional director, the Nomination

Comite identifies or selects candidates as

recomended to the Comite, with or without

asistance from external agencies or the Company,

pursuant to the criteria set out in section 2;

3.1.3 If the proces yields one or more desirable

candidates, the Nomination Comite shal rank

them by order of preference based on the neds of

the Company and reference check of each candidate

(where aplicable);

提名政策

1. 目的

此政策藉著于二零一八年十一月二十三日通过决

议案，获本公司董事会（「董事会」）批准及采纳，

当中载列本公司考虑委任或重选董事人选时所采

取之准则及程序。

2. 提名准则

提名委员会在评估及甄选董事候选人时应考虑以

下准则：

（包括

专业资格、技能、知识及经验）；

• 董事会成员多元化政策及就达致董事会成员

多元化所采纳之任何可计量目标；

• 董事会根据适用于本公司之香港联合交易所

有限公司上市规则（「上市规则」）委任独立董

事之规定，以及相关候选人经参照上市规则

所载之独立性指引会否被视为独立；

• 适用于本公司业务或董事会建议的相关其他

观点。

3. 提名程序

3.1. 由提名委员会提名

3.1.1 提名委员会定期检讨董事会的架构、

人数及组成（包括技能、知识及经验）

并就任何建议变动向董事会作出推荐

建议以配合本公司之企业策略；

3.1.2 如需填补临时空缺或新增董事，提名

委员会根据第2节所载之提名准则自行

或在外部机构或本公司的协助下物色

候选人，或对推荐予委员会的候选人

加以筛选；

3.1.3 如此过程产生一位或多位合适的候选

人，提名委员会将根据本公司需要及对

每位候选人作出的背景调查（如适用）

排列优先次序；

CORPORATE GOVERNANCE REPORT

企业管治报告

29Anual Report 2024/2025年报2024/2025

3.1.4 The Nomination Comite makes recomendation

to the Board including the terms and conditions of the

apointment;

3.1.5 The Board deliberates and decides on the

apointment based upon the recomendation of the

Nomination Comite.

3.2. Re-election of Director at Anual General Meting

3.2.1 In acordance with the Company’s Bye-Laws, every

director shal be subject to retirement by rotation at

least once every thre years and shal be eligible for

re-election at each anual general meting;

3.2.2 The Nomination Comite shal review the overal

contribution and service to the Company of the

retiring director. The Nomination Comite shal also

review the expertise and profesional qualifications of

the retiring director, who ofered himself/herself for re-

election at the anual general meting, to determine

whether such director continues to met the criteria as

set out in section 2;

3.2.3 Based on the review made by Nomination Comite,

the Board shal make recomendations to

shareholders on candidates standing for re-election

at the anual general meting of the Company, and

provide the available biographical information of the

retiring director in acordance with the Listing Rules

to enable shareholders to make the informed decision

on the re-election of such candidates at anual

general meting of the Company.

3.3. Nomination by shareholders

The shareholders of the Company may propose a person for

election as a director in acordance with the Memorandum

of Asociation and Bye-Laws of the Company and aplicable

law, details of which are set out in the “Procedures for a

shareholder to propose a person for election as director of

the Company” of this anual report.

PURPOSE, VALUES, STRATEGY AND CULTURE

The core purpose of the Company is to create value for its

shareholders. It strives to become a wel renowned enterprise in

watch retail industry that is trusted by its consumers, and a place

where its employes are proud to work for. Its mision is to lead the

development of the industry and set the industry benchmarks. In this

conection, it endeavours to maintain acountability to its employes,

consumers, shareholders, the society, and the environment. These

purposes and values shape the Company’s strategy, which are geared

towards building a trusted and beloved enterprise whereby values for

shareholders are created.

3.1.4 提名委员会向董事会作出推荐建议，

包括委任条款及条件；

3.1.5 董事会根据提名委员会的推荐建议仔

细考虑并决定委任。

3.2. 于股东周年大会上重选董事

3.2.1 根据本公司之细则，每名董事须至少

每三年轮值告退一次及合资格于每届

股东周年大会上重选；

3.2.2 提名委员会将检讨退任董事对本公司

作出的总体贡献及提供的服务。提名

委员会亦将检讨愿意于股东周年大会

上重选的退任董事的专长及专业资格

以决定有关董事是否继续符合第2节所

载之提名准则；

3.2.3 根据提名委员会作出的检讨，董事会

就于本公司股东周年大会上重选的董

事人选向股东作出推荐建议，并根据

上市规则提供退任董事的现有履历资

料，以使股东能就于本公司股东周年

大会上重选该等候选人作出知情决定。

3.3. 由股东提名

根据本公司之组织章程大纲及细则以及适用

法律，本公司股东可提名某人参选董事，详

情载于本年报之「股东提名某人参选本公司

董事的程序」。

宗旨、价值、战略及文化

本公司的核心宗旨是为其股东创造价值，致力成为受

消费者信赖的知名手表零售行业的企业，并成为其雇

员引以为豪的工作场所。秉承著引领行业发展使命，树

立行业标杆，就此，本公司努力肩负对雇员、消费者、

股东、社会及环境的责任。该等宗旨及价值决定本公

司的战略，致力建立一个值得信赖和喜爱的企业，从

而为股东创造价值。

CORPORATE GOVERNANCE REPORT

企业管治报告

本公司的宗旨、价值及战略是本公司企业文化的基石。

其企业文化以秉持高道德标准及常规为核心，努力实

现可持续发展。

董事会成员多元化政策

本公司已采纳董事会成员多元化政策（「该政策」），当

中载列为达致及保持董事会成员多元化以提升董事会

之有效性之方针。根据该政策，本公司为寻求达致董

事会成员多元化考虑多项因素，包括但不限于性别、

年龄、文化及教育背景、种族、专业经验、技能、知识

及服务年期。于二零二五年三月三十一日，董事会成

员包括两名女董事及四名男董事。

年内，董事会已检讨实施该政策的有效性并认为该政

策足以有效确保董事会多元化。

尽管本公司目前的高级管理层是一位男性，从本公司

的整体角度来看，于二零二五年三月三十一日，本公司

共有114名雇员，包括约82名女性及32名男性（女男比

例为2:1），反映出本公司普遍坚持的性别平等原则。

本公司在评估雇员的候选资格时注意到多元化政策所

载目标，并将确保本公司继续遵循该政策。

薪酬委员会

董事会于二零五年七月十五日成立薪酬委员会，书面

职权范围已阐明其授权与职责。为配合自二零一二年

四月一日起生效的经修订企业管治守则要求，职权范

围已据此更新。薪酬委员会之角色为就董事及高层管

理人员之酬金政策及架构向董事会提出建议，以及已

考虑到股东利益之情况下，确保彼等已按各自对本集

团之整体贡献得到公平回报。薪酬委员会之主要职责

包括厘定全体执行董事及高层管理人员之酬金待遇，

以及参考董事会不时议决之企业目标及宗旨，审阅及

批准按表现订定之酬金。

薪酬委员会由三位独立非执行董事赖思明先生、纪华

士先生及李达祥先生组成。李达祥先生为薪酬委员会

之主席。

The Company’s purpose, values and strategy form the foundations

of the Company’s corporate culture. Its corporate culture is centered

on adherence to high ethical standards and practices, and striving for

sustainable development.

BOARD DIVERSITY POLICY

The Company has adopted a board diversity policy (the “Policy”)

which sets out the aproach to achieve and maintain diversity on the

Board in order to enhance the efectivenes of the Board. Pursuant

to the Policy, the Company seks to achieve Board diversity through

the consideration of a number of factors, including but not limited to

gender, age, culture and education background, ethnicity, profesional

experience, skils, knowledge and length of service. As at 31st March

2025, the members of the Board consist of two female Directors and

four male Directors.

During the year, the Board reviewed the validity of implementation

of the Policy and considered the Policy is efective enough to ensure

diversity on the Board.

While the curent senior management of the Company is a male

member, viewing from the Company’s perspective as a whole, as at

31st March 2025, the Company has 114 employes in total comprising

of aproximately 82 females and 32 males (a female-to-male ratio of

2:1), reflecting a gender equality principle generaly adhered by the

Company. The Company is mindful of the objectives as set out in the

diversity policy when asesing the candidacy of the employes, and

wil ensure that the Company shal continue to folow the policy.

REMUNERATION COMITE

The Board set up the Remuneration Comite on 15th July 2005 with

specific writen terms of reference which clearly deal with its authority

and duties. The terms of reference have ben updated acording

with the revised Corporate Governance Code requirement efective

from 1st April 2012. The Remuneration Comite’s role is to make

recomendation to the Board on the remuneration policy and structure

for Directors and senior management and to ensure that they are

fairly rewarded for their individual contribution to the Group’s overal

performance, having regard to the interests of shareholders. The

principal duties of the Remuneration Comite include determining

the specific remuneration packages of al Directors and senior

management as wel as reviewing and aproving performance-based

remuneration by reference to corporate goals and objectives resolved

by the Board from time to time.

The Remuneration Comite comprises thre independent non-

executive Directors, namely Mr. Lai Si Ming, Mr. Ke Wah Sze and Mr.

Le Tat Cheung, Vincent. The Remuneration Comite is chaired by

Mr. Le Tat Cheung, Vincent.

CORPORATE GOVERNANCE REPORT

企业管治报告

31Anual Report 2024/2025年报2024/2025

During the year, the Remuneration Comite held 1 meting to advise

the Board on the Group’s overal remuneration policy and structure of

the remuneration of the Directors and senior management and ases

the performance of the Executive Directors and senior management. No

Director or any of his/her asociates may be involved in any decisions

as to his/her own remuneration. Based on the review and discusion at

the meting, the Remuneration Comite recomended to the Board

to aprove the Group’s overal policy and structure of the remuneration

of the Directors and senior management.

The remuneration of the senior management by band for the year

ended 31st March 2025 is set out below:

Remuneration bandsNumber of individuals

HK$1,500,001 – HK$2,000,0001

Further particulars regarding the Directors’ remuneration and the

five highest paid individuals as required to be disclosed pursuant to

Apendix D2 to the Listing Rules are set out in Note 10 to the financial

statements.

DIRECTORS’ REMUNERATION POLICY

Details of the directors’ remuneration policy is set out in the section

headed “Directors’ Report” on page 21 of this anual report.

AUDITORS’ REMUNERATION

For the year ended 31st March 2025, the total remuneration of the

auditors of the Group for statutory audit services and other services

is HK$1,200,000 (2024: HK$1,200,000) and HK$375,000 (2024:

HK$355,000) respectively.

AUDIT COMITE

The Board set up the Audit Comite on 1st January 1999 with

specific writen terms of reference which clearly deal with its authority

and duties. The Audit Comite’s role is to review the Group’s

financial reporting, internal controls and corporate governance isues

and to make relevant recomendations to the Board.

The Audit Comite curently comprises thre independent

non-executive Directors namely Mr. Lai Si Ming, Mr. Ke Wah Sze and

Mr. Le Tat Cheung, Vincent. The Audit Comite is chaired by Mr. Lai

Si Ming.

年内，薪酬委员会召开过一次会议，就本集团的整体薪

酬政策及董事及高层管理人员的薪酬结构作出建议，

并评估执行董事及高级管理层之表现。并无董事或其

任何联系人士涉及其个人薪酬之任何决定。薪酬委员

会根据会议所检讨及商议，向董事会提出建议通过本

集团董事及高层管理人员之整体薪酬政策及架构。

截至二零二五年三月三十一日止年度，高级管理层之

薪酬范围载列如下：

薪酬范围人数

1,500,001港元至2,000,000港元1

根据上市规则附录D2规定须披露的董事薪酬及五名最

高薪酬人士的进一步详情载于财务报表附注10。

董事薪酬政策

董事薪酬政策载于本年报第21页的「董事会报告」一节。

核数师酬金

截至二零二五年三月三十一日止年度，本集团核数师的

法定核数服务及其他服务的酬金总额分别为1,200,000

港元（二零二四年：1,200,000港元）及375,000港元（二

零二四年：355,000港元）。

审核委员会

董事会于一九年一月一日成立审核委员会，书面

职权范围已阐明其授权与职责。审核委员会负责审阅

本集团之财务报告、内部监控及企业管治事宜，并向

董事会提出相关建议。

审核委员会现时由三名独立非执行董事赖思明先生、

纪华士先生及李达祥先生组成。赖思明先生为审核委

员会之主席。

CORPORATE GOVERNANCE REPORT

企业管治报告

根据参考守则及香港会计师公会发出之「成立审核委员

会之指引」而编制和采纳的职权范围，审核委员会的要

求（其中包括），包括监察与外聘核数师的关系、审阅

集团的中期业绩与年度业绩、检讨集团内部控制的范

畴、程度和有效性，审阅集团所采用的会计政策及常

规，在认为有需要时委聘独立的法律或其他顾问，以

及进行调查。

审核委员会于年内曾举行两次会议，以检讨（其中包括）

中期及年度财务报表。根据于会上所进行之审阅及讨

论，审核委员会建议（其中包括）董事会批准本集团之

中期及全年业绩，以及审核本公司的风险管理以及内

部监控系统。

企业管治职能

董事会于年内已出席其负责履行以下所列企业管治职

责：

，并提

出建议；

2. 检讨及监察董事及高级管理人员之培训及持续专

业发展；

3. 检讨及监察本公司有关遵从法律及监管规定之政

策与守则；

、检讨及监督适用于雇员及董事之行为守则

及合规手册（如有）；及

5. 检讨本公司遵守企业管治守则及根据上市规则附

录C1企业管治报告进行之披露。

董事会已采纳了有效机制，以确保董事会可获得独立

的观点及意见。经董事会主席批准后，在适当情况下，

董事如有需要可寻求独立于本公司顾问的独立法律、

财务或其他专业意见，费用由本公司承担，以促使其

有效履行其职责。董事会将每年检讨该机制的实施及

有效性。

年内，董事会已检讨实施上述机制的有效性并认为上

述机制足以有效确保董事会获提供独立观点及意见。

Under its terms of reference, which were prepared and adopted with

reference to the Code and “A Guide for the Formation of an Audit

Comite” published by the Hong Kong Institute of Certified Public

Acountants, the Audit Comite is required, among other things,

to overse the relationship with the external auditors, to review the

Group’s interim and anual results, to review the scope, extent and

efectivenes of internal control of the Group, to review acounting

policies and practices adopted by the Group, to engage independent

legal or other advisors as it determines is necesary and to perform

investigations.

The Audit Comite held 2 metings during the year to review,

among other things, the interim and anual financial statements. Based

on the review and discusion at the metings, the Audit Comite

recomended to the Board, among other things, to aprove the interim

and anual financial statements of the Group and to review the risk

management and internal control systems of the Company.

CORPORATE GOVERNANCE FUNCTIONS

The Board is responsible for performing the corporate governance

duties as set out below which had ben atended during the year:

’s policies and practices on

corporate governance and make recomendations;

2. review and monitor the training and continuous profesional

development of directors and senior management;

’s policies and practices on

compliance with legal and regulatory requirements;

, review and monitor the code of conduct and compliance

manual (if any) aplicable to employes and directors; and

’s compliance with the Corporate Governance

Code and disclosure in the Corporate Governance Report under

Apendix C1 to the Listing Rules.

The Board has adopted efective mechanisms to ensure independent

views and input are available to the Board. Subject to aproval of the

Chairman of the Board, Directors may sek, at the Company’s expense,

independent legal, financial or other profesional advices from advisors

independent to those advising the Company as and when necesary

in apropriate circumstances to enable them to discharge their

responsibilities efectively. The Board wil review the implementation

and efectivenes of such mechanisms on an anual basis.

During the year, the Board reviewed the validity of implementation of

the above mechanisms and considered that the above mechanisms are

efective in ensuring that independent views and input are provided to

the Board.

CORPORATE GOVERNANCE REPORT

企业管治报告

33Anual Report 2024/2025年报2024/2025

COMPANY SECRETARY

The Company secretary is Mr. Cheng Ka Chung, a ful time employe

of the Company, is responsible for advising the Board on governance

maters. During the year, the Company Secretary has complied with the

profesional training requirements under the Listing Rules.

TRAININGS OF DIRECTORS AND COMPANY SECRETARY

During the year, the Company has aranged training for al the Directors

with a view to refresh their knowledge and skils. During the year, the

Company Secretary of the Company has complied with the relevant

training requirement under Rule 3.29 of the Listing Rules.

DIRECTORS’ CONTINUING PROFESIONAL DEVELOPMENT

The Company continuously provides updates to the Directors with

the latest developments and changes to the Listing Rules and other

aplicable regulatory requirements and provides training to improve the

Directors’ knowledge and skils.

The Directors are encouraged to participate in continuous profesional

development to develop and refresh their knowledge and skils. The

Company has prepared a training record in order to asist the Directors

to record the training that have undertaken.

Below is a sumary of the training the Directors had received during

the year under review:

Name of Directors

Type of

Continuing

Profesional

Development

(Note)

董事姓名

持续专业

发展类型

（附注）

Ms. Lam Kim Phung林金凤女士1

Ms. Eav Guech Rosana杨玉女士1

Mr. Eav Feng Ming, Jonathan杨峰铭先生1

Mr. Lai Si Ming赖思明先生1

Mr. Le Tat Cheung, Vincent李达祥先生1

Mr. Ke Wah Sze纪华士先生1

Note :

1 Reading journals and updates relating to the economy, media busines or

director’s duties and responsibilities, etc.

CONSTITUTIONAL DOCUMENTS

On 14th August 2023, the shareholders of the Company aproved by way

of a special resolution the adoption of the amended and restated bye-

laws of the Company with a view to bring its Bye-laws in alignment with

the Listing Rules and to provide flexibility to the Company in relation to the

conduct of general metings. For more details, the anouncement of the

Company dated 14th July 2023 could be refered to.

公司秘书

郑嘉聪先生，本公司的公司秘书，为本公司全职雇员，

负责就管治事宜向董事会提出建议。于年内，公司秘

书已遵守上市规则有关专业培训之规定。

董事及公司秘书培训

年内，本公司已安排全体董事培训，以期更新其知识

和技能。年内，本公司之公司秘书根据上市规则第3.29

条，一直遵守相关的培训需求。

董事持续专业发展

本公司持续向董事提供有关上市规则和其他适用监管

规定之最新发展概况变更，并提供培训以增进董事的

知识和技能。

本公司鼓励董事参加持续专业发展，以发展并更新董

事的知识和技能。本公司已备有培训记录，以协助董

事记录所接受的培训。

于回顾年度内，董事所接受的培训概述如下：

附注：

1 阅读有关经济、媒体业务或董事职责等内容之刊物及最

新资讯。

章程文件

于二零二三年八月十四日，本公司股东以特别决议案

之方式批准采纳本公司经修订及重列之公司细则，以

使其公司细则与上市规则保持一致，并为本公司于有

关召开股东大会方面提供灵活性。更多详情请参阅本

公司日期为二零二三年七月十四日之公告。

CORPORATE GOVERNANCE REPORT

企业管治报告

FINANCIAL REPORTING

The Board acknowledges its responsibilities for preparing the financial

statements where were prepared in acordance with statutory

requirements and aplicable acounting standards. A statement by

the auditor about their reporting responsibilities is set out on pages

46 to 51 of this anual report. As far as the Board is aware, there are

no material uncertainties relating to events or conditions that may cast

significant doubt upon the Company’s ability to continue as a going

concern.

RISK MANAGEMENT AND INTERNAL CONTROL SYSTEMS

The Board has overal responsibility for overseing the Group’s

risk management and internal control systems to ensure that their

efectivenes.

The Company has established a risk management (including the

environmental, social and corporate governance risk) policy set out the

proces of identification, evaluation and management of the principal

risks afecting the busines. The Company has also established an anti-

coruption policy to govern aceptance of advantages by employes

and a whistle-blowing policy and system to raise concerns about

posible improprieties in financial reporting, internal control and other

maters.

As an ongoing proces, the management has regular metings with

the team to ases and handle the risk being identified in the daily

operation of the busines. Significant risk wil be reported to the

Board on a timely basis. The Board wil review and ases the risk

management and internal control systems at least once a year.

During the year, the Board, with the establishment of internal audit

department to cary out the internal audit function of the Group, it

had reviewed the efectivenes of the system of internal control of

the Group including material controls over financial, operational and

compliance controls and risk management functions. After the review,

the Board considered the risk management and internal control

systems are efective and adequate.

In adition, the Board has considered the adequacy of resources,

qualifications and experience of staf of the Company’s acounting and

financial reporting function, and their training programes and budget.

DISEMINATION OF INSIDE INFORMATION

The Company is comited to a consistent practice of timely, acurate

and suficiently detailed disclosure of material information about the

Group. The Company has adopted a Policy on Disclosure of Inside

Information which sets out the obligations, guidelines and procedures

for handling and disemination of inside information. With those

guidelines and procedures, the Group has management controls in

place to ensure that potential inside information can be promptly

identified, asesed and escalated for the atention of the Board to

decide about the ned for disclosure.

财务报告

董事会明白其编制财务报表之责任，财务报表乃根据

法定要求及适用之会计准则编制。核数师就其报告责

任作出之声明载于本年报第46页至第51页。就董事会

所知，并无任何涉及可能会对本公司持续经营的能力

构成疑问之事件或状况之重大不明朗因素。

风险管理及内部监控系统

董事会有全面监控本集团的风险管理及内部监控制度

的责任，确保其有效性。

本公司制定风险管理（包括环境、社会及企业管治风险）

政策，列出识别风险过程，评估和管理影响业务的主

要风险。本公司亦制定了反贪污政策，以规管员工接

受利益并已制定举报政策及制度，对财务报告、内部

监控等事宜可能造成的不正当行为提出关注。

由于是一个持续的过程，管理层会定期与团队举行会

议，以评估和处理业务日常运作中发现的风险。重大

风险将及时向董事会报告。董事会每年至少审查及评

估风险管理和内部监控制度一次。

年内，董事会已设立一个内部审核部门，执行本集团

的审核职能，对本集团之内部监控系统（包括对财务、

营运及合规控制及风险管理职能的重大控制）的成效作

出检讨。审核之后，董事会考虑管理的风险及内部监

控系统是否有效及足够。

此外，董事会已考虑本公司员工之会计及财务申报职能

之资源充足量、资历及经验，以及其培训课程及预算。

内部信息披露

本公司致力于及时、准确、充分详细披露有关本集团重

大资料的一贯做法。本公司采用内部信息披露政策，其

中规定了处理和披露内部信息之责任、准则及程序。

透过该等指引和程序，本集团实施了管理控制措施，

以确保潜在内部信息可以及时被确定、评估和提升至

董事会关注，以决定披露的必要性。

CORPORATE GOVERNANCE REPORT

企业管治报告

35Anual Report 2024/2025年报2024/2025

SHAREHOLDER COMUNICATION

The objective of shareholder comunication is to provide our

shareholders with detailed information about the Company so that they

can exercise their rights as shareholders in an informed maner.

The Board has adopted a Shareholder’s Comunication Policy in 2022

which sets out the Group’s comitment of maintaining an efective

ongoing dialogue with shareholders. The Company uses a range of

comunication tols to ensure its shareholders are kept wel informed

of key busines imperatives. These include general metings, interim

and anual reports, anouncements and circulars. Procedure for voting

by pol has ben read out by the chairman at the general metings.

The Board reviewed the validity of implementation of the Shareholder’s

Comunication Policy during the year and considered that it remained

efective in enhancing timely, transparent, acurate and open

comunication betwen the Company and the shareholders.

At the anual general meting held on 12th August 2024 respectively,

al directors were present to answer questions raised by shareholders

and a separate resolution was proposed by the chairman in respect

of each separate isue, including re-election of Directors, and voted

by way of pol. The Company anounced the results of the pol in the

maner prescribed under the Listing Rules.

SHAREHOLDERS’ RIGHTS

Procedures for special general metings requisitioned by the

shareholders

Shareholders holding not les than one-tenth of the paid up capital of

the Company carying the right of voting at general metings of the

Company (“Requisitionists”) shal have the right to require a special

general meting to be caled and propose any mater to be considered

at the general meting of the Company. The Requisitionists may

deposit the writen requisition for special general meting (which shal

specify the ful name of the Requisitionists, the busines and proposal

to be considered at the general meting of the Company, and shal be

signed by the Requisitionists) to the principal place of busines of the

Company for the atention of the Board. If within twenty-one days of

such deposit, the Board fails to proced to convene such meting in

specified days as provided by the Bye-laws of the Company and the

Listing Rules, the Requisitionists themselves may do so in acordance

with the provisions of Section 74(3) of the Companies Act 1981 of

Bermuda.

与股东联系

与股东联系之目标乃为本公司股东提供有关本公司之

详细资料，让股东可于知情之情况下行使其股东权利。

董事会已于二零二年采纳股东通讯政策，其中列明

本集团与股东保持有效持续对话的承诺。本公司采用

多种沟通途径，确保其股东知悉重要业务发展，该等

途径包括股东大会、中期报告及年报、公告及通函。投

票表决之程序，已由主席于举行之股东大会上宣读。

董事会已检讨于年内实施股东通讯政策的有效性，并

认为该政策持续有效加强本公司与股东之间及时、透

明、准确及公开的通讯。

于分别在二零二四年八月十二日举行的股东周年大会

上，所有董事均出席回答股东提问，及主席就每项独

立事项提呈独立决议案，包括重选董事，及以选举投

票方式进行。本公司根据上市规则规定之方法宣布投

票结果。

股东之权利

股东要求召开股东特别大会之程序

持有不少于本公司缴足股本（赋有于本公司股东大会上

投票权）十分之一的股东（「提呈人」）可要求召开股东特

别大会及提呈于本公司股东大会上考虑的事宜。有关

提呈人可将召开股东特别大会的书面要求（当中须列明

有关提呈人之全名、当中述明于本公司股东大会上将

予考虑之事项及提案，并须由提呈人签署。）递交至本

公司主要营业地点，抬头注明本公司董事会收启。倘

董事会并无于发出书面要求之日起计二十一日内召开

将根据公司细则及遵守上市规则规定之相关日数内举

行股东特别大会，有关提呈人，可跟据不时修订之百

慕达一九八一年公司法第74(3)条举行。

CORPORATE GOVERNANCE REPORT

企业管治报告

Procedures for shareholders to propose a person for election as a

director

Bye-law 103 of the Bye-laws of the Company provides that no person,

other than a retiring Director, shal, unles recomended by the Board

for election, be eligible for election to the ofice of Director at any

general meting, unles notice in writing of the intention to propose

that person for election as a Director and notice in writing by that

person of his wilingnes to be elected shal have ben lodged at the

Head Ofice or at the Registration Ofice at least seven days before the

date of the general meting. The period for lodgment of the notices

required under this Bye-law wil comence no earlier than the day after

the dispatch of the notice of the general meting apointed for such

election and end no later than 7 days prior to the date of such general

meting.

Acordingly, if a shareholder of the Company (the “Shareholder”)

wishes to propose a person other than a director of the Company

for election as a director of the Company at the general meting (the

“Proposal”), he/she should lodge at the principal place of busines in

Hong Kong of the Company at 3901, 39th Flor, The Hopewel Centre,

183 Quen’s Road East, Wanchai, Hong Kong (i) a writen notice seting

out the Proposal; and (i) a writen notice signed by the person to be

proposed of his wilingnes to be elected.

In order for the Company to inform al Shareholders of the Proposal,

the writen notice must state the ful name of the person proposed

for election as a director of the Company, include the person’s

biographical details as required under rule 13.51(2) of the Rules

Governing the Listing of Securities on The Stock Exchange of Hong

Kong Limited (the “Listing Rules”) and such other information (e.g.

contact details, including residential adres, telephone number, and

HKID card/pasport number, etc.), and be signed by the Shareholder

concerned.

The period for lodgment of above writen notices shal comence not

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

and end no later than seven (7) days prior to the date of the general

meting. The Company is required under rule 13.70 of the Listing Rules

to provide the information about the Proposal in a suplementary

circular or by way of an anouncement not later than 10 busines days

before the general meting. If the above writen notices are received

by the Company les than 21 days prior to the general meting,

the Company may ned to consider the adjournment of the general

meting.

股东提名某人选举为董事之程序

本公司公司细则第103条规定，除非获董事会推荐参

选，否则除会上退任董事外，概无任何人士有资格于

任何股东大会上参选董事，除非以书面形式通知有意

提名该人士选举为董事，及由该人书面通知其参选意

愿，并须于指定进行股东大会日期起计至少七日前呈

交往总办事处或过户登记处。递交通知期限须根据本

公司细则，将不早于指定进行有关选举之股东大会通

告寄发翌日，及不迟于该股东大会举行日期前七天。

因此，如果本公司股东（「股东」）拟提名本公司董事以外

之人士于股东大会上选举作为本公司董事（「议案」），

彼等应递交(i)书面通知列明议案；及(i)提名人签署愿意

参选的书面通知递交本公司于香港湾仔皇后大道东183

号合和中心39楼3901室之主要营业地点。

本公司就议案通知全体股东，书面通知必须列明提名

竞选作为本公司董事之人士全名，包括根据香港联合

交易所有限公司上市规则第13.51(2)条（「上市规则」）规

定的个人详细履历及其他资料（例如联络详情，包括住

址、电话号码及香港身份证╱护照号码等），及有关股

东签署。

递交上述书面通知的期限将不早于有关选举之股东大

会通告寄发翌日，及不迟于该股东大会举行日期前七

(7)天。本公司须根据上市规则第13.70条以补充通函或

于股东大会前不超过十个工作日以公告方式提供有关

议案的资料。若本公司召开的股东大会少于二十一日收

到上述书面通知，本公司可能需要考虑股东大会续会。

CORPORATE GOVERNANCE REPORT

企业管治报告

37Anual Report 2024/2025年报2024/2025

Procedures for shareholders to put forward proposals at general

metings

Pursuant to the Bermuda Companies Act, either any number of the

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

paid up capital of the Company carying the right of voting at general

metings of the Company (“Requisitionists”), or not les than 100 of

such registered shareholders can request the Company in writing to: (a)

give to shareholders of the Company entitled to receive notice of the

next general meting notice of any resolution which may properly be

moved and is intended to be moved at that meting; and (b) circulate

to shareholders entitled to have notice of any general meting sent to

them any statement of not more than one thousand words with respect

to the mater refered to in any proposed resolution or the busines to

be dealt with at that meting.

The requisition signed by al the Requisitionists may consist of

several documents in like form, each signed by one or more of the

Requisitionists; and it must be deposited at the principal place of

busines of the Company with a sum reasonably suficient to met

the Company’s relevant expenses, not les than six weks before

the meting in case of a requisition requiring notice of a resolution or

not les than one wek before the meting in the case of any other

requisition. Provided that an anual general meting is caled for a

date six weks or les after the requisition has ben deposited, the

requisition though not deposited within the time required shal be

demed to have ben properly deposited for the purposes thereof.

For any enquiry to the Board, shareholders may put forward a writen

enquiry to the Company seting out details of contact (including

adres and fax number etc.) by the folowing means:

Adres: 3901, 39th Flor, The Hopewel Centre, 183 Quen’s Road

East, Wanchai, Hong Kong

Fax No.: 852-28179043

股东于股东大会提交议案之程序

根据百慕达公司法，持有本公司已缴足股本不少于二十

分之一(5%)之登记股东（「提呈人」）可于本公司股东大

会投票，或不少于100名有关登记股东，可向本公司提

交书面要求：(a)向有权接收下一次股东大会通告之股

东发出通知，以告知任何可能于该大会上正式动议及

拟于会上动议之决议案；及(b)向有权获发送任何股东

大会通告之股东传阅不超过一千字之任何陈述，以告

知于该大会上提呈之决议案所述事宜或将处理之事项。

由所有呈请人签署之呈请可由若干相同格式之文件组

成，各自须经一名或以上呈请人签署；且呈请须在不

少于（倘为要求通知决议案之呈请）大会举行前六周或

（倘为任何其他呈请）大会举行前一周，递交至本公司

主要营业地点，并须支付足以弥补本公司相关开支之

款项。惟倘在递交呈请后六周或较短期间内之某一日

召开股东周年大会，则该呈请虽未有在规定时间内递

交，就此而言亦将被视为已妥为递交。

如欲向董事会作出任何查询，股东可从以下途径向本

公司提交载有联络详情（包括地址及传真号码等）的书

面查询：

地址：香港湾仔皇后大道东183号合和中心39楼3901室

传真号码：852-28179043

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

INTRODUCTION

The Group is comited to maintain a high standard of environmental,

social and corporate governance (“ESG”) practices by incorporating

relevant policies into its busines strategies with a key focus to build a

long term relationship with its diferent stakeholders so as to enhance

the value of the shareholders. The board of directors of the Company

(the “Board”) has the overal responsibility for the implementation,

monitoring and evaluation of the Group’s policies on ESG isues.

The Board reviews the progres of the Group’s ESG policies with the

management of the Company on an anual basis.

REPORTING SCOPE

As the Group is principaly engaged in the trading of watches and

property leasing, it is not directly involved in the production proces

and hence most of the environmental impacts are indirect.

The structure of this report is by reference to Apendix C2 of the Rules

Governing the Listing of Securities on The Stock Exchange of Hong

Kong Limited. It is recomended that this report is to read together

with the Corporate Governance Report as laid down in our Anual

Report for the year ended 31st March 2025.

REPORTING PRINCIPLES

Materiality: Material ESG isues are identified during the

formulation of the Group’s ESG policies and

reported in each reporting period. They are also

reviewed on an anual basis.

Quantitative: Methodologies, asumptions and calculation

for each aplicable key performance indicator

(“KPI”) in this report are disclosed in the relevant

sections in this report.

Consistency: Consistent methodologies are adopted in the

calculation for each aplicable KPI in this report

as compared with that in prior years to ensure

comparison of figures over time.

绪言

本集团致力维持高标准的环境、社会及企业管治（「环

境、社会及管治」）常规，透过相关政策纳入其业务战

略，聚焦于与不同的持分者建立长期关系，以提高股

东的价值。本公司董事会（「董事会」）全权负责执行、

监测及评估本集团于环境、社会及管治事宜的政策。

董事会每年与本公司管理层审阅本集团环境、社会及

管治政策的进度。

报告范围

由于本集团主要从事手表贸易及物业租赁，并无直接

参与生产过程，因此大部分环境影响均属间接性。

本报告乃参考香港联合交易所有限公司证券上市规则附

录C2编制。建议本报告须连同本公司于截至二零二五

年三月三十一日止年度之年报所载的企业管治报告一

并阅读。

报告原则

重要性：重大环境、社会及管治问题于制定本集

团的环境、社会及管治政策时予以识

别，并于每个报告期进行报告。此等问

题亦会每年检讨。

量化：本报告中各适用关键绩效指标（「关键绩

效指标」）的方法、假设及计算已于本报

告的相关章节披露。

一致性：本报告中各适用的关键绩效指标的计

算方法与往年一致，以确保日后可作比

较。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

39Anual Report 2024/2025年报2024/2025

A. ENVIRONMENTAL

A.1 Emisions

The Group is comited to protect the environment from its

busines activities and workplace by implementing measures

such as the use of power-saving devices, the promotion of

e-documents, the use of recycle papers and the reduction of

energy consumption during non-busines hours with a view

to stay eficient on resource consumption and reduce impact

on environment.

During the reporting period (i.e. 1st April 2024 to 31st March

2025, “Reporting Period”), the Group was not aware of any

material non-compliance incidents with relevant laws and

regulations that have a significant impact on our operation.

KPI A1.1

In view of our busines nature, our primary focus of emision

is the grenhouse gas emisions coming from the electricity

consumption.

KPI A1.3, KPI A1.4 and KPI A1.6

Given the nature of our busines, we do not produce

any form of hazardous waste from our operation. Hence

our focus of waste management is to reduce the level

of household waste. Our measures include the use of

recycle papers, the use of recycle toner cartridges and the

promotion of e-documents.

During the Reporting Period, the Group had generated

aproximately 5.2 (2024: 5.6) tones of household waste.

KPI A1.5

Refering to the section headed “A.1 Emisions”.

A. 环境

A.1 排放物

本集团致力于保护环境，透过实施诸如使用

节电设备、推广电子文件、使用回收纸及减

少非营业时间的能源消耗等措施，保护环境

免受其业务活动和工作场所的影响以期保持

资源消耗的有效性并减少对环境的影响。

于报告期间（即二零二四年四月一日至二零

二五年三月三十一日，「报告期间」），本集

团并不知悉任何重大不合规事件及相关法律

法规对我们的营运有重大影响。

关键绩效指标A1.1

鉴于我们的业务性质，我们的主要排放焦点

是来自电力消耗的温室气体排放。

关键绩效指标A1.3、关键绩效指标A1.4及关

键绩效指标A1.6

鉴于我们业务的性质，我们不会从运营中生

产任何形式的有害废弃物。因此，我们的废

物管理重点是降低家居废物的水平。我们的

措施包括使用回收纸、使用回收碳粉盒和推

广电子文件。

于报告期间，本集团产生约5.2（二零二四

年：5.6）吨家居废物。

关键绩效指标A1.5

请参阅题为「A.1排放物」一节。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

A.2 资源运用

鉴于业务性质，本集团主要致力于高效用电

及减少纸张消耗，以促进资源的有效运用。

我们的措施包括使用节电设备、推广电子文

件、使用回收纸及减少非营业时间的能源消

耗。

关键绩效指标A2.1

以下数据来自于报告期间本集团的核心零售

店。

电力间接能源消耗（千瓦时）：352,333（二零

二四年：334,324）。

每单位建筑面积的电力间接能源消耗（千瓦

时╱平方米）：334（二零二四年：317）。

关键绩效指标A2.2、关键绩效指标A2.4及关

键绩效指标A2.5

鉴于我们业务的性质，消耗净水和包装材料

并不重大，因此并不适用。

关键绩效指标A2.3

请参阅题为「A.2资源运用」一节。

A.3 环境与自然资源

请参阅题为「A.2资源运用」一节。

关键绩效指标A3.1

请参阅题为「A.2资源运用」一节。

A.4 气候变化

关键绩效指标A4.1

请参阅题为「A.4气候变化」一节。

近几十年来，全球气温上升可能导致办公室

及零售店的用电量增加，从而增加本集团的

能源消耗及碳排放。因此，本集团将继续专

注于高效用电。

A.2 Use of Resources

To promote an eficient use of resources in view of the

nature of our busines, the Group is mainly focus on eficient

electricity usage and reduction of paper consumption. Our

measures include the use of power-saving devices, the

promotion of e-documents, the use of recycle papers and the

reduction of energy consumption during non-busines hours.

KPI A2.1

The folowing data was coming from the core retail shops of

the Group during the Reporting Period.

Indirect energy consumption by electricity (kWh): 352,333

(2024: 334,324).

Indirect energy consumption by electricity per gros flor

area (kWh/sq.m.): 334 (2024: 317).

KPI A2.2, KPI A2.4 and KPI A2.5

Not aplicable in view of the nature of our busines as

both the water consumption and packaging material are

imaterial.

KPI A2.3

Refering to the section headed “A.2 Use of Resources”.

A.3 The Environment and Natural Resources

Refering to the section headed “A.2 Use of Resources”.

KPI A3.1

Refering to the section headed “A.2 Use of Resources”.

A.4 Climate Change

KPI A4.1

Refering to the section headed “A.4 Climate Change”.

The increase in global temperature in recent decades may

lead to increase in electricity consumption by the ofices

and retail shops and hence the increase in our energy

consumption and carbon emision. As such, the Group wil

continue to focus on eficient electricity usage.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

41Anual Report 2024/2025年报2024/2025

B. 社会

B.1 就业

于二零二五年三月三十一日，本集团在香

港、中国及瑞士共有114名员工（包括全职

及兼职员工）（二零二四年三月三十一日：

103名），并遵守该等地区的相关劳工法律法

规。涵盖的领域包括补偿、招聘、晋升、工

作时间、休息时间、多样性及平等机会、反

歧视，以及预防强制劳工和童工。任何员工

都不得违背其意愿或作为强制劳工作，或

受到与工作相关的任何类型的胁迫。雇用及

相关文件由人事部门保存，并可由任何获授

权人员或有关法定机构核证。

关键绩效指标B1.1

于报告期间按性别划分的员工总数：男性：

32人；女性：82人（二零二四年：男性：32

人；女性：71人）。

于报告期间按雇佣类型划分的员工总数：全

职：99人；兼职：15人（二零二四年：全职：

102人；兼职：1人）。

于报告期间按年龄组别划分的员工总数：

25岁以下：2人；25至45岁：73人；45岁以

上：39人（二零二四年：25岁以下：1人；25

至45岁：76人；45岁以上：26人）。

于报告期间按地区划分的员工总数：香港：

25人；中国：88人；瑞士：1人（二零二四

年：香港：24人；中国：78人；瑞士：1人）。

关键绩效指标B1.2

员工流失比率定义为报告期间或上一报告期

间本集团离职员工的百分比。

于报告期间按性别划分的员工流失比率：男

性：16%；女性：25%（二零二四年：男性：

19%；女性：15%）。

于报告期间按年龄组别划分的员工流失比

率：25岁以下：100%；25至45岁：20%；

45岁以上：27%（二零二四年：25岁以下：

100%；25至45岁：14%；45岁以上：8%）。

B. SOCIAL

B.1 Employment

The Group has a total of 114 employes (including ful time

and part-time staf) as of 31st March 2025 (31st March 2024:

103) in Hong Kong, China and Switzerland and complied

with the relevant labour laws and regulations in these

areas. Areas covered include compensation, recruitment,

promotion, working hours, rest periods, diversity and equal

oportunities, anti-discrimination, and prevention of forced

and child labour. No employe is made to work against his/

her wil or work as forced labour, or subject to coercion

of any type related to work. Employment and related

documents are maintained by the personel department

and are open to verification by any authorised personel or

relevant statutory bodies.

KPI B1.1

Total workforce by gender during the Reporting Period: Male:

32, Female: 82 (2024: Male: 32, Female: 71).

Total workforce by employment type during the Reporting

Period: Ful time: 99, Part-time: 15 (2024: Ful time: 102,

Part-time: 1).

Total workforce by age group during the Reporting Period:

<25: 2, 25 to 45: 73, >45: 39 (2024: <25: 1, 25 to 45: 76,

45: 26).

Total workforce by geographical region during the Reporting

Period: Hong Kong: 25, China: 88, Switzerland: 1 (2024:

Hong Kong: 24, China: 78, Switzerland: 1).

KPI B1.2

Employment turnover rate is defined as the percentage of

employes who left the Group during the Reporting period or

the reporting period of last year.

Employment turnover rate by gender during the Reporting

Period: Male: 16%, Female: 25% (2024: Male: 19%, Female:

15%).

Employment turnover rate by age group during the Reporting

Period: <25: 100%, 25 to 45: 20%, >45: 27% (2024: <25:

100%, 25 to 45: 14%, >45: 8%).

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Employment turnover rate by geographical region during the

Reporting Period: Hong Kong: 4%, China: 28%, Switzerland:

0% (2024: Hong Kong: 4%, China: 21%, Switzerland: 0%).

B.2 Health and Safety

Besides providing a safe working environment and protecting

employes from ocupational hazards, the Group also

maintains god hygiene standards in our shops and ofices

and prevents workplace acidents. The Group has a total

of 114 employes (including ful time and part-time staf) as

of 31st March 2025 (31st March 2024: 103) in Hong Kong,

China and Switzerland and complied with the relevant labour

laws and regulations in these areas.

KPI B2.1

Number of work-related fatalities during the Reporting

Period: 0 (2024: 0, 2023: 0).

Rate of work-related fatalities during the Reporting Period: 0

(2024: 0, 2023: 0).

KPI B2.2

Lost days due to work injury during the Reporting Period: 0

(2024: 0, 2023: 0).

KPI B2.3

Refering to the section headed “B.2 Health and Safety”.

B.3 Development and Training

The Group ofers competitive remuneration packages to

employes in line with market trends which include medical

benefits and other staf-related insurance funds. The Group

also provides the employes with periodic job-related

trainings including but not limited to products training

and soft skils for shop operation, so that they can equip

themselves with the relevant knowledge and skils for their

work.

于报告期间按地区划分的员工流失比率：香

港：4%；中国：28%；瑞士：0%（二零二四

年：香港：4%；中国：21%；瑞士：0%）。

B.2 健康及安全

除了提供安全的工作环境和保护员工免受职

业危害外，本集团还在我们的商店及办公室

内保持良好的卫生标准，并防止工作场所事

故。于二零二五年三月三十一日，本集团于

香港、中国及瑞士共有114名员工（包括全

职及兼职员工）（二零二四年三月三十一日：

103名），并遵守该等地区相关的劳工法律及

法规。

关键绩效指标B2.1

于报告期间因工伤死亡人数：0（二零二四

年：0；二零二三年：0）。

于报告期间因工伤死亡比率：0（二零二四

年：0；二零二三年：0）。

关键绩效指标B2.2

于报告期间因工伤损失工作日数：0（二零

二四年：0；二零二三年：0）。

关键绩效指标B2.3

请参阅题为「B.2健康及安全」一节。

B.3 发展及培训

本集团根据市场趋势，向员工提供具竞争力

的薪酬待遇，包括医疗福利及其他与员工有

关的保险基金。本集团亦为员工提供定期工

作相关培训（包括但不限于产品培训及店舖

营运之软技能），使他们能够掌握相关的工

作知识及技能。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

43Anual Report 2024/2025年报2024/2025

KPI B3.1

Percentage of employes trained by gender during the

Reporting Period: Male: 69%, Female: 67% (2024: Male:

72%, Female: 82%).

Percentage of employes trained by employe category

during the Reporting Period: Managerial grade or above:

52%, Below managerial grade: 72% (2024: Managerial grade

or above: 46%, Below managerial grade: 89%).

KPI B3.2

Average training hours completed per employe during the

Reporting Period: Male: 29, Female: 27 (2024: Male: 29,

Female: 27).

Average training hours completed per employe by employe

category during the Reporting Period: Managerial grade or

above: 21, Below managerial grade: 21 (2024: Managerial

grade or above: 7, Below managerial grade: 34).

B.4 Labour Standards

Refering to the section headed “B.1 Employment”.

KPI B4.1

To avoid child and forced labour, the Group has measures

to verify the identity and age of the employes during the

recruitment proces so as to comply with the relevant labour

laws and regulations.

KPI B4.2

The Group has chanels to alow reporting of suspicious

cases of child and forced labour so as to minimize the

chance of such ocurence in our Group.

关键绩效指标B3.1

于报告期间按性别划分的受训员工百分比：

男性：69%；女性：67%（二零二四年：男

性：72%；女性：82%）。

于报告期间按员工类别划分的受训员工百分

比：管理人员或以上级别：52%；管理人员

以下级别：72%（二零二四年：管理人员或以

上级别：46%；管理人员以下级别：89%）。

关键绩效指标B3.2

于报告期间每名员工已完成的平均培训时

数：男性：29；女性：27（二零二四年：男

性：29；女性：27）。

于报告期间按员工类别划分的每名员工已完

成的平均培训时数：管理人员或以上级别：

21；管理人员以下级别：21（二零二四年：

管理人员或以上级别：7；管理人员以下级

别：34）。

B.4 劳工标准

请参阅题为「B.1就业」一节。

关键绩效指标B4.1

为避免童工及强制劳工，本集团于招聘过程

中采取措施核实员工的身份及年龄，以遵守

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

B.5 供应链管理

本集团通过不断就业务运作交换意见，与主

要供应商保持强而稳固的关系，包括但不限

于其营运的环境及社会方面，其中可能涉及

促使多用环保产品及服务的讨论。凭借稳定

稳固的供应链，我们的产品质量得以保持。

此外，本集团已制定退货政策以确保客户的

利益受到保障。本集团亦保护客户隐私以及

供应商与可持续发展有关的表现。本集团通

过经常审阅其域名及商标的使用及登记，以

保护其知识产权。

关键绩效指标B5.1

于报告期间按地区划分的主要供应商数目：

香港：0；中国：3；瑞士：0（二零二四年：

香港：0；中国：3；瑞士：0）。

关键绩效指标B5.2、关键绩效指标B5.3及关

键绩效指标B5.4

请参阅题为「B.5供应链管理」一节。

B.6 产品责任

请参阅题为「B.5供应链管理」一节。

关键绩效指标B6.1

于报告期间已售产品因安全与健康理由而须

回收的百分比：0%（二零二四年：0%）。

关键绩效指标B6.2

于报告期间接获关于产品及服务的投诉数

目：0（二零二四年：0）。

关键绩效指标B6.3、关键绩效指标B6.4及关

键绩效指标B6.5

请参阅题为「B.5供应链管理」一节。

B.5 Suply Chain Management

The Group has maintained strong and solid relationship

with our key supliers by constantly exchanging views

on the busines operation including by not limited to

the environmental and social aspects of their operations

which might involve the discusion on the promotion of

environmentaly preferable products and services. With

a stable and solid suply chain, our product’s quality is

maintained. In adition, the Group has established gods

return policy to ensure that the customer’s interest is

protected. The Group also protects customer privacy

and suplier performance relating to sustainability. The

Group protects its intelectual property rights by constantly

reviewing the usage and registration of its domain names

and trademarks.

KPI B5.1

Number of key supliers by geographical region during the

Reporting Period: Hong Kong: 0, China: 3, Switzerland: 0

(2024: Hong Kong: 0, China: 3, Switzerland: 0).

KPI B5.2, KPI B5.3 and KPI B5.4

Refering to the section headed “B.5 Suply Chain

Management”.

B.6 Product Responsibility

Refering to the section headed “B.5 Suply Chain

Management”.

KPI B6.1

Percentage of products sold subject to recals for safety and

health reasons during the Reporting Period: 0% (2024: 0%).

KPI B6.2

Number of products and service related complaints received

during the Reporting Period: 0 (2024: 0).

KPI B6.3, KPI B6.4 and KPI B6.5

Refering to the section headed “B.5 Suply Chain

Management”.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

45Anual Report 2024/2025年报2024/2025

B.7 Anti-coruption

The Group promotes and cultivates a high integrity corporate

culture which includes the implementation of policies to

encourage whistleblowing and anti-coruption reporting. The

Group has chanels to alow reporting of suspicious cases of

anti-coruption. References of relevant laws and regulations

in relation to bribery, coruption and money laundering are

distributed to the employes and are reviewed on a regular

basis.

KPI B7.1

Number of concluded legal cases regarding corupt practices

during the Reporting Period: 0 (2024: 0).

KPI B7.2 and KPI B7.3

Refering to the section headed “B.7 Anti-coruption”.

B.8 Comunity Investment

The Group suports and understands the neds of the

comunities and makes donations to the neded when

necesary but there is no particular area that the Group is

focus on.

KPI B8.1

Refering to the section headed “B.8 Comunity

Investment”.

KPI B8.2

The Group made some donations to a cancer fund during the

Reporting Period and in the same period last year.

B.7 反贪污

本集团倡导并培养高度诚信的企业文化，

包括实施鼓励举报及指证反贪污的政策。本

集团已建立渠道举报怀疑贪污案件。有关贿

赂、贪污及洗黑钱的相关法律及法规的参考

资料已分发予员工，并定期进行检讨。

关键绩效指标B7.1

于报告期间已审结的贪污诉讼案件的数目：

0（二零二四年：0）。

关键绩效指标B7.2及关键绩效指标B7.3

请参阅题为「B.7反贪污」一节。

B.8 社区投资

本集团支持并了解社区的需求，并于需要时

为所需人士作出捐款。本集团无特别关注的

范畴。

关键绩效指标B8.1

请参阅题为「B.8社区投资」一节。

关键绩效指标B8.2

于报告期间及去年同期，本集团向一项癌症

基金作出若干捐款。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

TO THE SHAREHOLDERS OF

ASIA COMERCIAL HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of Asia

Comercial Holdings Limited (the “Company”) and its subsidiaries (the

“Group”) set out on pages 52 to 154, which comprise the consolidated

statement of financial position as at 31st March 2025, and the

consolidated statement of profit or los, the consolidated statement

of profit or los and other comprehensive income, the consolidated

statement of changes in equity and the consolidated statement of cash

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

statements, including material acounting policy information.

In our opinion, the consolidated financial statements give a true and

fair view of the consolidated financial position of the Group as at 31st

March 2025, and of its consolidated financial performance and its

consolidated cash flows for the year then ended in acordance with

HKFRS Acounting Standards (“HKFRSs”) isued by the Hong Kong

Institute of Certified Public Acountants (“HKICPA”) and have ben

properly prepared in compliance with the disclosure requirements of

the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) isued by the HKICPA. Our responsibilities under

those standards are further described in the Auditor’s Responsibilities

for the Audit of the Consolidated Financial Statements section of

our report. We are independent of the Group in acordance with the

HKICPA’s Code of Ethics for Profesional Acountants (the “Code”),

and we have fulfiled our other ethical responsibilities in acordance

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

suficient and apropriate to provide a basis for our opinion.

独立核数师报告

致冠亚商业集团有限公司股东

（于百慕达注册成立之有限公司）

意见

本核数师（「我们」）已审核载于第52页至第154页冠亚商

业集团有限公司（「贵公司」）及其附属公司（「贵集团」）

之综合财务报表，包括二零二五年三月三十一日之综

合财务状况报表及截至该日止年度之综合损益及其他

全面收益表、综合权益变动表及综合现金流量表，以

及综合财务报表附注，包括重大会计政策资料。

我们认为，该等综合财务报表已根据香港会计师公会

（「香港会计师公会」）颁布的《香港财务报告准则会计准

则》（「香港财务报告准则」）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其截

至该日止年度的综合财务表现及综合现金流量，并已

遵照香港《公司条例》的披露规定妥为编制。

意见的基础

我们已根据香港会计师公会颁布的《香港审计准则》（「香

港审计准则」）进行审核。我们在该等准则下承担的责任

已在本报告「核数师就审核综合财务报表承担的责任」

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》（「道德守则」），我们独立于贵集

团，并已履行道德守则中的其他专业道德责任。我们

相信，我们所获得的审核凭证能充足及适当地为我们

的审核意见提供基础。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional

judgement, were of most significance in our audit of the consolidated

financial statements of the curent period. These maters were

adresed in the context of our audit of the consolidated financial

statements as a whole, and in forming our opinion thereon, and we do

not provide a separate opinion on these maters.

Valuation of investment properties

We identified the valuation of investment properties as a key audit

mater due to the significance of the Group’s investment properties

to the consolidated financial statements and significant judgment

is required in determining the valuation. As at 31st March 2025, the

Group’s investment properties amounted to HK$310,207,000 which

represented 43.5% of the Group’s total asets. Fair value loses

on investment properties of HK$37,241,000 was recognised in the

consolidated statement of profit or los for the year then ended.

The Group’s investment properties are stated at fair value based on

valuation performed by independent qualified profesional valuers

(“External Valuers”). The valuation was dependent on certain key

estimates which require significant judgement including, comparable

transaction prices of similar properties. The valuation of investment

properties under development is also dependent on the estimated

costs to complete and expected developer’s profit margin.

The acounting policy and disclosures in relation to the investment

properties are set out in notes 2(e), 4(a)(i) and 15 to the consolidated

financial statements.

How our audit adresed the key audit mater

Our audit procedures in relation to asesing the apropriatenes of

the valuation of investment properties included:

, capability and objectivity of the

External Valuers;

performance of the property markets, significant asumptions

and critical judgement aplied to key inputs and data used in the

valuations;

• Asesing whether consistent methodologies were aplied in

valuing the investment properties and, with the asistance of

our valuation specialists, evaluating the methodologies, key

asumptions and data used in the valuations, including estimated

seling prices and comparable market transactions for similar

properties. Aditionaly, testing, on a sample basis, the valuation

data including the estimated completion costs against the

underlying contracts and records.

关键审核事项

关键审核事项是根据我们的专业判断，认为对本期综

合财务报表的审核最为重要的事项。这些事项是在我

们审核整体综合财务报表及出具意见时处理，我们不

会对这些事项个别提供意见。

投资物业估值

我们将投资物业估值识别为关键审核事项，乃由于贵

集团投资物业对综合财务报表的重要程度，以及厘定

估值所需重大判断。于二零二五年三月三十一日，贵

集团的投资物业为310,207,000港元，占贵集团总资

产43.5%。投资物业之公允值亏损37,241,000港元已于

截至该日止年度之综合损益表内确认。

贵集团的投资物业按照独立合资格专业估值师（「外聘

估值师」）的公允值估值列报。估值取决于若干需要作

出重大判断的主要估计，包括类似物业的可比较交易

价格。发展中投资物业的估值亦取决于估计完工成本

及预期发展商利润率。

有关投资物业的会计政策及披露资料载于综合财务报

表附注2(e)、4(a)(i)及15。

本核数师如何处理关键审核事项

我们就有关评估投资物业估值的适用性之审核程序包

括：

、能力及客观性；

、房地产市场状况、重大

假设，对估值中使用的主要输入及数据的关键判

断；

，并在估

值专家的协助下，评估值所采用的方法、重大

假设及数据，包括类似物业的估计售价及可比较

市场交易。此外，根据相关合约及记录抽样测试

估值数据，包括估计竣工成本。

47Anual Report 2024/2025年报2024/2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

KEY AUDIT MATERS (Continued)

Valuation of inventories

We identified the valuation of inventories as a key audit mater due

to the significance of the inventories to the consolidated financial

statements and significant judgement is required in determining the net

realisable value (“NRV”). As at 31st March 2025, the carying amount of

the inventories amounted to HK$100,850,000 which represented 14.1%

of the Group’s total asets.

NRV represents the estimated seling prices for inventories les al

estimated costs of completion and costs necesary to make the sale.

The NRV of the watches are determined by considering the saleability

of watches based on curent condition of the inventories, market

conditions, pricing policies, latest available sales information and other

factors.

The acounting policy and disclosures in relation to the inventories

are set out in notes 2(i), 4(a)(i) and 18 to the consolidated financial

statements.

How our audit adresed the key audit mater

Our audit procedures in relation to asesing the apropriatenes of

the valuation of the inventories included:

’s policy for making

alowance for watches and management’s proces in identifying

slow-moving watches and determining the write-downs;

, on a sample basis, the acuracy of the inventory aging

report;

• Asesing whether any write-downs of inventories to NRV at the

end of the reporting period were consistent with the Group’s

inventory policy by recalculating, on a sample basis, the write-

downs based on the Group’s policy;

, on a sample basis, the reasonablenes and

apropriatenes of the NRV estimates with reference to the

inventory usage and sales information subsequent to the end of

the reporting period, if any, and test the subsequent sales on a

sample basis;

, on a sample basis, the NRV of selected inventory items

by comparing the estimated seling price les the estimated costs

of completion and the estimated costs necesary to make the sale

against their carying amounts.

关键审核事项（续）

存货估值

我们把存货估值视为关键审核事项，乃因为存货对综

合财务报表至关重要，加上确定可变现净值（「可变现

净值」）所需重大判断。于二零二五年三月三十一日，

存货账面金额为100,850,000港元，占贵集团总资产

的14.1%。

可变现净值指存货的估计售价减去预期生产成本及必

要销售成本。钟表的可变现净值乃根据钟表的可销售

性，即当前库存情况、市场状况、定价政策、最新销售

资讯及其他因素而厘定。

有关存货的会计政策及披露载于综合财务报表附注

2(i)、4(a)(i)及18。

本核数师如何处理关键审核事项

我们有关评估存货估值的适用性之审核程序包括：

• 了解集团对手表进行拨备的政策及管理层识别滞

销手表过程及决定撇减；

• 根据集团存货拨备政策以抽样基准重新计算撇

减，以评估报告期末的存货撇减至可变现净值是

否符合集团之存货拨备政策；

• 参照报告期末存货之使用及最新销售价格情况以

及销售资讯，以抽样基准评估存货可变现净值估

计合理性及适当性，并以抽样方式测试后续销售

情况；

，方

法为将选定存货项目之估计售价减完成之估计成

本及销售所需之估计成本与其账面值作一比较。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

INFORMATION OTHER THAN THE CONSOLIDATED FINANCIAL

STATEMENTS AND AUDITOR’S REPORT THEREON

The directors of the Company are responsible for the other information.

The other information comprises al 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.

RESPONSIBILITIES OF THE DIRECTORS AND THOSE CHARGED

WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors of the Company are responsible for the preparation of

the consolidated financial statements that give a true and fair view in

acordance with HKFRSs isued by the HKICPA and the disclosure

requirements of the Hong Kong Companies Ordinance, and for such

internal control as the directors determine is necesary to enable the

preparation of consolidated financial statements that are fre from

material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors are

responsible for asesing the Group’s ability to continue as a going

concern, disclosing, as aplicable, maters related to going concern

and using the going concern basis of acounting unles the directors

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

realistic alternative but to do so.

Those charged with governance are responsible for overseing the

Group’s financial reporting proces.

除综合财务报表及核数师报告以外的资料

贵公司董事须对其他资料负责。其他资料包括年报内的

所有资料，不包括综合财务报表及我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他资料，我们

亦不对该等其他资料发表任何形式的确认结论。

关于我们对综合财务报表的审核，我们的责任是阅读

其他资料，在此过程中，考虑其他资料是否与综合财

务报表或我们在审核过程中所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。

如果我们认为其他资料存在重大错误陈述，我们需要

报告该事实。这方面我们没有任何需要报告的事项。

董事及管治负责人员就综合财务报表须承担的责

任

贵公司董事须负责根据香港会计师公会颁布的《香港财

务报告准则》及香港《公司条例》的披露规定编制真实而

中肯的综合财务报表，并对其认为使综合财务报表

的编制不存在由于欺诈或错误而导致的重大错误陈述

所需的内部控制负责。

在编制综合财务报表时，董事负责评估贵集团持续经

营的能力，并在适用情况下披露与持续经营有关的事

项，以及使用持续经营为会计基础，除非董事有意将

贵集团清盘或停止经营，或别无其他实际的替代方案。

管治负责人员履行监察贵集团之财务申报程序的责

任。

49Anual Report 2024/2025年报2024/2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

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

report that includes our opinion. This report is made solely to you, as

a body, in acordance with section 90 of the Bermuda Companies Act,

and for no other purpose. We do not asume responsibility towards or

acept liability to any other person for the contents of this report.

Reasonable asurance is a high level of asurance, but is not a

guarante that an audit conducted in acordance with HKSAs wil

always detect a material mistatement when it exists. Mistatements

can arise from fraud or eror and are considered material if, individualy

or in the agregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these consolidated

financial statements.

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

judgement and maintain profesional skepticism throughout the audit.

We also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate

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

material mistatement resulting from fraud is higher than for

one resulting from eror, as fraud may involve colusion, forgery,

intentional omisions, misrepresentations, or the overide of

internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion

on the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used

and the reasonablenes of acounting estimates and related

disclosures made by the directors.

’ 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.

核数师就审核综合财务报表承担的责任

我们的目标，是对综合财务报表整体是否不存在由于

欺诈或错误而导致的重大错误陈述取得合理保证，并

出具载有我们意见的核数师报告。根据百慕达公司法

第90条，本报告仅向阁下（作为整体）作出，除此之

外本报告别无其他目的。本核数师并不会就本报告内

容对任何其他人士负责或承担任何责任。

合理保证是高水平的保证，但不能保证按照《香港审计

准则》进行的审核，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》进行审核的过程中，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，设计及执行审核

程序以应对这些风险，以及获取充足和适当的

审核凭证，作为我们意见的基础。由于欺诈可

能涉及串谋、伪造、蓄意遗漏、虚假陈述，或

凌驾于内部控制之上，因此未能发现因欺诈而

导致的重大错误陈述的风险高于未能发现因错

误而导致的重大错误陈述的风险。

，以设计适当的审

核程序，但目的并非对贵集团内部控制的有

效性发表意见。

• 评价董事所采用会计政策的恰当性及作出会计

估计和相关披露的合理性。

• 对董事采用持续经营会计基础的恰当性作出结

论。根据所获取的审核凭证，确定是否存在与

事项或情况有关的重大不确定性，从而可能导

致对贵集团的持续经营能力产生重大疑虑。

如果我们认为存在重大不确定性，则有必要在

核数师报告中提请使用者注意综合财务报表中

的相关披露。假若有关的披露不足，则我们应

当作出有保留意见。我们的结论是基于核数师

报告日止所取得的审核凭证。然而，未来事项

或情况可能导致贵集团不能持续经营。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS (Continued)

, structure and content of the

consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves

fair presentation.

• Plan and perform the group audit to obtain suficient

apropriate audit evidence regarding the financial information

of the entities or busines units within the Group as a basis for

forming an opinion on the group financial statements. We are

responsible for the direction, supervision and review of the audit

work performed for purposes of the group audit. We remain

solely responsible for our audit opinion.

We comunicate with those charged with governance regarding,

among other maters, the planed scope and timing of the audit and

significant audit findings, including any significant deficiencies in

internal control that we identify during our audit.

We also provide those charged with governance with a statement

that we have complied with relevant ethical requirements regarding

independence, and to comunicate with them al relationships

and other maters that may reasonably be thought to bear on our

independence and, where aplicable, actions taken to eliminate threats

or safeguard aplied.

From the maters comunicated with those charged with governance,

we determine those maters that were of most significance in the

audit of the consolidated financial statements of the curent period

and are therefore the key audit maters. We describe these maters

in our auditor’s report unles law or regulation precludes public

disclosure about the mater or when, in extremely rare circumstances,

we determine that a mater should not be comunicated in our report

because the adverse consequences of doing so would reasonably

be expected to outweigh the public interest benefits of such

comunication.

Crowe (HK) CPA Limited

Certified Public Acountants

Hong Kong, 26th June 2025

Lam Cheung Shing

Practising Certificate Number P03552

核数师就审核综合财务报表承担的责任（续）

、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。

，以就贵集团内实体或

业务单位的财务资料获取充足及适当的审核

凭证，作为对贵集团财务报表发表意见的基

础。吾等负责指导、监督和审阅为进行集团审

核而执行的审核工作。吾等就审核意见承担全

部责任。

除其他事项外，我们与管治负责人员沟通了计划的审

核范围、时间安排、重大审核发现等，包括我们在审核

中识别出内部控制的任何重大缺陷。

我们还向管治负责人员提交声明，说明我们已符合有

关独立性的相关专业道德要求，并与他们沟通有可能

合理地被认为会影响我们独立性的所有关系和其他事

项，以及在适用的情况下，采取消除威胁行动或应用

709,373
(476,865)
232,508
5,066
7,876
(37,241)
(99,346)

(3,036)
(1,282)
(9,102)
60,604
(36,140)
24,464
24,465
(1)
24,464
HK cents
港仙
3.27

CONSOLIDATED STATEMENT OF PROFIT OR LOS

综合损益表

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Revenue营业收入705,403

Cost of sales and services rendered销售及提供服务的成本(471,038)

Gros profit毛利234,365

Other revenue其他收益4,834

Other net gains/(loses)其他收益╱（亏损）净额(179)

Fair value loses on investment

properties, net

投资物业之公允值亏损，净额

(31,731)

Distribution costs分销成本(100,436)

Administrative expenses行政费用(34,839)(30,768)

Impairment los recognised on right-of-use

asets

使用权资产确认之减值亏损

14(c)(i)–

Impairment los recognised on trade and

other receivables

贸易及其他应收账款确认之

减值亏损9(c)(413)

Finance costs财务成本9(a)(10,578)

Profit before taxation除税前溢利965,094

Income tax所得税11(38,893)

Profit for the year本年度溢利26,201

Atributable to:归属于：

Owners of the Company本公司持有人26,202

Non-controling interests非控股权益(1)

26,201

HK cents

港仙

Earnings per share每股盈利13

Basic and diluted基本及摊薄3.51

The notes on pages 59 to 154 form part of these consolidated financial

statements.

Details of dividends payable to owners of the Company atributable to

profit for the year are set out in Note 12(a).

第59页至第154页之附注构成此综合财务报表之整体部

份。

归属于本年度溢利之股息付予本公司持有人之详情列

载于附注12(a)。

24,464
(1,013)
(1,013)
23,451
23,452
(1)
23,451

CONSOLIDATED STATEMENT OF PROFIT

OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

53Anual Report 2024/2025年报2024/2025

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Profit for the year本年度溢利26,201

Other comprehensive los for the year本年度其他全面亏损

Items that may be subsequently reclasified to

profit or los:

或随后将可能被重新分类至损益

之项目：

Exchange diferences on translation of

foreign operations

换算海外业务产生之

汇兑差额(7,347)

Total other comprehensive los for the year, net

of nil tax

本年度其他总全面亏损，

扣除零税项(7,347)

Total comprehensive income for the year本年度总全面收益18,854

Total comprehensive income for the year

atributable to:

本年度总全面收益归属于：

Owners of the Company本公司持有人18,855

Non-controling interests非控股权益(1)

18,854

The notes on pages 59 to 154 form part of these consolidated financial

statements.

第59页至第154页之附注构成此综合财务报表之整体部

份。

44,018
310,207
3,134
7,498
3,025
–
367,882
100,850
64,924
15
21		5,338
173,968
345,095
75,210
436
134,320
13,159
17,368
240,493
104,602
472,484
2,704
14,010
13,802
30,516
441,968
149,424
292,549
441,973
(5)
441,968

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31st March 2025 于二零二五年三月三十一日

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Non-curent asets非流动资产

Property, plant and equipment物业、机器及设备67,765

Investment properties投资物业338,596

Deposits and other receivables按金及其他应收账款4,306

Financial asets at fair value through

profit or los

按公允值计入损益之

金融资产7,487

Equity instrument at fair value through

other comprehensive income

按公允值计入其他全面收益之

权益工具3,043

Defered tax asets递延税项资产2,418

423,615

Curent asets流动资产

Inventories存货105,643

Trade and other receivables贸易及其他应收账款78,391

Trading securities证券买卖16

Short-term bank deposit短期银行存款–

Cash and cash equivalents现金及现金等值物164,940

348,990

Curent liabilities流动负债

Trade and other payables贸易及其他应付账款80,382

Contract liabilities合约负债1,127

Bank loans银行借贷158,840

Income tax payable应缴所得税15,139

Lease liabilities租赁负债20,955

276,443

Net curent asets流动资产净额72,547

Total asets les curent liabilities总资产减流动负债496,162

Non-curent liabilities非流动负债

Rental deposits received and

receipt in advance

已收及预收

之租赁按金2,659

Defered tax liabilities递延税项负债23,125

Lease liabilities租赁负债25,861

51,645

Net asets资产净额444,517

Capital and reserves股本及储备

Share capital股本149,424

Reserves储备295,097

Equity atributable to owners of the

Company

归属于本公司持有人之权益

444,521

Non-controling interests非控股权益(4)

Total equity权益总额444,517

Aproved and authorised for isue by the Board of Directors on 26th June 2025 and signed on its behalf by:

于二零二五年六月二十六日获董事会通过及授权刊发，并由下列董事代表签署：

Eav Feng Ming, Jonathan Eav Guech Rosana

杨峰铭杨玉

Director Director

董事董事

The notes on pages 59 to 154 form part of these consolidated financial

statements.

第59页至第154页之附注构成此综合财务报表之整体部

份。

										715,444	464,42	)310,1(	)310,1(	154,32	)000,62(	869,144
										)4(	)1(	–	–	)1(	–	)5(
										790,592	564,42	)310,1(	)310,1(	254,32	)000,62(	945,292
			detalumuccA	sessol	损亏计累	000’$KH	元港千			)652,86(	564,42	–	–	564,42	)000,62(	)197,96(
tnemtsevnI	noitaulaver	evreser	-non(	)gnilcycer	备储估重资投）转划可不（	000’$KH	元港千	)iv()c( 82 etoN	)iv()c(82注附	996	–			–	–
			-non(	)gnilcycer	备储估重资投）转划可不（	000’$KH	元港千	)iv()c( 82 etoN				–	–			996
			detubirtnoC	sulprus	余盈入缴	000’$KH	元港千	)v()c( 82 etoN	)v()c(82注附	437,01	–	–	–	–	–	437,01
		latipaC	noitpmeder	evreser	备储回赎本资	000’$KH	元港千	)vi()c( 82 etoN	)vi()c(82注附	362,7	–	–	–	–	–	362,7
			latipaC	evreser	备储本股	000’$KH	元港千	)iii()c( 82 etoN	)iii()c(82注附	183,252	–		–	–	–
												–				183,
									252
			egnahcxE	evreser	备储兑汇	000’$KH	元港千	)ii()c( 82 etoN	)ii()c(82注附	530,03	–	)310,1(	)310,1(	)310,1(	–	220,92
			noitaulaveR	evreser	备储估重	00	元	)i()	)i()	14		–	–		–	14
						0’$KH	港千	c( 82 etoN	c(82注附	2,26						2,26
						0’$KH	港千	c( 82 etoN		424,941	–	–	–	–	–	424,941

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

55Anual Report 2024/2025年报2024/2025

归

属

于

本

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			detalumuccA	sessol	损亏计累	000’$KH	元港千			)814,95( 996 437,01 362,7 183,252 283,73 14	)652,86(
tnemtsevnI	noitaulaver	evreser	-non(	)gnilcycer	备储估重资投）转划可不（	000’$KH	元港千	)iv()c( 82 etoN	)iv()c(82注附
			-non(	)gnilcycer	备储估重资投）转划可不（	000’$KH	元港千	)iv()c( 82 etoN	996 437,01 362,7
			detubirtnoC	sulprus	余盈入缴	000’$KH	元港千	)v()c( 82 etoN	)v()c(82注附
		latipaC	noitpmeder	evreser	备储回赎本资	000’$KH	元港千	)vi()c( 82 etoN	)vi()c(82注附
			latipaC	evreser	备储本股	000’$KH	元港千	)iii()c( 82 etoN	)iii()c(82注附
									183,
									252 530,03 14
			egnahcxE	evreser	备储兑汇	000’$KH	元港千	)ii()c( 82 etoN	)ii()c(82注附
			noitaulaveR	evreser	备储估重	00	元	)i()	)i()
			noitaulaveR	evreser	备储估重	0’$KH	港千	c( 82 etoN	c(82注附	2,26	2,26

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

归

属

于

本

公

司

持

有

人

–

股

本

小

计

非

控

股

权

益

权

益

总

额

’0

千

港

元

千

港

元

千

港

元

千

港

元

于

二

零

二

三

年

四

月

一

日

)

本

年

度

溢

利

–

)

其

他

全

面

亏

损

换

算

海

外

业

务

产

生

之

汇

兑

差

额

–

)

–

)

–

)

–

)

本

年

度

总

全

面

收

益

╱

（

亏

损

）

–

)

(

)

末

期

股

息

（

附

注

)）

–

)

–

)

于

二

零

二

四

年

三

月

三

十

一

日

)

The notes on pages 59 to 154 form part of these consolidated financial statements.

第59页至第154页之附注构成此综合财务报表之整体部份。

60,604
37,241
1
70
2,578

1,755
(248)
3,036
–
(11)
(1,975)
9,102
26,287
17
545
138,529
2,187
12,820
(4,958)
100
(685)
147,993
(44,686)
103,307

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

As at 31st March 2025 于二零二五年三月三十一日

Anual Report 2024/2025年报2024/2025

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

OPERATING ACTIVITIES经营业务

Profit before taxation除税前溢利65,094

Adjustments for:调整：

Fair value loses on investment properties,

net

投资物业之公允值亏损，净额

31,731

Net unrealised los on trading securities证券买卖未实现之亏损净额8

Los on write of of property, plant and

equipment

撇销物业、机器及设备之亏损

–

Write-down/(reversal of write-down) of

inventories, net

撇减╱（拨回撇减）存货，净额

(1,400)

Impairment los (reversed)/recognised on

trade receivables

贸易应收账款（拨回）╱确认之

减值亏损9(c)(473)251

Impairment los recognised on other

receivables

其他应收账款确认之

减值亏损9(c)162

Gain on lease modification租赁修改之收益7–

Impairment los recognised on right-of-use

asets

使用权资产确认之减值亏损

14–

Net los on disposal of investment

properties

出售投资物业之净亏损

Fair value (gain)/los on financial asets at

fair value through profit or los (“FVPL”)

按公允值计入损益

（「按公允值计入损益」）之

金融资产之公允值

（收益）╱亏损767

Bank interest income银行利息收入6(2,555)

Interest expenses利息开支9(a)10,578

Depreciation折旧1429,822

Write-of of inventories撇销存货7–

Exchange diferences汇兑差额3,960

137,838

CHANGES IN WORKING CAPITAL营运资金变动

Decrease/(increase) in inventories存货减少╱（增加）(7,534)

Decrease/(increase) in trade and

other receivables

贸易及其他应收账款

减少╱（增加）(16,900)

(Decrease)/increase in trade and other

payables

贸易及其他应付账款

（减少）╱增加1,662

Increase/(decrease) in rental deposits

received and receipt in advance

已收及预收之租赁

按金增加╱（减少）(40)

Decrease in contract liabilities合约负债减少(58)

CASH GENERATED FROM OPERATIONS产生于营运之现金114,968

PRC Corporate Income Tax paid已缴之中国企业所得税(44,476)

NET CASH GENERATED FROM

OPERATING ACTIVITIES

产生于经营业务之

现金净额70,492

(337)
–
(8,483)
(5,338)
1,975

56,000
(80,520)
(7,222)
(20,714)
(1,923)
(26,000)
(80,379)
10,745
164,940
(1,717)
173,968
173,968

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

As at 31st March 2025 于二零二五年三月三十一日

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

INVESTING ACTIVITIES投资业务

Payment for purchase of property,

plant and equipment

支付添置物业、机器及设备

(2,827)

Proceds from disposal of investment

properties

出售投资物业所得款项

1,480

Payment for construction of investment

properties

支付兴建投资物业

(10,305)

Placement of bank deposit存放银行存款–

Bank interest income received已收银行利息收入2,555

NET CASH USED IN

INVESTING ACTIVITIES

已用于投资业务之

现金净额(12,183)(9,097)

FINANCING ACTIVITIES融资业务

Proceds from new bank loans银行新借贷所得款项65,000

Repayment of bank loans偿还银行借贷(80,520)

Interest paid on bank loans银行借贷之已付利息(8,288)

Capital element of lease liabilities paid已付租赁负债之资本部份(21,221)

Interest element of lease liabilities paid已付租赁负债之利息部份(2,318)

Dividend paid已付股息12(b)(35,040)

NET CASH USED IN FINANCING

ACTIVITIES

已用于融资活动之

现金净额(82,387)

NET INCREASE/(DECREASE) IN CASH

AND CASH EQUIVALENTS

现金及现金等值物

增加╱（减少）净额(20,992)

CASH AND CASH EQUIVALENTS AT

THE BEGINING OF THE YEAR

年初现金及现金等值物

194,441

EFECT OF FOREIGN EXCHANGE

RATE CHANGES, NET

汇率变动之影响，净额

(8,509)

CASH AND CASH EQUIVALENTS AT

THE END OF THE YEAR

年终现金及现金等值物

164,940

ANALYSIS OF THE BALANCES OF CASH

AND CASH EQUIVALENTS

现金及现金等值物结余分析

Cash at bank and on hand银行存款及手头现金21164,940

The notes on pages 59 to 154 form part of these consolidated financial

statements.

第59页至第154页之附注构成此综合财务报表之整体部

份。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

1. GENERAL INFORMATION

Asia Comercial Holdings Limited (the “Company”) is an

investment holding company. Its subsidiaries are principaly

engaged in sales of watches and property leasing.

The Company is a limited company incorporated in Bermuda

and its shares are listed on The Stock Exchange of Hong Kong

Limited (the “Stock Exchange”). The adreses of the registered

ofice and principal place of busines of the Company are Victoria

Place, 5th Flor, 31 Victoria Stret, Hamilton HM10, Bermuda

and Rom 3901, 39th Flor, The Hopewel Centre, 183 Quen’s

Road East, Wanchai, Hong Kong respectively. As at 31st March

2025, the directors of the Company consider that the imediate

and ultimate holding company is Century Hero International

Limited (“Century Hero”), a company which is incorporated in the

British Virgin Islands. Century Hero does not produce financial

statements available for public use.

The consolidated financial statements are presented in thousand

of units of Hong Kong dolars (HK$’000), unles otherwise stated.

The consolidated financial statements have ben aproved for

isue by the Board of Directors on 26th June 2025.

The consolidated financial statements are presented in Hong Kong

dolars, which is also the functional curency of the Company.

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION

(a) Statement of compliance

The consolidated financial statements have ben prepared

in acordance with HKFRS Acounting Standards, which

includes al Hong Kong Financial Reporting Standards

(“HKFRSs”), Hong Kong Acounting Standards (“HKASs”)

and Interpretations isued by the Hong Kong Institute of

Certified Public Acountants (“HKICPA”), In adition, the

consolidated financial statements comply with the disclosure

requirements of the Hong Kong Companies Ordinance and

the aplicable disclosure provisions of the Rules Governing

the Listing of Securities on the Stock Exchange. Material

acounting policy information adopted by the Group are

disclosed below.

The HKICPA has isued certain amendments to HKFRS

Acounting Standards which are mandatorily efective or

available for early adoption for the curent acounting period

of the Group. Note 3 provides information on the initial

aplication of these developments to the extent that they are

relevant to the Group for the curent and prior acounting

periods reflected in these consolidated financial statements.

1. 一般资料

冠亚商业集团有限公司（「本公司」）为一间投资控

股公司。其附属公司主要从事销售钟表及物业租

赁。

本公司为一间在百慕达注册成立之股份有限公

司，其股份于香港联合交易所有限公司（「联交

所」）上市。本公司之注册办事处及主要营业地

点分别为Victoria Place, 5th Flor, 31 Victoria

Stret, Hamilton HM10, Bermuda及香港湾仔

皇后大道东183号合和中心39楼3901室。于二零

二五年三月三十一日，本公司董事认为直接及最

终控股公司为世雄国际有限公司（「世雄」）（一间

于英属处女群岛注册成立之公司）。世雄并无编

制适用的财务报表供公众参阅。

除非另外说明，否则综合财务报表乃以千港元（千

港元）呈列。综合财务报表已于二零二五年六月

二十六日由董事会批准发布。

综合财务报表乃以港元呈列，港元亦是本公司的

功能货币。

2. 编制基准及重大会计政策资料

(a) 合规声明

综合财务报表乃根据香港财务报告准则会计

准则编制，包括由香港会计师公会（「香港会

计师公会」）颁布的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。此外，综合财务报表

符合香港公司条例规定之披露要求及联交所

证券上市规则适用之披露规定。本集团采纳

之重大会计政策资料披露如下。

香港会计师公会已颁布若干经修订香港财务

报告准则会计准则，该等准则于本集团当前

会计期间强制生效或可供提早采纳。有关该

等综合财务报表所示当前及过往会计期间初

次应用该等与本集团有关之准则之资料载于

附注3。

59Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(b) Basis of preparation of the financial statements

The consolidated financial statements for the year ended

31st March 2025 incorporate the financial statements of the

Company and its subsidiaries (together refered to as the

“Group”).

The measurement basis used in the preparation of the

consolidated financial statements is the historical cost basis

except that the folowing asets are stated at their fair value

as explained in the acounting policies set out below:

– investment property, including interests in leasehold

land and buildings held as investment property where

the Group is the registered owner of the property

interest; and

– investments in equity securities and club debentures.

The preparation of financial statements in conformity

with HKFRS Acounting Standards requires management

to make judgements, estimates and asumptions that

afect the aplication of policies and reported amounts of

asets, liabilities, income and expenses. The estimates and

asociated asumptions are based on historical experience

and various other factors believed to be reasonable under

the circumstances, the results of which form the basis of

making the judgements about carying amount of asets and

liabilities not readily aparent from other sources. Actual

results may difer from these estimates.

The estimates and underlying asumptions are reviewed on

an ongoing basis. Revisions to acounting estimates are

recognised in the period in which the estimate is revised if

the revision afects only that period, or in the period of the

revision and future periods if the revision afects both curent

and future periods.

Judgements made by management in the aplication of

HKFRS Acounting Standards that have significant efect on

the consolidated financial statements and major sources of

estimation uncertainty are discused in Note 4.

（续）

(b) 编制财务报表基准

截至二零二五年三月三十一日止年度之综合

财务报表纳入本公司及其附属公司（统称「本

集团」）之财务报表。

在编制综合财务报表时所使用的计量基准为

历史成本基准，以下按其公允值呈列之资产

如下文所载之会计政策所解释除外：

－物业投资，包括本集团为物业权益登

记持有人之持作投资物业之租赁土地

及楼宇之权益；及

－投资权益证券及会所债券。

编制符合香港财务报告准则会计准则之财务

报表需要管理层作出影响政策应用及所呈报

资产、负债、收入及费用之数额之判断、估

计及假设。估计及相关假设乃根据过往经验

及在该等情况下乃属合理之各种其他因素而

作出，其结果构成对无法从其他来源中容易

得出之资产及负债之账面金额作出判断之基

准。实际结果可能与于该等估计有所不同。

管理层按持续经营基准检讨估计及相关假

设。倘修订会计估计仅影响修订之期间，则

该修订于该期间内确认，或倘修订影响本期

间及未来期间，则修订于本期间及未来期间

内确认。

管理层于应用香港财务报告准则会计准则所

作出对综合财务报表有重大影响的判断及估

计不确定因素的主要来源于附注4讨论。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

Subsidiaries are entitles controled by the Group. The Group

controls an entity when it is exposed, or has rights, to

variable returns from its involvement with the entity and has

the ability to afect those returns through its power over the

entity. When asesing whether the Group has power, only

substantive rights (held by the Group and other parties) are

considered. The Group reaseses whether or not it controls

an entity if facts and circumstances indicate that there are

changes to one or more of the elements of control.

An investment in a subsidiary is consolidated into the

consolidated financial statements from the date that control

comences until the date that control ceases. Intra-group

balances, transactions and cash flows and any unrealised

profits arising from intra-group transactions are eliminated

in ful in preparing the consolidated financial statements.

Unrealised loses resulting from intra-group transactions are

eliminated in the same way as unrealised gains but only to

the extent that there is no evidence of impairment.

Non-controling interests represent the equity in a subsidiary

not atributable directly or indirectly to the Company, and in

respect of which the Group has not agred any aditional

terms with the holders of those interests which would result

in the Group as a whole having a contractual obligation

in respect of those interests that mets the definition of a

financial liability.

Non-controling interests are presented in the consolidated

statement of financial position within equity, separately

from equity atributable to the owners of the Company.

Non-controling interests in the results of the Group are

presented on the face of the consolidated statement of profit

or los and the consolidated statement of profit or los and

other comprehensive income as an alocation of the total

profit or los and total comprehensive income for the year

betwen non-controling interests and the owners of the

Company. Loans from holders of non-controling interests

and other contractual obligations towards these holders

are presented as financial liabilities in the consolidated

statement of financial position.

Changes in the Group’s interest in a subsidiary that do

not result in a los of control are acounted for as equity

transactions, whereby adjustments are made to the

amounts of controling and non-controling interests within

consolidated equity to reflect the change in relative interests,

but no adjustments are made to godwil and no gain or los

is recognised. Any diference betwen the amount by which

the non-controling interests are adjusted, and the fair value

of the consideration paid or received is recognised directly in

equity and atributed to owners of the Company.

（续）

附属公司指本集团控制之实体。当本集团从

参与某实体之业务获得或有权获得不同的回

报，及有能力藉对实体行使其权力而影响其

回报，则本集团控制该实体。当评估本集团

是否有权力时，只考虑实质的权利（由本集

团及其他人士持有）。倘事实及情况显示控

制因素其中一项或多项改变，则本集团会重

估是否仍然控制实体。

于附属公司的投资由控制开始当日至控制终

止当日综合计入综合财务报表。集团内公司

间的交易结余及交易以及现金流，与任何因

集团内公司间交易而产生的未变现溢利均在

编制综合财务报表时全数对销。集团内公司

间交易所产生的未变现亏损以处理未变现收

益的同样方式对销，惟仅会在无减值迹象的

情况下进行。

非控股东权益指并非由本公司直接或间接

占有之附属公司权益，及有关本集团并未同

意与该等权益持有人之任何附加条款，其将

导致本集团整体上就有关符合金融负债定义

之该等权益负上合约义务。

非控股东权益呈列于综合财务状况表内之

权益，与归属于本公司持有人之权益分开。

非控股东权益于本集团业绩中在综合损益

表及综合损益及其他全面收益表一栏内呈

列，及综合全面收益表为本年内利润或亏损

总额及全面收益总额在非控股东权益及本

公司持有人之间的分配。来自非控股东权

益持有人的贷款及对该等持有人的合约责任

于综合财务状况表作为金融负债呈列。

如本集团于一间附属公司的权益变动不会导

致控制权丧失，则按权益交易列账，并在综

合权益中调整控股及非控股权益的数额，以

反映相对权益的变动，但商誉不会作调整，

亦不会确认收入或亏损。调整非控股权益的

金额与已付或已收代价的公允值之间的任何

差额直接在权益中确认并归属于本公司拥有

人。

61Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

When the Group loses control of a subsidiary, it is acounted

for as a disposal of the entire interest in that subsidiary, with

a resulting gain or los being recognised in profit or los.

Al amounts previously recognised in other comprehensive

income in relation to that subsidiary are acounted for as

if the Group had directly disposed of the related asets or

liabilities of the subsidiary (i.e. reclasified to profit or los

or transfered to another category of equity as specified/

permited by aplicable HKFRSs). Any interest retained in

that former subsidiary at the date when control is lost is

recognised at fair value and this amount is regarded as the

fair value on initial recognition of a financial aset (se note

2(d).

In the Company’s statement of financial position, an

investment in a subsidiary is stated at cost les impairment

loses (se note 2(h), unles the investment is clasified as

held for sale (or included in a disposal group that is clasified

as held for sale).

(d) Investments and other financial asets

Clasification

The Group clasifies its financial asets in the folowing

measurement categories:

• those to be measured subsequently at fair value (either

through other comprehensive income, or through profit

or los), and

• those to be measured at amortised cost.

The clasification depends on the Group’s busines model

for managing the financial asets and the contractual terms

of the cash flows.

For asets measured at fair value, gains and loses wil either

be recorded in profit or los or other comprehensive income.

For investments in equity instruments that are not held for

trading, this wil depend on whether the Group has made

an irevocable election at the time of initial recognition to

acount for the equity investment at fair value through other

comprehensive income (FVOCI).

The Group reclasifies debt investments when and only when

its busines model for managing those asets changes.

（续）

当本集团丧失于一间附属公司的控制权时，

按出售有关附属公司的全部权益列账，由此

产生的收入或亏损在损益中确认。过往于其

他全面收益确认与该附属公司有关的所有金

额，采用犹如本集团已直接出售该附属公司

相关资产或负债的方法入账，即重新分类至

损益或按适用香港财务报告准则所规定╱所

准许者转拨至另一类别权益。在丧失控制权

日期所保留有关前附属公司的权益，按公允

值确认，此数额被视为在初次确认金融资产

时的公允值（见附注2(d)）。

于本公司的财务状况表内，于一间附属公司

的投资按成本减去减值亏损（见附注2(h)）列

账，除非有关投资被分类为持作出售（或计

入分类为持作出售之出售组别内）。

(d) 投资及其他金融资产

分类

本集团将金融资产分类为以下计量类别：

（计入其他全面收益

或计入损益）的金融资产；及

分类视乎集团管理金融资产的业务模式及现

金流量合约条款而定。

就按公允值计量的资产而言，收益及亏损将

计入损益或其他综合收益。并非持作买卖的

权益工具投资的计量取决于初始确认时本集

团有否不可撤回地选择将权益投资按公允值

计入其他全面收益。

本集团仅当管理该等资产之业务模式变动时

重新分类债务投资。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Investments and other financial asets (Continued)

Measurement

At initial recognition, the Group measures a financial aset at

its fair value plus, in the case of a financial aset not at fair

value through profit or los (FVPL), transaction costs that are

directly atributable to the acquisition of the financial aset.

Transaction costs of financial asets caried at FVPL are

expensed in profit or los.

Financial asets with embeded derivatives are considered in

their entirety when determining whether their cash flows are

solely payment of principal and interest.

Debt instruments

Subsequent measurement of debt instruments depends on

the Group’s busines model for managing the aset and

the cash flow characteristics of the aset. There are thre

measurement categories into which the Group clasifies its

debt instruments:

: Asets that are held for colection

of contractual cash flows where those cash flows

represent solely payments of principal and interest are

measured at amortised cost. Interest income from these

financial asets is included in finance income using the

efective interest rate method. Any gain or los arising

on derecognition is recognised directly in profit or los

and presented in other gains/(loses), together with

foreign exchange gains and loses. Impairment loses

are presented as separate line item in the statement of

profit or los.

: Asets that are held for colection of

contractual cash flows and for seling the financial

asets, where the asets’ cash flows represent solely

payments of principal and interest, are measured at

FVOCI. Movements in the carying amount are taken

through other comprehensive income, except for the

recognition of impairment gains or loses, interest

revenue and foreign exchange gains and loses which

are recognised in profit or los. When the financial

aset is derecognised, the cumulative gain or los

previously recognised in other comprehensive income is

reclasified from equity to profit or los and recognised

in other gains/(loses). Interest income from these

financial asets is included in finance income using the

efective interest rate method. Foreign exchange gains

and loses are presented in other gains/(loses) and

impairment expenses are presented as separate line

item in the statement of profit or los.

（续）

(d) 投资及其他金融资产（续）

计量

初始确认时，本集团按公允值加（倘属并非

按公允值计入损益的金融资产）收购金融资

产直接应占交易成本计量金融资产。按公允

值计入损益之金融资产的交易成本于损益内

支销。

确定具有嵌入衍生工具之金融资产的现金流

量是否仅为支付本金和利息时，应整体考虑

该等金融资产。

债务工具

债务工具的后续计量视乎本集团管理资产之

业务模式及该资产之现金流量特征而定。本

集团将债务工具分类为三个计量类别：

：倘为收回合约现金流量而持

有的资产的现金流量仅为支付本金及利

息，则该等资产按摊销成本计量。该等

金融资产的利息收入按实际利率法计

入财务收入。终止确认产生的任何收益

或亏损直接于损益确认，并连同汇兑收

益及亏损于其他收益╱（亏损）呈列。

减值亏损于损益表以单独条目呈列。

：倘为收回

合约现金流量及出售金融资产而持有

之资产之现金流量仅为支付本金及利

息，则该等资产按公允值计入其他全面

收益计量。账面值变动计入其他全面收

益，惟于损益确认的减值收益或亏损、

利息收入及汇兑收益及亏损的确认除

外。终止确认金融资产时，先前于其他

全面收益确认的累计收益或亏损由权

益重新分类至损益并于其他收益╱（亏

损）内确认。该等金融资产的利息收入

按实际利率法计入财务收入。汇兑收

益及亏损于其他收益╱（亏损）呈列，

而减值开支于损益表以单独条目呈列。

63Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Investments and other financial asets (Continued)

Debt instruments (Continued)

: Asets that do not met the criteria for amortised

cost or FVOCI are measured at FVPL. A gain or los

on a debt investment that is subsequently measured

at FVPL is recognised in profit or los and presented

net within other gains/(loses) in the period in which it

arises.

Equity instruments

The Group subsequently measures al equity investments at

fair value. Where the Group’s management has elected to

present fair value gains and loses on equity investments

in other comprehensive income, there is no subsequent

reclasification of fair value gains and loses to profit or los

folowing the derecognition of the investment. Dividends from

such investments continue to be recognised in profit or los

as other income in acordance with the policy set out in Note

2(u)(i), unles the dividends clearly represent a recovery of

part of the cost of the investment.

Financial asets at FVPL are measured at fair value at the

end of each reporting period, with any fair value gains or

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

recognised in profit or los includes any dividend or interest

earned on the financial aset and is included in the other

revenue line item, unles the dividends clearly represent a

recovery of part of the cost of the investment.

Changes in the fair value of financial asets at FVPL are

recognised in other gains/(loses) in the statement of profit

or los as aplicable. Impairment loses (and reversal of

impairment loses) on equity investments measured at

FVOCI are not reported separately from other changes in fair

value.

Impairment

The Group aseses on a forward loking basis the expected

credit loses asociated with its debt instruments caried

at amortised cost and FVOCI. The impairment methodology

aplied depends on whether there has ben a significant

increase in credit risk.

For trade receivables, the Group aplies the simplified

aproach permited by HKFRS 9, which requires expected

lifetime loses to be recognised from initial recognition of the

receivables.

（续）

(d) 投资及其他金融资产（续）

债务工具（续）

：未达摊销成本或

按公允值计入其他全面收益标准的资

产按公允值计入损益计量。后续按公

允值计入损益的债务投资的收益或亏

损于损益确认，并于产生期间在其他

收益╱（亏损）列报净额。

权益工具

本集团后续按公允值计量所有股权投资。倘

本集团管理层选择于其他全面收益呈列股权

投资公允值收益及亏损，终止确认投资后不

会将公允值收益及亏损重新分类至损益。该

等投资的股息根据附注2(u)(i)所载之政策继

续于损益确认为其他收入，除非该股息明确

代表收回部分投资成本。

按公允值计入损益之金融资产于各报告期末

按公允值计量，而任何公允值收益或亏损则

于损益确认。于损益确认之收益或亏损净额

包括金融资产所赚取之任何股息或利息，并

计入其他收入项目内，除非股息明确表示收

回部分投资成本则当别论。

按公允值计入损益之金融资产之公允值变动

于损益表的其他收益╱（亏损）确认。按公允

值计入其他全面收益计量的股权投资的减值

亏损（及减值亏损拨回），并不与其他公允值

变动分开列报。

减值

本集团按前瞻基准评估与其按摊销成本及按

公允值计入其他全面收益列账的债务工具有

关的预期信贷亏损。所用减值方法视乎信贷

风险有否大幅增加而定。

就贸易应收账款而言，本集团应用香港财务

报告准则第9号允许的简易方法，其规定于

首次确认应收款项时确认预期有效期内亏

损。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(e) Investment properties

Investment properties are land and/or buildings which are

owned or held under a leasehold interest (se Note 2(g) to

earn rental income and/or for capital apreciation. These

include land held for a curently undetermined future use and

property that is being constructed or developed for future

use as investment property.

Investment properties also include leased properties which

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

by the Group under operating leases.

Investment properties are stated at fair value, unles they

are stil in the course of construction or development at the

end of the reporting period and their fair value canot be

reliably measured at that time. Any gain or los arising from

a change in fair value or from the retirement or disposal of

an investment property is recognised in profit or los. Rental

income from investment properties is acounted for as

described in Note 2(u).

Construction costs incured for investment properties under

construction are capitalised as part of the carying amount of

the investment properties under construction.

An investment property is derecognised upon disposal or

when the investment property is permanently withdrawn

from use and no future economic benefits are expected from

its disposal. Any gain or los arising on derecognition of

the property (calculated as the diference betwen the net

disposal proceds and the carying amount of the aset) is

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

is derecognised.

If a property becomes an owner-ocupied property because

its use has ben changed as evidenced by comencement

of owner-ocupation, the fair value of the property at the

date of change in use is considered as the demed cost for

subsequent acounting.

（续）

(e) 投资物业

投资物业乃拥有或以租赁权益（见附注2(g)）

持有作为赚取租金收入及╱或资本升值之土

地及╱或楼宇。此等包括现时尚未确定将来

用途之土地以及正在兴建或为未来发展作为

投资物业用途的物业。

投资物业亦包括租赁物业，乃确认为使用权

资产及由本集团根据经营租赁将有关物业分

租。

投资物业按公允值呈列，除非其于报告期末

仍在建造或开发过程中，及其公允值当时不

能可靠地计量。任何因公允值变动或因报废

或出售某项投资物业所产生之收益或亏损均

于损益内确认。投资物业的租金收入按附注

2(u)所述入账。

在建投资物业产生的建筑成本资本化为在建

投资物业的部分账面值。

投资物业于出售后或于投资物业永久不再使

用且预期出售不会产生未来经济利益时终止

确认。终止确认物业所产生的任何收益或亏

损（按出售所得款项净额与资产账面值的差

额计算）于物业被终止确认期间于损益入账。

倘物业因证明开始自用而其用途已改变为自

用物业时，物业其后会计之认定成本为物业

于改变用途日期之公允值。

65Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(f) Property, plant and equipment

The folowing items of property, plant and equipment,

other than construction in progres, are stated at cost les

acumulated depreciation and impairment loses (se Note

2(h):

– interests in leasehold land and buildings where the

Group is the registered owner of the property interest

(se Note 2(g);

– right-of-use asets arising from leases over leasehold

properties where the Group is not the registered owner

of the property interest; and

, including right-of-

use asets arising from leases of underlying plant and

equipment (se Note 2(g).

If a property becomes an investment property because its

use has changed as evidenced by end of owner-ocupation,

any diference betwen the carying amount and the fair

value of that property (including the relevant leasehold land

clasified as right-of-use asets) at the date of transfer is

recognised in other comprehensive income and acumulated

in revaluation reserve. On the subsequent sale or retirement

of the aset, the relevant revaluation reserve wil be

transfered directly to retained profits.

Historical cost includes expenditure that is directly

atributable to the acquisition of the items.

Subsequent costs are included in the aset’s carying

amount or recognised as a separate aset, as apropriate,

only when it is probable that future economic benefits

asociated with the item wil flow to the Group and the

cost of the item can be measured reliably. The carying

amount of any component acounted for as a separate

aset is derecognised when replaced. Al other repairs and

maintenance are recognised in profit or los during the

reporting period in which they are incured.

The cost of self-constructed items of property, plant and

equipment includes the cost of materials, direct labour, the

initial estimate, where relevant, of the costs of dismantling

and removing the items and restoring the site on which they

are located, and an apropriate proportion of production

overheads and borowing costs.

An aset’s carying amount is writen down imediately to its

recoverable amount if the aset’s carying amount is greater

than its estimated recoverable amount.

（续）

(f) 物业、机器及设备

以下物业、机器及设备项目（在建项目除外）

按成本减累计折旧及减值亏损（请参阅附注

2(h)）列账：

－本集团为物业权益注册拥有人的租赁

土地及楼宇的权益（见附注2(g)）；

－本集团并非物业权益注册拥有人的租

赁物业的租赁产生的使用权资产；及

－其他机器及设备项目（包括相关机器及

设备的租赁产生的使用权资产）（见附

注2(g)）。

倘一项物业因使用状况有变（即不再由业主

自用）而列为投资物业，则该物业（包括分类

为使用权资产之相关租赁土地）账面值与于

转让日期之公允值之差额于其他全面收益及

累计重估储备中确认。其后当该资产出售或

停用时，有关重估储备将直接转拨至保留溢

利。

过往成本包括直接应占收购项目的开支。

当该项目日后相关之经济利益很可能会流入

本集团，且该项目之成本能被可靠计量时，

方会将其后成本列入资产账面值或作为单独

资产确认（如适用）。入账列为单独资产的任

何部份的账面值于被取代时终止确认。在报

告期内产生的所有其他维修及保养会在损益

内确认。

自行兴建之物业、机器及设备项目之成本，

包括材料成本、直接劳工成本，及如适用，

初步估计拆卸及搬迁项目以及恢复项目所在

地原貌的成本，以及适当比例的其他生产成

本和借贷成本。

倘资产之账面值高于其估计可收回金额，会

即时将资产之账面值撇减至其可收回金额。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(f) Property, plant and equipment (Continued)

Gain or los arising from the retirement or disposal of an

item of property, plant and equipment is determined as

the diference betwen the net disposal proceds and the

carying amount of the item and is recognised in profit

or los on the date of retirement or disposal. Any related

revaluation surplus is transfered from the revaluation reserve

to retained profits and is not reclasified to profit or los.

Depreciation is calculated to write of the cost or valuation of

items of property, plant and equipment, les their estimated

residual value, if any, using the straight line method over

their estimated useful lives.

Where parts of an item of property, plant and equipment

have diferent useful lives, the cost or valuation of the item is

alocated on a reasonable basis betwen the parts and each

part is depreciated separately. Both the useful life of an aset

and its residual value, if any, are reviewed anualy.

(g) Leases

At inception of a contract, the Group aseses whether the

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. Control is conveyed where the customer has

both the right to direct the use of the identified aset and to

obtain substantialy al of the economic benefits from that use.

（续）

(f) 物业、机器及设备（续）

报废或出售物业、机器及设备项目所产生之

盈亏，以出售所得款项净额与项目之账面金

额之间差额厘定，并于报废或出售日在损益

表内确认。任何相关重估盈余自重估储备转

拨至保留溢利，且不会重新分类计入损益。

物业、机器及设备项目于预计可用年期内以

直线法撇销成本或估值减其剩余可使用价值

（如有）以计算折旧。

当物业、机器及设备项目之不同部分有不同

使用年期时，项目之成本或估值在不同部分

之间按合理基准分配，每个部分开计算折

旧。资产之可使用年期及其剩余价值（如有）

须每年检讨。

(g) 租赁

本集团会于合约初始生效时评估该合约是

否属租赁或包含租赁。倘合约为换取代价而

给予在一段时间内控制可识别资产使用的权

利，则该合约属租赁或包含租赁。倘客户有

权主导可识别的资产的使用及从该使用中获

取几乎所有的经济收益，则表示控制权已转

让。

67Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(g) Leases (Continued)

(i) As a lese

Where the contract contains lease component(s) and

non-lease component(s), the Group alocates the

consideration in the contract to each lease component

on the basis of the relative stand-alone price of the

lease component and the agregate stand-alone price

of the non-lease components. Non-lease components

are separated from lease component(s) and are

acounted for by aplying other aplicable standards.

At the lease comencement date, the Group

recognises a right-of-use aset and a lease liability,

except for short-term leases that have a lease term of

12 months or les and leases of low-value asets. When

the Group enters into a lease in respect of a low-value

aset, the Group decides whether to capitalise the

lease on a lease-by-lease basis. The lease payments

asociated with those leases which are not capitalised

are recognised as an expense on a systematic basis

over the lease term.

Where the lease is capitalised, the lease liability is

initialy recognised at the present value of the lease

payments (les any lease incentives receivable) payable

over the lease term, discounted using the interest rate

implicit in the lease or, if that rate canot be readily

determined, using a relevant incremental borowing

rate. After initial recognition, the lease liability is

measured at amortised cost and interest expense is

calculated using the efective interest method. Variable

lease payments that do not depend on an index or

rate are not included in the measurement of the lease

liability and hence are charged to profit or los in the

acounting period in which they are incured. Lease

payments also include amounts expected to be payable

by the Group under residual value guarantes; the

exercise price of a purchase option if the Group is

reasonably certain to exercise the option; and payments

of penalties for terminating a lease, if the lease term

reflects the Group exercising an option to terminate the

lease.

After initial recognition, the lease liability is measured at

amortised cost and interest expense is calculated using

the efective interest method.

（续）

(g) 租赁（续）

(i) 作为承租人

当合约包含租赁组成部分及非租赁组

成部分时，本集团会根据租赁组成部

分的相对独立价格及非租赁组成部分

的总独立价格将合约中的代价分配至

每个租赁组成部分。非租赁组成部分

与租赁组成部分开，并以采用其他

适用标准列账。

于租赁开始日期，本集团确认使用权资

产及租赁负债，惟租赁期为12个月或

以下或低价值资产之租赁除外。当本集

团就低价值资产订立租赁时，本集团

决定是否按个别租赁基准将租赁资本

化。与该等不作资本化租赁相关的租

金在租赁期内按系统基准确认为开支。

当将租赁资本化时，租赁负债初步按

租赁期内应付租金（减任何应收租赁奖

励）的现值确认，并使用租赁中隐含的

利率或（倘该利率不可直接厘定）使用

相关的递增借款利率贴现。初步确认

后，租赁负债按摊销成本计量，而利息

开支则采用实际利率法计算。不取决于

某一指数或比率的可变租金不包括在

租赁负债的计量，因此于其产生的会

计期间于损益中支销。租赁付款亦包

括本集团根据剩余价值担保预期将予

支付的金额；购买选择权的行使价（倘

本集团合理确定行使选择权）；及终止

租赁的罚款金额，如果租期反映出本

集团将行使终止租赁的选择权。

初步确认后，租赁负债按摊销成本计

量及利息开支使用实际利率法计算。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(g) Leases (Continued)

(i) As a lese (Continued)

The right-of-use aset recognised when a lease

is capitalised is initialy measured at cost, which

comprises the initial amount of the lease liability

plus any lease payments made at or before the

comencement date les any lease incentives

received, and any initial direct costs incured. Where

aplicable, the cost of the right-of-use asets also

includes an estimate of costs to dismantle and remove

the underlying aset or to restore the underlying aset

or the site on which it is located, discounted to their

present value, and is reduced by any lease incentives

received. The right-of-use aset is subsequently

stated at cost les acumulated depreciation and

impairment loses (se Notes 2(f) and 2(h) and

adjusted for any remeasurement of lease liabilities

other than adjustments to lease liabilities resulting from

COVID-19-related rent concesions in which the Group

aplied the practical expedient, except for the folowing

types of right-of-use aset:

– right-of-use asets that met the definition of

investment property are caried at fair value in

acordance with Note 2(e); and

– right-of-use asets related to leasehold land and

buildings where the Group is the registered owner

of the leasehold interest are caried at cost in

acordance with Note 2(f).

The initial fair value of refundable rental deposits is

acounted for separately from the right-of-use asets

in acordance with the acounting policy aplicable

to financial aset measured at amortised cost. Any

diference betwen the initial fair value and the nominal

value of the deposits is acounted for as aditional

lease payments made and is included in the cost of

right-of-use asets.

The Group presents right-of-use asets, that do not

met the definition of investment property, in “property,

plant and equipment”, the same line item within

which the coresponding underlying asets would be

presented if they were owned. Right-of-use asets

that met the definition of investment property are

presented within “investment properties”.

（续）

(g) 租赁（续）

(i) 作为承租人（续）

于租赁资本化时确认的使用权资产初

步按成本计量，包括租赁负债的初始

金额加上在开始日期或之前支付的任

何租金减去收取的任何租赁优惠，以

及产生的任何初步直接成本。在适用

情况下，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

该资产所在地而产生的估计成本，该

成本须贴现至其现值并减去任何收取

的租赁优惠。使用权资产随后按成本

减去累计折旧及减值亏损列账（见附注

2(f)及2(h)），并就租赁负债的任何重新

计量作出调整，惟不包括就COVID-19

相关租金宽减产生的租赁负债（本集团

对其应用可行权宜方法）的调整，惟以

下类型的使用权资产除外：

－符合投资物业定义的使用权资产

根据附注2(e)以公允值列账；及

－与租赁土地及楼宇有关的使用权

资产（本集团为租赁权益的注册拥

有人）根据附注2(f)以公允值列账。

根据适用于按摊销成本计量的金融资

产之会计政策，可退回租金按金之初

始公允值与使用权资产分开列账。按

金之初始公允值与面值之任何差额入

账列作额外租赁付款，并计入使用权

资产成本内。

本集团于「物业、机器及设备」呈列不

符合投资物业定义的使用权资产，相

应的相关资产倘为自有，则将于同一

项目呈列。符合投资物业定义之使用

权资产于「投资物业」呈列。

69Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(g) Leases (Continued)

(i) As a lese (Continued)

The lease liability is remeasured when there is a change

in future lease payments arising from a change in

an index or rate used to determine those payments,

or there is a change in the Group’s estimate of the

amount expected to be payable under a residual

value guarante, by discounting the revised lease

payments using an unchanged discount rate, unles

the change in lease payments results from a change

in floating interest rates. In that case, the lese shal

use a revised discount rate that reflects changes in the

interest rate. When there is a change arising from the

reasesment of whether the Group wil be reasonably

certain to exercise a purchase, extension or termination

option, the lease liability is remeasured by discounting

the revised lease payments using a revised discount

rate, being the interest rate implicit in the lease for the

remainder of the lease term, or the Group’s incremental

borowing rate at the date of reasesment, if the

interest rate implicit in the lease canot be readily

determined. When the lease liability is remeasured in

either of these ways, a coresponding adjustment is

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

or is recorded in profit or los if the carying amount of

the right-of-use aset has ben reduced to zero.

The lease liability is also remeasured when there is a

change in the scope of a lease or the consideration

for a lease that is not originaly provided for in the

lease contract (“lease modification”) and that is not

acounted for as a separate lease. In this case, the

consideration in the modified contract is alocated

to each lease component on the basis of the

relative stand-alone price of the lease component

and the agregate stand-alone price of the non-

lease components. The lease liability is remeasured

based on the revised lease payments and lease term

using a revised discount rate at the efective date

of the modification. The only exceptions are rent

concesions that ocured as a direct consequence of

the COVID-19 pandemic and met the conditions set

out in paragraph 46B of HKFRS 16 Leases. In such

cases, the Group has taken advantage of the practical

expedient not to ases whether the rent concesions

are lease modifications, and recognised the change

in consideration as negative variable lease payments

in profit or los in the period in which the event or

condition that trigers the rent concesions ocured.

（续）

(g) 租赁（续）

(i) 作为承租人（续）

当未来租金因用于厘定未来租赁付款

的某一指数或比率变动而变更，或当

本集团预期根据残值担保估计预期应

付的金额有变，则会透过使用未作变

动的贴现率对经修订租赁付款进行贴

现，重新计量租赁负债，除非租赁付款

变动是由于浮动利率变动所致。在该情

况下，承租人应使用反映利率变动的

经修订贴现率。当重新评估本集团是

否合理地确定将行使购买、续租或终

止选择权而产生变动时，租赁负债将

透过使用经修订贴现率对经修订租赁

付款进行贴现来重新计量，经修订的

贴现率为租赁中内含的剩余租赁期限

的利率，或本集团于重新评估日期的

递增借款利率（倘租赁中内含的利率不

能较容易地确定）。按上述任一方式重

新计量租赁负债时，使用权资产的账

面值将作相应调整，或倘使用权资产

的账面值已减至零，则于损益内列账。

当租赁范畴发生变化或租赁合约原先

并无规定的租赁代价发生变化（「租赁

修改」），且未作为单独的租赁入账时，

则亦要对租赁负债进行重新计量。在该

情况下，根据租赁组成部分的相对独立

价格及非租赁组成部分的总独立价格

将修改后其合约中的代价分配至每个

租赁组成部分。租赁负债根据经修订的

租赁付款和租赁期限，使用经修订的贴

现率在修改生效日重新计量。唯一的例

外是直接因COVID-19疫情产生的租金

减免，及符合香港财务报告准则第16

号租赁第46B段所载的条件。在该等情

况，本集团利用可行权宜方法不评估租

金宽减是否属于租赁修订，并将代价变

动作为负可变租赁付款，在触发租金宽

减事件或情况发生期间之损益中确认。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(g) Leases (Continued)

(i) As a lese (Continued)

The Group presents lease liabilities as a separate

line item on the consolidated statement of financial

position. In the consolidated statement of financial

position, the curent portion of long-term lease liabilities

is determined as the present value of contractual

payments that are due to be setled within twelve

months after the reporting period.

(i) As a lesor

When the Group acts as a lesor, it determines at lease

inception whether each lease is a finance lease or an

operating lease. A lease is clasified as a finance lease

if it transfers substantialy al the risks and rewards

incidental to the ownership of an underlying asets to

the lese. If this is not the case, the lease is clasified

as an operating lease. Initial direct costs incured in

negotiating and aranging an operating lease are aded

to the carying amount of the leased aset, and such

costs are recognised as an expense on a straight-

line basis over the lease term except for investment

properties measured under fair value model.

When a contract contains lease and non-lease

components, the Group alocates the consideration in

the contract to each component on a relative stand-

alone seling price basis. The rental income from

operating leases is recognised in acordance with Note

2(u)(i).

Refundable rental deposits received are acounted for

under HKFRS 9 and initialy measured at fair value.

Adjustments to fair value at initial recognition are

considered as aditional lease payments from leses.

When the Group is an intermediate lesor, the sub-

lease is clasified as a finance lease or as an operating

lease with reference to the right-of-use aset arising

from the head lease. If the head lease is a short-

term lease to which the Group aplies the exemption

described in Note 2(g)(i), then the Group clasifies the

sub-lease as an operating lease.

（续）

(g) 租赁（续）

(i) 作为承租人（续）

本集团于综合财务状况表中将租赁负

债呈列为单独项目。于综合财务状况

表内，长期租赁负债的即期部分厘定

为应于报告期结束后十二月内结算的

合约付款的现值。

(i) 作为出租人

倘本集团作为出租人，其于租赁开始时

厘定各租赁为融资租赁或经营租赁。倘

租赁转移相关资产所有权附带之绝大

部分风险及回报至承租人，则租赁分类

为融资租赁。否则，租赁分类为经营租

赁。协商及安排经营租赁所产生的初步

直接成本加至租赁资产账面值，且该等

成本于租期内按直线法确认为开支，

惟以公允值模式计量的投资物业除外。

倘合约包含租赁及非租赁部分，本集

团按相关单独售价基准将合约代价分

配至各部分。经营租赁所得租金收入

根据附注2(u)(i)确认。

已收可退还租赁按金是根据香港财务

报告准则第9号入账及初步按公允值计

量。于初始确认的公允值的调整被视

为自承租人收取的额外租赁款项。

倘本集团为中介出租人，分租乃参考原

租约产生的使用权资产，分类为融资

租赁或经营租赁。倘原租约乃短期租

赁而本集团应用附注2(g)(i)所述豁免，

则本集团将分租部分类为经营租赁。

71Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Credit loses and impairment of asets

(i) Credit loses from financial instruments

The Group recognises a los alowance for expected

credit loses (ECLs) on the folowing items:

– financial asets measured at amortised cost

(including cash and cash equivalents and trade

and other receivables); and

– financial guarante contracts, which are not

measured at FVPL.

Other financial asets measured at fair value, including

equity securities measured at FVPL and equity

securities designated at FVOCI (non-recycling), are not

subject to the ECLs asesment.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit

loses over the expected life of the financial instrument.

Credit loses are measured as the present value of al

expected cash shortfals (i.e. the diference betwen

the cash flows due to the Group in acordance with the

contract and the cash flows that the Group expects to

receive).

The expected cash shortfals are discounted using the

folowing discount rates where the efect of discounting

is material:

– fixed-rate financial asets, trade and other

receivables: efective interest rate determined at

initial recognition or an aproximation thereof;

– variable-rate financial asets: curent efective

interest rate;

– financial guarante contracts: curent market

asesment of the time value of money and the

risks that are specific to the cash flows but only

if, and to the extent that, the risks are taken into

acount by adjusting the discount rate instead of

adjusting the cash shortfals being discounted.

The maximum period considered when estimating ECLs

is the maximum contractual period over which the

Group is exposed to credit risk.

（续）

(h) 信贷损失及资产减值

(i) 来自金融工具之信贷损失

本集团确认下列项目预期信贷亏损之

亏损拨备：

－按摊销成本计量之金融资产（包括

现金及现金等值物以及贸易及其

他应收账款）；及

－财务担保合约，并非按公允值计

入损益计量。

其他金融资产按公允值计量，包括按

公允值计入损益计量之股本证券及指

定为按公允值计入其他全面收益之股

本证券（不可划转），不受预期信贷亏

损约束。

计量预期信贷亏损

预期信贷亏损为于金融工具预期年期

之信贷亏损之可能性加权估计。信贷

损失按所有预期现金不足额之现值（即

按照合约应付本集团之现金流与本集

团预期收取之现金流之差额）计量。

倘贴现影响重大，则预期现金不足额

乃采用以下贴现率贴现：

－定息金融资产、贸易及其他应收

账款：于初始确认时厘定之实际

利率或其近似值；

－浮息金融资产：即期实际利率；

－财务担保合约：目前对款项时间

价值的市场评估及该现金流独特

风险，惟仅限于风险按调整贴现

率而非调整所贴现的现金不足纳

入考虑。

估计预期信贷亏损时考虑之最长期间为

本集团面临信贷风险之最长合约期间。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments (Continued)

Measurement of ECLs (Continued)

In measuring ECLs, the Group takes into acount

reasonable and suportable information that is available

without undue cost or efort. This includes information

about past events, curent conditions and forecasts of

future economic conditions.

ECLs are measured on either of the folowing bases:

– 12-month ECLs: these are loses that are

expected to result from posible default events

within the 12 months after the reporting date; and

– lifetime ECLs: these are loses that are expected

to result from al posible default events over the

expected life of a financial instrument.

Los alowances for trade receivables are always

measured at an amount equal to lifetime ECLs. ECLs on

trade receivables are estimated using a provision matrix

based on the Group’s historical credit los experience,

adjusted for factors that are specific to the debtors and

an asesment of both the curent and forecast general

economic conditions at the reporting date.

For al other financial instruments, the Group recognises

a los alowance equal to 12-month ECLs unles there

has ben a significant increase in credit risk of the

financial instrument since initial recognition, in which

case the los alowance is measured at an amount

equal to lifetime ECLs.

（续）

(h) 信贷损失及资产减值（续）

(i) 来自金融工具之信贷损失（续）

计量预期信贷亏损（续）

于计量预期信贷亏损时，本集团会考

虑在无需付出过多成本或工序下即可

获得之合理而具理据支持的资料，包

括有关过往事件、现时状况及未来经

济状况预测的资料。

预期信贷亏损采用以下基准计量：

－ 12个月预期信贷亏损：指预期因

报告日期后12个月内可能发生之

违约事件而导致之损失；及

－全期预期信贷亏损：指因金融工

具之预期年期内所有可能违约事

件而导致之损失。

贸易应收账款按相等于全期预期信贷

亏损之金额计量亏损拨备。贸易应收

账款之预期信贷亏损使用基于本集团

过往的信贷损失经验得出之拨备矩阵

进行估算，并根据债务人的特定因素

及于报告日对当前及预期一般经济状

况的评估予以调整。

就所有其他金融工具而言，本集团确

认等同于12个月预期信贷亏损之亏损

拨备，除非金融资产之信贷风险自初

始确认以来大幅上升，在此情况下，损

失拨备按等同于全期预期信贷亏损之

金额计量。

73Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments (Continued)

Significant increases in credit risk

In asesing whether the credit risk of a financial

instrument has increased significantly since initial

recognition, the Group compares the risk of default

ocuring on the financial instrument asesed at the

reporting date with that asesed at the date of initial

recognition.

Definition of default

For internal credit risk management, the Group

considers that a default event ocurs when (i) the

borower is unlikely to pay its credit obligations to

the Group in ful, without recourse by the Group to

actions such as realising security (if any is held); or

(i) the financial aset is 90 days past due unles the

Group has reasonable and suportable information

to demonstrate that a more laging default criterion

is more apropriate. The Group considers both

quantitative and qualitative information that is

reasonable and suportable, including historical

experience and forward-loking information that is

available without undue cost or efort.

In particular, the folowing information is taken into

acount when asesing whether credit risk has

increased significantly since initial recognition:

– failure to make payments of principal or interest on

their contractualy due dates;

– an actual or expected significant deterioration in

a financial instrument’s external or internal credit

rating (if available);

– an actual or expected significant deterioration in

the operating results of the debtor; and

– existing or forecast changes in the technological,

market, economic or legal environment that have a

significant adverse efect on the debtor’s ability to

met its obligation to the Group;

（续）

(h) 信贷损失及资产减值（续）

(i) 来自金融工具之信贷损失（续）

信贷风险大幅上升

评估金融工具之信贷风险自初始确认

以来有否大幅上升时，本集团会比较

于报告日期及于初始确认日期评估之

金融工具发生违约之风险。

违约之定义

就内部信贷风险管理而言，本集团认

为，当(i)借款人不大可能在本集团采

取变现抵押（如持有）等行动之情况下

向本集团悉数支付其信贷债务（无追索

权）；或(i)金融资产已逾期90天时，即

构成违约事件，除非本集团有合理可

靠的资料证明较宽松的违约标准更为

适用，则另当别论。本集团会考虑合理

且具理据支持的定量及定性资料，包

括过往经验及在无需付出过多成本或

工序下即可获得之前瞻性资料。

具体而言，评估信贷风险自初始确认以

来有否大幅上升时会考虑以下资料：

－未能按合约到期日支付本金或利

息；

－金融工具外部或内部信贷评级（如

有）之实际或预期显著倒退；

－债务人经营业绩之实际或预期显

著倒退；及

－科技、市场、经济或法律环境之

现时或预测变动对债务人履行其

对本集团责任之能力构成重大不

利影响；

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments (Continued)

Significant increase in credit risk (Continued)

– an actual or expected internal credit rating

downgrade for the borower;

– an actual or expected significant change in the

operating results of the borower;

– significant increases in credit risk on other

financial instruments of the same borower;

– significant changes in the value of the colateral

suporting the obligation or in the quality of third-

party guarantes or credit enhancements, which

are expected to reduce the borower’s economic

incentive to make scheduled contractual payments

or to otherwise have an efect on the probability of

a default ocuring;

– significant changes in the expected performance

and behaviour of the borower.

Depending on the nature of the financial instruments,

the asesment of a significant increase in credit

risk is performed on either an individual basis or a

colective basis. When the asesment is performed on

a colective basis, the financial instruments are grouped

based on shared credit risk characteristics, such as

past due status and credit risk ratings.

The Group presumes that the credit risk has increased

significantly since initial recognition when contractual

payments are more than 30 days past due, unles the

Group has reasonable and suportable information that

demonstrates otherwise.

（续）

(h) 信贷损失及资产减值（续）

(i) 来自金融工具之信贷损失（续）

信贷风险大幅上升（续）

－借款人内部信贷评级实际或预期

下降；

－借款人经营业绩实际或预期发生

重大变化；

－同一借款人之其他金融工具之信

用风险显著上升；

－支持责任之抵押品价值或第三方

担保或信贷增益之质素发生重大

变化，而此等变化预期将降低借

款人按合同规定期限还款之经济

动机或者影响违约概率；

－借款人之预期表现及行为发生重

大变化。

视乎金融工具之性质，对信贷风险大

幅上升之评估乃按个别基准或共同基

准进行。当按共同基准进行评估时，金

融工具乃按共同信贷风险特征（如逾期

状况及信贷风险评级）分组。

本集团假设于合约付款逾期超过30日

时，信贷风险已自初始确认起大幅增

加，除非本集团有合理及可靠资料证

明可予收回则另当别论。

75Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments (Continued)

Measurement and recognition of ECLs

The measurement of ECLs is a function of the

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

magnitude of the los if there is a default) and the

exposure at default. The asesment of the probability

of default and los given default is based on historical

data and forward-loking information. Estimation of

ECLs reflects an unbiased and probability-weighted

amount that is determined with the respective risks of

default ocuring as the weights. The historical los

rates are adjusted to reflect curent and forward-loking

information. The Group uses a practical expedient in

estimating ECLs on trade receivables using a provision

matrix taking into consideration historical credit los

experience and forward loking information that is

available without undue cost or efort.

ECLs are remeasured at each reporting date to reflect

changes in the financial instrument’s credit risk since

initial recognition. Any change in the ECLs amount

is recognised as an impairment gain or los in profit

or los. The Group recognises an impairment gain or

los for al financial instruments with a coresponding

adjustment to their carying amount through a los

alowance acount.

Basis of calculation of interest income

Interest income recognised in acordance with Note

2(u)(iv) is calculated based on the gros carying amount

of the financial aset unles the financial aset is credit-

impaired, in which case interest income is calculated

based on the amortised cost (i.e. the gros carying

amount les los alowance) of the financial aset.

Credit-impaired financial asets

At each reporting date, the Group aseses whether a

financial aset is credit-impaired. A financial aset is

credit-impaired when one or more events that have a

detrimental impact on the estimated future cash flows

of the financial aset have ocured.

（续）

(h) 信贷损失及资产减值（续）

(i) 来自金融工具之信贷损失（续）

预期信贷亏损之计量及确认

预期信贷亏损之计量为违约概率、违

约亏损（即违约时亏损大小）及违约时

风险敞口之函数。违约概率及违约亏

损之评估乃基于过往数据及前瞻性资

料。预期信贷亏损之预估乃无偏概率

加权平均金额，以发生违约的风险为

权重确定。经调整过往亏损率，以反映

目前及前瞻性资料。本集团经考虑过

往信贷亏损经验及在无需付出过多成

本或工序下即可获得之前瞻性资料后

使用拨备矩阵并采用可行权宜方法估

计贸易应收账款之预期信贷亏损。

本集团于各报告日期重新计量预期信

贷亏损，以反映金融工具自初始确认

以来之信贷风险变动。预期信贷亏损

金额之任何变动乃于损益确认为减值

收益或损失。本集团就所有金融工具

确认减值收益或损失，并通过损失拨

备账相应调整该等工具之账面值。

计算利息收入之基准

根据附注2(u)(iv)确认之利息收入乃基于

金融资产之总账面值计算，除非该金

融资产出现信贷减值，在此情况下，利

息收入乃基于金融资产之摊销成本（即

总账面值减损失拨备）计算。

信贷减值金融资产

于各报告日期，本集团会评估金融资

产是否出现信贷减值。当发生一项或

多项对金融资产估计未来现金流构成

不利影响之事件时，金融资产即出现

信贷减值。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments (Continued)

Credit-impaired financial asets (Continued)

Evidence that a financial aset is credit-impaired

includes the folowing observable events:

– significant financial dificulties of the debtor;

– a breach of contract, such as a default or past due

event;

– it becoming probable that the borower wil enter

into bankruptcy or other financial reorganisation;

– significant changes in the technological, market,

economic or legal environment that have an

adverse efect on the debtor; or

– the disapearance of an active market for a

security because of financial dificulties of the

isuer.

Write-of policy

The gros carying amount of a financial aset is writen

of (either partialy or in ful) to the extent that there

is no realistic prospect of recovery. This is generaly

the case when the Group determines that the debtor

does not have asets or sources of income that could

generate suficient cash flows to repay the amounts

subject to the write-of. Financial asets writen of

may stil be subject to enforcement activities under the

Group’s recovery procedures, taking into acount legal

advice where apropriate.

Subsequent recoveries of an aset that was previously

writen of are recognised as a reversal of impairment in

profit or los in the period in which the recovery ocurs.

（续）

(h) 信贷损失及资产减值（续）

(i) 来自金融工具之信贷损失（续）

信贷减值金融资产（续）

金融资产出现信贷减值之证据包括以

下可观察事件：

－债务人之重大财政困难；

－违约，如拖欠或逾期事件；

－债务人有可能破产或进行财务重

组；

－技术、市场、经济或法律环境之

重大变动对债务人产生不利影

响；或

－证券因发行人出现财务困难而失

去活跃市场。

撇销政策

金融资产之总账面值以并无实际收回

前景为限撇销（部分或全数），一般情

况为本集团断定债务人并无可产生足

够现金流偿还须撇销金额之资产或收

入来源之时。根据本集团收回程序并

考虑法律建议（如适用），财务资产撇

销可能仍受到执法活动的约束。

其后收回过往已撇销资产之金额于发

生收回之期间在损益确认为减值拨回。

77Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial guarantes isued

Financial guarantes are contracts that require the

isuer (i.e. the guarantor) to make specified payments

to reimburse the beneficiary of the guarante (the

“holder”) for a los the holder incurs because a

specified debtor fails to make payment when due in

acordance with the terms of a debt instrument.

Financial guarantes isued are initialy recognised

within “trade and other payables” at fair value, which

is determined by reference to fes charged in an

arm’s length transaction for similar services, when

such information is obtainable, or to interest rate

diferentials, by comparing the actual rates charged

by lenders when the guarante is made available with

the estimated rates that lenders would have charged,

had the guarantes not ben available, where reliable

estimates of such information can be made. Where

consideration is received or receivable for the isuance

of the guarante, the consideration is recognised in

acordance with the Group’s policies aplicable to

that category of aset. Where no such consideration

is received or receivable, an imediate expense is

recognised in profit or los.

The Group monitors the risk that the specified debtor

wil default on the contract and recognises a provision

when ECLs on the financial guarante is determined

to be higher than the carying amount caried in “trade

and other payables” in respect of the guarante (i.e.

the amount initialy recognised, les acumulated

amortisation).

To determine ECLs, the Group considers changes in the

risk of default of the specified debtor since the isuance

of the guarante. A 12-month ECLs is measured unles

the risk that the specified debtor wil default has

increased significantly since the guarante is isued,

in which case a lifetime ECLs is measured. The same

definition of default and the same asesment of

significant increase in credit risk as described above

aply.

（续）

(h) 信贷损失及资产减值（续）

(i) 已作出财务担保之信贷损失

财务担保为要求发行人（即担保人）支

付特定款项以补偿担保受益人（「持有

人」）由于有关债务人未能按照债务工

具的条款缴付到期款项所招致损失的

合约。

已发出的财务担保初步于「贸易及其他

应付账项」中按公允值确认，而该等公

允值乃经比较贷方于有担保下收取的

实际利率与于如并无担保下贷方应收

取的估计利率（倘关资料可作出可靠估

计）后，参考类似服务的公允交易中所

收取的费用（于可获得该等资料时）或

利率差异而厘定。倘于发出该担保时

收取或可收取代价，该代价则根据本

集团适用于该类资产的政策而予以确

认。倘有关代价尚未收取或应予收取，

即时开支于损益中确认。

本集团监察特定债务人违约的风险，并

当财务担保之预期信贷亏损确定为高

于担保的「贸易及其他应付账项」中的

账面值（即初始确认金额减累计摊销）

时确认拨备。

为厘定预期信贷亏损，本集团会考虑指

定债务人自发出担保以来的违约风险

变动，并会计量12个月之预期信贷亏

损，惟在指定债务人自发出担保以来

之违约风险大幅增加之情况下除外，

在此情况下，则会计量全期预期信贷

亏损。上述相同违约定义及信贷风险

大幅增加之相同评估标准适用于此。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial guarantes isued

(Continued)

As the Group is required to make payments only in the

event of a default by the specified debtor in acordance

with the terms of the instrument that is guaranted, an

ECL is estimated based on the expected payments to

reimburse the holder for a credit los that it incurs les

any amount that the Group expects to receive from the

holder of the guarante, the specified debtor or any

other party. The amount is then discounted using the

curent risk-fre rate adjusted for risks specific to the

cash flows.

(i) Impairment of non-financial asets

Asets are tested for impairment whenever events or

changes in circumstances indicate that the carying

amount may not be recoverable. Internal and external

sources of information are reviewed at the end of each

reporting period to identify indications that the folowing

asets may be impaired or, except in the case of

godwil, an impairment los previously recognised no

longer exists or may have decreased:

– property, plant and equipment, including right-of-

use asets; and

– investments in subsidiaries in the Company’s

statement of financial position.

（续）

(h) 信贷损失及资产减值（续）

(i) 已作出财务担保之信贷损失（续）

由于本集团仅须于根据获担保工具的

条款指定债务人违约时作出付款，故

预期信贷亏损乃按预期就补偿持有人

产生的信贷损失而作出的付款，减本

集团预期从担保持有人（指定债务人或

任何其他人士）收取的任何款项估计。

有关金额其后将使用现时的无风险利

率贴现，并就现金流量的特定风险作

出调整。

(i) 非金融资产减值

当有事件出现或情况改变显示账面值

可能无法收回时，则就该等资产进行减

值测试。于每个报告期末均对内部及外

间资讯进行检讨，以识别下列资产是

否已出现减值亏损或之前已确认之（商

誉除外），或过往确认之减值亏损是否

已不存在或减少：

－物业、机器及设备，包括使用权

资产；及

－本公司财务状况表项下于附属公

司之投资。

79Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Credit loses and impairment of asets (Continued)

(i) Impairment of non-financial asets (Continued)

If any such indication exists, the aset’s recoverable

amount is estimated. In adition, for godwil, intangible

asets that are not yet available for use and intangible

asets that have indefinite useful lives, the recoverable

amount is estimated anualy whether or not there is

any indication of impairment.

– Calculation of recoverable amount

The recoverable amount of an aset is the greater

of its fair value les costs of disposal and value

in use. In asesing value in use, the estimated

future cash flows are discounted to their present

value using a pre-tax discount rate that reflects

curent market asesments of the time value

of money and the risks specific to the aset.

Where an aset does not generate cash inflows

largely independent of those from other asets,

the recoverable amount is determined for the

smalest group of asets that generates cash

inflows independently (i.e. a cash-generating unit).

A portion of the carying amount of a corporate

aset (for example, head ofice building) is

alocated to an individual cash-generating unit if

the alocation can be done on a reasonable and

consistent basis, or to the smalest group of cash-

generating units if otherwise.

– Recognition of impairment loses

An impairment los is recognised in profit or los

whenever the carying amount of an aset, or the

cash-generating unit to which it belongs, exceds

its recoverable amount. Impairment loses

recognised in respect of cash-generating units are

alocated first to reduce the carying amount of

any godwil alocated to the cash-generating unit

(or group of units) and then, to reduce the carying

amount of the other asets in the unit (or group of

units) on a pro rata basis, except that the carying

value of an aset wil not be reduced below its

individual fair value les costs of disposal (if

measurable) or value in use (if determinable).

（续）

(h) 信贷损失及资产减值（续）

(i) 非金融资产减值（续）

倘出现任何减值亏损迹象，则须估计有

关资产之可收回金额。此外，就商誉、

未可使用之无形资产及可使用年期为

无限之无形资产而言，不论是否存在

任何减值迹象，均会每年估计其可回

收金额。

－计算可收回金额

资产的可收回金额为其公允值减

去处置费用及其使用价值两者中

之较高者。评估使用价值时是以

除税前之折扣率计算预计未来之

现金流量的现值，而该折扣率反

映当时市场对金钱价值之评估及

该项资产的特有风险。如某类资

产生之现金流入不能独立于其

他资产所产生之现金量，可收回

金额按最细资产组合（即现金产生

单位）所产生之独立现金流量计

算。倘公司资产（例如总部办公大

楼）可基于合理一致之分配基准予

以分配，则其部分账面值会分配

至个别现金产生单位，否则分配

至最小现金产生单位组别。

－确认减值亏损

倘某项资产或其所属之现金产生

单位之账面值超过其可收回金

额，便于收益内确认减值亏损。

以现金产生单位确认之减值亏

损，首先减少已分类至该现金产

生单位（或该组单位）之任何商誉

之账面值，然后按比例减少其他

单位（或该组单位）内资产之账

面值，惟资产之账面价值不得减

少至低于其个别公允值减去处置

费用（倘可计量的），或使用价值

（倘可厘定）。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Credit loses and impairment of asets (Continued)

(i) Impairment of non-financial asets (Continued)

– Reversal of impairment loses

In respect of asets other than godwil, an

impairment los is reversed if there has ben

a favourable change in the estimates used to

determine the recoverable amount. An impairment

los in respect of godwil is not reversed.

A reversal of an impairment los is limited to

the aset’s carying amount that would have

ben determined had no impairment los ben

recognised in prior years. Reversals of impairment

loses are credited to profit or los in the year in

which the reversals are recognised.

(iv) Interim financial reporting and impairment

Under the Rules Governing the Listing of Securities on

the Stock Exchange of Hong Kong Limited, the Group

is required to prepare an interim financial report in

compliance with HKAS 34, Interim Financial Reporting,

in respect of the first six months of the financial year.

At the end of the interim period, the Group aplies the

same impairment testing, recognition, and reversal

criteria as it would at the end of the financial year (se

Notes 2(h)(i) and (i).

（续）

(h) 信贷损失及资产减值（续）

(i) 非金融资产减值（续）

－拨回减值亏损

就商誉以外之资产而言，倘用以

厘定可收回金额的估计出现有利

变动，有关减值亏损将予拨回；

但商誉的减值亏损不会拨回。

拨回之减值亏损以假设并无于过

往年度确认减值亏损而应已厘定

之资产账面值为限。拨回之减值

亏损于确认拨回之年度内计入损

益。

(iv) 中期财务报告及减值

根据香港联合交易所有限公司证券上

市规则，本集团须遵照香港会计准则

第34号「中期财务报告」编制有关财政

年度首六个月之中期财务报告。于中

期末，本集团采用等同本财政年度

末之减值测试、确认、及拨回标准（见

附注2(h)(i)及(i)）。

81Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(i) Inventories

Inventories are asets which are held for sale in the ordinary

course of busines, in the proces of production for such

sale or in the form of materials or suplies to be consumed in

the production proces or in the rendering of services.

Inventories are caried at the lower of cost and net realisable

value. Cost is calculated on a first-in, first-out basis and

comprises al costs of purchase, cost of conversion and

other cost incured in bringing the inventories to their present

location and condition.

Net realisable value is the estimated seling price in the

ordinary course of busines les the estimated costs of

completion and the estimated costs necesary to make the

sale. Costs necesary to make the sale include incremental

costs directly atributable to the sale and non-incremental

costs which the Group must incur to make the sale.

When inventories are sold, the carying amount of those

inventories is recognised as an expense in the period in

which the related revenue is recognised. The amount of

any write-down of inventories to net realisable value and al

loses of inventories are recognised as an expense in the

period the write-down or los ocurs. The amount of any

reversal of any write-down of inventories is recognised as

a reduction in the amount of inventories recognised as an

expense in the period in which the reversal ocurs.

(j) Contract liabilities

A contract liability is recognised when the customer pays

non-refundable consideration before the Group recognises

the related revenue (se Note 2(u). A contract liability

would also be recognised if the Group has an unconditional

right to receive non-refundable consideration before the

Group recognises the related revenue. In such cases, a

coresponding receivable would also be recognised (se

Note 2(h).

For a single contract with the customer, either a net contract

aset or a net contract liability is presented. For multiple

contracts, contract asets and contract liabilities of unrelated

contracts are not presented on a net basis.

When the contract includes a significant financing

component, the contract balance includes interest acrued

under the efective interest method (se Note 2(u)(iv).

（续）

(i) 存货

存货为持作于正常业务过程出售、在有关销

售的生产过程中或以材料或供应品的形式在

生产过程中或提供服务时消耗的资产。

存货以成本及可变现净值之较低者列账。成

本以先进先出法计算及包括所有采购成本、

兑换成本及在运送存货往其目前之地点及环

境所引致之其他成本。

可变现净值指正常业务过程中估计售价减估

计完成本及估计销售成本。销售所需的成

本包括直接归属于销售的增量成本及本集团

进行销售所必须产生的非增量成本。

于出售存货时，此等存货之账面值即于相关

收入确认之期间确认为开支。任何存货撇减

至可变现净值及所有存货亏损均将于撇减或

亏损产生期间确认为开支。由于可变现净值

增加导致存货撇减之任何拨回之金额乃于产

生期间拨回并在存货确认之开支金额内确认

为一项扣减。

(j) 合约负债

在本集团确认相关收益前，于客户支付不退

还代价时确认合约负债（见附注2(u)）。在本

集团确认相关收益前，倘本集团享有收取

不退还代价之无条件权利，亦将确认合约

负债。在此情况下，亦将确认相应收款项

（见附注2(h)）。

就与客户之单一合约而言，呈列合约资产净

值或合约负债净额。就多份合约而言，不相

关合约之合约资产及合约负债不会按净额基

准呈列。

倘合约包含重大融资部分，合约结余包括

按实际利息法计算的应计利息（见附注2(u)

(iv)）。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(k) Trade and other receivables

A receivable is recognised when the Group has an

unconditional right to receive consideration. A right to

receive consideration is unconditional if only the pasage

of time is required before payment of that consideration is

due. It revenue has ben recognised before the Group has

an unconditional right to receive consideration, the amount is

presented as a contract aset.

Trade receivables that do not contain a significant financing

component are initialy measured at their transaction price.

Trade receivables that contain a significant financing

component and other receivables are initialy measured

at fair value plus transaction costs. Al receivables are

subsequently stated at amortised cost, using the efective

interest method, les alowance for ECL (se note 2(h)(i).

(l) Interest-bearing borowings

Interest-bearing borowings are measured initialy at fair

value les atributable transaction costs. Subsequent to

initial recognition, interest-bearing borowings are stated at

amortised cost using the efective interest method. Interest

expense is recognised in acordance with the Group’s

acounting policy for borowing cost (se Note 2(w).

(m) Trade and other payables

Trade and other payables are initialy recognised at fair

value. Subsequent to initial recognition, trade and other

payables are stated at amortised cost unles the efect of

discounting would be imaterial, in which case they are

stated at invoice amounts.

(n) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and

on hand, demand deposits with banks and other financial

institutions, and short–term, highly liquid investments that are

readily convertible into known amounts of cash and which

are subject to an insignificant risk of changes in value, having

ben within thre months of maturity at acquisition. Bank

overdrafts that are repayable on demand and form an integral

part of the Group’s cash management are also included as

a component of cash and cash equivalents for the purpose

of the consolidated statement of cash flows. Cash and cash

equivalents are asesed for expected credit loses (ECLs) in

acordance with the policy set out in Note 2(h)(i).

Cash at bank excludes bank balances that are subject to

regulatory restrictions that result in such balances no longer

meting the definition of cash.

（续）

(k) 贸易及其他应收账款

应收款项于本集团有无条件权利收取代价时

予以确认。倘代价仅随时间推移即会成为到

期应付，则收取代价的权利为无条件。如收

益在本集团有无条件权利收取代价前经已确

认，则金额呈列为合约资产。

不包含重大融资组成部分之贸易应收账款初

步按其交易价格计量。包含重大融资组成部

分之贸易应收账款及其他应收款项初步按公

允值加交易成本计量。所有应收款项随后使

用实际利率法按摊销成本减预期信贷亏损拨

备（见附注2(h)(i)）列账。

(l) 附息借款

附息借款按公允值减应占交易成本初始计

量。初始确认后，附息借款以实际利率法按

摊销成本列账。利息开支乃按照本集团有关

借款成本之会计政策予以确认（见附注2(w)）。

(m) 贸易及其他应付账项

贸易及其他应付账项初步按公允值确认。于

初步确认后，贸易及其他应付账款按摊销成

本列账，除非贴现之影响并不重大，在该情

况下则按发票金额列账。

(n) 现金及现金等值物

现金及现金等值物包括存于银行及手头之现

金、银行及其他财务机构之即期存款，及短

期而高流动性之投资，即于购入时三个月内

到期而在没有涉及重大价值转变之风险下可

以随时转换为已预知金额现金之投资。按要

求偿还之银行透支为本集团之现金管理不可

或缺的一部份，亦包括于综合现金流量表中

现金及现金等值物之组合部份。现金及现金

等值物乃根据附注2(h)(i)所载之政策评估预

期信贷亏损。

银行现金不包括受监管规限导致有关结余不

再符合现金定义的银行结余。

83Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(o) Share capital

Ordinary shares are clasified as equity. Incremental costs

directly atributable to the isue of new ordinary shares

are shown in equity as a deduction from the proceds.

Consideration paid, including any directly atributable

incremental costs, for purchase of the Company’s ordinary

shares is recognised and deducted directly in equity. No gain

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

isue or cancelation of the Company’s ordinary shares.

(p) Derecognition of financial asets

The Group derecognises a financial aset only when the

contractual rights to the cash flows from the aset expire, or

when it transfers the financial aset and substantialy al the

risks and rewards of ownership of the aset to another entity.

If the Group neither transfers nor retains substantialy al the

risks and rewards of ownership and continues to control the

transfered aset, the Group recognises its retained interest

in the aset and an asociated liability for amounts it may

have to pay. If the Group retains substantialy al the risks

and rewards of ownership of a transfered financial aset,

the Group continues to recognise the financial aset and

also recognises a colateralised borowing for the proceds

received.

On derecognition of a financial aset measured at amortised

cost, the diference betwen the aset’s carying amount

and the sum of the consideration received and receivable is

recognised in profit or los.

(q) Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only

when, the Group’s obligations are discharged, canceled or

have expired. The diference betwen the carying amount of

the financial liability derecognised and the consideration paid

and payable is recognised in profit or los.

(r) Employe benefits

(i) Short term employe benefits and contributions to

defined contribution retirement plans

Salaries, anual bonuses, paid anual leave, contributions

to defined contribution retirement plans and the cost of

non-monetary benefits are acrued in the year in which

the asociated services are rendered by employes.

Where payment or setlement is defered and the efect

would be material, these amounts are stated at their

present values.

（续）

(o) 股本

普通股分类为权益。直接归属于发行新普通

股的增量成本于权益中列为所得款项之减

项。购买本公司普通股所支付之代价，包括

任何直接应占之增量成本，直接于权益中确

认及扣除。并无就购买、出售、发行或注销

本公司普通股在损益中确认收益或亏损。

(p) 终止确认金融资产

本集团仅于从资产收取现金流量的合约权利

届满时，或向另一实体转让该资产及该资产

所有权的绝大部分风险及回报时，方会终止

确认金融资产。倘本集团既无转移亦无保留

所有权的绝大部分风险及回报，并继续控制

转让资产，则本集团确认其于资产的保留权

益及与其可能须支付款项相关的负债。倘本

集团保留转让金融资产所有权的绝大部分风

险及回报，则本集团将继续确认金融资产，

并为已收到的所得款项确认抵押借款。

于终止确认按摊销成本计量的金融资产时，

资产账面值与已收及应收代价总额之间的差

额于损益中确认。

(q) 终止确认金融负债

于及仅于本集团的责任已获履行、注销或届

满时，本集团方会终止确认金融负债。已终

止确认的金融负债的账面值与已付及应付代

价之间的差额，会在损益中确认。

(r) 雇员福利

(i) 短期员工福利及界定供款退休计划之

供款

薪金、年终花红、有薪年假、对定额供

款退休计划之供款及非金钱福利费用

于雇员提供相关服务的年度计提。倘

递延付款或结算，且影响重大，则按现

值将该等款项入账。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(r) Employe benefits (Continued)

(i) Defined benefit plan obligations

The Group has a defined benefit plan, representing

long service payment (“LSP”) under the Hong Kong

Employment Ordinance. The Group’s net defined

benefit obligation is measured by discounting the

estimated cost to the Group of the benefit that

employes have earned in return for their service in

the curent and prior periods, after deducting the

negative service cost arising from the acrued benefits

derived from the Group’s MPF contributions that have

ben vested with employes, which are demed to be

contributions from the relevant employes.

Curent service cost, any past service cost and net

interest expense are recognised in profit or los. Net

interest is determined by using the net defined benefit

obligations and the discount rate determined at the

begining of the year, and also taking into acount

any changes in the net defined benefit obligations

during the year resulting from contributions or benefit

payments. Remeasurements arising from defined

benefit plan, which comprise actuarial gains and loses

and the efect of any aset ceiling (excluding interest),

are recognised imediately in other comprehensive

income.

(i) Termination benefits

Termination benefits are recognised at the earlier of

when the Group can no longer withdraw the ofer of

those benefits and when it recognises restructuring

costs involving the payment of termination benefits.

（续）

(r) 雇员福利（续）

(i) 定额福利计划责任

本集团设有定额福利计划，即香港雇

佣条例项下的长期服务金（「长期服务

金」）。本集团定额福利责任净额乃透

过对雇员于本期间及过往期间之服务

所赚取的福利数额的估计成本贴现进

行计量，于扣除由本集团强积金供款

所产生并已归属雇员之累计福利所产

生的负值服务成本后，有关供款被视

为来自有关雇员之供款。

现有服务成本、任何过往服务成本及

利息开支净额于损益中确认。利息净

额乃根据年初所厘定的定额福利责任

净额及贴现率，并经考虑年内因供款

或福利付款而引致的定额福利责任净

额之任何变动而厘定。定额福利计划

所产生的重新计量，包括精算收益及

亏损及任何资产上限的影响（不包括利

息），均随即于其他全面收益中确认。

(i) 终止福利

终止福利须于本集团不得再撤销提供

该等福利，及本集团确认涉及支付终止

福利之重组之成本时（以较早者为准）

确认。

85Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(s) Income tax

Income tax for the year comprises curent tax and

movements in defered tax asets and liabilities. Curent

tax and movements in defered tax asets and liabilities are

recognised in profit or los except to the extent that they

relate to items recognised in other comprehensive income or

directly in equity, in which case the relevant amounts of tax

are recognised in other comprehensive income or directly in

equity, respectively.

Curent tax is the expected tax payable on the taxable

income for the year, using tax rates enacted or substantively

enacted at the end of the reporting period, and any

adjustment to tax payable in respect of previous years.

Defered tax asets and liabilities arise from deductible

and taxable temporary diferences respectively, being the

diferences betwen the carying amounts of asets and

liabilities for financial reporting purposes and their tax bases.

Defered tax asets also arise from unused tax loses and

unused tax credits.

Apart from certain limited exceptions, al defered tax

liabilities, and al defered tax asets to the extent that it is

probable that future taxable profits wil be available against

which the aset can be utilised, are recognised. Future

taxable profits that may suport the recognition of defered

tax asets arising from deductible temporary diferences

include those that wil arise from the reversal of existing

taxable temporary diferences, provided those diferences

relate to the same taxation authority and the same taxable

entity, and are expected to reverse either in the same

period as the expected reversal of the deductible temporary

diference or in periods into which a tax los arising from

the defered tax aset can be caried back or forward. The

same criteria are adopted when determining whether existing

taxable temporary diferences suport the recognition of

defered tax asets arising from unused tax loses and

credits, that is, the entity has suficient taxable temporary

diferences relating to the same taxation authority and the

same taxable entity, which wil result in taxable amounts

against which the tax los or credit can be utilised.

（续）

(s) 所得税

本年度所得税包括即期税项和递延税项资产

及负债的变动。即期税项和递延税项资产及

负债的变动均在损益中确认，惟倘与于其他

全面收益或直接于权益中确认的项目相关，

则其相关税项金额分别在其他全面收益或直

接在权益中确认。

即期税项是按本年度应课税收入，根据在报

告期末已生效或实质上已生效的税率计算的

预期应付税项，另加就以往年度应付税项作

出的任何调整。

递延税项资产及负债分别由可抵扣及应课税

暂时性差额产生。暂时性差额是指资产及负

债在就财务申报而言的账面值与彼等的税基

的差额。递延税项资产亦可以由未动用税项

亏损和未利用税项抵减产生。

除了某些有限的例外情况外，所有递延税项

负债和所有递延税项资产（只限于很可能获

得能利用该递延税项资产来抵扣的未来应课

税溢利）均会确认。支持确认由可抵扣暂时

性差额所产生递延税项资产的未来应课税溢

利包括因拨回目前存在的应课税暂时性差额

而产生的数额；但所拨回的差额必须与同一

税务机关和同一应课税实体有关，并预期在

可抵扣暂时性差额预计拨回的同一期间或递

延税项资产所产生税项亏损可向后期或向前

期结转的期间内拨回。在决定目前存在的应

课税暂时性差额是否足以支持确认由未动用

税项亏损及抵减所产生的递延税项资产时，

亦会采用同一准则，即实体有充足与同一税

务机关及同一应课税实体相关之应课税暂时

差额，将产生可利用的税项亏损或抵减的应

课税金额。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(s) Income tax (Continued)

The limited exceptions to recognition of defered tax asets

and liabilities are:

– temporary diferences arising from the initial recognition

of asets or liabilities that afect neither acounting nor

taxable profit (provided they are not part of a busines

combination) and do not give rise to equal taxable and

deductible temporary diferences; and

– temporary diferences relating to investments in

subsidiaries to the extent that the Group controls

the timing of the reversal and it is probable that the

diferences wil not reverse in the foreseable future,

or in the case of deductible diferences, unles it is

probable that they wil reverse in the future.

Where investment properties are caried at their fair value in

acordance with the acounting policy set out in Note 2(e),

the amount of defered tax recognised is measured using the

tax rates that would aply on sale of those asets at their

carying value at the reporting date, unles the properties

are depreciable and are held within a busines model whose

objective is to consume substantialy al of the economic

benefits embodied in the properties over time, rather than

through sale. In al other cases, the amount of defered tax

recognised is measured based on the expected maner

of realisation or setlement of the carying amount of the

asets and liabilities, using tax rates enacted or substantively

enacted at the end of the reporting period. Defered tax

asets and liabilities are not discounted.

The carying amount of a defered tax aset is reviewed at

the end of each reporting period and is reduced to the extent

that it is no longer probable that suficient taxable profits wil

be available to alow the related tax benefit to be utilised.

Any such reduction is reversed to the extent that it becomes

probable that suficient taxable profits wil be available.

Aditional income taxes that arise from the distribution of

dividends are recognised when the liability to pay the related

dividends is recognised.

（续）

(s) 所得税（续）

确认递延税项资产及负债的少数例外情况

为：

－初始确认不影响会计或应课税溢利（倘

并非业务合并的一部分）的资产或负债

产生的暂时差额，且不产生相等应课

税及可抵扣暂时性差额；及

－有关投资于附属公司的暂时差额，则

以本集团可控制拨回时间，且于可见

将来不大可能拨回差额为限，或倘属

可抵扣差额，则以有关差额很可能会

于日后拨回为限。

当投资物业根据附注2(e)所载会计政策按公

允值列账确认递延税项的金额按该物业于报

告日期假设以账面值出售该等资产的税率计

算，除非该物业须予折旧及以一项商业模式

持有，而其目的是要透过在一段时间内使用

而并非出售该物业以获取该物业所隐含之重

大经济利益。在其他情况下，递延税额按照

资产与负债账面值的预期实现或结算方式，

根据在报告期末已生效或实质上已生效的税

率计量。递延税项资产与负债均不予折现。

本集团会在每个报告期末审阅递延税项资产

的账面值，并于不再可能获得足够的应课税

溢利以动用相关的税务利益时调低账面值。

惟倘若日后有可能获得足够的应课税溢利，

有关减额便会拨回。

来自分派股息的额外所得税于确认派付有关

股息之责任时予以确认。

87Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(s) Income tax (Continued)

Curent tax balances and defered tax balances, and

movements therein, are presented separately from each

other and are not ofset. Curent tax asets are ofset

against curent tax liabilities, and defered tax asets against

defered tax liabilities, if the Company or the Group has the

legaly enforceable right to set of curent tax asets against

curent tax liabilities and the folowing aditional conditions

are met:

– in the case of curent tax asets and liabilities, the

Company or the Group intends either to setle on a

net basis, or to realise the aset and setle the liability

simultaneously; or

– in the case of defered tax asets and liabilities, if they

relate to income taxes levied by the same taxation

authority on either:

– the same taxable entity; or

– diferent taxable entities, which, in each future

period in which significant amounts of defered tax

liabilities or asets are expected to be setled or

recovered, intend to realise the curent tax asets

and setle the curent tax liabilities on a net basis

or realise and setle simultaneously.

(t) Provisions, contingent liabilities and onerous contracts

(i) Provisions and contingent liabilities

Provisions are recognised when the Group has a

present legal or constructive obligation arising as a

result of a past event, it is probable that an outflow

of economic benefits wil be required to setle the

obligation and a reliable estimate can be made. Where

the time value of money is material, provisions are

stated at the present value of the expenditure expected

to setle the obligation.

Where it is not probable that an outflow of economic

benefits wil be required, or the amount canot be

estimated reliably, the obligation is disclosed as a

contingent liability, unles the probability of outflow

of economic benefits is remote. Posible obligations,

whose existence wil only be confirmed by the

ocurence or non-ocurence of one or more uncertain

future events not wholy within the control of the Group

is also disclosed as contingent liabilities unles the

probability of outflow of economic benefits is remote.

（续）

(s) 所得税（续）

即期税项结余和递延税项结余及其变动会分

开列示，并且不予抵销。即期税项资产和递

延税项资产会在本公司或本集团有法定行使

权以即期税项资产抵销即期税项负债，并且

符合以下附带条件的情况下可以分别抵销即

期税项负债和递延税项负债：

－即期税项资产与负债：本公司或本集

团计划按净额基准结算，或同时变现

该资产和结算该负债；或

－递延税项资产与负债：此等资产与负

债必须与同一税务机关就以下其中一

项征收的所得税有关：

－同一应课税实体；或

－不同的应课税实体，而此等实体

计划在日后每个预计有大额递延

税项负债需要结算或大额递延税

项资产可以收回的期间内，按净

额基准变现即期税项资产和结算

即期税项负债，或同时变现该等

资产和结算该等负债。

(t) 拨备、或然负债及有偿合约

(i) 拨备和或然负债

倘本集团须就已发生事件承担当前法

律或推定责任，因而预期会导致含有

经济效益之资源外流，于可作出可靠

估计时，本集团便会计提准备。倘货币

时间值重大，则按预计所需支出之现

值计提拨备。

倘含有经济效益的资源外流之可能性

较低，或无法对有关数额作出可靠估

计，便则将该责任披露为或有负债，

但资源外流可能性极低者则除外。倘

本集团之责任须视乎某宗或多宗不确

定未来事件（不完全于本集团控制范围

内）是否发生才能确定是否存在，亦会

披露为或有负债，但资源外流可能性

极低者则除外。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(t) Provisions, contingent liabilities and onerous contracts

(Continued)

(i) Provisions and contingent liabilities (Continued)

Where some or al of the expenditure required to setle

a provision is expected to be reimbursed by another

party, a separate aset is recognised for any expected

reimbursement that would be virtualy certain. The

amount recognised for the reimbursement is limited to

the carying amount of the provision.

(i) Onerous contracts

Present obligations arising under onerous contracts

are recognised and measured as provisions. An

onerous contract exists when the Group has a contract

under which the unavoidable costs of meting the

obligations under the contract exced the economic

benefits expected to be received from the contract.

The cost of fulfiling a contract comprises the costs

that relate directly to the contract, which consist of

both the incremental costs of fulfiling that contract

(e.g., direct labour and materials); and an alocation of

other costs that relate directly to fulfiling contracts—

for example, an alocation of the depreciation charge

for an item of property, plant and equipment used in

fulfiling that contract. Provisions for onerous contracts

are measured at the present value of the lower of the

expected cost of terminating the contract and the net

cost of fulfiling with the contract.

(u) Revenue and other income

Income is clasified by the Group as revenue when it arises

from the sale of gods, the provision of services or the use

by others of the Group’s asets under leases in the ordinary

course of the Group’s busines.

In determining whether the Group acts as a principal or as an

agent, it considers whether it obtains control of the products

or services before they are transfered to the customers.

Control refers to the Group’s ability to direct the use of and

obtain substantialy al of the remaining benefits from the

products or services.

（续）

(t) 拨备、或然负债及有偿合约（续）

(i) 拨备和或然负债（续）

倘结算拨备所需之部分或全部支出预

期由另一方偿还，则就几乎确定之任

何预期偿还确认一项单独之资产。就

偿还确认之金额仅限于拨备之账面值。

(i) 有偿合约

根据有偿合约产生的现时责任确认和

计量为拨备。有偿合约被视为存在当本

集团拥有一份合约，根据合约符合责任

之不可避免成本超过该合约预计将收

到的经济效益。履行合约的成本包括

与合约直接相关的成本，其中包括履

行合约的增量成本（如直接劳动力及材

料）及与合约直接相关的其他成本的分

配—如履行合约所使用物业、机器及设

备项目之折旧费用的分配。有偿合约拨

备按终止合约的预期成本及履行合约

的成本净额两者之较低者之现值计量。

(u) 收益及其他收入

本集团将其日常业务过程中源自销售货品、

提供服务或租赁项下让渡本集团资产使用权

的收入分类为收入。

于厘定本集团作为主事人或作为代理人时，

其考虑在向客户转让商品或服务前是否拥有

对该商品或服务的控制权。控制权指本集团

主导该商品或服务的使用并从中获得绝大部

份剩余利益的能力。

89Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(u) Revenue and other income (Continued)

Revenue is recognised when control over a product or

service is transfered to the customer, or the lese has

the right to use the aset, at the amount of promised

consideration to which the Group is expected to be entitled,

excluding those amounts colected on behalf of third parties.

Revenue excludes value aded tax or other sales taxes and

is after deduction of any trade discounts.

Control is transfered over time and revenue is recognised

over time if one of the folowing criteria is met:

(a) the customer simultaneously receives and consumes

the benefits provided by the Group’s performance as

the Group performs;

(b) the Group’s performance creates or enhances an aset

(for example, work in progres) that the customer

controls as the aset is created or enhanced; or

with an alternative use to the Group and the Group

has an enforceable right to payment for performance

completed to date.

Otherwise, revenue is recognised at a point in time when the

customer obtains control of the distinct god or service.

Where the contract contains a financing component which

provides a significant financing benefit to the customer for

more than 12 months, revenue is measured at the present

value of the amount receivable, discounted using the

discount rate that would be reflected in a separate financing

transaction with the customer at contract inception, and

interest income is acrued separately under the efective

interest method. Where the contract contains a financing

component which provides a significant financing benefit to

the Group, revenue recognised under that contract includes

the interest expense acreted on the contract liability under

the efective interest method. The Group takes advantage

of the practical expedient in paragraph 63 of HKFRS 15

and does not adjust the consideration for any efects of a

significant financing component if the period of financing is

12 months or les.

（续）

(u) 收益及其他收入（续）

当产品或服务之控制权按本集团预期有权获

取的承诺代价数额（不包括代表第三方收取

的金额）转移至客户或承租人有权动用资产

时，收益予以确认。收益不包括增值税或其

他销售税及扣除任何贸易折扣后。

倘符合以下其中一项条件，则控制权随时间

转移，而收入将随时间确认：

(a) 客户于本集团履约的同时收取及消耗

本集团履约所提供的利益；

(b) 客户于本集团履约增设或加强资产时

控制该项资产（如在建工程）；或

代用途的资产，而本集团对迄今已完

成履约的款项拥有强制执行权。

否则，收入于客户取得明确货品或服务的控

制权时确认。

倘合约包含融资组成部分，为客户提供重大

融资利益超过12个月，则收入按以与客户于

合约开始时进行之个别融资交易所反映贴现

率贴现之应收金额现值计量，而利息收入则

按实际利率法独立累计。倘合约包含融资组

成部分，为本集团提供重大融资利益，则根

据该合约确认之收入包括按实际利率法计算

合约负债产生之利息开支。本集团运用《香

港财务报告准则》第15号第63段之实际合宜

方法，当融资期限为12个月或以下时，则不

会就重大融资组成部分之任何影响调整代

价。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(u) Revenue and other income (Continued)

Further details of the Group’s revenue and other income

recognition policies are as folows:

(i) Sales of watches

Revenue is recognised when the customer takes

posesion of and acepts the products.

(i) Rental income from operating leases

Rental income receivable under operating leases is

recognised in profit or los in equal instalments over

the periods covered by the lease term, except where an

alternative basis is more representative of the patern

of benefits to be derived from the use of the leased

aset. Lease incentives granted are recognised in

profit or los as an integral part of the agregate net

lease payments receivable. Variable lease payments for

operating leases that depend on an index or a rate are

estimated and included in the total lease payments to

be recognised on a straight-line basis over the lease

term. Variable lease payments that do not depend on

an index or a rate are recognised as income in the

acounting period in which they are earned.

（续）

(u) 收益及其他收入（续）

有关本集团收益及其他收入确认政策之进一

步详情载列如下：

(i) 钟表销售

收益于客户管有并接纳产品时确认。

(i) 经营租赁之租金收入

经营租赁之应收租金收入是根据租期

所涵盖的期间以等额于损益内确认，

但如有其他基准对于来自使用该租赁

资产所得利益之模式，能更具有代表性

则例外。租赁优惠在损益内确认为一

个应收租赁总额不可分割的一部分。

取决于指数或比率的经营租赁之可变

租赁付款进行估算，并计入以直线基准

于租赁期内予以确认的租赁付款总额

中。不取决于指数或利率的可变租赁

付款于其赚取的会计期间确认为收入。

91Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(u) Revenue and other income (Continued)

(i) Dividends

Dividend income from unlisted investments is

recognised when the shareholder’s right to receive

payment is established. Dividend income from listed

investments is recognised when the share price of the

investment goes ex-dividend.

(iv) Interest income

Interest income is recognised as it acrues under the

efective interest method using the rate that exactly

discounts estimated future cash receipts through the

expected life of the financial aset to the gros carying

amount of the financial aset. For financial asets

(other than purchased or originated credit-impaired

financial asets) measured at amortised cost or FVOCI

(recycling) that are not credit-impaired, the efective

interest rate is aplied to the gros carying amount

of the aset. For credit-impaired financial asets, the

efective interest rate is aplied to the amortised cost

(i.e. gros carying amount net of los alowance) of the

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

(v) Service income

Service income is recognised when the services are

rendered and acepted by customers.

(vi) Government grants

Government grants are recognised when there is

reasonable asurance that they wil be received

and that the Group wil comply with the conditions

ataching to them. Grants that compensate the Group

for expenses or loses already incured or for the

purpose of giving imediate financial suport to the

Group with no future related costs are recognised as

income in profit or los of the period in which it

becomes receivable.

（续）

(u) 收益及其他收入（续）

(i) 股息

来自非上市投资之股息收入于股东收

取付款的权利确定时已确认。上市投资

之股息收入在投资之股价除息时确认。

(iv) 利息收入

利息收入使用实际利率法，针对金融

资产的账面总额应用对金融资产预计

寿命内估计未来现金流量进行折现的

折现率进行计算。就并无信贷减值并

按摊销成本或按公允值计入其他全面

收益计量（不可划转）之金融资产（购入

或产生信贷减值金融资产除外），实际

利率适用于该资产之账面总值。就已

有信贷减值之金融资产，实际利率适

用于该资料之摊销成本（即账面总值减

亏损拨备）（见附注2(h)(i)）。

(v) 服务收入

服务收入于提供服务且获客户接纳时

确认。

(vi) 政府补助金

政府补助于合理保证会收到及本集团

将符合其附带条件时确认。补偿本集

团已产生的开支或亏损，或为无未来

的相关成本的本集团提供即时财务资

助的政府补助，将于成为应收款项的

期间于损益确认为收入。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(v) Translation of foreign curencies

Foreign curency transactions during the year are translated

at the foreign exchange rates ruling at the transaction dates.

Monetary asets and liabilities denominated in foreign

curencies are translated at the foreign exchange rates ruling

at the end of the reporting period. Exchange gains and

loses are recognised in profit or los, except those arising

from foreign curency borowings used as efective hedge a

net investment in a foreign operation which are recognised

in other comprehensive income and for exchange diferences

on monetary items receivable from or payable to a foreign

operation for which setlement is neither planed nor likely

to ocur (therefore forming part of the net investment in the

foreign operation), which are recognised initialy in other

comprehensive income and reclasified from equity to profit

or los on disposal or partial disposal of the Group’s net

investment in the foreign operation.

Non-monetary asets and liabilities that are measured in

terms of historical cost in a foreign curency are translated

using the foreign exchange rates ruling at the transaction

dates and are not re-translated. The transaction date is the

date on which the Company initialy recognises such non-

monetary asets or liabilities. Non-monetary asets and

liabilities denominated in foreign curencies that are stated

at fair value are translated using the foreign exchange rates

ruling at the dates the fair value was measured. When a fair

value gain or los on a non-monetary item is recognised

in profit or los, any exchange component of that gain or

los is also recognised in profit or los. When a fair value

gain or los on a non-monetary item is recognised in other

comprehensive income, any exchange component of that

gain or los is also recognised in other comprehensive

income.

The results of foreign operations are translated into Hong

Kong dolars at the average exchange rates for the period,

unles exchange rates fluctuate significantly during that

period, in which case the foreign exchange rates ruling at

the dates of the transactions are used. Statement of financial

position items are translated into Hong Kong dolars at the

closing foreign exchange rates at the end of the reporting

period. The resulting exchange diferences are recognised in

other comprehensive income and acumulated separately in

equity in the exchange reserve.

On the disposal of a foreign operation, the cumulative

amount of the exchange diferences relating to that foreign

operation is reclasified from equity to profit or los when the

profit or los on disposal is recognised.

（续）

(v) 外币换算

年内之外币交易均按交易日之适用汇率换

算。于报告期末，以外币为单位之货币资产

及负债均按报告期末之适用汇率换算。汇兑

盈亏均于损益内确认，惟用于有效对冲于海

外业务之投资净额之外币借贷产生之汇兑收

益及亏损于其他全面收益确认及应收或应付

海外业务之货币项目之汇兑差额，既无计划

结算且出现之可能性亦不大（因此为海外业

务净投资之一部分），初步于其他全面收益

确认，并于出售或部分出售本集团于海外业

务之净投资时由权益重新分类至损益除外。

按历史成本计值之外币非货币资产及负债乃

以交易日适用之汇率换算及不会重新换算。

交易日期为本公司初始确认有关非货币资产

或负债的日期。按公允值计值之外币非货币

资产及负债乃以公允值获计量日之适用汇

率换算。当非货币项目之公允值收益或亏损

于损益确认时，该收益或亏损之任何汇兑部

分亦于损益中确认。当非货币项目之公允值

收益或亏损于其他全面收益确认时，该收益

或亏损之任何汇兑部分亦于其他全面收益确

认。

海外业务之业绩按当期平均汇率换算为港

元，惟当期汇率大幅波动，于此情况下，则

采用交易日之外币汇率。财务状况报表项目

则按报告期末之外币汇率换算为港元。所产

生之汇兑差异于其他全面收益确认，并独立

累计于汇兑储备之权益中。

于出售海外业务，当出售之损益已获确认，

有关该海外业务的汇兑差额之累计金额于权

益重新分类至损益。

93Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(w) Borowing costs

Borowing costs that are directly atributable to the

acquisition, construction or production of an aset which

necesarily takes a substantial period of time to get ready for

its intended use or sale are capitalised as part of the cost of

that aset. Other borowing costs are expensed in the period

in which they are incured.

The capitalisation of borowing costs as part of the cost

of a qualifying aset comences when expenditure for the

aset is being incured, borowing costs are being incured

and activities that are necesary to prepare the aset for

its intended use or sale are in progres. Capitalisation of

borowing costs is suspended or ceases when substantialy

al the activities necesary to prepare the qualifying aset for

its intended use or sale are interupted or complete.

(x) Related parties

(a) A person, or a close member of that person’s family, is

related to the Group if that person:

(i) has control or joint control over the Group;

(i) has significant influence over the Group; or

(i) is a member of the key management personel of

the Group or the Group’s parent.

(b) An entity is related to the Group if any of the folowing

conditions aplies:

(i) The entity and the Group are members of the

same group (which means that each parent,

subsidiary and felow subsidiary is related to the

others).

(i) One entity is an asociate or joint venture of the

other entity (or an asociate or joint venture of a

member of a group of which the other entity is a

member).

(i) Both 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.

（续）

(w) 借贷成本

凡直接与购置、兴建或生产某项须经颇长时

间筹备以作预定用途或出售资产有关之借贷

成本，均资本化为该资产之部份成本。其他

借款成本均于产生期间扣除。

借贷成本资本化作为合资格资产成本一部

分，始于当该资产生开支，借贷成本正在

产生，及准备该资产拟定用途或销售之活动

正在进行。当准备该资产拟定用途或销售之

活动受到干扰或完成，借贷成本资本化会暂

停或停止。

(x) 关连人士

(a) 一名人士或为该人士之直系家属，与

本集团有关，而该人士：

(i) 对本集团有控制权或共同控制权；

(i) 对本集团有重大影响；或

(i) 为本集团或本公司母公司之主要

管理层成员。

(b) 倘符合下列任何条件，一个实体与本

集团有关：

(i) 该实体与本集团属同一集团之成

员公司（即意指每一母公司，附

属公司及同系联属公司均互相关

连）。

(i) 一间实体为另一实体之联营公司

或合营企业（或集团成员公司之联

营公司或合营企业，其中其他实

体为成员公司）。

(i) 实体及本集团均为相同第三方的

合营企业。

(iv) 一间实体为第三方实体之合营企

业，而另一实体则为该第三方实

体之联营公司。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

2. BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(x) Related parties (Continued)

(b) An entity is related to the Group if any of the folowing

conditions aplies: (Continued)

(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).

(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 Group’s parent.

Close members of the family of a person are those family

members who may be expected to influence, or be

influenced by, that person in their dealings with the entity.

(y) Segment reporting

Operating segments, and the amounts of each segment

item reported in the financial statements, are identified

from the discrete financial information provided regularly to

the board of directors of the Company, the Group’s most

senior executive management, for the purposes of alocating

resources to, and asesing the performance of, the Group’s

various lines of busines and geographical locations.

Individualy material operating segments are not agregated

for financial reporting purposes unles the segments have

similar economic characteristics and are similar in respect of

the nature of products and services, the nature of production

proceses, the type or clas of customers, the methods used

to distribute the products or provide the services, and the

nature of the regulatory environment. Operating segments

which are not individualy material may be agregated if they

share a majority of these criteria.

（续）

(x) 关连人士（续）

(b) 倘符合下列任何条件，一个实体与本

集团有关：（续）

(v) 该实体为本集团或与本集团有关

连之实体就雇员利益设立之离职

福利计划。

(vi) 受上述(a)所识别之人士控制或共

同控制之实体。

(vi) 于(a)(i)所识别之人士对该实体有

重大影响力或属该实体（或该实体

之母公司）之主要管理层成员。

(vi) 一间实体，或本集团任何成员公

司其为一个组织，提供予本集团

或本集团之母公司主要管理人员

服务。

某人士之直系家属为预期可以影响该人士与

实体之交易或于交易时受该人士影响之有关

家属成员。

(y) 分部报告

经营分部及财务报表所呈报之各分部项目金

额，乃根据就分配资源予本集团各项业务及

地区分部及评估其表现而定期提供予本公司

董事会（即集团最高级管理人员）之独立财务

资料而确定。

就财务呈报而言，除非分部具备相似的经济

特征及在产品及服务性质、生产工序性质、

客户类型或类别、用作分配产品或提供服务

的方法及监管环境的性质方面相似，否则各

个重大经营分部不会进行合算。个别非重大

的经营分部，如果符合上述大部分标准，则

可进行合算。

95Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

3. APLICATION OF AMENDMENTS TO HKFRS ACOUNTING

STANDARDS

The Group has aplied the folowing amendments to HKFRSs and

HKAS isued by the HKICPA for the first time in the curent year:

Amendments to HKAS 1Clasification of Liabilities as

Curent or Non-curent and

related amendments to Hong

Kong Interpretation 5 and

Non-curent Liabilities with

Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

The aplication of the amendments to HKFRSs and HKAS in the

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

positions and performance for the curent and prior years and/

or on the disclosures set out in these consolidated financial

statements.

The Group has not aplied any new or amendments to HKFRS

Acounting Standards that are not yet efective for the curent

year.

4. ACOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTIES

In the proces of aplying of the Group’s acounting policies,

which are described in Note 2, the directors of the Company are

required to make judgements, estimates and asumptions about

the carying amounts of asets and liabilities that are not readily

aparent from other sources. The estimates and asociated

asumptions are based on historical experience and other factors

that are considered to be relevant. Actual results may difer from

these estimates.

The estimates and underlying asumptions are reviewed on an

ongoing basis. Revisions to acounting estimates are recognised

in the period in which the estimate is revised if the revision afects

only that period, or in the period of the revision and future periods

if the revision afects both curent and future periods.

3. 应用经修订香港财务报告准则会计准则

本集团已于本年度首次应用下列由香港会计师公

会颁布之香港财务报告准则及香港会计准则修订

本：

香港会计准则第1号之

修订本

负债分类为流动或非流

动及香港诠释第5号之

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

4. ACOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTIES

(Continued)

(a) Key sources of estimation uncertainties

(i) Valuation of investment properties

Investment properties are stated at fair value,

determined based on valuations conducted by

independent qualified profesional valuers. In

determining the fair values, the valuers have based

on a method of valuation which involves certain

estimates of market condition. In relying on the

valuation reports, the directors of the Company have

exercised their judgement and are satisfied that the

asumptions used in the valuation are apropriate

and reflective of the curent market conditions. Any

changes to these asumptions would result in changes

in the fair value of the Group’s investment properties,

impacting the amount of gain or los reported in

the consolidated statement of profit or los. As at

31st March 2025, the fair value of the investment

properties was aproximately HK$310,207,000 (2024:

HK$338,596,000).

(i) Valuation of inventories

Inventories are stated at the lower of cost and net

realisable value. Management performs regular reviews

on the inventory write-down policy and aseses

the net realisable value of the watches based on the

saleability and condition of inventories, prevailing

market conditions, pricing policy, historical and recent

sales information, the Group’s sales plan and inventory

aging analysis to identify slow-moving items. At each

reporting date, an inventory review is conducted, and

inventories are writen down to their estimated net

realisable value where aplicable. The determination of

write-downs involves the use of estimates. When the

expectation of the net realisable value is les than the

original estimate, further write-down may arise. As at

31st March 2025, the carying amount of inventories

(net of write-down) was aproximately HK$100,850,000

(2024: HK$105,643,000).

（续）

(a) 估计不确定性之主要来源

(i) 投资物业估值

投资物业根据独立合资格专业估值师

进行的估值按公允值列账。厘定公允

值时，估值师以涉及若干市况估计的

估值法为基准计算。于依赖估值报告

时，本公司董事已自行作出判断，并信

纳估值所用假设属适当及能反映现时

市况。该等假设的任何变动均会改变

本集团投资物业的公允值，并影响须

对综合损益表所报损益金额。于二零

二五年三月三十一日，投资物业之公

允值约为310,207,000港元（二零二四

年：338,596,000港元）。

(i) 存货估值

存货乃按成本值或可变现净值两者之

较低值入账。管理层对库存撇减政策

进行定期检讨并评估手表的可变现净

值，根据可销售性及库存情况、当时市

况、定价政策、过往和最新销售资讯、

本集团销售计划以及库存的账龄分析，

以确定滞销货品项目。于各报告日期，

本集团盘点存货，及存货撇减至估计

可变现净值（如适用）。厘定撇减需运

用估计，当可变现净值的预期值小于

原估计值时，可能会出现进一步撇减。

于二零二五年三月三十一日，存货账

面值（扣除撇减）约为100,850,000港元

（二零二四年：105,643,000港元）。

97Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

4. ACOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTIES

(Continued)

(a) Key sources of estimation uncertainties (Continued)

(i) Provision of ECLs for trade receivables

Trade receivables with significant balances and

credit-impaired are asesed for ECLs individualy. In

adition, the Group uses provision matrix to calculate

ECLs for the trade receivables which are individualy

insignificant. The provision rates are based on

groupings of various debtors that have similar los

paterns. The provision matrix is based on the Group’s

historical default rates taking into consideration

forward-loking information that is reasonable and

suportable available without undue costs or efort. At

every reporting date, the historical observed default

rates are reasesed and changes in the forward-

loking information are considered. In adition, trade

receivables with significant balances and credit

impaired are asesed for ECLs individualy.

The provision of ECLs is sensitive to changes in

estimates. The information about the ECLs and the

Group’s trade receivables are disclosed in Notes 29

and 19 respectively.

(iv) Income tax and defered taxation

The Group estimates its income tax provision

in acordance with the prevailing tax rules and

regulations, taking into acount any special aprovals

obtained from relevant tax authorities and any

preferential tax treatment to which it is entitled in each

location or jurisdiction in which the Group operates.

There are many transactions and calculations for

which the ultimate tax determination is uncertain

during the ordinary course of busines. The Group

recognises liabilities for anticipated tax audit isues

based on estimates of whether aditional taxes wil be

due. Where the final tax outcome of these maters is

diferent from the amounts that were initialy recorded,

such diferences wil impact the income tax provisions

in the period in which such determination is made.

（续）

(a) 估计不确定性之主要来源（续）

(i) 贸易应收账款之预期信贷亏损拨备

有重大结余及出现信贷减值的贸易应

收账款以个别评估预期信贷亏损。此

外，本集团使用拨备矩阵计算个别重

大的贸易应收账款的预期信贷亏损。

拨备率基于具有类似亏损模式之各种

债务人之分组。拨备矩阵基于本集团

的历史违约率（考虑到无须过多成本或

努力即可获得合理及有依据前瞻性资

料）计算。在各报告日期，本集团会重

新评估过往可观察违约率并考虑前瞻

性资料之变化。此外，对具有重大结余

及信贷减值的贸易应收账款乃进行个

别预期信贷亏损评估。

预期信贷亏损拨备容易受到估计变动

之影响。有关预期信贷亏损及本集团贸

易应收账款的资料分别于附注29及19

披露。

(iv) 所得税及递延税项

本集团评估其所得税拨备乃根据可适

用之税务条例及规则，并考虑任何相关

税务机构获得之批准，以及本集团营运

之每一地点获得授予之任何优先税务

处理或裁判权。于日常业务运作中，有

许多交易及计算其最终之税项决定并

不确定，本集团因预计税务审查事件

而评估将可能支付之额外税项确认为

负债。此等事件之最终税务结果若和

最初记录之税务金额不同，其差异在

该决定期间，将会对所得税及递延税

拨备产生影响。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

4. ACOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTIES

(Continued)

(a) Key sources of estimation uncertainties (Continued)

(iv) Income tax and defered taxation (Continued)

The Group believes it has recorded adequate

curent tax provision based on the prevailing tax

rules and regulations and its curent best estimates

and asumptions. In the event that future tax rules

and regulations or related circumstances change,

adjustments to curent taxation may be necesary

which would impact the Group’s results or financial

position. As at 31st March 2025, the carying amount

of curent income tax payable was aproximately

HK$13,159,000 (2024: HK$15,139,000).

Defered income tax asets relating to certain

temporary diferences and tax loses are recognised as

the directors consider it is probable that future taxable

profit wil be available against which the temporary

diferences or tax loses can be utilised. Where the

expectation is diferent from the original estimate,

such diferences wil impact the recognition of defered

tax asets and tax expenses or other comprehensive

income in the periods in which such estimate is

changed. As at 31st March 2025, the carying amount

of defered tax asets and defered tax liabilities

amounted to aproximately HK$Nil and HK$14,010,000

respectively (2024: HK$2,418,000 and HK$23,125,000).

For the purposes of measuring defered tax arising

from investment properties that are measured using the

fair value model, the directors of the Company have

reviewed the Group’s investment property portfolios

and concluded that the Group’s investment properties

are not held under a busines model whose objective

is to consume substantialy al of the economic benefits

embodied in the investment properties over time.

Therefore, in determining the defered taxation on

investment properties, the directors of the Company

have determined that the presumption that the carying

amounts of investment properties measured using the

fair value model are recovered entirely through sale is

not rebuted.

（续）

(a) 估计不确定性之主要来源（续）

(iv) 所得税及递延税项（续）

本集团相信在可适用之税务条例及规

则之基础下，已对现时之税项作出充

足拨备，其亦为现时之最佳评估及假

设。在未来税务条例及规则或有关环境

转变情况下，现时之税项将可能需要

作出适当调整，或会影响对本集团之

业绩或财务状况。于二零二五年三月

三十一日，目前应付所得税之账面金

额约为13,159,000港元（二零二四年：

15,139,000港元）。

在董事认为可能将有未来应课税溢利

以供抵销可供利用之暂时差额或税项

亏损之情况下，与递延所得税资产相

关的若干暂时差异及税项亏损予以确

认。倘预期金额与原定估计有异，该差

异将影响有关估计变动期间确认之递

延税项资产及税项开支或其他全面收

益。于二零二五年三月三十一日，递延

税项资产及递延税项负债之账面值分

别约为零港元及14,010,000港元（二零

二四年：2,418,000港元及23,125,000

港元）。

就计量采用公允值模式计量之投资物

业所产生之递延税项而言，本公司董事

已检讨本集团之投资物业组合，并断定

本集团之投资物业并非以旨在随时间

消耗其所包含之绝大部分经济利益之

商业模式持有。因此，于计量投资物业

之递延税项时，本公司董事厘定，按公

允值模式计量之投资物业账面值可透

过销售而全数收回之假设并无被推翻。

99Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

4. ACOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTIES

(Continued)

(a) Key sources of estimation uncertainties (Continued)

(v) Estimated impairment of property, plant and equipment

Property, plant and equipment are stated at cost

les acumulated depreciation and impairment. In

determining whether an aset is impaired, the Group

has to exercise judgement and make estimation,

particularly in asesing: (1) whether an event has

ocured or any indicators that may afect the aset

value; (2) whether the carying value of an aset can be

suported by the recoverable amount, in the case of

value in use, the net present value of future cash flows

which are estimated based upon the continued use

of the aset; and (3) the apropriate key asumptions

to be aplied in estimating the recoverable amounts

including cash flow projections and an apropriate

discount rate. When it is not posible to estimate

the recoverable amount of an individual aset, the

Group estimates the recoverable amount of the cash

generating unit to which the asets belongs, including

alocation of corporate asets when a reasonable and

consistent basis of alocation can be established,

otherwise recoverable amount is determined at the

smalest group of cash generating units, for which

the relevant corporate asets have ben alocated.

Changing the asumptions and estimates, including

the discount rates or the growth rate in the cash flow

projections, could materialy afect the recoverable

amounts.

As at 31st March 2025, the carying amounts of

property, plant and equipment subject to impairment

asesment were aproximately HK$44,018,000 (2024:

HK$67,765,000).

(b) Significant acounting judgements

In the proces of aplying the Group’s acounting policies,

management has made the folowing acounting judgements:

(i) Determining the lease term

As explained in the above acounting policies, the

lease liability is initialy recognised at the present value

of the lease payments payable over the lease term. In

determining the lease term at the comencement date

for leases that include renewal options exercisable

by the Group, the Group evaluates the likelihod of

exercising the renewal options taking into acount

al relevant facts and circumstances that create

an economic incentive for the Group to exercise

the option, including favourable terms, leasehold

improvements undertaken and the importance of that

underlying aset to the Group’s operation. The lease

term is reasesed when there is a significant event or

significant change in circumstance that is within the

Group’s control. Any increase or decrease in the lease

term would afect the amount of lease liabilities and

right-of-use asets recognised in future years.

（续）

(a) 估计不确定性之主要来源（续）

(v) 物业、机器及设备之减值估计

物业、机器及设备按成本减累计折旧及

减值列账。在厘定资产是否减值时，本

集团须作出判断及估计，尤其是评估：

(1)是否有事件已发生或有任何迹象显

示可能影响资产价值；(2)资产账面值

是否能够以可收回金额支持，如为使

用价值，即按照持续使用资产估计的

未来现金流量的净现值；及(3)将应用

于估计可收回金额的适当关键假设（包

括现金流量预测及适当的贴现率）。当

无法估计个别资产的可收回金额时，

本集团估计资产所属现金产生单位的

可收回金额（当可设立合理及一致的分

配基准时，则包括分配公司资产的可

收回金额），否则可收回金额按已获分

配有关公司资产的最小现金产生单位

组别厘定。更改假设及估计（包括贴现

率或现金流量预测的增长率）可能会严

重影响可收回金额。

于二零二五年三月三十一日，需进行

减值评估之物业、机器及设备账面值

约为44,018,000港元（二零二四年：

67,765,000港元）。

(b) 重大会计判断

于应用本集团之会计政策过程中，管理层作

出下列会计判断：

(i) 厘定租期

诚如上述会计政策所阐述，租赁负债

以租期内应付租赁款项之现值进行初

步确认。于租赁开始日期厘定包含本

集团可行使之续租权的租期时，本集

团会评估行使续租权之可能性，并考

虑到所有能形成经济诱因促使本集团

行使续租权之相关事实及情况（包括有

利条款、已作出之租赁装修及该相关

资产对本集团经营之重要性）。倘发生

重大事件或出现本集团可控制之重大

变动情况，则将重新评估租期。任何租

期之延长或缩短均会影响未来年度确

认之租赁负债及使用权资产金额。

698,975
1,167
700,142
9,231
709,373

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

5. 营业收入

本集团之主要业务为钟表销售以及物业租赁。

营业收入即(i)来自钟表销售毛收入及应收款项，扣

减增值税、其他销售税及贸易折扣后所得款项，

及(i)来自物业租赁的租金收入。

钟表销售的收益于货品控制权转让时确认，即客

户于零售店（包括百货公司及寄售）完成购买时确

认收益。客户购买货品时须即时支付交易价格。

零售销售通常以现金或信用卡结算，并由相应的

银行或其他金融机构于3日内完成结算。代本集团

收取款项之百货公司及寄售人获授不多于90日之

信贷期。

所有销售合约均为期一年或更短时间。根据香港

财务报告准则第15号「客户合约收益」所准许，并

无披露相应未履约合约之交易价格。

营业收入划分

按主要产品或服务线划分之来自客户合约之营业

收入如下：

按确认收入时间及按地区市场划分的收益分析于

附注8披露。

5. REVENUE

The principal activities of the Group are sales of watches and

property leasing.

Revenue represents (i) the gros proceds received and receivable

derived from the sale of watches, les the value aded tax,

other sales taxes and trade discounts and (i) rental income from

property leasing.

For sales of watches, revenue is recognised when control of the

gods has transfered, being at the point the customer purchased

the gods at the retail shops, including those sales through

department stores and on consignment. Retail sales are normaly

setled in cash or credit cards with the setlement from the

coresponding banks or other financial institutions within 3 days.

Payment of the transaction price is due imediately at the point

the customer purchases the gods. A credit period of not more

than 90 days is granted to department stores and consignes who

receive the payment on behalf of the Group.

Al sales contracts are for periods of one year or les. As

permited under HKFRS 15 “Revenue from Contracts with

Customers”, the transaction price alocated to these unsatisfied

contracts is not disclosed.

Disagregation of revenue

Disagregation of revenue from contracts with customers by

major products or service lines is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue from contracts with customers

within the scope of HKFRS 15

香港财务报告准则第15号范畴内

来自客户合约之收益

– Sales of watches－钟表销售696,162

– Service income－服务收入946

Revenue from other sources来自其他来源之收益697,108

– Rental income from investment properties－来自投资物业之租金收入8,295

705,403

Disagregation of revenue by the timing of revenue recognition

and by geographic markets is disclosed in Note 8.

101Anual Report 2024/2025年报2024/2025

1,975
367
2,724
5,066

(1)
–
11
(70)
248
(17)
6,555
1,150
7,876

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

6. OTHER REVENUE

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interest income on financial asets measured

at amortised cost

以摊销成本计算之金融资产

利息收入2,555

Advertising income广告收入494

Customer services income and others顾客服务收入及其他1,785

4,834

7. OTHER NET GAINS/(LOSES)

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Net realised and unrealised los on

trading securities

证券买卖实现及未实现之

亏损净额(8)

Net los on disposal of investment properties出售投资物业之亏损净额(120)

Fair value gain/(los) on financial asets at

fair value through profit or los (“FVPL”)

按公允值计入损益（「按公允值

计入损益」）之金融资产之

公允值收益╱（亏损）(67)

Los on write of of property, plant and

equipment, net

撇销物业、机器及设备

之亏损–

Gain on lease modification租赁修订之收益–

Write of of inventories撇销存货–

Government subsidies (Note)政府补助（附注）10

Others其他6

(179)

Note:

For the year ended 31st March 2025, the amount primarily comprised

government grants received from the PRC government in the form of

financial subsidies. There grants were unconditional, with no unfulfiled

obligations or contingency terms atached.

During the year ended 31st March 2024, the amount mainly represented

grants obtained from the PRC government in relation to employment

suport subsidy. There are no unfulfiled conditions and other contingencies

ataching to these grants.

6. 其他收益

╱（亏损）净额

附注：

截至二零二五年三月三十一日止年度，有关款项主要包

括从中国政府获得以财政补助形式的政府补贴。该等补

贴为无条件，并无未履行义务或附带条件。

截至二零二四年三月三十一日止年度，有关款项主要为

从中国政府获得有关就业支持补助的补贴。该等补贴并

无附带尚未履行之条件及其他或然事项。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

8. SEGMENT REPORTING

The Group manages its busines by divisions. In a maner

consistent with the way in which information is reported

internaly to the board of directors of the Company, being the

chief operating decision makers (“CODM”) for the purposes of

resource alocations and performance asesments. The Group

has identified two reportable segments: (i) sales of watches and (i)

properties leasing. No operating segments have ben agregated

to form these two reportable segments.

For the purposes of asesing segment performance and

alocating resources betwen segments, the CODM monitors

the results, asets and liabilities atributable to each reportable

segment on the folowing bases:

The acounting policy information of the reportable segments are

the same as the Group’s material acounting policy information

described in notes to the consolidated financial statements.

Segment profit/(los) represents the profit earned by/(los) from

each segment without alocation of central administration costs

and corporate costs which canot be meaningfuly alocated to

individual segment. This is the measure reported to the CODM for

the purposes of resource alocation and performance asesment.

Revenue and expenses are alocated to the reportable segments

with reference to revenue generated by those segments and the

expenses incured by those segments or which otherwise arise

from the depreciation and amortisation of asets atributable to

those segments.

The revenue from external parties reported to the CODM is

measured in a maner consistent with that in the consolidated

statement of profit or los.

Al asets are alocated to reportable segments other than

defered tax asets and other corporate asets.

Al liabilities are alocated to reportable segments other than

income tax payable, defered tax liabilities and borowings not

atributable to individual segments and other corporate liabilities.

8. 分部报告

本集团按部门划分管理其业务。资料以内部呈报

方式一致之方式向本公司董事会（为主要营运决

策者）报告，目的为资源分配及表现评估。本集团

确定以下两个可报告分部：(i)钟表销售及(i)租赁

物业。并无将任何经营分部合计以构成此等两个

可报告分部。

为评估分部表现及分部间资源分配，主要营运决

策者按以下基础监控各可报告分部之业绩、资产

及负债：

可报告分部之会计政策资料与本集团详述于综合

财务报表附注之重大会计政策资料相同。分部溢

利╱（亏损）指各分部所赚取溢利╱（亏损），并未

分配中央行政成本及企业成本，其不能够有意义

地分配至独立分部。此乃就分配资源至各分部及

评估其表现向主要营运决策者报告之计量。

收益及开支乃经参考该等分部产生之营业收入及

开支或该等分部应占之折旧及摊销资产所产生之

开支分配予可报告分部。

向主要营运决策者报告的外部收入的计量基准与

综合损益表所采用者一致。

所有资产均已分配至可报告分部，除递延税项资

产及其他企业资产以外。

所有负债均已分配至可报告分部，除应缴所得

税、递延税项负债及借贷，不能归属于独立分部

及其他企业负债。

103Anual Report 2024/2025年报2024/2025

	698,975	–	698,975	–	698,975
	–	9,231	9,231	1,167	10,398
	698,975	9,231	708,206	1,167	709,373
	104,277	(254)	104,023	(6,927)	97,096
	–	(37,241)	(37,241)	–	(37,241)
	1,709	–	1,709	266	1,975
	7,423	32	7,455	421	7,876
	(8,225)	(877)	(9,102)	–	(9,102)
	105,184	(38,340)	66,844	(6,240)	60,604
(36,140)
24,464
	(2,578)	–	(2,578)	–	(2,578)
	–	–		(1)	(1)
–
	473	–	473	–	473
	–	–	–	(1,755)	(1,755)
	(26,171)	(103)	(26,274)	(13)	(26,287)
	378,809	320,811	699,620	5,859	705,479
7,498
712,977
	6,053	8,576	14,629	–	14,629
	214,861	23,878	238,739	5,101	243,840
13,159
14,010
271,009

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

8. SEGMENT REPORTING (Continued)

The folowing is an analysis of the Group’s revenue, results, asets

and liabilities by operating segment:

二零二五年

Sales of

watches

Property

leasing

Segmental

totalUnalocatedTotal

钟表销售租赁物业分部总计未分配总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Disagregated by timing of revenue recognition按确认收益之

Point in time于某时间点上

Over time于一段时间内

External revenue (Note)对外收益（附注

Operating profit/(los)经营溢利╱（

Fair value loses on investment properties, net投资物业之公

Interest income利息收入

Other net gains/(loses)其他收益╱（

Finance costs财务成本

Segmental results分部业绩

Income tax所得税

Profit for the year本年度溢利

Write-down of inventories, net撇减存货，净

Net realised and unrealised los on trading securities证券买卖实现

亏损净额

Impairment los reversed on trade receivables贸易应收账款

Impairment los recognised on other receivables其他应收账款

Depreciation折旧

Segment asets分部资产

Financial asets at fair value through profit or los按公允值计入

Total asets总资产

Aditions to non-curent segment asets

during the reporting period

报告期内非流

Segment liabilities分部负债

Income tax payable应缴所得税

Defered tax liabilities递延税项负债

Total liabilities总负债

Note: There were no inter-segment sales during the year ended 31st March

2025.

（续）

以下为本集团经营分部之营业收入、业绩、资产

及负债之分析：

附注：于截至二零二五年三月三十一日止年度期间并无

分部间销售。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

8. SEGMENT REPORTING (Continued)

二零二四年

Sales of

watches

Property

leasing

Segmental

totalUnalocatedTotal

钟表销售租赁物业分部总计未分配总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Disagregated by timing of revenue recognition按确认收益之时间分析

Point in time于某时间点上696,162–696,162–696,162

Over time于一段时间内–8,2958,2959469,241

External revenue (Note)对外收益（附注）696,1628,295704,457946705,403

Operating profit/(los)经营溢利╱（亏损）111,637(1,149)110,488(5,461)105,027

Fair value loses on investment properties, net投资物业之公允值亏损，净额–(31,731)(31,731)–(31,731)

Interest income利息收入2,204–2,2043512,555

Other net (loses)/gains其他（亏损）╱收益净额12315(194)(179)

Finance costs财务成本(9,622)(956)(10,578)–(10,578)

Segmental results分部业绩104,231(33,833)70,398(5,304)65,094

Income tax所得税(38,893)

Profit for the year本年度溢利26,201

Reversal of write-down of inventories, net拨回撇减存货，净额1,400–1,400–1,400

Net realised and unrealised los on trading securities证券买卖实现及未实现之

亏损净额–(8)(8)

Impairment los (recognised)/reversed on trade receivables贸易应收账款（确认）╱拨回之

减值亏损(254)–(254)3(251)

Impairment los recognised on other receivables其他应收账款确认之减值亏损–(162)(162)

Depreciation折旧(29,596)(210)(29,806)(16)(29,822)

Segment asets分部资产406,117349,728755,8456,855762,700

Financial asets at fair value through profit or los按公允值计入损益之金融资产7,487

Defered tax asets递延税项资产2,418

Total asets总资产772,605

Aditions to non-curent segment asets

during the reporting period

报告期内非流动分部资产之增加

18,62710,32228,949–28,949

Segment liabilities分部负债260,33024,280284,6105,214289,824

Income tax payable应缴所得税15,139

Defered tax liabilities递延税项负债23,125

Total liabilities总负债328,088

Note: There were no inter-segment sales during the year ended 31st March

2024.

（续）

附注：于截至二零二四年三月三十一日止年度期间并无

分部间销售。

105Anual Report 2024/2025年报2024/2025

693,077 10,957 1,369 –
696,218		34,328
12,100		189,810
1,055		18,744
–		111,343
705,403
709,373		354,225

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

8. SEGMENT REPORTING (Continued)

Geographic information

The folowing is an analysis of geographical location of (i) the

Group’s revenue from external customers and (i) the Group’s

property, plant and equipment and investment properties. The

geographical location of customers is refered to the location at

which the services were provided or the gods delivered. The

geographical locations of specific non-curent asets are based

on the physical location of the asets.

Revenues from

external customers

来自外部客户之收益

Non-curent asets

非流动资产

二零二五年二零二四年二零二五年二零二四年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Mainland China中国内地57,317

Hong Kong (place of domicile)香港（原居地）228,333

Switzerland瑞士18,863

United Kingdom英国106,154

410,667

Information about major customers

For the year ended 31st March 2025 and 2024, no revenue from

a single external customer contributed 10% or more of the total

revenue of the Group.

（续）

经营地区资料

以下为(i)本集团来自外部客户之收益及(i)本集团

之物业、机器及设备以及投资物业之经营地区分

析。客户经营地区参考自提供服务或货物递送之

地点。特定非流动资产之经营地区是基于资产之

实际地点作考虑。

关于主要客户资料

于截至二零二五年及二零二四年三月三十一日止

年度，并无营业收入来自占集团总收益10%或以

上之单一外部客户。

7,179
1,923
的金融

52,721
3,694
56,415

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

9. 除税前溢利

除税前溢利已扣除╱（计入）以下各项：

(a) 财务成本

(b) 雇员福利开支（包括董事酬金）

9. PROFIT BEFORE TAXATION

Profit before taxation is arived at after charging/(crediting):

(a) Finance costs

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interest on bank borowings银行借贷利息8,260

Interest on lease liabilities租赁负债利息2,318

Total interest expenses on financial

liabilities not at fair value through

profit or los

并非按公允值计入损益的金融

负债所产生的利息支出总额

9,10210,578

(b) Employe benefits expenses (including directors’

emoluments)

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Salaries, wages and other benefits (including

directors’ fe and emoluments)

薪金、工资及其他福利

（包括董事袍金及酬金）48,664

Retirement benefits scheme contribution退休福利计划供款3,637

52,301

107Anual Report 2024/2025年报2024/2025

(9,046) 1,037 1,200 375 5,702 20,585 26,287 2,578 (473) 1,755 3,036 15,975 476,865

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

9. PROFIT BEFORE TAXATION (Continued)

Profit before taxation is arived at after charging/(crediting):

(Continued)

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Rental receivable from investment

properties les direct outgoings of

HK$185,000 (2024: HK$328,000)

投资物业应收租金扣除

直接支出185,000港元

（二零二四年：328,000港元）(7,967)

Net exchange los汇兑亏损净额678

Auditors’ remuneration核数师酬金

– Audit services－核数服务1,200

– Other services－其他服务355

Depreciation 折旧

– Owned property, plant and equipment－自置物业、机器及设备8,016

– Right-of-use asets－使用权资产21,806

29,822

Write down/(reversal of write-down) of

inventories

撇减╱（拨回撇减）存货

(1,400)

Impairment los (reversed)/recognised

on trade receivables

贸易应收账款（拨回）╱确认之

减值亏损251

Impairment los recognised on other

receivables

其他应收账款确认之减值亏损

Impairment los recognised

on right-of-use asets

使用权资产确认之减值亏损

–

Variable lease payments not included

in the measurement of lease liabilities

于计量租赁负债时未计及之

可变租赁付款15,125

Cost of inventories recognised

as expenses (note 18)

确认为开支之存货成本（附注18）

471,038

（续）

除税前溢利已扣除╱（计入）以下各项：（续）

238	1,310	857	–	–	2,405
238	1,367	579	–	18	2,202
238	4,319	1,984	–	18	6,559
714	6,996	3,420	–	36	11,166
238	–	–	–	–	238
238	–	–	–	–	238
238	–	–	–	–	238
714	–	–	–	–	714
1,428	6,996	3,420	–	36	11,880

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

10. DIRECTORS’ EMOLUMENTS AND INDIVIDUALS WITH

HIGHEST EMOLUMENTS

(a) Directors’ emoluments

The emoluments of each director for the years ended 31st

March 2025 and 2024 are set out below:

二零二五年

Directors’

fes

Basic

salaries

Discretionary

bonus

Alowances

and other

benefits

Employer’s

contribution

to retirement

benefit

schemeTotal

津贴及退休福利

董事袍金基本薪金不定额花红其他福利计划雇主供款总计

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

千港元千港元千港元千港元千港元千港元

Executive Directors执行董事

Lam Kim Phung林金凤

Eav Guech Rosana 杨玉

Eav Feng Ming, Jonathan杨峰铭

Independent Non-executive Directors独立非执行董事

Lai Si Ming赖思明

Le Tat Cheung, Vincent李达祥

Ke Wah Sze纪华士

10. 董事酬金及最高酬金人士

(a) 董事酬金

于截至二零二五年及二零二四年三月三十一

日止年度每位董事之酬金载列如下：

109Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

10. DIRECTORS’ EMOLUMENTS AND INDIVIDUALS WITH

HIGHEST EMOLUMENTS (Continued)

(a) Directors’ emoluments (Continued)

二零二四年

Directors’

fes

Basic

salaries

Discretionary

bonus

Alowances

and other

benefits

Employer’s

contribution

to retirement

benefit

schemeTotal

津贴及退休福利

董事袍金基本薪金不定额花红其他福利计划雇主供款总计

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

千港元千港元千港元千港元千港元千港元

Executive Directors执行董事

Lam Kim Phung林金凤2381,200105–1,543

Eav Guech Rosana 杨玉2381,124219–181,599

Eav Feng Ming, Jonathan杨峰铭2384,091494–184,841

7146,415818–367,983

Independent Non-executive Directors独立非执行董事

Lai Si Ming赖思明238–238

Le Tat Cheung, Vincent李达祥238–238

Ke Wah Sze纪华士238–238

714–714

1,4286,415818–368,697

The executive directors’ emoluments were for their services

in conection with the management of the afairs of the

Company and the Group.

The independent non-executive directors’ emoluments were

for their services as directors of the Company.

Notes:

(i) There was no arangement under which a director waived or

agred to waive any emoluments during the years ended 31st

March 2025 and 2024.

(i) No emolument was paid by the Group to the directors as

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

compensation for los of ofice for the years ended 31st March

2025 and 2024.

(i) The Company has not apointed Chief Executive, and the role

and function of the Chief Executive has ben performed by the

executive directors.

（续）

(a) 董事酬金（续）

执行董事之酬金乃为彼等就提供有关管理本

公司及本集团事务之服务所得酬金。

独立非执行董事之酬金乃为彼等作为本公司

董事所提供服务之所得酬金。

附注：

(i) 截至二零二五年及二零二四年三月三十一日

止年度期间，并无董事放弃或同意放弃任何

酬金之安排。

(i) 于截至二零二五年及二零二四年三月三十一

日止年度，本集团并无支付予董事作为吸引

其加入或于加入本集团后，或作为离职补偿

之酬金。

(i) 本公司并无委聘行政总裁及行政总裁的角色

及职能已由执行董事履行。

4,182
4,520
162
8,864

–
1
–
–
1
2

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

10. DIRECTORS’ EMOLUMENTS AND INDIVIDUALS WITH

HIGHEST EMOLUMENTS (Continued)

(b) Individuals with highest emoluments

Of the five individuals with the highest emoluments, thre

(2024: thre) are directors whose emoluments are disclosed

in Note 10(a). The agregate emoluments in respect of the

other two (2024: two) individuals is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Basic salaries, alowances and other基本薪金、津贴及其

emoluments4,233

Performance related incentive payments表现奖励款项3,404

Employer’s contribution to retirement退休福利计划雇主供

benefit scheme128

7,765

The emoluments of the remaining two (2024: two) individuals

with the highest emoluments are within the folowing bands:

Number of individuals

人数

二零二五年二零二四年

HK$1,000,001 – HK$1,500,0001,000,001港元 – 1,500,000港元–

HK$1,500,001 – HK$2,000,0001,500,001港元 – 2,000,000港元1

HK$4,500,001 – HK$5,000,0004,500,001港元 – 5,000,000港元–

HK$6,000,001 – HK$6,500,0006,000,001港元 – 6,500,000港元1

HK$6,500,001 – HK$7,000,0006,500,001港元 – 7,000,000港元–

（续）

(b) 最高酬金人士

五位最高薪人士中，三位（二零二四年：三

位）董事之酬金于附注10(a)披露。其他两位

（二零二四年：两位）人士之酬金总额如下：

余下两位（二零二四年：两位）最高酬金人士

介乎下列范围：

111Anual Report 2024/2025年报2024/2025

37,494
47
5,296
42,837
(6,697)
36,140

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

11. INCOME TAX IN THE CONSOLIDATED STATEMENT OF PROFIT

OR LOS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Curent tax即期税项

PRC Corporate Income Tax中国企业所得税

– Charge for the year－本年度所得税36,955

– Underprovision in prior year－过往年度拨备不足16

Witholding tax on dividend income

from PRC subsidiaries

来自中国附属公司股息

预扣税4,912

41,883

Defered tax递延税项

Origination and reversal of temporary

diferences

暂时性差额之产生及拨

(2,990)

Income tax expense所得税开支38,893

The subsidiaries in Hong Kong are subject to Hong Kong Profits

Tax at the rate of 16.5% (2024: 16.5%). No Hong Kong Profits

Tax has ben provided for in the financial statements for the years

ended 31st March 2025 and 2024 either because the Hong Kong

subsidiaries have acumulated tax loses brought forward which

exceded the estimated asesable profits or the Hong Kong

subsidiaries sustained loses for taxation purpose.

Under the Law of the PRC on Enterprise Income Tax (the “EIT

Law”) and Implementation Regulation of the EIT Law, the tax

rate of the PRC subsidiaries is 25% for both years, except for

subsidiaries which are eligible as Smal Low-profit Enterprise* (小

型微利企业). An entity eligible as a Smal Low-profit Enterprise is

subject to preferential tax treatments up to 31st December 2027.

The anual taxable income of a Smal Low-profit Enterprise which

is not more than RMB3,000,000, 75% of its taxable income is

not subject to EIT and the remaining 25% of its taxable income

is subject to EIT at a tax rate of 20%. During the year, two

subsidiaries (2024: two subsidiaries) are subject to the relevant

preferential tax treatments.

The subsidiaries in Switzerland are subject to Switzerland Profits

Tax at the rate of 16% (2024: 16%). No Switzerland Profits Tax

has ben provided for the years ended 31st March 2025 and 2024

as the Group has no estimated asesable profits in Switzerland.

Pursuant to the rules and regulations of Bermuda and the British

Virgin Islands, the Group is not subject to any income tax in these

jurisdictions.

The subsidiary in the United States is subject to Federal Corporate

Income Tax at the rate of 21% (2024: 21%) and Maryland

Corporation Income Tax at the rate of 8.25% (2024: 8.25%). No

corporate income tax has ben provided for the years ended 31st

March 2025 and 2024 as the subsidiary did not generate any

estimated asesable profits in the United States.

* For identification purpose only

11. 综合损益表内之所得税

香港附属公司的香港利得税率为16.5%（二零二四

年：16.5%）。截至二零二五年及二零二四年三月

三十一日止年度的财务报表中，并无就香港利得

税作出拨备，概因香港附属公司承前累计税项亏

损超逾估计应课税溢利或香港附属公司录得的税

务亏损。

根据中国企业所得税法（「企业所得税法」）及企业

所得税法实施条例，除符合小型微利企业条件的

附属公司外，中国附属公司于两个年度的税率均

为25%。截至二零二七年十二月三十一日，符合

成为小型微利企业的条件之实体可享有优惠税务

待遇。就不多于3,000,000元人民币的小型微利企

业之应课税溢利而言，其应课税溢利的75%毋须

缴纳企业所得税，而其应课税溢利的余下25%则

须按20%的税率缴纳企业所得税。于年内，两家

附属公司（二零二四年：两家附属公司）享有相关

优惠税务待遇。

于瑞士之附属公司的瑞士利得税率为16%（二零

二四年：16%）。于截至二零二五年及二零二四

年三月三十一日止年度，由于本集团并无瑞士之

任何估计应课税溢利，故没有瑞士利得税拨备。

根据百慕达及英属处女群岛规则及条例规定，本

集团在这些司法管辖区不受到任何所得税管制。

于美国之附属公司须按21%（二零二四年：21%）

之税率缴纳联邦企业所得税及按8.25%（二零二四

年：8.25%）之税率缴纳马里兰州企业所得税。由

于附属公司于截至二零二五年及二零二四年三月

三十一日止年度并无在美国产生任何估计应课税

溢利，因此并无就企业所得税拨备。

60,604
23,192
3,549
(2,974)
5,685
2,119
(1,237)
5,806
36,140

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

11. INCOME TAX IN THE CONSOLIDATED STATEMENT OF PROFIT

OR LOS (Continued)

Reconciliation betwen tax expenses and acounting profit at

aplicable tax rates:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Profit before taxation除税前溢利65,094

Notional tax on profit before taxation,

calculated at the tax rates aplicable to

the countries concerned

按所在国家的适用税率计算的

除税前溢利之名义税项

23,562

Tax efect of non-deductible expenses在税务上不能扣减之支出之税务影响7,219

Tax efect of non-taxable income在税务上不需课税之收入之税务影响(5,579)

Tax efect of tax loses not recognised未被确认之税项亏损之税务影响7,898

Tax efect of temporary未被确认之暂时性差额

diference not recognised之税务影响381

Tax efect of utilisation of unused tax loses动用未利用税项亏损之税务影响–

Tax efect of temporary diferences atributable

to undistributed profits of PRC subsidiaries

中国附属公司之未分派溢利应占

暂时性差额之税务影响5,412

Actual tax expense 实际税项支出38,893

（续）

税项开支与会计溢利按适用税率计算之对账：

113Anual Report 2024/2025年报2024/2025

20,000

26,000

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

12. DIVIDENDS

(a) Dividends payable to owners of the Company atributable

to the year

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Final dividend proposed after the end of the

reporting period of HK$0.02677 (2024:

HK$0.0348) per ordinary share

报告期末后建议派发之末期股息

每股普通股0.02677港元

（二零二四年：0.0348港元）26,000

The distribution of the final dividend is subject to the

shareholders’ aprovals at the forthcoming anual general

meting of the Company. The final dividend declared or

proposed after the end of the reporting period have not ben

recognised as liabilities at the end of the reporting period.

(b) Dividends payable to owners of the Company atributable

to the previous financial year, aproved and paid during the

year:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Final dividend in respect of the previous

financial year, aproved and paid during

the year of HK$0.0348 (2024: HK$0.0469)

per ordinary share

于年内已批准及派付之上一个

财政年度之末期股息

每股普通股0.0348港元

（二零二四年：0.0469港元）35,040

13. EARNINGS PER SHARE

The calculation of the basic and diluted earnings per share has

ben based on earnings atributable to owners of the Company of

HK$24,465,000 (2024: HK$26,202,000) and the weighted average

number of 747,123,000 ordinary shares in isue during the year.

Diluted earnings per share is equal to the basic earnings per share

as the Company does not have any dilutive potential ordinary

shares outstanding for both years.

12. 股息

(a) 本年度应占之应付本公司持有人股息

派发末期股息须待股东于本公司应届股东周

年大会上批准后方可作实。于报告期末后宣

派或建议派发的末期股息并无于报告期末确

认为负债。

(b) 就上一个财政年度应付本公司持有人之股

息，于年内已批准及派付：

13. 每股盈利

每股基本及摊薄盈利已根据归属于本公司持

有人应占盈利24,465,000港元（二零二四年：

26,202,000港元），以及于年内发行的加权平均普

通股747,123,000股计算。

由于本公司于两个年度均无任何具摊薄潜力之已

发行普通股，因此每股摊薄盈利与每股基本盈利

相同。

16,754	42,853	15	5,323	1,978	842	–	67,765
(90)	(244)	–	(12)	40	(7)	–	(313)
–	5,809	3	59	275	–	–	6,146
–	(187)	–	–	–	–	–	(187)
–	–	–	(70)	–	–	–	(70)
–	(3,036)	–	–	–	–	–	(3,036)
–	(3,036)	–	–
(581)	(20,005)	(8)	(4,825)	(610)	(258)	–	(26,287)
16,083	25,190	10	475	1,683	577	–	44,018
25,326	77,261	960	29,576	21,666	6,213	–	161,002
(9,243)	(52,071)	(950)	(29,101)	(19,983)	(5,636)	–	(116,984)
16,083	25,190	10	475	1,683	577	–	44,018

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

14. PROPERTY, PLANT AND EQUIPMENT

Ownership

interests in

land and

buildings

held for own

use caried

at cost

Other

properties

leased for

own use

caried

at cost

Furniture,

fixtures and

fitings

Leasehold

improvements

Machinery

and

equipment

Motor

vehicles

Construction

in progresTotal

按成本列账持

作自用之

土地及楼宇之

拥有权益

按成本列账持

作自用之

其他租赁物业

家具、设备

及装置

租赁物业

装修

机器及

设备汽车在建工程总额

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

千港元千港元千港元千港元千港元千港元千港元千港元

31st March 2024二零二四年三月三十一日

At 31st March 2023, net of

acumulated depreciation

and impairment

于二零二三年

三月三十一日，

扣除累计折旧及减值18,14451,020227,1712,9861,2682,07782,688

Translation diferences换算差额(804)(2,422)–(342)(24)(59)(94)(3,745)

Aditions添置–15,475–550362–2,25718,644

Transfer转拨–4,240–(4,240)–

Depreciation charges折旧费用(586)(21,220)(7)(6,296)(1,346)(367)–(29,822)

At 31st March 2024, net of

acumulated depreciation

and impairment

于二零二四年

三月三十一日，

扣除累计折旧及减值16,75442,853155,3231,978842–67,765

As 31st March 2024于二零二四年

三月三十一日

Cost成本25,426146,28595732,25321,0826,244–232,247

Acumulated depreciation

and impairment

累计折旧及减值

(8,672)(103,432)(942)(26,930)(19,104)(5,402)–(164,482)

Carying amount账面值16,75442,853155,3231,978842–67,765

31st March 2025二零二五年三月三十一日

At 31st March 2024, net of

acumulated depreciation

and impairment

于二零二四年

三月三十一日，

扣除累计折旧及减值

Translation diferences换算差额

Aditions添置

Adjustment from lease

modification

租赁修订调整

Write of撇销

Impairment los recognised

on right-of-use asets

使用权资产确认之

减值亏损

Depreciation charges折旧费用

At 31st March 2025, net of

acumulated depreciation

and impairment

于二零二五年

三月三十一日，

扣除累计折旧及减值

As 31st March 2025于二零二五年

三月三十一日

Cost成本

Acumulated depreciation

and impairment

累计折旧及减值

Carying amount账面值

、机器及设备

115Anual Report 2024/2025年报2024/2025

13,702
2,381
16,083

13,702
25,190
38,892

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

14. PROPERTY, PLANT AND EQUIPMENT (Continued)

Notes:

(a) Property, plant and equipment are depreciated on a straight-

line basis at the folowing rates per anum:

Frehold land is not depreciated

Leasehold land 2% or over the remaining terms

of the leases, if shorter

Buildings 2 – 4% or over the remaining

lease period, if shorter

Furniture, fixtures and fitings 15 – 20%

Leasehold improvements 5 – 50% or over the remaining

lease period, if shorter

Machinery and equipment 20 – 50%

Motor vehicles 20%

(b) Ownership interests in land and buildings

The carying amounts of ownership interests in land and

buildings comprise:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Leasehold land and buildings in

Mainland China

于中国内地之租赁土地及楼宇

14,334

Frehold land and buildings in Switzerland于瑞士之永久业权土地及楼宇2,420

16,754

The analysis of the carying amount of right-of-use asets by

clas of underlying asets is as folows:

二零二五年二零二四年

NoteHK$’000HK$’000

附注千港元千港元

Ownership interests in leasehold land and

buildings held for own use, caried at

depreciated cost, with lease term of:

于折旧成本列账持作自用租赁土

地及楼宇之拥有权益，租期如

下：(c)(i)

– 50 years or more– 50年或以上14,334

Other properties leased for own use,

caried at depreciated cost

按折旧成本列账持作自用之

其他租赁物业(c)(i)42,853

57,187

、机器及设备（续）

附注：

(a) 物业、机器及设备以直线法按下列年率计算

折旧：

永久业权土地不计提折旧

租赁土地 2%或按租约余下年期

（以较短者为准）

楼宇 2 – 4%或按租约余下

年期（以较短者为准）

家具、设备及装置 15 – 20%

租赁物业装修 5 – 50%或按租约余下

年期（以较短者为准）

机器及设备 20 – 50%

汽车 20%

(b) 土地及楼宇之拥有权益

土地及楼宇之拥有权益的账面值包括：

使用权资产按相关资产类别划分之账面值分

析载列如下：

482
20,005
20,487
1,923
228
15,975
3,036

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

14. PROPERTY, PLANT AND EQUIPMENT (Continued)

Notes: (Continued)

The analysis of expense items in relation to leases

recognised in profit or los is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Depreciation of right-of-use asets

by clas of underlying asets:

按相关资产类别划分之使用权资产折

Ownership interests in leasehold land

and buildings

租赁土地及楼宇之拥有权益

Other properties leased for own use持作自用之其他租赁物业21,220

21,707

Interest on lease liabilities (Note 9(a)租赁负债之利息（附注9(a)）2,318

Expense relating to short-term leases短期租赁相关开支334

Variable lease payments not included in

the measurement of lease liabilities

于计量租赁负债时未计及之可变租赁

15,125

Impairment los on right-of-use asets使用权资产之减值亏损–

Notes:

During the year ended 31st March 2025, aditions to right-

of-use asets were aproximately HK$5,809,000 (2024:

HK$15,475,000), which is related to the capitalised lease

payments payable under new tenancy agrements.

During the year ended 31st March 2025, the Group

entered into one lease agrement for extension of lease

term of existing leases of shops and therefore recognised

the adjustment from lease modification of aproximately

HK$187,000.

The maturity analysis of lease liabilities is set out in Note 24.

、机器及设备（续）

附注：（续）

于损益确认之租赁开支项目之分析载列如

下：

附注：

于截至二零二五年三月三十一日止年度，与

新租赁协议项下应付资本化租赁付款有关之

使用权资产之增加约为5,809,000港元（二零

二四年：15,475,000港元）。

于截至二零二五年三月三十一日止年度，

本集团就延长现有店舖租约的租期订立一

份租赁协议，因此确认租赁修改调整约为

187,000港元。

租赁负债之到期日分析载于附注24。

117Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

14. PROPERTY, PLANT AND EQUIPMENT (Continued)

Notes: (Continued)

(i) Ownership interests in leasehold land and buildings

held for own use

The Group holds ofice buildings in the Mainland China

for its sales of watches busines, where its facilities are

primarily located. The Group is the registered owner

of these property interests, including the whole or part

of undivided share in the underlying land. Lump sum

payments were made upfront to acquire these property

interests from their previous registered owners, and

there are no ongoing payments to be made under the

terms of the land lease, other than payments based

on rateable values set by the relevant government

authorities. These payments vary from time to time and

are payable to the relevant government authorities.

(i) Other properties leased for own use

The Group has obtained the right to use other

properties as its warehouses, retail stores and ofice

through tenancy agrements. The leases typicaly run

for an initial period of two to five years. Lease payments

are usualy increased every one year to reflect market

rentals.

Extension options are included in a number of property

leases acros the Group. These are used to maximise

operational flexibility in terms of managing the asets

used in the Group’s operations. The extension options

held are exercisable only by the Group and not by the

respective lesor. Extension options are only included

in the lease term if the lease is reasonably certain to be

extended.

The Group leased a number of retail stores which

contain variable lease payment terms that are based

on sales generated from the retail stores and minimum

anual lease payment terms that are fixed. These

payment terms are comon in retail stores in the

Mainland China where the Group operates.

(i) Impairment los on right-of-use asets

As at 31st March 2025, the Group’s management

identified an underperforming retail store which

continued to operating at a los and estimated the

recoverable amounts of the related right-of-use asets.

Based on value-in-use estimates, a ful impairment los

of HK$3,036,000 was recognised to reduce the carying

amount of these right-of-use asets to HK$Nil.

、机器及设备（续）

附注：（续）

(i) 持作自用租赁土地及楼宇之拥有权

益

本集团于中国内地持有办公室楼宇进

行销售钟表业务，为其设备之主要所

有地。本集团为该等物业权益（包括相

关土地全部或部分不可分割份额）的注

册拥有人。本集团向前注册拥有人预

付全款以收购物业权益，根据土地租

约的条款毋须持续支付款项，惟有关

政府部门规定的应课差饷租值付款除

外。有关付款可能不时变动，并应付予

有关政府部门。

(i) 持作自用之其他租赁物业

透过租赁协议，本集团已获取使用其

他物业作为其仓库、零售店及办公室

的权利。该等物业之初步租赁期限一

般为二至五年。租赁付款通常每一年

增加以反映市场租金。

延期选择权计入本集团的大多数物业

租赁。于本集团营运所用资产管理方

面，该等延期选择权乃用以尽量扩大营

运灵活性。所持延期选择权仅可由本

集团行使，不可由相关出租人行使。仅

会在可合理确定会延长租赁下，方会

将延长选择权纳入租期中。

本集团租赁多间零售店，包含以零售

店所产生的销售额及最低年度固定租

赁付款条款为基准的可变租赁付款条

款。该等付款条款于本集团经营所在

的中国内地之零售店铺中很常见。

(i) 使用权资产之减值亏损

于二零二五年三月三十一日，本集团管

理层识别出一间表现欠佳的零售店持

续经营亏损，并估计相关使用权资产

的可收回金额。根据使用价值估计，已

确认减值亏损3,036,000港元，以将该

等使用权资产之账面值减至零港元。

338,596
8,483
–
(37,241)
369
310,207

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

15. INVESTMENT PROPERTIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At fair value公允值列值

At the begining of the year于年初361,550

Adition添置10,305

Disposal出售(1,600)

Fair value loses, net公允值亏损，净额(31,731)

Translation diference换算差额72

At the end of the year于年末338,596

As at 31 March 2025, the investment property with a carying

amount of HK$79,593,000 (2024: HK$72,113,000) was under

construction. During the year ended 31 March 2025, capital

expenditure totaling HK$8,483,000 (2024: HK$10,305,000) were

incured for its development.

The Group’s property interests held for rental income purposes

are measured using the fair value model and clasified as

investment properties.

Investment properties are leased out under operating leases.

Lease terms generaly range from two to six years (2024: two to

six years), with renewal options available upon expiry, subject to

renegotiation of terms. None of the leases includes variable lease

payments.

The Group is not exposed to foreign curency risk arising from

the lease arangements, as al leases are denominated in the

functional curencies of the respective group entities. The lease

contracts do not contain residual value guarante or options for

leses to purchase the properties at the end of lease terms.

15. 投资物业

于二零二五年三月三十一日，账面值为79,593,000

港元（二零二四年：72,113,000港元）的投资物业

正在建设中。于截至二零二五年三月三十一日止

年度内，为开发该物业而支出的资本开支合共为

8,483,000港元（二零二四年：10,305,000港元）。

本集团持有作租金收入用途的物业权益乃采用公

允值模式计量，并分类为投资物业。

投资物业以经营租赁出租。租期一般介乎两年至

六年（二零二四年：两年至六年），到期后可选择

续约，惟须重新商讨条款。租赁合约并不包括可变

租赁付款。

由于所有租赁均以集团实体各自的功能货币计值，

故本集团毋须面临该等租赁安排所产生的外币风

险。租赁合约并无包含剩余价值担保或承租人于

租期结束时购买物业的选择权。

119Anual Report 2024/2025年报2024/2025

183,940	–	–	183,940
14,938	–	–	14,938
111,329	–	–	111,329
310,207	–	–	310,207

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

15. INVESTMENT PROPERTIES (Continued)

Notes:

(a) Fair value measurement of investment properties

(i) Fair value hierarchy

The folowing table presents the fair value of the

Group’s investment properties measured at the end of

the reporting period on a recuring basis, categorised

into the thre-level fair value hierarchy as defined

in HKFRS 13, Fair value measurement. The level

into which a fair value measurement is clasified

is determined with reference to the observability

and significance of the inputs used in the valuation

technique as folows:

: Fair value measured using only

Level 1 inputs i.e. unadjusted quoted prices in

active markets for identical asets or liabilities at

the measurement date.

: Fair value measured using

Level 2 inputs i.e. observable inputs which

fail to met Level 1, and not using significant

unobservable inputs. Unobservable inputs are

inputs for which market data are not available.

: Fair value measured using

significant unobservable inputs.

Fair value measurements as at

31st March 2025 categorised into

fair value hierarchy

于二零二五年三月三十一日之

公允值计量分类至公允值架构

Fair value

31st March

2025Level 1Level 2Level 3

于二零二五年

三月三十一日

之公允值第1层级第2层级第3层级

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Recuring fair value经常性公允值

measurement 计量

Investment properties:投资物业：

– Hong Kong－香港

– Switzerland－瑞士

– United Kingdom－英国

（续）

附注：

(a) 投资物业的公允值计量

(i) 公允值架构

下表呈列本集团于报告期末按经常基准

所计量的投资物业公允值。该等物业已

归入《香港财务报告准则》第13号－「公

允值计量」所界定的三个公允值层级。

本集团参照以下估值方法所采用的输入

值的可观察程度和重要性，从而厘定公

允值计量数值所应归属的层级：

：公允值计量只使用

第一级数据，即于计量日根据相

同资产或负债于活跃市场之未经

调整报价。

：公允值计量使用第

二级数据，即可观察数据未能达

到第一级，及并未使用重大不可

观察之数据。不可观察之数据为

其市场数据并不适用之数据。

：公允值计量使用重

大不可观察之数据。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

15. INVESTMENT PROPERTIES (Continued)

(a) Fair value measurement of investment properties (Continued)

(i) Fair value hierarchy (Continued)

Fair value measurements as at

31st March 2024 categorised into

fair value hierarchy

于二零二四年三月三十一日之

公允值计量分类至公允值架构

Fair value

31st March

2024Level 1Level 2Level 3

于二零二四年

三月三十一日

之公允值第1层级第2层级第3层级

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Recuring fair value经常性公允值

measurement 计量

Investment properties:投资物业：

– Hong Kong－香港217,750–217,750

– Switzerland－瑞士14,699–14,699

– United Kingdom－英国106,147–106,147

338,596–338,596

During the years ended 31st March 2025 and 2024,

there were no transfers betwen Level 1 and Level 2, or

transfers into or out of Level 3 of fair value hierarchy.

The Group’s policy is to recognise transfers betwen

levels of fair value hierarchy as at the end of the

reporting period in which they ocur.

Al of the Group’s investment properties were revalued

as at 31st March 2025 and 2024. The valuations

of investment properties located in (i) Hong Kong;

(i) Switzerland; and (i) United Kingdom as at 31st

March 2025 and 2024 were caried out by Cushman

& Wakefield Limited and Royson Valuation Advisory

Limited respectively, the firm of independent

profesional qualified valuers with recent experience in

the location and category of properties being valued.

The Group’s management has discusion with the

valuers on the valuation and reviewed al major inputs

and asumptions, and asesing the reasonablenes

of the valuation results performed by the valuers for

financial reporting purposes when the valuation is

performed at each interim and anual reporting date.

（续）

(a) 投资物业的公允值计量（续）

(i) 公允值架构（续）

于截至二零二五年及二零二四年三月

三十一日止年度，在第一与第二层级之

间并无出现任何公允值转移，亦无任何

公允值转入公允值架构第三层级或自第

三层级转出。本集团的政策是在公允值

层级之间出现转移的报告期末确认有关

变动。

本集团的所有投资物业已于二零二五年

及二零二四年三月三十一日进行重估。

于二零二五年及二零二四年三月三十一

日，位于(i)香港；(i)瑞士；及(i)英国之

投资物业估值工作分别由独立专业合资

格估值师戴德梁行有限公司及汇辰评估

咨询有限公司进行，该等测量师行在重

估物业的所在地点和类别均具近期经

验。本集团管理层与估值师讨论估值事

宜，并审阅所有主要输入数据及假设，

以及于各中期及年度报告日进行估值

时，评估值师为财务报告目的而作出

之估值结果之合理性。

121Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

15. INVESTMENT PROPERTIES (Continued)

(a) Fair value measurement of investment properties (Continued)

(i) Fair value hierarchy (Continued)

In estimating the fair value of the properties, the highest

and best use of the properties is their curent use.

The Group did not change any valuation techniques in

determining the Level 3 fair values.

(i) Valuation techniques and inputs used in fair value

measurements under Level 3 of the fair value hierarchy

Relationship of

Range orunobservable

ValuationKeyweightedinputs to

techniquesunobservable inputsaveragefair value

范围或不可观察数据

估值技术主要不可观察之数据加权平均与公允值关系

Investment properties

located in Hong Kong

位于香港之投资物业

Market comparison

aproach

市场比较法

Premium/(discount)

to transaction price

(to reflect location,

age and maintenance)

交易价格之溢价╱（折让）

（以反映地点、楼龄及保养）

2025: (22)% to 10%

(2024: (16)% to 1%)

二零二五年：

(22)%至10%

（二零二四年：

(16)%至1%）

The higher

the premium to

the transaction

price, the higher

the fair value

交易价格之溢价

愈高，公允值愈高

Investment properties

located in Switzerland

位于瑞士之投资物业

Market comparison

aproach

市场比较法

Premium/(discount)

to transaction price

(to reflect location,

age and maintenance)

交易价格之溢价╱（折让）

（以反映地点、楼龄及保养）

2025: (23)% to 2%

(2024: (10)% to 34%)

二零二五年：

(23)%至2%

（二零二四年：

(10)%至34%）

The higher

the premium to

the transaction

price, the higher

the fair value

交易价格之溢价

愈高，公允值愈高

（续）

(a) 投资物业的公允值计量（续）

(i) 公允值架构（续）

于估计物业的公允值时，物业的最高及

最佳用途为其当前用途。

本集团于厘定第三层级之公允值时并无

变动任何估价方法。

(i) 公允值架构第三层级公允值计量中使

用的估值技术及输入数据

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

Relationship of

Range orunobservable

ValuationKeyweightedinputs to

techniquesunobservable inputsaveragefair value

范围或不可观察数据

估值技术主要不可观察之数据加权平均与公允值关系

Investment properties

located in United

Kingdom

位于英国之投资物业

Market comparison

aproach

市场比较法

Premium/(discount) to

transaction price (to

reflect location, age and

maintenance)

交易价格之溢价╱（折让）

（以反映地点、楼龄及保养）

2025: (14)% to 17%

(2024: (21)% to (10)%)

二零二五年：

(14)%至17%

（二零二四年：

(21)%至(10)%）

The higher

the premium to

the transaction

price, the higher

the fair value

交易价格之溢价

愈高，公允值愈高

Residual method

余值法

Budgeted construction

costs to be incured

2025:

GBP5.5 milion

(2024:

GBP5.2 milion)

二零二五年：

5,500,000英镑

（二零二四年：

5,200,000英镑）

The higher the

budgeted

construction

costs to be

incured,

the lower

the fair value

将予产生之预算建

筑成本愈高，公允

值愈低

将予产生之预算建筑成本

Anticipated developer’s

profit margin

预期发展商利润

2025: 15%

(2024: 15%)

二零二五年：15%

（二零二四年：15%）

The higher the

anticipated

developer’s

profit margins,

the lower the fair

value

预期发展商利润愈

高，公允值愈低

15. INVESTMENT PROPERTIES (Continued)

(a) Fair value measurement of investment properties (Continued)

(i) Valuation techniques and inputs used in fair value

measurements under Level 3 of the fair value hierarchy

(Continued)

（续）

(a) 投资物业的公允值计量（续）

(i) 公允值架构第三层级公允值计量中使

用的估值技术及输入数据（续）

123Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

（续）

(a) 投资物业的公允值计量（续）

(i) 公允值架构第三层级公允值计量中使

用的估值技术及输入数据（续）

位于香港、瑞士及英国之已落成投资

物业之估值乃使用市场比较法进行。

市场比较法乃经参考可供比较物业按

每平方呎或平方米价格基准计算之近

期售价，且已就本集团物业质量之特

定溢价或折让（与近期销售交易比较所

得）作出调整。倘物业质量较佳溢价亦

会较高，将导致计量所得之公允值亦

较高。

位于英国的发展中投资物业采用剩余

法估值。剩余法结合采用市场法、收益

法及成本法，乃根据已落成「总发展价

值」扣除发展成本及发展商回报以得出

发展物业之剩余价值。

投资物业之公允值亏损金额约为

37,241,000港元（二零二四年：

31,731,000港元）于综合损益表内确

认。

(b) 于二零二五年三月三十一日，价值约为

288,509,000港元（二零二四年：316,497,000

港元）的若干投资物业用作银行借贷抵押，详

情载于附注25。

15. INVESTMENT PROPERTIES (Continued)

(a) Fair value measurement of investment properties (Continued)

(i) Valuation techniques and inputs used in fair value

measurements under Level 3 of the fair value hierarchy

(Continued)

The valuations of completed investment properties

located in Hong Kong, Switzerland and United Kingdom

were based on market comparison aproach. Market

comparison aproach is by reference to recent sales

price of comparable properties on a price per square

fet or meter basis, adjusted for a premium or discount

specific to the quality of the Group’s properties

compared to the recent sales. Higher premium for

higher quality properties wil result in a higher fair value

measurement.

The valuation of investment properties under

development located in United Kingdom was based on

residual method. The residual method is a hybrid of the

market aproach, the income aproach and the cost

aproach, and which is based on the completed “gros

development value” and the deduction of development

costs and the developer’s return to arive at the residual

value of the development property.

The fair value loses on investment properties

amounting to aproximately HK$37,241,000 (2024:

HK$31,731,000) are recognised in the consolidated

statement of profit or los.

(b) At 31st March 2025, certain investment properties of

aproximately HK$288,509,000 (2024: HK$316,497,000)

were pledged as securities for bank loans as detailed in Note

25.

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

16. SUBSIDIARIES

The folowing is a list of the principal subsidiaries at 31st March

2025:

Place of

incorporation orPaid upProportion of

establishmentisued ordinaryisued share capital/

or registration/share capital/registered capital

Name of subsidiarybusinesregistered capitalheld by the CompanyPrincipal activities

注册成立或成立实缴已发行普通本公司所持已发行股本╱

附属公司名称或登记地点╱经营地点股本╱注册资本注册资本之比例主要业务

DirectlyIndirectly

直接间接

AC (Overseas) LimitedBritish Virgin IslandsHK$10,000100%–Investment holding

英属处女群岛10,000港元100%–投资控股

Juvenia Montres S.A.SwitzerlandSFr.1,875,000–100%Asembling and

瑞士1,875,000瑞士法郎marketing of gold and

jewelery watches

–100%装配及经销金表及宝石表

冠亚名表城（上海）贸易The People’s RepublicRMB128,403,300–100%Retail and trading

有限公司of China*of watch

中华人民共和国*128,403,300元人民币–100%钟表零售及贸易

冠亚贸易（北京）有限公司The People’s RepublicRMB9,715,200–100%Retail and trading

of China*of watch

中华人民共和国*9,715,200元人民币–100%钟表零售及贸易

Time City (Hong Kong) LimitedHong Kong3,000,000 shares–100%Watch trading

冠亚名表城（香港）有限公司香港3,000,000股–100%钟表贸易

Juvenia (Hong Kong) CompanyHong Kong5,000,000 shares–100%Brand development and

Limitedwatch trading

尊皇（香港）有限公司香港5,000,000股–100%品牌发展及钟表贸易

Acord Watch & JeweleryHong Kong3,500,100 shares–100%Brand development and

(International) Limitedwatch trading

艾卓钟表珠宝（国际）有限公司香港3,500,100股–100%品牌发展及钟表贸易

Wakman Watch (International)Hong Kong20,000,000 shares–100%Brand development and

Company Limitedwatch trading

威克曼国际有限公司香港20,000,000股–100%品牌发展及钟表贸易

Wakman Watch (Shanghai)The People’s RepublicRMB4,000,000–100%Watch trading

Trading Limitedof China*

威刻（上海）钟表贸易有限公司中华人民共和国*4,000,000元人民币–100%钟表贸易

Asia Comercial PropertyBritish Virgin Islands/US$1100%–Property holding and

Holdings LimitedHong Konginvestment

英属处女群岛╱香港1美元100%–物业持有及投资

The Eav’s Group LimitedHong KongHK$2100%–Investment holding

意富仕集团有限公司香港2港元100%–投资控股

The Eav’s Development LimitedHong KongHK$2–100%Property development

and investment

意富仕发展有限公司香港2港元–100%物业发展及投资

’s Republic of China as a

wholy foreign-owned enterprise.

16. 附属公司

以下表列于二零二五年三月三十一日主要附属公

司详情：

125Anual Report 2024/2025年报2024/2025

7,498
3,025
10,523

25,746
75,104
100,850

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

17. EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OTHER

COMPREHENSIVE INCOME/FINANCIAL ASETS AT FAIR

VALUE THROUGH PROFIT OR LOS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial asets at fair value through profit or los按公允值计入损益之金融

– Club debentures (Note (i)－会所债券（附注(i)）7,487

Equity instruments at fair value through other

comprehensive income

按公允值计入其他全面收

权益工具

– unlisted equity securities (Note (i)

－非上市权益证券（附注3,043

10,52310,530

Notes:

(i) The fair value of club debentures in Hong Kong has ben determined

by reference to the bid price quoted in the second hand market.

(i) Unlisted equity securities in the United States represented

investments in Pikesvile Self Storage, LC that were strategic in

nature and was therefore clasified as financial asets at fair value

through other comprehensive income.

18. INVENTORIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Watches钟表

Raw materials原材料31,759

Finished gods制成品73,884

105,643

╱按

公允值计入损益之金融资产

附注：

(i) 香港会所债券之公允值乃参照二手市场上之买价

而厘定。

(i) 美国非上市权益证券指具在Pikesvile Self

Storage, LC的投资，属于策略性投资，故分类为

按公允值计入其他全面收益之金融资产。

18. 存货

474,287
5,448
(2,870)
476,865

52,216

56,203
1,960
–
1,960
9,895
68,058
3,134
64,924
68,058

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

18. INVENTORIES (Continued)

The analysis of the amount of inventories recognised as an

expense and included in the consolidated statement of profit or

los is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Carying amount of inventories sold出售存货之账面值472,438

Write-down of inventories存货撇减7,219

Reversal of write-down of inventories存货撇减拨回(8,619)

Amount of inventories recognised as an expense确认为开支之存货金额471,038

The reversal of inventory write-downs was recognised due to an

increase in the estimated net realisable value, resulting from a

shift in consumer preferences.

Al of the inventories are expected to be recovered within one

year.

19. TRADE AND OTHER RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade receivables, net of los alowance贸易应收账款，扣除亏损拨备

– Third parties－第三方66,351

– Related parties－关连公司3,9874,223

70,574

Other receivables, net of los alowance其他应收账款，扣除亏损拨备

– Third parties－第三方3,429

– Related parties－关连公司603

4,032

Deposits and prepayments按金及预付款项8,091

82,697

Analysed as:分析为：

Non-curent非流动4,306

Curent流动78,391

82,697

（续）

确认为开支并列入综合损益表之存货金额的分析

如下：

由于消费者偏好转变导致估计可变现净值增加，

因此确认了存货撇减拨回。

所有存货预期将于一年内收回。

19. 贸易及其他应收账款

127Anual Report 2024/2025年报2024/2025

52,344
–
42
3,817
56,203

15

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

19. TRADE AND OTHER RECEIVABLES (Continued)

Aging analysis

The Group alows credit period of up to 180 days to its customers.

The aging analysis of the trade receivables at the end of the

reporting period based on invoice date and net of los alowance,

is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Up to 90 days即期至90日66,389

91 to 180 days91至180日2

181 to 365 days181至365日14

Over 365 days365日以上4,169

70,574

20. TRADING SECURITIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Equity securities listed in Hong Kong

at fair value

于香港上市权益证券，按公允值

The fair value of listed equity securities is based on their closing

bid price at the end of the reporting period.

（续）

账龄分析

本集团给予顾客由即期至180日之信贷期。于报告

期末，根据发票日期及扣除亏损拨备之贸易应收

账款之账龄分析如下：

20. 证券买卖

上市权益证券之公允值以报告期末其收市之买入

价为基础。

5,338
173,968
179,306

2,229
25,919
2,861
976
45,929
77,914
2,704
75,210
77,914

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

21. CASH AND BANK BALANCES AND OTHER CASH FLOW

INFORMATION

Cash and bank balances comprise:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Short-term bank deposit, with maturity over 3 months到期日逾三个月之短

银行存款–

Cash and cash equivalents现金及现金等值物164,940

Total cash and bank balances现金及银行结余总额164,940

The Group’s cash and cash equivalents include cash at bank

and on hand of aproximately RMB148,693,000 (equivalent

to aproximately HK$159,166,000) held in the PRC as at 31st

March 2025 (2024: RMB131,905,000 (equivalent to aproximately

HK$142,739,000). The conversion of RMB denominated balance

into foreign curencies and the remitance of such foreign-

curency denominated bank balances and cash out of the PRC

are subject to the relevant foreign exchange control rules and

regulations promulgated by the PRC government.

During the year, cash at banks cary interest at market rates

which range from 0.1% to 2.025% (2024: 0.001% to 2.025%) per

anum. The bank balances are deposited with creditworthy banks

with no recent history of default.

22. TRADE AND OTHER PAYABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade payables贸易应付账款2,462

Other payables and acrued charges其他应付账款及应计费用23,735

Rental received in advance预收租金2,865

Deposits received已收按金872

Other tax payable其他应付税项53,107

83,041

Analysed as:分析为：

Non-curent非流动2,659

Curent流动80,382

83,041

21. 现金及银行结余及其他现金流量资料

现金及银行结余包括：

于二零二五年三月三十一日本集团在中国之

现金及现金等值物包括银行及手头现金约为

148,693,000元人民币（相等于约159,166,000港

元）（二零二四年：131,905,000元人民币（相等于

约142,739,000港元）。人民币计价结余转换至

外币及该等外币计价的银行汇款结余及中国之套

现，受到中国政府颁布有关外汇管理条例及规则

规管。

年内，于银行之现金按市场利率计息，范围介

乎于年息0.1%至2.025%之间（二零二四年：

0.001%至2.025%）。银行结余存放于最近并无违

约纪录之信誉昭著的银行。

22. 贸易及其他应付账款

129Anual Report 2024/2025年报2024/2025

1,157 – – 1,072
2,229

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

22. TRADE AND OTHER PAYABLES (Continued)

Al of the trade and other payables are expected to be setled

or recognised as income within one year or are repayable on

demand.

The aging analysis of trade payables based on date of receipt of

gods as at the end of the reporting period is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Up to 90 days即期至90日1,275

91 to 180 days91至180日–

181 to 365 days181至365日–

Over 365 days365日以上1,187

2,462

23. CONTRACT LIABILITIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Contract liabilities on sales of watches钟表销售之合约负债4361,127

Al of the contract liabilities are expected to be recognised as

income within one year.

During the year ended 31st March 2025, revenue recognised in

curent year of HK$Nil (2024: HK$Nil) was included in the contract

liabilities balance at the begining of the year.

Contract liabilities represent advance receipts from customers

for the sales of watches, which are recognised as revenue upon

satisfaction of related performance obligations. The decrease in

contract liabilities during the year ended 31st March 2025 reflect

the write-of of long-outstanding for which delivery of gods is no

longer required.

（续）

所有贸易及其他应付账款预计于一年内结算或确

认为收入，或按要求偿还。

于报告期末，根据收到货品之日期之贸易应付账

款之账龄分析如下：

23. 合约负债

所有合约负债预期将于一年内确认为收入。

截至二零二五年三月三十一日止年度，于本年度

确认之收入零港元（二零二四年：零港元）已计入

年初之合约负债结余内。

合约负债指就销售钟表向客户收取的预收款项，

于履行相关履约责任后确认为收入。截至二零

二五年三月三十一日止年度的合约负债减少，反

映出不再需要交付货物的长期未偿还款项的撇销。

17,368
13,802
31,170

134,320

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

24. 租赁负债

于二零二五年三月三十一日，应偿还租赁负债载

列如下：

25. 银行借贷

于二零二五年及二零二四年三月三十一日，银行

借贷于一年内到期或按要求偿还。

截至二零二五年及二零二四年三月三十一日止

年度期间，本集团已遵守银行提出的所有财务契

诺。管理层预期，本集团将于报告期间后12个月

内遵守相关贷款协议中的财务契诺。

银行借贷按摊销成本列账。

本集团之银行借贷实际利率（亦等于合约利率）

范围介乎于年息5.23%至5.74%（二零二四年：

6.22%至6.73%）不等。

于二零二五年及二零二四年三月三十一日，有抵

押银行借贷乃由(i)附注31所披露的资产抵押，(i)

由本公司提供之公司担保，(i)由本公司之一间附

属公司（作为贷款借款人）欠集团公司之次级应付

款项及(iv)由若干投资物业租金收入的分配作为抵

押。

24. LEASE LIABILITIES

At 31st March 2025, the lease liabilities were repayable as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 1 year一年内20,955

After 1 year but within 2 years一年后但两年内25,861

46,816

25. BANK LOANS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Bank loans, secured银行借贷，有抵押158,840

As at 31st March 2025 and 2024, the bank loans were due for

repayment within one year or on demand.

During the years ended 31st March 2025 and 2024, the Group

complied al the financial covenants imposed by the banks.

Management expects the Group wil comply the financial

covenants under the relevant loan agrements within 12 months

after the reporting period.

The bank loans are caried at amortised cost.

The efective interest rates (which are also equal to contractual

interest rates) on the Group’s bank loans ranged from 5.23% to

5.74% (2024: 6.22% to 6.73%) per anum.

As at 31st March 2025 and 2024, the secured bank loans were

secured by (i) pledged of asets as disclosed in Note 31, (i)

corporate guarantes given by the Company, (i) subordination

of the payables to the group companies owed by a subsidiary of

the Company as the loan borower and (iv) asignment of rental

income from certain investment properties.

131Anual Report 2024/2025年报2024/2025

(9,877)	–	309	(13,500)	2,361	(20,707)
9,877	(1,237)	928	(510)	(2,361)	6,697
–	(1,237)	1,237	(14,010)	–	(14,010)

–
(14,010)
(14,010)

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

26. DEFERED TAX

(a) Defered tax asets and liabilities recognised:

(i) Movement of each component of defered tax asets

and liabilities

The components of defered tax asets/(liabilities)

recognised in the consolidated statement of financial

position and the movements during the year are as

folows:

Defered tax arising from:以下各项产生之递延税项：

Revaluation

properties

Acelerated tax

depreciationTax loses

Undistributed

profits of PRC

subsidiaries

Write-down

of inventoriesTotal

物业

重新估值

加速税项

折旧税项亏损

中国附属公司

未分派溢利撇减存货总计

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

千港元千港元千港元千港元千港元千港元

At 1st April 2023于二零二三年四月一日(13,367)–309(13,000)2,361(23,697)

Credited/(charged) to profit or los计入╱（扣除）至损益3,490–(500)–2,990

At 31st March 2024于二零二四年三月三十一日(9,877)–309(13,500)2,361(20,707)

At 1st April 2024于二零二四年四月一日

Credited/(charged) to profit or los计入╱（扣除）至损益

At 31st March 2025于二零二五年三月三十一日

(i) For presentation purposes, certain defered tax asets

and liabilities have ben ofset in the consolidated

statement of financial position. The folowing is an

analysis of the defered tax balances of the Group for

financial reporting purposes:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Net defered tax asets recognised in

the consolidated statement of

financial position

于综合财务状况表确认的

递延税项资产净值

2,418

Net defered tax liabilities recognised in

the consolidated statement of

financial position

于综合财务状况表确认的

递延税项负债净值

(23,125)

(20,707)

26. 递延税项

(a) 已确认之递延税项资产及负债：

(i) 递延税项资产及负债之各组成部份之

变动

年内于综合财务状况表中已确认递延

税项资产╱（负债）之组成部份及其变

动如下：

(i) 就列报目的，若干递延税项资产及负

债已于综合财务状况表中抵销。以下

为就财务呈报而言，对本集团递延税

项结余之分析：

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

26. DEFERED TAX (Continued)

(b) Defered tax asets and liabilities not recognised

As at 31 March 2025, the Group has tax loses arising in

Hong Kong totaling aproximately HK$686,120,000 (2024:

HK$647,331,000) which primarily originated prior to the

capital restructuring in 1997. These loses are available for

ofseting against future taxable profits of the respective

companies in which the loses were incured. No defered

tax asets have ben recognised in respect of these tax

loses due to the unpredictability of future taxable profit

streams. Under the curent tax legislation, these tax loses

do not expire.

At 31 March 2025, tax loses of aproximately HK$3,325,000

(2024: HK$2,850,000) arising in the PRC are available for

ofseting against future taxable profits and may be caried

forward for a period of five years in acordance with the

PRC Corporate Income Tax requirements. Tax loses of

aproximately HK$22,478,000 (2024: HK$27,072,000) arising

in Switzerland are available for ofseting against future

taxable profits and may be caried forward for a period of

seven years under Switzerland Profits Tax regulations. No

defered tax asets have ben recognised in respect of these

tax loses due to the unpredictability of future taxable profit

streams.

Pursuant to the PRC Corporate Income Tax Law which tok

efect from 1st January 2008, a 5% or 10% witholding

tax was levied on dividends declared to foreign enterprise

investors from the PRC efective from 1st January 2008. A

lower witholding tax rate may be aplied if there is a tax

treaty arangement betwen the PRC and the jurisdiction

of the foreign enterprise investors. On 22nd February 2008,

Caishui (2008) No. 1 was promulgated by the PRC tax

authorities to specify that dividends declared and remited

out of the PRC from the retained earnings as at 31st

December 2007 determined based on the relevant PRC tax

laws and regulations are exempted from the witholding

tax. As at 31st March 2025, temporary diferences relating

to the undistributed profits of the subsidiaries amounted

to aproximately HK$234,433,000 (2024: HK$216,898,000)

and defered tax liabilities of aproximately HK$14,010,000

(2024: HK$13,500,000) has ben recognised based on the

expected dividends to be distributed in the foreseable

future.

（续）

(b) 未确认之递延税项资产及负债

于二零二五年三月三十一日，本集团自香

港产生之税务亏损合共约为686,120,000港

元（二零二四年：647,331,000港元），主要

于一九七年股本重组前产生，可用于抵销

亏损产生的公司未来应课税溢利。由于未来

应课税溢利流乃不可预计，故并无就该等税

务亏损确认递延税项资产。根据现行税务法

例，税项亏损不会逾期。

于二零二五年三月三十一日，根据中国企业

所得税之要求，于中国产生之税务亏损约

3,325,000港元（二零二四年：2,850,000港

元），可用作抵销未来应课税溢利，并可结

转五年。根据瑞士利得税之规例，于瑞士产

生之税务亏损约22,478,000港元（二零二四

年：27,072,000港元），可用于抵销未来应

课税溢利，并可结转七年。由于未来应课税

溢利流乃不可预计，故并无就该等税务亏损

确认递延税项资产。

根据自二零八年一月一日起生效的中国

企业所得税法，就向外资企业投资者宣派来

自中国的股息征收5%或10%预扣税，自二

零八年一月一日起生效。倘中国与外资

企业投资者所属司法权区之间定有税务优

惠安排则可按较低预扣税率缴税。于二零

零八年二月二十二日，中国税务机关颁布

财税(2008)1号，规定自二零七年十二月

三十一日的保留溢利宣派及汇出中国境外

之股息根据相关中国税务法律法规的厘定

可获豁免预扣税。于二零二五年三月三十一

日，有关附属公司未分派溢利之暂时性差

额约为234,433,000港元（二零二四年：

216,898,000港元），而根据预期将于可见

未来分派之股息确认之递延税项负债约为

14,010,000港元（二零二四年：13,500,000

港元）。

133Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

27. SHARE CAPITAL

Nominal

value per

Number of

sharesAmount

每股面值股份数目金额

HK$’000HK$’000

港元千股千港元

Authorised:法定：

At 31st March 2024, 1st April 2024 and 31st

March 2025

于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0.22,500,000500,000

Isued and fuly paid:已发行及缴足：

At 31st March 2024, 1st April 2024 and 31st

March 2025

于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0.2747,123149,424

27. 股本

234,987
	318	284 909
1,086
	28,873	21,934 4,059
3,933
32,806
(31,720)
203,267
203,267
149,424
53,843
203,267

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

28. STATEMENT OF FINANCIAL POSITION AND MOVEMENT OF

RESERVES OF THE COMPANY

(a) Statement of financial position of the Company

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Non-curent asets非流动资产

Interests in subsidiaries于附属公司之权益

Curent asets流动资产

Other receivables其他应收账款

Cash and cash equivalents现金及现金等值物

Curent liabilities流动负债

Amounts due to subsidiaries应付附属公司款项

Other payables其他应付账款

Net curent liabilities流动负债净额

Total asets les curent liabilities总资产减流动负债

Net asets资产净额

Capital and reserves资本及储备

Share capital股本

Reserves储备

Total equity atributable归属于本公司持有人

to owners of the Company 之总权益

28. 本公司财务状况表及储备变动

(a) 本公司财务状况表

Aproved and authorised for isue by the Board of Directors on 26th June 2025 and signed on its behalf by:

于二零二五年六月二十六日获董事会通过及授权刊发，并由下列董事代表签署：

Eav Feng Ming, Jonathan Eav Guech Rosana

杨峰铭杨玉

Director Director

董事董事

135Anual Report 2024/2025年报2024/2025

	–	7,263		10,734	45,227		63,224
	–	–		–	16,619		16,619
	–	–		–	–		–
16,619
–
	–	–	–		–	(26,000)		(26,000)
	–	7,263		–	10,734	35,846		53,843

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

28. STATEMENT OF FINANCIAL POSITION AND MOVEMENT OF

RESERVES OF THE COMPANY (Continued)

(b) Movement of reserves of the Company

The change in the reserves of the Company during the years

ended 31st March 2025 and 2024 are as folows:

Capital

ShareredemptionContributedRetained

premiumreservesurplusprofitsTotal

股份溢价资本赎回储备缴入盈余保留溢利总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 1st April 2023于二零二三年四月一日–7,26310,73443,90861,905

Profit for the year本年度溢利–36,35936,359

Other comprehensive income其他全面收益–

Total comprehensive income

for the year

本年度全面收益总额

–36,35936,359

Transaction with owners与持有人之交易

Final dividend aproved

and paid (Note 12(b)

已批准及支付之末期

股息（附注12(b)）–(35,040)(35,040)

At 31st March 2024于二零二四年

三月三十一日–7,26310,73445,22763,224

At 1st April 2024于二零二四年四月一

Profit for the year本年度溢利

Other comprehensive income其他全面收益

Total comprehensive income

for the year

本年度全面收益总额

Transaction with owners与持有人之交易

Final dividend aproved

and paid (Note 12(b)

已批准及支付之末

股息（附注12(b)

At 31st March 2025于二零二五年

三月三十一日

(i) Revaluation reserve

The revaluation reserve has ben set up and is

dealt with the revaluation on properties reclasified

to investment properties in acordance with the

acounting policies adopted for leasehold land and

buildings in Note 2(e).

（续）

(b) 本公司储备变动

于截至二零二五年及二零二四年三月三十一

日止年度期间之本公司储备变动如下：

(i) 重估储备

重估储备是为重新分类至投资物业的

物业重新估值所产生，并根据附注2(e)

所载有关租赁土地及楼宇的会计政策

处理。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

28. STATEMENT OF FINANCIAL POSITION AND MOVEMENT OF

RESERVES OF THE COMPANY (Continued)

(i) Exchange reserve

The exchange reserve comprises al foreign exchange

diferences arising from the translation of the financial

statements of foreign operations. The reserve is dealt

with in acordance with the acounting policy set out in

Note 2(v).

(i) Capital reserve

The capital reserve was set up upon debt restructuring

which wil be used for the purpose of repurchase of

isued and fuly paid ordinary share capital.

(iv) Capital redemption reserve

The capital redemption reserve was set up on

repurchases and cancelations of the Company’s own

shares.

(v) Contributed surplus

The contributed surplus of the Group represents the

amount transfered from the capital acount due to

the capital reduction efective on 28th March 2007.

The balance of contributed surplus acount may be

utilised in the future in acordance with the Bye-Laws

and the Companies Act, including distribution to the

shareholders subject to compliance with the relevant

statutory requirements on making distributions in the

Companies Act.

(vi) Investment revaluation reserve

The investment revaluation reserve (non-recycling)

comprises the cumulative net change in the fair value of

equity investments designated at FVOCI under HKFRS

9 that are held at the end of the reporting period (se

Note 2(d).

(vi) Distributability of reserves

In acordance with Section 40 of the Companies

Act, the share premium acount of the Company is

distributable to the shareholders of the Company in the

form of fuly paid bonus shares.

At 31st March 2025, the agregate amount of reserves

available for distribution to owners of the Company was

HK$46,580,000 (2024: HK$55,961,000).

（续）

(i) 汇兑储备

汇兑储备包括换算海外业务财务报表

所产生的所有汇兑差额。该储备根据

附注2(v)所载的会计政策处理。

(i) 股本储备

股本储备于债务重组后设立，将用于

购回已发行及缴足普通股本。

(iv) 资本赎回储备

资本赎回储备为购回及注销本公司自

有股份而设立。

(v) 缴入盈余

本集团之缴入盈余代表因削减股本于

二零七年三月二十八日生效而转拨

自股本账之金额。缴入盈余账之结余可

于日后根据公司细则及公司法动用，

包括向股东作出分派，惟于任何情况

下须遵守公司法有关分派的法定规定。

(vi) 投资重估储备

投资重估储备（不可划转）包括于报告

期末持有根据香港财务报告准则第9号

指定为按公允值计入其他全面收益的

权益投资公允值累计净变动（见附注

2(d)）。

(vi) 可供分配储备

根据公司法第40条，本公司之股份溢

价账可以缴足红利股份形式分配予本

公司股东。

于二零二五年三月三十一日，可供

分配予本公司持有人之储备总额

为46,580,000港元（二零二四年：

55,961,000港元）。

137Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

29. FINANCIAL RISK MANAGEMENT

(a) Financial risk factors

The Group’s activities expose it to a variety of financial

risks: credit risk, liquidity risk and market risk (including

foreign curency risk and interest rate risk). The Group is

also exposed to equity price risk arising from its equity

investments in other entities. These risks are limited by

the Group’s financial management policies and practices

described below. The management manages and monitors

these exposures to ensure apropriate measures are

implemented on a timely and efective maner.

(i) Credit risk

Credit risk is the risk of financial los to the Group if a

customer or counterparty to a financial instrument fails

to met its contractual obligations, and the Group’s

credit risk primarily arises from deposits at banks and

trade and other receivables.

Cash at banks are placed with licensed financial

institutions with high credit ratings. The Group monitors

the exposure to each single financial institution.

For trade and other receivables, credit checks are

part of the normal operating proces and stringent

monitoring procedures are in place to deal with overdue

debts. In adition, the Group reviews the recoverable

amounts of trade and other receivables at the end

of each reporting period to ensure that adequate

impairment loses are made for irecoverable amounts.

The Group reviews the recoverable amount of each

individual debt at the end of the reporting period to

ensure that adequate impairment loses are made for

irecoverable amounts.

The Group has no significant concentration of

credit risk with exposure spread over a number of

counterparties and customers. The maximum exposure

to credit risk is represented by the carying amount

of each financial aset in the statement of financial

position after deducting any impairment alowance.

Normaly, the Group does not obtain colateral from

customers.

The Group measures los alowances for trade

receivables at an amount equal to lifetime ECLs,

which is calculated using a provision matrix. As the

Group’s historical credit los experience does not

indicate significantly diferent los paterns for diferent

customer segments, the los alowance based on past

due status is not further distinguished betwen the

Group’s diferent customer bases.

29. 财务风险管理

(a) 财务风险因素

本集团之业务面对不同之财务风险包括信贷

风险、流动资金风险及市场风险（包括外汇

风险及利率风险）。本集团亦承受来自其他

实体股权投资之股票价格风险。该等风险受

下文所述之本集团财务管理政策及惯例所规

限。管理层监察及管理该等风险以确保适时

及有效地实施适当之措施。

(i) 信贷风险

信贷风险乃本集团的客户或金融工具

之交易对手未能履行其合约责任，而

承受财务亏损之风险，而本集团之信

贷风险主要涉及银行存款及贸易及其

他应收账款。

银行现金存放于高信贷评级之持牌金

融机构。本集团会监察各单一财务机

构之风险。

就贸易及其他应收账款而言，信贷检查

乃正常营运过程之一部份，且有适当之

严格检查程序处理逾期债项。此外，本

集团于每个报告期末评估贸易及其他

应收账款之可收回金额，以确保就无

法收回之款项作出足够减值亏损。

本集团于报告期末审阅各个别债务

的可收回金额，以确保就不可收回的

金额作出足够的减值亏损。

本集团并无任何重大之集中信贷风险，

而风险分散于大量之对手及客户。最高

之信贷风险为财务状况表中各项金融资

产之账面值扣除任何减值拨备。通常情

况下，本集团并无从客户取得抵押品。

本集团采用相当于全期预期信贷亏损

（其使用拨备矩阵计算）的金额计量贸

易应收账款的亏损拨备。由于本集团

的过往信贷亏损经验表明不同客户群

之亏损模式并无显着差异，因此基于

逾期情况厘定的亏损拨备于本集团不

同客户群之间并无显着不同。

0.74%	52,320	389
0.72%	416	3
0%	–	–
60.1%	9,689	5,830
60.1%	62,425	6,222

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

29. FINANCIAL RISK MANAGEMENT (Continued)

(a) Financial risk factors (Continued)

(i) Credit risk (Continued)

The folowing table provides information about the

Group’s exposure to credit risk and ECLs for trade

receivables:

二零二五年

Expected

los rate

Gros

carying

amount

Los

alowance

预期亏损率账面总值亏损拨备

%HK$’000HK$’000

千港元千港元

Curent (not past due)即期（未逾期）

Les than 90 days past due逾期少于90天

91-180 days past due逾期91至180天

Over 180 days past due逾期超过180天

二零二四年

Expected

los rate

Gros

carying

amount

Los

alowance

预期亏损率账面总值亏损拨备

%HK$’000HK$’000

千港元千港元

Curent (not past due)即期（未逾期）0.78%66,844520

Les than 90 days past due逾期少于90天0%65–

91-180 days past due逾期91至180天33.33%31

Over 180 days past due逾期超过180天59.43%10,3106,127

77,2226,648

Expected los rates are based on actual los

experience over the past thre years. These rates

are adjusted to reflect diferences betwen economic

conditions during the period over which the historical

data has ben colected, curent conditions and the

Group’s view of forward-loking economic conditions

over the expected lives of the receivables.

（续）

(a) 财务风险因素（续）

(i) 信贷风险（续）

下表载列有关本集团面临的信贷风险

及贸易应收账款的预期信贷亏损资料：

预期亏损率乃基于过去三年的实际亏

损经验得出。对该等利率进行调整以

反映收集历史数据期间的经济状况、

现况及本集团对应收款项预期可使用

年期间之前瞻经济状况的看法之间

的差异。

139Anual Report 2024/2025年报2024/2025

6,648
47
(473)
6,222

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

29. FINANCIAL RISK MANAGEMENT (Continued)

(a) Financial risk factors (Continued)

(i) Credit risk (Continued)

Movement in the los alowance acount in respect of

trade receivables during the year is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Balance at 1st April于四月一日之结余6,436

Translation diferences换算差额(39)

Impairment loses (reversed)/recognised

during the year

年内减值亏损（拨回

Balance at 31st March于三月三十一日之6,648

Other receivables

For other receivables and deposits, the directors of the

Company make periodic individual asesment on the

recoverability of other receivables and deposits based

on historical setlement records, past experience, and

also quantitative and qualitative information that is

reasonable and suportive forward-loking information.

The directors of the Company believe that there are no

significant increase in credit risk of these amounts since

initial recognition and the Group provided impairment

based on 12-month ECLs. As at 31st March 2025, the

agregate los alowance for other receivables was

aproximately HK$4,595,000 (2024: HK$2,840,000).

(i) Liquidity risk

Liquidity risk is the risk that the Group wil not be able

to met its financial obligations as they fal due. The

Group’s policy is to regularly monitor its curent and

expected liquidity requirements and its compliance with

lending covenants, to ensure that it maintains suficient

reserves of cash and adequate comited lines of

funding from major financial institutions to met its

liquidity requirements in the short and longer term.

（续）

(a) 财务风险因素（续）

(i) 信贷风险（续）

年内有关贸易应收账款之亏损拨备账

变动如下：

其他应收账款

就其他应收账款及按金而言，本公司

董事根据过往结算记录、过往经验、以

及属合理且有根据的前瞻性资料的定

量及定性资料对其他应收账款及按金

之可收回程度作出定期个别评估。本

公司董事认为，自初始确认以来，该等

款项的信贷风险并无显著增加，并且

本集团根据12个月预期信贷亏损计提

减值拨备。于二零二五年三月三十一

日，其他应收账款的亏损拨备合共

约为4,595,000港元（二零二四年：

2,840,000港元）。

(i) 流动资金风险

流动资金风险为本集团将无法履行到

期之财务责任之风险。本集团之政策

为定期监察其现时及预期流动资金需

求及遵守放贷契约之情况，以确保其

维持足够现金储备及获主要金融机构

承诺提供足够之资金，以应付其短期

及较长期之流动资金需求。

28,148	–	–	28,148	28,148
134,939	–	–	134,939	134,320
17,764	14,826	–	32,590	31,170
180,851	14,826	–	195,677	193,638

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

29. FINANCIAL RISK MANAGEMENT (Continued)

(a) Financial risk factors (Continued)

(i) Liquidity risk (Continued)

The folowing table details the remaining contractual

maturities at the end of the reporting period of the

Group’s financial liabilities, which are based on

contractual undiscounted cash flows (including interest

payments computed using contractual rates or, if

floating, based on rates curent at the end of the

reporting period) and the earliest date the Group can be

required to pay.

Specificaly, for loans which contain a repayment on

demand clause which can be exercised at the creditor’s

sole discretion, the analysis shows the cash outflow

based on the earliest period in which the entity can be

required to pay, i.e. if the lenders were to invoke their

unconditional rights to cal the loans with imediate

efect.

二零二五年

WithinMore thanMore thanTotal

1 year1 year but2 years butcontractual

or onles than les than undiscountedCarying

demand2 years5 yearscash flowsamount

于一年内多于一年但多于两年合约未折现

或按要求少于两年但少于五年现金流量总额账面值

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade and other payables贸易及其他应付

Bank loans银行借贷

Lease liabilities租赁负债

（续）

(a) 财务风险因素（续）

(i) 流动资金风险（续）

下表为本集团详述金融负债于报告期

末之余下合约到期日，按合约未贴现

现金流计算（包括以合约利率计算，或

如浮动，则按于报告期末之现行利率

计算之利息付款）及本集团可能需要支

付之最早日期计算。

尤其是，就包含可按债权人全权酌情

行使之按要求偿还条款之贷款而言，

分析显示基于实体可被要求付款（即倘

放债人援引彼等之无条件权利要求即

时偿还贷款）之最早期间之现金流出。

141Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

29. FINANCIAL RISK MANAGEMENT (Continued)

(a) Financial risk factors (Continued)

(i) Liquidity risk (Continued)

二零二四年

WithinMore thanMore thanTotal

1 year1 year but2 years butcontractual

or onles than les than undiscountedCarying

demand2 years5 yearscash flowsamount

于一年内多于一年但多于两年合约未折现

或按要求少于两年但少于五年现金流量总额账面值

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade and other payables贸易及其他应付账款26,197–26,19726,197

Bank loans银行借贷158,840–158,840158,840

Lease liabilities租赁负债21,41828,353–49,77146,816

206,45528,353–234,808231,853

(i) Foreign curency risk

Curency risk arises on financial instruments that are

denominated in a curency other than the functional

curency of the entity to which they relate.

The Group’s exposure to curency risk is insignificant.

(iv) Interest rate risk

Interest rate risk is the risk that the fair value or future

cash flows of a financial instrument wil fluctuate

because of the changes in market interest rate.

The Group is exposed to cash flow interest rate risk in

relation to variable-rate bank loans (Note 25) and fair

value interest rate risk on fixed rate borowings (Note

24).

The Group’s policy is to manage its interest rate risk

to ensure there are no more exposures to significant

interest rate movements and rates are relatively fixed.

The Group does not acount for any fixed rate financial

liabilities at fair value through profit or los, and the

Group does not use derivative financial instruments to

hedge its debt obligations.

（续）

(a) 财务风险因素（续）

(i) 流动资金风险（续）

(i) 外汇风险

货币风险来自金融工具，其以所相关

之实体之功能货币以外之货币列值。

本集团之货币风险微不足道。

(iv) 利率风险

利率风险为一项金融工具的公允值或

未来现金流量将因市场利率改变而波

动所带来的风险。

本集团面对有关可变动利率银行借贷

（附注25）之现金流利率风险及定息借

贷（附注24）之公允值利率风险。

本集团之政策是管理其利率风险以确

保没有重大利率变动之风险承担及利

率相对稳定。本集团并无任何固定利率

金融负债按公允值计入损益，及本集

团并无使用衍生金融工具对冲其债务。

2.48-6.18	31,170
5.23-5.74	134,320
	165,490
	18.83%

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

29. FINANCIAL RISK MANAGEMENT (Continued)

(a) Financial risk factors (Continued)

(iv) Interest rate risk (Continued)

(i) Interest rate profile

The folowing table details the interest rate profile

of the Group’s financial liabilities at the end of the

reporting period:

二零二五年二零二四年

EfectiveEfective

interest ratesinterest rates

实际利率实际利率

%HK$’000%HK$’000

千港元千港元

Fixed rate borowings:定息借贷：

Lease liabilities租赁负债2.48-6.1846,816

Variable rate borowings:浮息借贷：

Bank loans银行借贷6.22-6.73158,840

Total borowings总借贷205,656

Fixed rate borowings as a

percentage of total borowings

定息借贷占总借贷

之百分比22.76%

（续）

(a) 财务风险因素（续）

(iv) 利率风险（续）

(i) 利率概况

下表详述本集团之金融负债于报

告期末之利率概况：

143Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

29. FINANCIAL RISK MANAGEMENT (Continued)

(a) Financial risk factors (Continued)

(iv) Interest rate risk (Continued)

(i) Sensitivity analysis

At 31st March 2025, it is estimated that a

general increase/decrease of 100 basis points

in interest rate, with al other variables held

constant, would decrease/increase the Group’s

profit before taxation for the year and increase/

decrease acumulated loses by aproximately

HK$1,343,000 (2024: HK$1,588,000). This is

mainly atributable to the Group’s exposure to

interest rates on its variable rate bank borowings.

There is no impact of such changes in interest rate

on other components of consolidated equity for

both years.

The sensitivity analysis above has ben

determined asuming that the change in interest

rates had ocured at the begining of the

reporting period and had ben aplied to the

exposure to interest rate risk for variable rate

interest bearing financial instruments in existence

at that date. The 100 basis points increase or

decrease represents management’s asesment of

a reasonably posible change in interest rates over

the period until the next anual reporting date. The

sensitivity analysis included in the consolidated

financial statements for the year ended 31st March

2024 has ben prepared on the same basis.

Sensitivity analysis on bank balances is not

presented as the management of the Group

considers that the Group’s exposure to interest

rate fluctuation is insignificant.

(b) Capital management

The Group’s objectives when managing capital are to

ensure that entities in the Group wil be able to continue

as a going concern while maximising the return to owners

through the optimisation of the debt and equity balance. The

management reviews the capital structure by considering

the cost of capital and the risks asociated with each

clas of capital. In view of this, the Group wil balance its

overal capital structure through the payment of dividends,

new share isues as wel as the isue of new debt or the

redemption of existing debt as it ses fit and apropriate.

（续）

(a) 财务风险因素（续）

(iv) 利率风险（续）

(i) 敏感度分析

于二零二五年三月三十一日，

估计利率变动普遍加╱减100个

基点，而所有其他变数保持之情

况下，将导致本集团年内的税前

溢利减少╱增加及累计亏损增

加╱减少约1,343,000港元（二零

二四年：1,588,000港元）。此乃

主要由于本集团就其浮息银行借

贷面临利率风险。该两个年度利

率变动对综合权益之其他成分均

无影响。

上述敏感度分析之厘定乃假设利

率波动已于报告期初发生，并已

将该变动运用于当日已经存在以

浮动利率计息之金融工具之利率

风险。该100个基点之增加或减

少乃管理层评估直至下一年度报

告期之期间利率合理可能之变

动。包括在截至二零二四年三月

三十一日止年度综合财务报表之

敏感度分析已按相同基准编制。

由于本集团管理层认为本集团所

面对之利率波动风险并不重大，

故并无就银行结余呈列敏感度分

析。

(b) 资本管理

本集团管理资本之目标为确保集团内之实体

将可以继续持续经营，透过优化债项及股本

余额尽量提高给予持有人之回报。透过考虑

资金成本及与每类资本有关之风险，管理层

审阅资本结构。有鉴于此，本集团将以其认

为合适及适当之情况，透过支付股息、发行

新股及发行新债务或赎回现有债项，以平衡

其整体资本结构。

134,320
31,170
165,490
(179,306)
(13,816)
441,968
N/A不适用

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

29. FINANCIAL RISK MANAGEMENT (Continued)

(b) Capital management (Continued)

The Group monitors capital using gearing ratio, which is net

debt divided by the total equity. Net debt is calculated as

bank loans and loans from a director les bank deposits with

maturity over thre months, structured deposit and cash and

cash equivalents as shown in the consolidated statement

of financial position. Total equity comprises al components

of equity. The Group aims to maintain the gearing ratio at

a reasonable level. The gearing ratios as at the end of the

reporting period were as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Bank loans (Note 25)银行借贷（附注25）158,840

Lease liabilities (Note 24)租赁负债（附注24）46,816

205,656

Les: Total cash and bank balances

(Note 21)

扣减：现金及银行结余总额

（附注21）(164,940)

Net (cash) debt（现金）债务净额40,716

Total equity权益总额444,517

Gearing ratio资产负债比率9.16%

The Group is exposed to equity price risk arising from trading

of listed securities clasified as trading securities in the

consolidated statement of financial position. The sensitivity

analysis has ben determined based on the exposure to

equity price risk.

At 31st March 2025, if the quoted market prices of the

trading securities had ben 20% higher or lower while al

other variables were held constant, the Group’s profit before

taxation would increase or decrease by aproximately

HK$3,000 (2024: HK$3,000).

（续）

(b) 资本管理（续）

本集团以资产负债比率（其为净负债除以总

股本权益）监控资金运用。债务净额计算为

银行借贷及董事贷款减到期日逾三个月之银

行存款、结构性存款和现金及现金等值物如

综合财务状况表所示。总权益包括所有权益

部分。本集团旨在保持在一个合理的资产负

债比率水平。于报告期末之资产负债比率如

下：

本集团须承受来自上市证券买卖所产生之股

票价格风险（于综合财务状况表中被分类为

证券买卖）。敏感性分析乃根据所承担之股

票价格风险而决定。

于二零二五年三月三十一日，倘买卖之证券

市场报价上升或下跌20%而其他所有变数维

持不变，本集团之除税前溢利将增加或减少

约3,000港元（二零二四年：3,000港元）。

145Anual Report 2024/2025年报2024/2025

–	–	3,025	3,025
–	7,498	–	7,498
15	–	–	15
15	7,498	3,025	10,538

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

（续）

(d) 公允值计量

公允值架构

下表呈列本集团金融工具之公允值，该等工

具于报告期末按经常性基准计量，并分类为

香港财务报告准则第13号，公允值计量所界

定之三个层级之公允值架构。将公允值计量

分类之层级乃参考以下估值方法所用输入数

据之可观察性及重要性而厘定：

：公允值计量只使用第一

级数据，即于计量日根据相同资产或

负债于活跃市场之未经调整报价。

：公允值计量使用第二级数

据，即可观察数据未能达到第一级，及

并未使用重大不可观察之数据。不可

观察之数据为其市场数据并不适用之

数据。

：公允值计量使用重大不

可观察之数据。

就公允值层级被分为第二级及第三级的金融

工具以及公允值层级被分为第一级的买卖证

券而言，本集团拥有由财务管理人领导之团

队对其进行估值。该团队直接向财务总监和

审核委员会报告。每年的中期和年度报告日

期，该团队会编写有关公允值计量变动分析

的估值报告，并由财务总监审核和批准。财

务总监和审核委员会对估值的过程和结果每

年进行两次讨论，与财务报告日期一致。

29. FINANCIAL RISK MANAGEMENT (Continued)

(d) Fair value measurements

Fair value hierarchy

The folowing table presents the fair value of the Group’s

financial instruments measured at the end of the reporting

period on a recuring basis, categorised into the thre-

level fair value hierarchy as defined in HKFRS 13, Fair value

measurement. The level into which a fair value measurement

is clasified is determined with reference to the observability

and significance of the inputs used in the valuation technique

as folows:

: Fair value measured using only Level

1 inputs, i.e. unadjusted quoted prices in active markets

for identical asets or liabilities at the measurement

date.

: Fair value measured using Level

2 inputs, i.e. observable inputs which fail to met

Level 1, and not using significant unobservable inputs.

Unobservable inputs are inputs for which market data

are not available.

: Fair value measured using

significant unobservable inputs.

The Group has a team headed by the finance manager

performing valuations for the financial instruments, which

are categorised into Level 2 and Level 3 of the fair value

hierarchy, and trading securities which are categorised into

Level 1 of the fair value hierarchy. The team reports directly

to the finance director and the audit comite. A valuation

report with analysis of changes in fair value measurement is

prepared by the team at each interim and anual reporting

date, and is reviewed and aproved by the finance director.

Discusion of the valuation proces and results with the

finance director and the audit comite is held twice a year,

to coincide with the reporting dates.

二零二五年

二零二四年

Fair value measurements categorised into fair value hierarchy

按公允值层级分类之公允值计量

Fair value measurements categorised into fair value hierarchy

按公允值层级分类之公允值计量

Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total

第一级第二级第三级总计第一级第二级第三级总计

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

千港元千港元千港元千港元千港元千港元千港元千港元

Recuring fair value经常性公允值

measurements计量

Asets资产

Unlisted equity

instruments at fair

value through other

comprehensive

income

按公允值计入

其他全面收益

之非上市

权益工具

–3,0433,043

Financial asets at fair

value through profit or

los

按公允值计入

损益之

金融资产–7,487–7,487

Trading securities证券买卖16–16

Total总额167,4873,04310,546

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

29. FINANCIAL RISK MANAGEMENT (Continued)

(d) Fair value measurements (Continued)

Fair value hierarchy (Continued)

During the years ended 31st March 2025 and 2024, there

were no transfers betwen in Level 1 and Level 2, or

transfers into or out of Level 3 of the fair value hierarchy. The

Group’s policy is to recognise transfers betwen levels of fair

value hierarchy as at the end of the reporting period in which

they ocur.

(i) Valuation technique and inputs used in Level 1 fair

value measurement

The fair value of trading securities is based on closing

bid price quoted in an active market at the end of the

reporting period without any deduction for transaction

costs.

(i) Valuation technique and inputs used in Level 2 fair

value measurement

The fair value of financial asets at fair value through

profit or los is determined by reference to the bid price

quoted in the second-hand market at the end of the

reporting period without any deduction for transaction

costs.

(i) Information about Level 3 fair value measurement

Valuation

technique

Significant

unobservable

inputRate

Relationship of

unobservable

input for

fair value

估值技术

重大不可观测

之数据比率

公允值不可观察

输入之数据之关系

Unlisted equity instruments at fair value

through other comprehensive income

Discounted

cash flow

Discount rate11%

(2024: 16%)

The higher the

discount rate, the

lower the fair value

按公允值计入其他全面收益之非上市权益工具折现金流量贴现率11%

（二零二四年：16%）

贴现率愈高，

公允值愈低

The fair value of unlisted equity instruments at fair value

through other comprehensive income is determined using

discounted cash flow valuation techniques. The significant

unobservable input used in the fair value measurement is

the discount rate. The fair value measurement is negatively

corelated to the discount rate. As at 31st March 2025,

it is estimated that with al other variables held constant,

a decrease/increase in discount rate by 1% would have

increased/decreased the Group’s unlisted equity instruments

at fair value through other comprehensive income by

HK$42,000 (2024: HK$35,000).

（续）

(d) 公允值计量（续）

公允值架构（续）

于截至二零二五年及二零二四年三月三十一

日止年度期间，并无第一级及第二级之间的

转移，或转入或转出公允值架构第三级。本

集团之政策为于报告期末发生期间，识别公

允值层级之间的转移。

(i) 第一级公允值计量中使用的估值技术

及输入数据

交易证券的公允值以活跃市场于报告

期末不扣除任何交易成本之收市买入

价为基准。

(i) 第二级公允值计量中使用的估值技术

及输入数据

以公允值计量且其变动计入损益的金

融资产的公允值参考在二手市场不扣

除任何交易成本的买入价报价于报告

期末不扣除任何交易成本之市场报价

而厘定。

(i) 有关第三级公允值计量之资料

按公允值计入其他全面收益之非上市权益

工具的公允值采用折现金流量估值技术

厘定。公允值计量中使用的重大不可观测

之数据为贴现率。公允值计量与贴现率呈负

相关。于二零二五年三月三十一日，在所有

其他变数保持不变的情况下，贴现率每减少

╱增加1%，本集团按公允值计入其他全面

收益之非上市权益工具估计将增加╱减少

42,000港元（二零二四年：35,000港元）。

147Anual Report 2024/2025年报2024/2025

3,043
(18)
3,025

13,727
54
13,781

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

29. FINANCIAL RISK MANAGEMENT (Continued)

(d) Fair value measurements (Continued)

Fair value hierarchy (Continued)

Reconciliation of Level 3 fair value measurement of financial

instruments

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Balance at begining of the year于年初之结余3,054

Translation diferences换算差额(11)

Balance at the end of the year于年末之结余3,043

Any gain or los arising from the remeasurement of the

Group’s unlisted equity instruments at fair value through

other comprehensive income is recognised in the investment

revaluation reserve (non-recycling) in other comprehensive

income. Upon disposal of the equity securities, the amount

acumulated in other comprehensive income is transfered

directly to retained earnings.

The carying amount of the Group’s financial instruments

caried at cost or amortised cost such as bank deposit with

maturity over thre months, cash and cash equivalents,

trade and other receivables, trade and other payables and

bank and other borowings are not materialy diferent from

their fair values as at 31st March 2025 and 2024 because

of the imediate or short term maturity of these financial

instruments.

30. RELATED PARTY TRANSACTIONS AND BALANCES

The Group had the folowing transactions with its related parties

during the year and balances with them at the end of the year:

(a) Key management personel remuneration

Remuneration for key management personel of the Group,

including amounts paid to the Company’s directors and

certain of highest paid individuals as disclosed in Note 10, is

as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Short-term employe benefits短期雇员福利10,151

Post-employment benefits退休后褔利54

10,205

Total remuneration is included in “Employe benefits

expenses (including directors’ emoluments)” (se Note 9(b).

（续）

(d) 公允值计量（续）

公允值架构（续）

按第三级公允值计量之金融工具之对账

本集团按公允值计入其他全面收益之非上市

权益工具所产生的任何收益或亏损，在其他

全面收益的投资重估储备（不可划转）中确

认。出售股本证券时，其他全面收益累计金

额直接转拨至保留溢利。

本集团之金融工具之账面值乃按成本或摊销

成本入账，如到期日逾三个月之银行存款、

现金和现金等值物、贸易及其他应收账款、

贸易及其他应付账款及银行及其他借贷，

其公允值于二零二五年及二零二四年三月

三十一日并无重大不同，概因该等金融工具

即时或短期内到期。

30. 关连人士交易及结余

本集团于年内与其关连人士进行之交易及于年末

与关连人士之结余如下：

(a) 主要管理人员薪酬

本集团主要管理人员薪酬，包括支付予本公

司董事及若干最高薪人士（如附注10所披露）

之金额如下：

酬金总额已计入「雇员福利开支（包括董事酬

金）」（见附注9(b)）。

2,916
(396)

2,787
2,940
5,727

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

30. RELATED PARTY TRANSACTIONS AND BALANCES (Continued)

(b) Other transactions

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Leasing of ofices and warehouses to租赁办公室及仓库予

two (2024: two) related companies 杨仁先生妻子最终拥有

ultimately owned by the wife of 及杨仁先生控制之两间

Mr. Eav Yin and controled by Mr. Eav Yin（二零二四年：两间）

关连公司3,118

Consultancy fe paid to one支付顾问费予杨仁先生

related company ultimately妻子最终拥有及

owned by the wife of Mr. Eav Yin杨仁先生控制之一间

and controled by Mr. Eav Yin关连公司(398)

Notes:

(i) Leasing of ofices and warehouses

During the years ended 31st March 2025, the Group leased

an ofice and warehouse space to two (2024: two) related

companies ultimately owned by the wife of Mr. Eav Yin and

controled by Mr. Eav Yin.

As at 31st March 2025, comitments under operating leases

receivable from the companies over which ultimately owned by

the wife of Mr. Eav Yin and controled by Mr. Eav Yin were as

folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Not later than one year于一年内1,985

Later than one year and 超过一年及不超过五年

not later than five year3,166

5,151

Leases for properties are negotiated for terms ranging from

1.83 to 2.42 years (2024: 0.25 to 2.83 years) and related

comitments are included in Note 34.

(i) Ms. Lam Kim Phung, wife of Mr. Eav Yin, is the administrator/

executor of the estate of Mr. Eav Yin.

（续）

(b) 其他交易

附注：

(i) 租赁办公室及仓库

于截至二零二五年三月三十一日止年度期

间，本集团租赁办公室及仓库用地予杨仁先

生妻子最终拥有及杨仁先生控制的两间（二

零二四年：两间）关连公司。

于二零二五年三月三十一日，根据经营租赁

应收公司（由杨仁先生妻子最终拥有及由杨

仁先生控制之公司）账款的承诺如下：

物业租赁之经磋商期限介乎1.83年至2.42年

（二零二四年：0.25年至2.83年）及相关承诺

载于附注34。

(i) 杨仁先生之妻子林金凤女士为杨仁先生之遗

产管理人╱遗嘱执行人。

149Anual Report 2024/2025年报2024/2025

3,987

433

288,509

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

30. RELATED PARTY TRANSACTIONS AND BALANCES (Continued)

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade and other receivables due from应收杨仁先生妻子

two (2024: four) related companies最终拥有及杨仁先生控

ultimately owned by the 两间（二零二四年：四间

wife of Mr. Eav Yin and controled 关连公司贸易及其他账

by Mr. Eav Yin4,826

Trade and other payables due to 应付杨仁先生妻子最终拥有

two (2024: one) related companies

ultimately owned by the

及杨仁先生控制之两间

关连公司贸易及其他账款

wife of Mr. Eav Yin and controled （二零二四年：一间）

by Mr. Eav Yin431

31. PLEDGE OF ASETS

The asets pledged for certain banking facilities of the Group were

as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Investment properties投资物业316,497

（续）

31. 资产抵押

本集团若干银行信贷抵押资产如下：

3,681

9,997
4,564
14,561

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

32. DEFINED CONTRIBUTION RETIREMENT BENEFITS SCHEME

The Group operates a Mandatory Provident Fund (“MPF”) scheme

for al Hong Kong eligible employes. The asets of the MPF

scheme are held separately from those of the Group in funds

under the control of trustes.

The retirement benefit cost for MPF scheme charged to the

consolidated statement of profit or los represents contributions

payable to the MPF scheme by the Group at rates specified in the

rules of the MPF scheme.

Employes employed in the PRC are members of the state-

sponsored pension scheme operated by the PRC government.

The Group is required to contribute a certain percentage of their

payrol to the pension scheme to fund the benefits. The only

obligation of the Group with respect to the pension scheme is to

make the required contribution under the scheme.

Contributions to the scheme vest imediately, there is no forfeited

contributions that may be used by the Group to reduce the

existing level of contribution.

33. CAPITAL COMITMENTS

Signification capital expenditure contracted for at the end of the

reporting period but not recognised as liabilities is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Contracted for:已订约：

Construction work for properties物业之建筑工程6,900

34. OPERATING LEASE COMITMENTS

The Group as lesor

Undiscounted lease payments receivable on leases are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Not later than one year不超过一年8,306

Later than one year and not

later than five years

超过一年及不超过五年

10,225

18,531

32. 界定退休福利计划供款

本集团为所有香港合资格员工设立一项强制性公

积金（「强积金」）计划。该强积金计划之资产与本

集团之资产分开持有，由受托人以基金方式监管。

从综合损益表中扣除强积金计划的退休福利成

本，相当于本集团按强积金计划规则订明的供款

率支付强积金计划的供款。

在中国受雇之员工乃国家推行之退休计划成员，

该退休金计划由中国政府管理。本集团须按员工

薪金之若干比例，就退休计划作出供款。本集团

在该退休计划中之责任，仅为按计划之规定作出

供款。

计划之供款即时归属，并无没收供款可被本集团

用于减低现有供款的水平。

33. 资本承担

于报告期末已订约但未确认为负债的重大资本开

支载列如下：

34. 经营租赁承担

本集团作为出租人

有关租赁之应收未贴现租赁付款载列如下：

151Anual Report 2024/2025年报2024/2025

158,840	110	46,816	205,766
56,000	–	–	56,000
(80,520)	–	–	(80,520)
–	–	5,809	5,809
–	(7,222)	–	(7,222)
–	–	(20,714)	(20,714)
–	–	(1,923)	(1,923)
–	–	(306)	(306)
–	–	(435)	(435)
–	7,179	1,923	9,102
134,320	67	31,170	165,557

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

35. NOTES TO THE CONSOLIDATED STATEMENTS OF CASH

FLOWS

Reconciliation of liabilities arising from financing activities

The table below details changes in the Group’s liabilities arising

from financing activities, including both cash and non-cash

changes. Liabilities arising from financing activities are those for

which cash flows were, or future cash flows wil be, clasified in

the Group’s consolidated statements of cash flows as cash flows

from financing activities.

Bank

loans

Interest

payable

for

bank loans

Lease

liabilitiesTotal

银行借贷

应付银行

借贷利息租赁负债总计

(Note 25)(Note 24)

（附注25）（附注24）

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1st April 2023于二零二三年四月一日174,36013855,207229,705

Changes in financing cash flow:融资现金流量变动：

Proceds from new bank loan银行新借贷所得款项65,000–65,000

Repayment of bank loans偿还银行借贷(80,520)–(80,520)

New leases entered 新订租约–15,47515,475

Interest paid已付利息–(8,288)–(8,288)

Capital element of lease

liabilities paid

已付租赁负债之资本部分

–(21,221)(21,221)

Interest element of lease

liabilities paid

已付租赁负债之利息部分

–(2,318)(2,318)

Non-cash changes:非现金变动：

Exchange diferences汇兑差额–(2,645)(2,645)

Interest expenses利息开支–8,2602,31810,578

At 31st March 2024于二零二四年三月三十一日158,84011046,816205,766

At 1st April 2024于二零二四年四月一日

Changes in financing cash flow:融资现金流量变动：

Proceds from new bank loan银行新借贷所得款项

Repayment of bank loans偿还银行借贷

New leases entered 新订租约

Interest paid已付利息

Capital element of lease

liabilities paid

已付租赁负债之资本部分

Interest element of lease

liabilities paid

已付租赁负债之利息部分

Non-cash changes:非现金变动：

Exchange diferences汇兑差额

Adjustment from lease

modification

租赁修订调整

Interest expenses利息开支

At 31st March 2025于二零二五年三月三十一日

35. 综合现金流量表附注

因融资活动产生的负债之对账

下表详列本集团因融资活动产生的负债之变动，

包括现金及非现金变动。因融资活动产生的负债

乃现金流量已经或未来现金流量将会在本集团综

合现金流量表内分类为来自融资活动之现金流量

之负债。

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

36. POSIBLE IMPACT OF NEW AND AMENDMENTS TO HKFRS

ISUED BUT NOT YET EFECTIVE FOR THE YEAR ENDED

31ST MARCH 2025

Up to the date of aproval for isue of these consolidated

financial statements, the HKICPA has isued a number of new

and amendments to HKFRS which are not yet efective for the

year ended 31st March 2025 and which have not ben adopted in

these consolidated financial statements, as folows:

Amendments to HKAS 21Lack of Exchangeability

Amendments to HKFRS 9 and

HKFRS 7

Amendments to the Clasification and

Measurement of Financial Instruments

Amendments to HKFRS 9 and

HKFRS 7

Contracts Referencing Nature-dependent

Electricity

Anual Improvements to HKFRS

Acounting Standards 2024

Amendments to HKFRS 1, HKFRS 7, HKFRS 9,

HKFRS 10 and HKAS 7

HKFRS 18 and consequential

amendments to other

HKFRSs

Presentation and Disclosure in Financial

Statements

HKFRS 19Subsidiaries without Public Acountability:

Disclosures

Amendments to HKFRS 10 and

HKAS 28

Sale or Contribution of Asets betwen an

Investor and its Asociate or Joint Venture

Efective for anual periods begining on or after 1st January 2025

Efective for anual periods begining on or after 1st January 2026

Efective for anual periods begining on or after 1st January 2027

Efective for anual periods begining on or after a date to be

determined

Except for the new and amendments to HKFRSs mentioned

below, the directors anticipate that the aplication of other new

and amendments to HKFRSs wil have no material impact on the

consolidated financial statements in the foreseable future.

36. 截至二零二五年三月三十一日止年度已颁布但未

生效之新订及香港财务报告准则修订本可能产生

的影响

截至该等综合财务报表的批准刊发日期，香港

会计师公会已颁布多项于截至二零二五年三月

三十一日止年度尚未生效，且并未于综合财务报

表中采纳的新订及香港财务报告准则修订本如下：

香港会计准则第21号

之修订本

缺乏可兑换性

香港财务报告准则第

9号及香港财务报

告准则第7号之修

订本

金融工具分类及计量之修

订本

香港财务报告准则第

9号及香港财务报

告准则第7号之修

订本

涉及依赖自然能源的电力

的合约

二零二四年香港财务

报告准则会计准则

年度改进

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号之修订本

香港财务报告准则第

18号及其他香港财

务报告准则后续修

订本

财务报表的列示及披露

香港财务报告准则第

19号

非公共受托责任附属公

司：披露

香港财务报告准则第

10号及香港会计准

则第28号之修订本

投资者与其联营公司或合

营企业之间之资产销售

或注资

于二零二五年一月一日或之后开始的年度期间生效

于二零二六年一月一日或之后开始的年度期间生效

于二零二七年一月一日或之后开始的年度期间生效

于待定日期或之后开始的年度期间生效

除下文新订及经修订香港财务报告准则者外，董

事预期应用其他新订及经修订香港财务报告准则

于可见未来将不会对综合财务报表构成重大影响。

153Anual Report 2024/2025年报2024/2025

NOTES TO THE FINANCIAL STATEMENTS

财务报表附注

36. POSIBLE IMPACT OF NEW AND AMENDMENTS TO HKFRS

ISUED BUT NOT YET EFECTIVE FOR THE YEAR ENDED

31ST MARCH 2025 (Continued)

HKFRS 18 Presentation and Disclosure in Financial

Statements and consequential amendments to other HKFRSs

HKFRS 18 replaces HKAS 1 Presentation of Financial Statements

(“HKAS 1”). It caries forward many requirements from HKAS 1

unchanged. HKFRS 18 brings major changes to the statement of

profit or los and notes to the financial statements as folows:

HKFRS 18 requires an entity:

(a) to clasify income and expenses into operating, investing

and financing categories in the statement of profit or los,

plus income taxes and discontinued operations.

(b) to present two new defined subtotals, namely, operating

profit or los and profit or los before financing and income

taxes.

performance measures (“MPM”) and reconciliations betwen

MPM and subtotals listed in HKFRS 18 or totals or subtotals

required by HKFRSs.

(d) it sets out requirements to help an entity determine whether

information about items should be in the primary financial

statements or in the notes and provides principles for

determining the level of detail neded for the information.

HKFRS 18 also set out clasification requirements for foreign

exchange diferences, the gain or los on the net monetary

position, and gains and loses on derivatives and designated

hedging instruments.

In adition, some paragraphs in HKAS 1 have ben moved to

HKAS 8 Basis of Preparation of Financial Statements and HKFRS

7. Minor amendments to HKAS 7 Statement of Cash Flows and

HKAS 33 Earnings per Share are also made.

HKFRS 18 and consequential amendments to other HKFRSs are

efective for anual reporting periods begining on or after 1st

January 2027, with early aplication permited. The aplication

of the new standard is expected to afect the presentation of

the consolidated statement of profit or los and disclosures in

the future consolidated financial statements. The Group is in the

proces of asesing the detailed impact on the consolidated

financial statements.

36. 截至二零二五年三月三十一日止年度已颁布但未

生效之新订及香港财务报告准则修订本可能产生

的影响（续）

香港财务报告准则第18号及其他香港财务报告准

则后续修订本财务报表的列示及披露

香港财务报告准则第18号取代香港会计准则第1

号财务报表的呈列（「香港会计准则第1号」）。其

保留香港会计准则第1号的多项规定，并无变动。

香港财务报告准则第18号对损益表及财务报表附

注产生的重大变动如下：

香港财务报告准则第18号规定实体：

(a) 于损益表中将收入及支出分类为经营、投资

及融资类别，另加所得税及已终止经营业

务。

(b) 呈列两个新界定的小计，即经营损益及融资

及所得税前损益。

的绩效」）及管理界定的绩效与于香港财务报

告准则第18号列明的小计或香港财务报告准

则规定的合计或小计之间的对账。

(d) 其载列协助实体厘定有关项目的资料是否应

于主要财务报表或附注中列示的规定，并提

供厘定有关资料所需详情水平的原则。

香港财务报告准则第18号亦载列外汇差额、货币

性净额状况的收益或亏损以及衍生工具及指定对

冲工具的收益及亏损的分类规定。

此外，香港会计准则第1号的若干段落已移至香港

会计准则第8号编制财务报表的基准及香港财务

报告准则第7号。亦对香港会计准则第7号现金流

量表及香港会计准则第33号每股盈利作出细微修

订。

香港财务报告准则第18号及其他香港财务报告准

则后续修订本于二零二七年一月一日或之后开始

的年度报告期间生效，并允许提前应用。新准则

的应用预计将影响未来综合财务报表中损益表的

呈报和披露。本集团目前正在评估对本集团综合

财务报表的具体影响。

709,373
60,604
(36,140)
24,464
24,465
(1)
24,464
3.27¢港仙

712,977
271,009
441,968
441,973
(5)
441,968

FIVE-YEAR FINANCIAL SUMARY

五年财务摘要

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

RESULTS

Year ended 31st March

截至三月三十一日止年度

二零二一年二零二年二零二三年二零二四年二零二五年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Revenue营业收入1,164,981784,815710,586705,403

Profit before taxation除税前溢利91,469127,82087,20965,094

Income tax所得税(35,710)(44,505)(43,555)(38,893)

Profit for the year年度溢利55,75983,31543,65426,201

Equity atributable to归属于

owners of the Company 本公司持有人之权益58,54283,82143,65226,202

Non-controling interests非控股权益(2,783)(506)2(1)

55,75983,31543,65426,201

Basic earnings per share每股基本盈利7.84¢港仙11.22¢港仙5.84¢港仙3.51¢港仙

ASETS AND LIABILITIES

As at 31st March

于三月三十一日

二零二一年二零二年二零二三年二零二四年二零二五年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Total asets总资产814,730869,878820,984772,605

Total liabilities总负债405,988401,406360,281328,088

Net asets资产净额408,742468,472460,703444,517

Equity atributable to归属于本公司

owners of the Company 持有人之权益413,600468,477460,706444,521

Non-controling interests非控股权益(4,858)(5)(3)(4)

Total equity权益总额408,742468,472460,703444,517

业绩

资产与负债

155Anual Report 2024/2025年报2024/2025

PROPERTIES HELD BY THE GROUP

本集团持有之物业

INVESTMENT PROPERTIES

Name/LocationType

Aproximate

gros flor area

Group’s

interestLease term

名称╱地点种类概约建筑面积本集团之权益租约

Flat A on 16th Flor, Flat E on

14th Flor, 12th Flor and 13th Flor,

Hong Kong Industrial Building,

444-452 Des Voeux Road West, Hong Kong

Industrial

premises

2,430 sq.m.*100%Long-term

Iease

香港德辅道西444-452号

香港工业大厦

16楼A室、14楼E室、12楼及13楼

工业物业2,430平方米*100%长期租赁

Car Parking Space No. 8 on 1st Flor,

Avalon, No. 19 Tai Hang Road, Hong Kong

Car parkingN/A100%Long-term

Iease

香港大坑道19号

雅景轩

1楼8号停车位

停车场不适用100%长期租赁

Part of CH-2304

La-Chaux-de-Fonds, Switzerland

Factory1,457 sq.m.*100%Frehold

瑞士工厂1,457平方米*100%永久业权

CH-2304 La-Chaux-de-Fonds部份

3rd Flor and the Rof thereof,

No. 102 Electric Road,

North Point,

Hong Kong

Residential

building

137 sq.m.*100%Long-term

Iease

香港北角电气道102号

四楼及其中天台

住宅楼宇137平方米*100%长期租赁

91 Holand Park

London W11 3RG,

United Kingdom

Residential

building

3,046 sq.ft.100%Frehold

英国

伦敦W11 3RG，

91 Holand Park

住宅楼宇3,046平方呎100%永久业权

Flat 5A, 107 Quen’s Gate

London SW7 5AG,

United Kingdom

Residential

building

1,710 sq.ft.100%Long-term

Iease

英国

伦敦SW7 5AG，

107 Quen’s Gate, Flat 5A

住宅楼宇1,710平方呎100%长期租赁

* Saleable area

可出售面积

投资物业

CONTENTS

CORPORATE INFORMATION

CORPORATE INFORMATION

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

2023. Ms. Lam is a Cambodian Chinese and has extensive experience

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

2023. Mr. Lai holds a Master Degre of Busines Administration from

2006. He is the chairman of the remuneration comite and also a

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

Notes:

1. Century Hero International Limited is wholy owned by Ms. Lam Kim Phung

2. Chanchaya Truste Holding Corporation is the truste of Eav An Unit

3. Godideal Industrial Limited is 87% owned by Ms. Lam Kim Phung who is a

4. Covenhils Limited is owned equaly by the estate beneficiary of late Mr.

5. Beneficial owner.

6. Truste.

2. Chanchaya Truste Holding Corporation为全权信托

3. Godideal Industrial Limited由林金凤女士拥有87%，

4. Covenhils Limited由已故梁留德先生之遗产受益人

DIRECTORS’ REPORT

DIRECTORS’ REPORT

DIRECTORS’ REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

1. OBJECTIVE

2. NOMINATION CRITERIA

3. NOMINATION PROCES

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

Note :

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

Adres: 3901, 39th Flor, The Hopewel Centre, 183 Quen’s Road

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

Materiality: Material ESG isues are identified during the

Quantitative: Methodologies, asumptions and calculation

Consistency: Consistent methodologies are adopted in the

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

Period: Ful time: 99, Part-time: 15 (2024: Ful time: 102,

Period: Hong Kong: 25, China: 88, Switzerland: 1 (2024:

Period: Male: 16%, Female: 25% (2024: Male: 19%, Female:

Period: <25: 100%, 25 to 45: 20%, >45: 27% (2024: <25:

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

Period: 0 (2024: 0, 2023: 0).

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

Female: 27).

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT

We also:

INDEPENDENT AUDITOR’S REPORT

CONSOLIDATED STATEMENT OF PROFIT OR LOS

Atributable to:归属于：

CONSOLIDATED STATEMENT OF PROFIT

OR LOS AND OTHER COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY