(Incorporated in the Cayman Islands with limited liability) （于开曼群岛注册成立之有限公司） Stock code 股份代号 : 01557 2024/2025 年报 ANNUAL REPORT

年

报

剑虹集团控股有限公司 2024/25 年报1

CORPORATE INFORMATION

公司资料

BOARD OF DIRECTORS

EXECUTIVE DIRECTORS

Mr. Chang Chih-Chia (Chairman)

(apointed on 6 May 2024)

Dr. Huang Yuan (Chairman)

(resigned on 18 April 2024)

Mr. Bu Youjun (resigned on 21 June 2024)

Mr. Yang Xuefeng

Dr. Wang Lei (apointed on 21 June 2024)

INDEPENDENT NON-EXECUTIVE DIRECTORS

Ms. Liu Yixing (apointed on 6 May 2024)

Mr. Liu Xin (resigned on 6 May 2024)

Mr. Feng Zhidong

Mr. Wang Bo (resigned on 21 January 2025)

Ms. Situ Dani (apointed on 17 April 2025)

COMPANY SECRETARY

Ms. Lo Wan Man

AUDIT COMITE

Ms. Liu Yixing (Chairman)

(apointed on 6 May 2024)

Mr. Liu Xin (Chairman)

(resigned on 6 May 2024)

Mr. Feng Zhidong

Mr. Wang Bo (resigned on 21 January 2025)

Ms. Situ Dani (apointed on 17 April 2025)

NOMINATION COMITE

Mr. Chang Chih-Chia (Chairman)

(apointed on 6 May 2024)

Dr. Huang Yuan (Chairman) (resigned on 18 April 2024)

Mr. Liu Xin (resigned on 6 May 2024)

Mr. Wang Bo (resigned on 21 January 2025)

Ms. Liu Yixing (apointed on 6 May 2024)

Ms. Situ Dani (apointed on 17 April 2025)

董事会

执行董事

张致嘉先生（主席）

（于二零二四年五月六日获委任）

黄源博士（主席）

（于二零二四年四月十八日辞任）

卜友军先生（于二零二四年六月

二十一日辞任）

杨学锋先生

王磊博士

柯士甸道西1号

环球贸易广场

86楼01室

核数师

长青（香港）会计师事务所有限公司

主要股份过户登记处

Ocorian Trust (Cayman) Ltd.

Windward 3

Regata Ofice Park

P. O. Box 1350

Grand Cayman

KY1-1108

Cayman Islands

REMUNERATION COMITE

Ms. Liu Yixing (Chairman)

(apointed on 6 May 2024)

Mr. Liu Xin (Chairman)

(resigned on 6 May 2024)

Mr. Feng Zhidong

Mr. Wang Bo (resigned on 21 January 2025)

Ms. Situ Dani (apointed on 17 April 2025)

HEAD OFICE AND PRINCIPAL PLACE OF

BUSINES IN HONG KONG

Unit 01, 86/F

International Comerce Centre

1 Austin Road West

Kowlon

Hong Kong

AUDITOR

McMilan Wods (Hong Kong) CPA Limited

PRINCIPAL SHARE REGISTRAR AND TRANSFER

OFICE

Ocorian Trust (Cayman) Ltd.

Windward 3

Regata Ofice Park

P. O. Box 1350

Grand Cayman

KY1-1108

Cayman Islands

/25 Anual Report4

CORPORATE INFORMATION

公司资料

主要往来银行

中国银行（香港）有限公司

大新银行有限公司

星展银行（香港）有限公司

福建海峡银行股份有限公司

东亚银行有限公司

香港上海汇丰银行有限公司

香港股份过户登记分处

联合证券登记有限公司

香港

北角

英皇道338号

华懋交易广场2期

33楼3301-04室

股份代号

网站

w.kh-holdings.com

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited

Dah Sing Bank, Limited

DBS Bank (Hong Kong) Limited

Fujian Haixia Bank Co., Ltd.

The Bank of East Asia, Limited

The Hongkong and Shanghai Banking Corporation Limited

HONG KONG BRANCH SHARE REGISTRAR AND

TRANSFER OFICE

Union Registrars Limited

Suites 3301-04, 33/F

Two Chinachem Exchange Square

338 King’s Road

North Point

Hong Kong

STOCK CODE

WEBSITE

w.kh-holdings.com

CHAIRMAN’S STATEMENT

主席报告

剑虹集团控股有限公司 2024/25 年报5

Dear shareholders,

PROSPECTS

The Group’s overal revenue decreased by aproximately 26.0%

to aproximately HK$129,580,000 during the year ended 31

March 2025 (the “Year”) (during the year ended 31 March 2024

(the “Comparative Year”): HK$175,174,000). The los and total

comprehensive los during the Year atributable to owners of the

Company amounted to aproximately HK$57,592,000 (during the

Comparative Year: HK$51,560,000).

The Group operated under considerable presure throughout the

Year amid a complex operating environment in the Hong Kong

construction industry. Industry-wide chalenges included persistent

labour shortages, an aging workforce and coling property market.

Externaly, elevated interests rates, continued U.S. trade protectionist

policies and a generaly slugish global economy also have significant

impact on investor sentiment and busines performance. These

conditions significantly constrained project activity and compresed

profit margins, particularly in the Group’s core foundation segment in

Hong Kong. In light of these developments, the Group has prudently

adopted a more conservative aproach by prioritizing liquidity

management, reducing capital expenditures, acelerating recovery

of receivables, and lowering finance costs through disposal of

non-performing asets and repayment of interest-bearing debts.

Despite the implementation of these measures, our Hong Kong

foundation busines continued to record significant loses during the

Year. Folowing a comprehensive strategic review of our operations

and the market outlok, the Board concluded that the long-term

prospects in Hong Kong construction segment remain uncertain.

As such, the Board is actively evaluating a potential divestment of

its foundation busines in Hong Kong and exploring new busines

oportunities in other sectors. This strategic move is aimed at

streamlining operations, reducing exposure to structuraly chalenged

segments, and redeploying capital towards markets with stronger

growth potential.

各位股东：

前景

本集团于截至二零二五年三月三十一日止

年度（「本年度」）的整体收益减少约26.0%

至约129,580,000港元（截至二零二四年

十二月三十一日止年度（「比较年度」）：

175,174,000港元）。本公司拥有人应占本

年度亏损及全面亏损总额约为57,592,000

港元（比较年度：51,560,000港元）。

香港建造业经营环境复杂，本集团于年内

面对相当大的经营压力。全行业所面对的

挑战包括持续的劳工短缺、劳动力老化及

物业市场降温。外围方面，利率上升、持

续的美国贸易保护政策及全球经济普遍疲

弱，亦对投资者情绪及业务表现造成重大

影响。这些情况令项目活动受重大制约及

利润率收窄，尤其是本集团的香港核心地

基类别。有见及此，本集团审慎地采取较

保守的策略，优先管理流动资金、减少资

本开支、加快收回应收款项，并透过出售

不良资产及偿还计息债务以降低融资成本。

尽管实施了上述措施，我们的香港地基业

务于年内仍录得重大亏损。董事会全面检

讨业务营运及市场前景后，认为香港建筑

分部的长远前景仍然不明朗。因此，董事

会正积极评估分拆出售香港地基业务的可

能性，并探索其他领域的新商机。此策略

性行动旨在精简营运、减少业务分部所承

担的结构性挑战，以及将资金重新调配至

增长潜力较强的市场。

/25 Anual Report6

CHAIRMAN’S STATEMENT

主席报告

与此同时，我们在进行策略检讨时发现中

国内地更多具有潜力的商机。内地的基建

活动及政策支持仍然较为强而有力。去年，

本集团完成收购中国内地一间建筑公司，

为扩阔收益基础及提升营运能力迈出重要

一步。在股东资源的投入和支持下，本集

团的建筑业务可望取得新的增长。

为进一步实现多元化，于二零二五年三月

二十一日，本集团完成了对常州永宏集团

100%股权的收购。常州永宏集团拥有一

个年产能为60,000吨的NMP循环综合利用

设施，是本集团于化工及环保领域布局的

重要一步，亦是向化工新材料领域拓展业

务范围、推动业务多元化发展的重要举措。

其危险废物无害化处理及再生资源回收领

域的收入预期将为本集团下一财年的业绩

带来新的增长。

短期而言，本集团采取审慎态度，以应对

持续的宏观经济不确定性及特定行业的挑

战。本集团致力优化营运效率、管理开支，

并继续专注于主要业务分部，以维持稳定

性及使现金流保持韧性。

从较长远的角度来看，本集团将继续把资

源重新分配至内地市场，预期内地市场的

持续基建发展及支持性经济政策将为增长

奠定良好基础。本集团的策略方针将继续

专注于严谨的项目评估、选择性参与市场

及保持运营弹性，目标是巩固我们的市场

地位及实现可持续的股东回报。

本人谨代表董事会借此机会向股东、投资

者及业务合作伙伴一直以来的信任及支持

深表谢意。本人亦谨此衷心感谢各董事同

仁及员工为本集团持续业务发展所作的贡

献及努力。

主席

张致嘉先生

香港，二零二五年六月二十七日

Concurently, our strategic review identified more promising

oportunities in Mainland China. Infrastructure activity and policy

suport on the Mainland remain relatively robust. Last year, the Group

completed the acquisition of a construction company in Mainland

China, marking a significant step in broadening our revenue base and

strengthening our operational capabilities. With the investment and

suport of shareholders resources, the construction busines of the

Group is expected to experience new growth.

Further strengthening our diversification, on 21 March 2025,

the Group completed the acquisition of 100% equity interests

of Changzhou Yonghong Group. Changzhou Yonghong Group

owns an NMP recycling and integrated utilization facilities with an

anual capacity of 60,000 tons, which is an important step for

the Group’s layout in the chemical and environmental protection

sector, as wel as a significant initiative to expand its busines scope

into the new chemical materials sector and promote diversified

busines development. Revenue from the fields of hazardous waste

neutralisation and recycling of renewable resources is expected to

bring new growth to the Group’s performance in the next fiscal year.

In the short term, the Group adopts a cautious stance in response to

continued macroeconomic uncertainty and sector-specific chalenges.

Eforts are concentrated on optimising operational eficiency,

managing expenditures, and maintaining focus on key busines

segments to preserve stability and cash flow resilience.

From a longer-term perspective, the Group wil continue to realocate

resources toward the Mainland market, where sustained infrastructure

development and suportive economic policies are expected to

underpin growth. The Group’s strategic aproach wil remain focused

on disciplined project evaluation, selective market participation, and

operational agility, with the objective of strengthening our market

position and delivering sustainable shareholder returns.

On behalf of the Board, I wish to take this oportunity to expres my

dep gratitude to our shareholders, investors and busines partners

for their continuous trust and suport. I would also like to expres

our sincere apreciation to the felow Directors and staf for their

contribution and dedication to the continuous busines development

of the Group.

Mr. Chang Chih-Chia

Chairman

Hong Kong, 27 June 2025

MANAGEMENT DISCUSION

AND ANALYSIS

管理层讨论及分析

剑虹集团控股有限公司 2024/25 年报7

BUSINES REVIEW

During the year ended 31 March 2025, the Group was principaly

engaged in the provision of foundation and construction services (the

“Foundation and Construction”) and sales of chemical products (the

“Trading”).

FOUNDATION AND CONSTRUCTION SERVICES

There were 3 active projects as at 31 March 2024. As at 31 March

2025, 1 of these projects have ben practicaly completed while the

other 2 projects were discontinued after negotiation with employers.

During the year ended 31 March 2024, 4 new projects have ben

awarded to the Group. As such, there were a total of 4 projects in

progres as at 31 March 2025.

FINANCIAL REVIEW

REVENUE

The Group’s overal revenue decreased by 26.0% from aproximately

HK$175,174,000 during the year ended 31 March 2024 to

aproximately HK$129,580,000 during the year ended 31 March

2025. The decrease in the Group’s overal revenue was mainly

atributable to:

1) a reduction in revenue recognised after the discontinuation of

two large projects during the year ended 31 March 2025;

2) in response to persistent chalenges in the Hong Kong

construction sector, the Group adopt a more selective and

prudent aproach to tendering for new construction contracts,

resulting in les large active projects during the year ended 31

March 2025; and

3) the Group recorded a substantial increase in revenue from the

PRC segment from aproximately HK$3,318,000 for the year

ended 31 March 2024 to aproximately HK$34,157,000 for the

year ended 31 March 2025 which partialy ofset the revenue

decline in the Hong Kong Segment.

业务回顾

截至二零二五年三月三十一日止年度，本

集团主要从事提供地基及建筑服务（「地基

及建筑」）及化工产品销售（「贸易」）。

地基及建筑服务

于二零二四年三月三十一日有3个活跃项

目。于二零二五年三月三十一日，其中1

个项目已实际竣工，而其他2个项目与业

主磋商后已终止。截至二零二四年三月

三十一日止年度，本集团获授4个新项目。

因此，于二零二五年三月三十一日，共有

4个项目仍在进行中。

财务回顾

收益

本集团整体收益由截至二零二四年三月

三十一日止年度约175,174,000港元减少

26.0%至截至二零二五年三月三十一日止

年度的约129,580,000港元。本集团整体收

益减少乃主要由于：

1) 于截至二零二五年三月三十一日止年

度终止两个大型项目后确认之收益减

少；

2）为应对香港建筑业持续面对的挑战，

本集团采取更具选择性及审慎之方式

招标承投新建造合约，导致截至二零

二五年三月三十一日止年度的大型活

跃项目数量较少；及

3）本集团来自中国分部之收益由截至

二零二四年三月三十一日止年度约

3,318,000港元大幅增加至截至二

零二五年三月三十一日止年度的约

34,157,000港元，抵销了香港分部收

益的部分跌幅。

/25 Anual Report8

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

毛损╱毛损率

整体毛损由截至二零二四年三月三十一

日止年度约31,039,000港元增加40.9%至

截至二零二五年三月三十一日止年度约

43,738,000港元。整体毛损率由截至二零

二四年三月三十一日止年度约17.7%增加

至截至二零二五年三月三十一日止年度约

33.8%，该增加主要由于截至二零二五年

三月三十一日止年度，若干项目完工阶段

产生的建筑成本上升。

其他收入

本集团的其他收入由截至二零二四年三

月三十一日止年度约90,925,000港元减少

至截至二零二五年三月三十一日止年度约

5,383,000港元。有关减少乃主要由于截

至二零二四年三月三十一日止年度，本集

团确认根据项目履约担保（定义见综合财

务报表附注8 ）来自前最终控股公司New

Grace Gain Limited（「New Grace Gain」）的

补偿90,000,000港元，而截至二零二五年

三月三十一日止年度则确认5,000,000港元。

行政及其他经营开支

截至二零二五年三月三十一日止年度，

本集团的行政及其他经营开支约为

35,376,000港元，与截至二零二四年三月

三十一日止年度的行政及其他经营开支约

33,584,000港元相当。

GROS LOS/GROS LOS MARGIN

The overal gros los increased by 40.9% from aproximately

HK$31,039,000 during the year ended 31 March 2024 to

aproximately HK$43,738,000 during the year ended 31 March

2025. The overal gros los margin increased from aproximately

17.7% during the year ended 31 March 2024 to aproximately 33.8%

during the year ended 31 March 2025 and such increase was mainly

atributable to: increase in construction costs incured during the

completion stage of certain projects during the year ended 31 March

2025.

OTHER INCOME

The Group’s other income decreased from aproximately

HK$90,925,000 during the year ended 31 March 2024 to

aproximately HK$5,383,000 during the year ended 31 March 2025.

Such decrease was mainly atributable to the Group recognised the

compensation from the former ultimate holding company, New Grace

Gain Limited (“New Grace Gain”) of HK$90,000,000 under the Project

Performance Guarante (as defined in note 8 to the consolidated

financial statements) during the year ended 31 March 2024 as

compared to HK$5,000,000 recognised during the year ended 31

March 2025.

ADMINISTRATIVE AND OTHER OPERATING

EXPENSES

The Group’s administrative and other operating expenses was

aproximately HK$35,376,000 during the year ended 31 March

2025 which is comparable to the administrative and other operating

expenses of aproximately HK$33,584,000 during the year ended 31

March 2024.

剑虹集团控股有限公司 2024/25 年报9

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

就贸易应收款项及合约资产

的预期信贷亏损计提拨备，

扣除减值亏损拨回

贸易应收款项及合约资产的预期信贷亏损

拨备净额由截至二零二四年三月三十一

日止年度约768,000港元增加至截至二零

二五年三月三十一日止年度约2,627,000港

元，乃由于经营环境恶化所致。

撇销合约资产

本集团确认的撇销合约资产由截至二

零二四年三月三十一日止年度的约

65,932,000港元减少至截至二零二五年三

月三十一日止年度的约18,008,000港元。

有关减少乃主要由于若干长期未完成的合

约资产已于截至二零二四年三月三十一日

止年度撇销。

融资成本

本集团的融资成本由截至二零二四年三

月三十一日止年度约9,179,000港元减至

截至二零二五年三月三十一日止年度约

946,000港元。该减少主要是由于向银行

支付之利息由截至二零二四年三月三十一

日止年度约6,154,000港元减至截至二零

二五年三月三十一日止年度约906,000港

元所致。

净亏损

基于上文所述，于截至二零二五年三月

三十一日止年度，本集团录得净亏损约

57,592,000港元（二零二四年：51,560,000

港元）。

PROVISION FOR EXPECTED CREDIT LOS ON

TRADE RECEIVABLES AND CONTRACT ASETS,

NET OF REVERSAL OF IMPAIRMENT LOS

Increase in net provision for ECL on trade receivables and contract

asets from aproximately HK$768,000 during the year ended 31

March 2024 to aproximately HK$2,627,000 during the 31 March

2025 as a result of the deteriorating operating environment.

WRITEN-OF OF CONTRACT ASETS

The Group recognised writen-of of contract asets decreased from

aproximately HK$65,932,000 during the year ended 31 March

2024 to aproximately HK$18,008,000 during the year ended 31

March 2025. Such decrease was mainly atributable to certain long

outstanding contract asets were writen of during the year ended 31

March 2024.

FINANCE COSTS

The Group’s finance costs decreased from aproximately

HK$9,179,000 during the year ended 31 March 2024 to

aproximately HK$946,000 during the year ended 31 March 2025.

Such decrease was mainly atributable to the decrease in interests

payment to banks from aproximately HK$6,154,000 during the year

ended 31 March 2024 to aproximately HK$906,000 during the year

ended 31 March 2025.

NET LOS

As a result of the abovementioned, the Group reported a net los of

aproximately HK$57,592,000 (2024: HK$51,560,000) during the

year ended 31 March 2025.

/25 Anual Report10

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

债务及资产押记

于二零二五年三月三十一日，本集团的

总债务（包括银行借款、租赁负债及其他

借款）约为54,061,000港元（二零二四年：

25,667,000港元）。

于二零二五年三月三十一日，本集团的银

行融资以(i)本集团的物业、机器及设备约

130,342,000港元，以及(i)本集团之使用权

资产约26,375,000港元作抵押。

于二零二四年三月三十一日，本集团的银

行融资以(i)本集团合约资产项下之应收保

固金约18,013,000港元；(i)若干建筑项目

的应收款项权利；(i)本公司一家附属公司

的一名董事签立之个人担保；及(iv)本公司

及本公司一家附属公司签立的公司担保作

抵押。

于二零二五年三月三十一日，并无就履约

保证金签立任何担保。

于二零二四年三月三十一日，履约保证金

之担保约10,158,000港元由(i)本集团之其

他应收款项约2,361,000港元；(i)本公司一

家附属公司的一名董事签立之个人担保；

及(i)本公司及本公司一家附属公司签立之

公司担保作抵押。

此外，根据New Grace Gain与福信企业有

限公司（「福信」）于二零一八年四月二十七

日订立之买卖协议之条款，New Grace

Gain于二零一八年五月二十五日向本公司

提供100,000,000港元之30个月无抵押免

息贷款（「无抵押贷款」）。New Grace Gain

无权要求提前还款及本公司无权提前偿还

无抵押贷款。

DEBTS AND CHARGE ON ASETS

As at 31 March 2025, the total debts of the Group, including bank

borowings, lease liabilities and other borowings is aproximately

HK$54,061,000 (2024: HK$25,667,000).

As at 31 March 2025, the Group’s banking facilities were secured

by (i) the Group’s property, plant and equipment of aproximately

HK$130,342,000 and (i) the Group’s right-of-use asets of

aproximately HK$26,375,000.

As at 31 March 2024, the Group’s banking facilities were secured

by (i) the Group’s retention receivables under contract asets of

aproximately HK$18,013,000; (i) receivable rights from certain

construction projects; (i) a personal guarante executed by a director

of a subsidiary of the Company; and (iv) the corporate guarantes

executed by the Company and a subsidiary of the Company.

As at 31 March 2025, no guarantes in respect of performance bonds

were executed.

As at 31 March 2024, the guarantes on performance bonds

amounting to aproximately HK$10,158,000 are secured by (i) the

Group’s other receivables of aproximately HK$2,361,000; (i) a

personal guarante executed by a director of a subsidiary of the

Company; and (i) corporate guarantes executed by the Company

and a subsidiary of the Company.

Besides, pursuant to the terms of the sales and purchase agrement

entered into betwen New Grace Gain and Blesing Wel Enterprise

Limited (“Blesing Wel”) on 27 April 2018, New Grace Gain provided

an unsecured, interest-fre loan of HK$100,000,000 to the Company

on 25 May 2018 for a term of 30 months (the “Unsecured Loan”).

New Grace Gain shal not be entitled to demand early repayment and

the Company has no right to make early repayment of the Unsecured

Loan.

剑虹集团控股有限公司 2024/25 年报11

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

直至二零二三年三月三十一日，New

Grace Gain与本公司订立七份额外补充协

议（「协议」），将无抵押贷款的还款期延

长。70,000,000港元之无抵押贷款（「70百

万贷款」）由30个月延长至72个月。余下无

抵押贷款30,000,000港元（「30百万贷款」）

由30个月延长至66个月。

截至二零二四年三月三十一日止年度，

New Grace Gain同意解除部分无抵押贷款

90,000,000港元，以根据项目履约担保收

回本集团若干地基项目产生的等额亏损。

于二零二四年三月三十一日，根据项目履

约担保，清算后的无抵押贷款的账面值为

约10,000,000港元，其中约5,000,000港元

可根据项目履约担保进一步抵销任何未来

项目亏损。

截至二零二五年三月三十一日止年度，

New Grace Gain同意进一步解除无抵押贷

款5,000,000港元，以根据项目履约担保收

回本集团若干地基项目产生的等额亏损，

并根据协议的条款偿还余下的贷款结余。

于二零二五年三月三十一日，无抵押贷款

于项目履约担保及还款项下结算后的账面

值为零（二零二四年：10,000,000港元），

其为无抵押、免息及须按要求偿还。

借款以人民币（二零二四年：港元）计值，

而银行借款主要以固定利率（二零二四年：

浮动利率）计息。本集团目前并无任何利

率对冲政策，而本集团会密切留意及持续

谨慎地监察利率风险。

Up to 31 March 2023, New Grace Gain and the Company

have entered into 7 aditional suplemental agrements (the

“Agrements”) to extend the repayment period for the Unsecured

Loan. HK$70,000,000 of the Unsecured Loan (the “70 Milion Loan”)

extended from 30 months to 72 months. The remaining Unsecured

Loan of HK$30,000,000 (the “30 Milion Loan”) extended from 30

months to 66 months.

During the year ended 31 March 2024, New Grace Gain agred

to discharge a portion of the Unsecured Loan amounting to

HK$90,000,000 to recover an equivalent amount of los arising

from certain foundation projects of the Group under the Project

Performance Guarante.

As at 31 March 2024, the carying amount of the unsecured loan

after setlement under the Project Performance Guarante amounted

to aproximately HK$10,000,000, and out of which, amounting to

aproximately HK$5,000,000 can be further ofset against any future

project los under the Project Performance Guarante.

During the year ended 31 March 2025, New Grace Gain agred to

discharge a further HK$5,000,000 of the Unsecured Loan to recover

an equivalent amount of los arising from certain foundation projects

of the Group under the Project Performance Guarante and repaid

the remaining loan balance in acordance with the terms of the

Agrements.

As at 31 March 2025, the carying amount of the Unsecured Loan

after setlement under the Project Performance Guarante and

repayment amounted to Nil (2024: HK$10,000,000) which was

unsecured, interest fre and repayable on demand.

Borowings were denominated in RMB (2024: HK$) and interests on

bank borowings were mainly charged at fixed rates (2024: floating

rate). The Group curently does not have any interest rate hedging

policy while the Group pays vigilant atention to and monitors interest

rate risks continuously and cautiously.

/25 Anual Report12

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

流动资金、财务资源及资本

架构

本集团一般以股东注资以及银行及其他借

款满足自身流动资金及资本需求。

于二零二五年三月三十一日，本集团持有

银行及现金结余为48,481,000港元（二零

二四年：约84,497,000港元）。由于本集

团于二零二五年及二零二四年三月三十一

日录得本公司拥有人应占亏绌，故本集团

于二零二五年及二零二四年三月三十一

日的资产负债比率（定义为借款总额除以

权益总额）并不适用。于二零二五年三月

三十一日，本集团的流动比率为0.4（二零

二四年：0.8）。

截至二零二五年三月三十一日止年度，本

集团并无采用任何作对冲用途的金融工具。

根据一般授权配售新股份

为了加强本公司的财务状况，扩大本公司

的资本基础及筹集额外资金，以方便本集

团业务营运及寻求其他业务发展机会，本

公司与首盛资本集团有限公司于二零二三

年十一月三十日订立配售协议，内容关于

根据一般授权按每股配售股份0.375港元

的配售价配售80,000,000股新普通股（「配

售股份」）予不少于六名独立承配人（「配售

事项」）。配售所得款项净额（扣除配售事

项相关的实际开支）（「所得款项净额」）为

约29.6百万港元。股份于二零二三年十一

月三十日在联交所报的收市价为每股

0.440港元，配售股份的总面值为800,000

港元，净配售价为每股配售股份0.370港元。

LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL

STRUCTURE

The Group normaly mets its liquidity and capital requirements

primarily through capital contributions from the shareholders and bank

and other borowings.

As at 31 March 2025, the Group had bank and cash balances of

HK$48,481,000 (2024: aproximately HK$84,497,000). The gearing

ratio of the Group as at 31 March 2025 and 2024 (defined as the

total borowings divided by total equity) was not aplicable since the

Group recorded a deficit atributable to owners of the Company as at

31 March 2025 and 2024. As at 31 March 2025, the curent ratio of

the Group was 0.4 (2024: 0.8).

During the year ended 31 March 2025, the Group did not employ any

financial instruments for hedging purpose.

PLACING OF NEW SHARES UNDER GENERAL

MANDATE

In order to strengthen the Company’s financial position by broadening

the Company’s capital base and raise aditional funds to facilitate the

Group’s busines operations and sek other busines development

oportunities, the Company and Alpha Financial Group Limited

entered into a placing agrement on 30 November 2023 regarding

the placing of 80,000,000 new ordinary Shares (the “Placing Shares”)

to not les than six independent places under the general mandate

at a placing price of HK$0.375 per Placing Share (the “Placing”). The

net proceds (after deducting the actual expenses relating to the

Placing) (the “Net Proceds”) from the Placing was aproximately

HK$29.6 milion. The closing price of the Shares as quoted on the

Stock Exchange on 30 November 2023 was HK$0.440 per Share, the

agregate nominal value of the Placing Shares was HK$800,000, and

the net placing price was HK$0.370 per Placing Share.

剑虹集团控股有限公司 2024/25 年报13

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

所得款项用途

由于东亚银行有限公司（「呈请人」）于二零

二四年六月二十一日向香港特别行政区高

等法院提交针对本公司及本公司全资附属

公司剑虹地基有限公司的清盘呈请，董事

会已决定优先偿还结欠呈请人逾期未偿还

之债务，因此，本公司已对所得款项净额

之用途作出调整。

经考虑上述理由后，董事会已于二零二四

年九月三十日议决对未动用所得款项净额

之用途作出变更。

于二零二五年三月三十一日，所得款项净

额已动用如下：

于本年报日期，董事并不知悉有任何情况

会导致未动用所得款项净额的拟定用途出

现重大变动。

USE OF PROCEDS

In view of the winding-up petition dated 21 June 2024 filed by The

Bank of East Asia, Limited (the “Petitioner”) at the High Court of

the Hong Kong Special Administrative Region against the Company

and K. H. Foundations Limited, a wholy-owned subsidiary of the

Company, the Board has decided to prioritise the repayment of debts

owed to the Petitioner which were overdue, and as a result, the

Company has made adjustments to the use of the Net Proceds.

After considering the reasons set out above, the Board has resolved

on 30 September 2024 to change the use of the unutilised Net

Proceds.

As at 31 March 2025, the Net Proceds had ben utilised as folows:

Balance

available

as at

1 April

Utilisation

from 1 April

2024 to

imediately

before the

realocation

Unutilised

Net Proceds

imediately

before the

realocation

Revised

alocation

of the

unutilised

Net Proceds

Utilisation

since the

realocation

31 March

Unutilised

Net Proceds

as at

31 March

于二零二四年

四月一日的

可用余额

自二零二四年

四月一日至

紧接重新分配

前动用款项

紧接重新分配

前的未动用

所得款项净额

未动用所得

款项净额的

经修订分配

自重新分配至

二零二五年

三月三十一日

动用款项

于二零二五年

三月三十一日

的未动用所得

款项净额

HK$ milionHK$ milionHK$ milionHK$ milionHK$ milionHK$ milion

百万港元百万港元百万港元百万港元百万港元百万港元

Busines development

oportunities, i.e. to develop

and extend the Group’s

construction busines

业务发展机会，即发展及

扩展本集团的

建筑业务

9.6–9.6–

General working capital一般营运资金14.80.814.011.16.84.3

Repayment of bank borowings偿还银行借款–12.512.5–

Total总计24.40.823.623.619.34.3

As at the date of this anual report, the Directors are not aware of any

circumstances which wil lead to a material change to the intended

use of the unutilised Net Proceds.

/25 Anual Report14

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

外汇风险

由于除以人民币（「人民币」）计值的结余

外，本集团大部分业务交易、资产及负债

主要以本集团实体的功能货币港元计值，

故本集团面对的外汇风险极低。本集团目

前并无就外币交易、资产及负债制订任何

外币对冲政策。本集团密切监察其外汇风

险，并将于有需要时考虑对冲重大外汇风

险。

于二零二五年三月三十一日，倘港元兑人

民币升值5%而所有其他变量保持不变，

则截至二零二五年三月三十一日止年度的

综合除税后亏损将减少约1,297,000港元

（二零二四年：2,197,000港元），主要源

自以人民币计值之银行结余的汇兑收益净

额。倘港元兑人民币贬值5%而所有其他

变量保持不变，则该年度的综合除税后亏

损将增加约1,297,000港元（二零二四年：

2,197,000港元），主要是由于以人民币计

值的银行结余的汇兑亏损所致。

重大投资、重大收购或出售

除综合财务报表附注17、18及35所披露者

外，截至二零二五年三月三十一日止年度，

本集团并无任何其他重大投资、重大收购

或出售。

于二零二五年三月三十一日及截至本年报

日期，董事会并无授权任何重大投资、重

大收购或出售之正式计划。

FOREIGN EXCHANGE EXPOSURE

The Group has minimal exposure to foreign curency risk, as except

for Renminbi (“RMB”) denominated balances, most of its busines

transactions, asets and liabilities are principaly denominated in HK$,

the functional curencies of the Group’s entities. The Group curently

does not have a foreign curency hedging policy in respect of foreign

curency transactions, asets and liabilities. The Group monitors its

foreign curency exposure closely and wil consider hedging significant

foreign curency exposure should the ned arise.

As at 31 March 2025, if HK$ had strengthened 5 percent against the

RMB with al other variables held constant, consolidated los after tax

for the year ended 31 March 2025 would have ben aproximately

HK$1,297,000 (2024: HK$2,197,000) lower, arising mainly as a result

of the net foreign exchange gain on bank balances denominated in

RMB. If Hong Kong Dolar had weakened 5 percent against RMB

with al other variables held constant, the consolidated los after tax

for the year would have ben aproximately HK$1,297,000 (2024:

HK$2,197,000) higher, arising mainly as a result of the foreign

exchange los on bank balances denominated in RMB.

SIGNIFICANT INVESTMENTS, MATERIAL

ACQUISITIONS OR DISPOSALS

Save as those disclosed in notes 17, 18 and 35 to the consolidated

financial statements, the Group did not have any other significant

investments, material acquisitions or disposals during the year ended

31 March 2025.

There was no formal plan authorised by the Board for any significant

investments, material acquisitions or disposals as at 31 March 2025

and up to the date of this anual report.

剑虹集团控股有限公司 2024/25 年报15

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

雇员及薪酬政策

于二零二五年三月三十一日，本集团拥有

63名雇员（二零二四年：81名雇员）。本集

团大多数雇员为中华人民共和国（「中国」）

（二零二四年：香港）的建筑工人。本集团

雇员的薪酬政策及待遇会定期检讨。除强

制性公积金及内部培训计划外，本集团可

根据个人表现评估上调雇员薪酬及授予

酌情花红。截至二零二五年三月三十一日

止年度内，本集团产生的员工成本总额约

32,928,000港元（二零二四年：39,575,000

港元）。

EMPLOYES AND REMUNERATION POLICY

As at 31 March 2025, the Group had 63 employes (2024: 81

employes). Most of the Group’s employes are construction workers

in the People’s Republic of China (“PRC”) (2024: Hong Kong).

The remuneration policy and package of the Group’s employes

are periodicaly reviewed. Apart from the Mandatory Provident

Fund and in-house training programes, salary increments and

discretionary bonuses may be awarded to the employes acording

to the asesment of individual performance. The total staf costs

incured by the Group during the year ended 31 March 2025 were

aproximately HK$32,928,000 (2024: HK$39,575,000).

CORPORATE GOVERNANCE REPORT

企业管治报告

/25 Anual Report16

CORPORATE GOVERNANCE PRACTICES

To create a long term value for the interests of the shareholders of

the Company (the “Shareholders”) is the Board’s main objective. As

such, the Board is highly comited to achieving a high standard

of corporate governance and striving to maintain the management

practices in a transparent and responsible way. The Board reviews

and improves the Group’s corporate governance practices and

busines ethics on an ongoing basis.

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

anual report, save as disclosed in the folowing paragraph, the

Company has complied with al the code provisions, where aplicable,

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

Apendix 14 to the Rules Governing the Listing of Securities on the

Stock Exchange (the “Listing Rules”).

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

chairman of the board and the chief executive (“CE”) should be

separate and should not be performed by the same individual.

Dr. Huang Yuan and Mr. Chang Chih-Chia is the Chairman of the

Board on or before 18 April 2024 and on or after 6 May 2024

respectively. There is not a post of the CE in the Company. The

responsibilities of the Chairman of the Board and the CE of the

Company are curently taken up by the Chairman of the Board and

the other members of the Board. The Board wil continuously review

and improve the corporate governance practices and standards of

the Group to ensure that busines activities and decision-making

proceses are regulated in a proper and prudent maner.

企业管治常规

为本公司股东（「股东」）利益创造长期价值

为董事会的主要目标。因此，董事会致力

实现高水平的企业管治，并努力保持透明

及负责的管理常规。董事会持续检讨及改

善本集团的企业管治常规及商业操守。

截至二零二五年三月三十一日止年度及截

至本年报日期，除以下段落所披露者外，

本公司已遵守联交所证券上市规则（「上市

规则」）附录十四所载企业管治守则（「企业

管治守则」）的所有守则条文（如适用）。

根据企业管治守则守则条文第C.2.1条，董

事会主席及行政总裁（「行政总裁」）的角色

应有所区分且不应由同一人士担任。

黄源博士及张致嘉先生分别于二零二四年

四月十八日或之前及二零二四年五月六日

或之后担任董事会主席。本公司并无行政

总裁职位。本公司董事会主席及行政总裁

之职责现由董事会主席及董事会其他成员

担任。董事会将持续审阅及完善本集团企

业管治常规及准则，以确保业务活动及决

策过程按照适当及审慎方式规范。

剑虹集团控股有限公司 2024/25 年报17

CORPORATE GOVERNANCE REPORT

企业管治报告

不遵守上市规则

王波先生于二零二五年一月二十一日辞任

独立非执行董事后，本公司未能遵守(i)上

市规则第3.10(1)条，即上市发行人的董事

会应包括至少三名独立非执行董事；(i)上

市规则第3.21条，即审核委员会应至少由

三名成员组成；及(i)上市规则第3.27A条，

即提名委员会应由大多数独立非执行董事

组成。

于二零二五年四月十七日委任司徒丹妮女

士为独立非执行董事及审核委员会、薪酬

委员会及提名委员会成员后，已遵守上市

规则第3.10(1)条、第3.21条及第3.27A条。

董事进行的证券交易

本公司已采纳上市规则附录十所载上市发

行人董事进行证券交易的标准守则（「标准

守则」），作为董事进行本公司证券交易之

行为守则。经本公司作出具体查询后，全

体董事确认，彼等于截至二零二五年三月

三十一日止年度一直遵守标准守则所载的

规定准则。

董事会

职责

董事会之职责为领导及监控本集团，以及

监察本集团之业务、决策及表现。董事会

已将本集团之日常管理及营运的权力及责

任转授予高级管理层。此外，董事会亦成

立董事委员会并已向该等董事委员会授予

载于其各自职权范围内之各项职责。

NON-COMPLIANCE WITH THE LISTING RULES

Folowing the resignation of Mr. Wang Bo as the independent

non-executive Directors on 21 January 2025, the Company is not

able to comply with (i) Rules 3.10(1) of the Listing Rules, the board of

a listed isuer should include at least thre independent non-executive

directors; (i) Rule 3.21 of the Listing Rules, the Audit Comite

should comprise of a minimum of thre members; and (i) Rule 3.27A

of the Listing Rules, the Nomination Comite should comprise a

majority of independent non-executive directors.

Rule 3.10(1), Rule 3.21 and Rule 3.27A of the Listing Rules has

ben complied folowing the apointment of Ms. Situ Dani as the

independent non-executive director and as a member of each of

the Audit Comite, the Remuneration Comite and Nomination

Comite on 17 April 2025.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities

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

out in Apendix 10 to the Listing Rules as its own code of conduct

for dealing in securities of the Company by the Directors. Al the

Directors have confirmed, folowing specific enquiry by the Company,

their compliance with the required standard set out in the Model Code

throughout the year ended 31 March 2025.

THE BOARD

RESPONSIBILITIES

The Board is responsible for the leadership and control of the Group,

and overses the Group’s busineses, strategic decisions and

performance. The Board has delegated to the senior management

the authority and responsibility for the day-to-day management and

operation of the Group. Besides, the Board has established Board

comites and has delegated to these Board comites various

responsibilities as set out in their respective terms of reference.

/25 Anual Report18

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会亦负责履行本集团之企业管治职能，

并将相关职能适时指派其他董事委员会，

即薪酬委员会（「薪酬委员会」）、提名委员

会（「提名委员会」）及审核委员会（「审核委

员会」）（统称「董事委员会」）。

本公司已作出适当投保安排，就其董事及

高级管理层因从事公司业务而面临之法律

诉讼，为董事及高级人员之责任投保。

组成

董事会现由六名成员组成，包括三名执行

董事及三名独立非执行董事。董事会组成

及董事履历详情分别载于本年报第2至3页

「公司资料」一节及本年报第56至62页「董

事及高级管理层履历」一节。

董事会具备同一行业或与管理本集团业务

相关之技能、经验及专业知识，为本公司

带来相关技能及经验之良好平衡。独立非

执行董事亦就评估本集团之发展、表现及

风险管理提供彼等之独立专业判断。

董事会多元化政策

本公司已采纳董事会多元化政策，董事会

多元化考虑多方面因素，如性别、年龄、

文化及教育背景、种族、专业经验、技术、

知识及服务任期。董事会成员一律按用人

唯才原则获委任，而在考虑人选时会以各

种客观标准充分顾及董事会多元化的裨益。

The Board is also responsible for performing corporate governance

duties of the Group and wil asign relevant functions to other board

comites, namely the remuneration comite (the “Remuneration

Comite”), the nomination comite (the “Nomination Comite”)

and the audit comite (the “Audit Comite”) (colectively, the

“Board Comites”) as and when apropriate.

The Company has aranged for apropriate insurance cover for

Directors’ and oficers’ liabilities in respect of legal actions against its

Directors and senior management arising out of corporate activities.

COMPOSITION

The Board curently comprises six members, consisting of thre

Executive Directors and thre Independent Non-executive Directors.

Details of the composition of the Board and biographies of the

Directors are set out on pages 2 and 3 of this anual report in

the section of “Corporate Information” and on pages 56 to 62 of

this anual report in the section of “Profile of Directors and Senior

Management”, respectively.

The Board poseses the skils, experience and expertise either in the

same industry or relevant to the management of the busines of the

Group which brings a god balance of relevant skils and experience

to the Company. The Independent Non-executive Directors also

provide their independent profesional judgments on the asesment

of the development, performance and risk management of the Group.

BOARD DIVERSITY POLICY

The Company has adopted a Board Diversity Policy of which

the diversity of the Board is considered in terms of factors such

as gender, age, cultural and educational background, ethnicity,

profesional experience, skils, knowledge and length of service.

Al Board apointments are based on merit, and candidates are

considered against various objective criteria, with due regard to the

benefits of diversity of the Board.

剑虹集团控股有限公司 2024/25 年报19

CORPORATE GOVERNANCE REPORT

企业管治报告

于本年报日期，董事会由六名董事组成。

下表说明截至本年报日期董事会成员的多

元化：

可计量目标及甄选

本公司目前有两名女性董事，为达致董事

会性别多元化之目标，董事会将确保经参

照持份者的期望以及国际及当地推荐的最

佳做法后取得适当的多元性别平衡，从而

实现带领董事会走向性别均等的最终目标。

董事会亦期望于本集团核心市场拥有直接

经验并来自不同种族背景的董事占有适当

的比例，从而反映本集团的策略。

As at the date of this anual report, the Board comprises six

Directors. The folowing tables ilustrate the diversity of the board

members as of the date of this anual report:

Age Group

年龄组别

31 to 4041 to 50

Name of Directors董事姓名31岁至40岁41岁至50岁

Mr. Chang Chih-Chia (Chairman)张致嘉先生（主席）✓

Dr. Wang Lei王磊博士✓

Mr. Yang Xuefeng杨学锋先生✓

Mr. Feng Zhidong冯志东先生✓

Ms. Liu Yixing刘艺星女士✓

Ms. Situ Dani司徒丹妮女士✓

Profesional Experience

专业经验

Information

technology/

computing

enginering

Banking and

finance

Acounting

and law

Investment

consultancy

and

acounting

Name of Directors董事姓名

信息技术╱

电脑工程银行及融资会计及法律投资咨询及会计

Mr. Chang Chih-Chia (Chairman)张致嘉先生（主席）✓

Dr. Wang Lei王磊博士✓

Mr. Yang Xuefeng杨学锋先生✓

Mr. Feng Zhidong冯志东先生✓

Ms. Liu Yixing刘艺星女士✓

Ms. Situ Dani司徒丹妮女士✓

Measurable Objectives and Selection

The Company curently has two female Director. To achieve the

aim of gender diversity of the Board. The Board wil ensure that

apropriate balance of gender diversity is achieved with reference to

stakeholders’ expectation and international and local recomended

best practices, with the ultimate goal of bringing the Board to gender

parity. The Board also aspires to having an apropriate proportion of

Directors who have direct experience in the Group’s core markets,

with diferent ethnic backgrounds, and reflecting the Group’s strategy.

/25 Anual Report20

CORPORATE GOVERNANCE REPORT

企业管治报告

有关本集团性别比例的详情连同相关数据

载于本公司截至二零二五年三月三十一日

止年度的环境、社会及管治报告。

实施及监控

提名委员会将监察董事会多元化政策的实

施情况，并每年向董事会汇报。

会议及出席情况

截至二零二五年三月三十一日止年度，个

别董事会成员于不同会议之出席情况及有

关会议之举行次数载列如下：

1. 于二零二四年五月六日获委任

2. 于二零二四年四月十八日辞任

3. 于二零二四年六月二十一日辞任

4. 于二零二四年六月二十一日获委任

5. 于二零二四年五月六日辞任

6. 于二零二五年一月二十一日辞任

7. 于二零二四年五月六日获委任

8. 于二零二五年四月十七日获委任

Details on the gender ratio of the Group together with relevant data

can be found in the ESG Report of the Company for the year ended

31 March 2025.

Implementation and Monitoring

The Nomination Comite wil monitor the implementation of the

Board Diversity Policy and report to the Board anualy.

METINGS AND ATENDANCE

The atendance of individual members of the Board at various

metings during the year ended 31 March 2025, as wel as the

number of such metings held, are set out below:

Number of metings atended/held

出席╱举行之会议数目

Board

Meting

Audit

Comite

Meting

Nomination

Comite

Meting

Remuneration

Comite

Meting

Anual

General

Meting

Extraordinary

General

Meting

董事会议

审核委员会

会议

提名委员会

会议

薪酬委员会

会议

股东周年

大会

股东特别

大会

Executive Directors执行董事

Mr. Chang Chih-Chia

(1)

张致嘉先生

(1)

7/8N/A不适用1/1N/A不适用1/11/1

Dr. Huang Yuan

(2)

黄源博士

(2)

N/A不适用N/A不适用N/A不适用N/A不适用N/A不适用N/A不适用

Mr. Bu Youjun

(3)

卜友军先生

(3)

1/8N/A不适用N/A不适用N/A不适用N/A不适用N/A不适用

Mr. Yang Xuefeng杨学锋先生8/8N/A不适用N/A不适用N/A不适用1/11/1

Dr. Wang Lei

(4)

王磊博士

(4)

7/8N/A不适用N/A不适用N/A不适用1/11/1

Independent Non-executive

Directors

独立非执行董事

Mr. Liu Xin

(5)

刘昕先生

(5)

1/8N/A不适用N/A不适用N/A不适用N/A不适用N/A不适用

Mr. Feng Zhidong冯志东先生8/82/2N/A不适用1/11/11/1

Mr. Wang Bo

(6)

王波先生

(6)

8/82/21/11/11/1N/A不适用

Ms. Liu Yixing

(7)

刘艺星女士

(7)

7/82/21/11/11/11/1

Ms. Situ Dani

(8)

司徒丹妮女士

(8)

N/A不适用N/A不适用N/A不适用N/A不适用N/A不适用N/A不适用

1. Apointed on 6 May 2024

2. Resigned on 18 April 2024

3. Resigned on 21 June 2024

4. Apointed on 21 June 2024

5. Resigned on 6 May 2024

6. Resigned on 21 January 2025

7. Apointed on 6 May 2024

8. Apointed on 17 April 2025

剑虹集团控股有限公司 2024/25 年报21

CORPORATE GOVERNANCE REPORT

企业管治报告

关系

董事会成员之间概无任何关系（包括财务、

业务、家属或其他重大╱相关系）。

独立非执行董事

截至二零二五年三月三十一日止年度，本

公司已就委任独立非执行董事遵守上市规

则第3.10(1)及(2)条以及第3.10A条。

根据上市规则的规定，本公司已获各独立

非执行董事发出书面确认，确认其独立于

本公司。故根据上市规则第3.13条所载之

独立性指引，本公司认为，所有独立非执

行董事均为独立人士。

董事就任及发展

截至二零二五年三月三十一日止年度，董

事亦按照彼等自身的喜好参与研讨会，作

为企业管治及合规之持续专业培训。

董事持续专业发展

各董事将获全面、正式及度身订造的就职

安排，借此确保彼等了解本集团的业务及

运作，以及充分知悉上市规则及相关监管

规定下的职责及责任。

董事获告知法定及监管制度的最新发展以

及商业市场的变动，从而协助彼等履行上

市规则及相关法定规定下的职责及责任。

本公司会于认为必要时持续为董事安排简

报会及专业发展活动。

RELATIONSHIP

None of the members of the Board has any relationship (including

financial, busines, family or other material/relevant relationships)

betwen each other.

INDEPENDENT NON-EXECUTIVE DIRECTORS

The Company has complied with Rules 3.10(1) and (2), and Rule

3.10A of the Listing Rules during the year ended 31 March 2025

regarding apointment of Independent Non-executive Directors.

Pursuant to the requirements of the Listing Rules, the Company

has received writen confirmation from each of the Independent

Non-executive Directors confirming his independence from the

Company, and considers al of the Independent Non-executive

Directors to be independent in acordance with the independence

guidelines as set out in Rule 3.13 of the Listing Rules.

DIRECTORS’ INDUCTION AND DEVELOPMENT

During the year ended 31 March 2025, Directors participated

in seminars acording to their own preferences as continuing

profesional trainings for corporate governance and compliance

purposes.

CONTINUOUS PROFESIONAL DEVELOPMENT OF

DIRECTORS

Each Director receives a comprehensive, formal and tailored

induction package to ensure that he understands the busines and

operations of the Group and is suficiently aware of his responsibility

and obligation under the Listing Rules and relevant regulatory

requirements.

The Directors are kept informed on the developments of the statutory

and regulatory regime, and the changes in the busines markets so

as to facilitate them to fulfil their responsibilities and obligations under

the Listing Rules and relevant statutory requirements. Continuing

briefings and profesional development for Directors wil be aranged

by the Company when considered necesary.

/25 Anual Report22

CORPORATE GOVERNANCE REPORT

企业管治报告

截至二零二五年三月三十一日止年度，根

据董事提供的记录，各董事于年内接受的

个别培训记录概要如下：

1. 于二零二四年四月十八日辞任

2. 于二零二四年六月二十一日辞任

3. 于二零二四年五月六日辞任

4. 于二零二五年一月二十一日辞任

张致嘉先生、王磊博士及刘艺星女士已于

二零二四年五月六日取得上市规则第3.09D

条所述法律意见。司徒丹妮女士已于二零

二五年四月十五日取得上市规则第3.09D

条所述法律意见。张致嘉先生、王磊博士、

刘艺星女士及司徒丹妮女士均确认知悉彼

等作为本公司董事的职责。

主席

张致嘉先生为董事会主席，负责监督本集

团的全面管理，包括日常营运、业务发展

及策略计划。彼确保所有董事均获提供董

事会议所讨论事项的有关资料，且及时

获得充足及完整可靠的资料。

During the year ended 31 March 2025, acording to the records

provided by the Directors, the individual training record of each

Director received for the year is sumarised below:

Atending training

courses/seminars/

reading materials

relevant to the

director’s duties

出席与董事职责

有关的培训课程╱

研讨会╱阅读材料

Mr. Chang Chih-Chia张致嘉先生✓

Dr. Huang Yuan

(1)

黄源博士

(1)

N/A 不适用

Mr. Bu Youjun

(2)

卜友军先生

(2)

N/A 不适用

Dr. Wang Lei王磊博士✓

Mr. Yang Xuefeng杨学锋先生✓

Mr. Liu Xin

(3)

刘昕先生

(3)

N/A 不适用

Mr. Feng Zhidong冯志东先生✓

Mr. Wang Bo

(4)

王波先生

(4)

N/A 不适用

Ms. Liu Yixing刘艺星女士✓

Ms. Situ Dani司徒丹妮女士✓

1. Resigned on 18 April 2024

2. Resigned on 21 June 2024

3. Resigned on 6 May 2024

4. Resigned on 21 January 2025

Mr. Chang Chih-Chia, Dr. Wang Lei and Ms. Liu Yixing obtained the

legal advice refered to in Rule 3.09D of the Listing Rules on 6 May

2024. Ms. Situ Dani obtained the legal advice refered to in Rule

3.09D of the Listing Rules on 15 April 2025. Each of Mr. Chang Chih-

Chia, Dr. Wang Lei, Ms. Liu Yixing and Ms. Situ Dani has confirmed

that he/she understand his/her obligations as a director of the

Company.

CHAIRMAN

Mr. Chang Chih-Chia is the chairman of the Board who is responsible

for overseing the overal management of the Group, including the

daily operations, busines development and strategic planing. He

ensures that al the Directors are properly briefed on isues raised

during Board metings and receive adequate, complete and reliable

information in a timely maner.

剑虹集团控股有限公司 2024/25 年报23

CORPORATE GOVERNANCE REPORT

企业管治报告

董事委员会

董事会已成立董事委员会，监察本公司事

务特定范畴，并协助其履行职责。该等委

员会各自订有特定的书面职权范围，当中

清晰界定各委员会的权力及职务。

各委员会须向董事会汇报其决策或建议，

惟已受任何法律或监管限制则除外。

审核委员会

审核委员会主要负责(a)委任及续聘本公

司核数师；(b)审阅本公司之财务资料；(c)

监管本公司之财务报告制度、风险管理及

内部监控制度；及(d)评估本集团之企业管

治职能。审核委员会职权范围之完整版

本可于联交所网页及本公司网页w.kh-

holdings.com查阅。

审核委员会现时由三名独立非执行董事组

成，包括刘艺星女士（审核委员会主席）、

冯志东先生及司徒丹妮女士。审核委员会

的全体成员均具备所需的合适专业资格或

会计或相关财务管理专业知识。

截至二零二五年三月三十一日止年度，审

核委员会曾举行两次委员会议。

截至二零二五年三月三十一日止

年度之工作概要

审核委员会曾与核数师长青（香港）会计师

事务所有限公司举行一次会议（并无执行

董事列席），以讨论及审阅本集团截至二

零二四年三月三十一日止年度之业绩，并

向董事会建议审批。审核委员会亦举行另

一次会议（并无执行董事列席），以讨论及

审阅本集团截至二零二四年九月三十日止

六个月之业绩，并向董事会建议审批。

BOARD COMITES

The Board has established Board Comites to overse specific

aspects of the Company’s afairs and help it in the execution of

its responsibilities. Specific writen terms of reference of these

comites clearly outline each comite’s authority and duty.

Each comite is required to report back to the Board its decisions

or recomendations, unles there are any legal or regulatory

restrictions imposed on it.

AUDIT COMITE

The Audit Comite is mainly responsible for (a) the apointment and

re-apointment of Company’s auditor; (b) reviewing the Company’s

financial information; (c) overseing the Company’s financial reporting

system, risk management and internal control systems; and (d)

asesing the Group’s corporate governance functions. The ful

version of the terms of reference of the Audit Comite is available

on the Stock Exchange’s website and the Company’s website at

w.kh-holdings.com.

The Audit Comite is curently made up of thre Independent

Non-executive Directors, including Ms. Liu Yixing (chairman of the

Audit Comite), Mr. Feng Zhidong and Ms. Situ Dani. Al members

of the Audit Comite poses the apropriate profesional

qualifications or acounting or related financial management expertise

as required.

The Audit Comite held 2 comite metings during the year

ended 31 March 2025.

SUMARY OF WORK DURING THE YEAR ENDED

31 MARCH 2025

The Audit Comite held one meting with the Auditor, McMilan

Wods (Hong Kong) CPA Limited, (without the presence of the

Executive Directors) to discus and review the Group’s results for the

year ended 31 March 2024 and recomended the same to the Board

for aproval. The Audit Comite also held another meting (without

the presence of the Executive Directors) to discus and review the

Group’s results for the six months ended 30 September 2024 and

recomended the same to the Board for aproval.

/25 Anual Report24

CORPORATE GOVERNANCE REPORT

企业管治报告

除上述者外，审核委员会亦已审阅本集团

持续关连交易（根据上市规则第14A.76(1)

条获全面豁免遵守独立股东批准、年度审

阅及所有披露规定）之条款，并审阅及讨

论本集团风险管理及内部监控职能及其成

效、审核委员会现有之职权范围及本集团

之整体企业管治职能。

提名委员会

提名委员会主要负责(a)至少每年检讨董事

会的架构、人数及组成（包括技能、知识

及经验方面），并就对补充本公司的企业

策略的任何建议变动向董事会提出建议；(b)

物色具备合适资格可担任董事会成员的人

士，并挑选提名有关人士出任董事或就此

向董事会提供意见；(c)评估独立非执行董

事的独立性；及(d)就董事委任或重新委任

以及董事（尤其是董事会主席及行政总裁）

继任计划的有关事宜向董事会提出建议。

提名委员会职权范围之完整版本可于联交

所网页及本公司网页w.kh-holdings.com

查阅。

提名委员会现时由三名成员组成，包括张

致嘉先生（提名委员会主席）、司徒丹妮女

士及刘艺星女士。

提名委员会于截至二零二五年三月三十一

日止年度曾举行一次委员会议。

提名委员会曾举行一次委员会议，以检

讨及考虑董事会组成、独立非执行董事之

独立性及提名委员会现有之职权范围。

Other than the above, the Audit Comite has also reviewed the

terms of the Group’s continuing conected transactions that are

fuly exempted from independent Shareholders’ aproval, anual

review and al disclosure requirements pursuant to Rule 14A.76(1)

of the Listing Rules, and reviewed and discused the Group’s risk

management and internal control function and its efectivenes, the

existing terms of reference of the Audit Comite and the Group’s

overal corporate governance functions.

NOMINATION COMITE

The Nomination Comite is mainly responsible for (a) reviewing

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

and experience) of the Board at least anualy and making

recomendations on any proposed changes to the Board to

complement the Company’s corporate strategy; (b) identifying

individuals suitably qualified to become Board members and

selecting or making recomendations to the Board on the selection

of individuals nominated for directorships; (c) asesing the

independence of the Independent Non-executive Directors; and

(d) making recomendations to the Board on the apointment or

reapointment of the Directors and sucesion planing for Directors

in particular the Chairman of the Board and the Chief Executive. The

ful version of the terms of reference of the Nomination Comite

is available on the Stock Exchange’s website and the Company’s

website at w.kh-holdings.com.

The Nomination Comite is curently made up of thre members

including Mr. Chang Chih-Chia (chairman of the Nomination

Comite), Ms. Situ Dani and Ms. Liu Yixing.

The Nomination Comite held 1 comite meting during the year

ended 31 March 2025.

The Nomination Comite held 1 comite meting to review

and consider the composition of the Board, the independence of

the Independent Non-executive Directors and the existing terms of

reference of the Nomination Comite.

剑虹集团控股有限公司 2024/25 年报25

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会提名政策

本公司已就提名委员会采纳董事会提名政

策，以供考虑及向股东推荐于股东大会上

选举为董事或委任为董事以填补临时空缺。

甄选标准

于评估建议候选人适合与否时，提名委员

会将使用下列因素作为参考：

(2) 于本集团所从事业务方面的成就及经

验；

，包括但不限于种

族、性别、年龄（18岁或以上）、教育

背景、专业经验、技能及服务年限；

，包括与本公司业务及企业策略

相关的专业资格、技能、知识及经验；

(6) 现有董事人数及其他可能需要候选人

关注的承担；

(7) 上市规则关于董事会须设有独立非执

行董事的规定，及候选人参照上市规

则第3.13条所载的独立性指引是否属

独立人士；

(8) 本公司的董事会多元化政策及提名委

员会为达到董事会多元化而采纳的任

何可计量目标；及

BOARD NOMINATION POLICY

The Company has adopted a Board Nomination Policy for the

Nomination Comite to consider and make recomendations to

Shareholders for election as Directors at general metings or apoint

as Directors to fil casual vacancies.

Selection Criteria

The factors listed below would be used as reference by the

Nomination Comite in asesing the suitability of a proposed

candidate:

;

(2) acomplishment and experience in the busines in which the

Group is engaged in;

;

, including but not limited to race,

gender, age (18 years or above), educational background,

profesional experience, skils and length of service;

, skils,

knowledge and experience that are relevant to the Company’s

busines and corporate strategy;

(6) the number of existing directorships and other comitments

that may demand the atention of the candidate;

(7) requirement for the Board to have Independent Non-executive

Directors in acordance with the Listing Rules and whether the

candidates would be considered independent with reference to

the independence guidelines set out in Rules 3.13 of the Listing

Rules;

(8) Board Diversity Policy of the Company and any measurable

objectives adopted by the Nomination Comite for achieving

diversity on the Board; and

’s busines.

/25 Anual Report26

CORPORATE GOVERNANCE REPORT

企业管治报告

董事提名程序

在本公司组织章程细则及上市规则条文的

规限下，如董事会认定需要新增董事或高

级管理人员，则须遵循以下程序：

╱或董事会将根据甄选

标准所载标准确定潜在候选人（可能

在外部机构及╱或顾问协助下进行）；

╱或本公司的公司秘书

其后将向董事会提供候选人个人履历

详情，及候选人与本公司及╱或董事

之间关系的详情、所担任董事职务、

技能与经验，投入大量时间的其他职

位，及上市规则、开曼群岛公司法及

其他监管规定董事会任命任何候选人

须提供的其他详情；

(3) 提名委员会其后将就建议候选人及委

任的条款及条件向董事会提出推荐建

议；

(4) 提名委员会应确保建议候选人将能加

强董事会的多元化，尤其要关注性别

平衡；

，提名委

员会及╱或董事会应获取有关建议董

事的所有资料，使董事会根据上市规

则第3.13条（经联交所可能不时作出

的任何修订）所载因素充分评估董事

的独立性；及

(6) 董事会其后将根据提名委员会的推荐

建议进行商讨并决定是否委任。

Director Nomination Procedure

Subject to the provisions in the Articles of Asociation of the

Company and the Listing Rules, if the Board recognises the ned

for an aditional Director or a member of senior management, the

folowing procedure wil be folowed:

/or Board wil identify potential

candidates based on the criteria as set out in the selection

criteria, posibly with asistance from external agencies and/ or

advisors;

/or the Company Secretary of

the Company wil then provide the Board with the biographical

details and details of the relationship betwen the candidate

and the Company and/or Directors, directorships held, skils

and experience, other positions which involve significant time

comitment and any other particulars required by the Listing

Rules, the Companies Act of the Cayman Islands and other

regulatory requirements for any candidate for apointment to

the Board;

(3) The Nomination Comite would then make recomendation

to the Board on the proposed candidate(s) and the terms and

conditions of the apointment;

(4) The Nomination Comite should ensure that the proposed

candidate(s) wil enhance the diversity of the Board, being

particularly mindful of gender balance;

(5) In the case of the apointment of an Independent Nonexecutive

Director, the Nomination Comite and/or the Board should

obtain al information in relation to the proposed Director to

alow the Board to adequately ases the independence of the

Director in acordance with the factors set out in Rules 3.13 of

the Listing Rules, subject to any amendments as may be made

by the Stock Exchange from time to time; and

(6) The Board wil then deliberate and decide on the apointment

based upon the recomendation of the Nomination Comite.

剑虹集团控股有限公司 2024/25 年报27

CORPORATE GOVERNANCE REPORT

企业管治报告

薪酬委员会

薪酬委员会主要负责(a)就本公司全体董事

及高级管理层的薪酬政策及架构，及就设

立正规而具透明度的程序制订薪酬政策，

向董事会提出建议；(b)因应董事会的企业

方针及目标检讨及批准管理层的薪酬建议；

(c)厘定及向董事会建议，考虑及批准全体

董事及高级管理层的薪酬待遇及有关丧失

或终止职务及解雇或罢免董事之赔偿安排；

及(d)独立厘定薪酬。薪酬委员会职权范围

之完整版本可于联交所网页及本公司网页

w.kh-holdings.com 查阅。

薪酬委员会现时由三名成员组成，包括刘

艺星女士（薪酬委员会主席）、冯志东先生

及司徒丹妮女士。

薪酬委员会曾于截至二零二五年三月

三十一日止年度举行一次委员会议。

截至二零二五年三月三十一日止

年度之工作概要

薪酬委员会曾举行一次委员会议，独立

检讨及批准全体董事及高级管理层之薪酬

待遇及架构以及薪酬委员会之职权范围。

本集团五位最高薪酬人士及董事酬金详情

载于综合财务报表附注13及14。

REMUNERATION COMITE

The Remuneration Comite is mainly responsible for (a) making

recomendations to the Board on the Company’s policy and the

structure for al the Directors’ and senior management’s remuneration

and on the establishment of a formal and transparent procedure

for developing remuneration policy; (b) reviewing and aproving

the management’s remuneration proposals with reference to the

Board’s corporate goals and objectives; (c) determining, making

recomendations to the Board, considering and aproving the

remuneration package of al the Directors and senior management

and the compensation arangements relating to los or termination

of ofice and dismisal or removal of the Directors; and (d) deciding

the remunerations with independence. The ful version of the terms of

reference of the Remuneration Comite is available on the Stock

Exchange’s website and the Company’s website at w.kh-holdings.

com.

The Remuneration Comite is curently made up of thre members

including Ms. Liu Yixing (chairman of the Remuneration Comite),

Mr. Feng Zhidong and Ms. Situ Dani.

The Remuneration Comite held 1 comite meting during the

year ended 31 March 2025.

SUMARY OF WORK DURING THE YEAR ENDED

31 MARCH 2025

The Remuneration Comite held 1 comite meting to review

and aprove the remuneration package and structure of al the

Directors and senior management independently and the terms of

reference of the Remuneration Comite.

Details of the five highest paid individuals in the Group and the

Directors’ emoluments are set out in notes 13 and 14 to the

consolidated financial statements.

/25 Anual Report28

CORPORATE GOVERNANCE REPORT

企业管治报告

高级管理层薪酬

根据企业管治守则之守则条文第E.1.5条，

截至二零二五年三月三十一日止年度向高

级管理层成员支付之薪酬范围载列如下：

企业管治职能

董事会透过审核委员会负责执行企业管治

职能，及相应检讨及监察董事及高级管理

层之培训及持续专业发展，以及确保其政

策及常规符合相关法例及监管规定等。截

至二零二五年三月三十一日止年度，董事

会已检讨本公司企业管治政策及常规。

核数师薪酬

截至二零二五年三月三十一日止年度，核

数师长青（香港）会计师事务所有限公司就

提供核数服务收取880,000港元。

SENIOR MANAGEMENT’S REMUNERATION

Pursuant to code provision E.1.5 of the CG Code, the remuneration

paid to the members of the senior management by band during the

year ended 31 March 2025 is set out below:

Number of

person(s)

Remuneration bands (HK$)薪酬范围（港元）人数

Below 1,000,000低于1,000,0007

Over 2,000,000高于2,000,0001

CORPORATE GOVERNANCE FUNCTION

The Board, through the Audit Comite, is responsible for performing

the corporate governance functions, and it acordingly reviews

and monitors the training and continuing profesional development

of Directors and the senior management, and ensures its policies

and practices in compliance with relevant laws and regulatory

requirements. During the year ended 31 March 2025, the Board

has reviewed the Company’s policies and practices on corporate

governance.

AUDITOR’S REMUNERATION

During the year ended 31 March 2025, the auditor, McMilan Wods

(Hong Kong) CPA Limited, received HK$880,000 for provision of audit

service.

剑虹集团控股有限公司 2024/25 年报29

CORPORATE GOVERNANCE REPORT

企业管治报告

董事及核数师就财务报表须

承担之责任

全体董事确认彼等须就编制本集团综合财

务报表承担责任。

核数师长青（香港）会计师事务所有限公司

就本集团综合财务报表所作之申报责任声

明载于本年报第74至84页之独立核数师报

告内。

概无任何事件或情况之重大不明朗因素会

对本公司持续经营之能力构成重大不确定

影响。

风险管理及内部监控

就企业管治守则之守则条文第D.2.5条而

言，本公司应设有内部审核（「内部审核职

能」）。尽管本公司于截至二零二五年三月

三十一日止年度并无设立独立内部审核部

门，由于本公司认为由执行董事及高级管

理层进行密切定期监察及对本集团之重大

营运周期维持内部监控指引及程序，可提

供充足有效内部监控及风险管理职能，故

董事会已实施充足的措施，从本集团不同

方面履行内部审核职能。

本公司已额外聘用外部专业公司促进内部

审计职能。该专业公司已安排每年对本集

团进行内部审核（其向审核委员会作出报

告），借以确保本集团的内部审计职能的

资源充足及审阅质量符合联交所的规定，

及通过一系列面谈协助董事会识别及评估

本集团的风险，并就本集团内部重大控制

系统的成效进行年度检讨。审核委员会及

董事会已讨论并检讨相关审阅结果。本集

团将根据当中发现的问题及向本集团提出

的推荐建议，持续提升风险管理及内部控

制系统。

DIRECTORS’ AND AUDITOR’S RESPONSIBILITIES

FOR THE FINANCIAL STATEMENTS

Al the Directors acknowledge their responsibility for preparing the

consolidated financial statements of the Group.

The statement of the auditor, McMilan Wods (Hong Kong) CPA

Limited, about its reporting responsibilities on the consolidated

financial statements of the Group is set out in the independent

auditor’s report on pages 74 to 84 of this anual report.

There are no material uncertainties relating to any events or conditions

which may cast significant doubt upon the Company’s ability to

continue as a going concern.

RISK MANAGEMENT AND INTERNAL CONTROLS

In respect of code provision D.2.5 of the CG Code, the Company

should have an internal audit (the “IA Function”). Although the

Company did not establish a standalone Internal Audit Department

during the year ended 31 March 2025, the Board has put in place

adequate measures to perform the IA Function at diferent aspects

of the Group as the Company considers that close and regular

supervision by the Executive Directors and senior management, and

the maintenance of internal control guidance and procedures on

the Group’s critical operational cycles could provide suficient and

efective internal control and risk management functions.

The Company has further engaged an external profesional firm in

view of facilitating the internal audit function. The profesional firm

is aranged to conduct internal control of the Group anualy (who

reports to the Audit Comite) with a view to facilitating adequate

resources and quality review to satisfy the Group’s internal audit

function as required by the Stock Exchange and to asist the Board in

identifying and asesing the risks through a series of interviews, and

perform anual reviews on the efectivenes of the Group’s material

internal control systems. The Audit Comite and the Board have

discused and reviewed the relevant results of the review. The Group

wil continuously enhance its risk management and internal control

systems acording to findings therein and recomendations made to

the Group.

/25 Anual Report30

CORPORATE GOVERNANCE REPORT

企业管治报告

本集团之风险管理及内部监控程序包括明

确界定权责之管理架构。其主要旨在对防

止资产不被滥用、交易乃根据管理层授权

而执行，以及备有可靠及合适的会计记录

以供编制财务资料且无重大错误陈述，而

提供合理（但非绝对）之保证。该程序旨在

有效地识别、评估及管理风险，而非排除

所有失误风险。

董事亦会与高级管理层举行定期会议，以

审阅及监察业务及财务表现对比预期目标、

自客户获得审批及进度付款的进度、本集

团资源的运用效率与预算作对比，以及营

运方面的事务，以确保遵守对本集团业务

有重大影响的监管规定。此举旨在增强董

事与高级管理层的沟通与问责，从而令重

大策略、财政、营运及合规风险或潜在偏

离状况得以及时并妥善辨识，并以适当方

式处理。

董事会负责为本集团维持足够的风险管理

及内部监控程序，而董事会亦已于截至二

零二五年三月三十一日止年度透过审核委

员会就其成效进行年度检讨。与去年惯例

相同，本公司委聘外部独立内部监控顾问，

在审核委员会同意下于公司层面及业务层

面就本集团内部监控程序进行检讨。截至

二零二五年三月三十一日止年度，有关检

讨覆盖重大监控范畴，包括财务、营运、

合规监控以及风险管理职能。内部监控报

告已传阅至审核委员会以供审阅及讨论。

并无发现重大改善范畴需要提请审核委员

会垂注。

The Group’s risk management and internal control procedures include

a management structure with clearly defined lines of responsibility

and limits of authority. It primarily aims to provide a reasonable, but

not absolute, asurance that asets are properly safeguarded against

misapropriations, transactions are executed in acordance with the

management’s authorisation, and acounting records are reliable

and proper for preparing financial information and are not materialy

mistated. The procedure is designed to identify, evaluate and

manage risks efectively rather than to eliminate al risks of failure.

There are also regular metings held betwen the Directors and

senior management to review and monitor the busines and financial

performance against the targets, the progres of certification and

progres payments from the customers, the eficiency in the use

of the Group’s resources in comparison to the budgets, and the

operational maters to ensure the Group has complied with the

regulations that have material impact to the Group’s busines.

The aim is to enhance the comunication and acountability of

the Directors and senior management so that significant strategic,

financial, operational and compliance risks or potential deviations are

timely and properly identified and dealt with in a proper maner.

The Board is responsible for maintaining adequate procedures of risk

management and internal control for the Group and the Board had

conducted an anual review of its efectivenes during the year ended

31 March 2025 through the Audit Comite. Same as last year’s

practice, the Company has engaged an external independent internal

control adviser to conduct a review on the internal control procedures

of the Group at both corporate level and busines level (as agred by

the Audit Comite). The review covered material controls, including

financial, operational and compliance controls and risk management

functions during the year ended 31 March 2025. The internal control

report has ben circulated to the Audit Comite for review and

discusion. No significant areas of improvement which are required

to be brought to the atention of the Audit Comite have ben

revealed.

剑虹集团控股有限公司 2024/25 年报31

CORPORATE GOVERNANCE REPORT

企业管治报告

因此，董事会信纳适用于本集团之内部监

控程序（包括财务、营运及合规监控以及

风险管理职能）现已实施，并认为本集团

之内部监控程序及风险管理职能均为有效

及足够。

董事会将每年检讨内部审核职能之需要。

内幕消息

就处理及散播内幕消息的程序及内部监控

而言，本公司：

• 深明其于第571章证券及期货条例

（「证券及期货条例」）以及上市规则项

下之责任，并须在得悉任何内幕消息

后，在合理切实可行情况下尽快将消

息向公众人士披露；

• 于其员工手册内已载有严禁未经授权

使用保密资料或内幕消息之条款；及

• 已制定及实施应对有关本集团事务的

外来查询之程序。

高级管理层获确认并被授权为本公司的发

言人，以回应指定范畴内的查询。

为提升企业管治，已向董事会提供有关内

幕消息披露之培训。

公司秘书

截至二零二五年三月三十一日止年度，本

公司公司秘书（「公司秘书」）卢韵雯女士已

根据上市规则第3.29条之规定接受不少于

15小时的相关专业培训。彼之履历载于本

年报第62页「董事及高级管理层履历」一节。

As such, the Board is satisfied that the Group’s internal control

procedures including financial, operational and compliance controls

and risk management functions as apropriate to the Group have

ben put in place and considers that the Group’s internal control

procedures and risk management functions are both efective and

adequate.

The Board wil review the ned for the IA Function on an anual basis.

INSIDE INFORMATION

With respect to procedures and internal controls for the handling and

disemination of inside information, the Company:

• is aware of its obligations under the Securities and Futures

Ordinance (Cap. 571) (the “SFO”) and the Listing Rules and

is required, as son as reasonably practicable after any

inside information has come to its knowledge, to disclose the

information to the public;

• has included in its staf manual a strict prohibition on the

unauthorised use of confidential or inside information; and

• has established and implemented procedures for responding to

external enquiries about the Group’s afairs.

Senior management is identified and authorised to act as the

Company’s spokespersons and respond to enquiries in alocated

areas of isues.

Training on inside information disclosure is provided to the Board to

enhance corporate governance.

COMPANY SECRETARY

During the year ended 31 March 2025, Ms. Lo Wan Man, the

company secretary of the Company (the “Company Secretary”)

undertok no les than 15 hours of relevant profesional training as

required under Rule 3.29 of the Listing Rules. Her biography is set out

on page 62 of this anual report in the section of “Profile of Directors

and Senior Management”.

/25 Anual Report32

CORPORATE GOVERNANCE REPORT

企业管治报告

投资者关系

董事会已制定股东通讯政策，以确保股东

及潜在投资者均可轻易、平等及适时地取

得本公司重要资讯从而与股东保持续对

话并让股东能够以知情方式行使其权利。

股东应直接向本公司之香港股份过户登记

分处提交有关彼等持股、股份转让、登记

及派付股息之问题，有关详情如下，

联合证券登记有限公司

香港

北角

英皇道338号

华懋交易广场2期

33楼3301-04室

股东可将其向董事会提交之查询以书面形

式送达本公司之注册办事处，地址为香港

九龙柯士甸道西1号环球贸易广场86楼01

室，内容须注明查询之性质及提出查询之

理由。

本公司已设立公司网站w.kh-holdings.com，

股东及投资者可在网站上查阅本公司之最

新财务资料、业务发展、公告、通函、会

议通告、新闻稿及联络详情。

整体而言，本公司认为，本集团的股东沟

通政策充分有效。本公司将透过来自上述

渠道的股东反馈持续检讨股东沟通政策的

落实及有效程度。

INVESTOR RELATIONS

The Board has established a Shareholders’ comunication policy

to ensure that Shareholders and potential investors are provided

with ready, equal and timely aces to material information of

the Company in order to maintain an on-going dialogue with the

Shareholders and to enable the Shareholders to exercise their rights

in an informed maner.

Shareholders should direct their questions about their shareholdings,

share transfer, registration and payment of dividends to the

Company’s branch share registrar in Hong Kong, details of which are

as folows:

Union Registrars Limited

Suites 3301-04, 33/F

Two Chinachem Exchange Square

338 King’s Road

North Point

Hong Kong

A shareholder may send an enquiry to the registered ofice of the

Company at Unit 01, 86/F International Comerce Centre, 1 Austin

Road West, Kowlon, Hong Kong for the atention of the Board

in writen form, which shal state the nature of the enquiry and the

reason for making the enquiry.

The Company has maintained a corporate website at

w.kh-holdings.com through which the Company’s updated

financial information, busines development, anouncements,

circulars, notices of metings, pres releases and contact details can

be acesed by the Shareholders and investors.

Overal, the Company considers the shareholders’ comunication

policy of the Group to be efective and adequate. The Company

wil continue to review the implementation and efectivenes of the

shareholders’ comunication policy by shareholders’ fedback from

the above chanel.

剑虹集团控股有限公司 2024/25 年报33

CORPORATE GOVERNANCE REPORT

企业管治报告

股东权利

（「股东」）召开股

东特别大会（「股东特别大会」）

的方式

根据组织章程细则第64条，股东特别

大会须应一名或多名于递呈要求日期

持有不少于有权于本公司股东大会上

投票的本公司实缴股本十分之一的股

东要求而予以召开。该项要求须以书

面形式向董事会或公司秘书提呈，以

要求董事会召开股东特别大会处理该

要求中所列明的任何事项，且有关大

会须于递呈要求后两个月内举行。倘

董事会于该要求递呈后二十一日内未

能召开该大会，则提出请求人士可以

同一方式自行召开大会，而本公司则

须向提出要求人士偿付因董事会未能

召开大会而产生的所有合理开支。

有关要求必须述明大会目的及经呈请

人签署，并送交本公司主要营业地点

（地址为香港九龙柯士甸道西1号环

球贸易广场86楼01室）以转交公司秘

书。有关要求可由多份格式相近之文

件组成，惟每份均须经由一名或以上

呈请人签署。

倘要求适当，公司秘书将要求董事会

根据组织章程细则项下之规定向全体

注册股东发出足够通知后召开股东特

别大会。相反，倘要求无效，相关股

东将获告知此结果，因此不会应要求

召开股东特别大会。

SHAREHOLDERS’ RIGHTS

1. THE WAY IN WHICH SHAREHOLDERS OF

THE COMPANY (THE “SHAREHOLDERS”) CAN

CONVENE AN EXTRAORDINARY GENERAL

METING (“EGM”)

Pursuant to Article 64 of the Articles of Asociation, EGMs shal

be convened on the requisition of one or more Shareholders

holding at the date of deposit of the requisition not les than

one-tenth of the paid up capital of the Company having the

right of voting at general metings of the Company, by writen

requisition to the Board or the Company Secretary, to require

an EGM to be caled by the Board for the transaction of any

busines specified in such requisition; and such meting shal

be held within two months after the deposit of such requisition.

If within twenty-one days of such deposit the Board fails to

proced to convene such meting, the requisitionist(s) himself

(themselves) may do so in the same maner, and al reasonable

expenses incured by the requisitionist(s) as a result of the

failure of the Board shal be reimbursed to the requisitionist(s) by

the Company.

The requisition must state the purposes of the meting,

and must be signed by the requisitionists and lodged to the

Company Secretary at the Company’s principal place of

busines at Unit 01, 86/F, International Comerce Centre, 1

Austin Road West, Kowlon, Hong Kong and may consist of

several documents in like form each signed by one or more

requisitionists.

If the requisition is in order, the Company Secretary wil ask

the Board to convene an EGM by serving suficient notice

in acordance with the requirements under the Articles of

Asociation to al the registered Shareholders. On the contrary, if

the requisition is invalid, the members concerned wil be advised

of this outcome, and acordingly, an EGM wil not be convened

as requested.

/25 Anual Report34

CORPORATE GOVERNANCE REPORT

企业管治报告

向全体股东发出通知以供考虑相关股

东于股东特别大会上所提呈建议的通

知期因建议性质而异，详情如下：

• 倘议案于股东特别大会上构成

本公司一项普通决议案，最少

14日书面通知（通知期必需包括

10个营业日）。

• 倘议案于股东特别大会上构成

本公司一项特别决议案，最少

21日书面通知（通知期必需包括

20个营业日）。

2. 股东可提名他人竞选董事的

程序

除退任董事外，概无任何人士有资格

于任何股东大会上参选董事，除非获

董事会推荐参选，且已发出书面通知

表明建议提名相关人士参选董事，亦

附上获提名人士签署表明愿意参选及

载列该人士个人履历的书面通知，并

须于股东大会举行前最少7日送交本

公司主要营业地点（地址为香港九龙

柯士甸道西1号环球贸易广场86楼01

室）以转交公司秘书。送交通知亦须

遵守上市规则之其他规定。

The notice period to be given to al the Shareholders for

consideration of the proposal raised by the Shareholders

concerned at an EGM varies, acording to the nature of the

proposal, as folows:

’ notice (the notice period must include

10 busines days) in writing if the proposal constitutes an

ordinary resolution of the Company in an EGM.

’ notice (the notice period must include

20 busines days) in writing if the proposal constitutes a

special resolution of the Company in an EGM.

2. THE PROCEDURES SHAREHOLDERS CAN

USE TO PROPOSE A PERSON FOR ELECTION

AS A DIRECTOR

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 including that person’s biographical details, shal

have ben lodged to the Company Secretary at the Company’s

principal place of busines at Unit 01, 86/F, International

Comerce Centre, 1 Austin Road West, Kowlon, Hong Kong,

at least 7 days before the date of the general meting. The

lodgement of notice should also be in compliance with the other

requirements of the Listing Rules.

剑虹集团控股有限公司 2024/25 年报35

CORPORATE GOVERNANCE REPORT

企业管治报告

股息政策

本公司已采纳一项股息政策，旨在为董事

会确定是否向股东派付股息及将予支付的

股息水平提供指引。根据股息政策，在决

定是否建议派付股息及确定股息金额时，

董事会应考虑（其中包括）以下各项：

、资本支

出需求及未来扩充计划；

(3) 本公司以及本集团各成员公司的保留

盈利及可供分派储备；

(8) 整体经济状况以及可能影响本集团业

务或财务表现及状况的其他内部或外

部因素；及

DIVIDEND POLICY

The Company has adopted a Dividend Policy that aims to provide

guidelines for the Board to determine whether dividends are to be

declared and paid to the shareholders and the level of dividend to be

paid. Under the Dividend Policy, in deciding whether to propose a

dividend and in determining the dividend amount, the Board shal take

into acount, among others:

’s actual and expected financial performance;

’s expected working capital requirements, capital

expenditure requirements and future expansion plans;

(3) retained earnings and distributable reserves of the Company

and each of the members of the Group;

’s liquidity position;

;

;

;

(8) the general economic conditions and other internal or external

factors that may have an impact on the busines or financial

performance and position of the Group; and

(9) any other factors that the Board dems apropriate.

/25 Anual Report36

CORPORATE GOVERNANCE REPORT

企业管治报告

本公司宣派及派付股息应由董事会全权酌

情厘定，亦须遵守开曼群岛公司法、上市

规则、香港法例及本公司组织章程大纲及

细则以及任何其他适用法律及法规的任何

限制。本公司并无任何预定股息分派比率。

本公司过往的股息分派记录不应被用作确

定本公司日后可能宣派或支付的股息水平

的参考或依据。

本公司将持续检讨股息政策并保留按唯一

及绝对酌情权随时更新、修订及╱或修改

股息政策的权利，而股息政策无论如何均

不构成本公司作出的关于将会以任何特定

金额支付股息的具有法律约束力的承诺，

及╱或无论如何不为本公司施加于任何时

间或不时宣派股息的责任。

宪章文件

于二零二年九月三十日，公司组织章程

大纲及细则的修订已于本公司股东周年大

会上获批准。有关修订公司章程大纲及细

则的详情载于本公司日期为二零二年七

月十一日的公告及本公司日期为二零二

年七月十八日的通函。日期为二零二年

九月三十日的经修订公司章程大纲及细则

可于本公司网站w.kh-holdings.com及

联交所网站查阅。

除本年报所披露者外，于截至二零二五年

三月三十一日止年度及截至本年报日期，

本公司之宪章文件概无重大变动。

The declaration and payment of dividends by the Company shal

remain to be determined at the sole discretion of the Board and

is also subject to any restrictions under the Companies Act of the

Cayman Islands, the Listing Rules, the laws of Hong Kong and the

Company’s Memorandum and Articles of Asociation and any other

aplicable laws and regulations. The Company does not have any

pre-determined dividend distribution ratio. The Company’s dividend

distribution record in the past may not be used as a reference or

basis to determine the level of dividends that may be declared or paid

by the Company in the future.

The Company wil continualy review the Dividend Policy and reserves

the right in its sole and absolute discretion to update, amend and/or

modify the Dividend Policy at any time, and the Dividend Policy shal

in no way constitute a legaly binding comitment by the Company

that dividends wil be paid in any particular amount and/or in no way

obligate the Company to declare a dividend at any time or from time

to time.

CONSTITUTIONAL DOCUMENTS

On 30 September 2022, the amendments of the Memorandum

and Articles of Asociation have ben aproved in the anual

general meting of the Company. Details of the amendments of the

Memorandum and Articles of Asociation have ben set out in the

anouncements of the Company dated 11 July 2022 and the circular

of the Company dated 18 July 2022. The amended Memorandum

and Articles of Asociation dated 30 September 2022 is available

on the Company’s website at w.kh-holdings.com and the Stock

Exchange’s website.

Save as disclosed therein, there were no significant changes in the

constitutional documents of the Company during the year ended 31

March 2025 and up to the date of this anual report.

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

剑虹集团控股有限公司 2024/25 年报37

The Group contributes to sustainable development by delivering

environmental, social and economic benefits to al stakeholders

in a balanced way. This year, the Group is pleased to present our

environmental, social and governance (the “ESG”) report for the

year ended 31 March 2025 (the “ESG Report”) for the purpose

of demonstrating our eforts on sustainable developments to our

stakeholders.

This ESG Report has ben prepared in acordance with the

Environmental, Social and Governance Reporting Guide as set out

in Apendix C2 to the Listing Rules and is divided into two parts,

namely environmental and social.

The ESG Report basis of reporting principles – materiality, quantitative

and consistency:

“Materiality” Principle: The Group determines material ESG

isues by stakeholder engagement and materiality asesment.

“Quantitative” Principle: Information is presented with

quantitative measure, whenever feasible, including information

on the standards, methodologies, asumptions used and

provision of comparative data.

“Consistency” Principle: The Report wil use consistent

methodologies for meaningful comparisons in the past years

unles improvements in methodology are identified.

Unles otherwise specified, the reporting boundary of this ESG Report

covers the principal busineses of the Group. We regularly review the

scope of the ESG Report to ensure that significant impacts to the

Group’s overal busines portfolio are covered.

本集团秉持采用均衡的方式为全体持份者

创造环境、社会和经济方面的裨益，从而

实践可持续发展。本年度，本集团欣然提

呈截至二零二五年三月三十一日止年度的

环境、社会及管治（「环境、社会及管治」）

报告（「环境、社会及管治报告」），以向持

份者展示我们在可持续发展作出的努力。

本环境、社会及管治报告乃根据上市规则

附录C2所载之环境、社会及管治报告指引

所编制，并分为环境及社会两个部分。

报告原则基准－重要性、量化及一致性：

「重要性」原则：本集团透过持份者参

与及重要性评估确定重大环境、社会

及管治议题。

「量化」原则：本集团于可行情况以量

化计量方式呈报资料，包括有关所用

标准、方法、假设及提供比较数据的

资料。

「一致性」原则：本报告将使用与过往

年度一致的方法作有意义的比较，惟

识别到方法改进除外。

除另有指明外，本环境、社会及管治报告

之报告范围涵盖本集团之主要业务。我们

定期审视环境、社会及管治报告涵盖之范

围，确保载有对本集团整体业务组合有显

著影响之相关资料。

/25 Anual Report38

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

董事会声明

董事会在监督本集团的环境、社会及管治

议题上发挥主要作用。于截至二零二五年

三月三十一日止年度，董事会、管理层以

及环境、社会及管治工作团队用上大量时

间评估环境、社会及管治相关风险对营运

的影响，并制定环境、社会及管治相关政

策以应对相关风险。董事会的监督确保管

理层以及环境、社会及管治工作团队能够

拥有所有合适的工具及资源以监督环境、

社会及管治议题。

董事会负责监察本集团的环境、社会及管

治策略及报告，确保可符合董事会订定的

规定。此外，董事会监察及审视本集团在

遵守外界监管机构（如香港联合交易所有

限公司（「港交所」）的环境、社会及管治

相关法律及法规的情况。董事会定期举行

会议，以协助了解环境、社会及管治相关

表现的进展、目标及目的。

管理层以及环境、社会及管治工作团队主

要负责审查及监督本集团的环境、社会及

管治进程及风险管理。环境、社会及管治

治理事项以及环境、社会及管治相关议题

在截至二零二五年三月三十一日止年度的

定期会议上审视。

董事会已经确定对企业及其持份者的潜在

及重大议题。董事会亦作为公司的主要持

份者之一参与重要性评估，对环境、社会

及管治议题的重要性提供有益的意见。

BOARD STATEMENT

The Board has a primary role in overseing the Group’s ESG isues.

During the year ended 31 March 2025, the Board, the management

and the ESG Working Team spent substantial time in evaluating the

impacts of ESG-related risks towards the operation and formulating

ESG-related policies in dealing with relevant risks. The oversight of

the Board ensures that the management and the ESG Working Team

can have the right tols and resources to overse the ESG isues.

The Board is responsible for monitoring the Group’s ESG strategies

and reporting, ensuring that the requirements set out by the Board

are met. Furthermore, the Board monitors and reviews the Group’s

compliance status of ESG-related laws and regulations by external

regulatory bodies, such as The Stock Exchange of Hong Kong

Limited (“HKEX”). Regular Board metings are hosted regularly to

help understanding the progres, targets and goals on ESG related

performances.

The management and the ESG Working Team is primarily responsible

for reviewing and supervising the ESG proces and risk management

of the Group. ESG governance maters and ESG-related isues are

reviewed at the regular meting during the year ended 31 March

2025.

The Board has identified potential and material isues to the busines

and its stakeholders. The Board has also taken part in the Materiality

asesment as one of the key stakeholders of the Company in

providing constructive opinions on the materiality of ESG isues.

Importance to the Group 对本集团的重要性
	Low 低	Medium 中	High 高
High 高	• Anti-discrimination 反歧视 • Protecting labour rights 保障劳工权益	• Talent management 人才管理 • Staff training and promotion opportunity 员工培训与晋升机会 • Staff compensation and welfare policies 员工报酬与福利政策	• Customers’ satisfaction Level 客户满意水平 • Anti-corruption 反贪污 • Product quality and safety 产品质量与安全 • Suppliers management 供应商管理 • Occupational health and workplace safety 职业健康与工作场所安全
Medium 中	• Community involvement 社会参与	• Use of resources 资源使用	• Operational compliance 营运合规 • Protecting customers’ privacy 保护客户私隐 • Air emissions 废气排放
Low 低	• Preventive measures for child and forced labour 预防童工及强制劳工的措施	• Non-hazardous wastes produced 生产无害废弃物	• Use of raw materials 原材料使用 • Hazardous wastes produced 生产有害废弃物

剑虹集团控股有限公司 2024/25 年报39

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

重要性矩阵

于年内，本集团已评估多项环境、社会及

营运相关的事宜，并透过不同渠道评估有

关事宜对持份者与本集团的重要性。

MATERIALITY MATRIX

During the year, the Group has evaluated a number of environmental,

social and operation related isues, and asesed their importance to

stakeholders and the Group through various chanels.

/25 Anual Report40

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

A. 环境

环境管理政策

本集团致力于施工进行过程中将我们的业

务活动对环境所造成的负面影响减至最低。

为减轻地盘工程对环境造成的负面影响，

我们会：

• 遵守所有适用法律规定及本集团所承

担于对环境方面的合约责任。

、减少及杜绝于生产过程中或使

用货品及服务时所造成的污染或以任

何其他形式令环境恶化。

，我们竭

力回收可再用的建筑材料。

、培训及鼓励员工以对环境负责

任的态度履行职务。

• 为实施减少对环境所造成滋扰及废弃

物管理而提供充足的资源及设施。

、注册登

记及许可。

• 收集能源用量数据以进行分析并用于

未来规划及施行。

A. ENVIRONMENTAL

ENVIRONMENTAL MANAGEMENT POLICY

The Group is comited to carying out construction works in a

maner with minimal adverse impact to the environment resulting

from our busines activities.

To minimise the adverse environmental impacts concerning our site

activities, we shal:

• Comply with al the aplicable legal requirements and the

environmental aspects of the contractual obligations to which

the Group subscribes.

, reduce and eliminate polution or any other degradation

of environment resulting from the production proces or from

the use of gods and services.

• Reduce waste and minimise the consumption of resources.

• Try our endeavor to recycle practicable construction material in

our design and construction proces.

, train and motivate employes to cary out tasks in an

environmentaly responsible maner.

• Provide suficient resources and facilities for the implementation

of environmental nuisance abatement and waste management.

registrations and permits.

• Encourage environmental protection among supliers and

subcontractors.

• Colect energy usage data for analysis and future planing and

implementation.

• Comit to continual improvement of environmental

performance.

剑虹集团控股有限公司 2024/25 年报41

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

监管合规：

本集团致力于确保其业务营运遵守以下法

律及规例：

（香港法例第311

章）

（非道路移动机械）（排

放）规例（香港法例第311Z章）

（香港法例第400章）

（香港法例第358章）

（香港法例第354章）

（香港法例第499

章）

（香港法例第

132章）

REGULATORY COMPLIANCE:

The Group is comited to ensuring its busineses are operated in

compliance with the folowing laws and regulations:

a. Air Polution Control Ordinance (Chapter 311 of the Laws of

Hong Kong)

b. Air Polution Control (Non-road Mobile Machinery) (Emision)

Regulation (Chapter 311Z of the Laws of Hong Kong)

c. Noise Control Ordinance (Chapter 400 of the Laws of Hong

Kong)

d. Water Polution Control Ordinance (Chapter 358 of the Laws of

Hong Kong)

e. Waste Disposal Ordinance (Chapter 354 of the Laws of Hong

Kong)

f. Environmental Impact Asesment Ordinance (Chapter 499 of

the Laws of Hong Kong)

g. Public Health and Municipal Services Ordinance (Chapter 132 of

the Laws of Hong Kong)

1.7
4,451.5
0.1

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环境、社会及管治报告

A(I) 排放物

排放物

(i) 由于截至二零二五年三月三十一日止

年度本集团并无消耗城市燃料及燃

气，故无可用排放数据。

(i) 于截至二零二五年三月三十一日止年

度，本集团汽车排放的氮氧化物、硫

氧化物及悬浮物列示如下：

本集团的温室气体（「温室气体」）排放主要

产生自所消耗的电力及汽油。本集团一贯

致力减少废弃物及尽量削减用电，以解决

温室气体排放问题。

A(I) EMISIONS

EMISIONS

(i) Since the Group did not consume town gas fuel and town gas

during the year ended 31 March 2025, therefore no emision

data is available.

(i) During the year ended 31 March 2025, the Nitrogen Oxides

(NOx), Sulfur Oxides (SOx), and Particulate Mater (PM) emited

from the consumption of the Group’s motor vehicles are shown

as below:

emision

Increase/

(decrease)

二零二五年

排放量

二零二四年

排放量增加╱（减少）

(aproximately

in gram)

(aproximately

in gram)Percentage

Types of Emisions排放物之种类（约克）（约克）百分比

NOx氮氧化物4.1(58.5)

SOx硫氧化物2,819.757.8

PM悬浮物0.3(66.7)

The grenhouse gas (the “GHG”) emisions of the Group are mainly

generated from electricity and petrol consumed. The Group always

aims to reduce waste and minimise the consumption of electricity in

order to tackle GHG emisions isue.

728.4
15.6
25.9
769.9
24,590
0.03

剑虹集团控股有限公司 2024/25 年报43

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

下表列示我们于截至二零二五年三月

三十一日止年度的碳足迹。

本集团早前将截至二零二五年三月三十一

日止年度的温室气体排放量订为7,000吨。

该目标将于二零二六年检讨。本集团于年

内已达到此目标。

有害废弃物

据董事所深知，我们相信我们的业务于施

工过程中并没有产生任何大量有害废弃物。

The table below highlights our carbon fotprint during the year ended

31 March 2025.

emision

Increase/

(decrease)

二零二五年

排放量

二零二四年

排放量增加╱（减少）

(aproximately

in tones

of CO2)

(aproximately

in tones

of CO2)Percentage

Scope of GHG温室气体之范围

（二氧化碳

概约吨数）

（二氧化碳

概约吨数）百分比

Scope 1 – direct emision第一范围—直接排放物467.655.8

Scope 2 – indirect emision第二范围—间接排放物51.7(69.8)

Scope 3 – other indirect emision第三范围—其他间接排放物43.2(40.0)

Total (a)总计(a)562.536.9

Total average flor area

(aproximately in m

) (b)

总平均占地面积

（平方米约数）(b)71,149(65.4)

Intensity (tones of CO2/m

)

(d)=(a)/(b)

密度（二氧化碳吨数╱平方米）

(d)=(a)/(b)0.01300

The Group has previously set the amount of GHG emision for

the year ended 31 March 2025 to 7,000 tones. The target wil be

reviewed in 2026. The Group has achieved this target during the year.

HAZARDOUS WASTE

To the best of our Directors’ knowledge, we believe that our busines

does not generate any material amount of hazardous waste during

our construction proces.

/25 Anual Report44

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环境、社会及管治报告

NON-HAZARDOUS WASTE

Due to the busines nature of our Group, certain construction waste

is generated in our construction proces. The construction waste

is disposed of at landfils or sold for recycling purposes. During the

year ended 31 March 2025, the total construction waste disposed of

at landfils was aproximately 25,205 tones (2024: 31,961 tones).

Our Group always tries our best to recycle practicable construction

material in our design and construction proces.

CONTRIBUTION TO GREN BUILDINGS

Most of our customers had registered as BEAM (Building Environment

Asesment Method) Plus for their new building projects. Being one

of the contractors, we actively sek oportunities to increase our

contribution on the gren building projects. We closely work with

clients to suport their projects in ataining the target BEAM Plus

rating. The Group also encourages our employes to undertake

trainings on gren building to enable the Group to contribute more in

the area of gren building in the future.

In sumary, to the best of our Directors’ knowledge, there is no

material non-compliance with the aplicable rules and regulations

relating to air emisions, GHG emisions, water and land discharges,

and generation of hazardous and non-hazardous wastes in al material

aspects during the year ended 31 March 2025.

A(I) USE OF RESOURCES

The main resources used by the Group in the construction proces

are electricity, water, diesel, petrol and acetylene. In order to be an

environmentaly responsible corporation, the Group has implemented

environmental management policies and internal principles so as to

minimise wastage and avoid excesive usage of precious resources.

For example, certain construction wastewater is colected and treated

for reuse on construction sites for suitable construction proces.

In adition, the Group uses water tank in order to reduce the

consumption of water at our construction site.

As the Group’s operations are based in Hong Kong and the PRC, we

believe that there is no material isue in sourcing water that is fit for

purpose.

无害废弃物

鉴于本集团的业务性质，在我们施工过程

中会产生若干建筑废弃物。建筑废弃物弃

置于堆填区或出售以供回收之效。截至二

零二五年三月三十一日止年度，弃置于堆

填区的建筑废弃物总量为约25,205吨（二

零二四年：31,961吨）。在我们的设计及

施工过程中，本集团一直竭力回收可再用

的建筑材料。

绿建贡献

我们大多数客户已就其新建筑项目登记

BEAM（建筑环境评估法）Plus。作为其中

一名承建商，我们积极寻求机会为绿建项

目作出更多贡献。我们与客户密切合作，

支持其项目取得目标BEAM Plus评级。本

集团亦鼓励雇员参加绿建培训，令本集团

日后可在绿建领域多作贡献。

概括而言，就董事所深知，于截至二零

二五年三月三十一日止年度，于所有重大

方面并无严重违反与气体排放、温室气体

排放、废水排放及土地排污以及产生有害

及无害废弃物相关的适用法规及规例。

A(I) 资源使用

本集团在施工过程中使用的主要资源为电

力、水、柴油、汽油及乙炔。为矢志成为

一家对环境负责的企业，本集团已实施环

境管理政策及内部原则，以减少浪费及避

免过度使用宝贵的资源。例如，我们会于

地盘收集及处理若干施工废水，再于合适

的施工过程中重复使用。此外，本集团于

我们的地盘使用水箱以减少用水。

由于本集团之营运位于香港及中国，故我

们认为在寻求适用水源方面并无重大问题。

131.4
1.2

剑虹集团控股有限公司 2024/25 年报45

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

于截至二零二五年三月三十一日止年度，

本集团按种类划分的能源消耗总量列示如

下：

,590平方米（二

零二四年：为71,149平方米）

本集团一直于本集团内部提倡及实施「绿

色」环保理念。有关详情进一步披露于下

文「环境及天然资源」一节。

本集团早前将截至二零二五年三月三十一

日止年度的消耗量（即所消耗的燃油）订

为400千瓦时╱平方米。该目标将于二零

二六年检讨。本集团于年内已达到此目标。

During the year ended 31 March 2025, the energy consumption by

type in total of the Group are showed as below:

Direct/Indirect

Energy by Type

直接╱间接

能源之种类

2025 usage

二零二五年

使用量

(aproximately)

（约）

2024 usage

二零二四年

使用量

(aproximately)

（约）

Unit/total

flor areas*

单位╱

总占地面积*

Increase/

(decrease)

增加╱（减少）

Percentage

百分比

Oil燃油29.1kWh/m

351.5

千瓦时╱平方米

Electricity电力1.3kWh/m

(7.7)

千瓦时╱平方米

,590 m

in 2025 (2024: 71,149 m

)

The Group always promotes and implements “gren” concept within

our Group for environmental purpose. Details of which are further

disclosed in the section “The Environment and Natural Resources”

below.

The Group has previously set the amount of consumption (i.e. oil

consumed) for the year ended 31 March 2025 to 400 kWh/m

. The

target wil be reviewed in 2026. The Group has achieved this target

during the year.

/25 Anual Report46

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环境、社会及管治报告

制成品所用包装材料的总量

鉴于本集团的业务性质，我们并无为制成

品使用包装材料。

A(I) 环境及天然资源

本集团每一名员工均有保护环境的责任。

本集团致力实施可持续施工，并将业务活

动对环境所造成的任何负面影响减至最低。

本集团按以下原则，致力提供对环境产生

最小负面影响的服务：

包括设计、检讨、监督履行情况，作

为我们核心管理过程的关键考量因素；

• 本集团遵守环保方面的适用法律要

求及其他要求；

• 定期检讨表现以确保能达致相关订约

方的能源目标及要求；

，确保员工于我们的业

务中了解、履行及发展该等原则；及

TOTAL PACKAGING MATERIAL USED FOR

FINISHED PRODUCTS

Due to the busines nature of our Group, we do not use packaging

material for finished products.

A(I) THE ENVIRONMENT AND NATURAL RESOURCES

Protecting the environment is the responsibility of every staf in the

Group. Our Group is comited to sustainable construction and

minimising any adverse impact on the environment resulting from our

busines activities.

Our Group is comited to delivering services with minimal negative

impact to the environment through the folowing principles:

• Focus on energy management throughout energy planing

(include design, review, monitoring performance) as critical

considerations within our core management proces;

• Comply with the environmental aspects of the aplicable legal

requirements and the other requirements to which the Group

subscribes;

• Regular performance reviews to ensure that energy objectives

and the requirements of interested parties are met;

implementation and development of those principles throughout

our busines; and

• Continual improvement.

剑虹集团控股有限公司 2024/25 年报47

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团主要透过下列措施于本集团内经常

推广及实施「绿色」概念：

：于无需使用照明及冷气

时关掉电灯及空调并于无需使用电脑

时或于午饭期间登出电脑及关闭显示

屏。

：使用电邮及其他电脑系统

检阅文件，减少列印并使用循环回收

纸。

：使用可再用水杯以

便减少使用胶樽。

：分阶段安装T8 LED灯以

达致环保效果。

：地盘工作时间限定为早上

7时正至晚上7时正（个别地盘获授建

筑噪音许可证除外）。

• 于地盘安装隔音屏障以降低施工时的

噪音水平。

截至二零二五年三月三十一日止年度，并

无发现与环境法律法规有关的违规个案。

The Group always promotes and implements “gren” concept within

our Group mainly through the folowing measures:

: Turn of lights and air-conditioning when

not in use and log of computer and turn of the scren when

not in use or during lunch hours.

: Use of email and other computer system for

document review purposes, reduction in printing and use of

recycled paper.

: Use reusable cups to

reduce the use of plastic botles.

: Instalation of LED T8 lamps phase by phase for

environmental protection purpose.

: Site work hours restricted to 7:00 a.m. to

7:00 p.m. (except for those construction sites being granted

construction noise permit).

• Sound level meters are used in construction sites to monitor the

noise level.

• Instal noise bariers in construction sites to reduce the level of

noise during construction.

There was no non-compliance case noted in relation to environmental

laws and regulations for the year ended 31 March 2025.

/25 Anual Report48

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

A(IV) 气候变化

本集团致力于建立应对气候变化的气候适

应能力。我们已经评估和分析潜在的气候

风险，包括实体和转型风险，以了解我们

可能面对的气候风险以及对本集团业务的

影响。

潜在风险为实体资产及业务营运可能受极

端天气影响。例如，建筑地盘可能出现水

浸，这有机会导致维护有形资产和恢复建

筑业务的费用增加。本集团为克尽己责的

企业，致力实行相关措施以减少业务营运

的温室气体排放。

为应付恶劣天气情况，本集团采取预防及

保护措施，包括重新安排工作时间表及重

新调配资源，以确保雇员安全、尽量减低

对业务过程的负面影响，以及避免对本集

团资产造成任何实质损害。

A(IV) CLIMATE CHANGE

The Group is comited to establishing climate resilience in the face

of climate change. We have asesed and evaluated the potential

climate physical and transitional risks to understand the climate risks

that we may face and the efects on the Group’s busines.

The potential risk is that the physical asets and busines operation

may be afected by extreme weather. For example, flods may ocur

in construction sites, which may lead to larger expenses for the repair

and maintenance of physical asets and recovery of the construction

operation. The Group, as a responsible enterprise, is comited to

implement relevant measures to reduce grenhouse gas emisions

from busines operations.

To cope with adverse weather conditions, the Group takes

precautionary and protective measures which include work schedule

rearangement and redeployment of resources, to ensure the safety of

the employes, to minimize the negative impact on busines proces

and to avoid any physical damages to the asets of the Group.

剑虹集团控股有限公司 2024/25 年报49

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环境、社会及管治报告

B. 社会

B(I) 雇佣

雇佣

本集团的雇佣政策管理其人才招聘、薪金

调整及晋升以及平等机会及非歧视（如于

性别、婚姻状况、残疾、年龄、种族、家

庭状况、性取向、国籍及宗教方面）。本

集团的雇佣政策乃遵照香港法例第57章

《雇佣条例》、香港法例第282章《雇佣补偿

条例》、香港法例第486章《个人资料（私

隐）条例》、香港法例第480章《性别歧视条

例》、香港法例第487章《残疾歧视条例》及

香港法例第608章《最低工资条例》制订。

截至二零二五年三月三十一日止年度，就

董事所深知，我们并无发现任何重大不合

规或违法的事宜。

本集团订有书面政策规管薪酬、解散、工

作时数、假期、员工福利、员工培训以及

健康及安全方面的事宜。本集团亦以为其

员工缔造和谐舒适且得宜兼俱的工作环境

以及创造事业发展机会为目标。

本集团一直致力于吸引及挽留竞争激烈劳

动市场中的合适人才，以维持其行业竞争

力。

B. SOCIAL

B(I) EMPLOYMENT

EMPLOYMENT

The Group’s employment policy manages its staf recruitment,

salary adjustments and promotions and equal oportunities and

non-discrimination (such as gender, marital status, disability, age,

race, family status, sexual orientation, nationality and religion).

Our Group’s employment policy is structured to comply with the

Employment Ordinance (Cap. 57), the Employes’ Compensation

Ordinance (Cap. 282), the Personal Data (Privacy) Ordinance

(Cap. 486), Sex Discrimination Ordinance (Cap. 480), the Disability

Discrimination Ordinance (Cap. 487) and the Minimum Wage

Ordinance (Cap. 608) of the Laws of Hong Kong. During the year

ended 31 March 2025, to the best of our Directors’ knowledge, we

did not identify any material non-compliance or breach of legislation.

The Group has a writen policy on compensation, dismisal, work

hours, rest periods, staf benefits, staf training and health and safety.

The Group also targets to provide a friendly, comfortable and decent

work environment and carer growth oportunities to our staf.

The Group is always highly comited to atracting and retaining

suitable talents in the competitive labour market in order to maintain

its competitivenes in the industry.

/25 Anual Report50

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

于二零二五年三月三十一日，本集团有63

名（二零二四年：81名）全职雇员。本集团

大部分雇员为中国（二零二四年：香港）的

建筑工人。以下为与雇佣方面相关的若干

主要图表。

As at 31 March 2025, the Group had 63 (2024: 81) ful-time

employes. Most of the Group’s employes are construction workers

in the PRC (2024: Hong Kong). Below are certain key charts in

relation to our employment aspects.

2025 Employe distribution by gender

二零二五年按性别划分之员工比例

2024 Employe distribution by gender

二零二四年按性别划分之员工比例

2025 Employe distribution by age

二零二五年按年龄划分之员工比例

2024 Employe distribution by age

二零二四年按年龄划分之员工比例

83%

Male 男性Female 女性

77%

17%23%

22%

57%

19%

46%

21%

28%

Male 男性Female 女性

61/>6119-3031-4546-60>6018-3031-4546-60

剑虹集团控股有限公司 2024/25 年报51

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环境、社会及管治报告

B(I) 健康及安全

本集团之健康及安全政策旨在创造一个具

有高水准安全、健康及福利的安全工作环

境，并采取所有合理切实可行的安全措施

保障所有于地盘工作之人员及公众安全，

并尽可能减少对邻近区域造成的滋扰。

遵守法例及合约规定一直被视作为我们在

安全、健康及福利方面之最低标准的政策。

我们致力透过定期培训、审查及审核而持

续改善健康及安全表现。纵使我们的最终

目标为杜绝任何意外，但我们的短期目标

则设为零死亡率，并限制须予呈报事故发

生率为每100,000工时少于0.6宗。截至二

零二五年三月三十一日止年度，我们录得

零宗须予呈报事故（二零二四年：零宗）。

职业健康与安全数据载列如下：

内部及外部安全培训

我们一贯视安全为重中之重。我们定期向

全体员工简介及传授安全知识，以确保所

有人均了解彼等的工作风险，并具备安全

意识及熟悉安全预防措施。

我们的安全部门负责向管理层、项目及营

运人员提供意见及协助，以便推行我们的

安全管理制度、制定内部规定，并提供安

全资讯及培训。

我们亦已正式通知我们的分包商并要求其

遵守我们的政策及安全程序。

B(I) HEALTH AND SAFETY

The Group’s health and safety policy is to achieve a safe work

environment which maintains a high standard of safety, health and

welfare and to take every reasonably practicable safety measures to

protect al people working on site and the public from danger, and to

take al posible measures to minimise the nuisance generated to the

nearby area.

Compliance with the law and contractual requirements is regarded

as the minimum standard of safety, health and welfare in our strategy

at al times. We are comited to improving the health and safety

performance continuously through regular training, inspection and

audit. Notwithstanding that our ultimate aim is the elimination of

al acidents, our imediate target is zero fatalities and to limit the

acident frequency rate to les than 0.6 reportable acident per

100,000 man-hour. We recorded zero reportable acident during the

year ended 31 March 2025 (2024: zero).

The ocupational health and safety data are set out below:

二零二五年二零二四年二零二三年

MaleFemaleMaleFemaleMaleFemale

Health and Safety健康与安全男性女性男性女性男性女性

Number of work-related

fatalities

因工亡故宗数

–

Lost days due to work injury因工伤造成的损失

天数–160–133–

INTERNAL AND EXTERNAL SAFETY TRAINING

Safety is always our prime concern. Al our staf are briefed and

trained with safety knowledge regularly to ensure that everyone

understands the risks of the task they are involved, has safety

consciousnes and is familiar with safety precautions.

Our Safety Department is responsible for advising and asisting

management, project and operation staf, implementing our safety

management system, seting up in-house rules and providing safety

information and training.

Our subcontractors are formaly notified and required to comply with

our policy and safety procedures.

/25 Anual Report52

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

为确保有效推行我们的安全政策，我们将

就此分配足够的资源，并对违反安全政策

及规定的人员实施不同程度的纪律处分，

包括警告及开除。

我们的董事会、管理层、所有督查和安全

人员均积极实施安全政策，并竭力达致零

事故的目标。

我们的企业安全管理委员会根据最新法律

及安全条例每年更新我们的安全政策。

每年我们会于企业层面进行独立的健康及

安全审核，从而根据订明的标准来核查安

全及健康管理系统的有效性、效率及可靠

性，并找出需要改进的地方。

B(I) 发展与培训

本集团一直于本集团内提倡持续学习及发

展之文化，并向所有新聘员工提供内部培

训。我们亦已设立培训资助计划，从而鼓

励及支持我们的员工透过外部培训进行专

业进修。

截至二零二五年三月三十一日止年度，本

集团为雇员提供63个小时的培训，尤其是

职业安全培训。

To ensure our Safety Policy is wel implemented, we wil provide

adequate resources, and have diferent degres of disciplinary action,

including warning and dismisal, to one who fails to folow the safety

policy and requirements.

Our Board, management, al supervisory and safety personel

positively implement the Safety Policy and make every efort to met

the target of zero acident.

Our Corporate Safety Management Comite updates our Safety

Policy anualy in acordance with the latest legislation and safety

regulations.

An independent health and safety audit at the corporate level is

conducted anualy in order to verify the efectivenes, eficiency and

reliability of safety and health management system against criteria

stipulated as wel as to identify areas for improvement.

B(I) DEVELOPMENT AND TRAINING

The Group always promotes a continuous learning and development

culture within our Group and provides in-house training for al

new staf. We also have a training sponsorship program in order

to encourage and suport our staf to pursue their profesional

development through external training.

During the year ended 31 March 2025, the Group provided 63

trainings hours to our employes especialy for ocupational safety

trainings.

剑虹集团控股有限公司 2024/25 年报53

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

B(IV) 劳工准则

由于本集团之营运位于香港，故我们认为

有关童工及强制劳工并不存在重大固有风

险。

截至二零二五年三月三十一日止年度，就

董事所深知，我们于该方面并无发现任何

重大违规事项。

B(V) 供应链管理

所有潜在新供应商和分包商都必须通过我

们严格的评估。对其产品和服务质量、公

司许可证照、认证和其他资格进行筛选过

程，以确保其是符合资格的和达到我们的

标准。

此外，我们每年会就现有的业务合作伙伴

每年都会进行表现绩效评估，以评定他们

的资格。产品质量、交货时间、售后服务

等因素都被考虑在内。

本集团承诺支持道德采购。在准备采购订

单时，我们会考虑产品的环境标准，以保

护最终用户的健康并避免带来负面的环境

影响。多项供应商和服务供应商的资料会

以特定的环境绩效评估表进行评估，包括

其环境管理系统、政策和合规情况等。为

避免损害环境，本集团亦致力禁止使用非

环保物品。

B(IV) LABOUR STANDARDS

As the Group’s operations are based in Hong Kong, we believe that

there is no material risks inherent to child labour and forced labour.

During the year ended 31 March 2025, to the best of our Directors’

knowledge, we did not identify any material breaches in such area.

B(V) SUPLY CHAIN MANAGEMENT

Al potential new supliers and subcontractors must pas our rigorous

evaluation. A screning proces wil be undertaken in regard to their

product and service quality, company licenses, acreditations, and

other qualifications to ensure they are qualified and compliant wil our

standards.

Furthermore, an anual performance evaluation is in place for our

existing busines partners to ases their qualifications, product

quality, delivery time, after-sales service, and other factors are taken

into acount.

The Group is comited to suporting ethical procurement practices.

When generating purchase orders, we wil take into acount the

product’s environmental criteria in order to protect the health of

the end-users and avoid negative environmental consequences.

Suplier’s and service providers’ environmental management

systems, policies, and compliance status are asesed using a unique

environmental performance evaluation form. To avoid harming the

environment, the Group is also comited to prohibiting the use of

non-environmentaly friendly items.

28%
72%
0%
100%

/25 Anual Report54

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

供应商的地区分布载列如下：

本集团亦定期视察及检查我们供应商所供

应的货品质量及我们分包商的工作情况。

如「健康及安全」一节所述，我们亦已正式

通知我们的分包商并要求其遵守我们的政

策及安全程序。

本集团亦定期视察及检查我们供应商所供

应的货品质量及我们分包商的工作情况。

B(VI) 产品责任

本集团的主要业务为于香港及中国提供地

基及建筑服务。因此，我们提供的产品及

服务与广告及标签活动无甚关系。尽管如

此，本集团矢志为客户提供优质的地基及

建筑设计服务、献出专业意见及作出相应

调整，为求向我们的客户提供优质服务。

我们会在合理时间内针对客户提出的任何

问题作出补救措施，以确保客户满意。

资料私隐及知识产权

本集团一直注重保障知识产权的重要性，

在推广香港业务时使用（已于二零一五

年在香港正式注册）作为我们的商标。为

遵守法规，本集团仅会使用合法许可的软

件。同时，我们的员工手册中亦有书面政

策涵盖监控保密资料的事宜。

The geographical distribution of supliers are set out below:

By Location按地点二零二五年二零二四年

Hong Kong香港99%

Mainland China中国内地1%

Other countries其他国家0%

Total总计100%

The Group also holds regular visit for monitoring and inspecting the

qualities of the gods suplied by the supliers and work performed

by the subcontractors.

As discused in the “Health and Safety” section, our subcontractors

have ben formaly notified and required to comply with our policy

and safety procedure.

The Group also holds regular visits for monitoring and inspecting the

qualities of the gods suplied by our supliers and work performed

by our subcontractors.

B(VI) PRODUCT RESPONSIBILITIES

The Group’s principal busines is the provision of foundation and

construction services in Hong Kong and the PRC. Therefore, the

products and services we provide have limited relationship with

advertising and labeling. Nevertheles, the Group is highly comited

to delivering to our customers quality services in foundation and

construction designs, providing profesional advices and making

apropriate adjustments. We wil tackle any isue raised by our

customers by rectifying it within a reasonable time and ensuring our

customers’ satisfaction.

DATA PRIVACY AND INTELECTUAL PROPERTY

RIGHTS

The Group always emphasizes the importance of the protection of

intelectual property rights. We have marketed our busines in Hong

Kong using as our trademark which was properly registered in

Hong Kong in 2015. The Group wil only use lawful software licenses

for compliance purpose. There are also writen policies in our staf

manual to govern the areas in the control of confidential information.

剑虹集团控股有限公司 2024/25 年报55

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

B(VI) 反贪污

本集团视诚信为其核心价值之一。我们的

员工手册中亦有书面政策涵盖防止贿赂及

贪污、勒索、诈骗、洗黑钱、利益冲突、

厘定可接受礼品或款待的范围以及监控保

密资料的事宜。我们所有级别的员工均须

严格遵守该等政策。

为实施企业管治，我们于二零一七年第二

季度采用正式的检举政策。

截至二零二五年三月三十一日止年度，本

集团尚未为雇员提供反贪污培训。

据董事所深知，截至二零二五年三月

三十一日止年度，我们并不知悉有任何法

律个案涉及本集团或其员工的贪污行为。

B(VI) 社区投资

本集团在推广业务的同时，亦致力推动社

会福利及回馈社会。

作为负责任的全球公民，本集团致力透过

社区参与来提升社会形象及加强社会责任

感。本集团鼓励所有员工自行参与协助及

支援当地社区及邻里。

B(VI) ANTI-CORUPTION

Integrity is one of the core values of our Group. There are writen

policies in our staf manual to govern the areas in the avoidance of

bribery and coruption, extortion, fraud, money laundering, conflicts

of interests, alowable aceptance of gifts or entertainment and the

control of confidential information. It strictly aplies to al levels of our

staf.

A formal Whistle-blowing Policy has ben adopted in the second

quarter of 2017 for corporate governance purpose.

During the year ended 31 March 2025, the Group yet to provide its

employes any training in relation to anti-coruption.

To the best of our Directors’ knowledge, we are not aware of any

legal cases regarding corupt practices brought against the Group or

our staf during the year ended 31 March 2025.

B(VI) COMUNITY INVESTMENT

Along with the endeavour to promote busines, the Group is also

dedicated to social welfare and giving back to society.

As global responsible citizen, the Group strives to improve the society

image and social responsibility through comunity involvement. Al

employes of the Group are encouraged to participate their own

initiatives on helping and suporting the local comunities and

neighbours.

PROFILE OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层履历

/25 Anual Report56

EXECUTIVE DIRECTORS

Mr. Chang Chih-Chia (“Mr. Chang”), aged 51, obtained his

bachelor’s degre in Acounting from National Cheng Kung University

（国立成功大学）in June 1999.

Mr. Chang served as a director of operations management

department of Century Technology (Shenzhen) Corporation Limited

（深超光电（深圳）有限公司）from 2007 to 2015, the chief operating

oficer and general manager of the Chongqing branch at China

Golden Holdings Limited（中光集团有限公司）from 2016 to 2017,

the general manager of industrial services department of China

Fortune Land Development Co., Ltd（华夏幸福基业股份有限公司）

(a company listed on the Shanghai Stock Exchange, stock code:

600340) from 2017 to 2018, the executive vice president of Guangxi

Taijia Optoelectronics Technology Co., Ltd（广西泰嘉光电科技有

限公司）from 2018 to 2019, and the project director of SDP Global

（China）Corporation（超视界显示技术有限公司）from 2019 to 2021.

Mr. Chang has many years of experience in project, investment, and

management in the field of photoelectric areas, display materials and

industrial manufacturing.

Mr. Chang has ben apointed as an executive Director with efect

from 6 May 2024.

执行董事

张致嘉先生（「张先生」），51岁，于

一九年六月自国立成功大学取得会计

学士学位。

张先生自二零七年至二零一五年曾担

任深超光电（深圳）有限公司营运管理部

总监，自二零一六年至二零一七年曾担任

中光集团有限公司重庆分公司营运长及

总经理，自二零一七年至二零一八年曾

担任华夏幸福基业股份有限公司（一间于

上海证券交易所上市的公司，股份代号：

600340）产业服务部总经理，自二零一八

年至二零一九年曾担任广西泰嘉光电科技

有限公司常务副总裁，并自二零一九年至

二零二一年曾担任超视界显示技术有限公

司项目总监。

张先生于光电领域拥有多年经验之项目、

投资及管理经验，包括显示材料及工业制

造等领域。

张先生获委任为执行董事，自二零二四年

五月六日起生效。

剑虹集团控股有限公司 2024/25 年报57

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

Dr. Wang Lei (“Dr. Wang”), aged 39, obtained his bachelor’s degre

in Polymer Material and Enginering from Beijing Institute of Fashion

Technology（北京服装学院）in June 2008. He further completed his

doctoral degre in Organic Polymer Enginering at Tokyo Institute of

Technology in September 2014.

Dr. Wang engaged in research work at Tokyo Institute of Technology

from 2014 to 2016. From 2016 to 2021, he sucesively served as

a senior investment manager and responsible for product market

research and venture capital investment at Zhejiang NHU Co., Ltd.（浙

江新和成股份有限公司）, the deputy general manager of Hangzhou

Intaichuang Polymer Materials Co., Ltd（杭州因泰创高分子材料有

限公司）and the asistant to chairman of the board of directors of

Hengmei Optoelectronic Corporation（恒美光电股份有限公司）. Dr.

Wang has many years of experience in R&D management and project

investment in the field of synthetic and new materials, and has led the

team to complete multiple new products, product development and

investment in scientific and technological inovation projects.

王磊博士（「王博士」），39岁，于二零八

年六月于北京服装学院取得高分子材料与

工程学士学位。彼于二零一四年九月进一

步完成东京工业大学有机高分子工程博士

学位。

王博士自二零一四年至二零一六年于东京

工业大学从事研究工作。自二零一六年至

二零二一年，彼先后于浙江新和成股份有

限公司担任高级投资经理，负责产品市场

研究及风险投资；于杭州因泰创高分子材

料有限公司担任副总经理；及于恒美光电

股份有限公司担任董事长助理。王博士于

合成及新材料领域的研发管理及项目投资

方面拥有多年经验，并带领其团队完成多

项新产品、产品开发及科技创新项目投资。

/25 Anual Report58

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

杨学锋先生（「杨先生」），34岁，于二零

一二年七月取得大连海事大学物流管理学

士学位，并于二零二零年十二月完成香港

大学国际工商管理硕士学位。

于二零一二年至二零一九年，杨先生曾于

海航集团有限公司之附属公司担任多个职

位，包括金海重工股份有限公司之经管部

项目经理、天津天海投资发展股份有限公

司（现称为海航科技股份有限公司）（股票

代码：600751）（于上海证券交易所上市之

公司）之投资者关系经理、海航创新金融

有限公司之资本运营中心负责人及海航期

货股份有限公司之财务总监、总裁助理。

于二零一九年七月至二零二一年二月，彼

曾于上海银都实业（集团）有限公司担任投

资总监。杨先生现时为恒美光电股份有限

公司之董事会秘书及合肥新美材料科技有

限责任公司之董事。

杨先生于供应链、贸易金融、新能源及新

材料等之项目、投资及管理范畴拥有丰富

经验。

Mr. Yang Xuefeng (“Mr. Yang”), aged 34, obtained a bachelor’s

degre in logistics management from Dalian Maritime University in

July 2012 and completed his Master of Busines Administration

(International) at the University of Hong Kong in December 2020.

From 2012 to 2019, Mr. Yang held various positions at HNA Group

Co., Ltd.（海航集团有限公司）’s subsidiaries, including the project

manager in the management department at Jin Hai Heavy Industry

Co., Ltd.（金海重工股份有限公司）, the investor relations manager

at Tianjin Tianhai Investment Co., Ltd.（天津天海投资发展股份有

限公司）(curently known as HNA Technology Co., Ltd.（海航科

技股份有限公司）(stock code: 600751), a company listed on the

Shanghai Stock Exchange, the head of capital operations center at

HNA Inovative Finance Co., Ltd.（海航创新金融有限公司）, and the

financial controler, the asistant to the president at HNA Futures Co.,

Ltd.（海航期货股份有限公司）. From July 2019 to February 2021,

he worked as an investment director at Shanghai Silver Peak (Group)

Co., Ltd.（上海银都实业（集团）有限公司）. Mr. Yang curently serves

as the secretary of the board of directors of Hengmei Optoelectronic

Corporation（恒美光电股份有限公司） and the director of Hefei Xinmei

Materials Technology Co., Ltd.（合肥新美材料科技有限责任公司）.

Mr. Yang has extensive experience in project, investment, and

management in areas such as suply chain, trade finance, new

energy, and new materials.

剑虹集团控股有限公司 2024/25 年报59

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

独立非执行董事

冯志东先生（「冯先生」），51岁，于

一九五年七月在中国获得中国人民大学

国际会计学士学位，并于二零四年二月

获得中国华南理工大学工商管理硕士学位。

冯先生亦于二零一五年三月在中国中山大

学商学院完成并购行政人员课程，并于二

零一九年七月在中国清华大学五道口金融

学院完成全球创业领袖项目。此外，冯先

生于一九年五月在中国取得财政部颁

发的会计专业技术（中级）资格证书。

冯先生在财务管理、资本运作及投资者关

系管理方面拥有逾23年经验。此外，冯先

生自二零一六年六月起担任广州悦停网络

科技有限公司董事长兼董事，该公司主要

从事网络停车服务；及自二零一八年八月

起在广州悦停资本管理有限公司担任董事

长兼董事，该公司主要从事停车场管理及

企业管理服务。

冯先生于二零九年十二月至二零一六年

七月在越秀企业（集团）有限公司担任资本

经营部副总经理。冯先生亦于二零一二年

四月至二零一六年四月在越秀地产股份有

限公司（联交所主板上市公司，股份代号：

123）的一间集团公司担任投资者关系部

总经理。冯先生于二零一五年八月至二零

一七年十一月在欧科云链控股有限公司（前

称为前进控股集团有限公司，联交所主板

上市公司，股份代号：1499，为主要从事

提供地基工程及配套服务的公司）担任独

立非执行董事。冯先生于二零一九年九月

十七日至今在兴业物联服务集团有限公司

（联交所主板上市公司，股份代号：9916）

担任独立非执行董事。冯先生自二零二

年十月七日起担任鑫达投资控股有限公司

（联交所主板上市公司，股份代号：1281）

的独立非执行董事。冯先生自二零二四年

九月二日起担任广东方精工科技股份

有限公司（深交所上市公司，股份代号：

002611.SZ）的独立董事。

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Feng Zhidong (“Mr. Feng”), aged 51, obtained a Bachelor’s

Degre in International Acounting from the Renmin University of

China in the PRC in July 1995 and a Master’s Degre in Busines

Administration from the South China University of Technology in

the PRC in February 2004. Mr. Feng has also completed a Mergers

and Acquisitions Executive Program from the Busines Schol of

Sun Yat-sen University in the PRC in March 2015 and a Global

Entrepreneur Leadership Program from the PBC Schol of Finance at

the Tsinghua University in the PRC in July 2019. In adition, Mr. Feng

has obtained a Certificate of Specialty and Technology (Intermediate

Level) in Acounting in the PRC granted by the Ministry of Finance of

the PRC in May 1999.

Mr. Feng has more than 23 years of experience in financial

management, capital operations and managing investor relations.

Since June 2016, Mr. Feng is the chairman of the board and a

director of Guangzhou Yueting Network Technology Co., Ltd., which

is principaly engaged in internet parking services. Moreover, since

August 2018, he is the chairman of the board and a director of

Guangzhou Yueting Capital Management Co., Ltd., which is principaly

engaged in parking management and corporate management service.

Mr. Feng was a deputy general manager of the Capital Department

of Yue Xiu Enterprises (Holdings) Limited from December 2009 to

July 2016. He was also a general manager of the Investor Relations

Department of a group company of Yuexiu Property Company

Limited, a company listed on the Main Board of the Stock Exchange

(stock code: 123) from April 2012 to April 2016. Mr. Feng was an

independent non-executive director of OKG Technology Holdings

Limited (formerly known as LEAP Holdings Group Limited), a company

listed on the Main Board of the Stock Exchange (stock code: 1499), a

company principaly engaged in the provision of foundation works and

ancilary services from August 2015 to November 2017. Mr. Feng has

ben an independent non-executive director of Xingye Wulian Service

Group Co. Ltd., a company listed on the Main Board of the Stock

Exchange (stock code: 9916) since 17 September 2019. Mr. Feng

has ben an independent non-executive director of Xinda Investment

Holdings Limited, a company listed on the Main Board of the Stock

Exchange (stock code: 1281) since 7 October 2022. Mr. Feng has

ben an independent director of Guangdong Dongfang Precision

Science & Technology Co., Ltd, a company listed on the Shenzhen

Stock Exchange (stock code: 002611) since 2 September 2024.

/25 Anual Report60

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

刘艺星女士（「刘女士」），41岁，于二零

五年七月自华东师范大学取得地理信息系

统学士学位，并于二零一七年十二月成为

中国内地注册会计师。

刘女士自二零八年至二零二年曾担任

萨意诺（上海）工程技术咨询有限公司财务

总监，并自二零二年起担任凯道驰汽车

技术（上海）有限公司财务经理。

刘女士获委任为独立非执行董事，自二零

二四年五月六日起生效。

司徒丹妮女士（「司徒女士」），35岁，于审

计及并购咨询业拥有逾13年专业经验。彼

于二零一年六月获广东外语外贸大学

士学位（国际经济与贸易学士学位及会计

学士学位）。彼自二零一七年三月起成

为中国注册会计师协会员。

于二零一年十月至二零一六年十二月，

司徒女士担任普华永道中天会计师事务所

（特殊普通合伙）审计经理。于二零一六年

十二月至二零二五年三月，彼担任普华永

道咨询（深圳）有限公司交易并购部总监。

司徒女士获委任为独立非执行董事，自二

零二五年四月十七日起生效。

Ms. Liu Yixing (“Ms. Liu”), aged 41, obtained her bachelor’s degre

in Geographic Information Systems from East China Normal University

（华东师范大学）in July 2005 and was qualified as a certified public

acountant in the mainland China in December 2017.

Ms. Liu served as the chief finance oficer at Sino Enginering Limited

（萨意诺（上海）工程技术咨询有限公司）from 2008 to 2022 and

she has served as the finance manager at Kadence Automotive

Technology (Shanghai) Limited（凯道驰汽车技术（上海）有限公司）

since 2022.

Ms. Liu has ben apointed as an independent non-executive Director

with efect from 6 May 2024.

Ms. Situ Dani (“Ms. Situ”), aged 35, has over 13 years of

profesional experience in auditing and M&A advisory services. She

obtained a bachelor’s degre in international economic and trade

and a bachelor’s degre in acounting from Guangdong University

of Foreign Studies in June 2011. She has ben a member of The

Chinese Institute of Certified Public Acountants since March 2017.

From October 2011 to December 2016, Ms. Situ served as the

audit manager at PricewaterhouseCopers Zhong Tian CPA LP.

From December 2016 to March 2025, she was the director in

the transaction services department at PricewaterhouseCopers

Consultants (Shenzhen) Limited.

Ms. Situ has ben apointed as an independent non-executive

Director with efect from 17 April 2025.

剑虹集团控股有限公司 2024/25 年报61

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

杨秀明先生（「杨先生」），58岁，为剑虹地

基的执行董事。杨先生主要负责监督剑虹

地基的全面管理，包括日常营运、业务发

展、策略计划及投标。杨先生在香港建筑

行业拥有逾25年经验。彼曾在香港公营及

私营部门的建筑项目从事地基工程及上层

架构建造工程，包括但不限于学校、酒店、

住宅及政府楼宇。杨先生于二零八年加

入本集团，同期获委任为剑虹地基的董

事。彼亦自剑虹土木工程有限公司、剑虹

机械有限公司及剑虹打桩工程有限公司的

各自之注册成立日期起担任其董事。彼自

一九三年七月以来一直获委任为达高建

业有限公司（「达高」）的董事。达高为注册

一般建筑承建商，主要从事楼宇建造工程。

杨先生于一九八九年十一月毕业于香港理

工学院（现称香港理工大学），取得建筑测

量专业文凭。彼于一九零年六月在英国

格林威治大学（University of Grenwich，

前称Thames Polytechnic）以优异的成绩

取得建筑测量理学士学位。彼其后于

一九五年十一月取得香港大学房地产开

发理学硕士学位。

杨先生为注册专业测量师。彼于一九三

年四月获选为香港测量师学会员，并于

一九二年十二月获选为英国皇家特许测

量师学会专业会员。

Mr. Yeung Sau Ming, Boris (“Mr. Yeung”), aged 58, is an

executive director of K. H. Foundations. Mr. Yeung is primarily

responsible for overseing the overal management of the K. H.

Foundations, including daily operations, busines development,

strategic planing and tendering. Mr. Yeung has more than 25 years

of experience in the construction industry in Hong Kong. He tok part

in the foundation works and superstructure construction works in

construction projects of both the public sector and the private sector

in Hong Kong including, but not limited to schols, hotels, residential

premises and government buildings. Mr. Yeung joined our Group in

2008 and was apointed as a director of K. H. Foundations during the

same period. He is also the director of K. H. Civil Enginering Limited,

& Enginering Limited since

each of their incorporation date, respectively. He has ben apointed

as a director of Tactful Building Company Limited (“Tactful”) since

July 1993. Tactful is a Registered General Building Contractor, and is

mainly involved in building construction works.

Mr. Yeung graduated from Hong Kong Polytechnic (now known as

The Hong Kong Polytechnic University) with a Profesional Diploma

in Building Surveying in November 1989. He obtained his Bachelor’s

Degre of Science with distinction in Building Surveying from the

University of Grenwich (previously known as Thames Polytechnic)

in the United Kingdom in June 1990. He subsequently obtained his

Master’s Degre of Science in Real Estate Development from The

University of Hong Kong in November 1995.

Mr. Yeung is a Registered Profesional Surveyor by profesion. He

was elected as an asociate of The Hong Kong Institute of Surveyors

in April 1993, and as the profesional asociate of the Royal Institution

of Chartered Surveyors in December 1992.

/25 Anual Report62

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

公司秘书

卢韵雯女士曾任职于国际会计师行及多家

上市公司，于香港上市及私人公司的会计、

审计及财务管理方面拥有逾20年经验。彼

于二零六年十一月获得香港城市大学之

金融学理学硕士学位。自二零二年十月

起，彼在凯晋企业服务有限公司担任董事。

自二零一九年四月起，彼获委任为联交所

主板上市公司万顺集团（控股）有限公司（股

份代号：1746）之公司秘书及授权代表。

自二零一九年五月起，卢女士获委任为联

交所主板上市公司瑞斯康集团控股有限公

司（股份代号：1679）之独立非执行董事。

二零二年十一月，卢女士获委任为联交

所主板上市公司天彩控股有限公司（股份

代号：3882）之独立非执行董事。卢女士

自二零三年一月起为香港会计师公会

员。

COMPANY SECRETARY

Ms. Lo Wan Man has over 20 years of experience in the areas

of acounting, auditing and financial management for both listed

and private companies in Hong Kong by working in an international

acounting firm and listed companies. She obtained a master of

science in finance from City University of Hong Kong in November

2006. She has ben working at Aclime Corporate Services Limited

as director since October 2022. Since April 2019, she has ben

apointed as the company secretary and authorized representative

of Man Shun Group (Holdings) Limited, a company listed on the Main

Board of the Stock Exchange (stock code: 1746). Ms. Lo has ben

apointed as an independent non-executive director of Risecom

Group Holdings Limited, a company listed on the Main Board of the

Stock Exchange (stock code: 1679) since May 2019. In November

2022, Ms. Lo has ben apointed as an independent non-executive

director of Sky Light Holdings Limited, a company listed on the

Main Board of the Stock Exchange (stock code: 3882). Ms. Lo is a

member of the Hong Kong Institute of Certified Public Acountants

since January 2003.

DIRECTORS’ REPORT

董事会报告

剑虹集团控股有限公司 2024/25 年报63

The Directors present their anual report together with the audited

financial statements of the Company and the Group for the year

ended 31 March 2025.

PRINCIPAL ACTIVITIES AND BUSINES REVIEW

The principal activity of the Company is investment holding. The

principal activities and other particulars of its subsidiaries are set out

in note 34 to the consolidated financial statements.

Further discusion and review on the busines activities of the

Group as required by Schedule 5 to the Companies Ordinance (Cap.

622), including a description of the principal risks and uncertainties

facing the Group and an indication of likely future development in

the Group’s busines, can be found in the section of “Chairman’s

Statement” set out on pages 5 and 6 of this anual report and

“Management Discusion and Analysis” set out on pages 7 to 15

of this anual report. These discusions form part of this Directors’

Report. In adition, details of the Group’s financial risk management

are disclosed in note 6 to the consolidated financial statements.

ENVIRONMENTAL POLICIES AND PERFORMANCE

AND RELATIONSHIP WITH EMPLOYES,

SUPLIERS AND CUSTOMERS

The Group is comited to carying out construction works in a

maner with minimal adverse impact to the environment resulting

from our busines activities.

Environmental policies have ben adopted by the Group for

implementation of environmentaly friendly measures and practices in

the operation of the Group’s busineses. The Group wil also review

its environmental policies and performance from time to time in order

to minimise the adverse environmental impacts from our operations.

The Group targets to provide a friendly, comfortable and decent work

environment and carer growth oportunities to our staf in order to

maintain a family-friendly relationship with our staf.

The Group maintains active relationship with our customers in the

industry to explore potential busines oportunities and is highly

comited to delivering quality services to our customers on time.

董事会谨此提呈本公司及本集团截至二零

二五年三月三十一日止年度的年报及经审

核财务报表。

主要业务及业务回顾

本公司的主要业务为投资控股。其附属公

司的主要业务及其他详情载列于综合财务

报表附注34。

有关香港法例第622章《公司条例》附表5所

规定就本集团业务活动之进一步讨论及审

阅（包括对本集团面对之主要风险及不明

朗因素之描述以及对本集团业务可能出现

之未来发展之指示）载于本年报第5及6页

所载之「主席报告」及本年报第7至15页所

载之「管理层讨论及分析」。该等讨论为本

董事会报告的一部分。此外，本集团财务

风险管理之详情于综合财务报表附注6披露。

环境政策及表现以及与雇

员、供应商及客户之关系

本集团致力于地盘工程进行过程中将我们

的业务活动对环境所造成的负面影响减至

最低。

本集团采纳环境政策以执行有关本集团业

务营运的环保措施及常规。本集团亦将不

时检讨其环境政策及表现，以将我们业务

对环境构成之负面影响减至最低。

本集团以为其员工缔造和谐舒适且得宜兼

具的工作环境以及创造事业发展机会为目

标，以与员工维持家庭友善关系。

本集团与行内客户维持积极合作关系以开

掘潜在业务机会，并致力按时向客户提供

优质服务。

/25 Anual Report64

DIRECTORS’ REPORT

董事会报告

The Group maintains a list of aproved supliers (based on their

prices, quality, past performance and capacity) and subcontractors

(based on their previous experience, skils, present work load, price

quotations and historical work quality).

Save as those disclosed in note 40 to the consolidated financial

statements, there was no other material outstanding dispute or

argument betwen the Group and its employes, customers and

supliers and subcontractors as at 31 March 2025.

Further discusion and review on the environmental policies and

performance and relationship with employes, supliers and

customers of the Group as required by Schedule 5 to the Companies

Ordinance (Cap. 622), can be found in the Environmental, Social and

Governance Report set out on pages 37 to 55 of this anual report.

This discusion forms part of this Directors’ Report.

COMPLIANCE WITH LAWS AND REGULATIONS

The Group continues to comit to complying with the relevant laws

and regulations, such as the Companies Act, Cap. 22 (Law 3 of 1961,

as consolidated and revised), of the Cayman Islands, the Companies

Ordinance (Cap. 622), the SFO, the Listing Rules and other relevant

laws and regulations. So far as the Board is concerned, there were

no material breaches of or non-compliance with the relevant rules

and regulations by our Group that have significant impacts on the

busines and operations of our Group during the year ended 31

March 2025.

CORPORATE GOVERNANCE

Principal corporate governance practices adopted by the Company

are set out in the Corporate Governance Report on pages 16 to 36.

RESULTS AND DIVIDENDS

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

Group’s financial position as at 31 March 2025 are set out in the

consolidated financial statements on pages 85 to 206.

The Board does not recomend payment of a final dividend to the

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

本集团保存获批供应商（基于其价格、质

素、过往表现及能力）及分包商（基于其过

往经验、技能、现有工作负担、报价及过

往工作质素）名单。

除综合财务报表附注40所披露者外，于二

零二五年三月三十一日，本集团与其雇员、

客户及供应商以及分包商概无其他重大未

决纠纷或争议。

有关香港法例第622章《公司条例》附表5所

规定就环境政策及表现以及与本集团雇员、

供应商及客户之关系之进一步讨论及审阅

载于本年报第37至55页所载之环境、社会

及管治报告。该等讨论为本董事会报告的

一部分。

遵守法律及法规

本集团持续致力遵守相关法律及条例，例

如开曼群岛法例第22章公司法（一九六一

年第3 号法例，经综合及修订）、香港法例

第622章《公司条例》、证券及期货条例、

上市规则以及其他相关法律及法规。就董

事会所知，于截至二零二五年三月三十一

日止年度，本集团并无重大违反或不遵守

对本集团业务及营运构成重大影响之相关

法规及规则。

企业管治

本公司采纳之主要企业管治常规载于第16

至36页之企业管治报告。

业绩及股息

本集团截至二零二五年三月三十一日止

年度之业绩及本集团于二零二五年三月

三十一日之财务状况载于第85至206页之

综合财务报表。

董事会不建议向股东派付截至二零二五

年三月三十一日止年度的末期股息（二零

二四年：无）。

剑虹集团控股有限公司 2024/25 年报65

DIRECTORS’ REPORT

董事会报告

财务概要

摘录自经审核财务报表并已重新分类（如适

用）之本集团过去五个财政年度已刊发之业

绩及资产及负债概要载于本年报第207页。

该概要并不构成经审核财务报表之一部分。

股本

年内，本公司之法定或已发行股本概无变

动。

购股权

本公司的购股权计划（「计划」）已根据于二

零一六年二月十九日通过的决议案获采纳，

其于本公司股份于二零一六年三月十八日

在联交所上市后生效并成为无条件，计划

旨在向合资格参与者（包括任何本公司或

本集团任何成员公司的全职或兼职雇员，

包括任何执行、非执行董事及独立非执行

董事、顾问、咨询师、其他承建商、本集

团业务合作伙伴）就其为提升本集团利益

而作出的贡献及持续努力提供激励及╱或

奖励。除获终止或修订外，计划将于10年

内一直有效。

根据计划，自采纳计划日期起计，因根据

计划及本公司提呈的其他计划将予授出的

所有购股权获行使而可予发行的股份总数，

不得超过40,000,000股份，即于上市日

期已发行股份的10%。因根据计划及本公

司提呈的其他计划已授出但尚未行使的所

有未行使购股权获行使而将予发行的股份

数目整体上限，不得超过本公司不时已发

行股本的30%。于任何12个月期间内，因

根据计划向各合资格参与者授出的购股权

获行使而发行及将予发行的股份总数不得

超过本公司已发行股本的1%。购股权可

供合资格参与者接纳的期间为不少于5个

营业日。于接纳计划要约时，参与者须支

付1港元。

FINANCIAL SUMARY

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

Group for the last five financial years, as extracted from the audited

financial statements and reclasified as apropriate, is set out on

page 207 of this anual report. This sumary does not form part of

the audited financial statements.

SHARE CAPITAL

There were no movements in either the Company’s authorised or

isued share capital during the year.

SHARE OPTIONS

The Company’s share option scheme (the “Scheme”) was adopted,

pursuant to a resolution pased on 19 February 2016 which became

efective and unconditional upon the listing of the Company’s shares

on the Stock Exchange on 18 March 2016, for the purpose of

providing incentive and/or to reward eligible participants (who include

any ful-time or part-time employe of the Company or any member

of the Group, including any executive, non-executive directors and

independent non-executive directors, advisors, consultants, other

contractors, busines partners of the Group) for their contribution to,

and continuing eforts to promote the interest of the Group. Unles

otherwise terminated or amended, the Scheme wil remain in force for

10 years.

Pursuant to the Scheme, the agregate number of shares which

may be isued upon exercise of al options to be granted under the

Scheme, and other schemes ofered by the Company, as from the

date of adoption of the Scheme, shal not exced 40,000,000 shares,

being 10% of the shares in isue on the listing date. The overal

limit on the number of shares which shal be isued upon exercise

of al outstanding options granted and yet to be exercised under

the Scheme, and other schemes ofered by the Company, shal not

exced 30% of the isued share capital of the Company from time

to time. The total number of shares isued, and to be isued, upon

exercise of options granted in acordance with the Scheme to each

eligible participant in any 12-month period shal not exced 1% of

the isued share capital of the Company. The option shal remain

open for aceptance by the eligible participant for a period of not les

than 5 busines days. HK$1 shal be payable by the participants on

aceptance of the ofer of the Scheme.

/25 Anual Report66

DIRECTORS’ REPORT

董事会报告

已授出购股权的可行使期乃由董事会厘定，

惟不可超过自授出购股权日期起计10年。

已授出购股权所涉及股份的认购价乃由董

事会厘定，惟不可低于(i)于授出购股权日

期（须为交易日）本公司股份于联交所每日

报价表内所列明收市价；(i)于紧接授出购

股权日期前五个交易日本公司股份于联交

所每日报价表内所列明平均收市价；及(i)

本公司股份面值（以最高者为准）。

自其采纳日期起，概无根据二零一六年购

股权计划授出购股权。

优先购买权

组织章程细则或开曼群岛法例第22章公司

法（一九六一年第3号法例，经综合及修订）

并无有关优先购买权的条文（规定本公司

须按比例向现有股东提呈新股份）。

购买、出售或赎回本公司上

市证券

截至二零二五年三月三十一日止年度，本

公司或其任何附属公司概无购买、出售或

赎回本公司任何上市证券。

可分派储备

于二零二五年三月三十一日，本公司根据

开曼群岛法例第22章公司法（一九六一年

第3号法例，经综合及修订）计算并无可供

分派储备（二零二四年：零）。本公司的股

份溢价账可供分派予股东或可用于向股东

派息，惟须受组织章程细则条文规限，并

且紧随分派或派付股息后本公司须有能力

即时偿还日常业务过程中到期偿还的债项。

The exercisable period of the share options granted is determinable

by the board of directors, but no later than 10 years from the date of

grant of the options. The subscription price for the shares in respect

of which options are granted is determinable by board of directors,

but shal be no les than the highest of (i) the closing price of the

Company’s shares as stated in the Stock Exchange’s daily quotations

shet on the date of grant of the options, which must be a trading

day; (i) the average closing price of the Company’s shares as stated

in the Stock Exchange’s daily quotations shets for the five trading

days imediately preceding the date of grant of the options; and (i)

the nominal value of a Company’s share.

No share option has ben granted under the 2016 Share Option

Scheme since its adoption.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Articles of

Asociation or the Companies Act, Cap. 22 (Law 3 of 1961, as

consolidated and revised), of the Cayman Islands, which would oblige

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

Shareholders.

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY’S LISTED SECURITIES

During the year ended 31 March 2025, neither the Company nor any

of its subsidiaries purchased, sold or redemed any listed securities

of the Company.

DISTRIBUTABLE RESERVES

No distributable reserves of the Company as at 31 March 2025,

calculated under the Companies Act, Cap. 22 (Law 3 of 1961, as

consolidated and revised), of the Cayman Islands (2024: Nil). The

share premium acount of the Company is available for distribution

or paying dividends to the Shareholders subject to the provisions of

the Articles of Asociation and provided that imediately folowing

the distribution or the payment of dividends, the Company is able to

pay its debts imediately as they fal due in the ordinary course of

busines.

剑虹集团控股有限公司 2024/25 年报67

DIRECTORS’ REPORT

董事会报告

主要客户及供应商

截至二零二五年三月三十一日止年度，本集

团来自前五名最大客户的总收益占本集团总

收益的约95.3%，其中本集团来自最大客户

的收益占本集团总收益的约42.9%。本集团

来自前五名最大供应商的采购总额及向分包

商支付的分包费用总额分别占本集团采购总

额及分包费用总额的约90.2%及约71.2%。

截至二零二五年三月三十一日止年度，本集

团来自最大供应商的采购额及向最大分包商

支付的分包费用分别占本集团采购总额及分

包费用的约28.1%及约36.0%。

董事、彼等之紧密联系人或据董事所知拥

有本公司股份5%以上之任何本公司股东

概无于本集团五大客户或供应商拥有任何

权益。

董事

于财政年度及截至本年报日期止的董事如

下：

执行董事

张致嘉先生（主席）

（于二零二四年五月六日获委任）

黄源博士（主席）

（于二零二四年四月十八日辞任）

卜友军先生（于二零二四年六月二十一日

辞任）

杨学锋先生

王磊博士

（于二零二四年六月二十一日获委任）

独立非执行董事

刘艺星女士（于二零二四年五月六日获委任）

刘昕先生（于二零二四年五月六日辞任）

冯志东先生

王波先生（于二零二五年一月二十一日辞任）

司徒丹妮女士（于二零二五年四月十七日

获委任）

MAJOR CUSTOMERS AND SUPLIERS

The agregate revenue from the five largest customers of the Group

acounted for aproximately 95.3% of the Group’s total revenue

and revenue from the largest customer of the Group acounted

for aproximately 42.9% of the Group’s total revenue during the

year ended 31 March 2025. The agregate purchases from the five

largest supliers and agregate subcontracting fes paid to the

subcontractors of the Group acounted for aproximately 90.2% of

the Group’s total purchases and aproximately 71.2% of the Group’s

total subcontracting fes respectively. The purchases from the largest

suplier and subcontracting fes paid to the largest subcontractor of

the Group acounted for aproximately 28.1% of the Group’s total

purchases and aproximately 36.0% subcontracting fes during the

year ended 31 March 2025 respectively.

None of the Directors, their close asociates or any shareholders of

the Company (which to the knowledge of the Directors owns more

than 5% of the shares of the Company) had any interest in the five

largest customers or supliers of the Group.

DIRECTORS

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

anual report were:

EXECUTIVE DIRECTORS

Mr. Chang Chih-Chia (Chairman)

(apointed on 6 May 2024)

Dr. Huang Yuan (Chairman)

(resigned on 18 April 2024)

Mr. Bu Youjun (resigned on 21 June 2024)

Mr. Yang Xuefeng

Dr. Wang Lei (apointed on 21 June 2024)

INDEPENDENT NON-EXECUTIVE DIRECTORS

Ms. Liu Yixing (apointed on 6 May 2024)

Mr. Liu Xin (resigned on 6 May 2024)

Mr. Feng Zhidong

Mr. Wang Bo (resigned on 21 January 2025)

Ms. Situ Dani (apointed on 17 April 2025)

/25 Anual Report68

DIRECTORS’ REPORT

董事会报告

根据本公司组织章程细则第112条，获董

事会委任以填补临时空缺的董事，其任期

仅至其获委任后之本公司首个股东大会为

止，并可于该大会上重选连任。因此，司

徒丹妮女士（于二零二五年四月十七日获

委任为本公司独立非执行董事）将于应届

股东周年大会上退任，并符合资格及愿意

重选连任。

根据本公司组织章程细则第108条，于本

公司每届股东周年大会上，当时董事总数

三分之一人数（或，倘人数并非三(3)之倍

数，则为最接近但不少于三分之一之人数）

须轮值告退，惟每名董事须至少每三年轮

值告退一次。因此，杨学锋先生及冯志东

先生将于应届股东周年大会上轮值退任，

并符合资格及愿意于应届股东周年大会上

重选连任。

本公司已接获每位独立非执行董事根据上

市规则第3.13条就其独立性作出的年度确

认书。根据上市规则所载的指引，本公司

认为所有独立非执行董事均为独立人士。

Pursuant to Article 112 of the Articles of Asociation of the Company,

any Director apointed by the Board to fil a casual vacancy shal

hold ofice only until the first general meting of the Company after

his apointment and be subject to re-election at such meting.

Acordingly, Ms. Situ Dani who was apointed as an independent

Non-executive Director of the Company on 17 April 2025, wil

retire and, being eligible, wil ofer themselves for re-election at the

forthcoming anual general meting.

Pursuant to Article 108 of the Articles of Asociation of the Company,

at each anual general meting of the Company, one-third of the

Directors for the time being (or, if their number is not a multiple of

thre (3), the number nearest to but not les than one-third) shal

retire from ofice by rotation provided that every Director shal be

subject to retirement by rotation at least once every thre years.

Acordingly, Mr. Yang Xuefeng and Mr. Feng Zhidong wil retire by

rotation and, being eligible, wil ofer themselves for re-election at the

forthcoming anual general meting.

The Company has received, from each of the Independent

Non-executive Directors, an anual confirmation of his independence

pursuant to Rule 3.13 of the Listing Rules. The Company considered

al of its Independent Non-executive Directors to be independent in

acordance with the guidelines as set out under the Listing Rules.

剑虹集团控股有限公司 2024/25 年报69

DIRECTORS’ REPORT

董事会报告

董事资料变动

概无资料须根据上市规则第13.51B(1)条予

以披露。

董事及高级管理层履历资料

董事及本公司高级管理层之简历载于年报

第56至62页之「董事及高级管理层履历」一

节。

董事的服务合约

概无拟于应届股东周年大会上重选连任的

董事与本公司订有任何不可由本公司于一

年内终止而毋须支付补偿款项（法定补偿

除外）的服务合约。

董事薪酬

董事薪酬须待股东于股东大会上批准。其

他薪酬乃由董事会参考董事之职责、责任

及表现以及本集团之业绩而厘定。董事于

截至二零二五年三月三十一日止年度之薪

酬详情载于综合财务报表附注14。

获准许弥偿

根据组织章程细则，于年内及本董事会报

告获批准当日，本公司一直为董事的利益

订有效的获准许的弥偿条文（定义见香

港法例第622章《公司条例》第469条），据

此，倘任何董事以董事身份涉及任何法律

程序而招致任何责任、蒙受损失及承担开

支，并获判胜诉或无罪，则本公司应就任

何该等责任、损失及开支弥偿有关董事。

本公司已投购保险，保障范围涵盖董事及

高级人员因企业活动而令董事及高级管理

人员招致法律行动之责任。

CHANGES IN DIRECTORS’ INFORMATION

There is no information required to be disclosed pursuant to Rule

13.51B(1) of the Listing Rules.

BIOGRAPHICAL INFORMATION OF DIRECTORS

AND SENIOR MANAGEMENT

Brief biographical information of the Directors and senior management

of the Company are set out in the section of “Profile of Directors and

Senior Management” on pages 56 to 62 of the anual report.

DIRECTORS’ SERVICE CONTRACTS

None of the Directors who are being proposed for re-election at

the forthcoming anual general meting has a service contract with

the Company which is not determinable by the Company within

one year without payment of compensation (other than statutory

compensation).

DIRECTORS’ REMUNERATION

The Directors’ remuneration are subject to Shareholders’ aproval at

the general meting. Other emoluments are determined by the Board

with reference to Directors’ duties, responsibilities and performance

and the results of the Group. Details of the remuneration of the

Directors for the year ended 31 March 2025 are set out in note 14 to

the consolidated financial statements.

PERMITED INDEMNITY

Under the Articles of Asociation, the Company had a permited

indemnity provision (as defined in section 469 of the Companies

Ordinance (Cap. 622) in force for the benefit of the Directors

throughout the year and as at the date of aproval of this Directors’

report, pursuant to which the Company shal indemnify any Director

against any liability, los sufered and expenses incured by the

Director in conection with any legal procedings in which he is

involved by reason of being a Director, and in which the judgement

is given in his favour or in which he is acquited. The Company has

maintained insurance cover for Directors’ and oficers’ liabilities in

respect of legal actions against the Directors and oficers arising out

of corporate activities.

/25 Anual Report70

DIRECTORS’ REPORT

董事会报告

董事于交易、安排或合约之

权益

除董事会报告中「持续关连交易」一节及综

合财务报表附注39「关联方交易」所披露者

外，概无董事或董事之关连实体于本公司

控股公司或本公司任何附属公司或同系附

属公司于本年度内订立并对本集团业务而

言属重要之任何交易、安排或合约中直接

或间接拥有重大权益。

董事于竞争性业务之权益

于截至二零二五年三月三十一日止年度及

截至本年报日期，概无董事或彼等之紧密

联系人士（定义见上市规则）于与（或可能

与）本集团业务直接或间接竞争之业务中

拥有任何权益。

权益披露

董事于本公司及相联法团的权益

于二零二五年三月三十一日，概无董事于

本公司或其相联法团（定义见证券及期货

条例第XV部）的股份、相关股份及债券中

拥有根据证券及期货条例第352条须予存

置的登记册所记录的权益及淡仓，或根据

标准守则须另行知会本公司及联交所的权

益及淡仓。

DIRECTORS’ INTERESTS IN TRANSACTIONS,

ARANGEMENTS OR CONTRACTS

Save as disclosed in the section of “Continuing Conected Transact

ions” in the Directors’ Report and “Related Party Transactions”

in note 39 to the consolidated financial statements, no Director

nor a conected entity of a Director had a material interest, either

directly or indirectly, in any transactions, arangements or contracts

of significance to the busines of the Group to which the holding

company of the Company, or any of the Company’s subsidiaries or

felow subsidiaries was a party during the year.

DIRECTORS’ INTERESTS IN COMPETING BUSINES

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

anual report, none of the Directors or their close asociates (as

defined under the Listing Rules) has any interest in a busines which

competes or is likely to compete, either directly or indirectly, with the

busines of the Group.

DISCLOSURE OF INTERESTS

DIRECTORS’ INTERESTS IN THE COMPANY AND

ASOCIATED CORPORATION

As at 31 March 2025, none of the directors have any interests and

short positions in the shares, underlying shares and debentures of the

Company or its asociated corporations (within the meaning of Part

XV of the SFO), as recorded in the register required to be kept by the

Company under section 352 of the SFO, or as otherwise notified to

the Company and the Stock Exchange pursuant to the Model Code.

剑虹集团控股有限公司 2024/25 年报71

DIRECTORS’ REPORT

董事会报告

主要股东于本公司之权益

于二零二五年三月三十一日，以下为于本公

司股份及相关股份5%或以上之权益及淡仓，

已记录于本公司根据证券及期货条例第336

条须置存之权益登记册内：

SUBSTANTIAL SHAREHOLDERS’ INTERESTS IN

THE COMPANY

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

5% or more of the shares and underlying shares of the Company

were recorded in the register of interests required to be kept by the

Company pursuant to section 336 of the SFO:

NameNature of interest

Number of

shares held/

interested

Percentage of

interest in our

Company

姓名╱名称权益性质

所持╱拥有

权益股份数目

占本公司

权益的百分比

Blesing WelBeneficial owner300,000,00062.5%

福信实益拥有人

Sendlink Limited (Note 1)Interest in a controled corporation300,000,00062.5%

Sendlink Limited（附注1）受控法团权益

Mr. Chen Rongsheng

(“Mr. Chen”) (Note 2)

Interest in a controled corporation300,000,00062.5%

陈融圣先生（「陈先生」）（附注2）受控法团权益

/25 Anual Report72

DIRECTORS’ REPORT

董事会报告

附注：

1：该等股份由福信持有，而福信由Sendlink

Limited全资拥有。根据证券及期货条例，

Sendlink Limited被视作于福信持有的本公司

股份中拥有权益。

2：该等股份由福信持有，而福信由Sendlink

Limited全资拥有。因此，根据证券及期货条

例，Sendlink Limited被视作于福信持有的本

公司股份中拥有权益。由于Sendlink Limited

由陈先生全资拥有，故根据证券及期货条

例，陈先生被视作透过Sendlink Limited及福

信于本公司股份中拥有权益。陈先生并非公

司收购、合并及股份回购守则项下的一致行

动方。

除上文所披露者外，于二零二五年三月

三十一日，除上文「董事于本公司及相联

法团的权益」一节所载之董事权益外，并

无任何人士已登记须根据证券及期货条例

第336条予以记录之本公司股份或相关股

份中之权益或淡仓。

董事购买股份或债权证的权

利

除本年报「购股权」及「权益披露」各节所披

露者外，任何董事或彼等各自之配偶或未

成年子女概无于年内任何时间获授予可藉

购买本公司股份或债券而获益之权利，亦

无行使任何该等权利；本公司、其控股公

司或其任何附属公司或同系附属公司亦无

订立任何安排，致使董事可取得任何其他

法团之该等权利。

持续关连交易

重大关联方交易概要载于综合财务报表附

注39。截至二零二四年及二零二五年三月

三十一日止两个年度的交易构成本集团之

持续关连交易，根据上市规则第14A.76(1)

条获全面豁免遵守独立股东批准、年度审

阅及所有披露规定。

管理合约

于年内概无订立或存有与本公司整体或任

何重要部分业务有关之管理及行政合约。

Notes:

1: These shares are held by Blesing Wel which is wholy-owned by Sendlink

Limited. Sendlink Limited is demed to be interested in the shares of the

Company held by Blesing Wel under the SFO.

2: These shares are held by Blesing Wel which is wholy-owned by Sendlink

Limited. Sendlink Limited is therefore demed to be interested in the shares

of the Company held by Blesing Wel under the SFO. As Sendlink Limited

is wholy-owned by Mr. Chen, Mr. Chen is demed to be interested in the

shares of the Company through Sendlink Limited and Blesing Wel under

the SFO. Mr. Chen is not a concert party under the Codes on Takeovers and

Mergers and Share Buy-backs.

Save as disclosed above, as at 31 March 2025, no person, other than

the Directors, whose interests are set out in the section “Directors’

Interests in the Company and Asociated Corporation” above, had

registered an interest or short position in the shares or underlying

shares of the Company that was required to be recorded pursuant to

section 336 of the SFO.

RIGHTS TO PURCHASE SHARES OR DEBENTURES

OF DIRECTORS

Save as disclosed in the section of “Share Option” and “Disclosure

of Interests” in this anual report, at no time during the year were

rights to acquire benefits by means of the acquisition of shares in

or debentures of the Company granted to any of the Directors or

their respective spouses or minor children, or were any such rights

exercised by them; or was the Company, its holding company, or any

of its subsidiaries or felow subsidiaries a party to any arangement

to enable the Directors to acquire such rights in any other body

corporate.

CONTINUING CONECTED TRANSACTIONS

A sumary of material related party transactions is disclosed in note

39 to the consolidated financial statements. The transaction for the

two years ended 31 March 2024 and 2025 constituted continuing

conected transactions of the Group that are fuly exempted from

independent Shareholders’ aproval, anual review and al disclosure

requirements pursuant to Rule 14A.76(1) of the Listing Rules.

MANAGEMENT CONTRACTS

No contract concerning the management and administration of the

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

ben entered into or existed during the year.

剑虹集团控股有限公司 2024/25 年报73

DIRECTORS’ REPORT

董事会报告

报告期后事项

除综合财务报表附注41所披露者外，于二

零二五年三月三十一日后及截至本年报日

期，概无发生其他重大事项。

股东周年大会

本公司截至二零二五年三月三十一日止年

度之股东周年大会（「二零二五年股东周年

大会」）拟于董事会厘定之日期举行。召开

二零二五年股东周年大会之通告将根据上

市规则于适当时候刊发及寄发予股东。

足够公众持股量

就董事所深知及基于本公司所得公开资料，

于本年报日期，本公司已发行股本的不少

于 25%乃由公众人士持有。

慈善捐款

截至二零二五年三月三十一日止年度，本

集团作出慈善捐款合共零（二零二四年：

零）。

核数师

截至二零二五年三月三十一日止年度的综

合财务报表已获长青（香港）会计师事务所

有限公司审核。

长青（香港）会计师事务所有限公司将于二

零二五年股东周年大会上辞任并合资格膺

选续聘。有关续聘长青（香港）会计师事务

所有限公司为本公司之核数师之决议案将

于二零二五年股东周年大会上提呈。

代表董事会

主席

张致嘉先生

香港，二零二五年六月二十七日

EVENTS AFTER THE REPORTING PERIOD

Save as those disclosed in note 41 to the consolidated financial

statements, there have ben no other material events ocuring after

31 March 2025 and up to the date of this anual report.

ANUAL GENERAL METING

It is proposed that the anual general meting (the “2025 AGM”) of

the Company for the year ended 31 March 2025 be held on a date

to be fixed by the Board, and a notice convening the 2025 AGM wil

be published and despatched to the Shareholders in due course in

acordance with the Listing Rules.

SUFICIENCY OF PUBLIC FLOAT

To the best knowledge of the Directors and based on the information

that is publicly available to the Company, not les than 25% of the

Company’s isued capital are held by public as at the date of this

anual report.

CHARITABLE DONATION

During the year ended 31 March 2025, the Group made charitable

contribution totaling Nil (2024: Nil).

AUDITOR

The consolidated financial statements for the year ended 31 March

2025 have ben audited by McMilan Wods (Hong Kong) CPA

Limited.

McMilan Wods (Hong Kong) CPA Limited shal retire in the 2025

AGM and, being eligible, wil ofer themselves for re-apointment. A

resolution for the re-apointment of McMilan Wods (Hong Kong)

CPA Limited as Auditor of the Company wil be proposed at the 2025

AGM.

On behalf of the Board

Mr. Chang Chih-Chia

Chairman

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT 核数师就审核综合财务报表须承 OF THE CONSOLIDATED FINANCIAL STATEMENTS 担之责任（续） (CONTINUED) From the matters communicated with the Audit Committee, we 从与审核委员会沟通之事项中，吾等确定 determine those matters that were of most significance in the audit 该等对本期间综合财务报表之审核最为重 of the consolidated financial statements of the current period and are 要之事项，因而构成关键审核事项。吾等 therefore the key audit matters. We describe these matters in our 在核数师报告中阐释该等事项，除非法律 auditor’s report unless law or regulation precludes public disclosure 或规例不允许公开披露该等事项，或在极 about the matter or when, in extremely rare circumstances, we 端罕见之情况下，合理预期倘于吾等之报 determine that a matter should not be communicated in our report 告中注明某事项造成之负面后果超过产生 because the adverse consequences of doing so would reasonably 之公众利益，则吾等决定不应在报告中注 be expected to outweigh the public interest benefits of such 明该事项。 communication. McMillan Woods (Hong Kong) CPA Limited 长青（香港）会计师事务所有限公司 Certified Public Accountants 执业会计师 Lo Ka Ki 卢家麒 Audit Engagement Director 审计项目董事 Practising Certificate Number P06633 执业证书编号P06633 24/F., Siu On Centre, 香港湾仔 188 Lockhart Road, 骆克道188号 Wanchai, Hong Kong 兆安中心24楼 27 June 2025 二零二五年六月二十七日 84 K. H. Group Holdings Limited 2024/25 Annual Report

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 Revenue 收益 7 129,580 175,174 Cost of sales and services rendered 销售及所提供服务成本 (173,318) (206,213) Gross loss 毛损 (43,738) (31,039) Other income 其他收入 8 5,383 90,925 Gain on bargain purchase on 收购附属公司之议价购买收益 acquisition of subsidiaries 35(a) 40,947 – Administrative and other operating 行政及其他经营开支 expenses (35,376) (33,584) Impairment of property, plant and 物业、机器及设备减值 equipment 17 (842) (1,983) Impairment of right-of-use assets 使用权资产减值 (1,840) – Write-off of contract assets 撇销合约资产 (18,008) (65,932) Provision for expected credit loss 就贸易应收款项及合约资产的 (“ECL”) on trade receivables and 预期信贷亏损（「预期信贷亏 contract assets, net of reversal of 损」）计提拨备，扣除减值亏 impairment loss 损拨回 (2,627) (768) Loss from operations 经营所得亏损 (56,101) (42,381) Finance costs 融资成本 1 0 (946) (9,179) Loss before tax 除税前亏损 (57,047) (51,560) Income tax expense 所得税开支 11 (545) – Loss for the year 年内亏损 12 (57,592) (51,560) Other comprehensive loss after tax: 除税后其他全面亏损： Item that may be reclassified to 可能被重新分类至损益表 profit or loss: 之项目： Exchange difference on translating 换算海外业务产生之汇兑 foreign operation 差额 (848) (4,930) Total comprehensive loss for the year 年内全面亏损总额 (58,440) (56,490) HK cents HK cents 港仙港仙 Loss per share 每股亏损 — Basic — 基本 16(a) (12.0) (12.2) — Diluted — 摊薄 16(b) N/A不适用 N/A不适用剑虹集团控股有限公司 2024/25 年报 85

129,580
(173,318)
(43,738)
5,383
40,947
(35,376)
(842)
(1,840)
(18,008)
(2,627)
(56,101)
(946)
(57,047)
(545)
(57,592)
(848)
(58,440)
HK cents
港仙
(12.0)
N/A不适用

CONSOLIDATED STATEMENT OF PROFIT OR LOS

AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 Non-current assets 非流动资产 Property, plant and equipment 物业、机器及设备 17 131,093 10,642 Right-of-use assets 使用权资产 18 26,375 2,025 157,468 12,667 Current assets 流动资产 Inventories 存货 19 2,974 1,314 Trade receivables 贸易应收款项 20 30,120 31,942 Contract assets 合约资产 21 20,613 65,679 Prepayments, deposits and other 预付款项、按金及 receivables 其他应收款项 22 14,291 5,890 Bank and cash balances 银行及现金结余 23 48,481 84,497 116,479 189,322 Current liabilities 流动负债 Trade and retention payables 贸易应付款项及应付保固金 24 183,860 149,721 Contract liabilities 合约负债 21 162 11,961 Accruals and other payables 应计费用及其他应付款项 25 116,203 40,404 Lease liabilities 租赁负债 26 943 1,866 Bank borrowings, secured 银行借款，有抵押 27 6,436 13,645 Other borrowings, unsecured 其他借款，无抵押 28 – 10,000 Tax payables 应付税项 507 – 308,111 227,597 Net current liabilities 流动负债净额 (191,632) (38,275) Total assets less current liabilities 总资产减流动负债 (34,164) (25,608) 86 K. H. Group Holdings Limited 2024/25 Annual Report

131,093
26,375
157,468
2,974
30,120
20,613
14,291
48,481
116,479
183,860
162
116,203
943
6,436
–
507
308,111
(191,632)
(34,164)

CONSOLIDATED STATEMENT

OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025

于二零二五年三月三十一日

2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 Non-current liabilities 非流动负债 Lease liabilities 租赁负债 26 828 156 Bank borrowings, secured 银行借款，有抵押 27 45,854 – Deferred tax liabilities 递延税项负债 29 3,358 – 50,040 156 NET LIABILITIES 负债净额 (84,204) (25,764) Capital and reserves 资本及储备 Share capital 股本 30 4,800 4,800 Reserves 储备 (89,004) (30,564) DEFICIENCIES IN EQUITY 权益亏绌 (84,204) (25,764) Approved by the Board of Directors on 27 June 2025 and signed on 经董事会于二零二五年六月二十七日批准 its behalf by: 并由以下董事代表签署： Chang Chih-Chia Yang Xuefeng 张致嘉杨学锋 Executive Director Executive Director 执行董事执行董事剑虹集团控股有限公司 2024/25 年报 87

828
45,854
3,358
50,040
(84,204)
4,800
(89,004)
(84,204)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025

于二零二五年三月三十一日

Attributable to owners of the Company 本公司拥有人应占 Foreign currency Share Share translation Accumulated Total capital premium reserve losses equity 股本股份溢价汇兑储备累计亏损权益总额 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元 (note 30) (note 33(b)) (note 33(c)) （附注30）（附注33(b)）（附注33(c)） As at 1 April 2023 于二零二三年四月一日 4,000 84,403 – (87,377) 1,026 Loss for the year 年内亏损 – – – (51,560) (51,560) Other comprehensive loss for the 本年度其他全面亏损： year: Exchange difference on 换算海外业务产生之汇兑差额 translating foreign operation – – (4,930) – (4,930) Total comprehensive loss 本年度全面亏损总额 for the year – – (4,930) (51,560) (56,490) Placing of new shares (note 30) 配售新股份（附注30） 800 29,200 – – 30,000 Transaction cost attributable to 配售新股份应占交易成本 placing of new share (note 30) （附注30） – (300) – – (300) As at 31 March 2024 于二零二四年三月三十一日及 and 1 April 2024 二零二四年四月一日 4,800 113,303 (4,930) (138,937) (25,764) Loss for the year 年内亏损 – – – (57,592) (57,592) Exchange difference on translating 换算海外业务产生之 foreign operation 汇兑差额 – – (848) – (848) Total comprehensive loss 本年度全面亏损总额 for the year – – (848) (57,592) (58,440) As at 31 March 2025 于二零二五年三月三十一日 4,800 113,303 (5,778) (196,529) (84,204) 88 K. H. Group Holdings Limited 2024/25 Annual Report

4,000	84,403	–	(87,377)	1,026
–	–	–	(51,560)	(51,560)
–	–	(4,930)	–	(4,930)
–	–	(4,930)	(51,560)	(56,490)
800	29,200	–	–	30,000
–	(300)	–	–	(300)
4,800	113,303	(4,930)	(138,937)	(25,764)
–	–	–	(57,592)	(57,592)
–	–	(848)	–	(848)
–	–	(848)	(57,592)	(58,440)
4,800	113,303	(5,778)	(196,529)	(84,204)

CONSOLIDATED STATEMENT

OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 CASH FLOWS FROM OPERATING 经营活动现金流量 ACTIVITIES Loss before tax 除税前亏损 (57,047) (51,560) Adjustments for: 就以下各项作出调整： Depreciation on property, plant and 物业、机器及设备折旧 equipment 12 1,123 2,101 Depreciation on right-of-use assets 使用权资产折旧 12 1,734 2,354 Finance costs 融资成本 10 983 12,598 Loss/(gain) on termination of leases 终止租赁之亏损╱（收益） 8, 12 59 (7) Gain on bargain purchase on acquisition 收购附属公司之议价购买收益 of subsidiaries 35(a) (40,947) – Write-off of contract assets 撇销合约资产 18,008 65,932 Loss on redemption of 赎回人寿保险保单之亏损 life insurance policies 12 – 3,228 Loss on disposal of non-current assets 出售持作出售的非流动资产之 held for sale 亏损 12 – 753 Loss on disposal of property, 出售物业、机器及设备之 plant and equipment 亏损 12 4,956 510 Provision for ECL on trade receivables 就贸易应收款项及合约资产的 and contract assets, net of reversal of 预期信贷亏损计提拨备，扣 impairment loss 除减值亏损拨回 12 2,627 768 Compensation for write-off of contract 前最终控股公司对撇销合约 assets from former ultimate holding 资产的补偿 company 8 (5,000) (90,000) Interest income 利息收入 8 (2) (361) Impairment of property, plant and 物业、机器及设备减值 equipment 842 1,983 Impairment of right-of-use assets 使用权资产减值 1,840 – Operating loss before working capital 营运资金变动前经营亏损 changes (70,824) (51,701) Decrease in inventories 存货减少 830 14,464 Decrease/(increase) in trade receivables 贸易应收款项减少╱（增加） 4,380 (25,571) Decrease in contract assets 合约资产减少 26,909 120,392 Decrease in prepayments, deposits and 预付款项、按金及其他应收 other receivables 款项减少 3,607 3,887 Increase/(decrease) in trade and retention 贸易应付款项及应付 payables 保固金增加╱（减少） 34,889 (18,383) (Decrease)/increase in contract liabilities 合约负债（减少）╱增加 (11,798) 11,961 Increase in accruals and other payables 应计费用及其他应付款项增加 6,541 4,256 Cash (used in)/generated from operations 经营（所用）╱所得现金 (5,466) 59,305 Interest paid 已付利息 (906) (6,154) Enterprise income tax paid 已付企业所得税 (59) – Interest on lease liabilities 租赁负债利息 (77) (233) Net cash (used in)/generated from 经营活动（所用）╱所得现金净额 operating activities (6,508) 52,918 剑虹集团控股有限公司 2024/25 年报 89

(57,047)
1,123
1,734
983
59
(40,947)
18,008
–
–
4,956
2,627
(5,000)
(2)
842
1,840
(70,824)
830
4,380
26,909
3,607
34,889
(11,798)
6,541
(5,466)
(906)
(59)
(77)
(6,508)

CONSOLIDATED STATEMENT

OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 CASH FLOWS FROM INVESTING 投资活动现金流量 ACTIVITIES Interest received 已收利息 2 361 Sales proceeds from redemption of 赎回人寿保险保单之出售所得款 life insurance policies 项 – 16,274 Purchases of property, plant and equipment 购买物业、机器及设备 17 (4) (178) Proceeds from disposals of 出售持作出售的非流动资产之 non-current assets held for sale 所得款项 – 11,686 Proceeds from disposals of 出售物业、机器及设备之 property, plant and equipment 所得款项 110 14,705 Decrease in pledged bank deposits 已抵押银行存款减少 – 39,316 Net cash inflows/(outflows) from acquisitions 收购附属公司的现金流入╱ of subsidiaries （流出）净额 35(a) 520 (1,919) Net cash generated from investing activities 投资活动产生之现金净额 628 80,245 CASH FLOWS FROM 融资活动现金流量 FINANCING ACTIVITIES Bank borrowings raised 已筹银行借款 35(c) – 62,970 Proceeds from placing of shares 配售股份之所得款项 – 30,000 Payment for transaction cost from 支付因配售股份产生的 placing of shares 交易成本 – (300) Repayment to a director of the Company’s 偿还本公司之附属公司 subsidiary 一名董事 35(c) (13,785) (26,030) Repayment of bank borrowings 偿还银行借款 35(c) (13,645) (165,090) Principal elements of lease payments paid 已支付之租赁付款本金部分 35(c) (1,833) (4,024) Net cash used in 融资活动所用现金净额 financing activities (29,263) (102,474) NET (DECREASE)/INCREASE IN CASH 现金及现金等价物（减少）╱ AND CASH EQUIVALENTS 增加净额 (35,143) 30,689 Cash and cash equivalents at 年初的现金及现金等价物 beginning of year 84,497 58,758 Effect of exchange rate change 汇率变动对现金及现金等价物的 on cash and cash equivalent 影响 (873) (4,950) Cash and cash equivalents at end of year 年末的现金及现金等价物 48,481 84,497 ANALYSIS OF CASH AND CASH 现金及现金等价物分析 EQUIVALENTS Bank and cash balances 银行及现金结余 23 48,481 84,497 90 K. H. Group Holdings Limited 2024/25 Annual Report

2
–
(4)
–
110
–
520
628
–
–
–
(13,785)
(13,645)
(1,833)
(29,263)
(35,143)
84,497
(873)
48,481
48,481

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

1. GENERAL INFORMATION 1. 一般资料 K. H. Group Holdings Limited (the “Company”) was incorporated 剑虹集团控股有限公司（「本公司」） in the Cayman Islands with limited liability on 23 July 2015 under 于二零一五年七月二十三日根据开曼 the Companies Act of the Cayman Islands. The address of its 群岛公司法在开曼群岛注册成立为 registered office is P.O. Box 1350, Grand Cayman KY1-1108 有限公司。其注册办事处地址为P.O. Cayman Islands. The address of its principal place of business Box 1350, Grand Cayman KY1-1108 is Unit 01, 86/F., International Commerce Centre, 1 Austin Cayman Islands。其主要营业地点位 Road West, Kowloon, Hong Kong. The Company’s shares 于香港九龙柯士甸道西1号环球贸易 are listed on the Main Board of The Stock Exchange of Hong 广场86楼01室。本公司股份自二零 Kong Limited (the “Stock Exchange”) since 18 March 2016 (the 一六年三月十八日（「上市日期」）起 “Listing Date”). 于香港联合交易所有限公司（「联交所」）主板上市。 At the end of the reporting period, the directors of the Company 于报告期末，本公司董事认为，福 are of the opinion that, Blessing Well Enterprise Limited, a 信企业有限公司（一家于英属处女 company incorporated in the British Virgin Islands (“BVI”), is 群岛（「英属处女群岛」）注册成立的 the immediate holding company of the Company; Sendlink 公司）为本公司的直接控股公司；及 Limited, a company incorporated in the BVI, is the ultimate Sendlink Limited（一家于英属处女群 holding company of the Company; and Mr. Chen Rongsheng 岛注册成立的公司）为本公司的最终 (“Mr. Chen”) is the ultimate controlling party of the Company. 控股公司；及陈融圣先生（「陈先生」）为本公司的最终控股方。 The Company is an investment holding company. The Group is 本公司为一家投资控股公司。本集团 principally engaged in the provision of foundation and construction 主要业务为在中华人民共和国（「中 services in the People’s Republic of China (“PRC”) and Hong Kong 国」）及香港提供地基及建筑服务以 and sales of chemical products in the PRC. The principal activities 及在中国从事化工产品销售，其主要 of its principal subsidiaries are set out in note 34 to consolidated 附属公司的主营业务载于综合财务报 financial statements. 表附注34。剑虹集团控股有限公司 2024/25 年报 91

NOTES TO THE CONSOLIDATED

6. FINANCIAL RISK MANAGEMENT (CONTINUED) 6. 财务风险管理（续） (b) CREDIT RISK (CONTINUED) (b) 信贷风险（续） Trade receivables and contract assets 贸易应收款项及合约资产 (continued) （续） 2024 二零二四年 Gross Expected carrying Loss loss rate amount allowance 预期亏损率账面总值亏损拨备 % HK$’000 HK$’000 千港元千港元 Trade receivables 贸易应收款项 Current (not past due) 即期（未逾期） 0.17% 30,517 51 1-30 days past due 逾期1-30日 – – – 31-60 days past due 逾期31-60日 – – – Over 60 days past due 逾期超过60日 85.23% 9,996 8,520 40,513 8,571 Contract assets 合约资产 Current (not past due) 即期（未逾期） 4.58% 68,831 3,152 Movements in the loss allowance account for trade 年内，有关贸易应收款项及合约资产 receivables and contract assets during the year are as 之亏损拨备账之变动如下： follows: 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 As at 1 April 于四月一日 11,723 11,000 Impairment loss recognised for the year 年内确认的减值亏损 2,627 768 Exchange realignment 汇兑调整 (67) (45) As at 31 March 于三月三十一日 14,283 11,723 138 K. H. Group Holdings Limited 2024/25 Annual Report

11,723
2,627
(67)
14,283

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

6. FINANCIAL RISK MANAGEMENT (CONTINUED) 6. 财务风险管理（续） (CONTINUED) (b) CREDIT RISK (CONTINUED) (Continued) (b) 信贷风险（续） Trade receivables and contract assets 贸易应收款项及合约资产 (continued) (Continued) （续） The increase (2024: increase) in loss allowance on trade 截至二零二五年三月三十一日 receivables and increase (2024: increase) in loss allowance 止年度，贸易应收款项的亏损 on contract assets during the year ended 31 March 2025 拨备有所增加（二零二四年：增 were mainly due to increase in the balances with past 加）及合约资产的亏损拨备有所 due dates over 60 days (2024: the increase in days past 增加（二零二四年：增加），主 due dates over 60 days) resulted in an increase (2024: 要由于逾期天数60天以上的结 increase) of expected credit loss of trade receivables and 余增加（二零二四年：逾期天数 increase of expected loss rate of contract assets (2024: 60天以上的天数增加），导致贸 the increase of expected loss rate of contract assets) 易应收款项的预期信贷亏损增 resulted in an increase (2024: increase) of expected credit 加（二零二四年：增加）及合约 loss of contract assets. 资产预期亏损率增加（二零二四年：合约资产预期亏损率增加）导致合约资产的预期信贷亏损增加（二零二四年：增加）。 Other receivables 其他应收款项 Other receivables are assessed individually for impairment 其他应收款项会就减值拨备作 allowance. The Group recognised the provision for ECL 个别评估。本集团透过评估债 under general approach by assessing the credit risk 务人之信贷风险特点、贴现率 characteristics of debtor, discount rate and the likelihood 及收回之可能性、前瞻性资料 of recovery, forward-looking information and considering 以及考虑现行经济状况，根据 the prevailing economic conditions. 一般方法确认预期信贷亏损拨备。 Other receivables are considered to be low credit risk 当其他应收款项的违约风险低， when they have a low risk of default and the debtors 且债务人证明具备于近期内履 demonstrate strong capacity to meet its contractual cash 行其合约现金流责任的强大能 flow obligations in the near term. 力时，其被视为具有低信贷风险。 As at 31 March 2025 and 2024, all of the Group’s other 于二零二五年及二零二四年三 receivables are considered to have low credit risk, and the 月三十一日，本集团所有其他 loss allowance recognised during the reporting period was 应收款项均被认为具有低信贷 therefore limited to 12-month expected losses and are 风险，故于报告期间确认的亏 considered to be insignificant. 损拨备限于12个月预期亏损及被认为不属重大。剑虹集团控股有限公司 2024/25 年报 139

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

6. FINANCIAL RISK MANAGEMENT (CONTINUED) 6. 财务风险管理（续） (CONTINUED) (c) LIQUIDITY RISK (c) 流动资金风险 The Group’s policy is to regularly monitor current and 本集团的政策为定期监察现时 expected liquidity requirements to ensure that it maintains 及预期的流动资金需要，以确 sufficient reserves of cash to meet its liquidity requirements 保其维持足以应付短期及较长 in the short and longer term. 远流动资金需要的现金储备。 The following tables show the remaining contractual 下表列示本集团负债于各报告 maturities at the end of each reporting period of the 期末按未贴现现金流量（包括按 Group’s liabilities, based on undiscounted cash flows 合约利率计算或（如为浮动利率） (including interest payments computed using contractual 按报告期末的现行利率计算的 rates or, if floating, based on rates current at the end of 利息付款）及本集团可能被要求 the reporting period) and the earliest date the Group can 付款的最早日期计算的剩余合 be required to pay. 约年期。 Specifically, for bank and other borrowings which contain 具体而言，对于包含按要求偿 a repayment on demand clause which can be exercised at 还条款而有关条款可由贷款人 the lenders’ sole discretion, the analysis shows the cash 全权酌情行使的银行及其他借 outflow based on the earliest period in which the entity can 款，该分析按实体可能须付款 be required to pay, that is if the lenders were to invoke 的最早期间列示现金流出，即 their unconditional rights to call the loans with immediate 犹如放款人会行使其要求即时 effect. The maturity analysis for the remaining lease 还款的无条件权利。余下租赁 liabilities is prepared based on the scheduled repayment 负债的到期情况分析乃按预定 dates. 还款日期编制。 140 K. H. Group Holdings Limited 2024/25 Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

6. FINANCIAL RISK MANAGEMENT (CONTINUED) 6. 财务风险管理（续） (c) LIQUIDITY RISK (CONTINUED) (c) 流动资金风险（续） The maturity analysis of the Group’s financial liabilities 本集团金融负债按合约未贴现 based on contractual undiscounted cash flows is as 现金流量的到期情况分析如下： follows: Between Between On Within 1 to 2 2 to 5 demand 1 year years years Total 按要求 1年内 1至2年 2至5年总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元 As at 31 March 2025 于二零二五年三月三十一日 Financial liabilities subject to a 受限于按要求偿还条款的 repayment on demand clause 金融负债 Accruals and other payables 应计费用及其他应付款项 1,005 – – – 1,005 Financial liabilities not subject to a 毋须受限于按要求偿还 repayment on demand clause 条款的金融负债 Bank borrowings, secured 银行借款，有抵押 – 8,312 12,602 38,376 59,289 Trade and retention payables 贸易应付款项及应付保固金 – 183,860 – – 183,860 Accruals and other payables 应计费用及其他应付款项 – 115,198 – – 115,198 Lease liabilities 租赁负债 – 1,020 850 – 1,870 剑虹集团控股有限公司 2024/25 年报 141

1,005	–	–	–	1,005
–	8,312	12,602	38,376	59,289
–	183,860	–	–	183,860
–	115,198	–	–	115,198
–	1,020	850	–	1,870

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

6. FINANCIAL RISK MANAGEMENT (CONTINUED) 6. 财务风险管理（续） (c) LIQUIDITY RISK (CONTINUED) (c) 流动资金风险（续） Between Between On Within 1 to 2 2 to 5 demand 1 year years years Total 按要求 1年内 1至2年 2至5年总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元 As at 31 March 2024 于二零二四年三月三十一日 Financial liabilities subject to a 受限于按要求偿还条款的 repayment on demand clause 金融负债 Bank borrowings, secured 银行借款，有抵押 13,645 – – – 13,645 Accruals and other payables 应计费用及其他应付款项 9,790 – – – 9,790 Other borrowings, unsecured 其他借款，无抵押 10,000 – – – 10,000 Financial liabilities not subject to a 毋须受限于按要求偿还 repayment on demand clause 条款的金融负债 Trade and retention payables 贸易应付款项及应付保固金 – 149,721 – – 149,721 Accruals and other payables 应计费用及其他应付款项 – 30,614 – – 30,614 Lease liabilities 租赁负债 – 1,929 157 – 2,086 The table that follows summarises the maturity analysis 下表概述基于经协定预定偿还款项对 of bank borrowings and other borrowings with a 载有按要求偿还条款的银行借款及其 repayment on demand clause based on agreed scheduled 他借款作出的到期情况分析。有关款 repayments. The amounts include interest payments 项包括采用合约利率计算的利息付 computed using contractual rates. As a result, these 款。因此，有关款项高于上文所载的 amounts are greater than the amounts disclosed in the 到期情况分析内「按要求」时间范围 “on demand” time band in the maturity analysis above. 下所披露的款项。经计及本集团的综 Taking into account the Group’s consolidated financial 合财务状况后，董事认为贷款人不太 position, the directors do not consider that it is probable 可能行使其酌情权要求即时还款。董 that the lenders will exercise its discretion to demand 事相信，有关银行借款及其他借款将 immediate repayment. The directors believe that such 按照预定偿还日期偿付。 bank borrowings and other borrowing will be repaid in accordance with the scheduled repayment dates. 142 K. H. Group Holdings Limited 2024/25 Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

6. FINANCIAL RISK MANAGEMENT (CONTINUED) 6. 财务风险管理（续） (c) LIQUIDITY RISK (CONTINUED) (c) 流动资金风险（续） Between Between Within 1 to 2 2 to 5 Over 1 year years years 5 years Total 1年内 1至2年 2至5年 5年以上总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元 As at 31 March 2024 于二零二四年三月三十一日 Bank borrowings 银行借款 14,403 – – – 14,403 Other borrowings 其他借款 10,000 – – – 10,000 (d) INTEREST RATE RISK (d) 利率风险 The Group’s exposure to cash flow interest rate risk arises 本集团面临来自银行存款、信 from its bank deposits, trust receipt loans and bank loans, 托收据贷款及银行贷款的现金 and therefore bear interests at variable rates varied with 流量利率风险，因而应当时的 the then prevailing market condition. 市况按浮动利率计息。 At 31 March 2025, if interest rates had been 100 basis 于二零二五年三月三十一日， points lower with all other variables held constant, 倘利率下调100个基点，而所 consolidated loss after tax for the year would have been 有其他变量保持不变，则年内 HK$523,000 (2024: HK$152,000) lower, arising mainly 综合税后亏损将减少523,000 as a result of lower interest expense on bank borrowings. 港元（二零二四年：152,000港 If interest rates had been 100 basis points higher, with 元），主要源自银行借贷的利 all other variables held constant, consolidated loss after 息开支减少。倘利率上调100个 tax for the year would have been HK$523,000 (2024: 基点，而所有其他变量保持不 HK$152,000) higher, arising mainly as a result of higher 变，则年内综合税后亏损将增 interest expense on bank borrowings. 加523,000港元（二零二四年： 152,000港元），主要源自银行借贷的利息开支增加。剑虹集团控股有限公司 2024/25 年报 143

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

6. FINANCIAL RISK MANAGEMENT (CONTINUED) 6. 财务风险管理（续） (e) CATEGORIES OF FINANCIAL (e) 于报告期末的金融工具 INSTRUMENTS AT THE END OF THE 类别 REPORTING PERIOD 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Financial assets: 金融资产： Financial assets at amortised cost 按摊销成本列账之金融资产 92,327 121,342 Financial liabilities: 金融负债： Financial liabilities at amortised cost 按摊销成本列账之金融负债 352,353 213,770 (f) FAIR VALUES (f) 公平值 The carrying amounts of the Group’s financial assets 本集团金融资产及金融负债于 and financial liabilities as reflected in the consolidated 综合财务状况表反映的账面值 statement of financial position approximate their respective 与其各自于二零二五年及二零 fair values as at 31 March 2025 and 2024. 二四年三月三十一日的公平值相若。 7. REVENUE 7. 收益 An analysis of the Group’s revenue is as follows: 本集团的收益分析如下： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Recognised over time within the 香港财务报告准则第15号 scope of HKFRS 15 范围内的于某一时间段确认 Provision of foundation and construction 提供地基及建筑服务 services 125,885 171,856 Recognised at point in time within the 香港财务报告准则第15号 scope of HKFRS 15 范围内的于某一时间点确认 Sales of chemical products 化工产品销售 3,695 3,318 129,580 175,174 144 K. H. Group Holdings Limited 2024/25 Annual Report

92,327
352,353

125,885
3,695
129,580

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

7. REVENUE (CONTINUED) 7. 收益（续） As at 31 March 2025, the aggregated amount of revenue 于二零二五年三月三十一日，预计于 expected to be recognised in the future related to performance 将来确认的与于报告日期未完成（或 obligations that are unsatisfied or partially unsatisfied at 部分未完成）履约责任有关的总收益 the reporting date is approximately HK$18,199,000 (2024: 金额约为18,199,000港元（二零二四 HK$305,204,000). The Group will recognise the expected 年：305,204,000港元）。本集团于将 revenue in future when or as the work is completed which is 来完成工作时确认预计收益（预计于 expected to occur over the next 12 months (2024: 12 months). 未来12个月（二零二四年：12个月）内发生）。 8. OTHER INCOME 8. 其他收入 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Gain on termination of lease 终止租赁之收益 – 7 Compensation for write-off of contract assets 前最终控股公司对撇销合约资 by the former ultimate holding company 产的补偿（附注） (note) 5,000 90,000 Interest income 利息收入 2 361 Sundry income 杂项收入 381 557 5,383 90,925 Note: 附注： The amount represents the compensation for loss on certain foundation 此金额指由前最终控股公司New Grace Gain projects by the former ultimate holding company. New Grace Gain Limited Limited（「New Grace Gain」）就若干地基项 (“New Grace Gain”). New Grace Gain has agreed to provide guarantee 目亏损提供的补偿。New Grace Gain已同 up to HK$5,000,000 (2024: HK$95,000,000) on the performance and 意就本公司应收若干地基项目的履约及可 recoverability of Company’s receivables of certain foundation projects (the 回收性提供高达5,000,000港元（二零二四 “Project Performance Guarantee”). Under this arrangement, New Grace 年：95,000,000港元）的担保（「项目履约担 Gain is unconditionally obligated to undertake the loss arising from any 保」）。根据该安排，New Grace Gain无条 shortfall of final performance of these foundation projects. During the year 件有义务承担该等地基项目的最终履约的 ended 31 March 2025, New Grace Gain has undertaken a loss totaling of 任何不足产生的亏损。于截至二零二五年 HK$5,000,000 (2024: HK$90,000,000) by discharging the same amount 三月三十一日止年度，New Grace Gain已 of unsecured other borrowing (note 28) advanced to the Group under the 透过解除根据项目履约担保向本集团垫付 Project Performance Guarantee, including compensation of loss on written off 的相同金额的无抵押其他借款（附注28）总 of contract assets of approximately HK$5,000,000 (2024: HK$65,932,000) 共5,000,000港元（二零二四年：90,000,000 and contract cost payments of approximately Nil (2024: HK$24,068,000) 港元）的亏损，分别包括撇销合约资产的 respectively. 亏损补偿约5,000,000港元（二零二四年： 65,932,000港元）及合约成本付款约零港元（二零二四年：24,068,000港元）。剑虹集团控股有限公司 2024/25 年报 145

–
5,000
2
381
5,383

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

8. OTHER INCOME (CONTINUED) 8. 其他收入（续） Note: (Continued) 附注：（续） As at 31 March 2025, the remaining unutilise guaranteed amount under 于二零二五年三月三十一日，项目履约担保 Project Performance Guarantee was Nil (2024: HK$5,000,000). 项下的剩余未动用已担保金额为零港元（二零二四年：5,000,000港元）。 9. SEGMENT INFORMATION 9. 分类资料 OPERATING SEGMENT INFORMATION 运营分类资料 Operating segments are identified on the basis of internal reports 本集团按主要经营决策者（即本公司 about components of the Group that are regularly reviewed by 董事）定期审阅有关本集团组成的内 the chief operating decision maker, being the directors of the 部报告厘定其运营分类，以向分类分 Company, in order to allocate resources to the segment and to 配资源及评估其表现。 assess its performance. The directors consider that the Group manages its businesses 董事认为，本集团按分类管理其业 by divisions, which are organised into business units based 务，并按其提供的服务组成业务单 on their services provided, and has identified “Foundation 位，及将「地基及建筑－提供地基及 and Construction – provision of foundation and construction 建筑服务」及「化工材料- 销售化工产 services” and “Chemical materials – sales of chemical products” 品」识别为须予呈报营运分类。 as the reportable operating segment. In addition to the above segment, the Group has other operating 除上述分类之外，本集团设有其他营 segments which mainly include leasing of machinery and trading 运分类，主要包括机械租赁及电子设 of electronic devices. These operating segments individually 备贸易。该等营运分类各自并未达到 do not meet any of the quantitative thresholds of determining 厘定须予呈报分类的任何量化最低要 reportable segments. Accordingly, these operating segments 求。因此，该等营运分类归类为「其 are grouped as “Others”. 他」。 The reportable segments are identified in a manner consistent 须予呈报分类之划分与向本集团高级 with the way in which information is reported internally to the 行政管理人员提供内部报告资料（以 Group’s senior executive management for the purposes of 作资源分配及评估表现用途）之方法 resource allocation and performance assessment. 一致。 146 K. H. Group Holdings Limited 2024/25 Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

9. SEGMENT INFORMATION (CONTINUED) 9. 分类资料（续） OPERATING SEGMENT INFORMATION 运营分类资料（续） (CONTINUED) Provision of foundation Sales of chemical and construction services products Others Total 提供地基及建筑服务化工产品销售其他合计 2025 2024 2025 2024 2025 2024 2025 2024 二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元千港元千港元千港元 Reportable segment revenue 须予呈报分类收益 125,885 171,856 3,695 3,318 – — 129,580 175,174 Reportable segment results 须予呈报分类业绩 (94,311) (32,615) 173 (3,089) – (217) (94,138) (35,921) Unallocated gain on bargain purchase 未分配议价购买收益 40,947 – Unallocated finance costs 未分配融资成本 (77) (6,323) Unallocated depreciation on property, 未分配物业、机器及设备 plant and equipment 折旧 (39) (18) Unallocated depreciation on right-of-use 未分配使用权资产折旧 assets (1,404) (1,306) Other central administrative expenses and 其他中央行政开支及董事 directors’ emoluments 酬金 (2,336) (7,992) Loss before tax 除税前亏损 (57,047) (51,560) Reportable segment results include: 须予呈报分类业绩包括： Interest income 利息收入 1 361 – – 1 – 2 361 Finance costs 融资成本 869 2,830 – 26 – – 869 2,856 Depreciation on property, plant 物业、机器及设备折旧 and equipment 1,077 1,969 7 2 – 112 1,084 2,083 Unallocated depreciation on property, 未分配物业、机器及设备 plant and equipment 折旧 39 18 1,123 2,101 Depreciation on right-of-use assets 使用权资产折旧 330 1,048 – — – – 330 1,048 Additions to property, plant and equipment 添置物业、机器及设备 4 144 131,868 34 – – 131,872 178 Additions to right-of-use assets 添置使用权资产 2,008 – 26,401 — – 2,906 28,409 2,906 Provision/(reversal of provision) for ECL 就贸易应收款项及合约资产 on trade receivables and contract assets, 的预期信贷亏损计提拨备 net of reversal of impairment loss ╱（拨备拨回），扣除减值亏损拨回 2,623 (2,223) 4 2,929 – 62 2,627 768 Impairment of property, plant and equipment 物业、机器及设备减值 777 1,983 – – 65 – 842 1,983 Impairment of right-of-use assets 使用权资产减值 1,840 – – – – – 1,840 – Compensation for write-off of contract assets 前最终控股公司对撇销合约 by the former ultimate holding company 资产之补偿 5,000 90,000 – – – – 5,000 90,000 Write-off of contract assets 撇销合约资产 18,008 65,932 – – – – 18,008 65,932 剑虹集团控股有限公司 2024/25 年报 147

	171,856		3,318		—
125,885		3,695		–		129,580
	(32,615)		(3,089)		(217)
(94,311)		173		–		(94,138)
40,947
(77)
(39)
(1,404)
(2,336)
(57,047)
1		–		1		2
869		–		–		869
1,077		7		–		1,084
39
1,123
330		–		–		330
4		131,868		–		131,872
2,008		26,401		–		28,409
2,623		4		–		2,627
777		–		65		842
1,840		–		–		1,840
5,000		–		–		5,000
18,008		–		–		18,008

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

9. SEGMENT INFORMATION (CONTINUED) 9. 分类资料（续） OPERATING SEGMENT INFORMATION 运营分类资料（续） (CONTINUED) All of the segment revenue reported above is from external 上述所呈报之所有分类收益均来自外 customers. 部客户。 Segment results represent loss attributable to the segment 分类业绩为未分配企业收入、议价购 without allocation of corporate income, gain on bargain 买之收益、中央行政开支及董事酬金 purchase, central administrative expenses and directors’ 前之分类应占亏损。 emoluments. SEGMENT ASSETS AND LIABILITIES 分类资产及负债 The following is an analysis of the Group’s assets and liabilities 以下载列本集团按经营分类划分之资 by operating segments: 产及负债的分析： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 SEGMENT ASSETS 分类资产 Provision of foundation and construction 提供地基及建筑服务 services 47,323 122,208 Sales of chemical products 化工产品销售 178,169 6,680 Others 其他 42,289 45,450 Total segment assets 分类资产合计 267,781 174,338 Unallocated assets 未分配资产 6,166 27,651 Consolidated assets 综合资产 273,947 201,989 SEGMENT LIABILITIES 分类负债 Provision of foundation and construction 提供地基及建筑服务 services 207,059 192,897 Sales of chemical products 化工产品销售 69,358 7,818 Others 其他 – 1,928 Total segment liabilities 分类负债合计 276,417 202,643 Unallocated liabilities 未分配负债 81,734 25,110 Consolidated liabilities 综合负债 358,151 227,753 148 K. H. Group Holdings Limited 2024/25 Annual Report

47,323
178,169
42,289
267,781
6,166
273,947
207,059
69,358
–
276,417
81,734
358,151

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

9. SEGMENT INFORMATION (CONTINUED) 9. 分类资料（续） SEGMENT ASSETS AND LIABILITIES 分类资产及负债（续） (CONTINUED) For the purposes of monitoring segment performance and 为监控分类表现及向分类分配资源： allocating resources to segment: (i) All assets are allocated to reportable segments other (i) 除未分配资产外，所有资产均 than the unallocated assets including certain right-of-use 被分配至须予呈报分类，包括 assets, certain other receivables and certain bank and 若干使用权资产、若干其他应 cash balances; and 收款项及若干银行及现金结余；及 (ii) All liabilities are allocated to reportable segments other (ii) 除由本公司管理层统一管理之 than those unallocated liabilities which are centrally 该等未分配负债外，所有负债 managed by the Company’s management including certain 均被分配至须予呈报分类，包 other payables and other borrowings. 括若干其他应付款和其他借款。 SEASONALITY OF OPERATIONS 营运季节性 The Group’s operations are not subject to significant seasonal 本集团的营运不受重大季节性因素影 factors. 响。 GEOGRAPHICAL INFORMATION 地区资料 The geographical information of the Group’s revenue from 截至二零二五年及二零二四年三月 external customers and non-current assets for the years ended 三十一日止年度本集团来自外部客户 31 March 2025 and 2024, based on locations of customers, are 及非流动资产的收益根据客户所在地 set out below: 点而得出的地区资料载列如下： Revenue from external customers Non-current assets 来自外部客户的收益非流动资产 2025 2024 2025 2024 二零二五年二零二四年二零二五年二零二四年 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元 Hong Kong 香港 95,423 171,856 – 12,636 PRC 中国 34,157 3,318 157,468 31 Total 总计 129,580 175,174 157,468 12,667 剑虹集团控股有限公司 2024/25 年报 149

171,856 3,318
95,423		–
34,157		157,468
175,174
129,580		157,468

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

9. SEGMENT INFORMATION (CONTINUED) 9. 分类资料（续） REVENUE FROM MAJOR CUSTOMERS 主要客户收益 The Group’s customer base for whom transactions have 截至二零二五年及二零二四年三月 exceeded 10% of its revenue during the years ended 31 March 三十一日止年度，有关交易占本集团 2025 and 2024 is set out as below: 10%以上收益的客户基础载列如下： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Foundation and construction services 地基及建筑服务 Customer 1 客户1 55,588 100,009 Customer 2 (note) 客户2（附注） N/A不适用 41,209 Customer 3 (note) 客户3（附注） 39,835 N/A不适用 Customer 4 (note) 客户4（附注） 16,254 N/A不适用 Note: These customers did not contribute over 10% of the total revenue of 附注：该等客户于上列各年内并无贡献本集团 the Group for the respective years presented above. 总收益10%以上。 10. FINANCE COSTS 10. 融资成本 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Interest expense on bank borrowings 银行借款利息开支 906 6,154 Interest expense on lease liabilities 租赁负债利息开支 77 233 Imputed interest expenses on other 其他借款的推算利息开支 borrowings – 6,211 983 12,598 Less: Amounts attributable to contract works 减：合约工程应占金额 (37) (3,419) 946 9,179 150 K. H. Group Holdings Limited 2024/25 Annual Report

55,588
N/A不适用
39,835
16,254

906
77
–
983
(37)
946

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

11. INCOME TAX EXPENSE 11. 所得税开支 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 PRC – Enterprise Income Tax 中国企业所得税 – Provision for current year －本年度拨备 545 – Under the two-tiered Profits Tax regime, the first HK$2 million of 根据两级利得税制度，于香港成立的 profits of the qualifying group entity established in Hong Kong 合资格集团实体首2百万港元的溢利 will be taxed at 8.25% (2024: 8.25%), and profits above that 将会按8.25%（二零二四年：8.25%） amount will be subject to the tax rate of 16.5% (2024: 16.5%). 的税率征税，而超过该金额的溢利将 The profits of the group entities not qualifying for the two-tiered 会按16.5%（二零二四年：16.5%）的 Profit Tax rate regime will continue to be taxed at a rate of 税率征税。不符合两级利得税税率制 16.5% (2024: 16.5%). 度的集团实体的溢利将继续以16.5% （二零二四年：16.5%）的税率征税。 No provision for Hong Kong Profits Tax is required since the 由于本集团于截至二零二五年及二零 Group has no assessable profit for the years ended 31 March 二四年三月三十一日止年度并无应课 2025 and 2024. 税溢利，故毋须就香港利得税计提拨备。 Pursuant to the Corporate Income Tax Law of the People’s 根据中华人民共和国企业所得税法 Republic of China (the “CIT Law”) and the Implementation Rules （「企业所得税法」）及中国企业所得 of the CIT Law in the PRC, the standard tax rate is 25% (2024: 税法实施细则，本集团在中国的附属 25%) for the Group’s subsidiaries and operations in the PRC. 公司及营运的标准税率为25%（二零二四年：25%）。剑虹集团控股有限公司 2024/25 年报 151

545

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

11. INCOME TAX EXPENSE (CONTINUED) 11. 所得税开支（续） The reconciliation of the income tax expense applicable to loss 按法定税率适用于除税前亏损之所得 before tax at the statutory tax rates is as follows: 税开支的对账如下： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Loss before tax 除税前亏损 (57,047) (51,560) Tax at the Hong Kong Profits Tax rate of 按16.5%（二零二四年：16.5%） 16.5% (2024: 16.5%) 的香港利得税税率计算的税项 (9,413) (8,507) Tax effect of income that is not taxable 毋须课税收入的税务影响 (6,756) (8) Tax effect of difference in tax rate of 一家附属公司税率差异的 a subsidiary 税务影响 8 (263) Tax effect of expenses that are not deductible 不可扣减开支的税务影响 2,730 11,347 Tax effect of utilisation of tax losses not 先前未确认动用税项亏损的税 previously recognised 务影响 (26) (3,244) Tax effect of temporary differences not 未确认暂时差额的税务影响 recognised 665 (3,038) Tax effect of tax losses not recognised 未确认税项亏损的税务影响 13,337 3,713 Income tax expense 所得税开支 545 – 152 K. H. Group Holdings Limited 2024/25 Annual Report

(57,047)
(9,413)
(6,756)
8
2,730
(26)
665
13,337
545

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

12. LOSS FOR THE YEAR 12. 年内亏损 The Group’s loss for the year is stated after charging the 本集团的年内亏损已扣除下列各项： following: 2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 Auditor’s remuneration 核数师薪酬 Audit services 核数服务 880 830 Non-audit services 非核数服务 600 – Cost of construction materials 确认为服务成本之建筑 recognised as cost of service 材料成本 (a) 33,140 59,080 Cost of inventories recognised 确认为服务成本之存货 as cost of sales 成本 (a) 3,515 3,153 Depreciation on property, plant and 物业、机器及设备折旧 equipment (b) 1,123 2,101 Depreciation on right-of-use assets 使用权资产折旧 (b) 1,734 2,354 Loss on redemption of life insurance 赎回人寿保险保单之亏损 policies – 3,228 Loss on disposal of non-current assets 出售持作出售的非流动资 held for sale 产之亏损 – 753 Loss on disposal of property, plant and 出售物业、机器及设备之 equipment 亏损 4,956 510 Loss on termination of lease 终止租赁之亏损 59 – Write-off of contract assets 撇销合约资产 18,008 65,932 Provision for ECL on trade receivables 就贸易应收款项及合约 and contract assets, net of reversal of 资产的预期信贷亏 impairment loss 损计提拨备，扣除减值亏损拨回 2,627 768 Impairment of property, plant and 物业、机器及设备减值 equipment 842 1,983 Impairment loss of right-of-use assets 使用权资产之减值亏损 1,840 – Short-term lease payments not included 并无计入租赁负债计量的 in the measurement of lease liabilities 短期租赁付款 (c) 2,701 6,126 Notes: 附注： (a) The amounts are included in cost of sales and services rendered. (a) 该金额已计入销售及所提供服务成本。 (b) The amounts included in cost of sales and services rendered for the (b) 该金额已计入截至二零二五年及二零 years ended 31 March 2025 and 2024 amounting to approximately 二四年三月三十一日止年度的销售及 HK$847,000 and HK$2,188,000 respectively. 所提供服务成本，分别约847,000港元及2,188,000港元。 (c) The amounts included in cost of sales and services rendered for the (c) 该金额已计入截至二零二五年及二零 years ended 31 March 2025 and 2024 amounting to approximately 二四年三月三十一日止年度的销售及 HK$2,200,000 and HK$5,223,000 respectively. 所提供服务成本，分别为约2,200,000 港元及5,223,000港元。剑虹集团控股有限公司 2024/25 年报 153

880
600
33,140
3,515
1,123
1,734
–
–
4,956
59
18,008
2,627
842
1,840
2,701

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

13. EMPLOYEE BENEFITS EXPENSE 13. 雇员福利开支 2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 Employee benefits expense (including 雇员福利开支 directors’ emoluments): （包括董事酬金）： Salaries, bonuses and allowances 薪金、花红及津贴 31,785 38,432 Retirement benefits scheme 退休福利计划供款 contributions (a) 1,143 1,143 (b) 32,928 39,575 Notes: 附注： (a) Retirement benefits scheme contributions: (a) 退休福利计划供款： The Group operates a mandatory provident fund scheme (the “MPF 本集团根据香港强制性公积金计划条例 Scheme”) under the Hong Kong Mandatory Provident Fund Schemes 就所有香港合资格雇员向强制性公积金 Ordinance for all qualifying employees in Hong Kong. The Group’s 计划（「强积金计划」）供款。本集团向强 contributions to the MPF Scheme are calculated at 5% (2024: 5%) 积金计划作出的供款按雇员薪金及工资 of the salaries and wages subject to a monthly maximum amount 的5%（二零二四年：5%）计算，惟每名 of HK$1,500 (2024: HK$1,500) per employee and vest fully with 雇员的每月最高供款额为1,500港元（二 employees when contributed into the MPF Scheme. 零二四年：1,500港元），而向强积金计划供款后，供款即悉数归雇员所有。 The employees of the Group’s subsidiaries established in the PRC are 本集团于中国成立的附属公司的雇员为 members of a central pension scheme operated by the local municipal 当地市政府运作的中央退休金计划的成 government. These subsidiaries are required to contribute certain 员。该等附属公司须按雇员基本薪资的 percentage of the employees’ basic salaries and wages to the central 特定比例向中央退休金计划供款，以支 pension scheme to fund the retirement benefits. The local municipal 付退休福利。当地市政府承诺承担该等 government undertakes to assume the retirement benefits obligations 附属公司所有现有及未来退休雇员的退 of all existing and future retired employees of these subsidiaries. The 休福利责任。就中央退休金计划而言， only obligation of these subsidiaries with respect to the central pension 该等附属公司仅承担缴纳计划规定供款 scheme are to meet the required contributions under the scheme. 之责任。 No forfeited contribution under the MPF Scheme or central pension 强积金计划或中央退休金计划（作为定 scheme as a defined contribution scheme is available to reduce the 额供款计划）项下概无已没收供款可用 contribution payable in future years. 于扣减未来年度的应缴供款。 (b) The amounts included in cost of sales and services rendered for the (b) 该金额已计入截至二零二五年及二零 years ended 31 March 2025 and 2024 amounting to approximately 二四年三月三十一日止年度的销售及所 HK$18,518,000 and approximately HK$21,532,000 respectively. 提供服务成本，分别为约18,518,000港元及约21,532,000港元。 154 K. H. Group Holdings Limited 2024/25 Annual Report

31,785
1,143
32,928

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

13. EMPLOYEE BENEFITS EXPENSE (CONTINUED) 13. 雇员福利开支（续） Notes: (continued) 附注：（续） (c) Five highest paid individuals: (c) 五位最高薪酬人士： The five highest paid individuals in the Group during the year did not 年内本集团的五位最高薪酬人士中并无 include (2024: Nil) directors whose emoluments are reflected in the （二零二四年：无）包括董事，其酬金已 analysis presented in note 14 to the consolidated financial statements 反映在下文综合财务报表附注14的分析 below. The emoluments of the 5 (2024: 5) individuals are set out 内。5名（二零二四年：5名）人士的酬金 below: 载列如下： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Basic salaries and allowances 基本薪金及津贴 9,122 7,318 Retirement benefits scheme contributions 退休福利计划供款 53 72 9,175 7,390 并非为董事的五位最高薪酬人士的酬 The emoluments of the five highest paid individuals who are not the 金属于下列范围： director fell within the following bands: 2025 2024 二零二五年二零二四年 Number of person Number of person Band of emoluments (HK$) 酬金范围（港元）人数人数 Below HK$1,000,000 低于1,000,000港元 2 1 HK$1,000,001 to HK$1,500,000 1,000,001港元至1,500,000港元 – 3 HK$1,500,001 to HK$2,000,000 1,500,001港元至2,000,000港元 1 – Over HK$2,000,000 超过2,000,000港元 2 1 剑虹集团控股有限公司 2024/25 年报 155

9,122
53
9,175

2
–
1
2

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

14. BENEFITS AND INTERESTS OF DIRECTORS 14. 董事福利及权益 (a) DIRECTORS’ EMOLUMENTS: (a) 董事酬金： The emoluments of every Director are set out below: 各名董事的酬金载列如下： Emoluments paid or payable in respect of a person’s services as a director, whether of the Company or its subsidiary undertaking 就个人担任本公司或其附属公司业务的董事已付或应付之酬金 Retirement benefits scheme Fees Salaries contributions Total 退休福利袍金薪金计划供款总计 Notes HK$’000 HK$’000 HK$’000 HK$’000 附注千港元千港元千港元千港元 Executive Directors: 执行董事： Dr. Huang Yuan (Chairman) 黄源博士（主席） (i) – – – – Mr. Bu Youjun 卜友军先生 (ii) – – – – Mr. Yang Xuefeng 杨学锋先生 (iii) 300 – – 300 Mr. Chang Chih-Chia (Chairman) 张致嘉先生（主席） (iv) – 423 – 423 Dr. Wang Lei 王磊博士 (v) – 233 – 233 Independent Non-executive Directors: 独立非执行董事： Mr. Liu Xin 刘昕先生 (vi) 15 – – 15 Mr. Feng Zhidong 冯志东先生 150 – – 150 Mr. Wang Bo 王波先生 (vii) 125 – – 125 Ms. Liu Yixing 刘艺星女士 (iv) 13 – – 13 Ms. Situ Danni 司徒丹妮女士 (viii) – – – – Total for the year ended 截至二零二五年三月 31 March 2025 三十一日止年度总计 603 656 – 1,259 156 K. H. Group Holdings Limited 2024/25 Annual Report

–	–	–	–
–	–	–	–
300	–	–	300
–	423	–	423
–	233	–	233
15	–	–	15
150	–	–	150
125	–	–	125
13	–	–	13
–	–	–	–
603	656	–	1,259

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

14. BENEFITS AND INTERESTS OF DIRECTORS 14. 董事福利及权益（续） (CONTINUED) (a) DIRECTORS’ EMOLUMENTS: (a) 董事酬金：（续） (CONTINUED) Emoluments paid or payable in respect of a person’s services as a director, whether of the Company or its subsidiary undertaking 就个人担任本公司或其附属公司业务的董事已付或应付之酬金 Retirement Performance benefits related scheme Fees Salaries bonuses contributions Total 退休福利袍金薪金表现花红计划供款总计 Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 附注千港元千港元千港元千港元千港元 Executive Directors: 执行董事： Dr. Huang Yuan (Chairman) 黄源博士（主席） (i) – – – – – Mr. Bu Youjun 卜友军先生 (ii) – – – – – Mr. Yang Xuefeng 杨学锋先生 (iii) 225 – – – 225 Mr. Chang Chih-Chia (Chairman) 张致嘉先生（主席） (iv) – – – – – Dr. Wang Lei 王磊博士 (v) – – – – – Independent Non-executive Directors: 独立非执行董事： Mr. Liu Xin 刘昕先生 (vi) 150 – – – 150 Mr. Feng Zhidong 冯志东先生 150 – – – 150 Mr. Wang Bo 王波先生 (vii) 150 – – – 150 Ms. Liu Yixing 刘艺星女士 (iv) – – – – – Total for the year ended 截至二零二四年三月 31 March 2024 三十一日止年度总计 675 – – – 675 Notes: 附注： (i) Resigned on 18 April 2024 (i) 于二零二四年四月十八日辞任 (ii) Appointed on 1 April 2023 and resigned on 21 June 2024 (ii) 于二零二三年四月一日获委任及于二零二四年六月二十一日辞任 (iii) Appointed on 1 April 2023 (iii) 于二零二三年四月一日获委任 (iv) Appointed on 6 May 2024 (iv) 于二零二四年五月六日获委任 (v) Appointed on 21 June 2024 (v) 于二零二四年六月二十一日获委任 (vi) Resigned on 6 May 2024 (vi) 于二零二四年五月六日辞任 (vii) Resigned on 21 January 2025 (vii) 于二零二五年一月二十一日辞任 (viii) Appointed on 17 April 2025 (viii) 于二零二五年四月十七日获委任剑虹集团控股有限公司 2024/25 年报 157

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

14. BENEFITS AND INTERESTS OF DIRECTORS 14. 董事福利及权益（续） (CONTINUED) (a) DIRECTORS’ EMOLUMENTS: (a) 董事酬金：（续） (CONTINUED) During the year ended 31 March 2025, Dr. Huang 截至二零二五年三月三十一日 and Mr. Bu Youjun agreed to waive emoluments of 止年度，由于本集团出现经营 approximately HK$15,000 and HK$67,000 respectively 亏损，黄博士及卜友军先生分 (2024: approximately HK$300,000 and HK$300,000 别同意放弃酬金约15,000港元 respectively) due to the operating loss of the Group. 及67,000港元（二零二四年：分别约300,000港元及300,000港元）。 No share options or any other forms of share-based 年内，并无向董事授出购股权 payments were granted to the directors during the year 或任何其他形式的股份付款（二 (2024: Nil). 零二四年：无）。 During the years ended 31 March 2025 and 2024, 截至二零二五年及二零二四年 no emoluments were paid by the Group to any of the 三月三十一日止年度，本集团 directors or the highest paid individuals as an inducement 并无向任何董事或最高薪酬人 to join or upon joining the Group or as compensation for 士支付任何酬金作为吸引彼等 loss of office. 加入本集团或于加入本集团时之奖励或作为离职补偿。 (b) DIRECTORS’ MATERIAL INTERESTS IN (b) 董事于交易、安排及合约 TRANSACTIONS, ARRANGEMENTS AND 的重大权益 CONTRACTS Save as disclosed in note 39 to the consolidated financial 除综合财务报表附注39所披露 statements, no other significant transaction, arrangement 者外，本公司概无就本集团业 and contract in relation to the Group’s business to which 务订立任何本公司董事及董事 the Company was a party and in which a director of 的关联方直接或间接于其中拥 the Company and the director’s connected party had a 有重大权益并于年末或年内任 material interest, whether directly or indirectly, subsisted at 何时间仍存续的其他重大交易、 the end of the year or at any time during the year. 安排及合约。 15. DIVIDENDS 15. 股息 The Board does not recommend the payment of any dividend to 董事会不建议向股东派付截至二零 the shareholders for the year ended 31 March 2025 (2024: Nil). 二五年三月三十一日止年度的任何股息（二零二四年：无）。 158 K. H. Group Holdings Limited 2024/25 Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

16. LOSS PER SHARE 16. 每股亏损 (a) BASIC LOSS PER SHARE (a) 每股基本亏损 The calculation of the basic loss per share is based on the 每股基本亏损乃按以下方式计 following: 算： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Loss for the purpose of calculating basic 计算每股基本亏损之亏损 loss per share (57,592) (51,560) 2025 2024 二零二五年二零二四年 ’000 ’000 千股千股 Number of shares 股份数目 Weighted average number of ordinary 计算每股基本亏损之 shares for the purpose of calculating 普通股加权平均数 basic loss per share 480,000 424,044 The calculation of basic loss per share is based on the 每股基本亏损乃根据本公司拥 loss for the year attributable of owners of the Company 有人应占年内亏损及已发行股 and weighted average number of shares in issue. 份加权平均数计算。 (b) DILUTED LOSS PER SHARE (b) 每股摊薄亏损 No diluted loss per share is presented as the Company 由于本公司截至二零二五年及 did not have any dilutive potential ordinary shares during 二零二四年三月三十一日止年 the years ended 31 March 2025 and 2024. 度并无任何潜在摊薄普通股，故并无呈列每股摊薄亏损。剑虹集团控股有限公司 2024/25 年报 159

(57,592)

480,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

17. PROPERTY, PLANT AND EQUIPMENT 17. 物业、机器及设备 Furniture and Plant and Motor Construction equipment machinery vehicle in progress Total 家具及设备机器及机械汽车在建工程总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元 Cost 成本 As at 1 April 2023 于二零二三年四月一日 3,849 57,669 5,768 – 67,286 Transfer from non-current 转拨自持作出售的非流 assets held for sale 动资产 – 1,168 – – 1,168 Transfer from right-of-use 转拨自使用权资产 assets – 8,510 – – 8,510 Additions 添置 60 118 – – 178 Disposals 出售 (19) (36,945) – – (36,964) As at 31 March 2024 and 于二零二四年三月 1 April 2024 三十一日及二零二四年四月一日 3,890 30,520 5,768 – 40,178 Addition 添置 4 – – – 4 Acquisition of subsidiaries 收购附属公司 (note 35(a)) （附注35(a)） 383 427 716 130,342 131,868 Write-off 撇销 – (680) – – (680) Disposals 出售 – (19,263) – – (19,263) Exchange realignment 汇兑调整 (1) – – – (1) As at 31 March 2025 于二零二五年三月三十一日 4,276 11,004 6,484 130,342 152,106 160 K. H. Group Holdings Limited 2024/25 Annual Report

4	–	–	–	4
383	427	716	130,342	131,868
–	(680)	–	–	(680)
–	(19,263)	–	–	(19,263)
(1)	–	–	–	(1)
4,276	11,004	6,484	130,342	152,106

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

17. PROPERTY, PLANT AND EQUIPMENT 17. 物业、机器及设备（续） (CONTINUED) Furniture and Plant and Motor Construction equipment machinery vehicle in progress Total 家具及设备机器及机械汽车在建工程总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元 Accumulated depreciation 累计折旧及减值 and impairment As at 1 April 2023 于二零二三年四月一日 2,846 35,804 5,750 – 44,400 Transfer from right-of-use 转拨自使用权资产 assets – 1,702 – – 1,702 Transfer from non-current 转拨自持作出售的非流 assets held 动资产 for sale – 1,099 – – 1,099 Disposals 出售 (10) (21,739) – – (21,749) Impairment 减值 – 1,983 – – 1,983 Charge for the year 年内支出 310 1,773 18 – 2,101 As at 31 March 2024 and 于二零二四年三月 1 April 2024 三十一日及二零二四年四月一日 3,146 20,622 5,768 – 29,536 Acquisition of subsidiaries 收购附属公司 (note 35(a)) （附注35(a)） 140 64 586 – 790 Write-off 撇销 – (680) – – (680) Disposals 出售 – (10,597) – – (10,597) Impairment 减值 420 422 – – 842 Charge for the year 年内支出 307 813 3 – 1,123 Exchange realignment 汇兑调整 (1) – – – (1) As at 31 March 2025 于二零二五年三月三十一日 4,012 10,644 6,357 – 21,013 Carrying amount 账面值 As at 31 March 2025 于二零二五年三月三十一日 264 360 127 130,342 131,093 As at 31 March 2024 于二零二四年三月三十一日 744 9,898 – – 10,642 剑虹集团控股有限公司 2024/25 年报 161

140	64	586	–	790
–	(680)	–	–	(680)
–	(10,597)	–	–	(10,597)
420	422	–	–	842
307	813	3	–	1,123
(1)	–	–	–	(1)
4,012	10,644	6,357	–	21,013
264	360	127	130,342	131,093

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

17. PROPERTY, PLANT AND EQUIPMENT 17. 物业、机器及设备（续） (CONTINUED) As at 31 March 2025, the aggregated carrying amount 于二零二五年三月三十一日，账面总 of property, plant and equipment of approximately 值约130,342,000港元（二零二四年： HK$130,342,000 (2024: Nil) was pledged to secure bank 零）的物业、机器及设备已作为银行 borrowings (note 27). 借款（附注27）的抵押。 Impairment assessment 减值评估 As at 31 March 2025 于二零二五年三月三十一日 Certain property, plant and equipment, and right-of-use assets 由于预计服务成本增加及地基业务持 of the Group were allocated to the cash-generating unit of 续亏损，本集团的若干物业、机器及 foundation business in Hong Kong (the “HK Foundation CGU”) 设备及使用权资产被分配至香港地基 for impairment assessment due to projected increases in cost of 业务之现金产生单位（「香港地基现 services and continued loss in the foundation business. 金产生单位」）进行减值评估。 The recoverable amount of the HK Foundation CGU at the 香港地基现金产生单位于报告期末之 end of reporting period were determined using a value-in-use 可收回金额乃采用使用价值计算厘 calculation, which was based on cash flow projections derived 定，使用价值乃根据本公司董事批准 from financial budgets approved by the directors of the 之财务预算作出现金流量预测，并由 Company and assessed by an independent professional valuer 独立专业估值师以五年期及税前贴现 covering a five-year period and using a pre-tax discount rate. 率估值。该五年期以外的现金流量使 Cash flows beyond that five-year period were extrapolated using 用下文所述的估计增长率推算。此增 the estimated growth rate stated below. This growth rate does 长率不超过市场的长期平均增长率。 not exceed the long-term average growth rate for the market. Key assumptions used in the calculation are as follows: 在计算时使用的主要假设如下： 2025 二零二五年 HK Foundation CGU 香港地基现金产生单位 Gross profit margin (% of revenue) 毛利率（占收益%） 0% Net loss/profit margin (% of revenue) 净亏损╱利润率（占收益%） 0% Long term growth rate 长期增长率 2.68% Pre-tax discount rate 税前贴现率 17.27% 162 K. H. Group Holdings Limited 2024/25 Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

17. PROPERTY, PLANT AND EQUIPMENT 17. 物业、机器及设备（续） (CONTINUED) Impairment assessment (Continued) 减值评估（续） The above key assumptions were used in the value-in-use 上述主要假设已用于计算香港地基现 calculation of the HK Foundation CGU as at 31 March 2025. 金产生单位于二零二五年三月三十一 The following describes each key assumption on which the 日的使用价值。以下阐述管理层基于 management has based its cash flow projections to undertake 现金流量预测进行物业、机器及设备 impairment testing of property, plant and equipment and 以及使用权资产减值测试的各项主要 right-of-use assets. 假设。 Gross profit margin – The basis used to determine the value 毛利率－用以厘定预算毛利率指定值 assigned to the budgeted gross profit margin is the average 的基准为自提供地基服务年度起预期 gross profit margin expected to achieve since the year when the 可达致的平均毛利率。 foundation service is rendered. Net loss/profit margin – The basis used to determine the value 净亏损╱利润率－用于厘定预算净亏 assigned to the budgeted net loss/profit margin is the average 损╱利润率指定值的基准，是自提供 net profit/loss margin expected to achieve since the year when 地基服务年度以来预期可达致的平均 the foundation service is rendered. 净利润╱亏损率。 Long-term growth rate – The long-term growth rate does not 长期增长率－长期增长率不超过香港 exceed the long-term average growth rate for the industry and 地基现金产生单位目前营运所在行业 the country in which the HK Foundation CGU currently operate. 及国家之长期平均增长率。 Discount rate – The discount rate used is pre-tax and reflects 贴现率－所使用的贴现率为税前贴现 specific risks relating to the HK Foundation CGU. 率，并反映香港地基现金产生单位有关的特定风险。 Based on the above, the management of the Group assessed 基于上文所述，本集团管理层评估于 that the recoverable amounts of the HK Foundation CGU to Nil, 二零二五年三月三十一日，香港地基 which was lower than its carrying values as at 31 March 2025. 现金产生单位之可收回金额为零港元，低于其账面值。 Based on the impairment assessment under value-in-use 根据上述使用价值计算之减值评 calculation above, an aggregate amount of impairment loss on 估，分配至香港地基现金产生单位 property, plant and equipment and right-of-use assets allocated 之物业、机器及设备及使用权资产 to HK Foundation CGU of approximately HK842,000 and 之减值亏损总额约为842,000港元及 HK$1,840,000 were recognised in the Group’s consolidated 1,840,000港元，已于本集团截至二 statement of profit or loss during the year ended 31 March 零二五年三月三十一日止年度之综合 2025. 损益表确认。剑虹集团控股有限公司 2024/25 年报 163

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

17. PROPERTY, PLANT AND EQUIPMENT 17. 物业、机器及设备（续） (CONTINUED) (CONTINUED) Impairment assessment (Continued) 减值评估（续） As at 31 March 2024 于二零二四年三月三十一日 Certain property, plant and equipment of the Group was 由于预测服务成本上升及基金业务持 allocated to the HK Foundation CGU for impairment assessment 续亏损，本集团若干物业、机器及设 due to projected increases in cost of services and continued 备分配至香港地基现金产生单位进行 loss in the foundation business. 减值评估。 Plant and machinery attributable to the HK Foundation CGU 于二零二四年三月三十一日，香港地 had a carrying amount of approximately by HK$11,881,000 as 基现金产生单位应占机器及机械之 at 31 March 2024. As at 31 March 2024, which recoverable 账面值约为11,881,000港元。于二零 amount was assessed by an independent professional valuer 二四年三月三十一日，可收回金额由 under the fair value less cost of disposal basis using the 独立专业估值师根据公平值减出售 market comparison approach, amounting to approximately 成本基准以市场比较法评估，约为 HK$9,898,000. The resulting fair value measurement was 9,898,000港元。由此产生的公平值 classified within Level 3 of the fair value hierarchy, with key 计量被归类为公平值等级架构中的第 assumptions including market price per unit and disposal costs. 三级，主要假设包括每单位市价及出售成本。 Based on the above, the management of the Group assessed 基于上文所述，本集团管理层评估 that the recoverable amounts of the HK Foundation CGU to 于二零二四年三月三十一日，香港 HK$9,898,000, which was lower than its carrying values as at 地基现金产生单位之可收回金额为 31 March 2024. 9,898,000港元，低于其账面值。 Based on the impairment assessment under fair value less cost 根据上述公平值减出售成本之减值评 of disposal above, an aggregate amount of impairment loss on 估，分配至香港地基现金产生单位之 property, plant and equipment allocated to the HK Foundation 物业、机器及设备之减值亏损总额约 CGU of approximately HK$1,983,000 was recognised in the 1,983,000港元已于本集团截至二零 Group’s consolidated statement of profit or loss during the year 二四年三月三十一日止年度之综合损 ended 31 March 2024. 益表确认。 The Group obtained ownership of the underlying leased 截至二零二四年三月三十一日止年 assets at the end of the lease term, the cost of the relevant 度，本集团于租赁期结束时取得相关 property, plant and equipment of approximately HK$8,510,000 租赁资产的所有权，相关物业、机器 and the related accumulated depreciation of approximately 及设备的成本约为8,510,000港元， HK$1,702,000 are transferred from right-of-use assets upon 及相关累计折旧约1,702,000港元于 exercising purchase options for the year ended 31 March 2024. 行使购买选择权时由使用权资产转拨。 164 K. H. Group Holdings Limited 2024/25 Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

18. RIGHT-OF-USE ASSETS 18. 使用权资产 Leased plant and machinery and Leased Leasehold motor vehicle properties land Total 租赁机器及机械以及汽车租赁物业租赁土地总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元 As at 1 April 2023 于二零二三年四月一日 7,290 1,275 – 8,565 Additions 添置 – 2,906 – 2,906 Transfer to property, 转拨至物业、 plant, and equipment 机器及设备 (6,808) – – (6,808) Termination of lease 终止租赁 – (284) – (284) Depreciation 折旧 (482) (1,872) – (2,354) As at 31 March 2024 and 于二零二四年三月 1 April 2024 三十一日及于二零二四年四月一日 – 2,025 – 2,025 Additions 添置 – 2,008 – 2,008 Acquisition of subsidiaries 收购附属公司 (note 35(a)) （附注35(a)） – – 26,401 26,401 Impairment losses 减值亏损 – (1,840) – (1,840) Termination of lease 终止租赁 – (485) – (485) Depreciation 折旧 – (1,708) (26) (1,734) As at 31 March 2025 于二零二五年三月三十一日 – – 26,375 26,375 剑虹集团控股有限公司 2024/25 年报 165

Additions	添置	–	2,008	–	2,008
Acquisition of subsidiaries (note 35(a))	收购附属公司（附注35(a)）	–	–	26,401	26,401
Impairment losses	减值亏损	–	(1,840)	–	(1,840)
Termination of lease	终止租赁	–	(485)	–	(485)
Depreciation	折旧	–	(1,708)	(26)	(1,734)
As at 31 March 2025	于二零二五年三月三十一日	–	–	26,375	26,375

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

18. RIGHT-OF-USE ASSETS (CONTINUED) 18. 使用权资产（续） Lease liabilities of approximately HK$1,771,000 (2024: 于二零二五年三月三十一日，租赁 HK$2,022,000) are recognised with related right-of-use assets 负债约1,771,000港元（二零二四年： of approximately Nil (2024: HK$2,025,000) as at 31 March 2,022,000港元）与相关使用权资产约 2025. The lease agreements of leased assets do not impose 零港元（二零二四年：2,025,000港元） any covenants other than the security interests in the leased 一并确认。租赁资产的租赁协议不施 assets that are held by the lessor. Leased assets may not be 加任何契诺，惟出租人所持租赁资产 used as security for borrowing purposes except that leasehold 之抵押权益除外。租赁资产不得就借 land with a carrying amount of approximately HK$26,375,000 款用途用作抵押品，惟账面金额约为 (2024: Nil) was pledged to secure bank borrowings (note 27). 26,375,000港元（二零二四年：零）的租赁土地已作为银行借款的抵押（附注27）。 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Depreciation expenses on right-of-use assets 使用权资产的折旧开支 1,734 2,354 Interest on lease liabilities (included in 租赁负债利息 finance costs) （计入融资成本） 77 233 Expenses relating to short-term lease 短期租赁相关开支 (included in cost of sales and services （计入销售及所提供 rendered) 服务成本） 2,200 5,223 Expenses relating to short-term lease 短期租赁相关开支（计入 (included in administrative and other 行政及其他经营开支） operating expenses) 501 903 Impairment loss of right-of-use assets 使用权资产减值亏损 1,840 – Loss/(gain) on termination of leases 终止租赁之亏损╱（收益） 59 (7) Details of total cash outflow for leases is set out in note 35(d). 有关租赁的现金流出总额的详情载于附注35(d)。 166 K. H. Group Holdings Limited 2024/25 Annual Report

1,734
77
2,200
501
1,840
59

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

18. RIGHT-OF-USE ASSETS (CONTINUED) 18. 使用权资产（续） For both years, the Group leases various offices with fixed term 本集团两个年度内为其营运租赁若 of 2 years (2024: 2 years) for its operations. The leasehold land 干办公室，固定年期为2年（二零二四 with fixed term of 50 years (2024: nil) is located in the PRC for 年：2年）。租赁土地位于中国，其固 its production and sales of chemical products in the PRC’s 定期限为50年（二零二四年：无），供 factory. 中国厂房生产及销售化工产品。 Lease terms are negotiated on an individual basis and contain 租期乃按个别基准磋商，附带一系列 a wide range of different terms and conditions. In determining 不同条款及条件。于厘定租期及评估 the lease term and assessing the length of the non-cancellable 不可撤销期长度时，本集团应用合约 period, the Group applies the definition of a contract and 的定义及厘定合约可强制执行的期间。 determines the period for which the contract is enforceable. In addition, the Group reassesses whether it is reasonably 此外，于发生承租人控制范围内的重 certain to exercise an extension option, upon the occurrence of 大事件或情况出现重大变动时，本集 either a significant event or a significant change in circumstances 团重新评估是否可合理肯定行使续期 that is within the control of the lessee. During the years ended 选择权。截至二零二五年及二零二四 31 March 2025 and 2024, there was no such triggering event. 年三月三十一日止年度，概无有关触发事件。 Impairment assessment 减值评估 Details of the impairment assessment of certain leased 分配至地基现金产生单位的若干租赁 properties allocated to the Foundation CGU are set out in note 物业的减值评估详情载于综合财务报 17 to the consolidated financial statements. 表附注17。 19. INVENTORIES 19. 存货 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Construction materials 建筑材料 – 758 Raw materials 原材料 311 – Work-in-progress 在建工程 941 – Finished goods 制成品 1,722 556 Total 总计 2,974 1,314 At the end of reporting period, the Group’s inventories are 于报告期末，本集团的存货以成本列 stated at cost. 账。剑虹集团控股有限公司 2024/25 年报 167

–
311
941
1,722
2,974

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

20. TRADE RECEIVABLES 20. 贸易应收款项 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Trade receivables 贸易应收款项 41,218 40,513 Less: Allowance for doubtful debts 减：预期信贷亏损项下 under ECL 的呆账拨备 (11,098) (8,571) 30,120 31,942 Notes: 附注： The Group’s trade receivables mainly represent progress billings receivables 本集团的贸易应收款项主要指合约客户的应收 from contract customers. The general credit terms of trade receivables were 进度款。贸易应收款项的信用期通常为14至60 within 14 to 60 days (2024: 14 to 45 days). Application for progress payment 日（二零二四年：14至45日）内。合约工程进度 of contract works is made on a regular basis. The Group seeks to maintain 付款乃定期申请。本集团对其未收回款项维持 strict control over its outstanding receivables. Overdue balances are reviewed 严格监控。董事定期检讨逾期结余。 regularly by directors. The ageing analysis of the Group’s trade receivables, based on the invoice 以下为本集团的贸易应收款项的发票日期为基 date, and net of allowance is as follows: 准并撇除拨备的账龄分析： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 0 to 30 days 0至30日 18,188 30,466 31 to 60 days 31至60日 5,181 – Over 60 days 6 0日以上 6,751 1,476 30,120 31,942 Trade receivables are denominated in the following currencies: 贸易应收款项乃按以下币种计值： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 HK$ 港元 13,788 30,639 RMB 人民币 16,332 1,303 30,120 31,942 168 K. H. Group Holdings Limited 2024/25 Annual Report

41,218
(11,098)
30,120

18,188
5,181
6,751
30,120

13,788
16,332
30,120

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

21. CONTRACT ASSETS/CONTRACT LIABILITIES 21. 合约资产╱合约负债 2025 2024 Contract assets 合约资产二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Arising from performance under construction 来自履行建筑合约 contracts 23,798 68,831 Less: Allowance for contract asset under ECL 减：预期信贷亏损下的合约资产拨备 (3,185) (3,152) 20,613 65,679 Receivables from contract with customers 香港财务报告准则第15号范围 within the scope of HKFRS 15, which are 内的客户合约应收款项，计 included in “Trade receivables” 入「贸易应收款项」 30,120 27,218 Contract assets are denominated in the following currencies: 合约资产以下列币种计值： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 HK$ 港元 7,355 64,938 RMB 人民币 13,258 741 20,613 65,679 剑虹集团控股有限公司 2024/25 年报 169

23,798
(3,185)
20,613
30,120

7,355
13,258
20,613

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

21. CONTRACT ASSETS/CONTRACT LIABILITIES 21. 合约资产╱合约负债（续） (CONTINUED) The contract assets primarily related to the Group’s rights to 合约资产主要与本集团就已完成但尚 consideration for work completed but not yet billed because 未开具发票的工程收取代价的权利有 the rights are conditional on the satisfaction of the service 关，因为该等权利须待客户于报告日 quality by the customers over a certain period as stipulated 期在合约规定的一定期间内对服务质 in the contracts at the reporting date. The contract assets 素表示满意后，方可作实。倘有关权 are transferred to trade receivables where the rights become 利成为无条件，则合约资产转拨至贸 unconditional. The Group also typically agrees to a defects 易应收款项。本集团一般亦同意合约 liability period for 5% of the contract value. This amount is 价值的5%作为保修期。该金额计入 included in contract assets until the end of the retention period 合约资产，直至保留期结束为止，原 as the Group’s entitlement to this final payment is conditional on 因为本集团收取该最终付款的权利取 the Group’s work satisfactorily passing inspection. 决于本集团的工程是否令人满意通过检查。 The decrease in contract assets was the result of the certain 合约资产减少乃由于截至二零二五 construction projects that were completed and finalised during 年及二零二四年三月三十一日止年 the years ended 31 March 2025 and 2024. In addition, contract 度完成及敲定若干建筑项目所致。此 assets of approximately HK$18,008,000 (2024: $65,932,000) 外，约18,008,000港元(二零二四年： were written off and partially (2024: fully) recovered through 65,932,000元）之合约资产已撇销并 compensation from the former ultimate holding company of the 已根据项目履约担保透过本公司的前 Company under Project Performance Guarantee. Details are set 最终控股公司的补偿而部分收回（二 out below and note 28 to the consolidated financial statements. 零二四年：全部收回）。有关详情载于下文及综合财务报表附注28。 The amount of revenue recognised during the year from 年内，就过往期间已履行（或部分履 performance obligations satisfied (or partially satisfied) in 行）履约责任所确认收益金额约为零 previous period is approximately Nil (2024: HK$26,467,000, 港元（二零二四年：26,467,000港元， mainly due to the completion of certain construction contracts). 此乃主要由于完成若干建筑合约所致）。 The amount of contract assets that is expected to be recovered 预计在超过一年后收回的合约资产金 after more than one year is approximately HK$1,451,000 (2024: 额约为1,451,000港元（二零二四年： HK$1,597,000). 1,597,000港元）。 As at 31 March 2025, approximately Nil (2024: HK$18,013,000) 于二零二五年三月三十一日，约零港 of retention receivables under contract assets were pledged to 元（二零二四年：18,013,000港元）的 banks to secure bank borrowings (note 27). 合约资产下的应收保固金已为取得银行借贷而抵押予银行（附注27）。 170 K. H. Group Holdings Limited 2024/25 Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

21. CONTRACT ASSETS/CONTRACT LIABILITIES 21. 合约资产╱合约负债（续） (CONTINUED) Contract liabilities 合约负债 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Billings in advance of performance obligation 履行义务的提前结算 – Construction contracts －建筑合约 162 11,961 Contract liabilities are denominated in the following currencies: 合约负债以下列币种计值： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 HK$ 港元 – 11,961 RMB 人民币 162 – 162 11,961 Contract liabilities relating to construction contracts are balances 与建筑合约相关的合约负债为根据建 due to customers under construction contracts. These arise if a 筑合约应付客户的结余。该等款项于 particular milestone payment exceeds the revenue recognised to 特定里程碑付款按成本比例法超过截 date under the cost-to-cost method. 至目前确认的收益时产生。剑虹集团控股有限公司 2024/25 年报 171

162

–
162
162

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

21. CONTRACT ASSETS/CONTRACT LIABILITIES 21. 合约资产╱合约负债（续） (CONTINUED) Contract liabilities (Continued) 合约负债（续） Movement in contract liabilities: 合约负债变动： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Balance as at 1 April 于四月一日之结余 11,961 – Decrease in contract liabilities as a result of 年内因确认已计入年初合约 recognising revenue during the year that 负债的收益导致合约 was included in the contract liabilities at the 负债减少 beginning of the year (11,961) – Increase in contract liabilities as a result of 因建筑服务提前结算而导致合 billing in advance of construction services 约负债增加 163 11,961 Exchange realignment 汇兑调整 (1) – Balance as at 31 March 于三月三十一日之结余 162 11,961 The decrease (2024: increase) in contract liabilities in 2025 二零二五年合约负债减少（二零二四 was mainly due to the decrease (2024: increase) in advances 年：增加）主要由于截至二零二五年 received from customers in relation to the provision of 三月三十一日止年度就提供建筑服务 construction services during the year ended 31 March 2025. 收取客户的预付款项减少（二零二四年：增加）。 None of billings in advance of performance received that is 预期并无于超过一年后确认为收入的 expected to be recognised as income after more than one year 履约预收款项（二零二四年：无）。 (2024: Nil). 172 K. H. Group Holdings Limited 2024/25 Annual Report

11,961
(11,961)
163
(1)
162

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

22. PREPAYMENTS, DEPOSITS AND OTHER 22. 预付款项、按金及其他应 RECEIVABLES 收款项 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Prepayments 预付款项 565 987 Deposits 按金 1,326 2,402 Other receivables (note) 其他应收款项（附注） 12,400 2,501 14,291 5,890 Note: As at 31 March 2025, the carrying amount of other receivables 附注：于二零二五年三月三十一日，其他应收 included collateral deposits of approximately Nil (2024: HK$2,361,000) 款项的账面值包括抵押按金约零港元 for issuance of performance bonds for construction contracts （二零二四年：2,361,000港元），以发出 amounts totaling of approximately Nil (2024: HK$10,158,000) and 建筑合约的履约保证金额合共约零港元 VAT receivables of approximately HK$11,389,000 (2024: HK$56,000). （二零二四年：10,158,000港元）及应收 Details are disclosed in note 36 to the consolidated financial 增值税约11,389,000港元（二零二四年： statements. 56,000港元）。详情披露于综合财务报表附注36。 Prepayments, deposits and other receivables are denominated 预付款项、按金及其他应收款项以下 in the following currencies: 列币种计值： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 HK$ 港元 1,938 5,696 RMB 人民币 12,353 194 14,291 5,890 剑虹集团控股有限公司 2024/25 年报 173

565
1,326
12,400
14,291

1,938
12,353
14,291

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

23. BANK AND CASH BALANCES 23. 银行及现金结余 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Bank and cash balances 银行及现金结余 48,481 84,497 Bank and cash balances are denominated in the following 银行及现金结余按以下币种计值： currencies: 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 HK$ 港元 5,722 39,133 RMB 人民币 42,680 45,285 Singapore dollar (“SGD”) 新加坡币（「新元」） 79 79 48,481 84,497 24. TRADE AND RETENTION PAYABLES 24. 贸易应付款项及应付保固金 2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 Trade payables 贸易应付款项 (a) 148,795 120,340 Retention payables 应付保固金 (b) 35,065 29,381 183,860 149,721 174 K. H. Group Holdings Limited 2024/25 Annual Report

48,481

5,722
42,680
79
48,481

148,795
35,065
183,860

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

24. TRADE AND RETENTION PAYABLES 24. 贸易应付款项及应付保 (CONTINUED) 固金（续） Notes: 附注： (a) The ageing analysis of the Group’s trade payables, based on the date (a) 以下为本集团的贸易应付款项以收取货 of receipt of goods/services, is as follows: 物╱服务日期为基准的账龄分析： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 0 to 30 days 0至30日 42,930 32,298 31 to 60 days 31至60日 4,253 11,487 61 to 90 days 61至90日 1,506 1,829 Over 90 days 9 0日以上 100,106 74,726 148,795 120,340 Trade payables are denominated in the following currencies: 贸易应付款项以下列币种计值： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 HK$ 港元 135,261 118,855 RMB 人民币 13,534 1,485 148,795 120,340 (b) As at 31 March 2025, the amount of the Group’s retention payables (b) 于二零二五年三月三十一日，预计将于 expected to be due after more than twelve months was approximately 逾十二个月后到期的本集团应付保固金 Nil (2024: HK$2,659,000). 金额为约零港元（二零二四年：2,659,000 港元）。 The carrying amounts of the Group’s retention payables are 本集团应付保固金的账面值乃按港元计 denominated in HK$. 值。剑虹集团控股有限公司 2024/25 年报 175

42,930
4,253
1,506
100,106
148,795

135,261
13,534
148,795

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

25. ACCRUALS AND OTHER PAYABLES 25. 应计费用及其他应付款项 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Accruals 应计费用 10,124 29,777 Consideration payables of acquisition of 收购常州永宏集团之应付代价 Changzhou Yonghong Group （附注35(a)及39(a)(ii)） (notes 35(a) & 39(a)(ii)) 68,614 – Other payables 其他应付款项 37,465 10,627 116,203 40,404 Accruals and other payables are denominated in the following 应计费用及其他应付款项以下列币种 currencies: 计值： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 HK$ 港元 21,740 37,750 RMB 人民币 94,463 2,654 116,203 40,404 As at 31 March 2025, included in the Group’s other payables 于二零二五年三月三十一日，计入本 of approximately HK$1,005,000 (2024: HK$9,790,000) 集团其他应付款项约1,005,000港元 represented amount due to a director of the Company’s （二零二四年：9,790,000港元）指应 subsidiary which is unsecured, interest-free and repayable on 付本公司附属公司一名董事款项。该 demand. 应付款项为无抵押、免息及须按要求偿还。 176 K. H. Group Holdings Limited 2024/25 Annual Report

10,124
68,614
37,465
116,203

21,740
94,463
116,203

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

26. LEASE LIABILITIES 26. 租赁负债 Present value of Minimum lease payments minimum lease payments 最低租赁付款最低租赁付款的现值 2025 2024 2025 2024 二零二五年二零二四年二零二五年二零二四年 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元 Within one year 一年内 1,020 1,929 943 1,866 In the second to fifth years, inclusive 第二至五年（包括首尾两年） 850 157 828 156 1,870 2,086 1,771 2,022 Less: Future finance charges 减：未来融资费用 (99) (64) N/A不适用 N/A不适用 Present value of lease obligations 租赁责任的现值 1,771 2,022 1,771 2,022 Less: Amount due for settlement within 减：于流动负债项下列示的 12 months shown under 须于12个月内到期偿付 current liabilities 的款项 (943) (1,866) Amount due for settlement after 须于12个月后到期偿付的款项 12 months 828 156 All lease liabilities are denominated in HK$. 所有租赁负债均以港元计值。 The incremental borrowing rates applied to lease labilities is 适用于租赁负债的增量借贷利率为 5.75% (2024: 5.75%). 5.75%（二零二四年：5.75%）。剑虹集团控股有限公司 2024/25 年报 177

1,929 157
1,020		943
850		828
2,086 (64)
1,870		1,771
(99)		N/A不适用
2,022
1,771		1,771
(943)
828

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

27. BANK BORROWINGS, SECURED 27. 银行借款，有抵押 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Bank loan 银行贷款 52,290 – Trust receipt loans 信托收据贷款 – 13,645 52,290 13,645 The bank borrowings are repayable 银行借款按下列期限偿还： as follows: On demand or within one year 按要求偿还或一年内 6,436 13,645 Over one year but within two years 一年以上但不超过两年 10,726 – Over two years but within five years 两年以上但不超过五年 35,128 – 52,290 13,645 Less: Amount due for settlement within 12 减：须于12个月内到期偿付 months (shown under current liabilities) 的款项（于流动负债项下列示） (6,436) (13,645) Amount due for settlement after 12 months 减：须于12个月后到期偿付 (shown under non-current liabilities) 的款项（于非流动负债项下列示） 45,854 – As at 31 March 2025, the bank loan of the Group is 于二零二五年三月三十一日，本集团 denominated in RMB and are subject to the fulfilment of 的银行贷款以人民币计值及须遵守有 covenants related to meeting the scheduled repayment 关履行预定还款义务的契诺，这是与 obligations, as is common in lending arrangements with financial 金融机构订立的贷款安排的常见要 institutions. As at 31 March 2025, none of the covenants related 求。于二零二五年三月三十一日，与 to drawn-down facilities had been breached and the Group has 已提取融资相关的契诺均未被违反， an unconditional right to defer settlement of the bank loan for at 且本集团有权无条件延迟偿还银行贷 least twelve months after 31 March 2025. 款至二零二五年三月三十一日后至少十二个月。 As at 31 March 2024, the Group’s trust receipt loans are 于二零二四年三月三十一日，本集团 denominated in HK$ and are repayable on demand in 之信托收据贷款以港元计值，并须根 accordance with the repayment on demand clause. Further 据按要求偿还条款在接获要求后偿 details of the Group’s trust receipt loans with repayment on 还。有关本集团附带按要求偿还条款 demand clause are set out in note 6(c) to the consolidated 的信托收据贷款的进一步详情载于综 financial statements. 合财务报表附注6(c)。 178 K. H. Group Holdings Limited 2024/25 Annual Report

52,290
–
52,290
6,436
10,726
35,128
52,290
(6,436)
） 45,854

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

27. BANK BORROWINGS, SECURED (CONTINUED) 27. 银行借款，有抵押（续） During the year ended 31 March 2024, the Group fails to 于截至二零二四年三月三十一日止年 meet the repayment schedule of the trust receipt loans. As a 度，本集团未能如期偿还信托收据贷 result, two winding up petitions were filed by the bank against 款。因此，银行就本集团未能偿还信 the Group in relation to the non-payment of credit facilities. 贷融资提出两项清盘呈请。进一步详 Further details are set out in note 40 to the consolidated 情载于综合财务报表附注40。截至二 financial statements. During the year ended 31 March 2025, the 零二五年三月三十一日止年度，信托 trust receipt loans are fully settled and the aforesaid petitions 收据贷款已悉数清偿，而法院（定义 were dismissed by the Court (as defined in note 40 to the 见综合财务报表附注40）亦相应驳回 consolidated financial statements) accordingly. 上述呈请。 The average interest rates of the bank borrowings of the Group 于报告期末，本集团银行借款的平均 at the end of the reporting period were as follows: 利率如下： 2025 2024 二零二五年二零二四年 Bank loan 银行贷款 3.47% N/A不适用 Trust receipt loans 信托收据贷款 N/A不适用 7.84% All bank borrowings are arranged at floating rates and expose 所有银行借款均按浮动利率计息，令 the Group to cash flow interest rate risk. 本集团面临现金流量利率风险。剑虹集团控股有限公司 2024/25 年报 179

3.47%
N/A不适用

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

32. STATEMENT OF FINANCIAL POSITION AND 32. 本公司财务状况表及储 RESERVE MOVEMENT OF THE COMPANY 备变动 (a) STATEMENT OF FINANCIAL POSITION OF (a) 本公司财务状况表 THE COMPANY 2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 Non-current assets 非流动资产 Interests in subsidiaries 于附属公司的权益 – – Current assets 流动资产 Prepayments, deposits and other receivables 预付款项，按金及其他应收款项 834 300 Due from a subsidiary 应收一家附属公司款项 – – Bank and cash balances 银行及现金结余 5,332 25,023 6,166 25,323 Current liabilities 流动负债 Accruals and other payables 应计费用及其他应付款项 13,120 13,255 Due to subsidiaries 应付附属公司款项 87,000 91,435 Other borrowings, unsecured 其他借款，无抵押 – 10,000 100,120 114,690 Net current liabilities 流动负债净额 (93,954) (89,367) NET LIABILITIES 负债净值 (93,954) (89,367) Capital and reserves 资本及储备 Share capital 股本 30 4,800 4,800 Reserves 储备 32(b) (98,754) (94,167) DEFICIENCIES IN EQUITY 权益亏绌 (93,954) (89,367) Approved by the Board of Directors on 27 June 2025 and 经董事会于二零二五年六月 signed on its behalf by: 二十七日批准并由以下董事代表签署： Chang Chih-Chia Yang Xuefeng 张致嘉杨学锋 Executive Director Executive Director 执行董事执行董事 188 K. H. Group Holdings Limited 2024/25 Annual Report

–
834
–
5,332
6,166
13,120
87,000
–
100,120
(93,954)
(93,954)
4,800
(98,754)
(93,954)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

32. STATEMENT OF FINANCIAL POSITION AND 32. 本公司财务状况表及储 RESERVE MOVEMENT OF THE COMPANY 备变动（续） (CONTINUED) (b) RESERVE MOVEMENT OF THE COMPANY (b) 本公司储备变动 Total Share Accumulated equity/ premium losses deficiency 权益总额╱ 股份溢价累计亏损亏绌 HK$’000 HK$’000 HK$’000 千港元千港元千港元 (note 33(b)) （附注33(b)） As at 1 April 2023 于二零二三年四月一日 84,403 (87,462) (3,059) Loss and total comprehensive 年内亏损及全面亏损总额 loss for the year – (120,008) (120,008) Placing of new shares 配售新股份（附注30） (note 30) 29,200 – 29,200 Transaction cost attributable 配售新股份应占交易成本 to placing of new shares （附注30） (note 30) (300) – (300) As at 31 March 2024 and 于二零二四年三月三十一日 1 April 2024 及二零二四年四月一日 113,303 (207,470) (94,167) Loss and total 年内亏损及全面亏损总额 comprehensive loss for the year – (4,587) (4,587) As at 31 March 2025 于二零二五年三月三十一日 113,303 (212,057) (98,754) 剑虹集团控股有限公司 2024/25 年报 189

–	(4,587)	(4,587)
113,303	(212,057)	(98,754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

33. RESERVES 33.储备 (a) GROUP (a) 本集团 The amounts of the Group’s reserves and the movements 本集团储备金额及其变动分别 therein are presented in the consolidated statement 于综合财务报表第85至88页的 of profit or loss and other comprehensive income and 综合损益及其他全面收益表以 consolidated statement of changes in equity on pages 及综合权益变动表呈列。 85 and 88 of the consolidated financial statements respectively. (b) SHARE PREMIUM (b) 股份溢价 Under the Companies Act of the Cayman Islands, the 根据开曼群岛公司法，本公司 funds in the share premium account of the Company are 股份溢价账的资金可供分派予 distributable to the shareholders of the Company provided 本公司股东，惟紧随建议分派 that immediately following the date on which the dividend 股息日期后，本公司须有能力 is proposed to be distributed, the Company will be in a 偿还其于日常业务过程中已到 position to pay off its debts as they fall due in the ordinary 期的债务。 course of business. Share premium represents premium arising from the issue 股份溢价指以高于每股股份面 of shares at a price in excess of their par value per share 值的价格发行股份所产生的溢 and after deduction of capitalisation issue and issuance 价，并已经扣除资本化发行及 costs of shares. 股份发行成本。 (c) FOREIGN CURRENCY TRANSLATION (c) 汇兑储备 RESERVE The foreign currency translation reserve comprises all 汇兑储备包括换算海外业务财 foreign exchange differences arising from the translation of 务报表所产生的所有汇兑差额。 the financial statements of foreign operations. The reserve 该储备根据综合财务报表附注 is dealt with in accordance with the accounting policies set 4(c)所载的会计政策处理。 out in note 4(c) to the consolidated financial statements. 190 K. H. Group Holdings Limited 2024/25 Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

34. SUBSIDIARIES 34. 附属公司 Particulars of the subsidiaries at the end of each reporting 于各报告期末的附属公司详情如下： period are as follows: Place of incorporation/ Date of incorporation/ Issued and Percentage of ownership interest/ Name establishment and operation establishment paid up capital voting power/profit sharing Principal activity 名称注册成立╱成立地点及经营地点注册成立╱成立日期已发行及缴足股本拥有权益╱投票权╱分占溢利百分比主要业务 2025 2024 二零二五年二零二四年 Direct ownership 直接所有权 iSend Limited Hong Kong 5 July 2019 HK$10,000 100% 100% Investment holding 艾深有限公司香港二零一九年七月五日 10,000港元投资控股 K. H. Development Holdings Limited The BVI 13 August 2015 US$100 100% 100% Investment holding 英属处女群岛二零一五年八月十三日 100美元投资控股 Send Link Technology Pte. Ltd. Singapore 8 August 2019 SGD1,000,000 100% 100% Inactive 新加坡二零一九年八月八日 1,000,000新元暂不经营业务 Isend Investment Limited The BVI 8 February 2021 US$10,000 100% 100% Investment holding 英属处女群岛二零二一年二月八日 10,000美元投资控股 Indirect ownership 间接所有权 Aixun Trading (Beijing) Co., Ltd. (note (i)) PRC 23 April 2021 US$6,436,500 100% 100% Trading of electronic 爱讯贸易（北京）有限公司（附注(i)）中国二零二一年四月二十三日 6,436,500美元 devices 电子设备贸易 K. H. Civil Engineering Limited Hong Kong 5 March 2001 HK$100 100% 100% Provision of foundation 剑虹土木工程有限公司香港二零零一年三月五日 100港元 and construction 提供地基及建筑服务 K. H. Foundations Limited Hong Kong 4 January 1985 HK$97,962,000 100% 100% Provision of foundation 剑虹地基有限公司香港一九八五年一月四日 97,962,000港元 and construction 提供地基及建筑服务 K. H. Holdings Limited Hong Kong 15 September 2006 HK$1 100% 100% Investment holding 剑虹控股有限公司香港二零零六年九月十五日 1港元投资控股 K. H. Machinery Limited Hong Kong 23 January 2007 HK$3,000 100% 100% Leasing of machinery 剑虹机械有限公司香港二零零七年一月二十三日 3,000港元机械租赁 K. H. Piling & Engineering Limited Hong Kong 8 November 2012 HK$100 100% 100% Inactive 剑虹打桩工程有限公司香港二零一二年十一月八日 100港元暂不经营业务 Isend Investment (HK) Limited Hong Kong 17 March 2021 HK$10,000 100% 100% Investment holding 爱讯投资（香港）有限公司香港二零二一年三月十七日 10,000港元投资控股 Fujian Youxu Construction Engineering PRC 20 April 2020 RMB50,000,000 100% 100% Construction and Co. Ltd. (note (ii)) 中国二零二零年四月二十日人民币50,000,000元 sales of chemical 福建优旭建筑工程有限公司（附注(ii)） products 建筑及化工产品销售 Changzhou Yonghong (note(ii)) PRC 9 March 2023 RMB20,000,000 100% – Investment holding 常州永宏（附注(ii)）中国二零二三年三月九日人民币20,000,000元投资控股 Jiangsu Yongmai (note (i)) PRC 31 July 2017 RMB100,000,000/ 100% – Production and 江苏永迈（附注(i)）中国二零一七年七月三十一日 RMB65,500,000 sales of chemical products 人民币100,000,000元/ 化工产品的生产及销售人民币65,500,000元剑虹集团控股有限公司 2024/25 年报 191

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

34. SUBSIDIARIES (CONTINUED) 34. 附属公司（续） Note: 附注： (i) This subsidiary is registered as limited liability company (domestic (i) 此附属公司根据中国法律注册为有限责 enterprise) under the PRC Law. 任公司（内资企业）。 (ii) This subsidiary is registered as limited liability company (ii) 此附属公司根据中国法律注册为有限责 (foreign-invested enterprise sole investment) under the PRC Law. 任公司（外商独资企业）。 35. NOTE TO THE CONSOLIDATED STATEMENT OF 35. 综合现金流量表附注 CASH FLOWS (a) ACQUISITION OF SUBSIDIARIES (a) 收购附属公司 For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 On 21 March 2025, a subsidiary of the company, 于二零二五年三月二十一日，本 Aixun Trading (Beijing) Co., Ltd. (“Aixun”), completed 公司之附属公司爱讯贸易（北 the acquisition of 100% equity interests of Changzhou 京）有限公司（「爱讯」）完成向本 Yonghong together with its subsidiary, Jiangsu Yongmai 集团的一名关联方收购常州永 from a related party of the Group (note 39(a)(ii)), at 宏连同其附属公司江苏永迈的 a consideration of approximately RMB63,970,000 100%股权（附注39(a)(ii)），代价 ((equivalent to approximately HK$68,614,000) comprising 为约人民币63,970,000元（相当 cash consideration of RMB20,000,000 (equivalent to 于约68,614,000港元），分别包 approximately HK$21,452,000) and the assignment of 括现金代价人民币 20,000,000 the shareholder’s loan of RMB43,970,000 (equivalent 元（相当于约21,452,000港元） to approximately HK$47,162,000), respectively, from 及常州永宏将人民币43,970,000 Changzhou Yonghong to Aixun. Changzhou Yonghong 元（相当于约47,162,000港元） Group was engaged in production and sales of chemical 之股东贷款转让予爱讯。常州 products during the year. The acquisition was in line with 永宏集团于年内从事化工产品 the Company’s business strategy to develop in chemical 的生产及销售。此收购事项符 products. 合本公司发展化工产品的业务策略。 The acquisition related cost of approximately 截至二零二五年三月三十一 HK$1,593,000, including but not limited to legal and 日止年度，收购相关成本约 professional fees, was expensed to the consolidated 1,593,000港元（包括但不限于 statements of profit and loss and other comprehensive 法律及专业费用）已于综合损益 income during the year ended 31 March 2025. 及其他全面收益表支销。 192 K. H. Group Holdings Limited 2024/25 Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. NOTE TO THE CONSOLIDATED STATEMENT OF 35. 综合现金流量表附注（续） CASH FLOWS (CONTINUED) (a) ACQUISITION OF SUBSIDIARIES (a) 收购附属公司（续） (Continued) 于收购日期，所收购常州永宏 The fair value of the identifiable assets and liabilities of 集团的可识别资产及负债的公 Changzhou Yonghong Group acquired as at the date of 平值如下： acquisition are as follows: Acquiree’s carrying Fair value amount adjustment Fair value 被收购公司的账面值公平值调整公平值 HK$’000 HK$’000 HK$’000 千港元千港元千港元 Property, plant and 物业、机器及设备 equipment 130,422 656 131,078 Right-of-use assets 使用权资产 13,625 12,776 26,401 Inventories 存货 2,506 – 2,506 Trade receivables 贸易应收款项 5,299 – 5,299 Prepayments, deposits and 预付款项、按金及其他 other receivables 应收款项 12,013 – 12,013 Bank and cash balances 银行及现金结余 520 – 520 Trade payables 贸易应付款项 (2,933) – (2,933) Other payables and accruals 其他应付款项及应计费用 (9,675) – (9,675) Bank borrowings, secured 银行借款，有抵押 (52,290) – (52,290) Deferred tax liabilities 递延税项负债 – (3,358) (3,358) Total identifiable net assets 以公平值计算的可识别 at fair value 资产净值总额 99,487 10,074 109,561 Consideration to be satisfied 代价以下列方式支付： by: Cash consideration 现金代价 (21,452) Assignment of shareholder’s 常州永宏转让股东贷款 loan from Changzhou 予爱讯 Yonghong to Aixun (47,162) Gain on bargain purchase 收购的议价购买收益 from acquisition 40,947 Net cash inflow arising on 收购产生的现金流入 acquisition: 净额： Cash and cash equivalents 已付现金及现金等价物 paid – Cash and cash equivalents 所收购现金及现金 acquired 等价物 520 Net cash inflow 现金流入净额 520 剑虹集团控股有限公司 2024/25 年报 193

130,422	656	131,078
13,625	12,776	26,401
2,506	–	2,506
5,299	–	5,299
12,013	–	12,013
520	–	520
(2,933)	–	(2,933)
(9,675)	–	(9,675)
(52,290)	–	(52,290)
–	(3,358)	(3,358)
99,487	10,074	109,561
		(21,452)
		(47,162)
		40,947
		–
		520
		520

2,022	13,645	10,000	9,790	35,457
–	(13,645)	–	–	(13,645)
(1,833)	–	–	–	(1,833)
–	–	–	(13,785)	(13,785)
–	52,290	–	–	52,290
(426)	–	–	–	(426)
2,008	–	–	–	2,008
–	–	(5,000)	–	(5,000)
–	–	(5,000)	5,000	–
(251)	38,645	(10,000)	(8,785)	19,609
1,771	52,290	–	1,005	55,066

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35. NOTE TO THE CONSOLIDATED STATEMENT OF 35. 综合现金流量表附注（续） CASH FLOWS (CONTINUED) (d) TOTAL CASH OUTFLOW FOR LEASES (d) 租赁的现金流出总额 Amounts included in consolidated statement of cash flows 计入综合现金流量表的金额包 comprise the following: 括以下各项： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Within operating cash flows 于经营现金流量内 2,778 6,359 Within financing cash flows 于融资现金流量内 1,833 4,024 The amounts relate to the lease rental 与已付租赁租金有关的 paid 金额 4,611 10,383 36. PERFORMANCE BONDS 36. 履约保证金 At the end of the reporting period, the Group has provided 于报告期末，本集团已向一家保险公 guarantees to an insurance company as follows: 司提供如下担保： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Guarantees on performance bonds for 为建筑合约履约保证金 construction contracts 提供担保 – 10,158 As at 31 March 2024, the securities for the Group’s 于二零二四年三月三十一日，本集团 performance bonds for construction contracts are as follows: 的建筑合约履约保证金之抵押如下： (i) guarantees on performance bonds amounting to (i) 履约保证金之担保约10,158,000 approximately HK$10,158,000 are secured by (i) the 港元乃以(i)本集团其他应收款项 Group’s other receivables of approximately HK$2,361,000; 约2,361,000港元；(ii)本公司附属 (ii) a personal guarantee executed by a director of a 公司董事签立之个人担保；及(iii) subsidiary of the Company; and (iii) corporate guarantees 本公司及本公司一家附属公司签 executed by the Company and a subsidiary of the 立之公司担保作抵押。 Company. 200 K. H. Group Holdings Limited 2024/25 Annual Report

2,778
1,833
4,611

–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37. CAPITAL COMMITMENTS 37. 资本承担 Commitments outstanding at 31 March 2025 not provided for in 截至二零二五年三月三十一日未在综 the consolidated financial statements were as follows: 合财务报表中拨备的未履行承担如下： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Contracted for acquisition of property, 已订约购置物业、 plant and equipment 机器及设备 1,057 – 38. LEASE COMMITMENTS 38. 租赁承担 The Group as a lessee, had the following non-cancellable 本集团作为承租人，拥有下列不可撤 short-term lease commitments: 销的短期租赁承担： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Within 1 year 一年内 237 138 剑虹集团控股有限公司 2024/25 年报 201

1,057

237

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

39. RELATED PARTY TRANSACTIONS 39. 关联方交易 (a) In addition to those related party transactions and (a) 除综合财务报表其他地方披露 balances disclosed elsewhere to the consolidated 的该等关联方交易及结余外， financial statements, the Group had the following material 本集团于年内曾与其关联方进 transaction with its related party during the year: 行以下重大交易： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Salary paid to a related party (note i) 支付予关联方的薪金（附注i） 720 311 Acquisition of Changzhou Yonghong 收购常州永宏集团（附注ii） Group (note ii) 68,614 – Notes: 附注： (i) The spouse of Mr. Yeung Sau Ming, Boris, a director of certain (ii) 本集团若干附属公司董事杨秀明先生的 subsidiaries of the Group, received the salary during the years 配偶于截至二零二五年及二零二四年三 ended 31 March 2025 and 2024. 月三十一日止年度收取有关薪金。 (ii) On 21 March 2025, Aixun completed the acquisition of 100% (ii) 于二零二五年三月二十一日，爱讯完成 equity interests in Changzhou Yonghong and its subsidiary, 向卖方收购常州永宏连同其附属公司江 Jiangsu Yongmai, from the vendor (see note 35(a)). A related 苏永迈的100%股权（附注35(a)）。由本 company of the Group, Haosheng (Danyang) Investment 公司的最终控股方陈先生持有51%股权 Management Co., Ltd. (“Haosheng Danyang”), which is 51% 的本集团之关联公司昊盛（丹阳）投资管 owned by Mr. Chen, the ultimate controlling party of the 理有限公司（「昊盛丹阳」）透过贷款予卖 Company, provided financial assistance to the Changzhou 方，向常州永宏集团提供财务协助。鉴 Yonghong Group by extending a loan to the vendor. Given 于昊盛丹阳能够影响本公司与卖方之间 Haosheng Danyang’s ability to exert influence over the 的交易，因此，卖方被视为本公司的关 transaction between the Company and the vendor, the vendor 连人士。 is considered a related party of the Company. 202 K. H. Group Holdings Limited 2024/25 Annual Report

720
68,614

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

39. RELATED PARTY TRANSACTIONS 39. 关联方交易（续） (CONTINUED) (b) Compensation of key management personnel of the Group: (b) 本集团主要管理人员薪酬： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Short term employee benefits 短期雇员福利 10,381 7,993 Pension scheme contributions 退休计划供款 53 72 Total compensation paid to key 向主要管理人员支付的 management personnel 薪酬总额 10,434 8,065 Key management personnel represents the independent 主要管理人员指本集团独立非 non-executive directors and executive directors of the 执行董事及执行董事、本集团 Group, managing director and general manager of the 附属公司董事总经理及总经理。 Group’s subsidiaries. Further details of employee benefits expense and 有关雇员褔利开支及董事酬金 directors’ emoluments are included in notes 13 and 14 to 的进一步详情分别载于综合财 the consolidated financial statements respectively. 务报表附注13及14。剑虹集团控股有限公司 2024/25 年报 203

10,381
53
10,434

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

39. RELATED PARTY TRANSACTIONS 39. 关联方交易（续） (CONTINUED) (c) As at 31 March 2024, bank borrowings in note 27 and (c) 于二零二四年三月三十一日， performance bond in note 36 were secured by personal 附注27的银行借款及附注36的 guarantee of the director of Company’s subsidiaries. 履约保证金由本公司附属公司董事之个人担保作抵押。 40. LITIGATIONS 40. 诉讼 On 21 June 2024, winding up petitions (the “Petition(s)”) were 于二零二四年六月二十一日，东亚银 filed by The Bank of East Asia, Limited (the “Original Petitioner”) 行有限公司（「原呈请人」）根据香港法 at the High Court of the Hong Kong Special Administrative 例第32章《公司（清盘及杂项条文）条 Region (the “Court”) against each of the Company and K. H. 例》（「公司（清盘及杂项条文）条例」） Foundations Limited (“KHF”), a wholly-owned subsidiary of the 向香港特别行政区高等法院（「法院」） Company, under the Companies (Winding Up and Miscellaneous 提交针对本公司及本公司全资附属 Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong) 公司剑虹地基有限公司（「剑虹地基」） (the “CWUMPO”). The Petitions were filed against the Company 的清盘呈请「呈请」）。呈请是针对本 and KHF, in relation to the non-repayment of credit facilities 公司及剑虹地基提交，涉及原呈请人 granted by the Original Petitioner to KHF in the principal amount 授予剑虹地基本金约11.6百万港元及 of approximately HK$11.6 million, plus accrued interest; and the 应计利息的信贷额度未获偿还；以及 guarantee executed by the Company in favour of the Original 本公司就原呈请人向剑虹地基授出的 Petitioner for amounts outstanding under the credit facilities 信贷额度尚未偿还金额向原呈请人签 granted by the Original Petitioner to KHF. 立的担保。 204 K. H. Group Holdings Limited 2024/25 Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

40. LITIGATIONS (CONTINUED) 40. 诉讼（续） After negotiation, the Company and the Original Petitioner 经磋商后，本公司与原呈请人已达成 have reached an agreement. The Original Petitioner has made 协议。原呈请人已经各自与本公司及 joint applications with each of the Company and KHF by way 剑虹地基透过同意传票方式向法院共 of consent summons to the Court to dismiss the Petitions. 同提出申请撤销呈请。就于二零二四 For the hearing of the Petitions on 30 September 2024, the 年九月三十日的呈请聆讯而言，针对 Petition against the Company was dismissed by the Court. 本公司的呈请已被法院撤销。本公司 The Company settled the loan from the Original Petitioner on 8 于二零二四年十月八日偿还原呈请人 October 2024. 的贷款。 Meanwhile, China Geo-Engineering Corporation (the 同时，中国地质工程集团有限公司 “Substituting Petitioner”), a supporting creditor of the Petition （「替代呈请人」）（作为针对剑虹地基 against KHF had made an application to the Court to substitute 的呈请的支持债权人）就悉数记录入 the Original Petitioner as the petitioner of the Petition against 贸易应付款项及应付保固金的约20.3 KHF for unsettled sub-contracting charges which was fully 百万港元未结算的分包费用（「分包 recorded in trade and retention payables of approximately 费用」）向法院提出申请，以替代原呈 HK$20.3 million (the “Sub-contracting Charges”), and the 请人成为针对剑虹地基的呈请的呈请 Court has granted leave for such application. The Substituting 人，且法院已批准该申请。替代呈请 Petitioner was also granted leave to file and serve an amended 人亦获准针对剑虹地基提交及送达一 petition (the “Amended Petition”) against KHF. The hearing of 份经修订之呈请（「经修订呈请」）。经 the Amended Petition has been adjourned to 30 December 修订呈请的聆讯已押后至二零二四年 2024. 十二月三十日。 The Company settled the Sub-contracting Charges from the 本公司于二零二四年十二月二十七日 Substituting Petitioner on 27 December 2024. 结清替代呈请人的分包费用。 On 30 December 2024, the Amended Petition against the 于二零二四年十二月三十日，针对本 Company was dismissed by the Court. 公司的经修订呈请被法院撤销。 On 7 February 2025, winding up petition (the “2nd Petition”) 于二零二五年二月七日，Ince & Co dated 27 January 2025 was filed by Ince & Co (the “2nd （「第二呈请人」）根据《公司（清盘及 Petitioner”) at the Court against KHF, under the CWUMPO, 杂项条文）条例》向法院提交日期为 in relation to the non-payment of legal costs of approximately 二零二五年一月二十七日的针对剑虹 HK$2.1 million (the “Legal Cost”) plus interest. 地基的清盘呈请（「第二次呈请」），涉及未支付约2.1百万港元的法律费用（「法律费用」）及利息。 The Company settled the Legal Cost plus interest on 28 April 本公司于二零二五年四月二十八日结 2025 and the 2nd Petition against the Company was dismissed 清法律费用及利息，针对本公司的第 by the Court on 21 May 2025. 二次呈请于二零二五年五月二十一日被法院撤销。剑虹集团控股有限公司 2024/25 年报 205

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

41. EVENTS AFTER THE REPORTING PERIOD 41. 报告期后事项 On 21 May 2025, King Topwell International Limited (the “2nd 于二零二五年五月二十一日，亿皇国 Substituting Petitioner”), a supporting creditor of the 2nd Petition 际有限公司（「第二替代呈请人」）（作 made an application to the Court to substitute the 2nd Petitioner 为第二次呈请之支持债权人）向法院 as the petitioner of the petition, and the Court has granted leave 提出申请，以替代第二呈请人成为呈 for such application. The 2nd Substituting Petitioner was also 请之呈请人，且法院已批准该申请。 granted leave to file and serve an amended petition (the “2nd 第二替代呈请人亦获准针对剑虹地基 Amended Petition”) against KHF in relation to the non-payment 提交及送达一份经修订之呈请（「第二 of outstanding amount of approximately HK$2.7 million. The 次经修订呈请」），内容有关未支付约 hearing of the 2nd Amended Petition has been adjourned to 16 2.7百万港元的未偿付金额。第二次 July 2025. 经修订呈请的聆讯已押后至二零二五年七月十六日。 Since the filing of the 2nd Amended Petition, the Company has 自第二次经修订呈请提交后，本公司 been seeking legal advice and taking appropriate actions as 寻求法律意见及根据意见采取适当行 advised. 动。 Details of above is set out in the Company’s announcement 上述详情载于本公司日期为二零二五 dated 21 May 2025. 年五月二十一日的公告。 42. APPROVED OF CONSOLIDATED FINANCIAL 42. 批准综合财务报表 STATEMENTS The consolidated financial statements were approved and 综合财务报表已于二零二五年六月 authorised for issue by the Board of Directors on 27 June 2025. 二十七日获董事会批准及授权刊发。 206 K. H. Group Holdings Limited 2024/25 Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

A summary of the results and of the assets and liabilities of the Group 本集团过去五个财政年度的业绩及资产及 for the last five financial years is set out below: 负债概要载列如下： RESULTS FOR THE YEAR ENDED 31 MARCH 截至三月三十一日止年度之业绩 2025 2024 2023 2022 2021 二零二五年二零二四年二零二三年二零二二年二零二一年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元 Revenue 收益 129,580 175,174 245,349 751,767 933,797 Cost of sales and services 销售及所提供服务成本 rendered (173,318) (206,213) (274,332) (722,019) (892,144) Gross (loss)/profit （毛损）╱毛利 (43,738) (31,039) (28,983) 29,748 41,653 Other income 其他收入 5,383 90,925 10,239 8,084 12,699 Gain on bargain purchase on 收购附属公司之议价购买 acquisition of subsidiaries 收益 40,947 – – – – Administrative and other 行政及其他经营开支 operating expenses (35,376) (33,584) (34,448) (41,697) (38,933) Impairment of property, plant and 物业、机器及设备减值 equipment (842) (1,983) — — — Impairment of right-of-use assets 使用权资产减值 (1,840) — — — — Write-off of contract assets 撇销合约资产 (18,008) (65,932) (4,602) (4,744) (4,693) Provision for ECL on trade 就贸易应收款项、其他应收 receivables, other receivables 款项及合约资产的预期 and contract assets, net of 信贷亏损计提拨备， reversal of impairment loss 扣除减值亏损拨回 (2,627) (768) (6,000) (910) (2,142) (Loss)/profit from operations 经营所得（亏损）╱溢利 (56,101) (42,381) (63,794) (9,519) 8,584 Finance costs 融资成本 (946) (9,179) (10,321) (8,825) (7,513) (Loss)/profit before tax 除税前（亏损）╱溢利 (57,047) (51,560) (74,115) (18,344) 1,071 Income tax expenses 所得税开支 (545) – — (2) — (Loss)/profit and total 本公司拥有人应占年内 comprehensive income for the （亏损）╱溢利及全面 year attributable to owners of 收益总额 the Company (57,592) (51,560) (74,115) (18,346) 1,071 剑虹集团控股有限公司 2024/25 年报 207

129,580
(173,318)
(43,738)
5,383
40,947
(35,376)
(842)
(1,840)
(18,008)
(2,627)
(56,101)
(946)
(57,047)
(545)
(57,592)

FINANCIAL SUMARY

财务概要

ASSETS AND LIABILITIES AS AT 31 MARCH 于三月三十一日之资产及负债 2025 2024 2023 2022 2021 二零二五年二零二四年二零二三年二零二二年二零二一年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元 Total assets 资产总值 273,947 201,989 440,035 658,020 682,892 Total liabilities 负债总额 (358,151) (227,753) (439,009) (582,879) (589,405) Net (liabilities)/assets （负债）╱资产净值 (84,204) (25,764) 1,026 75,141 93,487 208 K. H. Group Holdings Limited 2024/25 Annual Report

273,947
(358,151)
(84,204)

FINANCIAL SUMARY

财务概要

Annual Report 2024/25 年报

2024/2025

年报ANUAL REPORT

(Incorporated in the Cayman Islands with limited liability)

（于开曼群岛注册成立之有限公司）

Stock code 股份代号 : 01557

CONTENTS

目录

CORPORATE INFORMATION

公司资料

BOARD OF DIRECTORS

COMPANY SECRETARY

AUDIT COMITE

NOMINATION COMITE

董事会

公司秘书

审核委员会

提名委员会

CORPORATE INFORMATION

薪酬委员会

香港总部及主要营业地点

核数师

主要股份过户登记处

REMUNERATION COMITE

HEAD OFICE AND PRINCIPAL PLACE OF

BUSINES IN HONG KONG

AUDITOR

PRINCIPAL SHARE REGISTRAR AND TRANSFER

OFICE

CORPORATE INFORMATION

主要往来银行

香港股份过户登记分处

股份代号

网站

PRINCIPAL BANKERS

HONG KONG BRANCH SHARE REGISTRAR AND

TRANSFER OFICE

STOCK CODE

WEBSITE

CHAIRMAN’S STATEMENT

主席报告

PROSPECTS

前景

CHAIRMAN’S STATEMENT

MANAGEMENT DISCUSION

AND ANALYSIS

管理层讨论及分析

BUSINES REVIEW

FOUNDATION AND CONSTRUCTION SERVICES

FINANCIAL REVIEW

2025. The decrease in the Group’s overal revenue was mainly

业务回顾

财务回顾

MANAGEMENT DISCUSION AND ANALYSIS

毛损╱毛损率

其他收入

行政及其他经营开支

GROS LOS/GROS LOS MARGIN

2025. The overal gros los margin increased from aproximately

OTHER INCOME

ADMINISTRATIVE AND OTHER OPERATING

EXPENSES

MANAGEMENT DISCUSION AND ANALYSIS

就贸易应收款项及合约资产

的预期信贷亏损计提拨备，

扣除减值亏损拨回

撇销合约资产

融资成本

净亏损

PROVISION FOR EXPECTED CREDIT LOS ON

TRADE RECEIVABLES AND CONTRACT ASETS,

NET OF REVERSAL OF IMPAIRMENT LOS

WRITEN-OF OF CONTRACT ASETS

FINANCE COSTS

NET LOS

MANAGEMENT DISCUSION AND ANALYSIS

债务及资产押记

DEBTS AND CHARGE ON ASETS

MANAGEMENT DISCUSION AND ANALYSIS

MANAGEMENT DISCUSION AND ANALYSIS

流动资金、财务资源及资本

架构

根据一般授权配售新股份

LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL

STRUCTURE

PLACING OF NEW SHARES UNDER GENERAL