08299 大唐黄金财务报表/环境、社会及管治资料：年报 2024/2025

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CHARACTERISTICS OF GEM OF THE STOCK

EXCHANGE OF HONG KONG LIMITED (THE

“STOCK EXCHANGE”)

GEM has ben positioned as a market designed to

acomodate smal and mid-sized companies to which a

higher investment risk may be atached than other companies

listed on the Stock Exchange. Prospective investors should be

aware of the potential risks of investing in such companies and

should make the decision to invest only after due and careful

consideration.

Given that the companies listed on GEM are generaly smal

and mid-sized companies, there is a risk that securities traded

on GEM may be more susceptible to high market volatility than

securities traded on the Main Board of the Stock Exchange

and no asurance is given that there wil be a liquid market in

the securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and the Stock

Exchange take no responsibility for the contents of this report,

make no representation as to its acuracy or completenes

and expresly disclaim any liability whatsoever for any los

howsoever arising from or in reliance upon the whole or any

part of the contents of this report.

This report, for which the directors of GT Gold Holdings Limited (the

“Company”) colectively and individualy acept ful responsibility,

includes particulars given in compliance with the Rules Governing

the Listing of Securities on GEM of the Stock Exchange (the “GEM

Listing Rules”) for the purpose of giving information with regard

to the Company and its subsidiaries (together, the “Group”).

The directors of the Company (the “Directors”), having made al

reasonable enquiries, confirm that to the best of their knowledge

and belief the information contained in this report is acurate and

complete in al material respects and not misleading or deceptive, and

there are no other maters the omision of which would make any

statement herein or this report misleading.

This report wil remain on the “Latest Listed Company Information”

page of the website of the Stock Exchange at w.hkexnews.hk for

at least seven days from the date of its publication and on the website

of the Company at htp:/w.gt-gold.com/.

The English text of this report shal prevail over the Chinese text in

case of inconsistencies.

香港联合交易所有限公司

（「联交所」）

GEM

之特色

GEM

为较其他于联交所上市之中小型公司承受更

高投资风险之公司提供一个上市之市场。有意投

资之人士应了解投资于该等公司之潜在风险，并

应经过审慎周详之考虑后方作出投资决定。

鉴于

GEM

上市公司通常为中小型公司，在

GEM

买

卖之证券可能会较于联交所主板买卖之证券承受

较大之市场波动风险，且无法保证在

GEM

买卖之

证券会有高流通量之市场。

香港交易及结算所有限公司及联交所对本报告之

内容概不负责，对其准确性或完整性亦不发表任

何声明，并明确表示概不就因本报告全部或任何

部份内容而产生或因倚赖该等内容而引致之任何

损失承担任何责任。

大唐黄金控股有限公司（「本公司」）各董事共同及

个别对本报告承担全部责任，当中包括遵照联交

所

GEM

证券上市规则（「

GEM

上市规则」）规定提供

有关本公司及其附属公司（统称「本集团」）之资料。

本公司董事（「董事」）在作出一切合理查询后确认，

就彼等所深知及确信本报告所载资料在各主要方

面均属准确及完整，并无误导或欺诈成份且并无

遗漏任何其他事宜，致使其任何陈述或本报告有

所误导。

本报告将于刊发日期起至少七日持续刊登于联交

所网页

w.hkexnews.hk

「最新上市公司公告」一页

及本公司网页

htp:/w.gt-gold.com/

。

本报告中英版如有歧义，概以英文版为准。

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE INFORMATION

公司资料

BOARD OF DIRECTORS

Executive Directors

Dr. Li Dahong (Chairman)

Ms. Ma Xiaona

Independent non-executive Directors

Mr. Guo Wei

Mr. Lam Albert Man Sum

Mr. Cheung Wai Hung

AUDIT COMITE

Mr. Lam Albert Man Sum (Chairman)

Mr. Guo Wei

Mr. Cheung Wai Hung

REMUNERATION COMITE

Mr. Guo Wei (Chairman)

Ms. Ma Xiaona

Mr. Lam Albert Man Sum

NOMINATION COMITE

Mr. Guo Wei (Chairman)

Ms. Ma Xiaona

Mr. Lam Albert Man Sum

AUTHORISED REPRESENTATIVES

Dr. Li Dahong

Ms. Le Eva

COMPANY SECRETARY

Ms. Le Eva

AUDITOR

McMilan Wods (Hong Kong) CPA Limited

24/F, Siu On Centre,

188 Lockhart Road,

Wan Chai, Hong Kong

Note: Information in this section is as at the date of this report.

董事会

执行董事

李大宏博士（主席）

马晓娜女士

独立非执行董事

郭玮先生

林闻深先生

张伟雄先生

审核委员会

林闻深先生（主席）

郭玮先生

张伟雄先生

薪酬委员会

郭玮先生（主席）

马晓娜女士

林闻深先生

提名委员会

郭玮先生（主席）

马晓娜女士

林闻深先生

授权代表

李大宏博士

李绮华女士

公司秘书

李绮华女士

核数师

长青（香港）会计师事务所有限公司

香港湾仔

骆克道

号

兆安中心

楼

附注：本节资料乃截至本报告日期。

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE INFORMATION

公司资料

法律顾问

李绮华

•

赵国贤律师事务所

香港

中环

夏悫道

号

美国银行中心

室

注册办事处Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman KY1-1111

Cayman Islands

香港总办事处及主要营业地点

香港上环

皇后大道中

305–313

号

永业中心

楼

A–B

室

股份过户及登记总处

Ocorian Trust (Cayman) Limited

Clifton House, 75 Fort Stret

P.O. Box 1350, Grand Cayman

Cayman Islands

香港股份过户及登记分处

联合证券登记有限公司

香港北角

英皇道

号

华懋交易广场

期

楼

3301-04

室

主要往来银行

上海商业银行有限公司

股份代号8299

公司网址htp:/w.gt-gold.com

电邮info@gt-gold.com

LEGAL ADVISERS

WE Lawyers

Rom 1215,

Bank of America Tower

12 Harcourt Road

Central

Hong Kong

REGISTERED OFICE

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman KY1-1111

Cayman Islands

HEAD OFICE AND PRINCIPAL PLACE OF

BUSINES IN HONG KONG

Rom A–B, 8th Flor

Centre Mark I

305-313 Quen’s Road Central

Sheung Wan, Hong Kong

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE

Ocorian Trust (Cayman) Limited

Clifton House, 75 Fort Stret

P.O. Box 1350, Grand Cayman

Cayman Islands

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

PRINCIPAL BANKERS

Shanghai Comercial Bank Limited

STOCK CODE

COMPANY WEBSITE

htp:/w.gt-gold.com

info@gt-gold.com

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CHAIRMAN’S STATEMENT

主席报告

Fiscal Year 2024-25 (ended 31 March, 2025) had ben a year

characterized by resilience and foundational consolidation. While

navigating domestic and international chalenges, we focused on

acelerating the technical transformation of our production subsidiary,

Taizhou Mining, with the strategic objective of positioning for

exceptional growth in the coming years.

Comencing this fiscal year, the Company is targeted at a substantial

increase in gold output. The anticipated completion of the technical

revamp at Taizhou Mining wil progresively unleash its gold

production potential. Concurently, with relatively stable mining and

procesing costs, and gold prices projected to remain at curent levels

or apreciate further, this wil drive coresponding growth in revenue

and profitability.

Robust growth impetus wil also be derived from planed mining

aset acquisitions. The Company has ben evaluating several

gold and gold-polymetalic mines in adjacent regions for potential

acquisition. Priority wil be given to mines that are either in production

or production-ready, with al requisite permits and licenses in place,

ensuring that such acquisitions contribute to the Company’s revenues

and profits upon the closure of transactions.

The synergistic combination of organic growth and strategic mining

aset acquisitions establishes a framework for sustained, high-rate

growth in gold output over the next few years.

二零二四至二五财政年度（截至二零二五年三月

三十一日止）是展现韧性并巩固根基之年。面对国

内外多重挑战，我们聚焦加速生产附属公司太洲

矿业的技术改造，以战略性布局为未来数年的突

破性增长奠定基础。

本财政年度起，本公司目标实现黄金产量大幅提

升。太洲矿业的技术升级工程预计完成后，将逐步

释放其黄金生产潜能。同时，在采矿及加工成本相

对稳定、金价预计维持现水平甚至进一步升值的

环境下，此举将驱动收入及盈利能力相应增长。

强劲增长动能亦将源自规划中的矿业资产收购。

本公司持续评估邻近区域多个黄金及黄金多金属

矿场的潜在收购机会，优先考虑已投产或具备投

产就绪条件、且持有完备许可证的矿场，确保交易

完成后该等收购即可为本集团贡献收入及利润。

内部有机增长与战略性矿产收购的协同效应，将

构建未来数年黄金产量持续高速增长的框架。

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CHAIRMAN’S STATEMENT

主席报告

值得强调的是，二零二四至二五财政年度内本公

司与中国内地领先工业人工智能企业启动合作，

共同开发

模型，初期重点优化勘探方案。随著初

步模型进入训练阶段，本公司近期通过新成立的

合营企业深化与

开发商的伙伴关系，并联手全球

矿业技术权威

SRK Consulting

，共同完善

驱动的采

矿模型。此类

模型的应用范围将扩展至采矿、加

工及冶炼全流程的运营效率提升。此外，本公司将

携手合营企业及技术伙伴，推动

解决方案的商业

化应用，拓展至更广泛的产业场景，从而实现收益

来源多元化。

对于投资者及股东：我们深具信心，已奠定的坚实

基础、清晰执行的战略规划，加之预期的黄金升值

趋势，共同构成可持续成功的要素。我们不仅是矿

业企业，更致力铸就增长典范，透过长期价值创造

实现最优回报。精彩尚在前方。

代表董事会

主席

李大宏

香港，二零二五年六月二十七日

It is also noteworthy that during the fiscal year 2024-25, the Company

initiated colaboration with a leading industrial AI enterprise in Mainland

China to develop AI models, with initial focus on optimizing exploration

programes. With the preliminary models entering the training phase,

the Company has depened its partnership with the AI developer

through a recently established joint venture, and has also partnered

with SRK Consulting, a global leader in mining technology, to refine

AI-driven mining models. The scope of these AI models wil be

extended to enhance operational eficiency acros mining, procesing,

and refining. Furthermore, the Company, together with its joint venture

and technical partners, aims to comercialise these AI solutions for

broader industry aplications, thereby diversifying its revenue streams.

To our investors and shareholders: We are imbued with confidence,

as the solid foundations we have laid, the wel-defined strategy we

are executing, and the projected apreciation of gold colectively

constitute a recipe for sustained suces. We are not merely a mining

company; we are forging a legacy of growth and delivering optimal

returns through long-term value creation. The best is yet to come.

On behalf of the Board

Li Dahong

Chairman

Hong Kong, 27 June 2025

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

BUSINES REVIEW

The principal activity of the Company is investment holding. Its

principal subsidiary is engaged in gold exploration, mining, mineral

procesing and refinery with gold concentrates and gold ingots as its

products.

FINANCIAL REVIEW

Revenue

For the year ended 31 March 2025 (the “Year”), the Group’s revenue

was aproximately HK$1,314.1 milion, representing an increase

of aproximately 81.8% from aproximately HK$722.7 milion as

compared with that of the last year.

The increase was largely due to the 10 months’ refinery production for

the reporting period versus 4.5 months the pervious year.

Gros profit and gros profit margin

During the Year, the Group’s gros profit was aproximately HK$103.8

milion, representing an increase of aproximately 23.8% from

aproximately HK$83.8 milion as compared with that of the last

year. The increase in gros profit was primarily due to the increase

in revenue and average gold prices. During the Year, the Group’s

overal gros profit margin from refinery and mining and proces was

aproximately 7.9% (2024: 11.6%).

The decrease in gros profit margin was due to the Company having

to purchase more gold concentrates than last year from other mines

to met the large scale refinery which exceded the Company’s

curent mining capacity. Acording to industrial norms, gold refineries

typicaly generated large cashflows and revenues but relatively low

gros profit margins, as the cost of raw materials were also linked

to gold price. The Company acquisition of the gold concentrates

refinery has formed a complete gold production chain, which is

to enhance the Company’s revenue scales and profit potential, to

recover other mineral resources such as silver, coper and lead

not feasible to extract with mining and mineral proces only, and to

be able to aces end user market for future growth and busines

diversification. The Company is to increase its mining and proces

capability to eventualy match that of the refinery capacity to improve

gros margins.

业务回顾

本公司之主要活动为投资控股。其主要附属公司

从事黄金勘探、开采以及以黄金精矿及金锭为其

产品的矿物加工及精炼。

财务回顾

收益

截至二零二五年三月三十一日止年度（「本年度」），

本集团之收益约为

1,314,100,000

港元，较去年之约

722,700,000

港元增加约

81.8%

。

有关增加主要由于报告期内的

个月精炼生产，而

去年为

4.5

个月。

毛利及毛利率

于本年度，本集团之毛利约为

103,800,000

港元，较

去年之约

83,800,000

港元增加约

23.8%

。毛利增加主

要由于收益增加及平均黄金价格上涨所致。于本

年度，本集团精炼、采矿及加工之整体毛利率约为

7.9%

（二零二四年：

11.6%

）。

毛利率下降乃由于本公司不得不从其他矿山购买

比去年更多的金精矿，以满足超出本公司当前采

矿能力的大型精炼厂规模，而按照行业标准，黄金

精炼厂通常产生大量现金流量及收入，但毛利率

相对较低，因为原材料成本亦与黄金价格挂钩。本

公司收购了黄金精炼厂，形成完整的黄金生产链，

提升本公司的收入规模及利润潜力，回收仅靠开

采及矿业加工属不可行的其他矿产资源，如银、

铜及铅等，并能够更好地进入最终用户市场，实现

未来的增长及业务多样化。本公司将提高其采矿

及加工能力，最终与精炼产能相匹配，以提高毛利

率。

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

销售及分销开支

于本年度，本集团之销售及分销开支约为

1,300,000

港元，较去年之约

1,900,000

港元减少约

30.8%

，主

要由于处理成本及政府相关费用减少。

行政开支

于本年度，本集团的行政开支约为

26,700,000

港

元，较去年的约

24,500,000

港元增加约

9.0%

。

年内溢利

本集团于本年度的溢利约为

94,900,000

港元（二零

二四年：

76,000,000

港元）。

于本年度，本集团录得本公司权益持有人应占溢

利净额约

66,600,000

港元，而去年则录得溢利约

55,300,000

港元。与去年相比，本年度录得溢利净

额主要由于

(i)

收益增加；及

(i)

其他收入的收益所致。

每股盈利

本年度每股盈利约为

0.95

港仙（二零二四年：

0.92

港

仙）。

股息

董事会并不建议派付本年度的任何股息（二零二四

年：无）。

Seling and distribution expenses

During the Year, the Group’s seling and distribution expenses

were aproximately HK$1.3 milion, representing a decrease of

aproximately 30.8% from aproximately HK$1.9 milion as compared

with that of the last year. This was due mainly to reduced handling

costs and reduced government related fes.

Administrative expenses

During the Year, the Group’s administrative expenses were

aproximately HK$26.7 milion, representing an increase of

aproximately 9.0% from aproximately HK$24.5 milion as compared

to the last year.

Profit for the year

Profit for the Year of the Group amounted to aproximately HK$94.9

milion (2024: HK$76.0 milion).

For the Year, the Group recorded a net profit atributable to equity

holders of the Company of aproximately HK$66.6 milion, as

compared to profit of aproximately HK$55.3 milion recorded last

year. The net profit for the Year as compared to the previous year

was mainly due to (i) an increase in revenue; and (i) the gain on other

income.

Earnings per share

Earnings per share was aproximately HK cents 0.95 for the Year

(2024: HK cents 0.92).

Dividend

The Board does not recomend the payment of any dividend for the

Year (2024: nil).

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

流动资金、财务资源及资金

于二零二五年三月三十一日，本集团持有现金及

现金等值项目约

29,500,000

港元（二零二四年：

47,500,000

港元）及流动资产净额约

19,600,000

港元

（二零二四年：

174,600,000

港元），而本集团之存

货约为

401,200,000

港元（二零二四年：

149,400,000

港元）。

非即期其他应付款项

截至二零二五年三月三十一日，本集团非即期其

他应付款项约为

139,900,000

港元（二零二四年：

345,100,000

港元）。该金额显著下降，主要归因于

本集团最大单一债权人潼关县汇能有色科技有限

责任公司（「汇能」）一笔人民币

210,000,000

元（相当

于约

226,500,000

港元）的备用融资安排的很大一

部分，因根据该融资安排，该公司有权指定本集团

的客户代其行使权力以指定其自身为相关买方，

并向本集团采购相同数额的黄精矿。其他方面

的减少乃归因于依据适用会计准则，多名前任董

事及监事合计约

28,700,000

港元赔偿款项获豁免，

以及二零八至二零一七年间若干长期债务合

计约

2,900,000

港元获撇销。其余长期应付款项主

要包括承包商履约保证金、矿山地质环境治理与

土地复垦基金及安全生产费，年内减至约人民币

131,000,000

元（相当于约

139,900,000

港元）。该等资

金均属采矿生产必要条件，已分类为专项储备╱

拨备。

Liquidity, financial resources and funding

As at 31 March 2025, the Group had cash and cash equivalents

amounted to aproximately HK$29.5 milion (2024: HK$47.5 milion)

and net curent asets amounted to aproximately HK$19.6 milion

(2024: HK$174.6 milion) whereas inventories of the Group amounted

to aproximately HK$401.2milion (2024: HK$149.4 milion).

Non-curent Other Payables

As of 31 March 2025, the Group had aproximately HK$139.9

milion in non-curent other payables (2024: HK$345.1 milion). The

significant decrease was due to the substantial part of the standby

facilities arangement in the sum of RMB210 milion (equivalent

to aproximately HK$226.5 milion) with Tonguanxian Huineng

Mineral Technology Ltd. (Huineng), the largest single creditor of the

Group, which had the right to apoint the customer of the Group

had exercised its right to apoint itself as the purchaser and to

purchase gold concentrates from the Group for the same amount.

The other decrease was atributable to the waiver of compensation

from a number of former directors and supervisors in the sum of

aproximately HK$28.7 milion and the writen-of of some long terms

debts in the sum of aproximately HK$2.9 milion betwen 2008 to

2017, in acordance with aplicable acounting rules. The remaining

long-term other payables primarily comprise contractor performance

bonds, mine geological and environmental management and land

reclamation fund and safe production fe which decreased to

aproximately RMB131 milion (equivalen to aproximately HK$139.9

milion) over the year, those funds are the conditions for mining

production and clasified as a dedicated reserve/provision.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

应付贸易账项及其他应付款项（流动）

截至二零二五年三月三十一日，本集团的应付贸

易账项及其他应付款项总额约为

451,400,000

港元

（二零二四年：

132,700,000

港元）。该增长主要归

因于黄金精矿的应付款项约

296,500,000

港元，以及

金锭预售收入约

128,600,000

港元。此两项皆属本集

团精炼厂业务范畴，该业务涉及大额现金流。本报

告财年系自二零二三年八月收购精炼生产线后，

炼厂业务运作的首个完整年度。

按金、预付款项及其他应付款项

截至二零二五年三月三十一日，本集团预付款项

总额约为

95,300,000

港元（二零二四年：

121,300,000

港元）。该等预付款主要用于确保作为本公司精炼

厂原料的金精矿供应。本公司附属公司与供应商

长期保持紧密业务关系，该等供应商均于中国内

地同一县域营运。所有预付货款之金精矿均已交

付完毕。

存货

截至二零二五年三月三十一日，本集团录得存货

约

401,100,000

港元（二零二四年：

149,400,000

港

元）。存货显著增加主要源于制成品价值上升至约

331,000,000

港元（二零二四年：

98,000,000

港元）。鉴

于管理层研判金价趋升之最佳判断，本集团特意

保留制成品（尤指金锭），以待后续于更有利价格出

售。截至本报告编制日期，价值约

200,000,000

港元

之黄金制成品存货已售出。

于二零二五年三月三十一日，流动比率约为

1.04

（二零二四年：

1.87

）。

于二零二五年三月三十一日，本集团之资本负债

比率约为

15.5%

（二零二四年：

27.3%

），乃按借贷总

额除以资产总值计算。

Trade and other payables (Curent)

As of 31 March 2025, the total curent trade and other payables for

the Group was aproximately HK$451.4 milion (2024: HK$132.7

milion). The increase was mainly due to a payables for gold

concentrates of aproximately HK$296.5 milion and an income from

a pre-sale of gold ingots of aproximately HK$128.6 milion. Both

items were for the Group’s refinery operations which involves large

cash flows. The reporting fiscal year was the first ful year for refinery

operation after acquisition of the refinery production line in August

2023.

Deposits, prepayment and other receivables

As of 31 March 2025, the Group had aproximately HK$95.3 milion

in total pre-payment (2024: HK$121.3 milion). The pre-payment was

made mostly to secure the suply of gold concentrates as fedstock

of the Company’s refinery. The Company’s subsidiary has had a

long-term and close busines relationship with the supliers which

operate in the same county in the Mainland China. The pre-paid gold

concentrates have ben delivered.

Inventories

As of 31 March 2025, the Group recorded inventories to be

aproximately HK$401.1 milion (2024: HK$149.4 milion). The

significant increase was mainly due to the increased finished products

in the value of aproximately HK$331 milion (2024: HK$98 milion).

In light of management’s best judgment that gold prices are poised to

rise, the finished products, specificaly gold ingots, has ben retained

with the intent of seling them at a more favorable price at a later

stage. As of the preparation of this report, aproximately HK$200.0

milion worth of finished gold inventory had ben sold.

As at 31 March 2025, the curent ratio is aproximately 1.04 (2024:

1.87).

As at 31 March 2025, the Group’s gearing ratio was aproximately

15.5% (2024: 27.3%), calculated based on total borowings over total

asets.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

借贷

本集团之借贷资料载于综合财务报表附注

。

资本结构

于二零二五年三月三十一日，本公司已发行股本

为

7,428,202

港元，分为

7,428,201,720

股每股面值

0.001

港元的股份。

资本承担

于二零二五年三月三十一日，本集团并无任何重

大资本承担（二零二四年：无）。

本集团之资产押记

于二零二五年三月三十一日，应收贸易账项约

5,400,000

港元（二零二四年：

29,100,000

港元）被抵

押为本集团的借贷作担保（附注

）。

截至二零二五年三月三十一日止年度，本集团以

定期存款

5,000,000

港元作为抵押，向一家银行获取

了

5,000,000

港元的银行透支融资，本集团并无动用

任何银行融资。

库务政策

本集团之货币资产及交易主要是以港元或人民币

（「人民币」）为单位。将来的商业交易和已确认之

资产及负债亦会引致外汇风险。

本集团采取保守之库务政策，大部份银行存款属

于港元或人民币存款，又或属于营运附属公司所

在地区货币之存款，以尽量减低外汇风险。本集团

监察及维持充足水平之现金及现金等值项目，以

拨付本集团之业务所需及减低现金流量波动之影

响。管理层定期检讨及监察本集团之营运资金需

求。

Borowings

Borowings information of the Group is set out in note 26 to the

consolidated financial statements.

Capital structure

As at 31 March 2025, the Company’s isued share capital was

HK$7,428,202 which were divided into 7,428,201,720 Shares of

HK$0.001 each.

Capital comitment

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

comitments (2024: nil).

Charge on the Group’s asets

As at 31 March 2025, the trade receivables of aproximately HK$5.4

milion (2024: HK$29.1 milion) were pledged to secure the Group’s

borowings (note 26).

During the year ended 31 March 2025, the Group obtained bank

overdraft facilities from a bank to the extent of HK$5.0 milion secured

by the fixed deposits of HK$5.0 milion, none of the banking facilities

were utilised by the Group.

Treasury policies

The Group’s monetary asets and transactions are principaly

denominated in HK$ or Renminbi (“RMB”). Foreign exchange risk

arises from future comercial transactions and recognised asets and

liabilities.

The Group adopted a conservative treasury policy with most of the

bank deposits being kept in HK$ or RMB, or in the local curencies of

the operating subsidiaries to minimise exposure to foreign exchange

risk. The Group monitors and maintains a suficient level of cash and

cash equivalents to finance the Group’s operations and mitigate the

efects of fluctuation in cash flows. Management reviews and monitors

the Group’s working capital requirements regularly.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

分部资料

本集团的分部资料载于综合财务报表附注

。

外汇风险

由于本集团之借贷及其收入来源主要以相关集团

公司的功能货币（主要为港元或人民币）计值，因此

外汇率波动风险甚微。

主要投资、重大收购及出售附属公司及联属公

司以及重大投资或资本资产之未来计划

本集团于本年度并无任何主要投资、重大收购及

出售附属公司及联属公司。

此外，本公司现正专注于发展及提升其现有业务

以及探索投资机会以拓展本集团的收入来源、丰

富其储备及资源、提升本集团的盈利能力并最终

为本集团股东带来丰硕的回报。

或然负债

于二零二五年及二零二四年三月三十一日，本集

团并无任何重大或然负债。

Segment information

The Group’s segmental information is set out in note 6 to the

consolidated financial statements.

Exposure to exchange risks

Since the Group’s borowings and its source of income are primarily

denominated in the respective group companies functional curency

which are mainly in Hong Kong dolars or Renminbi, the exposure to

foreign exchange rate fluctuations is minimal.

Significant investment, material acquisition and disposal of

subsidiaries and afiliated companies, and future plans for

material investments or capital asets

The Group did not have any significant investment, material

acquisition and disposal of subsidiaries and afiliated companies

throughout the year.

In adition, the Company is now focusing on developing and

strengthening its existing busines and is exploring investment

oportunities in order to broaden the income stream of the Group,

enrich its reserves and resources, enhance the profitability of the

Group and eventualy bring a fruitful return to the shareholders of the

Group.

Contingent liabilities

The Group did not have any material contingent liabilities as at

31 March 2025 and 2024.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

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，本集团有

名雇员

（二零二四年：

名），主要位于中华人民共和国

（「中国」）及香港。本集团之薪酬政策乃根据行业

常规及个别雇员之表现制定。于本年度，总员工成

本（包括董事薪酬及购股权）约为

21,900,000

港元（二

零二四年：

18,400,000

港元）。

全体董事的薪酬政策已获采纳。该政策旨在载明

本公司有关向执行董事及非执行董事支付薪酬的

政策。董事薪酬政策订明的薪酬架构可让本公司

吸引、激励及挽留能够管理及领导本公司实现其

策略目标并为本公司的表现及可持续增长作出贡

献的合资格董事，并为董事提供均衡及有竞争力

的薪酬。因此，本公司奉行的是有竞争力而不过

度的薪酬政策。为此，薪酬待遇乃经参考各项因素

（包括有关董事的个人表现、资格及经验以及现

行业惯例）厘定，并将不时获检讨及（如有必要）

更新以确保其持续有效。

与雇员、客户及供应商之关系

雇员

董事认为其雇员乃本集团可持续发展的关键。董

事认为本集团与其雇员维系良好的工作关系并致

力于维系及提升其产品质量。

客户及供应商

本集团旨在提供全面的解决方案以满足客户的需

要，并透过资源整合及供应商遴选及管理建立一

套全面的垂直供应链管理系统。

Employes and remuneration policies

As at 31 March 2025, the Group had 154 employes (2024: 173)

situated mainly in the People’s Republic of China (the “PRC”) and

Hong Kong. The Group’s emoluments policies are formulated based

on industry practices and performance of individual employes. For

the Year, the total staf costs (including directors’ emoluments and

share options) amounted to aproximately HK$21.9 milion (2024:

HK$18.4 milion).

A directors’ remuneration policy has ben adopted. It aims to set out

the Company’s policy in respect of remuneration paid to executive

Directors and non-executive Directors. The Directors’ remuneration

policy sets out the remuneration structure that alows the Company to

atract, motivate and retain qualified Directors who can manage and

lead the Company in achieving its strategic objective and contribute

to the Company’s performance and sustainable growth, and to

provide Directors with a balanced and competitive remuneration. The

remuneration policy is, therefore, aiming at being competitive but not

excesive. To achieve this, remuneration package is determined with

reference to a matrix of factors, including the individual performance,

qualification and experience of Directors concerned and prevailing

industry practice. It wil be reviewed and, if necesary, updated from

time to time to ensure its continued efectivenes.

Relationships with employes, customers and supliers

Employes

The Directors are of the view that its employes are the keys to the

sustainable development of the Group. The Directors believe that

the Group maintains god working relations with its employes and

endeavors to maintain and improve the quality of its products.

Customers and Supliers

The Group aims to provide comprehensive solutions that met

customers’ neds and establish a comprehensive vertical suply

chain management system through resource integration and suplier

screning and management.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

本集团的目标为深化与策略供应商的合作关系并

建立于价值链中的竞争优势，进而提升社会及环

境影响力及保证供应商于可持续发展方面秉持相

似立场。本集团与其供应商保持长期关系以保证

稳定供应。

前景

本集团拟推行强劲增长策略，加速黄金开采及产

能扩张。技术改造工程临近竣工，本年度目标为显

著提升黄金产量。倘金价维持现行水平或更高位，

在采选成本相对稳定的前提下，收益及利润预计

将同步增长，甚或录得更快增速。

增长将透过内部有机发展与矿产资产收购双轨并

进。本集团生产附属公司泰州矿业之技术升级完

成后，预计本年产量将大幅提升，并于往后年度持

续增长。

本集团现正积极探索可能收购多个黄金及黄金多

金属矿场的机会。自本年度起，我们计划收购已投

产矿场，目标于未来三至四年内完成若干收购项

目。待收购计划落实后，黄金总资源量、储量及年

产能均将大幅提升。

本集团将继续其矿产勘探计划，包括在扩大的采

矿许可区及深部勘采。该计划将勘采区域从目前

的约海拔

1,100

米向下延深至中深部的海拔

米，

并将继续沿深至海拔

-200

至

-500

米。勘探计划旨在

增加黄金及其他矿产资源及储量。

The objectives of the Group are to depen the colaborative

relationship with the strategic supliers and to create competitive

advantages in the value chain, thereby aiming to enhance the impact

on the society and environment and to ensure that their supliers

uphold similar stance in sustainability. The Group maintains long-term

relationship with its supliers for ensuring stable suply.

PROSPECT

The Group is set to acelerate its gold mining and production

expansion with a robust growth strategy. As the technical renovation

nears completion, this year’s target is to markedly increase gold

output. With mining and procesing costs remaining relatively stable,

revenues and profits are projected to grow in tandem or at an even

faster pace should gold prices hold at curent levels or higher.

Growth wil be achieved through a combination of organic

development and mining aset acquisitions. The technical revamp at

Taizhou Mining, our production subsidiary, is expected to significantly

increase its output this year upon completion and also to further

increase in the folowing years.

Concurently, the Group has ben actively talking to a number of

gold and gold-polymetalic mines for potential acquisition. Starting

this year, we plan to acquire operational mines, aiming to complete

several acquisitions within the next thre to four years. This wil

substantialy increase total gold resources and reserves, and also

anual production capacity upon completion of the acquisition plan.

The Group is to continue its mineral exploration programe, both

in the enlarged mining permit areas and dep exploration. This

programe wil extend the exploration area downward from the

curent altitude level of aproximately 1,100 meters to an altitude of

400 meters in the midle and dep areas, and wil continue to depen

to an altitude of -200 to -500 meters. The exploration programe

aims to increase gold and other mineral resources and reserves.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

在深耕核心黄金及贵金属采矿业务之同时，本集

团同步拓展多元化增长机遇。近期与中国大陆领

先工业人工智能开发商成立智能矿业合营企业，

并联同全球矿业技术权威

SRK Consulting China Ltd

开发

驱动采矿模型，旨在提升勘探、开采及冶炼

效率，同时推动

方案商业化应用于更广产业领域

以实现本集团收益来源多元化。此外本集团开拓

黄金饰品直播电商业务，透过线上直销触达终端

消费者，重点运用创新设计及知识产权应用吸引

年轻品牌意识客群。

凭借明确策略、审慎规划及果断执行，本集团矢志

发展为具高度竞争力之黄金矿业企业，致力为投

资者及股东创造最优回报。

矿产勘探、矿业开发及矿石开采活动

矿产勘探及矿业开发

于本年度，太洲矿业主要完成各类巷道掘进约

19,212

米、斜坡道掘进约

1,537

米、溜矿井掘进约

2,305

米及铺设轨道和水沟开挖约

5,763

米等若干矿

业开发工程。

于本年度，本集团矿业开发及矿产勘探的总开支

分别为约

117,900,000

港元及

2,400,000

港元。

矿石开采

于本年度，本集团矿石开采业务的总开支约为

31,000,000

港元。

While focusing on core gold and precious metal mining operations,

the Group is also exploring diversified growth oportunities. Recently,

we established an AI mining joint venture with a leading mainland

Chinese industrial AI developer and partnered with global mining tech

leader SRK Consulting China Ltd to develop AI-driven mining models.

These initiatives aim not only to enhance operational eficiency

in exploration, mining, and refining but also to comercialize AI

solutions for broader industry aplications, diversifying the Group’s

revenue streams. Aditionaly, the Group’s venturing into live-stream

e-comerce for gold ornaments, directly engaging consumers online

with a focus on inovative design and IP aplications to atract young,

brand-conscious shopers.

With concrete strategies, careful planing, and decisive execution,

the Group is comited to becoming a highly competitive gold mining

company, dedicated to delivering optimal returns for investors and

shareholders.

MINERAL EXPLORATION, MINE DEVELOPMENT

AND ORE MINING ACTIVITIES

Mineral Exploration and Mine Development

During the Year, Taizhou Mining mainly completed certain mining

development projects, including the excavation of aproximately

19,212 meters of various tunels, excavation of aproximately 1,537

meters of slope suporting, excavation of aproximately 2,305 meters

of ore chute as wel as excavation of aproximately 5,763 meters for

track laying and ditches.

During the Year, the Group’s total expenditure for the mine

development and mineral exploration amounted to aproximately

HK$117.9 milion and HK$2.4 milion respectively.

Ore Mining

During the Year, the agregate expenditure on the ore mining

operation of the Group was aproximately HK$31.0 milion.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

资源及储量

按

SRK Consulting China Ltd

根据

JORC

准则（二零一二

年版）从二零二四年八月近期完成的技术尽职调查

审查（「技术尽职调查审查」）编制之结论。

截至二零二五年三月三十一日，采用

1.2

克黄

金╱吨边界品位计算，本集团的控制资源量

及推断资源量为：

截至二零二五年三月三十一日，根据

1.7

克黄

金╱吨的边界品位计算，本集团估计证实及

概略储量为：

RESOURCES AND RESERVES

Based on the findings by SRK Consulting China Ltd, from a recently

completed technical due diligence review (TDR) on August 2024 and

pursuant to JORC code 2012.

1. As of 31 March 2025, using a gold cut-of grade of 1.2 gram per

tone, the indicated resource and infered resource of the Group

were:

InventoryGrade

Contained

metal

存货品位所含金属

(kilotone)

(gram per

tone, gold)

(kilogram,

gold)

（千吨）（克每吨，黄金）（千克，黄金）

Measured resources

探明资源量

4,0946.1225,047

Indicated resource

控制资源量

1,3106.047,935

Measured + Indicated Resources

探明

控制资源量

5,4046.1032,982

Infered resource

推断资源量

6806.034,089

Total

总计

6,0846.0937,071

2. As at 31 March 2025, under a cut-of grade of 1.7 gram per

tone, the estimated proved and probable reserves of the Group

were:

InventoryGrade

Contained

metal

存货品位所含金属

(kilotone)

(gram per

tone, gold)

(kilogram,

gold)

（千吨）（克每吨，黄金）（千克，黄金）

Proved Ore Reserves

证实矿石储量

3,9195.4021,170

Probable Ore Reserves

概略矿石储量

8035.204,235

Total

总计

4,7225.3825,405

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

EXECUTIVE DIRECTORS

Dr. Li Dahong (“Dr. Li”)

Dr. Li, aged 67, joined the Company as an executive Director on

24 February 2016 and is also the chairman and the authorized

representative of the Company. Dr. Li also serves as a director of SC

Mandarin Mining Investment Limited and T G Mining Asia Limited,

al being subsidiaries of the Company. He has over 25 years of

experience in investment banking, mergers and acquisitions and other

financial activities. Dr. Li was graduated from Tsinghua University in

civil and environmental enginering and received a degre in Doctor of

Philosophy in Civil Enginering from the University of Toronto, Canada.

Ms. Ma Xiaona (“Ms. Ma”)

Ms. Ma, aged 50, was apointed as a non-executive Director of the

Company on 24 March 2016 and is a member of the remuneration

comite and nomination comite of the Company. Ms. Ma was

re-designated as an executive Director and the compliance oficer of

the Company on 13 September 2017, and was also apointed as a

director of SC Mandarin Mining Investment Limited and T G Mining

Asia Limited, wholy-owned subsidiaries of the Company. Ms. Ma

graduated from East China University of Science and Technology in

Shanghai with a Bachelor’s degre in International Trade. She has

more than 20 years of experience in project financing, joint ventures

and mergers and acquisitions in China and Hong Kong, involving in

industries such as gold mining, other resources mining, traditional

manufacturing, and high-tech industry.

执行董事

李大宏博士（「李博士」）

李博士，

岁，于二零一六年二月二十四日加入本

公司，担任执行董事，彼亦为本公司之主席及授权

代表。李博士亦分别担任文华新城矿业投资有限

公司及潼金矿业亚洲有限公司（均为本公司之附属

公司）之董事。彼拥有逾

年投资银行、并购及其

他金融业务方面的经验。李博士毕业于清华大学

土木与环境工程系并获得加拿大多伦多大学土木

工程博士学位。

马晓娜女士（「马女士」）

马女士，

岁，于二零一六年三月二十四日获委任

为本公司之非执行董事，并为本公司之薪酬委员

会及提名委员会成员。马女士于二零一七年九月

十三日调任为本公司执行董事及监察主任，以及

被委任为本公司之全资附属公司文华新城矿业投

资有限公司及潼金矿业亚洲有限公司之董事。马

女士毕业于上海华东理工大学，获得其主修国际

贸易专业之学士学位。她拥有逾

年中港两地的项

目融资、成立合营企业、收购并购丰富经验，涉及

行业包括金矿、其他资源矿业、传统制造业及高科

技产业。

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

独立非执行董事

郭玮先生（「郭先生」）

郭先生，

岁，于二零一六年四月二十八日获委

任为本公司之独立非执行董事。彼亦为本公司之

提名委员会及薪酬委员会主席及审核委员会成

员。郭先生于一九年毕业于北京经济研修学

院汉语言文学专业（本科）。二零四年至今担任

浙江瑞丰投资有限公司董事长，于一九七年至

一九八七年期间于浙江省邮电勘察设计院工作，

于一九八年至一九四年期间于浙江省政府驻

广州办事处及大东南集团公司工作，于一九五

年至二零四年期间担任杭州南王国际大酒店总

经理、杭州五云投资公司董事长。郭先生从事管理

工作三十余年，其中有二十年担任企业一把手，有

丰富的管理经验和较强的协调能力。

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Guo Wei (“Mr. Guo”)

Mr. Guo, aged 70, was apointed as an independent non-executive

director of the Company on 28 April 2016. He is also the chairman

of the nomination comite and remuneration comite and a

member of the audit comite of the Company. Mr. Guo graduated

from Beijing Institute of Economic Research, majoring in Chinese

Language and Literature (undergraduate) in 1999. Since 2004, he

has ben served as the chairman of the board of

浙江瑞丰投资有限

公司

(Zhejiang Ruifeng Investment Company Limited*). He worked in

the

浙江省邮电勘察设计院

(Survey and Design Institute of Post and

Telecomunications in Zhejiang Province*) from 1977 to 1987. He

worked in the Zhejiang Provincial Government Ofice in Guangzhou

and

大东南集团公司

(Grand Southeast Group Corporation*) from

1988 to 1994. He worked as the general manager of

杭州南王国际

大酒店

(Hangzhou Nanwang International Hotel*) and the chairman

of the board of

杭州五云投资公司

(Hangzhou Wuyun Investment

Company*) from 1995 to 2004. Mr. Guo has ben engaged in

management for more than 30 years, including 20 years as the

head of enterprises, during which he gains extensive management

experience and strong cordination ability.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

林闻深先生（「林先生」）

林先生，

岁，于二零一七年十二月八日加入本公

司，担任独立非执行董事。彼亦为本公司审核委员

会主席、本公司提名委员会及薪酬委员会各自之

成员。彼为英格兰及威尔斯特许会计师公会、英国

特许公认会计师公会、香港会计师公会、香港证券

专业学会、香港华人会计师公会、澳洲

•

纽西兰特

许会计师公会、香港税务学会员及注册税务师。

林先生持有英国曼彻斯特大学经济系文学士学

位。自二零四年九月二十四日至二零二四年三

月十九日，林先生为新华联资本有限公司（前称庄

胜百货集团有限公司）之独立非执行董事（联交所

股份代号：

）。自二零一零年四月二十八日至二

零一八年五月七日，彼为东建国际控股有限公司

之独立非执行董事（联交所股份代号：

）。林先

生现时为致同（香港）会计师事务所有限公司之合

伙人。林先生曾任西证国际证券股份有限公司之

部门总监（联交所股份代号：

）。彼为中天运浩

勤会计师事务所有限公司（前青叶会计师事务所及

林闻深会计师事务所合并）之前任董事及行政总裁

及现任股东。林先生亦曾为林闻深会计师事务所

之管理合伙人兼公司创办人。

Mr. Lam Albert Man Sum (“Mr. Lam”)

Mr. Lam, aged 69, joined the Company as an independent

non- executive Director on 8 December 2017. He is also the chairman

of the audit comite of the Company, a member of the nomination

comite and remuneration comite of the Company. He is

a member of the Institute of Chartered Acountants in England &

Wales, Asociation of Chartered Certified Acountants, Hong Kong

Institute of Certified Public Acountants, the Hong Kong Securities

Institute, Society of Chinese Acountants & Auditors, Australia •

New Zealand Institute of Chartered Acountants, Taxation Institute

of Hong Kong and Certified Tax Adviser. Mr. Lam holds a Bachelor

Degre in Arts (Economics) from the University of Manchester, the

United Kingdom. Mr. Lam was an independent non-executive director

of Macrolink Capital Holdings Limited (formerly known as Junefield

Department Store Group Limited) (Stock Exchange Stock Code: 758)

from 24 September 2004 to 19 March 2024. He was an independent

non-executive director of OCI International Holdings Limited (Stock

Exchange Stock Code: 329) from 28 April 2010 to 7 May 2018.

Mr. Lam curently is a partner of Grand Thornton Hong Kong Limited.

Mr. Lam had ben head of department in Southwest Securities

International Securities Limited (Stock Exchange Stock Code: 812).

He was the former director and Chief Executive Oficer and is the

shareholder of Jonten Hopkins CPA Limited (the merger of former

Aoba CPA Limited*

（青叶会计师事务所）

and Albert Lam & Co. CPA).

Mr. Lam was also the Managing Partner and Founder of Albert Lam &

Co. CPA.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

张伟雄先生（「张先生」）

张先生，

岁，于二零一八年八月二十七日加入本

公司出任独立非执行董事。彼亦为本公司审核委

员会成员。彼为香港税务学会特许税务师、香港会

计师公会注册会计师及英国特许公认会计师公会

资深会员。张先生持有香港理工大学会计学文学士

（荣誉）学位。彼曾于二零四年七月至二零一四

年三月期间于中天运浩勤会计师事务所有限公司

任职，最后的职位为审计经理。彼现为伟志控股有

限公司（联交所股份代号：

）之财务总监。张先

生于二零二零年二月十七日获委任为烨星集团控

股有限公司（联交所股份代号：

）的独立非执

行董事。

高级管理层

马干洲先生（「马先生」）

马先生，

岁，于中国的黄金开采、勘探、矿石加

工、精炼及开采公司并购方面拥有逾

年的高级管

理层经验。马先生现为中国陕西省潼关县黄金协

会长。马先生为太洲矿业总经理兼董事。彼曾任

中国黄金协会理事及陕西省黄金协会常务理事，

亦曾担任高级管理人员职务，担任中国陕西省中

小企业协会理事及中国陕西省渭南市中小企业协

会长。

李绮华女士（「李女士」）

李女士于二零二零年二月二十日获委任为本公司

的公司秘书（「公司秘书」）。彼取得香港律师资格，

专注于资本市场及公司财务事务。李女士毕业于

伦敦政治经济学院，取得法律硕士学位（优异）。

Mr. Cheung Wai Hung (“Mr. Cheung”)

Mr. Cheung, aged 44, joined the Company as an independent

non- executive Director on 27 August 2018. He is also a member of

the audit comite of the Company. He is a chartered tax adviser of

the Taxation Institute of Hong Kong, a certified public acountant of

the Hong Kong Institute of Certified Public Acountants and a felow

of the Asociation of Chartered Certified Acountants. Mr. Cheung

graduated from The Hong Kong Polytechnic University with an

honours degre in bachelor of arts in acountancy. He worked in

Jonten Hopkins CPA Limited from July 2004 to March 2014 and

his last position was audit manager. He is curently apointed as

the chief financial oficer of Wai Chi Holdings Company Limited

(Stock Exchange Stock Code: 1305). Mr. Cheng was apointed as

an independent non-executive director of Ye Xing Group Holdings

Limited (Stock Exchange Stock Code: 1941) on 17 February 2020.

SENIOR MANAGEMENT

Mr. Ma Qianzhou (“Mr. Ma”)

Mr. Ma, aged 67, has more than 30 years of senior management

experience in gold mining, exploration, ore procesing, refining and

merger and acquisitions of mining companies in China. Mr. Ma is

curently the Chairman of Gold Asociation of Tonguan County,

Shanxi Province, the PRC. Mr. Ma is the general manager and

director of Taizhou Mining. He had served as director of China Gold

Asociation and executive director of Gold Asociation of Shanxi

Province. He had held senior management positions as the director of

the Smal and Medium Entrepreneurs Asociation, Shanxi Province,

PRC, and the President of the Smal and Medium Entrepreneurs

Asociation of Weinan City, Shanxi Province, the PRC.

Ms. Eva Le (“Ms. Le”)

Ms. Le was apointed as the company secretary of the Company

(the “Company Secretary”) on 20 February 2020. She is admited

as a solicitor in Hong Kong and focusing on capital markets and

corporate finance work. Ms. Le graduated from the London Schol

of Economic and Political Science with Masters of Laws (Distinction).

For identification purpose only

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

The Directors are pleased to present their report and the audited

consolidated financial statements of the Company and its subsidiaries

for the Year.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding. Details of

the principal activities of the Company’s principal subsidiaries are set

out in note 19 to the consolidated financial statements.

BUSINES REVIEW

A review of the busines of the Group during the Year and a

discusion on the Group’s future busines development are provided

in the Chairman’s Statement and Management Discusion and

Analysis of this report. Posible risks and uncertainties that the Group

may be facing are set out in the Report of the Directors on page 21 of

this report and the Corporate Governance Report on page 82 of this

report.

PRINCIPAL RISKS AND UNCERTAINTIES

Fluctuation in the price of gold

The Directors consider that the price of gold in the PRC is highly

influenced by the price of gold in the international market (which

is denominated in the USD) and the exchange rate of the USD to

RMB. The Directors consider that there are many factors influencing

the price of gold in the international market, including global

economic situation, fiscal, monetary and trade policies of world major

economies especialy that of the US government and US Federal

Reserve which have a direct efect to US dolars, inflation experienced

in many countries, fluctuation in major stock markets, geo-political

instability in the international arena and military conflicts, al of which

are beyond the control of the Group. The fluctuation in gold price

would afect significantly the operation revenue, cash flow and

profitability of the Group. To mitigate and control the risk, the Group

would continue to make its constant efort in controling cash cost

for production and overal cost for the Group operation, monitoring

closely the comodity market and aligning its production planing,

growth strategy and capital expenditure with projected market

development to the extent as posible.

董事欣然提呈本公司及其附属公司本年度之董事

会报告及经审核综合财务报表。

主要业务

本公司之主要业务为投资控股。本公司主要附属

公司之主要业务详情载于综合财务报表附注

。

业务回顾

本集团业务于本年度之回顾及有关本集团未来业

务发展之讨论乃载于本报告主席报告及管理层讨

论及分析。本集团可能面临之潜在风险及不确定

性载于本报告第

页之董事会报告及本报告第

页之企业管治报告。

主要风险及不确定性

黄金价格波动

董事认为，中国黄金价格受国际市场黄金价格（以

美元计价）及美元兑人民币汇率高度影响。董事认

为，影响国际市场黄金价格的因素很多，包括全球

经济形势、世界主要经济体的财政、货币及贸易

政策（特别是美国政府及美联储，对美元有直接影

响）、多国经历的通货膨胀、主要股票市场波动、国

际地缘政治的不稳定以及军事冲突，且均超出本

集团的控制范围。黄金价格波动将对本集团的营

运收入、现金流量及盈利能力产生重大影响。为减

轻及控制风险，本集团将继续不懈努力控制生产

的现金成本及本集团营运的现金成本，密切监察

商品市场及调整其生产计划、增长策略及资本开

支，以尽可能应对预期的市场发展。

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

投资风险

对矿产勘探及采矿的投资具有固有的风险。新的

矿产勘探及持续矿山开发出于业务及监管原因通

常须产生重大的资本开支，而新发现的矿产处理

及资源的结果可用性（尤其是勘探的结果）未必会

一直会及时如期所望或不会达到所期望的水平。

本集团于投资评估及决策过程中将通过恰当的风

险评估、委聘第三方专业人士及专家采用业内的

最佳常规（包括

辅助解决方案）（包括审慎规划钻

探及其他勘探活动、采矿开发及收购优质矿产资

源）及于勘探活动中开发及应用

辅助解决方案，

从而降低及控制有关风险。

本集团亦将透过多元化其业务范畴减轻及控制投

资风险。本集团一直并将继续向其他矿场提供从

开发到营运的技术服务。针对黄金终端月户的消

费市场，本集团正积极探索及规划创新业务模式。

我们的多元化努力将致力于尽可能减少我们采矿

运营固有的投资风险。与我们的合作伙伴开展的

新业务拓展亦会创造新的收益及盈利来源，有助

于实施本集团的增长计划及实现战略目标。

Investment risks

Investments in mineral exploration and mining have its inherent risks.

Significant capital expenditures are usualy required for busines

and regulatory reasons in new exploration and sustained mine

development while the results particularly those for exploration may

not always be as expected or may not achieve the desired levels

of reliability for newly found mineral reserves and resources in the

timely fashion. The Group would mitigate and control such risks by

conducting proper risk asesment, using third party profesionals

and experts adopting the best practices including Al-aided solutions

in the industry, in investment evaluation and decision-making proces,

including carefuly planed driling and other exploration activities,

mine development and acquisition of quality mining asets and

developing and aplying Al-aided solutions in exploration activities.

The Group is to mitigate and control the investment risk also by

diversifying its busines scope. The Group has and wil continue

to provide technical services to other mines from development to

operation. The Group is contemplating and planing inovative

aproach to the consumer market for gold end users.

Our diversification efort would aim to minimize the risk of investment

inherent to our mining operation to the extent posible. The new

busines ventures with our partners would also create new revenue

and profit generating sources, contributing to the Group’s growth plan

and achieving the strategic goal.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

政府法规

本集团的采矿活动须遵守多项政府政策、标准、许

可及规定，其均会对本集团的营运产生影响。政府

不时出台有关采矿行业的政策（如采矿权整合），旨

在将分散采矿区合并为较大的采矿区。除此之外，

现有采矿及勘探权许可的更新及延续，新采矿及

生产设施的审批可能变得冗长及昂贵且具有不确

定性。尽管是多年前批准并现已在建设中的项目，

亦可能须根据新的规定及标准进行审查及批准。

本集团将通过与政府机构紧密合作，在合并计划

中协商最佳交易，并扩大其采矿许可范围，以保护

及最大化本集团利益，从而减轻及控制风险。与此

同时，本集团密切关注政策发展，并尽力提前做好

充分准备应对及遵守预期的变化。

Government regulations

The mining activities of the Group are subject to various government

policies, standards, permiting and regulations, al of which could

afect the Group’s operation. From time to time, there are government

initiatives for the mining industry such as mining right consolidation

which aims at creating larger mining areas from fragmented ones.

Furthermore, the proces for review and extension of the existing

mining and exploration right permits, and review and aproval of any

new mining and production facilities could be lengthy and costly and

with uncertainty. Even projects aproved years ago and are already

under construction can be subject to review and aproval under a

new set of regulations and standards. The Group would mitigate and

control the risks by working closely with the government agencies

to negotiate the best deals in the consolidation programe and

to expand its mining permiting areas to protect and maximize the

Group’s interests. At the same time, the Group monitors and folows

the policy development closely and works on the best efort basis

ahead of the anticipated changes to be prepared and to comply.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

环境保护

开展全国性绿色矿山建设环保运动已成为国家环

境保护战略的一部分。包括本集团运营所在的县

区在内的几乎所有矿区均涉及此项运动。这包括

仅允许在某些海拔进行采矿，远离任何保护或自

然保护区及严格执行环境排放标准，尽量减少采

矿及加工活动对其周围自然及社会环境的不利影

响，并保持地质稳定性，减轻历史采矿活动的不利

影响及修复已关闭矿区及周围环境。尤其是本集

团矿山经营所在地小秦岭山脉的保护已受到国家

最高领导层的关注。发布了一系列新的专门针对

采矿业的省级和地方通知、指引及通告，当中部分

专门针对采矿业。可能会制定非常具体的规定，

例如将采矿工人居住设施迁出矿区及重新造林。

预期有关规定将会更加严苛。此外，对采矿业进行

专门的环境检查已成为环保部门的例行常规。过

去（包括报告期）曾发生过且未来可能会发生的情

况，即使本集团矿山并非直接执法对象，但在检查

期间，潼关县的矿山可能被要求关闭生产。通过检

查，提出了该地区以及所有矿山改善环境保护的

一系列要求。执行这些环境政策及标准可能会导

致运营成本的增加以及本集团正常生产活动的暂

时中断。本集团制定了保护自然及社会环境的政

策，并完全遵守所有适用的政策及标准。本集团已

经并将继续采取预先措施，储备充足的财力及物

力，加强管理培训，完善计划和程序，以确保合规。

Environmental protection

The nationwide campaign for building gren mines has ben part of

the PRC national strategy for environmental protection. Virtualy al

major mining regions in the country including the county where the

Group operates are included in this campaign. This involves mining

permiting only at certain elevations, clear of any protective or natural

reserve areas and strict enforcement of environmental discharge

standards, minimizing adverse impacts of mining and procesing

activities to the surounding natural and social environments and

to geology stability, mitigating any adverse impacts from historical

mining activities, rehabilitation of closed mine sites and suroundings.

The Xiao Qinling mountains where the Group’s mine operates, have

received the atention for protection from the highest level of the

country’s leadership. A series of new provincial and local notices,

guidelines and circulars have ben isued, some of which targeted

specificaly to the mining sector. There could be very specific

requirements such as relocating acomodation of mining workers

away from mining sites and site reforestation. It is expected that the

regulations wil be increasingly stringent. Furthermore, dedicated

environmental inspections for mining become a routine practice by

the environmental authorities. It has ocured in the past including

the reporting period and wil likely ocur in the future, that during

the inspection mines in Tonguan County may be required to shut

down even Group’s mine was not a direct enforcement target. A

series of requirements for improvement in environmental protection

in the region the mines were raised as a result of the inspection.

Enforcement of these environmental policies and standards may

cause an increase in operating costs and temporary interuption of

the Group’s normal production activities. The Group has a policy

to protect the natural and social environments and to be in ful

compliance with al aplicable policies and standards. The Group

has and wil continue to take pre-active measures, reserve suficient

financial and material resources, enhance management training and

improve planing and procedures to ensure compliance.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

财务风险

本集团需要足够资金用于其营运资金、偿还债务、

进一步发展及计划收购。于二零二四年四月，本公

司完成认购新股份，资本筹集的所得款项净额将

为持续技术改造提供部分资金及作为本公司的营

运资本。充足的资金及现金流量对本集团营运、发

展及增长，以及履行本集团财务责任而言至关重

要。本集团将继续致力于透过内部营运扩大收益

基础，提升盈利能力以及透过按需集资来完善财

务管理。妥当管理本集团现金流，并透过持续增长

实现公司收益和盈利目标对本集团财务健康和控

制财务风险而言至关重要。

遵守相关法律及法规

于本年度及直至本报告日期，本集团已就本集团

之业务经营在所有重大方面遵守全部开曼群岛、

香港及中华人民共和国相关法律及法规。

Financial risks

The Group requires suficient funding for its working capital, debt

repayment, further development and planed acquisitions. In April

2024, the Company completed a subscription of new shares and

the net proceds from the capital raising to finance partialy the on-

going technical renovation and as the Company’s working capital.

Suficient funding and cashflow are critical to the Group’s operation,

development and growth, as wel as to met the Group’s financial

obligations. The Group wil continue its efort to beter manage its

finance through both internal operation by expanding its revenue

base and enhance its profitability and through fund raising as and

if neded. Proper management of Group’s cash flow and achieving

the corporate revenue and profit goals through continued growth are

fundamental to the Group’s financial health and to control the financial

risks.

COMPLIANCE WITH RELEVANT LAWS AND

REGULATIONS

During the Year and up to the date of this report, the Group has

complied with al the relevant laws and regulations in the Cayman

Islands, Hong Kong and the People’s Republic of China in al material

respects for the busines operations of the Group.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

环境政策及表现

本集团的环境政策是为保护本集团经营所在地的

天然及社会环境、确保全面遵守所有适用监管规

定及准则及让本集团在营运中实现可持续发展。

本集团致力于将其采矿、选矿、尾矿处理及其他生

产及经营活动的潜在负面环境影响降至最低。在

本集团营运过程中保护环境的目标将透过采纳积

极有效的适当措施实现，该等措施包括但不限于，

对任何或全部新项目进行前期影响评估、在考量

环境保护的前提下谨慎规划和执行生产活动、按

照国家到二零三零年碳达峰和到二零六零年碳中

和战略控制并逐步减少温室气体排放、收集及处

理所有源头的废物、尽可能回收及重用经过处理

的废物、尽量减少向环境排污、复原受本集团开采

活动影响的地区及支持社区参与和反馈等。

有关本集团环境政策及我们与不同持份者关系的

进一步讨论载于独立的环境、社会及管治报告，该

报告可于二零二五年七月三十一日或之前在本集

团网站及联交所网站查阅。

于本年度，本集团并无面临任何环境索偿、诉讼、

罚款或纪律处分。

业绩

本集团于本年度之业绩载于第

页之综合损益及

其他全面收益表。

分部资料

本集团的分部资料载于综合财务报表附注

。

ENVIRONMENTAL POLICIES AND

PERFORMANCE

The Group’s environmental policies are to protect the natural

and social environment where the Group operates, to ensure ful

compliance with al aplicable regulatory requirements and standards,

and to be sustainable in the Group’s operations. The Group strives

to minimize potential adverse environmental impacts from its mining,

ore procesing, tailing disposal and other production and operation

activities. This objective for protecting the environment during

the Group’s operations wil be achieved by adopting apropriate

efective and proactive measures, including but not limited to, upfront

impact asesment for any and al new projects, careful planing

and execution of production activities with considerations for

environmental protection, control and gradualy reducing gren house

gas emisions in line with the national carbon peak by 2030 and

carbon neutral strategies by 2060, colection and treatment of waste

from al streams and sources, recycling and reuse of treated waste

where posible, minimization of environmental discharge, rehabilitating

areas afected by the Group’s mining activities and endorsing

comunity participation and fedback, etc.

Further discusions on the Group’s environmental policy and our

relationships with various stakeholders are covered by a separate

environmental, social and governance report which wil be available

on the Group’s website and the website of the Stock Exchange on or

before 31 July 2025.

During the Year, the Group had not ben the subject of any

environmental claims, lawsuits, penalties or disciplinary actions.

RESULTS

The results of the Group for the Year are set out in the consolidated

statement of profit or los and other comprehensive income on page

111.

SEGMENT INFORMATION

Segment information of the Group is set out in note 6 to the

consolidated financial statements.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

股息

董事会不建议就本年度派付任何股息（二零二四

年：无）。

五年财务概要

本集团摘录自本公司经审核综合财务报表之上五

个财政年度之经刊发业绩以及资产及负债之概要

载于第

页。该概要并不构成经审核综合财务报

表之一部分。

物业、厂房及设备

本集团之物业、厂房及设备于本年度之变动详情

载于综合财务报表附注

。

股本

本公司之股本于本年度之变动详情载于综合财务

报表附注

。

股份挂钩协议

除本报告「购股权计划」及「可换股债券」各节所披露

者及综合财务报表附注

及附注

所披露者外，本

公司于本年度并无订立股份挂钩协议。

优先购买权

本公司之组织章程细则以及开曼群岛法例并无优

先购买权条文。

审核委员会

于董事会根据本公司审核委员会（「审核委员会」）

推荐正式批准前，审核委员会已审阅本公司截至

二零二五年三月三十一日止年度之经审核综合财

务报表。

DIVIDEND

The Board does not recomend the payment of any dividend for the

Year (2024: Nil).

FIVE-YEAR 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

consolidated financial statements of the Company, is set out on page

236. This sumary does not form part of the audited consolidated

financial statements.

PROPERTY, PLANT AND EQUIPMENT

Details of movements in the property, plant and equipment of the

Group during the Year are set out in note 16 to the consolidated

financial statements.

SHARE CAPITAL

Details of movements in the Company’s share capital during the Year

are set out in note 31 to the consolidated financial statements.

EQUITY-LINKED AGREMENTS

Save as disclosed in the section headed “Share Option Scheme” and

“Convertible Bonds” of this report and note 34 and note 28 to the

consolidated financial statements, no equity-linked agrement was

entered into by the Company during the Year.

PRE-EMPTIVE RIGHTS

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

articles of asociation and laws of the Cayman Islands.

AUDIT COMITE

The audited consolidated financial statements of the Company for

the year ended 31 March 2025 had ben reviewed by the audit

comite of the Company (the “Audit Comite”) before they were

duly aproved by the Board under the recomendation of the Audit

Comite.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

董事于竞争业务之权益

概无董事或彼等各自之紧密联系人（定义见

GEM

上

市规则）于本年度于与本集团业务构成竞争或可能

构成竞争之业务中拥有权益。

购买、出售或赎回上市证券

于本年度，本公司或其任何附属公司概无购买、出

售或赎回本公司上市证券。

于本年度，本公司根据本公司所发行的可换股债

券所附带的转换权获行使而发行了

1,130,434,782

股本公司新普通股。

储备

于本年度，本公司及本集团储备变动之详情分别

载于综合财务报表附注

以及综合权益变动表。

可供分派储备

于二零二五年三月三十一日，本公司概无可供分

派予股东的储备。

主要客户及供应商

于本年度，本集团五大客户之销售额占本年度

总销售额之约

100%

，而最大客户之销售额占约

65.3%

。本集团五大供应商之采购额占本年度总

采购额之约

100%

，而最大供应商之采购额占约

91.5%

。

于本年度，董事、任何彼等之紧密联系人（定义见

GEM

上市规则）或据董事所知拥有本公司已发行股

份总数目

以上之任何股东概无拥有本集团五大

客户或供应商之任何实益权益。

DIRECTORS’ INTERESTS IN COMPETING

BUSINES

None of the Directors or their respective close asociates (as defined

in GEM Listing Rules) had an interest in a busines which competes or

may compete with the busines of the Group during the Year.

PURCHASE, SALE OR REDEMPTION OF LISTED

SECURITIES

There was no purchase, sale or redemption of the Company’s listed

securities by the Company or any of its subsidiaries during the Year.

During the Year, 1,130,434,782 new ordinary shares of the Company

were isued pursuant to the exercise of the conversion rights atached

to the convertible bonds isued by the Company.

RESERVES

Details of movements in the reserves of the Company and of the

Group during the Year are set out in note 32 to the consolidated

financial statements and in the consolidated statement of changes in

equity, respectively.

DISTRIBUTABLE RESERVES

As at 31 March 2025, there were no Company’s reserves available for

distribution to shareholders.

MAJOR CUSTOMERS AND SUPLIERS

During the Year, sales to the Group’s five largest customers acounted

for aproximately 100% of the total sales for the Year and sales to

the largest customer acounted for aproximately 65.3%. Purchases

from the Group’s five largest supliers acounted for aproximately

100% of the total purchases for the Year and purchases from the

largest suplier acounted for aproximately 91.5%.

None of the Directors or any of their close asociates (as defined

in the GEM Listing Rules) or any shareholders (which, to the best

knowledge of the Directors, own more than 5% of the Company’s

total number of isued Shares) had any beneficial interest in the

Group’s five largest customers or supliers during the Year.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

董事及服务合约

于本年度及直至本报告日期之董事为：

执行董事

李大宏博士

马晓娜女士

独立非执行董事

郭玮先生

林闻深先生

张伟雄先生

张伟雄先生已与本公司订立服务合约，任期由二

零二四年九月二十七日起计为期三年。

李大宏博士及林闻深先生已各自与本公司订立服

务合约，任期由二零二三年九月二十八日起计为

期三年。

马晓娜女士及郭玮先生已与本公司订立服务合

约，任期由二零二五年九月二十二日起计为期三

年。

董事的服务年期受本公司组织章程细则所载的董

事轮值退任条文所规限。

于股东周年大会上膺选连任的董事，概无与本公

司订立本公司不可于一年内免付赔偿（法定补偿除

外）而予以终止的服务协议。

DIRECTORS AND SERVICE CONTRACTS

The Directors during the Year and up to the date of this report were:

Executive Directors

Dr. Li Dahong

Ms. Ma Xiaona

Independent Non-Executive Directors

Mr. Guo Wei

Mr. Lam Albert Man Sum

Mr. Cheung Wai Hung

Mr. Cheung Wai Hung, has entered into a service contract with the

Company for a term of thre years comencing from 27 September

2024.

Each of Dr. Li Dahong and Mr. Lam Albert Man Sum, have entered

into a service contract with the Company for a term of thre years

comencing from 28 September 2023.

Each of Ms. Ma Xiaona and Mr. Guo Wei, have entered into a service

contract with the Company for a term of thre years comencing

from 22 September 2025.

The term of service of a Director is subject to the provisions on

retirement by rotation of Directors as set out in the articles of

asociation of the Company.

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

anual general meting has an unexpired service agrement with

the Company which is not determinable by the Company within

one year without payment of compensation, other than statutory

compensation.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

董事及高级管理层履历详情

董事及高级管理层履历详情载于第

页。

管理合约

于本年度，本公司并无订立或存在与本公司的全

部或任何重大部分业务有关的管理及行政合约。

退休福利计划

本集团根据《强制性公积金计划条例》（香港法例

第

章）为合资格参与强积金计划的香港雇员实

施界定供款强制性公积金退休福利计划（「强积金

计划」），有关供款以雇员基本薪金的百分比计算，

而在中国内地营运的本集团附属公司之雇员则须

参加由当地市政府运作的中央退休金计划（「中央

退休金计划」，连同强积金计划统称「界定供款计

划」），而有关附属公司须向中央退休金计划缴纳雇

员基本薪金及津贴总额的一定百分比的供款，有

关比例由当地市政府预定。本集团对界定供款计

划缴纳的供款根据各计划的相关规则，在应付时

自损益表扣除。

本集团对界定供款计划之供款乃全面及即时归属

予雇员。因此，

(i)

于截至二零二四年三月三十一日

及二零二五年三月三十一日止两个年度各年，在

界定供款计划项下概无被没收的供款；及

(i)

概无被

没收的供款可供本集团降低其于二零二四年三月

三十一日及二零二五年三月三十一日对界定供款

计划作出的供款的现有水平。

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

The biographical details of Directors and senior management are set

out on page 17.

MANAGEMENT CONTRACTS

No contract for the management and administration of the whole

or any substantial part of the busines of the Company had ben

entered into or existed during the Year.

RETIREMENT BENEFIT SCHEMES

The Group operates a defined contribution Mandatory Provident Fund

retirement benefit scheme (the “MPF Scheme”) under the Mandatory

Provident Fund Schemes Ordinance (Cap. 485 of the Laws of Hong

Kong) for those Hong Kong employes who are eligible to participate

in the MPF Scheme, which contributions are made based on a

percentage of the employes’ basic salaries and the employes of

the Group’s subsidiaries which operate in Mainland China are required

to participate in a central pension scheme (the “Central Pension

Scheme”, together with the MPF Scheme, the “Defined Contribution

Schemes”) operated by the local municipal government, which

these subsidiaries are required to contribute a certain percentage,

which was pre-determined by the local municipal government, of

the sum of basic salary and alowance of employes to the Central

Pension Scheme. The contributions by the Group for the Defined

Contribution Schemes are charged to the statement of profit or los

as they become payable in acordance with the relevant rules of the

respective schemes.

The Group’s contributions to the Defined Contribution Schemes vest

fuly and imediately with the employes. Acordingly, (i) for each of

the two years ended 31 March 2024 and 31 March 2025, there was

no forfeiture of contributions under the Defined Contribution Schemes;

and (i) there were no forfeited contributions available for the Group to

reduce its existing level of contributions to the Defined Contribution

Schemes as at 31 March 2024 and 31 March 2025.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

于截至二零二四年三月三十一日及二零二五年三

月三十一日止两个年度各年，本集团概无任何界

定利益计划。

本集团的雇员退休福利计划之详情乃载于综合财

务报表附注

。

获准许的弥偿条文

于本年度及截至本报告日期，就董事及本集团董

事分别可能面对的法律诉讼而产生的潜在责任及

费用，本公司备有获准许的弥偿条文，该等条文均

载于本公司之公司细则以及本集团投保之董事及

高级管理人员责任保险内。

董事薪酬

有关董事薪酬之详情载于综合财务报表附注

。

董事于重大交易、安排及合约之权益

于本年度内，并无董事或与董事有关连的实体直

接或间接于本公司或其任何附属公司订立之任何

重大交易、安排或合约中拥有重大权益。

For each of the two years ended 31 March 2024 and 31 March 2025,

the Group did not have any defined benefit plan.

Particulars of employe retirement benefit schemes of the Group are

set out in note 4 to the consolidated financial statements.

PERMITED INDEMNITY PROVISION

During the Year and up to the date of this report, the Company has

in force the permited indemnity provisions which are provided for

in the articles of asociation of the Company and in the directors

and oficers liability insurance maintained for the Group in respect

of potential liability and costs asociated with legal procedings that

may be brought against the Directors and the directors of the Group

respectively.

DIRECTORS’ REMUNERATION

Details of the Directors’ remuneration are set out in note 13 to the

consolidated financial statements.

DIRECTORS’ INTERESTS IN TRANSACTIONS,

ARANGEMENTS AND CONTRACTS OF

SIGNIFICANCE

No Director nor entity conected with a Director had a material

interest, either directly or indirectly, in any transaction, arangement

or contract of significance to which the Company or any of its

subsidiaries was a party during the Year.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

董事及主要行政人员于股份、相关股

份及债权证之权益及淡仓

于二零二五年三月三十一日，董事及本公司主要

行政人员于本公司或其任何相联法团（定义见香港

法例第

章证券及期货条例（「证券及期货条例」）

第

部）之股份、相关股份或债权证中，拥有记入

根据证券及期货条例第

条须存置之登记册内，

或根据

GEM

上市规则第

5.48

条至第

5.67

条所定之买

卖必守标准（「买卖必守标准」）须另行知会本公司

及联交所之权益及淡仓如下：

附注：

该权益以二零二三年八月三十一日授出的购股权

的形式出现。

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS

AND SHORT POSITIONS IN SHARES,

UNDERLYING SHARES AND DEBENTURES

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

and chief executives of the Company in the shares, underlying shares

or debentures of the Company or any of its asociated corporations

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

(Chapter 571 of the Laws of Hong Kong) (the “SFO”) which were

recorded in the register required to be kept under section 352 of the

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

Stock Exchange pursuant to the required standard of dealings set

out in Rules 5.48 to 5.67 of the GEM Listing Rules (the “Required

Standard of Dealings”) were as folows:

Name of DirectorsNature of interest

Number of

ordinary

shares of

the Company

interested

Number of

underlying

ordinary

shares of the

Company

Aproximate

percentage of

shareholding

董事姓名权益性质

本公司

拥有权益的

普通股数目

本公司相关

普通股数目

概约持股

百分比

Dr. Li DahongBeneficial owner–23,948,5160.32%

李大宏博士实益拥有人

(Note 1)

（附注

）

Ms. Ma XiaonaBeneficial owner–20,954,9500.28%

马晓娜女士实益拥有人

(Note 1)

（附注

）

Mr. Cheung Wai HungBeneficial owner–2,993,5640.04%

张伟雄先生实益拥有人

(Note 1)

（附注

）

Mr. Guo WeiBeneficial owner–2,993,5640.04%

郭玮先生实益拥有人

(Note 1)

（附注

）

Mr. Lam Albert Man SumBeneficial owner–2,993,5640.04%

林闻深先生实益拥有人

(Note 1)

（附注

）

–53,884,1580.73%

Note:

1. Such interest was in the form of Options which granted on 31 August

2023.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

董事购买股份或债权证之权利

于本年度任何时间，概无任何董事或彼等各自配

偶或未成年子女获授予透过购买本公司股份或债

权证的方式获得权益的权利，彼等亦无行使任何

该等权利；或本公司或其任何控股公司或其任何

附属公司及同系附属公司亦无订立任何安排，而

令董事有权购买任何其他实体的该等权利。

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

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 Director or their respective spouse or minor children, or were

any such rights exercised by them; or was the Company or any of

its holding companies, subsidiaries and felow subsidiaries a party to

any arangement to enable the Directors to acquire such rights in any

other body corporate.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

主要股东于股份及相关股份之权益及

淡仓

就各董事或本公司主要行政人员所知，于二零

二五年三月三十一日，以下人士（董事及本公司主

要行政人员除外，彼等之权益已载于上文「董事及

主要行政人员于股份、相关股份及债权证之权益

及淡仓」一节）于股份或相关股份中，拥有记入根据

证券及期货条例第

条须存置之登记册之权益或

淡仓：

于本公司股份及相关股份之好仓

附注：

马先生为赵悦冰女士之配偶。因此，马先生及赵悦

冰女士根据证券及期货条例被视为于彼此实益拥

有之股份中拥有权益。

INTERESTS AND SHORT POSITIONS OF

SUBSTANTIAL SHAREHOLDERS IN SHARES

AND UNDERLYING SHARES

So far as is known to any Director or chief executives of the Company,

as at 31 March 2025, the folowing persons (other than the Directors

and chief executives of the Company whose interests are set out

in the section “Directors’ and chief executives’ interests and short

positions in Shares, underlying shares and debentures” above) had

an interest or short position in the Shares or underlying shares which

were recorded in the register required to be kept under Section 336 of

the SFO:

Long Positions in Shares and Underlying Shares of the Company

Number and clas of securities

证券数目及类别

NameCapacityShares

Underlying

Aproximate %

of the isued

姓名╱名称身份股份相关股份

占已发行股份

之概约百分比

Ma Qianzhou (“Mr. Ma”)Beneficial owner4,029,354,894–54.24%

马干洲（「马先生」）实益拥有人

Interest of spouse179,613,860

(Note 1)

–2.42%

配偶权益（附注

）

Zhao YuebingBeneficial owner179,613,860–2.42%

赵悦冰实益拥有人

Interest of spouse4,029,354,894

(Note 1)

–54.24%

配偶权益（附注

）

Note:

1. Mr. Ma is the spouse of Ms. Zhao Yuebing. Mr. Ma and Ms. Zhao

Yuebing is acordingly demed to be interested in the Shares beneficialy

owned by each other under the SFO.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

除上文所披露者外，于二零二五年三月三十一日，

本公司并无获知会有任何其他人士（董事或本公司

主要行政人员除外）于股份或相关股份中拥有权益

或淡仓而须记入根据证券及期货条例第

条存置

之登记册内。

购股权计划

于本公司股东在二零二一年九月二十七日举行的

股东特别大会上，本公司采纳一项购股权计划（「购

股权计划」）。购股权计划于该日起至二零三一年九

月二十六日的十年期间内一直有效，惟可由本公

司于股东大会上提前终止。截至二零二五年报

公布日期，购股权计划的剩余期限约为六年零两

个月。

为令本公司能够激励更多人士为本集团作出贡献

并招募更多人才为本公司服务，以达至本公司的

长期目标，采纳的购股权计划规定了更为广泛的

合资格参与者类别，包括本公司全职及兼职雇员、

顾问、咨询师、代理、承包商、客户、供应商及股东

（「参与者」）。根据购股权计划条款，本公司董事

可决定向参与者授出任何购股权，以认购本公司

股本中的普通股。

在任何

个月期间内每名参与者获授根据购股权

计划及本公司任何其他购股权计划授出之购股权

（包括已行使或尚未行使之购股权）予以行使时已

发行及将予发行之股份总数，不得超过本公司当

时已发行股本总额的

（「个别限额」）。凡进一步

授予超过个别限额的购股权，须于本公司股东大

会上寻求股东批准，于会上该参与者及其联系人士

（定义见

GEM

上市规则）必须放弃投票。

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

not ben notified of any other person (other than the Directors or chief

executives of the Company) who had an interest or short position in

the Shares or underlying shares which were required to be kept under

Section 336 of the SFO.

SHARE OPTION SCHEME

At an extraordinary general meting of the shareholders of the

Company held on 27 September 2021, the Company adopted a

share option scheme (the “Share Option Scheme”). The Share

Option Scheme shal remain in force for a period of ten years

comencing on that date until 26 September 2031, subject to early

termination by the Company in general meting. The remaining Life

of the Share Option Scheme as of the date of publication of the 2025

Anual Report is around six years and two months.

To enable the Company to motivate more persons to make

contribution to the Group and recruit aditional talents to serve the

Group in ataining the long term objectives of the Company, the

Share Option Scheme has ben adopted with a broader categories

of eligible participants, including ful time and part time employe,

consultant, adviser, agent, contractor, customer, suplier and

shareholder of the Group (the “Participants”). Under the terms of the

Share Option Scheme, the directors of the Company may determine

the grant of any options to the Participants to subscribe for ordinary

shares in the capital of the Company.

The total number of shares isued and which may fal to be isued

upon exercise of the options granted under the Share Option Scheme

and any other share option schemes of the Company, including

both exercised and outstanding options, to each Participant in any

twelve month period must not exced 1% of the then total isued

share capital of the Company (the “Individual Limit”). Any further

grant of options in exces of the Individual Limit must be subject to

shareholders’ aproval in general meting of the Company with such

Participant and his asociates (as defined in the GEM Listing Rules)

abstaining from voting.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

购股权可于授出购股权之日起至购股权届满之日

（按本公司董事所厘定及向各承授人所通知者）

任何时候根据购股权计划条款行使，惟不可于授

出之日起满十年后行使。根据购股权计划授出的

任何特定购股权，其所涉及股份的认购价应为本

公司董事会全权酌情厘定并通知参与者的价格，

惟该价格必须最少为下列三者中的较高者：

(i)

联交

所每日报价表于授出日期所报本公司股份的收市

价；

(i)

本公司股份于紧接授出日期前五个营业日之

平均收市价（以联交所每日报价表所载者为准）；及

(i)

本公司股份的面值。

于本年报日期，根据购股权计划可供发行的股

份总数为

89,806,930

股，占本公司已发行股份的

1.21%

。

于二零二四年四月一日及二零二五年三月三十一

日，根据购股权计划可供授出的购股权数目分别

为

559,644

股份及

559,644

股份，占已发行股份

的

0.01%

及

0.01%

。

截至二零二五年三月三十一日止年度，概无售出

任何股份，约占报告期间已发行普通股加权平均

数的

。

An option may be exercised in acordance with the terms of the

Share Option Scheme at any time from the date of grant of the option

to the date of expiry of the option as determined and notified by the

directors of the Company to each grante but may not be exercised

after the expiry of ten years from the date of grant. The subscription

price of the shares in respect of any particular option granted under

the Share Option Scheme shal be such price as the board of

directors of the Company, in its absolute discretion, shal determine

and notify the Participant, save that such price must be at least the

higher of (i) the closing price of the Company’s shares as stated in

the Stock Exchange’s daily quotation shet on the date grant; (i)

the average closing price of the Company’s shares as stated in the

Stock Exchange’s daily quotation shets for the five busines days

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

the Company’s shares.

As at the date of this anual report, the total number of shares

available for isue under the Share Option Scheme was 89,806,930,

representing 1.21% of the isued Shares of the Company.

As at 1 April 2024 and 31 March 2025, the total number of Options

available for grant under the Share Option Scheme were 559,644 and

559,644 shares which represents 0.01% and 0.01% of the isued

shares.

During the year ended 31 March 2025, no share was granted,

that may be isued represented aproximately 0% of the weighted

average number of ordinary shares in isue during the reporting

period.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

截至二零二五年三月三十一日止年度内购股权计

划下授出之购股权的变动载列如下：

The movements in share options granted under the Scheme during

the years ended 31 March 2025 are shown below:

Number of share options

购股权数目

Name of category

of participants

1 April

Granted

during

the period

Exercised

during

the period

Lapsed

during

the period

Canceled

during

the period

31 March

Date of

granted

Validity period

(Note 3)

Exercise price

of share

options

HK$ per shareNote

参与者类别名称

于

二零二四年

四月一日于期内授出于期内行使于期内失效于期内注销

于

二零二五年

三月三十一日授予日期有效期（附注

）

购股权行权价

港元╱股附

注

Director

董事

Li Dahong23,948,516–23,948,51631-8-2331-8-23-30-8-330.1171

李大宏

Ma Xiaona20,954,950–20,954,95031-8-2331-8-23-30-8-330.1171

马晓娜

Guo Wei2,993,564–2,993,56431-8-2331-8-23-30-8-330.1171

郭玮

Lam Albert Man Sum2,993,564–2,993,56431-8-2331-8-23-30-8-330.1171

林闻深

Cheung Wai Hung2,993,564–2,993,56431-8-2331-8-23-30-8-330.1171

张伟雄

Sub-total53,884,158–53,884,158

小计

Employes in agregate19,584,000–19,584,00024-5-2224-5-22-23-5-320.0882

员工累计

2,993,564–2,993,56431-8-2331-8-23-30-8-230.1171

Sub-total25,577,564–22,577,564

小计

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

附注：

就二零二三年八月三十一日授出的全部购股权而

言，全部购股权的首

30%

可于授出日期起

年内行

使，全部购股权的后

30%

可于随后年度行使。就

余下的购股权而言，

40%

可于授出日期起

年内行

使，行使价为

0.117

港元。授出该等购股权的股份

于紧接二零二三年八月三十一日之前的收市价为

0.116

港元。

就二零二年五月二十四日授出的全部购股权

而言，购股权可于授出日期起

年内行权，行使价

为

0.088

港元。授出该等购股权的股份于紧接二零

二年五月二十四日之前的收市价为

0.088

港元。

亿荣集团有限公司为独立第三方，为本集团提供

商业咨询服务。

Number of share options

购股权数目

Name of category

of participants

1 April

Granted

during

the period

Exercised

during

the period

Lapsed

during

the period

Canceled

during

the period

31 March

Date of

granted

Validity period

(Note 3)

Exercise price

of share

options

HK$ per shareNote

参与者类别名称

于

二零二四年

四月一日于期内授出于期内行使于期内失效于期内注销

于

二零二五年

三月三十一日授予日期有效期（附注

）

购股权行权价

港元╱股附

注

Consultant

顾问

Bilion Wining

Holdings Ltd.9,792,000–9,792,00024-5-2224-5-22-23-5-320.0882

亿荣集团有限公司

Zhang Jiying2,993,564–2,993,56431-8-2331-8-23-30-8-230.1171

张继盈

Sub-total

小计

12,785,564–12,785,564

Total89,247,286–89,247,286

总计

Notes:

1. For al Options granted on 31 August 2023, the first 30% of the total

Options can be exercised 3 years after the date of grant, and second

30% of the total Options wil become exercisable in subsequent year.

For the remaining Options, 40% can be exercised 5 years after the date

of grant, exercise price was HK$0.117. The closing price of the Shares

imediately before 31 August 2023, the date that those Options were

granted, was HK$0.116.

2. For al Options granted on 24 May 2022, the Options can be exercised 3

years after the date of grant, exercise price was HK$0.088. The closing

price of the Shares imediately before 24 May 2022, the date that those

Options were granted, was HK$0.088. Bilion Wining Holding Ltd. is

independent third party, for providing the Group in the area of busines

advisory services.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

关连人士交易

日常业务过程中进行之关连人士交易之详情载于

综合财务报表附注

。

根据

GEM

上市规则第

章，马先生及赵悦冰女士

（太洲矿业之董事，因此为本集团之关连人士）授

予太洲矿业及本公司之贷款为完全获豁免关连交

易，原因为该等贷款按一般或更佳的商业条款进

行且并无由本集团资产作抵押。

董事认为于综合财务报表附注

披露之该等重大

关联交易并不符合

GEM

上市规则第

章「关连交

易」或「持续关连交易」（视情况而定）之定义，而须

遵守

GEM

上市规则项下的任何申报、公布或独立

股东批准规定。董事确认本公司已遵守根据

GEM

上市规则第

章之规定。

薪酬政策

本集团根据雇员之表现、经验及当前市场比率厘

定雇员之薪酬。其他雇员福利包括公积金计划、购

股权计划以及酌情花红。厘定本公司董事薪酬时

考虑彼等各自之经验、于本公司之职责及当前市

况。

公众持股量的充足性

根据本公司于公开渠道所得的资料及据董事所

知，本公司于本报告日期的已发行股份总数的至

少

25%

乃由公众持有。

RELATED PARTY TRANSACTIONS

Details of the related party transactions undertaken in the usual

course of busines are set out in note 36 to the consolidated financial

statements.

Loans from Mr. Ma and Ms. Zhao Yuebing, directors of Taizhou Mining

and thus conected persons of the Group, to Taizhou Mining and

to the Company were fuly exempt conected transactions pursuant

to Chapter 20 of the GEM Listing Rules as those were conducted

on normal comercial terms or beter and were not secured by the

asets of the Group.

The Directors consider that those material related party transactions

disclosed in note 36 to the consolidated financial statements did not

fal under the definition of “conected transactions” or “continuing

conected transactions” (as the case may be) in Chapter 20 of the

GEM Listing Rules which are required to comply with any of the

reporting, anouncement or independent Shareholders’ aproval

requirements under the GEM Listing Rules. The Directors confirmed

that the Company has complied with the requirements in acordance

with Chapter 20 of the GEM Listing Rules.

EMOLUMENT POLICY

The Group remunerates its employes based on their performance,

experience and prevailing market rate. Other employe benefits

included provident fund scheme, share option scheme as wel as

discretionary bonuses. The determination of emoluments of the

directors of the Company had taken into consideration of their

respective experience, responsibilities in the Company and the

prevailing market conditions.

SUFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and

within the knowledge of the Directors, at least 25% of the Company’s

total number of isued Shares was held by the public as at the date of

this report.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

所得款项用途

于二零二四年三月二十二日，本公司及

King Tower

Global Absolute Return Fund SPC

（「认购人」）订立认

购协议，据此，认购人有条件地同意认购，而本公

司有条件地同意配发及发行合共

310,638,298

股新

普通股（「认购股份」），认购价为每股认购股份

0.141

港元（「认购价」）。

认购事项之所得款项总额将约为

43,800,000

港元，

而认购事项之所得款项净额（经扣除相关专业费用

及相关开支后）将约为

41,100,000

港元。于认购事项

完成后，每股认购股份所筹集之所得款项净额将

约为每股认购股份

0.133

港元。

认购股份之总面值为

310,000

港元，并须受认购协

议所载条款及条件所限。

于认购协议日期于联交所报每股收市价为

0.176

港元。

USE OF PROCEDS

On 22 March 2024, the Company and King Tower Global Absolute

Return Fund SPC (the “Subscriber”), entered into the Subscription

Agrement pursuant to which the Subscriber has conditionaly

agred to subscribe for, and the Company has conditionaly agred

to alot and isue a total of 310,638,298 new ordinary shares (the

“Subscription Shares”) at the Subscription Price of HK$0.141 per

Subscription Share (the “Subscription Price”).

The gros proceds from the Subscription is aproximately HK$43.8

milion and the net proceds of the Subscription (after deducting

related profesional fes and related expenses) is aproximately

HK$41.1 milion. The net proceds raised per Subscription Share

upon completion of the Subscription is aproximately HK$0.133 per

Subscription Share.

The agregate nominal value of the Subscription Shares is HK$0.31

milion and on the terms and subject to the conditions set out in the

Subscription Agrement.

The closing price of HK$0.176 per Share as quoted on the Stock

Exchange on the date of the Subscription Agrement.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

来自认购事项之实际所得款项净额为约

41,100,000

港元。于二零二五年三月三十一日，本集团已动用

所得款项净额如下：

附注：

有关认购事项之详情载于本公司日期为二零

二四年三月二十二日之公告。

报告期后事项

于二零二五年六月二日，本公司于香港成立一家

合资公司，名为人工智能矿业有限公司（「合资公

司」），其由本公司拥有

51%

的股权，其主营业务乃

为矿业领域开发人工智能模型。合资公司将于本

集团的综合财务报表中作为附属公司入账。除该

公告及本报告所披露者外，于本年度后直至本报

告日期并无发生任何重大事件。

The actual net proceds raised from the Subscription was

aproximately HK$41.1 milion. As at 31 March 2025, the Group has

utilised the net proceds as folows:

Intended

use of net

proceds

Actual

use of net

proceds

up to the date

of this report

Unutilised

net proceds

up to the date

of this report

Expected timeline

for the intended use

所得款项净额

拟定用途

截至本报告日期

所得款项净额

实际用途

截至本报告日期

未动用所得

款项净额拟定用途之预期时间表

HK$’000HK$’000HK$’000

千港元千港元千港元

Technical Renovation Projects26,10020,5005,600On or before September 2025

技术改造项目于二零二五年九月或之前

General Working Capital15,00015,000–Utilised as intended

一般营运资金按拟定用途动用

41,10035,5005,600

Notes:

1. Details of Subscription is set out in the anouncement dated 22 March

2024 of the Company.

EVENT AFTER THE REPORTING PERIOD

On 2 June 2025, the Company has set up a joint venture in Hong

Kong namely AI Mining Company Limited (“JV Company”), owned

as to 51% by the Company with its main busines in developing AI

models for the mining sector. The JV Company wil be acounted for

as a subsidiary in the consolidated financial statements of the Group.

Save as disclosed in the anouncement and this report, no material

events hapened subsequent to the Year and up to the date of this

report.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

REPORT OF THE DIRECTORS

董事会报告

核数师

本年度之综合财务报表已经长青（香港）会计师事

务所有限公司（「长青」）审核。

长青于二零二四年三月五日获委任为本集团之核

数师，以填补长盈（香港）会计师事务所有限公司于

二零二四年三月五日起辞任造成之临时空缺。变

更核数师之原因为日益增加的全球黄金需求及不

断上涨的金价，本公司正认真寻求机会于海外市

场拓展业务，以便为本公司及其股东的利益提升

其业务及财务表现。本公司正处于评估阶段，且并

无拓展至中国境外的海外市场的具体计划。在此

背景下，本公司有意委聘一家拥有国际网络的审

计公司以处理本集团的审计工作。

长青担任本公司核数师的任期将于应届本公司股

东周年大会结束时届满。

本公司截至二零二四年三月三十一日止先前年度

之综合财务报表已经长盈（香港）会计师事务所有

限公司审核。

代表董事会

主席

李大宏

香港，二零二五年六月二十七日

AUDITOR

The consolidated financial statements for the Year were audited by

McMilan Wods (Hong Kong) CPA Limited (“McMilan Wods”).

McMilan Wods was apointed as auditor to the Group on 5 March

2024 to fil the casual vacancy ocasioned by the resignation of McM

(HK) CPA Limited with efect from 5 March 2024. The reason for the

change of auditor was that the increasing global demand of gold and

the escalating gold price, the Company is conscientious in exploring

the oportunities to expand its busines in overseas markets to

enhance its busines and financial performance for the benefit the

Company and its shareholders. The Company is at the stage of

asesment such posibilities and there are no concrete plans for

the Group to expand to overseas market outside China. With such a

background, the Company would be minded to engage an audit firm

with an international network to handle the audit work of the Group.

McMilan Wods term of ofice as auditor of the Company wil expire

at end of the forthcoming anual general meting of the company.

The consolidated financial statements of the Company for the

previous year ended 31 March 2024 was were audited by McM (HK)

CPA Limited.

On behalf of the Board

Li Dahong

Chairman

Hong Kong, 27 June 2025

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

OBJECTIVES

The board of directors (the “Board”) of GT Gold Holdings Limited

(the “Company”) is pleased to present the environmental, social

and governance report which is prepared in acordance with

Environmental, Social and Governance Reporting Guide (the “ESG

Guide”) set out in Apendix C2 to the GEM Listing Rules. The Board

has reviewed and aproved the report and is pleased to present the

measures and activities in the environmental, social and governance

(“ESG”) aspect of the Company and its subsidiaries (colectively, the

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

GOVERNANCE STRUCTURE

Board’s oversight of ESG isues

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

In 2025, the Board, the management and the ESG Working Team

evaluated the impacts of ESG-related risks on the operation and

formulated ESG-related policies in dealing with relevant risks. The

oversight of the Board is to ensures that the management and the

ESG Working Team have al the right tols and resources to overse

the ESG isues.

To demonstrate the Group’s comitment on transparency and

acountability, the management and the ESG Working Team wil

review and evaluate the Group’s performance in respect of ESG

isues and report to the Board regularly.

The Board is primarily responsible for reviewing and supervising

the ESG proces and risk management of the Group. In 2025, the

ESG governance and ESG-related isues were reviewed at regular

metings.

宗旨

大唐黄金控股有限公司（「本公司」）之董事会（「董

事会」）欣然呈列根据

GEM

上市规则所载的附录

环境、社会及管治报告指引（「环境、社会及管治指

引」）编制《环境、社会及管治报告》。董事会已审

阅并批准该报告，并欣然呈列本公司及其附属公司

（统称「本集团」）截至二零二五年三月三十一日止

年度的环境、社会及管治（「

ESG

」）范畴的措施及活

动。

管治架构

董事会对环境、社会及管治事宜的监督

董事会在督导本集团的

ESG

事宜方面担当主要角

色。于二零二五年度，董事会、管理层与

ESG

工作

团队评估

ESG

相关风险对营运的影响，并制定

ESG

相关政策以处理相关风险。董事会的督导确保管

理层及

ESG

工作团队拥有一切合适的工具及资源，

以便督导

ESG

事宜。

为展示本集团对透明度及问责性的承担，管理层

及

ESG

工作团队会检讨及评估本集团在

ESG

事宜的

表现并定期向董事会汇报。

董事会主要负责检讨及监督本集团的

ESG

流程以

及风险管理。于二零二五年度，已于定期会议上检

讨

ESG

的治理情况及

ESG

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

董事会对重大

ESG

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

汇报原则

本报告著重于

个原则：

重要性：定期进行持份者参与及重要性评估，以

识别重大

ESG

事宜，并确保该等事宜反映于本报告

中。

量化：本报告所呈列的数据乃经谨慎收集。请参阅

环境和社会绩效数据，以了解用于计算关键绩效

指标的标准及方法。

平衡性：业务所带来的正面及负面影响均以透明

方式呈列。

一致性：除另有说明者外，披露情况、资料搜集及

计算方法于多年来一直保持一致，以便随时进行

比较。

汇报范围

本公司之主要活动为投资控股，其附属公司主要

从事黄金勘探、开采及矿物加工。为减少环境影响

及为社区创造价值，本集团把握每个机会将可持

续准则及常规全方位融入各方面业务中。

潼关县太洲矿业有限责任公司（以下统称「太洲矿

业」）是本集团于二零二五年度《环境、社会及管治

报告》重点关注范畴，其主要从事黄金勘探、开采

及以黄金精矿为其产品的矿物加工。太洲矿业于

二零二五年度主要完成各类巷道掘进约

19,212

米、

斜坡道掘进约

1,537

米、溜矿井掘进约

2,305

米及铺

设轨道和水沟开挖约

5,763

米等若干矿业开发工

程。

REPORTING PRINCIPLES

The report is centred on 4 principles:

Materiality: Stakeholder engagement and materiality asesment are

conducted regularly to identify material ESG isues, and to ensure that

these isues are adresed in the report.

Quantitative: Data presented in this report has ben colected

prudently. Please refer to the environmental and social performance

data for standards and methodologies used for calculation of key

performance indicators.

Balance: Both positive and negative impacts of the busines have

ben presented in a transparent maner.

Consistency: Unles otherwise stated, the disclosures, data colection

and calculation methods have remained consistent throughout the

years to facilitate comparability over time.

REPORTING SCOPE

The principal activity of the Company is investment holding. Its

subsidiaries are principaly engaged in gold exploration, mining and

mineral procesing. To reduce environmental impact and create

value for comunities, the Group seks every oportunity to

incorporate sustainability standards and practices into al aspects of

its busineses.

Tonguan Taizhou Mining Company Limited* (

潼关县太洲矿业有限责

任公司

) (colectively refered to as “Taizhou Mining”) is the Group’s

focus in the ESG Report for 2025. It is principaly engaged in gold

exploration, mining and mineral procesing with gold concentrate as

its product. In 2025, Taizhou Mining mainly completed certain mining

development projects, including the excavation of aproximately

19,212 meters of various tunels, excavation of aproximately 1,537

meters of slope suporting, excavation of aproximately 2,305 meters

of ore chute as wel as excavation of aproximately 5,763 meters for

track laying and ditches.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

此外，本集团认为社会责任是其基本职责，为了在

赖以成长的社会作出贡献，本集团积极参与帮助

弱势社群的活动。

于二零二五年度，本报告以上述业务的

个环境保

护范畴及

个社会责任范畴之政策及表现作披露。

持份者的参与

持份者参与是本集团可持续发展工作的核心部

分。本集团注重与持份者建立常态化沟通机制，设

立了线上及线下的沟通管道，及时向持份者阐述

本集团可持续发展战略规划与绩效表现，咨询各

方的意见与要求，以满足持份者的期望。

本集团的持份者包括股东、雇员、政府及监管机

构、客户、供应商及社区、股东╱机构及个人投资

者等。本集团会就议题内容透过不同管道与持份

者进行沟通，相关的沟通渠道及持份者对本集团

的期望与要求如下：

In adition, the Group treats social responsibility as its basic

responsibility. In order to contribute to the society which the

Group relies on, the Group actively participates in activities to help

underprivileged comunities.

The disclosures in this report are focused on the policies and

performance of the aforesaid busineses in terms of 4 environmental

protection aspects and 8 social responsibility aspects in 2025.

STAKEHOLDER ENGAGEMENT

Stakeholder engagement is the core element of the Group’s

sustainable development. Focusing on the establishment of a regular

comunication mechanism for the stakeholders, the Group has set

up online and ofline comunication chanels to demonstrate to the

stakeholders its strategic plans for and performance of sustainable

development and to consult their opinions and neds in a timely

maner, so as to fulfil their expectations.

The Group’s stakeholders include the shareholders, staf, government

and regulatory authorities, customers, supliers and comunities,

shareholders/institutional and individual investors, etc. The Group wil

engage in discusions with the stakeholders about relevant isues

through various chanels. The relevant comunication chanels and

stakeholders’ expectations and requirements for the Group are as

folows:

StakeholdersExpectationsComunications and fedbacks

持份者期望沟通及反馈

ShareholdersFinancial resultsGrowth in profitability and ensuring in busines

sustainability

股东财务业绩提高盈利能力及确保业务可持续性

Information transparencyRegular disclosure of information

资讯透明度定期信息披露

Sound control over risksOptimisation of risk management and internal

control

完善的风险控制优化风险管理及内部监控

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

StakeholdersExpectationsComunications and fedbacks

持份者期望沟通及反馈

StafPlatform for carer developmentProviding platform for carer development

雇员持续晋升机制提供职业发展平台

Salary and benefitsCompetitive salaries and employe benefits

薪金及福利具竞争力的薪金及雇员福利

Safe working environmentProvision of employe training and

improvement in safety awarenes

安全的工作环境提供雇员培训及加强安全意识

Government and regulatory

authorities

Compliance with rules and regulationsOperational compliance

政府及监管机构遵守法例及规例合规经营

Tax payment in acordance with lawsFul payment of tax when due

履行税务责任按时足额纳税

CustomersMaintaining high quality productsEnsuring the stability of product delivery

客户持续交付高质量产品维持产品交付稳定性

Security of customer informationProtection of customer privacy

客户信息安全客户私隐保护

Protection of customers’ rights and

interests

Marketing compliance

客户权利及权益保障合规营销

SupliersCoperation with integrityEstablishment of a responsible suply chain

供应商诚信合作构建负责任的供应链

Busines ethics and creditworthinesPerformance of contracts acording to the law

商业道德及信誉依法履行合约

ComunitiesEnvironmental protectionUse of environmentaly friendly and energy-

saving equipment

社区环境保护使用环保节能设备

Job oportunitiesProvision of job oportunities

就业机会提供就业职位

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

重要性评估

于二零二五年度，本集团进行了全面的重要性评

估。这涉及与内部及外部持份者开展小组讨论、面

谈及进行问卷调查，以识别本公司业务对其影响

最为重大的环境、社会及营运的议题，以及与持份

者切实相关的议题。

参考《环境、社会及管治报告指引》规定的披露范

畴，结合本集团业务特点，识别并确定了

项议

题。有关议题涵盖业务造成的温室气体排放、能源

消耗、雇员福利、职业健康与安全、培训及发展、

供应链管理、客户私隐、反贪污及社区投资等各方

面。

StakeholdersExpectationsComunications and fedbacks

持份者期望沟通及反馈

Shareholders/institutional and

individual investors

Anual general metings and noticesPlatforms for comunications with

shareholders

股东╱机构及个人投资者股东周年大会及通知提供与股东沟通的平台

Regular corporate publications (including

financial statements)

Results anouncements

定期的公司刊物（包括财务报表）业绩公告

Increase in transparency of corporate

development

Isue of circulars and anouncements in due

course

增加企业发展透明度于适时发出通函及公告

MATERIALITY ASESMENT

In 2025, the Group conducted a comprehensive materiality

asesment, which involved group discusions, interviews and

questionaire surveys with internal and external stakeholders to

identify the environmental, social and operational isues which have

the most significant impacts on the Company’s busines and the

relevant isues which are of concern to the stakeholders.

With reference to the scope of disclosure as required under the ESG

Reporting Guide, as wel as taking into consideration its busines

features, the Group has identified and determined 24 isues covering

grenhouse gas emision, energy consumption, employe welfare,

ocupational health and safety, training and development, suply

chain management, customer privacy, anti-coruption, and comunity

investment and other aspects with respect to busines operation.

					2	22
				12	18 17	4
			14	13	20 9
			19	23	3
		8	7 21	15	16
24
5
1
11	10

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Environmental aspectSocial aspectOperational aspect

环境范畴社会范畴营运范畴

1. GHG emision

温室气体排放

2. Energy consumption and resource

management

能源消耗及资源管理

3. Water management

水资源管理

4. Waste management

废弃物管理

5. Use of packaging material

包装物料使用

6. Impact on the environment

对环境的影响

7. Climate change

气候变化

8. Comunity contribution

小区贡献

9. Ocupational health an and safety

职业健康及安全

10. Child labour

童工

11. Forced and compulsory labor

强逼和强制劳动

12. Training and development

培训及发展

13. Compensation and employe

benefit

薪酬及员工福利

14. Diversify and equal oportunities

多元化及平等机会

15. Talent atraction and retention

吸引及挽留人才

16. Anti-coruption

反贪污

17. Suply chain management

供应链管理

18. Suplier evaluation and selection

供货商的评估及选择

19. Customer service satisfaction

客户服务满意度

20. Customer privacy

客户私隐

21. Opinion and complaint management

意见及投诉管理

22. Product safety and quality

management

产品安全及质量管理

23. Protection of intelectual property

rights

保护知识产权

24. Marketing and labeling

营销与标示

Materiality of ESG Isues

环境、社会及管治类别的重要性

对

持

份

者

的

相

关

程

度

╱

重

要

性

Relevant extent/materiality to the busines

对业务的相关程度╱重要性

High

�

High

�

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

环境

为履行本集团坚持可持续发展的承诺以及遵

守环境保护相关法律法规的规定，本集团致

力减少经营活动对环境的影响。

：

排放物

本集团致力减少其开采活动、生产活动

及产品的环境影响。太洲矿业位于中国

黄金矿化及生产地区陕西省潼关县。本

集团的业务受《中华人民共和国环境保

护法》规管。如违反相关环境法规，或会

导致生产暂停。

本集团坚持积极参与以及对环境负责的

原则。本集团不只履行其市场职责，同

时亦大力支持绿色活动，并积极执行旨

在减少排放的有效政策。本集团将于现

有机器无法使用的情况下考虑购买更多

环保型机器。

于二零二五年度，本集团未有任何有害

物质的排放，而内部及外部控制源均无

呈报任何不利意见或违规行为。

本集团亦已采用一套二氧化碳减排管理

政策，以节约能源资源、减少能源浪费

及提高能源效率。本集团所有成员公司

力争养成节能习惯。该减排政策提出若

干方针，致力为社会打造更好更清洁的

环境。

A. ENVIRONMENTAL

To fulfil its sustainability comitment and comply with the

requirements under the laws and regulations in respect of

environmental protection, the Group has ben striving to reduce

the impact of its operating activities on the environment.

A1: Emisions

The Group strives to minimise the environmental impact

of its mining activities, production activities and products.

Taizhou Mining is located in Tonguan County of Shanxi

Province, the gold mineralisation and production region in

China. The busines of the Group is governed under the

Environmental Protection Law of the People’s Republic

of China

（中华人民共和国环境保护法）

. Violation of

relevant environmental regulations may result in temporary

suspension of production.

The Group adheres to the principles of active participation

and environmental responsibility. The Group not only

performs its market duties, but also vigorously suports

gren activities and actively implements efective policies

which are aimed at reducing emisions. The Group

wil consider purchasing more environmentaly friendly

machinery in case that the existing machinery is no longer

available.

During 2025, the Group has no emisions of hazardous

substances. No adverse coment or iregularity has ben

reported from internal and external control sources.

The Group has also adopted a set of CO2 emision

reduction management policy in order to save energy

resources, reduce energy waste and improve energy

eficiency. Al the member companies of the Group strive to

form energy saving habits. The emision reduction policy

has stipulated certain guidelines, aiming to create beter

and cleaner environment for society.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

由于地方环保法例及标准不断更新，本

集团会评估该等法例及标准是否与本集

团之业务有关以及本集团的合规情况。

于二零二五年度，本集团已遵守适用于

本集团业务之环境法律及法规。本集团

将继续寻求减少二氧化碳排放及土地污

染之方法。

于二零二五年度，氮氧化物（「

NOx

」）、硫

氧化物（「

SOx

」）及悬浮粒子（「

」，亦称

「颗粒物」）等污染因数乃主要来自公司

车辆。

于报告期间，空气污染物排放如下：

附注：

用于计算

NOx

、

SOx

和

的排放因子来

自：香港环境保护署

EMFAC-HK

车辆排

放计算模型和美国环境保护署的车辆

排放建模软件－

MOBILE 6.1

；并且假设

相对湿度为

80%

，温度为

摄氏度，平

均速度为

公里╱小时，仅包括运行

中的废气排放。

Since the local legislation and standards for environmental

protection are constantly updated, the Group shal ases

whether these legislations and standards are relevant to

the busineses of the Group and the Group’s compliance

status. During 2025, the Group has complied with

environmental laws and regulations which were aplicable

to the Group’s busineses. The Group wil continue loking

for ways to reduce CO2 emision and land polution.

During 2025, polution factors such as nitrogen oxide

(“NOx”), sulfur oxide (“SOx”) and suspended particulate

maters (“PM”, also known as “Particles”) were mainly

generated from vehicles of the Company.

During the reporting period, air polutant emisions were as

folows:

Types of emision (Note 1)Unit20252024

排放物种类（附注

）单位二零二五年度二零二四年度

Nitrogen oxide (NOx)grame7,2337,357

氮氧化物

(NOx)

克

Sulfur oxide (SOx)grame132138

硫氧化物

(SOx)

克

Suspended particulate maters (PM)grame476522

悬浮粒子

(PM)

克

Note:

1. The emision factors used to calculate the NOx, SOx and PM

are sourced from: the Hong Kong Environmental Protection

Department’s EMFAC-HK Vehicle Emision Calculation model

and the United States Environmental Protection Agency’s

Vehicle Emision Modeling Software – MOBILE 6.1; and the

asumptions of 80% relative humidity, a temperature of 25

degres Celsius, an average sped of 30km/h, and include

runing exhaust emisions only.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

废气排放物的减排目标

本集团温室气体排放的主要来源为流动

燃烧源的直接排放（「范围

」）、所获电力

排放的间接排放（「范围

」）及其他间接

排放（「范围

」）。

Reduction target of air emisions

Air emisionsReduction targetBaseline yearStatus

废气排放物减排目标基准年状态

Nitrogen oxide (NOx) emision intensityReduce 3% by 20292024In progres

氮氧化物

(NOx)

排放密度于二零二九年度前减少

二零二四年度进行中

Sulphur oxide (SOx) emision intensityReduce 3% by 20292024In progres

硫氧化物

(SOx)

排放密度于二零二九年度前减少

二零二四年度进行中

Particulate maters (PM) emision intensityReduce 3% by 20292024In progres

悬浮粒子

(PM)

排放密度于二零二九年度前减少

二零二四年度进行中

The main sources of the Group’s GHG emisions are direct

emision from the mobile combustion sources (“Scope

1”), indirect emision from acquired electricity emisions

(“Scope 2”) and other indirect emisions (“Scope 3”).

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

于二零二五年度，温室气体排放如下：

附注：

电力消耗相关排放量是以二零二年

中国西北区域电网排放系数为计算基

准。该等数字乃根据「环境关键绩效指

标汇报指引」计算。

数据已为统一比较重列。

范围

：主要指汽车所消耗的柴油及

汽油。

范围

：主要指自中国电力供应商购

买的电力。

范围

：主要指消耗的废纸，用水及

雇员乘坐飞机出外公干的间

接排放。

In 2025, GHG emisions were as folows:

GHG emisionsUnit20252024

(Note 2)

温室气体排放单位二零二五年度二零二四年度

（附注

）

GHG emisions (Scope 1)kg of carbon dioxide equivalent

(“kgCO2e”)

33,07228,029

温室气体排放（范围

）公斤二氧化碳当量

GHG emisions (Scope 2) (Note 1)kgCO2e5,329,6884,656,315

温室气体排放（范围

）（附注

）公斤二氧化碳当量

GHG emisions (Scope 3)kgCO2e13,7646,533

温室气体排放（范围

）公斤二氧化碳当量

Total GHG emisionskgCO2e5,376,5244,690,877

温室气体排放总量公斤二氧化碳当量

Total productiontone66,01266,663

生产总量吨

GHG intensitykgCO2e/per ton8170

温室气体密度公斤二氧化碳当量╱吨

Note:

1. The emisions related to electricity consumption were

calculated on the basis of the emision factor of Northwest

China Power Grid for 2022. Such figures have ben

calculated in acordance with the Reporting Guidance on

Environmental KPIs.

2. The data have ben restated for comparison.

Scope 1:represents diesel and gasoline consumed by

motor vehicles.

Scope 2:represents electricity purchased from electricity

supliers.

Scope 3:represents scrap papers, water consumed and

indirect emisions of employes traveling by air.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

温室气体排放物的减排目标

Reduction target of GHG emisions

Environmental KPIReduction targetBaseline yearStatus

环境关键绩效指标减排目标基准年状态

GHG emision intensity (Scope 1)Reduce 3% by 20292024In progres

温室气体排放密度（范围

）于二零二九年度前减少

二零二四年度进行中

GHG emision intensity (Scope 2)Reduce 3% by 20292024In progres

温室气体排放密度（范围

）于二零二九年度前减少

二零二四年度进行中

GHG emision intensity (Scope 3)Reduce 3% by 20292024In progres

温室气体排放密度（范围

）于二零二九年度前减少

二零二四年度进行中

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

开发活动确实对环境造成了一定的压

力，然而，提高产能效率及实现减排目

标对于本集团的可持续发展至关重要。

展望未来，本集团将持续关注环境保

护，在产能提升的同时，致力于减少碳

排放。

Development activities do put certain presure on the

environment. However, improving production eficiency

and achieving emision reduction targets are crucial to

the sustainable development of the Group. In the future,

the Group wil continue to pay atention to environmental

protection and strive to reduce carbon emisions while

increasing production capacity.

Environmental performanceUnit20252024

环境表现单位二零二五年度二零二四年度

Extra tres plantedTre5,0008,200

额外种植的树木棵

Carbon dioxide reducedkgCO2e115,000188,600

所减少的二氧化碳公斤二氧化碳当量

In the year 2025, Taizhou Mining actively plants tres in ofice region

二零二五年度，太洲矿业积极在办公楼园区种植树木

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

微尘废物管理

本集团于生产过程中需要爆破、堆砌、

装载及卸载矿石，故会产生微尘。因此，

本集团透过使用湿法钻进方法、安装通

风机及定期清洁岩石表面，以控制微尘

排放及避免对环境产生不利影响。

于碎矿及选矿系统中亦会产生微尘。为

控制微尘排放，本集团使用自动送料系

统及湿矿代理法减少微尘产生。压碎筛

选机乃位于全封闭式车间，矿石堆场采

用密实网格作为抑制微尘的方法。

废水管理

生产过程中可能会产生污水（主要含有

矿石加工产生的悬浮固体），因此本集团

于尾矿库建造了一个废水处理设施，通

过专用废水管道收集两个选矿厂产生的

废水。经废水处理设施沉淀后，废水可

达到相关排放标准。然而，为大幅削减

用水量，节约资源，本集团将其所有经

处理废水回收再利用至选矿厂，于正常

经营环境下，无论选矿厂或尾矿库均无

任何直接排放至环境中。

Waste micro dust management

The Group blasts, stacks and loads and unloads ore during

the production proces which wil produce micro dust.

Therefore, the Group uses wet driling method, ventilation

machines and rock-surface cleaning regularly to control the

micro dust emisions and avoid the adverse efect on the

environment.

The micro dust may also be generated from the ore

crushing and ore screning system. In order to control

emisions of micro dust, the Group uses an automatic

feding system and wet ore brokering method to reduce

the emisions of micro dust. The crushing and screning

equipment is located in a fuly enclosed workshop and ore

storage yard is covered with a dense mesh as micro dust

supresion methods.

Wastewater management

Wastewater (containing mainly suspended solid from

ore procesing) may be produced during the production

proces and thus the Group has built a wastewater

treatment facility at the tailing pond to colect wastewater

through dedicated pipelines of wastewater produced at

the two ore procesing plants. Folowing sedimentation

at the wastewater treatment facility, the wastewater can

reach the relevant discharge standards. However, to reduce

substantialy water consumption and thus improve resource

conservation, the Group recycles and reuses al its treated

wastewater back to its procesing plants without any direct

discharge to the environment, either from the procesing

plants or tailing pond under the normal operating

conditions.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团亦于其两个运行中的选矿厂各设

有一个废水收集池，以收集选矿厂发生

任何事故而导致废水泄露引致的意外排

放废水。本集团已按照当地政府环保要

求，在废水收集池口修建一座

立方米

沉淀池。本集团妥为收集、处理及回收

利用废水，有助于保护周边地区的自然

受纳水体及生态环境。

本集团在废水控制及循环再用方面投入

大量生产成本以符合《污水综合排放标

准》。废水内仅包含少量有害物质，没有

发现不符合《污水综合排放标准》。

The Group also has one wastewater colection sump at

each of its two operating procesing plants for acidental

discharges in case of any acident at the plants which

may result in release of wastewater. Acording to the

environmental protection requirements promulgated by local

government, the Group has built a sedimentation tank with

capacity of 100 m3 at the pithead of wastewater colection

sump. The proper colection, treatment and recycling and

reuse of wastewater in the Group help protect natural

receiving water bodies and ecological environment in the

surounding areas.

The Group has invested much production cost for

wastewater control and recycling to met the Integrated

Wastewater Discharge Standards

（污水综合排放标准）

The wastewater only contains a smal amount of harmful

substances and it is in line with Integrated Wastewater

Discharge Standards.

Taizhou Mining has obtained a polution discharge permit

太洲矿业已取得排污许可证书

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

无害废物管理

矿场持续生产多年。生产过程中会产生

采矿废石。本集团的采矿废石经破碎后

用于铺设道路及采矿井下充填，剩余废

弃物堆存在专设的废石堆场。选矿尾矿

砂经分级处理后部分输送到井下用于采

矿井下充填。废石堆场按照规定建立挡

土墙，以截断排水设施，以防止水土流

失及泥石流。

本集团在生产过程中没有产生有害废弃

物，而无害废弃物主要为采矿废石，本

集团亦将生活垃圾送往指定的垃圾收集

点。

于二零二五年度，有害废弃物及无害废

弃物产生量如下：

附注：

黄金开采及勘探业务的有害废弃物产

生量较少，因此，本集团并无量化有关

数字。

Non-hazardous waste management

The mine has ben in continuous production for many

years. Waste mining rocks are generated during the

production proces. The waste mining rock of the Group

was used for road paving and underground filing of mines

after being crushed. The remaining waste was stockpiled in

special waste rock plants. Some of the mineral procesing

tailings were transported for underground filing of mines

after being clasified and disposed. The waste rock yard set

up retaining wals as required to intercept drainage facilities

to prevent soil erosion and mudslides.

The Group has not generated hazardous waste during its

production proces. The non-hazardous waste is mainly

waste mining rock. The Group also transports domestic

waste to designated garbage colection station.

In 2025, the quantity of hazardous and non-hazardous

wastes generated were as folows:

Hazardous and non-hazardous

wastes generatedUnit20252024

所产生有害废弃物及无害废弃物单位二零二五年度二零二四年度

Total quantity of hazardous wastes (Note 1)toneN/AN/A

有害废弃物总量（附注

）吨不适用不适用

Intensity of hazardous wastes (Note 1)tone/per tone of productN/AN/A

有害废弃物密度（附注

）吨╱每吨单位产品不适用不适用

Total quantity of non-hazardous wastestone18,34618,059

无害废弃物总量吨

Intensity of non-hazardous wastestone/per tone of product0.280.28

无害废弃物密度吨╱每吨单位产品

Note:

1. Hazardous wastes generated from gold mining and

exploration busines are relatively smal. As such, the Group

does not quantify the relevant figures.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

废弃物的减废目标

噪音管理

本集团的噪音主要来自生产过程中气

泵、鼓风机、球磨机、压碎机、皮带及震

动筛的运转。本集团采用消声装置、基

础减震方法、减震隔音间及橡胶内衬等

降噪措施对噪音进行控制。该等噪音产

生设备的位置亦符合住宅及村庄等敏感

受体具有缓冲距离的适用标准，从而尽

量减低影响。

本集团于爆破过程中亦会产生噪音。

本集团选择采矿区时已考虑噪音污染

问题，故本集团选择远离住宅区的采矿

区，并严格遵守《工业企业厂界噪声标

准》。

Reduction target of waste

Environmental KPIReduction targBaseline yearStatus

环境关键绩效指标减废目标基准年状态

Intensity of hazardous wasteN/AN/AN/A

有害废弃物密度不适用不适用不适用

Intensity of non-hazardous wasteReduce 3% by 20292024In progres

无害废弃物密度于二零二九年度前减少

二零二四年度进行中

Noise management

The Group makes noise primarily when operating air

pumps, blowers, bal mils, crushers, belts and vibratory

screns during production. The Group controls noise by

aplying noise-abatement equipment, basic vibration

reduction methods, vibration-absorptive and soundprofing

roms and ruber lining. The positions of these noise

generation equipment are also in compliance with the

aplicable standards for bufer distances to sensitive

receptors, such as residences and vilages, and thus

minimising the impacts.

The Group also makes noise in the proces of blasting. The

Group considered noise polution isues when chosing

the mining area, so the Group chose the mining area which

is far away from the residential areas. The Group strictly

folows Emision Standard for the Noise at the Boundaries

of Industrial Enterprises (

工业企业厂界噪声标准

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

遵守有关法律法规

于二零二五年度，本集团并没发现有关

本集团空气及温室气体排放、向水源及

土地之排放，以及所产生废弃物对环境

产生重大影响亦没有发现有任何重大违

反法律法规的事宜。本集团严格遵守与

排放物有关的法律法规，如《中华人民共

和国环境保护法》、《中华人民共和国水

污染防治法》及《中华人民共和国固体废

物环境防治法》。此外，于二零二五年度

亦没有因未遵守有关法律法规而遭受大

额罚款或非货币制裁。

：资源使用

电力、水资源及化石燃料的消耗

本集团有效利用资源，主动承担实现可

持续发展方面责任。本集团鼓励雇员养

成环保习惯，控制及减少消耗，并最大

限度地减少浪费及回收可用材料。

电力、水资源及化石燃料的使用均会对

环境产生影响。本集团的金矿开采业务

和办公室营运由于消耗电力、水资源及

化石燃料而对环境造成影响，惟本集团

一直尽力减少能源消耗。

本集团使用

吨（二零二四年度：

吨）炸药开采金矿物，且于二零二五年

度的产量为

66,012

吨（二零二四年度：

66,663

吨）。

Compliance with relevant laws and regulations

In 2025, the Group was not aware of air and GHG

emisions, discharges into water source and land, or

generated wastes which have a significant impact on the

environment. The Group was not aware of any material

violation of laws and regulations. The Group strictly

complied with laws and regulations relating to emisions,

such as the Environmental Protection Law of the People’s

Republic of China (

中华人民共和国环境保护法

), the

Law on the Prevention and Control of Water Polution of

the People’s Republic of China (

中华人民共和国水污染

防治法

) and the Law on the Prevention and Control of

Solid Waste Polution of the People’s Republic of China

(

中华人民共和国固体废物环境防治法

). Furthermore, no

significant fine or nonmonetary sanction for non-compliance

with relevant laws and regulations was imposed on the

Group in 2025.

A2: Use of resources

Electricity, water and fosil fuel consumption

The Group utilises resources efectively and initiatively takes

its responsibilities to achieve sustainable development.

The Group encourages its employes to develop

environmentaly responsible habits, control and reduce

consumption, minimise waste and recycle useful materials.

The use of electricity, water and fosil fuel may have efect

on the environment. When the Group conducts gold mining

busines or operates its ofices, it exerts an impact on the

environment through the consumption of electricity, water

and fosil fuel. Nevertheles, the Group has always tried its

best to reduce its energy consumption.

The Group used 366 tones (2024: 474 tones) explosive

for mining gold mineral, and the production volume was

66,012 tones in 2025 (2024: 66,663 tones).

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团于二零二零年十月开始对矿区的

高压线路进行改造及更换设备及线路，

以提升矿区的生产能力及降低线路损

耗，相关工程已于二零二一年内完成并

正式投入使用。

本集团在获取合适水源方面并无问题。

现有水源供应在水量、水质及供水设施

保证方面均可满足本集团的需求。于二

零二五年度，本集团已贯彻落实节水降

耗、工业废水循环利用等措施。

本集团不仅严格遵守《中华人民共和国

节约能源法》，更从日常工作中培养雇

员节约资源、循环再用的习惯。为保护

自然资源、提高营运效率，本集团密切

留意资源使用，确保资源利用最大化，

杜绝浪费。本集团各部门定期汇报资源

使用状况，并针对问题及时作出整改行

动。

In October 2020, the Group reconstructed the high voltage

lines in its mining area and replaced equipment and lines,

in order to improve production capacity of the mining area

and reduce its line los. The relevant projects have ben

completed and put into use in 2021.

The Group has no problem in acesing to apropriate

water source. The existing suply of water source can

satisfy the Group’s neds in the aspects of volume and

quality of water and guarante of water suply facilities. In

Year 2025, the Group has implemented measures on water

conservation and consumption reduction and recycling of

industrial waste water.

The Group not only strictly observes the Energy

Conservation Law of the People’s Republic of China

（中

华人民共和国节约能源法）

, but also encourages its

employes to develop resource saving and recycling

habits in daily practices. To protect natural resources and

increase operation eficiency, the Group closely monitors

the use of resources with a view to ensuring ful utilisation of

resources and preventing wastage. Each department of the

Group regularly reports on its use of resources and takes

corective actions for isues arisen in a timely maner.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

于二零二五年度录得就开采金矿物业务

的消耗数据如下：

附注：

用于计算千瓦时单位的转换系数来自

国际能源署刊发的《能源统计手册》。

数据已为统一比较重列。

资源使用的节约目标

The folowing consumption data was recorded in 2025 for

gold mining busines:

Environmental performanceUnit20252024

(Note 2)

环境表现单位二零二五年度二零二四年度

（附注

）

Electricity consumptionkWh9,098,2137,950,000

电力消耗千瓦时

Fuel consumption (Note 1)kWh401,123554,385

燃料消耗（附注

）千瓦时

Total energy consumptionkWh9,499,3368,504,385

能源总耗量千瓦时

Energy consumption intensitykWh/per tone of product144128

能源消耗密度千瓦时╱每吨产品

Water consumptionm

22,84710,783

耗水量立方米

Water consumption intensitym

/per tone of product0.350.16

耗水密度立方米╱每吨产品

Total packaging material usedkgN/AN/A

包装物总量公斤不适用不适用

Intensity of packaging material usedkg/toneN/AN/A

包装物密度公斤╱吨不适用不适用

Note:

1. The conversion factors used to calculate the units to kWh

are sourced from the Energy Statistics Manual isued by the

International Energy Agency.

2. The data have ben restated for comparison.

Reduction target of resources consumption

Environmental KPIReduction targBaseline yearStatus

环境关键绩效指标节约目标基准年状态

Energy consumption intensityReduce 3% by 20292024In progres

能源消耗密度于二零二九年度前减少

二零二四年度进行中

Water consumption intensityReduce 3% by 20292024In progres

耗水密度于二零二九年度前减少

二零二四年度进行中

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

：

环境及天然资源

减少环境影响的措施

作为黄金开采商，本集团不可避免的需

要开发太洲矿业的自然资源，一定程度

上造成生态环境的改变。生态影响主要

是由占用土地所致。由于本集团的采矿

和勘探活动在隧道中进行，对土地和森

林的影响仅限于隧道出口的相对较小区

域。本集团根据市场需求拓展于太洲矿

业的开采业务及本集团并未进行不必要

的开采及生产活动。本公司遵守国家法

律及法规下的政策，且本集团采用标准

生产方法及技术。本公司已采取措施减

少对自然环境的影响，如保护水土、矿

山绿化等。

效能及环保是本集团乃至全社会的共同

关注焦点和长期艰巨任务。本集团严格

监控并不时审阅相关数据，竭力减少对

环境的负面影响，同时最大程度地实现

业务发展及营运。

A3: Environment and natural resources

Measures to reduce environmental impact

As gold mining operators, the Group inevitably neds to

extract natural resources from Taizhou Mining, thereby

causing change to the ecological environment to a certain

extent. The ecological impacts were mainly as a result

of land ocupation. As Group’s mining and exploration

activities are conducted in tunels, impact on the land and

forestation is limited to relatively smal areas imediately

surounding the tunel exits. The extent of the Group in

extraction operation at Taizhou Mining is performed in line

with market demand and the Group has not engaged in

any unecesary exploitation and production activities. The

Company complies with the policies under national laws

and regulations, and the Group adopts standard production

methods and technology. The Company has taken

measures, such as water and soil conservation, mining

area plantation, etc., to reduce the impact on the natural

environment.

Eficiency and environmental protection are significant

concerns and dificult long-term tasks for the Group and the

society as a whole. The Group strictly monitors and reviews

relevant data from time to time, so as to minimise the

negative efect on the environment and, at the same time,

maximise its busines development and operation.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

：

气候变化

大众对气候变化的意识不断提高，气候

变化亦为公司间最常探讨的话题之一。

本集团亦不例外，日益关注气候变化对

本集团业务及营运的潜在影响。本集团

定期审阅全球及地方政府政策、监管更

新及市场趋势，以识别可能影响本集团

业务营运的潜在气候相关风险。

根据气候相关财务信息披露工作组制定

的报告框架，气候相关风险分为物理及

过渡风险两大类。本集团将立即制定应

对计划，如改变业务策略及修改发展计

划，以减少该等气候相关风险的负面影

响。

本集团将继续把可持续发展常规纳入其

业务营运，并准备及维持充足资源，藉

以管理已识别的气候相关风险及研究潜

在补救措施。

于二零二五年度，概无对本集团有重大

影响的气候相关风险（包括物理及过渡

风险）。

A4: Climate change

Awarenes over climate change continues to grow and

climate change is one of the most discused topics among

companies. The Group is no exception in increasing its

awarenes over the potential impact of climate change

on the Group’s busines and operation. The Group

regularly reviews global and local government policies,

regulatory updates and market trends to identify potential

climate- related risks that may afect the Group’s busines

operations.

In acordance to the reporting framework developed by the

Task Force on Climate-related Financial Disclosures, there

are two major categories of climate-related risks, being the

physical risks and transition risks. The Group wil develop a

response plan imediately such as changing the busines

strategy and modifying the development plan in order to

reduce the negative impacts of such climate-related risks.

The Group wil continuously incorporate sustainable

practices in its busines operations and prepare and

maintain suficient resources for managing identified

climate-related risks and studying the potential remediation

measures.

In 2025, there was no climate-related risk, including

physical risks and transition risks, that had a significant

impact on the Group.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

社会

：

雇佣

劳工常规

本集团设有良好工作场所常规，雇员不

论年龄、性别、种族、肤色、性取向、残

疾或婚姻状况，均不受歧视，并拥有平

等机会，从而提高雇员满意度。本集团

将每个雇员视为其宝贵资产，尽心为全

体雇员提供良好的工作环境。

本集团保障雇员补偿及解雇、招聘及晋

升、休息时间、平等机会、多元性、反歧

视以及其他待遇及福利方面的权利和权

益。本集团清楚地向其雇员阐释就业权

益详情。

本集团对雇佣政策进行年度审阅，确保

雇员薪酬与业务增长之间的平衡，使其

有利于本集团的发展。

反歧视及平等机会

本集团力争雇员性别及年龄多元化，以

使雇员在文化及交流方面实现均衡。本

集团致力于为所有雇员提供一个无歧视

及平等机会的工作环境，不论其年龄、

性别、种族、肤色、性取向、残疾或婚姻

状况。本集团鼓励劳工多元化，欢迎所

有地区的劳动力，将平等原则付诸实

践。于二零二五年度，本集团并无获报

告任何不遵守雇佣相关法规的情况。

B. SOCIAL

B1: Employment

Labour practices

The Group has formulated god workplace practices for

al the employes, regardles of their age, gender, race,

colour, sexual orientation, disability or marital status, to

prevent discrimination and promote equal oportunities and

therefore increase job satisfaction among the employes.

The Group endeavours to provide a god working

environment for its employes because it regards every

single employe member as a valuable aset of the Group.

The Group guarantes the rights and interests of

employes relating to compensation and dismisal,

recruitment and promotion, rest periods, equal oportunity,

diversity, antidiscrimination and other benefits and welfares.

The Group clearly explains in detail the rights enjoyed by its

employes with regard to their employment.

The Group caries out an anual review of employment

policy to ensure the balance betwen employe

remuneration and busines growth, so that it can benefit

the development of the Group.

Anti-discrimination and equal oportunity

The Group strives to diversify employes in terms of

gender and age, so as to realise balance in culture

and comunication among employes. The Group

is comited to providing a working environment fre

from discrimination and with equal oportunities for al

its employes, regardles of age, gender, race, colour,

sexual orientation, disability or marital status. The Group

encourages labour diversity and welcomes labour from al

areas, thus puting the principle of fairnes into practice.

The Group has not reported incidents of non-compliance

with employment-related regulations in 2025.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团严格执行招聘程序，通过外部引

进与内部培养为集团甄选及吸纳优秀的

人才。于二零二五年度，本集团按性别、

年龄组别、雇佣类别及地理区域划分之

雇员组成（不包括独立非执行董事）如

下：

The Group has strictly implemented recruitment procedures

to select and atract outstanding talents for the Group

through external recruitment and internal training. In 2025,

the proportions of employes (excluding independent non-

executive directors) of the Group by gender, age band,

nature of employment and geographical region are as

folows:

Social PerformanceUnit20252024

社会表现单位二零二五年度二零二四年度

By gender

按性别划分

MalePerson127 (82%)148 (86%)

男性人

FemalePerson27 (18%)25 (14%)

女性人

TotalPerson154 (100%)173 (100%)

总计人

International Women’s Day Events

国际妇女节活动

Cultural Performance Activities Sumary Report

文艺汇演活动总结

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Social PerformanceUnit20252024

社会表现单位二零二五年度二零二四年度

By age group

按年龄组别划分

Age below 30Person7 (5%)7 (4%)

岁以下人

Aged 30 to 50Person79 (51%)98 (57%)

至

岁人

Aged 50 abovePerson68 (44%)68 (39%)

岁以上人

TotalPerson154 (100%)173 (100%)

总计人

By employment type

按雇佣类别划分

Ful-timePerson154 (100%)173 (100%)

全职人

TotalPerson154 (100%)173 (100%)

总计人

By geographical region

按地理区域划分

Hong KongPerson9 (6%)8 (5%)

香港人

ChinaPerson145 (94%)165 (95%)

中国人

TotalPerson154 (100%)173 (100%)

总计人

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

于二零二五年度，本集团的雇员流失比

率如下：

附注：

流失比率乃按特定组别于有关财务年

度的离职雇员人数除以于该财务年度

末特定组别的雇员人数所计算。

遵守有关法律法规

于二零二五年度，本集团并没发现有关

本集团赔偿及解雇、招聘及晋升、工作

时间、休息时间、平等机会、多元化、反

歧视及其他福利及待遇之产生重大影响

之有关法律法规之任何重大违规情况。

本集团严格遵守与雇佣有关的地方法律

法规，如《中华人民共和国劳动法》、《中

华人民共和国劳动合同法》及《陕西省企

业工资支付条例》。此外，于二零二五年

度亦没因未遵守有关法律法规而遭受大

额罚款或制裁。

In 2025, the employe turnover rates of the Group were as

folows:

二零二五年度二零二四年度

By gender (Note 1)

按性别划分（附注

）

Male

男性

18%6%

Female

女性

–13%

By age group (Note 1)

按年龄组别划分（附注

）

Age below 3030

岁以下

29%14%

Aged 30 to 5030

至

岁

–

Aged 50 above50

岁以上

1%16%

By geographical region (Note 1)

按地区划分（附注

）

China

中国

16%7%

Note:

1. The turnover rate is calculated by dividing the number of

departed employes in a specified category during the

relevant financial year by the number of employes in such

specified category at the end of the financial year.

Compliance with relevant laws and regulations

In 2025, the Group was not aware of any material

noncompliance with the relevant laws and regulations

relating to compensation and dismisal, recruitment and

promotion, working hours, rest periods, equal oportunity,

diversity, anti-discrimination, and other benefits and welfare

that have significant impact. The Group strictly complied

with local laws and regulations relating to employment,

such as the Labour Law of the People’s Republic of China

and the Labour Contract Law of the People’s Republic of

China, the Regulations on Enterprise Wage Payment of

Shanxi Province. In adition, there was no significant fine

or sanction as a result of non-compliance with relevant laws

and regulations during 2025.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

：

健康及安全

工作场所健康与安全

保护雇员的职业健康及安全对于本集团

极为重要。本集团严格遵守职业安全与

健康及其他适用法规，为雇员提供安全

及舒适的工作环境，以避免雇员遭受任

何职业性危害。

本集团始终视雇员健康及安全为生产的

优先考虑因素。每位工人须遵守安全指

示，并接受有关安全使用设备或厂房之

培训。本集团已设立安全监督机制并于

各生产阶段指派雇员监督安全规则的遵

守情况。

本集团工厂及总办事处配备所有必要安

全设备及设施，并已通过所有政府安全

检验。

B2: Health and safety

Workplace health and safety

It is critical for the Group to protect its employes’

ocupational health and safety. The Group respects

ocupational safety and health and other aplicable

regulations for a safe and comfortable working environment

that protects employes from ocupational hazards.

The Group always treats employes’ health and safety

as its priority for production. Every worker is required to

folow safety instructions and atend safety training on using

equipment or plant. Safety monitoring mechanism has ben

established and employes have ben asigned to monitor

the compliance with safety rules at each production stage.

The Group has equiped its factory and head ofice with al

the required safety equipment and facilities, and has pased

al the governmental safety inspections.

Comprehensive Comand Centre in Mines

于矿山的设置的综合指挥中心

Steps for the Rescue Plan of Safety Acidents in Mines

于矿山的安全事故救援预案步骤

Method of Risk Asesment for

Operation Conditions in Mines

于矿山的作业条件危险评价办法

Procedures on Acident Prevention, Safety Risk

Clasification and the Screning, Identification and

Control of Acident Hazards in Mines

于矿山的事故预防、安全风险分级及

事故隐患排查治理程序

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团使用炸药开采金矿物，并严格遵

守与中国标准贯彻一致的炸药使用规

则及法规。本集团设有经安全机构及控

制物资的地方公安机关批准并根据其

规定标准设计的专门、专用及隔离的炸

药库。雷管及炸药存放于两个独立的库

内，彼此之间存有安全距离。该等库房

所在的院落完全被高墙、金属门及

小

时监控摄像头护卫。两间炸药库均各有

两把锁、锁匙由两名独立雇员（一名管理

人员及一名安全人员）保管。仅于该两

名人员（锁匙保管人）同时出现方能完全

打开全部门锁，方可取得雷管及╱或炸

药。存储设施由管理层以及安全及公安

机关定期检查，以确保始终合规。使用

炸药后，本集团将使用检测设备测量空

气残余物数量，待空气符合标准后方会

安排雇员进入金矿。

Safety facility outside explosive storage

雷管库外的安全设备

The Group uses explosives for mining gold and strictly

folows rules and regulations on using explosives which

are consistent with the standards in the PRC. There are

dedicated, exclusive and isolated bunkers designed in

acordance with the required standards and aproved

by safety authority and the local public security authority

which controls the suplies. Detonators and explosives

are stored in two separate bunkers with a safe distance

to each other. The yard to these bunkers is secured with

high wals, metal gate, and 24-hour video cameras. Both

bunkers are wel secured with two locks, with keys kept by

two separate staf (one management personel and one

safety personel). Only when both individuals (key kepers)

are present at the same time, al the locks can be unlocked

to aces detonators and/or explosives. The storage

facilities are regularly inspected by the management and the

safety and public security authorities to ensure compliance

at al time. After the use of explosives, the Group wil use

detection equipment to measure the residue in the air.

Employes canot be aranged to enter into the gold mine

until the air mets the standards.

Safety facility outside warehouse storing detonators

炸药库外的安全设备

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

于报告期间，太洲矿业因工伤损失工作

日数如下：

于过去三年，本集团并无雇员涉及因工

死亡事故。

遵守有关法律法规

本集团遵守确保工作场所健康及安全的

法律法规，相关法律法规主要包括：

•

《中华人民共和国安全生产法》

•

《中华人民共和国矿山安全法》

•

《中华人民共和国突发事件应对法》

•

《中华人民共和国职业病防治法》

•

《中华人民共和国特种设备安全法》

•

《爆炸危险场所安全规定》

During the reporting period, the numbers of lost days due

to work-related injury in Taizhou Mining were as folows:

二零二五年度二零二四年度二零二三年度

Number of work-related fatalities

因工死亡的人数

–

Number of work-related injuries

工伤人数

–

Lost days due to work-related

injuries

因工伤损失工作日数

–

Lost day rate

损失日数比率

–

In the past thre years, no employes of the Group were

involved in work-related fatalities.

Compliance with relevant laws and regulations

The Group folows the laws and regulations on ensuring

workplace health and safety, which mainly include:

’s Republic of

China

’s Republic of China

’s Republic of

China

’s Republic of China on the

Prevention and Control of Ocupational Diseases

’s

Republic of China

• Safety Requirements on Explosive Hazardous Area

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

于二零二五年度，本集团没有因有关法

律法规而遭受大额罚款或制裁。此外，

本集团为雇员投购意外保险。本集团已

采取一切合理措施改善工作环境，为雇

员营造安全舒适的工作场所。管理层已

提高工作场所的安全水平，并强制性地

对全体雇员进行培训。

：

发展及培训

雇员发展及培训

为雇员提供持续培训乃业务发展的重要

一环。本集团鼓励雇员不断进行发展并

透过培训提升彼等之技能。本集团了解

培训乃最能符合可持续发展的长期发展

方式，对本集团及雇员均有所裨益。

本集团为董事提供有关本集团发展、必

备技能及监管合规的培训，以更好地了

解本集团的发展潜力及彼等管理技能的

提升方向。

No significant fine or sanction for non-compliance with

relevant laws and regulations was imposed on the Group

during 2025. Moreover, the Group has maintained acident

insurance for its employes. The Group has taken al

reasonable measures to improve the working environment

and to create a safe and comfortable workplace for

employes. The management has improved the safety

standard of workplace, and has provided mandatory

training for al its employes.

B3: Development and training

Employe development and training

Continuous staf training plays a fundamental role in

busines growth. The Group encourages employes to

engage in continuous development and to improve their

skils through training. The Group understands that training

is the most sustainable way for long-term development,

which is beneficial for both the Group and its employes.

The Group provides training for its directors regarding the

Group’s development and esential skils and regulatory

compliance training, enabling them to have a beter

understanding of development potential of the Group and

direction to enhance their management skils.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团提供了不同的内部培训以培训雇

员，包括对新雇员的入职培训和在职培

训以令雇员有效地适应本集团的运作和

巩固工作上所需要的技能以及知识。雇

员应安全工作、遵守安全工作流程并谨

慎操作机器及设备。

The Group provides various internal trainings for developing

the workforce, including orientation and on-board

trainings for new employes to enable them to adapt to

the operation of the Group eficiently and strengthen their

skils and knowledge required for work. It is important for

employes to perform tasks safely, folow safety working

procedures and operate machines and equipment

cautiously.

New employe orientation trainingOrganizational seminar and training sesion

新员工入职培训组织机构研讨培训会

Clean production training activityEmergency dril training for safety acidents

清洁生产培训活动安全事故应急演练培训

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

于二零二五年度，本集团的雇员受训比

率如下：

附注：

按受训雇员人数除以于该财务年度末

的雇员总人数。

按该类别受训雇员人数除以受训雇员

总人数计算。

In 2025, the employe training rates of the Group were as

folows:

二零二五年度二零二四年度

Percentage of employes trained

(Note 1)

受训雇员百分比（附注

）

95%98%

Percentage of employes trained

by gender (Note 2)

按性别划分的受训雇员百分比

（附注

）

Male

男性

84%86%

Female

女性

16%14%

Percentage of employes trained

by employment category (Note 2)

按雇佣类别划分的受训雇员

百分比

（附注

）

Senior management

高级管理层

12%3%

Midle management

中级管理层

9%19%

General staf

一般雇员

79%78%

Notes:

1. Calculated by dividing the number of employes trained by

the total number of employes at the end of the financial

year.

2. Calculated by dividing the number of employes trained in

such category by the total number of employes trained.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

于二零二五年度，本集团的雇员之平均

培训时间如下：

附注：

培训总时数除以于该财务年度末的雇

员总人数。

按该类别培训总时数除以该类别雇员

总人数。

本集团不时评估培训课程并审阅培训效

果。本集团致力于提升雇员的知识及技

能以便于工作职责的履行。

此外，本集团鼓励管理层与雇员互相交

流。本集团尊重并关心雇员的意见及建

议。同时，本集团及时向全体雇员发布

Notes:

1. Calculated by dividing the total training hours by the total

number of employes at the end of the financial year.

2. Calculated by dividing the total training hours in a category by

the total number of employes in such category.

The Group evaluates the training programs from time to

time and reviews the efectivenes of training. The Group

makes efort to improve employes’ knowledge and skils

for discharging duties at work.

Moreover, the Group encourages mutual comunication

betwen management and employes. The Group respects

and cares about employes’ opinions and sugestions.

Meanwhile, the Group releases the latest corporate news to

al employes in a timely maner.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

：

劳工准则

童工及强制性劳工

任何未达到法定工作年龄及并无任何身

份证明文件的个人不合资格接受雇佣。

本集团的政策为不雇佣违反劳动合同法

规定的人士。

本集团充分利用人力资源部门，以保证

遵守法律及法规。人力资源部门有责任

审阅及确认雇佣常规、避免童工及强制

性劳工。倘发现任何不合法劳工，本集

团将立即与有关雇员解除雇佣关系，并

对责任人追究责任。

遵守有关法律法规

本集团遵守禁止童工及强制性劳工的法

律及法规，主要包括：

•

香港特别行政区《雇佣条例》

•

《中华人民共和国劳动法》

•

《中华人民共和国劳动合同法》

•

《中华人民共和国未成年人保护法》

•

《禁止使用童工规定》（国务院令第

号）

于二零二五年度，本集团并无违反有关

雇佣年龄的法律及法规，亦无遭致任何

劳工纠纷。

B4: Labour standards

Child labour and forced labour

Any individual below legal working age and without any

identification documents is unqualified for employment.

It is the Group’s policy to disqualify the person from

employment if he/she is found to be hired against the

requirements of the Labour Contract Law.

The Group makes god use of its Human Resource

Department to ensure compliance with laws and

regulations. The Human Resource Department takes the

responsibilities to review and confirm employment practices

to avoid child labour and forced labour. In case that any

unlawful labour was identified, the Group would imediately

terminate the employment relationship with the relevant

employe and hold the person-in-charge acountable.

Compliance with relevant laws and regulations

The Group folowed the laws and regulations on prohibiting

child labour and forced labour, which mainly include:

• Employment Ordinance of Hong Kong Special

Administrative Region

’s Republic of China

’s Republic of

China

’s Republic of China on Protection of

Minors

• Regulations on Prohibiting Use of Child Labour (State

Council Order No. 364)

In 2025, there was no violation of laws and regulations on

employment age or any labour dispute arose within the

Group.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

：

供应链管理

供应商管理

本集团旨在提供全面的解决方案以满足

客户的需要，并透过资源整合及供应商

遴选及管理建立一套全面的垂直供应链

管理系统。

本集团的目标为深化与策略供应商的合

作关系并建立于价值链中的竞争优势，

进而提升社会及环境影响力及保证供应

商于可持续发展方面秉持相似立场。本

集团与其供应商保持长期关系以保证稳

定供应。

于二零二五年度，本集团根据政府规定

自声誉良好的本地供应商购买易爆物

质。本集团预期其供应来源将不可能影

响本地工厂的经营。

截至二零二五年度末，按地区划分的主

要供应商数目如下：

B5: Suply chain management

Suplier management

The Group aims to provide comprehensive solutions that

met customers’ neds and establish a comprehensive

vertical suply chain management system through resource

integration and suplier screning and management.

The objectives of the Group are to depen the colaborative

relationship with its strategic supliers and to create

competitive advantages in the value chain, and thus to

enhance the impact on the society and environment and to

ensure that its supliers uphold similar stance in sustainable

development. The Group maintains long-term relationship

with its supliers to ensure stable suply.

In 2025, the Group purchases explosive substances

from local reputable supliers acording to government

regulations. The Group does not forese its source of

suplies would have efect on the operation of local

factories.

As at the end of 2025, the number of major supliers by

geographical region was as folows:

二零二五年度二零二四年度

Mainland China

中国内地

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

：

产品责任

产品安全及质素

本集团有一贯的做法以确保客户知悉其

所购买精矿的质素及黄金含量。每批精

矿出货时，会在本集团及客户的代表监

督下由独立实验室进行抽样检测。本集

团致力于向客户提供优质产品以建立良

好信誉及声誉。本集团已遵守《中华人民

共和国产品质量法》的有关规定。

产品退货政策

于二零二五年度，本集团已出售或已付

运的产品并无因安全及健康理由而须予

回收，以及产品并无因质量问题而接获

投诉的情况。

客户反馈及处理方式

本集团欢迎客户提出意见及建议。本集

团提供多种沟通渠道，例如社交媒体及

电子邮件。本集团会定期设立沟通渠道

及反馈系统，以便从客户收集满意度资

料及改进建议。

本集团综合及全面分析客户的反馈意

见，并监察客户对其业务的满意程度。

本集团将采取跟进行动，包括内部评估

及修改雇员培训计划、制定改进方案及

完善现有管理程序，以解决已识别的问

题。本集团将及时向客户提供反馈。

B6: Product responsibility

Product safety and quality

The Group has formulated customary practices to ensure

that its customers are wel aware of the quality and gold

content of mineral concentrates being purchased. A sample

test would be conducted by an independent lab on each

shipment of mineral concentrates under the supervision of

representatives of the Group and its customer. The Group

strives to provide its customers with quality products to

establish god credibility and reputation. The Group has

complied with relevant requirements in the Product Quality

Law of the People’s Republic of China.

Product return policy

In 2025, there were no product sold or shiped subject to

recals for safety and health reasons in the Group and there

were no cases of complaints received against the quality of

the Group’s products.

Customer fedback and handling

The Group welcomes coments and sugestions from the

customers. The Group provides a variety of comunication

chanels, for instance, social media and emails. Regular

comunication chanels and fedback systems are in

place to gather information on satisfaction and sugestions

for improvement from the customers.

The Group consolidated and comprehensively analysed

the customers’ fedback and monitor the level of customer

satisfaction in its busines. Folow-up actions, including

internal evaluation and modification of training programs for

employes, formulation of improvement plan and refining

the existing management procedures wil be taken to

adres the identified isues. Fedback wil be provided to

the customers in a timely maner.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

数据私隐

本集团对商业资料保密，并对客户资料

保密以保护消费者资料及隐私，且本集

团会适时销毁有关资料。本集团已制定

严格的雇员行为守则。此外，本集团要

求雇员按照员工手册及工作准则要求，

采取一切合理方法保密本集团及客户资

料。

保护知识产权

本集团致力遵守知识产权的相关法例及

规例，并透过重续专利及商标，尊重及

保障其知识产权。本集团与其雇员订立

标准的雇佣合约，当中载列有关知识产

权及保密性的规定。

遵守有关法律法规

董事认为本集团已遵守有关本集团产品

的相关法律及法规，如《中华人民共和国

产品质量法》。于二零二五年度，本集团

概无因安全或健康问题而遭退回产品，

没有收到任何客户投诉，亦没有因违规

而遭受大额罚款。

：

反贪污

反贪污及洗钱

本集团的经营严格遵守地方及国家法

律，如香港《防止贿赂条例》及中国大陆

有关反贪污的相关法律。

Data privacy

The Group keps busines information and customers’

data confidential in order to protect consumer data and

privacy. The Group wil destroy relevant information in

due time. The Group has set up strict code of conduct

requirements for their employes. In adition, the

employes are required to maintain al reasonable methods

to safeguard the information of the Group and the

customers as stated in the Staf Handbok and working

practices.

Protection of intelectual property rights

The Group is comited to complying with relevant laws

and regulations in relation to intelectual property rights by

valuing and protecting its intelectual properties through

renewals of patent and trademark. The Group enters

into standard employment contracts with its employes

which contain provisions on intelectual property rights and

confidentiality.

Compliance with relevant laws and regulations

The directors believe that the Group has complied with

relevant laws and regulations related to the products of the

Group, such as the Product Quality Law of the People’s

Republic of China (

中华人民共和国产品质量法

). In 2025,

the Group did not have any product returned due to

safety or health problems or any complaint received from

customers or any significant fine resulted from violation of

regulations.

B7: Anti-coruption

Anti-coruption and money laundering

The Group’s operation strictly complies with local and

national legislations, such as the Prevention of Bribery

Ordinance of Hong Kong and relevant legislation on

anticoruption of Mainland China.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本集团深知诚实、诚信及公平对其经营

的重要性并已制定反贪污政策。本集团

在会议和文件（如员工手册）中，多次提

醒各级雇员注意反贪污、给予和接受利

益。雇员必须在履行职责时申报利益冲

突。

本集团透过制定有关规则及规定，鼓励

全体雇员诚实地履行彼等之职责并遵守

相关法律及法规。有关货币金额的交易

乃透过须经适当层级授权签名的现金及

银行交易进行。本集团并无涉及洗钱，

政府或银行部门并无提出有关查询或关

注。

于二零二五年度，本集团已向其董事及

雇员提供了反贪污教育及培训，以提高

彼等对道德及腐败问题的认知及关注。

于二零二五年度，本集团并无录得贿赂

或贪污指控。

遵守有关法律法规

于二零二五年度，本集团或其雇员概无

发现牵涉有关贿赂、勒索、欺诈或洗黑

钱之任何法律案件，亦没有录得贿赂或

贪污指控。本集团严格遵守《防止贿赂条

例》、《中华人民共和国反不正当竞争法》

及其他反贪污有关的地方法律法规。

The Group is wel aware of the importance of honesty,

integrity and fairnes to its operation and has formulated

its anti-coruption policy. The Group has reminded its

employes at al levels many times of anti-coruption, giving

and taking of interests in metings and documents such as

staf handboks. Staf are required to declare any conflicts

of interests when performing their duties.

Through the establishment of relevant rules and regulations,

the Group encourages al the employes to discharge their

duties with integrity and in compliance with the relevant

laws and regulations. Transactions in monetary sums are

procesed through cash and bank transactions which

require authorised signatures with apropriate levels. The

Group did not involve in money laundry and there was

no enquiry or concern from the government or banking

department.

The Group has provided anti-coruption education and

training for its directors and staf in 2025 to raise their

awarenes and concern towards ethical and coruption

isues.

In 2025, the Group did not record any bribery or coruption

charge.

Compliance with relevant laws and regulations

In 2025, neither the Group nor any of its employes was

found involved in any legal procedings relating to bribery,

extortion, fraud or money laundering, or has recorded any

bribery or coruption charge. The Group strictly complied

with the Prevention of Bribery Ordinance, the Anti-unfair

Competition Law of the People’s Republic of China and

other local laws and regulations relating to anti-coruption.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

：

社区投资

社区参与

回馈社会乃本集团可持续发展策略的

组成部分。本集团全面支持社区福利，

并特别关注弱势社群以提高社区参与效

率。于二零二五年度，本集团鼓励员工

积极参与公益活动及义务工作，以及参

与地区环境保护工作，本集团已参与生

态环境修复活动，积极在附近山区栽种

各类苗木，改善地区环境。

本集团非常重视社区投资的重要性及

需要，并积极探索参与社区的活动及方

式。本集团与当地社区官员及领导者保

持紧密联系，以确保参与社区事务的有

效性和可行性。值得注意的是，本集团

的矿区大部分员工都来自当地邻近村

庄，此举备受当地社区的高度认可和赞

誉。本集团致力于发掘更多社区投资的

机会，并将其纳入发展规划中，以回馈

当地社区。

B8: Comunity investment

Comunity involvement

Giving back to society is a component of the Group’s

sustainable development strategy. The Group fuly

suports comunity welfare and particularly focuses on

underprivileged comunity to enhance its eficiency of

comunity involvement. In 2025, the Group encourages

employes to actively participate in public welfare activities

and voluntary work, as wel as participate in regional

environmental protection work. The Group has participated

in ecological environment restoration activities and actively

planted various sedlings in nearby mountainous areas to

improve the regional environment.

The Group values the importance of and the ned for

comunity investment, and actively explores the activities

and maner for the Group to engage in comunity. The

Group maintains daily contact with comunity oficials

and leaders to ensure the efectivenes and feasibility of

its involvement in the comunity. One remarkable move

is that most employes working in the mining area were

hired by the Group from the nearby vilages, which was

highly recognised and apreciated by the local comunity.

The Group is comited to developing more comunity

investment oportunities in its development plans and

incorporating them into development plans to give back to

the local comunity.

For identification purposes only

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE PRACTICES

The Company strives to atain and maintain the highest standard

of corporate governance as it believes that efective corporate

governance practices are fundamental to enhancing shareholder value

and safeguarding shareholder interests.

The principles of corporate governance adopted by the Group

emphasize a quality board, sound internal control, and transparency

and acountability to al its shareholders.

The Company has adopted the code provisions (the “Code

Provision(s)”) set out in the Corporate Governance Code and

Corporate Governance Report (the “Code”) set out in Apendix C1 to

the GEM Listing Rules and the Company had complied with al Code

Provisions as set out in the Code in the Year, except for the folowing

deviation:

Code Provision A.2.1

Code Provision A.2.1 of the Code stipulates that the roles of the

chairman and the chief executive should be separate and should not

be performed by the same individual. During the Year, the role of the

chairman of the Company is performed by Dr. Li, while the ofice of

the chief executive is vacated folowing the retirement of Mr. Feng Jun

on 11 September 2017. The Board wil kep reviewing the curent

structure of the Board from time to time and should candidate with

suitable knowledge, skil and experience be identified, the Company

wil make apointment to fil the post of the chief executive as

apropriate.

企业管治常规

本公司致力于达致及维持最高标准的企业管治，

由于其认为有效的企业管治常规对于提升股东价

值及保障股东权益属至关重要。

本集团采纳的企业管治原则专注于优质的董事

会、良好的内部控制及对其全体股东的透明性及

问责性。

本公司已采纳

GEM

上市规则附录

所载企业管治

守则及企业管治报告（「守则」）的守则条文（「守则条

文」）及本公司于本年度已遵守则所载的全部守

则条文，惟以下偏离除外：

守则条文第

A.2.1

条

守则的守则条文第

A.2.1

条规定主席及行政总裁之

角色应有所区分及不应由同一人士担任。于本年

度，本公司之主席角色由李博士担任，而行政总裁

职位于冯军先生在二零一七年九月十一日退任后

空缺。董事会将持续不时审阅董事会的现有架构，

而倘觅得具备合适知识、技能及经验之人选，本公

司将适时进行委任以填补行政总裁之职位空缺。

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

企业文化与价值观

本集团内积极进取的企业文化对本公司实现可持

续发展的目标至关重要。本公司董事会（分别为「董

事会」及「董事」）的职责是培育一种企业文化，遵循

下列原则指导雇员的行为及举止，并确保本公司

的愿景、使命、政策及业务策略与之保持一致：

(i)

维护及提升本集团投资的价值；

(i)

维护及提升本集团的声誉；

(i)

高度重视环境保护及工作健康与安全；

(iv)

及时向市场交付高质量的产品；

(iv)

鼓励多元化及创新；

(v)

控制及优化所有成本要素；及

(vi)

完成本公司的财务目标。

更多详情，请参阅本年报的主席报告及管理层讨

论及分析。

非执行董事

各独立非执行董事均已与本公司订立服务合约，

据此，各自获委任为本公司服务三年。其委任期限

受限于本公司组织章程细则的轮席告退条文。

CORPORATE CULTURE AND VALUE

A positive and progresive corporate culture acros the Group is

vital for the Company to achieve its purpose towards the sustainable

growth. It is the role of the board of directors of the Company

(“Board” and “Directors”, respectively) to foster a corporate culture

with the folowing principles to guide the conduct and behaviours of

its employes, and ensure that the Company’s vision, mision, policies

and busines strategies are aligned to it:

(i) preserve and enhance the values of the Group’s investments;

(i) preserve and enhance the Group’s reputation;

(i) puts strong emphasis on environmental protection and work

health and safety;

(iv) deliver high quality products in a timely maner to the market;

(iv) encourages diversity and inovation;

(v) control and optimize al cost elements; and

(vi) met the Company’s financial targets.

Please refer to the Chairman’s Statement and the Management

Discusion and Analysis of this anual report for more details.

NON-EXECUTIVE DIRECTORS

Each of the independent non-executive Directors has entered into a

services contract with the Company pursuant to which each of them

is apointed for service with the Company for a term of thre years.

Their terms of apointment shal be subject to the rotational retirement

provision of the articles of asociation of the Company.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事进行证券交易

本公司已采纳有关董事进行证券交易之行为守

则，其条款不逊于交易规定准则。经向所有董事作

出特定查询后，全体董事已确认于本年度，彼等已

遵守本公司所采纳之交易规定准则及有关董事进

行证券交易之行为守则。

公司秘书

李绮华女士，为香港执业律师，于二零二零年二

月二十日获委任为公司秘书，负责就企业管治事

宜向董事会提供意见并确保遵守董事会政策及程

序、适用法例、规则及规例。所有董事均可获得公

司秘书的建议及服务以确保董事会进行议事程序

及所有适用法律获得遵守。此外，公司秘书负责促

进董事之间以及高级管理层之间的沟通。

于本年度，公司秘书已根据

GEM

上市规则第

5.15

条进行了超过

小时的相关专业培训。

董事会董事会

负责领导及管理本集团，监督本集团之业务、战略

决策及表现，评估本集团之表现及监督管理层。此

外，董事会保留其在本公司所有重大事宜之最终

决策权，包括批准及监察预算、股息分派、重大交

易、编制及刊发财务资料以及委任董事。董事会亦

负责履行守则中之守则条文第

D.3.1

条所载之企业

管治职能。

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted a code of conduct regarding the

securities transactions by Directors on terms no les exacting than

the Required Standard of Dealings. Having made specific enquiries of

al Directors, al Directors confirmed that they had complied with the

Required Standard of Dealings and the code of conduct regarding

securities transactions by Directors adopted by the Company during

the Year.

COMPANY SECRETARY

Ms. Eva Le, a practising solicitor in Hong Kong, was apointed as

the Company Secretary on 20 February 2020 and responsible for

advising the Board on corporate governance maters and ensuring

that the Board policy and procedures, and the aplicable laws,

rules and regulations are folowed. Al Directors have aces to the

advice and services of the Company Secretary to ensure that the

Board procedures and al aplicable laws are folowed. Moreover,

the Company Secretary is responsible for facilitating comunications

among Directors as wel as with senior management.

During the Year, the Company Secretary had undertaken more than

15 hours of relevant profesional training in compliance with Rule 5.15

of the GEM Listing Rules.

BOARD OF DIRECTOR

The Board is responsible for the leadership and control of the

Group, overseing the Group’s busineses, strategic decisions

and performance, evaluating the performance of the Group and

supervising the management. In adition, the Board reserves the

authority to make final decisions for al major maters of the Company,

including aproving and monitoring of budgets, dividend payout,

material transaction, preparation and release of financial information,

apointment of Directors. The Board is also responsible for

performing the corporate governance duties set out in Code Provision

D.3.1 of the Code.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会已检讨

GEM

上市规则第

5.46

条至第

5.67

条

之遵守情况以及本企业管治报告之披露资料，包

括董事会成员多元化政策以及内部监控系统之成

效。为提高效率，董事会已将日常责任及营运授权

予执行董事及高级管理层，而彼等于本公司主席

领导下履行职责。

董事会组成

董事会由五名董事组成，其中包括两名执行董事

及三名独立非执行董事。

其组成按类别划分之详情如下：

执行董事

李大宏博士（主席）

马晓娜女士

独立非执行董事

郭玮先生

林闻深先生

张伟雄先生

凭借执行董事及独立非执行董事（「独立非执行董

事」）的不同经验以及考虑到本集团业务的性质，本

公司深明董事会成员的经验及资历达致完善均衡

对本集团维持业务长远可持续发展的裨益。为协

助本公司坚守对达致完善均衡的董事会的承诺，

提名委员会获委托负责审查本公司的人力资源政

策及招聘程序，确保有关政策行之有效。

董事及董事会成员之间的关系之详情载于本报告

第

页「董事及高级管理层履历」一节。

The Board had reviewed the compliance of Rules 5.46 to 5.67 of

the GEM Listing Rules and disclosure in this Corporate Governance

Report including the board diversity policy and efectivenes of the

internal control systems. In order to enhance eficiency, the Board

has delegated the day-to-day responsibilities and operations to the

executive Directors and senior management who perform their duties

under the leadership of the chairman of the Company.

BOARD COMPOSITION

The Board comprises five Directors, including two executive Directors

and thre independent non-executive Directors.

Details of their composition by category are as folows:

Executive Directors

Dr. Li Dahong (Chairman)

Ms. Ma Xiaona

Independent Non-Executive Directors

Mr. Guo Wei

Mr. Lam Albert Man Sum

Mr. Cheung Wai Hung

With the various experience of the executive Directors and

independent non-executive Directors (the “INEDs”) and having regard

to the nature of the Group’s busines, the Company recognises

the benefits of having a Board with wel-balanced experience and

qualifications to maintain a sustainable busines development of the

Group in the long run. In recognition of the Company’s comitment

to a wel-balanced Board, the nomination comite is entrusted

to review the Company’s human resources policy and recruitment

proces to ensure the efectivenes of such policy.

Details of Directors and relationship betwen the board members are

set out in the section headed “Biographical Details of Directors and

Senior Management” on page 17 of this report.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会多元化政策

根据守则，董事会已采纳董事会多元化政策。本

公司认为董事会多元化乃本公司维持良好企业管

治、实现可持续发展及达致策略目标的重要部分。

本公司认为董事会多元化会提升决策能力及多元

化的董事会能够更有效地应对组织变动。本公司

认为多元化的概念包括多个维度，例如专业经验、

业务眼光、技能、知识、性别、年龄、文化及教育背

景、民族及服务年期。就执行董事会多元化政策而

言，已采纳以下目标：

独立性：董事会应包括均衡的执行及独立非执行

董事构成，以使董事会具备较强的独立性。独立非

执行董事应具备相当的才干及地位以使彼等的观

点具有影响力。

性别：本公司致力于在所有业务经营中营造一个

无关性别的人本环境及在性别、身体或精神状态、

人种、国籍、宗教、年龄或家庭状况方面实现一个

零骚扰及歧视的工作环境。同样的原则亦适用于

为董事会就委任甄选潜在候选人。于本年度，董事

会有一位女性执行董事。

国籍及民族：为应对本公司业务不同的组合，本

公司致力于建立具备不同国籍或民族背景的董事

会，其能够对本公司经营其业务所在环境贡献其

知识及了解。

BOARD DIVERSITY POLICY

Pursuant to the Code, the Board has adopted a board diversity

policy. The Company believes that board diversity is a key element

for the Company to maintain sound corporate governance, realize

sustainable development and achieve strategic objectives. The

Company believes that board diversity enhances decision-making

capability and a diverse board is more efective in dealing with

organizational changes. The Company considers that the concept

of diversity incorporates a number of diferent aspects, such as

profesional experience, busines perspectives, skils, knowledge,

gender, age, cultural and educational background, ethnicity and

length of service. For the purpose of implementation of the board

diversity policy, the folowing objectives were adopted:

Independence: The Board should include a balanced composition of

executive and independent non-executive Directors so that there is a

strong element of independence in the Board. The independent non-

executive Directors shal be of suficient caliber and stature for their

views to cary weight.

Gender: The Company is comited to maintaining an environment of

respect for people regardles of their gender in al busines dealings

and achieving a workplace environment fre of harasment and

discrimination on the basis of gender, physical or mental state, race,

nationality, religion, age or family status. The same principle is aplied

to the selection of potential candidates for apointment to the Board.

During the Year, the Board had one female executive Director.

Nationality and ethnicity: To cope with the diversified portfolio of the

Company’s busineses, the Company aspires to having a board

of directors of diferent nationality or ethnic backgrounds who can

contribute their knowledge and understanding of the environment in

which the Company operates its busines.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

技能及经验：董事会拥有适用于本公司业务要求

的均衡技能。董事具备财务、学术及管理背景的组

合，其在一系列业务中共同为本公司提供丰富的

经验。

除上述目标外，董事会多元化政策具有以下符合

GEM

上市规则的可计量目标：

至少三分之一的董事会成员应为独立非执行

董事；

至少三名董事会成员应为独立非执行董事；

及

至少一名董事会成员应具备适当的专业资格

或会计或相关财务管理专业技能。

董事会每年检讨董事会多元化政策的实施及成

效。本公司于二零二五年三月三十一日已实现董

事会多元化政策项下的可计量目标。

Skils and experience: The Board poseses a balance of skils

apropriate for the requirements of the busines of the Company.

The Directors have a mix of finance, academic and management

backgrounds that taken together provide the Company with

considerable experience in a range of activities.

Apart from the above objectives, the board diversity policy has the

folowing measurable objectives to comply with the GEM Listing

Rules:

1. at least one third of the members of the Board shal be

independent non-executive Directors;

2. at least thre of the members of the Board shal be independent

non-executive Directors; and

3. at least one of the members of the Board shal have obtained

apropriate profesional qualifications or acounting or related

financial management expertise.

The implementation and efectivenes of the policy on board diversity

is reviewed anualy by the Board. The Company has achieved the

measurable objectives under board diversity policy as at 31 March

2025.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

确保独立意见的机制

本公司确保董事会可透过下列机制取得独立意见

和观点：

提名委员会应每年检讨董事会的组成及独立

非执行董事的独立性，尤其是独立非执行董

事的比例及任职超过九年的独立非执行董事

的独立性。

本公司已收到各独立非执行董事根据上市规

则第

3.13

条就其对本公司的独立性所作的书

面确认。本公司认为其所有独立非执行董事

均属独立。

鉴于良好的企业管治常规，为避免利益冲突，

董事倘为本公司控股东及╱或控股东的

若干附属公司的董事及╱或高级管理层，须

就控股东及╱或其联系人的交易有关的董

事会决议放弃投票。

董事会主席须至少每年与独立非执行董事举

行一次会议。

董事会所有成员在必要时可寻求独立专业意

见，以根据本公司政策履行职责。

提名委员会审阅确保独立意见的机制，以确保董

事会每年均可就以下事项获得独立意见及观点：

独立非执行董事的占比、招聘及独立性及其贡献，

以及获取外部独立专业意见。

MECHANISMS TO ENSURE INDEPENDENT VIEWS

The Company makes certain that the Board has aces to

independent views and input through the mechanisms listed below:

1. The Nomination Comite should review the Board

composition and the independence of the independent non-

executive Directors anualy, in particular the portion of the

independent non-executive Directors and the independence of

the independent non-executive Director who has served for more

than nine years.

2. A writen confirmation was received by the Company under

Rule 3.13 of the Listing Rules from each of the independent

non-executive Directors in relation to his/her independence to

the Company. The Company considers al its independent non-

executive Directors to be independent.

3. In view of god corporate governance practices and to avoid

conflict of interests, the Directors who are also Directors and/or

senior management of the Company’s controling shareholders

and/or certain subsidiaries of the controling shareholders,

would abstain from voting in the relevant Board resolutions on

the transactions with the controling shareholders and/or its

asociates.

4. The chairman of the Board shal met with independent non-

executive Directors at least once anualy.

5. Al members of the Board can sek independent profesional

advice when necesary to perform their responsibilities in

acordance with the Company’s policy.

The mechanisms to ensure independent views are reviewed by the

Nomination Comite for ensuring independent views and input

are available to the Board on an anual basis, whether in terms of

proportion, recruitment and independence of independent non-

executive Directors, and their contribution and aces to external

independent profesional advice.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事出席会议

本年度已举行

次董事会议及一次股东大会。全

体董事于本年度举行之本公司董事会议、董事

委员会议及股东大会之出席记录载列如下：

企业管治职能

根据守则的守则条文第

D.3

条，董事会负责履行本

公司的企业管治职责。董事会应具有以下有关履

行本公司企业管治职责的职责及责任：

制定及审阅本集团有关企业管治的政策及常

规；

审阅及监察本集团董事及高级管理层的培训

及持续专业发展；

DIRECTORS’ ATENDANCE AT METINGS

During the Year, 7 Board metings and one general meting were

held. Set out below are the atendance records of al the Directors

at the Company’s board metings, board comite metings and

general metings held during the Year:

Board

Meting

Audit

Comite

Meting

Remuneration

Comite

Meting

Nomination

Comite

Meting

General

Meting

董事会议

审核委员会

会议

薪酬委员会

会议

提名委员会

会议股东大会

Number of metings atended/Number of metings

entitled to atend

出席会议次数╱有权出席会议次数

Executive Directors:

执行董事：

Dr. Li Dahong

李大宏博士

7/7–1/1

Ms. Ma Xiaona

马晓娜女士

7/7–3/32/21/1

Independent Non-executive

Directors:

独立非执行董事：

Mr. Guo Wei

郭玮先生

7/73/33/32/21/1

Mr. Lam Albert Man Sum

林闻深先生

7/73/33/32/21/1

Mr. Cheung Wai Hung

张伟雄先生

7/73/3–1/1

CORPORATE GOVERNANCE FUNCTION

Acording to Code Provision D.3 of the Code, the Board is

responsible for performing the corporate governance duties of the

Company. The Board has the folowing duties and responsibilities for

performing the corporate governance duties of the Company:

’s policies and practices on

corporate governance;

2. to review and monitor the training and continuous profesional

development of the Directors and senior management of the

Group;

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

审阅及监察本集团有关遵守法定及监管规定

的政策及常规；

制定、审阅及监察适用于雇员及董事的行为

守则及合规手册（如有）；及

审阅本集团遵守则的情况及本公司企业管

治报告及年报的披露。

董事之培训及专业发展

根据

GEM

上市规则附录

项下的守则条文第

A.6.5

条，全体董事应参与持续专业发展以发展及更新

彼等之知识及技能。此举旨在保证彼等对董事会

的贡献属知情及相关。各名董事于首次获委任时

将接受入职培训，以保证彼对本集团的业务及经

营具有适当了解及彼充分知悉彼于

GEM

上市规则

及其他相关法律及监管规定项下之职责及义务。

于本年度，全体董事参与有关彼等于相关法律及

监管规定项下之职责及责任的持续专业发展，其

中包括阅读有关法律或监管的最新资料及参加线

上培训课程。

独立性之确认

本公司已接获各独立非执行董事根据

GEM

上市规

则第

5.09

条作出的独立性确认函，并认为全体独立

非执行董事属独立。

’s policies and practices on

compliance with legal and regulatory requirements;

, review and monitor the code of conduct and

compliance manual (if any) aplicable to employes and the

Directors; and

’s compliance with the Code and disclosure

in the corporate governance report and in anual report of the

Company.

DIRECTORS’ TRAINING AND PROFESIONAL

DEVELOPMENT

Pursuant to the Code Provision A.6.5 under Apendix C1 to the

GEM Listing Rules, al Directors should participate in continuous

profesional development to develop and refresh their knowledge and

skils. This is to ensure that their contribution to the Board remains

informed and relevant. Each Director received induction on the first

ocasion of his apointment, so as to ensure that he has apropriate

understanding of the busines and operations of the Group and

that he is suficiently aware of his responsibilities and obligations

under the GEM Listing Rules and other relevant legal and regulatory

requirements.

During the Year, al Directors participated in continuous profesional

development regarding their duties and responsibilities under the

relevant legal and regulatory requirement which included reading

materials in relation to legal or regulatory update and atending online

training courses.

CONFIRMATION OF INDEPENDENCE

The Company has received from each of the independent non-

executive Directors a confirmation of independence pursuant to Rule

5.09 of the GEM Listing Rules and considers al the independent non-

executive Directors to be independent.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

利益冲突

若有董事在董事会将予考虑的交易或建议中存有

利益冲突，有关董事须申报利益及放弃投票。有关

事项须经董事会议考虑，由在交易中不存在重

大利益的董事出席此会议。

董事委员会

于本年度，本公司设有三个委员会，分别为审核委

员会、本公司薪酬委员会（「薪酬委员会」）、及本公

司提名委员会（「提名委员会」），以协助董事会履行

其职务及职责。该等委员会获提供充分资源履行

其职务，并可取得有关其职务之外部独立专业意

见，费用由本公司承担。

审核委员会

审核委员会之主要职责为审阅本公司财务资料及

监察本集团的财务报告流程以及风险管理及内部

监控系统，与本公司之核数师保持适当关系及向

董事会提供建议及意见。

审核委员会之书面职权范围列明其职权与职责，

并已刊登于联交所及本公司网站。

审核委员会由全体独立非执行董事组成。于本年

度及直至本报告日期，审核委员会成员如下：

林闻深先生（主席）

郭玮先生

张伟雄先生

于本年度内，审核委员会曾举行三次会议。

CONFLICT OF INTEREST

If a Director has a conflict of interest in relation to a transaction or

proposal to be considered by the Board, such Director is required

to declare his interest and to abstain from voting. The mater is

considered at a Board meting atended by Directors who have no

material interest in the transaction.

BOARD COMITES

During the Year, the Company had thre comites, namely the

Audit Comite, the remuneration comite of the Company (the

“Remuneration Comite”), and the nomination comite of

the Company (the “Nomination Comite”) to asist the Board

in discharging its duties and responsibilities. The comites are

provided with suficient resources to discharge their duties and are

able to obtain outside independent profesional advice in conection

with their duties at the Company’s expenses.

Audit Comite

The primary duties of the Audit Comite are to review the financial

information of the Company, overse the financial reporting proces

and risk management and internal control systems of the Group,

maintain an apropriate relationship with the Company’s auditors and

provide advice and coments to the Board.

The Audit Comite has writen terms of reference that sets out its

authorities and duties, which has ben published on the websites of

the Stock Exchange and the Company.

The Audit Comite comprises al independent non-executive

Directors. Members of the Audit Comite during the Year and up to

the date of this report is as folows:

Mr. Lam Albert Man Sum (Chairman)

Mr. Guo Wei

Mr. Cheung Wai Hung

3 metings had ben held by the Audit Comite during the Year.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

审核委员会审阅并与管理层讨论本年度之经审核

综合财务报表、截至二零二四年九月三十日止六

个月之未经审核简明综合财务报表、本集团采纳

之会计原则及常规以及审核、风险管理及内部监

控系统以及财务呈报事宜。本集团截至二零二五

年三月三十一日止年度之经审核财务报表已经审

核委员会审阅。

提名委员会

提名委员会之主要职责为审阅及监察董事会之架

构、规模及成员构成，识别合资格人士担任董事会

成员，评估独立非执行董事之独立性及就委任或

重新委任董事向董事会作出推荐建议。

董事会已采纳一项董事会成员多元化政策，当中

列明使董事会成员多元化之途径。本公司肯定及

深信董事会成员多元化的好处。其致力确保董事

会维持适合本公司业务需要之均衡技能、经验及

多元化观点。所有董事会任命将继续于仔细考虑

董事会成员多元化的好处后量才任命。甄选人选

时将考虑多项多元化因素，包括（但不限于）性别、

年龄、文化及教育背景、专业或其他经验、技能及

知识。最终决定将依据获选对象之才能及将为董

事会作出之贡献而作出。根据董事会工作多元化

的政策，提名委员会将协助董事会维持董事的技

能矩阵。

The Audit Comite has reviewed and discused with the

management the audited consolidated financial statements for the

Year, the unaudited condensed consolidated financial statements for

the six months ended 30 September 2024, the acounting principles

and practices adopted by the Group and auditing, risk management

and internal control systems and financial reporting maters. The

audited financial statements of the Group for the year ended 31

March 2025 have ben reviewed by the Audit Comite.

Nomination Comite

The primary duties of the Nomination Comite are reviewing

and supervising the structure, size and composition of the Board,

identifying qualified individuals to become members of the Board,

asesing the independence of the independent non-executive

Directors and making recomendations to the Board on the

apointment or re-apointment of Directors.

The Board has adopted a board diversity policy seting out the

aproach to diversity of members of the Board. The Company

recognises and embraces the benefits of diversity of Board

members. It endeavours to ensure that the Board has a balance of

skils, experience and diversity of perspectives apropriate to the

requirements of the Company’s busines. Al Board apointments

wil continue to be made on a merit basis with due regard for the

benefits of diversity of the Board members. Selection of candidates

wil be based on a range of diversity perspectives, including but

not limited to gender, age, cultural and educational background,

experience (profesional or otherwise), skils and knowledge. The

ultimate decision wil be made upon the merits and contribution

that the selected candidates wil bring to the Board. The nomination

Comite wil asist the Board in maintaining the skil matrix of the

Directors in acordance with its work diversity policy.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

提名政策

董事会采用以下提名董事之政策。

甄选标准

当评估一名候选人是否合适时，提名委员会及董

事会将考虑该候选人可为董事会及╱或本集团带

来的潜在贡献。提名委员会将考虑候选人的资历、

技能、经验、独立性及其他因素。以下为非详尽无

遗地列举的甄选标准：

•

候选人的种族、名声、品格及诚信；

•

候选人的资历、技能、知识、商业判断及与本

集团业务相关的经验；

•

董事会成员多元化政策所载的相关因素（经

不时修订）。

提名程序

每名候任董事的评审、建议、提名、甄选及委任或

重新委任事宜应由提名委员会及董事会根据甄选

准则及董事会成员多元化政策评估及考虑。

就向董事会委任何建议候选人而言：

•

提名委员会可以采取其认为合适及相关的措

施评估候选人，包括本公司董事、股东、管理

层及顾问的引荐；

NOMINATION POLICY

The Board has adopted the folowing policies for the nomination of

directors.

Selection Criteria

In determining the suitability of a candidate, the Nomination

Comite and the Board shal consider the potential contributions

that a candidate can bring to the Board and/or the Group. The

Nomination Comite would consider a candidate in terms of

qualifications, skils, experience, independence and other factors. The

folowing shows a non-exhaustive list of selection criteria:

’s race, reputation, character and integrity;

’s qualifications, skils, knowledge, busines

judgment and experience which are relevant to the operations of

the Group;

• the relevant factors set out in the Board Diversity Policy (as

amended from time to time).

Nomination Procedures

The evaluation, recomendation, nomination, selection and

apointment or re-apointment of each proposed Director shal be

asesed and considered by the Nomination Comite and the

Board against the Selection Criteria and the Board Diversity Policy.

In the context of apointment of any proposed candidate to the

Board:

• the Nomination Comite may take such measures that it

considers apropriate in conection with its identification and

evaluation of candidates, including referals from the Directors,

shareholders, management, advisors of the Company;

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

•

提名委员会应辨识并确定候选人的诚信、资

格、专业知识和经验，并就该候选人进行尽职

调查；及

•

提名委员会应向董事会提交候选人的个人简

介作为建议，以供董事会考虑。

提名委员会之书面职权范围列明其职权与职责，

并已刊登于联交所及本公司网站。

于本年度内及直至本报告日期，提名委员会成员

如下：

郭玮先生（主席）

马晓娜女士

林闻深先生

于本年度，提名委员会曾举行两次会议。

提名委员会于本年度内的工作概述如下：

•

检讨及监察董事会的架构、人数和组成（包括

技能、知识及经验），并就任何拟作出的变动

向董事会提供建议；

•

在董事会需要增加董事人数或填补董事会空

缺时，负责物色及提名合资格的人选。董事

会将以各候任人选能否协助其有效地履行责

任，作为甄选的考虑准则；及

• the Nomination Comite shal identify and ascertain the

character, qualification, knowledge and experience of the

candidate and perform adequate due diligence in respect of

such candidate; and

• the Nomination Comite shal make recomendations by

submiting the candidate’s personal profile to the Board for its

consideration.

The Nomination Comite has writen terms of reference that sets

out its authorities and duties, which has ben published on the

websites of the Stock Exchange and the Company.

Members of the Nomination Comite during the Year and up to the

date of this report are as folows:

Mr. Guo Wei (Chairman)

Ms. Ma Xiaona

Mr. Lam Albert Man Sum

For the Year, the Nomination Comite held 2 metings.

Sumary of the work of the Nomination Comite during the Year

was as folows:

, size and composition

(including the skils, knowledge and experience) of the Board and

make recomendations to the Board regarding any proposed

changes;

• To identify and nominate qualified individuals for apointment as

aditional Directors or to fil Board vacancies as and when they

arise. The criteria to be adopted by the Board in considering

each individual shal be their ability to contribute to the efective

carying out by the Board of its responsibilities; and

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

•

就委任或重新委任董事以及董事（尤其是主

席及行政总裁）继任计划的有关事宜向董事

会提供建议。

薪酬委员会

薪酬委员会的主要职责是为制定本集团董事及高

级管理层的薪酬政策及薪酬组合设立具透明度的

程序，以及根据上市规则第

章审阅及╱或批准有

关股份计划的事项。薪酬委员会在其采纳之运作

模式中担任董事会之顾问角色，董事会保留批准

各执行董事及高级管理层人士薪酬待遇之最终权

力。

薪酬委员会之书面职权范围列明其职权与职责，

并已刊登于联交所及本公司网站。

于本年度内及直至本报告日期，薪酬委员会成员

如下：

郭玮先生（主席）

马晓娜女士

林闻深先生

于本年度，薪酬委员会曾举行

次会议，以检讨及

批准本公司董事及高级管理层的薪酬政策及薪酬

待遇，包括（如有）根据购股权计划授出购股权。

高级管理层薪酬

本集团于本年度的高级管理层薪酬付款处于以下

范围：

• To make recomendations to the Board on maters relating to

the apointment or re-apointment of Directors and sucesion

planing for Directors in particular the chairman and the chief

executive oficer.

Remuneration Comite

The primary duty of the Remuneration Comite is to formulate

transparent procedures for developing remuneration policies and

compensation packages for the Directors and senior management

of the Group, and review and/or aprove maters relating to share

scheme under chapter 23 of the Listing Rules. The Remuneration

Comite has adopted the operation model where it performs an

advisory role to the Board, with the Board retaining the final authority

to aprove the remuneration packages of individual executive

Directors and senior management.

The Remuneration Comite has writen terms of reference that

sets out its authorities and duties, which has ben published on the

websites of the Stock Exchange and the Company.

Members of the Remuneration Comite during the Year and up to

the date of this report is as folows:

Mr. Guo Wei (Chairman)

Ms. Ma Xiaona

Mr. Lam Albert Man Sum

During the Year, the Remuneration Comite held one meting to

review and aprove the remuneration policy, remuneration packages

of the Directors and senior management of the Company including (if

any) the grant of options under the Share Option Scheme.

Senior management’s remuneration

Senior management’s remuneration payment of the Group for the

Year fals within the folowing band:

Number of

individuals

人数

Nil to HK$1,000,000

零至

1,000,000

港元

HK$1,000,001 to HK$6,000,0001,000,001

港元至

6,000,000

港元

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

核数师酬金

于本年度内，已付╱应付核数师有关审核及非审

核服务之费用如下：

附注：

年度审核服务应付予长青（香港）会计师事务所

有限公司（

1,080,000

港元）。余额为本集团中国

附属公司的审核费用。

股息政策

本公司的股息政策旨在向股东派发经扣除董事会

厘定之本集团营运所需、现时及未来业务所需后

之资金盈余。本公司可根据下文所载准则向股东

宣派及派付股息。

根据本公司组织章程细则及在开曼群岛相关法律

所规限下，本公司可不时于股东大会向股东宣派

以任何货币列值的股息，但宣派股息额不可超过

董事会建议的数额。

股息可自本公司之溢利（已变现或未变现）或自董

事认为不再需要之溢利中拨出之储备中宣派及派

付。经普通决议案许可后，股息亦可自股份溢价账

或根据开曼群岛相关法律可批准作此用途之任何

其他资金或账目做出宣派及派付。

AUDITORS’ REMUNERATION

For the Year, the fes paid/payable to the auditor in respect of the

audit and non-audit services were as folows:

Types of services

服务类别

Amount

金额

(HK$)

（港元）

Anual audit services

年度审核服务

1,430,000

Non-audit services

非审核服务

–

Notes: The anual audit service is payable to McMilan Wods (Hong Kong)

(CPA Limited) (HK$1.08 milion). Remaining amount is audit fe for the

group’s PRC subsidiaries.

DIVIDEND POLICY

The dividend policy of the Company is to distribute to its shareholder

the funds surplus to the operating neds, curent and future busines

development of the Group as determined by the Board. The

Company may declare and pay dividends to the Shareholders subject

to the criteria as set out below.

In acordance with the article of asociation of the Company and

subject to the relevant laws of the Cayman Islands, the Company

in general meting may from time to time declare dividends in any

curency to be paid to the Shareholders but no dividend shal be

declared in exces of the amount recomended by the Board.

Dividends may be declared and paid out of the profits of the

Company, realized or unrealized, or from any reserve set aside from

profits which the Board determine is no longer neded. With the

sanction of an ordinary resolution dividends may also be declared

and paid out of share premium acount or any other fund or acount

which can be authorized for this purpose in acordance with the

relevant laws under the Cayman Islands.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

受限于适用法律、规则、规例及本公司组织章程

细则，在考虑是否建议派付股息时，董事会将考虑

（其中包括）财务业绩、盈利、亏损及可分派储备、

营运及流动资金需求、债务比率及对信贷额度之

可能影响、资本需要、本公司之现时及未来发展计

划、股东利益、自本公司附属公司及联营公司收取

之股息以及其他董事认为相关之其他因素。

董事会将不时检讨股息政策，并保留其更新、修

订、更改及╱或取消股息政策之唯一及绝对权力。

概不能保证将在任何指定期间派付任何特定金额

之股息。

问责性

董事负责根据有关财务报告之会计准则、

GEM

上

市规则、法律及法例规定，编制真实而中肯地反映

本集团事务状况、经营业绩及现金流量之财务报

表。董事于编制截至二零二四年六月三十日止三

个月、截至二零二四年九月三十日止六个月及本

年度之财务报表时，已采纳适当会计政策并贯彻

采用。本年度之财务报表已按持续经营基准编制。

核数师就其对综合财务报表之汇报责任所作声明

载于独立核数师报告书。

Subject to compliance with aplicable laws, rule, regulations and

the articles of asociation of the Company, in deciding whether

to propose an dividend payout, the Board wil take into acount,

among other things, the financial results, the earnings, loses and

distributable reserves, the operations and liquidity requirements,

the debt ratio and posible efect on the credit lines, the capital

requirements, the curent and future development plans of the

Company, the interests of the Shareholders, dividends received from

the Company’s subsidiaries and asociate companies, and other

factors that the Board considers relevant.

The Board wil review the dividend policy from time to time and

reserve its sole and absolute right to update, amend, modify and/or

cancel the dividend policy. There can be no asurance that dividends

wil be paid in any particular amount for any given period.

ACOUNTABILITY

The Directors are responsible for preparation of financial statements

which give true and fair view of the state of afairs, the results

of operations and cash flows of the Group in compliance with

acounting standards, the GEM Listing Rules, legal and statutory

requirements in relation to financial reporting. In preparation of the

financial statements for the thre months ended 30 June 2024, for

the six months ended 30 September 2024 and for the Year, the

Directors have adopted suitable acounting policies and aplied them

consistently. The financial statements for the Year have ben prepared

on going concern basis. The statement of auditor about its reporting

responsibilities on the consolidated financial statements is set out in

the Independent Auditor’s Report.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部监控系统

董事会整体负责评估及厘定其在实现本集团策略

目标时能够承担的风险性质及程度，并保证本集

团设立并维持适当及有效的风险管理及内部监控

系统。风险管理及内部监控系统乃为管理（而非消

除）未能达到业务目标的风险，亦只能就重大错误

陈述或损失提供合理（而非绝对）的保证。

本集团已就是否需要设立内部审计部门进行年度

审阅。鉴于本集团的公司及业务架构相对简单，

本集团现时并无内部审计职能。尽管本集团并无

维持内部审计职能，董事会整体负责评估及厘定

本集团达成策略目标所愿意接纳的风险性质及程

度，并确保本公司设立及维持合适有效的风险管

理及内部控制系统。

审核委员会持续检讨对本集团而言属重大的风险

管理及内部监控。审核委员会将考虑有关本集团

于会计、内部审核及财务呈报职能方面的员工及

外部顾问的资源、资格及经验以及培训充足性。

本集团管理层负责设计、维持、执行及监察风险管

理及内部监控系统以保证设有充足的监控保障本

集团的资产及持份者的权益。

RISK MANAGEMENT AND INTERNAL CONTROL

SYSTEMS

The Board is overal responsible for evaluating and determining

the nature and extent of the risks it is wiling to take in achieving

the Group’s strategic objectives, and ensuring that the Group

has established and maintained apropriate and efective risk

management and internal control systems. The risk management and

internal control systems are designed to manage rather than eliminate

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

reasonable and not absolute asurance against material mistatement

or los.

The Group has conducted an anual review on whether an internal

audit department is required. Given the relatively simple corporate

and operation structure, the Group curently does not have an internal

audit function. Even though the Group does not maintain an internal

audit function, the Board has overal responsibility for evaluating and

determining the nature and extent of the risks it is wiling to take

in achieving the Group’s strategic objectives, and establishing and

maintaining apropriate and efective risk management and internal

control systems.

The Audit Comite reviews the risk management and internal

controls that are significant to the Group on an on-going basis.

The Audit Comite would consider the adequacy of resource,

qualifications and experience and training of staf and external advisor

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

function.

The management of the Group is responsible for designing,

maintaining, implementing and monitoring of the risk management

and internal control system to ensure adequate control in place to

safeguard the Group’s asets and stakeholder’s interest.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会将就任何业务环境的重大变动进行年度审

核并制定程序应对因业务环境重大变动导致的风

险。风险管理及内部监控系统旨在减轻业务的潜

在损失。

本集团已委聘一名独立专业人士（「内部监控专家」）

透过对于报告期间内的风险管理及内部监控系统

之成效进行年度检讨，从而履行内部审核职能。内

部监控专家已向本公司汇报结果及须改进之处。

本集团致力于在来年实施所建议的改进并议决制

定及维持合适的风险管理及内部监控程序。

董事会已就内幕消息的处理及发布批准及采纳内

幕消息政策及程序。内幕消息政策为本集团董事、

管理层及相关员工（有可能管有尚未发布内幕消

息）提供指引，确保本集团的内幕消息按适用法律

法规，以平等及适时的方式向公众发布。程序包括

（但不限于）定期提醒董事、管理层及相关员工遵

守

GEM

上市规则第

5.48

条至第

5.67

条所载的证券买

卖限制，以及定期通知「禁售期」。

The Board performs anual reviews on any significant change of the

busines environment and establishes procedures to respond the

risks result from significant change of busines environment. The risk

management and internal control systems are designed to mitigate

the potential loses of the busines.

The Group has engaged an independent profesional party (the “IC

Expert”) to cary out internal audit functions by conducting an anual

review of the efectivenes of the risk management and internal

control systems during the reporting period. IC Expert has reported

findings and areas for improvement to the Company. The Group

is comited to implementing the sugested improvement in the

coming year and determined to establish and maintain adequate risk

management and internal control proceses.

The Board aproved and adopted an inside information policy and

procedures for the handling and disemination of inside information.

The insider information policy provide the guidelines to the directors,

management and relevant staf (likely posesing the unpublished

inside information) of the Group to ensure that the inside information

of the Group is to be diseminated to the public in equal and timely

maner in acordance with the aplicable laws and regulations. The

procedures include, among others, regularly remind the directors,

management and relevant staf about the compliance with the

securities dealing restrictions as set out in the Rules 5.48 to 5.67 of

the GEM Listing Rules and the notification of the regular “Blackout

Period”.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

投资者关系

与股东的沟通

本公司鼓励与其股东的双向沟通。有关本公司活

动的大量资料乃于寄发予股东的季度、中期及年

度报告中提供。个人可提出有关持股及本公司业

务事项的问询并将在知情及时的情况下进行处

理。股东及投资者可通过邮件、电话、传真及电邮

与本公司沟通，沟通方式可于本公司网站获取。为

促进有效沟通，本公司设有网站披露有关本集团

及其业务的财务及其他资料。董事会已检讨股东

沟通政策于年内的实施及成效，鉴于有多种方式

加强本公司与其股东之间的沟通，本公司认为该

政策有成效。

股东之权利

作为一项保障股东利益及权利之措施，在股东大

会上会就每项重大议题（包括选举个别董事）提呈

之独立决议案供股东考虑及表决。根据

GEM

上市

规则，所有在股东大会上提呈之决议案均须以投

票方式进行表决，投票表决之结果将于相关股东

大会结束后分别刊载于联交所网站

(w.hkexnews.hk)

及本公司网站

(htp:/w.gt-gold.com)

。

INVESTOR RELATIONS

Comunications with Shareholders

The Company encourages two-way comunications with its

shareholders. Extensive information about the Company’s activities is

provided in our quarterly, interim and anual reports to be sent to the

shareholders. Enquiries from individuals on maters relating to their

shareholdings or the busines of the Company are welcomed and

wil be dealt with in an informative and timely maner. Shareholders

and investors may comunicate with the Company by mail,

telephone, fax and email, details of which are made available on the

Company’s website. In order to promote efective comunication,

the Company maintains a website on which financial and other

information relating to the Group and its busines are disclosed. The

Board had reviewed the implementation and efectivenes of the

shareholder’s comunication policy during the Year, given the various

means to enhance the comunication betwen the Company and its

shareholders, the Company considered that such policy was efective.

SHAREHOLDERS’ RIGHTS

As one of the measures to safeguard shareholders’ interests and

rights, separate resolutions are proposed at shareholders’ metings

on each substantial isue, including the election of individual Directors,

for shareholders’ consideration and voting. Al resolutions put forward

at shareholders’ metings wil be voted by pol pursuant to the GEM

Listing Rules and the pol results wil be published on the websites

of the Stock Exchange and the Company at “w.hkexnews.hk”

and “htp:/w.gt-gold.com”, respectively, after the relevant

shareholders’ metings.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CORPORATE GOVERNANCE REPORT

企业管治报告

召开股东特别大会之权利

于递呈要求当日持有权在本公司股东大会投票

之本公司缴足股本不少于十分一之任何一名或多

名本公司股东，有权随时向董事会或本公司之秘

书发出书面要求，要求董事会召开股东特别大会

以处理书面要求内指定之任何事务；而有关会议

须于有关要求发出后两

(2)

个月内举行。倘于有关递

呈后二十一

(21)

日内，董事会未有召开有关会议，

则递呈要求人士可自行以相同方式召开大会，而

本公司须向递呈要求人士偿付所有由递呈要求人

士因董事会未能召开大会而产生之合理开支。

向董事会提出查询之权利

股东有权向董事会提出查询。所有查询须以书面

形式透过邮递方式发出，并附带股东之联络详情

（例如邮寄地址、电邮或传真），送交本公司之香

港主要办事处，收件人注明为公司秘书。

于股东大会上提呈议案之权利

股东可于本公司股东大会上提呈议案，方法为将

议案送交本公司于香港之主要办事处，并注明彼

之资料、联络详情及彼就任何指定交易╱事务而

拟于股东大会上提呈之议案及支持文件。

Right to convene extraordinary general meting

Any one or more shareholder of the Company holding at the date of

deposit of the requisition not les than one-tenth of the paid up capital

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

Company shal at al times have the right, by writen requisition to the

Board or the Secretary of the Company, to require an extraordinary

general meting to be caled by the Board for the transaction of any

busines specified in such requisition; and such meting shal be held

within two (2) months after the deposit of such requisition. If within

twenty-one (21) 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.

Right to put enquiries to the Board

Shareholders have the right to put enquiries to the Board. Al enquiries

shal be in writing and sent by post, together with his/her contact

details, such as postal adres, email or fax, to the principal ofice

of the Company in Hong Kong for the atention of the Company

Secretary.

Right to put forward proposals at general metings

Shareholders may put forward proposals at general metings of the

Company by sending the same to the principal ofice of the Company

in Hong Kong, specifying his/her information, contact details and

the proposal(s) he/she intends to put forward at the general meting

regarding any specified transaction/busines and the suporting

documents.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

To the shareholders of GT Gold Holdings Limited

(formerly known as Grand TG Gold Holdings Limited)

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of GT Gold

Holdings Limited (formerly known as Grand TG Gold Holdings

Limited) (the “Company”) and its subsidiaries (colectively refered

to as the “Group”) set out on pages 111 to 235, which comprise

the consolidated statement of financial position as at 31 March

2025, the consolidated statement of profit or los and other

comprehensive income, consolidated statement of changes in equity

and consolidated statement of cash flows for the year then ended,

and notes to the consolidated financial statements, including material

acounting policy information and other explanatory information.

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

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

March 2025, and of its consolidated financial performance and its

consolidated cash flows for the year then ended in acordance with

HKFRS Acounting Standards as isued by the Hong Kong Institute

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

properly prepared in compliance with the disclosure requirements of

the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards

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

under those standards are further described in the Auditor’s

Responsibilities for the Audit of the Consolidated Financial Statements

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

with the HKICPA’s Code of Ethics for Profesional Acountants (the

“Code”), and we have fulfiled our other ethical responsibilities in

acordance with the Code. We believe that the audit evidence we

have obtained is suficient and apropriate to provide a basis for our

opinion.

致大唐黄金控股有限公司股东

（前称「大唐潼金控股有限公司」）

（于开曼群岛注册成立之有限公司）

意见

吾等已审核载于第

至

页之大唐黄金控股有

限公司（前称「大唐潼金控股有限公司」）（「贵公司」）

及其附属公司（统称「贵集团」）之综合财务报表，其

中包括于二零二五年三月三十一日之综合财务状

况表，以及截至该日止年度之综合损益及其他全

面收益表、综合权益变动表及综合现金流量表以

及包括重大会计政策资料及其他说明资料之综合

财务报表附注。

吾等认为，综合财务报表根据香港会计师公会（「香

港会计师公会」）颁布之香港财务报告准则会计准

则真实而公平地反映贵集团于二零二五年三月

三十一日之综合财务状况及其截至该日止年度之

综合财务表现及综合现金流量，并已按香港公司

条例之披露要求妥为编制。

意见之基准

吾等按照香港会计师公会颁布之香港核数准则

（「香港核数准则」）进行审核工作。吾等于该等准

则项下之责任进一步阐述于本报告核数师就审核

综合财务报表须承担之责任一节。根据香港会计

师公会之职业会计师道德守则（「守则」），吾等独立

于贵集团，并已根据守则履行其他道德责任。吾

等相信，吾等所获得之审核凭证能充分及适当地

为吾等之意见提供基准。

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

关键审核事项

关键审核事项为根据吾等之专业判断，对吾等审

核本期综合财务报表而言最为重要之事项。吾等

于审核整体综合财务报表及达致相关意见时处理

该等事项，但不会就该事项提供单独意见。吾等已

厘定：

存货可变现净值；及

将应收贸易账款及其

他应收账项的预期信贷亏损（「预期信贷亏损」）拨

备作为于本报告中沟通之关键审核事项。

KEY AUDIT MATERS

Key audit maters are those mater that, in our profesional

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

financial statements of the curent period. These maters were

adresed in the context of our audit of the consolidated financial

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

we do not provide a separate opinion on these maters. We have

determined: i) net realisable value of inventories; and i) alowance for

expected credit loses (“ECLs”) of trade and other receivables to be

the key audit maters to be comunicated in our report.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

关键审核事项

（续）

Key Audit MatersHow our audit adresed the Key Audit Mater

关键审核事项吾等之审核如何处理关键审核事项

Net realisable value of inventories

存货可变现净值

Refer to material acounting policy information in note

4(h), critical acounting judgements and key estimates in

note 5(c) and relevant disclosure made in note 20 to the

consolidated financial statements.

请参阅综合财务报表附注

4(h)

重大会计政策资料、附注

5(c)

的关键会计判断及主要估计以及附注

的相关披

露。

As at 31 March 2025, the Group’s inventories amounted

to aproximately HK$401,184,000, comprising of

finished gods, raw materials, and work in progres.

These inventories are stated at the lower of cost and net

realisable value.

于二零二五年三月三十一日，本集团的存货约为

401,184,000

港元，包括制成品、原材料及在制品。该等

存货按成本与可变现净值中的较低者列账。

The determination of net realisable value involves

significant judgement by management, including cost

to complete and sel and form and qualities of the

gold and the expected seling prices which based on

asumptions about economic conditions, product

marketability, and future market prices of gold. Given the

volatility of comodity prices and the subjectivity involved

in estimating net realisable value, there is a risk that

inventories may be mistated.

可变现净值之厘定涉及管理层之重大判断，包括完成及

出售的成本以及黄金的形式及质量、基于对经济状况、

产品市场推广能力以及黄金未来市价之假设所厘定的

预期售价。鉴于商品价格的波动性及估计可变现净值所

涉及的主观性，存货可能存在错误呈报的风险。

We identified the above mater as a key audit mater due

to the significance of the inventories to the consolidated

financial statements and the involvement of critical

judgement and key estimates made by the management.

吾等将上述事项确定为关键审核事项，原因是存货对综

合财务报表而言属重大以及涉及管理层作出关键判断

及主要估计。

Our audit procedures in relation to the net realisable value of

inventories included:

吾等就存货可变现净值进行之审核程序包括：

– Obtaining an understanding of management’s internal controls

over inventory management and determination of net realisable

value; and asesed the inherent risks of material mistatement

by considering the level of estimation uncertainty, market

volatility, and susceptibility to management judgement;

－

了解管理层对存货管理的内部监控，厘定可变现净值；并透

过考虑估计不明朗因素、市场波动及管理层判断的影响程

度，评估重大错误陈述的固有风险。

– Evaluating whether inventories were caried at the lower of

cost and net realisable value in acordance with the Group’s

acounting policies and selected samples of inventories

and reviewed their costing methodology for consistency

and acuracy, asesed net realisable value by comparing

the recorded values to year-end comodity market data,

and examined subsequent sales transactions to validate

recoverability and considering the recent price trends and

economic developments that could afect the valuation; and

–

评估存货是否根据贵集团的会计政策按成本与可变现净值

中的较低者列账，抽样选取存货，及审阅其成本计算方法是

否一致及准确；透过比较入账价值与年结商品市场数据评估

可变现净值；及审查其后销售交易以验证可收回性，及考虑

可能影响估值的近期价格趋势及经济发展；及

– Reviewing the adequacy of the disclosure made in the

consolidated financial statements.

–

审阅综合财务报表中所作披露的充足性。

KEY AUDIT MATERS (Continued)

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

关键审核事项

（续）

Key Audit MatersHow our audit adresed the Key Audit Mater

关键审核事项吾等之审核如何处理关键审核事项

Alowance for ECLs of trade and other receivables

贸易应收账款及其他应收账项的预期信贷亏损拨备

Refer to material acounting policy information in note

4(u), critical acounting judgements and key estimates in

note 5(a) and relevant disclosures made in notes 21, 22

and 35(c) to the consolidated financial statements.

请参阅综合财务报表附注

4(u)

的关键会计政策资料、附

注

5(a)

的关键会计判断及主要估计以及附注

、

及

35(c)

作出的相关披露。

As at 31 March 2025, the carying amounts of the

Group’s trade and other receivables, net of alowance,

were aproximately HK$5,368,000 and HK$26,227,000,

respectively.

于二零二五年三月三十一日，贵集团的贸易应收

账款及其他应收账项（扣除拨备）的账面值分别为约

5,368,000

港元及

26,227,000

港元。

The measurement of forward-loking ECLs aproach

requires the aplication of significant judgement and

increased complexity which include the identification of

exposures with a significant deterioration in credit quality,

and asumptions used in the ECLs models (for exposures

asesed individualy or colectively), such as forward-

loking macroeconomic factors.

前瞻性预期信贷亏损方法的计量需要应用重大判断及

增加复杂性，包括识别信用质量严重恶化的风险敞口以

及预期信贷亏损模型中使用的假设（针对个别或共同评

估的风险敞口），比如前瞻性宏观经济因素。

We identified the above mater as a key audit mater due

to the critical judgement and key estimates made by the

management involved in determining the alowance for

ECLs for trade and other receivables.

吾等将上述事项识别为关键审核事项，原因是管理层于

厘定贸易应收账款及其他应收账项的预期信贷亏损拨

备时涉及作出重要判断及关键估计。

Our audit procedures in relation to the alowance for ECLs of trade

and other receivables included:

吾等对贸易应收账款及其他应收账项的预期信贷亏损拨备的审核

程序包括：

– Obtaining an insight of evaluation and validation of the Group’s

credit policies and control over the Group’s ECL asesment

proceses;

－

了解、评估及验证贵集团的信贷政策，并控制贵集团的预

期信贷亏损评估程序；

– With the asistance of auditor’s expert, asesing the

reasonablenes of the Group’s ECLs models by examining the

model input used by management to form such judgements,

including testing the acuracy of the historical default data,

evaluating whether the historical los rates are apropriately

adjusted based on curent economic conditions and

forward-loking information including the economic variables

and asumptions used and their probability weightings and

asesing whether there was an indication of management bias

when recognising los alowances;

－

在核数师的专家的协助下，通过检查管理层用于形成有关判

断的模型输入数据，评估贵集团预期信贷亏损模型的合理

性，包括测试历史违约数据的准确性、评估历史亏损率是否

根据当前的经济状况及前瞻性资料进行适当的调整，包括所

使用的经济变量及假设及其概率权重，并评估于确认亏损拨

备时是否有管理层偏向的迹象；

– Inspecting setlements after the financial year end relating to the

trade and other receivables as at 31 March 2025; and

－

检查财政年度结束后与于二零二五年三月三十一日的应收贸

易账款及其他应收账项有关的结算情况；及

– Reviewing the adequacy of the disclosure made in the

consolidated financial statements.

－

审核综合财务报表中的披露的充足性。

KEY AUDIT MATERS (Continued)

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

其他资料

贵公司董事须就其他资料负责。其他资料包括年报

（综合财务报表及吾等就其发出之核数师报告书

除外）所载之全部资料。

吾等对综合财务报表之意见并不涵盖其他资料，

亦不对该等其他资料发表任何形式之鉴证结论。

就综合财务报表之审核而言，吾等之责任是阅览

其他资料，并在此过程中考虑其他资料是否与综

合财务报表或吾等在审核过程中所获之情况大不

相符，或似有重大错误陈述。基于已执行之工作，

倘吾等得出结论认为其他资料有重大错误陈述，

则须报告该事实。吾等并无就此作出任何报告。

董事及审核委员会就综合财务报表

须承担之责任

贵公司董事须负责根据香港会计师公会颁布之香

港财务报告准则会计准则及香港公司条例的披露

规定编制真实而公平之综合财务报表，及落实贵

公司董事认为编制综合财务报表所必要之内部监

控，以使综合财务报表不存在由于欺诈或错误而

导致之任何重大错误陈述。

OTHER INFORMATION

The directors of the Company are responsible for the other

information. The other information comprises al the information

included in the anual report other than the consolidated financial

statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover

the other information and we do not expres any form of asurance

conclusion thereon.

In conection with our audit of the consolidated financial statements,

our responsibility is to read the other information and, in doing so,

consider whether the other information is materialy inconsistent with

the consolidated financial statements or our knowledge obtained in

the audit or otherwise apears to be materialy mistated. If, based

on the work we have performed, we conclude that there is a material

mistatement of this other information, we are required to report that

fact. We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND

AUDIT COMITE FOR THE CONSOLIDATED

FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation

of the consolidated financial statements that give a true and fair

view in acordance with HKFRS Acounting Standards as isued

by the HKICPA and the disclosure requirements of the Hong Kong

Companies Ordinance, and for such internal control as the directors

of the Company determine is necesary to enable the preparation

of consolidated financial statements that are fre from material

mistatement, whether due to fraud or eror.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

董事及审核委员会就综合财务报表

须承担之责任

（续）

于编制综合财务报表时，贵公司董事负责评

估贵集团持续经营之能力，并于适用情况下披露

与持续经营有关之事项，及使用持续经营会计基

础，除非贵公司董事有意将贵集团清盘或停业

或别无其他实际之替代方案。

审核委员会协助贵公司董事履行监督贵集团

之财务报告程序之职责。

核数师就审核综合财务报表须承担之

责任

吾等之目标为就综合财务报表整体是否不存在由

于欺诈或错误而导致之任何重大错误陈述取得合

理保证，并出具包括吾等意见之核数师报告书。吾

等仅根据吾等协定的委聘条款向整体股东报告，

除此之外本报告别无其他用途。吾等概不就本报

告内容向任何其他人士承担或负上任何责任。

合理保证属高度保证，但并非关于根据香港核数

准则进行之审核总能发现某一存在之重大错误陈

述之担保。错误陈述可因欺诈或错误产生，倘个别

或整体于合理预期情况下可影响使用者根据该等

综合财务报表作出之经济决定，则有关错误陈述

被视为重大。

RESPONSIBILITIES OF DIRECTORS AND

AUDIT COMITE FOR THE CONSOLIDATED

FINANCIAL STATEMENTS (Continued)

In preparing the consolidated financial statements, the directors of the

Company are responsible for asesing the Group’s ability to continue

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

concern and using the going concern basis of acounting unles the

directors of the Company either intend to liquidate the Group or to

cease operations, or have no realistic alternative but to do so.

The Audit Comite asists the directors of the Company in

discharging their responsibilities for overseing the Group’s financial

reporting proces.

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

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

report that includes our opinion. We report our opinion solely to you,

as a body, in acordance with our agred terms of engagement and

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

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

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

guarante that an audit conducted in acordance with HKSAs wil

always detect a material mistatement when it exists. Mistatements

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

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

the economic decisions of users taken on the basis of these

consolidated financial statements.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

核数师就审核综合财务报表须承担之

责任

（续）

作为根据香港核数准则进行审核工作之一部分，

吾等于整个审核过程中行使专业判断并抱持专业

怀疑态度。吾等亦：

•

识别及评估综合财务报表无论由欺诈或错误

所导致之重大错误陈述风险，设计及执行审

核程序以应对该等风险，以及获取充足及适

当之审核凭证为吾等之意见提供基础。由于

欺诈可能涉及串谋、伪造、蓄意遗漏、虚假陈

述或僭越内部控制，故因未能发现欺诈所导

致之重大错误陈述风险高于因未能发现错误

所导致者。

•

了解与审核有关之内部监控，以设计于各种

情况下适当之审核程序，惟并非旨在对贵

集团内部监控之有效性发表意见。

•

评估贵公司董事所用会计政策之恰当性及

所作会计估计及相关披露之合理性。

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

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

profesional judgement and maintain profesional skepticism

throughout the audit. We also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate

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

material mistatement resulting from fraud is higher than for

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

intentional omisions, misrepresentations, or the overide of

internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion

on the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used

and the reasonablenes of acounting estimates and related

disclosures made by the directors of the Company.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

核数师就审核综合财务报表须承担之

责任

（续）

•

对贵公司董事采用持续经营会计基准之恰

当性作出结论，并根据已获得之审核凭证，

确定是否存在与事件或情况有关之重大不明

朗因素，可能令贵集团之持续经营能力严

重成疑。倘吾等得出结论认为存在重大不明

朗因素，则须于核数师报告书中提请使用者

注意综合财务报表内之相关披露，或倘有关

披露不足，则修订吾等之意见。吾等之结论是

基于截至核数师报告书日期所获得之审核凭

证。然而，未来事件或情况可能导致贵集团

不再持续经营。

•

评估综合财务报表之整体呈报、架构及内容

（包括披露资料），以及综合财务报表是否已

公允反映相关交易及事件。

•

计划及执行集团审核以就贵集团内实体或

业务单位之财务资料获得充足及适当之审核

凭证，作为就综合财务报表形成意见的基准。

吾等负责指导、监督及审核为集团审核执行

之审核工作，并就审核意见承担全部责任。

吾等与审核委员会沟通（其中包括）审核工作之计

划范围、时间及重大审核发现，包括吾等于审核过

程中所识别之内部监控之任何重大缺陷。

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

’s directors’

use of the going concern basis of acounting and, based on the

audit evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt

on the Group’s ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are required to

draw atention in our auditor’s report to the related disclosures in

the consolidated financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based

on the audit evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause the

Group to cease to continue as a going concern.

, structure and content of the

consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• Plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities

or busines units within the Group as a basis for forming an

opinion on the consolidated financial statements. We are

responsible for the direction, supervision and review of the audit

work performed for purposes of the group audit. We remain

solely responsible for our audit opinion.

We comunicate with the Audit Comite regarding, among other

maters, the planed scope and timing of the audit and significant

audit findings, including any significant deficiencies in internal control

that we identify during our audit.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

核数师就审核综合财务报表须承担之

责任

（续）

吾等亦向审核委员会提交声明，表示吾等已遵守

有关独立性之相关道德要求，并与彼等沟通可能

被合理认为会影响吾等独立性之所有关系及其他

事项以及为消除威胁而采取的行动或采用的防范

措施（倘适用）。

从与审核委员会沟通之事项中，吾等决定对本期

综合财务报表之审核最为重要因而构成关键审核

事项之事项。吾等在核数师报告书中描述该等事

项，除非法律或法规不允许公开披露有关事项，或

于极端罕见之情况下，倘合理预期在报告中沟通

某事项造成之负面后果超过其产生之公众利益，

则吾等决定不应在报告书中沟通该事项。

长青（香港）会计师事务所有限公司

执业会计师

杨万𫓵

审核项目董事

执业证书号码

－

P07606

香港

湾仔骆克道

号

兆安中心

楼

二零二五年六月二十七日

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

We also provide the Audit Comite with a statement that we have

complied with relevant ethical requirements regarding independence

and to comunicate with them al relationships and other maters that

may reasonably be thought to bear on our independence, and where

aplicable, actions taken to eliminate threats or safeguards aplied.

From the maters comunicated with the Audit Comite, we

determine those maters that were of most significance in the audit

of the consolidated financial statements of the curent period and

are therefore the key audit maters. We describe these maters in our

auditor’s report unles law or regulation precludes public disclosure

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

determine that a mater should not be comunicated in our report

because the adverse consequences of doing so would reasonably be

expected to outweigh the public interest benefits of such

comunication.

McMilan Wods (Hong Kong) CPA Limited

Certified Public Acountants

Yeung Man Sun

Audit Engagement Director

Practising Certificate Number – P07606

24/F., Siu On Centre

188 Lockhart Road, Wan Chai

Hong Kong

27 June 2025

2025
二零二五年 HK$’000
千港元 1,314,101
(1,210,297)
103,804
20,125
31,394
(1,313)
(26,723)
(691)
126,596
(11,174)
115,422
(20,503)
94,919
66,550
28,369
94,919
HK cents
港仙
0.95
0.92

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

二零二四年

NotesHK$’000

附注千港元

Revenue

收益

7722,725

Cost of sales

销售成本

(638,896)

Gros profit

毛利

83,829

Other income

其他收入

Other gains and loses, net

其他收益及亏损，净额

939,679

Seling and distribution expenses

销售及分销开支

(1,899)

Administrative expenses

行政开支

(24,511)

(Provision)/reversal of excepted

credit loses (“ECLs”) on other

receivables

与其他应收账项有关的预期

信贷亏损（「预期信贷亏损」）

（拨备）╱拨回

1,737

Operating results

经营业绩

99,828

Finance costs

融资成本

10(13,376)

Profit before tax

除税前溢利

1186,452

Income tax expense

所得税开支

12(10,411)

Profit for the year

年度溢利

76,041

Profit for the year atributable to:

年度溢利归属于：

Owners of the Company

本公司拥有人

55,296

Non-controling interests

非控股权益

20,745

76,041

HK cents

港仙

Earnings per share atributable to

owners of the Company

本公司拥有人应占每股盈利

Basic

基本

150.92

Diluted

摊薄

150.75

2025
二零二五年 HK$’000
千港元 94,919
(4,756)
90,163
62,054
28,109
90,163

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

二零二四年

NotesHK$’000

附注千港元

Profit for the year

年度溢利

76,041

Other comprehensive expense for

the year, net of tax:

年度其他全面开支

（扣除税项）：

Item that may be reclasified

subsequently to profit or los:

其后可能重新分类至损益

之项目：

Exchange diferences arising from

translation of financial statements of

overseas subsidiaries

因换算海外附属公司财务

报表所产生之汇兑差额

(26,873)

Total comprehensive income for

the year

年度全面收益总额

49,168

Total comprehensive expense

for the year atributable to:

年度全面开支总额归属于：

Owners of the Company

本公司拥有人

29,757

Non-controling interests

非控股权益

19,411

49,168

2025
二零二五年 HK$’000
千港元
1,002,413
58,785
9,677
44,025
1,114,900
401,184
5,368
123,223
5,000
29,481
564,256
244
451,423
14,725
78,250
544,642
19,614
1,134,514

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

二零二四年

NotesHK$’000

附注千港元

Non-curent asets

非流动资产

Property, plant and equipment

物业、厂房及设备

16942,525

Construction in progres

在建工程

1659,131

Right-of-use asets

使用权资产

179,978

Mining rights related asets

采矿权相关资产

1841,624

1,053,258

Curent asets

流动资产

Inventories

存货

20149,435

Trade receivables

应收贸易账项

2129,107

Deposits, prepayments and other

receivables

按金、预付款项及其他

应收账项

22128,983

Pledged bank deposits

已质押银行存款

2320,000

Cash and bank balances

现金及银行结余

2347,489

375,014

Curent liabilities

流动负债

Lease liabilities

租赁负债

Trade and other payables

应付贸易账项及其他

应付账项

25132,748

Bonds

债券

2714,234

Tax payables

应付税项

53,028

200,463

Net curent asets

流动资产净额

174,551

Total asets les curent liabilities

总资产减流动负债

1,227,809

2025
二零二五年 HK$’000
千港元
180
139,928
225,998
–
18,859
384,965
749,549
7,428
634,437
641,865
107,684
749,549

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

第

至

页之综合财务报表于二零二五年六月

二十七日获董事会批准及授权刊发，并由下列董

事代表签署：

二零二四年

NotesHK$’000

附注千港元

Non-curent liabilities

非流动负债

Lease liabilities

租赁负债

Other payables

其他应付账项

25345,112

Borowings

借贷

26238,400

Convertible bonds

可换股债券

28113,080

Loan notes

贷款票据

2924,508

721,158

Net asets

净资产

506,651

Capital and reserves

资本及储备

Share capital

股本

315,987

Reserves

储备

32(a)421,089

Equity atributable to owners of the

Company

本公司拥有人应占权益

427,076

Non-controling interests

非控股权益

79,575

Total equity

总权益

506,651

The consolidated financial statements on pages 111 to 235 were

aproved and authorised for isue by the Board of Directors on 27

June 2025 and are signed on its behalf by:

Li Dahong

李大宏

Ma Xiaona

马晓娜

Director

董事

Director

董事

Attributable to owners of the Company
Issued share capital	Share premium	本 Foreign currency translation reserve	公司拥有人应 Share option reserve	占 Convertible bonds reserve	Accumulated losses	Sub-total	Non- controlling interests	Total
Issued share capital	Share premium	外币换算	购股权	可换股
已发行股’00 本 HK $ 0	股份溢’00 价 HK $ 0	储’00 备 HK$ 0	储’00 备 HK$ 0	债券储’00 备 HK $ 0	累计亏’00 损 HK $ 0	小’00 计 HK$ 0	非控股权’00 益 HK $ 0	总’00 计 HK$ 0
千港元 5,987	千港元 2,079,524	千港元 (48,940)	千港元 1,778	千港元 15,546	千港元 (1,626,819)	千港元 427,076	千港元 79,575	千港元 506,651
–	–	–	–	–	66,550	66,550	28,369	94,919
–	–	(4,496)	–	–	–	(4,496)	(260)	(4,756)
–	–	(4,496)	–	–	66,550	62,054	28,109	90,163
–	–	–	1,821	–	–	1,821	–	1,821
311	43,489	–	–	–	–	43,800	–	43,800
–	(2,703)	–	–	–	–	(2,703)	–	(2,703)
1,130	124,233	–	–	(15,546)	–	109,817	–	109,817
1,441	165,019	–	1,821	(15,546)	–	152,735	–	152,735
7,428	2,244,543	(53,436)	3,599	–	(1,560,269)	641,865	107,684	749,549

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

As at 1 April 2024

于二零二四年四月一日

Profit for the year

年度溢利

Other comprehensive expense

其他全面开支

Exchange diferences arising from translation

of financial statements of overseas

subsidiaries

因换算海外附属公司财务报表

所产生之汇兑差额

Changes for the year

年度变动

Recognition of share-based payment

expenses (note 34)

确认以股份为基础的付款开支

（附注

）

Placing of new shares

配售新股份

Share isue expenses

股份发行开支

Conversion of convertible bonds

转换可换股债券

At 31 March 2025

于二零二五年三月三十一日

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

Atributable to owners of the Company

本公司拥有人应占

Isued

capital

premium

Foreign

curency

translation

reserve

option

reserve

Convertible

bonds

reserve

Acumulated

loses Sub-total

Non-

controling

interests Total

已发行股本股份溢价

外币换算

储备

购股权

储备

可换股

债券储备累计亏损小计非控股权益总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元千港元千港元

As at 1 April 2023

于二零二三年四月一日

5,9872,079,524(23,401)1,972–(1,683,615)380,46760,164440,631

Profit for the year

年度溢利

–55,29655,29620,74576,041

Other comprehensive expense

其他全面开支

Exchange diferences arising from translation

of financial statements of overseas

subsidiaries

因换算海外附属公司财务报表

所产生之汇兑差额

–(25,539)–(25,539)(1,334)(26,873)

Changes for the year

年度变动

–(25,539)–55,29629,75719,41149,168

Recognition of share-based payment

expenses (note 34)

确认以股份为基础的付款开支

（附注

）

–1,306–1,306–1,306

Cancelation of share option

注销购股权

–(1,500)–1,500–

Isue of convertible bonds

发行可换股债券

–15,546–15,546–15,546

–(194)15,5461,50016,852–16,852

At 31 March 2024

于二零二四年三月三十一日

5,9872,079,524(48,940)1,77815,546(1,626,819)427,07679,575506,651

2025
二零二五年 HK$’000
千港元
115,422
52,236
–
812
2,774
11,174
(31,495)
–
1,821
691
101
(858)
–
152,678
(253,736)
23,673
(5,865)
153,975
70,725
(628)
(1,034)
(32)

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

二零二四年

NotesHK$’000

附注千港元

Cash flows from operating activities

来自经营活动的现金流量

Profit before tax

除税前溢利

86,452

Adjustments for:

就以下各项作出调整：

Depreciation on property, plant and

equipment

物业、厂房及设备的折旧

1644,243

Los on disposal of fixed asets

出售固定资产的亏损

Depreciation on right-of-use asets

使用权资产折旧

Amortisation of mining right related

asets

采矿权相关资产的摊销

181,442

Finance costs

融资成本

1013,376

Gain on waiver of other payables

豁免其他应付款项的收益

9(30,927)

Gain on waiver of bond

豁免债券的收益

9(616)

Equity-setled share-based payments

以股权结算以股份为基础

的付款

341,306

(Reversal)/provision of ECLs on

other receivables

其他应收账项预期信贷

亏损的（拨回）／拨备

(1,737)

Los on early redemption for loan notes

提早赎回贷款票据的亏损

Interest income

利息收入

8(535)

Efective interest of convertible bonds

可换股债券的实际利息

9(9,111)

Operating result before working

capital changes

于营运资金变动前的

经营业绩

105,414

Changes in inventories

存货变动

(132,734)

Changes in trade receivables

贸易应收账款变动

11,965

Changes in deposits, prepayments and

other receivables

按金、预付款项及其他

应收账项变动

(109,284)

Changes in trade and other payables

应付贸易账款及其他

应付账项变动

425,879

Cash generated from operation

经营业务产生之现金

301,240

Income tax paid

已付所得税

(34,215)

Interest paid

已付利息

(593)

Interest on lease liabilities

租赁负债利息

(22)

2025
二零二五年 HK$’000
千港元 69,031
(117,919)
–
(5,430)
–
858
10,262
15,000
(97,229)
134,500
(151,686)
(7,760)
(652)
41,097
(5,001)
10,498
(17,700)
47,489
(308)
29,481

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

Net cash generated from operating

activities

自经营活动产生之现金净额

266,410

Cash flow from investing activities

投资活动产生之现金流量

Purchases of property, plant and

equipment

购置物业、厂房及设备

(175,057)

Aditions of construction in progres

添置在建工程

16(10,905)

Expenditure incured on mining rights

related asets

采矿权相关资产生之

开支

18(1,426)

Proceds from disposal of property,

plant and equipment

出售物业、厂房及设备之

所得款项

Interest received

已收利息

Refund from suplier

供应商退款

–

Withdrawal of pledged deposits

提取已抵押存款

–

Net cash used in investing activities

投资活动所用之现金净额

(186,842)

Cash flow from financing activities

融资活动之现金流量

Proceds from borowings raised

来自所筹得借贷的

所得款项

161,698

Repayment of borowings

偿还借贷

(212,443)

Repayment of loan notes

偿还贷款票据

(14,600)

Principal element of lease payment

租赁付款的本金部分

(385)

Proceds from isue of shares, net

发行股份之所得款项净额

21,000

Repayment of convertible bonds

interest

偿还可换股债券利息

–

Net cash generated from/(used in)

financing activities

融资活动所得／（所用）之

现金净额

(44,730)

Net increase in cash and cash

equivalents

现金及现金等值项目增加

净额

34,838

Cash and cash equivalents at 1 April

于四月一日之现金及现金

等值项目

24,641

Efect of foreign exchange rate

changes, net

汇率变动之影响净额

(11,990)

Cash and cash equivalents at

31 March

于三月三十一日之现金及

现金等值项目

2347,489

二零二四年

NotesHK$’000

附注千港元

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1. GENERAL INFORMATION

GT Gold Holdings Limited (the “Company”) has ben changed

from “Grand TG Gold Holdings Limited” to “GT Gold Holdings

Limited”, and that

大唐黄金控股有限公司

has ben adopted as

the dual foreign name in Chinese of the Company in place of the

unregistered Chinese name of “

大唐潼金控股有限公司

”, and

the new names have ben entered into the register maintained

by the Registrar of Companies in Cayman Islands with efect

from 27 September 2024. The Company was incorporated

in the Cayman Islands as an exempted company with limited

liability under the Companies Law, Cap 22 (Law 3 of 1961, as

consolidated and revised) of the Cayman Islands. Its principal

place of busines in Hong Kong is Rom A–B, 8th Flor, Centre

Mark I, 305–313 Quen’s Road Central, Sheung Wan, Hong

Kong. The Company’s shares are listed on GEM of The Stock

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

The principal activity of the Company is investment holding. Its

subsidiaries (together with the Company colectively refered

to as the “Group” hereinafter) are principaly engaged in gold

exploration, mining, mineral procesing and gold refinery. Details

of the principal activities of its subsidiaries are set out in note 19

to the consolidated financial statements.

The consolidated financial statements are presented in Hong

Kong dolars (“HK$”), which is the functional curency of the

Company, with values rounded to the nearest thousand.

The functional curency of the Group’s operating subsidiary,

Tonguan Taizhou Mining Company Limited (“Taizhou Mining”) is

Renminbi (“RMB”).

一般资料

大唐黄金控股有限公司（「本公司」）之名称已由

「

Grand T G Gold Holdings Limited

」更改为「

Gold Holdings Limited

」，并采用大唐黄金控股

有限公司作为本公司的中文双外文名称，以

取代未经注册之中文名称「大唐潼金控股有

限公司」，该等新名称已于开曼群岛公司注册

处长备存之登记册中登记，自二零二四年

九月二十七日起生效。本公司根据开曼群岛

法例第

章公司法（一九六一年法律第

章，

经综合及修订）在开曼群岛注册成立为一间

获豁免有限公司。其香港主要营业地点为香

港上环皇后大道中

305–313

号永业中心

楼

A–

室。本公司股份在香港联合交易所有限公司

（「联交所」）

GEM

上市。

本公司之主要活动为投资控股。其附属公司

（连同本公司于下文统称为「本集团」）之主

要业务为黄金勘探、开采、矿物加工及黄金冶

炼。有关其附属公司主要业务的详情载于综

合财务报表附注

。

综合财务报表以港元（「港元」）呈列，港元为本

公司之功能货币，若干价值已四舍五入至最

接近千位数。本集团之营运附属公司潼关县

太洲矿业有限责任公司（「太洲矿业」）的功能

货币为人民币（「人民币」）。

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

编制基准

该等综合财务报表乃根据香港会计师公会

（「香港会计师公会」）颁布之香港财务报告准

则会计准则，包括所有适用香港财务报告准

则会计准则、香港会计准则（「香港会计准则」）

及诠释的统称）以及香港公认会计原则编制。

该等综合财务报表亦遵守联交所

GEM

证券上

市规则（「

GEM

上市规则」）之适用披露条文及

香港公司条例（第

章）之披露规定。本集团

所采纳之重大会计政策于下文附注

讨论。

香港会计师公会已颁布于本集团本会计期间

首次生效或可予提早采纳之若干新订及经修

订香港财务报告准则会计准则。下文附注

载

列因初步应用本期及过往会计期间与本集团

有关并已反映于该等综合财务报表内之该等

发展而导致的会计政策变动资料。

2. BASIS OF PREPARATION

These consolidated financial statements have ben prepared

in acordance with HKFRS Acounting Standards, which

in colective term includes al aplicable HKFRS Acounting

Standards, Hong Kong Acounting Standards (“HKAS”) and

Interpretations isued by the Hong Kong Institute of Certified

Public Acountants (the “HKICPA”) and acounting principles

generaly acepted in Hong Kong. These consolidated

financial statements also comply with the aplicable disclosure

provisions of the Rules Governing the Listing of Securities on

GEM of the Stock Exchange (the “GEM Listing Rules”) and

with the disclosure requirements of the Hong Kong Companies

Ordinance (Cap. 622). Material acounting policies adopted by

the Group are discused in note 4 below.

The HKICPA has isued certain new and revised HKFRS

Acounting Standards that are first efective or available for early

adoption for the curent acounting period of the Group. Note

3 below provides information on any changes in acounting

policies resulting from initial aplication of these developments to

the extent that they are relevant to the Group for the curent and

prior acounting periods reflected in these consolidated financial

statements.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

采纳新订及经修订香港财务报告

准则会计准则

(a)

应用新订及经修订香港财务报告准则

会计准则

本集团已就编制综合财务报表首次应用

由香港会计师公会颁布且于二零二四年

四月一日或之后开始的本集团年度期间

强制生效之下列香港财务报告准则会计

准则修订本：

香港会计准则第

号之

修订本

负债的流动或非流动

分类

香港会计准则第

号之

修订本

附带契约的非流动负债

香港财务报告准则

第

号之修订本

香港诠释第

号

（经修订）

售后租回的租赁负债

财务报表的呈列－借款

人对包含按要求还款

条款的定期贷款的

分类

香港会计准则第

号及

香港财务报告准则

第

号之修订本

供应商融资安排

应用香港财务报告准则会计准则的修订

本于本年度对本集团当前及过往年度之

综合财务状况及表现及╱或该等综合财

务报表所载之披露并无重大影响。

3. ADOPTION OF NEW AND REVISED HKFRS

ACOUNTING STANDARDS

(a) Aplication of new and revised HKFRS Acounting

Standards

The Group has aplied the folowing amendments to

HKFRS Acounting Standards isued by the HKICPA for

the first time, which are mandatorily efective for the Group’s

anual period begining on or after 1 April 2024 for the

preparation of the consolidated financial statements:

Amendments to HKAS 1Clasification of Liabilities as Curent or

Non-curent

Amendments to HKAS 1Non-curent Liabilities with Covenants

Amendments to HKFRS 16

Hong Kong Int 5 (Revised)

Lease Liability in a Sale and Leaseback

Presentation of Financial Statements

– Clasification by the Borower

of a Term Loan that Contains a

Repayment on Demand Clause

Amendments to HKAS 7 and

HKFRS 7

Suplier Finance Arangements

The aplication of the amendments to HKFRS Acounting

Standards in the curent year has had no material impact

on the Group’s consolidated financial positions and

performance for the curent and prior years and/or on

the disclosures set out in these consolidated financial

statements.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

采纳新订及经修订香港财务报告

准则会计准则

（续）

(b)

已颁布但尚未生效的新订及经修订香

港财务报告准则会计准则

本集团尚未提早应用于二零二四年四月

一日开始之财政年度已颁布但尚未生效

之新订及经修订香港财务报告准则会计

准则。该等新订及经修订香港财务报告

准则会计准则包括以下可能与本集团相

关之准则。

于以下日期

或之前

开始之会计

期间生效

香港会计准则第

号及香港财务

报告准则第

号之修订本

－缺乏可兑换性

二零二五年

一月一日

香港财务报告准则第

号及香港

财务报告准则第

号之修订本

－金融工具分类及计量

二零二六年

一月一日

香港财务报告准则会计准则年度

改进－第

卷

二零二六年

一月一日

香港财务报告准则第

号及香港

财务报告准则第

号之修订本

－依赖自然能源生产电力的合约

二零二七年

一月一日

香港财务报告准则第

号

－财务报表之呈列及披露

二零二七年

一月一日

香港诠释第

号之修订本－财务

报表的呈列－借款人对包含

按要求还款条款的定期贷款的

分类

二零二七年

一月一日

香港财务报告准则第

号及香港

会计准则第

号之修订本－投资

者与其联营公司或合营企业之

间的资产出售或投入

待香港

会计师公会

厘定

3. ADOPTION OF NEW AND REVISED HKFRS

ACOUNTING STANDARDS (Continued)

(b) New and revised HKFRS Acounting Standards in isue

but not yet efective

The Group has not early aplied new and revised HKFRS

Acounting Standards that have ben isued but are not

yet efective for the financial year begining 1 April 2024.

These new and revised HKFRS Acounting Standards

include the folowing which may be relevant to the Group.

Efective for

acounting periods

begining on or

before

Amendments to HKAS 21 and HKFRS 1 –

Lack of Exchangeability

1 January 2025

Amendments to HKFRS 9 and HKFRS 7 –

Clasification and Measurement of Financial

Instruments

1 January 2026

Anual Improvements to HKFRS Acounting

Standards – Volume 11

1 January 2026

Amendments to HKFRS 9 and HKFRS 7 –

Contracts Referencing Nature-dependent

Electricity

1 January 2027

HKFRS 18 – Presentation and Disclosure in

Financial Statements

1 January 2027

Amendments to HK Int 5 – Presentation of

Financial Statements – Clasification by the

Borower of a Term Loan that Contains a

Repayment on Demand Clause

1 January 2027

Amendments to HKFRS 10 and HKAS 28 – Sale

or Contribution of Asets betwen an Investor

and its Asociate or Joint Venture

To be determined

by the HKICPA

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

采纳新订及经修订香港财务报告

准则会计准则

（续）

(b)

已颁布但尚未生效的新订及经修订香

港财务报告准则会计准则（续）

本公司董事预期，应用上述香港财务报

告准则会计准则修订本于可见的未来将

不会对综合财务报表产生重大影响。

香港财务报告准则第

号「财务报表

的呈列及披露」

香港财务报告准则第

号将取代香港会

计准则第

号「财务报表的呈列」，引入新

规定，该等新规定将有助于实现类似实

体财务表现的可比性，并为使用者提供

更多相关资料及透明度。即使香港财务

报告准则第

号不会影响综合财务报表

项目的确认或计量，但香港财务报告准

则第

号引入财务报表的呈列的重大变

动，重点为损益表所呈列的与财务表现

有关的资料，这将影响本集团于财务报

表中呈列及披露财务表现的方式。香港

财务报告准则第

号引入的关键变动与

以下各项有关：

(i)

损益表的架构；

(i)

管理

层界定的表现指标（是指替代指标或非

公认会计原则的表现指标）所需披露的

资料；及

(i)

有所加强的资料汇集及分类

要求。本公司董事目前正评估应用香港

财务报告准则第

号对综合财务报表的

呈列及披露的影响。

3. ADOPTION OF NEW AND REVISED HKFRS

ACOUNTING STANDARDS (Continued)

(b) New and revised HKFRS Acounting Standards in isue

but not yet efective (Continued)

The directors of the Company anticipate that the aplication

of the above amendments to HKFRS Acounting Standards

wil not have material impact on the consolidated financial

statements in the foreseable future.

HKFRS 18 “Presentation and Disclosure in Financial

Statements”

HKFRS 18 wil replace HKAS 1 “Presentation of Financial

Statements”, introducing new requirements that wil help

to achieve comparability of the financial performance of

similar entities and provide more relevant information and

transparency to users. Even though HKFRS 18 wil not

impact the recognition or measurement of items in the

consolidated financial statements, HKFRS 18 introduces

significant changes to the presentation of financial

statements, with a focus on information about financial

performance present in the statement of profit or los,

which wil afect how the Group presents and disclose

financial performance in the financial statements. The key

changes introduced in HKFRS 18 relate to (i) the structure

of the statement of profit or los; (i) required disclosures

for management-defined performance measures (which

are refered to alternative or non-GAP performance

measures); and (i) enhanced requirements for agregation

and disagregation of information. The directors of the

Company are curently asesing the impact of aplying

HKFRS 18 on the presentation and the disclosures of the

consolidated financial statements.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

该等综合财务报表已根据历史成本法编制，

除非以下会计政策另有说明。

编制符合香港财务报告准则会计准则之财务

报表需要使用若干关键会计估计。管理层亦

需要于应用本集团会计政策之过程中进行判

断。涉及较高程度之判断或复杂性之领域或

就综合财务报表而言乃属重大之假设及估计

所涉及之领域披露于附注

。

于编制该等综合财务报表时应用之重大会计

政策载列于下文。除非另有说明，否则该等政

策已贯彻应用于呈列的所有年度。

(a)

综合账目

综合财务报表包括本公司及其附属公司

截至三月三十一日止的财务报表。附属

公司指本集团拥有控制权之实体。当本

集团因参与实体业务而承担可变回报之

风险或享有可变回报之权利，且能够透

过其对实体之权力影响该等回报时，则

本集团控制该实体。当本集团之现有权

利使其能够于现时掌控相关业务（即对

实体回报产生重大影响之业务）时，则本

集团对该实体拥有权力。

4. MATERIAL ACOUNTING POLICY

INFORMATION

These consolidated financial statements have ben prepared

under the historical cost convention, unles mentioned otherwise

in the acounting policies below.

The preparation of financial statements in conformity with

HKFRS Acounting Standards requires the use of certain critical

acounting estimates. It also requires management to exercise

its judgement in the proces of aplying the Group’s acounting

policies. The areas involving a higher degre of judgement or

complexity, or areas where asumptions and estimates are

significant to the consolidated financial statements are disclosed

in note 5.

The material acounting policies aplied in the preparation

of these consolidated financial statements are set out below.

These policies have ben consistently aplied to al the years

presented, unles otherwise stated.

(a) Consolidation

The consolidated financial statements include the financial

statements of the Company and its subsidiaries made

up to 31 March. Subsidiaries are entities over which the

Group has control. The Group controls an entity when

it is exposed, or has rights, to variable returns from its

involvement with the entity and has the ability to afect

those returns through its power over the entity. The Group

has power over an entity when the Group has existing

rights that give it the curent ability to direct the relevant

activities (i.e. activities that significantly afect the entity’s

returns).

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(a)

综合账目（续）

在评估控制权时，本集团会考虑其潜在

投票权以及其他人士持有之潜在投票

权。潜在投票权仅于其持有人能够实际

行使该权利之情况下方会予以考虑。

附属公司自控制权转移至本集团当日起

综合入账，并自控制权终止当日起不再

综合入账。

因出售一间附属公司而导致失去控制权

之收益或亏损指

(i)

出售代价之公平值加

于该附属公司任何保留投资的公平值与

(i)

本公司应占该附属公司净资产加与该

附属公司有关之任何余下商誉及任何累

计外币换算储备之间的差额。

集团内公司间之交易、结余及未变现溢

利均予以对销。除非交易证明所转让资

产出现减值，未变现亏损亦予以对销。

附属公司之会计政策已在必要时作出变

动，以确保其与本集团所采纳之政策一

致。

非控股权益指并非由本公司直接或间接

应占的附属公司的权益。非控股权益在

综合财务状况表及综合权益变动表之权

益列示。于综合损益表和综合损益及其

他全面收益表内，非控股权益呈列为在

本公司非控股东与拥有人之间分配的

年度损益及全面收益总额。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(a) Consolidation (Continued)

When asesing control, the Group considers its potential

voting rights as wel as potential voting rights held by other

parties. A potential voting right is considered only if the

holder has the practical ability to exercise that right.

Subsidiaries are consolidated from the date on which

control is transfered to the Group. They are deconsolidated

from the date the control ceases.

The gain or los on the disposal of a subsidiary that results

in a los of control represents the diference betwen (i)

the fair value of the consideration of the sale plus the fair

value of any investment retained in that subsidiary and (i)

the Company’s share of the net asets of that subsidiary

plus any remaining godwil and any acumulated foreign

curency translation reserve relating to that subsidiary.

Intragroup transactions, balances and unrealised profits are

eliminated. Unrealised loses are also eliminated unles the

transaction provides evidence of an impairment of the aset

transfered. Acounting policies of subsidiaries have ben

changed where necesary to ensure consistency with the

policies adopted by the Group.

Non-controling interests represent the equity in subsidiaries

not atributable, directly or indirectly, to the Company. Non-

controling interests are presented in the consolidated

statement of financial position and consolidated statement

of changes in equity within equity. Non-controling interests

are presented in the consolidated statement of profit or

los and consolidated statement of profit or los and other

comprehensive income as an alocation of profit or los and

total comprehensive income for the year betwen the non-

controling shareholders and owners of the Company.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(a)

综合账目（续）

损益及其他全面收益各组成部分归属于

本公司拥有人及非控股东，即使此举

导致非控股权益出现亏绌结余。

本公司于一间附属公司的所有权益出

现变动但并无因此失去控制权，则按权

益交易（即与拥有人以其拥有人身份进

行的交易）入账。控股及非控股权益的账

面值经调整以反映其于附属公司相关权

益的变动。经调整非控股权益金额与已

付或已收代价公平值之间的任何差额直

接于权益内确认，并归属于本公司拥有

人。

于本公司财务状况表内，于附属公司之

投资按成本减去减值亏损呈报，除非该

投资被分类为持作出售（或纳入分类为

持作出售之出售组别）。成本包括投资直

接归属的成本。本公司基于已收或应收

股息将附属公司的业绩列账。

倘自附属公司收取的股息超出宣派股息

期间该附属公司的全面收益总额，或倘

独立财务报表的投资账面值超出综合财

务报表所示投资对象资产净值（包括商

誉）的账面值，则收取该等投资的股息时

须就于附属公司的投资进行减值测试。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(a) Consolidation (Continued)

Profit or los and each component of other comprehensive

income are atributed to the owners of the Company and

to the non-controling shareholders even if this results in the

non-controling interests having a deficit balance.

Changes in the Company’s ownership interest in a

subsidiary that do not result in a los of control are

acounted for as equity transactions (i.e. transactions with

owners in their capacity as owners). The carying amounts

of the controling and non-controling interests are adjusted

to reflect the changes in their relative interests in the

subsidiary. Any diference betwen the amount by which

the non-controling interests are adjusted and the fair value

of the consideration paid or received is recognised directly

in equity and atributed to the owners of the Company.

In the Company’s statement of financial position, an

investment in a subsidiary is stated at cost les impairment

los, unles the investment is clasified as held for sale (or

included in a disposal group that is clasified as held for

sale). Cost includes direct atributable costs of investments.

The results of subsidiaries are acounted for by the

Company on the basis of dividend received or receivable.

Impairment testing of the investments in subsidiaries is

required upon receiving a dividend from these investments

if the dividend exceds the total comprehensive income

of the subsidiary in the period the dividend is declared or

if the carying amount of the investment in the separate

financial statements exceds the carying amount in the

consolidated financial statements of the investe’s net

asets including godwil.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(b)

业务合并或资产收购

营运集中度测试

本集团可按个别交易基准选择应用选

择性集中度测试，该测试容许简化评估

所收购一组活动及资产是否并非一项业

务。若所收购之总资产的绝大部分公平

值均集中於单一可识别资产或一组类似

可识别资产，则符合集中度测试。被评

估的总资产不包括现金及现金等价物、

递延税项资产及递延税项负债的影响所

产生之商誉。倘符合集中度测试，则确

定该组活动及资产并非业务，毋须再作

评估。

资产收购

当本集团收购一组并不构成一项业务之

资产，本集团透过先将购买价按其各自

之公平值分配至其后根据成本模式计量

的物业、厂房及设备以及金融资产╱金

融负债，以识别及确认所收购之个别可

识别资产，而余下之购买价结余其后按

于购买日期之相关公平值，分配至其他

可识别资产及负债。有关交易并不产生

商誉或议价购买收益。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(b) Busines combination or aset acquisition

Operational concentration test

The Group can elect to aply an optional concentration

test, on a transaction-by-transaction basis, that permits

a simplified asesment of whether an acquired set of

activities and asets is not a busines. The concentration

test is met if substantialy al of the fair value of the gros

asets acquired is concentrated in a single identifiable aset

or group of similar identifiable asets. The gros asets

under asesment exclude cash and cash equivalents,

defered tax asets, and godwil resulting from the efects

of defered tax liabilities. If the concentration test is met,

the set of activities and asets is determined not to be a

busines and no further asesment is neded.

Aset acquisition

When the Group acquires a group of asets that do not

constitute a busines, the Group identifies and recognises

the individual identifiable asets acquired by alocating the

purchase price first to property, plant and equipment which

are subsequently measured under cost model and financial

asets/financial liabilities at the respective fair values, the

remaining balance of the purchase price is then alocated

to the other identifiable asets and liabilities on the basis

of their relative fair values at the date of purchase. Such

a transaction does not give rise to godwil or bargain

purchase gain.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(c)

收益及其他收入

本集团于产品或服务的控制权按本集团

预期有权收取的承诺代价金额（不包括

代第三方收取的金额）转移至客户时确

认收益。收益不包括增值税或其他销售

税，并扣除任何贸易折扣。

来自销售黄金及其他金属之收益乃于黄

金及其他金属之控制权转移时（即黄金

精矿已付运至买方指定的地点（交付）时）

确认。交付后，买方可全权决定销售黄

金及其他金属的分销方式及价格、于销

售黄金及其他金属时承担主要责任，并

承担与黄金及其他金属相关的过时及损

失风险。当黄金交付予买方时，本集团

确认应收款项，原因为收取代价之权利

于此时间点成为无条件，仅须待时间过

去方可收取款项。

咨询费收入于最终可交付成果交付予客

户并获其接纳时确认。这反映客户取得

控制权并可从产出中获益，或当特定里

程碑达成并获客户接纳的时刻。每个里

程碑均视作一项单独履约责任。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Revenue is recognised when control over a product or

service is transfered to the customer, at the amount of

promised consideration to which the Group is expected to

be entitled, excluding those amounts colected on behalf of

third parties. Revenue excludes value aded tax or other

sales taxes and is after deduction of any trade discounts.

Revenue from the sale of gold and other metals are

recognised when control of the gold and other metals

have transfered, being when the gold concentrate had

ben dispatched to the buyer’s specific location (delivery).

Folowing delivery, the buyer has ful discretion over the

maner of distribution and price to sel the gold and other

metals have the primary responsibility when on seling the

gold and other metals and bears the risks of obsolescence

and los in relation to the gold and other metals. A

receivable is recognised by the Group when the gold are

delivered to the buyer as this represents the point in time at

which the right to consideration becomes unconditional, as

only the pasage of time is required before payment is due.

Consulting fe income is recognised at the point when

the final deliverables are delivered to and acepted by the

customer. This reflects the moment when the customer

obtains control and can benefit from the output or

when specific milestones are achieved and acepted by

the customer. Each milestone is treated as a separate

performance obligation.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(c)

收益及其他收入（续）

服务费收入于各服务期末（如按月或按

季）确认，即本集团已完成其协定范围内

的营运支持及客户已收取该等服务的利

益。这与开具发票及承兑周期一致。

利息收入于其应计时按实际利率确认。

对于以摊销成本计量的金融资产而不作

信贷减值的金融资产，实际利率适用于

资产的总账面值。就信贷减值金融资产

而言，实际利率适用于资产的摊销成本

（即扣除亏损拨备的总账面值）。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Services fe income is recognised at the end of each

service period (e.g. monthly or quarterly), when the Group

has completed its agred scope of operational suport and

the customer has received the benefit of those services.

This aligns with the invoicing and aceptance cycle.

Interest income is recognised as it acrues using the

efective interest method. For financial asets measured at

amortised cost that are not credit impaired, the efective

interest rate is aplied to the gros carying amount of the

aset. For credit impaired financial asets, the efective

interest rate is aplied to the amortised cost (i.e. gros

carying amount net of los alowance) of the aset.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(d)

物业、厂房及设备

物业、厂房及设备按成本减累计折旧及

减值亏损（如有）列账。

分类为物业、厂房及设备之自建物业之

成本包括物料成本、直接劳工、对拆卸

及拆除项目及整修物业所在工地之成本

之初步估计（如相关）以及适当比例之生

产间接开支。

因物业、厂房及设备项目报废或出售所

产生的收益或亏损，按出售所得款项净

额与有关项目账面值两者之间的差额

厘定，并于报废或出售当日于损益中确

认。

折旧乃采用直线法按其估计可使用年期

计算，以撇销物业、厂房及设备项目之

成本减去其估计剩余价值（如有），兹述

如下：

－

永久业权土地不会折旧。

－

位于永久业权土地之楼宇按其估

计可使用年期折旧，为不多于完成

日期后五十年。

－

位于租赁土地之楼宇按未到期租

约及其估计可使用年期（较短者）折

旧，为不多于完成日期后五十年。

－

厂房及设备

至

年

－

其他

至

年

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(d) Property, plant and equipment

Property, plant and equipment are stated at cost les

acumulated depreciation and impairment loses, if any.

Cost of self-constructed properties are clasified as

property, plant and equipment includes the cost of

materials, direct labour, the initial estimate, where relevant,

of the costs of dismantling and removing the items and

restoring the site on which they are located, and an

apropriate proportion of production overhead.

Gains or loses arising from the retirement or disposal of

an item of property, plant and equipment are determined as

the diference betwen the net disposal proceds and the

carying amount of the item and are recognised in profit or

los on the date of retirement or disposal.

Depreciation is calculated to write of the cost of items of

property, plant and equipment, les their estimated residual

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

estimated useful lives as folows:

– Frehold land is not depreciated.

– Buildings situated on frehold land are depreciated

over their estimated useful life, being no more than 50

years after the date of completion.

– Buildings situated on leasehold land are depreciated

over the shorter of the unexpired term of lease and

their estimated useful lives, being no more than 50

years after the date of completion.

– Plant and machinery 10–30 years

– Others 3–10 years

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(d)

物业、厂房及设备（续）

倘物业、厂房及设备项目之各部分有不

同之可使用年期，则项目成本乃按合理

基准分配至各部分，而各部分会作为单

独项目而折旧。资产之可使用年期及其

剩余价值（如有）均每年审阅。

在建工程指在建设中的楼宇及待安装

的厂房及设备，乃按成本减值亏损列

账。折旧于有关资产可供使用时开始。

物业、厂房及设备项目于出售或预期使

用有关项目不会产生未来经济利益时终

止确认。出售或报废资产之收益或亏损

为有关资产出售所得款项净额与账面

值两者间之差额，并于综合损益表内确

认。

(e)

采矿权相关资产

有确定可使用年期之采矿权相关资产按

成本减累计摊销及任何累计减值亏损列

账。摊销乃按实际产量所占矿石之估计

总探明及可能储量使用生产单位法计提

拨备。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(d) Property, plant and equipment (Continued)

Where parts of an item of property, plant and equipment

have diferent useful lives, the cost of the item is alocated

on a reasonable basis betwen the parts and each part is

depreciated separately. Both the useful life of an aset and

its residual value, if any, are reviewed anualy.

Construction in progres represents buildings under

construction and plant and equipment pending instalation,

and is stated at cost les impairment loses. Depreciation

begins when the relevant asets are available for use.

An item of property, plant and equipment is derecognised

upon disposal or when no future economic benefits are

expected from its use. The gain or los on disposal or

retirement of an aset is the diference betwen the net

sales proceds and the carying amount of the relevant

aset, and is recognised in the consolidated statement of

profit or los.

(e) Mining rights related asets

Mining rights related asets with definite useful lives are

caried at cost les acumulated amortisation and any

acumulated impairment los. Amortisation is provided

using the unit of production method based on the actual

production volume over the estimated total proved and

probable reserves of the ore.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(f)

租赁

于合约成立时，本集团会评估合约是否

为租赁或包含租赁。倘合约赋予在一段

时间内控制已识别资产使用的权利以换

取代价，则合约为租赁或包含租赁。倘

客户有权主导已识别资产之用途及从该

用途中获得绝大部份经济利益，则控制

权已转移。

本集团作为承租人

于租赁开始日期，本集团确认使用权资

产及租赁负债，惟租期为

个月或以下

的短期租赁除外。与该等不作资本化租

赁相关的租赁付款于租期内按系统基准

确认为开支。

倘租赁已资本化，租赁负债初步按租期

内应付租赁款项现值确认，并按租赁中

所内含之利率贴现，或倘该利率不易厘

定，则使用相关增量借贷利率。计量租

赁负债亦包括合理肯定可延续之租赁付

款。初步确认后，按摊销成本计量租赁

负债及使用实际利率法计量利息开支。

计量租赁负债时，并不包括不依赖某个

指数或利率之可变租赁付款，因此计入

其所产生会计期间之损益内。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(f) Leases

At inception of a contract, the Group aseses whether the

contract is, or contains, a lease. A contract is, or contains,

a lease if the contract conveys the right to control the use

of an identified aset for a period of time in exchange for

consideration. Control is conveyed where the customer has

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

to obtain substantialy al of the economic benefits from that

use.

The Group as a lese

At the lease comencement date, the Group recognises a

right-of-use aset and a lease liability, except for short- term

leases that have a lease term of 12 months or les. The

lease payments asociated with those leases which are not

capitalised are recognised as an expense on a systematic

basis over the lease term.

Where the lease is capitalised, the lease liability is initialy

recognised at the present value of the lease payments

payable over the lease term, discounted using the interest

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

determined, using a relevant incremental borowing rate.

Lease payments to be made under reasonably certain

extension options are also included in the measurement of

the lease liability. After initial recognition, the lease liability

is measured at amortised cost and interest expense is

calculated using the efective interest method. Variable

lease payments that do not depend on an index or rate are

not included in the measurement of the lease liability and

hence are charged to profit or los in the acounting period

in which they are incured.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(f)

租赁（续）

本集团作为承租人（续）

为厘定递增借贷利率，本集团：

•

于可行情况下，使用个别承租人近

期获得的第三方融资为出发点作

出调整，以反映自获得第三方融资

以来融资条件的变动，

•

对于近期未获得第三方融资之集

团实体持有之租赁，采用以无风险

利率为起点之累加法，并按照租赁

之信贷风险进行调整，及

•

针对租赁做出特定调整，例如期

限、国家、货币及抵押。

若个别承租人可获得可随时观察到的摊

销贷款利率（通过最近的融资或市场数

据），且其付款情况与租赁相似，则集团

实体以该利率作为厘定递增借贷利率的

起点。

于租赁资本化时确认之使用权资产初步

按成本计量，其中包括租赁负债之初步

金额加上于开始日期或之前作出之任何

租赁付款，以及产生之任何初步直接成

本。于适用情况下，使用权资产成本亦

包括拆除及移除相关资产或恢复相关资

产或该资产所在地之估计成本，折现至

其现值再减去任何已收租赁优惠。使用

权资产其后按成本减累计折旧及减值亏

损列账，惟符合投资物业定义之使用权

资产按公平值列账。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(f) Leases (Continued)

The Group as a lese (Continued)

To determine the incremental borowing rate, the Group:

, uses recent third-party financing

received by the individual lese as a starting point,

adjusted to reflect changes in financing conditions

since third party financing was received,

• uses a build-up aproach that starts with a risk-fre

interest rate adjusted for credit risk for leases held by

the group entities, which do not have recent third-

party financing, and

, e.g. term,

country, curency and security.

If a readily observable amortising loan rate is available to the

individual lese (through recent financing or market data)

which has a similar payment profile to the lease, then the

group entities use that rate as a starting point to determine

the incremental borowing rate.

The right-of-use asets recognised when a lease is

capitalised is initialy measured at cost, which comprises the

initial amount of the lease liability plus any lease payments

made at or before the comencement date, and any initial

direct costs incured. Where aplicable, the cost of the

right-of-use asets also includes an estimate of costs to

dismantle and remove the underlying aset or to restore

the underlying aset or the site on which it is located,

discounted to their present value, les any lease incentives

received. The right-of-use asets is subsequently stated at

cost les acumulated depreciation and impairment loses,

except for the right-of-use asets that met the definition of

investment property are caried at fair value.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(f)

租赁（续）

本集团作为承租人（续）

本集团合理确定于租期结束时将取得相

关租赁资产所有权的使用权资产自开始

日期起至可使用年期结束时计提折旧。

否则，使用权资产于其估计可使用年期

及租期（以较短者为准）按直线法折旧。

已付可退还租赁按金根据香港财务报告

准则第

号入账，并初步按公平值计量。

于初步确认时对公平值的调整被视为额

外租赁付款，并计入使用权资产成本。

倘因指数或利率变化引致未来租赁付款

出现变动，或本集团预期根据剩余价值

担保应付的估计金额发生变化，或就本

集团是否合理确定将行使购买、续租或

终止选择权的有关重新评估发生变化，

则租赁负债将重新计量。倘以此方式重

新计量租赁负债，则应当对使用权资产

的账面值进行相应调整，而倘使用权资

产的账面值已调减至零，则应于损益中

列账。

本集团于综合财务状况表单独呈列不符

合投资物业定义的使用权资产及租赁负

债。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(f) Leases (Continued)

The Group as a lese (Continued)

Right-of-use asets in which the Group is reasonably

certain to obtain ownership of the underlying leased

asets at the end of the lease term are depreciated

from comencement date to the end of the useful life.

Otherwise, right-of-use asets are depreciated on a

straight-line basis over the shorter of its estimated useful life

and the lease term.

Refundable rental deposits paid are acounted under

HKFRS 9 and initialy measured at fair value. Adjustments to

fair value at initial recognition are considered as aditional

lease payments and included in the cost of right-of-use

asets.

The lease liability is remeasured when there is a change

in future lease payments arising from a change in an

index or rate, or there is a change in the Group’s estimate

of the amount expected to be payable under a residual

value guarante, or there is a change arising from the

reasesment of whether the Group wil be reasonably

certain to exercise a purchase, extension or termination

option. When the lease liability is remeasured in this way, a

coresponding adjustment is made to the carying amount

of the right-of-use aset, or is recorded in profit or los if the

carying amount of the right-of-use aset has ben reduced

to zero.

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

the definition of investment properties and lease liabilities

separately in the consolidated statement of financial

position.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(g)

有形资产之减值

其他非金融资产之账面值于各报告日期

检讨有否减值迹象，倘资产出现减值，

则作为开支透过综合损益表撇减至其估

计可收回金额，除非相关资产按重新估

值之金额列账，则减值亏损被视为重估

减幅。可收回金额按个别资产厘定，除

非资产并无产生很大程度上独立于其他

资产或资产组别之现金流入。倘属此情

况，可收回金额就资产所属之现金产生

单位厘定。可收回金额按个别资产或现

金产生单位之使用价值与其公平值减出

售成本两者中之较高者计算。

使用价值为资产╱现金产生单位估计未

来现金流量之现值。现值按反映货币之

时间价值及资产╱现金产生单位（已计

量减值）之特定风险之税前折现率计算。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Impairment of tangible asets

The carying amounts of other non-financial asets

are reviewed at each reporting date for indications of

impairment and where an aset is impaired, it is writen

down as an expense through the consolidated statement

of profit or los to its estimated recoverable amount unles

the relevant aset is caried at a revalued amount, in

which case the impairment los is treated as a revaluation

decrease. The recoverable amount is determined for an

individual aset, unles the aset does not generate cash

inflows that are largely independent of those from other

asets or groups of asets. If this is the case, recoverable

amount is determined for the cash-generating unit to which

the aset belongs. Recoverable amount is the higher of

value in use and the fair value les costs of disposal of the

individual aset or the cash-generating unit.

Value in use is the present value of the estimated future

cash flows of the aset/cash-generating unit. Present

values are computed using pre-tax discount rates that

reflect the time value of money and the risks specific to

the aset/cash-generating unit whose impairment is being

measured.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(h)

存货

本集团的存货包括原材料、在制品及制

成品。

存货按照成本进行初始计量。存货成本

包括所有采购成本、加工成本和其他支

出。于交付后，存货的实际成本采用加

权平均法计算。

于报告期末，存货按照成本与可变现净

值中的较低者计量。倘可变现净值低

于存货成本，则就存货跌价计提拨备，

并计入当期损益。于就存货跌价计提拨

备后，倘先前导致存货撇减至低于成本

的情况不复存在，使得存货的可变现净

值高于其成本，则原已计提的跌价拨备

予以拨回，并将该拨回金额计入当期损

益。

可变现净值按一般业务过程中估计的销

售价格减去估计完工成本、估计销售所

需费用（包括直接归属于进行销售的增

量成本及本集团为进行销售而必须产生

的非增量成本）及相关税费计算。计提存

货跌价拨备时，原材料按类别计提，而

制成品则按单个存货项目计提。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(h) Inventories

The Group’s inventories include raw materials, work in

progres and finished gods.

Inventories are initialy measured at cost. Cost of inventories

comprises al costs of purchase, costs of procesing and

other expenditures. The actual cost of inventories upon

delivery is calculated using the weighted average method.

At the end of the reporting period, inventories are measured

at the lower of cost and net realisable value. If the net

realisable value is below the cost of inventories, a provision

for decline in value of inventories is made and recorded in

profit or los for the curent period. After the provision for

decline in value of inventories is made, if the circumstances

that previously caused inventories to be writen down below

cost no longer exist so that the net realisable value of

inventories is higher than their cost, the original provision for

decline in value is reversed and the reversal is included in

profit or los for the curent period.

Net realisable value is the estimated seling price in the

ordinary course of busines les the estimated costs of

completion, the estimated costs necesary to make the

sale include incremental costs directly atributable to the

sale and non-incremental costs which the Group must incur

to make the sale and relevant taxes. For raw materials,

provision for decline in value is made based on the

categories of inventories. For finished gods, provision for

decline in value is made on an item-by-item basis.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(i)

确认及终止确认金融工具

金融资产及金融负债于本集团成为工具

合约条文的订约方时，于综合财务状况

表内确认。

金融资产及金融负债初步按公平值计

量。直接归属于收购或发行金融资产及

金融负债的交易成本，于初始确认时计

入金融资产或金融负债的公平值或自该

等公平值中扣除（倘适用）。直接归属于

收购金融资产或金融负债的交易成本，

即时于损益中确认。

本集团仅于自一项金融资产生现金流

量的合约权利到期时，或于其将金融资

产以及该资产绝大部分的所有权风险及

回报转让予其他实体时终止确认该项资

产。倘本集团并未转让亦未保留绝大部

分所有权风险及回报并继续控制已转让

资产，则本集团确认其于该项资产的保

留权益并就其须支付的金额确认相关负

债。倘本集团保留一项已转让金融资产

的绝大部分所有权风险及回报，则本集

团继续确认该项金融资产并亦就已收到

的款项确认一项有抵押借贷。

本集团于且仅于本集团的责任获履行、

取消或已到期时终止确认金融负债。终

止确认的金融负债账面值与已付及应付

代价（包括任何已转让的非现金资产或

已承担的负债）之差额于损益中确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(i) Recognition and derecognition of financial instruments

Financial asets and financial liabilities are recognised in

the consolidated statement of financial position when the

Group entity becomes a party to the contractual provisions

of the instrument.

Financial asets and financial liabilities are initialy measured

at fair value. Transaction costs that are directly atributable

to the acquisition or isue of financial asets and financial

liabilities are aded to or deducted from the fair value of

the financial asets or financial liabilities, as apropriate, on

initial recognition. Transaction costs directly atributable to

the acquisition of financial asets or financial liabilities are

recognised imediately in profit or los.

The Group derecognises a financial aset only when the

contractual rights to the cash flows from the aset expire,

or when it transfers the financial aset and substantialy al

the risks and rewards of ownership of the aset to another

entity. If the Group neither transfers nor retains substantialy

al the risks and rewards of ownership and continues to

control the transfered aset, the Group recognises its

retained interest in the aset and an asociated liability

for amounts it may have to pay. If the Group retains

substantialy al the risks and rewards of ownership of

a transfered financial aset, the Group continues to

recognise the financial aset and also recognises a

colateralised borowing for the proceds received.

The Group derecognises financial liabilities when, and

only when, the Group’s obligations are discharged, canceled

or have expired. The diference betwen the carying amount

of the financial liability derecognised and the consideration

paid and payable, including any non-cash asets transfered

or liabilities asumed, is recognised in profit or los.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(i)

确认及终止确认金融工具（续）

金融资产

所有以常规方式购买或出售之金融资

产均于交易日期确认及终止确认。以常

规方式购买或出售金融资产要求于市场

法规或惯例所确定之时间框架内交付资

产。视乎金融资产的分类，所有已确认

金融资产其后全面按摊销成本或公平值

进行计量。

债务投资

本集团持有的债务投资分类为以下其中

一个计量类别：

－

摊销成本，倘持有投资的目的为收

取合约现金流量，即纯粹为获取本

金及利息付款。投资所得利息收入

乃使用实际利率法计算。

－

按公平值计入其他全面收益－可拨

回，倘投资的合约现金流量仅包括

本金及利息付款，且投资乃按其目

的为同时收取合约现金流量及出

售的业务模式持有。公平值变动于

其他全面收益确认，惟预期信贷亏

损、利息收入（使用实际利率法计

算）及汇兑收益及亏损则于损益确

认。当投资被终止确认，于其他全

面收益累计的金额从权益拨回至

损益。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(i) Recognition and derecognition of financial instruments

(Continued)

Financial asets

Al regular way purchases or sales of financial asets

are recognised and derecognised on a trade date basis.

Regular way purchases or sales are purchases or sales of

financial asets that require delivery of asets within the

time frame established by regulation or convention in the

marketplace. Al recognised financial asets are measured

subsequently in their entirety at either amortised cost or

fair value, depending on the clasification of the financial

asets.

Debt investments

Debt investments held by the Group are clasified into one

of the folowing measurement categories:

– amortised cost, if the investment is held for the

colection of contractual cash flows which represent

solely payments of principal and interest. Interest

income from the investment is calculated using the

efective interest method.

– FVTOCI – recycling, if the contractual cash flows of the

investment comprise solely payments of principal and

interest and the investment is held within a busines

model whose objective is achieved by both the

colection of contractual cash flows and sale. Changes

in fair value are recognised in other comprehensive

income, except for the recognition in profit or los of

expected credit loses, interest income (calculated

using the efective interest method) and foreign

exchange gains and loses. When the investment

is derecognised, the amount acumulated in other

comprehensive income is recycled from equity to profit

or los.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(j)

金融工具

金融负债

金融负债及权益工具乃根据所订立合约

安排之实质内容及香港财务报告准则中

金融负债及权益工具之定义予以分类。

权益工具为可证明经扣除其所有负债后

于本集团资产之余额权益之任何合约。

就特定金融负债及权益工具采纳之会计

政策载于下文。

(i)

借贷

借贷初步按公平值扣除所产生之

交易成本确认，其后则按摊销成本

列账。所得款项（扣除交易成本后）

与赎回价值之任何差额采用实际

利息法于借贷期间内于综合损益

表确认。

借贷分类为流动负债，除非本集团

拥有无条件权利将结清负债之限

期延迟至申报日期后最少

个月

则作别论。

(i)

应付贸易账款及其他应付账项

应付贸易账款及其他应付账项初

步按其公平值确认，其后使用实际

利率法按摊销成本计量，除贴现影

响微少则作别论，在此情况下，则

按成本列账。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Financial instruments

Financial liabilities

Financial liabilities and equity instruments are clasified

acording to the substance of the contractual

arangements entered into and the definitions of a financial

liability and an equity instrument under HKFRSs. An equity

instrument is any contract that evidences a residual interest

in the asets of the Group after deducting al of its liabilities.

The acounting policies adopted for specific financial

liabilities and equity instruments are set out below.

(i) Borowings

Borowings are recognised initialy at fair value,

net of transaction costs incured. Borowings are

subsequently stated at amortised cost; any diference

betwen the proceds (net of transaction costs) and

the redemption value is recognised in the consolidated

statement of profit or los over the period of the

borowings using the efective interest method.

Borowings are clasified as curent liabilities unles

the Group has an unconditional right to defer

setlement of the liability for at least 12 months after

the reporting date.

(i) Trade and other payables

Trade and other payables are recognised initialy

at their fair value and subsequently measured at

amortised cost using the efective interest method

unles the efect of discounting would be imaterial, in

which case they are stated at cost.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(j)

金融工具（续）

金融负债（续）

(i)

包含权益部分的可换股债券

倘可换股债券的持有人有权选择

将债券转换为权益股本，而且转换

时所发行股份的数目和所收取的

代价值不会改变，此等债券便会

列作复合金融工具。复合金融工具

包含负债部分和权益部分。

初始确认时，可换股票据的负债部

分是以与不附带转换权的同类负

债初始确认时适用的市场利率计

算折现的未来利息和本金付款的

现值为基础，按公平值计量。权益

部分初始确认为整体可换股债券

的公平值与负债部分的公平值之

间的差额。发行复合金融工具的相

关交易成本会按照所得款项的分

配比例分配至负债和权益部分。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Financial instruments (Continued)

Financial liabilities (Continued)

(i) Convertible bonds that contain an equity component

Convertible bonds that can be converted to equity

share capital at the option of the holder, where the

number of shares that would be isued on conversion

and the value of the consideration that would be

received at that time do not vary, are acounted for as

compound financial instruments which contain both a

liability component and an equity component.

At initial recognition the liability component of the

convertible notes is measured at fair value based on

the present value of the future interest and principal

payments, discounted at the market rate of interest

aplicable at the time of initial recognition to similar

liabilities that do not have a conversion option.

The equity component is initialy recognised at the

diference betwen the fair value of the convertible

bonds as a whole and the fair value of the liability

component. Transaction costs that relate to the isue

of a compound financial instrument are alocated to

the liability and equity components in proportion to the

alocation of proceds.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(j)

金融工具（续）

金融负债（续）

(i)

包含权益部分的可换股债券（续）

负债部分其后以摊销成本列账。就

负债部分在损益中确认的利息支

出是以实际利率法计算。权益部分

则在资本储备中确认，直至债券被

转换或赎回为止。

倘债券被转换，资本储备及负债部

分的账面值会于转换时转入股本

及股份溢价，作为已发行股份的代

价。倘债券被赎回，则将资本储备

直接解除至保留溢利。

(iv)

抵销金融工具

倘现时存在一项可强制执行的法

定权利以抵销已确认金额，且有意

以净额结算或同时变现资产及清

偿负债，则金融资产可与金融负债

互相抵销，并将净额列入综合财务

状况表内。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Financial instruments (Continued)

Financial liabilities (Continued)

(i) Convertible bonds that contain an equity component

(Continued)

The liability component is subsequently caried at

amortised cost. The interest expense recognised in

profit or los on the liability component is calculated

using the efective interest method. The equity

component is recognised in the capital reserve until

either the bonds is converted or redemed.

If the bonds is converted, the capital reserve, together

with the carying amount of the liability component at

the time of conversion, is transfered to share capital

and share premium as consideration for the shares

isued. If the bonds is redemed, the capital reserve is

released directly to retained profits.

(iv) Ofseting of financial instruments

Financial asets and financial liabilities are ofset

and the net amount is reported in the consolidated

statement of financial position if there is a curently

enforceable legal right to ofset the recognised

amounts and there is an intention to setle on a net

basis, or to realise the asets and setle the liabilities

simultaneously.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(k)

贸易应收账款及其他应收账项

应收账项于本集团具无条件收取代价的

权利时予以确认。倘代价仅随时间推移

即会成为到期应付，则收取代价的权利

为无条件。倘于本集团具无条件收取代

价权利之前已确认为收入，则有关金额

入账列为一项合约资产。

应收账项采用实际利率法按摊销成本减

信贷亏损拨备列账。

(l)

现金及现金等值项目

现金及现金等值项目包括银行及手头现

金、银行及其他金融机构的活期存款以

及可随时兑换为已知数额现金的短期高

流动性投资（该等投资所面对的价值变

动风险并不重大，并于购入起计三个月

内到期）。在编制综合现金流量表时，现

金及现金等值项目亦包括须按要求偿还

及构成本集团现金管理一部分的银行透

支。现金及现金等值项目均进行预期信

贷亏损（「预期信贷亏损」）评估。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(k) Trade and other receivables

A receivable is recognised when the Group has an

unconditional right to receive consideration. A right to

receive consideration is unconditional if only the pasage

of time is required before payment of that consideration is

due. If revenue has ben recognised before the group has

an unconditional right to receive consideration, the amount

is presented as a contract aset.

Receivables are stated at amortised cost using the efective

interest method les alowance for credit loses.

(l) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and

on hand, demand deposits with banks and other financial

institutions, and short-term, highly liquid investments

that are readily convertible into known amounts of cash

and which are subject to an insignificant risk of changes

in value, having ben within thre months of maturity at

acquisition. Bank overdrafts that are repayable on demand

and form an integral part of the group’s cash management

are also included as a component of cash and cash

equivalents for the purpose of the consolidated cash flow

statement. Cash and cash equivalents are asesed for

expected credit loses (“ECLs”).

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(m)

外币换算

(i)

功能及呈列货币

本集团旗下各实体之财务报表所

列之项目采用该实体经营所在主

要经济环境之货币（「功能货币」）计

量。综合财务报表以港元呈列，而

港元为本公司之功能及呈列货币。

(i)

各实体财务报表内之交易及结余

外币交易于首次确认时按交易当

日之现行汇率换算为功能货币。以

外币计值之货币资产及负债按各

报告期末之汇率予以换算。因此换

算政策所产生之收益及亏损于损

益内确认。

以公平值计量及外币计值的非货

币项目按厘定公平值当日之汇率

换算。

当非货币项目的收益或亏损于其

他全面收益确认时，任何收益或亏

损汇兑部分于其他全面收益中确

认。当非货币项目的收益或亏损于

损益确认时，任何该收益或亏损汇

兑部分于损益确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(m) Foreign curency translation

(i) Functional and presentation curency

Items included in the financial statements of each of

the Group’s entities are measured using the curency

of the primary economic environment in which

the entity operates (the “functional curency”). The

consolidated financial statements are presented in

Hong Kong dolars, which is the Company’s functional

and presentation curency.

(i) Transactions and balances in each entity’s

financial statements

Transactions in foreign curencies are translated into

the functional curency on initial recognition using the

exchange rates prevailing on the transaction dates.

Monetary asets and liabilities in foreign curencies are

translated at the exchange rates at the end of each

reporting period. Gains and loses resulting from this

translation policy are recognised in profit or los.

Non-monetary items that are measured at fair value in

foreign curencies are translated using the exchange

rates at the dates when the fair values are determined.

When a gain or los on a non-monetary item

is recognised in other comprehensive income,

any exchange component of that gain or los is

recognised in other comprehensive income. When a

gain or los on a non-monetary item is recognised in

profit or los, any exchange component of that gain or

los is recognised in profit or los.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(m)

外币换算（续）

(i)

综合账目时换算

所拥有之功能货币与本公司之呈

列货币不同之本集团所有实体之

业绩及财务状况乃按下列方式换

算为本公司之呈列货币：

－

各财务状况表所列之资产及

负债按该财务状况表日期之

收市汇率换算；

－

收入及支出均按期内平均汇

率换算（除非该平均值并非为

按于交易日期之现行汇率累

计影响之合理近似值，在此情

况下，收入及支出按交易日期

汇率换算）；及

－

产生的所有汇兑差额于其他

全面收益确认，并于外币换算

储备累计。

于综合账目时，换算属于海外实体

投资净额一部分的货币项目所产

生的汇兑差额，均于其他全面收益

确认，并于外币换算储备累计。当

海外业务售出，该汇兑差额重新分

类至综合损益作为出售收益或亏

损的一部分。

收购海外实体所产生的商誉及公

平值调整作为海外实体的资产及

负债处理，并按收市汇率换算。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(m) Foreign curency translation (Continued)

(i) Translation on consolidation

The results and financial position of al the Group

entities that have a functional curency diferent from

the Company’s presentation curency are translated

into the Company’s presentation curency as folows:

– Asets and liabilities for each statement of

financial position presented are translated at

the closing rate at the date of that statement of

financial position;

– Income and expenses are translated at average

exchange rates for the period (unles this

average is not a reasonable aproximation of

the cumulative efect of the rates prevailing on

the transaction dates, in which case income and

expenses are translated at the exchange rates on

the transaction dates); and

– Al resulting exchange diferences are recognised

in other comprehensive income and acumulated

in the foreign curency translation reserve.

On consolidation, exchange diferences arising from

the translation of monetary items that form part of the

net investment in foreign entities are recognised in

other comprehensive income and acumulated in the

foreign curency translation reserve. When a foreign

operation is sold, such exchange diferences are

reclasified to consolidated profit or los as part of the

gain or los on disposal.

Godwil and fair value adjustments arising on the

acquisition of a foreign entity are treated as asets

and liabilities of the foreign entity and translated at the

closing rate.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(n)

借贷成本

直接归属于收购、兴建或生产合资格资

产（指必须经较长一段时间处理以作其

拟定用途或销售的资产）的借贷成本均

拨充资本，作为该等资产成本的一部

分，直至资产大致上备妥供作其拟定用

途或销售为止。从特定借贷待支付合资

格资产之费用前而作出之短暂投资所赚

取之投资收入乃从合资格资本化之借贷

成本中扣除。

就于一般情况及用作取得合资格资产而

借入之资金而言，合资格资本化之借贷

成本金额乃按用于该资产之费用资本化

比率计算。资本化比率为适用于本集团

该期间内尚未偿还借贷（不包括就取得

合资格资产而借入之特定借贷）之加权

平均借贷成本。于相关资产可按拟定用

途或销售后的任何尚未偿还的特定借贷

计入一般借贷，以其计算一般借贷的资

本化比率。

所有其他借贷成本于其产生的期间于损

益中确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(n) Borowing costs

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, which are

asets that necesarily take a substantial period of time

to get ready for their intended use or sale, are capitalised

as part of the cost of those asets, until such time as the

asets are substantialy ready for their intended use or sale.

Investment income earned on the temporary investment of

specific borowings pending their expenditure on qualifying

asets is deducted from the borowing costs eligible for

capitalisation.

To the extent that funds are borowed generaly and used

for the purpose of obtaining a qualifying aset, the amount

of borowing costs eligible for capitalisation is determined

by aplying a capitalisation rate to the expenditures on

that aset. The capitalisation rate is the weighted average

of the borowing costs aplicable to the borowings of the

Group that are outstanding during the period, other than

borowings made specificaly for the purpose of obtaining

a qualifying ases. Any specific borowing that remain

outstanding after the related aset is ready for its intended

use or sale is included in the general borowing pol for

calculation of capitalisation rate on general borowings.

Al other borowing costs are recognised in profit or los in

the period in which they are incured.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(o)

雇员福利

(i)

雇员休假权利

雇员享有年假及长期服务假的权

利于雇员累积时确认。本集团为截

至报告期末雇员已提供之服务而

产生之年假及长期服务假之估计

负债作出拨备。

雇员可享有之病假及产假直至雇

员休假时方予确认。

(i)

养老金责任

本集团对所有雇员可用的定额供

款退休计划供款。本集团及雇员对

计划的供款乃按雇员基本薪金的

某个百分比计算。自损益扣除的退

休福利计划成本乃指本集团应付

该基金的供款。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(o) Employe benefits

(i) Employe leave entitlements

Employe entitlements to anual leave and long

service leave are recognised when they acrue to

employes. A provision is made for the estimated

liability for anual leave and long service leave as a

result of services rendered by employes up to the

end of the reporting period.

Employe entitlements to sick leave and maternity

leave are not recognised until the time of leave.

(i) Pension obligation

The Group contributes to defined contribution

retirement schemes which are available to al

employes. Contributions to the schemes by the

Group and employes are calculated as a percentage

of employes’ basic salaries. The retirement benefit

scheme cost charged to profit or los represents

contributions payable by the Group to the funds.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(p)

以股份为基础的付款

本集团向若干雇员作出以股权结算以股

份为基础的付款。以股权结算以股份为

基础的付款按权益工具于授出日期的公

平值计量（不计及非市场归属条件的影

响）。于以股权结算以股份为基础的付款

授出日期厘定的公平值乃于归属期按直

线基准支销，此乃根据本集团估计最终

将会归属的股份及就非市场归属条件的

影响予以调整。

本集团向若干董事、雇员及顾问作出以

股权结算以股份为基础的付款。

向董事及雇员作出之以股权结算以股份

为基础的付款按权益工具于授出日期之

公平值计量（不计入非市场归属条件的

影响）。于以股权结算以股份为基础的付

款授出日期厘定的公平值乃于归属期按

直线基准支销，此乃根据本集团估计最

终将会归属的股份及就非市场归属条件

的影响予以调整。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(p) Share-based payments

The Group isues equity-setled share-based payments to

certain employes. Equity-setled share-based payments

are measured at the fair value (excluding the efect of non-

market based vesting conditions) of the equity instruments

at the date of grant. The fair value determined at the

grant date of the equity-setled share-based payments is

expensed on a straight-line basis over the vesting period,

based on the Group’s estimate of shares that wil eventualy

vest and adjusted for the efect of non-market based

vesting conditions.

The Group isues equity-setled share-based payments to

certain directors, employes and consultants.

Equity-setled share-based payments to directors and

employes are measured at the fair value (excluding the

efect of non-market based vesting conditions) of the

equity instruments at the date of grant. The fair value

determined at the grant date of the equity-setled share-

based payments is expensed on a straight-line basis over

the vesting period, based on the Group’s estimate of shares

that wil eventualy vest and adjusted for the efect of non-

market based vesting conditions.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(p)

以股份为基础的付款（续）

向顾问作出之以股权结算以股份为基础

的付款以提供服务之公平值计量，或倘

若所提供服务的公平值不能可靠计量，

以所授出权益工具的公平值计量。公平

值乃于本集团接获服务之日计量并确认

为开支。

本集团发行可换股债券作为以股份为基

础的付款交易。

就以权益结算以股份为基础的付款交易

而言，实体须直接按已收到的货物或服

务的公平值计量已收到的货物或服务以

及权益的相应增加，除非该公平值无法

可靠地估算。

可换股债券的负债部分（即债券持有人

要求以现金付款的权利）将作为以现金

结算以股份为基础的付款交易入账，而

可换股债券的权益部分（即债券持有人

要求以本公司股份结算的权利）将作为

以权益结算以股份为基础的付款交易入

账。考虑到债券持有人为收取权益工具

必须放弃收取现金的权利，实体首先计

量负债部分的公平值，然后计量权益部

分的公平值。初始确认后，可换股债券

的负债部分按公平值列示，变动计入收

益表。权益部分于初始确认后不会重新

计量。当可换股债券根据合约条款转换

为本公司股份时，负债组成部分的账面

金额予以取消确认，相应金额则转入权

益。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(p) Share-based payments (Continued)

Equity-setled share-based payments to consultants are

measured at the fair value of the services rendered or, if

the fair value of the services rendered canot be reliably

measured, at the fair value of the equity instruments

granted. The fair value is measured at the date the Group

receives the services and is recognised as an expense.

The Group isue of convertible bonds as share-based

payment transactions.

For equity-setled share-based payment transactions, the

entity shal measure the gods or services received, and the

coresponding increase in equity, directly, at the fair value of

the gods or services received, unles that fair value canot

be estimated reliably.

The liability component (i.e. the bondholder’s right to

demand payment in cash) of the convertible bonds

wil be acounted for as a cash-setled share-based

payment transaction while the equity component (i.e. the

bondholder’s right to demand setlement in the Company’s

shares) of the convertible bonds wil be acounted for as

an equity-setled share-based payment transaction. The

entity first measures the fair value of the liability component,

and then measure the fair value of the equity component

by taking into acount that the bondholder must forfeit

the right to receive cash in order to receive the equity

instrument. Subsequent to initial recognition, the liability

component of the convertible bonds is stated at fair value,

with changes recorded in the income statement. The

equity component is not re-measured subsequent to initial

recognition. Upon conversion of the convertible bonds into

the Company’s shares in acordance with the contractual

terms, the carying amount of the liability component is

derecognized, and the coresponding amount is transfered

to equity.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(q)

税项

所得税指即期税项及递延税项总额。

即期应付税项乃按年内应课税溢利计

算。应课税溢利与于损益内确认的溢利

乃因其他年度的应课税或可扣税收入或

开支项目以及毋须课税或不可扣税项目

而有所不同。本集团的即期税项责任乃

使用报告期末前已颁布或实质已颁布的

税率计算。

递延税项乃按综合财务报表中资产及负

债的账面值与计算应课税溢利所用相

应税基之间的暂时差额确认。递延税项

负债一般就所有应课税暂时差额确认，

递延税项资产则于应课税溢利有可能用

作抵销可扣税暂时差额、未动用税项亏

损或未动用税项抵免之情况下一般就所

有可扣税暂时差额确认。倘暂时差额因

商誉或初次确认（不包括于业务合并中

确认者）一项不影响应课税溢利及会计

溢利的交易的其他资产及负债而产生且

于交易时并无产生相等的应课税及可

扣税暂时差额，则不会确认有关资产及

负债。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(q) Taxation

Income tax represents the sum of the curent tax and

defered tax.

The tax curently payable is based on taxable profit for the

year. Taxable profit difers from profit recognised in profit

or los because of items of income or expense that are

taxable or deductible in other years and items that are

never taxable or deductible. The Group’s liability for curent

tax is calculated using tax rates that have ben enacted or

substantively enacted by the end of the reporting period.

Defered tax is recognised on temporary diferences

betwen the carying amounts of asets and liabilities in the

consolidated financial statements and the coresponding

tax bases used in the computation of taxable profit.

Defered tax liabilities are generaly recognised for al

taxable temporary diferences and defered tax asets

are generaly recognised for al deductible temporary

diferences to the extent that it is probable that taxable

profits wil be available against which deductible temporary

diferences, unused tax loses or unused tax credits can

be utilised. Such asets and liabilities are not recognised if

the temporary diference arises from godwil or from the

initial recognition (other than in a busines combination)

of other asets and liabilities in a transaction that afects

neither the taxable profit nor the acounting profit and at

the time of transaction does not give rise to equal taxable

and deductible temporary diferent.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(q)

税项（续）

本集团会就于附属公司及联营公司的投

资及于合营安排的权益产生的应课税暂

时差额确认递延税项负债，惟倘本集团

能够控制暂时差额的拨回及暂时差额不

大可能于可见将来拨回则除外。

递延税项资产的账面值在各报告期末进

行检讨，并扣减至再无足够应课税溢利

可用以收回所有或部分资产。

递延税项根据于报告期末前已颁布或实

质已颁布的税率，按预期适用于负债清

偿或资产变现期间的税率计算。递延税

项于损益中确认，惟当其与于其他全面

收益或直接于权益确认的项目相关时除

外，在此情况下，递延税项亦于其他全

面收益或直接于权益确认。

递延税项资产及负债的计量反映在报告

期末本集团预期收回或清偿其资产及负

债账面值之方式而引致的税务后果。

就计量本集团确认使用权资产及相关租

赁负债之租赁交易之递延税项而言，本

集团会首先厘定税项扣减是否归因于使

用权资产或租赁负债。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(q) Taxation (Continued)

Defered tax liabilities are recognised for taxable temporary

diferences arising on investments in subsidiaries and

asociates, and interests in joint arangements, except

where the Group is able to control the reversal of the

temporary diference and it is probable that the temporary

diference wil not reverse in the foreseable future.

The carying amount of defered tax asets is reviewed at

the end of each reporting period and reduced to the extent

that it is no longer probable that suficient taxable profits wil

be available to alow al or part of the aset to be recovered.

Defered tax is calculated at the tax rates that are expected

to aply in the period when the liability is setled or the

aset is realised, based on tax rates that have ben

enacted or substantively enacted by the end of the

reporting period. Defered tax is recognised in profit or

los, except when it relates to items recognised in other

comprehensive income or directly in equity, in which case

the defered tax is also recognised in other comprehensive

income or directly in equity.

The measurement of defered tax asets and liabilities

reflects the tax consequences that would folow from the

maner in which the Group expects, at the end of the

reporting period, to recover or setle the carying amount of

its asets and liabilities.

Defered tax asets and liabilities are ofset when there is a

legaly enforceable right to set of curent tax asets against

curent tax liabilities and when they relate to income taxes

levied by the same taxation authority and the Group intends

to setle its curent tax asets and liabilities on a net basis.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(r)

拨备及或然负债

倘本集团因过往事件而于现时出现法定

或推定责任，经济利益可能须流出以偿

还负债及可作出可靠估计，则就不确定

时间或款项之负债确认拨备。倘款项之

时间值重大，则拨备按预期偿还负债开

支之现值列账。

倘可能毋须流出经济利益，或款额不能

可靠地估计，则此责任须作为或然负债

披露，除非经济利益流出之可能性甚

微。可能之负债（其存在仅可因发生或不

发生一项或以上日后事件方可确认）亦

作为或然负债披露，除非经济利益流出

之可能性甚微。

(s)

分部呈报

经营分部及财务报表中所呈报的各分部

项目金额乃根据定期向本集团最高级行

政管理人员提供以分配资源至本集团各

业务及地区以及评估有关表现之财务资

料确认。

个别重大经营分部并无就财务汇报而合

并，除非分部的经济特征类似及就产品

及服务性质、生产程序性质、客户类别、

分销产品或提供服务所用方式及监管环

境性质而言相似则除外。并非个别重大

的经营分部倘符合上述大部分标准，则

可能会合并。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(r) Provisions and contingent liabilities

Provisions are recognised for liabilities of uncertain timing or

amount when the Group has a present legal or constructive

obligation arising as a result of a past event, it is probable

that an outflow of economic benefits wil be required to

setle the obligation and a reliable estimate can be made.

Where the time value of money is material, provisions are

stated at the present value of the expenditures expected to

setle the obligation.

Where it is not probable that an outflow of economic

benefits wil be required, or the amount canot be

estimated reliably, the obligation is disclosed as a

contingent liability, unles the probability of outflow is

remote. Posible obligations, whose existence wil only be

confirmed by the ocurence or non-ocurence of one

or more future events are also disclosed as contingent

liabilities unles the probability of outflow is remote.

(s) Segment reporting

Operating segments, and the amounts of each segment

item reported in the financial statements, are identified from

the financial information provided regularly to the Group’s

most senior executive management for the purposes of

alocating resources to, and asesing the performance

of, the Group’s various lines of busines and geographical

locations.

Individualy material operating segments are not agregated

for financial reporting purposes unles the segments

have similar economic characteristics and are similar in

respect of the nature of products and services, the nature

of production proceses, the type or clas of customers,

the methods used to distribute the products or provide

the services, and the nature of the regulatory environment.

Operating segments which are not individualy material may

be agregated if they share a majority of these criteria.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(s)

分部呈报（续）

分类资产包括所有资产，但并非直接与

任何经营分部业务活动有关之公司资产

不会分配至任何分部，而主要归入本集

团总部。

分类负债不包括并非与任何经营分部业

务活动直接有关之公司负债，该公司负

债亦不会分配至任何分部。

非对称分配不应用于报告分部。

(t)

政府补贴

政府补贴于本集团合理确认将遵守政府

补贴随附之条件，且将收到补贴时，方

会确认。

有关收入之政府补贴为递延收入及于期

内于损益确认为与拟作补偿之成本相匹

配之收入。

用作已产生开支或亏损之补偿或作为本

集团即时财务资助而并无未来相关成本

之应收政府补贴，于应收政府补贴期间

于损益内确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(s) Segment reporting (Continued)

Segment asets include al asets but corporate asets

which are not directly atributable to the busines activities

of any operating segment are not alocated to a segment,

which primarily aplies to the Group’s headquarter.

Segment liabilities exclude corporate liabilities which are

not directly atributable to the busines activities of any

operating segment and are not alocated to a segment.

No asymetrical alocations have ben aplied to

reportable segment.

(t) Government grants

A government grant is recognised when there is reasonable

asurance that the Group wil comply with the conditions

ataching to it and that the grant wil be received.

Government grants relating to income are defered and

recognised in profit or los over the period to match them

with the costs they are intended to compensate.

Government grants that become receivable as compensation

for expenses or loses already incured or for the purpose

of giving imediate financial suport to the Group with no

future related costs are recognised in profit or los in the

period in which they become receivable.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(u)

金融资产减值

本集团就按摊销成本或按公平值计入其

他全面收益计量之债务工具投资之预期

信贷亏损确认亏损拨备。预期信贷亏损

金额于各报告日期更新，以反映有关金

融工具初始确认以来信贷风险之变化。

本集团一直就贸易应收账项（如有）确认

全期预期信贷亏损。该等金融资产之预

期信贷亏损乃基于本集团之过往信贷亏

损经验使用拨备矩阵估计，并就债务人

特定因素、整体经济状况以及对于报告

日期状况之目前及预测方向（包括货币

时间值，如适用）之评估作出调整。

对于所有其他金融工具，本集团在信贷

风险自初始确认以来显著上升时确认全

期预期信贷亏损。另一方面，若金融工

具之信贷风险自初始确认以来并未显著

上升，本集团按

个月预期信贷亏损之

相同金额计量该金融工具之亏损拨备。

全期预期信贷亏损指于金融工具预计年

期内所有可能之违约事件将产生之预期

信贷亏损。相反，

个月预期信贷亏损

指金融工具于报告日期后

个月内可能

发生之违约事件预计产生之该部分全期

预期信贷亏损。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(u) Impairment of financial asets

The Group recognises a los alowance for ECLs on

investments in debt instruments that are measured at

amortised cost. The amount of ECLs is updated at each

reporting date to reflect changes in credit risk since initial

recognition of the respective financial instrument.

The Group always recognises lifetime ECLs for trade

receivables, if any. The ECLs on these financial asets are

estimated using a provision matrix based on the Group’s

historical credit los experience, adjusted for factors that

are specific to the debtors, general economic conditions

and an asesment of both the curent as wel as the

forecast direction of conditions at the reporting date,

including time value of money where apropriate.

For al other financial instruments, the Group recognises

lifetime ECLs when there has ben a significant increase in

credit risk since initial recognition. However, if the credit risk

on the financial instrument has not increased significantly

since initial recognition, the Group measures the los

alowance for that financial instrument at an amount equal

to 12-month ECLs.

Lifetime ECLs represents the expected credit loses that

wil result from al posible default events over the expected

life of a financial instrument. In contrast, 12-month ECLs

represents the portion of lifetime ECLs that is expected to

result from default events on a financial instrument that are

posible within 12 months after the reporting date.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(u)

金融资产减值（续）

信贷风险大幅增加

评估金融工具之信贷风险自初始确认以

来是否显著上升时，本集团会比较金融

工具于报告日期发生违约之风险与金融

工具于初始确认日期发生违约之风险。

作出评估时，本集团会考虑合理且有依

据之定量及定性资料，包括过往经验及

无须不必要成本及努力即可获取之前瞻

性资料。所考虑之前瞻性资料包括获取

自经济专家报告、金融分析师、政府机

构、相关智囊团及其他类似组织之本集

团债务人经营所在行业之未来前景，以

及与本集团核心业务相关之实际及预测

经济资料之各种外部来源。

具体而言，评估信贷风险自初始确认以

来是否显著上升时会考虑以下资料：

－

金融工具外部（如有）或内部信贷评

级之实际或预期显著恶化；

－

特定金融工具信贷风险之外部市

场指标显著恶化；

－

商业、金融或经济情况目前或预期

有不利变动，预计将导致债务人履

行债务责任之能力显著下降；

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(u) Impairment of financial asets (Continued)

Significant increase in credit risk

In asesing whether the credit risk on a financial

instrument has increased significantly since initial

recognition, the Group compares the risk of a default

ocuring on the financial instrument at the reporting

date with the risk of a default ocuring on the financial

instrument at the date of initial recognition. In making this

asesment, the Group considers both quantitative and

qualitative information that is reasonable and suportable,

including historical experience and forward-loking

information that is available without undue cost or efort.

Forward-loking information considered includes the future

prospects of the industries in which the Group’s debtors

operate, obtained from economic expert reports, financial

analysts, governmental bodies, relevant think-tanks and

other similar organisations, as wel as consideration of

various external sources of actual and forecast economic

information that relate to the Group’s core operations.

In particular, the folowing information is taken into acount

when asesing whether credit risk has increased

significantly since initial recognition:

– an actual or expected significant deterioration in the

financial instrument’s external (if available) or internal

credit rating;

– significant deterioration in external market indicators of

credit risk for a particular financial instrument;

– existing or forecast adverse changes in busines,

financial or economic conditions that are expected to

cause a significant decrease in the debtor’s ability to

met its debt obligations;

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(u)

金融资产减值（续）

信贷风险大幅增加（续）

－

债务人经营业绩实际或预期显著

恶化；

－

同一债务人其他金融工具之信贷

风险显著上升；

－

债务人之监管、经济或技术环境有

实际或预计之重大不利变动，导致

债务人履行债务责任之能力显著

下降。

不论上述评估之结果如何，除非本集团

有合理且具有理据之资料证明并非如

此，本集团认定若自合约付款逾期超过

天，则金融资产之信贷风险自初始确

认后已大幅增加。

尽管有上述规定，若于报告日期金融工

具被判定为具有较低信贷风险，本集团

会假设金融工具之信贷风险自初始确认

以来并未显著上升。在以下情况下，金

融工具会被判定为具有较低信贷风险：

(i)

金融工具有较低违约风险；

(i)

债务人有很强的能力履行近期之

合约现金流量义务；及

(i)

经济及商业环境之长期不利变动

有可能但未必会降低借贷人履行

合约现金流量义务之能力。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(u) Impairment of financial asets (Continued)

Significant increase in credit risk (Continued)

– an actual or expected significant deterioration in the

operating results of the debtor;

– significant increases in credit risk on other financial

instruments of the same debtor;

– an actual or expected significant adverse change in

the regulatory, economic, or technological environment

of the debtor that results in a significant decrease in

the debtor’s ability to met its debt obligations.

Irespective of the outcome of the above asesment,

the Group presumes that the credit risk on a financial

aset has increased significantly since initial recognition

when contractual payments are more than 30 days past

due, unles the Group has reasonable and suportable

information that demonstrates otherwise.

Despite the foregoing, the Group asumes that the credit

risk on a financial instrument has not increased significantly

since initial recognition if the financial instrument is

determined to have low credit risk at the reporting date. A

financial instrument is determined to have low credit risk if:

(i) the financial instrument has a low risk of default;

(i) the debtor has a strong capacity to met its

contractual cash flow obligations in the near term; and

(i) adverse changes in economic and busines conditions

in the longer term may, but wil not necesarily, reduce

the ability of the borower to fulfil its contractual cash

flow obligations.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(u)

金融资产减值（续）

信贷风险大幅增加（续）

倘资产外部信贷评级为国际通用之「投

资评级」或倘外部评级不可得，而资产内

部评级为「表现出色」，则本集团认为该

金融资产为低信贷风险。表现出色指交

易对手财务状况强劲且并无逾期款项。

本集团定期监控用以识别信贷风险有否

显著增加之标准之有效性，并修订标准

（倘适用）以确保标准能够于金额逾期

前识别信贷风险显著增加。

违约之定义

本集团认为下列情况就内部信贷风险管

理而言构成违约事件，此乃由于过往经

验显示符合以下任何一项条件之应收款

项一般无法收回。

－

对手方违反财务契诺；或

－

内部产生或取自外部来源之资料

显示债务人不太可能向其债权人

（包括本集团）偿还全部款项（并不

计及本集团持有之任何抵押品）。

不论上述分析如何，本集团认为，倘金

融资产逾期超过

天，则已发生违约，

除非本集团有合理且可作为依据之资料

显示一项更滞后之违约标准更为合适，

则另作别论。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(u) Impairment of financial asets (Continued)

Significant increase in credit risk (Continued)

The Group considers a financial aset to have low credit

risk when the aset has external credit rating of “investment

grade” in acordance with the globaly understod definition

or if an external rating is not available, the aset has an

internal rating of “performing”. Performing means that the

counterparty has a strong financial position and there is no

past due amounts.

The Group regularly monitors the efectivenes of the

criteria used to identify whether there has ben a significant

increase in credit risk and revises them as apropriate to

ensure that the criteria are capable of identifying significant

increase in credit risk before the amount becomes past

due.

Definition of default

The Group considers the folowing as constituting an event

of default for internal credit risk management purposes as

historical experience indicates that receivables that met

either of the folowing criteria are generaly not recoverable.

– when there is a breach of financial covenants by the

counterparty; or

– information developed internaly or obtained from

external sources indicates that the debtor is unlikely to

pay its creditors, including the Group, in ful (without

taking into acount any colaterals held by the Group).

Irespective of the above analysis, the Group considers that

default has ocured when a financial aset is more than

90 days past due unles the Group has reasonable and

suportable information to demonstrate that a more laging

default criterion is more apropriate.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(u)

金融资产减值（续）

出现信贷减值之金融资产

当发生一项或多项损害金融资产之估计

未来现金流量之事件时，该项金融资产

则出现信贷减值。金融资产出现信贷减

值之证据包括以下事件之可观察数据：

－

发行人或对手方出现重大财政困

难；

－

违反合约，如拖欠或逾期事件；

－

对手方之贷款人因有关对手方财

政困难之经济或合约原因而向对

手方提供贷款人在其他情况下不

予考虑之减免；或

－

对手方很有可能破产或进行其他

财务重组。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(u) Impairment of financial asets (Continued)

Credit-impaired financial asets

A financial aset is credit-impaired when one or more

events that have a detrimental impact on the estimated

future cash flows of that financial aset have ocured.

Evidence that a financial aset is credit-impaired includes

observable data about the folowing events:

– significant financial dificulty of the isuer or the

counterparty;

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

event;

– the lender(s) of the counterparty, for economic or

contractual reasons relating to the counterparty’s

financial dificulty, having granted to the counterparty

a concesion(s) that the lender(s) would not otherwise

consider; or

– it is becoming probable that the counterparty wil enter

bankruptcy or other financial reorganisation.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(u)

金融资产减值（续）

撇销政策

倘有资料显示债务人陷入严重财政困

难，且并无实际可能可收回款项（包括对

手方已进行清盘或进入破产程序，或（就

贸易应收账项而言）有关款项逾期超过

两年（以较早发生者为准）时，本集团则

撇销金融资产。于适当时计及法律意见

后，已撇销之金融资产仍可根据本集团

之收回程序被强制执行。收回之任何款

项于损益内确认。

计量及确认预期信贷亏损

预期信贷亏损之计量为违约概率、违约

损失（即倘出现违约时之损失的程度）及

违约风险之函数。违约概率及违约损失

乃根据历史数据进行评估，并按上文所

述之前瞻性资料予以调整。就金融资产

而言，违约风险为有关资产于报告日期

之账面总值；而就财务担保合约而言，

违约风险包括于报告日期提取之金额，

连同日后预期于违约日期（根据历史趋

势、本集团对债务人日后特定融资需要

的理解以及其他相关前瞻性资料厘定）

前提取之任何额外金额。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(u) Impairment of financial asets (Continued)

Write-of policy

The Group writes of a financial aset when there is

information indicating that the debtor is in severe financial

dificulty and there is no realistic prospect of recovery,

including when the debtor has ben placed under

liquidation or has entered into bankruptcy procedings, or

in the case of trade receivables, when the amounts are over

two years past due, whichever ocurs soner. Financial

asets writen of may stil be subject to enforcement

activities under the Group’s recovery procedures, taking

into acount legal advice where apropriate. Any recoveries

made are recognised in profit or los.

Measurement and recognition of ECLs

The measurement of ECLs is a function of the probability

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

los if there is a default) and the exposure at default. The

asesment of the probability of default and los given

default is based on historical data adjusted by forward

loking information as described above. As for the

exposure at default, for financial asets, this is represented

by the asets’ gros carying amount at the reporting date;

for financial guarante contracts, the exposure includes the

amount drawn down as at the reporting date, together with

any aditional amounts expected to be drawn down in the

future by default date determined based on historical trend,

the Group’s understanding of the specific future financing

neds of the debtors, and other relevant forward-loking

information.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(u)

金融资产减值（续）

计量及确认预期信贷亏损（续）

就金融资产而言，预期信贷亏损乃按根

据合约应付本集团的所有合约现金流量

与本集团预期收取的所有现金流量之间

的差额估计，并按原有实际利率折现。

倘本集团已于先前报告期间就金融工具

按相等于全期预期信贷亏损之金额计量

亏损拨备，但于当前报告期间厘定不再

符合全期预期信贷亏损之条件，则本集

团于当前报告期间按相等于

个月预期

信贷亏损之金额计量亏损拨备，惟使用

简易方法之资产除外。

本集团就所有金融工具于损益中确认减

值收益或亏损，并按亏损拨备账对其账

面值作出相应调整，且不会扣减有关金

融资产于财务状况表中之账面值。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(u) Impairment of financial asets (Continued)

Measurement and recognition of ECLs (Continued)

For financial asets, the ECLs is estimated as the diference

betwen al contractual cash flows that are due to the

Group in acordance with the contract and al the cash

flows that the Group expects to receive, discounted at the

original efective interest rate.

If the Group has measured the los alowance for a financial

instrument at an amount equal to lifetime ECLs in the

previous reporting period, but determines at the curent

reporting date that the conditions for lifetime ECLs are no

longer met, the Group measures the los alowance at an

amount equal to 12-month ECLs at the curent reporting

date, except for asets for which simplified aproach was

used.

The Group recognises an impairment gain or los in profit

or los for al financial instruments with a coresponding

adjustment to their carying amount through a los

alowance acount, and does not reduce the carying

amount of the financial aset in the statement of financial

position.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

重大会计政策资料

（续）

(v)

勘探及评估资产

勘探及评估资产按成本减值亏损列

账。勘探及评估资产包括地形及地质勘

察钻井、勘探钻井、取样、槽探及就技术

可行性研究产生之开支，以及为取得矿

体之其他矿化物而产生之开支。于取得

勘探及评估权勘探某区域前产生之开支

作为已产生开支撇销。开采矿产资源之

技术及商业可行性一经厘定及项目进入

其发展阶段，已资本化之勘探及评估成

本予以摊销。倘勘探物业于评估阶段被

废除，则有关开支总额将被撇销。

勘探及评估资产于出现勘探及评估资产

账面值可能超出其可收回金额之事实及

情况时评估减值。

(w)

报告期后事项

提供有关本集团于报告期末之状况或显

示持续经营假设并不合适之额外资料的

报告期后事项属调整事项，并已于综合

财务报表内反映。并非调整事项之报告

期后事项于重大情况下在综合财务报表

附注披露。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(v) Exploration and evaluation asets

These are stated at cost les impairment los. Exploration

and evaluation asets included topographical and

geological survey driling, exploratory driling, sampling

and trenching and expenditure incured for the technical

feasibility studies and incured to secure further

mineralisation in the mine ore. Expenditure incured prior to

obtaining the exploration and evaluation rights to explore

an area are writen of as expense as incured. Once the

technical feasibility and comercial viability of extracting

the mineral resource had ben determined and that the

project reaches development phase, exploration and

evaluation costs capitalised are amortised. If exploration

property is abandoned during the evaluation stage, the total

expenditure thereon wil be writen of.

Exploration and evaluation asets are asesed for

impairment when facts and circumstances sugest that the

carying amounts of exploration and evaluation asets may

exced its recoverable amount.

(w) Event after the reporting period

Events after the reporting period that provide aditional

information about the Group’s position at the end of the

reporting period or those that indicate the going concern

asumption is not apropriate are adjusting events and are

reflected in the consolidated financial statements. Events

after the reporting period that are not adjusting events

are disclosed in the notes to the consolidated financial

statements when material.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

关键会计判断及主要估计

本公司董事于应用附注

所载本集团的会计

政策资料时，须就不能明显从其他来源得知

的资产及负债账面值作出判断、估计及假设。

有关估计及相关假设根据以往经验及视为相

关的其他因素作出。实际结果可能有别于该

等估计。

有关估计及相关假设将被持续审阅。倘若会

计估计的修订仅影响修订估计的期间，修订

将仅于该期间确认。倘修订同时影响现时及

未来期间，则于修订期间及未来期间确认。

应用会计政策时的重大判断

在应用会计政策的过程中，董事已作出以下

对综合财务报表中所确认数额有最重大影响

的判断（不包括涉及估计的该等判断），阐述

如下。

5. CRITICAL ACOUNTING JUDGEMENTS

AND KEY ESTIMATES

In the aplication of the Group’s acounting policy information,

which are described in note 4, the directors of the Company are

required to make judgements, estimates and asumptions about

the carying amounts of asets and liabilities that are not readily

aparent from other sources. The estimates and underlying

asumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may

difer from these estimates.

The estimates and underlying asumptions are reviewed on an

ongoing basis. Revisions to acounting estimates are recognised

in the period in which the estimate is revised if the revision

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

periods if the revision afects both curent and future periods.

Critical judgements in aplying acounting policies

In the proces of aplying the acounting policies, the directors

have made the folowing judgements that have the most

significant efect on the amounts recognised in the consolidated

financial statements (apart from those involving estimations,

which are dealt with below).

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

关键会计判断及主要估计

（续）

应用会计政策时的重大判断（续）

(a)

续订集团的勘探许可证

如综合财务报表附注

所述，本集团拥

有若干采矿权许可证。有关续期则须由

有关政府部门酌情决定。根据过往经

验，董事认为该等许可将成功续期。倘

未能成功重续该等许可，相关物业、厂

房及设备、在建工程以及采矿权相关资

产将出现减值。

(b)

信贷风险大幅增加

一般法下的预期信贷亏损就第

阶段资

产按相等于

个月预期信贷亏损的拨备

计量，或就第

阶段或第

阶段资产按全

期预期信贷亏损的拨备计量。资产在其

信贷风险自初步确认以来显著增加时转

入第

阶段。香港财务报告准则第

号并

无界定构成信贷风险显著增加的因素。

于评估资产的信贷风险是否显著增加

时，本集团会考虑定性及定量的合理且

有依据的前瞻性资料。

估计不明朗因素的主要来源

于报告期末存在重大风险，极可能导致资产

与负债的账面值须于下一个财政年度作出重

大调整的未来相关重要假设及估计不明朗因

素的其他主要来源于下文论述。

5. CRITICAL ACOUNTING JUDGEMENTS

AND KEY ESTIMATES (Continued)

Critical judgements in aplying acounting policies

(Continued)

(a) Renewal of the Group ’s exploration permits

As detailed in note 18 to the consolidated financial

statements, certain of the Group’s mining right permits. The

renewal of such are subject to the discretion of relevant

government authorities. Based on past experience, the

directors are of the opinion that these permits would be

renewed sucesfuly. Should the renewal of these permits

were unsucesful, impairment on relevant property, plant

and equipment construction in progres and mining rights

related asets arise.

(b) Significant increase in credit risk

ECLs under general aproach are measured as an

alowance equal to 12-month ECLs for stage 1 asets, or

lifetime ECLs for stage 2 or stage 3 asets. An aset moves

to stage 2 when its credit risk has increased significantly

since initial recognition. HKFRS 9 does not define what

constitutes a significant increase in credit risk. In asesing

whether the credit risk of an aset has significantly

increased the Group takes into acount qualitative and

quantitative reasonable and suportable forward loking

information.

Key sources of estimation uncertainty

The key asumptions concerning the future, and other key

sources of estimation uncertainty at the end of the reporting

period, that have a significant risk of causing a material

adjustment to the carying amounts of asets and liabilities within

the next financial year, are discused below.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

关键会计判断及主要估计

（续）

估计不明朗因素的主要来源（续）

(a)

贸易应收账项及其他应收账项的预期

信贷亏损拨备

管理层定期检讨贸易应收账项及其他应

收账项的减值，以确保于综合损益表内

就贸易应收账项及其他应收账项确认适

当的预期信贷亏损拨备。

倘根据合约应付本集团的所有合约现金

流量与本集团预期收取的现金流量之间

出现差额，则按于初始确认时厘定的实

际利率折现。倘未来现金流量低于预期

或因事实及情况变化而下调，则可能产

生重大减值亏损。

于二零二五年三月三十一日，本集团

的贸易应收款项结余约为

5,368,000

港元

（二零二四年：

29,107,000

港元），其他

应收款项约为

26,227,000

港元（扣除约

3,194,000

港元的预期信贷亏损备抵）（二

零二四年：

6,703,000

港元（扣除预期信贷

亏损备抵

2,503,000

港元）。

5. CRITICAL ACOUNTING JUDGEMENTS

AND KEY ESTIMATES (Continued)

Key sources of estimation uncertainty (Continued)

(a) Alowance for ECLs of trade and other receivables

Management regularly reviews the impairment of trade

and other receivables to ensure apropriate alowance for

ECLs of trade and other receivables are recognised in the

consolidated statement of profit or los.

Where diferences betwen al contractual cash flows that

are due to the Group in acordance with the contract and

al cash flows that the Group expects to receive, discounted

at the efective interest rate determined at initial recognition.

Where the future cash flows are les than expected, or

being revised downward due to change in facts and

circumstances, a material impairment los may arise.

As at 31 March 2025, the Group had balances of trade

receivables of aproximately HK$5,368,000 (2024:

HK$29,107,000), and other receivables of aproximately

HK$26,227,000 (net of alowance for ECLs of

aproximately HK$3,194,000) (2024: HK$6,703,000 (net of

alowance for ECLs of HK$2,503,000).

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

关键会计判断及主要估计

（续）

估计不明朗因素的主要来源（续）

(b)

物业、厂房及设备之使用年期

就折旧应用物业、厂房及设备之会计政

策时，管理层会根据对类似性质及功能

之物业、厂房及设备之实际使用年期之

过往经验，估计不同类别之物业、厂房

及设备之使用年期。估计使用年期反映

管理层对本集团计划透过使用其物业、

厂房及设备产生未来经济利益期间之估

计。

于二零二五年三月三十一日，本集

团之物业、厂房及设备之账面值为

约

1,002,413,000

港元（二零二四年：

942,525,000

港元）。

(c)

存货可变现净值

管理层根据完成及出售的成本以及黄金

的形式及质量及基于就经济状况、产品

市场推广能力以及黄金未来市价之假设

厘定的预期售价对黄金库存的可变现净

值进行判断。由于金价高度波动，并受

经济及市场因素的影响，该等估计可能

会发生变化，并具有高度的不确定性。

管理层亦会考虑于报告日出售黄金的难

易程度，以确保其估值不超过可能的售

价。

于二零二五年三月三十一日，本集团之

存货账面值约为

401,184,000

港元（二零

二四年：

149,435,000

港元）。

5. CRITICAL ACOUNTING JUDGEMENTS

AND KEY ESTIMATES (Continued)

Key sources of estimation uncertainty (Continued)

(b) Useful lives of property, plant and equipment

In aplying the acounting policy on property, plant and

equipment with respect to depreciation, management

estimates the useful lives of various categories of property,

plant and equipment. This estimate is based on the

historical experience of the actual useful lives of property,

plant and machinery of similar nature and functions. The

estimated useful lives reflect the management’s estimate of

the period that the Group intends to derive future economic

benefits from the use of the Group’s property, plant and

equipment.

As at 31 March 2025, the carying amount of the Group’s

property, plant and equipment was aproximately

HK$1,002,413,000 (2024: HK$942,525,000).

Net realisable value of gold inventories, management uses

judgment based on costs to complete and sel, and the

form and quality of the gold and expected seling price

which based on asumptions about economic condition,

product marketability and future market price of gold.

Because gold prices are highly volatile and afected by

economic and market factors, these estimates can change

and cary a high level of uncertainty. Management also

considers how easily the gold can be sold at the reporting

date to ensure it is not valued above what it can likely be

sold for.

As at 31 March 2025, the carying amount of the Group’s

inventories was aproximately HK$401,184,000 (2024:

HK$149,435,000).

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

关键会计判断及主要估计

（续）

估计不明朗因素的主要来源（续）

(d)

金矿开采业务现金产生单位（「金矿开

采现金产生单位」）的减值评估

倘若发生事件或情况出现变动，显示未

必能够按照综合财务报表附注

所披露

之会计政策资料收回物业、厂房及设

备、采矿权相关资产、在建工程及使用

权资产之账面值，则会为减值审阅有关

账面值。该等资产或（如适用）其所属金

矿开采现金产生单位之可收回金额乃其

公平值减出售成本与使用价值两者中

之较高者。本集团须运用判断并作出估

计，尤其是在评估下列各项时：

(1)

有否发

生或出现可能影响资产价值的事件或任

何迹象；

(2)

资产之账面值可否由可收回

金额支持（就使用价值之情况而言，则

为未来现金流量之净现值（乃根据资产

之持续使用情况估计）；及

(3)

于估计可收

回金额（包括现金流量预测）时将予应用

之适当重要假设以及合适折现率。在不

可能估计个别资产之可收回金额的情况

下，本集团则估计资产所属金矿开采现

金产生单位之可收回金额。改变假设及

估计（包括现金流量预测之折现率或增

长率）可能对减值测试中所采用之净现

值造成重大影响。

5. CRITICAL ACOUNTING JUDGEMENTS

AND KEY ESTIMATES (Continued)

Key sources of estimation uncertainty (Continued)

(d) Impairment asesment of the cash generating unit

(“CGU”) of gold mining operation (“Gold Mining CGU”)

The carying values of property, plant and equipment,

mining related asets, construction in progres and right-

of-use asets is reviewed for impairment when events

or changes in circumstances indicate that the carying

values may not be recoverable in acordance with the

acounting policy information as disclosed in note 4 to the

consolidated financial statements. The recoverable amounts

of these asets, or where apropriate, the Gold Mining

CGU to which they belong, is the higher of its fair value les

costs to sel and value in use. The Group has to exercise

judgement and make estimation, particularly in asesing:

(1) whether an event has ocured or any indicators that

may afect the aset value; (2) whether the carying value

of an aset can be suported by the recoverable amount,

in the case of value in use, the net present value of future

cash flows which are estimated based upon the continued

use of the aset; and (3) the apropriate key asumptions

to be aplied in estimating the recoverable amounts

including cash flow projections and an apropriate discount

rate. When it is not posible to estimate the recoverable

amount of an individual aset, the Group estimates the

recoverable amount of the Gold Mining CGU to which the

asets belongs. Changing the asumptions and estimates,

including the discount rates or the growth rate in the cash

flow projections, could materialy afect the net present

value used in the impairment test.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

关键会计判断及主要估计

（续）

估计不明朗因素的主要来源（续）

(d)

金矿开采业务现金产生单位（「金矿开

采现金产生单位」）的减值评估（续）

截至二零二五年三月三十一日止年度，

概无就本集团之物业、厂房及设备、采

矿权相关资产、在建工程及使用权资

产计提减值亏损（二零二四年：无）。

于二零二五年三月三十一日，黄金开

采现金产生单位的物业、厂房及设备、

采矿权相关资产、在建工程及使用权

资产的账面值分别约为

1,002,413,000

港元、

44,025,000

港元、

58,785,000

港元

及

9,677,000

港元（二零二四年：分别

为

942,525,000

港元、

41,624,000

港元、

59,131,000

港元及

9,978,000

港元）。

(e)

矿产资源及储量

采矿权相关资产根据相关实体之生产计

划，以及矿区之矿产资源及储量，使用

生产单位法于矿区估计使用年期内摊

销。

由于估计本集团黄金储量及资源之数

目的过程中，涉及根据可获之地质、地

球物理、工程及经济数据作出之主观判

断，故有关数量在本质上并不准确，仅

为概约数字。此等估计可能因应出现持

续开发活动及生产表现之额外数据，以

及影响矿产价格及成本变动之经济条件

而出现重大变动。

5. CRITICAL ACOUNTING JUDGEMENTS

AND KEY ESTIMATES (Continued)

Key sources of estimation uncertainty (Continued)

(d) Impairment asesment of the cash generating unit

(“CGU”) of gold mining operation (“Gold Mining CGU”)

(Continued)

During the year ended 31 March 2025, no impairment

loses (2024: Nil) was made on the Group’s property, plant

and equipment, mining rights related asets, construction

in progres and right-of-use asets. As at 31 March 2025,

the carying amounts of property, plant and equipment,

mining rights related asets, construction in progres and

right-of-use asets atributable to the Gold Mining CGU

were aproximately HK$1,002,413,000, HK$44,025,000,

HK$58,785,000 and HK$9,677,000, respectively (2024:

HK$942,525,000, HK$41,624,000, HK$59,131,000 and

HK$9,978,000 respectively).

(e) Mine resources and reserves

Mining rights related asets are amortised over the

estimated useful lives of the mines in acordance with the

production plans of the entities concerned and the mineral

resources and reserves of the mines using the units of

production method.

The proces of estimating the quantities of the Group’s gold

reserve and resources is inherently imprecise and represent

only aproximate amounts because of the subjective

judgements involved in developing such information based

on available geological, geophysical, enginering and

economic data. These estimates may change substantialy

as aditional data from ongoing development activities

and production performance becomes available and as

economic conditions impacting mineral prices and costs

change.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

关键会计判断及主要估计

（续）

估计不明朗因素的主要来源（续）

(e)

矿产资源及储量（续）

于二零二五年三月三十一日，本集团采

矿权相关资产账面值约

44,025,000

港元

（扣除累计摊销约

28,540,000

港元）（二

零二四年：

41,624,000

港元（扣除累计摊

销约

25,930,000

港元）。

(f)

诉讼索偿拨备

在对本集团之诉讼索偿拨备作出会计处

理时，本集团于考虑其所作出或面对之

已知索偿及诉讼时已听取内外部建议，

谨慎评估一项索偿或诉讼成功之可能

性。本集团根据很可能产生之结果，对

所面对之索偿或诉讼计提之拨备作出评

估及估计，惟并无对管理层认为不大可

能发生者计提拨备。

概无于综合财务报表内作出有关诉讼索

偿之拨备（二零二四年：无）。

5. CRITICAL ACOUNTING JUDGEMENTS

AND KEY ESTIMATES (Continued)

Key sources of estimation uncertainty (Continued)

(e) Mine resources and reserves (Continued)

As at 31 March 2025, the carying amount of the

Group’s mining rights related asets was aproximately

HK$44,025,000 (net of acumulated amortisation of

aproximately HK$28,540,000) (2024: HK$41,624,000

(net of acumulated amortisation of aproximately

HK$25,930,000).

(f) Provision for claims on litigation

When acounting for provision for claims on litigation

against the Group, the Group has taken internal and

external advice in considering known claims and actions

made by or against the Group. It carefuly aseses the

likelihod of suces of a claim or action. Asesments

and estimations on provisions are made for claims or

actions against the Group on the basis of likely outcome,

but no provisions are made for those which in the view of

management are unlikely to suced.

No provision (2024: Nil) was made in the consolidated

financial statements in relation to claims on litigation.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

分部资料

向主要经营决策者本公司董事会（「董事会」）

内部呈报以作分配资源及评估分部表现之资

料著重于所交付货品或所提供服务之类型。

此亦为组织本集团所依据之基准，并特别著

重于本集团之经营分部。于达致本集团之报

告分部时，并无合并董事会所识别之经营分

部。

董事主要采用除税后溢利衡量标准评估经营

分部之表现。然而，董事亦每月收到有关分部

收益及资产之资料。

本集团已识别以下须予报告分部：

(i)

开采金矿，主要从事勘探、开采、精炼及

销售黄金及其他金属业务；及

(i)

企业，主要从事投资控股。

由于各产品及服务线需要不同的资源及营销

方式，上述各经营分部单独分开管理。

分部资产及负债乃根据分部之经营业务分

配。

6. SEGMENT INFORMATION

Information is reported internaly to the Board of Directors of

the Company (the “Board”), being the chief operating decision

maker, for the purposes of resource alocation and asesment

of segment performance focuses on the types of gods

delivered or services provided.

This is also the basis upon which the Group is organised

and specificaly focuses on the Group’s operating divisions.

No operating segments identified by the Board have ben

agregated in ariving at the reporting segments of the Group.

The directors primarily use a measure of profit after tax to ases

the performance of the operating segments. However, the

directors also receive information about the segments’ revenue

and asets on a monthly basis.

The Group has identified the folowing reportable segments:

(i) Exploration of gold mine which principaly engages in the

operation of exploration, mining, refinery and sale of gold

and other metals; and

(i) Corporation which principaly engages in investment

holding.

Each of these operating segments is managed separately as

each of the product and service line requires diferent resources

as wel as marketing aproaches.

Segment asets and liabilities are alocated based on the

operations of the segments.

Gold mining	Corporate	Elimination	Total
黄金开采 HK$’000	企业 HK$’000	对销 HK$’000	总计 HK$’000
千港元	千港元	千港元	千港元
1,314,101	–	–	1,314,101
103,804	–	–	103,804
19,308	1,183	(366)	20,125
31,495	(101)	–	31,394
(688)	(3)	–	(691)
(12,470)	(15,566)	–	(28,036)
141,449	(14,487)	(366)	126,596
(6,254)	(5,286)	366	(11,174)
135,195	(19,773)	–	115,422
(20,503)	–	–	(20,503)
114,692	(19,773)	–	94,919
1,721,406	324,699	(366,949)	1,679,156
(1,546,981)	(46,364)	663,738	(929,607)
(123,915)	–	–	(123,915)
(55,374)	(448)	–	(55,822)

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

分部资料

（续）

按经营分部划分之分部资料呈列如下：

截至二零二五年三月三十一日止年度

6. SEGMENT INFORMATION (Continued)

Segment information by operating segments is presented as

folows:

Year ended 31 March 2025

Segment revenue:

分部收入：

Revenue for external

customers

来自外部客户之收益

Gros profit

毛利

Other income

其他收入

Other gains and loses, net

其他收益及亏损净额

Provision of ECLs on other

receivables

与其他应收账项有关的

预期信贷亏损拨备

Operating expenses

经营费用

Segment results

分部业绩

Finance costs

融资成本

Profit before tax

除税前溢利

Income tax expense

所得税开支

Net profit/(los) for the year

年内溢利／（亏损）净额

Segment asets

分部资产

Segment liabilities

分部负债

Capital expenditure

资本开支

Depreciation and

amortisation

折旧及摊销

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

分部资料

（续）

按经营分部划分之分部资料呈列如下：（续）

截至二零二四年三月三十一日止年度

6. SEGMENT INFORMATION (Continued)

Segment information by operating segments is presented as

folows: (Continued)

Year ended 31 March 2024

Gold miningCorporateEliminationTotal

黄金开采企业对销总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Segment revenue:

分部收入：

Revenue for external

customers

来自外部客户之收益

722,725–722,725

Gros profit

毛利

83,829–83,829

Other income

其他收入

458535–993

Other gains and loses, net

其他收益及亏损净额

16,68922,990–39,679

Reversal of ECLs on other

receivables

拨回与其他应收账项

有关的预期信贷亏损

1,372365–1,737

Operating expenses

经营费用

(11,813)(14,597)–(26,410)

Segment results

分部业绩

90,5359,293–99,828

Finance costs

融资成本

(6,631)(6,745)–(13,376)

Profit before tax

除税前溢利

83,9042,548–86,452

Income tax expense

所得税开支

(10,411)–(10,411)

Net profit for the year

年内溢利净额

73,4932,548–76,041

Segment asets

分部资产

1,403,581375,479(350,788)1,428,272

Segment liabilities

分部负债

(1,113,639)(458,179)650,197(921,621)

Capital expenditure

资本开支

(359,687)(896)–(360,583)

Depreciation and

amortisation

折旧及摊销

(45,839)(392)–(46,231)

2025
二零二五年 HK$’000
千港元
1,314,101
1,114,844
56
1,114,900

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

分部资料

（续）

地域分部

本集团之业务位于香港及中华人民共和国

（「中国」）其他地区，而本集团产品之主要市

场集中于中国其他地区。

按地域分部划分之分部资料呈列如下：

向本集团之最大客户进行销售产生之收益约

百万港元（二零二四年：

百万港元）。于

截至二零二五年三月三十一日止年度，有两名

（二零二四年：三名）客户贡献本集团

10%

或

以上之收益。

6. SEGMENT INFORMATION (Continued)

Geographical segments

The Group’s operations are located in Hong Kong and other

parts of the People’s Republic of China (the “PRC”) whereas the

principal markets for the Group’s products are mainly located in

other parts of the PRC.

Segment information by geographical segments is presented as

folows:

二零二四年

HK$’000

千港元

Segment revenue by location of

customers

按客户所在地划分之分部收益

PRC

中国

722,725

Non-curent asets

非流动资产

PRC

中国

1,052,754

Hong Kong

香港

1,053,258

Revenue of aproximately HK$858 milion (2024: HK$437

milion) which arose from sales to the Group’s largest customer.

There are two (2024: thre) customers contributed 10% or more

to the Group’s revenues for the year ended of 31 March 2025.

2025
二零二五年 HK$’000
千港元
N/A*
不适用 131,184 *
138,582
858,110

2025
二零二五年 HK$’000
千港元
1,143,142
170,959
1,314,101

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

分部资料

（续）

收益

来自主要客户的收益：

相应收益并未贡献各年度本集团总收益

10%

以上。

除上文所披露者外，并无其他客户贡献该两

个年度本集团收益

10%

或以上。

收益

收益指已出售货品之净值（已扣减贸易折扣、

退货及不同种类之政府附加费（如适用）：

6. SEGMENT INFORMATION (Continued)

Revenue

Revenue from major customers:

二零二四年

HK$’000

千港元

Gold mining segment

金矿开采分部

Customer A

客户

A437,146

Customer B

客户

B123,265

Customer C

客户

C88,835

Customer D

客户

DN/A

不适用

% of the

total revenue of the Group in the respective year.

Except for disclosed above, no other customers contributed

10% or more to the Group’s revenue for both years.

7. REVENUE

Revenue represents the net value of gods sold, net of trade

discounts and returns and various types of government

surcharges where aplicable:

二零二四年

HK$’000

千港元

Revenue recognised at a point in time within

the scope of HKFRS 15

香港财务报告准则第

号范围

内按时间点确认的收益

Sale of gold

黄金的销售额

621,004

Sale of other metals

其他金属的销售额

101,721

722,725

2025
二零二五年 HK$’000
千港元 858
7
10,707
4,818
3,051
684
20,125

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

其他收入

附注：

(a)

截至二零二五年三月三十一日止年度，本集

团确认政府补贴约

7,000

港元（二零二四年：

369,000

港元）乃与中国内地政府提供的失业

津贴有关。本集团满足补贴所附全部条件并

将其确认为其他收入。

(b)

来自提供与矿场开发规划的筹备及协调相

关的服务。该等服务涵盖地质设计、环境及

尾矿处理规划、取得必要政府许可及牌照，

并部署专有人工智能驱动采矿机营运技术。

相关技术应用于客户的勘探建模、生产优化

及安全系统整合。当交付成果已提供并获得

客户验收时，即确认收益。

(c)

服务费收入指于指定服务期内，就提供现场

矿山营运、维护指导、生产监督、采购咨询

及其他综合支持职能所产生之经常性收入。

(d)

根据优惠政策退税，政府对矿业公司实行资

源税临时减免，本集团主要附属公司符合条

件并获得退税。

8. OTHER INCOME

二零二四年

HK$’000

千港元

Interest income

利息收入

Government grants (note a)

政府补贴（附注

）

Consultancy fe income (note b)

顾问费收入（附注

）

–

Service fe income (note c)

服务费收入（附注

）

–

Refund of resource tax (note d)

资源税退税（附注

）

–

Others

其他

Note:

(a) During the year ended 31 March 2025, the Group recognised

the government grants of aproximately HK$7,000 (2024:

HK$369,000) in relation to unemployment alowance provided

by the Government of the mainland China. The Group fulfiled

al conditions atached to the subsidies and recognised as other

income.

(b) From the provision of services related to the preparation and

cordination of mine development plans. These services

encompas geological design, environmental and tailings planing,

securing necesary government aprovals and licenses, and

the deployment of proprietary artificial inteligence-driven mining

and operational technologies. These technologies are aplied to

exploration modeling, production optimisation, and integration of

safety systems for the customer. Revenue is recognised when the

deliverables have ben provided to and acepted by the customer.

the provision of on-site mine operations, maintenance guidance,

production supervision, procurement advisory, and other integrated

suport functions over a defined service period.

(d) With preferential policy refund, the government has introduced

temporary resource tax relief for mining company, the Group’s

major subsidiary fulfiled the condition and received the refund.

2025
二零二五年 HK$’000
千港元 –
31,495
(101)
–
–
31,394

2025
二零二五年 HK$’000
千港元 491
1,738
2,010
5,869
32
1,034
11,174

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

其他收益及亏损，净额

附注：

有关款项包括

(i)

放弃其他应付款项；及

(i)

自并无对本集团提出要求还款的各日期

起计满

年后撇回的长期待结应付款项，

据此于中国就简单合约而言，本集团偿

还该等应付款项的责任已根据《诉讼时效

条例》（第

章）第

4(1)

及

(2)

条的规定获解

除。

10.

融资成本

9. OTHER GAINS AND LOSES, NET

二零二四年

HK$’000

千港元

Los on disposals of property,

plant and equipment

出售物业、厂房及设备的亏损

(16)

Gain on waiver and writen back of other

payables (note)

豁免及撇回其他应付款项的

收益（附注）

30,927

Los on early redemption of loan notes

提前赎回贷款票据的亏损

(959)

Gain on waiver of bonds

放弃债券的收益

Efective interest of convertible bonds

可换股债券的实际利息

9,111

39,679

Note: The amounts consist of (i) waiver of other payables; and (i) long

outstanding payables writen back folowing the expiration of 6

years from the respective dates on which no claim was made

against the Group for repayment whereby the Group’s obligations

to these payables were relieved pursuant to sections 4(1) and (2)

of Limitation Ordinance (Cap. 347) for simple contract in the PRC.

10. FINANCE COSTS

二零二四年

HK$’000

千港元

Interest on bonds

债券利息

Interest on convertibles bonds

可换股债券利息

4,067

Interest on loan notes

贷款票据利息

1,819

Interest on borowings

借贷利息

6,367

Interest on lease liabilities

租赁负债利息

Interest on bank overdrafts

银行透支利息

13,376

2025
二零二五年 HK$’000
千港元 1,210,297
1,410
2,774
52,236
812
131
1,128
503
190
1,821
9,177
759
1,631
11,567
8,050
2,290
10,340
21,907

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

11.

除税前溢利

本集团之除税前溢利乃在扣除下列各项后列

账：

11. PROFIT BEFORE TAX

The Group’s profit before tax is arived at after charging the

folowing:

二零二四年

HK$’000

千港元

Cost of sales

销售成本

638,896

Auditors’ remuneration

核数师酬金

– Audit services (note i)

—审核服务（附注

）

1,430

Amortisation of mining rights related asets

(note (i)

采矿权相关资产摊销（附注

(i)

）

1,442

Depreciation on property, plant and

equipment (note (i)

物业、厂房及设备折旧

（附注

(i)

）

44,243

Depreciation on right-of-use asets

使用权资产折旧

Short-term lease payments

短期租赁付款

Equity-setled share-based

payments (note 34)

以股权结算以股份为基础的

付款（附注

）

Directors

董事

Employes

雇员

Consultants

顾问

1,306

Staf costs in administrative expense

including directors’ emoluments:

行政开支中的员工成本

（包括董事薪酬）：

Salaries, wages, alowances and benefits in

kind

薪金、工资、津贴及实物利益

10,420

Retirement benefits scheme contributions

退休福利计划供款

Equity-setled share-based payments

以股权结算股份为基础之付款

1,116

Staf costs

员工成本

12,281

Staf costs in cost of sales

销售成本中的员工成本

Salaries, wages, alowances and

benefits in kind

薪金、工资、津贴及实物利益

5,247

Retirement benefits scheme contributions

退休福利计划供款

6,081

18,362

2025
二零二五年 HK$’000
千港元
18,112
2,391
20,503

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

11.

除税前溢利

（续）

附注：

(i)

约

330,000

港元（二零二四年：

350,000

港元）

由本公司之附属公司之审计产生。

(i)

约

2,774,000

港元（二零二四年：

1,442,000

港

元）计入销售成本。

(i)

约

52,111,000

港元（二零二四年：

44,082,000

港元）计入销售成本。

约

125,000

港元（二零二四年：

161,000

港元）

计入行政开支。

12.

所得税开支

根据利得税两级制，于香港成立之合资格集

团实体首

百万港元溢利按

8.25%

（二零二四

年：

8.25%

）缴税，而超过该金额的溢利将须

按

16.5%

（二零二四年：

16.5%

）的税率缴税。

不符合利得税两级制的集团实体的溢利将继

续按

16.5%

（二零二四年：

16.5%

）的税率缴

税。

11. PROFIT BEFORE TAX (Continued)

Notes:

(i) Aproximately HK$330,000 (2024: HK$350,000) was incured for

the audit of the Company’s subsidiaries.

(i) Aproximately HK$2,774,000 (2024: HK$1,442,000) are included

in cost of sales.

(i) Aproximately HK$52,111,000 (2024: HK$44,082,000) are

included in cost of sales.

Aproximately HK$125,000 (2024: HK$161,000) are included in

administrative expenses.

12. INCOME TAX EXPENSE

二零二四年

HK$’000

千港元

Curent tax

即期税项

Provision for the year

本年度拨备

– PRC Enterprise Income Tax (“PRC EIT”)

－中国企业所得税

（「中国企业所得税」）

10,411

– Hong Kong Profits tax

－香港利得税

–

Income tax expense

所得税开支

10,411

Under the two-tiered Profits Tax regime, the first HK$2 milion of

profits of the qualifying group entity established in Hong Kong

wil be taxed at 8.25% (2024: 8.25%), and profits above that

amount wil be subject to the tax rate of 16.5% (2024: 16.5%).

The profits of the group entities not qualifying for the two-tiered

Profits Tax rate regime wil continue to be taxed at a rate of

16.5% (2024: 16.5%).

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

12.

所得税开支

（续）

本集团于截至二零二五年三月三十一日止年

度就香港利得税按

16.5%

的税率计提拨备，乃

经计及根据香港利得税制度建议并由立法会

颁布及于二零二五年五月五日刊宪的一次性

减税

1,500

港元。由于本集团于该年度并无从

其香港附属公司产生任何应课税溢利，故并

无就截至二零二四年三月三十一日止年度作

出香港利得税拨备。

根据中国税务规则及法规定的应课税溢

利，中国企业所得税按

25%

税率（二零二四

年：

25%

）计提拨备。

根据

(a)

《关于延续西部大开发企业所得税政

策的公告》（国家发展改革委公告

年第

号）；

(b)

国家税务总局公告二零一八年第

号

《企业所得税优惠政策事项办理方法（二零

一八修订）》及附件：企业所得税优惠事项管

理目录（二零一七年版）；

(c)

国家发展和改革委

员会令第

号《西部地区鼓励类产业目录（二

零二零年本）》中

(i)

《产业结构调整指导目录（二

零一九年本）》（国家发展改革委令二零一九

年第

号）中的鼓励类产业和

(i)

《鼓励外商投

资产业目录（二零二零年版）》（国家发展改革

委，商务部令二零二零年第

号）中的产业，

对设在西部地区并从事鼓励类产业的企业减

按

15%

的税率征收企业所得税。

本公司营运附属公司太洲矿业已获批准可于

直至二零三零年十二月三十一日享受

15%

之

优惠企业所得税率。

12. INCOME TAX EXPENSE (Continued)

Hong Kong Profits Tax was provided at a rate of 16.5% for the

year ended 31 March 2025, after taking into acount a one-

of tax reduction of HK$1,500 proposed under the Hong Kong

Profits Tax regime, which was enacted by the Legislative Council

and gazeted on 5 May 2025. No provision for Hong Kong

Profits Tax was made for the year ended 31 March 2024, as the

Group did not generate any asesable profits from its Hong

Kong subsidiaries during that year.

PRC EIT has ben provided at a rate of 25% (2024: 25%) based

on the asesable profit in acordance with the tax rules and

regulations in the PRC.

Pursuant to the (a) Notice of the Continuation of the

Enterprise Income Tax Policy Related with the Western Region

Development” (Notice of NDRC 2020 No. 23), (b) Measures on

Handling of Enterprise Income Tax Incentives (Revision 2018)

and its atached Management Catalogue of Preferential Items in

Enterprise Income Tax (2017 Edition) (Notice of STA 2018 No.

23), (c) the (i) encouraged industries in the Guiding Catalogue

for Industrial Restructuring (2019 Edition) (Order of NDRC 2019

No. 29) and the (i) industries in the Catalogue of Industries for

Encouraging Foreign Investment (2020 Edition) (Order of NDRC

and MOC 2020 No.38) set out in the Catalogue of Industries

Encouraged to Develop in the Western Region (2020 Edition)

(Order of NDRC No. 40), enterprise income tax may be levied

at a reduced tax rate of 15% for enterprises established in the

western region and engaged in encouraged industries.

Taizhou Mining, the Company’s operating subsidiary, has ben

granted a reduced EIT rate of 15% up to 31 December 2030.

2025
二零二五年 HK$’000
千港元 115,422
19,045
4,204
(892)
(1)
(1,853)
20,503

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

12.

所得税开支

（续）

鉴于以上所述，截至二零二五年及二零二四

年三月三十一日止年度，太洲矿业的适用企

业所得税率已恢复为

15%

。

所得税开支与按适用税率计算之会溢利两者

之对账如下：

12. INCOME TAX EXPENSE (Continued)

Given the above, the aplicable EIT rate of Taizhou Mining has

ben restored at 15% for the years ended 31 March 2025 and

2024.

The reconciliation betwen the income tax expense and

acounting profit at aplicable tax rates:

二零二四年

HK$’000

千港元

Profit before tax

除税前溢利

86,452

Tax at the aplicable tax rate in Hong Kong

of 16.5% (2024: 16.5%)

按香港适用税率

16.5%

（二零二四年：

16.5%

）计算

之税项

14,264

Tax efect of non-deductible expenses

不可扣税开支之税务影响

Tax efect of non-taxable income

毋须课税收入之税务影响

(3,400)

Tax reduction

税务减免

–

Efect of diferent tax rates of subsidiaries

operating in other jurisdictions

在其他司法权区经营业务之

附属公司不同税率之影响

(1,355)

Income tax expense

所得税开支

10,411

Fees	Retirement benefit scheme contributions	Equity settled share-based payments	Total
Fees	退休福利	以股权结算股份为基础
袍金 HK$’000	计划供款 HK$’000	之付款 HK$’000	总计 HK$’000
千港元	千港元	千港元	千港元
2,820	–	500	3,320
700	18	439	1,157
3,520	18	939	4,477
320	–	63	383
320	–	63	383
320	–	63	383
960	–	189	1,149
4,480	18	1,128	5,626

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

13. DIRECTORS’ REMUNERATION AND FIVE

HIGHEST PAID EMPLOYES

(a) Directors

Details of the remuneration of directors of the Company are

as folows:

Directors’ emoluments disclosed pursuant to section 383(1)

of the Hong Kong Companies Ordinance are as folows:

For the year ended 31 March 2025

Executive directors:

执行董事：

Li Dahong

李大宏

Ma Xiaona

马晓娜

Independent non-executive

directors:

独立非执行董事：

Cheung Wei Hung

张伟雄

Guo Wei

郭玮

Lam Albert Man Sum

林闻深

13.

董事薪酬及五名最高薪雇员

(a)

董事

本公司董事之薪酬详情如下：

根据香港公司条例第

383(1)

条披露之董

事薪酬如下：

截至二零二五年三月三十一日止年度

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

13.

董事薪酬及五名最高薪雇员

（续）

(a)

董事（续）

截至二零二四年三月三十一日止年度

上述执行董事薪酬为彼等与本公司及本

集团管理事宜相关服务的报酬。上述独

立非执行董事薪酬为彼等担任本公司及

其附属公司董事的报酬。

13. DIRECTORS’ REMUNERATION AND FIVE

HIGHEST PAID EMPLOYES (Continued)

(a) Directors (Continued)

For the year ended 31 March 2024

Fes

Retirement

benefit

scheme

contributions

Equity

setled

share-based

payments Total

袍金

退休福利

计划供款

以股权结算

股份为基础

之付款总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Executive directors:

执行董事：

Li Dahong

李大宏

2,82032943,117

Ma Xiaona

马晓娜

3,520215534,094

Independent non-executive

directors:

独立非执行董事：

Cheung Wei Hung

张伟雄

320–37357

Guo Wei

郭玮

320–37357

Lam Albert Man Sum

林闻深

320–37357

960–1111,071

4,480216645,165

The executive directors’ emoluments shown above were

for their services in conection with the management of the

afairs of the Company and the Group. The independent

non-executive directors’ emoluments shown above were

for their services are directors of the Company and its

subsidiaries.

2025
二零二五年 HK$’000
千港元 1,566
36
252
1,854

人 2025
二零二五年 3

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

13.

董事薪酬及五名最高薪雇员

（续）

(b)

五名最高薪雇员

于截至二零二五年三月三十一日止年

度，五名最高薪人士包括两名（二零二四

年：两名）董事，彼等之酬金已载于上

文。截至二零二五年三月三十一日止年

度，下表涵盖本集团三名（二零二四年：

三名）最高薪人士。余下三名（二零二四

年：三名）人士之酬金如下：

余下人士之酬金处于以下范围：

13. DIRECTORS’ REMUNERATION AND FIVE

HIGHEST PAID EMPLOYES (Continued)

(b) Five highest paid employes

The five highest paid individuals for the year ended 31

March 2025 included two (2024: two) directors whose

remuneration are included above. During the year ended

31 March 2025, there are thre (2024: thre) highest paid

individuals of the Group had ben included in the folowing

table. The remunerations of the remaining thre (2024:

thre) individuals were as folows:

二零二四年

HK$’000

千港元

Salaries, alowances and benefits in kind

薪金、津贴及实物利益

2,095

Retirement scheme contributions

退休计划供款

Equity-setled share-based payments

以股权结算以股份为基础的

付款

2,357

Their remunerations of the remaining individuals were within

the folowing band:

Number of individuals

人数

二零二四年

HK$ Nil to HK$1,000,000

零港元至

1,000,000

港元

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

13.

董事薪酬及五名最高薪雇员

（续）

(b)

五名最高薪雇员（续）

本集团于年内并无支付酬金予董事或

最高薪人士，作为加盟本集团或于加盟

本集团时之奖励或作为离职补偿（二零

二四年：无）。本公司董事于年内亦无放

弃或同意放弃任何酬金。

(c)

董事于交易、安排或合约之重大权益

除综合财务报表附注

所披露者外，于

年终或于年内任何时间，本公司概无订

立任何与本集团业务有关而本公司董事

及董事之关连人士于其中直接或间接拥

有重大权益之其他重大交易、安排及合

约。

14.

股息

截至二零二五年及二零二四年三月三十一日

止年度，本公司并无派付或拟派股息。

13. DIRECTORS’ REMUNERATION AND FIVE

HIGHEST PAID EMPLOYES (Continued)

(b) Five highest paid employes (Continued)

During the year, no remunerations were paid by the

Group to the directors or the highest paid individuals as

an inducement to join or upon joining the Group or as

compensation for los of ofice (2024: Nil). No directors of

the Company waived or agred to waive any remunerations

during the year.

arangements or contracts

Save as disclosed in note 36 to the consolidated financial

statements, no other significant transaction, arangement

and contract in relation to the Group’s busines to which

the Company was a part and in which a director of the

Company and the director’s conected party had a material

interest, whether directly or indirectly, subsisted at the end

of the year or at any time during the year.

14. DIVIDEND

No dividend has ben paid or proposed by the Company for the

years ended 31 March 2025 and 2024.

2025
二零二五年 HK$’000
千港元
66,550
1,738
–
68,288

2025
二零二五年 7,026,835,152
11,573,345
376,811,594
7,415,220,091

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15.

每股盈利

每股基本及摊薄盈利计算乃基于以下各项：

计算每股摊薄盈利时的普通股加权平均数调

整如下：

15. EARNINGS PER SHARE

The calculation of the basic and diluted earnings per share is

based on the folowing:

二零二四年

HK$’000

千港元

Earnings

盈利

Earnings for the purpose of calculating basic

earnings per share

用于计算每股基本盈利的盈利

55,296

Finance costs saving on conversion of

convertible bonds outstanding

兑换未兑换可换股债券时节省

之融资成本

4,067

Efective interest of convertible bonds

可换股债券的实际利息

(9,111)

Earnings for the purpose of calculating

diluted earnings per share

用于计算每股摊薄盈利的盈利

50,252

The weighted average number of ordinary shares for the purpose

of calculating diluted earnings per share is adjusted as folows:

Number of shares

股份数目

二零二四年

Weighted average number of ordinary shares

for the purpose of calculating basic earnings

per share

用于计算每股基本盈利

的普通股加权平均数

5,987,128,640

Efect of dilutive potential ordinary shares

arising from share options isued by the

Company

本公司发行购股权产生的

潜在摊薄普通股的影响

16,290,398

Efect of dilutive potential ordinary shares

arising from convertible bonds outstanding

未转换可换股债券产生的

潜在摊薄普通股的影响

710,382,514

Weighted average number of ordinary shares

for the purpose of calculating diluted

earnings per share

用于计算每股摊薄盈利

的普通股加权平均数

6,713,801,552

117,874	45	–	–	117,919	–	117,919
(7,197)	(638)	(434)	(44)	(8,313)	(346)	(8,659)

38,825	5,387	7,120	904	52,236	–	52,236
(2,326)	(68)	(96)	(28)	(2,518)	–	(2,518)
405,543	20,977	10,718	3,673	440,911	–	440,911

848,614	95,406	54,536	3,857	1,002,413	58,785	1,061,19 8

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

16.

物业、厂房及设备

16. PROPERTY, PLANT AND EQUIPMENT

Mine

properties

Plant and

machinery

Furniture,

fixtures

and ofice

equipment

Motor

vehicles Sub-total

Construction

in progres Total

矿场物业厂房及机器

家私、装置及

办公设备汽车小计在建工程总计

HK$’000HK$’000HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

千港元千港元

千港元

Cost

成本

At 1 April 2023

于二零二三年四月一日

1,030,68515,2132073,2311,049,33651,2291,100,565

Aditions

添置

172,701103,31466,7064,635347,35610,905358,261

Disposal

出售

–(63)(63)–(63)

Exchange realignment

汇兑调整

(59,906)(1,551)(1,225)(229)(62,911)(3,003)(65,914)

At 31 March 2024 and 1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

1,143,480116,97665,6887,5741,333,71859,1311,392,849

Aditions

添置

Exchange realignment

汇兑调整

At 31 March 2025

于二零二五年三月三十一日

1,254,157116,38365,2547,5301,443,32458,7851,502,109

Acumulated depreciation

累计折旧

At 1 April 2023

于二零二三年四月一日

353,28512,6712072,094368,257–368,257

Charge for the year

本年度支出

36,0413,3083,98291244,243–44,243

Disposal

出售

–(36)(36)–(36)

Exchange realignment

汇兑调整

(20,282)(321)(495)(173)(21,271)–(21,271)

At 31 March 2024 and 1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

369,04415,6583,6942,797391,193–391,193

Charge for the year

本年度支出

Exchange realignment

汇兑调整

At 31 March 2025

于二零二五年三月三十一日

Carying amount

账面值

At 31 March 2025

于二零二五年三月三十一日

At 31 March 2024

于二零二四年三月三十一日

774,436101,31861,9944,777942,52559,1311,001,656

566	–	566
(658)	(154)	(812)
1	(56)	(55)
413	9,264	9,67 7

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

17.

使用权资产

使用权资产之变动如下：

本集团为其业务租赁办公室，表示为租赁物

业。租赁合约按固定租期

年订立。就

年以内

和不到

年的租赁合约而言，本集团确认为行

政开支项下的短期租赁付款。

本集团于厂房用地的租赁权益位于中国，并

以

年的定期租约持有。一次性付款乃为取

得该等租赁权益而预先支付。

厂房用地的使用权资产按租赁期摊销。

17. RIGHT-OF-USE ASETS

The movements in right-of-use asets are as folows:

Leased

properties

Factory

lands Total

租赁物业厂房用地总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Right-of-use asets

使用权资产

At 1 April 2023

于二零二三年四月一日

–10,20210,202

Adition

添置

896–896

Depreciation charge for the year

年度折旧费用

(392)(154)(546)

Exchange realignment

汇兑调整

–(574)(574)

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

5049,4749,978

Adition

添置

Depreciation charge for the year

年度折旧费用

Exchange realignment

汇兑调整

At 31 March 2025

于二零二五年三月三十一日

The Group leases ofices for its operations, which represented as

leased properties. Lease contracts are entered into for fixed term

of 2 years. For the lease contracts within 1 year and les than 1

year, the Group recognised as short-term lease payment under

administrative expenses.

The Group’s leasehold interest in factory lands are situated in the

PRC and held under 50-year term leases. Lump sum payments

were made upfront to acquire these leasehold interests.

The right-of-use asets of factory lands are amortised based on

the lease period.

2025
二零二五年 HK$’000
千港元 32
131
812

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

17.

使用权资产

（续）

除出租人持有的租赁资产中的担保权益外，

租赁协议不施加任何其他契据。租赁资产不

得用于借贷担保。

于二零二五年三月三十一日，已确认租赁负

债

424,000

港元（二零二四年：

511,000

港元）及

17. RIGHT-OF-USE ASETS (Continued)

The lease agrements do not impose any covenants other than

the security interests in the leased asets that are held by the

lesor. Leased asets may not be used as security for borowing

purposes.

二零二四年

HK$’000

千港元

Interest expense on lease liabilities

(included in finance costs)

租赁负债的利息开支

（计入融资成本）

Expenses related to short term lease

与短期租赁相关的开支

Depreciation

折旧

Lease liabilities of HK$424,000 (2024: HK$511,000) are

recognised with related right-of-use asets of HK$413,000

(2024: HK$504,000) as at 31 March 2025.

5,430
(419)
72,565

2,774
(164)
28,540
44,025

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

18.

采矿权相关资产

18. MINING RIGHTS RELATED ASETS

HK$’000

千港元

Cost

成本

At 1 April 2023

于二零二三年四月一日

70,090

Aditions

添置

1,426

Exchange realignment

汇兑调整

(3,962)

At 31 March 2024 and 1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

67,554

Aditions

添置

Exchange realignment

汇兑调整

At 31 March 2025

于二零二五年三月三十一日

Acumulated amortisation

累计摊销

At 1 April 2023

于二零二三年四月一日

25,966

Provision for the year

本年度拨备

1,442

Exchange realignment

汇兑调整

(1,478)

At 31 March 2024 and 1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

25,930

Provision for the year

本年度拨备

Exchange realignment

汇兑调整

At 31 March 2025

于二零二五年三月三十一日

Carying amount

账面值

At 31 March 2025

于二零二五年三月三十一日

At 31 March 2024

于二零二四年三月三十一日

41,624

2025
二零二五年 HK$’000
千港元 10
313,395
313,405

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

18.

采矿权相关资产

（续）

采矿权相关资产指开采许可证及采矿权许可

证之成本。

于二零二年六月十四日，本集团取得了编

号为

C6100002014084120135479

的新采矿权

许可证，期限为二零二年六月十四日至二

零二五年六月十四日。截至二零二五年三月

三十一日，采矿许可证的续期正在进行，管理

层已寻求中国内地法律专家意见，并认为采

矿权许可证届满后的重续不存在法律障碍。

19.

附属公司权益

18. MINING RIGHTS RELATED ASETS (Continued)

Mining rights related asets represent the cost of exploration

permits and mining rights permits.

On 14 June 2022, the Group obtained a new mining right permit

with no. C6100002014084120135479, for a period from 14

June 2022 to 14 June 2025. As of 31 March 2025, the renewal

of the mining right permit is under procesing, the management

sought advice from the legal experts in the mainland China and

considered that there is no legal obstruction on the renewal of

mining right permit when expired.

19. INTERESTS IN SUBSIDIARIES

二零二四年

HK$’000

千港元

Unlisted shares, at cost (note a)

非上市股份，按成本值（附注

）

Amounts due from subsidiaries (note b)

应收附属公司款项（附注

）

297,699

297,709

本公司应占 2025
二零二五年
100%
100%
100%
100%
100%
100%
90%
90%
72%
72%
100%
100%
100%
100%

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

19.

附属公司权益

（续）

附注：

(a)

于二零二五年三月三十一日本公司附属公

司之详情

附属公司概无持有任何受限制资产。

19. INTERESTS IN SUBSIDIARIES (Continued)

Notes:

(a) Particulars of the Company’s subsidiaries as at 31 March 2025

Company name

Place and date

of incorporation/

establishment/

Type of Company

Isued and

fuly paid up capital/

registered capital

Percentage of

equity interest atributable

to the Company

Principal activities

and place of operations

公司名称

注册成立╱成立地点及

日期╱公司类型

已发行及缴足股本╱

注册资本

本公司应占股权百分比

主要业务及经营地点2024

二零二四年

Directly

直接SC Mandarin Mining Investment

Limited

British Virgin Islands

2 October 2007

Limited liability company

1 ordinary share of

US$1

100%Investment holding

in Hong Kong

文华新城矿业投资

有限公司

英属处女群岛

二零七年十月二日

有限责任公司

股

美元之普通股

100%

在香港投资控股

T G Capital Limited Hong Kong

30 August 2018

Limited liability company

HK$10,000100%Investment holding

in Hong Kong

潼金资本有限公司香港

二零一八年八月三十日

有限责任公司

10,000

港元

100%

在香港投资控股

Indirectly

间接T G Mining Asia LimitedHong Kong

9 November 2005

Limited liability company

HK$2,000,000100%Investment holding

in Hong Kong

潼金矿业亚洲有限公司香港

二零五年十一月九日

有限责任公司

2,000,000

港元

100%

在香港投资控股

SC Sino Gold Mining Investment

Co., Limited

PRC

5 February 2004

Sino foreign equity joint venture

Registered and paid-up

capital of US$7,000,000

90%Investment holding

in the PRC

文华中金（北京）矿业投资

顾问有限公司

中国

二零四年二月五日

中外合营企业

7,000,000

美元注册资本及

缴足股本

90%

在中国投资控股

Taizhou MiningPRC

29 June 2004

Domestic company

Registered and paid-up

capital RMB10,000,000

72%Exploration, mining and mineral

procesing in the PRC

太洲矿业中国

二零四年六月二十九日

境内公司

人民币

10,000,000

元注册

资本及缴足股本

72%

在中国探矿、采矿及矿物加工

Beijing Huijinfu Technology

Development Co., Limited

PRC

2 September 2022

Domestic company

HK$20,000,000100%Scientific research and technical

services in the PRC

北京汇金富科技发展有限公司中国

二零二年九月二日

境内公司

20,000,000

港元

100%

中国境内科学研究和

技术服务

Shenzhen Golden Value

International Trade Co., Ltd

PRC

31 May 2024

Limited liability company

RMB5,000,000–Domestic trade agency and sales

in the PRC

深圳市金浩嘉国际贸易有限公司中国

二零二四年五月三十一日

有限责任公司

人民币

5,000,000

元

–

中国内贸易代理和销售

None of restricted asets held by the subsidiaries.

太洲 2025
二零二五年 PRC
中国
28%
HK$’000
千港元
1,114,444
545,875
(943,205)
(365,925)
351,189
98,333
1,314,101
97,606
27,330

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

19.

附属公司权益

（续）

附注：

(b)

应收附属公司款项为无抵押、免息及须按要

求偿还。

下表列示持有非控股权益（「非控股权益」）而

对本集团属重大之附属公司太洲矿业的资

料。概要财务资料指集团内公司间抵销前太

洲矿业之财务资料。

19. INTERESTS IN SUBSIDIARIES (Continued)

Notes:

(b) The amounts due from subsidiaries are unsecured, interest fre

and repayable on demand.

The folowing table shows information on a subsidiary, Taizhou

Mining, that has non-controling interests (“NCI”) material to the

Group. The sumarised financial information represents financial

information of Taizhou Mining before inter-company eliminations.

Taizhou Mining

太洲矿业

二零二四年

Principal place of busines/country of

establishment

主要营业地点╱成立国家

PRC

中国

% of ownership interests/voting rights

hold by NCI

At 31 March

非控股权益所持有之所有权

权益╱投票权百分比

于三月三十一日

28%

HK$’000

千港元

Non-curent asets

非流动资产

1,052,753

Curent asets

流动资产

350,392

Curent liabilities

流动负债

(379,951)

Non-curent liabilities

非流动负债

(770,744)

Net asets

净资产

252,450

Acumulated NCI

累计非控股权益

70,686

Year ended 31 March:

截至三月三十一日止年度：

Revenue

收益

722,725

Profit

溢利

74,295

Alocated to NCI

分配至非控股权益

20,803

2025
二零二五年 HK$’000
千港元 68,760
1,617
330,807
401,184

2025
二零二五年 HK$’000
千港元 5,368

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

20.

存货

于报告期末，按成本列账之存货的账面值为

约

401,184,000

港元（二零二四年：

149,435,000

港元）。

年内，存货成本确认为开支并计入「销售成

本」约为

1,198,458,000

港元（二零二四年：

630,032,000

港元）。

21.

应收贸易账项

20. INVENTORIES

二零二四年

HK$’000

千港元

Raw materials

原材料

50,226

Work in progres

在制品

1,193

Finished gods

制成品

98,016

149,435

The carying amount of inventories at the end of reporting

period that were caried at cost amounted to aproximately

HK$401,184,000 (2024: HK$149,435,000).

The cost of inventories recognised as expense and included

in “cost of sales” during the year amounted to aproximately

HK$1,198,458,000 (2024: HK$630,032,000).

21. TRADE RECEIVABLES

二零二四年

HK$’000

千港元

Trade receivables

应收贸易账项

29,107

2025
二零二五年 HK$’000
千港元 –
4,825
543
5,368

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

21.

应收贸易账项

（续）

应收贸易账项经扣除拨备后，根据发票日期

呈列之账龄分析如下：

附注：

超过

日的款项以报告期末结欠同一名

个别人士的信贷结余约

965,000

港元（二零

二四年：

971,000

港元）作抵押。贸易应收账

项并非违约的历史数据。于二零二五年及

二零二四年三月三十一日，并无评估亏损

拨备。

本集团应用香港财务报告准则第

号所订明

的简化方法计量预期信贷亏损，该方法就所

有贸易应收账款使用全期预期信贷亏损拨

备。所有要求超过一定数额信贷之客户均须

接受独立信贷评估。此等评估主要针对客户

过往于到期时的还款记录及当前的偿还能

力，并考虑客户还款和客户业务的具体资料。

信贷期一般介乎

至

天不等。各客户均设

有最高信贷限期。逾期结余由董事定期作出

审阅。

截至二零二五年三月三十一日止年度，概无

就贸易应收账项确认减值亏损（二零二四年：

无）。

于二零二五年三月三十一日，贸易应收账项

约

5,368,000

元（二零二四年：

29,107,000

港元）

被抵押以担保本集团的借贷（附注

）。

21. TRADE RECEIVABLES (Continued)

The aging analysis of trade receivables, based on the invoice

date, and net of alowance, is as folows:

二零二四年

HK$’000

千港元

0 to 90 days0

至

日

28,568

91 to 365 days91

至

日

–

Over 365 days

超过

日

29,107

Note: The amounts over 365 days was secured by the credit balance of

aproximately HK$965,000 (2024: HK$971,000) due to the same

individual at the end of reporting period. The trade receivables were

no historical data of default. As at 31 March 2025 and 2024, no

los alowance was asesed.

The Group aplies the HKFRS 9 simplified aproach to

measuring ECLs which uses a lifetime expected credit los

alowance for al trade receivables. Individual credit evaluations

are performed on al customers requiring credit over a certain

amount. These evaluations focus on the customer’s past history

of making payments when due and curent ability to pay and

take into acount information specific to the customer operates.

The credit terms generaly range from 30 to 180 days. Each

customer has a maximum credit limit. Overdue balances are

reviewed regularly by the directors.

No impairment los on trade receivables was recognised for the

year ended 31 March 2025 (2024: Nil).

As at 31 March 2025, the trade receivables of aproximately

HK$5,368,000 (2024: HK$29,107,000) were pledged to secure

the Group’s borowings (note 26).

2025
二零二五年 HK$’000
千港元 1,662
95,334
29,421
126,417
(3,194)
123,223

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

22.

按金、预付款项及其他应收账项

按金、预付款项及其他应收账项分析如下：

附注：

(a)

于二零二五年三月三十一日，预付款项指本

集团购买黄金精炼的原材料而预付其供应

商款项，有关金额为约

86,383,000

港元（二零

二四年：

110,355,000

港元），乃于二零二五年

五月底之前获动用。

(b)

于二零二五年三月三十一日，其他应收款

项主要包括应收咨询收入约

10,454,000

港

元及原材料供应安全的营运担保基金约

10,262,000

港元。

按金、预付款项及其他应收账项之公平值与

其账面值相若。

22. DEPOSITS, PREPAYMENTS AND OTHER

RECEIVABLES

An analysis of deposits, prepayments and other receivables are

as folows:

二零二四年

HK$’000

千港元

Deposits

按金

Prepayments (note a)

预付款项（附注

）

121,299

Other receivables (note b)

其他应收款项（附注

）

9,206

131,486

Les: impairment loses under ECLs of

other receivables

减：其他应收账项预期信贷

亏损下的减值亏损

(2,503)

128,983

Notes:

(a) As at 31 March 2025, the prepayments represent the advance

payment to the Group’s vendor for purchasing raw materials of

gold refinery with an amount of aproximately HK$86,383,000

(2024: HK$110,355,000) which being utilised before end of May

2025.

(b) As at 31 March 2025, the other receivables primarily comprised

consultancy income receivable of aproximately HK$10,454,000

and an operation guarante fund for security the raw material

suply of aproximately HK$10,262,000.

The fair values of deposits, prepayments and other receivables

aproximate their carying amounts.

2025
二零二五年 HK$’000
千港元 2,503
691
3,194

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

22.

按金、预付款项及其他应收账项

（续）

其他应收账项预期信贷亏损下的减值亏损之

变动如下：

截至二零二五年三月三十一日止年度，其他

应收账项的预期信贷亏损拨备约

3,194,000

港

元（二零二四年：

2,503,000

港元）。于二零二五

年三月三十一日，其他应收账项账面金额（扣

除拨备）约为

26,227,000

港元（二零二四年：

6,703,000

港元）。

22. DEPOSITS, PREPAYMENTS AND OTHER

RECEIVABLES (Continued)

The movement in the impairment loses under ECLs of other

receivables is as folows:

二零二四年

HK$’000

千港元

At the begining of the year

于年初

4,240

Provision/(reversal) of ECLs on other

receivables

其他应收账项预期信贷亏损的

拨备／（拨回）

(1,737)

At the end of the year

于年末

2,503

During the year ended 31 March 2025, alowance of ECLs on

other receivables of aproximately HK$3,194,000 was provided

(2024: HK$2,503,000). As at 31 March 2025, the carying

amount of other receivables, net of alowance was aproximately

HK$26,227,000 (2024: HK$6,703,000).

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

23.

已质押银行存款和现金及银行结

余

本集团的已质押银行存款指已质押予银行以

取得授予本集团的银行授信，如综合财务

报表附注

所载。该等存款受监管限制，因此

本集团不可将其用作为一般用途。

于二零二五年三月三十一日，约

29,365,000

港

元（二零二四年：

46,125,000

港元）的本集团现

金及银行结余以人民币计值并受中国政府施

加的外汇管控限制所规限。

然而，根据《中国外汇管理条例》及《结汇、售

汇及付汇管理暂行规定》，本集团获准透过获

授权进行外汇业务之银行将人民币兑换为其

他货币。

23. PLEDGED BANK DEPOSITS AND CASH AND

BANK BALANCES

The Group’s pledged bank deposits represented deposits

pledged to the bank to secure banking facilities granted to

the Group as set out in note 26 to the consolidated financial

statements. These deposits are subject to regulatory restrictions

and are therefore not available for general use by the Group.

As at 31 March 2025, aproximately HK$29,365,000 (2024:

HK$46,125,000) of the Group’s cash and bank balances were

denominated in RMB which is subject to exchange control

restrictions imposed by the Government of the PRC.

However, under the PRC’s foreign Exchange Control Regulations

and Administration of Setlement, Sale and Payment of Foreign

Exchange Regulation, the Group is permited to exchange RMB

for other curencies through banks authorised to conduct foreign

busines.

最低租 2025		最低租赁 2025
二零二五年 HK$’000		二零二五年 HK$’000
千港元 254	千港元 465 58	千港元 244
183		180
523 (12)
437		424
(13)		N/A
	511	不适用
424		424
(244)
180

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

24.

租赁负债

所有租赁负债均以港元计值。

适用于租赁负债的增量借款利率为

3.53%–

4.00%

（二零二四年：

4.00%

）。

24. LEASE LIABILITIES

Minimum lease payments

Present value of

minimum lease payments

最低租赁付款最低租赁付款的现值

二零二四年

HK$’000

千港元

Within one year

于一年内

More than one year,

but not exceding two years

超过一年，但不超过两年

Les: Future finance charges

减：未来财务费用

N/A

不适用

Present value of lease obligations

租赁义务的现值

Les: Amount due for setlement

within 12 months

减：应于

个月内结算的

款项

(453)

Amount due for setlement after 12

months

应于

个月后结算的款项

Al lease liabilities are denominated in HK$.

The incremental borowing rates aplied to lease liabilities are

3.53%–4.00% (2024: 4.00%).

2025
二零二五年 HK$’000
千港元
128,653
302,669
8,697
–
9,505
1,899
451,423
139,928
591,351

2025
二零二五年 HK$’000
千港元
128,653

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

25.

应付贸易账项及其他应付账项

(a)

合约负债详情如下：

合约负债包括为交付黄金而收取的短期

垫款。二零二五年合约负债增加的主要

原因是临近年底下达的客户货品订单的

短期垫款增加。

25. TRADE AND OTHER PAYABLES

二零二四年

HK$’000

千港元

Curent portion

即期部分

Contract liabilities

合约负债

(a)–

Trade payables

应付贸易账款

(b)96,994

Acruals

应计费用

3,059

Payment for shares subscription

received in advance

预收认购股份的付款

21,000

Other payables

其他应付账项

9,126

Salary and benefits payables

应付薪金及福利

2,569

132,748

Non-curent portion

非即期部分

Other payables

其他应付账项

477,860

(a) Details of contract liabilities is as folows:

二零二四年

HK$’000

千港元

Short-term advances received from

customers

自客户收取的短期垫款

Sale of gods

销售货品

–

Contract liabilities include short-term advances received

for the delivery of gold. The increases in contract liabilities

in 2025 were mainly due to the increase in short-term

advances from customer orders of gods placed near year

end.

2025
二零二五年 HK$’000
千港元 300,638
–
2,031
302,669

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

25.

应付贸易账项及其他应付账项

（续）

(b)

截至报告期末，应付贸易账款按缴款通

知书日期呈列的账龄分析如下：

25. TRADE AND OTHER PAYABLES (Continued)

(b) As of the end of the reporting period, the aging analysis

of trade payables based on the demand note date, is as

folows:

二零二四年

HK$’000

千港元

0 to 90 days0

至

日

96,188

91 to 365 days91

至

日

–

Over 365 days365

日以上

96,994

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

25.

应付贸易账项及其他应付账项

（续）

(c)

于二零二五年及二零二四年三月三十一

日，本公司的非即期其他应付款项包括

以下主要结余：

－

于二零二五年三月三十一日，主要

债权人结余约为

55,319,000

港元，

此笔长期存款用于保障精炼生产

的优先供应权。相对而言，二零

二四年结余约

226,506,000

港元涉及

一项备用融资安排，该安排授予债

权人将精炼生产分配予指定客户

的权利。此后因金价上涨调整协议

内容，本公司选择以抵销债权人应

收贸易账项的方式清偿该融资。

－

应付政府机关款项合计约

8,547,000

港元（二零二四年：

9,895,000

港元），包含矿山地质环

境治理与土地复垦基金提拨款、安

全生产费、矿产调整费及社会保险

费。

－

应付采矿承包商款项约

58,977,000

港元（二零二四年：

59,323,000

港

元），涉及勘探协议下提供之服务

25. TRADE AND OTHER PAYABLES (Continued)

other payables included the folowing key balances:

– A major creditor balance of aproximately

HK$55,319,000 as at 31 March 2025, representing

a long-term deposit for the priority suply of refinery

products. In comparison, the 2024 balance of

aproximately HK$226,506,000 related to a stand-

by facilities arangement that granted the creditor

the right to alocate refinery products to designated

customers. This arangement was subsequently

altered due to an increase in gold prices, and the

Company elected to setle the facility by ofseting the

creditor’s trade receivables.

– Amounts payable to government authorities totaling

aproximately HK$8,547,000 (2024: HK$9,895,000),

which included contributions to the Mine Geology and

Environmental Management and Land Reclamation

Fund, Safe Production Fe, Mining Adjustment Fe,

and Social Insurance Fe.

– Payables to mining contractors of aproximately

HK$58,977,000 (2024: HK$59,323,000), relating to

services provided under exploration agrements.

2025
二零二五年 HK$’000
千港元
–
225,998
225,998

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

26.

借贷

于二零二五年三月三十一日，列入本集团的

借贷为计息借贷约

208,335,000

港元（二零二四

年：

221,496,000

港元）按年利率

4.35%

至

（二

零二四年：

4.35%

至

）计息。余下借贷为免

息，且基于债权人声明于一年后偿还。

列入本集团的计息借贷约

99,112,000

港元（二

零二四年：

123,315,000

港元）由本集团自其

客户收取付款的权利作抵押（附注

）。截至

二零二五年及二零二四年三月三十一日止年

度，本集团订立一份抵押安排并将收取本集

团贸易应收账项的权利转让予融资人，据此，

该等应收账项相关的所有重大风险将转移予

融资人，而当相应的贸易应收账项无法收回

时，扣除相应质押借贷。

上述借贷按摊销成本入账，借贷之账面值与

其公平值相若。

26. BOROWINGS

二零二四年

HK$’000

千港元

The Group’s borowings were repayable

as folows:

本集团须偿还的借贷如下：

Amount due within one year included in

curent liabilities

列入流动负债项下于一年内

到期之款项

–

Amount due after one year included in non-

curent liabilities

列入非流动负债项下于一年后

到期之款项

238,400

As at 31 March 2025, included in the Group’s borowings were

interest-bearing borowings of aproximately HK$208,335,000

(2024: HK$221,496,000) which aranged at interest rates

ranging 4.35%-5% (2024: 4.35%-5%) per anum. The remaining

borowings are interest-fre and repayable after one year which

based on creditors’ declaration.

Included in the Group’s interest-bearing borowings of

aproximately HK$99,112,000 (2024: HK$123,315,000) were

secured by the Group’s rights of colection from its customers

(note 21). During the years ended 31 March 2025 and 2024, the

Group entered into a security arangement and transfered the

rights of colection of the Group’s trade receivables to a financer

under which the significant risks relating to these receivables

would be pased to the financer and coresponding pledged

borowings could be deducted when the coresponding trade

receivables could not be recovered.

The above borowings are caried at amortised cost and the

carying amounts of borowings aproximate to their fair value.

2025
二零二五年 HK$’000
千港元 14,234
491
–
14,725

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

27.

债券

于二零八年四月三十日，本公司发行总值

806,400,000

港元之可换股债券（「二零八年

可换股债券」）（于二零一三年四月三十日到

期），以结付收购文华新城矿业投资有限公司

及其附属公司之部分代价。二零八年可换

股债券于二零一三年四月三十日到期后，二

零八年可换股债券成为债券并须按要求付

款。尚未偿还之债券会每年按

收费。

债券之变动载列如下：

于二零二五年三月三十一日债券之公平值约

为

14,725,000

港元（二零二四年：

14,234,000

港

元）。

27. BONDS

On 30 April 2008, the Company isued convertible bonds

with an agregate value of HK$806,400,000 (the “2008 CB”)

with maturity date of 30 April 2013 for partial setlement of

the consideration for the acquisition of SC Mandarin Mining

Investment Limited and its subsidiaries. Upon the maturity of the

2008 CB on 30 April 2013, the 2008 CB became bonds and

payable on demand. The outstanding bonds is charged at 5%

per anum.

Movements of the bonds are set out below:

二零二四年

HK$’000

千港元

At 1 April

于四月一日

14,342

Interest charged

利息支出

Waiver of interest and principal

豁免利息及本金

(616)

At 31 March

于三月三十一日

14,234

The fair value of the bonds at 31 March 2025 amounted to

aproximately HK$14,725,000 (2024: HK$14,234,000).

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

28.

可换股债券

于二零二三年八月十五日，本公司向一名独

立第三方发行了本金额为

130,000,000

港元的

可换股债券（「二零二三年可换股债券」），未

偿还本金额按每年

计息。

债券持有人应有权于换股期内按换股价（可

根据可换股债券之条款及条件予以调整）将

二零二三年可换股债券之本金额转换为股

份。任何转换均将以二零二三年可换股债券

全部或部分本金额按

5,000,000

港元之倍数进

行。

二零二三年可换股债券可于二零二三年可

换股债券发行日期后第七日起至到期日二

零二五年八月十五日前第七日期间由债券持

有人选择转换为换股份。初始换股价为每

股份

0.115

港元。按初始换股价计算，二零

二三年可换股债券已转换为

1,130,434,782

股

新股份，该等股份将于可换股债券转换后发行

（可予调整）。

二零二三年可换股债券包含两个部分，即负

债及权益部分。

于二零二三年八月十五日（发行日期），经采

用残值法并计及二零二三年可换股债券的

条款及条件，按独立专业合资格估值师进行

的估值，负债部分的初始公平值估计约为

118,124,000

港元。于初步确认日期发行人的

赎回选择权

的公平值被认为并不重大。负债

部分按公平值列示。

二零二三年可换股债券作为收购物业、厂房

及设备的以股份为基础的付款交易入账。残

值是指计入「可换股债券储备」项下的权益部

分价值。

28. CONVERTIBLE BONDS

On 15 August, 2023, the Company isued convertible bonds

(“2023 CB”) with a principal amount of HK$130,000,000 to an

independent third party and interest bearing at 5% per anum of

the outstanding principal amount.

The bondholder has the right to convert the principal amount

of 2023 CB into shares at the conversion price during the

conversion period (subject to adjustment in acordance with the

terms and conditions of the convertible bonds). Any conversion

wil be in whole or in part in the principal amount of 2023 CB in

multiples of HK$5,000,000.

The 2023 CB are convertible from the seventh day after the

isue date of the 2023 CB to the seventh day before the maturity

date 15 August 2025 at the option of the bondholder. The initial

conversion price was HK$0.115 per share. Based on the initial

conversion price, the 2023 CB are converted into 1,130,434,782

new shares to be isued upon conversion of the convertible

bonds (subject to adjustments).

The 2023 CB contains two components, the liability and equity

components.

The initial fair value of the liability component was estimated to

be aproximately HK$118,124,000 as at 15 August 2023 (date

of isue) using the residual method, taking into acount the

terms and conditions of the 2023 CB, based on the valuation

undertaken by an independent profesionaly qualified valuer. The

fair value of the Isuer Redemption Option A on the date of initial

recognition are considered insignificant. The liability component

is stated at fair value.

The 2023 CB were acounted for as share-based payment

transactions for the acquisition of property, plant and equipment.

The residual amount representing the value of equity component

recorded in equity under “convertible bonds reserve”.

113,080
1,738
(5,001)
(109,817)
–

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

28.

可换股债券

（续）

本年度可换股债券之变动载列如下：

二零二三年可换股债券于二零二四年八月一

日转换为

1,130,434,782

股份（附注

）。

28. CONVERTIBLE BONDS (Continued)

The movement of the convertible bonds for the year is set out

below:

HK$’000

千港元

At 1 April 2023

于二零二三年四月一日

Isued during the year

于年内发行

118,124

Interest expenses

利息开支

4,067

Efective interest

实际利息

(9,111)

At 31 March 2024 and 1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

Interest expenses

利息开支

Repayment of interest

偿还利息

Conversion

转换

At 31 March 2025

于二零二五年三月三十一日

The 2023 CB were converted into 1,130,434,782 shares on 1

August 2024 (note 31).

2025
二零二五年 HK$’000
千港元 24,508
–
(7,760)
101
2,010
18,859

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

28.

可换股债券

（续）

于本年度收取之利息乃按对二零二三年可换

股债券之本金额应用

的利率计算。

厘定二零二三年可换股债券于其发行日期及

年结日以及转换日期的公平值所采用之关键

假设如下：

29.

贷款票据

28. CONVERTIBLE BONDS (Continued)

The interest charged for the year is calculated by aplying an

interest rate of 5% on the principal amount of the 2023 CB.

The key asumptions used in determining the fair value of 2023

CB as at its isuance date and year ended date and conversion

date are as folows:

15 August

31 March

1 August

二零二三年

八月十五日

二零二四年

三月三十一日

二零二四年

八月一日

As at isue date

于发行日期

Stock price of ordinary share of the

Company

本公司普通股的股价

0.1180.1730.176

Exercise price per ordinary share of

the Company

每股本公司普通股的行使价

0.1150.1150.115

Expected volatility

预期波动率

90.59%89.62%73.02%

Expected life

预期年期

21.38–

Risk fre rate

无风险利率

4.69%4.45%3.86%

29. LOAN NOTES

二零二四年

HK$’000

千港元

At 1 April

于四月一日

–

Fair value of loan notes on initial recognition

初始确认时贷款票据的公平值

36,330

Repayment

偿还

(14,600)

Redemption during the year

于年内赎回

Efective interest expenses

实际利息开支

1,819

At 31 March

于三月三十一日

24,508

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29.

贷款票据

（续）

于二零二三年八月十五日，本公司向一名独

立第三方发行一笔本金额为

40,000,000

港元

的贷款票据。

贷款票据自发行日期起为期

年，按年利率

计息，须于到期日支付，且本公司已于年

内偿还本金约

7,760,000

港元（二零二四年：

14,600,000

港元）。

于二零二五年三月三十一日，本公司与贷款

票据持有人协商将剩余的结余再延长两年至

二零二七年八月十五日，并按每年

的利率

计息。

贷款票据初步按公平值计量，其后按摊销成

本计量（均按实际利率法计算）。贷款票据的

实际利率为每年

10.02%

。

30.

银行信贷便利

截至二零二五年三月三十一日止年度，本集

团自银行获得

5,000,000

港元的银行透支额

度，以

20,000,000

港元的定期存款作为抵押，

年利率为最优惠利率加

0.5%

。

截至二零二四年及二零二五年三月三十一

日，本集团并未动用上述银行信贷便利。

29. LOAN NOTES (Continued)

On 15 August 2023, the Company has isued a trench of loan

note with principal amount of HK$40,000,000 to an independent

third party.

The loan notes with terms of 2 years from the date of isuance

and bears interest rate at 5% per anum which are payable

on maturity date and the Company repaid the principal of

aproximately HK$7,760,000

（

2024: HK$14,600,000) during the

year.

On 31 March 2025, the Company negotiated with the loan notes

holder to extend the remaining balance with another 2 years

terms up to 15 August 2027 and bears interest rate at 4% per

anum.

The loan notes are initialy measured at fair value and

subsequently measure at amortised cost, using the efective

interest method, The efective interest rate of the loan notes is

10.02% per anum.

30. BANKING FACILITIES

During the year ended 31 March 2025, the Group obtained bank

overdraft facilities from a bank to the extent of HK$5,000,000,

secured by the fixed deposits of HK$20,000,000 and bearing

interest at prime+0.5% per anum.

As at 31 March 2024 and 2025, none of the abovesaid banking

facilities were utilised by the Group.

2025
二零 Number of shares	二五年 Amount
股份数目	金额 HK$’000
股份数目	千港元
160,000,000,000	160,000
5,987,128,640	5,987
310,638,298	311
1,130,434,782	1,130
7,428,201,720	7,428

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31. SHARE CAPITAL

二零二四年

Number of

sharesAmount

股份数目金额

HK$’000

千港元

Authorised (HK$0.001 each):

法定（每股面值

0.001

港元）：

At 1 April and 31 March

于四月一日及三月三十一日

160,000,000,000160,000

Isued and fuly paid

(HK$0.001 each):

已发行及缴足（每股面值

0.001

港元）：

At 1 April

于四月一日

5,987,128,6405,987

Subscription shares (note (a)

认购股份（附注

(a)

）

–

Conversion of convertible bonds

(note (b)

转换可换股债券（附注

(b)

）

–

At 31 March

于三月三十一日

5,987,128,6405,987

Notes:

(a) On 22 March 2024, the Company entered into a Subscription

Agrement with King Tower Global Absolute Return Fund SPC

(the “Subscriber”), under which the Subscriber conditionaly

agred to subscribe for, and the Company conditionaly agred to

alot and isue, a total of 310,638,298 new ordinary shares at a

Subscription Price of HK$0.141 per share. The agregate nominal

value of the Subscription Shares is aproximately HK$311,000.

Pursuant to the Subscription Agrement, 310,638,298 shares were

aloted and isued on 24 April 2024. Further details regarding this

isuance were set out in the Company’s anouncement dated 22

March 2024. The cost of isued new share has an aproximately

HK$2,703,000 for the year.

(b) On 15 August 2023, the Company isued 2023 CB with a principal

amount of HK$130,000,000, bearing 5% interest per anum.

On 1 August 2024, at the bondholder’s option, 2023 CB were

converted at conversion price of HK$0.115 per share, resulting in

the isuance of 1,130,434,782 new shares.

31.

股本

附注：

(a)

于二零二四年三月二十二日，本公司与

King

Tower Global Absolute Return Fund SPC

（「认

购人」）订立认购协议，据此，认购人有条件

同意认购，而本公司有条件同意配发及发行

总计

310,638,298

股新普通股，认购价为每

股份

0.141

港元。认购股份的总面值约为

311,000

港元。根据认购协议，

310,638,298

股

股份已于二零二四年四月二十四日配发及

发行。有关该发行的进一步详情载列于本公

司日期为二零二四年三月二十二日的公告。

年内已发行新股份的成本约

2,703,000

港元。

(b)

于二零二三年八月十五日，本公司发行本金

额为

130,000,000

港元的二零二三年可换股

债券，按每年

的利率计息。于二零二四年

八月一日，按债券持有人的选择，二零二三

年可换股债券按每股份

0.115

港元的换股

价进行转换，导致发行

1,130,434,782

股新股

份。

2,079,524	15,546	1,778	(1,957,464)	139,384
–	–	–	(19,770)	(19,770)
43,489	–	–	–	43,489
(2,703)	–	–	–	(2,703)
124,233	(15,546)	–	–	108,687
–	–	1,821	–	1,821
2,244,543	–	3,599	(1,977,234)	270,90 8

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

32.

储备

(a)

本集团

本集团储备金额以及于本年度及过往年

度之变动详情乃于第

至

页之综合

权益变动表内呈列。

(b)

本公司

32. RESERVES

(a) Group

The amounts of the Group’s reserves and the movements

therein for the curent and prior years are presented in the

consolidated statement of changes in equity on pages 115

and 116.

(b) The Company

premium

Convertible

bonds

reserve

option

reserve

Acumulated

losesTotal

股份溢价

可换股

债券储备购股权储备累计亏损总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

As at 1 April 2023

于二零二三年四月一日

2,079,524–1,972(1,967,810)113,686

Profit for the year

年度溢利

–8,8468,846

Cancelation of share option

注销购股权

–(1,500)1,500–

Isue of convertible bonds

发行可换股债券

–15,546–15,546

Recognition of share-based payment

expense (note 34)

确认以股份为基础的

付款开支（附注

）

–1,306–1,306

As at 31 March 2024 and

1 April 2024

于二零二四年

三月三十一日及

二零二四年四月一日

Los for the year

年度亏损

Placing of new shares

配售新股份

Shares isue expenses

股份发行开支

Conversion of convertible bonds

转换可换股债券

Recognition of share-based payment

expense (note 34)

确认以股份为基础的

付款开支（附注

）

As at 31 March 2025

于二零二五年

三月三十一日

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

32.

储备

（续）

(b)

本公司（续）

(i)

股份溢价

根据开曼群岛公司法（经修订）第

条，在符合本公司组织章程细则之

规定下，股份溢价可分派予股东；

而本公司须于紧随建议分派或派

发股息之日期后能够支付日常业

务过程中之到期债务，方可以利用

股份溢价向股东作出分派。

(i)

外币换算储备

外币换算储备包括所有换算海外

业务之财务报表而产生之汇兑差

额。该储备乃根据综合财务报表附

注

4(m)

所载之会计政策处理。

(i)

可换股债券储备

可换股债券储备指根据综合财务

报表附注

4(p)

就可换股债券采纳之

会计政策所确认，由本公司发行之

可换股债券的未行使权益部份之

价值。

(iv)

购股权储备

购股权储备指根据综合财务报表

附注

4(p)

就以股权结算以股份为基

础的付款所采纳的会计政策确认

向本集团雇员及雇员以外的其他

参与者授出的实际或估计未行使

购股权的数目的公平值。

32. RESERVES (Continued)

(b) The Company (Continued)

(i) Share premium

Under section 34 of the Companies Law (Revised) of

the Cayman Islands, the share premium is available for

distribution to shareholders subject to the provisions

of the articles of asociation of the Company and no

distribution may be paid to shareholders out of the

share premium unles, imediately folowing the date

on which distribution or dividend is proposed to be

paid, the Company shal be able to pay its debts as

they fal due in the ordinary course of busines.

(i) Foreign curency translation reserve

The foreign curency translation reserve comprises

al foreign exchange diferences arising from the

translation of the financial statements of foreign

operations. The reserve is dealt with in acordance

with the acounting policies set out in note 4(m) to the

consolidated financial statements.

(i) Convertible bonds reserve

The convertible bonds reserve represents the value

of the unexercised equity component of convertible

bonds isued by the Company recognised in

acordance with the acounting policy adopted for

convertible bonds in note 4(p) to the consolidated

financial statements.

(iv) Share option reserve

The share option reserve represents the fair value of

the actual or estimated number of unexercised share

options granted to employes and other participants

other than employes of the Group recognised in

acordance with the acounting policy adopted for

equity-setled share-based payments in note 4(p) to

the consolidated financial statements.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33.

雇员福利

定额供款退休计划

本集团已安排其香港雇员加入强积金计划，

有关计划为一项由独立受托人管理之定额供

款计划。根据强积金计划，本集团及其香港

雇员须各自根据条例所界定按雇员收入之

（二零二四年：

）按月向该计划供款。本

集团及其雇员每月供款之上限均为

1,500

港元

（二零二四年：

1,500

港元），而超过该上限之

供款乃属自愿性质。强积金计划之资产以一

项独立管理基金与本集团之资产分开持有。

本集团之供款于向强积金计划供款时全数归

雇员所有。

根据中国有关法规，中国之雇员须加入养老

保险基金，有关基金为一项由当地政府为退

休雇员之福利而设立之定额供款计划。本集

团须按雇员薪酬之特定比例按月向该计划供

款，以为雇员之退休福利提供资金。

除上文披露者外，本集团概无就雇员退休福

利之供款而须承担任何其他责任。

33. EMPLOYE BENEFITS

Defined contribution retirement plan

The Group has aranged for its Hong Kong employes to join

the MPF Scheme, a defined contribution scheme managed

by an independent truste. Under the MPF Scheme, each

of the Group and its Hong Kong employes makes monthly

contributions to the scheme at 5% (2024: 5%) of the employes’

earnings as defined under the Ordinance. Both the Group’s and

the employes’ contributions are subject to a cap of HK$1,500

(2024: HK$1,500) per month and thereafter contributions are

voluntary. The asets of the MPF Scheme are held separately

from those of the Group in an independently-administered fund.

The Group’s contributions vest fuly with the employes when

contributed into the MPF Scheme.

Pursuant to the regulations in the PRC, the employes in the

PRC are required to join the pension fund which is a defined

contribution scheme operated by the local government for

the benefit of retired employes. The Group is required to

make monthly contributions to the scheme at a specified rate

of the employe payrol to fund the retirement benefits of the

employes.

Save as disclosed above, the Group has no other obligations

to make payments in respect of retirement benefits of the

employes.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

34.

以股份为基础的付款

本公司采纳一项购股权计划（「购股权计

划」），旨在向对本集团的成功运营做出贡献

的合资格参与者提供激励及奖赏。合格的参

与者包括本公司及附属公司的全职和兼职员

工、高管、经理、董事、业务顾问、咨询师、代

理、承包商、客户、供应商和股东。该计划于

二零二一年九月二十七日生效，除非另行取

消或修订，否则将于自该日期起计

年内保

持有效。

根据购股权计划授出但尚未行使的所有购

股权获行使后可予发行的股份数目整体限

额，合共不得超过本公司不时已发行股份的

10%

。在任何

个月期间内每名合格参与者

获授根据购股权计划授出之股份总数，不得

超过本公司不时已发行股份的

。凡进一步

授予超过限额的购股权，须于本公司股东大

会上寻求股东批准。

授予本公司董事、首席执行官或主要股东或

其任何关联人或顾问的购股权须事先获得独

立非执行董事的批准。此外，于任意

个月期

间内向本公司大股东或独立非执行董事或其

任何关联人士授予的购股权若超过本公司不

时已发行股份的

0.1%

或总价值（以授予之日

本公司股票的价格计算）超过

万港元，均

须事先于本公司股东大会上寻求股东批准。

34. SHARE-BASED PAYMENTS

The Company operates a share option scheme (the “Scheme”)

for the purpose of providing incentives and rewards to eligible

participants who contribute to the suces of the Group’s

operations. Eligible participants include the ful-time and part-

time employes, executives, oficers, directors, busines

consultants, advisers, agent, contractors, customers, supliers

and shareholders of the Company and the Company’s

subsidiaries. The Scheme became efective on 27 September

2021 and, unles otherwise canceled or amended, wil remain in

force for 10 years from that date.

The maximum number of unexercised share options curently

permited to be granted under the Scheme is an amount

equivalent, upon their exercise, to 10% of the shares of the

Company in isue at any time. The maximum number of shares

isuable under share options to each eligible participant in the

Scheme within any 12-month period is limited to 1% of the

shares of the Company in isue at any time. Any further grant of

shares options in exces of this limit is subject to shareholders’

aproval in a general meting.

Share options granted to a director, chief executive or substantial

shareholder of the Company, or to any of their asociates

or to consultants, are subject to aproval in advance by the

independent non-executive directors. In adition, any share

options granted to a substantial shareholder or an independent

non-executive director of the Company, or to any of their

asociates, in exces of 0.1% of the shares of the Company

in isue at any time or with an agregate value (based on the

price of the Company’s shares at the date of the grant) in exces

of HK$5 milion, within any 12-month period, are subject to

shareholders’ aproval in advance in a general meting.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

34.

以股份为基础的付款

（续）

授出购股权的要约可在要约日期起

天内接

受，而承授人须支付合共

港元的象征式代

价。授出之购股权的行使期可由董事会决定，

在特定授予期后开始，并在不晚于提出购股

权的日期或购股权计划到期日（二者之间较

早者）起三年之内结束。

购股权的行使价由董事决定，但不得低于以

下各项之最高者：

(i)

于授出日期所报本公司股

份之联交所收市价；

(i)

本公司股份于紧接授出

日期前五个营业日之平均收市价；及

(i)

授予之

日本公司股份的面值（如适用）。

购股权并不赋予持有人获得股息或在股东大

会上投票的权利。每份购股权赋予持有人认

购本公司一股普通股的权利，并以股份形式

结算。

34. SHARE-BASED PAYMENTS (Continued)

The ofer of a grant of share options may be acepted within

28 days from the date of the ofer, upon payment of a nominal

consideration of HK$1 in total by the grante. The exercise

period of the share options granted is determinable by the Board

of Directors, and comences after a certain vesting period

and ends on a date which is not later than thre years from the

date of the ofer of the share options or the expiry date of the

Scheme, if earlier.

The exercise price of the share options is determinable by the

directors, but may not be les than the highest of (i) the Stock

Exchange closing price of the Company’s shares on the date of

the ofer of the share options; (i) the average Stock Exchange

closing price of the Company’s shares for the five trading days

imediately preceding the date of the ofer; and (i) the nominal

value of the Company’s shares on the date of the ofer, when

aplicable.

Share options do not confer rights on the holder to dividends or

to vote at shareholders’ metings. Each option gives the holder

the right to subscribe for one ordinary share in the Company and

is setled gros in shares.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

34.

以股份为基础的付款

（续）

于截至二零二五年及二零二四年三月三十一

日止年度内购股权计划下授出之购股权的变

动载列如下：

34. SHARE-BASED PAYMENTS (Continued)

The movements in share options granted under the Scheme

during the years ended 31 March 2025 and 2024 are shown

below:

Number of share options

购股权数目

Name of category

of participants

1 April

Granted

during

the year

Exercised

during

the year

Expired

during

the year

Reclasified

during

the year

Lapsed

during

the year

Canceled

during

the year

At 31

March

2025Date of grantedValidity period

Exercise price

of share

options

HK$ per share

参与者类别名称

于

二零二四年

四月一日

于年内

授出

于年内

行使

于年内

到期

于年内

重新分类于年内终止

于年内

注销

于

二零二五年

三月三十一日授予日期有效期

购股权行权价

港元╱股

Director

董事

Li Dahong23,948,516–23,948,51631-8-2331-8-23-30-8-330.117

李大宏

Ma Xiaona20,954,950–20,954,95031-8-2331-8-23-30-8-330.117

马晓娜

Guo Wei2,993,564–2,993,56431-8-2331-8-23-30-8-330.117

郭玮

Lam Albert Man Sum2,993,564–2,993,56431-8-2331-8-23-30-8-330.117

林闻深

Cheung Wai Hung2,993,564–2,993,56431-8-2331-8-23-30-8-330.117

张伟雄

Sub-total53,884,158–53,884,158

小计

Employes in agregate19,584,000–19,584,00024-5-2224-5-22-23-5-320.088

员工累计

2,993,564–2,993,56431-8-2331-8-23-30-8-330.117

Sub-total22,577,564–22,577,564

小计

Consultants

顾问

Bilion Wining Holdings

Ltd.9,792,000–9,792,00024-5-2224-5-22-23-5-320.088

亿荣集团有限公司

Zhang Jiying

张继盈

2,993,564–2,993,56431-8-2331-8-23-30-8-330.117

Sub-total12,785,564–12,785,564

小计

Total89,247,286–89,247,286

总计

Exercisable at the end

of the year89,247,286

年底可行使

Weighted average

exercise price (HK$)0.144–0.144

加权平均行权价（港元）

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

34.

以股份为基础的付款

（续）

34. SHARE-BASED PAYMENTS (Continued)

Number of share options

购股权数目

Name of category

of participants

1 April

Granted

during

the year

Exercised

during

the year

Expired

during

the year

Reclasified

during

the year

Lapsed

during

the year

Canceled

during

the year

At 31

March

2024Date of grantedValidity period

Exercise price

of share

options

HK$ per share

参与者类别名称

于

二零二三年

四月一日

于年内

授出

于年内

行使

于年内

到期

于年内

重新分类于年内终止

于年内

注销

于

二零二四年

三月三十一日授予日期有效期

购股权行权价

港元╱股

Director

董事

Li Dahong23,948,51623,948,516–(23,948,516)23,948,51631-8-2331-8-23–30-8-330.117

李大宏

Ma Xiaona20,954,95020,954,950–(20,954,950)20,954,95031-8-2331-8-23–30-8-330.117

马晓娜

Guo Wei2,993,5642,993,564–(2,993,564)2,993,56431-8-2331-8-23–30-8-330.117

郭玮

Lam Albert Man Sum2,993,5642,993,564–(2,993,564)2,993,56431-8-2331-8-23–30-8-330.117

林闻深

Cheung Wai Hung2,993,5642,993,564–(2,993,564)2,993,56431-8-2331-8-23–30-8-330.117

张伟雄

Sub-total53,884,15853,884,158–(53,884,158)53,884,158

小计

Employes in agregate19,584,000–19,584,00024-5-2224-5-22–23-5-320.088

员工累计

5,987,1285,987,128–(2,993,564)–(5,987,128)2,993,56431-8-2331-8-23–30-8-330.117

Sub-total25,571,1285,987,128–(2,993,564)–(5,987,128)22,577,564

小计

Consultants

顾问

Bilion Wining Holdings

Ltd.9,792,000–9,792,00024-5-2224-5-22–23-5-320.088

亿荣集团有限公司

Zhang Jiying

张继盈

–2,993,564–2,993,56431-8-2331-8-23–30-8-330.117

Sub-total9,792,000–2,993,564–12,785,564

小计

Total89,247,28659,871,286–(59,871,286)89,247,286

总计

Exercisable at the end

of the year89,247,286

年底可行使

Weighted average

exercise price (HK$)0.1980.117–0.2520.144

加权平均行权价（港元）

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

34.

以股份为基础的付款

（续）

截至本报告期末，尚未行使的购股权详情如

下：

购股权公平值乃使用二项式模型计算得

出。该模型的输入值如下所示：

34. SHARE-BASED PAYMENTS (Continued)

Details of the share options outstanding as at the end of the

reporting period are as folows:

Number of

optionsDate of grantedVesting dateExercise periodExercise price

购股权数目授予日期生效日期行权日期行权价格

HK$

港元

May 202229,376,00024 May 202224 May 2025 24 May 2025 to

23 May 2032

0.088

二零二年五月

29,376,000

二零二年

五月二十四日

二零二五年

五月二十四日

二零二五年五月二十四日至

二零三二年五月二十三日

0.088

August 202359,871,28631 August 202331 August 202631 August 2026 to

30 August 2033

0.117

二零二三年八月

59,871,286

二零二三年

八月三十一日

二零二六年

八月三十一日

二零二六年八月三十一日至

二零三年八月三十日

0.117

The fair value of share options were calculated using Binomial

Model. The inputs into the model were as folow:

24 May

31 August

二零二年

五月二十四日

二零二三年

八月三十一日

Risk-fre rate (%)

无风险利率

(%)2.7653.796

Expected life of options (years)

购股权预期有效期（年）

Expected dividend yield (%)

预期股息收益率

(%)00

Expected volatility (%)

预期波动率

(%)78.59574.288

Price of the Company’s share at the date

of grant (HK$ per share)

本公司股份于授出日期之股价

（港元╱股）

0.0880.117

Estimate fair value at measurement date

(HK$)

于测算日期之预估公平值

（港元）

1,700,0005,005,039

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

34.

以股份为基础的付款

（续）

购股权的预期有效期不一定预示可能发生的

行权模式，该等模式基于购股权的条款和条

件。预期波动率基于从公开信息中得出的本

公司股价的历史波动率。预期股息以历史股

息为依据。主观输入假设的变化可能对公平

值估计产生重大影响。

截至二零二五年三月三十一日止年度，并无

任何新购股权被授出或注销。于二零二四年，

59,871,286

份行使价为

0.252

港元的购股权被

注销。而

59,871,286

份行使价为每股

0.117

港元

的购股权于二零二三年八月三十一日授出。

已授购股权的其他特征未纳入公平值的计

量。截至报告期末，本公司购股权计划下未予

行使的购股权为

89,247,286

份。

于本财务报表批准之日，本公司购股权计划

下未予行使的购股权为

89,247,286

份（二零

二四年：

89,247,286

份），约占本公司于该日期

已发行股份的

1.5%

（二零二四年：

1.5%

）。

截至二零二五年三月三十一日止年度，综合

损益表确认以股权结算以股份为基础的付款

约

1,821,000

港元（二零二四年：

1,306,000

港

元）。

34. SHARE-BASED PAYMENTS (Continued)

The expected life of the options is not necesarily indicative

of the exercise paterns that may ocur, which is based on

the terms and conditions of the share options. The expected

volatility is based on the historic volatility of the share prices of

the Company as extracted from publicly available information.

Expected dividends are based on historical dividends. Changes

in the subjective input asumptions could materialy afect the fair

value estimate.

During the year ended 31 March 2025, no new share options

were granted or canceled, in 2024, 59,871,286 share options

with exercise price of HK$0.252 were canceled. While share

options of 59,871,286 with exercise price of HK$0.117 per share

were granted on 31 August 2023.

No other feature of the options granted was incorporated into

the measurement of fair value. At the end of the reporting period,

the Company had 89,247,286 share options outstanding under

the Scheme.

At the date of aproval of these financial statements,

the Company had 89,247,286 (2024: 89,247,286) share

options outstanding under the Scheme, which represented

aproximately 1.5% (2024: 1.5%) of the Company’s shares in

isue as at that date.

During the year ended 31 March 2025, equity-setled share-

based payments of aproximately HK$1,821,000 (2024:

HK$1,306,000) were recognised to the consolidated statement

of profit or los.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

35.

财务风险管理

本集团之主要金融资产及负债包括现金及银

行结余、债券、借贷、贸易及其他应收账项以

及应付贸易账款及其他应付账项。该等金融

工具之详情已于各有关附注披露。该等金融

工具之相关风险及减低该等风险之政策载于

下文。管理层管理及监察该等风险，以确保适

时及有效地施行合适之措施。

(a)

外汇风险

本集团之货币资产及交易主要是以港元

及人民币为单位，其为本集团实体之功

能货币。将来的商业交易和已确认之资

产及负债以相关集团实体功能货币以外

之其他货币计值亦会引致外汇风险。本

集团采取保守之库务政策，大部份银行

存款属于港元或人民币存款，又或属于

营运附属公司所在地区货币之存款，以

尽量减低外汇风险。

本集团于中国拥有若干投资及业务，而

相关净资产会面对外币换算风险。因本

集团之中国业务净资产而产生之货币风

险主要透过以人民币计值之经营负债管

理。

现时，本集团并未为减低其外币换算风

险而订立任何对冲交易。然而，管理层

将继续定期监察外汇风险，并将于有需

要时考虑对冲重大外币风险。

35. FINANCIAL RISK MANAGEMENT

The Group’s major financial asets and liabilities include cash and

bank balances, bonds, borowings, trade and other receivables,

as wel as trade and other payables. Details of these financial

instruments are disclosed in the respective notes. The risks

asociated with these financial instruments and the policies on

how to mitigate these risks are set out below. The management

manages and monitors these exposures to ensure apropriate

measures are implemented on a timely and efective maner.

(a) Foreign exchange risk

The Group’s monetary asets and transactions are

principaly denominated in HK$ and RMB which are two

functional curencies of the Group’s entities. Foreign

exchange risk arises from future comercial transactions

and recognised asets and liabilities denominated in a

curency that is not the functional curency of the relevant

group entity. The Group adopted a conservative treasury

policy with most of the bank deposits being kept in HK$ or

RMB, or in the local curencies of the operating subsidiaries

to minimise exposure to foreign exchange risk.

The Group has certain investments and operations in the

PRC, whose net asets are exposed to foreign curency

translation risk. Curency exposure arising from the net

asets of the Group’s operations in the PRC is managed

primarily through operating liabilities denominated in RMB.

To date, the Group has not entered into any hedging

transactions in an efort to reduce the Group’s foreign

curency exchange risks. However, the management

continues to monitor the foreign exchange exposure

regularly and wil consider hedging significant foreign

curency exposure should the ned arise.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

35.

财务风险管理

（续）

(a)

外汇风险（续）

人民币兑港元之汇率可能出现升值

之合理变动，而所有其他变数维持不

变，将令本集团之除税前溢利减少╱

增加约

20,403,000

港元（二零二四年：

14,686,000

港元），主要由于其面临一定

程度之外币风险。

(b)

利率风险

本集团之现金流量利率风险主要涉及其

银行存款。借贷、贷款票据、融资租赁及

债券使本集团面临公平值利率风险。

本集团现时并无任何利率对冲政策。管

理层持续监察本集团之风险，并将于有

需要时考虑对冲利率风险。

除上述外，于报告期末，本集团并无其

他重大计息资产及负债，其收入及经营

现金流量大部分独立于市场利率风险变

动。

由于市场利率的合理可能变动不会对本

集团综合财务报表造成重大影响，因此

并无呈列现金流量利率风险的敏感度分

析。

35. FINANCIAL RISK MANAGEMENT (Continued)

(a) Foreign exchange risk (Continued)

A reasonably posible increase of 5% in exchange

rates betwen RMB and HK$ respectively, with al other

variables held constant, wil lead to an decrease/increase

of aproximately HK$20,403,000 (2024: HK$14,686,000)

of the Group’s profit before tax mainly arising from that the

Group has certain exposure to foreign curency risk.

(b) Interest rate risk

The Group’s exposure to cash flow interest rate risk arises

primarily from its bank deposits. Borowings, loan notes,

finance lease and bonds expose the Group to fair value

interest rate risk.

The Group curently does not have any interest rate

hedging policy. The management monitor the Group’s

exposure on ongoing basis and wil consider hedging

interest rate risk should the ned arise.

Except as stated above, the Group does not have other

significant interest-bearing asets and liabilities at the end

of reporting period, its income and operating cash flows are

substantialy independent of changes in market interest risk.

Sensitivity analysis on cash flow interest-rate risk has not

ben presented as the reasonably posible changes in

market interest rate wil not have significant impact on the

Group’s consolidated financial statements.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

35.

财务风险管理

（续）

(c)

信贷风险

信贷风险乃因对手方无法履行金融工具

或客户合约项下责任而引致财务损失的

风险。本集团因其经营活动（主要是按金

及其他应收账项）及因其融资活动（包括

银行及金融机构之存款、外汇交易及其

他金融工具）而承受信贷风险。由于交易

对手为国际信贷评级机构给予高评级且

本集团因而认为信贷风险较低之银行及

金融机构，故本集团所承受由现金及现

金等值项目引致之信贷风险属有限。

本集团并无提供任何可能导致本集团面

对信贷风险的财务担保。

计入综合财务状况表的贸易应收账项及

其他应收账项及银行结余之账面值代表

本集团就本集团的金融资产所承担的最

高信贷风险。

为尽量减低信贷风险，本集团已实施政

策以制定及维持本集团的信贷风险评

级，以根据违约风险程度将风险进行分

类。本集团使用公开可用的财务资料及

自身的过往还款记录以评估其主要债务

人。本集团之风险及其对手方之信贷评

级受持续监控，而达成交易的总价值分

布于多名核准对手方中。

35. FINANCIAL RISK MANAGEMENT (Continued)

Credit risk is the risk that a counterparty wil not met

its obligations under a financial instrument or customer

contract, leading to a financial los. The Group is exposed

to credit risk from its operating activities (primarily trade and

other receivables) and from its financing activities, including

deposits with banks and financial institutions, foreign

exchange transactions and other financial instruments. The

Group’s exposure to credit risk arising from cash and cash

equivalents is limited because the counterparties are banks

and financial institutions with high credit-rating asigned

by international credit-rating agencies, for which the Group

considers to have low credit risk.

The Group does not provide any financial guarantes which

would expose the Group to credit risk.

The carying amounts of trade and other receivables and

bank balances included in the consolidated statement

of financial position represents the Group’s maximum

exposure to credit risk in relation to the Group’s financial

asets.

In order to minimise credit risk, the Group has policy in

place to develop and maintain the Group’s credit risk

grading to categories exposures acording to their degre

of risk of default. The Group uses publicly available financial

information and own historical repayment records to rate

its major debtors. The Group’s exposure and the credit

rating of its counterparties are continuously monitored and

the agregate value of transactions concluded is spread

amongst aproved counterparties.

2025
二零二五年 HK$’000
千港元 –
–
–
5,368
5,368

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

35.

财务风险管理

（续）

(c)

信贷风险（续）

就贸易应收账项及其他应收账项而言，

董事定期对贸易应收账项及其他应收账

项的可收回性进行集体评估及个别评

估。

下表提供有关本集团于二零二五年及二

零二四年三月三十一日贸易应收账项信

贷风险及预期信贷亏损的资料：

于二零二五年及二零二四年三月三十一

日，本集团管理层订立一份抵押安排并

将收取本集团贸易应收账项的权利转

让予融资人，据此，该等应收账项相关

的所有重大风险已转移予融资人，因

此，截至二零二五年及二零二四年三月

三十一日止年度并无确认贸易应收账项

拨备（附注

）。本公司董事认为所涉金

额对综合财务报表属不重要。

35. FINANCIAL RISK MANAGEMENT (Continued)

For trade and other receivables, the directors make periodic

colectively asesments as wel as individual asesment

on the recoverability of trade and other receivables.

The folowing table provides the information about the

Group’s exposure to credit risk and ECLs for trade

receivables as at 31 March 2025 and 2024:

二零二四年

HK$’000

千港元

1–30 days past due

逾期

至

日

28,568

31–60 days past due

逾期

至

日

–

61–90 days past due

逾期

至

日

–

More than 90 days past due

逾期超过

日

29,107

As at 31 March 2025 and 2024, the management of the

Group entered into a security arangement and transfered

the rights of colection of the Group’s trade receivables to

a financer under which the significant risks relating to these

receivables had ben pased to the financer, therefore,

no alowance for trade receivable was recognised during

the years ended 31 March 2025 and 2024 (note 21). As

the directors of the Company are of the opinion that the

amount involved is imaterial to the consolidated financial

statements.

Expected loss rate	Gross carrying amount	Loss allowance
预期亏损率 %	账面总值 HK$’000	亏损拨备 HK$’000
%
–	千港元 3,950	千港元 –
1.74%	22,671	(394)
100%	2,800	(2,800)
100%	29,421	(3,194)

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

35.

财务风险管理

（续）

(c)

信贷风险（续）

其他应收账项

下表提供本集团信贷风险及信贷风险有

显著增加的其他应收账项的预期信贷亏

损：

二零二五年

二零二四年

35. FINANCIAL RISK MANAGEMENT (Continued)

Other receivables

The folowing table provides information about the Group’s

exposure to credit risk and ECLs for other receivables

which has significant increase in the credit risk:

Internal credit rating

内部信贷评级

Stage 1

第一阶段

Stage 2

第二阶段

Stage 3

第三阶段

Expected

los rate

Gros

carying

amount

Los

alowance

Internal credit rating

内部信贷评级预期亏损率账面总值亏损拨备

%HK$’000HK$’000

千港元千港元

Stage 1

第一阶段

–4,238–

Stage 2

第二阶段

2.572,53065

Stage 3

第三阶段

1002,4382,438

9,2062,503

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

35.

财务风险管理

（续）

(c)

信贷风险（续）

其他应收账项（续）

按摊销成本计量的其他应收账项拨备变

动：

于二零二五年三月三十一日，已确认贸

易及其他应收账项的预期信贷亏损拨备

约为零港元及

691,000

港元（二零二四年：

零港元及预期信贷亏损拨回

1,737,000

港

元）。

35. FINANCIAL RISK MANAGEMENT (Continued)

Other receivables (Continued)

Movement in the alowance for other receivables measured

at amortised cost:

Other receivables

其他应收账项

Lifetime

ECLs

Lifetime

ECLs Credit

impairedTotal

全期预期

信贷亏损

全期预期

信贷亏损

信贷减值总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2022, 31 March

2023 and 1 April 2023

于二零二年四月一日、

二零二三年三月三十一日及

二零二三年四月一日

1,8022,4384,240

Reversal for ECLs

预期信贷亏损拨回

(1,737)–(1,737)

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

652,4382,503

Alowance for ECLs

预期信贷亏损拨备

At 31 March 2025

于二零二五年三月三十一日

3942,8003,194

The provision for ECLs on trade and other receivables of

aproximately HK$Nil and HK$691,000 (2024: HK$Nil and

reversal of ECLs HK$1,737,000) was recognised as at 31

March 2025.

2025
Carrying amount	二零 Total contractual undiscounted cash flow	二五年 Within one year or on demand	After one year
Carrying amount	合约未折现	一年内或
账面值 HK$’000	现金流量总额 HK$’000	按要求 HK$’000	一年后 HK$’000
千港元 462,698	千港元 462,698	千港元 322,770	千港元 139,928
225,998	231,795	–	231,795
14,725	14,725	14,725	–
–	–	–	–
424	437	254	183
18,859	22,000	–	22,000
722,704	731,655	337,749	393,906

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

35.

财务风险管理

（续）

(d)

流动资金风险

为管理本集团之资金流通风险，本集团

监察及维持充足水平之现金及现金等值

项目，以拨付本集团之业务所需及减低

现金流量波动之影响。管理层定期检讨

及监察本集团之营运资金需求。

下表详列本集团非衍生金融负债于报告

日期之尚余合约期限，乃根据合约未折

现金流量（包括采用合约利率或（如属

浮动利率）根据报告日期通行之利率计

算之利息款项），以及可能要求本集团付

款之最早日期计算。

本集团金融负债基于合约未折现金流

量作出之到期日分析如下：

35. FINANCIAL RISK MANAGEMENT (Continued)

(d) Liquidity risk

For the management of the Group’s liquidity risk, the Group

monitors and maintains a suficient level of cash and cash

equivalents to finance the Group’s operations and mitigate

the efects of fluctuation in cash flows. Management

reviews and monitors the Group’s working capital

requirements regularly.

The folowing table sets out the remaining contractual

maturities of the Group’s non-derivative financial liabilities

at the reporting date, which are based on contractual

undiscounted cash flows (including interest payments

computed using contractual rates or, if floating, based on

the prevailing rates at the reporting date) and the earliest

date the Group can be required to pay.

The maturity analysis of the Group’s financial liabilities

based on contractual undiscounted cash flows is as

folows:

二零二四年

Carying

amount

Total

contractual

undiscounted

cash flow

Within

one year or

on demand

After

one year

账面值

合约未折现

现金流量总额

一年内或

按要求一年后

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Trade and other payables

应付贸易账款及

其他应付账项

477,860477,860132,748345,112

Borowings

借贷

238,400244,546–244,546

Bonds

债券

14,23414,23414,234–

Convertible bonds

可换股债券

113,080143,000–143,000

Lease liabilities

租赁负债

Loan notes

贷款票据

24,50827,500–27,500

868,593907,663147,447760,216

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

35.

财务风险管理

（续）

(e)

资本风险管理

本集团管理资本之主要目标为保障本集

团能继续以持续经营基准经营业务，以

支持其业务及将股东价值提升至最高。

为维持或调整资本架构，本集团可能会

调整派息、发行新股、出售资产以及发

行新债或赎回旧债。

本集团会管理其资本架构，并因应与资

本有关之成本及风险以及经济状况变动

而作出调整。

本集团维持其于联交所上市的唯一外部

施加的资本要求是，其股份公众持股量

比例必须至少为

25%

。本集团自上市日

期以来一直维持充足的公众持股量以

遵守

GEM

上市规则。于二零二五年三月

三十一日，公众持有的股份约为

29.7%

。

(f)

公平值

本集团的金融资产及金融负债于综合财

务状况表内反映之账面值与其各自之公

平值相若。

35. FINANCIAL RISK MANAGEMENT (Continued)

(e) Capital risk management

The primary objective of the Group’s capital management

is to safeguard the Group’s ability to continue as a going

concern in order to suport its busines and maximise

shareholders’ value. To maintain or adjust the capital

structure, the Group may adjust the payment of dividends,

isue new shares, sel asets as wel as isue new debts or

redem existing debts.

The Group manages its capital structure and make

adjustments to it, in light of cost and risk asociated with

the capital and changes in economic conditions.

The only externaly imposed capital requirement for the

Group is that in order to maintain its listing on the Stock

Exchange, it has to have a public float of at least 25% of

the Shares, The Group has maintained a suficient public

float to comply with GEM Listing Rules from the date of the

Listing. As at 31 March 2025, aproximately 29.7% of the

Shares were in public hands.

(f) Fair value

The Carying amount of the Group’s financial asets and

financial liabilities as reflected in the consolidated statement

of financial position aproximately their respective fair value.

2025
二零二五年 HK$’000
千港元 5,652
54
1,317
7,023

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36.

关联人士交易

综合财务报表附注

所列之董事外，本集团

亦识别下列关连人士：

名称关系

马干洲太洲矿业的主要股东

太洲矿业董事

赵悦冰太洲矿业董事

马干洲的配偶

周勇大唐潼金的股东

太洲矿业总经理

除综合财务报表其他部分所披露者外，与关

连人士进行以下交易：

(a)

主要管理人员酬金

主要管理人员包括执行董事及非执行董

事、执行委员会成员及公司秘书。就雇

员服务而已付或应付主要管理人员之酬

金载列如下：

36. RELATED PARTY TRANSACTIONS

In adition to the directors listed in note 13 to the consolidated

financial statements, the Group also identifies below related

parties:

NameRelationship

Ma QianzhouSubstantial shareholder of Taizhou Mining

Director of Taizhou Mining

Zhao YuebingDirector of Taizhou Mining

Spouse of Ma Qianzhou

Zhou YongShareholder of Grand T G Gold

General manager of Taizhou Mining

In adition to those disclosed elsewhere in the consolidated

financial statements, the folowing transactions were caried out

with related parties:

(a) Key management compensation

Key management includes directors (executive and non-

executive), members of the Executive Comite, the

Company Secretary. The compensation paid or payable to

key management for employe services is shown below:

二零二四年

HK$’000

千港元

Salaries and other short-term employe

benefits

薪金及其他短期雇员福利

5,637

Other long-term benefits

其他长期福利

Equity -setled share-based payments

以股权结算的基于股份的支付

Total

总计

6,547

2025
二零二五年 HK$’000
千港元 219,594
(935)
134,380
(146,110)
206,929

千港元	千港元
88,057	106,813	0%-4.35%
22,384	28,075	0%-4.35%
96,488	84,706	0%-4.35%

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36.

关联人士交易

（续）

(b)

关联人士贷款

上述于二零二五年及二零二四年

三月三十一日来自赵悦冰女士、

马干洲先生及周勇先生之贷款计入借贷

结余。

关连人士贷款的条款及条件如下：

36. RELATED PARTY TRANSACTIONS (Continued)

(b) Loans from related parties

二零二四年

HK$’000

千港元

At 1 April

于四月一日

283,437

Curency realignment

汇兑调整

(15,958)

Aditions during the year

年内增加

161,322

Repayment during the year

年内还款

(209,207)

At 31 March

于三月三十一日

219,594

The above loans as at 31 March 2025 and 2024 from Ms.

Zhao Yuebing, Mr. Ma Qianzhou and Mr. Zhou Yong were

included in the balance of borowings.

The loans from related parties have the folowing terms and

conditions:

At end

of year

At begining

of year

Interest

rate

年末年初利率

HK$’000HK$’000

千港元千港元

二零二五年

Zhao Yuebing

赵悦冰

Ma Qianzhou

马干洲

Zhou Yong

周勇

二零二四年

Zhao Yuebing

赵悦冰

106,813110,8860%-4.35%

Ma Qianzhou

马干洲

28,07585,4830%-4.35%

Zhou Yong

周勇

84,70687,0680%-4.35%

2025
二零二五年 HK$’000
千港元 1,516
1,516

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36.

关联人士交易

（续）

(c)

应付关连人士款项

上述款项为免息、无担保并于要求时偿

还。其于应付贸易账款及其他应付账项

的结余入账。

36. RELATED PARTY TRANSACTIONS (Continued)

二零二四年

HK$’000

千港元

Zhao Yuebing

赵悦冰

The above amounts are interest fre, unsecured and

repayable on demand. They are included in the balance of

trade and other payables.

2025
二零二五年 HK$’000
千港元
5,368
27,889
5,000
29,481
67,738
460,799
14,725
–
225,998
18,859
720,381

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

37.

按类别划分的金融资产及金融负

债概要

37. SUMARY OF FINANCIAL ASETS AND

FINANCIAL LIABILITIES BY CATEGORY

二零二四年

HK$’000

千港元

Financial asets measured

at amortised cost

按摊销成本测算的金融资产

Trade receivables

贸易应收账项

29,107

Deposits and other receivables

按金及其他应收账项

7,684

Pledged bank deposits

已质押银行存款

20,000

Cash and bank balances

现金及银行结余

47,489

104,280

Financial liabilities at amortised cost

按摊销成本测算的金融负债

Trade and other payables

应付贸易账款及其他应付账项

454,291

Bonds

债券

14,234

Convertible bonds

可换股债券

113,080

Borowings

借贷

238,400

Loan notes

贷款票据

24,508

844,513

2025
二零二五年 HK$’000
千港元
313,405
56
313,461
2,351
5,000
88
7,439
8,922
14,725
58
23,705
(16,266)
297,195

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

38.

本公司财务状况表

38. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY

二零二四年

NotesHK$’000

附注千港元

Non-curent asets

非流动资产

Interests in subsidiaries

附属公司权益

19297,709

Right-of-use asets

使用权资产

298,213

Curent asets

流动资产

Deposits, prepayments and other

receivables

按金、预付款项及其他

应收账项

2,341

Pledged bank deposits

已质押银行存款

20,000

Cash and cash equivalents

现金及现金等值项目

1,213

23,554

Curent liabilities

流动负债

Acruals and other payables

应计费用及其他应付账项

24,063

Bonds

债券

2714,234

Lease liabilities

租赁负债

38,750

Net curent liabilities

流动负债净额

(15,196)

Total asets les curent

liabilities

总资产减流动负债

283,017

2025
二零二五年 HK$’000
千港元
–
18,859
–
18,859
278,336
7,428
270,908
278,336

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

于二零二五年六月二十七日代表董事会：

二零二四年

NotesHK$’000

附注千港元

Non-curent liabilities

非流动负债

Convertible bonds

可换股债券

28113,080

Loan notes

贷款票据

2924,508

Lease liabilities

租赁负债

137,646

Net asets

净资产

145,371

Capital and reserves

资本及储备

Share capital

股本

315,987

Reserves

储备

32(b)139,384

Total equity

总权益

145,371

On behalf of the Board of Directors on 27 June 2025:

Li DahongMa Xiaona

李大宏马晓娜

DirectorDirector

董事董事

38. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY (Continued)

38.

本公司财务状况表

（续）

千港元 –	千港元 –	千港元 –	千港元 (1,034)	千港元 1,034	千港元 –	千港元 –
238,400	–	–	(17,186)	5,869	(1,085)	225,998
14,234	–	–	–	491	–	14,725
113,080	–	(109,817)	(5,001)	1,738	–	–
24,508	–	101	(7,760)	2,010	–	18,859
511	566	–	(684)	32	(1)	424
390,733	566	(109,716)	(31,665)	11,174	(1,086)	260,00 6

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

39.

综合现金流量表附注

(a)

主要非现金交易

于截至二零二五年三月三十一日止年

度，本集团订立为期三年的新物业租

赁协议。于租赁开始时，本集团确认使

用权资产约

566,000

港元（二零二四年：

896,000

港元）及相应租赁负债约

566,000

港元（二零二四年：

896,000

港元）。

截至二零二五年三月三十一日止年

度，根据债券协议条款，本金总额约为

125,363,000

港元的可换股债券已转换为

本公司

1,130,434,782

股普通股。由于该

转换乃透过发行权益工具结算，因此本

集团并无涉及任何现金流出。

(b)

融资活动所产生负债的对账

下表载列本集团融资活动所产生负债之

变动详细，包括现金及非现金变动。融

资活动所产生之负债乃本集团综合现金

流量表将现金流量或未来现金流量分类

为融资活动所得现金流量之负债。

39. NOTES TO CONSOLIDATED STATEMENT OF

CASH FLOWS

(a) Major non-cash transaction

During the year ended 31 March 2025, the Group

entered into new property lease agrements with a term

of thre years. Upon comencement of the leases, the

Group recognised right-of-use asets of aproximately

HK$566,000 (2024: HK$896,000) and coresponding

lease liabilities of aproximately HK$566,000 (2024:

HK$896,000).

During the year ended 31 March 2025, convertible bonds

with an agregate principal amount of aproximately of

HK$125,363,000 were converted into 1,130,434,782

ordinary shares of the Company in acordance with the

terms of the bond agrements. As the conversion was

setled through the isuance of equity instruments without

any cash outflow by the Group.

(b) Reconciliation of liabilities arising from financing

activities

The table set forth below is the detail changes in the

Group’s liabilities arising from financing activities, including

both cash and non-cash changes. Liabilities arising from

financing activities are those for which cash flows were,

or future cash flows wil be, clasified in the Group’s

consolidated statement of cash flows as cash flows from

financing activities.

1 April

Aditional

of asets

Other

changes

Cash

flows

Interest

charges

Exchange

realignment

31 March

二零二四年

四月一日添置资产其他变动现金流利息支出汇兑调整

二零二五年

三月三十一日

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元

Bank over drafts

(note 30)

银行透支

（附注

）

Borowings (note 26)

借贷（附注

）

Bonds (note 27)

债券（附注

）

Convertible bonds

(note 28)

可换股债券

（附注

）

Loan notes (note 29)

贷款票据（附注

）

Lease liabilities

(note 24)

租赁负债（附注

）

2025
二零二五年 HK$’000
千港元 –
131
652
783

2025
二零二五年 HK$’000
千港元 783

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

39.

综合现金流量表附注

（续）

(b)

租赁现金流出总额

计入现金流量表之租赁金额包括以下各

项：

该等金额与下列项目有关：

39. NOTES TO CONSOLIDATED STATEMENT OF

CASH FLOWS (Continued)

(b) Total cash outflow for leases

Amounts included in the cash flow statements for leases

comprises the folowing:

1 April

Aditional

of asets

Other

changes

Cash

flows

Interest

charges

Exchange

realignment

31 March

二零二三年

四月一日添置资产其他变动现金流利息支出汇兑调整

二零二四年

三月三十一日

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元

Bank over drafts

(note 30)

银行透支

（附注

）

–(593)593–

Borowings (note 26)

借贷（附注

）

310,299–(50,745)6,367(27,521)238,400

Bonds (note 27)

债券（附注

）

14,342–(616)–508–14,234

Convertible bonds

(note 28)

可换股债券

（附注

）

–118,124–(5,044)–113,080

Loan notes (note 29)

贷款票据（附注

）

–36,330959(14,600)1,819–24,508

Lease liabilities

(note 24)

租赁负债（附注

）

–896–(407)22–511

324,641155,350343(66,345)4,265(27,521)390,733

二零二四年

HK$’000

千港元

Within investing cash flow

投资现金流量内

–

Within operating cash flows

经营现金流量内

Within financing cash flows

融资现金流量内

These amounts relate to the folowing:

二零二四年

HK$’000

千港元

Lease rental paid

已付租赁租金

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

40.

诉讼

于二零二五年三月三十一日，本公司牵涉以

下诉讼程序：

(i)

二零一年

HCA

第

号（「

HCA

第

号诉讼」）

Charm Master Enterprises Limited

（「

Charm

Master

」）向本公司提起

HCA

第

号

诉讼，根据

(1)

本公司于二零一零年一

月二十九日发出的承兑票据

，于二

零一零年四月三十日到期应付的款项

7,500,000

港元；及

(2)

本公司于二零一

零年六月一日出具的承兑票据

，于二

零一零年六月二十日到期应付的款项

5,000,000

港元，声称应向前者付款。本

公司反对该申索，理由为支付该等款项

的先决条件尚未达成，因此本公司毋须

向

Charm Master

支付有关款项。

J. Thomson Aset Investment Ltd

（「

J. Thomson

」）其后加入，作为

HCA

第

号诉讼的第二被告。

J. Thomson

声

称，根据其与

Charm Master

于二零八年

四月二十九日或前后订立的一项声称的

安排，事实上其有权获得承兑票据

及

项下到期应付的款项，以

12,000,000

港元

为限。因此，该公司向

Charm Master

及本

公司反申索

12,000,0000

港元。

40. LITIGATION

As at 31 March 2025, the Company is involved in the folowing

litigation procedings:

(i) HCA 397 of 2011 (the “HCA 397 Action”)

The HCA 397 Action was comenced by Charm

Master Enterprises Limited (“Charm Master”) against the

Company for payments alegedly due to the former under

(1) a Promisory Note D isued by the Company dated

29 January 2010 for a sum of HK$7,500,000 due and

payable on 30 April 2010; and (2) a Promisory Note E

isued by the Company dated 1 June 2010 for a sum

of HK$5,000,000 due and payable on 20 June 2010.

The Company’s oposed the claim on the basis that the

condition precedents for payment of such sums of money

had not ben satisfied, such that it is not liable to pay

Charm Master.

“J. Thomson”) was

subsequently joined as a 2nd Defendant to the HCA 397

Action. J. Thomson claimed that it is in fact entitled to the

sums of money due and payable under Promisory Notes

D and E to the extent of HKD$12,000,000 by virtue of an

aleged arangement it entered into with Charm Master on

or around 29 April 2008. Acordingly, it counterclaimed the

sum of HK$12,000,0000 against both Charm Master and

the Company.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

40.

诉讼

（续）

(i)

二零一年

HCA

第

号（「

HCA

第

号诉讼」）（续）

J. Thomson

其后申请对本公司作出简易

判决或向法院支付临时款项

12,000,000

港元。根据一项日期为二零二零年十一

月十二日的命令，本公司被责令向法

院支付

12,000,000

港元，作为抗辩

Thomson

反申索的条件。

根据日期为二零二一年二月二十六日

的命令，本公司获准就承兑票据

及

项

下应付的总金额

12,000,000

港元提出抗

辩，并因此获豁免

HCA

第

号诉讼任何

日后的诉讼程序，直至各方之间的利息

及讼费问题于审讯后厘定为止。本公司

已于二零二一年三月二十二日向法院

妥为支付

12,000,000

港元的总金额。

HCA

第

号诉讼此后在

Charm Master

与

Thomson

之间进行，而本公司则获豁免。

根据日期为二零二四年十一月五日的

传票（「传票」），

J. Thomson

寻求更改与

Charm Master

与

J. Thomson

之间的争议费

用有关的命令。

本公司被命令支付

HCA

第

号诉讼项

下的费用，该费用评估为

70,000

港元，已

于二零二五年四月三日支付。

有关

HCA

第

号诉讼的利益问题的聆

讯预定于二零二五年十月六日进行。

40. LITIGATION (Continued)

(i) HCA 397 of 2011 (the “HCA 397 Action”) (Continued)

J. Thomson subsequently aplied for sumary judgment

against the Company, or alternatively, an interim payment in

the sum of HK$12,000,000 into Court. By an Order dated

12 November 2020, the Company was ordered to make

payment of HK$12,000,000 into Court as condition to

defend the counterclaim of J. Thomson.

By an Order dated 26 February 2021, the Company was

alowed to interplead for the total sum of money in the sum

of HK$12,000,000 payable under Promisory Notes D and

E, and thereupon be excused from any future procedings

in the HCA 397 Action until the determination of isues of

interest as betwen the parties and cost, which shal take

place after trial. The Company duly paid the total sum of

HK$12,000,000 into Court on 22 March 2021. The HCA

397 Action has since proceded as betwen Charm Master

and J. Thomson with the Company being excused.

By a sumons dated 5 November 2024 (the “Sumons”),

J. Thomson sought to vary the order in respect of costs of

the dispute betwen Charm Master and J. Thomson.

The Company was ordered to pay the costs under the HCA

397 Action asesed at HK$70,000 which was paid on 3

April 2025.

The hearing on the isue of interests of the HCA 392 Action

is scheduled to heard 6 October 2025.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

40.

诉讼

（续）

(i)

二零二零年

HCMP

第

号（「

HCMP

第

号诉讼」）

HCMP

第

号诉讼由本公司于二零

二零年十月二十七日透过原诉传票

针对本公司的前法人代表

D.S. Cheung

& Co.

提起。本公司寻求

HCA

第

号

诉讼、

HCMP

第

1398/2018

号及

HCA

第

1885/2018

号诉讼中向本公司交付的九

份发票（「该等发票」）根据法律执业者条

例第

条评定的命令。根据

Master Lai

聆

案官于二零二一年六月一日的命令，该

等发票已交予讼费评定，而本公司已被

命令于二零二一年六月二十二日之前支

付

570,000

港元，作为讼费评定的担保。

本公司已与法律团队讨论，其认为讼费

评定聆讯日期将予确定，将于二零二一

年底的某个时间进行聆讯。本公司已于

二零二一年六月二十一日向法院支付

上述款项

570,000

港元。于二零二年十

月十八日，

Phoebe Man

聆案官就该等发

票的征税进行了听证。双方在上述听证

会上就和解条款达成一致，根据

Phoebe

Man

聆案官于二零二年十月十八日下

达的命令，责令本公司支付

1,889,520.74

港元，并将

539,520.74

港元（即账面费用）

和

570,000

港元（即本公司二零二一年六

月二十一日向法院支付的款项）的款项

记入账目。因此，本公司于二零二年

十月二十五日向本公司的前律师适当地

支付余额

780,000

港元。

经咨询本公司的法律顾问，董事认为不需要

为上述法律诉讼作出进一步的拨备。

40. LITIGATION (Continued)

(i) HCMP 1869 of 2020 (the “HCMP 1869 Action”)

The HCMP 1869 Action was comenced by the Company

against the Company’s previous legal representatives,

D.S Cheung & Co. by way of Originating Sumons on

27 October 2020. The Company sought an order that the

nine invoices delivered to the Company in the HCA 397

Action, HCMP 1398/2018 and HCA 1885/2018 actions

(“the Invoices”), be taxed pursuant to Section 67 of the

Legal Practitioners Ordinance. Pursuant to the Order of

Master Lai of 1 June 2021, the Invoices have ben refered

to taxation and the Company has ben ordered to pay

HK$570,000 as security for the taxation by 22 June 2021.

The Company discused with the legal team on their views

that the taxation hearing wil be fixed to be heard sometime

in late 2021. The Company has paid the abovesaid amount

of HK$570,000 into court on 21 June 2021. The taxation

for the invoices was heard by Master Phoebe Man on 18

October 2022. The parties agred on setlement terms

at the said hearing, and pursuant to the Order of Master

Phoebe Man on 18 October 2022, it was ordered that the

Company to pay a sum of HK$1,889,520.74 and credit

be given to the amount of HK$539,520.74 (being costs on

acount) and HK$570,000 (being payment into Court by

the Company on 21 June 2021). Acordingly, the Company

duly paid the balance of HK$780,000 to the Company’s

previous solicitors on 25 October 2022.

Having consulted the Company’s legal advisers, the directors

are of the view that further provision is not required for the above

legal procedings.

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

41.

资本承担

于二零二五年三月三十一日，本集团并无任

何重大资本承担（二零二四年：无）。

42.

期后事件

于二零二五年六月二日，本公司于香港成立

一家合资公司，名为人工智能矿业有限公司

（「合资公司」），合资公司由本公司拥有

51%

的股权，且合资公司将于本集团的综合财务

报表中作为附属公司入账。

43.

批准综合财务报表

综合财务报表已于二零二五年六月二十七日

获董事会批准及授权刊发。

41. CAPITAL COMITMENTS

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

capital comitments (2024: Nil).

42. SUBSEQUENCE EVENT

On 2 June 2025, the Company has set up a joint venture in

Hong Kong namely AI Mining Company Limited (“JV Company”),

which JV Company is owned as to 51% by the Company and it

wil be acounted for as a subsidiary in the consolidated financial

statements of the Group.

43. APROVAL OF CONSOLIDATED FINANCIAL

STATEMENT

The consolidated financial statements were aproved by the

Board of Directors and authorised for isue on 27 June 2025.

2025
二零二五年 HK$’000
千港元
1,314,101
115,422
(20,503)
94,919
66,550
28,369
94,919

2025
二零二五年 HK$’000
千港元 1,679,156
(929,607)
749,549

GT Gold Holdings Limited • Anual Report 2024/2025

大唐黄金控股有限公司

•

二零二四╱二零二五年报

FIVE-YEAR FINANCIAL SUMARY

五年财务概要

For the year ended 31 March

截至三月三十一日止年度

二零二一年二零二年二零二三年二零二四年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

RESULTS

业绩

Revenue

收益

99,807128,434153,195722,725

Profit/(los) before tax

除税前溢利╱（亏损）

(17,116)14,75520,81286,452

Income tax (expense)/credit

所得税（开支）╱抵免

549(6,911)22,924(10,411)

Profit/(los) for the year

年度溢利╱（亏损）

(16,567)7,84443,73676,041

Atributable to:

以下各方应占：

Owners of the Company

本公司拥有人

(17,974)(137)26,10955,296

Non-controling interests

非控股权益

1,4077,98117,62720,745

(16,567)7,84443,73676,041

ASETS AND LIABILITIES

At 31 March

于三月三十一日

二零二一年二零二年二零二三年二零二四年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Total asets

总资产

867,063924,222907,0101,428,272

Total liabilities

总负债

(617,918)(652,426)(466,379)(921,621)

Total equity

总权益

249,145271,796440,631506,651

资产及负债

CONTENTS

目录

CORPORATE INFORMATION

公司资料

Note: Information in this section is as at the date of this report.

CORPORATE INFORMATION

公司资料

CHAIRMAN’S STATEMENT

主席报告

CHAIRMAN’S STATEMENT

主席报告

To our investors and shareholders: We are imbued with confidence,

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

1. As of 31 March 2025, using a gold cut-of grade of 1.2 gram per

2. As at 31 March 2025, under a cut-of grade of 1.7 gram per

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

236. This sumary does not form part of the audited consolidated

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

Note:

1. Such interest was in the form of Options which granted on 31 August

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

Note:

1. Mr. Ma is the spouse of Ms. Zhao Yuebing. Mr. Ma and Ms. Zhao

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS