WINE’S LINK INTERNATIONAL HOLDINGS LIMITED

26/ Flor, AIA Financial Centre, 712 Prince Edward Road East,

San Po Kong, Kowlon, Hong Kong

香港九龙新蒲岗太子道东712号友邦九龙金融中心26楼

T (852) 2317 1100 F (852) 2317 1032

E general@wines-link.com W wines-link.com

威扬酒业国际控股有限公司

WINE’S LINK INTERNATIONAL HOLDINGS LIMITED

Stock Code | 股份代号：8509

威扬酒业国际控股有限公司

(Incorporated in the Cayman Islands with limited liability)

（于开曼群岛注册成立之有限公司）

年报

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1威扬酒业国际控股有限公司二零二五年报

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 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 (the “Directors”) of

Wine’s Link International 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. 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.

香港联合交易所有限公司（「联交

所」）GEM之特色

GEM之定位，乃为中小型公司提供一个上

市的市场，此等公司相比起其他在联交所

上市之公司带有较高投资风险。有意投资

者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。

由于GEM上市公司普遍为中小型公司，在

GEM买卖之证券可能会较于主板买卖之证

券承受较大之市场波动风险，同时无法保

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分内容而产生或

因倚赖该等内容而引致之任何损失承担任

何责任。

本报告载有遵照联交所GEM证券上市规则

（「GEM上市规则」）而提供有关威扬酒业国

际控股有限公司（「本公司」）之资料，本公

司之董事（「董事」）愿就本报告共同及个别

承担全部责任。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

载资料在所有重大方面均属准确及完整，

亦无误导或欺诈成分，且本报告并无遗漏

任何其他事宜而致使当中任何陈述产生误

导。

Corporate Information

Chairman’s Statement

Management Discusion and Analysis

Biographical Details of Directors and Senior

Management

Corporate Governance Report

Environmental, Social and Governance Report

Report of the Directors

Independent Auditor’s Report

Consolidated Statement of Profit or Los and

Other Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to the Consolidated Financial Statements

Financial Sumary

公司资料 3

主席报告 5

管理层讨论及分析 7

董事及高级管理层履历 15

企业管治报告 23

环境、社会及管治报告 45

董事报告 80

独立核数师报告 102

综合损益及其他全面收 107

益报表

综合财务报表 109

综合权益变动表 111

综合现金流量表 112

综合财务报表附注 114

财务摘要 188

CONTENT

CORPORATE INFORMATION

公司资料

3威扬酒业国际控股有限公司二零二五年报

EXECUTIVE DIRECTORS

Ms. Wong Chi Lou Shirley

(Chairman and chief executive oficer)

Mr. Chan Sze Tung (Chief operating oficer)

NON-EXECUTIVE DIRECTOR

Ms. Yeung Chi Hung S.B.S., B.B.S., J.P.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Ms. Chan Man Ki Magie M.H., J.P.

Mr. Chan Cham Man Simon

Mr. Liu Kin Wai

REGISTERED OFICE

PO Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

HEADQUARTER AND PRINCIPAL PLACE OF

BUSINES IN HONG KONG

26th Flor, AIA Financial Centre

712 Prince Edward Road East

San Po Kong, Kowlon

Hong Kong

COMPANY WEBSITE

w.wines-link.com

COMPANY SECRETARY

Mr. Ng Man Wai

AUTHORISED REPRESENTATIVES

Ms. Wong Chi Lou Shirley

Mr. Ng Man Wai

STOCK CODE

AUDIT COMITE

Mr. Liu Kin Wai (Chairman)

Mr. Chan Cham Man Simon

Ms. Chan Man Ki Magie M.H., J.P.

执行董事

王姿潞女士

（主席兼行政总裁）

陈诗桐先生（首席营运官）

非执行董事

杨志红女士S.B.S., B.B.S., J.P.

独立非执行董事

陈曼琪女士M.H., J.P.

陈湛文先生

刘健威先生

注册办事处

PO Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

香港总部及主要营业地点

香港

九龙新蒲岗

太子道东712号

友邦九龙金融中心26楼

公司网站

w.wines-link.com

公司秘书

吴文伟先生

法定代表

王姿潞女士

吴文伟先生

股份代号

审核委员会

刘健威先生（主席）

陈湛文先生

陈曼琪女士M.H., J.P.

CORPORATE INFORMATION

公司资料

4Wine’s Link International Holdings Limited Anual Report 2025

REMUNERATION COMITE

Mr. Liu Kin Wai (Chairman)

Ms. Chan Man Ki Magie M.H., J.P.

Ms. Yeung Chi Hung S.B.S., B.B.S., J.P.

NOMINATION COMITE

Ms. Wong Chi Lou Shirley (Chairman)

Mr. Chan Cham Man Simon

Mr. Liu Kin Wai

PRINCIPAL SHARE REGISTRAR OFICE

Maples Fund Services (Cayman) Limited

PO Box 1093, Boundary Hal

Cricket Square, Grand Cayman

KY1-1102

Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR

AND TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

AUDITOR

ZHONGHUI ANDA CPA Limited

Registered Public Interest Entity Auditors

23/F, Tower 2, Enterprise Square Five

38 Wang Chiu Road

Kowlon Bay

Kowlon, Hong Kong

PRINCIPAL BANKER

Chong Hing Bank Limited

薪酬委员会

刘健威先生（主席）

陈曼琪女士M.H., J.P.

杨志红女士S.B.S., B.B.S., J.P.

提名委员会

王姿潞女士（主席）

陈湛文先生

刘健威先生

股份过户登记总处

Maples Fund Services (Cayman) Limited

PO Box 1093, Boundary Hal

Cricket Square, Grand Cayman

KY1-1102

Cayman Islands

香港股份过户登记分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

核数师

中汇安达会计师事务所有限公司

注册公众利益实体核数师

香港九龙

九龙湾

宏照道38号

企业广场第五期2座23楼

主要往来银行

创兴银行有限公司

CHAIRMAN’S STATEMENT

主席报告

5威扬酒业国际控股有限公司二零二五年报

On behalf of the board (the “Board”) of directors (the

“Directors”) of Wine’s Link International Holdings Limited (the

“Company”, and together with its subsidiaries, the “Group”),

I am pleased to present the anual report of the Group for the

year ended 31 March 2025 (the “Year”).

The busines of the Group primarily involves the wholesale and

retail of a wide spectrum of wine products and other alcoholic

beverages in Hong Kong. The Group has a comprehensive

product portfolio consisting of (i) wine products such as

premium colectible red wine, i.e. red wine with seling prices

at HK$1,000 or above per botle, fine red wine and white

wine; (i) other alcoholic beverages such as champagne,

whisky, baijiu and sake; and (i) wine acesory products

such as wine decanters, wine glases and wine openers,

for customers’ selection. The Group also develops alcoholic

beverages under its self-owned brands.

FINANCIAL PERFORMANCE

Revenue of the Group increased by aproximately 72.7%

from aproximately HK$216.6 milion for the year ended

31 March 2024 to aproximately HK$374.0 milion for the

Year. Profit for the Year amounted to aproximately HK$39.8

milion (2024: aproximately HK$31.2 milion), representing

an increase of aproximately 27.6% from the year ended 31

March 2024. Profit for the Year atributable to owners of the

Company amounted to aproximately HK$39.8 milion (2024:

aproximately HK$31.2 milion). The increase in revenue was

mainly due to the increase in demand in wine products while

the increase in profit was mainly caused by (i) the increase

in revenue; (i) the decrease in administrative expenses and

finance costs of the Group as a result of the continuous

implementation of cost reduction and eficiency enhancement

measures during the Year; and (i) partialy ofset by the

increase in seling and distribution expenses and income tax

expense of the Group.

本人谨代表威扬酒业国际控股有限公司

（「本公司」，连同其附属公司统称「本集

团」）董事（「董事」）会（「董事会」），欣然

提呈本集团截至二零二五年三月三十一日

止年度（「本年度」）之年报。

本集团之业务主要包括于香港批发及零售

种类众多之葡萄酒产品及其他酒精饮品。

本集团拥有全面的产品组合，包括(i)葡萄

酒产品（如顶级珍藏红酒（即售价为每瓶

1,000港元或以上的红酒）、精选红酒及白

酒）；(i)其他酒精饮品（如香槟、威士忌、

中国白酒及清酒）；及(i)葡萄酒配件产品

（如醒酒器、酒杯及开瓶器）供顾客选择。

本集团亦开发其自有品牌的酒精饮品。

财务表现

本集团收益由截至二零二四年三月三十一

日止年度之约216.6百万港元增加约

72.7%至本年度约374.0百万港元。本年

度溢利达至约39.8百万港元（二零二四年：

约31.2百万港元），较截至二零二四年三月

三十一日止年度增加约27.6%。本年度本

公司拥有人应占溢利达至约39.8百万港元

（二零二四年：约31.2百万港元）。收益增

加乃主要由于葡萄酒产品需求上升，而溢

利增加乃主要由于(i)收益上升；(i)本年度

持续实施降本增效措施，导致行政开支及

融资成本有所下降；及(i)部份被本集团销

售及分销开支与所得税开支的增加所抵销。

CHAIRMAN’S STATEMENT

主席报告

6Wine’s Link International Holdings Limited Anual Report 2025

PROSPECTS

Moving forward, the Group remains steadfastly comited to

broadening its customer base and suply chanels, diversifying

its busines, and capitalising on oportunities in existing and

emerging markets for future growth and sustainability. This

wil be achieved through continuous development of its wine

and alcoholic beverage operations, the pursuit of profitable

new ventures, and a strategic focus on refining proceses to

enhance operational eficiency. In adition to its core wine

trading activities, the Group is actively exploring busines

oportunities such as expanding its liquor product portfolio

and providing tailored marketing and branding services. At the

heart of these initiatives is the Group’s ambition to reinforce

its leading position in Hong Kong’s wine industry while

acelerating global expansion.

NOTE OF APRECIATION

On behalf of the Board, I would like to expres my sincere

gratitude to al of the busines partners, customers, supliers

and the shareholders for their continuous suport. I would

also like to expres my sincere apreciation to the Group’s

management and staf for their comitment and dedication.

Wong Chi Lou Shirley

Chairman

Hong Kong, 23 June 2025

未来前景

展望未来，本集团仍维持致力扩大其客户

基础及供应渠道、使其业务多元化，并把

握现有及新兴市场的机遇，并将透过持续

发展其葡萄酒及酒精饮品业务，以及寻求

具盈利能力的新商机实现，以及透过策略

性专注于优化流程提高营运效率。除了其

核心葡萄酒贸易活动，本集团亦正积极寻

求额外业务机遇，包括扩大其酒类饮品组

合，及为提供定制营销及品牌策划的服

务。本集团透过加强在香港葡萄酒行业之

领导地位，以及进一步带动扩张至全球市

场的目标，为该等举措定下基础。

致谢

本人谨代表董事会向所有业务伙伴、客

户、供应商及股东之持续支持致以衷心感

激。本人亦谨向本集团之管理层及员工致

以衷心欣赏，感谢彼等之付出及贡献。

主席

王姿潞

香港，二零二五年六月二十三日

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

7威扬酒业国际控股有限公司二零二五年报

BUSINES REVIEW

The busines of the Group primarily involves the wholesale and

retail of a wide spectrum of wine products and other alcoholic

beverages in Hong Kong. The Group has a comprehensive

product portfolio consisting of (i) wine products such as

premium colectible red wine, i.e. red wine with seling prices

at HK$1,000 or above per botle, fine red wine and white

wine; (i) other alcoholic beverages such as champagne,

whisky, baijiu and sake; and (i) wine acesory products

such as wine decanters, wine glases and wine openers,

for customers’ selection. The Group also develops alcoholic

beverages under its self-owned brands.

During the Year, the global economic showed a sign of

botoming out, it led to an increment in the demand of

premium colectible wine and fine wine segments compared to

previous years, which resulted a growth in the Group’s revenue

and maintain a steady gros profit. Meanwhile, the Group is

actively exploring other busines oportunities during the Year,

which include provision of promotion and marketing services

for liquor brands and products, as wel as optimising the cost

eficiency from busines operation. The Board believes that

the Group can seize the oportunity arising from the diferent

trends in the liquor industry in the long term.

FINANCIAL REVIEW

Revenue

Revenue of the Group increased by aproximately 72.7% from

aproximately HK$216.6 milion for the year ended 31 March

2024 to aproximately HK$374.0 milion for the Year. The

increase was due to the increase in demand in wine products.

Cost of sales

The Group’s cost of sales consists of the procurement of wine

products and other alcoholic beverages from the supliers.

The Group recognises cost of sales upon the conclusion of a

sales transaction. The cost of sales increased by aproximately

106.1% from aproximately HK$139.8 milion for the year

ended 31 March 2024 to aproximately HK$288.1 milion for

the Year. The increase in cost of sales was directly corelated

with the increase in revenue for the Year.

业务回顾

本集团之业务主要包括于香港批发及零售

种类众多之葡萄酒产品及其他酒精饮品。

本集团拥有全面的产品组合，包括(i)葡萄

酒产品（如顶级珍藏红酒（即售价为每瓶

1,000港元或以上的红酒）、精选红酒及白

酒）；(i)其他酒精饮品（如香槟、威士忌、

中国白酒及清酒）；及(i)葡萄酒配件产品

（如醒酒器、酒杯及开瓶器）供顾客选择。

本集团亦开发其自有品牌的酒精饮品。

于本年度，由于全球经济呈现触底回升的

迹象，带动顶级珍藏红酒及精选葡萄酒之

需求较往年有所上升，从而促使本集团的

收益亦有所增加及毛利保持稳定。本集团

于本年度正积极探索其他业务机遇，包括

为酒精饮品牌及产品提供推广及营销服

务，以及优化业务营运的成本效益。长远

而言，董事会相信本集团能于酒精饮品业

界不同形势中把握机遇。

财务回顾

收益

本集团之收益由截至二零二四年三月

三十一日止年度之约216.6百万港元增加

约72.7%至本年度约374.0百万港元。增

加乃由于葡萄酒产品需求上升。

销售成本

本集团之销售成本包括因向供应商采购葡

萄酒产品及其他酒精饮品而产生的成本。

本集团于完成销售交易时确认销售成本。

销售成本由截至二零二四年三月三十一日

止年度约139.8百万港元增加约106.1%至

本年度约288.1百万港元。销售成本上升

与本年度收益上升直接相关。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

8Wine’s Link International Holdings Limited Anual Report 2025

Gros profit and gros profit margin

The gros profit represents revenue les cost of sales. The gros

profit of the Group increased by aproximately 11.9% from

aproximately HK$76.8 milion for the year ended 31 March

2024 to aproximately HK$85.9 milion for the Year. The

overal gros profit margin amounted to aproximately 35.4%

and aproximately 23.0% for the year ended 31 March 2024

and the Year, respectively.

The Group recorded a relatively lower gros profit margin

during the Year mainly due to the change in product mix with

a higher proportion of sales of premium colectible wine and

fine wine, which have lower profit margin during the Year.

Other income

Other income of the Group consisted primarily of (i) bank

interest generated from the bank balances; (i) rental income

under an operating lease arangement; and (i) sundry income.

Other income increased from aproximately HK$127,000 for

the year ended 31 March 2024 to aproximately HK$599,000

for the Year, which was mainly contributed by the increase in

rental income during the Year.

Other gains and loses, net

The Group recorded net gains of aproximately HK$559,000

and net loses of aproximately HK$956,000 for the Year and

for the year ended 31 March 2024, respectively.

The net gains or loses consisted of (i) gain or los on disposal

of property and equipment; (i) write-of of property and

equipment; and (i) net exchange gains or loses arising from

the foreign curency fluctuations in respect of the foreign

curency denominated trust receipt loans for the setlement of

wine product purchased from the overseas supliers.

Seling and distribution expenses

Seling and distribution expenses of the Group increased from

aproximately HK$10.9 milion for the year ended 31 March

2024 to aproximately HK$13.4 milion for the Year. It was

mainly a result of the increase in depreciation, partialy ofset

by decrease in other seling and distribution expenses due to

continuous implementation of cost reduction and eficiency

enhancement measures during the Year.

毛利及毛利率

毛利指收益减销售成本。本集团之毛利由

截至二零二四年三月三十一日止年度约

76.8百万港元增加约11.9%至本年度的

约85.9百万港元。截至二零二四年三月

三十一日止年度及本年度，整体毛利率分

别为约35.4%及约23.0%。

本集团于本年度录得相对较低的毛利率，

主要由于产品组合发生变化所致，本年度

毛利率较低的顶级珍藏红酒及精选葡萄酒

的销售比例有所上升。

其他收入

本集团其他收入主要包括(i)银行结余产生

的银行利息；(i)营运租赁安排项下的租金

收入；及(i)杂项收入。其他收入由截至二

零二四年三月三十一日止年度约127,000

港元增加至本年度约599,000港元，主要

由本年度租金收入增加所贡献。

其他收益及亏损净额

本集团于本年度及截至二零二四年三月

三十一日止年度分别录得收益净额约

559,000港元及亏损净额约956,000港元。

收益或亏损净额包括(i)出售物业及设备的

收益或亏损；(i)撇销物业及设备；及(i)因

以外币计值之信托收据贷款用于结算从海

外供应商购买之葡萄酒产品有关之外币波

动所产生之汇兑收益或亏损净额。

销售及分销开支

本集团的销售及分销开支由截至二零二四

年三月三十一日止年度约10.9百万港元增

加至本年度约13.4百万港元。此乃主要由

于折旧增加所致，但部分被本年度持续落

实降本增效措施使其他销售及分销开支减

少所抵销。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

9威扬酒业国际控股有限公司二零二五年报

Administrative expenses

Administrative expenses of the Group decreased from

aproximately HK$16.4 milion for the year ended 31

March 2024 to aproximately HK$15.1 milion for the Year.

This decrease was mainly atributable to the decrease in

depreciation and the continuous implementation of cost

reduction and eficiency enhancement measures during the

Year.

Finance costs

Finance costs decreased from aproximately HK$9.3 milion

for the year ended 31 March 2024 to aproximately HK$8.6

milion for the Year. This decrease was primarily atributable to

the decrease in the interest on bank borowings for the Year as

compared to last year.

Income tax expense

Income tax expense of the Group increased by aproximately

21.1% from aproximately HK$8.2 milion for the year ended

31 March 2024 to aproximately HK$9.9 milion for the

Year. The increase was mainly atributable to the increase in

estimated asesable profit for the Year compared against the

year ended 31 March 2024.

Profit for the Year, profit for the Year atributable

to owners of the Company and total comprehensive

income for the Year atributable to owners of the

Company

Profit for the Year amounted to aproximately HK$39.8

milion (2024: aproximately HK$31.2 milion). Profit for

the Year atributable to owners of the Company and total

comprehensive income for the Year atributable to owners of

the Company amounted to aproximately HK$39.8 milion

(2024: aproximately HK$31.2 milion) and aproximately

HK$39.8 milion (2024: aproximately HK$31.2 milion),

respectively.

The increase in profit for the Year, profit for the Year

atributable to owners of the Company and total

comprehensive income for the Year atributable to owners of

the Company was mainly due to (i) the increase in revenue

of the Group; (i) the decrease in administrative expenses

and finance costs of the Group as a result of the continuous

implementation of cost reduction and eficiency enhancement

measures during the Year; and (i) partialy ofset by the

increase in seling and distribution expenses and income tax

expense of the Group.

行政开支

本集团的行政开支由截至二零二四年三月

三十一日止年度约16.4百万港元减少至本

年度约15.1百万港元。该减少乃主要归因

于本年度之折旧减少及持续实施降本增效

措施。

融资成本

融资成本由截至二零二四年三月三十一日

止年度约9.3百万港元减少至本年度约8.6

百万港元。该减少乃主要由于银行借款利

息于本年度较上年度有所减少所致。

所得税开支

本集团所得税开支由截至二零二四年三

月三十一日止年度约8.2百万港元增加约

21.1%至本年度约9.9百万港元。该增加乃

主要由于本年度之估计应课税溢利较截至

二零二四年三月三十一日止年度有所增加。

年内溢利、本公司拥有人应占年内溢利

及本公司拥有人应占年内全面收益总额

年内溢利达至约39.8百万港元（二零二四

年：约31.2百万港元）。本公司拥有人应

占年内溢利及本公司拥有人应占年内全面

收益总额分别达至约39.8百万港元（二零

二四年：约31.2百万港元）及约39.8百万

港元（二零二四年：约31.2百万港元）。

年内溢利、本公司拥有人应占年内溢利及

本公司拥有人应占年内度全面收益总额增

加，乃主要由于(i)本集团收益上升；(i)本

年度持续实施降本增效措施，导致本集团

行政开支及融资成本有所下降；及(i)部分

被本集团销售及分销开支与所得税开支的

增加所抵销。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

10Wine’s Link International Holdings Limited Anual Report 2025

Dividend

The Board does not recomend the payment of a final

dividend to the shareholders of the Company (the

“Shareholder(s)”) for the Year (2024: Nil).

LIQUIDITY AND FINANCIAL RESOURCES

During the Year, the Group’s operation and capital

requirements were financed principaly through a combination

of cash flow generated from the operating activities and bank

borowings. As at 31 March 2024 and 31 March 2025, the

Group had net curent asets of aproximately HK$145.4

milion and aproximately HK$192.5 milion, respectively,

including cash and cash equivalents of aproximately HK$2.9

milion and aproximately HK$129.1 milion, respectively.

The Group’s curent ratio (curent asets divided by curent

liabilities) increased from aproximately 1.9 as at 31 March

2024 to aproximately 2.3 as at 31 March 2025 mainly due

to the combined efect of the increase in cash and cash

equivalents, the decrease in inventories and the decrease in

other receivables, deposits and prepayments.

Gearing ratio is calculated by dividing total borowings

(including bank borowings and lease liabilities) by total equity

as at the end of the Year. The Group’s gearing ratio were

aproximately 45.6% and aproximately 41.0% as at 31

March 2024 and 31 March 2025, respectively.

Details of bank borowings of the Group are set out in note 24

to the consolidated financial statements.

TREASURY POLICIES

The Group adopts prudent treasury policies. The Group’s

management performs an ongoing credit evaluation of the

financial conditions of the customers in order to reduce the

Group’s exposure of credit risk. In adition to these ongoing

credit evaluations, the Board closely monitors the Group’s

liquidity position to ensure that the liquidity structure of

the Group’s asets, liabilities and comitments can met its

funding requirements.

COMITMENTS

As at 31 March 2025 and 31 March 2024, the Group did not

have any capital comitment.

股息

董事会并不建议向本公司之股东（「股东」）

派付本年度之末期股息（二零二四年：

无）。

流动资金及财务资源

于本年度，本集团之营运及资本要求主要

透过来自营运活动的流动资金及银行借款

融资。本集团于二零二四年三月三十一日

及二零二五年三月三十一日之流动资产净

值分别为约145.4百万港元及约192.5百万

港元，包括现金及现金等价物分别约2.9百

万港元及约129.1百万港元。本集团之流

动比率（流动资产除以流动负债）由于二零

二四年三月三十一日的约1.9增加至于二零

二五年三月三十一日的约2.3，主要由于现

金及现金等价物增加、存货减少及其他应

收款项、按金及预付款项减少的综合影响

所致。

资产负债比率乃由本年度末之总借贷（包

括银行借款及租赁负债）除以总权益计算

得来。本集团于二零二四年三月三十一日

及二零二五年三月三十一日之资产负债比

率分别为约45.6%及约41.0%。

本集团银行借款之详情载列于综合财务报

表附注24。

库务政策

本集团采纳审慎库务政策。本集团之管理

层为顾客之财务状况进行持续信贷评估，

以减低本集团承担信贷风险的情况。除了

持续进行信贷评估以外，董事会紧密监察

本集团流动资金状况，以确保本集团资

产、负债及承担之流动资金结构符合其资

金需求。

承担

于二零二五年三月三十一日及二零二四年

三月三十一日，本集团并无任何资本承担。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

11威扬酒业国际控股有限公司二零二五年报

CAPITAL STRUCTURE

There has ben no changes in the capital structure of the

Group during the Year. The share capital of the Company

only comprises of ordinary shares. As at 31 March 2025, the

Company had 400,000,000 shares in isue.

SIGNIFICANT INVESTMENTS

As at 31 March 2025, there were no significant investments

held by the Group.

MATERIAL ACQUISITIONS OR DISPOSALS

OF SUBSIDIARIES, ASOCIATES OR JOINT

VENTURES

As at 31 March 2025 and up to the date of this report, the

Group did not have any material acquisitions or disposals of

subsidiaries, asociates or joint ventures.

CONTINGENT LIABILITIES

The Group did not have material contingent liabilities as at 31

March 2025 and 31 March 2024.

FOREIGN EXCHANGE EXPOSURE

The Group is subject to relatively larger exposure to foreign

curency risk as the Group has foreign curency denominated

trust receipt loans for the setlement of the wine product

purchases from supliers outside of Hong Kong. The Group’s

exposure to foreign curency risk may afect its results of

operations and financial position.

The Group recognises the importance of managing the foreign

curency exchange risk exposure. To this end, the Group has

ceased holding any pledged bank deposits in foreign curencies

since October 2016.

资本结构

于本年度，本集团之资本结构概无变动。

本公司之股本仅由普通股组成。于二零

二五年三月三十一日，本公司已发行

400,000,000股份。

重大投资

于二零二五年三月三十一日，本集团并无

持有重大投资。

重大收购或出售附属公司、联营

公司或合营企业

于二零二五年三月三十一日及直至本报告

日期，本集团并无任何重大收购或出售附

属公司、联营公司或合营企业。

或然负债

于二零二五年三月三十一日及二零二四年

三月三十一日，本集团未有重大或然负债。

外汇风险

本集团受较大外汇风险影响，因本集团向

香港之境外供应商购买葡萄酒产品的外汇

信托收据贷款以外币结算。本集团之外汇

风险可能影响其营运及财务状况。

本集团确认管理外汇风险之重要性。为

此，本集团已自二零一六年十月起停止持

有任何以外币结算的抵押银行存款。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

12Wine’s Link International Holdings Limited Anual Report 2025

The finance and acounts team of the Group is in charge

of implementing the internal control measures on foreign

curency risk. This team monitors the exposure to foreign

curency risk with reference to, among other things, (i) the

monthly and anual cash flow forecasts; (i) historical cash

flows; (i) actual receivables; (iv) sales orders; (v) payables; (vi)

purchase orders; and (vi) the potential hedging plans.

In respect of the purchases denominated in foreign curencies,

the Group manages the asociated foreign curency exchange

risk exposure by closely monitoring the movement of foreign

curency exchange rates and performing regular reviews of

the net foreign exchange exposure. The Group has established

a tracking and reporting system which records the latest

exchange rate fluctuation information to enable the Group to

efectively monitor the exposure to exchange rate risks and

adjust the procurement strategy acordingly. For example,

if there is an apreciation in Euro, the Group may chose to

procure French red wine products from supliers in the United

Kingdom or Switzerland instead of France to minimise the

foreign curency risk exposure. The Group does not curently

have a foreign curency hedging policy. In the event of any

change in circumstances leading the Group to believe that

the exposure to foreign curency risk has heightened, the

Group wil, upon aproval by the Board, implement necesary

measures and policies to manage such risk, for example by

entering into foreign curency hedging transactions.

EMPLOYES AND REMUNERATION POLICIES

The total number of employes were 33 and 24 as at 31 March

2025 and 31 March 2024, respectively. The Group’s standard

remuneration package includes base salary, discretionary

bonus, medical insurance and contributions to retirement

schemes. For the years ended 31 March 2025 and 31 March

2024, the Group’s total employe benefit expenses (including

Directors’ emoluments) amounted to aproximately HK$9.6

milion and aproximately HK$10.4 milion, respectively.

Remuneration package is determined in light of the

employes’ qualification, position and seniority. To ensure

the remuneration package remains competitive, the Group

conducts anual asesment on each employe’s remuneration

package.

本集团之财务与会计团队负责实施针对外

汇风险的内部监控政策。此团队根据（其

中包括）(i)月度及年度的现金流量预测；(i)

过往现金流量；(i)实际应收账款；(iv)销

售订单；(v)应付账款；(vi)购买订单；及

(vi)潜在对冲计划监督外汇风险。

对于以外币计价的购买订单，本集团藉紧

密监察外币换算汇率及定期进行外汇风险

净值评估管理相关外汇风险。本集团已设

立追踪及报告系统，记录最新汇率波动资

讯，方便本集团有效监控外汇风险及据此

调整采购策略。例如，欧元涨价，本集团

则可能选择从英国或瑞士而非法国供应商

采购法国红酒产品，以减低外汇风险。本

集团目前并无外币对冲政策。如有任何情

况变动致使本集团相信外汇风险提高，在

董事会的核准下，本集团将实施恰当之措

施及政策以管理该等风险，例如签订外汇

对冲交易。

雇员及薪酬政策

于二零二五年三月三十一日及二零二四

年三月三十一日之员工总数分别为33及

24人。本集团之标准薪酬福利包括基本

薪金、酌情花红、医疗保障及退休计划供

款。于截至二零二五年三月三十一日及二

零二四年三月三十一日止年度，本集团之

雇员福利总开支（包括董事袍金）分别为约

9.6百万港元及约10.4百万港元。

薪酬福利乃根据员工之资格、职位及年资

厘定。为确保薪酬保持竞争力，本集团每

年均为每位雇员之薪酬福利进行评估。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

13威扬酒业国际控股有限公司二零二五年报

COMPLIANCE WITH LAWS AND REGULATIONS

The Group recognises the importance of compliance with

regulatory requirements and that the risks of non-compliance

with such requirements. To the best of the Directors’

knowledge, information and belief, and having made al

reasonable enquiries, the Group has complied with al relevant

laws and regulations in Hong Kong in al material respects

during the Year.

The Group also complies with the requirements under the

GEM Listing Rules and the Securities and Futures Ordinance,

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

disclosure of information and corporate governance.

ENVIRONMENTAL POLICY

The Group recognises its responsibility to protect the

environment from its busines activities. The Group continualy

seks to identify and manage environmental impacts

atributable to its operational activities in order to minimise

these impacts if posible.

RELATIONSHIPS WITH STAKEHOLDERS

The Group recognises employes as one of the valuable asets

of the Group and the Group strictly complies with the labour

laws and regulations in Hong Kong and regularly reviews the

existing staf benefits for improvement.

The Group provides god quality services to the customers and

maintains a god relationship with them. The Group is able

to establish trusting and long-standing busines relationships

with the major customers.

The Group also maintains efective comunication and

develops long-term and stable relationships with the supliers.

During the Year, there was no material dispute or disagrement

betwen the Group and its customers or its supliers.

法例及法规合规

本集团确认遵守法律要求的重要性及不遵

守该等要求的风险。就董事所深知、尽悉

及确信，并作出一切合理查询后，于本年

度，本集团已遵守重大方面一切香港有关

法律及法规。

本集团已就披露资料及企业管治遵守GEM

上市规则的规定及香港法例第571章证券

及期货条例（「证券及期货条例」）。

环境政策

本集团确认保护环境免受其商业活动影响

的责任。本集团持续识别及管理由其营运

活动带来的环境影响，以尽可能减低该等

影响。

与持份者之关系

本集团认同员工为本集团最宝贵之资产之

一，而本集团严格遵守香港之劳工法律及

法规，并定期检讨现有之员工福利，加以

改进。

本集团为顾客提供优质服务，并与彼等维

持良好关系。本集团与主要顾客建立信任

及长期商业关系。

本集团亦与供应商维持有效沟通，以及发

展长期及稳定关系。于本年度，本集团与

其客户或其供应商并无重大分歧或纠纷。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

14Wine’s Link International Holdings Limited Anual Report 2025

FUTURE PROSPECTS

The shares of the Company (the “Shares”) were sucesfuly

listed on GEM on 12 January 2018 (the “Listing Date”). The

Board considers that such public listing status on the Stock

Exchange is beneficial to the Company and the shareholders

as a whole as the listing status on the Stock Exchange is a

complementary way of advertising the Group which reinforces

the corporate profile and market recognition. In adition,

the creditworthines wil be enhanced from the supliers’

perspective, which may in turn alow the Group to have

greater bargaining power over negotiations to bargain for

longer trade and credit terms. It also enables the Group to gain

direct aces to the capital market to raise funds for future

expansion.

The Group has made steady progres in refining and expanding

its operations, with a focus on diversifying and creating

new sales chanels. In adition to its core wine trading

activities, the Group is actively exploring aditional busines

oportunities, including expanding its liquor product portfolio

and providing tailored marketing and branding services. On the

other hand, the Group continues to optimise operational cost

eficiency. The Group believes these initiatives wil optimise its

busines portfolio and suport sustainable, healthy long-term

performance.

The Group closely monitors the development of its busines

and wil adopt a prudent aproach, adjusting its strategies

as necesary, to navigate the chalenges and uncertainties

presented by the rapidly changing environment.

未来前景

本公司股份（「股份」）已于二零一八年一月

十二日（「上市日期」）成功在GEM上市。

董事会认为，在联交所之公开上市地位对

本公司及股东整体有裨益，原因为联交所

之上市地位为宣传本集团之补足方法，可

增强企业知名度及市场认受性。此外，从

供应商的角度而言，本集团之信贷可靠程

度提升，让本集团在协商中取得更大的议

价能力，能协议争取更长期的交易及信贷

条款。其亦令本集团直接进入资本市场，

以为未来扩张筹集资金。

本集团已稳步优化及扩展其营运，专注于

多元化及创建新销售渠道。除了其核心葡

萄酒贸易活动，本集团亦正积极寻求额外

业务机遇，包括扩大其酒类产品组合，及

为酒精饮品的品牌方提供推广及营销策划

的服务。此外，本集团正优化营运成本效

率。本集团相信，该等措施将优化其业务

组合，且支持其可持续、健康长远发展。

本集团一直密切监察其业务的发展情况，

并将采取审慎的态度，需要时调整其业务

战略，以应付瞬息万变的环境所带来的挑

战及不确定因素。

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层履历

15威扬酒业国际控股有限公司二零二五年报

EXECUTIVE DIRECTORS

Ms. Wong Chi Lou Shirley (王姿潞女士) (“Ms. Shirley

Wong”), aged 44, was apointed as executive Director and

chief executive oficer of the Company on 22 September

2016, and was apointed as chairman of the Board (the

“Chairman”) and chairman of the Company’s nomination

comite (the “Nomination Comite”) on 14 September

2023. She is one of the founding members of the Group since

its establishment in March 2008. Ms. Shirley Wong is also

a controling shareholder of the Company and a director of

certain subsidiaries of the Group. Ms. Shirley Wong is primarily

responsible for the overal management, strategic development

and major busines decision-making of the Group.

Prior to joining the Group, Ms. Shirley Wong worked for

ABN-AMRO Bank N.V., Hong Kong, as a consumer banking

management traine in 2005 where she was primarily

responsible for daily operation in the consumer banking

department. Ms. Shirley Wong has ben a director as wel

as one of the shareholders of Dynasty International Group

Holdings Limited, a company engaging in trading of premium

gifts, since 2006 where she was primarily responsible for

operation, management and strategic planing of the

busines.

Ms. Shirley Wong obtained her bachelor’s degre of science

in economics in June 2003 and her master’s degre of science

in economics and econometrics in January 2005 from the

University of Bristol in the United Kingdom. Ms. Shirley Wong

is the daughter of Ms. Yeung Chi Hung, the non-executive

Director.

执行董事

王姿潞女士（「王姿潞女士」），44岁，于二

零一六年九月二十二日获委任为执行董事

兼本公司行政总裁，并于二零二三年九月

十四日获委任为董事会主席（「主席」）及本

公司提名委员会（「提名委员会」）主席。自

二零八年三月成立以来，彼为本集团之

其中一名创办人。王姿潞女士亦为本公司

控股东及本集团若干附属公司的董事。

王姿潞女士主要负责本集团之整体管理、

策略性发展及主要业务决策。

加入本集团前，王姿潞女士于二零五年

在香港荷兰银行担任消费者银行管理见习

生，主要负责消费者银行部的日常运作。

于二零六年起成为威扬集团控股有限公

司之董事及其中一名股东，该公司从事优

质礼品贸易，彼主要负责业务的经营、管

理及战略性规划。

王姿潞女士分别于二零三年六月及二零

零五年一月取得英国布里斯托大学的经济

学理学士学位及经济学与计量经济学理硕

士学位。王姿潞女士为非执行董事杨志红

女士之女儿。

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层履历

16Wine’s Link International Holdings Limited Anual Report 2025

Mr. Chan Sze Tung (陈诗桐先生), aged 37, joined the

Group in June 2012 as sales and marketing asistant where

he was primarily responsible for advising customers on

products selection and performing daily administrative tasks

of the sales and marketing department. He was transfered

to the operations department in April 2013 as an operation

oficer and was primarily responsible for managing the

Group’s logistics and warehousing and providing suport

to operational isues and compiling records and reports

for various departments. He was promoted as an asistant

operation manager in April 2014 and further promoted as

the operation manager in April 2015 where he was primarily

responsible for operations management and strategic planing

and development of the Group’s busines. He was further

promoted as a vice president of operations and administration

of the Group in April 2016. He was apointed as executive

Director and compliance oficer of the Company pursuant

to Rule 5.19 of the GEM Listing Rules on 3 January 2017.

Mr. Chan has taken a role as a vice president of Project

Development of the Group since April 2018 and is primarily

responsible for overseing various projects aimed for future

development of the Group. He was apointed as the chief

operating oficer with efect from 1 December 2021. He is also

a director of a subsidiary of the Group.

Mr. Chan obtained his bachelor of arts degre in marketing

and public relations from the Hong Kong Polytechnic University

in October 2011. Mr. Chan also obtained an executive

diploma in negotiation from the Institute of Crisis and Risk

Management in December 2016 where he was awarded as a

certified strategic negotiator. In September 2020, Mr. Chan

obtained a master’s degre of Busines Administration from

the Hong Kong Polytechnic University. Furthermore, he has

ben a member of the Hong Kong Institute of Directors since

January 2022.

陈诗桐先生，37岁，于二零一二年六月

加入本集团担任销售及营销助理，主要负

责向客户提供有关挑选产品的建议以及负

责有关销售及营销部的日常行政事务。彼

于二零一三年四月获调职至营运部担任营

运主任，主要负责管理物流及仓库，并就

各部门的营运事宜以及合规记录及报告提

供支援。彼于二零一四年四月获晋升为营

运经理助理，并于二零一五年四月获进一

步晋升为营运经理，主要负责本集团业务

的营运管理、战略性规划及发展。于二零

一六年四月，彼获进一步晋升为本集团之

营运及行政副总裁。于二零一七年一月三

日，根据GEM上市规则第5.19条，彼获

委任为执行董事及本公司监察主任。陈先

生自二零一八年四月起担任本集团项目发

展部副总裁并主要负责监督有关本集团未

来发展之不同项目。彼获委任为首席营运

官，自二零二一年十二月一日起生效。彼

亦为本集团一间附属公司的董事。

陈先生于二零一年十月取得香港理工大

学的市场营销及公共关系文学士学位。陈

先生亦于二零一六年十二月取得商业风险

评估专业协会的谈判专业行政文凭，并获

颁授为认可策略谈判师。于二零二零年九

月，陈先生取得香港理工大学工商管理硕

士学位。此外，自二零二年一月起，彼

为香港董事学会之会员。

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层履历

17威扬酒业国际控股有限公司二零二五年报

NON-EXECUTIVE DIRECTOR

Ms. Yeung Chi Hung (杨志红女士), S.B.S., B.B.S., J.P. , aged

74, was apointed as non-executive Director on 3 January

2017. She is primarily responsible for advising on the strategy,

performance and resources of the Group. She also acts as

a member of the Company’s remuneration comite (the

“Remuneration Comite”). Ms. Yeung was the Chairman

and the chairman of the Nomination Comite up to 14

September 2023.

Ms. Yeung founded Dynasty International Group Holdings

Limited, a company engaging in trading of premium gifts, in

November 2006 where she has ben the director and general

manager since then and has ben primarily responsible for

overseing the corporate governance and internal control

of such company. She has ben the director of Manikind

International Limited, a company engaging in investment

holding and provision of motor vehicle licences, since May

2005 where she is responsible for making major busines

decisions and overal busines strategies. Ms. Yeung is also

the director and chairman of Kai Yeung Jewelery Limited, a

company engaging in jewelery trading, being responsible for

making major busines decision-making and overal busines

strategies development since April 1993.

Ms. Yeung obtained a diploma in telecomunications from the

South China University of Technology in the PRC in 1975.

Ms. Yeung is an active participant in public and social services

and the table below sets forth her major engagements:

PositionAsociations/OrganisationsService period

职位协会╱组织服务年期

MemberNational Comite of the Chinese People’s PoliticalMarch 2013 to February 2023

Consultative Conference

委员中国人民政治协商会议全国委员会由二零一三年三月至

二零二三年二月

MemberHong Kong, Macao, Taiwan Afairs ComiteMarch 2013 to February 2023

of the Chinese People’s Political Consultative

Conference

委员中国人民政治协商会议港澳台侨委员会由二零一三年三月至

二零二三年二月

非执行董事

杨志红女士，S.B.S., B.B.S., J.P.，74岁，于二

零一七年一月三日获委任为非执行董事。

彼主要负责就本集团之策略、表现及资源

提供建议。彼亦出任本公司薪酬委员会

（「薪酬委员会」）之成员。杨女士曾出任主

席及提名委员会主席直至二零二三年九月

十四日。

于二零六年十一月，杨女士创办威扬集

团控股有限公司（一间从事优质礼品贸易

之公司），自此一直出任其董事兼总经理，

主要负责监督该公司之企业管治及内部监

控。自二零五年五月起，彼一直出任万

利佳国际有限公司（一间从事投资控股及

提供汽车牌照之公司）之董事，负责主要

业务决策及整体业务策略。自一九三年

四月起，杨女士亦一直出任佳洋珠宝首饰

有限公司（一间从事珠宝贸易之公司）之董

事兼主席，负责主要业务决策及整体业务

策略发展。

杨女士于一九七五年在中国华南理工大学

取得电讯文凭。

杨女士积极参与公共及社会服务，下表载

列彼所参与之主要事务：

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层履历

18Wine’s Link International Holdings Limited Anual Report 2025

PositionAsociations/OrganisationsService period

职位协会╱组织服务年期

RepresentativeAl-China Women’s Federation Asociation1998 to 2003

代表中华全国妇女联合会由一九八年至二零三年

Executive Comite2003 to 2023

Member由二零三年至二零二三年

执委

ChairmanFraternity Asociation of HK Henan2021 to present

主席香港河南联谊总会由二零二一年至今

DirectorHong Kong New Youth Energy Think TankJune 2014 to present

总监香港新活力青年智库由二零一四年六月至今

Vice Chairman &Guangdong Comunity Organisations2005 to 2014

Secretary General广东社团由二零五年至二零一四年

副主席兼秘书长

Life Honorary PresidentJuly 2014 to present

永远名誉会长由二零一四年七月至今

PresidentHong Kong Girl Guides, Wong Tai Sin DistrictJune 1994 to May 2010

会长香港女童军黄大仙分会由一九四年六月至

二零一零年五月

ChairmanJune 2010 to May 2016

主席由二零一零年六月至

二零一六年五月

PresidentJune 2016 to present

会长由二零一六年六月至今

Ms. Yeung is the mother of Ms. Shirley Wong.杨女士为王姿潞女士之母亲。

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层履历

19威扬酒业国际控股有限公司二零二五年报

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Chan Cham Man Simon (陈湛文先生), aged 53, was

apointed as independent non-executive Director on 1

December 2021. He is a member of each of the Company’s

audit comite (the “Audit Comite”) and the Nomination

Comite.

Mr. Simon Chan holds a bachelor’s degre in Science (Busines

Administration) from University of Southern California. He

has ben a director of each of Vimchamp Garments Limited,

a company primarily engaging in the garments and fashion

industry and Vimchamp Holdings Limited, a company primarily

engaging in the investments and development industry since

1994 and 2008 respectively, where he is responsible for the

busines developments and sales operations.

Mr. Simon Chan had ben a director of Circus 212 Limited

during the period from 2013 to 2016 and DOS Dental

Limited during the period from 2015 to 2018, where he was

responsible for their busines developments and marketing

operations.

Mr. Simon Chan is curently a member of the HKSAR

Administration Apeals Board and the HKSAR Non-local Higher

and Profesional Education Apeal Board, and the chairman

of Yan Chai Hospital CIS Primary Schol (Management

Board). He has ben a board member of Contract Hire Car

Permits Selection Board of the Transport Department of the

Government of the HKSAR since 1 October 2023. He was a

director of the Hong Kong Racehorse Owners Asociation

Charitable Foundation up to November 2023. He was a

member of each of the HKSAR Home Afairs Department

(ESR Programe Advisory Board), the HKSAR Home Afairs

Bureau Apeal Board (Amusement Game Centres), the HKSAR

Comerce and Economic Department (Textile Advisory

Board), Lingnan University Advisory Board (Ofice of Service

Learning), the chairman of Education Development Foundation

Asociation and a member of Chinese People’s Political

Consultative Conference (Zhuhai) during the period from 2008

to 2016.

独立非执行董事

陈湛文先生，53岁，于二零二一年十二月

一日获委任为独立非执行董事。彼为本公

司审核委员会（「审核委员会」）及提名委员

会各自之成员。

陈湛文先生持有南加州大学理学（工商管

理）学士学位，自一九四年及二零八

年起分别担任咏湛制衣业有限公司（一家

主要从事服装及时装行业的公司）及咏湛

集团有限公司（一家主要从事投资及发展

行业的公司）的董事，负责业务发展及销

售营运。

陈湛文先生于二零一三年至二零一六年期间

及于二零一五年至二零一八年期间分别担

任Circus 212 Limited及DOS Dental Limited

的董事，负责该等公司的业务发展及市场

推广营运。

陈湛文先生现分别为香港特别行政区行政

上诉委员会及香港特别行政区非本地高等

及专业教育上诉委员会各自的成员，及仁

济医院陈耀星小学（管理委员会）主席。

彼自二零二三年十月一日起为香港特别行

政区政府运输署出租汽车许可证遴选委员

会之成员。彼曾为香港马主协会慈善基金

会董事，直至二零二三年十一月止。彼于

二零八年至二零一六年期间担任香港特

别行政区民政事务总署（ESR计划咨询委员

会）、香港特别行政区民政事务局上诉委员

会（游戏机中心）、香港特别行政区商务及

经济总署（纺织业咨询委员会）、岭南大学

咨询委员会（服务研习处）各自的成员及促

进教育基金会主席及中国人民政治协商会

议（珠海）委员。

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层履历

20Wine’s Link International Holdings Limited Anual Report 2025

Ms. Chan Man Ki Magie M.H., J.P. (陈曼琪女士), aged 56,

was apointed as independent non-executive Director on 13

June 2019. She is a member of each of the Audit Comite

and the Remuneration Comite. Ms. Chan obtained her

Bachelor degre in Laws and Postgraduate Certificate in

Laws from the University of Hong Kong in 1991 and 1992

respectively. She is the founder and managing partner of CMK

lawyers, a law firm in Hong Kong, and has over 30 years of

experience in providing legal advices and services as a solicitor

in Hong Kong.

Ms. Chan is an independent non-executive director of each

of China State Construction Development Holdings Limited, a

company listed on the Main Board of the Stock Exchange (stock

code: 830); Beijing Enterprises Holdings Limited, a company

listed on the Main Board of the Stock Exchange (stock code:

392) and Nine Dragons Paper (Holdings) Limited, a company

listed on the Main Board of the Stock Exchange (stock code:

2689).

Ms. Chan is an acredited mediator and a China-apointed

atesting oficer in Hong Kong. She is also the founding

president of The Smal and Medium Law Firms Asociation

of Hong Kong. Furthermore, Ms. Chan is a Specialy Invited

Mediator of Guangdong Court for Cros-border Comercial

Dispute Resolution in the Guangdong-Hong Kong-

Macao Greater Bay Area, a Mediator of Shenzhen Qianhai

International Comercial Mediation Centre and ALCO Hong

Kong Regional Arbitration Centre. Ms. Chan is an Arbitrator

of China Guangzhou Arbitration Comision, Shenzhen Court

of International Arbitration, Qingdao Arbitration Comision,

South China International Arbitration Centre (Hong Kong) and

Panel of Arbitrator of ALCO Hong Kong Regional Arbitration

Centre. Ms. Chan is also a Member of Guangdong-Hong

Kong-Macao Greater Bay Area Foreign Law Ascertainment

Expert.

Ms. Chan has also undertaken various comunity positions in

Hong Kong including being a member of Ex-oficio member

of Election Comite, a member of the Consultation Group

on LawTech Development and Chairman of Apeal Tribunal

Panel (Building Ordinance). Ms. Chan was awarded the Medal

of Honor in 2012 and Justice of the Peace in 2015 by the

Government of the Hong Kong Special Administrative Region.

She was also confered with Honorary Felow by City University

of Hong Kong in 2013. Ms. Chan was elected as a Hong Kong

Deputy to the National People’s Congres of the PRC (the 13th

sesion and the 14th sesion) in 2017 and 2022 respectively,

an executive member of the Al-China Women’s Federation

Executive Comite in 2018 and a president of Al-China

Women’s Federation Hong Kong Delegates Asociation Ltd. in

2021 and a Legislative Council member of Hong Kong Special

Administrative Region in 2022.

陈曼琪女士，M.H., J.P.，56岁，于二零一九

年六月十三日获委任为独立非执行董事。

彼为审核委员会及薪酬委员会各自之成

员。陈女士先后于一九一年及一九二

年取得香港大学法律学士学位及法律专业

文凭。彼为香港律师事务所陈曼琪律师行

之创办人兼主管合伙人，于香港以律师身

份提供法律咨询及服务超过30年。

陈女士为中国建筑兴业集团有限公司（于

联交所主板上市，股份代号：830）、北京

控股有限公司（于联交所主板上市，股份

代号：392）及玖龙纸业（控股）有限公司

（于联交所主板上市，股份代号：2689）之

独立非执行董事。

陈女士为香港认可调解员及中国委托公证

人，并为香港中律协创会长。此外，陈

女士为广东法院粤港澳大湾区跨境商事纠

纷特邀调解员，深圳市前海国际商事调解

中心调解员，亚非法协香港区域仲裁中心

在册调解员，以及广州仲裁委员会仲裁

员、深圳国际仲裁院仲裁员、青岛仲裁委

员会仲裁员、华南（香港）国际仲裁院仲裁

员及亚非法协香港区域仲裁中心在册仲裁

员。陈女士亦为粤港澳大湾区域外法律查

明专家库成员。

陈女士亦于香港担任多项社会公职，包括

选举委员会当然委员成员、推动法律科技

发展咨询小组成员及上诉审裁团（建筑物）

主席。陈女士先后于二零一二年及二零

一五年获香港特别行政区政府颁授荣誉勋

章及授予太平绅士，并于二零一三年获香

港城市大学颁授荣誉院士。陈女士于二零

一七年及二零二年分别获委任为中国第

十三届及第十四届全国人民代表大会香港

代表、于二零一八年成为中华全国妇女联

合会执行委员会委员、于二零二一年成为

港区妇联代表联谊会长及于二零二年

成为香港特别行政区立法会议员。

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层履历

21威扬酒业国际控股有限公司二零二五年报

Mr. Liu Kin Wai (刘健威先生), age 43, was apointed as an

independent non-executive Director on 1 March 2023. He

is the chairman of the Audit Comite and Remuneration

Comite, and a member of the Nomination Comite.

Mr. Liu received his bachelor’s degre in Acounting from

City University of Hong Kong in 2003 and completed China

Environmental Industry Senior Manager Training Programe

(中国环境产业高级经理人研修班) organised by Tsinghua

University (清华大学) in 2016.

Mr. Liu has ben a member of the Hong Kong Institute of

Certified Public Acountants since 2008 and has more than 21

years of experience in asurance services and financial, capital

management and company secretarial works. From 2004 to

2015, he worked in an international asurance firm with last

position as a senior manager. From May 2015 to September

2016, he had served as a senior manager of Beijing Enterprises

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

the Stock Exchange (stock code: 371). From September 2016

to September 2019, he had served as the chief financial oficer

and the company secretary of Shandong Hi-Sped New Energy

Group Limited (formerly known as Beijing Enterprises Clean

Energy Group Limited), a company listed on the Main Board of

the Stock Exchange (stock code: 1250). From December 2019

to August 2023, he had served as the chief financial oficer

and the company secretary of Gangyu Smart Urban Services

Holding Limited (formerly known as Orient Victory Smart

Urban Services Holding Limited), a company listed on the Main

Board of the Stock Exchange (stock code: 265).

Mr. Liu is curently the chief financial oficer of Fortune Oil

Limited and an independent non-executive director of Bright

Future Technology Holdings Limited, a company listed on the

Main Board of the Stock Exchange (stock code: 1351).

刘健威先生，43岁，于二零二三年三月一

日获委任为独立非执行董事。彼为审核委

员会及薪酬委员会主席，及提名委员会之

成员。刘先生于二零三年取得香港城市

大学会计学士学位，并于二零一六年完

成清华大学中国环境产业高级经理人研修

班。

刘先生自二零八年起一直为香港会计师

公会员，并于核证服务以及金融、资本

管理及公司秘书工作方面拥有逾21年工作

经验。于二零四年至二零一五年期间，

彼曾任职一家国际会计师事务所，离职前

担任高级经理。于二零一五年五月至二零

一六年九月期间，彼曾担任北控水务集

团有限公司（一间于联交所主板上市的公

司，股份代号：371）的高级经理。于二零

一六年九月至二零一九年九月期间，彼曾

担任山高新能源集团有限公司（前称北控

清洁能源集团有限公司）（一间于联交所主

板上市的公司，股份代号：1250）的首席

财务官及公司秘书。于二零一九年十二月

至二零二三年八月期间，彼曾担任港誉智

慧城市服务控股有限公司（前称东胜智慧

城市服务控股有限公司）（一间于联交所主

板上市的公司，股份代号：265）的首席财

务官及公司秘书。

刘先生现为Fortune Oil Limited的首席财务

官，并为辉煌明天科技控股有限公司（一

间于联交所主板上市的公司，股份代号：

1351）的独立非执行董事。

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层履历

22Wine’s Link International Holdings Limited Anual Report 2025

SENIOR MANAGEMENT

Mr. Ng Man Wai (吴文伟先生), age 34, joined the

Company in 2023 and is curently the financial controler of

the Company and the company secretary of the Company

(the “Company Secretary”). He is primarily responsible for

overseing the corporate finance and acount, and overal

compliance maters of the Group.

Mr. Ng has over 11 years’ acounting and auditing experience

and is a member of the Hong Kong Institute of Certified

Public Acountants. He obtained a Bachelor of Busines

Administration (Honours) degre with a major in Acountancy

and a minor in Financial Services from The Hong Kong

Polytechnic University in 2012. From 2012 to 2023, he had

worked in a Big 4 international acounting firm with last

position as an asurance senior manager.

Mr. Ng also is a Certified Environmental, Social and

Governance Analyst (CESGA

) awarded by the European

Federation of Financial Analysts Societies (EFAS) and poseses

Wine & Spirit Education Trust (“WSET”) awards level one in

wines.

Ms. Pin Lam (卞琳女士), aged 44, joined the Group in January

2008 as acounting oficer and is now the executive asistant

to the chief executive oficer of the Group. Ms. Pin is primarily

responsible for asisting the chief executive oficer in overal

management, strategic development and major busines

decision-making of the Group.

Ms. Pin obtained her bachelor’s degre of arts in acounting

from the Edinburgh Napier University in January 2013.

高级管理层

吴文伟先生，34岁，于二零二三年加入本

公司，目前担任本公司的财务总监及本公

司之公司秘书（「公司秘书」）。彼主要负责

监督本集团之企业融资及会计，以及整体

合规事宜。

吴先生拥有超过十一年的会计和审计经

验，并现为香港会计师公会员。他于二

零一二年从香港理工大学获得工商管理

（荣誉）学士学位，主修会计学，副修金融

服务。于二零一二年至二零二三年间，他

曾在一间四大国际会计师事务所工作，最

后职位是审计高级经理。

吴先生亦为获欧洲金融分析师联合会(The

European Federation of Financial Analysts

Societies)认证的注册环境、社会及管治分

析师（「CESGA

」），并获葡萄酒与烈酒基

金会（「WSET」）颁发葡萄酒第一级认证

书。

卞琳女士，44岁，于二零八年一月加入

本集团担任会计主管，而彼现时为本集团

的行政总裁事务助理。卞女士主要负责协

助行政总裁执行本集团之整体管理、策略

性发展及主要业务决策。

卞女士于二零一三年一月取得爱丁堡纳皮

尔大学的会计文学士学位。

CORPORATE GOVERNANCE REPORT

企业管治报告

23威扬酒业国际控股有限公司二零二五年报

The Company’s corporate governance code is based on

the principles of the Corporate Governance Code (the

“CG Code”) as set out in Apendix C1 of the GEM Listing

Rules. The Company is comited to maintaining high

standards of corporate governance to safeguard the interests

of shareholders and to ensure a high-quality board and

transparency and acountability to shareholders.

Save for the deviation from code provision C.2.1 of the

CG Code while such deviation is explained in the relevant

paragraphs below of this corporate governance report, the

Company complied with al other code provisions in the CG

Code during the Year.

OUR VISION

• We wil continue to expand a sustainable global trade

of wine and spirits distribution with representatives who

understand the neds of the wine market and share their

pasion for wine.

• We wil enhance our partnership and chemistry with

other industry partners, leading to oportunities for

colaboration.

• Our network of distribution aims to plant the circle

relationship in The Guangdong-Hong Kong-Macao

Greater Bay Area in next few years.

• Our distribution activities comit to operate under low

carbon fotprint standard, moving to automatisation.

• Our group envisions to diversify and expand our busines

in the next decade.

本公司的企业管治守则乃按GEM上市规则

附录C1企业管治守则（「企业管治守则」）

的原则为基础。本公司承诺维持高标准之

企业管治，以维护股东之权益及确保优质

之董事会，及对股东之透明度及问责度。

除偏离企业管治守则之守则条文第C.2.1条

（而该偏离已于本企业管治报告下文之相关

段落阐释）外，本公司于本年度内已遵守

企业管治守则中的所有其他守则条文。

我们的目标

• 我们将继续扩大可持续的全球葡萄酒

和烈酒贸易，与了解市场需求和分享

葡萄酒激情的合作伙伴合作。

• 我们将加强与其他行业人士的合作关

系，并寻找可以产生新的化学反应的

合作伙伴。

• 我们目标是在未来几年在大湾区建立

分销点。

• 我们的运营致力于在低碳标准下进

行，并向自动化方向发展。

，并展望下一

个十年的发展。

CORPORATE GOVERNANCE REPORT

企业管治报告

24Wine’s Link International Holdings Limited Anual Report 2025

THE BOARD

The Board has reserved for its decision and consideration

isues in relation to (i) formulating the strategic objectives of

the Group; (i) considering and deciding the Group’s significant

operational and financial maters, including but not limited

to substantial mergers and acquisitions and disposals; (i)

overseing the Group’s corporate governance practices; (iv)

ensuring a risk management control system in place; (v)

directing and monitoring senior management in pursuit of

the Group’s strategic objectives; and (vi) determining the

remuneration packages of al Directors and the Group’s senior

management, including benefits in kind, pension rights and

compensation payments for los or termination of their ofice

or apointment. Implementation and execution of Board

policies and strategies and the daily administrative maters

are delegated to the respective Board comites and the

management team of the Company.

The Board conducts at least four regular Board metings a

year and aditional metings wil be held or resolutions in

writing signed by al Directors in lieu of a meting wil be

aranged as and when required. If a substantial shareholder

of the Company or a Director has a conflict of interest in

a transaction which the Board determines to be material,

it wil be considered and dealt with by the Board at a duly

convened Board meting. Comprehensive information on

maters to be discused at the Board meting wil be suplied

to the Directors in a timely maner to facilitate discusion and

decision-making.

董事会

需经董事会决定及考虑的事项有关(i)制定

本集团之策略性目标；(i)考虑及决定本集

团之重大营运及财务事项，包括但不限于

重大合并、收购及出售事项；(i)监察本集

团之企业管治常规；(iv)确保风险管理控制

系统之实行；(v)指导及监控高级管理层跟

随本集团之策略性目标；及(vi)厘定所有董

事及本集团之高级管理层之薪酬待遇，包

括实物利益、退休金权利及赔偿金额（包

括丧失或终止其职务或委任的赔偿）。董事

会委员及本公司之高级管理层分别获委派

实施及执行董事会之政策及策略以及日常

行政事务。

董事会于一年内举行至少四次恒常董事会

会议，亦会举行额外会议，或于需要时，

安排所有董事共同签署之书面决议案代替

正式召开之会议。如有本公司之重要股东

或董事与董事会认为重要之交易有利益冲

突，则会适时召开董事会议，并由董事

会考虑及处理。于董事会议上讨论之事

项之全面资讯将适时向董事提供以协助讨

论及决策。

CORPORATE GOVERNANCE REPORT

企业管治报告

25威扬酒业国际控股有限公司二零二五年报

COMPOSITION OF THE BOARD

At the date of this report, the Board comprises two executive

Directors, one non-executive Director and thre independent

non-executive Directors, the name and ofice of each of the

members of the Board and the Board comites of the

Company are as folows:

Board membersOfice

董事会成员职责

Ms. Wong Chi Lou ShirleyExecutive Director, Chairman and chief executive oficer

王姿潞女士执行董事、主席及行政总裁

Mr. Chan Sze TungExecutive Director and chief operating oficer

陈诗桐先生执行董事及首席营运官

Ms. Yeung Chi Hung S.B.S., B.B.S., J.P.Non-executive Director

杨志红女士S.B.S.,B.B.S., J.P. 非执行董事

Ms. Chan Man Ki Magie M.H., J.P.Independent non-executive Director

陈曼琪女士M.H., J.P.独立非执行董事

Mr. Chan Cham Man SimonIndependent non-executive Director

陈湛文先生独立非执行董事

Mr. Liu Kin WaiIndependent non-executive Director

刘健威先生独立非执行董事

Audit Comite members

Mr. Liu Kin Wai (chairman)

Mr. Chan Cham Man Simon

Ms. Chan Man Ki Magie M.H., J.P.

Remuneration Comite members

Mr. Liu Kin Wai (chairman)

Ms. Chan Man Ki Magie M.H., J.P.

Ms. Yeung Chi Hung S.B.S., B.B.S., J.P.

Nomination Comite members

Ms. Wong Chi Lou Shirley (chairman)

Mr. Chan Cham Man Simon

Mr. Liu Kin Wai

董事会之组成

于本报告日期，董事会由两名执行董事、

一名非执行董事及三名独立非执行董事组

成，本公司董事会及董事委员会每名成员

之姓名及职责载列如下：

审核委员会成员

刘健威先生（主席）

陈湛文先生

陈曼琪女士M.H., J.P.

薪酬委员会成员

刘健威先生（主席）

陈曼琪女士M.H., J.P.

杨志红女士S.B.S., B.B.S., J.P.

提名委员会成员

王姿潞女士（主席）

陈湛文先生

刘健威先生

CORPORATE GOVERNANCE REPORT

企业管治报告

26Wine’s Link International Holdings Limited Anual Report 2025

Each of the executive Directors has signed a service contract

with the Company for an initial term of thre years,

comencing from the Listing Date (subject to termination

in certain circumstances as stipulated in the relevant service

contract) and al executive Directors (i.e Ms. Shirley Wong and

Mr. Chan Sze Tung) have renewed their service contracts with

the Company for thre years comencing from 12 January

2024.

The non-executive Director has signed a leter of apointment

with the Company for an initial term of thre years,

comencing from the Listing Date (subject to termination

in certain circumstances as stipulated in the relevant leter

of apointment). The service contract with Ms. Yeung Chi

Hung has ben renewed for thre years comencing from 12

January 2024.

Each of the independent non-executive Directors has signed

a leter of apointment with the Company. Ms. Chan Man Ki

Magie has signed a leter of apointment with the Company

for a term of thre years from 13 June 2019 to 12 June

2022 and the leter of apointment has ben renewed with

no specific term comencing from 13 June 2022. Mr. Chan

Cham Man Simon has signed a leter of apointment with the

Company for a term of thre years from 1 December 2021 to

30 November 2024 and the leter of apointment has ben

renewed with no specific term comencing from 1 December

2024. Mr. Liu Kin Wai has signed a leter of apointment with

the Company for a term of thre years from 1 March 2023 to

28 February 2026.

Al Directors are subject to retirement by rotation at least once

every thre years in acordance with the articles of asociation

of the Company (the “Articles”).

The Board composition is regularly reviewed to ensure that

it has a balance of skils and experience apropriate for

the requirement of the busines of the Group. A balanced

composition of executive Directors, non-executive Directors

and independent non-executive Directors is maintained

to ensure independence and efective management. The

Company has satisfied the relevant provision of the GEM

Listing Rules in having at least one of the independent

non-executive Directors with apropriate profesional

qualifications or acounting or related financial management

expertise. Save as disclosed under the section headed

“Biographical Details of Directors and Senior Management”,

there is no relationship among the members of the Board.

每名执行董事均与本公司订立自上市日期

起计初步任期为三年之服务协议（可根据

相关服务协议规定的特定情况另行终止）

及所有执行董事（即王姿潞女士与陈诗桐

先生）已与本公司续期服务合约三年，自

二零二四年一月十二日起计。

非执行董事均与本公司订立自上市日期起

计初步任期为三年之委聘书，可根据相关

委聘书规定的特定情况另行终止。杨志红

女士之服务合约已续期三年，自二零二四

年一月十二日起计。

各独立非执行董事已与本公司订立委任

函。陈曼琪女士已与本公司订立委聘书，

自二零一九年六月十三日至二零二年六

月十二日为期三年，而其委任函已予续

期，并无特定任期，自二零二年六月

十三日起计。陈湛文先生已与本公司订立

委任函，自二零二一年十二月一日起至二

零二四年十一月三十日止为期三年，而其

委任函已予续期，并无持定任期，自二零

二四年十二月一日起计。刘健威先生已与

本公司订立委聘书，自二零二三年三月一

日至二零二六年二月二十八日为期三年。

所有董事均须根据本公司之组织章程细则

（「章程细则」）服从每三年至少一次的退任

轮选。

董事会组成经定期评核，以确保董事会拥

有合适本集团业务要求之均衡技术及经

验。本集团保持执行董事、非执行董事及

独立非执行董事组合之平衡，以确保独立

性及有效管理。本公司符合GEM上市规则

的有关条文，拥有至少一名独立非执行董

事具有合适专业资格或会计或相关财务管

理专业。诚如「董事及高级管理层履历」一

节披露，董事会成员之间并无关系。

CORPORATE GOVERNANCE REPORT

企业管治报告

27威扬酒业国际控股有限公司二零二五年报

The apointment of Directors is recomended by the

Remuneration Comite and the Nomination Comite and

aproved by the Board based on a formal writen procedure

and policy for the apointment of new Directors. When

selecting potential candidates for the Directors, their skils,

experience, expertise, devotion of time and non-conflicts of

interests are the key factors.

The Board should asume responsibility for leadership and

control of the Company and is colectively responsible for

directing and supervising the Company’s afairs. The Board

directly, and indirectly through its comites, leads and

provides direction to management by laying down strategies

and overseing their implementation, monitors the Group’s

operational and financial performance, and ensures that sound

internal control and risk management systems are in place.

The Board reserves for its decision al major maters relating

to policy maters, strategies and budgets, internal control and

risk management, material transactions (in particular those

that may involve conflict of interests), financial information,

apointment of directors and other significant operational

maters of the Company.

The daily operation and management of the busines of the

Group, including, among other maters, the implementation of

strategies, are delegated to the executive Directors and senior

management. They report periodicaly to the Board on their

work and busines decisions.

Al Directors have ben fuly consulted about any maters

proposed for inclusion in the agenda for regular metings.

The chairman of the Board has delegated the responsibility

for drawing up the agenda for each Board meting to the

Company Secretary.

With the asistance of the Company Secretary, the Chairman

seks to ensure that al Directors are properly briefed on isues

arising at the Board metings and have received adequate and

reliable information in a timely maner.

董事委任须根据委任新董事之正式书面通

知程序及政策，由薪酬委员会及提名委员

会推荐，并经董事会批准。当挑选董事潜

在候选人时，其技术、经验、专业及投放

时间及无利益冲突为重要因素。

董事会应负责领导及控制本公司，并共同

负责指导及监督本公司事务。董事会透过

制订策略和监督其实施情况，直接及透过

其委员会间接领导及指导管理层，监察本

集团的营运及财务表现，并确保内部监控

及风险管理制度健全。

董事会保留所有重要事宜的决策权，当中

涉及本公司的政策事宜、策略及预算、内

部监控及风险管理、重大交易（尤其是可

能涉及利益冲突者）、财务资料、委任董事

及其他重大营运事宜。

执行董事及高级管理层获分派处理本集团

业务之日常营运及管理，包括（其中包括）

实施策略。彼等须定期就彼等之工作及商

业决定向董事会报告。

定期会议程提议之任何事项已全面咨询

所有董事。董事会主席已把草拟每次董事

会议程之责任分派予公司秘书。

藉公司秘书之协助，主席致力确保董事会

会议上所有董事均适当知悉当前的事项，

并及时收到完备而可靠的资讯。

CORPORATE GOVERNANCE REPORT

企业管治报告

28Wine’s Link International Holdings Limited Anual Report 2025

Notices of at least 14 days are given to the Directors for

regular metings, while the Board papers are sent to the

Directors not les than thre days before the intended date

of a Board or Board comite meting. With respect to

other metings, the Directors are given as much notice as is

reasonable and practicable in the circumstances. The Directors

can atend metings in person or through other means of

electronic comunication in acordance with the Articles.

The Company Secretary ensures that the procedures and al

aplicable rules and regulations are complied with. Minutes of

the Board metings and metings of the Board comites are

kept by the Company Secretary and are available for inspection

at any time on reasonable notice by any Director.

The Directors have ful aces to information of the Group and

are able to obtain independent profesional advice whenever

they dem necesary. The Directors wil be updated with

legal and regulatory changes and maters of relevance to the

Directors in the discharge of their duties from time to time. The

Audit Comite, Nomination Comite and Remuneration

Comite are provided with suficient resources to perform

their duties.

Minutes of Board metings and of Board comite metings

should record in suficient detail the maters considered and

decisions reached, including any concerns raised by Directors

or disenting views expresed. Draft minutes are normaly

circulated to Directors or members of the relevant Board

comites for coment within a reasonable time after each

meting.

Any material transaction, which involves a conflict of interests

betwen a substantial shareholder or a Director and the

Company, wil be considered and dealt with by the Board

at a duly convened Board meting with the presence of the

independent non-executive Directors. Directors are abstained

from voting and not to be counted in the quorum at metings

for aproving transactions in which such Directors or any of

their asociates have a material interest.

The Company has received from each of the independent

non-executive Directors an anual confirmation of their

independence pursuant to Rule 5.09 of the GEM Listing

Rules. The Company considers that al of the independent

non-executive Directors are independent.

举行定期董事会议前至少十四天应向全

体董事发出通知书，而董事会文件则须于

董事会预定时间或董事委员会议至少三

天前寄给董事。至于其他会议，将于合理

及实际情况下尽量知会董事。董事可亲自

或透过符合章程细则之其他电子通讯渠道

出席会议。公司秘书确保董事会程序及所

有适用规则及规例均获得遵守。董事会及

董事委员会的会议纪录由公司秘书备存，

并公开供任何董事以合理通知随时查阅。

所有董事可于其认为需要时取得本集团资

料及独立的专业意见。董事将定期获提供

有关法律及监管变更以及与董事职务相关

之最新资料。审核委员会、提名委员会及

薪酬委员会获提供足够资源以助彼等履行

职责。

秘书应充分记录所审议的事宜及所达致的

决定，包括董事所提出的任何关注事宜或

所表达的反对意见。会议记录之草稿须于

会议后之合理时间内送呈董事或相关董事

委员会成员传阅。

倘有任何牵涉主要股东或董事及本公司利

益冲突的重大交易，董事会将适时就该事

项举行独立非执行董事在场的会议。倘董

事或彼等之联系人在会议上讨论的交易中

拥有重大利益，则该等董事须于批准交易

的会议放弃投票，且不得计入法定人数中。

本公司已收到各名独立非执行董事根据

GEM上市规则第5.09条就其独立性发出之

年度确认书，并认为本公司全体独立非执

行董事均为独立人士。

CORPORATE GOVERNANCE REPORT

企业管治报告

29威扬酒业国际控股有限公司二零二五年报

Responsibilities

In the course of discharging their duties, the Directors

act in god faith, with due diligence and care, and in the

best interests of the Company and its shareholders. Their

responsibilities include (i) regular board metings focusing on

busines strategy, operational isues and financial performance;

(i) monitoring the quality, timelines, relevance and reliability

of internal and external reporting; (i) monitoring and

managing potential conflicts of interest of management, board

members and shareholders, including misuse of corporate

asets and abuse in conected transaction; and (iv) ensuring

proceses are in place to maintain the overal integrity of the

Company, including financial statements, relationships with

supliers, customers and other stakeholders, and compliance

with al laws and ethics.

Director’s Responsibilities for the Consolidated

Financial Statements

The Directors acknowledge their responsibilities for the

preparation of the consolidated financial statements of the

Group and ensure that the consolidated financial statements

of the Group are acordance with statutory requirements and

aplicable acounting standards. The Directors also ensure the

timely publication of the consolidated financial statements

of the Group. In preparing the acounts for the Year, the

Directors have, among other things:

• selected suitable acounting policies and aplied them

consistently;

• aproved adoption of al Hong Kong Financial Reporting

Standards which are in conformity with the International

Financial Reporting Standards;

• the disclosure requirements under the Companies

Ordinance (Chapter 622 of the Laws of Hong Kong); and

• made judgements and estimates that are prudent and

reasonable; and have prepared the acounts on the going

concern basis.

The Directors confirm that, to the best of their knowledge,

information and belief, and having made al reasonable

enquiries, they are not aware of any material uncertainties

relating to events or conditions that may cast significant doubt

upon the Group’s ability to continue as a going concern.

职责

董事在履行其职责过程中以诚信、尽职及

审慎态度，按本公司及其股东之最佳利益

行事。董事之职责包括(i)定期出席董事会

会议，集中讨论业务策略、营运事务及财

务表现；(i)监控内部及外部报告之质素、

及时性、相关性及可靠性；(i)监控并管理

管理层、董事会成员及股东之间的潜在利

益冲突，包括误用企业资产及滥用关连交

易；及(iv)确保程序按时进行以维护本公司

之整体诚信，包括财务报表，与供应商、

顾客及其他持份者之关系，及遵守所有法

律及道德。

董事之综合财务报表职责

董事知悉其为本集团编制综合财务报表之

职责，并确保本集团之综合财务报表符合

法定要求及适用会计标准。董事亦确保本

集团之综合财务报表及时出版。为编制本

年度之账目，董事已（包括但不限于）：

• 批准采纳符合国际财务报告准则之所

有香港财务报告准则；

（香港法律第622章）项

下的披露要求；及

，并按

持续经营基准编制账目。

董事确认，就彼等所深知、尽悉及确信，

并作出一切合理查询后，彼等并不知悉任

何可能会对本集团持续经营能力造成重大

疑虑之事件或情况之重大不确定因素。

CORPORATE GOVERNANCE REPORT

企业管治报告

30Wine’s Link International Holdings Limited Anual Report 2025

Chairman and Chief Executive

Code provision C.2.1 of the CG Code provides that the

roles of chairman and chief executive should be separate

and should not be performed by the same individual to

ensure a balance of power and authority. The division of

responsibilities betwen the chairman and chief executive

should be clearly established and set out in writing. With

efect from 14 September 2023, Ms. Yeung Chi Hung resigned

as the Chairman. Ms. Shirley Wong, an executive Director and

chief executive oficer of the Company, was apointed as the

Chairman (the “Apointment”). After the Apointment, Ms.

Shirley Wong wil take up both the roles of the Chairman and

chief executive oficer of the Company which is a deviation

of the CG Code. The Board considers that vesting both roles

in Ms. Shirley Wong wil alow for more efective planing

and execution of busines strategies. Although the positions

of Chairman and chief executive oficer are not separate,

the powers and authorities have not ben concentrated as

al major decisions have ben made in consultation with the

Board and apropriate Board comites, as wel as senior

management. In adition, there are one non-executive Director

and thre independent non-executive Directors on the Board

ofering their experience, expertise, independent advices and

views from diferent perspectives. The Board is therefore of the

view that there are adequate balance of power and safeguards

in place. The Directors wil continue to review the efectivenes

of the Group’s corporate governance structure to ases

whether changes, including the separation of the roles of

Chairman and chief executive oficer, as and when necesary.

Board Diversity Policy

The Board has adopted a board diversity policy which sets

out the aproach to achieve a sustainable and balanced

development of the Company and also to enhance the quality

of performance of the Company. The Board reviews the

implementation and efectivenes of the board diversity policy

on an anual basis.

The Company seks to achieve board diversity through the

consideration of a number of factors, including but not limited

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

profesional experience, skils, knowledge and length of

service.

主席及行政总裁

企业管治守则之守则条文第C.2.1条列明

主席与行政总裁之角色应有区分，并不应

由一人同时兼任以达致权力和授权分布均

衡。主席与行政总裁之间职责的分工已予

清楚界定并以书面列载。自二零二三年九

月十四日起，杨志红女士辞任主席职务。

本公司执行董事兼行政总裁王姿潞女士已

获委任为主席（「该委任」）。于该委任后，

王姿潞女士将兼任主席及本公司行政总裁

之角色，此举偏离企业管治守则。董事会

认为，王姿潞女士兼任这两个角色将有助

于更有效地规划及执行业务策略。尽管主

席与行政总裁之职位并没有分开，惟权力

及职权一直并非集中于一人，因所有重大

决定均经由董事会及合适之董事委员会以

及高级管理层商议后才作出。此外，董事

会有一名非执行董事及三名独立非执行董

事，彼等提供不同之经验、专长、独立意

见及观点。因此，董事会认为权力分布平

衡并具备足够保障。董事将继续检讨本集

团企业管治架构之有效性，以评估是否需

要作出改变，包括于必要时将主席与行政

总裁之角色分开。

董事会多元化政策

为达致本公司可持续的均衡发展并提高本

公司表现之质素，董事会已采纳董事会多

元化政策。董事会每年审阅董事会多元化

政策的实施及成效。

为达致董事会多元化，本公司从多个方面

考虑，包括但不限于性别、年龄、文化及

教育背景、种族、专业经验、技能、知识

及服务任期。

CORPORATE GOVERNANCE REPORT

企业管治报告

31威扬酒业国际控股有限公司二零二五年报

Selection of candidates wil be based on a range of diversity

perspectives as stated in the above. The ultimate decision

wil be based on merit and contribution that the selected

candidates wil bring to the Board.

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

six Directors. Thre of the Directors are independent non-

executive Directors and independent of management, thereby

promoting critical review and control of the management

proces. The Board is also characterised by significant diversity,

whether considered in terms of profesional background and

skils.

The Board curently has thre female Directors, which

representing half of the Board members, and as such has

achieved the gender diversity in respect of the Board.

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

(including senior management) of the Group of female and

male are 55% and 45%, which the Board considers to reflect

that a gender equality principle has ben adhered to by

the Group. The Board has not identified any chalenges for

maintaining gender diversity in the workforce so far.

The Group is determined to and wil continue to maintain

gender diversity and equality in terms of the Board and the

general workforce.

甄选人选将按上述一系列多元化范畴为基

准。最终将按人选的长处及可为董事会提

供的贡献而作决定。

于本年报之日期，董事会由六名董事组

成。三名董事为独立于管理层之独立非执

行董事，借此促进管理过程之重要审查及

监控。不论在专业背景还是技能方面，董

事会均以显著多元化为特色。

董事会现时有三名女性董事，占董事会的

一半成员，并因此就董事会而言已达致性

别多元化。

于二零二五年三月三十一日，本集团的员

工（包括高级管理层）性别比率为女性55%

及男性45%，董事会认为其反映本集团一

直坚持性别平等原则。董事会迄今并无识

别任何维持性别多元化的挑战。

本集团决心并将继续就董事会及一般员工

层面维持性别多元化及平等。

CORPORATE GOVERNANCE REPORT

企业管治报告

32Wine’s Link International Holdings Limited Anual Report 2025

Board Metings and General Metings

During the Year, four Board metings and one general meting

were held. Details of the Directors’ atendance records are set

out as folows:

No. of No. of

eligible Board general

Metingsmeting

Name of DirectorsAtended/heldatended/held

出席╱出席╱

举行合资格举行股东

董事姓名董事会议之数目大会之数目

Executive Directors执行董事

Ms. Shirley Wong王姿潞女士3/41/1

Mr. Chan Sze Tung陈诗桐先生4/41/1

Non-Executive Director非执行董事

Ms. Yeung Chi Hung杨志红女士1/40/1

Independent Non-executive Directors独立非执行董事

Mr. Chan Cham Man Simon陈湛文先生4/41/1

Ms. Chan Man Ki Magie陈曼琪女士4/41/1

Mr. Liu Kin Wai 刘健威先生4/41/1

The Board also held a Board meting on 23 June 2025 to

aprove the anual results of the Company and to review

and consider, inter alias, the audited financial statements of

the Group for the Year, internal control and risk management

system and review certain corporate governance maters for

the Year.

董事会议及股东大会

于本年度，本公司举行了四次董事会议

及一次股东大会。董事出席记录详情载列

如下：

董事会亦于二零二五年六月二十三日举行

董事会议，以批核本公司之年度业绩，

以及审阅及考虑（其中包括）本集团于本年

度之经审核财务报表、内部控制及风险管

理系统，及审阅本年度若干企业管治事项。

CORPORATE GOVERNANCE REPORT

企业管治报告

33威扬酒业国际控股有限公司二零二五年报

Delegation by the Board

During the Year, the Board has established thre comites,

namely the Audit Comite, the Remuneration Comite

and the Nomination Comite. Specific responsibilities of

each comite are described below. Al comites have

defined terms of reference which are no les exacting than

those set out in the CG Code.

Audit Comite

The Audit Comite was established on 18 December 2017

with writen terms of reference in compliance with Rule

5.29 of the GEM Listing Rules and code provision D.3 of the

CG Code. The Audit Comite comprises thre members,

namely Mr. Liu Kin Wai, Mr. Chan Cham Man Simon and Ms.

Chan Man Ki Magie. The chairman of the Audit Comite

is Mr. Liu Kin Wai, who holds the apropriate profesional

qualifications or acounting or related financial management

expertise as required under Rules 5.05(2) and 5.28 of the GEM

Listing Rules.

The primary duties of the Audit Comite include, but are

not limited to, the folowing: (i) making recomendations to

the Board on the apointment and removal of the external

auditor; (i) reviewing the financial statements of the Group

and monitoring the integrity of such financial statements; and

(i) overseing the financial reporting system, risk management

and internal control procedures.

During the Year, two Audit Comite metings were held

to review the interim and anual results of the Group, the

financial reporting, the efectivenes of the risk management

and internal control systems and to consider the change of

auditors and re-election of auditor of the Company. The Audit

Comite also held a meting on 23 June 2025 to review and

consider, inter alias, the audited financial statements of the

Group for the Year, the internal control and risk management

system of the Group and the re-apointment of independent

auditor of the Group. There was no disagrement betwen

the Board and the Audit Comite on the selection and

apointment of the external auditor.

Atendance records of each Audit Comite member are set

out below:

Name of Audit Comite member

No. of eligible metings

atended/held

审核委员会成员姓名出席╱举行合资格会议之数目

Mr. Liu Kin Wai刘健威先生2/2

Mr. Chan Cham Man Simon陈湛文先生2/2

Ms. Chan Man Ki Magie陈曼琪女士2/2

董事会的授权

于本年度，董事会已成立三个委员会，包

括审核委员会、薪酬委员会及提名委员

会。每个委员会之特定职责详述如下。所

有委员会界定之职权范围，其内容不比该

企业管治守则之规定宽松。

审核委员会

审核委员会已于二零一七年十二月十八日

成立，其书面职权范围已遵守GEM上市规

则第5.29条及企业管治守则之守则条文第

D.3条。审核委员会由三名成员组成，包括

刘健威先生、陈湛文先生及陈曼琪女士。

审核委员会之主席为刘健威先生，彼拥有

GEM上市规则第5.05(2)及5.28条项下所

规定之合适专业资格或会计或相关财务管

理专业知识。

审核委员会之主要职责包括但不限于以下

各项：(i)就外聘核数师之委任及罢免向董

事会提供建议；(i)审阅本集团之财务报表

并监控该等财务报表之完整性；及(i)监察

财务报告系统、风险管理及内部控制程序。

于本年度，已举行两次审核委员会议，

以检讨本集团的中期及年度业绩、财务报

告、风险管理及内部监控系统的有效性，

并考虑更换核数师及重选本公司核数师。

审核委员会亦于二零二五年六月二十三日

举行会议，以审阅及考虑（包括但不限于）

本集团于本年度之经审核财务报表、本集

团内部控制及风险管理系统，及续聘本集

团独立核数师。董事会与审核委员会之间

就选择及委任外聘核数师并无分歧。

各审核委员会成员之出席记录载列如下：

CORPORATE GOVERNANCE REPORT

企业管治报告

34Wine’s Link International Holdings Limited Anual Report 2025

The Company’s financial statements for the Year have ben

reviewed by the Audit Comite. The Audit Comite

considered that the relevant financial statements have ben

prepared in compliance with the aplicable acounting

principles and requirements of the Stock Exchange and

disclosures have ben fuly made.

Remuneration Comite

The Remuneration Comite was established with writen

terms of reference in compliance with al code provisions under

E.1 of the CG Code on 18 December 2017. The Remuneration

Comite comprises thre members, namely, Mr. Liu Kin

Wai, Ms. Chan Man Ki Magie and Ms. Yeung Chi Hung. The

chairman of the Remuneration Comite is Mr. Liu Kin Wai.

The primary duties of the Remuneration Comite include,

but are not limited to, the folowing: (i) evaluating the

performance of al Directors and senior management and

making recomendations to the Board on the policy and

structure for the remuneration of al the Directors and senior

management; (i) making recomendations to the Board on

the establishment of a formal and transparent procedure

for developing remuneration policy; (i) determining the

remuneration packages of individual executive Directors and

senior management and making recomendations to the

Board on the remuneration of non-executive Directors; (iv)

reviewing and aproving the management’s remuneration

proposals with reference to the corporate goals and objectives

from time to time; and (v) reviewing and aproving maters

relating to Share Option Scheme.

One Remuneration Comite meting was held during the

Year to review and aprove the remuneration of executive

Directors. At the Remuneration Comite meting held on

23 June 2025, the Remuneration Comite reviewed the

remuneration of the Directors and the senior management.

Atendance records of each Remuneration Comite member

are set out below:

Name of Remuneration Comite member

No. of eligible meting

atended/held

薪酬委员会成员姓名出席╱举行合资格会议之数目

Mr. Liu Kin Wai 刘健威先生1/1

Ms. Chan Man Ki Magie陈曼琪女士1/1

Ms. Yeung Chi Hung杨志红女士0/1

本公司于本年度之财务报表已由审核委员

会审阅。审核委员会认为该相关财务报表

已遵守联交所适用会计原则及规定编制及

已完整作出披露。

薪酬委员会

薪酬委员会已于二零一七年十二月十八日

成立，其职权范围已遵守企业管治守则第

E.1条项下之所有守则条文。薪酬委员会由

三名成员组成，包括刘健威先生、陈曼琪

女士及杨志红女士。薪酬委员会主席为刘

健威先生。

薪酬委员会主要职责包括但不限于以下各

项：(i)评估全体董事及高级管理层之表现

以及就全体董事及高级管理层薪酬政策及

架构向董事会作出建议；(i)就成立正式及

透明程序以发展薪酬政策向董事会作出建

议；(i)厘定个别执行董事及高级管理层之

薪酬待遇以及就非执行董事薪酬向董事会

作出建议；(iv)不时参照企业目标及目的，

审阅及批准管理层的薪酬建议；及(v)审阅

及批准有关购股权计划之事项。

本年度内，已举行一次薪酬委员会议，

以审阅及批准执行董事之薪酬。于二零

二五年六月二十三日之薪酬委员会议

上，薪酬委员会审阅董事及高级管理层之

薪酬。

各薪酬委员会成员之出席记录载列如下：

CORPORATE GOVERNANCE REPORT

企业管治报告

35威扬酒业国际控股有限公司二零二五年报

Details of the Directors’ remuneration and five highest paid

individuals for the Year as regarded to be disclosed pursuant

to the CG Code are provided in note 8 to the consolidated

financial statements.

During the Year, the remuneration of the senior management

is listed below by band:

Number of

individuals

人士之数目

HK$ Nil to HK$1,000,0000至1,000,000港元1

HK$ 1,000,001 to HK$1,500,0001,000,001至1,500,000港元1

Nomination Comite

The Nomination Comite was established with writen terms

of reference in compliance with al code provisions under

B.3 of the CG Code on 18 December 2017. The Nomination

Comite comprises thre members, namely Ms. Shirley

Wong, Mr. Liu Kin Wai and Mr. Chan Cham Man Simon. The

chairman of the Nomination Comite is Ms. Shirley Wong.

The primary functions of the Nomination Comite include,

but are not limited to, the folowing: (i) reviewing the

structure, size and composition of the Board; (i) asesing the

independence of the independent non-executive Directors;

(i) making recomendations to the Board on maters

relating to the apointment or re-apointment of Directors

and sucesion planing for Directors; and (iv) reviewing the

policy on the Board diversity and the measurable objectives for

implementing such policy from time to time adopted by the

Board anualy.

The Company has adopted a board independence policy to

ensure independent views are available to the Board, and the

policy is subject to anual review on its implementation and

efectivenes. Under the policy, the Nomination Comite

shal put emphasis on whether the composition of executive

and non-executive Directors (including independent non-

executive Directors) is balanced and shal ensure that there

is a strong independent element on the Board. Al Directors

(including the independent non-executive Directors) are given

oportunities to include maters in the agenda for regular

Board metings. Upon a reasonable request of any Director,

the Board shal resolve to provide separate independent

profesional advice, at the Company’s expenses.

本年度董事薪酬及五名最高薪人士之详情

已根据企业管治守则披露，载列于综合财

务报表附注8。

于本年度，高级管理层之薪酬按等级载列

如下：

提名委员会

提名委员会已于二零一七年十二月十八日

成立，其职权范围已遵守企业管治守则第

B.3条项下之所有守则条文。提名委员会由

三名成员组成，包括王姿潞女士、刘健威

先生及陈湛文先生。提名委员会主席为王

姿潞女士。

提名委员会主要职责包括但不限于以下各

项：(i)检讨董事会的架构、规模及组成；

(i)评估独立非执行董事之独立性；(i)向董

事会推荐委任或重新委任董事以及董事继

任计划；及(iv)每年审阅董事会多元化政策

以及董事会不时采纳就实施相关政策之可

计量目标。

本公司已采纳董事会独立性政策，以确保

董事会能够获取独立意见，并每年对该政

策的实施和成效进行审核。根据该政策，

提名委员会将重点关注执行董事及非执行

董事（包括独立非执行董事）的组成是否均

衡，并确保董事会具有强劲的独立性。所

有董事（包括独立非执行董事）均有机会在

定期董事会议的议程中列入事项。在任

何董事的合理要求下，董事会应决议提供

单独的独立专业意见，费用由本公司承担。

CORPORATE GOVERNANCE REPORT

企业管治报告

36Wine’s Link International Holdings Limited Anual Report 2025

One Nomination Comite meting was held during the Year

to (i) review and consider that the structure, size, diversity

and composition of the Board; (i) ases the independence of

independent non-executive Directors; and (i) recomend the

re-apointments of Directors. The Nomination Comite also

reviewed the board diversity policy to ensure its efectivenes

and considered that the Group has achieved the objectives of

the board diversity during the Year.

Atendance records of each Nomination Comite member

are set out below:

Name of Nomination Comite member

No. of eligible meting

atended/held

提名委员会成员姓名出席╱举行合资格会议之数目

Ms. Shirley Wong王姿潞女士1/1

Mr. Chan Cham Man Simon陈湛文先生1/1

Mr. Liu Kin Wai刘健威先生 1/1

The Nomination Comite wil review the Board composition

by considering the benefits of al aspects of diversity, including

but not limited to those described under the heading of “Board

Diversity Policy” in this anual report. The Board Diversity

Policy and the Board Independence Policy shal be reviewed by

the Nomination Comite anualy, as apropriate, to ensure

its efectivenes.

The Nomination Comite shal consider factors below when

it makes recomendation for apointment and reapointment,

inter alia:

a) mix of Board members that promotes diversity of

background and experience on the Board;

b) competency;

c) age of potential/existing Director;

本年度举行一次提名委员会议，以(i)检

讨及考虑董事会的架构、规模、多元化及

组成；(i)评估独立非执行董事之独立性；

及(i)建议重新委任董事。提名委员会亦已

检讨董事会多元化政策以确保其有效性，

并认为本集团于本年度已实现董事会多元

化的目标。

各提名委员会成员之出席记录载列如下：

藉考虑各方面多元化之益处，包括但不限

于本年报「董事会多元化政策」项下之描

述，提名委员会将检讨董事会之组成。提

名委员会将每年适当地检讨董事会多元化

政策及董事会独立性政策，以确保其有效

益。

提名委员会将于其就委任及重新委任提出

建议时考虑以下因素（其中包括）：

a) 促进董事会背景及经验多元化的董事

会成员组成；

b) 能力；

c) 潜在╱现任董事的年龄；

CORPORATE GOVERNANCE REPORT

企业管治报告

37威扬酒业国际控股有限公司二零二五年报

d) independence of potential/existing Board member;

e) busines, technical, or specialised skils and experience of

member/potential member;

f) ability, time, comitment and wilingnes of a new

member to serve and an existing member to continue

service;

g) specific value a member/potential member can ad to the

Board; and

h) number of listed company directorships (aplicable to

candidates of independent non-executive Directors).

CORPORATE GOVERNANCE FUNCTIONS

The Board is responsible for performing the corporate

governance duties as set out in code provision A.2.1 of the

CG Code. As mentioned under the paragraph headed “Board

Metings and General Metings” above, the Board has (i)

reviewed the Company’s practices on corporate governance

for the Year; (i) reviewed and monitored the training and

continuous profesional development of the Directors and

senior management for the Year; (i) reviewed and monitored

the Company’s policies and practices on compliance with

legal and regulatory requirements for the Year; (iv) reviewed

and monitored the code of conduct aplicable to employes

and Directors for the Year; and (v) reviewed the Company’s

compliance with the CG Code and disclosure in this report.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted a code of conduct regarding

securities transactions by Directors on terms no les exacting

than the required standard of dealings set out in Rules 5.48

to 5.67 of the GEM Listing Rules (the “required standard of

dealings”). In response to the specific enquiry of the Directors

made by the Company, al Directors have confirmed that they

had compiled with the required standard of dealings and its

code of conduct regarding securities transactions by Directors

throughout the Year.

d) 潜在╱现任董事会成员的独立性；

e) 成员╱潜在成员的业务、技术或专业

技能与经验；

f) 新成员的能力、付出的时间、承诺及

其是否愿意效力以及现任成员的继任

意愿；

g) 成员╱潜在成员能否为董事会增加特

定价值；及

h) 出任上市公司董事数量（适用于独立

非执行董事候选人）。

企业管治功能

本集团有责任执行企业管治守则之守则条

文第A.2.1条列明的企业管治责任。如上文

「董事会议及股东大会」一段所述，董事

会已(i)检讨本公司本年度的企业管治常规；

(i)检讨并监控本年度董事及高级管理层的

培训及持续专业发展；(i)检讨并监控本公

司的本年度遵守法律及规例要求的政策及

常规；(iv)检讨并监控本年度雇员及董事适

用的行为守则；及(v)检讨本公司遵守企业

管治守则及本年报披露情况。

董事证券交易

本公司已就董事进行证券交易而采纳一套

不低于GEM上市规则第5.48至5.67条所

规定的交易必守标准（「交易必守标准」）作

为其行为守则。为回应本公司所作的董事

特定查询，全体董事确认本年度已遵守交

易必守标准及其有关董事进行证券交易之

行为守则。

CORPORATE GOVERNANCE REPORT

企业管治报告

38Wine’s Link International Holdings Limited Anual Report 2025

CONTINUOUS PROFESIONAL DEVELOPMENT

FOR DIRECTORS

Directors must kep abreast of their colective responsibilities.

The Directors are continualy updated with busines and

market changes, and legal and regulatory developments to

facilitate the discharge of their responsibilities through various

Board metings, resolutions, memoranda, Board papers, and

updates on corporate governance practices and director’s

responsibilities under the GEM Listing Rules, aplicable laws

and other relevant statutory requirements.

Up to date of this anual report, the curent Board members

participated in the folowing training programs:

Types of training

培训种类

Reading

materials

updating on

Atending new rules and

Name of Directorstrainingregulations

关于更新

新规条及

董事姓名参加培训规例的阅读材料

Executive Directors执行董事

Ms. Shirley Wong王姿潞女士33

Mr. Chan Sze Tung陈诗桐先生33

Non-Executive Director非执行董事

Ms. Yeung Chi Hung杨志红女士33

Independent Non-Executive Directors独立非执行董事

Ms. Chan Man Ki Magie陈曼琪女士33

Mr. Chan Cham Man Simon陈湛文先生33

Mr. Liu Kin Wai刘健威先生33

董事持续专业发展

董事须密切留意彼等之集体责任。透过各

种董事会议、议案、备忘录、董事会文

件及企业管治常规、GEM上市规则董事

职责、适用法律及其他相关法定要求的最

新情况，董事持续获悉最新商业及市场变

动，及法律及规例发展，以执行彼等之职

务。

直至本年报的日期，现时的董事会成员已

参与以下培训课程：

CORPORATE GOVERNANCE REPORT

企业管治报告

39威扬酒业国际控股有限公司二零二五年报

DIRECTORS AND OFICERS INSURANCE

As at the date of this anual report, the Directors and oficers

of the Company are indemnified by the Company against any

liability incured by them in discharge of their duties while

holding ofice as the Directors and oficers of the Company.

The Directors and oficers of the Company shal not be

indemnified where there is any fraud, breach of duty or breach

of trust proven against them. The Company had aranged

apropriate Directors’ and oficers’ liability insurance as

required under the CG Code.

COMPANY SECRETARY

Mr. Ng Man Wai was apointed as the Company Secretary

of the Company on 20 February 2024. He is responsible for,

among others, ensuring a god information flow within the

Board and betwen the Board and senior management of

the Company, providing advice to the Board in relation to

the Directors’ obligations under the GEM Listing Rules and

aplicable laws and regulations and asisting the Board in

implementing the corporate governance practices. Mr. Ng has

atended not les than 15 hours of training as required under

Rule 5.15 of the GEM Listing Rules during the Year.

董事及高级人员保险

于本年报的日期，本公司董事及高级人员

获本公司弥偿，保障彼等在职期间因职务

而产生的法律责任。倘证实董事及本公司

高级人员存在任何诈骗、失责或失信行

为，则彼等将不获弥偿。本公司已根据企

业管治守则的规定投保合适的董事及高级

人员责任保险。

公司秘书

吴文伟先生于二零二四年二月二十日获委

任为本公司之公司秘书。彼的职责为（包

括但不限于）确保董事会内及董事会与本

公司高级管理层之间资讯良好流通，就

GEM上市规则及适用法律及规例的董事职

责向董事会提出建议，并协助董事会执行

企业管治常规。于本年度，吴先生已根据

GEM上市规则第5.15条的规定接受不少于

15小时的培训。

CORPORATE GOVERNANCE REPORT

企业管治报告

40Wine’s Link International Holdings Limited Anual Report 2025

RISK MANAGEMENT AND INTERNAL

CONTROLS

The Board acknowledges that it is responsible for overseing

and monitoring the risk management and internal control

systems of the Group on an ongoing basis and reviewing their

efectivenes. Such systems are designed to manage rather

than eliminate the risk of failure to achieve busines objectives,

and can only provide reasonable but not absolute asurance

against material mistatement or los. There is curently no

internal audit department within the Group. The day-to-

day operations are entrusted to personel of the Group who

is acountable for conduct and performance of the Group

and is required to ensure the busines operation of the each

department to be in line with the scope of the delegated

authority and to ensure each department to implement

and strictly adhere to the strategies and policies set by the

Company from time to time. The Board wil be kept informed

of material developments of busines and implementation

of the policies and strategies set by the Board on a regular

basis. The chief operating oficer is responsible for the

overal internal audit function and an external consultant is

engaged to review the internal control systems of the Group

and present its findings and recomendations to the Audit

Comite and the Board. Acordingly, the Board reviewed

the necesity of having an internal audit function anualy

and considered that the Company’s internal control system is

adequate and efective. The Board is confident that no internal

audit department is considered necesary in consideration of

the Group’s curent operation size and organisation structure.

The Board, through the Audit Comite, wil conduct an

anual review of both design and implementation efectivenes

of the risk management and internal control systems of

the Group, which covered al material controls including

financial, operational and compliance controls. Such anual

review wil be done with a view to ensuring that resources,

staf qualifications and experience, training programes and

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

reporting functions are adequate. In this respect, the Audit

Comite wil comunicate any material isues to the Board.

风险管理及内部控制

董事会知悉其有责任持续监督及监控本集

团的风险管理及内部控制系统，并检讨其

效益。该等系统乃为管理而非消除失败风

险而设，以达至业务目标，并仅可就重大

失实陈述或损失作出合理而非绝对的保

证。本集团目前未有内部审核部门。日常

运作交由本集团人员负责，彼等需对本集

团的行为表现负责，并需要确保每个部门

的业务运作符合授权范围，并确保各部门

执行并严格遵守本公司不时制定的策略及

政策。董事会将定期获悉业务的重大发展

以及董事会制定的政策和策略的实施情

况。首席营运官负责整体内部审核职能，

并聘请外部顾问检讨本集团的内部控制系

统，并向审核委员会及董事会提交检讨结

果及建议。因此，董事会每年检讨设立内

部审核职能的必要性，并认为本公司的内

部控制系统已足够有效。董事会确信，鉴

于本集团目前的经营规模及组织结构，毋

须考虑设立内部审核部门。

董事会藉审核委员会对本集团的风险管理

及内部控制系统的设计及执行效益将进行

年度检讨，涵盖所有重大控制，包括财

务、营运及合规控制。该检讨旨在确保资

源、员工资格及经验、培训课程及本集团

账目预算、内部审核及财务报告功能充

足。为此，审核委员会将与董事会沟通任

何重大事项。

CORPORATE GOVERNANCE REPORT

企业管治报告

41威扬酒业国际控股有限公司二零二五年报

The results of the independent review and asesment were

reported to the Audit Comite and the Board. Moreover,

improvements in internal control and risk management

measures to enhance the risk management and internal

control systems of the Group and to mitigate risks of the

Group were adopted by the Board. Based on the findings

and recomendations, as wel as the coments of the Audit

Comite, the Board considered the internal control and risk

management systems are efective and adequate.

PROCEDURES AND INTERNAL CONTROLS FOR

THE HANDLING AND DISEMINATION OF

INSIDE INFORMATION

We established apropriate level of information technology

ases rights, avoiding leakage of price sensitive information.

We also establish inside information disclosure procedures,

including reporting chanels and responsible person of

disclosure, unified response to external enquiries and obtain

advice from profesional financial advisors or the Stock

Exchange, if necesary, in order to ensure compliance with the

requirements of the GEM Listing Rules regarding handling and

disemination of inside information.

AUDITOR’S REMUNERATION AND

RESPONSIBILITIES

For the Year, the fes paid/payable to the Group’s external

auditors in respect of the audit services and non-audit services

were aproximately HK$0.7 milion and aproximately HK$0.1

milion, respectively. The fes paid/payable for the non-

audit services included the profesional services rendered

in conection with environmental, social and governance

reporting advisory services and review on internal control

systems. The reporting responsibilities of ZHONGHUI ANDA

CPA Limited are set out in the Independent Auditor’s Reports

on pages 102 to 106 of this anual report.

There was no disagrement betwen the Board and the Audit

Comite on the selection and apointment of the external

auditors during the Year.

独立检讨及评估结果已交付审核委员会及

董事会。除此以外，董事会已采纳提升本

集团风险管理及内部控制系统及减轻本集

团风险的内部控制改善及风险管理措施。

基于研究及建议，及审核委员会的意见，

董事会认为内部控制及风险管理系统属有

效及充足。

处理及发布内幕消息的程序和内

部监控措施

我们已设置适当的资讯科技存取权限，防

止股价敏感消息外泄，并设有内幕消息披

露程序，包括设立汇报渠道及信息披露负

责人，统一回应外界查询，并在需要时咨

询专业财务顾问或联交所意见，以确保符

合GEM上市规则关于处理及发布内幕消息

的要求。

核数师薪酬及责任

于本年度，就审核服务及非审核服务已付

╱应付予本集团外部核数师之款项分别为

约0.7百万港元及约0.1百万港元。就非审

核服务已付╱应付之款项涵盖有关环境、

社会及管治报告咨询服务及审阅内部控制

系统所提供之专业服务。中汇安达会计师

事务所有限公司的报告责任已载列于本年

报第102页至第106页的独立核数师报告。

于本年度内，董事会与审核委员会就选择

及委任外聘核数师并无分歧。

CORPORATE GOVERNANCE REPORT

企业管治报告

42Wine’s Link International Holdings Limited Anual Report 2025

COMUNICATIONS WITH SHAREHOLDERS

AND INVESTORS

The Company considers that efective comunication with its

shareholders is esential for enhancing investor relations and

investor understanding of the Group’s busines performance

and strategies. The Company also recognises the importance

of transparency and timely disclosure of corporate information,

which wil enable shareholders and investors to make the best

investment decisions.

The disclosure of the Group’s information in a reasonable

and timely maner by the Board is esential for providing

shareholders as wel as the investors a beter understanding

of the busines performance, operations and strategies of the

Group. The Company’s website at w.wines-link.com alows

the potential and existing investors as wel as the public to gain

aces to and acquire the Company’s up-to-date corporate and

financial information.

Shareholders are provided with contact details of the

Company, such as telephone hotline, email adres and postal

adres, in order to enable them to make any query that

they may have with respect to the Company. They can also

send their enquiries to the Board through these means. The

contact details of the Company are provided in the “Corporate

Information” section of this anual report and the Company’s

website.

The Board welcomes views of shareholders and encourages

them to atend general metings to raise any concerns that

they may have with the Board or the management directly.

Board members and apropriate senior staf of the Group are

available at the metings to answer any questions raised by

shareholders.

The Board has reviewed the Shareholders’ Comunication

Policy and its efectivenes for the Year. Taking into acount the

various existing chanels for comunication and participation,

the Company is of the view that the existing Shareholders’

Comunication Policy is apropriate to the Company and has

ben duly and efectively implemented.

与股东及投资者沟通

本公司认为与其股东有效地沟通对提升投

资者关系及投资者理解本集团的业务表现

及策略十分重要。本公司亦确认透明地及

适时地披露企业资讯的重要性，使股东及

投资者能作出最佳的投资决定。

合理及适时地披露本集团资讯对向股东提

供及投资者更理解本集团的业务表现、营

运及策略而言至关重要。本公司的网站

w.wines-link.com让潜在及现有的投资

者以及公众取得本公司最新的企业及财务

资讯。

本公司向股东提供本公司的联络资料，例

如电话热线、电邮地址及邮寄地址，以让

彼等向本公司查询任何疑问。彼等亦可透

过该等渠道向董事会提交疑问。本公司的

联络资料载于本年报中的「公司资料」及本

公司的网站。

董事会欢迎股东的意见，并鼓励彼等出席

股东大会，以直接向董事会或管理层提出

任何意见。董事会成员及本集团相关高级

职员将于会议上回答股东提出的任何问题。

董事会于本年度已检讨股东通讯政策及其

成效。考虑到多方现有沟通及参与渠道，

本公司认为现有股东通讯政策适用于本公

司，并已获适时及有效实施。

CORPORATE GOVERNANCE REPORT

企业管治报告

43威扬酒业国际控股有限公司二零二五年报

PROCEDURES FOR SHAREHOLDERS TO

CONVENE AN EXTRAORDINARY GENERAL

METING

To safeguard shareholders’ interests and rights, separate

resolutions are proposed at general metings on each

substantial isue, including the election of individual Directors,

for shareholders’ consideration and voting. Besides, pursuant

to article 12.3 of the Articles, the Directors may, whenever

they think fit, convene a general meting, and general

metings shal also be convened on the writen requisition of

any two or more members deposited at the principal ofice

of the Company in Hong Kong. If the Board does not within

21 days from the date of deposit of the requisition proced

to duly convene the meting, the requisitionist(s) themselves

or any of them representing more than one-half of the total

voting rights of al of them may convene a general meting

in the same maner as nearly as posible, as that in which

metings may be convened by the Directors.

Shareholders may send writen enquiries to the Company

or put forward any enquiries or proposals to the Board. The

contact details are as folows:

Board of Directors

Wine’s Link International Holdings Limited

Adres : 26th Flor, AIA Financial Centre,

712 Prince Edward Road East,

San Po Kong, Kowlon, Hong Kong

Telephone no. : 2317 1100

Fax no. : 2317 1032

Email adres : general@wines-link.com

To put forward proposals at an anual general meting or a

general meting, the shareholders shal submit a writen notice

of those proposals with detailed contact information to the

Board/Company Secretary at the Company’s principal place of

busines in Hong Kong.

The request wil be verified with the Company’s branch share

registrar in Hong Kong and upon its confirmation that the

request is proper and in order, the Company Secretary wil ask

the Board to include the proposed resolution in the agenda for

the general meting.

股东召开股东特别大会的程序

为保障股东的利益及权利，已就每项重大

事宜提出独立决议案，包括个别董事提

名，以让股东考虑及投票。除此以外，根

据章程细则第12.3条，董事可于彼等认为

适当时召开股东大会，而股东大会亦可应

两名或以上股东的书面要求而召开，有关

要求须送达本公司于香港的主要办事处。

倘董事会未能于要求送达日期起计21天

内正式召开大会，则要求者本身或当中代

表彼等所享有全部投票权过半数之任何人

士，可以与董事召开股东大会尽可能相同

的方式召开大会。

股东可向本公司提出书面查询或向董事会

提出任何查询或建议书。联络资料如下：

董事会

威扬酒业国际控股有限公司

地址：香港九龙新蒲岗

太子道东712号

友邦九龙金融中心26楼

电话号码： 2317 1100

传真号码： 2317 1032

电邮地址： general@wines-link.com

在股东周年大会或股东大会上提出建议书

前，股东应在本公司香港主要营业地点向

董事会╱公司秘书递交该等建议书的书面

通知及详细联络资料。

请求一旦被本公司香港股份过户登记分处

验证，并经确认该请求属恰当及有序，公

司秘书将要求董事会把该建议决议案纳入

股东大会议程。

CORPORATE GOVERNANCE REPORT

企业管治报告

44Wine’s Link International Holdings Limited Anual Report 2025

Moreover, the notice period concerning the notice to be given

to al the shareholders for consideration of the proposals

submited by the shareholders concerned varies as folows

pursuant to article 12.4 of the Articles:

(a) for an anual general meting, it shal be caled by notice

in writing of at least twenty-one days; and

(b) for a general meting other than an anual general

meting, it shal be caled by notice in writing of at least

fourten days,

shal be given in the maner mentioned in the Articles to al

members, to the Directors and to the auditors.

For the avoidance of doubt, Shareholder(s) must deposit and

send the original duly signed writen requisition, notice or

statement, or enquiry (as the case may be) to the Company’s

principal place of busines in Hong Kong and provide their

ful names, contact details and identification in order to give

efect thereto. Shareholders’ information may be disclosed as

required by law.

CONSTITUTIONAL DOCUMENTS

A copy of the second amended and restated Memorandum

and Articles of Asociation is posted on the designated website

of the Stock Exchange at w.hkexnews.hk and the website

of the Company at w.wines-link.com.

During the year ended 31 March 2025, there was no change

in the Articles.

此外，关于向全体股东发出的通知以审议

股东提交的建议书的通知期间根据章程细

则第12.4条分别如下：

(a) 倘召开股东周年大会，须发出不少于

21日的事先书面通告；及

(b) 倘召开股东周年大会以外的股东大

会，须发出不少于14日的事先书面通

告，

各股东大会通告须按照章程细则规定的方

式交予全体成员、董事及核数师。

为免产生疑虑，股东须存入及寄发已适当

签署之书面要求函正本、通知或陈述、或

查询（视乎情况）至本公司香港主要营业地

点，及提供彼等的全名、联络资料及身份

证明以令有关事宜生效。股东的资料或应

法律要求披露。

组织章程文件

第二份经修订和重述的公司章程大

纲细则之副本已刊登于联交所指定

网站w.hkexnews.hk及本公司网站

w.wines-link.com。

截至二零二五年三月三十一日止年度，章

程细则并无变动。

45威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

INTRODUCTION

Wine’s Link International Holdings Limited (the “Company”,

together with its subsidiaries, the “Group”) is primarily

involved in the wholesale and retail busineses of a wide

spectrum of wine products and other alcoholic beverages in

Hong Kong with a focus on premium colectible red wine.

This Environmental, Social and Governance Report (the “ESG

Report”) sumarises the environmental, social and governance

(“ESG”) initiatives, plans and performances of the Group and

demonstrates its comitment to sustainable development.

BOARD STATEMENT

The board of directors (the “Board”) is pleased to present

the ESG Report of the Group, which reviewed the Group’s

ESG initiative, plans, performance, as wel as its sustainable

development in respect of environmental protection, labour

practices, busines operations, suply chain management,

and other isues. As a responsible corporation, the Group

views ESG comitments as part of its responsibilities and

is comited to incorporating ESG considerations into its

decision-making proces.

Meanwhile, the Group actively responds to environmental

policies such as carbon neutrality, energy conservation and

waste reduction, and promotes sustainable development

of enterprises. The Group believes that seting ESG-related

targets can enhance the Group’s comitment to corporate

social responsibility and alow the Group’s stakeholders to

beter understand the Group’s ESG performance. Acordingly,

the Group has set targets for isues that are material to the

Group, including grenhouse gas (“GHG”) emisions, waste

management, energy consumption and water consumption.

ESG GOVERNANCE STRUCTURE

The Group has developed a comprehensive governance

framework to ensure the alignment of ESG governance with

its strategic growth, while advocating ESG integration into its

busines operations.

绪言

威扬酒业国际控股有限公司（「本公司」，

连同其附属公司统称「本集团」）主要从事

于香港批发及零售种类众多的葡萄酒产品

及其他酒精饮品业务，并集中于顶级珍藏

红酒。

本环境、社会及管治报告（「环境、社会及

管治报告」）概述本集团的环境、社会及管

治（「环境、社会及管治」）倡议、计划及表

现，并展示其对可持续发展的承诺。

董事会声明

董事会（「董事会」）欣然提呈本集团的环

境、社会及管治报告，当中回顾本集团的

环境、社会及管治倡议、计划及表现，以

及有关环境保护、劳工常规、业务营运、

供应链管理及其他事宜的可持续发展。本

集团作为负责任的企业，视环境、社会及

管治承诺为其责任的一部分，致力在决策

过程中纳入环境、社会及管治考量。

本集团积极响应碳中和、节能减废等方面

的环境政策，推动企业能够以可持续的方

式发展，并且相信设定环境、社会及管治

相关目标可加强本集团对企业社会责任的

承诺，让本集团的持份者更了解本集团的

环境、社会及管治表现。因此，本集团已

对就本集团而言属重大的议题（包括温室

气体（「温室气体」）排放、废弃物管理、能

源消耗及水源消耗）设定目标。

环境、社会及管治的管治架构

本集团已制定完善的管治框架，确保环

境、社会及管治的管治与策略发展一致，

同时提倡将环境、社会及管治融入业务运

营当中。

46Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

The Board holds the overal responsibility for the Group’s ESG

strategies, management aproach and reporting. To beter

manage the Group’s ESG-related isues, the Board examines

and aproves the ESG-related goals and targets, priorities,

policies and frameworks, as wel as reviews the progres

towards their implementation and achievement with the

asistance of the ESG task force (“ESG Task Force”). Besides,

the Board is also acountable for ensuring the efectivenes of

ESG risk management and internal control mechanism through

anual asesments against ESG-related isues.

The Group has established the ESG Task Force, chaired by the

chief executive oficer to facilitate the Board’s oversight of

ESG isues. The ESG Task Force is responsible for colecting

and analysing the relevant ESG information, identifying and

asesing the Group’s ESG risks, as wel as planing and

implementing ESG-related policies, guidelines and measures.

The ESG Task Force also identifies, evaluates and prioritises

material ESG isues through materiality asesment, which

are further reviewed and endorsed by the Board for report

disclosure. In adition, the ESG Task Force periodicaly reports

the ESG related maters to the Board for the evaluation

and subsequent implementation or revision of the Group’s

ESG strategies and management aproach, and to ensure

apropriate risk management on ESG.

REPORTING BOUNDARIES

The management of the Group identifies the reporting scope

based on the materiality principle and considers the core

busines and main revenue source. Considering that the

Group’s operations are solely derived from sale and distribution

of wine products, other alcoholic beverages and wine

acesory products in Hong Kong, the ESG Report covers the

Group’s busines activities in Hong Kong. The key performance

indicators (“KPIs”) data were gathered and analysed from

companies and subsidiaries that are under the Group’s direct

operational control.

REPORTING PERIOD

The ESG Report specifies the ESG activities, chalenges and

measures taken by the Group during the financial year ended

31 March 2025 (the “Year”).

董事会全权负责本集团的环境、社会及管

治策略、管理方针及报告。为更有效管理

本集团的环境、社会及管治相关事宜，董

事会在环境、社会及管治专责小组（「环

境、社会及管治专责小组」）的协助下，审

批环境、社会及管治相关目标及指标、优

次、政策及框架，以及审视实施的进展与

成果。此外，董事会亦负责透过每年评估

环境、社会及管治相关事宜，确保环境、

社会及管治风险管理及内部控制机制的成

效。

本集团已成立由行政总裁担任主席的环

境、社会及管治专责小组，以促进董事会

监督环境、社会及管治事宜。环境、社会

及管治专责小组负责收集及分析相关环

境、社会及管治资料，识别及评估本集团

的环境、社会及管治风险，以及规划及实

施环境、社会及管治相关政策、指引及措

施。环境、社会及管治专责小组亦透过重

要性评估识别及评估重大环境、社会及管

治事宜，及按重要性排序，并由董事会进

一步审查及批准报告披露。此外，环境、

社会及管治专责小组定期向董事会汇报环

境、社会及管治相关事宜，以供评估及后

续实施或修订本集团的环境、社会及管治

策略及管理方针，以确保对环境、社会及

管治进行适当的风险管理。

报告范围

本集团管理层根据重要性原则确定报告范

围，并考虑核心业务及主要收益来源。考

虑到本集团的营运完全源自在香港销售及

分销葡萄酒产品、其他酒精饮品及葡萄酒

配件产品，环境、社会及管治报告涵盖本

集团于香港的业务活动。关键绩效指标

（「关键绩效指标」）数据乃从本集团直接运

营控制下的公司及附属公司收集及进行分

析。

报告期间

环境、社会及管治报告详述本集团于截至

二零二五年三月三十一日止财政年度（「本

年度」）在环境、社会及管治层面的活动、

挑战及所采取的措施。

47威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

REPORTING FRAMEWORK

The ESG Report has ben prepared in acordance with the

Environmental, Social and Governance Reporting Guide (the

“ESG Reporting Guide”) as set out in Apendix C2 of the

Rules Governing the Listing of Securities on GEM of The Stock

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

Information relating to the Group’s corporate governance

practices can be found in the Corporate Governance Report of

this anual report.

The Group ataches great importance to materiality,

quantitative, and consistency during the preparation for the

ESG Report. The Group has aplied these reporting principles

in the ESG Reporting Guide as the folowing:

Materiality: Materiality asesment was conducted to diagnose

material ESG isues during the Year, thereby adopting the

confirmed material isues as the focus of the ESG Report.

The materiality of ESG isues was reviewed and confirmed by

the Board and the senior management. Please refer to the

sections headed “Stakeholder Engagement” and “Materiality

Asesment” for further details.

Quantitative: This ESG Report is prepared in acordance with

the ESG Reporting Guide and discloses KPIs in a quantitative

maner. Information regarding the standards, methodologies,

asumptions and/or calculation references and sources of key

conversion factors used for KPIs is stated wherever apropriate.

Consistency: The statistical methodologies aplied to the ESG

Report were substantialy consistent with the previous year

for meaningful comparison. If there are any changes that may

afect comparison with previous reports, the Group wil make

explanatory notes to the coresponding section hereof.

The Group has established internal controls and a formal

review proces to ensure that any information presented in

this ESG Report is as acurate and reliable as posible. This

ESG report has ben aproved by the ESG Task Force and the

Board.

报告框架

环境、社会及管治报告乃根据香港联合交

易所有限公司（「联交所」）GEM证券上市规

则附录C2所载环境、社会及管治报告指引

（「环境、社会及管治报告指引」）编制。

有关本集团企业管治常规的资料载于本年

报的企业管治报告。

本集团在编制环境、社会及管治报告过程

中高度重视重要性、量化及一致性。本集

团在环境、社会及管治报告指引中应用的

报告原则如下：

重要性：于本年度透过重要性评估分析重

大环境、社会及管治事宜，将已确认的重

大事宜列作环境、社会及管治报告的重要

考量。环境、社会及管治事宜的重要性已

由董事会及高级管理层审阅及确认。有关

进一步详情，请参阅「持份者参与」及「重

要性评估」章节。

量化：本环境、社会及管治报告乃根据环

境、社会及管治报告指引编制，并以量化

方式披露关键绩效指标。有关键绩效指

标所采用标准、方法、假设及╱或计算参

考以及主要转换因素的来源的资料会于适

当部分说明。

一致性：应用于环境、社会及管治报告的

统计方法与去年基本一致以进行有意义的

比较。如有任何可能影响与过往报告作比

较的变动，本集团将于本报告相应章节作

出说明附注。

本集团已制定内部控制及正式的审阅程

序，以确保本环境、社会及管治报告所呈

列的任何资料均尽可能准确可靠。本环

境、社会及管治报告已经获环境、社会及

管治专责小组及董事会批准。

48Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

STAKEHOLDER ENGAGEMENT

To further the Group’s sustainable development eforts, the

Group engages its key stakeholders to identify sustainability

topics and potential risks by way of engagement sesions

including routine metings and anual general meting. Key

stakeholders include but are not limited to, shareholders and

investors, senior management and employes, customers,

supliers, media and the public and government and other

regulatory authorities.

Stakeholders’ expectations have ben taken into consideration

by utilising diversified engagement methods as shown below:

Stakeholders

持份者

Engagement Methods

参与方式

Expectations

期望

Shareholders and investors• General metings and other

shareholders metings

, quarterly and interim

reports

• Anouncements and circulars

• Company website

• Sustainable profitability

• Shareholder return

• Corporate governance

• Busines development and

compliance

股东及投资者• 股东大会及其他股东会议

、季度及中期报告

• 公告及通函

• 公司网站

• 可持续盈利能力

• 股东回报

• 企业管治

• 业务发展及合规

Senior management and

employes

, seminars,

and briefing

• Email and sugestion boxes

• Regular general metings

• Remuneration and benefits

• Safe working environment

• Carer development

高级管理层及雇员• 培训活动、研讨会及简报

• 电邮及意见箱

• 定期股东大会

• 薪酬及福利

• 安全的工作环境

• 事业发展

Customers• Visits to retail shops

• Customer service hotline and

• Knowledgeable wine

sugestions from somelier

• Customer satisfaction

• High-quality services

客户• 参观零售店

• 客服热线及电邮

• 侍酒师提供的独到葡萄酒建议

• 客户满意度

• 优质服务

持份者参与

为进一步推动本集团的可持续发展，本集

团与重要持份者沟通，以透过参与会议

（包括例会及股东周年大会）确定可持续发

展主题及潜在风险。重要持份者包括但不

限于股东及投资者、高级管理层及雇员、

客户、供应商、媒体及公众以及政府及其

他监管机构。

本集团已透过利用下述多元化参与方式考

虑持份者期望：

49威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Stakeholders

持份者

Engagement Methods

参与方式

Expectations

期望

Supliers• Site visits

• Busines metings and

discusion

• Fair and open procurement

• On-time payment

• Sustainable relationship

供应商• 实地参观

• 商务会议及洽谈

• 公开公平采购

• 按时付款

• 可持续关系

Media and the public• ESG reports

• Company website

• Reports and anouncements

• Transparent ESG isues and

financial disclosure

• Legal compliance

• Corporate governance

媒体及公众• 环境、社会及管治报告

• 公司网站

• 报告及公告

、社会及管治事宜

及财务披露

• 法律合规

• 企业管治

Government and other regulatory

authorities

• Writen or electronic

corespondences

• Visits and inspections

• Compliance with local laws and

regulations

• Stability in busines operations

政府及其他监管机构• 书面或电子通信

• 参观及检查

• 遵守当地法律及法规

• 业务营运稳定

50Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

The Group endeavours to actively listen to and colaborate with

its stakeholders to ensure that their opinions can be voiced out

through an efective comunication chanel. In the long run,

the stakeholders’ contribution wil aid the Group in identifying

and improving potentialy overloked ESG performances

and maintaining the suces of the Group’s busines in the

chalenging market.

MATERIALITY ASESMENT

The Board and the ESG Task Force have participated in the

preparation of the ESG Report. They have asisted the Group

in reviewing its operations, identified key ESG isues and

asesed its importance to its busineses and stakeholders. In

alignment with the Group’s vision on sustainability, busines

wil continue to be operated with high ethical standards and

provide sustainable returns to stakeholders.

With the asistance of the designated personel from various

functional departments, the Group identified the list of

material ESG isues for the Group, based on its busines, the

ESG Reporting Guide, and industry standard. To prioritise

the identified material ESG isues, the Group conducted a

material asesment survey during the Year. Management and

employes of diferent busines units and departments were

invited to evaluate the significance of the identified ESG isues

to the stakeholders and the Group’s busines. The results of

the materiality asesment were reviewed and aproved by the

Board.

本集团致力积极聆听其持份者意见并与之

合作，以确保彼等的意见可透过有效沟通

渠道传达。从长远来看，持份者的贡献将

有助于本集团识别及提升可能被忽视的环

境、社会及管治表现，并维持本集团业务

于充满挑战的市场的成功。

重要性评估

董事会及环境、社会及管治专责小组已参

与环境、社会及管治报告的编制。彼等协

助本集团审阅其营运、识别环境、社会及

管治的主要事宜，并评估其对其业务及持

份者的重要性。为符合本集团可持续发展

的愿景，业务将持续以高道德标准营运及

为持份者提供可持续回报。

在各职能部门指定人员的协助下，本集团

根据其业务、环境、社会及管治报告指引

及行业标准，确定本集团的重大环境、社

会及管治事宜列表。为排列已识别重大环

境、社会及管治事宜的优次，本集团于本

年度进行重要性评估调查。管理层及不同

业务单位及部门的雇员获邀评估已识别环

境、社会及管治事宜对持份者及本集团业

务的重要性。重要性评估结果已获董事会

审阅及批准。

					High	Priority
					优先考	虑
10
				21	优先考	1120		9
				19	22	16	23
		17	18
	45	14 6	8	12 15	13
2	3 1
2	7

51威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

The Group’s materiality matrix of ESG isues in the Year:

High 高

Low 低

议

题

对

持

份

者

之

重

要

性

Importance of topics to busines

议题对业务之重要性

High 高

Environmental isues

环境议题

Social isues

社会议题

Operation isues

营运议题

1. Grenhouse gas emisions9. Ocupational health and safety17. Suply chain management

温室气体排放职业健康与安全供应链管理

2. Energy consumption and resource

management

10. Child labour18. Suplier evaluation and selection

能源消耗及资源管理童工供应商评估及甄选

3. Water resources management11. Forced labour19. Customer satisfaction

水源管理强制劳工客户满意度

4. Waste management12. Training and development20. Customer privacy

废弃物管理培训及发展客户私隐

5. Use of packaging materials13. Salaries and employe benefits21. Fedback and complaint handling

使用包装材料薪金及雇员福利回馈及投诉处理

6. Impact on the environment14. Diversity and equal oportunity22. Product safety and quality

对环境的影响多元化及平等机会产品安全及质量

7. Climate change15. Talent atraction and retention23. Intelectual property protection

气候变化人才吸纳及挽留知识产权保护

8. Comunity contribution16. Anti-coruption

社区贡献反贪污

本集团环境、社会及管治事宜于本年度的

重要性矩阵：

52Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

During the Year, the Group confirmed that it has established

apropriate and efective management policies and internal

control systems for ESG isues and confirmed that the

disclosed contents were in compliance with the requirements

of the ESG Reporting Guide.

The Group welcomes stakeholders to provide their opinions and

sugestions. Stakeholders can provide valuable advice in respect

of the ESG Report or the Group’s performances in sustainable

development by emailing to: general@wines-link.com.

THE GROUP’S COMITMENT ON ESG ISUES

The Group places great emphasis on incorporating sustainable

busines practices into its daily operations. In achieving a

sustainable long-term growth, the Group recognises the

importance of taking into acount stakeholders’ opinions as

they are an integral part of the Group. Moreover, they aid

the Group in identifying overloked ESG isues from diferent

perspectives.

In order to identify and ases the material concerns of the

stakeholders, the Group has conducted materiality asesment

surveys through stakeholder engagement. The asesment

helped the Group determine the factors that have material

impacts on its sustainable growth and incorporated them in

the development of its ESG strategies and targets. The Group’s

focus on ESG includes climate action and energy saving, along

with managing its resources and waste efectively. Recognising

the urgent ned for decisive action to mitigate climate change,

the Group has set targets to reduce GHG emisions, electricity

usage, water consumption and waste disposed to landfils.

The environmental targets were aproved by the Board and

the progres wil be reviewed by the ESG Task Force anualy.

The Group believes seting ESG-related targets can enhance

the Group’s comitment to corporate social responsibility and

alow the Group’s stakeholders to have a clearer understand

on the ESG performance of the Group.

The Group upholds the people-oriented principle. It

apreciates and recognises the contribution of its employes.

In return, the Group protects its employes by being adamant

about providing a non-discriminatory workplace culture and

competitive remuneration packages. The Group organises

regular wine tasting workshops and gathering events to its

employes and their family members.

本年度，本集团确认其已就环境、社会及

管治事宜制定适当及有效的管理政策及内

部控制系统，并确认披露内容符合环境、

社会及管治报告指引的规定。

联络我们

本集团欢迎持份者提供意见及建议。持份

者可透过发送电邮至general@wines-link.

com提供有关环境、社会及管治报告或本

集团的可持续发展表现的宝贵意见。

本集团于环境、社会及管治事宜

方面的承诺

本集团极为重视将可持续营商惯例纳入其

日常营运。为实现可持续长期增长，本集

团意识到考虑持份者意见的重要性，原因

为彼等是本集团不可或缺的一部分。此

外，彼等有助于本集团从不同角度识别被

忽视的环境、社会及管治事宜。

为识别及评估持份者的重点关注事项，本

集团已透过持份者参与进行重要性评估调

查。该评估有助于本集团厘定对其可持续

发展有重大影响的因素，并将其纳入本集

团的环境、社会及管治策略及目标的制定

中。本集团的环境、社会及管治重点包括

气候行动及节能，以及有效地管理本集团

的资源及废弃物。意识到采取果断行动来

缓解气候变化的迫切需要，本集团已设定

减少温室气体排放、电力使用、水源消耗

及向垃圾堆填区弃置废弃物的目标。环境

目标已获董事会批准，环境、社会及管治

专责小组将每年检讨进度。本集团相信，

设定环境、社会及管治相关目标可加强本

集团对企业社会责任的承诺，并让本集团

的持份者更清楚地了解本集团的环境、社

会及管治表现。

本集团秉承以人为本原则，赞赏并认可雇

员的贡献。作为回报，本集团坚定不移地

提供无歧视的工作场所文化及具竞争力的

薪酬待遇，以保护其雇员。本集团为雇员

及其家属定期举办品酒会及联谊活动。

53威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

The Group also aims to contribute to harmonious society and

works hand in hand with employes and non-governmental

organisations to participate in various comunity services and

donation.

As one of the largest wine companies in Hong Kong, the

Group’s leadership position obliges it to shoulder great

responsibility to asist in constructing a more sustainable future

for its stakeholders and society. The Group pledges to make

consistent efort in strengthening its ESG misions in order to

create an everlasting value to the environment and society.

EMISIONS

Environmental protection and sustainable development rely

on concerted and continuous eforts from al industries and

society. The Group is conscious of the environmental impact

asociated with its operations, therefore, it has formulated the

Environmental Policy to manage its environmental fotprint

acros the Group’s network of operating markets. In adition,

the Group is comited to minimising adverse environmental

impacts by improving existing policies and incorporating gren

practices in its daily operations. During the Year, the Group

was not aware of any material non-compliance with laws

and regulations relating to air and GHG emisions, discharges

into water and land, and generation of hazardous and non-

hazardous waste that would have a significant impact on the

Group, including but not limited to, the Air Polution Control

Ordinance, Water Polution Control Ordinance and Waste

Disposal Ordinance of Hong Kong.

Air Emisions

The Group’s air emisions were mostly generated by the use of

company vehicles. In response to the above sources, the Group

has actively taken measures to manage the air emisions

during its operation. Measures on controling air emisions wil

be provided in the folowing section headed “GHG Emisions”.

本集团亦矢志贡献和谐社会，与雇员及非

政府组织携手合作，参与各种社区服务及

捐献。

作为香港最大酒业公司之一，本集团的领

导地位让其肩负更大责任，协助为其持份

者及社会打造更为可持续的未来。本集团

承诺将持续致力加强其环境、社会及管治

使命，为环境及社会创造不朽的价值。

排放物

环境保护及可持续发展有赖于各行业及社

会的共同及持续努力。本集团意识到与其

运营相关的环境影响，因此，其已制定环

境政策以管理其在本集团营运市场网络中

的环境足迹。此外，本集团致力于透过完

善现有政策并于日常营运中践行环保，将

对环境的不利影响减至最低。于本年度，

本集团并不知悉任何严重违反有关废气及

温室气体排放、向水及土地排污以及有害

及无害废弃物产生而对本集团造成重大影

响的法律及法规（包括但不限于香港《空气

污染管制条例》、《水污染管制条例》及《废

弃物处置条例》）。

废气排放

本集团的废气排放主要来自公司车辆的使

用。针对上述来源，本集团已积极采取措

施管理营运中的废气排放。控制废气排放

的措施将载于下文「温室气体排放」一节。

54Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

The key environmental performance indicators of the Group’s

emisions in the Year are shown in the table below:

Environmental indicatorsUnit20252024

环境指标单位二零二五年二零二四年

Air emisions

(Note 1)

废气排放

（附注1）

Nitrogen oxides (NO

) emisionskg–3.58

氮氧化物(NOX)排放千克

Sulphur oxides (SO

) emisionskg–0.06

硫氧化物(SOX)排放千克

Particulate mater (PM) emisionskg–0.35

颗粒物(PM)排放千克

Note 1: The emision factors used to calculate the NOx, SOx and

PM are sourced from: (i) the Hong Kong Environmental

Protection Department’s (“EPD”) EMFAC-HK Vehicle

Emision Calculation model; and (i) the United States

Environmental Protection Agency’s Vehicle Emision

Modeling Software – MOBILE6.1. The asumption of 80%

relative humidity, a temperature of 25 degres Celsius, an

average sped of 30 kmh, and include runing exhaust

emisions only.

During the Year, the Group replaced al internal combustion

engine vehicles with electric vehicles. Hence the air emisions

generated by vehicles were reduced to zero.

Reduction target of air emisions

Air emisions intensityReduction targetBaseline YearStatus

废气排放密度减排目标基准年状态

emisions intensityReduce 3% by year ending 31

March 2027

Year ended 31 March 2022Achieved

X排放密度截至二零二七年三月三十一日

止年度前减少3%

截至二零二年三月三十一日

止年度

已达成

emisions intensityReduce 3% by year ending 31

March 2027

Year ended 31 March 2022Achieved

X排放密度截至二零二七年三月三十一日

止年度前减少3%

截至二零二年三月三十一日

止年度

已达成

PM emisions intensityReduce 3% by year ending 31

March 2027

Year ended 31 March 2022Achieved

PM排放密度截至二零二七年三月三十一日

止年度前减少3%

截至二零二年三月三十一日

止年度

已达成

本集团的排放于本年度的主要环境表现指

标于下表列示：

附注1：用于计算NOx、SOx及PM的排放

因子来源于：(i)香港环境保护署

（「环保署」）的EMFAC-HK Vehicle

Emision Calculation汽车排放计

算模型；及(i)美国环境保护署的

Vehicle Emision Modeling Software

汽车排放模型软件－MOBILE6.1。

假设相对湿度80%、温度摄氏25

度、平均时速每小时30公里及仅包

括行车时的废气排放量。

本年度，本集团以电动车取代所有内燃引

擎车辆，故由车辆产生的废气排放已减至

零。

废气排放的减排目标

55威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

GHG Emisions

The principal GHG emisions of the Group were generated

from petrol and diesel consumed by company vehicles

(Scope 1), purchased electricity (Scope 2) and electricity

used for procesing fresh water and sewage by government

departments, paper waste disposal at landfils and busines

air travel (Scope 3). To reduce the Group’s GHG emisions,

the Group has set a target to gradualy reduce GHG emisions

intensity (tCO

e/HK$ milion revenue) by the year ending 31

March 2027, using the year ended 31 March 2022 as the

baseline year.

To achieve this target, the Group has adopted the folowing

measures:

Scope 1 – Direct GHG Emisions

The Group has adopted the folowing measures to mitigate

direct GHG emisions from petrol and diesel consumed by

vehicles in its operations:

– Switch to electric vehicles to replace old internal

combustion engine cars;

– Plan routes ahead of time to avoid route repetition and

optimise fuel consumption;

– Regularly service vehicles to ensure optimal engine

performance and fuel use;

– Switch of the vehicle engine when not in use; and

– Utilise public transportation instead of the Group’s

vehicles for busines comute.

Scope 2 – Energy Indirect GHG Emisions

Electricity consumption acounted for the largest percentage

of GHG emisions within the Group. The Group has

implemented measures to reduce energy consumption and the

said measures wil be mentioned in the section headed “Use of

Resources”.

Scope 3 – Other Indirect GHG Emisions

Electricity used for procesing fresh water and sewage by

government departments, ofice paper waste disposal and

busines air travel atributed to the category of other indirect

GHG emisions. Noting that air travels generate a large amount

of GHG emisions, the Group only utilises air travels when

demed necesary. Tele-conferences and web conferences

are the Group’s prefered comunication chanels. Measures

implemented to reduce paper waste disposal are mentioned in

the section headed “Waste Management”.

温室气体排放

本集团的主要温室气体排放来自公司车辆

汽油及柴油耗用（范围1）、购买电力（范

围2）及政府部门处理淡水及污水使用的电

力、于垃圾堆填区弃置废纸及商务飞行旅

程（范围3）。为减少本集团的温室气体排

放，本集团以截至二零二年三月三十一

日止年度为基准年，设定了于截至二零

二七年三月三十一日止年度前逐步降低温

室气体排放密度（吨二氧化碳当量╱百万

收益（港元）的目标。

为达致此目标，本集团已采取以下措施：

范围1 – 直接温室气体排放

本集团已采纳以下措施以减少其营运过程

中车辆耗用汽油及柴油所产生的直接温室

气体排放：

– 转用电动车，以取代旧款的内燃引擎

车辆；

– 提前规划路线以避免路线重复及优化

燃料耗用；

– 定期保养车辆，确保引擎性能处于最

佳状态并提高燃料效益；

– 停车时关掉引擎；及

– 乘坐公共交通而非本集团的车辆通

勤。

范围2 – 能源间接温室气体排放

电力消耗占本集团内部温室气体排放的最

大比例。本集团已推行措施减少能源消

耗，有关措施于「资源使用」一节载述。

范围3 – 其他间接温室气体排放

政府部门处理淡水及污水使用的电力、办

公室废纸弃置及商务飞行旅程归于其他间

接温室气体排放类别。考虑到飞行旅程会

产生大量温室气体排放，本集团仅于认为

必要时才使用飞行旅程。电话会议及网络

会议为本集团的首选沟通渠道。为减少废

纸弃置实施的措施于「废弃物管理」一节载

述。

56Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

The key environmental performance indicators of the Group’s

GHG emisions in the Year are shown in the table below:

Environmental indicatorsUnit20252024

(Note 3)

环境指标单位二零二五年二零二四年

（附注3）

GHG emisions

温室气体排放

Direct emisions (Scope 1)tCO

e–10.72

直接排放（范围1）吨二氧化碳当量

Indirect emisions (Scope 2)

(Note 1)

tCO

e60.2483.73

间接排放（范围2）

（附注1）

吨二氧化碳当量

Other indirect emisions (Scope 3)tCO

e1.321.50

其他间接排放（范围3）吨二氧化碳当量

Total GHG emisionstCO

e61.5695.95

温室气体排放总量吨二氧化碳当量

GHG emisions intensity

(Note 2)

tCO

e (per HK$

milion revenue)

0.160.44

温室气体排放密度

（附注2）

吨二氧化碳当量

（每百万收益（港元）

Note 1: The emision factor for Hong Kong based operations is

set at 0.38 kg CO2/kWh, which is sourced from CLP Power

Hong Kong Limited Sustainability Report 2024.

Note 2: For the two years ended 31 March 2024 and 31 March

2025, the Group recorded revenue of aproximately

HK$216.6 milion and HK$374.0 milion respectively,

which are used for calculating the intensity figures.

Note 3: The figures have ben restated for comparison.

本集团的温室气体排放于本年度的主要环

境表现指标于下表列示：

附注1：香港业务营运适用的排放因子设定

为0.38千克二氧化碳╱千瓦时，乃

源自中华电力有限公司的二零二四

年可持续发展报告。

附注2：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，本集团录得收益分别约216.6

百万港元及374.0百万港元，而此

数据乃用于计算密度数字。

附注3：该等数字已重列以作比较。

57威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Reduction target of GHG emisions

GHG emisions intensityReduction targetBaseline YearStatus

温室气体排放密度减排目标基准年状态

GHG emisions intensityReduce 3% by year ending 31

March 2027

Year ended 31 March 2022Achieved

温室气体排放密度截至二零二七年三月三十一日

止年度前减少3%

截至二零二年三月三十一日

止年度

已达成

Sewage Discharges into Water and Land

Due to the Group’s busines nature, the discharges into land

were insignificant. Similarly, discharges into water were

insignificant. Sewage discharge was covered by the water bil

and is considered as its water consumption. The relevant data

and water-saving measures wil be mentioned in the section

headed “Water Consumption”.

Waste Management

Hazardous Waste Management

Due to the Group’s busines nature, no material hazardous

waste was generated by the Group during the Year.

温室气体排放的减排目标

向水及土地排污

由于本集团的业务性质，向土地排污量并

不重大。同样地，向水排污量亦不属重

大。污水排放已包含在水费账单中并被视

为其水源消耗。相关数据及节水措施已载

于「水源消耗」一节。

废弃物管理

有害废弃物管理

由于本集团的业务性质，本集团于本年度

并无产生重大有害废弃物。

58Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Non-hazardous Waste Management

Non-hazardous waste disposed of by the Group was mainly

ofice paper. The Group contracted a licenced recycling

company to recycle non-reusable waste paper and confidential

documents on a regular basis. Comercial wastes from the

ofice, warehouse and retail shops were mainly colected by

the respective building management, the data of such disposal

was therefore not available. For other unavoidable disposals,

wastes were clasified and arangements were made with

government qualified recyclers for proper disposal. Overal,

the Group did not note a disproportional amount of waste

generated.

The Group places great efort in raising the awarenes of its

employes on the importance of reducing waste production. To

beter govern the use of resources, the Group has developed

the Policy on Environment Performance and has included the

folowing environmentaly friendly initiatives to enhance its

environmental performance.

Gren measures include but are not limited to the folowing:

– Reduce the use of single-use disposable items;

– Reuse income packaging materials from supliers;

– Recycle ofice and electronic equipment after their life

cycle;

– Reuse single-sided waste paper where posible;

– Print electronic corespondences only when necesary;

and

– Procure ofice paper with Programe for the

Endorsement of Forest Certification label.

The key environmental performance indicators of the Group’s

non-hazardous waste production in the Year are shown in the

table below:

Waste20252024

废弃物二零二五年二零二四年

Total non-hazardous waste producedTonesN/AN/A

产生的无害废弃物总量吨不适用不适用

Non-hazardous waste produced intensityTones (per HK$ milion

revenue)

N/AN/A

产生的无害废弃物密度吨（每百万收益（港元）不适用不适用

无害废弃物管理

本集团处理的无害废弃物主要为办公室用

纸。本集团与持牌回收公司订约，以定期

回收不可重复使用废纸及机密文件。来自

办公室、仓库及零售店的商业废弃物主要

由大厦管理处收集，故无法获得该等弃置

的数据。对于其他无可避免的弃置，将废

弃物分类并与政府合资格的回收商安排回

收，以作适当弃置。整体而言，本集团并

未注意到产生不成比例数量的废弃物。

本集团致力提高雇员对减少废弃物产生重

要性的意识。本集团已制定环境绩效政

策，以更好地管理资源使用，并采取以下

环保举措以提高其环境绩效。

环保措施包括但不限于以下各项：

– 减少使用一次性即弃物品；

– 重复使用供应商的来料包装材料；

– 回收已报废的办公室及电子设备；

– 尽可能重复使用单面废纸；

– 仅于必要时打印电子信件；及

– 采购印有森林认证体系认可计划标志

的办公室用纸。

本集团产生的无害废弃物于本年度的主要

环境表现指标于下表列示：

59威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

The production of non-hazardous waste is minimal and

therefore the relevant data is considered imaterial to be

disclosed.

Ofice paper disposed of was recycled where practicable.

During the Year, 24kg of ofice paper was recycled (for the

year ended 31 March 2024: 420kg). The Group wil continue

to monitor its performance in order to minimize the waste

produced.

Reduction target of non-hazardous waste produced

Environmental indicatorsReduction targetBaseline YearStatus

环境指标减排目标基准年状态

Non-hazardous waste

produced intensity

Reduce 3% by year ending 31

March 2027

Year ended 31 March 2022Achieved

产生的无害废弃物密度截至二零二七年三月三十一日

止年度前减少3%

截至二零二年三月三十一日

止年度

已达成

Compliance with relevant laws and regulations

The Group strictly regulates the operation of its busines

to ensure the compliance with national and local laws and

regulations relating to environmental protection and polutant

emisions. In the Year, there was no case of material non-

compliance with the Air Polution Control Ordinance, Water

Polution Control Ordinance and Waste Disposal Ordinance of

Hong Kong and other relevant laws and regulations relating

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

generation of hazardous and non-hazardous waste that have

a significant impact on environment. In adition, there was

no report of significant fines or sanctions as a result of non-

compliance with the relevant laws and regulations in the Year.

USE OF RESOURCES

The Group takes the initiative to introduce gren measures

to reduce the environmental impact arising from its busines

operations. Measures on reducing general waste and ofice

paper waste production have ben mentioned in the section

headed “Emisions”.

本集团所产生的无害废弃物甚少，因此，

相关数据被视为不重大而不予以披露。

经处置的办公室用纸于可行情况下被回

收。于本年度内，合共回收办公室用纸24

千克（截至二零二四年三月三十一日止年

度：420千克）。本集团将继续监察其表

现，以尽力减少废弃物产生。

产生的无害废弃物的减排目标

遵守相关法律及法规

本集团严格规管其业务营运，以确保遵守

国家及当地有关环保及污染物排放的法律

及法规。于本年度，概无严重违反有关废

气及温室气体排放、向水及土地排污以及

有害及无害废弃物产生而对环境造成重大

影响的香港《空气污染管制条例》、《水污

染管制条例》及《废弃物处置条例》以及其

他相关法律及法规。另外，本年度并无有

关因违反相关法律及法规而导致重大罚款

或制裁的报告。

资源使用

本集团主动推出环保措施，以减少其业务

营运对环境的影响。减少一般废弃物及办

公室废纸的措施已载于「排放物」一节。

60Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Energy Consumption

The Group realises the scarcity of finite natural resources and

has therefore implemented policies to beter govern the use

of resources. Recognising that the majority of the electricity

consumed was due to the 24-hour climate-control showrom

bar and wine storage, the Group places great efort in

procuring energy eficient wine celars and cabinets, and would

regularly inspect the seal to ensure that it remains airtight to

avoid jeopardising the quality of wine and energy wastage.

Anomaly in electricity consumption wil be investigated and

preventive measures wil be taken.

In adition, the Group strives to further reduce energy

consumption by seting a target to gradualy reduce electricity

consumption intensity (kWh/HK$ milion revenue) by the year

ending 31 March 2027, using the year ended 31 March 2022

as the baseline year. To achieve this target, the Group has

adopted the folowing energy-saving measures:

– Switch on external lighting of the retail shop only during

operation hours;

– Pre-set air-conditioning temperature at the ofices;

– Post eye-catching reminders near light switches and

electrical apliances for employes;

– Switch of al idle electrical apliances and unecesary

lightings upon leaving the premises; and

– Purchase equipment with higher energy eficiency on the

replacement of old equipment.

能源消耗

本集团意识到有限自然资源匮乏，故已实

施政策以更好地管理资源使用。经确认所

消耗的绝大部分电力是由于24小时气候控

制陈列室酒吧及葡萄酒仓储所致后，本集

团大力采购节能酒窖及酒柜，并将定期检

查封条以确保其密封性，从而避免破坏葡

萄酒的品质及造成能源浪费。本集团会对

用电异常情况进行调查，并采取预防措施。

此外，本集团以截至二零二年三月

三十一日止年度为基准年，设定了于截至

二零二七年三月三十一日止年度前逐步降

低电力消耗密度（千瓦时╱百万收益（港

元）的目标，致力进一步降低能源消耗。

为达致此目标，本集团已采取以下节能措

施：

– 仅于营业时间内启动零售店的外部照

明；

– 预设办公室空调温度；

– 于照明开关及电器附近为雇员张贴提

示；

– 于离开场所后，关闭所有闲置电器及

不必要照明；及

– 采购能源效益较高的设备，以替换旧

设备。

61威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

The total units of energy and water consumed by the Group

and the amount of total packaging material used for finished

products in the Year are shown in the table below:

Total use of resourcesUnit20252024

资源总用量单位二零二五年二零二四年

Purchased electricity consumedkWh158,536.00220,353.00

所消耗已购电力千瓦时

Petrol consumed

(Note1)

kWh–23,542.85

已消耗汽油

（附注1）

千瓦时

Diesel consumed

(Note1)

kWh–16,798.74

已消耗柴油

（附注1）

千瓦时

Total energy consumedkWh158,536.00260,694.59

总能源消耗千瓦时

Energy consumption intensitykWh (per HK$ milion revenue)423.891,203.58

能源消耗密度千瓦时（每百万收益（港元）

Water consumptionm

33.0072.00

水源消耗立方米

Water consumption intensitym

(per HK$ milion revenue)0.090.33

用水密度立方米（每百万收益（港元）

Note 1: The conversion factor used to convert data in other units

to kWh is sourced from the Energy Statistics Manual

isued by the International Energy Agency.

Due to the closure of certain stores, the total energy

consumption intensity decreased by 64.78% from

aproximately 1,204 kWh/HK$ milion revenue for the year

ended 31 March 2024 to aproximately 424 kWh/HK$ milion

revenue for the Year.

Water Consumption

The Group’s water use is mainly domestic water. Recognising

the importance of water conservation, the Group has set a

target to gradualy reduce water consumption intensity (m

HK$ milion revenue) by the year ending 31 March 2027.

To achieve the target and enhance employes’ awarenes

of water conservation, besides posting water conservation

reminders around the Group’s premises, the Group also

regularly inspects water taps to prevent leakage and instals

dual flush water cistern in toilets and water-saving thimble in

sinks where posible.

本集团于本年度消耗的能源及用水总量以

及制成品所用包装材料总量在下表列示：

附注1：数据由其他单位转为千瓦时的转

换因子乃源自国际能源署刊发的

Energy Statistics Manual。

由于关闭若干店舖，总能源消耗密度由截

至二零二四年三月三十一日止年度约1,204

千瓦时╱百万收益（港元）减少64.78%至

本年度约424千瓦时╱百万收益（港元）。

水源消耗

本集团用水主要为生活用水。本集团认识

节水的重要性，并已设定目标，于截至二

零二七年三月三十一日止年度前逐步降低

用水密度（立方米╱百万收益（港元）。为

达致目标，增强雇员的节水意识，除了于

本集团场所张贴节水提示外，本集团亦定

期检查水龙头以防止泄漏，如可能的话，

于厕所安装双冲水箱，并于洗涤槽安装

节水顶针。

62Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Atributed to the implementation of the above-mentioned

water saving measures, water conservation awarenes among

employes has increased. Total water consumption decreased

significantly by 54.17% from aproximately 72m

for the year

ended 31 March 2024 to aproximately 33m

for the Year.

Due to the Group’s busines nature, the Group did not

encounter any problem in sourcing water that was fit for

purpose.

Reduction target of use of resources

Environmental indicatorsReduction targetBaseline YearStatus

环境指标减排目标基准年状态

Energy consumption

intensity

Reduce 3% by year ending 31

March 2027

Year ended 31 March 2022Achieved

能源消耗密度截至二零二七年三月三十一日

止年度前减少3%

截至二零二年三月三十一日

止年度

已达成

Water consumption

intensity

Reduce 3% by year ending 31

March 2027

Year ended 31 March 2022Achieved

用水密度截至二零二七年三月三十一日

止年度前减少3%

截至二零二年三月三十一日

止年度

已达成

Use of Packaging Material

Due to the Group’s busines nature, the use of packaging

material was not considered to be a material ESG aspect to the

Group.

THE ENVIRONMENT AND NATURAL

RESOURCES

The Group does not engage in industrial production, therefore

the overal environmental impact from the Group’s busines

operations is relatively low. Nevertheles, the Group remains

conscious of its existing and potential impacts, therefore

regularly aseses the environmental risks of its busines

model, adopts preventive measures and ensures compliance

with relevant laws and regulations.

Indor Air Quality

Indor air quality was regularly monitored and measured.

During the Year, the indor air quality of the Group’s

premises was satisfactory. To improve indor air quality, air

purifying equipment were placed in the premises and the air

conditioning system was cleaned periodicaly. These measures

filtered out polutants, contaminants and dust particles and

resulted in maintaining indor air quality at a satisfactory level.

因落实上述节水措施，雇员的节水意识有

所增强。总用水量由截至二零二四年三月

三十一日止年度的约72立方米大幅减少

54.17%至本年度的约33立方米。

由于本集团的业务性质，本集团于获取适

用水源方面并无遇到任何问题。

资源使用的减排目标

使用包装材料

由于本集团的业务性质，使用包装材料对

本集团而言并未被视作重要环境、社会及

管治层面。

环境及天然资源

本集团并未从事工业生产，故本集团业务

营运对环境造成的整体影响相对较小。然

而，本集团仍意识到其现有及潜在影响，

因而定期评估其业务模式的环境风险，采

取预防措施并确保遵守相关法律及法规。

室内空气质量

本集团定期监测及测量室内空气质量。于

本年度，本集团场所的室内空气质量令人

满意。为改善室内空气质量，本集团于场

所内放置空气净化设备，并定期清洁空调

系统。该等措施过滤了污染物、杂质及灰

尘颗粒，从而使室内空气质量保持在令人

满意的水平。

63威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

CLIMATE CHANGE

The Group recognises the importance of the identification,

mitigation and adaption of significant climate-related isues.

Therefore, the Group is comited to managing the potential

climate-related risks which may impact the Group’s busines

activities. The Group has formulated the Climate Change Policy

and Environmental Policy to identify and mitigate diferent

climate-related risks. Aditionaly, the Group has performed

a climate change asesment to identify and mitigate the

potential risks that may arise from its busines operations.

The result of the asesment wil be reviewed regularly by the

management of the Group. Climate-related risks faced by the

Group mainly stem from the folowing dimensions:

Transition Risks

As the climate legislation and regulations wil be more

stringent to suport the global vision of carbon neutrality, the

Group’s busines operations may be materialy and adversely

afected if it fails to comply with the laws and regulations

aplicable to its busineses from time to time. Negative

publicity may also arise due to failure to met the compliance

requirements for climate change. The Group’s related capital

investment and compliance costs thus increase. In response

to the policy and legal risks as wel as the reputation risks,

the Group regularly monitors existing and emerging trends,

policies and regulations relevant to climate change and be

prepared to alert the top management where necesary to

avoid cost increments, non-compliance fines or litigation costs

due to delayed response.

In adition, there are increasing number of investors who

advocate combating climate change and customers who

sek low-carbon logistics solutions. If the Group fails to

implement efective measures to met such expectations and

market change, the Group may lose potential investment

and experience reduced demand for its services. As a

countermeasure, the Group maintains high transparency in its

ESG policies, reports and related activities to build trust and

confidence with investors and customers.

气候变化

本集团意识到识别、减轻及适应重大气候

相关问题的重要性。因此，本集团致力管

理可能影响本集团业务活动的潜在气候相

关风险。本集团已制定气候变化政策及环

境政策，以识别及减轻各种气候相关风

险。此外，本集团已进行气候变化评估，

以识别及减轻其业务营运可能产生的潜在

风险。本集团管理层将定期检讨评估结

果。本集团面临的气候相关风险主要来自

以下层面：

转型风险

为支持全球碳中和愿景，气候立法及法规

将更为严格，因此，倘本集团未能遵守不

时适用于其业务的法律及法规，其业务营

运或会受到重大不利影响。倘本集团未能

符合气候变化合规要求，亦可能引起负面

宣传。本集团的相关资本投资及合规成本

亦会因此增加。为应对政策及法律风险以

及声誉风险，本集团定期监测与气候变化

有关的现有及新出现的趋势、政策及法

规，并准备于必要时提醒最高管理层，以

避免成本增加、违规罚款或因反应迟缓而

导致的诉讼费用。

此外，支持应对气候变化的投资者及寻求

低碳物流解决方案的客户数目亦日益增

加。倘本集团未能采取有效措施来满足相

关预期及市场变化，本集团可能会失去潜

在投资，对其服务需求亦可能有所减少。

为应对相关情况，本集团在其环境、社会

及管治政策、报告及相关活动中维持高透

明度，以建立与投资者及客户间的信任及

信心。

64Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Physical Risks

As the frequency and magnitude of extreme weather events

intensify, the Group’s suply chain would be afected to

a degre that it would disrupt product flow and shiping

worldwide. The Group relies on the third-party logistics service

providers for the transport of wine products. Delivery of wine

products may be disrupted due to adverse weather conditions,

which could result in delayed or lost delivery of products, and

may lead to los of the Group’s revenue. If the labeling, sealing

and packaging of wine products are damaged as a result of

inapropriate handling during the transportation proces, the

Group may have to lower the seling prices of such damaged

products, which wil result in a decrease in its profit margin

and adversely afect its profitability. To strengthen busines

resiliency in face of extreme weather events, the Group has

developed strategies for mitigating and responding to them

acros its value chain. Measures taken by the Group to stabilise

the suply chain wil be mentioned in the section headed

“Suply Chain Management”.

Long-term efects such as the change of temperature may

also cause damage to the quality and suply of the Group’s

products. In particular, wine companies are vulnerable to the

physical risk because alcoholic beverages are easily afected

by external factors such as the temperature. To ensure quality

control of products, the Group evaluates the posible extreme

weather events that can damage the quality or suply of the

products, and inspects the coling system regularly.

EMPLOYMENT

Human resources are the cornerstone of the Group. The

Group recognises that its continued suces is dependent

on employes’ talents and their dedication. Employment

policies are formaly documented in the Employe Handbok,

covering various aspects, such as recruitment, compensations,

remuneration, diversity and equal oportunities. The Group

periodicaly reviews existing policies and employment practices

to ensure continuous improvement of its employment

standards and competitivenes against service providers of the

similar industry. As at 31 March 2025, the Group had a total

of 33 employes (as at 31 March 2024: 24 employes).

实体风险

随著极端天气事件的频率及程度加剧，本

集团的供应链将受到一定程度的影响，从

而中断全球的产品流动及运输。本集团依

赖第三方物流服务供应商进行葡萄酒产品

的运输。葡萄酒产品的交付可能会因恶劣

天气条件受阻，从而可能导致产品交付延

迟或丢失产品，或会令本集团蒙受收益损

失。若葡萄酒产品的标签、封口及包装在

运输过程中因处理不当而损坏，本集团或

须降低该等损坏产品的售价，从而导致其

利润率下降并对其盈利能力产生不利影

响。为加强业务应对极端天气事件的能

力，本集团已在其价值链制定缓解及应对

极端天气事件的策略。有关本集团为稳定

供应链而采取的措施将载于「供应链管理」

一节。

温度变化等长期影响亦可能对本集团产品

的品质及供应造成损害。尤其是酒业公司

容易受实体风险的影响，因为酒精饮品容

易受温度等外部因素影响。为确保产品的

品质控制，本集团对可能损害产品质量或

供应的极端天气事件进行评估，并定期检

查冷却系统。

雇佣

人力资源是本集团的基石。本集团承认其

持续成功取决于人才及其奉献。雇佣政策

已正式载入《员工手册》，涵盖招聘、赔

偿、薪酬、多元化及平等机会等不同范

畴。本集团定期审查现有政策及雇佣惯

例，以确保持续提升其雇佣标准及相较于

同行服务供应商的竞争力。于二零二五年

三月三十一日，本集团共有33名雇员（于

二零二四年三月三十一日：24名雇员）。

65威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Breakdown of the employes by gender, age group,

employment types, employe categories and geographical

region as at 31 March 2025 and 31 March 2024 are as folows:

By Gender

按性别

Female

女性

Male

男性

By Age Group

按年龄组别

As at 31 March 2025

于二零二五年三月三十一日

By Employment Type

按雇佣类型

Part-time

兼职

Ful-time

全职

By Employment Categories

按职级类型

Other employes

其他雇员

Management

管理层

By Geographical Region

按地理区域

Hong Kong

香港

As at 31 March 2025

于二零二五年三月三十一日

26 – 35 years old

26至35岁

36 – 45 years old

36至45岁

46 – 55 years old

46至55岁

18 – 25 years old

18至25岁

56 or above

56岁或以上

By Gender

按性别

Female

女性

Male

男性

By Age Group

按年龄组别

As at 31 March 2024

于二零二四年三月三十一日

By Employment Type

按雇佣类型

Part-time

兼职

Ful-time

全职

By Employment Categories

按职级类型

Other employes

其他雇员

Management

管理层

By Geographical Region

按地理区域

Hong Kong

香港

As at 31 March 2024

于二零二四年三月三十一日

26 – 35 years old

26至35岁

36 – 45 years old

36至45岁

46 – 55 years old

46至55岁

18 – 25 years old

18至25岁

56 or above

56岁或以上

The People’s

Republic of

China (the

“PRC”)

中华人民共和国

（「中国」）

The People’s

Republic of

China (the

“PRC”)

中华人民共和国

（「中国」）

于二零二五年三月三十一日及二零二四年

三月三十一日，按性别、年龄组别、雇佣

类型、雇员类别及地理区域划分的雇员明

细载列如下：

66Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

By Gender

按性别

Female

女性

Male

男性

By Age Group

按年龄组别

As at 31 March 2025

于二零二五年三月三十一日

By Employment Type

按雇佣类型

Part-time

兼职

Ful-time

全职

By Employment Categories

按职级类型

Other employes

其他雇员

Management

管理层

By Geographical Region

按地理区域

Hong Kong

香港

As at 31 March 2025

于二零二五年三月三十一日

26 – 35 years old

26至35岁

36 – 45 years old

36至45岁

46 – 55 years old

46至55岁

18 – 25 years old

18至25岁

56 or above

56岁或以上

By Gender

按性别

Female

女性

Male

男性

By Age Group

按年龄组别

As at 31 March 2024

于二零二四年三月三十一日

By Employment Type

按雇佣类型

Part-time

兼职

Ful-time

全职

By Employment Categories

按职级类型

Other employes

其他雇员

Management

管理层

By Geographical Region

按地理区域

Hong Kong

香港

As at 31 March 2024

于二零二四年三月三十一日

26 – 35 years old

26至35岁

36 – 45 years old

36至45岁

46 – 55 years old

46至55岁

18 – 25 years old

18至25岁

56 or above

56岁或以上

The People’s

Republic of

China (the

“PRC”)

中华人民共和国

（「中国」）

The People’s

Republic of

China (the

“PRC”)

中华人民共和国

（「中国」）

67威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

During the Year, the overal employe turnover rate was

35.09% (Note 1) (2024: 70.37%). The breakdown of turnover

rate for the Year and the year ended 31 March 2024 are as

folows:

Employe turnover rate by categories2025

(Note 2)

按类别划分的雇员流失率二零二五年

（附注2）

二零二四年

（附注2）

By gender按性别

– Male– 男性37%83%

– Female– 女性33%56%

By age group按年龄组别

– 18 – 25 years old– 18至25岁–200%

– 26 – 35 years old– 26至35岁67%57%

– 36 – 45 years old– 36至45岁35%64%

– 46 – 55 years old– 46至55岁33%50%

– 56 years old or above– 56岁或以上29%100%

By geographical region按地理区域

– Hong Kong– 香港38%68%

– The United States– 美国–200%

– The PRC– 中国–67%

Note 1: The calculation formula is shown as below:

Total turnover rate = X/Y * 100%

X = Number of employes leaving employment during the

Year

Y = (Number of employes at the begining of the Year +

Number of employes at the end of the Year)/2

Note 2: The calculation formula of turnover rate by category is

shown as below:

Turnover rate by category = X/Y * 100%

X = Number of employes in the specified category

leaving employment during the Year

Y = (Number of employes in the specified category at

the begining of the Year + Number of employes in the

specified category at the end of the Year)/2

于本年度，整体雇员流失率为35.09%（附

注1）（二零二四年：70.37%）。于本年度及

截至二零二四年三月三十一日止年度的流

失率明细载列如下：

附注1：计算公式如下：

总流失率= X/Y * 100%

X=本年度内离职雇员人数

Y=（本年度初雇员人数+本年度末雇

员人数）╱2

附注2：按类别划分的流失率的计算公式如

下：

按类别划分的流失率= X/Y * 100%

X=本年度内特定类别的离职雇员人

数

Y=（本年度初特定类别雇员人数+本

年度末特定类别雇员人数）╱2

68Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Recruitment, Diversity and Equal Oportunities

Sustainable growth of the Group relies on a non-discriminatory

recruitment proces and the diversity of talents. The Group’s

employes are recruited via a robust, transparent and fair

recruitment proces based solely on their experience and

expertise and without regard to their age, ethnicity, origin,

gender identity, marital status, sexual orientation and religion.

The recruitment proces is suported by the Group’s separate

Recruitment Policy that details the recruitment proces and sets

out the responsibilities of the Remuneration Comite, Vice

President of respective departments and the Human Resources

Department in ensuring that the selection proces is just and

standardised.

The Group believes that al employes should have the

right to work in an environment fre of discrimination,

harasment and vilification and is comited to creating and

maintaining an inclusive and harmonious workplace culture.

The Group emphaticaly states its zero-tolerance stance on any

aforementioned behaviours in the workplace of any form.

Benefits and Welfare

The Group understands that god benefits and welfare

encourages retention and fosters a sense of belonging. The

Group ofers atractive remuneration packages, including

performance bonus, discretionary bonuses and sales

comision. In adition to the entitlement of leaves stipulated

in the Employment Ordinance of Hong Kong, the Group

provides other leaves to its employes, such as compasionate

leave, compensation leave, etc. Save for the aforementioned

entitlement to leaves, the employes are also entitled to

benefits such as birthday red packet, discount on the Group’s

products purchase, group medical insurance scheme and

busines trip travel insurance scheme.

Family-friendly Employer

The Group was comended by the Home Afairs Bureau and

the Family Council for the Family-Friendly Employers Award

Scheme which demonstrated that the Group was sucesful

in implementing family-friendly practices to promote a beter

work-life balance for its employes.

招聘、多元化及平等机会

本集团的可持续发展依赖非歧视招聘流程

及人才多元化。本集团根据经验及专长，

透过健全、透明及公正的招聘流程遴选雇

员，而不考虑其年龄、种族、出身、性

别、婚姻状况、性取向及宗教。招聘流程

获本集团单独招聘政策支持，该政策详述

招聘流程，并载明薪酬委员会、各部门副

总裁及人力资源部的职责，以确保甄选过

程公正且规范。

本集团认为，全体雇员均有权在无歧视、

骚扰及诽谤的环境中工作，并致力创造及

维持包容、和谐的工作场所文化。本集团

强调对工作场所中任何形式的上述行为采

取零容忍态度。

待遇及福利

本集团深知良好的待遇及福利会鼓励雇员

留任并增强归属感。本集团提供吸引的薪

酬待遇，包括绩效奖金、酌情花红及销售

佣金。除香港《雇佣条例》规定的休假权利

外，本集团向其雇员提供其他假期，如恩

恤假、调休等。除上述休假权利外，雇员

亦有权享有生日红包、本集团产品购买折

扣、集团医疗保险计划及商务旅行保险计

划等福利。

家庭友善雇主

本集团获民政事务局及家庭议会作出家庭

友善雇主奖励计划表彰，表明本集团成功

践行家庭友善，以促进其雇员实现工作与

生活平衡。

69威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Promotion and Performance Review

Employes’ salary is reviewed anualy acording to the

result of their performance review in the first quarter of the

financial year. Employes are promoted on the basis of their

performance and the extent to which they demonstrate the

atributes required for the higher grade. The Group also gives

preference to internal promotion to reward employe’s loyalty

and continuous efort.

Working Hours and Rest Periods

Oficial working hours and rest periods are clearly stated in

the Employe Handbok and are in acordance with the local

employment laws. Unles otherwise specified, employes

of non-executive grades may be compensated by way of

compensation leave should they be required to work out of

stipulated working hours in the case of urgent busines neds.

Compensation and Dismisal

The Group compensates employes in acordance with the

provisions of the Employes’ Compensation Ordinance of

Hong Kong, which covers employes who sustain personal

injury by acident or disease arising out of and in the course of

employment. Unreasonable dismisal under any circumstances

is strictly prohibited. Dismisal wil be based on reasonable and

lawful grounds suported by internal policies of the Group.

Compliance with relevant laws and regulations

During the Year, the Group was not aware of any material non-

compliance with employment-related laws and regulations that

would have a significant impact on the Group, including but

not limited to the Employment Ordinance, Sex Discrimination

Ordinance, Disability Discrimination Ordinance, Family Status

Discrimination Ordinance, Race Discrimination Ordinance and

Minimum Wage Ordinance of Hong Kong.

晋升及绩效评估

本集团每年于财政年度的第一季度根据雇

员的绩效评估结果评估雇员薪金。本集团

根据雇员表现以及彼等拥有高阶工作所需

能力的程度来晋升雇员。本集团亦倾向内

部晋升，以奖励雇员的忠诚度及持续努力。

工时及假期

官方工时及假期于《员工手册》中明确说

明，并遵守当地雇佣法律。除另有说明

外，如非行政级别雇员因紧急业务需要须

在规定工作时间以外的时间工作，彼等可

透过调休获得补偿。

补偿及解雇

本集团依据香港《雇员补偿条例》的规定

对雇员进行补偿，涵盖雇佣期间因事故或

疾病而遭致人身伤害的雇员。于任何情况

下，本集团严禁不合理解雇；解雇将基于

本集团内部政策支持的合理、合法依据。

遵守相关法律及法规

于本年度，本集团并不知悉任何严重违反

会对本集团造成重大影响的雇佣相关法律

及法规的情况，包括但不限于香港《雇佣

条例》、《性别歧视条例》、《残疾歧视条

例》、《家庭岗位歧视条例》、《种族歧视条

例》及《最低工资条例》。

70Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

HEALTH AND SAFETY

Ocupational Health and Safety Management

The Group places a high priority on providing employes with

a safe and healthy working environment and is comited

to safeguarding the wel-being of al employes. Working

arangement during typhon and rainstorm has ben clearly

specified by the Group in the Employe Handbok to avoid

any confusion which might lead to safety isue. Policy on

fire precautions is also stated in the Employe Handbok to

alert its employes of the importance of fire prevention. Fire

extinguishers are strategicaly placed and fire exits are fre

from obstruction. Meanwhile, first aid boxes are acesible in

the premise.

Work-related fatalities ocured202520242023

发生因工死亡事件二零二五年二零二四年二零二三年

Number of work-related fatalities–

因工死亡宗数

Work-related fatalities rate (%)–

因工死亡率(%)

Number of lost days due to work injury202520242023

因工伤而损失的工作日数二零二五年二零二四年二零二三年

Lost days due to work injury–

因工伤而损失的工作日数

Compliance with relevant laws and regulations

During the Year, the Group was not aware of any material

non-compliance with health and safety-related laws and

regulations that would have a significant impact on the Group,

including but not limited to the Ocupational Safety and

Health Ordinance of Hong Kong.

During the Year, the Group did not register any material injury

cases and working days lost due to work injury. The Group

recorded zero cases of work-related fatalities and this has ben

maintained for 3 consecutive financial years.

健康与安全

职业健康与安全管理

本集团高度重视为雇员提供安全、健康的

工作环境和致力保障全体雇员的健康。本

集团已于《员工手册》明确规定台风及暴雨

期间的工作安排，以避免任何可能导致安

全问题的混乱。《员工手册》亦规定防火政

策，以警示雇员防火的重要性。灭火器的

位置具有策略性，且消防通道并无任何阻

塞。同时，急救箱放置于场所内易接近的

位置。

遵守相关法律及法规

于本年度，本集团并不知悉任何严重违反

会对本集团造成重大影响的健康与安全相

关法律及法规的情况，包括但不限于香港

《职业安全及健康条例》。

于本年度，本集团并无录得任何因工伤而

造成的重大工伤事故及工作日数损失。本

集团录得零宗因工死亡个案，并已连续三

个财政年度维持录得零宗因工死亡个案。

71威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

DEVELOPMENT AND TRAINING

Provision of Training Oportunities

Training and continuous development are indispensable to the

Group’s employes to kep abreast of the ever-changing trend

of the industry. The Group encourages a continuous learning

atmosphere for carer development and thus provides on-the-

job training and both internal (wine and baijiu tasting) and

external (Wine & Spirit Education Trust, baijiu training course)

courses and workshops to its employes. This ensures that

employes not only hold relevant wine and spirit qualifications

but are also equiped with a wealth of knowledge and

experience in advising customers on picking their prefered

wine or other alcoholic beverages. In the long run, the breadth

of employes’ knowledge wil atract new customers and forge

close bonds with existing customers. Moreover, employes

are eligible for reimbursement on job-related training, courses

and seminars and are also entitled to aply for paid study or

examination leave. The Group holds firm belief that providing

its employes with adequate training oportunities and rom

for continuous development lays a solid foundation for the

Group’s continuing suces.

During the Year, the percentage of employes trained is as

folows:

Percentage of employes trained by categories20252024

受训雇员按类别之百分比二零二五年二零二四年

Percentage of employes trained

(Note 1)

受训雇员百分比

（附注1）

70%100%

By gender

(Note 2)

按性别

（附注2）

– Male– 男性48%50%

– Female– 女性52%50%

By employe category

(Note 2)

按雇员类别

（附注2）

– Management– 管理层39%38%

– Other employes– 其他雇员61%62%

Note 1: Percentage of employes trained is calculated by dividing

the number of employes who tok part in training by the

number of employes.

Note 2: Breakdown for employes trained by categories is

calculated by dividing the number of employes trained in

specified category by the number of employes who tok

part in training.

发展及培训

提供培训机会

培训及持续发展对于本集团雇员而言必不

可少，以紧跟行业日新月异的趋势。本集

团鼓励持续学习氛围以促进事业发展，故

向其雇员提供在职培训以及内部（葡萄酒

及中国白酒品尝）及外部（葡萄酒与烈酒教

育基金会、中国白酒培训课程）课程及讲

习班。此确保雇员不仅拥有相关葡萄酒及

烈酒资格，且具备丰富的知识及经验，可

为客户在挑选其偏爱葡萄酒或其他酒精饮

品方面提供意见。从长远来看，雇员的知

识广度将吸引新客户并有助与现有客户建

立紧密联系。此外，雇员合资格获得工作

相关培训、课程及研讨会报销，亦有权申

请带薪学习或考试假。本集团坚信，为其

雇员提供充足培训机会及持续发展空间为

本集团的持续成功奠定坚实基础。

于本年度，受训雇员的百分比如下：

附注1：受训雇员百分比乃按参与培训的雇

员人数除以雇员人数计算。

附注2：按类别划分的受训雇员明细乃按特

定类别的受训雇员人数除以参与培

训的雇员人数计算。

72Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Training and development courses are ofered throughout the

Group to upgrade employe skils and knowledge. During

the Year, al directors participated in continuous profesional

development activities by reading regulatory updates, and/or

atending seminars or workshops relevant to the busines or

directors’ duties.

During the Year, average training hours completed per

employe is as folows:

Average training hours by categories20252024

按类别划分的平均培训小时二零二五年二零二四年

Average training hours per employe

(Note 1)

每名雇员平均培训小时

（附注1）

3.702.50

Average training hours by gender

(Note 2)

按性别划分的平均培训小时

（附注2）

– Male– 男性3.672.83

– Female– 女性3.722.17

Average training hours by employe

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

LABOUR STANDARDS

Prevention of Child and Forced Labour

The Group guarantes that no employe wil be made to work

against his/her wil or be coerced to work. The recruitment of

child labour is strictly prohibited. Al employes recruited by the

Group are above 18 years old. Personal data is colected and

original suporting documents are required to be presented

during the proces to asist the selection of suitable candidates

and to verify the candidates’ personal data. The Human

Resources Department ensures that their identity documents

are carefuly checked and periodicaly reviews the Group’s

employment practices to avoid child labour and forced labour.

Moreover, to prevent non-compliance with labour standards,

overtime working is on a voluntary basis, which provides an

efective protection of their interests. Any violations of the

labour standards of respective jurisdictions wil be investigated,

remedied and reported to the government authorities

promptly. Further, the Group shal imediately terminate the

employment contract and impose due punishment on the

ering employe. The isue wil imediately be dealt with in

acordance with the aplicable laws and regulations.

Compliance with relevant laws and regulations

During the Year, the Group was not aware of any material

non-compliance with child and forced labour-related laws and

regulations that would have a significant impact on the Group,

including but not limited to the Employment Ordinance of

Hong Kong.

SUPLY CHAIN MANAGEMENT

Regarding the wine procurement proces, the Group focuses

primarily on the selection of high-quality wines from diferent

wine regions, varieties and styles in order to met the diverse

preference of the customers. Therefore, procuring fine wines

under an overly rigid procurement proces policy wil not be

desirable. During the Year, wine supliers were predominately

from famous wine regions.

劳工准则

防止童工及强制劳工

本集团保证概无雇员被迫违反自身意愿工

作或被迫工作。本集团严禁招聘童工。本

集团聘请的所有雇员均年满18岁。本集

团会收集个人资料，且在此过程中需要提

供原始证明文件，以协助甄选适当候选人

并核证候选人的个人资料。人力资源部确

保仔细检查其身份证件并定期审阅本集团

的雇佣惯例以避免雇用童工及强制劳工。

此外，为防止违反劳工准则，加班工作为

自愿性质，此有效地保护雇员的利益。任

何违反各自司法管辖区劳工准则的行为将

被调查、纠正并及时向政府当局报告。此

外，本集团会即时终止雇佣合约，并对犯

错雇员施加适当处罚，以及立即根据适用

的法律及法规处理该问题。

遵守相关法律及法规

于本年度，本集团并不知悉任何严重违反

会对本集团造成重大影响的童工及强制劳

工相关法律及法规的情况，包括但不限于

香港《雇佣条例》。

供应链管理

在葡萄酒采购过程中，本集团主要专注甄

选多个葡萄酒产区、品种及款式的优质葡

萄酒，以满足客户的不同偏好。因此，根

据过于僵化的采购过程政策采购优质葡萄

酒并不可取。于本年度，葡萄酒供应商主

要来自知名葡萄酒产区。

74Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

The number of major supliers by geographic region during

the Year is as folows:

Geographical region20252024

地区二零二五年二零二四年

Hong Kong香港5659

The PRC中国923

France法国1122

United Kingdom英国–2

Others其他–1

Procurement Proces

For procurement of gods and services other than the

aforementioned, the Group strives to consider supliers’

reputation, prevailing market price and delivery time. At the

same time, the purchase of suplies is determined and adjusted

by the curent inventories, expected customer demands and

projected sales trends. Where posible, the Group strives not to

over-rely on a particular suplier by maintaining more than one

suplier for each type of gods or services provided in order to

ensure the stability of the suply chain. The Group periodicaly

evaluates and monitors the performance of its supliers to

ensure their compliance with quality and service standards.

Should services provided by the suplier fal below the agred

standard, the coperation may be terminated. During the Year,

the aforementioned suplier engagement practices have ben

imposed on al supliers.

于本年度按地理区域划分的主要供应商数

目如下：

采购过程

对于采购除上文所述者外的商品及服务而

言，本集团致力考虑供应商声誉、现行市

价及交付时间。同时，根据当前库存、预

期客户需求及预计销售趋势确定及调整耗

材采购。在可能情况下，本集团致力透过

为所提供的各种商品或服务维持一个以上

供应商而不过度依赖某一供应商，以确保

供应链的稳定性。本集团定期评估及监察

其供应商表现，以确保彼等符合品质及服

务标准。如供应商所提供的服务低于经协

定标准，则合作可能会终止。本年度，本

集团已对所有供应商实施上述供应商聘用

惯例。

75威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Managing Environmental and Social Risks of the

Suply Chain

The Group recognises that its operations are highly dependent

on a responsible and sustainable suply chain and therefore

has put considerable efort into safeguarding its values

along the suply chain to protect its principles of ethics and

legality. Relevant policies and measures are established in

the Group’s Labour Standards and Suplier Code of Conduct

and the Environmental Policy to monitor the quality of the

Group’s supliers as wel as their environmental and ethical

performance. To reduce its social and environmental risks

along the suply chain, the Group periodicaly evaluates

and monitors the performance of its supliers to ensure

their compliance with laws and regulations relating to

environmental and social policies, service standards, contract

conditions and quality provisions. Any non-compliance to

relevant environmental and social laws and regulations

discovered by the designated personel from the Group during

the asesment wil be promptly reported to the management.

Corective action plan wil be caried out to remediate the

identified risk in a timely maner.

In adition, the Group pays close atention to the

environmental awarenes of its supliers and activity

promotes environmentaly-preferable products and services

when selecting suplier. The Group encourages its busines

partners and supliers to consider the risks posed to their

operations from climate change and to actively mitigate their

environmental impacts. It also reiterates to its busines partners

and supliers the value brought to busines in terms of more

eficient resource consumption and monitoring of wastage

during busines metings and discusion with supliers.

PRODUCT RESPONSIBILITY

The Group has an extensive quality asurance proces to

ensure that the products and services provided are not only in

compliance with relevant local laws and regulations but are

also of exceptional quality.

管理供应链的环境及社会风险

本集团深知其营运高度依赖负责任及可持

续的供应链，因此，本集团在供应链中竭

力维护其价值，以保护其道德及合法原

则。本集团已在劳工准则及供应商行为守

则以及环境政策中制定相关政策及措施，

以监控本集团供应商的质素以及彼等的环

境及道德表现。为降低供应链上的社会及

环境风险，本集团定期评估及监控供应商

的表现，以确保其遵守有关环境及社会政

策、服务标准、合约细则及品质规定的法

律及法规。本集团指定人员在评估过程中

发现任何违反相关环境及社会法律及法规

的情况，将及时向管理层报告。本集团将

实施纠正措施计划以及时纠正已识别的风

险。

此外，本集团密切关注其供应商的环保意

识，并于其挑选供应商时促使多用环保产

品及服务。本集团鼓励其业务伙伴及供应

商考虑气候变化对其营运带来的风险以及

积极减轻其环境影响。于供应商业会议

及讨论中，本集团亦向其业务伙伴及供应

商重申在更有效资源消耗及监控浪费方面

为业务带来的价值。

产品责任

本集团拥有广泛的品质保证程序，以确保

所提供产品及服务不仅符合当地相关法律

及法规，且品质卓越。

76Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Quality Control

Quality management is emphasised by the Group as the quality

of alcoholic beverages is easily afected by external factors

such as the storage environment. Implementing a sound quality

control is therefore fundamental to ensuring the quality and

safety of the gods and services provided to the customers.

The Group has standardised guidelines and procedures on the

storage, delivery and packaging of products. With regard to

the storage requirements, diferent sets of air conditioning are

strategicaly switched on using the timer function to ensure

that the desired temperature and humidity is maintained for

optimal wine storage performance. In adition, a back-up

power system at the warehouse wil automaticaly be switched

on in the event of a power failure. To maintain the quality of

services provided, strict requirements have ben imposed on

the storage environment of the Group’s warehouse and retail

store.

Acording to the Group’s Return Aplication Guide, product

return is available in case of any quality isues verified by the

Group upon presenting the prof of purchase. Upon receiving

the customer’s return request, the management Group wil

verify the reason for the return and obtain relevant prof.

Products wil be recaled and remediations wil be taken in

a timely fashion if any isues are found related to product

quality or fod safety. Analysis on the product recal incident

wil also be caried out to prevent the incident recurence and

implement corective actions where necesary in continual

improvement on the quality asurance practices. During the

Year, the Group did not record any material recals of products

sold or shiped subjects to safety and health reasons.

Customer Satisfaction

Fedbacks and complaints from the Group’s customers are

highly valued as it is of vital importance to the continuous

development of the Group. Procedures for handling fedbacks

have ben set up. Should the Group receive any complaints,

the Group wil strive to act in a timely maner to resolve the

isue with efective corective actions. In adition, complaints

of significant weight received wil be discused and reviewed

by the management during regular metings to prevent

reocurence. During the Year, the Group did not record any

product or service-related complaints.

品质控制

本集团强调品质管理，原因为酒精饮品的

品质易受储存环境等外部因素影响。因

此，实施完善的品质控制对于确保提供予

客户的商品及服务的品质及安全至关重

要。本集团已规范产品储存、交付及包装

方面的指引及程序。就储存需求而言，使

用计时器功能策略性地启动不同空调系

统，以确保持所需温度及湿度，以实现

最佳葡萄酒储存性能。此外，如发生电源

故障，仓库的备用电源系统将自动启动。

为维持所提供服务的质量，本集团对仓库

及零售店的储存环境施加严格要求。

根据本集团的退货申请指引，如于出示购

买证明时本集团确认任何质量问题，则可

予退货。收到客户的退货要求后，管理小

组将核实退货原因并索取相关凭证。倘发

现产品涉及任何品质或食品安全问题，将

及时召回并整改。本集团亦会分析产品召

回事件，防范事件重演，并在必要时实施

纠正措施，以持续改善质量保证。本年

度，本集团并无记录任何因安全及健康原

因而对已销售或运送的产品进行重大召回。

客户满意度

本集团高度重视其客户的反馈及投诉，原

因为此对于本集团的持续发展至关重要。

本集团已建立处理反馈程序。如本集团收

到任何投诉，本集团将致力及时行动，以

采取有效纠正措施解决该问题。此外，管

理层将于例行会议期间讨论及审查所收到

的重大投诉，以防止再次发生。本年度，

本集团并无记录任何产品或服务相关投诉

个案。

77威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Data Privacy Protection

The Group is comited to safeguarding al sensitive

information pertaining to its customers. Unauthorised aces

to the Group’s information system and disclosure of terms

of busines with customers and supliers, marketing plans

and sales forecasts or any proposals relating to the Group

are strictly prohibited. Moreover, employes of the Group are

required to sign the Employe Non-disclosure Agrement and

are held acountable to the consequences of diseminating

confidential information of the customers without prior

consent.

Advertising and Labeling

The Group recognises the gravity of improper disemination

of information on alcoholic products and the consequences

of providing alcohol to minors. Therefore, the Group is aware

of the importance of acuracy of its promotional material.

Promotional baners and leaflets produced for such activities

were subjected to strict compliance with the Trade Description

Ordinance. Any false, misleading or incomplete information

and mistatements regarding such materials are strictly

prohibited.

Furthermore, folowing the enforcement of the Dutiable

Comodities (Amendment) Ordinance 2018 on 30 November

2018, the Group’s retail stores are required to display a sign

containing both Chinese and English versions of the prescribed

notice in a prominent location easily sen by the public.

Therefore, the Group remains vigilant to prevent the sale and

suply of intoxicating liquor to minors and the veracity of its

marketing materials.

On the other hand, the Group considers that labeling maters

are not material to the Group.

Intelectual Property (“IP”) Rights

The Group actively monitors the overal use, registration and

management of intangible IP rights and put in place anti-

counterfeiting measures. The Group has obtained registration

of the Group’s trademarks in Hong Kong. The domain name

was also registered. In adition, the Group strictly prohibits

employes to instal any unauthorised and ilegal computer

and aplication software to ensure that IP rights are observed

and protected.

资料隐私保护

本集团致力保护与其客户有关的所有敏感

资料，严禁未经授权访问本集团资讯系统

以及披露与客户及供应商的合作条款、市

场推广计划及销售预测或与本集团有关的

任何建议。此外，本集团雇员必须签署

《员工保密协议》，并对未经事先同意情况

下散播客户机密资讯的后果负责。

广告及标签

本集团深明不正当散播酒精产品相关资讯

的严重性以及向未成年人提供酒精的后

果。因此，本集团注意其准确宣传材料的

重要性，为该等活动制作的推广横幅及传

单须严格遵守《商品说明条例》。本集团严

禁任何虚假、具误导性或不完整资讯以及

有关该等材料的错误陈述。

此外，于二零一八年十一月三十日实行

《二零一八年应课税品（修订）条例》后，

本集团零售店须于显眼处展示载有中英文

版本规定通知的告示牌。因此，本集团保

持警惕，以防止向未成年人出售及提供烈

性酒，以及其推广材料的真实性。

另一方面，本集团认为标签事宜对本集团

而言并不重大。

知识产权（「知识产权」）

本集团积极监督无形知识产权的整体使

用、登记及管理，并落实防伪措施。本集

团已在香港取得本集团的注册商标，亦已

注册域名。此外，本集团严禁雇员安装任

何未经授权和非法的电脑及应用软件，以

确保知识产权受尊重及保护。

78Wine’s Link International Holdings Limited Anual Report 2025

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Compliance with relevant laws and regulations

During the Year, the Group was not aware of any non-

compliance with laws and regulations concerning health and

safety, advertising, labeling and privacy maters relating to

products and services and methods of redres that would have

a significant impact on the Group, including but not limited to

the Dutiable Comodities (Amendment) Ordinance 2018 and

Personal Data (Privacy) Ordinance of Hong Kong.

ANTI-CORUPTION

Solid corporate governance is vital to the Group’s sustainable

growth. The Group emphaticaly aserts its zero-tolerance

stance regarding any behaviours that not only violate laws

and regulations of Hong Kong but also severely damage the

busines integrity and reputation of the Group.

Anti-bribery and Anti-Coruption Practices

The Group has established the Anti-bribery and Coruption

Policy in relation to acepting busines courtesies and

gratuities. The said policy outlines the standards of behaviours

for employes regarding busines ethics, anti-coruption and

anti-bribery, conflict of interests and data confidentiality to

ensure that the Group’s busineses and operations are of

high ethical standard. The said policy has also clearly stated

the circumstances in which the employe may acept said

courtesies and gratuities and is required to declare such

courtesies and gratuities to the Head of Department. Bribery,

fraud and coruption in any form or in relation to any parties

are al strictly prohibited in the Group.

The Group endeavours to maintain a culture of integrity,

transparency and acountability by adhering to stringent anti-

coruption practices. To prevent corupt practices during its

busines operation, directors and employes are required to

undergo anti-coruption training to familiarise themselves

with the curent legislations, the identification of and corect

procedures to report corupt practices. During the Year,

the directors and employes have received a total of 122

training hours including the topics of anti-coruption-related

legislations, corporate integrity governance and ethics.

遵守相关法律及法规

于本年度，本集团并不知悉任何违反有关

产品及服务的健康与安全、广告、标签及

私隐事宜以及补救方法而对本集团造成重

大影响的法律及法规的情况，包括但不限

于香港《二零一八年应课税品（修订）条

例》及《个人资料（私隐）条例》。

反贪污

稳健的企业管治对本集团可持续发展至关

重要。本集团强调其对任何不仅违反香港

法律及法规，且严重损害本集团业务诚信

及声誉的行为持零容忍态度。

反贿赂及反贪污惯例

本集团已就接受商务礼遇及赠物制定反贿

赂及贪污政策。上述政策概述雇员于商业

道德、反贪污及反贿赂、利益冲突及数据

保密方面的行为标准，以确保本集团的业

务及营运符合高道德标准。上述政策亦已

明确说明雇员可接受上述礼遇及赠物的情

况，并要求向部门主管报告有关礼遇及赠

物。本集团严禁任何形式或任何人士涉入

贿赂、欺诈及贪污。

本集团致力透过坚持严格的反贪污惯例，

保持廉洁、透明及问责性的文化。为防止

其业务运营出现贪污行为，董事及雇员须

接受反贪污培训，熟悉现行法律，识别贪

污行为及正确的反贪污举报程序。于本年

度，董事及雇员接受了合共122小时培训，

其中包括反贪污相关法律、企业诚信管治

及道德操守方面等的议题。

79威扬酒业国际控股有限公司二零二五年报

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

环境、社会及管治报告

Whistle-blowing Mechanism

A whistle-blowing mechanism is in place for the employes

and external stakeholders to report any kinds of malpractices

and suspected misconduct through our reporting chanels,

including telephone, e-mail, and leter at any time. The

Group protects the identity of whistle-blower and keps the

reported information confidential. Internal investigation wil be

undergone to verify the reported cases and remedial actions

wil be taken where necesary based on the result findings of

the investigation.

Compliance with relevant laws and regulations

During the Year, the Group was not aware of any material non-

compliance with the relevant laws and regulations of bribery,

extortion, fraud and money laundering that would have a

significant impact on the Group, including but not limited to

the Prevention of Bribery Ordinance of Hong Kong. During the

Year, there were no concluded legal cases regarding corupt

practices brought against the Group or its employes.

COMUNITY INVESTMENT

The Group’s people-oriented culture is not confined within

the Group’s operation. The Group has long ben caring for

local comunities and has policies on adresing social and

comunity neds via comunity investment.

Going forward, the Group wil expand its eforts in charity

work to cater to the neds of its comunity as wel as to

create a more favourable environment for its comunity and

busines by focusing on contributing to social welfare, health

and culture.

举报机制

本集团已为雇员及外部持份者设立举报机

制，透过举报渠道（包括电话、电邮及信

函）随时举报任何类型的不当行为及可疑

的不道德行为。本集团会保障举报人的身

份，并将举报资料保密，再进行内部调查

以核实举报个案，在必要时视乎调查结果

采取补救措施。

遵守相关法律及法规

于本年度，本集团并不知悉任何严重违反

会对本集团造成重大影响的贿赂、勒索、

欺诈及洗黑钱相关法律及法规的情况，包

括但不限于香港《防止贿赂条例》。于本年

度，概无有关针对本集团或其雇员提出并

已审结的贪污诉讼案件。

社区投资

本集团以人为本的文化并不局限于本集团

营运。本集团长期以来一直关心当地社

区，并制定透过社区投资满足社会及社区

需求的政策。

本集团将于日后加大慈善工作的力度，以

满足其社区的需求，并透过专注于为社会

福利、健康及文化作出贡献，为其社区及

业务创造更有利的环境。

REPORT OF THE DIRECTORS

董事报告

80Wine’s Link International Holdings Limited Anual Report 2025

The Board is pleased to present their report together with the

audited consolidated financial statements of the Group for the

Year.

PRINCIPAL ACTIVITIES

The Company is an investment holding company. The major

operating subsidiary of the Company primarily engages in

trading of wine products and other alcoholic beverages in

Hong Kong.

RESULTS AND DIVIDEND

Details of the audited consolidated results of the Group for the

Year are set out in the consolidated statement of profit or los

and other comprehensive income on pages 107 to 108 of this

anual report.

The Board does not recomend the payment of final dividend

for the Year (2024: Nil) to the shareholders.

CLOSURE OF REGISTER OF MEMBERS

For determining the entitlement to atend and vote at the

anual general meting of the Company (“AGM”) to be held

on Thursday, 11 September 2025, the register of members of

the Company wil be closed from Monday, 8 September 2025

to Thursday, 11 September 2025, both days inclusive, during

which period no transfer of Shares wil be efected. In order

to be eligible to atend and vote at the AGM, al transfers

documents acompanied by the relevant share certificates

must be lodged with the Company’s branch share registrar and

transfer ofice in Hong Kong, Tricor Investor Services Limited,

at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong

Kong for registration not later than 4:30 p.m. on Friday, 5

September 2025.

BUSINES REVIEW

A discusion and analysis of the Group’s performance during

the Year, the key factors afecting its results and financial

position, and the information on the compliance with laws

and regulations, environmental policy and relationships with

stakeholders are set out in the section headed “Management

Discusion and Analysis” of this anual report. Furthermore, a

fair review of, and an indication of likely future development

in the Group’s busines are set out in the section headed

“Chairman’s Statement” of this anual report. Save as

disclosed in this anual report, since the end of the Year, no

important event afecting the Group has ocured.

董事会欣然提呈彼等之报告，连同本集团

本年度的经审核综合财务报表。

主要活动

本公司为投资控股公司。其主要营运附属

公司于香港主要从事买卖葡萄酒产品及其

他酒精饮品。

业绩及股息

本集团本年度的经审核综合业绩详情载列

于本年报第107页至第108页的综合损益

及其他全面收益报表。

董事会并不建议向股东派付本年度之末期

股息（二零二四年：无）。

暂停办理股份过户登记

为确定出席本公司于二零二五年九月十一

日（星期四）举行的股东周年大会（「股东

周年大会」）并在会上投票的资格，本公司

将于二零二五年九月八日（星期一）至二零

二五年九月十一日（星期四），包括首尾两

天在内，暂停办理股份过户登记手续，期

间将不会办理股份转让。为确保符合资格

出席股东周年大会并于会上投票之权利，

所有股份过户文件连同相关股票须于二零

二五年九月五日（星期五）下午四时三十分

前，送交本公司之香港股份过户登记分处

卓佳证券登记有限公司，地址为香港夏悫

道16号远东金融中心17楼，以办理登记手

续。

业务回顾

本年报「管理层讨论及分析」一节载列本集

团本年度内业绩的讨论及分析、影响其业

绩及财务状况的主要因素、及法律及规例

合规资讯、环境政策及与持份者关系。此

外，本年报「主席报告」一节载列本集团业

务未来可能发展的公平审视及迹象。除本

年报所披露者外，自本年度末，概无对本

集团有影响的重大事件发生。

REPORT OF THE DIRECTORS

董事报告

81威扬酒业国际控股有限公司二零二五年报

PRINCIPAL RISKS AND UNCERTAINTIES

The Group’s financial condition, results of operation, busines

and prospects may be afected by a number of risks and

uncertainties. The folowings are the key risks and uncertainties

identified by the Group relating to its busineses:

– The Group experiences cash flow mismatches in the

busines operation. Delay in the setlement of payments

by the customers may result in untimely and significant

cash flow shortcomings in the future and may adversely

impact the Group’s cash position and results of

operations.

– The Group has substantial indebtednes and high gearing

ratios.

– The Group recorded a net operating cash inflow for

the Year but may have dificulty meting the payment

obligations if the Group records net operating cash

outflow in the future.

– The Group recorded a relatively high inventory turnover

days and is exposed to the risk of slow-moving

inventories, which may adversely afect the cash flow and

liquidity.

– Any increase in the purchase prices of wine products that

the Group canot pas on to customers may reduce its

profitability.

– Changes in market trends and customer tastes and

preferences could cause the sales to decline.

– Opening of new flagship store and retail store in Hong

Kong may not contribute to the growth of the Group’s

busines as planed.

– The busines, results of operations and financial condition

may be afected by seasonality.

– The acquisition and set up of the own warehousing

facility may result in an increase in the depreciation

expenses of the Group.

– Any quality isues relating to the Group’s wine products

could adversely afect the reputation and busines.

主要风险及不确定因素

本集团的财务状况、营运业绩、业务及前

景或会受多项风险及不确定因素影响。以

下为本集团所识别有关其业务的主要风险

及不确定因素：

– 在本集团业务营运中曾出现金流量

不匹配情况。客户延迟结付款项可能

会导致日后出现不适时及重大现金流

量短缺，并可能会对本集团现金状况

及营运业绩造成不利影响。

– 本集团有大额债项及高资产负债比

率。

– 本集团于本年度录得经营净现金流

入，惟倘本集团日后录得经营现金流

出净额，则可能难以满足付款责任。

– 本集团录得相对较高的存货周转天数

且面临存货滞销风险，从而或会对现

金流量及流动资金造成不利影响。

– 倘本集团无法将葡萄酒产品采购价的

升幅转嫁予客户，则可能会降低本集

团的盈利能力。

– 市场趋势以及客户口味及喜好的转变

或会导致销量下跌。

– 在香港设立新旗舰店及零售店未必可

按计划对本集团之业务增长作出贡

献。

– 业务、营运业绩及财务状况可能会受

到季节性影响。

– 收购及设立本集团自营的仓储设施可

能增加本集团的折旧开支。

– 与本集团葡萄酒产品有关之任何质量

问题或会对声誉及业务造成不利影

响。

REPORT OF THE DIRECTORS

董事报告

82Wine’s Link International Holdings Limited Anual Report 2025

– The Group does not have product liability insurance

and may not be adequately protected from any product

liability claim and/or potential los.

– The Group has a relatively short track record in retail

busines and the historical financial results in respect of

the retail busines may not be indicative of the future

performance.

– The Group may be subject to tax penalties and aditional

tax liabilities.

– Any deterioration or termination of the relationships with

the major supliers may result in severe disruptions to the

operations and los of revenue.

– Any deterioration or termination of the relationships

with the major customers may materialy and adversely

afect the busines, results of operations and financial

condition.

– The Group’s operations are subject to certain risks

asociated with the transportation proceses and storage

conditions of the wine products.

– The Group has limited insurance coverage which could

expose the Group to significant costs and busines

disruptions.

– The continuing suces of the Group depends on the

senior management and the abilities to retain, motivate

and recruit apropriately skiled talents.

– The series of anti-coruption campaigns and reforms

launched by the PRC government may adversely afect

the sales of the wine products.

– If the PRC government tightens its customs controls over

wine products, demand from customers who purchase

the Group’s wine products for consumption in or resale

to the PRC may decrease.

– The Group’s lease renewals are afected by conditions of

the rental market.

– 本集团并无产品责任保险，亦未必就

任何产品责任申索及╱或潜在损失获

得充分保障。

– 本集团的零售业务有相对较短的往绩

记录，而零售业务的过往财务业绩并

不反映本集团的未来表现。

– 本集团可能被征收税务罚款及承担额

外税务责任。

– 凡与主要供应商的关系转差或终止均

可能会导致营运受到严重干扰及损失

收益。

– 凡与主要客户的关系转差或终止均可

能会对业务、营运业绩及财务状况造

成重大不利影响。

– 本集团营运须承受有关葡萄酒产品之

运输过程及储藏状况之若干风险。

– 本集团的投保范围有限，而本集团或

会因此承受庞大成本及业务中断。

– 本集团的持续成功取决于高级管理层

及挽留、激励及聘用具备适当技能人

才之能力。

– 中国政府所推行的一连串反贪污活动

及改革或会对葡萄酒产品的销售造成

不利影响。

– 倘中国政府收紧对葡萄酒产品之海关

监管，购买本集团葡萄酒产品以于中

国饮用或转售至中国的客户的需求可

能会减少。

– 本集团的租约续期乃受租赁市场环境

影响。

REPORT OF THE DIRECTORS

董事报告

83威扬酒业国际控股有限公司二零二五年报

– The Group’s results of operations may be afected by

fluctuations in foreign curency exchange rates.

– The Group may be unable to maintain rapid growth and

implement the future plans.

For other risks and uncertainties that the Group faces, please

refer to the section headed “Risk Factors” in the Prospectus.

For the Group’s aproach on risk management and internal

controls, please refer to page 40 of this anual report.

FINANCIAL SUMARY

A sumary of the results, asets and liabilities of the Group

for the last five financial years is set out on page 188 of

this anual report. This sumary does not form part of the

consolidated financial statements.

SUBSIDIARIES

Details (including the principal activities) of the Company’s

subsidiaries as at 31 March 2025 are set out in note 37 to the

consolidated financial statements.

PROPERTY AND EQUIPMENT

Details of the movements in property and equipment of

the Group during the Year are set out in note 13 to the

consolidated financial statements.

INVESTMENT PROPERTY

Details of the movements in investment property of the Group

during the Year are set out in note 14 to the consolidated

financial statements.

CHARITABLE DONATIONS

No charitable and other donations made by the Group during

the Year (2024: Nil).

DISTRIBUTABLE RESERVES OF THE COMPANY

As at 31 March 2025, the Company’s distributable reserves

available for distribution is aproximately HK$36.5 milion

(2024: HK$37.6 milion).

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the

Articles which would oblige the Company to ofer new shares

on a pro rata basis to existing shareholders unles otherwise

required by the Stock Exchange.

– 本集团的营运业绩可能会受外币汇率

波动影响。

– 本集团未必可维持快速增长及执行未

来计划。

有关本集团面对的其他风险及不确定因

素，请参见招股章程「风险因素」一节。有

关本集团风险管理及内部控制之方式，请

参见本年报第40页。

财务摘要

本集团过去五年的业绩、资产及负债摘要

载列于本年报第188页。此摘要并不构成

综合财务报表部分。

附属公司

本公司的附属公司于二零二五年三月

三十一日的详情（包括主要活动）载列于综

合财务报表附注37。

物业及设备

本集团于本年度内物业及设备的变动详情

载列于综合财务报表附注13。

投资物业

本集团于本年度内的投资物业变动详情载

列于综合财务报表附注14。

慈善捐款

本集团于本年度内并无作出的慈善及其他

捐款（二零二四年：无）。

本公司可分派储备

于二零二五年三月三十一日，本公司供分

派的可分派储备为约36.5百万港元（二零

二四年：37.6百万港元）。

优先购买权

本公司的章程细则并无关于任何优先购买

权的条文，使本公司除联交所要求外，须

按比例向现有股东发售新股。

REPORT OF THE DIRECTORS

董事报告

84Wine’s Link International Holdings Limited Anual Report 2025

SHARE CAPITAL AND EQUITY-LINKED

AGREMENT

Details of the movements in share capital of the Company

during the Year are set out in note 27 to the consolidated

financial statements. Please also refer to “Capital Structure”

in the “Management Discusion and Analysis” section of this

anual report.

On the Listing Date, upon listing on the Stock Exchange, the

Company has isued 120,000,000 shares at HK$0.75 each

with net proceds of aproximately HK$64.2 milion.

Save and except for the Share Option Scheme as disclosed

in the paragraph headed “Share Option Scheme“ below,

no equity-linked agrement that (i) wil or may result in the

Company isuing shares or (i) requires the Company enter into

any agrement that wil or may result in the Company isuing

shares, was entered into by the Company during the Year or

subsisted at the end of the reporting year.

Dividend Policy

The Board has adopted a dividend policy pursuant to which

the Company wil maintain a stable dividend payout ratio in

future and strive to atain a stable-to-rising dividend ratio. The

Company gives priority to distributing dividend in cash and

shares its profits with the Shareholders. The dividend payout

ratio shal be determined or recomended as apropriate, by

the Board at its absolute discretion after taking into acount

the Company’s financial position, its ability to generate cash

flow, its future development neds and prospects, and subject

to:

– the Articles;

– the aplicable restrictions and requirements under the

laws of the Cayman Islands;

– any banking or after funding covenants by which the

Company is bound from time to time;

– the investment and operation requirement of the

Company; and

– any other factors that have material impact on the

Company.

The Company confirms that al dividend decisions made by the

Board were made in acordance with the dividend policy.

股本及股票挂钩协议

本公司本年度内的股本变动详情载列于综

合财务报表附注27。详情请参见本年报

「管理层讨论及分析」一节内「资本结构」

的段落。

于上市日期，在联交所上市后，本公司已

发行120,000,000股每股面值0.75港元的

股份，所收取的所得款项净额约为64.2百

万港元。

除下文「购股权计划」一段所披露的购股权

计划外，本公司于本年度并无订立任何(i)

将会或可能导致本公司发行股份或(i)要求

本公司订立任何将会或可能导致本公司发

行股份的任何协议的股权挂钩协议，亦无

于报告年度结束时仍然存续的股权挂钩协

议。

股息政策

董事会已采纳一项股息政策，据此，本公

司日后将维持稳定派息率及致力维持稳定

派息率不断上涨。本公司优先考虑以现金

方式分派股息，与股东分享溢利。派息率

将由董事会经计及本公司之财务状况、其

产生现金流量之能力、其日后发展需求及

前景后全权酌情厘定或建议（倘适用），并

受以下各项所规限：

– 章程细则；

– 开曼群岛法例项下之适用限制及规

定；

– 本公司不时受其约束之任何银行或其

他融资契诺；

– 本公司之投资及营运需求；及

– 任何其他对本公司造成重大影响之因

素。

本公司确认董事会所做的所有股息决定均

符合股息政策。

REPORT OF THE DIRECTORS

董事报告

85威扬酒业国际控股有限公司二零二五年报

DIRECTORS

During the Year and thereafter up to the date of this anual

report, the Directors are named as folows:

Executive Directors

Ms. Shirley Wong

Mr. Chan Sze Tung

Non-executive Director

Ms. Yeung Chi Hung S.B.S., B.B.S., J.P.

Independent non-executive Directors

Ms. Chan Man Ki Magie M.H., J.P.

Mr. Chan Cham Man Simon

Mr. Liu Kin Wai

Pursuant to article 16.18 of the Articles, at every anual

general meting of the Company one-third of the Directors for

the time being (or, if their number is not thre or a multiple

of thre, then the number nearest to, but not les than, one-

third) shal retire from ofice by rotation provided that every

Director (including those apointed for a specific team) shal

be subject to retirement by rotation at least once every thre

years.

Acordingly, Mr. Chan Cham Man Simon and Mr. Chan Sze

Tung wil retire pursuant to article 16.18 of the Articles, and

being eligible, ofer themselves for re-election as Directors at

the forthcoming AGM.

CONFIRMATION OF INDEPENDENCE OF

INDEPENDENT NON-EXECUTIVE DIRECTORS

The Company has received from each of the independent

non-executive Directors an anual writen confirmation of

independence pursuant to Rule 5.09 of the GEM Listing Rules

to confirm that they remain independent during the Year and

considers al the independent non-executive Directors to be

independent.

BIOGRAPHIES OF DIRECTORS AND SENIOR

MANAGEMENT

Biographical details of the Directors and the senior

management of the Group are set out on pages 15 to 22 of

this anual report.

董事

于本年度内及直至本年报的日期，董事的

姓名如下：

执行董事

王姿潞女士

陈诗桐先生

非执行董事

杨志红女士S.B.S., B.B.S., J.P.

独立非执行董事

陈曼琪女士M.H., J.P.

陈湛文先生

刘健威先生

根据章程细则第16.18条，于本公司每届

股东周年大会上，当时三分之一董事（或

如其人数并非三或三的倍数，则最接近但

不少于三分之一的人数）应轮值退任，惟

每名董事（包括以指定任期获委任者）须至

少每三年轮值退任一次。

因此，根据章程细则第16.18条，陈湛文

先生及陈诗桐先生须于应届股东周年大会

上轮值退任，惟符合资格膺选连任。

独立非执行董事独立性的确认书

根据GEM上市规则第5.09条，本公司已获

取各独立非执行董事就其独立性发出的年

度书面确认书，以确认彼等于本年度均维

持独立，而本公司认为所有独立非执行董

事均属独立人士。

董事及高级管理层的履历

董事及本集团高级管理层的履历详情载列

于本年报第15页至第22页。

REPORT OF THE DIRECTORS

董事报告

86Wine’s Link International Holdings Limited Anual Report 2025

DIRECTORS’ SERVICE CONTRACTS

Each of the executive Directors has signed a service contract

with the Company on 18 December 2017 for an initial term

of thre years, comencing from the Listing Date (subject

to termination in certain circumstances as stipulated in the

relevant service agrement) and their service contracts have

ben renewed for thre years comencing from 12 January

2024.

The non-executive Director has signed a leter of apointment

with the Company on 18 December 2017 for an initial term

of thre years, comencing from the Listing Date (subject

to termination in certain circumstances as stipulated in the

relevant leter of apointment). The leter of apointment

with Ms. Yeung Chi Hung has ben renewed for thre years

comencing from 12 January 2024.

Each of the independent non-executive Directors has signed

a leter of apointment with the Company. Ms. Chan Man Ki

Magie has signed a leter of apointment with the Company

for a term of thre years from 13 June 2019 to 12 June

2022 and her leter of apointment has ben renewed with

no specific term comencing from 13 June 2022. Mr. Chan

Cham Man Simon has signed a leter of apointment with the

Company for a term of thre years from 1 December 2021 to

30 November 2024 and the leter of apointment has ben

renewed with no specific term comencing from 1 December

2024. Mr. Liu Kin Wai has signed a leter of apointment with

the Company for a term of thre years from 1 March 2023 to

28 February 2026.

None of the Directors has or is proposed to have entered

into any service contract or leter of apointment with any

member of the Group (excluding contract or leter expiring

or determinable by any member of the Group within one

year without payment of compensation (other than statutory

compensation).

董事的服务协议

各执行董事已于二零一七年十二月十八日

与本公司订立服务协议，自上市日期起计

初步为期三年（可根据相关服务协议规定

的特定情况另行终止）及已与本公司重续

服务合约三年，自二零二四年一月十二日

起计。

非执行董事已于二零一七年十二月十八日

与本公司订立委任函，自上市日期起计初

步为期三年（可根据相关委任函规定的若

干情况予以终止）。杨志红女士之委任函已

获重续三年，自二零二四年一月十二日起

计。

各独立非执行董事已与本公司订立委任

函。陈曼琪女士已与本公司订立委任函，

自二零一九年六月十三日起至二零二年

六月十二日止为期三年，而其委任函已予

续期，并无特定任期，自二零二年六月

十三日起计。陈湛文先生已与本公司订立

委任函，自二零二一年十二月一日起至二

零二四年十一月三十日止为期三年，而其

委任函已予续期，并无特定任期，自二零

二四年十二月一日起计。刘健威先生已与

本公司订立委聘书，自二零二三年三月一

日至二零二六年二月二十八日为期三年。

概无董事与本集团任何成员公司订立或拟

订立服务协议或委任函（不包括于一年内

届满或雇主可于一年内终止而毋须支付赔

偿的合约或函件（法定赔偿除外）。

REPORT OF THE DIRECTORS

董事报告

87威扬酒业国际控股有限公司二零二五年报

TRANSACTIONS, ARANGEMENTS AND

CONTRACTS OF SIGNIFICANCE

No transactions, arangements and contracts of significance in

relation to the busines of the Group to which the Company,

or its holding company, or any of its subsidiaries was a party

and in which a Director or a conected entity of a Director had

a material interest, whether directly or indirectly, subsisted at

the end of the Year or at any time during the Year, nor was

there any transaction, arangements or contract of significance

for the provision of services to the Company or any of its

subsidiaries by a controling shareholder (as defined in the

GEM Listing Rules) or any of its subsidiaries for the Year. There

was also no contract of significance betwen the Company or

one of the subsidiaries and the controling shareholders or any

of its subsidiaries.

MANAGEMENT CONTRACT

No contract concerning the management and administration

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

Company or its subsidiaries were entered into or existed during

the Year.

DIRECTORS’ EMOLUMENTS

The Directors are entitled to director fes, salaries,

discretionary bonus with reference to the market comparables,

time comitment and the performance of the Group as

wel as the contributions to retirement schemes. Details of

the remuneration of the Directors on a named basis during

the Year are set out in note 8 to the consolidated financial

statements.

REMUNERATION POLICY

The Company’s Directors and senior management receive

compensation in the form of director fes, salaries, benefits

in kind and/or discretionary bonuses with reference to those

paid by comparable companies, time comitment and the

performance of the Group. The Group also reimburses the

Directors and senior management for expenses which are

necesarily and reasonably incured for the provision of

services to the Group or executing their functions in relation to

the operations of the Group. The Group regularly reviews and

determines the remuneration and compensation packages of

the Directors and senior management, by reference to, among

other things, market level of remuneration and compensation

paid by comparable companies, the respective responsibilities

of the Directors and the performance of the Group.

交易、安排及重大合约

概无本公司董事或董事的关连实体于本公

司、其控股公司、或其任何附属公司的交

易、安排或重大合约中直接或间接拥有重

大权益，且于本年度结束时或本年度内任

何时间仍然生效，或并无控股东（定义

见GEM上市规则）或其任何附属公司于本

年度向本公司或其任何附属公司就交任何

交易、安排或重大合约提供服务。概无本

公司或其中一间附属公司与控股东或其

任何附属公司订立重大合约。

管理合约

本年度内，本公司或其附属公司全部或任

何主要业务部分概无已订立或现存的管理

或行政合约。

董事薪酬

董事有权获得董事袍金、薪金及酌情花红

（经参考市场可资比较、时间投入及本集团

表现以及退休计划供款）。于本年度，董事

的薪酬详情以具名方式载列于综合财务报

表附注8。

薪酬政策

本公司董事及高级管理层以董事袍金、薪

金、实物福利及╱或酌情花红形式（经参

考可资比较公司所支付者、时间投入及本

集团的表现）收取报酬。本集团亦就董事

及高级管理层向本集团提供服务或就本集

团营运执行职务所产生的必要合理开支作

出偿付。本集团参考（其中包括）可资比较

公司所支付薪酬及报酬的市场水平、董事

各自的职责以及本集团的表现，定期检讨

及厘定董事及高级管理层的薪酬及报酬待

遇。

REPORT OF THE DIRECTORS

董事报告

88Wine’s Link International Holdings Limited Anual Report 2025

PERMITED INDEMNITY PROVISION

Pursuant to the Articles, the Directors were and are

indemnified out of the asets of the Company against al

loses or liabilities incured or sustained by him as a Director

to a third party in defending any procedings, whether civil or

criminal, in which judgement is given in his favour, or in which

he is acquited.

DIRECTORS’ AND CHIEF EXECUTIVES’

INTERESTS AND SHORT POSITIONS IN

THE SHARES, UNDERLYING SHARES AND

DEBENTURES OF THE COMPANY OR ANY

SPECIFIED UNDERTAKING OF THE COMPANY

OR ANY OTHER ASOCIATED CORPORATIONS

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

the Directors and the chief executives of the Company in the

Shares, underlying shares or debentures of the Company or its

asociated corporations (within the meaning of Part XV of the

SFO) (i) which were required to be notified to the Company

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

XV of the SFO (including interests or short positions which they

were taken or demed to have under such provisions of the

SFO); or (i) which were required, pursuant to Section 352 of

the SFO, to be entered in the register refered to therein; or (i)

which were required to be notified to the Company and the

Stock Exchange pursuant to the required standard of dealings

contained in Rules 5.46 to 5.67 of the GEM Listing Rules, were

as folows:

Interests in the Company

Percentage of

shareholding in the

Number ofCompany’s isued

Name of DirectorNature of interestsShares heldshare capital

于本公司

已发行股本之

董事姓名权益性质所持股份数目持股百分比

Ms. Shirley Wong

(2)

Interest of a controled280,000,000 (L)

(1)

70%

corporation

王姿潞女士

(2)

受控法团权益

获准许的弥偿条文

根据章程细则，各名董事有权从本公司的

资产中获得弥偿，以弥偿其作为董事在任

何民事或刑事法律诉讼中对第三方进行抗

辩（判决为于其有利，或其被宣告无罪）而

招致或蒙受的一切损失或责任。

董事及本公司主要行政人员于本

公司股份、相关股份及债权证的

权益及淡仓或于本公司或任何其

他相联法团之任何特定承诺

于二零二五年三月三十一日，各董事及本

公司主要行政人员于本公司或其相联法团

（定义见证券及期货条例第XV部）的股份、

相关股份或债权证中拥有(i)根据证券及期

货条例第XV部第7及8分部，须知会本公

司及联交所的权益及淡仓（包括根据证券

及期货条例的有关条文被当作或视为拥有

的权益或淡仓）；或(i)根据证券及期货条

例第352条，须记录于该条所述登记册的

权益及淡仓；或(i)根据GEM上市规则第

5.46至5.67条所载交易必守标准，须知会

本公司及联交所的权益及淡仓如下：

于本公司之权益

REPORT OF THE DIRECTORS

董事报告

89威扬酒业国际控股有限公司二零二五年报

Notes:

“L” denotes the person’s long position in the Shares.

(2) Ms. Shirley Wong is the sole shareholder of Shirz Limited and

she is therefore demed to be interested in the Shares held by

Shirz Limited.

Save as disclosed above, as at 31 March 2025, none of the

Directors nor chief executive of the Company has registered

an interests and short positions in the Shares, underlying

Shares or debentures of the Company or any of its asociated

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

which were required to be notified to the Company and the

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

the SFO (including interests and short positions which were

taken or demed to have under such provisions of the SFO); or

(i) which were required, pursuant to Section 352 of the SFO,

to be entered in the register refered to therein; or (i) which

were required to be notified to the Company and the Stock

Exchange pursuant to required standard of dealings.

DIRECTORS’ RIGHT TO ACQUIRE SHARES

Save as disclosed under the paragraph headed “Directors’ and

Chief Executives’ Interests and Short Positions in the Shares,

Underlying Shares and Debentures of the Company or any

specified undertaking of the Company or any other asociated

corporations” above, at no time during the Year were any

rights to acquire benefits by means of the acquisition of shares

in or debentures of the Company granted to any Director or

the chief executive of the Company or any of their respective

spouses or minor children, or were any such rights exercised by

them; or was the Company, its holding company, or any of its

subsidiaries and felow subsidiaries a party to any arangement

to enable the Directors to acquire such rights in any other

body corporate.

附注：

「L」代表该位人士于股份的好仓。

因此，彼被视为于Shirz Limited所持股份

中拥有权益。

除以上披露者外，于二零二五年三月

三十一日，概无董事或本公司的主要行政

人员于本公司或其任何相联法团（定义见

证券及期货条例第XV部）的任何股份、相

关股份或债权证中拥有(i)根据证券及期货

条例第XV部第7及8分部，须知会本公司

及联交所的任何权益及淡仓（包括根据证

券及期货条例的有关条文被当作或视为拥

有的权益及淡仓）；或(i)根据证券及期货

条例第352条，须记录于该条所述登记册

的任何权益及淡仓；或(i)根据交易必守标

准，须知会本公司及联交所的任何权益及

淡仓。

董事购买股份的权利

除以上「本公司董事及主要行政人员于本

公司股份、相关股份及债权证的权益及淡

仓或于本公司或任何其他相联法团之任何

特定承诺」一节披露者外，于本年度任何

时间，本公司并无向任何董事或本公司主

要行政人员或任何彼等各自的配偶或未满

十八岁的子女授出权利，以透过购买本公

司股份或债券而受惠，而彼等亦无行使任

何该等权利；且本公司、其控股公司或其

任何附属公司及同系附属公司概无订立任

何安排，致使董事可于任何其他法人团体

获得该等权利。

REPORT OF THE DIRECTORS

董事报告

90Wine’s Link International Holdings Limited Anual Report 2025

INTERESTS AND SHORT POSITIONS OF

THE SUBSTANTIAL SHAREHOLDERS OF

THE COMPANY AND OTHER PERSONS IN

THE SHARES, UNDERLYING SHARES AND

DEBENTURES OF THE COMPANY OR ANY

SPECIFIED UNDERTAKING OF THE COMPANY

OR ANY OTHER ASOCIATED CORPORATIONS

So far as the Directors are aware, as at 31 March 2025, the

folowing persons (not being Directors or chief executive of the

Company) wil have or be demed or taken to have an interest

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

Company which would fal to be disclosed to the Company

under the provisions of Divisions 2 and 3 of Part XV of the SFO

or which would be recorded in the register required to be kept

under Section 336 of the SFO:

Percentage of

shareholding in the

Number ofCompany’s isued

Name of shareholderNature of interestsShares heldshare capital

于本公司已发行

股东名称权益性质所持股份数目股本之持股百分比

Shirz Limited

(2)

Beneficial owner280,000,000 (L)

(1)

70%

实益拥有人

Notes:

“L“ denotes the person‘s long position in the Shares.

(2) Ms. Shirley Wong is the sole shareholder of Shirz Limited and

she is therefore demed to be interested in the Shares held by

Shirz Limited.

Save as disclosed above, as at 31 March 2025, the Directors

were not aware of any other persons who had any interests

or short positions in the Shares or underlying Shares of the

Company which would fal to be disclosed to the Company

under the provisions of Divisions 2 and 3 of Part XV of the

SFO or which would be recorded in the register required to be

kept under Section 336 of the SFO, and/or who are directly or

indirectly interested in 5% or more of the nominal value of any

clas of share capital carying rights to vote in al circumstances

at general metings of any other member of the Group.

本公司主要股东及其他人士于本

公司股份、相关股份及债权证之

权益及淡仓或于本公司或任何其

他相联法团之任何特定承诺

就董事所知，于二零二五年三月三十一

日，下列人士（并非董事或本公司主要行

政人员）将于股份或本公司相关股份中将

拥有或被视为或当作拥有根据证券及期货

条例第XV部第2及3分部之条文须向本公

司披露之权益或淡仓，或根据证券及期货

条例第336条将须记录于登记册之权益或

淡仓：

附注：

「L」代表该位人士于股份的好仓。

因此，彼被视为于Shirz Limited所持股份

中拥有权益。

除上文所披露者外，于二零二五年三月

三十一日，董事并不知悉任何其他人士于

股份或本公司相关股份中拥有根据证券及

期货条例第XV部第2及3分部之条文须向

本公司披露之权益或淡仓，或根据证券及

期货条例第336条须记录于登记册之权益

或淡仓，及╱或直接或间接拥有附带权利

可在所有情况下于本集团任何成员公司股

东大会上投票的任何类别股本面值5%或

以上的权益。

REPORT OF THE DIRECTORS

董事报告

91威扬酒业国际控股有限公司二零二五年报

SHAREHOLDERS’ INTERESTS IN SECURITIES

OF SIGNIFICANCE

Other than the interests disclosed above in respect of the

substantial shareholders, as at 31 March 2025, no other

person is individualy or colectively entitled to exercise or

control the exercise of 5% or more of the voting power at

the general metings of the Company and are able, as a

practicable maner, to direct or influence the management of

the Company.

MAJOR CUSTOMERS AND SUPLIERS

The percentage of sales for the Year generated from the

Group’s major customers is as folows:

– the largest customer 8.5%

– five largest customers 38.8%

The percentage of cost of sales for the Year atributable to the

Group’s major supliers is as folows:

– the largest suplier 5.1%

– five largest supliers 21.6%

None of the Directors, their close asociates (as defined in the

GEM Listing Rules) or any shareholder (which to the knowledge

of the Directors, owns more than 5% of the Company’s share

capital) had any beneficial interest in any of the Group’s five

largest customers or its five largest supliers for the Year.

PURCHASE, SALE OR REDEMPTION OF LISTED

SECURITIES OF THE COMPANY

Neither the Company nor any of its subsidiaries have

purchased, sold or redemed any listed securities (including

the sale of treasury shares (as defined under the GEM Listing

Rules) of the Company during the Year.

股东于重要证券的权益

除以上披露有关主要股东的权益外，于二

零二五年三月三十一日，概无其他人士单

独或共同有权行使或控制本公司的股东大

会5%或以上的投票权，或以实际可行方

式指导或影响本公司的管理。

主要客户及供应商

本年度由本集团主要客户产生的销量百分

比如下：

– 最大的客户 8.5%

– 五名最大客户 38.8%

本年度来自本集团的最大供应商的销售成

本百分比如下：

– 最大的供应商 5.1%

– 五名最大供应商 21.6%

概无董事、彼等之紧密联系人（定义见

GEM上市规则）或任何股东（就董事所知，

彼拥有本公司超过5%之股本）与本集团本

年度五名最大客户或其五名最大供应商拥

有任何实益权益。

购买、出售或赎回本公司的上市

证券

于本年度，本公司或其任何附属公司概无

购买、出售或赎回本公司的上市证券（包

括出售库存股份（定义见GEM上市规则）。

REPORT OF THE DIRECTORS

董事报告

92Wine’s Link International Holdings Limited Anual Report 2025

DIRECTOR’S SECURITIES TRANSACTIONS

The Company has adopted a code of conduct regarding

Director’s securities transactions on terms no les exacting than

the required standard of dealings set out in Rules 5.48 to 5.67

of the GEM Listing Rules. Having ben made a specific enquiry

of the Directors by the Company, al Directors confirmed that

they had complied with the required standard of dealings and

code of conduct regarding securities transactions throughout

the Year and up to the date of this anual report.

COMPETING INTERESTS

During the Year and up to the date of this anual report, none

of the Directors or the controling shareholders or substantial

shareholders (as defined in the GEM Listing Rules) of the

Company or their respective close asociates (as defined in

the GEM Listing Rules) were considered to have any interests

in a busines which competed or was likely to compete,

either directly or indirectly, with the busines of the Group

and/or caused, or was likely to cause any other conflicts of

interest with the Group.

NON-COMPETITION UNDERTAKING

The Company confirms that the ded of non-competition

(the “Ded”) of each of Ms. Shirley Wong and Shirz Limited

(colectively, the “Obligors”), details of which were set out

in the Prospectus, has ben fuly complied and enforced

during the Year. The Company has obtained an anual writen

confirmation from each of the Obligors in relation to their

compliance with the terms of the Ded and the independent

non-executive Directors have reviewed the undertakings

under the Ded and evaluated the efective implementation

of the Ded during the Year. The Board also confirms that

there are no other material maters in relation to the aforesaid

undertaking which should be brought to the atention of the

shareholders and the potential investors of the Group.

董事之证券交易

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GEM上市规则第

5.48至5.67条所载之交易必守标准。本

公司经向全体董事作出董事特定查询后确

认，全体董事已于本年度及直至本年报日

期遵守交易必守标准及有关进行证券交易

之行为守则。

竞争业务之权益

于本年度内及直至本年报日期，概无本

公司董事或控股东或主要股东（定义见

GEM上市规则）或彼等各自紧密联系人（定

义见GEM上市规则）被视为于与本集团业

务直接或间接构成或可能构成竞争之业务

中拥有任何权益，及╱或导致或可能导致

与本集团发生任何其他利益冲突。

不竞争契据

本公司确认，于本年度，王姿潞女士及

Shirz Limited（统称「义务人」）已完全遵守

及执行各自之不竞争契据（「契据」）（详情

载列于招股章程）。本公司已取得各义务

人关于彼等遵守契据条文的年度书面确认

书，且独立非执行董事已审阅契据下之承

诺及评估本年度契据之实际执行情况。董

事会亦确认并无其他有关上述承诺之重大

事项须提请本集团股东及潜在股东注意。

REPORT OF THE DIRECTORS

董事报告

93威扬酒业国际控股有限公司二零二五年报

LOAN AGREMENTS WITH COVENANT

RELATING TO SPECIAL PERFORMANCE OF THE

CONTROLING SHAREHOLDERS

Banking facilities granted by Chong Hing Bank Limited

(the “Lender A”)

On 11 August 2023, Wine’s Link Limited (“Wine’s Link”), a

wholy-owned subsidiary of the Company, as borower, and

the Company, as guarantor, acepted a banking facility leter

isued by the Lender A (“Facility Leter A”) which is to renew

the banking facilities granted by the Lender A on 4 July 2022.

This Facility Leter A comprises (i) facilities in the agregate

amount up to HK$63,000,000, consisting of (a) a new 3-year

term loan; (b) an existing term loan maturing on 1 March

2024; and (c) other trade facilities; and (i) an overdraft facility

in the amount up to HK$3,000,000, which are agred to be

made available by the Lender A to Wine’s Link on the terms

and conditions contained therein and subject to, among

others, review by the Lender A from time to time and the

Lender A’s overiding right of repayment on demand. Pursuant

to Facility Leter A, the Company shal procure Ms. Shirley

Wong and Mr. Ting Chi Wai Roy (“Mr. Roy Ting”) (the then

controling shareholder of the Company), the controling

shareholders of the Company, continue to be the single largest

shareholder and jointly hold not les than 50% beneficial

interest of the Company. Please refer to the anouncement of

the Company dated 11 August 2023 for more details.

The amounts of the trade facilities of the Facility Leter A have

ben updated (the “Updated Facility Leter I”) with an increase

of HK$7,000,000. The Updated Facility Leter I comprises

(i) facilities in the agregate amount up to HK$70,000,000,

consisting of (a) a 3-year term loan; (b) a term loan maturing

on 1 March 2024; and (c) other trade facilities; and (i) an

overdraft facility in the amount up to HK$3,000,000, which

are agred to be made available by the Lender A to Wine’s

Link on the terms and conditions contained therein and

subject to, among others, review by the Lender A from time

to time and the Lender A’s overiding right of repayment on

demand. The aforesaid updated amounts of the trade facilities

shal remain valid for 3 months until 3 May 2024. Save as the

aforesaid update in the Updated Facility Leter I, other terms

of the Facility Leter A shal remain unchanged and continue in

ful force and efect. Please refer to the anouncement of the

Company dated 16 February 2024 for more details.

有关控股东特定履行契诺之贷

款协议

创兴银行有限公司（「贷方A」）授予的银

行融资

于二零二三年八月十一日，本公司之全资

附属公司威扬（酒业）有限公司（「威扬（酒

业）」）（作为借方）及本公司（作为担保人）

接纳贷方A所发出的银行融资函件（「融资

函件A」），以重续贷方A于二零二年七

月四日授出之银行融资。该融资函件A包

含(i)合计金额为最多63,000,000港元的融

资（由(a)一项新三年期定期贷款；(b)一项

将于二零二四年三月一日到期之现有定期

贷款；及(c)其他贸易融资组成）；及(i)金

额为最多3,000,000港元的一项透支融资，

经贷方A批准可根据融资函件A所载条款

及条件供威扬（酒业）使用，惟须经（其中

包括）贷方A不时审阅及受限于贷方A按要

求偿还之凌驾性权利。根据融资函件A，

本公司将促使其控股东王姿潞女士及丁

志威先生（「丁志威先生」）（本公司彼时之

控股东）继续担任单一最大股东及合共

持有本公司不少于50%实益权益。更多详

情，请参阅本公司日期为二零二三年八月

十一日之公告。

融资函件A中的贸易融资金额有所更新

（「更新后的融资函件I」），其金额增加

7,000,000港元。更新后的融资函件I包含

(i)合计金额为最多70,000,000港元的融资

（由(a)一项三年期定期贷款；(b)一项将于

二零二四年三月一日到期之定期贷款；及

(c)其他贸易融资组成）；及(i)金额为最多

3,000,000港元的一项透支融资，经贷方A

批准可根据融资函件所载条款及条件供威

扬（酒业）使用，惟须经（其中包括）贷方

A不时审阅及受限于贷方A按要求偿还之

凌驾性权利。上文所披露的贸易融资金额

更新有效期为三个月至二零二四年五月三

日。除上文所披露有关更新后的融资函件

I之更新外，融资函件A的其他条款维持不

变并仍然有效。更多详情，请参阅本公司

日期为二零二四年二月十六日之公告。

REPORT OF THE DIRECTORS

董事报告

94Wine’s Link International Holdings Limited Anual Report 2025

On 3 May 2024, Wine’s Link, as borower, and the Company,

as guarantor, acepted a new banking facility leter isued

by the Lender A (the “Renewed Facility Leter A”) which

is to renew the Facility Leter A granted by the Lender A.

The Renewed Facility Leter A comprises (i) facilities in the

agregate amount up to HK$73,000,000, consisting of (a) a

3-year term loan and (b) other trade and loan facilities; and (i)

an overdraft facility in the amount up to HK$3,000,000, which

are agred to be made available by the Lender A to Wine’s

Link on the terms and conditions contained therein and subject

to, among others, review by the Lender A from time to time

and the Lender A’s overiding right of repayment on demand.

Pursuant to the Renewed Facility Leter A, the Company shal,

inter alia, procure that Ms. Shirley Wong, the controling

shareholder of the Company, continue to be the single largest

shareholder and hold not les than 50% beneficial interest

in the Company. Please refer to the anouncement of the

Company dated 3 May 2024 for more details.

On 10 September 2024, Wine’s Link, as borower, and the

Company, as guarantor, acepted a new banking facility

leter isued by the Lender A (the “Updated Facility Leter I”),

pursuant to which, the Renewed Facility Leter A has ben

updated. The Updated Facility Leter I comprises (i) facilities in

the agregate amount up to HK$98,000,000 (the “Facilities up

to HK$98,000,000”) and (i) an overdraft facility in the amount

up to HK$3,000,000. The Facilities up to HK$98,000,000

consist of (i) bils purchase, leter of credit and trust receipt

loan facilities; (i) an existing term loan; and (i) other trade

and loan facilities. The facilities in the Updated Facility Leter

I are agred to be made available by the Lender A to Wine’s

Link on the terms and conditions contained therein and subject

to, among others, review by the Lender A from time to time

and the Lender A’s overiding right of repayment on demand.

Pursuant to the Updated Facility Leter I, the Company shal,

inter alia, procure that Ms. Shirley Wong, the controling

shareholder of the Company, (i) continue to be the single

largest shareholder and hold not les than 50% beneficial

interest in the Company and (i) shal not pledge the shares

of the Company. Please refer to the anouncement of the

Company dated 10 September 2024 for more details.

As at the date of this report, Ms. Shirley Wong holds 70%

interest in the Company.

于二零二四年五月三日，威扬（酒业）（作

为借方）及本公司（作为担保人）接纳贷方

A所发出的新银行融资函件（「重续后的融

资函件A」），以重续贷方A授出之融资函件

A。重续后的融资函件A包含(i)合计金额为

最多73,000,000港元的融资（由(a)一项三

年期定期贷款及(b)其他贸易及贷款融资组

成）；及(i)金额为最多3,000,000港元的一

项透支融资，经贷方A批准可根据融资函

件所载条款及条件供威扬（酒业）使用，惟

须经（其中包括）贷方A不时审阅及受限于

贷方A按要求偿还之凌驾性权利。根据重

续后的融资函件A，本公司将（其中包括）

促使其控股东王姿潞女士继续担任单一

最大股东及持有本公司不少于50%实益权

益。更多详情，请参阅本公司日期为二零

二四年五月三日之公告。

于二零二四年九月十日，威扬（酒业）（作

为借方）及本公司（作为担保人）接纳贷方

A所发出的新银行融资函件（「更新后的融

资函件I」），据此重续后的融资函件A获

更新。更新后的融资函件I包含(i)合计金

额为最多98,000,000港元的融资（「最多

98,000,000港元的融资」）及(i)金额为最

多3,000,000港元的一项透支融资。最多

98,000,000港元的融资包含(i)买入票据、

信用证及信托收据贷款融资；(i)一项现有

定期贷款；及(i)其他贸易及贷款融资。更

新后的融资函件I的融资经贷方A批准可根

据融资函件所载条款及条件供威扬（酒业）

使用，惟须经（其中包括）贷方A不时审阅

及受限于贷方A按要求偿还之凌驾性权利。

根据更新后的融资函件I，本公司将（其中

包括）促使其控股东王姿潞女士(i)继续担

任单一最大股东及持有本公司不少于50%

实益权益及(i)不得抵押本公司股份。更多

详情，请参阅本公司日期为二零二四年九

月十日之公告。

于本报告日期，王姿潞女士持有本公司

70%权益。

REPORT OF THE DIRECTORS

董事报告

95威扬酒业国际控股有限公司二零二五年报

Banking facilities granted by Fubon Bank (Hong Kong)

Limited (the “Lender B”)

On 31 October 2023, Wine’s Link, as borower, and the

Company, as guarantor, acepted banking facility leters

isued by the Lender B (“Facility Leters B”). The Facility

Leters B comprise (i) trade and revolving loan facilities in the

agregate amount up to HK$18,000,000 (the “Trade and

Revolving Loan”); and (i) an existing term loan maturing

on 26 November 2023 and a corporate credit card of up

to HK$3,661,000 and HK$200,000, respectively, which are

agred to be made available by the Lender B to Wine’s Link

on the terms and conditions contained therein and subject

to, among others, review by the Lender B from time to time

and the Lender B’s overiding right of repayment on demand.

Pursuant to the Facility Leters B, the Company shal procure

Ms. Shirley Wong and Mr. Roy Ting (the then controling

shareholder of the Company), the controling shareholders of

the Company, continue to be the single largest shareholder

and jointly hold not les than 50% beneficial interest of the

Company. Also, regarding the Trade and Revolving Loan,

Ms. Shirley Wong shal provide a personal guarante for an

amount of not les than HK$18,000,000. Please refer to the

anouncement of the Company dated 31 October 2023 for

more details.

As at the date of this report, Ms. Shirley Wong holds 70%

interest in the Company.

富邦银行（香港）有限公司（「贷方B」）授

予的银行融资

于二零二三年十月三十一日，威扬（酒业）

（作为借方）及本公司（作为担保人）接纳

贷方B所发出的银行融资函件（「融资函件

B」）。融资函件B包含(i)合计金额为最多

18,000,000港元的贸易融资及循环贷款融

资（「该贸易融资及循环贷款」）；及(i)一项

将于二零二三年十一月二十六日到期之现

有定期贷款及一张公司信用卡，金额分别

为最多3,661,000港元及200,000港元，

经贷方B批准可根据融资函件B所载条款及

条件供威扬（酒业）使用，惟须经（其中包

括）贷方B不时审阅及受限于贷方B按要求

偿还之凌驾性权利。根据融资函件B，本公

司将促使其控股东王姿潞女士及丁志威

先生（本公司彼时之控股东）继续担任单

一最大股东及合共持有本公司不少于50%

实益权益。王姿潞女士并应就该贸易融资

及循环贷款提供不少于金额为18,000,000

港元的个人担保。更多详情，请参阅本公

司日期为二零二三年十月三十一日之公告。

于本报告日期，王姿潞女士持有本公司

70%权益。

REPORT OF THE DIRECTORS

董事报告

96Wine’s Link International Holdings Limited Anual Report 2025

SHARE OPTION SCHEME

The folowing is a sumary of the principal terms of the share

option scheme (the ‘Share Option Scheme’) conditionaly

aproved and adopted in compliance with Chapter 23 of the

GEM Listing Rules by writen resolutions of al the Shareholder

pased on 18 December 2017. The folowing sumary does

not form, nor is intended to be, part of the Share Option

Scheme nor should it be taken as afecting the interpretation

of the rules of the Share Option Scheme.

(a) Purpose

The purpose of the Share Option Scheme is to enable

the Group to grant options to subscribe for Shares

pursuant to the Share Option Scheme (“Share Options”)

to the eligible persons as incentives or rewards for their

contribution to the Group and/or to enable the Group

to recruit and retain high-calibre employes and atract

human resources that are valuable to the Group or any

entity in which any member of the Group holds any

equity interest (the “Invested Entity”).

(b) Participants

The Board may, at its absolute discretion, ofer eligible

persons (being any director or employe (whether ful

time or part time), consultant or adviser of the Group

who in the sole discretion of the Board has contributed

to and/or wil contribute to the Group) (the “Eligible

Persons”) to subscribe for such number of Shares in

acordance with the terms of the Share Option Scheme.

购股权计划

以下为购股权计划（「购股权计划」）主要条

款的摘要。购股权计划于二零一七年十二

月十八日经全体股东以书面决议案通过，

并符合GEM上市规则第二十三章条文有条

件批准及采纳。以下摘要并不构成、或旨

在成为购股权计划的一部分，亦不应影响

购股权计划规则的诠释。

(a) 目的

购股权计划旨在准许本集团向合资格

人士授出购股权以根据购股权计划认

购股份（「购股权」），作为激励或奖赏

彼等为本集团所作之贡献及╱或令本

集团能够招揽及保留优秀雇员，并吸

引对本集团或本集团任何成员公司于

其中持有任何股本权益之实体（「被投

资实体」）具有价值之人力资源。

(b) 参与人士

董事会可全权酌情向合资格人士（即

本集团任何董事或雇员（不论全职或

兼职）、咨询人或顾问（董事会全权酌

情认为曾经及╱或将会对本集团作出

贡献的人士）（「合资格人士」）授出购

股权，以根据购股权计划条款认购相

关数目的股份。

REPORT OF THE DIRECTORS

董事报告

97威扬酒业国际控股有限公司二零二五年报

(i) The maximum agregate number of Shares which

may be isued upon exercise of al outstanding

Share Options granted and yet to be exercised

under the Share Option Scheme and any other

share option schemes of the Company, must not,

in agregate, exced 10% of the total number of

Shares in isue from time to time.

(i) The maximum number of Shares in respect of

which options may be granted under the Share

Option Scheme and any other share option

schemes involving the isue or grant of options or

similar rights over Shares or other securities by the

Company shal not, in agregate, exced 10% of

the isued share capital of the Company as at the

Listing Date (without taking into acount the Shares

which may be isued and aloted pursuant to the

exercise of the options which may be granted under

the Share Option Scheme) (the “Scheme Mandate

Limit”) unles Shareholders’ aproval has ben

obtained pursuant to sub-paragraph (iv) below.

(i) The Scheme Mandate Limit may be renewed by the

Shareholders of the Company in general meting

from time to time provided always that the Scheme

Mandate Limit so renewed must not exced 10%

of the isued share capital of the Company as at

the date of the aproval of such renewal by the

shareholders of the Company in general meting.

Upon such renewal, al Share Options granted

under the Share Option Scheme and any other

share options schemes of the Company (including

those exercised, outstanding, canceled, lapsed in

acordance with the Share Option Scheme or any

other share options of the Company) prior to the

aproval of such renewal shal not be counted for

the purpose of calculating the Scheme Mandate

Limit. A circular must be sent to the Shareholders of

the Company containing such relevant information

from time to time as required by the GEM Listing

Rules.

(i) 于根据购股权计划及本公司任何

其他购股权计划已授出且未行使

的所有已发行在外购股权获行使

时可予发行的股份数目上限，合

共不得超过不时已发行股份总数

的10%。

(i) 本公司根据购股权计划及涉及本

公司发行或授出购股权或有关股

份或其他证券的类似权利的任何

其他购股权计划而可授出的购股

权所涉及的股份数目上限，合共

不得超过本公司于上市日期已发

行股本的10%（并无计及因根据

购股权计划可授出的购股权获

行使而可予发行及配发的股份）

（「计划授权限额」），除非根据下

文(iv)分段获股东批准。

(i) 本公司股东可不时在股东大会上

更新计划授权限额，惟经更新的

计划授权限额不得超过本公司

股东于股东大会上批准有关更

新当日之本公司已发行股本的

10%。于有关更新后，就计算

计划授权限额而言，于批准该更

新前根据购股权计划及本公司任

何其他购股权计划已授出的所有

购股权（包括根据购股权计划已

行使、未行使、已注销、已失效

的购股权或本公司任何其他购股

权）均不得计算在内。本公司须

向本公司股东寄发载有GEM上

市规则不时规定之有关资料的通

函。

REPORT OF THE DIRECTORS

董事报告

98Wine’s Link International Holdings Limited Anual Report 2025

(iv) The Board may sek separate Shareholders’ aproval

in general meting to grant options beyond the

Scheme Mandate Limit provided that the Share

Options in exces of the Scheme Mandate Limit

are granted only to the Eligible Persons specificaly

identified by the Company before such aproval is

sought and the Company must isue a circular to

the Shareholders of the Company containing such

relevant information from time to time as required

by the GEM Listing Rules in relation to any such

proposed grant to such Eligible Persons.

The total number of shares available for isue under the

Share Option Scheme was 40,000,000, representing 10%

of the isued share capital of the Company as at the date

of this anual report. As at 1 April 2024 and 31 March

2025, the total number of Share Options available for

grant under the Share Option Scheme was 40,000,000.

(d) Maximum entitlement of each participant

No Share Option may be granted to any Eligible Person

which, if exercised in ful, would result in the total

number of Shares isued and to be isued upon exercise

of the options already granted or to be granted to such

Eligible Person under the Share Option Scheme (including

exercised, canceled and outstanding share options) in

the twelve-month period up to and including the date of

such new grant exceding 1% in agregate of the isued

share capital of the Company as at the date of such

grant. Any grant of further share options above this limit

shal be subject to certain requirements provided under

the GEM Listing Rules.

(e) The minimum period for which an option must be

held before it can be exercised

As determined by the Board upon the grant of an option.

(f) Aceptance of option

An ofer shal be acepted when the Company receives

the duly signed ofer leter together with a non-

refundable payment of HK$1.00 (or such other sum in

any curency as the Board may determine).

(iv) 董事会可于股东大会上征求股东

批准授出超出计划授权限额的购

股权，惟仅可向本公司在获得该

项批准前特别指定的合资格人士

授出超出计划授权限额的购股

权，而本公司须向本公司股东寄

发载有GEM上市规则不时规定

有关任何拟向有关合资格人士授

出之相关资料的通函。

可根据购股权计划发行的股份总数为

40,000,000股，于本年报日期占本公

司已发行股本10%。于二零二四年四

月一日及二零二五年三月三十一日，

可根据购股权计划授出的购股权总数

为40,000,000股。

(d) 每名参与者的最高权益数目

倘全面行使购股权将导致任何合资格

人士于直至该新授出当日（包括当日）

十二个月期间内因根据购股权计划已

获授出或将获授出的购股权（包括已

行使、已注销及尚未行使的购股权）

获行使而已发行及将予发行的股份总

数合共超过本公司于该授出当日的已

发行股本的1%，则不得向该合资格

人士授出购股权。授出超出该限额的

任何额外购股权均须符合GEM上市规

则项下的若干规定。

(e) 可行使购股权前须持有购股权的最

短期限

由董事会于授出购股权时厘定。

(f) 接纳购股权

当本公司接获正式签署的要约函件连

同不可退回付款1.00港元（或董事会

可能厘定的任何货币数额）时，有关

要约将获接纳。

REPORT OF THE DIRECTORS

董事报告

99威扬酒业国际控股有限公司二零二五年报

(g) Period of exercising the option

(i) Subject to certain restrictions contained in the Share

Option Scheme, a Share Option may be exercised

in acordance with the terms of the Share Option

Scheme and the terms of grant thereof at any

time during the aplicable option period, which is

not more than ten years from the date of grant of

option.

(i) There is no general requirement on the minimum

period for which a Share Option must be held or

the performance targets which must be achieved

before a Share Option can be exercised under the

terms of the Share Option Scheme. However, at the

time of granting any Share Option, the Board may,

on a case by case basis, make such grant subject to

such conditions, restrictions or limitations including

(without limitation) those in relation to the

minimum period of the Share Options to be held

and/or the performance targets to be achieved as

the Board may determine in its absolute discretion.

(h) Exercise Price

The exercise price for any Share under the Share Option

Scheme shal be a price determined by the Board and

notified to each grante and shal be not les than the

highest of (i) the closing price of a Share as stated in the

Stock Exchange’s daily quotations shet on the date of

grant of the relevant option, which must be a busines

day, (i) an amount equivalent to the average closing

price of a Share as stated in the Stock Exchange’s daily

quotation shets for the five busines days imediately

preceding the date of grant of the relevant option and (i)

the nominal value of a Share on the date of grant.

(i) Life of the Share Option Scheme

The Share Option Scheme wil remain in force for a

period of ten years comencing on the date on which

the Share Option Scheme is adopted.

No share options were granted since the adoption of the

Share Option Scheme and there are no outstanding share

options at the end of the Year.

(g) 购股权行使时间

(i) 受限于购股权计划所载的若干限

制，可于适用购股权期间（即不

超过授出购股权当日起计十年）

随时根据购股权计划的条款及授

出购股权的条款行使购股权。

(i) 根据购股权计划的条款，并无有

关于购股权可予行使前须持有购

股权的最短期间或须达致的表现

目标之一般规定。然而，董事会

可于授出购股权时按个别情况对

有关授出施加条件、限制或规

限，包括但不限于董事会可能全

权酌情厘定须持有购股权最短期

间及╱或须达致的表现目标。

(h) 行使价

购股权计划项下任何股份的行使价将

由董事会厘定及通知各承授人，惟该

价格不得低于以下各项的最高者：(i)

于授出有关购股权日期（该日必须为

营业日）在联交所每日报价表所述的

股份收市价，(i)相等于紧接授出有关

购股权日期前五个营业日在联交所每

日报价表所述的股份平均收市价之金

额及(i)股份于授出日期的面值。

(i) 购股权计划期限

购股权计划自获采纳当日起计十年期

间内有效。

自购股权计划获采纳起，并无授出购

股权，而于本年度末，概无尚未行使

之购股权。

REPORT OF THE DIRECTORS

董事报告

100Wine’s Link International Holdings Limited Anual Report 2025

AUDIT COMITE

The Company has set up an Audit Comite on 18 December

2017 with writen terms of reference in compliance with Rule

5.29 of the GEM Listing Rules and code provision D.3.3 of

the CG Code. The audited consolidated financial statements

of the Group for the Year have ben reviewed by the Audit

Comite, which was of the opinion that the preparation

of such results complied with the aplicable acounting

standards, the GEM Listing Rules and legal requirements, and

adequate disclosures have ben made.

CONECTED TRANSACTIONS AND RELATED

PARTY TRANSACTIONS

Details of related party transactions of the Group during

the Year are set out in note 28 to the consolidated financial

statements in this anual report. None of these related party

transactions constituted a conected transaction as defined

under the GEM Listing Rules for the Year.

During the Year, the Company has no non-exempt conected

transactions which are subject to the reporting, anual review,

anouncement and independent shareholders’ aproval under

Chapter 20 of the GEM Listing Rules.

SUFICIENCY OF PUBLIC FLOAT

From the information publicly available to the Company and

within the knowledge of the Directors, at least 25% of the

Company’s total isued share capital are held by the public at

al times throughout the period from the Listing Date to the

latest practicable date prior to the isue of this anual report.

TAX RELIEF

The Company is not aware of any relief from taxation available

to the Shareholders by reason of their holdings of the Shares.

COMPLIANCE WITH CORPORATE

GOVERNANCE CODE

The Company is comited to implementing god corporate

governance practices. Information on the principal corporate

governance practices adopted by the Company is set out in

the Corporate Governance Report on pages 23 to 44 of this

anual report.

审核委员会

本公司已于二零一七年十二月十八日根据

GEM上市规则第5.29条及企业管治守则之

守则条文第D.3.3条设立订有书面权责范围

之审核委员会。本集团本年度之经审核综

合财务报表已获审核委员会审阅，审核委

员会认为，该等业绩之编制符合适用之会

计准则、GEM上市规则及法律规定，并已

作出足够披露。

关连交易及关连方交易

于本年度内，本集团关连方交易之详情载

列于本年报综合财务报表附注28。于本年

度，概无以上关连方交易构成GEM上市规

则项下定义的关连交易。

于本年度内，本公司概无须遵守GEM上市

规则第20章项下之申报、年度审阅、公告

及独立股东批准规定之非豁免关连交易。

足够公众持股量

根据本公司所获得之公开资料及就董事所

知，于上市日期及直至本年报刊发前最后

实际可行日期整个期间的所有时间，至少

25%的本公司全部已发行股本由公众人士

持有。

税务宽免

本公司并不知悉任何因持有本公司股份而

提供予本公司股东的税务宽免。

企业管治守则合规

本公司致力实施良好企业管治常规。本公

司采纳之主要企业管治常规详情载列于本

年报第23页至第44页的企业管治报告。

REPORT OF THE DIRECTORS

董事报告

101威扬酒业国际控股有限公司二零二五年报

EVENT AFTER THE REPORTING PERIOD

The Board is not aware of any significant event requiring

disclosure that has taken place subsequent to 31 March 2025

and up to the date of this anual report.

INDEPENDENT AUDITORS

The consolidated financial statements for the Year have ben

audited by ZHONGHUI ANDA CPA Limited, who wil retire and

being eligible, ofer themselves for re-apointment. The Board

has taken the Audit Comite’s recomendation that a

resolution for their re-apointment as independent auditor of

the Company wil be proposed at the forthcoming AGM.

There have ben no other changes of independent auditor

during the preceding thre years.

On behalf of the Board

Wong Chi Lou Shirley

Chairman and Chief Executive Oficer

Hong Kong, 23 June 2025

报告期后事项

董事会并不知悉在二零二五年三月三十一

日之后及直至本年报日期发生任何须予披

露的重大事件。

独立核数师

本年度之综合财务报表已由中汇安达会计

师事务所有限公司审核，其将退任并符合

资格获续聘。董事会已采纳审核委员会之

建议，于应届股东周年大会上将就其重获

委任为本公司独立核数师而提呈一项决议

案。

于过往三年并无独立核数师之其他变动。

代表董事会

主席兼行政总裁

王姿潞

香港，二零二五年六月二十三日

102Wine’s Link International Holdings Limited Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

TO THE SHAREHOLDERS OF WINE’S LINK INTERNATIONAL

HOLDINGS LIMITED

(incorporated in the Cayman Islands with limited liability)

Opinion

We have audited the consolidated financial statements of

Wine’s Link International Holdings Limited (the “Company”)

and its subsidiaries (colectively refered to as the “Group”) set

out on pages 107 to 187, which comprise the consolidated

statement of financial position as at 31 March 2025, and

the consolidated statement of profit or los and other

comprehensive income, 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.

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 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.

致威扬酒业国际控股有限公司股东

（于开曼群岛注册成立之有限公司）

意见

本核数师（以下简称「我们」）已审计列载

于第107页至第187页的威扬酒业国际控

股有限公司（以下简称「贵公司」）及其附

属公司（以下统称「贵集团」）的综合财务

报表，此财务报表包括于二零二五年三月

三十一日的综合财务报表与截至该日止年

度的综合损益及其他全面收益报表、综合

权益变动表和综合现金流量表，以及综合

财务报表附注，包括重大会计政策资料。

我们认为，该等综合财务报表已根据香港

会计师公会颁布的《香港财务报告准则会

计准则》真实而中肯地反映了贵集团于二

零二五年三月三十一日的综合财务状况及

截至该日止年度的综合财务表现及综合现

金流量，并已遵照香港《公司条例》的披露

要求妥善编制。

意见的基础

我们已根据香港会计师公会颁布的《香港

审计准则》进行审计。我们在该等准则下

承担的责任已在本报告「核数师就审计综

合财务报表承担的责任」部分中作进一步

阐述。根据香港会计师公会颁布的《专业

会计师道德守则》（以下简称「守则」），我

们独立于贵集团，并已履行守则中的其他

专业道德责任。我们相信，我们所获得的

审计凭证能充足及适当地为我们的审计意

见提供基础。

103威扬酒业国际控股有限公司二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审计事项

关键审计事项是根据我们的专业判断，认

为对本期综合财务报表的审计最为重要的

事项。这些事项是在我们审计整体综合财

务报表及出具意见时进行处理的。我们不

会对这些事项提供单独的意见。

Key Audit Maters

Key audit maters are those maters that, in our profesional

judgement, were of most significance in our audit of the

consolidated financial statements of the curent period. These

maters were adresed in the context of our audit of the

consolidated financial statements as a whole, and in forming

our opinion thereon, and we do not provide a separate opinion

on these maters.

Key audit mater

关键审计事项

How our audit adresed the key audit mater

我们的审计如何对关键审计事项进行处理

Valuation of inventories

存货估值

We identified the valuation of inventories as a key

audit mater due to the significance of the balance

to the consolidated financial statements as a whole,

combined with the significant degre of judgements

by management of the Group asociated with

identifying slow-moving inventories based on the

ageing analysis and determining the net realisable

values which are based on the curent market

condition and recent seling price of inventories.

我们识别存货估值为关键审计事项，乃因结余整体

而言对综合财务报表属重要，并结合贵集团管理层

作出之重大判断，其与基于账龄识别滞销存货以及

根据当时市况及近期存货售价厘定可变现净值有关。

Net realisable value is the estimated seling prices

in the ordinary course of busines, les estimated

seling expenses. These estimates are based on

the curent market condition and the historical

experience of seling products of similar nature.

Management of the Group wil reases the

estimations on a product-by-product basis at the

end of the reporting period and write down for

obsolete inventories wil be made when necesary.

As disclosed in notes 4 and 16 to the consolidated

financial statements, the carying amount of

inventories as at 31 March 2025 amounted to

HK$121,214,000.

可变现净值为一般业务过程中估计售价减估计出售

开支。该等估计乃基于现时市况以及类似性质出售

产品之过往经验。贵集团管理层将于报告期末按逐

项产品重新评估该等估计，并于必要时将对陈旧存

货作出撇减。诚如综合财务报表附注4及16披露，

截至二零二五年三月三十一日，存货的账面值达到

121,214,000港元。

Our audit procedures in relation to the valuation of

inventories included:

关于存货的估值，我们的审核程序如下：

’s proces in

determining the net realisable values of the

inventories;

了解管理层厘定存货的可变现净值的程序；

• asesing the reasonablenes of the net realisable

value of inventories with reference to the recent

seling prices or public quoted prices of the wine

products, on a sample basis; and

参考葡萄酒产品的最近售价或公开报价，以抽样

方式评估存货可变现净值的合理性；及

, on a

sample basis.

抽查其后存货销售。

104Wine’s Link International Holdings Limited Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit mater

关键审计事项

How our audit adresed the key audit mater

我们的审计如何对关键审计事项进行处理

Valuation of deposits paid to supliers

向供应商支付之按金的估值

We identified the valuation of deposits paid

to supliers as a key audit mater due to the

involvement of management’s judgement in

asesing its recoverability.

我们将向供应商支付之按金的估值作为关键审计事

项，因为管理层于评估其可收回性时作出判断。

As disclosed in notes 4 and 18 to the consolidated

financial statements, deposits were paid to supliers

to purchase wine’s products with reference to

busines plan and relevant market condition.

诚如综合财务报表附注4及18所披露，按金乃支付

予供应商以采购葡萄酒产品，金额经参考业务计划

及相关市况。

The Group caried out the review on deposits paid

to supliers at the end of the reporting period and

asesed the recoverability of the deposits paid to

supliers based on subsequent utilisation of the

deposits paid to supliers and recent seling prices

or public quoted prices of the wine products.

贵集团已检讨于报告期末缴付供应商的按金，且根

据随后动用向供应商支付之按金及葡萄酒产品的近

期售价或公开报价评估向供应商支付之按金的可收

回性。

As at 31 March 2025, the carying amount of

deposits paid to supliers was HK$37,963,000.

于二零二五年三月三十一日，向供应商支付之按金

的账面值为37,963,000港元。

Our audit procedures in relation to the valuation of

deposits paid to supliers included:

我们评估向供应商支付之按金的估值的审计程序包括：

’s key controls over the

asesment of the valuation of the deposits paid

to supliers;

理解贵集团在评估向供应商支付之按金的可收

回性时的关键控制权；

• confirming the carying amounts of deposits paid

to supliers by confirmations, on a sample basis;

透过确认函以抽样基准确认向供应商支付之按金

之账面值；

• checking the subsequent utilisation of the

deposits paid to supliers, on a sample basis,

to the god received notes after the reporting

period; and

通过报告期后的已收货物单据抽查已向供应商支

付按金的后续使用情况；及

• asesing the reasonablenes of the recoverability

of the deposits paid to supliers with reference

to the suporting documents on expected

delivery time of the wine products and recent

seling prices or public quoted prices of the wine

products, on a sample basis.

参考有关葡萄酒产品预期交付时间的支持文件及

葡萄酒产品的近期售价或公开报价，以抽样基准

评估收回向供应商支付之按金的合理性。

105威扬酒业国际控股有限公司二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Other Information

The directors of the Company are responsible for the other

information. The other information comprises the information

included in the anual report, but does not include the

consolidated financial statements and our auditor’s report

thereon.

Our opinion on the consolidated financial statements does not

cover the other information and we do not expres any form

of asurance conclusion thereon.

In conection with our audit of the consolidated financial

statements, our responsibility is to read the other information

and, in doing so, consider whether the other information

is materialy inconsistent with the consolidated financial

statements or our knowledge obtained in the audit or

otherwise apears to be materialy mistated. If, based on the

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

mistatement of this other information, we are required to

report that fact. We have nothing to report in this regard.

Responsibilities of Directors and Those Charged with

Governance for the Consolidated Financial Statements

The directors of the Company are responsible for the

preparation of the consolidated financial statements

that give a true and fair view in acordance with HKFRS

Acounting Standards isued by the HKICPA and the disclosure

requirements of the Hong Kong Companies Ordinance, and for

such internal control as the directors determine is necesary

to enable the preparation of consolidated financial statements

that are fre from material mistatement, whether due to

fraud or eror.

In preparing the consolidated financial statements, the

directors are responsible for asesing the Group’s ability to

continue as a going concern, disclosing, as aplicable, maters

related to going concern and using the going concern basis of

acounting unles the directors either intend to liquidate the

Group or to cease operations, or have no realistic alternative

but to do so.

Those charged with governance are responsible for overseing

the Group’s financial reporting proces.

其他信息

贵公司董事需对其他信息负责。其他信息

包括刊载于年报内的信息，但不包括综合

财务报表及我们提供的核数师报告。

我们对综合财务报表的意见并不涵盖其他

信息，我们亦不对该等其他信息发表任何

形式的鉴证结论。

结合我们对综合财务报表的审计，我们的

责任是阅读其他信息，在此过程中，考虑

其他信息是否与综合财务报表或我们在审

计过程中所了解的情况存在重大抵触或者

似乎存在重大错误陈述的情况。基于我们

已执行的工作，如果我们认为其他信息存

在重大错误陈述，我们需要报告该事实。

在这方面，我们没有任何报告。

董事及治理层就综合财务报表须承担的

责任

贵公司董事须负责根据香港会计师公会颁

布的《香港财务报告准则会计准则》及香港

《公司条例》的披露要求拟备真实而中肯的

综合财务报表，并对其认为使综合财务

报表拟备不存在由于欺诈或错误而导致的

重大错误陈述所需的内部控制负责。

在拟备综合财务报表时，董事负责评估

贵集团持续经营的能力，并在适用情况下

披露与持续经营有关的事项，以及使用持

续经营为会计基础，除非董事有意将贵

集团清盘或停止经营，或别无其他实际的

替代方案。

治理层须负责监督贵集团的财务报告过

程。

106Wine’s Link International Holdings Limited Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Auditor’s Responsibilities for the Audit of the

Consolidated Financial Statements

Our objectives are to obtain reasonable asurance about

whether the consolidated financial statements as a whole are

fre from material mistatement, whether due to fraud or

eror, and to isue an auditor’s report that includes our opinion

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.

A further description of our responsibilities for the audit of the

consolidated financial statements is located at the HKICPA’s

website at:

htps:/w.hkicpa.org.hk/en/Standards-seting/Standards/

Our-views/auditre

This description forms part of our auditor’s report.

ZHONGHUI ANDA CPA Limited

Certified Public Acountants

Tse Kit Yan

Audit Engagement Director

Practising Certificate Number P08158

Hong Kong, 23 June 2025

核数师就审计综合财务报表承担的责任

我们的目标，是对综合财务报表整体是否

不存在由于欺诈或错误而导致的重大错误

陈述取得合理保证，并按照双方协定之应

聘书条款仅向阁下全体成员出具包括我们

意见的核数师报告。除此以外，我们的报

告不可用作其他用途。我们并不就本报告

之内容对任何其他人士承担任何责任或接

受任何义务。合理保证是高水准的保证，

但不能保证按照《香港审计准则》进行的

审计，在某一重大错误陈述存在时总能发

现。错误陈述可以由欺诈或错误引起，如

果合理预期错误陈述单独或汇总起来可能

影响综合财务报表使用者依赖财务报表所

作出的经济决定，则有关的错误陈述可被

视作重大。

我们就审核综合财务报表之责任之更多描

述载于香港会计师公会之网站：

htps:/w.hkicpa.org.hk/en/Standards-

seting/Standards/Our-views/auditre

该描述构成核数师报告之一部分。

中汇安达会计师事务所有限公司

执业会计师

谢杰仁

审计项目董事

执业牌照P08158

香港，二零二五年六月二十三日

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益报表

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

107威扬酒业国际控股有限公司二零二五年报

For the year ended 31 March

NotesHK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

附注千港元千港元

Revenue收益5373,985216,553

Cost of sales销售成本(288,092)(139,800)

Gros profit毛利85,89376,753

Other income其他收入6599127

Other gains and loses, net其他收益及亏损净额6559(956)

(Impairment los) reversal of

impairment los under expected

credit los model on trade receivables

贸易应收款项预期信贷亏损

模式项下的（减值亏损）

减值亏损拨回(220)33

Seling and distribution expenses销售及分销开支(13,437)(10,872)

Administrative expenses行政开支(15,085)(16,434)

Finance costs融资成本7(8,628)(9,294)

Profit before taxation除税前溢利949,68139,357

Income tax expense所得税开支10(9,930)(8,198)

Profit for the year年内溢利39,75131,159

Profit (los) for the year

atributable to:

以下人士应占年内溢利

（亏损）：

– Owners of the Company– 本公司拥有人39,75831,201

– Non-controling interests– 非控股权益(7)(42)

39,75131,159

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益报表

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

108Wine’s Link International Holdings Limited Anual Report 2025

For the year ended 31 March

NoteHK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

附注千港元千港元

Other comprehensive income after tax:税后其他全面收益：

Item that may be reclasified

to profit or los:

可能重新分类至

损益的项目：

Exchange diferences on translation

of foreign operations

换算境外业务产生的

汇兑差额111

Other comprehensive income

for the year, net of tax

年内其他全面收益，

扣除税项111

Total comprehensive income

for the year

年内全面收益总额

39,75231,170

Total comprehensive income (expense)

for the year atributable to:

以下人士应占年内全面收益

（开支）总额：

– Owners of the Company– 本公司拥有人39,75931,238

– Non-controling interests– 非控股权益(7)(68)

39,75231,170

Earnings per share每股盈利

– Basic and diluted (HK cent)– 基本及摊薄（港仙）119.947.80

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务报表

As at 31 March 2025 于二零二五年三月三十一日

109威扬酒业国际控股有限公司二零二五年报

As at 31 March

NotesHK$’000HK$’000

于三月三十一日

二零二五年二零二四年

附注千港元千港元

Non-curent asets非流动资产

Property and equipment物业及设备13123,352147,117

Investment property投资物业1417,720–

Right-of-use asets使用权资产156401,102

Defered tax asets递延税项资产25222325

Deposits and prepayments按金及预付款项18–494

141,934149,038

Curent asets流动资产

Inventories存货16121,214152,822

Trade receivables贸易应收款项1750,53552,304

Other receivables, deposits and

prepayments

其他应收款项、按金及

预付款项1839,75690,583

Amounts due from related

companies

应收关联公司款项

Cash and cash equivalents现金及现金等价物20129,0822,889

341,113299,089

Curent liabilities流动负债

Trade payables贸易应付款项212073,602

Other payables and acrued charges其他应付款项及应计费用222,7233,047

Contract liabilities合约负债234,1017,626

Tax payable应付税项4,2824,586

Bank borowings银行借款24136,360133,281

Lease liabilities租赁负债154131,003

Provisions拨备26500500

148,586153,645

Net curent asets流动资产净值192,527145,444

Total asets les curent liabilities总资产减流动负债334,461294,482

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务报表

As at 31 March 2025 于二零二五年三月三十一日

110Wine’s Link International Holdings Limited Anual Report 2025

As at 31 March

NotesHK$’000HK$’000

于三月三十一日

二零二五年二零二四年

附注千港元千港元

Non-curent liabilities非流动负债

Lease liabilities租赁负债152358

Net asets资产净值334,226294,474

Capital and reserves资本及储备

Share capital股本274,0004,000

Reserves储备331,593291,834

Equity atributable to owners

of the Company

本公司拥有人应占权益

335,593295,834

Non-controling interests非控股权益(1,367)(1,360)

Total equity总权益334,226294,474

The consolidated financial statements on pages 107 to 187

were aproved and authorised for isue by the Board of

Directors on 23 June 2025 and are signed on its behalf by:

Ms. Wong Chi Lou ShirleyMr. Chan Sze Tung

王姿潞女士陈诗桐先生

DirectorDirector

董事董事

第107页至第187页所载之综合财务报表

已获董事会于二零二五年六月二十三日批

准及授权刊发，并由以下人士代表签署：

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

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

111威扬酒业国际控股有限公司二零二五年报

Atributable to owners of the Company

本公司拥有人应占

capital

premium

Exchange

fluctuation

reserve

Other

reserve

Acumulated

profitsTotal

Non-

controling

interests

Total

equity

股本股份溢价汇兑波动储备其他储备累计溢利总计非控股权益总权益

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

千港元千港元千港元千港元千港元千港元千港元千港元

(Note)

（附注）

At 1 April 2023于二零二三年四月一日4,00076,298(20)27,458156,860264,596(1,292)263,304

Profit (los) for the year年内溢利（亏损）–31,20131,201(42)31,159

Other comprehensive income

(expense) for the year:

年内其他全面收益（开支）：

Exchange diferences on

translation of foreign

operations

换算境外业务产生的

汇兑差额

–37–37(26)11

Total comprehensive income

(expense) for the year

年内全面收益（开支）总额

–37–31,20131,238(68)31,170

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4,00076,2981727,458188,061295,834(1,360)294,474

Profit (los) for the year年内溢利（亏损）–39,75839,758(7)39,751

Other comprehensive income

(expense) for the year:

年内其他全面收益（开支）：

Exchange diferences on

translation of foreign

operations

换算境外业务产生的

汇兑差额

–1–1–1

Total comprehensive income

(expense) for the year

年内全面收益(开支)总额

–1–39,75839,759(7)39,752

At 31 March 2025于二零二五年三月三十一日4,00076,2981827,458227,819335,593(1,367)334,226

Note: Other reserve represents the balance of HK$7,458,000 in

relation to the shareholder’s contribution in relation to derivative

financial instruments entered betwen Mr. Ting Chi Wai Roy

(“Mr. Roy Ting”) and the Group during the year ended 31

March 2016 and the efect of reorganisation of HK$20,000,000

during the year ended 31 March 2016.

附注：其他储备指截至二零一六年三月三十一

日止年度丁志威先生（「丁志威先生」）与

本集团订立之衍生金融工具产生之股东

出资有关的结余7,458,000港元以及截

至二零一六年三月三十一日止年度之重

组影响20,000,000 港元。

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

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

112Wine’s Link International Holdings Limited Anual Report 2025

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

OPERATING ACTIVITIES经营活动

Profit before income tax除所得税前溢利49,68139,357

Adjustments for:就下列各项作出调整：

Depreciation of property and equipment物业及设备折旧6,2586,552

Depreciation of an investment property投资物业折旧820–

Depreciation of right-of-use asets使用权资产折旧1,1032,661

Impairment los (reversal of

impairment los) under expected

credit los model on trade receivables

贸易应收款项预期信贷亏损

模式项下之减值亏损（减值亏

损拨回）220(33)

Los (gain) on disposal of property

and equipment

出售物业及设备的亏损（收益）

61(295)

Write-of of property and equipment撇销物业及设备–224

Finance costs融资成本8,6289,294

Bank interest income银行利息收入(6)(4)

Operating cash flows before movements

in working capital

营运资金变动前之经营现金流量

66,76557,756

Decrease (increase) in inventories存货减少（增加）31,608(14,057)

Decrease (increase) in trade receivables贸易应收款项减少（增加）1,549(7,467)

Decrease (increase) in other receivables,

deposits and prepayments

其他应收款项、按金及预付款项

减少（增加）51,321(1,825)

Decrease in trade payables贸易应付款项减少(3,395)(3,008)

Decrease in other payables and

acrued charges

其他应付款项及应计费用减少

(324)(108)

Decrease in contract liabilities合约负债减少(3,525)(2,650)

Decrease in provision拨备减少–(140)

Cash generated from operations营运所得现金143,99928,501

Income tax paid已付所得税(10,131)(5,584)

NET CASH FROM OPERATING ACTIVITIES经营活动所得现金净额133,86822,917

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

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

113威扬酒业国际控股有限公司二零二五年报

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

INVESTING ACTIVITIES投资活动

Bank interest received已收银行利息64

Purchase of property and equipment购买物业及设备(1,036)(1,006)

Proceds from disposal of property

and equipment

出售物业及设备所得款项

Advances to related companies向关联公司的垫款(35)(37)

NET CASH USED IN INVESTING ACTIVITIES投资活动所用现金净额(911)(744)

FINANCING ACTIVITIES融资活动

New bank borowings raised已筹措新增银行借款162,583123,659

Interest paid on bank borowings

and bank overdrafts

已付银行借款及银行透支利息

(8,578)(9,147)

Interest paid on lease liabilities已付租赁负债利息(50)(147)

Repayment of bank borowings偿还银行借款(159,504)(133,751)

Repayment of lease liabilities偿还租赁负债(1,216)(2,700)

NET CASH USED IN FINANCING ACTIVITIES融资活动所用现金净额(6,765)(22,086)

NET INCREASE IN CASH AND CASH

EQUIVALENTS

现金及现金等价物增加净额

126,19287

CASH AND CASH EQUIVALENTS AT

BEGINING OF THE YEAR

年初现金及现金等价物

2,8892,791

Efect of foreign exchange rate changes,

net

汇率变动影响净额

CASH AND CASH EQUIVALENTS AT END

OF THE YEAR

年末现金及现金等价物

129,0822,889

Represented by:由以下代表：

Bank balances and cash银行结余及现金129,0822,889

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

114Wine’s Link International Holdings Limited Anual Report 2025

1. GENERAL INFORMATION

Wine’s Link International Holdings Limited (the

“Company”) was incorporated in the Cayman Islands

and registered as an exempted company with limited

liability under the Companies Act, Chapter 22 (Law 3 of

1961, as consolidated and revised) of the Cayman Islands

on 22 September 2016 and the shares of the Company

have ben listed on GEM of The Stock Exchange of Hong

Kong Limited (the “Stock Exchange”). The adres of

the Company’s registered ofice is at PO Box 309, Ugland

House, Grand Cayman, KY1-1104, Cayman Islands,

and the principal place of busines is in 26th Flor, AIA

Financial Centre, 712 Prince Edward Road East, San Po

Kong, Kowlon, Hong Kong.

Shirz Limited (“Shirz”), a limited company incorporated

in the British Virgin Islands (the “BVI”) which holds 70%

equity interests in the Company, is one of the controling

shareholders of the Company and is wholy-owned by

Ms. Wong Chi Lou Shirley (“Ms. Shirley Wong”).

The Company is an investment holding company. The

principal activities of its subsidiaries are set out in note

37. The Company and its subsidiaries (the “Group”) are

principaly engaged in trading of wine products and other

alcoholic beverages.

The consolidated financial statements are presented in

Hong Kong dolar (“HK$”) which is also the functional

curency of the Company.

2. APLICATION OF AMENDMENTS TO

HKFRS ACOUNTING STANDARDS

In the curent year, the Group has adopted al the new

and revised HKFRS Acounting Standards isued by the

Hong Kong Institute of Certified Public Acountants

(the “HKICPA”) that are relevant to its operations and

efective for its acounting year begining on 1 April

2024. HKFRS Acounting Standards comprise Hong Kong

Financial Reporting Standards (“HKFRS”); Hong Kong

Acounting Standards (“HKAS”); and Interpretations. The

adoption of these new and revised HKFRS Acounting

Standards did not result in significant changes to the

Group’s acounting policies, presentation of the Group’s

consolidated financial statements and amounts reported

for the curent year and prior years.

1. 一般资料

威扬酒业国际控股有限公司（「本公

司」）于二零一六年九月二十二日根

据开曼群岛第22章公司法（一九六一

年第3卷，经综合及修订）在开曼群

岛注册成立为获豁免有限公司，及本

公司股份已于香港联合交易所有限公

司（「联交所」）GEM上市。本公司之

注册办事处地址及主要营业地点分别

为PO Box 309, Ugland House, Grand

Cayman, KY1-1104, Cayman Islands

及香港九龙新蒲岗太子道东712号友

邦九龙金融中心26楼。

本公司其中一名控股东为Shirz

Limited（「Shirz」），一间于英属处女群

岛（「英属处女群岛」）注册成立之有

限公司，持有本公司70%股权及由王

姿潞女士（「王姿潞女士」）全资拥有。

本公司为投资控股公司。其附属公司

之主要业务载列于附注37。本公司及

其附属公司（「本集团」）主要从事买

卖葡萄酒产品及其他酒精饮品。

综合财务报表以港元（「港元」）呈

列，港元亦为本公司之功能货币。

2. 应用经修订香港财务报告准

则会计准则

于本年度，本集团已采纳由香港会计

师公会(「香港会计师公会」)颁布与其

业务相关并自二零二四年四月一日起

会计年度生效的所有新订及经修订香

港财务报告准则会计准则。香港财务

报告准则会计准则包括香港财务报告

准则（「香港财务报告准则」）、香港会

计准则（「香港会计准则」）及诠释。

采纳该等新订及经修订香港财务报告

准则会计准则并无对本集团本年度及

过往年度的会计政策、本集团综合财

务报表的呈列方式及所呈报金额造成

重大变动。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

115威扬酒业国际控股有限公司二零二五年报

2. APLICATION OF AMENDMENTS TO

HKFRS ACOUNTING STANDARDS

(continued)

The Group has not aplied the new and revised HKFRS

Acounting Standards that have ben isued but are

not yet efective. The Group has already comenced an

asesment of the impact of these new and revised HKFRS

Acounting Standards but is not yet in a position to

state whether these new and revised HKFRS Acounting

Standards would have a material impact on its results of

operations and financial position.

3. MATERIAL ACOUNTING POLICIES

The consolidated financial statements have ben prepared

on the historical cost basis and in acordance with HKFRS

Acounting Standards isued by the HKICPA. For the

purpose of preparation of the consolidated financial

statements, information is considered material if such

information is reasonably expected to influence decisions

made by primary users. In adition, the consolidated

financial statements include the aplicable disclosures

required by the Rules Governing the Listing of Securities

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

and the Hong Kong Companies Ordinance.

Historical cost is generaly based on the fair value of the

consideration given in exchange for gods and services.

Fair value is the price that would be received to sel

an aset or paid to transfer a liability in an orderly

transaction betwen market participants at the

measurement date, regardles of whether that price is

directly observable or estimated using another valuation

technique. In estimating the fair value of an aset or a

liability, the Group takes into acount the characteristics

of the aset or liability if market participants would take

those characteristics into acount when pricing the

aset or liability at the measurement date. Fair value

for measurement and/or disclosure purposes in these

consolidated financial statements are determined on such

a basis, except for share-based payment transactions that

are within the scope of HKFRS 2 “Share-based payment”,

leasing transactions in acordance with HKFRS 16

“Leases”, and measurements that have some similarities

to fair value but are not fair value, such as net realisable

value in HKAS 2 “Inventories” or value in use in HKAS 36

“Impairment of asets”.

2. 应用经修订香港财务报告准

则会计准则（续）

本集团并无应用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。本集团已开始评估该等新订及

经修订香港财务报告准则会计准则的

影响，但尚未确定该等新订及经修订

香港财务报告准则会计准则会否对其

经营业绩及财务状况造成重大影响。

3. 重大会计政策

综合财务报表乃按历史成本基准及根

据符合香港会计师公会颁布之香港财

务报告准则会计准则编制。就编制综

合财务报表而言，如可合理预期有关

资料会影响主要使用者的决策，则该

资料被视为重要资料。此外，综合财

务报表包括联交所GEM证券上市规则

（「GEM上市规则」）及香港公司条例

所规定之适用披露。

历史成本一般乃按就交换货品及服务

所给予代价之公平值得出。

公平值为在市场参与者之间于计量日

期所进行之有序交易中将就出售资产

收取或就转让负债支付之价格，而不

论该价格乃属直接可予观察或使用另

一估值技术予以估计。在估计资产或

负债之公平值时，倘市场参与者于计

量日期就资产或负债定价时会考虑资

产或负债之特色，则本集团亦会考虑

该等特色。综合财务报表有关计量及

╱或披露目的之公平值乃按有关基准

厘定，惟属于香港财务报告准则第2

号「以股份为基础付款」范畴内之以

股份为基础付款交易、根据香港财务

报告准则第16号「租赁」确认之租赁

交易，以及具有与公平值部分相似但

并非公平值之计量，如香港会计准则

第2号「存货」内之可变现净值或香港

会计准则第36号「资产减值」内之在

用价值。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

116Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

In adition, for financial reporting purposes, fair value

measurements are categorised into Level 1, 2 or 3 based

on the degre to which the inputs to the fair value

measurements are observable and the significance of the

inputs to the fair value measurement in its entirety, which

are described as folows:

• Level 1 inputs are quoted prices (unadjusted) in

active markets for identical asets or liabilities that

the entity can aces at the measurement date;

, other than quoted prices

included within Level 1, that are observable for the

aset or liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the aset

or liability.

The material acounting policies adopted are set out

below.

Basis of consolidation

The consolidated financial statements incorporate

the financial statements of the Company and entities

controled by the Company and its subsidiaries. Control is

achieved when the Company:

;

, or has rights, to variable returns from its

involvement with the investe; and

• has the ability to use its power to afect its returns.

The Group reaseses whether or not it controls an

investe if facts and circumstances indicate that there are

changes to one or more of the thre elements of control

listed above.

（续）

此外，就财务报告而言，公平值计量

乃按公平值计量输入数据可予观察的

程度及公平值计量输入数据整体之重

要性分类为第1级、第2级或第3级，

其乃载述如下：

• 第1级输入数据为实体于计量日

期就相同资产或负债取得之活跃

市场报价（未经调整）；

（纳入第1级内

之报价除外）为可直接或间接就

资产或负债观察；及

• 第3级输入数据乃就资产或负债

不可观察之输入数据。

所采纳之重大会计政策载列如下。

综合基准

综合财务报表纳入本公司及由本公司

及其附属公司所控制实体之财务报

表。当本公司符合下列条件，则取得

控制权：

• 对自其参与被投资公司之可变回

报面临风险或具有权利；及

• 具有能力运用其权力影响其回

报。

倘事实及情况显示上列三项控制权元

素之其中一项或多项有所变动，则本

集团会重新评估其是否控制被投资公

司。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

117威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Basis of consolidation (continued)

Consolidation of a subsidiary begins when the Group

obtains control over the subsidiary and ceases when

the Group loses control of the subsidiary. Specificaly,

income and expenses of a subsidiary acquired or disposed

of during the year are included in the consolidated

statement of profit or los and other comprehensive

income from the date the Group gains control until the

date when the Group ceases to control the subsidiary.

Profit or los and each component of other comprehensive

income are atributed to owners of the Company and to

the non-controling interests. Total comprehensive income

of subsidiaries is atributed to owners of the Company

and to the non-controling interests even if this results in

the non-controling interests having a deficit balance.

Where necesary, adjustments are made to the financial

statements of subsidiaries to bring their acounting

policies into line with the Group’s acounting policies.

Al intra-group asets, liabilities, equity, income, expenses

and cash flows relating to transactions betwen members

of the Group are eliminated in ful on consolidation.

Non-controling interests in subsidiaries are presented

separately from the Group’s equity therein, which

represent present ownership interests entitling their

holders to a proportionate share of net asets of the

relevant subsidiaries upon liquidation.

Revenue from contracts with customers

The Group recognises revenue when (or as) a

performance obligation is satisfied, i.e. when “control”

of the gods or services underlying the particular

performance obligation is transfered to the customer.

A performance obligation represents a god or service (or

a bundle of gods or services) that is distinct or a series

of distinct gods or services that are substantialy the

same.

（续）

综合基准（续）

附属公司于本集团取得该附属公司之

控制权时开始综合，并于本集团失去

对该附属公司之控制权时终止。具体

而言，年内所收购或出售附属公司之

收入及开支乃自本集团获得控制权当

日起直至本集团不再控制附属公司当

日为止纳入综合损益及其他全面收益

报表。

损益及其他全面收益之各部分会分配

至本公司拥有人及非控股权益。附属

公司之全面收益总额分配至本公司拥

有人及非控股权益，即使此举将导致

非控股权益产生亏绌结余。

如有需要，则会对附属公司之财务报

表作出调整，以使其会计政策与本集

团之会计政策贯彻一致。

所有关本集团成员公司之间之集团

内资产、负债、权益、收入、开支及

现金流量乃于综合入账时悉数对销。

附属公司之非控股权益于本报告与本

集团权益分开呈列，指现时所有者权

益于清盘时赋予其持有人按比例分占

有关附属公司之资产净值。

客户合约收益

本集团（或随著）于完成履约责任时

确认收入，即于与特定履约责任相关

之货品或服务之「控制权」转让予客

户时。

履约责任指一项明确的货品或服务

（或一批货品或服务）或一系列大致相

同且明确的货品或服务。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

118Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Revenue from contracts with customers (continued)

Control is transfered over time and revenue is recognised

over time by reference to the progres towards complete

satisfaction of the relevant performance obligation if one

of the folowing criteria is met:

• the customer simultaneously receives and consumes

the benefits provided by the Group’s performance

as the Group performs;

’s performance creates or enhances an

aset that the customer controls as the Group

performs; or

’s performance does not create an aset

with an alternative use to the Group and the

Group has an enforceable right to payment for

performance completed to date.

Otherwise, revenue is recognised at a point in time when

the customer obtains control of the distinct god or

service.

A contract liability represents the Group’s obligation

to transfer gods or services to a customer for which

the Group has received consideration (or an amount of

consideration is due) from the customer.

The Group recognises revenue mainly from the sales

of wine products at point in time when the customer

obtains control of the wine products.

（续）

客户合约收益（续）

控制权随时间转移，而倘符合其中一

项以下标准，则收益乃参照完成相关

履约责任的进度按时间确认：

• 客户于本集团履约时同时取得并

耗用本集团履约所提供的利益；

• 本集团的履约创建或增强客户于

本集团履约时控制的资产；或

• 本集团的履约并未产生对本集团

有替代用途的资产，且本集团有

强制执行权以收取迄今已履约部

分的款项。

否则，收入于客户获得明确的货品或

服务的控制权时确认。

合约负债指本集团因已自客户收取代

价（或代价金额到期）而须向客户转

让货品或服务的责任。

本集团主要来自销售葡萄酒产品的收

益于客户获得葡萄酒产品的控制权的

时点确认。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

119威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Lease

Definition of 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.

For contracts entered into or modified on or after

the date of initial aplication or arising from busines

combinations, the Group aseses whether a contract is

or contains a lease based on the definition under HKFRS

16 at inception, modification date or acquisition date, as

apropriate. Such contract wil not be reasesed unles

the terms and conditions of the contract are subsequently

changed.

The Group as a lese

Alocation of consideration to components of a

contract

For a contract that contains a lease component and one

or more aditional lease or non-lease components, the

Group alocates the consideration in the contract to

each lease component on the basis of the relative stand-

alone price of the lease component and the agregate

standalone price of the non-lease components.

Non-lease components are separated from lease

component and are acounted for by aplying other

aplicable standards.

Short-term leases

The Group aplies the short-term lease recognition

exemption to leases of properties that have a lease term

of 12 months or les from the comencement date and

do not contain a purchase option. Lease payments on

short-term leases are recognised as expense on a straight-

line basis or another systematic basis over the lease term.

（续）

租赁

租赁之定义

倘合约赋予于一段期间内控制已识别

资产之使用以换取代价之权利，则合

约为或包含租赁。

就于首次应用日期或之后订立或修订

或因业务合并而产生之合约而言，

本集团于订立、修订日期或收购日

期（倘适用）根据香港财务报告准则

第16号之定义评估合约是否属或包含

租赁。除非合约之条款及条件其后发

生变动，否则有关合约将不予重新评

估。

本集团作为承租人

将代价分配至合约各组成部分

就包含租赁部分及一个或多个额外租

赁或非租赁部分的合约而言，本集团

将合约中的代价按租赁部分的相对独

立价格及非租赁部分的独立总价格分

配至各租赁部分。

非租赁组成部分与租赁组成部分区分

开来，且透过应用其他适用准则入

账。

短期租赁

本集团对租赁期为自开始日期起计12

个月或以内且并无购买选择权之物业

应用短期租赁确认豁免。短期租赁之

租金以直线法或按其他系统基准于租

期确认为开支。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

120Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Lease (continued)

The Group as a lese (continued)

Right-of-use asets

The cost of right-of-use aset includes:

• the amount of the initial measurement of the lease

liability;

;

• any lease payment made at or before the

comencement date, les any lease incentive

received; and

• an estimate of costs to be incured by the Group

in dismantling and removing the underlying asets,

restoring the site on which it is located or restoring

the underlying aset to the condition required by

the terms and conditions of the lease.

Right-of-use asets are measured at cost, les any

acumulated depreciation and impairment loses, and

adjusted for any remeasurement of lease liabilities.

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.

When the Group obtains ownership of the underlying

leased asets at the end of the lease term, upon

exercising purchase options, the cost of the relevant

right-of-use asets and the related acumulated

depreciation and impairment los are transfered to

property and equipment.

The Group presents right-of-use asets as a separate line

item on the consolidated statement of financial position.

（续）

租赁（续）

本集团作为承租人（续）

使用权资产

使用权资产成本包括：

• 本集团产生之任何初步直接成

本；

• 于开始日期或之前作出之任何租

赁付款，减任何已收租赁优惠；

及

恢复其所在地或将相关资产恢复

至租赁条款及条件所规定之状况

时将产生之成本估计。

使用权资产按成本减任何累计折旧及

减值亏损计量，并就租赁负债的任何

重新计量作出调整。

本集团可合理确定于租赁期结束时取

得相关租赁资产所有权之使用权资

产，由开始日期至可使用年期结束日

期折旧。否则，使用权资产按其估计

可使用年期及租期之较短者以直线法

折旧。

当本集团于租期末获得相关租赁资产

之所有权，于行使购买选择权时，相

关使用权资产之成本以及相关累计折

旧以及减值亏损会转移至物业及设

备。

本集团于综合财务报表内将使用权资

产呈列为单独项目。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

121威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Lease (continued)

The Group as a lese (continued)

Refundable rental deposits

Refundable rental deposits paid are acounted under

HKFRS 9 “Financial Instruments” (“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.

Lease liabilities

At the comencement date of a lease, the Group

recognises and measures the lease liability at the present

value of lease payments that are unpaid at that date.

In calculating the present value of lease payments, the

Group uses the incremental borowing rate at the lease

comencement date if the interest rate implicit in the

lease is not readily determinable.

The lease payments represent fixed payments les any

lease incentives receivable.

After the comencement date, lease liabilities are

adjusted by interest acretion and lease payments.

The Group remeasures lease liabilities (and makes

a coresponding adjustment to the related right-of

use asets) whenever the lease term has changed in

which case the related lease liability is remeasured by

discounting the revised lease payments using a revised

discount rate at the date of reasesment.

The Group presents lease liabilities as a separate line item

on the consolidated statement of financial position.

（续）

租赁（续）

本集团作为承租人（续）

可退还的租金按金

已付可退还租金按金按香港财务报告

准则第9号「金融工具」（「香港财务报

告准则第9号」）入账，并初步按公平

值计量。首次确认时对公平值之调整

被视为额外租赁付款，并计入使用权

资产成本。

租赁负债

于租赁开始日，本集团按于该日未付

之租赁付款之现值确认及计量租赁负

债。在计算租赁付款现值时，倘租赁

所隐含之利率未能即时厘定，则本集

团于租赁开始日期采用增量借贷利

率。

租赁付款指固定付款减任何应收租赁

优惠。

于开始日期后，租赁负债乃经利息增

加及租赁付款调整。

本集团于租赁期变动时重新计量租赁

负债（并对相关使用权资产作出相应

调整），在此情况下，相关租赁负债

于重新评估当日按经修订贴现率贴现

经修订租赁付款重新计量。

本集团于综合财务报表内将租赁负债

呈列为单独项目。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

122Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Lease (continued)

The Group as a lese (continued)

Lease modifications

The Group acounts for a lease modification as a separate

lease if:

• the modification increases the scope of the lease

by ading the right to use one or more underlying

asets; and

• the consideration for the leases increases by an

amount comensurate with the stand-alone price

for the increase in scope and any apropriate

adjustments to that stand-alone price to reflect the

circumstances of the particular contract.

For a lease modification that is not acounted for as a

separate lease, the Group remeasures the lease liability

based on the lease term of the modified lease by

discounting the revised lease payments using a revised

discount rate at the efective date of the modification.

The Group acounts for the remeasurement of lease

liabilities by making coresponding adjustments to the

relevant right-of-use aset. When the modified contract

contains a lease component and one or more aditional

lease or non-lease components, the Group alocates the

consideration in the modified contract to each lease

component on the basis of the relative stand-alone price

of the lease component and the agregate stand-alone

price of the non-lease components.

The Group as a lesor

Operating leases

Leases that do not substantialy transfer to the leses

al the risks and rewards of ownership of asets are

acounted for as operating leases. Rental income from

operating leases is recognised on a straight-line basis

over the term of relevant lease.

（续）

租赁（续）

本集团作为承租人（续）

租赁修改

倘出现下列情况，本集团将租赁修改

入账为单独租赁：

• 该变更增加使用一项或多项相关

资产的权利，从而增加租赁之范

围；及

• 租赁代价按与独立价格相称之增

加范围及对该独立价格作出任何

适当调整以反映特定合约之情

况。

对于未作为单独租赁入账的租赁修

改，本集团根据变更租赁的租赁期

重新计量租赁负债，方法是采用变更

生效日的修订折现率折现修订租赁付

款。

本集团透过对相关使用权资产作出相

应调整将租赁负债重新计量入账。当

经修改合约包含租赁组成部分以及一

个或多个额外租赁或非租赁组成部分

时，本集团根据租赁组成部分之相对

独立价格及非租赁组成部分之总独立

价格，将经修改合约中之代价分配至

每个租赁组成部分。

本集团作为出租人

营运租赁

并无将资产所有权的所有风险及回报

实质上转让予承租人的租赁作为营运

租赁入账。营运租赁所得租金收入于

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

123威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Property and equipment

Property and equipment are tangible asets that are held

for use in the production or suply of gods or services,

or for administrative purposes. Property and equipment

are stated at cost les subsequent acumulated

depreciation and subsequent acumulated impairment

loses, if any.

Depreciation is recognised so as to write of the cost of

items of property and equipment over their estimated

useful lives, using the straight-line method. The estimated

useful lives and depreciation method are reviewed at

the end of each reporting period, with the efect of any

changes in estimate acounted for a prospective basis.

An item of property and equipment is derecognised

upon disposal or when no future economic benefits are

expected to arise from the continued use of the aset.

Any gain or los arising on the disposal or retirement of

an item of property and equipment is determined as the

diference betwen the sales proceds and the carying

amount of the aset and is recognised in profit or los.

Investment property

Investment property is land and/or building held to

earn rentals and/or for capital apreciation. Investment

property is measured initialy at its cost including al direct

costs atributable to the property.

After initial recognition, the investment property is stated

at cost les acumulated depreciation and impairment

loses. The depreciation is calculated using the straight-

line method to alocate the cost to the residual value over

its estimated useful life.

The gain or los on disposal of an investment property is

the diference betwen the net sales proceds and the

carying amount of the property, and is recognised in

profit or los.

（续）

物业及设备

物业及设备乃持有以用于生产或供应

货物或服务或作行政用途的有形资

产。物业及设备乃按成本减其后累计

折旧及其后累计减值亏损（如有）列

账。

折旧乃确认以于物业及设备项目之估

计可使用年期使用直线法撇销该等项

目成本。估计可使用年期及折旧方式

乃于各报告期末审阅，而估计任何变

动之影响则按前瞻基准入账。

物业及设备项目乃于出售时或当预期

自持续使用资产将不会产生未来经济

利益时终止确认。有关出售或弃用物

业及设备项目所产生之任何收益或亏

损乃按销售所得款项与资产账面值之

间的差异予以确定，并在损益内确

认。

投资物业

投资物业指为赚取租金及╱或资本增

值而持有的土地及╱或建筑物。投资

物业初始以其成本计量，包括物业应

占的所有直接成本。

首次确认后，投资物业以成本减去累

计折旧及减值亏损后列示。折旧采用

直线法在其估计使用年期内将成本分

配至余值。

出售投资物业的收益或亏损为销售所

得款项净额与该物业账面值之间的差

额，并于损益中确认。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

124Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Impairment los on property and equipment and

right-of-use asets

At the end of the reporting period, the Group reviews

the carying amounts of its property and equipment and

right-of-use asets to determine whether there is any

indication that those asets have sufered an impairment

los. If any such indication exists, the recoverable amount

of the aset is estimated in order to determine the extent

of the impairment los, if any.

The recoverable amount of property and equipment and

right-of-use asets are estimated individualy. When it is

not posible to estimate the recoverable amount of an

individual aset, the Group estimates the recoverable

amount of the cash-generating unit to which the aset

belongs.

In testing a cash-generating unit for impairment,

corporate asets are alocated to the relevant cash-

generating unit when a reasonable and consistent basis

of alocation can be established, or otherwise they are

alocated to the smalest group of cash generating units

for which a reasonable and consistent alocation basis can

be established. The recoverable amount is determined

for the cash-generating unit or group of cash-generating

units to which the corporate aset belongs, and is

compared with the carying amount of the relevant cash

generating unit or group of cash-generating units.

（续）

物业及设备以及使用权资产之减值

亏损

于本报告期末，本集团审阅其物业及

设备以及使用权资产之账面值，以厘

定是否有任何迹象显示该等资产已经

蒙受减值亏损。倘存在任何有关迹

象，则资产之可收回金额乃获估计，

以厘定减值亏损之程度（如有）。

物业及设备以及使用权资产之可收回

金额单独估计。当并不可能估计个别

资产之可收回金额时，本集团估计资

产所属之现金产生单位之可收回金

额。

于进行现金产生单位的减值测试时，

当可立合理一致的分配基准时，则企

业资产可分配至相关现金产生单位，

否则，企业资产将分配至能建立合理

一致分配基准的最小现金产生单位组

别。就企业资产所属的现金产生单位

或现金产生单位组别厘定可收回金

额，并与相关金产生单位或现金产生

单位组别的账面值进行比较。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

125威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Impairment los on property and equipment and

right-of-use asets (continued)

Recoverable amount is the higher of fair value les costs

of disposal and value in use. In asesing value in use,

the estimated future cash flows are discounted to their

present value using a pre-tax discount rate that reflects

curent market asesments of the time value of money

and the risks specific to the aset (or a cash-generating

unit) for which the estimates of future cash flows have

not ben adjusted.

If the recoverable amount of an aset (or a cash-

generating unit) is estimated to be les than its carying

amount, the carying amount of the aset (or a cash-

generating unit) is reduced to its recoverable amount.

For corporate asets or portion of corporate asets which

canot be alocated on a reasonable and consistent

basis to a cash-generating unit, the Group compares the

carying amount of a group of cash-generating units,

including the carying amounts of the corporate asets

or portion of corporate asets alocated to that group

of cash-generating units, with the recoverable amount

of the group of cash-generating units. In alocating the

impairment los, the impairment los is alocated first to

reduce the carying amount of any godwil (if aplicable)

and then to the other asets on a pro-rata basis based

on the carying amount of each aset in the unit or the

group of cash-generating units. The carying amount of

an aset is not reduced below the highest of its fair value

les costs of disposal (if measurable), its value in use (if

determinable) and zero. The amount of the impairment

los that would otherwise have ben alocated to the

aset is alocated pro rata to the other asets of the unit

or the group of cash-generating units. An impairment

los is recognised imediately in profit or los.

（续）

物业及设备以及使用权资产之减值

亏损（续）

可收回金额为公平值减出售成本与在

用价值之较高者。于评估在用价值

时，会使用反映目前市场对金钱时间

值之评估及尚未调整未来现金流量估

计之资产（或现金产生单位）特定之

风险之税前贴现率贴现至其现值。

倘资产（或现金产生单位）之可收回

金额估计少于其账面值，则资产（或

现金产生单位）之账面值乃扣减至其

可收回金额。就未能按合理一致基准

分配至现金产生单位的企业资产或一

部分企业资产而言，本集团会将一组

现金产生单位的账面值（包括分配至

该组现金产生单位的企业资产或一部

分企业资产的账面值）与该组现金产

生单位的可收回款项作比较。于分配

减值亏损时，减值亏损乃首先分配以

扣减任何商誉之账面值（倘适用），然

后则按照该单位或该组现金产生单位

各资产的账面值按比例分配至其他资

产。资产账面值不会扣减至低于其公

平值减出售成本（倘属可予计量）、其

在用价值（倘可予厘定）及零之最高

者。将另行分配至资产的减值亏损金

额乃按比例分配至该单位或该组现金

产生单位的其他资产。减值亏损乃即

时于损益内确认。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

126Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Impairment los on property and equipment and

right-of-use asets (continued)

Where an impairment los subsequently reverses, the

carying amount of the aset (or a cash-generating unit

or a group of cash-generating units) is increased to the

revised estimate of its recoverable amount, but so that

the increased carying amount does not exced the

carying amount that would have ben determined had

no impairment los ben recognised for the aset (or

a cash-generating unit or a group of cash-generating

units) in prior years. A reversal of an impairment los is

recognised imediately in profit or los.

Inventories

Inventories are stated at the lower of cost and net

realisable value. Cost of inventories are determined

on a weighted average method. Net realisable value

represents the estimated seling price for inventories les

al estimated costs necesary to make the sale.

Financial instruments

Financial asets and financial liabilities are recognised

when a group entity becomes a party to the contractual

provisions of the instrument. 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 market place.

Financial asets and financial liabilities are initialy

measured at fair value except for trade receivables

arising from contracts with customers which are initialy

measured in acordance with HKFRS 15 “Revenue from

Contracts with Customers”. 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.

（续）

物业及设备以及使用权资产之减值

亏损（续）

倘减值亏损其后拨回，资产（或现金

产生单位或一组现金产生单位）账面

值乃增加至其可收回金额之经修订估

计，惟致令经增加之账面值不会超过

倘于过往年度并无就该资产（或现金

产生单位或一组现金产生单位）确认

减值亏损时原应厘定之账面值。减值

亏损拨回即时于损益中确认。

存货

存货乃按成本与可变现净值之较低者

列账。存货成本乃按加权平均法厘

定。可变现净值指存货之估计售价减

所有进行销售所需之成本。

金融工具

金融资产及金融负债于集团实体成为

工具合约条文的订约方时确认。所有

以正常方式购买或出售的金融资产乃

按交易日基准确认及终止确认。以正

常方式购买或出售是指购买或出售要

求于市场上按规则或惯例设定的时间

框架内交付的金融资产。

除根据香港财务报告准则第15号「客

户合约收益」初步计量的来自客户合

约之贸易应收款项外，金融资产及金

融负债初步按公平值计量。收购或发

行金融资产及金融负债而直接应占之

交易成本乃于首次确认时加入金融资

产或金融负债的公平值或自金融资产

或金融负债的公平值扣除（倘适用）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

127威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Financial instruments (continued)

The efective interest method is a method of calculating

the amortised cost of a financial aset or financial liability

and of alocating interest income and interest expense

over the relevant period. The efective interest rate is

the rate that exactly discounts estimated future cash

receipts and payments (including al fes and points paid

or received that form an integral part of the efective

interest rate, transaction costs and other premiums or

discounts) through the expected life of the financial aset

or financial liability, or, where apropriate, a shorter

period, to the net carying amount on initial recognition.

Financial asets

Clasification and subsequent measurement of

financial asets

Financial asets that met the folowing conditions are

subsequently measured at amortised cost:

• the financial aset is held within a busines model

whose objective is to colect contractual cash flows;

and

• the contractual terms of the financial aset give

rise on specified dates to cash flows that are solely

payments of principal and interest on the principal

amount outstanding.

（续）

金融工具（续）

实际利息法为计算金融资产或金融负

债摊销成本及相关期间利息收入及利

息开支分配的方法。实际利率乃实际

贴现按金融资产或金融负债预计年期

或（如适当）较短期间的估计日后现

金收款及付款（包括构成整体实际利

率不可或缺部分之一切已付或已收利

率差价费用、交易成本及其他溢价或

折让）至其首次确认时的账面净值的

利率。

金融资产

金融资产的分类及后续计量

符合以下条件的金融资产其后按摊销

成本计量：

• 金融资产于目的为收取合约现金

流量之业务模式下持有；及

• 金融资产之合约条款于指定日期

产生之现金流量纯粹为支付本金

及未偿还本金之利息。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

128Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Financial instruments (continued)

Financial asets (continued)

Amortised cost and interest income

Interest income is recognised using the efective interest

method for financial asets measured subsequently at

amortised cost. Interest income is calculated by aplying

the efective interest rate to the gros carying amount

of a financial aset, except for financial asets that have

subsequently become credit-impaired (se below). For

financial asets that have subsequently become credit-

impaired, interest income is recognised by aplying

the efective interest rate to the amortised cost of the

financial aset from the next reporting period. If the

credit risk on the credit-impaired financial instrument

improves so that the financial aset is no longer credit-

impaired, interest income is recognised by aplying the

efective interest rate to the gros carying amount of the

financial aset from the begining of the reporting period

folowing the determination that the aset is no longer

credit-impaired.

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9

The Group performs impairment asesment under

expected credit los (“ECL”) model on financial asets

(including trade receivables, other receivables and

deposits, amounts due from shareholders, amounts due

from related companies and bank balances) and financial

guarante contracts which are subject to impairment

asesment under HKFRS 9. The amount of ECL is

updated at each reporting date to reflect changes in

credit risk since initial recognition.

Lifetime ECL represents the ECL that wil result from

al posible default events over the expected life of the

relevant instrument. In contrast, 12-month (“12m”) ECL

represents the portion of lifetime ECL that is expected

to result from default events that are posible within 12

months after the reporting date. Asesment are done

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 conditions at the reporting date as wel as the

forecast of future conditions.

（续）

金融工具（续）

金融资产（续）

摊销成本及利息收入

对其后按摊销成本计量的金融资产而

言，利息收入乃使用实际利息法确

认。利息收入乃对金融资产之账面总

额应用实际利率计算，惟其后出现信

贷减值的金融资产除外（见下文）。对

于其后出现信贷减值的金融资产，利

息收入乃自下一个报告期间对金融资

产之摊销成本应用实际利率确认。倘

信贷减值金融工具的信贷风险好转，

使金融资产不再出现信贷减值，则在

厘定该资产不再出现信贷减值后，应

用实际利率确认报告期间开始后的金

融资产账面总额。

金融资产减值及根据香港财务报告

准则第9号须作出减值评估之其他

项目

本集团就根据香港财务报告准则第9

号须予减值评估的金融资产（包括贸

易应收款项、其他应收款项及按金、

应收股东款项、应收关联公司款项及

银行结余）及财务担保合约按预期信

贷亏损（「预期信贷亏损」）模式进行

减值评估。预期信贷亏损金额于各报

告日期更新，以反映自首次确认以来

信贷风险的变动。

全期预期信贷亏损指相关工具的预计

年期内所有可能的违约事件将产生

的预期信贷亏损。相反地，12个月

（「12个月」）预期信贷亏损指预期于

报告日期后12个月内可能发生的违约

事件导致的部分全期预期信贷亏损。

评估乃根据本集团过往信贷亏损经验

进行，并就债务人特有的因素、一般

经济状况以及对报告日期的当前状况

及未来状况预测的评估作出调整。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

129威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9 (continued)

The Group always recognises lifetime ECL for trade

receivables. Except for those debtors with agregated

outstanding balances exceds HK$1,000,000 who are

asesed individualy, the lifetime ECL on remaining

debtors are asesed on a colective basis based on the

past due status of the trade receivables.

For al other instruments, the Group measures the los

alowance equal to 12m ECL, unles when there has ben

a significant increase in credit risk since initial recognition,

in which case the Group recognises lifetime ECL. The

asesment of whether lifetime ECL should be recognised

is based on significant increases in the likelihod or risk

of a default ocuring since initial recognition.

（续）

金融工具（续）

金融资产（续）

金融资产减值及根据香港财务报告

准则第9号须作出减值评估之其他

项目（续）

本集团始终就贸易应收款项确认全期

预期信贷亏损。除未偿还结余总额超

过1,000,000港元的应收账款（予以

单独评估）外，余下应收账款的全期

预期信贷亏损乃根据贸易应收款项过

往到期状况按集体基准评估。

对于所有其他工具，本集团计量等于

12个月预期信贷亏损的亏损拨备，

除非自首次确认以来信贷风险大幅增

加，在此情况下，本集团确认全期

预期信贷亏损。评估是否应确认全期

预期信贷亏损乃基于自首次确认以来

发生违约的可能性或风险是否大幅增

加。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

130Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9 (continued)

(i) Significant increase in credit risk

In asesing whether the credit risk has increased

significantly since initial recognition, the Group

compares the risk of a default ocuring on the

financial instrument as at the reporting date with

the risk of a default ocuring on the financial

instrument as at the date of initial recognition. In

making this asesment, the Group considers both

quantitative and qualitative information that is

reasonable and suportable, including historical

experience and forward-loking information that is

available without undue cost or efort.

In particular, the folowing information is taken into

acount when asesing whether the credit risk has

increased significantly:

• 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, e.g. a significant

increase in the credit spread, the credit default

swap prices for the debtor;

• existing or forecast adverse changes in

busines, financial or economic conditions that

are expected to cause a significant decrease in

debtor’s ability to met its debt obligations;

• an actual or expected significant deterioration

in the operating results of the debtor; and

• 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.

（续）

金融工具（续）

金融资产（续）

金融资产减值及根据香港财务报告

准则第9号须作出减值评估之其他

项目（续）

(i) 信贷风险大幅增加

于评估自首次确认以来信贷风险

是否大幅增加时，本集团将金融

工具于报告日期发生违约的风险

与该金融工具于首次确认日期发

生违约的风险进行比较。进行此

评估时，本集团会考虑合理有据

的定量及定性资料，包括过往经

验及无需付出不必要的成本或努

力而可获得的前瞻性资料。

特别是，在评估信贷风险是否大

幅增加时会考虑以下资料：

（如有）或

内部信贷评级的实际或预

期显著恶化；

• 外部市场信贷风险指标显

著恶化，例如信贷息差及

债务人的信贷违约掉期价

格大幅增加；

• 预计将导致债务人履行其

债务责任的能力大幅下降

的业务、财务或经济状况

的现有或预测的不利变

化；

• 债务人经营业绩的实际或

预期显著恶化；及

• 导致债务人履行其债务责

任的能力大幅下降的债务

人监管、经济或技术环境

的实际或预期的重大不利

变化。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

131威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9 (continued)

(i) Significant increase in credit risk (continued)

Irespective of the outcome of the above

asesment, the Group presumes that the credit risk

has increased significantly since initial recognition

when contractual payments are more than 30

days past due, unles the Group has reasonable

and suportable information that demonstrates

otherwise.

For financial guarante contracts, the date that

the Group becomes a party to the irevocable

comitment is considered to be the date of

initial recognition for the purposes of asesing

impairment. For financial guarante contracts, the

Group considers the changes in the risk that the

specified debtor wil default on the contract.

The Group regularly monitors the efectivenes of

the criteria used to identify whether there has ben

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.

(i) 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).

（续）

金融工具（续）

金融资产（续）

金融资产减值及根据香港财务报告

准则第9号须作出减值评估之其他

项目（续）

(i) 信贷风险大幅增加（续）

不论上述评估的结果如何，本集

团认为，倘合约付款逾期超过

30日，则信贷风险自首次确认

以来已大幅增加，除非本集团有

合理有据的资料另作说明，则作

别论。

就财务担保合约而言，本集团订

立不可撤销承诺之日期被视为评

估减值之首次确认日期。就财务

担保合约而言，本集团考虑特定

债务人之违约风险变动。

本集团定期监察用以识别信贷风

险是否显著增加的标准的有效

性，并于适当时候作出修订以确

保该标准能够在款项逾期前识别

信贷风险的显著增加。

(i) 违约之定义

本集团认为以下情况就内部信贷

风险管理目的而言构成违约事

件，原因为过往经验表明符合以

下任何一项条件的应收款项一般

无法收回。

；或

• 内部产生或获取自外部来

源的资料表明，债务人不

可能向其债权人（包括本

集团）全额还款（未计及本

集团持有的任何抵押品）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

132Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9 (continued)

(i) Definition of default (continued)

The Group considers that default has ocured

when the instrument 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.

(i) 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 the financial asets

have ben ocured. Evidence that a financial aset

is credit-impaired includes observable data about

the folowing events:

• significant financial dificulty of the isuer of

the borower;

, such as a default or past

due event;

, for economic or

contractual reasons relating to the borower’s

financial dificulty, having granted to the

borower a concesion(s) that the lender(s)

would not otherwise consider; or

• it is becoming probably that the borower

wil enter bankruptcy or other financial

reorganisation.

（续）

金融工具（续）

金融资产（续）

金融资产减值及根据香港财务报告

准则第9号须作出减值评估之其他

项目（续）

(i) 违约之定义（续）

倘该工具已逾期超过90日，则

本集团认为已产生违约，除非本

集团有合理及可靠资料证明较宽

松的违约标准更为适用则当别

论。

(i) 信贷减值金融资产

当发生一项或多项对金融资产估

计未来现金流量有不利影响之违

约事件时，金融资产出现信贷减

值。金融资产信贷减值之证据包

括以下可观察事件：

• 发行人或借方陷入重大财

务困难；

，如违约或逾期

事件；

• 借方之贷方因与借方出现

财务困难有关之经济或合

约理由而给予借方在一般

情况下贷方不予考虑之优

惠条件；或

• 借方有可能破产或进行其

他财务重组。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

133威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9 (continued)

(iv) Write-of policy

The Group writes of a financial aset when there

is information indicating that the counterparty is

in severe financial dificulty and there is no realistic

prospect of recovery, for example, when the

counterparty has ben placed under liquidation or

has entered into bankruptcy procedings, or in the

case of trade receivables, when the amounts are

over one year 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 when

apropriate. A write-of constitutes a derecognition

event. Any recoveries made are recognised in profit

or los.

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the

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

magnitude of the los if there is a default) and

the exposure at default. The asesment of the

probability of default and los given default is

based on historical data and forward-loking

information. Estimation of ECL reflects an unbiased

and probability weighted amount that is determined

with the respective risks of default ocuring as the

weights.

Generaly, the ECL 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 efective interest rate determined

at initial recognition.

（续）

金融工具（续）

金融资产（续）

金融资产减值及根据香港财务报告

准则第9号须作出减值评估之其他

项目（续）

(iv) 撇销政策

倘有资料显示对手方陷入严重财

务困难且无实际收回可能，例如

对手方遭清盘或已进入破产程序

时，或就贸易应收款项而言，有

关金额已逾期超过一年（以较早

发生者为准），则本集团会撇销

金融资产。在考虑法律意见（如

适当）后，已撇销金融资产仍可

根据本集团之收回程序实施强制

执行。撇销构成终止确认事件。

任何收回于损益内确认。

(v) 预期信贷亏损之计量及确认

预期信贷亏损之计量乃经过计算

违约概率、违约损失率（即倘发

生违约的损失程度）及违约风险

而得出。违约概率及违约损失率

之评估乃基于历史数据及前瞻性

资料作出。预期信贷亏损的估计

反映以发生相关违约的风险作为

加权数值而厘定的无偏概率加权

平均金额。

一般而言，预期信贷亏损估计为

根据合约应付本集团之所有合约

现金流量与本集团预期收取之所

有现金流量之间的差额，并按首

次确认时厘定之实际利率贴现。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

134Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9 (continued)

(v) Measurement and recognition of ECL (continued)

For a financial guarante contract, the Group is

required to make payments only in the event of a

default by the debtor in acordance with the terms

of the instrument that is guaranted. Acordingly,

the ECL is the present value of the expected

payments to reimburse the holder for a credit los

that it incurs les any amounts that the Group

expects to receive from the holder, the debtor or

any other party.

For ECL on financial guarante contracts for which

the efective interest rate canot be determined,

the Group wil aply a discount rate that reflects

the curent market asesment of the time value of

money and the risks that are specific to the cash

flows but only if, and to the extent that, the risks

are taken into acount by adjusting the discount

rate instead of adjusting the cash shortfals being

discounted.

Lifetime ECL for certain trade receivables are

considered on a colective basis taking into

consideration past due information and relevant

credit information such as forward loking

macroeconomic information.

For colective asesment, the Group takes into

consideration the folowing characteristics when

formulating the grouping:

（续）

金融工具（续）

金融资产（续）

金融资产减值及根据香港财务报告

准则第9号须作出减值评估之其他

项目（续）

(v) 预期信贷亏损之计量及确认

（续）

就财务担保合约而言，本集团须

仅在债务人违反保证文书条款的

情况下作出付款。因此，预期信

贷亏损乃偿还持有人信贷亏损的

预期付款的现值，该信贷亏损减

去本集团预期从持有人、债务人

或任何其他方获得的任何金额。

就无法厘定实际利率的财务担保

合约的预期信贷亏损而言，本集

团将采纳反映目前对货币时间价

值的市场评估及该现金流特定风

险的贴现率，惟仅限于按风险调

整贴现率，而非调整贴现后的现

金不足额。

若干贸易应收款项的全期预期信

贷亏损乃经考虑逾期资料及相关

信贷资料（如前瞻性宏观经济资

料）后按集体基准考虑。

就集体评估而言，本集团于分组

时会考虑以下特征：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

135威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets and other items subject

to impairment asesment under HKFRS 9 (continued)

(v) Measurement and recognition of ECL (continued)

;

, size and industry of debtors; and

• External credit ratings where available.

The grouping is regularly reviewed by the

management of the Group to ensure the

constituents of each group continue to share similar

credit risk characteristics.

Interest income is calculated based on the gros carying

amount of the financial aset unles the financial aset

is credit-impaired, in which case interest income is

calculated based on amortised cost of the financial aset.

For financial guarante contracts, the los alowances

are recognised at the higher of the amount of the los

alowance determined in acordance with HKFRS 9; and

the amount initialy recognised les, where apropriate,

cumulative amount of income recognised over the

guarante period.

The Group recognises an impairment gain or los in profit

or los for al financial instruments by adjusting their

carying amount with the exception of trade receivables

where the coresponding adjustment is recognised

through a los alowance acount.

（续）

金融工具（续）

金融资产（续）

金融资产减值及根据香港财务报告

准则第9号须作出减值评估之其他

项目（续）

(v) 预期信贷亏损之计量及确认

（续）

、规模及行

业；及

（倘可获

得）。

本集团管理层定期检讨分组，以

确保各组别的组成部分继续拥有

类似信贷风险特征。

利息收入乃根据金融资产之账面总额

计算，除非金融资产出现信贷减值，

在此情况下，利息收入则根据金融资

产之摊销成本计算。

就财务担保合约而言，亏损拨备乃根

据香港财务报告准则第9号厘定的亏

损拨备金额中的较高者确认；且于适

当情况下，初始确认的金额减去于担

保期内确认的累计收入金额。

本集团通过调整所有金融工具之账面

值于损益确认该等金融工具之减值收

益或亏损，惟贸易应收款项透过信贷

亏损拨备账确认相应调整。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

136Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Financial instruments (continued)

Financial asets (continued)

Derecognition of financial asets

The Group derecognises a financial aset only when the

contractual rights to the cash flows from the aset expire,

or when it transfers the financial aset and substantialy

al the risks and rewards of ownership of the aset to

another entity.

On derecognition of a financial aset measured at

amortised cost, the diference betwen the aset’s

carying amount and the sum of the consideration

received and receivable is recognised in profit or los.

Financial liabilities and equity

Clasification as financial liabilities and equity

Debt and equity instruments isued by a group entity

are clasified as either financial liabilities or as equity

in acordance with the substance of the contractual

arangements and the definitions of a financial liability

and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a

residual interest in the asets of an entity after deducting

al of its liabilities. Equity instruments isued by the

Company are recognised at the proceds received, net of

direct isue costs.

Financial liabilities at amortised cost

Financial liabilities, including trade payables, other

payables and bank borowings are subsequently

measured at amortised cost, using the efective interest

method.

（续）

金融工具（续）

金融资产（续）

终止确认金融资产

本集团仅于从资产收取现金流量的合

约权利届满，或其将金融资产及有关

资产所有权的绝大部分风险及回报转

让予另一实体时终止确认金融资产。

于终止确认按摊销成本计量的金融资

产时，而资产的账面值与已收及应收

代价总和之间的差额于损益确认。

金融负债及股本

分类为金融负债及股本

集团实体发行之债务及股本工具乃根

据合约安排内容及就金融负债及股本

工具之定义分类为金融负债或股本。

股本工具

股本工具是证明任何在扣除所有负债

后其资产剩余权益的合约。本公司发

行的股本工具乃按已收所得款项扣除

直接发行成本确认。

按摊销成本计量之金融负债

金融负债（包括贸易应付款项、其他

应付款项及银行借款）其后以实际利

息法按摊销成本计量。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

137威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Financial instruments (continued)

Financial liabilities and equity (continued)

Financial guarante contracts

A financial guarante contract is a contract that requires

the isuer to make specified payments to reimburse the

holder for a los it incurs because a specified debtor fails

to make payments when due in acordance with the

terms of a debt instrument. Financial guarante contract

liabilities are measured initialy at their fair values. It is

subsequently measured at the higher of:

• the amount of the los alowance determined in

acordance with HKFRS 9; and

, where

apropriate, cumulative amortisation recognised

over the guarante period.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and

only when, the Group’s obligations are discharged,

canceled or have expired. The diference betwen the

carying amount of the financial liability derecognised

and the consideration paid and payable is recognised in

profit or los.

Employe benefits

Retirement benefits costs

Payments to the Mandatory Provident Fund Scheme (“MPF

Scheme”) are recognised as an expense when employes

have rendered service entitling them to the contributions.

Short-term employe benefits

Short-term employe benefits are recognised at the

undiscounted amount of the benefits expected to be paid

as and when employes rendered the services. Al short-

term employe benefits are recognised as an expense

unles another HKFRS requires or permits the inclusion of

the benefit in the cost of an aset.

（续）

金融工具（续）

金融负债及股本（续）

财务担保合约

财务担保合约为规定发行人作出指定

付款以补偿持有人因特定债务人未能

按照债务工具条款在到期时付款所招

致的亏损的合约。财务担保合约初步

按公平值计量。其后按下列之较高者

计量：

• 根据香港财务报告准则第9号厘

定之亏损拨备金额；及

（倘适合）于

担保期内确认之累计摊销。

终止确认金融负债

本集团仅会在本集团之责任获解除、

取消或届满时终止确认金融负债。已

终止确认金融负债之账面值与已付及

应付代价之间之差异乃于损益内确

认。

雇员福利

退休福利成本

向强制性公积金计划（「强积金计划」）

付款于雇员已经提供赋予彼等获得供

款之权利的服务时被确认为开支。

短期雇员福利

短期雇员福利乃按预期于雇员提供服

务时将予支付的利益的未折现金额确

认。所有短期雇员福利均确认为开

支，除非另一项香港财务报告准则

规定或许可于资产成本加入福利则除

外。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

138Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Employe benefits (continued)

Short-term employe benefits (continued)

A liability is recognised for benefits acruing to employes

(such as wages and salaries and anual leave) after

deducting any amount already paid.

Taxation

Income tax expenses represents the sum of the tax

curently payable and defered tax.

The tax curently payable is based on taxable profit for

the year. Taxable profit difers from profit before taxation

as reported in the consolidated statement of profit or los

and other comprehensive income because 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 profits. Defered tax liabilities are generaly

recognised for al taxable temporary diferences. 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 those

deductible temporary diferences can be utilised. Such

defered tax asets and liabilities are not recognised if the

temporary diference arises from the initial recognition

(other than in a busines combination) of asets and

liabilities in a transaction that afects neither the taxable

profit nor the acounting profit.

（续）

雇员福利（续）

短期雇员福利（续）

负债乃于扣除已付的任何金额后就累

计至雇员的福利（如工资及薪金及年

假）予以确认。

税项

所得税开支指现时应付税项与递延税

项之总和。

目前应付税项乃按年内应课税溢利得

出。应课税溢利有别于综合损益及其

他全面收益报表所报之除税前溢利，

原因是于其他年度应课税或可扣减之

开支及永不课税或扣减之项目。本集

团之即期税项负债乃使用于本报告期

末已经实行或大致实行之税率计算。

递延税项乃按综合财务报表内资产及

负债之账面值与计算应课税溢利所用

相应税基之间的暂时性差异确认。递

延税项负债一般乃就所有应课税暂时

性差额确认。递延税项资产一般乃就

所有可扣减暂时性差异确认，惟以可

能动用应课税溢利以抵销该等可扣减

暂时性差额为限。倘首次确认（业务

合并除外）交易中之资产及负债所产

生之暂时性差异既不影响应课税溢利

亦不影响会计溢利，该等递延税项资

产及负债均不予确认。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

139威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Taxation (continued)

Defered tax liabilities are recognised for taxable

temporary diferences asociated with investments in

subsidiaries, 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. Defered tax asets arising from

deductible temporary diferences asociated with such

investments are only recognised to the extent that it

is probable that there wil be suficient taxable profits

against which to utilise the benefits of the temporary

diferences and they are expected to reverse in the

foreseable future.

The carying amount of defered tax asets is reviewed

at the end of the 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 asets and liabilities are measured 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 rate

(and tax laws) that have ben enacted or substantively

enacted by the end of the reporting period.

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 to the same taxable entity by the

same taxation authority.

（续）

税项（续）

递延税项负债按于附属公司投资相关

之应课税暂时差异确认，惟本集团可

控制暂时差异的拨回且暂时差异不大

可能于可见将来拨回则除外。与该等

投资相关之可扣减暂时差异所产生递

延税项资产，仅于具有足够应课税溢

利可动用暂时差异之利益，且预期于

可见将来拨回时确认。

递延税项资产之账面值乃于本报告期

末审阅，并以不再可能具有充裕应课

税溢利用以容许将予收回之全部或部

分资产为限予以扣减。

递延税项资产及负债均按于清偿负债

或变现资产期间应用之税率（按照于

本报告期末前已经颁布或大致颁布之

税率（及税法）计量。

计量递延税项资产及负债反映跟从本

集团预期于本报告期末收回或结清其

资产及负债账面值之方式之税务结

果。

倘存在可依法强制执行的权利将即期

税项资产与即期税项负债抵销，及倘

该等资产及负债与同一税务机构征收

的所得税相关，则可将递延税项资产

与负债抵销。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

140Wine’s Link International Holdings Limited Anual Report 2025

3. MATERIAL ACOUNTING POLICIES

(continued)

Taxation (continued)

In asesing any uncertainty over income tax treatments,

the Group considers whether it is probable that the

relevant tax authority wil acept the uncertain tax

treatment used, or proposed to be use by individual

group entities in their income tax filings. If it is

probable, the curent and defered taxes are determined

consistently with the tax treatment in the income tax

filings. If it is not probable that the relevant taxation

authority wil acept an uncertain tax treatment, the

efect of each uncertainty is reflected by using either the

most likely amount or the expected value.

Curent and defered tax are recognised in profit or los.

Borowing costs

Borowing costs are recognised in profit or los in the

period in which they are incured as the Group does not

have any qualifying asets.

Provisions

Provisions are recognised when the Group has a present

obligation (legal or constructive) as a result of a past

event, it is probable that the Group wil be required to

setle the obligations, and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate

of the consideration required to setle the present

obligation at the end of the reporting period, taking

into acount the risks and uncertainties surounding

the obligation. When a provision is measured using the

cash flows estimated to setle the present obligation, its

carying amount is the present value of those cash flows

(where the efect of the time value of money is material).

Provisions for the costs to restore leased asets to

their original condition, as required by the terms and

conditions of the lease, are recognised at the date of

inception of the lease at the directors’ best estimate of

the expenditure that would be required to restore the

asets, Estimates are regularly reviewed and adjusted as

apropriate for new circumstances.

（续）

税项（续）

于评估所得税处理方法的任何不确定

因素时，本集团考虑有关税务机关是

否可能接纳个别集团实体于其所得税

申报时所采用或拟采用的不确定税务

处理。倘可能，即期及递延税项的厘

定与所得税申报时的税务处理一致。

倘有关税务机关不可能接纳不确定税

务处理，各项不确定因素的影响透过

使用最可能金额或预期价值反映。

即期及递延税项均于损益内确认。

借款成本

由于本集团并无任何合资格资产，借

款成本均于其产生期间于损益中确

认。

拨备

拨备乃于本集团因过往事件而具有目

前责任（法定或推定），而本集团将可

能有需要结清责任，且可就责任金额

作出可靠估计时，方予以确认。

确认为拨备之金额为需要结清于本报

告期末之现有责任之代价最佳估计，

当中经计及责任相关之风险及不明朗

因素。当使用估计用以结清现有责任

之现金流量计量拨备时，其账面值为

该等现金流量之现值（倘货币时间值

之影响属重大）。

根据租赁条款及条件的要求，将租赁

资产修复至原状况的成本于租赁开始

之日按董事对修复资产所需开支的最

佳估计确认。估计将适当地根据新情

况定期审阅及调整。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

141威扬酒业国际控股有限公司二零二五年报

3. MATERIAL ACOUNTING POLICIES

(continued)

Foreign curencies

In preparing the financial statements of each individual

group entity, transactions in curencies other than the

functional curency of that entity (foreign curencies) are

recognised at the rates of exchanges prevailing on the

dates of the transactions. At the end of the reporting

period, monetary items denominated in foreign curencies

are retranslated at the rates prevailing at that date. Non-

monetary items that are measured in terms of historical

cost in a foreign curency are not retranslated.

Exchange diferences arising on the setlement of

monetary items, and on the retranslation of monetary

items are recognised in profit or los in the period in

which they arise.

For the purposes of presenting the consolidated financial

statements, the asets and liabilities of the Group’s

operations are translated into the presentation curency

of the Group (i.e. Hong Kong dolars) using exchange

rates prevailing at the end of each reporting period.

Income and expenses items are translated at the average

exchange rates for the period, unles exchange rates

fluctuate significantly during that period, in which case

the exchange rates at the date of transactions are used.

（续）

外币

于编制各个别集团实体之财务报表

时，以该实体功能货币以外之货币

（外币）进行之交易乃按于交易日期之

当前汇率确认。于本报告期末，以外

币计值之货币项目乃按该日之当前汇

率重新换算。以外币按历史成本计量

之非货币项目不予重新换算。

有关结清货币项目及重新换算货币项

目产生之汇兑差异乃于其产生之期间

在损益内确认。

为呈列综合财务报表，本集团业务的

资产及负债乃按于各报告期末的现行

汇率换算为本集团的呈列货币（即港

元）。收支项目乃按期内的平均汇率

进行换算，惟倘期内汇率大幅波动则

除外，于该情况下，则以交易日期的

汇率进行换算。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

142Wine’s Link International Holdings Limited Anual Report 2025

4. KEY SOURCES OF ESTIMATION

UNCERTAINTY

In the aplication of the Group’s acounting policies,

which are described in note 3, management of the

Group is 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 estimates 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.

The folowings are the key asumptions concerning the

future, and other key sources of estimation uncertainty

at the end of the reporting period that may have a

significant risk of causing a material adjustment to

the carying amounts of asets within the next twelve

months.

Net realisable value of inventories

Net realisable value of inventories is the estimated seling

price in the ordinary course of busines, les estimated

seling expenses. These estimates are based on ageing

analysis to identify slow-moving inventories and based

on the curent market condition and recent seling price

of inventories to determine the net realisable values.

Management of the Group wil reases the estimations

on a product-by-product basis at the end of the reporting

period and write down for obsolete inventories wil be

made when necesary.

There is no writen-of of inventories during the year

ended 31 March 2025 (2024: Nil). As at 31 March 2025,

the carying amount of inventories is HK$121,214,000

(2024: HK$152,822,000).

4. 估计不明朗因素之主要来源

于应用本集团之会计政策（载述于附

注3）时，本集团管理层需要就并非可

即时自其他来源获得之资产及负债账

面值作出判断、估计及假设。该等估

计及相关假设乃按过往经验及被视为

相关之其他因素得出。实际结果可能

有别于该等估计。

估计及相关假设乃按持续基准审阅。

倘修订仅影响该期间，会计估计修订

乃于修订估计之期间确认，或倘修订

影响当前及未来期间，则于修订及未

来期间确认。

以下为于报告期末有关未来而具有对

未来十二个月内之资产账面值造成重

大调整之重大风险之主要假设以及其

他主要估计不明朗因素。

存货之可变现净值

存货之可变现净值为在日常业务过程

中之估计售价减去估计销售开支。该

等估计根据账龄分析识别滞销存货及

根据现时市况及存货的近期售价厘定

可变现净值。本集团管理层将于报告

期末按逐项产品重新评估计，并于

有需要时作出滞销存货撇减。

于截至二零二五年三月三十一日止年

度并无撇销存货（二零二四年：无）。

于二零二五年三月三十一日，存货

之账面值为121,214,000港元（二零

二四年：152,822,000港元）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

143威扬酒业国际控股有限公司二零二五年报

4. KEY SOURCES OF ESTIMATION

UNCERTAINTY (continued)

Impairment of deposits paid to the supliers

As disclosed in note 18, the Group had deposits paid to

the supliers for the purchase of wines with reference to

busines plan and relevant market condition. The Group

caried out the review on deposits paid to supliers

at the end of the reporting period and asesed the

recoverability of the deposits paid to supliers based on

subsequent utilisation of the deposits paid to supliers

and recent seling prices or public quoted prices of the

wine products.

During the years ended 31 March 2025 and 31 March

2024, no impairment was made on the deposits paid to

supliers. The carying amount of deposits paid to the

supliers as at 31 March 2025 is HK$37,963,000 (2024:

HK$86,626,000).

Estimated impairment of trade receivables

The management of the Group measured lifetime ECL

on (i) debtors with agregated outstanding balances

exceding HK$1,000,000 on an individual basis; and (i)

the remaining debtors on a colective basis by grouping

debtors based on the past due status. Estimated los rates

are based on past due status of the debtors and forward

loking information. The asesment of credit risk of

trade receivables involves high degre of estimation

uncertainty. When the actual future cash flows are

les than expected or more than expected, a material

impairment los or a material reversal of impairment los

may arise acordingly in future periods.

The ECL asesment is sensitive to changes in estimates.

The information about the ECL and the Group’s

trade receivables are disclosed in notes 33 and 17,

respectively. The carying amount of trade receivables

is HK$50,535,000 (2024: HK$52,304,000) net of

impairment of HK$315,000 (2024: HK$95,000) as at 31

March 2025.

4. 估计不明朗因素之主要来源

（续）

向供应商支付之按金之减值

诚如附注18所披露，经参考业务计

划及相关市况后，本集团存有就采购

葡萄酒而向供应商支付的按金。本集

团已检讨于报告期末缴付供应商的按

金，且根据随后动用缴付供应商的

按金及葡萄酒产品的近期售价或公开

报价评估缴付供应商的按金的可收回

性。

截至二零二五年三月三十一日及二零

二四年三月三十一日止年度，概无对

向供应商支付之按金作出减值。于二

零二五年三月三十一日，向供应商支

付之按金的账面值为37,963,000港元

（二零二四年：86,626,000港元）。

贸易应收款项之估计减值

本集团管理层(i)按个别基准计量的未

偿还结余总额超过1,000,000港元的

应收账款；及(i)根据逾期状况透过

将债务人分组按集体基准计量的余下

应收账款的全期预期信贷亏损。估计

亏损率乃根据债务人的逾期状况及前

瞻性资料计算。贸易应收款项信贷风

险的评估涉及高度估计不确定性。若

实际未来现金流量低于预期或高于预

期，可能会因此于未来期间产生重大

减值亏损或重大减值亏损拨回。

预期信贷亏损评估对估计变动尤为敏

感。有关预期信贷亏损及本集团贸易

应收款项之资料分别于附注33及17

披露。于二零二五年三月三十一日，

贸易应收款项之账面值为50,535,000

港元（二零二四年：52,304,000港

元），已扣除减值315,000港元（二零

二四年：95,000港元）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

144Wine’s Link International Holdings Limited Anual Report 2025

5. REVENUE AND SEGMENTAL

INFORMATION

Revenue

Disagregation of revenue from contracts with customers

was disclosed as folows:

Revenue from contracts with customers

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Sales of products产品销售

– Wine products– 葡萄酒产品302,510126,415

– Other alcoholic beverages– 其他酒精饮品69,90089,707

– Wine acesory products– 葡萄酒配件产品1,575431

373,985216,553

Geographical markets:地区市场：

Hong Kong香港373,985216,486

The People’s Republic of China

(the “PRC”)

中华人民共和国（「中国」）

–67

Timing of revenue recognition:收益确认时间：

A point in time时点373,985216,553

For sales of wine products, other alcoholic beverages and

wine acesory products, revenue is recognised when

the control of gods is transfered, being when the

gods are delivered to the customer’s specific location.

Transportation and other related activities that incured

before customers obtain control of the related products

are considered as fulfilment activities. A receivable is

recognised by the Group when the gods are delivered

to the customers as this represents the Group’s right to

consideration becomes unconditional, as only the pasage

of time is required before payment is due. The contracts

signed with the customers are fixed price contracts. The

normal credit term is 0 to 120 days upon delivery.

Al the Group’s contracts with customers with unsatisfied

performance obligations have original expected duration

of one year or les. As permited under HKFRS 15, the

transaction price alocated to the remaining performance

obligations (unsatisfied or partialy unsatisfied) as at

31 March 2025 and 31 March 2024 is not disclosed.

5. 收益及分部资料

收益

客户合约收益之分类披露如下：

客户合约收益

就葡萄酒产品、其他酒精饮品及葡萄

酒配件产品销售而言，收益于货物之

控制权转移时确认，即货物交付予客

户之指定地点时。于客户获得相关产

品之控制权前进行之运输及其他相关

活动被视为履约活动。本集团于货物

交付予客户时确认应收款项，原因为

其表示本集团收取代价之权利成为无

条件，仅须待时间流逝即可收取付

款。与客户签订之合约属定价合约。

一般信贷期为交付后0至120日。

本集团所有与未完成履约责任之客户

订立之合约之原有预期限为一年或

以下。根据香港财务报告准则第15号

所批准，于二零二五年三月三十一日

及二零二四年三月三十一日，分配至

（未履行或部分未履行的）余下履约责

任之交易价并未披露。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

145威扬酒业国际控股有限公司二零二五年报

5. REVENUE AND SEGMENTAL

INFORMATION (continued)

Segmental information

The Group’s operations are mainly derived from sale and

distribution of wine products, other alcoholic beverages

and wine acesory products in Hong Kong during

the year. For the purposes of resources alocation and

performance asesment, the chief operating decision

maker (i.e. the chief executive of the Group) reviews the

overal results and financial position of the Group as a

whole prepared based on same acounting policies set

out in note 3. Acordingly, the Group has only one single

operating segment and no further analysis of this single

segment is presented.

Geographical information

No geographical segment information is presented as the

Group’s revenue are al derived most from Hong Kong

and smal part from the PRC based on the location of

gods delivered and the Group’s property and equipment

are al located in Hong Kong by physical location of

asets.

Information about major customers

No individual customer was acounted for over 10% of

the Group’s total revenue during both years.

6. OTHER INCOME/OTHER GAINS AND

LOSES, NET

Other income

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Bank interest income银行利息收入64

Rental income租金收入56070

Others其他3353

（续）

分部资料

于年内，本集团之营运主要源自在香

港出售及分销葡萄酒产品、其他酒精

饮品及葡萄酒配件产品。就资源分配

及表现评估而言，首席营运决策者

（即本集团主要行政人员）审阅本集团

整体按照附注3所载之相同会计政策

编制之整体业绩及财务状况。因此，

本集团仅有一个单一营运分部，且概

无就此单一分部呈列进一步分析。

地区资料

概无呈列地区分部资料，原因是本集

团按交付货品之地点之收益大部分源

自香港及小部分源自中国，且本集团

之物业及设备按资产之实体位置全部

均位于香港。

有关主要客户之资料

于两个年度内概无个别客户占本集团

总收益之10%以上。

╱其他收益及亏损

净额

其他收入

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

146Wine’s Link International Holdings Limited Anual Report 2025

6. OTHER INCOME/OTHER GAINS AND

LOSES, NET (continued)

Other gains and loses, net

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

(Los) gain on disposal of property

and equipment

出售物业及设备的

（亏损）收益(61)295

Write-of of property and equipment撇销物业及设备–(224)

Net exchange gain (los)汇兑收益（亏损）净额620(1,027)

559(956)

7. FINANCE COSTS

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

The finance costs represent interest on:融资成本指有关下列各项之

利息：

– bank borowings and bank overdrafts– 银行借款及银行透支8,5789,147

– lease liabilities– 租赁负债50147

8,6289,294

╱其他收益及亏损

净额（续）

其他收益及亏损净额

7. 融资成本

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

147威扬酒业国际控股有限公司二零二五年报

8. DIRECTORS’, CHIEF EXECUTIVE’S AND

EMPLOYES’ EMOLUMENTS

(a) Directors’ and chief executive’s emoluments

The emoluments paid or payable to the directors

and chief executive of the Company during the year

were as folows:

Directors’

Salaries,

alowance

and other

benefits

Retirement

benefits

scheme

contributionsTotal

董事袍金

薪金、津贴

及其他福利

退休福利

计划供款总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

For the year ended

31 March 2025

截至二零二五年

三月三十一日止年度

Executive directors执行董事

Ms. Shirley Wong (note)王姿潞女士（附注）–76118779

Mr. Chan Sze Tung陈诗桐先生–76118779

Non-executive director非执行董事

Ms. Yeung Chi Hung杨志红女士––

Independent non-executive directors独立非执行董事

Mr. Chan Cham Man Simon陈湛文先生120–120

Mr. Liu Kin Wai刘健威先生120–120

Ms. Chan Man Ki Magie陈曼琪女士120–120

3601,522361,918

、主要行政人员及雇员

酬金

(a) 董事及主要行政人员之酬金

于本年度，已付或应付予本公司

董事及主要行政人员之薪酬如

下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

148Wine’s Link International Holdings Limited Anual Report 2025

8. DIRECTORS’, CHIEF EXECUTIVE’S AND

EMPLOYES’ EMOLUMENTS (continued)

(a) Directors’ and chief executive’s emoluments

(continued)

Directors’

Salaries,

alowance

and other

benefits

Retirement

benefits

scheme

contributionsTotal

董事袍金

薪金、津贴

及其他福利

退休福利

计划供款总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

For the year ended

31 March 2024

截至二零二四年

三月三十一日止年度

Executive directors执行董事

Ms. Shirley Wong (note)王姿潞女士（附注）–69118709

Mr. Chan Sze Tung陈诗桐先生–76118779

Non-executive director非执行董事

Ms. Yeung Chi Hung杨志红女士––

Independent non-executive directors独立非执行董事

Mr. Chan Cham Man Simon陈湛文先生120–120

Mr. Liu Kin Wai刘健威先生120–120

Ms. Chan Man Ki Magie陈曼琪女士120–120

3601,452361,848

Note:

Ms. Shirley Wong acts as the chief executive of the

Company and her emoluments disclosed above include

those for services rendered by her as the chief executive

of the Company.

$1,000

、主要行政人员及雇员

酬金（续）

(a) 董事及主要行政人员之酬金

（续）

附注：

王姿潞女士出任本公司之行政总

裁，且上文所披露之其薪酬包括其

就担任本公司行政总裁所提供服务

之薪酬。

,000港元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

149威扬酒业国际控股有限公司二零二五年报

8. DIRECTORS’, CHIEF EXECUTIVE’S AND

EMPLOYES’ EMOLUMENTS (continued)

(a) Directors’ and chief executive’s emoluments

(continued)

The emoluments of executive directors shown above

were for the directors’ services in conection with

the management of the afairs of the Company and

the Group. The non-executive directors’ emoluments

shown above were for their services as the directors

of the Company. The independent non-executive

directors’ emoluments shown above were for their

services as directors of the Company.

During the year ended 31 March 2025, no

performance related bonus was paid by the Group

to the directors of the Company (2024: Nil).

During both years, no remuneration was paid by

the Group to the directors of the Company as an

inducement to join or upon joining the Group or

as compensation for los of ofice. None of the

directors of the Company has waived or agred to

waive any remuneration during the year.

(b) Employes’ emoluments

The five highest paid individuals included two (2024:

two) directors of the Company for the year ended

31 March 2025, whose emoluments are included

in the disclosures in (a) above. The emoluments of

the remaining thre (2024: thre) individuals for the

year ended 31 March 2025, are as folows:

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Salaries, alowance and other

benefits

薪金、津贴及其他福利

2,1112,419

Retirement benefits scheme

contributions

退休福利计划供款

2,1622,472

、主要行政人员及雇员

酬金（续）

(a) 董事及主要行政人员之酬金

（续）

上文所示之执行董事袍金乃为董

事于本公司及本集团之管理事宜

有关之董事服务。上文所示之非

执行董事袍金乃为彼等作为本公

司之董事之服务。上文所示之独

立非执行董事袍金乃为彼等作为

本公司之董事之服务。

于截至二零二五年三月三十一日

止年度，本集团概无向本公司董

事支付任何绩效相关花红（二零

二四年：无）。

于两个年度内，本集团概无向本

公司董事支付任何薪酬，以作为

加入或于加入本集团后之奖励或

作为离职补偿。概无本公司董事

于年内放弃或同意放弃任何酬

金。

(b) 雇员酬金

于截至二零二五年三月三十一日

止年度，五大最高薪酬人士包

括本公司两名（二零二四年：两

名）董事，其酬金已载入上文(a)

之披露。截至二零二五年三月

三十一日止年度，其余三名（二

零二四年：三名）人士之酬金分

别如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

150Wine’s Link International Holdings Limited Anual Report 2025

8. DIRECTORS’, CHIEF EXECUTIVE’S AND

EMPLOYES’ EMOLUMENTS (continued)

(b) Employes’ emoluments (continued)

The number of the highest paid non-director

employes whose emoluments fel within the

folowing band is as folows:

Year ended 31 March

Number of

employes

Number of

employes

截至三月三十一日止年度

二零二五年二零二四年

雇员人数雇员人数

Nil to HK$1,000,000零至1,000,000港元23

HK$1,000,001 to HK$1,500,0001,000,001港元至

1,500,000港元1–

During the years ended 31 March 2025 and 31

March 2024, no emoluments were paid by the

Group to the non-director and non-chief executive

highest paid individuals as an inducement to join or

upon joining the Group or as compensation for los

of ofice.

、主要行政人员及雇员

酬金（续）

(b) 雇员酬金（续）

支付予非董事雇员之最高酬金组

别人数如下：

于截至二零二五年三月三十一日

及二零二四年三月三十一日止年

度，本集团概无向最高薪酬人士

（非董事及非主要行政人员）支

付任何酬金，以作为加入或于加

入本集团后之奖励或作为离职补

偿。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

151威扬酒业国际控股有限公司二零二五年报

9. PROFIT BEFORE TAXATION

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Profit before taxation has ben arived

at after charging:

除税前溢利乃按扣除

下列各项后达致：

Auditor’s remuneration核数师酬金740743

Cost of inventories recognised as an

expense

确认为开支之存货成本

288,092139,800

Depreciation of property and

equipment (note 13)

物业及设备折旧（附注13）

6,2586,552

Depreciation of an investment

property (note 14)

投资物业折旧（附注14）

820–

Depreciation of right-of-use asets

(note 15)

使用权资产折旧（附注15）

1,1032,661

Directors’ remuneration (note 8)董事薪酬（附注8）1,9181,848

Other staf costs其他员工成本

– Salaries and other benefits– 薪金及其他福利7,4058,215

– Retirement benefits scheme

contributions

– 退休福利计划供款

Total staf costs总员工成本9,60810,375

10. INCOME TAX EXPENSE

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Hong Kong Profits Tax:香港利得税：

– Curent tax– 即期税项9,8277,389

– Overprovision in prior years– 过往年度超额拨备–(6)

Defered tax charge (note 25)递延税项开支（附注25）103815

9,9308,198

9. 除税前溢利

10. 所得税开支

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

152Wine’s Link International Holdings Limited Anual Report 2025

10. INCOME TAX EXPENSE (continued)

The Hong Kong Profits Tax is calculated at 8.25% on the

first HK$2 milion of the estimated asesable profits and

at 16.5% on the estimated asesable profits above HK$2

milion for the qualifying group entity. The profits of the

group entities not qualifying for the two-tiered profits tax

rates regime wil be taxed at a flat rate of 16.5%.

The income tax expense for the year can be reconciled to

the profit before taxation as folows:

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Profit before taxation除税前溢利49,68139,357

Tax at the Hong Kong Profits

Tax rate of 16.5%

按香港利得税率16.5%计

之税项8,1976,494

Tax efect of income not taxable

and expenses not deductible

毋须课税收入及不可扣税开支之

税务影响1,9001,878

Efect of two-tiered profits tax rates

regime in Hong Kong

香港两级利得税率制度之影响

(165)(165)

Overprovision in respect of prior

years

过往年度超额拨备

–(6)

Tax reduction税项减免(2)(3)

Income tax expense for the year年度所得税开支9,9308,198

（续）

就合资格集团实体而言，估计应课税

溢利之首2百万港元按8.25%计算香

港利得税，及超过2百万港元之估计

应课税溢利按16.5%计算。不符合两

级制利得税率资格之集团实体之溢利

将按统一税率16.5%征税。

年内之所得税开支可与除税前溢利对

账如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

153威扬酒业国际控股有限公司二零二五年报

11. EARNINGS PER SHARE

The calculation of the basic earnings per share

atributable to owners of the Company is based on the

folowing data:

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Earnings:盈利：

Profit for the year atributable to

owners of the Company for the

purpose of basic earnings per share

calculation

计算每股基本盈利所使用之

本公司拥有人应占年内溢利

39,75831,201

Year ended 31 March

’000’000

截至三月三十一日止年度

二零二五年二零二四年

千股千股

Number of shares:股份数目：

Number of ordinary shares for the

purpose of basic earnings per share

calculation

计算每股基本盈利所

使用之普通股数目

400,000400,000

No diluted earnings per share for both years were

presented as there were no potential ordinary shares in

isue during both years.

12. DIVIDEND

No dividend was paid or proposed for shareholders of the

Company during both years, nor has any dividend ben

proposed since the end of the reporting period (2024:

Nil).

11. 每股盈利

本公司拥有人应占每股基本盈利乃按

以下资料计算：

于两个年度内均没有呈列每股摊薄盈

利，因为于两个年度内均没有发行潜

在普通股。

12. 股息

于两个年度内，并无派付或建议派付

任何股息予本公司之股东，自报告

期末起亦无建议派付任何股息（二零

二四年：无）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

154Wine’s Link International Holdings Limited Anual Report 2025

13. PROPERTY AND EQUIPMENT

LeaseholdOfice Furniture andComputer Motor

WarehouseimprovementsequipmentfixturesequipmentvehiclesTotal

仓库租赁改善工程办公室设备家具及装置电脑设备汽车总计

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

千港元千港元千港元千港元千港元千港元千港元

Note (i)Note (i)Note (i)

附注(i)附注(i)附注(i)

COST成本

At 1 April 2023于二零二三年四月一日135,72211,0728761,4431,7254,773155,611

Aditions添置–23,898–425497–24,820

Write-of撇销–(6,871)(715)(893)(606)–(9,085)

Disposal出售–(3,999)(3,999)

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135,72228,0991619751,616774167,347

Aditions添置–94430854–1,036

Transfers (note)转拨（附注）(17,212)(3,031)–212(20,031)

Disposal出售–(9)(488)(212)(709)

At 31 March 2025于二零二五年三月三十一日118,51026,0121919741,182774147,643

ACUMULATED DEPRECIATION累计折旧

At 1 April 2023于二零二三年四月一日7,23911,0727871,2041,4634,77326,538

Provided for the year年内拨备5,4297551977272–6,552

Write-of撇销–(6,871)(647)(789)(554)–(8,861)

Disposal出售–(3,999)(3,999)

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12,6684,9561594921,18177420,230

Provided for the year年内拨备4,7401,1368122252–6,258

Transfers (note)转拨（附注）(1,607)(96)–(1,703)

Disposal出售–(6)(488)–(494)

At 31 March 2025于二零二五年三月三十一日15,8015,99616760894577424,291

CARYING VALUES账面值

At 31 March 2025于二零二五年三月三十一日102,70920,01624366237–123,352

At 31 March 2024于二零二四年三月三十一日123,05423,1432483435–147,117

Notes:

(i) During the year ended 31 March 2025, a property with

an agregate carying value of HK$18,540,000 was

transfered to investment property (note 14) (2024: Nil).

(i) During the year ended 31 March 2025, a motor vehicle

with a carying value of HK$212,000 was transfered from

right-of-use asets (note 15) (2024: Nil).

13. 物业及设备

附注：

(i) 于截至二零二五年三月三十一日止

年度，账面总值为18,540,000港元

之物业已转拨至投资物业（附注14）

（二零二四年：无）。

(i) 于截至二零二五年三月三十一日止

年度，账面值为212,000港元之汽

车已由使用权资产转拨（附注15）

（二零二四年：无）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

155威扬酒业国际控股有限公司二零二五年报

13. PROPERTY AND EQUIPMENT (continued)

The above items of property and equipment are

depreciated on a straight-line basis at the folowing rates

per anum:

Warehouse 25 years

Leasehold improvements Over the shorter of the

lease terms or 5 years

Ofice equipment 20%

Furniture and fixtures 20%

Computer equipment 20% to 50%

Motor vehicles 20%

As at 31 March 2025, a property with a carying value of

HK$117,625,000 (2024: HK$123,054,000) included in

property and equipment and investment property (note

14) was charged to secure certain borowings of the

Group (note 24).

14. INVESTMENT PROPERTY

The Group leases part of its warehouse under an

operating lease arangement and recognised an

investment property. A property with an agregate

carying value of HK$18,540,000 was transfered from

property and equipment (note 13) to investment property

during the year ended 31 March 2025 (2024: Nil). The

investment property using cost model are depreciated

over its estimated useful life using the straight-line

method.

Warehouse

and leasehold

improvements

仓库及租赁改善

工程

HK$’000

千港元

COST成本

At 1 April 2024于二零二四年四月一日–

Transfer from property and equipment (note 13)转拨自物业及设备（附注13）18,540

At 31 March 2025于二零二五年三月三十一日18,540

ACUMULATED DEPRECIATION累计折旧

At 1 April 2024于二零二四年四月一日–

Provided for the year年内拨备820

As 31 March 2025于二零二五年三月三十一日820

CARYING VALUE账面值

At 31 March 2025于二零二五年三月三十一日17,720

At 31 March 2024于二零二四年三月三十一日–

（续）

以上物业及设备项目乃按下列年利率

以直线基准折旧：

仓库 25年

租赁改善工程租赁期内或5年

之较短者

办公室设备 20%

家具及装置 20%

电脑设备 20%至50%

汽车 20%

于二零二五年三月三十一日，账面值

为117,625,000港元（二零二四年：

123,054,000港元）并计入物业及设

备及投资物业（附注14）的物业已抵

押作为本集团若干借款的担保（附注

24）。

14. 投资物业

本集团根据营运租赁安排租赁其部分

仓库，并确认为投资物业。截至二零

二五年三月三十一日止年度，账面总

值为18,540,000港元的物业已由物业

及设备（附注13）转拨至投资物业（二

零二四年：无）。采用成本模型的投

资物业使用直线法在其估计使用年期

内折旧。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

156Wine’s Link International Holdings Limited Anual Report 2025

14. INVESTMENT PROPERTY (continued)

The fair value of the investment property, in the opinion

of the directors of the Company, is HK$14,457,000.

The fair value of the investment property is categorised

as level 3 measurement in the thre-level fair value

hierarchy. The fair value disclosure is provided for

reference purposes only and does not afect the

recognition and measurement of the investment property

in the consolidated financial statements.

As at 31 March 2025, a property included in investment

property and property and equipment (note 13) with

an agregate carying value of HK$117,625,000 (2024:

HK$123,054,000) was charged to secure certain

borowings of the Group (note 24).

15. LEASES

The Group as a lese

(a) Right-of-use asets

LeasedMotor

propertiesvehiclesTotal

HK$’000HK$’000HK$’000

租赁物业汽车总计

千港元千港元千港元

As at 31 March 2025于二零二五年三月三十一日

Carying amount账面值373267640

As at 31 March 2024于二零二四年三月三十一日

Carying amount账面值8772251,102

For the year ended 31 March

截至二零二五年

三月三十一日止年度

Depreciation charge折旧费用1,030731,103

For the year ended 31 March

截至二零二四年

三月三十一日止年度

Depreciation charge折旧费用2,633282,661

（续）

本公司董事认为，投资物业的公平值

为14,457,000港元。投资物业的公平

值属于三级公平值计量层级中的第三

级。公平值披露仅供参考，并不影响

综合财务报表中投资物业的确认及计

量。

于二零二五年三月三十一日，账面总

值为117,625,000港元（二零二四年：

123,054,000港元）并计入投资物业

及物业及设备（附注13）的物业已抵

押作为本集团若干借款的担保（附注

24）。

15. 租赁

本集团作为承租人

(a) 使用权资产

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

157威扬酒业国际控股有限公司二零二五年报

15. LEASES (continued)

The Group as a lese (continued)

(a) Right-of-use asets (continued)

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Expense relating to short-term

leases

与短期租赁有关的开支

1,371986

Total cash outflow for lease租赁之现金流出总额2,6373,833

Adition to right-of-use asets添置使用权资产853–

For both years, the Group leases ofice premise,

retail stores and motor vehicles for its operations.

Lease contracts are entered into for fixed term of

1 year to 3 years. Lease terms are negotiated on

an individual basis and contain a wide range of

diferent terms and conditions. In determining the

lease term and asesing the length of the non-

cancelable period, the Group aplies the definition

of a contract and determines the period for which

the contract is enforceable.

The Group regularly enters into short-term leases

for warehouses. As at 31 March 2025 and 31 March

2024, the portfolio of short-term leases is similar

to the portfolio of short-term leases to which the

short-term lease expense disclosed above.

In adition, lease liabilities of HK$853,000 are

recognised with related right-of-use asets of

HK$853,000 during the year ended 31 March 2025

(2024: Nil). The lease agrements do not impose

any covenants other than the security interests in

the leased asets that are held by the lesors. Leased

asets may not be used as security for borowing

purposes.

（续）

本集团作为承租人（续）

(a) 使用权资产（续）

于两个年度，本集团均租赁办公

室物业、零售店及汽车作营运用

途。租赁合约之固定期限为1至

3年。租赁条款乃按个别基准磋

商，且包含各种不同条款及条

件。于厘定租期及评估不可撤销

期限长度时，本集团应用合约之

定义并厘定合约可强制执行之期

限。

本集团定期就仓库订立短期租

赁。于二零二五年三月三十一日

及二零二四年三月三十一日，短

期租赁组合与上文所披露之短期

租赁支销的短期租赁组合相若。

此外，截至二零二五年三月

三十一日止年度，已确认租赁负

债为853,000港元，相关使用权

资产为853,000港元（二零二四

年：无）。除出租人持有的租赁

资产的抵押权益外，租赁协议并

无施加任何契诺。租赁资产不得

用作借贷的抵押品。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

158Wine’s Link International Holdings Limited Anual Report 2025

15. LEASES (continued)

The Group as a lese (continued)

(b) Lease liabilities

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

Lease liabilities payable:应付租赁负债：

Within one year一年内4131,003

Within a period of more than

one year but not more than

two years

超过一年但不多于两年之

期间内

6481,011

Les: Amount due for setlement

within 12 months shown

under curent liabilities

减：于12个月内到期清偿之

款项（列示于流动

负债项下）(413)(1,003)

Amount due for setlement after

12 months shown under

non-curent liabilities

于12个月后到期清偿之款项

（列示于非流动负债项下）

The weighted average incremental borowing rate

aplied to lease liabilities is 4.96% (2024: 5.64%).

（续）

本集团作为承租人（续）

(b) 租赁负债

租赁负债适用之加权平均增量借

贷利率为4.96%（二零二四年：

5.64%）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

159威扬酒业国际控股有限公司二零二五年报

15. LEASES (continued)

The Group as a lesor

The Group leases part of its warehouse (note 14) under

an operating lease arangement. The term of the lease

generaly requires the tenant to pay security deposits.

Rental income recognised by the Group included in other

income (note 6) during the year ended 31 March 2025

was HK$560,000 (2024: HK$70,000).

At the end of the reporting period, the Group had

contracted with a tenant for the folowing minimum

lease payments receivables:

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

Within one year一年内450540

After one year but within two years超过一年但两年内–450

16. INVENTORIES

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

Wine products葡萄酒产品109,743126,921

Other alcoholic beverages其他酒精饮品10,51624,761

Wine acesory products葡萄酒配件产品9551,140

121,214152,822

（续）

本集团作为出租人

本集团根据营运租赁安排租赁其部分

仓库（附注14）。租赁之条款一般要

求租户支付保证金。于截至二零二五

年三月三十一日止年度，本集团确

认并计入其他收入（附注6）之租金

收入为560,000港元（二零二四年：

70,000港元）。

于报告期末，本集团与租户就订立合

约的最低应收租赁付款如下：

16. 存货

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

160Wine’s Link International Holdings Limited Anual Report 2025

17. TRADE RECEIVABLES

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

Gros carying amount账面总额50,85052,399

Les: alowance for credit loses减：信贷亏损拨备(315)(95)

50,53552,304

The Group’s credit terms of 0 to 120 days are granted to

its trade customers. The folowing is an ageing analysis

of the trade receivables, net of alowance for credit

loses, presented based on the invoice dates, which

aproximated to the respective dates on which revenue

was recognised, at the end of the reporting period:

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

0 to 30 days0至30日12,46026,603

31 to 60 days31至60日11,93313,879

61 to 90 days61至90日6,272500

91 to 180 days91至180日19,5827,687

181 to 365 days181至365日1433,607

Over 365 days超过365日14528

50,53552,304

17. 贸易应收款项

本集团授予其贸易客户之信贷期为0

至120日。按发票日期（其与于报告

期末确认收益之相应日期相若）呈列

之贸易应收款项（扣除信贷亏损拨备）

之账龄分析如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

161威扬酒业国际控股有限公司二零二五年报

17. TRADE RECEIVABLES (continued)

As at 31 March 2025, included in the Group’s trade

receivables are debtors with agregate carying amount

of HK$50,535,000 (2024: HK$46,717,000) which are

past due. Out of the past due balances, HK$19,870,000

(2024: HK$5,073,000) has ben past due 90 days or

more and is not considered as in default. With reference

to historical records, past experience and also available

reasonable and suportive forward-loking information

of those customers, the directors of the Company do

not consider these receivables as credit-impaired as

these customers have a god busines relationship with

the Group and satisfactory setlement history on their

recuring overdue records.

Details of impairment asesment as at 31 March 2025

and 31 March 2024 are set out in note 33.

18. OTHER RECEIVABLES, DEPOSITS AND

PREPAYMENTS

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

Deposits for the acquisition

of property and equipment

收购物业及设备之按金

–494

Deposits paid to the supliers向供应商支付之按金37,96386,626

Rental deposits租金按金900941

Other deposits, other receivables

and prepayments

其他按金、其他应收款项

及预付款项8933,016

Total总计39,75691,077

Presented as non-curent asets呈列为非流动资产–494

Presented as curent asets呈列为流动资产39,75690,583

Total总计39,75691,077

Details of impairment asesment as at 31 March 2025

and 31 March 2024 are set out in note 33.

（续）

于二零二五年三月三十一日，本集

团之贸易应收款项包括账面总额

为50,535,000港元（二零二四年：

46,717,000港元）之逾期应收账款。

于逾期结余中，19,870,000港元（二

零二四年：5,073,000港元）已逾期

90日或以上，且并未被视作违约。

经参考该等客户的历史记录、过往经

验以及可获得的合理及有依据前瞻性

资料，本公司董事并不认为该等应收

款项已出现信贷减值，原因为该等客

户与本集团维持良好业务关系，且彼

等经常性逾期记录之还款记录较为理

想。

于二零二五年三月三十一日及二零

二四年三月三十一日之减值评估详情

载于附注33。

、按金及预付

款项

于二零二五年三月三十一日及二零

二四年三月三十一日之减值评估详情

载于附注33。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

162Wine’s Link International Holdings Limited Anual Report 2025

19. AMOUNTS DUE FROM RELATED

COMPANIES

Al the amounts due from related companies are non-

trade nature, unsecured, interest-fre and are repayable

on demand.

Details of amounts due from related companies are as

folows:

As at 31 March

NameRelationshipHK$’000HK$’000

于三月三十一日

二零二五年二零二四年

名称关系千港元千港元

ShirzShareholder of the Company, 227205

wholy-owned by Ms. Shirley Wong

本公司股东，由王姿潞女士全资拥有

UDKS Holdings LimitedMs. Shirley Wong is the sole owner 299286

of UDKS Holdings Limited

王姿潞女士为UDKS Holdings Limited

之唯一拥有人

Details of impairment asesment as at 31 March 2025

and 31 March 2024 are set out in note 33.

19. 应收关联公司款项

所有从关联公司应收之款项均为非贸

易性质、无抵押、免息及按要求偿

还。

应收关联公司款项之详情如下：

于二零二五年三月三十一日及二零

二四年三月三十一日之减值评估详情

载于附注33。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

163威扬酒业国际控股有限公司二零二五年报

20. CASH AND CASH EQUIVALENTS

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

Bank balances and cash银行结余及现金9,6962,889

Time deposits with original maturity

within thre months

原到期日为三个月内之定期存款

119,386–

129,0822,889

Notes:

(i) Cash and cash equivalents comprise bank balances and

cash held and short-term bank deposits with an original

maturity of thre months or les and carying interest

at prevailing market rates from 0.001% to 3.1% (2024:

0.001% to 0.875%) per anum.

(i) Details of impairment asesment as at 31 March 2025

and 31 March 2024 are set out in note 33.

20. 银行及现金等价物

附注：

(i) 现金及现金等价物包括银行结余

及所持现金及原到期日为三个月

或以下之短期银行存款，并按

介乎0.001%至3.1%（二零二四

年：0.001%至0.875%）之当前

市场年利率计息。

(i) 于二零二五年三月三十一日及二

零二四年三月三十一日之减值评

估详情载于附注33。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

164Wine’s Link International Holdings Limited Anual Report 2025

21. TRADE PAYABLES

The credit period on purchases of gods is up to 90 days.

The folowing is an ageing analysis of trade payables

based on the invoice dates at the end of the reporting

period:

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

0 to 30 days0至30日2415

31 to 60 days31至60日19–

61 to 90 days61至90日–

91 to 180 days91至180日–130

181 to 365 days181至365日617

Over 365 days超过365日1583,440

2073,602

22. OTHER PAYABLES AND ACRUED

CHARGES

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

Staf cost payables应付员工成本715814

Other payables and acrued charges其他应付款项及应计费用2,0082,233

2,7233,047

21. 贸易应付款项

有关购买货品之信贷期最多为90日。

以下为按于报告期末之发票日期之贸

易应付款项账龄分析：

22. 其他应付款项及应计费用

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

165威扬酒业国际控股有限公司二零二五年报

23. CONTRACT LIABILITIES

As at As at As at

31 March31 March1 April

HK$’000HK$’000HK$’000

于

二零二五年二零二四年二零二三年

三月三十一日三月三十一日四月一日

千港元千港元千港元

Contract liabilities from

sales of wine products

葡萄酒产品销售产生

之合约负债4,1017,62610,276

As atAs at

31 March31 March

HK$’000HK$’000

于

二零二五年二零二四年

三月三十一日三月三十一日

千港元千港元

Transaction prices alocated to

performance obligations

unsatisfied at end of year

and expected to be

recognised as revenue in:

于年末分配至未履行的

履约责任之交易价

并预期将于以下年度

确认为收益：

– 2025– 二零二五年–7,626

– 2026– 二零二六年4,101–

4,1017,626

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Revenue recognised in the year

that was included in contract

liabilities at begining of the

year

计入年初合约负债之

年内已确认收益

3,6004,648

23. 合约负债

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

166Wine’s Link International Holdings Limited Anual Report 2025

23. CONTRACT LIABILITIES (continued)

Typical payment terms which impact on the amount of

contract liabilities recognised are as folows:

When the Group receives deposits from customers to

purchase wine products, this wil give rise to contract

liabilities at the start of a contract, until the revenue

recognised on the relevant contract exceds the amount

of the deposits.

24. BANK BOROWINGS

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

Mortgage loan按揭贷款54,77060,491

Other bank borowings其他银行借款81,59072,790

136,360133,281

Secured and guaranted已抵押及已担保127,377129,265

Unsecured and guaranted无抵押及已担保8,9834,016

136,360133,281

Carying amount repayable须偿还账面值

– within one year－一年内136,360133,281

* The amounts due are based on schedule repayment dates

and demand clause set out in the loan agrements.

As at 31 March 2025 and 31 March 2024, the bank

borowings are guaranted by the Company.

The bank borowings and bank overdrafts are at floating

rates which mainly cary interest at either Hong Kong

Interbank Ofered Rate (“HIBOR”) plus a spread or Hong

Kong Prime Rate plus/minus a spread. The efective

interest rates on the Group’s bank borowings and bank

overdrafts ranged from 4.6% to 7.7% (2024: 5.0% to

7.9%) per anum as at 31 March 2025.

（续）

影响已确认合约负债金额之一般支付

条款载列如下：

当本集团收到客户按金以购买葡萄酒

产品时，将导致于合约开始时产生合

约负债，直至就相关合约超过按金

额确认收益止。

24. 银行借款

* 该等到期款项乃按贷款协议所载之

既定还款日期及要求条款得出。

于二零二五年三月三十一日及二零

二四年三月三十一日，银行借款由本

公司担保。

银行借款及银行透支乃按浮动利率计

息，其主要附带按香港银行同业拆息

（「香港银行同业拆息」）另加利差或港

元最优惠利率加╱减利差计的利息。

于二零二五年三月三十一日，本集团

银行借款及银行透支之实际年利率介

乎4.6%至7.7%（二零二四年：5.0%

至7.9%）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

167威扬酒业国际控股有限公司二零二五年报

24. BANK BOROWINGS (continued)

As at 31 March 2025, the bank borowings of

HK$127,377,000 (2024: HK$129,265,000) are secured

by legal charges over a property of the Group (notes 13

and 14).

Suplier finance arangement

Certain of the bank borowings of the Group were under

suplier finance arangement. The Group uses import

loan facilities as its suplier finance arangement. The

banks wil setle the Group’s supliers directly using the

funds of these import loans. The terms of these import

loans are within 150 days or within 240 days from

drawing of the loans.

Included in the bank borowings above are the folowing

suplier finance arangement liabilities:

As at

31 March

As at

31 March

HK$’000HK$’000

于二零二五年

三月三十一日

于二零二四年

三月三十一日

千港元千港元

Carying amount of liabilities负债账面值9,73618,563

– of which supliers have received

payment

– 其中供应商已收款

9,736

N/A

不适用

Range of payment due dates after

invoice dates:

发票日期后的付款到期日范围：

– Suplier finance arangement

liabilities

– 供应商融资安排负债Within

270 days

270日内

N/A

不适用

– Comparable trade payable

not part of the suplier finance

arangement

– 不属于供应商融资安排的

可资比较贸易应付款项

Within

90 days

90日内

N/A

不适用

（续）

于二零二五年三月三十一日，银行借

款127,377,000港元（二零二四年：

129,265,000港元）乃由本集团物业

作法定抵押（附注13及14）。

供应商融资安排

本集团若干银行借款属于供应商融资

安排。本集团以进口贷款融资作为其

供应商融资安排。银行将利用该等进

口贷款的资金，直接向本集团的供应

商偿付。该等进口贷款的期限为自提

取该等贷款起计150日内或240日内。

上述银行借款中包括以下供应商融资

安排的负债：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

168Wine’s Link International Holdings Limited Anual Report 2025

25. DEFERED TAX ASETS

The folowing are the major defered tax asets

recognised and movements thereon during the curent

and prior year:

Acelerated

acounting

depreciation

alowance

HK$’000

加速会计

折旧拨备

千港元

At 1 April 2023于二零二三年四月一日1,140

Charge to profit or los for the year (note 10)自年内损益扣除（附注10）(815)

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325

Charge to profit or los for the year (note 10)自年内损益扣除（附注10）(103)

At 31 March 2025于二零二五年三月三十一日222

26. PROVISIONS

Provision for

reinstatement

cost

HK$’000

修复成本拨备

千港元

As at 1 April 2023, 31 March 2024 and

31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日

及二零二五年三月三十一日500

25. 递延税项资产

以下为于本年度及上一个年度内确认

之主要递延税项资产及其变动：

26. 拨备

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

169威扬酒业国际控股有限公司二零二五年报

26. PROVISIONS (continued)

The provision of reinstatement cost for reinstating the

rented premises to be caried out at the end of the

lease periods had ben estimated by the directors of the

Company based on the terms and conditions set out in

curent rental contracts.

27. SHARE CAPITAL

Details of the share capital of the Company are disclosed

as folows:

Amount

Number ofHK$’000

shares金额

股份数目千港元

Ordinary shares of HK$0.01 each每股面值0.01港元的普通股

Authorised:法定：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日1,000,000,00010,000

Isued and fuly paid:已发行及缴足：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日400,000,0004,000

（续）

就于租赁期末实行修复租赁物业所产

生修复成本的拨备已由本公司董事根

据当前租赁合约所载列的条款及条件

作出估计。

27. 股本

本公司股本详情披露如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

170Wine’s Link International Holdings Limited Anual Report 2025

28. RELATED PARTY TRANSACTIONS

Save as disclosed elsewhere in the consolidated financial

statements, the Group had the folowing transactions

with its related parties during the year:

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Sales of gods to:向下列各方出售货品：

– Mr. Roy Ting (note)－丁志威先生（附注）–96

– Ms. Shirley Wong－王姿潞女士–24

–120

Note:

Mr. Roy Ting ceased to be a related party of the Group since

November 2023.

Compensation of key management personel

The remuneration of directors of the Company and other

members of key management during the year were as

folows:

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Short-term benefits短期福利2,9743,763

Post-employment benefits离职后福利7289

3,0463,852

28. 关连方交易

除综合财务报表其他部分所披露外，

本集团于年内与其关连方具有下列交

易：

附注：

丁志威先生自二零二三年十一月起不再为

本集团之关连方。

主要管理人员报酬

本公司董事及其他主要管理层成员于

年内之薪酬如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

171威扬酒业国际控股有限公司二零二五年报

29. CAPITAL COMITMENTS

As at 31 March 2025 and 31 March 2024, the Group had

no capital comitments.

30. RETIREMENT BENEFITS SCHEMES

The MPF Scheme is registered with the Mandatory

Provident Fund Schemes Authority under the Mandatory

Provident Fund Schemes Ordinance. The asets of the

MPF Scheme are held separately from those of the Group

in funds under the control of an independent truste.

Under the MPF Scheme, the employer and its employes

are each required to make contributions to the MPF

Scheme at rates specified in the rules. The only obligation

of the Group with respect to the MPF Scheme is to

make the required contributions. Except for voluntary

contribution, no forfeited contribution under the MPF

Scheme is available to reduce the contribution payable in

future years. The cap of contribution amount is HK$1,500

per employe per month.

The retirement benefits scheme contributions arising from

the MPF Scheme charged to the consolidated statement

of profit or los and other comprehensive income

represent contributions paid or payable to the funds by

the Group at rates specified in the rules of the scheme.

At 31 March 2025 and 31 March 2024, there were no

significant forfeited contributions which arose upon

employes leaving the schemes before they are fuly

vested in the contributions and which are available to

reduce the contributions payable by the Group in the

future.

The total expense recognised in profit or los of

HK$321,000 (2024: HK$348,000) for the year ended

31 March 2025 represents contributions payable to the

MPF Scheme by the Group at rates specified in the rules

of the plans.

29. 资本承担

于二零二五年三月三十一日及二零

二四年三月三十一日，本集团概无资

本承担。

30. 退休福利计划

强积金计划乃根据强制性公积金计划

条例向强制性公积金管理局注册。强

积金计划之资产乃与独立受托人控制

之资金与本集团之资产分开持有。根

据强积金计划，雇主及其雇员各自均

须按该等规则指定之比率向强积金计

划供款。本集团有关强积金计划之唯

一责任为作出规定供款。除自愿性供

款外，概无强积金计划项下之已没收

供款可供扣减未来年度之应付供款。

供款额上限为每月每名雇员1,500港

元。

于综合损益及其他全面收益报表扣除

之强积金计划所产生之退休福利计划

供款指本集团按计划规则指定之比例

已付或应付予基金之供款。

于二零二五年三月三十一日及二零

二四年三月三十一日，概无因雇员

于悉数取得供款前退出该等计划而没

收，并可用以减少本集团之未来应缴

供款之重大没收供款。

于截至二零二五年三月三十一日止年

度损益中确认的总开支321,000港元

（二零二四年：348,000港元）指本集

团按强积金计划规例订明之比率应付

予该等计划之供款。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

172Wine’s Link International Holdings Limited Anual Report 2025

31. STATEMENT OF FINANCIAL POSITION AND

RESERVES OF THE COMPANY

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

Non-curent aset非流动资产

Investment in subsidiaries于附属公司之投资16,12816,128

Curent asets流动资产

Other receivables, deposits and

prepayments

其他应收款项、按金及

预付款项8778

Amounts due from subsidiaries应收附属公司款项24,33225,600

Bank balances and cash银行结余及现金11

24,42025,679

Curent liabilities流动负债

Other payables and acrued charges其他应付款项及应计费用81166

Net curent asets流动资产净值24,33925,513

Net asets资产净值40,46741,641

Capital and reserves资本及储备

Share capital (note 27)股本（附注27）4,0004,000

Reserves (note)储备（附注）36,46737,641

Total equity权益总额40,46741,641

31. 本公司财务报表及储备

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

173威扬酒业国际控股有限公司二零二五年报

31. STATEMENT OF FINANCIAL POSITION AND

RESERVES OF THE COMPANY (continued)

Note:

Movement of reserves of the Company

Share Acumulated

premiumlosesTotal

股份溢价累计损失总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于二零二三年四月一日76,298(37,280)39,018

Los and total comprehensive expense for the year年内亏损及全面开支总额–(1,377)(1,377)

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76,298(38,657)37,641

Los and total comprehensive expense for the year年内亏损及全面开支总额–(1,174)(1,174)

At 31 March 2025于二零二五年三月三十一日76,298(39,831)36,467

32. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that entities in

the Group wil be able to continue as a going concern

while maximising the return to owners through the

optimisation of the debt and equity balance. The Group’s

overal strategy remains unchanged from prior year.

The capital structure of the Group consists of debt

balance and equity balance. Debt balance consists of

bank borowings (note 24) and lease liabilities (note

15). Equity balance consists of equity atributable to

owners of the Company, comprising share capital, share

premium, exchange fluctuation reserve, other reserve and

acumulated profits.

The management of the Group reviews the capital

structure on an on-going anual basis. As part of this

review, the management of the Group considers the

cost of capital and the risks asociated with each clas of

capital. Based on recomendations of the management

of the Group, the Group wil balance its overal capital

structure through isuance of new shares and the raise of

borowings or the repayment of the existing borowings.

（续）

附注：

本公司之储备变动

32. 资本风险管理

本集团管理其资本，以确保本集团之

实体能够持续经营，同时通过优化债

务及股本结余尽量提高对拥有人之回

报。本集团之整体策略自上一年度起

维持不变。

本集团之资本结构包括债务结余及股

本结余。债务结余包括银行借款（附

注24）及租赁负债（附注15）。股本

结余包括本公司拥有人应占权益，当

中包括股本、股份溢价、汇兑波动储

备、其他储备及累计溢利。

本集团管理层按持续基准审阅资本结

构。作为此项审阅之一部分，本集团

管理层考虑与各股本类别相关之资本

成本及风险。根据本集团管理层之推

荐意见，本集团将会通过发行新股份

及筹措借款或偿还现有借款平衡其整

体资本结构。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

174Wine’s Link International Holdings Limited Anual Report 2025

33. FINANCIAL INSTRUMENTS

Categories of financial instruments

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

Financial asets金融资产

Amortised cost摊销成本181,73657,911

As at 31 March

HK$’000HK$’000

于三月三十一日

二零二五年二零二四年

千港元千港元

Financial liabilities金融负债

Amortised cost摊销成本139,938140,941

Financial risk management objectives and policies

The Group’s financial instruments include trade

receivables, other receivables and deposits, amounts

due from related companies, bank balances and cash,

trade payables, other payables, lease liabilities and bank

borowings. Details of these financial instruments are

disclosed in respective notes. The risks asociated with

these financial instruments and the policies on how to

mitigate these risks are set out below. The management

of the Group manages and monitors these exposures

to ensure apropriate measures are implemented on a

timely and efective maner.

Market risk

Curency risk

The Group has foreign curency sales and purchases,

which expose the Group to foreign curency risk.

Aproximately 7.3% (2024: 11.0%) of the Group’s sales

is denominated in curencies other than the functional

curency of the group entities, whilst almost 1.3%

(2024: 14.1%) of purchase of gods is denominated

in curencies other than the functional curency of the

group entities during the year ended 31 March 2025.

33. 金融工具

金融工具类别

财务风险管理目标及政策

本集团之金融工具包括贸易应收款

项、其他应收款项及按金、应收关联

公司款项、银行结余及现金、贸易应

付款项、其他应付款项、租赁负债及

银行借款。该等金融工具之详情于相

关附注披露。与该等金融工具相关之

风险及有关如何纾缓该等风险之政策

载于下文。本集团管理层管理及监察

该等风险，以确保及时有效地实行合

适措施。

市场风险

货币风险

本集团作外币买卖，令本集团面临

外币风险。于截至二零二五年三月

三十一日止年度，本集团销售之约

7.3%（二零二四年：11.0%）乃以外

币（集团实体之功能货币以外之货币）

计值，而货品采购之约1.3%（二零

二四年：14.1%）乃以集团实体之功

能货币以外之货币计值。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

175威扬酒业国际控股有限公司二零二五年报

33. FINANCIAL INSTRUMENTS (continued)

Financial risk management objectives and policies

(continued)

Market risk (continued)

Curency risk (continued)

At the end of the reporting period, the carying amounts

of foreign curency denominated monetary asets and

monetary liabilities recognised in the consolidated

financial statements are as folows:

Euro

United States Dolars

(“USD”)

欧元美元（「美元」）

As at 31 MarchAs at 31 March

HK$’000HK$’000HK$’000HK$’000

于三月三十一日于三月三十一日

二零二五年二零二四年二零二五年二零二四年

千港元千港元千港元千港元

Trade receivables贸易应收款项–1,400–10

Bank balances and cash银行结余及现金141051414

Trade payables贸易应付款项11329596

The Group curently does not have a foreign curency

hedging policy. However, the directors of the Company

monitor foreign exchange exposure and wil consider

hedging significant foreign curency exposure should the

ned arise.

Sensitivity analysis

Since the exchange rate of HK$ peged with USD, the

Group does not expect any significant movements in the

USD/HK$ exchange rates.

（续）

财务风险管理目标及政策（续）

市场风险（续）

货币风险（续）

于报告期末，综合财务报表所确认外

币计值货币资产及货币负债之账面值

如下：

本集团目前并无外币对冲政策。然

而，本公司董事会监察外汇风险，

并将于有需要时考虑对冲重大外币风

险。

敏感度分析

由于港元与美元之汇率挂钩，本集团

预期美元╱港元汇率将不会有任何重

大变动。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

176Wine’s Link International Holdings Limited Anual Report 2025

33. FINANCIAL INSTRUMENTS (continued)

Financial risk management objectives and policies

(continued)

Market risk (continued)

Sensitivity analysis (continued)

The folowing table details the Group’s sensitivity

analysis to a 15% (2024: 15%) increase and decrease in

functional curency of the group entities (i.e. HK$) against

Euro and al other variables were held constant. 15%

(2024: 15%) is the sensitivity rate used and represents

management’s asesment of the reasonably posible

change in foreign exchange rates. A positive (negative)

number below indicates an increase (decrease) in the

post-tax profit for the year where HK$ strengthening

15% (2024: 15%) against Euro. For a 15% (2024: 15%)

weaken of HK$ against Euro, there would be an equal

and oposite impact on the result for the year.

Year ended 31 March

HK$’000HK$’000

截至三月三十一日止年度

二零二五年二零二四年

千港元千港元

Euro欧元(2)(172)

Interest rate risk

The Group is exposed to fair value interest rate risk in

relation to the Group’s fixed-rate lease liabilities (note

15) as at 31 March 2025 and 31 March 2024. At 31

March 2025, if interest rates at that date had ben 100

basis points lower with al other variables held constant,

consolidated profit after tax for the year would have

ben HK$1,139,000 (2024: HK$1,113,000) higher,

arising mainly as a result of lower interest expense on

bank borowings. If interest rates had ben 100 basis

points higher, with al other variables held constant,

consolidated profit after tax for the year would have

ben HK$1,139,000 (2024: HK$1,113,000) lower, arising

mainly as a result of higher interest expense on bank

borowings. The Group wil constantly review economic

situation and its interest rate risk profile, and wil

consider apropriate hedging measure in future as may

be necesary.

（续）

财务风险管理目标及政策（续）

市场风险（续）

敏感度分析（续）

下表详列本集团对集团实体之功能

货币（即港元）兑欧元之15%（二零

二四年：15%）增加及减少之敏感度

分析，当中所有其他可变因素均维持

不变。15%（二零二四年：15%）为

所用之敏感度比率及代表管理层对汇

率合理可能变动之评估。下文之正数

（负数）表示倘港元兑欧元升值15%

（二零二四年：15%），年内除税后

溢利增加（减少）。就港元兑欧元贬

值15%（二零二四年：15%）而言，

则将会对年内业绩造成等额及反向影

响。

利率风险

本集团面临有关本集团于二零二五

年三月三十一日及二零二四年三月

三十一日之固定利率之租赁负债（附

注15）之公平值利率风险。于二零

二五年三月三十一日，倘当日的利

率下调100个基点且所有其他可变因

素维持不变，则年内综合除税后溢

利将增加1,139,000港元（二零二四

年：1,113,000港元），主要乃由于银

行借款的利息开支减少所致。倘利率

上调100个基点且所有其他可变因素

维持不变，则年内综合除税后溢利将

减少1,139,000港元（二零二四年：

1,113,000港元），主要乃由于银行借

款的利息开支增加所致。本集团将定

期审视经济状况及其利率风险状况，

并于日后有需要时考虑采取适当之对

冲措施。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

177威扬酒业国际控股有限公司二零二五年报

33. FINANCIAL INSTRUMENTS (continued)

Financial risk management objectives and policies

(continued)

Credit risk and impairment asesment

The Group’s credit risk is primarily atributable to trade

receivables, other receivables and deposits, amounts due

from related companies and bank balances.

The Group’s maximum exposure to credit risk which

wil cause a financial los to the Group due to failure

to discharge an obligation by the counterparties is the

carying amounts of the respective recognised financial

asets as stated in the consolidated statement of financial

position. The Group does not hold any colateral or other

credit enhancements to cover its credit risk asociated

with its financial asets.

Trade receivables

In order to minimise the credit risk, the management

of the Group has delegated a team responsible for

determination of credit limits and credit aprovals.

Before acepting any new customer, the Group aseses

the potential customer’s credit quality and defines credit

limits by customer. Credit limits atributable to customers

are reviewed regularly. Other monitoring procedures

are in place to ensure that folow-up action is taken to

recover overdue debts.

The Group aplies simplified aproach and always

recognises lifetime ECL for trade receivables. To measure

the ECL of trade receivables, except for those debtors

with agregated outstanding balances exceding

HK$1,000,000 that were asesed individualy, the

remaining debtors have ben grouped based on past due

status of the trade receivables and asesed colectively.

The Group has concentration of credit risk with exposure

limited to certain customers. Top five debtors comprised

aproximately 98.6% (2024: 88.6%) of the Group’s trade

receivables as at 31 March 2025.

（续）

财务风险管理目标及政策（续）

信贷风险及减值评估

本集团之信贷风险主要来自贸易应收

款项、其他应收款项及按金、应收关

联公司款项及银行结余。

本集团因对手方未能履行责任及产生

于综合财务报表所述相关已确认金融

资产之账面值导致本集团产生财务亏

损而面临最大信贷风险。本集团并无

持有任何抵押品或其他信贷增强措施

以涵盖其金融资产相关信贷风险。

贸易应收款项

为尽可能减少信贷风险，本集团管理

层已指派一支团队负责厘定信贷限额

及信贷审批。

于接纳任何新客户前，本集团评估潜

在客户之信贷质素及按客户制定信贷

限额。本集团定期检讨客户应占信贷

限额。本集团亦设有其他监察程序，

确保采取跟进行动收回逾期债项。

本集团采用简化方法，并始终确认贸

易应收款项的全期预期信贷亏损。为

计量贸易应收款项的预期信贷亏损，

除单独评估且未偿还结余总额超过

1,000,000港元的该等应收账款外，

余下应收账款已根据贸易应收款项的

逾期状况分组，并进行集体评估。

本集团拥有集中信贷风险，面临有关

限于若干客户之风险。于二零二五年

三月三十一日，五大债务人占本集团

贸易应收款项约98.6%（二零二四年：

88.6%）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

178Wine’s Link International Holdings Limited Anual Report 2025

33. FINANCIAL INSTRUMENTS (continued)

Financial risk management objectives and policies

(continued)

Credit risk and impairment asesment (continued)

Other receivables and deposits

Regarding other receivables and deposits, the ECL on

these asets are asesed individualy for debtors on the

recoverability based on historical setlement records,

past experience, and also quantitative and qualitative

information that is reasonable and suportive forward-

loking information. The management of the Group

believes that there is no material credit risk inherent in

the Group’s outstanding balance of other receivables and

deposits. The Group performs impairment asesment

under 12m ECL model in acordance with HKFRS 9.

The Group asesed the ECL for other receivables and

deposits was insignificant due to the exposure over the

other receivables and deposits was insignificant. Thus no

los alowance was recognised.

Amounts due from related companies

The Group asesed the amounts due from related

companies on 12m ECL basis. The management of the

Group considers the risk of default by counterparty is

insignificant based on the exposure of amounts due from

related companies at the end of the reporting period,

their understanding on the financial position, continuous

setlement record of the counterparties and forward-

loking information. Thus, the ECL for the amounts due

from related companies were insignificant.

Bank balances

The Group only transacts with reputable banks with

high credit ratings asigned by international credit-rating

agencies and therefore the management of the Group

considers the risk of default is low. The Group asesed

the ECL for bank balances was insignificant.

（续）

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

其他应收款项及按金

就其他应收款项及按金而言，根据过

往结算记录、过往经验以及属于合理

且支援性前瞻性资料的定量及定性资

料，本集团对该等资产的预期信贷亏

损进行单独评估，以确定应收款项的

可收回性。本集团管理层认为，本集

团其他应收款项及按金的未偿还结余

并无重大信贷风险。根据香港财务报

告准则第9号，本集团根据12个月预

期信贷亏损模式进行减值评估。本集

团评估其他应收款项及按金的预期信

贷亏损属不重大，原因为其他应收款

项及按金的风险并不重大。因此，概

无确认亏损拨备。

应收关联公司款项

本集团按12个月预期信贷亏损基准

评估应收关联公司款项。本集团管理

层认为，根据于报告期末应收关联公

司款项的风险、对其财务状况的了

解、对手方的持续结算记录及前瞻性

资料，对手方违约风险并不重大。因

此，应收关联公司款项的预期信贷亏

损属不重大。

银行结余

本集团仅会与获国际信贷评级机构给

予高信贷评级且信誉良好的银行交

易，因此，本集团管理层认为违约风

险不高。本集团评估银行结余的预期

信贷亏损并不重大。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

179威扬酒业国际控股有限公司二零二五年报

33. FINANCIAL INSTRUMENTS (continued)

Financial risk management objectives and policies

(continued)

Credit risk and impairment asesment (continued)

The Group’s internal credit risk grading asesment

comprises the folowing categories:

InternalOther financial asets/

credit ratingDescriptionTrade receivablesother items

内部其他金融资产╱

信贷评级说明贸易应收款项其他项目

Low riskThe counterparty has a low risk ofLifetime ECL – not 12m ECL

default and does not have any credit-impaired

past-due amounts

低风险对手方违约风险低，且并无任何逾期全期预期信贷亏损12个月预期信贷亏损

款项－并无信贷减值

Watch listDebtor frequently repays after dueLifetime ECL – not 12m ECL

dates but usualy setle after due credit-impaired

date

观察清单债务人经常于到期日后偿还，全期预期信贷亏损12个月预期信贷亏损

但通常于到期日后悉数结算－并无信贷减值

DoubtfulThere have ben significantLifetime ECL – not Lifetime ECL – not

increases in credit risk since credit-impairedcredit-impaired

initial recognition through

information developed internaly

or external resources

存疑自首次确认以来，透过内部开发全期预期信贷亏损全期预期信贷亏损

资料或外部资源，获悉信用－并无信贷减值－并无信贷减值

风险显著增加

LosThere is evidence indicating the Lifetime ECL – Lifetime ECL –

aset is credit-impairedcredit-impairedcredit-impaired

亏损有证据表明该资产出现信贷减值全期预期信贷亏损全期预期信贷亏损

－信贷减值－信贷减值

Write-ofThere is evidence indicating thatAmount is writen ofAmount is writen of

the debtor is in severe financial

dificulty and the Group has no

realistic prospect of recovery

撇销有证据表明债务人处于严重的财务金额撇销金额撇销

困境，且本集团并无实际收回前景

（续）

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

本集团内部信贷风险等级评估包括以

下类别：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

180Wine’s Link International Holdings Limited Anual Report 2025

33. FINANCIAL INSTRUMENTS (continued)

Financial risk management objectives and policies

(continued)

Credit risk and impairment asesment (continued)

The folowing table shows the movement in lifetime ECL

that has ben recognised for trade receivables under the

simplified aproach.

Trade receivables

under lifetime

ECL (not credit –

impaired)

全期预期信贷

亏损项下之

贸易应收款项

（并无信贷减值）

HK$’000

千港元

As at 1 April 2023于二零二三年四月一日128

Changes due to financial instruments

recognised as at 1 April 2023:

于二零二三年四月一日确认

之金融工具产生之变动：

– Impairment los reversed－已拨回减值亏损(128)

New financial asets originated新增金融资产

– Impairment los recognised－已确认减值亏损95

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95

Changes due to financial instruments

recognised as at 1 April 2024:

于二零二四年四月一日确认

之金融工具产生之变动：

– Impairment los reversed－已拨回减值亏损(95)

New financial asets originated新增金融资产

– Impairment los recognised－已确认减值亏损315

As at 31 March 2025于二零二五年三月三十一日315

Changes in the los alowance for trade receivables

during the years ended 31 March 2025 and 31 March

2024 are mainly due to the setlement of trade

debtors brought forward from 1 April 2024 and 1 April

2023 and impairment alowance recognised for new

trade receivables originated of HK$315,000 (2024:

HK$95,000).

（续）

财务风险管理目标及政策（续）

信贷风险及减值评估（续）

下表载列已根据简化方法确认之贸易

应收款项全期预期信贷亏损之变动。

截至二零二五年三月三十一日及二零

二四年三月三十一日止年度，贸易应

收款项亏损拨备变动主要由于结算

自二零二四年四月一日及二零二三

年四月一日起结转的贸易应收款项及

就新增贸易应收款项确认减值拨备

315,000港元（二零二四年：95,000

港元）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

181威扬酒业国际控股有限公司二零二五年报

33. FINANCIAL INSTRUMENTS (continued)

Financial risk management objectives and policies

(continued)

Liquidity risk

In the management of the liquidity risk, the Group

monitors and maintains a level of cash and cash

equivalents demed adequate by management of the

Group to finance the Group’s operations and mitigate the

efects of fluctuations in cash flows.

The folowing table details the Group’s remaining

contractual maturity for its non-derivative financial

liabilities and lease liabilities which has ben drawn

up based on the undiscounted cash flows of financial

liabilities and lease liabilities based on the earliest date

on which the Group can be required to pay. Specificaly,

bank borowings with a repayment on demand clause

are included in the earliest time band regardles of the

probability of the banks chosing to exercise their rights.

The maturity dates for other non-derivative financial

liabilities are based on the agred repayment dates.

To the extent that interest flows are floating rate, the

undiscounted amount is derived from interest rate at the

end of each reporting period.

The table includes both interest and principal cash flows.

Weighted

average

efective

interest rate

Repayable on

demand or

within 1 year1 to 2 years

Total

undiscounted

cash flows

Total

carying

amount

%HK$’000HK$’000HK$’000HK$’000

加权平均

实际利率

按要求偿还

或于1年内1至2年

总未贴现

现金流量账面总值

%千港元千港元千港元千港元

As at 31 March 2025于二零二五年三月三十一日

Non-derivative financial liabilities非衍生金融负债

Trade payables贸易应付款项N/A 不适用207–207207

Other payables其他应付款项N/A 不适用2,723–2,7232,723

Bank borowings银行借款5.69136,360–136,360136,360

Lease liabilities租赁负债4.96443240683648

139,733240139,973139,938

（续）

财务风险管理目标及政策（续）

流动资金风险

于管理流动资金风险时，本集团监察

及维持现金及现金等价物水平于本集

团管理层视为足以拨支本集团营运并

纾缓现金流量波动影响之水平。

下表详列本集团有关其非衍生金融负

债及租赁负债之余下合约到期日，其

乃按于本集团可能需要付款之最早日

期所得之金融负债及租赁负债之未折

现金流量得出。具体而言，具有按

要求还款条款之银行借款乃纳入最早

时间范围，而不论银行是否可能选择

行使其权利。其他非衍生金融负债之

到期日乃按经协定还款日期得出。倘

利息流量乃属浮动利率，未折现金额

乃源自各报告期末之利率。

下表包括利息及本金现金流量。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

182Wine’s Link International Holdings Limited Anual Report 2025

33. FINANCIAL INSTRUMENTS (continued)

Financial risk management objectives and policies

(continued)

Liquidity risk (continued)

Weighted

average

efective

interest rate

Repayable on

demand or

within 1 year1 to 2 years

Total

undiscounted

cash flows

Total

carying

amount

%HK$’000HK$’000HK$’000HK$’000

加权平均

实际利率

按要求偿还

或于1年内1至2年

总未贴现

现金流量账面总值

%千港元千港元千港元千港元

As at 31 March 2024于二零二四年三月三十一日

Non-derivative financial liabilities非衍生金融负债

Trade payables贸易应付款项N/A 不适用3,602–3,6023,602

Other payables其他应付款项N/A 不适用3,047–3,0473,047

Bank borowings银行借款6.60133,281–133,281133,281

Lease liabilities租赁负债5.641,01781,0251,011

140,9478140,955140,941

The amount included above for variable interest

instruments for non-derivative financial liabilities are

subject to change if changes in variable interest rates

difer to those estimates of interest rates determined at

the end of the reporting period.

Bank borowings with a repayment on demand clause

are included in the “Repayable on demand” time band

in the above maturity analysis. As at 31 March 2025, the

agregate carying amount of these bank borowings

of the Group amounted to HK$136,360,000 (2024:

HK$133,281,000). Taking into acount the Group’s

financial position, the management of the Group does

not believe that it is probable that the banks wil exercise

their discretionary right to demand imediate repayment.

The management of the Group believes that such bank

borowings of the Group wil be repaid in acordance

with the scheduled repayment dates set out in the loan

agrement.

（续）

财务风险管理目标及政策（续）

流动资金风险（续）

倘浮动利率之变动有别于报告期末厘

定之该等利率估计，以上就非衍生金

融负债之浮息工具载列之金额均可予

变动。

具有按要求还款条款之银行借款乃

计入以上到期日分析内「按要求偿

还」时间范围内。于二零二五年三月

三十一日，本集团该等银行借款之

账面总值为136,360,000港元（二零

二四年：133,281,000港元）。经考

虑本集团之财务状况，本集团管理层

并不相信银行将可能行使彼等之酌情

权以要求即时还款。本集团管理层相

信，本集团之有关银行借款将根据贷

款协议所载之既定还款日期偿还。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

183威扬酒业国际控股有限公司二零二五年报

33. FINANCIAL INSTRUMENTS (continued)

Financial risk management objectives and policies

(continued)

Liquidity risk (continued)

For the purpose of managing liquidity risk, the

management of the Group reviews the expected cash

flow information of the Group’s bank borowings based

on the scheduled repayment dates set out in the bank

borowings agrements as set out in the table below:

Weighted

average Total Total

efective WithinOverundiscounted carying

interest rate1 year1 yearcash flowsamount

%HK$’000HK$’000HK$’000HK$’000

加权平均总未贴现

实际利率于1年内超过1年现金流量账面总值

%千港元千港元千港元千港元

As at 31 March 2025于二零二五年三月三十一日5.6990,32053,814144,134136,360

As at 31 March 2024于二零二四年三月三十一日6.6082,32469,072151,396133,281

（续）

财务风险管理目标及政策（续）

流动资金风险（续）

就管理流动资金风险而言，本集团管

理层按下表载列银行借款协议载列之

还款日期审阅本集团银行借款之预期

现金流量资料：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

184Wine’s Link International Holdings Limited Anual Report 2025

34. MOVEMENT ON THE GROUP’S LIABILITIES

ARISING FROM FINANCING ACTIVITIES

Bank

borowings

and bank

overdrafts

Lease

liabilitiesTotal

HK$’000HK$’000HK$’000

银行借款及

银行透支租赁负债总计

千港元千港元千港元

At 1 April 2023于二零二三年四月一日140,8813,711144,592

Financing cash flows (note (i)融资现金流量（附注 (i)）(22,202)(2,847)(25,049)

Non-cash portion of

bank borowings (note (i)

银行借款的非现金部分

（附注 (i)）5,455–5,455

Finance costs recognised已确认融资成本9,1471479,294

At 31 March 2024于二零二四年三月三十一日133,2811,011134,292

At 1 April 2024于二零二四年四月一日133,2811,011134,292

Financing cash flows (note (i)融资现金流量（附注(i)）(5,499)(1,266)(6,765)

Finance costs recognised已确认融资成本8,578508,628

Lease adition租约新增–853853

At 31 March 2025于二零二五年三月三十一日136,360648137,008

Notes:

(i) The financing cash flows represented the net amount

of proceds from bank borowings and bank overdrafts,

payment of finance costs, repayments of bank borowings

and bank overdrafts and lease liabilities.

(i) During the year ended 31 March 2024, the Group had

non-cash adition of HK$5,455,000 for acquisition of

property and equipment.

34. 本集团自融资活动所产生负

债之变动

附注：

(i) 融资现金流量指银行借款及银行透

支所得款项净额、支付融资成本、

偿还银行借款及银行透支及租赁负

债。

(i) 截至二零二四年三月三十一日止年

度，本集团就收购物业及设备的非

现金添置为5,455,000港元。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

185威扬酒业国际控股有限公司二零二五年报

35. FINANCIAL GUARANTE

As at 31 March 2025, the Company provided corporate

guarante to banking facilities granted by various banks

to its subsidiaries with total outstanding amount of

HK$136,360,000 (2024: HK$133,281,000).

36. SHARE OPTIONS SCHEME

The Company’s share option scheme (the “Share Option

Scheme”) was adopted pursuant to a resolution pased

on 18 December 2017 for the primary purpose of

providing incentives to any directors of the Company

and ful-time employes of any member of the Group,

and any consultant or advisor of the Group who

the directors of the Company considers, in its sole

discretion, has contributed or shal contribute to the

Group (“Participant”). The folowing is a sumary of the

principal terms of the Share Option Scheme:

(i) On and subject to the terms of the Share Option

Scheme and the requirements of the GEM Listing

Rules, the directors of the Company shal be entitled

to, at its absolute discretion and on such terms as it

dems fit, grant options to any Participant.

(i) The maximum number of options in respect of

which might be granted under this Share Option

Scheme must not exced 10% of the agregate of

the shares in isue on the date the shares comence

trading on the Stock Exchange. The overal limit on

the number of shares which shal be isued upon

exercise of al outstanding options granted, and yet

to be exercised, under the Share Option Scheme

shal not exced 30% of the shares in isue from

time to time.

35. 财务担保

于二零二五年三月三十一日，本公司

就多家银行向其附属公司授予的银行

融资提供公司担保，尚未清偿总额

为136,360,000港元（二零二四年：

133,281,000港元）。

36. 购股权计划

本公司的购股权计划（「购股权计划」）

乃根据于二零一七年十二月十八日通

过的决议案采纳，主要旨在向本公司

任何董事及本集团任何成员公司的全

职雇员提供奖励，及本公司董事全权

酌情认为已向本集团作出贡献或将作

出贡献的任何咨询人或顾问（「参与

者」）提供奖励。以下为购股权计划的

主要条款概要：

(i) 根据购股权计划条款与GEM上

市规则规定并在其规限下，本公

司董事应有权全权酌情及按其认

为合适的有关条款向任何参与者

授出购股权。

(i) 根据购股权计划可能授出的购股

权的最高数目不得超过股份在联

交所开始买卖当日已发行股份总

数的10%。因根据购股权计划

授出但尚未获行使的尚未行使购

股权获全数行使而将予发行的股

份数目整体限额，不得超过不时

已发行股份的30%。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

186Wine’s Link International Holdings Limited Anual Report 2025

36. SHARE OPTIONS SCHEME (continued)

(i) The total number of shares isued, and to be isued,

upon exercise of the options granted to each

Participant (including both exercised, canceled and

outstanding options) in any twelve months period

shal not exced 1% of the shares in isue.

(iv) The period within which the shares shal be taken

up under an option shal be a period to be notified

by the directors of the Company to each grante

at the time of making an ofer, which shal be

determined by the directors of the Company in

its absolute discretion at the date of grant of the

relevant option, but such period shal not expire

later than 10 years from the date of grant of the

relevant option.

(v) The subscription price shal be such price

determined by the directors of the Company at its

absolute discretion and notified to the Participant

in the ofer at the time of the ofer, and shal be no

les than the highest of: (a) the closing price of the

shares as stated in the daily quotations shet isued

by the Stock Exchange on the date of grant of the

relevant option, which shal be a busines day;

(b) an amount equivalent to the average closing

price of a share as stated in the Stock Exchange’s

daily quotation shets for the five busines days

imediately preceding the date of grant of the

relevant option; and (c) the nominal value of a share

on the date of grant of the relevant option.

No share options were granted, exercised, canceled

or lapsed under the Share Option Scheme during the

years ended 31 March 2025 and 31 March 2024 nor

outstanding as at the end of the reporting period.

（续）

(i) 于任何十二个月期间内，因行使

授予各参与者的购股权（包括已

行使、已注销及尚未行使的购股

权）而已发行及将予发行的股份

总数，不得超过已发行股份的

1%。

(iv) 根据购股权承购股份的期限将为

本公司董事于作出要约时知会各

承授人的期限，将由本公司董事

在授出相关购股权日期全权酌情

厘定，惟该期限不得迟于授出有

关购股权日期起计10年届满。

(v) 认购价须由本公司董事全权酌情

厘定并于作出要约时通知要约的

参与者，而不得低于以下各项之

最高者：(a)股份在授出相关购

股权日期（须为营业日）于联交

所发布的每日报价表中所列的收

市价；(b)股份在紧接授出相关

购股权日期前五个营业日于联交

所发布的每日报价表中所列的平

均收市价；及(c)股份于相关购

股权授出日期的面值。

于截至二零二五年三月三十一日及二

零二四年三月三十一日止年度，并无

根据购股权计划已授出、行使、注销

或失效的购股权，亦于报告期末无尚

未行使之购股权。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

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

187威扬酒业国际控股有限公司二零二五年报

37. PARTICULARS OF SUBSIDIARIES

Particulars of the Company’s subsidiaries at 31 March

2025 and 31 March 2024 are as folows:

Atributable equity interest

of the Group as at

于下列日期本集团应占股权

Place of incorporationPlace ofIsued and ful31 March

Name of subsidiaryand registrationoperationpaid share capital三月三十一日

已发行及20252024Principal activities

附属公司名称注册成立地点营运地点全部缴足股本二零二五年二零二四年主要活动

Directly held:

直接持有：

Starlight Worldwide

Investment Limited

The BVI, limited

liability company

Hong KongUSD100100%100%Investment holding

英属处女群岛╱有限公司香港100美元投资控股

Perfectalent

Holdings Limited

The BVI, limited

liability company

Hong KongUSD1100%100%Investment holding

英属处女群岛╱有限公司香港1美元投资控股

Sincere Peace

Holdings Limited

The BVI, limited

liability company

Hong KongUSD1100%100%Investment holding

英属处女群岛╱有限公司香港1美元投资控股

Bountiful Vision

Investment Limited

The BVI, limited

liability company

Hong KongUSD1100%100%Investment holding

英属处女群岛╱有限公司香港1美元投资控股

Indirectly held:

间接持有：

Wine’s LinkHong Kong, limited

liability company

Hong KongHK$20,000,000100%100%Trading of wine products

and other alcoholic

beverages

威扬（酒业）香港╱有限公司香港20,000,000港元买卖葡萄酒产品及

其他酒精饮品

Wineslink

(Macau) Limited

Macau, limited

liability company

MacauMacau Pataca

25,000

100%100%Inactive

威扬（澳门）有限公司澳门╱有限公司澳门25,000澳门元无业务

Minogue International

Limited

Hong Kong, limited

liability company

Hong KongHK$10055%55%Investment holding

曼潞国际有限公司香港╱有限公司香港100港元投资控股

Minogue (Shanghai)

Limited*

The PRC, limited

liability company

The PRCRMB1,000,00055%55%Trading of wine products

and other alcoholic

beverages

上海曼潞酒业有限公司

中国╱有限公司中国人民币1,000,000元买卖葡萄酒产品及

其他酒精饮品

Briliant Raise Holdings

Limited

Hong Kong, limited

liability company

Hong KongHK$10,000100%100%Property holding

香港╱有限公司香港10,000港元物业持有

* For identification purpose only

Registered as sole proprietorship of legal persons in

Taiwan, Hong Kong or Macau under PRC law

Al the companies comprising the Group have adopted

31 March as their financial year end date.

None of the subsidiaries had isued any debt securities at

the end of both years.

37. 附属公司之详情

本公司附属公司于二零二五年三月

三十一日及二零二四年三月三十一日

之详情如下：

* 仅供识别

根据中国法律注册为港澳台法人独

资

全部公司（包括本集团）已采用三月

三十一日为其财政年度截止日期。

概无附属公司于两个年度末发行任何

债务证券。

FINANCIAL SUMARY

财务摘要

188Wine’s Link International Holdings Limited Anual Report 2025

RESULTS

HK$’000HK$’000HK$’000HK$’000HK$’000

二零二一年二零二年二零二三年二零二四年二零二五年

千港元千港元千港元千港元千港元

Revenue收益299,623222,377147,727216,553373,985

Profit before taxation除税前溢利34,06626,24521,37139,35749,681

Income tax expense所得税开支(6,849)(5,668)(5,036)(8,198)(9,930)

Profit for the year年内溢利27,21720,57716,33531,15939,751

ASETS AND LIABILITIES

HK$’000HK$’000HK$’000HK$’000HK$’000

二零二一年二零二年二零二三年二零二四年二零二五年

千港元千港元千港元千港元千港元

Total asets资产总值349,670406,000431,364448,127483,047

Total liabilities负债总值(123,299)(159,052)(168,060)(153,653)(148,821)

Total equity总权益226,371246,948263,304294,474334,226

Non-controling interests非控股权益(402)(1,069)(1,292)(1,360)(1,367)

Equity atributable of

the owners of the

Company

本公司拥有人应占

权益

226,773248,017264,596295,834335,593

业绩

资产及负债

WINE’S LINK INTERNATIONAL HOLDINGS LIMITED

26/ Flor, AIA Financial Centre, 712 Prince Edward Road East,

San Po Kong, Kowlon, Hong Kong

香港九龙新蒲岗太子道东712号友邦九龙金融中心26楼

T (852) 2317 1100 F (852) 2317 1032

E general@wines-link.com W wines-link.com

威扬酒业国际控股有限公司

WINE’S LINK INTERNATIONAL HOLDINGS LIMITED

Stock Code | 股份代号：8509

威扬酒业国际控股有限公司

(Incorporated in the Cayman Islands with limited liability)

（于开曼群岛注册成立之有限公司）

年报

’

威

扬

酒

业

国

际

控

股

有

限

公

司

年

报

威扬酒业国际控股有限公司

CONTENT

目录

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION

公司资料

CHAIRMAN’S STATEMENT

主席报告

CHAIRMAN’S STATEMENT

主席报告

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

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层履历

2023. She is one of the founding members of the Group since

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

2017. She is primarily responsible for advising on the strategy,

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

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

董事及高级管理层履历

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

Company are as folows:

CORPORATE GOVERNANCE REPORT

企业管治报告

2024. Mr. Liu Kin Wai has signed a leter of apointment with

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT