01271 佳明集团控股财务报表/环境、社会及管治资料：2024/25 年报

CORPORATE INFORMATION

公司资料

董事会

执行董事

陈孔明先生（主席）

刘志华先生（行政总裁）

关永和先生（财务总监）

曾嘉敏女士

陈沛妍小姐

独立非执行董事

徐家华先生

简友和先生

何超然先生

李宗燿先生

董事委员会

审核委员会

何超然先生（主席）

徐家华先生

简友和先生

李宗燿先生

薪酬委员会

徐家华先生（主席）

简友和先生

何超然先生

李宗燿先生

提名委员会

简友和先生（主席）

徐家华先生

何超然先生

李宗燿先生

陈沛妍小姐

授权代表

陈孔明先生

刘志华先生

公司秘书

梁伟泉先生，

HKICPA, FCA, ACG, HKACG

注册办事处

Cricket Square, Hutchins Drive

P.O. Box 2681, Grand Cayman KY1-1111

Cayman Islands

BOARD OF DIRECTORS

Executive Directors

Mr. Chan Hung Ming (Chairman)

Mr. Lau Chi Wah (Chief Executive Oficer)

Mr. Kwan Wing Wo (Chief Financial Oficer)

Ms. Tsang Ka Man

Ms. Chan Pui Yin Aple

Independent Non-Executive Directors

Mr. Tsui Ka Wah

Mr. Kan Yau Wo

Mr. Ho Chiu Yin Ivan

Mr. Le Chung Yiu Johny

COMITES OF THE BOARD

Audit Comite

Mr. Ho Chiu Yin Ivan (Chairperson)

Mr. Tsui Ka Wah

Mr. Kan Yau Wo

Mr. Le Chung Yiu Johny

Remuneration Comite

Mr. Tsui Ka Wah (Chairperson)

Mr. Kan Yau Wo

Mr. Ho Chiu Yin Ivan

Mr. Le Chung Yiu Johny

Nomination Comite

Mr. Kan Yau Wo (Chairperson)

Mr. Tsui Ka Wah

Mr. Ho Chiu Yin Ivan

Mr. Le Chung Yiu Johny

Ms. Chan Pui Yin Aple

AUTHORISED REPRESENTATIVES

Mr. Chan Hung Ming

Mr. Lau Chi Wah

COMPANY SECRETARY

Mr. Leung Wai Chuen, HKICPA, FCA, ACG, HKACG

REGISTERED OFICE

Cricket Square, Hutchins Drive

P.O. Box 2681, Grand Cayman KY1-1111

Cayman Islands

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

CORPORATE INFORMATION (Continued)

公司资料（续）

佳明集团控股有限公司

2024/25

年报

香港总部及主要营业地点

香港九龙尖沙咀漆咸道南

号

铁路大厦

楼

主要股份过户登记处

Conyers Trust Company (Cayman) Limited

Cricket Square, Hutchins Drive

P.O. Box 2681, Grand Cayman KY1-1111

Cayman Islands

股份过户登记处香港分处

卓佳证券登记有限公司

香港夏悫道

号

远东金融中心

楼

香港法律顾问

德恒律师事务所（香港）有限法律责任合伙

核数师

香港立信德豪会计师事务所有限公司

主要往来银行

大新银行有限公司

大华银行香港分行

股份代号

公司网址

w.grandming.com.hk

HEADQUARTERS AND PRINCIPAL PLACE OF BUSINES

IN HONG KONG

22/F, Railway Plaza, No. 39 Chatham Road South

Tsim Sha Tsui, Kowlon, Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFICE

Conyers Trust Company (Cayman) Limited

Cricket Square, Hutchins Drive

P.O. Box 2681, Grand Cayman KY1-1111

Cayman Islands

BRANCH SHARE REGISTRAR AND TRANSFER OFICE

IN HONG KONG

Tricor Investor Services Limited

17/F, Far East Finance Centre,

16 Harcourt Road, Hong Kong

HONG KONG LEGAL ADVISOR

DeHeng Law Ofices (Hong Kong) LP

AUDITOR

BDO Limited

PRINCIPAL BANKERS

Dah Sing Bank, Limited

United Overseas Bank Limited, Hong Kong Ofice

STOCK CODE

COMPANY WEBSITE

w.grandming.com.hk

二零二五年
13,721
281,976
850,058
1,145,755
(169,460)
(48,763)	51,635 1,658,144 (7,135) 248,077 384,163 (23,872) 92,714 1,389
(120,697)
(171,358)
–
0.32
213.6%
206.9%
(10.7%)

FINANCIAL HIGHLIGHTS

财务摘要

附注：

(i)

基础（亏损）╱溢利乃从年内溢利撇除投资物业

之公平值变动

(i)

资本负债比率指总计息借款除以股东权益再乘

以

100%

(i)

净资本负债比率指扣除现金及银行结余以及受

限制及已抵押存款之总计息借款除以股东权益

再乘以

100%

Notes20252024202320222021

附注二零二五年二零二四年二零二三年二零二年二零二一年

Revenue (HK$’000)

收益（千港元）

a. Constructiona.

建筑

b. Property leasingb.

物业租赁

c. Property developmentc.

物业发展

(Los)/profit from operations

(HK$’000)

经营（亏损）╱溢利

（千港元）

Operating (los)/profit excluding

change in fair value of

investment properties

撇除投资物业公平值变

动之经营（亏损）╱

溢利

Change in fair value of investment

properties

投资物业公平值变动

Underlying (los)/profit (HK$’000)

基础（亏损）╱溢利（千港元）

(i)

Dividends (HK$’000)

股息（千港元）

Curent ratio

流动比率

Gearing ratio

资本负债比率

(i)

Net gearing ratio

净资本负债比率

(i)

Return on equity

股本回报

(10.7%)10.1%42.8%0.8%6.0%

Notes:

(i) Underlying (los)/profit is arived at by excluding the efect of changes in

fair value of investment properties from profit for the year

(i) Gearing ratio represents total interest-bearing borowings divided by

shareholders’ equity and multiplied by 100%

(i) Net gearing ratio represents total interest-bearing borowings les cash

and bank balances and restricted and pledged deposits divided by

shareholders’ equity and multiplied by 100%

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

千港元
1,145,755
(266,271)
(292,055)
9,096,335
6,375,509
2,720,826

FIVE-YEAR FINANCIAL SUMARY

五年财务概要

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

RESULTS

业绩

For the year ended 31 March

截至三月三十一日止年度

Revenue

收益

532,6915,004,560817,8671,492,385

(Los)/profit before taxation

除税前（亏损）╱溢利

313,1311,529,18026,733187,904

(Los)/profit for the year

年内（亏损）╱溢利

298,4501,275,46017,547149,035

ASETS AND LIABILITIES

资产及负债

As at 31 March

于三月三十一日

Total asets

总资产

9,386,2458,150,24210,673,7309,840,259

Total liabilities

总负债

6,433,2395,168,4098,548,1817,362,721

Total equity

总权益

2,953,0062,981,8332,125,5492,477,538

佳明集团控股有限公司

2024/25

年报

CHAIRMAN’S STATEMENT

主席报告

本人谨代表佳明集团控股有限公司（「本公司」）董

事（「董事」）会（「董事会」）欣然提呈本公司及其

附属公司（统称「本集团」）截至二零二五年三月

三十一日止年度（「

2024/25

年度」）的年报。

业绩

本集团于

2024/25

年度录得净亏损

2.921

亿港

元，而截至二零二四年三月三十一日止年度

（「

2023/24

年度」）则录得净盈利

2.985

亿港元。

由净溢利转为净亏损主要归因

(i)

由于香港当前房

地产市场不利的情况下，须为发展中物业、持有

作销售之已建成物业及自用物业确认减值亏损；

及

(i)

投资物业及发展中投资物业录得未实现公平

值净亏损。

股息

截至二零二三年三月三十一日止年度之末期股

息每股

5.0

港仙以及特别股息每股

15.0

港仙于二零

二三年九月十八日派付予本公司股东（「股东」）。

截至二零二三年九月三十日止六个月之中期股

息每股

4.0

港仙于二零二三年十二月二十日派付

予股东。

2024/25

年度期内并无派付任何股息。

鉴于市场形势依然充满挑战，董事会不建议派付

2024/25

年度之末期股息。

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

Grand Ming Group Holdings Limited (the “Company”), I am delighted

to present the anual report of the Company and its subsidiaries

(colectively the “Group”) for the year ended 31 March 2025 (“FY

2024/25”).

RESULTS

For FY 2024/25, the Group recorded a net los of HK$292.1 milion, as

compared to a net profit of HK$298.5 milion for the year ended 31

March 2024 (“FY 2023/24”). The turnaround from net profit to net los

was atributable to recognition of (i) impairment los on the property

under development, completed properties held for sale and properties

held for own use, due to curent unfavourable property market in Hong

Kong, and (i) a net unrealised fair los on the investment properties and

investment properties under development.

DIVIDENDS

A final dividend for the year ended 31 March 2023 of 5.0 HK cents per

share and a special dividend of 15.0 HK cents per share were paid to the

shareholders of the Company (the “Shareholders”) on 18 September

2023. An interim dividend for the six months ended 30 September 2023

of 4.0 HK cents per share was paid to Shareholders on 20 December

2023.

No dividend was paid during FY 2024/25.

In view of chalenging market conditions, the Board does not

recomend payment of a final dividend for FY 2024/25.

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

Chan Hung Ming

陈孔明

Chairman

主席

CHAIRMAN’S STATEMENT (Continued)

主席报告（续）

佳明集团控股有限公司

2024/25

年报

业务回顾

物业发展－香港

「明翘汇」（占

100%

权益）

此住宅发展项目位于新界青衣细山路

号，于二

零二年三月竣工，提供

个住宅单位，总楼面

面积约

400,000

平方呎。项目备受市场追捧，所有

标准单位经已售出，仅余少量特色单位待售。回

顾年内约

之单位（就数目而言）已交付予买家，

CHAIRMAN’S STATEMENT (Continued)

主席报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

「明寓」（占

100%

权益）

此位于九龙太子道西

号高档住宅项目销售理

想。项目共

个单位中已累计售出

个。一个停

车位的销售已于回顾年内确认。另外，项目于二

零二四年十一月售出一个单位，将于二零二五年

十一月成交。

物业发展－中国内地

本集团在中国内地全资拥有之发展项目位于广

西省南宁市武鸣区广西－东盟经济技术开发区

伏波大道与思源北路交界处西南侧，占地面积和

总楼面积分别约

574,000

平方呎及

1,435,000

平

方呎，将发展为以休闲和健康生活为主题的高档

住宅项目，包括高层公寓、别墅，兼备有商业配

套及康养中心设施，目标客户将为银龄和退休人

士以及其家属。高层公寓的上盖工程及地盘其余

部分的地库工程现正进行中。项目预计将于二零

二六年下半年或前后完成。

数据中心物业租赁

本集团现时拥有

iTech Tower 1

及

iTech Tower 2

两

座数据中心，其租赁业务的收益保持良好增长，

按年上升

2.0%

至

2.743

亿港元。

位于新界粉岭两座在建的数据中心

iTech Tower

3.1

及

iTech Tower 3.2

施工进展良好。

iTech Tower

3.1

的机电设备安装和内部装修工程现正进行中，

计划于二零二五年第三季度开始分阶段交付。

iTech Tower 3.2

的上盖工程现正进行中，计划于

二零二六年中分阶段竣工。

建筑

本集团的建筑业务包括以物业发展项目主承建

商身份为本地知名发展商、公营机构及本集团之

公司提供楼宇建造服务，及为现有楼宇提供改

建、翻新及装修工程。于二零二五年三月三十一

日，本集团持有之合约（包括外部客户及本集团

公司）总价值约

20.5

亿港元。

Cristalo (100% owned)

This luxury residential project, at No. 279 Prince’s Road West, Kowlon,

was wel received in the market. Cumulatively 15 units out of the total

18 units had ben sold. During the year under review, sales of a car

parking space was recognised. Besides, one apartment was sold in

November 2024 and completion of the sales is scheduled to take place

in November 2025.

Property Development – Mainland China

The Group’s wholy-owned development project in the Mainland China

is located at the southwest side of the intersection of Fubo Avenue

and Siyuan North Road, Guangxi-ASEAN Economic and Technological

Development Zone, Wuming District, Naning City, Guangxi Province with

a site area and gros flor area of aproximately 574,000 square fet

1,435,000 square fet respectively. It wil develop into a luxury residential

project under the theme of leisure and healthy lifestyle, comprising high-

rise apartments and vilas complemented by comercial facilities and a

welnes centre facility. Target customers wil be the elderly and retires

and their families. Superstructure works of the high-rise apartments and

basement construction works for the remaining part of the site are now

underway. The development is expected to be completed in or around

the second half of 2026.

Data Centre Premises Leasing

The Group curently owns two data centres, namely iTech Tower 1

and iTech Tower 2. Revenue from their leasing busineses recorded an

increase of 2.0% year-on-year to HK$274.3 milion.

Construction works of the two new data centres in Fanling, the New

Teritories, namely iTech Tower 3.1 and iTech Tower 3.2, are progresing

wel. For iTech Tower 3.1, instalation of the electrical and mechanical

equipment and internal fiting-out works are now underway. This data

centre is now scheduled for phased delivery starting from the third

quarter of 2025. For iTech Tower 3.2, superstructure works are now

underway. This development is scheduled to be completed in phases

starting from mid-2026.

Construction

The Group’s construction busines consists of the provision of building

services as a main contractor in property development projects, as wel

as the provision of existing building alterations, renovation and fiting-

out works services for prominent local developers, public institutions

and the Group’s companies. As at 31 March 2025, the Group held

contracts (inclusive of external customers and the Group’s companies)

with an agregate value of aproximately HK$2.05 bilion.

CHAIRMAN’S STATEMENT (Continued)

主席报告（续）

佳明集团控股有限公司

2024/25

年报

展望

面对持续的中美贸易紧张局势及中东地区地缘

政治不稳定导致的经济不确定性加剧，本集团正

处于充满挑战的金融环境中。对此，我们采取高

度谨慎的态度以保障我们的财务稳定。我们着力

从主营业务中获取充足的营运资金，以维持日常

营运并同时减少整体负债。至此我们继续推动销

售「明翘汇」及「明寓」的剩余单位，并推进「明隽」

的交付。此外，我们正办理粉岭住宅项目的预售

许可及准备相关文件，并已启动相关的销售及市

场推广事宜。

另一方面，我们正积极评估及推行一切可行策

略，以降低本集团资产负债表的杠杆率，增加营

运资金并加强长期财务稳定。于二零二五年六月

十九日，本集团收到一位潜在买家一份不具约束

力的意向书，内容涉及可能收购持有

iTech Tower

3.1

及

3.2

的控股公司的全部权益。潜在买家已对

两间目标公司启动尽职调查。尽管此项交易尚待

进一步磋商、尽职调查及签订正式协议，故其完

成与否无法保证，董事仍相信若交易顺利达成，

所得款项净额将有助改善本集团的财务状况，同

时减少其整体负债。

在营运方面，我们对客户的承诺始终坚定不移。

我们正与客户紧密合作，确保履行

iTech Tower

3.1

的交付承诺。同时，与潜在客户磋商

iTech

Tower 3.2

的租赁事宜仍在持续进行。对于营运中

的

iTech Tower 1

及

，我们秉持坚定承诺致力为客

户提供可靠的服务与支援，包括对所有关键基础

设施进行持续维护及升级，以确保我们的设施继

续满足不断发展的技术进步。

我们的建筑分部继续专注于自行交付建筑项目，

以直接支援我们的数据中心租赁及物业发展业

务。

OUTLOK

The Group is navigating a chalenging financial landscape, in the face of

heightened economic uncertainty steming from ongoing U.S.-China

trade tensions and geopolitical instability in the Midle East region. In

response, we have pursued a highly cautious aproach to safeguard

our financial stability. We strive to generate suficient working capital

from our busineses to sustain our daily operation and reduce overal

indebtednes at the same time. As such, we kep on promoting sales of

the remaining units of The Grand Marine and Cristalo and progresing

with the delivery of The Grands. In adition, we are in the proces of

obtaining the aproval and preparing the necesary documents for the

pre-sale of the Fanling residential project, and have initiated the related

sales and marketing activities.

On the other hand, we are actively evaluating and pursuing al viable

strategies to deleverage the Group’s balance shet, enhance its working

capital and reinforce long term financial stability. On 19 June 2025,

the Group received a non-binding leter of interest from a potential

purchaser in relation to potential acquisition of the entire interests in the

holding companies of iTech Towers 3.1 and 3.2. The potential purchaser

had already initiated due diligence review on the two target companies.

While this transaction is subject to further negotiation, due diligence, and

execution of a definitive agrement, and therefore its completion canot

be guaranted, the Directors believe that its sucesful materialisation

would provide net proceds that would enhance the Group’s financial

position while reducing its overal indebtednes.

Operationaly, our comitment to our customers remains unwavering.

We are working closely with our customers to ensure fulfilment of

delivery comitments for iTech Tower 3.1. Simultaneously, discusions

with potential customers for iTech Tower 3.2 leasing continue. For

our established iTech Towers 1 and 2, we maintain our steadfast

comitment to providing dependable services and suport to our

customers, including ongoing maintenance and upgrades of al critical

infrastructure to ensure our facilities continue to met evolving

technological advancements.

Our construction segment continues to focus on self-delivery of

construction projects to directly suport our data centre leasing and

property development operations.

CHAIRMAN’S STATEMENT (Continued)

主席报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

致谢

本人谨借此机会，衷心感谢董事会的英明领导、

股东的鼎力支持、社会的热心援助及全体员工的

不懈努力。

主席

陈孔明

香港，二零二五年六月三十日

APRECIATION

I would like to take this oportunity to expres my gratitude to the Board

for its briliant leadership, to the Shareholders for their strong suport,

and to the comunity for their enthusiastic help, and last but not least,

to our staf for their dedicated eforts.

Chan Hung Ming

Chairman

Hong Kong, 30 June 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务回顾

本集团于

2024/25

年度的综合收益为

11.458

亿港

元

(2023/24

年度：

5.327

亿港元），较

2023/24

年度

上涨

115.1%

。综合毛利增加

97.4%

至

3.327

亿港元

(2023/24

年度：

1.686

亿港元）。收益及毛利增加主

要由于回顾年内竣工并交付予买家的「明翘汇」及

「明隽」单位销量增加。然而，毛利率从

2023/24

年度的

31.6%

下降至

2024/25

年度的

29.0%

，乃由于

在当前香港物业市场不利的情况下，年内确认了

1.898

亿港元发展中物业及持有作销售之已建成

物业的减值亏损作为直接成本。

计入「其他收入及收益╱（亏损）净额」内包括

4,540

万港元自用物业的减值亏损，反映了当前商业物

业市场的不利市场状况。

年内营运开支（包括销售以及一般及行政开支）增

加

182.5%

至

3.476

亿港元（

2023/24

年度：

1.231

亿港

元），主要源自销售「明翘汇」及「明隽」产生的地产

代理佣金。

于

2024/25

年度确认之投资物业及发展中投资物

业之未实现公平值亏损为

1.207

亿港元（

2023/24

年度：收益

3.842

亿港元）。公平值的变动受到现

有租约所得的未来租金收入预测的影响。

年内财务成本减少

21.1%

至

9,680

万港元（

2023/24

年度：

1.227

亿港元），主要是由于年内物业发展

项目的利息资本化增加所致。

本集团于

2024/25

年度录得净亏损

2.921

亿港元，

而

2023/24

年度则为净溢利

2.985

亿港元。由净溢

利转为净亏损主要由于确认

(i)

发展中物业及持有

作销售之已建成物业的减值亏损（扣除递延税项）

1.807

亿港元；

(i)

持作自用物业的减值亏损

4,540

万

港元；及

(i)

投资物业及发展中投资物业的公平值

亏损

1.207

亿港元。撇除投资物业的公平值变动，

本集团于

2024/25

年度录得基础亏损

1.714

亿港元

（

2023/24

年度：

8,570

万港元）。

FINANCIAL REVIEW

In FY 2024/25, the Group’s consolidated revenue amounted to

HK$1,145.8 milion (FY 2023/24: HK$532.7 milion), representing an

increase of 115.1% as compared to FY 2023/24. The consolidated

gros profit increased 97.4% to HK$332.7 milion (FY 2023/24: HK$168.6

milion). Both the increase of revenue and gros profit were mainly

atributable to the increase in sales of units of The Grand Marine and

The Grands which were completed and handed over to buyers during

the year under review. Yet the gros profit margin decreased from 31.6%

for FY 2023/24 to 29.0% for FY 2024/25, which was due to impairment

loses on the property under development and completed properties

held for sale of HK$189.8 milion recognised as the direct costs during

the year under the curent unfavourable property market in Hong Kong.

Included in the “Other income and gains/(loses), net” was an

impairment los on the properties held for own use of HK$45.4 milion,

reflecting the curent adverse market conditions in the comercial

property market.

Operating expenses (inclusive of seling and general and administrative

expenses) for the year increased by 182.5% to HK$347.6 milion (FY

2023/24: HK$123.1 milion), largely because of the property agency

comision incured in relation to the sales of The Grand Marine and

The Grands.

An unrealised fair value los on investment properties and investment

properties under development of HK$120.7 milion (FY 2023/24: gain of

HK$384.2 milion) was recognised in FY 2024/25. The change in fair value

was afected by the future rental income projection derived from the

existing tenancies.

Finance costs for the year decreased by 21.1% to HK$96.8 milion (FY

2023/24: HK$122.7 milion), primarily due to the increased capitalisation

of interests to the property development projects during the year.

The Group recorded a net los of HK$292.1 milion for FY 2024/25,

as compared to a net profit of HK$298.5 milion for FY 2023/24. The

turnaround from a net profit to a net los was mainly atributable to

recognition of (i) impairment loses (net of defered tax) on the property

under development and completed properties held for sale of HK$180.7

milion; (i) impairment los on property held for own use of HK$45.4

milion; and (i) fair value los on investment properties and investment

properties under development of HK$120.7 milion. Excluding the

change in fair value of investment properties, the Group recorded an

underlying los of HK$171.4 milion in FY 2024/25 (FY 2023/24: HK$85.7

milion).

佳明集团控股有限公司

2024/25

年报

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论及分析（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

流动资金及财务资源

本集团透过内部产生的现金流量及银行贷款拨

付营运资金和资本支出。本集团设有多项信贷融

资，约定还款期介乎按要求偿还至

16.5

年。截至

二零二五年三月三十一日，本集团有未偿还银行

贷款约

52.29

亿港元（二零二四年三月三十一日：

约

58.41

亿港元），全部贷款均为港元。银行贷款

减少是由于年内使用出售物业所得款项偿还银

行贷款。

除银行贷款外，于二零二五年三月三十一日亦

有贷款

3,680

万港元由

Chan HM Company Limited

（本公司最终控股公司）垫付，该笔贷款为无抵

押，以香港上海汇丰银行不时公布的最优惠港元

贷款年利率计息，并将于二零二六年十二月底到

期。

于回顾年内，本公司进一步向陈孔明先生（本公

司主席兼执行董事及控股东）取得总额约

6.075

亿港元的贷款。该等贷款无抵押，年利率为

，

到期日为二零二八年四月至五月。该等贷款交易

根据上市规则第

14A

章构成关连交易，但根据上

市规则获全面豁免遵守申报、公告及独立股东批

准的规定，因为该等贷款交易按一般商业条款或

更佳条款进行，且并无以本集团资产作抵押。

上述本公司最终控股公司及控股东的借款用

于补充本集团营运资金及结算正常业务中所发

生的支出。

于二零二五年三月三十一日，本集团的资本负债

比率（计息借款总额除股东权益）约

213.6%

（二零

二四年三月三十一日：约

199.0%

）。流动比率（定

义为流动资产除以流动负债）为

0.32

倍（二零二四

年三月三十一日：

1.18

倍）。

本集团的现金及银行结余约

1.802

亿港元（二零

二四年三月三十一日：约

5.674

亿港元）。现金及

银行结余以港元及人民币计值。经计及经营活动

产生的现金以及银行及控股东提供的信贷额

度，董事认为本集团具备足够营运资金应付其流

动资金需求。

LIQUIDITY AND FINANCIAL RESOURCES

The Group finances its operations and capital expenditure with internaly

generated cash flows and through bank borowings. A variety of

credit facilities are maintained which had contracted repayment terms

ranging from repayable on demand to about 16.5 years. As at 31 March

2025, the Group had outstanding bank borowings of aproximately

HK$5,229 milion (31 March 2024: aproximately HK$5,841 milion), al

of which were denominated in Hong Kong dolars. The decrease in the

bank borowings was atributed to repayment of bank loans using the

proceds from sales of the properties during the year.

Apart from bank borowings, there was a loan advanced by Chan HM

Company Limited (the Company’s ultimate holding company) of HK$36.8

milion as of 31 March 2025. This loan is unsecured, bears interest at the

best lending rate for Hong Kong dolars per anum from time to time as

quoted by HSBC, and due to mature in late December 2026.

During the year under review, the Company further obtained loans

from Mr. Chan Hung Ming (the chairman and executive Director, and

controling shareholder of the Company) in an agregate amount of

aproximately HK$607.5 milion. These loans are unsecured, bear

interest at a rate of 3% per anum and due to mature in April to May

2028. Such loan transactions constituted conected transactions

under Chapter 14A of the Listing Rules but are fuly exempted from

the reporting, anouncement, and independent shareholders’ aproval

requirements pursuant to the Listing Rules, because they are conducted

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

asets of the Group.

The aforesaid loans from the Company’s ultimate holding company

and controling shareholder were used for suplementing the Group’s

working capital and setling expenditure incured in the ordinary course

of busines.

As at 31 March 2025, the Group’s gearing ratio (defined as total interest-

bearing borowings divided by shareholders’ equity) was aproximately

213.6% (31 March 2024: aproximately 199.0%). The curent ratio

(defined as curent asets divided by curent liabilities) was 0.32 times

(31 March 2024: 1.18 times).

The Group had cash and bank balances of aproximately HK$180.2

milion (31 March 2024: aproximately HK$567.4 milion). The cash and

bank balances were denominated in Hong Kong dolars and Renminbi.

Taking into acount the cash generated from operating activities and

the available credit facilities from banks and controling shareholder, the

Directors considered that the Group has suficient working capital for its

liquidity requirement.

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论及分析（续）

佳明集团控股有限公司

2024/25

年报

利率风险

本集团的利率风险主要来自银行贷款，其利息按

浮动利率计息。本集团采纳之库务政策为运用利

率掉期合约减低面对浮动利率的风险。于二零

二五年三月三十一日，本集团持有名义合约金额

约

15.20

亿港元的利率掉期合约。该等掉期合约的

固定利率介乎年息

2.70%

至

3.67%

，将于二零二五

年四月至二零二八年八月到期。

外汇风险

由于本集团绝大部分交易以港元计值，董事认为

本集团承受的外汇风险并不重大。本集团目前尚

未实行任何外币对冲政策。然而，管理层密切监

察本集团的外汇风险，并可能视乎外币的情况和

趋势考虑日后采纳外币对冲政策。

资产抵押

于二零二五年三月三十一日，本集团若干合计账

面值约

81.06

亿港元的资产已予抵押，用作担保本

集团约

51.77

亿港元的银行贷款。

报告期末后重大事项

除综合财务报表附注

所披露外，于报告期末后

直至本年报日期，并无发生其他重大事项。

资本承担

除综合财务报表附注

所披露外，本集团于二零

二五年三月三十一日并无其他资本承担。

INTEREST RATE RISK

The Group’s interest rate risk arises primarily from bank borowings,

which bear interest at floating rates. The Group had in place a treasury

policy by which the exposure to floating interest rate risk was mitigated

by the use of interest rate swaps. As at 31 March 2025, the Group had

outstanding interest rate swaps with notional amount of aproximately

HK$1,520 milion. These swaps have fixed interest rates ranging from

2.70% to 3.67% per anum and wil mature betwen April 2025 and

August 2028.

FOREIGN CURENCY RISK

The Directors consider that the Group’s foreign curency risk is

insignificant as substantialy al of the Group’s transactions are

denominated in Hong Kong dolars. The Group has not implemented

any foreign curency hedging policy at the moment. However, the

management monitors the Group’s foreign exchange exposure closely

and may consider adopting foreign curency hedging policy in the future

depending on the circumstances and the trend of foreign curency.

CHARGE ON ASETS

As at 31 March 2025, certain asets of the Group with an agregate

carying amount of aproximately HK$8,106 milion were pledged to

secure bank loans of aproximately HK$5,177 milion granted to the

Group.

EVENTS AFTER THE REPORTING PERIOD

Save as disclosed in note 37 to the consolidated financial statements,

there were no other significant events after the reporting period up to

the date of this report.

CAPITAL COMITMENTS

Save as disclosed in note 31 to the consolidated financial statements,

the Group had no other capital comitments as at 31 March 2025.

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论及分析（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

或然负债

本集团于二零二五年及二零二四年三月三十一

日并无重大或然负债。

附属公司及联营公司的重大收购及出售

本公司于

2024/25

年度期内并无重大收购或出售

附属公司及联营公司。

雇员及薪酬政策

于二零二五年三月三十一日，本集团共有

名

雇员。

2024/25

年度的员工总薪酬约

1.178

亿港元。

本集团参考当时市况定期检讨雇员的薪酬政策

及待遇。薪酬待遇包括基本薪金、实物福利、附

带福利及强制性公积金供款，以及按个人表现厘

定的酌情花红。本集团亦推行购股权计划及股份

奖励计划，旨在留聘、激励及奖励雇员。

持有重大投资

除投资附属公司外，本集团于

2024/25

年度期内并

无于其他公司的股权持有任何重大投资。

未来重大投资及资本资产计划

于本年报日期，本集团概无就任何建议收购签订

任何协议，且并无任何其他未来重大投资或资本

资产计划。

CONTINGENT LIABILITIES

The Group did not have any material contingent liabilities as at 31 March

2025 and 2024.

MATERIAL ACQUISITIONS AND DISPOSALS OF

SUBSIDIARIES AND ASOCIATED COMPANIES

There was no material acquisition or disposal of subsidiaries and

asociated companies by the Company during FY 2024/25.

EMPLOYES AND REMUNERATION POLICIES

The Group had a total of 157 employes as at 31 March 2025. Total

remuneration of employes for FY 2024/25 was aproximately HK$117.8

milion. The remuneration policy and packages of the Group’s employes

are periodicaly reviewed by making reference to the prevailing market

conditions. The components of remuneration packages consist of basic

salary, benefits-in-kind, fringe benefits and contributions to mandatory

provident funds, discretionary bonuses which are determined acording

to individual performance of employes. The Group also put in place

share option scheme and share award plan for the purpose of retaining,

motivating and rewarding the employes.

SIGNIFICANT INVESTMENTS HELD

Except for investments in subsidiaries, the Group did not hold any

significant investment in equity interest in any other company during FY

2024/25.

FUTURE PLANS FOR MATERIAL INVESTMENTS AND

CAPITAL ASETS

As at the date of this anual report, the Group did not enter into any

agrement in respect of any proposed acquisitions and did not have any

future plans relating to material investment or capital asets.

REPORT OF THE DIRECTORS

董事会报告

董事欣然呈报本年报连同本集团

2024/25

年度经

审核之综合财务报表。

主要业务

本公司的主要业务为投资控股，而其附属公司主

要从事楼宇建筑、物业租赁及物业发展业务。本

公司主要附属公司的主要业务详情载于综合财

务报表附注

。于

2024/25

年度期间，本集团主要

业务的性质并无重大变动。

业绩及分派

本集团

2024/25

年度之业绩载于本年报第

页综

合损益表。

董事会不建议派付

2024/25

年度之末期股息。

于本年报日期，董事会并不知悉有任何股东放弃

或同意放弃任何股息。

本公司的政策是回馈股东以分享本公司的利润，

同时保留足够的资本用于业务发展。董事会在考

虑若干因素，包括经营业绩，财务状况，营运资

金，资本要求和董事会认为相关的其他因素后，

酌情决定宣派或建议派付股息。

根据上述因素和考量，本公司现时每年以中期和

末期形式派发两次股息。现金股息将以港元支

付。其他分派（如有）将以董事认为合法，公平及

切实可行的任何方式支付予股东。

The Directors are pleased to present this anual report together with the

audited consolidated financial statements of the Group for FY 2024/25.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding and

its subsidiaries are principaly engaged in the busines of building

construction, property leasing and property development. Details of the

principal activities of the principal subsidiaries of the Company are set

out in note 28 to the consolidated financial statements. There were no

significant changes in the nature of the Group’s principal activities during

FY 2024/25.

RESULTS AND APROPRIATIONS

The results of the Group for FY 2024/25 are set out in the consolidated

statement of profit or los on page 56 of this anual report.

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

FY 2024/25.

As at the date of this anual report, the Board is not aware of any

Shareholders who have waived or agred to waive any dividends.

It is the Company’s policy to reward Shareholders in sharing the

Company’s profit whilst retaining adequate capital for busines

development. The Board may declare or propose payment of dividends

after taking into acount a number of factors, including the results of

operations, financial conditions, working capital, capital requirement and

other factors the Board may dem relevant.

The Company curently, subject to the factors and considerations above,

pays dividends twice a year in the form of interim and final dividends.

Cash dividends wil be paid in Hong Kong dolars. Other distributions,

if any, wil be paid to Shareholders by any means which the Directors

dem legal, fair and practicable.

佳明集团控股有限公司

2024/25

年报

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

暂停办理股份过户登记

为厘定出席应届股东周年大会并于会上投票的

资格，本公司将于二零二五年八月十八日至二零

二五年八月二十一日（包括首尾两日）暂停办理股

份过户登记。为符合资格出席应届股东周年大会

及于会上投票，所有股份过户文件连同有关股票

必须于二零二五年八月十五日下午四时三十分

前送交本公司股份过户登记处香港分处，卓佳证

券登记有限公司，地址为香港夏悫道

号远东金

融中心

楼，以办理登记手续。

业务审视

有关本集团本年度业务的审视，以及本集团的业

务展望在本年报第

至

页的「主席报告」中阐述。

关于本集团面对的主要风险及不明朗因素的叙

述在「主席报告」中阐述，包括于「管理层讨论及分

析」和综合财务报表附注

提及的财务风险。自

报告期末后发生的事项详情刊载于综合财务报

表附注

。以财务关键表现指标分析本集团年内

表现载于本年报「财务摘要」及「管理层讨论及分

析」内。上述所有章节均构成本报告一部份。

CLOSURE OF REGISTER OF MEMBERS

For the purpose of determining the entitlement to atend and vote at

the forthcoming anual general meting, the register of members of the

Company wil be closed from 18 August 2025 to 21 August 2025, both

days inclusive, during which period no share transfer wil be efected.

In order to be eligible to atend and vote at the forthcoming anual

general meting, al share transfer 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, on 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong

for registration not later than 4:30 p.m. on 15 August 2025.

BUSINES REVIEW

A review of the busines of the Group during the year and the outlok

of the Group’s busines are provided in the Chairman’s Statement

section from pages 6 to 10 of this anual report. Description of the

principal risks and uncertainties facing the Group can be found in

the Chairman’s Statement, including the financial risks mentioned in

the Management Discusion and Analysis section and note 30 to the

consolidated financial statements. Particulars of the events that have

ocured since the end of the reporting period are provided in note

37 to the consolidated financial statements. An analysis of the Group’s

performance during the year using financial key performance indicators

is provided in the Financial Highlights and Management Discusion and

Analysis sections of this anual report. Al the above sections form part

of this report.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

佳明集团控股有限公司

2024/25

年报

与雇员、客户及供应商之重要关系

本集团深知雇员、客户及业务伙伴为本集团持续

发展的关键。本集团致力与其雇员及业务伙伴之

间建立紧密及关怀的关系，以及改善提供予客户

的服务及产品质素。

雇员被视为本集团最为重要及最有价值的资产。

本集团确保所有员工获得合理薪酬，定期为所有

员工以及分包商的雇员举办特定类别工程和活

动以及安全研讨会和入职安全培训。

本集团与其客户保持联系以及透过各种渠道与

客户持续交流，例如举行现场会议、电话及电邮

沟通获得彼等的反馈及建议。

本集团与分包商已建立长期业务关系。透过往

与分包商的往来，本集团已充分了解彼等之专门

技术及长处，促使我们保持品质标准。

由于本集团的业务属资本密集型业务，需要持续

融资以保持增长，本集团亦努力建立及维持与多

间商业银行的良好关系。

环境政策及成效

本公司致力保护其营运的环境。本集团建筑

及数据中心物业租赁分部已建立环境管理系

统，并获认证亚洲（香港）有限公司认证，符合

ISO14001:2015

标准要求。

于

2024/25

年度期间，在空气污染、噪音管制、弃

置及排放建筑废物方面不存在任何重大违规情

况。本集团亦致力鼓励实行绿化办公室，如双面

打印及复印、设置回收箱、以电子形式寄送及展

示公司文件或资料予董事会成员及透过关掉闲

置之电灯及电器以减少能源消耗。

KEY RELATIONSHIPS WITH EMPLOYES, CUSTOMERS

AND SUPLIERS

The Group recognises that employes, customers and busines partners

are the keys to the sustainable development of the Group. The Group is

comited to building close and caring relationships with its employes

and busines partners, and improving the quality of services and

products to the customers.

Employes are regarded as the most vital and valuable asets of the

Group. The Group ensures that al staf are reasonably remunerated,

regular seminars on safety for specific types of work and activities and

safety induction training are provided for al employes as wel as the

subcontractors’ employes.

The Group stays conected with its customers and has ongoing

comunication with them through various chanels such as physical

metings, telephone and electronic mail comunication to obtain their

fedback and sugestions.

The Group establishes long-term busines relationships with the

subcontractors. Through the past dealings with the subcontractors,

the Group has acquired suficient apreciation of their expertise and

strengths so that it would enable us to maintain our quality standards.

The Group also pays eforts to build up and maintain god relationships

with various comercial banks as the Group’s busineses are capital

intensive and require on-going funding to maintain continuous growth.

ENVIRONMENTAL POLICIES AND PERFORMANCE

The Company endeavours to protect the environment in which it

operates its busines. The Group’s construction and data centre leasing

segments have established environmental management systems which

was certified by Certification Asia (HK) Limited to be in compliance with

the requirements of ISO14001:2015.

During FY 2024/25, there was no material non-compliance in relation

to air polution, noise control, disposal and emision of construction

wastes. Gren ofice practices are also encouraged in the operation

of the Group’s busineses, such as double-sided printing and copying,

seting up recycling bins, sending and presenting corporate documents

or information to the members of the Board in electronic format, and

reducing energy consumption by switching of idle lighting and electrical

apliances.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

环境、社会及管治报告

根据香港联合交易所有限公司（「联交所」）证券

上市规则（「上市规则」）附录

编制之本公司「环

境、社会及管治报告」于刊发本年报时，已同时在

本公司网站及联交所网站登载。

遵守法律及法规

于

2024/25

年度内，对本公司有重大影响的有关法

律及规例不存在任何重大违规情况。并且，本公

司遵守上市规则附录

所载企业管治守则的情

况已包括在企业管治报告。

捐款

本集团年内没有向慈善机构捐款。

五年财务概要

本集团的业绩、资产及负债概要载于本年报第

页。

固定资产

固定资产（包括投资物业以及物业、厂房及设备）

年内的变动详情载于综合财务报表附注

。

银行贷款

本集团于二零二五年三月三十一日之银行贷款

的详情载于综合财务报表附注

。

资本化利息

本集团年内资本化的利息金额载于综合财务报

表附注

8(a)

。

发行股份及股本

本公司股本之详情载于综合财务报表附注

。

储备及可供分派储备

本集团及本公司年内储备变动之详情分别载于

本年报第

页综合权益变动表及综合财务报表附

注

26(b)

。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

REPORT

The “Environmental, Social and Governance Report” of the Company

prepared in acordance with Apendix C2 to the Rules Governing the

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

Kong Limited (“Stock Exchange”) has ben published on the websites

of the Company and the Stock Exchange at the same time as the

publication of this anual report.

COMPLIANCE WITH LAWS AND REGULATIONS

During FY 2024/25, no material non-compliance of the laws and

regulations that have a significant impact on the Company was noted. In

adition, a discusion on the Company’s compliance with the Corporate

Governance Code as set out in Apendix C1 to the Listing Rules is

included in the Corporate Governance Report.

DONATIONS

During the year, the Group did not make any donations to charitable

organisations.

FIVE-YEAR FINANCIAL SUMARY

A sumary of the results, asets and liabilities of the Group is set out on

page 4 of this anual report.

FIXED ASETS

Details of movements in fixed asets (including investment properties

and property, plant and equipment) during the year are set out in note

15 to the consolidated financial statements.

BANK LOANS

Details of bank loans of the Group as at 31 March 2025 are set out in

note 21 to the consolidated financial statements.

INTEREST CAPITALISED

The amount of interest capitalised by the Group during the year is set

out in note 8(a) to the consolidated financial statements.

SHARE ISUED AND SHARE CAPITAL

Details of the Company’s share capital are set out in note 25 to the

consolidated financial statements.

RESERVES AND DISTRIBUTABLE RESERVES

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

during the year are set out in the consolidated statement of changes

in equity on page 65 of this anual report and in note 26(b) to the

consolidated financial statements, respectively.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

佳明集团控股有限公司

2024/25

年报

主要客户及供应商

本集团最大客户及前五大客户的销售额分别占

本集团年度总销售额的

1.4%

及

3.9

％。

本集团最大供应商及前五大供应商的采购额分

别占本集团年度总采购额的

11.1

％及

35.2

％。

除本年报所披露外，概无董事，其紧密联系人或

任何股东（据董事所知，拥有本公司已发行股份

总数超过

％者）于五大供应商或客户中拥有任何

权益。

优先购买权

本公司组织章程细则（「章程细则」）并无优先购买

权条文，亦无针对本公司须按比例向现有股东提

呈发售新股份的限制。

董事

年内及截至本年报日期止，本公司董事如下：

执行董事

陈孔明先生（主席）

刘志华先生（行政总裁）

关永和先生（财务总监）

曾嘉敏女士

陈沛妍小姐（于二零二四年九月十六日获委任）

独立非执行董事

徐家华先生

简友和先生

何超然先生

李宗燿先生

根据章程细则第

条，曾嘉敏女士、何超然先生

及李宗燿先生将轮值退任，并符合资格且愿意在

应届股东周年大会上膺选连任董事。

陈沛妍小姐于二零二四年九月十六日获委任为

本公司执行董事。根据章程细则第

83(3)

条，陈小

姐须退任并符合资格且愿意在应届股东周年大

会上膺选连任董事。

MAJOR CUSTOMERS AND SUPLIERS

The percentage of sales atributable to the Group’s largest customer

and the five largest customers in agregate was 1.4% and 3.9% of the

Group’s total sales for the year respectively.

The percentage of purchases atributable to the Group’s largest suplier

and the five largest supliers in agregate was 11.1% and 35.2% of the

Group’s total purchases for the year respectively.

Save as disclosed in this anual report, none of the Directors, their close

asociates or any Shareholder (which to the knowledge of the Directors

own more than 5% of the Company’s total number of isued shares) had

an interest in the five largest supliers or customers of the Group.

PRE-EMPTIVE RIGHTS

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

Asociation of the Company (the “Articles”) and there is no restriction

against such rights which would oblige the Company to ofer new

shares on a pro-rata basis to existing Shareholders.

DIRECTORS

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

anual report were:

Executive Directors

Mr. Chan Hung Ming (Chairman)

Mr. Lau Chi Wah (Chief Executive Oficer)

Mr. Kwan Wing Wo (Chief Financial Oficer)

Ms. Tsang Ka Man

Ms. Chan Pui Yin Aple (apointed on 16 September 2024)

Independent Non-Executive Directors

Mr. Tsui Ka Wah

Mr. Kan Yau Wo

Mr. Ho Chiu Yin Ivan

Mr. Le Chung Yiu Johny

Pursuant to article 84 of the Articles, Ms. Tsang Ka Man, Mr. Ho Chiu

Yin Ivan and Mr. Le Chung Yiu Johny wil retire from ofice by rotation

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

forthcoming anual general meting.

Ms. Chan Pui Yin Aple was apointed as an executive director of

the Company on 16 September 2024. Pursuant to article 83(3) of the

Articles, Ms. Chan shal retire from ofice and, being eligible, ofer herself

for re-election as Director at the forthcoming anual general meting.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

董事及高级管理层履历

董事及本集团高级管理层的履历详情载于本年

报第

至

页。

董事资料的变动

根据上市规则第

13.51B

条于

2024/25

年度期内及

直至本年报日期须予披露的董事变动资料如下：

•

陈沛妍小姐于二零二四年九月十六日获

委任为本公司执行董事。根据上市规则第

3.09D

条的规定，陈小姐已于二零二四年九

月十一日取得法律意见，并已确认彼明白

其作为本公司董事之义务。

除上文披露者外，概无其他根据上市规则第

13.51B(1)

条须予披露的资料。

董事服务合约

各执行董事已与本公司订立初步任期为三年之

服务协议，该等协议将持续有效，直至根据其服

务协议条款终止为止。

各独立非执行董事已与本公司签订任期为三年

之委聘书，委任可根据其委聘书条款终止。

除上述者外，将于应届股东周年大会建议膺选连

任之董事概无与本公司或其任何附属公司订立

不可于一年内免付赔偿（法定赔偿除外）予以终止

服务之服务合约。

独立非执行董事之独立身分

本公司已收到各独立非执行董事根据上市规则

第

3.13

条发出其独立身分的年度确认函，且本公

司认为彼等均保持其独立身分。

获准许弥偿条文

于年度期间及截至本年报日期为止，本公司按有

关法规的允许，备有以本公司董事为受益人的弥

偿条文。获准许弥偿条文于章程细则以及于本集

团就可能针对该等董事提出的法律程序的相关

潜在责任及成本而投购的董事及高级职员责任

险中有所规定。

DIRECTORS’ AND SENIOR MANAGEMENT’S

BIOGRAPHIES

Biographical details of the Directors and the senior management of the

Group are set out on pages 33 to 37 of this anual report.

Changes in Directors’ Information

Changes in information of Directors during FY 2024/25 and up to the

date of this anual report discloseable pursuant to Rule 13.51B are as

folows:

• Ms. Chan Pui Yin Aple has ben apointed as an executive

director of the Company with efect from 16 September 2024. In

compliance with the Rule 3.09D of the Listing Rules, Ms. Chan has

obtained the legal advice on 11 September 2024 and confirmed

she understod her obligations as a director of the Company.

Save for the information disclosed above, there is no other information

required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules.

DIRECTORS’ SERVICE CONTRACTS

Each of the executive Directors has entered into a service agrement

with the Company for an initial term of thre years and wil continue

thereafter unles terminated in acordance with the terms of the service

agrement.

Each of the independent non-executive Directors has signed a leter

of apointment with the Company for a term of thre years, and such

apointment may be terminated in acordance with the terms of the

leter of apointment.

Apart from the foregoing, no Director proposed for re-election at the

forthcoming anual general meting has a service contract that is not

determinable by the Company or any of its subsidiaries within one year

without payment of compensation, other than statutory compensation.

INDEPENDENCE OF THE INDEPENDENT

NON-EXECUTIVE DIRECTORS

The Company has received, from each of the independent non-

executive Directors, an anual confirmation of his independence

pursuant to Rule 3.13 of the Listing Rules. The Company considers that

al independent non-executive Directors are independent.

PERMITED INDEMNITY PROVISIONS

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

has in force indemnity provisions as permited under the relevant

statutes for the benefit of the Directors of the Company. The permited

indemnity provisions are provided for in the Articles and in the directors’

and oficers’ liability insurance maintained for the Group in respect of

potential liability and costs asociated with legal procedings that may

be brought against such Directors.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

佳明集团控股有限公司

2024/25

年报

董事及主要行政人员于本公司及其相联

法团之股份、相关股份或债权证的权益

及淡仓

于二零二五年三月三十一日，董事及主要行政人

员于本公司或其任何相联法团（定义见证券及期

货条例第

部）之股份、相关股份及债权证中，拥

有

(a)

根据证券及期货条例第

部第

及

分部之规

定须知会本公司及联交所之权益及淡仓（包括根

据证券及期货条例之规定被认为或被视作拥有

之权益及淡仓）；或

(b)

根据证券及期货条例第

条规定记入须存置之登记册内之权益及淡仓；

或

(c)

根据上市公司董事进行证券交易的标准守则

（「标准守则」）须知会本公司及联交所之权益及

淡仓，如下：

INTERESTS AND SHORT POSITIONS OF DIRECTORS

AND CHIEF EXECUTIVES IN SHARES, UNDERLYING

SHARES OR DEBENTURES OF THE COMPANY AND ITS

ASOCIATED CORPORATIONS

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

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

the Company or any of its asociated corporations (within the meaning

of Part XV of the Securities and Futures Ordinance (“SFO”) which (a)

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 are taken or demed to have such provisions

of the SFO); or (b) were required, pursuant to Section 352 of the SFO,

to be entered in the register refered to therein; or (c) were required,

pursuant to the Model Code for Securities Transactions by Directors of

Listed Isuers (“Model Code”) to be notified to the Company and the

Stock Exchange, were as folows:

Name of Director

Name of Group member/

asociated corporation

Capacity/ Nature of

interest

Number of

ordinary

shares held

Number of

underlying

ordinary

shares held

(Note 1)Total

Aproximate

percentage of

shareholding

董事姓名

本集团成员公司╱

相联法团名称身份╱权益性质

持有普通股

股份数目

持有相关

普通股份

数目（注

）总数

股权概约

百分比

Mr. Chan Hung MingThe CompanyInterest of a controled

corporation (Note 2)

921,642,940–921,642,94064.89%

陈孔明先生本公司受控法团权益（注

）

Chan HM Company LimitedBeneficial owner1–1100%

实益拥有人

Mr. Lau Chi WahThe CompanyInterest of a controled

corporation (Note 3)

106,293,660–106,293,6607.48%

刘志华先生本公司受控法团权益（注

）

Lau CW Company LimitedBeneficial owner11,000,0001,000,0000.07%

实益拥有人

Mr. Kwan Wing WoThe CompanyBeneficial owner–1,000,0001,000,0000.07%

关永和先生本公司实益拥有人

Ms. Tsang Ka ManThe CompanyBeneficial owner1,586,0001,000,0002,586,0000.18%

曾嘉敏女士本公司实益拥有人

Mr. Tsui Ka WahThe CompanyBeneficial owner–200,000200,0000.01%

徐家华先生本公司实益拥有人

Mr. Kan Yau WoThe CompanyBeneficial owner–200,000200,0000.01%

简友和先生本公司实益拥有人

Mr. Le Chun Yiu JohnyThe CompanyBeneficial owner–200,000200,0000.01%

李宗燿先生本公司实益拥有人

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

注：

指本公司根据旧购股权计划（定义见下文）授出

予董事的购股权数目。购股权计划的详情列于下

文「购股权计划」一节中。

陈孔明先生持有

Chan HM Company Limited

已

发行股本的

100%

权益，而

Chan HM Company

Limited

拥有本公司已发行股份总数中

921,642,940

股份。因此，陈孔明先生根据证券

及期货条例被视为于本公司拥有相同权益。

刘志华先生持有

Lau CW Company Limited

已发行

股本的

100%

权益，而

Lau CW Company Limited

拥

有本公司已发行股份总数中

106,293,660

股份。

因此，刘志华先生根据证券及期货条例被视为于

本公司拥有相同权益。

上文披露的所有权益均指本公司股份及相关股

份的好仓。

除上文所披露者外，于二零二五年三月三十一

日，概无董事或本公司主要行政人员于本公司或

其任何相联法团之股份、相关股份或债权证中拥

有或被视为拥有任何权益或淡仓。

主要股东于股份及相关股份的权益及淡

仓

于二零二五年三月三十一日，就董事所知，以下

人士╱实体（并非董事或本公司主要行政人员）于

本公司或其任何相联法团的股份或相关股份中，

拥有或被视为拥有根据证券及期货条例第

部

第

及

分部须通知本公司或已于本公司根据证券

及期货条例第

条须记录于存置之登记册的权

益或淡仓：

Notes:

1. This represented the number of share options granted to the Directors

by the Company under the Old Share Option Scheme (as defined

hereinbelow). Details of the share options are disclosed in the section

headed “Share Option Scheme” below.

2. Mr. Chan Hung Ming holds 100% of the isued share capital of Chan HM

Company Limited, which owns 921,642,940 shares out of the total number

of isued shares of the Company. Therefore, Mr. Chan Hung Ming is

demed to have the same interest in the Company by virtue of SFO.

3. Mr. Lau Chi Wah holds 100% of the isued share capital of Lau CW

Company Limited, which owns 106,293,660 shares out of the total number

of isued shares of the Company. Therefore, Mr. Lau Chi Wah is demed to

have the same interest in the Company by virtue of SFO.

Al the interests disclosed above represent the long position in the

shares and underlying shares of the Company.

Save as disclosed above, none of the Directors or chief executives of the

Company has or is demed to have any interests or short positions in

the shares, underlying shares or debentures of the Company or any of

its asociated corporations as at 31 March 2025.

INTERESTS AND SHORT POSITIONS OF THE

SUBSTANTIAL SHAREHOLDERS’ INTERESTS IN

SHARES AND UNDERLYING SHARES

As at 31 March 2025, so far as the Directors were aware, the folowing

persons/entity (not being the Directors or chief executives of the

Company) had, or were demed to have interests or short positions

in the shares and underlying shares of the Company or any of its

asociated corporations which were required to be notified to the

Company under Divisions 2 and 3 of Part XV of the SFO or which were

recorded in the register of the Company required to be kept under

Section 336 of the SFO:

Name of ShareholderCapacity/Nature of interest

Number of

ordinary

shares held

Number of

underlying

ordinary

shares held

(Note 1)Total

Aproximate

percentage of

shareholding

股东姓名身份╱权益性质

持有普通股

股份数目

持有相关

普通股

股份数目

（注

）总数

股权概约

百分比

Chan HM Company LimitedBeneficial owner921,642,940–921,642,94064.89%

实益拥有人

Lau CW Company LimitedBeneficial owner106,293,660–106,293,6607.48%

实益拥有人

Ms. Cheung Shuk FongFamily (Note 2)106,293,6601,000,000107,293,6607.55%

张淑芳女士家族（注

）

Banco Wel Link, S.A.Security interest (Note 3)1,027,936,600–1,027,936,60072.37%

立桥银行股份有限公司证券权益（注

）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

佳明集团控股有限公司

2024/25

年报

注：

指本公司根据旧购股权计划（定义见下文）授出

予董事的购股权数目。

根据证券及期货条例，刘志华先生的配偶张淑芳

女士被视为于刘先生在本公司的权益中拥有权

益。

于二零二四年五月二十八日，

Chan HM Company

Limited

将其持有之本公司

921,642,940

股份质

押给立桥银行股份有限公司。

于二零二四年八月十二日，

Lau CW Company

Limited

将其持有之本公司

106,293,660

股份质

押给立桥银行股份有限公司。

上文披露的所有权益均指本公司股份及相关股

份的好仓。

除上文所披露外，于二零二五年三月三十一日，

本公司并无获通知本公司已发行股份总数中有

任何其他相关权益或淡仓须根据证券及期货条

例第

部第

及

分部条文向本公司披露，或已记

录于本公司根据证券及期货条例第

条须予存

置的登记册内。

于二零二五年三月三十一日，执行董事陈孔明先

生为

Chan HM Company Limited

的董事；及执行

董事刘志华先生为

Lau CW Company Limited

的董

事。除上述者外，概无董事为另一间公司之董事

或雇员而该公司在本公司股份或相关股份中拥

有根据证券及期货条例第

部第

及

分部条文须

向本公司披露的权益

。

董事购买股份或债权证的权利

除本报告「董事及主要行政人员于股份、相关股

份及债权证中的权益及淡仓」，「购股权计划」及

「股份奖励计划」各段所披露外，本公司或其任

何附属公司、控股公司或本公司控股公司的任

何附属公司于

2024/25

年度期间概无订立任何安

排，致使董事可藉购买本公司或任何其他法人团

体的股份或债权证而获益，亦无董事或彼等之配

偶或十八岁以下的子女获授任何权利以认购本

公司或任何其他法人团体的股权或债务证券或

已行使任何有关权利。

Notes:

1. This represented the number of share options granted to Directors by the

Company under the Old Share Option Scheme (as defined hereinbelow).

2. Ms. Cheung Shuk Fong, the spouse of Mr. Lau Chi Wah, is demed to be

interested in Mr. Lau’s interest in our Company by virtue of the SFO.

3. On 28 May 2024, Chan HM Company Limited pledged 921,642,940 shares

it held in the Company to Banco Wel Link, S.A.

On 12 August 2024, Lau CW Company Limited pledged 106,293,660 shares

it held in the Company to Banco Wel Link, S.A.

Al the interests disclosed above represent the long position in the

shares and underlying shares of the Company.

Save as disclosed above, as at 31 March 2025, the Company has not

ben notified of any other relevant interests or short positions in the

total number of isued 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 SFO, or which were recorded in the register required to be

kept by the Company pursuant to Section 336 of the SFO.

As at 31 March 2025, Mr. Chan Hung Ming, an executive Director, is

a director of Chan HM Company Limited; and Mr. Lau Chi Wah, an

executive Director, is a director of Lau CW Company Limited. Save as

above, none of the Directors is a director or employe of a company

which has an interest in the Shares and 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.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

Save as disclosed in the paragraphs headed “Interests and Short

Positions of Directors and Chief Executives in Shares, Underlying Shares

and Debentures of the Company and its Asociated Corporations”,

“Share Option Scheme” and “Share Award Plan” in this report, at no time

during FY 2024/25 was the Company or any of its subsidiaries or any

holding company or any subsidiary of the Company’s holding company,

a party to any arangement that would enable the Directors to acquire

benefits by means of acquisition of shares in, or debentures of, the

Company or any other body corporate, and none of the Directors or any

of their spouses or children under the age of 18 were granted any right

to subscribe for the equity or debt securities of the Company or any

other body corporate or had exercised any such right.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

董事于竞争业务的权益

除董事各自于本集团的权益外，于

2024/25

年度彼

等并无于任何与本集团业务构成竞争或可能构

成竞争的业务中拥有权益。

豁免关连交易

于

2024/25

年度期间，陈孔明先生（本公司主

席兼执行董事及控股东）向本公司垫付贷

款合计

607,498,000

港元。此贷款为无抵押，

年利率

，到期日为二零二八年四月至五

月。该贷款交易根据上市规则第

14A

章构成

关连交易，但根据上市规则获全面豁免遵

守申报、公告及独立股东批准的规定，因为

该等贷款交易按一般商业条款或更佳条款

进行，且并无以本集团资产作抵押。

于二零二四年十二月十二日，高业发展

有限公司（本公司之间接全资附属公司及

作为卖方）与执行董事陈孔明先生的联系

人（「买方」）签订正式买卖合约，以代价

4,000,000

港元出售「明寓」一个停车位。卖方

为「明寓」项目之发展商。交易于二零二五年

一月二十四日完成。由于陈孔明先生为本

公司执行董事，出售停车位予其联系人构

成上市规则项下本公司的关连交易。由于

此交易所有适用百分比率（盈利比率除外）

均低于

0.1%

，其构成符合最低豁免水平的

交易并将完全获豁免遵守上市规则第

14A

章

项下的申报、公告、通函及股东批准规定。

于二零二四年十二月二十七日及三十日，

龙峰发展有限公司（本公司之间接全资附属

公司及作为卖方）与执行董事刘志华先生的

联系人（「买方」）分别签订两份正式买卖合

约，以合计代价

3,340,000

港元出售「明翘汇」

两个停车位。卖方为「明翘汇」项目之发展

商。两笔交易于二零二五年一月十五日完

成。由于刘志华先生为本公司执行董事，出

售停车位予其联系人构成上市规则项下本

公司的关连交易。由于两项交易合并计算

所有适用百分比率（盈利比率除外）均低于

0.1%

，其构成符合最低豁免水平的交易并

将完全获豁免遵守上市规则第

14A

章项下的

申报、公告、通函及股东批准规定。

DIRECTORS’ INTERESTS IN COMPETING BUSINES

Save for their respective interests in the Group, none of the Directors

was interested in any busines which competes or is likely to compete

with the busineses of the Group for FY 2024/25.

EXEMPTED CONECTED TRANSACTIONS

1. During FY 2024/25, Mr. Chan Hung Ming (the chairman and

executive Director, and controling shareholder of the Company)

advanced loans in an agregate of HK$607,498,000 to the

Company. These loans are unsecured, bear interest at a rate of

3% per anum and due to mature in April to May 2028. Such loan

transactions constituted conected transactions under Chapter

14A of the Listing Rules but are fuly exempted from reporting,

anouncement, and independent shareholders’ aproval

requirements, because they are conducted on normal comercial

terms or beter and are not secured by the asets of the Group.

2. On 12 December 2024, Able Busines Development Limited (an

indirect wholy-owned subsidiary of the Company and as vendor)

entered into a formal agrement to sel a car parking space

located in Cristalo to an asociate (as purchaser) of an executive

Director, Mr. Chan Hung Ming, at a consideration of HK$4,000,000.

The vendor is the developer of Cristalo. The transaction was

completed on 24 January 2025. As Mr. Chan Hung Ming is an

executive Director of the Company, the sale of the car parking

space to his asociate constituted a conected transaction of

the Company under the Listing Rules. Since al the aplicable

percentage ratios (other than the profits ratio) are les than 0.1%,

the transaction constitutes a de minimis transaction and is fuly

exempt from reporting, anouncement, circular and shareholders’

aproval requirement under Chapter 14A of the Listing Rules.

3. On 27 and 30 December 2024, Dragon Mount Development

Limited (an indirect wholy-owned subsidiary of the Company

and as vendor) entered into two formal agrements to sel two

car parking spaces located in The Grand Marine to an asociate

(as purchaser) of an executive Director, Mr. Lau Chi Wah, at an

agregate consideration of HK$3,340,000. The vendor is the

developer of The Grand Marine. These two transactions were

completed on 15 January 2025. As Mr. Lau Chi Wah is an executive

Director of the Company, the sales of the car parking spaces to

his asociate constituted conected transactions of the Company

under the Listing Rules. Since al the aplicable percentage

ratios (other than the profits ratio) of the two transactions on an

agregated basis are les than 0.1%, the transactions constitute

de minimis transactions and are fuly exempt from reporting,

anouncement, circular and shareholders’ aproval requirement

under Chapter 14A of the Listing Rules.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

佳明集团控股有限公司

2024/25

年报

2024/25

年度期间作出的重大关联方交易概要于

综合财务报表附注

中披露。除上文所披露外，

该等关联方交易不构成上市规则所界定的关连

交易或持续关连交易。就该等构成上市规则所界

定的关连交易或持续关连交易的关联方交易而

言，本公司已遵守上市规则第

14A

章的披露规定。

董事于交易、安排或重大合约中的权益

除本年报所披露外，概无董事或其关连实体于年

内在本公司、其控股公司、或其任何附属公司或

同系附属公司所订立之任何对本集团业务属重

大之交易、安排或合约中直接或间接拥有重大权

益。

控股东于合约中的权益

本公司或其任何附属公司年内并无与本公司控

股东（「控股东」）或其附属公司订立任何重大

合约或提供服务的重大合约。

管理合约

年内并无订立或存在任何与本公司全部或大部

分业务有关的管理及行政事宜的合约。

董事及高级管理层薪酬

董事年内薪酬的详情载于综合财务报表附注

。

本集团高级管理层由董事组成。本集团高级管理

层（董事除外）截至二零二五年三月三十一日止年

度的酬金属于以下范围：

A sumary of material related party transactions made during FY

2024/25 is disclosed in note 35 to the consolidated financial statements.

Save as disclosed above, these related party transactions do not

constitute a conected transaction or continuing conected transaction

as defined under the Listing Rules. In relation to those related party

transactions which constitute conected transaction or continuing

conected transaction as defined under the Listing Rules, the Company

has complied with the disclosure requirements under Chapter 14A of

the Listing Rules.

DIRECTORS’ INTERESTS IN TRANSACTION,

ARANGEMENT OR CONTRACTS OF SIGNIFICANCE

Save as disclosed in this anual report, no Director or any entity

conected with a Director had a material interest, either directly or

indirectly, in any transaction, arangement or contract of significance to

the busines of the Group to which the Company, its holding company,

or any of its subsidiaries or any of its felow subsidiaries was a party

during the year.

CONTROLING SHAREHOLDER’S INTERESTS IN

CONTRACTS

None of the Company or any of its subsidiaries had entered into any

contract of significance or contract of significance for provision of

services with the Company’s controling shareholder (“Controling

Shareholder”) or its subsidiaries during the year.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the

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

entered into or existed during the year.

DIRECTORS’ AND SENIOR MANAGEMENT’S

REMUNERATION

Details of the Directors’ remuneration during the year are set out in note

11 to the consolidated financial statements.

The senior management of the Group comprises the Directors. The

emoluments of the senior management of the Group other than the

Directors for the year ended 31 March 2025 fals within the folowing

band:

Emolument Band

酬金范围

Number of Senior

Management

高级管理层人数

$1,500,001 to $2,000,0001,500,001

元至

2,000,000

元

$2,500,001 to $3,000,0002,500,001

元至

3,000,000

元

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

董事及高级管理层的薪酬政策

董事之薪酬政策主要包括固定成份（以基本薪金

形式）与可变成份（包括酌情花红及其他奖励报

酬）

，并考虑彼等的经验、职责级别、个人表现、

本集团之溢利表现及参考市场条款等其他因。

本公司薪酬委员会（「薪酬委员会」）将每年举行最

少一次会议，讨论薪酬相关事宜（包括董事及高

级管理层薪酬）

及检讨本集团的薪酬政策。本公

司决定由薪酬委员会就个别执行董事及高级管

理层的薪酬待遇向董事会提出建议。

控股东的不竞争承诺

控股东已向本公司确认其遵守不竞争契据（定

义见日期为二零一三年七月三十日本公司招股

章程）下每一项不竞争承诺。独立非执行董事已

审阅合规状况，并确认控股东已遵守不竞争契

据项下的所有承诺。

退休金计划

本集团为所有香港合资格雇员提供强制性公积

金计划（「强积金计划」）。根据强积金计划规定，

雇主及其雇员须按规定订明的比率向计划作出

供款，并于根据强积金计划条款须支付时自损益

扣除。强积金计划的资产独立由托管基金保管，

与本集团资产分开持有。由于本集团的雇主供款

在注入强积金计划时完全归属于雇员，因此并无

被没收的强积金计划供款。

本集团于中国营运之附属公司之雇员须参加由

当地市政府营办之中央退休金计划（「中国退休金

计划」）。该等附属公司须按支付薪金之若干百分

比向中国退休金计划作出供款。有关供款须根据

中国退休金计划之规则支付时于损益内扣除。根

据中国退休金计划，雇主不可使用没收供款来减

少现有的供款水平。

本集团于

2024/25

年度雇主供款总额约

万港

元。

DIRECTORS’ AND SENIOR MANAGEMENT’S

REMUNERATION POLICY

The Directors’ remuneration policy comprises primarily a fixed

component (in the form of a base salary) and a variable component

(which includes discretionary bonus and other merit payments),

considering other factors such as their experience, level of responsibility,

individual performance, the profit performance of the Group and with

reference to market terms.

The remuneration comite of the Company (“Remuneration

Comite“) wil met at least once for each year to discus

remuneration related maters (including the remuneration of Directors

and senior management) and review the Group’s remuneration policy.

It has ben decided that Remuneration Comite would make

recomendations to the Board on the remuneration packages of

individual executive Directors and senior management.

NON-COMPETITION UNDERTAKING BY CONTROLING

SHAREHOLDERS

The Controling Shareholders had confirmed to the Company of each

of their compliance with the non-competition undertakings provided

to the Company under the Ded of Non-Competition (as defined in

the prospectus of the Company dated 30 July 2013). The independent

non-executive Directors have reviewed the status of compliance and

confirmed that al the undertakings under the Ded of Non-Competition

have ben complied with by the Controling Shareholders.

PENSION SCHEMES

The Group operates a Mandatory Provident Fund Scheme (“MPF

Scheme”) for al its qualifying employes in Hong Kong. Under the

rules of the MPF Scheme, the employer and its employes are each

required to make contributions to the scheme at rates specified in the

rules, and contributions are charged to profit or los as they become

payable in acordance with the rules of the MPF Scheme. The asets of

the MPF Scheme are held separately from those of the Group in truste

administered funds independently. There are no forfeited contributions

for the MPF Scheme as the Group’s employer contributions vest fuly

with the employes when contributed into the MPF Scheme.

The employes of the Group’s subsidiaries which operate in the PRC

are required to participate in a central pension scheme (the “PRC

Pension Scheme”) operated by the local municipal government. These

subsidiaries are required to contribute a certain percentage of their

payrol costs to the PRC Pension Scheme. The contributions are charged

to profit or los as they become payable in acordance with the rules of

the PRC Pension Scheme. Under the PRC Pension Scheme, no forfeited

contributions wil be used by the employers to reduce the existing level

of contributions.

During FY 2024/25, the agregate amounts of employer’s contributions

made by the Group were aproximately HK$2.6 milion.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

佳明集团控股有限公司

2024/25

年报

购股权计划

本公司实施购股权计划，旨在鼓励或奖赏对本

集

团作出贡献之合资格参与者，及令本集团可吸

引、挽留及激励能干的合资格参与者。

旧购股权计划

本公司于二零一三年七月二十三日采纳一项购

股权计划（「旧购股权计划」），并自二零一三年七

月二十三日起计十

(10)

年期间内有效及生效。旧

购股权计划已于二零二三年七月二十三日届满。

该计划届满后，本公司概无进一步授出购股权，

惟在旧购股权计划届满前授出的购股权将继续

有效，并可根据旧购股权计划的条款行使。

根据旧购股权计划授出而尚未行使的购股权及

其于

2024/25

年度的变动详情如下：

SHARE OPTION SCHEME

The Company operates share option schemes to provide incentives

or rewards to the Group’s eligible participants for their contribution

to the Group and to atract, retain and motivate high-calibre eligible

participants for the benefit of the Group.

The Old Share Option Scheme

The Company adopted a share option scheme on 23 July 2013 (the “Old

Share Option Scheme”), which was valid and efective for a period

of ten (10) years from 23 July 2013. The Old Share Option Scheme has

expired on 23 July 2023. Upon its expiry, no further options could be

granted by the Company but the options granted before expiration of

the Old Share Option Scheme shal continue to be valid and exercisable

in acordance with the terms of the Old Share Option Scheme.

Details of the outstanding options granted under the Old Share Option

Scheme and their movements during FY 2024/25 are set out below:

Number of share options

购股权数目

Name or category

of granteDate of grantExercise period

Exercise

price

(HK$)

Outstanding

as at

1 April

Granted

during the

year

Exercised

during the

year

Lapsed

during the

year

Canceled

during the

year

Outstanding

as at

31 March

承授人姓名或类别授出日期行使期

行使价

（港元）

于二零二四年

四月一日

尚未行使于年内授出于年内行使于年内失效于年内注销

于二零二五年

三月三十一日

尚未行使

Executive Directors

执行董事

Lau Chi Wah15/12/202215/12/2022–14/12/2032

3.951,000,000–1,000,000

刘志华

Kwan Wing Wo15/12/202215/12/2022–14/12/2032

3.951,000,000–1,000,000

关永和

Tsang Ka Man15/12/202215/12/2022–14/12/2032

3.951,000,000–1,000,000

曾嘉敏

Independent

Non-Executive

Directors

独立非执行董事

Tsui Ka Wah15/12/202215/12/2022–14/12/2032

3.95200,000–200,000

徐家华

Kan Yau Wo15/12/202215/12/2022–14/12/2032

3.95200,000–200,000

简友和

Le Chun Yiu Johny15/12/202215/12/2022–14/12/2032

3.95200,000–200,000

李宗燿

Sub-total for Directors3,600,000–3,600,000

董事小计

Management personel and

core employes of the

Group

15/12/202215/12/2022–14/12/2032

3.953,980,000–3,980,000

本集团管理人员及核心雇员

11/1/202311/1/2024–10/1/2033

6.047,700,000–7,700,000

Sub-total for other

employes11,680,000–11,680,000

其他员工小计

Total15,280,000–15,280,000

总计

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

该等购股权并无归属条件

该等购股权于二零二四年一月十一日归属予承

授人

不包括董事、主要行政人员或主要股东或任何彼

等各自联系人

于本报告日期，在旧购股权计划下授出之所有

尚未行使的购股权予以行使后可能发行的股份

总数为

15,280,000

股，占本公司于当日已发行股份

（不包括库存股份）约

1.08%

。

新购股权计划

于旧购股权计划届满后，为了使本公司的购股权

计划得以延续，董事会采纳新购股权计划（「新购

股权计划」）。新购股权计划的合资格参与者包括

本集团的任何雇员、行政人员或高级职员、以及

任何本公司或其附属公司董事（包括非执行及独

立非执行董事）。

新购股权计划由股东于二零二三年八月四日举

行的股东周年大会上批准采纳。新购股权计划自

二零二三年八月四日（「采纳日期」）起计，效期为

十

(10)

年。于二零二五年三月三十一日，新购股

权计划的剩余期限约为八年半。根据新购股权计

划授出的任何购股权，其行使期限自相关授出日

起不得超过十年。

根据新购股权计划项下将授出之所有购股权

以及本公司其他股份计划项下将授出之所有

购股权及股份奖励所涉及之股份最高数目为

142,012,234

股份，相当于本公司

╱

年度

年初及年末已发行股份（不包括库存股份）

10%

和

10%

。有关限额可于采纳日期或股东批准上一次

更新之日起计三年后（或任何三

(3)

年期内的更新

必须获得股东批准，惟控股东及其联系人必须

在股东大会上放弃投票赞成相关决议案），可不

时在本公司的股东大会上取得股东批准的方式

更新，惟新限额总计分别不得超过股东于股东大

会上作出有关批准当日本公司已发行股份

10%

。

Such share options have no vesting conditions

Such share options were vested to grantes on 11 January 2024

Excluding Directors, chief executives or substantial Shareholders or any of

their respective asociates

As at the date of this report, the total number of shares which may

fal to be isued upon exercise of al outstanding share options

granted under the Old Share Option Scheme was 15,280,000 shares,

representing aproximately 1.08% of the isued shares of the Company

(excluding treasury shares) as at that date.

The New Share Option Scheme

Folowing the expiration of the Old Share Option Scheme, in order to

ensure the continuity of the share option scheme of the Company, the

Board adopted a new share option scheme (the “New Share Option

Scheme”). Eligible participants of the New Share Option Scheme

include any employes, executives or oficers of the Group and any

directors (including nonexecutive and independent non-executive

directors) of the Company or any of its subsidiaries.

The New Share Option Scheme was aproved for adoption by the

Shareholders at the anual general meting held on 4 August 2023.

The New Share Option Scheme is valid and efective for a period of ten

“Adoption Date”). As at

31 March 2025, the remaining life of the New Share Option Scheme is

aproximately eight and a half years. The exercise period of any option

to be granted under the New Share Option Scheme must not exced ten

years from the respective date of grant.

The maximum number of shares in respect of al share options to be

granted under the New Share Option Scheme and al share options

and share awards to be granted under any other schemes of the

Company were 142,012,234 shares, representing 10% and 10% of the

isued shares (excluding treasury shares) of the Company as at the

begining and the end of FY 2024/25. The limit may be refreshed by

obtaining Shareholders’ aproval at a general meting from time to time

after thre years from the Adoption Date or the date of Shareholders’

aproval for the last refreshment (or any refreshment within any thre

(3)-year period be aproved by Shareholders with the Controling

Shareholders and their asociates abstained from voting in favour of the

relevant resolution at the general meting), provided that the new limit

must not in agregate exced 10% of the isued shares of the Company

as at the date of the relevant shareholders’ aproval in general meting.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

佳明集团控股有限公司

2024/25

年报

于任何十二个月期间内，因任何合资格参与者或

承授人行使根据新购股权计划授出之购股权（包

括已行使及尚未行使之购股权）而发行及将予发

行之股份总数，不得超过在购股权授出日期已发

行股份之

，除非由股东另行在股东大会上批

准，且该合资格参与者及其紧密联系人（或倘该

合资格参与者为本公司的关连人士，则其联系

人）必须放弃投票。

有关授予任何参与者的任何购股权的归属期须

由董事会酌情厘定，惟最短期限不得少于十二个

月。然而，董事会或薪酬委员会可按照新购股权

计划所列的若干情况酌情容许参与者有较短的

归属期。

新购股权计划的详情载于本公司日期为二零

二三年七月六日的通函及综合财务报表附注

。

自采纳新购股权计划直至本报告日期，本公司概

无根据新购股权计划授出购股权。

于二零二五年三月三十一日，根据本公司所有股

份计划下可供发行的股份总数为

157,292,234

股，

相当于本公司于当日已发行股份（不包括库存股

份）约

11.1%

。

于

2024/25

年度内根据本公司所有股份计划所授

出的购股权及奖励而可能发行的股份（不包括库

存股份）数目除以本年度已发行股份的加权平均

数为

，因为年内根据本公司所有股份计划并无

授出购股权及奖励。

股份奖励计划

本公司实施股份奖励计划，旨在鼓励或奖赏对本

集团作出贡献之合资格参与者，并吸引合适人员

以促进本集团进一步发展。

本公司原股份奖励计划已于二零二三年七月

二十三日届满，并被股东于二零二三年八月四日

举行的本公司股东周年大会上批准之新股份奖

励计划（「股份奖励计划」）取代。

The total number of shares isued and to be isued upon exercise

of options granted to any eligible participants or grante (including

both exercised and outstanding options) under the New Share Option

Scheme in any 12-month period shal not exced 1% of the isued

shares at the date of grant of the option, unles separately aproved

by Shareholders in general meting with such eligible participant and

his/her close asociates (or asociates if the eligible participant is a

conected person) abstaining from voting.

The vesting period in respect of any share options granted to any

participant shal be determined by the Board at its discretion subject to

a minimum period of not les than 12 months. However, the Board or

the Remuneration Comite has the discretion in alowing a shorter

vesting period in certain circumstances as set out in the New Share

Option Scheme.

Details of the New Share Option Scheme are set out in the circular of

the Company dated 6 July 2023 and note 34 to the consolidated financial

statements.

Since the adoption of the New Share Option Scheme until the date of

this report, no share options have ben granted by the Company under

the New Share Option Scheme.

As at 31 March 2025, the total number of shares available for isue

under al share option schemes of the Company is 157,292,234 shares,

representing aproximately 11.1% of the isued shares of the Company

(excluding treasury shares) as at that date.

The number of shares that may be isued in respect of options and

awards granted under al share schemes of the Company during FY

2024/25 divided by the weighted average number of isued shares

(excluding treasury shares) for the year is 0%, as no option or award was

granted under al schemes of the Company during that year.

SHARE AWARD PLAN

The Company operates a share award plan for the purpose to provide

incentives or rewards to the Group’s eligible participants for their

contribution to the Group and to atract suitable personel for the future

development of the Group.

The Company’s original share award plan had expired on 23 July 2023

and was replaced by a new share award plan (the “Share Award

Plan”), which was aproved by Shareholders at the anual general

meting of the Company held on 4 August 2023.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

股份奖励计划自采纳日期起计十

(10)

年期间内有

效及生效。股份奖励计划的合资格参与者包括本

集团的任何雇员、行政人员或高级职员、以及任

何本公司或其附属公司董事（包括非执行及独立

非执行董事）。于二零二五年三月三十一日，股份

奖励计划的剩余期限约为八年半。

根据股份奖励计划项下将授出之所有股份奖励

以及本公司其他股份计划项下将授出之所有

购股权及股份奖励所涉及之股份最高数目为

142,012,234

股份，相当于本公司于

╱

年

度年初及年末已发行股份（不包括库存股份）

10%

和

10%

。有关限额可于采纳日期或股东批准上一

次更新之日起计三年后（或任何三

(3)

年期内的更

新必须获得股东批准，惟控股东及其联系人

必须在股东大会上放弃投票赞成相关决议案），

可不时在本公司的股东大会上取得股东批准的

方式更新，惟新限额总计分别不得超过股东于股

东大会上作出有关批准当日本公司已发行股份

10%

。

于任何十二个月期间内，因任何合资格参与者或

承授人根据新股份奖励计划获授予股份奖励而

发行及将予发行之股份总数，不得超过在奖励授

出日期已发行股份之

，除非由股东另行在股东

大会上批准，且该合资格参与者及其紧密联系人

（或倘该合资格参与者为本公司的关连人士，则

其联系人）必须放弃投票。

有关授予任何参与者的任何股份奖励的归属期

须由董事会酌情厘定，惟最短期限不得少于十二

个月。然而，董事会可按照股份奖励计划所列的

若干情况全权容许参与者有较短的归属期。

股份奖励计划由董事会管理。董事会可于授出、

管理及╱或归属任何奖励过程中委聘受托人。

The Share Award Plan is valid and efective for a period of ten (10)

years comencing on the Adoption Date. Eligible participants of the

Share Award Plan include any employes, executives or oficers of the

Group and any directors (including non-executive and independent non-

executive directors) of the Company or any of its subsidiaries. As at 31

March 2025, the remaining life of the Share Award Plan is aproximately

eight and a half years.

The maximum number of shares in respect of al share awards to be

granted under the Share Award Plan and al share options and share

awards to be granted under any other share schemes of the Company

were 142,012,234 shares, representing 10% and 10% of the isued

shares (excluding treasury shares) of the Company as at the begining

and the end of FY 2024/25. The limit may be refreshed by obtaining

Shareholders’ aproval at a general meting from time to time after

thre years from the Adoption Date or the date of Shareholders’

aproval for the last refreshment (or any refreshment within any thre

(3)-year period be aproved by Shareholders with the Controling

Shareholders and their asociates abstained from voting in favour of

the relevant resolution at the general meting), provided that the new

limit must not be in agregate exced 10% of the isued shares of

the Company as at the date of the relevant shareholders’ aproval in

general meting.

The total number of shares isued and to be isued upon share awards

being granted to any eligible participants or grante under the New

Share Award Plan in any 12-month period shal not exced 1% of the

isued shares at the date of grant of the award, unles separately

aproved by Shareholders in general meting with such eligible

participant and his/her close asociates (or asociates if the eligible

participant is a conected person) abstaining from voting.

The vesting period in respect of any share awards granted to any

participant shal be determined by the Board at its discretion subject

to a minimum period of not les than 12 months. However, the Board

has the sole discretion in alowing a shorter vesting period in certain

circumstances as set out in the Share Award Plan.

The Share Award Plan is subject to the administration of the Board. The

Board may engage truste in the proces of granting, administrating

and/or vesting any awards.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

佳明集团控股有限公司

2024/25

年报

董事会可不时就新股份奖励计划向受托人汇款。

董事会可指示受托人于公开市场（不论是在场内

或场外）购买相关奖励股份数目，以及受托人须

以信托方式代参与者持有该等股份，直至其根据

新股份奖励计划规则归属为止。

董事会可向任何参与者无偿授出奖励。新股份奖

励计划的规则并无对申请或接纳奖励时应付之

款项、以及必须或可能付款或催缴付款或偿还为

此目的之贷款之期限设定任何限制。厘定奖励股

份购买价之基准并不适用，因新股份奖励计划的

规则并无购买价。

新股份奖励计划的详情载于本公司日期为二零

二三年七月六日的通函内。

自采纳新股份奖励计划起直至本报告日期，本公

司概无根据新股份奖励计划授出奖励股份。

于二零二五年三月三十一日，根据本公司所有股

份计划下可供发行的股份数目为

157,292,234

股，

占本公司于当日已发行股份（不包括库存股份）约

11.1%

。

于

2024/25

年度内根据本公司所有股份计划所授

出的购股权及奖励而可能发行的股份（不包括库

存股份）数目除以本年度已发行股份的加权平均

数为

，因为年内根据本公司所有股份计划并无

授出购股权利及奖励。

购买、出售或赎回本公司上市证券

本公司及其任何附属公司于

2024/25

年度期内概

无购买、出售或赎回任何本公司上市证券。

企业管治

董事认为，本公司于

2024/25

年度内已遵守上市规

则附录

内企业管治守则第二部分所载所有（「守

则条文」）。详情载于企业管治报告的第

至

页。

The Board may from time to time transfer funds to the truste for the

purposes of the New Share Award Plan. The Board may instruct the

truste to purchase the number of shares underlying the award from

the open market (either on-market or of-market) and the truste shal

hold such shares on trust for the participants until they are vested in

acordance with the rules of the New Share Award Plan.

The Board may grant awards to any participant at nil consideration. The

rules of the New Share Award Plan do not prescribe the amount payable

on aplication or aceptance of the award and the period within which

payments or cals must or may be made or loans for such purposes

must be repaid. The basis of determining the purchase price of shares

awarded is not aplicable as there is no purchase price under the rules

of the New Share Award Plan.

Details of the New Share Award Plan are set out in the circular of the

Company dated 6 July 2023.

Since the adoption of the New Share Award Plan and up to the date of

this report, no shares have ben awarded by the Company under the

New Share Award Plan.

As at 31 March 2025, the total number of shares available for isue

under al share schemes of the Company is 157,292,234 shares,

representing aproximately 11.1% of the isued shares of the Company

(excluding treasury shares) as at that date.

The number of shares that may be isued in respect of options and

awards granted under al share schemes of the Company during FY

2024/25 divided by the weighted average number of isued shares

(excluding treasury shares) for the year is 0%, as no option or award was

granted under al share schemes of the Company during that year.

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY’S LISTED SECURITIES

Neither the Company nor any of its subsidiaries had purchased, sold or

redemed any of the Company’s listed securities during FY 2024/25.

CORPORATE GOVERNANCE

In the opinion of the Directors, the Company has complied with al

the code provisions as set out in the Corporate Governance Code

(“CG Code”) as contained in Part 2 of Apendix C1 to the Listing

Rules throughout the FY 2024/25. Details are set out in the Corporate

Governance Report on pages 38 to 52.

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

税务宽减及豁免

本公司概不知悉有任何因股东持有本公司证券

而向彼等提供之税务宽减及豁免。

充足公众持股量

于本年报日期，根据本公司所得公开资料及董事

所知悉，本公司维持上市规则规定的最低公众持

股量。

核数师

2024/25

年度的综合财务报表已由香港立信德豪

会计师事务所有限公司审核。即将举行的股东周

年大会上将提呈重新委任香港立信德豪会计师

事务所有限公司作为本公司核数师的决议案。

代表董事会

主席

陈孔明

香港，二零二五年六月三十日

TAX RELIEF AND EXEMPTION

The Company is not aware of any tax relief and exemption available to

the Shareholders by reason of their holding of the Company’s securities.

SUFICIENCY OF PUBLIC FLOAT

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

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

report, the Company has maintained the prescribed minimum public

float under the Listing Rules.

AUDITOR

The consolidated financial statements for FY 2024/25 have ben audited

by BDO Limited. A resolution for the re-apointment of BDO Limited as

auditor of the Company wil be proposed at the forthcoming anual

general meting.

On behalf of the Board

Chan Hung Ming

Chairman

Hong Kong, 30 June 2025

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

于本年报日期，董事及高级管理人员的履历详情

载列如下：

执行董事╱高级管理人员

陈孔明先生，

岁，为本公司主席兼执行董事。

陈先生亦为我们的控股东和本集团所有附属

公司的董事。陈先生为本集团的共同创办人，自

一九五年起参与本集团的管理。彼主要负责制

定本集团业务发展的整体发展策略及方向。彼在

建筑及物业发展领域拥有逾五十一年经验，并且

在数据中心租赁业务方面拥有十七年经验。陈先

生为本公司执行董事陈沛妍小姐的父亲。

陈先生持有由香港理工学院（现称香港理工大学）

颁发的建筑技术高级证书。

于本年报日期，陈先生拥有

921,642,940

股份权

益，占本公司已发行股份总数

64.89%

。除上述提

及，陈先生并无于本公司拥有证券及期货条例第

部所界定之任何其他权益。

刘志华先生，

岁，为本公司执行董事兼行政总

裁，亦为本集团所有附属公司的董事。刘先生为

本集团的共同创办人，自一九五年起参与本集

团的管理。彼主要负责制定本集团整体策略规划

及监督本集团的业务发展、行政及合规事宜。彼

拥有逾三十六年的审核、会计及财务经验。

刘先生持有由岭南学院（现称岭南大学）颁发的会

计学荣誉文凭及香港理工大学颁授的专业会计

硕士学位。彼为香港会计师公会的资深会员。

于本年报日期，刘先生拥有

106,293,660

股份权

益，占本公司已发行股份总数

7.48%

。彼亦持有可

认购

1,000,000

股本公司普通股份（「股份」）之购

股权。除上述提及，刘先生并无于本公司拥有证

券及期货条例第

部所界定之任何其他权益。

Details of the biographies of Directors and senior management up to the

date of this anual report are set out below:

EXECUTIVE DIRECTORS/SENIOR MANAGEMENT

Mr. Chan Hung Ming, aged 71, is our chairman and executive Director.

He is also our Controling Shareholder and a director of al subsidiaries

of our Group. Mr. Chan is a co-founder of our Group and has participated

in the management of our Group since 1995. He is primarily responsible

for formulating the overal strategic development and direction of the

busines development of our Group. He has acumulated over 51 years’

experience in construction and property development field and 17

years’ experience in data centre leasing busines. Mr. Chan is the father

of Ms. Chan Pui Yin Aple, an executive director of the Company.

Mr. Chan holds a Higher Certificate in Building Technology from the Hong

Kong Polytechnic (now known as the Hong Kong Polytechnic University).

As at the date of this anual report, Mr. Chan is interested in 921,642,940

Shares, representing 64.89% of the total number of the isued shares of

the Company. Save as aforementioned, Mr. Chan has no other interests

in the Company within the meaning of Part XV of the SFO.

Mr. Lau Chi Wah, aged 60, is our executive Director and chief executive

oficer. He is also a director of al subsidiaries of our Group. Mr. Lau is

a co-founder of our Group and has participated in the management of

our Group since 1995. He is primarily responsible for formulating the

overal strategic planing of our Group and overseing the busines

development, administrative and compliance maters of our Group. He

had over 36 years of audit, acounting and finance experience.

Mr. Lau holds an Honour Diploma in Acountancy from the Lingnan

Colege (now known as the Lingnan University) and Master’s Degre

in Profesional Acounting from Hong Kong Polytechnic University. He

is a felow of the Hong Kong Institute of Certified Public Acountants

(“HKICPA”).

As at the date of this anual report, Mr. Lau is interested in 106,293,660

Shares, representing 7.48% of the total number of the isued shares

of the Company, He also holds options entitling him to subscribe for

1,000,000 ordinary shares of the Company (the “Share(s)”). Save as

aforementioned, Mr. Lau has no other interests in the Company within

the meaning of Part XV of the SFO.

佳明集团控股有限公司

2024/25

年报

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

董事及高级管理层履历（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

关永和先生，

岁，为本公司执行董事兼财务总

监。彼亦担任本集团若干附属公司的董事。关先

生于二零八年加入本集团，并自始参与本集团

的管理。彼负责本集团的企业财务、会计、税务、

投资及行政事宜。彼在审核、会计及财务领域拥

有逾三十四年经验。加入本集团前，关先生在一

间香港上市公司担任管理层职位十二年，主要负

责其财务、财务汇报责任、会计、税务及行政事

宜。

关先生持有由香港城市大学颁授的会计学士

学位。彼为英国特许公认会计师公会的资深会员

及香港会计师公会员。

于本年报日期，关先生持有可认购

1,000,000

股

份之购股权。除上述提及，关先生并无于本公司

拥有证券及期货条例第

部所界定之任何其他

权益。

曾嘉敏女士，

岁，自二零二年十二月出任本

公司执行董事，负责拓展本集团香港物业发展业

务。曾女士于二零一六年加入本集团，拥有逾八

年建筑项目管理方面经验。

曾女士持有香港理工大学建筑及房地产学理学

硕士和英国伍尔弗汉普顿大学二级荣誉建筑管

理学士学位。

于本年报日期，曾女士拥有

1,586,000

股份权

益，占本公司已发行股份总数

0.11%

。彼亦持有可

认购

1,000,000

股份之购股权。除上述提及，曾

女士并无于本公司拥有证券及期货条例第

部

所界定之任何其他权益。

Mr. Kwan Wing Wo, aged 57, is our executive Director and chief

financial oficer. He also holds directorship in certain subsidiaries of

our Group. Mr. Kwan joined the Group in 2008 and has participated in

the management of the Group since then. He is responsible for the

corporate finance, acounting, taxation, investment and administrative

maters of our Group. He has over 34 years’ experience in auditing,

acounting and finance field. Prior to joining our Group, Mr. Kwan held a

management position in a listed company in Hong Kong for 12 years and

was mainly responsible for its finance, financial reporting obligations,

acounting, taxation and administrative maters.

Mr. Kwan holds a Bachelor’s degre in Acountancy from the City

University of Hong Kong. He is a felow of the Asociation of Chartered

Certified Acountants of United Kingdom and a member of the HKICPA.

As at the date of this anual report, Mr. Kwan holds options entitling him

to subscribe for 1,000,000 Shares. Save as aforementioned, Mr. Kwan

has no other interests in the Company within the meaning of Part XV of

the SFO.

Ms. Tsang Ka Man, aged 34, is our executive Director since

December 2022 and is responsible for developing the Group’s property

development busines in Hong Kong. Ms. Tsang joined the Group in 2016

and has over 8 years of experience in the management of construction

projects.

Ms. Tsang holds a Master of Science in Construction and Real Estate

from the Hong Kong Polytechnic University and a Bachelor of Science

with Second Clas Honours in Construction Management from the

University of Wolverhampton, United Kingdom.

As at the date of this anual report, Ms. Tsang is interested in 1,586,000

Shares, representing 0.11% of the total number of isued shares of the

Company. She also holds options entitling her to subscribe for 1,000,000

Shares. Save as aforementioned, Ms. Tsang has no other interests in the

Company within the meaning of Part XV of the SFO.

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

董事及高级管理层履历（续）

佳明集团控股有限公司

2024/25

年报

陈沛妍小姐，

岁，于二零二四年九月十六日出

任本公司执行董事。彼亦为本公司提名委员会的

成员。陈小姐负责监督本集团物业发展业务，并

协助制定及落实集团整体发展策略。

陈小姐于香港大学毕业，获得建筑学文学士及建

筑学硕士学位。彼亦为香港建筑师学会及英国皇

家建筑师学会员，以及香港法例第

章《建筑

师注册条例》项下建筑师注册管理局的香港注册

建筑师。加入本集团前，陈小姐于二零一六年至

二零二年任职王董建筑师事务所，最后的职位

为高级建筑师。彼为董事会主席、执行董事及控

股东陈孔明先生之女儿。

于本年报日期，陈小姐并无于本公司股份中拥有

证券及期货条例第

部界定之任何权益。

独立非执行董事

徐家华先生，

岁，自二零一三年七月出任本

公司独立非执行董事。彼亦为本公司薪酬委员会

（「薪酬委员会」）主席以及审核委员会（「审核委

员会」）和提名委员会（「提名委员会」）的成员。

徐先生拥有三十七年在美资银行及本地银行之

银行业经验，且于企业银行、零售银行及私人银

行担任过不同管理层职位。彼现于中小企财务有

限公司担任行政总裁。彼亦分别为东方兴业控股

有限公司（股份代号：

）、万事昌国际控股有

限公司（股份代号：

）及华信地产财务有限公司

（股份代号：

）的独立非执行董事，该等公司

的股份于联交所主板上市。

徐先生持有由香港中文大学颁授的文学士学位

及工商管理硕士学位。

于本年报日期，徐先生持有可认购

200,000

股份

之购股权。除上述提及，徐先生并无于本公司拥

有证券及期货条例第

部所界定之任何其他权

益。

Ms. Chan Pui Yin Aple, aged 35, is our executive Director since 16

September 2024. She is also a member of the nomination comite

of the Company. Ms. Chan is responsible for overseing the Group’s

property development busines and asists in formulating and

implementing the Group’s overal corporate strategies.

Ms. Chan graduated from The University of Hong Kong with the degre

of Bachelor of Arts in Architectural Studies and Master of Architecture.

She is also a member of the Hong Kong Institute of Architects and

the Royal Institute of British Architects, and a registered architect with

the Architects Registration Board in Hong Kong under the Architects

Registration Ordinance (Chapter 408 of the Laws of Hong Kong). Prior

to joining the Group, Ms. Chan worked at Wong Tung & Partners Limited

from 2016 to 2022 with her last position as senior architect. She is the

daughter of Mr. Chan Hung Ming who is the chairman of the Board, an

executive Director and a controling shareholder of the Company.

As at the date of this anual report, Ms. Chan did not have any interests

in the shares of the Company within the meaning of Part XV of the SFO.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Tsui Ka Wah, aged 72, is our independent non-executive Director

since July 2013. He is also the chairman of the remuneration comite

(“Remuneration Comite”) and a member of each of the audit

comite (“Audit Comite”) and the nomination comite

(“Nomination Comite”) of the Company.

Mr. Tsui has 37 years of banking experience with United States and local

banks, and has held various management positions in corporate, retail

and private banking. Curently he holds the position of chief executive

oficer of SME Credit Company Limited. He is also an independent

non-executive director of Oriental Explorer Holdings Limited (stock

code: 430), Multifield International Holdings Limited (stock code: 898)

and Southeast Asia Properties & Finance Limited (stock code: 252)

respectively, whose shares are listed on the Main Board of the Stock

Exchange.

Mr. Tsui holds a Bachelor of Arts Degre and a Master’s Degre of

Busines Administration from the Chinese University of Hong Kong.

As at the date of this anual report, Mr. Tsui holds options entitling him

to subscribe for 200,000 Shares. Save as aforementioned, Mr. Tsui has no

other interests in the Company within the meaning of Part XV of the SFO.

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

董事及高级管理层履历（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

简友和先生，

岁，自二零一三年七月出任本公

司独立非执行董事。彼亦为提名委员会的主席以

及审核委员会和薪酬委员会的成员。

简先生于富士通集团公司工作逾三十年，在二零

零七年获任命为

Fujitsu Hong Kong Ltd.

（富士通香

港有限公司）总裁，后任富士通华南及香港区行

政总裁。简先生于二零一年从富士通集团公司

退休。

简先生毕业于英国赫尔大学，获颁计算机科学及

数学理学士学位（一级荣誉）。

于本年报日期，简先生持有可认购

200,000

股份

之购股权。除上述提及，简先生并无于本公司拥

有证券及期货条例第

部所界定之任何其他权

益。

何超然先生，

岁，自二零二三年一月出任本公

司独立非执行董事。彼亦为审核委员会主席以及

薪酬委员会和提名委员会的成员。

何先生对股份于香港上市，以及香港和中国内

地的制造、零售和房地产开发业务的客户提供

法定审计、集团报告、尽职审查和监管咨询服务

方面拥有超过三十年经验。彼于一九八五年至

一九八九年任职罗兵咸永道会计师事务所（现

称香港罗兵咸永道）。自一九八九年至一九二

年，彼任职澳洲悉尼

Hamiltons

（一间专门处理破

产事务的公司），最后的职位为经理。何先生于

一九三年至一九五年重新加入香港罗兵咸

永道担任审计经理。彼随后于一九五年至二零

零二年任职普华永道中天会计师事务所（特殊普

通合伙）广州分公司经理以及高级经理，并于二

零二年至二零二一年获准担任合伙人。何先生

于二零二一年六月从公司合伙人的职位退休。

何先生于一九八四年获得澳大利亚新南威尔士

大学商业学士学位。彼自一九三年起为香港会

计师公会员；自一九一年起为澳洲及纽西兰

特许会计师公会（前称澳洲特许会计师公会）会

员。

于本年报日期，何先生并无于本公司股份中拥有

证券及期货条例第

部界定之任何权益。

Mr. Kan Yau Wo, aged 72, is our independent non-executive Director

since July 2013. He is also the chairman of the Nomination Comite

and a member of each of the Audit Comite and the Remuneration

Comite.

Mr. Kan has ben working with Fujitsu’s group of companies for over 30

years and was apointed as the president in Fujitsu Hong Kong Ltd. in

2007 and then the chief executive oficer of Fujitsu’s South China and

Hong Kong Region. Mr. Kan retired from his position in Fujitsu’s group of

companies in 2011.

Mr. Kan graduated from University of Hul in United Kingdom with

Bachelor of Science (First Clas Honour) in Computer Studies and

Mathematics.

As at the date of this anual report, Mr. Kan holds options entitling him

to subscribe for 200,000 Shares. Save as aforementioned, Mr. Kan has no

other interests in the Company within the meaning of Part XV of the SFO.

Mr. Ho Chiu Yin Ivan, aged 64, is our independent non-executive

Director since January 2023. He is also the chairman of the Audit

Comite, and a member of each of the Remuneration Comite and

the Nomination Comite.

Mr. Ho has over 30 years of experience in providing statutory audit,

group reporting, due diligence review and regulatory advisory

services for various clients with shares listed in Hong Kong and

busineses in manufacturing, retail, and property development in

Hong Kong and the Mainland China. He worked for Price Waterhouse

(now PricewaterhouseCopers Hong Kong) from 1985 to 1989. He

then worked for Hamiltons in Sydney, Australia, a firm specialised

in insolvency practice, from 1989 to 1992 with his last position as

manager. From 1993 to 1995, Mr. Ho rejoined PricewaterhouseCopers

Hong Kong and worked as an audit manager. He then joined

PricewaterhouseCopers Zhong Tian LP, Guangzhou Branch and acted

as a manager and then senior manager from 1995 to 2002, and was

admited as partner from 2002 to 2021. Mr. Ho retired from partnership

of the firm in June 2021.

Mr. Ho obtained a Bachelor of Comerce from the University of New

South Wales in 1984. He is a member of the HKICPA since 1993, a

member of the Chartered Acountants Australia and New Zealand

(previously the Institute of Chartered Acountant Australia) since 1991.

As at the date of this anual report, Mr. Ho did not have any interests in

the shares of the Company within the meaning of Part XV of the SFO.

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

董事及高级管理层履历（续）

佳明集团控股有限公司

2024/25

年报

李宗燿先生，

岁，自二零一三年七月出任本公

司独立非执行董事。彼亦为薪酬委员会、审核委

员会和提名委员会的成员。

凭借在建筑领域逾三十年的经验，李先生在

一九五年至二零九年间在多家建筑师事务

所担任董事。自二零九年起，李先生担任一家

建筑公司的项目总监。

李先生毕业于香港大学，获颁授建筑学士学

位。彼为香港建筑师学会员及香港建筑师注册

管理局的注册建筑师。李先生亦为屋宇署保存的

建筑师名单的认可人士。

于本年报日期，李先生持有可认购

200,000

股份

之购股权。除上述提及，李先生并无于本公司拥

有证券及期货条例第

部所界定之任何其他权

益。

公司秘书

梁伟泉先生，

岁，自二零一三年七月出任本公

司公司秘书。梁先生在审核、会计、财务管理及

公司秘书领域拥有逾三十四年经验。加入本集

团前，彼曾于多家香港上市公司工作及担任高级

职务，负责该等公司的财务、会计及公司秘书职

能。彼现时为壹照明集团控股有限公司（一家在

联交所

GEM

上市的公司，股份代号：

）的独立

非执行董事。彼亦于二零二零年八月获委任为科

利实业控股集团有限公司（一家在联交所主板上

市的公司，股份代号：

）的独立非执行董事。

梁先生为香港会计师公会员、英国特许公认会

计师公会资深会员、以及香港公司治理公会和特

许公司治理学会士。彼持有香港大学社会科学

学士学位、英国威尔斯大学及曼彻斯特大学联合

颁发的工商管理硕士学位，以及墨尔本皇家理工

学院（现称墨尔本皇家理工大学）工商（物流管理）

硕士学位。

于本年报日期，梁先生持有可认购

200,000

股份

之购股权。

Mr. Le Chung Yiu Johny, aged 81, is our independent non-

executive Director since July 2013. He is also a member of each of

the Audit Comite, Remuneration Comite and the Nomination

Comite.

With over 30 years’ experience in the field of architecture, Mr. Le

worked in several architect firms including as a director from 1995 to

2009. From 2009, Mr. Le has ben working for an architecture company

as a project director.

Mr. Le graduated from the University of Hong Kong with a Bachelor’s

Degre in Architecture. He is a member of the Hong Kong Institute of

Architects and a registered architect with Architects Registration Board

in Hong Kong. Mr. Le is also an authorised person within the List of

Architects maintained by the Buildings Department.

As at the date of this anual report, Mr. Le holds options entitling him

to subscribe for 200,000 Shares. Save as aforementioned, Mr. Le has no

other interests in the Company within the meaning of Part XV of the SFO.

COMPANY SECRETARY

Mr. Leung Wai Chuen, aged 59, is the company secretary of the

Company since July 2013. Mr. Leung has over 34 years’ experience in

auditing, acounting, financial management and company secretarial

maters. Prior to joining our Group, he worked for and held senior

positions in various listed companies in Hong Kong and was responsible

for their finance, acounting and company secretarial functions.

Curently he is an independent non-executive director of E Lighting

Group Holdings Limited (stock code: 8222, a company listed on the GEM

of the Stock Exchange). He is also apointed as an independent non-

executive director of Fourace Industries Group Holdings Limited (stock

code: 1455, a company listed on the Main Board of the Stock Exchange)

on August 2020.

Mr. Leung is a member of the HKICPA, a felow of the Asociation of

Chartered Certified Acountants of the United Kingdom and an asociate

of the Hong Kong Institute of Chartered Secretaries and The Chartered

Governance Institute in England respectively. He holds a Bachelor’s

Degre in Social Sciences from the University of Hong Kong, a Master’s

Degre in Busines Administration jointly awarded by the University

of Wales and the University of Manchester and a Master’s Degre in

Busines (Logistics Management) from the Royal Melbourne Institute of

Technology (now known as RMIT University).

As at the date of this anual report, Mr. Leung holds options entitling him

to subscribe for 200,000 Shares.

CORPORATE GOVERNANCE REPORT

企业管治报告

对企业管治的承担

本公司深明良好企业管治常规及程序的重要性，

确信杰出的董事会、可靠的内部监控及向股东负

责乃企业管治原则的要素。本公司致力确保业务

遵照规则及规例，以及适用守则及标准进行。

企业管治守则

董事认为，本公司于

2024/25

年度应用上市规则附

录

内企业管治守则第二部分所载所有守则条

文并遵守适用守则条文。

董事会

董事会责任

董事会主要负责本集团的管理，包括负责

制订业务策略、领导及督导本集团的发展。

除其法定责任外，董事会亦需要批准企业

策略发展计划及主要投资；审阅集团的财

务表现；确定集团业务的主要风险及确保

适当的风险管理和内部监控系统。董事会

亦成立董事委员会并委派其处理各项公司

事务。

日常营运及行政事宜授予本集团管理层负

责，并由执行董事带领。

董事会组成

董事会现有以下九位成员：

执行董事

陈孔明先生（主席）

刘志华先生（行政总裁）

关永和先生（财务总监）

曾嘉敏女士

陈沛妍小姐（于二零二四年九月十六日获委任）

独立非执行董事

徐家华先生

简友和先生

何超然先生

李宗燿先生

COMITMENT TO CORPORATE GOVERNANCE

The Company acknowledges the importance of god corporate

governance practices and procedures, and regards a pre-eminent

board of directors, sound internal controls and acountability to

al Shareholders as the core elements of its corporate governance

principles. The Company endeavours to ensure that its busineses are

conducted in acordance with rules and regulations, and aplicable

codes and standards.

CORPORATE GOVERNANCE CODE

In the opinion of the Directors, the Company has complied with al the

code provisions as set out in the CG Code as contained in Part 2 of

Apendix C1 to the Listing Rules throughout FY 2024/25.

BOARD OF DIRECTORS

1. Responsibilities of the Board

The Board is primarily responsible for management of the Group,

including the responsibilities of formulating busines strategies,

directing and monitoring the Group’s development. Apart from its

statutory responsibilities, the Board is also required to aprove

the Group’s strategic development plan and major investments;

review the Group’s financial performance; identify principal risks

of the Group’s busines and ensure adequate systems of risk

management and internal control. The Board also delegates

certain responsibilities to various board comites which have

ben established by the Board to deal with diferent aspects of the

Company’s afairs.

The day-to-day operations and administration are delegated to the

management of the Group under the leadership of the executive

Directors.

2. Board Composition

The Board curently comprises nine members, as detailed below:

Executive Directors

Mr. Chan Hung Ming (Chairman)

Mr. Lau Chi Wah (Chief Executive Oficer)

Mr. Kwan Wing Wo (Chief Financial Oficer)

Ms. Tsang Ka Man

Ms. Chan Pui Yin Aple (apointed on 16 September 2024)

Independent Non-Executive Directors

Mr. Tsui Ka Wah

Mr. Kan Yau Wo

Mr. Ho Chiu Yin Ivan

Mr. Le Chung Yiu Johny

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

佳明集团控股有限公司

2024/25

年报

董事的个人履历详列于本年报第

至

页。董事会成员之间概无任何财务、业务、

家族或其他重大╱相关的关系。董事名单

与其角色和职能已登载于本公司网页。

董事会已采纳董事会多元化政策，务求令

董事会更具多元化。本公司确认并深信董

事会成员多元化裨益良多，且将董事会层

面之多元化视作达致可持续均衡发展的关

键元素。本公司在设定董事会成员组合时，

会从多个方面考虑董事会成员多元化，包

括但不限于性别、年龄、教育背景、专业经

验、技能、知识、行业经验及专门知识。董

事会所有委任均以用人唯才为原则，并在

考虑人选时以各种标准充分顾及董事会成

员多元化的裨益。

于物色合适的董事人选时，提名委员会将

参考建议候选人的技能、经验、教育背景、

专业知识、个人诚信及可付出的时间，以及

本公司的需要及该职位所须遵守的其他相

关法定要求及法规进行筛选。所有候选人

必须符合上市规则第

3.08

条及第

3.09

条所订

明的标准。将获委任为独立非执行董事的

候选人亦须符合上市规则第

3.13

条所订明

的独立性标准。合资格候选人随后将获推

荐予董事会审批。

董事会由具备多元背景及╱或丰富企业管

理专业知识的董事组成，逾半董事具备专

业资历。

目前董事会九名董事中有两名为女性董

事。董事会致力物色适当候选人推动性别

多元化。本集团提倡多元化及包容的工作

场所，并坚持性别平等的理念，保证女性员

工获得平等的应聘机会。于二零二五年三

月三十一日，本集团员工（包括董事及高级

管理人员）中，男性占

74%

及女性占

26%

。本

公司认为董事会及本集团工作团队已达至

性别多元化。

The biographical details of the Directors are set out on pages 33 to

37 of this anual report. There is no financial, busines, family or

other material/relevant relationship among members of the Board.

A list of Directors and their roles and functions has ben published

on the Company’s website.

The Board has adopted a board diversity policy with the aim

of achieving diversity on the Board. The Company recognizes

the benefits of having a diverse Board, and ses diversity of

perspectives at the Board level as esential in achieving a

sustainable and balanced development. In designing the Board’s

composition, board diversity has ben considered from a number

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

background, profesional experience, skils, knowledge, industry

experience and expertise. Al Board apointments are based on

meritocracy, and candidates wil be considered against a variety

of criteria, having due regard for the benefits of diversity on the

Board.

When identifying suitable candidates for directorship, the

Nomination Comite wil cary out the selection proces by

making reference to the skils, experience, education background,

profesional knowledge, personal integrity and time comitments

of the proposed candidates, and also the Company’s neds and

other relevant statutory requirements and regulations required for

the positions. Al candidates must be able to met the standards

as set forth in Rules 3.08 and 3.09 of the Listing Rules. A candidate

who is to be apointed as an independent non-executive Director

should also met the independence criteria set out in Rule 3.13 of

the Listing Rules. Qualified candidates wil then be recomended

to the Board for aproval.

The Board comprises Directors with diverse backgrounds and/or

extensive expertise in corporate management, with over 50% of

the Directors posesing profesional qualifications.

Curently, the Board has two female Directors out of nine

Directors. The Board strives to enhancing gender diversity as and

when suitable candidates are identified. The Group advocates a

diversified and inclusive workplace, and adheres to the concept of

gender equality, and guarantes equal employment oportunities

for female employes. As at 31 March 2025, 74% of the Group’s

employes (including Directors and senior management) were

male and 26% were female. The Company considers that gender

diversity in respect of the Board and the Group’s workforce has

ben achieved.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

全体独立非执行董事均有三年指定委任年

期，并需要轮值退任，惟符合资格在本公司

股东周年大会上重选连任董事。本公司已

接获每名独立非执行董事根据上市规则第

3.13

条有关其独立身份而发出的年度确认

函，而本公司认为全体独立非执行董事仍

具独立身份。

本公司遵照上市规则第

3.10(1)

条，同时符合

上市规则第

3.10A

条有关董事会至少三分之

一成员为独立非执行董事的规定。而且其

中一名独立非执行董事，何超然先生，符合

上市规则第

3.10(2)

条的规定，具备合适之专

业资格或会计或财务管理专长。

确保董事会有充分独立意见的机制

董事会深明董事会的独立性对于良好企业

管治至关重要。本公司已设立机制，以确保

董事会具有强大的独立性，有关机制概述

如下：

董事会组成

董事会致力确保委任至少三名独立非执行

董事，及至少有三分之一的董事会成员为

独立非执行董事（或上市规则可能不时规定

的更高门槛）。

独立性评估

提名委员会在提名及委任独立非执行董事

时，须严格遵守提名政策及上市规则所载

独立性评估标准。

倘每位独立非执行董事的个人情况有任何

变动，并可能对其独立性产生重大影响，则

必须在实际可行情况下尽快通知本公司。

提名委员会获授权参照上市规则所载独立

性标准，每年对所有独立非执行董事的独

立性进行评估，以确保彼等能够持续作出

独立判断。

Al the independent non-executive Directors are apointed

for a specific term of thre years and are required to retire by

rotation and eligible for re-election at the Company’s anual

general meting. The Company has received, from each of the

independent non-executive Directors, an anual confirmation of

his independence pursuant to Rule 3.13 of the Listing Rules. The

Company considers that al independent non-executive Directors

are independent.

The Company has complied with Rule 3.10(1) of the Listing Rules

and met the requirement of Rule 3.10A of the Listing Rules of at

least one-third of the members of the Board being independent

non-executive Directors. In adition, Mr. Ho Chiu Yin Ivan, one of

the independent non-executive Directors, has the apropriate

profesional qualifications, or acounting or related financial

management expertise as required under Rule 3.10(2) of the

Listing Rules.

3. Mechanism ensuring suficient independent views to

the Board

The Board recognises Board independence is critical to god

corporate governance. The Company has put in place the

mechanisms to ensure a strong independence element on the

Board, which are sumarised below:

Board Composition

The Board endeavours to ensure the apointment of at least thre

independent non-executive Directors and at least one-third of the

Board members being independent non-executive Directors (or

such higher threshold as may be required by the Listing Rules from

time to time)

Independence Asesment

The Nomination Comite shal strictly adhere to the nomination

policy and the independence asesment criteria as set out in the

Listing Rules with regard to the nomination and apointment of

independent non-executive Directors.

Each independent non-executive Director is also required to

inform the Company as son as practicable if there is any change

in his own personal particulars that may materialy afect his

independence.

The Nomination Comite is mandated to ases anualy the

independence of al independent non-executive Directors by

reference to the independence criteria as set out in the Listing

Rules to ensure that they can continualy exercise independent

judgement.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

佳明集团控股有限公司

2024/25

年报

决策

所有董事（包括独立非执行董事）均有权就

董事会议上讨论的事宜向管理层寻求进

一步的资料及文件。彼等亦可以向本公司

的公司秘书寻求协助，并在必要时寻求外

部专业顾问的独立意见，费用由本公司承

担。

所有董事（包括独立非执行董事）不得就批

准该董事或其任何紧密联系人拥有重大权

益的任何合约或安排的董事会决议案投票

或被计入法定人数。

董事会已对上述机制的执行情况进行年度

审阅，认为上述机制的执行情况令人满意。

董事会及董事委员会议

董事会于

2024/25

年度出席股东大会，董事

会议及董事委员会议如下：

此外，董事会主席于

2024/25

年度期间与独

立非执行董事举行一次没有其他执行董事

出席的会议。

Decision Making

Al Directors (including independent non-executive Directors) are

entitled to sek further information and documentation from the

management on the maters to be discused at board metings.

They can also sek asistance from the Company’s company

secretary and, where necesary, independent advice from external

profesional advisers at the Company’s expense.

Al Directors (including independent non-executive Directors) shal

not vote or be counted in the quorum on any board resolution

aproving any contract or arangement in which such Director or

any of his close asociates has a material interest.

The Board had made an anual review on the implementation

of the abovementioned mechanisms and was of the view

that the abovementioned mechanisms had ben satisfactorily

implemented.

4. Board and Board Comite Metings

The Board’s atendance in the general metings, board metings

and board comite metings during FY 2024/25 are as folows:

Metings Atended/Held

会议出席次数╱总数

Board

Audit

Comite

Remuneration

Comite

Nomination

Comite

Anual

General

Meting

董事会审核委员会薪酬委员会提名委员会股东周年大会

Executive Directors

执行董事

Mr. Chan Hung Ming

陈孔明先生

5/5–1/1

Mr. Lau Chi Wah

刘志华先生

5/5–1/1

Mr. Kwan Wing Wo

关永和先生

5/5–1/1

Ms. Tsang Ka Man

曾嘉敏女士

5/5–1/1

Ms. Chan Pui Yin Aple

(apointed on 16/9/2024)

陈沛妍小姐

（于二零二四年

九月十六日获委任）

3/3–

Independent Non-Executive

Directors

独立非执行董事

Mr. Tsui Ka Wah

徐家华先生

5/52/22/22/21/1

Mr. Kan Yau Wo

简友和先生

5/52/22/22/21/1

Mr. Ho Chiu Yin Ivan

何超然先生

5/52/22/22/21/1

Mr. Le Chung Yiu Johny

李宗燿先生

5/52/22/22/21/1

In adition, the chairman of the Board held a meting with the

independent non-executive Directors without the presence of

other executive Directors during FY 2024/25.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

利益冲突

倘若董事于董事会将予考虑的事项中存有

潜在利益冲突，彼则须放弃表决。无利益冲

突的独立非执行董事将出席会议处理有关

利益冲突的事项。

董事及高级职员责任保险

本公司已为董事及高级职员责任投购适合

及充分的保险，以弥偿董事及高级管理层

可能需要承担任何因本公司业务所产生的

潜在责任。

董事投入时间及培训

本公司已接获每名董事确认于年内投入足

够时间及充分关注本公司事务。董事已向

本公司披露彼等于香港或海外上市的公众

公司或机构担任职务的数目及性质，以及

其他重大承担，并提供公众公司或机构的

名称和担任有关职务所涉及的时间。已提

示彼等应向本公司适时披露该等资料的任

何变更。本公司敦请全体董事及董事委员

会成员亲身出席董事会及董事委员会

议。倘董事及董事委员会成员无法出席会

议，则会安排透过电子方式参与会议。

全体董事，即陈孔明先生、刘志华先生、关

永和先生、曾嘉敏女士、陈沛妍小姐、俆家

华先生、简友和先生、何超然先生及李宗燿

先生已遵照企业管治守则条文第

C.1.4

条，

均曾参与有关董事职责的持续专业发展、

相关讲座及研讨会。董事已向本公司提供

该等培训的记录。本集团的业务，会计，监

管和企业管治方面的最新发展和更新已提

供给董事会阅读。彼等亦收取由管理层提

供的每月财务摘要。

5. Conflict of Interest

If a Director has a potential conflict of interest in a mater being

considered in the board meting, he wil abstain from voting.

Independent non-executive Directors with no conflict of interest

wil be present at metings dealing with such conflict of interest

isues.

6. Directors’ and Oficers’ Liability Insurance

The Company has apropriate and suficient insurance coverage

relating to directors’ and oficers’ liability to indemnify the

Directors and senior management against any potential liabilities

arising from the Company’s busines activities for which such

Directors and senior management may be held liable.

7. Directors’ Time Comitments and Trainings

The Company has received confirmation from each Director that

he had suficient time and atention to the afairs of the Company

for the year. The Directors have disclosed to the Company the

number and nature of ofices they held in Hong Kong or overseas

listed public companies or organisations and other significant

comitments, with the identity of the public companies and

organisations and an indication of the time involved. They are

reminded to notify the Company in a timely maner of any

changes of such information. Al Directors are encouraged to

atend the Board meting and board comite meting in

person. For the Directors and comite members who are

unable to atend the meting, participation through electronic

means is aranged and available.

Al Directors, namely, Mr. Chan Hung Ming, Mr. Lau Chi Wah, Mr.

Kwan Wing Wo, Ms. Tsang Ka Man, Ms. Chan Pui Yin Aple, Mr.

Tsui Ka Wah, Mr. Kan Yau Wo, Mr. Ho Chiu Yin Ivan and Mr. Le

Chung Yiu Johny, had participated in continuous profesional

development with respect to directors’ duties, relevant

programes and seminars, in compliance with code provision

C.1.4 of the CG Code. A record of the Directors’ participation in

such programes is kept by the Company. Reading materials on

the latest developments or updates in conection to the Group’s

busineses, acounting, regulatory and corporate governance

aspects were provided to the Directors. They also received

monthly financial highlights provided by the management.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

佳明集团控股有限公司

2024/25

年报

主席及行政总裁

企业管治守则守则条文第

C.2.1

条订明，主席与行

政总裁的角色应有区分，且不应由一人同时兼

任。

主席及行政总裁目前分别由陈孔明先生及刘志

华先生担任，两者的责任有明确区分。

主席陈孔明先生负责管理及领导董事会制定本

集团总体策略及业务发展方向，以确保向全体董

事及时提供充分、完整及可靠的资料，并确保董

事会议上提出的问题得到适当解释。

行政总裁刘志华先生负责本集团日常营运，实施

由董事会制定及采纳的业务政策、目标及计划，

并就本集团的整体营运向董事会负责。

企业管治职能

董事会负责履行企业管治职责。以下为董事会之

主要企业管治职责：

(i)

制订及检讨本公司的企业管治政策及常规；

(i)

检讨及监察本公司董事及高级管理人员的

培训及持续专业发展；

(i)

检讨及监察本公司在遵守法律及监管规定

方面的政策及常规；

(iv)

制订、检讨及监督适用于本集团雇员及董

事的操守准则及合规手册（如有）；及

(v)

检讨本公司遵守管治守则的情况及于企业

管治报告内作出披露。

董事会已检讨本公司于

2024/25

年度之企业管治

事宜。本公司已遵守企业管治守则之原则及适用

守则条文。

CHAIRMAN AND CHIEF EXECUTIVE OFICER

Code provision C.2.1 of the CG Code stipulates that the roles of

chairman and chief executive oficer should be separate and should not

be performed by the same individual.

The chairman and the chief executive oficer are curently two separate

positions held by Mr. Chan Hung Ming and Mr. Lau Chi Wah respectively

with clear distinction in responsibilities.

Mr. Chan Hung Ming, being the chairman, is responsible for the

management and leadership of the Board to formulate overal strategies

and busines development directions for the Group, to ensure that

adequate, complete and reliable information is provided to al Directors

in a timely maner, and to ensure that the isues raised at the Board

metings are explained apropriately.

Mr. Lau Chi Wah, being the chief executive oficer, is responsible for

the daily operations of the Group and the implementation of busines

policies, objectives and plans as formulated and adopted by the Board,

and is acountable to the Board for the overal operation of the Group.

CORPORATE GOVERNANCE FUNCTIONS

The Board is responsible for performing the corporate governance

duties. Given below are the main corporate governance duties of the

Board:

(i) to develop and review the Company’s policies and practices on

corporate governance;

(i) to review and monitor the training and continuous profesional

development of the Directors and senior management of the

Company;

(i) to review and monitor the Company’s policies and practices on

compliance with legal and regulatory requirements;

(iv) to develop, review and monitor the code of conduct and

compliance manual (if any) aplicable to employes of the Group

and the Directors; and

(v) to review the Company’s compliance with the CG Code and

disclosure in the corporate governance report.

The Board had reviewed the corporate governance maters of the

Company for FY 2024/25. The Company had complied with the

principles and aplicable code provisions of the CG Code.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

董事委员会

董事会已成立三个委员会，即薪酬委员会、审核

委员会及提名委员会，以监察本集团特定方面的

事务及履行职责。董事委员会具备充足资源以履

行其职责。

薪酬委员会

本公司于二零一三年七月二十三日成立薪

酬委员会，并遵照上市规则制定书面职权

范围。薪酬委员会的职权范围已于本公司

及联交所网站登载。薪酬委员会由四名独

立非执行董事组成。现任成员为徐家华先生

（主席）、简友和先生、何超然先生及李宗

燿先生。

薪酬委员会之主要职能为（其中包括）

(i)

就董

事及高级管理层之薪酬政策及架构向董事

会提出推荐建议；

(i)

参考董事会的企业目标

及宗旨，审阅及批准管理层的薪酬建议；

(i)

就执行董事及高级管理层的薪酬方案与独

立非执行董事的薪酬向董事会作出推荐建

议；及

(iv)

确保无任何董事可自行厘定其薪

酬。

于

2024/25

年度期内，薪酬委员会举行了两

次会议。薪酬委员会的工作包括：

(i)

检阅董事及高级管理层的薪酬政策及

架构；

(i)

检讨及建议董事会批准董事的年度薪

酬；及

(i)

评核执行董事的表现，检讨及建议董

事会批准执行董事的年度花红。

董事的薪酬详情载于综合财务报表附注

。

BOARD COMITES

The Board has established thre comites, namely, the Remuneration

Comite, Audit Comite and Nomination Comite, for overseing

particular aspects of the Group’s afairs and discharging its functions.

Suficient resources are provided to enable the Board comites to

undertake their specific role.

1. Remuneration Comite

The Company established the Remuneration Comite on 23 July

2013 with writen terms of reference in compliance with the Listing

Rules. The terms of reference of the Remuneration Comite are

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

The Remuneration Comite consists of al four independent

non-executive Directors. The curent members are Mr. Tsui Ka Wah

(chairperson), Mr. Kan Yau Wo, Mr. Ho Chiu Yin Ivan and Mr. Le

Chung Yiu Johny.

The primary duties of the Remuneration Comite include,

among others, (i) making recomendation to the Board on

the remuneration policy and structure for Directors and senior

management; (i) reviewing and aproving the management’s

remuneration proposals with reference to the Board’s corporate

goal and objective; (i) making recomendation to the Board on

the remuneration packages of executive Directors and senior

management and remuneration of non-executive Directors;

and (iv) ensuring none of the Directors determine their own

remuneration.

During FY 2024/25, the Remuneration Comite held two

metings. The work of the Remuneration Comite included:

(i) reviewed the remuneration policy and structure of Directors

and senior management;

(i) reviewed and recomended the anual emoluments of

Directors to the Board for aproval; and

(i) asesed the performance of executive Directors, reviewed

and recomended the anual bonus for executive Directors

to the Board for aproval.

Details of remuneration of Directors are set out in note 11 to the

consolidated financial statements.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

佳明集团控股有限公司

2024/25

年报

审核委员会

本公司于二零一三年七月二十三日成立审

核委员会，并遵照上市规则制定书面职权

范围。审核委员会的职权范围已于本公司

及联交所网站登载。审核委员会由四名独

立非执行董事组成。现任成员为何超然先生

（主席）、徐家华先生、简友和先生及李宗

燿先生。何先生具备上市规则第

3.10(2)

及

3.21

条规定的合适专业资格。

审核委员会之主要职责为（其中包括）

(i)

就外

聘核数师之委任、续聘及罢免向董事会提

供推荐建议；

(i)

审阅财务报表、风险管理及

内部监控系统；及

(i)

监督财务申报及内部

监控程序的成效。

于

2024/25

年度期内，审核委员会举行了两

次会议。审核委员会的工作包括：

(i)

审阅截至二零二四年三月三十一日止

年度的经审核财务报表及全年业绩公

布；

(i)

审阅截至二零二四年九月三十日止六

个月的未经审核财务报表及中期业绩

公布；及

(i)

审阅本集团的内部审计功能以及风

险管理和内部监控系统的适切性和效

率。

审核委员会于二零二五年六月三十日审阅

本集团

2024/25

年度经审核财务报表及全年

业绩公布。

委员会成员亦与外聘核数师举行闭门会

议，会上并无执行董事列席。

2. Audit Comite

The Company established the Audit Comite on 23 July 2013

with writen terms of reference in compliance with the Listing

Rules. The terms of reference of the Audit Comite are available

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

Audit Comite consists of al four independent non-executive

Directors. The curent members are Mr. Ho Chiu Yin Ivan

(chairperson), Mr. Tsui Ka Wah, Mr. Kan Yau Wo and Mr. Le Chung

Yiu Johny. Mr. Ho holds the apropriate profesional qualifications

as required under Rules 3.10(2) and 3.21 of the Listing Rules.

The primary duties of the Audit Comite include, among others,

(i) making recomendation to the Board on the apointment,

re-apointment and removal of external auditors; (i) reviewing

the financial statements, risk management and internal control

systems; and (i) overseing the financial reporting and the

efectivenes of the internal control procedures.

During FY 2024/25, the Audit Comite held two metings. The

work of the Audit Comite included:

(i) reviewed the audited financial statements and anual results

anouncement for the year ended 31 March 2024;

(i) reviewed the unaudited financial statements and interim

results anouncement for the six months ended 30

September 2024; and

(i) reviewed the adequacy and efectivenes of the Group’s

internal audit function, as wel as the risk management and

internal controls system.

The Group’s audited financial statements and anual results

anouncement for FY 2024/25 were reviewed by the Audit

Comite on 30 June 2025.

The comite members also met in separate sesion with the

external auditor without the presence of executive Directors.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

提名委员会

本公司于二零一三年七月二十三日成立提

名委员会，并遵照上市规则制定书面职权

范围。提名委员会的书面职权范围已于本

公司及联交所网站登载。提名委员会由四

名独立非执行董事及一名执行董事组成。

现任成员为简友和先生（主席）、徐家华先

生、何超然先生、李宗燿先生及陈沛研小

姐。

提名委员会之主要职责为定期检讨董事会

之架构、人数及组成；物色具备合适资格可

担任董事之人选；评核独立非执行董事之

独立身分及就董事委任或续任向董事会提

出推荐建议。董事会在评估建议候选人的

适当性时将考虑候选人的资历（包括专业资

格、技能及知识），与本集团业务相关的经

验以及可为本公司带来的潜在贡献。

于

2024/25

年度期内，提名委员会举行了两

次会议。提名委员会的工作包括：

(i)

检讨董事会的人数、组成及成员多元

化；

(i)

评核独立非执行董事之独立身分；

(i)

就董事于周年股东大会上的续任向董

事会提出推荐建议；及

(iv)

提名适合的候选人及就委任新董事向

董事会提出推荐建议。

董事之证券交易

本公司已采纳上市规则附录

所载之标准守则，

作为监察董事进行证券交易的操守则。经本公

司向全体董事作出具体查询后，全体董事均确认

彼等于

2024/25

年度内一直遵守标准守则所规定

的准则。

3. Nomination Comite

The Company established the Nomination Comite on 23 July

2013 with writen terms of reference in compliance with the Listing

Rules. The terms of reference of the Nomination Comite are

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

The Nomination Comite consists of al four independent

non-executive Directors and one executive Director. The curent

members are Mr. Kan Yau Wo (chairperson), Mr. Tsui Ka Wah, Mr.

Ho Chiu Yin Ivan, Mr. Le Chung Yiu Johny and Ms. Chan Pui Yin

Aple.

The primary duties of the Nomination Comite are to review

the structure, size and composition of the Board on regular

basis; to identify individuals suitably qualified to become Board

members; to ases the independence of independent non-

executive Directors; and to make recomendations to the Board

on the apointment or re-apointment of Directors. In asesing

the suitability of a proposed candidate for directorship, the Board

wil take into acount the candidate’s qualification (including

profesional qualifications, skil and knowledge), experience in

relation to the Group’s busineses and potential contribution that

can bring to the Company.

During FY 2024/25, the Nomination Comite held two metings.

The work of the Nomination Comite included:

(i) reviewed the size, composition and diversity of the Board;

(i) asesed the independence of the independent non-

executive Directors;

(i) made recomendation to the Board on the re-election of

Directors at the anual general meting; and

(iv) nominate suitable candidates and made recomendation to

the Board on the apointment of new Directors.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Code as set out in Apendix C3

to the Listing Rules as its code of conduct regarding Directors’ securities

transactions. Having made specific enquiries to al Directors by the

Company, al Directors confirmed their compliance with the required

standard set out in the Model Code throughout FY 2024/25.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

佳明集团控股有限公司

2024/25

年报

财务报告

董事知悉需负责根据香港财务报告准则，香港公

司条例（香港法例第

章）及上市规则适用的披

露规定编制财务报表，且真实而公平反映本集团

之财务状况、财务表现及现金流量。管理层向董

事会提供资料及解释，让董事会可就财务及其

他决定作出知情评估。因此，选用适当的会计政

策，并且贯彻应用，及管理层对财务报告所作的

判断和评估是审慎和合理。

外聘核数师就彼等对本集团综合财务报表的责

任声明已载于本年报第

至

页独立核数师报告

内。

核数师酬金

本公司外聘核数师向本集团提供

2024/25

年度

审计与非审计服务的酬金分别约为

1,453,000

港

元（

2023/24

年度：

1,425,000

港元）及

25,000

港元

（

2023/24

年度：

25,000

港元）。非审计服务主要

包括审阅本公司初步业绩公布。

风险管理及内部控制

董事会就维持健全有效之内部监控和风险管理

系统承担整体责任，及透过审核委员会检讨其运

作上是否足够和有效。

董事会已辨识本集团所面对的最大风险，并确定

董事会为达致本集团的战略目标而愿意承受的

风险水平。本集团之风险管理架构符合「三道防

线」模式。第一道防线为各业务单位承担风险管

理责任。包括财务及会计部、公司秘书处及人力

资源部的中后台部门作为第二道防线，制定相关

的内部控制及管理制度；并执行财务、运作和合

规监控。集团内部审计师（「内部审计师」）作为第

三道防线，对风险管理及内部监控系统的整体效

益提供独立及客观的保证。

FINANCIAL REPORTING

The Directors acknowledge that it is their responsibility to prepare

the financial statements that give a true and fair view of the Group’s

financial position and of its financial performance and cash flow

in acordance with Hong Kong Financial Reporting Standards, the

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

aplicable disclosures provisions of the Listing Rules. The management

provides information and explanation to the Board to enable it to

make an informed asesment of the financial and other decisions by

the Board. Acordingly, apropriate acounting policies are selected

and aplied consistently, and judgements and estimates made by

the management for financial reporting purpose are prudent and

reasonable.

The responsibilities of the external auditor for the consolidated financial

statements of the Group are set out in the Independent Auditor’s Report

on pages 53 to 60 of this anual report.

AUDITOR’S REMUNERATION

The remuneration in respect of audit and non-audit services provided

by the Company’s external auditor to the Group for FY 2024/25 are

aproximately HK$1,453,000 (FY 2023/24: HK$1,425,000) and HK$25,000

(FY 2023/24: HK$25,000) respectively. The non-audit services primarily

include review of the Company’s preliminary result anouncement.

RISK MANAGEMENT AND INTERNAL CONTROLS

The Board has the overal responsibility for maintaining a sound and

efective system of internal controls and risk management within

the Group, and reviewing its operational adequacy and efectivenes

through the Audit Comite.

The Board has identified the top risks of the Group and determined how

much risk the Board is wiling to take to achieve the Group’s strategic

objectives. The Group’s risk management structure matches with the

“Thre Lines of Defense” model. Each busines unit asumes risk

management responsibilities as the first line of defense. The midle and

back ofices, including finance and acounting, company secretarial

and human resources departments, set up relevant internal control

and management procedures as the second line of defense. They also

perform financial, operational and compliance monitoring as wel as risk

management functions. The internal auditor of the Group (the “Internal

Auditor”), as the third line of defense, provides independent and

objective asurance on the overal efectivenes of the risk management

and internal control system.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

每个业务单位（作为承担风险单位）识别、评估及

监察其各自的风险，并按月汇报该等风险评估。

该等风险评估的结果以及本集团面临的风险转

变于每次定期安排的会议上向董事会报告。

董事会已建立由高级管理层管理的「

ESG

工作

组」，其负责制定环境、社会及管治（「

ESG

」）相关

策略及指标。此外，小组会定期向董事会汇报

ESG

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

佳明集团控股有限公司

2024/25

年报

举报政策

本公司于二零二三年一月采纳举报政策，其向

雇员及与本集团有业务往来之相关第三方（如客

户、供应商、债权人及债务人）提供指引及举报渠

道，以举报有关本

集团任何疑似不当行为之任何

事项，有关举报会送交行政总裁。所有举报事项

将进行独立调查，所有自举报人取得之资料及

其

身份将被保密。

董事会将定期检讨举报政策及机制以提高其成

效。

反贪污政策

本公司于二零二三年一月采纳反贪污政策，以确

保本集团董事及雇员遵守香港防止贿赂条例及

其他适用法律和规定。此政策载列适用于本集团

所有层面的所有董事及雇员，以及与本集团有业

务往来的外部人士及以代理或受托身份代表本

集团行事的人士的诚信及行为规定及政策或控

制。

董事会将会不时检讨政策，以确保其仍属适当。

与股东及投资者的沟通

本公司认为，与股东有效沟通乃促进投资者关系

及投资者了解本集团业务表现及策略所必需。本

公司亦明白企业资料保持透明并及时披露，以便

股东及投资者能够作出知情投资决定的重要性。

本公司股东大会有望为董事会与股东提供沟通

平台。董事会主席以及各董事委员会主席（如彼

等未能出席，则各委员会其他成员）将出席股东

大会回答提问。本公司外聘核数师亦获邀出席股

东周年大会回答与审计工作以及独立核数师报

告的编制及内容有关的提问。

WHISTLEBLOWING POLICY

The Whistleblowing Policy was adopted by the Company on January

2023. It provides employes and the relevant third parties who deal

with the Group (e.g. customers, supliers, creditors and debtors)

with guidance and reporting chanels on reporting any suspected

improprieties in any maters related to the Group adresed to the Chief

Executive Oficer. Al reported maters wil be investigated independently

and, al information received from a whistleblower and its identity wil be

kept confidential.

The Board wil regularly review the Whistleblowing Policy and

mechanism to improve its efectivenes.

ANTI-CORUPTION POLICY

The Anti-Coruption Policy was adopted by the Company on January

2023 to ensure the Directors and employes within the Group comply

with the Hong Kong Prevention of Bribery Ordinance and other

aplicable laws and regulations. The policy sets out the integrity and

conducts requirements which aplies to al Directors and employes of

the Group at al levels, and external parties doing busineses with the

Group and those acting in an agency or fiduciary capacity on behalf of

the Group.

The Board wil review the policy from time to time to ensure that it

remains apropriate.

COMUNICATIONS WITH SHAREHOLDERS AND

INVESTORS

The Company considers that efective comunications with

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 informed investment decisions.

The general metings of the Company are expected to provide a forum

for comunication betwen the Board and Shareholders. The chairman

of the Board as wel as chairmen of the board comites and, in their

absence, other members of the respective comites are available

to answer questions at shareholder metings. The Company’s external

auditor is also invited to atend the anual general meting to answer

questions about the conduct of the audit and the preparation and

content of the Independent Auditor’s Report.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

为促进有效沟通，本公司设有网站

w.grandming.com.hk

，网站载有本集团业务发

展及营运、财务资料、企业管治常规及其他资料

及各项更新，以供公众人士查阅。

本公司已制定股东通讯政策及登载于本公司网

站，并将定期检讨以确保其成效。由于采取了上

述措施，本公司认为股东通讯政策于

2024/25

年度

已得到有效执行。

股东权利

召开股东特别大会

以下为股东根据章程细则召开本公司股东

特别大会的程序：

(i)

须于一名或多名于递呈要求当日持有

不少于本公司有权于股东大会上投票

的缴足股本十分之一的股东（「递呈要

求人士」）要求时召开，彼等将有权以

书面形式向董事就有关要求中指明的

任何业务交易召开股东特别大会。

(i)

该项要求须以书面形式邮寄至本公司

地址位于香港九龙尖沙咀漆咸道南

号铁路大厦

楼的香港总办事处或电

邮至

info@grandming.com.hk

的方式向

董事会或本公司公司秘书提呈。

(i)

股东特别大会须于该项要求递呈后两

个月内举行。

(iv)

倘董事会未有于有关递呈后二十一日

内召开股东特别大会，则递呈要求人

士可自行以相同方式召开大会，而本

公司须向递呈要求人士偿付所有由递

呈要求人士因董事会未能召开大会而

产生的所有合理开支。

To promote efective comunication, the Company maintains a website

at w.grandming.com.hk, where information and updates on the

Group’s busines developments and operations, financial information,

corporate governance practices and other information are available for

public aces.

The Company has established a shareholders’ comunication policy

which is posted on the Company’s website and wil review it on a regular

basis to ensure its efectivenes. The Company considers that the

shareholders’ comunication policy was efectively implemented during

FY 2024/25 with the above measures in place.

SHAREHOLDER RIGHTS

1. Convening Extraordinary General Metings (“EGM”)

The folowing procedures for Shareholders to convene an EGM of

the Company are prepared in acordance with the Articles:

(i) One or more Shareholders (“Requisitionist(s)”) holding, at

the date of deposit of the requisition, not les than one tenth

of the paid up capital of the Company having the right of

voting at general metings, shal have the right, by writen

notice, to require an EGM to be caled by the directors for the

transaction of any busines specified in such requisition.

(i) Such requisition shal be made in writing to the Board or

the company secretary of the Company by post to the

Company’s headquarters in Hong Kong at 22/F, Railway

Plaza, No. 39 Chatham Road South, Tsim Sha Tsui, Kowlon,

Hong Kong, or by email to info@grandming.com.hk.

(i) The EGM shal be held within two months after the deposit of

such requisition.

(iv) If the Board fails to proced to convene the EGM within

21 days of such deposit, the Requisitionist(s) himself

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

reasonable expenses incured by the Requisitionist(s) as a

result of the failure of the Board shal be reimbursed to the

Requisitionist(s) by the Company.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

佳明集团控股有限公司

2024/25

年报

于股东大会上提出议案之程序

(i)

提名一名董事以外之人士参选董事之

议案：

倘股东有意于股东大会提呈一名退任

董事以外的人选（「候选人」）参选董

事，其须将以下文件递交予本公司的

香港总办事处或本公司股份过户登记

香港分处卓佳证券登记有限公司，地

址为香港夏悫道

号远东金融中心

楼：

(a)

提呈候选人参选董事的书面通知

（「提名通知」）必须

(i)

根据上市

规则第

13.51(2)

条规定将载有候

选人的资料登载于联交所网站

(w.hkex.com.hk)

；及

(i)

必须经

股东签署；及

(b)

候选人的书面通知（「同意通知」）

必须

(i)

表明其愿意参选董事的

意向，以及同意根据上市规则

第

13.51(2)

条规定刊登其个人资

料；及

(i)

必须经候选人签署。

提名通知及同意通知须于寄发股东大

会通告当日起至少七个完整日及不迟

于有关股东大会日期前七个完整日期

间提交。

(i)

其他议案：

如股东有意于股东大会上提呈其他议

案（「议案」），彼可将经正式签署之书

面请求交往本公司之香港总部。

就股东提出于股东大会上考虑之议案

而向全体股东发出通知之通知期，将

根据议案之性质而有所不同，详情如

下：

(a)

倘议案须于本公司股东周年大

会上取得批准，则须发出不少于

二十一个完整日之书面通知。

2. Procedures for Puting Forward Proposals at

Shareholders’ Metings

(i) Proposal for election of a person other than a Director as a

Director:

A shareholder may propose a person other than a retiring

Director (“Candidate”) for election as a Director at a

general meting by lodging the folowing documents at

the headquarters of the Company in Hong Kong or the

Company’s branch share registrar and transfer ofice in

Hong Kong, Tricor Investor Services limited, on 17/F, Far East

Finance Centre, 16 Harcourt Road, Hong Kong:

(a) a writen notice (“Proposal Notice”) of the intention

to propose the Candidate for election as a Director,

which must (i) state the information of the Candidate

as required by Rule 13.51(2) of the Listing Rules,

which is available on the Stock Exchange’s website

(w.hkex.com.hk) and (i) must be signed by

Shareholder; and

(b) a writen notice (“Consent Notice”) by the Candidate,

which must (i) indicate his/her wilingnes to be

elected as a Director and consent to the publication

of his/her personal information as required by Rule

13.51(2) of the Listing Rules; and (i) must be signed by

the Candidate.

The Proposal Notice and the Consent Notice shal be lodged

for a period of at least 7 clear days comencing no earlier

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

meting and ending no later than 7 clear days before the

date of such general meting.

(i) Other Proposals:

If a Shareholder wishes to make other proposals (the

“Proposal(s)”) at a general meting, he/she may lodge

a writen request, duly signed, at the head ofice of the

Company in Hong Kong.

The notice period to be given to al the Shareholders for

consideration of the Proposal raised by the Shareholder

concerned at the general meting varies acording to the

nature of the Proposal as folows:

(a) Notice of not les than 21 clear days in writing if

the Proposal requires aproval in an anual general

meting of the Company.

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

(b)

倘议案须于本公司股东特别大

会上取得批准，则须发出不少于

十四个完整日之书面通知。

股东向董事会提出查询的程序

股东可经以下方式向本公司公司秘书或董

事会提交书面查询连同其联络详情：

(i)

邮寄至本公司香港总办事处，地址为

香港九龙尖沙咀漆咸道南

号铁路大

厦

楼；或

(i)

电邮至

info@grandming.com.hk

章程文件

于

2024/25

年度，本公司并无修订其章程文件。

公司秘书

公司秘书支援主席、董事会及董事委员会，确保

资讯无阻以及遵循董事会政策及程序。公司秘书

为本公司雇员并由董事会委任。公司秘书向主席

及行政总裁汇报。所有董事可随时要求公司秘书

提供有关其职责的意见和协助。公司秘书已接受

不少于十五小时的相关专业培训。公司秘书的个

人履历载于本年报第

页。

(b) Notice of not les than 14 clear days in writing if the

Proposal requires aproval in an extraordinary general

meting of the Company.

3. Procedures for Directing Shareholders’ Enquiries to

the Board

Shareholders may send their enquiries in writing with their

detailed contact information to the company secretary of the

Company or the Board either by:

(i) Post to the Company’s headquarters in Hong Kong at 22/F,

Railway Plaza, No. 39 Chatham Road South, Tsim Sha Tsui,

Kowlon, Hong Kong; or

(i) Email to info@grandming.com.hk

CONSTITUTIONAL DOCUMENTS

During FY 2024/25, the Company did not amend its constitutional

document.

COMPANY SECRETARY

The company secretary suports the chairman, the Board and the board

comites by ensuring god information flow and Board policy and

procedures are folowed. The company secretary is an employe of

the Company and is apointed by the Board. The company secretary

reports to the chairman and chief executive oficer. Al directors may cal

upon him for advice and asistance at any time in respect of his duties.

The company secretary has taken no les than 15 hours of relevant

profesional training. The biographical details of the company secretary

are shown on page 37 of this anual report.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

致佳明集团控股有限公司列位股东

（于开曼群岛注册成立的有限公司）

意见

我们已审核列载于第

至

页佳明集团控股

有限公司（「贵公司」）及其附属公司（统称「贵集

团」）的综合财务报表，其包括于二零二五年三月

三十一日的综合财务状况表，以及截至该日止年

度的综合损益表、综合损益及其他全面收益表、

综合权益变动表和综合现金流量表，以及综合财

务报表附注（包括重大会计政策资料）。

我们认为，该等综合财务报表已根据香港会计师

公会颁布的《香港财务报告准则会计准则》真实而

公平地反映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，并已按照香港《公司条例》

的披露要求而妥为编制。

意见基础

我们已根据香港会计师公会颁布之《香港审计

准则》进行审计。我们根据该等准则所承担的责

任于本报告「核数师就审计综合财务报表须承担

的责任」一节进一步阐述。根据香港会计师公会

的《专业会计师道德守则》（「守则」），我们独立

于贵集团，并已根据守则履行其他道德责任。

我们相信，我们所获得的审核凭证是充足和适当

地为我们的意见提供基础。

To the shareholders of Grand Ming Group Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Grand

Ming Group Holdings Limited (the “Company”) and its subsidiaries

(together the “Group”) set out on pages 61 to 159 which comprise

the consolidated statement of financial position as at 31 March 2025,

and the consolidated statement of profit or los, the consolidated

statement of profit or los and other comprehensive income, the

consolidated statement of changes in equity and the consolidated cash

flow statement for the year then ended, and notes to the consolidated

financial statements, including material acounting policy information.

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

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

March 2025, and of its consolidated financial performance and its

consolidated cash flows for the year then ended in acordance with

HKFRS Acounting Standards as isued by the Hong Kong Institute

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

prepared in compliance with the disclosure requirements of the Hong

Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) 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.

佳明集团控股有限公司

2024/25

年报

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

MATERIAL UNCERTAINTY RELATED TO GOING

CONCERN

We draw atention to note 3(b) in the consolidated financial statements,

which indicates that the Group incured a net los of HK$292,055,000 for

the year ended 31 March 2025 and as at 31 March 2025, the Group had

net curent liabilities of HK$3,771,071,000. These conditions, along with

other maters set forth in note 3(b), indicate that a material uncertainty

exists that may cast significant doubt on the Group’s ability to continue

as a going concern. Our opinion is not modified in respect of this mater.

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional judgment,

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. In adition to the mater described

in the “Material Uncertainty Related to Going Concern” section, we have

determined that maters described below to be the key audit maters to

be comunicated in our report.

Valuation of investment properties and investment

properties under development

Investment properties consist of a comercial shop and two data

centres whilst investment properties under development consist of two

other data centres under construction. As disclosed in note 15 to the

consolidated financial statements, the carying amount of the Group’s

investment properties and investment properties under development

at fair value are amounted to HK$6,489,000,000 at 31 March 2025,

representing 71% of the Group’s total asets.

As disclosed in note 15(a) to the consolidated financial statements, an

independent firm of qualified profesional valuer (the “Valuer”) was

engaged to perform the valuation. Discounted cash flow method of the

income aproach, market comparison method and residual method

were used to determine the fair value of the investment properties and

investment properties under development, respectively. Details of these

valuation aproaches are disclosed in note 15(a) to the consolidated

financial statements. These methods involve the making of asumptions,

which involve significant judgments, and estimates aplied, including

estimated market rental growth rate, ocupancy rate, estimated costs of

completion, capitalisation rate as wel as discount rate.

Related disclosures are included in notes 4(e)(i), 5(a) and 15 to the

consolidated financial statements.

有关持续经营的重大不确定性

我们务请垂注综合财务报表附注

3(b)

，显示截至

二零二五年三月三十一日止年度贵集团录得净

亏损

292,055,000

港元且于二零二五年三月三十一

日，贵集团的流动净负债为

3,771,071,000

港元。

该情况连同附注

3(b)

所述，显示存在重大不确定

性，其可能对贵集团持续经营的能力构成重大

疑虑。我们并无就此事宜发出修订意见。

关键审核事项

关键审核事项是根据我们的专业判断认为对审

核本期综合财务报表最为重要的事项。该等事项

是在我们审核整体综合财务报表及出具意见时

进行处理的。我们不会对该等事项提供单独意

见。除「有关持续经营的重大不确定性」一节所述

的事项外，我们确定以下所述事项乃本报告中需

要沟通的关键审计事项。

投资物业及发展中投资物业的估值

投资物业包括一个商铺及两座数据中心；而发

展中投资物业包括两个在建造的数据中心。诚

如综合财务报表附注

披露，于二零二五年三月

三十一日贵集团投资物业及发展中投资物业的

账面公平价值为

6,489,000,000

港元，占贵集团

总资产

71%

。

诚如综合财务报表附注

15(a)

披露，一家独立的合

资格专业估值师（「估值师」）已获委聘进行估价，

并采用收入法－贴现金流量法、市场比较法和

剩余法计算投资物业及发展中投资物业之公平

值。估值方法的详情于综合财务报表附注

15(a)

中

披露。此方法涉及设定假设，其须作出判断，包

括预期市场租金增长率、出租率、估算直至完成

之成本、资本化比率以及贴现率。

相关的披露包括在综合财务报表附注

4(e)(i)

、

5(a)

和

内。

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

佳明集团控股有限公司

2024/25

年报

KEY AUDIT MATERS (continued)

Valuation of investment properties and investment

properties under development (continued)

Our responses:

Our audit procedures in relation to asesing the apropriatenes of

valuation of investment properties and investment properties under

development included:

– evaluating the competence, capabilities and objectivity of the

Valuer;

– asesing the apropriatenes and consistency of the use of the

valuation methodology with relevant acounting requirements and

industry norms;

– using auditor’s expert to asist in asesing the valuation

methodology and key asumptions used by the Valuer;

– evaluating the reasonablenes of key asumptions adopted in the

valuation, in particular capitalisation rates, by comparing them

with historical rates and available market data;

– performing analysis on the reasonablenes of the prospective

cash flows input to evaluate the results on the valuation; and

– checking, on a sample basis, the acuracy and relevance of the

prospective cash flows input on existing leases by agreing the

rental income and lease terms to the signed lease agrements.

Asesment of net realisable values of properties under

development and held for sale

The Group had properties under development and held for sale of

aproximately HK$926,076,000 and HK$556,493,000, respectively, as at

31 March 2025.

The properties under development and held for sale are stated at the

lower of cost and net realisable value. The determination of the net

realisable values of the properties under development and held for sale

of the Group is highly dependent on management’s judgments and

estimates, including the expected seling prices in the ordinary course of

busines, the estimated seling expenses and the estimated costs to be

incured to completion.

关键审核事项（续）

投资物业及发展中投资物业的估值（续）

我们的回应：

我们就评估投资物业及发展中投资物业估值之

恰当性的审核程序包括：

－

评估值师的资格、能力和客观性；

－

评估使用估值方法与相关会计要求和行业

规范的适当性和一致性；

－

采用核数师之专家以协助评估值师采纳

的评估方法和主要假设；

－

评估应用于估值之主要假设的合理性，尤

其对于资本化比率，通过与历史比率和可

用市场数据进行比较；

－

对预期现金流量投入的合理性进行分析，

以评估值结果；及

－

通过将租金收入和租赁条款与已签署的租

赁协议达成一致，以抽样方式检查现有租

赁输入的预期现金流量的准确性和相关

性。

评估发展中及持有作销售物业之可变现

净值

于二零二五年三月三十一日，

贵集团拥有

926,076,000

港元之发展中物业及

556,493,000

港元

之持有作销售物业。

发展中及持有作销售物业按成本与可变现净值

两者中的较低者列账。

决定

贵集团发展中及持

有作销售物业的可变现净值很大程度取决于管

理层的判断和估计，包括正常业务过程中的预期

售价、预计销售费用以及预计竣工成本。

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

KEY AUDIT MATERS (continued)

Asesment of net realisable values of properties under

development and held for sale (continued)

The Group engaged independent firms of qualified profesional valuer

(the “Valuers”) to ases the net realisable values of the properties

under development and held for sale based on prevailing market

conditions and information available at the reporting date, so as to asist

management in asesing whether any write-down of the properties

under development and held for sale to their net realisable values is

required.

We focused on this mater due to the magnitude of the balances

involved and the significant acounting judgments and estimates

required.

Related disclosures are included in notes 4(i), 5(b) and 16 to the

consolidated financial statements.

Our responses:

Our audit procedures in relation to asesing the apropriatenes of

asesment of net realisable values of properties under development

and held for sale included:

– evaluating the competence, capabilities and objectivity of the

Valuers;

– asesing the apropriatenes and consistency of the use of the

valuation methodology with relevant acounting requirements and

industry norms;

– using auditor’s expert to asist in asesing the valuation

methodology and key asumptions used by the Valuers; and

– asesing certain key asumptions and estimates including,

among others, (i) the expected seling prices of the properties

under development and held for sale by comparing the expected

seling prices to, among others, the recent transaction prices for

similar properties or the prices of comparable properties; (i) the

estimated seling expenses by comparing the historical average

seling expenses to revenue ratio or to other relevant information;

and (i) the estimated costs to be incured to completion for

properties under development by checking the estimated costs

against budgets aproved by management and examined, on a

sample basis, relevant construction contracts and other reliable

evidence available.

关键审核事项（续）

评估发展中及持有作销售物业之可变现

净值（续）

贵集团聘请独立合资格专业估值师（「估值师」），

根据当时市场状况及报告期末可获得资讯，对发

展中及持有作销售物业的可变现净值进行评估，

以协助管理层判断是否需要将发展中及持有作

销售物业之账面值减至可变现净值。

我们重点关注此事项，因其涉及金额重大，且需

要运用重大会计判断和估计。

相关的披露包括在综合财务报表附注

4(i)

、

5(b)

和

内。

我们的回应：

我们就评估发展中及持有作销售物业可变现净

值之恰当性的审核程序包括：

－

评估值师的资格、能力和客观性；

－

评估使用估值方法与相关会计要求和行业

规范的适当性和一致性；

－

采用核数师之专家以协助评估值师采纳

的评估方法和主要假设；

－

评估若干关键假设和估计，主要包括：

(i)

通

过将发展中及持有作销售物业的预期售价

与近期类似物业成交价格或可比物业价格

进行对比，评估预期售价的合理性；

(i)

通过

将历史平均销售费用与收入比率或其他相

关信息进行对比，评估预计销售费用的合

理性；及

(i)

通过将发展中及持有作销售物

业的预计竣工成本与管理层批准的预算进

行核对，并抽样检查相关建筑合同及其他

可靠证据，评估预计竣工成本的合理性。

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

佳明集团控股有限公司

2024/25

年报

OTHER INFORMATION IN THE ANUAL REPORT

The directors are responsible for the other information. The other

information comprises the information included in the Company’s

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.

DIRECTORS’ RESPONSIBILITIES FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for the preparation of the consolidated

financial statements that give a true and fair view in acordance

with HKFRS Acounting Standards as isued by the HKICPA and the

disclosure requirements of the Hong Kong Companies Ordinance, and

for such internal control as the directors determine is necesary to

enable the preparation of consolidated financial statements that are fre

from material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors 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.

The directors are also responsible for overseing the Group’s financial

reporting proces. The Audit Comite asists the directors in

discharging their responsibility in this regard.

年报内其他资料

董事须对其他资料负责。其他资料包括贵公司

年报所载的资料，惟不包括综合财务报表及我们

就此出具之核数师报告。

我们对综合财务报表的意见并不涵盖其他资料，

我们亦不会就其发表任何形式的核证结论。

就我们审核综合财务报表时，我们的责任是阅读

其他资料，从而考虑其他资料是否与综合财务报

表或我们在审核过程中所了解的情况有重大不

符，或可能存在重大错误陈述。基于我们已进行

的工作，如果我们认为该等其他资料有重大错误

陈述，我们需要报告有关事实。就此，我们无需

作出报告。

董事就综合财务报表须承担的责任

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》披露规

定编制真实而公平的综合财务报表，并负责彼等

认为必要的内部监控，以使综合财务报表的编制

不存在由于欺诈或错误而导致的重大错误陈述。

在编制综合财务报表时，董事负责评估贵集团

持续经营的能力，并在适用情况下披露与持续经

营有关的事项，以及使用持续经营为基础的会计

法，除非董事有意将贵集团清盘或停止经营，

或除此之外并无其他切实可行的办法。

董事亦须负责监督贵集团的财务报告流程。审

核委员会协助董事履行其职责。

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

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

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

body, in acordance with the terms of our 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.

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

judgment and maintain profesional skepticism throughout the audit. We

also:

• identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate to

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

mistatement resulting from fraud is higher than for one resulting

from eror, as fraud may involve colusion, forgery, intentional

omisions, misrepresentations, or the overide of internal control.

• obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion

on the efectivenes of the Group’s internal control.

• evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures

made by the directors.

核数师就审核综合财务报表承担的责任

我们的目标为合理确定整份综合财务报表是否

不存在由于欺诈或错误而导致的任何重大错误

陈述，并出具载有我们意见的核数师报告。我们

根据委聘条款仅向全体股东报告，除此之外本报

告别无其他目的。我们不会就本报告内容向任何

其他人士承担任何义务或负上任何责任。

合理核证属高层次的核证，但根据《香港审计准

则》进行的审核工作不能保证某一重大错误陈述

存在时总能发现。错误陈述可源于欺诈或错误，

倘个别或整体于合理预期情况下影响使用者根

据综合财务报表作出的经济决定时，则被视为重

大错误陈述。

根据《香港审计准则》进行审核时，我们运用专业

判断，于整个审核过程中保持专业怀疑态度。我

们亦：

•

识别和评估由于欺诈或错误而导致综合财

务报表存在重大错误陈述的风险，设计及

执行审核程序以应对这些风险，以及获取

充足和适当的审计凭证为我们的意见提供

基础。由于欺诈可能涉及串谋、伪造、蓄意

遗漏、误导陈述，或凌驾内部监控，因此未

能发现因欺诈而导致的重大错误陈述的风

险高于未能发现因错误而导致的重大错误

陈述的风险。

•

了解与审核相关的内部监控，以设计适当

的审核程序，但目的并非对贵集团内部监

控的效能发表意见。

•

评价董事所采用会计政策的恰当性以及作

出会计估算和相关披露的合理性。

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

佳明集团控股有限公司

2024/25

年报

核数师就审核综合财务报表承担的责任

（续）

•

总结董事采用以持续经营为基础的会计法

是否适当，并根据已获取的审核凭证，总结

是否有对贵集团持续经营的能力构成重

大不确定性的事件或情况。倘我们总结认

为存在重大不确定性，我们需于核数师报

告中提请注意综合财务报表内的相关资料

披露，倘相关披露不足，则修订我们的意

见。我们的结论乃基于截至核数师报告日

期止所获得的审核凭证，惟未来事件或情

况可能导致贵集团不再具有持续经营的

能力。

•

评价综合财务报表（包括资料披露）的整体

列报方式、架构及内容，以及综合财务报表

是否已中肯反映交易及事项。

•

计划及执行集团审计以就集团内实体或业

务单位的财务资讯获取充足适当的审计凭

证，以作为对集团财务报表发表意见的基

础。我们负责指导、监督和覆核就集团审计

目的而执行的工作。我们为审计意见承担

全部责任。

我们与审核委员会就（其中包括）审核工作的计划

范围、时间安排及重大审核发现（包括我们于审

核过程中识别出内部监控的任何重大缺陷）进行

沟通。

我们亦向审核委员会作出声明，指出我们已遵守

有关独立性的道德要求，并就所有被合理认为可

能影响我们的独立性的关系，其他事宜及相关防

范措施（如适用）与审核委员会进行沟通。

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS (continued)

’ use of the going

concern basis of acounting and, based on the audit evidence

obtained, whether a material uncertainty exists related to events

or conditions that may cast significant doubt on the Group’s

ability to continue as a going concern. If we conclude that a

material uncertainty exists, we are required to draw atention in

our auditor’s report to the related disclosures in the consolidated

financial statements or, if such disclosures are inadequate, to

modify our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor’s report. However,

future events or conditions may cause the Group to cease to

continue as a going concern.

, structure and content of the

consolidated financial statements, including the disclosures, and

whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities or

busines units within the group as a basis for forming an opinion

on the group financial statements. We are responsible for the

direction, supervision and review of the work performed for the

purposes of the group audit. We remain solely responsible for our

audit opinion.

We comunicate with the Audit Comite regarding, among other

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

findings, including any significant deficiencies in internal control that we

identify during our audit.

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

complied with relevant ethical requirements regarding independence,

and to comunicate with them al relationships and other maters that

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

aplicable, actions taken to eliminate threats or safeguards aplied.

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

核数师就审核综合财务报表承担的责任

（续）

从与董事沟通的事项中，我们厘定对本期间综合

财务报表的审核工作最为重要的事项，因而构成

关键审核事项。除非法律或法规不容许公开披露

此等事项，或于极罕有的情况下，我们认为于合

理预期下披露此等事项而造成的负面后果将超

越其产生的公众利益而不应于报告中披露，否则

会于核数师报告中描述此等事项。

香港立信德豪会计师事务所有限公司

执业会计师

游淑婉

执业证书编号

P06095

香港，二零二五年六月三十日

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS (continued)

From the maters comunicated with the directors, we determine those

maters that were of most significance in the audit of the consolidated

financial statements of the curent period and are therefore the key

audit maters. We describe these maters in our auditor’s report unles

law or regulation precludes public disclosure about the mater or when,

in extremely rare circumstances, we determine that a mater should not

be comunicated in our report because the adverse consequences of

doing so would reasonably be expected to outweigh the public interest

benefits of such comunication.

BDO Limited

Certified Public Acountants

Yau Shuk Yuen Amy

Practising Certificate Number P06095

Hong Kong, 30 June 2025

千元
1,145,755
(813,037)
332,718
(33,841)
(299,583)
(48,057)
(120,697)
(169,460)
(96,811)
(266,271)
(25,784)
(292,055)
HK cents
港仙
(20.56)
(20.56)

CONSOLIDATED STATEMENT OF PROFIT OR LOS

综合损益表

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元列示）

二零二五年二零二四年

Notes$’000$’000

附注千元千元

Revenue

收益

7(a)532,691

Direct costs

直接成本

(364,126)

Gros profit

毛利

168,565

Other income and gains/(loses), net

其他收入及收益╱（亏损）净额

7(d)6,123

Seling expenses

销售开支

(50,387)

General and administrative expenses

一般及行政开支

(72,666)

Changes in fair value of investment

properties

投资物业之公平值变动

15384,163

(Los)/profit from operations

经营（亏损）╱溢利

435,798

Finance costs

财务成本

8(a)(122,667)

(Los)/profit before taxation

除税前（亏损）╱溢利

8313,131

Income tax expenses

所得税支出

9(a)(14,681)

(Los)/profit for the year

年内（亏损）╱溢利

298,450

HK cents

港仙

(Los)/earnings per share

每股（亏损）╱盈利

14(a)

– Basic–

基本

21.02

– Diluted–

摊薄

21.00

Details of the dividends are disclosed in note 13(a) to the consolidated

financial statements.

The notes on pages 68 to 159 form part of these consolidated financial

statements.

股息详情载于综合财务报表附注

13(a)

。

第

至

页所载附注属于本综合财务报表一部

分。

佳明集团控股有限公司

2024/25

年报

千元
(292,055)
(192)
(3,104)
(12,277)
(15,381)
(15,573)
(307,628)

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元列示）

第

至

页所载附注属于本综合财务报表一部

分。

二零二五年二零二四年

Notes$’000$’000

附注千元千元

(Los)/profit for the year

年内（亏损）╱溢利

298,450

Other comprehensive income

for the year

年内其他全面收益

Item that wil not be reclasified

subsequently to profit or los:

不会重新分类至损益的项目：

Financial asets at fair value through

other comprehensive income

按公平值计入其他全面收益之

金融资产－公平值储备的

– net movement in fair value reserve

净变动

Items that may be reclasified

subsequently to profit or los:

其后可能重新分类至损益的

项目：

Exchange diferences on translation

of foreign operations

换算海外业务的汇兑差额

(6,142)

Cash flow hedges – net movement

in hedging reserve

现金流量对冲－对冲储备的

净变动

5,986

(156)

Other comprehensive income

for the year, net of tax

年内其他全面收益，扣除税项

Total comprehensive income

for the year

年内全面收益总额

298,756

The notes on pages 68 to 159 form part of these consolidated financial

statements.

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

千元
6,489,000
749,884
7,238,884
87,883
500
355
9,935
–
7,337,557
1,482,569
93,249
397
2,332
146,607
33,624
1,758,778
412,613
37,797
5,066,492
12,947
5,529,849
(3,771,071)
3,566,486

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025 (Expresed in Hong Kong dolars)

于二零二五年三月三十一日（以港元列示）

二零二五年二零二四年

Notes$’000$’000

附注千元千元

Non-curent asets

非流动资产

Fixed asets

固定资产

– Investment properties

－

投资物业

155,950,000

– Property, plant and equipment

－

物业、厂房及设备

15816,284

6,766,284

Defered tax asets

递延税项资产

9(c)81,013

Intangible asets

无形资产

Derivative financial instruments

衍生金融工具

2212,103

Financial asets at fair value through

other comprehensive income

按公平值计入其他全面收益之

金融资产

10,127

Financial asets at fair value through

profit or los

按公平值计入损益之金融资产

10,476

6,880,503

Curent asets

流动资产

Inventories of properties

物业存货

161,773,757

Trade and other receivables

应收账款及其他应收款项

18161,196

Derivative financial instruments

衍生金融工具

Curent tax asets

应收税项资产

2,445

Restricted and pledged deposits

受限制及已抵押存款

19504,859

Cash and bank balances

现金及银行结余

1962,562

2,505,742

Curent liabilities

流动负债

Trade and other payables

应付账款及其他应付款项

20167,223

Contract liabilities

合约负债

1724,937

Bank loans

银行贷款

211,657,064

Curent tax liabilities

应付税项负债

274,648

2,123,872

Net curent (liabilities)/asets

流动净（负债）╱资产

381,870

Total asets les curent liabilities

总资产减流动负债

7,262,373

佳明集团控股有限公司

2024/25

年报

千元
162,969
98,798
2,428
36,800
544,665
845,660
2,720,826
14,202
2,706,624
2,720,826

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

综合财务状况表（续）

As at 31 March 2025 (Expresed in Hong Kong dolars)

于二零二五年三月三十一日（以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

第

至

页所载附注属于本综合财务报表一部

分。

二零二五年二零二四年

Notes$’000$’000

附注千元千元

Non-curent liabilities

非流动负债

Bank loans

银行贷款

214,183,866

Defered tax liabilities

递延税项负债

9(c)88,701

Derivative financial instruments

衍生金融工具

22–

Loan from ultimate holding company

来自最终控股公司之贷款

2336,800

Loans from controling shareholder

来自控股东之贷款

24–

4,309,367

NET ASETS

资产净值

2,953,006

CAPITAL AND RESERVES

股本及储备

Share capital

股本

2514,202

Reserves

储备

2,938,804

TOTAL EQUITY

总权益

2,953,006

On behalf of the Board

代表董事会

Chan Hung MingLau Chi Wah

陈孔明刘志华

DirectorDirector

董事董事

The notes on pages 68 to 159 form part of these consolidated financial

statements.

14,202	95,045	23,523	(3,413)	10,877	–	(14,985)	2,827,757	2,953,006
–	–	–	–	–	–	–	(292,055)	(292,055)
–	–	–	(192)	(12,277)	–	(3,104)	–	(15,573)
–	–	–	(192)	(12,277)	–	(3,104)	(292,055)	(307,628)
–	–	–	–	–	75,448	–	–	75,448
14,202	95,045	23,523	(3,605)	(1,400)	75,448	(18,089)	2,535,702	2,720,826

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元列示）

第

至

页所载附注属于本综合财务报表一部

分。

capital

premium

option

reserve

Fair

value

reserve

Hedging

reserve

Capital

contribution

reserve

Exchange

reserve

Retained

profits

Total

equity

股本股份溢价

购股权

储备

公平值

储备对冲储备资本注入储备外汇储备保留溢利总权益

Notes$’000$’000$’000$’000$’000$’000$’000$’000$’000

附注千元千元千元千元千元千元千元千元千元

At 1 April 2023

于二零二三年四月一日

14,19892,93313,723(3,875)4,891–(8,843)2,868,8062,981,833

Profit for the year

年内溢利

–298,450298,450

Other comprehensive income

其他全面收益

10(b)–4625,986–(6,142)–306

Total comprehensive income

for the year

年内全面收益总额

–4625,986–(6,142)298,450298,756

Dividends aproved in respect

of the previous year

已批准之上年度股息

13(b)–(284,024)(284,024)

Dividends aproved in respect

of the curent year

已批准之本年度股息

13(a)–(56,809)(56,809)

Transfer on lapse of share

options

因购股权失效而转拨

–(1,334)–1,334–

Share-based payment expenses

以股份形式支付之开支

–11,631–11,631

Shares isued upon exercise

of share options

行使购股权后发行的股份

42,112(497)–1,619

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日

Los for the year

年内亏损

Other comprehensive income

其他全面收益

10(b)

Total comprehensive income

for the year

年内全面收益总额

Demed capital contribution

from controling shareholder

视作控股东注资

At 31 March 2025

于二零二五年三月三十一日

The notes on pages 68 to 159 form part of these consolidated financial

statements.

佳明集团控股有限公司

2024/25

年报

千元
(266,271)
(8,127)
(722)
1,103
–
–
45,430
96,811
21,258
189,817
(50)
120,697
–
199,946
204,215
–
67,820
12,865
245,390
12,860
743,096
(281,720)
461,376

CONSOLIDATED CASH FLOW STATEMENT

综合现金流量表

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元列示）

二零二五年二零二四年

Notes$’000$’000

附注千元千元

Operating activities

营运活动

(Los)/profit before taxation

除税前（亏损）╱溢利

313,131

Adjustments for:

就以下各项作出调整：

– Interest income

－利息收入

7(d)(9,919)

– Dividend income from unlisted fund

investments

－非上市投资基金的股息收入

7(d)(722)

– Net foreign exchange los

－外汇兑换净亏损

9,256

– Changes in fair value of financial asets

at fair value through profit or los

－按公平值计入损益之

金融资产之公平值变动

7(d)(707)

– Gain on disposal of property, plant and

equipment

－出售物业、厂房及设备之收益

7(d)(3)

– Impairment loses on property, plant

and equipment

－物业、厂房及设备的减值亏损

7(d)–

– Finance costs

－财务成本

8(a)122,667

– Depreciation

－折旧

8(c)21,913

– Write-down of inventories of properties

－物业存货之撇减

8(c)20,296

– Impairment los reversal on trade

receivables

－应收账款的减值回拨

8(c)(655)

– Changes in fair value of investment

properties

－投资物业公平值变动

15(384,163)

– Share-based payment expenses

－以股份形式支付之开支

3411,631

Operating profit before working

capital changes

营运资金变动前的营运溢利

102,725

Changes in working capital:

营运资金之变动：

– Decrease in inventories of properties

－减少物业存货

35,642

– Decrease in contract asets

－减少合约资产

46,317

– Decrease in trade and other receivables

－减少应收账款及

其他应收款项

72,400

– Decrease/(increase) in restricted deposits

－减少╱（增加）受限制存款

(10,993)

– Increase/(decrease) in trade and other

payables

－增加╱（减少）应付账款及其他

应付款项

(30,571)

– Increase in contract liabilities

－增加合约负债

23,932

Cash generated from operations

营运产生的现金

239,452

Income tax paid

已付税项

(1,049)

Net cash generated from operating

activities

营运活动所得现金净额

238,403

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

千元
(335)
–
10,476
(482,531)
8,127
722
370,871
(25,484)
(118,154)
1,104,681
–
607,498
(1,716,150)
(368,156)
–
(1)
(372,128)
(28,906)
(32)
62,562
33,624

CONSOLIDATED CASH FLOW STATEMENT (Continued)

综合现金流量表（续）

For the year ended 31 March 2025 (Expresed in Hong Kong dolars)

截至二零二五年三月三十一日止年度（以港元列示）

佳明集团控股有限公司

2024/25

年报

第

至

页所载附注属于本综合财务报表一部

分。

二零二五年二零二四年

Notes$’000$’000

附注千元千元

Investing activities

投资活动

Purchase of property, plant and equipment

购买物业、厂房及设备

(1,267)

Proceds from disposal of property,

plant and equipment

出售物业、厂房及设备

所得款项

Proceds from disposal of financial asets

at fair value through profit or los

出售按公平值计入损益之

金融资产所得款项

–

Expenditure on investment properties

投资物业开支

(840,764)

Interest received

已收利息

9,640

Dividends received from unlisted fund

investments

已收非上市投资基金的股息

Release of pledged deposits

提取已抵押存款

7,103

Placement of pledged deposits

存置已抵押存款

(124,348)

Net cash used in investing activities

投资活动所用现金净额

(948,911)

Financing activities

融资活动

Proceds from bank loans

银行贷款所得款项

332,162,403

Proceds from loan from ultimate

holding company

来自最终控股公司贷款

所得款项

3336,800

Proceds from loans from controling

shareholder

来自控股东贷款

所得款项

33–

Repayments of bank loans

偿还银行贷款

33(951,527)

Interest and other borowing costs paid

已付利息及其他借贷成本

33(359,999)

Exercise of share options

行使购股权

1,619

Dividends paid

已付股息

33(340,842)

Net cash (used in)/generated from

financing activities

融资活动（所用）╱所得

现金净额

548,454

Net decrease in cash and cash

equivalents

现金及现金等价物减少净额

(162,054)

Efect of foreign exchange rate

change on cash and cash

equivalents

外币汇率变动对现金及现金

等价物的影响

(818)

Cash and cash equivalents at the

begining of the year

年初的现金及现金等价物

225,434

Cash and cash equivalents at the

end of the year

年末的现金及现金等价物

1962,562

The notes on pages 68 to 159 form part of these consolidated financial

statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

一般资料

佳明集团控股有限公司（「本公司」）及其附

属公司（统称「本集团」）主要从事楼宇建造、

物业租赁和物业发展业务。本公司于二零

一二年八月十四日根据开曼群岛法律第

章公司法（一九六一年第

号法例，经综合及

修订）在开曼群岛注册成立为一家获豁免有

限公司。本公司股份于二零一三年八月九

日在香港联合交易所有限公司（「联交所」）

主板上市。

本公司之注册办事处及主要营业地点均于

本年报的公司资料中披露。

本公司为投资控股公司。其主要附属公司

的主要业务载于附注

。

会计政策变动

(a)

自二零二四年四月一日起采纳

的新订准则、诠释及修订

以下修订于自二零二四年四月一日开

始的年度报告期起生效：

•

香港会计准则第

号及香港财务

报告准则第

号（修订本），供应

商融资安排

•

香港财务报告准则第

号（修订

本），售后租回之租赁责任

•

香港会计准则第

号（修订本），

负债分类为流动或非流动

•

香港会计准则第

号（修订本），

附带契诺之非流动负债

•

香港诠释第

号（经修订）（修订

本），财务报表的呈列－借款人

对载有按要求偿还条文之定期

贷款之分类

采纳该等香港财务报告准则会计准则

之修订对本集团的综合财务报表并无

重大影响。

1. GENERAL INFORMATION

Grand Ming Group Holdings Limited (the “Company”) and its

subsidiaries (colectively refered to as the “Group”) are principaly

engaged in the busines of building construction, property leasing

and property development. The Company was incorporated in the

Cayman Islands as an exempted company with limited liability

on 14 August 2012 under the Companies Law, Cap.22 (Law 3 of

1961, as consolidated and revised) of the Cayman Islands. The

Company’s shares were listed on the Main Board of The Stock

Exchange of Hong Kong Limited (the “Stock Exchange”) since 9

August 2013.

The adreses of the registered ofice and principal place

of busines of the Company are disclosed in the corporate

information to the anual report.

The Company is an investment holding company. The principal

activities of its principal subsidiaries are set out in note 28.

2. CHANGES IN ACOUNTING POLICIES

(a) New standards, interpretations and amendments

adopted from 1 April 2024

The folowing amendments are efective for the anual

reporting period begining 1 April 2024:

, Suplier Finance

Arangements

, Lease Liability in Sale and

Leaseback

, Clasification of Liabilities as

Curent or Non-Curent

, Non-curent Liabilities with

Covenants

Presentation of Financial Statements – Clasification

by the Borower of a Term Loan that Contains a

Repayment on Demand Clause

Adoption of these amendments to HKFRS Acounting

Standards had no material impact on the Group’s

consolidated financial statements.

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

会计政策变动（续）

(b)

尚未生效之新订准则、诠释及修

订

香港会计师公会已颁布多项将于未来

会计期间生效的准则、准则修订及诠

释，但本集团已决定不提前采纳。

以下修订于自二零二五年一月一日开

始的年度报告期起生效：

•

香港会计准则第

号及香港财

务报告准则第

号（修订本），缺

乏可交换性

以下修订于自二零二六年一月一日开

始的年度报告期起生效：

•

香港财务报告准则第

号及香港

财务报告准则第

号（修订本），

金融工具分

类与计量之修订

•

香港财务报告准则第

号及香港

财务报告准则第

号（修订本），

参考自然电

力的合约

•

香港财务报告准则会计准则年

度改进－第

卷

以下修订于自二零二七年一月一日开

始的年度报告期起生效：

•

香港财务报告准则第

号，财务

报表呈列及披露

•

香港财务报告准则第

号，不承

担公共责任的附属公司：披露

本集团目前正在评估该等新会计准则

及其修订的影响。

2. CHANGES IN ACOUNTING POLICIES (continued)

(b) New standards, interpretations and amendments

not yet efective

There are a number of standards, amendments to standards,

and interpretations which have ben isued by the Hong

Kong Institute of Certified Public Acountants (“HKICPA”)

that are efective in future acounting periods that the Group

has decided not to adopt early.

The folowing amendments are efective for the anual

reporting period begining 1 January 2025:

, Lack of

Exchangeability

The folowing amendments are efective for the anual

reporting period begining 1 January 2026:

, Amendments

to the Clasification and Measurement of Financial

Instruments

, Contracts

Referencing Nature-dependent Electricity

• Anual improvements to HKFRS Acounting Standards

– Volume 11

The folowing new standards are efective for the anual

reporting period begining 1 January 2027:

, Presentation and Disclosure in Financial

Statements

, Subsidiaries without Public Acountability:

Disclosures

The Group is curently asesing the efect of these new

acounting standards and amendments.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

会计政策变动（续）

(b)

尚未生效之新订准则、诠释及修

订（续）

•

香港会计师公会于二零二四年

七月颁布的香港财务报告准则

第

号财务报表的呈列及披露

取代香港会计准则第

号，并对

香港财务报告准则会计准则（包

括香港会计准则第

号财务报表

的编制基准（自会计政策、会计

估计变更及错误更名）作出重

大修订。尽管香港财务报告准则

第

号对综合财务报表中项目

的确认及计量并无任何影响，惟

预期将对若干项目的列报及披

露产生重大影响。该等变更包括

在损益表中的分类及小计、资料

汇总╱分拆及标签，以及管理层

定义的绩效指标的披露。

•

采纳香港财务报告准则第

号

属选择性质。香港财务报告准则

第

号订明实体获准应用的披

露规定，以取代其他香港财务报

告准则会计准则的披露规定。本

公司股份于香港联合交易所有

限公司上市及买卖。因此，根据

香港财务报告准则第

号，本公

司须向公众负责，故并不符合资

格选择应用有关准则编制其财

务报表。

2. CHANGES IN ACOUNTING POLICIES (continued)

(b) New standards, interpretations and amendments

not yet efective (continued)

• HKFRS 18 Presentation and Disclosure in Financial

Statements, which was isued by the HKICPA in July

2024 supersedes HKAS 1 and wil result in major

consequential amendments to HKFRS Acounting

Standards including HKAS 8 Basis of Preparation of

Financial Statements (renamed from Acounting

Policies, Changes in Acounting Estimates and Erors).

Even though HKFRS 18 wil not have any efect on

the recognition and measurement of items in the

consolidated financial statements, it is expected to

have a significant efect on the presentation and

disclosure of certain items. These changes include

categorisation and sub-totals in the statement of profit

or los, agregation/disagregation and labeling of

information, and disclosure of management-defined

performance measures.

• The adoption of HKFRS 19 is optional. HKFRS 19

specifies the disclosure requirements that an entity

is permited to aply to substitute the disclosure

requirements in other HKFRS Acounting Standards.

The Company’s shares are listed and traded in The

Stock Exchange of Hong Kong Limited. Therefore, it has

public acountability acording to HKFRS 19 and does

not qualify for electing to aply the standard to prepare

its financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

编制基准

(a)

合规声明

综合财务报表乃根据香港会计师公会

颁布之香港财务报告准则、香港会计

准则及诠释（下文统称「香港财务报告

准则会计准则」）编制。此外，综合财

务报表载有联交所证券上市规则（「上

市规则」）所规定的适用披露事项，包

括香港公司条例的披露条文。

(b)

计量基准及持续经营基准

综合财务报表乃按历史成本法编制，

惟若干物业及金融工具按下文所载之

会计政策以公平值计量，详情见下文

会计政策。

截至二零二五年三月三十一日止年

度，本集团录得净亏损

292,055,000

元

且于二零二五年三月三十一日，本集

团的流动净负债为

3,771,071,000

元。

于二零二五年三月三十一日，本集团

有须按要求偿还或于报告日期后十二

个月内偿还的银行贷款

5,066,492,000

元，而本集团于截至同一日仅持有现

金及银行结余

33,624,000

元。于评估本

集团的持续经营能力及采用持续经营

会计基础编制综合财务报表的适当性

时，本公司董事（「董事」）已基于涵盖

报告期末后十八个月的现金流量预测

（经计及下列各项），审慎考虑本集团

的未来业绩及流动资金状况：

3. BASIS OF PREPARATION

(a) Statement of compliance

The consolidated financial statements have ben prepared

in acordance with Hong Kong Financial Reporting

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

Interpretations (hereinafter colectively refered to as the

“HKFRS Acounting Standards”) isued by the HKICPA.

In adition, the consolidated financial statements include

aplicable disclosures required by the Rules Governing the

Listing of Securities on the Stock Exchange (the “Listing

Rules”) including the disclosure provisions of the Hong Kong

Companies Ordinance.

(b) Basis of measurement and going concern basis

The consolidated financial statements have ben prepared

under the historical cost basis except for certain properties

and financial instruments, which are measured at fair values

as explained in the acounting policies set out below.

The Group incured a net los of $292,055,000 for the year

ended 31 March 2025 and as at 31 March 2025, the Group

had net curent liabilities of $3,771,071,000. At 31 March

2025, the Group’s bank loans that are repayable on demand

or within twelve months after the reporting date amounted

to $5,066,492,000 whilst the Group only had cash and bank

balances amounted to $33,624,000 as of the same date. In

asesing the Group’s ability to continue as a going concern

and the apropriatenes of the use of the going concern

basis of acounting to prepare the consolidated financial

statements, the directors of the Company (the “Directors”)

gave careful considerations to the future performance and

liquidity of the Group based on a cash flow forecast covering

18 months from the end of the reporting period that takes

acount of the folowing:

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

编制基准（续）

(b)

计量基准及持续经营基准（续）

(i)

于二零二五年三月三十一日，

本集团未能遵守若干银行融资

的若干财务契诺。相关银行融资

项下已提取之银行贷款于二零

二五年三月三十一日的结余为

4,686,925,000

元，其中银行贷款

4,313,943,000

元根据贷款协议

原定偿还日期为二零二六年三

月三十一日之后。按照相关银行

贷款协议，未遵守契诺可能导

致全部银行贷款

4,686,925,000

元即时到期及须按要求偿还。

于报告期末前，本集团并未获贷

款方就未遵守相关财务契诺之

豁免。因此，原约定于二零二六

年三月三十一日之后偿还共

4,313,943,000

元之银行贷款，现

被重新分类为流动负债。

管理层已积极与相关银行磋商，

以获取银行就本集团截至二零

二五年三月三十一日未遵守相

关财务契诺之豁免。截至本综合

财务报表获授权刊发之日，本集

团已就金额为

2,521,649,000

元的

银行贷款成功获得相关银行就

未遵守相关财务契诺的豁免。

根据与相关银行的沟通，相关银

行尚未通知本集团，且董事亦未

得悉相关银行有意因未遵守财

务契诺而撤销其银行信贷额度

或要求立即偿还银行贷款的意

图，惟本集团需继续按照预定的

还款日期偿还利息及贷款本金。

此外，董事相信该等银行将重续

现有银行信贷额度，并向本集团

提供相应的非约束性银行信贷

额度；

3. BASIS OF PREPARATION (continued)

(b) Basis of measurement and going concern basis

(continued)

(i) As at 31 March 2025, the Group was not in compliance

with certain financial covenants of certain banking

facilities. The bank loans drawn down under the related

banking facilities amounted to an outstanding amount

of $4,686,925,000 as of 31 March 2025, of which bank

borowings of $4,313,943,000 were scheduled for

repayment beyond 31 March 2026 in acordance with

the loan agrements. Under the relevant bank loan

agrements, such non-compliance of covenants may

result in the entire bank borowings of $4,686,925,000

becoming imediately due and payable upon demand

by the banks. No waiver was obtained from the lenders

for the Group’s non-compliance with the relevant

financial covenants before the end of the reporting

period. Consequently, the non-curent portion of the

bank borowings amounting to $4,313,943,000, which

had original contractual repayment dates beyond 31

March 2026, was reclasified as curent liabilities.

Management had proactively negotiated with the

relevant banks to obtain waivers for the Group’s non-

compliance with the relevant financial covenants as

at 31 March 2025. Up to the date of authorisation for

isuance of these consolidated financial statements,

the Group has sucesfuly obtained waivers on the

non-compliance of the relevant financial covenant

from the relevant banks in respect of bank borowings

amounting to $2,521,649,000.

Based on comunications with the relevant banks,

they have not notified the Group to, and the Directors

are not aware of any intention of the relevant banks to

withdraw their banking facilities or demand imediate

repayment of the outstanding bank borowings due to

non-compliance with the financial covenants, provided

that the Group continued to repay interests and loan

principal in acordance with the scheduled repayment

dates. Aditionaly, the Directors believe that these

banks would continue to renew the existing banking

facilities and make the respective uncomited

banking facilities available to the Group;

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

编制基准（续）

(b)

计量基准及持续经营基准（续）

(i)

本集团将继续监控是否遵守银

行贷款的契诺。本集团仍然致力

于严格监控所有贷款的财务契

诺遵守情况。如果出现潜在的不

合规情况，管理层将主动与贷方

重新协商条款或寻求豁免以降

低风险；

(i)

本集团正在考虑可能出售若干

资产，以提高其流动性并减少债

务。于二零二五年六月十九日，

本集团收到一名潜在买方收购

两间附属公司（即悦基发展有限

公司及金达富有限公司（统称为

「目标公司」）全部股权的意向

书。目标公司为位于新界粉岭的

其各自地块的唯一实益拥有人，

该地块现正兴建两座高端数据

中心。进一步详情于本公司日期

为二零二五六月十九日的公布

中披露；

倘出售事项得以落实，所得款项

净额将使本集团能够减少其整

体负债及改善本集团营运资金，

从而增强其财务状况；

(iv)

董事相信，本集团将透过物业租

赁分部的租金收入及物业发展

分部的销售收益产生持续的经

营现金流。本集团将继续实施计

划及措施，加快销售余下已竣工

待售物业，并加快收回租金；

(v)

于本综合财务报表获授权刊发

之日，本集团尚可使用的信贷额

度约为

272,000,000

元，以支持正

在进行的各项物业发展项目。根

据上文附注

3(b)(i)

所述理由，董

事认为该等信贷安排将继续可

用；及

3. BASIS OF PREPARATION (continued)

(b) Basis of measurement and going concern basis

(continued)

(i) The Group wil continue to monitor its compliance

with the covenants of the bank borowings. The Group

remains comited to stringent monitoring of financial

covenant adherence acros al borowings. In the event

of potential non-compliance, the management wil

proactively engage lenders to re-negotiate terms or

sek waivers to mitigate the risks;

(i) The Group is contemplating the potential disposal

of certain asets to enhance its liquidity and reduce

indebtednes. On 19 June 2025, the Group received

a leter of interest from a potential purchaser for

the acquisition of the entire equity interests of two

subsidiaries, namely Regal Development Limited

and Golden Ford Limited (colectively “Target

Companies”). The Target Companies are the sole

beneficial owners of their respective land parcels

situated in Fanling, the New Teritories, upon where

two high-tier data centres are curently under

development. Further details are disclosed in the

Company’s anouncement dated 19 June 2025;

Should the divestments materialize, the net

proceds wil enable the Group to reduce its overal

indebtednes and enhance the Group’s working

capital, thereby strengthening its financial position;

(iv) The Directors believe that the Group would generate

sustained operating cash flows through rental income

from the property leasing segment and sales proceds

from the property development segment. The Group

wil continue to implement plans and measures to

acelerate sales of the remaining completed properties

held for sales, and to sped up the colection of

rentals;

(v) As at the date of authorisation for isuance of

these consolidated financial statements, the Group

has unutilised credit facilities of aproximately

$272,000,000 available to suport on-going

development of its various property development

projects. The Directors believe that these credit

facilities wil remain available, based on the rationale

outlined in note 3(b)(i) above; and

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

编制基准（续）

(b)

计量基准及持续经营基准（续）

(vi)

本集团有正在进行的物业发展

项目。该等项目预计将于预测期

间启动预售。本集团已启动销售

及营销活动并开始准备预售所

需文件。因此，董事认为物业发

展项目于预测期间将能为本集

团产生经营现金流。

董事认为，考虑到上述计划及措施，

本集团将拥有充足的营运资金来拨

付其营运及履行到期的财务义务。因

此，董事认为以持续经营基准编制综

合财务报表属适当之举。

尽管如此，持续经营基准的使用取决

于上述计划及措施能否成功实施。该

等计划及措施的未来结果本身存在不

确定性，包括

(i)

与银行成功协商获得

豁免，确保现有银行贷款按照商定的

还款计划偿还，且未使用的信贷额度

可供本集团使用；

(i)

本集团部分数据

中心租赁业务成功出售；

(i)

本集团已

竣工物业得以出售；及

(iv)

成功启动物

业发展项目的预售。该等情况显示存

在重大不确定性，可能对本集团的持

续经营能力产生重大疑问，并因此可

能无法在正常业务过程中变现其资产

或清偿其负债。

倘若本集团未能实现上述计划及措

施，则未必能继续按持续经营业务基

准经营，将需作出调整以将本集团的

资产账面值撇减至其可收回金额，就

可能产生的任何进一步负债作出拨

备，及将非流动资产及非流动负债分

别重新分类为流动资产及流动负债。

该等调整的影响尚未在本综合财务报

表内反映。

3. BASIS OF PREPARATION (continued)

(b) Basis of measurement and going concern basis

(continued)

(vi) The Group had property development projects in

progres. The pre-sale of these projects are expected

to be launched during the forecast period. The Group

has already initiated sales and marketing activities

and begun with the preparation of the necesary

documents for the pre-sale. The Directors are therefore

of the view that the property development projects wil

be able to generate operating cash flow to the Group in

the forecast period.

In the opinion of the Directors, taking into acount the

above plans and measures, the Group wil have suficient

working capital to finance its operation and met its

financial obligations as and when they fal due. Acordingly,

the Directors consider that it is apropriate to prepare the

consolidated financial statements on a going concern basis.

Notwithstanding the above, the use of the going concern

basis depends on sucesful implementation of the

aforementioned plans and measures. There are uncertainties

inherently asociated with their future outcomes, including

(i) sucesful negotiation with the banks to obtain waivers,

ensuring that existing bank borowings are repaid in

acordance with the agred repayment schedules and the

unutilised credit facilities remain available to the Group; (i)

sucesful divestment of part of the Group’s data centre

leasing busines; (i) sales of the Group’s completed

properties can be materialised; and (iv) sucesful launch

of the pre-sale of the property development projects. These

conditions indicate the existence of a material uncertainty

that may cast significant doubt on the Group’s ability to

continue as a going concern, and therefore, that it may be

unable to realise its asets or discharge its liabilities in the

normal course of busines.

Should the Group fail to achieve the above plans and

measures, it might not be able to continue as a going

concern, and adjustments would have to be made to write

down the carying value of the Group’s asets to their

recoverable amounts, to provide for any further liabilities

which might arise, and to reclasify non-curent asets and

non-curent liabilities as curent asets and curent liabilities,

respectively. The efects of these adjustments have not ben

reflected in these consolidated financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

编制基准（续）

(c)

功能及呈列货币

综合财务报表以本公司的功能货币港

元呈列。

主要会计政策

(a)

综合基准

综合财务报表包括本公司及其附属公

司的财务报表。集团实体之间的交易

及结余连同未实现利润均在编制综合

财务报表时悉数对销。未实现亏损亦

予以对销，除非交易显示所转让资产

出现减值迹象，在此情况下，亏损将

于损益内确认。

(b)

附属公司

附属公司乃指本公司可对其行使控制

权的被投资方。倘以下三项条件均存

在：

(i)

有权控制被投资方的；

(i)

对来自

被投资方的浮动回报承担风险或拥有

权利及

(i)

能行使对被投资方的权力以

影响其浮动回报时，本公司即拥有对

被投资方的控制权。当事实及情况表

明以上条件已经改变，控制权会被重

新评估。

(c)

衍生金融工具

衍生金融工具于签订衍生工具合约时

按公平值作首次确认，并随后重新计

量彼等的公平值。若衍生金融工具之

公平值为正数值，均以资产列账，若

为负数值，则确认为负债。

衍生工具公平值变动产生的收益或亏

损直接于损益内确认，惟现金流量对

冲的有效部分于其他全面收益确认，

其后对冲项目在影响损益时重新分类

至损益（见附注

4(d)

）。

3. BASIS OF PREPARATION (continued)

The consolidated financial statements are presented in Hong

Kong dolars (“HK$”), which is the same as the functional

curency of the Company.

4. ACOUNTING POLICIES

(a) Basis of consolidation

The consolidated financial statements comprise the

financial statements of the Company and its subsidiaries.

Inter-company transactions and balances betwen group

companies together with unrealised profits are eliminated

in ful in preparing the consolidated financial statements.

Unrealised loses are also eliminated unles the transaction

provides evidence of impairment on the aset transfered, in

which case the los is recognised in profit or los.

(b) Subsidiaries

A subsidiary is an investe over which the Company is able

to exercise control. The Company controls an investe if al

thre of the folowing elements are present: (i) power over

the investe; (i) exposure, or rights, to variable returns from

the investe, and (i) the ability to use its power to afect

those variable returns. Control is reasesed whenever facts

and circumstances indicate that there may be a change in

any of these elements of control.

Derivative financial instruments are initialy recognised at

fair value on the date on which a derivative contract is

entered into and are subsequently remeasured at fair value.

Derivatives are caried as asets when the fair value is

positive and as liabilities when the fair value is negative.

Any gains or loses arising from changes in fair value of

derivatives are taken directly to the statement of profit or

los, except for the efective portion of cash flow hedges,

which is recognised in other comprehensive income and

later reclasified to profit or los when the hedged item

afects profit or los (se note 4(d).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

主要会计政策（续）

(d)

对冲

现金流量对冲

倘衍生金融工具指定用作已确认资产

或负债的现金流量变动、或极其可能

发生的预期交易、或已承诺未来交易

的外币风险的对冲，按公平值重新计

量衍生金融工具时产生的任何收益或

亏损的有效部分会于其他全面收益确

认及独立累计于权益内对冲储备之

中。当中任何收益或亏损的无效部分

则即时于损益中确认。

倘预期交易的对冲其后引致需确认非

金融资产或非金融负债，相关的收益

或亏损会从权益重新分类，并计入非

金融资产或负债的初始成本或其他账

面价值。

倘预期交易的对冲其后引致需确认金

融资产或金融负债，相关的收益或亏

损会从权益重新分类，并于同一期间

或于所收购资产或所承担负债对损益

造成影响（例如确认利息收入或支出

时）的期间内计入损益。

倘对冲工具到期、或售出或终止，或

倘对冲不再符合对冲会计处理的标

准时，则对冲会计处理于往后终止应

用，任何于权益中累计之收益或亏损

会于权益内保留，并于对冲现金流量

发生时根据相关交易的性质（如上所

述）入账。若预期交易预计不会发生，

权益中累计之收益或亏损随即重新分

类至损益。

(e)

固定资产

(i)

投资物业及发展中投资物业

投资物业指根据租赁权益（见附

注

4(f)

）拥有或持有用以赚取租

金收入及╱或用作资本增值的

土地及╱或楼宇，包括持作目前

尚未确定未来用途的土地及正

在建设或开发中以供未来用作

投资物业的物业。

4. ACOUNTING POLICIES (continued)

(d) Hedging

Cash flow hedges

Where a derivative financial instrument is designated as

a hedge of the variability in cash flows of a recognised

aset or liability or a highly probable forecast transaction

or the foreign curency risk of a comited future

transaction, the efective portion of any gains or loses on

remeasurement of the derivative financial instrument to fair

value are recognised in other comprehensive income and

acumulated separately in equity in the hedging reserve.

The inefective portion of any gain or los is recognized

imediately in profit or los.

If a hedge of a forecast transaction subsequently results

in the recognition of a non-financial aset or non-financial

liability, the asociated gain or los is reclasified from equity

to be included in the initial cost or other carying amount of

the non-financial aset or liability.

If a hedge of a forecast transaction subsequently results in

the recognition of a financial aset or a financial liability, the

asociated gain or los is reclasified from equity to profit or

los in the same period or periods during which the aset

acquired or liability asumed afects profit or los (such as

when interest income or expense is recognised).

When a hedging instrument expires, or is sold or terminated,

or when a hedge no longer mets the criteria for hedge

acounting, hedge acounting is discontinued prospectively,

any cumulative gain or los remains in equity at that time

is acounted for acording to the nature of the underlying

transactions (as discused above) once the hedged cash

flow ocurs. When a forecast transaction is no longer

expected to ocur, the cumulative gain or los that has ben

reported in equity is reclasified to profit or los imediately.

(e) Fixed asets

(i) Investment properties and investment

properties under development

Investment properties are land and/or buildings which

are owned or held under a leasehold interest (se

note 4(f) to earn rental income and/or for capital

apreciation. These include land held for a curently

undetermined future use and property that is being

constructed or developed for future use as investment

property.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

主要会计政策（续）

(e)

固定资产（续）

(i)

投资物业及发展中投资物业

（续）

投资物业及发展中投资物业按

公平值列账，除非物业于报告期

末仍在兴建或发展中之公平值

于当时无法可靠计量。公平值变

动或报废或出售投资物业产生

的任何收益或亏损于损益内确

认。投资物业的租金收入乃按附

注

4(m)(i)

所述方式列账。

(i)

其他物业、厂房及设备

其他物业、厂房及设备按成本减

去累计折旧及减值亏损列账（见

附注

4(g)

）。

报废或出售物业、厂房及设备项

目产生的损益按出售所得款项

净额与该项目账面值之间的差

额厘定，并于报废或出售日期于

损益内确认。

物业、厂房及设备折旧于其估计

可使用年期以直线法撇销其成

本减去估计剩余价值（如有）计

提。可使用年期、剩余价值及折

旧方法于报告期末进行审核及

调整（如适用）。可使用年期如

下：

楼宇

年

厂房及机器

至

年

家具、装置及设备

至

年

汽车

年

4. ACOUNTING POLICIES (continued)

(e) Fixed asets (continued)

(i) Investment properties and investment

properties under development (continued)

Investment properties and investment properties

under development are stated at fair value, unles they

are stil in the course of construction or development

at the end of the reporting period and their fair value

canot be reliably measured at that time. Any gain

or los arising from a change in fair value or from

the retirement or disposal of an investment property

is recognised in profit or los. Rental income from

investment properties is acounted for as described in

note 4(m)(i).

(i) Other property, plant and equipment

Other property, plant and equipment are stated at cost

les acumulated depreciation and impairment loses

(se note 4(g).

Gains or loses arising from the retirement or disposal

of an item of property, plant and equipment are

determined as the diference betwen the net disposal

proceds and the carying amount of the item and are

recognised in profit or los on the date of retirement or

disposal.

Property, plant and equipment are depreciated so as

to write of their cost net of expected residual value, if

any, over their estimated useful lives on a straight-line

basis. The useful lives, residual value and depreciation

method are reviewed, and adjusted if apropriate, at

each end of the reporting period. The useful lives are

as folows:

Buildings50 years

Plant and machinery3-5 years

Furniture, fixtures and equipment3-5 years

Motor vehicles5 years

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

主要会计政策（续）

(f)

租赁资产

作为承租人的会计处理

所有租赁（不论为经营租赁或融资租

赁）须于财务状况表资本化为使用权

资产及租赁负债，惟会计政策为实体

提供选择，可选择不将

(i)

属短期租赁

的租赁及╱或

(i)

4. ACOUNTING POLICIES (continued)

(f) Leased asets

Acounting as a lese

Al leases are capitalised in the statement of financial

position as right-of-use asets and lease liabilities, except

for (i) leases which are short-term leases and/or (i) leases

for which the underlying aset is of low-value. The lease

payments asociated with those leases have ben expensed

on straight-line basis over the lease term. The Group

acounts for leasehold land and buildings that are held for

rental or capital apreciation purpose under HKAS 40 and

are caried at fair value. The Group acounts for right-of-use

asets related to interests in leasehold land which is held as

inventories of properties are caried at the lower of cost and

net realisable value.

Acounting as a lesor

The Group has leased out its investment properties to a

number of tenants. Rental income from operating leases

is recognised in profit or los on a straight-line basis over

the term of the relevant lease. Initial direct costs incured in

negotiating and aranging an operating lease are aded to

the carying amount of the leased aset and recognised as

an expense on the straight-line basis over the lease term

(se note 4(m)(i).

(g) Impairment of asets (other than financial asets)

Internal and external sources of information are reviewed at

the end of each reporting period to identify indications that

the folowing asets may be impaired:

– fixed asets (other than properties caried at fair value);

and

– investments in subsidiaries in the Company’s

statement of financial position.

If any such indication exists, the aset’s recoverable amount

is estimated.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

主要会计政策（续）

(g)

资产减值（金融资产除外）（续）

(i)

计算可收回金额

资产的可收回金额以其公平值

减除出售成本和使用价值两者

中的较高数额为准。在评估使用

价值时，会使用除税前贴现率将

估计未来现金流量贴现至现值。

该贴现率应是反映市场当时所

评估的货币时间价值和该资产

的独有风险。如果资产所产生的

现金流入基本上不独立于其他

资产所产生的现金流入，则以能

独立产生现金流入的最小资产

类别（即现金产生单位）来厘定

可收回金额。

(i)

确认减值亏损

每当资产（或其所属之现金产生

单位）之账面值超过其可收回金

额，即会在损益中确认减值亏

损。就现金产生单位确认之减值

亏损，会先予分配以减少分配予

现金产生单位（或该组单位）之

任何商誉之账面值，并于其后按

比例减少该单位（或该组单位）

之其他资产之账面值，惟资产账

面值不会减少至低于其本身之

公允价值减出售成本（如可计量）

或使用价值（若能厘定）。

(h)

金融工具

(i)

金融资产

应收帐款于产生时初始确认。所

有按常规方式购买和出售的金

融资产于交易日（即本集团承诺

购买或销售该资产之日）确认。

按常规方式购买或出售指购买

或出售须在一般按市场规则或

惯例确定的期间内交付的金融

资产。

金融资产（并无重大融资成分的

应收账款除外）初步按公平值计

量，对于不按公平值计入损益的

项目，则再加上与其收购或发行

直接相关的交易成本计量。并无

重大融资部分的应收账款初步

按交易价格计量。

4. ACOUNTING POLICIES (continued)

(g) Impairment of asets (other than financial asets)

(continued)

(i) Calculation of recoverable amount

The recoverable amount of an aset is the greater of

its fair value les costs of disposal and value in use. In

asesing value in use, the estimated future cash flows

are discounted to their present value using a pre-tax

discount rate that reflects curent market asesments

of the time value of money and the risks specific to

the aset. Where an aset does not generate cash

inflows largely independent of those from other

asets, the recoverable amount is determined for the

smalest group of asets that generates cash inflows

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

(i) Recognition of impairment loses

An impairment los is recognised in profit or los

if the carying amount of an aset, or the cash

generating unit to which it belongs, exceds its

recoverable amount. Impairment loses recognised

in respect of cash-generating units, are alocated to

reduce the carying amount of the asets in the unit

(or group of units) on a pro rata basis, except that

the carying value of an aset wil not be reduced

below its individual fair value les costs of disposal (if

measurable) or value in use (if determinable).

(h) Financial instruments

(i) Financial asets

Trade receivables are initialy recognised when they

are originated. Al regular way purchases and sales

of financial asets are recognised on the trade date,

that is, the date that the Group comits to purchase

or sel the aset. Al other financial asets are initialy

recognised when the Group becomes a party to the

contractual provisions of the instrument.

A financial aset (unles it is a trade receivable

without a significant financing component) is initialy

measured at fair value plus, for an item not at fair

value through profit or los, transaction costs that are

directly atributable to its acquisition or isue. A trade

receivable without a significant financing component is

initialy measured at the transaction price.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

主要会计政策（续）

(h)

金融工具（续）

(i)

金融资产（续）

债务工具

对于持有以收取合约现金流量

的资产，倘该等现金流量仅代表

支付本金和利息，则该资产以摊

销成本计量。按摊销成本计量的

金融资产其后采用实际利率法

计量。利息收入、汇兑收益及损

失及减值于损益中确认。终止确

认时的任何收益均于损益中确

认。

股本工具

于初次确认并非持作买卖用途

的股本投资时，本集团可以不可

撤回地选择于其他全面收益中

呈列投资公平值后续变动。该选

择乃按投资逐项作出。按公平值

计入其他全面收益的股本投资

其后按公平值计量。股息收益于

损益确认，除非股息收入明确指

投资成本部分收回。其他收益及

亏损净额于其他全面收益确认，

并不重新分类至损益。对于分类

为按公平值计入损益的所有其

他权益工具，其公平值变动、股

息及利息收入于损益中确认。

(i)

金融资产的减值亏损

本集团就应收账款及按摊销成

本计量的金融资产的预期信贷

亏损（「预期信贷亏损」）确认亏

损拨备。

预期信贷亏损为信贷亏损的概

率加权估计。预期信贷亏损乃基

于根据合约应付予本集团的合

约现金流量与本集团预期收取

的所有现金流量之间的差额。该

差额其后按资产原有实际利率

相近的差额贴现。

4. ACOUNTING POLICIES (continued)

(h) Financial instruments (continued)

(i) Financial asets (continued)

Debt instruments

Debt instruments that are held for colection of

contractual cash flows where those cash flows

represent solely payments of principal and interest

are measured at amortised cost. Financial asets at

amortised cost are subsequently measured using

the efective interest method. Interest income,

foreign exchange gains and loses and impairment

are recognised in profit or los. Any gain or los on

derecognition is recognised in profit or los.

Equity instruments

On initial recognition of an equity investment that is

not held for trading, the Group could irevocably elect

to present subsequent changes in the investment’s fair

value through other comprehensive income (“FVOCI”).

This election is made on an investment-by-investment

basis. Equity investments at FVOCI are measured at

fair value. Dividend income are recognised in profit

or los unles the dividend income clearly represents

a recovery of part of the cost of the investments.

Other net gains and loses are recognised in other

comprehensive income and are not reclasified to

profit or los. Al other equity instruments are clasified

as fair value through profit or los (“FVTPL”), whereby

changes in fair value, dividends and interest income

are recognised in profit or los.

(i) Impairment los on financial asets

The Group recognises los alowances for expected

credit los (“ECL”) on trade receivables and other

financial asets measured at amortised cost.

ECLs are a probability-weighted estimate of credit

loses. Credit loses are measured 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. The shortfal

is then discounted at an aproximation to the asets’

original efective interest rate.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

主要会计政策（续）

(h)

金融工具（续）

(i)

金融资产的减值亏损（续）

本集团已选用香港财务报告准

则第

号简化法计量应收账款及

合约资产的亏损拨备，并已根据

存续预期信贷亏损计算预期信

贷亏损。本集团已依据本集团的

历史信贷亏损经验建立拨备矩

阵，并按债务人特定的前瞻性因

素及经济环境予以调整。

其他债务金融资产按十二个月

的预期信贷亏损计算预期信贷

亏损。然而，倘信贷风险由最初

起大幅增加，则基于预期信贷亏

损的年期计提拨备。

当厘定金融资产之信贷风险自

初步确认后有否大幅增加及于

估计预期信贷亏损时，本集团会

考虑相关及无须付出过多成本

或努力即可获得之合理及可靠

资料。此包括根据本集团之过往

经验及已知信贷评估得出之量

化及质化资料分析，并包括前瞻

性资料。

本集团假设，倘金融资产逾期超

过三十日，其信贷风险会大幅增

加。

在每个报告日，本集团评估按摊

销成本计量的金融资产是否发

生信贷亏损。当一项或多项对金

融资产预计未来现金流量产生

不利影响事件发生时，该金融资

产即出现「信贷亏损」。金融资产

发生信贷亏损的证据包括以下

可观察资料：

－

债务人出现重大财务困

难；

－

违反合同，例如违约或逾

期超过九十天；

4. ACOUNTING POLICIES (continued)

(h) Financial instruments (continued)

(i) Impairment los on financial asets (continued)

The Group measures los alowances for trade

receivables using HKFRS 9 simplified aproach and

has calculated ECLs based on lifetime ECLs. The Group

has established a provision matrix that is based on the

Group’s historical credit los experience, adjusted for

forward-loking factors specific to the debtors and the

economic environment.

For other debt financial asets, ECLs are based on

the 12-month ECLs. However, when there has ben a

significant increase in credit risk since origination, the

alowance wil be based on the lifetime ECLs.

When determining whether the credit risk of a

financial aset has increased significantly since initial

recognition and when estimating ECL, the Group

considers reasonable and suportable information

that is relevant and available without undue cost or

efort. This includes both quantitative and qualitative

information analysis, based on the Group’s historical

experience and informed credit asesment and

including forward-loking information.

The Group asumes that the credit risk on a financial

aset has increased significantly if it is more than 30

days past due.

At each reporting date, the Group aseses whether

financial asets caried at amortised cost are credit

impaired. A financial aset is “credit-impaired” when

one or more events that have a detrimental impact on

the estimated future cash flows of the financial aset

have ocured. Evidence that a financial aset is credit

impaired includes the folowing observable data:

– significant financial dificulty of the debtor;

– a breach of contract such as a default or being

more than 90 days past due;

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

主要会计政策（续）

(h)

金融工具（续）

(i)

金融资产的减值亏损（续）

－

本集团依本集团不会另行

考虑的条款重组贷款或垫

款；

－

债务人很可能破产或进行

其他财务重组；或

－

由于财务困难，证券活跃

市场消失。

本集团认为下列情况有违约风

险：

(1)

借款人不可能在本集团无

追索权采取行动（例如实现担保）

（如持有）的情况下向本集团悉

数支付其信贷义务；或

(2)

金融资

产已逾期超过九十日。

按摊销成本计量的金融资产的

亏损拨备透过亏损拨备帐户从

资产帐面总额中扣除。当本集团

无法合理预期全部或部分收回

金融资产时，金融资产的帐面总

额将被撇帐。然而，已被撇帐的

金融资产仍可能受到强制执行

活动的影响，以遵守本集团收回

到期款项的程序。

(i)

金融负债

按摊销成本计量之金融负债按

公平值减所产生之直接应占成

本初始计量。

该等负债（应付账款及其他应付

款项、银行贷款及来自最终控股

公司和来自控股东之贷款）随

后采用实际利率法按摊余成本

计量。相关利息支出根据借贷成

本之会计政策（见附注

4(q)

）确

认。

收益或亏损于终止确认负债时

及在摊销过程中于损益确认。

4. ACOUNTING POLICIES (continued)

(h) Financial instruments (continued)

(i) Impairment los on financial asets (continued)

– the restructuring of a loan or advance by the

Group on terms that the Group would not

consider otherwise;

– it is probable that the debtor wil enter

bankruptcy or other financial reorganisation; or

– the disapearance of an active market for a

security because of financial dificulties.

The Group considers that a default event ocurs when:

(1) the borower is unlikely to pay its credit obligations

to the Group in ful, without recourse by the Group to

actions such as realising security (if any is held); or (2)

the financial aset is more than 90 days past due.

Los alowances for financial asets measured at

amortised cost are deducted from the gros carying

amount of the asets through a los alowance

acount. The gros carying amount of a financial

aset is writen of when the Group has no reasonable

expectations of recovering a financial aset in its

entirety or a portion thereof. However, financial

asets that are writen of could stil be subject to

enforcement activities in order to comply with the

Group’s procedures for recovery of amounts due.

(i) Financial liabilities

Financial liabilities at amortised costs are initialy

measured at fair value, net of directly atributable costs

incured.

These liabilities including trade and other payables,

bank loans and loans from ultimate holding company

and controling shareholder, are subsequently

measured at amortised cost, using efective interest

method. The related interest expense is recognised in

acordance with the acounting policy for borowing

costs (se note 4(q).

Gains or loses are recognised in profit or los when

the liabilities are derecognised as wel as through the

amortisation proces.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

主要会计政策（续）

(h)

金融工具（续）

(iv)

股本工具

本公司发行之股本工具按已收

取所得款项减直接发行成本列

账。

(v)

终止确认

本集团于从资产收取未来现金

流的合约权利届满时终止确认

金融资产。

当合约指明的债务被解除、取消

或到期时，该金融负债会被终止

确认。

(i)

物业存货

存货按成本或可变现净额两者之较低

者计量如下：如下：

(i)

发展中物业

发展中物业之成本包括专用可

分辨之成本，由购买土地费用、

发展、物料及供应品之整体成

本、薪金及其他直接费用及适当

部分之间接费用构成。可变现净

值指估计之销售价格减去估计

之完工成本及推广物业销售所

需费用后的净额。竣工后，物业

转拨至持有作销售之物业。

(i)

持有作销售之物业

作销售之物业包括所有采购成

本及其他使存货达至现时地点

及状态所发生之成本。可变现净

值为根据当时市况估计售价减

去估计销售费用后得出。

4. ACOUNTING POLICIES (continued)

(h) Financial instruments (continued)

(iv) Equity instruments

Equity instruments isued by the Company are

recorded at the proceds received, net of direct isue

costs.

(v) Derecognition

The Group generaly derecognises a financial aset

when the contractual rights to the future cash flows in

relation to the financial aset expires.

Financial liabilities are derecognised when the

obligation specified in the relevant contract is

discharged, canceled or expires.

(i) Inventories of properties

Inventories are measured at the lower of cost and net

realisable value as folow:

(i) Properties under development

The cost of properties under development comprises

specificaly identified cost, including acquisition cost

of land, agregate cost of development, materials

and suplies, wages and other direct expenses, an

apropriate proportion of overheads and borowing

costs capitalised. Net realisable value represents

the estimated seling price les estimated costs

of completion and costs to be incured in seling

the properties. On completion, the properties are

transfered to properties held for sales.

(i) Properties held for sales

The cost of completed properties for sale comprises

the costs of those completed units transfered from

properties under development and where aplicable,

al costs of purchase and other costs incured in

bringing the inventories to their present location

and condition. Net realisable value represents the

estimated seling price, based on prevailing market

conditions, les estimated costs to be incured in

seling the properties.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

主要会计政策（续）

(j)

雇员福利

薪金、年度花红、带薪年假、界定供款

退休计划供款及非货币福利成本于雇

员提供相关服务年度内累计。倘延迟

付款或结算并造成重大影响，则该等

金额将按现值列账。

以股份形式支付之开支

参考于授出日期所授出购股权之公平

值而厘定所得服务之公平值，乃按归

属期以直线法确认开支，并于权益（购

股权储备）中相应增加。

于每个报告期末，本集团更新其对预

期最终归属之购股权数目之估计。更

新就归属期所作估计之影响（如有）于

损益确认，而购股权储备亦作相应调

整。

购股权获行使时，先前于购股权储备

确认之金额将会转拨至股本及股份溢

价。如购股权于归属日期后被没收或

于届满日期后尚未行使，先前于购股

权储备确认之金额将转拨至保留溢

利。

(k)

所得税

本年所得税包括即期税项以及递延税

项资产及负债的变动。即期税项以及

递延税项资产及负债的变动于损益内

确认，惟与于其他全面收益确认或直

接于权益确认的项目有关者除外，在

此情况下，有关税项款项分别于其他

全面收益确认或直接于权益确认。

即期税项乃本年应课税收入的预期应

缴税项（按报告期末已颁布或实质上

已颁布的税率计算）以及以往年度应

缴税项的任何调整。

4. ACOUNTING POLICIES (continued)

(j) Employe benefits

Salaries, anual bonuses, paid anual leave, contributions

to defined contribution retirement plans and the cost of

non-monetary benefits are acrued in the year in which

the asociated services are rendered by employes. Where

payment or setlement is defered and the efect would be

material, these amounts are stated at their present values.

Share-based payment transactions

The fair value of services received determined by reference

to the fair value of share options granted at the grant date

is expensed on a straight-line basis over the vesting period,

with a coresponding increase in equity (share option

reserve).

At the end of each reporting period, the Group revises its

estimates of the number of options that are expected to

ultimately vest. The impact of the revision of the estimates

during the vesting period, if any, is recognised in profit

or los, with a coresponding adjustment to share option

reserve.

At the time when the share options are exercised, the

amount previously recognised in share option reserve wil

be transfered to share capital and share premium. When

the share options are forfeited after the vesting date or are

stil not exercised at the expiry date, the amount previously

recognised in share option reserve wil be transfered to

retained profits.

(k) Income tax

Income tax for the year comprises curent tax and

movements in defered tax asets and liabilities. Curent

tax and movements in defered tax asets and liabilities are

recognised in profit or los except to the extent that they

relate to items recognised in other comprehensive income

or directly in equity, in which case the relevant amounts

of tax are recognised in other comprehensive income or

directly in equity, respectively.

Curent tax is the expected tax payable on the taxable

income for the year, using tax rates enacted or substantively

enacted at the end of the reporting period, and any

adjustment to tax payable in respect of previous years.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

主要会计政策（续）

(k)

所得税（续）

递延税项资产及负债分别源自可扣税

及应课税暂时差额，即作财务申报之

用的资产及负债账面值与彼等税基之

间的差额。递延税项资产亦源自未动

用税项亏损及未动用税项抵免。

除了某些有限的例外情况外，所有递

延税项负债和递延税项资产只限于很

可能获得未来应课税利润以使该递延

税项资产得以使用的情况下才会被确

认。由可抵扣暂时性差异所产生的递

延税项资产，因有未来应课税利润的

支持而使之确认，包括因转回目前存

在的应课税暂时性差异而产生的金

额；但这些转回的差异必须与同一税

务机关及同一应课税实体有关，并预

期在可抵扣暂时性差异预计转回的同

一期间或于递延税项资产所产生时税

务亏损可向后期或向前期结转的期

间内转回。在决定目前存在的应课税

暂时性差异是否足以支援确认由未使

用的税务亏损和税款抵减所产生的递

延税项资产时，亦会采用同一准则，

即差异是否与同一税务机关及同一应

课税实体有关，并是否预期能在使用

税务亏损和税款抵减的同一期间内转

回。

确认递延税项资产及负债的少数例外

情况包括不可扣税商誉产生的该等暂

时差额、不影响会计处理及应课税溢

利的资产或负债的初步确认（惟不属

于业务合并的一部分）以及有关于附

属公司投资的暂时差额，惟如属应课

税差额，限于本集团控制拨回时间且

在可预见将来不大可能会拨回差额的

情况，或如属可扣税差额，则除非差

额很可能在将来拨回。

4. ACOUNTING POLICIES (continued)

(k) Income tax (continued)

Defered tax asets and liabilities arise from deductible and

taxable temporary diferences respectively. Defered tax

asets also arise from unused tax loses and unused tax

credits.

Apart from certain limited exceptions, al defered tax

liabilities and al defered tax asets, to the extent that it is

probable that future taxable profits wil be available against

which the aset can be utilised, are recognised. Future

taxable profits that may suport the recognition of defered

tax asets arising from deductible temporary diferences

include those that wil arise from the reversal of existing

taxable temporary diferences, provided those diferences

relate to the same taxation authority and the same taxable

entity, and are expected to reverse either in the same

period as the expected reversal of the deductible temporary

diference or in periods into which a tax los arising from the

defered tax aset can be caried back or forward. The same

criteria are adopted when determining whether existing

taxable temporary diferences suport the recognition of

defered tax asets arising from unused tax loses and

credits.

The limited exceptions to recognition of defered tax

asets and liabilities are those temporary diferences

arising from godwil not deductible for tax purposes, the

initial recognition of asets or liabilities that afect neither

acounting nor taxable profit (provided they are not part

of a busines combination) and does not give rise to

equal taxable and deductible temporary diferences, and

temporary diferences relating to investments in subsidiaries

to the extent that, in the case of taxable diferences, the

Group controls the timing of the reversal and it is probable

that the diferences wil not reverse in the foreseable future,

or in the case of deductible diferences, unles it is probable

that they wil reverse in the future.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

主要会计政策（续）

(k)

所得税（续）

倘投资物业根据附注

4(e)(i)

所载会计政

策按公平值列账，已确认递延税项金

额乃采用于报告期末按账面值销售该

等资产所适用的税率计量，除非有关

物业可折旧，且于旨在随时间（而非透

过销售）消耗物业所含的绝大部分经

济利益的商业模式持有。于所有其他

情况下，已确认递延税项金额乃按资

产及负债账面值的预期变现或结算方

式，采用于报告期末已颁布或实质上

已颁布的税率计量。递延税项资产及

负债不予贴现。

即期税项结余及递延税项结余与其变

动将分开列示，且不会抵销。倘本集

团或本公司有法定可执行权利以即期

税项资产抵销即期税项负债，且符合

下列附带条件，则即期税项资产及递

延税项资产可分别抵销即期税项负债

及递延税项负债：

－

就即期税项资产及负债而言，本

集团计划按净额基准结算或同

时变现资产及结算负债；或

－

就递延税项资产及负债而言，倘

该等资产及负债与同一税务机

关就以下其中一项征收的所得

税有关：

－

同一应课税实体；或

－

计划在预期结算或收回大

额递延税项负债或资产的

各未来期间，按净额基准

或同时变现及结算即期税

项资产及即期税项负债的

不同应课税实体。

4. ACOUNTING POLICIES (continued)

(k) Income tax (continued)

Where investment properties are caried at their fair value

in acordance with the acounting policy set out in note 4(e)

(i), the amount of defered tax recognised is measured using

the tax rates that would aply on sale of those asets at their

carying value at the end of the reporting period. In al other

cases, the amount of defered tax recognised is measured

based on the expected maner of realisation or setlement

of the carying amount of the asets and liabilities, using

tax rates enacted or substantively enacted at the end of the

reporting period. Defered tax asets and liabilities are not

discounted.

Curent tax balances and defered tax balances, and

movements therein, are presented separately from each

other and are not ofset. Curent tax asets are ofset

against curent tax liabilities, and defered tax asets

against defered tax liabilities, if the Group has the legaly

enforceable right to set of curent tax asets against curent

tax liabilities and the folowing aditional conditions are met:

– in the case of curent tax asets and liabilities, the

Group or the Company intends either to setle on a

net basis, or to realise the aset and setle the liability

simultaneously; or

– in the case of defered tax asets and liabilities, if they

relate to income taxes levied by the same taxation

authority on either:

– the same taxable entity; or

– diferent taxable entities, which, in each future

period in which significant amounts of defered

tax liabilities or asets are expected to be setled

or recovered, intend to realise the curent tax

asets and setle the curent tax liabilities on a

net basis or realise and setle simultaneously.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

主要会计政策（续）

(l)

拨备及或然负债

当本集团或本公司须就已发生之事件

承担法律或推定义务，并因履行该义

务预期会导致含有经济利益之资源外

流并可作出可靠之估计时，则需就未

明朗之时间性及金额之其他负债确认

拨备。当货币时间价值重大时，则按

预计履行义务所需资源之现值计提拨

备。

当含有经济利益之资源外流之可能

性较低，或无法对有关金额作出可靠

之估计时，则该义务应披露为或然负

债，除经济利益资源外流之可能性极

低者以外。就须视乎某宗或多宗未来

事件是否发生才能确定存在与否之潜

在负债，亦需披露为或然负债，除经

济利益资源外流之可能性极低者以

外。

(m)

收益及其他收入

(i)

楼宇建造之收益

当建筑合约的结果可以可靠地

估计，收益及成本参照完成阶段

确认，按所进行的建筑工程（经

独立专业建筑师核证）与估计总

合同款项的比例计量。发票根据

合约条款发出，通常于三十天内

支付。未开具发票的金额作为合

约资产列示。

合约成本于其产生的期间内确

认为开支。

鉴于建筑服务控制权转移与付

款日期之间的时间隔为一年

或以下，且保留应收款作为本集

团的主要融资成分，本集团选择

采用简便实务处理，不调整交易

价格。施工服务符合商定的规

格。

4. ACOUNTING POLICIES (continued)

(l) Provisions and contingent liabilities

Provisions are recognised for other liabilities of uncertain

timing or amount when the Group has a legal or constructive

obligation arising as a result of a past event, it is probable

that an outflow of resources embodying economic benefits

wil be required to setle the obligation and a reliable

estimate can be made. Where the time value of money is

material, provisions are stated at the present value of the

expenditure expected to setle the obligation.

Where it is not probable that an outflow of resources

embodying economic benefits wil be required, or the

amount canot be estimated reliably, the obligation is

disclosed as a contingent liability, unles the probability

of outflow of resources embodying economic benefits is

remote. Posible obligations, whose existence wil only be

confirmed by the ocurence or non-ocurence of one or

more future events are also disclosed as contingent liabilities

unles the probability of outflow of resources embodying

economic benefits is remote.

(m) Revenue and other income

(i) Revenue from building construction

Revenue is recognised overtime as the Group’s

performance creates or enhances an aset that the

customer controls as the Group performs and is

recognised by reference to the stage of completion

measured based on the construction works performed,

which are certified by an independent profesional

architect, relative to the remaining construction works

promised under the contract. Invoices are isued

acording to contractual terms and are usualy payable

within 30 days.

Contract costs are recognised as expenses in the

period in which they are incured.

The Group has elected to aply the practical expedient

not to adjust the transaction price for the existence of

any significant financing component given the period

betwen the transfer of control of construction service

and the payment date is one year or les, whilst

retention receivables serves as an asurance that the

construction services performed comply with agred-

upon specifications.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

主要会计政策（续）

(m)

收益及其他收入（续）

(i)

楼宇建造之收益（续）

本集团的建造合约通常会产生

因变更订单或索赔而产生的可

变对价。作为通常与一系列可能

的对价金额相关的可变对价，本

集团采用预期值法估计其将有

权获得的对价金额。本集团仅在

与可变对价相关的不确定性随

后得到解决后，累计已确认收入

金额很可能不会发生重大收入

转回的情况下，才会在交易价格

中包含可变对价的估计。在每个

报告期末，本集团更新预计交易

价格（包括更新对可变对价估计

是否受到限制的评估），以真实

反映报告期末的情况以及报告

期内情况的变化。或减少收入）。

(i)

销售物业之收益

出售物业所产生之收益乃根据

对物业拥有权之控制权转移至

客户之基准于本集团综合损益

表中确认，该时点为客户拥有能

力决定物业用途及获取物业所

有重大利益时。于收益确认日期

前销售物业所收取之按金及分

期款项已计入综合财务状况表

之合约负债项下。

4. ACOUNTING POLICIES (continued)

(m) Revenue and other income (continued)

(i) Revenue from building construction (continued)

The Group’s construction contracts usualy give rise

to variable consideration, which arises from variation

orders or claims. The Group estimates the amount

of consideration to which it wil be entitled using the

expected value method as the variable consideration

usualy asociated with a range of posible

consideration amount. The Group would include an

estimate of variable consideration in the transaction

price only to the extent that it is highly probable

that a significant revenue reversal in the amount of

cumulative revenue recognise wil not ocur when the

uncertainty asociated with the variable consideration

is subsequently resolved. At the end of each reporting

period, the Group updates the estimated transaction

price (including updating its asesment of whether

an estimate of variable consideration is constrained)

to represent faithfuly the circumstances present

at the end of the reporting period and the changes

in circumstances during the reporting period and

recognise coresponding adjustments as revenue (or

reductions of revenue).

(i) Revenue from sales of properties

Revenue arising from the sale of properties is

recognised in the Group’s consolidated statement of

profit or los on the basis that control of the property

has ben pased to the customer during the curent

acounting period, which is the point in time when

the customer has the ability to direct the use of the

property and obtain substantialy al the benefits of

the property. Deposits and instalments received on

properties sold prior to the date of revenue recognition

are included in the consolidated statement of financial

position under contract liabilities.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

主要会计政策（续）

(m)

收益及其他收入（续）

(i)

销售物业之收益（续）

如果从客户收到的定金和分期

付款被视为本集团提供了重

大融资利益，则根据该合约确认

的收益包括按实际利率法计算

的合约负债从付款日至合约履

行日期间应计的利息。所采用的

折现率反映了本集团与客户在

合约开始时之间的单独融资交

易中的利率。利息以应计费用计

入费用，除非符合附注

4(q)

规定

的资本化条件。

(i)

经营租赁的租金收入

经营租赁之应收租金收入按租

赁期以等额分期于损益中确认。

所给予的租赁奖励金额与净应

收租赁付款总额整体在损益中

确认。或然租金乃于赚取之会计

期间内确认为收入。

(iv)

租金相关收入

对于主要以赚取租金收入为目

的投资物业，本集团作为出租

人签订了适用香港财务报告准

则第

号的租赁协议。这些协议

中包含向租户提供的某些服务，

本集团已判定这些服务构成单

独的非租赁组成部分（与标的资

产使用权分别转移），并属于香

港财务报告准则第

号的适用

范围。本集团依各项单独售价的

相对比例，将合约对价分摊至单

独的租赁组成部分及收入（非租

赁）组成部分。

4. ACOUNTING POLICIES (continued)

(m) Revenue and other income (continued)

(i) Revenue from sales of properties (continued)

To the extent that the deposits and instalment received

from customers are regarded as providing a significant

financing benefit to the Group, revenue recognized

under that contract includes the interest acreted

on the contract liability under the efective interest

method during the period betwen the payment

date and the transfer of control of the property. The

discount rate aplied is reflective of the rate in a

separate financing transaction betwen the Group

and the customer at contract inception. The interest

is expensed as acrued unles it is eligible to be

capitalised in acordance with note 4(q).

(i) Rental income from operating leases

Rental income receivable under operating leases

is recognised in profit or los in equal instalments

over the periods covered by the lease term. Lease

incentives granted are recognised in profit or los as

an integral part of the agregate net lease payments

receivable. Contingent rentals are recognised as

income in the acounting period in which they are

earned.

(iv) Rental related income

For investment property held primarily to earn rental

income, the Group enters as a lesor into lease

agrements that fal within the scope of HKFRS 16.

These agrements include certain services ofered

to tenants and the Group has determined that these

services constitute distinct non-lease components

(transfered separately from the right to use the

underlying aset) and are within the scope of HKFRS

15. The Group alocates the consideration in the

contract to the separate lease and revenue (non-lease)

components on a relative stand-alone seling price

basis.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

主要会计政策（续）

(m)

收益及其他收入（续）

(iv)

租金相关收入（续）

对于投资物业租约中包含的某

些服务，本集团安排由第三方提

供给租户。本集团判定在服务转

移给租户前已取得控制权，因其

有能力主导这些服务的使用并

从中获得利益。在作出此项判定

时，本集团已考虑其为提供这些

指定服务的主要责任方，因为其

直接处理租户投诉并对服务品

质承担主要责任。此外，本集团

对向租户收取的指定服务费用

具有定价自主权。

因此，本集团认定自身为提供相

关服务的主要责任人。本集团同

时判定，这些服务构成一系列日

常服务，随著时间推移逐步单独

实现，因为租户在获取服务的同

时即消耗了本集团提供的服务

效益。根据香港财务报告准则第

号的实务简化规定，本集团依

照有权开立发票的金额确认收

入，因其有权获得的对价金额与

截至目前已完成履约部分对客

户的价值直接对应。

(v)

股息收入

非上市投资所得股息收入于本

集团有权收取付款时确认。

(vi)

利息收入

利息收入按实际利率法于应计

时确认。已发生信用减损的金融

资产的利息收入依照该金融资

产的摊余成本（即帐面总额减去

损失准备）计算。对于未发生信

用减损的金融资产，依照帐面总

额计算利息收入。

4. ACOUNTING POLICIES (continued)

(m) Revenue and other income (continued)

(iv) Rental related income (continued)

The Group aranges for certain services provided to

tenants of investment property included in the contract

the Group enters into as a lesor, to be provided by

third parties. The Group has determined that it controls

the services before they are transfered to tenants,

because it has the ability to direct the use of these

services and obtain the benefits from them. In making

this determination, the Group has considered that it

is primarily responsible for fulfiling the promise to

provide these specified services because it directly

deals with tenants’ complaints and it is primarily

responsible for the quality of the services. In adition,

the Group has discretion in establishing the price that it

charges to the tenants for the specified services.

Therefore, the Group has concluded that it is the

principal in providing service. The Group has also

concluded that these services represent a series of

daily services that are individualy satisfied over time

because the tenants simultaneously receive and

consume the benefits provided by the Group. The

Group aplied a practical expedient in HKFRS 15 to

recognise revenue in an amount to which the Group

has the right to invoice since the Group has the right

to consideration from a customer in an amount that

coresponds directly with the value to the customer of

the Group’s performance completed to date.

(v) Dividend income

Dividend income from unlisted investments is

recognised when the Group’s right to receive payment

is established.

(vi) Interest income

Interest income is recognised using efective interest

method. Interest income on credit-impaired financial

asets is calculated based on the amortised cost (i.e.

the gros carying amount les los alowance) of the

financial aset. For non credit-impaired financial asets,

interest income is calculated based on the gros

carying amount.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

主要会计政策（续）

(n)

合约负债

合约负债是指本集团已向客户收取对

价（或应收对价金额）而向客户转移货

品或服务的义务。若收到的对价（包括

从客户收到的预付款）超过依产出法

确认的收入，则本集团就差额确认合

约负债。

(o)

合约成本

获得合约的增量成本，例如果成本

与将在未来报告期间确认的收入相关

且预期能够收回，则销售佣金应资本

化。获得合约的其他成本在发生时计

入费用。

资本化合约成本以成本减去累计摊销

及减损失列示。当与资产相关的收

入得到确认时，资本化合约成本的摊

销在损益中确认。

(p)

外币换算

年内进行的外币交易按交易日的汇率

换算。以外币计值的货币资产及负债

则按报告期末的汇率换算。汇兑收益

及亏损于损益内确认。

于结算货币项目和换算货币项目产

生的汇兑差额，在产生期间在损益确

认。

4. ACOUNTING POLICIES (continued)

(n) Contract liabilities

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. If the considerations received

(including advances received from customers) exceds the

revenue recognised to date under the output method, then

the Group recognises a contract liability for the diference.

(o) Contract costs

Incremental costs of obtaining a contract, e.g. sales

comisions, are capitalised if the costs relate to revenue

which wil be recognised in a future reporting period and the

costs are expected to be recovered. Other costs of obtaining

a contract are expensed when incured.

Capitalised contract costs are stated at cost les

acumulated amortisation and impairment loses.

Amortisation of capitalised contract costs is recognised in

profit or los when the revenue to which the aset relates is

recognised.

(p) Translation of foreign curencies

Foreign curency transactions during the year are translated

at the foreign exchange rates ruling at the transaction dates.

Monetary asets and liabilities denominated in foreign

curencies are translated at the foreign exchange rates ruling

at the end of the reporting period.

Exchange diferences arising on the setlement of monetary

items, and on the translation of monetary items, are

recognised in profit or los in the period in which they arise.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

主要会计政策（续）

(p)

外币换算（续）

合并账目时，海外业务之收入及开支

项目按年内平均汇率换算为本集团之

呈列货币（即港元），惟倘期内之汇率

大幅波动，则采用与进行交易时适用

之汇率相约之汇率进行换算。海外业

务之所有资产及负债按报告期末适用

之汇率换算。所产生之汇兑差额（如

有）于其他全面收益确认，并于权益

中累计为汇兑储备。就换算长期货币

项目（构成本集团于有关海外业务之

投资净额之一部分）于集团实体各自

之财务报表之损益账内确认之汇兑差

额，会重新分类为其他全面收益，并

于权益内累计为汇兑储备。

(q)

资本化借贷成本

借贷成本是由一项必须经过较长时期

准备方可作拟定用途使用或出售的

资产的收购、建设或生产而直接产生

并予以资本化为该项资产成本的一

部份。其他借贷成本于产生时计入费

用。

当符合资本化条件的资产为达到拟定

用途或销售所需的绝大部分准备活动

中断或已完成，将暂停或停止借贷成

本资本化。

关键会计判断及估计不确定因素的

主要来源

于应用本集团会计政策时，本公司董事需

要就不能从其他来源容易得出之资产和负

债的账面价值作出判断，估计和假设。估计

及相关假设乃基于过往经验及其他相关因

素。实际结果与估计有所差别。

4. ACOUNTING POLICIES (continued)

(p) Translation of foreign curencies (continued)

On consolidation, income and expense items of foreign

operations are translated into the presentation curency

of the Group (i.e. Hong Kong dolars) at the average

exchange rates for the year, unles exchange rates fluctuate

significantly during the period, in which case, the rates

aproximating to those ruling when the transactions tok

place are used. Al asets and liabilities of foreign operations

are translated at the rate ruling at the end of the reporting

period. Exchange diferences arising, if any, are recognised

in other comprehensive income and acumulated in equity

as exchange reserve. Exchange diferences recognised in

profit or los of group entities’ separate financial statements

on the translation of long-term monetary items forming

part of the Group’s net investment in the foreign operation

concerned are reclasified to other comprehensive income

and acumulated in equity as exchange reserve.

(q) Capitalisation of borowing costs

Borowing costs that are directly atributable to the

acquisition, construction or production of an aset which

necesarily takes a substantial period of time to get ready for

its intended use or sale are capitalised as part of the cost of

that aset. Other borowing costs are expensed in the period

in which they are incured.

Capitalisation of borowing costs is suspended or ceased

when substantialy al the activities necesary to prepare

the aset for its intended use or sale are interupted or

completed.

5. CRITICAL ACOUNTING JUDGEMENTS AND KEY

SOURCES OF ESTIMATION UNCERTAINTY

In the aplication of the Group’s acounting policies, the directors

are required to make judgements, estimates and asumptions

about the carying amounts of asets and liabilities that are not

readily aparent from other sources. The estimates and asociated

asumptions are based on historical experience and other factors

that are considered to be relevant. Actual results difer from these

estimates.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

关键会计判断及估计不确定因素的

主要来源（续）

该等估计及相关假设会持续检讨。修订会

计估计时，如有关修订仅影响修订估计之

期间，则修订会计估计会于该段期间确认；

如修订影响当期及以后期间，则于修订期

间及以后期间确认。

(a)

投资物业及发展中投资物业的

估值

诚如附注

所述，投资物业及发展中

投资物业乃基于独立专业估值师作出

的估值按公平值列示。

于厘定投资物业及发展中投资物业公

平值时，估值师所采用的估值方法涉

及（其中包括）若干估计，包括适当的

贴现率、资本化比率及预计未来市场

租金增长率。管理层依赖该估值报告

时已行使其判断，并信纳估值法已反

映当前市况。

(b)

发展中物业及持作出售物业之

估计可变现净值

每当有任何事件或情况转变而显示本

集团资产之账面值高于可变现净值，

管理层会根据其估计完成本、拟定

用途及现行市场状况审阅发展中及持

作出售物业之可变现净值。

厘定发展中物业及持作出售物业是

否需要撇销时，本集团会考虑此等

物业之拟定用途、估计完成本、

现行市场状况、此等物业之估计市

值及╱或预期收取之未来现金流量

之现值。确认之撇销款额乃估计未

来现金流量及估计市值两者之较高

者。如市场环境╱情况或估计完成

本有重大转变，而令该等物业权益

之可变现净值减少，则可能须作出

额外撇销亏损。于二零二五年三月

三十一日，发展中及持作出售物业的

账面值为

1,482,569,000

元（二零二四

年：

1,773,757,000

元）（扣除累计减

值亏损

256,173,000

元（二零二四年：

74,267,000

元）。

5. CRITICAL ACOUNTING JUDGEMENTS AND

KEY SOURCES OF ESTIMATION UNCERTAINTY

(continued)

The estimates and underlying asumptions are reviewed on an

ongoing basis. Revisions to acounting estimates are recognised

in the period in which the estimate is revised if the revision afects

only that period, or in the period of the revision and future periods

if the revision afects both curent and future periods.

(a) Valuation of investment properties and

investment properties under development

As described in note 15, investment properties and

investment properties under development are stated at fair

value based on valuation performed by an independent firm

of profesional valuer.

In determining the fair value of investment properties and

investment properties under development, the valuer has

used a method of valuation which involves, inter-alia, certain

estimates including apropriate discount rate, capitalization

rate and expected market rental growth rate. In relying

on the valuation reports, management has exercised its

judgement and is satisfied that the method of valuation is

reflective of the curent market conditions.

(b) Estimated net realisable values of properties

under development and held for sale

Management reviews the net realisable value of the Group’s

properties under development and held for sales at each

reporting date. Apropriate write-down to estimated net

realisable value is recognised in profit or los when the

carying amount of the asets exceds its net realisable

value.

In determining whether write-down of properties under

development and held for sales is required, the Group

takes into consideration the intended use of the properties,

the estimated costs of completion and estimated costs

necesary to make the sale, the curent market environment,

the estimated market value of the properties and/or the

present value of future cash flows expected to receive. If

the market environment/circumstances or estimated costs

of completion and estimated costs necesary to make the

sale changes significantly, resulting in a decrease in the

net realisable value of these properties interest, aditional

write-down may be required. As at 31 March 2025, the

carying amounts of properties under development and

held for sales are $1,482,569,000 (2024: $1,773,757,000)

(net of acumulated write-down of $256,173,000 (2024:

$74,267,000).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

关键会计判断及估计不确定因素的

主要来源（续）

(c)

物业、厂房及设备减值

本集团在每个报告期末根据附注

4(g)

所载会计政策检讨其物业、厂房及设

备是否出现减值迹象。可收回金额依

据管理层指定可以反映当时市场对时

间价值及资产特定风险之的评估税前

贴现率（用于管理层认为可能通过持

续使用收回的资产）或类似资产近期

的交易价格及经折旧重置成本（用于

管理层认为可能通过销售交易收回的

资产）。若可收回金额的估算出现变

动，任何减值将影响本集团的损益。

(d)

持续经营

如附注

3(b)

所揭露，合并财务报表是

在持续经营的基础上编制的。使用持

续经营基准的适当性由管理层在考虑

本集团未来流动性和业绩的所有相关

资讯后评估，包括本集团的经营现金

流、银行授予豁免及在可预见将来取

得银行融资、成功出售部分数据中心

租赁业务。此等评估存在不确定性。

实际结果可能会有很大差异，因此采

用持续经营基础是不合适的。

5. CRITICAL ACOUNTING JUDGEMENTS AND

KEY SOURCES OF ESTIMATION UNCERTAINTY

(continued)

The Group reviews its property, plant and equipment for

indications of impairment at the end of each reporting period

acording to acounting policies set out in note 4(g). The

recoverable amount is estimated based on projections of

future cash flows from the asets based on management’s

asignment of a pre–tax discount rate that reflects curent

market asesments of the time value of money and the

risks specific to the aset for asets which management

considers are likely to be recoverable through continuing

use or recent transaction prices of similar asets when

they are available and depreciated replacement cost when

apropriate for asets which management considers

are likely to be recoverable through a sales transaction.

If the estimation of recoverable amount is diferent, any

impairment wil impact the profit or los of the Group.

(d) Going concern

As disclosed in note 3(b), the consolidated financial

statements have ben prepared on a going concern basis.

The apropriatenes of using going concern basis is

asesed by the management after taking into consideration

al relevant available information about the future liquidity

and performance of the Group, including the operating cash

flow of the Group, the grant of waivers by the banks and

availability of the banking facilities in the foreseable future,

sucesful divestment of part of the data centre leasing

busines. Such asesment involves uncertainties. Actual

outcome could difer significantly and hence render the

adoption of the going concern basis inapropriate.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

分部报告

本集团按主要经营决策人依据审阅的报告

而作出策略决定来厘定经营分部。

本集团有三个须申报分部。有关分部因各

业务提供不同的产品及服务，需要不同的

业务策略而作出独立管理。以下概述阐明

本集团各须申报分部的业务：

－

建筑：建造住宅楼宇、商业楼宇及数

据中心

－

物业租赁：出租数据中心物业及商舖

－

物业发展：发展及销售物业

分部间交易乃参考就类似交易向外部人士

收取的费用而定价。由于中央收入及开支

并不包括在主要经营决策人用以评估分部

表现的分部业绩内，故并无分配至各营运

分部。财务费用没有分摊至各分部，因融资

活动由本集团中央统一管理。

就评估分部表现及分部间资源分配而言，

本集团最高层行政管理人员按以下基准监

察各可报告分部应占的业绩、资产及负债：

－

分部资产包括全部有形资产、非流动

资产及流动资产，惟金融资产、即期

及递延税项资产及其他企业资产投资

除外。分部负债包括个别分部经营活

动应占的应付账款、应计费用、其他

流动及非流动负债以及分部经理直接

管理的银行借款。

－

收益及开支乃参考该等分部带来的收

入及该等分部产生的开支分配至可报

告分部。

6. SEGMENT REPORTING

The Group determines its operating segments based on the

reports reviewed by the chief operating decision-maker that are

used to make strategic decisions.

The Group has thre reportable segments. The segments are

managed separately as each busines ofers diferent products

and services and requires diferent busines strategies. The

folowing sumary describes the operations in each of the

Group’s reportable segments:

－

Construction: construction of residential buildings,

comercial buildings and data centres

－

Property leasing: leasing of data centres and comercial

shops

－

Property development: development and sale of properties

Inter-segment transactions are priced with reference to prices

charged to external parties for similar transactions. Central income

and expenses are not alocated to the operating segments as

they are not included in the measure of the segment’s result that

is used by the chief operating decision-makers for asesment

of segment performance. Finance costs are not alocated to

segments because financing activities are the responsibility of the

Group’s central treasury function.

For the purposes of asesing segment performance and

alocating resources betwen segments, the Group’s most senior

executive management monitors the results, asets and liabilities

atributable to each reportable segment on the folowing bases:

– Segment asets include al tangible, non-curent and curent

asets with the exception of investments in financial asets,

curent and defered tax asets and other corporate asets.

Segment liabilities include trade payables, acruals and

other curent and non-curent liabilities atributable to the

busines activities of the individual segments and bank

borowings managed directly by the segment managers.

– Revenue and expenses are alocated to the reportable

segments with reference to income generated by those

segments and the expenses incured by those segments or

which otherwise arise from the depreciation or amortization

of asets atributable to those segments.

13,721	281,976	850,058	–	1,145,755
666,081	13,144	–	(679,225)	–
679,802	295,120	850,058	(679,225)	1,145,755
18,803	35,951	(145,158)	(36,458)	(126,862)
				8,980
				(51,578)
				(96,811)
				(266,27 1)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

分部报告（续）

(a)

分部收益及业绩

6. SEGMENT REPORTING (continued)

(a) Segment revenue and results

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Construction

Property

leasing

Property

development

Inter-

segment

eliminationTotal

建筑物业租赁物业发展分部间抵销总计

$’000$’000$’000$’000$’000

千元千元千元千元千元

Revenue from external customers

来自外部客户收益

Inter-segment revenue

分部间收益

Segment revenue

分部收益

Segment results

分部业绩

Unalocated other income and

gains/(loses), net

未分配其他收入及

收益╱（亏损）净额

Unalocated expenses

未分配支出

Finance costs

财务成本

Los before taxation

除税前亏损

Year ended 31 March 2024

截至二零二四年三月三十一日止年度

Construction

Property

leasing

Property

development

Inter-

segment

eliminationTotal

建筑物业租赁物业发展分部间抵销总计

$’000$’000$’000$’000$’000

千元千元千元千元千元

Revenue from external customers

来自外部客户收益

77,648276,531178,512–532,691

Inter-segment revenue

分部间收益

426,91626,242–(453,158)–

Segment revenue

分部收益

504,564302,773178,512(453,158)532,691

Segment results

分部业绩

35,557559,538(70,144)(42,433)482,518

Unalocated other income and

gains/(loses), net

未分配其他收入及

收益╱（亏损）净额

(2,374)

Unalocated expenses

未分配支出

(45,053)

Changes in fair value of financial

asets at fair value through

profit or los

按公平值计入损益之

金融资产公平值变动

Finance costs

财务成本

(122,667)

Profit before taxation

除税前溢利

313,131

29,457
7,080,292
1,530,543
8,640,292
9,935
87,883
2,332
339,300
2,148
14,445
9,096,335
649,747
2,121,348
1,166,492
3,937,587
12,947
98,798
674,187
1,651,990
6,375,509

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

分部报告（续）

(b)

分部资产及负债

6. SEGMENT REPORTING (continued)

(b) Segment asets and liabilities

二零二五年二零二四年

$’000$’000

千元千元

Segment asets

分部资产

Construction

建筑

34,510

Property leasing

物业租赁

6,562,851

Property development

物业发展

1,917,056

Total segment asets

总分部资产

8,514,417

Other financial asets

其他金融资产

20,603

Defered tax asets

递延税项资产

81,013

Curent tax asets

应收税项资产

2,445

Unalocated ofice premises

未分配办公室物业

366,031

Unalocated head ofice and

corporate asets

未分配总公司及企业资产

398,013

Unalocated cash and bank balances

未分配现金及银行结余

3,723

Consolidated total asets

综合总资产

9,386,245

Segment liabilities

分部负债

Construction

建筑

444,458

Property leasing

物业租赁

1,789,180

Property development

物业发展

1,523,197

Total segment liabilities

总分部负债

3,756,835

Curent tax liabilities

应付税项负债

274,648

Defered tax liabilities

递延税项负债

88,701

Unalocated head ofice and

corporate liabilities

未分配总公司及企业负债

133,531

Unalocated bank loans

未分配银行贷款

2,179,524

Consolidated total liabilities

综合总负债

6,433,239


335	659,697	–	–	660,032
219	224	1,183	19,632	21,258
–	–	27,204	18,226	45,430

N/A2
N/A2

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

分部报告（续）

(c)

其他分部资料

(d)

地区资料

本集团所有来自外部客户的收益乃源

自位于香港的客户。而本集团绝大部

份非流动资产亦位于香港。因此，不

再对地区资料进行进一步分析。

(e)

有关主要客户的资料

贡献本集团总收益超过

10%

的客户之

收益如下：

收益源自物业租赁分部。2

N/A

指少于全年

10%

。

6. SEGMENT REPORTING (continued)

Construction

Property

leasing

Property

developmentUnalocatedTotal

建筑物业租赁物业发展未分配总计

二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年

$’000$’000$’000$’000$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元千元千元千元千元

Aditions to non-curent

segment asets

添置非流动分部

资产

972,884

Depreciation

折旧

21,913

Impairment of property,

plant and equipment

物业、厂房及设备

减值

–

(d) Geographic information

Al of the Group’s revenue from external customers

are generated from customers located in Hong Kong.

Substantialy al of the Group’s non-curent asets are also

located in Hong Kong. Therefore, no further analysis of

geographical information is presented.

(e) Information about major customers

Revenue from customers contributing over 10% of the total

revenue of the Group is as folows:

二零二五年二零二四年

$’000$’000

千元千元

Customer A

客户

90,696

Customer B

客户

75,697

The revenue was derived from property leasing segment.

N/A – represent les than 10% for the year.

	– 77,648 –		– 59,157 217,374		178,512 – –
–		–		850,058		850,058
13,721		65,521		–		79,242
–		216,455		–		216,455
	77,648		276,531		178,512
13,721		281,976		850,058		1,145,755

850,058
13,721
65,521
216,455
1,145,755

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

分部报告（续）

(f)

收益确认时间

收益及其他收入及收益╱（亏损）净

额

年内来自本集团主营业务的收益及其他收

入及收益╱（亏损）净额分析如下：

(a)

收益分拆

6. SEGMENT REPORTING (continued)

(f) Timing of revenue recognition

ConstructionProperty leasingProperty developmentTotal

建筑物业租赁物业发展总计

二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年

$’000$’000$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元千元千元

At a point in time

于某一时间点

178,512

Transfered over time

随时间转移

136,805

Revenue from other sources

其他来源的收益

217,374

532,691

7. REVENUE AND OTHER INCOME AND GAINS/

(LOSES), NET

Revenue which is derived from the Group’s principal activities and

other income and gains/(loses), net during the year is analysed as

folows:

(a) Disagregation of revenue

二零二五年二零二四年

$’000$’000

千元千元

Revenue from contract with customers

within the scope of HKFRS 15

香港财务报告准则第

号

范围内的客户合约收益

Sales of properties

物业销售

178,512

Revenue from building construction

楼宇建造收益

77,648

Rental related income

租金相关收入

59,157

Revenue from other sources

其他来源的收益

Rental income

租金收入

217,374

532,691

283,469
–
283,469

37,797

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

收益及其他收入及收益╱（亏损）净

额（续）

(b)

未履行履约责任

于二零二五年三月三十一日，本集团

分配至现有合约项下剩余履约责任的

交易价格如下：

此金额指将来预期由客户订立物业销

售合约确认的收益。本集团将于物业

拥有权交付予客户时确认预期收益。

(c)

合约负债详情

本集团已确认以下收益相关之合约负

债：

注：

合约负债来自销售物业之订金，而相关物

业拥有权的控制权尚未转予客户。该等负

债因相关物业完成交易前按销售安排与客

户签订合约而增加。

7. REVENUE AND OTHER INCOME AND GAINS/

(LOSES), NET (continued)

(b) Unsatisfied performance obligations

As at 31 March 2025, the agregate amount of the

transaction price alocated to the remaining performance

obligations under the Group’s existing contracts is as folows:

二零二五年二零二四年

$’000$’000

千元千元

Amounts expected to be recognised as

revenue:

预期确认为收益之金额：

Within one year

一年内

129,611

After one year but within two years

一年后但两年内

233,966

363,577

This amount represents revenue expected to be recognised

in the future from sales and purchase agrements for sales

of properties entered into with customers. The Group wil

recognise the expected revenue in the future when or as the

control of the property has ben pased to customer.

The Group has recognised the folowing revenue-related

contract liabilities:

二零二五年二零二四年

$’000$’000

千元千元

Contract liabilities related to sales

of properties (note)

关于物业销售的

合约负债（注）

24,937

Note:

Contract liabilities related to sales of properties arise from deposits

from sale of properties made by the customers while the control

of properties are yet to be pased. Such liabilities increase as a

result of contracts entered into with customers under the sales

arangement before the completion of the underlying properties.

8,127
722
(3,674)
787
–
–
(45,430)
5,627
(33,841)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

收益及其他收入及收益╱（亏损）净

额（续）

(d)

其他收入及收益╱（亏损）净额

7. REVENUE AND OTHER INCOME AND GAINS/

(LOSES), NET (continued)

(d) Other income and gains/(loses), net

二零二五年二零二四年

$’000$’000

千元千元

Bank interest income

银行利息收入

9,919

Dividend income from unlisted

fund investments

非上市投资基金的股息收入

Net foreign exchange los

外汇兑换净亏损

(13,053)

Forfeited deposits

已没收订金

1,391

Changes in fair value of financial asets at

fair value through profit or los

按公平值计入损益之金融

资产之公平值变动

Gain on disposal of property,

plant and equipment

出售物业、厂房及设备之

收益

Impairment los on property,

plant and equipment

物业、厂房及设备的

减值亏损

–

Others

其他

6,434

6,123

380,771
(283,960)
96,811

115,150
–
2,617
117,767
(67,590)
50,177
489,599
120,574
(50)
272,102
189,817
21,258
1,453
25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

除税前（亏损）╱溢利

除税前（亏损）╱溢利已扣除╱（计入）以下

各项：

借贷成本按年率

8.31%

（二零二四年：

4.69%

至

7.98%

）资本化。

/PROFIT BEFORE TAXATION

(Los)/profit before taxation is arived at after charging/(crediting):

二零二五年二零二四年

$’000$’000

千元千元

(a) Finance costs(a)

财务成本

Interest on bank loans and other

borowing

银行贷款及其他借贷利息

359,999

Les: Amount capitalised*

减：资本化金额

*(237,332)

122,667

% (2024: 4.69%

to 7.98%) per anum.

(b) Staf costs (including directors’

remuneration)

(b)

员工成本（包括董事薪酬）

Salaries, wages and other benefits

薪金、工资及其他福利

117,773

Share-based payment expenses

以股份形式支付之开支

11,631

Contributions to defined contribution

retirement plans

界定供款退休计划之供款

2,387

131,791

Les: Amount capitalised

减：资本化金额

(61,913)

69,878

其他项目

Cost of inventories recognised as

expenses

确认为开支之存货成本

168,153

Direct operating expenses arising

from investment properties that

generated income

赚取租金收入之投资物业

产生之直接经营开支

118,111

Impairment los reversal on trade

receivables (note 18)

�的减值回�

（附�

）

(655)

Sales comision

销售佣金

17,580

Write-down of inventories of properties

物业存货之撇减

20,296

Depreciation (note 15)

折旧（附注

）

21,913

Auditors’ remuneration

核数师酬金

– audit services

－审计服务

1,425

– other services

－其他服务

20,067
65
20,132
5,652
25,784

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

所得税支出

(a)

综合损益表中的所得税代表

香港利得税乃以于香港产生的估计

应课税溢利按

16.5%

（二零二四年：

16.5%

）之税率计算，除根据两级

制利得税率，合资格集团实体之首

2,000,000

元应课税溢利按

8.25%

（二零

二四年：

8.25%

）之税率计算外。

根据英属处女群岛及开曼群岛的规则

及规例，本集团毋须缴纳英属处女群

岛及开曼群岛的任何所得税。

根据中国华人民共和国（「中国」）企业

所得税法（「企业所得税法」）及企业所

得税法实施条例，本集团中国附属公

司的法定税率为

25%

（二零二四年：

25%

）。本集团于年内并无在中国产生

任何应课税溢利（二零二四年：无）。

9. INCOME TAX EXPENSES

(a) Income tax in the consolidated statement of

profit or los represents:

二零二五年二零二四年

$’000$’000

千元千元

Curent tax

即期税项

Provision for Hong Kong Profits Tax

for the year

年内香港利得税拨备

9,383

Under-provision in respect of prior years

过往年度拨备不足

1,111

10,494

Defered tax

递延税项

Charged to profit or los

for the year (note 9(c)

扣除本年度损益

（附注

9(c)

）

4,187

14,681

Hong Kong Profits Tax is calculated at the rate 16.5% (2024:

16.5%) on the estimated asesable profits arising in Hong

Kong, except for the first $2,000,000 of qualified group

entity’s asesable profit which is calculated at 8.25% (2024:

8.25%) in acordance with the two-tiered profits tax rates

regime.

Pursuant to the rules and regulations of the British Virgin

Islands (“BVI”) and the Cayman Islands, the Group is not

subject to any income tax in the BVI and the Cayman Islands.

Under the Law of the People’s Republic of China (“PRC”) on

Enterprise Income Tax (the “EIT Law”) and Implementation

Regulation of the EIT Law, the statutory tax rate of the

Group’s PRC subsidiaries is 25% (2024: 25%). The Group had

not generated any taxable profits in the PRC during the year

(2024: Nil).

(266,271)
(42,113)
(211)
36,108
32,348
(413)
65
25,784

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

所得税支出（续）

(b)

适用税率计算的所得税开支与

除税前会计（亏损）╱溢利的对

账：

9. INCOME TAX EXPENSES (continued)

(b) Reconciliation betwen income tax expenses

and acounting (los)/profit before taxation at

aplicable tax rate:

二零二五年二零二四年

$’000$’000

千元千元

(Los)/profit before taxation

除税前（亏损）╱溢利

313,131

Notional tax on (los)/profit before taxation,

calculated at the rate aplicable to the

profits in the jurisdictions concerned

按适用于有关司法管辖区之

（亏损）╱溢利之税率计算之

税项

53,650

Efect of non-taxable income

无需课税收入的影响

(64,445)

Efect of non-deductible expenses

不可扣抵开支的影响

16,048

Efect of unused tax loses not recognised

未确认税项亏损的影响

8,317

Efect on utilisation of tax los previously not

recognised

运用先前未确认之

税务亏损的影响

–

Under-provision in respect of prior years

过往年度拨备不足

1,111

Income tax expenses

所得税支出

14,681

88,267	(2,546)	(14,200)	(65,982)	2,149	7,688
–	–	–	–	(2,425)	(2,425)
12,010	(291)	(9,166)	3,099	–	5,652
100,277	(2,837)	(23,366)	(62,883)	(276)	10,915

(87,883)
98,798
10,915

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

所得税支出（续）

(c)

已确认递延税项资产及负债

于综合财务状况表内确认的递延税项

（资产）╱负债的组成部分及本年的

变动如下：

9. INCOME TAX EXPENSES (continued)

The components of defered tax (asets)/liabilities

recognised in the consolidated statement of financial

position and the movements during the year are as folows:

Defered tax arising from:

Depreciation

alowances in

exces of

the related

depreciation

Depreciation

in exces of

the related

depreciation

alowances

Write-down of

inventories of

propertiesTax los

Hedging

reserveTotal

递延税项源自：

折旧免税额

大于相关折旧

折旧大于

(14,702)
2,425
(12,277)

(14,702)
2,425
(12,277)
(3,104)
(192)
(15,573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

所得税支出（续）

(d)

于二零二五年三月三十一日，由于未

来应课税溢利不大可能足够抵销未使

用的税项亏损，本集团并无就未使用

的税项亏损

763,513,000

元（二零二四

年：

567,465,000

元）确认递延税项资

产。根据现行税务法规，税项亏损不

会逾期届满。

10.

其他全面收益

(a)

有关计入其他全面收益的现金

流量对冲的税务影响

(b)

其他全面收入的组成部份（包括

重新分类调整）

9. INCOME TAX EXPENSES (continued)

(d) At 31 March 2025, the Group has not recognised defered

tax asets in respect of unused tax loses of $763,513,000

(2024: $567,465,000) as it is not probable that suficient

future taxable profits wil be available against which the

unused tax loses can be utilised. The tax loses do not

expire under curent tax legislation.

10. OTHER COMPREHENSIVE INCOME

(a) Tax efects relating to cash flow hedges included

in other comprehensive income:

二零二五年二零二四年

$’000$’000

千元千元

Pre-tax amount

除税前金额

7,169

Tax charged

税项支出

(1,183)

Net-of-tax amount

除税后金额

5,986

(b) Components of other comprehensive income,

including reclasification adjustments

二零二五年二零二四年

$’000$’000

千元千元

Cash flow hedges:

现金流量对冲：

Efective portion of changes in

fair value of hedging instruments

recognised during the year

年内已确认的对冲工具

公平值变动的有效部分

7,169

Net defered tax credited/(charged) to

other comprehensive income

其他全面收益计入╱

（扣除）递延税项

(1,183)

Net movement in the hedging reserve

during the year recognised in the

other comprehensive income

于其他全面收益内确认年内

对冲储备变动净额

5,986

Exchange diference on translation of

foreign operations

换算海外业务的汇兑差额

(6,142)

Changes in fair value of financial

asets at FVOCI

按公平值计入其他全面收益之

金融资产之公平值变动

–	2,921	243	–	3,164
–	2,921	243	18	3,182
–	2,965	243	18	3,226
–	1,699	140	18	1,857
–	985	44	11	1,040
414	–	35	–	449
414	–	35	–	449
414	–	35	–	449
414	–	35	–	449
1,65 6	11,49 1	1,05 3	6 5	14,26 5

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

11.

董事薪酬

已付或应付予每名董事之薪酬如下：

11. DIRECTORS’ REMUNERATION

The emoluments paid or payable to each of the directors were as

folows:

二零二五年

Fes

Salaries,

alowances

and benefits

in kind

Discretionary

Bonuses

Retirement

scheme

contributionsTotal

袍金

薪金，津贴

及实物福利酌情花红

退休计划

供款总计

$’000$’000$’000$’000$’000

千元千元千元千元千元

Executive Directors

执行董事

Chan Hung Ming

陈孔明

Lau Chi Wah

刘志华

Kwan Wing Wo

关永和

Tsang Ka Man

曾嘉敏

Chan Pui Yin Aple

(apointed on 16 September 2024)

陈沛妍（于二零二四年

九月十六日获委任）

Independent

Non-Executive Directors

独立非执行董事

Tsui Ka Wah

徐家华

Kan Yau Wo

简友和

Ho Chiu Yin Ivan

何超然

Le Chung Yiu Johny

李宗燿

Total

总计

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

11.

董事薪酬（续）

年内概无董事收取本集团任何酬金，作为

加盟本集团或于加盟本集团时的奖金或作

为丧失职位补偿。截至二零二五年及二零

二四年三月三十一日止年度，概无董事放

弃或同意放弃任何酬金。

截至二零二五年及二零二四年三月三十一

日止年度实施用于购买本公司普通股的购

股权计划的详情于附注

披露。

11. DIRECTORS’ REMUNERATION (continued)

二零二四年

Fes

Salaries,

alowances

and benefits

in kind

Discretionary

Bonuses

Retirement

scheme

contributionsTotal

袍金

薪金，津贴

及实物福利酌情花红

退休计划

供款总计

$’000$’000$’000$’000$’000

千元千元千元千元千元

Executive Directors

执行董事

Chan Hung Ming

陈孔明

–2,857473–3,330

Lau Chi Wah

刘志华

–2,857473183,348

Kwan Wing Wo

关永和

–2,779448183,245

Tsang Ka Man

曾嘉敏

–1,524240181,782

Independent

Non-Executive Directors

独立非执行董事

Tsui Ka Wah

徐家华

404–67–471

Kan Yau Wo

简友和

404–67–471

Ho Chiu Yin Ivan

何超然

404–67–471

Le Chung Yiu Johny

李宗燿

404–67–471

Total

总计

1,61610,0171,9025413,589

No director received any emoluments from the Group as an

inducement to join or upon joining the Group or as compensation

for los of ofice during the year. No director waived or agred to

waive any emoluments during the years ended 31 March 2025 and

2024.

Details of the share option scheme for the purchase of ordinary

shares in the Company operated during the years ended 31 March

2025 and 2024 are disclosed in note 34.

4,209
474
36
4,719

1
1

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

12.

五名最高薪酬人士及高级管理层酬

金

(a)

五名最高薪酬人士酬金

截至二零二五年三月三十一日止年

度，本集团五位最高薪酬人士包括三

名（二零二四年：三名）董事，其酬金

于附注

披露。其余人士的酬金总额

如下：

上述人士之酬金范围如下：

截至二零二五年及二零二四年三月

三十一日止年度，本集团并无向任何

五位最高薪酬人士支付任何酬金作为

吸引加入本集团或于加入本集团时的

奖励或作为离职补偿。

(b)

高级管理层酬金

除于附注

及

12(a)

所披露的董事及五

位最高薪酬人士的酬金外，本集团概

无于截至二零二五年及二零二四年三

月三十一日止年度支付其他酬金予其

高级管理层。

截至二零二五年及二零二四年三月

三十一日止年度，本集团并无向任何

高级管理层支付任何酬金作为吸引加

入本集团或于加入本集团时的奖励或

作为离职补偿。

12. EMOLUMENTS OF FIVE HIGHEST PAID

INDIVIDUALS AND SENIOR MANAGEMENT

(a) Emoluments of five highest paid individuals

The five highest paid individuals of the Group during the year

ended 31 March 2025 include 3 (2024: 3) directors whose

emoluments are disclosed in note 11. The agregate of the

emoluments in respect of the remaining individuals is as

folows:

二零二五年二零二四年

$’000$’000

千元千元

Salaries, alowances and benefits in kind

薪金、津贴及实物福利

4,072

Discretionary bonuses

酌情花红

Retirement scheme contributions

退休计划供款

4,771

The above individual’s emoluments are within the folowing

band:

二零二五年二零二四年

Number of

individuals

Number of

individuals

人数人数

$1,500,001 to $2,000,0001,500,001

元至

2,000,000

元

$2,500,001 to $3,000,0002,500,001

元至

3,000,000

元

No emoluments were paid by the Group to any of the five

highest paid individuals as an inducement to join, or upon

joining the Group or as compensation for los of ofice for

the year ended 31 March 2025 and 2024.

(b) Emoluments of senior management

Other than the emoluments of the directors and five

highest paid individuals disclosed in notes 11 and 12(a),

no other emoluments were paid by the Group to its senior

management for the years ended 31 March 2025 and 2024.

No emoluments were paid by the Group to any of its senior

management as an inducement to join, or upon joining the

Group or as compensation for los of ofice for the years

ended 31 March 2025 and 2024.

–
–

–
–
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

13.

股息

(a)

属于本年的股息：

董事会不建议派付截至二零二五年及

及二零二四年三月三十一日止年度之

末期股息。

(b)

于本年度批准及支付属于上一

个财政年度的股息：

13. DIVIDENDS

(a) Dividends atributable to the year:

二零二五年二零二四年

$’000$’000

千元千元

Interim dividend declared and paid of

Nil HK cents (2024: 4.0 HK cents) per share

已宣派及支付的中期股息

每股零港仙

（二零二四年：

4.0

港仙）

56,809

The Board does not recomend payment of a final dividend

for the year ended 31 March 2025 and 2024.

(b) Dividends atributable to the previous financial

year, aproved and paid during the year:

二零二五年二零二四年

$’000$’000

千元千元

Final dividend in respect of the

previous financial year, aproved and

paid during the year of Nil HK cents

(2024: 5.0 HK cents) per share

于本年度批准及支付的

上一财政年度末期

股息每股零港仙

（二零二四年：

5.0

港仙）

71,006

Special dividend in respect of the

previous financial year, aproved and

paid during the year of Nil HK cents

(2024: 15.0 HK cents) per share

于本年度批准及支付的

上一财政年度特别

股息每股零港仙

（二零二四年：

15.0

港仙）

213,018

284,024

(292,055)

1,420,222
–
1,420,222

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

14.

每股（亏损）╱盈利

(a)

账目所示之每股（亏损）╱盈利

本公司权益股东应占截至二零二五年

三月三十一日止年度的每股基本及摊

薄（亏损）╱盈利乃根据下列数据计

算：

/EARNINGS PER SHARE

(a) Reported (los)/earnings per share

The calculation of basic and diluted (los)/earnings per share

atributable to the equity holders of the Company for the

year ended 31 March 2025 is based on the folowing data:

二零二五年二零二四年

$’000$’000

千元千元

(Los)/earnings:

（亏损）╱盈利：

(Los)/profit for the year atributable to

equity shareholders of the Company

本公司权益股东应占年度

（亏损）╱溢利

298,450

二零二五年二零二四年

’000’000

千股千股

Number of shares:

股份数目：

Weighted average number of ordinary shares

in isue for the purpose of basic (los)/

earnings per share

计算每股基本（亏损）╱盈利之

已发行普通股加权平均数

1,420,176

Efect of dilutive potential ordinary shares

on share options

购股权所涉及之普通股之

潜在摊薄影响

Weighted average number of ordinary shares

in isue for the purpose of diluted (los)/

earnings per share

计算每股摊薄（亏损）╱盈利之

已发行普通股加权平均数

1,420,990

(292,055)
120,697
(171,358)
HK Cents
港仙
(12.07)
(12.07)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

14.

每股（亏损）╱盈利（续）

(a)

账目所示之每股（亏损）╱盈利

（续）

截至二零二五年及二零二四年三月

三十一日止年度的每股摊薄（亏损）╱

盈利乃通过调整发行在外的普通股的

加权平均数假设兑换所有具有潜在摊

薄影响之普通股计算。本公司具有潜

在摊薄影响之普通股包括购股权。

截至二零二五年三月三十一日止年

度，调整后的行使价高于普通股的平

均市价。因此，本公司的购股权对每

股基本亏损有反摊薄影响，故并未计

入每股摊薄亏损的计算。

(b)

每股基础亏损

作为评估本集团之基础业务表现，每

股基本及摊薄基础亏损亦按照本公司

权益股东应占基础亏损（即撇除投资

物业公平值变动之影响）

171,358,000

元

（二零二四年：

85,713,000

元）计算及

同时呈列。基础亏损之对账如下：

/EARNINGS PER SHARE (continued)

(a) Reported (los)/earnings per share (continued)

The diluted (los)/earnings per share for the years ended 31

March 2025 and 2024 is calculated by adjusting the weighted

average number of ordinary shares outstanding to asume

conversion of al dilutive potential ordinary shares. The

Company’s potentialy dilutive ordinary shares comprised of

share options.

For the year ended 31 March 2025, the adjusted exercise

price was above the average market price of the ordinary

shares. Acordingly, the share options of the Company

had an anti-dilutive efect on the basic los per share and

therefore were not included in the calculation of diluted los

per share.

(b) Underlying los per share

For the purpose of asesing the underlying performance of

the Group, basic and diluted underlying los per share are

also presented based on the underlying los atributable to

equity shareholders of the Company of $171,358,000 (2024:

$85,713,000), which excludes the efects of changes in fair

value of investment properties. A reconciliation of underlying

los is as folows:

二零二五年二零二四年

$’000$’000

千元千元

(Los)/profit for the year

年内（亏损）╱溢利

298,450

Changes in fair value of investment properties

投资物业公平值变动

(384,163)

Underlying los for the year

年内基础亏损

(85,713)

HK Cents

港仙

Underlying los per share

每股基础亏损

– Basic

－基本

(6.04)

– Diluted

－摊薄

(6.04)

3,760,000	2,190,000	5,950,000	922,639	37,510	960,149	6,910,149
473	659,224	659,697	–	335	335	660,032
(121,473)	776	(120,697)	–	–	–	(120,697)
–	–	–	(149)	(7)	(156)	(156)
3,639,000	2,850,000	6,489,000	922,490	37,838	960,328	7,449,328
–	–	–	922,490	37,838	960,328	960,328
3,639,000	2,850,000	6,489,000	–	–	–	6,489,000
3,639,000	2,850,000	6,489,000	922,490	37,838	960,328	7,449,328
–	–	–	116,889	26,976	143,865	143,865
–	–	–	18,585	2,673	21,258	21,258
–	–	–	45,430	–	45,430	45,430
–	–	–	(105)	(4)	(109)	(109)
–	–	–	180,799	29,645	210,444	210,444
3,639,000	2,850,000	6,489,000	741,691	8,193	749,884	7,238,884

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

15.

固定资产

15. FIXED ASETS

Investment

properties

Investment

properties

under

developmentSub-total

Buildings

held for

own use

Furniture,

fixtures and

other fixed

asetsSub-totalTotal

投资物业

发展中

投资物业小计自用物业

家私、装置及

其他固定资产小计总计

$’000$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元千元

Cost or valuation:

成本或估值：

At 1 April 2024

于二零二四年四月一日

Aditions

添置

(Deficit)/surplus on revaluation

重估（亏损）╱盈余

Exchange adjustment

汇兑调整

At 31 March 2025

于二零二五年三月三十一日

Representing:

列示：

Cost

成本

Valuation

估值

Acumulated depreciation and impairment:

累计折旧及减值：

At 1 April 2024

于二零二四年四月一日

Charge for the year (Note (8c)

年内支出（附注

8(c)

）

Impairment loses

减值亏损

Exchange adjustment

汇兑调整

At 31 March 2025

于二零二五年三月三十一日

Net bok value:

账面净值：

At 31 March 2025

于二零二五年三月三十一日

佳明集团控股有限公司

2024/25

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

15.

固定资产（续）

15. FIXED ASETS (continued)

Investment

properties

Investment

properties

under

developmentSub-total

Buildings

held for

own use

Furniture,

fixtures and

other fixed

asetsSub-totalTotal

投资物业

发展中

投资物业小计自用物业

家私、装置及

其他固定资产小计总计

$’000$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元千元

Cost or valuation:

成本或估值：

At 1 April 2023

于二零二三年四月一日

3,761,000833,2204,594,220922,94036,494959,4345,553,654

Aditions

添置

4,014967,603971,617–1,2671,267972,884

Disposal

出售

–(237)(237)(237)

Surplus/(deficit) on revaluation

重估盈余╱（亏损）

(5,014)389,177384,163–384,163

Exchange adjustment

汇兑调整

–(301)(14)(315)(315)

At 31 March 2024

于二零二四年三月三十一日

3,760,0002,190,0005,950,000922,63937,510960,1496,910,149

Representing:

列示：

Cost

成本

–922,63937,510960,149960,149

Valuation

估值

3,760,0002,190,0005,950,000–5,950,000

3,760,0002,190,0005,950,000922,63937,510960,1496,910,149

Acumulated depreciation:

累计折旧：

At 1 April 2023

于二零二三年四月一日

–98,49123,900122,391122,391

Charge for the year (note8(c)

年内支出（附注

8(c)

）

–18,5953,31821,91321,913

Writen back on disposal

出售时回拨

–(237)(237)(237)

Exchange adjustment

汇兑调整

–(197)(5)(202)(202)

At 31 March 2024

于二零二四年三月三十一日

–116,88926,976143,865143,865

Net bok value:

账面净值：

At 31 March 2024

于二零二四年三月三十一日

3,760,0002,190,0005,950,000805,75010,534816,2846,766,284

5,950,000
659,697
(120,697)
6,489,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

15.

固定资产（续）

(a)

本集团的投资物业及发展中投资物业

的公平值属第三级经常性公平值计

量。此等结余的变动如下：

投资物业及发展中投资物业的公平值

调整于综合损益表的「投资物业之公

平值变动」项内确认。

于二零二五年及二零二四年三月

三十一日止年度期内，第一级及第二

级之间并无转拨，亦未有第三级的转

入或转出。

本集团的投资物业及发展中投资物业

由独立测量师行莱坊测量师行有限公

司（二零二四年：高力国际物业顾问

（香港）有限公司）（其员工当中拥有

香港测量师学会员，对被估值物业

的地点和类别拥有近期估值经验）按

市值基准于报告日期估值。本集团管

理层于每个中期及年度报告日期进行

估值时就估值假设及估值结果与该等

估值师进行讨论。

15. FIXED ASETS (continued)

(a) The fair value of the Group’s investment properties and

investment properties under development is categorised

within Level 3 recuring fair value measurements. The

movement of these balances are as folows:

二零二五年二零二四年

$’000$’000

千元千元

At 1 April

于四月一日

4,594,220

Aditions

添置

971,617

Fair value adjustment

公平值调整

384,163

At 31 March

于三月三十一日

5,950,000

The fair value adjustment of investment properties and

investment properties under development is recognised in

the line item “Changes in fair value of investment properties”

on the face of the consolidated statement of profit or los.

During the years ended 31 March 2025 and 2024, there were

no transfers betwen Level 1 and Level 2, or transfers into or

out of Level 3.

The Group’s investment properties and investment

properties under development were revalued at the

reporting date by Knight Frank Pety Limited (2024: Coliers

International (Hong Kong) Limited), an independent firm of

qualified profesional valuer, who have among their staf

Members of the Hong Kong Institute of Surveyors with recent

experience in the location and category of property being

valued. The management of the Group has discusion with

the surveyors on the valuation asumptions and valuation

results when the valuation is performed at each interim and

anual reporting date.

二零二五年
7.75%
3.5%
60%-100%
4.25%
$34,991 per square feet
每平方呎 34,991 元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

15.

固定资产（续）

(a)

（续）

下列为用于估值方法的重大不可观察

数据：

投资物业－数据中心之公平值乃根据

贴现金流量资本化分析厘定，有关

分析以使用风险调整贴现率贴现与该

等物业相关的一系列预测现金流量。

估值考虑到该等物业的预期市场租金

增幅及出租率。使用的贴现率已调整

有关大厦的质素及地点以及租户的信

贷风险质素。投资物业的公平值计量

与预期市场租金增幅及出租率呈正面

相关性，而与风险调整贴现率及资本

化率呈负面相关性。

15. FIXED ASETS (continued)

(a) (continued)

The folowing table shows the significant unobservable

inputs used in the valuation model:

PropertiesValuation techniquesSignificant unobservable inputsAdopted rate/value

物业估值方法重大不可观察数据采纳比率

二零二五年二零二四年

Investment properties

投资物业

– Data centresIncome aproach – discounted

cash flow method

Risk-adjusted discount rate7.75%

－数据中心收入法－贴现金流量分析风险调整贴现率

Expected market rental growth rate1.9%-2.4%

预期市场租金增长

Expected ocupancy rate94%-100%

预计出租率

Capitalisation rate4.25%

资本化率

– Comercial shopMarket comparison methodMarket unit sale rate, and taking

into acount of location

and size factors

$35,140 per

square fet

－商舖市场比较法市场售价并计及位置、

大小因素元

每平方呎

35,140

元

The fair value of investment properties – data centres is

determined on the basis of discounted cash flow method

by discounting projected cash flow asociated with the

properties using risk-adjusted discount rate. The valuation

takes into acount expected market rental growth and

ocupancy rates of the properties. The discount rates

used have ben adjusted for the quality and location of

the buildings and the tenant credit quality. The fair value

measurement of investment properties – data centres is

positively corelated to the expected market rental growth

and ocupancy rate and negatively corelated to the risk-

adjusted discount rate and capitalisation rate.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

15.

固定资产（续）

(a)

（续）

投资物业－商舖之公平值乃假设物业

于现有状况下出售，并参照相关市场

可比较销售交易。主体物业之估值与

可比较物业之间作出适当调整。投资

物业－商舖之公平值计量与市场售价

呈正相关性。

发展中投资物业之公平值乃按余值法

厘定。此方法首先评估总发展价值（采

用与厘定投资物业－数据中心公平值

一致的基准和采纳比率（预计出租率

除外），并假设物业在估值日已按当时

的发展计划落成），扣除估算日后发展

之建筑成本以及发展商之利润及风险

拨备。用于评估总发展价值的预计出

租率为

75%-100%

（二零二四年：

79%-

100%

），发展商之利润为

－

（二零

二四年：

－

12%

）。由此得出的剩余

数字为公平价值。

估值师按报告日的市场状况估算物业

的完工成本（包括建筑成本、修订契约

之土地补价、专业费用、利息及其他

相关开支）以及发展商之利润及风险

拨备。

发展中投资物业的公平值计量与预期

每月租金、市场租金增幅及出租率呈

正面相关性，而与估算至完工的成本

5.85

亿元（二零二四年：

10.86

亿元）呈

负面相关性。

15. FIXED ASETS (continued)

(a) (continued)

The fair value of investment properties – comercial

shop is determined on the basis of asuming sale of the

property interest in its existing state by making reference

to comparable sale transactions as available in the relevant

market. The valuation is subject to suitable adjustments

betwen the subject property and the comparable

properties. The fair value measurement of investment

properties – comercial shop is positively corelated to the

market unit sale rate.

The fair value of investment properties under development

are determined using residual method. This method involves

firstly the asesment of gros development value, which is

determined using the same basis and adopted rates (except

for expected ocupancy rate) in determining the fair value

of investment properties – data centres, on the asumption

that the property had already ben completed in acordance

with the curent development plan on the valuation date,

les the estimated costs of completion together with an

alowance for developer’s profit. The expected ocupancy

rate adopted for determining the gros development value is

75%-100% (2024: 79%-100%) and the developer’s profit is 3%

– 8% (2024: 3% – 12%). The resultant residue figure is the fair

value.

Estimated costs of completion, including costs of

construction, land premium on lease modification,

profesional fe and asociated costs, plus an alowance for

developer’s risk and profit, are estimated by the valuer based

on market conditions at the reporting date.

The fair value measurement of investment properties

under development is positively corelated to the expected

monthly rental, market rental growth rate and ocupancy

rate, and negatively corelated to the estimated costs of

completion of $0.585 bilion (2024: $1.086 bilion).

164,974
136,817
128,413
106,263
68,059
39,607
644,133

739,387
2,304
741,691

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

15.

固定资产（续）

(b)

本集团根据经营租赁方式出租若干楼

宇设施。该等租赁一般初步为期

3.5

至

年，并有权选择于约满及重续租约

时重新协商条款。

所有物业以经营租赁方式持有且在其

他方面符合投资物业之定义均会分类

为投资物业。

本集团根据不可撤销经营租赁于日后

应收的最低租赁款项总额如下：

(c)

本集团之投资物业位于香港及以中期

租约持有。

(d)

在下列地方以下列方式持有之自用物

业之账面值：

(e)

本集团若干自用物业及投资物业已抵

押以取得银行贷款，有关详情载于附

注

21(a)

。

15. FIXED ASETS (continued)

(b) The Group leases out a number of building facilities under

operating leases. The leases typicaly run for an initial term of

3.5 to 20 years, with an option to renew the lease after that

date at which time terms are renegotiated.

Al properties held under operating leases that would

otherwise met the definition of investment property are

clasified as investment properties.

The Group’s total future minimum lease payments under

non-cancelable operating leases are receivable as folows:

二零二五年二零二四年

$’000$’000

千元千元

Within 1 year

一年内

192,176

After 1 year but within 2 years

一年后但二年内

154,480

After 2 years but within 3 years

二年后但三年内

136,626

After 3 years but within 4 years

三年后但四年内

128,135

After 4 years but within 5 years

四年后但五年内

106,067

After 5 years

五年后

116,945

834,429

Kong and held under medium-term leases.

(d) The carying amounts of the Group’s building held for own

use are under:

二零二五年二零二四年

$’000$’000

千元千元

Medium-term leases in Hong Kong

于香港之中期租约

803,031

Medium-term leases of land use

rights in the PRC

于中国之中期土地使用权

2,719

805,750

(e) Certain of the Group’s building held for own use and

investment properties were pledged against bank loans,

details of which are set out in note 21(a).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

15.

固定资产（续）

(f)

于二零二五年三月三十一日，包

括在物业、厂房及设备内有本集团

价值

741,691,000

元（二零二四年：

805,750,000

元）的自用物业。本集团为

此物业权益的登记拥有人。

董事认为，由于本集团自用物业的市

场价值有所下跌，该等物业、厂房及

设备存在减值迹象。本集团聘请独立

合资格专业估值师艾华迪评估咨询有

限公司，采用直接资本化法（第三级公

平值计量）自用物业，参照类似物业

近期月租金水平（经楼龄、楼层及面积

等因素调整），按公平值扣除处置成本

评估可收回金额。其中重大不可观察

数据为经调整市场租金，约为每平方

呎

12,000

元至

14,000

元。因此，本集团

于截至二零二五年三月三十一日止年

度的综合损益表中「其他收入及收益╱

（亏损）净额」内确认

45,430,000

元（二

零二四年：无）的减值亏损。

15. FIXED ASETS (continued)

(f) As at 31 March 2025, included in the property, plant and

equipment is the Group’s buildings held for own use

under property leasing segment of $741,691,000 (2024:

$805,750,000) of which the Group is the registered owner of

this property interest.

The Directors considered that there was an indication

of impairment for property, plant and equipment as the

market value of the Group’s buildings held for own use

decreased during the year. AVISTA Valuation Advisory

Limited, an independent firm of qualified profesional

valuer was apointed to ases the recoverable amount

of the buildings held for own use, which is based on the

fair values les costs of disposal, using direct capitalisation

method (level 3 fair value measurements) by reference to

recent monthly unit rent of similar properties, adjusted for

diferences such as building age, flor level and size etc. The

significant unobservable input is adjusted market rent rate of

aproximately $12,000 per square fet to $14,000 per square

fet. As a result, an impairment los of $45,430,000 (2024:

Nil) was recognised in “Other income and gains/(loses), net”

in the consolidated statement of profit or los for the year

ended 31 March 2025.

926,076
556,493
1,482,569

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

16.

物业存货

注：

(a)

于二零二五年三月三十一日除为数

569,096,000

元的发展中物业预期于一年后

收回外，余下金额预期于一年内收回。于

二零二四年三月三十一日所有发展中物业

预期于一年后收回。

(b)

于二零二五年三月三十一日，发展中物

业内包含之租赁土地价值为

472,487,000

元

（二零二四年：

474,687,000

元）。

(c)

本集团若干物业存货已抵押以取得银行贷

款，有关详情载于附注

21(a)

。

16. INVENTORIES OF PROPERTIES

二零二五年二零二四年

$’000$’000

千元千元

Properties under development located in

Hong Kong and the PRC (note (a)

位于香港及中国的发展中

物业（注

(a)703,658

Properties held for sales located in

Hong Kong and the PRC

位于香港及中国的持有作销售之

物业

1,070,099

1,773,757

Notes:

(a) As at 31 March 2025, except for an amount of $569,096,000 which

is expected to be recoverable after one year, al remaining balances

of properties under development are expected to be recovered

within one year. As at 31 March 2024, al properties under

development are expected to be recovered after one year.

(b) At 31 March 2025, leasehold land included in the properties under

development amounted to $472,487,000 (2024: $474,687,000).

against bank loans, detail of which are set out in note 21(a).

37,797

24,937
(24,937)
37,797
37,797

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

17.

合约负债

注

订金及分期款项通常是销售物业时要求的一项

条款，被分类为合约负债。该款项将一直被视作

为合约负债，直至该等物业的控制权移交给客

户。

合约负债的变动

17. CONTRACT LIABILITIES

二零二五年二零二四年

$’000$’000

千元千元

Contract liabilities related to sales of

properties (note)

关于物业销售的

合约负债（注）

24,937

Note

：

Deposits and instalments received in acordance to the payment term

as stipulated in the sales and purchase agrement for sales of properties

are clasified as contract liabilities. These wil remain as contract liabilities

until the control of these properties is transfered to the customers.

Movements in contract liabilities

二零二五年二零二四年

$’000$’000

千元千元

Balance as at 1 April

于四月一日结余

1,005

Decrease in contract liabilities as a result of

recognising revenue during the year that was

included in contract liabilities at the begining

of the year

因年内确认收益令年初计入

的合约负债减少

(1,005)

Increase in contract liabilities as a result of

receiving deposits and instalments during the

year from sales of properties

因年内销售物业收取定金和

分期款项令合约负债增加

24,937

Balance as at 31 March

于三月三十一日结余

24,937

29,310
1,045
30,355
(81)
30,274
26,478
405
19,871
4,178
11,111
932
93,249

22,019
8,182
73
30,274

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

18.

应收账款及其他应收款项

根据发票日期计算本集团应收账款（扣除亏

损拨备）的账龄分析如下：

18. TRADE AND OTHER RECEIVABLES

二零二五年二零二四年

$’000$’000

千元千元

Trade receivables

应收账款

– Receivables from rental income

－来自租金收入的应收款项

35,740

– Receivables from construction service

－来自建筑服务的应收款项

36,663

Les: Los alowance

减：亏损拨备

(131)

36,532

Utility and other deposits

公用事业及其他按金

25,591

Prepaid sales comision

预付销售佣金

8,071

Prepaid loan arangement fe

预付贷款安排费

29,958

Other prepayments

其他预付款项

56,855

VAT recoverable

可抵扣增值税

3,314

Other receivables

其他应收款项

161,196

The aging analysis of the Group’s trade receivables (net of los

alowance), based on invoice dates, is as folows:

二零二五年二零二四年

$’000$’000

千元千元

Les than 1 month

少于一个月

19,417

More than 1 month but les than 3 months

超过一个月但少于三个月

16,992

More than 6 months

超过六个月

36,532

131
(50)
81

22,018
6,672
1,510
74
30,274

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

18.

应收账款及其他应收款项（续）

年内亏损拨备的变动如下：

本集团之应收账款根据逾期日的账龄分析

如下：

本集团一般向贸易客户提供

天信用期。

本集团通常不会要求客户提供抵押品。

18. TRADE AND OTHER RECEIVABLES (continued)

The movement of the los alowance during the year is as folows:

二零二五年二零二四年

$’000$’000

千元千元

At 1 April

于四月一日

Impairment los reversal (note 8(c)

回拨减值亏损（附注

8(c)

）

(655)

At 31 March

于三月三十一日

The aging analysis of the Group’s trade receivables (net of los

alowance), based on past due date is as folows:

二零二五年二零二四年

$’000$’000

千元千元

Not yet past due

未逾期

19,417

Les than 1 month past due

逾期少于一个月

11,421

Over 1 month but les than 3 months

past due

逾期超过一个月但少于

三个月

5,571

Over 12 months past due

逾期超过十二个月

36,532

The Group generaly grants trade customers with a credit term

of 30 days. Normaly, the Group does not obtain colateral from

customers.

180,231
–
180,231
(133,155)
(13,452)
(146,607)
33,624

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

19.

受限制及已抵押存款以及现金及银

行结余

注：

(i)

此等结余指银行存款已作为本集团银行贷

款的抵押（见附注

21(a)

）。

(i)

此等结余指销售物业所得款项存入指定的

银行账户。

19. RESTRICTED AND PLEDGED DEPOSITS AND CASH

AND BANK BALANCES

二零二五年二零二四年

$’000$’000

千元千元

Cash and bank balance

现金及银行结余

213,469

Fixed deposits

定期存款

353,952

567,421

Les:

减：

Pledged deposits (note (i)

已抵押存款（注

(i)(478,542)

Restricted deposits (note (i)

受限制存款（注

(i)(26,317)

(504,859)

Cash and bank balances as stated in the

consolidated statement of financial position

and cash and cash equivalents as stated in

the consolidated cash flows statement

综合财务状况表内的现金及

银行结余及综合现金流量表内的

现金及现金等价物

62,562

Notes:

(i) These balances represent bank deposits pledged to secure banks

loans of the Group (se note 21(a).

(i) These balances represent proceds received from sales of

properties which was deposited into a designated bank acount.

157,164
74,750
11,250
24,676
5,210
86,980
52,583
412,613

71,363
59,183
26,618
157,164

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

20.

应付账款及其他应付款项

注：

(i)

除下文附注

(i)

及

(i)

所披露者外，所有应付

及其他应付款项预计将于一年内结清。

(i)

于二零二五年三月三十一日除

2,270,000

元

（二零二四年：

4,270,000

元）预计将在一

年后结清外，余下金额预计将在一年内结

清。

(i)

于二零二五年三月三十一日除

25,596,000

元

（二零二四年：

10,776,000

元）预计一年后

结清外，余下金额预计将在一年内结清。

本集团之应付账款根据发票日期的账龄分

析如下：

20. TRADE AND OTHER PAYABLES

二零二五年二零二四年

$’000$’000

千元千元

Trade payables

应付账款

60,865

Payable for aditions to investment

properties

添置投资物业应付款项

2,813

Payable for aditions to inventories of

properties

添置物业存货应付款项

13,000

Other payables and acrued charges

其他应付款项及应计费用

38,912

Rental and other deposits (note (i)

租金及其他按金（注

(i)4,810

Rent receipts in advance

预收租金

8,159

Retentions payables (note (i)

应付保留款项（注

(i)38,664

167,223

Notes:

(i) Except as disclosed in notes (i) and (i) below, al of the trade and

other payables are expected to be setled within one year.

(i) Except for an amount of $2,270,000 (2024: $4,270,000) as at 31

March 2025, which is expected to be setled after one year, al of

the remaining balances are expected to be setled within one year.

(i) Except for an amount of $25,596,000 (2024: $10,776,000) as at 31

March 2025, which is expected to be setled after one year, al of

the remaining balances are expected to be setled within one year.

The aging analysis of the Group’s trade payables, based on invoice

dates, is as folows:

二零二五年二零二四年

$’000$’000

千元千元

Les than 1 month

少于一个月

27,616

More than 1 month but les than 3 months

超过一个月但少于三个月

27,077

More than 3 months but les than 6 months

超过三个月但少于六个月

6,172

60,865

5,176,894
52,567
5,229,461

5,066,492
–
162,969
–
162,969
5,229,461

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

21.

银行贷款

银行贷款须按以下年期偿还：

附注：

包括原约定于二零二六年三月三十一日之

后偿还之银行贷款

4,313,943,000

元。详情

载于附注

3(b)

。

21. BANK LOANS

二零二五年二零二四年

$’000$’000

千元千元

Bank loans

银行贷款

– Secured

－有抵押

5,754,284

– Unsecured

－无抵押

86,646

5,840,930

The bank loans are repayable as folows:

二零二五年二零二四年

$’000$’000

千元千元

Within 1 year or on demand and included

in curent liabilities (note)

一年内或按要求偿还及

列入流动负债（附注）

1,657,064

After 1 year and included in

non-curent liabilities:

一年后及列入非流动负债：

After 1 year but within 2 years

一年后但两年内

227,046

After 2 years but within 5 years

两年后但五年内

3,804,179

After 5 years

五年后

152,641

4,183,866

5,840,930

Note: Included bank loans of $4,313,943,000 with original contractual

repayment dates beyond 31 March 2026. Details are set out in note

3(b).

6,489,000
688,713
9,935
740,175
133,155
29,310
15,603
8,105,891

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

21.

银行贷款（续）

(a)

于二零二五年三月三十一日，银行

贷款的年利率为

3.55%

至

6.48%

（二零

二四年：

3.55%

至

7.55%

），并由下列资

产作担保：

此外，于二零二五年三月三十一日，

本集团的银行融资乃以下列项目作担

保：

－

转让若干建造合约的项目所得

款项、项目险及火险保险单，

令本集团获授若干银行融资，

其最高金额为零（二零二四年：

297,000,000

元）

;

－

转让本集团投资物业的所有租

金及所有款项、销售所得款项以

及保险，令本集团获授若干银行

贷款，其账面值为

3,878,182,000

元（二零二四年：

3,363,641,000

元）；

－

与授予本集团的若干银行贷款

21. BANK LOANS (continued)

(a) At 31 March 2025, the bank loans bear interest ranging from

3.55% to 6.48% (2024: 3.55% to 7.55) per anum and are

secured by the folowing asets:

二零二五年二零二四年

$’000$’000

千元千元

Investment properties

投资物业

5,950,000

Property, plant and equipment

物业、厂房及设备

751,512

Financial asets at fair value through

other comprehensive income

按公平值计入其他全面

收益之金融资产

10,127

Inventories of properties

物业存货

1,478,601

Pledged deposits

已抵押存款

478,542

Trade receivables

应收账款

35,741

Sundry deposits

其他按金

15,809

8,720,332

In adition, at 31 March 2025, the banking facilities of the

Group were secured by the folowing:

– asignment of project proceds, project insurance

and fire insurance policies for certain construction

contracts in relation to certain banking facilities

granted to the Group with maximum amount of $Nil

(2024: $297,000,000);

– asignment of al rentals and al other moneys,

sales proceds and insurance over the investment

properties of the Group in relation to certain bank

loans granted to the Group with carying amount of

$3,878,182,000 (2024: $3,363,641,000);

– asignment of sales proceds and insurance over the

inventories of properties held for sales of the Group

in relation to certain bank loans granted to the Group

with carying amount of $Nil (2024: $535,609,000); and

– share mortgages over the entire isued and paid-up

share capital of certain subsidiaries.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

21.

银行贷款（续）

(b)

本集团若干银行融资须符合若干比

率的契诺，该等契诺常见于与金融机

构的借款安排。倘本集团违反契诺，

所提取的融资将变成须按要求偿还。

本集团定期监控其遵守该等契诺的情

况。只要本集团遵守该等契诺，所提

取的融资将不会按要求偿还。

于二零二五年三月三十一日，本集团

未能符合若干银行贷款协议内规定的

若干财务比率。倘若借款人根据贷款

协议行使其权利，有关不遵守契诺有

可能导致相关银行贷款

4,686,925,000

元（二零二四年：

192,914,000

元）须

即时到期偿还。董事发现违反贷款契

诺后，已告知贷款方并要求就未遵守

相关财务比率得到豁免。于二零二五

年三月三十一日，本集团尚未获得贷

款方的豁免同意。鉴于贷款方于报告

期末未同意免除其要求即时还款的

权利，相关贷款于二零二五年三月

三十一日已列作流动负债。

本集团管理流动资金风险的进一步详

情载于附注

30(b)

。

21. BANK LOANS (continued)

(b) Certain of the Group’s banking facilities are subject to the

fulfilment of covenants relating to certain ratios as are

comonly found in lending arangements with financial

institutions. If the Group were to breach the covenants, the

drawn down facilities would become repayable on demand.

The Group regularly monitors its compliance with these

covenants. As long as the Group complies these covenants,

it is considered that the respective drawn down facilities wil

not be repaid on demand.

As at 31 March 2025, the Group was unable to met

certain financial ratios under certain bank loan agrements.

Such non-compliance of the covenants may cause the

relevant bank loans of aproximately $4,686,925,000 (2024:

$192,914,000) to become imediately due and payable

should the lenders exercise their rights under the loan

agrements. On discovery of the breach of covenants, the

Directors informed the lenders and requested waiver for

the non-compliance of the relevant financial ratios. As at 31

March 2025, no waiver was obtained by the Group from the

lenders. Since the lender has not agred to waive its right to

demand imediate payment as at the end of the reporting

period, these loans had ben clasified as a curent liability

as at 31 March 2025.

Further details of the Group’s management of liquidity risk

are set out in note 30(b).

(1,676)
397
355
(2,428)
(1,676)

1,520,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

22.

衍生金融工具

(a)

于报告期末未偿还的衍生金融工具的

名义本金额如下：

(b)

衍生金融资产╱负债指本集团倘于报

告期末平仓时将收取╱支付的款项。

不符合资格进行会计对冲会计法的衍

生金融工具及其公平值的相应变动已

于损益内确认。

(c)

所有符合资格进行现金流量对冲会计

法的衍生金融工具均为有效对冲现金

流量，因此并没有无效部分于截至二

零二五年及二零二四年三月三十一日

止年度损益内确认。

23.

来自最终控股公司之贷款

该款项为无抵押，以香港上海汇丰银行港

元最优惠年利率计息，且须于二零二六年

十二月或之前偿还。

22. DERIVATIVE FINANCIAL INSTRUMENTS

二零二五年二零二四年

$’000$’000

千元千元

Cash flow hedges:

现金流量对冲：

interest rate swaps

利率掉期合约

13,026

Represented by:

列示：

Curent asets

流动资产

Non-curent asets

非流动资产

12,103

Non-curent liabilities

非流动负债

–

13,026

(a) The notional principal amounts of derivative financial

instruments outstanding at the end of the reporting period

are as folows:

二零二五年二零二四年

$’000$’000

千元千元

Interest rate swaps (note 30(c)(i)

利率掉期合约（附注

30(c)(i)

）

1,048,000

(b) Derivative financial asets/liabilities represent the amounts

the Group would receive/pay if the positions were closed

at the end of the reporting period respectively. Derivative

financial instruments that did not qualify for hedge

acounting and their coresponding changes in fair values

have ben recognised in the profit or los.

acounting were demed efective for cash flow hedge

purposes and no inefective portion was recognised in profit

or los for the years ended 31 March 2025 and 2024.

23. LOAN FROM ULTIMATE HOLDING COMPANY

The amount is unsecured, bears interest at a rate of HSBC’s Hong

Kong Dolar Best Lending Rate per anum, and repayable on or

before December 2026.

10,000,000	100,000
1,420,222	14,202
–	–
1,420,222	14,202

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

24.

来自控股东之贷款

该款项为无抵押，以年利率为

计息，且须

于二零二八年四月至五月或之前偿还。

贷款初始以公平值确认，乃按照现行市场

利率折现的现金流计算，其后以摊销成本

列示。贷款本金合计

607,498,000

元。贷款于

各自授出日期之公平值合计约

532,050,000

元。贷款本金与初始确认的公平值之差额

75,448,000

元视同控股东出资，计入综合

财务报表之权益内。

25.

股本

普通股持有人有权收取不时宣派的股息，

并享有在本公司股东大会上每股一票的投

票权。就分配本公司余下资产而言所有普

通股享有同等地位。

24. LOANS FROM CONTROLING SHAREHOLDER

The amounts are unsecured, bears interest at the rate of 3% per

anum, and are repayable on or before April to May 2028.

The loans are initialy recognised at fair value, which are calculated

using the cash flows discounted at the prevailing market rate, and

subsequently stated at amortised cost. The agregate principal

amount of the loans were $607,498,000. The agregate fair value

of the loans at their respective grant dates were aproximately

$532,050,000. The diference of $75,448,000 betwen the principal

amount and the fair value initialy recognised of the loans was

acounted for as demed capital contribution from controling

shareholder and was included in the equity of the consolidated

financial statements.

25. SHARE CAPITAL

二零二五年二零二四年

No. of

sharesAmount

No. of

sharesAmount

股份数目金额股份数目金额

’000$’000’000$’000

千股千元千股千元

Ordinary shares of $0.01 each

每股面值

0.01

元的普通股

Authorised:

法定：

At 1 April and 31 March

于四月一日及三月三十一日

10,000,000100,000

Isued and fuly paid:

已发行及缴足：

At 1 April

于四月一日

1,419,81214,198

Shares isued upon exercise of

share options (note 34)

行使购股权后发行的

股份（附注

）

At 31 March

于三月三十一日

1,420,22214,202

The holders of ordinary shares are entitled to receive dividends as

declared from time to time and are entitled to one vote per share

at metings of the Company. Al ordinary shares rank equaly with

regard to the Company’s asets.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

26.

储备

(a)

本集团

本集团储备变动详情载于综合权益变

动表内。权益中储备的性质及目的如

下：

(i)

股份溢价

股份溢价账由开曼群岛公司法

规管，本公司于向权益股东支付

分派或股息时可根据其组织章

程大纲及细则的条文（如有）动

用股份溢价账。

除非紧随建议支付分派或股息

当日后本公司将可支付于日常

业务中到期的债务，否则不可动

用股份溢价账以向权益股东支

付分派或派发股息。

(i)

对冲储备

对冲储备包括现金流量对冲所

用对冲工具公平值的累计变动

净额的有效部分，以待其后根据

附注

4(d)

所载会计政策确认已对

冲的现金流量。

(i)

购股权储备

购股权储备指确认尚未行使的

购股权的累计开支。

(iv)

公平值储备

公平值储备包括按公平值计入

其他全面收益的股本投资于报

告期末的累计公平值变动净额

（见附注

4(h)(i)

）。

(v)

外汇储备

外汇储备包括因换算海外业务

的财务报表产生的汇兑差异。该

储备按照附注

4(p)

所载会计政策

处理。

(vi)

资本注入储备

资本注入储备指控股东于期

内视作资本投入的金额。

26. RESERVES

(a) The Group

Details of the movements in the Group’s reserves are set

out in the consolidated statement of changes in equity.

The natures and purposes of reserves within equity are as

folows:

(i) Share premium

The share premium acount is governed by the

Companies Law of the Cayman Islands and may be

aplied by the Company subject to the provisions, if

any, of its memorandum and articles of asociation

in paying distributions or dividends to equity

shareholders.

No distribution or dividend may be paid to the equity

shareholders out of the share premium acount

unles imediately folowing the date on which the

distribution or dividend is proposed to be paid, the

Company wil be able to pay its debts as they fal due

in the ordinary course of busines.

(i) Hedging reserve

The hedging reserve comprises the efective portion

of the cumulative net change in the fair value of the

hedging instruments used in cash flow hedges pending

subsequent recognition of the hedged cash flow in

acordance with the acounting policy set out in note

4(d).

(i) Share option reserve

The share option reserve represents the cumulative

expenses recognised on the outstanding share options.

(iv) Fair value reserve

The fair value reserve comprises the cumulative

net change in the fair value of equity investments

designated at FVOCI that are held at the end of the

reporting period (se note 4(h)(i).

(v) Exchange reserve

The exchange reserve comprises al foreign exchange

diferences arising from the translation of the financial

statements of foreign operations. The reserve is dealt

with in acordance with the acounting policies set out

in note 4(p).

(vi) Capital contribution reserve

The capital contribution reserve represents the

demed capital contribution from the controling

shareholder during the period.

95,045	23,523	–	–	3,337	121,905
–	–	–	–	1,135	1,135
–	–	(145)	–	–	(145)
–	–	–	75,448	–	75,448
95,04 5	23,52 3	(14 5)	75,44 8	4,47 2	198,34 3

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

26.

储备（续）

(b)

本公司

于二零二五年三月三十一日，本公司

储备总额为

198,343,000

元（二零二四

年：

121,905,000

元），而根据开曼群岛

公司法以及本公司组织章程大纲及细

则计算，可供分派予本公司权益股东

的储备总额为

99,517,000

元（二零二四

年：

98,382,000

元）。

26. RESERVES (continued)

(b) The Company

premium

Share option

reserve

Hedging

reserve

Capital

contribution

reserve

Retained

profitsTotal

股份溢价购股权储备保留溢利资本注入储备保留溢利总计

$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元

At 1 April 2023

于二零二三年四月一日

92,93313,723–351,868458,524

Los and total comprehensive

income for the year

年内亏损及全面收益

–(9,032)(9,032)

Dividend aproved in respect

of the previous year

已批准之上年度股息

– – (284,024) (284,024)

Dividend aproved in respect

of the curent year

已批准之本年度股息

– – (56,809) (56,809)

Transfer on lapse of share options

因购股权失效而转拨

–(1,334)–1,334–

Share-based payment expenses

以股份形式支付之开支

–11,631–11,631

Shares isued upon exercise of

share options

行使购股权后发行的股份

2,112(497)–1,615

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

Profit for the year

年内溢利

Other comprehensive income for

the year

年内其他全面收益

Demed capital contribution from

controling shareholder

视作控股东注资

At 31 March 2025

于二零二五年三月三十一日

At 31 March 2025, the agregate amount of the Company’s

reserves reached $198,343,000 (2024: $121,905,000),

whereas the reserves available for distribution to equity

shareholders of the Company, as calculated in acordance

with the Companies Law of the Cayman Islands and the

Company’s memorandum and articles of asociation, was

$99,517,000 (2024: $98,382,000).

千元
32,551
–1
1,688,557
9,739
355
–
1,731,202
2,500
741,5052
–
14,205
758,210
7,797
209,136
2,500
6,2563
225,689
532,521
2,263,723

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

27.

控股公司财务状况表

27. HOLDING COMPANY STATEMENT OF FINANCIAL

POSITION

二零二五年二零二四年

Notes$’000$’000

附注千元千元

Non–curent asets

非流动资产

Property, plant and equipment

物业、厂房及设备

42,775

Investment in subsidiaries

投资附属公司

–

Loan to subsidiaries

贷款予附属公司

1,498,190

Defered tax asets

递延税项资产

9,630

Derivative financial instruments

衍生金融工具

–

Financial asets at FVTPL

按公平值计入损益之

金融资产

10,476

1,561,071

Curent asets

流动资产

Loan to a subsidiary

贷款予附属公司

2,500

Prepayment and other receivables

预付款及其他应收款项

736,879

Pledged deposits

已抵押存款

357,737

Cash and bank balances

现金及银行结余

3,378

1,100,494

Curent liabilities

流动负债

Other payables

其他应付款项

8,257

Bank loans

银行贷款

979,778

Loan from a subsidiary

附属公司借款

2,500

Lease liabilities

租赁负债

6,047

996,582

Net curent asets

流动资产净值

103,912

Total asets les curent liabilities

总资产减流动负债

1,664,983

千元
86,856
529
1,354,600
36,800
544,665
27,7283
2,051,178
212,54 5
14,202
198,343
212,54 5

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

小于

1,000

元

预付及其他应收款项包括与附属公司的结

余

740,715,000

元（二零二四年：

735,882,000

元）。

租赁负债为与附属公司之结余

33,984,000

元

（二零二四年：

40,031,000

元）。

二零二五年二零二四年

Notes$’000$’000

附注千元千元

Non–curent liabilities

非流动负债

Bank loans

银行贷款

90,992

Derivative financial instruments

衍生金融工具

–

Loans from subsidiaries

附属公司贷款

1,367,100

Loan from ultimate holding company

来自最终控股公司之贷款

36,800

Loans from controling shareholder

来自控股东之贷款

–

Lease liabilities

租赁负债

33,984

1,528,876

NET ASETS

资产净值

136,107

CAPITAL AND RESERVES

股本及储备

Share capital

股本

2514,202

Reserves

储备

26(b)121,905

TOTAL EQUITY

总权益

136,107

Les than $1,000

Included in prepayments and other receivables are balances with

its subsidiaries of $740,715,000 (2024: $735,882,000).

Lease liabilities are balances with its subsidiaries of $33,984,000

(2024: $40,031,000).

On behalf of the Board

代表董事会

Chan Hung MingLau Chi Wah

陈孔明刘志华

DirectorDirector

董事董事

27. HOLDING COMPANY STATEMENT OF FINANCIAL

POSITION (continued)

27.

控股公司财务状况表（续）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

28.

附属公司

以下列表只包括重大影响本集团的业绩、

资产及负债之附属公司的详情。除另有所

指外，持有股份类别指普通股。

28. SUBSIDIARIES

The folowing list contains only the particulars of subsidiaries

which principaly afected the results, asets or liabilities of the

Group. The clas of shares held is ordinary unles otherwise

stated.

Proportion of ownership interest

拥有者权益比例

Name of subsidiary

Place of

incorporation

or registration/

operation

Isued and

fuly paid

share capital/

registered

capital

Group’s

efective

interest

Held by the

Company

Held by a

subsidiaryPrincipal activity

附属公司名称

注册成立或登记╱

营业地点

已发行及

缴足股本╱

注册资本集团实质权益由本公司持有由附属公司持有主要业务

Able Busines Development LimitedHong Kong$1100%–100%Property development

高业发展有限公司香港

元物业发展

Dormax LimitedHong Kong$1100%–100%Property development

多万有限公司香港

元物业发展

Dragon Mount Development LimitedHong Kong$1100%–100%Property development

龙峰发展有限公司香港

元物业发展

Easton Development LimitedHong Kong$100100%–100%Property holding

东晋发展有限公司香港

元物业持有

Eson Development LimitedHong Kong$100100%–100%Property holding

英盛发展有限公司香港

元物业持有

Golden Ford LimitedHong Kong$1100%–100%Property development

金达富有限公司香港

元物业发展

Grand Build Development LimitedHong Kong$1100%–100%Property development

佳建物业发展有限公司香港

元物业发展

Grand Tech Construction

Company Limited

Hong Kong$5,000,000100%–100%Construction

佳盛建筑有限公司香港

5,000,000

元建筑

iTech Towers Data Centre Service LimitedHong Kong$1100%–100%Provision of data

centre premises and

facilities

佳明汇讯数据中心有限公司香港

元提供数据中心场地和

设施

Marvelous Investments LimitedHong Kong$1100%–100%Property holding

茂昌投资有限公司香港

元物业持有

佳明集团控股有限公司

2024/25

年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

外商独资企业

英文名称为直接翻译中文名称

29.

资本管理风险

本集团管理资本的主要目标为保障本集团

持续经营的能力，以为本集团的建筑业务

以及物业发展和投资项目提供资金、为股

东及其他利益相关者提供回报及利益以及

维持最佳的资本架构以减低资本成本。

本集团主动及定期检讨及管理其资本架

构，以在提高股东回报（可能伴随较高的借

款水平）与稳健资本状况带来的好处及保障

之间取得平衡，并因应经济状况的变化调

整资本架构。

Proportion of ownership interest

拥有者权益比例

Name of subsidiary

Place of

incorporation

or registration/

operation

Isued and

fuly paid

share capital/

registered

capital

Group’s

efective

interest

Held by the

Company

Held by a

subsidiaryPrincipal activity

附属公司名称

注册成立或登记╱

营业地点

已发行及

缴足股本╱

注册资本集团实质权益由本公司持有由附属公司持有主要业务

Regal Development LimitedHong Kong$1100%–100%Property development

悦基发展有限公司香港

元物业发展

Swift Milions LimitedHong Kong$5,000100%–100%Property development

逴逸有限公司香港

5,000

元物业发展

Top Regent Investments LimitedHong Kong$1100%–100%Property holding

泰盛投资有限公司香港

元物业持有

Welford Properties LimitedHong Kong$100100%–100%Property investment

伟丰置业有限公司香港

元物业投资

Wining Tech LimitedHong Kong$1100%–100%Property investment

炜创有限公司香港

元物业投资

Guangxi Jiaming Property Development

Co., Ltd.*

The PRCRMB32,000,000100%–100%Property development

广西佳明房地产开发有限责任公司

中国人民币

32,000,000

物业发展

Guangxi Jiaqiaohui Investment

Development Co., Ltd.*

The PRCRMB150,000,000100%–100%Property development

广西佳翘汇投资开发有限责任公司

中国人民币

150,000,000

物业发展

* wholy-foreign-owned enterprise

the English name is direct translation of the Chinese name

29. CAPITAL RISK MANAGEMENT

The Group’s primary objectives when managing capital are to

safeguard the Group’s ability to continue as a going concern in

order to fund its construction busines and property development

and investment projects, provide returns for shareholders and

benefits for other stakeholders and to maintain an optimal capital

structure to reduce the cost of capital.

The Group actively and regularly reviews and manages its capital

structure to maintain a balance betwen the higher shareholder

returns that might be posible with higher levels of borowings and

the advantages and security aforded by a sound capital position,

and makes adjustments to the capital structure in light of changes

in economic conditions.

28. SUBSIDIARIES (continued)28.

附属公司（续）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

29.

资本管理风险（续）

根据主要银行融资条款节录，本集团须遵

守以下财务契约：

–

综合有形净值不小于

1,200,000,000

元

至

2,500,000,000

元；

–

综合净借贷与综合有形资产净值之比

率不超过

180%

至

220%

；

–

综合除税项、利息、折旧及摊销前溢

利与综合财务费用之比率不小于

2.0

倍；

–

净资本负债比率维持

1.5

倍或以下；

–

流动比率维持

0.5

至

1.0

倍或以上；

–

若干附属公司的有形资产净值不小于

700,000,000

元至

800,000,000

元；及

–

若干附属公司的除税项、利息、折旧

及摊销前溢利与财务费用之比率不小

于

1.8

倍。

财务契约的合规情况在附注

21(b)

披露。

于二零二五年三月三十一日，本集团的流

动比率（流动资产除流动负债）为

0.32

倍（二

零二四年：

1.18

倍）。本集团的净资本负债比

率（定义为计息借款总额减现金及银行结余

以及受限制及已抵押存款除以股东权益）约

186.6%

（二零二四年：约

179.8%

）。

29. CAPITAL RISK MANAGEMENT (continued)

Under the extract terms of the major bank facilities, the Group is

required to comply with the folowing financial covenants:

– consolidated tangible net worth shal not be les than

$1,200,000,000 to $2,500,000,000;

– the ratio of consolidated net borowings to consolidated

tangible net worth shal not exced 180% to 220%;

– consolidated EBITDA to consolidated finance charges shal

not be les than 2.0 times;

– net gearing ratio shal maintain at or below 1.5 times;

– curent ratio shal maintain at or above 0.5 to 1.0 times;

– tangible net worth of certain subsidiaries shal not les than

$700,000,000 to $800,000,000; and

– EBITDA to finance charges of certain subsidiaries shal not

les than 1.8.

The compliance of the financial covenants are disclosed in note

21(b).

As at 31 March 2025, the Group’s curent ratio (defined as

curent asets divided by curent liabilities) was 0.32 times

(2024: 1.18 times). The Group’s net gearing ratio (defined as total

interestbearing borowings les cash and bank balances and

restricted and pledged deposits and divided by shareholders’

equity) was aproximately 186.6% (2024: aproximately 179.8%).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

30.

财务风险管理及金融工具公平值

本集团面对的信贷、流动资金及利率风险

乃在本集团正常业务过程中产生。本集团

面对该等风险以及本集团为管理该等风险

所采纳的财务风险管理政策及措施如下。

(a)

信贷风险

本集团的信贷风险主要来自银行存

款、按公平值计入其他全面收益之金

融资产、按公平值计入损益之金融资

产、衍生金融工具以及应收账款及其

他应收款项。本集团订有明确的信贷

政策，并持续监管该等信贷风险。

现金，包括受限制及已抵押存款，乃

存放于信贷评级稳健的财务机构，而

本集团就任何个别财务机构所承担的

风险有限。涉及衍生金融工具及债务

工具的交易是与具良好信贷评级的

对手方进行。鉴于彼等具有高信贷评

级，管理层预期任何该等财务机构及

对手方不会无法履行其责任。

订立建造合约前，对潜在客户的评估

乃为新合约接纳程序的一部分。

本集团对客户的应收款项逾期金额

进行定期检讨及采取跟进措施，使管

理层得以评估其可收回性及将信贷

风险降至最低水平。贸易应收款项自

发票日期起零至三十日内到期。一般

而言，本集团不会要求客户提供抵押

品。

就来自物业租赁的租金收入而言，本

集团持有租赁按金以应付潜在的信贷

风险。本集团定期编制应收款项的账

龄分析并作出密切监控，以将与该等

应收款项有关的任何信贷风险降至最

低水平。估计不可收回的数额已计提

足够的减值亏损。

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS

Exposure to credit, liquidity and interest rate risks arises in the

normal course of the Group’s busines. The Group’s exposure

to these risks and the financial risk management policies and

practices used by the Group to manage these risks are described

below.

(a) Credit risk

The Group’s credit risk is primarily atributable to cash and

bank deposits, financial asets at FVOCI, financial asets at

FVTPL, derivative financial instruments and trade and other

receivables. The Group maintains a defined credit policy

and the exposures to these credit risks are monitored on an

ongoing basis.

Cash, including restricted and pledged deposit, are

deposited with financial institutions with sound credit

ratings and the Group has exposure limit for any single

financial institution. Transactions involving derivative

financial instruments and debt investments are with

counterparties of sound credit standing. Given their high

credit ratings, management does not expect any of these

financial institutions and counterparties wil fail to met their

obligations.

Before entering into construction contracts, asesment

of the potential customers is caried out as part of the

aceptance procedures for the new contracts.

Regular review and folow-up actions are caried out on

overdue amounts of trade receivables from customers which

enable management to ases their recoverability and to

minimise the exposure to credit risk. Trade receivables are

due within 30 days from the date of biling. Normaly, the

Group does not obtain colateral from customers.

In respect of rental income from leasing properties, rental

deposits are held to cover potential exposure to credit

risk. An ageing analysis of the receivables is prepared on a

regular basis and is closely monitored to minimise any credit

risk asociated with these receivables. Adequate impairment

loses have ben made for estimated irecoverable

amounts.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

30.

财务风险管理及金融工具公平值

（续）

(a)

信贷风险（续）

于报告期末，本集团少量客户存在重

大信贷集中风险。鉴于其信贷评级、

良好支付记录及与本集团建立的长期

关系，管理层认为本集团面临的信贷

风险并不重大。于报告期末，应收账

款总额中分别有

42%

及

44%

（二零二四

年：

43%

及

93%)

为应收本集团最大客

户及五大客户款项。

于二零二五年及二零二四年三月

三十一日，本集团并无提供任何会使

本集团承受信贷风险的其他担保。

本集团对所有客户均会进行个别信用

评估。此等评估专注于客户过往的到

期支付记录以及当前的支付能力，或

会考虑客户特定资料以及客户经营所

在地的经济环境。本集团通常要求客

户根据合约条款结算进度款项及应收

保留金及根据协议结算其他债务。

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

(a) Credit risk (continued)

At the end of the reporting period, the Group has significant

concentration of credit risk in a few customers. In view

of their credit standing, god payment record and long

established relationships with the Group, management does

not consider the Group’s credit risk to be significant. At

the end of the reporting period, 42% and 44% (2024: 43%

and 93%) of the total trade receivables were due from the

Group’s largest customer and the five largest customers

respectively.

The Group does not provide any other guarantes which

would expose the Group to credit risk as at 31 March 2025

and 2024.

Individual credit evaluations are performed on al customers.

These evaluations focus on the customer’s past history of

making payments when due and curent ability to pay, and

take into acount information specific to the customers as

wel as pertaining to the economic environment in which the

customers operate. The Group generaly requires customers

to setle progres bilings and retentions receivable in

acordance with contracted terms and other debts in

acordance with agrements.

0.22%	22,066	(48)
0.37%	6,697	(25)
0.46%	1,517	(7)
0.00%	–	–
0.00%	–	–
1.35%	75	(1)
1.35%	30,355	(81)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

30.

财务风险管理及金融工具公平值

（续）

(a)

信贷风险（续）

本集团按相等于使用拨备矩阵计算之

存续期预期信贷亏损的金额计量应收

账款之亏损拨备。由于本集团之过往

信贷亏损经验并无就不同客户分部显

示重大亏损模式差异，根据逾期状态

计算之亏损拨备并无于本集团不同客

户基础之间进一步区分。

下表载列有关本集团应收账款的信贷

风险及预期信贷亏损之资料：

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

(a) Credit risk (continued)

The Group measures los alowances for trade receivables

at an amount equal to lifetime ECLs, which is calculated

using a provision matrix. As the Group’s historical credit

los experience does not indicate significantly diferent los

paterns for diferent customer segments, the los alowance

based on past due status is not further distinguished

betwen the Group’s diferent customer bases.

The folowing table provides information about the Group’s

exposure to credit risk and ECLs for trade receivables:

二零二五年

Expected

los rate

Gros carying

amount

Expected

credit loses

预期亏损率总账面金额预期信贷亏损

%$’000$’000

百分比千元千元

Trade receivables

应收账款

Not yet past due

未逾期

Les than 1 month past due

逾期少于一个月

Over 1 month but les than 3

months past due

逾期一个月但少于

三个月

Over 3 months but les than 6

months past due

逾期三个月但少于

六个月

Over 6 months but les than 12

months past due

逾期六个月但少于

十二个月

Over 12 months past due

逾期十二个月

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

30.

财务风险管理及金融工具公平值

（续）

(a)

信贷风险（续）

预期亏损率根据过往三年的实际亏损

经验作出。该等比率已予调整以反映

已收集过往数据期间内之经济状况、

当前状况及本集团对应收款之预期年

期内之经济状况之意见之间的差异。

既无逾期亦无减值的应收款项涉及于

保留条款内的应收保留款项和近期并

无违约记录的客户。

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

(a) Credit risk (continued)

二零二四年

Expected

los rate

Gros carying

amount

Expected

credit loses

预期亏损率总账面金额预期信贷亏损

%$’000$’000

百分比千元千元

Trade receivables

应收账款

Not yet past due

未逾期

0.12%19,441(24)

Les than 1 month past due

逾期少于一个月

0.57%11,487(66)

Over 1 month but les than

3 months past due

逾期一个月但少于

三个月

0.71%5,611(40)

Over 3 months but les than

6 months past due

逾期三个月但少于

六个月

0.00%–

Over 6 months but les than

12 months past due

逾期六个月但少于

十二个月

0.00%–

Over 12 months past due

逾期十二个月

0.81%124(1)

36,663(131)

Expected los rates are based on actual los experience

over the past 3 years. These rates are adjusted to reflect

diferences betwen economic conditions during the period

over which the historic data has ben colected, curent

conditions and the Group’s view of economic conditions

over the expected lives of the receivables.

Trade receivables that were not yet past due and contract

asets within retention terms relates to customers for whom

there was no recent history of default.

131
(50)
81

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

30.

财务风险管理及金融工具公平值

（续）

(a)

信贷风险（续）

已逾期但未减值的应收款与若干与本

集团有良好往绩记录的客户相关。该

等应收款主要关于物业租赁之客户。

根据过往经验，管理层认为毋须就该

等结余作出减值拨备，原因是信贷质

素并无重大变动，且该等结余仍被视

为可悉数收回。除数据中心的租金按

金外，本集团并无就该等结余持有任

何抵押品。

年内有关应收账款及合约资产的亏损

拨备账变动如下：

有关本集团因应收账款及其他应收款

项产生信贷风险的进一步量化披露载

于附注

。

(b)

流动资金风险

本集团旗下各附属公司负责其本身

的现金管理，包括筹集贷款以满足预

期现金需求，惟须由本公司董事会批

准。本集团的政策为定期监控当前及

预期流动资金需要以及其遵守借款契

诺的情况，以确保其维持足够现金储

备及获主要财务机构授予充足的已承

诺资金额度，应付其短期及长期的流

动资金需要。

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

(a) Credit risk (continued)

Trade receivables that were past due relate to a number of

customers that have a god track record with the Group.

These receivables mainly relate to tenants of property

leasing. Based on past experience, management believes

that there has not ben a significant change in credit quality

and the balances are not credit impaired. Except for rental

deposits for Data Centres, the Group does not hold any

colateral over these balances.

Movement in the los alowance acount in respect of trade

receivables during the year is as folows:

二零二五年二零二四年

$’000$’000

千元千元

At 1 April

于四月一日

Impairment los reversal during the year

年内已回拨之减值亏损

(655)

At 31 March

于三月三十一日

Further quantitative disclosures in respect of the Group’s

exposure to credit risk arising from trade and other

receivables are set out in note 18.

(b) Liquidity risk

Individual subsidiaries within the Group are responsible

for their own cash management, including the raising of

loans to cover the expected cash demands, subject to

aproval by the Company’s board of directors. The Group’s

policy is to regularly monitor curent and expected liquidity

requirements and its compliance with lending covenants,

to ensure that it maintains suficient reserves of cash and

adequate comited funding lines from major financial

institutions to met its liquidity requirements in the short and

longer term.

5,714,665	9,969	174,722	–	5,899,356	5,229,461
270,780	400	1,060	810	273,050	273,050
26,987	6,641	18,955	–	52,583	52,583
36,728	37,996	653,121	–	727,845	544,665
1,932	38,192	–	–	40,124	36,800
–	–	2,428	–	2,428	2,428
6,051,092	93,198	850,286	810	6,995,386	6,138,987

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

30.

财务风险管理及金融工具公平值

（续）

(b)

流动资金风险（续）

以下列表详列本集团之金融负债于报

告期末余下合约到期情况，此乃根据

合约未贴现金流量（包括按合约利率

（如属浮息，则根据报告期末的现行

利率）计算的利息付款）及本集团可被

要求付款的最早日期而得出：

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

(b) Liquidity risk (continued)

The folowing table details the remaining contractual

maturities at the end of the reporting period of the

Group’s financial liabilities, which are based on contractual

undiscounted cash flows (including interest payments

computed using contractual rates or, if floating, based on

rates curent at the end of the reporting period) and the

earliest date the Group can be required to pay:

Contractual undiscounted cash outflow

合约未贴现金流出

Within

1 year or

on demand

More than

1 year but

les than

2 years

More than

2 years but

les than

5 years

More than

5 yearsTotal

Carying

amount

一年内或

按要求

一年以上

但两年以内

两年以上

但五年以内五年以上总计账面值

$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元

At 31 March 2025

于二零二五年三月三十一日

Bank loans

银行贷款

Trade payable, other payables and

acrued charges

应付账款、其他应付款项及

应计费用

Retentions payables

应付保留款项

Loans from controling shareholder

来自控股东之贷款

Loan from ultimate holding company

来自最终控股公司之贷款

Derivative financial instruments

衍生金融工具

At 31 March 2024

于二零二四年三月三十一日

Bank loans

银行贷款

1,926,255397,0404,165,029199,9566,688,2805,840,930

Trade payable, other payables and

acrued charges

应付账款、其他应付款项及

应计费用

116,1302,1001,460710120,400120,400

Retentions payables

应付保留款项

27,8881,3556,7742,64738,66438,664

Loan from ultimate holding company

来自最终控股公司之贷款

2,1622,16238,358–42,68236,800

2,072,435402,6574,211,621203,3136,890,0266,036,794

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

30.

财务风险管理及金融工具公平值

（续）

(c)

利率风险

本集团因计息借款的利率变动影响而

面临利率风险，而该等计息借款主要

按浮动息率计息。本集团密切监控其

所面临的利率风险以及定息及浮息借

款的水平，并于必要时考虑进行利率

风险对冲。管理层所监控的本集团利

率情况载于下文

(i)

。

本集团计息借款的利率及偿还条款于

综合财务报表附注

、

和

中披露。

(i)

对冲

本集团已订立以港元计值的利

率掉期合约，以达致符合本集

团政策的适当固定及浮动息率

风险组合。于二零二五年三月

三十一日，本集团持有名义合约

金额

1,520,000,000

元（二零二四

年：

1,048,000,000

元）的利率掉

期合约，指定为其浮息银行借款

内在利率风险的现金流量对冲。

于二零二五年及二零二四年三

月三十一日，本集团并无持有任

何非指定为其现金流量对冲工

具的利率掉期合约。

掉期合约将于未来一至四年

内到期，而固定利率掉期介乎

2.70%

至

3.67%

（二零二四年：

1.3%

至

3.4%

）。掉期合约于二零

二五年三月三十一日之公平值

净额为

1,676,000

元（二零二四

年：

13,026,000

元）。该等数额确

认为衍生金融工具（见附注

）。

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

The Group is exposed to interest rate risk through the

impact of rates changes on interest-bearing borowings

which predominantly bear floating interest rates. The Group

monitors closely its interest rate exposure and the level of

fixed rate and floating rate borowing and considers hedging

interest rate exposure should the ned arise. The Group’s

interest rate profile as monitored by management is set out

in note (i) below.

The interest rates and terms of repayment of interest bearing

borowings of the Group are disclosed in notes 21, 23 and 24

to the consolidated financial statements.

(i) Hedging

Interest rate swaps, denominated in Hong Kong dolars,

have ben entered into to achieve an apropriate mix

of fixed and floating rate (mainly Hong Kong Interbank

Ofer Rate) exposure which was consistent with the

Group’s policy. At 31 March 2025, the Group had

interest rate swaps with a notional principal amount

of $1,520,000,000 (2024: $1,048,000,000), which it has

designated as cash flow hedges of the interest rate

risk inherent in its variable rate bank borowings. At

31 March 2025 and 2024, the Group did not have any

interest rate swaps which were not designated as cash

flow hedging instruments.

The swaps wil mature over the next one to four years

and have fixed swap rates ranging from 2.70% to

3.67% (2024: 1.3% to 3.4%). The net fair value of swaps

contracts entered into by the Group at 31 March 2025

was $1,676,000 (2024: $13,026,000). These amounts

are recognised as derivative financial instruments (se

note 22).

5.39%	1,520,000
6.74%	544,665
6.74%	2,064,665
6.28%	3,709,461
5.25%	36,800
	3,746,261
	5,810,926
	35.53%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

30.

财务风险管理及金融工具公平值

（续）

(c)

利率风险（续）

(i)

利率组合

下表详列计及指定为现金流量

对冲工具的利率掉期合约的影

响后，本集团于报告期末的借

款净额（定义见上文）的息率情况

（见上文

(i)

）。

(i)

敏感度分析

于二零二五年三月三十一日，估

计利率整体上升╱减少

个基

点，而所有其他变数维持不变，

本集团年内亏损增加╱减少和

总权益减少╱增加约

31,281,000

元（二零二四年：年内溢利及总

权益减少约

40,312,000

元）。

上述敏感度分析乃按假设利率

变动已于报告期末发生而厘定，

并已用于本集团没有与利率掉

期合约对冲之贷款的利率风险

上。二零二四年分析按相同基准

进行。

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

(i) Interest rate profile

The folowing table details the interest rate profile of

the Group’s net borowings (as defined above) at the

end of the reporting period, after taking into acount

the efect of interest rate swaps designated as cash

flow hedging instruments (se note (i) above).

二零二五年二零二四年

Weighted

average

efective

interest rateAmount

Weighted

average

efective

interest rateAmount

实际利率金额实际利率金额

%$’000%$’000

百分比千元百分比千元

Fixed rate borowings:

定息借款净额：

Bank loans

银行贷款

5.41%1,048,000

Loans from controling

shareholder

来自控股东之贷款

N/A-

1,048,000

Variable rate borowings:

浮息借款：

Bank loans

银行贷款

6.80%4,790,930

Loan from ultimate holding

company

来自最终控股公司之贷款

5.88%36,800

4,827,730

Total net borowings

总借款净额

5,875,730

Fixed rate borowings as

a percentage of total net

borowings

定息借款净额占总借款

净额的百分比

17.84%

(i) Sensitivity analysis

At 31 March 2025, it is estimated that a general

increase/decrease of 100 basis points in interest rates,

with al other variables held constant, would have

increased/decreased the Group’s los for the year and

decreased/increased total equity by aproximately

$31,281,000 (2024: decreased the Group’s profit and

total equity by aproximately $40,312,000).

The sensitivity analysis above has ben determined

asuming that the change in interest rates had

ocured at the end of the reporting period and had

ben aplied to the exposure to interest rate risk

for borowings made by the Group which were not

hedged by interest rate swap contracts. The analysis

has ben performed on the same basis as for the year

2024.

–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

30.

财务风险管理及金融工具公平值

（续）

(d)

外币风险

本集团的呈列货币为港币。本集团的

银行及库存现金以港币或人民币计

值。

本集团并无对冲以人民币计值的财务

报表项目的外币风险。

(i)

面临货币风险

下表详细列示了本集团于报告

期末因以与其相关实体的功能

货币以外的货币计价的已确认

资产而面临的货币风险。

(i)

敏感度分析

下表列示了报告期末本集团面

临重大汇率风险的合理可能变

动导致本集团当年（亏损）╱利润

（及未分配利润）及合并权益其

他组成部分的大致变动情况。

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

(d) Foreign curency risk

The Group’s presentation curency is the Hong Kong dolars.

The Group’s cash at bank and on hand were denominated in

Hong Kong dolars or Renminbi.

The Group has not hedged the foreign curency exposure

in relation to financial statement items denominated in

Renminbi.

(i) Exposure to curency risk

The folowing table details the Group’s exposure at

the end of the reporting period to curency risk arising

from recognised asets denominated in a curency

other than the function curency of the entity to which

they relate.

Exposure to

foreign curencies – Renminbi

外币风险—人民币

二零二五年二零二四年

$’000$’000

千元千元

Pledged deposits

抵押存款

345,719

(i) Sensitivity analysis

The folowing table indicates the aproximate change

in the Group’s (los)/profit for the year (and retained

profits) and other components of consolidated equity

in response to reasonably posible changes in the

foreign exchange rates to which the Group has

significant exposure at the end of the reporting period.

+/-5%	Nil

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

30.

财务风险管理及金融工具公平值

（续）

(d)

外币风险（续）

(i)

敏感度分析（续）

上表所列分析结果为以各功能

货币计量的对集团实体年度溢

利的即时影响的汇总，并按报告

期末的汇率换算为港元出于列

示目的。

敏感度分析假设本集团于报告

期末持有的使本集团面临外汇

风险的金融工具已应用汇率变

动进行重新计量。此分析不包括

因将海外业务的财务报表换算

为本集团列报货币而产生的差

异。二零二四年的分析是在相同

的基础上进行的。

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

(d) Foreign curency risk (continued)

(i) Sensitivity analysis (continued)

二零二五年二零二四年

Increase/

decrease

in foreign

exchange

rates

Efect on

los for

the year

and

retained

profits

Increase/

decrease

in foreign

exchange

rates

Efect on

profit for

the year

and

retained

profits

增加╱减少

外汇率

对年度亏损及

保留溢利

的影响

增加╱减少

外汇率

对年度溢利及

保留溢利

的影响

%$’000%$’000

百分比千元百分比千元

Renminbi

人民币

+/-5%+/-14,434

Results of the analysis as presented in the above table

represent an agregation of the instantaneous efects

on the group entities’ profit for the year measured in

the respective functional curencies, translated into

Hong Kong dolars at the exchange rate ruling at the

end of the reporting period for presentation purposes.

The sensitivity analysis asumes that the change

in foreign exchange rates had ben aplied to re-

measure those financial instruments held by the Group

which expose the Group to foreign curency risk at

the end of the reporting period. The analysis excludes

diferences that would result from the translation of

the financial statements of foreign operations into

the Group’s presentation curency. The analysis is

performed on the same basis for 2024.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

30.

财务风险管理及金融工具公平值

（续）

(e)

公平值计量

(i)

按公平值计量的金融资产及负

债

公平值等级

下表呈列本集团金融工具于报

告期末按经常性基准计量的公

平值，并按照香港财务报告准则

第

号，公平值计量的定义分为

三个公平值等级。公平值计量等

级乃参照估值技术所用数据的

可观察性和重要性分类如下：

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

(e) Fair value measurement

(i) Financial asets and liabilities measured at fair

value

Fair value hierarchy

The folowing table presents the fair value of the

Group’s financial instruments measured at the end of

the reporting period on a recuring basis, categorized

into the thre-level fair value hierarchy as defined

in HKFRS 13, Fair value measurement. The level

into which a fair value measurement is clasified

is determined with reference to the observability

and significance of the inputs used in the valuation

technique as folows:

Level 1 valuations:Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active

markets for identical asets or liabilities at the measurement date.

第一级估值：仅使用第一级数据计量的公平值，即于计量日期在活跃市场对相同资产或负债未

经调整的报价。

Level 2 valuations:Fair value measured using Level 2 inputs i.e. observable inputs which fail to met

Level 1, and not using significant unobservable inputs. Unobservable inputs are

inputs for which market data are not available.

第二级估值：使用第二级数据计量的公平值，即不符合第一级的可观察数据及未有采用不可观

察的重要数据。不可观察数据乃指无法取得市场资料的数据。

Level 3 valuations:Fair value measured using significant unobservable inputs.

第三级估值：使用不可观察的重要数据计量的公平值。

752	–	752	–
9,935	–	9,935	–
2,428	–	2,428	–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

30.

财务风险管理及金融工具公平值

（续）

(e)

公平值计量（续）

(i)

按公平值计量的金融资产及负

债（续）

公平值等级（续）

截至二零二五年及二零二四年

三月三十一日止年度，第一级及

第二级分级之间并无转拨，亦未

有第三级的转入或转出。本集团

政策为确认在报告期末公平值

等级各级之间发生的转拨。

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

(e) Fair value measurement (continued)

(i) Financial asets and liabilities measured at fair

value (continued)

Fair value hierarchy (continued)

Fair value measurement categorised into

公平值计量分类为

Fair valueLevel 1Level 2Level 3

公平值第一级第二级第三级

$’000$’000$’000$’000

千元千元千元千元

As at 31 March 2025

于二零二五年三月三十一日

Asets

资产

Derivative financial instruments

衍生金融工具

– Interest rate swaps

－利率掉期合约

Financial asets at FVOCI

按公平值计入其他全面收益之

金融资产

Liabilities

负债

Derivative financial instruments

– Interest rate swaps

衍生金融工具

－利率掉期合约

As at 31 March 2024

于二零二四年三月三十一日

Asets

资产

Derivative financial instruments

– Interest rate swaps

衍生金融工具

－利率掉期合约

13,026–13,026–

Financial asets at FVOCI

按公平值计入其他全面收益之

金融资产

10,127–10,127–

Financial asets at FVTPL

按公平值计入损益之金融资产

10,476–10,476–

During the years ended 31 March 2025 and 2024,

there were no transfers betwen Level 1 and Level 2,

or transfers into or out of Level 3. The Group’s policy

is to recognise transfers betwen levels of fair value

hierarchy as at the end of the reporting period in which

they ocured.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

30.

财务风险管理及金融工具公平值

（续）

(e)

公平值计量（续）

(i)

按公平值计量的金融资产及负

债（续）

第二级公平值计量所用估值技

术及数据

按公平值计入其他全面收益之

金融资产之公平值按报告期末

的市场报价（毋须扣减交易成本）

计算。

按公平值计入损益之金融资产

的公平值基于报告期末外部和

独立方定价之现金价值。

利率掉期的公平值乃经计及现

行利率及掉期交易对手目前的

信贷评级后，本集团将于报告期

末收取或支付以终止掉期之估

计金额。

(i)

并非按公平值计量的金融工具

的公平值

本集团及本公司的金融工具按

成本或摊销成本计算的账面值

与其于二零二五年及二零二四

年三月三十一日的公平值并无

重大差异。

30. FINANCIAL RISK MANAGEMENT AND FAIR

VALUES OF FINANCIAL INSTRUMENTS (continued)

(e) Fair value measurement

(i) Financial asets and liabilities measured at fair

value (continued)

Valuation techniques and inputs used in Level 2 fair

value measurements

The fair value of financial asets at FVOCI is based

on quoted market prices at the end of the reporting

period without any deduction for transaction costs.

The fair value of asets at FVTPL is based on the cash

value priced by external and independent parties at

the end of the reporting period.

The fair value of interest rate swaps are determined

by aplying the discounted cash flow method. It is

calculated as the present value of the estimated

future cash flow that the Group would receive or pay

of each swap at the each payment date based on the

observable yield curves.

(i) Fair values of financial instruments measured at

other than fair value

The carying amounts of the Group’s and the

Company’s financial instruments measured at

amortised cost are not materialy diferent from their

fair values as at 31 March 2025 and 2024.

514,291

33,624

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

31.

资本承担

于二零二五年及二零二四年三月三十一日

未有在综合财务报表拨备之资本承担如下：

32.

或然负债

于二零二五年及二零二四年三月三十一

日，本公司并无重大或然负债。

33.

支持综合现金流量表的附注

(a)

现金及现金等价物包括：

31. CAPITAL COMITMENTS

Capital comitments outstanding at 31 March 2025 and 2024 not

provided for in the Group’s consolidated financial statements were

as folows:

二零二五年二零二四年

$’000$’000

千元千元

Development of investment properties

发展投资物业

1,086,364

32. CONTINGENT LIABILITIES

At 31 March 2025 and 2024, the Company did not have any

material contingent liabilities.

33. NOTES SUPORTING CONSOLIDATED CASH FLOW

STATEMENT

(a) Cash and cash equivalents comprise:

二零二五年二零二四年

$’000$’000

千元千元

Cash available on demand

按需求可动用现金

62,562

5,840,930	36,800	–	28
1,104,681	–	–	–
–	–	607,498	–
(1,716,150)	–	–	–
(352,316)	(2,072)	(13,768)	–
–	–	–	(1)
(963,785)	(2,072)	593,730	(1)
–	–	(75,448)	–
352,316	2,072	26,383	–
352,316	2,072	(49,065)	–
5,229,461	36,800	544,665	27

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

33.

支持综合现金流量表的附注（续）

(b)

融资活动产生的负债对账如下：

注：

本集团于二零二五年及二零二四年三月

三十一日的其他应付款项及应计费用（附

注

）内分别包括

27,000

元及

28,000

元的应

付股息。

33. NOTES SUPORTING CONSOLIDATED CASH FLOW

STATEMENT (continued)

(b) Reconciliation of liabilities arising from financing

activities:

Bank loan

Loan from

ultimate

holding

company

Loans from

controling

shareholder

Dividend

payable

银行贷款

来自最终控股

公司之贷款

来自控股

股东之贷款应付股息

(note 21)(note 23)(note 24)(note)

（附注

）（附注

）（注）

$’000$’000$’000$’000

千元千元千元千元

At 1 April 2023

于二零二三年四月一日

4,630,054–37

Changes from financing cash flows:

融资现金流量之变动：

Proceds from bank loans

银行贷款所得款项

2,162,403–

Proceds from loan from ultimate holding

company

来自最终控股公司贷款所得款项

–36,800–

Repayments of bank loans

偿还银行贷款

(951,527)–

Interest paid

已付利息

(359,494)(505)–

Dividend paid

已付股息

–(340,842)

Total changes from financing cash flows

融资现金流量之变动总额

851,38236,295–(340,842)

Other changes:

其他变动：

Interest expenses

利息支出

359,494505–

Dividend declared

宣派股息

–340,833

359,494505–340,833

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

Changes from financing cash flows:

融资现金流量之变动：

Proceds from bank loans

银行贷款所得款项

Proceds from loans from controling

shareholder

来自控股东贷款所得款项

Repayments of bank loans

偿还银行贷款

Interest paid

已付利息

Dividend paid

已付股息

Total changes from financing cash flows

融资现金流量之变动总额

Other changes:

其他变动：

Demed capital contribution from

controling shareholder

视作控股东注资

Interest expenses

已付利息

At 31 March 2025

于二零二五年三月三十一日

Note:

As at 31 March 2025 and 2024, dividend payable was included

in other payables and acrued charges (note 20) amounting to

$27,000 and $28,000 respectively.

1,000,000	–	–	–	1,000,000
1,000,000	–	–	–	1,000,000
1,000,000	–	–	–	1,000,000
200,000	–	–	–	200,000
200,000	–	–	–	200,000
200,000	–	–	–	200,000
3,600,000	–	–	–	3,600,000
3,980,000	–	–	–	3,980,000
7,700,000	–	–	–	7,700,000
11,680,000	–	–	–	11,680,000
15,280,000	–	–	–	15,280,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

34.

购股权计划

为激励或奖励合资格人士对本集团业务

长远的成就作出贡献，本公司于二零一三

年七月二十三日采纳购股权计划（「旧计

划」）。旧计划有效期限自二零一三年七月

二十三日起为期十年，并已于二零二三年

七月二十三日届满。该购股权计划届满后，

概无进一步授出购股权。

于二零二五年三月三十一日，根据旧计划

有

15,280,000

份购股权尚未行使。

截至二零二五年及二零二四年三月三十一

日止年度根据旧计划授出的购股权之变动

详情如下：

34. SHARE OPTION SCHEME

In order to provide incentives or rewards to eligible participants to

contribute to the long term suces of the busines of the Group,

the Company adopted a share option scheme on 23 July 2013

(the “Old Scheme”). The Old Scheme was valid and efective for

a period of 10 years from 23 July 2013 and had expired on 23 July

2023. Upon its expiry, no further options were granted.

As at 31 March 2025, 15,280,000 options are outstanding under

the Old Scheme.

Details of movements of the options granted under the Old

Scheme during the years ended 31 March 2025 and 2024 are

shown below:

Number of share options

购股权数目

Name or category

of grantesDate of grantExercise price Exercise period

Balance

as at

1 Apr 2024

Granted

during the

year

Lapsed

during the

year

Exercised

during the

year

Balance

as at

31 Mar 2025

承授人姓名或类别授出日期行使价行使期

于二零二四年

四月一日年内授出年内注销年内行使

于二零二五年

三月三十一日(HK$)

（港元）

Executive directors:

执行董事Lau Chi Wah15/12/20223.9515/12/2022-14/12/2032

刘志华Kwan Wing Wo15/12/20223.9515/12/2022-14/12/2032

关永和Tsang Ka Man15/12/20223.9515/12/2022-14/12/2032

曾嘉敏

Independent

non-executive directors:

独立非执行董事Tsui Ka Wah15/12/20223.9515/12/2022-14/12/2032

徐家华Kan Yau Wo15/12/20223.9515/12/2022-14/12/2032

简友和Le Chung Yiu Johny15/12/20223.9515/12/2022-14/12/2032

李宗燿

Sub-total

小计

Employes:

雇员：In agregate15/12/20223.9515/12/2022-14/12/2032

合计

11/1/20236.0411/1/2024-10/1/2033

Sub-total

小计

Total

合共

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

34.

购股权计划（续）

34. SHARE OPTION SCHEME (continued)

Number of share options

购股权数目

Name or category

of grantesDate of grantExercise price Exercise period

Balance

as at

1 April 2023

Granted

during the

year

Lapsed

during the

year

Exercised

during the

year

Balance

as at

31 March 2024

承授人姓名或类别授出日期行使价行使期

于二零二三年

四月一日年内授出年内注销年内行使

于二零二四年

三月三十一日

(HK$)

（港元）

Executive directors:

执行董事：

Lau Chi Wah15/12/20223.9515/12/2022-14/12/20321,000,000–1,000,000

刘志华

Kwan Wing Wo15/12/20223.9515/12/2022-14/12/20321,000,000–1,000,000

关永和

Tsang Ka Man 15/12/20223.9515/12/2022-14/12/20321,000,000–1,000,000

曾嘉敏

Independent

non-executive directors:

独立非执行董事：

Tsui Ka Wah15/12/20223.9515/12/2022-14/12/2032200,000–200,000

徐家华

Kan Yau Wo15/12/20223.9515/12/2022-14/12/2032200,000–200,000

简友和

Le Chung Yiu Johny15/12/20223.9515/12/2022-14/12/2032200,000–200,000

李宗燿

Sub-total3,600,000–3,600,000

小计

Employes:

雇员：

In agregate15/12/20223.9515/12/2022-14/12/20325,030,000–(640,000)(410,000)3,980,000

合计

11/1/20236.0411/1/2024-10/1/20338,000,000–(300,000)–7,700,000

Sub-total13,030,000–(940,000)(410,000)11,680,000

小计

Total16,630,000–(940,000)(410,000)15,280,000

合共

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

34. SHARE OPTION SCHEME (continued)

Pursuant to an ordinary resolution pased at the anual general

meting of the Company held on 4 August 2023, the Company’s

new share option scheme (the “New Scheme”) was adopted.

The New Scheme is valid and efective for a term of 10 years

comencing on 4 August 2023. Under the New Scheme, the

Board may, at its own discretion, grant options to any ful-time or

part-time employes, executive, oficers and directors (including

non-executive and independent non-executive directors) of the

Company and any of its subsidiaries.

The maximum number of shares in respect of which options may

be granted under the New Scheme and any other share option

schemes of the Company must not in agregate exced 10%

of the total number of shares in isue on the date of aproval

for adoption of the New Scheme, being 142,012,234 shares (the

“Scheme Limit”). Subject to Shareholders’ aproval in general

meting, the Board may (i) renew this limit at any time to 10%

of the shares in isue as at the date of the aproval by the

Shareholders in general meting; and/or (i) grant options beyond

the Scheme Limit to eligible participants specificaly identified by

the Board.

The total number of shares isuable upon exercise of the options

granted under the New Scheme and any other share option

schemes of the Company to each eligible participant in any

12-month period shal not exced 1% of the shares in isue. Any

further grant of options is subject to Shareholders’ aproval in

general meting with such eligible participant and his asociates

abstaining from voting.

Options granted under the New Scheme may be exercised in

whole or in part at any time during the period comencing on

the date of aceptance of the options granted and expiring at the

close of busines on such day as the Board may determine when

granting the option but in any event not exceding ten (10) years

from date of grant of such options subject to the provisions of

early termination thereof.

34.

购股权计划（续）

根据二零二三年八月四日举行的本公司股

东周年大会通过的普通决议案，本公司新

购股权计划（「新计划」）已获采纳。新计划自

二零二三年八月四日起计有效十年。根据

新计划，董事会可自行决定向任何全职或

兼职雇员、高级职员、行政人员以及本公司

及附属公司董事（包括非执行及独立非执行

董事）。

根据新计划及本公司任何其他购股权计划

可予授出的购股权所涉及股份，合共最多

不得超过批准采纳新计划当日已发行股份

总数的

10%

，即

142,012,234

股份（「计划限

额」）。倘若获股东于股东大会上批准，董事

会可

(i)

随时更新此限额至该股东大会上获

股东批准当日已发行股份的

10%

；及╱或

(i)

授出超过计划限额的购股权予董事会指定

的合资格参与者。

于任何十二个月期间，每名合资格参与者

根据新计划及本公司任何其他购股权计划

获授的购股权获行使时而可予发行的股份

总数，不得超过已发行股份的

。任何进一

步授出购股权须待股东于股东大会上批准

且该合资格参与者及其联系人放弃投票后

方可作实。

于新计划条款之规限下，购股权可于董事

作出要约时厘定及通知承授人之期间内随

时全数或部分行使，惟有关期间不得超过

特定购股权授出日期起计十

(10)

年，并须受

新计划之提早终止条文所规限。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

34. SHARE OPTION SCHEME (continued)

A consideration of $1.0 is payable on aceptance of the grant of an

option. Ofers to grant an option shal be open for aceptance for

a period of up to 30 days from the date of grant (the “Aceptance

Period”) provided that no such ofer shal be open for aceptance

after the expiry of the period of the New Share Option Scheme or

after the New Share Option Scheme has ben terminated. An ofer

of the grant of options not acepted within the Aceptance Period

shal lapse. Pursuant to the New Scheme, the participants may

subscribe for the shares of the Company on exercise of an option

at the price determined by the Board provided that it shal be at

least the highest of: (i) the closing price of the shares as stated in

the Stock Exchange’s daily quotation shets on the date of grant,

which must be a busines day; (i) the average of the closing prices

of the shares as stated in the Stock Exchange’s daily quotation

shets for the five busines days imediately preceding the date

of grant; and (i) the nominal value of the Share.

Since the adoption of the New Scheme and up to the reporting

date, no share options have ben granted by the Company under

the New Scheme.

The fair value of share options granted to eligible participants

is recognised as staf costs with a coresponding increase in

share option reserve within equity. The fair value is measured

at grant date using the Binomial model, taking into acount the

terms and conditions upon which the options were granted.

Where the eligible participants have to met vesting conditions

before becoming unconditionaly entitled to the options, the total

estimated fair value of the options is spread over the vesting

period, taking into acount the probability that the options wil

vest.

During the vesting period, the number of share options that is

expected to vest is reviewed. Any resulting adjustment to the

cumulative fair value recognised in prior years is charged/credited

to the statement of profit or los for the year of the review, unles

the original staf costs qualify for recognition as an aset, with a

coresponding adjustment to the share option reserve. On vesting

date, the amount recognised as an expense is adjusted to reflect

the actual number of options that vest (with a coresponding

adjustment to the share option reserve) except where forfeiture

is only due to not achieving vesting conditions that relate to the

market price of the Company’s shares. The equity amount is

recognised in the share option reserve until either the option is

exercised (when it is included in the amount recognised in share

capital for the shares isued) or the option expires (when it is

released directly to retained profits).

34.

购股权计划（续）

于接纳所授出的购股权时须支付

1.0

元的代

价。授出购股权之要约须自授出日期起计

最多

日期间（「接纳期」）内可供接纳，惟有

关要约于新计划期限届满或新计划被终止

后将不获接纳。于接纳期内未获接纳的授

出购股权之要约将告失效。根据新计划，参

与者可于行使购股权时按董事会厘定的价

格认购本公司股份，惟该价格不得低于下

列最高者：

(i)

股份于授出日期（必须为营业

日）在联交所每日报价表所报的收巿价；

(i)

股份于紧接授出日期前五个营业日在联交

所每日报价表所报的平均收巿价；及

(i)

股

份的面值。

自采纳新计划截至报告日期，本公司概无

根据新计划授出购股份权利。

授予合资格参与者的购股权公平值确认为

员工成本，权益内之购股权储备相应增加。

该公平值乃采用二项式模型于授出日期经

考虑授出购股权所依据的条款及条件计

量。合资格参与者须先满足归属条件，方可

无条件行使购股权，则购股权之估计公平

值总额在归属期间内分配，并计及购股权

将归属的可能性。

于归属期间将会审视预期归属的购股权数

目。除非原有员工成本合资格确认为资产，

否则于过往年度确认的任何累计公平值调

整将扣除自╱计入审视年度的损益表，并

相应调整购股权储备。于归属日期，调整确

认为开支的金额，以反映实际归属的购股

权数目，而购股权储备亦会相应调整，除非

因没有达致与本公司的股份市价相关的归

属条件而没收。权益金额于购股权储备确

认，直至购股权获行使（即计入已发行股份

于股本确认之金额时）或购股权届满（即直

接拨至保留溢利时）。

3.95
31.91%
2.53%
3.22%
1.212
3.95

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

34. SHARE OPTION SCHEME (continued)

The fair value of services received in return for share options

granted on 15 December 2022 and 11 January 2023 is measured

by reference to the fair value of share options granted. The fair

value of the share options is measured using a binomial model

as at the date of grant. Such fair values are subject to a number

of limitations, due to the subjective nature of and uncertainty

relating to a number of asumptions under the binomial model.

The asumptions used in the valuation of the share options have

ben disclosed below. The contractual life of the share option is

used as an input into this model. Expectations of early exercise are

incorporated into the model.

Share options granted on

购股权授于

15 December

2022

11 January

二零二年

十二月十五日

二零二三年

一月十一日

Share price at date of grant (HK$)

于授出日期的股价（港元）

6.00

Expected volatility

预期波幅

32.81%

Dividend yield

股息收益率

1.67%

Risk-fre interest rate

无风险利率

3.35%

Fair value at date of grant (HK$)

于授出日期的公平值（港元）

1.862

Exercise price (HK$)

行使价（港元）

6.04

The expected volatility is based on the historic volatility, which is

calculated based on the weighted average remaining life of the

share option and adjusted for any expected changes to future

volatility based on publicly available information. The expected

dividend yield is based on the dividend payout in the previous year

and the average share price in the preceding year.

The fair value of share options granted during the year ended

31 March 2023 was aproximately $25,681,000, in which the fair

values of share options granted to Directors and employes were

$4,362,000 and $21,319,000 respectively.

No share-based payments is charged to profit or los for the year

ended 31 March 2025 (2024: $11,631,000).

34.

购股权计划（续）

作为二零二年十二月十五日和二零二三

年一月十一日授出购股权而获得服务的公

平值，乃参照已授出购股权的公平值计量。

已授出购股权的公平值乃于授出日以二项

式模型计量。由于使用二项式模型涉及多

项假设，存在主观性及不确定性因素，厘定

该公平值受到多项限制。购股权估值中使

用的假设已于下文披露。购股权合约年期

在此模型中用作一项输入数据。预期提前

行使纳入该模型。

预期波幅乃根据历史波幅，按购股权的加

权平均剩余年期计算，经公开可得资料对

未来波幅的任何预期变动作出调整。预期

股息率基于上一年支付的股息及上一年的

平均股价计算。

于截至二零二三年三月三十一日止年度期

间授出的购股权之公平值约

25,681,000

元，

其中授予董事及雇员之购股权公平值分别

约

4,362,000

元及约

21,319,000

元。

截至二零二五年三月三十一日止年度的损

益，并无以股份形式支付之开支（二零二四

年：

11,631,000

元）。

26,383
2,072
4,000 *
3,340 *

18,883
101
18,984

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

35. MATERIAL RELATED PARTY TRANSACTIONS

(a) In adition to the transactions and balances disclosed

elsewhere in this consolidated financial statement, the

Group entered into the folowing transactions with related

parties:

二零二五年二零二四年

Related party relationshipType of transaction$’000$’000

关联方的关系交易类型千元千元

Controling shareholderInterest expenses–

控股东利息支出

Ultimate holding companyInterest expenses505

最终控股公司利息支出

An asociate of controling shareholderSales of properties–

控股东的联系人销售物业

An asociate of executive directorSales of properties–

执行董事的联系人销售物业

* Details of these transactions had ben disclosed in this

anual report.

(b) Remuneration of key management personel, including

amounts paid to the directors as disclosed in note 11 and

the highest paid individuals as disclosed in note 12, is as

folows:

二零二五年二零二四年

$’000$’000

千元千元

Short-term employe benefits

短期雇员福利

18,270

Post-employment benefits

退休福利

18,360

35.

重大关联方交易

(a)

除本综合财务报表其他部分所披露的

交易及结余外，本集团于年内未有订

立任何重大关联交易：

交易详情已于本年报内披露。

(b)

主要管理人员的薪酬（包括附注

披

露已付董事的金额，及附注

披露最

高薪酬人士）如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

(Expresed in Hong Kong dolars unles otherwise indicated)

（除特别注明外，以港元列示）

佳明集团控股有限公司

2024/25

年报

35. MATERIAL RELATED PARTY TRANSACTIONS

(continued)

(b) Remuneration of key management personel, including

amounts paid to the directors as disclosed in note 11 and

the highest paid individuals as disclosed in note 12, is as

folows: (continued)

The related party transactions in respect of the remuneration

of directors and chief executives of the Company constitute

conected transactions as defined in Chapter 14A of the

Listing Rules. However, these transactions are exempt from

reporting, anouncement and independent shareholders’

aproval requirements under Chapter 14A of the Listing

Rules.

The related party transactions in respect of the remuneration

of key management personel (other than directors and

chief executives) of the Company did not fal under the

definition of conected transactions or continuing conected

transactions as defined in Chapter 14A of the Listing Rules.

36. IMEDIATE PARENT AND ULTIMATE HOLDING

COMPANY

At 31 March 2025, the directors consider the imediate parent

and ultimate holding company of the Group to be Chan HM

Company Limited, which is incorporated in the BVI. This entity

does not produce financial statements available for public use.

37. EVENTS AFTER THE REPORTING PERIOD

On 19 June 2025, the Group received the executed copy of a

leter of interest dated 16 June 2025 from a potential purchaser in

negotiation for a potential acquisition of the entire equity interests

of each of Regal Development Limited and Golden Ford Limited

(colectively “Target Companies”). The Target Companies are the

sole beneficial owners of their respective land parcels situated in

Fanling, the New Teritories, upon where two high-tier data centres

are under development (namely iTech Tower 3.1 and 3.2). Further

details have ben disclosed in the Company’s anouncement

dated 19 June 2025.

38. APROVAL OF CONSOLIDATED FINANCIAL

STATEMENTS

The consolidated financial statements were aproved and

authorized for isue by the Board of Directors on 30 June 2025.

35.

重大关联方交易（续）

(b)

主要管理人员的薪酬（包括附注

披

露已付董事的金额，及附注

披露最

高薪酬人士）如下：（续）

本公司董事和主要行政人员薪酬的关

联交易已构成上市规则第

14A

章所界

定的关联交易。然而根据上市规则第

14A

章，此等交易可豁免报告，公布及

独立股东批准规定。

关于本公司主要管理人员（董事和主

要行政人员除外）薪酬的关联交易并

未构成上市规则第

14A

章所界定的关

联交易。

36.

直接母公司及最终控股公司

董事认为，于二零二五年三月三十一日本

集团的直接母公司及最终控股公司为于英

属处女群岛注册成立的

Chan HM Company

Limited

。此实体并无编制供公众使用的财

务报表。

37.

报告期后事项

于二零二五年六月十九日，本集团收到一

名潜在买方签立日期为二零二五年六月

十六日的意向书，以就可能收购悦基发展

有限公司及金达富有限公司（统称为「目标

公司」）各自全部股权进行磋商。目标公司为

位于新界粉岭的其各自地块的唯一实益拥

有人，该地现正兴建两座高端数据中心（即

iTech Tower 3.1

及

3.2

）。进一步详情已于本

公司日期为二零二五六月十九日的公告中

披露。

38.

批核综合财务报表

本综合财务报表于二零二五年六月三十日

经董事会批准及授权刊发。

PARTICULARS OF PROPERTIES HELD BY THE GROUP

本集团所持有物业资料

本集团的投资物业及自用物业之详情如下：

The particular of the Group’s investment properties and buildings held

for own use are as folows:

LocationUseTenure

地点用途租期

Investment properties

投资物业

iTech Tower 1

No. 28 Pak Tin Par Stret

Tsuen Wan, New Teritories, Hong Kong

香港新界荃湾

白田坝街

号

Data centre

数据中心

Medium-term lease

中期租约

iTech Tower 2

No. 56 Ta Chuen Ping Stret

Kwai Chung, New Teritories, Hong Kong

香港新界葵涌

打砖坪街

号

Data centre

数据中心

Medium-term lease

中期租约

Shop B, Ground Flor,

No. 39 Chatham Road South

Tsim Sha Tsui, Kowlon, Hong Kong

香港九龙尖沙咀漆咸道南

号地面

舖

Comercial shops

商舖

Medium-term lease

中期租约

Buildings held for own use

自用物业

18/F, No. 39 Chatham Road South

Tsim Sha Tsui, Kowlon, Hong Kong

香港九龙尖沙咀漆咸道南

号

楼

Ofice premisesMedium-term lease

办公室中期租约

19/F, No. 39 Chatham Road South

Tsim Sha Tsui, Kowlon, Hong Kong

香港九龙尖沙咀漆咸道南

号

楼

Ofice premisesMedium-term lease

办公室中期租约

22/F, No. 39 Chatham Road South

Tsim Sha Tsui, Kowlon, Hong Kong

香港九龙尖沙咀漆咸道南

号

楼

Ofice premisesMedium-term lease

办公室中期租约

Shop in the Basement Flor, Shop A and

Shop C on the Ground Flor, and Shop A

on the 1/F of No. 39 Chatham Road South

Tsim Sha Tsui, Kowlon, Hong Kong

香港九龙尖沙咀漆咸道南

号地库、

地面Ａ舖及Ｃ舖及

楼

舖

Sales ofice

销售办事处

Medium-term lease

中期租约

Roms 5-805-806, 5/F, No.9 Zhongjian Road

Qingxiu District, Naning, Guangxi Province

the People’s Republic of China

中国广西省南宁市青秀区中柬路

号

楼

5-805

至

室

Ofice premises

办公室

Medium-term lease

中期租约

GRAND MING GROUP HOLDINGS LIMITED

ANUAL REPORT 2024/25

CONTENTS

目录

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION (Continued)

公司资料（续）

FINANCIAL HIGHLIGHTS

财务摘要

Notes:

FIVE-YEAR FINANCIAL SUMARY

五年财务概要

CHAIRMAN’S STATEMENT

主席报告

2023. An interim dividend for the six months ended 30 September 2023

CHAIRMAN’S STATEMENT (Continued)

主席报告（续）

CHAIRMAN’S STATEMENT (Continued)

主席报告（续）

CHAIRMAN’S STATEMENT (Continued)

主席报告（续）

CHAIRMAN’S STATEMENT (Continued)

主席报告（续）

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论及分析（续）

2028. Such loan transactions constituted conected transactions

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论及分析（续）

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论及分析（续）

REPORT OF THE DIRECTORS

董事会报告

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

Notes:

1. This represented the number of share options granted to the Directors

2. Mr. Chan Hung Ming holds 100% of the isued share capital of Chan HM

3. Mr. Lau Chi Wah holds 100% of the isued share capital of Lau CW

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

Notes:

1. This represented the number of share options granted to Directors by the

2. Ms. Cheung Shuk Fong, the spouse of Mr. Lau Chi Wah, is demed to be

3. On 28 May 2024, Chan HM Company Limited pledged 921,642,940 shares

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

1. During FY 2024/25, Mr. Chan Hung Ming (the chairman and

2. On 12 December 2024, Able Busines Development Limited (an

3. On 27 and 30 December 2024, Dragon Mount Development

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历