00768 开明投资 财务报表/环境、社会及管治资料：2025年年报
UBA INVESTMENTS LIMITED
开明投资有限公司
(Incorporated in the Cayman Islands with limited liability)
（于开曼群岛注册成立之有限公司）
Stock code 股份代号 : 768
ANUAL REPORT
年报
Corporate Information
Management Discusion and Analysis
Profile of Directors
Report of the Directors
Corporate Governance Report
Environmental, Social and Governance Report
Independent Auditor’s Report
Consolidated Statement of Profit or Los and
Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
公司资料 2
管理层讨论与分析 4
董事会人员资料 20
董事会报告 22
企业管治报告 35
环境、社会及管治报告 53
独立核数师报告 72
综合损益及其他全面收益表 78
综合财务状况表 79
综合权益变动表 80
综合现金流动表 81
综合财务报表附注 82
CONTENTS目录
UBA INVESTMENTS LIMITED 开明投资有限公司2
CORPORATE INFORMATION公司资料
BOARD OF DIRECTORS
Executive Directors
Mr. CHAU Wai Hing
(Elected as Chairman on 6 June 2025)
Mr. CHENG Wai Lun, Andrew
Dr. WONG Yun Kuen
(Former Chairman, resigned on 6 June 2025)
Independent Non-Executive Directors
Mr. KWOK Ming Fai, CPA
Mr. TANG Hon Bui, Ronald
Ms. KWOK Yuen Lam, Sophia (Apointed on 12 July 2024)
Dr. FUNG Lewis Hung (Retired on 21 August 2024)
COMPANY SECRETARY
Mr. LEUNG Man Lai, CPA
AUDITORS
Asian Aliance (HK) CPA Limited
Certified Public Acountants (Practising)
AUDIT COMITE
Mr. KWOK Ming Fai, CPA (Chairman)
Mr. TANG Hon Bui, Ronald
Ms. KWOK Yuen Lam, Sophia (Apointed on 12 July 2024)
Dr. FUNG Lewis Hung (Retired on 21 August 2024)
REMUNERATION COMITE
Mr. KWOK Ming Fai, CPA (Chairman)
Mr. TANG Hon Bui, Ronald
Mr. CHENG Wai Lun, Andrew
Ms. KWOK Yuen Lam, Sophia (Apointed on 12 July 2024)
Dr. FUNG Lewis Hung (Retired on 21 August 2024)
NOMINATION COMITE
Mr. KWOK Ming Fai, CPA (Chairman)
Mr. TANG Hon Bui, Ronald
Mr. CHENG Wai Lun, Andrew
Ms. KWOK Yuen Lam, Sophia (Apointed on 12 July 2024)
Dr. FUNG Lewis Hung (Retired on 21 August 2024)
PRINCIPAL BANKER
OCBC Bank (Hong Kong) Limited
董事会
执行董事
周伟兴先生
（于二零二五年六月六日获推选为董事会主席）
郑伟伦先生
黄润权博士
（前主席，于二零二五年六月六日辞任）
独立非执行董事
郭明辉先生，CPA
邓汉标先生
郭婉琳女士（于二零二四年七月十二日获委任）
冯振雄医生（于二零二四年八月二十一日退任）
公司秘书
梁文礼先生，CPA
核数师
久安（香港）会计师事务所有限公司
执业会计师
审核委员会
郭明辉先生，CPA（主席）
邓汉标先生
郭婉琳女士（于二零二四年七月十二日获委任）
冯振雄医生（于二零二四年八月二十一日退任）
薪酬委员会
郭明辉先生，CPA（主席）
邓汉标先生
郑伟伦先生
郭婉琳女士（于二零二四年七月十二日获委任）
冯振雄医生（于二零二四年八月二十一日退任）
提名委员会
郭明辉先生，CPA（主席）
邓汉标先生
郑伟伦先生
郭婉琳女士（于二零二四年七月十二日获委任）
冯振雄医生（于二零二四年八月二十一日退任）
主要往来银行
华侨银行（香港）有限公司
Anual Report 2025 年报3
CORPORATE INFORMATION公司资料
STOCK CODE
Hong Kong Stock Exchange: 768
WEBSITE
htp:/w.uba.com.hk
INVESTMENT MANAGER
Upbest Asets Management Limited
PRINCIPAL PLACE OF BUSINES IN HONG KONG
Flat B, 16th Flor, Wah Kit Comercial Centre
300 Des Voeux Road Central
Hong Kong
REGISTERED OFICE
P.O. Box 309
Ugland House
Grand Cayman
KY1-1104
Cayman Islands
CAYMAN ISLANDS PRINCIPAL REGISTRAR
Suntera (Cayman) Limited
Suite 3204, Unit 2A, Block 3,
Building D, P.O. Box 1586,
Gradenia Court, Camana Bay,
Grand Cayman, KY1-1100
Cayman Islands
HONG KONG BRANCH REGISTRAR
Tricor Investor Services Limited
17th Flor,
Far East Finance Centre,
No. 16 Harcourt Road, Hong Kong
股票代号
香港联合交易所：768
网址
htp:/w.uba.com.hk
投资经理
美建管理有限公司
香港主要营业地点
香港
德辅道中300号
华杰商业中心16楼B室
注册办事处
P.O. Box 309
Ugland House
Grand Cayman
KY1-1104
Cayman Islands
开曼群岛主要股份过户登记处
Suntera (Cayman) Limited
Suite 3204, Unit 2A, Block 3,
Building D, P.O. Box 1586,
Gradenia Court, Camana Bay,
Grand Cayman, KY1-1100
Cayman Islands
香港股份过户登记分处
卓佳证券登记有限公司
香港夏悫道16号
远东金融中心17楼
UBA INVESTMENTS LIMITED 开明投资有限公司4
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
BUSINES REVIEW
For the year ended 31 March 2025, UBA Investments Limited and
its subsidiaries (the “Group”) recorded a profit of aproximately
HK$10.3 milion (2024: los of HK$7.4 milion) made up of realised and
unrealised gains of HK$6.24 milion and HK$4.02 milion respectively
in relation to the listed securities (2024: realised gains and unrealised
los of HK$0.14 milion and HK$5.9 milion respectively), and realised
los of HK$0.03 milion in relation to the unlisted equity investment,
which was disposed through disposal of subsidiaries during the year
ended 31 March 2025 (2024: unrealised los of HK$1.95 milion). The
earnings per share was HK0.81 cents (2024: los per share HK0.58
cents). Gros proceds from disposal of trading securities increased
nearly 20 times from HK$2.9 milion to HK$59.6 milion resulting from the
proactive investment strategy adopted by the management this financial
year and consistence and in line with the increasing securities market
turnover (Main board and Gem listed in Hong Kong) of aproximately
72% as compared with last coresponding year. Meanwhile, the
Group also holds numerous high yield and blue chip listed securities
in order to generate dividend for operations and suficient fund to
met investment oportunities. Also, it can minimize any potential los
generated in the highly volatile stock markets. Moreover, the Group
maintained cash and cash equivalents of aproximately HK$30.6 milion
and HK$5.5 milion for year ended 31 March 2025 and year ended 31
March 2024 respectively, as the Group disposed some profitable listed
securities and deposited it into bank for generation of bank interest
income, which the Group considered to be healthy and in god liquidity.
As at 31 March 2025, the net aset value increased by 12.5% from
HK$82.7 milion to HK$93.0 milion which is in line with the increment of
aproximately 40% the Hang Seng Index (“HSI”) during this year.
Throughout the coresponding period, the global and local equity
markets had experienced intense volatility. The Group’s proactive
investment strategy is to maximise profit for shareholders, through
investment in listed securities with relatively high yield, especialy the
banking and telecomunications sectors which contributed 77% of
dividend income from al dividend generated from listed securities
investment during the year.
业务回顾
开明投资有限公司及其附属公司（「本集团」）
截至二零二五年三月三十一日年度止，利润
约为10,300,000港元（二零二四年： 亏损约为
7,400,000港元），其中关于按上市证券的变现
收益及未变现收益分别约为6,240,000港元及
4,020,000港元（二零二四年： 变现收益及未变现
亏损分别约为140,000港元及5,900,000港元），
而关于非上市股本投资的变现亏损约为30,000
港元，该投资于二零二五年三月三十一日年度内
透过出售附属公司处置。（二零二四年： 未变现
亏损约为1,950,000港元）。每股溢利为0.81港仙
（二零二四年： 每股亏损为0.58港仙）。出售交易
证券的所得款项总额由去年同期约2,900,000港
元大幅上升约20倍至约59,600,000港元，因本集
团管理阶层于本期间采取积极投资策略，这也与
同年证券市场成交量（香港上市主板和创业板）
约 72% 的升幅一致。同时，本集团亦保留更多
的高息和蓝筹上市证券，以便产生足够的股息收
入作为营运用途并为未来的投资机会提供足够的
资金。此外，还可以最大限度地减少股票市场波
动时产生的任何潜在损失。另外，本集团于二零
二五年三月三十一日止年度及二零二四年三月
三十一日止年度的现金水平分别约为30,600,000
港元及5,500,000港元，是由于本集团出售部分
获利的上市证券并存入银行以产生银行利息收
入，这能保持健康水平及良好流动性。截至二零
二五年三月三十一日，资产净值由约82,700,000
港元上升约12.5%至93,000,000港元，走势也与
恒生指数同年上升约40%一致。
同期，全球及本地股票市场经历了剧烈的波动。
本集团期间的积极投资策略是为股东赚最大利
润，并主要投资于收益率相对较高的证券，尤其
是银行及电讯板块，共占本集团本年度约77%的
股息收入，而本年度全部股息收入均来自上市股
本证券。
Anual Report 2025 年报5
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
As at 31 March 2025, the Group’s investment portfolio was wel
diversified and comprised of diferent sectors including banking,
telecomunications, transportation, retail busineses, properties,
manufacturing, construction etc, including investment in listed equity
securities amounted HK$62.6 milion (2024: HK$76.8 milion). The Group
disposed some profitable listed equity securities and lead to the drop of
the fair value listed equity securities as at year ended 2025. The Group
also disposed of its only unlisted equity investment and no further
adition unlisted equity investment during the year (2024: HK$0.41
milion).
The strategy of the Group in the short term is to trade listed equity
securities depending on market sentiment and to maintain suficient
dividend level for the Group’s operations. The “Long term strategy”
is to balance the listed and unlisted equity investment so as to bring
beter returns for our shareholders and to maintain suficient liquidity for
future oportunities against fluctuation in stock markets as investing in
unlisted equity investment may have higher potentials. In adition, the
Group would conduct further review on acquisition of the unlisted equity
investment from time to time.
During the coresponding period, the trend of the stock markets
worldwide was similar and had experienced an ideal rebound. The main
factors influencing the world stock markets were the monetary policy by
the U.S. Federal Reserve (the “Fed”) and investors reactions thereon,
together with the factors afecting the China and Hong Kong stock
markets by China’s sharply ramped up policy.
于二零二五年三月三十一日，本集团之投资组
合已多元化，其中包括银行、电讯服务、交通运
输、零售、地产、制造业及建造业等不同业务，
当中上市股本证券约为62,600,000港元（二零
二四年三月三十一日： 约76,800,000港元）。本
集团于截至二零二五年度出售了一些有利可图的
上市股本证券，导致上市股本证券的公平价值下
跌。本集团亦出售了唯一的非上市投资及本年度
且并无新增非上市投资（二零二四年三月三十一
日： 约410,000港元）。
本集团短期投资策略是依据市场情况买卖上市
证券及维持足够的股息水平以运作集团业务。而
「长期策略」是平衡上市及非上市的投资，目的为
股东带来更佳回报，并在维持充足流动资金以便
可以在股票市场波动时及可能出现具有高潜力之
非上市投资时作出投资。此外，本集团未来将不
时对收购非上市投资进行进一步审查。
同期，全球股市的趋势相似，经历了理想的反
弹。影响全球股市的主要因素是美国联邦储备局
（「联储局」）的货币政策及投资者对此的反应，此
外中国大幅加码的刺激政策亦对中国及香港股市
产生影响。
UBA INVESTMENTS LIMITED 开明投资有限公司6
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
联储局在二零二四年九月至十二月宣布将利率
下调共1%，基准利率范围从二十三年来的高位
5.25%–5.5%范围下降至4.25%–4.5%范围，这是
自二零一九年新冠疫情爆发，并且是自二零二
年三月以来启动抗通胀工具以来的首次降息。美
国通胀率由二零二四年四月至二零二五年三月显
著下降，并接近联储局2%的目标。于二零二五
年三月，消费者物价指数(CPI)降至约2.4%，为
二零二一年二月以来最低，较前几年高位明显回
落。美国经济在二零二四年大部分时间稳定增
长，二零二四年第四季度国内生产总值(GDP)以
强劲速度增长约2.4%（年度化），反映消费支出、
投资及政府开支的稳健经济活动，虽然二零二五
年第一季度GDP年率收缩0.3%，为二零二年
初以来首次下降。尽管有波动，但正面的经济指
标及通胀缓解有助恢复投资者信心并刺激投资意
愿。道琼斯指数自二零二四年三月底的39,807升
约5.5%至二零二五年三月底的42,001。
另一方面，中国股市在二零二四年相比动荡的二
零二三年逐步有改善，但挑战依然存在。中国政
府自二零二四年九月中旬以来大幅加大刺激政
策力度，中国人民银行（人行），将一年中期贷款
利率从2.3%下调至2%，并于二零二四年第三季
及二零二五年第一季的七天逆回购利率分别从
1.7%下调至1.5%及1.5%下调至1.4%。同时，将
现有抵押贷款的利率下调，并计划将第二套房的
首付比例从25%降至15%。此外，还拨出10,000
亿人民币对六家大型银行进行再资本化，以弥补
房地产危机带来的损失，并启动5,000亿人民币
的股市稳定基金及特别贷款以支持企业回购。人
行还宣布于二零二四年九月至二零二五年三月期
间放宽银行存款准备金率，将存款准备金率降低
1%，以释放更多流动性进入金融市场。虽然地
缘政治紧张及监管不确定性曾在二零二三年底导
致外资谨慎及资金外流，但这些情况在二零二四
年及二零二五年初有所缓和。期间人民币兑美元
汇率贬值约0.16%，但中国经济增长预期改善，
GDP增长5.4%，超出市场预期。这些正面影响促
进了投资者的投资意愿，刺激了经济和股市。因
此，上海综合指数从二零二四年三月底的3,041
上升近9.6%至二零二五年三月底的3,335。
The Fed has implemented a total of 1.0% in interest rate cut, primarily
betwen September and December 2024 to benchmark rate ranges
betwen 4.25% and 4.5%, down from a 23 year high of rate range
betwen 5.25% and 5.5%, which was the first interest rate cut since the
onset of the coronavirus pandemic in 2019 and the launch of inflation-
fighting tol since March 2022. Inflation in the U.S. continued to drop
significantly from April 2024 to March 2025 which is aproaching the
Fed’s 2% target. The consumer price index (CPI) was eased to about
2.4% by March 2025, which was the lowest since February 2021 and
down from higher levels in previous years. The U.S. economy also
grew steadily through most of 2024, the real gros domestic product
(GDP) grew robustly at an anualized rate of 2.4% in the fourth quarter
of 2024, reflecting solid economic activity suported by consumer
spending, investment, and government expenditure. But the GDP
contracted by 0.3% at an anual rate in the first quarter of 2025,
marking the first decline since early 2022. Despite these fluctuations,
positive economic indicators and easing inflation helped restore
investor confidence and stimulate investors desires again. The Dow
Jones Index increased by aproximately 5.5% from 39,807 at the end of
March 2024 to 42,001 at the end of March 2025.
On the other hand, the China stock markets gradualy improved during
the year compared to the turmoil experienced in 2023, although
chalenges remained. The Chinese government has sharply ramped
up policy stimulus since mid-September 2024, just as People’s Bank of
China (“PBOC”) cut the one-year medium-term lending facility rate to
2% from 2.3% and the seven-day reverse purchase rate to 1.5% from
1.7% and 1.4% from 1.5% in third quarter 2024 as wel as first quarter
2025 respectively. It also cut the rates payable on existing mortgages
and scheduled a drop in the required down payment on second homes
to 15% from 25%. It has also earmarked 1 trilion RMB to recapitalize
six big banks to remedy the harm done by the failures brought on by
the property crisis. It is also launching a 500 bilion RMB stock market
stabilization fund, and special lending facilities to suport corporate
buybacks. PBOC also anounced cut of banks’ reserve requirements
by a total of 1.0% from September 2024 to March 2025 so as to release
liquidity into the financial markets. Although the geopolitical tensions
and regulatory uncertainties, which had contributed to foreign investors’
caution and capital outflows in late 2023, began to ease somewhat in
2024 and early 2025. The valuation of RMB depreciated moderately
(aproximately 0.16%) against the USD as China’s economic growth
forecasts improved with GDP growth of 5.4%, which was higher than
the market expectation. Al these positive undertakings afected the
investment desire of investors which stimulated the economy and equity
markets. As a result, the Shanghai Composite Index increased by nearly
9.6% from 3,041 at the end of March 2024 to 3,335 at the end of March
2025.
Anual Report 2025 年报7
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
至于香港股票市场，其对周边环球经济形势十
分敏感，尤其是美国减息及中国政府发布的刺
激政策。受美国降息影响，香港于本年度内三次
降息，共计0.625%，以减轻投资者投资成本。
此外，香港股市受益于上述中国刺激政策，自
二零二四年九月起外资大量流入香港股市。科
技板块表现强劲，尤其是中国新人工智能模型
「DepSek」的推出，推动股市强劲反弹并录得
显著升幅。结果，恒生指数从二零二四年三月底
的16,541大幅上升约39.8%至二零二五年三月底
的23,119。
前景
我们预计未来数月全球股市将面临诸多挑战，尤
其是美国进一步降息的时机与幅度，以及美国总
统特朗普于二零二五年四月初宣布大规模关税措
施后持续的关税与贸易争端，这引发了自2019
冠状病毒崩盘以来最大规模的全球股市下跌。尽
管如此，亦因受益于中国持续的刺激措施及监管
环境放宽，全球股市仍有望出现正面走势。集团
将密切关注中美贸易关系、全球关税紧张局势及
地缘政治发展带来的不确定性对市场的影响，以
及全球经济和香港股市的前景。
基于上述预期，我们或会考虑投资于股息相对较
高的上市证券，以产生稳定收益并保持足够流动
性，为未来投资机会做好准备，以优化我们的投
资组合。我们将继续采取及保持谨慎和务实的投
资方针，期望为我们的股东带来更好的回报。
Hong Kong equity markets were sensitive to news on the global
economic situations, especialy the interest rate cut in U.S. and the
stimulus policies isued by Chinese Government. As a result from the
U.S. interest rate cut during the year, Hong Kong also cut the interest
rate thre times with a total of 0.625% which would decrease the
burden of investors. In adition, Hong Kong equity markets have ben
benefiting from the Chinese Government stimulus policies above and
foreign funds pouring into Hong Kong equity markets since September
2024. Together with the strong performances driven in the technology
sector, especialy after the introduction of Chinese new AI model –
DepSek. The stock markets experienced a strong recovery and
notable gains, the HSI increased significantly aproximately by 39.8%
from 16,541 at the end of March 2024 to 23,119 at the end of March
2025.
PROSPECTS
We expect the global stock markets to be ful of chalenges in the
coming months, especialy the efects from the timing and extent of
further interest rate cuts in U.S. and efects from the ongoing tarif
and trade disputes after the anouncement of sweping tarifs in
early April 2025 by U.S. President Trump, trigering the largest global
stock markets decline since the COVID-19 crash. In adition to the
efects bolstered by China’s ongoing stimulus measures and easing
regulatory environment, the worldwide stock markets may have positive
movements. The Group wil closely monitor the impact of probable
uncertainties from U.S.-China trade relations, global tarif tensions, and
geopolitical developments that pose risks to market stability and the
outlok of the global economy as wel as Hong Kong equity markets.
Due to the aforesaid expectations, we may consider investing in
relatively high yield listed securities to generate stable revenue and
maintain suficient liquidity for future investment oportunities to enrich
our investment portfolios. We wil also continue to adopt and maintain
a cautious and pragmatic investment aproach in order to bring beter
returns for our Shareholders.
UBA INVESTMENTS LIMITED 开明投资有限公司8
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
INVESTMENT REVIEW
The Group hold lot of listed investment at fair value as at the year
ended 31 March 2025. The top ten listed equity investment represented
significant portion in the net asets of the Group as at the year ended
31 March 2025 as below:
Listed securities investment
上市股本证券投资
As at 31 March 2025As at 31 March 2024
于二零二五年三月三十一日于二零二四年三月三十一日
Name of investe companies
Number of
shareFair Value
Aproximately
% of total
asets of
the Group
Number of
shareFair Value
Aproximately
% of total
asets of
the Group
投资公司名称股份数目公平值
占本集团
总资产之
百分比股份数目公平值
占本集团
总资产之
百分比
HK$’000HK$’000
千港元千港元
CK Hutchison Holdings Limited
(Stock Code: 0001)
110,0004,8125.15%50,0001,8902.28%
长江和记实业有限公司（股票编号：0001）
Power Asets Holdings Limited
(Stock Code: 0006)
20,0009321.00%20,0009161.10%
电能实业有限公司（股票编号：0006）
PCW Limited (Stock Code: 0008)5,800,26528,07330.06%5,800,26522,44727.03%
电讯盈科有限公司（股票编号：0008）
MTR Corporation Limited
(Stock Code: 0066)
183,7754,6775.01%183,7754,7415.71%
香港铁路有限公司（股票编号：0066）
Asia Financial Holdings Limited
(Stock Code: 0662)
510,0001,9892.13%510,0001,7242.07%
亚洲金融集团（控股）有限公司（股票编号：0662）
JB Builders International Limited
(Stock Code: 1903)
4,402,0003,0813.30%4,644,0002,2522.71%
投资回顾
于二零二五年三月三十一日，本集团持有很多上
市股本证券投资。十大上市股本证券于二零二五
年三月三十一日亦占本集团总资产十分重要的比
重，兹显示如下：
Anual Report 2025 年报9
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
As at 31 March 2025As at 31 March 2024
于二零二五年三月三十一日于二零二四年三月三十一日
Name of investe companies
Number of
shareFair Value
Aproximately
% of total
asets of
the Group
Number of
shareFair Value
Aproximately
% of total
asets of
the Group
投资公司名称股份数目公平值
占本集团
总资产之
百分比股份数目公平值
占本集团
总资产之
百分比
HK$’000HK$’000
千港元千港元
Xinjiang Xinxin Mining Industry Co., Ltd.
(Stock Code: 3833)
1,600,0001,5521.66%1,600,0001,4401.73%
新疆新鑫矿业股份有限公司（股票编号：3833）
Gemilang International Limited
(Stock Code: 6163)
4,791,2501,4131.51%4,791,2501,0491.26%
彭顺国际有限公司（股票编号：6163）
Kwong Man Ke Group Limited
(Stock Code: 8023)
29,859,00010,45111.19%29,991,00012,59615.17%
邝文记集团有限公司（股票编号：8023）
Harbour Equine Holdings Limited
(Stock Code: 8377)
16,852,7111,7021.82%16,852,7113,2023.86%
维港育马控股有限公司（股票编号：8377）
58,68262.83%52,25762.92%
UBA INVESTMENTS LIMITED 开明投资有限公司10
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
A brief description of the busines, financial performance and prospect
of the Listed securities investment is as folows:
1. CK Hutchison Holdings Limited (“CKH Holdings”)
CKH Holdings is incorporated in Cayman Islands and is
principaly engaged in ports and related services, retail,
infrastructure, energy and telecomunication industries.
Pursuant to the anual report for the year ended 31 December
2024, CKH Holdings recorded revenue of aproximately
HK$281,351 milion, net asets of aproximately HK$652,592
milion and profit atributable to ordinary shareholders of
aproximately HK$17,088 milion which represented a 27%
decrease comparing with last year. During the year, CKH
Holdings recognized one-time non-cash impairment and other
provisions on its telecomunication busines in Vietnam of
HK$3,700 milion. Excluding the one-time loses, underlying
EBITDA increased 2% in local curencies compared to 2023,
primarily from god growth in the Ports division as wel as the
stable performance from the Retail and Infrastructure division.
The Group concurs that, CKH Holdings wil task al the
busineses to increase productivity and reduce operating
spending. Lastly their strong balance shet and liquidity position
ensure that CKH Holdings wil be able to maintain a strong
financial profile even in the severest of market conditions.
Therefore, the Group holds 110,000 shares in CKH Holdings,
representing 0.003% interest in the isued share capital of CKH
Holdings based on the anual report at 31 December 2024, and
derived a dividend income of HK$122,000 for the year ended 31
March 2025.
2. Power Asets Holdings Limited (“Power Asets”)
Power Asets is incorporated in Cayman Islands and is
principaly engaged in investment in power and utility related
busineses.
Pursuant to the report for the year ended 31 December 2024,
Power Asets recorded revenue of aproximately HK$919
milion, total comprehensive income of aproximately HK$4,334
milion and net asets of aproximately HK$87,076 milion. For
the year ended 31 December 2024, Power Asets reported a net
profit of HK$6,119 milion which represented a 2% growth over
the previous year.
上市证券投资的业务，财务表现及前景简述如
下：
- （「长江和记」）
长江和记于开曼群岛注册成立，主要经
营港口及相关服务、零售、基建、能源以
及电讯行业。
根据截至二零二四年十二月三十一
日止年报，长江和记录得收益约
281,351,000,000港元，净资产约
652,592,000,000港元及综合收益总额
约17,088,000,000港元，较去年下降
27%。年内，由于经营环境受到沉重
压力，长江和记就其越南电讯业务确
认一次性非现金减值及其他拨备港币
3,700,000,000港元。撇除一次性亏损，
以当地货币计算之基本EBITDA较二零
二三年增加2%，主要由于港口部门增长
良好及零售与基建部门表现平稳。
本集团同意长江和记将要求所有业务提
高生产力并降低营运支出。最后，长江和
记稳健之资产负债表及流动资金状况，
确保长江和记即使在最严峻之市况下仍
能维持强劲之财务状况。因此，本集团
持有110,000股长江和记股份，根据长江
和记于二零二四年十二月三十一日之年
报占长江和记已发行股本之0.003%及于
截至二零二五年三月三十一日共收取约
122,000港元股息。
- （「电能」）
电能于开曼群岛注册成立，主要经营能
源和公用事业相关业务。
根据截至二零二四年十二月三十一日止年
报，电能录得收益约919,000,000港元，
综合收益总额约4,334,000,000港元及净
资产约87,076,000,000港元。截至二零
二四年十二月三十一日止年度内，电能
录得纯利6,119,000,000港元，较去年增
长 2%。
Anual Report 2025 年报11
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
The Group believes that, loking ahead, Power Asets operating
companies are poised to benefit from stable operating
environments backed by secure regulatory frameworks, enabling
them to deliver predictable revenue streams to Power Asets.
Therefore, the Group holds 20,000 shares in Power Asets,
representing 0.001% interest in the isued share capital of
Power Asets based on the anual report at 31 December 2024,
and derived a dividend income of HK$259,000 for the year
ended 31 March 2025.
3. PCW Limited (“PCW”)
PCW is incorporated in Hong Kong and is principaly
engaged in telecomunications, media, IT solutions, property
development and investment, and other busines.
Pursuant to the report for the year ended 31 December 2024,
PCW recorded revenue of aproximately HK$37,557 milion,
total comprehensive income of aproximately HK$2,254
milion and net asets of aproximately HK$11,514 milion. The
technology, media and telecomunications sectors traversed
a year of uncertainty in 2024. Despite these chalenges, PCW
delivered solid financial results, a testament to their resilient
busines model and disciplined aproach to growth.
The Group believes that, suported by HKT’s solid financial
position, PCW is comited to fostering a dynamic creative
ecosystem. PCW wil continue to contribute to Hong Kong
through integrated media platforms while creating long-
term value for their stakeholders. Therefore, the Group holds
5,800,265 shares in PCW, representing 0.075% interest in
the isued share capital of PCW based on the anual report
at 31 December 2024 and derived a dividend income of
HK$2,205,000 for the year ended 31 March 2025.
4. MTR Corporation Limited (“MTR”)
MTR is incorporated in Hong Kong and is principaly engaged
in provision in the folowing busineses – railway design,
construction, operation, maintenance and investment in Hong
Kong, the Mainland of China and a number of major overseas
cities.
本集团同意电能将展望未来，各营运公
司将受惠于健全监管框架缔造的稳定经
营环境，有利为电能提供可预期的收入来
源。因此，本集团持有20,000股电能股
份，根据电能于二零二四年十二月三十一
日之年报占电能已发行股本之0.001%及
于截至二零二五年三月三十一日共收取
约259,000港元股息。
- （「电盈」）
电盈于香港注册成立，主要业务为提供
电讯、媒体、资讯科技服务方案、物业发
展及投资以及其他业务。
根据截至二零二四年十二月三十一日止
年报，电盈录得收益约37,557,000,000
港元，综合收益总额约2,254,000,000港
元及净资产约11,514,000,000港元。科
技、媒体与电讯行业在二零二四年充满
不确定性。尽管面对这些挑战，凭借强韧
的业务模式以及严谨的增长方针，电盈
录得稳健的业绩。
本集团同意电盈在香港电讯稳健的财务
状况支持下，电盈致力培育一个具活力
的创意生态圈。电盈将继续通过综合媒
体平台，为香港成为国际文化交流中心
作出贡献，同时为电盈的持份者创造长
期价值。因此，本集团持有5,800,265股
电盈股份，根据电盈于二零二四年十二
月三十一日之年报占电盈已发行股本之
0.075%及于截至二零二五年三月三十一
日共收取约2,205,000港元股息。
- （「港铁」）
港铁于香港注册成立，主要经营之业务
为于香港、中国内地和数个海外城市参
与铁路设计、建造、营运、维修及投资。
UBA INVESTMENTS LIMITED 开明投资有限公司12
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
Pursuant to the anual report for the year ended 31 December,
2024, MTR recorded total revenue of aproximately HK$60,011
milion and net asets of aproximately HK$186,133 milion.
Including the los arising from fair value measurement of
investment properties, net profit atributable to shareholders of
MTR in 2024 was 15,772 milion, up 102% compared with last
year.
The group believes that, MTR wil kep prudent cost controls
and strict financial management of the recurent busineses
and new projects wil remain vital moving forward. Therefore,
the Group holds 183,775 shares in MTR, representing 0.003%
interest in the isued share capital of MTR based on the anual
report at 31 December 2024 and derived a dividend income of
HK$239,000 for the year ended 31 March 2025.
5. Asia Financial Holdings Limited (“Asia Financial”)
Asia Financial is incorporated in Bermuda and is principaly
engaged in the provision of underwriting of personal and life
insurance and investment holding.
Pursuant to the anual report for the year ended 31 December,
2024, Asia Financial insurance revenue of aproximately
HK$3,291 milion, net asets of aproximately HK$11,677
milion and net profit atributable to its shareholders amounting
aproximately HK$647 milion for 2024. The last figure marks a
vigorous 86.6% growth over 2023. The robust performance was
fueled by several key factors, including a comendable 34.0%
year-on-year rise in insurance revenue. This was aided partly by
diversifying overseas reinsurance activities.
The Group concurs that Asia Financial wil maintain its proactive
and disciplined strategy to navigate changes in market
dynamics. Their comitment is to maximise sustainable returns
for stakeholders through strategic investment, leveraging
expertise and extensive networks to achieve mutual suces.
Therefore, the Group holds 510,000 shares in Asia Financial,
representing 0.055% interest in the isued share capital of Asia
Financial based on the anual report at 31 December 2024 and
derived a dividend income of HK$53,000 for the year ended 31
March 2025.
根据截至二零二四年十二月三十一
日止年报，港铁的全面收益总额约
60,011,000,000港元及净资产约
186,133,000,000港元。若包括投资
物业公允价值计量所产生的亏损，
二零二四年的港铁股东应占净利润为
15,772,000,000港元， 与去年相比上升
102%。
本集团相信港铁未来在经常性业务及新项
目上审慎控制成本和严格理财仍然至关重
要。因此，本集团持有183,775股港铁股
份，根据港铁于二零二四年十二月三十一
日之年报占港铁已发行股本之0.003%及
于截至二零二五年三月三十一日共收取
约239,000港元股息。
- （控股）有限公司（「亚洲金
融」）
亚洲金融于百慕达注册成立，主要业务
包括承保一般及人寿保险及投资控股。
根据截至二零二四年十二月三十一
日止年报，亚洲金融的保险收益
约3,291,000,000港元，净资产约
11,677,000,000港元及股东应占溢利约
647,000,000港元。溢利较二零二三年大
幅增长86.6%。强劲的业绩表现得益于多
项关键因素，包括保险收益同比显著增
长34%。海外再保险业务的多元化发展，
亦是有助业绩增长的部分原因。
本集团同意亚洲金融仍将继续致力其积
极主动和严谨的策略，密切关注市场趋
势。亚洲金融致力透过策略性投资，善用
专业知识和广泛网络，为亚洲金融股东
谋取最大利益之可持续回报，实现互利共
赢。因此，本集团持有510,000股港铁股
份，根据亚洲金融于二零二四年十二月
三十一日之年报占亚洲金融已发行股本之
0.055%及于截至二零二五年三月三十一
日共收取约53,000港元股息。
Anual Report 2025 年报13
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
6. JB Builders International Limited (“JBI”)
JBI is incorporated in Cayman Islands. It is an investment
holding company and its subsidiaries are principaly engaged in
the provision of marine construction services and building and
infrastructure services.
Pursuant to the interim report ended 31 December 2024,
JBI recorded revenue of aproximately RM223 milion, total
comprehensive los of aproximately RM1.3 milion and net
asets of aproximately RM134 milion. The significant increase
in revenue for the six months ended 31 December 2024 was
primarily due to (i) the increase in volume of work generated
from new contracts in relation to reclamation and related works
and building and infrastructure services awarded during 2024;
and (i) overal increase in volume of sand transported generated
from marine transportation contracts in Singapore, while partialy
ofseting by the (i) decrease in demand of marine gas oil; and
(i) completion of certain contracts which contributed to a certain
portion of revenue for the six months ended 31 December 2023.
The Group concurs with JBI that the delivery of marine
transportation works in Singapore remains stable. Other than
those completed contracts, it is expected that these contracts
wil enhance and strengthen the revenue and profitability of the
JBI in the near future. Therefore, the Group holds 4,402,000
shares in JBI, representing 0.88% interest in the isued share
capital of JBI based on the interim report at 31 December
2024. No dividend was received during the year.
7. Xinjiang Xinxin Mining Industry Co., Ltd (“Xinxing”)
Xinxing is incorporated in the PRC and is principaly engaged in
the mining, ore procesing, smelting, refining of nickel, coper
and vanadium, and sales of nickel, coper, and other non-
ferous metal products.
Pursuant to the anual report for the year ended 31 December,
2024, Xinxing recorded revenue of aproximately RMB2,281
milion, total comprehensive income of aproximately RMB173
milion and net asets of aproximately RMB5,585 milion.
During the year, Xinxing net profit atributable to shareholders
amounted to RMB185 milion, representing an increase of 14.3%
as compared in the same period last year.
6. JB Builders International Limited
（「JBI」）
JBI于开曼群岛注册成立，为投资控股
公司，其附属公司主要经营提供海上建
筑服务及楼宇及基础设施服务。
根据JBI截至二零二四年十二月
三十一日止之中期报告，JBI录得收
益约223,000,000林吉特，综合亏损
总额约1,300,000林吉特及净资产约
134,000,000林吉特。截至二零二四年
十二月三十一日止六个月的收益显著增
加主要是由于(i)有关二零二四年获授的填
海及相关工程以及楼宇及基础设施服务
之新合约产生的工程量增加；及(i)新加
坡海上运输合约所产生的运砂量整体增
加，惟部分被抵销(i)船用油需求减少；及
(i)完成若干合约，而该等合约为截至二
零二三年十二月三十一日止六个月贡献
部分收益。
本集团认同，JBI在新加坡海上运输工
程的交付保持稳定。除了该等已完成的
工程合约外，预期这些合约将于不久将
来提升及加强该集团的收益及盈利能
力。因此，本集团持有4,402,000股JBI
股份，根据JBI于二零二四年十二月
三十一日止之中期报告占JBI已发行股
本之0.88%。本年度并无收取股息。
- （「新疆新
鑫」）
新疆新鑫于中华人民共和国注册成立，
主要从事铜矿、镍矿的开采、选矿、冶炼
及精炼镍、铜及钒，镍、铜及其他有色金
属的加工和销售业务。
根据新疆新鑫截至二零二四年十二月
三十一日止之年报，新疆新鑫录得收益
约人民币2,281,000,000，综合收益总额
约人民币173,000,000及净资产约人民币
5,585,000,000。于本年度，股东综合净
利润约为人民币185,000,000，比去年同
期增长约14.3%。
UBA INVESTMENTS LIMITED 开明投资有限公司14
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
The Group concurs that, Xinxing wil strengthen its management,
enhance the its overal management level and operational
eficiency, explore its internal potential, ensure the balanced
operation, stabilized production and over-production for the
ful proces of mining, ore procesing, smelting and refining,
and maintain stability in the production level of major products.
Therefore, the Group holds 1,600,000 shares in Xinxing,
representing 0.072% interest in the isued share capital of
Xinxing based on the anual report at 31 December 2024 and
derived a dividend income of HK$79,000 for the year ended 31
March 2025.
8. Gemilang International Limited (“Gemilang”)
Gemilang is incorporated in Cayman Islands and is principaly
engaged in design and manufacture bus bodies and asemble
buses and has over 25 years of track record in the industry.
Pursuant to the anual report for the year ended 31 October
2024, Gemilang recorded revenue of aproximately US$23
milion and net asets of aproximately US$13 milion. Los for
the Year atributable to the equity owners of the Company was
aproximately US$1.03 milion (2023: los of US$2.79 milion).
The los for the Year was mainly atributable to net alowance
for impairment los on trade and other receivables, which
was partialy ofset by the increase in sales of bus bodies and
kits and sales of parts and provision of relevant services as
compared with the preceding year.
The Group believes, that, Gemilang wil closely monitor the
change of global economy and the potential increase in
competition during the development of EV market, and shal
remain cautiously optimistic to explore various oportunities to
develop the Gemilang’s busineses. Therefore, the Group holds
4,791,250 shares in Gemilang, representing 1.91% interest in the
isued share capital of Gemilang based on the anual report at
31 October 2024. No dividend was received during the year.
9. Kwong Man Ke Group Limited (“KMK”)
KMK is incorporated in Cayman Islands and is principaly
engaged in provision of enginering services in floring,
screding, anti-skid surfacing and concrete repairing.
本集团认同新疆新鑫将切实加强管理，提
升全集团的整体管理水平和运行效率，挖
掘内部潜力，保证采矿、选矿、冶炼及精
炼全流程平衡运行、稳产超产，实现主要
产品的生产水平保持稳定。因此，本集团
持有1,600,000股新疆新鑫股份，根据新
疆新鑫于二零二四年十二月三十一日止
之年报占新疆新鑫已发行股本之0.072%
及于截至二零二五年三月三十一日共收
取约79,000港元股息。
- （「彭顺」）
彭顺为于开曼群岛注册成立之经营实体，
主要从事设计及制造车身及装配巴士并
拥有超过25年的相关行业经验。
根据彭顺截至二零二四年十月三十一日止
之年报，彭顺录得收益约23,000,000美
元及净资产约13,000,000美元。公司权
益拥有人应占本年度亏损约为1,030,000
美元（二零二三年：亏损2,790,000美
元）。本年度之亏损主要可归因于贸易及
其他应收款项之减值亏损拨备净额，此
被车身及套件之销售额以及销售部件及
提供相关服务之销售额与上一年度相比
之增加所部分抵销。
本集团同意彭顺将密切注视全球经济变
化及电动车市场发展中之潜在竞争加
剧，并将继续保持审慎乐观，探索各方机
遇以发展彭顺业务。因此，本集团持有
4,791,250股彭顺之股份，根据彭顺于二
零二四年十月三十一日止之年报占彭顺
已发行股本之1.91%。本年度并无收取股
息。
- （「邝文记」）
邝文记为于开曼群岛注册成立，主要从
事地板工程、涂刷、防滑表面及混凝土维
修服务。
Anual Report 2025 年报15
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
Pursuant to the interim report ended 30 September 2024,
KMK recorded revenue of aproximately HK$75 milion, total
comprehensive income of aproximately HK$7 milion and net
asets of aproximately HK$132 milion. The revenue increased
by aproximately 4.8%. The increase in revenue was mainly
due to the increase in revenue generated from the provision of
ancilary services, especialy the waterprofing works.
The Group concurs that, KMK strives to continue to maintain its
competitive edge and market leadership in the carpark floring
and waterprofing sectors, which have always ben the core
components of KMK’s busines. Therefore, the Group holds
29,859,000 shares in KMK, representing 5% interest in the
isued share capital of KMK based on the interim report at 30
September 2024 and derived a dividend income of HK$298,000
for the year ended 31 March 2025.
10. Harbour Equine Holdings Limited (“Harbour Equine”)
Harbour Equine is incorporated in Cayman Islands and is
principaly engaged in the manufacture and seling of sewing
threads and board categories of garment acesories, provision
of interior design, interior decoration and furnishing services,
and provision of trading of blodstock, stalion services and
equine handling services. The principal activities also included
dealing in securities, advising on corporate finance and asets
management by acquisition of subsidiary.
Pursuant to the anual report for the year ended 31 December
2024, Harbour Equine recorded revenue of aproximately HK$68
milion, total comprehensive los of aproximately HK$35 milion
and net asets of aproximately HK$0.2 milion. The Group’s
net los decrease to aproximately HK$37.0 milion for the
year ended 31 December 2024 from aproximately HK$46.8
milion for the year ended 31 December 2023. Such decrease is
primarily due to the decrease in los from the segment of equine
services.
The Group believes that Harbour Equine would continue to
review the existing busineses from time to time with a view
to improving the busines operation and financial position of
Harbour Equine. It is beneficial for the Harbour Equine to sek
suitable investment and disposal oportunities with a view to
increase the value of Harbour Equine and maximize returns to
the shareholders. Therefore, the Group holds 16,852,711 shares
in Harbour Equine, representing 4.12% interest in the isued
share capital of Harbour Equine based on the anual report at
31 December 2024. No dividend was received during the year.
根据邝文记截至二零二四年九月三十
日止之中期报告，邝文记录得收入
约75,000,000港元，综合收益总额约
7,000,000港元及净资产约132,000,000
港元。收益上升约4.8%。收益上升由于
提供配套服务（特别是防水工程）所产生
的收益增加所致。
本集团同意邝文记致力于继续保持其在
停车场地坪铺设及防水领域的竞争优势
及市场领先地位，该等领域一直是邝文
记的核心业务组成部分。因此，本集团
持有邝文记29,859,000股份，根据二
零二四年九月三十日止之中期报告占邝
文记已发行股本之5%及于截至二零二五
年三月三十一日共收取约298,000港元股
息。
- （「维港育马」）
维港育马于开曼群岛注册成立，主要从
事缝纫线和各类服装辅料生产及销售，
提供室内设计、室内装饰及室内陈设服
务以及提供纯种马买卖、种马服务及马
匹管理服务。主要业务亦包括证券交易、
就企业融资提供意见及透过收购附属公
司进行资产管理。
根据维港育马截至二零二四年十二月
三十一日止之年报，维港育马录得收
益约68,000,000港元，全面亏损总额约
35,000,000港元及净资产约200,000港
元。维港育马的亏损净额由截至二零二三
年十二月三十一日止年度约46,800,000
港元下降至截至二零二四年十二月三十一
日止年度约37,000,000港元。该下跌主
要由于马匹服务分部亏损减少所致。
本集团相信维港育马将持续不时检讨其
现有业务，以改进维港育马业务营运及
财务状况。这有利于维港育马寻觅合适
的投资及出售机会，以提升维港育马价
值及为股东带来最大回报。因此，本集团
持有维港育马16,852,711股份，根据
二零二四年十二月三十一日止之年报占
维港育马已发行股本之4.12%。本年度并
无收取股息。
UBA INVESTMENTS LIMITED 开明投资有限公司16
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
In adition, the net realised and unrealised gain (los) on
financial asets at fair value through profit or los for the year
ended 31 March 2025 amounted to aproximately HK$10.0
milion was mainly due to the listed and unlisted investment and
the relevant breakdown are as folows:
RealisedUnrealised
已变现未变现
Name of investe companies
Disposal
consideration
Disposal cost/
carying amount
of investmentNet gain (los)Net gain (los)
Net realised
and unrealised
gain (los)
投资公司名称出售代价
出售投资
成本╱账面值
收益
（亏损）净额
收益
（亏损）净额
已变现及
未变现收益
（亏损）净额
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Listed investment
上市股本证券投资
Power Asets Holdings Limited (Stock Code: 0006)4,524(4,698)(174)(8)(182)
电能实业有限公司（股票编号：0006）
PCW Limited (Stock Code: 0008)–5,6265,626
电讯盈科有限公司（股票编号：0008）
Midea Group Co., Ltd (Stock Code: 0300)3,316(3,266)50–50
美的集团股份有限公司（股票编号：0300）
China Construction Bank Corporation (Stock Code: 0939)21,360(20,150)1,210–1,210
中国建设银行股份有限公司（股票编号：0939）
JB Builders International Limited (Stock Code: 1903)169(117)52946998
JB Builders International Limited（股票编号：1903）
Bank of Comunications Co., Ltd (Stock Code: 3328)3,318(2,937)381–381
交通银行股份有限公司（股票编号：3328）
Bank of China Limited (Stock Code: 3988)26,796(22,081)4,715–4,715
中国银行股份有限公司（股票编号：3988）
另外，截至于二零二五年三月三十一日
期间，按公平值于损益账列账之财务资
产之变现及未变现收益（亏损）净额约为
10,00,000港元，主要来自上市股本证券
及非上市股本证券及以下是其相关明细：
Anual Report 2025 年报17
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
RealisedUnrealised
已变现未变现
Name of investe companies
Disposal
consideration
Disposal cost/
carying amount
of investmentNet gain (los)Net gain (los)
Net realised
and unrealised
gain (los)
投资公司名称出售代价
出售投资
成本╱账面值
收益
（亏损）净额
收益
（亏损）净额
已变现及
未变现收益
（亏损）净额
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Listed investment (continued)
上市股本证券投资（续）
Kwong Man Ke Group Limited (Stock Code: 8023)36(55)(19)(2,090)(2,109)
邝文记集团有限公司（股票编号：8023）
Harbour Equine Holdings Limited (Stock Code: 8377)–(1,500)(1,500)
维港育马控股有限公司（股票编号：8377）
Others72(47)251,0441,069
其它
6,2404,01810,258
Unlisted investment
非上市股本证券投资
Guangdong Jinyang Aqua-Culture Company Limited (note)(30)–(30)
广东金洋水产养殖有限公司（注）
Total6,2104,01810,228
总计
Note: It was disposed through disposal of subsidiaries during the year
ended 31 March 2025.
注： 该投资于截至二零二五年三月三十一
日止年度透过出售附属公司处置。
UBA INVESTMENTS LIMITED 开明投资有限公司18
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
FINANCIAL REVIEW
Liquidity and financial resources
As at 31 March 2025, the Group had bank balances and cash of
aproximately HK$30,578,000 (2024: HK$5,542,000). The Board
believes that the Group has suficient financial resources to satisfy its
comitments and working capital requirements.
As at 31 March 2025, none of the listed equity securities of the Group
had ben pledged to secure margin facilities and loans granted by a
related company.
Gearing ratio
Gearing ratio had not ben presented (2024: HK$ nil) as there was no
debt as at 31 March 2025 (2024: HK$ nil).
Dividend
The Board has resolved not to recomend any payment of final
dividend.
Capital structure
There was no change to the Group’s capital structure for the year ended
31 March 2025.
Capital comitment and contingent liabilities
As at 31 March 2025, the Group had no material capital comitment
and contingent liabilities.
Material Acquisition and Disposal
During the Year, the Group had not made any material acquisition or
disposal of subsidiaries and asociates.
Employment and remuneration policies
As at 31 March 2025, the Group employed a total of 4 ful-time
employes (2024: 4), including the executive Directors of the Group.
Employes’ remuneration are fixed and determined with reference to the
market rate.
Exposure to foreign curency fluctuation and related hedges
The Board believes that the foreign exchange risk is minimal as
the Group mainly uses Hong Kong dolars to cary out its busines
transactions. Therefore, there was no material foreign exchange
exposure to the Group.
Share options
The Company does not have share option scheme.
ANUAL GENERAL METING
The Anual General Meting (the “AGM”) wil be convened on Thursday,
21 August 2025. The notice of AGM wil be published on the websites of
the Company and the Stock Exchange and sent to the Shareholders of
the Company and together with the Company’s 2025 Anual Report in
due course.
财务回顾
流动资金及财政资源
于二零二五年三月三十一日，本集团银行结余
及现金共约为30,578,000港元（二零二四年：
5,542,000港元）。董事会相信，本集团具有足够
财政资源履行承诺及应付营运资金要求。
于二零二五年三月三十一日，本集团之上市证券
并没有抵押予关连公司以获取孖展及借贷。
债务率
于二零二五年三月三十一日，本集团并没有取得
信贷（二零二四年：零港元），因而不能提供债务
率（二零二四年：无）。
股息
董事会议决不建议派付末期股息。
资本结构
于截至二零二五年三月三十一日止年度，本集团
之资本结构并无任何变动。
资金承担及或然负债
于二零二五年三月三十一日，本集团并无任何重
大资金承担及或然负债。
重大收购及出售
于本年度，本公司概无任何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，本集团合共雇用4
名全职雇员（二零二四年：4 名）包括集团执行董
事。雇员之薪酬按市场薪酬而厘定。
外币波动风险及相关对冲措施
董事会相信，由于本集团主要以港元进行商业交
易，因此所承受之外汇风险极低。因此，本集团
并无面对重大外币兑换风险。
购股权
本公司并无购股权计划。
股东周年大会
股东周年大会本公司将于二零二五年八月二十一
日（星期四）召开及举行股东周年大会（「股东周
年大会」）。股东周年大会通告将会于适当时候刊
登于本公司及联交所之网站，并连同本公司之二
零二五年报发送予本公司股东。
Anual Report 2025 年报19
MANAGEMENT DISCUSION AND ANALYSIS管理层讨论与分析
CLOSURE OF REGISTER OF MEMBERS FOR AGM
The forthcoming anual general meting of the Company is scheduled
to be held on Thursday, 21 August 2025 (the “AGM”). The register of
members of the Company wil be closed from Monday, 18 August 2025
to Thursday, 21 August 2025, both days inclusive, during which period
no transfer of shares wil be registered. In order to determine the identity
of the shareholders who are entitled to atend and vote at the anual
general meting, al duly completed transfer forms acompanied by the
relevant share certificates must be lodged with the Company’s Hong
Kong branch share registrar, Tricor Investor Services Limited at 17/F,
Far East Finance Centre, 16 Harcourt Road, Hong Kong not later than
4:30 p.m. on Friday, 15 August 2025. The record date for determining
the eligibility of the Shareholders to atend and vote at the AGM wil be
Thursday, 21 August 2025.
CORPORATE GOVERNANCE
The Company has complied with the code provisions set out in the
Corporate Governance Code (the “CG Code”) contained in Apendix
C1 of the Rules (the “Listing Rules”) Governing the Listing of Securities
on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”),
save and except for the deviations of the folowing:
Code Provision C.3.3
Pursuant to code provisions C.3.3 in respect of the service term of
directors, none of the existing Directors (including independent non-
executive Directors) of the Company is apointed for a specific term.
This constitutes a deviation from code provision C.3.3 of the Code.
However, al the Directors of the Company are subject to the retirement
provisions under article 168 of the Articles of Asociation of the
Company. As such, the Company considers that suficient measures
have ben taken to ensure that the Company’s corporate governance
practices are no les exacting than those in the Code.
APRECIATION
The Board would like to take this oportunity to extend our sincere
thanks and expres apreciation to those who have suported us
during the year.
By order of the Board
Mr. CHAU Wai Hing
Chairman and Executive Director
Hong Kong, 25 June 2025
就股东周年大会暂停办理过户登记
本公司应届股东周年大会（「股东周年大会」）定
于二零二五年八月二十一日（星期四）举行。本公
司将于二零二五年八月十八日（星期一）至二零
二五年八月二十一日（星期四）（包括首尾两日）
暂停办理股东登记，期间将不会处理股份过户登
记手续。为厘定有权出席股东周年大会并于会上
投票之股东身份，所有已正式填妥之过户表格连
同有关股票，必须在不迟于二零二五年八月十五
日（星期五）下午四时三十分前送达本公司之香
港股份过户登记分处卓佳证券登记有限公司，地
址为香港夏悫道16号远东金融中心17楼。确定股
东出席股东周年大会并投票的资格记录日期为二
零二五年八月二十一日（星期四）。
企业管治
本公司已遵守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C1之企业
管治守则（「企业管治守则」），惟下列偏离者除
外：
守则条文第C.3.3条
根据该守则之守则条文第 C.3.3 条，就董事服务
任期而言，本公司现时之董事（包括独立非执行
董事）并无特定任期，此偏离该守则之守则条文
第 C.3.3 条。然而，本公司全体董事须遵守本公
司组织章程细则第168 条之退任条文。因此，本
公司认为已采取足够措施，以确保本公司之企业
管治常规不逊于该守则所载者。
鸣谢
董事会谨借此机会衷心感谢各界人士在本年度对
本公司之鼎力支持。
承董事会命
主席及执行董事
周伟兴先生
香港，二零二五年六月二十五日
UBA INVESTMENTS LIMITED 开明投资有限公司20
PROFILE OF DIRECTORS董事会人员资料
Mr. CHAU Wai Hing (“Mr. CHAU”), aged 59, an executive Director
of the Company and has ben elected as Chairman of the Board on
6 June 2025. Mr. CHAU poseses over 30 years of experience in
banking, finance and wealth management and held executive positions
at several international financial institutions and listed companies
(including as an executive Director of the Company from 2008 to 2015).
He graduated from City University of Hong Kong with a Bachelor’s
Degre in Quantitative Analysis for Busines, Postgraduate Certificate in
Profesional Acounting and Master Degre in Finance. He also holds
a Master Degre in Profesional Acounting from the Southern Cros
University in Australia. Mr. CHAU is a felow member of the Institute
of Public Acountants in Australia, a felow member of the Institute of
Financial Acountants and a felow member of the Hong Kong Securities
and Investment Institute. Mr. CHAU was previously a licensed person to
cary out type 1 (dealing in securities), type 4 (advising on securities)
and type 9 (aset management) regulated activities under the Securities
and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the
“SFO”). Mr. CHAU is the chairman and executive Director of Cocon
Holdings Limited (Stock Code: 428) and an independent non-executive
Director of abc Multiactive Limited (stock code: 8131). Mr. CHAU was
an independent non-executive Director of Carnival Group International
Holdings Limited (stock code: 996) from May 2019 to December 2023,
a company incorporated in the Bermuda with limited liability and the
listing of the shares were canceled on 7 December 2023 and was
ordered to be wound up by the High Court of Hong Kong on 23 August
2022.
Mr. CHENG Wai Lun, Andrew (“Mr. Cheng”), aged 52, is an executive
Director, member of the remuneration comite and member of
the nomination comite of the Company. He holds a bachelor’s
degre from the California State University, USA. He has over 20 years
experience in securities, corporate finance and direct investment. He is
also an executive Director of Upbest Group Limited (Stock Code: 335).
Save as disclosed above, Mr. Cheng does not hold directorship in other
public companies the securities of which are listed on any securities
market in Hong Kong or overseas in the past thre years.
周伟兴先生（「周先生」），59岁，为本公司执行
董事及于二零二五年六月六日获推选为本公司董
事会主席。周先生拥有逾30年银行、金融及财富
管理经验，曾于数间国际金融机构及上市公司担
任执行职务（包括于二零八年至二零一五年期
间担任本公司执行董事）。彼毕业于香港城市大
学，并获得工商数量分析学士学位、专业会计学
深造证书及金融学硕士学位。彼亦持有澳洲南格
斯大学专业会计硕士学位。周先生为澳洲公共会
计师协会的资深会员、英国财务会计师公会的资
深会员和香港证券及投资学会的资深会员。周先
生曾为香港法例第571章证券及期货条例（「证券
及期货条例」）下可从事第1类（证券交易）、第4
类（就证券提供意见）及第9类（提供资产管理）受
规管活动的持牌人士。周先生现为中国天弓控股
有限公司（股份代号：428）之主席及执行董事与
辰罡科技有限公司（股份代号：8131）的独立非
执行董事。周先生于二零一九年五月至二零二三
年十二月担任嘉年华国际控股有限公司（股份代
号：996）（一家于百慕达注册成立之有限公司，
股份上市于二零二三年十二月七日取消，且香港
高等法院于二零二年八月二十三日命令该公司
清盘）的独立非执行董事。
郑伟伦先生（「郑先生」），52岁，为本公司执行董
事、薪酬委员会委员及提名委员会委员。彼持有
美国加州立大学之学士学位。彼于证券、企业
融资及直接投资累积逾二十年经验。彼同时为美
建集团有限公司（股份编号：335）之执行董事。
除上文披露者外，郑先生在过去三年，并没有于
香港或海外证券市场上市的其他公众公司，担任
董事职务。
Anual Report 2025 年报21
PROFILE OF DIRECTORS董事会人员资料
Mr. TANG Hon Bui, Ronald (“Mr. Tang”), aged 66, is an independent
non-executive Director and a member of the audit comite, the
remuneration comite and the nomination comite of the Company.
Mr. Tang received his legal education from the University of Hong
Kong and has ben a barister in private practice since 1981. Save as
disclosed above, Mr. Tang has not held any directorship in other public
companies the securities of which are listed on any securities market in
Hong Kong or overseas in the past thre years.
Mr. KWOK Ming Fai (“Mr. Kwok”), aged 60, an independent
non-executive Director and has ben elected as Chairman of the audit
comite, remuneration comite and the nomination comite of
the Company on 1 April 2022. Mr. Kwok poseses over 20 years of
experience in banking, finance and acounting and held executive
positions at several international financial institutions, acounting
firm and listed companies. Mr. Kwok obtained a Bachelor Degre in
Acounting & Financial Management & Economics from the University
of Shefield in the United Kingdom and a Master Degre in Busines
Administration from the University of Adelaide in Australia. He is a
member of CPA Australia and the Hong Kong Institute of Certified
Public Acountants. He is also a member of the Institute of Chartered
Acountants in England & Wales. Save as disclosed above, Mr. Kwok
has not held any directorship in other public companies the securities of
which are listed on any securities market in Hong Kong or overseas in
the past thre years.
Ms. KWOK Yuen Lam Sophia (“Ms. Kwok”), aged 44, was apointed
as an independent non-executive Director and a member of the
audit comite, the remuneration comite and the nomination
comite of the Company with efect from 12 July 2024. Ms. Kwok
obtained the degre of Master of Laws in Information Technology and
Intelectual Property Law from The University of Hong Kong in 2009,
the Postgraduate Certificate in Laws from City University of Hong Kong
in 2007, a Juris Doctor from City University of Hong Kong in 2006 and
the degre of Bachelor of Fine Arts (Graphic Design) from California
Colege of the Arts in the United States in 2004. Ms. Kwok has over
19 years of experience in the legal field. She is a solicitor of the High
Court of Hong Kong, a member of the Law Society of Hong Kong and
curently a solicitor of Jese H.Y. Kwok & Co., Solicitors & Notaries
and a Greater Bay Area qualified lawyer at 广东广信君达（白云）律师
事务所 (for transliteration purpose only, Guangdong Guangxin Junda
(Baiyun) Law Firm). From May 2012 to January 2014, Ms. Kwok was
also an independent non-executive Director of China Financial Leasing
Group Limited, the shares of which are listed on Main Board of The
Stock Exchange of Hong Kong Limited (the “Stock Exchange”) (stock
code: 2312). She has also ben apointed as an independent non-
executive Director of Gemilang International Limited (stock code: 6163)
since 21 June 2024. Save as disclosed above, Ms. Kwok does not hold
directorship in other public companies the securities of which are listed
on any securities market in Hong Kong or overseas in the past thre
years.
邓汉标先生（「邓先生」），66岁，为本公司的独
立非执行董事、审核委员会、薪酬委员会及提名
委员会成员。彼在香港大学接受法律教育。自
一九八一年起，彼一直为私人执业大律师。除如
上文披露外，邓先生在过去三年，并没有于香港
或海外证券市场上市的其他公众公司，担任董事
职务。
郭明辉先生（「郭先生」），60岁，为独立非执行董
事及于二零二年四月一日获选为审核委员会、
薪酬委员会及提名委员会主席。郭先生拥有逾20
年银行、金融及会计经验，并曾在多间国际金融
机构、会计师行及上市公司担任行政职位。郭先
生获英国雪菲尔大学颁发会计及财务管理及经济
学士学位、并获澳洲阿德莱德大学颁发工商管理
硕士学位。彼为澳洲会计师公会及香港会计师公
会员。彼亦为英伦及威尔斯特许会计师公会
员。除上述披露外，郭先生在过去三年，并没有
于香港或海外证券市场上市的其他公众公司，担
任董事职务。
郭婉琳女士（「郭女士」），44岁，自二零二四年
七月十二日起获委任为本公司独立非执行董事、
审核委员会、薪酬委员会及提名委员会成员。郭
女士于二零九年取得香港大学资讯科技及知
识产权法 学硕士学位，于二零七年取得
香港城市大学法学专业证书，于二零六年 取
得香港城市大学法律博士学位，以及于二零四
年取得美国加州艺术学院 (California Colege of
the Arts)美术（平面设计）学士学位。郭女士于法
律领域拥有逾十九年经验。彼为香港高等法院律
师、香港律师会员，现为郭匡义律师行律师以
及广东广信君达（白云）律师事务所大湾区执业律
师。于二零一二年五月至二零一四年一月，郭女
士亦曾担任中国金融租赁集团有限公司独立非执
行董事，该公司之股份于香港联合交易所有限公
司（「联交所」）主板上市（股份代号：2312）。她
亦自二零二四年六月二十一日起获委任为彭顺国
际有限公司（股份代号：6163）的独立非执行董
事。除上文披露者外，郭女士在过去三年，并没
有于香港或海外证券市场上市的其他公众公司，
担任董事职务。
UBA INVESTMENTS LIMITED 开明投资有限公司22
REPORT OF THE DIRECTORS董事会报告
The Board of Directors (the “Board”) of UBA Investments Limited (the
“Company”) has pleasure in presenting their report and the audited
consolidated financial statements for the year ended 31 March 2025.
PRINCIPAL ACTIVITIES
The Company and its subsidiaries (colectively refered to as the
“Group”) are investment holding companies.
BUSINES REVIEW
A fair review of the busines and the outlok of the Company and a
discusion and analysis of the Group’s performance during the year
and the material factors underlying its results and financial position are
provided in the “Management Discusion and Analysis” from pages 4 to
19 of this anual report. These discusion form part of this Director’s
report.
Description of the principal risks and uncertainties facing the Company
can be found throughout this anual report particularly in note 6 on the
consolidated financial statements.
Environmental policies and performance are discused in the
“Environmental, Social and Governance Report” from pages 53 to 71 of
this anual report.
SEGMENTAL INFORMATION
The Group’s turnover and contribution to operating results were al
derived from investment in listed and unlisted securities in Hong Kong.
SUBSIDIARIES
Details of the Company’s subsidiaries at 31 March 2025 are set out in
note 26 on the consolidated financial statements.
SHARE OPTION
The Company does not have share option scheme.
DIRECTORS’ REMUNERATION
The Directors’ fes are subject to shareholders’ aproval at general
metings. Other emoluments are determined by the Company’s Board
of Directors with reference to Directors’ duties, responsibilities and
performance and the results of the Group. In adition, the Directors’
remuneration is reviewed by the Remuneration Comite anualy.
开明投资有限公司（「本公司」）董事会（「董事会」）
欣然提呈此报告及截至二零二五年三月三十一日
止之年度经审核综合财务报表。
主要业务
本公司及其附属公司（统称「本集团」）乃投资控
股公司。
业务回顾
对本公司业务的中肯回顾及前景以及本集团于本
年度内之表现以及其业绩及财务状况之相关重大
因素的讨论与分析，在本年报第4页至第19页「管
理层讨论与分析」提供。该等讨论为本董事会报
告的一部份。
对本公司面对的主要风险及不明朗因素的描述载
于本年报多处，尤其是综合财务报表附注6。
环境政策及表现在本年报第53页至第71页之「环
境、社会及管治报告」内讨论。
分部资料
本集团之营业额及经营业绩贡献全部均来自本集
团于香港之上市及非上市证券之投资。
附属公司
本公司于二零二五年三月三十一日之附属公司之
详情载于综合财务报表附注26。
购股权
本公司并无购股权计划。
董事酬金
董事袍金须于股东大会上经股东批准。其他酬金
则由本公司董事会依据董事之职务、责任及表现
以及本集团之业绩厘定。此外，董事酬金由薪酬
委员会每年审阅。
Anual Report 2025 年报23
REPORT OF THE DIRECTORS董事会报告
RESULTS AND APROPRIATIONS
The results of the Group for the year ended 31 March 2025 are set out
in the consolidated statement of profit or los and other comprehensive
income on page 78 respectively.
The Board has resolved not to recomend a payment of final dividend.
SHARE CAPITAL
Details of the movements in the Company’s share capital during the
year are set out in note 20 on the consolidated financial statements.
FINANCIAL SUMARY
A sumary of the results and of the asets and liabilities of the Group
for the last five financial years is set out below. This sumary is not part
of the audited consolidated financial statements.
RESULTS
业绩
1/4/2024 –1/4/2023 –1/4/2022 –1/4/2021 –1/4/2020 –
31/3/202531/3/202431/3/202331/3/202231/3/2021
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Profit (los) before taxation除税前溢利（亏损）10,271(7,409)(14,433)(129)(8,889)
Taxation税项–191
Net profit (los) atributable
to owners of the Company
本公司拥有人应占
溢利（亏损）净值10,271(7,409)(14,433)(129)(8,698)
ASETS AND LIABILITIES
资产与负债
31/3/202531/3/202431/3/202331/3/202231/3/2021
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Total asets资产总值93,37883,05090,449104,875105,033
Total liabilities负债总值(392)(335)(325)(318)(347)
Net asets资产净值92,89682,71590,124104,557104,686
业绩及分配
本集团截至二零二五年三月三十一日止之年度业
绩载于第78页之综合损益及其他全面收益表。
董事会议决不派本年度之末期股息。
股本
有关本年度内本公司股本之变动详情载于综合财
务报表附注20。
财务概要
以下为本集团于过去五个财政年度之业绩及资产
与负债之概要。此概要并非经审核综合财务报表
之部份。
UBA INVESTMENTS LIMITED 开明投资有限公司24
REPORT OF THE DIRECTORS董事会报告
储备
有关本年度内之本集团及本公司储备变动情况分
别载于综合权益变动表及综合财务报表附注25。
根据开曼群岛公司法之规定，本公司可供分派
之储备乃指股份溢价、实缴盈余及保留溢利。
本公司之股份溢价可根据本公司之组织章程大
纲及细则之规定，用作向股东派发股息，惟本公
司须在紧随派发股息后仍须有能力支付在日常
业务程序下到期应付之债务。于二零二五年三
月三十一日，本公司之股份溢价、实缴盈余及保
留盈余合共约为58,197,000港元（二零二四年：
62,546,000港元）。根据本公司之组织章程细则
之规定，该等款项均可用作派发股息。
购回、出售及赎回本公司之上市证券
本公司或其任何附属公司在本年度内并无购回、
出售或赎回本公司之任何上市证券。
投资政策
本公司已采纳投资目标、投资政策及投资限制，
该等投资目标、投资政策及投资限制自二零
年于联交所上市采纳以来从未变更，下文概述：
投资目标及策略
本公司乃一间在开曼群岛注册成立之投资公司，
主要目标为透过投资于香港及中国之上市及非上
市公司以获取中线资本增值。本公司亦拟投资于
具潜力在联交所或任何海外证券交易所上市之非
上市公司。
本公司采取下列投资策略：
- （但不限
于）资讯科技、电讯、制造、服务、地产
及基建业务之上市及非上市公司的股本
或股本相关之证券及债务工具，以令本
公司在不同行业中能平衡风险，从而减
低任何行业一旦逆转对本公司带来之影
响；
RESERVES
Movements in the reserves of the Group and the Company during the
year are set out in consolidated statement of changes in equity and note
25 on the consolidated financial statements respectively.
The Company’s reserves available for distribution represent the share
premium, contributed surplus and retained profits under the Companies
Law of the Cayman Islands. The share premium of the Company is
available for paying dividends to shareholders subject to the provisions
of its Memorandum and Articles of Asociation and provided that
imediately folowing the distribution of dividend the Company is able
to pay its debts as they fal due in the ordinary course of busines. In
acordance with the Company’s Articles of Asociation, dividends can
be distributed out of the share premium, contributed surplus and retained
earning of the Company which in agregate amounted to aproximately
HK$58,197,000 (2024: HK$62,546,000) as at 31 March 2025.
REPURCHASE, SALE AND REDEMPTION OF THE COMPANY’S
LISTED SECURITIES
Neither the Company nor any of its subsidiaries repurchased, sold or
redemed any of the Company’s listed securities during the year.
INVESTMENT POLICIES
The Company has adopted investment objectives, investment policies
and investment restrictions which have not ben changed since its
listing in 2000 in the Stock Exchange and sumaries are as below:
Investment objectives and policies
The Company is an investment company incorporated in the Cayman
Islands with the primary objective of achieving medium term capital
apreciation by investing in listed and unlisted companies in Hong
Kong and the PRC. The Company also intends to invest in unlisted
companies with the potential to sek a listing on the Stock Exchange or
any overseas stock exchanges.
The Company has adopted the folowing investment policies:
• Investment wil normaly be made in the form of equity or equity-
related securities and debt instruments in listed and unlisted
companies engaged in industries including (but not limited to)
the information technology, telecomunications, manufacturing,
service, property and infrastructure sectors to maintain a
balance in the Company’s exposure to diferent industry sectors
in order to minimize the impact on the Company of any downturn
in any particular sector;
Anual Report 2025 年报25
REPORT OF THE DIRECTORS董事会报告
- 、
完善管理、专业技术水平高及拥有研究
开发能力，以及管理层承诺业务长期增
长之企业。然而，本公司亦具弹性考虑投
资于董事会及投资管理人认为情况特殊
或正在逐渐复苏之公司或其他企业；
- ，董事会及投资管理人会积
极物色与其他投资对象产生若干程度协
同效益，而且在互相合作下对双方均有
利之投资项目；及
• 本公司拟持有投资以期获得中线资本增
长。目前并无打算于任何特定期间或于
任何特定日期前将任何有关投资变现。
然而，本公司董事（「董事」）可在其相信
会符合本公司之最佳利益或董事相信变
现之条款对本公司尤其有利之情况下，
不时将投资项目变现。
投资限制
根据章程细则及有关投资公司上市之上市规则，
本公司投资须受到若干限制。为符合该等限制，
董事会已决议，本公司不可：
1. 自行或透过其全资附属公司或联同任何
关连人士取得其投资之合法或有效管理
控制权，且在任何情况下，本公司概不会
自行或透过其全资附属公司拥有或控制
任何一间公司或机构超过30%（或收购守
则不时规定可引发强制性全面收购之较
低百分比）之投票权；
- （本公司之全资附
属公司除外）作出投资，倘若该等投资超
逾本公司于投资当日之资产净值20%；
• The Company wil sek to identify entities with a record of
profit growth, strong management, high levels of technical
expertise and research and development capabilities as wel
as management comitment to the long term growth. However,
the Company is flexible in considering investment in companies
or other entities which are considered by the Board and the
Investment Manager as being special or in recovery situations;
- , the Board and the investment manager would
sek to identify investment where there is a certain degre of
synergy with other investe companies and where co-operation
betwen such companies would be of mutual benefit to each
other; and
- ’s investment are intended to be held for medium
term capital growth. There is no present intention to realise any
of such investment in any specific period or by any specific
date. Nevertheles, the directors of the Company (the “Director”)
wil from time to time realise investment where they believe the
realisation would be in the best interests of the Company or
where the terms on which such realisation can be achieved are
believed by the Directors to be particularly favourable to the
Company.
Investment restrictions
Under the Articles and the Listing Rules relating to the listing of
investment companies, certain restrictions on investment are imposed
on the Company. In part to met such restrictions, the Board has
resolved that the Company may not:
1. either itself or through its wholy-owned subsidiaries or in
conjunction with any conected person take legal, or efective,
management control of underlying investment and in no event,
wil the Company itself or through its wholy-owned subsidiaries
own or control more than 30%, (or such lower percentage as
may from time to time be specified in the Takeover Code as
being the level for trigering a mandatory general ofer) of the
voting rights in any one company or body;
2. invest in any company or entity other than wholy-owned
subsidiaries of the Company if such investment wil result in
more than 20% of the net aset value being invested in such
company or entity as at the date the investment is made;
UBA INVESTMENTS LIMITED 开明投资有限公司26
REPORT OF THE DIRECTORS董事会报告
- 、商品合约或贵重金属，惟可以
买卖有关股票指数之期货合约及以商品
或贵重金属作抵押之证券；及
- %以上资产于香港及中国以外地
区，以致有违本公司透过投资于香港及
中国之上市及非上市公司以取得中期资
本增值之主要目标。
在本公司根据上市规则第21章维持其投资公司之
上市地位期间，必须于任何时间均遵守上述第1
及第2项投资限制。
第3及第4项投资限制在未取得本公司股东以普通
决议案方式批准之情况下，在售股章程日期起至
少三年内不得修改。董事会现时无意更改任何上
述投资限制。
董事
在有关本年度内及截至本年报刊发日期为止，本
公司之董事如下：
执行董事
周伟兴先生
（于二零二五年六月六日获推选为董事会主席）
郑伟伦先生
黄润权博士
（前主席，于二零二五年六月六日辞任）
独立非执行董事
邓汉标先生
郭明辉先生
郭婉琳女士（于二零二四年七月十二日获委任）
冯振雄医生（于二零二四年八月二十一日退任）
- , comodity contracts or precious
metals, except that it may purchase and sel futures contracts on
stock indices and securities which are secured by comodities
or precious metals; and
- % of its asets outside Hong Kong and
the PRC to the extent of contravening its primary objective of
achieving medium term capital apreciation by investing in
listed and unlisted companies in Hong Kong and the PRC.
The Company has to comply with investment restrictions 1 and 2 above
at al times while it remains listed as an investment company under
Chapter 21 of the Listing Rules.
Investment restrictions 3 and 4 canot be changed for at least 3 years
from the date of the prospectus without the aproval of the shareholders
of the Company by way of an ordinary resolution. The Board has no
present intention to change any of the above-mentioned investment
restrictions.
DIRECTORS
The Directors of the Company during the year and up to the date of this
report were:
Executive Directors
Mr. CHAU Wai Hing
(Elected as Chairman on 6 June 2025)
Mr. CHENG Wai Lun, Andrew
Dr. WONG Yun Kuen
(Former Chairman, resigned on 6 June 2025)
Independent Non-executive Directors
Mr. TANG Hon Bui, Ronald
Mr. KWOK Ming Fai
Ms. KWOK Yuen Lam, Sophia (Apointed on 12 July 2024)
Dr. FUNG Lewis Hung (Retired on 21 August 2024)
Anual Report 2025 年报27
REPORT OF THE DIRECTORS董事会报告
Pursuant to Article 168 of the Articles of Asociation, Mr. CHENG Wai
Lun, Andrew and Mr. TANG Hon Bui, Ronald shal retire by rotation
at the AGM. Two of the above retiring directors Mr. CHENG Wai Lun,
Andrew and Mr. TANG Hon Bui, Ronald being eligible, ofer themselves
for re-election at the AGM.
The term of ofice of each of the independent non-executive Directors
lasts until their retirement by rotation in acordance with the Company’s
Articles of Asociation.
At the AGM, ordinary resolutions wil be proposed to re-elect each of
Mr. CHENG Wai Lun, Andrew, as executive Director and Mr. TANG Hon
Bui, Ronald as independent non-executive Director.
The Company received confirmation of independence in respect of the
year ended 31 March 2025 from each of the independent non-executive
Directors pursuant to Rule 3.13 of the Listing Rules. Up to and as at the
date of this report, the Company stil considers the independent non-
executive Directors to be independent.
EQUITY-LINKED AGREMENTS
No equity-linked agrements were entered into during the year or
subsisted at the end of the year.
COMPLIANCE WITH LAWS AND REGULATIONS
The Company’s operations are mainly caried out in Hong Kong and
acordingly shal comply with material relevant laws and regulations
in Hong Kong. During the year and up to the date of this report,
the Company has complied with al the material relevant laws and
regulations in Hong Kong.
PERMITED INDEMNITY PROVISION
The Articles of Asociation of the Company provides that every Director
shal be entitled to be indemnified out of the asets of the Company
against al loses or liabilities which they may sustain or incur in or
about the execution of the duties of their ofice otherwise in relation
thereto. In adition, the Company has maintained apropriate directors
and oficers liability insurance in respect of relevant legal actions
against the directors of the Company.
ENVIRONMENTAL POLICIES
The Group is comited to building an eco-friendly corporation that
tries to reduce the impacts of its operation on the environment, and to
ensure our compliance of prevailing environmental protection laws and
regulations. For details, please refer to the “Environmental, Social and
Governance Report” contained in this anual report.
根据现有章程细则第168条，郑伟伦先生及邓汉
标先生须于股东周年大会上轮值告退。上述即将
退任的其中两名董事郑伟伦先生及邓汉标先生符
合资格并愿意于股东周年大会上膺选连任。
各独立非执行董事之任期乃直至其根据本公司之
组织章程细则须依章轮值告退为止。
于股东周年大会上将提呈有关重选郑伟伦先生为
执行董事，邓汉标先生为独立非执行董事之普通
决议案。
本公司已接获各独立非执行董事根据上市规则第
3.13条发出有关截至二零二五年三月三十一日止
年度之独立确认书。截至及于本报告书日期，本
公司仍然视独立非执行董事属独立。
股票挂钩协议
本公司于本年度终结日或年内任何时间概无订立
任何股票挂钩协议。
遵守法例及法规
本公司业务主要于香港进行，因此须遵守香港重
大相关法例及法规。于本年度及直至本报告日
期，本公司已遵守香港所有重大相关法例及法
规。
获准许之弥偿条文
根据章程细则，本公司每名董事在其执行职责或
其他方面与此有关之情况下可能蒙受或产生之所
有损失或责任，有权获得从本公司之资产中拨付
弥偿。此外，本公司已就董事可能面对之有关法
律行动安排适当的董事及职员责任保险。
环保政策
本集团致力成为一家重视环保的机构，不断减低
其业务营运对环境造成的影响，以及确保遵守现
行之环境保护法律及法规。有关详情请参阅本年
报「环境、社会及管治报告」。
UBA INVESTMENTS LIMITED 开明投资有限公司28
REPORT OF THE DIRECTORS董事会报告
KEY RELATIONSHIPS WITH EMPLOYES, CUSTOMERS AND
SUPLIERS
As the Group principaly engages in investment in listed and unlisted
securities, no specific customers or supliers wil be involved in the
operation of busines. The investe companies and the investment
manager are god working partners creating value for the Group. The
Group also values the knowledge and skils of its employes, and
continues to provide favourable carer development oportunities for its
employes.
DIRECTORS’ SERVICE CONTRACTS
None of the Directors who are proposed for re-election at the
forthcoming anual general meting has a service contract which is
not determinable by the Group within one year without payment of
compensation other than statutory compensation.
DIRECTORS’ INTERESTS IN CONTRACTS
In the opinion of the Board, there were no contracts of significance in
relation to the Group’s busines to which the Company or any of its
subsidiaries was a party and in which any Director of the Company had
a material interest, whether directly or indirectly, subsisted at the end of
the year or at any time during the year.
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND
SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES
AND DEBENTURES OF THE COMPANY OR ANY ASOCIATED
CORPORATION
As at 31 March 2025, the interests and short positions of the Directors
in the shares, underlying shares and debentures of the Company and its
asociated corporations (within the meaning of Part XV of the Securities
and Futures Ordinance (the “SFO”) which were notified to the Company
and The Stock Exchange of Hong Kong Limited (the “SEHK”) pursuant
to Divisions 7 and 8 of Part XV of the SFO (including interests and short
positions which the Directors and the chief executive of the Company
were demed or taken to have under such provisions of the SFO) or
which were required to be and were recorded in the register required to
be kept pursuant to Section 352 of the SFO or as otherwise notified to
the Company and the SEHK pursuant to the Model Code for Securities
Transactions by Directors of Listed Companies (the “Model Code”) in
the Listing Rules were as folows:
与雇员、顾客及供应商的重要关系
由于本集团之主要业务为投资于上市及非上市证
券，因此概无在业务营运中牵涉特定顾客或供应
商。被投资公司及投资管理人为良好工作伙伴，
为本集团创造价值。本集团重视雇员的知识及技
能并继续为雇员提供有利的事业发展机会。
董事服务合约
在即将举行之股东周年大会上获提名重选连任之
董事与本集团概无订立本集团如不作出赔偿（法
定赔偿除外）则不能在一年内予以终止之服务合
约。
董事于合约之权益
根据董事会之意见，本公司或其任何附属公司订
立有关本公司业务之重大合约中，本公司董事概
无直接或间接拥有重大利益，且于本年度完结时
或于年内任何时间仍然生效。
董事及行政总裁于本公司或任何联营公司之
股份、相关股份及债券之权益及淡仓
于二零二五年三月三十一日，本公司董事于本公
司及其相联法团（定义见证券及期货条例第XV部
（「证券及期货条例」）之股份、相关股份及债券
中拥有根据证券及期货条例第XV部第7及第8分
部须知会本公司及香港联合交易所有限公司（「联
交所」）之权益及淡仓（包括根据证券及期货条例
之该等条文本公司董事及最高行政人员被视为或
被当作拥有之权益及淡仓），或须列入而已列入
按证券及期货条例第352条存置之登记册内，或
根据上市规则之上市公司董事进行证券交易之标
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：
Anual Report 2025 年报29
REPORT OF THE DIRECTORS董事会报告
附注：
该等股份由Fung Fai Growth Limited持有，Fung Fai
Growth Limited由一信托全资实益拥有，而郑伟伦先生
为其中一位酌情受益人。Fung Fai Growth Limited持
有本公司340,000,000股份。
除上文披露者外，于截至二零二五年三月三十一日
止年度内之任何时间，本公司、其附属公司或其
联营公司概无订立任何安排，令本公司之董事或
主要行政人员或其配偶或其未满十八岁之子女可
藉购入本公司或其他相联法团之股份或债券而获
益。
除上文披露者外，本公司各董事或主要行政人员
并无于本公司或其相联法团（定义见证券及期货
条例第XV部份）之股份、相关股份或债券拥有权
益或淡仓，而须登记于根据证券及期货条例第
352条规定须存置之登记册内，或根据上市规则
所载上市公司董事进行证券交易的标准守则须知
会本公司及联交所之任何权益及淡仓。
Number of shares
股份数目
Percentage
of isued
PersonalFamilyCorporateOthershare capital
Name of directorinterestsinterestsinterestsinterestsTotal已发行股本
董事姓名个人权益家属权益法团权益其他权益总额百分比
Ordinary shares of HK$0.01 each
in the Company
本公司每股面值0.01港元之普通股
CHENG Wai Lun, Andrew (Note)–340,000,000–340,000,00026.74%
郑伟伦（附注）
Note:
Mr. CHENG Wai Lun, Andrew is one of the discretionary objects of a trust which
asets include interests in the entire isued share capital of Fung Fai Growth
Limited. Fung Fai Growth Limited holds 340,000,000 shares of the Company.
Save as disclosed above, at no time during the year ended 31 March
2025 was the Company, its subsidiaries or its asociate a party to
any arangement to enable the Directors or chief executives of the
Company, or their spouses or children under the age of 18, to acquire
benefits by means of the acquisition of shares in, or debentures of, the
Company or its asociated corporation.
Save as disclosed above, none of the Directors or the chief executives
of the Company had or was demed to have any interests or short
positions in the shares, underlying shares or debentures of the
Company or any asociated corporation (within the meaning of Part
XV of the SFO) as recorded in the register required to be kept under
section 352 of the SFO or as otherwise notified to the Company and the
Stock Exchange pursuant to the Model Code for Securities Transactions
by Directors of Listed Companies contained in the Listing Rules.
UBA INVESTMENTS LIMITED 开明投资有限公司30
REPORT OF THE DIRECTORS董事会报告
主要股东于本公司之股份及相关股份之权益
及淡仓
于二零二五年三月三十一日，根据本公司按证券
及期货条例第XV部第336条规定而设置之主要股
东权益及淡仓登记册纪录所显示， 以下人士或公
司（除上述披露有关董事所持之权益外）持有本
公司已发行股本及相关股份百分之五或以上之股
份权益：
附注：
(a) Fung Fai Growth Limited之全部已发行股本
乃由一项信托持有。郑伟伦先生及其家人为
信托之受益人，而资产包括Fung Fai Growth
Limited所有已发行股本。
(b) Kingswel Holdings Group Limited之全部已
发行股本乃由梁治维先生实益拥有。
(c) 于二零二五年四月十四日，该192,000,000股
股份已出售予Knight Sky Holdings Limited，
而Knight Sky Holdings Limited及Fung Fai
Growth Limited已就本公司全部已发行股份
提出强制性全面要约。详情请参阅本公司日
期为二零二五年四月二十三日的公告。于本
年报之日期，Knight Sky Holdings Limited及
Fung Fai Growth limited分别直接拥有本公司
546,716,000股（二零二五年三月三十一日及
二零二四年三月三十一日：无）及340,000,000
股（二零二五年三月三十一日及二零二四年三
月三十一日：340,000,000股），分别约占本
公司已发行股本之42.99%及26.74%，总占本
公司已发行股本之69.73%（二零二五年三月
三十一日及二零二四年三月三十一日：Knight
Sky Holdings Limited：无，Fung Fai Growth
limited：26.74%）。Knight Sky Holdings
Limited由郑启明先生全资拥有，而郑启明先生
亦为一项信托之其中一位实益拥有人，该信托
之资产包括Fung Fai Growth limited所有已发
行股本。信托之实益拥有人包括郑启明先生及
郑伟伦先生及其家人。
SUBSTANTIAL SHAREHOLDER’S INTERESTS AND SHORT
POSITIONS IN THE SHARES, UNDERLYING SHARES OF THE
COMPANY
As at 31 March 2025, the folowing persons or corporations, other than
the interest disclosed above in respect of the Directors, interest in 5%
or more in the shares and underlying shares of the Company have ben
notified to the Company and recorded in the register of substantial
shareholders’ interests in shares and short positions required to be kept
under Section 336 of Part XV of the SFO:
Aproximate
percentage of
Numberthe total number
Name of shareholdersof shares heldof shares in isued
股东名称所持股票数目约占已发行股份百分比
Ordinary shares of HK$0.01 each in the Company
本公司每股面值0.01港元之普通股
Fung Fai Growth Limited (Note (a & c)340,000,00026.74%
Fung Fai Growth Limited（附注(a & c)）
Kingswel Holdings Group Limited (Note (b & c)192,000,00015.10%
Kingswel Holdings Group Limited（附注(b & c)）
Notes:
(a) The entire isued share capital of Fung Fai Growth Limited is owned
by a trust. Mr. CHENG Wai Lun, Andrew and his family members are
the beneficiaries of the trust which asets include interests in the entire
isued share capital of Fung Fai Growth Limited.
(b) The entire isued share capital of Kingswel Holdings Group Limited is
beneficialy owned by Mr. LEONG Chi Wai.
(c) On 14 April 2025, the 192,000,000 Shares have ben sold to Knight Sky
Holdings Limited, and a mandatory general ofer has ben conducted
by Knight Sky Holdings Limited and Fung Fai Growth Limited for al
the isued shares of the Company. For details, please refer to the
anouncement of the Company dated 23 April 2025. As at the date of
this report, Knight Sky Holdings Limited and Fung Fai Growth limited
held a direct interest in 546,716,000 (31 March 2025 and 31 March
2024: nil) shares and 340,000,000 (31 March 2025 and 31 March 2024:
340,000,000) shares respectively of the Company, representing 42.99%
and 26.74% respectively, with aproximately total of 69.73% (31 March
2025 and 31 March 2024: Knight Sky Holdings Limited: nil, Fung Fai
Growth limited: 26.74%) of the isued share capital of the Company.
Knight Sky Holdings Limited is wholy owned by Mr. Cheng Kai Ming
Charles, who is also one of the beneficiaries of the trust which asets
include asets in the entire isued share capital of Fung Fai Growth
limited. Interested beneficiaries of the trust include Mr. CHENG Kai Ming,
Charles and Mr. CHENG Wai Lun, Andrew and their family members.
Anual Report 2025 年报31
REPORT OF THE DIRECTORS董事会报告
主要股东于本公司之股份及相关股份之权益
及淡仓
于二零二五年三月三十一日，根据本公司按证券
及期货条例第XV部第336条规定而设置之主要股
东权益及淡仓登记册纪录所显示， 以下人士或公
司（除上述披露有关董事所持之权益外）持有本
公司已发行股本及相关股份百分之五或以上之股
份权益：
附注：
(a) Fung Fai Growth Limited之全部已发行股本
乃由一项信托持有。郑伟伦先生及其家人为
信托之受益人，而资产包括Fung Fai Growth
Limited所有已发行股本。
(b) Kingswel Holdings Group Limited之全部已
发行股本乃由梁治维先生实益拥有。
(c) 于二零二五年四月十四日，该192,000,000股
股份已出售予Knight Sky Holdings Limited，
而Knight Sky Holdings Limited及Fung Fai
Growth Limited已就本公司全部已发行股份
提出强制性全面要约。详情请参阅本公司日
期为二零二五年四月二十三日的公告。于本
年报之日期，Knight Sky Holdings Limited及
Fung Fai Growth limited分别直接拥有本公司
546,716,000股（二零二五年三月三十一日及
二零二四年三月三十一日：无）及340,000,000
股（二零二五年三月三十一日及二零二四年三
月三十一日：340,000,000股），分别约占本
公司已发行股本之42.99%及26.74%，总占本
公司已发行股本之69.73%（二零二五年三月
三十一日及二零二四年三月三十一日：Knight
Sky Holdings Limited：无，Fung Fai Growth
limited：26.74%）。Knight Sky Holdings
Limited由郑启明先生全资拥有，而郑启明先生
亦为一项信托之其中一位实益拥有人，该信托
之资产包括Fung Fai Growth limited所有已发
行股本。信托之实益拥有人包括郑启明先生及
郑伟伦先生及其家人。
除上文所披露者外，于二零二五年三月三十一
日，董事并不知悉有任何其他人士于本公司或任
何相联法团（定义见证券及期货条例第XV部）之
股份、相关股份股本衍生工具或债券中拥有根据
证券及期货条例第XV部，须向本公司披露之权益
或淡仓。
关连交易及持续关连交易
截至二零二五年三月三十一日止年度，本集团进
行之重大关连人士交易（根据香港联合交易所有
限公司证券上市规则（「上市规则」）同时构成持
续关连交易），乃载于综合财务报表附注24。
根据上市规则第21章，本公司之投资经理被视
为本公司之关连人士。因此，投资管理协议构成
本公司之持续关连交易。本年度之管理费约为
1,315,000港元。
详尽之资料已分别在二零二年一月二十六日所
出版之公告中及二零二年四月四日之通函中
披露。本集团与美建集团有限公司和其附属公司
（「美建集团」）订立若干有条件协议，于截至二零
二五年三月三十一日止年度，其构成本集团的持
续关连交易（「持续关连交易」）。持续关连交易须
待本公司独立股东及美建集团独立股东分别批准
后，方可作实。本公司批准持续关连交易的有关
决议案已在本公司于二零二年四月二十九日举
行之股东特别大会上通过。除了上述之披露外，
有关资料是.根据上市规则第14A之要求而披露。
详尽之资料已分别在二零二五年一月二十二日所
出版之公告中及二零二五年二月二十六日之通
函中披露。本集团与美建集团订立若干有条件协
议，于截至二零二六、二零二七及二零二八年三
月三十一日止年度，其构成本集团的持续关连交
易。并于二零二五年三月二十五日之特别股东大
会上批准。
独立非执行董事已审阅在综合财务报表中附注24
关于关连交易及持续关连交易，并确定有关之关
连交易及持续关连交易是：
i) 属本集团的日常业务；
i) 按照一般商务条款下进行或所订的交易
条款，不比本集团所给予独立第三方或独
立第三方所给予本集团的条款为差；及
i) 该等交易是根据有关交易的协议条款进
行，而交易条款公平合理，并且符合本集
团股东的整体利益。
Save as disclosed above, as at 31 March 2025, the Directors are not
aware of any other persons who have interests or short positions in the
shares, underlying shares of equity derivatives or debentures of the
Company or any asociated corporations (within the meaning of Part XV
of the SFO) which would be required to be disclosed to the Company
pursuant to Part XV of the SFO.
CONECTED TRANSACTIONS AND CONTINUING CONECTED
TRANSACTIONS
Significant related party transactions entered by the Group during the
year ended 31 March 2025 which also constitute continuing conected
transactions under the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited (the “Listing Rules”), are
disclosed in note 24 on the consolidated financial statements.
The investment manager of the Company is regarded as a continuing
conected person of the Company under Chapter 21 of the Listing
Rules. Acordingly, the investment management agrement constitutes
a conected transaction of the Company. The management fe during
the year amounted to aproximately HK$1,315,000.
As disclosed in more details under the Company’s anouncement and
circular dated 26 January 2022 and 4 April 2022 respectively. The
Group entered into certain conditional agrements with the Upbest
Group Limited and its subsidiaries (the “Upbest Group”), which would
constitute continuing conected transactions (the “CT”) on the part
of the Group for the year ended 31 March 2025. The CT are subject
to aprovals by the independent shareholders of the Company. The
relevant resolutions of the Company aproving the CT have ben
pased at the extraordinary general meting of the Company held on
29 April 2022. Save for disclosed above, certain details of which are
disclosed in compliance with the requirements of Chapter 14A of the
Listing Rules.
As disclosed in more details under the Company’s anouncement and
circular dated 22 January 2025 and 26 February 2025 respectively.
The Group entered into certain conditional agrements with the Upbest
Group, which would CT on the part of the Group for the years ending
31 March 2026, 2027 and 2028. CT was aproved by Shareholders
during the extraordinary general meting held on 25 March 2025.
The independent non-executive Directors have reviewed the conected
transactions and continuing conected transactions in note 24 on
the consolidated financial statements and have confirmed that the
conected transactions and continuing conected transactions have
ben entered into:
i) in the ordinary and usual course of busines of the Group;
i) on normal comercial terms or on terms no les favourable
to the Group than terms available to or from (as apropriate)
independent third parties; and
i) in acordance with the relevant agrements governing them on
terms that are fair and reasonable and in the interests of the
shareholders of the Company as a whole.
UBA INVESTMENTS LIMITED 开明投资有限公司32
REPORT OF THE DIRECTORS董事会报告
本公司之核数师已审阅载于综合财务报表附注24
之年内持续关连交易，并确认此等交易：
i) 已获本公司董事会批准；
i) 如适用，符合本公司之价格政策；
i) 乃按有关交易之协议条款进行；及
iv) 并无超逾相关公告内所述之上限。
持续关连交易确认书
本公司之核数师已向董事会发出上市规则第
14A.56条所规定之函件以确认第14A.56条关于
以上持续关连交易所述管理协议事项。
管理合约
有关本公司业务之重大管理合约之详情已载于综
合财务报表附注24。
除上文披露外，本公司于本年度并没有签订或存
在任何关于本公司全部或大部份业务之管理及行
政合约。
退休福利计划
本集团已根据强制性公积金计划条例之规则及规
例为香港所有合资格雇员制定退休福利计划（「强
积金计划」）。强积金计划之资产由一个独立管理
基金所持有。本集团已根据最低法定供款规定，
即合资格雇员每月有关总入息之5%供款。并无
放弃供款可用于抵减未来数年的应付供款。
优先购买权
本公司之公司组织章程大纲及细则及开曼群岛法
例均无载列有关本公司须按比例基准向现有股东
提呈新股之优先购买权之规定。
The auditors of the Company have reviewed the continuing conected
transactions during the year as set out in note 24 on the consolidated
financial statements and confirmed that these transactions:
i) were aproved by the Board;
i) where aplicable, were in acordance with the pricing policies
of the Company;
i) had ben entered into in acordance with the relevant
agrements governing the transactions; and
iv) had not exceded the caps stated in the relevant
anouncement.
CONFIRMATION FOR CONTINUING CONECTED TRANSACTIONS
A leter pursuant to Rule 14A.56 of the Listing Rules has ben isued
to the Board by the auditors of the Company confirming the maters
stated in Rule 14A.56 in respect of the above continuing conected
transactions for management agrement.
MANAGEMENT CONTRACTS
Details of significant management contracts in relation to the Company’s
busines are included in note 24 on the consolidated financial
statements.
Save as disclosed above, no other 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.
PENSION SCHEME
The Group has operated a pension scheme under the rules and
regulations of the Mandatory Provident Fund Schemes Ordinance (the
“MPF Scheme”) for al qualifying employes in Hong Kong. The asets
of the MPF Scheme are held separately in an independently managed
fund. The Group has folowed the minimum statutory contribution
requirements of 5% of eligible employes’ relevant agregate income.
No forfeited contribution is available to reduce the contribution payable
in the future years.
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights which would oblige
the Company to ofer new shares on a pro-rata basis to existing
shareholders under the Company’s Memorandum and Articles of
Asociation and the Companies Laws of the Cayman Islands.
Anual Report 2025 年报33
REPORT OF THE DIRECTORS董事会报告
AUDIT COMITE
The Company has established an audit comite acording to “A
Guide for The Formation of an Audit Comite” published by the Hong
Kong Institute of Certified Public Acountants. The primary duties of
the audit comite are to review and supervise the financial reporting
proces and internal control system of the Group. The Audit Comite
had also reviewed the anual results of the Group for the year ended 31
March 2025 in conjunction with the Company’s external auditors.
As as 31 March 2025, the audit comite of the Group consists of
3 independent non-executive Directors, namely Mr. TANG Hon Bui,
Ronald, Mr. KWOK Ming Fai and Ms. KWOK Yuen Lam, Sophia.
Ms. KWOK Yuen Lam, Sophia was apointed by the Board as the
member of Audit Comite on 12 July 2024. Dr. FUNG Lewis Hung was
retired of the member of Audit Comite on 21 August 2024
CORPORATE GOVERNANCE
The Company has complied throughout the year ended 31 March 2025
with the Code on Corporate Governance Practices set out in Apendix
C1 of the Rules Governing the Listing of Securities on the Stock
Exchange and set out in the Corporate Governance Report on pages 35
to 52 of the Anual Report.
MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS
The Company has adopted the Model Code for Securities Transactions
by Directors for the Listed Isuers (the “Model Code”) set out in
Apendix C3 of the Listing Rules as the code of conduct regarding
securities transactions by the Directors. Upon enquiry by the Company,
al Directors of the Company have confirmed that they have complied
with the required standards set out in the Model Code throughout the
period.
SUFICIENCY OF PUBLIC FLOAT
Acording to the information that is publicly available to the Company
and within the knowledge of the Board, the percentage of the
Company’s shares which are in the hands of the public exceds 25% of
the Company’s total number of isued shares.
审核委员会
本公司已根据香港会计师公会颁布之「成立审核
委员会指引」成立审核委员会，其主要职责为审
阅并监察本集团之财务汇报程序及内部监控制
度。审核委员会亦已联同本公司之外聘核数师审
阅本集团截至二零二五年三月三十一日止之年度
业绩。
于二零二五年三月三十一日，本集团审核委员会
由三名独立非执行董事组成，分别为邓汉标先
生、郭明辉先生及郭婉琳女士。
郭婉琳女士于二零二四年七月十二日获董事会委
任为审核委员会员。冯振雄医生于二零二四年
八月二十一日退任审核委员会员。
企业管治
本公司于截至二零二五年三月三十一日止年度内
一直遵守联交所证券上市规则附录C1所载之企
业管治常规守则并载于本年报第35至52页之企
业管治报告内。
董事进行证券交易之标准守则
本公司已采纳上市规则附录C3所载之《上市发
行人董事进行证券交易之标准守则》（「标准守
则」），作为董事进行证券交易之操守指引。经本
公司查询后，本公司全体董事确认，彼等于期内
一直遵照标准守则所载之标准规定。
足够公众持股量
根据本公司获得之公开资料及据董事会所知、公
众人士所持有本公司股份超过本公司已发行股份
总数25%。
UBA INVESTMENTS LIMITED 开明投资有限公司34
REPORT OF THE DIRECTORS董事会报告
AUDITORS
The financial statements for the year ended 31 March 2023, 2024
and 2025 were audited by Asian Aliance (HK) CPA Limited (“Asian
Aliance”). Asian Aliance shal hold ofice until the conclusion of the
next anual general meting of the Company.
There were no other changes in auditors of the Company in any of the
preceding thre years.
Asian Aliance wil retire and a resolution for their reapointment as
auditors of the Company wil be proposed at the forthcoming anual
general meting.
On behalf of the Board
Mr. CHAU Wai Hing
Chairman and Executive Director
Hong Kong, 25 June 2025
核数师
截至二零二三、二零二四年三月三十一日及二零
二五年三月三十一日止年度的财务报表已经由
久永（香港）会计师事务所有限公司（「久安」）审
计。久安将任职至本公司下届股东周年大会结
束。
在过去三年中，本公司核数师没有其他变动。
久安将任满告退，惟于本公司应届股东周年大会
上将提呈一项决议案，续聘其为本公司之核数
师。
承董事会命
主席及执行董事
周伟兴先生
香港，二零二五年六月二十五日
Anual Report 2025 年报35
CORPORATE GOVERNANCE REPORT企业管治报告
Sound corporate governance practices are crucial to the smoth,
efective and transparent operation of a company and its ability to
atract investment, protect rights of shareholders and stakeholders,
and enhance shareholder value. The Company is comited to high
standards of corporate governance with a view to being transparent,
open and acountable to our shareholders.
This report describes the Company’s corporate governance practices
and structures that were in place during the financial year ended 31
March 2025, with specific reference to the principles and guidelines
of the Corporate Governance Code (the “CG Code”) as set out in
Apendix C1 of the Rules Governing the Listing of Securities on the
Stock Exchange (the “Listing Rules”) isued by The Stock Exchange
of Hong Kong Limited (the “Stock Exchange”). In developing and
reviewing its corporate governance policies and practices, the
Company has sought to adopt a balanced aproach.
COMPLIANCE WITH CORPORATE GOVERNANCE CODE
The Company has complied with the code provisions set out in the
CG Code contained in Apendix C1 of the Listing Rules except for the
deviations of the folowing:
Code Provision C.3.3
Pursuant to code provisions C.3.3 in respect of the service term of
directors, none of the existing Directors (including independent non-
executive Directors) of the Company is apointed for a specific term.
This constitutes a deviation from code provision C.3.3 of the Code.
However, al the Directors of the Company are subject to the retirement
provisions under article 168 of the Articles of Asociation of the
Company. As such, the Company considers that suficient measures
have ben taken to ensure that the Company’s corporate governance
practices are no les exacting than those in the Code.
CORPORATE GOVERNANCE PRACTICE
With the asistance of the Compliance Department, the Board has
designed a proper corporate governance structure. Curently, there
are thre board comites, including Audit Comite, Remuneration
Comite and Nomination Comite. Audit Comite, Remuneration
Comite and Nomination Comite perform their distinct roles in
acordance with their respective terms of reference.
稳健之企业管治常规对公司之顺畅、有效及具透
明度之运作，以及其吸引投资、保障股东及权益
人权利及提升股东价值极为关键。本公司致力维
持高水平之企业管治，以对其股东透明、公开及
问责。
本报告乃就香港联合交易所（「联交所」）有限公
司《证券上市规则》（「上市规则」）附录C1所载之
企业管治守则（「企业管治守则」）之原则及指引
以说明本公司于二零二五年三月三十一日止财政
年度内实行之企业管治常规及架构。在拟定及检
讨企业管治政策及常规时，本公司已尽量采取平
衡之方法。
遵守企业管治守则
本公司已遵守联交所上市规则附录C1之企业管
治守则，惟下列偏离者除外：
守则条文第C.3.3条
根据该守则之守则条文第C.3.3条，就董事服务
任期而言，本公司现时之董事（包括独立非执行
董事）并无特定任期，此偏离该守则之守则条文
第C.3.3条。然而，本公司全体董事须遵守本公
司组织章程细则第168条之退任条文。因此，本
公司认为已采取足够措施，以确保本公司之企业
管治常规不逊于该守则所载者。
企业管治常规
在监管部门之协助下，董事会已制定合适之企业
管治架构。目前，本公司有三个董事委员会，包
括审核委员会、薪酬委员会及提名委员会。审核
委员会、薪酬委员会及提名委员会各自在特定之
职权范围内履行本身独有之职能。
UBA INVESTMENTS LIMITED 开明投资有限公司36
CORPORATE GOVERNANCE REPORT企业管治报告
BOARD OF DIRECTORS
Composition
Composition as at 31 March 2025, the Board of Directors of the
Company comprises six members. Dr. WONG Yun Kuen, acts as
Chairman of the Board, whereas Mr. CHENG Wai Lun, Andrew acts
as Managing Director of the Company. Other executive Director is Mr.
CHAU Wai Hing. The Company has thre independent non-executive
Directors, they are Mr. TANG Hon Bui, Ronald, Mr. KWOK Ming Fai and
Ms. KWOK Yuen Lam, Sophia. Mr. KWOK Ming Fai has apropriate
profesional acounting experience and expertise.
Ms. KWOK Yuen Lam, Sophia was apointed by the Board as an
independent non-executive Director on 12 July 2024. Dr. FUNG Lewis
Hung retired as independent non-executive Director on 21 August 2024.
On 6 June 2025, the Company isued an anouncement, stating that Dr.
WONG Yun Kuen, the Chairman of Board and the executive Director of
the Company tendered to the Company his resignation from the position
of the Chairman of Board and the executive Director of the Company
with efect from 6 June 2025 and Mr. CHAU Wai Hing was elected as
the Chairman of Board on the same date.
Al Directors have distinguished themselves in their field of expertise,
and have exhibited high standards of personal and profesional ethics
and integrity. The biographical details of each Director are disclosed in
page 20 to page 21 of this Anual Report.
Each independent non-executive Director has pursuant to the Rule
3.13 of the Listing Rules, confirmed that he/she is independent of the
Company and the Company also considers that they are independent.
The Company has adopted the Model Code set out in Apendix
C3 of the Listing Rules as the code of conduct regarding securities
transaction by the directors (the “Model Code”). Having made specific
enquiry of al Directors, the Company confirmed that al Directors have
complied with the required standards as set out in the Model Code
during the year.
董事会
成员
于二零二五年三月三十一日，本公司董事会由六
名成员组成，黄润权博士为董事会主席，而郑伟
伦先生为本公司董事总经理。其它执行董事为周
伟兴先生。本公司共有三名独立非执行董事，分
别为邓汉标先生、郭明辉先生及郭婉琳女士，当
中郭明辉先生具有合适之专业会计经验及专业知
识。
郭婉琳女士于二零二四年七月十二日获董事会委
任为独立非执行董事。冯振雄医生于二零二四年
八月二十一日退任独立非执行董事。
于二零二五年六月六日，本公司发布公告，本公
司董事会主席及执行董事黄润权博士向公司递交
辞呈，由二零二五年六月六日起辞任公司董事会
主席及执行董事并于同日推选周伟兴先生为公司
董事会主席。
全体董事于本身之专业范围均为杰出人士，展现
出高水准之个人及专业道德及品格。各董事之履
历于本年报第20页至第21页披露。
每名独立非执行董事均已根据上市规则第3.13条
确认其独立于本公司，而本公司亦认为彼等确属
独立人士。
本公司已采纳上市规则附录C3所载之《标准守
则》作为董事进行证券交易之操守则（「标准守
则」）。本公司经向全体董事作出特定查询后确
认，彼等于年内均全面遵守《标准守则》之规定。
Anual Report 2025 年报37
CORPORATE GOVERNANCE REPORT企业管治报告
董事会成员之间并不存有任何关系（包括财务、
业务、家属或其他重大之关系）。
根据本公司之组织章程细则，在职董事须最少每
三年于股东周年大会上轮值告退一次，并符合资
格膺选连任。
职能
董事会由主席领导，负责根据规管董事会议之
规则、董事总经理工作指引、组织章程细则及规
管股东大会之规则订定及批准本集团之发展及业
务策略及政策、批准周年预算及业务计划、建议
股息，以及监督管理层。
执行董事负责本公司营运之日常管理。执行董事
与本公司及其附属公司及联营公司之高级管理层
定期举行会议，会上评估经营事宜及财务表现。
本公司认为发展成熟及适时之申报制度及内部监
控为基本所需，而董事会在实行及监控内部财务
监控方面扮演重要角色。
董事会已订有程序，让董事按合理要求，可在适
当之情况下寻求独立专业意见，费用由本公司支
付。
本公司组织章程细则载有董事会责任及运作程序
之描述。董事会定期举行会议，听取本公司之营
运报告，并制定政策。本公司之重大经营政策须
经董事会讨论及通过。董事会议包括定期会议
及不定期会议。董事会每年召开至少四次正式会
议。
除定期及不定期会议外，董事会亦透过由主席适
时主持之工作会议取得足够资料，以监控管理层
目标及策略、本公司财务状况及经营业绩，以及
重大合约之条文。
There is no relationship (including financial, busines, family or other
material relationship) among members of the Board.
Pursuant to the Articles of Asociation of the Company, the Directors
shal hold ofice subject to retirement by rotation at the anual general
meting of the Company at least once every thre years and eligible for
re-election.
Function
The Board of Directors, headed by the Chairman, is responsible for
formulation and aproval of the Group’s development and busines
strategies and policies, aproval of anual budgets and busines
plans, recomendation of dividend, and supervision of management
in acordance with the rules governing the meting of the Board
of Directors, the Managing Director’s working guides, Articles of
Asociation and rules governing the meting of shareholders.
The executive Directors are responsible for day-to-day management
of the Company’s operations. These executive Directors conduct
regular metings with the senior management of the Company and its
subsidiaries and asociated companies, at which operational isues
and financial performance are evaluated.
The Company considers wel-developed and timely reporting systems
and internal controls are esential, and the Board of Directors plays a key
role in the implementation and monitoring of internal financial controls.
The Board of Directors has established procedure to enable Directors,
upon reasonable request, to sek independent profesional advice in
apropriate circumstances, at the Company’s expenses.
The Articles of Asociation of the Company contain description of
responsibilities and operation procedures of the Board of Directors. The
Board of Directors holds regular meting and listens to the operating
reports of the Company and makes policies. Significant operating
policies of the Company have to be discused and pased by the Board
of Directors. Board metings include regular metings and iregular
metings. The Board of Directors mets formaly at least 4 times a year.
Besides regular and iregular metings, the Board of Directors obtains
adequate information through working metings, presided by the
Chairman in a timely maner, to monitor objectives and strategies of the
management, financial conditions and operating results of the Company
and provisions of significant agrements.
UBA INVESTMENTS LIMITED 开明投资有限公司38
CORPORATE GOVERNANCE REPORT企业管治报告
于截至二零二五年三月三十一日止之财政年度，
董事会曾举行十二次定期执行董事会议，大约
每月一次，另亦曾举行十一次不定期董事会
议，乃于认为有需要时召开。适当通知及董事会
文件已根据本公司组织章程细则及守则在会议前
送交全体董事。各董事之出席详情载列如下：
主席及董事总经理
主席及董事总经理之角色应分开，应由彼此间并
无关系之两名独立人士担任，以达到平衡权力及
职权，致使工作职责不会集中于任何一人。
董事会主席负责领导及有效管理董事会。主席亦
负责厘定每次董事会议之议程，并考虑将其他
董事提出之事务（如适当）包含于议程内。
董事总经理获授予职权以有效方式管理本集团业
务之各方面事务、执行重要策略、作出日常决定
及协调整体业务运作。
For the financial year ended 31 March 2025, the Board of Directors held
12 regular executive Board metings at aproximately monthly interval
and 11 iregular Board metings which were convened when demed
necesary. Due notice and Board papers were given to al Directors
prior to the meting in acordance with the Company’s Articles of
Asociation and the Code. Details of individual atendance of Directors
are set out below:
Executive Board MetingIregular Board Meting
执行董事会议不定期董事会议
Atendance/Atendance/
Total Metings HeldTotal Metings Held
出席次数╱会议总数出席次数╱会议总数
Name of directors董事姓名
Executive Directors执行董事
Mr. CHENG Wai Lun, Andrew郑伟伦先生12/1211/11
Mr. CHAU Wai Hing 周伟兴先生12/1211/11
Dr. WONG Yun Kuen
(Resigned on 6 June 2025)
黄润权博士（于二零二五年
六月六日辞任）12/1211/11
Independent Non-executive Directors独立非执行董事
Mr. TANG Hon Bui, Ronald邓汉标先生N/A 不适用11/11
Mr. KWOK Ming Fai郭明辉先生N/A 不适用11/11
Ms. KWOK Yuen Lam, Sophia (Apointed on
12 July 2024)
郭婉琳女士（于二零二四年
七月十二日获委任）N/A 不适用8/11
Dr. FUNG Lewis Hung
(Retired on 21 August 2024)
冯振雄医生（于二零二四年
八月二十一日退任）N/A 不适用3/11
Chairman and Managing Director
The roles of the Chairman and the Managing Director are segregated
and asumed by two separate individuals who have no relationship with
each other to strike a balance of power and authority so that the job
responsibilities are not concentrated on any one individual.
The Chairman of the Board is responsible for the leadership and
efective runing of the Board. The Chairman is also responsible for
deciding the agenda of each Board meting, taking into acount, where
apropriate, maters proposed by other Directors for inclusion in the
agenda.
The Managing Director is delegated with the authorities to manage the
Group’s busines in al aspects efectively, implement major strategies,
make day-to-day decision and cordinate overal busines operation.
Anual Report 2025 年报39
CORPORATE GOVERNANCE REPORT企业管治报告
独立非执行董事之人数占董事会成员一半。董事
会成员包括具有专业资格及丰富经验之人士，藉
以为本公司带来宝贵之贡献，以及就本公司之发
展提供各类专业建议及意见。
职责
在履行职责之过程中，董事真诚地、竭尽所能及
谨慎，及以本公司及其股东之最佳利益行事。其
责任包括：
－ 定期召开董事会议，专注于业务策略、
营运事宜及财务表现。
－ 积极参与附属公司之董事会。
－ 为每家经营公司审批周年预算，涵盖策略、
财务及业务表现、主要风险及机会。
－ 监察内部及外部报告之素质、适时性、相
关性及可靠性。
－ 检讨符合企管守则之情况。
－ 透过审核委员会检讨风险管理及内部监控
系统之成效。
－ 监察及管理管理层、董事会成员与股东之
间可能出现之利益冲突，包括误用企业资
产及滥用关联方交易。
－ 确保订有程序维持本公司之整体行事持正，
包括财务报表，及其他权益人之关系，以
及遵守所有法例及操守规定。
为让本公司董事可履行彼等之义务，现已有合适
之组织架构，清楚界定责任及权限。
董事委员会
董事会已设立多个董事委员会，包括审核委员
会、薪酬委员会及提名委员会，以加强其职能及
提升其专业能力。该等委员会经已设立，其特定
之职权范围已登载本公司网站并详载该委员会职
责、权力和职能。
The number of independent non-executive Directors is half of the Board
membership. The Board membership is covered by profesionaly
qualified and widely experienced personel so as to bring in valuable
contribution and diferent profesional advices and consultancy for the
development of the Company.
Responsibilities
In the course of discharging their duties, the Directors act in god faith,
with due diligence and care, and in the best interests of the Company
and its Shareholders. Their responsibilities include:
– Regular Board metings focusing on busines strategy,
operational isues and financial performance.
– Active participation on the boards of subsidiaries.
– Aproval of anual budgets for each operating company covering
strategy, financial and busines performance, key risks and
oportunities.
– Monitoring the quality, timelines, relevance and reliability of
internal and external reporting.
– Reviewing of the compliance with the CG Code.
– Reviewing of the efectivenes of the risk management and internal
control systems of the Company through the Audit Comite.
– Monitoring and managing potential conflicts of interest of
management, Board members and Shareholders, including misuse
of corporate asets and abuse in related party transaction.
– Ensuring proceses are in place to maintain the overal integrity of
the Company, including financial statements, and relationship with
other stakeholders, and compliance with al laws and ethics.
To enable the Company’s Directors to met their obligations, an
apropriate organizational structure is in place with clearly defined
responsibilities and limits of authority.
Board Comites
A number of Board Comites, including Audit Comite,
Remuneration Comite and Nomination Comite, have ben
established by the Board of Directors to strengthen its functions and
to enhance its expertise. These comites have ben formed with
specific writen terms of reference which is available on the Company’s
website set out details of the Comite’s duties, powers and functions.
UBA INVESTMENTS LIMITED 开明投资有限公司40
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审核委员会
于二零二四年三月三十一日，本公司审核委员会
成员包括三名独立非执行董事，即邓汉标先生、
郭明辉先生及郭婉琳女士。于本期内由郭明辉先
生担任主席。审核委员会直接向董事会汇报，并
检讨审核范围以内之事宜，例如财务报表及内部
监控，以保障本公司股东之权益。
郭婉琳女士于二零二四年七月十二日获董事会委
任为审核委员会员。冯振雄医生于二零二四年
八月二十一日退任审核委员会员。
审核委员会与本公司外聘核数师定期举行会议，
以讨论审核程序及会计事宜，并检讨内部监控及
风险评估是否有效。其职权范围描述审核委员会
之权限及职责，并由董事会定期检讨及更新。
以下列载于年内之工作概要：
－ 审阅截至二零二四年三月三十一日止年度
及截至二零二四年九月三十日止六个月之
综合财务报表；
－ 检讨内部监控、财务控制及风险管理系统
是否有效；
－ 检讨内部审核功能；
－ 覆核持续关连交易及年度上限；
－ 审阅核数师之法定审核计划及声明函件；
及
－ 考虑及批准二零二四年核数费用及审核工
作。
年内，审核委员会曾举行五次会议。各成员之出
席详情载于下表：
Audit Comite
As at 31 March 2025, the Company’s Audit Comite is composed
of thre independent non-executive Directors, namely Mr. TANG Hon
Bui, Ronald, Mr. KWOK Ming Fai and Ms. Kwok Yuen Lam, Sophia. It
is chaired by Mr. KWOK Ming Fai during this period. It reports directly
to the Board of Directors and reviews maters within the scope of
audit, such as financial statements and internal controls, to protect the
interests of the Company’s Shareholders.
Ms. KWOK Yuen Lam, Sophia was apointed by the Board as the
member of Audit Comite on 12 July 2024. Dr. FUNG Lewis Hung was
retired of the member of Audit Comite on 21 August 2024.
The Audit Comite mets regularly with the Company’s external
auditors to discus audit proces and acounting isues, and reviews
efectivenes of internal controls and risk evaluation. Writen terms
of reference, which describes the authority and duties of the Audit
Comite are regularly reviewed and updated by the Board.
Set out below is the sumary of work done during the year:
– to review the consolidated financial statements for the year ended
31 March 2024 and for the six months ended 30 September 2024;
– to review efectivenes of the internal control, financial controls
and risk management system;
– to review the internal audit function;
– to review the continuing conected transactions and anual caps;
– to review auditors’ statutory audit plan and leters of representation;
and
– to consider and aprove 2024 audit fes and audit work.
The Audit Comite held 5 metings during the year. Details of
individual atendance of its members are set out in the table below:
Atendance/Total metings Held
出席次数╱会议总数
Name of directors董事姓名
Independent Non-executive Directors独立非执行董事
Mr. TANG Hon Bui, Ronald邓汉标先生5/5
Mr. KWOK Ming Fai郭明辉先生5/5
Ms. KWOK Yuen Lam, Sophia (Apointed on
12 July 2024)
郭婉琳女士（于二零二四年
七月十二日获委任）3/5
Dr. FUNG Lewis Hung (Retired on
21 August 2024)
冯振雄医生（于二零二四年
八月二十一日退任）2/5
Anual Report 2025 年报41
CORPORATE GOVERNANCE REPORT企业管治报告
薪酬委员会
董事会已成立薪酬委员会，于二零二五年三月
三十一日由一名执行董事郑伟伦先生及三名独立
非执行董事、邓汉标先生、郭明辉先生及郭婉琳
女士组成。于本期内由郭明辉先生担任主席。
郭婉琳女士于二零二四年七月十二日获董事会委
任为薪酬委员会员。冯振雄医生于二零二四年
八月二十一日退任薪酬委员会员。
薪酬委员会之权责范围已参考企业管治守则进行
检讨。
薪酬委员会之主要责任为检讨及考虑本公司有关
董事及高级管理层薪酬之政策，决定执行董事及
高级管理层之薪酬组合包括实物利益、退休金权
利及补偿付款，以及向董事会推荐独立非执行董
事之薪酬。
以下列载薪酬委员会于年内之工作概要：
－ 检讨二零二四╱二零二五年度之薪酬政策；
－ 检讨执行董事及独立非执行董事之薪酬；
及
－ 检讨年度购股权政策（如有）。
年内，薪酬委员会曾举行二次会议。各成员之出
席详情载于下表：
Remuneration Comite
The Board has established a Remuneration Comite and as at 31
March 2025 comprising one executive Director, Mr. CHENG Wai Lun,
Andrew and thre independent non-executive Directors, Mr. TANG Hon
Bui, Ronald, Mr. KWOK Ming Fai and Ms. KWOK Yuen Lam, Sophia. It is
chaired by Mr. KWOK Ming Fai during this period.
Ms. KWOK Yuen Lam, Sophia was apointed by the Board as the
member of Remuneration Comite on 12 July 2024. Dr. FUNG Lewis
Hung was retired of the member of Remuneration Comite on 21
August 2024.
The terms of reference of the Remuneration Comite have ben
reviewed with reference to the Corporate Governance Code.
The Remuneration Comite’s responsibilities are to review and
consider Company’s policy for remuneration of Directors and senior
management, to determine remuneration packages of executive
Directors and senior management including benefits in kind, pension
rights and compensation payments, and to recomend to the Board of
Directors remuneration of independent non-executive Directors.
Set out below is the sumary of work of the Remuneration Comite
done during the year:
– to review the remuneration policy for 2024/2025;
– to review the remuneration of the executive Directors and the
independent non-executive Directors; and
– to review the anual share option policy (if any).
The Remuneration Comite held 2 meting during the year. Details of
individual atendance of its members are set out in the table below:
Atendance/Total metings Held
出席次数╱会议总数
Name of Directors董事姓名
Executive Director执行董事
Mr. CHENG Wai Lun, Andrew郑伟伦先生2/2
Independent Non-executive Directors独立非执行董事
Mr. TANG Hon Bui, Ronald邓汉标先生2/2
Mr. KWOK Ming Fai郭明辉先生2/2
Ms. KWOK Yuen Lam, Sophia (Apointed on
12 July 2024)
郭婉琳女士（于二零二四年七月
十二日获委任）1/2
Dr. FUNG Lewis Hung (Retired on
21 August 2024)
冯振雄医生（于二零二四年
八月二十一日退任）1/2
UBA INVESTMENTS LIMITED 开明投资有限公司42
CORPORATE GOVERNANCE REPORT企业管治报告
提名委员会
董事于二零一二年三月二十一日成立提名委员
会，于二零二五年三月三十一日由一名执行董事
郑伟伦先生及三名独立非执行董事邓汉标先生、
郭明辉先生及郭婉琳女士组成。于本期内由郭明
辉先生担任主席。
郭婉琳女士于二零二四年七月十二日获董事会委
任为提名委员会员。冯振雄医生于二零二四年
八月二十一日退任提名委员会员。
本公司网站已登载获采纳之提名委员会职权范
围，详载该委员会职责、权力和职能、挑选及建
议合适人选加入本公司董事会之提名程序、过程
及准则，其内容撮要载列如下：
– 至少每年检讨董事会的架构、人数及成
员多元化（包括但不限于性别、年龄、文化
及教育背景、种族、专业经验、技能、知识
及服务任期方面），并就本公司企业策略的
执行向董事会提出任何改动建议；
– 物色具备合适资格可担任董事会成员之人
士，并挑选提名有关人士出任董事或就此
向董事会作出建议；
– 评核独立非执行董事之独立性；
– 检讨董事会多元化政策（如适用）并检讨董
事会就实施董事会多元化政策而设定的可
计量目标，以及实现目标的进度；
– 制定、维持及检讨董事提名政策（如适
用），包括政策中规定的提名程序，挑选及
推荐董事候选人的程序和标准；
– 定期检讨董事履行其责任所需付出的时间；
及
– 因应本公司的企业策略及日后需要的技能、
知识、经验及多元化组合，就委任或重新
委任董事以及主席、集团行政总裁继任计
划的有关事宜向董事会提出建议；
Nomination Comite
The Board has established a nomination comite on 21 March 2012,
and as at 31 March 2025 comprising one executive Director, Mr. CHENG
Wai Lun, Andrew and thre independent non-executive Directors Mr.
TANG Hon Bui, Ronald, Mr. KWOK Ming Fai and Ms. KWOK Yuen Lam,
Sophia. It is chaired by Mr. KWOK Ming Fai during this period.
Ms. KWOK Yuen Lam, Sophia was apointed by the Board as the member
of Nomination Comite on 12 July 2024. Dr. FUNG Lewis Hung was
retired of the member of Nomination Comite on 21 August 2024.
The terms of reference of the nomination comite, which is available
on the Company’s website, set out details of the Comite’s duties,
powers and functions, nomination procedures and the proces and
criteria adopted for selection and recomendation of candidates for
directorship of the Company, sumary of which is set out below:
– review the structure, size and diversity (including without limitation,
gender, age, cultural and educational background, ethnicity,
profesional experience, skils, knowledge and length of service)
of the Board at least anualy; and make recomendations to
the Board regarding any proposed changes to implement the
Company’s corporate strategy;
– identify individuals suitably qualified to become Board members
and select or make recomendations to the Board on the selection
of individuals nominated for directorships;
– ases the independence of independent non-executive Director;
– review the Board Diversity Policy, as apropriate, and review the
measurable objectives that the Board has set for implementing
the Board Diversity Policy, and the progres on achieving the
objectives;
– develop, maintain and review a policy for the nomination of
Directors, as apropriate. This includes the nomination procedures
and proces and criteria to select and recomend candidates for
directorship set out in the policy;
– regularly review the time required from a Director to perform his
responsibilities; and
– make recomendations to the Board on relevant maters relating
to the apointment or re-apointment of Directors and sucesion
planing for Directors, in particular the chairman and the chief
executive oficer, taking into acount the Company’s corporate
strategy and the mix of skils, knowledge, experience and diversity
neded in the future;
Anual Report 2025 年报43
CORPORATE GOVERNANCE REPORT企业管治报告
The Nomination Comite held 2 meting during the year. Details of
individual atendance of its members are set out in the table below:
Atendance/Total metings Held
出席次数╱会议总数
Name of directors董事姓名
Executive Director执行董事
Mr. CHENG Wai Lun, Andrew郑伟伦先生2/2
Independent Non-executive Directors独立非执行董事
Mr. TANG Hon Bui, Ronald邓汉标先生2/2
Mr. KWOK Ming Fai郭明辉先生2/2
Ms. KWOK Yuen Lam, Sophia (Apointed on
12 July 2024)
郭婉琳女士（于二零二四年七月
十二日获委任）1/2
Dr. FUNG Lewis Hung (Retired on
21 August 2024)
冯振雄医生（于二零二四年
八月二十一日退任）1/2
Board Diversity Policy
The Company adopted a Board Diversity Policy (the “Diversity Policy”)
which became efective in September 2013. This Diversity Policy aims at
seting out the aproach to achieve diversity on the Company’s Board of
Directors, through the consideration of a number of factors in the Board
members’ selection proces, including but not limited to gender, age,
cultural and educational background, ethnicity, profesional experience,
skils, knowledge and length of service. Al Board apointments are
based on merits, and have paid due regard for the benefits of diversity
on the Board in selecting candidates.
As at the date of this anual report, Board members include 4 male
Directors and 1 female Director, the Company has reviewed the
structure and composition of the Board of the Company and aims to
implement gender diversity plans. The Company believes that a gender
diverse Board wil provide diversity and further contribution to the
busines of the Company. The details of the gender diversity of our
Company (including employes and the members of the Board) are set
out in the section B headed “Employment” of the Environmental, Social
and Governance Report on page 66 of this report.
年内，提名委员会曾举行二次会议。各成员之出
席详情载于下表：
多元化政策
本公司于二零一三年九月采纳董事会成员多元化
政策（「多元化政策」）。多元化政策列载董事会
成员为达致成员多元化而采取的方针，于董事会
成员甄选过程中考虑多项因素，包括但不限于性
别、年龄、文化及教育背景、种族、专业经验、
技能、知识及资历等。董事会所有委任均以用人
唯才为原则，并在考虑人选时尽可能充分顾及董
事会成员多元化的裨益。
于本年报日期，董事会成员包括4名男性董事及1
名女性董事，本公司审视了公司董事会的架构及
组成情况，并落实董事会成员性别多元化计划及
安排。本公司相信透过不同性别组成的董事会，
可以为本公司业务提供多元化及进一步贡献。有
关本公司员工及董事会成员的性别多元化详情，
载于本报告第66页「环境、社会及管治报告」中社
会内「雇佣」一节。
UBA INVESTMENTS LIMITED 开明投资有限公司44
CORPORATE GOVERNANCE REPORT企业管治报告
Nomination Policy
The Nomination Comite shal nominate suitable candidates to the
Board for it to consider to apoint as Director to fil casual vacancies
and consider of Directors to be re-apointed at an anual general
meting.
The factors listed below would be used as reference by the Nomination
Comite in asesing the suitability of a proposed candidate.
- ;
- , in
particular, in asets management, regulated license person and
related investment experience;
- ;
- , including but not limited to gender,
age (18 years or above), cultural and educational background,
ethnicity, profesional experience, skils, knowledge and length of
service.
These factors are for reference only, and not meant to be exhaustive
and decisive. The Nomination Comite has the discretion to nominate
any person, as it considers apropriate.
Proposed candidates wil be asked to submit the necesary personal
information in a prescribed form, together with their writen consent to
be apointed as a Director and to the public disclosure of their personal
data on any documents or the relevant websites for the purpose of or in
relation to their standing for election as a Director.
提名政策
提名委员会须向董事会提名合适人选，以考虑委
任董事填补临时职位空缺，并考虑在股东周年大
会上重新委任董事。
下列因素将在提名委员会评估拟议候选人的适合
性时作为参考。
- ；
b. 于投资行业尤其是资产管理方面的成就及
经验，受规管执照人员及相关投资经验；
- ；
- ，包括但不限于性别、年龄
（18岁或以上）、文化及教育背景、种族、
专业经验、技能、知识及服务年限。
该等因素仅供参考，并不详尽及具决定性。提名
委员会可全权酌情提名其认为合适的任何人士。
建议候选人将被要求以指定格式提交必要个人资
料，连同其同意获委任为本公司董事，并就其参
选有关董事职务或与此有关于任何文件或相关网
站上公开披露其个人资料之书面同意。
Anual Report 2025 年报45
CORPORATE GOVERNANCE REPORT企业管治报告
CONTINUOUS PROFESIONAL DEVELOPMENT OF DIRECTORS
To ensure Directors’ contribution to the Board remains informed
and relevant, the Company encourages Directors to participate in
continuous profesional development to develop and refresh their
knowledge and skils and understanding of the busines and markets
in which the Group operates. Directors are also provided with monthly
performance and position updates of the Group, and information such
as performance and key operational highlights to enable the Board as a
whole as wel as each Director to discharge their duties. During the year
ended 31 March 2025, al Directors have participated in apropriate
continuous profesional development and provided the Company with
their records of training. A sumary of training records provided by the
Directors is as folows:
Atending trainings and Seminars, Reading
articles, newspapers, journal and updates
出席会议及╱或研讨会
阅读文章、报章、期刊及╱或最新资讯
Name of Directors董事姓名
Executive Directors执行董事
Mr. CHENG Wai Lun, Andrew郑伟伦先生✓
Mr. CHAU Wai Hing
(Elected as Chairman on 6 June 2025)
周伟兴先生（于二零二五年六月六日
获推选为董事会主席）✓
Dr. WONG Yun Kuen
(Resigned on 6 June 2025)
黄润权博士（于二零二五年
六月六日获委任）✓
Independent Non-executive Directors独立非执行董事
Mr. TANG Hon Bui, Ronald邓汉标先生✓
Mr. KWOK Ming Fai郭明辉先生✓
Ms. KWOK Yuen Lam, Sophia
(Apointed on 12 July 2024)
郭婉琳女士（于二零二四年七月十二日
获委任）✓
Dr. FUNG Lewis Hung (Retired on
21 August 2024)
冯振雄医生（于二零二四年
八月二十一日退任）N/A不适用
董事之持续专业发展
为确保董事在具备全面资讯及切合所需之情况
下对董事局作出贡献，本公司鼓励董事参与持续
专业发展，以发展并更新彼等之知识、技能及对
本集团运作之业务及市场之理解；并向董事提供
本集团每月之业绩及财务状况之最新资料，以及
如业绩及营运重点等资料，使董事局全体及各董
事均能履行彼等之职责。于截至二零二五年三月
三十一日止年度，所有董事均已参与合适之持续
专业发展，并已向本公司提供彼等接受培训之纪
录。董事提供之培训记录概要如下：
UBA INVESTMENTS LIMITED 开明投资有限公司46
CORPORATE GOVERNANCE REPORT企业管治报告
CORPORATE GOVERNANCE FUNCTIONS
The Board as a whole is responsible for performing the corporate
governance duties including:
(a) to develop and review the Company’s policies and practices on
corporate governance;
(b) to review and monitor the training and continuous profesional
development of Directors and senior management;
(c) to review and monitor the Company’s policies and practices in
compliance with legal and regulatory requirements;
(d) to develop, review and monitor the code of conduct and
compliance manual (if any) aplicable to employes and Directors;
(e) to review the Company’s compliance with the CG Code and
disclosure in the Corporate Governance Report; and
(f) to review of the efectivenes of the risk management and internal
control systems of the Company.
External Auditors
During the year and as at the end of the reporting period at 31 March
2025, the remuneration payable and paid to the Group’s existing
auditors Asian Aliance (HK) CPA Limited, are set out as folows:
Services rendered for the GroupFes paidFes payable
向本集团提供之服务已付之费用应付之费用
HK$’000HK$’000
千港元千港元
Audit services审计服务240230
Non-audit services非审计服务–
Total总计240230
企业管治职能
董事会整体负责执行企业管治职责，包括：
(a) 发展及检讨本公司有关企业管治之政策及
常规；
(b) 检讨及监察董事及高级管理层之培训及持
续专业发展；
(c) 检讨及监察遵守法定及监管规定之本公司
政策及常规；
(d) 发展、检讨及监察适用于雇员及董事之行
为守则及合规手册（如有）；
(e) 检讨本公司遵守企业管治报告之守则及披
露；及
(f) 检讨本公司风险管理及内部监控制度的效
能。
外聘核数师
年内及截至二零二五年三月三十一日止本报告期
内，本集团应付及已付现任核数师久安（香港）会
计师事务所有限公司之酬金载列如下：
Anual Report 2025 年报47
CORPORATE GOVERNANCE REPORT企业管治报告
内部监控及风险管理
董事会有责任确保本公司维持健全及有效的风
险管理及内部监控系统，以时刻保障股东的投资
及本集团的资产。审核委员会协助董事会履行其
于本集团财务、营运、合规、风险管理及内部监
控，以及财务及内部审计职能方面资源的监管及
企业管治角色。
董事会已确立既定程序，以确定、评估及管理本
集团所面对的重大风险，程序包括当营商环境或
规例指引变更时，更新内部监控系统。
董事会认为回顾年内及截至本年报及综合财务报
表刊发日期，现存之内部监控系统稳健，足以保
障股东及员工之利益，及本集团之资产。
投资经理协助董事会推行风险及控制之政策及程
序，确定及评估所面对之风险，并参与设计、运
作及监察合适之内部监控措施，以减少及控制此
等风险。
本集团已确立主要程序以审阅内部监控系统之充
足性及完整性，该等程序包括：
– 执行董事会负责确保日常运作有效率，及
根据企业目标及策略营运。
– 本公司之审核委员会审阅外聘核数师、监
管机构及管理层所确定之内部监控事项，
并评估集团风险管理及内部监控系统之充
足性及有效性。
本公司已订立政策及程序保障资产不会在未经
许可下使用及处置；妥当存置会计记录为业务间
或外部刊物提供可靠资料以及遵守有关规例、规
则及法规之规定。本公司已订立政策及程序提供
合理而非绝对之保证以防止欺诈、重大误述或误
差。
INTERNAL CONTROL AND RISK MANAGEMENT
It is the responsibility of the Board to ensure that the Company
maintains sound and efective risk management and internal control
systems to safeguard the Shareholders’ investment and the Group’s
asets at al times. The Audit Comite asists the Board in fulfiling
its corporate governance roles in the Group’s financial, operational,
compliance, risk management and internal controls, and the resourcing
of the finance and internal audit functions.
The Board has established an on-going proces for identifying,
evaluating and managing the significant risks faced by the Group and
this proces includes updating the system of internal controls when
there are changes to busines environment or regulatory guidelines.
The Board is of the view that the system of internal controls in place
for the year under review and up to the date of isuance of the anual
report and consolidated financial statements is sound and is suficient
to safeguard the interests of Shareholders and employes, and the
Group’s asets.
The investment manager asists the Board in the implementation of the
board’s policies and procedures on risk and control by identifying and
asesing the risks faced, and involving in the design, operation and
monitoring of suitable internal controls to mitigate and control these risks.
The key proceses that have ben established in reviewing the
adequacy and integrity of the system of internal controls include the
folowing:
– The Executive Board is responsible to ensure the efectivenes of
the daily operations and that the operations are in acordance with
the corporate objectives and strategies.
– The Audit Comite of the Company reviews internal control
isues identified by external auditors, regulatory authorities and
management, and evaluates the adequacy and efectivenes of the
Group’s risk management and internal control systems.
Policies and procedures have ben designed for safeguarding
asets against unauthorised use or disposition; maintenance of
proper acounting records for the use of reliable information within
the busines or external publication, and compliance of relevant
regulations, rules and legislations. The policies and procedures are
designed for providing reasonable but not absolute asurance to avoid
fraud, material mistatements or erors.
UBA INVESTMENTS LIMITED 开明投资有限公司48
CORPORATE GOVERNANCE REPORT企业管治报告
内部审计
本集团已委聘外部独立会计师审阅本集团之内部
审计系统。内部审计的范围将于各年初予以厘
定。作为持续审阅系统的一部分，内部审计每年
审阅内部监控及风险管理系统一次，作出建议并
向审核委员会及董事会汇报。
公司秘书
梁文礼先生于二零一二年七月三十日获委任为
本公司公司秘书。公司秘书直接向本公司董事报
告，并负责向董事会提供管治事宜意见。根据上
市规则第3.29条，公司秘书年内已参加不少于15
小时的相关专业培训。
发布内幕消息
董事会确保内幕信息严格保密，直至相关公告作
出。董事并不知悉须提请股东注意的任何重大方
面。
股息政策
本公司可向股东宣派及派发股息，惟本集团须录
得除税后溢利，以及该股息之宣派及派发对本集
团正常经营不构成影响。
于厘定是否拟派股息及厘定股息金额时，董事会
须考虑（其中包括）
(i) 本集团之总体财务状况；
(i) 本集团之资本及债务水平；
(i) 未来现金需求以及业务营运、业务策略及
未来发展所需的可用资金；
(iv) 整体市况；及
(v) 本集团贷款方可能就支付股息施加的任何
限制；以及董事会认为合适的任何其他因
素。
本公司支付股息亦受限于开曼群岛公司法及本公
司组织章程细则的任何限制条件。
INTERNAL AUDIT
An independent CPA has ben engaged to perform the internal audit
function of the Group. The scope of internal audit wil be determined at
the start of each year. As part of the ongoing review of the systems, the
internal audit reviews and aseses the Group’s internal control and risk
management systems, makes recomendation and reports to the Audit
Comite and the Board once a year.
COMPANY SECRETARY
Mr. LEUNG Man Lai was apointed as the Company Secretary of the
Company on 30 July 2012. The Company Secretary reports to the
Directors of the Company and is responsible for advising the Board on
governance maters. Acording to the Rule 3.29 of the Listing Rules,
the Company Secretary has taken not les than 15 hours of relevant
profesional training during the year.
DISEMINATION OF INSIDE INFORMATION
The Board ensures the inside information is kept strictly confidential
until the relevant anouncement is made. The Directors are not aware
of any significant areas which ned to be brought to the atention of the
Shareholders.
Dividend Policy
The Company may declare and distribute dividends to the shareholders,
provided that the Group records a profit after tax and that the
declaration and distribution of dividends does not afect the normal
operations of the Group.
In deciding whether to propose a dividend and in determining the
dividend amount the Board shal take into acount, inter alia:
(i) the general financial condition of the Group;
(i) capital and debt level of the Group;
(i) future cash requirements and availability for busines operations,
busines strategies and future development neds;
(iv) the general market conditions; and
(v) any restrictions on payment of dividends that may be imposed by
the Group’s lenders; and any other factors that the Board dems
apropriate.
The payment of the dividend by the Company is also subject to any
restrictions under the Company Law of the Cayman Islands and Articles
of Asociation of the Company.
Anual Report 2025 年报49
CORPORATE GOVERNANCE REPORT企业管治报告
Finance
The Company’s asets were used in an apropriate maner, the
expenditures in each of the operating units of the Group were under a
strict control, expenditures exceding certain predetermined amounts
neded management’s authorisation. Acounting records were properly
maintained. The alocation of resources and manpower in performing
acounting and financial reporting function are adequate to comply with
the requirement of Listing Rules.
Operation
A hierarchical system with proper work flow and reporting procedures
was duly established in each of the operating units. Every employe
was asigned with a specific area of duty and responsibility.
Regular metings with the atendance of senior management and
representatives from each of the operating units were held during the
year so as to improve comunication and identify potential isues within
the Group.
LISTING RULES COMPLIANCE
During the year, the Group has fuly complied with the Listing Rules
requirements. Financial Reports, anouncements and circulars have
ben prepared and published in acordance with the requirements of
the Listing Rules. The prevailing internal control system are compliant
with al the requirements of the Listing Rules.
GOING CONCERN
The Directors, having made apropriate enquiries, consider that the
Company has adequate resources to continue in operational existence
for the foreseable future and that, for this reason, it is apropriate to
adopt the going concern basis in preparing the financial statements.
SHAREHOLDERS AND INVESTORS COMUNICATION
The objective of Shareholder comunication is to provide our
Shareholders with detailed information about the Company so that they
can exercise their rights as Shareholders in an informed maner.
The Company uses a range of comunication tols to ensure its
Shareholders are kept wel informed of key busines imperatives.
These include anual general meting, anual report, various notices,
anouncements and circulars. Al resolutions put forward at a
Shareholders meting wil be taken by pol pursuant to the Listing Rules
and the pol results wil be posted on the websites of the Company and
of the Stock Exchange after the shareholders meting.
财务
本公司妥善运用资产，本集团各营运单位之开支
均受严紧控制，超过若干预订金额之开支须经由
管理层审批。会计记录亦已妥善保存。在履行会
计及财务报告的职责时，资源及人力之分配足以
满足上市规则之要求。
营运
各营运单位均设有合适工作流程及申报程序之等
级体系。各雇员均拥有特定范畴之职能及责任。
年内已定期举行由高级管理层及各营运单位代表
出席之会议，务求改善本集团内之沟通及物色具
发展潜力之事项。
上市规则遵守
本年度，本集团一直遵守上市规则之要求，财务
报表、公告及通函已根据上市规则之要求而编制
及出版。现时之内部监控符合上市规则所有要
求。
持续经营
董事经作出适当查询后认为，本公司拥有足够资
源在可见将来继续经营，因此，在编制财务报表
时采纳持续经营基准实属合适。
与股东及投资者之沟通
与股东之沟通旨在向本公司股东提供有关本公司
之详细资料，使彼等能在知情况下行使彼等身
为股东之权利。
本公司使用多种沟通工具，以确保其股东能够得
悉主要业务活动之最新资料，包括股东周年大
会、年度报告、各项通告、公告及通函。所有于
股东大会提呈之决议案将根据上市规则进行投票
表决，投票结果将于股东大会结束后在本公司及
联交所网站内刊载。
UBA INVESTMENTS LIMITED 开明投资有限公司50
CORPORATE GOVERNANCE REPORT企业管治报告
本公司于二零二四年八月二十一日已举行一次股
东周年大会（「股东周年大会」），董事会主席及外
聘核数师代表均有出席大会以回答本公司各股东
之提问。大会主席于大会期间已解释进行投票之
程序。于大会上提呈之所有决议案均以独立投票
方式表决。于大会上点算之所有票数已适当点算
及记录。
本公司于二零二五年三月二十五日已举行一次股
东特别大会（「股东特别大会」）以批准持续关连
交易。董事会主席及独立非执行董事均有出席股
东特别大会以回答本公司各股东之提问。大会主
席于大会期间已解释进行投票之程序。于股东特
别大会上提呈之所有决议案均以独立投票方式表
决。于股东特别大会上点算之所有票数已适当点
算及记录。
本年度股东周年大会及股东特别大会个别董事的
出席率：
本公司应届股东周年大会将于二零二五年八月
二十一日举行，将会以投票方式进行表决。
An anual general meting (“AGM”) held on 21 August 2024, the
Chairman of the Board and the representative of external auditors were
available to answer questions at the meting. The chairman of the
meting had explained the procedures of conducting a pol during the
meting. Al resolutions were proposed by the Chairman at the meting
and voted separately by way of pol. Al the votes cast at the said
meting were properly counted and recorded.
An extraordinary general meting (“EGM”) held on 25 March 2025
for aproval of continuing conected transactions. The Chairman of
the Board and Independent Non-Executive Directors were available
to answer questions at the EGM. The chairman of the meting had
explained the procedures of conducting a pol during the meting. Al
resolutions were proposed by the Chairman at the EGM were voted by
way of pol. Al the votes cast at the said meting were properly counted
and recorded.
Atendance of individual Directors at AGM and EGM during the year:
Atendance/AGMAtendance/EGM
出席次数╱出席次数╱
股东周年大会股东特别大会
Name of directors董事姓名
Executive Directors执行董事
Mr. CHENG Wai Lun, Andrew郑伟伦先生1/11/1
Mr. CHAU Wai Hing
(Elected as Chairman on 6 June 2025)
周伟兴先生（于二零二五年六月六日
获推选为董事会主席）
1/11/1
Dr. WONG Yun Kuen (Resigned on
6 June 2025)
黄润权博士（于二零二五年
六月六日辞任）
1/11/1
Independent Non-executive Directors独立非执行董事
Mr. TANG Hon Bui, Ronald邓汉标先生1/11/1
Mr. KWOK Ming Fai郭明辉先生1/11/1
Ms. KWOK Yuen Lam, Sophia
(Apointed on 12 July 2024)
郭婉琳女士（于二零二四年
七月十二日获委任）
1/11/1
Dr. FUNG Lewis Hung
(Retired on 21 August 2024)
冯振雄医生（于二零二四年
八月二十一日退任）
1/1N/A
不适用
The forthcoming anual general meting of the Company wil be held on
21 August 2025 which wil be conducted by way of pol.
Anual Report 2025 年报51
CORPORATE GOVERNANCE REPORT企业管治报告
股东权利
召开股东特别大会之方式
根据本公司之组织章程细则第94条，任何两名或
以上的本公司股东可书面要求而召开股东大会；
书面要求须送交本公司在香港的主要办事处，如
本公司停止持有主要办事处，则须送交登记办事
处，列明会议目的及附有要求人士签署；在递交
要求当日，要求人士须拥有附带会议表决权、不
少于本公司实缴股本的十分之一。股东大会的召
开亦可应任何一名为认可结算所（或其代理人）
的本公司股东的书面要求；书面要求须送交本公
司在香港的主要办事处，如本公司停止持有主要
办事处，则须送交登记办事处，列明会议目的及
附有要求人士签署；在递交要求当日，要求人士
须拥有附带会议表决权、不少于本公司实缴股本
的十分之一。
就推选任何人士为董事之事宜，本公司网站已登
载细则及程序。
股东查询
股东应向本公司股份过户登记处提出有关其股
权之疑问。股东可随时要求索取有关本公司资料
（以公开资料为限）。股东亦可透过本公司下列联
络资料作出查询：
地址： 香港德辅道中300号
华杰商业中心16楼B室
电话： 852 3575 9396
宪章文件
于本年度内，本公司之组织章程大纲及细则并无
任何变动。
本公司组织章程大纲及细则之最新版本载于本公
司网站。
SHAREHOLDER’S RIGHTS
Way to Convene an Extraordinary General Meting
Pursuant to Article 94 of the Articles of Asociation of the Company,
general metings shal also be convened on the writen requisition of
any two or more members of the Company deposited at the principal
ofice of the Company in Hong Kong or, in the event the Company
ceases to have such a principal ofice, the registered ofice specifying
the objects of the meting and signed by the requisitionists, provided
that such requisitionists held as at the date of deposit of the requisition
not les than one-tenth of the paid up capital of the Company which
caries the rights of voting at general metings of the Company. General
metings may also be convened on the writen requisition of any one
member of the Company which is a recognised clearing house (or its
nomine) deposited at the principal ofice of the Company in Hong
Kong or, in the event the Company ceases to have such a principal
ofice, the registered ofice specifying the objects of the meting and
signed by the requisitionist, provided that such requisitionist held as at
the date of deposit of the requisition not les than one-tenth of the paid
up capital of the Company which caries the rights of voting at general
metings of the Company.
As regards proposing a person for election as a director, details and
procedures are available on the website of the Company.
Members’ Enquiries
Members should direct their questions about their shareholdings to the
Company’s share registrar in Hong Kong. Members may at any time
make a request for the Company’s information to the extent that such
information is publicly available. Members may also make enquiries to
the folowing contact details of the Company:
Adres: Flat B, 16th Flor, Wah Kit Comercial Centre,
300 Des Voeux Road Central, Hong Kong
Telephone: 852 3575 9396
Constitutional Documents
There was no change in the Memorandum and Articles of Asociation of
the Company during the year.
The updated Memorandum and Articles of Asociation of the Company
is available on the Company’s website.
UBA INVESTMENTS LIMITED 开明投资有限公司52
CORPORATE GOVERNANCE REPORT企业管治报告
Procedures and Suficient Contact Details for Puting Forward
Proposals at Members’ Metings
Members are welcomed to sugest proposals relating to the operations,
strategy and/or management of the Group to be discused at members’
meting. Proposal shal be sent to the Board or the Company Secretary
by writen requisition. Pursuant to the Articles of Asociation of the
Company, members who wish to put forward a proposal should convene
an extraordinary general meting by the procedures set out in “Way to
Convene an Extraordinary General Meting” above.
DIRECTORS’ RESPONSIBILITY IN PREPARING THE
CONSOLIDATED FINANCIAL STATEMENTS
The Directors acknowledge that it is their responsibilities in preparing
the consolidated financial statements. The Statement of the Auditors
about their reporting responsibilities on the consolidated financial
statements is set out in the Independent Auditors’ Report on pages 72
to 77.
于股东大会上提呈建议之程序及充足之联络资料
本公司欢迎股东提呈有关本集团业务、策略及╱
或管理之建议于股东大会上讨论。有关建议须透
过书面要求送交董事会或公司秘书。根据本公司
之组织章程细则，拟提出建议之股东应透过上文
「召开股东特别大会之方式」所载之程序召开股东
特别大会。
董事编制综合财务报表之责任
董事知悉彼等有责任编制综合财务报表。核数师
就彼等对综合财务报表之申报责任所作出之声明
已载于第72页至77页之独立核数师报告。
Anual Report 2025 年报53
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
BACKGROUND
UBA Investments Limited (the “Company”) is an investment company
and principaly engages in investment in a diversified portfolio of
listed and unlisted companies. As an investment company, the
Company does not directly participate in the production and operation
of its subsidiaries. While actively seking to optimise its investment
portfolio and maximise Shareholders return, the Company lives up to
its corporate social responsibility and strikes a balance betwen the
interests of stakeholders such as the shareholders and the comunity,
with the ultimate goal of achieving a sustainable corporation.
In acordance with the requirements of Apendix C2 to the Listing
Rules, the Company hereby presents its environmental, social and
governance (“ESG“) report (“ESG report”) for the reporting period
from 1 April 2024 to 31 March 2025. This ESG Report sets out the ESG
obligation, ESG governance structure, performance and initiatives of
the Group. In particular, the Key Performance Indicators (“KPI”) of
environmental and social aspect disclosed in the ESG Report covers our
operating ofice in Hong Kong.
The Company has complied with the “comply or explain” provisions set
out in the ESG Guide for the Reporting Period.
This ESG report sumarises the ESG policies in adresing the material
ESG isues, as wel as the compliance with laws and regulations
relevant to those isues, of the Company based on the reporting
principles including of “materiality”, “quantitative”, “balance” and
“consistency”.
Materiality: Relatively crucial and significant ESG isues are shown in
the ESG Report.
Quantitative: KPIs are disclosed in a measurable maner with
suficient description on the changes.
Balance: The ESG report is prepared under an impartial maner.
Consistency: The ESG report is presented in consistent maner over
time.
THE ESG APROACH
The Company believes that a sound ESG structure is important for the
sustainability and continued development of the Company. The Company
is wiling to take more responsibilities for the society and strike a balance
betwen the Shareholders’ interests and the society’s benefits.
We wil continue to strengthen our eforts in information colection
for beter performance in the ESG and broader disclosure of related
information in sustainable development. We welcome any coments
and sugestions on this report as wel as the Company’s performance in
sustainability development.
背景
本公司为一间投资公司，而本公司之主要业务为
投资于上市及非上市公司之多元化投资组合。作
为投资公司，本公司未直接参与旗下子公司或附
属公司的生产及营运。然而，本公司于积极寻求
优化投资组合，提升股东回报的同时，仍然恪守
企业社会责任，平衡股东、社区等各权益人的利
益，致力取得企业可持续发展。
本公司采用上市规则附录C2为标准，汇报由二零
二四年四月一日至二零二五年三月三十一日止报
告期间的环境、社会及管治事宜。环境、社会及
管治报告载列本集团之环境、社会及管治责任、
管治架构、表现及举措。尤其是，环境、社会及
管治报告所披露环境及社会方面的关键绩效指标
（「关键绩效指标」）涵盖香港之经营办事处。
报告期内本公司遵守环境、社会及管治报告指引
所载的「不遵守就解释」的规定。
本报告概述本公司在处理重要环境、社会及管治
议题时所采取的环境、社会及管治政策，以及遵
从与该等议题相关的法例及法规的情况。本公司
根据报告原则包括「重要性」、「定量性」、「公正
性」及「一致性」。
重要性： 相对关键及重大环境、社会及管治问
题均载于环境、社会及管治报告。
定量性： 以可衡量之方式披露关键绩效指标，
并充分说明变化情况。
公正性： 环境、社会及管治报告乃基于公平基
准编制。
一致性： 环境、社会及管治报告将采用于各个
时段能保持一致性的方法编制。
环境、社会及管治方针
本公司认为，完善的环境、社会及管治架构对本
公司的可持续性及持续发展至关重要。本公司乐
意肩负更多社会责任，惟务求于股东权益与社会
利益之间取得平衡。
我们会继续加强资料收集工作，以提升环境、社
会及管治表现并于可持续发展方面披露更多相关
资料。我们欢迎任何有关本报告及本公司在可持
续发展方面表现的意见和建议。
UBA INVESTMENTS LIMITED 开明投资有限公司54
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
REPORTING PERIOD AND BOUNDARY
This Report demonstrates the Group’s sustainability initiatives during
the reporting period from 1 April 2024 to 31 March 2025 (the “Reporting
Period”). There was no material change to the methods or KPIs used by
the Group in the years ended 31 March 2025 and 2024. The Group did
not have any reporting boundaries for this Report.
STATEMENT OF THE BOARD
The Board of Directors (the “Board”) acknowledged the responsibility
for monitoring and managing ESG-related risks and the efectivenes
of the ESG management system. The Board reviews and discuses the
goals and targets under the ESG initiatives to optimise eficient use of
resources and to minimise the impact on the environment and natural
resources from the Group’s operation anualy.
Sustainable development is an integral part of the Group’s busines
strategy in order to achieve busines excelence and enhance
capabilities for long-term competitivenes. The Group is comited to
operating in a maner that is economicaly, socialy and environmentaly
sustainable while balancing the interests of various stakeholders and
fostering a positive impact on society. The Group’s sustainability
strategy is based on compliance with the aplicable legal requirements,
sustainability principle and stakeholders’ opinions. The Group has
established and implemented various policies to manage and monitor
the risks related to the environment, employment, operating practices
and comunity.
The Board believes that a sound environmental, social and governance
structure is vital for the continued sustainability and development of the
Group’s activities. The Group is wiling to take more responsibilities for
the society but with a view to balancing the Shareholders’ interests and
the society’s benefits. The Group wil continue to strengthen the eforts
in information colection for beter performance in the ESG areas and
broader disclosure of related information in sustainable development.
报告期及范围
本报告阐述本集团于二零二四年四月一日至二零
二五年三月三十一日报告期间（「报告期」）的可
持续发展措施。本集团于截至二零二五年及二零
二四年三月三十一日止年度所用的该等方法或关
键绩效指标并无重大变动。本集团并无就本报告
制订任何报告范围。
董事会声明
董事会（「董事会」）认同监察及管理环境、社会及
管治相关风险的责任及环境、社会及管治管理系
统的有效性。董事会每年审视及讨论环境、社会
及管治措施的目的及目标，以优化善用资源并降
低本集团营运对环境及天然资源的影响。
可持续发展为本集团业务策略的组成部分，借以
取得业务上的卓越成就及提升维持长远竞争力的
能力。本集团致力于以经济、社会及环境可持续
的方式营运，同时兼顾各权益人的利益，务求造
福社会。本集团的可持续策略乃基于遵守适用法
律规定、可持续原则及权益人意见。本集团已制
定及实施各项政策以管理及监察环境、雇佣、营
运常规及社区的相关风险。
董事会认为，健全的环境、社会及管治架构对本
集团业务活动的可持续发展相当重要。本集团愿
意为社会承担更多责任，惟会保持股东权益与社
会利益之平衡。本集团将继续加强资讯收集方面
的力度，务求环境、社会及管治范畴的表现得以
改善，且就可持续发展的相关资讯作更广泛的披
露。
Anual Report 2025 年报55
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
GOVERNANCE STRUCTURE
The Board is the highest decision-making body for the ESG
management of the Company. The Board formulates and reviews the
Company’s ESG vision, objectives, strategies and targets to ensure
that they are set in acordance with the Company’s strategic goals and
vision as wel as the latest ESG trends and isues that may afect the
Company’s operations. The sumary of governance structure are as
folows:
RoleFunctions and duties
角色职能与职责
The Board
董事会
– Overses the relevant ESG-related isues
– 监督环境、社会及管治相关事宜
– Reviews and provides strategic advice to the ESG working group
– 审核及向环境、社会及管治工作小组提供战略意见
– Reviews ESG-related goals and targets
– 审核环境、社会及管治相关目标及指标
ESG working Group
环境、社会及管治工作小组
– Asists the Board in fulfiling its oversight responsibility for the Group’s
ESG strategies
– 协助董事会履行彼对本集团环境、社会及管治策略的监督责任
– Engages with stakeholders and to solicit their fedback on the Group’s
ESG risks and oportunities
– 与权益人互动、并征询彼等对本集团环境、社会及管治风险及机遇的反馈
– Reports to the Board on the implementation status of ESG initiatives
– 向董事会报告有关环境、社会及管治举措的执行情况
– Colates ESG key performance indicator data
– 整理环境、社会及管治关键绩效指标数据
– Facilitates the implementation of ESG policies
– 促进实施环境、社会及管治政策
– Prepares ESG Report
– 编制环境、社会及管治报告
The Company’s ESG management work is led by the Board and is
responsible for stering the ESG’s overal direction and overses the
runing of our ESG system. The ESG working group is responsible for
implementing ESG policies and measures.
治理架构
董事会乃本公司环境、社会及管治管理之最高决
策机构。董事会制定并检讨本公司的环境、社会
及管治愿景、目的、策略和目标、确保符合本公
司的战略目标和愿景以及可能影响本公司经营的
最新环境、社会及管治趋势和议题。治理结构概
要如下：
本公司的环境、社会及管治管理工作由董事会领
导，负责引导环境、社会及管治的整体方向及监
督运行我们的环境、社会及管治系统。环境、社
会及管治工作小组实施环境、社会及管治政策及
措施。
UBA INVESTMENTS LIMITED 开明投资有限公司56
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
本报告所载的资料来自本集团的官方文件及统
计数据。本报告已经董事会审阅及批准。
权益人参与
本公司的权益人指对本公司业务有重大影响的
团体及个人，或受本公司业务所影响的团体及个
人。权益人参与为本公司企业管治的重要一环，
可让其审视潜在风险及商机。与权益人进行沟通
有助本公司更好地了解彼等的看法，并可使业务
常规更加配合彼等的需要和期望，以妥善整理
不同权益人的意见。重要权益人包括投资者、雇
员、供应商、政府及监管机构及社区。下表载列
于报告期内不同权益人所关注的事项。
Information included in the Report was sourced from the oficial
documents and statistical data of the Group. The Report has ben
reviewed and aproved by the Board.
STAKEHOLDERS ENGAGEMENT
The stakeholders of the Company refer to groups and individuals who
have significant impact on the Company’s busines, or those who are
afected by the Company’s busines. The participation of stakeholders
is an important part of the busines management of the Company for it
to examine potential risks and busines oportunities. Comunications
with stakeholders enable the Company to beter understand their views
and to bring busines practices closer to their neds and expectations,
so as to properly manage the views of diferent stakeholders, and the
key stakeholders include investors, employes, supliers, government
and regulators and comunity. The table below sets out the concerned
mater of diferent stakeholders during the reporting period.
StakeholdersMain Concerns in ESGMain Comunication chanels
权益人主要环境、社会及管治关注事项主要沟通途径
Investors
投资者
– Corporate governance
– 企业管治
– Busines strategies, performance
and investment returns
– 业务策略、表现及投资回报
– Sustainability of our investment
and operations
– 投资及营运的可持续发展
– Competence and quality of the
management
– 管理层的能力及质素
– Anti-coruption
– 反贪污
– Comunity Investment
– 社区投资
– Anual general metings and other
shareholders metings
– 股东周年大会及其它股东大会
– Anual and interim reports
– 年度报告及中期报告
– Anouncements for investors
– 为投资者刊发的公告
– Company website
– 公司网站
Anual Report 2025 年报57
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
StakeholdersMain Concerns in ESGMain Comunication chanels
权益人主要环境、社会及管治关注事项主要沟通途径
Employes
员工
– Development and Training
– 发展及培训
– Health and safety
– 健康与安全
– Remuneration and benefits
– 薪酬及福利
– Anti-coruption
– 反贪污
– Working environment
– 工作环境
– Continuous education and
profesional trainings
– 持续教育及专业培训
– Anual apraisal
– 年度评核
– Atention to ocupational health
and safety
– 关注职业健康与安全
– Performance management
– 绩效管理
– Regular metings
– 例会
Supliers
供应商
– Punctual fulfilment of agrements
– 按时履行协议
– Integrity and probity
– 诚信及正直
– Product/service quality
– 产品/服务质量
– Company’s core value and its
public image
– 公司的核心价值及其公众形象
– Suplier selection with due care
– 审慎挑选供应商
– Contractual obligations are in
place
– 订立合约职责
– Direct comunication our
concerns to supliers
– 直接与供应商沟通我们的顾虑
Government and regulator
政府及监管机构
– Compliance with laws and
regulations
– 遵守法律法规
– Anti-coruption
– 反贪污
– Corespondence
– 通信
– Regulatory filings
– 监管文件存档
– Websites of Government and
regulatory bodies
– 政府及监管机构网站
Media, Public & Comunity
媒体、公众及社区
– Comunity Investment
– 社区投资
– Environmental protection
– 环境保护
– ESG Report
– 环境、社会及管治报告
– Charity donations
– 慈善捐赠
– Sponsorships
– 赞助
– Transparency
– 透明度
UBA INVESTMENTS LIMITED 开明投资有限公司58
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
Materiality Asesment
The Company has evaluated the materiality of ESG isues to the Group
of which 11 major isues of them have ben identified. The Company
has sought stakeholders to score each sustainability isue acording to
their views towards the importance to the Company and to stakeholders
respectively. Materiality matrix graph has ben prepared based on the
scores given by the stakeholders as folows:
Data Privacy Protection
数据隐私保护
Employes Development and Training
雇员发展及培训
Employes Remuneration and Benefits
雇员薪酬及福利
Health and Safety
健康与安全
Sustainability of
Our Investment
and Operations
投资及营运的可持续发展
Use of Resource
资源使用
Anti-Coruption
反贪污
Climate Change
气候变化
Comunity Investment
社区投资
Compliance of Labour Standard
雇佣及劳工标准合规
Compliance with Laws and Regulations
遵守法律法规
1Anti-coruption 反贪污
Materialy Isues Topic 2025二零二五重要性议题
2Climate change 气候变化
3Comunity investment 社区投资
4Compliance of labour standard 雇佣及劳工标准合规
5Compliance with laws and regulations 遵守法律法规
6Data privacy protection 数据隐私保护
7Employes development and training 雇员发展及培训
8Employes remuneration and benefits 雇员薪酬及福利
9Health and safety 健康与安全
10Sustainability of our investment
and operations
投资及营运的可持续发展
11Use of resource 资源使用
High
高
High
高
Low
低
I
m
p
a
c
t
o
n
S
t
a
k
e
r
h
o
l
d
e
r
s
对
持
份
者
的
影
响
Impact on Busines
对业务的影响
4, 5
We believe the most pertinent sustainability isues include competence
and quality of the management, corporate governance, sustainability of
our investment and operations, development and training, ocupational
health and safety, compliance with local laws and regulations, healthy
market development, use of resource and comunity investment.
We shal continue to colect stakeholders’ opinions, and take into
consideration the valuable sugestions and advice to proactively
implement our policies on environmental protection and social care to
foster sustainable development.
重要性评估
本公司已评估了环境、社会及管治问题对集团的
重要性，其中已确定11个重大问题。公司已寻求
权益人根据他们对公司和权益人重要性的看法对
每个可持续性问题进行评分。重要性矩阵图是根
据权益人给出的分数准备的，如下所示：
我们相信最密切的可持续发展议题包括管理层的
能力及质素、企业管治、投资及营运的可持续发
展、发展及培训、职业健康及安全、遵守当地法
律法规、市场健康发展，资源使用及社区投资。
我们将继续收集权益人的意见，并考虑宝贵的意
见和建议，以积极实施我们的环境保护和社会关
怀政策以促进可持续发展。
Anual Report 2025 年报59
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
Targets and Goals
In order to enhance the acountability and efectivenes of ESG
management as wel as suport global eforts to adres climate
change and to facilitate the asesment of the efectivenes of the
Group’s strategies and measures to mitigate the impacts of climate
change. The Group set some key targets and goals as folows:
Relevant StakeholdersTargets and goals for the YearImpact on material topic
相关权益人本年度目标及目的重大议题的影响
Investors
投资者
– Consider the ESG-related risk in the
investment decision making proces
– Sustainability of our investment
and operations
– 投资及营运的可持续性– 在投资决策过程中考虑环境、社会及管
治相关风险
Employes
员工
– Provide more training to employe– Development and training
– 发展及培训
– Health and safety
– 健康及安全
– 提供更多雇员培训
– Provide and maintain a healthy and
safety working environment
– 提供及保持健康与安全工作环境
Environmental
环境
– Maintain/reduce similar level of
the usage of electricity and paper
compare with last year
– Electricity and Water consumption
– 能源及纸消耗
– 用电及用纸与去年相比维持╱减少
相若使用水平
Sustainability of Investment
The Group understands that the increasing trend of demand for the
ESG investing for the investors. As an ongoing comitment to god
corporation, the Group recognizes the responsibility in minimizing the
negative environmental and social impact of our busines operations
and our investment portfolio, in order to bring long-term sustainable
value to our investors and shareholders. ESG analysis is an integral
part of the Group’s investment proces. The Group wil consider al
environmental and social criteria when making investment decisions and
wil invest in investment which have an adequate level of governance
quality and mitigate environmental and wil not invest in any investment
which may violate environmental law. The Group also concurs
investment in those ESG compliance investment may improve Group
reputation and bring long-term sustainable value to our investors and
shareholders.
目标及目的
为了提高环境、社会及管治管理的问责性及有效
性，及为支持全球应对气候变化的努力及促进评
估本集团减轻气候变化影响的策略及措施的成
效。本集团设立以下重要的目标及目的:
投资的可持续性
本集团了解投资者对环境、社会及管治投资的要
求不断增加。作为良好企业的持续承诺，本集团
深明将业务营运及投资组合造成环境及社会的
负面影响减至最低的责任，从而实现为我们的投
资者和股东带来长期可持续的价值。环境、社会
及管治分析是本集团投资过程中不可或缺的一部
分。本集团在作出投资决定时将考虑所有环境和
社会标准，会投资于有足够治理质量和减轻环境
影响的投资及不会投资任何可能违反环境法的投
资。本集团亦同意投资于这些合规环境、社会及
管治的投资，可提升本集团声誉并为我们的投资
者和股东带来长期可持续价值。
UBA INVESTMENTS LIMITED 开明投资有限公司60
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
A. ENVIRONMENTAL
Emisions, Use of Resources, Environment and Natural
Resources and Climate Change
The Group operates in the investment field and it’s operation is
mainly ofice-based and the Group is comited to minimising
the impact of busineses on the environment through adopting
eco-friendly measures at the ofice.
Throughout the year, the Group fuly complied with al of
the relevant environmental laws and regulations in Hong
Kong, such as the Air Polution Control Ordinance (Chapter
311), the Sewage Services Ordinance (Chapter 463) and the
Waste Disposal Ordinance (Chapter 354). Besides, during
the Reporting Period, the Group were not aware of any non-
compliance with relevant laws and regulations that had a
significant impact on the Group related to air and grenhouse
gas emisions, discharges into water and land, and generation
of hazardous and non-hazardous waste. The Group also
regularly update with the latest development of the aplicable
laws and regulations on environmental protection.
The Group has continued with its environmental policies and
strategies in developing a sustainable busines by undertaking
initiatives on resources conservation and environmental
protection, as wel as saving operating costs.
The Group encourages employes to implement the folowing
environmental initiatives:
– to reduce paper consumption by using duplex printing,
reusing papers printed on one side and place for paper
waste recycling;
– to use electronic storage and comunication wherever
posible;
– to set air-conditioning temperature at 25 degre in
sumer whenever posible to energy saving;
– to switch of lights and air-conditioning in the meting
rom and the computer at the workstation when not in
use; and
– to arange conference cals instead of face-to-face
metings where posible.
A. 环境
排放物、资源使用，环境及自然资源及气
候变化
本集团于投资领域经营并以办公室运作
为主。因此，本集团致力通过办公室内的
环保措施，尽量减少公司对环境的影响。
年内，本集团全面遵守香港所有相关环境
法例及法规，例如空气污染管制条例（第
311章）、污水处理服务条例（第463章）
及废物处置条例（第354章）。此外，于报
告期，本集团概不知悉任何未遵守有关废
气及温室气体排放、向水及土地排污以
及产生有害及无害废弃物之相关法律及
法规而对本集团产生重大影响之情况。
本集团亦定期了解适用于环境保护的法
律及法规的最新发展。
本集团继续贯彻其环境政策及策略，致
力发展可持续发展业务，致力节约资源
及保护环境，并节省营运成本。
本集团鼓励员工实施以下环保措施：
－ 减少用纸、多采用双面列印、重
用已经单面打印的纸张及设置地
方回收废纸；
－ 在可行的情况下均以电子方式储
存资料及进行通讯；
－ 于夏季期间将空调温度设置为25
度以节省能源；
－ 提醒员工在不使用会议室时关闭
电源及空调，不使用电脑时关闭
电脑；及
－ 尽可能安排电话会议而非面对面
之会议。
Anual Report 2025 年报61
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
In view of the busines nature, the Group’s operations do not
directly involve the use of natural resources as the Group
does not involve in any industrial proces nor use any motor
vehicles. Hence there had ben no direct emision relation to air
polutants and grenhouse gases (“GHG”), no discharges into
water and land (Scope 1 as below table). The main emisions
and wastes produced by the Group are primarily atributable to
its use of electricity and paper (Scope 2 and 3 as below table).
Also the Group is not aware of any significant generation of
hazardous waste and any non-compliance with relevant laws
and regulations in relation to environmental protection during
the Reporting Period that have significant impact on the Group.
The Company also believes that its busines operations have
minimal direct impact on the environment.
The Group has also taken an active role to ensure a sustainable
and environmentaly friendly proceses by complying with
al related international and local laws and standards. When
carying out operational activities, the Group has asumed
social responsibilities and initiatives to prevent polution, reduce
wastes and minimize negative impact to the environment, and
save energy, water, and other resources.
鉴于业务性质，因本集团无涉及任何工
业流程或使用任何机动车辆，本集团业
务并不直接涉及自然资源的使用。因此，
本集团并无任何与空气污染物及温室气
体（「温室气体」）有关的直接排放、亦无
水源及土地排污（下列表格内范畴1）。而
其主要排放及产生的废料主要源自其使
用的电力及纸（下列表格内范畴2及3）。
所以于本年度内，本集团并不知悉有产
生任何大量危险废料及并不知悉其未有
遵守有关环境保护的相关法例及规例，
且对本集团造成重大影响。本公司亦相
信其业务营运对环境造成的直接影响甚
为轻微。
本集团亦通过遵守所有相关的国际和当
地法律及标准，积极确保可持续和环保
的流程。在开展经营活动时，本集团承担
了社会责任和举措，以防止污染、减少废
物和尽量减少对环境的负面影响，并节
约能源、水和其他资源。
UBA INVESTMENTS LIMITED 开明投资有限公司62
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
Environmental performance
The Group believed that the environmental protection as
an important component to form a part of our corporate
responsibility and are therefore comited to promoting
environmental protection activities.
In acordance with the ESG Reporting Guide set out by the
Hong Kong Stock Exchange, our environmental performance of
“Emisions” and ”Use of Resource” during the reporting period
are tabulated as below.
Use of Resource
资源使用
Resource typeTotal ConsumptionIntensity per personTotal ConsumptionIntensity per person
资源类别总用量人均密度总用量人均密度
Electricity电力14,172kWh千瓦时3,543kWh千瓦时14,878kWh千瓦时3,720kWh千瓦时
Paper纸8kg公斤2kg公斤8kg公斤2kg公斤
Grenhouse Gas Emision
温室气体排放
Grenhouse gas indicators
温室气体指引
Major sources
主要来源
CO
emited
二氧化碳排放
Intensity per person
人均密度
CO
emited
二氧化碳排放
Intensity per person
人均密度
Scope 1范畴1Nil无–
Direct emisions直接排放
Scope 2范畴2Electricity电力10,064kg公斤2,516kg公斤10,563kg公斤2,641kg公斤
Energy indirect emisions能源间接排放
Scope 3范畴3Paper纸38kg公斤10kg公斤38kg公斤10kg公斤
Other indirect emisions其他间接排放
Total CO
emision
equivalents*
总二氧化碳
排放当量10,102kg公斤2,526kg公斤10,601kg公斤2,651kg公斤
* GHG emisions data is presented in terms of carbon dioxide
equivalent and is based on, “How to prepare an ESG report-
Apendix 2: Reporting Guidance on Environmental KPIs” isued
by the Stock Exchange.
环保表现
本集团认为环境保护成为本企业责任的
重要部分，因此特别致力于促进环保活
动。
根据香港联交所制定的「环境，社会及管
治报告指引」，报告期内我们的「排放」及
「资源使用」的环保表现如下表所示。
* 温室气体排放数据以二氧化碳当量呈
列，并基于联交所发布的《如何编制
环境、社会及管治报告－附录二：环
境关键绩效指标报告指引》。
Anual Report 2025 年报63
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
Electricity
The electricity consumed by the Group was mainly used in the
ofice during its normal busines operation and suplied by
The Hong Kong Electric Co., Ltd. During the Year, the Group
consumed 14,172 kWh (2024: 14,878 kWh) of electricity with a
monthly average usage of 1,181 kWh (2024: 1,240 kWh) and
3,543 kWh (2024: 3,720 kWh) per person, which producing
CO
equivalent emisions of aproximately 10,064 kg (2024:
10,563 kg). These consumption of the electricity was mainly
atributable by the use of light, ofice apliances and air-
conditioning in the ofice.
Water Consumption and Sewage Discharge
There is no direct water suply to the ofice apart from water
uses/afluent discharges at shared facilities of the ofice
building. The sewage discharged by the ofice building
discharged into the municipal sewage pipe network to the
regional water purification plant, water used by the Group at
share facilities of the building is considered sewage discharged
and is insignificant. Water consumption by the Group for the
year involved mainly botled drinking water uses at its ofices
premises and the Group’s busines operations do not require
any other water usage. The Group’s ofice utilised a total of
aproximately 24 botles of drinking water with total of 454 Liter,
an average 2 botles drinking water per month during the year
2025 and 2024.
Indor Air Quality
Indor air quality in the workplace is regularly monitored and
measured. The Group maintains indor air quality by instaling
air purification equipment in workplace and cleaning air-
conditioning systems regularly to filter polutants and dust.
Gren plants are also placed in ofices to improve the overal air
quality.
Hazardous and Non-hazardous Wastes
The Group recognises the importance of waste reduction. Waste
management measures have ben introduced to minimise
the amount of waste generated and reduce the impact of the
Group’s operation on the environment. Due to the Group’s
busines operation nature, no hazardous waste was generated
during the Reporting Period.
Due to the nature of ofice operation, non-hazardous waste was
mainly paper waste generated from ofice operations. The Group
has implemented paper-saving initiatives such as encouraging
employes to reduce paper consumption by using duplex
printing, reusing papers printed on one side, place for paper
waste recycling, to use electronic storage and comunication
wherever posible.
用电
本集团办公室于正常业务营运的用电由香
港电灯有限公司供应。于本年度，本集团
消耗14,172千瓦时（二零二四年：14,878
千瓦时）电量，月均使用量为1,181千瓦
时（二零二四年：1,240千瓦时）及人均
使用量为3,543千瓦时（二零二四年：
3,720千瓦时）。产生二氧化碳当量排放
约10,064公斤（二零二四年：10,563公
斤）。此等用电主要来自办公室使用灯、
办公室电器及冷气所致。
用水及污水排放
除了在办公室建筑物的共用设施之用水╱
污水排放外，办公室并无直接供水。由于
办公室建筑物排出的污水被排入市政污
水管网至区域污水净化厂，本集团于办公
室建筑物的共用设施用水被视为污水排
放及轻微。本集团本年度的用水量主要
是其办公室物业的瓶装饮用水而本集团
的业务营运毋须其他用水。本集团办公
室于二零二五年及二零二四年度使用
饮用水约24支， 总454公升，平均1个月2
支瓶装饮用水。
室内空气质量
定期监测及测量工作场所的室内空气质
量。本集团通过在工作场所安装空气净
化设备和定期清洗空 调系统以过滤污染
物和灰尘来保持室内空气质量。我们亦
在办公室放置绿色植物以改善整体空气
质量。
有害及无害废弃物
本集团深知减废之重要性。已推行废弃物
管理措施以将废弃物产生量减至最低，
并降低本集团营运对环境之影响。鉴于
本集团的业务经营性质，报告期内并无
产生有害废弃物。
鉴于办公室营运的性质，其无害废弃物
主要为办公室运作产生的废纸。本集团
已实施节约用纸举措，例如鼓励雇员减
少用纸、多采用双面列印、重用已经单面
打印的纸张，设置地方回收废纸及在可
行的情况下均以电子方式储存资料及进
行通讯。
UBA INVESTMENTS LIMITED 开明投资有限公司64
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
The non-hazardous waste generated by the Group during the
Reporting Period was as folows:
Type of wasteTotalIntensity per personTotalIntensity per person
废弃物类别总数人均密度总数人均密度
Non-hazardous
waste无害废弃物8kg公斤2kg公斤8kg公斤2kg公斤
As of 31 March 2025, there has ben no violation by the Group
of aplicable law and regulations relating to air and grenhouse
gas emisions, discharges into water and land, and generation
of hazardous and non-hazardous waste.
The Group was achieving the ESG targets and maintained
similar level with 2024 in use of Resource, GHG Emision and
Non-hazardous wastes.
CLIMATE CHANGE
The Group’s principal busineses have no direct efect on facing
climate change. However, climate change risk is increasing,
and extreme weather is afecting the global in recent years.
The Board believes that no one can escape from climate
change, and everyone should put efort into tackling the isue.
In response to the international comunity’s concerns over the
importance of the identification and mitigation of significant
climate-related isues, the Group has included climate change-
related risks as one of the ESG isues. The Group wil also
consider climate related isues before making our investment
decision in order to mitigate potential impacts to the Group and
Shareholders.
Consideration has ben taken into acount the potential climate-
rated risks in respect of the recomendations of the Task Force
on Climate-related Financial Disclosure. There are two major
categories of climate-related risks, physical and transition risks,
the Group reviews the potential impact of climate change on its
busines anualy and adopts apropriate measures to mitigate
any potential risks.
于报告期，本集团产生的无害废弃物如
下：
截至二零二五年三月三十一日，集团没
有违反与空气和温室气体排放、水和土
地排放以及产生危险和无害废物有关的
适用法律法规。
本集团实现了环境、社会及管治目标，
在资源使用、温室气体排放及无害废弃
物保持与二零二四年相若水平。
气候变化
本集团的主要业务对面临气候变化没有
直接影响。然而，近年来气候变化风险不
断增加，极端气候正在影响全球。董事会
相信无人能独善其身，避开气候变化，各
界应同心致力解决该问题。因应国际社会
对识别和减缓重大气候相关议题重要性
的关注，本集团已将气候变化相关风险
纳入环境、社会及管治议题之一。本集团
亦将在作出投资决策前考虑气候相关问
题，以减轻对本集团及股东的潜在影响。
已考虑气候相关财务资讯披露工作组建
议的潜在气候评级风险。气候相关风险
主要分为实体风险及转型风险两大类，本
集团每年检讨气候变迁对业务的潜在影
响，并采取适当措施减轻任何潜在风险。
Anual Report 2025 年报65
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
Physical Risks
Acute
Extreme weather such as rainstorms and typhons may cause
damage to building foundations, damage to utility cables, risk of
rain penetration due to heavy rain and storm surges. There is a
risk of failure in the operation of the Group.
Storm surges and heavy rain would cause tre failure and
imediate dangers to the safety of the employes.
The extreme weather may cause damage to the direct and indirect
risk to telecomunications and computer failure. The unstable
network would cause risk to the principal busines activities which
are securities trading and other operations of the Group.
The Board has developed mitigation measures for the Group to
reduce the efect raised by typhons on employes and ofice. For
instance, before the Black Rainstorm Warning Signals and No. 8 or
above Tropical Cyclone Warning Signals are incured, the Group
wil release employes from work and ensure there is suficient time
for their journeys betwen living place and the ofice.
Chronic
In long-term, climate change would change chronic health
conditions. For example, the higher temperature would result
in changes in transmision paterns of infectious diseases or a
higher risk of thermal stres.
The Group would regularly raise the awarenes of the employes
about the risk of health isues caused by fluctuation of
temperature as wel as the risk of infectious diseases. At the
curent stage, the chronic risk to the Company is not significant.
Transition Risk
Policies and regulations
The policies and regulations are expected to be changed for the
higher requirement of ESG-related disclosure. For example, the
Group is expected to incur higher compliance costs to comply
with the ESG-related disclosure requirement of the Group’s
busineses. Failure of disclosure or incorect disclosure may
impose a higher compliance risk on the Group.
The compliance risk would be adresed by the regular
colection of relevant ESG-related data and the local laws and
regulations regarding the ESG-related aspect. In adition, this
may mean an increased pricing of grenhouse gas remisions.
Also the change of regulatory regarding to the climate related
isue may also lead to devaluation of the company investment
which include energy related investment.
实体风险
急性
极端天气（如暴雨及台风）可能因大雨及
风暴潮而破坏楼宇基础、损坏公用事业
电缆，并且有雨水渗透的风险。本集团面
临无法营运的风险。
风暴潮及大雨会导致树木倒塌，并对雇
员的安全构成直接威胁。
极端天气可能会对通讯及电脑故障造成
直接及间接的损害。不稳定的网络会对
主要业务活动（证券交易及本集团其他业
务）造成风险。
董事会已为本集团制定缓解措施，以减
少台风对雇员及办公室的影响。例如，
在黑色暴雨警告信号及8号或以上热带气
旋警告信号发出前，本集团会让雇员下
班，确保彼等有足够时间归家。
长期
长期而言，气候变化将改变长期健康状
况。例如，较高的温度将导致传染病传播
模式改变或热应力风险增加。
本集团会定期提高雇员有关温度波动所
造成的健康问题风险以及对传染病风险
的认识。在现阶段，本公司的长期风险并
不显著。
转型风险
政策与法规
预计政策和法规将因与环境、社会及管
治有关的披露的更高要求而发生变化。
例如，本集团预计会产生更高的合规成
本，以遵守本集团业务的环境、社会及管
治相关披露要求。不披露或不正确的披
露可能会给本集团带来更高的合规风险。
合规风险将通过定期收集相关的环境、
社会及管治相关数据和当地有关环境、
社会及管治方面的法律和法规来解决。
此外，这可能意味著温室气体减排的定
价增加。此外，有关气候相关问题的监管
变化也可能使包括能源相关投资在内的
公司投资贬值。
UBA INVESTMENTS LIMITED 开明投资有限公司66
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
Market, technologies and Reputation
Investment decision criteria ned to be considered to respond to new
market and new technologies conditions driven by climate change.
Unsucesful investment in new technologies may resulting in the
devaluation of the investment profiles held by the Group. It may
increase the concern or negative fedback from stakeholder and
potentialy impacting the Group’s reputation.
To minimize these transition risk, the Group constantly monitors
changes in policies and regulations, as wel as the latest market and
technology trends on climate change. The Group has continuously
considered climate-related isues and trend when making important
busines and investment decisions, after analysis its cost and benefits,
in order to mitigate potential impacts to the Group and Shareholders.
During the Reporting Period, the Group has not ben seriously
afected by the extreme weather conditions or any compliance
risk exposure.
B. SOCIAL
Employment
Employes are the most valuable aset to the Group. It is the
policy of the Group to employ person which is suitable to the
position with equal oportunity (non-discrimination against
gender, marital status, disability, age, race, family status, sexual
orientation, nationality and religion). Competitive remuneration
package wil be provided for the employes. The Group is in
ful compliance with relevant employment laws and regulation
just like the “Employment Ordinance” (Chapter 57), “Minimum
Wage Ordinance” (Chapter 608), “Sex Discrimination Ordinance”
(Chapter 480), “Mandatory Provident Fund Schemes Ordinance”
(Chapter 485), “Disability Discrimination Ordinance” (Chapter
487) and “Race Discrimination Ordinance” (Chapter 602), etc.
The Group is not aware of any non-compliance in relation to
employment laws and regulations during the Reporting Period.
市场、技术与声誉
投资决策需要考虑气候变化带来的新市
场和新技术条件。新技术投资失败可能
导致本集团所持有的投资组合贬值，并
可能增加权益人的担忧或负面回馈，并
可能影响集团的声誉。
为尽量减少此风险，本集团会持续监测
政策与法规的变化，以及气候变化的最
新市场和技术趋势。本集团在决定重要
业务和投资决策时，会持续考虑气候相
关问题和趋势，并分析其成本和收益，
以减轻对本公司及股东的潜在影响。
于报告期，本集团并无受到极端天气环
境的严重影响或任何合规风险敞口。
B. 社会
雇佣
雇员为本集团的最宝贵资产。本集团的政
策为给予平等机会以雇用适合有关职位
的人士（不歧视性别、婚姻状况、残疾、
年龄、种族、家庭状况、性取向、国籍及
宗教）。雇员将获提供具竞争力的薪酬组
合。本集团全面遵守职业相关雇佣法例及
规例如：雇佣条例（香港法例第57章）、
最低工资条例（香港法例第608章）、性别
歧视条例（香港法例第480章）、强制性公
积金计划条例（香港法例第485章）、残疾
歧视条例（香港法例第487章）及种族歧视
条例（香港法例第602章）等法例。于报告
期间，本集团并无不符合或违反与适用
雇佣法例及法规有关的规定。
Anual Report 2025 年报67
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
于二零二五年三月三十一日，按性别、
雇员类别、年龄组别及地理区域划分的
雇员组成（包括雇员及行董事）及独立非
执行董事的数目计如下：
As of 31 March 2025, the compositions of employes (including
employe and executive Directors) and independent non-
executive Directors (“INEDs”) by gender, employe category,
age group and geographical region were as folows:
Employe and INEDs Structure雇员及独立非执行董事架构20252024
Total number of employes雇员总数44
Total number of INEDs独立非执行董事总数33
By gender按性别
Employes雇员
– Male－男性44
– Female－女性–
INEDs独立非执行董事
– Male－男性23
– Female－女性1–
By Age Group按年龄组别
Employes雇员
－ Aged 35 – 55－35至55岁22
－ Aged 56 or above－56岁或以上22
INEDs独立非执行董事
– Aged 35 – 55－35至55岁1–
– Aged 56 or above－56岁或以上23
By Geographical Region按地理区域
Employes雇员
– Hong Kong－香港44
INEDs独立非执行董事
– Hong Kong－香港33
UBA INVESTMENTS LIMITED 开明投资有限公司68
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
The turnover rates is as under:
Employe and INEDs Structure雇员及独立非执行董事架构20252024
By gender按性别
Employes雇员
– Male－男性–
– Female－女性–
INEDs独立非执行董事
– Male－男性1–
– Female－女性–
By Age Group按年龄组别
Employes雇员
– Aged 35 – 55－35至55岁–
– Aged 56 or above－56岁或以上–
INEDs独立非执行董事
– Aged 35 – 55－35至55岁–
– Aged 56 or above－56岁或以上1–
In adition, the Company apointed a female independent non-
executive Director on 12 July 2024 in order to promote diversity
(including gender diversity of the Board) in al aspects.
Health and Safety
The Group wil provide a healthy and safety working environment
to the employes. The Group has provided a guideline for work
safety including environmental hygiene and cleanlines, machine
operation, smoking ban and fire prevention, hazardous materials
handling, arangements in times of typhons and rainstorms, as
wel as response to emergencies, etc. By ofering oportunities
for a flexible work arangement, the Group also encourage our
employes to maintain a healthy work-life balance.
The Group is in ful compliance with the “Ocupational Safety
and Health Ordinance” (Chapter 509), and is not aware of any
non-compliance with relevant laws and regulations in relation
to health and safety working environment during the Reporting
Period that have significant impact on the Group. During the
period, there was no staf sufer work-related fatalities and injury.
雇员流失率如下：
此外，本公司于二零二四年七月十二日
委任一位女性为独立非执行董事，以不
遗余力促进本公司在所有层面的多元化
（包括董事会性别多元化）。
健康及安全
本集团的政策为向雇员提供一个健康及
安全的工作环境。本集团亦提供工作安
全指引包括环境卫生整洁、机器操作、
禁烟防火、危险品处理、台风及暴雨期间
的安排、以及突发事件处理等。透过提供
弹性工作安排，我们鼓励员工在工作与
生活之间维持平衡。
于报告期间，本集团全面遵守职业安全
及健康条例（香港法例第509章），以及本
集团并不知悉其未有遵守有关健康及安
全的工作环境的相关法例及规例，且对
本集团造成重大影响。于报告期内，没有
员工因工作而死亡及受伤。
Anual Report 2025 年报69
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
Development and Training
On-the-job training and continuous profesional development
are important elements to enhance the industry knowledge
of the employes of the Group. The Group provides relevant
training oportunities to its employes from time to time and
encourages employes to atend seminars by themselves for
their own profesional asertions which include Listing Rules
and acountancy update which can bost the competence
and eficiency of the employes and hence the Company’s
profesionalism and performance. The percentage of employes
(including employes and executive Directors) and INEDs of the
Company receiving training and the average training hours per
employe during the Reporting Year are sumarised as folows:
The training details during the Reporting Period were as folow:
The percentage of employes and INEDs trained by gender按性别划分的受训雇员及独立
非执行董事百分比
– Male– 男性100%
– Female– 女性100%
The percentage of employes and INEDs trained
by employment category
按雇佣类别划分的受训雇员及
独立非执行董事百分比
– Senior Management– 高级管理层100%
Average training hours for employes and INEDs by gender按性别划分的雇员及独立非执行
董事平均培训时数
Male– 男性36 hours
小时
Female– 女性23 hours
小时
Average training hours for employes and INEDs
by employment category
按雇佣类别划分的雇员及独立
非执行董事平均培训时数
– Senior Management– 高级管理层34 hours
小时
发展及培训
在职培训及持续专业发展为加强本集团
雇员的行业知识的重要元素。本集团经
常为雇员提供各种相关培训机会及鼓励
雇员就自身的专业核证自行参与包括上
市规则及会计更新等研讨会，可提升雇
员的工作能力及工作效率，增强本公司
的业务水平及素质。本公司于报告年度内
接受培训的雇员（包括雇员及执行董事）
及独立非执行董事百分比及每名雇员的
平均培训时数概述如下：
于报告期内的培训详情如下：
雇员流失率如下：
此外，本公司于二零二四年七月十二日
委任一位女性为独立非执行董事，以不
遗余力促进本公司在所有层面的多元化
（包括董事会性别多元化）。
健康及安全
本集团的政策为向雇员提供一个健康及
安全的工作环境。本集团亦提供工作安
全指引包括环境卫生整洁、机器操作、
禁烟防火、危险品处理、台风及暴雨期间
的安排、以及突发事件处理等。透过提供
弹性工作安排，我们鼓励员工在工作与
生活之间维持平衡。
于报告期间，本集团全面遵守职业安全
及健康条例（香港法例第509章），以及本
集团并不知悉其未有遵守有关健康及安
全的工作环境的相关法例及规例，且对
本集团造成重大影响。于报告期内，没有
员工因工作而死亡及受伤。
UBA INVESTMENTS LIMITED 开明投资有限公司70
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
Labour standards
It is the policy of the Group to comply with the relevant laws and
regulations which prohibit the employment of child and force
labour, under the Employment Ordinance (Cap. 57).
We strictly check the age of job candidate and in case of
holding forged identification documents or providing false
personal data wil report to relevant regulatory authority.
The Group is not aware of any non-compliance with relevant
rules and regulations on preventing child or forced labour during
the Reporting Period.
Suply Chain Management
As the Group operating in the investment field, which being
ofice based, it does not rely on any major supliers for its
busines operation in general. The Group mainly purchases
ofice equipment and ofice suplies through aproved supliers
acording to their reputation, the quality of gods and services
provided. The Group wil select on a competitive basis and take
into acount factors like their reputation, price, integrity and
competence for other supliers just like external profesional
service provider. The quality of their service is closely monitored
to ensure that the service provided is in acordance with
agred contractual terms. In adition to the increasing concern
of the ESG, the Company wil also select supliers with highly
promotion of the environmentaly preferable products or services
by searching their publicly disclosed information and relevant
news regarding to ESG. The Group believe the environmental
social risks of our suply chain are properly managed and are
kept to minimal.
The Group has maintained god practice to select and evaluate
its supliers and their engagements. During the period, there are
2 major ofice suplies supliers and 6 major external service
providers. Al the supliers were located in Hong Kong.
Product responsibility
The Group does not have products or services provided to
customers and hence the product responsibility is not aplicable
to the Group.
劳工标准
本集团的政策乃遵守相关法例及规例，
禁止雇用童工及强制劳工行为，根据雇
佣条例（第57章）。
我们严格检查工作申请人的年龄，对持
有伪造身份证件或提供虚假个人资料的
情况会向有关监管部门报告。
于报告期间，本集团概不知悉任何未遵
守预防儿童或强制劳工方面之相关条例
及法规的情况。
供应链管理
由于本集团于投资领域经营业务，以办
公室作基地，通常其业务营运无须依赖
任何主要供应商。本集团主要根据其声
誉，获提供产品及服务的质量，自认可
供应商采购办公室设备及办公室用品。
此外，本集团将在竞争基础上并考虑其
声誉、价格、诚信和能力等因素对其他供
应商如外部专业服务供应商进行选择。
他们的服务质量受到密切监控，以确保
所提供的服务符合商定的合同条款。此
外，环境，社会及管治受到关注，本公司
将通过搜索供应商公开披露的环境，社
会及管治信息和相关新闻，筛选出高度
推广环保产品或服务的供应商。本集团
相信我们供应链的环境社会风险得到妥
善管理并保持在最低水平。
本集团已维持挑选及评估其供应商及彼
等聘用方面的良好常规。于报告期内，
办公用品主要供应商2家，外部服务主要
供应商6家。所有供应商均位于香港。
产品责任
本集团并无向客户提供产品或服务，因
此产品责任并不适用于本集团。
Anual Report 2025 年报71
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT环境、社会及管治报告
Anti-coruption and Anti-Money Laundering
The Group is comited to ensuring that no bribes, payment,
advantages and money laundering are solicited from or given
or ofered to any persons, whether in the public or private
sector, for any purpose, which can ensure the strict adherence
to the Prevention of Bribery Ordinance (Chapter 201 of the
Laws of Hong Kong) and Anti-Money Laundering and Counter-
Terorist Financing Ordinance of Hong Kong. The Group regards
honesty, integrity and fair play as the core values that must
be upheld by our coleagues at al times. The Group does not
alow any bribery, coruption, extortion, money-laundering or
other fraudulent activities. The Group wil suport the employes
which include internal training and provide relevant reading
regarding to the anti-coruption and anti-money laundering.
Employes are required to poses high ethical standards and
demonstrate profesional conduct in al busines dealings with
our stakeholders.
Whistle-blowing chanels are provided to the employes for the
purpose of anti–coruption and anti–money laundering reporting.
Those reporting employes are anonymous, can raise concerns
without the fear of retaliation. Any form of retaliation against the
whistle-blower is prohibited.
During the reporting period, the Group had no legal cases
regarding corupt practices brought against the Group or its
employes.
Comunity investment
The Group encourages employes to contribute their time and
eforts in participating in various local comunity activities and
events.
The Group aimed at sponsor inmates and discharged prisoners
events such as cycling charity fundraising activities for asisting
discharged prisoners organized by Christian Prison Pastoral
Asociation Limited for the year 2024.
FEDBACK
If you have any coments and advice on this Report or our
performance on sustainable development, please contact us by
email at info@uba.com.hk. Your fedback would greatly help us
continuously improve our policies for promoting the sustainable
development of the Group.
反贪污及反洗钱
本集团致力确保并无因任何理由而于公
共或私营部门中从任何人士索取或向任
何人士提供或给予贿赂、款项或利益，
从而确保严格遵守香港《防止贿赂条例》
（香港法例第201章）及《打击洗钱及恐怖
分子资金筹集条例》。本集团将诚信、廉
直及公平竞争视为核心价值，雇员在任
何时候均须持守有关核心价值。本集团
决不容许任何贿赂、贪污、勒索、洗钱或
其他欺诈行为。本集团向雇员提供支持
包括提供关于反贪污及反洗钱内部培训
及相关阅读材料。雇员须具备高道德标
准，并在与权益人之所有业务往来中展
示专业操守。
为雇员提供举报反腐败和反洗钱举渠道。
那些举报的员工是匿名的，可以提出疑
虑而不必担心遭到报复。禁止对举报人
进行任何形式的报复。
于报告期内，本集团概无针对本公司或
其雇员之腐败行为之法律案件。
社区投资
本集团鼓励雇员贡献个人时间及精力参
与各类当地社区行动及活动。
本集团积极赞助在囚及更生人士活动，
例如由基督教牧爱会有限公司（监狱福音
事工）于二零二四年度举办的单车慈善筹
款活动。
回馈
如果您对此报告或我们在可持续发展方面的
表现有任何意见和建议，请通过电子邮件与
我们联系，电子邮件为info@uba.com.hk。
您的反馈意见将极大地帮助我们不断完
善我们促进集团可持续发展的政策。
UBA INVESTMENTS LIMITED 开明投资有限公司72
INDEPENDENT AUDITOR’S REPORT独立核数师报告
TO THE SHAREHOLDERS OF
UBA INVESTMENTS LIMITED
开明投资有限公司
(Incorporated in the Cayman Islands with limited liability)
OPINION
We have audited the consolidated financial statements of UBA
Investments Limited (the “Company”) and its subsidiaries (colectively
refered to as the “Group”) set out on pages 78 to 140, which
comprise the consolidated statement of financial position as at
31 March 2025, and the consolidated statement of profit or los and
other comprehensive income, consolidated statement of changes
in equity and consolidated statement of cash flows for the year
then ended, and notes to the consolidated financial statements,
including material acounting policy information and other explanatory
information.
In our opinion, the consolidated financial statements give a true and
fair view of the consolidated financial position of the Group as at
31 March 2025, and of its consolidated financial performance and its
consolidated cash flows for the year then ended in acordance with
HKFRS Acounting Standards isued by the Hong Kong Institute of
Certified Public Acountants (the “HKICPA”) and have ben properly
prepared in compliance with the disclosure requirements of the Hong
Kong Companies Ordinance.
BASIS FOR OPINION
We conducted our audit in acordance with Hong Kong Standards on
Auditing (“HKSAs”) isued by the HKICPA. Our responsibilities under
those standards are further described in the Auditors’ Responsibilities
for the Audit of the Consolidated Financial Statements section of
our report. We are independent of the Group in acordance with the
HKICPA’s Code of Ethics for Profesional Acountants (the “Code”), and
we have fulfiled our other ethical responsibilities in acordance with the
Code. We believe that the audit evidence we have obtained is suficient
and apropriate to provide a basis for our opinion.
致开明投资有限公司全体股东
（于开曼群岛注册成立的有限公司）
意见
我们已审核载于第78页至140页的开明投资有限
公司（「贵公司」）及其附属公司（统称「贵集团」）
的综合财务报表，当中包括截至二零二五年三月
三十一日的综合财务状况表与截至该日止年度的
综合损益及其他全面收益表、综合权益变动表、
综合现金流动表以及综合财务报表附注，包括重
大会计政策资料及其他说明性资料。
我们认为，该等综合财务报表已根据香港会计师
公会（「香港会计师公会」）颁布之香港财务报告
准则会计准则真实而公平地反映 贵集团于二零
二五年三月三十一日的综合财务状况及 贵集团
截至该日止年度的综合财务表现和综合现金流
动，并已遵守香港公司条例的披露规定妥为编
制。
意见基准
我们根据香港会计师公会颁布之香港审计准则
（「香港审计准则」）进行审核。我们于该等准则项
下之责任在本报告核数师就审核综合财务报表之
责任一节进一步描述。我们根据香港会计师公会
之专业会计师职业道德守则（「守则」）独立于 贵
集团，我们已按照守则履行我们之其他道德责
任。我们认为，我们所获得之审核凭证就为我们
之意见提供基准而言属足够及适当。
Anual Report 2025 年报73
INDEPENDENT AUDITOR’S REPORT独立核数师报告
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.
Key audit mater
关键审核事项
How our audit adresed the key audit mater
我们如何于审核中处理关键审核事项
Fair value measurement for the unlisted equity shares included in financial asets at fair value through profit or
los (“FVTPL”)
列入按公平值于损益账列账（「按公平值于损益账列账」）之财务资产的非上市权益股份的公平值计量
During the year ended 31 March 2025, the Group disposed
of the unlisted equity shares included in financial asets at
FVTPL of aproximately HK$380,000 through disposal of
subsidiaries to an independent third party.
于截至二零二五年三月三十一日止年度， 贵集团透过向独立
第三方出售附属公司，出售列入按公平值于损益账列账之财务
资产的非上市权益股份约380,000港元。
As disclosed in Note 6(b) to the consolidated financial
statements, the investment in unlisted equity shares is
categorised as level 3 under the fair value hierarchy and
their fair values are asesed by the management based
on a valuation prepared by an independent qualified
profesional valuer. The valuation techniques include
significant unobservable inputs and involve management
judgment and estimation. Changes in the key inputs and
asumptions on which the fair value of these asets are
based could significantly afect the Group’s asesment
resulting in a fair value change being recognised.
诚如综合财务报表附注6(b)所披露，非上市权益股份的投资在
公平值等级中分类为第三级，其公平值由管理层根据独立合资
格专业估值师的估值进行估值。估值技术包括重大不可观察输
入值，并涉及管理层的判断及估计。此等资产的公平值所依据
的关键输入值及假设的变动或会显著影响 贵集团的评估，因
而确认公平值变动。
We consider the fair value measurement for the unlisted
equity shares clasified as FVTPL as a key audit mater
because of the significant management judgements and
estimates involved in the fair value measurements for such
financial asets.
我们认为分类为按公平值于损益账列账的非上市权益股份的
公平值计量为关键审核事项，因为此类财务资产的公平值计量
涉及重大管理层判断及估计。
Our procedures in relation to the fair value measurement
for the unlisted equity shares included in financial asets at
FVTPL included:
我们对列入按公平值于损益账列账之财务资产的非上市权益
股份的公平值计量之程序包括：
- ’s proces
regarding the determination of the fair value of the
unlisted equity shares;
了解该实体关于厘定非上市权益股份的公平值的程序；
• Asesing the independent qualified profesional
valuer’s competence, capabilities and objectivity;
评估独立合资格专业估值师的才干、能力及客观性；
- ,
judgements and estimates used in determining the fair
value of the investment in unlisted equity shares;
评估用于厘定非上市权益股份投资的公平值的方法、判
断及估计是否恰当；
- ;
and
检查计算的算数准确性；及
• Evaluating the apropriatenes of the clasification
and adequacy of disclosure made in the consolidated
financial statements.
评估综合财务报表中的分类是否恰当及披露是否充分。
关键审核事项
关键审核事项乃根据我们之专业判断，对本期综
合财务报表审核工作而言最重要之事项。该等事
项乃于我们对综合财务报表进行整体审核并就此
形成我们之意见时予以处理，我们对该等事项并
无提出单独意见。
UBA INVESTMENTS LIMITED 开明投资有限公司74
INDEPENDENT AUDITOR’S REPORT独立核数师报告
OTHER INFORMATION
The directors of the Company (the “Directors”) are responsible for
the other information. The other information comprises the information
included in the anual report, but does not include the consolidated
financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover
the other information and we do not expres any form of asurance
conclusion thereon.
In conection with our audit of the consolidated financial statements,
our responsibility is to read the other information and, in doing so,
consider whether the other information is materialy inconsistent with
the consolidated financial statements or our knowledge obtained in
the audit or otherwise apears to be materialy mistated. If, based
on the work we have performed, we conclude that there is a material
mistatement of this other information, we are required to report that
fact. We have nothing to report in this regard.
RESPONSIBILITIES OF DIRECTORS AND THOSE CHARGED
WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL
STATEMENTS
The Directors are responsible for the preparation of the consolidated
financial statements that give a true and fair view in acordance with
HKFRS Acounting Standards isued by the HKICPA and the disclosure
requirements of the Hong Kong Companies Ordinance, and for such
internal control as the Directors determine is necesary to enable the
preparation of the consolidated financial statements that are fre from
material mistatement, whether due to fraud or eror.
In preparing the consolidated financial statements, the Directors are
responsible for asesing the Group’s ability to continue as a going
concern, disclosing, as aplicable, maters related to going concern
and using the going concern basis of acounting unles the Directors
either intend to liquidate the Group or to cease operations, or have no
realistic alternative but to do so.
Those charged with governance is responsible for overseing the
Group’s financial reporting proces.
其他资料
贵公司董事（「董事」）对其他资料负责。其他资料
包括年报中包含之资料，综合财务报表及本核数
师报告除外。
我们对综合财务报表之意见不包括其他资料，我
们不会就此提供任何形式之核证结论。
关于我们对综合财务报表之审核，我们之责任是
阅读其他资料，同时考虑其他资料是否与综合财
务报表或我们于审核中了解之情况存在重大不
一致，或另外出现重大错报。根据我们所做之工
作，倘我们得出其他资料存有重大错报之结论，
我们须就这一事实作出报告。我们并无就此作出
报告。
董事及管治层就综合财务报表之责任
董事负责根据香港会计师公会颁布之香港财务报
告准则会计准则及香港公司条例之披露规定编制
真实而公平之综合财务报表，以及维持董事认为
必要之内部控制，以确保编制综合财务报表时不
存在由于欺诈或错误而导致之重大错报。
于编制综合财务报表时，董事负责评估 贵集团
之持续经营能力，并在适用情况下披露与持续经
营有关之事项，以及使用持续经营为会计基础，
除非董事有意将 贵集团清盘或停止经营，或别
无其他实际之替代方案。
管治层负责监督 贵集团之财务报告流程。
Anual Report 2025 年报75
INDEPENDENT AUDITOR’S REPORT独立核数师报告
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable asurance about whether the
consolidated financial statements as a whole are fre from material
mistatement, whether due to fraud or eror, and to isue an auditor’s
report that includes our opinion solely to you, as a body, in acordance
with our agred terms of engagement, and for no other purpose. We
do not asume responsibility towards or acept liability to any other
person for the contents of this report. Reasonable asurance is a high
level of asurance, but is not a guarante that an audit conducted in
acordance with HKSAs wil always detect a material mistatement
when it exists. Mistatements can arise from fraud or eror and are
considered material if, individualy or in the agregate, they could
reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements.
As part of an audit in acordance with HKSAs, we exercise profesional
judgement and maintain profesional skepticism throughout the audit.
We also:
• Identify and ases the risks of material mistatement of the
consolidated financial statements, whether due to fraud or eror,
design and perform audit procedures responsive to those risks,
and obtain audit evidence that is suficient and apropriate to
provide a basis for our opinion. The risk of not detecting a material
mistatement resulting from fraud is higher than for one resulting
from eror, as fraud may involve colusion, forgery, intentional
omisions, misrepresentations, or the overide of internal control.
• Obtain an understanding of internal control relevant to the audit
in order to design audit procedures that are apropriate in the
circumstances, but not for the purpose of expresing an opinion on
the efectivenes of the Group’s internal control.
• Evaluate the apropriatenes of acounting policies used and the
reasonablenes of acounting estimates and related disclosures
made by the Directors.
核数师就综合财务报表审核之责任
我们之目标，是对综合财务报表整体是否不存在
由于欺诈或错误而导致之重大错报取得合理保
证，并根据我们的协定委聘条款仅向 阁下（作
为整体）出具包括我们意见之核数师报告，除此
以外，别无其他用途。我们概不就本报告之内
容，对任何其他人士负责或承担责任。合理保证
是高水平之保证，惟不能保证按照香港审计准则
进行之审核，于某一重大错报存在时总能发现。
错报可以由欺诈或错误引起，倘合理预期其单独
或汇总起来可能影响综合财务报表使用者依赖财
务报表所作出之经济决定，则有关之错报可被视
为重大。
于根据香港审计准则进行审核之过程中，我们运
用专业判断并保持专业怀疑态度。我们亦：
• 识别并评估由于欺诈或错误而导致综合财
务报表存在重大错报之风险，设计及执行
审核程序以应对该等风险，以及获取充足
及适当之审核凭证，作为我们意见之基础。
由于欺诈可能涉及串谋、伪造、蓄意遗漏、
虚假陈述、或凌驾于内部监控之上，因此
未能发现因欺诈而导致之重大错报之风险
高于未能发现因错误而导致之重大错报之
风险。
- ，以设计适当
之审核程序，惟目的并非对 贵集团内部
监控之有效性发表意见。
• 评价董事所采用会计政策之恰当性及作出
会计估计及相关披露之合理性。
UBA INVESTMENTS LIMITED 开明投资有限公司76
INDEPENDENT AUDITOR’S REPORT独立核数师报告
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 activities within the Group as a basis for forming an
opinion on the Group financial statements. We are responsible for
the direction, supervision and review of the audit work performed
for purposes of the group audit. We remain solely responsible for
our audit opinion.
We comunicate with those charged with governance regarding,
among other maters, the planed scope and timing of the audit and
significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence, and to comunicate with them al relationships
and other maters that may reasonably be thought to bear on our
independence, and where aplicable, actions taken to eliminate threats
or safeguards aplied.
核数师就综合财务报表审核之责任（续）
• 对董事采用持续经营会计基准之适当性作
出结论。根据所获取之审核凭证，确定是否
存在与事项或情况有关之重大不确定性，
从而可能导致对 贵集团之持续经营能力
产生重大疑虑。倘我们认为存在重大不确
定性，则有必要在核数师报告中提请注意
综合财务报中之相关披露，或倘有关披露
不足，我们将修订意见。我们之结论乃基
于核数师报告日止所取得之审核凭证。然
而，未来事项或情况可能导致 贵集团停
止持续经营。
- 、结构及内
容，包括披露，以及综合财务报表是否中
肯反映相关交易及事项。
- ，以就 贵集团内实
体或业务活动之财务资料获取充足适当之
审核凭证，作为对 贵集团财务报表发表
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审核工作。我们
仅为审核意见承担责任。
我们与管治层沟通（其中包括）审核之计划范围、
时间安排及重大审核发现，包括我们于审核中识
别出内部监控之任何重大缺陷。
我们亦向管治层提交声明，说明我们已符合有关
独立性之相关道德要求，并与彼等沟通有可能合
理被认为会影响我们独立性之所有关系及其他事
项，以及在适用情况下，用以消除对独立性产生
威胁的行动或采取的防范措施。
Anual Report 2025 年报77
INDEPENDENT AUDITOR’S REPORT独立核数师报告
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS (continued)
From the maters comunicated with those charged with governance,
we determine those maters that were of most significance in the
audit of the consolidated financial statements of the curent period
and are therefore the key audit maters. We describe these maters
in our auditor’s report unles law or regulation precludes public
disclosure about the mater or when, in extremely rare circumstances,
we determine that a mater should not be comunicated in our report
because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such
comunication.
Asian Aliance (HK) CPA Limited
Certified Public Acountants (Practising)
Lam Chik Tong
Practising Certificate Number: P08346
8/F, Catic Plaza
8 Causeway Road
Causeway Bay
Hong Kong
25 June 2025
核数师就综合财务报表审核之责任（续）
从与管治层沟通之事项中，我们确定对本期综合
财务报表之审核最为重要之事项，因而构成关键
审核事项。我们于核数师报告中描述该等事项，
除非法律法规不允许公开披露该等事项，或在极
端罕见之情况下，倘合理预期于我们报告中沟通
某事项造成之负面后果超过产生之公众利益，我
们决定不应在报告中沟通该事项。
久安（香港）会计师事务所有限公司
执业会计师
林植棠
执业证书编号：P08346
香港
铜锣湾
高士威道8号
航空大厦8楼
二零二五年六月二十五日
| 59,591 |
|---|
| 5,042 10,228 (185) 310 (5,124) |
| 10,271 – |
| 10,271 |
| 0.81 |
| N/A 不适用 |
| Nil 无 |
UBA INVESTMENTS LIMITED 开明投资有限公司78
CONSOLIDATED STATEMENT OF PROFIT OR
LOS AND OTHER COMPREHENSIVE INCOME
综合损益及其他全面收益表
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
NotesHK$’000HK$’000
附注千港元千港元
Gros proceds from disposal of trading
securities
出售交易证券的所得款项总额
2,882
Revenue收入75,010
Gain (los) from changes in fair value of
financial asets at fair value through
profit or los, net
按公平值变动于损益账列账之
财务资产之收益（亏损）净额
8(7,690)
Los on disposal of subsidiaries出售附属公司亏损27–
Other income其它收益9180
Administrative and other operating
expenses
行政及其他营运支出
(4,909)
Profit (los) before taxation除税前溢利（亏损）10(7,409)
Income tax expense所得税开支13–
Profit (los) and total comprehensive
income (expenses) for the year
本年度之溢利（亏损）及
全面收益（支出）总额(7,409)
Earnings (los) per share每股溢利（亏损）
Basic (HK cents)基本（港仙）14(0.58)
Diluted (HK cents)摊薄（港仙）14N/A 不适用
Dividend股息15Nil 无
| 169 66 62,565 30,578 |
|---|
| 93,378 |
| 392 |
| 92,986 |
| 12,717 80,269 |
| 92,986 |
| 0.07 |
Anual Report 2025 年报79
CONSOLIDATED STATEMENT OF FINANCIAL POSITION综合财务状况表
At 31 March 2025于二零二五年三月三十一日
NotesHK$’000HK$’000
附注千港元千港元
CURENT ASETS流动资产
Amounts due from related companies应收关联公司款项16269
Deposits按金66
Financial asets at fair value through
profit or los
按公平值于损益账列账之
财务资产1777,173
Cash and cash equivalents现金及现金等值项目185,542
83,050
CURENT LIABILITIES流动负债
Acruals应付费用335
NET CURENT ASETS AND NET
ASETS
流动资产净值及资产净值
82,715
CAPITAL AND RESERVES资本及储备
Share capital股本2012,717
Reserves储备69,998
TOTAL EQUITY总权益82,715
NET ASET VALUE PER SHARE (HK$)每股资产净值（港元）220.07
The consolidated financial statements on pages 78 to 140 were
aproved and authorised for isue by the board of directors on 25 June
2025 and are signed on its behalf by:
第78至140页的综合财务报表已获董事会于二零
二五年六月二十五日批准及授权发出，并由下列
人士代表签署：
Chau Wai HingCheng Wai Lun, Andrew
Executive DirectorExecutive Director
执行董事执行董事
周伟兴郑伟伦
UBA INVESTMENTS LIMITED 开明投资有限公司80
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY综合权益变动表
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
Share
capital
Share
premium
Acumulated
losesTotal
股本股份溢价累计亏损总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
At 1 April 2023于二零二三年四月一日12,717107,217(29,810)90,124
Los and total
comprehensive
expenses for the year
本年度亏损及全面
支出总额
–(7,409)(7,409)
At 31 March 2024于二零二四年三月三十一日12,717107,217(37,219)82,715
Profit and total
comprehensive income
for the year
本年度溢利及全面
收益总额
–10,27110,271
At 31 March 2025于二零二五年三月三十一日12,717107,217(26,948)92,986
| 10,271 (5,042) (310) 185 (10,228) |
|---|
| (5,124) 24,456 100 57 |
| 19,489 5,042 |
| 24,531 |
| 195 310 |
| 505 |
| 25,036 5,542 |
Anual Report 2025 年报81
CONSOLIDATED STATEMENT OF CASH FLOWS综合现金流动表
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
HK$’000HK$’000
千港元千港元
OPERATING ACTIVITIES经营业务
Profit (los) before taxation除税前溢利（亏损）(7,409)
Adjustments for:已就下列各项作出调整：
Dividend income股息收入(5,010)
Bank interest income银行利息收入(180)
Los on disposal of subsidiaries出售附属公司亏损–
(Gain) los from changes in fair value of
financial asets at fair value through profit
or los
按公平值变动于损益账列账之
财务资产之（收益）亏损
7,690
Operating cash flows before movements in
working capital
营运资金变动前的经营现金流量
(4,909)
Decrease in financial asets at fair value
through profit or los
按公平值于损益账列账之
财务资产之减少862
Decrease in amounts due from related
companies
应收关联公司款项减少
Increase in acruals应付费用增加10
Cash generated from (used in) operations经营业务产生（应用）之现金(3,971)
Dividend received已收股息5,010
NET CASH FROM OPERATING ACTIVITIES经营活动产生之现金净值1,039
NET CASH FROM INVESTING ACTIVITY投资活动产生之现金净值
Net cash inflow on disposal of subsidiaries出售附属公司之现金流入净额–
Interest received已收利息180
NET CASH FROM INVESTING ACTIVITIES投资活动产生之现金净值180
NET INCREASE IN CASH AND CASH
EQUIVALENTS
现金及现金等值项目之增加净额
1,219
CASH AND CASH EQUIVALENTS AT THE
BEGINING OF THE YEAR
年初之现金及现金等值项目
4,323
CASH AND CASH EQUIVALENTS AT THE
END OF THE YEAR,
年末之现金及现金等值项目，
represented by cash and bank balances即现金及银行结余30,5785,542
UBA INVESTMENTS LIMITED 开明投资有限公司82
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
1. GENERAL
UBA Investments Limited (the “Company”) is a public limited
company incorporated in the Cayman Islands with its shares
listed on The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”). The adres of its registered ofice is P.O. Box 309,
Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The
principal place of busines of the Company is Flat B, 16th Flor,
Wah Kit Comercial Centre, 300 Des Voeux Road Central, Hong
Kong.
The Company and its subsidiaries (colectively refered to as
the “Group”) are engaged in investment holding and trading of
securities.
The consolidated financial statements are presented in Hong Kong
dolars (“HK$”), which is the same as the functional curency of the
Company and al values (including comparative information) are
rounded to the nearest thousand (HK$’000) except when otherwise
indicated.
2. APLICATION OF NEW AND AMENDMENTS TO HKFRS
ACOUNTING STANDARDS
Amendments to HKFRS Acounting Standards that are
mandatorily efective for the curent year
In the curent year, the Group has aplied the folowing
amendments to HKFRS Acounting Standards isued by the Hong
Kong Institute of Certified Public Acountants (“HKICPA”) for the
first time, which are mandatorily efective for the Group’s anual
period begining on or after 1 April 2024 for the preparation of the
consolidated financial statements:
Amendments to HKFRS 16Lease Liability in a Sale and
Leaseback
Amendments to Hong Kong
Acounting Standards
(“HKAS”) 1
Clasification of Liabilities as
Curent or Non-curent and related
amendments to Hong Kong
Interpretation 5 (2020)
Amendments to HKAS 1Non-curent Liabilities with
Covenants
Amendments to HKAS 7
and HKFRS 7
Suplier Finance Arangements
Except as described below, the aplication of the amendments
to HKFRS Acounting Standards in the curent year has had no
material impact on the Group’s financial positions and performance
for the curent and prior years and/or on the disclosures set out in
these consolidated financial statements.
1. 一般资料
开明投资有限公司（「本公司」）乃一间于开
曼群岛注册成立有限责任之公众公司，其股
份于香港联合交易所有限公司（「联交所」）
上市。本公司之注册地址为P.O. Box 309,
Ugland House, Grand Cayman, KY1-
1104, Cayman Islands。本公司之主要营
业地点位于香港德辅道中300号华杰商业中
心16楼B室。
本公司及其附属公司（统称为「本集团」）均
从事投资控股及证券交易。
本综合财务报表乃以港元（「港元」）列示，
港元亦为本公司之功能货币，而除另有注
明外，所有数值（包括比较信息）均调整至
最接近之千位数（千港元）。
2. 应用新订及经修订香港财务报告准则会
计准则
于本年度强制生效的经修订香港财务报告
准则会计准则
于本年度，本集团编制综合财务报表时首
次应用自二零二四年四月一日或之后开始
之年度期间强制生效之下列香港会计师公
会（「香港会计师公会」）颁布的经修订香港
财务报告准则会计准则：
香港财务报告准则
第16号（修订本）
售后租回的租赁负债
香港会计准则
（「香港会计准则」）
第1号（修订本）
将负债分类为流动或
非流动及对香港诠释
第5号的相关修订
（二零二零年）
香港会计准则
第1号（修订本）
附带契诺的非流动负债
香港会计准则第7号及
香港财务报告准则
第7号（修订本）
供应商融资安排
除下文所述者外，在本年度应用经修订香
港财务报告准则会计准则，对本集团本年
度及过往年度的财务状况及表现及╱或对
该等综合财务报表所载的披露并无重大影
响。
Anual Report 2025 年报83
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
2. APLICATION OF NEW AND AMENDMENTS TO HKFRS
ACOUNTING STANDARDS (continued)
Amendments to HKFRS Acounting Standards that are
mandatorily efective for the curent year (continued)
Impacts on aplication of Amendments to HKAS 1 Clasification
of Liabilities as Curent or Non-curent and related
amendments to Hong Kong Interpretation 5 (2020) (the “2020
Amendments”) and Amendments to HKAS 1 Non-curent
Liabilities with Covenants (the “2022 Amendments”)
The Group has aplied the amendments for the first time in
the curent year. The 2020 Amendments provide clarification
and aditional guidance on the asesment of rights to defer
setlement for at least twelve months from reporting date for
clasification of liabilities as curent or non-curent, which:
• specify that the clasification of liabilities as curent or non-
curent should be based on rights that are in existence at the
end of the reporting period. Specificaly, the clasification
should not be afected by management intentions or
expectations to setle the liability within 12 months.
• clarify that the setlement of a liability can be a transfer
of cash, gods or services, or the entity’s own equity
instruments to the counterparty. If a liability has terms that
could, at the option of the counterparty, result in its setlement
by the transfer of the entity’s own equity instruments, these
terms do not afect its clasification as curent or non-curent
only if the entity recognises the option separately as an
equity instrument aplying HKAS 32 Financial Instruments:
Presentation.
2. 应用新订及经修订香港财务报告准则会
计准则（续）
于本年度强制生效的经修订香港财务报告
准则会计准则（续）
应用香港会计准则第1号（修订本）将负债
分类为流动或非流动及对香港诠释第5号的
相关修订（二零二零年）（「二零二零年修订
本」）及香港会计准则第1号（修订本）附带契
诺的非流动负债（「二零二年修订本」）的
影响
本集团已于本年度首次应用该等修订本。二
零二零年修订本对将负债分类为流动或非
流动负债的报告之日起至少十二个月的延
期结算权的评估提供了澄清和补充指导，
其中：
• 指明流动或非流动负债的分类应基于
报告期末存在的权利。具体而言，该
分类不应受管理层于12个月内结算负
债的意图或预期所影响。
• 澄清负债的清偿可以是向交易对手转
让现金、商品或服务，或实体自身的
权益工具。如果负债的条款可以根据
交易对手的选择，通过转让实体自身
的权益工具来结算，只有当实体将选
择权单独确认为应用香港会计准则第
32号金融工具：呈报的权益工具时，
这些条款才不影响其作为流动负债或
非流动负债的分类。
UBA INVESTMENTS LIMITED 开明投资有限公司84
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
2. APLICATION OF NEW AND AMENDMENTS TO HKFRS
ACOUNTING STANDARDS (continued)
Amendments to HKFRS Acounting Standards that are
mandatorily efective for the curent year (continued)
Impacts on aplication of Amendments to HKAS 1 Clasification
of Liabilities as Curent or Non-curent and related
amendments to Hong Kong Interpretation 5 (2020) (the “2020
Amendments”) and Amendments to HKAS 1 Non-curent
Liabilities with Covenants (the “2022 Amendments”) (continued)
For rights to defer setlement for at least twelve months from
reporting date which are conditional on the compliance with
covenants, the 2022 Amendments specificaly clarify that only
covenants that an entity is required to comply with on or before
the end of the reporting period afect the entity’s rights to defer
setlement of a liability for at least twelve months after the reporting
date, even if compliance with the covenant is asesed only
after the reporting date. The 2022 Amendments also specify that
covenants with which an entity must comply after the reporting
date (i.e. future covenants) do not afect the clasification of a
liability as curent or non-curent at the reporting date. However,
if the entity’s rights to defer setlement of a liability is subject to
the entity complying with covenants within twelve months after
the reporting period, an entity discloses information that enables
users of financial statements to understand the risk of the liabilities
becoming repayable within twelve months after the reporting
period. This would include information about the covenants, the
carying amount of related liabilities and facts and circumstances,
if any, that indicate that the entity may have dificulties complying
with the covenants.
In acordance with the transition provision, the Group has aplied
the new acounting policy to the clasification of liability as curent
or non-curent retrospectively. The aplication of the amendments
in the curent year had no material impact on the consolidated
financial statements.
2. 应用新订及经修订香港财务报告准则会
计准则（续）
于本年度强制生效的经修订香港财务报告
准则会计准则（续）
应用香港会计准则第1号（修订本）将负债
分类为流动或非流动及对香港诠释第5号的
相关修订（二零二零年）（「二零二零年修订
本」）及香港会计准则第1号（修订本）附带契
诺的非流动负债（「二零二年修订本」）的
影响（续）
对于清偿自报告日期起递延至少十二个月
的权利（以遵守契诺为条件），二零二年
修订本特别澄清，实体须于报告期末或之
前遵守的契诺方会影响实体将清偿负债于
报告日期后递延最少十二个月的权利，即
使契诺的遵守情况仅于报告日期后评估。
二零二年修订本亦订明，实体于报告日
期后必须遵守的契诺（即未来契诺）不会影
响负债于报告日期分类为流动或非流动。
然而，倘实体延迟清偿负债的权利受限于
实体于报告期后十二个月内遵守契诺，则
实体须披露资料以使财务报表的使用者可
了解该等负债于报告期后十二个月内要偿
还的风险。该等资料将包括契诺、相关负
债的账面值以及表明实体可能难以遵守契
诺的事实及情况（如有）。
根据过渡条文，本集团已将新会计政策追
溯应用于将负债分类为流动或非流动。于
本年度应用该等修订本对综合财务报表并
无重大影响。
Anual Report 2025 年报85
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
2. APLICATION OF NEW AND AMENDMENTS TO HKFRS
ACOUNTING STANDARDS (continued)
New and amendments to HKFRS Acounting Standards in
isue but not yet efective
The Group has not early aplied the folowing new and
amendments to HKFRS Acounting Standards that have ben
isued but are not yet efective:
Amendments to HKFRS 9
and HKFRS 7
Amendments to the Clasification
and Measurement of Financial
Instruments
Amendments to HKFRS 9
and HKFRS 7
Contracts Referencing Nature-
dependent Electricity
Amendments to HKFRS 10
and HKAS 28
Sale or Contribution of Asets
betwen an Investor and its
Asociate or Joint Venture
Amendments to HKFRS
Acounting Standards
Anual Improvements to HKFRS
Acounting Standards –
Volume 11
Amendments to HKAS 21Lack of Exchangeability
HKFRS 18Presentation and Disclosure in
Financial Statements
Efective for anual periods begining on or after a date to be
determined.
Efective for anual periods begining on or after 1 January 2025.
Efective for anual periods begining on or after 1 January 2026.
Efective for anual periods begining on or after 1 January 2027.
Except for the new and amendments to HKFRS Acounting
Standards mentioned below, the directors of the Company (the
“Directors”) anticipate that the aplication of al other amendments
to HKFRS Acounting Standards wil have no material impact on
the consolidated financial statements in the foreseable future.
Amendments to HKFRS 9 and HKFRS 7 Amendments to the
Clasification and Measurement of Financial Instruments
The amendments to HKFRS 9 clarify the recognition and
derecognition for financial aset and financial liability and ad an
exception which permits an entity to dem a financial liability to be
discharged before the setlement date if it is setled in cash using
an electronic payment system if, and only if certain conditions are
met.
2. 应用新订及经修订香港财务报告准则会
计准则（续）
已颁布但尚未生效的新订及经修订香港财
务报告准则会计准则
本集团并无提早应用下列已颁布但尚未生
效之新订及经修订香港财务报告准则会计
准则：
香港财务报告准则
第9号及香港财务报告
准则第7号（修订本）
金融工具分类及计量
之修订
香港财务报告准则
第9号及香港财务报告
准则第7号（修订本）
依赖自然能源生产电
力的合约
香港财务报告准则
第10号及香港会计
准则第28号（修订本）
投资者与其联营公司
或合营企业之间的
资产出售或注资
香港财务报告准则
会计准则（修订本）
香港财务报告准则会
计准则之年度改
进－第11册
香港会计准则
第21号（修订本）
缺乏可兑换性
香港财务报告准则
第18号
财务报表之呈列及披
露
待厘定日期或之后开始的年度期间生效。
于二零二五年一月一日或之后开始的年度
期间生效。
于二零二六年一月一日或之后开始的年度
期间生效。
于二零二七年一月一日或之后开始的年度
期间生效。
除下文所述的新订及经修订香港财务报告
准则会计准则外，本公司董事（「董事」）预
测应用所有其他经修订香港财务报告准则
会计准则于可预见的未来将不会对综合财
务报表产生重大影响。
香港财务报告准则第9号及香港财务报告准
则第7号（修订本）金融工具分类及计量之修
订
香港财务报告准则第9号（修订本）澄清财务
资产及财务负债之确认及终止确认，并增
加一项例外情况，即当且仅当符合若干条
件时，允许实体可将使用电子付款系统以
现金结算之财务负债视为于结算日期之前
偿付。
UBA INVESTMENTS LIMITED 开明投资有限公司86
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
2. APLICATION OF NEW AND AMENDMENTS TO HKFRS
ACOUNTING STANDARDS (continued)
New and amendments to HKFRS Acounting Standards in
isue but not yet efective (continued)
Amendments to HKFRS 9 and HKFRS 7 Amendments to the
Clasification and Measurement of Financial Instruments
(continued)
The amendments also provide guidance on the asesment
of whether the contractual cash flows of a financial aset are
consistent with a basic lending arangement. The amendments
specify that an entity should focus on what an entity is being
compensated for rather than the compensation amount.
Contractual cash flows are inconsistent with a basic lending
arangement if they are indexed to a variable that is not a basic
lending risk or cost. The amendments state that, in some cases,
a contingent feature may give rise to contractual cash flows that
are consistent with a basic lending arangement both before
and after the change in contractual cash flows, but the nature
of the contingent event itself does not relate directly to changes
in basic lending risks and costs. Furthermore, the description of
the term “non-recourse” is enhanced and the characteristics of
“contractualy linked instruments” are clarified in the amendments.
The disclosure requirements in HKFRS 7 in respect of investment
in equity instruments designated at fair value through other
comprehensive income are amended. In particular, entities are
required to disclose the fair value gain or los presented in other
comprehensive income during the period, showing separately
those related to investments derecognised during the reporting
period and those related to investments held at the end of the
reporting period. An entity is also required to disclose any
transfers of the cumulative gain or los within equity related to the
investments derecognised during the reporting period. In adition,
the amendments introduce the requirements of qualitative and
quantitative disclosure of contractual terms that could afect the
contractual cash flow based on a contingent even not directly
relating to basic lending risks and cost.
2. 应用新订及经修订香港财务报告准则会
计准则（续）
已颁布但尚未生效的新订及经修订香港财
务报告准则会计准则（续）
香港财务报告准则第9号及香港财务报告准
则第7号（修订本）金融工具分类及计量之修
订（续）
该等修订本亦就评估财务资产之合约现金
流量是否与基本借贷安排相一致提供指引。
该等修订本订明，实体应当专注于获得补
偿的实体而非补偿金额。倘合约现金流量
与非基本借贷风险或成本的变量挂钩，则
其与基本借贷安排不一致。该等修订本陈
述，在若干情况下，或然特征可能于合约现
金流量变动之前及之后引致与基本贷款安
排一致之合约现金流量，惟或然事件本身
之性质与基本借贷风险及成本之变化并不
直接相关。此外，该等修订本中加强对「无
追索权」一词之描述以及澄清「合约相关工
具」之特点。
香港财务报告准则第7号有关指定为按公平
值于其他全面收益列账之权益工具的投资
之披露规定已予修订。尤其是，实体须披
露于期内其他全面收益内呈列之公平值收
益或亏损，分别列示与于报告期内已终止
确认投资相关者以及与于报告期末所持投
资相关者。实体亦须披露于报告期内已终
止确认投资相关之权益内累计收益或亏损
之任何转拨。此外，该等修订本引进对可
能影响基于或然因素（即使与基本借贷风险
及成本不直接相关）之合约现金流量之合约
条款进行定性及定量披露之要求。
Anual Report 2025 年报87
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
2. APLICATION OF NEW AND AMENDMENTS TO HKFRS
ACOUNTING STANDARDS (continued)
New and amendments to HKFRS Acounting Standards in
isue but not yet efective (continued)
Amendments to HKFRS 9 and HKFRS 7 Amendments to the
Clasification and Measurement of Financial Instruments
(continued)
The amendments are efective for anual reporting periods
begining on or after 1 January 2026, with early aplication
permited. The aplication of the amendments is not expected to
have significant impact on the financial position and performance
of the Group.
HKFRS 18 Presentation and Disclosure in Financial Statements
HKFRS 18 Presentation and Disclosure in Financial Statements,
which sets out requirements on presentation and disclosures
in financial statements, wil replace HKAS 1 Presentation of
Financial Statements. This new HKFRS Acounting Standard, while
carying forward many of the requirements in HKAS 1, introduces
new requirements to present specified categories and defined
subtotals in the statement of profit or los; provide disclosures on
management-defined performance measures in the notes to the
financial statements and improve agregation and disagregation
of information to be disclosed in the financial statements. In
adition, some HKAS 1 paragraphs have ben moved to HKAS 8
and HKFRS 7. Minor amendments to HKAS 7 Statement of Cash
Flows and HKAS 33 Earnings per Share are also made.
HKFRS 18, and amendments to other standards, wil be efective
for anual periods begining on or after 1 January 2027, with
early aplication permited. The aplication of the new standard is
expected to afect the presentation of the statement of profit or los
and disclosures in the future financial statements. The Group is in
the proces of asesing the detailed impact of HKFRS 18 on the
Group’s consolidated financial statements.
2. 应用新订及经修订香港财务报告准则会
计准则（续）
已颁布但尚未生效的新订及经修订香港财
务报告准则会计准则（续）
香港财务报告准则第9号及香港财务报告准
则第7号（修订本）金融工具分类及计量之修
订（续）
该等修订本于二零二六年一月一日或之后
开始之年度报告期间生效，并允许提前采
用。应用该等修订本预计将不会对本集团
之财务状况及表现产生重大影响。
香港财务报告准则第18号财务报表之呈列
及披露
香港财务报告准则第18号财务报表之呈列
及披露，载列财务报表的呈报及披露规定，
将取代香港会计准则第1号财务报表呈报。
该新订香港财务报告准则会计准则于延续
香港会计准则第1号多项规定的同时引入新
规定，要求于损益表呈列指定类别及经界
定小计，于财务报表附注中提供管理层界
定绩效指标措施的披露，并改善财务报表
中披露的汇总及分类资料。此外，香港会
计准则第1号若干段落已移至香港会计准则
第8号及香港财务报告准则第7号。香港会
计准则第7号现金流量表及香港会计准则第
33号每股盈利亦有稍作修订。
香港财务报告准则第18号及其他准则的修
订本将于二零二七年一月一日或之后开始
的年度期间生效，并允许提前应用。预期
应用新订准则将会影响未来财务报表中损
益表的呈列及披露。本集团正在评估香港
财务报告准则第18号对本集团综合财务报
表的具体影响。
UBA INVESTMENTS LIMITED 开明投资有限公司88
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION
3.1 Basis of preparation of consolidated financial statements
The consolidated financial statements have ben prepared
in acordance with HKFRS Acounting Standards isued
by the HKICPA. For the purpose of preparation of the
consolidated financial statements, information is considered
material if such information is reasonably expected to
influence decisions made by primary users. In adition,
the consolidated financial statements include aplicable
disclosures required by the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited
(“Listing Rules”) and by the Hong Kong Companies
Ordinance.
The Directors have, at the time of aproving the consolidated
financial statements, a reasonable expectation that the
Group has adequate resources to continue in operational
existence for the foreseable future. Thus, they continue to
adopt the going concern basis of acounting in preparing the
consolidated financial statements.
The consolidated financial statements have ben prepared
on the historical cost basis except for financial asets at fair
value through profit or los that are measured at fair values
at the end of each reporting period, as explained in the
acounting policies set out below.
3.2 Material acounting policy information
Basis of consolidation
The consolidated financial statements incorporate the
financial statements of the Company and entities controled
by the Company and its subsidiaries. Control is achieved
when the Company:
- ;
- , or has rights, to variable returns from its
involvement with the investe; and
• has the ability to use its power to afect its returns.
3. 编制综合财务报表之基准及重大会计政
策资料
3.1 编制综合财务报表之基准
本综合财务报表是根据香港会计师公
会颁布的香港财务报告准则会计准则
编制。就编制本综合财务报表而言，
如果合理地预期该资料会影响主要使
用者的决策，则该资料被视为重要资
料。此外，本综合财务报表包括香港
联合交易所有限公司证券上市规则
（「上市规则」）及香港公司条例规定的
适用披露。
董事于批准综合财务报表时，合理预
期本集团有足够资源于可预见未来继
续经营。因此，彼等于编制综合财务
报表时继续采用持续经营会计基准。
本综合财务报表乃根据历史成本常规
法编制，除于每个报告期末按公平值
于损益账列账之财务资产按公平值列
账外，详情载于下文会计政策。
3.2 重大会计政策资料
综合帐目之基准
综合财务报表包括本公司以及受本公
司及其附属公司控制的实体的财务报
表。本公司在下列情况下拥有控制权：
- ；
• 对来自参与投资对象的可变回报
承担风险或享有权利；及
• 能够通过行使权力来影响其回
报。
Anual Report 2025 年报89
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Basis of consolidation (continued)
The Group reaseses whether or not it controls an investe
if facts and circumstances indicate that there are changes to
one or more of the thre elements of control listed above.
Consolidation of a subsidiary begins when the Group obtains
control over the subsidiary and ceases when the Group loses
control of the subsidiary. Specificaly, income and expenses
of a subsidiary acquired or disposed of during the year are
included in the consolidated statement of profit or los and
other comprehensive income from the date the Group gains
control until the date when the Group ceases to control the
subsidiary.
Profit or los and total comprehensive income of subsidiaries
is atributed to the owners of the Company.
When necesary, adjustments are made to the financial
statements of subsidiaries to bring their acounting policies in
line with the Group’s acounting policies.
Al intragroup asets and liabilities, equity, income, expenses
and cash flows relating to transactions betwen members of
the Group are eliminated in ful on consolidation.
Leases
The Group aseses whether a contract is or contains a
lease based on the definition under HKFRS 16 at inception
of the contract. Such contract wil not be reasesed unles
the terms and conditions of the contract are subsequently
changed.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
综合帐目之基准（续）
若有事实及情况显示以上三项控制因
素中有一项或多项出现变化，本集团
将重新评估其是否对投资对象拥有控
制权。
综合附属公司的账目合并计入从本集
团取得该附属公司的控制权起至本集
团失去该附属公司的控制权止。具体
而言，在年度所收购或出售的附属公
司的收入及开支，自本集团取得该附
属公司的控制权之日起直至本集团失
去该附属公司的控制权之日止，计入
综合损益及其他全面收益表。
附属公司之损益及全面收益总额均归
属于本公司拥有人。
如有需要，将对附属公司的财务报表
作出调整，以使其会计政策与本集团
的会计政策一致。
本集团成员公司之间的交易所涉及
的集团内公司间所有资产与负债、权
益、收入、开支及现金流量均于综合
账目时悉数对销。
租赁
本集团根据香港财务报告准则第16号
项下的定义，于合约开始评估合约是
否为一项租赁或包含一项租赁。除非
合约的条款及条件其后出现变动，否
则有关合约将不予重新评估。
UBA INVESTMENTS LIMITED 开明投资有限公司90
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Leases (continued)
The Group as a lese
Short-term leases and leases of low-value asets
The Group aplies the short-term lease recognition exemption
to leases of ofice that have a lease term of 12 months or les
from the comencement date and do not contain a purchase
option. It also aplies the recognition exemption for lease of
low-value asets (such as tablets and personal computers,
smal items of ofice furniture and telephones). Lease
payments on short-term leases and leases of low-value asets
are recognised as expense on a straight-line basis or another
systematic basis over the lease term.
Refundable rental deposits
Refundable rental deposits paid are acounted under HKFRS
9 and initialy measured at fair value.
Employe benefits
Retirement benefit costs
Payments to the Mandatory Provident Fund Scheme (the
“MPF Scheme”) are recognised as an expense when
employes have rendered service entitling them to the
contributions.
For defined benefit retirement benefit plans including
the Long Service Payment (“LSP”) under the Hong Kong
Employment Ordinance, the cost of providing benefits is
determined using the projected unit credit method, with
actuarial valuations being caried out at the end of each
anual reporting period. In determining the present value
of the Group’s defined benefit obligations and the related
curent service cost and, where aplicable, past service cost,
the Group atributes benefit to periods of service under the
plan’s benefit formula. However, if an employe’s service in
later years wil lead to a materialy higher level of benefit than
earlier years, the Group atributes the benefit on a straight-
line basis from:
(a) the date when service by the employe first leads to
benefits under the plan (whether or not the benefits are
conditional on further service) until
(b) the date when further service by the employe wil lead
to no material amount of further benefits under the plan,
other than from further salary increases.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
租赁（续）
本集团作为承租人
短期租赁及低价值资产租赁
对于租期自开始日期起计为12个月或
更短及并不包含购买选择权之的办公
室之租赁，本集团应用短期租赁确认
豁免。本集团亦对低价值资产（如平板
电脑及个人电脑、小型办公室家具及
电话）的租赁应用确认豁免。短期租赁
及低价值资产租赁的租赁付款按直线
基准或另一个系统化基准于租期内确
认为开支。
可退还租金按金
已付可退还租金按金根据香港财务报
告准则第9号入账并初步按公平值计
量。
雇员福利
退休福利成本
当雇员已提供服务并享有供款时，该
等支付予强制性公积金计划（「强积金
计划」）之供款会被确认为开支。
对于界定福利退休福利计划，包括香
港《雇佣条例》下的长期服务金（「长
期服务金」），提供福利的成本是使用
预测单位信贷法确定的，并在每个年
度报告期末进行精算评估。于厘定本
集团界定福利责任的现值及相关的当
期服务成本及（如适用）过往服务成本
时，本集团根据计划的福利公式将福
利分配至服务期间。然而，如果雇员
在后期的服务将导致比早期显著更高
的福利水平，本集团会从以下时间起
以直线基准分配该福利：
(a) 雇员首次提供服务以获得计划下
的福利之日期（无论该福利是否
取决于进一步服务）至
(b) 雇员进一步服务将不会导致计划
下有任何重大额外福利的日期，
除了进一步的薪酬增加外。
Anual Report 2025 年报91
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Employe benefits (continued)
Retirement benefit costs (continued)
Remeasurement, comprising actuarial gains and loses,
the efect of the changes to the aset ceiling (if aplicable)
and the return on plan asets (excluding interest), is
reflected imediately in the consolidated statement of
financial position with a charge or credit recognised in other
comprehensive income in the period in which they ocur.
Remeasurement recognised in other comprehensive income
is reflected imediately in retained earnings and wil not be
reclasified to profit or los.
Past service cost is recognised in profit or los in the period
of a plan amendment or curtailment and a gain or los on
setlement is recognised when setlement ocurs. When
determining past service cost, or a gain or los on setlement,
an entity shal remeasure the net defined benefit liability or
aset using the curent fair value of plan asets and curent
actuarial asumptions, reflecting the benefits ofered under
the plan and the plan asets before and after the plan
amendment, curtailment or setlement, without considering
the efect of aset ceiling (i.e. the present value of any
economic benefits available in the form of refunds from the
plan or reductions in future contributions to the plan).
Net interest is calculated by aplying the discount rate
at the begining of the period to the net defined benefit
liability or aset. However, if the Group remeasures the net
defined benefit liability or aset before plan amendment,
curtailment or setlement, the Group determines net interest
for the remainder of the anual reporting period after the
plan amendment, curtailment or setlement using the benefits
ofered under the plan and the plan asets after the plan
amendment, curtailment or setlement and the discount rate
used to remeasure such net defined benefit liability or aset,
taking into acount any changes in the net defined benefit
liability or aset during the period resulting from contributions
or benefit payments.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
雇员福利（续）
退休福利成本（续）
重新计量，包括精算收益及损失、资
产上限变动的影响（如适用）及计划
资产的回报（不包括利息），会立即反
映在综合财务状况表中，并在其发生
期间确认于其他全面收益中的费用或
贷项。重新计量确认于其他全面收益
中，会立即反映在保留溢利中，且不
会重新分类至损益。
过往服务成本于计划修订或缩减期间
于损益中确认，而结算收益或亏损则
在结算发生时确认。在确定过往服务
成本或结算收益或亏损时，实体应使
用计划资产的当前公平值和当前精算
假设，重新计量净界定福利负债或资
产，反映计划修订、缩减或结算前后
计划提供的福利及计划资产，而不考
虑资产上限的影响（即以退还计划的
任何经济利益或减少未来对计划的供
款形式可用的现值）。
净利息乃透过将期初的贴现率应用于
净界定福利负债或资产计算得出。然
而，若本集团在计划修订、缩减或结
算之前重新计量净界定福利负债或资
产，本集团会在计划修订、缩减或结
算后，使用计划提供的福利及计划资
产，并根据重新计量该净界定福利负
债或资产所使用的贴现率，厘定剩余
年度报告期内的净利息，同时考虑期
间因供款或福利支付而导致的净界定
福利负债或资产的任何变动。
UBA INVESTMENTS LIMITED 开明投资有限公司92
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Employe benefits (continued)
Retirement benefit costs (continued)
Defined benefit costs are categorised as folows:
- , past service
cost, as wel as gains and loses on curtailments and
setlements);
- ; and
• remeasurement.
The retirement benefit obligation recognised in the
consolidated statement of financial position represents the
actual deficit or surplus in the Group’s defined benefit plans.
Any surplus resulting from this calculation is limited to the
present value of any economic benefits available in the form
of refunds from the plans or reductions in future contributions
to the plans.
Discretionary contributions made by employes or third
parties reduce service cost upon payment of these
contributions to the plan.
When the formal terms of the plans specify that there wil be
contributions from employes or third parties, the acounting
depends on whether the contributions are linked to service,
as folows:
• If the contributions are not linked to services (for
example contributions are required to reduce a deficit
arising from loses on plan asets or from actuarial
loses), they are reflected in the remeasurement of the
net defined benefit liability or aset.
- , they reduce
service costs. For the amount of contribution that is
dependent on the number of years of service, the Group
reduces service cost by atributing the contributions to
periods of service using the atribution method required
by HKAS 19 paragraph 70 for the gros benefits.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
雇员福利（续）
退休福利成本（续）
界定福利成本分类如下：
- （包括当期服务成本、
过往服务成本，以及削减及结算
的收益及亏损）；
- ；及
- 。
于综合财务状况表中确认的退休福利
责任代表本集团界定福利计划的实际
赤字或盈余。由此计算产生的任何盈
余仅限于以计划退款或未来供款减少
形式提供的任何经济利益的现值。
雇员或第三方作出的酌情供款于支付
该等计划供款时减少服务成本。
当计划的正式条款规定雇员或第三方
将作出供款时，会计处理取决于该等
供款是否与服务相关，如下所示：
- （例如供款是
为了削减计划资产亏损或精算亏
损所产生的赤字），则在重新计
量净界定福利负债或资产时反
映。
- ，则会削减服
务成本。对于取决于服务年限的
供款金额，本集团根据香港会计
准则第19号第70段就总利益所要
求的归属方法，将供款归属于服
务期间，以减少服务成本。
Anual Report 2025 年报93
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Employe benefits (continued)
Retirement benefit costs (continued)
For LSP obligation, the Group acounts for the employer
MPF contributions expected to be ofset as a demed
employe contribution towards the LSP obligation in terms
of HKAS 19.93(a) and it is measure on a net basis. The
estimated amount of LSP obligation is determined after
deducting the negative service cost arising from the acrued
benefits derived from the Group’s MPF contributions that
have ben vested with employes and would be used to
ofset employe’s LSP benefit, which are demed to be
contributions from the relevant employes.
Short-term employe benefits
Short-term employe benefits are recognised at the
undiscounted amount of the benefits expected to be paid
as and when employes rendered the services. Al short-
term employe benefits are recognised as an expense unles
another HKFRS Acounting Standards requires or permits the
inclusion of the benefit in the cost of an aset.
A liability is recognised for benefits acruing to employes
(such as wages and salaries, anual leave and sick leave)
after deducting any amount already paid.
Taxation
Income tax expense represents the sum of curent and
defered income tax expense.
The tax curently payable is based on taxable profit for the
year. Taxable profit difers from profit (los) before taxation
because of income or expense that are taxable or deductible
in other years and items that are never taxable or deductible.
The Group’s liability for curent tax is calculated using tax
rates that have ben enacted or substantively enacted by the
end of the reporting period.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
雇员福利（续）
退休福利成本（续）
有关长期服务金义务，根据香港会计
准则第19.93(a)段，本集团将预期抵
销的强积金雇主供款作为对长期服务
金义务作出的视作雇员供款入账，并
按净额基准计量。长期服务金义务的
估计金额乃于扣除本集团的强积金供
款（已归属于雇员，将用作抵销雇员的
长期服务金福利，并被视为来自相关
雇员的供款）产生的累算权益所产生
的负服务成本后厘定。
短期雇员福利
短期雇员福利于雇员提供服务时按预
计将支付的福利的未贴现金额确认。
除非另一项香港财务报告准则会计准
则规定或准许将福利计入资产成本
中，否则所有短期雇员福利均予确认。
在扣除任何已付金额后，对应计予雇
员的福利（如工资及薪金、年假及病
假）确认负债。
税项
所得税开支为即期与递延所得税开支
总和。
本期应缴税项乃按年内应课税溢利计
算。由于其他年度之应课税收入或可
扣税之开支以及永久毋须课税或不可
扣税之项目，故应课税溢利有别于除
税前溢利（亏损）。本集团之即期税项
负债乃按报告期末前已生效或大致上
生效之税率计算。
UBA INVESTMENTS LIMITED 开明投资有限公司94
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Taxation (continued)
Defered tax is recognised on temporary diferences
betwen the carying amounts of asets and liabilities in the
consolidated financial statements and the coresponding tax
bases used in the computation of taxable profit. Defered tax
liabilities are generaly recognised for al taxable temporary
diferences. Defered tax asets are generaly recognised for
al deductible temporary diferences to the extent that it is
probable that taxable profits wil be available against which
those deductible temporary diferences can be utilised. Such
defered tax asets and liabilities are not recognised if the
temporary diference arises from the initial recognition (other
than in a busines combination) of asets and liabilities in
a transaction that afects neither the taxable profit nor the
acounting profit and at the time of the transaction does
not give rise to equal taxable and deductible temporary
diferences.
Defered tax liabilities are recognised for taxable temporary
diferences asociated with investment in subsidiaries,
except where the Group is able to control the reversal of the
temporary diference and it is probable that the temporary
diference wil not reverse in the foreseable future. Defered
tax asets arising from deductible temporary diferences
asociated with such investment are only recognised to
the extent that it is probable that there wil be suficient
taxable profits against which to utilise the benefits of the
temporary diferences and they are expected to reverse in the
foreseable future.
The carying amount of defered tax asets is reviewed at the
end of each reporting period and reduced to the extent that
it is no longer probable that suficient taxable profits wil be
available to alow al or part of the aset to be recovered.
Defered tax asets and liabilities are measured at the tax
rates that are expected to aply in the period in which the
liability is setled or the aset is realised, based on tax rates
(and tax laws) that have ben enacted or substantively
enacted by the end of the reporting period.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
税项（续）
递延税项乃按综合财务报表内资产及
负债账面值与计算应课税溢利所相应
税基之暂时差额确认。递延税项负债
一般就所有应课税暂时差额确认，而
递延税项资产则于可能有应课税溢利
以抵销该等可扣减暂时差额时就所有
可扣减暂时差额全面确认。倘暂时差
额自不影响课税溢利或会计溢利之交
易项目下资产及负债之初步确认（业
务合并除外）所产生，且交易时并不同
时产生等额应课税暂时差额及可扣减
暂时差额，则不会确认有关递延税项
资产及负债。
投资附属公司之相关应课税暂时差额
会确认为递延税项负债，惟本集团可
控制拨回暂时差额之时间，及有可能
在可预见未来不会拨回则除外。与该
等投资有关的可扣减暂时差额所产生
的递延税项资产，仅于可能会存在足
够应课税溢利而须动用暂时差额的利
益及彼等预期于可见未来拨回时方会
确认。
递延税项资产之账面值于各报告期末
审阅，并于不再可能有足够应课税溢
利以收回全部或部份资产之情况下作
出相应扣减。
递延税项资产及负债按预期清付负债
或变现资产适用的税率，按于报告期
末前已生效或大致上生效之税率（及
税法）计量。
Anual Report 2025 年报95
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Taxation (continued)
The measurement of defered tax liabilities and asets
reflects the tax consequences that would folow from the
maner in which the Group expects, at the end of the
reporting period, to recover or setle the carying amount of
its asets and liabilities.
Defered tax asets and liabilities are ofset when there is
a legaly enforceable rights to set of curent tax asets
against curent tax liabilities and when they relate to income
taxes levied to the same taxable entity by the same taxation
authority.
Curent and defered tax are recognised in profit or los,
except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case,
the curent and defered tax are also recognised in other
comprehensive income or directly in equity respectively.
Where curent tax or defered tax arises from the initial
acounting for a busines combination, the tax efect is
included in the acounting for the busines combination.
In asesing any uncertainty over income tax treatments,
the Group considers whether it is probable that the relevant
tax authority wil acept the uncertain tax treatment used,
or proposed to be use by individual group entities in their
income tax filings. If it is probable, the curent and defered
taxes are determined consistently with the tax treatment in
the income tax filings. If it is not probable that the relevant
taxation authority wil acept an uncertain tax treatment, the
efect of each uncertainty is reflected by using either the most
likely amount or the expected value.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
税项（续）
递延税项负债及资产的计量反映于报
告期末本集团预计收回或清付其资产
及负债账面值的方式而引致的税务后
果。
递延税项资产及负债于可依法以即期
税项资产与即期税项负债抵销时，以
及于其与同一税务机关所征收的同一
课税实体所得税有关时予以抵销。
即期及递延税项于损益内确认，除非
其与于其他全面收益内确认或直接
于权益内确认之项目相关，于此情况
下，即期及递延税项亦分别于其他全
面收益内确认或直接于权益内确认。
就因对业务合并进行初步会计处理而
产生的即期税项或递延税项而言，税
务影响乃计入业务合并的会计处理内。
于评估所得税处理方法之任何不确定
性时，本集团考虑相关税务机构是否
可能接受独立组别实体于其所得税备
案内所使用或拟使用之不确定税项处
理方法。若属可能，即期及递延税项
会按与所得税备案一致之税项处理方
法厘定。若相关税务机构不可能接受
不确定税项处理方法，各不确定性之
影响会使用最近似金额或预期价值反
映。
UBA INVESTMENTS LIMITED 开明投资有限公司96
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Cash and cash equivalents
Cash and cash equivalents presented on the consolidated
statement of financial position include:
(a) cash, which comprises cash on hand, excluding bank
balances that are subject to regulatory restrictions that
result in such balances no longer meting the definition
of cash; and
(b) cash equivalents, which comprises short-term (generaly
with an original maturity of thre months or les), highly
liquid investment that is readily convertible to a known
amount of cash and which are subject to an insignificant
risk of changes in value. Cash equivalents are held for
the purpose of meting short-term cash comitments
rather than for investment or other purposes.
For the purposes of the consolidated statement of cash
flows, cash and cash equivalents consist of cash and
cash equivalents as defined above, net of outstanding
bank overdrafts which are repayable on demand and form
an integral part of the Group’s cash management. Such
overdrafts are presented as short-term borowings in the
consolidated statement of financial position.
Financial instruments
Financial asets and financial liabilities are recognised when
a group entity becomes a party to the contractual provisions
of the instrument. Al regular way purchases or sales of
financial asets are recognised and derecognised on a trade
date basis. Regular way purchases or sales are purchases or
sales of financial asets that require delivery of asets within
the time frame established by regulation or convention in the
market place.
Financial asets and financial liabilities are initialy measured
at fair value. Transaction costs that are directly atributable
to the acquisition or isue of financial asets and financial
liabilities (other than financial asets or financial liabilities at
FVTPL) are aded to or deducted from the fair value of the
financial asets or financial liabilities, as apropriate, on initial
recognition. Transaction costs directly atributable to the
acquisition of financial asets or financial liabilities at FVTPL
are recognised imediately in profit or los.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
现金及现金等值项目
综合财务状况表所呈列现金及现金等
值项目包括：
(a) 现金，包括手头现金，不包括受
监管限制导致不再符合现金定义
的银行结余；及
(b) 现金等值项目，包括可随时转换
为已知金额现金且价值变化风险
并不重大的短期（通常原到期日
为三个月或以内）、高流动性投
资。持有现金等值项目旨在满足
短期现金承诺，而非投资或其他
目的。
就综合现金流动表而言，现金及现金
等值项目包括上述定义的现金及现金
等值项目，减去须按要求偿还的未偿
还银行透支，构成本集团现金管理的
一部分。有关透支在综合财务状况表
中呈列为短期借贷。
金融工具
财务资产及财务负债于集团实体成为
工具合约条文之订约方时确认。所有
日常买卖之财务资产于交易日确认及
取消确认。日常买卖指买卖需要于市
场规例或惯例规定时限内交付资产的
财务资产买卖。
财务资产及财务负债初步按公平值计
量。因收购或发行财务资产及财务负
债（按公平值于损益账列账之财务资产
或财务负债除外）而直接产生之交易
成本于首次确认时计入财务资产或财
务负债（如适用）之公平值或自其公平
值扣除。就按公平值于损益账列账之
财务资产或财务负债而言，收购直接
产生之交易成本即时于损益账确认。
Anual Report 2025 年报97
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Financial instruments (continued)
The efective interest method is a method of calculating
the amortised cost of a financial aset or financial liability
and of alocating interest income and interest expense over
the relevant period. The efective interest rate is the rate
that exactly discounts estimated future cash receipts and
payments (including al fes and points paid or received that
form an integral part of the efective interest rate, transaction
costs and other premiums or discounts) through the expected
life of the financial aset or financial liability, or, where
apropriate, a shorter period, to the net carying amount on
initial recognition.
Dividend income
Dividend income which is derived from the Group’s ordinary
course of busines is presented as revenue.
Dividends are recognised in profit or los only when:
(a) the entity’s rights to receive payment of the dividend is
established;
(b) it is probable that the economic benefits asociated with
the dividend wil flow to the entity; and
(c) the amount of the dividend can be measured reliably.
Financial asets
Clasification and subsequent measurement of financial
asets
Financial asets that met the folowing conditions are
subsequently measured at amortised cost:
• the financial aset is held within a busines model
whose objective is to colect contractual cash flows; and
• the contractual terms give rise on specified dates to
cash flows that are solely payments of principal and
interest on the principal amount outstanding.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
实际利率法乃计算财务资产或财务负
债的摊销成本及于相关期间摊分利息
收入或利息开支的方法。实际利率是
在财务资产或财务负债的预计年期或
较短期间（如适用）内，将估计未来现
金收款及付款（包括构成实际利率组
成部份的所付或所收到的所有费用及
点子、交易成本及其他溢价或折让）准
确贴现至于初步确认时的账面净值所
使用的利率。
股息收入
源自本集团日常业务范围的股息收入
呈列为收入。
股息仅于下列情况于损益确认：
(a) 实体收取股息的权利已经确立；
(b) 与股息相关的经济利益很可能流
入实体；及
(c) 股息金额能够可靠计量。
财务资产
财务资产之分类及后续计量
符合下列条件的财务资产随后按摊销
成本计量：
• 持有财务资产的业务模式的目标
为获取合约现金流量；及
• 合约条款于特定日期产生完全为
支付本金及未偿还本金的利息的
现金流。
UBA INVESTMENTS LIMITED 开明投资有限公司98
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Financial instruments (continued)
Financial asets (continued)
Clasification and subsequent measurement of financial
asets (continued)
Al other financial asets are subsequently measured at
FVTPL.
A financial aset is held for trading if:
• it has ben acquired principaly for the purpose of
seling in the near term; or
• on initial recognition it is a part of a portfolio of identified
financial instruments that the Group manages together
and has a recent actual patern of short-term profit
taking; or
• it is a derivative that is not designated and efective as a
hedging instrument.
In adition, the Group may irevocably designate a financial
aset that is required to be measured at the amortised cost
or fair value through other comprehensive income (“FVTOCI”)
as measured at FVTPL if doing so eliminates or significantly
reduces an acounting mismatch.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
财务资产（续）
财务资产之分类及后续计量（续）
所有其他财务资产在其后按公平值于
损益账列账。
倘有下列情况，财务资产持作买卖：
• 其购入主要目的为于短期内出
售；或
• 其于初步确认时构成本集团管理
的金融工具之已识别组合之一部
份且具有最近实际短期获利模
式；或
• 其为未被指定之衍生工具及可有
效作为对冲工具。
此外，如将须按摊销成本计量或按公
平值于其他全面收益列账（「按公平值
于其他全面收益列账」）的财务资产指
定为按公平值于损益账列账可消除或
大幅减少会计错配，本集团可不可撤
回地作出该指定。
Anual Report 2025 年报99
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Financial instruments (continued)
Financial asets (continued)
Clasification and subsequent measurement of financial
asets (continued)
(i) Amortised cost and interest income
Interest income is recognised using the efective interest
method for financial asets measured subsequently
at amortised cost. Interest income is calculated by
aplying the efective interest rate to the gros carying
amount of a financial aset, except for financial asets
that have subsequently become credit-impaired (se
below). For financial asets that have subsequently
become credit-impaired, interest income is recognised
by aplying the efective interest rate to the amortised
cost of the financial aset from the next reporting
period. If the credit risk on the credit-impaired financial
instrument improves so that the financial aset is no
longer credit-impaired, interest income is recognised by
aplying the efective interest rate to the gros carying
amount of the financial aset from the begining of the
reporting period folowing the determination that the
aset is no longer credit-impaired.
(i) Financial asets at FVTPL
Financial asets that do not met the criteria for being
measured at amortised cost or FVTOCI or designated as
FVTOCI are measured at FVTPL.
Financial asets at FVTPL are measured at fair value
at the end of each reporting period, with any fair value
gains or loses recognised in profit or los. The net
gain or los recognised in profit or los excludes any
dividend or interest earned on the financial aset and is
included in the “Gain (los) from changes in fair value of
financial asets at fair value through profit or los, net”
line item.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
财务资产（续）
财务资产之分类及后续计量（续）
(i) 摊销成本及利息收入
利息收入就随后按摊销成本计量
的财务资产使用实际利率法确
认。利息收入透过将实际利率应
用于财务资产的总账面值计算，
随后已信贷减值的财务资产除外
（见下文）。就随后已信贷减值的
财务资产而言，利息收入透过自
下一报告期间起将实际利率应用
于财务资产的摊销成本确认。如
已信贷减值金融工具的信贷风
险改善，令财务资产不再信贷减
值，则利息收入透过自厘定该资
产不再信贷减值后的报告期间初
起将实际利率应用于财务资产的
总账面值确认。
(i) 按公平值于损益账列账之财务资
产
不符合按摊销成本或按公平值于
其他全面收益列账或指定为按公
平值于其他全面收益列账之计量
标准的财务资产按公平值于损益
账列账计量。
按公平值于损益账列账之财务资
产于各报告期末按公平值计量，
任何公平值收益或亏损于损益账
确认。于损益确认之收益或亏损
净额不包括财务资产赚取之任何
股息或利息并计入「按公平值变
动于损益账列账之财务资产之收
益（亏损）净额」单行项目。
UBA INVESTMENTS LIMITED 开明投资有限公司100
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Financial instruments (continued)
Financial asets (continued)
Impairment of financial asets
The Group performs impairment asesment under the
expected credit los (“ECL”) model on financial asets
(including amounts due from related companies, deposits
and bank balances) which are subject to impairment
asesment under HKFRS 9. The amount of ECL is updated
at each reporting date to reflect changes in credit risk since
initial recognition.
Lifetime ECL represents the ECL that wil result from
al posible default events over the expected life of the
relevant instrument. In contrast, 12-month ECL (“12m ECL”)
represents the portion of lifetime ECL that is expected to
result from default events that are posible within 12 months
after the reporting date. Asesments are done based on the
Group’s historical credit los experience, adjusted for factors
that are specific to the debtors, general economic conditions
and an asesment of both the curent conditions at the
reporting date as wel as the forecast of future conditions.
The Group measures the los alowance equal to 12m
ECL, unles when there has ben a significant increase in
credit risk since initial recognition, in which case the Group
recognises lifetime ECL. The asesment of whether lifetime
ECL should be recognised is based on significant increases
in the likelihod or risk of a default ocuring since initial
recognition.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
财务资产（续）
财务资产之减值
本集团根据预期信贷亏损（「预期信贷
亏损」）模式就须根据香港财务报告准
则第9号进行减值评估的财务资产（包
括应收关联公司款项、按金及银行结
余）进行减值评估。预期信贷亏损的金
额于各报告日期更新，以反映自首次
确认起的信贷风险变动。
全期预期信贷亏损指将因相关工具预
计年期内所有可能违约事件而导致的
预期信贷亏损。相反，12个月预期信
贷亏损（「12个月预期信贷亏损」）指
预计因报告日期后12个月内可能出现
的违约事件导致的全期预期信贷亏损
的一部分。评估基于本集团的过往信
贷亏损经验作出，并就债务人特定因
素、整体经济状况及报告日期现行状
况的评估及未来状况预测而作出调整。
本集团计量等于12个月预期信贷亏损
的亏损拨备，除非自首次确认起信贷
风险大幅增加，则本集团其时确认全
期预期信贷亏损。对是否应确认全期
预期信贷亏损的评估，基于自首次确
认起发生违约的可能性或风险大幅增
加。
Anual Report 2025 年报101
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Financial instruments (continued)
Financial asets (continued)
Impairment of financial asets (continued)
(i) Significant increase in credit risk
In asesing whether the credit risk has increased
significantly since initial recognition, the Group
compares the risk of a default ocuring on the financial
instrument as at the reporting date with the risk of a
default ocuring on the financial instrument as at the
date of initial recognition. In making this asesment,
the Group considers both quantitative and qualitative
information that is reasonable and suportable,
including historical experience and forward-loking
information that is available without undue cost or efort.
In particular, the folowing information is taken into
acount when asesing whether credit risk has
increased significantly:
• an actual or expected significant deterioration in
the financial instrument’s external (if available) or
internal credit rating;
• significant deterioration in external market
indicators of credit risk, e.g. a significant increase
in the credit spread, the credit default swap prices
for the debtor;
- ,
financial or economic conditions that are expected
to cause a significant decrease in the debtor’s
ability to met its debt obligations;
• an actual or expected significant deterioration in
the operating results of the debtor;
• an actual or expected significant adverse change
in the regulatory, economic, or technological
environment of the debtor that results in a
significant decrease in the debtor’s ability to met
its debt obligations.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
财务资产（续）
财务资产之减值（续）
(i) 信贷风险大幅增加
在评估自首次确认起信贷风险是
否大幅增加时，本集团将金融工
具于报告日期发生违约的风险与
金融工具于首次确认日期发生违
约的风险进行比较。在作出本评
估时，本集团考虑合理并有支持
的定量及定性资料，包括过往经
验及无需过度成本或努力即可获
得的前瞻性资料。
具体而言，在评估信贷风险是否
大幅增加时考虑以下资料：
- （如有）或
内部信贷评级是否实际或
预计会严重恶化；
• 信贷风险的外部市场指标
严重恶化，如信贷息差、
债务人的信贷违约交换价
格大幅上升；
- 、财务或经济状况已
经或预计发生不利变动，
预计将导致债务人履行债
务责任的能力大幅下降；
• 债务人的经营业绩实际或
预计会严重恶化；
- 、经济或技
术环境实际或预计会发生
重大不利变动，导致履行
债务责任的能力大幅下降。
UBA INVESTMENTS LIMITED 开明投资有限公司102
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Financial instruments (continued)
Financial asets (continued)
Impairment of financial asets (continued)
(i) Significant increase in credit risk (continued)
Irespective of the outcome of the above asesment,
the Group presumes that the credit risk has increased
significantly since initial recognition when contractual
payments are more than 30 days past due, unles the
Group has reasonable and suportable information that
demonstrates otherwise.
The Group regularly monitors the efectivenes of
the criteria used to identify whether there has ben a
significant increase in credit risk and revises them as
apropriate to ensure that the criteria are capable of
identifying significant increase in credit risk before the
amount becomes past due.
(i) Definition of default
For internal credit risk management, the Group
considers an event of default ocurs when information
developed internaly or obtained from external sources
indicates that the debtor is unlikely to pay its creditors,
including the Group, in ful (without taking into acount
any colaterals held by the Group).
Irespective of the above, the Group considers that
default has ocured when a financial aset is more
than 90 days past due unles the Group has reasonable
and suportable information to demonstrate that a more
laging default criterion is more apropriate.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
财务资产（续）
财务资产之减值（续）
(i) 信贷风险大幅增加（续）
不论上述评估的结果，本集团假
定信贷风险于合约付款逾期超过
30日时自首次确认起已大幅增
加，除非本集团具有合理有支持
的资料能证明并非如此。
本集团定期监督识别信贷风险是
否已大幅增加时使用的标准的有
效性，并适时作出修订，以确保
该标准能在款项逾期前识别信贷
风险大幅增加。
(i) 违约定义
就内部信贷风险管理而言，当内
部形成或从外部来源取得的资料
表明债务人不大可能向债权人
（包括本集团）悉数付款时（不计
及本集团持有的任何抵押品），
本集团认为已发生违约事件。
不论上文所述，当财务资产逾期
超过90日时，本集团认为已发生
违约，除非本集团有合理有支持
的资料证明更适合采用更滞后的
违约标准。
Anual Report 2025 年报103
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Financial instruments (continued)
Financial asets (continued)
Impairment of financial asets (continued)
(i) Credit-impaired financial asets
A financial aset is credit-impaired when one or more
events of default that have a detrimental impact on the
estimated future cash flows of that financial aset have
ocured. Evidence that a financial aset is credit-
impaired includes observable data about the folowing
events:
(a) significant financial dificulty of the isuer or the
borower;
(b) a breach of contract, such as a default or past due
event;
(c) the lender(s) of the borower, for economic or
contractual reasons relating to the borower’s
financial dificulty, having granted to the borower
a concesion(s) that the lender(s) would not
otherwise consider;
(d) it is becoming probable that the borower wil enter
bankruptcy or other financial reorganisation; or
(e) the disapearance of an active market for that
financial aset because of financial dificulties.
(iv) Write-of policy
The Group writes of a financial aset when there is
information indicating that the counterparty is in severe
financial dificulty and there is no realistic prospect
of recovery, for example, when the counterparty has
ben placed under liquidation or has entered into
bankruptcy procedings. Financial asets writen of
may stil be subject to enforcement activities under
the Group’s recovery procedures, taking into acount
legal advice where apropriate. A write-of constitutes
a derecognition event. Any subsequent recoveries are
recognised in profit or los.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
财务资产（续）
财务资产之减值（续）
(i) 已信贷减值的财务资产
当发生一项或多项违约事件，对
财务资产的估计未来现金流量具
有负面影响时，即财务资产已信
贷减值。财务资产已信贷减值的
证据包括有关以下事件的可观察
证据：
(a) 发行人或借款人面临重大
财务困难；
(b) 违反合约，如拖欠或逾期
事件；
(c) 出于与借款人的财务困难
有关的经济或合约原因，
借款人的贷款人向借款人
授出贷款人在其他情况下
不会考虑的宽限；
(d) 借款人很可能破产或进行
其他财务重组；或
(e) 该财务资产之活跃市场因
财务困难而消失。
(iv) 撇销政策
当有资料表明对手方处于严重财
务困境，且并无收回的现实可能
性（例如，当对手方被清盘或已
进入破产程序）时，本集团撇销
财务资产。经考虑法律意见（如
适用）后，根据本集团的收回程
序，已撇销的财务资产可能仍然
受到强制执行活动。撇销构成取
消确认事件。任何后续收回于损
益账确认。
UBA INVESTMENTS LIMITED 开明投资有限公司104
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Financial instruments (continued)
Financial asets (continued)
Impairment of financial asets (continued)
(v) Measurement and recognition of ECL
The measurement of ECL is a function of the probability
of default, los given default (i.e. the magnitude of the
los if there is a default) and the exposure at default.
The asesment of the probability of default and los
given default is based on historical data and forward-
loking information. Estimation of ECL reflects an
unbiased and probability-weighted amount that is
determined with the respective risks of default ocuring
as the weights.
Generaly, the ECL is the diference betwen al
contractual cash flows that are due to the Group in
acordance with the contract and the cash flows that the
Group expects to receive, discounted at the efective
interest rate determined at initial recognition.
Interest income is calculated based on the gros
carying amount of the financial aset unles the
financial aset is credit-impaired, in which case interest
income is calculated based on amortised cost of the
financial aset.
The Group recognises an impairment gain or los in
profit or los for al financial instruments by adjusting
their carying amount through a los alowance acount.
Derecognition of financial asets
The Group derecognises a financial aset only when the
contractual rights to the cash flows from the aset expires.
On derecognition of a financial aset measured at amortised
cost, the diference betwen the aset’s carying amount
and the sum of the consideration received and receivable is
recognised in profit or los.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
财务资产（续）
财务资产之减值（续）
(v) 预期信贷亏损的计量及确认
预期信贷亏损的计量取决于违约
概率、违约损失（即如存在违约
时的损失程度）及违约风险。对
违约概率及违约损失的评估基于
历史数据及前瞻性资料。对预期
信贷亏损的估计反映所厘定的公
正概率加权金额（以发生违约的
风险作为权重）。
一般而言，预期信贷亏损为本集
团按照合约应收到的所有合约现
金流量与本集团预计收到的现金
流量之间的差额，按首次确认时
厘定的实际利率贴现。
利息收入基于财务资产的总账面
值计算，除非财务资产已信贷减
值，在此情况下，利息收入基于
财务资产的摊销成本计算。
本集团通过在亏损拨备账中调整
账面值之方式而在损益账中就所
有金融工具确认减值收益或亏
损。
终止确认财务资产
仅当对资产现金流之合约权利届满
时，本集团即会终止确认该项财务资
产。
于终止确认按摊销成本计量之财务资
产时，有关资产之账面值与已收及应
收代价总和之差额，会于损益账中确
认。
Anual Report 2025 年报105
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information (continued)
Financial instruments (continued)
Financial liabilities and equity
Clasification as debt or equity
Debt and equity instruments are clasified as either financial
liabilities or as equity in acordance with the substance of the
contractual arangements and the definitions of a financial
liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a
residual interest in the asets of an entity after deducting
al of its liabilities. Equity instruments isued by the Group
are recognised at the proceds received, net of direct isue
costs.
Financial liabilities at amortised cost
Financial liabilities including acruals are subsequently
measured at amortised cost using the efective interest
method.
Derecognition of financial liabilities
The Group derecognises financial liabilities when, and only
when, the Group’s obligations are discharged, canceled or
have expired. The diference betwen the carying amount of
the financial liability derecognised and the consideration paid
and payable is recognised in profit or los.
4. CRITICAL ACOUNTING JUDGEMENTS AND KEY SOURCES
OF ESTIMATION UNCERTAINTY
In the aplication of the Group’s acounting policies, which
are described in Note 3.2, 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 underlying asumptions
are based on historical experience and other factors that are
considered to be relevant. Actual results may difer from these
estimates.
The estimates and underlying asumptions are reviewed on an on-
going basis. Revisions to acounting estimates are recognised in
the period in which the estimate is revised if the revision afects
only that period, or in the period of the revision and future periods
if the revision afects both curent and future periods.
3. 编制综合财务报表之基准及重大会计政
策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
财务负债及权益
分类为债务或权益
债务及权益工具乃根据合约安排之内
容及财务负债与权益工具之定义分类
为财务负债或权益。
权益工具
权益工具乃证明实体于扣除其所有负
债后之资产中拥有剩余权益之任何合
约。本集团发行之权益工具按已收取
所得款项扣除直接发行成本入账。
按摊销成本列账的财务负债
财务负债（包括应付费用）其后使用实
际利率法按摊销成本计量。
终止确认财务负债
当且仅当本集团的义务被解除，取消
或到期时，本集团才终止确认财务负
债。终止确认之财务负债之账面值与
已付及应付代价之差额于损益中确认。
4. 关键会计判断及估计不确定性之主要来
源
应用附注3.2所述本集团的会计政策时，董
事须对未能从其他来源立即得知其账面值
的资产及负债账面值作出判断、估计及假
设。估计及相关假设乃以过往经验及视为
相关的其他因素为依据。实际结果可能异
于该等估计。
估计及相关假设会持续检讨。倘会计估计
修订仅影响该期间，则于修订期间确认；
或倘修订影响当前及未来期间，则于修订
及未来期间确认。
UBA INVESTMENTS LIMITED 开明投资有限公司106
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
4. CRITICAL ACOUNTING JUDGEMENTS AND KEY SOURCES
OF ESTIMATION UNCERTAINTY (continued)
Critical judgements in aplying acounting policies
The Directors have not come acros any significant areas
where critical judgements are involved in aplying the Group’s
acounting policies.
Key sources of estimation uncertainty
The folowing is the key asumption concerning the future, and
other key sources of estimation uncertainty at the end of the
reporting period that may have a significant risk of causing
a material adjustment to the carying amounts of asets and
liabilities within the next financial year.
Fair value measurement of financial instruments
Certain of the Group’s financial asets amounting to aproximately
of HK$Nil as at 31 March 2025 (2024: HK$410,000) are measured
at fair values with fair values being determined based on
significant unobservable inputs using apropriate valuation
techniques. Judgement and estimation are required in establishing
the relevant valuation techniques and the relevant inputs thereof.
Changes in asumptions relating to these factors could afect the
reported fair values of these instruments. Se Note 6(c) for further
disclosures.
5. CAPITAL RISK MANAGEMENT
The Group manages its capital to ensure that entities in the Group
wil be able to continue as a going concern while maximising the
return to shareholders through the optimisation of the debt and
equity balance. The Group’s overal strategy remains unchanged
from the prior year.
The capital structure of the Group consists of equity, comprising
isued share capital, share premium and acumulated loses.
The Directors review the capital structure on a semi-anual basis.
As part of this review, the Directors consider the cost of capital
and the risks asociated with each clas of capital. Based on
recomendations of the Directors, the Group wil balance its
overal capital structure through the payment of dividends and new
share isues.
4. 关键会计判断及估计不确定性之主要来
源（续）
应用会计政策之关键判断
董事并无发现任何在应用本集团会计政策
时涉及关键判断之重要范畴。
估计不确定性之主要来源
下列为于报告期末有关未来的主要假设及
估计不明朗因素的其他主要来源，当中涉
及导致须于下一个财政年度对资产及负债
账面值作出重大调整的重大风险。
金融工具的公平值计量
本集团于二零二五年三月三十一日约零港
元（二零二四年：410,000港元）之若干财务
资产按公平值计量，而公平值乃根据重大
不可观察输入值使用适当估值技术厘定。
在确定相关估值技术及其相关输入值时需
要作出判断和估计。与此等因素有关之假
设变化可能影响此等工具之报告公平值。
有关进一步披露，请参阅附注6(c)。
5. 资本风险管理
本集团管理其资本，以确保本集团旗下实
体能够持续经营，同时透过债务及股本结
余的最优化尽量提高股东回报。本集团之
整体策略与往年一样维持不变。
本集团之资本架构包括股本（计有已发行股
本、股份溢价及累计亏损）。
董事每半年检讨资本架构。在此项检讨工
作中，董事考虑资本成本和每类资本附带
之风险。本集团将依据董事之意见，透过派
息及发行新股份以平衡其整体资本架构。
| 62,565 – |
|---|
| 62,565 |
| 169 66 30,578 |
| 30,813 |
| 392 |
Anual Report 2025 年报107
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
6. FINANCIAL INSTRUMENTS
(a) Categories of financial instruments
HK$’000HK$’000
千港元千港元
Financial asets财务资产
FVTPL按公平值于损益账列账
Mandatorily measured at FVTPL强制按公平值于损益账列账
– Held for trading－ 持作买卖76,763
– Others－ 其他410
77,173
Amortised cost摊销成本
Amounts due from related companies应收关联公司款项269
Deposits按金66
Cash and cash equivalents现金及现金等值项目5,542
5,877
Financial liabilities财务负债
Amortised cost摊销成本
Acruals应付费用335
(b) Financial risk management objectives and policies
The Group’s major financial instruments include financial
asets at FVTPL, amounts due from related companies,
deposits, cash and cash equivalents and acruals. Details of
the financial instruments are disclosed in respective notes.
The risks asociated with these financial instruments include
interest rate risk, other price risk, credit risk and liquidity risk.
The policies on how to mitigate these risks are set out below.
The management of the Group manages and monitors these
exposures to ensure apropriate measures are implemented
in a timely and efective maner.
6. 金融工具
(a) 金融工具分类
(b) 财务风险管理目标及政策
本集团的主要金融工具包括按公平值
于损益账列账之财务资产、应收关联
公司款项、按金、现金及现金等值项
目以及应付费用。金融工具的详情在
相关附注中披露。与此等金融工具相
关的风险包括利率风险、其他价格风
险、信贷风险及流动资金风险。减轻
该等风险之政策于下文披露。本集团
管理层管理及监察该等风险以确保及
时以及有效实施适当之措施。
UBA INVESTMENTS LIMITED 开明投资有限公司108
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
6. FINANCIAL INSTRUMENTS (continued)
(b) Financial risk management objectives and policies
(continued)
(i) Interest rate risk
The Group is exposed to fair value interest rate risk
in relation to bank deposits (se Note 18). The Group
is also exposed to cash flow interest rate risk in
relation to variable-rate bank balances (se Note 18
for details). The Group cash flow interest rate risk is
mainly concentrated on the fluctuation of interest rates
on bank balances. The Group manages its interest rate
exposures by asesing the potential impact arising
from any interest rate movements based on interest
rate level and outlok. The management wil review the
proportion of bank deposits in fixed and floating rates
and ensure they are within reasonable range.
Total interest income from financial asets that are
measured at amortised cost is as folows:
HK$’000HK$’000
千港元千港元
Interest income under efective
interest method
按实际利率法计算之
利息收入
Interest revenue from financial asets at
amortised cost
按摊销成本计量之
财务资产利息收入310180
Sensitivity analysis
As the management considers that the exposure of
cash flow interest rate risk arising from variable-rate
bank balances is insignificant, no sensitivity analysis in
respect of changes in interest rate of bank balances is
presented.
- （续）
(b) 财务风险管理目标及政策（续）
(i) 利率风险
本集团面临的公平值利率风险与
银行存款（参阅附注18）有关。
本集团亦面临现金流利率风险，
乃与可变利率银行结余（详情参
阅附注18）有关。本集团的现金
流利率风险主要集中于银行结余
利率波动。本集团基于利率水平
及前景评估利率变动引致的潜在
影响，以管理利率风险。管理层
会审视固定及浮动利率银行存
款的比例，确保两者处于合理范
围。
按摊销成本计量之财务资产之利
息收入总额如下：
敏感度分析
由于管理层认为，来自可变利率
银行结余的现金流利率风险并不
重大，故并无呈列有关银行结余
利率变动之敏感度分析。
Anual Report 2025 年报109
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
6. FINANCIAL INSTRUMENTS (continued)
(b) Financial risk management objectives and policies
(continued)
(i) Other price risk
The Group is exposed to equity price risk through its
investment in equity securities measured at FVTPL. For
equity securities measured at FVTPL quoted in The
Stock Exchange of Hong Kong Limited, the management
of the Group manages this exposure by maintaining a
portfolio of investment with diferent risks.
In adition, the Group also invested in unquoted equity
securities for an investe engaged in aquaculture and
fed production busines which had ben designated
as FVTPL. The management of the Group is responsible
to manages and monitors the price risk. During the year
ended 31 March 2025, the unquoted equity securities
had ben disposed through disposal of subsidiaries.
Sensitivity analysis
The sensitivity analyses have ben determined based
on the exposure to equity price risk at the reporting
date. As at 31 March 2024, sensitivity analyses for
unquoted equity securities with fair value measurement
categorised within Level 3 were disclosed in Note 6(c).
For sensitivity analysis of equity securities with fair
value measurement categorised within Level 1, if the
prices of the respective equity instruments had ben
20% (2024: 20%) higher/lower, the post-tax profit for the
year ended 31 March 2025 would increase/decrease
by aproximately HK$10,448,000 (2024: post-tax los
decrease/increase by aproximately HK$12,820,000)
as a result of the changes in fair value of investment at
FVTPL.
- （续）
(b) 财务风险管理目标及政策（续）
(i) 其他价格风险
本集团因以按公平值于损益账列
账之方式计量的股本证券投资面
对股本价格风险。就香港联合交
易所有限公司所述以按公平值于
损益账列账之方式计量的股本证
券，本集团管理层通过维持具有
不同风险的投资组合以管理此风
险。
此外，本集团亦投资一间从事水
产养殖及饲料生产业务的投资公
司的非上市股本证券，该证券已
被指定按公平值于损益账列账。
本集团管理层负责管理监控该
价格风险。截至二零二五年三月
三十一日止年度，已透过出售附
属公司出售非上市股本证券。
敏感度分析
敏感度分析是根据报告日期的
股本价格风险敞口厘定。于二零
二四年三月三十一日，公平值计
量归入第三级的非上市股本证券
的敏感度分析在附注6(c)披露。
就按公平值计量分类为第一级
的股本证券的敏感度分析，倘若
相关股本工具的价格上升╱下
降20%（二零二四年：20%），截
至二零二五年三月三十一日止年
度的除税后溢利将因为按公平值
于损益账列账之投资的公平值
变动而增加╱减少约10,448,000
港元（二零二四年：除税后亏损
减少╱增加约12,820,000港元）。
UBA INVESTMENTS LIMITED 开明投资有限公司110
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
6. FINANCIAL INSTRUMENTS (continued)
(b) Financial risk management objectives and policies
(continued)
(i) Other price risk (continued)
Concentration of risk
For equity securities investment, concentration of equity
price risk may arise if the Group has a significant
investment in a single equity investment. At the end of
the reporting period, the Group has four (2024: four)
equity investment which acounts for more than 5% of
the total asets of the Group. Details are as folows.
% of total asets of the Group
占本集团总资产之百分比
PCW Limited电讯盈科有限公司30.06%27.03%
Kwong Man Ke Group Limited邝文记集团有限公司11.19%15.17%
CK Hutchison Holdings Limited长江和记实业有限公司5.15%N/A 不适用
MTR Corporation Limited香港铁路有限公司5.01%5.71%
Bank of China Limited中国银行股份有限公司–18.20%
(i) Credit risk and impairment asesment
Credit risk refers to the risk that the Group’s
counterparties default on their contractual obligations
resulting in financial loses to the Group. The Group’s
credit risk exposures are primarily atributable to
amounts due from related companies, deposits and
bank balances. The Group does not hold any colateral
or other credit enhancements to cover its credit risks
asociated with its financial asets.
The Group performed impairment asesment for
financial asets under the ECL model. Information about
the Group’s credit risk management, maximum credit
risk exposures and the related impairment asesment,
if aplicable, are sumarised as below:
- （续）
(b) 财务风险管理目标及政策（续）
(i) 其他价格风险（续）
风险集中情况
就股本证券投资而言，倘若本集
团对单一股本投资属重大投资，
则或会出现股本价格集中风险。
于报告期末，本集团有四项（二
零二四年：四项）股本投资，占
本集团资产总值的5%以上。详
情如下。
(i) 信贷风险及减值评估
信贷风险是指本集团的交易对手
不履行其合同义务导致本集团遭
受财务损失的风险。本集团的信
贷风险主要来自于应收关联公司
款项、按金及银行结余。本集团
并无持有任何抵押品或其他信贷
增强措施以涵盖与财务资产相关
的信贷风险。
本集团根据预期信贷亏损模式对
财务资产进行减值评估。有关本
集团的信贷风险管理、最大信贷
风险敞口及相关的减值评估（如
适用）的资料概述如下：
Anual Report 2025 年报111
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
6. FINANCIAL INSTRUMENTS (continued)
(b) Financial risk management objectives and policies
(continued)
(i) Credit risk and impairment asesment (continued)
Amounts due from related companies and deposits
The management makes periodic individual asesment
on the recoverability of amounts due from related
companies and deposits based on historical setlement
records, past experience, and also quantitative and
qualitative information that is reasonable and suportive
forward-loking information.
For amounts due from related companies and deposits,
the management believes that there is no significant
increase in credit risk since initial recognition and
the Group provided impairment based on 12m ECL.
For the years ended 31 March 2025 and 2024, the
Group asesed the ECL for amounts due from related
companies and deposits are insignificant and thus no
los alowance is recognised.
Bank balances
Credit risk on bank balances is limited because the
counterparties are reputable banks with high credit
ratings asigned by international credit agencies.
The Group asesed 12m ECL for bank balances by
reference to information relating to probability of default
and los given default of the respective credit rating
grades published by external credit rating agencies.
Based on the average los rates, the 12m ECL on bank
balances is considered to be insignificant and therefore
no los alowance was recognised.
- （续）
(b) 财务风险管理目标及政策（续）
(i) 信贷风险及减值评估（续）
应收关联公司款项及按金
管理层根据过往结算记录、过去
经验、以及定量及定性资料（为
合理及可作支持的前瞻资料），
定期对应收关联公司款项及按金
的可收回性进行个别评估。
就应收关联公司款项及按金而
言，管理层认为，自初始确认以
来，信贷风险并无显著增加，本
集团根据12个月预期信贷亏损计
提减值。截至二零二五年及二零
二四年三月三十一日止年度，本
集团评估应收关联公司款项及按
金的预期信贷亏损属微不足道，
因此并无确认亏损拨备。
银行结余
银行结余的信贷风险有限，因为
交易对手方是获得国际信贷机构
给予高信贷评级而信誉良好的银
行。本集团参照外部信贷评级机
构公布的各信贷评级等级的违约
概率及违约损失的相关资料，评
估银行结余的12个月预期信贷亏
损。根据平均损失率，银行结余
的12个月预期信贷亏损属微不足
道，因此并无确认亏损拨备。
UBA INVESTMENTS LIMITED 开明投资有限公司112
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
6. FINANCIAL INSTRUMENTS (continued)
(b) Financial risk management objectives and policies
(continued)
(i) Credit risk and impairment asesment (continued)
The Group’s internal credit risk grading asesment
comprises the folowing categories:
Internal credit
ratingDescriptionFinancial asets
内部信贷评级说明财务资产
Low riskThe counterparty has a low risk of default and does not
have any past-due amounts
12m ECL
低风险交易对手方的违约风险低，并无任何逾期款项12个月预期信贷亏损
Watch listDebtor frequently repays after due dates but usualy setle
in ful
12m ECL
观察名单债务人经常于到期日后还款，但通常全额结清12个月预期信贷亏损
DoubtfulAmount is > 30 days past due or there have ben
significant increases in credit risk since initial recognition
through information developed internaly or external
resources
Lifetime ECL – not
credit-impaired
呆账金额逾期30日以上或自初始确认以来，通过内部开发的资料
或外部资源，信贷风险有显著增加
全期预期信贷亏损－并无
信贷减值
LosAmount is > 90 days past due or there is evidence
indicating the aset is credit-impaired
Lifetime ECL – credit-
impaired
损失金额逾期90日以上或有证据显示资产已信贷减值全期预期信贷亏损－已信
贷减值
Write-ofThere is evidence indicating that the debtor is in severe
financial dificulty and the Group has no realistic prospect
of recovery
Amount is writen-of
撇销有证据显示债务人处于严重财务困难，而本集团在现实中将
无法收回款项
金额予以撇销
- （续）
(b) 财务风险管理目标及政策（续）
(i) 信贷风险及减值评估（续）
本集团的内部信贷风险分级评估
包括以下类别：
Anual Report 2025 年报113
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
6. FINANCIAL INSTRUMENTS (continued)
(b) Financial risk management objectives and policies
(continued)
(i) Credit risk and impairment asesment (continued)
The tables below detail the credit risk exposures of
the Group’s financial asets, which are subject to ECL
asesment.
Notes
External
credit rating
Internal
credit rating
12m or
lifetime ECL
Gros
carying
amount
Gros
carying
amount
附注外部信贷评级内部信贷评级
12个月或全期
预期信贷亏损
二零二五年
总账面值
二零二四年
总账面值
HK$’000HK$’000
千港元千港元
Financial asets at amortised cost
按摊销成本计量的财务资产
Amounts due from related companies16N/ALow risk12m ECL169269
应收关联公司款项不适用低风险12个月预期信贷
亏损
DepositsN/ALow risk12m ECL6666
按金不适用低风险12个月预期信贷
亏损
Bank balances18A+N/A12m ECL30,5755,539
银行结余不适用12个月预期信贷
亏损
- （续）
(b) 财务风险管理目标及政策（续）
(i) 信贷风险及减值评估（续）
下表详列本集团的财务资产的信
贷风险，此等资产需要进行预期
信贷亏损评估。
| 277 | 115 | 392 | 392 |
|---|
UBA INVESTMENTS LIMITED 开明投资有限公司114
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
6. FINANCIAL INSTRUMENTS (continued)
(b) Financial risk management objectives and policies
(continued)
(iv) Liquidity risk
For the year ended 31 March 2025, the Group invests
in listed securities (2024: listed and unlisted securities)
which are clasified as financial asets at FVTPL. Listed
securities are considered to be readily realisable as they
are trading in regulated stock exchanges.
The management of the Group manages liquidity risk by
maintaining suficient cash and marketable securities
and by maintaining the ability to close out market
positions.
Al the financial liabilities are non-derivative and non-
interest bearing. The folowing table details the Group’s
remaining contractual maturity for its financial liabilities.
The total undiscounted cash flows are based on the
earliest date on which the Group can be required to pay.
On demand
or les than
1 month
1 to 3
months
Total
undiscounted
cash flows
Carying
amount
按要求或
少于1个月1至3个月
未贴现金
流量总额账面值
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
2025二零二五年
Acruals应付费用
2024二零二四年
Acruals应付费用215120335335
- （续）
(b) 财务风险管理目标及政策（续）
(iv) 流动资金风险
截至二零二五年三月三十一日
止年度，本集团投资于上市证券
（二零二四年：上市及非上市证
券），乃分类为按公平值于损益
账列账之财务资产。由于该等上
市证券在受规管之证券交易所买
卖，故被视为易于变现。
本集团的管理层通过保持足够的
现金及有价证券，以及保持市场
平仓能力以管理流动资金风险。
所有财务负债属非衍生工具及不
计息。下表详列本集团财务负债
的剩余合约届满期。未贴现金
流量总额是根据本集团可能被要
求支付的最早日期计算。
Anual Report 2025 年报115
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
6. FINANCIAL INSTRUMENTS (continued)
(c) Fair value measurements of financial instruments
Some of the Group’s financial asets are measured at fair
value for financial reporting purposes. In estimating the fair
value, the Group uses market-observable data to the extent
it is available. For instruments with significant unobservable
inputs under Level 3, the Group engages an independent
qualified profesional valuer to perform the valuation.
The Directors work closely with the independent qualified
profesional valuer to establish the apropriate valuation
techniques and inputs to the model.
(i) Fair value of the Group’s financial asets that are
measured at fair value on a recuring basis
Some of the Group’s financial asets are measured
at fair value at the end of each reporting period. The
folowing table gives information about how the fair
values of these financial asets are determined (in
particular, the valuation technique(s) and inputs used).
Fair value hierarchyLevel 1Level 3Total
公平值等级第一级第三级总计
HK$’000HK$’000HK$’000
千港元千港元千港元
2025二零二五年
Financial asets at FVTPL按公平值于损益账列账之
财务资产62,565–62,565
2024二零二四年
Financial asets at FVTPL按公平值于损益账列账之
财务资产76,76341077,173
- （续）
(c) 金融工具公平值计量
就财务报告而言，本集团若干财务资
产为按公平值计量。于估计公平值
时，本集团于可获得的范围内使用市
场可观察的数据。对于第三级中具有
重大不可观察输入值的工具，本集团
委聘独立合资格专业估值师进行估
值。董事与独立合资格专业估值师紧
密合作，以确立适当的估值技术及模
型的输入值。
(i) 以经常基准按公平值计量之本集
团财务资产的公平值
本集团的若干财务资产是于各报
告期末按公平值计量。下表载列
关于厘定此等财务资产的公平值
之方法的资料（特别是所用估值
技术及输入值）。
UBA INVESTMENTS LIMITED 开明投资有限公司116
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
6. FINANCIAL INSTRUMENTS (continued)
(c) Fair value measurements of financial instruments
(continued)
(i) Fair value of the Group’s financial asets that
are measured at fair value on a recuring basis
(continued)
Fair valueFair value
Fair value
hierarchy
Valuation technique
and key input(s)
Significant
unobservable inputs
Significant
unobservable inputs
公平值公平值公平值等级估值方法及主要输入值重大不可观察输入值重大不可观察输入值
HK$’000HK$’000
千港元千港元
Financial asets at FVTPL
按公平值于损益账列账之财务资产
– Listed equity securities trading
in the Stock Exchange
62,56576,763Level 1Quoted bid prices in
an active market
N/AN/A
－ 于联交所买卖之上市股本证券第一级于活跃市场之买入报价不适用不适用
– Unlisted equity investment
－ 非上市股本投资
–410Level 3
第三级
Market aproach
(Note)
N/A
不适用
Discount of lack of
marketability (“DLOM”): 20%
市场法（附注）缺乏适销性的折让
（「DLOM」）：20%
Price-to-sales (“P/S”)
multiple: 1.02x
市价对销售（「P/S」）
倍数：1.02倍
Note: An increase in the DLOM used in isolation would result in
a decrease in the fair value measurement of the unlisted
equity investment and vice versa. A 10% increase
or decrease in the DLOM, holding al other variables
constant, would decrease or increase the fair value of the
unlisted equity investment by HK$50,000 and HK$53,000
respectively for the year ended 31 March 2024.
An increase in the P/S multiples used in isolation would
result in an increase in the fair value measurement of
the unlisted equity investment and vice versa. A 10%
increase or decrease in the P/S multiples, holding al
other variables constant, would increase or decrease the
fair value of the unlisted equity investment by HK$42,000
and HK$40,000 respectively for the year ended 31 March
2024.
- （续）
(c) 金融工具公平值计量（续）
(i) 以经常基准按公平值计量之本集
团财务资产的公平值（续）
附注： 单独出现的DLOM增加将导
致非上市股本投资的公平
值计量减少，反之亦然。在
DLOM增加或减少10%而所
有其他变数保持不变之情
况，截至二零二四年三月
三十一日止年度非上市股本
投资的公平值将分别减少或
增加50,000港元及53,000港
元。
单独出现的P/S倍数增加将导
致非上市股本投资的公平值
计量增加，反之亦然。在P/S
倍数增加或减少10%而所有
其他变数保持不变之情况，
截至二零二四年三月三十一
日止年度非上市股本投资
的公平值将分别增加或减少
42,000港元及40,000港元。
Anual Report 2025 年报117
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
6. FINANCIAL INSTRUMENTS (continued)
(c) Fair value measurements of financial instruments
(continued)
(i) Fair value of the Group’s financial asets that
are measured at fair value on a recuring basis
(continued)
There were no changes in valuation techniques during
the year.
There was no transfer of fair value measurements
betwen levels of fair value hierarchy during the years
ended 31 March 2025 and 31 March 2024.
(i) Reconciliation of Level 3 fair value measurements
HK$’000
千港元
As at 1 April 2023于二零二三年四月一日2,360
Net los in profit or los于损益账确认之净亏损(1,950)
As at 31 March 2024于二零二四年三月三十一日410
Net los in profit or los于损益账确认之净亏损(30)
Disposal through disposal of subsidiaries透过出售附属公司出售(380)
As at 31 March 2025于二零二五年三月三十一日–
(i) Fair value of the Group’s financial asets and
financial liability that are not measured at fair value
on a recuring basis
The Directors consider that the carying amounts
of financial asets and financial liability recorded at
amortised cost in the consolidated financial statements
aproximate their fair values due to short-term
maturities.
- （续）
(c) 金融工具公平值计量（续）
(i) 以经常基准按公平值计量之本集
团财务资产的公平值（续）
年内估值技术并无变动。
于截至二零二五年三月三十一日
及二零二四年三月三十一日止年
度，公平值层级之间并无公平值
计量转移。
(i) 第三级公平值计量之对账
(i) 并非以经常基准按公平值计量之
本集团财务资产及财务负债的公
平值
董事认为，由于在短期内到期，
于综合财务报表按摊销成本列账
之财务资产及财务负债的账面值
与公平值相若。
UBA INVESTMENTS LIMITED 开明投资有限公司118
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
7. REVENUE AND SEGMENT REPORTING
HK$’000HK$’000
千港元千港元
Dividend income from listed equity
investment
来自上市股本证券股息收入
5,0425,010
No analysis of the Group’s revenue and contribution to operating
profit (los) for the curent and prior years set out by principal
activities and geographical markets is provided as the Group has
only one single busines segment, investment holding and al the
consolidated revenue and the consolidated results of the Group
are atributable to the performance of the markets in Hong Kong.
No information about major customers has ben disclosed as
a substantial portion of the Group’s income is derived from the
Group’s investment and the disclosure of information regarding
customers would not be meaningful.
7. 收入及分部报告
由于本集团只有投资控股单一业务，以及
本集团所有综合收入及综合业绩乃源于香
港市场，因此并无依据主要业务及地区市
场，呈列本集团本年度及往年度之收入及
经营溢利（亏损）分析。
由于本集团之收入绝大部份来自投资回报，
所以没有就主要客户的资料作出披露及披
露主要客户资料并无意义。
| 6,240 4,018 |
|---|
| 10,258 |
| (30) – |
| (30) |
| 10,228 |
Anual Report 2025 年报119
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
8. GAIN (LOS) FROM CHANGES IN FAIR VALUE OF
FINANCIAL ASETS AT FAIR VALUE THROUGH PROFIT OR
LOS (“FVTPL”), NET
The folowing is the analysis of the gain (los) from changes in fair
value of financial asets at FVTPL of the Group for the years ended
31 March 2025 and 2024. The realised gain (los) represents the
fair value change of financial asets at FVTPL being disposed
of during the reporting period, while the unrealised gain (los)
represents the changes in fair value of financial asets at FVTPL
held by the Group as at the end of the reporting period:
HK$’000HK$’000
千港元千港元
Listed equity investment上市股本投资
– Realised gain (Note 23)－ 变现收益（附注23）143
– Unrealised gain (los) (Note 23)－ 未变现收益（亏损）（附注23）(5,883)
(5,740)
Unlisted equity investment (Note)非上市股本投资（附注）
– Realised los (Note 23)－ 变现亏损（附注23）–
– Unrealised los (Note 23)－ 未变现亏损（附注23）(1,950)
(1,950)
(7,690)
Note: The unlisted equity investment was disposed through disposal of
subsidiaries during the year ended 31 March 2025.
8. 按公平值于损益账列账之财务资产公平
值变动之净收益（亏损）
以下为本集团截至二零二五年及二零二四
年三月三十一日止年度按公平值于损益账
列账之财务资产公平值变动之收益（亏损）
分析。已变现收益（亏损）指报告期内出售
按公平值于损益账列账之财务资产之公平
值变动，而未变现收益（亏损）指本集团于
报告期末持有的按公平值于损益账列账之
财务资产之公平值变动：
注： 非上市股本投资于截至二零二五年三月
三十一日止年度透过出售附属公司处置。
| 230 1,315 264 1,022 24 |
|---|
| 1,046 |
UBA INVESTMENTS LIMITED 开明投资有限公司120
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
9. OTHER INCOME
HK$’000HK$’000
千港元千港元
Bank interest income银行利息收入310180
10. PROFIT (LOS) BEFORE TAXATION
Profit (los) before taxation has ben arived at after charging:
HK$’000HK$’000
千港元千港元
Auditor’s remuneration核数师酬金240
Investment management fe paid to a related
company (Note 24(a)
支付予关联公司之投资管理
费用（附注24(a)）1,295
Short-term lease expenses (Note 24(e)短期租赁费用（附注24(e)）264
Staf costs (including directors’ remuneration)员工成本（包括董事酬金）
– Salaries, bonuses and other benefits－ 工资、奖金和其他福利1,020
– Contributions to retirement benefits scheme－ 退休福利计划供款24
Total staf cost员工成本总额1,044
9. 其他收益
- （亏损）
除税前溢利（亏损）已扣除下列各项：
Anual Report 2025 年报121
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
11. DIRECTORS’ EMOLUMENTS
Directors’ remuneration for the years, disclosed pursuant to the
aplicable Listing Rules and Hong Kong Companies Ordinance, is
as folows:
Fes
Basic
salaries,
housing
benefit, other
alowances
and benefits
in kind
Discretionary
bonuses and/
or
performance-
related
bonus
Retirement
benefits
scheme
contributionsTotal
袍金
基本薪资、
住房福利、
其他津贴及
实物福利
酌情花红及╱
或绩效相关
花红
退休福利
计划供款总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Year ended 31 March 2025截至二零二五年三月三十一日止年度
Executive Directors执行董事
WONG Yun Kuen (Chairman)
(resigned on 6 June 2025)
黄润权（主席）
（于二零二五年六月六日辞任）30–50–80
CHENG Wai Lun, Andrew郑伟伦30–50383
CHAU Wai Hing
(elected as Chairman
since 6 June 2025)
周伟兴
（自二零二五年六月六日
起获推选为主席）30–50383
Independent non-executive Directors独立非执行董事
FUNG Lewis Hung
(retired on 21 August 2024)
冯振雄
（于二零二四年八月二十一日退任）12–12
TANG Hon Bui, Ronald邓汉标30–50–80
KWOK Ming Fai郭明辉30–50–80
KWOK Yuen Lam, Sophia
(apointed on 12 July 2024)
郭婉琳
（于二零二四年七月十二日获委任）21–36–57
183–2866475
Year ended 31 March 2024截至二零二四年三月三十一日止年度
Executive Directors执行董事
WONG Yun Kuen (Chairman) 黄润权（主席）30–50–80
CHENG Wai Lun, Andrew郑伟伦30–50383
CHAU Wai Hing周伟兴30–50383
Independent non-executive Directors独立非执行董事
FUNG Lewis Hung冯振雄30–50–80
TANG Hon Bui, Ronald邓汉标30–50–80
KWOK Ming Fai郭明辉30–50–80
180–3006486
11. 董事酬金
根据适用上市规则及香港公司条例披露之
年内董事薪酬披露如下：
UBA INVESTMENTS LIMITED 开明投资有限公司122
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
- （续）
上述执行董事酬金就彼等提供有关管理本
公司及本集团事务的服务而作出。
上述独立非执行董事酬金就彼等作为本公
司董事而提供的服务而作出。
截至二零二五年及二零二四年三月三十一
日止年度内并无董事根据任何安排已放弃
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，本集团并未向董事支付任何酬
金，作为吸引彼等加盟或加盟本集团后之
奖励或作为离职补偿。
12. 五名最高薪酬人士
本集团于年内五名最高薪酬人士包括四名
（二零二四年：四名）董事，彼等酬金之详情
载于上文附注11。其余一名（二零二四年：
一名）最高薪酬人士（既非本公司董事亦非
行政总裁）于本年度之酬金详情如下：
五名最高薪酬人士（不包括董事）按人数及
酬金范围分析载列如下：
11. DIRECTORS’ EMOLUMENTS (continued)
The executive directors’ emoluments shown above were for their
services in conection with the management of the afairs of the
Company and the Group.
The independent non-executive Directors’ emoluments shown
above were for their services as directors of the Company.
There was no arangement under which a Director waived or
agred to waive any remuneration during the years ended
31 March 2025 and 2024.
During the years ended 31 March 2025 and 2024, no emoluments
were paid by the Group to the Directors as an inducement to join
or upon joining the Group or as compensation for los of ofice.
12. FIVE HIGHEST PAID EMPLOYES
The five highest paid employes of the Group during the year
included four (2024: four) Directors, details of whose remuneration
are set out in Note 11 above. Details of the remuneration for the
year of the remaining one (2024: one) highest paid employe who
are neither a Director nor chief executive of the Company are as
folows:
HK$’000HK$’000
千港元千港元
Basic salaries, housing benefits, other
alowance and benefits in kind
基本工资、住房福利、其他津贴
及实物福利553540
Discretionary bonuses and/or
performance-related bonus
酌情花红及╱或绩效相关花红
–
Retirement benefits contributions退休福利供款1818
Analysis of the emoluments of the five highest paid individuals
(excluding the Directors) by number of individuals and emolument
ranges is as folows:
Nil to HK$1,000,000零至1,000,000港元11
| 10,271 |
|---|
| 1,695 (2,215) 737 250 (467) |
| – |
| 10,271 |
|---|
| 1,271,732,200 |
Anual Report 2025 年报123
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
13. 所得税开支
由于本集团截至二零二五年三月三十一日
止年度应评税溢利已全数由先前未确认的
税项亏损抵销，因此并无就香港利得税作
出任何拨备。
由于本公司截至二零二四年三月三十一日
止年度内没有产生任何估计应评税溢利，
因此并无就香港利得税作出任何拨备。
于两个年度之所得税开支可与综合损益及
其他全面收益表所载之除税前溢利（亏损）
对账如下：
- （亏损）
截至二零二五年及二零二四年三月三十一
日止年度均没有每股摊薄盈利（亏损），因
为这两个年度都没有潜在的已发行普通股。
13. INCOME TAX EXPENSE
No provision of Hong Kong Profits Tax for the year ended
31 March 2025 has ben provided as the asesable profits is
wholy absorbed by the tax los previously not recognised.
No provision for the Hong Kong Profits Tax has ben made as
the Company did not generate any estimated asesable profits
arising in Hong Kong for the year ended 31 March 2024.
The income tax expense for the years can be reconciled to the
profit (los) before taxation per the consolidated statement of profit
or los and other comprehensive income as folows:
HK$’000HK$’000
千港元千港元
Profit (los) before taxation除税前溢利（亏损）(7,409)
Tax at the statutory income tax rate of
16.5%
以法定所得税率16.5%计算之税项
(1,222)
Tax efect of non-taxable income毋须课税收入之税务影响(1,015)
Tax efect of non-deductible expenses不可扣除开支之税务影响1,956
Tax efect of tax loses not recognised未确认之税项亏损之税务影响281
Utilisation of tax loses previously not
recognised
动用先前未确认之税项亏损
–
Income tax expense所得税开支–
14. EARNINGS (LOS) PER SHARE
HK$’000HK$’000
千港元千港元
Profit (los) for the year年度溢利（亏损）(7,409)
Number of shares股数
Weighted average number of ordinary
shares for the purpose of basic los
per share
计算每股基本亏损之
普通股加权平均股数
1,271,732,200
No diluted earnings (los) per share for the years ended 31 March
2025 and 2024 were presented as there were no potential ordinary
shares in isue for both years.
| 169 – |
|---|
| 169 |
UBA INVESTMENTS LIMITED 开明投资有限公司124
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
15. DIVIDENDS
No dividend was paid or proposed for ordinary shareholders of
the Company during the year ended 31 March 2025, nor has any
dividend ben proposed since the end of the reporting period
(2024: Nil).
16. AMOUNTS DUE FROM RELATED COMPANIES
HK$’000HK$’000
千港元千港元
Amounts due from related companies:应收关联公司款项：
Upbest Securities Company Limited
(“USCL”)
美建证券有限公司
（「美建证券」）174
Upbest Investment Company Limited
(“UICL”)
美建投资有限公司
（「美建投资」）95
HK$’000HK$’000
千港元千港元
Maximum balance outstanding
during the year:
年内未偿还最高结余：
USCL美建证券174328
UICL美建投资953,216
USCL and UICL are wholy-owned subsidiaries of Upbest Group
Limited and are licensed corporations under the Hong Kong
Securities and Futures Ordinance. Mr. Cheng Wai Lun, Andrew is
the comon executive director of the Company and Upbest Group
Limited. The balances represent client monies held by them in their
normal course of busines. The amounts are unsecured, interest-
fre and have no fixed terms of repayment.
Details of ECL asesment are set out in Note 6(b)(i).
15. 股息
于截至二零二五年三月三十一日止年度并
无派付或建议派付股息予本公司普通股
东，亦无于报告期末后建议派付任何股息
（二零二四年：无）。
16. 应收关联公司款项
美建证券及美建投资均为美建集团有限公
司之全资附属公司，并为香港证券及期货
条例下之持牌法团。郑伟伦先生为本公司
及美建集团有限公司之共同执行董事。结
余指彼等于正常业务过程中持有之客户资
金。有关款项为无抵押、免息及无固定还
款期。
预期信贷亏损评估之详情载于附注6(b)(i)。
| 62,565 – |
|---|
| 62,565 |
| 62,565 |
Anual Report 2025 年报125
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
17. FINANCIAL ASETS AT FAIR VALUE THROUGH PROFIT OR
LOS
HK$’000HK$’000
千港元千港元
Listed equity securities上市股本证券76,763
Unlisted equity securities非上市股本证券410
77,173
Market value of listed equity securities上市股本证券之市值76,763
The equity securities are clasified as curent asets as the
management expects to realise them within twelve months after the
reporting period.
For the years ended 31 March 2025 and 2024, the fair value of the
listed equity securities is determined based on the quoted market
closing price available on the Stock Exchange at the end of the
reporting period and the fair value of unlisted equity securities is
arived on the basis of valuation caried out by an independent
profesional valuer by using market aproach. For the valuation
method of the financial aset at FVTPL, please refer to Note 6(c).
18. CASH AND CASH EQUIVALENTS
Other than the short-term deposit which caries interest at a market
rate of 3.47% (2024: 4%), bank balances earn interest at floating
rates based on daily bank deposit rates.
Al of the Group’s cash and cash equivalents are denominated in
HK$. Details of ECL asesment on bank balances are set out in
Note 6(b)(i).
17. 按公平值于损益账列账之财务资产
股本证券乃分类为流动资产，原因为管理
层预期将于报告期后十二个月变现该等股
本证券。
于截至二零二五年及二零二四年三月三十一
日止年度，上市股本证券的公平值乃根据
报告期末联交所报的市场收市价厘定，
而非上市股本证券的公平值乃根据独立专
业估值师采用市场法估值而厘定。有关按
公平值于损益账列账之财务资产之估值方
法，请参阅附注6(c)。
18. 现金及现金等值项目
除短期存款按市场利率3.47%计息（二零
二四年：4%）外，银行结余根据每日银行
存款利率按浮动利率赚取利息。
本集团所有现金及现金等值项目均以港元
计值。有关银行结余之预期信贷亏损评估
之详情载于附注6(b)(i)。
UBA INVESTMENTS LIMITED 开明投资有限公司126
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
19. DEFERED TAXATION
Defered tax asets not recognised
HK$’000HK$’000
千港元千港元
Tax loses税项亏损11,93012,147
At the end of the reporting period, the Group has unused
estimated tax loses of HK$72,313,000 (2024: HK$73,627,000)
available for ofseting against future taxable profits. No defered
tax aset has ben recognised in respect of such loses due to
the unpredictability of future profit streams. The tax loses do not
expire under curent tax legislation.
20. SHARE CAPITAL
Nominal
value
per share
Number of
ordinary
shares
Nominal
value of
ordinary
shares
每股面值普通股数目普通股面值
HK$HK$’000
港元千港元
Authorised ordinary shares:法定普通股：
At 1 April 2023, 31 March 2024
and 31 March 2025
于二零二三年四月一日、
二零二四年三月三十一日及
二零二五年三月三十一日0.012,000,000,00020,000
Isued and fuly paid
ordinary shares:
已发行及缴足普通股：
At 1 April 2023, 31 March 2024
and 31 March 2025
于二零二三年四月一日、
二零二四年三月三十一日及
二零二五年三月三十一日0.011,271,732,20012,717
19. 递延税项
未确认之递延税项资产
于报告期末，本集团有可供抵销未来应课
税溢利之未动用估计税项亏损72,313,000
港元（二零二四年：73,627,000港元）。由
于未能预测未来之溢利来源，故并无就该
等亏损确认递延税项资产。根据现行税法，
税项亏损不会到期。
20. 股本
Anual Report 2025 年报127
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
21. RETIREMENT BENEFITS SCHEME
The Group operates a MPF scheme for al qualifying employes in
Hong Kong. Under the scheme, the employer and its employes
are each required to make contributions to the plan at 5% of the
employes’ relevant income, subject to a cap of monthly relevant
income of HK$30,000. The asets of the schemes are held
separately from those of the Group, in funds under the control
of trustes. The Group contributes 5% of relevant payrol costs
caped at HK$1,500 per month to MPF scheme, in which the
contribution is matched by employes.
The total expense recognised in profit or los of aproximately
HK$24,000 (2024: aproximately HK$24,000) represents
contributions paid and payable to these plans by the Group at
rates specified in the rules of the plans.
As at 31 March 2025, there was no past-due contributions in
respect of the years ended 31 March 2025 and 31 March 2024,
which had not ben paid over to the plans.
At 31 March 2025 and 31 March 2024, the Group had no forfeited
contribution available to reduce its contributions to the retirement
benefit schemes in future years.
22. NET ASET VALUE PER SHARE
The calculation of net aset value per share is based on the net
asets of the Group amounted to aproximately HK$92,986,000
(2024: HK$82,715,000) and 1,271,732,200 (2024: 1,271,732,200)
ordinary shares in isue as at 31 March 2025.
21. 退休福利计划
本集团为所有合资格香港雇员经营强积金
计划。根据该计划，雇主及其雇员须分别
向该计划作出雇员有关入息5%的供款，供
款金额受每月有关入息上限30,000港元所
限。该计划之资产与本集团之资产分开，并
以受托人管理之基金持有。本集团每月向
强积金计划作出有关薪金成本5%的供款，
上限为1,500港元，其中供款与雇员匹配。
于损益确认之开支总额约24,000港元（二零
二四年：约24,000港元）为本集团按此等计
划之规则所订明之比率已付及应付该等计
划之供款。
于二零二五年三月三十一日，并无截至二
零二五年三月三十一日及二零二四年三月
三十一日止年度之逾期供款尚未向该等计
划支付。
于二零二五年三月三十一日及二零二四年
三月三十一日，本集团并无已没收供款可
用于削减其于未来几年向退休福利计划作
出的供款。
22. 每股资产净值
每股资产净值乃根据本集团资产净值约为
92,986,000港元（二零二四年：82,715,000
港元）及于二零二五年三月三十一日之已发
行普通股1,271,732,200股（二零二四年：
1,271,732,200股）计算。
UBA INVESTMENTS LIMITED 开明投资有限公司128
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
23. PARTICULARS OF SIGNIFICANT INVESTMENT HELD BY
THE GROUP
Particulars of investment held by the Group as at 31 March 2025
disclosed pursuant to Chapter 21 of the Listing Rules are as
folows:
Name of investe companies
Proportion of
investe’s
capital ownedCostFair value
Disposal
consideration
Disposal cost/
carying
amount
of investment
Realised
gain (los)
for the year
Unrealised
gain (los)
for the year
Dividend
received
during
the year
Net asets
(liabilities)
atributable to
the investment
投资公司名称
拥有之投资公司
资本比例成本公平值出售代价
投资之出售
成本╱账面值
年度已变现
收益（亏损）
年度未变现
收益（亏损）
年内
已收股息
投资应占资产
（负债）净值
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元千港元
(Note 8)(Note 8)(Note 7)
（附注8）（附注8）（附注7）
Listed equity investment
上市股本投资
PCW Limited0.0749%42,70828,073–5,6262,2058,627
电讯盈科有限公司
Kwong Man Ke Group Limited4.9978%9,36310,45136(55)(19)(2,090)2986,320
邝文记集团有限公司
CK Hutchison Holdings Limited0.0029%7,4514,812–6112218,743
长江和记实业有限公司
MTR Corporation Limited0.0030%7,9204,677–(64)2395,495
香港铁路有限公司
JB Builders International Limited0.8804%2,0673,081169(117)52946–2,078
Asia Financial Holdings Limited0.0552%2,0731,989–265536,441
亚洲金融集团（控股）有限公司
Harbour Equine Holdings Limited4.1190%6,4041,702–(1,500)–(626)
维港育马控股有限公司
Xinjiang Xinxin Mining Industry
Co., Ltd.0.1683%14,3591,552–1127910,080
新疆新鑫矿业股份有限公司
Gemilang International Limited1.7337%4,1541,413–364–1,883
彭顺国际有限公司
Power Asets Holdings Limited0.0009%9649324,524(4,698)(174)(8)259817
电能实业有限公司
Bank of China Limited–26,796(22,081)4,715–1,631–
中国银行股份有限公司
China Construction Bank
Corporation–21,360(20,150)1,210–39–
中国建设银行股份有限公司
Other listed equity investment3,8836,706(6,250)456306117
其他上市股本投资
62,56559,5916,2404,0185,042
Unlisted equity investment
非上市股本投资
Guangdong Jinyang Aquaculture
Company Limited– (30)–
广州市金洋水产养殖有限公司
23. 本集团持有之主要投资之详情
根据上市规则第21章披露之本集团于二零
二五年三月三十一日持有之投资详情如下：
Anual Report 2025 年报129
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
23. PARTICULARS OF SIGNIFICANT INVESTMENT HELD BY
THE GROUP (continued)
Particulars of investment held by the Group as at 31 March 2024
disclosed pursuant to Chapter 21 of the Listing Rules are as
folows:
Name of investe companies
Proportion of
investe’s
capital ownedCostFair value
Disposal
consideration
Disposal cost/
carying
amount of
investment
Realised
gain (los)
for the year
Unrealised
gain (los)
for the year
Dividend
received
during
the year
Net asets
atributable to
the investment
投资公司名称
拥有之投资公司
资本比例成本公平值出售代价
投资之出售
成本╱账面值
年度已变现
收益（亏损）
年度未变现
收益（亏损）
年内
已收股息
投资应占
资产净值
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元千港元
(Note 8)(Note 8)(Note 7)
（附注8）（附注8）（附注7）
Listed equity investment
上市股本投资
PCW Limited0.0749%42,70822,447–(290)2,2057,270
电讯盈科有限公司
Bank of China Limited0.0016%15,99515,117–1,0301,05447,502
中国银行股份有限公司
Kwong Man Ke Group Limited5.0199%9,42112,596–1,2002985,957
邝文记集团有限公司
MTR Corporation Limited0.0030%7,9204,741–(2,215)2395,287
香港铁路有限公司
Harbour Equine Holdings
Limited4.1190%6,4043,202–(2,696)–799
维港育马控股有限公司
Bank of Comunications Co.,
Ltd.0.0007%2,5602,5701,631(1,485)146931828,023
交通银行股份有限公司
JB Builders International
Limited0.9288%2,1802,252–301–2,052
China Construction Bank
Corporation0.0003%4,2113,871–(291)30911,277
中国建设银行股份有限公司
CK Hutchison Holdings Limited0.0013%4,5901,890–(545)1418,754
长江和记实业有限公司
Asia Financial Holdings Limited0.0549%2,0731,724–(41)385,900
亚洲金融集团（控股）有限公司
Other listed equity investment6,3531,251(1,254)(3)(2,429)544
其他上市股本投资
76,7632,882143(5,883)5,010
Unlisted equity investment
非上市股本投资
Guangdong Jinyang
Aquaculture Company Limited1.6%4,220410–(1,950)–3,475
广州市金洋水产养殖有限公司
- （续）
根据上市规则第21章披露之本集团于二零
二四年三月三十一日持有之投资详情如下：
UBA INVESTMENTS LIMITED 开明投资有限公司130
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
23. PARTICULARS OF SIGNIFICANT INVESTMENT HELD BY
THE GROUP (continued)
For listed equity investment, the net asets atributable to the
investment are based on the latest published financial information
of the relevant investment. For unlisted equity investment, the
net asets atributable to the investment are based on the latest
financial statements or management acounts of the relevant
investment.
24. CONECTED AND RELATED PARTY TRANSACTIONS
During the years, saved as disclosed elsewhere of the
consolidated financial statements, the Group entered into the
folowing material balances and transactions with related parties:
Name of related partiesNature of transactions20252024
关联人士名称交易性质NotesHK$’000HK$’000
附注千港元千港元
Upbest Asets Management Limited
(“UAML”)
美建管理有限公司（「美建管理」）
Investment management fe paid
支付投资管理费
(a), (f)1,3151,295
USCL
美建证券
Brokerage comision paid
支付经纪佣金(b), (f)23712
USCL
美建证券
Handling fe for dividend colection
paid
支付股息征收手续费(c), (f)2525
OCBC Bank (Hong Kong) Limited
华侨银行（香港）有限公司
Custodian fe paid
支付托管费(d)6060
Champion Asets Limited
协纬有限公司
Short-term lease expenses
短期租赁开支(e)264264
- （续）
就上市股本投资而言，投资项目应占资产
净值乃以相关投资项目刊发之最新财务资
料为依据。就非上市股本投资而言，投资
项目应占资产净值乃以相关投资项目之最
新财务报表或管理账目为依据。
24. 关连及关联人士交易
于本年度，除综合财务报表其他部份所披
露外，本集团与关联人士订立以下重大结
余及交易：
Anual Report 2025 年报131
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
24. CONECTED AND RELATED PARTY TRANSACTIONS
(continued)
Notes:
(a) The Company and UAML as investment manager had entered into
the investment management agrement dated 26 January 2022
(“2022 Investment Management Agrement”) and agred that
UAML provides investment management services to the Company
for a period of thre years comencing from 1 April 2022 to 31
March 2025. The anual caps for the investment management fe
for the financial years ended 31 March 2023, 2024 and 2025 are
HK$1,700,000, HK$1,800,000 and HK$1,900,000 respectively and
the anual caps for the investment performance fe for the financial
years ended 31 March 2023, 2024 and 2025 are HK$4,400,000,
HK$4,400,000 and HK$4,400,000 respectively. It was expected
that the total investment management fe and performance fe wil
be les than HK$10 milion per anum and one of the aplicable
percentage ratios (as defined under Rule 14.07 of the Listing Rules)
in respect of the 2022 Investment Management Agrement is more
than 25%. Thus, the transaction contemplated under the 2022
Investment Management Agrement are subject to the aproval
by the Company’s independent shareholders. These continuing
conected transactions were aproved at the extraordinary general
meting of the shareholders held on 29 April 2022.
Pursuant to the 2022 Investment Management Agrement, monthly
investment management fe is payable by the Company in advance
and amounts to 1.5% per anum of the consolidated net aset
value of the Company (the “Net Aset Value”) as at the imediately
preceding valuation date on the basis of the actual number of days
in the relevant calendar month over a year of 365 days. In adition
to the management fe, provided that the net aset value as at the
end of the relevant financial year exceds the higher of (i) the Net
Aset Value as at the financial year ended 31 March 2019 (the “High
Watermark”) (“Reference Year”); and (i) the Net Aset Value as at the
end of the most recent financial year after the Reference Year and in
which the performance fe is paid. The Company wil pay UAML the
performance fe for the relevant financial year in HK$ equal to 20% of
the amount by which the Net Aset Value as at the end of the relevant
financial year exced the High Watermark.
The investment management fe has ben included under
administrative and other operating expenses. There was no
performance fe for the financial years ended 31 March 2025 and
2024.
The Company and UAML have entered into the investment
management agrement dated 22 January 2025 (“2025 Investment
Management Agrement”) which the term in respect of the
management fe and the performance fe for the aset management
services were the same as the 2022 Investment Management
Agrement. The proposed anual cap for the management fe
for the financial years ending 31 March 2026, 2027 and 2028 are
HK$1,500,000, HK$1,600,000 and HK$1,700,000 respectively and
performance fe for each of the financial year ending 31 March 2026,
2027 and 2028 are HK$1,000,000, HK$1,000,000 and HK$1,000,000
respectively. These continuing conected transactions were
aproved on the extraordinary general meting of the shareholders
held on 25 March 2025.
- （续）
附注：
(a) 本公司与美建管理（为投资经理）签订日
期为二零二年一月二十六日之投资管
理协议（「二零二年投资管理协议」），
当中同意美建管理向本公司提供投资管
理服务，由二零二年四月一日起至二零
二五年三月三十一日止，为期三年。截至
二零二三年、二零二四年及二零二五年三
月三十一日止财政年度投资管理费之年
度上限分别为1,700,000港元、1,800,000
港元及1,900,000港元，而截至二零二三
年、二零二四年及二零二五年三月三十一
日止财政年度投资表现费之年度上限分
别为4,400,000港元、4,400,000港元及
4,400,000港元。预期投资管理费及表现
费总额将每年少于10,000,000港元，而二
零二年投资管理协议其中一项适用百
分比率（定义见上市规则第14.07条）超过
25%。因此根据二零二年投资管理协议
拟进行的交易须遵守本公司独立股东批准
规定。此等持续关连交易已于二零二年
四月二十九日举行之股东特别大会上获批
准。
根据二零二年投资管理协议，每月之投
资管理费乃由本公司预先支付并按紧接估
值日之本公司综合资产净值（「资产净值」）
1.5%之年利率及有关历月实际日数除以全
年365日之基准计算。除管理费外亦支付表
现费，前提是截至相关财政年度止的资产
净值如超过以下各项：(i)于截至二零一九
年三月三十一日止财政年度（「参考年度」）
的资产净值（「高水位」）；及(i)参考年度后
最近一个支付表现费之财政年度的资产净
值。本公司以港元向美建管理支付相关财
政年度的表现费（相当于截至相关财政年
度止的资产净值超过高水位金额的20%）。
投资管理费已包括在行政及其他营运支
出内。截至二零二五年及二零二四年三月
三十一日止财政年度没有表现费。
本公司与美建管理签订了日期为二零二五
年一月二十二日之投资管理协议（「二零
二五年投资管理协议」），相关资产管理服
务的管理费及表现费与二零二年投资管
理协议相同。截至二零二六年、二零二七
年及二零二八年三月三十一日止财政年度
之管理费之建议年度上限分别为1,500,000
港元、1,600,000港元及1,700,000港元，
以及截至二零二六年、二零二七年及二零
二八年三月三十一日止各财政年度之表现
费分别为1,000,000港元、1,000,000港元
及1,000,000港元。此等持续关连交易已于
二零二五年三月二十五日举行之股东特别
大会上获批准。
UBA INVESTMENTS LIMITED 开明投资有限公司132
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
24. CONECTED AND RELATED PARTY TRANSACTIONS
(continued)
Notes: (continued)
(b) The Company and six of its subsidiaries and USCL have entered into
the securities brokerage suplemental agrement dated 26 January
2022 (“2022 Securities Brokerage Suplemental Agrements”)
and agred that the respective relevant original agrement wil be
extended from the period of 1 April 2022 to 31 March 2025. The
anual cap regarding the securities brokerage service for each of the
financial years ended 31 March 2023, 2024 and 2025 is HK$800,000.
Although the anual caps for the brokerage comision in respect
of the 2022 Securities Brokerage Suplemental Agrements are les
than HK$3,000,000 per anum, one of the aplicable percentage
ratios (as defined under Rule 14.07 of the Listing Rules) is more than
5% but les than 25%, the transaction contemplated under 2022
Securities Brokerage Suplemental Agrements is subject to anual
review and anouncement requirement but exempt from the circular
and shareholders’ aproval requirements.
Brokerage comision fe is charged at 0.25%, the prevailing market
rate, on the value of the transactions.
The Company and six of its subsidiaries and USCL have entered into
the securities brokerage suplemental agrement dated 22 January
2025 (“2025 Securities Brokerage Suplemental Agrements”)
and agred that the respective relevant original agrement wil be
extended from the period of 1 April 2025 to 31 March 2028. The
proposed anual cap regarding to the securities brokerage service
for each of the financial year ending 31 March 2026, 2027 and
2028 is HK$800,000. As one of the aplicable percentage ratios (as
defined under Rule 14.07 of the Listing Rules) is more than 5% but
les than 25%, the transaction contemplated under 2025 Securities
Brokerage Suplemental Agrements is subject to anual review
and anouncement requirement but exempt from the circular and
shareholders’ aproval requirements.
(c) Handling fe for dividend colection is charged by USCL at a
minimum of HK$30 or 0.5% per transaction amount, whichever is
higher.
(d) Pursuant to a custodian agrement dated 22 December 1999,
betwen the Group and a custodian, the custodian agres to provide
securities custodian services to the Group including the safe custody
of the Group’s securities and the setlement of the securities of the
Group, the colection of dividends and other entitlements on behalf
of the Group. The apointment of the custodian comenced on the
date of comencement of trading of the Company’s shares on the
Stock Exchange and wil continue in force until it is terminated by
either party giving a writen notice to the other party at any time. The
custodian is regarded as a conected person of the Company under
Rule 21.13 of the Listing Rules, but the custodian fe fals below the
de-minimis threshold under Rule 14A of the Listing Rules.
- （续）
附注：（续）
(b) 本公司与其六间附属公司与美建证券签订
日期为二零二年一月二十六日之证券经
纪补充协议（「二零二年证券经纪补充
协议」）并同意将分别之相关原协议延长
由二零二年四月一日至二零二五年三月
三十一日止。截至二零二三年、二零二四
年及二零二五年三月三十一日止财政年度
各年的证券经纪服务年度上限为800,000港
元。尽管二零二年证券经纪补充协议之
经纪佣金之年度上限每年少于3,000,000港
元，其中一项适用百分比率（定义见上市规
则第14.07条）超过5%但低于25%，根据二
零二年证券经纪补充协议拟进行的交易
须遵守年度审阅和公告要求，但获豁免遵
守通函及股东批准规定。
经纪佣金收费为交易价值之0.25%，为普
遍的市场费率。
本公司与其六间附属公司与美建证券签订
日期为二零二五年一月二十二日之证券经
纪补充协议（「二零二五年证券经纪补充
协议」）并同意将分别之相关原协议延长，
由二零二五年四月一日至二零二八年三月
三十一日止。截至二零二六年、二零二七
年及二零二八年三月三十一日止财政年
度各年的证券经纪服务之建议年度上限为
800,000港元。由于其中一项适用百分比率
（定义见上市规则第14.07条）超过5%但低
于25%，根据二零二五年证券经纪补充协
议拟进行的交易须遵守年度审阅和公告要
求，但获豁免遵守通函及股东批准规定。
(c) 美建证券就股息征收手续费的最低收费为
30港元或每笔交易金额之0.5%（以较高者
为准）。
(d) 根据本集团与托管人于一九年十二月
二十二日订立之托管协议，托管人同意向
本集团提供证券托管服务，包括本集团证
券之妥善托管、本集团证券之结算、代表
本集团领取股息及其他权益。托管人之委
任期限自本公司股份于联交所开始买卖日
期起生效，并将持续有效，直至任何一方
于任何时候以书面通知另一方予以终止为
止。根据上市规则第21.13条，托管人被视
为本公司之关连人士，但根据上市规则第
14A章，托管费低于最低豁免规定水平。
Anual Report 2025 年报133
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
24. CONECTED AND RELATED PARTY TRANSACTIONS
(continued)
Notes: (continued)
(e) The Company has entered into tenancy agrements with Champion
Asets Limited since 1 January 2011.
On 1 April 2023, the tenancy agrement comenced on 1 April 2023
with a term of one year has ben signed. The total rent paid during
the year ended 31 March 2024 amounted to HK$264,000.
On 1 April 2024, the tenancy agrement comenced on 1 April 2024
with a term of one year has ben signed. The total rent paid during
the year ended 31 March 2025 amounted to HK$264,000.
The transactions were caried out at an amount agred by both
parties. Fung Fai Growth Limited, a substantial shareholder of
the Group, is wholy-owned by Cheng’s Family Trust. Interested
beneficiaries of the Cheng’s Family Trust include Mr. Cheng Wai Lun,
Andrew and Mr. Cheng Kai Ming, Charles, while Mr. Cheng Kai Ming,
Charles also has a beneficial interest in Champion Asets Limited.
(f) Fung Fai Growth Limited, an investment holding company, holds
aproximately 26.74% of the equity interest of the Company. CA
Group Limited, an investment company, holds aproximately 74.29%
of the equity interest in Upbest Group Limited. The ultimate beneficial
owner of Fung Fai Growth Limited and CA Group Limited is
Cheng’s Family Trust. Interested beneficiaries of the Cheng’s Family
Trust include Mr. Cheng Wai Lun, Andrew, who is the executive
director of the Company and Upbest Group Limited. UAML, USCL,
Upbest Bulion Company Limited, UICL and UGS are wholy-owned
subsidiaries of Upbest Group Limited, a company incorporated in the
Cayman Islands with limited liability and with its shares listed on the
Stock Exchange.
- （续）
附注：（续）
(e) 本公司与协纬有限公司签署一份租赁协
议，于二零一年一月一日起生效。
于二零二三年四月一日，签署一份为期一
年之租赁协议，于二零二三年四月一日起
生效。截至二零二四年三月三十一日止年
度之已付租金总额为264,000港元。
于二零二四年四月一日，签署一份为期一
年之租赁协议，于二零二四年四月一日起
生效。截至二零二五年三月三十一日止年
度已支付的租金总额为264,000港元。
交易之金额由双方同意协定。Fung Fai
Growth Limited（本公司之主要股东）乃由
郑氏家族信托全资拥有。郑氏家族信托之
受益人为郑伟伦先生及郑启明先生。而郑
启明先生亦拥有协纬有限公司的实益权益。
(f) 投资控股公司Fung Fai Growth Limited持
有本公司约26.74%股权。投资公司CA
Group Limited持有美建集团有限公司约
74.29%股权。Fung Fai Growth Limited及
CA Group Limited之最终实益拥有人
为郑氏家族信托。郑氏家族信托之受益人
包括郑伟伦先生，彼为本公司及美建集团
有限公司之执行董事。美建管理、美建证
券、美建金业有限公司、美建投资及美建
金银均为美建集团有限公司（于开曼群岛
注册成立之有限公司，其股份于联交所上
市）之全资附属公司。
UBA INVESTMENTS LIMITED 开明投资有限公司134
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
24. CONECTED AND RELATED PARTY TRANSACTIONS
(continued)
Notes: (continued)
(g) The Company and two of its subsidiaries had separately entered
into the financial asistance suplemental agrements dated
26 January 2022 (“2022 Financial Asistance Suplemental
Agrements”) with Upbest Investment Company Limited (“UICL”)
in relation to the provision of securities margin financing and initial
public ofering financing services. Acording to the 2022 Financial
Asistance Suplemental Agrements, the respective relevant
original agrements are further extended for a period of thre years
comencing from 1 April 2022 to 31 March 2025. The agrements
are subject to renewal by writen suplemental agrements betwen
the contracting parties. The anual caps for the financial asistance
under the 2022 Financial Asistance Suplemental Agrements
and for each of the financial year ending 31 March 2023, 2024
and 2025 were set at HK$46,000,000. These continuing conected
transactions were aproved at the extraordinary general meting of
the shareholders held on 29 April 2022.
The Company and those two subsidiaries have separately entered
into the financial asistance suplemental agrements dated
22 January 2025 (“2025 Financial Asistance Suplemental
Agrements”) with UICL and agred that the respective relevant
original agrements wil be extended for a period comencing
from 1 April 2025 to 31 March 2028 and is subject to renewal by
writen suplemental agrements betwen the contract parties. The
anual caps for the financial asistance under the 2025 Financial
Asistance Suplemental Agrements for each of the financial year
ending 31 March 2026, 2027 and 2028 are set at HK$18,000,000.
These continuing conected transactions were aproved at the
extraordinary general meting of the shareholders held on 25 March
2025.
The securities margin financing services interest rate is charged at
4.25% above the prime rate per anum and the provision of Initial
Public Ofering (“IPO”) financing at an interest rate from 0.20% to
1.5% per anum above the borowing costs per anum, calculated on
daily basis.
There were no interests for the securities margin financing services
and IPO financing services for the years ended 31 March 2025 and
2024.
(h) The remuneration of the Directors during the year are disclosed
in Note 11. The remuneration of the Directors is determined by
the remuneration comite having regard to the performance of
individuals and market trends.
The above transactions were caried out in the normal course of the
Group’s busines on terms mutualy agred betwen the parties.
- （续）
附注：（续）
(g) 本公司及其两间附属公司与美建投资有限
公司（「美建投资」）分别就提供证券孖展融
资及首次公开招股融资服务于二零二年
一月二十六日签订财务资助补充协议（「二
零二年财务资助补充协议」）。根据二零
二年财务资助补充协议，分别之相关原
协议再次延续期限三年，由二零二年四
月一日至二零二五年三月三十一日。协议
双方可以书面补充协议更新此协议。截至
二零二三年、二零二四年及二零二五年三
月三十一日止各财政年度之二零二年财
务资助补充协议项下之财务资助之年度上
限乃订为46,000,000港元。此等持续关连
交易已于二零二年四月二十九日举行之
股东特别大会上获批准。
本公司及该两间附属公司与美建投资于二
零二五年一月二十二日签订财务资助补充
协议（「二零二五年财务资助补充协议」）
并同意分别之相关原协议将延续期限，由
二零二五年四月一日至二零二八年三月
三十一日。协议双方可以书面补充协议更
新此协议。截至二零二六年、二零二七年
及二零二八年三月三十一日止各财政年度
之二零二五年财务资助补充协议项下之
财务资助之年度上限乃订为18,000,000港
元。此等持续关连交易已于二零二五年三
月二十五日举行之股东特别大会上获批准。
证券孖展融资服务年利率收费为最优惠利
率之上加4.25%，而为首次公开招股（「首
次公开招股」）融资提供借贷利率为年借贷
成本之上加年利率0.20%至1.5%，按日计
算。
截至二零二五年及二零二四年三月三十一
日止年度，并无证券孖展融资服务及首次
公开招股融资服务的利息。
(h) 董事于年内之薪酬披露于附注11。董事薪
酬由薪酬委员会根据个人表现及市场趋势
厘定。
以上交易乃以本集团一般业务情况及由订约方互
相同意之条款所协定。
| 70,437 |
|---|
| – 144 566 |
| 710 |
| 233 |
| 477 |
| 70,914 |
| 12,717 58,197 |
| 70,914 |
Anual Report 2025 年报135
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
25. STATEMENT OF FINANCIAL POSITION OF THE COMPANY
HK$’000HK$’000
千港元千港元
Non-curent asets非流动资产
Interests in subsidiaries于附属公司之权益74,861
Curent asets流动资产
Amount due from a related company应收一间关联公司款项8
Financial asets at FVTPL按公平值于损益账列账之财务资产202
Cash and cash equivalents现金及现金等值项目428
Curent liabilities流动负债
Acruals应付费用236
Net curent asets流动资产净值402
Net asets资产净值75,263
Capital and reserves资本及储备
Share capital股本12,717
Reserves (Note)储备（附注）62,546
Total equity总权益75,263
The Company’s statement of financial position was aproved and
authorised for isue by the Board of Directors on 25 June 2025 and
is signed on its behalf by:
Chau Wai HingCheng Wai Lun, Andrew
周伟兴郑伟伦
Executive DirectorExecutive Director
执行董事执行董事
25. 本公司财务状况表
本公司之财务状况表已获董事会于二零二五
年六月二十五日批准及授权发出，并由以
下人士代表签署：
UBA INVESTMENTS LIMITED 开明投资有限公司136
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
25. STATEMENT OF FINANCIAL POSITION OF THE COMPANY
(continued)
Note:
Share
premium
Contributed
surplus*
Acumulated
losesTotal
股份溢价实缴盈余*累计亏损总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
At 1 April 2023于二零二三年四月一日107,2174,188(37,979)73,426
Los and total comprehensive
expenses for the year
本年度亏损及全面支出总额
–(10,880)(10,880)
At 31 March 2024于二零二四年三月三十一日107,2174,188(48,859)62,546
Los and total comprehensive
expenses for the year
本年度亏损及全面支出总额
–(4,349)(4,349)
At 31 March 2025于二零二五年三月三十一日107,2174,188(53,208)58,197
* The contributed surplus represents the diference betwen the
underlying net asets of the subsidiaries acquired by the Company
and the nominal amount of the share capital isued by the Company
during IPO reorganisation.
- （续）
附注：
* 实缴盈余代表本公司收购的附属公司的相
关资产净值与本公司在首次公开招股重组
时发行的股本面值之间的差额。
Anual Report 2025 年报137
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
26. PARTICULARS OF PRINCIPAL SUBSIDIARIES
Subsidiaries of the Company as at 31 March 2025 and 2024 were
as folows:
Name of subsidiaries
附属公司名称
Place of
incorporation
注册成立地点
Isued and
fuly paid
ordinary
share capital
已发行及
缴足股款之
普通股本
Percentage of
equity interest and
voting power held
by the Company
本公司持有股权及
投票权百分比率
Principal activities
主要业务
DirectlyDirectlyIndirectlyIndirectly
直接直接间接间接
%
Best Idea Development
Limited
British Virgin Islands
(“BVI”)
英属处女群岛
（「英属处女群岛」）
US$1
1美元
100100–Investment holding
投资控股
Blaze Light Investment LimitedBVIUS$1100100–Investment holding
英属处女群岛1美元投资控股
Cyber Features LimitedBVIUS$1–100100Investment holding
英属处女群岛1美元投资控股
Efort Asets LimitedSamoaUS$1100100–Investment holding
萨摩亚1美元投资控股
Flavor Luck Holdings LimitedBVIUS$1100100–Investment holding
英属处女群岛1美元投资控股
Loyal Grace Investments
Limited
忠彩投资有限公司
BVI
英属处女群岛
US$1
1美元
100100–Investment holding
投资控股
Lucky Joy Investments LimitedBVIUS$1100100–Investment holding
英属处女群岛1美元投资控股
Marine Asets Holding LimitedBVIUS$1100100–Investment holding
英属处女群岛1美元投资控股
Profit Mind Group LimitedBVIUS$1100100–Investment holding
英属处女群岛1美元投资控股
Rich Expres Holdings Limited
丰达控股有限公司
BVI
英属处女群岛
US$1
1美元
100100–Investment holding
投资控股
Super Idea International
Limited
BVI
英属处女群岛
US$1
1美元
100100–Investment holding
投资控股
26. 主要附属公司详情
于二零二五年及二零二四年三月三十一日
之本公司附属公司如下：
UBA INVESTMENTS LIMITED 开明投资有限公司138
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
Name of subsidiaries
附属公司名称
Place of
incorporation
注册成立地点
Isued and
fuly paid
ordinary
share capital
已发行及
缴足股款之
普通股本
Percentage of
equity interest and
voting power held
by the Company
本公司持有股权及
投票权百分比率
Principal activities
主要业务
DirectlyDirectlyIndirectlyIndirectly
直接直接间接间接
%
UBA Development LimitedBVIUS$1100100–Investment holding
英属处女群岛1美元投资控股
UBA Financial Trading LimitedHong KongHK$250505050Investment holding
香港2港元投资控股
UBA Gold Investment LimitedSamoaUS$1100100–Bulion trading
萨摩亚1美元贵金属买卖
UBA Technologies Holdings
Limited
BVI
英属处女群岛
US$1
1美元
100100–Investment holding
投资控股
UBA Venture LimitedBVIUS$1100100–Investment holding
英属处女群岛1美元投资控股
Water Resource Holding
Limited (Note)（附注）
BVI
英属处女群岛
US$1
1美元
–100–Investment holding
投资控股
Water Resource Hong Kong
Limited (Note)（附注）
Hong Kong
香港
HK$1
1港元
–100Investment holding
投资控股
None of the subsidiaries had any debt securities outstanding at the
end of the reporting period or at any time during the year.
Note:
Water Resource Holding Limited and Water Resource Hong Kong Limited
were disposed during the year ended 31 March 2025. Details of the
disposal are disclosed in Note 27.
- （续）
于二零二五年及二零二四年三月三十一日
之本公司附属公司如下：（续）
各附属公司在报告期末或在本年度任何时
间内并无任何尚未偿还之债务证券。
附注：
Water Resource Holding Limited及Water
Resource Hong Kong Limited已于截至二零
二五年三月三十一日止年度内出售。出售详情于
附注27披露。
26. PARTICULARS OF PRINCIPAL SUBSIDIARIES (continued)
Subsidiaries of the Company as at 31 March 2025 and 2024 were
as folows: (continued)
Anual Report 2025 年报139
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
27. DISPOSAL OF SUBSIDIARIES
During the year ended 31 March 2025, the Group disposed of its
100% equity interest in Water Resource Holding Limited (“Water
Resource”) to an independent third party at a cash consideration
of HK$200,000. Water Resource Hong Kong Limited, the wholy
own subsidiary of Water Resource, held the unlisted equity
investment in 广州市金洋水产养殖有限公司 (Guangdong Jinyang
Aqua-Culture Company Limited). The net asets of Water Resource
at the date of disposal were as folows:
Analysis of asets and liabilities over which control was lost:
HK$’000
千港元
Financial asets at fair value through
profit or los
按公平值于损益账列账之
财务资产380
Cash and cash equivalents现金及现金等值项目5
Net asets disposed of出售资产净值385
Les: consideration received减：已收代价(200)
Los on disposal出售亏损185
Net cash inflow arising on disposal of subsidiaries
HK$’000
千港元
Cash consideration现金代价200
Les: cash and cash equivalents disposed of减：出售现金及现金等值项目(5)
27. 出售附属公司
于截至二零二五年三月三十一日止年度，本
集团以现金代价200,000港元向独立第三方
出售其于Water Resource Holding Limited
（「Water Resource」）的100%股权。Water
Resource Hong Kong Limited（Water
Resource之全资附属公司）持有对广州市金
洋水产养殖有限公司之非上市股本证券。
Water Resource于出售日期的资产净值如
下：
失去控制权之资产及负债分析：
出售附属公司产生之现金流入净额
UBA INVESTMENTS LIMITED 开明投资有限公司140
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注
For the year ended 31 March 2025截至二零二五年三月三十一日止年度
28. EVENTS AFTER THE REPORTING PERIOD
On 14 April 2025, Knight Sky Holdings Limited (“Knight Sky”)
acquired 192,000,000 shares of the Company at a consideration of
HK$5,760,000, which is equivalent to HK$0.03 per share and upon
the completion of the acquisition, Knight Sky and Knight Sky’s
concert parties, Fung Fai Growth Limited held a direct interest in
532,000,000 Shares, representing aproximately 41.84% of the
total isued share capital of the Company. Acordingly, pursuant
to Rule 26.1 of the Takeovers Code, Knight Sky was required to
make a mandatory conditional cash ofer (the “Ofer”) for al the
isued shares (other than those already owned and/or agred to
be acquired by the Knight Sky and Knight Sky’s concert parties)
to acquire al the isued shares in UBA Investments Limited. The
Ofer period was from 14 May 2025 to 11 June 2025.
The total valid aceptances for 354,716,000 shares under the Ofer
is HK$0.03 per share, which represented aproximately 27.89%
of the entire isue share capital of the Company, and the total
cash consideration paid or payable for the aceptance shares is
HK$10,641,480.
Upon the close of the Ofer, Knight Sky and Fung Fai Growth
Limited held a direct interest in 546,716,000 (31 March 2025 and
31 March 2024: nil) shares and 340,000,000 (31 March 2025 and
31 March 2024: 340,000,000) shares respectively of the Company,
representing 42.99% and 26.74% respectively, with aproximately
total of 69.73% (31 March 2025 and 31 March 2024: Knight Sky:
nil, Fung Fai Growth limited: 26.74%) of the isued share capital
of the Company. Knight Sky is wholy owned by Mr. Cheng Kai
Ming Charles, who is also one of the beneficiaries of the trust
which include interests in the entire isued share capital of Fung
Fai Growth limited. Interested beneficiaries of the trust include Mr.
CHENG Kai Ming, Charles and Mr. CHENG Wai Lun, Andrew and
their family members.
And upon the close of the Ofer, 385,016,200 shares (30.27%)
remain with public shareholders, which mets the minimum public
float requirement under Rule 8.08(1)(a) of the Listing Rules.
Further details of the Ofer are set out in the Company’s
anouncements dated 23 April 2025, 14 May 2025, 28 May 2025
and 11 June 2025.
28. 报告期后事项
于二零二五年四月十四日，Knight Sky
Holdings Limited（「Knight Sky」）以代价
5,760,000港元（相当于每股份0.03港元）
收购本公司192,000,000股份，且完成收
购后，Knight Sky及Knight Sky一致行动人
士Fung Fai Growth Limited于532,000,000
股份（相当于本公司已发行股本总额约
41.84%）中拥有直接权益。因此，根据收购
守则规则26.1，要Knight Sky就全部已发行
股份（Knight Sky及Knight Sky一致行动人
士已拥有及╱或同意将予收购者除外）提出
强制有条件现金要约（「要约」），以收购开
明投资有限公司全部已发行股份。要约期
为二零二五年五月十四日至二零二五年六
月十一日。
要约项下合共354,716,000股份（约占本
公司全部已发行股本之27.89%）以每股0.03
港元获有效接纳，就接纳股份之已付或应
付总现金代价为10,641,480港元。
于要约结束后，Knight Sky及Fung Fai
Growth Limited分别直接持有本公司
546,716,000股（二零二五年三月三十一
日及二零二四年三月三十一日：无）及
340,000,000股（二零二五年三月三十一日
及二零二四年三月三十一日：340,000,000
股）股份，分别占本公司已发行股本42.99%
及26.74%，合共约本公司已发行股本
69.73%（二零二五年三月三十一日及二零
二四年三月三十一日：Knight Sky：无，
Fung Fai Growth Limited：26.74%）。
Knight Sky由郑启明先生全资拥有，而郑启
明先生亦为该信托的受益人之一，该信托
包括Fung Fai Growth Limited全部已发行
股本中的权益。该信托之权益受益人包括
郑启明先生及郑伟伦先生及其家族成员。
于要约结束后，仍有385,016,200股份
(30.27%)由公众股东持有，符合上市规则
第8.08(1)(a)条项下之最低公众持股量规定。
有关要约的进一步详情载于本公司日期分
别为二零二五年四月二十三日、二零二五
年五月十四日、二零二五年五月二十八日
及二零二五年六月十一日的公告。
Flat B, 16th Flor, Wah Kit Comercial Centre
300 Des Voeux Road Central, Hong Kong
Tel: 852 3575 9396
香港德辅道中300号
华杰商业中心16楼B室
电话：852 3575 9396