---

CONTENTS 目录

Corporate Information

公司资料

Financial Highlights

财务撮要

Chairman’s Statement

主席报告

Management Discusion and Analysis

管理层讨论及分析

Biographies of Board of Directors and Senior

Management

董事会及高级管理层履历

Corporate Governance Report

企业管治报告

Report of the Directors

董事会报告

Independent Auditor’s Report

独立核数师报告

Consolidated Statement of Profit or Los and

Other Comprehensive Income

综合损益及其他全面收益表

Consolidated Statement of Financial Position

综合财务状况表

Consolidated Statement of Changes in Equity

综合权益变动表

Consolidated Statement of Cash Flows

综合现金流量表

Notes to Financial Statements

财务报表附注

Particulars of Key Properties

主要物业详情

Five Year Financial Sumary

五年财务概要

---

2Wang On Group Limited Anual Report 2025

CORPORATE INFORMATION

公司资料

BOARD OF DIRECTORS

Executive Directors

Mr. Tang Ching Ho, GBS, JP, Chairman

Ms. Yau Yuk Yin, Deputy Chairman

Ms. Stephanie

Independent Non-executive Directors

Mr. Wong Chun, Justein, BS, MBE, JP

Mr. Siu Kam Chau

Mr. Chan Yung, SBS, JP

AUDIT COMITE

Mr. Siu Kam Chau, Chairman

Mr. Wong Chun, Justein, BS, MBE, JP

Mr. Chan Yung, SBS, JP

REMUNERATION COMITE

Mr. Wong Chun, Justein, BS, MBE, JP, Chairman

Mr. Siu Kam Chau

Mr. Chan Yung, SBS, JP

Mr. Tang Ching Ho, GBS, JP

Ms. Yau Yuk Yin

NOMINATION COMITE

Mr. Tang Ching Ho, GBS, JP, Chairman

Mr. Wong Chun, Justein, BS, MBE, JP

Mr. Siu Kam Chau

Mr. Chan Yung, SBS, JP

Ms. Yau Yuk Yin

EXECUTIVE COMITE

Mr. Tang Ching Ho, GBS, JP, Chairman

Ms. Yau Yuk Yin

Ms. Stephanie

董事会

执行董事

邓清河先生，GBS，太平绅士，主席

游育燕女士，副主席

Stephanie女士

独立非执行董事

王津先生，BS, MBE，太平绅士

萧锦秋先生

陈勇先生，SBS，太平绅士

审核委员会

萧锦秋先生，主席

王津先生，BS, MBE，太平绅士

陈勇先生，SBS，太平绅士

薪酬委员会

王津先生，BS, MBE，太平绅士，主席

萧锦秋先生

陈勇先生，SBS，太平绅士

邓清河先生，GBS，太平绅士

游育燕女士

提名委员会

邓清河先生，GBS，太平绅士，主席

王津先生，BS, MBE，太平绅士

萧锦秋先生

陈勇先生，SBS，太平绅士

游育燕女士

常务委员会

邓清河先生，GBS，太平绅士，主席

游育燕女士

Stephanie女士

In case of any inconsistency betwen the English text and Chinese

translation of this report, the English text shal prevail.

本报告之英文版本与中文版本如有任何歧

义或差异，概以英文版本为准。

---

3二零二五年报 宏安集团有限公司

CORPORATE INFORMATION (CONTINUED)

公司资料（续）

INVESTMENT COMITE

Mr. Tang Ching Ho, GBS, JP, Chairman

Mr. Siu Kam Chau

Ms. Stephanie

AUTHORISED REPRESENTATIVES

Mr. Tang Ching Ho, GBS, JP

Ms. Stephanie

COMPANY SECRETARY

Mr. Cheung Lap Kei

(apointed with efect from 25 January 2025)

Mr. Cheung Chin Wa Angus

(resigned with efect from 25 January 2025)

AUDITOR

Ernst & Young

Certified Public Acountants

Registered Public Interest Entity Auditor

LEGAL ADVISERS

Galant

Johnson Stokes & Master

Red Smith Richards Butler LP

PRINCIPAL BANKERS

Bank of Comunications (Hong Kong) Limited

Bank of Donguan

Bank Sinopac

China Construction Bank (Asia) Corporation Limited

Chiyu Banking Corporation Ltd.

Chong Hing Bank Limited

CTBC Bank Co., Ltd.

Dah Sing Bank, Limited

DBS Bank (Hong Kong) Limited

Hang Seng Bank Limited

Industrial and Comercial Bank of China (Asia) Limited

O-Bank Co., Ltd.

Ping An Bank Co., Ltd.

Shanghai Pudong Development Bank

Taiwan Shin Kong Comercial Bank Co., Ltd.

The Bank of East Asia, Limited

The Hongkong and Shanghai Banking Corporation Limited

United Overseas Bank Limited

投资委员会

邓清河先生，GBS，太平绅士，主席

萧锦秋先生

Stephanie女士

授权代表

邓清河先生，GBS，太平绅士

Stephanie女士

公司秘书

张立基先生

（自二零二五年一月二十五日起获委任）

张展华先生

（自二零二五年一月二十五日起辞任）

核数师

安永会计师事务所

执业会计师

注册公众利益实体核数师

法律顾问

何耀棣律师事务所

孖士打律师行

礼德齐伯礼律师行有限法律责任合伙

主要往来银行

交通银行（香港）有限公司

东莞银行

永丰银行

中国建设银行（亚洲）股份有限公司

集友银行有限公司

创兴银行有限公司

中国信托商业银行股份有限公司

大新银行有限公司

星展银行（香港）有限公司

恒生银行有限公司

中国工商银行（亚洲）有限公司

王道商业银行股份有限公司

平安银行股份有限公司

上海浦东发展银行

台湾新光商业银行股份有限公司

东亚银行有限公司

香港上海汇丰银行有限公司

大华银行有限公司

---

4Wang On Group Limited Anual Report 2025

CORPORATE INFORMATION (CONTINUED)

公司资料（续）

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

HEAD OFICE AND PRINCIPAL PLACE OF

BUSINES IN HONG KONG

Suite 3202, 32/F., Skyline Tower

39 Wang Kwong Road

Kowlon Bay

Kowlon

Hong Kong

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE IN BERMUDA

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court

22 Victoria Stret

PO Box HM 1179

Hamilton HM EX

Bermuda

BRANCH SHARE REGISTRAR AND

TRANSFER OFICE IN HONG KONG

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

BOARD LOT

20,000 shares

INVESTOR RELATIONS

Email: pr@wangon.com

WEBSITE

w.wangon.com

STOCK CODE

注册办事处

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

香港总办事处及主要营业地点

香港

九龙

九龙湾

宏光道39号

宏天广场32楼3202室

百慕达股份过户及转让登记总处

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court

22 Victoria Stret

PO Box HM 1179

Hamilton HM EX

Bermuda

香港股份过户及转让登记分处

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

每手股数

20,000股份

投资者关系

电邮：pr@wangon.com

网页

w.wangon.com

股份代号

---

5二零二五年报 宏安集团有限公司

FINANCIAL HIGHLIGHTS

财务撮要

YEAR ENDED 31 MARCH

截至三月三十一日止年度

20252024Change

二零二五年二零二四年变动

Revenue收入HK$2,740.2 milion

2,740.2百万港元

HK$1,983.2 milion

1,983.2百万港元

+38.2%

Los atributable to owners

of the parent

母公司权益持有人

应占亏损

HK$(922.4) milion

(922.4)百万港元

HK$(753.8) milion

(753.8)百万港元

+22.4%

Basic los per share每股基本亏损HK(6.51) cents

(6.51)港仙

HK(5.52) cents

(5.52)港仙

+17.9%

AS AT 31 MARCH

于三月三十一日

20252024Change

二零二五年二零二四年变动

Total asets总资产HK$13.73 bilion

137.3亿港元

HK$17.58 bilion

175.8亿港元

-21.9%

Net asets净资产值HK$6.78 bilion

67.8亿港元

HK$8.12 bilion

81.2亿港元

-16.5%

Net aset value per share每股净资产值HK$0.48

0.48港元

HK$0.53

0.53港元

-9.4%

Gearing ratio负债比率58.7%62.9%-4.2p

-4.2百分点

---

6Wang On Group Limited Anual Report 2025

FINANCIAL HIGHLIGHTS (CONTINUED)

财务撮要（续）

REVENUE

收入

HK$ milion

百万港元

1,856.0

3,603.5

2,740.2

1,918.3

1,983.2

PROFIT/(LOS) ATRIBUTABLE TO OWNERS OF THE PARENT

母公司权益持有人应占溢利╱（亏损）

HK$ milion

百万港元

123.9

(305.2)

(753.8)

2025(922.4)

12.8

---

7二零二五年报 宏安集团有限公司

FINANCIAL HIGHLIGHTS (CONTINUED)

财务撮要（续）

ASETS EMPLOYED

占用资产

As at 31 March 2025

于二零二五年三月三十一日

CAPITAL AND LIABILITIES

资本及负债

As at 31 March 2025

于二零二五年三月三十一日

Other Operations

Treasury ManagementCash

22%

3%

6%

56%

13%

其他业务

财资管理

物业发展

现金

物业投资

Property

Investment

Property

Development

32%

34%

16%

18%

Other Liabilities

Bank and Other

Borowings

银行及其他借贷

其他负债

非控股权益

资本及储备

Capital and Reserves

Non-Controling

Interests

EQUITY ATRIBUTABLE TO OWNERS

OF THE PARENT

母公司权益持有人应占权益

HK$ milion

百万港元

GEARING RATIO

负债比率

Percentage

百分比

5,991.86,438.15,916.34,332.55,266.3

55.9%54.6%49.4%58.7%62.9%

---

8Wang On Group Limited Anual Report 2025

CHAIRMAN’S STATEMENT

主席报告

Dear Shareholders,

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

“Directors”) of Wang On Group Limited (the “Company”, stock

code: 1222), I present the anual chairman’s statement of the

Company and its subsidiaries (colectively the “Group”) for the

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

Hong Kong’s role as a gateway linking the Greater Bay

Area, Mainland China, and the global market ofers enduring

advantages. Although it maintains its position as a key financial,

transportation, and trade hub, the economy is facing chalenges

such as increasing competition, dependence on Mainland China,

and changes in the global market. To enhance its competitive

edge, the government is actively striving to atract international

busineses, investments and skiled individuals through initiatives

aimed at improving the busines environment. These eforts sek

to reinforce Hong Kong’s status as a premier destination for

global companies, fostering a dynamic and resilient economy that

promotes sustainable growth.

In 2024, Hong Kong’s economy experienced modest growth,

marked by a 2.5% rise in real gros domestic product (“GDP”).

However, projections for 2025 show a slight slowdown to 2.3%

GDP growth, this is primarily due to decreased trade steming

from escalating tensions betwen the United States and Mainland

China. This situation directly impacts Hong Kong, given its role as

a key regional trade hub. Meanwhile, Mainland China’s economy

recovered in 2024, achieving its target of 5% GDP growth.

The Group experienced somewhat uneven busines performance

during the Year, this was primarily atributable to WOP’s write-

down of properties for sales, which was due to the expected

los contributed by contracted but not yet completed sales of

the residential projects for the Year, and WOP’s share of loses

of joint ventures for the Year as compared to the share of profits

of joint ventures last year, which was due to the write-down

of properties under development and properties held for sale

contributed by the comercial and residential portfolios held

by certain joint ventures during the Year. The performances of

WYT and CAP are satisfactory during the Year. Moreover, the

Group, WYT and WOP disposed certain properties, the disposal

proceds were used for repayments of loans and general working

capital, which had improvements on the financial positions and

the gearing ratios. The management team is actively tackling the

chalenges and implementing strategic initiatives to position the

Company for long-term suces.

致各位股东：

本人谨代表宏安集团有限公司（「本公司」，股份

代号：1222）董事会（「董事会」或「董事」）向各位

提呈本公司及其附属公司（统称「本集团」）截至

二零二五年三月三十一日止年度（「本年度」）之

年度主席报告。

香港作为连接大湾区、中国内地与环球市场之

门户，其战略定位续占长远优势。尽管香港仍

为重要之金融、航运及贸易枢纽，然经济亦面

临竞争加剧、对内地倚赖日深及环球市场变迁

等挑战。为增强其竞争力，政府已积极采取多

项措施，致力改善营商环境，以吸纳全球企

业、投资和技术人才，从而巩固香港作为国际

企业首选落户点之地位，推动经济活力与韧

性，促进可持续增长。

二零二四年，香港经济温和增长，实际本地生

产总值（「本地生产总值」）录得2.5%升幅。惟

展望二零二五年，预测本地生产总值增长将略

为放缓至2.3%，此乃主要由于中美关系持续

紧张，贸易往来因而收窄所致。鉴于香港之重

要区域贸易枢纽地位，情况对本港影响甚钜。

与此同时，中国内地经济于二零二四年有所复

苏，本地生产总值增长达致5%之目标。

本集团于本年度的业务表现略有起伏，此乃主

要由于本年度住宅项目的已订约但尚未完成销

售产生预期亏损导致宏安地产的待售物业撇

减，而与去年应占合营企业溢利相比，宏安地

产本年度为应占合营企业亏损，此乃由于本年

度若干合营企业持有的商业及住宅物业组合产

生的发展中物业及持作出售物业撇减所致。本

年度位元堂及中国农产品的表现令人满意。此

外，本集团、位元堂及宏安地产出售若干物

业，出售所得款项用作偿还贷款和一般营运资

金，令财务状况及资产负债比率有所改善。管

理团队积极应对挑战，实施战略举措，从而实

现本公司的长期成功。

---

9二零二五年报 宏安集团有限公司

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

The Group’s revenue for the year ended 31 March 2025

increased by aproximately 38.2% to aproximately HK$2,740.2

milion (2024: aproximately HK$1,983.2 milion). For the Year,

the Group recorded los atributable to owners of the parent

of aproximately HK$922.4 milion (2024: aproximately

HK$753.8 milion). As at 31 March 2025, the Group’s net asets

were aproximately HK$6,780.3 milion (2024: aproximately

HK$8,119.0 milion). Its cash and short-term realisable

investments amounted to aproximately HK$800.7 milion (2024:

aproximately HK$1,333.1 milion), of which, cash and bank

balances were aproximately HK$738.0 milion (31 March 2024:

aproximately HK$1,242.9 milion).

BUSINES PERFORMANCE

Property Development

The property development segment of the Group mainly includes

(i) quality residential projects; (i) comercial projects; and (i)

student acomodation projects of Wang On Properties Limited

(“WOP”, stock code: 1243), a non-wholy owned subsidiary of

the Group; and the property management and sales in Mainland

China of China Agri-Products Exchange Limited (“CAP”, stock

code: 0149), a non-wholy owned subsidiary of the Company.

In 2025, Hong Kong’s real estate market is facing chalenges

due to an oversuply of private housing, evidenced by numerous

unsold units. This situation is exacerbated by global economic

uncertainties, including the ongoing US-China tarif conflict.

Furthermore, the comercial real estate sector, especialy ofice

and retail spaces, is dealing with high vacancy rates and faling

rents and property values.

In March 2025, WOP sucesfuly completed a major refinancing

despite a chalenging market where banks were hesitant to lend

to property developers in Hong Kong. WOP team’s dedication

and strategic aproach alowed us to overcome these obstacles.

Folowing the refinancing, WOP saw a significant improvement in

the loan maturity profile, strengthened the financial position, and

enhanced long-term stability.

截至二零二五年三月三十一日止年度之本集

团收入增加约38.2%至约2,740,200,000港元

（二零二四年：约1,983,200,000港元）。于本

年度，本集团录得母公司权益持有人应占亏损

约922,400,000港元（二零二四年：约753,800,000

港元）。于二零二五年三月三十一日，本集团资

产净值为约6,780,300,000港元（二零二四年：

约8,119,000,000港元）。其现金及短期可变现

之投资达约800,700,000港元（二零二四年：

约1,333,100,000港元），当中现金及银行结余

达约738,000,000港元（二零二四年三月三十一

日：约1,242,900,000港元）。

业务表现

物业发展

本集团的物业发展业务主要包括旗下非全资附

属公司宏安地产有限公司（「宏安地产」，股份代

号：1243）的(i)优质住宅项目；(i)商业项目；及(i)

学生宿舍项目，以及本公司非全资附属公司中

国农产品交易有限公司（「中国农产品」，股份代

号：0149）于中国内地的物业管理和销售。

二零二五年，香港房地产市场因私宅供应过

剩，积压大量未售单位而面临挑战。中美关税

争端持续，环球经济不明朗，令市况更形严

峻。此外，商用物业市场，尤以写字楼及商舖

为甚，正值空置率高企，租金与物业价值受压

下行。

于二零二五年三月，尽管市场充满挑战，银行

不愿向香港物业发展商提供贷款，但宏安地产

仍成功完成重大再融资。宏安地产团队的奉献

精神和战略方法使我们能够克服该等障碍。继

再融资后，宏安地产的贷款到期情况显著改

善，财务状况得以巩固，长期稳定性亦得以增

强。

---

10Wang On Group Limited Anual Report 2025

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

The Hong Kong Government has implemented several schemes

for atracting talents to work in Hong Kong, such as the Top

Talent Pas Scheme and the Quality Migrant Admision Scheme.

This has resulted in a notable rise in housing demand, both from

homebuyers as high-caliber talents loks for quality residences

to setle in, and in the residential rental market, where many

newcomers opt to rent initialy. The WOP has dedicated significant

eforts to understanding the unique preferences and requirements

of these top talents regarding residential living. The residential

units are designed with layouts and specifications that match their

neds, aiming to ofer them not just a place to live but a home

that provides comfort, functionality, and a sense of luxury.

In adition, the WOP is exploring the oportunity to diversify the

oferings by converting some residential units into investment

properties primarily for rental purposes. Since many top talents

prefer to rent initialy before making a long-term housing decision,

WOP ses great potential in catering to their rental neds.

The WOP’s residential development projects have ben

thoughtfuly designed with a strong emphasis on location.

Convenient aces to transportation is a top priority, which is why

most of the WOP’s developments are situated near areas with

excelent transport links, especialy close to Mas Transit Railway

(MTR) stations. For example, the recent projects, including

FINIE, Coasto, and 101 KINGS ROAD, are al located just a

short distance from MTR stations. This proximity guarantes easy

aces to public transportation for the buyers, alowing them to

comute eficiently throughout the city.

The growing number of non-local students in Hong Kong has

led to a significant rise in demand for student housing, creating

market oportunities. The demand for higher education among

these students is projected to grow by 14% anualy over the next

thre years, indicating a strong ned for student acomodation.

With a clear shortage of on-campus housing, private sector

development can help met this demand. Despite facing

competition from new entrants, Suny House has suceded

in the 2024-2025 academic year due to its specialized

transformation into student housing, bosting the confidence in

further expansion in this sector.

WOP is actively seking prime properties and plans to partner

with international funds to enhance the operations in 2025.

Curently, the pre-leased rate for the 2025-2026 academic year

stands at aproximately 76.2%, alongside an aproximately 11%

increase in monthly rental rates.

香港政府推行高端人才通行证计划及优秀人才

入境计划等多项措施招揽贤才，致令房屋需求

显著上升。高端才俊为觅优质居所以求安居，

而初临香江者亦多选择暂时租住，为买卖及租

赁市场带来支持。宏安地产致力洞悉此等高端

人才对居住之独特喜好与要求，旗下住宅项目

之布局与规格，皆为迎合其需要而设计，旨在

为彼等提供的，不仅是安身之处，更是舒适实

用、格调优雅的理想家园。

此外，宏安地产正积极探索机遇，拟将部分住

宅单位转作投资物业，以供租赁为主。鉴于众

多高端人才在作长远置业决策前，倾向先行租

住，宏安地产认为此租赁市场潜力优厚，正可

加大开拓。

宏安地产旗下住宅发展项目，其选址皆经深思

熟虑，交通便捷诚为重中之重。因此，宏安地

产大多数发展项目均坐落于交通网络完善之

地，尤邻近港铁站。例如近期推出之FINIE、

Coasto及101 KINGS ROAD等项目，皆与港铁

站仅咫尺之遥，确保买家出入便捷，往返全城

各区，皆畅达无阻。

非本地学生来港就学人数日增，学生宿舍需求

因而大增，缔造市场机遇。预计未来三年，此

等学生对高等教育之需求，将按年增长14%，

足见宿位供应需求殷切。

校内宿舍供应明显短绌，私营发展项目正可填

补此需求缺口。尽管面对市场新晋者竞争，「日

新舍」凭借其专为学生而设的住宿成功转型，于

二零二四至二零二五学年取得佳绩，对深化拓

展此领域更具信心。

宏安地产正积极物色优质物业，并计划于二零

二五年与国际基金合作，以提升营运效益。目

前，二零二五至二零二六学年之预先出租率约

为76.2%，月租亦录得约11%增长。

---

11二零二五年报 宏安集团有限公司

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

Fresh Markets and Agricultural Produce Exchange

Markets

CAP has established a nationwide network of wholesale markets

and modern logistics centers for agricultural products, conecting

the southern, northern, eastern, and southwestern regions of

China. As at 31 March 2025, CAP operated ten agricultural

produce exchange markets in mainland China, located five

provinces, including Hubei, Henan, Guangxi Zhuang Autonomous

Region, Jiangsu, and Liaoning.

The 2025 Central Document No. 1 emphasizes the

comprehensive revitalization of rural areas through initiatives

aimed at enhancing grain suply security, increasing crop yields,

suporting livestock, and protecting farmland. It focuses on

consolidating poverty aleviation eforts, developing county-level

industries to bost incomes, and fostering unique rural industries

while improving agricultural coperatives. The document also

promotes rural construction by cordinating urban and rural

planing and extending infrastructure, aims to strengthen rural

governance and grasrots party organizations, and seks to

optimize production factor alocation, stabilize land contracts, and

inovate financing mechanisms to suport modernization with

Chinese characteristics.

As a leading agricultural product logistics operator in Mainland

China, CAP has strengthened its busines foundation and

stabilized its market share. It has implemented standardized

management proceses via a self-developed ERP platform,

optimizing eficiency and reducing costs. Externaly, CAP

promotes the inteligent informatization of agricultural produce

exchange markets, utilizing electronic management platforms

to colect and analyze data, enhancing eficiency for markets,

operators, and purchasers for mutual benefits.

CAP wil enhance the development of cold chains, cold storage,

and logistics warehouses in existing market cities, Greater Bay

Area cities, and provincial capitals. With backing from national

policies, CAP anticipates significant growth in the cold storage

industry as Mainland China’s economy and consumer levels

improve.

街市及农产品交易市场

中国农产品已建立全国性批发市场及现代化的

农产品物流中心体系网络，贯穿华南华北以及

华东大西南区域。于二零二五年三月三十一

日，中国农产品在中国内地管理合共十个农产

品交易市场，分布在湖北省、河南省、广西壮

族自治区、江苏省及辽宁省的五个省份。

二零二五年中央一号文件强调，须多措并举，

全面推进乡村振兴，保障粮食供应安全，提高

作物产量，支持畜牧，保护耕地。文件强调巩

固脱贫攻坚成果，亦倡导发展县域产业以增加

农民收入，培育乡村特色产业，同时完善农业

合作社。此外，文件亦提出通过统筹城乡规

划、延伸基础设施以推进乡村建设，加强乡村

治理与基层党组织，并力求优化生产要素配

置、稳定土地承包关系及创新融资机制，以支

持中国特色现代化建设。

中国农产品作为中国内地领先的农产品物流营

运商，巩固业务基础，保持市场份额。中国农

产品对内透过其自主研发的ERP管理平台已落

实管理流程标准化，提升效率、减少成本。对

外，中国农产品推进农产品交易市场智能信息

化，使用电子管理平台收集及分析营运数据，

提升市场、运营商及买家的效率，谋求共同利

益。

中国农产品计划在现有市场城市、大湾区城市

以及省会城市提升建设冷链、冷库、物流仓等

相关配套设施。中国农产品相信受惠于国家政

策以及中国内地经济及人民消费水平的提高，

冷库产业具有巨大潜力。

---

12Wang On Group Limited Anual Report 2025

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

Aditionaly, CAP is expanding new busines sales chanels

by leveraging its ten agricultural produce exchange markets

nationwide, utilizing resources from sourcing, circulation,

and retail. CAP wil adopt a light aset model and modern

management system to enhance its competitive edge in various

agricultural markets.

The Group is wel-established in the fresh market and agricultural

produce exchange sector, managing around 320 stals in Hong

Kong under the brands “Almart” and “Day Day Fresh”. Their main

goal is to provide a pleasant shoping experience by emphasizing

store layout, enhancement projects, and top-notch management

services. The Group seks to enrich the overal shoping

experience by building strong relationships with tenants and

local comunities through efective marketing strategies. They

also prioritize cleanlines and hygiene in their markets, adopting

electronic payment systems to bost operational eficiency and

adres public concerns about safety and cleanlines.

Pharmaceutical and Health Fod Products

Wai Yuen Tong Medicine Holdings Limited (“WYT”, stock code:

0897), a non-wholy owned subsidiary of the Group, is principaly

engaged in manufacturing and retailing of pharmaceutical and

healthcare products.

In 2024, the traditional Chinese medicine (“TCM”) industry

experienced growth driven by a global focus on health and

disease prevention in the post-pandemic era. WYT’s market

share and leadership were bolstered by its comitment to

product quality, branding, and customer service. Eforts included

promoting TCM culture, ofering fre medical consultations, and

introduced “Smart TCM” to engage younger audiences.

During the Year, demand for TCM outpatient services at WYT’s

retail locations increased, leading to the opening of a new store

in Ap Lei Chau. At present, WYT operates over 90 stores acros

Mainland China, Hong Kong and Macau, with more than 80

TCM practitioners in Hong Kong. WYT’s products are available in

Chinese comunities acros more than 30 countries, suported

by partnerships developed over thre decades. Regarding the

TCM busines, WYT has ben quickly growing through the

franchise model.

此外，中国农产品将依托其遍布全国的十个农

产品交易市场，利用采购、流通和零售资源，

拓展新业务销售渠道。中国农产品将利用轻资

产模式及现代管理体系，提升在各个农产品市

场的竞争力。

本集团的街市及农产品交易市场业务根基稳

固。本集团在香港管理「万有」及「日•食良」

品牌旗下约320个街市档位组合。本集团的主要

目标是通过精心设计店铺布局、进行改善工程

及提供优质管理服务，呈献愉悦购物体验。其

通过有效营销活动与租户及当地社区建立牢固

关系，从而提升整体购物体验。本集团亦优先

考虑街市的清洁卫生，推行电子支付系统，提

高运营效率，释除公众对安全卫生的担忧。

医药及保健品食品产品

本集团旗下非全资附属公司位元堂药业控股有

限公司（「位元堂」，股份代号：0897）主要从事

制造及零售药品及保健产品。

二零二四年，后疫情时代全球对健康与疾病预

防之关注日增，推动中医（「中医」）行业稳步发

展。位元堂凭借对产品质量、品牌形象及客户

服务之坚持，其市场份额与领导地位因而得以

巩固。致力推广中医文化、提供免费义诊，并

引入「智能中医」，以期吸纳年轻客群。

于本年度，位元堂零售点的中医门诊服务需求

增加，并于鸭脷洲开设一间新店。目前，位元

堂于中国内地、香港及澳门拥有超过90家门

店，于香港有超过80位中医师。位元堂的产品

在全世界华人地区超过30多个国家都有销售产

品，合作经营长达30年。中医业务方面，借助

加盟店之商业营运模式，使位元堂发展得以快

速扩张。

---

13二零二五年报 宏安集团有限公司

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

During the Year, new products were introduced acros the

five main TCM product lines: proprietary Chinese medicines,

healthcare products, medicated fod products, herbal decoction

pieces, and lifestyle products. WYT’s flagship oferings include

the renowned “Angong Niuhuang Wan (安宫牛黄丸)” featuring

both gold-packed and those with pharmacopoeia prescriptions;

the clasic “Young Yum Pil (养阴丸)” honoured as a Lingnan

TCM Cultural Heritage of Guangdong Province; and the “Hou

Tsao Powder (猴枣除痰散)” which has ben the top seler for a

decade and is a prefered choice among consumers. With a large,

experienced team of TCM practitioners, WYT has established

a strong presence in Hong Kong and earned customer trust.

Acording to a market survey report, WYT’s market share in the

TCM market in Hong Kong is 8%.

Aditionaly, Madame Pearl’s Cough Syrup has maintained

its position as the top seler in Hong Kong for 15 years. While

solidifying its Western pharmaceutical busines in the city, WYT is

also focusing on the Mainland China market, expanding its cough

syrup products over the country through partnerships. WYT plans

to continue inovating and developing health-focused products,

while further promoting its OEM product range under the Madame

Pearl’s and Pearl’s brands.

As per the latest valuation report of the profesional asesment

consulting firm, the total valuation for these brands (Wai Yuen

Tong, Madame Pearl’s and Pearl’s) as at 31 March 2025 is

HK$2.05 bilion.

During the Year, WYT launched the Smart Traditional Chinese

Medicine Health Profiling Device, developed by Prevent Medical

International Corporation (PMIC), in five key stores as a trial.

This marks a significant step into the “Smart TCM” era for

TCM services. The “Smart TCM” digitizes traditional diagnostic

methods: observation, auscultation and olfaction, inquiry, and

pulse feling and palpation. Utilizing cloud-based inteligent

algorithms for constitution recognition and incorporating the

twenty-four solar terms, it evaluates customers’ health profiles in

TCM. This initiative blends WYT’s century-long pharmacological

heritage with advanced technology, enhancing the precision

of traditional diagnoses and treatments. It aims to transform

traditional Chinese healthcare from “empirical medicine” to “data-

driven” health management, catering to the neds of the new

generation in Hong Kong’s fast-paced urban environment.

于本年度，中医业务五大产品系列（中成药、保

健品、药食同源、饮片剂及生活化产品）均有

推出新产品。位元堂有三大旗舰产品，包括最

知名的「安宫牛黄丸」系列，设有金装及药典处

方；第二个是最经典的「养阴丸」，荣获广东省

岭南中药文化遗产；最后是「猴枣除痰散」，在

香港已经连续10年获得销售冠军，深受消费者

信赖。位元堂凭借经验丰富的驻店注册中医师

团队，扎根香港多年，得到广大客户的支持及

认同。根据一项市场调查报告，位元堂于香港

传统中药市场占有率为8%。

同时，珮夫人品牌旗下的珮夫人止咳露连续15

年获得全香港咳药水销售第一荣誉。位元堂在

稳固香港西药业务的同时，亦将目光投向中国

内地市场，通过合作伙伴将旗下止咳露产品系

列拓展至全国。位元堂计划继续创新、开发健

康导向型的产品，同时进一步推广珮夫人和珮

氏品牌旗下的OEM产品系列。

根据最近专业评估顾问公司的估值报告，位元

堂、珮夫人及珮氏等品牌于二零二五年三月

三十一日的总估值为20.5亿港元。

于本年度，位元堂于五间核心门店试点引入由

中预控股有限公司（中预医学）研发的智能中医

体质辨识仪，标志著本集团之中医服务迈进

「智能中医」新里程。「智能中医」将传统「望、

闻、问、切」四诊之法数码化，透过云端智能

演算法，结合二十四节气，为顾客评估其中医

体质。此举融汇位元堂百年药理传统与现代科

技，提升传统诊疗之精准度，让中医保健从「经

验医学」迈向「数据驱动」之健康管理，更能迎合

香港新世代于都市生活节奏快下之保健需要。

---

14Wang On Group Limited Anual Report 2025

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

WYT has agresively expanded its e-comerce platforms,

utilizing social media like TikTok for live sales to atract health-

conscious consumers from Mainland China. In 2024, launched

two new products: Premium Ganoderma Eight Plus, made with

high-quality Ganoderma lucidum extracts to suport imune

regulation, and Body Dampnes Relief, designed at invigorating

the splen and stomach while promoting diuresis to reduce

pufines. These new products not only enhance the product lines

but also strengthen brand competitivenes in the market.

ENVIRONMENTAL PROTECTION AND SOCIAL

RESPONSIBILITIES

The Environmental, Social, and Governance (“ESG”) Comite,

established in 2022, has guided WOP in implementing its ESG

strategy aligned with the philosophy “A Pasion For Tomorow”.

WOP recognizes the importance of ESG in creating future

value and has made it a core mision. As of this report, WOP

secured aproximately HK$5.6 bilion in sustainable development

performance-linked loans, reflecting market recognition of its

comitment to sustainable construction and environmental

protection. WOP continues to integrate gren elements into its

projects, promoting a gren lifestyle and creating shared value

for stakeholders. Aditionaly, WOP achieved a 5-star rating in

GRESB, an anual sustainability asesment for real estate and

infrastructure, highlighting its eforts and standing among other

property developers.

WYT continues to upgrade its factory facilities to become more

environmental friendly, including the use of solar energy and

implementation of energy saving policy.

CAP is dedicated to corporate social responsibility and actively

participates in public welfare and charity initiatives. CAP also

contributed esential items like coking oil and rice to aid

impoverished households, upholding the tradition of helping those

in ned. Aditionaly, CAP prioritizes fod safety management by

regularly training employes to ensure the provision of high-quality

and safe agricultural products to the public.

During the Year, the Group made charity donations to

organisations, including various non-government and non-profit

making organisations. The Group wil continue to devote further

resources and efort for being a socialy responsible corporation.

位元堂积极拓展其电子商务平台，利用抖音等

社交媒体进行直播带货，以吸引注重健康之内

地消费者。于二零二四年，位元堂推出两款新

产品：采用优质灵芝提取物制成、有助免疫调

节之「百草灵芝皇」；以及健脾和胃、利水消肿

之「祛湿清」。此两款新品不仅丰富了产品线，

亦增强了品牌之市场竞争力。

环境保护及社会责任

环境、社会及管治（「ESG」）委员会于二零二

年成立，指导宏安地产秉持「见爱•建明天」理

念实施其ESG策略。宏安地产认识到ESG对创

造未来价值之重要性，并已将其列为核心使

命。截至本报告日期，宏安地产已取得约56亿

港元与可持续发展表现挂钩的贷款，反映市场

对其于可持续建筑及环境保护方面之投入予以

肯定。宏安地产继续将绿色元素融入其项目建

设，推广绿色生活方式，为持份者创造共享价

值。此外，宏安地产亦于房地产和基础设施年

度可持续性评估GRESB中荣获五星评级，彰显

其卓越表现。

位元堂继续提升其厂房设施，使其更加环保，

包括使用太阳能及实施节能政策。

中国农产品致力于企业社会责任，积极参与公

益、慈善活动。中国农产品亦秉承扶危济困之

优良传统，向贫困户捐赠食用油、大米等必需

品。此外，中国农产品也优先进行食品安全管

理，定期培训员工，为公众提供高品质、安全

的农产品。

于本年度内，本集团分别向多个非政府及非牟

利组织慈善捐款以显关怀。本集团将继续投入

更多资源和努力成为一间对社会负责任的企业。

---

15二零二五年报 宏安集团有限公司

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

OUTLOK

The Hong Kong real estate market in 2025 presents both

chalenges and oportunities. WOP remains dedicated to

providing high-quality residential properties, and is integrating

gren design elements and advanced technology in the projects,

with a focus on sustainability through features like grenery and

energy-eficient systems to align with eco-conscious buyers. In

terms of inovation, WOP is exploring AI to develop inteligent

living spaces that enhance comfort. For aset management,

WOP wil continue partnering with experienced investors while

diversifying the strategies to explore emerging markets and niche

sectors with growth potential. This aproach aims to broaden the

investment portfolio and create resilient models that can adapt to

the evolving economic landscape.

The Group is curently facing chalenges in its fresh market

operations due to weak economic conditions and consumer

sentiment, as wel as a shift in spending by Hong Kong residents

traveling to mainland China, the rise of online shoping, and the

popularity of home delivery services. In adition to enhancing

the shoping experience in fresh markets, the Group is exploring

new avenues for busines stability to adapt to these changing

consumer behaviors.

WYT wil continue to adhere the philosophy of “Preparing

Medicine with Dedication, Growing Strong with Reputation” and

work towards modernizing and internationalizing TCM. 2025 is

pivotal for WYT to implement a series of key initiatives in line with

the “14th Five-Year Plan” and its major product strategy. WYT

wil optimize the strategic management, enhance the marketing

system, and create a diversified marketing model that combines

online and ofline services to bost WYT product’s market

influence and share. Through various measures, WYT aims

to strengthen the quality and productivity, establishing a solid

foundation for the upcoming “15th Five-Year Plan” period.

The National Medical Products Administration (NMPA) anounced

in early 2025 that to promote the development of TCM in the

Greater Bay Area of Guangdong, Hong Kong and Macau, it would

simplify the aproval procedures for the listing and registration

of Hong Kong-listed traditional oral Chinese patent medicines in

Mainland China. The procedure aplies to traditional oral Chinese

patent medicines that are owned and registered in Hong Kong

by Hong Kong manufacturers and have ben used in Hong Kong

for more than 15 years, and the manufacturing proces shal also

comply with GMP requirements, etc. As for Wai Yuen Tong, there

are 26 traditional oral Chinese patent medicine products that met

the above requirements. This policy has brought great busines

oportunities for WYT to actively expand its sales market in China.

展望

二零二五年香港房地产市场挑战与机遇并存。

宏安地产将一如既往，致力为客户提供优质住

宅物业。将绿色设计元素及先进科技融入项

目，透过绿化景观及节能系统等设施，专注可

持续发展，以迎合具环保意识之买家。创新方

面，宏安地产正探索利用人工智能技术，发展

能提升舒适度之智能生活空间。资产管理方

面，宏安地产将继续与资深投资者合作，同时

推行多元化策略，开拓具增长潜力之新兴市场

及利基领域，旨在扩阔投资组合，并建立能应

对经济格局演变之韧性模式。

由于经济状况及消费情绪疲弱、港人北上消

费，以及网购与送货上门服务之兴起，本集团

现时就其街市营运面临多重困难。本集团在不

断提升街市购物体验时，亦探索新业务增长

点，从而适应大众不断变化的消费模式。

位元堂将继续秉承「以诚意用心造药，凭信誉继

往开来」之祖训，致力推进中医之现代化及国际

化。二零二五年乃位元堂承接「十四五」规划及

主要产品策略、推行一系列关键举措之重要一

年。位元堂将优化战略管理，完善营销体系，

创建线上线下结合之多元化营销模式，以提升

产品之市场影响力及占有率，务求通过多项措

施，提升品质与效益，为迎接「十五」规划期

奠定坚实基础。

国家药品监督管理局于二零二五年初公布，

为促进粤港澳大湾区中医药发展，对香港已上

市传统口服中成药，在内地上市注册实施简化

审批程序。该程序适用于在香港由香港生产企

业持有并注册、且在香港使用15年以上的传统

口服中成药，而生产过程亦需符合GMP要求

等。而位元堂旗下则有26只口服中成药产品符

合上述要求，这项政策为位元堂积极拓展国内

销售市场带来了巨大商机。

---

16Wang On Group Limited Anual Report 2025

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

CAP wil leverage its industry leadership and comprehensive

agricultural produce exchange market information system to

enhance its profit model, explore new markets, and adopt a

diversified management aproach to drive sustained busines

growth. To seize new oportunities, CAP wil colaborate with

various partners using an aset-light strategy to expand operations

in Mainland China, capitalize on the PRC Government’s promotion

of the data economy. The busines focus wil be on expanding

into diferent provinces and divisions, as wel as developing new

ventures such as bulk trading. In light of the rapid advancements

in modern technology, particularly in areas like blockchain and

virtual asets, CAP wil also dedicate eforts to researching and

exploring the integration of these technologies with its existing

operations. This initiative aims to both enhance core busines

activities and uncover new comercial oportunities. CAP

believes that a forward-loking busines strategy wil deliver long-

term benefits to both the company and its shareholders.

The Group is comited to exploring new technologies and

strategies to achieve operational excelence and eficiency in an

ever-evolving busines landscape. In the competitive environment

of 2025, it is esential to stay vigilant, foster inovation, and adapt

to changes. This aproach wil enable the Group to navigate

market uncertainties and pave the way for sustained growth and

prosperity.

APRECIATION

I would like to sincerely thank our busines partners and

shareholders for their ongoing trust, and I extend my apreciation

to al employes for their comitment and steadfast dedication.

We are dedicated to doing our utmost to enhance the Group’s

future busines growth, aiming to deliver favorable returns for our

shareholders.

Tang Ching Ho

Chairman and Executive Director

Hong Kong, 30 June 2025

中国农产品计划透过业内领先地位及全面农产

品交易市场信息系统，强化盈利模式，探索新

市场，实施多元化市场管理，推动可持续业务

增长。通过与多名合作伙伴合作，并透过轻资

产战略拓展在中国内地的业务，中国农产品旨

在善用中国政府推动数字经济的机遇。业务重

点向不同省份及分部拓展，开拓大宗贸易等新

业务。有鉴于现代科技发展快速，尤其区块链

及虚拟资产等领域，中国农产品亦投入研究及

论证将此等技术与业务结合，既能促进本业，

又能拓展新商机。中国农产品相信前瞻性业务

战略将为中国农产品及其股东带来长期利益。

本集团致力于探索新技术及战略，在日益变化

的商业世界中实现卓越营运及效率。在二零

二五年竞争激烈的经济形势下，保持警惕、促

进创新及适应变化至关重要。此举有助本集团

对抗市场的不确定性，为持续增长及繁荣铺平

道路。

鸣谢

本人谨此由衷感谢业务伙伴及本集团股东的长

期信任，并感谢全体员工的竭诚投入及坚定不

移的奉献精神。我们将竭尽全力于未来提高本

集团的业务增长，务求为我们的股东带来丰厚

回报。

主席兼执行董事

邓清河

香港，二零二五年六月三十日

---

17二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

FINANCIAL RESULTS

For the financial year ended 31 March 2025 (“this Financial

Year” or the “Year”), the Group’s revenue and los atributable

to owners of the parent amounted to aproximately HK$2,740.2

milion (2024: aproximately HK$1,983.2 milion) and

aproximately HK$922.4 milion (2024: aproximately HK$753.8

milion), respectively.

DIVIDENDS

The Board does not recomend a final dividend (2024: Nil) for the

year ended 31 March 2025. No interim dividend was declared for

the six months ended 30 September 2024 (30 September 2023:

Nil).

BUSINES REVIEW

The Group’s revenue for the Year increased by aproximately

38.2% to aproximately HK$2,740.2 milion (2024: aproximately

HK$1,983.2 milion). Increase in revenue was mainly due to the

increase in sales and delivery of completed residential projects

this Financial Year.

Los atributable to owners of the parent for the Year was

aproximately HK$922.4 milion (2024: aproximately HK$753.8

milion). This was primarily atributable to (i) the write-down

of properties for sale, which was due to the expected los

contributed by contracted but not yet completed sales of the

residential projects for the Year; (i) the share of loses of joint

ventures for the Year as compared to the share of profits of

joint ventures last year, this was due to the write-down of

properties under development and held for sale contributed by

the comercial and residential portfolios held by certain joint

ventures during the Year; and (i) the increase in seling and

distribution expenses, which were mainly related to the sales of

properties during the Year, as partialy ofset by no net write-down

of properties under development for the Year as compared to

substantial write-down of properties under development last year.

The Group recorded gros profit and gros profit margin of

aproximately HK$808.8 milion and aproximately 29.5%

respectively for the Year (2024: aproximately HK$823.6 milion

and aproximately 41.5% respectively). The decline in gros profit

margin was mainly due to an increase in finance costs capitalised

as part of the cost of sales for residential projects handed over to

buyers during the Year.

财务业绩

截至二零二五年三月三十一日止财政年度（「本

财政年度」或「本年度」），本集团之收入及母公

司权益持有人应占亏损分别约2,740,200,000港

元（二零二四年：约1,983,200,000港元）及约

922,400,000港元（二零二四年：约753,800,000

港元）。

股息

董事会不建议派付截至二零二五年三月三十一

日止年度之末期股息（二零二四年：无）。概无

派付截至二零二四年九月三十日止六个月之中

期股息（二零二三年九月三十日：无）。

业务回顾

本集团于本年度之收入增加约38.2%至

约2,740,200,000港元（二零二四年：约

1,983,200,000港元）。收入增加主要由于本财

政年度已落成住宅项目的销售及交付增加所致。

本年度母公司权益持有人应占亏损约

922,400,000港元（二零二四年：约753,800,000

港元）。此乃主要由于(i)本年度住宅项目已签约

但尚未完成之销售产生预期亏损导致待售物业

撇减；(i)与去年应占合营企业溢利相比，本年度

为应占合营企业亏损，此乃由于本年度若干合

营企业持有的商业及住宅物业组合产生的发展

中及持作出售物业撇减所致；及 (i)主要与本年

度物业销售有关的销售及分销开支增加，部分

因本年度并无发展中物业撇减净额所抵销，而

去年发展中物业大幅撇减。

本集团于本年度分别录得毛利及毛利率约

808,800,000港元及约29.5%（二零二四年： 分

别约823,600,000港元及约41.5%）。毛利率减

少乃主要由于本年度拨充资本作为已移交买家

的住宅项目销售成本一部分的融资成本增加所

致。

---

18Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

Other income and gains, net, amounted to aproximately

HK$124.2 milion (2024: aproximately HK$241.4 milion). The

decrease was mainly due to the absence of aged payables’

reversal as compared to last year.

The Group recorded administrative expenses of aproximately

HK$463.3 milion for the Year (2024: aproximately HK$491.6

milion). This demonstrated the Group’s comitment to achieving

cost savings this Financial Year. Seling and distribution expenses

were aproximately HK$560.8 milion for the Year (2024:

aproximately HK$365.6 milion), and such increase was primarily

atributable to the increase in comision expenses for property

sales. Finance costs were aproximately HK$354.6 milion

for the Year (2024: aproximately HK$364.4 milion) and the

decrease was mainly due to the repayment of the bank and other

borowings.

Impairment loses on financial asets, net, amounted to

aproximately HK$112.1 milion for the Year (2024: aproximately

HK$21.8 milion). The increase was mainly due to the increase in

impairment loses of loans and interest receivables.

Other expenses amounted to aproximately HK$49.3 milion for

the Year (2024: aproximately HK$174.8 milion). The decrease

was mainly atributable to the decrease in realised loses on

disposal of debt investments and the decrease in impairment

loses on items of property, plant and equipment.

For the Year, the Group recorded fair value loses on financial

asets and liabilities at fair value through profit or los, net, of

aproximately HK$34.6 milion (2024: gains of aproximately

HK$3.2 milion). This was primarily because of the decrease in fair

values of fund investments at fair value through profit or los.

For the Year, the Group recorded fair value loses on owned

investment properties, net, of aproximately HK$34.0 milion

(2024: aproximately HK$104.0 milion). The decrease was due

to the downturn of the property market environment in Mainland

China last year.

其他收入及收益净额约124,200,000港元（二零

二四年：约241,400,000港元）。该减少主要由

于相比去年缺少长期应付账款拨回。

本集团于本年度录得行政开支约463,300,000港

元（二零二四年：约491,600,000港元）。这表明

本集团于本财政年度致力于节约成本。于本年

度，销售及分销开支约560,800,000港元（二零

二四年：约365,600,000港元），有关增加乃主

要由于物业销售的佣金开支增加所致。本年度

的融资成本约354,600,000港元（二零二四年：

约364,400,000港元），该减少乃主要由于偿还

银行及其他借贷所致。

于本年度，金融资产减值亏损净额约

112,100,000港元（二零二四年：约21,800,000

港元）。该增加乃主要由于应收贷款及利息减值

亏损增加所致。

于本年度，其他开支约49,300,000港元（二零

二四年：约174,800,000港元）。该减少乃主

要由于出售债务投资之已变现亏损减少以及物

业、厂房及设备项目的减值亏损减少所致。

于本年度，本集团录得按公平值计入损益之金

融资产及负债之公平值亏损净额约34,600,000

港元（二零二四年：收益约3,200,000港元）。此

乃主要由于按公平值计入损益之基金投资之公

平值减少所致。

于本年度，本集团录得所拥有投资物业公平值

亏损净额约34,000,000港元（二零二四年：约

104,000,000港元）。该减少乃由于去年中国内

地房市环境下行所致。

---

19二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

For the Year, there was no net write-down of properties under

development (2024: aproximately HK$692.4 milion) charged

to profit or los. The write-down for the year 2024 was caused

by the continuous downturn in the real estate market of Hong

Kong, which resulted in a reduction in the residual value of the

Group’s properties under development. Moreover, the write-down

of properties held for sale amounted to aproximately HK$229.3

milion for the Year (2024: aproximately HK$2.9 milion). The

increase was mainly due to the expected los contributed by the

contracted but not yet completed sales of the residential projects.

The share of loses of joint ventures for the Year amounted

to aproximately HK$288.7 milion (2024: share of profits of

aproximately HK$268.4 milion). The change was mainly due to

the write-down of properties under development and properties

held for sales contributed by the comercial and residential

portfolios held by certain joint ventures due to the continuous

downturn in the real estate market of Hong Kong this Financial

Year.

For the Year, there was an income tax credit of aproximately

HK$2.6 milion as compared to an income tax expense of

aproximately HK$38.3 milion for the year 2024. The decrease

was mainly due to the entitlement of a tax concesion on dividend

witholding tax and the release of overprovision in prior years

during the Year.

As at 31 March 2025, the Group’s net asets were aproximately

HK$6,780.3 milion (2024: aproximately HK$8,119.0 milion).

Its cash resources amounted to aproximately HK$800.7 milion

(2024: aproximately HK$1,333.1 milion) including total cash

and bank balances of aproximately HK$738.0 milion (2024:

aproximately HK$1,242.9 milion) and short-term investments

of aproximately HK$62.7 milion (2024: aproximately HK$90.2

milion). In agregate, the total borowings as at 31 March 2025

was aproximately HK$4,716.3 milion (2024: aproximately

HK$6,346.9 milion) giving resulted in a net debt position for

the Group (total borowings les total cash and bank balances)

of aproximately HK$3,978.3 milion (2024: net debt of

aproximately HK$5,104.0 milion).

The Group regularly reviews its financial position and maintains a

healthy cash balance to suport the busines growth. The review

of the individual busines segments of the Group is set out below.

于本年度，概无发展中物业撇减净额（二零二四

年：约692,400,000港元）自损益中扣除。二

零二四年撇减乃由于香港房地产市场持续低

迷，导致本集团发展中物业的剩余价值下降所

致。此外，于本年度，持作出售物业之撇减约

229,300,000港元（二零二四年：约2,900,000港

元）。该增加主要由于住宅项目的已签约但尚未

完成之销售预期产生亏损所致。

本年度应占合营企业亏损约288,700,000港元

（二零二四年：应占溢利约268,400,000港元）。

该变动乃主要由于本财政年度香港房地产市场

持续下行导致就若干合营企业所持之商业及住

宅物业组合撇减发展中物业及持作出售物业。

于本年度，所得税抵免约2,600,000港元，而二

零二四年之所得税开支则约38,300,000港元。

该减少主要由于本年度享有股息预扣税务优

惠及释放过往年度超额拨备所致。

于二零二五年三月三十一日，本集团资

产净值约6,780,300,000港元（二零二四

年：约8,119,000,000港元）。其现金资源

达约800,700,000港元（二零二四年：约

1,333,100,000港元），包括现金及银行结余

总额约738,000,000港元（二零二四年：约

1,242,900,000港元）及短期投资约62,700,000

港元（二零二四年：约90,200,000港元）。

于二零二五年三月三十一日，总借贷合

共约4,716,300,000港元（二零二四年：约

6,346,900,000港元），导致本集团产生约

3,978,300,000港元（二零二四年：债务净额约

5,104,000,000港元）之债务净额（总借贷扣除现

金及银行结余总额）。

本集团定期检讨其财务状况，并维持稳健的现

金结余以支持业务增长。本集团个别业务分部

回顾于下文载列。

---

20Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

Property Development

The property development segment consists of the property sales

in Hong Kong residential and comercial market from Wang On

Properties Limited (“WOP”, a non-wholy owned listed subsidiary

of the Company and the shares of which are listed on The Stock

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

stock code: 1243, together with its subsidiaries, colectively, the

“WOP Group”); and the property sales in the People’s Republic

of China (the “PRC”) from China Agri-Products Exchange Limited

(“CAP”, a non-wholy owned listed subsidiary of the Company

and the shares of which are listed on the Stock Exchange with

stock code: 0149, together with its subsidiaries, colectively, the

“CAP Group”).

For the Year, the property development busines recorded

segment revenue (sales to external customers) of aproximately

HK$1,352.5 milion and segment los of aproximately HK$822.4

milion, respectively (2024: segment revenue of aproximately

HK$432.9 milion and segment los of aproximately HK$802.2

milion, respectively). Revenue of aproximately HK$1,228.0

milion were mainly contributed by the WOP Group for the Year

(2024: aproximately HK$258.6 milion). For the Year, the Group’s

property development busines in the PRC (through the CAP

Group) recorded revenue of aproximately HK$124.5 milion

(2024: aproximately HK$174.3 milion).

物业发展

物业发展分部包括来自宏安地产有限公司（「宏

安地产」，本公司的非全资上市附属公司，其

股份于香港联合交易所有限公司（「联交所」）上

市（股份代号：1243），连同其附属公司统称为

「宏安地产集团」）的香港住宅及商业物业市场销

售，以及亦指中国农产品交易有限公司（「中国

农产品」，本公司的非全资上市附属公司，其股

份于联交所上市（股份代号：0149），连同其附

属公司统称为「中国农产品集团」）于中华人民共

和国（「中国」）的物业销售。

于本年度，物业发展业务分别录得分部收

入（向外部客户销售）约1,352,500,000港元

及分部亏损约822,400,000港元（二零二四

年：分别为分部收入约432,900,000港元及

分部亏损约802,200,000港元）。本年度收

入约1,228,000,000港元（二零二四年：约

258,600,000港元）乃主要由宏安地产集团贡

献。于本年度，本集团（透过中国农产品集团）

在中国的物业发展业务录得收入约124,500,000

港元（二零二四年：约174,300,000港元）。

▲ Henan Luoyang Hongjin Agri-Products International Logistics Center 河南洛阳宏进农副产品国际物流中心

---

21二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

During the Year, the WOP Group entered into a joint venture

partnership with a reputable property developer, Chevalier

International Holdings Limited (the “JV with Chevalier”), to

develop the site located at Nos. 18-20 Sze Shan Stret, Yau Tong

(the “Sze Shan Stret Project”). In July 2024, the WOP Group

disposed of its entire equity interest in the Sze Shan Stret Project

to the JV with Chevalier, which is a 50%-owned joint venture

of the WOP Group. Further details of the disposal were set out

in the joint anouncement of the Company and WOP dated 28

March 2024 and the Company’s circular dated 21 June 2024,

respectively. As at the date of this report, the WOP Group holds

a 50% interest in the Sze Shan Stret Project through the JV with

Chevalier.

On 25 May 2024, a subsidiary of CAP, as the vendor, entered into

a sale and purchase agrement with an independent third party,

as the purchaser, to dispose of 100% equity interests in Huai’an

Hongjin Agricultural By-Products Logistics Co., Ltd., as the

target company. The target company held property interests in

agricultural produce exchange markets in Huai’an City of Jiangsu

Province for an initial consideration of aproximately RMB28.9

milion subject to a maximum adjusted total consideration of

aproximately RMB71.7 milion. After such adjustment, the final

consideration was aproximately RMB66.4 milion, resulting in

a gain on disposal of aproximately HK$35.8 milion for both

the Group and the CAP Group. The purchaser is also required

to fund the target company’s repayment of loans amounting to

aproximately RMB140.5 milion to certain subsidiaries of CAP.

The transaction was completed on 5 September 2024. For

details, please refer to the joint anouncement of the Company

and CAP dated 25 May 2024 and the Company’s circular dated

17 June 2024.

于本年度，宏安地产集团与著名物业发展商其

士国际集团有限公司订立合营企业伙伴关系

（「其士合营企业」），以开发位于油塘四山街

18-20号的地盘（「四山街项目」）。于二零二四

年七月，宏安地产集团将其于四山街项目之全

部股权出售予其士合营企业（宏安地产集团拥有

50%权益之合营企业）。有关出售事项之进一

步详情分别载于本公司及宏安地产日期为二零

二四年三月二十八日的联合公布及本公司日期

为二零二四年六月二十一日的通函。于本报告

日期，宏安地产集团透过其士合营企业持有四

山街项目50%权益。

于二零二四年五月二十五日，中国农产品的一

间附属公司（作为卖方）与一名独立第三方（作为

买方）订立买卖协议，出售淮安宏进农副产品物

流有限公司（作为目标公司）的100%股权。目

标公司持有江苏省淮安市农产品交易市场的物

业权益，初步代价约人民币28,900,000元，最

高经调整总代价约人民币71,700,000元。经有

关调整后，最终代价约人民币66,400,000元，

为本集团及中国农产品集团带来出售收益约

35,800,000港元。买方亦须提供资金供目标公

司偿还中国农产品若干附属公司的贷款约人民

币140,500,000元。该交易于二零二四年九月五

日完成。有关详情，请参阅本公司与中国农产

品日期为二零二四年五月二十五日的联合公布

及本公司日期为二零二四年六月十七日的通函。

▲ Hubei Wuhan Baishazhou Agricultural and By-Product Exchange Market 湖北武汉白沙洲农副产品大市场

---

22Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

On 2 January 2025, a subsidiary of CAP, as the lese, entered

into a sale and leaseback agrement and a consultation service

agrement with an independent third party, as the lesor, in

respect of the sale and leaseback of certain construction projects

in Luoyang City involving sheds and certain equipments at a sale

price of RMB51.0 milion. Please refer to the joint anouncement

of the Company and CAP dated 2 January 2025 for details.

The WOP Group is exploring diferent chanels to expand its

land bank as and when suitable oportunities arise, including

public tenders and old building acquisitions. By doing so, the

WOP Group is building a strong foundation to secure stable land

resources for future development.

As at the date of this report, the WOP Group has a total gros

flor area of land bank of aproximately 966,200 square fet,

including aproximately 464,000 square fet of properties under

development and properties held for sale of a joint venture, of

which aproximately 134,900 square fet have ben sold through

pre-sales as at the date of this report, by the joint ventures.

The folowing table sets forth an overview of the WOP Group’s

property projects as at the date of this report.

Project

Aproximate

site area

Aproximate

gros flor areaIntended usage

Progres/

Anticipated year

of completion

项目概约地盘面积概约总楼面积拟定用途

进度╱预计

竣工年度

(square fet)(square fet)

（平方呎）（平方呎）

Pokfulam Project28,50028,500ResidentialCompleted

薄扶林项目住宅竣工

Tai Kok Tsui Project6,80061,500Residential and ComercialCompleted

大角咀项目住宅及商业竣工

Ap Lei Chau Project I

#

7,20074,200Residential and Comercial2026

鸭脷洲项目I

#

住宅及商业二零二六年

Ap Lei Chau Project I

#

4,10038,600Residential and ComercialCompleted

鸭脷洲项目I

#

住宅及商业竣工

Wong Tai Sin Project I

#

9,60081,200Residential and ComercialCompleted

黄大仙项目I

#

住宅及商业竣工

Wong Tai Sin Project I

#

10,40093,700Residential and Comercial2026

黄大仙项目I

#

住宅及商业二零二六年

于二零二五年一月二日，中国农产品的一间附

属公司（作为承租人）与一名独立第三方（作为出

租人）就出售及回租涉及棚屋及若干设备的洛阳

市若干建筑项目订立售后回租协议及顾问服务

协议，售价为人民币51,000,000元。详情请参

阅本公司与中国农产品日期为二零二五年一月

二日的联合公布。

宏安地产集团正开拓不同渠道以于适当机会出

现时扩大其土地储备，包括公开招标及旧楼收

购。故此，宏安地产集团正建立稳固基础，为

未来发展取得稳定的土地资源。

于本报告日期，宏安地产集团拥有土地储备的

总楼面积约966,200平方呎，包括一间合营企

业发展中物业及持作出售物业约464,000平方

呎，其中约134,900平方呎已由合营企业于本报

告日期通过预售出。下表载列于本报告日期

宏安地产集团之物业项目概览。

---

23二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

Project

Aproximate

site area

Aproximate

gros flor areaIntended usage

Progres/

Anticipated year

of completion

项目概约地盘面积概约总楼面积拟定用途

进度╱预计

竣工年度

(square fet)(square fet)

（平方呎）（平方呎）

Ngau Tau Kok Project

#

5,20046,300Residential and Comercial2026

牛头角项目

#

住宅及商业二零二六年

Fortres Hil Project

#

12,400130,000Residential and Comercial2026

炮台山项目

#

住宅及商业二零二六年

Quary Bay Project4,20040,100Residential and Comercial2026

鲗鱼涌项目住宅及商业二零二六年

Ap Lai Chau Project I6,60068,100Residential and Comercial2027

鸭脷洲项目I住宅及商业二零二七年

Sze Shan Stret Project

#

41,700304,000Residential and Comercial2028

四山街项目

#

住宅及商业二零二八年

Total136,700966,200

总计

#

The WOP Group has ben engaged as the aset manager for the

projects.

Fresh Markets and Agricultural Produce Exchange

Markets

The fresh market and agricultural produce exchange market

segment recorded a decrease in revenue (sales to external

customers) by aproximately 10.1% to aproximately HK$599.6

milion for the Year (2024: aproximately HK$667.1 milion), of

which anual revenue of aproximately HK$378.7 milion was

contributed from the operation of agricultural produce exchange

markets of the CAP Group in the PRC, aproximately HK$143.8

milion was contributed from the operation of fresh markets in

Hong Kong, and aproximately HK$77.1 milion was contributed

from the revenue streams brought by butchery and other retail

operation in Hong Kong. Segment result recorded a profit of

aproximately HK$202.3 milion for the Year (2024: aproximately

HK$176.9 milion). The segment revenue and profit are fairly

satisfactory and has ben the foundation of the Group.

#

宏安地产集团已获委聘为该等项目之资产管理人。

街市及农产品交易市场

街市及农产品交易市场分部于本年度录得

收入（向外部客户销售）减少约10.1%至约

599,600,000港元（二零二四年：约667,100,000

港元），其中全年收入约378,700,000港元由

中国农产品集团于中国经营农产品交易市场所

贡献，约143,800,000港元由香港的街市营运

所贡献，香港的肉档及其他零售营运则带来收

入流约77,100,000港元。分部业绩于本年度录

得溢利约202,300,000港元（二零二四年：约

176,900,000港元）。分部收入及溢利颇为理

想，并为本集团之基石。

---

24Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

Over the past two decades, the Group has made significant

strides in the fresh market and agricultural produce exchange

market busines. As at 31 March 2025, the Group managed a

portfolio of aproximately 320 stals operating under the brands

of “Almart” and “Day Day Fresh” in Hong Kong, which covers a

total gros flor area of over 120,000 square fet. The Group’s

focus is on meting the growing expectations of its customers

by providing a comfortable and spacious shoping environment.

As such, the Group incorporates wel-designed layouts, caries

out improvement works, and delivers high-quality management

services. By continualy enhancing the shoping experience, the

Group aims to strengthen its partnerships with tenants and local

comunities, fostering customer satisfaction and building lasting

relationships within the comunity.

On 30 November 2024, a subsidiary of the Company, as the

tenant, submited a surender agrement to Hong Kong Housing

Authority, as the landlord, to terminate the remaining term of its

tenancy for the wet market located at G/F, Choi Fok Estate

Phase 3, Kowlon, Hong Kong. The landlord agred to the

surender and released the tenant from the tenancy obligations in

consideration of aproximately HK$4.5 milion. Please refer to the

Company’s anouncement dated 30 November 2024 for details.

On 16 December 2024, a subsidiary of the Company, as the

tenant, submited a surender agrement to Hong Kong Housing

Authority, as the landlord, to terminate the remaining term

of its tenancy for the wet market located at B1/F, Kai Chuen

Shoping Centre, Kai Chuen Court, Wong Tai Sin, Hong Kong,

including advertising light box No. A. The landlord agred to the

surender and released the tenant from the tenancy obligations in

consideration of HK$5.4 milion. Please refer to the Company’s

anouncement dated 16 December 2024 for details.

于过去二十年，本集团的街市及农产品交易

市场业务取得重要进展。于二零二五年三月

三十一日，本集团在香港管理「万有」及「日•

食良」品牌旗下约320个街市档位组合，总楼面

面积超过120,000平方呎。本集团提供舒适及具

空间感之购物环境，以满足顾客日益殷切的需

求。因此，本集团纳入精心设计的布局，进行

改善工程，并提供高质量的管理服务。透过持

续改善购物体验，本集团致力加强其与租户和

本地社区的合作关系，提升顾客满意度，于社

区内建立持久关系。

于二零二四年十一月三十日，本公司附属公司

（作为租户）向香港房屋委员会（作为业主）提交

退租协议，以终止其位于香港九龙彩福邨第三

期地下之街市的剩余租期。业主同意退租及解

除租户之租赁责任，代价约4,500,000港元。有

关详情，请参阅本公司日期为二零二四年十一

月三十日的公布。

于二零二四年十二月十六日，本公司附属公司

（作为租户）向香港房屋委员会（作为业主）提交

退租协议，以终止其位于香港黄大仙启钻苑启

钻商场地库1楼之街市（包括广告灯箱A号）的

剩余租期。业主同意退租及解除租户之租赁责

任，代价为5,400,000港元。有关详情，请参阅

本公司日期为二零二四年十二月十六日的公布。

---

25二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

On 13 December 2024, a subsidiary of the Company, as the

vendor, and a subsidiary of CAP, as the purchaser, entered into

a sale and purchase agrement, pursuant to which the vendor

to sel the shares of its subsidiary, as the target company, and

asign the related shareholder loan to the purchaser at a total

consideration of HK$150 milion. The target company holds 50%

equity interests in a joint venture in the PRC, which is principaly

engaged in the management and sub-licensing of Chinese wet

markets to tenants through its eleven owned properties with

aproximately 15,463 square metres and its five leased properties

with aproximately 9,139 square metres located in Shenzhen

City of Guangdong Province. The transaction was completed on

25 February 2025. Please refer to the joint anouncement of the

Company and CAP dated 13 December 2024 and the circular of

CAP dated 24 January 2025 for details.

For the Year, the butchery busines generated revenue of

aproximately HK$76.0 milion (2024: aproximately HK$77.1

milion). This busines remained stable. We believe the Group’s

wel-established fresh market network with the strong foundation

can continualy facilitate the distribution and sale of pork products

to met the demand of local customers in the foreseable future.

During the Year, the Group, through the CAP Group, operated

eleven agricultural produce exchange markets acros five

provinces in the PRC, which are located in Hubei Province, Henan

Province, Guangxi Zhuang Autonomous Region, Jiangsu Province

and Liaoning Province. The CAP Group’s strong presence in

this industry provides a strong platform for ongoing growth and

development, leverages economies of scale, and capitalises on

oportunities from diverse customer base.

Property Investment

As at 31 March 2025, the Group owned investment properties in

Hong Kong and the PRC comprised of comercial and residential

units with a total carying value of aproximately HK$2,774.7

milion (2024: aproximately HK$3,109.5 milion).

During the Year, the Group received gros rental income (sales

to external customers) of aproximately HK$5.9 milion (2024:

aproximately HK$7.9 milion).

于二零二四年十二月十三日，本公司一间附属

公司（作为卖方）与中国农产品一间附属公司（作

为买方）订立买卖协议，据此，卖方出售其附属

公司（作为目标公司）的股份，并向买方转让相

关股东贷款，总代价为150,000,000港元。目标

公司于中国一间合营企业持有50%股权，该合

营企业主要透过其位于广东省深圳市的十一项

自有物业（约15,463平方米）及五项租赁物业（约

9,139平方米）从事中国街市的管理及分租予租

户。该交易于二零二五年二月二十五日完成。

详情请参阅本公司与中国农产品日期为二零

二四年十二月十三日的联合公布及中国农产品

日期为二零二五年一月二十四日的通函。

于本年度，肉档业务产生收入约76,000,000港

元（二零二四年：约77,100,000港元）。此业

务维持稳定。我们相信，本集团完善的街市网

络及坚实的基础可持续促进猪肉产品分销及销

售，以满足本地客户于可预见未来的需求。

于本年度，本集团透过中国农产品集团于中国

五个省营运十一个农产品交易市场，其位于湖

北省、河南省、广西壮族自治区、江苏省及辽

宁省。中国农产品集团于该行业建立的稳固地

位为持续增长和发展提供一个强大的平台，利

用规模经济，以及把握不同客户群所带来的机

会。

物业投资

于二零二五年三月三十一日，本集团位于香港

及中国的自有投资物业包括商用及住宅单位，

账面总值约2,774,700,000港元（二零二四年：

约3,109,500,000港元）。

于本年度，本集团获得租金收入（向外部客户

销售）总额约5,900,000港元（二零二四年：约

7,900,000港元）。

---

26Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

The WOP Group’s portfolio of investment properties comprised

of two wholy-owned comercial properties and five projects in

partnership with global private equity funds, including Kohlberg

Kravis Roberts & Co. L.P. and Angelo, Gordon & Co., L.P. (“AG”),

and individual investors with holding stakes ranging from 35% to

70%. As at the date of this report, the overal ocupancy rate of

the WOP Group’s investment properties was aproximately 97%,

including the recently launched Suny House, which comenced

operations in the third quarter of 2024.

During the Year, the joint venture of the WOP Group entered

into the sale and purchase agrements with several independent

investors to dispose of eight shops on the ground flor of Parkvile,

for an agregate consideration of aproximately HK$168.5 milion.

Subsequent to this Financial Year, the joint venture of the WOP

Group further entered into a sale and purchase agrement with

an independent investor to dispose of two shops on the first flor

for an agregate consideration of aproximately HK$60.0 milion.

A los of aproximately HK$99.8 milion has ben recognised

from these disposals through “Share of profits and loses of joint

ventures”.

As at 31 March 2025, Wai Yuen Tong Medicine Holdings Limited

(“WYT”, an aproximate 72.02%-owned listed subsidiary of

the Company and the shares of which are listed on the Stock

Exchange with stock code: 0897, together with its subsidiaries,

colectively, the “WYT Group”) owned five properties in Hong

Kong which are al retail properties. A majority of these properties

were used as the retail shops under self-operating and franchise

models.

On 3 May 2024, a subsidiary of WYT, as the vendor, entered into

a provisional agrement with an independent third party, as the

purchaser, to dispose of the retail shop situated at Shop B on

Ground Flor, Kwong Sen Mansion, Nos. 23-33 Shui Wo Stret,

Kowlon, Hong Kong, for a consideration of HK$33.0 milion. The

disposal was completed on 16 August 2024. For details, please

refer to the joint anouncement of the Company and WYT dated

3 May 2024.

As at 31 March 2025, the Group held two second-hand residential

properties with valuation of aproximately HK$10.1 milion and

the Group intends to continue identifying suitable oportunities to

dispose of these second-hand residential properties.

宏安地产集团的投资物业组合包括两个全资

商业物业以及与全球私募基金（包括Kohlberg

Kravis Roberts & Co. L.P.及Angelo, Gordon &

Co., L.P.（「AG」）和持股比例从35%到70%不

等的个人投资者合作的五个项目。于本报告日

期，宏安地产集团投资物业的整体出租率约

97%，包括近期推出并于二零二四年第三季度

开始营运的「日新舍」。

于本年度，宏安地产集团的合营企业与若干独

立投资者订立买卖协议，出售天生楼地下八间

商舖，总代价约168,500,000港元。于本财政年

度后，宏安地产集团的合营企业与一名独立投

资者进一步订立买卖协议，出售第一层的两间

商舖，总代价约60,000,000港元。该等出售亏

损约99,800,000港元已于「应占合营企业之溢利

及亏损」确认。

于二零二五年三月三十一日，位元堂药业控股

有限公司（「位元堂」，本公司拥有约72.02%股权

之上市附属公司，其股份于联交所上市（股份代

号：0897），连同其附属公司统称为「位元堂集

团」）于香港拥有五项物业，均为零售物业。该

等物业大部分用作自营及特许经营模式零售店。

于二零二四年五月三日，位元堂一间附属公司

（作为卖方）与一名独立第三方（作为买方）订立

临时协议，出售位于香港九龙瑞和街23-33号光

星大厦地下B舖的零售店舖，代价为33,000,000

港元。出售事项已于二零二四年八月十六日完

成。有关详情，请参阅本公司与位元堂日期为

二零二四年五月三日的联合公布。

于二零二五年三月三十一日，本集团持有两项

二手住宅物业，估值约10,100,000港元。本集

团拟继续寻找合适机会出售该等二手住宅物业。

---

27二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

Pharmaceutical and Health Fod Products Busines

The WYT Group is a pharmaceutical group focusing on

manufacturing and retailing of pharmaceutical and health fod

products, and providing Traditional Chinese Medicine (“TCM”)

services. During the Year, there was a reduction on the WYT

Group’s pharmaceutical and health fod products segment with

revenue (sales to external customers) of aproximately HK$741.4

milion (2024: aproximately HK$777.2 milion), representing a

decrease of aproximately 4.6%.

Chinese Pharmaceutical and Health Fod Products

Busines

WYT remains dedicated to providing high-quality TCM products

and services while adapting to changing consumer preferences.

Over the past year, WYT has strategicaly expanded its retail

presence by opening new locations in popular tourist areas

and optimising operating hours for customer convenience.

Colaborations with leading health and beauty retailers and

e-comerce platforms in Hong Kong and Mainland China

have ben strengthened, enhancing aces to its trusted TCM

oferings.

医药及保健食品产品业务

位元堂集团为一间医药集团，集中于制造及

零售药品及保健食品产品，并提供中医（「中

医」）服务。于本年度，位元堂集团的医药及

保健食品产品分部收入减少，收入（向外部客

户销售）约741,400,000港元（二零二四年：约

777,200,000港元），减少约4.6%。

中药及保健食品产品业务

位元堂继续致力于提供优质的中药产品及服

务，同时适应不断变化的消费者喜好。于过去

一年，位元堂策略性地扩展其零售业务，于热

门旅游区开设新店，并优化营业时间以方便顾

客。加强与香港及中国内地领先的健康及美容

零售商及电子商贸平台的合作，增加获得值得

信赖的中药产品的渠道。

▲ WYT shop 位元堂店舖

---

28Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

A key aspect of WYT’s growth strategy is leveraging the rapid

growth of cros-border e-comerce, particularly through dynamic

platforms like Douyin. The live-streaming initiatives on Douyin

have sucesfuly engaged a large audience of health-conscious

consumers, resulting in significant sales growth and increased

brand awarenes in the mainland market. These e-comerce

platforms and service providers have proven to be increasingly

important for the marketing and distribution of WYT’s products.

In response to the resurgence of Chinese outbound tourism,

marketing resources have ben realocated to atract travelers

seking premium TCM products.

Despite a chalenging operating environment, WYT sustained

stable performance by focusing on esential healthcare neds

and product inovation. WYT observed a growing interest in

TCM products, especialy among health-conscious midle-clas

families and Mainland visitors. With inovation being core to its

strategy, WYT sucesfuly introduced thre key products in

2024: Premium Ganoderma Eight Plus (百草灵芝皇), Body

Dampnes Relief (祛湿清), and Ultimate Brightening (雪肌

丸). These new products complemented the strong performance

of established lines like Wild Cordyceps Plus (野生虫草皇) and

Nano Bone Enhancer (骨盈素), which contribute to more than

double sales volume.

位元堂增长战略的一个关键方面为利用跨境电

子商务的快速增长，特别是通过抖音等动态平

台。抖音上的直播活动成功吸引了大量注重健

康的消费者，令内地市场的销售额大幅增长及

品牌知名度提升。事实证明，该等电子商务平

台及服务供应商对位元堂产品的营销及分销日

益重要。为应对中国出境游的复苏，我们已重

新分配营销资源，以吸引寻求优质中药产品的

旅客。

尽管经营环境充满挑战，位元堂仍专注于基本

医疗需求及产品创新，保持稳定表现。位元堂

注意到，尤其是注重健康的中产家庭及内地旅

客，对中药产品的兴趣日益浓厚。位元堂将创

新作为战略核心，于二零二四年成功推出三款

重要产品：百草灵芝皇、祛湿清和雪肌丸。这

些新产品补充野生虫草皇和骨盈素等成熟系列

的强劲表现，贡献销量一倍有多。

▲ WYT shop 位元堂店舖

---

29二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

Western Pharmaceutical and Health Fod Products

Busines

The Hong Kong respiratory health market experienced a decline in

sales last year due to improved COVID conditions and increased

number of outbound visits. In response, WYT launched a new

series of marketing campaigns to celebrate the 70th aniversary

of Madame Pearl’s, featuring new TV comercials, outdor

advertising, and an award-wining Madame Pearl’s brand video

on social media. As a result, Madame Pearl’s has maintained

No. 1 position in the market for the 15th consecutive years, with

positive sales growth in the Hong Kong cough syrup sector.

For Mainland China market, WYT sucesfuly expanded the

distribution of Madame Pearl’s cough syrup to over 10,000

outlets, including top chain drugstores and leading hospitals in

Mainland China. WYT wil continue to expand the breadth and

depth of the distribution of Madame Pearl’s products to improve

the respiratory health among consumers.

In the Personal Care sector, WYT aims to enhance the

brand awarenes of Pearl’s in Hong Kong through various

marketing initiatives last year, such as MTR in-train videos and

a colaboration with Pokémon on seasonal promotion packs.

To take advantage of the growing cros-border e-comerce

chanel, WYT has enhanced its resource and promotion for

Pearl’s flagship stores, resulting in an increase of sales in this

strategic chanel.

Treasury Management

The Group maintained a healthy financial position. Liquid

investments and total cash and bank balances amounted

to aproximately HK$1,014.2 milion as at 31 March 2025,

represented a decrease of aproximately 37.2% from the balance

of aproximately HK$1,614.8 milion as at 31 March 2024. As at

31 March 2025, aproximately 5.6%, aproximately 21.1% and

aproximately 73.3% of the liquid investments of aproximately

HK$276.2 milion were debt securities, equity securities, and

funds and other investments, respectively, and aproximately

HK$738.0 milion were total cash and bank balances.

西药及保健食品产品业务

由于新冠状况改善和出境旅游次数增加，香港

呼吸健康市场去年的销售额有所下降。作为应

对，位元堂推出一系列新促销活动庆祝「珮夫

人」品牌70周年，包括新的电视广告、户外广

告和社交媒体上的获奖「珮夫人」品牌视频。因

此，「珮夫人」连续第15年保持市场第一的地

位，香港止咳露领域的销售额实现了正增长。

就中国内地市场而言，位元堂成功将「珮夫人」

止咳露的分销扩展至超过10,000家门店，包括

中国内地顶级连锁药店及领先医院。位元堂将

继续扩大「珮夫人」产品分销的广度及深度，以

改善消费者的呼吸健康。

个人护理方面，位元堂去年透过多项市场推广

活动，例如港铁列车内短片及与宝可梦合作进

行季节性推广套装，以提高「珮氏」在香港的品

牌知名度。为善用跨境电商渠道日益增长，位

元堂加强对「珮氏」旗舰店的资源投入及推广，

令该策略渠道的销售额增长。

财资管理

本集团维持稳健之财务状况。二零二五年三

月三十一日的流动性投资及现金及银行结余

总额约1,014,200,000港元，较二零二四年三

月三十一日的结余约1,614,800,000港元减少

约37.2%。于二零二五年三月三十一日，约

276,200,000港元的流动投资约5.6%、约21.1%

及约73.3%分别为债务证券、股本证券及基金及

其他投资，而约738,000,000港元为现金及银行

结余总额。

---

30Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

Money Lending Busines

The Group engages in providing lending services to third-parties.

These loans are secured by various types of colateral, including

first-mortgage residential properties, comercial properties,

industrial properties, and etc., al located in Hong Kong.

The Group has adopted a more prudent and cautious aproach

in asesing potential loan aplications, particularly considering

the uncertain economic outlok. To evaluate and aprove loans,

the Group has a credit comite in place. This comite

is responsible for evaluating and aproving loans within

predetermined credit limits.

The Group has established credit control policies to govern the

loan review and aproval proceses. Those policies focus on

verifying the borowers’ identity, repayment ability, and the quality

of the aset that are used as colateral, to mitigate credit risks

asociated with the lending operations. Overal, the Group aims to

efectively manage its credit risks, in order to ensure the long-term

stability and sustainability of its money lending busines.

During the Year, the Group’s lending busines contributed

revenue of aproximately HK$14.4 milion (2024: aproximately

HK$28.6 milion), down by aproximately 49.7%, mainly due to

the drop in loan portfolio. The borowers of the Group’s lending

busines include individuals and private companies in Hong Kong

from diferent industries such as property investment, logistics,

retail busineses and etc. As at 31 March 2025, we had 16

(2024: 37) active loan acounts of which 8 are unlisted corporate

borowers and 8 are individual borowers, gros loan balances of

which were aproximately HK$116.0 milion (2024: aproximately

HK$237.1 milion). Secured loans acounted for aproximately

72.3% (2024: aproximately 79.2%) while unsecured loans

acounted for aproximately 27.7% (2024: aproximately 20.8%).

Loans to corporate borowers acounted for aproximately 33.3%

(2024: aproximately 58.3%) while loans to individuals acounted

for aproximately 66.7% (2024: aproximately 41.7%). As at 31

March 2025, in terms of the loan balances, the top 5 customers

of the money lending busines acounted for aproximately

80.4% (2024: aproximately 60.3%) of the portfolio. The tenors of

the loans ranged from 6 months to 113 months (2024: 2 months

to 120 months).

借贷业务

本集团从事向第三方提供借贷服务。该等贷款

以各类抵押品作抵押，包括第一按揭住宅物

业、商用物业及工业物业等，所有物业均位于

香港。

本集团在评估潜在贷款申请时采取审慎态度，

尤其考虑到经济前景不明朗。本集团已设立信

贷委员会以评估及审批贷款，该委员会负责在

预定的信贷额度内评估及审批贷款。

本集团亦制定了信贷管控政策来管理贷款审批

流程。该等政策特别关注借款人身份验证、还

款能力及用作抵押品之资产的质量，以降低与

贷款营运相关的信贷风险。整体而言，本集团

旨在有效管理其信贷风险，并确保其借贷业务

的长期稳定性及可持续性。

于本年度，本集团借贷业务贡献收入约

14,400,000港元（二零二四年：约28,600,000

港元），下跌约49.7%，主要由于贷款组合减

少所致。本集团借贷业务的借款人包括个人及

位于香港来自物业投资、物流、零售业务等不

同行业的私人公司。于二零二五年三月三十一

日，我们有16个（二零二四年：37 个）活跃贷款

账户，当中有8个非上市企业借款人及8个人

借款人，总贷款余额约116,000,000港元（二零

二四年：约237,100,000港元）。有抵押贷款占

约72.3%（二零二四年：约79.2%），无抵押贷款

占约27.7%（二零二四年：约20.8%）。企业借款

人的贷款约占33.3%（二零二四年：约58.3%），

而个人的贷款约占66.7%（二零二四年：约

41.7%）。于二零二五年三月三十一日，按贷款

结余计算，借贷业务五大客户占贷款组合的约

80.4%（二零二四年：约60.3%）。贷款期介乎

6个月至113个月（二零二四年：2个月至120个

月）。

---

31二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

The ageing analysis of loan receivables (before alowance for

credit loses) based on initial loan comencement date as set out

in the relevant contracts is as folows:

As at

31 March 2025

于二零二五年

三月三十一日

HK$’000

千港元

Within 12 months12个月内112,648.2

61 months to 120 months61个月至120个月3,383.1

Total总计116,031.3

The weighted-average interest rates of secured loans were

aproximately 12.3% (2024: aproximately 13.3%) per anum

and that for unsecured loans were aproximately 13.8% (2024:

aproximately 13.2%) per anum. As at 31 March 2025, the loan-

to-value ratio of the secured loans was aproximately 64.1%

(2024: aproximately 63.7%) per anum which management

considered to be a safe level.

Loan impairment policy

The Group asesed and estimated credit los alowances

(“ECLs”) for the loan receivables acording to the requirements

of HKFRS 9 isued by the HKICPA. The Group aplies a general

aproach to ases the ECLs of the loan receivables by asesing

the increase in credit risk of the Group’s borowers. The Group

had recognised ECLs on loan receivables from the money lending

busines amounting to aproximately HK$78.8 milion during the

Year (2024: aproximately HK$4.8 milion). The Group considers

that there has ben a significant increase in credit risk when loan

repayments are more than 30 days past due and a borower in

default when loan repayments are 90 days past due. In certain

cases, the Group may also consider a borower to be in default

when internal or external information indicates that the Group is

unlikely to receive the outstanding loan repayments in ful before

taking into acount any credit enhancements held by the Group.

应收贷款（计提信贷亏损拨备前）按相关合约所

载初始贷款开始日期的账龄分析如下：

有抵押贷款的加权平均利率为每年约12.3%（二

零二四年：约13.3%），无抵押贷款的加权平均

利率为每年约13.8%（二零二四年：约13.2%）。

于二零二五年三月三十一日，有抵押贷款的贷

款价值比率为每年约64.1%（二零二四年：约

63.7%），管理层认为此为安全水平。

贷款减值政策

本集团已根据香港会计师公会颁布的香港财务

报告准则第9号的规定评估及估计应收贷款的

信贷亏损拨备（「预期信贷亏损」）。本集团采用

一般法透过评估本集团借款人信贷风险的增加

情况，评估应收贷款的预期信贷亏损。于本年

度，本集团已就借贷业务产生之应收贷款确

认预期信贷亏损约78,800,000港元（二零二四

年：约4,800,000港元）。本集团认为，当贷款

偿还逾期超过30日时，信贷风险大幅增加；当

贷款偿还逾期90日时，则借款人违约。于若干

情况下，当内部或外部资料显示本集团于本集

团采取任何信贷增级前悉数收回未偿还贷款的

可能性不大，本集团亦可能认为借款人违约。

---

32Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

The Group has taken into acount the folowing factors on the

impairment asesment for the outstanding loans in acordance

with the HKFRS 9: historical information such as past default

records, an analysis of its curent financial position, likelihod

or risk of a default, an asesment on any significant increase

in credit risk, and fair value of colaterals (if any), and adjust for

forward-loking information that is available without undue cost

or efort, such as the curent and forecasted global economy

and the general economic conditions of the industry in which the

borower operates. Related disclosures on the loan impairment

from the money lending busines are included in note 23 to the

consolidated financial information.

The drop in the size of the Group’s loan portfolio was a result of

the more cautious aproach in acepting potential aplications

during the risky environment.

Despite the uncertainties in economy environment, the Group

strives to continuously monitor and review the customers’ profile

and the market conditions for its money lending busines, with the

goal of building a healthy and stable platform within its treasury

management segment.

Aset Management

The Group provides aset management services through the

WOP Group which has established joint ventures with various

strategic partners for both residential developments and

comercial investments. As the aset manager of the invested

asets, the WOP Group earns various fe incomes, including aset

management fes, acquisition fes, development fes and leasing

fes, as wel as promote fes upon achieving or exceding certain

target internal rates of return and after the WOP Group’s joint

venture partners have received their targeted capital returns.

Please refer to the above sections headed “Property

Development” and “Property Investment” for further details of the

residential and comercial properties of which the WOP Group

serves as aset manager.

本集团根据香港财务报告准则第9号就未偿还贷

款的减值评估考虑以下因素：过往违约记录、

对其当前财务状况的分析、违约的可能性或风

险、对信贷风险任何大幅增加之评估以及抵押

品之公平值（如有）等历史资料，并就毋须付出

过多成本或精力即可获得的前瞻性资料（如当前

及所预测的全球经济以及借款人经营所在行业

的整体经济状况）作出调整。有关借贷业务贷款

减值之相关披露载于综合财务资料附注23。

本集团的贷款组合规模有所下跌乃由于我们在

风险环境中接受潜在申请时采取更加审慎的措

施。

尽管经济环境不明朗，本集团致力持续监察及

检讨其借贷业务的客户资料及市场情况，旨在

于财资管理分部建立稳健及稳定平台。

资产管理

本集团通过宏安地产集团提供资产管理服务，

宏安地产集团与不同的战略合作伙伴在住宅发

展及商业投资方面设立合营企业。作为投资

产的资产管理人，宏安地产集团赚取各项费用

收入，包括资产管理费、收购费、开发费及租

赁费，以及待达致或超过若干目标内部回报率

后及宏安地产集团合营企业伙伴收到其目标资

本回报后的奖励费。

有关宏安地产集团担任住宅和商业物业的资产

管理人的更多详情，请参阅上述「物业发展」及

「物业投资」各节。

---

33二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

Student Acomodation

In December 2022, the WOP Group formed a new joint venture

with AG for the acquisition and operation of a property located at

No. 19 Luk Hop Stret, Kowlon, Hong Kong, including the hotel

building erected thereon formerly known as “Pentahotel Hong

Kong, Kowlon”. The property has ben rebranded as “Suny

House” and redeveloped into student acomodation folowing

the completion of renovations in the third quarter of 2024. A total

of 720 roms ofering 1,424 beds are now available to the market.

As at the date of this report, the property is fuly operational with

an ocupancy rate exceding 97%, with the tenants comprising

of primarily students from Mainland China and the Asia-Pacific

region who are studying at more than 20 coleges in Hong Kong.

By leveraging the WOP Group’s expertise in aset management

and further expansion of the expertise to student acomodation

sector, the WOP Group aims to secure stable aset management

income and explore strategic expansion oportunities for

aditional recuring income.

学生宿舍

于二零二年十二月，宏安地产集团与AG成立

新合营企业，以收购及经营位于香港九龙六合

街19号的物业，包括建于其上前称为「香港九龙

贝尔特酒店」的酒店大楼。该物业于二零二四年

第三季度完成翻新后重新命名为「日新舍」，并

重新开发为学生宿舍。该物业目前向市场提供

720个房间合共1,424张床位。于本报告日期，

该物业全面营运中，出租率超过97%，住客主

要包括来自中国内地及亚太地区于香港20多所

院校就读的学生。

宏安地产集团利用资产管理的专业知识及进一

步扩展相关专业知识至学生宿舍分部，借此保

障稳定的资产管理收入，并探索策略性扩大经

常性收入的扩张机会。

▲ Suny House 日新舍

---

34Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

Property Management

The WOP Group started the property management busines

in 2017 and curently manages eight projects as at the

date of this report. The pricing model of the management

fe charged by the WOP Group is based by reference to a

proportion of total anual expenses incured by respective

buildings, ensuring a fair and transparent pricing structure.

With an increase in the delivery of residential project, the WOP

Group anticipates an expansion in its property management

busines, and continues investing in a profesional property

management team and advanced management technology

to deliver high-quality services and met customer demands.

LIQUIDITY AND FINANCIAL RESOURCES

As at 31 March 2025, the equity atributable to owners of the

parent decreased by aproximately 17.7% to aproximately

HK$4,332.5 milion (2024: aproximately HK$5,266.3 milion).

The Group’s total equity, including the non-controling

interests, decreased to aproximately HK$6,780.3 milion

(2024: aproximately HK$8,119.0 milion) as at 31 March

2025.

物业管理

宏安地产集团于二零一七年开展物业管理业务，于本报告日

期管理八个项目。宏安地产集团收取管理费的定价模式基于

各楼宇产生之年度开支总额若干部分，确保公平透明的定价

架构。随著住宅项目交付量增加，宏安地产集团预期其物业

管理业务将会扩展，并继续投资于专业物业管理团队及先进

管理技术，以提供优质服务，满足客户需求。

流动资金及财务资源

于二零二五年三月三十一日，母公司权益持有人应占权

益减少约17.7%至约4,332,500,000港元（二零二四年：约

5,266,300,000港元）。于二零二五年三月三十一日，本集团

的总权益（包括非控股权益）减少至约6,780,300,000港元（二

零二四年：约8,119,000,000港元）。

▲ Coasto

---

35二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

As at 31 March 2025, the Group’s total asets were aproximately

HK$13,729.0 milion (2024: aproximately HK$17,582.6 milion).

Total cash and bank balances held amounted to aproximately

HK$738.0 milion (2024: aproximately HK$1,242.9 milion) as at

31 March 2025. The Group also maintained a portfolio of liquid

investments with an agregate market value of aproximately

HK$276.2 milion (2024: aproximately HK$371.9 milion) as at 31

March 2025, which was imediately available for realisation when

in ned.

As at 31 March 2025, the Group’s total debt amounted to

aproximately HK$4,716.3 milion (2024: aproximately

HK$6,346.9 milion), and the Group’s net debt to equity ratio

(or the net gearing ratio) was aproximately 58.7% (2024:

aproximately 62.9%).

The net debt to equity ratio (or the net gearing ratio) is calculated as

net debt divided by total equity. Net debt is calculated as a total

of interest-bearing bank and other borowings, and unsecured

notes, les cash and bank balances, restricted bank balances and

pledged deposits.

As at 31 March 2025, the Group’s property, plant and equipment,

investment properties, properties under development, properties

held for sale, loans receivables, and pledged deposits with

carying values of aproximately HK$260.3 milion, aproximately

HK$1,738.5 milion, aproximately HK$1,298.7 milion,

aproximately HK$1,833.7 milion, aproximately HK$63.9

milion and aproximately HK$2.0 milion, respectively (2024:

aproximately HK$336.0 milion, aproximately HK$2,025.9

milion, aproximately HK$2,168.7 milion, aproximately

HK$2,123.2 milion, aproximately HK$67.7 milion and

aproximately HK$44.1 milion, respectively) were pledged to

secure the Group’s general banking facilities.

The Group’s capital comitment as at 31 March 2025 amounted

to aproximately HK$1,400.0 milion (2024: aproximately

HK$1,798.1 milion) which was mainly atributed to its property

development busines. In adition, the Group’s share of joint

ventures’ own capital comitments amounted to aproximately

HK$409.0 milion (2024: aproximately HK$548.3 milion).

于二零二五年三月三十一日，本集团的总

资产约13,729,000,000港元（二零二四年：

约17,582,600,000港元）。于二零二五年

三月三十一日，所持现金及银行结余总

额约738,000,000港元（二零二四年：约

1,242,900,000港元）。本集团亦维持流动投

资组合，其于二零二五年三月三十一日的总

市值约276,200,000港元（二零二四年：约

371,900,000港元），于有需要时可供我们即时

变现。

于二零二五年三月三十一日，本集团的债务

总额约4,716,300,000港元（二零二四年：约

6,346,900,000港元），而本集团净债务权益比

率（或净资产负债率）约58.7%（二零二四年：约

62.9%）。

净债务权益比率（或净资产负债率）乃以债务净

额除以权益总额计算得出。债务净额按计息银

行及其他借贷及无抵押票据的总额减现金及银

行结余、受限制银行结余及已抵押存款计算。

于二零二五年三月三十一日，本集团账面值

分别约260,300,000港元、约1,738,500,000港

元、约1,298,700,000港元、约1,833,700,000

港元、约63,900,000港元及约2,000,000港元

（二零二四年：分别约336,000,000港元、约

2,025,900,000港元、约2,168,700,000港元、

约2,123,200,000港元、约67,700,000港元及约

44,100,000港元）之物业、厂房及设备、投资物

业、发展中物业、持作出售物业、应收贷款及

已抵押存款已作抵押，作为本集团获授一般银

行信贷之抵押。

于二零二五年三月三十一日，本集团之

资本承担约1,400,000,000港元（二零二四

年：约1,798,100,000港元）主要归属于

物业发展业务。此外，本集团应占合营

企业之自有资本承担约409,000,000港

元（二零二四年：约548,300,000港元）。

---

36Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

The Group has given guarante to banks in conection with

facilities granted to two joint ventures up to aproximately

HK$425.0 milion (2024: aproximately HK$370.4 milion) which

were utilised to the extent of aproximately HK$381.6 milion as at

31 March 2025 (2024: aproximately HK$301.3 milion). Save as

disclosed herein, the Group had no significant contingent liabilities

as at 31 March 2025.

As at 31 March 2025, the Group provided guarantes with

respect to loans in the amount of aproximately HK$16.9 milion

to customers in favour of certain banks for the loans provided

by the banks to the customers of the properties sold (2024:

aproximately HK$22.8 milion). Pursuant to the terms of the

guarantes, in the event of default on mortgage payments by

these purchasers before the expiry of the guarantes, the Group

is responsible for repaying the outstanding mortgage principal

amount together with the acrued interest and penalties owed by

the defaulted purchasers to the banks, net of any sales proceds.

Save as disclosed herein, the Group had no significant contingent

liabilities as at 31 March 2025.

The Group continualy strengthens and improves its financial risk

control and adopts a prudent financial management aproach

to financial management. By closely monitoring its financial

resources, the Group ensures eficient and efective operations

while retaining flexibility to respond to oportunities and

uncertainties. Management of the Group is of the opinion that the

curent financial structure is healthy and the related resources are

suficient to met the Group’s operation neds in the foreseable

future. Operating a central cash management system optimises

cash flow and minimises idle cash, while prudent investments

in liquid asets can generate reasonable returns and maintain

liquidity.

于二零二五年三月三十一日，本集团已就有关

授予两家合营企业融资向银行作出担保最多约

425,000,000港元（二零二四年：约370,400,000

港元）及有关融资已动用约381,600,000港元（二

零二四年：约301,300,000港元）。除本报告所

披露外，本集团于二零二五年三月三十一日并

无重大或然负债。

于二零二五年三月三十一日，本集团就若干银

行向所出售物业之客户提供之贷款以该等银行

为受益人向客户提供约16,900,000港元（二零

二四年：约22,800,000港元）贷款之担保。根据

担保条款，倘该等买家于担保届满前欠付按揭

款项，则本集团有责任偿还违约买家欠付银行

之未偿还按揭本金额连同累计利息及罚款，扣

除任何销售所得款项。除本报告所披露外，本

集团于二零二五年三月三十一日并无重大或然

负债。

本集团持续加强及完善财务风险控制，并实行

审慎的财务管理方针进行财务管理。透过密切

监察其财务资源，本集团确保高效及有效的营

运，同时维持灵活性应付机会及各种不确定

性。本集团管理层认为，现有财务架构健康，

有关资源足以满足本集团于可见将来的营运需

求。营运中央现金管理系统可优化现金流量及

减少闲置现金，而审慎投资于流动资产可产生

合理回报及维持流动资金。

---

37二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

As at 31 March 2025, interest-bearing debt profile of the Group

was analysed as folows:

31 March 202531 March 2024

二零二五年

三月三十一日

二零二四年

三月三十一日

HK$’000HK$’000

千港元千港元

Bank loans repayable按下列年期偿还之银行贷款

Within one year or on demand一年内或按要求1,082,7323,992,007

In the second year于第二年1,234,835252,425

In the third to fifth year, inclusive于第三年至第五年（包括首尾两年）1,750,6501,427,215

Beyond five years五年以上65,88756,666

4,134,1045,728,313

Other loans repayable按下列年期偿还之其他贷款

Within one year or on demands一年内或按要求228,974161,780

In the second year于第二年276,269456,830

In the third to fifth years, inclusive于第三年至第五年（包括首尾两年）16,225—

521,468618,610

Unsecured Notes (Notes)无抵押票据（附注）

Within one year or on demands一年内或按要求12,958—

In the second year于第二年1,735—

In the third to fifth years, inclusive于第三年至第五年（包括首尾两年）3,335—

Beyond five years五年以上42,650—

60,678—

4,716,2506,346,923

Notes:

(i) On 23 August 2024, CAP anounced the establishment of the

HK$1,000,000,000 medium-term note programe (the “Programe”).

During the Year, on 29 November 2024 and 21 February 2025, CAP

isued unsecured fixed coupon rate notes (the “Unsecured Notes”)

with an agregate principal amount of HK$41.0 milion and HK$50.0

milion, respectively, which wil mature on 29 November 2036 and 21

February 2037, respectively. The carying value as at 31 March 2025

was aproximately HK$27.1 milion and aproximately HK$33.6 milion,

respectively.

于二零二五年三月三十一日，本集团之计息债

务组合分析如下：

附注：

(i) 于二零二四年八月二十三日，中国农产品宣布设

立1,000,000,000港元中期票据计划（「计划」）。

本年度内，中国农产品于二零二四年十一月

二十九日及二零二五年二月二十一日发行无抵押

固定票面利率票据（「无抵押票据」），本金总额分

别41,000,000港元及50,000,000港元，将于二零

三六年十一月二十九日及二零三七年二月二十一

日到期。于二零二五年三月三十一日的账面值分

别约27,100,000港元及约33,600,000港元。

---

38Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

On 3 April 2025, CAP isued the Unsecured Notes with an agregate

principal amount of HK$38.0 milion which wil mature on 3 April 2037.

As at the date of this report, CAP has HK$129.0 milion in agregate

principal amount of the Unsecured Notes outstanding under the

Programe.

(i) CAP isued unsecured notes with maturity in 2024 which were listed

on the Stock Exchange by way of debt isue to profesional investors

only (stock code: 5755). Pursuant to the terms and conditions of

the unsecured notes set out in the ofering circular of CAP dated 19

May 2014 and the pricing suplement to the ofering circular dated

26 May 2014, CAP redemed al outstanding unsecured notes on

31 March 2024 at a price equal to 92.88% of the principal amount

excluding interest acrued to and including the date of redemption. The

unsecured notes were formaly delisted on 8 April 2024.

To met the interest-bearing debts, busines capital expenditure

and funding neds for, inter alia, replenishment of the Group’s

land bank, enhancement of the Group’s portfolio of properties for

investment and/or payment of construction costs of the Group’s

property development projects, the Group has from time to time

ben considering various financing alternatives including but not

limited to equity fund raising, financial institution borowings, non-

financial institution borowings, bond isuance, convertible notes,

other debt financial investments, and disposal of properties.

As at 31 March 2025, the Group’s total interest-bearing

debts amounted to aproximately HK$4,716.3 milion (2024:

aproximately HK$6,346.9 milion), among which, aproximately

HK$1,783.3 milion (2024: aproximately HK$762.1 milion)

bore interest at fixed interest rates, and the remaining debts

of aproximately HK$2,933.0 milion (2024: aproximately

HK$5,584.8 milion) bore interest at floating interest rates.

于二零二五年四月三日，中国农产品发行本金总

额为38,000,000港元的无抵押票据，将于二零

三七年四月三日到期。

于本报告日期，中国农产品于计划项下之发行在

外的无抵押票据本金总额129,000,000港元。

(i) 中国农产品发行二零二四年到期的无抵押票据，

该等无抵押票据以仅向专业投资者发债的方式于

联交所上市（证券代号：5755）。根据中国农产

品日期为二零一四年五月十九日的发售通函所载

无抵押票据的条款及条件以及日期为二零一四年

五月二十六日的发售通函定价补充文件，中国农

产品于二零二四年三月三十一日以等于本金额

92.88%的价格（不含截至赎回日期（包括该日）的应

计利息）赎回所有发行在外的无抵押票据。无抵押

票据于二零二四年四月八日正式退市。

为满足（其中包括）补充本集团的土地储备、提

高本集团物业投资组合及╱或支付本集团物业

发展项目的建筑成本的计息债务、业务的资本

开支及资金需要，本集团一直不时考虑各种替

代融资方式，包括但不限于股本集资、金融机

构借贷、非金融机构借贷、债券发行、可换股

票据、其他债务金融投资及出售物业。

于二零二五年三月三十一日，本集团计息债

务总额约4,716,300,000港元（二零二四年：约

6,346,900,000港元），其中，约1,783,300,000

港元（二零二四年：约762,100,000港元）按固

定利率计息，而余下债务约2,933,000,000港元

（二零二四年：约5,584,800,000港元）按浮动利

率计息。

---

39二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

SIGNIFICANT INVESTMENTS HELD,

MATERIAL ACQUISITIONS AND DISPOSALS

OF SUBSIDIARIES, ASOCIATES AND JOINT

VENTURES, AND FUTURE PLANS FOR

MATERIAL INVESTMENTS OR CAPITAL ASETS

As at 31 March 2025, the Group held financial asets at fair value

through other comprehensive income (“FVOCI”) and financial

asets and liabilities at fair value through profit or los (“FVPL”)

of aproximately HK$73.7 milion and aproximately HK$202.5

milion, respectively:

As at 31 March 2025Year ended 31 March 2025Fair value/carying amount

于二零二五年

三月三十一日

截至二零二五年

三月三十一日止年度公平值╱账面值

Amount

held

Percentage

to the

Group’s

total asets

Fair value

gain/(los)

Interest

income

Dividend

received

As at

31 March

As at

31 March

Investment

cost

所持金额

占本集团

资产总值

之百分比

公平值

收益╱

（亏损）利息收入已收股息

于

二零二五年

三月三十一日

于

二零二四年

三月三十一日投资成本

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

千港元千港元千港元千港元千港元千港元千港元

FVOCI:按公平值计入其他全面收益：

• ,3100.4%(8,690)—7658,31096,696104,432

• ,3950.1%3,734639—15,39522,942331,576

Subtotal小计73,7050.5%(4,956)6397673,705119,638436,008

FVPL:按公平值计入损益：

• —(1,133)—3615713,34678

• ,3041.3%(26,928)—286171,304216,701180,983

• , netC.其他净额31,1710.2%(6,546)—31,17122,24840,480

Subtotal小计202,5321.5%(34,607)—647202,532252,295221,541

Total总计276,2372.0%(39,563)639723276,237371,933657,549

所持重大投资、重大收购及出售附属公

司、联营公司及合营企业，以及重大投

资或资本资产的未来计划

于二零二五年三月三十一日，本集团持有按公

平值计入其他全面收益（「按公平值计入其他全

面收益」）之金融资产及按公平值计入损益（「按

公平值计入损益」）之金融资产及负债分别约

73,700,000港元及约202,500,000港元：

---

40Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

As at 31 March 2025, financial asets at fair value through

other comprehensive income included listed equity securities

and listed/unlisted debt investments. The Group always adopts

a prudent investment strategy and would closely monitor the

market changes and adjust its investment portfolio as and when

necesary. The Group intended to hold these investments for long

term purpose aiming to generating a stable income.

Financial asets and liabilities at fair value through profit or los

included an investment portfolio of unlisted funds and derivative

financial instruments as at 31 March 2025.

The fair value of each of the above represented les than 1.0% of

the total asets of the Group as at 31 March 2025.

On 2 August 2024, the Board anounced that thre subsidiaries

of the Company, as the tenants, entered into respective leases

with an independent third party, as the landlord, for the use of the

relevant premises, as the Group’s ofice premises, for a term of

four years from 1 January 2024 to 31 December 2027 (both dates

inclusive) and certain right-of-use asets were acquired under

these new leases which were acounted for under HKFRS 16 as

a property, plant and equipment and lease liability in the amount

of aproximately HK$50.0 milion. For details, please refer to the

Company’s anouncement dated 2 August 2024.

Save as disclosed above and the section entitled “Events after the

Year” below, during the Year, the Group did not have any other

significant investments held, material acquisitions, and disposal

of subsidiaries, asociates and joint ventures, and future plans for

material investments or capital asets.

EVENTS AFTER THE YEAR

(i) On 10 April 2025, a subsidiary of WYT, as the vendor,

entered into a provisional agrement with an independent

third party, as the purchaser, to dispose of the retail shop

situated on Ground Flor with the Cockloft, 60A Yen Chow

Stret, Kowlon, Hong Kong, at a consideration of HK$19.5

milion. The disposal was completed on 5 June 2025. For

details, please refer to the Company’s anouncement dated

10 April 2025.

于二零二五年三月三十一日，按公平值计入其

他全面收益之金融资产包括上市股本证券及上

市╱非上市债务投资。本集团一贯采取审慎之

投资策略，会密切监察市场变化，并在有需要

时调整投资组合。本集团拟长期持有该等投

资，以产生稳定收入。

于二零二五年三月三十一日按公平值计入损益

之金融资产及负债包括非上市基金及衍生金融

工具之投资组合。

上述各自的公平值占本集团于二零二五年三月

三十一日的资产总值少于1.0%。

于二零二四年八月二日，董事会宣布本公司三

间附属公司（作为租户）分别与一名独立第三方

（作为业主）订立租赁以使用相关物业作为本集

团的办公室物业，自二零二四年一月一日至二

零二七年十二月三十一日止（包括首尾两日），

为期四年，并根据该等新租赁收购若干使用权

资产，该等资产根据香港财务报告准则第16号

入账为一项物业、厂房及设备以及租赁负债，

金额约50,000,000港元。有关详情，请参阅本

公司日期为二零二四年八月二日的公布。

除上文及下文「本年度后事件」一节所披露者

外，于本年度，本集团并无持有任何其他重大

投资、重大收购及出售附属公司、联营公司及

合营企业以及重大投资或资本资产的未来计划。

本年度后事件

(i) 于二零二五年四月十日，位元堂一间附属

公司（作为卖方）与一名独立第三方（作为

买方）订立临时协议，出售位于香港九龙

钦州街60A号地下连阁楼的零售店，代价

19,500,000港元。出售事项已于二零二五

年六月五日完成。有关详情请参阅本公司

日期为二零二五年四月十日之公布。

---

41二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

(i) On 20 May 2025, two subsidiaries of CAP, as the

leses, entered into two sale and leaseback agrements,

respectively, with an independent third party, as the lesor,

in respect of the sale and leaseback of certain construction

projects in Luoyang City and Puyang City involving sheds

and certain equipments at the sale prices of RMB51.0

milion and RMB20.4 milion respectively. Please refer to the

joint anouncement of the Company and CAP dated 20

May 2025 and the Company’s circular dated 18 June 2025

for details.

(i) On 30 May 2025, Century Choice Limited (“Century

Choice”), a wholy-owned subsidiary of CAP, entered into

a capital reduction agrement with the non-controling

shareholder, pursuant to which Century Choice’s equity

interests in its non-wholy owned subsidiary, as the target

company, shal be reduced from 51% to nil at a total

consideration of aproximately RMB24.7 milion. Such

reduction in equity interests constitutes a disposal by

the Company and CAP of their respective indirect equity

interests in the target company. For details, please refer to

the joint anouncement of the Company and CAP dated 30

May 2025.

(iv) On 12 June 2025, two subsidiaries of WOP entered into

agrements to dispose of each of 20% equity interest in

Fortune Harbour Investments Limited and Mega Hope

Global Limited, which hold and operate Suny House, to

two limited partnerships, which are indirectly managed by

AG, respectively, at a total consideration of aproximately

HK$87.2 milion. In light of the sucesful busines

colaboration on the Suny House project betwen AG

and the WOP Group, and to further colaborate in potential

projects, a limited partnership, which is indirectly managed

by AG, and a subsidiary of WOP, entered into a framework

agrement and agred to establish new joint ventures to

colaborate on the target busines. The total investment

comitment of AG and the WOP Group in the joint ventures

shal be in an agregate amount of US$100.0 milion and

US$18.0 milion, respectively. Further details were set out in

the joint anouncement of the Company and WOP dated 12

June 2025.

(i) 于二零二五年五月二十日，中国农产品的

两间附属公司（作为承租人）分别与一名独

立第三方（作为出租人）订立两份售后回租

协议，内容涉及出售及回租位于洛阳市及

濮阳市的若干涉及棚屋及若干设备的建筑

项目，售价分别为人民币51,000,000元及

人民币20,400,000元。详情请参阅本公司

与中国农产品日期为二零二五年五月二十

日的联合公布及本公司日期为二零二五年

六月十八日的通函。

(i) 于二零二五年五月三十日，中国农产品的

全资附属公司龙群有限公司（「龙群」）与

非控股东订立减资协议，据此，龙群

于其非全资附属公司（作为目标公司）的

股权将由51%减至零，总代价约人民币

24,700,000元。有关股权削减构成本公司

及中国农产品出售彼等各自于目标公司的

间接股权。详情请参阅本公司与中国农产

品日期为二零二五年五月三十日的联合公

布。

(iv) 于二零二五年六月十二日，宏安地产之

两间附属公司订立协议，以分别向由AG

间接管理的两家有限合伙企业出售其于

Fortune Harbour Investments Limited及Mega

Hope Global Limited（持有及经营「日新舍」）

各自20%的股权，总代价约87,200,000港

元。鉴于AG与宏安地产集团于「日新舍」项

目之成功业务合作，并为於潜在项目中进一

步合作，一家由AG间接管理的有限合伙企

业与宏安地产之一间附属公司订立框架协

议，并同意成立新合营企业以就目标业务进

行合作。AG及宏安地产集团于合营企业之

投资承担总额将分别为100,000,000美元及

18,000,000美元。进一步详情载于本公司与

宏安地产日期为二零二五年六月十二日的联

合公布。

---

42Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

(v) On 20 June 2025, a subsidiary of WOP, as the vendor,

entered into a provisional agrement with an independent

third party, as the purchaser, to dispose of a property

located on Ground Flor including Cocklofts and Canopy

at First Flor Level, Iskra Building, Nos. 132-134 Cheung

Sha Wan Road, Kowlon, Hong Kong, at a consideration of

aproximately HK$23.3 milion. For details, please refer to

the Company’s anouncement dated 20 June 2025.

FOREIGN EXCHANGE

The Board is of the opinion that the Group has material foreign

exchange exposure in Renminbi (“RMB”). The bank and other

borowings are denominated in Hong Kong dolars and RMB. The

Group’s revenue is mostly denominated in Hong Kong dolars and

RMB, which matches the curency requirements of the Group’s

operating expenses. For the time being, the Group does not have

a foreign curency hedging policy.

The activities of the Group are exposed to foreign curency risks

primarily due to its operation in the PRC. The RMB exposure of

the Group is mainly derived from the curency translation risk

arising from the net asets of our PRC subsidiaries. The re-

translation of the net asets denominated in RMB into Hong Kong

dolars using the exchange rate as of the reporting date resulted

in a re-translation los of aproximately HK$74.0 milion (2024:

aproximately HK$77.6 milion). The re-translation los was

recognised in other comprehensive income/exchange reserve.

EMPLOYES AND REMUNERATION POLICIES

As at 31 March 2025, the Group had 1,900 (2024: 2,111)

employes, of whom aproximately 47% (2024: aproximately

44%) were located in Hong Kong and Macau and the

rest were located in the PRC. The Group remunerates its

employes mainly based on industry practices and individual

performance and experience. On top of the regular remuneration,

discretionary bonus and share options may be granted to

selected staf by reference to the Group’s as wel as individual’s

performances. The Group also provides a defined contribution

to the Mandatory Provident Fund as required under the

Mandatory Provident Fund Schemes Ordinance (Chapter 485

of the Laws of Hong Kong) for eligible employes in Hong

Kong and pays retirement contributions for staf in the PRC

and Macau in acordance with the statutory requirements.

(v) 于二零二五年六月二十日，宏安地产之一

间附属公司（作为卖方）与一名独立第三方

（作为买方）订立临时协议，以出售位于香

港九龙长沙湾道132-134号怡家大厦地下

（包括阁楼及一楼檐篷）的物业，代价约

23,300,000港元。有关详情，请参阅本公

司日期为二零二五年六月二十日的公布。

外汇

董事会认为本集团面临人民币（「人民币」）的重

大外汇风险。银行及其他借贷均以港元及人民

币计值。本集团的收益主要以港元及人民币计

值，与本集团经营开支的货币需求相符。目

前，本集团并无外汇对冲政策。

本集团的业务主要因其于中国的营运而面临外

汇风险。本集团的人民币风险主要由中国附属

公司的资产净值所产生的货币换算风险所致。

以人民币计值的资产净值按报告日期的汇率重

新换算为港元导致重新换算亏损约74,000,000

港元（二零二四年：约77,600,000港元）。重新

换算亏损于其他全面收益╱汇兑储备确认。

雇员及薪酬政策

于二零二五年三月三十一日，本集团共有

1,900名（二零二四年：2,111名）雇员，约

47%（二零二四年：约44%）为香港及澳门雇

员，余下则为中国雇员。本集团之雇员薪酬

政策主要根据业内惯例及按雇员个人表现及

经验而厘定。除一般薪酬外，本集团可能根

据其业绩及员工个人表现，向经挑选员工酌

情授出花红及购股权。本集团亦根据香港法

例第485章强制性公积金计划条例之规定为

香港合资格雇员作出强积金界定供款，并根

据法定规定为中国及澳门员工支付退休供款。

---

43二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

The Group had launched a defined scheme of remuneration and

promotion review to acomodate the above purpose, which

is normaly caried out anualy. The Group also provides other

forms of benefits such as medical and retirement benefits and

structured training programs to its employes.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group has reviewed the principal risks and uncertainties

which may afect its busineses, financial condition, operations

and prospects based on its risk management system and

considered that the major risks and uncertainties that may afect

the Group included (i) Hong Kong economic conditions which

may directly afect the property market; (i) availability of suitable

land bank for future development; (i) continuous escalation of

construction cost in Hong Kong in recent years; (iv) busines cycle

for property under development may be influenced by a number

of factors and the Group’s revenue wil be directly afected by the

mix of properties available for sale and delivery; (v) al construction

works were outsourced to independent third parties and they may

fail to provide satisfactory services adhering to the Group’s quality

and safety standards or within the timeline required by the Group;

(vi) fluctuations of fair value gain or los incured on financial asets

and investment properties; (vi) credit risk and recoverability of

provision of loans which may incur bad debts during downturn of

economy; (vi) los of management contracts for fresh markets

which may arise in light of severe competition with existing market

players and entry of new participants into the market; (ix) industrial

policy risk and suply chain disruption due to material shortage

or price inflation for pharmaceutical busines; (x) internet risk;

(xi) fluctuation in the exchange rate of RMB against Hong Kong

dolars which may afect the repatriation of profit and/or aditions

of investment when converting curencies; and (xi) industrial policy

risk for development, construction, operations and acquisition of

agricultural produce exchange markets.

In response to the above posible risks, the Group has

implemented a series of internal control and risk management

policies to cope with the posible risks, and has caried out

serious scrutiny over the selection of quality customers and

supliers. The Group has formed various comites to develop

and review strategies, policies and guidelines on risk control.

These measures enable the Group to monitor and response to

risk efectively and promptly. The Group also actively proposes

solutions to lower the impact of the posible risks on its

busineses.

本集团因应以上目标，已设立一个界定薪酬及

晋升检讨计划，通常每年进行。本集团亦向其

雇员提供其他福利包括医疗、退休福利及专项

培训计划。

主要风险及不明朗因素

本集团已根据其风险管理机制审视可能影响其

业务、财务状况、营运及前景的主要风险及不

明朗因素，并认为可能对本集团造成影响的主

要风险及不明朗因素包括(i)香港经济情况或会直

接打击物业市场；(i)是否有合适的土地储备以供

日后发展；(i)近年香港建筑成本不断上涨；(iv)

发展中物业的业务周期或受多项因素影响，故

本集团的收入将直接关乎可供出售及交付的物

业组合；(v)所有建筑工程已外判予独立第三方，

而彼等未必可在本集团要求的时间限期内，提

供令人满意及符合本集团对质量及安全准则的

服务；(vi)金融资产及投资物业的公平值收益或

亏损波动；(vi)提供贷款的信贷风险及可收回性

于经济衰退时或会产生坏账；(vi)可能因为现有

市场同业竞争激烈及市场涌现新竞争对手而失

去街市的管理合约；(ix)医药业务的行业政策风

险及物料短缺或通胀导致供应链中断；(x)互联

网风险；(xi)人民币兑港元汇率波动，在兑换货

币时可能会影响溢利汇回及╱或投资的增加；

及(xi)农产品交易市场的开发、建设、运营及收

购的行业政策风险。

为应对上述潜在风险，本集团已实施一系列内

部监控及风险管理政策，以应对每项潜在风

险，并严格精挑细选优质客户及供应商。本集

团已成立多个委员会，以制定及审阅风险控制

之策略、政策及指引。该等措施令本集团能够

监察并有效及迅速应对风险。本集团亦积极建

议解决方案，减低潜在风险对其业务的影响。

---

44Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

PROSPECTS

Hong Kong’s economy, a key global hub for finance, transport

and trade, faces chalenges from increased competition and its

reliance on Mainland China, which brings both oportunities and

vulnerabilities. Global market fluctuations and geopolitical tensions

impact stability. To enhance competitivenes, the government

is implementing strategies such as ofering incentives to atract

international investments and improving the busines environment.

Eforts are also focused on atracting skiled profesionals to

strengthen the workforce. These initiatives aim to position Hong

Kong as a prefered destination for global busineses, fostering a

vibrant and inovative economic landscape for sustainable growth

and resilience.

In 2024, the Hong Kong economy grew moderately, with a real

gros domestic product (“GDP”) increase of 2.5%, while GDP

is projected to grow by 2.3% in 2025. The slightly slowdown is

mainly atributed to weaker trade flows amid escalating trade

tensions betwen the United States and Mainland China, which

directly impact Hong Kong due to its role as a regional trade hub.

For the WOP Group, the real estate sector is particularly sensitive

to external influences. Ongoing uncertainty regarding the global

economic recovery means that fluctuations in international

financial markets can directly afect property dynamics in Hong

Kong. Buyers often lok for stability before making major

investments.

To navigate these chalenges, the WOP Group is intensifying

its eforts to sel residential and comercial projects while

implementing a cautious risk management strategy. The WOP

Group wil closely monitor market changes and adjust its pricing

and marketing strategies as necesary. Financialy, the WOP

Group aims to reduce the debt by refinancing high-cost loans with

lower-cost alternatives, thereby aleviating the interest burden and

enhance the cash flow management to ensure suficient liquidity

for future projects.

The fresh market busines has ben profitable and generated

positive cash flow over the past decades. However, it now

faces increased competition from the growing online shoping

and delivery services. Aditionaly, weak economic conditions

and shifting consumer spending, particularly as Hong Kong

residents travel to Mainland China, present further chalenges.

前景

香港作为全球重要的金融、运输和贸易枢纽，

经济面临竞争加剧和对中国内地依赖的挑战，

这既带来机遇，也带来风险。全球市场波动和

地缘政治紧张局势影响经济稳定。为提高竞争

力，政府正在实施一些战略，如提供激励措施

以吸引国际投资和改善营商环境，同时努力吸

引有技能的专业人员来补强劳动力。这些举措

旨在将香港定位为全球企业的首选目的地，培

育充满活力和创新的经济格局，以实现可持续

增长和弹性。

于二零二四年，香港经济温和增长，实质本地

生产总值（「本地生产总值」）增长2.5%，而预计

二零二五年本地生产总值将增长2.3%。轻微放

缓主要是由于美国与中国内地之间的贸易紧张

局势升级，贸易流量减弱，香港作为区域贸易

枢纽受到直接影响。

对于宏安地产集团而言，房地产行业对外界影

响尤其敏感。全球经济复苏持续不明朗，意味

著国际金融市场的波动可直接影响香港的物业

发展。买家在进行重大投资之前通常会寻求稳

定性。

为应对这些挑战，宏安地产集团正加紧销售住

宅及商业项目，同时实施审慎的风险管理策

略。宏安地产集团将密切监察市场变化，并于

有需要时调整其定价及营销策略。财务方面，

宏安地产集团力求通过用较低成本的替代方案

为高成本贷款再融资来减少债务，从而减轻利

息负担并加强现金流管理，以确保未来项目有

足够的流动性。

街市业务于过去几十年一直录得盈利及产生正

现金流量。然而，其现今面临来自不断兴起

的网上购物及送货服务的竞争加剧。此外，

疲弱的经济状况及消费支出转移（尤其是香

---

45二零二五年报 宏安集团有限公司

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

In response, the Group is stabilising its fresh market portfolio by

fostering efective comunication and colaboration with landlords

to establish mutualy beneficial partnerships. This strategy

ensures the availability of suitable locations for fresh markets,

providing a stable foundation for the Group’s operations. It also

creates oportunities to cater to diverse consumer preferences.

By leveraging its existing expertise, resources and systems, the

Group aims to optimise operations and achieve economies of

scale, leading to improved eficiency, cost savings, and enhanced

customer service.

WYT has reinforced its leadership in TCM services by integrating

ancient practices with modern technology. The introduction of

an AI-powered TCM diagnostic system, the first in Hong Kong,

enhances health asesments through advanced imaging and

data analysis, positioning WYT as a leader in TCM modernisation.

Loking forward, WYT plans to expand telehealth consultation

platforms and implement AI-driven customer relationship

management systems to improve client engagement and aces

to TCM services. Digital transformation is key to its growth

strategy, with significant investments in e-comerce and live

comerce targeting the Greater Bay Area (“GBA”). WYT is

also strengthening partnerships with cros-border e-comerce

platforms and service providers to expand customer reach in

Mainland China.

The suportive national policy for the GBA presents growth

oportunities, and WYT is developing strategies for market

expansion in this region as wel as into Southeast Asia, where

interest in TCM and e-comerce is increasing. Through these

initiatives, WYT is comited to advancing TCM while adapting to

evolving consumer preferences, ensuring long-term growth and

maintaining its sector leadership.

During the Year, consumer spending became more cautious, and

the decline in the Chinese real estate sector hampered economic

growth. These factors afected the CAP Group’s operations,

primarily focused on the agricultural produce exchange market

in the PRC. Loking ahead, the CAP Group plans to continue

developing a nationwide agricultural produce exchange network

by leveraging its industry leadership, easily replicable busines

model, advanced management system and IT infrastructure, and

high-quality customer service.

港居民前往中国内地旅游）带来进一步挑战。

为此，本集团正透过促进与业主的有效沟通及

合作，建立互惠互利的合作关系，持续稳定其

街市组合。这一策略确保为街市提供合适地

点，为本集团的营运提供稳定的基础，同时创

造迎合不同消费者偏好的机会。通过利用其现

有的专业知识、资源和系统，本集团旨在优化

运营和实现规模经济，从而提高效率、节省成

本和增强客户服务。

位元堂通过融合古法与现代科技，巩固了其在

传统中医服务领域的领导地位。位元堂为香港

首先引入人工智能中医诊断系统，通过先进的

成像和数据分析增强健康评估，成为中医现代

化的领导者。

展望未来，位元堂计划扩大远程医疗咨询平

台，并实施人工智能驱动的客户关系管理系

统，以提高客户参与度和获得中医服务的机

会。数字化转型是其增长战略的关键，于大湾

区（「大湾区」）大量投资电子商务和直播商务领

域。位元堂亦正加强与跨境电商平台及服务提

供商的合作关系，以接触更多中国内地客户。

国家对大湾区的支持政策带来增长机会，位元

堂正在制定策略，以拓展该地区以及东南亚的

市场，东南亚对中药和电子商务的兴趣日益浓

厚。通过这些举措，位元堂致力于推动中药的

发展，同时适应不断变化的消费者偏好，确保

长期增长并保持其行业领先地位。

于本年度，消费者支出更趋谨慎，中国房地产

行业的下滑阻碍经济增长。该等因素影响中国

农产品集团的营运，主要集中于中国农产品交

易市场。展望未来，中国农产品集团计划凭借

其行业领先地位、易复制的业务模式、完善的

管理系统及资讯科技基础设施及优质客户服

务，继续打造全国性的农产品交易网络。

---

46Wang On Group Limited Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

The No. 1 document for 2025 in China focuses on rural

development, particularly agricultural modernisation and

revitalisation. Released on 23 February 2025, it outlines strategies

for fod security, financial suport for the livestock industry, and

the advancement of new agricultural technologies. Key points

include: 1) Rural Revitalisation: Aiming to improve infrastructure,

suport entrepreneurship in rural areas, and atract talent to the

countryside; 2) Fod Security: Emphasising the importance of a

stable fod suply through sustainable practices; 3) Agricultural

Modernisation: Advocating for new technologies, like geneticaly

enginered crops and AI, to bost productivity. Overal, the

document reflects China’s ongoing comitment to modernising

its agricultural sector.

To capture new busines oportunities, the CAP Group is

expanding in the PRC through partnerships with an “aset

light” strategy and exploring electronic platform development

in response to the data economy. Aditionaly, it is expanding

into retail market and electronic trading, and is confident that its

busines strategy wil yield long-term benefits for the CAP Group.

The Group is wel-prepared to tackle the chalenges presented

by global economic uncertainties in 2025. By closely monitoring

changes, risks and asets, the Group adopts a proactive

aproach to managing the situation. Its comitment to seising

development oportunities and delivering solid returns to

shareholders demonstrates a strong determination to thrive in

this chalenging environment. The Group’s overal healthy financial

position is favorably to withstand economic fluctuations, while its

diversified busines portfolio is expected to contribute to ongoing

growth. The Group’s confidence in achieving sustained growth

and delivering long-term value to stakeholders is grounded in its

strategic investments.

中国二零二五年一号文件重点关注乡村发展，

特别是农业现代化和乡村振兴。该文件于二零

二五年二月二十三日发布，概述粮食安全战

略、对畜牧业的财政支持以及新农业技术的进

步。重点包括：1)乡村振兴：计划改善基础设

施，支持农村地区创业，吸引人才到农村；2)粮

食安全：强调通过可持续实践实现稳定粮食供

应的重要性；3)农业现代化：倡导新技术，如转

基因作物及人工智能，以提高生产力。总体而

言，该文件反映了中国对农业领域现代化的持

续承诺。

为把握新业务机遇，中国农产品集团正与各方

伙伴合作，采用「轻资产」策略扩展其中国业

务，并因应数据经济探索电子平台发展。此

外，其正在扩展到零售市场和电子贸易领域，

相信其业务战略将为中国农产品集团带来长期

利益。

本集团已作好充分准备，以应对二零二五年全

球经济不确定性带来的挑战。透过密切监测变

化、风险及资产，本集团采取积极主动的方式

管理有关情况。其致力把握发展机遇，为股东

带来丰厚回报，展示其于逆境中蓬勃发展的坚

定决心。本集团整体稳健的财务状况有利于抵

御经济波动，而其多元化之业务组合预期将有

助于持续增长。本集团对实现持续增长并为持

份者创造长期价值充满信心，乃得益于其战略

性投资。

---

47二零二五年报 宏安集团有限公司

BIOGRAPHIES OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT

董事会及高级管理层履历

The Directors and senior management as at the date of this report

are as folows:

BOARD OF DIRECTORS

Executive Directors

Mr. Tang Ching Ho, GBS, JP, aged 63, is a co-founder of the

Group, which was established in 1987, and the Chairman of

the Company since November 1993. He is also an authorised

representative and a member of the remuneration comite,

and the chairperson of the executive comite, the nomination

comite and the investment comite of the Company.

He is responsible for the strategic planing, policy making and

busines development of the Group. He has extensive experience

in corporate management. He is also the chairman and managing

director of WYT and the chairman and an executive director

of CAP. Mr. Tang is a deputy director of the Comite on

Education, Science, Health and Sports of the National Comite

of the Chinese People’s Political Consultative Conference

(“CPC”), a comite member of the 12th to 14th National

Comite of the CPC and also a standing comite member

and convener of the 10th to 13th Guangxi Zhuang Autonomous

Region Comite of the CPC. Mr. Tang is also apointed

as the first executive chairman of the Federation of Hong Kong

Guangdong Comunity Organisations and the chairman of

Federation of Hong Kong Shenzhen Asociations. Mr. Tang is the

controling shareholder of the Company. He is the husband of Ms.

Yau Yuk Yin, the Deputy Chairman of the Company and the father

of both Mr. Tang Ho Hong (i.e. the spouse of Ms. Stephanie,

an executive Director) and Ms. Tang Wai Man, both the senior

management of the Company.

Ms. Yau Yuk Yin, aged 63, is a co-founder of the Group and the

Deputy Chairman of the Company since November 1993. She is

also a member of the remuneration comite, the nomination

comite and the executive comite of the Company.

Ms. Yau is responsible for the overal human resources and

administration of the Group. She has over 30 years of extensive

experience in human resources and administration management.

She is the controling shareholder of the Company. Ms. Yau is

the wife of Mr. Tang Ching Ho, the Chairman of the Company,

and the mother of both Mr. Tang Ho Hong (i.e. the spouse of

Ms. Stephanie, an executive Director) and Ms. Tang Wai Man,

both the senior management of the Company.

于本报告日期之董事及高级管理层如下：

董事会

执行董事

邓清河先生，GBS，太平绅士，六十三岁，本集团

（于一九八七年创立）创办人之一，自一九三

年十一月起为本公司主席。彼亦为本公司授权

代表及薪酬委员会成员，以及常务委员会、提

名委员会及投资委员会主席。彼负责本集团之

策略规划、政策制定及业务发展。彼具丰富企

业管理经验。彼亦为位元堂之主席及董事总经

理及中国农产品之主席及执行董事。邓先生为

中国人民政治协商会议（「政协」）全国委员会之

教科卫体委员会副主任、政协第十二届至第

十四届全国委员会委员及政协第十届至第十三

届广西壮族自治区常务委员会委员兼召集人。

邓先生同时获委任为香港广东社团总会第一执

行主席及香港深圳社团总会长。邓先生为本

公司控股东。彼为本公司副主席游育燕女士

之丈夫以及分别为本公司高级管理层邓灏康先

生（即执行董事Stephanie女士之配偶）及邓蕙敏

女士的父亲。

游育燕女士，六十三岁，本集团创办人之一，

自一九三年十一月起为本公司副主席。彼亦

为本公司薪酬委员会、提名委员会及常务委员

会成员。游女士负责本集团之整体人力资源及

行政工作。彼于人力资源及行政管理工作方面

累积逾三十年丰富经验。彼为本公司控股

东。游女士为本公司主席邓清河先生之妻子以

及分别为本公司高级管理层邓灏康先生（即执行

董事Stephanie女士之配偶）及邓蕙敏女士之母

亲。

---

48Wang On Group Limited Anual Report 2025

BIOGRAPHIES OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED)

董事会及高级管理层履历（续）

BOARD OF DIRECTORS (continued)

Executive Directors (continued)

Ms. Stephanie, aged 38, rejoined the Group in 2020 and

is a member of the executive comite and the investment

comite of the Company. She obtained a Bachelor Degre

in Finance and Marketing from The University of Washington,

USA. Ms. Stephanie has extensive experience in acounting

and corporate finance. She is a director of Easy One Financial

Group Limited (“Easy One”, the shares of which were listed

on the Main Board of the Stock Exchange and its privatisation

proposed by Caister Limited by way of a scheme of arangement

became efective on 16 October 2020) (“Caister”, a company

wholy-owned by Mr. Tang Ching Ho, the Chairman, an executive

Director and a controling shareholder of the Company), and also

a director of certain subsidiaries of Easy One. Prior to re-joining

the Group, Ms. Stephanie worked in the financing and acounting

field for more than 10 years, including in a multinational

corporation where she oversaw financing and acounting maters

and an international acountancy firm where she participated in

numerous merger and acquisition projects. Ms. Stephanie is also

a director of certain subsidiaries of the Group. Ms. Stephanie is

the spouse of Mr. Tang Ho Hong, a son of Mr. Tang Ching Ho

and Ms. Yau Yuk Yin (both the executive Directors and controling

shareholders of the Company). Mr. Tang Ho Hong is a senior

management of the Company. Ms. Stephanie is the sister-in-law

of Ms. Tang Wai Man, a senior management of the Company.

Independent Non-Executive Directors

Mr. Wong Chun, Justein, BS, MBE, JP, aged 71, joined the Group

in November 1993 as an independent non-executive Director.

He is a member of the audit comite and the nomination

comite of the Company and the chairman of the remuneration

comite of the Company. Mr. Wong holds a bachelor’s

degre in Comerce and Computing Science from Simon

Fraser University, Canada. He is a Felow of Institute of Canadian

Bankers. He was a member of the Fight Crime Comite, the

Independent Police Complaints Council, the Legal Aid Services

Council, the chairman of Quality Education Fund Asesment

and Monitoring Comite, a member of Solicitors Disciplinary

Tribunal Panel, a member of Council on Profesional Conduct

in Education. He is ex-oficial member of New Teritories Heung

Ye Kuk and is curently a member of other government advisory

bodies.

董事会（续）

执行董事（续）

Stephanie女士，三十八岁，于二零二零年重

新加入本集团，并为本公司常务委员会及投资

委员会成员。彼于美国华盛顿大学取得金融及

市场营销学士学位。Stephanie女士于会计及企

业融资方面拥有丰富经验。彼为易壹金融集

团有限公司（「易壹」，其股份曾在联交所主

板上市，其由Caister Limited提出以安排计划方

式进行私有化之建议已于二零二零年十月十六

日生效）（「Caister」，为本公司主席、执行董

事兼控股东邓清河先生全资拥有的公司）之

董事，而彼亦为易壹若干附属公司之董事。

于重新加入本集团前，Stephanie女士在金融及

会计行业工作超过十年，包括于一家跨国公司

负责监督融资及会计事务，以及于一家国际会

计师行参与多个并购项目。Stephanie女士亦为

本集团若干附属公司之董事。Stephanie女士为

邓灏康先生之配偶，邓灏康先生为邓清河先生

与游育燕女士（皆为执行董事及本公司控股

东）之儿子，邓灏康先生为本公司高级管理层。

Stephanie女士为邓蕙敏女士（本公司之高级管理

层）之嫂子。

独立非执行董事

王津先生，BS, MBE，太平绅士，七十一岁，于

一九三年十一月加入本集团，出任独立非执

行董事。彼为本公司审核委员会及提名委员会

成员，并为本公司薪酬委员会主席。王先生毕

业于加拿大Simon Fraser University，持有商

业及电脑科学士学位。彼为加拿大银行公会

资深会员。彼曾任扑灭罪行委员会、独立监察

警方处理投诉委员会员及法律援助服务局成

员、优质教育基金评审及监察专责委员会主

席、香港律师纪律审裁团成员、教育人员专业

操守议会成员。彼为前新界乡议局成员及现为

多个其他政府咨询组织之成员。

---

49二零二五年报 宏安集团有限公司

BIOGRAPHIES OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED)

董事会及高级管理层履历（续）

BOARD OF DIRECTORS (continued)

Independent Non-Executive Directors (continued)

Mr. Siu Kam Chau, aged 60, joined the Group in September

2004 as an independent non-executive Director. He is the

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

the nomination comite, the remuneration comite and the

investment comite of the Company. Mr. Siu holds a Bachelor

degre in Acountancy from City University of Hong Kong. Mr. Siu

is a Certified Public Acountant (Practising) and a felow member

of the Asociation of Chartered Certified Acountants and the

Hong Kong Institute of Certified Public Acountants. Mr. Siu has

over 30 years of working experience in auditing, acounting,

company secretarial and corporate finance. He is curently an

independent non-executive director of Deson Development

International Holdings Limited, shares of which are listed and

traded on the Main Board of the Stock Exchange. He was an

executive director of Power Financial Group Limited, now known

as Minerva Group Holding Limited, shares of which are listed and

traded on the Main Board of the Stock Exchange, for the period

from April 2020 to June 2021.

Mr. Chan Yung, SBS, JP, aged 55, joined the Group in August

2020 as an independent non-executive Director. He is also a

member of the audit comite, the remuneration comite and

the nomination comite of the Company. He is a registered

social worker and the president of New Teritories Asociation of

Societies. He is also a director of New Teritories Asociation of

Societies (Comunity Services) Foundation since 2002. Mr. Chan

has various public apointments including Hong Kong Deputy

to the 12th to 14th National People’s Congres of the People’s

Republic of China, a member of the seventh Legislative Council

of the Hong Kong Special Administrative Region (HKSAR) of the

People’s Republic of China and a vice-chairman of Democratic

Aliance for the Beterment and Progres of Hong Kong. Mr. Chan

holds a Bachelor’s Degre from City University of Hong Kong, a

Postgraduate Diploma of Politics and Public Administration from

Tsinghua University and a Master’s Degre in Law and Public

Afairs from The Chinese University of Hong Kong. Mr. Chan

was apointed as a Justice of Peace by the HKSAR Government

in 2011 and awarded Silver Bauhinia Star in July 2024.

Mr. Chan is an independent non-executive director of Famous

Tech International Holdings Limited (formerly known as GET

Holdings Limited) (stock code: 8100), shares of which are

listed and traded on the GEM of the Stock Exchange; and an

independent non-executive director of China Resources Power

Holdings Company Limited (stock code: 836), shares of which are

listed and traded on the Main Board of the Stock Exchange.

董事会（续）

独立非执行董事（续）

萧锦秋先生，六十岁，于二零四年九月加入

本集团，出任独立非执行董事。彼为本公司审

核委员会主席，以及本公司提名委员会、薪酬

委员会及投资委员会成员。萧先生持有香港城

市大学会计学士学位。萧先生为执业会计师，

并为英国特许公认会计师公会及香港会计师公

会之资深会员。萧先生于审计、会计、公司秘

书事务及企业融资方面拥有逾三十年之工作经

验。彼目前为迪臣发展国际集团有限公司之独

立非执行董事，该公司之股份于联交所主板上

市及买卖。彼曾于二零二零年四月至二零二一

年六月之期间担任权威金融集团有限公司（现称

嬴集团控股有限公司）之执行董事，该公司之股

份于联交所主板上市及买卖。

陈勇先生，SBS，太平绅士，五十五岁，于二零二

零年八月加入本集团，出任独立非执行董事。

彼亦为本公司审核委员会、薪酬委员会及提名

委员会成员。彼为一名注册社工及新界社团联

会长。自二零二年起，彼亦担任新界社团

联会社会服务基金之董事。陈先生出任多项公

职，包括中华人民共和国第十二届至第十四届

全国人民代表大会香港代表、第七届中华人民

共和国香港特别行政区立法会议员及为香港民

主建港协进联盟副主席。陈先生持有香港城市

大学士学位、清华大学政治与公共行政研究

深造文凭及香港中文大学法律与公共事务硕士

学位。陈先生于二零一年获香港特别行政区

政府委任为太平绅士，并于二零二四年七月获

颁银紫荆星章。陈先生为名科国际控股有限公

司（前称智易控股有限公司）（股份代号：8100，

其股份于联交所GEM上市及买卖）之独立非执行

董事，以及华润电力控股有限公司（股份代号：

836，其股份于联交所主板上市及买卖）之独立

非执行董事。

---

50Wang On Group Limited Anual Report 2025

BIOGRAPHIES OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED)

董事会及高级管理层履历（续）

SENIOR MANAGEMENT

Mr. Tang Ho Hong, joined the Group in January 2011 and

has ben apointed as an executive director of WOP since

December 2015 in the course of the spin-of. He is the chief

executive oficer of WOP and is primarily responsible for the

overal management and supervision of operations of the WOP

Group, including overseing property sales and leasing, aset

management and investment, and strategic planing on long

and short term development. Mr. Tang has over 14 years of

experience in property and land maters. Prior to joining WOP,

Mr. Tang worked with the property division of the Group where

he focused on property acquisition in Hong Kong and acquired

his experience in the property development, management and

investment busineses. Mr. Tang graduated from The University

of Washington with a degre of Bachelor of Arts in Busines

Administration. Mr. Tang is a standing member of the Henan

Provincial Comite of the CPC. He is also an honorary

chairman of the honorary board and a permanent honorary

chairman of the foundation of the Hong Kong CPC Youth

Asociation Foundation respectively. He is the son of Mr. Tang

Ching Ho and Ms. Yau Yuk Yin (both the executive Directors and

controling shareholders of the Company) and the spouse of Ms.

Stephanie (an executive Director), and a brother of Ms. Tang Wai

Man, a senior management of the Company.

Ms. Tang Wai Man, joined the Group in 2014 and has ben

apointed as an executive director of WYT since April 2018. Ms.

Tang is responsible for strategic sales and marketing, chanel

sales and retail operation in Hong Kong and Macau of the WYT

Group. She graduated from University of Edinburgh, UK with a

Master of Arts with Honors in Busines Studies. Prior to joining

the WYT Group, she has worked for the Company as an asistant

to the Chairman of the Company and gained other experience in

financial analysis, sales and marketing and busines development

in a number of corporate bodies in Hong Kong and the United

Kingdom. Ms. Tang is also a director of several subsidiaries of

WYT. She is curently the Vice-Chairman of Youth Comite of

Federation of Hong Kong Shenzhen Asociation, the Supervisor

of Hong Kong Chinese Medicine Industry Asociation and the

Honorary member of Court of Hong Kong Baptist University. She

is also the members of Shenzhen Pingshan District Comite

of The Chinese People’s Political Consultative Conference,

Quality Tourism Services Asociation Governing Council (Retailer

Category), The Inovation and Technology Comision – New

Industrialisation Veting Comite, Hong Kong Baptist University

Foundation Young Entrepreneur Comite, Hong Kong Baptist

University Schol of Chinese Medicine Advisory Comite,

Advisory Comite on Chinese Medicine Development Fund and

Chinese Medicine Development Comite. She is the daughter

of Mr. Tang Ching Ho and Ms. Yau Yuk Yin (both the executive

Directors and controling shareholders of the Company), sister of

Mr. Tang Ho Hong, a senior management of the Company and

sister-in-law of Ms. Stephanie, an executive Director.

高级管理层

邓灏康先生，于二零一年一月加入本集团及

于二零一五年十二月资产分拆过程中获委任为

宏安地产执行董事。彼为宏安地产之行政总

裁，主要负责宏安地产集团业务之整体管理及

监管，包括监督物业销售及租赁、资产管理及

投资，以及短期至长期发展之策略规划。邓先

生于物业及土地事务拥有逾十四年经验。加入

宏安地产前，邓先生任职于本集团物业分部，

集中收购香港物业，累积物业发展、管理及投

资业务方面之经验。邓先生毕业于华盛顿大

学，持有工商管理文学士学位。邓先生为河南

省政协常务委员会常务委员。彼亦分别为香港

政协青年联会荣誉领导架构之荣誉主席及基金

架构之永远名誉会长。彼为邓清河先生及游育

燕女士（皆为执行董事及本公司控股东）之儿

子及Stephanie女士（执行董事）之配偶，并为本

公司高级管理层邓蕙敏女士之兄。

邓蕙敏女士，于二零一四年加入本集团及自二

零一八年四月起获委任为位元堂之执行董事。

邓女士负责位元堂集团于香港及澳门的策略销

售与市场推广、渠道销售及零售营运。彼毕业

于英国爱丁堡大学，持有商业研究（荣誉）文学

硕士学位。加入位元堂集团前，彼效力于本公

司，担任本公司主席助理并于若干香港及英国

法团拥有财务分析、销售及市场推广，以及业

务发展的其他经验。邓女士亦为位元堂多间附

属公司的董事。彼现任香港深圳社团总会青年

委员会副主任、香港中药业协会监事及香港浸

会大学咨议会荣誉委员。彼亦为中国人民政治

协商会议深圳市坪山区委员会、优质旅游服务

协会执行委员会（零售界别）、创新科技署－新

型工业评审委员会、香港浸会大学基金青年企

业家委员会、香港浸会大学中医药学院咨询委

员会、中医药发展基金咨询委员会及中医中药

发展委员会之委员。彼为邓清河先生及游育燕

女士（皆为执行董事及本公司控股东）之女

儿、本公司高级管理层邓灏康先生之妹及执行

董事Stephanie女士之姑子。

---

51二零二五年报 宏安集团有限公司

BIOGRAPHIES OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED)

董事会及高级管理层履历（续）

SENIOR MANAGEMENT (continued)

Mr. Cheung Lap Kei, joined the Group in November 2022 and is

curently the Group Chief Financial Oficer and Company Secretary

of the Company. Mr. Cheung obtained a Bachelor’s degre in

Comerce from The Australian National University in Australia

and a Master’s degre in Busines Administration from Deakin

University in Australia. He is a felow member of the Hong Kong

Institute of Certified Public Acountants and CPA Australia. Before

joining the Group, Mr. Cheung worked for big four acounting

firms (Ernst & Young, Certified Public Acountants and KPMG,

Certified Public Acountants) and was responsible for auditing

services. He also served in several companies which are listed on

the Main Board of the Stock Exchange and was responsible for

acounting, financing, corporate initial public ofering, company

secretarial maters and investors relationship etc. He has over 29

years of experience in financing and management.

Ms. Lau Yin Wan, joined the Group in October 2022 as the

Financial Controler of the Company. Ms. Lau holds a degre of

Master of Science in Corporate Governance and Directorship,

and a degre of Bachelor of Busines Administration (Merit) in

Acounting. Ms. Lau is curently a felow member of the Hong

Kong Institute of Certified Public Acountants and The Asociation

of Chartered Certified Acountants. Ms. Lau has extensive

experience in financial management, acounting, taxation,

auditing and company secretarial maters in Hong Kong and

mainland China. Prior to joining the Group, Ms. Lau worked for

an international acounting firm and held senior management

positions in various listed companies, the securities of which are

listed on the Main Board of the Stock Exchange.

Mr. Chiu Ming Ho, joined the Group in November 2020. He is

the Chief Executive Oficer – Financial Services of the Company.

Mr. Chiu holds a Master’s Degre in Investment Management

and a Bachelor’s Degre in Busines Administration (Acounting)

from The Hong Kong University of Science and Technology

respectively. He is an asociate member of the Hong Kong

Institute of Certified Public Acountants. Mr. Chiu has worked in

a number of international banks, multinational financial companies

and wel-known acounting firms. He has extensive experience in

banking, investment, acounting and auditing.

高级管理层（续）

张立基先生，于二零二年十一月加入本集

团，目前为本集团首席财务官及公司秘书。张

先生获得澳大利亚国立大学商业学士学位及澳

大利亚迪肯大学工商管理学硕士学位。彼为香

港会计师公会及澳大利亚会计师公会资深会

员。在加入本集团前，张先生曾于四大会计师

事务所（安永会计师事务所及毕马威会计师事务

所）负责审计服务。彼亦曾于多家联交所主板上

市公司负责会计、融资、企业首次公开招股、

公司秘书事务及投资者关系等职务。彼拥有超

过二十九年财务及管理经验。

刘燕云女士，于二零二年十月加入本集团担

任本公司财务总监。刘女士持有公司管治与董

事学理学硕士学位及会计学工商管理学士学位

（优良）。刘女士现为香港会计师公会及英国特

许公认会计师公会资深会员。刘女士于香港及

中国内地的财务管理、会计、税务、审计及公

司秘书事务方面拥有丰富经验。于加入本集团

前，刘女士曾于一间国际会计师事务所任职，

并于多间上市公司（其证券于联交所主板上市）

担任高级管理职位。

赵名豪先生，于二零二零年十一月加入本集

团。彼为本公司金融服务之行政总裁。赵先生

分别持有香港科技大学之投资管理硕士学位及

工商管理（会计）学士学位。彼为香港会计师公

会员。赵先生曾任职于多家国际银行、跨国

金融公司及知名会计师事务所，彼于银行业

务、投资、会计及审计方面拥有丰富经验。

---

52Wang On Group Limited Anual Report 2025

BIOGRAPHIES OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED)

董事会及高级管理层履历（续）

SENIOR MANAGEMENT (continued)

Ms. Ng Ye Man, Fiona, joined the Group in March 2022. She is

the Group Company Secretary. Ms. Ng is a felow member of The

Asociation of Chartered Certified Acountants, The Hong Kong

Chartered Governance Institute and The Chartered Governance

Institute and an asociate member of The Hong Kong Institute

of Certified Public Acountants. Ms. Ng serves as the company

secretary for both CAP and WYT, which are indirect non-wholy

owned listed subsidiaries of the Company. She has over 27 years

of experience in finance, acounting and corporate secretarial

functions, including over 17 years of experience in handling

listed company secretarial and compliance related maters of

Hong Kong listed companies. She holds a Bachelor Degre of

Comerce (Acounting) from Curtin University of Technology,

Australia. Before joining the Group, Ms. Ng worked in various

listed companies as company secretary and financial controler.

高级管理层（续）

吴绮雯女士，于二零二年三月加入本集团。

彼为本集团公司秘书。吴女士为英国特许公认

会计师公会、香港公司治理公会及特许公司治

理公会资深会员，以及香港会计师公会员。

吴女士担任中国农产品及位元堂（均为本公司间

接非全资拥有的上市附属公司）的公司秘书。

彼在财务、会计及公司秘书职能方面拥有逾

二十七年经验，包括在处理香港上市公司的上

市公司秘书及合规相关事宜方面拥有逾十七年

经验。彼持有澳洲科廷理工大学之商业（会计

学）学士学位。在加入本集团前，吴女士曾于多

间上市公司担任公司秘书及财务总监。

---

53二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE PRACTICES

Overview and Principles

Wang On Group Limited (the “Company”, together with

its subsidiaries, the “Group”) recognises the importance of

corporate governance and is comited to maintaining a high

standard of corporate governance within a sensible framework

with a strong emphasis on transparency, acountability, integrity

and independence. The board of directors (the “Board” or

“Director(s)”) believes that god corporate governance practices

are fundamental to the suces of the Company and are esential

for enhancing and safeguarding the interests and value of the

shareholders of the Company (the “Shareholders”) and our

stakeholders.

Compliance with Corporate Governance Code

The Group has implemented a set of code of ethics, diversified

board policy, dynamic risk management framework, internal

control system and corporate comunication policy. With

these practices in place, we are confident that our corporate

governance continues to be wel positioned to suport our

busines and management team in navigating any chalenges that

may face.

The Company has continued to aply the principles and comply

with the code provisions of the Corporate Governance Code (the

“CG Code”) as set out in Apendix C1 to the Rules Governing the

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

of Hong Kong Limited (the “Stock Exchange”) during the year

under review. The Board has reviewed periodicaly the compliance

of the CG Code and is of the view that throughout the year ended

31 March 2025, the Company had complied with the code

provisions of the CG Code except for the folowing deviation:

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

chairman and chief executive should be separate and should

not be performed by the same individual. During the year under

review, Mr. Tang Ching Ho, the chairman of the Board, also

asumed the role of managing Director. Curently, the Company

does not propose to comply with code provision C.2.1 of the CG

Code for the time being but wil continue to review such deviation

to enhance the best interest of the Group as a whole. Details of

such deviation are set out below in the section headed “Chairman

and Managing Director”.

企业管治常规

概览及原则

宏安集团有限公司（「本公司」，连同其附属公司

统称「本集团」）深明企业管治的重要性并致力在

合理框架内，维持高水平之企业管治，重视透

明度、问责性、诚信及独立性。董事会（「董事

会」或「董事」）相信，良好之企业管治常规乃本

公司取得成功之基础，对提升及保障本公司股

东（「股东」）及我们的持份者之利益及价值至为

重要。

遵守企业管治守则

本集团已实施一套道德守则、多元化董事会政

策、动态风险管理框架、内部监控系统及企业

通讯政策。透过实践该等方针，我们深信企业

管治将有利于支援业务及管理团队应对任何可

能面临的挑战。

本公司于回顾年度内继续采用香港联合交易所

有限公司（「联交所」）证券上市规则（「上市规

则」）附录C1所载之《企业管治守则》（「企业管治

守则」）之原则并遵守有关守则条文。董事会已

定期审阅企业管治守则之合规情况，并认为本

公司已于截至二零二五年三月三十一日止整个

年度遵守企业管治守则之守则条文，惟以下偏

离情况除外：

企业管治守则的守则条文C.2.1条规定主席与

行政总裁的角色应有区分及不应由一人同时兼

任。于回顾年度内，董事会主席邓清河先生亦

兼任董事总经理。目前，本公司暂时无意遵守

企业管治守则的守则条文C.2.1条，惟将继续

检讨该偏离情况，以提升本集团的整体最佳利

益。有关偏离之详情载于下文「主席及董事总经

理」一节。

---

54Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

BUSINES MODEL, CORPORATE STRATEGY

AND CULTURE

The Group is engaged in a diverse range of busineses, including

property development and trading, property investment,

management and sub-licensing of fresh markets and agricultural

produce exchange markets, manufacturing and retailing of

pharmaceutical and health fod products, as wel as treasury

management, which encompases money lending and aset

management.

The Group’s long-term strategy centers on prudent investment

in projects and oportunities that maximize returns and preserve

Shareholders’ value. In property development and trading, the

Group carefuly explores oportunities to expand its land portfolio,

which serves as the foundation for generating gains. To adapt to

dynamic and uncertain market conditions, the Group prioritizes

projects with shorter development cycles, enabling faster turnover,

greater flexibility, enhanced value adition, and reduced busines

risk.

The Group maintains a balanced portfolio of property investments,

regularly reviewing tenant mix to maximize rental yields and

secure a stable income stream that suports ongoing operations.

Management and sub-licensing of fresh markets provide another

reliable source of income. The Group continues to invest

resources in upgrading facilities and enhancing the image of

existing markets to increase rental returns.

Leveraging its leading industry position, replicable busines

model, advanced management systems, IT infrastructure, and

quality customer service, the Group is actively expanding its

presence in the fresh market segment in the PRC. It is also

building a nationwide agricultural produce exchange network to

strengthen its market reach.

The Group’s pharmaceutical and health fod segment focuses

primarily on the manufacturing, marketing, and sales of products

in Hong Kong and the PRC, aiming to capitalize on growing

demand in these markets.

经营模式、企业策略及文化

本集团从事多种业务，包括物业发展及买卖、

物业投资、管理及分租街市及农产品交易市

场、药品及保健食品产品制造及零售、以及财

资管理（包括借贷及资产管理）业务。

本集团的长期策略重心为审慎投资可最大化回

报及维护股东价值之项目及机会。于物业发展

及买卖方面，本集团谨慎物色机会以扩大土地

组合，夯实收益基础。为应对千变万化及不明

朗的市况，本集团优先考虑发展周期较短的项

目，从而实现更快的周转期、更大的灵活性、

更高的附加值及降低业务风险。

本集团维持均衡的物业投资组合，定期检讨租

户组合，以创造最大的租金回报及确保稳定的

收入来源，支持本集团的持续经营。街市管理

及分租提供另一稳定收入来源。本集团继续投

入资源改善设施及提升现有街市形象，以增加

租金回报。

凭借其领先的行业地位、可复制的业务模式、

先进的管理系统、资讯科技基础设施及优质的

客户服务，本集团正积极拓展其于中国街市分

部的业务版图。本集团亦正在打造全国性的农

产品交易网络，以加强其市场覆盖面。

本集团的药品及保健食品分部主要专注于在香

港及中国的制造、营销及销售产品，以把握该

等市场不断增长的需求。

---

55二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

BUSINES MODEL, CORPORATE STRATEGY

AND CULTURE (continued)

As part of treasury management, the Group provides lending

services to third-party customers, exercising prudence and

caution in loan asesments, especialy amid an uncertain

economic outlok. Since 2019, the Group has expanded into

aset management services through WOP, continuously alocating

resources to strengthen this busines line.

In the short term, the Group continuously reviews and updates its

strategies to enhance clarity regarding its direction and busines

models. It takes proactive and timely measures to respond to

market changes by adjusting busines strategies and exercising

strict cost control. Aditionaly, the Group is comited to

maintaining a healthy financing structure and places significant

emphasis on securing banking facilities, which are considered vital

to suporting the Group’s ongoing busines development.

THE BOARD

Roles and Responsibilities of the Board and the Senior

Management

The Board is acountable to the Company’s stakeholders for the

overal activities and performance of the Group and its primary

functions include, but are not limited to, formulating the Group’s

overal strategy, reviewing corporate and financial policies and

the overseing of the management of the Group’s busines and

afairs. Apart from these, the Board reserves the right to consider

and decide on major acquisition and disposals, review interim

and anual financial results, apoint and remove Directors and

auditors, evaluate the performance and compensation of senior

management, and aprove material capital transactions and

other significant operational and financial afairs. With a review to

maintaining an apropriate balance of authority and responsibility,

these functions are either caried out directly by the Board or

indirectly through various Board comites, each operating

under clearly defined terms of reference.

The independent non-executive Directors (the “INED(s)”) bring

diverse industry expertise to the Board but are not involved in

the day-to-day management of the Group. Operational and

general management responsibilities are delegated to the

management, including but not limited to the preparation of

regular financial reports, execution of designated asignments,

and implementation of sustainability initiatives.

经营模式、企业策略及文化（续）

作为财资管理的一部分，本集团向第三方客户

提供贷款服务，审慎周密地进行贷款评估，尤

其是在经济前景不明朗的情况下。自二零一九

年起，本集团透过宏安地产扩展至资产管理服

务领域，持续投放资源加强该业务线。

短期而言，本集团会继续检讨及更新其策略，

进一步厘清方针及经营模式。本集团主动及适

时采取措施应对市场变化，包括调整经营策略

及严格控制成本。此外，本集团致力维持稳健

的财务架构及争取银行融资，这对支持本集团

的持续业务发展而言是不可或缺的。

董事会

董事会及高级管理层之角色及责任

董事会就本集团之整体活动及表现向本公司持

份者负责，其主要职能包括但不限于制订本集

团之整体策略、审阅企业及财务政策，及监督

本集团之业务及事务之管理。除此之外，董事

会保留权利以审议并对重大收购及出售事项作

出决定、审阅中期及全年财务业绩、委任及罢

免董事及核数师、评估高级管理层之表现及薪

酬，以及批准重大资本交易及其他重大营运及

财务事宜。为维持权力与责任间达致适当平

衡，此等职能由董事会直接执行或根据明确职

权范围运作之各个董事会委员会间接执行。

独立非执行董事（「独立非执行董事」）为董事会

带来不同行业的专才，但不参与本集团之日常

管理。经营及一般管理责任授权管理层处理，

包括但不限于编制定期财务报告、执行指定任

务及实践持续发展举措。

---

56Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

THE BOARD (continued)

Roles and Responsibilities of the Board and the Senior

Management (continued)

Directors with a material interest in any mater under consideration

are required to abstain from voting at the relevant Board meting.

In such cases, INEDs without conflicts of interest wil atend to

ensure impartial deliberation and decision-making.

The Board recognises the importance of independence in

ensuring efective corporate governance. To uphold this,

the Company has established robust mechanisms to secure

independent views in decision-making, including:

1. The Nomination Comite overses director nominations,

aplying criteria in line with the Company’s Nomination

Policy.

2. INEDs serve fixed terms of up to thre years, subject to

retirement by rotation, with re-apointment beyond nine

years requiring shareholder aproval.

3. The Board includes thre INEDs who are independent from

each other and executive directors. Most of the members of

existing comites are comprised of INEDs. Independence

is asesed before apointment and anualy by the

Nomination Comite.

4. The Nomination Comite anualy reviews directors’ time

comitment and contributions.

5. Directors have aces to the company secretary of the

Company and may sek independent profesional advice at

the Company’s expense.

6. The Board regularly evaluates these mechanisms to ensure

their ongoing efectivenes.

7. These measures colectively reinforce the Board’s

comitment to transparency, acountability, and balanced

governance.

Al Directors comit to dedicating suficient time and atention to

fulfil their responsibilities efectively. They also disclose anualy to

the Company the identity and nature of any ofices held in public

organisations and other significant comitments.

董事会（续）

董事会及高级管理层之角色及责任（续）

于待审议事项中拥有重大利益的董事须于有关

董事会议上放弃投票。在该等情况下，没有

利益冲突的独立非执行董事将出席会议，以确

保审议及决策公正客观。

董事会深明独立性对确保有效企业管治的重要

性。为此，本公司已建立健全机制以确保决策

过程中的独立意见，包括：

1. ，应用符合本公

司提名政策的标准。

1. ，

须轮值告退，而超过九年则须经股东批准

方可重新委任。

1. ，彼等相

互独立及独立于执行董事。现有委员会的

多数成员包括独立非执行董事。提名委员

会于委任前及每年对独立性进行评估。

4. 提名委员会每年检讨董事投入的时间及贡

献。

1. ，并可寻求

独立专业意见，开支由本公司承担。

6. 董事会定期评估该等机制以确保其持续有

效。

1. 、问责

性及均衡治理的承诺。

全体董事承诺投入足够时间及精力，以有效履

行其职责。彼等亦每年向本公司披露在公共机

构担任的任何职位的身份及性质及其他重大承

担。

---

57二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

THE BOARD (continued)

Roles and Responsibilities of the Board and the Senior

Management (continued)

During the year, the Company held four regular Board metings

to review, consider and aprove, among others, the anual and

interim results, busines operations, corporate governance and

the efectivenes of the Group’s internal control systems and risk

management. Apart from these regular metings, aditional Board

metings are also held, as and when necesary, to consider

material transactions. At least 14 days’ notice for each regular

meting was given to al Directors. Al minutes are kept by the

company secretary of the Company and are open for inspection

at any reasonable time on reasonable notice by any Director.

Apart from the regular Board metings, the chairman of the Board

(the “Chairman”) also met with the INEDs without the presence

of executive Directors during the year.

Board Composition

The Board curently has six Directors comprising thre executive

Directors and thre INEDs. During the year under review and up

to the date of this report, the Board comprises:

Executive Directors

Mr. Tang Ching Ho, GBS, JP (Chairman)

Ms. Yau Yuk Yin (Deputy Chairman)

Ms. Stephanie

Independent Non-Executive Directors

Mr. Wong Chun, Justein, BS, MBE, JP

Mr. Siu Kam Chau

Mr. Chan Yung, SBS, JP

Ms. Yau Yuk Yin is the spouse of Mr. Tang Ching Ho and

Ms. Stephanie is the daughter-in-law of Mr. Tang Ching Ho and

Ms. Yau Yuk Yin. The biographical details of al Directors are set

out on pages 47 to 52 of this report.

Save as directors’ remuneration disclosed in note 8 to the

financial statements of this report, during the financial year, save

for changes in the biographical details of the Board of Directors,

there was no other change in the information of the Directors

since the publication of the 2024 interim report which is required

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

董事会（续）

董事会及高级管理层之角色及责任（续）

于年内，本公司举行四次定期董事会议，以

审阅、考虑及批准（其中包括）年度及中期业

绩、业务运作、企业管治及本集团内部监控制

度之成效及风险管理。除此等例会外，董事会

亦于有需要时就考虑重大交易举行额外的董事

会议。全体董事均会于每个例会至少十四日

前获发通知。所有会议记录均由本公司之公司

秘书保管，可供任何董事在发出合理通知后于

任何合理时间查阅。除例会外，董事会主席

（「主席」）于年内亦已在执行董事缺席下与独立

非执行董事会面。

董事会组成

董事会目前由六名董事组成，包括三名执行董

事及三名独立非执行董事。于回顾年度内及直

至本报告日期，董事会包括：

执行董事

邓清河先生，GBS，太平绅士（主席）

游育燕女士（副主席）

Stephanie女士

独立非执行董事

王津先生，BS, MBE，太平绅士

萧锦秋先生

陈勇先生，SBS，太平绅士

游育燕女士为邓清河先生之配偶，而Stephanie

女士为邓清河先生及游育燕女士之媳妇。全体

董事之履历详情载于本报告第47至52页。

除本报告财务报表附注8所披露之董事酬金外，

于财政年度内，除董事会履历详情变动外，自

刊发二零二四年中期报告以来，概无有关董事

资料之其他变动须根据上市规则第13.51B(1)条

予以披露。

---

58Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

THE BOARD (continued)

Board Composition (continued)

The Board comprises a mix and balance of gender, skils and

experience that align with the busines requirements of the

Company. The opinions raised by the INEDs in Board metings

facilitate the maintenance of god corporate governance

practices. During the year under review, the Board had thre

INEDs, comprising Mr. Wong Chun, Justein, Mr. Siu Kam

Chau and Mr. Chan Yung, representing more than one-third of

the Board, and at least one of the INEDs has the apropriate

profesional qualification or acounting or related financial

management expertise as required by Rules 3.10(1) and (2) and

3.10A of the Listing Rules. The balanced composition of executive

and independent non-executive Directors of the Board also

generates a strong independent element on the Board, which

alows for an independent and objective decision making proces

for the best interests of the Company and its Shareholders.

Al Directors are aware of their fiduciary duties, as wel as the

standards of care, skil and diligence required under Rule 3.08 of

the Listing Rules.

In compliance with code provision B.1.2 of the CG

Code, an updated list of the Directors detailing their

roles and functions is available on the websites of the

Company (w.wangon.com) and the Stock Exchange

(w.hkexnews.hk). The Company wil continue to review the

composition of the Board from time to time to ensure that the

Board poseses the apropriate and necesary expertise, skils

and experience to met the neds of the Group’s busines and to

enhance the Shareholders’ value.

董事会（续）

董事会组成（续）

董事会具备符合经营本公司业务所需之性别、

技能及经验之均衡组合。独立非执行董事于董

事会议上提出之意见，有助维持良好之企业

管治常规。于回顾年度内，董事会有三名独立

非执行董事，包括王津先生、萧锦秋先生及陈

勇先生，占董事会成员三分之一以上，且有最

少一名独立非执行董事具备上市规则第3.10(1)

及(2)条以及第3.10A条所要求之适当专业资格或

会计或相关的财务管理专长。董事会执行董事

及独立非执行董事之人数比例均衡分配，亦确

保董事会之稳健独立性，可就本公司及其股东

之最佳利益作出独立而客观之决策。所有董事

均知悉上市规则第3.08条规定之诚信责任，以

及谨慎、技能及勤勉行事的责任之水准。

为遵守企业管治守则之守则条文第B.1.2条，

详列角色及职能之已更新董事名单已上载于

本公司网站(w.wangon.com)及联交所网站

(w.hkexnews.hk)。本公司将继续不时审阅董

事会之组成，以确保董事会具备适当及必须之

专业知识、技能及经验，以满足本集团之业务

需求及提升股东价值。

---

59二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

THE BOARD (continued)

Atendance of Directors at Various Metings

Details of the atendance of Directors at Board metings,

comite metings and the Shareholders’ metings held during

the year ended 31 March 2025 were as folows:

Name of DirectorsBoard

Special

Board

Meting

Audit

Comite

Remuneration

Comite

Nomination

Comite

Anual

general

meting

Special

general

meting

董事姓名董事会

董事会

特别会议审核委员会薪酬委员会提名委员会股东周年大会股东特别大会

Tang Ching Ho邓清河4/416/16N/A 不适用1/11/11/10/2

Yau Yuk Yin游育燕4/416/16N/A 不适用1/11/11/10/2

StephanieStephanie4/416/16N/A 不适用N/A 不适用N/A 不适用1/12/2

Wong Chun, Justein王津4/416/162/21/11/11/10/2

Siu Kam Chau萧锦秋4/416/162/21/11/11/10/2

Chan Yung陈勇4/416/162/21/11/11/10/2

Liability Insurance for Directors

The Company has aranged directors and oficers liability

insurance to indemnify its Directors against liabilities arising

from legal actions related to corporate activities. This insurance

coverage is reviewed and renewed with advice from consultants

to ensure adequate protection on an anual basis.

Chairman and Managing Director

During the year under review, Mr. Tang Ching Ho, the Chairman,

has also asumed the role of the managing Director. Mr. Tang

has extensive management experience relevant to the Group’s

industries and is responsible for overal corporate planing,

strategic policy-making which is of great value in enhancing the

eficiency to cope with the recent fierce competitive and ever-

changing busines market environment and the comunication

betwen the Board and management, so as to ensure the

efective execution of the Board’s strategies.

董事会（续）

董事于各会议的出席率

董事于截至二零二五年三月三十一日止年度举

行的董事会议、委员会议及股东大会的出

席率详情载列如下：

董事之责任保险

本公司已为董事及高级人员安排合适的责任保

险，以弥偿其董事因企业活动相关的法律诉讼

承担的责任。该保险覆盖的保障根据顾问意见

每年检讨及重续，以确保获得充分保障。

主席及董事总经理

于回顾年度，主席邓清河先生亦担任董事总经

理职务。邓先生拥有与本集团行业相关的丰富

管理经验，负责整体企业规划及策略政策制

定，对提升效率以应对近期激烈的竞争及不断

变化的业务市场环境以及董事会与管理层之间

的沟通具有重大价值，从而确保董事会策略的

有效执行。

---

60Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

THE BOARD (continued)

Chairman and Managing Director (continued)

Furthermore, the Board believes that Mr. Tang is an executive of

high caliber with a wide range of skils and diversified busines

expertise. The Group’s daily operations are managed by various

comites and experienced individuals asigned to specific

asignments and busines units. Moreover, the Board comprises

thre executive Directors and thre INEDs with balance of skils

and experience apropriate for the Group’s further development.

The Company had no intention to make any change to comply

with code provision C.2.1 of the CG Code (i.e. the roles of

chairman and chief executive should be separate and should

not be performed by the same individual) at the moment but

wil continue to review and propose, as and when apropriate,

by taking into consideration of such deviation and any other

relevant factors, to ensure the maximisation of the benefit of the

stakeholders of the Company.

Apointment and Re-election of Directors

Al INEDs are apointed without a fixed term specified in their

respective leters of apointment. However, they are subject to

retirement by rotation and, being eligible, ofer themselves for re-

election at the anual general metings in acordance with the

Bye-laws of the Company (the “Bye-law(s)”) and the Listing

Rules.

Pursuant to code provision B.2.2 of the CG Code and Bye-law

84(1) of the Bye-laws, one-third of the Directors for the time being

(or if their number is not a multiple of thre, the number nearest

to but not les than one-third) are required to retire from ofice by

rotation, provided that every Director, including those apointed

for a specific term, is subject to retirement by rotation at least

once every thre years, and shal be eligible for re-election at

each anual general meting. In adition, the Directors who are

apointed by the Board to fil casual vacancies or as an adition

to the existing Board are subject to re-election at the next anual

general meting of the Company folowing their apointment.

董事会（续）

主席及董事总经理（续）

此外，董事会相信邓先生是一位才干卓越的行

政人员，拥有广泛的技能及多元化的业务专

长。本集团的日常经营由多个委员会及分派予

特定工作及业务单位的经验丰富的人士管理。

此外，董事会由三名执行董事及三名独立非执

行董事组成，具备适合本集团进一步发展的均

衡技能及经验。

本公司目前无意就遵守企业管治守则之守则条

文第C.2.1条作出任何变动（即主席与行政总裁的

角色应有区分，并不应由一人同时兼任），但将

考虑有关偏离情况及任何其他相关因素，于适

当时候继续检讨及提出建议，以确保本公司持

份者利益最大化。

委任及重选董事

全体独立非执行董事均以各自委任书订明获委

任并没有固定任期。然而，根据本公司之公司

细则（「公司细则」）及上市规则，彼等均须于股

东周年大会上轮值退任及合资格膺选连任。

根据企业管治守则之守则条文第B.2.2 条及公

司细则第84(1)条，当时的三分之一董事（或倘

人数并非三的倍数，则为最接近但不少于三分

之一的人数）须轮值退任，惟每名董事（包括以

特定任期获委任之董事）应至少每三年一次轮值

退任，并合资格于各届股东周年大会上膺选连

任。此外，获董事会委任以填补临时空缺或增

加现有董事会成员的董事，须于获委任后的本

公司下一届股东周年大会上重选。

---

61二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

THE BOARD (continued)

Independence of INEDs

The INEDs are required to confirm their independence upon

apointment on an anual basis. The Company has received from each

of the existing INEDs, Mr. Wong Chun, Justein, Mr. Siu Kam Chau and

Mr. Chan Yung, anual confirmations of independence pursuant to

Rule 3.13 of the Listing Rules for the year ended 31 March 2025.

Taking into acount the scope of work performed by the INEDs over

the past years, the Board considers al of them to be independent

under the Listing Rules, notwithstanding that 2 of whom have served

the Company for more than 9 years. The INEDs do not participate

in the Group’s daily operations and abstain from voting on any

resolutions in which they have a material interest and, therefore, the

Company considers al the INEDs to be independent for the year

under review and up to the date of this report.

Corporate Governance Function

The Board has undertaken the responsibility for performing

corporate governance duties pursuant to the CG Code and is

comited to maintaining an efective governance structure

that continuously reviews, monitors and improves the corporate

governance practices within the Group with regard to the

prevailing legal and regulatory requirements.

The corporate governance duties performed by the Board include

reviewing the corporate governance policies and practices of the

Group, overseing a code of conduct aplicable to the Directors

and employes of the Company, monitoring compliance with

legal and regulatory obligations, ensuring that Directors receive

apropriate training and continuing profesional development and

reviewing the Company’s adherence to the CG Code as wel as

the disclosures set out in this report.

This corporate governance report has ben reviewed by the

Board in discharge of its corporate governance function.

董事会（续）

独立非执行董事的独立性

独立非执行董事须在彼等获委任时每年确认彼

等的独立性。本公司已接获由各现有独立非执

行董事王津先生、萧锦秋先生及陈勇先生根据

上市规则第3.13条就其独立性而发出截至二零

二五年三月三十一日止年度之年度确认书。考

虑到独立非执行董事于过往年度所履行的工作

范围，尽管其中两名独立非执行董事已服务本

公司超过九年，董事会认为根据上市规则，彼

等均属独立人士。独立非执行董事并无参与本

集团的日常营运及就彼等拥有重大权益的任何

决议案放弃投票，因此，本公司认为所有独立

非执行董事于回顾年度及直至本报告日期均属

独立。

企业管治职能

董事会承诺根据企业管治守则履行企业管治职

责，并致力维持有效的管治架构，以因应现行

法律及监管要求，持续检讨、监察及改善本集

团内的企业管治常规。

董事会履行的企业管治职责包括检讨本集团的

企业管治政策及常规、监督适用于本公司董事

及雇员的行为守则、监察遵守法律及监管责任

的情况、确保董事接受适当培训及持续专业发

展，以及检讨本公司遵守企业管治守则的情况

以及本报告所载的披露。

本企业管治报告已由董事会审阅，以履行其企

业管治职能。

---

62Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

THE BOARD (continued)

Continuous Profesional Development

Al Directors are encouraged to participate in continuous

profesional development so as to develop and refresh Directors’

knowledge and skils and to ensure that their contributions to the

Board remain informed and relevant. The company secretary of

the Company regularly circulates training materials, briefings and

reading materials to al Directors in respect of the updates on,

among other things, the Listing Rules, the Securities and Futures

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

the Companies Ordinance (Chapter 622 of the Laws of Hong

Kong) (the “Companies Ordinance”) and relevant financial and

acounting standards.

In adition, the company secretary of the Company also provides

and circulates to the Directors with monthly and regular updates

relating to the Group’s busines, financial position and the

operating environment. During the year under review, al existing

Directors have complied with the code provisions in relation to

continuous profesional development. The Directors enhanced

their profesional development by way of reading materials and/or

atending seminars as wel as forums.

The company secretary of the Company continuously keps

the Directors informed of the latest developments regarding

the Group’s busines, the Listing Rules and other aplicable

regulatory requirements, to ensure compliance and enhance their

awarenes of god corporate governance practices.

董事会（续）

持续专业发展

本公司鼓励所有董事参与持续专业发展，以发

展及更新彼等的知识及技能，并确保彼等继续

在具备全面资讯及切合所需的情况下为董事会

作出贡献。本公司之公司秘书定期向全体董事

传阅培训资料、简报及阅读材料，内容有关（其

中包括）上市规则、香港法例第571章证券及期

货条例（「证券及期货条例」），香港法例第622章

公司条例（「公司条例」）以及相关财务及会计准

则的最新资讯。

此外，本公司之公司秘书亦会每月及定期向董

事提供及传阅最新资讯，内容有关本集团业

务、财务状况及经营环境。于回顾年度，全体

现有董事均已遵守有关持续专业发展之守则条

文。董事透过阅读材料及╱或出席研讨会以及

讲座加强彼等之专业发展。

本公司之公司秘书就本集团业务、上市规则及

其他适用监管规定之最新进展，持续向董事提

供最新资讯，确保遵守及提升其在良好企业管

治常规方面的意识。

---

63二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

THE BOARD (continued)

Continuous Profesional Development (continued)

During the year under review, al existing Directors provided the

Company with their training records, which are maintained by the

company secretary of the Company for record keping purposes.

Al Directors complied with the code provisions on continuous

profesional development, and the Company has maintained

records of the trainings provided for each Director on the folowing

subjects, sumarized as folows:

Name of Director

Received legal and

regulatory updates

and corporate

governance practices

in briefings conducted

by the Company

Secretary

Read training

materials of

relevance to,

for example,

granting loans,

advances or other

similar arangements

and corporate

governance

董事姓名

于公司秘书

进行的简会接收

法律及监管最新

资讯及企业管治常规

阅读与发放贷款、

垫款或其他类似

安排以及企业管治等

相关的培训材料

Executive Directors执行董事

Mr. Tang Ching Ho, GBS, JP邓清河先生，GBS，太平绅士✓

Ms. Yau Yuk Yin游育燕女士✓

Ms. StephineStephine女士✓

Independent Non-Executive

Directors

独立非执行董事

Mr. Wong Chun,

Justein, BS, MBE, JP

王津先生，BS，

MBE，太平绅士✓

Mr. Siu Kam Chau萧锦秋先生✓

Mr. Chan Yung, SBS, JP陈勇先生，SBS，太平绅士✓

董事会（续）

持续专业发展（续）

于回顾年度，全体现有董事已向本公司提供培

训记录，而有关记录会由本公司之公司秘书保

存，借以保留培训记录。全体董事均遵守有关

持续专业发展的守则条文，本公司已保存就以

下主题向各董事提供的培训记录，概述如下：

---

64Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

THE BOARD (continued)

Board Diversity

The Company recognises increasing diversity at the Board

level as an esential element in suporting the atainment of its

strategic objectives, sustainable and balanced development. In

June 2013, the Company adopted a board diversity policy (the

“Board Diversity Policy”) stipulating the composition of the

Board which sets out the aproach and in particular, the selection

of candidates for Board membership to diversify the Board.

In determining the Board’s composition, the Board considers

a number of aspects to achieve Board diversity, including but

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

ethnicity, profesional experience, skils, knowledge and length

of service. The Nomination Comite wil also consider factors

based on the Company’s busines model, specific neds and

meritocracy from time to time in determining the optimum

composition of the Board.

As at 31 March 2025, the Board comprised six Directors (including

two female Directors). The Company believes that the curent

Board composition with diferent gender, diversified education

background and work experience is beneficial to the development

of the Group. The Board wil continue to review and adjust its

composition if apropriate.

The Group is also comited to workforce diversity, including

within senior management. As at 31 March 2025, aproximately

31.3% of senior management and aproximately 51.6% of the

total workforce were female. The Group wil continue to maintain

a balanced gender ratio acros its workforce.

Having reviewed the Board Diversity Policy, the Nomination Policy

and the Board’s composition, the Nomination Comite is

satisfied that the requirements set out in the Board Diversity Policy

had ben met.

董事会（续）

董事会成员多元化

本公司视董事会层面日益多元化为支持其达致

策略目标及可持续均衡发展的关键元素。于二

零一三年六月，本公司采纳董事会成员多元化

政策（「董事会成员多元化政策」），订明董事会

的组成，并特别阐述了实现董事会多元化的方

法及董事会成员候选人的遴选标准。于厘定董

事会组成时，董事会考虑多个方面以达致董事

会多元化，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

务年期。在厘定董事会的最佳组成时，提名委

员会亦会根据本公司之业务模式、具体需求及

任人唯贤原则不时考虑各项因素。

于二零二五年三月三十一日，董事会由六名董

事（包括两名女性董事）组成。本公司相信目前

具不同性别、教育背景及工作经验多元化的董

事会组成有助于本集团的发展。 董事会将继续

检讨并在适当时调整该组成。

本集团亦致力于员工的多元化，包括高级管理

层的多元化。于二零二五年三月三十一日，女

性占高级管理层约31.3%及员工总数约51.6%。

本集团将继续维持员工性别比例平衡。

经检讨董事会成员多元化政策、提名政策及董

事会之组成后，提名委员会信纳董事会成员多

元化政策载述之各项规定均已达成。

---

65二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

BOARD COMITES

The Board has established various comites, namely the

executive comite (the “Executive Comite”), the Audit

Comite, the Remuneration Comite, the Nomination

Comite and the investment comite (the “Investment

Comite”). Each comite operates under specific writen

terms of reference that wil be reviewed and updated, where

necesary. Minutes of al metings and resolutions of the

comites are kept by the company secretary of the Company

and open for inspection at any reasonable time on reasonable

notice by any Director. Each comite is required to report to the

Board on its decision and recomendations, where apropriate.

The comites, especialy the Remuneration Comite and the

Nomination Comite, are provided with suficient resources to

discharge their duties and, upon reasonable request, are able to

sek independent profesional advice at the Company’s expense.

Executive Comite

The Executive Comite established in 2005. Its primary

function is to undertake general management and supervise

the day-to-day management, performance and operations in

acordance with the busines strategy of the Group. It exercises

leadership, develops and keps under review strategy and

busines development initiatives of the Group and monitors their

implementation. Curently, the Executive Comite comprises

thre executive Directors, Mr. Tang Ching Ho (chairman), Ms. Yau

Yuk Yin and Ms. Stephanie.

Audit Comite

The Audit Comite, established in December 1999

with specific writen terms of reference stipulating its

authorities and duties in compliance with the Listing

Rules, which are available on the websites of the

Company (w.wangon.com) and the Stock Exchange

(w.hkexnews.hk).

In acordance with Rule 3.21 of the Listing Rules, a listed isuer

must establish an audit comite comprising a minimum of thre

members. During the year under review, the Audit Comite

comprises thre INEDs, namely, Mr. Siu Kam Chau (chairman),

Mr. Wong Chun, Justein and Mr. Chan Yung.

董事委员会

董事会已成立各个委员会，即常务委员会（「常

务委员会」）、审核委员会、薪酬委员会、提名

委员会及投资委员会（「投资委员会」）。各委员

会按具体书面职权范围运作，且该等职权范围

在必要时将予以检讨及更新。各委员会之所有

会议记录及决议案均由本公司之公司秘书保

管，并于任何董事给予合理通知下于任何合理

时间内可供查阅。各委员会须向董事会汇报其

决定及作出建议（倘适合）。各委员会均（尤其是

薪酬委员会及提名委员会）获提供充足资源以履

行其职责，并可在合理要求下寻求独立专业意

见，开支由本公司承担。

常务委员会

常务委员会于二零五年成立。其主要职能为

负责整体管理，并根据本集团业务策略监控日

常管理、表现及业务营运。其负责领导、订立

及审阅本集团之策略及业务发展举措，及监督

其实施情况。目前，常务委员会由三位执行董

事邓清河先生（主席）、游育燕女士及Stephanie

女士组成。

审核委员会

审核委员会于一九年十二月成立，并

遵照上市规则订立具体书面职权范围规

定其职权及职责，有关文件可于本公

司网站(w.wangon.com)及联交所网站

(w.hkexnews.hk)阅览。

根据上市规则第3.21条，上市发行人须设立由

至少三名成员组成的审核委员会。于回顾年度

内，审核委员会由三名独立非执行董事萧锦秋

先生（主席）、王津先生及陈勇先生组成。

---

66Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

BOARD COMITES (continued)

Audit Comite (continued)

The functions of the Audit Comite are to asist the Board to

review the financial reporting independently, including interim and

final results. It also overses the Group’s internal controls, risk

management proceses and monitors the internal and external

audit functions, and manages maters related to the apointment,

reapointment and removal of external auditors and to make

relevant recomendations to the Board to ensure efective and

eficient operation and reliable reporting. The functions of the

Audit Comite wil be reviewed regularly by the Board and

amended from time to time, as and when apropriate, in order

to be in compliance with the code provision of the CG Code (as

amended from time to time) so as to ensure that management

has discharged its duty to have an efective internal control

system including the adequacy of resources, qualifications and

experience of staf to implement the Group’s acounting and

financial reporting functions.

During the year under review, the Audit Comite held

two metings with the Group’s senior management and the

Company’s external auditor. During the year under review, the

Audit Comite discused and reviewed, inter alia, the folowing

maters:

(a) the anual results for the year ended 31 March 2024 and the

interim results for the six-month ended 30 September 2024

to ensure the ful, complete and acurate disclosure in the

aforesaid financial statements pursuant to the acounting

standards and other legal requirements for presenting the

same to the Board for aproval;

(b) the term and remuneration for the apointment of Ernst & Young

as external auditor to audit and report on the consolidated

financial statement of the Group for the years ended 31

March 2024 and performed agred upon procedures on the

interim results for the six-month ended 30 September 2024;

(c) the term and remuneration for the apointment of Ernst & Young

as the external auditor to perform non-audit services and

other special corporate projects and review the overal

significant control system;

(d) the independence of the external auditor especialy for those

non-audit services;

(e) the continuing conected transactions of the Group;

董事委员会（续）

审核委员会（续）

审核委员会之职能旨在协助董事会独立检讨财

务汇报（包括中期及全年业绩）。其亦监察本集

团之内部监控、风险管理流程并监控内部及外

部审计职能，以及处理委任、续聘及罢免外聘

核数师相关事宜，以及向董事会作出相关推荐

建议，借以确保切实高效之业务营运及可靠之

汇报。审核委员会之职能将由董事会定期检

讨，并不时作出适当修订，以遵从企业管治守

则之守则条文（经不时修订），确保管理层履行

其职责，维持有效之内部监控制度，包括充足

之资源以及拥有具资历及经验之人员以落实本

集团之会计及财务汇报职能。

于回顾年度内，审核委员会与本集团高级管理

层及本公司外聘核数师举行两次会议。于回顾

年度内，审核委员会曾讨论及审阅下列事宜（其

中包括）：

(a) 截至二零二四年三月三十一日止年度之全

年业绩以及截至二零二四年九月三十日止

六个月之中期业绩，以确保上述根据会计

准则及其他法律规定编制并呈列董事会以

供批准之财务报表作出全面、完整及准确

的披露；

(b) 委任安永会计师事务所（「安永」）为外聘核

数师之条款及薪酬，以就本集团截至二零

二四年三月三十一日止年度之综合财务报

表进行审核及呈报，以及对截至二零二四

年九月三十日止六个月之中期业绩执行经

协定程序；

(c) 委聘安永为外聘核数师履行非审核服务及

其他特别企业项目及审阅整体重大监控系

统的条款及薪酬；

(d) 外聘核数师之独立性，尤其就非审核服务

而言；

(e) 本集团之持续关连交易；

---

67二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

BOARD COMITES (continued)

Audit Comite (continued)

(f) the overal efectivenes of the Group’s internal control and

risk management systems; and

(g) the adequacy of resources, qualifications and experience

of staf, the acounting and financial reporting maters and

their training programes and budget.

The Audit Comite is satisfied with, among others, the audit

fes, efectivenes of the audit proces and independence and

objectivity of Ernst & Young and has recomended to the Board

the reapointment of Ernst & Young as the Company’s external

auditor for the ensuing year at the forthcoming anual general

meting of the Company.

Remuneration Comite

The Board established the Remuneration Comite in September

2005 with specific writen terms of reference, as revised from time

to time, stipulating its authorities and duties, which are available

on the websites of the Company (w.wangon.com) and the

Stock Exchange (w.hkexnews.hk).

In acordance with the Listing Rules, a listed isuer must

establish a remuneration comite comprising a majority

of independent non-executive directors. During the year

under review, the Remuneration Comite comprised thre

INEDs, Mr. Wong Chun, Justein (chairman), Mr. Siu Kam

Chau and Mr. Chan Yung, and two executive Directors,

Mr. Tang Ching Ho and Ms. Yau Yuk Yin.

The duties, roles and functions of the Remuneration Comite

are as folows:

(a) to make recomendations to the Board on the Company’s

policy and structure for al Directors and senior management

remuneration and on the establishment of a formal and

transparent procedure for developing a remuneration policy

on the basis of basic salary and alowances, discretionary

bonus and share options;

(b) to review and aprove the senior management’s

remuneration proposals with reference to the Board’s

corporate goals and objectives;

董事委员会（续）

审核委员会（续）

(f) 本集团内部监控及风险管理系统之整体成

效；及

(g) 资源、员工资历及经验是否充足，会计及

财务汇报事宜，以及彼等之培训课程及预

算。

审核委员会信纳（其中包括）安永之审核费用、

审核流程之有效性以及独立性及客观性，并于

本公司应届股东周年大会上向董事会推荐建议

续聘安永为本公司来年之外聘核数师。

薪酬委员会

董事会于二零五年九月成立薪酬委员会，

并订立具体书面职权范围（经不时修订），

规定其职权及职责，有关文件可于本公司

网站(w.wangon.com)及联交所网站

(w.hkexnews.hk)阅览。

根据上市规则，上市发行人须设立大部分成员

为独立非执行董事的薪酬委员会。于回顾年度

内，薪酬委员会由三名独立非执行董事王津先

生（主席）、萧锦秋先生及陈勇先生，以及两名

执行董事邓清河先生及游育燕女士组成。

薪酬委员会之职责、角色及职能如下：

(a) 根据基本薪金及津贴、酌情花红及购股

权，就本公司全体董事与高级管理层之薪

酬政策及架构，以及就制定薪酬政策建立

正规及具透明度的流程，向董事会提供推

荐建议；

(b) 参考董事会之企业目标及目的，审阅及批

准高级管理层之薪酬建议；

---

68Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

BOARD COMITES (continued)

Remuneration Comite (continued)

(c) to make recomendations to the Board on the

remuneration packages of individual executive Directors and

senior management, including but not limited to, benefits in

kind, pension rights and compensation payments for los or

termination of their ofice or apointment;

(d) to make recomendations to the Board on the remuneration

of the INEDs with reference to the range of remuneration

of other non-executive directors in the similar industry and

alow any out-of-pocket expenses incured in conection

with the performance of their duties;

(e) to consider salaries paid by comparable companies, time

comitment and responsibilities and employment conditions

elsewhere in the Group;

(f) to review and aprove compensation payable to executive

Directors and senior management for any los or termination

of ofice or apointment to ensure that it is consistent with

contractual terms and is otherwise fair and not excesive;

(g) to review and aprove compensation arangements relating

to dismisal or removal of Directors for misconduct to

ensure that they consistent with contractual terms and are

otherwise reasonable and apropriate; and

(h) to review and/or aprove maters relating to share schemes

under Chapter 17 of the Listing Rules.

During the year under review, the Remuneration Comite

held one meting, in which it reviewed the existing remuneration

policies of Directors and senior management by reference with

the market research, comunicated with the Chairman and

recomended amendments (if apropriate) to the existing

remuneration policies and performance-based bonus and

aproved the remuneration package and performance-based

bonus paid the other Directors and senior management of

the Company. No Director participated in any discusion or

determination about their own remuneration.

董事委员会（续）

薪酬委员会（续）

(c) 就个别执行董事及高级管理层之薪酬方案

（包括但不限于）实物利益、退休金权利及

就丧失或终止职务或委任而作出赔偿的金

额，向董事会提供推荐建议；

(d) 经参考同类行业其他非执行董事之薪酬范

围，就独立非执行董事之薪酬向董事会提

出建议，并考虑其在履行职责时所产生之

自付费用；

(e) 考虑可资比较公司支付的薪酬、须付出的

时间及职责，以及本集团内其他职位的聘

用条件；

(f) 检讨及批准向执行董事及高级管理层就其

丧失或终止职务或委任而须支付之赔偿，

以确保该等赔偿与合约条款一致；若未能

与合约条款一致，赔偿亦须公平及不致过

多；

(g) 检讨及批准因行为失当而解雇或罢免董事

所涉及的赔偿安排，以确保该等安排与合

约条款一致；若未能与合约条款一致，赔

偿亦须合理及适宜；及

(h) 审阅及╱或批准上市规则第17章项下有关

股份计划的事宜。

于回顾年度内，薪酬委员会已举行一次会议。

薪酬委员会经参考市场研究后审阅董事及高级

管理层之现有薪酬政策，并与主席沟通，就现

有薪酬政策及以表现为基础的花红作出建议修

订（如适用），以及批准向其他董事及本公司高

级管理层支付的薪酬方案及以表现为基础的花

红。概无董事就其本身的薪酬参与讨论或作出

决定。

---

69二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

BOARD COMITES (continued)

Remuneration Comite (continued)

The Remuneration Comite has discharged and wil continue

to discharge its major roles to, among other things, aprove the

terms of service agrements for Directors and senior management

of the Company, make recomendations with respect to the

remuneration policies for Directors and senior management of the

Company and to review remuneration packages and recomend

salaries, bonuses, including the incentive awards for Directors and

senior management of the Company. No Director tok part in any

discusion about his own remuneration.

Details of the Directors’ remuneration are set out in note 8 to the

financial statements. In adition, the anual remuneration of other

members of the senior management by bands for the year ended

31 March 2025 is set out below:

Remuneration to the senior management by bands

Number of

individual

高级管理层之薪酬等级人数

Below HK$1,500,0001,500,000港元以下2

HK$1,500,001 to HK$2,000,0001,500,001港元至2,000,000 港元1

HK$2,000,001 to HK$2,500,0002,000,001港元至2,500,000 港元1

HK$2,500,001 to HK$3,000,0002,500,001港元至3,000,000 港元1

Over HK$3,000,0003,000,000港元以上1

Nomination Comite

In acordance with Rule 3.27A of the Listing Rules, a listed isuer

must establish a nomination comite chaired either by the

chairman of the board or an independent non-executive director

and comprising a majority of independent non-executive directors.

During the year under review, the Nomination Comite

comprised thre INEDs, Mr. Wong Chun, Justein, Mr. Siu Kam

Chau and Mr. Chan Yung, and two executive Directors, namely

Mr. Tang Ching Ho and Ms. Yau Yuk Yin. Mr. Tang Ching Ho (i.e.

the Chairman of the Board) is the chairman of the Nomination

Comite.

The Nomination Comite established in September 2005 with

specific writen terms of reference, as revised from time to time,

stipulating its authorities and duties, which are available on the

websites of the Company (w.wangon.com) and the Stock

Exchange (w.hkexnews.hk).

董事委员会（续）

薪酬委员会（续）

薪酬委员会已履行并将继续履行其主要职务，

以（其中包括）批准董事及本公司高级管理层之

服务协议之条款、就董事及本公司高级管理层

之薪酬及政策提出推荐建议、审阅薪酬待遇以

及建议有关董事及本公司高级管理层之薪金及

花红（包括奖励）。概无董事就其本身的薪酬参

与讨论。

董事薪酬之详情载于财务报表附注8。此外，截

至二零二五年三月三十一日止年度高级管理层

其他成员的年度薪酬按薪酬等级载列如下：

提名委员会

根据上市规则第3.27A条，上市发行人必须成

立提名委员会，由董事会主席或独立非执行董

事担任主席，成员须以独立非执行董事占大多

数。于回顾年度内，提名委员会由三名独立非

执行董事（即王津先生、萧锦秋先生及陈勇先

生）及两名执行董事（即邓清河先生及游育燕女

士）组成。邓清河先生（即董事会主席）为提名委

员会主席。

提名委员会于二零五年九月成立，并

订立具体书面职权范围（经不时修订），

规定其职权及职责，有关文件可于本公司

网站(w.wangon.com)及联交所网站

(w.hkexnews.hk)阅览。

---

70Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

BOARD COMITES (continued)

Nomination Comite (continued)

The Nomination Comite is responsible for the identification

and evaluation of candidates for apointment or re-apointment

as Directors and senior management. The Board formalised

its nomination policy and adopted the same in October 2018.

The nomination policy stipulated the key selection criteria and

nomination procedures for identifying and nominating suitably

qualified candidates for apointment to the Board. The selection

criteria and nomination procedures specified in the nomination

policy include:

1. Selection Criteria

– in asesing the suitability of a proposed candidate,

the Nomination Comite wil consider the factors

(as reference), including reputation, integrity,

acomplishment and relevant experience in relation

to the principal busineses of the Company from time

to time, comitment in respect of available time and

relevant interest, diversity in al its aspects, 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;

– retiring Directors are eligible for nomination by the

Board to stand for re-election at a general meting.

For those who have served as INEDs for a period of

nine consecutive years standing for re-election, the

Nomination Comite wil consider the independence

of such Director for nomination by the Board to stand

for election at a general meting and state the reason

in the circular to the Shareholders for the re-election;

– candidate(s) wil be asked to submit the necesary

personal information in a prescribed form, together

with their writen consent to be apointed as Director(s)

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

Director(s); and

– the Nomination Comite may request candidate(s)

to provide aditional information and documents, if

considered necesary.

董事委员会（续）

提名委员会（续）

提名委员会负责识别及评估获委任或续任为董

事及高级管理层的候选人。董事会于二零一八

年十月制定并采纳提名政策。提名政策规定识

别及向董事会提名适合符合资格的候选人以供

委任的主要甄选标准及提名程序。提名政策所

订明的甄选标准及提名程序包括：

1. 甄选标准

－ 于评估拟议候选人是否适合时，提名

委员会将考虑的因素（作为参考）包括

声誉、诚信、成就及与本公司不时之

主要业务有关的经验、可投入时间及

相关利益之承诺、各方面的多样性，

包括但不限于性别、年龄（18岁或以

上）、文化和教育背景、种族、专业

经验、技能、知识和服务任期。该等

因素仅供参考，并非详尽无遗及具有

决定性。提名委员会于认为适当时有

权酌情提名任何人士；

－ 退任董事有资格获董事会提名于股东

大会上膺选连任。就已连续九年担任

独立非执行董事的膺选连任董事而

言，提名委员会将考虑该董事的独立

性，以供董事会于股东大会提名选

举，并于致股东之通函中就重选陈述

理由；

－ 候选人须以订明方式提交必要的个人

资料，连同意获委任为董事以及就

或有关其选举为董事的个人资料于任

何文件或相关网站公开披露的书面同

意书；及

－ 倘认为必要，提名委员会可要求候选

人提供额外资料及文件。

---

71二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

BOARD COMITES (continued)

Nomination Comite (continued)

2. Nomination Procedures

– the secretary of the Nomination Comite shal cal

a meting of the Nomination Comite, and invite

nominations of candidate(s) from Board members if

any, for consideration by the Nomination Comite

prior to its meting. The Nomination Comite may

also put forward candidate(s) who are not nominated

by Board members;

– for filing a casual vacancy, the Nomination

Comite shal make recomendations for the

Board’s consideration and aproval. For proposing

candidate(s) to stand for election at a general meting,

the Nomination Comite shal make nominations to

the Board for its consideration and recomendation;

– until the isue of the circular to be sent to the

Shareholders, the nominated persons shal not asume

that they have ben proposed by the Board to stand

for election at the general meting;

– in order to provide information of the candidate(s)

nominated by the Board to stand for election at a

general meting, and to invite nominations from

the Shareholders, a circular wil be sent to the

Shareholders. The circular wil set out the lodgment

period for the Shareholders to make the nominations.

The names, brief biographies (including qualifications

and relevant experience), independence, proposed

remuneration and any other information, as required

pursuant to the aplicable laws, rules and regulations,

of the proposed candidate(s) wil be included in the

circular to the Shareholders;

– the Shareholder can serve a notice to the company

secretary within the lodgement period of its intention

to propose a resolution to elect a person as

Director, without the Board’s recomendation or

the Nomination Comite’s nomination, other than

those candidate(s) set out in the circular to be sent to

the Shareholders. The particulars of the candidate(s)

so proposed wil be sent to al Shareholders for

information by a suplementary circular;

董事委员会（续）

提名委员会（续）

2. 提名程序

－ 提名委员会秘书须召开提名委员会

议，并向董事会成员询问候选人提名

（如有），以供提名委员会于其会议前

考虑。提名委员会亦可提呈并非由董

事会成员提名的候选人；

－ 就填补临时空缺而言，提名委员会须

作出推荐建议供董事会考虑及批准。

就建议候选人于股东大会上参选而

言，提名委员会须向董事会提名供其

考虑及推荐；

－ 直至寄发予股东的通函发出为止，获

提名之人士不得假设彼等已获董事会

建议于股东大会上参选；

－ 为提供获董事会提名于股东大会上参

选之候选人资料，以及询问股东提

名，本公司将向股东寄发通函。该通

函将载列股东提名的递交期限。根据

适用法律、规则及法例规定提供之建

议候选人姓名、简历（包括资格及相

关经验）、独立性、建议薪酬及任何

其他资料将载入提供予股东的通函；

－ 股东可于递交期限内向公司秘书送达

通知，表达其有意在并非由董事会推

荐或提名委员会提名的情况下提呈决

议案，以推选除提供予股东的通函已

载列之该等候选人外的一名人士为董

事。以此方式获提名之候选人的详情

将透过向全体股东寄发补充通函之方

式供其参考；

---

72Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

BOARD COMITES (continued)

Nomination Comite (continued)

2. Nomination Procedures (continued)

– a candidate is alowed to withdraw his/her candidature

at any time before the general meting by serving a

notice in writing to the company secretary;

– the Board shal have the final decision on al maters

relating to its recomendation of candidate(s) to stand

for election at any general meting; and

– as there may be more candidate(s) than the vacancies

available, and the “gros-vote” method wil be used

to determine who shal be elected as Director, the

resolutions proposed for the candidate(s) by the

Shareholders shal therefore take the same form

as the resolutions proposed for the candidate(s)

recomended by the Board.

The Board recognises the benefits of diversity and, acordingly,

the Nomination Comite monitors the implementation of

this policy as part of the proces for selecting and nominating

candidates for apointment to the Board. Candidates are

considered against a broad and diverse range of criteria outlined

in the nomination policy, which includes but not limited to, gender,

ethnicity and cultural background.

The duties, roles and functions of the Nomination Comite are

as folows:

(a) to review and evaluate the structure, size and composition

(including diversity, skils, knowledge and experience) of

the Board at least anualy and make recomendations

to the Board on any proposed changes to the Board to

complement the Company’s corporate strategy;

(b) to identify individuals suitably qualified to become Board

members and select or make recomendations to the

Board on the selection of, individuals nominated for

directorships;

(c) to ases the independence of INEDs;

(d) to monitor the continuous profesional development of the

Directors;

(e) to make recomendations to the Board on the apointment

or re-apointment of Directors and sucesion planing

for Directors, in particular the Chairman and the managing

Director;

董事委员会（续）

提名委员会（续）

1. （续）

－ 候选人可于股东大会前任何时间透过

向公司秘书送达书面通知的方式撤回

其候选资格；

－ 董事会应就其推荐候选人于任何股东

大会上参选的所有事宜拥有最终决定

权；及

－ 由于候选人数可能超过空缺位置，

则将会使用「总投票」方法以决定获选

为董事的候选人，因此，股东就候选

人提呈决议案应采用与董事会就推荐

候选人所提呈决议案的相同形式。

董事会深明多元化的裨益，因此，提名委员会

监察该政策的实施，作为挑选及提名候选人以

供董事会委任过程的一部分。将从提名政策所

列广泛及多元化标准对候选人进行考量，当中

包括但不限于性别、种族及文化背景。

提名委员会之职责、角色及职能如下：

(a) 每年至少一次检讨并评估董事会之架构、

人数及组成（包括多元化、技能、知识及经

验），并就董事会任何建议变更以配合本公

司企业策略向董事会提供推荐建议；

(b) 物色合适的合资格人士成为董事会成员，

及挑选获提名人士出任董事职务或就此向

董事会提供推荐建议；

(c) 评估独立非执行董事之独立性；

(d) 监督董事之持续专业发展；

(e) 就委任或续任董事以及董事（尤其是主席及

董事总经理）继任计划向董事会提供推荐建

议；

---

73二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

BOARD COMITES (continued)

Nomination Comite (continued)

(f) where the Board proposes a resolution to elect an individual

as an INED at the general meting, it should set out in the

circular to the Shareholders and/or explanatory statement

acompanying the notice of the relevant general meting:

– the proces used for identifying the individual why

the Board believes the individual should be elected

and the reasons why it considers the individual to be

independent;

– if the proposed INED wil be holding their seventh (or

more) listed company directorship, why the Board

believes the individual would stil be able to devote

suficient time to the Board;

– the perspectives, skils and experience that the

individual can bring to the Board; and

– how the individual contributes to diversity of the Board;

and

(g) the Chairman or another member of the Nomination

Comite shal atend the Company’s anual general

metings and be prepared to respond to questions raised

by the Shareholders on the comite’s activities and

responsibilities.

During the year under review, the Nomination Comite held

one meting, in which it considered and determined, inter alia, the

criteria and procedures for retirement by rotation. The Nomination

Comite would recomend to the Board for re-election of

Ms. Yau Yuk Yin and Mr. Chan Yung at the forthcoming anual

general meting. The Nomination Comite also reviewed the

Board Diversity Policy and evaluated the Board performance and

sucesion planing.

Investment Comite

The Investment Comite has ben established since June

2012 with specific terms of reference for purposes of efectively

determining the investment strategy and plan, monitoring the

execution of investment strategy and adjusting the investment

strategy. As at 31 March 2025, the Investment Comite

comprised thre members, namely Mr. Tang Ching Ho (chairman),

Ms. Stephanie and Mr. Siu Kam Chau.

董事委员会（续）

提名委员会（续）

(f) 倘董事会拟于股东大会提呈决议案以选任

个别人士为独立非执行董事，其应于致股

东的通函及╱或相关股东大会通告随附之

说明函件中，阐述：

－ 列明用以物色该名人士的流程；董事

会认为应选任该名人士的理由以及彼

等认为该名人士属独立人士的理由；

－ 倘候任独立非执行董事将出任第七间

（或以上）上市公司的董事，董事会认

为该名人士仍可投入足够时间履行董

事责任的理由；

－ 该名人士可为董事会带来的观点、技

能及经验；及

－ 该名人士如何促进董事会成员多元

化；及

(g) 提名委员会主席或另一成员须出席本公司

股东周年大会，并作好准备以回应股东就

委员会之活动及职责提出的问题。

于回顾年度内，提名委员会举行一次会议，并

于会议上考虑及厘定（当中包括）轮值退任标准

及程序。提名委员会将向董事会推荐于应届股

东周年大会重选游育燕女士及陈勇先生。提名

委员会亦已检讨董事会成员多元化政策及评估

董事会之表现及继任计划。

投资委员会

投资委员会自二零一二年六月起成立，并订立

具体职权范围，目标为有效订立投资策略及计

划、监察投资策略之执行及调整投资策略。于

二零二五年三月三十一日，投资委员会由三名

成员，即邓清河先生（主席）、 Stephanie女士及

萧锦秋先生组成。

---

74Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

COMPANY SECRETARY

Mr. Cheung Lap Kei was apointed as the company secretary

of the Company on 25 January 2025 in place of Mr. Cheung

Chin Wa Angus who resigned on the same day. Mr. Cheung

Lap Kei is the Group Chief Financial Oficer and has day-to-

day knowledge of the Company’s afairs. He complied with the

relevant profesional training requirement under Rule 3.29 of the

Listing Rules.

SECURITIES TRANSACTIONS BY DIRECTORS

AND RELEVANT EMPLOYES

The Company has adopted the Model Code for Securities

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

as amended from time to time and set out in Apendix C3 to the

Listing Rules, as its own code of conduct regarding securities

transactions by the Directors. Having made specific enquiries

by the Company, al Directors have confirmed that they have

complied with the required standards set out in the Model Code

throughout the year under review.

The Company has also adopted a code of conduct regarding

securities transactions on no les exacting terms than the Model

Code by the relevant employes of the Group who are considered

likely to be in posesion of unpublished price sensitive

information relating to the Company or its securities pursuant to

code provision C.1.3 of the CG Code. To the best knowledge and

belief of the Directors, al Directors and relevant employes have

complied with the required standards of this code.

RISK MANAGEMENT AND INTERNAL CONTROL

The Board has undertaken the overal responsibility for evaluating

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

maintaining a sound and efective risk management and internal

controls systems covering financial, operational, compliance and

risk management aspects to safeguard the Company’s asets

and the Shareholders’ interests.

The Audit Comite reviews and monitors the risk management

and internal controls that are significant to the Group on an

ongoing basis. The Audit Comite would consider the

adequacy of resource, qualification, experience and training

programes and budget of staf and external advisor of the

Group’s acounting, internal audit and financial reporting function.

公司秘书

张立基先生于二零二五年一月二十五日获委任

为本公司公司秘书，以接替于同日辞任的张展

华先生。张立基先生为本集团首席财务官且了

解本公司的日常事务。彼已遵守上市规则第

3.29条项下的相关专业培训规定。

董事及有关雇员进行证券交易

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的标准守则》（「标准守则」）

（经不时修订）作为其本身有关董事进行证券交

易之操守则。经本公司作出具体查询后，全

体董事确认已于回顾年度内一直遵守标准守则

所载之规定标准。

根据企业管治守则之守则条文第C.1.3条，本公

司亦已对被视为可能拥有未经发布本公司或其

证券价格敏感资料之本集团有关雇员采纳一套

证券交易操守则，其条款之严谨程度不逊于

标准守则。据董事所深知及确信，全体董事及

有关雇员均已遵守该守则的规定标准。

风险管理及内部监控

董事会对评估及厘定其愿意承担的风险性质及

程度承担整体责任，以维持稳健而有效并涵盖

财务、营运、合规及风险管理方面的风险管理

及内部监控系统，保障本公司资产及股东权益。

审核委员会持续检讨及监察对本集团而言属重

大之风险管理及内部监控。审核委员会考量本

集团会计、内部审核及财务汇报职能方面的员

工与外聘顾问的资源、资历、经验，以及培训

课程及预算的充足性。

---

75二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

RISK MANAGEMENT AND INTERNAL CONTROL

(continued)

Management of the Group is delegated for designing, maintaining,

implementing and monitoring of the risk management and

internal control system to ensure adequate control in place to

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

mistatement or los and to manage risks of failure in the Group’s

operational systems. Management reports from time to time of

their findings, recomendations and remedies to the Board for its

consideration.

The Group has established the risk management procedures

to adres and handle al significant risks asociated with the

busineses of the Group. The Board would perform an anual

or periodical review on any significant or dynamic change of the

busines environment and establish procedures to response

to the risks resulted from the significant change of busines

environment.

Management would identify the risks asociated with the

busineses of the Group by considering both internal and external

factors and events which include political, economic, technology,

environmental, social, governance and staf. Each of risks has

ben asesed and prioritised based on their relevant impact

and ocurence oportunity. The relevant risk management

strategy would be aplied to each type of risks acording to the

asesment results. Each type of risk management strategy has

ben listed as folows:

(a) Risk retention and reduction: acept the impact of risk or

undertake actions by the Group to reduce the impact of the

risks;

(b) Risk avoidance: change busines proces or objective so as

to avoid the risk;

(c) Risk sharing and diversification: diversify the efect of the risk

or alocate to diferent location or product or market; and

(d) Risk transfer: transfer ownership and liability to a third party.

The internal control systems are designed and implemented to

reduce the risks asociated with the busines acepted by the

Group and minimise the adverse impact results from the risks.

The risk management and internal control system are designed

to manage rather than eliminate the risk of failure to achieve

busines objectives, and can only provide reasonable and not

absolute asurance against material mistatement or los.

风险管理及内部监控（续）

本集团管理层获授权负责风险管理及内部监控

系统的设计、维持、实施及监察，确保实行充

分的控制，保障本集团资产及持份者的利益，

以免出现错误陈述或损失，以及管理本集团营

运系统失效之风险。管理层不时向董事会汇报

其结论、推荐建议及补救措施，以供考虑。

本集团已制订风险管理流程，应对及处理与本

集团业务有关的所有重大风险。董事会将每年

或定期对业务环境出现的任何重大或持续变化

进行检讨，并制定流程以应对业务环境的重大

变化带来的风险。

管理层将通过考虑政治、经济、技术、环境、

社会、管治及员工等内外因素及事件以厘定与

本集团业务有关的风险。各类风险均已根据其

相关影响及发生机率进行评估及订立优先排

序。根据评估结果，将对各类风险应用相关风

险管理策略，各类风险管理策略载列如下：

(a) 风险保留及降低：本集团接受风险的影响

或采取行动以降低风险的影响；

(b) 风险避免：改变业务流程或目标，以避免

风险；

(c) 风险分担及分散：分散风险的影响或分配

至不同地区或产品或市场；及

(d) 风险转移：将拥有权及责任转移至第三

方。

设计和实施内部监控系统以降低与本集团所接

受与业务相关的风险，并尽量减少风险的不利

影响。设计风险管理及内部监控系统乃为管理

而非消除未能实现业务目标的风险，及仅能就

防止出现重大错误陈述或损失提供合理而非绝

对的保证。

---

76Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

RISK MANAGEMENT AND INTERNAL CONTROL

(continued)

Review on Risk Management and Internal Control

During the year under review, the Group had engaged an external

advisory firm to undertake the internal audit function to ensure the

efectivenes and eficiency of the risk management and internal

control system of the Group. Al findings and recomendations

on internal control deficiencies were comunicated with the Audit

Comite and the Board. Management confirmed that there

was no significant deficiency and weaknes on the internal control

system has ben identified by the external advisory firm for the

year ended 31 March 2025.

The Board conducted anual review on the risk management and

internal control system and procedures of the Group, covering al

material controls including financial, operational and compliance

and it was considered that the internal controls and risk

management functions were reasonably efective and adequate

for the year ended 31 March 2025.

EXTERNAL AUDITOR’S REMUNERATION

The remuneration paid/payable to the Company’s external

auditor, Ernst & Young, for the year ended 31 March 2025, are

set out as folows:

Services rendered for the Group

Fes paid/

payable to

Ernst & Young

向本集团提供之服务

已付╱应付

安永之费用

HK$’000

千港元

Audit services:审核服务：

– anual financial statements－年度财务报表11,480

Non-audit services:非审核服务：

– agred-upon procedures－协定程序1,820

– taxation and profesional services－税务及专业服务1,496

– other profesional services－其他专业服务7,560

Total:总计：22,356

风险管理及内部监控（续）

风险管理及内部监控检讨

于回顾年度内，本集团已委聘外部顾问公司承

担内部审计职能，确保本集团风险管理及内部

监控系统的效能及效率。所有关于内部监控缺

陷的结论及推荐建议已知会审核委员会及董事

会。管理层确认，外部顾问公司已厘定，截至

二零二五年三月三十一日止年度内部监控系统

不存在重大缺陷与不足。

董事会已就本集团风险管理及内部监控系统及

流程进行年度检讨，涵盖所有重要控制，包括

财务、经营及合规，并认为内部监控及风险管

理职能于截至二零二五年三月三十一日止年度

属合理有效及充分。

外聘核数师之薪酬

截至二零二五年三月三十一日止年度，本公司

已付╱应付外聘核数师安永之薪酬，载列如下：

---

77二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

ACOUNTABILITY AND AUDIT

The Directors acknowledge their responsibility for preparation

and publication of the timely consolidated financial statements,

which gives a true and fair view of the financial position as at 31

March 2025 of the Group and ensure that they are prepared

in acordance with statutory requirements and aplicable

acounting standards.

A statement regarding the external auditor’s reporting

responsibilities is provided in the section headed “Independent

Auditor’s Report” of this report.

INFORMATION DISCLOSURE AND

MANAGEMENT OF INSIDE INFORMATION

The Group discloses information in acordance with the rules

and regulations of the Securities and Futures Comision in

Hong Kong and the Stock Exchange, releases its periodic reports

and interim anouncements to the public in acordance with

law, and discloses important information such as the Group’s

financial results, material information changes and information

on significant projects to the market on a timely basis, bearing

in mind the timelines, fairnes, acuracy, authenticity and

completenes of information disclosure, therefore protecting the

legal interests of investors and stakeholders.

ANTI-CORUPTION COMPLIANCE POLICY

The Company is comited to maintaining the highest standards

of legal and ethical conduct acros al its busines activities. To

uphold this comitment, the Company has adopted an Anti-

Coruption Compliance Policy that aplies to al Directors, oficers,

employes, agents, and asociated personel. The Policy strictly

prohibits bribery, kickbacks, and any form of coruption, whether

direct or indirect. Company personel are expresly forbiden

from ofering, giving, soliciting, or acepting anything of value to

gain or retain an improper busines advantage.

The Policy is suported by robust internal controls designed

to prevent coruption, avoid any apearance of wrongdoing,

and enable the Company to respond promptly and efectively

to any related concerns. Any breach of this Policy may result

in disciplinary action, including termination of employment.

Employes are encouraged to sek advice from the designated

Director if they have any questions regarding compliance.

问责及审核

董事知悉彼等须适时编制及刊发综合财务报表

之责任，以真实而公平地反映本集团于二零

二五年三月三十一日的财务状况，并确保按法

定规定及适用会计准则编制。

有关外聘核数师申报责任的声明载于本报告「独

立核数师报告」一节。

内幕消息的信息披露及管理

本集团按照香港证券及期货事务监察委员会及

联交所的规则及规例披露信息，依法向公众发

布定期报告及中期公布，并及时向市场披露本

集团财务业绩、重大信息变动、重大项目信息

等重要信息，牢记信息披露的及时性、公平

性、准确性、真实性及完整性，从而保护投资

者及持份者的合法权益。

反贪污合规政策

本公司致力于在其所有业务活动中保持最高标

准的法律和道德行为。为履行此承诺，本公司

已采纳适用于所有董事、高级职员、雇员、代

理人及相关人员的反贪污合规政策。该政策严

格禁止贿赂、回扣及任何形式的直接或间接贪

污。本公司人员被明确禁止提供、给予、索取

或接受任何有价值的物品以获得或保留不正当

的商业优势。

该政策由严格的内部监控支持，旨在防止腐

败、避免任何不当行为的出现，并使本公司能

够及时有效地应对任何相关问题。任何违反该

政策的行为均可能导致纪律处分，包括终止雇

佣。倘雇员对合规事宜有任何疑问，本公司鼓

励他们向指定董事寻求建议。

---

78Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

WHISTLEBLOWING POLICY

The Company has adopted a whistleblowing policy to facilitate

the achieving of high posible standards of openes, probity and

acountability. Procedures are formulated to enable individual

employes to disclose internaly and at a high level, information

which the individual believes that it shows malpractice or

impropriety within the Group. During the year under review, no

incident of fraud or misconduct was reported from employes

that have material efect on the Group’s financial statements and

overal operations.

DIVIDEND POLICY

The dividend policy adopted by the Company in November 2018

is intended to be prudent and sustainable, and wil be reviewed

from time to time. There is no asurance that dividends wil be

paid in any particular amount or for any particular period. Subject

to compliance with aplicable laws and regulations, the Board

may, at its discretion, determine the declaration of payment of

dividend(s) to the Shareholders in any amount and frequency

in any financial year depending on, among other things, the

Company’s operational and financial performance, liquidity

condition, capital requirements, future funding neds, contractual

restrictions, availability of reserves and the prevailing economic

climate.

举报政策

本公司已采纳一套举报政策，协助达成最高水

平的开放、诚信及问责性。本公司已制定程

序，令个别雇员可在内部及在最高层次披露彼

认为反映本集团内出现不良或不当行为的资

料。于回顾年度内，概无雇员报告对本集团财

务报表及整体业务营运造成重大影响的任何欺

诈或失当行为。

股息政策

本公司于二零一八年十一月采纳的股息政策以

审慎及可持续为宗旨，并将会不时进行检讨。

概不保证会派付任何特定金额的股息或就任何

特定期间派付股息。在遵从适用的法例及规例

下，董事会可全权酌情厘定在任何财政年度向

股东宣派任何金额及次数的股息，惟视乎（其中

包括）本公司的营运及财务表现、流动资金状

况、资本需求、未来资金需要、合约限制、可

动用储备及当前经济环境。

---

79二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

COMUNICATIONS WITH SHAREHOLDERS AND

INVESTORS

The Company is comited to promoting and maintaining

efective comunication with its Shareholders and investors (both

individual and institutional) to ensure that the Group’s information is

diseminated to the stakeholders and investors in a timely maner

and enable them to have a clear asesment of the enterprise

performance. In an efort to solicit and understand the views

of Shareholders, the Company has adopted a shareholders’

comunication policy (the “Shareholders’ Comunication

Policy”) seting out various comunication chanels, including:

(i) timely publication of corporate information on the Company’s

website; (i) distribution of corporate comunications in printed

or electronic form; and (i) holding anual general metings

to provide platform for Shareholders to raise questions and

exchange views with the Board.

Having considered the multiple comunication and engagement

chanels in place, the Board is satisfied that the Shareholders’

Comunication Policy was properly implemented and efective

during the year ended 31 March 2025.

At the anual general meting held on 20 August 2024, al

Directors were present either in person or by electronic means

to answer questions from the Shareholders of the Company

and separate resolution in respect of each separate isue was

proposed for Shareholders to vote thereon. The Company

apointed branch share registrar of the Company to act as

scrutiners and to ensure votes cast are properly counted and

recorded, and anounced the results of the pol on the websites

of the Stock Exchange in acordance with the Bye-laws and the

Listing Rules.

与股东及投资者的沟通

本公司致力促进及维系与股东及个人和机构投

资者之有效沟通，确保可及时向持份者及投资

者发布本集团资讯，令彼等明确评估公司表

现。为征询及了解股东的意见，本公司已采纳

一套股东通讯政策（「股东通讯政策」），当中载

列各种通讯渠道，包括：(i)适时于本公司网站刊

发公司资料；(i)以印刷或电子形式分发公司通

讯；及(i)举行股东周年大会，为股东提供提问

及与董事会交换意见的平台。

经考虑现有的多种通讯及参与渠道后，董事

会信纳股东通讯政策于截至二零二五年三月

三十一日止年度已妥善实施及有效。

于二零二四年八月二十日举行的股东周年大会

上，全体董事亲身或以电子方式出席以回答本

公司股东的提问，并就各事项提呈独立决议案

供股东进行投票表决。本公司委任本公司股份

过户登记分处担任监票员，以确保所投之票获

妥善点算及记录，并根据公司细则及上市规则

于联交所网站公布投票表决结果。

---

80Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

SHAREHOLDERS’ RIGHTS

The folowing procedures are subject to the Bye-laws, the

Bermuda Companies Act 1981, and aplicable laws and

regulations concerning shareholders’ rights.

Procedures for special general metings requisitioned

by the shareholders

Shareholders of the Company holding at the date of deposit of

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

Company carying the right of voting at general metings of the

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

the Board or the company secretary of the Company, to require

a special general meting (the “SGM”) to be caled by the Board

for the transaction of any busines or resolution specified in such

requisition; and the SGM shal be held within two months after the

deposit of such requisition. If within 21 days of such deposit the

Board fails to proced to convene the SGM, the requisitionist(s)

himself (themselves) may convene a meting at only one location

which wil be the principal meting place in acordance with the

provisions of the Bermuda Companies Act 1981, but any meting

so convened shal not be held after the expiration of thre months

from the date of deposit of the requisition.

The requisition (i) must state the purpose of the SGM; and (i) must

be signed by the requisitionists and deposited at the principal

place of busines of the Company at Suite 3202, 32/F., Skyline

Tower, 39 Wang Kwong Road, Kowlon Bay, Kowlon, Hong

Kong (the “Principal Place of Busines”) for the atention of

the company secretary of the Company. The requisition may

consist of several documents in like form each signed by one

or more requisitionists. Upon receipt, the requisition wil be

verified. Once confirmed to be proper and in order, the company

secretary of the Company wil forward the requisition to the

Board and notify them to convene an SGM by serving suficient

notice to al shareholders of the Company. A meting convened

by the requisitionists shal be conducted as nearly as posible in

the same maner as metings convened by the Directors. The

Company shal reimburse al reasonable expenses incured by the

requisitionists as a result of the failure of the Board to convene the

meting.

股东权利

以下程序须遵守公司细则、百慕达一九八一年

公司法及有关股东权利的适用法律及法规。

股东请求召开股东特别大会的程序

于呈递请求日期持有本公司附带权利可于本公

司股东大会上投票之缴足股本不少于十分之一

的股东，有权随时向本公司董事会或公司秘书

发出书面请求，请求董事会召开股东特别大会

（「股东特别大会」），以处理该请求中指明的任

何业务或决议案；及股东特别大会须于呈递有

关请求后两个月内举行。倘董事会未能于呈递

有关请求后21日内召开股东特别大会，则根据

百慕达一九八一年公司法之条文，请求人本身

可仅于一个地点召开大会，该地点将为主要会

议地点，惟任何如此召开之大会不得于呈递请

求日期起计三个月届满后举行。

请求(i)须列明股东特别大会的目的；及(i)必须

由请求人签署并交回本公司主要营业地点，地

址为香港九龙九龙湾宏光道39号宏天广场32楼

3202室（「主要营业地点」），并注明收件人为本

公司之公司秘书。请求可由多份形式相似的文

件组成，并均由一名或以上请求人签署。请求

一经收取将予核实。一经确认为适当及合乎程

序，本公司公司秘书将请求转交董事会，并通

知彼等透过向本公司全体股东发出具备足够通

知期的通知而召开股东特别大会。请求人召开

的会议应尽可能以与董事召开的会议相同的方

式进行。本公司须偿付请求人因董事会未能召

开大会而产生的所有合理开支。

---

81二零二五年报 宏安集团有限公司

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

SHAREHOLDERS’ RIGHTS (continued)

Procedures for shareholders to put forward proposals

at general metings

Pursuant to the Bermuda Companies Act, shareholders

representing not les than one-twentieth of the Company’s paid

up capital carying the right of voting at general metings of the

Company (the “Aplicants”), or not les than one hundred of

shareholders, can request the Company in writing to: (a) give

to shareholders of the Company entitled to receive notice of

the next general meting notice of any resolution which may

properly be moved and is intended to be moved at that meting;

and (b) circulate to shareholders entitled to have notice of any

general meting sent to them any statement of not more than

one thousand words with respect to the mater refered to in

any proposed resolution or the busines to be dealt with at that

meting.

The requisition signed by al the Aplicants, may consist of

several documents in similar form, each signed by one or more

Aplicants. It must be deposited at the Principal Place of Busines

for the atention of the company secretary of the Company with

a sum reasonably suficient to met the Company’s relevant

expenses, not les than six weks before the meting in case of

a requisition requiring notice of a resolution or not les than one

wek before the meting in the case of any other requisition.

Provided that an anual general meting is caled for a date

six weks or les after the requisition has ben deposited, the

requisition though not deposited within the time required shal

be demed to have ben properly deposited for the purposes

thereof. Upon receipt, the request wil be verified. Once confirmed

to be proper and in order, the company secretary of the Company

wil ask the Board to include the resolution in the agenda for the

general meting of the Company.

Procedures for shareholders to propose a person for

election as a director

The procedures for proposing candidate(s) for election as

director(s) at a general meting of the Company are outlined in the

“Corporate Governance” section under “Corporate Profile” on the

website of the Company at w.wangon.com.

股东权利（续）

股东于股东大会上提案的程序

根据百慕达公司法，持有本公司附带权利可于

本公司股东大会上投票之缴足股本不少于二十

分之一的股东（「申请人」）或不少于一百名股

东，可以书面形式请求本公司：(a)向有权接收

下一届股东大会通告之本公司股东发出通知，

以告知任何可能于该大会上正式动议并拟于会

上动议之决议案；及(b)向有权获发任何股东

大会通告之股东传阅有关任何提呈决议案所述

事项或将于该大会上处理的事务的任何不超过

一千字的声明。

由所有申请人签署的请求可由多份形式相似的

文件组成，并均由一名或以上申请人签署。请

求须于大会举行前不少于六个星期（如为须发出

决议案通知的请求）或于大会举行前不少于一个

星期（如为任何其他请求），连同合理足够支付

本公司相关开支的款项，送交本公司主要营业

地点，注明收件人为本公司之公司秘书。倘股

东周年大会于呈递请求后六个星期或更短时间

召开，则该请求虽未于规定时间内呈递，但须

被视为已就此目的妥为呈递。请求一经收取将

予核实。一经确认为适当及合乎程序，本公司

公司秘书将要求董事会将决议案列入本公司股

东大会议程。

股东提名人士参选董事的程序

于本公司股东大会上提名候选人参选董事的程

序，载于本公司网站(w.wangon.com)中「企

业资讯」内之「企业管治」一节内。

---

82Wang On Group Limited Anual Report 2025

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

SHAREHOLDERS’ RIGHTS (continued)

Enquiries to the Board

Shareholders may send their enquiries and concerns, in writen

form, to the Board in writing by email to (pr@wangon.com) or

by adresing their enquiries to the company secretary of the

Company in the folowing maners:

In respect of the corporate afairs:

Company Secretary

Wang On Group Limited

Suite 3202, 32/F., Skyline Tower

39 Wang Kwong Road

Kowlon Bay

Kowlon

Hong Kong

In respect of shareholding/entitlement afairs:

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

CONSTITUTIONAL DOCUMENT

There was no change in the Memorandum of Asociation and

Bye-laws of the Company during the year ended 31 March 2025.

CORPORATE SOCIAL RESPONSIBILITY & ESG

OVERSIGHT

The Group acknowledges its corporate social responsibility in

relation to its environmental, social and governance (“ESG”)

strategy and reporting, and is responsible for the Group’s ESG

risk management and internal control systems to ensure that

the ESG strategies and reporting requirements are met. The

details of ESG performance of the Group are set out in the “2025

Environmental, Social and Governance Report”.

股东权利（续）

向董事会查询

股东可以将查询及关注事宜，以书面形式经电

邮(pr@wangon.com)发送予董事会，或按以下方

式向本公司之公司秘书提交查询：

关于企业事务：

公司秘书

宏安集团有限公司

香港

九龙

九龙湾

宏光道39号

宏天广场32楼3202室

关于股权╱权益事务：

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

章程文件

于截至二零二五年三月三十一日止年度，本公

司之组织章程大纲及公司细则概无变动。

企业社会责任及环境、社会及管治监督

本集团确认其有关环境、社会及管治（「环境、

社会及管治」）策略及汇报的企业社会责任，并

负责本集团的环境、社会及管治风险管理及内

部监控系统，以确保符合环境、社会及管治策

略及汇报要求。本集团环境、社会及管治表现

之详情载于「二零二五年环境、社会及管治报

告」。

---

83二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS

董事会报告

The board of directors (the “Board” or the “Director(s)”) of Wang

On Group Limited (the “Company”, together with its subsidiaries,

the “Group”) present their report and the audited consolidated

financial statements for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding. As

at the date of this report, the principal activities of the principal

subsidiaries of the Company comprise (i) property investment,

property development and trading and aset management

in Hong Kong through WOP, the Group’s 75%-owned listed

subsidiary; (i) manufacturing and retailing of pharmaceutical and

health fod products through WYT, the Group’s aproximately

72.02%-owned listed subsidiary; and (i) management and sale

of properties in agricultural product exchange markets in the PRC

through CAP, the Group’s aproximately 57.09%-owned listed

subsidiary. Details of which are set out in note 1 to the financial

statements. There was no significant change in the nature of the

Group’s principal activities during the year.

BUSINES REVIEW AND ANALYSIS OF KEY

FINANCIAL PERFORMANCE INDICATORS

In acordance with Schedule 5 to the Companies Ordinance

(Cap. 622), a fair review of the Group’s busines, an overview

of the principal risks and uncertainties faced by the Group,

significant events afecting the Group since the end of the

year under review, an analysis of the Group’s performance

using key financial performance indicators, and an outlok

of the likely future development of the Group’s busines, can

be found in the sections headed “Chairman’s Statement”

and “Management Discusion and Analysis” of this report. In

adition, a discusion on relationships with its key stakeholders

is included in the sections headed “Management Discusion and

Analysis” and “Corporate Governance Report” of this report.

These form an integral part of this report of the Directors. A

separate Environmental, Social and Governance Report (the

“ESG Report”) wil provide detailed disclosures on the Group’s

environmental policies and performance, compliance with relevant

laws and regulations and relationships with key stakeholders.

The busines review and the key financial performance indicators

of the Group, including but not limited to the folowing, are

disclosed in the section headed “Management Discusion and

Analysis” on pages 17 to 46 of this report.

宏安集团有限公司（「本公司」，连同其附属公司

统称「本集团」）董事（「董事」）会（「董事会」）谨此

提呈截至二零二五年三月三十一日止年度之报

告及经审核综合财务报表。

主要业务

本公司之主要业务为投资控股。于本报告日

期，本公司主要附属公司之主要业务包括(i)透过

其拥有75%权益之上市附属公司宏安地产于香

港从事物业投资、物业发展及买卖以及资产管

理；(i)透过其拥有约72.02%权益之上市附属公

司位元堂从事医药及保健食品的制造及零售；

及(i)透过其拥有约57.09%权益之上市附属公司

中国农产品于中国从事农产品交易市场之物业

管理及销售。有关详情载于财务报表附注1。年

内，本集团之主要业务性质并无重大改变。

业务回顾及主要财务表现指标分析

根据公司条例（香港法例第622章）附表5，本集

团业务的公平回顾、本集团所面对的主要风险

及不明朗因素概览、自回顾年度结束以来影响

本集团的重大事件、采用主要财务表现指标对

本集团表现的分析，以及本集团业务未来潜在

发展的展望，载于本报告「主席报告」及「管理层

讨论及分析」各节。此外，有关与其主要持份者

关系的讨论载于本报告「管理层讨论及分析」及

「企业管治报告」各节。该等内容构成本董事会

报告的组成部分。独立刊载的环境、社会及管

治报告（「环境、社会及管治报告」）将详细披露

本集团的环境政策及表现、遵守相关法律及法

规的情况以及与主要持份者的关系。

本集团的业务回顾及主要财务表现指标（包括但

不限于以下各项）于本报告第17至46页的「管理

层讨论及分析」一节披露。

---

84Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

(a) a fair review of the Group’s busines;

(b) principal risk factors;

(c) an analysis using key financial performance indicators;

(d) key relationships with its employes, supliers, contractors

and customers; and

(e) future development in the Group’s busines.

The corporate social responsibility, environmental policies and

performance of the Group are disclosed in the section headed

“Management Discusion and Analysis” and the Corporate

Governance Report of this report, and the Group’s standalone

ESG Report published on the websites of the Company and The

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

To the best knowledge of the Board, the Group has complied in

al material aspects with the relevant laws and regulations that

have a significant impact on the busineses and operations of the

Group during the year ended 31 March 2025.

RESULTS AND DIVIDENDS

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

and the Group’s financial position at that date are set out in the

financial statements on pages 122 to 124.

For the financial year ended 31 March 2025, the Group’s

revenue and los atributable to owners of the parent amounted

to aproximately HK$2,740.2 milion (2024: aproximately

HK$1,983.2 milion) and aproximately HK$992.4 milion (2024:

aproximately HK$753.8 milion), respectively.

The Board did not recomend the payment of a final dividend

(2024: Nil) for the year ended 31 March 2025. No interim dividend

was declared for the six months ended 30 September 2024 (30

September 2023: Nil).

(a) 本集团业务之公平回顾；

(b) 主要风险因素；

(c) 采用主要财务表现指标进行之分析；

(d) 与其雇员、供应商、承包商及客户的主要

关系；及

(e) 本集团业务之未来发展。

本集团的企业社会责任、环境政策及表现于本

报告「管理层讨论及分析」一节及企业管治报告

披露，以及单独刊载于本公司及香港联合交易

所有限公司（「联交所」）网站的本集团环境、社

会及管治报告。

据董事会所知，于截至二零二五年三月三十一

日止年度，本集团已在所有重大方面遵守对本

集团业务及营运有重大影响之相关法律及法规。

业绩及股息

本集团于截至二零二五年三月三十一日止年度

之业绩及本集团于该日之财务状况载于第122至

124页之财务报表。

截至二零二五年三月三十一日止财政年度，

本集团之收入及母公司权益持有人应占亏损

分别约2,740,200,000港元（二零二四年：约

1,983,200,000港元）及约992,400,000港元（二

零二四年：约753,800,000港元）。

董事会不建议派付截至二零二五年三月三十一

日止年度之末期股息（二零二四年：无）。截至

二零二四年九月三十日止六个月并无宣派中期

股息（二零二三年九月三十日：无）。

---

85二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

FIVE-YEAR FINANCIAL SUMARY

A sumary of the published results, asets, liabilities and non-

controling interests of the Group for the last five financial years,

extracted from the audited financial statements, is set out on

pages 355 to 356 of this report. This sumary is for reference

only and does not form part of the audited financial statements.

SHARE CAPITAL AND SHARE OPTION SCHEME

Details of movements in the share capital and share option

scheme of the Company during the year, are set out in notes 34

and 35 to the financial statements of this report.

DISTRIBUTABLE RESERVES

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

for distribution to equity holders of the parent, calculated in

acordance with the Companies Act 1981 of Bermuda (as

amended), amounted to aproximately HK$433.9 milion (2024:

aproximately HK$413.9 milion).

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Bye-

laws or the laws of Bermuda, being the jurisdiction in which the

Company was incorporated, which would oblige the Company to

ofer new shares on a pro-rata basis to existing shareholders.

PURCHASE, SALE OR REDEMPTION OF LISTED

SECURITIES OF THE COMPANY

Save as the disposal of 1,083,552 shares of the Company

by WYT on 29 April 2024, neither the Company nor any of its

subsidiaries purchased, sold or redemed any of the Company’s

listed securities (including sale of treasury share) during the year

ended 31 March 2025. The Company and its subsidiaries did not

hold any treasury shares as at 31 March 2025.

The Group received 1,187,123,105 shares of the Company on

25 March 2024 pursuant to the special dividend of WYT partialy

satisfied by way of distribution in specie of the shares of the

Company. Such 1,187,123,105 shares of the Company were

canceled on 29 April 2024.

五年财务概要

本集团过去五个财政年度刊发之业绩、资产、

负债及非控股权益之概要载于本报告第355至

356页。此概要摘录自经审核财务报表，仅供参

考且不属于经审核财务报表之一部分。

股本及购股权计划

本公司之股本及购股权计划于年内变动之详情

载于本报告财务报表附注34及35。

可供分派之储备

于二零二五年三月三十一日，根据一九八一年

百慕达公司法（经修订）之规定计算，本公司可

向母公司权益持有人分派之储备约433,900,000

港元（二零二四年：约413,900,000港元）。

优先购买权

公司细则或百慕达（即本公司注册成立之司法权

区）法例均无有关优先购买权之条款，规定本公

司须按比例向现有股东提呈发售新股份。

购买、出售或赎回本公司之上市证券

除位元堂于二零二四年四月二十九日出售

1,083,552股本公司股份外，于截至二零二五

年三月三十一日止年度，本公司或其任何附属

公司概无购买、出售或赎回本公司任何上市证

券（包括出售库存股份）。于二零二五年三月

三十一日，本公司及其附属公司并无持有任何

库存股份。

于二零二四年三月二十五日，本集团根据位元

堂之部份以实物分派本公司股份之方式支付的

特别股息收取1,187,123,105股本公司股份。该

等1,187,123,105股本公司股份于二零二四年四

月二十九日注销。

---

86Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

RELIEF FROM TAXATION

During the year under review, the Directors are not aware of any

relief from taxation available to the shareholders by reason of their

holding the Company’s securities.

MAJOR CUSTOMERS AND SUPLIERS

For the year ended 31 March 2025, sales to the Group’s five

largest customers acounted for aproximately 17% (2024:

aproximately 12%) of the total sales for the year and the sales to

the largest customer included therein acounted to aproximately

12%. Purchases from the Group’s five largest supliers

acounted for aproximately 22% (2024: aproximately 39%) of

the total purchases for the year and purchases from the largest

suplier included therein amounted to aproximately 7% of the

total purchases for the year.

None of the Directors or any of their asociates or any

Shareholders (which, to the best knowledge of the Directors, own

more than 5% of the Company’s isued share capital) had any

beneficial interest in the Group’s five largest customers or five

largest supliers.

PROPERTY, PLANT AND EQUIPMENT

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

Group during the financial year ended 31 March 2025 are set out

in note 13 to the financial statements of this report.

DIRECTORS

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

were:

Executive Directors

Mr. Tang Ching Ho, GBS, JP, Chairman

Ms. Yau Yuk Yin, Deputy Chairman

Ms. Stephanie

Independent Non-Executive Directors

Mr. Wong Chun, Justein, BS, MBE, JP

Mr. Siu Kam Chau

Mr. Chan Yung, SBS, JP

税务宽免

于回顾年度内，董事并不知悉股东因持有本公

司证券而获得任何税务宽免。

主要客户及供应商

截至二零二五年三月三十一日止年度，本集团

五大客户之销售额占本年度总销售额约17%（二

零二四年：约12%），其中向最大客户之销售额

约占12%。本集团向五大供应商之采购额占本

年度总采购额约22%（二零二四年：约39%），

其中向最大供应商之采购额占本年度总采购额

约7%。

各董事或任何彼等之联系人或就董事所知拥有

本公司已发行股本5%以上之股东，概无拥有本

集团五大客户或五大供应商之任何实际权益。

物业、厂房及设备

本集团于截至二零二五年三月三十一日止财政

年度的物业、厂房及设备变动详情载于本报告

财务报表附注13。

董事

本年度及截至本报告日期止的董事为：

执行董事

邓清河先生，GBS，太平绅士，主席

游育燕女士，副主席

Stephanie女士

独立非执行董事

王津先生，BS, MBE，太平绅士

萧锦秋先生

陈勇先生，SBS，太平绅士

---

87二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

In acordance with Bye-law 84(1) of the Bye-laws, Ms. Yau Yuk

Yin and Mr. Chan Yung shal retire by rotation and, being eligible,

ofer themselves for re-election at the forthcoming anual general

meting of the Company.

DIRECTORS’ AND SENIOR MANAGEMENT’S

BIOGRAPHIES

Biographical details of the Directors and the senior management

of the Group are set out on pages 47 to 52 of this report.

PERMITED INDEMNITY PROVISION

Pursuant to the Bye-laws, every Director and oficers is entitled

to be indemnified and held harmles out of the asets and profits

of the Company against al actions, loses or liabilities which

they may incur or sustain by or by reason of any act done about

the execution of the duties of their respective ofice or otherwise

in relation thereto. The Company has aranged for apropriate

insurance coverage for the Directors and oficers of the Group for

the year.

CHANGE IN INFORMATION OF DIRECTORS

Save for changes in the biographical details of the Directors, there

was no other change in the information of the Directors since

the publication of the 2024 interim report which is required to be

disclosed pursuant to Rule 13.51B(1) of the Rules Governing the

Listing of Securities (the “Listing Rules”) on the Stock Exchange.

Change in Directors’ remuneration was disclosed in note 8 to the

financial statements of this report.

根据公司细则第84(1)条，游育燕女士及陈勇先

生将于本公司应届股东周年大会上轮值退任，

且彼等符合资格并愿意膺选连任。

董事及高级管理层履历简介

董事及本集团之高级管理层之履历详情载于本

报告第47至52页。

获准弥偿条文

根据公司细则，各董事及高级人员有权就或因

彼等执行各自的职务或与此有关的其他事宜所

作的任何行为而可能招致或引致的所有行动、

亏损或责任，从本公司的资产及溢利中获得弥

偿及就此免受任何损害。年内，本公司已为本

集团董事及高级人员安排适当的保险保障。

董事资料变动

除董事履历详情之变动外，自刊发二零二四年

中期报告以来，概无其他董事资料变动须根据

联交所证券上市规则（「上市规则」）第13.51B(1)

条予以披露。

董事酬金变动于本报告财务报表附注8披露。

---

88Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

DIRECTORS’ SERVICE CONTRACTS

None of the Directors proposed for re-election at the anual

general meting has a service contract with the Company or any

of its subsidiaries which is not determinable by the Company

within one year without payment of compensation (other than

statutory compensation).

DIRECTORS’ INTERESTS IN TRANSACTIONS,

ARANGEMENTS OR CONTRACTS

Save as disclosed in notes 8 and 43 to the financial statements,

no Directors or any conected entity of a Director had any

material interest, whether directly or indirectly, in any transaction,

arangement or contract of significance to the busines of the

Group to which the Company, its holding company, or any of its

subsidiaries or felow subsidiaries was a party during the year.

DIRECTOR’S INTERESTS IN COMPETING

BUSINES

Mr. Tang Ching Ho, the Chairman and an executive Director, is the

sole ultimate beneficial owner of Easy One Financial Group Limited

(“Easy One”), which has ben principaly engaging in, among

others, financing busines since 2015, was considered to have

an interest in busines which competes or is likely to compete,

either directly or indirectly, with the busines of the Group. Ms.

Stephanie, an executive Director, is a director of Easy One and

the daughter-in-law of Mr. Tang Ching Ho. Ms. Yau Yuk Yin, the

deputy Chairman and an executive Director, is the spouse of

Mr. Tang Ching Ho. Save as disclosed above, none of the

Directors nor their respective asociates had an interest in

a busines, apart from the busineses of the Group, which

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

the busineses of the Group pursuant to Rule 8.10 of the Listing

Rules during the year.

董事之服务合约

概无拟于股东周年大会上重选之董事与本公司

或其任何附属公司订立本公司不可于一年内不

付赔偿（法定赔偿除外）而终止之服务合约。

董事于交易、安排或合约中之权益

除财务报表附注8及43所披露者外，年内概无董

事或董事之任何关连实体直接或间接于本公司

任何由本公司、其控股公司或其任何附属公司

或同系附属公司订立并对本集团业务而言属重

要之交易、安排或合约中拥有重大权益。

董事于竞争业务中之权益

主席兼执行董事邓清河先生为易壹金融集团

有限公司（「易壹」）的唯一最终实益拥有人，

易壹自二零一五年起主要从事（其中包括）融

资业务，被视为于与本集团业务直接或间接构

成竞争或可能构成竞争的业务中拥有权益。执

行董事Stephanie女士为易壹之董事及邓清

河先生之儿媳。副主席兼执行董事游育燕女士

为邓清河先生的配偶。除上文所披露者外，年

内，概无董事或彼等各自之联系人于根据上市

规则第8.10条与本集团业务直接或间接构成竞

争或可能存在竞争之业务（本集团业务除外）中

拥有权益。

---

89二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

Save as disclosed under the headings “Directors’ and chief

executive’s interests and short positions in shares, underlying

shares or debentures of the Company and its asociated

corporations” above, “Share Option Scheme” below and in

the share option scheme disclosed in note 35 to the financial

statements, at no time during the year were rights to acquire

benefits by means of the acquisition of shares or underlying

shares in, or debentures of the Company granted to any Director

or their respective spouse or minor children, or were any such

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

subsidiaries a party to any arangement to enable the Directors to

acquire such rights in any other body corporate.

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND SHORT POSITIONS IN SHARES,

UNDERLYING SHARES OR DEBENTURES

OF THE COMPANY AND ITS ASOCIATED

CORPORATIONS

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

Directors and chief executive of the Company and/or any of

their respective asociates in the shares, underlying shares or

debentures of the Company or any of its asociated corporations

(within the meaning of Part XV of the SFO), as recorded in the

register required to be kept by the Company pursuant to Section

352 of the SFO, or as otherwise notified to the Company and the

Stock Exchange pursuant to Part XV of the SFO or the Model

Code under the Listing Rules, were as folows:

董事购买股份或债券之权利

除上文「董事及主要行政人员于本公司及其相联

法团之股份、相关股份或债券之权益及淡仓」、

下文「购股权计划」以及财务报表附注35购股权

计划所披露事项外，于年内任何时间，本公司

概无向任何董事或彼等各自之配偶或其未成年

子女授出权利，可藉购买本公司股份、相关股

份或债券而获益，而彼等亦无行使任何该等权

利；或本公司或其任何附属公司亦概无参与任

何安排可使董事于任何其他法人团体中取得该

等权利。

董事及主要行政人员于本公司及其相联

法团之股份、相关股份或债券之权益及

淡仓

于二零二五年三月三十一日，董事及本公司主

要行政人员及╱或彼等各自之任何联系人于本

公司或其任何相联法团（定义见证券及期货条例

第XV部）之股份、相关股份或债券中拥有记录于

本公司根据证券及期货条例第352条须存置之登

记册之权益及淡仓，或根据证券及期货条例第

XV部或上市规则项下标准守则须知会本公司及

联交所之权益及淡仓如下：

---

90Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

Long positions in the ordinary shares of the Company:

Number of ordinary shares held, capacity and nature of interest

Aproximate

percentage of

the Company’s

total isued

share capital

所持普通股数目、身份及权益性质

Personal

interest

Family

interest

Corporate

interest

Other

interestTotal

Name of Director董事姓名个人权益家族权益公司权益其他权益总计

占本公司全部

已发行股本之

概约百分比

(Note f)

（附注f）

%

Mr. Tang Ching Ho (“Mr. Tang”)邓清河先生（「邓先生」）28,026,339 28,026,300

(Note a)

（附注a）

1,017,915,306

(Note b)

（附注b）

4,989,928,827

(Note c)

（附注c）

6,063,896,77242.80

Ms. Yau Yuk Yin (“Ms. Yau”)游育燕女士（「游女士」）28,026,3001,045,941,645

(Note d)

（附注d）

–4,989,928,827

(Note e)

（附注e）

6,063,896,77242.80

Notes:

(a) Mr. Tang was taken to be interested in those shares in which his

spouse, Ms. Yau, was interested.

(b) 486,915,306 Shares were held by Caister Limited (a company wholy-

owned by Mr. Tang), 531,000,000 Shares were held by Bilion Trader

Investments Limited (a direct wholy-owned subsidiary of Loyal Fame

International Limited (“Loyal Fame”), a direct wholy-owned subsidiary

of Easy One, which was in turn wholy-owned by Mr. Tang).

(c) Mr. Tang was taken to be interested in those shares by virtue of being

the founder of a discretionary trust, namely Tang’s Family Trust.

(d) Ms. Yau was taken to be interested in those shares in which her

spouse, Mr. Tang, was interested.

(e) Ms. Yau was taken to be interested in those shares by virtue of being a

beneficiary of Tang’s Family Trust.

(f) The percentages were disclosed pursuant to the relevant disclosure

form(s) filed under the SFO as at 31 March 2025 and the total number

of isued ordinary shares of the Company as at the date of this report

was 14,166,696,942 shares.

于本公司普通股之好仓：

附注：

(a) 邓先生被视为拥有其配偶游女士所持有该等股份

之权益。

(b) 486,915,306股份由Caister Limited（一间由邓先

生全资拥有之公司）持有，531,000,000股份由

Bilion Trader Investments Limited（为忠誉国际有限

公司（「忠誉」）之直接全资附属公司，而忠誉为易

易壹之直接全资附属公司，而易壹由邓先生全

资拥有）持有。

(c) 邓先生因作为全权信托（即邓氏家族信托）之创立

人而被视为拥有该等股份之权益。

(d) 游女士被视为拥有其配偶邓先生所持有该等股份

之权益。

(e) 游女士因作为邓氏家族信托之受益人而被视为拥

有该等股份之权益。

(f) 该等百分比乃根据按证券及期货条例于二零二五

年三月三十一日的已提交相关披露表格披露及

本公司于本报告日期的已发行普通股总数为

14,166,696,942股。

---

91二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

Interest in the shares and underlying shares of

asociated corporations:

Name of Director

Name of

asociated

corporation

Nature of

interest

Total number

of shares

involved

Aproximate

percentage of

asociated

corporation’s

total isued shares

董事姓名相联法团名称权益性质所涉及股份总数

占相联法团

已发行股份总数

之概约百分比

(Note a)

（附注a）

Mr. Tang

邓先生

CAP

中国农产品

Interest of controled

corporation

受控制公司权益

5,682,514,594

(Note b)

（附注b）

57.09

Ms. Yau

游女士

WOP

宏安地产

Interest of controled

corporation

受控制公司权益

11,400,000,000

(Note c)

（附注c）

75.00

WYT

位元堂

Interest of controled

corporation

受控制公司权益

810,322,940

(Note d)

（附注d）

72.02

Notes:

(a) The percentage(s) were disclosed pursuant to the relevant disclosure

form(s) filed under the SFO as at 31 March 2025 and the total number

of isued ordinary shares of CAP, WOP and WYT as at the date of

this report were 9,953,067,822 shares, 15,200,000,000 shares and

1,125,102,888 shares respectively.

(b) Pursuant to the disclosure of interests form published on the website

of the Stock Exchange, among of the 5,682,514,594 shares of CAP,

2,007,700,062 shares of CAP were held by Onger Investments Limited

(“Onger Investments”) and 3,674,814,532 shares of CAP were

held by Rich Time Strategy Limited (“Rich Time“). Each of Onger

Investments and Rich Time was directly wholy-owned by Wang On

Enterprises (BVI) Limited (“WOE”). WOE was directly wholy-owned by

the Company.

(c) 11,400,000,000 shares of WOP were held by Earnest Spot Limited (a

direct wholy-owned subsidiary of WOE).

(d) 810,322,940 shares of WYT were held by Rich Time, which was wholy-

owned by WOE.

于相联法团之股份及相关股份之权益：

附注：

(a) 该等百分比乃根据证券及期货条例按于二零二五

年三月三十一日的已提交相关披露表格披露，而

中国农产品、宏安地产及位元堂于本报告日期

的已发行普通股总数分别为9,953,067,822股、

15,200,000,000股及1,125,102,888股。

(b) 根据于联交所网站刊发之权益披露表格，

于5,682,514,594股中国农产品股份中，

2,007,700,062股中国农产品股份由Onger

Investments Limited（「Onger Investments」）持

有，及3,674,814,532股中国农产品股份由Rich

Time Strategy Limited（「Rich Time」）持有。Onger

Investments及Rich Time由Wang On Enterprises

(BVI) Limited（「WOE」）直接全资拥有。WOE由本公

司直接全资拥有。

(c) 11,400,000,000股宏安地产股份由Earnest Spot

Limited（WOE之直接全资附属公司）持有。

(d) 810,322,940股位元堂股份由Rich Time持有，Rich

Time由WOE全资拥有。

---

92Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

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

Directors and chief executive of the Company and/or any of their

respective asociates had registered an interest or short position

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

any of its asociated corporations (within the meaning of Part XV

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

Company pursuant to Section 352 of the SFO, or as otherwise

notified to the Company and the Stock Exchange pursuant to Part

XV of the SFO or the Model Code.

SUBSTANTIAL SHAREHOLDERS’ AND OTHER

PERSONS’ INTERESTS AND SHORT POSITIONS

IN SHARES AND UNDERLYING SHARES

As at 31 March 2025, to the best knowledge of the Directors, the

register of substantial shareholders maintained by the Company

pursuant to Section 336 of the SFO showed that the folowing

shareholders (other than the Directors or the chief executive of the

Company) had notified the Company and the Stock Exchange of

relevant interests and short positions in the shares and underlying

shares of the Company:

Long positions in the ordinary shares of the Company:

NotesCapacity

Number of

shares

Aproximate

percentage of

the Company’s

total isued

share capital

Name of Shareholder股东名称╱姓名附注身份股份数目

占本公司全部

已发行股本之

概约百分比

(Note 3)

（附注3）

%

Acord Power Limited

(“Acord Power”)

致力有限公司

（「致力」）

(1)Beneficial owner

– Tang’s Family Trust

实益拥有人

– 邓氏家族信托

4,989,928,82735.22

Alpadis Trust (HK)

Limited

Alpadis Trust (HK)

Limited

(2)Interest of controled

corporation

– Truste

受控制公司权益

– 受托人

4,989,928,82735.22

Alain ESEIVAlain ESEIVA(2)Interest of controled

corporation

受控制公司权益

4,989,928,82735.22

除上文所披露者外，于二零二五年三月三十一

日，概无董事及本公司主要行政人员及╱或彼

等各自之任何联系人于本公司或其任何相联法

团（定义见证券及期货条例第XV部）之股份、相

关股份或债券中拥有登记于本公司根据证券及

期货条例第352条须存置之登记册中，或根据证

券及期货条例第XV部或标准守则须知会本公司

及联交所之权益或淡仓。

主要股东及其他人士于股份及相关股份

之权益及淡仓

于二零二五年三月三十一日，据董事所深知，

本公司根据证券及期货条例第336条规定存置之

主要股东登记册所显示，下列股东（董事或本公

司主要行政人员除外）已知会本公司及联交所其

于本公司股份及相关股份中拥有之相关权益及

淡仓：

于本公司普通股之好仓：

---

93二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

Notes:

(1) Acord Power was indirectly wholy-owned by Alpadis Trust (HK)

Limited in its capacity as the truste of Tang’s Family Trust. Acordingly,

Alpadis Trust (HK) Limited was taken to be interested in those shares

held by Acord Power.

• %.

Acordingly, Alain ESEIVA was taken to be interested in those shares

in which Alpadis Group Holding AG was interested. Vanesa Teo

ESEIVA is the spouse of Alain ESEIVA and was therefore taken to

be interested in those shares in which Alain ESEIVA was interested.

Alpadis Trust (HK) Limited was the truste of Tang’s Family Trust.

Alpadis Trust (HK) Limited was owned as to 20% by each of Raysor

Limited, AGH Invest Ltd., AGH Capital Ltd., Alpadis (Hong Kong)

Limited and Alpadis Group Holding AG (each of Raysor Limited, AGH

Invest Ltd., AGH Capital Ltd. and Alpadis (Hong Kong) Limited was

wholy-owned by Alpadis Group Holding AG).

(3) The percentages were disclosed pursuant to the relevant disclosure

forms filed under the SFO as at 31 March 2025 and the total number of

isued ordinary shares of the Company as at the date of this report was

14,166,696,942 shares.

Save as disclosed above, as at 31 March 2025, there were no

other persons (other than the Directors or the chief executive of

the Company) who had an interest or short positions in the shares

or underlying shares of the Company which would fal to be

disclosed to the Company under the provisions of Divisions 2 and

3 of Part XV of the SFO or which were recorded in the register

that was required to be kept by the Company under Section 336

of the SFO.

RELATIONSHIP WITH CUSTOMERS AND

SUPLIERS

The Group recognised the enhancing and maintaining god

relationships with supliers and customers is esential for its

overal growth and development. The Group exercises careful

selection of quality supliers and promotes fair and open

competition to foster long-term relationships based on mutual

trust. It maintains god comunications and shares busines

updates with customers and supliers when apropriate. Details

of these comunications and the Group’s performance are

detailed in its Environmental, Social, and Governance Report

published in acordance with the Listing Rules.

附注：

(1) 致力由Alpadis Trust (HK) Limited以邓氏家族信托

之受托人身份间接全资拥有。因此，Alpadis Trust

(HK) Limited被视为拥有致力所持有该等股份之权

益。

(2) Alpadis Group Holding AG由Alain ESEIVA持有

82%权益。因此，Alain ESEIVA被当作于Alpadis

Group Holding AG拥有权益之该等股份中拥有

权益。Vanesa Teo ESEIVA为Alain ESEIVA

之配偶，故此，Vanesa Teo ESEIVA被当作于

Alain ESEIVA拥有权益之该等股份中拥有权益。

Alpadis Trust (HK) Limited为邓氏家族信托之受托

人。Alpadis Trust (HK) Limited分别由各Raysor

Limited、AGH Invest Ltd.、AGH Capital Ltd.、

Alpadis (Hong Kong) Limited及Alpadis Group

Holding AG（Raysor Limited、AGH Invest Ltd.、

AGH Capital Ltd.及Alpadis (Hong Kong) Limited

各自由Alpadis Group Holding AG全资拥有）拥有

20%。

(3) 该等百分比乃根据按证券及期货条例于二零二五

年三月三十一日的已提交相关披露表格披露及

本公司于本报告日期的已发行普通股总数为

14,166,696,942股。

除上文所披露者外，于二零二五年三月三十一

日，概无其他人士（董事或本公司主要行政人员

除外）于本公司股份或相关股份中拥有根据证券

及期货条例第XV部第2及3分部之条文须向本公

司披露，或记录于根据证券及期货条例第336条

须由本公司存置的登记册内的权益或淡仓。

与客户及供应商的关系

本集团明白提升及维持与供应商及客户的良好

关系对本集团整体增长及发展而言不可或缺。

本集团审慎挑选优质供应商，并鼓励公平及公

开竞争，务求在互信的基础下建立长久关系。

本集团与客户及供应商保持良好沟通，并适时

分享业务最新消息。该等沟通及本集团表现之

详情载于根据上市规则刊发之环境、社会及管

治报告。

---

94Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

SHARE OPTION SCHEMES

The share option scheme of the Company

The Company adopted a new share option scheme (the “2022

Scheme”) at the anual general meting of the Company held

on 26 August 2022, which provides the Company with flexibility

in providing incentives and recognition to suitable eligible

participants for their contribution/potential contributions to the

Group. The 2022 Scheme became efective on 26 August 2022

and, unles otherwise terminated earlier by its shareholders at a

general meting, wil remain in force for a period of 10 years from

that date. As at the date of this report, the remaining life of the

2022 Scheme is aproximately seven years.

Under the 2022 Scheme, share options may be granted to

directors (including executive Directors, non-executive Directors

and INEDs) and employes of the Group and any advisors,

consultants, distributors, contractors, supliers, agents,

customers, busines partners, joint venture busines partners,

promoters, service providers of any member of the Group whom

the Board considers, in its sole discretion, have contributed or wil

contribute to the Group and to encourage participants to work

towards enhancing the value of the Company for the benefit of

the Company and the shareholders as a whole.

Under the 2022 Scheme, the Board may grant share options to

the participants to subscribe for shares of the Company for a

consideration of HK$1.00 for each lot of share options granted

which must be acepted within 14 days from the date ofer. Share

options do not confer rights on the holders to dividends or to vote

at Shareholders’ metings.

Pursuant to the 2022 Scheme, the maximum number of share

options that may be granted under the 2022 Scheme and any

other share option schemes of the Company is an amount, upon

their exercise, not in agregate exceding 30% of the isued

share capital of the Company from time to time, excluding any

shares isued on the exercise of share options. The total number

of shares which may be isued upon exercise of al options to be

granted under the 2022 Scheme and any other schemes shal

not in agregate exced 10% of the number of shares in isue

(excluding treasury shares, if any), as at the date of aproval of

the 2022 Scheme limit.

购股权计划

本公司购股权计划

本公司于二零二年八月二十六日举行之本公

司股东周年大会上采纳一项新购股权计划（「二

零二年计划」），其将为本公司提供灵活性，

以就合适之合资格参与者对本集团之贡献╱潜

在贡献向彼等提供奖励及认可。二零二年计

划于二零二年八月二十六日生效，除非于股

东大会上由股东提早终止，否则将自该日期起

十年内有效。于本报告日期，二零二年计划

的剩余年限约为七年。

根据二零二年计划，购股权可授予本集团董

事（包括执行董事、非执行董事及独立非执行董

事）及雇员以及董事会全权酌情认为曾经或将会

对本集团作出贡献的本集团任何成员公司的任

何顾问、咨询人、分销商、承包商、供应商、

代理、客户、业务伙伴、合营业务伙伴、发起

人及服务供应商，并鼓励参与者为本公司及股

东的整体利益，努力提升本公司的价值。

根据二零二年计划，董事会可授出购股权予

参与者，认购本公司股份，每批已授出购股权

之代价为1.00港元，而每批购股权必须由提呈

日期起计14天内接纳。购股权并无赋予持有人

权利可获得股息或于股东大会上投票。

根据二零二年计划，藉二零二年计划及本

公司任何其他购股权计划可授出之购股权数目

上限，须使该等购股权获行使时，合共不超过

本公司不时已发行股本30%，其中不计及于行

使购股权时发行之任何股份。根据二零二年

计划及任何其他计划授出之所有购股权获行使

后，可能已发行之股份总数合共不可超过于批

准二零二年计划限额日期已发行股份（不包括

库存股份（如有）数目之10%。

---

95二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

The maximum number of shares isuable under share options to

each participant (except for a substantial shareholder or an INED

or any of their respective asociates) under the 2022 Scheme

within any 12-month period is limited to 1% of the shares of

the Company in isue at any time. Any further grant of share

options in exces of such limit must be separately aproved by

Shareholders with such participant and his asociates abstaining

from voting.

Share options granted to a Director, chief executive or substantial

shareholder of the Company (or any of their respective asociates)

must be aproved by the INEDs (excluding any INED who is

the grante of the option). Where any grant of share options to

a substantial shareholder or an INED (or any of their respective

asociates) wil result in the total number of shares isued and to

be isued upon exercise of share options already granted and

to be granted to such person under the 2022 Scheme and any

other share option schemes of the Company (including options

exercised, canceled and outstanding) in any 12-month period

up to and including the date of grant representing in agregate

over 0.1% of the shares in isue, and having an agregate value,

based on the closing price of the Company’s shares at each date

of grant, in exces of HK$5 milion, such further grant of share

options is required to be aproved by shareholders in a general

meting in acordance with the Listing Rules. Any change in the

terms of a share option granted to a substantial shareholder or an

INED (or any of their respective asociates) is also required to be

aproved by shareholders.

Share options granted to a Director, chief executive or substantial

shareholder of the Company or the exercise price must be at

least the higher of (i) the oficial closing price of the shares of the

Company as stated in the daily quotations shets of the Stock

Exchange on the ofer date which must be a busines day; (i)

the average closing prices of the Shares as stated in the Stock

Exchange’s daily quotation shets for the five busines days

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

of a share of the Company.

根据二零二年计划，在任何12个月期间，可

藉购股权发行予各参与者（除主要股东或独立非

执行董事或彼等各自之任何联系人外）之股份数

目上限，限于本公司于任何时间已发行股份之

1%。进一步授出之任何购股权倘超过该上限，

必须经股东另行批准，而有关参与者及彼等之

联系人须放弃投票。

授予董事、本公司主要行政人员或主要股东（或

彼等各自之任何联系人）之购股权必须经独立非

执行董事批准（不包括任何身为购股权承授人之

独立非执行董事）。倘授出任何购股权予主要股

东或独立非执行董事（或彼等各自之任何联系

人）将导致于截至及包括授出日期之任何12个

月期间，根据二零二年计划及本公司任何其

他购股权计划（包括已行使、已注销及未行使购

股权）已授出及将授出予该人士之购股权获行使

时，已发行及将发行股份总数占已发行股份超

过0.1%，以及根据本公司于各授出日期之股份

收市价计算，总值超过5,000,000港元，则根据

上市规则，进一步授出购股权须经股东于股东

大会批准。授予主要股东或独立非执行董事（或

彼等各自之任何联系人）之购股权之条款倘有任

何变动，亦须由股东批准。

授予董事、本公司主要行政人员或主要股东之

购股权行使价必须最少为以下三者中最高者：(i)

本公司股份于提呈日期（必须为营业日）于联交

所日报表所列之正式收市价；(i)紧接授出日期前

五个营业日载于联交所日报表之股份平均收市

价；及(i)本公司股份之面值。

---

96Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

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

for isue under the 2022 Scheme was 1,597,752,004 shares,

representing aproximately 11.27% of the share capital of the

Company in isue (excluding treasury shares, if any) as at the date

of this report.

During the year, no share option was granted, exercised,

canceled or lapsed under the 2022 Scheme.

Other particulars of the 2022 Scheme are set out in note 35 to the

financial statements.

The share option scheme of WOP

WOP adopted a share option scheme (the “WOP Share Option

Scheme”) with the aproval of the shareholders of WOP and

the Company at the respective anual general metings held on

9 August 2016 for the primary purpose of providing incentives

and rewards to eligible participants who contribute to the suces

of the Group’s operations. The WOP Share Option Scheme

became efective on 9 August 2016 and, unles otherwise

terminated earlier by its shareholders at a general meting, wil

remain in force for a period of 10 years from that date. As at the

date of this report, the remaining life of the WOP Share Scheme is

aproximately one year.

Under the Share Option Scheme, share options may be granted

to any director or proposed director (whether executive or non-

executive, including any independent non-executive director),

any employe or proposed employe (whether ful-time or part-

time) or any seconde of any member of the WOP Group or

any substantial shareholder of the Company or any company

controled by a substantial shareholder of WOP, any holder of

securities isued by any member of the WOP Group or, any

person or entity that provides research, development or other

technological suport or any advisory, consultancy, profesional

or other services to any member of the WOP Group, or any

company controled by one or more persons belonging to any of

the above clases of participants (the “WOP Participants”).

The board of directors of WOP may grant share options to WOP

Participants to subscribe for shares of WOP for a consideration

of HK$1.00 for each lot of share options granted which must be

acepted within 30 days from the ofer date. Share options do

not confer rights on the holders to dividends or to vote at the

shareholders’ metings of WOP.

于本报告日期，根据二零二年计划，可供发

行之股份总数为1,597,752,004股，占本报告日

期本公司已发行股本（不包括库存股份（如有）

之约11.27%。

于年内，二零二年计划项下概无购股权获授

出、行使、注销或失效。

二零二年计划的其他详情载于财务报表附注

35。

宏安地产购股权计划

经宏安地产及本公司股东于二零一六年八月九

日分别举行之股东周年大会批准后，宏安地

产采纳一项购股权计划（「宏安地产购股权计

划」），主要目的乃向为本集团之成功营运作出

贡献之合资格人士提供激励及奖励。宏安地产

购股权计划于二零一六年八月九日生效，除非

其股东于股东大会提早终止，否则将自该日起

十年内有效。于本报告日期，宏安地产购股权

计划的剩余年限约为一年。

根据购股权计划，购股权可授予任何宏安地产

集团成员公司或任何本公司主要股东或任何宏

安地产主要股东控制的公司之任何董事或候任

董事（不论执行董事或非执行董事，包括任何独

立非执行董事）、任何雇员或拟聘请之雇员（不

论全职或兼职）或任何借调员工，或由任何宏安

地产集团成员公司发行之任何证券持有人、任

何向宏安地产集团成员公司提供研究、开发或

其他技术支援或顾问、咨询、专业或其他服务

之人士或机构，或由一位或多位上述任何类别

参与者控制之公司（「宏安地产参与者」）。

宏安地产董事会可向宏安地产参与者授出购股

权，以每批所授购股权1.00港元为代价认购宏

安地产股份，且须于授出日期起计30日内接

纳。购股权并无授予持有人获派股息或于宏安

地产股东大会投票之权利。

---

97二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

The total number of shares which may be isued upon exercise of

al options to be granted under the WOP Share Option Scheme

and any other schemes shal not in agregate exced 10% of

the number of shares of WOP in isue, as at the date of aproval

of the WOP Share Option Scheme. No option shal be granted

under the WOP Share Option Scheme which would result in the

agregate number of shares which may be isued upon exercise

of al outstanding share options granted and yet to be exercised

under the WOP Share Option Scheme and any other schemes

exceding 30% of the shares in isue from time to time.

The maximum number of WOP shares isuable under share

options to each WOP Participant (except for a WOP substantial

shareholder or a WOP independent non-executive director or

any of their respective asociates) under the WOP Share Option

Scheme within any 12-month period is limited to 1% of the

number of shares of WOP in isue at any time. Any further grant of

share options in exces of such limit must be separately aproved

by the shareholders of WOP and the Company with such WOP

participant and his/her asociates abstaining from voting. Share

options granted to a director, chief executive or substantial

shareholder of WOP (or any of their respective asociates) must

be aproved by the independent non-executive directors of WOP

(excluding any independent non-executive directors of WOP who is

the grante of the options).

Where any grant of share options to a substantial shareholder or

an independent non-executive director of WOP (or any of their

respective asociates) wil result in the total number of shares

isued and to be isued upon exercise of share options already

granted and to be granted to such person under the WOP

Share Option Scheme and any other share option schemes of

WOP (including options exercised, canceled and outstanding)

in any 12-month period up to and including the date of grant

representing in agregate over 0.1% of the shares of WOP in

isue, and having an agregate value, based on the closing price

of WOP’s shares at each date of grant, in exces of HK$5 milion,

such further grant of share options is required to be aproved by

the shareholders of WOP and the Company at a general meting

(where apropriate) in acordance with the Listing Rules.

根据宏安地产购股权计划及任何其他计划将授

出之所有购股权获行使后，可能发行之股份总

数合共不得超过批准宏安地产购股权计划之日

宏安地产已发行股份数目之10%。根据宏安地

产购股权计划授出的购股权不得导致因行使根

据宏安地产购股权计划及任何其他计划授出但

尚未行使的所有购股权而可能发行之股份总数

超过不时已发行股份之30%。

根据宏安地产购股权计划，于任何12个月内根

据行使购股权可向每名宏安地产参与者（除宏安

地产主要股东或宏安地产独立非执行董事或彼

等各自之任何联系人外）发行之最多宏安地产股

份数目，不得超过宏安地产任何时候之已发行

股份数目之1%。授出任何超过该数目之购股权

时，必须获宏安地产及本公司股东另行批准，

而该名宏安地产参与者及其联系人须放弃投

票。向宏安地产一名董事、行政总裁或主要股

东（或彼等各自之任何联系人）授出购股权时，

必须先获宏安地产独立非执行董事（不包括身为

购股权承授人之宏安地产独立非执行董事）批

准。

倘向宏安地产主要股东或独立非执行董事（或彼

等各自之任何联系人）授出购股权时，将导致根

据宏安地产购股权计划及宏安地产任何其他购

股权计划向该名人士已授出或将授出购股权（包

括已行使、已注销及未行使之购股权）获行使

时已发行及将发行之股份总数在任何12个月内

直至及包括授出日期相等于合共超过宏安地产

已发行股份之0.1%；及按宏安地产股份于各授

出日期之收市价计算总值超过5,000,000港元，

则该额外授出之购股权，须根据上市规则，先

获得宏安地产及本公司股东在股东大会上（如适

合）批准。

---

98Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

The exercise price must be at least the higher of (i) the oficial

closing price of the shares of WOP as stated in the daily

quotations shets of the Stock Exchange on the ofer date which

must be a busines day; (i) the average closing prices of the

shares of WOP as stated in the Stock Exchange’s daily quotation

shets for the five busines days imediately preceding the date

of grant; and (i) the nominal value of a share of WOP.

Unles otherwise determined by the directors of WOP and

stated in the ofer of the grant of options to a grante, there is no

minimum period required under the WOP Share Option Scheme

for the holding of an option before it can be exercised. Options

can be exercised from such date on or after the date of grant

as the board of directors of WOP may determine in granting the

option until the close of busines on such date as the board of

directors of WOP may determine in granting the option but in any

event not exceding 10 years from the date of grant.

As at the date of this report, the total number of WOP’s shares

available for isue under the WOP Share Option Scheme was

1,520,000,000 shares, representing 10.0% of the share capital of

WOP in isue (excluding treasury shares, if any).

During the year, no share option was granted, exercised,

canceled or lapsed under the WOP Share Option Scheme.

Other particulars of the WOP Share Option Scheme are set out in

note 35 to the financial statements.

The share option scheme of WYT

WYT adopted a new share option scheme (the “New WYT

Share Option Scheme”) on 22 August 2023 with the aproval

of the shareholders of WYT and the Company at the anual

general metings of WYT and the Company, both held on 22

August 2023, which provided WYT the flexibility in providing

incentives and recognition to suitable eligible participants for their

contribution/potential contributions to the WYT Group. The New

WYT Share Option Scheme became efective on 22 August 2023

and, unles otherwise terminated earlier by shareholders at a

general meting, wil remain in force for a period of 10 years from

that date. As at the date of this report, the remaining life of the

New WYT Share Option Scheme is aproximately eight years.

行使价须至少为下列之较高者：(i)授出日期（必

须为营业日）载于联交所日报表之宏安地产股份

之正式收市价；(i)紧随授出日期前五个营业日载

于联交所日报表之宏安地产股份平均收市价；

及(i)一股宏安地产股份之面值。

除非宏安地产董事另行厘定及于向承授人授出

购股权的要约中列明，否则宏安地产购股权计

划并无规定购股权可予行使前持有之最短期

限。购股权可由宏安地产董事会于授出购股权

时厘定之授出日期或之后行使，直至宏安地产

董事会于授出购股权时厘定之日期营业时间结

束为止，惟无论如何不得超过授出日期起计10

年。

于本报告日期，根据宏安地产购股权计划可供

发行之宏安地产股份总数为1,520,000,000股，

占宏安地产已发行股本（不包括库存股份（如

有）之10.0%。

年内，宏安地产购股权计划项下概无购股权获

授出、行使、注销或失效。

宏安地产购股权计划之其他详情载于财务报表

附注35。

位元堂购股权计划

位元堂及本公司股东于二零二三年八月二十二

日举行之位元堂及本公司股东周年大会上批准

位元堂于二零二三年八月二十二日采纳一项新

购股权计划（「新位元堂购股权计划」），使位元

堂能灵活向合资格参与者提供激励及认可，以

表彰彼等对位元堂集团之贡献╱潜在贡献。新

位元堂购股权计划于二零二三年八月二十二日

生效，除非股东于股东大会上提前终止，否则

将自该日起十年内有效。于本报告日期，新位

元堂购股权计划的剩余年限约为八年。

---

99二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

Pursuant to the New WYT Share Option Scheme, share options

may be granted to any director or proposed director (whether

executive or non-executive, including the independent non-

executive directors) of WYT, employes of the WYT Group and

any advisors, consultants, distributors, contractors, supliers,

agents, customers, busines partners, joint venture busines

partners, promoters, service providers of any member of the WYT

Group whom the board of WYT considers, in its sole discretion,

have contributed or wil contribute to the WYT Group and to

encourage participants to work towards enhancing the value of

WYT for the benefit of WYT and its shareholders as a whole.

Under the New WYT Share Option Scheme, the board of

directors of WYT may grant share options to the participants to

subscribe for shares of WYT for a consideration of HK$1.00 for

each lot of share options granted which must be acepted within

30 days from the ofer date. Share options do not confer rights on

the holders to dividends or to vote at shareholders’ metings of

WYT.

Pursuant to the New WYT Share Option Scheme, the maximum

number of share options that may be granted under the New

WYT Share Option Scheme and any other share option schemes

of WYT is the number, upon their exercise, not in agregate

exceding 30% of the isued share capital of WYT from time

to time, excluding any shares isued on the exercise of share

options. The total number of shares which may be isued upon

exercise of al options to be granted under the New WYT Share

Option Scheme and any other schemes shal not in agregate

exced 10% of the number of shares of WYT in isue (excluding

treasury shares, if any), as at the date of aproval of the New WYT

Share Option Scheme limit or as refreshed from time to time.

The maximum number of shares isuable under share options

to each participant (except for a substantial shareholder or

an independent non-executive director of WYT or any of their

respective asociates) under the New WYT Share Option Scheme

within any 12-month period is limited to 1% of the number of

shares of WYT in isue at any time. Any further grant of share

options in exces of such limit must be separately aproved by

the shareholders of WYT and the Company (where aplicable)

with such participant and his asociates abstaining from voting.

Share options granted to a director, chief executive or substantial

shareholder of WYT (or any of their respective asociates) must be

aproved by the independent non-executive directors (excluding

any independent non-executive directors who is the grante of

the option) of WYT.

根据新位元堂购股权计划，购股权可授予位元

堂任何董事或拟任董事（不论为执行或非执行董

事，包括独立非执行董事）、位元堂集团任何

雇员，以及位元堂董事会全权酌情认为已经或

将会对位元堂集团作出贡献的位元堂集团任何

成员公司的任何顾问、咨询人、分销商、承包

商、供应商、代理、客户、业务伙伴、合营伙

伴、发起人及服务供应商，并鼓励参与者为位

元堂及其股东的整体利益努力提高位元堂的价

值。

根据新位元堂购股权计划，位元堂董事会可向

参与者授出购股权，而每批所授购股权之代价

为1.00港元以认购位元堂股份，且须于授出日

期起计30日内接纳。购股权并无授予持有人获

派股息或于位元堂股东大会投票之权利。

根据新位元堂购股权计划，新位元堂购股权计

划及任何其他位元堂购股权计划项下可能授出

之最多购股权数目在其获行使时，不得超过位

元堂不时已发行股本之30%，但不包括行使购

股权而发行之任何股份。根据新位元堂购股权

计划及任何其他计划将授出之所有购股权获行

使后，可能发行之股份总数合共不得超过批准

或不时更新位元堂购股权计划上限之日的位

元堂已发行股份（不包括库存股份（如有）数目

之10%。

根据新位元堂购股权计划，于任何12个月内根

据行使购股权可向每名参与者（除位元堂主要股

东或独立非执行董事或彼等各自之任何联系人

外）发行之最多位元堂股份数目，不得超过位

元堂任何时候之已发行股份数目之1%。授出任

何超过该数目之购股权时，必须获位元堂及本

公司股东（倘适用）另行批准，而该名位元堂参

与者及其联系人须放弃投票。向位元堂一名董

事、行政总裁或主要股东（或彼等各自之任何联

系人）授出购股权时，必须先获位元堂独立非执

行董事（不包括身为购股权承授人之独立非执行

董事）批准。

---

100Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

Where any grant of share options to a substantial shareholder or

an independent non-executive directors of WYT (or any of their

respective asociates) wil result in the total number of shares

isued and to be isued upon exercise of share options already

granted and to be granted to such person under the New WYT

Share Option Scheme and any other share option schemes of

WYT (including options exercised, canceled and outstanding)

in any 12-month period up to and including the date of grant

representing in agregate over 0.1% of the shares in isue, and

having an agregate value, based on the closing price of WYT’s

shares at each date of grant, in exces of HK$5 milion, such

further grant of share options is required to be aproved by

shareholders of WYT at a general meting in acordance with the

Listing Rules. Any change in the terms of a share option granted

to a substantial shareholder or an independent non-executive

director (or any of their respective asociates) is also required to

be aproved by the shareholders of WYT.

The exercise price must be at least the highest of (i) the oficial

closing price of the shares of WYT as stated in the daily

quotations shets of the Stock Exchange on the ofer date which

must be a busines day; (i) the average closing prices of the

shares of WYT as stated in the Stock Exchange’s daily quotation

shets for the five busines days imediately preceding the date

of grant; and (i) the nominal value of a share of WYT.

During the year, no share option was granted, exercised,

canceled or lapsed under the New WYT Share Option Scheme.

As at the date of this report, the total number of WYT’s shares

available for isue under the New WYT Share Option Scheme was

117,110,288 shares of WYT, representing aproximately 10% of

the total share capital of WYT in isue (excluding treasury shares,

if any).

Other particulars of the New WYT Share Option Scheme are set

out in note 35 to the financial statements.

倘向位元堂主要股东或独立非执行董事（或彼等

各自之任何联系人）授出购股权时，将导致根据

新位元堂购股权计划或位元堂任何其他购股权

计划向该名人士已授出或将授出购股权（包括已

行使、已注销及未行使之购股权）获行使时已

发行及将发行之股份总数在任何12个月内直至

及包括授出日期相等于合共超过已发行股份之

0.1%；及按位元堂股份于各授出日期之收市价

计算总值超过5,000,000港元，则该额外授出之

购股权，根据上市规则，须先获得位元堂股东

在股东大会上批准。任何已向主要股东或独立

非执行董事（或彼等各自之任何联系人）授出之

购股权之条款变更，亦须获得位元堂股东批准。

行使价须至少为下列之最高者：(i)授出日期（必

须为营业日）载于联交所日报表之位元堂股份之

正式收市价；(i)紧接授出日期前五个营业日载于

联交所日报表之位元堂股份平均收市价；及(i)

一股位元堂股份之面值。

于年内，新位元堂购股权计划项下概无购股权

获授出、行使、注销或失效。

于本报告日期，新位元堂购股权计划项下可供

发行之位元堂股份总数为位元堂117,110,288

股份，占位元堂已发行股本（不包括库存股份

（如有）总额约10%。

新位元堂购股权计划之其他详情载于财务报表

附注35。

---

101二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

The share option schemes of CAP

On 3 May 2012, CAP adopted a share option scheme (the

“2012 CAP Share Option Scheme”) for the primary purpose of

providing incentive to selected eligible persons to take options for

their contribution to the CAP Group. The 2012 CAP Share Option

Scheme expired in May 2022. Upon expiration of the 2012 CAP

Share Option Scheme, the subsisting share options granted prior

to the expiration wil continue to be valid and exercisable during

the prescribed exercisable period in acordance with the terms of

the 2012 CAP Share Option Scheme.

Folowing the expiry of the 2012 CAP Share Option Scheme,

CAP adopted a new share option scheme (the “New CAP

Share Option Scheme”) at the anual general meting of CAP

held on 26 August 2022 with the aproval of the shareholders

of CAP, WYT and the Company, which provides CAP with

flexibility in providing incentives and recognition to suitable eligible

participants for their contribution/potential contributions to the

CAP Group. The New CAP Share Option Scheme became

efective on 26 August 2022 and, unles otherwise terminated

earlier by shareholders at a general meting, wil remain in force

for a period of 10 years from that date. As at the date of this

report, the remaining life of the New CAP Share Option Scheme is

aproximately seven years.

Under the New CAP Share Option Scheme, share options may

be granted to directors (including executive directors, non-

executive directors and independent non-executive directors)

and employes of the CAP Group and any advisors, consultants,

distributors, contractors, supliers, agents, customers, busines

partners, joint venture busines partners, promoters, service

providers of any member of the CAP Group whom the CAP board

considers, in its sole discretion, have contributed or wil contribute

to the CAP Group and to encourage participants to work towards

enhancing the value of CAP for the benefit of CAP and the

shareholders of CAP as a whole.

中国农产品购股权计划

于二零一二年五月三日，中国农产品采纳一项

购股权计划（「中国农产品二零一二年计划」），

主要目的是让经甄选合资格人士取得购股权，

以奖励彼等对中国农产品集团之贡献。中国农

产品二零一二年计划于二零二年五月届满。

于中国农产品二零一二年计划届满后，于届满

前授出之存续购股权将继续有效，并可根据中

国农产品二零一二年计划之条款于指定行使期

内行使。

于中国农产品二零一二年计划届满后，经中国

农产品、位元堂及本公司股东批准，中国农产

品于二零二年八月二十六日举行之中国农产

品股东周年大会上采纳一项新购股权计划（「新

中国农产品购股权计划」），其为中国农产品提

供灵活性，以就合适合资格参与者对中国农产

品集团之贡献╱潜在贡献向彼等提供奖励及认

可。新中国农产品购股权计划于二零二年八

月二十六日生效，除非股东于股东大会上提早

终止，否则将自该日起十年内有效。于本报告

日期，新中国农产品购股权计划的剩余年限约

为七年。

根据新中国农产品购股权计划，购股权可授予

中国农产品集团之董事（包括执行董事、非执行

董事及独立非执行董事）及雇员以及中国农产

品集团任何成员公司之任何顾问、咨询人、分

销商、承包商、供应商、代理、客户、业务伙

伴、合营业务伙伴、发起人及服务供应商，而

中国农产品董事会全权酌情认为彼等已对或将

对中国农产品集团作出贡献，并鼓励参与者为

中国农产品及中国农产品股东之整体利益致力

提升中国农产品之价值。

---

102Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

Under the New CAP Share Option Scheme, the board of directors

of CAP may grant share options to the participants to subscribe

for the shares of CAP (the “CAP Share(s)”) for a consideration

of HK$1.00 for each lot of share options granted. The exercise

price is to be determined by its board and shal not be les than

the highest of (i) the oficial closing price of the CAP Shares as

stated in the daily quotation shet of the Stock Exchange on the

date of grant, which must be a busines day; (i) the average of

the oficial closing price of the CAP Shares as stated in the daily

quotation shet of the Stock Exchange for the five busines days

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

of a CAP Share.

The number of CAP Shares in respect of which options may be

granted to any participant in any 12-month period up to and

including the date of grant shal not exced 1% of the CAP Shares

in isue at any point in time, without prior aproval from the

shareholders of CAP. Options granted to substantial shareholders

of CAP or independent non-executive directors of CAP, or any of

their respective asociates, in exces of 0.1% of the CAP Shares

in isue and with an agregate value in exces of HK$5,000,000

must be aproved in advance by the shareholders of CAP.

There is no specific requirement that an option must be held for

any minimum period before it can be exercised but its board is

empowered to impose at its discretion any such minimum period

at the time of grant of any particular option. The period during

which an option may be exercised wil be determined by the

board of CAP at its absolute discretion, save that no option may

be exercised for a period of more than 10 years from the date of

grant.

Subject to the aproval of the shareholders of the Company

at general meting, the board of CAP may refresh the limit at

any time to 10% of the total number of CAP Shares in isue

(excluding treasury shares, if any) as at the date of aproval by the

shareholders of CAP at its general meting. Notwithstanding the

foregoing, the CAP Shares which may be isued upon exercise

of al outstanding options granted and yet to be exercised under

the New CAP Share Option Scheme and any other share option

schemes of CAP at any time shal not exced 30% of the CAP

Shares in isue from time to time.

根据新中国农产品购股权计划，中国农产品董

事会可向参与者授出购股权，以认购中国农产

品股份（「中国农产品股份」），代价为每批已

授出购股权1.00港元。行使价将由其董事会决

定，及不得低于以下各项之最高者：(i)授出日期

（必须为营业日）载于联交所日报表之中国农产

品股份正式收市价；(i)紧接授出日期前五个营业

日载于联交所日报表之中国农产品股份平均正

式收市价；及(i)一股中国农产品股份之面值。

于任何授出日期（包括该日）前12个月期间内，

倘未获中国农产品股东事先批准，则向任何中

国农产品参与者授出之购股权所涉及之中国农

产品股份数目，于任何时候不得超过已发行中

国农产品股份之1%。倘授予中国农产品主要股

东或中国农产品独立非执行董事或任何彼等各

自之联系人之购股权超过已发行中国农产品股

份之0.1%，及其价值合计超过5,000,000港元，

则须经中国农产品股东事先批准。概无明文规

定购股权须持有任何最短期限后方可行使，惟

其董事会有权酌情于授出任何个别购股权时施

加任何最短期限。中国农产品董事会可全权酌

情厘定可行使购股权之期间，惟购股权概不可

于授出日期起计十年以上期间行使。

待本公司股东于股东大会上批准后，中国农产

品董事会可随时更新上限至中国农产品股东于

其股东大会批准当日已发行中国农产品股份（不

包括库存股份（如有）总数之10%。尽管有上文

之规定，惟任何时候因行使所有已根据新中国

农产品购股权计划及中国农产品之任何其他购

股权计划授出但尚未行使之购股权而可能发行

之中国农产品股份，均不可超过不时已发行中

国农产品股份之30%。

---

103二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

Details of the movements of the share options under the 2012

CAP Share Option Scheme during the financial year ended

31 March 2025 were as folows:

Number of share options

购股权数目

Name or category of

Participant

Outstanding

as at

1 April

Granted

during

the year

Exercised

during

the year

Canceled

during

the year

Lapsed

during

the year

Outstanding

as at

31 March

Date of

grant

Exercise

price per

Share

(HK$)

Validity

period

(Note)

Closing

price

imediately

before date

of grant

(HK$)

参与者姓名或类别

于二零二四年

四月一日

尚未行使 于年内授出于年内行使于年内注销于年内失效

于二零二五年

三月三十一日

尚未行使授出日期

每股

行使价

（港元）

有效期

（附注）

紧接授出

日期前之

收市价

（港元）

Director

董事

Leung Sui Wah, Raymond

梁瑞华

50,000,000–50,000,0003.1.20220.1183.1.2022-

2.1.2032

0.117

Wong Ka Kit

黄家杰

25,000,000–25,000,0003.1.20220.1183.1.2022-

2.1.2032

0.117

Luo Xu Ying

罗旭莹

6,000,000–6,000,0003.1.20220.1183.1.2022-

2.1.2032

0.117

Other employes

其他雇员

80,000,000–20,000,00060,000,0003.1.20220.1183.1.2022-

2.1.2032

0.117

Total161,000,000–20,000,000141,000,000

总计

截至二零二五年三月三十一日止财政年度，中

国农产品二零一二年计划下的购股权变动详情

如下：

---

104Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

Notes:

(i) The share options granted under the 2012 CAP Share Option Scheme

were vested as folows:

On the 3rd aniversary of the date of grant:20% vested

于授出日期第3周年:20%归属

On the 4th aniversary of the date of grant:Further 20% vested

于授出日期第4周年:另外20%归属

On the 5th aniversary of the date of grant:Further 20% vested

于授出日期第5周年:另外20%归属

On the 6th aniversary of the date of grant:Further 20% vested

于授出日期第6周年:另外20%归属

On the 7th aniversary of the date of grant:Remaining 20% vested

于授出日期第7周年:剩余20%归属

(i) As the 2012 CAP Share Option Scheme expired on 2 May 2022, no

more share options under the 2012 CAP Share Option Scheme could

be granted. As at the date of this anual report, the total number of

the Shares available for isue under the 2012 Scheme is 141,000,000,

representing aproximately 1.42% of the existing isued share capital of

the Company (excluding treasury Shares, if any).

(i) During the year under review, no share option was granted, exercised,

canceled or lapsed under the New CAP Share Option Scheme. As at

the date of this report, the total number of CAP Shares available for

isue under the New CAP Share Option Scheme was 995,306,782,

representing aproximately 10% of the existing share capital of CAP in

isue (excluding treasury shares, if any).

(iv) Other particulars of the 2012 CAP Share Option Scheme and the

New CAP Share Option Scheme are set out in note 35 to the financial

statements.

附注：

(i) 根据中国农产品二零一二年计划授出的购股权的归

属情况如下：

(i) 由于中国农产品二零一二年计划已于二零二年五

月二日到期，因此不能再根据中国农产品二零一二

年计划授出购股权。于本年报日期，根据二零一二

年计划可供发行的股份总数为141,000,000股，占

本公司现有已发行股本（不包括库存股份（如有）约

1.42%。

(i) 于回顾年度内，概无购股权根据新中国农产品购

股权计划获授出、行使、注销或失效。于本报告

日期，根据新中国农产品购股权计划可供发行之中

国农产品股份总数为995,306,782股，相当于中国

农产品现有已发行股本（不包括库存股份（如有）约

10%。

(iv) 中国农产品二零一二年计划及新中国农产品购股权

计划之其他详情载于财务报表附注35。

---

105二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

RELATED PARTY TRANSACTIONS

As disclosed in note 43 to the financial statements of this report,

the related party transactions clasified as continuing conected

transactions and/or conected transactions pursuant to

Chapter 14A of the Listing Rules are exempt from the disclosure

requirements therein. The Company has fuly complied with al

aplicable obligations under Chapter 14A of the Listing Rules

during the year under review.

CONTINUING CONECTED TRANSACTIONS

AND CONECTED TRANSACTIONS

Save as disclosed in the above “Related Party Transactions”

section, there were no other continuing conected transactions

and/or conected transactions required to be disclosed pursuant

to Chapter 14A of the Listing Rules during the year under review.

DONATIONS

During the year, the Group made charitable and other donations

totaling aproximately HK$4.3 milion (2024: aproximately

HK$15.6 milion).

EQUITY-LINKED AGREMENTS

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

note 35 to the financial statements of this report, no equity-linked

agrements were entered into by the Company during the year or

subsisted at the end of the year.

关联人士交易

诚如本报告财务报表附注43所披露，根据上市

规则第14A章分类为持续关连交易及╱或关连交

易之关联人士交易获豁免遵守该章所载披露规

定。本公司于回顾年度内已全面遵守上市规则

第14A章项下的全部适用责任。

持续关连交易及关连交易

除上述「关联人士交易」一节所披露者外，于回

顾年度内，概无其他持续关连交易及╱或关连

交易须根据上市规则第14A章予以披露。

捐款

年内，本集团作出慈善及其他捐款合共约

4,300,000港元（二零二四年：约15,600,000港

元）。

股本挂钩协议

除本报告「购股权计划」一节及财务报表附注35

所披露者外，本公司于年内并无订立或于年末

存续的股本挂钩协议。

---

106Wang On Group Limited Anual Report 2025

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

EMOLUMENT POLICY

The Group’s emolument policy for its employes is established

and aproved by the Remuneration Comite and the Board on

the basis of their merit, qualifications and competence.

The emoluments of the Directors are determined by the

Remuneration Comite and the Board, as authorised by the

shareholders at the anual general meting of the Company,

with due consideration given to the Group’s operating results,

individual performance and comparable market benchmarks.

The Company has adopted the 2022 Scheme as an incentive to

Directors and eligible employes and a share option scheme of

each of WOP, WYT and CAP for the respective WOP Group, WYT

Group and CAP Group, details of the share option schemes of

the Company, WOP, WYT and CAP are set out in note 35 to the

financial statements of this report.

CORPORATE GOVERNANCE

The Company is comited to upholding a high standards of

corporate governance. Details of the corporate governance

practices adopted by the Company are set out in the “Corporate

Governance Report” section on pages 53 to 82 of this report.

SUFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company

and within the knowledge of the Directors, the Company has

maintained a suficient public float of not les than 25% of the

total isued shares of the Company as required under the Listing

Rules throughout the financial year ended 31 March 2025 and up

to the date of this report.

薪酬政策

本集团之雇员薪酬政策乃经薪酬委员会及董事

会参考彼等之表现、资历及能力制定及批准。

董事酬金由薪酬委员会及董事会获股东于本公

司股东周年大会上授权后经审慎考虑本集团之

经营业绩、个人表现及可资比较市场基准后厘

定。

本公司已采纳二零二年计划，作为对董事及

合资格雇员之奖励以及就各宏安地产集团、位

元堂集团及中国农产品集团采纳宏安地产、位

元堂及中国农产品各自之购股权计划，有关本

公司、宏安地产、位元堂及中国农产品之购股

权计划之详情载于本报告财务报表附注35。

企业管治

本公司致力维持高水平之企业管治。有关本公

司所采纳之企业管治常规详情载于本报告第53

至82页之「企业管治报告」一节。

充足之公众持股量

按照本公司公开可得之资料及就董事所知，于

截至二零二五年三月三十一日止整个财政年度

内及截至本报告日期，本公司已维持上市规则

所规定之充足公众持股量，即不少于本公司已

发行股份之25%。

---

107二零二五年报 宏安集团有限公司

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

AUDIT COMITE

As at the date of this report, the Audit Comite comprised thre

INEDs, namely Mr. Siu Kam Chau (chairman), Mr. Chan Yung

and Mr. Wong Chun, Justein. The Audit Comite has reviewed

with management and the independent auditor the acounting

principles and practices adopted by the Group and has reviewed

the consolidated financial statements for the year ended 31 March

2025.

The consolidated financial statements for the year ended 31

March 2025 have also ben reviewed by the Audit Comite

with management and independent auditor of the Company.

EVENTS AFTER THE YEAR

Except for disclosed in this report, there is no significant event of

the Group after the year.

AUDITOR

The financial statements for the year ended 31 March 2025 have

ben audited by Ernst & Young, who retire and, being eligible,

ofer themselves for re-apointment. A resolution for their re-

apointment as auditor of the Company wil be proposed at the

forthcoming anual general meting of the Company.

There has ben no change of the auditor of the Company in the

preceding thre years.

On behalf of the Board

Tang Ching Ho

Chairman

Hong Kong, 30 June 2025

审核委员会

于本报告日期，审核委员会由三名独立非执行

董事，即萧锦秋先生（主席）、陈勇先生及王津

先生组成。审核委员会已与管理层及独立核数

师审阅本集团采纳的会计原则及惯例，并已审

阅截至二零二五年三月三十一日止年度的综合

财务报表。

截至二零二五年三月三十一日止年度之综合财

务报表亦已由审核委员会连同本公司管理层及

独立核数师审阅。

本年度后事项

除本报告所披露者外，本集团于本年度后概无

发生重大事项。

核数师

截至二零二五年三月三十一日止年度之财务报

表经安永会计师事务所审核，安永会计师事务

所将任满告退，惟合资格并愿意接受续聘。有

关续聘安永会计师事务所担任本公司核数师之

决议案将于本公司之应届股东周年大会上提呈。

本公司于过往三年并无更换核数师。

承董事会命

主席

邓清河

香港，二零二五年六月三十日

---

108Wang On Group Limited Anual Report 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

To the shareholders of Wang On Group Limited

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of Wang

On Group Limited (the “Company”) and its subsidiaries (the

“Group”) set out on pages 118 to 351, 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, the consolidated statement of changes in

equity and the consolidated statement of cash flows for the year

then ended, and notes to the consolidated financial statements,

including material acounting policy information.

In our opinion, the consolidated financial statements give a true

and fair view of the consolidated financial position of the Group as

at 31 March 2025, and of its consolidated financial performance

and its consolidated cash flows for the year then ended in

acordance with HKFRS Acounting Standards as isued by the

Hong Kong Institute of Certified Public Acountants (“HKICPA”)

and have ben properly prepared in compliance with the

disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

Standards on Auditing (“HKSAs”) as isued by the HKICPA.

Our responsibilities under those standards are further described

in the Auditor’s responsibilities for the audit of the consolidated

financial statements section of our report. We are independent of

the Group in acordance with the HKICPA’s Code of Ethics for

Profesional Acountants (the “Code”), and we have fulfiled our

other ethical responsibilities in acordance with the Code. We

believe that the audit evidence we have obtained is suficient and

apropriate to provide a basis for our opinion.

致Wang On Group Limited

（宏安集团有限公司）*股东

（于百慕达注册成立之有限公司）

意见

我们已审计列载于第118至351页的Wang On

Group Limited（宏安集团有限公司）*（「贵公司」）

及其附属公司（「贵集团」）的综合财务报表，

当中包括于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、综合权益变动表和综合现金流量

表，以及综合财务报表附注，包括重大会计政

策资料。

我们认为，该等综合财务报表已根据香港会计

师公会（「香港会计师公会」）颁布的香港财务报

告准则会计准则真实而中肯地反映了 贵集团

于二零二五年三月三十一日的综合财务状况及

截至该日止年度的综合财务表现及综合现金流

量，并已遵照香港公司条例的披露规定妥为拟

备。

意见的基础

我们已根据香港会计师公会颁布的香港审计准

则（「香港审计准则」）进行审计。我们在该等准

则下承担的责任已在本报告核数师就审计综合

财务报表承担的责任部分中作进一步阐述。根

据香港会计师公会颁布的专业会计师道德守则

「守则」），我们独立于 贵集团，并已履行守则

中的其他道德责任。我们相信，我们所获得的

审计凭证能充足及适当地为我们的意见提供基

础。

* 仅供识别

---

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 独立核数师报告（续） KEY AUDIT MATTERS 关键审计事项 Key audit matters are those matters that, in our professional 关键审计事项是根据我们的专业判断，认为对 judgement, were of most significance in our audit of the 本期综合财务报表的审计最为重要的事项。这 consolidated financial statements of the current period. These 些事项是在对综合财务报表整体进行审计并形 matters were addressed in the context of our audit of the 成意见的背景下进行处理的，我们不对这些事 consolidated financial statements as a whole, and in forming our 项提供单独的意见。我们对下述每一事项在审 opinion thereon, and we do not provide a separate opinion on 计中是如何应对的描述也以此为背景。 these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s 我们已经履行了本报告核数师就审计综合财务 responsibilities for the audit of the consolidated financial 报表承担的责任部分阐述的责任，包括与这些 statements section of our report, including in relation to these 事项相关的责任。相应地，我们的审计工作包 matters. Accordingly, our audit included the performance of 括执行为应对评估的综合财务报表重大错误陈 procedures designed to respond to our assessment of the risks 述风险而设计的审计程序。我们执行审计程序 of material misstatement of the consolidated financial statements. 的结果，包括应对下述事项所执行的程序，为 The results of our audit procedures, including the procedures 相关综合财务报表整体发表审计意见提供了基 performed to address the matters below, provide the basis for 础。 our audit opinion on the accompanying consolidated financial statements. 二零二五年年报 宏安集团有限公司 109

---

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 独立核数师报告（续） KEY AUDIT MATTERS (continued) 关键审计事项（续） Key audit matter How our audit addressed the key audit matter 关键审计事项 我们的审计如何处理关键审计事项 Net realisable value of properties under development and properties held for sale 发展中物业及持作出售物业之可变现净值 The Group’s properties under development and Our audit procedures to assess the net realisable value properties held for sale are stated at the lower of cost of properties under development and properties held for and net realisable value. As at 31 March 2025, the sale included the following: carrying amounts of these properties under development 我们就评估发展中物业及持作出售物业之可变现净值之 and properties held for sale were HK$1,383,788,000 审计程序包括下列各项： and HK$2,548,412,000 respectively, which in aggregate represented approximately 28.6% of the total assets of • obtaining and reviewing management’s the Group. assessments, and where applicable, the valuation 贵集团发展中物业及持作出售物业以成本及可变现净 reports prepared by the external valuers engaged 值两者中之较低者列账。于二零二五年三月三十一 by the Group on which the management’s 日，该等发展中物业及持作出售物业之账面值分别为 assessment of the net realisable value of properties 1,383,788,000港元及2,548,412,000港元，合共占 贵 under development and properties held for sale was 集团总资产约28.6%。 based, on a sampling basis; • 抽样取得及审阅管理层之评估，以及（如适用） During the year, net write-down of HK$229,273,000 由 贵集团委聘之外部估值师所编制之估值报告， was recognised in profit or loss against properties under 而管理层对发展中物业及持作出售物业之可变现净 development and properties held for sale. 值进行之评估乃以此等评估及报告为依据； 年内，就发展中物业及持作出售物业于损益中确认之撇 减净额为229,273,000港元。 • assessing the external valuers’ qualification, experience and expertise and considering their Management’s assessment of the net realisable value competence, objectivity and independence; of properties under development and properties held • 评估外部估值师之资格、经验及专业知识，以及考 for sale is based on the estimated selling prices and 虑其能力、客观性及独立性； costs necessary to complete the development, if any, and to sell these properties. The assessment of certain • with the assistance of our internal valuation of these properties has also made reference to the specialists, assessing the valuation methodologies valuations carried out by the external valuers engaged applied and the key parameters adopted in the by the Group. This is identified as a key audit matter due valuations, including estimated selling prices and to the materiality of the carrying values of the properties costs necessary to complete the development, etc., under development and properties held for sales and on a sampling basis; and the significant estimation required to determine the net • 在内部估值专家的协助下，抽样评估所应用的估值 realisable value of the properties under development and 方法及估值中采纳的关键参数，包括估计售价及完 properties held for sale, which reflects market conditions 成开发所需的成本等；及 at the end of the reporting period. 管理层对发展中物业及持作出售物业可变现净值进行之 • for properties under development, where applicable, 评估乃基于完成发展项目（如有）及销售该等物业所需之 evaluating the management’s development budgets 估计售价及成本。若干该等物业之评估亦已参考 贵集 with reference to market data about estimated 团委聘的外部估值师进行之估值。此获识别为关键审计 construction costs, signed construction contracts 事项，乃由于发展中物业及持作出售物业账面值之重要 and/or construction costs of recently completed 性及厘定发展中物业及持作出售物业之可变现净值时须 projects, on a sampling basis. 进行之重大估计，以反映于报告期末之市场状况。 • 就发展中物业而言（如适用），经参考有关估计建筑 成本、已签署建筑合约及╱或近期竣工项目建筑成 The accounting policies and disclosures in relation to 本的市场数据，抽样评估管理层的发展预算。 the properties under development and properties held for sale are included in notes 2.4, 3, 16 and 20 to the consolidated financial statements. 有关发展中物业及持作出售物业之会计政策及披露载于 综合财务报表附注2.4、3、16及20。 110 Wang On Group Limited Annual Report 2025

---

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 独立核数师报告（续） KEY AUDIT MATTERS (continued) 关键审计事项（续） Key audit matter How our audit addressed the key audit matter 关键审计事项 我们的审计如何处理关键审计事项 Valuation of investment properties 投资物业之估值 The Group holds various investment properties in Hong Our audit procedures to assess the valuation of Kong and Mainland China for rental earning purpose. investment properties included the following: Such investment properties are measured at fair value 我们就评估投资物业估值之审计程序包括下列各项： at the end of each reporting period and the aggregate carrying amount of these investment properties was • obtaining and reviewing the valuation reports HK$3,023,812,000 as at 31 March 2025, which prepared by the external valuers engaged by the represented approximately 22.0% of the total assets of Group, on a sampling basis; the Group. • 抽样取得及审阅由 贵集团委聘之外部估值师所编 贵集团于香港及中国内地持有多项投资物业以赚取租 制之估值报告； 金。有关投资物业于各报告期末按公平值计量及该等 投资物业于二零二五年三月三十一日之账面总额为 • assessing the external valuers’ qualification, 3,023,812,000港元，占 贵集团总资产约22.0%。 experience and expertise and considering their competence, objectivity and independence; The Group engaged external valuers to perform the • 评估外部估值师之资格、经验及专业知识，以及考 valuation of these investment properties as at 31 虑其能力、客观性及独立性； March 2025 and in the absence of current prices in an active market for similar properties, the external valuers • with the assistance of our internal valuation considered information from a variety of sources such specialists, assessing the valuation methodologies as current prices of properties with similar locations and applied and the key parameters adopted in the conditions and estimated rental value of the relevant valuations, including estimated selling prices, properties and made assumptions about the capitalisation estimated rental values and capitalisation rates, etc., rates. on a sampling basis; and 贵集团于二零二五年三月三十一日委聘外部估值师对该 • 在内部估值专家的协助下，抽样评估所应用的估值 等投资物业进行估值，而在无法取得类似物业在活跃市 方法及估值中采纳的关键参数，包括估计售价、估 场上之当前价格之情况下，外部估值师考虑了多个渠道 计租金价值及资本化率；及 的所得资料，例如类似地点及状况之物业之当前价格， 估计相关物业之租金价值并对资本化率作出假设。 • comparing property-related data used as inputs for the valuations with underlying documentation, such The valuation of investment properties has been identified as lease agreements, on a sampling basis. as a key audit matter due to significant estimation • 抽样比较用作估值输入数据之物业相关数据与相关 required to determine the fair values of the investment 文件（如租赁协议）。 properties, which reflect market conditions at the end of the reporting period. 于投资物业之估值被识别为关键审计事项是因为厘定投 资物业的公平值涉及重大估计，其反映报告期末的市场 条件。 The accounting policies and disclosures in relation to the valuation of investment properties are included in notes 2.4, 3 and 14 to the consolidated financial statements. 有关投资物业估值之会计政策及披露载于综合财务报表 附注2.4、3及14。 二零二五年年报 宏安集团有限公司 111

---

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 独立核数师报告（续） KEY AUDIT MATTERS (continued) 关键审计事项（续） Key audit matter How our audit addressed the key audit matter 关键审计事项 我们的审计如何处理关键审计事项 Impairment assessment of interests in joint ventures 于合营企业之权益减值评估 The Group has various interests in joint ventures which Our audit procedures to assess the impairment are principally engaged in property investment and assessment of interests in joint ventures included the property development in Hong Kong and Mainland following: China. The Group’s interests in joint ventures are stated 我们就评估于合营企业之权益减值评估之审计程序包括 in the consolidated statement of financial position at the 下列各项： Group’s share of net assets under the equity method of accounting, less any impairment losses. As at 31 March • obtaining and reviewing the management’s 2025, the aggregate carrying amount of the Group’s assessments, and where applicable, the valuation interests in joint ventures was HK$3,790,258,000 which reports prepared by the external valuers engaged by represented approximately 27.6% of the total assets of the Group on which the management’s assessment the Group. of the impairment of interests in joint ventures was 贵集团于合营企业拥有多项权益，而该等合营企业主要 based, on a sampling basis; 于香港及中国内地从事物业投资及物业发展。 贵集团 • 抽样取得及审阅管理层评估及由 贵集团委聘之外 于合营企业之权益根据权益会计法按 贵集团应占资产 部估值师所编制之估值报告（如适用），而 贵集团 净值减任何减值亏损后于综合财务状况表列示。于二零 评估于合营企业之权益减值乃基于管理层评估及该 二五年三月三十一日， 贵集团于合营企业之权益账面 估值报告； 总值为3,790,258,000港元，相当于 贵集团总资产约 27.6%。 • assessing the external valuers’ qualification, experience and expertise and considering the For those joint ventures engaged in property investment, external valuers’ competence, objectivity and the Group determines the recoverable amount with independence; reference to the fair value less costs of disposal of the • 评估外部估值师之资格、经验及专业知识，以及考 investment properties held by respective joint ventures. 虑其能力、客观性及独立性； 就从事物业投资之合营企业而言， 贵集团参考各合营企 业持有之投资物业之公平值减出售成本后厘定其可收回 • with the assistance of our internal valuation 金额。 specialists, assessing the valuation methodologies applied and the key parameters adopted in the For those joint ventures engaged in property valuations, including estimated selling prices, development, the Group determines the recoverable costs necessary to complete the development, amount with reference to the estimated selling prices and capitalisation rates and estimated rental values, etc., cost necessary to complete the development, if any, and on a sampling basis; and to sell the properties held by the respective joint ventures. • 在内部估值专家的协助下，抽样评估所应用的估值 就从事物业发展之合营企业而言， 贵集团参考估计售价 方法及估值中采纳的关键参数，包括估计售价、完 以及完成开发（如有）及销售各合营企业所持有物业之所 成开发所需的成本、资本化率以及估计租金价值 需成本后厘定其可收回金额。 等；及 • for properties under development held by joint ventures, where applicable, evaluating the management’s development budgets with reference to market data about estimated construction costs, signed construction contracts and/or construction costs of recently completed projects, on a sampling basis. • 就合营企业持有的发展中物业而言（如适用），经参 考有关估计建筑成本、已签署建筑合约及╱或近期 竣工项目建筑成本的市场数据，抽样评估管理层的 发展预算。 112 Wang On Group Limited Annual Report 2025

---

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 独立核数师报告（续） KEY AUDIT MATTERS (continued) 关键审计事项（续） Key audit matter How our audit addressed the key audit matter 关键审计事项 我们的审计如何处理关键审计事项 Impairment assessment of interests in joint ventures (continued) 于合营企业之权益减值评估（续） For the purpose of the impairment assessment, the Group also engaged external valuers to perform the valuations of the properties under development, properties held for sale and investment properties held by the joint ventures as at 31 March 2025. 为进行减值评估， 贵集团亦委聘外部估值师对合营企业 于二零二五年三月三十一日持有之发展中物业、持作出 售物业及投资物业进行估值。 Based on the results of impairment tests, no impairment loss on interests in joint ventures was considered necessary for the year ended 31 March 2025. 截至二零二五年三月三十一日止年度，根据减值测试结 果，于合营企业之权益并无减值亏损被认为属必要。 The impairment assessment of interests in joint ventures has been identified as a key audit matter due to the materiality of the carrying value of the interests in joint ventures and the significant estimations involved in the impairment assessment. 鉴于于合营企业之权益账面值以及就于合营企业之权益 进行减值评估所涉及之重大估计的重要性，该减值评估 被识别为关键审计事项。 The accounting policies and disclosures in relation to the interests in joint ventures are included in notes 2.4, 3 and 17 to the consolidated financial statements. 有关于合营企业之权益之会计政策及披露载于综合财务 报表附注2.4、3及17。 二零二五年年报 宏安集团有限公司 113

---

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 独立核数师报告（续） OTHER INFORMATION INCLUDED IN THE 刊载于年报之其他资料 ANNUAL REPORT The directors of the Company are responsible for the other 贵公司董事需对其他信息负责。其他资料包括 information. The other information comprises the information 刊载于年度报告内的所有资料，但不包括综合 included in the Annual Report, other than the consolidated 财务报表及我们的核数师报告。 financial statements and our auditor’s report thereon. Our opinion on the consolidated financial statements does not 我们对综合财务报表的意见并不涵盖其他资 cover the other information and we do not express any form of 料，我们亦不对该等其他资料发表任何形式的 assurance conclusion thereon. 鉴证结论。 In connection with our audit of the consolidated financial 就我们对综合财务报表的审计而言，我们的责 statements, our responsibility is to read the other information and, 任是阅读其他资料，在此过程中，考虑其他资 in doing so, consider whether the other information is materially 料是否与综合财务报表或我们在审计过程中所 inconsistent with the consolidated financial statements or our 了解的情况存在重大抵触或者似乎存在重大错 knowledge obtained in the audit or otherwise appears to be 误陈述的情况。基于我们已执行的工作，如果 materially misstated. If, based on the work we have performed, 我们认为其他资料存在重大错误陈述，我们需 we conclude that there is a material misstatement of this other 要报告该事实。在这方面，我们没有任何报告。 information, we are required to report that fact. We have nothing to report in this regard. RESPONSIBILITIES OF THE DIRECTORS FOR 董事就综合财务报表须承担的责任 THE CONSOLIDATED FINANCIAL STATEMENTS The directors of the Company are responsible for the preparation 贵公司董事须负责根据香港会计师公会颁布的 of the consolidated financial statements that give a true and fair 香港财务报告准则会计准则及香港公司条例的 view in accordance with HKFRS Accounting Standards as issued 披露规定编制真实而中肯的综合财务报表，并 by the HKICPA and the disclosure requirements of the Hong 对其认为为使综合财务报表的编制不存在由于 Kong Companies Ordinance, and for such internal control as 欺诈或错误而导致的重大错误陈述所需的内部 the directors determine is necessary to enable the preparation 控制负责。 of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the directors 在编制综合财务报表时， 贵公司董事负责评 of the Company are responsible for assessing the Group’s ability 估 贵集团持续经营的能力，并在适用情况下 to continue as a going concern, disclosing, as applicable, matters 披露与持续经营有关的事项，以及使用持续经 related to going concern and using the going concern basis of 营为会计基础，除非 贵公司董事有意将 贵 accounting unless the directors of the Company either intend to 集团清盘或停止经营，或别无其他实际的替代 liquidate the Group or to cease operations or have no realistic 方案。 alternative but to do so. The directors of the Company are assisted by the Audit 审核委员会协助 贵公司董事履行职责，监 Committee in discharging their responsibilities for overseeing the 督 贵集团的财务报告过程。 Group’s financial reporting process. 114 Wang On Group Limited Annual Report 2025

---

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 独立核数师报告（续） AUDITOR’S RESPONSIBILITIES FOR THE 核数师就审计综合财务报表承担的责任 AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether 我们的目标，是对综合财务报表整体是否不存 the consolidated financial statements as a whole are free from 在由于欺诈或错误而导致的重大错误陈述取得 material misstatement, whether due to fraud or error, and to issue 合理保证，并出具包括我们意见的核数师报 an auditor’s report that includes our opinion. Our report is made 告。我们遵照百慕达一九八一年公司法第90条 solely to you, as a body, in accordance with section 90 of the 仅对全体股东作出报告，除此以外，本报告并 Bermuda Companies Act 1981, and for no other purpose. We do 无其他用途。我们不会就本报告的内容向任何 not assume responsibility towards or accept liability to any other 其他人士负上或承担任何责任。 person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a 合理保证是高水平的保证，但不能保证按照香 guarantee that an audit conducted in accordance with HKSAs 港审计准则进行的审计，在某一重大错误陈述 will always detect a material misstatement when it exists. 存在时总能发现。错误陈述可以由欺诈或错误 Misstatements can arise from fraud or error and are considered 引起，如果合理预期它们单独或汇总起来可能 material if, individually or in the aggregate, they could reasonably 影响综合财务报表使用者依赖综合财务报表所 be expected to influence the economic decisions of users taken 作出的经济决定，则有关的错误陈述可被视作 on the basis of these consolidated financial statements. 重大。 As part of an audit in accordance with HKSAs, we exercise 在根据香港审计准则进行审计的过程中，我们 professional judgement and maintain professional scepticism 运用了专业判断，保持了专业怀疑态度。我们 throughout the audit. We also: 亦： • Identify and assess the risks of material misstatement of the • 识别和评估由于欺诈或错误而导致综合财 consolidated financial statements, whether due to fraud or 务报表存在重大错误陈述的风险，设计及 error, design and perform audit procedures responsive to 执行审计程序以应对这些风险，以及获取 those risks, and obtain audit evidence that is sufficient and 充足和适当的审计凭证，作为我们意见的 appropriate to provide a basis for our opinion. The risk of 基础。由于欺诈可能涉及串谋、伪造、蓄 not detecting a material misstatement resulting from fraud is 意遗漏、虚假陈述，或凌驾于内部控制之 higher than for one resulting from error, as fraud may involve 上，因此未能发现因欺诈而导致的重大错 collusion, forgery, intentional omissions, misrepresentations, 误陈述的风险高于未能发现因错误而导致 or the override of internal control. 的重大错误陈述的风险。 • Obtain an understanding of internal control relevant to • 了解与审计相关的内部控制，以设计适当 the audit in order to design audit procedures that are 的审计程序，但目的并非对 贵集团内部 appropriate in the circumstances, but not for the purpose of 控制的有效性发表意见。 expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used • 评价董事所采用会计政策的恰当性及作出 and the reasonableness of accounting estimates and related 会计估计和相关披露的合理性。 disclosures made by the directors. 二零二五年年报 宏安集团有限公司 115

---

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 独立核数师报告（续） AUDITOR’S RESPONSIBILITIES FOR THE 核数师就审计综合财务报表承担的责任 AUDIT OF THE CONSOLIDATED FINANCIAL （续） STATEMENTS (continued) As part of an audit in accordance with HKSAs, we exercise 在根据香港审计准则进行审计的过程中，我们 professional judgement and maintain professional scepticism 运用了专业判断，保持了专业怀疑态度。我们 throughout the audit. We also: (continued) 亦：（续） • Conclude on the appropriateness of the directors’ use of the • 对董事采用持续经营会计基础的恰当性作 going concern basis of accounting and, based on the audit 出结论。根据所获取的审计凭证，确定 evidence obtained, whether a material uncertainty exists 是否存在与事项或情况有关的重大不确定 related to events or conditions that may cast significant 性，从而可能导致对 贵集团的持续经营 doubt on the Group’s ability to continue as a going concern. 能力产生重大疑虑。如果我们认为存在重 If we conclude that a material uncertainty exists, we are 大不确定性，则有必要在核数师报告中提 required to draw attention in our auditor’s report to the 请使用者注意综合财务报表中的相关披 related disclosures in the consolidated financial statements 露。假若有关的披露不足，则我们应当发 or, if such disclosures are inadequate, to modify our opinion. 表非无保留意见。我们的结论是基于核数 Our conclusions are based on the audit evidence obtained 师报告日止所取得的审计凭证。然而，未 up to the date of our auditor’s report. However, future 来事项或情况可能导致 贵集团不能持续 events or conditions may cause the Group to cease to 经营。 continue as a going concern. • Evaluate the overall presentation, structure and content • 评价综合财务报表的整体列报方式、结构 of the consolidated financial statements, including the 和内容，包括披露，以及综合财务报表是 disclosures, and whether the consolidated financial 否中肯反映有关交易和事项。 statements represent the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient • 计划及执行集团审核，以就 贵集团内实 appropriate audit evidence regarding the financial 体或业务活动的财务信息获取充足、适当 information of the entities or business units within the Group 的审计凭证，以便对综合财务报表发表意 as a basis for forming an opinion on the consolidated 见。我们负责指导、监督及审阅为执行集 financial statements. We are responsible for the direction, 团审核而进行的审核工作。我们为审计意 supervision and review of the audit work performed for the 见承担全部责任。 purpose of the group audit. We remain solely responsible for our audit opinion. We communicate with the Audit Committee regarding, among 除其他事项外，我们与审核委员会沟通了计划 other matters, the planned scope and timing of the audit and 的审计范围、时间安排、重大审计发现等，包 significant audit findings, including any significant deficiencies in 括我们在审计中识别出内部控制的任何重大缺 internal control that we identify during our audit. 陷。 116 Wang On Group Limited Annual Report 2025

---

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 独立核数师报告（续） AUDITOR’S RESPONSIBILITIES FOR THE 核数师就审计综合财务报表承担的责任 AUDIT OF THE CONSOLIDATED FINANCIAL （续） STATEMENTS (continued) We also provide the Audit Committee with a statement that 我们还向审核委员会提交声明，说明我们已符 we have complied with relevant ethical requirements regarding 合有关独立性的相关专业道德要求，并与他们 independence and to communicate with them all relationships 沟通有可能合理地被认为会影响我们独立性的 and other matters that may reasonably be thought to bear on our 所有关系和其他事项，以及在适用的情况下， independence, and where applicable, actions taken to eliminate 为消除威胁的行动或应用的防范措施。 threats or safeguards applied. From the matters communicated with the Audit Committee, 从与审核委员会沟通的事项中，我们确定哪些 we determine those matters that were of most significance in 事项对本期综合财务报表的审计最为重要，因 the audit of the consolidated financial statements of the current 而构成关键审计事项。我们在核数师报告中描 period and are therefore the key audit matters. We describe these 述这些事项，除非法律法规不允许公开披露这 matters in our auditor’s report unless law or regulation precludes 些事项，或在极端罕见的情况下，如果合理预 public disclosure about the matter or when, in extremely rare 期在我们报告中沟通某事项造成的负面后果超 circumstances, we determine that a matter should not be 过产生的公众利益，我们决定不应在报告中沟 communicated in our report because the adverse consequences 通该事项。 of doing so would reasonably be expected to outweigh the public interest benefits of such communication. The engagement partner on the audit resulting in this independent 出具本独立核数师报告的审计项目合伙人是黄 auditor’s report is Mr. Wong Cheuk Keung (practicing certificate 卓强先生（执业证书编号：P05400）。 number: P05400). Ernst & Young 安永会计师事务所 Certified Public Accountants 执业会计师 27/F, One Taikoo Place 香港鲗鱼涌 979 King’s Road 英皇道979号 Quarry Bay, Hong Kong 太古坊一座27楼 30 June 2025 二零二五年六月三十日 二零二五年年报 宏安集团有限公司 117

---

118Wang On Group Limited Anual Report 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

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

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

REVENUE收入

Revenue from contracts with

customers

来自客户合约之收入

52,395,4091,539,203

Interest income from treasury

operation

财资业务之利息收入

515,02755,435

Revenue from other sources其他来源之收入5329,750388,596

Total revenue总收入2,740,1861,983,234

Cost of sales销售成本(1,931,426)(1,159,593)

Gros profit毛利808,760823,641

Other income and gains, net其他收入及收益净额5124,210241,421

Seling and distribution expenses销售及分销费用(560,829)(365,552)

Administrative expenses行政费用(463,276)(491,567)

Impairment loses on financial asets,

net

金融资产减值亏损净额

6(112,108)(21,762)

Other expenses其他费用(49,323)(174,756)

Finance costs融资成本7(354,594)(364,377)

Fair value gains/(loses) on financial

asets and liabilities at fair value

through profit or los, net

按公平值计入损益之

金融资产及负债公平值

收益╱（亏损）净额(34,607)3,164

Fair value loses on owned investment

properties, net

所拥有投资物业

公平值亏损净额14(34,007)(104,042)

Write-down of properties under

development, net

发展中物业撇减净额

16–(692,355)

Write-down of properties held for sale持作出售物业之撇减20(229,273)(2,919)

Share of profits and loses of:应占溢利及亏损：

Joint ventures合营企业(288,662)268,419

Asociates联营公司9982,533

LOS BEFORE TAX除税前亏损6(1,192,711)(878,152)

Income tax credit/(expense)所得税抵免╱（开支）102,576(38,314)

LOS FOR THE YEAR年度亏损(1,190,135)(916,466)

---

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED) 综合损益及其他全面收益表（续） Year ended 31 March 2025 截至二零二五年三月三十一日止年度 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 OTHER COMPREHENSIVE 其他全面收益╱（亏损） INCOME/(LOSS) Other comprehensive income/(loss) 其后期间可重新分类至 that may be reclassified to profit or 损益之其他全面 loss in subsequent periods: 收益╱（亏损）： Debt investments at fair value through 按公平值计入其他 other comprehensive income: 全面收益之债务投资： Changes in fair value 公平值变动 3,734 (99,118) Reclassification adjustments for 就计入损益之亏损╱（收益） losses/(gains) included in profit or 重新分类调整： loss: – impairment losses/(reversal of －减值亏损╱（减值亏损 impairment losses), net 拨回）净额 19 (3,103) 19,254 – losses/(gains) on disposal/ －出售╱赎回亏损╱ redemption, net （收益）净额 (345) 87,245 (3,448) 106,499 Exchange differences on translation of 换算海外业务之汇兑差额， foreign operation, net 净额 (73,960) (77,641) Release of exchange reserve upon 本年度出售附属公司时解除 disposal of subsidiaries during 汇兑储备 the year 38 12,940 – Other reserves 其他储备 Share of other comprehensive 应占合营企业其他 income/(loss) of joint ventures 全面收益╱（亏损） 1,094 (5,661) Net other comprehensive loss that 其后期间可重新分类至 may be reclassified to profit or loss in 损益之其他全面亏损 subsequent periods 净额 (59,640) (75,921) 二零二五年年报 宏安集团有限公司 119

---

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED) 综合损益及其他全面收益表（续） Year ended 31 March 2025 截至二零二五年三月三十一日止年度 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Other comprehensive income/(loss) 其后期间将不会重新分类至损益之 that will not be reclassified to 其他全面收益╱（亏损）： profit or loss in subsequent periods: Equity investments at fair value through 按公平值计入其他全面收益之 other comprehensive income: 股权投资： Changes in fair value 公平值变动 (8,690) 1,983 Net other comprehensive income/(loss) 其后期间将不会重新分类 that will not be reclassified to 至损益之其他全面收益╱ profit or loss in subsequent periods （亏损）净额 (8,690) 1,983 OTHER COMPREHENSIVE LOSS 年度其他全面亏损 FOR THE YEAR (68,330) (73,938) TOTAL COMPREHENSIVE LOSS 年度全面亏损总额 FOR THE YEAR (1,258,465) (990,404) 120 Wang On Group Limited Annual Report 2025

---

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED) 综合损益及其他全面收益表（续） Year ended 31 March 2025 截至二零二五年三月三十一日止年度 2025 2024 二零二五年 二零二四年 Note HK$’000 HK$’000 附注 千港元 千港元 Loss attributable to: 以下各方应占亏损： Owners of the parent 母公司权益持有人 (922,431) (753,847) Non-controlling interests 非控股权益 (267,704) (162,619) (1,190,135) (916,466) Total comprehensive loss 以下各方应占全面亏损总额： attributable to: Owners of the parent 母公司权益持有人 (962,724) (788,551) Non-controlling interests 非控股权益 (295,741) (201,853) (1,258,465) (990,404) LOSS PER SHARE ATTRIBUTABLE 母公司普通股权益持有人 TO ORDINARY EQUITY HOLDERS 应占每股亏损 OF THE PARENT 12 Basic and diluted 基本及摊薄 HK(6.51) cents HK(5.52) cents (6.51)港仙 (5.52)港仙 二零二五年年报 宏安集团有限公司 121

---

122Wang On Group Limited Anual Report 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

31 March 2025 二零二五年三月三十一日

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

NON-CURENT ASETS非流动资产

Property, plant and equipment物业、厂房及设备13875,456903,720

Investment properties投资物业143,023,8123,485,295

Club memberships俱乐部会籍28,46032,780

Properties under development发展中物业16177,600243,600

Interests in joint ventures于合营企业之权益173,790,2583,952,370

Interests in asociates于联营公司之权益1824,97923,409

Financial asets at fair value through

other comprehensive income

按公平值计入其他全面

收益之金融资产1958,310102,385

Financial asets at fair value through

profit or los

按公平值计入损益之

金融资产26159,594179,971

Loans and interest receivables应收贷款及利息239,75529,329

Prepayment, other receivables and

other asets

预付款项、其他应收款项

及其他资产2446,60974,680

Defered tax asets递延税项资产3330,87932,714

Total non-curent asets总非流动资产8,225,7129,060,253

CURENT ASETS流动资产

Properties under development发展中物业161,206,1882,032,755

Properties held for sale持作出售物业202,548,4122,934,388

Inventories存货21238,110308,208

Trade receivables应收账款2278,057108,798

Loans and interest receivables应收贷款及利息23128,978244,060

Prepayments, other receivables and

other asets

预付款项、其他应收款项

及其他资产24475,885556,756

Cost of obtaining contracts获得合约之成本258,37521,673

Financial asets at fair value through

other comprehensive income

按公平值计入其他

全面收益之金融资产1915,39517,253

Financial asets at fair value through

profit or los

按公平值计入损益之

金融资产2648,51372,930

Tax recoverable可收回税项7,3277,821

Pledged deposits已抵押存款272,00044,055

Restricted bank balances受限制银行结余273,7805,699

Cash and bank balances现金及银行结余27732,1791,193,104

5,493,1997,547,500

Asets clasified as held for sale and

asets of a disposal group

分类为持作出售之资产及

一个出售集团之资产2810,101974,892

Total curent asets总流动资产5,503,3008,522,392

---

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) 综合财务状况表（续） 31 March 2025 二零二五年三月三十一日 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 CURRENT LIABILITIES 流动负债 Trade and bills payables 应付账款及应付票据 29 94,109 191,149 Other payables and accruals 其他应付款项及应计费用 30 732,134 948,384 Contract liabilities 合约负债 30 237,469 242,534 Unsecured notes 无抵押票据 31 12,958 – Interest-bearing bank and other 计息银行及其他借贷 borrowings 32 1,311,706 4,153,787 Financial liabilities at fair value 按公平值计入损益之 through profit or loss 金融负债 26 1,156 – T ax payable 应 付税项 99,108 134,708 2,488,640 5,670,562 L iabilities of a disposal group 一 个出售集团之负债 28 – 322,936 T otal current liabilities 总 流动负债 2,488,640 5,993,498 N ET CURRENT ASSETS 流 动资产净值 3,014,660 2,528,894 TOTAL ASSETS LESS CURRENT 总资产减流动负债 LIABILITIES 11,240,372 11,589,147 NON-CURRENT LIABILITIES 非流动负债 Unsecured notes 无抵押票据 31 47,720 – Interest-bearing bank and other 计息银行及其他借贷 borrowings 32 3,343,866 2,193,136 Other payables 其他应付款项 30 517,337 699,318 Financial liabilities at fair value through 按公平值计入损益之 profit or loss 金融负债 26 4,419 606 D eferred tax liabilities 递 延税项负债 33 546,711 577,077 T otal non-current liabilities 总 非流动负债 4,460,053 3,470,137 N et assets 资 产净值 6,780,319 8,119,010 二零二五年年报 宏安集团有限公司 123

---

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) 综合财务状况表（续） 31 March 2025 二零二五年三月三十一日 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 EQUITY 权益 Equity attributable to owners of 母公司权益持有人应占 the parent 权益 Issued capital 已发行股本 34 141,667 153,538 Treasury shares 库存股份 34 – (64,095) R eserves 储 备 36 4,190,880 5,176,861 4,332,547 5,266,304 N on-controlling interests 非 控股权益 2,447,772 2,852,706 T otal equity 权 益总额 6,780,319 8,119,010 Tang Ching Ho Stephanie 邓清河 Director Director 董事 董事 124 Wang On Group Limited Annual Report 2025

---

125二零二五年报 宏安集团有限公司

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

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

Atributable to owners of the parent

母公司权益持有人应占

Isued

capital

Treasury

shares

Share

premium

acount

Contributed

surplus

Fair value

reserve

(recycling)

Fair value

reserve

(non-

recycling)

Exchange

fluctuation

reserve

Reserve

funds

Other

reserves

Aset

revaluation

reserve

Capital

reserve

Retained

profitsTotal

Non-

controling

interests

Total

equity

已发行股本库存股份股份溢价账实缴盈余

公平值储备

（可划转）

公平值储备

（不可划转）

外汇

波动储备储备基金其他储备

资产重估

储备资本储备保留溢利总计非控股权益权益总额

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

附注千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

(Note 34)(Note 34)(Note 36(a)(Note 36(b)(Note 36(c)(Note 36(d)

（附注34）（附注34）（附注36(a)）（附注36(b)）（附注36(c)）（附注36(d)）

At 1 April 2023于二零二三年四月一日154,925(92,605)1,154,080306,353(84,895)(114,338)16,7172,8374,99234,08365,1424,469,0165,916,3073,463,0599,379,366

Los for the year本年度亏损–(753,847)(753,847)(162,619)(916,466)

Other comprehensive

income/(los) for the year:

年内其他全面

收益╱（亏损）：

Debt investments at fair value

through other comprehensive

income:

按公平值计入其他全面收益之

债务投资：

Changes in fair value, net of tax公平值变动，扣除税项–(84,819)–(84,819)(14,299)(99,118)

Reclasification adjustments for

loses included in profit or los

计入损益之亏损重新分类

调整

– Im pairment loses, net－减值亏损净额–18,807–18,80744719,254

– Lo ses on redemption/

disposal, net

－赎回╱出售亏损净额

–69,414–69,41417,83187,245

Equity investments at fair value

through other comprehensive

income:

按公平值计入其他全面

收益之股权投资：

Changes in fair value公平值变动–3,546–3,546(1,563)1,983

Exchange diferences on

translation of foreign

operations

换算海外业务之汇兑差额

–(35,991)–(35,991)(41,650)(77,641)

Share of other comprehensive

income of joint ventures

应占合营企业其他

全面收益–(5,661)–(5,661)–(5,661)

Total comprehensive income/(los)

for the year

年内全面收益╱（亏损）总额

–3,4023,546(35,991)–(5,661)–(753,847)(788,551)(201,853)(990,404)

Shares repurchased

and canceled

购回及注销股份

34(a)(1,387)–(5,993)–(7,380)–(7,380)

Recognition of a share-based

payment of a subsidiary

确认一间附属公司之

以股份付款–3,8383,838

Lapse of share option of

a subsidiary

一间附属公司之购股权失效

–(1,760)(1,760)

Acquisition of non-controling

interest

收购非控股权益

1(i), (i)–151,595–151,595(373,117)(221,522)

Final 2023 dividend二零二三年末期股息–(5,667)(5,667)(26,432)(32,099)

Transfer to retained profits转拨至保留溢利–13,303–(13,303)–

Transfer to reserve funds转拨至储备基金–3,555–(3,555)–

Disposal of subsidiaries出售附属公司–(6,069)–6,069–

Dividend paid to non-controling

equity holders of subsidiaries

向附属公司非控股权益

持有人支付股息–(11,029)(11,029)

Distribution in Specie to the

non-controling equity

owners of WYTH

向位元堂控股非控股

权益拥有人作出

实物分派34(b)–28,510–(28,510)–

At 31 March 2024于二零二四年三月三十一日153,538(64,095)1,148,087306,353(81,493)(97,489)(19,274)6,392(669)28,014188,2273,698,7135,266,3042,852,7068,119,010

---

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED) 综合权益变动表（续） Year ended 31 March 2025 截至二零二五年三月三十一日止年度 Attributable to owners of the parent 母公司权益持有人应占 Fair value Share Fair value reserve Exchange Asset Non- Issued Treasury premium Contributed reserve (non- fluctuation Reserve Other revaluation Capital Retained controlling Total capital shares account surplus (recycling) recycling) reserve funds reserves reserve reserve profits Total interests equity 公平值储备 公平值储备 外汇 资产重估 已发行股本 库存股份 股份溢价账 实缴盈余 （可划转） （不可划转） 波动储备 储备基金 其他储备 储备 资本储备 保留溢利 总计 非控股权益 权益总额 Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 附注 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 (Note 34) (Note 34) (Note 36(a)) (Note 36(b)) (Note 36(c)) (Note 36(d)) （附注34） （附注34） （附注36(a)） （附注36(b)） （附注36(c)） （附注36(d)） At 1 April 2024 于二零二四年四月一日 153,538 (64,095) 1,148,087 306,353 (81,493) (97,489) (19,274) 6,392 (669) 28,014 188,227 3,698,713 5,266,304 2,852,706 8,119,010 Loss for the year 本年度亏损 – – – – – – – – – – – (922,431) (922,431) (267,704) (1,190,135) Other comprehensive income/(loss) 年内其他全面收益╱（亏损）： for the year: Debt investments at fair value 按公平值计入其他全面收益之 through other comprehensive 债务投资： income: Changes in fair value, net of tax 公平值变动，扣除税项 – – – – 3,454 – – – – – – – 3,454 280 3,734 Reclassification adjustments for 计入损益之亏损重新分类 losses included in profit or loss 调整 – Im pairment losses, net －减值亏损净额 – – – – (3,707) – – – – – – – (3,707) 604 (3,103) – Lo sses on redemption/ －赎回╱出售亏损净额 disposal, net – – – – (226) – – – – – – – (226) (119) (345) Equity investments 按公平值计入其他全面 at fair value through 收益之股权投资： other comprehensive income: Changes in fair value 公平值变动 – – – – – (8,886) – – – – – – (8,886) 196 (8,690) Exchange differences on 换算海外业务之汇兑差额 translation of foreign operations – – – – – – (39,411) – – – – – (39,411) (34,549) (73,960) Release of exchange reserve 本年度出售附属公司时解除 upon disposal of subsidiaries 汇兑储备 during the year – – – – – – 7,389 – – – – – 7,389 5,551 12,940 Share of other comprehensive 应占合营企业其他 income of joint ventures 全面收益 – – – – – – – – 1,094 – – – 1,094 – 1,094 Total comprehensive 年内全面收益╱（亏损）总额 income/(loss) for the year – – – – (479) (8,886) (32,022) – 1,094 – – (922,431) (962,724) (295,741) (1,258,465) Shares cancelled 已注销股份 34(b) (11,871) 64,036 (52,165) – – – – – – – – – – – – Recognition of a share-based 确认一间附属公司之 payment of a subsidiary 以股份付款 – – – – – – – – – – – – – 2,975 2,975 Lapse of share option of 一间附属公司之购股权失效 a subsidiary – – – – – – – – – – – 1,153 1,153 (1,153) – Acquisition of non-controlling 收购非控股权益 interest 1(i) – – – – – – – – – – 27,779 – 27,779 (39,579) (11,800) Transfer to retained profits 转拨至保留溢利 – – – – – 308 – – – – – (308) – – – Disposal of treasury shares 出售库存股份 34(c) – 59 – – – – – – – – (24) – 35 – 35 Disposal of subsidiaries 出售附属公司 38 – – – – – – – – – – – – – 32,803 32,803 Dividend paid to non-controlling 向附属公司非控股权益持有人 equity holders of subsidiaries 支付股息 – – – – – – – – – – – – – (104,239) (104,239) At 31 March 2025 于二零二五年三月三十一日 141,667 – 1,095,922* 306,353* (81,972)* (106,067)* (51,296)* 6,392* 425* 28,014* 215,982* 2,777,127* 4,332,547 2,447,772 6,780,319 * These reserve accounts comprise the consolidated reserves of * 该等储备账目组成综合财务状况表内的综合储备 HK$4,190,880,000 (2024: HK$5,176,861,000) in the consolidated 4,190,880,000港元（二零二四年：5,176,861,000港 statement of financial position. 元）。 126 Wang On Group Limited Annual Report 2025

---

127二零二五年报 宏安集团有限公司

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

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

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

CASH FLOWS FROM OPERATING

ACTIVITIES

来自经营业务之现金流量

Los before tax除税前亏损(1,192,711)(878,152)

Adjustments for:已调整以下各项：

Finance costs融资成本7354,594364,377

Share of profits and loses of joint

ventures and asociates, net

应占合营企业及联营公司

溢利及亏损净额287,664(270,952)

Bank interest income银行利息收入5(9,678)(20,203)

Imputed interest income from debt

investments

债务投资之估计利息收入

(25)(1,447)

Los on disposal of investment

properties, net

出售投资物业之亏损净额

68,307–

Los/(gain) on disposal of items of

property, plant and equipment, net

出售物业、厂房及设备项目

之亏损╱（收益）净额63,275(12,413)

Los/(gain) on disposal/redemption

of debt investments at fair value

through other comprehensive

income, net

出售╱赎回按公平值计入其

他全面收益之债务投资之

亏损╱（收益）净额

5, 6(345)87,245

Los/(gain) on disposal of

subsidiaries, net

出售附属公司之亏损╱

（收益）净额5, 6(28,731)5,898

Fair value loses/(gains) on financial

asets and liabilities at fair value

through profit or los, net

按公平值计入损益之

金融资产及负债公平值

亏损╱（收益）净额34,607(3,164)

Fair value loses on owned

investment properties, net

所拥有投资物业公平值

亏损净额1434,007104,042

Gain on early redemption of

unsecured notes

提早赎回无抵押票据之

收益5–(12,110)

Fair value loses on sub-leased

investment properties, net

分租投资物业之公平值

亏损净额14120,084162,257

Depreciation of owned asets自有资产折旧653,61056,307

Depreciation of right-of-use asets使用权资产折旧678,69780,836

Write-down of properties held for sale持作出售物业之撇减20229,2732,919

Write-down of properties under

development, net

发展中物业撇减净额

16–692,355

Equity-setled share option expense以权益结算之购股权开支2,9753,838

Impairment loses on financial asets,

net

金融资产减值亏损净额

6112,10821,762

Impairment loses/(reversal of

impairment) on items of property,

plant and equipment, net

物业、厂房及设备项目之

减值亏损╱（减值拨回）

净额6(1,056)79,552

Impairment loses on a item of club

memberships

俱乐部会籍项目减值亏损

64,320–

Alowance for obsolete inventories陈旧存货拨备64,0152,911

Acrued rent-fre rental income累计免租金收入14141148

Los/(gain) on modification/

termination of lease contracts, net

修订╱终止租赁合约之

亏损╱（收益）净额1528,669(1,593)

Cash generated from operations

before changes in working capital

营运资金变动前经营

所得现金123,800464,413

---

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) 综合现金流量表（续） Year ended 31 March 2025 截至二零二五年三月三十一日止年度 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 CASH FLOWS FROM OPERATING 来自经营业务之现金流量（续） ACTIVITIES (continued) Decrease in properties held for sale 持作出售物业减少 1,126,028 405,861 Increase in properties under 发展中物业增加 development (84,441) (1,138,279) Decrease/(increase) in inventories 存货减少╱（增加） 65,795 (101,889) Decrease in financial assets at fair 按公平值计入损益的金融资产 value through profit or loss 减少 12,068 31,005 Decrease/(increase) in cost of obtaining 获得合约之成本减少╱（增加） contracts 13,298 (61) Decrease in trade receivables, 应收账款、预付款项、其他 prepayments, other receivables and 应收款项及其他资产减少 other assets 163,429 86,276 Increase in loans and interest 应收贷款及利息增加 receivables (14,691) (53,101) Settlement of loans and interest 偿还应收贷款及利息 receivables 53,592 87,217 Increase/(decrease) in trade and bills 应付账款及应付票据 payables 增加╱（减少） (88,383) 36,938 Decrease in other payables and 其他应付款项及应计费用减少 accruals (27,254) (65,349) Increase in contract liabilities 合约负债增加 2,551 27,681 Decrease/(increase) in deposits 已收按金及预收款项减少╱ received and receipts in advance （增加） (121,575) 76,090 Decrease in restricted bank balances 受限制银行结余减少 1,919 6,106 Cash generated from/(used in) 经营业务所得╱（所用）现金 operations 1,226,136 (137,092) Ta x paid 已 付税项 (46,449) (37,175) Net cash flows from/(used in) 经营业务所得╱（所用）现金流量 operating activities 净额 1,179,687 (174,267) 128 Wang On Group Limited Annual Report 2025

---

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) 综合现金流量表（续） Year ended 31 March 2025 截至二零二五年三月三十一日止年度 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 CASH FLOWS FROM INVESTING 来自投资业务之现金流量 ACTIVITIES Bank interest received 已收银行利息 5 9,678 20,203 Dividend income from joint ventures 来自合营企业的股息收入 120,846 14,181 Dividend income from associates 来自联营公司的股息收入 2,500 2,600 Additions to interest in joint ventures 于合营企业之权益增加 (163,807) (114,397) Additions to interest in associates 于联营公司之权益增加 (2,572) – Additions to investment properties 添置投资物业 (5,497) (8,708) Subscription of club membership 订购俱乐部会籍 – (980) Purchases of items of property, plant 购入物业、厂房及设备 and equipment 项目 (45,997) (30,956) Purchases of financial assets 购入按公平值计入 at fair value through other 其他全面收益之 comprehensive income 金融资产 (150) (2,930) Proceeds from disposal of 出售投资物业之所得款项 investment properties 90,525 – Proceeds from disposal of items of 出售物业、厂房及 property, plant and equipment 设备项目之所得款项 62,348 35,134 Proceeds from disposal of financial 出售按公平值计入 assets at fair value through other 其他全面收益之 comprehensive income 金融资产所得款项 41,152 248,247 Proceeds from disposal of subsidiaries 出售附属公司之所得款项 38 412,595 165,020 Cash advanced to joint ventures and 垫付予合营企业及 associates 联营公司之现金 (60,062) (7,036) Return of capital from joint ventures 合营企业资本返还 103,981 632 Repayments of loans by joint ventures 合营企业偿还贷款 114,491 55,434 Decrease/(increase) in non-pledged 原到期日超过三个月之 time deposits with original maturity of 无抵押定期存款 over three months 减少╱（增加） (23,837) 258,060 Deposits received for proposed 建议出售附属公司 disposal of subsidiaries 收取之按金 – 19,927 N et cash flows from investing activities 投 资活动所得现金流量净额 656,194 654,431 二零二五年年报 宏安集团有限公司 129

---

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) 综合现金流量表（续） Year ended 31 March 2025 截至二零二五年三月三十一日止年度 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 CASH FLOWS FROM FINANCING 来自融资活动之现金流量 ACTIVITIES Interest paid 已付利息 (406,893) (503,711) Dividends paid 已付股息 – (32,099) New bank and other borrowings 新增银行及其他借贷 1,391,385 3,235,357 Repayment of bank and other 偿还银行及其他借贷 borrowings (3,082,196) (2,707,569) Repurchase of the Company’s shares 购回本公司股份 – (7,380) Redemption of unsecured notes 赎回无抵押票据 – (118,326) Acquisition of non-controlling interest 收购非控股权益 (11,800) (221,522) Dividend paid to non-controlling 向非控股股东支付股息 shareholders (104,239) (11,029) Principal portion of lease payments 租赁付款本金部分 (205,279) (203,024) Net proceeds from issuance of 发行无抵押票据所得款项 unsecured notes 净额 59,999 – Proceeds from disposal of treasury 出售库存股份所得款项 shares 35 – Decrease/(increase) in pledged 已抵押存款减少╱（增加） deposits 41,318 (11,154) Net cash flows used in financing 融资活动所用现金流量净额 activities (2,317,670) (580,457) NET DECREASE IN CASH AND 现金及现金等同项目之 CASH EQUIVALENTS 减少净额 (481,789) (100,293) Cash and cash equivalents at 年初现金及现金等同项目 beginning of year 1,195,959 1,313,402 Effect of foreign exchange rate 汇率变动之影响净额 changes, net (5,828) (17,150) CASH AND CASH EQUIVALENTS AT 年终现金及现金等同项目 END OF YEAR 708,342 1,195,959 130 Wang On Group Limited Annual Report 2025

---

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) 综合现金流量表（续） Year ended 31 March 2025 截至二零二五年三月三十一日止年度 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 ANALYSIS OF BALANCES OF CASH 现金及现金等同项目之 AND CASH EQUIVALENTS 结余分析 Cash and bank balances 现金及银行结余 643,561 851,036 N on-pledged time deposits 无 抵押定期存款 27 88,618 342,068 Cash and bank balance as stated 综合财务状况表所述之 in the consolidated statement of 现金及银行结余 financial position 732,179 1,193,104 Add: Ca sh and bank balances of 加：一 个出售集团之 a disposal group 现金及银行结余 28 – 2,855 Less: N on-pledged time deposit with 减：原 到期日超过三个月 original maturity of over three 之无抵押定期存款 months (23,837) – Cash and cash equivalents as stated 综合现金流量表所述之 in the consolidated statement of 现金及现金等同项目 cash flows 708,342 1,195,959 二零二五年年报 宏安集团有限公司 131

---

132Wang On Group Limited Anual Report 2025

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31 March 2025 二零二五年三月三十一日

1. CORPORATE AND GROUP INFORMATION

Wang On Group Limited (the “Company”) is a limited liability

company incorporated in Bermuda, and its head ofice and

principal place of busines are both located at Suite 3202,

32/F., Skyline Tower, 39 Wang Kwong Road, Kowlon Bay,

Kowlon, Hong Kong.

During the year, the Company and its subsidiaries

(colectively refered to as the “Group”) were involved in the

folowing principal activities:

• property development and trading

• property investment

• fresh market operation and agricultural produce

exchange market operation

• pharmaceutical and health fod product busines

• treasury management which includes provision of

financing, investment of debt and other securities

which earn interest income and provision of aset

management service

1. 公司及集团资料

Wang On Group Limited（宏安集团有限公

司）*（「本公司」）乃于百慕达注册成立的有

限公司，其总办事处及主要营业地点均位

于香港九龙九龙湾宏光道39号宏天广场32

楼3202室。

年内，本公司及其附属公司（合称「本集

团」）之主要业务如下：

• 物业发展及买卖

• 物业投资

• 街市营运及农产品交易市场业务

• 医药及保健食品产品业务

• ，包括提供融资、投资债务

及其他赚取利息收入之证券以及提供

资产管理服务

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集团资料（续） (continued) Information about subsidiaries 有关附属公司之资料 Particulars of the Company’s principal subsidiaries are as 本公司主要附属公司之详情如下： follows: Place of Issued ordinary Percentage of incorporation and share capital/ equity attributable Principal Name business registered capital to the Company activities 注册成立 已发行普通股本╱ 本公司 公司名称 及营业地点 注册资本 应占权益百分比 主要业务 Direct Indirect 直接 间接 Wang On Enterprises (BVI) Limited British Virgin Islands Ordinary US$1 100 – Investment holding Wang On Enterprises (BVI) Limited 英属处女群岛 普通股1美元 投资控股 Asia Brighter Investment Limited Hong Kong Ordinary HK$1 – 72.02 Property investment 益晖投资有限公司 香港 普通股1港元 物业投资 China Agri-Products Exchange Bermuda Ordinary – 57.09** Agricultural produce Limited (“CAP”)@ (note (ii)) HK$99,530,678 exchange market operation and property sales 中国农产品交易有限公司 百慕达 普通股 农产品交易市场经营 （「中国农产品」）@（ 附注(ii)） 99,530,678港元 及物业销售 City Concord Limited Hong Kong Ordinary HK$1 – 75 Property investment 世港有限公司 香港 普通股1港元 物业投资 Cloud Hero Limited Hong Kong Ordinary HK$1 – 72.02 Provision of financial services Cloud Hero Limited 香港 普通股1港元 提供金融服务 二零二五年年报 宏安集团有限公司 133

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集团资料（续） (continued) Information about subsidiaries (continued) 有关附属公司之资料（续） Particulars of the Company’s principal subsidiaries are as 本公司主要附属公司之详情如下：（续） follows: (continued) Place of Issued ordinary Percentage of incorporation and share capital/ equity attributable Principal Name business registered capital to the Company activities 注册成立 已发行普通股本╱ 本公司 公司名称 及营业地点 注册资本 应占权益百分比 主要业务 Direct Indirect 直接 间接 Fulling Limited Hong Kong Ordinary – 100 Treasury management HK$10,000,000 富英有限公司 香港 普通股 财资管理 10,000,000港元 Greatest Wealth Limited Hong Kong Ordinary HK$100 – 100 Sale of fresh pork 联丰行有限公司 香港 普通股100港元 销售新鲜猪肉 Good Excellent Limited Hong Kong Ordinary HK$1 – 72.02 Property investment 港威龙有限公司 香港 普通股1港元 物业投资 Hony Limited Hong Kong Ordinary HK$1 – 75 Provision of asset management services 凯昕有限公司 香港 普通股1港元 提供资产管理服务 Luxembourg Medicine Company Hong Kong Ordinary – 71.87 Pharmaceutical and Limited HK$933,313 health food product business 卢森堡大药厂有限公司 香港 普通股 医药及保健食品产品 933,313港元 业务 134 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集团资料（续） (continued) Information about subsidiaries (continued) 有关附属公司之资料（续） Particulars of the Company’s principal subsidiaries are as 本公司主要附属公司之详情如下：（续） follows: (continued) Place of Issued ordinary Percentage of incorporation and share capital/ equity attributable Principal Name business registered capital to the Company activities 注册成立 已发行普通股本╱ 本公司 公司名称 及营业地点 注册资本 应占权益百分比 主要业务 Direct Indirect 直接 间接 Mailful Investments Limited British Virgin Islands Ordinary US$1 – 100 Investment holding Mailful Investments Limited 英属处女群岛 普通股1美元 投资控股 Rich United Limited* Hong Kong Ordinary HK$1 – 52.50 Property development 荣特有限公司* 香港 普通股1港元 物业发展 Richly Gold Limited Hong Kong Ordinary HK$2 – 100 Property investment 金峰有限公司 香港 普通股2港元 物业投资 Vincent Investments Limited Hong Kong Ordinary HK$2 – 75 Property development 永宜投资有限公司 香港 普通股2港元 物业发展 Wai Yuen Tong Company Limited Hong Kong Ordinary HK$1 – 72.02 Property holding 位元堂有限公司 香港 普通股1港元 物业控股 Wai Yuen Tong (Macao) Limited Macau Ordinary Macau – 71.87 Pharmaceutical Pataca 25,000 and health food products business 位元堂（澳门）有限公司 澳门 普通股 医药及保健食品产品 25,000澳门币 业务 二零二五年年报 宏安集团有限公司 135

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集团资料（续） (continued) Information about subsidiaries (continued) 有关附属公司之资料（续） Particulars of the Company’s principal subsidiaries are as 本公司主要附属公司之详情如下：（续） follows: (continued) Place of Issued ordinary Percentage of incorporation and share capital/ equity attributable Principal Name business registered capital to the Company activities 注册成立 已发行普通股本╱ 本公司 公司名称 及营业地点 注册资本 应占权益百分比 主要业务 Direct Indirect 直接 间接 Wai Yuen Tong (Retail) Limited Hong Kong Ordinary – 71.87 Pharmaceutical HK$300,000 and health food products business 位元堂（零售）有限公司 香港 普通股 医药及保健食品产品 300,000港元 业务 Wai Yuen Tong Medicine Company Hong Kong Ordinary – 71.87 Pharmaceutical Limited HK$13,417,374 and health food Non-voting products business deferred shares*** HK$17,373,750 位元堂药厂有限公司 香港 普通股 医药及保健食品产品 13,417,374港元 业务 无投票权 递延股份*** 17,373,750港元 Wai Yuen Tong Medicine Holdings Bermuda/Hong Ordinary – 72.02 Investment holding Limited (“WYTH”)@ (note (i)) Kong HK$12,316,428 位元堂药业控股有限公司 百慕达╱香港 普通股 投资控股 （「位元堂控股」）@（ 附注(i)） 12,316,428港元 Wang On Management Limited Hong Kong Ordinary HK$2 – 100 Provision of management services 宏安管理有限公司 香港 普通股2港元 提供管理服务 136 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集团资料（续） (continued) Information about subsidiaries (continued) 有关附属公司之资料（续） Particulars of the Company’s principal subsidiaries are as 本公司主要附属公司之详情如下：（续） follows: (continued) Place of Issued ordinary Percentage of incorporation and share capital/ equity attributable Principal Name business registered capital to the Company activities 注册成立 已发行普通股本╱ 本公司 公司名称 及营业地点 注册资本 应占权益百分比 主要业务 Direct Indirect 直接 间接 Wang On Day Day Fresh Limited Hong Kong Ordinary HK$1 – 100 Fresh market operation 宏集日日食良有限公司 香港 普通股1港元 街市业务 Wang On Majorluck Limited Hong Kong Ordinary HK$1,000 – 100 Fresh markets operation 宏集策划有限公司 香港 普通股1,000港元 街市业务 Wang On Properties Limited Bermuda/Hong Ordinary – 75 Investment holding (“WOP”)@ Kong HK$15,200,000 宏安地产有限公司（「宏安地产」）@ 百慕达╱香港 普通股 投资控股 15,200,000港元 Wang On Properties Services LimitedHong Kong Ordinary HK$1 – 75 Provision of management services 宏安地产服务有限公司 香港 普通股1港元 提供管理服务 Wang On Services Limited Hong Kong Ordinary HK$1 – 75 Provision of management services 宏安服务有限公司 香港 普通股1港元 提供管理服务 Winhero Investment Limited Hong Kong Ordinary HK$1 – 100 Property investment 运英投资有限公司 香港 普通股1港元 物业投资 二零二五年年报 宏安集团有限公司 137

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集团资料（续） (continued) Information about subsidiaries (continued) 有关附属公司之资料（续） Particulars of the Company’s principal subsidiaries are as 本公司主要附属公司之详情如下：（续） follows: (continued) Place of Issued ordinary Percentage of incorporation and share capital/ equity attributable Principal Name business registered capital to the Company activities 注册成立 已发行普通股本╱ 本公司 公司名称 及营业地点 注册资本 应占权益百分比 主要业务 Direct Indirect 直接 间接 Wang On Asset Management Hong Kong Ordinary HK$1 – 75 Provision of asset Limited management services 宏安资产管理有限公司 香港 普通股1港元 提供资产管理服务 Wise Ocean International Limited Hong Kong Ordinary HK$2 – 75 Property holding 智洋国际有限公司 香港 普通股2港元 物业控股 深圳市延养堂医药有限公司# People’s Republic Registered capital – 71.87 Pharmaceutical of China (the Renminbi (“RMB”) and health food “PRC”)/Mainland 102,000,000 products business China 深圳市延养堂医药有限公司# 中华人民共和国 注册资本 医药及保健食品产品 （「中国」）╱ 人民币（「人民币」） 业务 中国内地 102,000,000元 冠尊（深圳）商贸发展有限公司# The PRC/Mainland Registered – 71.87 Property holding China capital HK$100,000,000 冠尊（深圳）商贸发展有限公司# 中国╱中国内地 注册资本 物业控股 100,000,000港元 徐州源洋商贸发展有限公司## The PRC/Mainland Registered capital – 29.12** Agricultural produce China RMB61,220,000 exchange market operation 徐州源洋商贸发展有限公司## 中国╱中国内地 注册资本 农产品交易市场经营 人民币61,220,000元 138 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集团资料（续） (continued) Information about subsidiaries (continued) 有关附属公司之资料（续） Particulars of the Company’s principal subsidiaries are as 本公司主要附属公司之详情如下：（续） follows: (continued) Place of Issued ordinary Percentage of incorporation and share capital/ equity attributable Principal Name business registered capital to the Company activities 注册成立 已发行普通股本╱ 本公司 公司名称 及营业地点 注册资本 应占权益百分比 主要业务 Direct Indirect 直接 间接 武汉白沙洲农副产品大市场 The PRC/Mainland Registered capital – 57.09 Agricultural produce 有限公司##/* China RMB180,610,000 exchange market operation 武汉白沙洲农副产品大市场 中国╱中国内地 注册资本 农产品交易市场经营 有限公司##/* 人民币180,610,000元 玉林宏进农副产品批发市场 The PRC/Mainland Registered capital – 29.12** Agricultural produce 有限公司 (“Yulin Hongjin”)## China RMB34,285,700 exchange market operation and property sales 玉林宏进农副产品批发市场 中国╱中国内地 注册资本 农产品交易市场经营 有限公司（「玉林宏进」）## 人民币34,285,700元 及物业销售 玉林宏进物流发展有限公司# The PRC/Mainland Registered capital – 57.09 Agricultural produce China RMB320,000,000 exchange market operation and property sales 玉林宏进物流发展有限公司# 中国╱中国内地 注册资本 农产品交易市场经营 人民币320,000,000元 及物业销售 钦州宏进农副产品批发市场 The PRC/Mainland Registered capital – 57.09 Agricultural produce 有限公司# China RMB450,000,000 exchange market operation and property sales 钦州宏进农副产品批发市场 中国╱中国内地 注册资本 农产品交易市场经营 有限公司# 人民币450,000,000元 及物业销售 二零二五年年报 宏安集团有限公司 139

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集团资料（续） (continued) Information about subsidiaries (continued) 有关附属公司之资料（续） Particulars of the Company’s principal subsidiaries are as 本公司主要附属公司之详情如下：（续） follows: (continued) Place of Issued ordinary Percentage of incorporation and share capital/ equity attributable Principal Name business registered capital to the Company activities 注册成立 已发行普通股本╱ 本公司 公司名称 及营业地点 注册资本 应占权益百分比 主要业务 Direct Indirect 直接 间接 开封宏进农副产品批发市场 The PRC/Mainland Registered capital – 57.09 Agricultural produce 有限公司# China US$23,230,000 exchange market operation and property sales 开封宏进农副产品批发市场 中国╱中国内地 注册资本 农产品交易市场经营 有限公司# 23,230,000美元 及物业销售 洛阳宏进农副产品批发市场 The PRC/Mainland Registered capital – 57.09 Agricultural produce 有限公司# China RMB443,000,000 exchange market operation and property sales 洛阳宏进农副产品批发市场 中国╱中国内地 注册资本 农产品交易市场经营 有限公司# 人民币443,000,000元 及物业销售 濮阳宏进农副产品批发市场 The PRC/Mainland Registered capital – 42.82** Agricultural produce 有限公司## China RMB140,000,000 exchange market operation and property sales 濮阳宏进农副产品批发市场 中国╱中国内地 注册资本 农产品交易市场经营 有限公司## 人民币140,000,000元 及物业销售 盘锦宏进农副产品批发市场 The PRC/Mainland Registered capital – 57.09 Agricultural produce 有限公司# China RMB73,000,000 exchange market operation and property sales 盘锦宏进农副产品批发市场 中国╱中国内地 注册资本 农产品交易市场经营 有限公司# 人民币73,000,000元 及物业销售 140 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集团资料（续） (continued) Information about subsidiaries (continued) 有关附属公司之资料（续） Particulars of the Company’s principal subsidiaries are as 本公司主要附属公司之详情如下：（续） follows: (continued) Place of Issued ordinary Percentage of incorporation and share capital/ equity attributable Principal Name business registered capital to the Company activities 注册成立 已发行普通股本╱ 本公司 公司名称 及营业地点 注册资本 应占权益百分比 主要业务 Direct Indirect 直接 间接 随州白沙洲农副产品物流园 The PRC/Mainland Registered capital – 29.12** Agricultural produce 有限公司### China RMB3,000,000 exchange market operation 随州白沙洲农副产品物流园 中国╱中国内地 注册资本 农产品交易市场经营 有限公司### 人民币3,000,000元 黄石宏进农副产批发市场 The PRC/Mainland Registered capital – 45.67** Agricultural produce 有限公司## China RMB2,000,000 exchange market operation 黄石宏进农副产品批发市场 中国╱中国内地 注册资本 农产品交易市场经营 有限公司## 人民币2,000,000元 * Certain bank loans of the Group are secured by share charges * 本集团若干银行贷款由该等附属公司之股权 over of the equity interests in these subsidiaries (note 32). 之股份押记作抵押（附注32）。 ** These companies are subsidiaries of a non-wholly-owned ** 该等公司为本公司一间非全资附属公司的附 subsidiary of the Company and, accordingly, are accounted for as 属公司，并因此基于本公司对该等公司的控 subsidiaries by virtue of the Company’s control over them. 制权而以附属公司入账。 *** The non-voting deferred shares carry no voting rights or rights *** 无投票权递延股份无权投票或收取股息。于 to dividends. On the winding-up of Wai Yuen Tong Medicine 位元堂药厂有限公司清盘时，向普通股持有 Company Limited, the non-voting deferred shares have a right to 人分派有关之首笔1,000,000,000,000港元 repayment in proportion to the amounts paid up on all ordinary 后，无投票权递延股份有权按所有普通股及 and deferred shares after the first HK$1,000,000,000,000 thereof 递延股份之实缴股款比例获得退还款项。 has been distributed among the holders of the ordinary shares. # Wholly-foreign-owned enterprise under PRC law. # 中国法律下的外商独资企业。 ## Sino-foreign equity joint venture under PRC law. ## 中国法律下的中外合资合营企业。 ### Domestic-funded enterprise under PRC law. ### 中国法律下的内资企业。 @ Listed on the Main Board of The Stock Exchange of Hong Kong @ 于香港联合交易所有限公司（「香港联交所」） Limited (the “Hong Kong Stock Exchange”). 主板上市。 二零二五年年报 宏安集团有限公司 141

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集团资料（续） (continued) Information about subsidiaries (continued) 有关附属公司之资料（续） Notes: 附注： (i) During the year ended 31 March 2025, the Group’s equity (i) 截至二零二五年三月三十一日止年度， interests in WYTH increased from 69.19% to 72.02% (2024: 位元堂控股以总代价11,800,000港元（二 from 67.26% to 69.19%) upon the repurchase and cancellation 零二四年：21,522,000港元）购回及注 of 46,000,000 ordinary shares (2024: 33,540,000 ordinary 销46,000,000股普通股（二零二四年： shares) by WYTH at a total consideration of HK$11,800,000 33,540,000股普通股）后，本集团于位元 (2024: HK$21,522,000). The Group recognised a discount 堂控股拥有之权益由69.19%增至72.02% of HK$27,779,000 (2024: HK$30,309,000) on the deemed （二零二四年：67.26%至69.19%）。本集 acquisition of WYTH in capital reserve. 团就位元堂控股之视作收购事项于资本储 备确认折让27,779,000港元（二零二四年： 30,309,000港元）。 (ii) On 6 September 2023, the Group, Loyal Fame International (ii) 于二零二三年九月六日，本集团、忠誉国 Limited (“Loyal Fame”) a company indirectly wholly-owned by Mr. 际有限公司（「忠誉」，由本公司主席兼控 Tang Ching Ho (“Mr. Tang”), the chairman and the controlling 股股东邓清河先生（「邓先生」）间接全资拥 shareholder of the Company, and Mr. Tang as guarantor, 有之公司）与邓先生（作为担保人）订立买 entered into a sale and purchase agreement, and pursuant to 卖协议，据此本集团有条件同意向忠誉 which the Group conditionally agreed to acquire from Loyal Fame 收购Onger Investments Limited（「Onger the 100% equity interest in Onger Investments Limited (“Onger Investments」）之100%权益以及Onger Investments”) and the shareholder’s loans owed by Onger Investments结欠忠誉之股东贷款，总代价 Investments to Loyal Fame at an aggregate consideration of 为200,000,000港元（「中国农产品收购事 HK$200,000,000 (the “CAP Acquisition”). Onger Investments 项」）。Onger Investments为一间投资控股 is an investment holding company which holds approximately 公司，其于中国农产品已发行股本中持有约 20.17% of the issued share capital of CAP. The CAP Acquisition 20.17%权益。中国农产品收购事项已于二 was completed on 18 October 2023 and upon completion of the 零二三年十月十八日完成，而于中国农产品 CAP Acquisition, the Group’s effective interests in CAP increased 收购事项完成后，本集团于中国农产品之实 from 36.92% to 57.09% and the Group recognised a discount 际权益由36.92%增至57.09%，本集团亦就 of HK$121,286,000 on the acquisition interests in CAP in capital 收购中国农产品之权益于资本储备中确认折 reserve. Further details of the CAP Acquisition are set out in the 让121,286,000港元。中国农产品收购事项 announcement and the circular of the Company dated 6 and 27 之进一步详情分别载于本公司日期为二零 September 2023, respectively. 二三年九月六日及二十七日之公告及通函。 142 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集团资料（续） (continued) Information about subsidiaries (continued) 有关附属公司之资料（续） Notes: (continued) 附注：（续） (iii) On 7 March 2024, the shareholders of WYTH approved the (iii) 于二零二四年三月七日，位元堂控股之股东 payment of a special dividend by way of a distribution in specie 批准以实物分派方式向位元堂控股合资格股 of (a) 1,715,666,000 shares of the Company (“Wang On 东按其各自于位元堂控股之持股比例派发(a) Shares”) held by WYTH and its subsidiaries (collectively the 位元堂控股及其附属公司（统称为「位元堂 “WYTH Group”) which was recognised as treasury shares 控股集团」）持有之1,715,666,000股本公司 (note 34 (c)) before the distribution, and (b) 5,310,951,000 股份（「宏安股份」）（其于分派前确认为库存 shares of CAP (“CAP Shares”) held by WYTH Group which 股份（附注34(c)），及(b)位元堂控股集团持 represented approximately 53.37% of the issued capital of CAP, 有之5,310,951,000股中国农产品股份（「中 to the qualifying shareholders of WYTH in proportion to their 国农产品股份」）（占中国农产品已发行股本 respective shareholdings in WYTH on the basis of 293 Wang 约53.37%）作为特别股息，基准为按于二零 On Shares and 907 CAP Shares for every 200 shares of WYTH 二四年三月十八日股东每持有200股位元堂 held by shareholders as of 18 March 2024 (the “Distribution in 控股股份获派发293股宏安股份及907股中 Specie”). 国农产品股份（「实物分派」）。 The Distribution in Specie was completed on 25 March 2024. 实物分派已于二零二四年三月二十五 Out of the total of 1,715,666,000 Wang On Shares distributed 日 完 成 。 于 位 元 堂 控 股 分 派 之 总 by WYTH, 1,187,123,000 Wang On Shares were received by the 共 1,715,666,000 股 宏 安 股 份 中 ， Group and all of them were cancelled in April 2024 (note 34(c)) 1,187,123,000股宏安股份已由本集团 and out of the 5,310,951,000 CAP Shares distributed by WYTH, 收取，并于二零二四年四月全部注销 3,674,815,000 CAP Shares were received by the Group and （附注34(c) ），而于位元堂控股分派之 given there was no change to the Group’s effective interest in 5,310,951,000股中国农产品股份中， CAP before and after the completion of the Distribution in Specie, 3,674,815,000股中国农产品股份已由本集 there was no material impact to the Group’s consolidated 团收取。鉴于本集团于中国农产品之实际权 financial statements. 益在实物分派完成之前及之后并无变动，因 此对本集团之综合财务报表并无重大影响。 (iv) Details of the subsidiaries disposed of during the year are (iv) 年内已出售附属公司详情于财务报表附注38 summarised in note 38 to the financial statements. 概述。 (v) The above table lists the subsidiaries of the Company which, in (v) 董事认为上表所列之本公司附属公司为本年 the opinion of the directors, principally affected the results for 度业绩带来重大影响或为本集团资产净值之 the year or formed a substantial portion of the net assets of the 主要部分。董事认为详细列明其他附属公司 Group. To give details of other subsidiaries would, in the opinion 之资料将会过于冗长。 of the directors, result in particulars of excessive length. 二零二五年年报 宏安集团有限公司 143

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.1 BASIS OF PREPARATION 2.1 编制基准 These financial statements have been prepared in 该等财务报表乃根据香港会计师公会（「香 accordance with HKFRS Accounting Standards (which 港会计师公会」）颁布之香港财务报告准则 include all Hong Kong Financial Reporting Standards, Hong 会计准则（包括所有香港财务报告准则、香 Kong Accounting Standards (“HKASs”) and Interpretations) 港会计准则（「香港会计准则」）及诠释）及香 as issued by the Hong Kong Institute of Certified 港公司条例之披露规定编制。财务资料乃 Public Accountants (the “HKICPA”) and the disclosure 以历史成本法编制，惟投资物业、按公平 requirements of the Hong Kong Companies Ordinance. They 值计入其他全面收益（「按公平值计入其他 have been prepared under the historical cost convention, 全面收益」）之金融资产及按公平值计入损 except for investment properties, financial assets at fair 益（「按公平值计入损益」）之金融资产╱负 value through other comprehensive income (“FVTOCI”), and 债乃按公平值计算。分类为持作出售之资 financial assets/liabilities at fair value through profit or loss 产及一个出售集团之资产按其账面值与公 (“FVTPL”) which have been measured at fair value. Assets 平值减出售成本两者中较低者列账，进一 classified as held for sale and assets of a disposal group 步详情载于财务报表附注2.4。 are stated at the lower of their carrying amounts and fair value less costs to sell as further explained in note 2.4 to the financial statements. These financial statements are presented in Hong Kong 该等财务报表以港元（「港元」）呈列，除另 dollars (“HK$”) and all values are rounded to the nearest 有注明者外，所有数值均约整至最接近千 thousand except when otherwise indicated. 位数。 Basis of consolidation 合并基准 The consolidated financial statements include the financial 综合财务报表包括本公司及其附属公司截 statements of the Company and its subsidiaries for the year 至二零二五年三月三十一日止年度之财务 ended 31 March 2025. A subsidiary is an entity (including 报表。附属公司为本公司直接或间接控制 a structured entity), directly or indirectly, controlled by the 之实体（包括结构性实体）。当本集团承受 Company. Control is achieved when the Group is exposed, 或享有参与投资对象业务所得之可变回报 or has rights, to variable returns from its involvement with the 的风险或权利，且能透过对投资对象之权 investee and has the ability to affect those returns through 力（即赋予本集团现有能力主导投资对象相 its power over the investee (i.e., existing rights that give the 关活动之既存权利）影响该等回报时，即取 Group the current ability to direct the relevant activities of 得控制权。 the investee). Generally, there is a presumption that a majority of voting 一般而言，大部分投票权会导致控制权的 rights results in control. When the Company has less than 推定。倘本公司拥有投资对象之投票或类 a majority of the voting or similar rights of an investee, the 似权利少于大多数，则本集团于评估其是 Group considers all relevant facts and circumstances in 否对投资对象拥有权力时，会考虑一切相 assessing whether it has power over an investee, including: 关事实及情况，包括： (a) the contractual arrangement with the other vote (a) 与投资对象其他投票权持有人之合约 holders of the investee; 安排； 144 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.1 BASIS OF PREPARATION (continued) 2.1 编制基准（续） Basis of consolidation (continued) 编制基准（续） (b) rights arising from other contractual arrangements; and (b) 其他合约安排所产生之权利；及 (c) the Group’s voting rights and potential voting rights. (c) 本集团的投票权及潜在投票权。 The financial statements of the subsidiaries are prepared 附属公司的财务报表乃就本公司之相同报 for the same reporting period as the Company, using 告期使用贯彻一致之会计政策编制。附属 consistent accounting policies. The results of subsidiaries 公司之业绩自本集团取得控制权之日开始 are consolidated from the date on which the Group obtains 综合入账，并继续综合入账直至有关控制 control, and continue to be consolidated until the date that 权终止之日为止。 such control ceases. Profit or loss and each component of other comprehensive 损益及其他全面收益各组成部分乃归属于 income are attributed to the owners of the parent of the 本集团母公司权益持有人及非控股权益， Group and to the non-controlling interests, even if this results 即使此举引致非控股权益出现亏绌结余。 in the non-controlling interests having a deficit balance. All 有关本集团成员公司间交易之所有集团内 intra-group assets and liabilities, equity, income, expenses 公司间资产及负债、权益、收入、开支及 and cash flows relating to transactions between members of 现金流量均于综合账目时全数抵销。 the Group are eliminated in full on consolidation. The Group reassesses whether or not it controls an investee 倘有事实及情况显示上文所述三个控制因 if facts and circumstances indicate that there are changes 素中有一个或以上出现变动，则本集团将 to one or more of the three elements of control described 重新评估是否仍控制投资对象。附属公司 above. A change in the ownership interest of a subsidiary, 之拥有权权益变动（并无丧失控制权）被视 without a loss of control, is accounted for as an equity 为股本交易入账。 transaction. If the Group loses control over a subsidiary, it derecognises 倘本集团失去对附属公司之控制权，则终 the related assets (including goodwill), liabilities, any non- 止确认相关资产（包括商誉）、负债、任何 controlling interest and the exchange fluctuation reserve; 非控股权益及汇兑波动储备；并确认所保 and recognises the fair value of any investment retained 留任何投资之公平值及损益中任何因此产 and any resulting surplus or deficit in profit or loss. The 生之盈余或亏绌。先前于其他全面收益确 Group’s share of components previously recognised in other 认之本集团应占部分重新分类至损益或保 comprehensive income is reclassified to profit or loss or 留溢利（按适用者），所依据之基准与倘本 retained profits, as appropriate, on the same basis as would 集团直接出售相关资产或负债而需要依据 be required if the Group had directly disposed of the related 者相同。 assets or liabilities. 二零二五年年报 宏安集团有限公司 145

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.2 CHANGES IN ACCOUNTING POLICIES AND 2.2 会计政策及披露之变动 DISCLOSURES The Group has adopted the following revised HKFRS 本集团已就本年度财务报表首次采纳下列 Accounting Standards for the first time for the current year’s 经修订香港财务报告准则会计准则。 financial statements. Amendments to HKFRS 16 Lease Liability in a Sale and 香港财务报告准则 售后回租之租赁 Leaseback 第16号（修订） 负债 Amendments to HKAS 7 Supplier Finance Arrangements 香港会计准则第7号及 供应商融资安排 and HKFRS 7 香港财务报告准则 第7号（修订） The nature and the impact of the revised HKFRS Accounting 经修订香港财务报告准则会计准则的性质 Standards are described below: 及影响如下： (a) Amendments to HKFRS 16 specify the requirements (a) 香港财务报告准则第16号（修订）订明 that a seller-lessee uses in measuring the lease liability 卖方－承租人于计量售后租回交易产 arising in a sales and leaseback transaction to ensure 生的租赁负债时使用的规定，以确保 the seller-lessee does not recognise any amount 卖方－承租人不会确认与其所保留使 of the gain or loss that relates to the right of use it 用权有关的任何收益或亏损金额。由 retains. Since the Group has no sale and leaseback 于本集团自首次应用香港财务报告准 transactions with variable lease payments that do not 则第16号日期起概无可变租赁付款不 depend on an index or a rate occurring from the date 取决于指数或利率之售后租回交易， of initial application of HKFRS 16, the amendments 该等修订对本集团财务状况或表现概 did not have any impact on the financial position or 无任何影响。 performance of the Group. (b) Amendments to HKAS 7 and HKFRS 7 clarify the (b) 香港会计准则第7号及香港财务报告 characteristics of supplier finance arrangements and 准则第7号（修订）澄清供应商融资安 require additional disclosure of such arrangements. 排之特征，并要求对该等安排作出额 The disclosure requirements in the amendments 外披露。修订本之披露要求旨在协助 are intended to assist users of financial statements 财务报表使用者了解供应商融资安排 in understanding the effects of supplier finance 对于实体的负债、现金流量及流动资 arrangements on an entity’s liabilities, cash flows 金风险敞口之影响。由于本集团并无 and exposure to liquidity risk. As the Group does not 供应商融资安排，故该等修订本对本 have supplier finance arrangements, the amendments 集团财务报表并无造成任何影响。 did not have any impact on the Group’s financial statements. 146 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已颁布但尚未生效之香港财务报告 ACCOUNTING STANDARDS 准则会计准则 The Group has not applied the following new and revised 本集团并无于该等财务报表中应用下列已 HKFRS Accounting Standards, that have been issued but 颁布但尚未生效之新订及经修订香港财务 are not yet effective, in these financial statements. The 报告准则会计准则。本集团拟于该等经修 Group intends to apply these revised HKFRS Accounting 订香港财务报告准则会计准则生效时予以 Standards, if applicable, when they become effective. 应用（如适用）。 HKFRS 18 Presentation and Disclosure in 香港财务报告准则 于财务报表之呈列 Financial Statements3 第18号 及披露3 HKFRS 19 Subsidiaries without Public 香港财务报告准则 无公共问责性的附 Accountability: Disclosures3 第19号 属公司：披露3 Amendments to HKFRS 9 Amendments to the 香港财务报告准则 金融工具的分类 and HKFRS 7 Classification and 第9号及香港财务 及计量修订2 Measurement of Financial 报告准则第7号 Instruments2 （修订） Amendments to HKFRS 9 Contracts Referencing Nature- 香港财务报告准则 涉及依赖自然能源 and HKFRS 7 dependent Electricity2 第9号及香港财务 生产电力的合约2 报告准则第7号 （修订） Amendments to HKFRS 10 Sale of Contribution of Assets 香港财务报告准则 投资者与其联营公 and HKAS 28 between an Investor and its 第10号及香港会计 司或合营公司之 Associate or Joint Venture4 准则第28号（修订） 间的资产出售或 注资4 Amendments to HKAS 21 Lack of Exchangeability1 香港会计准则第21号 缺乏可兑换性1 （修订） Annual improvements Amendments to HKFRS 1, 香港财务报告准则 香港财务报告准则 to HKFRS Accounting HKFRS 7, HKFRS 9, HKFRS 会计准则的年度 第1号、香港财务 Standards – Volume 11 10 and HKAS 72 改进－第11册 报告准则第7号、 香港财务报告准 则第9号、香港财 务报告准则第10 号及香港会计准 则第7号（修订）2 1 Effective for annual periods beginning on or after 1 January 2025 1 于二零二五年一月一日或之后开始之年度期 间生效 2 Effective for annual periods beginning on or after 1 January 2026 2 于二零二六年一月一日或之后开始之年度期 间生效 3 Effective for annual/reporting periods beginning on or after 1 3 于二零二七年一月一日或之后开始之年度╱ January 2027 报告期间生效 4 No mandatory effective date yet determined but available for 4 尚未厘定强制生效日期，但可供采纳 adoption 二零二五年年报 宏安集团有限公司 147

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已颁布但尚未生效之香港财务报告 ACCOUNTING STANDARDS (continued) 准则会计准则（续） Further information about those HKFRS Accounting 有关预期适用于本集团之香港财务报告准 Standards that are expected to be applicable to the Group is 则会计准则的其他资料载于下文。 described below. HKFRS 18 replaces HKAS 1 Presentation of Financial 香港财务报告准则第18号取代香港会计准 Statements. While a number of sections have been brought 则第1号财务报表的呈报。尽管香港会计 forward from HKAS 1 with limited changes, HKFRS 18 准则第1号的多个章节已被纳入而变动有 introduces new requirements for presentation within the 限，香港财务报告准则第18号就损益表内 statement of profit or loss, including specified totals and 呈列方式引入新规定，包括指定的总计及 subtotals. Entities are required to classify all income and 小计。实体须将损益表内所有收益及开支 expenses within the statement of profit or loss into one 分类为以下五个类别之一：经营、投资、 of the five categories: operating, investing, financing, 融资、所得税及已终止经营业务，并呈列 income taxes and discontinued operations and to present 两项新界定小计。其亦规定於单一附注中 two new defined subtotals. It also requires disclosures 披露管理层界定的绩效指标，并对主要财 about management-defined performance measures in a 务报表及附注中资料的组合（合并及分类） single note and introduces enhanced requirements on the 和位置提出更严格的要求。若干早前已纳 grouping (aggregation and disaggregation) and the location 入香港会计准则第1号的规定移至香港会 of information in both the primary financial statements and 计准则第8号会计政策、会计估计变更及 the notes. Some requirements previously included in HKAS 差错，并更名为香港会计准则第8号财务 1 are moved to HKAS 8 Accounting Policies, Changes 报表的编制基准。由于颁布香港财务报告 in Accounting Estimates and Errors, which is renamed 准则第18号，对香港会计准则第7号现金 as HKAS 8 Basis of Preparation of Financial Statements. 流量表、香港会计准则第33号每股盈利及 As a consequence of the issuance of HKFRS 18, limited, 香港会计准则第34号中期财务报告作出 but widely applicable, amendments are made to HKAS 7 有限但广泛适用的修订。此外，其他香港 Statement of Cash Flows, HKAS 33 Earnings per Share 财务报告准则会计准则亦有轻微的相应修 and HKAS 34 Interim Financial Reporting. In addition, there 订。香港财务报告准则第18号及其他香港 are minor consequential amendments to other HKFRS 财务报告准则会计准则的相应修订于二零 Accounting Standards. HKFRS 18 and the consequential 二七年一月一日或之后开始的年度期间生 amendments to other HKFRS Accounting Standards are 效，可提早应用，并须追溯应用。本集团 effective for annual periods beginning on or after 1 January 现正分析新订规定并评估香港财务报告准 2027 with earlier application permitted. Retrospective 则第18号对本集团财务报表的呈列及披露 application is required. The Group is currently analysing the 的影响。 new requirements and assessing the impact of HKFRS 18 on the presentation and disclosure of the Group’s financial statements. 148 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已颁布但尚未生效之香港财务报告 ACCOUNTING STANDARDS (continued) 准则会计准则（续） HKFRS 19 allows eligible entities to elect to apply reduced 香港财务报告准则第19号允许合资格实体 disclosure requirements while still applying the recognition, 选择应用经削减的披露规定，同时仍应用 measurement and presentation requirements in other 其他香港财务报告准则会计准则的确认、 HKFRS Accounting Standards. To be eligible, at the end 计量及呈列规定。为符合资格，于报告期 of the reporting period, an entity must be a subsidiary as 末，实体须为香港财务报告准则第10号合 defined in HKFRS 10 Consolidated Financial Statements, 并财务报表所界定的附属公司，且毋须作 cannot have public accountability and must have a parent 出公共问责，并须拥有一间编制符合香港 (ultimate or intermediate) that prepares consolidated 财务报告准则会计准则的合并财务报表供 financial statements available for public use which comply 公众使用的母公司（最终或中间公司）。允 with HKFRS Accounting Standards. Earlier application is 许提早应用。由于本公司为上市公司，并 permitted. As the Company is a listed company, it is not 不符合资格选择应用香港财务报告准则第 eligible to elect to apply HKFRS 19. Some of the Company’s 19号。本公司若干附属公司正考虑于其特 subsidiaries are considering the application of HKFRS 19 in 定财务报表中应用香港财务报告准则第19 their specified financial statements. 号。 Amendments to HKFRS 9 and HKFRS 7 Amendments to 香港财务报告准则第9号及香港财务报告 the Classification and Measurement of Financial Instruments 准则第7号（修订）金融工具分类及计量之 clarify the date on which a financial asset or financial liability 修订阐明终止确认金融资产或金融负债的 is derecognised and introduce an accounting policy option 日期，并引入一项会计政策选择，在符合 to derecognise a financial liability that is settled through an 特定条件的情况下，终止确认于结算日前 electronic payment system before the settlement date if 透过电子付款系统结算的金融负债。该等 specified criteria are met. The amendments clarify how to 修订厘清如何评估具有环境、社会及管治 assess the contractual cash flow characteristics of financial 以及其他类似或然特征的金融资产的合同 assets with environmental, social and governance and other 现金流量特征。此外，该等修订厘清具有 similar contingent features. Moreover, the amendments 无追索权特征的金融资产及合同挂钩工具 clarify the requirements for classifying financial assets with 的分类规定。该等修订亦包括指定按公平 non-recourse features and contractually linked instruments. 值计入其他全面收益的权益工具投资及具 The amendments also include additional disclosures 有或然特征的金融工具的额外披露。该等 for investments in equity instruments designated at fair 修订须追溯应用，并于首次应用日期对期 value through other comprehensive income and financial 初留存溢利（或权益的其他组成部分）进行 instruments with contingent features. The amendments 调整。过往期间毋须重列，且仅可在不作 shall be applied retrospectively with an adjustment to 出预知的情况下重列。允许同时提早应用 opening retained profits (or other component of equity) at 所有修订，或仅允许提早应用与金融资产 the initial application date. Prior periods are not required 分类相关的修订。 to be restated and can only be restated without the use of hindsight. Earlier application of either all the amendments at the same time or only the amendments related to the classification of financial assets is permitted. 二零二五年年报 宏安集团有限公司 149

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已颁布但尚未生效之香港财务报告 ACCOUNTING STANDARDS (continued) 准则会计准则（续） Amendments to HKFRS 9 and HKFRS 7 Contracts 香港财务报告准则第9号及香港财务报告 Referencing Nature-dependent Electricity clarify the 准则第7号（修订）依赖自然能源生产电力 application of the “own-use” requirements for in-scope 的合同澄清范围内合同「自用」规定的应 contracts and amend the designation requirements for 用，并修订范围内合同现金流量对冲关系 a hedged item in a cash flow hedging relationship for in- 中被对冲项目的指定规定。该等修订本亦 scope contracts. The amendments also include additional 包括额外披露，使财务报表使用者能够了 disclosures that enable users of financial statements 解该等合约对实体财务表现及未来现金流 to understand the effects these contracts have on an 量的影响。与自用例外情况相关的修订本 entity’s financial performance and future cash flows. The 应追溯应用。过往期间毋须重列，且仅可 amendments relating to the own-use exception shall be 在不作出预知的情况下重列。与对冲会计 applied retrospectively. Prior periods are not required to 相关的修订本应前瞻性地应用于首次应用 be restated and can only be restated without the use of 之日或之后指定的新对冲关系。允许提早 hindsight. The amendments relating to the hedge accounting 应用。香港财务报告准则第9号及香港财 shall be applied prospectively to new hedging relationships 务报告准则第7号（修订）应同时应用。该 designated on or after the date of initial application. Earlier 等修订预期不会对本集团财务报表造成任 application is permitted. The amendments to HKFRS 何重大影响。 9 and HKFRS 7 shall be applied at the same time. The amendments are not expected to have any significant impact on the Group’s financial statements. Amendments to HKFRS 10 and HKAS 28 address an 香港财务报告准则第10号及香港会计准则 inconsistency between the requirements in HKFRS 10 第28号（修订）解决香港财务报告准则第10 and in HKAS 28 in dealing with the sale or contribution 号及香港会计准则第28号有关处理投资 of assets between an investor and its associate or joint 者与其联营公司或合营企业之间之资产出 venture. The amendments require a full recognition of a 售或注资之规定之不一致问题。该等修订 gain or loss resulting from a downstream transaction when 规定资产出售或注资构成一项业务时，须 the sale or contribution of assets constitutes a business. 全数确认下游交易所产生之盈亏。至于涉 For a transaction involving assets that do not constitute a 及不构成业务之资产之交易，交易产生之 business, a gain or loss resulting from the transaction is 盈亏于投资者之损益确认，惟仅以非关联 recognised in the investor’s profit or loss only to the extent 投资者于该联营公司或合营企业之权益为 of the unrelated investor’s interest in that associate or joint 限。该等修订须前瞻性应用。香港会计师 venture. The amendments are to be applied prospectively. 公会已取消以往对香港财务报告准则第10 The previous mandatory effective date of amendments to 号及香港会计准则第28号修订的强制生效 HKFRS 10 and HKAS 28 was removed by the HKICPA. 日期。然而，该等修订现时可供采纳。 However, the amendments are available for adoption now. 150 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已颁布但尚未生效之香港财务报告 ACCOUNTING STANDARDS (continued) 准则会计准则（续） Amendments to HKAS 21 specify how an entity shall 香港会计准则第21号（修订）订明实体应 assess whether a currency is exchangeable into another 如何评估某种货币是否可兑换为另一种货 currency and how it shall estimate a spot exchange rate 币，以及在缺乏可兑换性的情况下，实体 at a measurement date when exchangeability is lacking. 应如何估计于计量日期的即期汇率。该修 The amendments require disclosures of information that 订本要求披露让财务报表使用者能够了解 enable users of financial statements to understand the 货币不可兑换的影响的资料。允许提早应 impact of a currency not being exchangeable. Earlier 用。于应用该修订本时，实体不能重列比 application is permitted. When applying the amendments, 较资料。初始应用该等修订的任何累积影 an entity cannot restate comparative information. Any 响，应于初始应用日期确认为对留存溢利 cumulative effect of initially applying the amendments shall 期初结余或（如适用）对权益单独组成部分 be recognised as an adjustment to the opening balance of 中所累计的汇兑差额的调整。该等修订预 retained profits or to the cumulative amount of translation 期不会对本集团财务报表造成任何重大影 differences accumulated in a separate component of 响。 equity, where appropriate, at the date of initial application. The amendments are not expected to have any significant impact on the Group’s financial statements. Annual Improvements to HKFRS Accounting Standards 香港财务报告准则会计准则的年度改进－ – Volume 11 set out amendments to HKFRS 1, HKFRS 第11卷载列香港财务报告准则第1号、香 7 (and the accompanying Guidance on implementing 港财务报告准则第7号（及实施香港财务报 HKFRS 7), HKFRS 9, HKFRS 10 and HKAS 7. Details of 告准则第7号的随附指引）、香港财务报告 the amendments that are expected to be applicable to the 准则第9号、香港财务报告准则第10号及 Group are as follows: 香港会计准则第7号的修订。预期适用于 本集团的该等修订详情如下： • HKFRS 7 Financial Instruments: Disclosures: The • 香港财务报告准则第7号金融工具： amendments have updated certain wording in 披露：该等修订已更新香港财务报告 paragraph B38 of HKFRS 7 and paragraphs IG1, 准则第7号第B38段及实施香港财务 IG14 and IG20B of the Guidance on implementing 报告准则第7号的指引第IG1、IG14 HKFRS 7 for the purpose of simplification or achieving 及IG20B段的若干措辞，以简化或与 consistency with other paragraphs in the standard 标准的其他段落及╱或其他标准所用 and/or with the concepts and terminology used 的概念及术语达致一致性。此外，该 in other standards. In addition, the amendments 等修订厘清实施香港财务报告准则第 clarify that the Guidance on implementing HKFRS 7 7号的指引未必说明香港财务报告准 does not necessarily illustrate all the requirements 则第7号参考段落的所有规定，亦未 in the referenced paragraphs of HKFRS 7 nor does 必增设额外规定。允许提早应用。该 it create additional requirements. Earlier application 等修订预期不会对本集团财务报表造 is permitted. The amendments are not expected to 成任何重大影响。 have any significant impact on the Group’s financial statements. 二零二五年年报 宏安集团有限公司 151

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已颁布但尚未生效之香港财务报告 ACCOUNTING STANDARDS (continued) 准则会计准则（续） • HKFRS 9 Financial Instruments: The amendments • 香港财务报告准则第9号金融工具： clarify that when a lessee has determined that a lease 该等修订厘清当承租人厘定租赁负债 liability has been extinguished in accordance with 已根据香港财务报告准则第9号终止 HKFRS 9, the lessee is required to apply paragraph 时，承租人须应用香港财务报告准则 3.3.3 of HKFRS 9 and recognise any resulting gain or 第9号第3.3.3段，并于损益中确认所 loss in profit or loss. In addition, the amendments have 产生的任何收益或亏损。此外，该 updated certain wording in paragraph 5.1.3 of HKFRS 等修订已更新香港财务报告准则第9 9 and Appendix A of HKFRS 9 to remove potential 号第5.1.3段及香港财务报告准则第9 confusion. Earlier application is permitted. The 号附录A的若干措辞，以消除潜在混 amendments are not expected to have any significant 淆。允许提早应用。该等修订预期不 impact on the Group’s financial statements. 会对本集团财务报表造成任何重大影 响。 • HKFRS 10 Consolidated Financial Statements: The • 香港财务报告准则第10号合并财务报 amendments clarify that the relationship described 表：该等修订厘清香港财务报告准则 in paragraph B74 of HKFRS 10 is just one example 第10号第B74段所述的关系仅为投资 of various relationships that might exist between the 者与作为投资者实际代理的其他各方 investor and other parties acting as de facto agents 之间可能存在的各种关系的其中一个 of the investor, which removes the inconsistency 例子，移除与香港财务报告准则第10 with the requirement in paragraph B73 of HKFRS 10. 号第B73段规定不一致之处。允许提 Earlier application is permitted. The amendments are 早应用。该等修订预期不会对本集团 not expected to have any significant impact on the 财务报表造成任何重大影响。 Group’s financial statements. • HKAS 7 Statement of Cash Flows: The amendments • 香港会计准则第7号现金流量表：于 replace the term “cost method” with “at cost” in 先前删除「成本法」的定义后，该等 paragraph 37 of HKAS 7 following the prior deletion 修订于香港会计准则第7号第37段以 of the definition of “cost method”. Earlier application is 「按成本」一词取代「成本法」。允许提 permitted. The amendments are not expected to have 早应用。该等修订预期不会对本集团 any impact on the Group’s financial statements. 财务报表造成任何影响。 152 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策 Interests in associates and joint ventures 于联营公司及合营企业之权益 An associate is an entity in which the Group has a long term 联营公司为本集团於其一般不少于20%股 interest of generally not less than 20% of the equity voting 本投票权中拥有长期权益之实体，且具有 rights and over which it has significant influence. Significant 重大影响力。重大影响力指参与投资对象 influence is the power to participate in the financial and 之财务和经营决策之权力，但不是控制或 operating policy decisions of the investee, but is not control 共同控制这些决策之权力。 or joint control over those policies. A joint venture is a type of joint arrangement whereby the 合营企业指一种合营安排，对安排拥有共 parties that have joint control of the arrangement have rights 同控制权之订约方据此对合营企业之资产 to the net assets of the joint venture. Joint control is the 净值拥有权利。共同控制指按照合约协定 contractually agreed sharing of control of an arrangement, 对一项安排所共有之控制，共同控制仅在 which exists only when decisions about the relevant 有关活动要求享有控制权之订约方作出一 activities require the unanimous consent of the parties 致同意之决定时存在。 sharing control. The Group’s interests in associates and joint ventures are 本集团于联营公司及合营企业之权益乃按 stated in the consolidated statement of financial position at 本集团根据权益会计法应占资产净值减任 the Group’s share of net assets under the equity method of 何减值亏损于综合财务状况表列账。 accounting, less any impairment losses. Adjustments are made to bring into line any dissimilar 倘出现任何不相符之会计政策，即会作出 accounting policies that may exist. 调整加以修正。 The Group’s share of the post-acquisition results and other 本集团应占联营公司及合营企业收购后业 comprehensive income of associates and joint ventures is 绩及其他全面收益计入综合损益及其他 included in consolidated statement of profit or loss and other 全面收益表。此外，倘于联营公司或合营 comprehensive income. In addition, when there has been 企业之权益直接确认出现变动，则本集团 a change recognised directly in the equity of the associates 会于综合权益变动表确认其应占任何变动 or joint ventures, the Group recognises its share of any （倘适用）。本集团与其联营公司或合营企 changes, when applicable, in the consolidated statement 业间交易之未变现收益及亏损将以本集团 of changes in equity. Unrealised gains and losses resulting 于联营公司或合营企业之权益为限对销， from transactions between the Group and its associates or 惟倘未变现亏损为所转让资产减值之凭证 joint ventures are eliminated to the extent of the Group’s 则除外。收购联营公司或合营企业所产生 interests in associates or joint ventures, except where 之商誉已计入作本集团于联营公司或合营 unrealised losses provide evidence of an impairment of the 企业权益之一部分。 assets transferred. Goodwill arising from the acquisition of associates or joint ventures is included as part of the Group’s interests in associates or joint ventures. 二零二五年年报 宏安集团有限公司 153

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Interests in associates and joint ventures 于联营公司及合营企业之权益（续） (continued) If an investment in an associate becomes an investment 倘于联营公司之投资变为于合营企业之投 in a joint venture or vice versa, the retained interest is 资或出现相反情况，则不会重新计量保 not remeasured. Instead, the investment continues to be 留权益。反之，该投资继续根据权益法入 accounted for under the equity method. In all other cases, 账。在所有其他情况下，失去对联营公司 upon loss of significant influence over the associate or joint 之重大影响力或对合营企业之共同控制权 control over the joint venture, the Group measures and 后，本集团按其公平值计量及确认任何保 recognises any retained investment at its fair value. Any 留投资。联营公司或合营企业于失去重大 difference between the carrying amount of the associate or 影响力或共同控制权时之账面值与保留投 joint venture upon loss of significant influence or joint control 资之公平值及出售所得款项之间之任何差 and the fair value of the retained investment and proceeds 额乃于损益内确认。 from disposal is recognised in profit or loss. When an investment in an associate or a joint venture is 当于联营公司或合营企业之投资被分类为 classified as held for sale, it is accounted for in accordance 持作出售，其根据香港财务报告准则第5 with HKFRS 5 Non-current Assets Held for Sale and 号持作出售之非流动资产及已终止经营业 Discontinued Operations. 务入账。 Business combinations and goodwill 业务合并及商誉 Business combinations are accounted for using the 业务合并乃以购买法入账。转让之代价乃 acquisition method. The consideration transferred is 以收购日期之公平值计算，该公平值为本 measured at the acquisition date fair value which is the sum 集团转让之资产于收购日期之公平值、本 of the acquisition date fair value of assets transferred by 集团承担来自被收购方之前度拥有人之负 the Group, liabilities assumed by the Group to the former 债及本集团发行以换取被收购方控制权之 owners of the acquiree and the equity interests issued by 股本权益之总和。于各业务合并中，本集 the Group in exchange for control of the acquiree. For each 团选择是否以公平值或被收购方可识别资 business combination, the Group elects whether to measure 产净值之应占比例，计算于被收购方之非 the non-controlling interests in the acquiree at fair value or 控股权益。所有其他非控股权益之成份均 at the proportionate share of the acquiree’s identifiable net 按公平值计量。收购相关成本于产生时支 assets. All other components of non-controlling interests 销。 are measured at fair value. Acquisition-related costs are expensed as incurred. 154 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Business combinations and goodwill (continued) 业务合并及商誉（续） The Group determines that it has acquired a business 当所收购的一组活动及资产包含共同对创 when the acquired set of activities and assets includes an 造产出的能力有重大贡献的一项投入及一 input and a substantive process that together significantly 项实质性程序，本集团认为其已收购一项 contribute to the ability to create outputs. 业务。 When the Group acquires a business, it assesses the 当本集团收购一项业务时，会根据合约条 financial assets and financial liabilities assumed for 款、于收购日期之经济环境及相关条件， appropriate classification and designation in accordance 评估将承接之金融资产及金融负债，以作 with the contractual terms, economic circumstances and 出适合之分类及标示，其中包括被收购方 pertinent conditions as at the acquisition date. This includes 之主合约中的嵌入式衍生工具进行分离。 the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the 倘业务合并分阶段进行，先前持有之股权 previously held equity interest is remeasured at its 按收购日期之公平值重新计量，任何得出 acquisition date fair value and any resulting gain or loss is 之收益或亏损于损益或其他全面收益内确 recognised in profit or loss or other comprehensive income, 认（如适当）。 as appropriate. Any contingent consideration to be transferred by the 由收购方将予转让之任何或然代价将按收 acquirer is recognised at fair value at the acquisition date. 购日期之公平值确认。分类为资产或负债 Contingent consideration classified as an asset or liability is 的或然代价，按公平值计量，而公平值变 measured at fair value with changes in fair value recognised 动则于损益内确认。分类为权益的或然代 in profit or loss. Contingent consideration that is classified 价并无重新计量，而其后结算于权益中入 as equity is not remeasured and subsequent settlement is 账。 accounted for within equity. Goodwill is initially measured at cost, being the excess of 商誉初步按成本计量，即已转让代价、已 the aggregate of the consideration transferred, the amount 确认的非控股权益金额及本集团先前持有 recognised for non-controlling interests and any fair value of 之被收购方股权之任何公平值之总额，超 the Group’s previously held equity interests in the acquiree 逾与所收购可识别资产及所承担负债之差 over the identifiable assets acquired and liabilities assumed. 额。如该代价及其他项目之总和低于所收 If the sum of this consideration and other items is lower than 购资产净值之公平值，于重新评估后其差 the fair value of the net assets acquired, the difference is, 额将于损益内确认为议价收购收益。 after reassessment, recognised in profit or loss as a gain on bargain purchase. 二零二五年年报 宏安集团有限公司 155

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Business combinations and goodwill (continued) 业务合并及商誉（续） After initial recognition, goodwill is measured at cost less 于初步确认后，商誉按成本减任何累计减 any accumulated impairment losses. Goodwill is tested for 值亏损计量。商誉每年就减值测试一次， impairment annually or more frequently if events or changes 一旦发生任何事件或变动，显示账面值可 in circumstances indicate that the carrying value may be 能减值时，测试次数将更为频密。本集团 impaired. The Group performs its annual impairment test 于每年三月三十一日进行商誉减值测试。 of goodwill as at 31 March. For the purpose of impairment 就减值测试而言，自收购日期开始在业务 testing, goodwill acquired in a business combination is, from 合并所取得之商誉将分配至本集团每个现 the acquisition date, allocated to each of the Group’s cash- 金产生单位（「现金产生单位」），或各组现 generating units (“CGUs”), or groups of CGUs, that are 金产生单位（不论本集团其他资产或负债分 expected to benefit from the synergies of the combination, 配至该等单位或该等单位组别亦然），预期 irrespective of whether other assets or liabilities of the Group 将可受惠于合并之协同效益。 are assigned to those units or groups of units. Impairment is determined by assessing the recoverable 减值乃评估与商誉相关之现金产生单位 amount of the CGU (group of CGUs) to which the goodwill （现金产生单位组别）可收回数额予以厘 relates. Where the recoverable amount of the CGU (group of 定。凡现金产生单位（现金产生单位组别） CGUs) is less than the carrying amount, an impairment loss 可收回数额少于其账面值，则须确认减值 is recognised. An impairment loss recognised for goodwill is 亏损。就商誉所确认之减值亏损不会于其 not reversed in a subsequent period. 后期间拨回。 Where goodwill has been allocated to a CGU (or group of 凡商誉已被分配至现金产生单位（或现金 CGUs) and part of the operation within that unit is disposed 产生单位组别）以及出售单位内业务之部 of, the goodwill associated with the operation disposed of 分，与出售业务相关之商誉在厘定出售损 is included in the carrying amount of the operation when 益时于业务之账面值内入账。在此情况下 determining the gain or loss on the disposal. Goodwill 出售之商誉乃根据出售业务之相关价值及 disposed of in these circumstances is measured based 所保留现金产生单位部分计量。 on the relative value of the operation disposed of and the portion of the CGU retained. 156 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Fair value measurement 公平值计量 The Group measures its investment properties, financial 本集团于各报告期末按公平值计量其投资 assets/liabilities at FVTPL and financial assets at FVTOCI 物业、按公平值计入损益之金融资产╱负 at fair value at the end of each reporting period. Fair value 债、及按公平值计入其他全面收益之金融 is the price that would be received to sell an asset or paid 资产。公平值为市场参与者于计量日期在 to transfer a liability in an orderly transaction between 有序交易中出售资产所收取或转让负债所 market participants at the measurement date. The fair 支付之价格。公平值计量乃假设出售资产 value measurement is based on the presumption that 或转让负债之交易于资产或负债主要市场 the transaction to sell the asset or transfer the liability 或（在无主要市场情况下）最具优势市场进 takes place either in the principal market for the asset or 行。主要或最具优势市场须为本集团可进 liability, or in the absence of a principal market, in the most 入之市场。资产或负债之公平值乃基于市 advantageous market for the asset or liability. The principal 场参与者为资产或负债定价时所用之假设 or the most advantageous market must be accessible by the 计量（假设市场参与者依照彼等之最佳经济 Group. The fair value of an asset or a liability is measured 利益行事）。 using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into 非金融资产之公平值计量须计及市场参与 account a market participant’s ability to generate economic 者通过使用该资产之最高及最佳用途或将 benefits by using the asset in its highest and best use or by 该资产出售予将使用其最高及最佳用途之 selling it to another market participant that would use the 另一市场参与者而产生经济效益之能力。 asset in its highest and best use. The Group uses valuation techniques that are appropriate in 本集团采纳适用于不同情况且具备充分数 the circumstances and for which sufficient data are available 据以供计量公平值之估值方法，以尽量使 to measure fair value, maximising the use of relevant 用相关可观察输入数据及尽量减少使用不 observable inputs and minimising the use of unobservable 可观察输入数据。 inputs. 二零二五年年报 宏安集团有限公司 157

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Fair value measurement (continued) 公平值计量（续） All assets and liabilities for which fair value is measured 所有公平值于本财务报表计量或披露之资 or disclosed in the financial statements are categorised 产及负债乃基于对公平值计量整体而言属 within the fair value hierarchy, described as follows, based 重大之最低层输入数据按以下公平值层级 on the lowest level input that is significant to the fair value 分类： measurement as a whole: Level 1 – based on quoted prices (unadjusted) in active 第一层－ 基于相同资产或负债于活跃市 markets for identical assets or liabilities 场之报价（未经调整） Level 2 – based on valuation techniques for which the 第二层－ 基于对公平值计量而言属重大 lowest level input that is significant to the fair 之可观察（直接或间接）最低层 value measurement is observable, either directly 输入数据之估值方法 or indirectly Level 3 – based on valuation techniques for which the 第三层－ 基于对公平值计量而言属重大 lowest level input that is significant to the fair 之不可观察最低层输入数据之 value measurement is unobservable 估值方法 For assets and liabilities that are recognised in the financial 就按经常性基准于本财务报表确认之资产 statements on a recurring basis, the Group determines 及负债而言，本集团透过于各报告期末重 whether transfers have occurred between levels in the 新评估分类（基于对公平值计量整体而言属 hierarchy by reassessing categorisation (based on the lowest 重大之最低层输入数据）厘定是否发生不同 level input that is significant to the fair value measurement as 等级转移。 a whole) at the end of each reporting period. Impairment of non-financial assets 非金融资产之减值 Where an indication of impairment exists, or when annual 倘有迹象显示出现减值，或当需要对非金 impairment testing for a non-financial asset is required 融资产（递延税项资产、存货、发展中物 (other than deferred tax assets, inventories, properties under 业、持作出售物业、投资物业及分类为持 development, properties held for sale, investment properties, 作出售之资产及一个出售组别之资产除 assets classified as held for sale and assets of a disposal 外）作年度减值测试，则估计资产之可收回 group), the asset’s recoverable amount is estimated. An 金额。资产之可收回金额按资产或现金产 asset’s recoverable amount is the higher of the asset’s or 生单位之使用价值，以及其公平值减出售 CGU’s value in use and its fair value less costs of disposal, 成本之较高者计算，并就各个别资产而厘 and is determined for an individual asset, unless the asset 定，除非资产并未能在大致独立于其他资 does not generate cash inflows that are largely independent 产或资产组别之情况下产生现金流入，则 of those from other assets or groups of assets, in which 在此情况下，将厘定资产所属之现金产生 case the recoverable amount is determined for the CGU to 单位之可收回金额。 which the asset belongs. 158 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Impairment of non-financial assets (continued) 非金融资产之减值（续） In testing a CGU for impairment, a portion of the carrying 在测试现金产生单位减值时，倘公司资产 amount of a corporate asset is allocated to an individual 账面值之一部分可以在合理且一致的基 CGU if it can be allocated on a reasonable and consistent 础上进行分配，则分配予单个现金产生单 basis or, otherwise, to the smallest group of CGUs. 位，否则将分配至最小现金产生单位组 别。 An impairment loss is recognised only if the carrying amount 减值亏损只于资产之账面值超过其可收回 of an asset exceeds its recoverable amount. In assessing 金额时确认。在评估使用价值时，估计 value in use, the estimated future cash flows are discounted 未来现金流量将以税前贴现率贴现至其现 to their present value using a pre-tax discount rate that 值，以反映目前资金时值之市场估量及资 reflects current market assessments of the time value of 产之特定风险。减值亏损乃在其产生期间 money and the risks specific to the asset. An impairment 自损益中与减值资产功能相符之相关开支 loss is charged to profit or loss in the period in which it 类别扣除。 arises in those expense categories consistent with the function of the impaired asset. An assessment is made at the end of each reporting 于各报告期末，将评估是否有任何迹象显 period as to whether there is an indication that previously 示之前确认之减值亏损可能已不再存在或 recognised impairment losses may no longer exist or may 已减少。倘出现有关迹象，则估计可收回 have decreased. If such an indication exists, the recoverable 金额。先前确认之资产（除商誉外）减值亏 amount is estimated. A previously recognised impairment 损，只会在用以厘定资产可收回金额之估 loss of an asset other than goodwill is reversed only if there 计有所改变时拨回，但拨回之金额不可超 has been a change in the estimates used to determine the 过假使该项资产在以往年度未获确认减值 recoverable amount of that asset, but not to an amount 亏损时，原应厘定之账面值（扣除任何折 higher than the carrying amount that would have been 旧╱摊销）。所拨回之减值亏损，乃于拨回 determined (net of any depreciation/amortisation) had no 期间计入损益。 impairment loss been recognised for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises. 二零二五年年报 宏安集团有限公司 159

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Related parties 关联人士 A party is considered to be related to the Group if: 一方会被视为与本集团有关联，如果： (a) the party is a person or a close member of that (a) 该方为一名人士或该人士之关系密切 person’s family and that person 家庭成员，而该人士 (i) has control or joint control over the Group; (i) 控制本集团或共同控制本集团； (ii) has significant influence over the Group; or (ii) 可对本集团发挥重大影响力； 或 (iii) is a member of the key management personnel (iii) 为本集团或其母公司的主要管 of the Group or of a parent of the Group; 理人员； or 或 (b) the party is an entity where any of the following (b) 该方为适用任何以下条件的实体： conditions applies: (i) the entity and the Group are members of the (i) 该实体与本集团属同一集团的 same group; 成员公司； (ii) one entity is an associate or joint venture of the (ii) 一实体为另一实体（或另一实体 other entity (or of a parent, subsidiary or fellow 的母公司、附属公司或同系附 subsidiary of the other entity); 属公司）的联营公司或合营企 业； (iii) the entity and the Group are joint ventures of the (iii) 该实体与本集团为同一第三方 same third party; 的合营企业； (iv) one entity is a joint venture of a third entity and (iv) 一实体为一第三方实体的合营 the other entity is an associate of the third entity; 企业，而另一实体为同一第三 方实体的联营公司； (v) the entity is a post-employment benefit plan for (v) 该实体为本集团或属本集团关 the benefit of employees of either the Group or 联方的实体的雇员离职后福利 an entity related to the Group; 计划； 160 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Related parties (continued) 关联人士（续） (b) (continued) (b) （续） (vi) the entity is controlled or jointly controlled by a (vi) 该实体为(a)所识别人士控制或 person identified in (a); 共同控制； (vii) a person identified in (a)(i) has significant (vii) 于(a)(i)所识别人士对实体有重大 influence over the entity or is a member of the 影响或属该实体（或该实体母公 key management personnel of the entity (or of a 司）主要管理人员的其中一名成 parent of the entity); and 员；及 (viii) the entity, or any member of a group of which it (viii) 该实体或其所属集团内任何成 is a part, provides key management personnel 员公司为本集团或其母公司提 services to the Group or to the parent of the 供主要管理人员服务。 Group. Property, plant and equipment and depreciation 物业、厂房及设备以及折旧 Property, plant and equipment included owned assets 物业、厂房及设备包括符合物业、厂房及 and right-of-use assets which meet the definition of 设备之定义的自有资产及使用权资产，并 property, plant and equipment and are stated at cost less 按成本减累计折旧及任何减值亏损入账。 accumulated depreciation and any impairment losses. When 如「持作出售之非流动资产及出售组别」之 an item of property, plant and equipment is classified as 会计政策中所详述，当物业、厂房及设备 held for sale or when it is part of a disposal group classified 中的一个项目被分类为持作出售或当其为 as held for sale, it is not depreciated and is accounted for 分类为持作出售的出售组别之一部分，其 in accordance with HKFRS 5, as further explained in the 不会折旧及须根据香港财务报告准则第5 accounting policy for “Non-current assets and disposal 号入账。物业、厂房及设备项目之成本包 groups held for sale”. The cost of an item of property, 括其购买价格及任何令资产达至其运作状 plant and equipment comprises its purchase price and any 况及工作地点作其拟定用途之直接应占成 directly attributable costs of bringing the asset to its working 本。 condition and location for its intended use. 二零二五年年报 宏安集团有限公司 161

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Property, plant and equipment and depreciation 物业、厂房及设备以及折旧（续） (continued) Expenditure incurred after items of property, plant and 物业、厂房及设备项目投入使用后所产生 equipment have been put into operation, such as repairs 之支出（例如维修及保养费用）一般于产生 and maintenance, is normally charged to profit or loss in 期间在损益中扣除。如属达成确认条件之 the period in which it is incurred. In situations where the 情况，主要检查之开支于资产账面值中拨 recognition criteria are satisfied, the expenditure for a major 充资本为一项重置。如物业、厂房及设备 inspection is capitalised in the carrying amount of the asset 之重要部分须分阶段重置，则本集团会按 as a replacement. Where significant parts of property, plant 特定可使用年期及折旧确认该等部分为个 and equipment are required to be replaced at intervals, 别资产。 the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly. Right-of-use assets are recognised at the commencement 使用权资产于租赁开始日期（即相关资产可 date of the lease (that is the date the underlying asset is 供使用日期）确认。使用权资产（符合投资 available for use). Right-of-use assets (other than those 物业之定义者除外）按成本减任何累计折旧 meet the definition of an investment property) are measured 及任何减值亏损计量，并可就任何租赁负 at cost, less any accumulated depreciation and any 债重新计量予以调整。使用权资产的成本 impairment losses, and adjusted for any remeasurement 包括已确认租赁负债金额、已产生初始直 of lease liabilities. The cost of right-of-use assets includes 接成本以及于开始日期或之前所作出租赁 the amount of lease liabilities recognised, initial direct 付款减任何已收取租赁优惠。于适用情况 costs incurred, and lease payments made at or before the 下，使用权资产的成本亦包括清拆及移除 commencement date less any lease incentives received. 相关资产或复原相关资产或其所处位置的 Where applicable, the cost of a right-of-use asset also 估计成本。倘租赁资产的拥有权于租期完 includes an estimate of costs to dismantle and remove the 结前转让予本集团，或成本反映购买权获 underlying asset or to restore the underlying asset or the site 行使，则使用资产的估计可使用年期计算 on which it is located. If ownership of the leased assets is 折旧。 transferred to the Group by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. 162 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Property, plant and equipment and depreciation 物业、厂房及设备以及折旧（续） (continued) Depreciation is calculated on the straight-line basis to write 折旧乃按各自有物业、厂房及设备项目于 off the cost of each item of owned property, plant and 其估计可使用年期以直线法计算，以撇销 equipment to its residual value over its estimated useful 其成本至余值。使用权资产（其拥有权将不 life. Right-of-use assets (ownership of which will not be 会转让予本集团）于资产的租期及估计可使 transferred to the Group) are depreciated on a straight-line 用年期（以较短者为准）内按直线法折旧。 basis over the shorter of the lease terms and the estimated 就折旧所采用之主要年率如下： useful lives of the assets. The principal annual rates used for depreciation are as follows: Owned assets 自有资产 Buildings 31/ % to 5% or over the lease 楼宇 31/%至5%或于租赁年期 3 3 terms, whichever is shorter 内（以较短者为准） Leasehold improvements 20% to 331/ % or over the lease 租赁物业装修 20%至331/ %或于租赁年 3 3 terms, whichever is shorter 期内（以较短者为准） Plant and machinery 10% to 50% 厂房及机器 10%至50% Furniture, fixtures and 15% to 50% 家私、装置及 15%至50% office equipment 办公设备 Motor vehicles 10% to 20% 汽车 10%至20% Computer equipment 15% to 331/ % 电脑设备 15%至331/ % 3 3 Right-of-use assets 使用权资产 Leasehold land 2% or over the lease term of 租赁土地 2%或于24至68年之租赁 24 to 68 years, which ever is 年期内（以较短者为准） shorter Buildings Over the lease terms 24 to 楼宇 于24至72个月的租期内 72 months Signages Over the lease terms 14 to 告示牌 于14至24个月的租期内 24 months Where parts of an item of property, plant and equipment 倘物业、厂房及设备项目之各部分有不同 have different useful lives, the cost of that item is allocated 之可使用年期，此项目各部分成本将按合 on a reasonable basis among the parts and each part is 理之基础分配，而每部分将作个别折旧。 depreciated separately. Residual values, useful lives and 余值、可使用年期及折旧法至少于各财政 the depreciation method are reviewed, and adjusted if 年结日予以检讨，并作调整（如适当）。 appropriate, at least at each financial year end. 二零二五年年报 宏安集团有限公司 163

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Property, plant and equipment and depreciation 物业、厂房及设备以及折旧（续） (continued) An item of property, plant and equipment including 物业、厂房及设备项目包括于初步确认时 significant part initially recognised is derecognised upon 之重大部分于出售或当预期不会从其使用 disposal or when no future economic benefits are expected 或出售获取未来经济利益时终止确认。出 from its use or disposal. Any gain or loss on disposal or 售或报废所产生之任何收益或亏损按销售 retirement recognised in profit or loss in the year the asset 所得款项净额与相关资产账面值之差额于 is derecognised is the difference between the net sales 终止确认资产年度之损益内确认。 proceeds and the carrying amount of the relevant asset. Construction in progress is stated at cost less any 在建工程以成本减任何减值亏损列账且不 impairment losses, and is not depreciated. It is reclassified to 予折旧。当竣工及可供使用时，在建工 the appropriate category of property, plant and equipment 程重新分类至适当类别的物业、厂房及设 when completed and ready for use. 备。 Investment properties 投资物业 Investment properties are interests in land and buildings 投资物业为持作赚取租金收入及╱或资本 (including right-of-use assets) held to earn rental income 增值之土地及楼宇之权益（包括使用权资 and/or for capital appreciation. Such properties are 产）。该等物业初步按成本（包括交易成 measured initially at cost, including transaction costs. 本）计量。于初步确认后，投资物业以反映 Subsequent to initial recognition, investment properties are 于报告期末之市况之公平值列账。 stated at fair value, which reflects market conditions at the end of the reporting period. Gains or losses arising from changes in the fair values of 投资物业之公平值变动所产生之盈亏，计 investment properties are included in profit or loss in the 入所产生年度之损益。 year in which they arise. Any gains or losses on the retirement or disposal of an 报废或出售投资物业之任何盈亏，在报废 investment property are recognised in profit or loss in the 或出售年度在损益中确认。 year of the retirement or disposal. 164 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Investment properties (continued) 投资物业（续） For a transfer from investment properties to owner-occupied 至于将投资物业转拨入自用物业或存货， properties or inventories, the deemed cost of a property for 其后入账方法是以物业于更改用途当日之 subsequent accounting is its fair value at the date of change 公平值作为成本。倘本集团占用之物业由 in use. If a property occupied by the Group as an owner- 自用物业转为投资物业，则本集团直至改 occupied property becomes an investment property, the 变用途当日之前就自用物业根据「物业、厂 Group accounts for such property in accordance with the 房及设备及折旧」项下所列政策将有关物业 policy stated under “Property, plant and equipment and 入账，及╱或直至改变用途当日之前就持 depreciation” for owned property and/or accounts for such 作使用权资产之物业根据「使用权资产」项 property in accordance with the policy stated under “Right- 下所列政策将有关物业入账，并按物业于 of-use assets” for property held as a right-of-use asset up 该日之账面值及公平值间之任何差额根据 to the date of change in use, and any difference at that 香港会计准则第16号物业、厂房及设备记 date between the carrying amount and the fair value of the 入作为重估列账。价值变动作为资产重估 property is accounted for as a revaluation in accordance 储备变动处理。于出售重估资产时，就先 with HKAS 16 Property, Plant and Equipment. Changes 前估值变现之资产重估储备相关部分作为 in the values are dealt with as movements in the asset 储备变动转入保留溢利。 revaluation reserve. On disposal of a revalued asset, the relevant portion of the asset revaluation reserve realised in respect of previous valuations is transferred to retained profits as a movement in reserves. When the right-of-use asset meets the definition of 倘使用权资产符合投资物业之定义，该资 investment property, it is included in investment properties. 产须计入投资物业。相应使用权资产初步 The corresponding right-of-use asset is initially measured 按成本计量，而其后须根据本集团对「投资 at cost, and subsequently measured at fair value, in 物业」之政策按公平值计量。 accordance with the Group’s policy for “Investment properties”. Non-current assets and disposal groups held for 持作出售之非流动资产及出售组别 sale Non-current assets and disposal groups are classified as 倘非流动资产及出售组别的账面值主要透 held for sale if their carrying amounts will be recovered 过销售交易而非持续使用收回，则归类为 principally through a sales transaction rather than through 持作出售。在此情况下，资产或出售组别 continuing use. For this to be the case, the asset or disposal 须可按现状即时出售，惟须符合出售该等 group must be available for immediate sale in its present 资产或出售组别的惯常条款及出售须具十 condition subject only to terms that are usual and customary 分把握。归类为出售组别的附属公司所有 for the sale of such assets or disposal groups and its 资产及负债重新分类为持作出售，而不论 sale must be highly probable. All assets and liabilities of a 出售后本集团有否保留所持前附属公司的 subsidiary classified as a disposal group are reclassified as 非控股权益。 held for sale regardless of whether the Group retains a non- controlling interest in its former subsidiary after the sale. 二零二五年年报 宏安集团有限公司 165

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Non-current assets and disposal groups held for 持作出售之非流动资产及出售组别 sale (continued) （续） Non-current assets and disposal groups (other than 分类为持作出售的非流动资产及出售组别 investment properties and financial assets) classified as （投资物业及金融资产除外），按其账面值 held for sale are measured at the lower of their carrying 与公平值减出售成本中的较低者计量。分 amounts and fair values less costs to sell. Property, plant 类为持作出售的物业、厂房及设备（包括使 and equipment (including right-of-use assets) and intangible 用权资产）及无形资产无需进行折旧或摊 assets classified as held for sale are not depreciated or 销。 amortised. Intangible assets (other than goodwill) 无形资产（商誉除外） Intangible assets acquired separately are measured on 分开收购之无形资产于初步确认时乃按成 initial recognition at cost. The cost of intangible assets 本计量。于业务合并中收购之无形资产 acquired in a business combination is the fair value at the 之成本为收购日期之公平值。无形资产之 date of acquisition. The useful lives of intangible assets are 可使用年期会被评定为有限或无限。年期 assessed to be either finite or indefinite. Intangible assets 有限之无形资产其后于可使用经济年期摊 with finite lives are subsequently amortised over the useful 销，并于有迹象显示无形资产可能出现减 economic life and assessed for impairment whenever there 值时进行减值评估。可使用年期有限之无 is an indication that the intangible asset may be impaired. 形资产之摊销期及摊销方法会至少于每个 The amortisation period and the amortisation method for an 财政年度末检讨一次。 intangible asset with a finite useful life are reviewed at least at each financial year end. Club membership 俱乐部会籍 Club membership acquired is measured on initial recognition 已获得俱乐部会籍于初始确认时按成本计 at cost and its useful life is assessed to be indefinite. 量，其使用年期被评估为无限。 Intangible assets with indefinite useful life are tested for 具有无限可使用年期的无形资产每年进行 impairment annually and not amortised. Club membership 减值测试，毋须进行摊销。由于本集团可 is considered as having an indefinite useful life as there is 无限期使用会籍，因此俱乐部会籍被认为 no time limit for which the Group can use the membership, 具有无限可使用年期，因此于每年重新评 and therefore it will not be amortised until its useful life 估厘定其可使用年期为有限后，方可进行 is determined to be finite upon reassessment annually. 摊销。因此，每年均会对其可使用年期进 Accordingly, its useful life is reviewed annually to determine 行审阅，以厘定无限可使用年期评估是否 whether the indefinite life assessment continues to be 仍持续适合。倘不适合，可使用年期评估 supportable. If not, the change in the useful life assessment 则会由无限更改为有限，并按预期基准入 from indefinite to finite is accounted for on a prospective 账。 basis. 166 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Intangible assets (other than goodwill) 无形资产（商誉除外）（续） (continued) Research and development costs 研发成本 All research costs are charged to profit and loss as incurred. 所有研究成本均于产生时自损益扣除。 Expenditure incurred on projects to develop new products 研发新产品项目所产生的开支只会在本集 is capitalised and deferred only when the Group can 团能够显示其在技术上能够完成无形资 demonstrate the technical feasibility of completing the 产以能供使用或出售、打算完成资产并能 intangible asset so that it will be available for use or sale, 够加以使用或将之出售、资产如何产生未 its intention to complete and its ability to use or sell the 来经济利益、有足够资源以完成项目并且 asset, how the asset will generate future economic benefits, 有能力可靠地计算发展期间的开支的情况 the availability of resources to complete the project and 下，才会拨作资本及递延。倘未能符合以 the ability to measure reliably the expenditure during the 上准则，产品研发开支会在产生时支销。 development. Product development expenditure which does not meet these criteria is expensed when incurred. Leases 租赁 The Group assesses at contract inception whether a 本集团于合约开始时评估合约是否为租赁 contract is, or contains, a lease. A contract is, or contains, 或包含租赁。倘合约转让于一段时间内控 a lease if the contract conveys the right to control the use 制已识别资产使用的权利以换取代价，则 of an identified asset for a period of time in exchange for 该合约为租赁或包含租赁。 consideration. Group as a lessee 本集团作为承租人 The Group applies a single recognition and measurement 本集团对所有租赁采用单一确认及计量方 approach for all leases, except for short-term leases and 法，惟短期租赁及低价值资产租赁除外。 leases of low-value assets. The Group recognises lease 本集团确认用于支付租赁款项的租赁负债 liabilities to make lease payments and right-of-use assets 及代表相关资产使用权的使用权资产。当 representing the right to use the underlying assets. When the 使用权资产与发展中物业及持作出售物业 right-of-use assets relate to interests in leasehold land held as 的租赁土地权益相关时，其后根据本集团 properties under development and properties held for sale, 的「发展中物业」及「持作出售物业」政策 they are subsequently measured at the lower of cost and 按成本与可变现净值的较低者计量。符合 net realisable value in accordance with the Group’s policy 投资物业定义的使用权资产初步按成本计 for “properties under development” and “properties held 量，其后根据本集团的「投资物业」政策按 for sale”. The right-of-use assets which meet the definition 公平值计量。其他使用权资产计入物业、 of investment property are initially measured at cost and 厂房及设备，其会计政策载于上文「物 subsequently measured at fair value in accordance with the 业、厂房及设备以及折旧」政策。 Group’s policy for “Investment properties”. Other right-of- use assets are included in property, plant and equipment, the accounting policy of which are included in the policy for “Property, plant and equipment and depreciation” above. 二零二五年年报 宏安集团有限公司 167

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Leases (continued) 租赁（续） Group as a lessee (continued) 本集团作为承租人（续） (a) Lease liabilities (a) 租赁负债 Lease liabilities are recognised at the commencement 租赁负债于租赁开始日期按于租期内 date of the lease at the present value of lease 作出之租赁付款现值确认。租赁付款 payments to be made over the lease term. The 包括固定付款（包括实质固定付款）减 lease payments include fixed payments (including in- 任何应收租赁优惠、取决于某一指数 substance fixed payments) less any lease incentives 或比率之可变租赁付款及预期根据在 receivable, variable lease payments that depend on 剩余价值担保中将支付之金额。租赁 an index or a rate, and amounts expected to be paid 付款亦包括本集团合理确定行使购买 under residual value guarantees. The lease payments 选择权之行使价，并倘租期反映了本 also include the exercise price of a purchase option 集团行使选择权终止租赁，则须就终 reasonably certain to be exercised by the Group and 止租赁支付罚款。并非取决于某一指 payments of penalties for termination of a lease, if the 数或比率之可变租赁付款于触发付款 lease term reflects the Group exercising the option to 之事件或状况出现期间确认为开支。 terminate the lease. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, 于计算租赁付款现值时，由于租赁中 the Group uses its incremental borrowing rate at 所隐含之利率不易厘定，本集团则于 the lease commencement date because the interest 租赁开始日期使用其递增借贷利率。 rate implicit in the lease is not readily determinable. 于开始日期后，租赁负债金额增加， After the commencement date, the amount of lease 以反映利息增加及就所付之租赁付款 liabilities is increased to reflect the accretion of interest 减少。此外，倘出现修改、租期变 and reduced for the lease payments made. In addition, 动、租赁付款变动（如指数或比率变 the carrying amount of lease liabilities is remeasured 动所产生之未来租赁付款变动）或购 if there is a modification, a change in the lease term, 买相关资产之选择权评估更改，则租 a change in lease payments (e.g., a change to future 赁负债之账面值将重新计量。 lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset. The Group’s lease liabilities are included in other 本集团租赁负债计入其他应付款项及 payables and accruals. 应计费用。 168 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Leases (continued) 租赁（续） Group as a lessee (continued) 本集团作为承租人（续） (b) Short-term leases and leases of low-value assets (b) 短期租赁及低价值资产租赁 The Group applies the short-term lease recognition 本集团将短期租赁确认豁免应用于其 exemption to its short-term leases of buildings and 楼宇及设备的短期租赁（即自开始日 equipment (that is those leases that have a lease term 期起租期为12个月或以下且不包含购 of 12 months or less from the commencement date 买选择权的租赁）。当本集团就低价 and do not contain a purchase option). When the 值资产订立租赁时，本集团会决定是 Group enters into a lease in respect of a low-value 否按逐项基准将租赁资本化。短期租 asset, the Group decides whether to capitalise the 赁及低价值资产租赁的租赁付款在租 lease on a lease-by-lease basis. Lease payments on 期内按直线法确认为开支。 short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. Group as a lessor 本集团作为出租人 When the Group acts as a lessor, it classifies at lease 当本集团为出租人时，在租赁开始时（或发 inception (or when there is a lease modification) each of 生租赁变更时）将其每项租赁分类为经营租 its leases as either an operating lease or a finance lease. 赁或融资租赁。本集团不转移与资产所有 Leases in which the Group does not transfer substantially 权有关的绝大部分风险及回报的租赁分类 all the risks and rewards incidental to ownership of an asset 为经营租赁。当合约包含租赁及非租赁组 are classified as operating leases. When a contract contains 成部分时，本集团以相对独立的售价为基 lease and non-lease components, the Group allocates 础将合约中的代价分配至各组成部分。租 the consideration in the contract to each component on 金收入在租期内按直线法入账并因其经营 a relative stand-alone selling price basis. Rental income is 性质而计入损益之收入。磋商及安排经营 accounted for on a straight-line basis over the lease term 租赁所产生的初始直接成本加入租赁资产 and is included in revenue in the profit or loss due to its 的账面值中，并在租期内以与租金收入相 operating nature. Initial direct costs incurred in negotiating 同的基础确认。或然租金在其获得的期间 and arranging an operating lease are added to the carrying 内确认为收入。 amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. 二零二五年年报 宏安集团有限公司 169

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Leases (continued) 租赁（续） Group as a lessor (continued) 本集团作为出租人（续） Leases that transfer substantially all the risks and rewards 将与相关资产所有权有关的绝大部分风险 incidental to ownership of an underlying assets to the lessee 及回报转移予承租人的租赁作为融资租赁 are accounted for as finance leases. At the commencement 入账。于开始日期，租赁资产的成本按租 date, the cost of the leased asset is capitalised at the 赁付款和相关付款的现值（包括初始直接成 present value of the lease payments and related payments 本）资本化，并以等于租赁投资净额的金额 (including the initial direct costs), and presented as a 列为应收款项。租赁投资净额的融资收入 receivable at an amount equal to the net investment in the 于损益确认，以于租期内作出定期定额回 lease. The finance income on the net investment in the lease 报率。 is recognised in profit or loss so as to provide a constant periodic rate of return over the lease terms. When the Group is an intermediate lessor, a sublease 倘本集团为中间出租人，分租乃参考原租 is classified as a finance lease or operating lease with 赁之使用权资产分类为融资租赁或经营租 reference to the right-of-use asset arising from the head 赁。倘原租赁为本集团应用资产负债表确 lease. If the head lease is a short-term lease to which the 认豁免的短期租赁，则本集团将分租分类 Group applies the on-balance sheet recognition exemption, 为经营租赁。 the Group classifies the sublease as an operating lease. Properties under development 发展中物业 Properties under development are stated at the lower of cost 发展中物业以成本及可变现净值两者中之 and net realisable value and comprise construction costs, 较低者列账，包括建筑工程成本、借贷 borrowing costs, professional fees, payments for land use 成本、专业费用、土地使用权付款及在发 rights and other costs directly attributable to such properties 展期内产生由该等物业直接应占之其他成 incurred during the development period. Net realisable value 本。可变现净值由董事根据现行市价按个 is estimated by the directors based on the prevailing market 别物业基准进行估计。 prices on an individual property basis. Properties under development are classified as current 发展中物业归类为流动资产，除非有关物 assets unless the construction of the relevant property 业发展项目的建筑工程预期需要超过正常 development project is expected to complete beyond the 营运周期方可完成，则作别论。竣工后， normal operating cycle. On completion, the properties 物业则转拨至持作出售之竣工物业。开发 are transferred to completed properties held for sale. 项目竣工前，就预售发展中物业已收及应 Sales deposits/instalments received and receivable from 收买家的销售按金╱分期付款，均计入合 purchasers in respect of the pre-sale of properties under 约负债。倘使用权资产与持作发展中物业 development prior to completion of the development are 之租赁土地权益相关，随后根据本集团发 included in contract liabilities. When the right-of-use assets 展中物业政策按成本与可变现净值中的较 relate to interests in leasehold land held as properties under 低者计算。 development, they are subsequently measured at the lower of cost and net realisable value in accordance with the Group’s policy for properties under development. 170 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Properties held for sale 持作出售物业 Properties held for sale are stated at the lower of cost and 持作出售物业乃按成本及可变现净值两者 net realisable value. Cost is determined by an apportionment 中之较低者入账。成本按未出售物业所应 of the total land and building costs attributable to unsold 占总土地及楼宇成本比例进行分配。可变 properties. Net realisable value is estimated by the directors 现净值由董事根据现行市价按个别物业基 based on the prevailing market prices on an individual 准进行估计。 property basis. When the right-of-use assets relate to interests in leasehold 倘使用权资产与持作出售之已竣工物业之 land held as completed properties held for sale, they 租赁土地权益相关，随后根据本集团持作 are subsequently measured at the lower of cost and net 出售之已竣工物业政策按成本及可变现净 realisable value in accordance with the Group’s policy for 值两者中之较低者计算。 completed properties held for sale. Investments and other financial assets 投资及其他金融资产 Initial recognition and measurement 初步确认及计量 Financial assets are classified, at initial recognition, as 金融资产于初步确认时分类为其后以摊销 subsequently measured at amortised cost, FVTOCI, and 成本、按公平值计入其他全面收益及按公 FVTPL. 平值计入损益计量。 The classification of financial assets at initial recognition 金融资产于初始确认时之分类乃视乎该等 depends on the financial asset’s contractual cash flow 金融资产的合约现金流量特点及本集团管 characteristics and the Group’s business model for 理该等金融资产的业务模式而定。除并不 managing them. With the exception of trade receivables 包含重大融资成分或本集团已就此应用不 that do not contain a significant financing component or for 调整重大融资成分影响的实际权宜处理方 which the Group has applied the practical expedient of not 法之应收账款外，本集团初始以公平值加 adjusting the effect of a significant financing component, the 上（倘金融资产并非按公平值计入损益）交 Group initially measures a financial asset at its fair value, plus 易成本计量金融资产。并不包含重大融资 in the case of a financial asset not at FVTPL, transaction 成分或本集团已就此应用实际权宜处理方 costs. Trade receivables that do not contain a significant 法之应收账款，乃按根据香港财务报告准 financing component or for which the Group has applied 则第15号来自客户合约之收入按下文「收 the practical expedient are measured at the transaction 入确认」所载政策厘定之交易价格计量。 price determined under HKFRS 15 Revenue from Contracts with Customers in accordance with the policies set out for “Revenue recognition” below. 二零二五年年报 宏安集团有限公司 171

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Investments and other financial assets 投资及其他金融资产（续） (continued) Initial recognition and measurement (continued) 初步确认及计量（续） In order for a financial asset to be classified and measured at 为使金融资产以摊销成本或按公平值计入 amortised cost or FVTOCI, it needs to give rise to cash flows 其他全面收益进行分类及计量，需产生仅 that are solely payments of principal and interest (“SPPI”) 为支付本金及未偿还本金利息（「SPPI」）的 on the principal amount outstanding. Financial assets with 现金流量。现金流量并非SPPI的金融资产 cash flows that are not SPPI are classified and measured at 按公平值计入损益分类及计量，而不论业 FVTPL, irrespective of the business model. 务模式。 The Group’s business model for managing financial assets 本集团管理金融资产的业务模式指其管理 refers to how it manages its financial assets in order to 其金融资产以产生现金流量的方式。业务 generate cash flows. The business model determines 模式厘定现金流量是否来自收集合约现金 whether cash flows will result from collecting contractual 流量、出售金融资产，或两者兼有。按摊 cash flows, selling the financial assets, or both. Financial 销成本分类及计量的金融资产于以持有金 assets classified and measured at amortised cost are held 融资产为目标的业务模式内持有，旨在收 within a business model with the objective to hold financial 取合约现金流量，而按公平值计入其他全 assets in order to collect contractual cash flows, while 面收益分类及计量的金融资产于旨在持有 financial assets classified and measured at FVTOCI are held 以收取合约现金流量及出售的业务模式内 within a business model with the objective of both holding to 持有。并非以上述业务模式内持有的金融 collect contractual cash flows and selling. Financial assets 资产按公平值计入损益分类及计量。 which are not held within the aforementioned business models are classified and measured at FVTPL. Purchases or sales are purchases or sales of financial assets 买卖指按照一般市场规定或惯例在一定期 that require delivery of assets within the period generally 间内交付资产的金融资产买卖，并于交易 established by regulation or convention in the marketplace 日（即本集团承诺买卖该资产的日期）予以 are recognised on the trade date, that is, the date that the 确认。 Group commits to purchase or sell the asset. Subsequent measurement 后续计量 The subsequent measurement of financial assets depends 金融资产的其后计量视乎其以下分类而定： on their classification as follows: Financial assets at amortised cost (debt instruments) 以摊销成本计量的金融资产（债务工具） Financial assets at amortised cost are subsequently 以摊销成本计量的金融资产其后使用实际 measured using the effective interest method and are 利率法计量，并可能受减值影响。当资产 subject to impairment. Gains and losses are recognised in 终止确认、修订或减值时，于损益中确认 profit or loss when the asset is derecognised, modified or 收益及亏损。 impaired. 172 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Investments and other financial assets 投资及其他金融资产（续） (continued) Subsequent measurement (continued) 后续计量（续） Financial assets at FVTOCI (debt instruments) 按公平值计入其他全面收益的金融资产 （债务工具） For debt investments at FVTOCI, interest income, foreign 就按公平值计入其他全面收益的债务投资 exchange revaluation and impairment losses or reversals 而言，利息收入、汇兑重估及减值亏损或 are recognised in profit or loss and computed in the same 拨回于损益内确认并按与按摊销成本计量 manner as for financial assets measured at amortised cost. 的金融资产相同的方式计算。剩余公平值 The remaining fair value changes are recognised in other 变动于其他全面收益内确认。于终止确认 comprehensive income. Upon derecognition, the cumulative 后，于其他全面收益内确认的累计公平值 fair value change recognised in other comprehensive income 变动重新计入损益。 is recycled to profit or loss. Financial assets designated at FVTOCI (equity investments) 指定按公平值计入其他全面收益的金融资 产（股本投资） Upon initial recognition, the Group can elect to classify 于初步确认时，倘股本投资符合香港会计 irrevocably its equity investments as equity investments 准则第32号金融工具：呈列项下股本的定 designated at FVTOCI when they meet the definition of 义且并非持作买卖，本集团可选择将其股 equity under HKAS 32 Financial Instruments: Presentation 本投资不可撤回地分类为指定按公平值计 and are not held for trading. The classification is determined 入其他全面收益的股本投资。分类按个别 on an instrument-by-instrument basis. 工具基准厘定。 Gains and losses on these financial assets are never 该等金融资产的收益及亏损概不会被重新 recycled to profit or loss. Dividends are recognised as 计入损益。在支付权确立时，股息确认 revenue when the right of payment has been established, 为收益，惟当本集团于作为收回金融资产 except when the Group benefits from such proceeds as a 一部分成本的所得款项中获益时则除外， recovery of part of the cost of the financial asset, in which 于此情况下，该等收益于其他全面收益入 case such gains are recorded in other comprehensive 账。指定按公平值计入其他全面收益的股 income. Equity investments designated at FVTOCI are not 本投资不受减值评估影响。 subject to impairment assessment. 二零二五年年报 宏安集团有限公司 173

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Investments and other financial assets 投资及其他金融资产（续） (continued) Subsequent measurement (continued) 后续计量（续） Financial assets at FVTPL 按公平值计入损益的金融资产 Financial assets at FVTPL are carried in the consolidated 按公平值计入损益的金融资产按公平值列 statement of financial position at fair value with net changes 入综合财务状况表，而公平值的净变动则 in fair value recognised in profit or loss. 于损益确认。 This category includes derivative instruments, certain fund 该类别包括本集团并无不可撤回地选择按 investments and equity investments which the Group had 公平值计入其他全面收益分类的衍生工 not irrevocably elected to classify at FVTOCI. Dividends on 具、若干基金投资及股本投资。股本投资 the equity investments are also recognised as revenue when 股息亦于支付权确立时确认为收益。 the right of payment has been established. A derivative embedded in a hybrid contract, with a financial 当嵌入于混合合约（包含金融负债或非金融 liability or non-financial host, is separated from the host 主合约）的衍生工具具备与主合约不紧密相 and accounted for as a separate derivative if the economic 关的经济特征及风险；拥有与嵌入式衍生 characteristics and risks are not closely related to the host; a 工具相同条款的单独工具符合衍生工具的 separate instrument with the same terms as the embedded 定义；且混合合约并非按公平值计入损益 derivative would meet the definition of a derivative; and 计量，则该衍生工具与主合约分开并作为 the hybrid contract is not measured at FVTPL. Embedded 单独衍生工具列账。嵌入式衍生工具按公 derivatives are measured at fair value with changes in 平值计量，公平值的变动于损益内确认。 fair value recognised in the profit or loss. Reassessment 仅在合约条款变动大幅改变其他情况下所 only occurs if there is either a change in the terms of the 需现金流量或金融资产从按公平值计入损 contract that significantly modifies the cash flows that would 益类别重新分类时方会进行重新评估。 otherwise be required or a reclassification of a financial asset out of the FVTPL category. A derivative embedded within a hybrid contract containing 嵌入于混合合约（包含金融资产主合约）的 a financial asset host is not accounted for separately. The 衍生工具并非单独入账。金融资产主合约 financial asset host together with the embedded derivative is 连同嵌入式衍生工具须全部分类为按公平 required to be classified in its entirety as a financial asset at 值计入损益的金融资产。 FVTPL. 174 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Derecognition of financial assets 终止确认金融资产 A financial asset (or, where applicable, a part of a financial 金融资产（或倘适用，作为金融资产或类似 asset or part of a group of similar financial assets) is primarily 金融资产组别一部份）在下列情况会终止确 derecognised (i.e., removed from the Group’s consolidated 认（即从本集团综合财务状况表中删除）： statement of financial position) when: • the rights to receive cash flows from the asset have • 从资产收取现金流之权利已届满；或 expired; or • the Group has transferred its rights to receive cash • 本集团转让从资产收取现金流量之权 flows from the asset or has assumed an obligation 利，或已承担根据「过手」安排而在没 to pay the received cash flows in full without material 有重大延误下悉数将已获取现金流量 delay to a third party under a “pass-through” 支付有关第三者之责任；及(a)本集 arrangement; and either (a) the Group has transferred 团已将资产之绝大部分风险及回报转 substantially all the risks and rewards of the asset, 让，或(b)本集团并无转让或保留资产 or (b) the Group has neither transferred nor retained 之绝大部分风险及回报，但已转让资 substantially all the risks and rewards of the asset, but 产之控制权。 has transferred control of the asset. When the Group has transferred its rights to receive cash 倘本集团已转让从资产收取现金流量之权 flows from an asset or has entered into a pass-through 利或已订立过手安排，本集团会评估是否 arrangement, it evaluates if, and to what extent, it has 及在多大程度上保留了拥有资产的风险及 retained the risk and rewards of ownership of the asset. 回报。倘本集团没有转让或保留资产之绝 When it has neither transferred nor retained substantially all 大部分风险及回报，亦无转让资产之控制 the risks and rewards of the asset nor transferred control of 权，本集团于该资产之持续参与继续确认 the asset, the Group continues to recognise the transferred 已转让资产。在该情况下，本集团亦确认 asset to the extent of the Group’s continuing involvement. 相关负债。已转让资产及相关负债按反映 In that case, the Group also recognises an associated 本集团保留权利及责任之基准下计量。 liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee 持续参与指就已转让资产作出的一项担 over the transferred asset is measured at the lower of the 保，按该项资产的原账面值与本集团或须 original carrying amount of the asset and the maximum 偿还的最高代价的较低者计量。 amount of consideration that the Group could be required to repay. 二零二五年年报 宏安集团有限公司 175

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Impairment of financial assets 金融资产减值 The Group recognises an allowance for expected credit 本集团确认对并非持作按公平值计入损益 losses (“ECLs”) for all debt instruments not held at FVTPL. 的所有债务工具预期信贷亏损（「预期信 ECLs are based on the difference between the contractual 贷亏损」）的所有拨备。预期信贷亏损乃基 cash flows due in accordance with the contract and all the 于根据合约到期的合约现金流量与本集团 cash flows that the Group expects to receive, discounted at 预期收取的所有现金流量之间的差额而厘 an approximation of the original effective interest rate. The 定，并以原实际利率的近似值折现。预期 expected cash flows will include cash flows from the sale of 现金流量将包括出售所持抵押的现金流量 collateral held or other credit enhancements that are integral 或组成合约条款的其他信贷提升措施。 to the contractual terms. General approach 一般方法 ECLs are recognised in two stages. For credit exposures 预期信贷亏损分两个阶段确认。就初始确 for which there has not been a significant increase in credit 认以来信贷风险并无大幅增加的信贷敞口 risk since initial recognition, ECLs are provided for credit 而言，会为未来12个月（12个月预期信贷 losses that result from default events that are possible within 亏损）可能发生的违约事件所产生的信贷亏 the next 12 months (a 12-month ECL). For those credit 损计提预期信贷亏损拨备。就初始确认以 exposures for which there has been a significant increase 来信贷风险大幅增加的信贷敞口而言，须 in credit risk since initial recognition, a loss allowance is 就预期于敞口的余下年期产生的信贷亏损 required for credit losses expected over the remaining life 计提减值拨备，不论违约的时间（全期预期 of the exposure, irrespective of the timing of the default (a 信贷亏损）。 lifetime ECL). At each reporting date, the Group assesses whether 于各报告日期，本集团评估于初始确认时 the credit risk on a financial instrument has increased 金融工具的信贷风险是否显著增加。于进 significantly since initial recognition. When making the 行评估时，本集团将金融工具于报告日期 assessment, the Group compares the risk of a default 发生的违约风险与金融工具于初始确认日 occurring on the financial instrument as at the reporting date 期发生的违约风险进行比较，并考虑无需 with the risk of a default occurring on the financial instrument 过多成本或努力即可得之合理且可证明的 as at the date of initial recognition and considers reasonable 资料，包括历史及前瞻性资料。本集团认 and supportable information that is available without undue 为，当合约付款逾期超过30日时，信贷风 cost or effort, including historical and forward-looking 险已大幅增加。 information. The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. 176 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Impairment of financial assets (continued) 金融资产减值（续） General approach (continued) 一般方法（续） The Group considers a financial asset in default when 本集团认为当合约付款逾期超过90日，金 contractual payments are 90 days past due. However, 融资产则会违约。然而，在若干情况下， in certain cases, the Group may also consider a financial 当内部或外部资料显示本集团不大可能在 asset to be in default when internal or external information 计及本集团持有的任何信贷增级前收取全 indicates that the Group is unlikely to receive the outstanding 部未偿还合约金额时，本集团可能会认为 contractual amounts in full before taking into account any 金融资产违约。 credit enhancements held by the Group. For debt investments at FVTOCI, the Group applies the low 就按公平值计入其他全面收益的债务投资 credit risk simplification. At each reporting date, the Group 而言，本集团采用低信贷风险简化法。于 evaluates whether the debt investments are considered to 各报告日期，本集团使用所有合理及有理 have low credit risk using all reasonable and supportable 据而毋须付出不必要成本或努力获得之资 information that is available without undue cost or effort. 料评估债务投资是否被认为具有较低的信 In addition, the Group considers that there has been a 贷风险。此外，本集团认为当合约付款逾 significant increase in credit risk when contractual payments 期超过30日，信贷风险会大幅增加。 are more than 30 days past due. The Group considers a financial asset in default when 本集团认为当合约付款逾期超过90日，金 contractual payments are 90 days past due. However, 融资产则会违约。然而，在若干情况下， in certain cases, the Group may also consider a financial 当内部或外部资料显示本集团不大可能在 asset to be in default when internal or external information 计及本集团持有的任何信贷增级前收取全 indicates that the Group is unlikely to receive the outstanding 部未偿还合约金额时，本集团可能会认为 contractual amounts in full before taking into account any 金融资产违约。 credit enhancements held by the Group. A financial asset is written off when there is no reasonable 倘无法合理预期收回合约现金流量，则撇 expectation of recovering the contractual cash flows. 销金融资产。 二零二五年年报 宏安集团有限公司 177

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Impairment of financial assets (continued) 金融资产减值（续） General approach (continued) 一般方法（续） Debt investments at FVTOCI and financial assets at 按公平值计入其他全面收益之债务投资及 amortised cost are subject to impairment under the general 以摊销成本计量的金融资产根据一般方式 approach and they are classified within the following stages 须予减值，并按以下为计量预期信贷亏损 for measurement of ECLs except for trade receivables 的阶段分类，惟应用下文详述简化法的应 and net investments in sublease which apply the simplified 收账款及分租赁投资净额除外。 approach as detailed below. Stage 1 – Financial instruments for which credit risk has 第1阶段－ 金融工具的信贷风险自初步确 not increased significantly since initial recognition 认后并未显著增加，且亏损拨 and for which the loss allowance is measured at 备按相等于12个月预期信贷亏 an amount equal to 12-month ECLs 损金额计量 Stage 2 – Financial instruments for which credit risk has 第2阶段－ 金融工具的信贷风险自初步确 increased significantly since initial recognition 认后显著增加，惟其并非已发 but that are not credit-impaired financial assets 生信贷减值的金融资产，且亏 and for which the loss allowance is measured at 损拨备按相等于全期预期信贷 an amount equal to lifetime ECLs 亏损金额计量 Stage 3 – Financial assets that are credit-impaired at the 第3阶段－ 金融资产于报告日期为信贷减 reporting date (but that are not purchased or 值（惟其并非购买或原已发生 originated credit-impaired) and for which the 信用减值的金融工具），且亏 loss allowance is measured at an amount equal 损拨备按相等于全期预期信贷 to lifetime ECLs 亏损金额计量 Simplified approach 简化法 For trade receivables and net investments in sublease that 对于不包含重大融资成分的应收账款及分 do not contain a significant financing component or when 租赁投资净额，或本集团采用实际权宜 the Group applies the practical expedient of not adjusting 之计，不就重大融资成分的影响调整时， the effect of a significant financing component, the Group 本集团采用简化法计量预期信贷亏损。根 applies the simplified approach in calculating ECLs. Under 据简化法，本集团不会追踪信贷风险的变 the simplified approach, the Group does not track changes 化，而是于各报告日期根据全期预期信贷 in credit risk, but instead recognises a loss allowance based 亏损确认亏损拨备。本集团已根据其历史 on lifetime ECLs at each reporting date. The Group has 信贷亏损经验建立拨备矩阵，并就债务人 established a provision matrix that is based on its historical 及经济环境的具体前瞻性风险因素作出调 credit loss experience, adjusted for forward-looking factors 整。 specific to the debtors and the economic environment. 178 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Impairment of financial assets (continued) 金融资产减值（续） Simplified approach (continued) 简化法（续） For trade receivables and net investment in sublease 就应收账款及包含重大融资成分的分租赁 that contain a significant financing component and lease 投资净额及应收租赁款项而言，本集团选 receivables, the Group chooses as its accounting policy 择的会计政策是按照上述政策采用简化法 to adopt the simplified approach in calculating ECLs with 计量预期信贷亏损。 policies as described above. Financial liabilities 金融负债 Initial recognition and measurement 初步确认及计量 Financial liabilities are classified, at initial recognition, as 金融负债初步确认时分类为按公平值计入 financial liabilities at FVTPL, loans and borrowings or 损益之金融负债以及按摊销成本计量之贷 payables at amortised cost, as appropriate. All financial 款及借贷或应付款项（倘适合）。所有金融 liabilities are recognised initially at fair value and, in the 负债初步按公平值确认，而倘属贷款及借 case of loans and borrowings and payables, net of directly 贷及应付款项，则扣除直接应占之交易成 attributable transaction costs. 本。 The Group’s financial liabilities include trade and bills 本集团之金融负债包括应付账款及应付票 payables, financial liabilities included in other payables 据、计入其他应付款项及应计费用之金融 and accruals, lease liabilities, financial liabilities at FVTPL, 负债、租赁负债、按公平值计入损益之金 interest-bearing bank and other borrowings, and unsecured 融负债、计息银行及其他借贷及无抵押票 notes. 据。 Subsequent measurement 后续计量 The subsequent measurement of financial liabilities depends 金融负债的其后计量视乎其以下分类而定： on their classifications as follows: Financial liabilities at FVTPL 按公平值计入损益之金融负债 Financial liabilities at FVTPL include financial liabilities held 按公平值计入损益之金融负债包括持作买 for trading and financial liabilities designated upon initial 卖之金融负债及于初始确认时指定为公平 recognition as at FVTPL. 值计入损益之金融负债。 二零二五年年报 宏安集团有限公司 179

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Financial liabilities (continued) 金融负债（续） Subsequent measurement (continued) 后续计量（续） Financial liabilities at FVTPL (continued) 按公平值计入损益之金融负债（续） Financial liabilities are classified as held for trading if they are 倘金融负债为短期内购回而产生，则将其 incurred for the purpose of repurchasing in the near term. 分类为持作买卖。此类别亦包括本集团所 This category also includes derivative financial instruments 订立未被指定为香港财务报告准则第9号 entered into by the Group that are not designated as 所界定之对冲关系之对冲工具之衍生金融 hedging instruments in hedge relationships as defined 工具。独立嵌入式衍生工具亦被分类为持 by HKFRS 9. Separated embedded derivatives are also 作买卖，除非其被指定为有效对冲工具。 classified as held for trading unless they are designated as 持作买卖之负债之损益于损益内确认。于 effective hedging instruments. Gains or losses on liabilities 损益内确认之公平值损益净额不包括就该 held for trading are recognised in profit or loss. The net 等金融负债所收取之任何利息。 fair value gain or loss recognised in profit or loss does not include any interest charged on these financial liabilities. Financial liabilities designated upon initial recognition as at 于初始确认时指定为按公平值计入损益之 FVTPL are designated at the initial date of recognition, and 金融负债于初始确认日期及仅于符合香港 only if the criteria in HKFRS 9 are satisfied. Gains or losses 财务报告准则第9号之标准时指定。指定 on liabilities designated at FVTPL are recognised in profit or 按公平值计入损益之负债之损益于损益内 loss, except for the gains or losses arising from the Group’s 确认，惟因本集团自身信贷风险所产生之 own credit risk which are presented in other comprehensive 损益除外，其于其他全面收益内呈列且不 income with no subsequent reclassification to profit or loss. 会于其后重新分类至损益。于损益内确认 The net fair value gain or loss recognised in profit or loss 之公平值损益净额不包括就该等金融负债 does not include any interest charged on these financial 所收取之任何利息。 liabilities. Financial liabilities at amortised cost (trade, bills and other 按摊销成本计量之金融负债（应付账款、应 payables, and borrowings) 付票据及其他应付款项及借贷） After initial recognition, trade and bills payables, other 于初步确认后，应付账款及应付票据、其 payables, unsecured notes and interest-bearing borrowings 他应付款项、无抵押票据及计息借贷随后 are subsequently measured at amortised cost, using the 以实际利率法按摊销成本计量，除非贴现 effective interest method unless the effect of discounting 影响为微不足道，在该情况下则按成本列 would be immaterial, in which case they are stated at cost. 账。当负债终止确认或按实际利率法进行 Gains and losses are recognised in profit or loss when the 摊销程序时，其盈亏在损益内确认。 liabilities are derecognised as well as through the effective interest rate amortisation process. 180 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Financial liabilities (continued) 金融负债（续） Subsequent measurement (continued) 后续计量（续） Financial liabilities at amortised cost (trade, bills and other 按摊销成本计量之金融负债（应付账款、应 payables, and borrowings) (continued) 付票据及其他应付款项及借贷）（续） Amortised cost is calculated by taking into account any 摊销成本之计算应考虑收购时之任何贴现 discount or premium on acquisition and fees or costs that 或溢价，并计入属实际利率组成部分之费 are an integral part of the effective interest rate. The effective 用或成本。实际利率摊销于损益内作为融 interest rate amortisation is included in finance costs in profit 资成本列账。 or loss. Financial guarantee contracts 财务担保合约 Financial guarantee contracts issued by the Group are those 本集团发行的财务担保合约乃为由于特定 contracts that require a payment to be made to reimburse 债务人未能根据债务工具条款于债务到期 the holder for a loss it incurs because the specified debtor 时偿付，而须本集团作出付款以就产生的 fails to make a payment when due in accordance with the 损失赔偿持有人的合约。财务担保合约初 terms of a debt instrument. A financial guarantee contract 步按其公平值确认为负债，并就发行担保 is recognised initially as a liability at its fair value, adjusted 直接产生的交易成本作出调整。初步确认 for transaction costs that are directly attributable to the 后，本集团以下列两者较高者计量财务担 issuance of the guarantee. Subsequent to initial recognition, 保合约：(i)根据「金融资产减值」所载政策 the Group measures the financial guarantee contracts at the 厘定的预期信贷亏损拨备；及(ii)初步确认 higher of: (i) the ECL allowance determined in accordance 金额减（如适用）已确认收益的累计金额。 with the policy as set out in “Impairment of financial assets”; and (ii) the amount initially recognised less, when appropriate, the cumulative amount of income recognised. Derecognition of financial liabilities 终止确认金融负债 A financial liability is derecognised when the obligation under 倘负债项下之责任获释放或注销或届满， the liability is discharged or cancelled, or expires. 则金融负债会终止确认。 When an existing financial liability is replaced by another 当现有金融负债被同一贷款人以明显不同 from the same lender on substantially different terms, or the 之条款提供之另一金融负债取代，或现有 terms of an existing liability are substantially modified, such 负债之条款大幅修订，此类交换或修订， an exchange or modification is treated as a derecognition of 则被视为终止确认原负债而确认新负债， the original liability and a recognition of a new liability, and 而相关之账面金额之差额，则在损益中确 the difference between the respective carrying amounts is 认。 recognised in profit or loss. 二零二五年年报 宏安集团有限公司 181

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Offsetting of financial instruments 金融工具之抵销 Financial assets and financial liabilities are offset and the net 金融资产及金融负债互相抵销，净额在综 amount is reported in the consolidated statement of financial 合财务状况表内列示，前提是目前有可执 position if there is a currently enforceable legal right to offset 行法定权利抵销已确认金额并有意按净额 the recognised amounts and there is an intention to settle on 基准结算，或同时变卖资产及偿还负债。 a net basis, or to realise the assets and settle the liabilities simultaneously. Derivative financial instruments 衍生金融工具 Initial recognition and subsequent measurement 初始确认及其后计量 The Group’s derivative financial instruments include interest 本集团之衍生金融工具包括利率掉期及认 rate swaps and put options. Such derivative financial 沽期权。该等衍生金融工具于订立衍生合 instruments are initially recognised at fair value on the 约当日按公平值初步确认，其后按公平值 date on which a derivative contract is entered into and 重新计量。当公平值为正数时，衍生工具 are subsequently remeasured at fair value. Derivatives are 列为资产，而当公平值为负数时，衍生工 carried as assets when the fair value is positive and as 具则列为负债。 liabilities when the fair value is negative. Any gains or losses arising from changes in fair value of 衍生工具之公平值变动所产生之收益或亏 derivatives are taken directly to profit or loss. 损直接计入于损益。 Treasury shares 库存股份 Own equity instruments which are reacquired and held 本集团之附属公司重新收购及持有的自有 by the subsidiaries of the Group (treasury shares) are 股权工具（库存股份）按成本直接于权益确 recognised directly in equity at cost. No gain or loss is 认。概无就购买、销售发行或注销本集团 recognised in profit or loss on the purchase, sale issue or 之自有股权工具于损益内确认盈亏。 cancellation of the Group’s own equity instruments. Inventories 存货 Inventories are stated at the lower of cost and net realisable 存货乃按成本与可变现净值两者中的较低 value. Cost is determined on the weighted average basis 者列账。成本按加权平均基准厘定。如属 and, in the case of work in progress and finished goods, 在制品及制成品，成本包括直接原料、直 comprises direct materials, direct labour and an appropriate 接劳工及按适当比例计算之间接成本。可 proportion of overheads. Net realisable value is based on 变现净值乃基于估计售价减任何在完成及 estimated selling prices less any estimated costs to be 出售时产生的估计成本作出。 incurred to completion and disposal. 182 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Cash and cash equivalents 现金及现金等同项目 Cash and cash equivalents in the statement of financial 财务状况表之现金及现金等同项目指手头 position comprise cash on hand and at banks, and short- 及银行现金，以及短期流动性强，一般于 term highly liquid deposits with a maturity of generally 三个月内到期，可随时兑换成已知数额现 within three months that are readily convertible into known 金，价值变动风险不大且持作履行短期现 amounts of cash, are subject to an insignificant risk of 金承担之存款。 changes in value, and held for purpose of meeting short- term cash commitments. For the purpose of the consolidated statement of cash 就综合现金流量表而言，现金及现金等同 flows, cash and cash equivalents comprise cash on hand 项目指手头及银行现金，以及上文界定之 and at banks, and short-term deposits as defined above, 短期存款，减去须在要求时偿还之银行透 less bank overdrafts which are repayable on demand and 支，为本集团现金管理不可分割之部分。 form an integral part of the Group’s cash management. Provisions 拨备 A provision is recognised when a present obligation (legal or 当过去事项导致目前须负之责任（法律责任 constructive) has arisen as a result of a past event and it is 或推定责任），而且日后有可能需要拨付资 probable that a future outflow of resources will be required 源偿付有关责任，则会确认拨备，惟该项 to settle the obligation, provided that a reliable estimate can 责任之数额须能够可靠地予以估计。当本 be made of the amount of the obligation. When the Group 集团预期拨备可部分或全部获偿付时，则 expects some or all of a provision to be reimburse, the 该偿付确认为一项单独资产，惟仅于几乎 reimbursement is recognised as a separate asset, but only 肯定会获得偿付时方会确认。有关拨备之 when the reimbursement is virtually certain. The expense 开支于损益扣除任何偿付金额呈列。 relating to a provision is presented in profit or loss net of any reimbursement. When the effect of discounting is material, the amount 当贴现之影响属于重大，拨备确认之数额 recognised for a provision is the present value at the end 为预期日后偿付有关责任所需支出于报告 of the reporting period of the future expenditures expected 期末之现值。已贴现现值随时间而有所增 to be required to settle the obligation. The increase in the 加，有关增幅会计入损益之融资成本账项 discounted present value amount arising from the passage 内。 of time is included in finance costs in profit or loss. A contingent liability recognised in a business combination 于业务合并确认之或然负债初始按其公平 is initially measured at its fair value. Subsequently, it is 值计量。其后按(i)根据上文之拨备一般政 measured at the higher of (i) the amount that would be 策将予确认之金额；及(ii)初始确认金额减 recognised in accordance with the general policy for 根据收入确认政策所确认之收入金额（如适 provisions above; and (ii) the amount initially recognised 用）两者之较高者计量。 less, when appropriate, the amount of income recognised in accordance with the policy for revenue recognition. 二零二五年年报 宏安集团有限公司 183

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Income tax 所得税 Income tax comprises current and deferred tax. Income 所得税包括即期及递延税项。于损益账外 tax relating to items recognised outside profit or loss 确认之所得税相关项目于损益外（不论在其 is recognised outside profit or loss, either in other 他全面收益或直接于权益）确认。 comprehensive income or directly in equity. Current tax assets and liabilities are measured at the amount 即期税项资产及负债按预期从税务机关收 expected to be recovered from or paid to the taxation 回或向税务机关支付之款项计算，所依据 authorities, based on tax rates (and tax laws) that have 税率（及税法）于报告期末已制定或实质上 been enacted or substantively enacted by the end of the 已颁布，且已考虑本集团经营所在国家之 reporting period, taking into consideration interpretations 现行诠释及惯例。 and practices prevailing in the countries in which the Group operates. Deferred tax is provided, using the liability method, on all 递延税项乃采用负债法，对于报告期末资 temporary differences at the end of the reporting period 产及负债之税基与其用作财务申报之账面 between the tax bases of assets and liabilities and their 值两者之一切暂时性差异作出拨备。 carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable 递延税项负债就一切应课税暂时性差异予 temporary differences, except: 以确认，惟以下情况则除外： • when the deferred tax liability arises from the initial • 递延税项负债乃因初步确认一项并非 recognition of goodwill or an asset or liability in a 业务合并的交易中的商誉或资产或负 transaction that is not a business combination and, 债而产生，并在交易时并不影响会计 at the time of the transaction, affects neither the 溢利或应课税溢利或亏损且不会产生 accounting profit nor taxable profit or loss and does 相等之应课税及可扣减暂时性差异； not give rise to equal taxable and deductible temporary 及 differences; and • in respect of taxable temporary differences associated • 就与于附属公司、联营公司及合营企 with interests in subsidiaries, associates and joint 业之权益有关之应课税暂时性差异而 ventures, when the timing of the reversal of the 言，拨回暂时性差异之时间可以控制 temporary differences can be controlled and it is 及暂时性差异可能不会在可预见将来 probable that the temporary differences will not reverse 拨回。 in the foreseeable future. 184 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Income tax (continued) 所得税（续） Deferred tax assets are recognised for all deductible 所有可予扣减暂时性差异以及未动用税项 temporary differences, and the carryforward of unused tax 抵免及任何未动用税项亏损结转，在可能 credits and any unused tax losses. Deferred tax assets are 获得应课税溢利用作抵销该等可予扣减暂 recognised to the extent that it is probable that taxable profit 时性差异以及未动用税项抵免及未动用税 will be available against which the deductible temporary 项亏损结转之情况下，均确认为递延税项 differences, and the carryforward of unused tax credits and 资产，惟以下情况则除外： unused tax losses can be utilised, except: • when the deferred tax asset relating to the deductible • 有关可予扣减暂时性差异之递延税项 temporary differences arises from the initial recognition 资产乃因初步确认一项并非业务合并 of an asset or liability in a transaction that is not 的交易中的资产或负债而产生，并在 a business combination and, at the time of the 交易时并不影响会计溢利或应课税溢 transaction, affects neither the accounting profit nor 利或亏损且不会产生相等之应课税及 taxable profit or loss and does not give rise to equal 可扣减暂时性差异；及 taxable and deductible temporary differences; and • in respect of deductible temporary differences • 就与于附属公司、联营公司及合营企 associated with interests in subsidiaries, associates 业之权益有关之可予扣减暂时性差异 and joint ventures, deferred tax assets are only 而言，仅在暂时性差异可能会在可预 recognised to the extent that it is probable that the 见将来拨回及将有应课税溢利用作抵 temporary differences will reverse in the foreseeable 销暂时性差异之情况下，才确认递延 future and taxable profit will be available against which 税项资产。 the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed 递延税项资产之账面值会于各报告期末进 at the end of each reporting period and reduced to the 行审阅，并于不可能再有足够应课税溢利 extent that it is no longer probable that sufficient taxable 以供动用全部或部分递延税项资产时予以 profit will be available to allow all or part of the deferred tax 相应扣减。未确认之递延税项资产于各报 asset to be utilised. Unrecognised deferred tax assets are 告期末重新评估，并于可能获得足够应课 reassessed at the end of each reporting period and are 税溢利以供动用全部或部分递延税项资产 recognised to the extent that it has become probable that 之情况下予以确认。 sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered. 二零二五年年报 宏安集团有限公司 185

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Income tax (continued) 所得税（续） Deferred tax assets and liabilities are measured at the tax 递延税项资产及负债乃根据在报告期末制 rates that are expected to apply to the period when the asset 定或实质上已颁布之预期适用于变现资产 is realised or the liability is settled, based on tax rates (and 或清偿负债之期间之税率（及税务法例）计 tax laws) that have been enacted or substantively enacted 算。 by the end of the reporting period. Deferred tax assets and deferred tax liabilities are offset if 当且仅当本集团有合法强制执行权利抵销 and only if the Group has a legally enforceable right to set off 即期税项资产与即期税项负债，且递延税 current tax assets and current tax liabilities and the deferred 项资产及递延税项负债与同一税务机关对 tax assets and deferred tax liabilities relate to income taxes 同一应课税实体或不同应课税实体（拟于预 levied by the same taxation authority on either the same 期有大额递延税项负债或资产将偿付或收 taxable entity or different taxable entities which intend either 回之各日后期间按净额基准偿付即期税项 to settle current tax liabilities and assets on a net basis, or 负债及资产或同时变现资产及偿付负债）征 to realise the assets and settle the liabilities simultaneously, 收之所得税相关，则递延税项资产与递延 in each future period in which significant amounts of 税项负债可予抵销。 deferred tax liabilities or assets are expected to be settled or recovered. Government grants 政府补贴 Government grants are recognised at their fair value where 倘可合理肯定能收到补贴且将遵守所有附 there is reasonable assurance that the grant will be received 带条件，政府补贴会按其公平值确认。如 and all attaching conditions will be complied with. When the 补贴与开支项目有关，则会有系统地确认 grant relates to an expense item, it is recognised as income 为补贴拟补偿的成本支销期间的收入。 on a systematic basis over the periods that the costs, for which it is intended to compensate, are expensed. Where the grant relates to an asset, the fair value is credited 倘补贴与一项资产相关，则公平值计入递 to a deferred income account and is released to profit or 延收入账目，并在相关资产预计使用寿命 loss over the expected useful life of the relevant asset by 内按年等额分期转入损益，或从资产之账 equal annual instalments or deducted from the carrying 面值中扣除，并通过减少折旧费用转入损 amount of the asset and released to profit or loss by way of 益。 a reduced depreciation charge. 186 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Revenue recognition 收入确认 Revenue from contracts with customers 客户合约收入 Revenue from contracts with customers is recognised when 当客户合约收入按反映本集团预期就交换 control of goods or services is transferred to the customers 该等货品或服务而有权收取的代价金额转 at an amount that reflects the consideration to which the 移至客户时，确认客户合约收入。 Group expects to be entitled in exchange for those goods or services. When the consideration in a contract includes a variable 倘合约代价包括可变金额时，则代价金额 amount, the amount of consideration is estimated to which 估计为本集团就交换向客户转让的货品 the Group will be entitled in exchange for transferring 或服务而有权收取的金额。可变代价于合 the goods or services to the customer. The variable 约开始时估计并加以限制，直至已确认累 consideration is estimated at contract inception and 计收入金额的重大收入拨回不太可能发生 constrained until it is highly probable that a significant （倘可变代价的相关不确定因素其后得以解 revenue reversal in the amount of cumulative revenue 决）为止。 recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. When the contract contains a financing component which 倘合约包括向客户提供一年以上有关向客 provides the customer with a significant benefit of financing 户转让货品或服务之重大融资利益的融 the transfer of goods or services to the customer for more 资成分，则收入按应收金额使用合约开始 than one year, revenue is measured at the present value of 时将于本集团与客户之间的独立融资交易 the amount receivable, discounted using the discount rate 中反映的贴现率贴现后的现值计量。倘合 that would be reflected in a separate financing transaction 约包括提供本集团一年以上重大融资利益 between the Group and the customer at contract inception. 的融资成分，则根据该合约确认的收入包 When the contract contains a financing component which 括根据实际利率法合约责任附有的利息开 provides the Group a significant financial benefit for more 支。对于客户付款与承诺货品或服务转移 than one year, revenue recognised under the contract 期间为一年或以下的合约，不就重大融资 includes the interest expense accreted on the contract 成分的影响运用香港财务报告准则第15号 liability under the effective interest method. For a contract 的实际权宜方法对交易价格进行调整。 where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in HKFRS 15. 二零二五年年报 宏安集团有限公司 187

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Revenue recognition (continued) 收入确认（续） Revenue from contracts with customers (continued) 客户合约收入（续） (a) Sale of pharmaceutical and health food products (a) 销售医药及保健食品产品 Revenue from the sale of pharmaceutical and health 来自销售医药及保健食品产品的收入 food products is recognised at the point in time when 于资产控制权转移至客户的时间点 control of the asset is transferred to the customer, （通常为交付医药及保健食品产品时） generally on delivery of the pharmaceutical and health 确认。 food products. Some contracts for the sale of pharmaceutical and 销售医药及保健食品产品的若干合约 health food products provide customers with rights of 向客户提供退货权，引致可变代价： return, giving rise to variable consideration: Rights of return 退货权 For contracts which provide a customer with a right 对于为客户提供于指定期间内退货权 to return the goods within a specified period, the 利的合约而言，乃使用预期价值法估 expected value method is used to estimate the goods 计不会被退还的货品，原因是该方法 that will not be returned because this method best 最能预测本集团有权获得的可变代 predicts the amount of variable consideration to 价金额。香港财务报告准则第15号 which the Group will be entitled. The requirements 有关限制可变代价估计的规定乃获应 in HKFRS 15 on constraining estimates of variable 用以厘定可计入交易价格的可变代价 consideration are applied in order to determine 金额。对于预期将退回的货品而非收 the amount of variable consideration that can be 入，退款责任将被确认。就从客户收 included in the transaction price. For goods that are 回产品的权利而言，亦确认了有退货 expected to be returned, instead of revenue, a refund 权资产（以及相应的销售成本调整）。 liability is recognised. A right-of-return asset (and the corresponding adjustment to cost of sales) is also recognised for the right to recover products from a customer. 188 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Revenue recognition (continued) 收入确认（续） Revenue from contracts with customers (continued) 客户合约收入（续） (b) Sale of properties (b) 出售物业 Revenue from the sale of properties is recognised at 销售物业的收入于购买者获得竣工物 the point in time when the purchasers obtain the legal 业之法定所有权或法定所有权及实物 title or both the legal title and physical possession, as 所有权两者（如适用）且本集团已获得 applicable, of the completed property and the Group 现时收取付款的权利并很可能收回代 has present right to payment and the collection of the 价时确认。 consideration is probable. (c) Commission income from agricultural exchange market (c) 农产品交易市场的佣金收入 Commission income from agricultural exchange 农产品交易市场的佣金收入于提供服 market is recognised over time when the services are 务时随时间确认。 rendered. (d) Provision of property management and property (d) 提供物业管理及物业配套服务 ancillary services Revenue from the provision of management and 提供管理及物业配套服务的收入以直 property ancillary services is recognised over the 线法于计划期间内确认，乃由于客户 scheduled period on a straight-line basis because the 同时收取及消耗本集团提供的利益。 customer simultaneously receives and consumes the benefits provided by the Group. (e) Provision of pharmaceutical management and (e) 提供药品管理及推广服务 promotion services Pharmaceutical management and promotion services 药品管理及推广服务包括特许经营相 comprises franchise operation related income which is 关收入，其于提供服务时随时间确 recognised over time as services are rendered. 认。 (f) Provision of Traditional Chinese Medicine (“TCM”) (f) 提供中医（「中医」）服务 services TCM services comprise Chinese medical consultation 中医服务包括中医诊症及治疗，于完 and treatments which is recognised at a point in time 成相关服务后的时间点确认。 upon completion of the respective service. 二零二五年年报 宏安集团有限公司 189

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Revenue recognition (continued) 收入确认（续） Revenue from contracts with customers (continued) 客户合约收入（续） (g) Provision of asset management services (g) 提供资产管理服务 Management fee income comprises base management 管理费收入包括随时间确认之基本管 fees, asset management fees, project management 理费、资产管理费、项目管理费及开 fees and development management fees which are 发管理费；及于某一时间点确认之租 recognised over time; and lease fees, acquisition fees 赁费、收购费及推广费。 and promote fees which are recognised at point in time. Base management fees and asset management fees 物业租赁业务管理产生之基本管理费 derived from management of property leasing business 及资产管理费分别根据投资于投资工 are determined based on net equity invested in the 具之权益净额及相关投资工具之营业 investment vehicles and the operating income of the 收入而厘定。 related investment vehicles, respectively. Project management fees are recognised over the 由于客户同时收取及消耗本集团所提 scheduled period on a straight-line basis because the 供之利益，故项目管理费于预定期间 customer simultaneously receives and consumes the 按直线法确认。 benefits provided by the Group. Development management fees are earned on a 开发管理费按直线法于整个建设期间 straight-line basis in accordance with the relevant 根据相关项目建设成本获得。 project construction cost across the entire construction period. Lease fees relate to fees earned in consideration of the 租赁费与客户物业租赁业务之租赁服 leasing services for the property leasing business of 务所赚取之费用有关。 customers. Acquisition fees relate to fees earned in relation to the 收购费与客户收购物业时所赚取之费 acquisition of properties by customers. The acquisition 用有关。收购费乃根据物业收购成本 fees are determined based on the acquisition cost of 厘定，并于提供服务时确认。 the properties and are recognised when the services have been rendered. Promote fees relate to fees earned when the returns 推广费指客户之物业发展项目及物业 of the property development projects and property 租赁业务回报超过若干指定门槛时所 leasing business of customers exceed certain specified 赚取之费用。推广费于本集团收取款 hurdles. Promote fees are recognised on the date that 项之权利获确立当日确认。 the Group’s right to receive payment is established. 190 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Revenue recognition (continued) 收入确认（续） Revenue from other sources 其他来源之收入 (i) Rental and sub-licensing fee income is recognised on (i) 租金及分租收入按时间比例于租期内 a time proportion basis over the lease terms, variable 确认，并非取决于指数或利率的可变 lease payments that do not depend on an index or a 租赁付款于其产生的会计期间内确认 rate are recognised as income in the accounting period 为收入； in which they are incurred; (ii) Interest income is recognised on an accrual basis using (ii) 利息收入乃以实际利率法按应计基 the effective interest method by applying the rate that 准，透过采用将金融工具预期年期内 exactly discounts the estimated future cash receipts 的估计未来现金收入准确贴现至金融 over the expected life of the financial instruments to 资产的账面净值的利率确认； the net carrying amount of the financial asset; (iii) Dividend income is recognised when the shareholder’s (iii) 股息收入在股东收取款项之权利确立 right to receive payment has been established, it is 时确认，与股息相关的经济利益很可 probable that the economic benefits associated with 能流入本集团，且股息金额能够可靠 the dividend will flow to the Group and the amount of 计量；及 the dividend can be measured reliably; and (iv) Income from the sale of listed securities is recognised (iv) 来自出售上市证券之收入在交易当日 on the trade date. 确认。 Contract liabilities 合约负债 A contract liability is recognised when a payment is received 合约负债于本集团向客户转移相关货品或 or a payment is due (whichever is earlier) from a customer 服务前收取或付款到期时（以较早者为准） before the Group transfers the related goods or services. 确认。合约负债于本集团根据合约履行时 Contract liabilities are recognised as revenue when the （即向客户转移相关货品或服务的控制权） Group performs under the contract (i.e., transfers control of 确认为收入。 the related goods or services to the customer). 二零二五年年报 宏安集团有限公司 191

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Contract costs 合约成本 Incremental costs of obtaining a contract 获取合约的增量成本 Incremental costs of obtaining a contract were those costs 获取合约的增量成本指本集团为获取客户 that the Group incurs to obtain a contract with a customer 合约而产生的成本，倘并无获得合约， it would not have incurred if the contract had not been 则不会产生相关成本，即向销售代理支付 obtained e.g., sales commission to sales agents. Incremental 销售佣金。倘获取合约的增量成本与将于 costs of obtaining a contract are capitalised when incurred 未来报告期间的收益相关且相关成本预期 if the costs relate to revenue which will be recognised in a 可予收回，则会将获取合约的增量成本资 future reporting period and the costs are expected to be 本化。获取合约的其他成本会在产生时支 recovered. Other costs of obtaining a contract are expensed 销。 when incurred. Right-of-return assets 退货权资产 A right-of-return asset is recognised for the right to recover 本集团就收回客户预期将予退回之货物的 the goods expected to be returned by customers. The asset 权利为退货权资产。该资产按将予退回货 is measured at the former carrying amount of the goods to 物的先前账面值减任何收回货物的预期成 be returned, less any expected costs to recover the goods 本及退回货物价值的任何潜在减损计量。 and any potential decreases in the value of the returned 本集团更新为对预期退回水平进行任何修 goods. The Group updates the measurement of the asset 订而记录的资产计量以及任何退回货物价 recorded for any revisions to the expected level of returns, 值之任何额外减损。 and any additional decreases in the value of the returned goods. Refund liabilities 退款负债 A refund liability is recognised for the obligation to refund 本集团就退回部分或所有来自客户的已收 some or all of the consideration received (or receivable) 代价（或应收款项）之责任确认退款负债及 from a customer and is measured at the amount the Group 按本集团最终预期其将必须退回客户的金 ultimately expects it will have to return to the customer. The 额计量。本集团于各报告期末更新其估计 Group updates its estimates of refund liabilities (and the 退款负债（及交易价的相应变动）。 corresponding change in the transaction price) at the end of each reporting period. 192 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Share-based payments 以股份付款 The Company, WYTH, WOP and CAP each operates a 本公司、位元堂控股、宏安地产及中国农 share option scheme. Employees (including directors) of 产品均设有购股权计划。本集团雇员（包括 the Group receive remuneration in the form of share-based 董事）以股份付款之方式收取薪酬，而雇员 payments, whereby employees render services in exchange 提供服务以交换股权工具（「以股权支付之 for equity instruments (“equity-settled transactions”). 交易」）。 The cost of equity-settled transactions with employees is 与雇员进行以股权支付之交易之成本，乃 measured by reference to the fair value at the date at which 参照授出日期之公平值计量。该公平值乃 they are granted. The fair value is determined by an external 由外部估值师采用三项式模式厘定，有关 valuer using a trinomial model, further details of which are 详情载于财务报表附注35。 given in note 35 to the financial statements. The cost of equity-settled transactions is recognised in 以股权支付之交易之成本，连同权益相应 employee benefit expense, together with a corresponding 增加部份，在绩效及╱或服务条件获得履 increase in equity, over the period in which the performance 行之期间于雇员福利开支内确认。在归属 and/or service conditions are fulfilled. The cumulative 日期前，各报告期末确认之以股权支付之 expense recognised for equity-settled transactions at the 交易之累计开支，反映归属期已到期部分 end of each reporting period until the vesting date reflects 及本集团对最终将会归属之股权工具数目 the extent to which the vesting period has expired and the 之最佳估计。在某一期间内在损益账内扣 Group’s best estimate of the number of equity instruments 除或进账，乃反映累计开支在期初与期终 that will ultimately vest. The charge or credit to profit or loss 确认时之变动。 for a period represents the movement in the cumulative expense recognised as at the beginning and end of that period. Service and non-market performance conditions are not 厘定奖励的授出日期公平值时并不考虑服 taken into account when determining the grant date fair 务及非市场表现条件，惟能达成条件的 value of awards, but the likelihood of the conditions being 可能性则被评定为本集团对将最终归属的 met is assessed as part of the Group’s best estimate of the 股本工具数目的最佳估计之一部分。市场 number of equity instruments that will ultimately vest. Market 表现条件反映于授出日期的公平值中。附 performance conditions are reflected within the grant date 带于奖励中但并无相关联服务要求的任何 fair value. Any other conditions attached to an award, but 其他条件均被视为非归属条件。非归属条 without an associated service requirement, are considered 件反映于奖励的公平值中，且除非同时为 to be non-vesting conditions. Non-vesting conditions 服务及╱或绩效条件，否则奖励会即时支 are reflected in the fair value of an award and lead to an 销。 immediate expensing of an award unless there are also service and/or performance conditions. 二零二五年年报 宏安集团有限公司 193

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Share-based payments (continued) 以股份付款（续） For awards that do not ultimately vest because non-market 因非市场绩效及╱或服务条件未能达成而 performance and/or services conditions have not been met, 最终并未归属的奖励不会确认为开支。凡 no expense is recognised. Where awards include a market 奖励包含市场或非归属条件，交易仍被视 or non-vesting condition, the transactions are treated as 为一项归属，而不论市场条件或非归属条 vesting irrespective of whether the market or non-vesting 件获履行与否，前提是所有其他绩效及╱ condition is satisfied, provided that all other performance 或服务条件均获履行。 and/or service conditions are satisfied. Where the terms of an equity-settled award are modified, as 倘若以股权支付之购股权之条款有所变 a minimum an expense is recognised as if the terms had not 更，而奖励的原定条款已获达成，所确认 been modified, if the original terms of the award are met. In 开支最少须达到犹如条款并无任何变更之 addition, an expense is recognised for any modification that 水平。此外，倘若按变更日期计量，任何 increases the total fair value of the share-based payments, 变更导致以股份付款之总公平值有所增 or is otherwise beneficial to the employee as measured at 加，或对雇员带来其他利益，则应就该等 the date of modification. 变更确认开支。 Where an equity-settled award is cancelled, it is treated as if 如以股权支付之购股权被注销，则被视为 it had vested on the date of cancellation, and any expense 在注销当日已归属，而尚未就该奖励确认 not yet recognised for the award is recognised immediately. 之任何开支须即时予以确认。此包括本集 This includes any award where non-vesting conditions within 团或雇员控制范围内之非归属条件未获达 the control of either the Group or the employee are not met. 成时之任何奖励。然而，倘有一项新奖励 However, if a new award is substituted for the cancelled 取代已经注销的奖励，及于授出当日被指 award, and is designated as a replacement award on the 定为该奖励之替代品，则该已注销的及的 date that it is granted, the cancelled and new awards are 新奖励均被视为原已奖励之改动（见前一段 treated as if they were a modification of the original award, as 所述）。 described in the previous paragraph. The dilutive effect of outstanding options is reflected as 计算每股盈利时，未行使购股权之摊薄效 additional share dilution in the computation of earnings per 应，反映为额外股份摊薄。 share. 194 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Other employee benefits 其他雇员福利 Pension schemes 退休金计划 The Group operates a defined contribution Mandatory 本集团根据强制性公积金条例为符合资 Provident Fund (“MPF”) retirement benefit scheme (the 格参与之雇员设立既定供款强制性公积 “MPF Scheme”) under the Mandatory Provident Fund 金（「强积金」）退休福利计划（「强积金计 Schemes Ordinance for those employees who are eligible 划」）。供款乃根据雇员之基本薪金按某个 to participate in the MPF Scheme. Contributions are made 百分比计算，并按强积金计划规定应付供 based on a percentage of the employees’ basic salaries 款时自损益扣除。强积金计划之资产与本 and are charged to profit or loss as they become payable in 集团之资产分开持有，由独立行政基金管 accordance with the rules of the MPF Scheme. The assets 理。本集团之雇主供款在向强积金计划供 of the MPF Scheme are held separately from those of the 款后全数归雇员所有。 Group in an independently administered fund. The Group’s employer contributions vest fully with the employees when contributed into the MPF Scheme. The employees of the Group’s subsidiaries which operate 本集团在中国内地营运之附属公司之雇员 in Mainland China are required to participate in a central 须参与由地方市政府营运之中央退休计划 pension scheme (the “PRC Pension Scheme”) operated （「中国退休计划」）。该等附属公司须就其 by the local municipal government. These subsidiaries are 酬金成本按某个百分比向中国退休计划作 required to contribute a certain percentage of their payroll 出供款。供款于须根据中国退休计划规则 costs to the PRC Pension Scheme. The contributions 作出付款时自损益扣除。 are charged to profit or loss as they become payable in accordance with the rules of the PRC Pension Scheme. Borrowing costs 借贷成本 Borrowing costs directly attributable to the acquisition, 因收购、建设或生产合资格资产（须在一 construction or production of qualifying assets, i.e., assets 段长时间方能达致其预定用途或出售者） that necessarily take a substantial period of time to get 而直接产生之借贷成本拨充该等资产之部 ready for their intended use or sale, are capitalised as part 分成本。倘绝大部分资产已可作预定用途 of the cost of those assets. The capitalisation of such 或出售，则该等借贷成本将会停止拨充资 borrowing costs ceases when the assets are substantially 本。所有其他借贷成本于产生之期内列账 ready for their intended use or sale. All other borrowing 开支。借贷成本包括实体就借贷资金产生 costs are expensed in the period in which they are incurred. 之利息及其他成本。 Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. 二零二五年年报 宏安集团有限公司 195

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Events after the reporting period 报告期后事项 If the Group receives information after the reporting period, 如果本集团在报告期之后但在授权发布日 but prior to the date of authorisation for issue, about 之前收到关于报告期末存在的情况的信 conditions that existed at the end of the reporting period, it 息，则本集团将评估该信息是否影响其在 will assess whether the information affects the amounts that 财务报表中确认的金额。本集团将调整财 it recognises in its financial statements. The Group will adjust 务报表中确认的金额，以反映报告期后的 the amounts recognised in its financial statements to reflect 任何调整事项，并根据新信息更新与这些 any adjusting events after the reporting period and update 情况相关的披露。对于报告期后的非调整 the disclosures that relate to those conditions in light of the 事项，本集团将不改变财务报表中确认的 new information. For non-adjusting events after the reporting 金额，但将披露非调整事项的性质及其财 period, the Group will not change the amounts recognised 务影响的估计，或无法作出此类估计的声 in its financial statements, but will disclose the nature of 明（如适用）。 the non-adjusting events and an estimate of their financial effects, or a statement that such an estimate cannot be made, if applicable. Foreign currencies 外币 These financial statements are presented in Hong Kong 财务报表乃以港元（即本公司之功能货币） dollars, which is the Company’s functional currency. 呈列。本集团内各实体决定本身之功能 Each entity in the Group determines its own functional 货币，而计入各实体财务报表之项目乃使 currency and items included in the financial statements of 用该功能货币计量。本集团实体录得之外 each entity are measured using that functional currency. 币交易初步以交易日期各自之功能货币汇 Foreign currency transactions recorded by the entities 率记录。以外币计值之货币资产及负债， in the Group are initially recorded using their respective 按报告期末之汇率换算为功能货币。所有 functional currency rates prevailing at the dates of the 结算或换算货币项目产生的差额于损益确 transactions. Monetary assets and liabilities denominated in 认。 foreign currencies are translated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognised in profit or loss. Non-monetary items that are measured in terms of 按历史成本以外币计量之非货币项目，采 historical cost in a foreign currency are translated using the 用初步交易日期之汇率换算。以外币按公 exchange rates at the dates of the initial transactions. Non- 平值计算之非货币项目，则采用计量公平 monetary items measured at fair value in a foreign currency 值当日之汇率换算。换算按公平值计量之 are translated using the exchange rates at the date when 非货币项目产生的盈亏的处理方法，一如 the fair value was measured. The gain or loss arising on 确认某项目的公平值变动产生的盈亏（即公 translation of a non-monetary item measured at fair value 平值盈亏或于其他全面收益或损益确认之 is treated in line with the recognition of the gain or loss on 汇兑差额亦分别于其他全面收益或损益确 change in fair value of the item (i.e., translation difference on 认）。 the item whose fair value gain or loss is recognised in other comprehensive income or profit or loss is also recognised in other comprehensive income or profit or loss, respectively). 196 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大会计政策（续） (continued) Foreign currencies (continued) 外币（续） In determining the exchange rate on initial recognition of 于厘定初步确认预付代价的相关非货币性 the related asset, expense or income on the derecognition 资产或非货币性负债被取消确认时的有关 of a non-monetary asset or non-monetary liability relating 资产、开支或收入所用之汇率时，初步交 to an advance consideration, the date of initial transaction 易日期为本集团初步确认因预付代价而产 is the date on which the Group initially recognises the non- 生之非货币资产或非货币负债之日。倘存 monetary asset or non-monetary liability arising from the 在多笔付款或预收款项，本集团应就每次 advance consideration. If there are multiple payments or 支付或收取预付代价厘定交易日期。 receipts in advance, the Group determines the transaction date for each payment or receipt of the advance consideration. The functional currencies of certain subsidiaries and a joint 若干附属公司及其合营企业之功能货币并 venture are currencies other than the Hong Kong dollar. As 非港元。于报告期末，该等公司之资产及 at the end of the reporting period, the assets and liabilities 负债按报告期末之现行汇率换算为港元， of these entities are translated into Hong Kong dollars at the 而其损益乃按与该等交易当日之现行汇率 exchange rates prevailing at the end of the reporting period 相若之汇率换算为港元。 and their profits or losses are translated into Hong Kong dollars at the exchange rates that approximate to those prevailing at the dates of the transactions. The resulting exchange differences are recognised in other 所得出汇兑差额于其他全面收益确认，并 comprehensive income and accumulated in the exchange 累计于汇兑波动储备，惟非控股权益应占 fluctuation reserve, except to the extent that the differences 之差异除外。出售外国业务时，与该特定 are attributable to non-controlling interests. On disposal of 外国业务有关之储备累计金额于损益中确 a foreign operation, the cumulative amount in the reserve 认。 relating to that particular foreign operation is recognised in profit or loss. Any goodwill arising on the acquisition of a foreign operation 因收购外国业务产生之任何商誉及因收购 and any fair value adjustments to the carrying amounts of 产生之资产及负债账面值之公平值调整乃 assets and liabilities arising on acquisition are treated as 视为外国业务之资产及负债，并按报告期 assets and liabilities of the foreign operation and translated 末之汇率换算。 at the closing rate. For the purpose of the consolidated statement of cash 就综合现金流量表而言，海外附属公司之 flows, the cash flows of overseas subsidiaries are translated 现金流量按现金流量产生当日之汇率换算 into Hong Kong dollars at the exchange rates ruling at the 为港元。年内产生之海外附属公司经常性 dates of the cash flows. Frequently recurring cash flows of 现金流量按年内之加权平均汇率换算为港 overseas which arise throughout the year are translated into 元。 Hong Kong dollars at the weighted average exchange rate for the year. 二零二五年年报 宏安集团有限公司 197

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 3. SIGNIFICANT ACCOUNTING ESTIMATES 3. 重大会计估计 The preparation of the Group’s financial statements 在编制本集团之财务报表时，管理层须作 requires management to make judgements, estimates and 出会影响所呈报收入、开支、资产及负债 assumptions that affect the reported amounts of revenues, 之金额及其随附之披露资料及或然负债披 expenses, assets and liabilities, and their accompanying 露之判断、估计及假设。由于有关假设及 disclosures, and the disclosure of contingent liabilities. 估计之不确定因素，可导致须就未来受影 Uncertainty about these assumptions and estimates could 响之资产或负债账面值作出重大调整。 result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future. Estimation uncertainty 估计不明朗因素 The key assumptions concerning the future and other key 于报告期末具有会对下一财政年度之资产 sources of estimation uncertainty at the end of the reporting 及负债账面值造成重大调整之重大风险之 period, that have a significant risk of causing a material 有关未来之主要假设，以及估计不明朗因 adjustment to the carrying amounts of assets and liabilities 素之主要来源概述如下。 within the next financial year, are described below. Valuation of investment properties 投资物业之估值 Investment properties including residential, retail and 投资物业包括位于香港的住宅、零售及商 commercial units in Hong Kong and agricultural produce 业单位以及位于中国内地的农产品交易市 exchange markets in Mainland China are revalued at the 场，于报告期末以市价、现有使用为基准 end of the reporting period on a market value, existing use 由独立专业的合资格估值师重新估值。有 basis by independent professionally qualified valuers. Such 关估值乃基于若干假设，受不确定因素影 valuations are based on certain assumptions, which are 响，且可能与实际结果存在重大差异。作 subject to uncertainty and might materially differ from the 出估计时会考虑类似物业于活跃市场中之 actual results. In making the estimation, information from 当前价格资料及相关物业估计租金价值， current prices in an active market for similar properties 并使用主要基于报告期末之现有市况假 and estimated rental value of the relevant properties are 设。有关估值的进一步详情，请参阅财务 considered and assumptions that are mainly based on 报表附注14。 market conditions existing at the end of the reporting period are used. Further details of the valuation are included in note 14 to the financial statements. 198 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 3. SIGNIFICANT ACCOUNTING ESTIMATES 3. 重大会计估计（续） (continued) Estimation uncertainty (continued) 估计不明朗因素（续） Impairment and reversal of impairment of non-financial 非金融非流动资产（商誉除外）之减值及减 non-current assets (other than goodwill) 值拨回 The Group assesses whether there is any indicator of 本集团会于各报告期末评估所有非金融非 impairment or reversal of impairment of all non-financial non- 流动资产（包括使用权资产）是否出现任何 current assets (including right-of-use assets) at the end of 减值或减值拨回迹象。 each reporting period. Where an indication of impairment or reversal of impairment 倘有迹象显示出现减值或减值拨回，或当 exists, or when annual impairment testing for an asset is 需要对资产（存货、金融资产、发展中物 required (other than inventories, financial assets, properties 业、持作出售物业、投资物业及递延税项 under development, properties held for sale, investment 资产除外）作年度减值测试，则估计资产之 properties and deferred tax assets), the asset’s recoverable 可收回金额。资产之可收回金额按资产或 amount is estimated. An asset’s recoverable amount is the 现金产生单位之使用价值，以及其公平值 higher of the asset’s or CGU’s value in use and its fair value 减出售成本之较高者计算，并就各个别资 less costs of disposal, and is determined for an individual 产而厘定，除非资产并未能在大致独立于 asset, unless the asset does not generate cash inflows 其他资产或资产组别之情况下产生现金流 that are largely independent of those from other assets or 入，则在此情况下，将厘定资产所属之现 groups of assets, in which case the recoverable amount is 金产生单位之可收回金额。公平值减出售 determined for the CGU to which the asset belongs. The 成本乃根据来自类似资产公平交易之具约 calculation of fair value less costs of disposal is based on 束力销售交易之可得数据或可观察市价减 available data from binding sales transactions in an arm’s 出售资产之成本而计算。计算使用价值以 length transaction of similar assets or observable market 评估减值时，管理层应用假设编制现金流 prices less costs for disposing of the asset. When value in 量预测，即资产或现金产生单位贴现率、 use is calculated to assess for impairment, management 增长率，以计算该等现金流之现值。 applies assumptions to prepare cash flow forecast, i.e., discount rate, growth rate for the asset or CGU to calculate the present value of those cash flows. 二零二五年年报 宏安集团有限公司 199

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 3. SIGNIFICANT ACCOUNTING ESTIMATES 3. 重大会计估计（续） (continued) Estimation uncertainty (continued) 估计不明朗因素（续） Impairment and reversal of impairment of non-financial 非金融非流动资产（商誉除外）之减值及减 non-current assets (other than goodwill) (continued) 值拨回（续） – Interests in joint ventures － 于合营企业之权益 As at 31 March 2025, the carrying value of the Group’s 于二零二五年三月三十一日，本 interests in joint ventures was HK$3,790,258,000 集团于合营企业之权益账面值为 (2024: HK$3,952,370,000), which were stated in the 3,790,258,000港元（二零二四年： consolidated statement of financial position at the 3,952,370,000港元），根据权益会计 Group’s share of net assets under the equity method 法按本集团应占资产净值减任何减值 of accounting, less any impairment losses. The 亏损于综合财务状况表列示。本集团 Group has assessed at the end of each reporting 于各报告期末评估是否有任何迹象显 period whether there is any indication that the carrying 示于合营企业之权益账面值出现减 amounts of interests in joint ventures are impaired. 值。鉴于有外部资料来源及内部报告 Given that there are external sources of information 证据显示可能存在减值，本公司董事 and evidence from internal reporting that indicate 参考独立专业合资格估值师对有关物 impairment may exist, the directors of the Company 业所进行的估值后，使用合营企业持 has performed an impairment assessment of its 有的相关物业的公平值减出售成本对 interests in joint ventures using the fair value less costs 其于合营企业的权益进行减值评估， of disposal of the underlying properties held by the 此乃取决于(i)完成开发（如有）及出售 joint ventures which is dependent on (i) the estimated 相关物业发展项目的物业所需的估计 selling prices and costs necessary to complete the 售价及成本，或(ii)相关投资物业的资 development, if any, and to sell the properties of 本化率及估计租金价值。有关估值乃 the relevant properties development projects, or (ii) 基于若干假设，受不确定因素影响， capitalisation rate and estimated rental value of the 且可能与实际结果存在重大差异。作 relevant investment properties, and with reference 出估计时会考虑类似物业于活跃市场 to valuation of the related properties performed by 中之当前价格资料，并使用主要基于 independent professionally qualified valuers. Such 报告期末之现有市况假设。 valuations were based on certain assumptions, which are subject to uncertainty and might materially differ from the actual results. In making the estimation, information from current prices in an active market for similar properties is considered and assumptions that are mainly based on market conditions existing at the end of the reporting period are used. 200 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 3. SIGNIFICANT ACCOUNTING ESTIMATES 3. 重大会计估计（续） (continued) Estimation uncertainty (continued) 估计不明朗因素（续） Impairment and reversal of impairment of non-financial 非金融非流动资产（商誉除外）之减值及减 non-current assets (other than goodwill) (continued) 值拨回（续） – Property, plant and equipment － 物业、厂房及设备 Given that external sources of information and 鉴于外部资料来源及内部报告的证据 evidence from internal reporting indicates that the 显示，部分资产或现金产生单位的经 economic performance of some assets or CGUs are 济表现优于预期，而部分现金产生单 better than expected while some CGUs continue to 位继续表现不佳，本公司董事对有关 underperform, the directors of the Company performed 物业、厂房及设备或现金产生单位进 impairment tests of the relevant property, plant and 行减值测试，以厘定其可收回金额。 equipment or the CGUs to determine their recoverable 物业、厂房及设备项目或现金产生单 amounts. The recoverable amount of an item of 位的可收回金额按其公平值减处置成 property, plant and equipment or a CGU is calculated 本与使用价值的较高者计算，其计算 as the higher of its fair value less costs of disposal and 涉及使用估计。 value in use, the calculations of which involve the use of estimates. Net realisable value of properties under development 发展中物业及持作出售物业之可变现净值 and properties held for sale Properties under development and properties held for sale 发展中物业及持作出售物业以成本及可变 are stated at the lower of cost and net realisable value. 现净值两者中之较低者列账。各单位的成 The cost of each unit is determined using the weighted 本使用加权平均法厘定。厘定发展中物业 average method. In determining the net realisable value 及持作出售物业之可变现净值时，管理层 of properties under development and properties for sale, 会考虑(i)独立专业合资格估值师进行之估 management takes into consideration of (i) valuations 值；(ii)现行市况；(iii)类近性质、状况及地 performed by independent professionally qualified valuers; 点之物业之估计售价；及(iv)完工之估计成 (ii) current market conditions; (iii) estimated selling prices 本及进行销售所需之估计成本（如有）。倘 of properties of a similar nature, conditions and locations; 发展中物业及持作出售物业之估计或实际 and (iv) estimated costs of completion and the estimated 可变现净值因市况变动导致少于实际或预 costs necessary to make the sale, if any. Write-down on 算成本，则会将发展中物业及╱或持作出 properties under development and/or properties for sale 售物业撇减至可变现净值。 to net realisable value is made if the estimated or actual net realisable value of properties under development and properties for sale is less than actual or budgeted costs as a result of change in market conditions. 二零二五年年报 宏安集团有限公司 201

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 4. OPERATING SEGMENT INFORMATION 4. 经营分类资料 For management purposes, the Group is organised into 就管理而言，本集团按产品及服务划分业 business units based on their products and services and 务单位，五个可报告经营分类如下： has five reportable operating segments as follows: (a) the property development segment engages in the (a) 物业发展分类指物业之发展及买卖； development and trading of properties; (b) the property investment segment engages in (b) 物业投资分类指投资工业及商业物业 investment in industrial and commercial premises and 及住宅单位以收取租金收入或销售利 residential units for rental or for sale; 润； (c) the fresh markets segment engages in the (c) 街市分类指街市及肉档业务管理及分 management and sub-licensing of fresh markets and 租，其亦包括管理位于中国内地的农 butchery business which also includes management 产品交易市场； of agricultural produce exchange markets in Mainland China; (d) the pharmaceutical segment engages in the production (d) 医药品分类指生产及销售医药及保健 and sale of pharmaceutical and health food products 食品产品及提供中医（「中医」）服务； and provision of Traditional Chinese Medicine (“TCM”) 及 services; and (e) the treasury management segment engages in the (e) 财资管理分类指从事赚取利息及股息 provision of finance, investment in debt and other 收入的融资，债务及其他证券投资， securities which earns interest and dividend income 以及透过投资工具代表本集团之资本 and managing assets on behalf of the Group’s capital 合伙人管理资产。 partners via investment vehicles. Management monitors the results of the Group’s operating 管理层分别监察本集团之经营分类业绩， segments separately for the purpose of making decisions 以决定资源分配及评估表现。分类表现 about resource allocation and performance assessment. 根据可报告分类溢利╱亏损评价，而可报 Segment performance is evaluated based on reportable 告分类溢利╱亏损之计算方式为经调整之 segment profit/loss, which is a measure of adjusted profit/ 除税前溢利╱亏损。经调整除税前溢利╱ loss before tax. The adjusted profit/(loss) before tax is （亏损）之计算方法与本集团之除税前亏损 measured consistently with the Group’s loss before tax 一致，惟银行利息收入、融资成本、总办 except that bank interest income, finance costs, and head 事处及企业收入以及开支则不拨入该项计 office and corporate income and expenses are excluded 算中。 from such measurement. Intersegment sales and transfers are transacted with 分部间销售及转让乃参考按当时现行市价 reference to the selling prices used for sales made to third 向第三方销售所用的售价进行交易。 parties at the then prevailing market prices. 202 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 4. OPERATING SEGMENT INFORMATION 4. 经营分类资料（续） (continued) Property development Property investment Fresh markets Pharmaceutical Treasury management Elimination Total 物业发展 物业投资 街市 医药品 财资管理 抵销 总计 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 Segment revenue and income 分类收益及收入 (note 5): （附注5）： Sales to external customers 销售予外界顾客 1,352,492 432,944 5,909 7,865 599,639 667,089 741,398 777,210 40,748 98,126 – – 2,740,186 1,983,234 Intersegment sales 分类间销售 – – 6,117 15,461 – – 1,880 3,603 – – (7,997) (19,064) – – Other incom e 其他收入 36,094 27,907 87 49 53,794 41,601 5,996 3,715 97 392 – – 96,068 73,664 Total 总计 1,388,586 460,851 12,113 23,375 653,433 708,690 749,274 784,528 40,845 98,518 (7,997 ) (19,064 ) 2,836,254 2,056,898 Segment resu lts 分类业绩 (822,432 ) (802,230 ) 72,264 232,967 202,280 176,895 (34,832 ) 52,448 (174,660 ) (73,844 ) – – (757,380) (413,764) Reconciliation: 对账： Bank interest income 银行利息收入 9,678 20,203 Finance costs 融资成本 (354,594) (364,377) Corporate and unallocated income 企业及未分配收入 and expense s 及开支 (90,415) (120,214 ) Loss before tax 除税前亏损 (1,192,711) (878,152) Income tax cre dit/(expense) 所得税抵免╱（ 开支） 2,576 (38,314) Loss for the ye ar 本年度亏损 (1,190,135) (916,466) 二零二五年年报 宏安集团有限公司 203

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 4. OPERATING SEGMENT INFORMATION 4. 经营分类资料（续） (continued) Property development Property investment Fresh markets Pharmaceutical Treasury management Corporate and others Total 物业发展 物业投资 街市 医药品 财资管理 公司及其他 总计 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 二零二五年 二零二四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 Other segment information: 其他分类资料： Depreciation 折旧 5,275 5,764 7,924 12,588 22,183 22,706 79,457 72,793 555 4,566 16,913 18,726 132,307 137,143 Write-down of properties under 发展中物业之 development, net 撇减净额 – 692,355 – – – – – – – – – – – 692,355 Write-down of properties held 持作出售物业之 for sale 撇减 229,273 2,919 – – – – – – – – – – 229,273 2,919 Impairment on financial assets, 金融资产减值净额 net – – – – 4,958 (738) 15,059 (1,045) 92,091 23,545 – – 112,108 21,762 Impairment/(reversal of 物业、厂房及 impairment) items of 设备项目减值╱ property, plant and （减值拨回） equipment – – (10,044) 73,772 – – 8,988 5,780 – – – – (1,056) 79,552 Loss on disposal of investment 出售投资物业之 properties 亏损 – – 8,307 – – – – – – – – – 8,307 – Loss/(gain) on disposal 出售物业、厂房及 of property, plant and 设备之亏损╱ equipment, net （收益）净额 – – 3,387 (12,519) (192) 133 80 – – – – (27) 3,275 (12,413) Capital expenditure* 资本开支* – – – 86 30,679 39,207 29,517 7,487 31 37 1,703 2,073 61,930 48,890 Fair value losses/(gains) 按公平值计入损益之金融 on financial instruments 工具之公平值亏损╱ at FVTPL, net （收益）净额 – – – – – – – – 34,607 (3,164) – – 34,607 (3,164) Fair value losses on owned 所拥有投资物业之 investment properties, net 公平值亏损净额 – – 21,966 21,364 12,041 82,678 – – – – – – 34,007 104,042 Fair value losses on sub-leased 分租物业之公平值 properties 亏损 – – – – 120,084 162,257 – – – – – – 120,084 162,257 Interests in joint ventures 于合营企业之权益 2,110,378 2,395,595 1,533,308 1,460,034 146,572 96,741 – – – – – – 3,790,258 3,952,370 Interests in associates 于联营公司之权益 – – – – – – 2,978 4,433 22,001 18,976 – – 24,979 23,409 Loans and interest receivables 应收贷款及利息 17,808 17,808 – – 11,268 27,642 – – 109,657 227,939 – – 138,733 273,389 Share of profits and losses of: 应占溢利及亏损： Joint ventures 合营企业 466,811 87,450 (123,806) (349,983) (54,343) (5,886) – – – – – – 288,662 (268,419) Associates 联营公司 – – – – – – (1,045) (2,533) 47 – – – (998) (2,533) Asset held for sale and assets 持作出售之资产及 of a disposal company 一间出售公司之资产 – 857,292 10,101 117,600 – – – – – – – – 10,101 974,892 Liabilities of a disposal 一间出售公司之负债 company – 322,936 – – – – – – – – – – – 322,936 * Capital expenditure consists of additions to investment properties * 资本开支由添置投资物业以及物业、厂房及 and property, plant and equipment (excluding the additions of 设备组成（不包括添置计入使用权资产之租 leased buildings included in right-of-use assets). 赁楼宇）。 204 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 4. OPERATING SEGMENT INFORMATION 4. 经营分类资料（续） (continued) Geographical information 地区资料 (a) Sales to external customers (a) 销售予外界顾客 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Hong Kong 香港 2,074,946 1,231,619 Mainland China 中国内地 601,543 663,483 Macau 澳门 59,782 83,724 Other s 其他 3,915 4,408 Total sales to external customers 向外界 顾客之销售总额 2,740,186 1,983,234 The revenue information above is based on the 以上收入资料乃按客户所在地而作 locations of the customers. 出。 (b) Non-current assets (b) 非流动资产 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Hong Kong 香港 5,037,767 5,698,934 Mainland China 中国内地 2,882,806 2,947,428 Maca u 澳门 5,897 9,258 Total non-current assets 总非流 动资产 7,926,470 8,655,620 The non-current asset information above is based 以上非流动资产资料乃按资产所在地 on the locations of the assets and excludes financial 作出，不包括金融工具及递延税项资 instruments and deferred tax assets. 产。 二零二五年年报 宏安集团有限公司 205

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 4. OPERATING SEGMENT INFORMATION 4. 经营分类资料（续） (continued) Information about major customers 有关主要客户之资料 During the year ended 31 March 2025, revenue from 截至二零二五年三月三十一日止年度，占 customers which accounted for 10% or more of the Group’s 本集团本年度收入10%或以上的客户的收 revenue for the year is set out below: 入载列如下： 2025 二零二五年 HK$’000 千港元 Property development segment: 物业发展分类： Cus tomer A 客户 A 333,550 During the year ended 31 March 2024, no revenue from 截至二零二四年三月三十一日止年度，概 transactions with a single external customer amounted to 无与单一外部客户的交易的收益占本集团 10% or more of the Group’s total revenue. 总收益10%或以上。 206 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 5. REVENUE, OTHER INCOME AND GAINS, 5. 收入、其他收入及收益净额 NET An analysis of the Group’s revenue is as follows: 本集团之收入分析如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Revenue 收入 Revenue from contracts with 来自客户合约之收入 customers Sale of properties 出售物业 1,352,492 432,944 Sale of goods 出售货品 822,373 871,994 Pharmaceutical management and 药品管理及推广服务 promotion services 14,449 12,526 TCM services 中医服务 12,361 14,773 Commission income from 经营农产品交易市场之佣金收入 agricultural produce exchange markets 80,005 83,688 Agricultural produce exchange 农产品交易市场物业配套服务 markets property ancillary services 88,731 87,062 Ass et management fees 资产 管理费 24,998 36,216 Sub total 小计 2,395,409 1,539,203 Interest income 利息收入 Interest income from treasury 财资业务之利息收入 o peration 15,027 55,435 Revenue from other sources 其他来源之收入 Sub-licensing fee income 分租收入 143,769 197,341 Gross rental income from 投资物业经营租赁之总租金收入 investment property operating leases 185,258 184,780 Dividend income from financial 金融资产之股息收入 assets 723 7,122 Loss on disposal of financial assets 出售按公平值计入损益之 a t fair value through profit or loss 金 融资产之亏损 – (647) Sub total 小计 329,750 388,596 Total revenue 总收入 2,740,186 1,983,234 二零二五年年报 宏安集团有限公司 207

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 5. REVENUE, OTHER INCOME AND GAINS, 5. 收入、其他收入及收益净额（续） NET (continued) Revenue from contracts with customers 来自客户合约之收入 (i) Disaggregated revenue information (i) 分拆收入资料 For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 Property Fresh Treasury Segments development Pharmaceutical markets management Total 分类 物业发展 医药品 街市 财资管理 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Type of goods or services 货品或服务类型 – Sale of properties －出售物业 1,352,492 – – – 1,352,492 – Sale of goods －出售货品 – 714,588 107,785 – 822,373 – P harmaceutical management －药品管理及推广服务 and promotion services – 14,449 – – 14,449 – TCM services －中医服务 – 12,361 – – 12,361 – C ommission income from －经营农产品交易市场 agricultural produce exchange 之佣金收入 markets – – 80,005 – 80,005 – A gricultural produce exchange －农产品交易市场配套 market ancillary services 服务 – – 88,731 – 88,731 – Asset management fee －资产管 理费 – – – 24,998 24,998 Total 总计 1,3 52,492 7 41,398 2 76,521 24,998 2,3 95,409 Geographical markets 地区市场 Hong Kong 香港 1,228,047 553,145 103,328 24,998 1,909,518 Mainland China 中国内地 124,445 124,556 173,193 – 422,194 Macau 澳门 – 59,782 – – 59,782 Others 其他 – 3,915 – – 3,915 Total 总计 1,3 52,492 7 41,398 2 76,521 24,998 2,3 95,409 Timing of revenue recognition 收入确认的时间 Goods/services transferred 在某一个时间转移货品╱ at a point in time 服务 1,352,492 726,949 107,785 – 2,187,226 Services transferred over time 随时间转 移服务 – 14,449 1 68,736 24,998 2 08,183 Total 总计 1,3 52,492 7 41,398 2 76,521 24,998 2,3 95,409 208 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 5. REVENUE, OTHER INCOME AND GAINS, 5. 收入、其他收入及收益净额（续） NET (continued) Revenue from contracts with customers 来自客户合约之收入（续） (continued) (i) Disaggregated revenue information (continued) (i) 分拆收入资料（续） For the year ended 31 March 2024 截至二零二四年三月三十一日止年度 Property Fresh Treasury Segments development Pharmaceutical markets management Total 分类 物业发展 医药品 街市 财资管理 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Type of goods or services 货品或服务类型 – Sale of properties －出售物业 432,944 – – – 432,944 – Sale of goods －出售货品 – 749,911 122,083 – 871,994 – P harmaceutical management －药品管理及推广服务 and promotion services – 12,526 – – 12,526 – TCM services －中医服务 – 14,773 – – 14,773 – C ommission income from －经营农产品交易市场 agricultural produce exchange 之佣金收入 markets – – 83,688 – 83,688 – A gricultural produce exchange －农产品交易市场配套 market ancillary services 服务 – – 87,062 – 87,062 – Asset management fee －资产管 理费 – – – 36,216 36,216 Total 总计 4 32,944 7 77,210 2 92,833 36,216 1,5 39,203 Geographical markets 地区市场 Hong Kong 香港 258,613 574,134 91,489 36,216 960,452 Mainland China 中国内地 174,331 114,945 201,344 – 490,620 Macau 澳门 – 83,724 – – 83,724 Others 其他 – 4,407 – – 4,407 Total 总计 4 32,944 7 77,210 2 92,833 36,216 1,5 39,203 Timing of revenue recognition 收入确认的时间 Goods/services transferred 在某一个时间转移货品╱ at a point in time 服务 432,944 764,684 122,083 20,000 1,339,711 Services transferred over time 随时间转 移服务 – 12,526 1 70,750 16,216 1 99,492 Total 总计 4 32,944 7 77,210 2 92,833 36,216 1,5 39,203 二零二五年年报 宏安集团有限公司 209

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 5. REVENUE, OTHER INCOME AND GAINS, 5. 收入、其他收入及收益净额（续） NET (continued) Revenue from contracts with customers 来自客户合约之收入（续） (continued) (i) Disaggregated revenue information (continued) (i) 分拆收入资料（续） The following table shows the amounts of revenue 下表显示本报告期间计入报告期初之 recognised in the current reporting period that were 合约负债的已确认收入金额： included in the contract liabilities at the beginning of the reporting period: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Revenue recognised that was 报告期初计入合约负债之 included in contract liabilities 已确认收入： at the beginning of the reporting period: Sale of goods 出售货品 12,020 9,774 Sale of properties 出售物 业 151,696 39,258 Total 总计 163,716 49,032 The unsatisfied performance obligations of 有关出售货品之未达成履约责 HK$9,364,000 (2024: HK$12,020,000) regarding 任9,364,000港元（二零二四年： the sale of goods are expected to be recognised as 12,020,000港元）预期将于一年内（二 revenue within one year (2024: within one year). 零二四年：一年内）确认为收入。 The unsatisfied performance obligation of 有关出售物业之未达成履约责任 HK$228,105,000 (2024: HK$230,514,000) regarding 228,105,000港元（二零二四年： sales of properties principally comprises the balance 230,514,000港元）主要包括合约负债 of contract liabilities, which are expected to be 余额，预期将于一至两年（二零二四 recognised as revenue in one to two years (2024: one 年：一至两年）内确认为收入。 to two years). 210 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 5. REVENUE, OTHER INCOME AND GAINS, 5. 收入、其他收入及收益净额（续） NET (continued) Revenue from contracts with customers 来自客户合约之收入（续） (continued) (ii) Performance obligations (ii) 履约责任 The following information about the Group’s 本集团履约责任的有关资料概述如 performance obligations is summarised below: 下： Sale of goods 出售货品 The performance obligation is satisfied upon delivery 履约责任于交付商品后达成，而付款 of goods and payment is generally due within 7 to 一般自交付起计7至120天内到期， 120 days from delivery, except for new customers, 惟新客户一般须预先付款。若干合约 where payment in advance is normally required. Some 为客户提供可引发可变代价之退货 contracts provide customers with a right of return 权，惟受约束条件所限制。 which give rise to variable consideration subject to constraint. Sales of properties 出售物业 The performance obligation is satisfied when the legal 履约责任乃于买方取得竣工物业的合 title or both the legal title and physical possession, as 法业权或合法业权及实际支配两者 applicable, of the completed property is obtained by （如适用）时达致。 the purchaser. Property management, property ancillary services, 物业管理、物业配套服务、药品管理 pharmaceutical management and promotion services 及推广服务 The performance obligation is satisfied over time as 履约责任乃于提供服务时随时间达 services are rendered. 成。 二零二五年年报 宏安集团有限公司 211

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 5. REVENUE, OTHER INCOME AND GAINS, 5. 收入、其他收入及收益净额（续） NET (continued) Revenue from contracts with customers 来自客户合约之收入（续） (continued) (ii) Performance obligations (continued) (ii) 履约责任（续） TCM services 中医服务 The performance obligation is satisfied at a point in 履约责任于零售店向客户提供中医诊 time when the Chinese medical consultations and 疗的时间点达成。 treatments is provided to the customer in retail outlets. Commission income from agricultural produce 经营农产品交易市场之佣金收入 exchange markets The performance obligation is satisfied over time as 履约责任乃于提供服务时随时间达 services are rendered. 成。 Asset management services 资产管理服务 For base management fees, asset management 就基本管理费、资产管理费、项目管 fees, project management fees and development 理费和开发管理费而言，履约责任于 management fees, the performance obligation is 提供服务时随时间达成。就收购费、 satisfied over time as services are rendered. For 租赁费和推广费而言，履约责任于成 acquisition fees, lease fees and promote fees, the 功收购物业、进行租赁服务及达成绩 performance obligation is satisfied at a point in time 效目标的时间点达成，原因为客户仅 upon the successful acquisition of properties, carrying 于成功收购、提供租赁服务及达成或 out leasing services and reaching the performance 超过若干内部回报目标后收取及消耗 target, as the customers only receive and consume 本集团提供的利益。 the benefits provided by the Group upon successful acquisition, provision of leasing services and reaching or exceeding certain internal rate of return target, respectively. 212 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 5. REVENUE, OTHER INCOME AND GAINS, 5. 收入、其他收入及收益净额（续） NET (continued) An analysis of the Group’s other income and gains, net is as 本集团之其他收入及收益净额分析如下： follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Other income 其他收入 Bank interest income 银行利息收入 9,678 20,203 Property management fee income 物业管理费收入 13,387 14,156 Forfeiture of deposits from customers 没收客户按金 12,261 1,602 Government subsidies* 政府补贴* 4,714 4,659 Rental income from other properties 其他物业之租金收入 36,934 38,296 Other s 其他 17,104 136,389 Total other income 总其他 收入 94,078 215,305 Gains, net 收益净额 Gain on modification/termination of 修订╱终止租赁合约之收益 lease contracts – 1,593 Gain on disposal of subsidiaries 出售附属公司之收益（附注38） (note 38) 28,731 – Gain on reversal of impairment 物业、厂房及设备项目减值 losses on items of property, 亏损拨回之收益净额 plant and equipment, net 1,056 – Gain on disposal of items of property, 出售物业、厂房及设备项目 plant and equipment, net 之收益净额 – 12,413 Gain on disposal/redemption of debt 出售╱赎回按公平值计入 investments at FVTOCI, net 其他全面收益之债务投资之 收益净额 345 – Gain on early redemption of unsecured 提早赎回无抵押票据之 note s 收益 – 12,110 Total gains 总收益 30,132 26,116 Total other income and gains, net 总其他 收入及收益净额 124,210 241,421 * For the year ended 31 March 2025, government subsidies * 截至二零二五年三月三十一日止年度，政 represented (i) PRC government subsidies of HK$4,564,000 府补贴乃指(i)本集团获中国内地当地政府机 (2024: HK$4,618,000) granted to the Group by the local 关授予之中国政府补贴4,564,000港元（二零 governmental authority in Mainland China for the business 二四年：4,618,000港元），以作为其于中 support on its investments in an agricultural produce exchange 国内地投资农产品交易市场之业务支持； market in Mainland China; and (ii) one-off subsidies of 及(ii)中小企业市场推广基金授予一次性补助 HK$150,000 granted by SME Export Marketing Fund (2024: 150,000港元（二零二四年：香港特别行政区 HK$41,000 granted by The Government of the Hong Kong 政府投资研发现金回赠计划及中小企业市场 Special Administrative Region’s Research and Development 推广基金授予一次性补助41,000港元）。 Cash Rebate Scheme and SME Export Marketing Fund). The Group has complied with all conditions for these subsidies 本集团已于二零二五年及二零二四年三月 before 31 March 2025 and 2024. 三十一日前遵守该等补贴的所有条件。 二零二五年年报 宏安集团有限公司 213

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 6. LOSS BEFORE TAX 6. 除税前亏损 The Group’s loss before tax is arrived at after charging/ 本集团之除税前亏损已扣除╱（计入）： (crediting): 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 Cost of services provided** 提供服务成本** 196,578 207,320 Cost of properties sold** 出售物业成本** 1,196,656 334,682 Cost of inventories recognised as an 确认为开支的存货成本 expense (including allowance for （包括4,015,000港元 obsolete inventories of HK$4,015,000 （二零二四年：2,911,000 (2024: HK$2,911,000))** 港元）之陈旧存货拨备）** 418,094 455,106 Depreciation of owned assets 自有资产折旧 13 53,610 56,307 Depreciation of right-of-use assets 使用权资产折旧 13, 15(c) 78,697 80,836 Auditor’s remuneration 核数师薪酬 11,480 12,940 Research and development costs 研发成本 1,124 1,786 Lease payments not included in the 并未计入租赁负债计量的 measurement of lease liabilities 租赁付款 15(c) 8,850 17,814 Employee benefit expense (including 雇员福利开支（包括董事 directors’ remuneration (note 8)): 酬金（附注8））： Wages and salaries 工资及薪金 473,689 438,061 Equity-settled share option expense 以权益结算之购股权 开支 2,975 3,838 Pension scheme contributions**** 退休金计划供款**** 24,966 17,294 Les s: Amount capitalised 减： 资本化金额 (2,191) (8,665) Tota l 总计 499,439 450,528 214 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 6. LOSS BEFORE TAX (continued) 6. 除税前亏损（续） The Group’s loss before tax is arrived at after charging/ 本集团之除税前亏损已扣除╱（计入）： (crediting): (continued) （续） 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 Direct operating expenses (including 收租投资物业产生之直接 repairs and maintenance) arising from 经营费用（包括维修及 rental-earning investment properties** 保养）** 14 228 Fair value losses on sub-leased 分租投资物业之公平值 investment properties** 亏损** 14, 15(c) 120,084 162,257 Loss/(gain) on disposal of subsidiaries, 出售附属公司之亏损╱ net （收益）净额 38 (28,731)*** 5,898* Impairment losses/(reversal of 物业、厂房及设备项目 impairment) on items of property, 减值亏损╱（减值拨回） plant and equipment, net 净额 13 (1,056)*** 79,552* Impairment of a item of club 俱乐部会籍项目减值* memberships* 4,320 – Losses/(gains) on modification/ 修订╱终止租赁合约之 termination of lease contracts, net 亏损╱（收益）净额 15(c) 28,669* (1,593)*** Loss/(gain) on disposal/redemption of 出售╱赎回按公平值计入其 debt investments at FVTOCI, net 他全面收益之债务投资之 亏损╱（收益）净额 (345)*** 87,245* Loss on disposal of investment 出售投资物业之亏损* properties* 8,307 – Loss/(gain) on disposal of items of 出售物业、厂房及设备项目 property, plant and equipment, net 之亏损╱（收益）净额 3,275* (12,413)*** Foreign exchange differences, net* 外汇差额净额* 4,752 2,061 Impairment losses/(reversal of 金融资产减值亏损╱ impairment losses) on financial （减值亏损拨回）净额： assets, net: Debt investments at fair value through 按公平值计入其他全面收 other comprehensive income, net 益之债务投资净额 19 (3,103) 19,254 Other receivables, net 其他应收款项净额 24 793 (187) Trade receivables, net 应收账款净额 22 19,224 (1,596) Loa ns and interest receivables, net 应收 贷款及利息净额 23 9 5,194 4,291 Tota l 总计 11 2,108 21,762 二零二五年年报 宏安集团有限公司 215

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 6. LOSS BEFORE TAX (continued) 6. 除税前亏损（续） * These items are included in “Other expenses” on the face of the * 该等项目计入综合损益及其他全面收益表的 consolidated statement of profit or loss and other comprehensive 「其他开支」项下。 income. ** These items are included in “Cost of sales” on the face of the ** 该等项目计入综合损益及其他全面收益表的 consolidated statement of profit or loss and other comprehensive 「销售成本」项下。 income. *** These items are included in “Other income and gains, net” on *** 该等项目计入综合损益及其他全面收益表的 the face of the consolidated statement of profit or loss and other 「其他收入及收益净额」项下。 comprehensive income. **** There are no forfeited contributions that may be used by **** 本集团（作为雇主）不得动用被没收的供款以 the Group as the employer to reduce the existing level of 减低现有供款水平。 contributions. 7. FINANCE COSTS 7. 融资成本 An analysis of finance costs is as follows: 融资成本分析如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Interest on bank and other borrowings 银行及其他借贷利息 403,821 453,788 Interest on lease liabilities 租赁负债利息 42,205 49,000 Intere st on unsecured notes 无抵押 票据利息 679 8,847 Subto tal 小计 446,705 511,635 Less: Interest capitalised 减：资 本化利息 (92,111) (147,258) Total 总计 354,594 364,377 216 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 8. DIRECTORS’ REMUNERATION 8. 董事酬金 Directors’ remuneration for the year, disclosed pursuant 本年度董事酬金根据香港联合交易所有限 to the Rules Governing the Listing of Securities on The 公司证券上市规则（「上市规则」）、香港公 Stock Exchange of Hong Kong Limited (the “Listing 司条例第383(1)(a)、(b)、(c)及(f)条及公司 Rules”), section 383(1)(a), (b), (c) and (f) of the Hong （披露董事利益资料）规例第2部披露如下： Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, is as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Fees 袍金 507 507 Other emoluments: 其他酬金： Salaries, allowances and benefits 薪金、津贴及实物利益 in kind 45,475 44,806 Performance-related bonuses* 表现花红* 4,920 3,223 Pen sion scheme contributions 退休 金计划供款 90 90 Sub total 小计 50,485 48,119 Total 总计 50,992 48,626 * Certain executive directors of the Company are entitled to bonus * 本公司若干执行董事有权享有花红，而花红 payments which are determined with reference to the Group’s 乃参考年内本集团经营业绩、董事之个别表 operating results, individual performance of the directors and 现及可供比较之市场惯例后厘定。 comparable market practices during the year. 二零二五年年报 宏安集团有限公司 217

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 8. DIRECTORS’ REMUNERATION (continued) 8. 董事酬金（续） Executive directors and independent non-executive 执行董事及独立非执行董事如下： directors: Salaries, allowances Performance- Pension and benefits related scheme Total Fees in kind bonuses contributions remuneration 薪金、津贴及 退休金 袍金 实物利益 表现花红 计划供款 酬金总额 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 2025 二零二五年 Executive directors: 执行董事： Mr. Tang 邓先生 – 36,936 4,920 54 41,910 Ms. Yau Yuk Yin 游育燕女士 – 6,605 – 18 6,623 Ms. S tephanie Steph anie女士 – 1,934 – 18 1,952 Subto tal 小计 – 45,475 4,920 90 50,485 Independent non-executive 独立非执行董事： directors: Mr. Wong Chun, Justein 王津先生 217 – – – 217 Mr. Siu Kam Chau 萧锦秋先生 140 – – – 140 Mr. C han Yung 陈勇先 生 150 – – – 150 Subto tal 小计 507 – – – 507 Total 总计 507 45,475 4,920 90 50,992 218 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 8. DIRECTORS’ REMUNERATION (continued) 8. 董事酬金（续） Salaries, allowances Performance- Pension and benefits related scheme Total Fees in kind bonuses contributions remuneration 薪金、津贴 退休金 袍金 及实物利益 表现花红 计划供款 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 2024 二零二四年 Executive directors: 执行董事： Mr. Tang 邓先生 – 36,266 2,876 54 39,196 Ms. Yau Yuk Yin 游育燕女士 – 6,605 199 18 6,822 Ms. S tephanie Steph anie女士 – 1,935 148 18 2,101 Subto tal 小计 – 44,806 3,223 90 48,119 Independent non-executive 独立非执行董事： directors: Mr. Wong Chun, Justein 王津先生 217 – – – 217 Mr. Siu Kam Chau 萧锦秋先生 140 – – – 140 Mr. C han Yung 陈勇先 生 150 – – – 150 Subto tal 小计 507 – – – 507 Total 总计 507 44,806 3,223 90 48,626 There was no arrangement under which a director waived 年内，并无董事放弃或同意放弃任何酬金 or agreed to waive any remuneration during the year (2024: 之安排（二零二四年：无）。 Nil). 二零二五年年报 宏安集团有限公司 219

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 9. FIVE HIGHEST PAID EMPLOYEES 9. 首五名最高薪雇员 The five highest paid employees during the year included 年内首五名最高薪雇员中两名（二零二四 two (2024: two) directors, details of whose remuneration are 年：两名）为董事，其酬金详情已于上文附 disclosed in note 8 above. Details of the remuneration for 注8披露。年内余下三名（二零二四年：三 the year of the remaining three (2024: three) non-director, 名）非董事最高薪雇员之酬金详情如下： highest paid employees are as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Salaries, allowances and benefits 薪金、津贴及实物利益 in kind 9,511 9,455 Discretionary bonuses 酌情花红 3,348 2,710 Pensio n scheme contributions 退休金 计划供款 64 61 Total 总计 12,923 12,226 The number of non-director, highest paid employees whose 酬金属于下列范围之非董事最高薪雇员人 remuneration fell within the following bands is as follows: 数如下： Number of employees 雇员人数 2025 2024 二零二五年 二零二四年 HK$3,500,001 to HK$4,000,000 3,500,001港元至4,000,000港元 1 2 HK$4,000,001 to HK$4,500,000 4,000,001港元至4,500,000港元 1 – HK$4 ,500,001 to HK$5,000,000 4,500 ,001港元至5,000,000港元 1 1 Total 总计 3 3 220 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 10. INCOME TAX 10. 所得税 Hong Kong profits tax has been provided at the rate 香港利得税乃根据年内在香港产生之估计 of 16.5% (2024: 16.5%) on the estimated assessable 应课税溢利按税率16.5%（二零二四年： profits arising in Hong Kong during the year, except for 16.5%）作出拨备，惟本集团一间附属公司 one subsidiary of the Group which was a qualifying entity 除外，该公司为符合二级利得税税率制度 under the two-tiered profits tax rates regime. The first 之实体。相关附属公司首笔2,000,000港 HK$2,000,000 (2024: HK$2,000,000) of assessable profits 元（二零二四年：2,000,000港元）的应课 of the related subsidiary was taxed at 8.25% (2024: 8.25%) 税溢利按8.25%（二零二四年：8.25%）的 and the remaining assessable profits were taxed at 16.5% 税率缴税，余下应课税溢利则按16.5%（二 (2024: 16.5%). Taxes on profits assessable elsewhere 零二四年：16.5%）的税率缴税。其他地区 have been calculated at the rates of tax prevailing in the 之应课税溢利乃按本集团经营业务所在国 countries/jurisdictions in which the Group operates. The 家╱司法权区当时之税率课税。中国土地 provision for PRC land appreciation tax (“LAT”) is estimated 增值税（「土地增值税」）拨备乃按相关中国 according to the requirements set forth in the relevant PRC 税务法律及法规所载之规定而估计。土地 tax laws and regulations. LAT has been provided at ranges 增值税已按增值价值之累进税率范围作出 of progressive rates of the appreciation value, with certain 拨备（附带若干可准许减免）。 allowable deductions. 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Current – Hong Kong 即期 － 香港 Charge for the year 年内开支 2,008 7,268 Current – Mainland China 即期 － 中国内地 Charge for the year 年内开支 15,231 47,575 LAT 土地增值税 9,508 13,456 Overp rovision in prior years 过往年 度超额拨备 (13,085) (391) 13,662 67,908 Deferr ed (note 33) 递延（ 附注33） (16,238) (29,594) Total tax charge/(credit) for the year 年内税 项开支╱（抵免）总额 (2,576) 38,314 二零二五年年报 宏安集团有限公司 221

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 10. INCOME TAX (continued) 10. 所得税（续） A reconciliation of the tax charge/(credit) applicable to loss 按本公司及其附属公司所属司法权区之法 before tax at the statutory rates for the jurisdictions in which 定税率计算之除税前亏损适用之税项开 the Company and its subsidiaries are domiciled to the tax 支╱（抵免）与按实际税率计算之税项开 charge/(credit) at the effective tax rate is as follows: 支╱（抵免）之对账如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Loss before tax 除税前亏损 (1,192,711) (878,152) Tax at the statutory/applicable tax 按不同司法权区之法定╱适用 rates of different jurisdictions 税率计算之税项 (183,776) (133,084) Adjustments in respect of current 就以往期间即期税项之调整 tax of previous periods (13,085) (391) Adjustments in respect of deferred 就以往期间递延税项之调整 tax of previous periods (58,130) 2,214 Profits and losses attributable to 应占合营企业及联营公司之溢利 joint ventures and associates 及亏损 47,433 (45,222) Income not subject to tax 毋须课税收入 (28,079) (15,949) Expenses not deductible for tax 不可扣减税项之开支 17,843 43,770 Tax losses utilised from previous 动用以往期间之税项亏损 periods (12,200) (22,707) Tax losses not recognised 未确认税项亏损 255,131 188,521 Utilisation of tax losses previously 动用过往未确认之税项亏损 not recognized (5,302) – Deductible temporary differences 未确认可扣减暂时性差额 not recognised (12,531) 10,733 LAT provided 土地增值税拨备 9,508 13,456 Tax effect on LAT 土地增值税之税务影响 (2,377) (3,364) Effect of tax concession 税务优惠之影响 (13,011) – Other s 其他 – 337 Tax charge/(credit) at the Group’s 按本集团实际税率计算之税项 effe ctive rate 开支 ╱（抵免） (2,576) 38,314 For the year ended 31 March 2025, the share of tax charge 截至二零二五年三月三十一日止年度，合 attributable to joint ventures amounted to HK$31,544,000 营企业应占税项支出31,544,000港元（二零 (2024: HK$23,572,000) is included in “Share of profits and 二四年：23,572,000港元）计入综合损益及 losses of joint ventures” in the consolidated statement of 其他全面收益表之「应占合营企业溢利及亏 profit or loss and other comprehensive income. 损」。 222 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 11. DIVIDENDS 11. 股息 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 2024 final – Nil 二零二四年末期－无（二零二四年： (2024: 2023 final – HK0.04 cent) 二零二三年末期－每股普通股 per ordinary share 0.04港仙） – 6,142 Less: F inal dividend related to treasury 减：与母公司权益持有人应占库存 shares attributable to the 股份相关的末期股息 owners of the parent – (475) Less: F inal dividend related to treasury 减：与非控股股东应占库存股份 shares attributable to the 相关的末期股息 non-controlling shareholders – (213) – 5,454 The board of directors of the Company does not 本公司董事会并不建议向本公司股东支付 recommend the payment of a final dividend for the year 截至二零二五年三月三十一日止年度之末 ended 31 March 2025 (2024: Nil) to the shareholders of the 期股息（二零二四年：无）。 Company. 12. LOSS PER SHARE ATTRIBUTABLE TO 12. 母公司普通股权益持有人应占每股 ORDINARY EQUITY HOLDERS OF THE 亏损 PARENT The calculation of the basic loss per share amounts is 每股基本亏损金额乃根据母公司普通股权 based on the loss for the year attributable to ordinary equity 益持有人应占本年度亏损以及年内已发行 holders of the parent, and the weighted average number 普通股之加权平均数减本集团年内所持有 of ordinary shares outstanding during the year less the 库存股份之加权平均数计算。 weighted average number of the treasury shares held by the Group during the year. 二零二五年年报 宏安集团有限公司 223

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 12. LOSS PER SHARE ATTRIBUTABLE TO 12. 母公司普通股权益持有人应占每股 ORDINARY EQUITY HOLDERS OF THE 亏损（续） PARENT (continued) No adjustment has been made to the basic loss per share 就截至二零二五年及二零二四年三月 amounts presented for the years ended 31 March 2025 三十一日止年度呈列的每股基本亏损金额 and 2024 in respect of a dilution as the impact of the share 并无就摊薄作出调整，原因为中国农产品 options issued by CAP had no dilutive effect on the basic 所发行之购股权对所呈列的每股基本亏损 loss per share amounts presented. 金额并无摊薄影响。 The calculations of basic and diluted loss per share are 每股基本及摊薄亏损之计算乃根据： based on: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Loss 亏损 Loss attributable to ordinary equity 用以计算每股基本及摊薄亏损之 holders of the parent, used in the 母公司普通股权益持有人 basic and diluted loss per share 应占亏损 calc ulations (922,431) (753,847) Number of shares 股份数目 2025 2024 二零二五年 二零二四年 ’000 ’000 千股 千股 Shares 股份 Weighted average number of ordinary 已发行普通股的加权平均数 shares outstanding 14,261,016 15,354,768 Less: W eighted average number of 减：库存股份加权平均数 treasury shares (94,405) (1,709,509) Weighted average number of ordinary 用以计算每股基本及摊薄 shares used in the basic and diluted 亏损之普通股加权平均数 loss per share calculation 14,166,611 13,645,259 224 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 13. PROPERTY, PLANT AND EQUIPMENT 13. 物业、厂房及设备 Owned assets Right-of-use assets 自有资产 使用权资产 Furniture, fixtures Leasehold Plant and and office Motor ComputerConstruction Leasehold Buildings improvements machinery equipment vehicles equipment in progress Total land Buildings Signage Total Total 厂房及 家私、装置 楼宇 租赁物业装修 机器 及办公设备 汽车 电脑设备 在建工程 总计 租赁土地 楼宇 告示牌 总计 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 31 March 2025 二零二五年三月三十一日 At 1 April 2024: 于二零二四年四月一日： Cost 成本 674,520 222,459 106,640 105,502 11,403 56,225 – 1,176,749 380,842 383,707 1,843 766,392 1,943,141 Accumulated 累计折旧及减值 depreciation and impairm ent (173,458) (210 ,555) (70,33 5) (57,87 6) (7,388) (45,923) – (565,535) (195,137) (278,048) (701) (473,886) (1,039,421) Net carryin g amount 账面净值 501,062 11 ,904 36,30 5 47,62 6 4,015 10,302 – 611,214 185,705 105,659 1,142 292,506 903,720 At 1 April 2024, 于二零二四年四月一日， net of accumulated 扣除累计折旧 depreciation and 及减值 impairment 501,062 11,904 36,305 47,626 4,015 10,302 – 611,214 185,705 105,659 1,142 292,506 903,720 Additions 添置 – 3,596 3,034 25,784 804 2,578 20,638 56,434 – 54,976 – 54,976 111,410 Depreciation provided 年内折旧拨备 during the year (18,507) (4,665) (9,522) (17,406) (494) (3,016) – (53,610) (14,318) (63,277) (1,102) (78,697) (132,307) Reversal of impairment/ 减值拨回╱（减值）净额 (impairment), net 64 (550) – – – – – (486) 9,980 (8,438) – 1,542 1,056 Disposal and write-off 出售及撇销 (549) (74) (19) (404) – (28) – (1,074) (20,791) – – (20,791) (21,865) Disposal of a subsidiary 出售附属公司 (note 38) （附注38） – (544) – (1,142) – – – (1,686) – – – – (1,686) Lease modification 租赁修改 – – – – – – – – – 18,530 – 18,530 18,530 Exchange rea lignment 汇兑调整 (1,161) (162) – (1,41 5) (2) (2) – (2,742) (391) (269) – (660) (3,402) At 31 March 2025, net of 于二零二五年三月三十一日， accumulated depreciation 扣除累计折旧及减值 and impair ment 480,909 9 ,505 29,79 8 53,04 3 4,323 9,834 20,63 8 608,050 160,185 107,181 40 267,406 875,456 At 31 March 2025: 于二零二五年三月三十一日： Cost 成本 671,677 221,706 109,594 119,699 12,190 58,557 20,638 1,214,061 345,168 379,901 483 725,552 1,939,613 Accumulated depreciation 累计折旧及减值 and imp airment (190,768) (212 ,201) (79,79 6) (66,65 6) (7,867) (48,723) – (606,011) (184,983) (272,720) (443) (458,146) (1,064,157) Net carryin g amount 账面净值 480,909 9 ,505 29,79 8 53,04 3 4,323 9,834 20,63 8 608,050 160,185 107,181 40 267,406 875,456 二零二五年年报 宏安集团有限公司 225

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 13. PROPERTY, PLANT AND EQUIPMENT 13. 物业、厂房及设备（续） (continued) Owned assets Right-of-use assets 自有资产 使用权资产 Furniture, fixtures Leasehold Plant and and office Motor Computer Leasehold Buildings improvements machinery equipment vehicles equipment Total land Buildings Signage Total Total 租赁 家私、装置 楼宇 物业装修 厂房及机器 及办公设备 汽车 电脑设备 总计 租赁土地 楼宇 告示牌 总计 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 31 March 2024 二零二四年三月三十一日 At 1 April 2023: 于二零二三年四月一日： Cost 成本 867,560 219,380 105,725 92,652 11,545 55,646 1,352,508 448,027 348,815 – 796,842 2,149,350 Accumulated depreciation 累计折旧及减值 and imp airment (191,55 0) (206 ,642) (60,19 2) (52,03 8) (6,80 2) (41,83 7) (559,061 ) (156,672 ) (237,961 ) – (394,633 ) (953,694 ) Net carryin g amount 账面净值 676,01 0 12 ,738 45,53 3 40,61 4 4,74 3 13,80 9 793,447 291,355 110,854 – 402,209 1,195,656 At 1 April 2023, 于二零二三年四月一日， net of accumulated 扣除累计折旧 depreciation and impairment 及减值 676,010 12,738 45,533 40,614 4,743 13,809 793,447 291,355 110,854 – 402,209 1,195,656 Additions 添置 – 5,040 998 22,377 806 1,735 30,956 – 61,444 1,843 63,287 94,243 Depreciation provided 年内折旧拨备 during the year (21,033) (4,924) (10,226) (14,322) (1,146) (4,656) (56,307) (18,408) (61,727) (701) (80,836) (137,143) Impairment, net 减值净值 (50,640) (723) – – – – (51,363) (24,083) (4,106) – (28,189) (79,552) Disposal and write-off 出售及撇销 (286) (24) – (109) (86) (56) (561) (22,160) – – (22,160) (22,721) Disposal of a subsidiary 出售附属公司 (note 38) （附注38） (100,923) – – – – – (100,923) – – – – (100,923) Lease modification/revision 租赁修改╱修改租期 of a lease term – – – – – – – – (334) – (334) (334) Transfer to assets held for sale 转拨至持作出售资产 (note 28) （附注28） (630) – – – – – (630) (40,370) – – (40,370) (41,000) Exchange rea lignment 汇兑调整 (1,43 6) (203) – (93 4) (30 2) (53 0) (3,405 ) (629 ) (472 ) – (1,101 ) (4,506 ) At 31 March 2024, net of 于二零二四年三月三十一日， accumulated depreciation 扣除累计折旧及减值 and impair ment 501,06 2 11 ,904 36,30 5 47,62 6 4,01 5 10,30 2 611,214 185,705 105,659 1,142 292,506 903,720 At 31 March 2024: 于二零二四年三月三十一日： Cost 成本 674,520 222,459 106,640 105,502 11,403 56,225 1,176,749 380,842 383,707 1,843 766,392 1,943,141 Accumulated depreciation 累计折旧及减值 and imp airment (173,45 8) (210 ,555) (70,33 5) (57,87 6) (7,38 8) (45,92 3) (565,535 ) (195,137 ) (278,048 ) (701 ) (473,886 ) (1,039,421 ) Net carryin g amount 账面净值 501,06 2 11 ,904 36,30 5 47,62 6 4,01 5 10,30 2 611,214 185,705 105,659 1,142 292,506 903,720 226 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 13. PROPERTY, PLANT AND EQUIPMENT 13. 物业、厂房及设备（续） (continued) Pledge of assets 资产抵押 As at 31 March 2025, certain of the Group’s owned buildings 于二零二五年三月三十一日，本集团若干 with an aggregate carrying amount of HK$10,198,000 (2024: 自用楼宇账面总值10,198,000港元（二零 HK$204,406,000) and leasehold land, which is included in 二四年：204,406,000港元）及计入使用权 right-of-use assets, with an aggregate carrying amount of 资产之租赁土地账面总值248,914,000港 HK$248,914,000 (2024: HK$276,648,000) and furniture 元（二零二四年：276,648,000港元），以及 and equipment of HK$1,154,000 (2024: HK$1,793,000) 家私及设备1,154,000港元（二零二四年： were pledged to secure general banking facilities and other 1,793,000港元），已为取得授予本集团的 borrowings granted to the Group (note 32) and bills payable 一般银行信贷及其他借贷（附注32）及应付 (note 29). 票据（附注29）作出抵押。 Impairment and reversal of impairment 减值及减值拨回 As at 31 March 2025, as mentioned in note 3 to the financial 于二零二五年三月三十一日，诚如财务报 statements, there were external sources of information and 表附注3所述，有外部资料来源及内部报 evidence available from internal reporting indicating that the 告所得证据显示本集团医药业务之部分资 economic performance of some assets or CGUs are better 产或现金产生单位之经济表现优于预期， than expected while some CGUs continue to underperform 而部分现金产生单位则继续表现欠佳。因 in respect of the Group’s pharmaceutical businesses. 此，已为相关物业、厂房及设备或相关之 Accordingly, impairment tests of the relevant property, plant 现金产生单位进行减值测试。为进行物 and equipment or CGUs have been performed. For the 业、厂房及设备的减值评估，每间个别零 purpose of impairment assessment of property, plant and 售店或生产厂房识别为独立的现金产生单 equipment, each individual retail store or manufacturing 位。 plant is identified as a separate CGU. Included in pharmaceutical segment 计入医药分部 For the year ended 31 March 2025, as a result of the 截至二零二五年三月三十一日止年度，进 impairment assessment, impairment losses HK$550,000 行减值评估后，本集团已按使用价值就 (2024: HK$723,000) and HK$8,438,000 (2024: 表现于截至二零二五年三月三十一日止 HK$7,925,000) was recognised based on value in use 年度持续欠佳的若干租赁零售店舖的租 in respect of the leasehold improvements and buildings 赁物业装修及楼宇（计入使用权资产）确 (included in right-of-use assets), respectively, of certain 认减值亏损分别550,000港元（二零二四 leased retail stores which continued to underperform during 年：723,000港元）及8,438,000港元（二零 the year ended 31 March 2025 and were therefore partially 二四年：7,925,000港元），并因此已部分 impaired. As at 31 March 2025, the aggregate recoverable 减值。于二零二五年三月三十一日，年内 amount of the assets of these retail stores for which 已确认减值亏损的该等零售店舖资产的可 impairment losses have been recognised during the year 收回总额为8,311,000港元（二零二四年： was HK$8,311,000 (2024: HK$9,438,000). 9,438,000港元）。 二零二五年年报 宏安集团有限公司 227

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 13. PROPERTY, PLANT AND EQUIPMENT 13. 物业、厂房及设备（续） (continued) Included in pharmaceutical segment (continued) 计入医药分部（续） In addition, during the year ended 31 March 2024, a 此外，截至二零二四年三月三十一日止年 reversal of impairment of HK$3,819,000 was recognised 度，本集团已按使用价值就表现优于预期 based on value in use in respect of the buildings (included 的若干租赁零售店舖的使用权资产所包含 in right-of-use assets) of certain leased retail stores which 的楼宇确认减值拨回3,819,000港元。于二 performed better than expected. As at 31 March 2024, the 零二四年三月三十一日，该等零售店舖的 aggregate recoverable amount of these retail stores was 可收回总额为3,819,000港元。 HK$3,819,000. The discount rate applied to the cash flow projections for 适用于上述减值评估的现金流量预测的贴 the above impairment assessments was 9% (2024: 12%). 现率为9%（二零二四年：12%）。 Included in the property investment segment 计入物业投资分部 For the year ended 31 March 2025, as a result of the 截至二零二五年三月三十一日止年度，进 impairment assessment, net reversal of impairment losses 行减值评估后，本集团已按公平值减出 of HK$64,000 and HK$9,980,000 (2024: impairment losses 售成本分别就若干零售店舖的自有楼宇及 of HK$50,640,000 and HK$23,132,000) were recognised 租赁土地确认减值亏损拨回净额64,000 based on fair value less costs of disposal in respect of 港元及9,980,000港元（二零二四年：减 the owned buildings and leasehold land of certain retail 值 亏 损50,640,000 港 元 及23,132,000 stores, respectively, due to the increase in the respective 港元），原因是本年度该等零售店舖各 recoverable amount of those retail stores during the 自的可收回金额有所增加。于二零二五 year. As at 31 March 2025, the aggregate recoverable 年三月三十一日，该等资产之可收回总 amount of these assets was HK$102,627,000 (2024: 额为102,627,000 港元（二零二四年： HK$120,290,000, excluding the recoverable amount of 120,290,000港元，不包括已出售之自有 an owned building of HK$103,000,000 which has been 楼宇之可收回金额103,000,000港元）。于 disposed). The recoverable amount of the owned building 二零二五年三月三十一日，自有楼宇的可 as at 31 March 2025 was determined based on the fair 收回金额乃根据独立专业合资格估值师按 value less costs of disposal under the direct comparison 直接比较法及╱或直接资本化法厘定之公 method and/or direct capitalisation method determined by 平值减出售成本厘定，计及地点与状况类 an independent professional qualified valuer, which took 近物业的目前价格、其他不可观察输入数 into account current prices of properties of similar locations 据以及物业之潜在复归市场租金之应收租 and conditions and other unobservable inputs, and the rent 金，据此，公平值计量于公平值层级中分 receivables from the potential reversionary market rent of the 类为第三层。 properties, and accordingly the fair value measurement was categorised within Level 3 of the fair value hierarchy. 228 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 13. PROPERTY, PLANT AND EQUIPMENT 13. 物业、厂房及设备（续） (continued) Included in the property investment segment 计入物业投资分部（续） (continued) The recoverable amount of the owned building as at 31 于二零二五年三月三十一日，自有楼宇的 March 2025 was determined based on the fair value less 可收回金额乃根据独立专业合资格估值师 costs of disposal under direct comparison method and/or 按直接比较法及╱或直接资本化法厘定之 direct capitalisation method determined by an independent 公平值减出售成本厘定，计及地点与状况 professional qualified valuer, which took into account current 类近物业的目前价格、其他不可观察输入 prices of properties of similar locations and conditions and 数据以及物业之潜在复归市场租金之应收 other unobservable inputs, and the rent receivables from 租金，据此，公平值计量于公平值层级中 the potential reversionary market rent of the properties, and 分类为第三层。 accordingly the fair value measurement was categorised within Level 3 of the fair value hierarchy. Manufacturing plants 生产厂房 For the year ended 31 March 2025, no impairment losses 截至二零二五年三月三十一日止年度，概 or reversal of impairment losses were recognised in respect 无因减值评估而就本集团生产厂房确认减 of the Group’s manufacturing plants as a result of the 值亏损或减值亏损拨回。 impairment assessment. For the year ended 31 March 2024, impairment losses of 截至二零二四年三月三十一日止年度， HK$951,000 were recognised in respect of the leasehold 由于可收回金额减少，本集团已就其生 land of the Group’s manufacturing plants due to the 产厂房的租赁土地确认减值亏损951,000 decrease in the recoverable amounts, of which HK$634,000 港元，其中634,000港元属于中药分部， belongs to the Chinese Pharmaceutical Segment, and 而317,000港元属于西药分部。于二零 HK$317,000 belongs to the Western Pharmaceutical 二四年三月三十一日，年内已确认减值 Segment. As at 31 March 2024, the aggregate recoverable 亏损的本集团生产厂房的可收回总额为 amount of the Group’s manufacturing plants for which 346,200,000港元。 impairment losses have been recognised during the year was HK$346,200,000. The recoverable amount was determined based on the fair 可收回金额乃按照公平值减出售成本采用 value less costs of disposal under depreciated replacement 独立专业合资格估值师厘定之折旧替换 cost approach determined by an independent professional 成本法厘定，计及地点与状况类近物业的 qualified valuer which took into account current prices 目前价格以及其他不可观察输入数据，据 of properties of similar locations and conditions and 此，公平值计量于公平值层级中分类为第 other unobservable inputs, and accordingly the fair value 三层。 measurement was categorised within Level 3 of the fair value hierarchy. 二零二五年年报 宏安集团有限公司 229

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 13. PROPERTY, PLANT AND EQUIPMENT 13. 物业、厂房及设备（续） (continued) Manufacturing plants (continued) 生产厂房（续） Below is a summary of the valuation technique used and the 下文概述就减值评估而言物业、厂房及设 key input to the valuation of property, plant and equipment 备所采用之估值方法及估值主要输入数据： for the purpose of impairment assessment: Significant Valuation technique unobservable input Range 估值方法 重大不可观察元素 范围 2025 2024 二零二五年 二零二四年 Commercial properties Direct comparison method Price per square foot HK$22,000 to HK$22,000 to and direct capitalisation HK$81,000 HK$63,000 method 商用物业 直接比较法及直接资本化法 每平方呎价格 22,000港元至 22,000港元至 81,000港元 63,000港元 Estimated rental value per HK$51 to HK$56 to square foot and per month HK$193 HK$111 估计每平方呎每月租金价值 51港元至 56港元至 193港元 111港元 Capitalisation rate 3.4% to 4.9% 3.0% 资本化率 3.4%至4.9% 3.0% Manufacturing facilities Depreciated replacement Construction cost per square HK$27,328 HK$27,328 cost approach metre 生产厂房 折旧替换成本法 每平方米建筑成本 27,328港元 27,328港元 A significant increase/(decrease) in the price per square foot, 每平方呎价格、估计租金价值或建造成本 estimated rental value or construction cost in isolation would 单独大幅增加╱（减少）会导致物业、厂房 result in a significantly higher/(lower) recoverable amount of 及设备之可收回金额大幅上升╱（下降）。 the property, plant and equipment. 230 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 14. INVESTMENT PROPERTIES 14. 投资物业 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附 注 千港元 千港元 Carrying amount at beginning of year 于年初之账面值 3,561,895 3,879,115 Additions for owned properties 添置自有物业 5,497 8,708 Additions for sub-leased properties 添置分租物业 32,794 92,602 Disposal of subsidiaries 出售附属公司 38 (136,944) (71,000) Disposals 出售 (206,832) – Accrued rent-free rental income 累计免租租金收入 (141) (148) Lease modification 租赁修改 – (6,860) Net losses from fair value adjustments 自有物业之公平值调整 for owned properties 亏损净额 (34,007) (104,042) Net losses from fair value adjustments 分租物业之公平值调整 for sub-leased properties 亏损净额 (120,084) (162,257) Excha nge realignment 汇兑调 整 (68,265) (74,223) Carrying amount at end of year 年末之账面值 3,033,913 3,561,895 Included in assets classified as 计入分类为持作出售 held for sale 之资 产 28 (10,101) (76,600) Investment properties as stated in the 于三月三十一日之综合 consolidated statement of financial 财务状况表列账之 pos ition as at 31 March 投资 物业 3,023,812 3,485,295 The Group’s investment properties consist of commercial, 本集团之投资物业包括位于香港及中国内 residential, retail properties and agricultural produce 地之商业、住宅、零售物业以及农产品交 exchange markets in Hong Kong and Mainland China. 易市场。 二零二五年年报 宏安集团有限公司 231

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 14. INVESTMENT PROPERTIES (continued) 14. 投资物业（续） The investment properties were revalued by LCH (Asia- 投资物业由独立专业合资格估值师利骏行 Pacific) Surveyors Limited, RHL Appraisal Limited and Asset 测量师有限公司、永利行评值顾问有限 Appraisal Limited, independent professionally qualified 公司及中诚达资产评值顾问有限公司进行 valuers. The finance department has a team that reviews 重估。财务部设有一个小组，专责就财务 the valuation performed by the independent valuers for 报告而言对独立估值师的估值进行审阅， financial reporting purposes and reports directly to senior 并直接向本公司高级管理层汇报。就中期 management of the Company. Discussions of valuation 及年度财务报告进行评估时，管理层与估 processes and results are held between management and 值师会就评估程序及结果每年展开两次讨 the valuers twice a year when the valuation is performed for 论。于各报告期末，财务部会与独立估值 interim and annual financial reporting. At the end of each 师展开讨论，以核实独立估值报告的重大 reporting period, the finance department holds discussion 输入。财务部亦会就物业估值较上一年度 with the independent valuers to verify major inputs to the 估值报告的变动进行评估。 independent valuation reports. The finance department also assesses property valuation movements by comparing to the prior year valuation reports. As at 31 March 2025 and 2024, the investment properties 于二零二五年及二零二四年三月三十一 are leased to third parties under operating leases, further 日，投资物业按经营租约租予第三方，进 details of which are included in note 15 to the financial 一步详情载于财务报表附注15。 statements. As at 31 March 2025, the Group’s investment properties 于二零二五年三月三十一日，本集团账面 with an aggregate carrying value of HK$1,738,465,000 总值达1,738,465,000港元（二零二四年： (2024: HK$1,959,101,000) and certain rental income 1,959,101,000港元）之投资物业，及其所 generated therefrom were pledged to secure the Group’s 产生之若干租金收入已抵押作为本集团获 general banking facilities and other borrowings granted to 授一般银行融资及其他借贷之担保（附注 the Group (note 32). 32）。 Fair value hierarchy 公平值层级 The fair value measurements of all investment properties of 本集团所有投资物业的公平值计量于公平 the Group were categorised within Level 3 of the fair value 值层级中分类为第三层及其变动详情于上 hierarchy and details of their movements are disclosed 文披露。 above. 232 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 14. INVESTMENT PROPERTIES (continued) 14. 投资物业（续） Fair value hierarchy (continued) 公平值层级（续） The following table illustrates the fair value measurement 本集团投资物业之公平值计量层级载于下 hierarchy of the Group’s investment properties: 表： Fair value measurement using significant unobservable inputs (Level 3) 采用重大不可观察元素之 公平值计量（第三层） 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Recurring fair value measurement for: 经常性公平值计量： Commercial properties 商用物业 168,900 261,339 Residential properties 住宅物业 10,101 38,600 Retail properties 零售物业 259,185 452,400 Agricu ltural produce exchange markets 农产品 交易市场 2,595,727 2,809,556 3,033,913 3,561,895 Included in assets classified as held for sale 计入分类为持作出售之资产 (not e 28) （附 注28） (10,101) (76,600) Investment properties as stated in the 于三月三十一日之综合财务 consolidated statement of financial 状况表列账之投资物业 pos ition as at 31 March 3,023,812 3,485,295 During the year, there were no transfers of fair value 年内，公平值计量概无于第一层及第二层 measurements between Level 1 and Level 2 and no 之间转让，亦无自第三层转入或转出（二零 transfers into or out of Level 3 (2024: Nil). 二四年：无）。 二零二五年年报 宏安集团有限公司 233

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 14. INVESTMENT PROPERTIES (continued) 14. 投资物业（续） Fair value hierarchy (continued) 公平值层级（续） Below is a summary of the valuation techniques used and 下文概述投资物业估值所采用之估值方法 the key inputs to the valuation of investment properties: 及估值主要输入数据： Significant Valuation techniques unobservable inputs Range or weighted average 估值方法 重大不可观察元素 范围或加权平均 2025 2024 二零二五年 二零二四年 Commercial properties Direct comparison method, Price per square foot HK$10,400 to HK$21,500 to direct capitalisation method HK$81,000 HK$84,000 and investment method 商用物业 直接比较法、直接资本化法及 每平方呎价格 10,400港元至 21,500港元至 投资法 81,000港元 84,000港元 Estimated rental value per HK$51 to HK$56 to square foot and per month HK$193 HK$111 估计每平方呎每月租金价值 51港元至 56港元至 193港元 111港元 Capitalisation rate 3.4% to 4.9% 3.0% to 5.5% 资本化率 3.4%至4.9% 3.0%至5.5% Manufacturing plants Depreciated replacement Construction cost per HK$27,328 HK$27,328 cost method square metre 生产厂房 折旧后重置成本法 每平方米建筑成本 27,328港元 27,328港元 Residential properties Investment method and Estimated rental value per HK$12 to HK$13 to direct comparison method square foot and per month HK$23 HK$37 住宅物业 投资法及直接比较法 估计每平方呎每月租金价值 12港元至 13港元至 23港元 37港元 Capitalisation rate 2.5% to 4.1% 2.2% to 6.3% 资本化率 2.5%至4.1% 2.2%至6.3% Price per square foot HK$4,890 to HK$5,059 to HK$9,931 HK$10,759 每平方呎价格 4,890港元至 5,059港元至 9,931港元 10,759港元 234 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 14. INVESTMENT PROPERTIES (continued) 14. 投资物业（续） Fair value hierarchy (continued) 公平值层级（续） Below is a summary of the valuation techniques used and 下文概述投资物业估值所采用之估值方法 the key inputs to the valuation of investment properties: 及估值主要输入数据：（续） (continued) Significant Valuation techniques unobservable inputs Range or weighted average 估值方法 重大不可观察元素 范围或加权平均 2025 2024 二零二五年 二零二四年 Retail properties Investment method Estimated market rent per HK$45 to HK$23 to square foot and per month HK$218 HK$434 零售物业 投资法 估计每平方呎每月市场租金 45港元至 23港元至 218港元 434港元 Capitalisation rate 6.5% 6.5% 资本化率 Agricultural produce Investment method Price per square metre N/A HK$3,600 to exchange markets (2024: direct comparison HK$4,497 method and investment method) 农产品交易市场 投资法 每平方米价格 不适用 3,600港元至 （二零二四年：直接 4,497港元 比较法及投资法） Estimated rental value per HK$10 to HK$13 to square metre and per month HK$76 HK$94 估计每平方米每月租金价值 10港元至 13港元至 76港元 94港元 Capitalisation rate 8% to 9% 7% to 9% 资本化率 8%至9% 7%至9% The valuations of investment properties were based on the 投资物业乃根据投资法（即将物业之现有租 investment method which capitalises the rent receivables 赁应收之租金及租赁期满后可能收取之市 from the existing tenancies and the potential reversionary 场租金资本化）、直接资本化法（即将物业 market rent of the properties, the direct capitalisation 之潜在复归市场租金之应收租金资本化）或 method which capitalises the rent receivables from the 直接比较法（即参考可资比较市场交易）进 potential reversionary market rent of the properties or the 行估值。 direct comparison method by reference to comparable market transactions. 二零二五年年报 宏安集团有限公司 235

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 14. INVESTMENT PROPERTIES (continued) 14. 投资物业（续） Fair value hierarchy (continued) 公平值层级（续） A significant increase/(decrease) in the estimated rental value 估计每平方呎╱每平方米租金价值或平 per square foot/square metre, or price per square foot/ 方呎╱每平方米价格单独大幅增加╱（减 metre in isolation would result in a significantly higher/(lower) 少）会令投资物业之公平值大幅上升╱（下 fair value of the investment properties. A significant increase/ 降）。资本化率单独大幅增加╱（减少）会令 (decrease) in the capitalisation rate in isolation would result 投资物业之公平值大幅下降╱（上升）。 in a significantly lower/(higher) fair value of the investment properties. 15. LEASES 15. 租赁 The Group as a lessee 本集团作为承租人 The Group has lease contracts for various items of leasehold 本集团就用于其经营而拥有租赁土地、楼 land, buildings and equipment used in its operations. Lump 宇及设备之多项项目的租赁合约。已提前 sum payments were made upfront to acquire the leased land 作出一次性付款以向业主收购租赁土地的 from the owners with lease periods of 16 to 68 years, and 租期介乎16至68年，而根据该等土地租赁 no ongoing payments will be made under the terms of these 的条款，将不会继续支付任何款项。办公 land leases. Leases of office properties generally has lease 室物业租赁的租期一般为2至6年，而零售 term of 2 to 6 years and leases of retail shops generally have 店租赁的租期一般介乎1至3年。其他设备 lease terms of 1 to 3 years. Other equipment generally has 的租期通常为12个月或更短及╱或个别为 lease terms of 12 months or less and/or is individually of low 低价值租赁。一般而言，除了若干租赁零 value. Generally, except for certain leased retail shops, the 售店外，本集团不得在本集团以外转让及 Group is restricted from assigning and subleasing the leased 分租租赁资产。若干租赁合约包含延期和 assets outside the Group. There are several lease contracts 终止选择权以及可变租赁付款，进一步讨 that include extension and termination options and variable 论如下。 lease payments, which are further discussed below. (a) Right-of-use assets (a) 使用权资产 The carrying amount of the Group’s right-of-use assets 年内本集团使用权资产之账面值及变 and the movements during the year are disclosed in 动于财务报表附注13和14披露。 note 13 and 14 to the financial statements. 236 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 15. LEASES (continued) 15. 租赁（续） The Group as a lessee (continued) 本集团作为承租人（续） (b) Lease liabilities (b) 租赁负债 The carrying amounts of lease liabilities (included under 年内租赁负债（计入其他应付款项及 other payables and accruals) and the movements 应计费用）之账面值及变动如下： during the year are as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Carrying amount at beginning of year 于年初之账面值 760,789 800,050 New leases 新租赁 93,505 173,115 Accretion of interest recognised 年内确认的利息增加 during the year 42,205 49,000 Lease termination 租赁终止 (87,921) – Payments 付款 (247,484) (252,024) Lease modification 租赁修改 17,529 (8,789) Excha nge realignment 汇兑调 整 (683) (563) Carryi ng amount at end of year 年末之 账面值 577,940 760,789 Analysed into: 分析为： Within one year 一年内 151,680 199,860 In the second year 于第二年内 130,617 138,826 In the third to fifth years, inclusive 于第三年至第五年 （包括首尾两年） 109,204 329,237 Bey ond five years 五年 以上 186,439 92,866 Carryi ng amount at end of year 年末之 账面值 577,940 760,789 The maturity analysis of lease liabilities is disclosed in 租赁负债之到期分析披露于财务报表附注 note 46 to the financial statements. 46。 二零二五年年报 宏安集团有限公司 237

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 15. LEASES (continued) 15. 租赁（续） The Group as a lessee (continued) 本集团作为承租人（续） (c) The amounts recognised in profit or loss in relation to (c) 就租赁于损益确认的金额如下： leases are as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Interest on lease liabilities 租赁负债利息 42,205 49,000 Depreciation charge of right-of-use 使用权资产折旧 assets 78,697 80,836 Fair value losses on sub-leased 分租投资物业之公平值亏损 investment properties 120,084 162,257 Expense relating to short-term leases 与短期租赁有关的开支 (included in administrative expenses （计入行政开支及 and selling and distribution expenses) 销售及分销开支） 3,534 8,376 Expense relating to leases of low-value 与低价值资产租赁有关的 assets (included in administrative 开支（计入行政开支） expenses) 795 1,263 Variable lease payments not included 并未计入租赁负债之计量的 in the measurement of lease liabilities 可变租赁付款（计入销售及 (included in selling and distribution 分销开支） expenses) 4,521 8,175 Impairment/(reversal of impairment) 计入物业、厂房及设备之使用 of right-of-use assets included in 权资产减值╱（减值拨回） property, plant and equipment (1,542) 28,189 Losses/(gains) on modification/ 修订╱终止租赁合约之亏损╱ term ination of lease contracts, net （收 益）净额 28,669 (1,593) Total amount recognised in profit or 于损益确认的总金额 loss 276,963 336,503 238 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 15. LEASES (continued) 15. 租赁（续） The Group as a lessee (continued) 本集团作为承租人（续） (d) Extension and termination options (d) 续租及终止选择权 The Group has leases with remaining lease terms 本集团的租赁拥有介乎1年至5年（二 ranging from 1 year to 5 years (2024: 1 year to 14 零二四年：1年至14年）的余下租期。 years). The leases containing extension and termination 包含续租及终止选择权的租赁按各自 options are managed locally and vary in terms. The 不同地点管理及条款有所不同。当本 Group has included extension or termination options 集团合理确定行使续租或终止选择权 in the measurement of the lease obligations when it is 时，租赁责任的计量计入续租及终止 reasonably certain to exercise the options. 选择权。 (e) Variable lease payments (e) 可变租赁付款 The Group leased a number of retail stores which 本集团租赁多个零售门店，该等租赁 contain variable lease payment terms that are based 包含以本集团自零售门店产生的营 on the Group’s turnover generated from the retail 业额为基础的可变租赁款项条款。 shops. There are also minimum annual base rental 该等租赁亦设有最低年度基础租金 arrangements for these leases. The amounts of the 安排。就该等租赁本年度于损益内 fixed and variable lease payments recognised in 确认的固定及可变租赁款项金额分 profit or loss for the current year for these leases 别为27,820,000港元及4,521,000港 are HK$27,820,000 and HK$4,521,000 (2024: 元（二零二四年：32,373,000港元及 HK$32,373,000 and HK$8,175,000), respectively. 8,175,000港元）。 (f) The total cash outflow for leases and future cash (f) 租赁的现金流出总额及与尚未开始租 outflows relating to leases that have not yet 赁相关的未来现金流出分别披露于财 commenced are disclosed in notes 39(c) and 41(b) to 务报表附注39(c)及41(b)。 the financial statements, respectively. 二零二五年年报 宏安集团有限公司 239

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 15. LEASES (continued) 15. 租赁（续） The Group as a lessor 本集团作为出租人 (i) Operating leases (i) 经营租赁 The Group leases and sub-leases its investment 本集团根据经营租赁安排出租及分租 properties and certain of its properties held for sale, 其投资物业及若干持作出售物业，包 consisting of Chinese wet markets and commercial 括位于香港的中式菜市场及商业物业 properties on a temporary basis in Hong Kong; and （暂时性）以及位于中国内地的农产品 agricultural produce exchange markets in Mainland 交易市场。租赁条款一般要求租户支 China under operating lease arrangements. The 付保证金并根据现行市况定期调租。 terms of the leases generally require the tenants to 本集团年内确认的分租收入及租金收 pay security deposits and provide for periodic rent 入总额为365,961,000港元（二零二四 adjustments according to the prevailing market 年：420,417,000港元），有关本集团 conditions. The aggregate amount of sub-licensing 分租收入及租金收入的详情载于财务 fee income and rental income recognised by the 报表附注5。 Group during the year was HK$365,961,000 (2024: HK$420,417,000), details of the Group’s sub-licensing fee income and rental income are included in note 5 to the financial statements. As at 31 March 2025, the undiscounted lease 于二零二五年三月三十一日，本集团 payments receivables by the Group in future periods 根据与租户订定日后经营租赁的应收 under operating leases with its tenants are as follows: 未贴现租赁款项如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Within one year 一年内 105,515 320,108 After one year but within two years 一年以上但两年以内 39,993 65,505 After two years but within three years 两年以上但三年以内 17,047 9,520 After three years but within four years 三年以上但四年以内 1,590 507 After four years but within five years 四年以上但五年以内 1,527 84 After f ive years 五年以 上 447 141 Total 总计 166,119 395,865 240 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 15. LEASES (continued) 15. 租赁（续） The Group as a lessor (continued) 本集团作为出租人（续） (ii) Finance leases (ii) 融资租赁 The Group sub-leased 4 retail shops to its franchisees 本集团根据融资租赁安排分租四间 (2024: sub-leased 7 retail shops to its franchisees) 零售店舖予其特许经营人（二零二四 under finance lease arrangements, with the leases 年：分租七间零售店舖予其特许经营 negotiated for terms ranging from 2 year to 3 years 人），商议租期介乎两年至三年（二零 (2024: less than 1 year to 3 years). The terms of the 二四年：少于一年至三年）。租约条 leases require the tenants to pay security deposits. 款要求租户缴付保证金。 The carrying amounts of net investments in subleases 年内分租赁投资净额（计入其他应收 included in other receivables, and the movements 款项）之账面值及变动如下： during the year are as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Carrying amount at beginning of year 于年初之账面值 10,828 12,511 Additions arising from new subleases 新租赁产生之添置 3,061 3,905 Accretion of finance income 年内确认的融资收入增加 recognised during the year 431 354 Proceeds from subleases 分租所得款项 (4,874) (5,942) Lease modification 租赁修 改 (1,358) – Carryi ng amount at end of year 年末之 账面值 8,088 10,828 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Analysed into: 分析为： Current portion 流动部分 3,856 4,931 Non -current portion 非流 动部分 4,232 5,897 Carryi ng amount at end of year 年末之 账面值 8,088 10,828 二零二五年年报 宏安集团有限公司 241

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 15. LEASES (continued) 15. 租赁（续） The Group as a lessor (continued) 本集团作为出租人（续） (ii) Finance leases (continued) (ii) 融资租赁（续） As at 31 March 2025, the undiscounted lease 于二零二五年三月三十一日，本集团 payments receivables by the Group in future periods 根据与租户订定日后不可撤销融资租 under non-cancellable finance leases with its tenants 赁的应收未贴现租赁款项如下： are as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Within one year 一年内 4,578 4,097 After one year but within two years 一年以上但两年以内 4,272 1,201 After t wo years but within three years 两年以 上但三年以内 492 924 Total 总计 9,342 6,222 242 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 16. PROPERTIES UNDER DEVELOPMENT 16. 发展中物业 Properties under development expected to be completed: 预期将予竣工的发展中物业： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Within the normal operating cycle 于正常营运周期内， included under current assets 计入流动资产 1,206,188 2,032,755 Beyond the normal operating cycle 超过正常营运周期， inclu ded under non-current assets 计入 非流动资产 177,600 1,093,725 1,383,788 3,126,480 Included in assets of a disposal group 计入分类为持作出售之一个 clas sified as held for sale (note 28(c)) 出售 集团之资产（附注28(c)） – (850,125) Carrying amount at end of year 年末之账面值 1,383,788 2,276,355 Less: Po rtion classified as non-current 减：分 类为非流动资产之 assets 部分 (177,600) (243,600) Curre nt portion 流动部 分 1,206,188 2,032,755 Properties under development expected to be completed 预计于正常营运周期内竣工及分类为流动 within the normal operating cycle and classified as current 资产之发展中物业预期于以下时间收回： assets are expected to be recovered: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Within one year 一年内 500,400 974,992 After o ne year 一年后 705,788 1,057,763 Total 总计 1,206,188 2,032,755 Located in: 位于： Hong Kong 香港 1,306,606 3,018,785 Mainla nd China 中国内 地 77,182 107,695 Total 总计 1,383,788 3,126,480 二零二五年年报 宏安集团有限公司 243

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 16. PROPERTIES UNDER DEVELOPMENT 16. 发展中物业（续） (continued) Notes: 附注： (i) During the year ended 31 March 2024, write-down of properties (i) 于截至二零二四年三月三十一日止年度， under development of HK692,355,000 was charged to profit or 发展中物业之撇减692,355,000港元已于损 loss. Included in the write-down for the year ended 31 March 益中扣除。一笔达187,827,000港元之款项 2024 is an amount of HK$187,827,000 which is related to 已计入截至二零二四年三月三十一日止年 properties under development included in assets of a disposal 度之撇减，该款项与计入一个分类为持作出 group classified as held for sale with a carrying amount of 售之一个出售集团之资产之发展中物业有 HK$850,125,000 as at 31 March 2024. 关，于二零二四年三月三十一日账面值达 850,125,000港元。 As at 31 March 2025, the Group’s properties under development 于二零二五年三月三十一日，本集团总账 with an aggregate net carrying amount of HK$1,306,606,000 面净值达1,306,606,000港元（二零二四年： (2024: HK$2,568,718,000, of which HK$850,125,000 was 2,568,718,000港元，其中850,125,000港元 included in assets of a disposal group classified as held for sale) 计入分类为持作出售之一个出售集团之资 were carried at fair value less costs of disposal. 产）之发展中物业按公平值减出售成本列账。 (ii) As at 31 March 2025, the Group’s properties under development (ii) 于二零二五年三月三十一日，本集团账面总 with an aggregate carrying value of HK$1,298,705,000 were 值达1,298,705,000港元之发展中物业已抵 pledged to secure the Group’s general banking facilities (note 押作为本集团获取一般银行融资之担保（附 32). 注32）。 As at 31 March 2024, the Group’s properties under development 于二零二四年三月三十一日，本集团账面总 with an aggregate carrying value of HK$3,018,785,000 were 值达3,018,785,000港元之发展中物业已抵 pledged to secure the Group’s general banking facilities (note 押作为本集团获取一般银行融资之担保（附 32), and of which HK$850,125,000 was included in assets of a 注32），其中850,125,000港元计入分类为 disposal group classified as held for sale. 持作出售之一个出售集团之资产。 (iii) As at 31 March 2025, the leasehold land included in (iii) 于二零二五年三月三十一日，计入位于香港 properties under development in Hong Kong amounting 之发展中物业之租赁土地为1,204,921,000 to HK$1,204,921,000 (2024: HK$2,620,898,000 of which 港元（二零二四年：2,620,898,000港元，当 HK$850,125,000 was included in assets of a disposal group 中850,125,000港元已计入分类为持作出售 classified as held for sale) had remaining lease terms within 50 之一个出售集团之资产），其余下租期为50 years. 年以内。 244 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 17. INTERESTS IN JOINT VENTURES 17. 于合营企业之权益 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附 注 千港元 千港元 Investment costs 投资成本 (i) 3,212,653 2,911,423 Accumulated share of total 累计分占全面收益总额， comprehensive income, 扣除已收股息 net of dividend received 518,043 926,456 Loans to joint ventures 向合营 企业贷款 (ii) 59,562 114,491 Total 总计 3,790,258 3,952,370 (i) Included in balance are shareholders’ loan to (i) 结余包括被视为准资本性质的 joint ventures with an aggregate amount of 向合营企业的股东贷款总金额 HK$2,833,558,000 (2024: HK$2,506,832,000) which 2,833,558,000港元（二零二四年： are considered as quasi-capital in nature. These 2,506,832,000港元）。该等股东贷款 shareholders loan are interest free, have no fixed term 为免息，无固定还款期限，可经本集 of repayment and the repayment of which are subject 团与相关合营企业共同协定后还款。 to mutual agreement between the Group and the respective joint ventures. (ii) Except for loans to joint ventures of HK$57,872,000 (ii) 除 了 向 合 营 企 业 提 供 之 贷 款 (2024: HK$104,461,000) which bear interest at 57,872,000港元（二零二四年： HIBOR+2.25% or 6% (2024: 9.5%) per annum, the 104,461,000港元）按香港银行同业 remaining loans to joint ventures are interest free. All 拆息+2.25%或年利率6%（二零二四 the loans to joint venture are unsecured, repayable 年：9.5%）计息外，向合营企业提供 on demand and are unlikely to be repaid in the 之余下贷款均为免息。向合营企业提 foreseeable future, and therefore, in the opinion of the 供之所有贷款均为无抵押、按要求偿 Company’s directors, these loans form an integral part 还且不大可能于可预见未来偿还，因 of the Group’s interest in the joint ventures. There was 此，本公司董事认为，该等贷款构成 no recent history of default and past due amounts for 本集团于合营企业的权益的一部分。 loans to the joint ventures. As at 31 March 2025 and 向合营企业提供之贷款并无近期违约 2024, the loss allowance was assessed to be minimal. 记录及逾期金额。于二零二五年及二 零二四年三月三十一日，亏损拨备经 评估后属微不足道。 二零二五年年报 宏安集团有限公司 245

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 17. INTERESTS IN JOINT VENTURES (continued) 17. 于合营企业之权益（续） Particulars of the Group’s material joint ventures are as 本集团重大合营企业之详情如下： follows: Percentage of Place of beneficial Particulars incorporation/ interests of issued registration attributable to Principal Name shares held and business the Group activities 注册成立╱ 本集团应占 公司名称 所持已发行股份详情 注册及经营地点 实益权益之百分比 主要业务 Fortune Harbour Investments Limited Ordinary shares of US$1 each BVI 35 Investment holding (“Fortune Harbour”) Fortune Harbour Investments Limited 每股1美元之普通股 英属处女群岛 投资控股 （「Fortune Harbour」） Giant Harmony Limited Ordinary shares of HK$1 each Hong Kong 50 Investment holding (“Giant Harmony”) 志航有限公司（「志航」） 每股1港元之普通股 香港 投资控股 Oriental Sunlight Limited Ordinary shares of US$1 each BVI 50 Investment holding (“Oriental Sunlight”) Oriental Sunlight Limited 每股1美元之普通股 英属处女群岛 投资控股 （「Oriental Sunlight」） All these joint ventures are unlisted and indirectly held by 所有此等合营企业均为非上市并由本公司 the Company and they are considered as material joint 间接持有，且被视为本集团之重大合营企 ventures of the Group. These joint ventures, together with 业。该等合营企业连同其附属公司主要于 their subsidiaries, are principally engaged in the property 香港从事物业发展及物业投资，并使用权 development and property investment in Hong Kong and 益法入账。 are accounted for using the equity method. In the opinion of the directors, these joint ventures are 董事认为，此等合营企业于截至二零二五 considered as material joint ventures of the Group for the 年三月三十一日止年度被视为本集团之重 year ended 31 March 2025 and therefore, summarised 大合营企业，因此，此等合营企业截至二 financial information for these joint ventures for the 零二五年三月三十一日止年度之财务资料 year ended 31 March 2025 is presented in the financial 概要会于财务报表呈列。 statements. 246 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 17. INTERESTS IN JOINT VENTURES (continued) 17. 于合营企业之权益（续） (a) The following tables illustrate the summarised financial (a) 下表展示有关Fortune Harbour及其 information in respect of Fortune Harbour and its 附属公司（统称「FH集团」）、Oriental subsidiaries (collectively the “FH Group”), Oriental Sunlight及其附属公司（统称「OS集 Sunlight and its subsidiaries (collectively the “OS 团」）以及志航及其附属公司（统称「志 Group”) and Giant Harmony and its subsidiaries 航集团」）之财务资料概要及与综合财 (collectively the “GH Group”) and reconciled to 务报表内之账面值对账： the carrying amount in the consolidated financial statements: 2025 二零二五年 FH Group OS Group GH Group FH集团 OS集团 志航集团 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 Cash and cash equivalents 现金及现金等同项目 96,606 21,788 244,253 Other current assets 其他流 动资产 233 3,157 6,605,299 Curren t assets 流动资 产 96,839 24,945 6,849,552 Non-c urrent assets 非流动 资产 3,276,474 1,230,000 5,379 Financial liabilities, excluding 金融负债，不包括应付 trade and other payables 账款及其他应付款项 – – (1,307,281) Other current liabilities 其他流 动负债 (60,933) (17,865) (818,203) Curren t liabilities 流动负 债 (60,933) (17,865) (2,125,484) Non-current financial liabilities, 非流动金融负债，不包 excluding trade and 括应付账款及其他 other payables 应付款项 (1,800,732) (473,180) (1,394,321) Other non-current liabilities 其他非 流动负债 – (10,204) (930) Non-c urrent liabilities 非流动 负债 (1,800,732) (483,384) (1,395,251) Net as sets 资产净 值 1,511,648 753,696 3,334,196 二零二五年年报 宏安集团有限公司 247

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 17. INTERESTS IN JOINT VENTURES (continued) 17. 于合营企业之权益（续） (a) (continued) (a) （续） 2025 二零二五年 FH Group OS Group GH Group FH集团 OS集团 志航集团 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 Reconciliation to the Group’s 与本集团于合营企业之 interests in the joint ventures: 权益对账： Proportion of the Group’s ownership 本集团拥有权所占比例 35% 50% 50% Group’s share of net assets of 本集团分占合营企业 the joint ventures 资产净值 529,077 376,848 1,667,098 Capital contributed by a joint 合营企业伙伴注资与其 venture partner not proportionate 持股不成比例 to its shareholding – – (8,600) Loans to joint ventures 向合营 企业贷款 – – 1,690 Carryin g amount of the interests 权益账 面值 529,077 376,848 1,660,188 Revenue 收益 1,224 49,433 – Interest income 利息收入 2,239 71 2,885 Interest expenses 利息开支 (79,061) (30,707) (5,885) Write down of properties under 发展中物业撇减 development – – (584,917) Write down of properties held for 持作出售物业撇减 sales – – (325,077) Tax charge 税项开支 (11,647) (1,329) – Profit/(loss) and total 年内溢利╱（亏损）及 comprehensive income/(loss) 全面收益╱（亏损） for the year 总额 394,419 98,438 (944,092) Dividend received from a joint 已收合营企业股息 vent ure – 25,194 – 248 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 17. INTERESTS IN JOINT VENTURES (continued) 17. 于合营企业之权益（续） (b) The following tables illustrate the summarised financial (b) 下表展示有关FH集团、EM集团、OS information in respect of FH Group, EM Group, OS 集团及志航集团之财务资料概要及与 Group and GH Group and reconciled to the carrying 综合财务报表内之账面值对账： amount in the consolidated financial statements: 2024 二零二四年 FH Group EM Group OS Group GH Group FH集团 EM集团 OS集团 志航集团 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Cash and cash equivalents 现金及现金等同项目 61,052 1,730 27,323 117,150 Other current assets 其他流 动资产 32,042 1,0 05,411 4,550 6,4 18,417 Curren t assets 流动资 产 93,094 1,0 07,141 31,873 6,5 35,567 Non-c urrent assets 非流动 资产 2,8 00,998 76 1,1 38,000 – Financial liabilities, excluding 金融负债，不包括应付 trade and other payables 账款及其他应付款项 – – (431,164) (59,876) Other current liabilities 其他流 动负债 (23,817) (7 78,445) (24,518) (1 81,008) Curren t liabilities 流动负 债 (23,817) (7 78,445) (4 55,682) (2 40,884) Non-current financial liabilities, 非流动金融负债，不包括 excluding trade and other 应付账款及其他应付 paya bles 款项 (1,7 54,032) – (8,545) (2,2 79,986) Net as sets 资产净 值 1,1 16,243 2 28,772 7 05,646 4,0 14,697 二零二五年年报 宏安集团有限公司 249

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 17. INTERESTS IN JOINT VENTURES (continued) 17. 于合营企业之权益（续） (b) (continued) (b) （续） 2024 二零二四年 FH Group EM Group OS Group GH Group FH集团 EM集团 OS集团 志航集团 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Reconciliation to the Group’s 与本集团于合营企业之 interests in the joint ventures: 权益对账： Proportion of the Group’s 本集团拥有权所占比例 ownership 35% 40% 50% 50% Group’s share of net assets of 本集团分占合营企业资产 the joint ventures 净值 390,685 91,509 352,823 2,007,349 Capital contributed by a joint 合营企业伙伴注资与其 venture partner not 持股不成比例 proportionate to its shareholding – – – (8,600) Loans to joint ventures 向合营企业贷款 – 104,461 – 10,018 Carryin g amount of the interests 权益账 面值 3 90,685 1 95,969 3 52,823 2,0 08,767 Revenue 收益 31,000 395,454 47,525 – Interest income 利息收入 162 7,031 419 2,302 Interest expenses 利息开支 (47,937) (10,385) (28,621) – Write down of properties 发展中物业撇减 under development – – – (174,367) Tax charge 税项开支 (1,662) (52,474) (1,863) – Profit/(loss) and total 年内溢利╱（亏损）及 comprehensive income/(loss) 全面收益╱（亏损）总额 for the year 684,214 40,014 18,414 (192,100) Dividend received from a joint 已收合营企业股息 venture – – 10,500 – In the opinion of the directors, EM Group is no longer 董事认为，EM集团于截至二零二五 considered as material joint venture of the Group 年三月三十一日止年度不再被视为本 for the year ended 31 March 2025, and therefore 集团之重大合营企业，因此，EM集 summarised financial information of EM Group for the 团截至二零二五年三月三十一日止年 year ended 31 March 2025 is not presented in the 度之财务资料概要不会于财务报表呈 financial statements. 列。 250 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 17. INTERESTS IN JOINT VENTURES (continued) 17. 于合营企业之权益（续） (c) The following table illustrates the aggregate financial (c) 下表阐述本集团并非个别重大之合营 information of the Group’s joint ventures that are not 企业之汇总财务资料： individually material: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Share of joint ventures’ profit/(loss) 应占合营企业年内 for the year, net 溢利╱（亏损）净额 (3,882) 99,781 Share of joint ventures’ other 应占合营企业年内 comprehensive income/(loss) 其他全面收益╱（亏损） for the year 1,094 (5,661) Share of joint ventures’ total 应占合营企业年内 comprehensive income/(loss) 全面收益╱（亏损）总额 for the year (2,788) 94,120 Dividend received 已收股息 95,652 3,681 Loans to joint ventures 向合营企业贷款 57,872 12 Aggregate carrying amount of the 本集团于该等合营企业之 Gro up’s interests in the joint ventures 权益 之总账面值 1,224,145 1,004,126 二零二五年年报 宏安集团有限公司 251

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 18. INTERESTS IN ASSOCIATES 18. 于联营公司之权益 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Investment costs: 投资成本： Unlisted shares, at cost 非上市股份，按成本计量 6,903 4,331 Loan to an associate 向一间联营公司贷款 18,899 18,399 Les s: Impairment losses recognised 减： 已确认减值亏损 (831) (831) Total investment costs 总投资成本 24,971 21,899 Accumulated share of total comprehensive 累计分占全面收益╱（亏损） inco me/(loss), net of dividends received 总额 ，扣除已收股息 8 1,510 Total 总计 24,979 23,409 Note: 附注： The following table illustrates the aggregate summarised financial 下表阐述本集团并非个别重大之联营公司之汇总 information of the Group’s associates that are not individually material: 财务资料： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Share of the associates’ profits and losses for the 应占联营公司年度损益 year 998 2,533 Dividend received 已收股息 2,500 2,600 Loan to an associate 向一间联营公司贷款 18,899 18,399 Aggregate carrying amount of the Group’s 本集团于该等联营公司之权益之 intere sts in the associates 总账 面值 24,97 9 23,40 9 The loan to an associate of HK$18,899,000 (2024: HK$18,399,000) 向一间联营公司贷款18,899,000港元（二零二四 bears interest at rate of 5% (2024: 5%) per annum. The loan to an 年：18,399,000港元）每年按利率5%（二零二四年： associate is secured, has no fixed repayment terms and is unlikely to 5%）计息。向一间联营公司贷款为有抵押、并无固 be repaid in the foreseeable future, and therefore, in the opinion of the 定还款期且不大可能于可预见未来偿还，因此， directors, the loan forms an integral part of the Group’s equity interest 董事认为，该等贷款构成本集团于联营公司的股 in the associate. There was no recent history of default and past due 权的一部分。向联营公司提供之贷款并无近期违 amount for the loan to the associate. 约记录及逾期金额。 252 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 19. FINANCIAL ASSETS AT FAIR VALUE 19. 按公平值计入其他全面收益之金融 THROUGH OTHER COMPREHENSIVE 资产 INCOME 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 Listed equity investments, 上市股本投资， at fair value 按公平值 (i) 39,400 82,595 Listed debt investments, 上市债务投资，按公平值 at fair value, net of impairment （扣除减值） (ii), (iii) 15,395 22,942 Unlisted equity investment, 非上市股本投资， at fa ir value 按公 平值 (iv ) 18,910 14,101 73,705 119,638 Less: P ortion classified as 减：分 类为非流动资产之 non-current assets 部分 (58,310) (102,385) Curre nt portion 流动部 分 15,395 17,253 Notes: 附注： (i) The above equity investments are investments in certain (i) 上述股权投资为对在香港联交所上市的若干 companies listed on Hong Kong Stock Exchange and were 公司的投资，而由于本集团认为该等投资属 irrevocably designated at FVTOCI as the Group considers these 策略性质，故不可撤回地指定为按公平值计 investments to be strategic in nature. The fair value of each of 入其他全面收益。于二零二五年及二零二四 these companies represent less than 1% of the net assets of the 年三月三十一日，该等公司各自之公平值占 Group as at 31 March 2025 and 2024. 本集团资产净值1%以下。 During the year ended 31 March 2025, the Group received 截至二零二五年三月三十一日止年度，本集 dividends in the amount of HK$361,000 (2024: HK$1,765,000) 团从指定为按公平值计入其他全面收益的股 from the equity investments designated at FVTOCI. 权投资收取股息361,000港元（二零二四年： 1,765,000港元）。 二零二五年年报 宏安集团有限公司 253

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 19. FINANCIAL ASSETS AT FAIR VALUE 19. 按公平值计入其他全面收益之金融 THROUGH OTHER COMPREHENSIVE 资产（续） INCOME (continued) Notes: (continued) 附注：（续） (ii) During the year ended 31 March 2025, the Group disposed of (ii) 截至二零二五年三月三十一日止年度，本集 certain listed debt investments at FVTOCI of HK$10,298,000 团已出售若干按公平值计入其他全面收益 (2024: HK$242,658,000). 之上市债务投资10,298,000港元（二零二四 年：242,658,000港元）。 (iii) Impairment assessment of debt investments at FVTOCI (iii) 按公平值计入其他全面收益之债务投资的减 值评估 As at 31 March 2025, all listed debt investments were defaulted 于二零二五年三月三十一日，所有上市债务 and was categorised within Stage 3 for the assessment of ECLs. 投资均已违约，并被分类为评估预期信贷亏 损的第三阶段。 As at 31 March 2024, except for certain listed debt investments 于二零二四年三月三十一日，除若干上市债 of HK$11,504,000 which were categorised within Stage 3, none 务投资11,504,000港元已分类为第三阶段 of the listed debt investments were overdue, and HK$11,438,000 外，上市债务投资均未逾期，11,438,000港 were categorised within Stage 1 for the assessment of ECLs. 元被分类为评估预期信贷亏损之第一阶段。 An impairment analysis was performed at 31 March 2025 已于二零二五年及二零二四年三月三十一 and 2024 by considering the ECLs, which were estimated by 日就预期信贷亏损（此乃采用经参考债务投 applying the probability of default approach with reference to risk 资发行人或类似公司违约风险的违约概率 of default of the issuers of the debt investments or comparable 作估计）进行减值分析。于二零二五年三月 companies. As at 31 March 2025, the probability of default 三十一日，所应用的违约概率为100%（二零 applied was 100% (2024: ranged from 0.11% to 100%) and the 二四年：介乎0.11%至100%），而违约损失 loss given default was estimated to be approximately 74.1% 估计为约74.1%（二零二四年：介乎52.6% (2024: ranged from 52.6% to 90.45%). 至90.45%）。 The movements in the loss allowance for the impairment of debt 按公平值计入其他全面收益的债务投资减值 investments at FVTOCI are as follows: 亏损拨备变动如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 At beginning of year 于年初 270,863 253,003 Asset derecognised 终止确认之资产 – (1,394) Impairment losses/(reversal of impairment 减值亏损╱（减值亏损拨回）净额 losses), net Chan ges in risk parameters 风险 参数变动 (3,10 3) 19,25 4 At end of year 于年终 267,76 0 270,86 3 (iv) The above unlisted equity investment is investment in 10% of (iv) 上述非上市股本投资乃投资一间于香港成立 the issued share capital of an unlisted company incorporated in 非上市公司之10%已发行股份，该公司主要 Hong Kong, which is principally engaged in provision of asset 在香港从事提供资产管理服务。 management service in Hong Kong. 254 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 20. PROPERTIES HELD FOR SALE 20. 持作出售物业 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Carryi ng amount at 31 March 于三月 三十一日之账面值 2,548,412 2,934,388 Located in: 位于： Hong Kong 香港 1,500,939 1,710,302 Mai nland China 中国 内地 1,047,473 1,224,086 Total 总计 2,548,412 2,934,388 Notes: 附注： (i) During the year ended 31 March 2025, write-down of properties (i) 截至二零二五年三月三十一日止年度，持 held for sale of HK$229,273,000 was charged to profit or loss, 作出售物业撇减229,273,000港元已于损益 which was related to residential projects in Hong Kong (2024: 扣除，此与位于香港的住宅项目有关（二零 HK$2,919,000 was charged to profit or loss, which was related 二四年：2,919,000港元已于损益扣除，此 to shops in one agricultural produce exchange markets in 与位于中国内地的一个农产品交易市场的店 Mainland China). 舖有关）。 (ii) As at 31 March 2025, the Group’s properties held for sale (ii) 于二零二五年三月三十一日，本集团账面 with an aggregate carrying value of HK$1,833,652,000 (2024: 总值达1,833,652,000港元（二零二四年： HK$2,123,181,000) were pledged to secure the Group’s general 2,123,181,000港元）之持作出售物业已抵押 banking facilities (note 32). 作为本集团获取一般银行融资之担保（附注 32）。 (iii) As at 31 March 2025, the Group’s properties held for sale with (iii) 于二零二五年三月三十一日，本集团总账 an aggregate net carrying amount of HK$1,484,733,000 (2024: 面净值达1,484,733,000港元（二零二四年： HK$34,444,000) were carried at fair value less cost of disposal. 34,444,000港元）之持作出售物业按公平值 减出售成本列账。 二零二五年年报 宏安集团有限公司 255

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 21. INVENTORIES 21. 存货 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Raw materials and consumables 原材料及消耗品 105,374 145,767 Work in progress 半制成品 5,269 6,908 Finish ed goods 成品 127,467 155,533 Total 总计 238,110 308,208 22. TRADE RECEIVABLES 22. 应收账款 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Trade receivables 应收账款 97,226 129,798 Impair ment 减值 (19,169) (21,000) Net ca rrying amount 账面净 值 78,057 108,798 The Group’s trading terms with its customers are mainly on 本集团与其客户的贸易条款大多属赊账形 credit. The credit periods range from 7 to 120 days. Each 式。信贷期由7日至120日不等，各客户均 customer has a maximum credit limit and the credit limit 有其最高信贷额，并定期检讨信贷额。本 is reviewed regularly. The Group seeks to maintain strict 集团就其尚未收取之应收账款寻求维持严 control over its outstanding receivables and to minimise 格控制，将信贷风险减至最低。逾期余款 credit risk. Overdue balances are reviewed regularly by 由高级管理层定期检视。鉴于上述情况及 senior management. In view of the aforementioned and 本集团之应收账款与大量不同客户有关， the fact that the Group’s trade receivables relate to a large 故并无特别集中的信贷风险。本集团并无 number of diversified customers, there is no significant 就应收账款结余持有任何抵押品或其他加 concentration of credit risk. The Group does not hold 强信贷措施。应收账款为免息。 any collateral or other credit enhancements over its trade receivable balances. Trade receivables are non-interest- bearing. 256 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 22. TRADE RECEIVABLES (continued) 22. 应收账款（续） Included in the Group’s trade receivables are amounts due 计入本集团应收账款为应收本集团合营 from the Group’s joint ventures of HK$5,942,000 (2024: 企业之款项5,942,000港元（二零二四年： HK$2,336,000), with credit periods ranging from 10 to 90 2,336,000港元），信贷期介乎10至90日。 days. Included in the Group’s trade receivables are amounts 计入本集团应收账款为应收本集团联营 due from the Group’s associates of HK$9,575,000 (2024: 公司之款项9,575,000港元（二零二四年： HK$5,341,000) which are repayable on credit terms similar 5,341,000港元），而有关款项乃按照向本 to those offered to the major customers of the Group. 集团主要客户提供的类似信贷条款偿还。 An ageing analysis of the trade receivables as at the end of 按发票日期及扣除拨备后计算，于报告期 the reporting period, based on the invoice date and net of 末之应收账款账龄分析如下： provisions, is as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Within 1 month 一个月内 60,452 63,325 1 to 3 months 一至三个月 16,043 15,197 3 to 6 months 三至六个月 852 15,391 Over 6 months 超过六 个月 710 14,885 Total 总计 78,057 108,798 二零二五年年报 宏安集团有限公司 257

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 22. TRADE RECEIVABLES (continued) 22. 应收账款（续） The movements in loss allowance for the impairment of 应收账款减值亏损拨备之变动如下： trade receivables are as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 At beginning of year 于年初 21,000 24,144 Impairment loss/(reversal of impairment), net 减值亏损╱（减值拨回）净额 19,224 (1,596) Exchange realignment 汇兑调整 (424) (583) Amou nt written off as uncollectible 已撇销 之无法收回款项 (20,631) (965) At end of year 于年终 19,169 21,000 An impairment analysis is performed at each reporting date 于各报告日期均采用拨备矩阵进行减值分 using a provision matrix to measure ECLs. The provision 析，以计量预期信贷亏损。拨备率乃基于 rates are based on days past due for groupings of various 因就拥有类似亏损模式（即按地理区域、产 customer segments with similar loss patterns (i.e., by 品类型、客户类型及评级）的多个客户分 geographical region, product type, customer type and 部进行分组而逾期的日数计算。该计算反 rating). The calculation reflects the probability-weighted 映或然率加权结果、货币时值及于报告日 outcome, the time value of money and reasonable and 期可得的有关过往事项、当前条件及未来 supportable information that is available at the reporting 经济条件预测的合理及可靠资料。一般而 date about past events, current conditions and forecasts of 言，倘逾期超过一年及并无可强制执行活 future economic conditions. Generally, trade receivables are 动，将撇销应收账款。 written off if past due for more than one year and are not subject to enforcement activity. 258 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 22. TRADE RECEIVABLES (continued) 22. 应收账款（续） Set out below is the information about the credit risk 有关本集团采用拨备矩阵计量的应收账款 exposure on the Group’s trade receivables using a provision 的信贷风险资料载列如下： matrix: As 31 March 2025 于二零二五年三月三十一日 Past due 逾期 Within 1 to 3 3 to 6 Over Current 1 month months months 6 months Total 一至 三至 超过 即 期 一个月 内 三个 月 六个 月 六个 月 总 计 Expected credit loss rate 预期信贷亏损率 0.1% 1.0% 5.8% 86.0% 97.2% 19.7% Gross carrying amount (HK$’000) 账面总值（千港元） 73,990 1,573 1,831 2,356 17,476 97,226 Expected credit losses (HK$’000) 预期信贷亏损（千港元） 43 15 107 2,025 16,979 19,169 As 31 March 2024 于二零二四年三月三十一日 Past due 逾期 Within 1 to 3 3 to 6 Over Current 1 month months months 6 months Total 一至 三至 超过 即 期 一个月 内 三个 月 六个 月 六个 月 总 计 Expected credit loss rate 预期信贷亏损率 0.6% 2.6% 7.0% 3.2% 68.7% 16.2% Gross carrying amount (HK$’000) 账面总值（千港元） 76,674 11,788 8,440 4,471 28,425 129,798 Expected credit losses (HK$’000) 预期信贷亏损（千港元） 425 306 588 144 19,537 21,000 二零二五年年报 宏安集团有限公司 259

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 23. LOANS AND INTEREST RECEIVABLES 23. 应收贷款及利息 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 Loans and interest receivables, 应收贷款及利息，有抵押 secured (i), (iii) 215,090 273,300 Loans and interest receivables, 应收贷款及利息，无抵押 uns ecured (ii ) 61,962 79,013 277,052 352,313 Less: Impairment allowance 减：减 值拨备 (iv ) (138,319) (78,924) 138,733 273,389 Less: L oans and interest receivables 减：应收贷款及利息分类 classified as non-current assets 为非流动资产 (9,755) (29,329) Portio n classified as current assets 分类为 流动资产之部分 128,978 244,060 Notes: 附注： (i) These loans receivable are stated at amortised cost at effective (i) 该等应收贷款乃根据介乎每年5厘至22厘 interest rates ranging from 5% to 22% (2024: 5% to 22%) per （二零二四年：5厘至22厘）的实际利率按摊 annum. The credit terms of these loans receivable range from 3 销成本列账。该等应收贷款的信贷期介乎3 months to 5 years (2024: 3 months to 10 years). 个月至5年（二零二四年：3个月至10年）。 (ii) These loans receivable are stated at amortised cost at effective (ii) 该等应收贷款乃根据介乎每年1厘至33厘 interest rates ranging from 1% to 33% (2024: 1% to 33%) per （二零二四年：1厘至33厘）的实际利率按摊 annum. The credit terms of these loans receivable range from 3 销成本列账。该等应收贷款的信贷期介乎3 months to 113 months (2024: 2 months to 3 years). 个月至113个月（二零二四年：2个月至3年）。 (iii) As at 31 March 2025, the Group’s loans receivable with (iii) 于二零二五年三月三十一日，本集团账 an aggregate carrying value of HK$63,917,000 (2024: 面总值为63,917,000港元（二零二四年： HK$67,684,000) was pledged to secure the Group’s other 67,684,000港元）的应收贷款已予抵押，作 borrowings (note 32). 为本集团其他借贷的担保（附注32）。 260 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 23. LOANS AND INTEREST RECEIVABLES 23. 应收贷款及利息（续） (continued) Notes: (continued) 附注：（续） (iv) The movements in loss allowance for the impairment of loans (iv) 应收贷款及利息之减值亏损拨备变动如下： and interest receivables are as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 At beginning of year 于年初 78,924 75,723 Impairment losses recognised, net 已确认减值亏损净额 95,194 4,291 Exchange realignment 汇兑调整 (1,197) (1,090) Amoun t written off as uncollectible 已撇销 之无法收回款项 (34,60 2) – At end of year 于年终 138,31 9 78,92 4 As at 31 March 2025, loans and interest receivables of 于二零二五年三月三十一日，应收贷款 HK$79,710,000 (2024: HK$120,170,000) were within its credit 及利息79,710,000 港元（二零二四年： period and all these balances were categorised within Stage 1 for 120,170,000港元）乃于信贷期内，而所有该 the measurement of expected credit losses. 等结余已就计量预期信贷亏损分类为第一阶 段。 As at 31 March 2025, loans and interest receivables of 于二零二五年三月三十一日，应收贷款 HK$30,342,000 (2024: HK$37,418,000) and HK$167,000,000 及利息30,342,000 港元（二零二四年： (2024: HK$194,725,000) were overdue and these balances were 37,418,000港元）及167,000,000港元（二零 categorised under Stage 2 and Stage 3 for the ECLs assessment, 二四年：194,725,000港元）已逾期，而该等 respectively. 结余已分别就评估预期信贷亏损分类为第二 阶段及第三阶段。 During the year ended 31 March 2025, loan and interest 截至二零二五年三月三十一日止年度，应收 receivable of HK$40,498,000 (2024: HK$55,461,000) was in 贷款及利息40,498,000港元（二零二四年： default and the expected credit loss of HK$8,222,000 (2024: 55,461,000港元）违约，而预期信贷亏损 HK$34,000) was transferred from Stage 1 to Stage 3. 8,222,000港元（二零二四年：34,000港元） 已由第一阶段转移至第三阶段。 An impairment analysis is performed at each reporting date by 于每个报告日之减值分析已考虑预期信贷亏 considering the expected credit losses, which are estimated by 损作出，其参考借贷人或可资比较公司之违 applying the probability of default approach with reference to 约风险以采用违约或然率方式进行估计。 the risks of default of the borrowers or comparable companies. 对于以第一或第二物业押记、个人担保或股 For the loans and interest receivables which are secured by first 份押记作抵押的应收贷款及利息而言，管理 or second charge on properties, personal guarantee or share 层亦计及抵押品于预期信贷亏损分析的价值 charge, management also takes into account the mitigating 缓减影响。于二零二五年三月三十一日， effect of the value of the collateral in the ECL analysis. As at 31 已应用的违约或然率介乎0.12%至100%（二 March 2025, the probability of default applied ranged from 0.12% 零二四年：0.04%至100%），而违约损失率 to 100% (2024: 0.04% to 100%) and the loss given default rates 介乎0.06%至100%（二零二四年：0.06%至 ranged from 0.06% to 100% (2024: 0.06% to 90.45%). 90.45%）。 二零二五年年报 宏安集团有限公司 261

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 24. PREPAYMENTS, OTHER RECEIVABLES AND 24. 预付款项、其他应收款项及其他 OTHER ASSETS 资产 2025 2024 二零二五年 二零二四年 Note HK$’000 HK$’000 附注 千港元 千港元 Prepayments 预付款项 65,901 50,285 Deposits 按金 143,452 152,804 Other receivables 其他应收款项 304,915 417,214 Right-of-return assets 退货权资产 261 853 Net in vestment in subleases 分租赁 投资净额 15 8,088 10,828 Total prepayments, other receivables 预付款项、其他应收款项及 and other assets 其他资产总额 522,617 631,984 Less: Impairment allowance 减：减 值拨备 (123) (548) 522,494 631,436 Less: Prepayment, other receivables 减：分类为非流动资产之预 and other assets classified as 付款项、其他应收款 non-current assets 项及其他资产 (46,609) (74,680) Portio n classified as current assets 分类为 流动资产之部分 475,885 556,756 Deposits and other receivables mainly represent deposits 按金及其他应收款项主要指卖方按金及来 with vendors and receivables from counterparties which 自并无违约记录的交易对手之应收款项。 have no history of default. The financial assets included in the 上述结余中包含的金融资产尚未逾期，并 above balances were not overdue and categorised in Stage 分类为计量预期信贷亏损的第一阶段， 1 for the measurement of expected credit losses, except for 惟结余19,148,000 港元（二零二四年： balance of HK$19,148,000 (2024: HK$16,002,000) which 16,002,000港元）分类为计量预期信贷亏 was categorised within Stage 2, for the measurement of 损的第二阶段。在适用的情况下，通过考 expected credit losses. Where applicable, an impairment 虑预期信贷亏损于每个报告日期进行减值 analysis is performed at each reporting date by considering 分析，而预期信贷亏损乃使用违约概率法 the expected credit losses, which are estimated by applying 参照对方的违约风险估计。于二零二五年 the probability of default approach with reference to the risks 三月三十一日，所应用的违约概率为0.7% of default of the counterparties. As at 31 March 2025, the （二零二四年：0.7%），而违约损失率估计 probability of default applied was 0.7% (2024: 0.7%) and the 约为60.1%至63.6%（二零二四年：60.1% loss given default was estimated to be approximately 60.1% 至63.6%）。 to 63.6% (2024: 60.1% to 63.6%). 262 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 24. PREPAYMENTS, OTHER RECEIVABLES AND 24. 预付款项、其他应收款项及其他 OTHER ASSETS (continued) 资产（续） The movements in the loss allowance for the impairment of 计入预付款项、其他应收款项及其他资产 financial assets included in prepayments, other receivables 之金融资产减值之亏损拨备变动如下： and other assets are as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 At beginning of year 于年初 548 751 Impairment losses/(reversal of 减值亏损╱（减值亏损拨回）净额 impairment loss), net 793 (187) Amount written off as uncollectible 已撇销之无法收回款项 (1,201) – Exchange realignment 汇兑调整 (5) (16) Dispo sal of subsidiaries 出售附 属公司 (12) – At end of year 于年终 123 548 25. COST OF OBTAINING CONTRACTS 25. 获得合约之成本 Cost of obtaining contracts represented the prepaid sales 获得合约之成本指与物业销售有关的已 commission paid in connection with the sales of properties. 付预付销售佣金。本集团已资本化已付 The Group had capitalised the amounts paid and charged 金额，并于确认来自相关物业销售收益 them to profit or loss as selling and distribution expenses 时于损益扣除为销售及分销开支。截至 when the revenue from the related property sale is 二零二五年三月三十一日止年度，销售 recognised. During the year ended 31 March 2025, sales 佣金219,679,000 港元（二零二四年： commission of HK$219,679,000 (2024: HK$64,819,000) 64,819,000港元）已自损益扣除。 was charged to profit or loss. 二零二五年年报 宏安集团有限公司 263

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 26. FINANCIAL ASSETS AND LIABILITIES AT 26. 按公平值计入损益之金融资产及 FAIR VALUE THROUGH PROFIT OR LOSS 负债 Financial assets 金融资产 2025 2024 二零二五年 二零二四年 Note HK$’000 HK$’000 附注 千港元 千港元 Listed funds 上市基金 – 20,884 Unlisted funds, at fair value 非上市基金，按公平值 171,305 195,817 Listed equity investments 上市股本投资 57 13,346 Investments in life insurance policies 人寿保险保单投资 (a) 36,010 19,825 Derivative financial instruments 衍生金融工具 – Interest rate swaps －利率掉期 – 1,119 – Pu t options －认 沽期权 735 1,910 Subtotal 小计 208,107 252,901 Portio n classified as non-current assets 分类为 非流动资产的部分 (159,594) (179,971) Curre nt portion 流动部 分 48,513 72,930 Financial liabilities 金融负债 2025 2024 二零二五年 二零二四年 Note HK$’000 HK$’000 附注 千港元 千港元 Derivative financial instruments 衍生金融工具 – Interest rate swaps －利率掉期 (b) 5,575 606 Portion classified as non-current 分类为非流动负债的部分 liab ilities (4,419) (606) Curre nt portion 流动部 分 1,156 – 264 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 26. FINANCIAL ASSETS AND LIABILITIES AT 26. 按公平值计入损益之金融资产及 FAIR VALUE THROUGH PROFIT OR LOSS 负债（续） (continued) The above investments in life insurance policies, and funds as 于二零二五年及二零二四年三月三十一 at 31 March 2025 and 2024 were mandatorily classified as 日，上述人寿保险保单及基金强制分类为 financial assets at FVTPL as their contractual cash flows are 按公平值计入损益之金融资产，因为其合 not solely payments of principal and interest. Details of the 约现金流量并非仅为本金及利息之付款。 fair value hierarchy of the financial assets at FVTPL are set 按公平值计入损益之金融资产之公平值层 out in note 46 to the financial statements. 级详情载于财务报表附注46。 At the end of the reporting period, the financial assets at 于报告期末，除相关集团实体的功能货 fair value through profit or loss that were denominated in 币外，以美元及日圆（「日圆」）（二零二四 US$, Japanese Yen (“JPY”) (2024: US$, JPY, British Pound 年：美元、日圆、英镑（「英镑」）、澳元 Sterling (“GBP”), Australian Dollar (“AUD”) and Singapore （「澳元」）及新加坡元（「新加坡元」））计 Dollar (“SGD”)), other than the functional currencies of the 值之按公平值计入损益之金融资产为 respective group entities, amounted to HK$207,280,000, 207,280,000港元及33,000港元（二零二四 HK$33,000 (2024: HK$215,608,000, HK$33,000, 年：分别为215,608,000港元、33,000港 HK$9,415,000, HK$2,291,000 and HK$7,411,000), 元、9,415,000港元、2,291,000港元及 respectively. 7,411,000港元）。 As at 31 March 2025, the Group’s investments in life 于二零二五年三月三十一日，本集团总 insurance policies with an aggregate carrying value of 账面值为36,010,000港元（二零二四年： HK$36,010,000 (2024: HK$19,825,000 were charged to 19,825,000港元）之人寿保险保单投资已 secure the Group’s general banking facilities (note 32). 抵押作为本集团获取一般银行融资之担保 （附注32）。 As at 31 March 2024, the Group’s listed fund investments 于二零二四年三月三十一日，本集团总值 with an aggregate value of HK$20,884,000 were charged to 为20,884,000港元之上市基金投资已押记 secure the Group’s general banking facilities (note 32). 作为本集团获取一般银行融资之担保（附注 32）。 Notes: 附注： (a) The Group entered into life insurance policies with certain (a) 本集团与若干保险公司订立人寿保险保单， insurance companies to insure certain key executives of the 为本公司若干主要行政人员投保。根据保 Company. Under the policies, the Group is the beneficiary 单，本集团为受益人及保单持有人，并须于 and policy holder, and is required to pay a single premium at 保单生效时支付一笔保费。本集团可随时终 inception of the policies. The Group can terminate the policies 止保单，并于退保日期收取现金回报，现金 at any time and receive cash back at the surrender date, which 回报根据保单的预定保证现金价值加上终期 is based on the pre-determined guaranteed cash value of the 红利的现金价值（如有）得出。 policies, plus the cash value of the terminal bonus (if any). (b) The Group has entered into various interest rate swap contracts (b) 本集团已订立多项利率掉期合约以管理其利 to manage its interest rate exposures. These interest rate swaps 率风险。该等利率掉期并非指定用于对冲目 are not designated for hedge purposes and are measured at 的，并按公平值计入损益计量。利率掉期公 FVTPL. A net loss on fair value changes in interest rate swaps 平值变动之净亏损3,000,000港元已于年内 amounting to HK$3,000,000 was charged to profit or loss during （二零二四年：收益净额1,077,000港元计入 the year (2024: a net gain of HK$1,077,000 credited to profit or 损益）在损益扣除。本集团的利率掉期合约 loss). Interest rate swap contracts of the Group were conducted 乃与信誉良好的银行进行。 with creditworthy banks. 二零二五年年报 宏安集团有限公司 265

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 27. CASH AND BANK BALANCES, PLEDGED 27. 现金及银行结余、已抵押存款及受 DEPOSITS AND RESTRICTED BANK 限制银行结余 BALANCES 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 Cash and bank balances 现金及银行结余 643,561 851,036 Time d eposits 定期存 款 88,618 342,068 Subtotal 小计 732,179 1,193,104 Add: Inc luded in assets of a disposal 加：计入一个出售集团之 group 资产 28 – 2,855 Less: Non-pledged time deposit with 减：原到期日超过三个月之 original maturity of over three 无抵押定期存款 months (23,837) – Cash and cash equivalents 现金及 现金等同项目 708,342 1,195,959 Restricted bank balances 受限制银行结余 (a) 3,780 5,699 Pledg ed deposits 已抵押 存款 (b ) 2,000 44,055 Notes: 附注： (a) Restricted bank balances represent (i) deposits placed at (a) 受限制银行结余指(i)根据本集团若干附属公 designated bank accounts according to the relevant mortgage 司签订之相关按揭融资协议，将若干金额存 facility agreements signed by certain subsidiaries of the Group 入指定银行账户，用作物业买家可能拖欠按 with the banks for potential default of mortgage loans advanced 揭贷款垫款的按金，而该等担保按金将于有 to property purchasers and such guarantee deposits will be 关物业的物业业权证书转到银行后方获解 released after the property ownership certificates of the relevant 除；及(ii)银行贷款之委托存款，须存置于指 properties are passed to the banks as collaterals for the 定银行账户，而存款仅可用作特定农产品交 mortgage loans; and (ii) entrusted deposits for bank borrowings 易市场营运相关的付款。 which are required to be placed in designated bank accounts and the deposits can only be used for the payments related to the operations of the specific agricultural produce exchange market. (b) As at 31 March 2025, bank balances of HK$2,000,000 (2024: (b) 于二零二五年三月三十一日，银行结余 HK$44,055,000) were pledged to a bank to secure bank 2,000,000港元（二零二四年：44,055,000港 borrowings granted to the Group (note 32). 元）已抵押予银行，作为本集团获授银行借 贷之抵押（附注32）。 266 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 27. CASH AND BANK BALANCES, PLEDGED 27. 现金及银行结余、已抵押存款及受 DEPOSITS AND RESTRICTED BANK 限制银行结余（续） BALANCES (continued) As at the end of the reporting period, the cash and bank 本集团于报告期末以人民币（「人民币」）计 balances of the Group denominated in Renminbi (“RMB”) 值之现金及银行结余为192,412,000港元 amounted to HK$192,412,000 (2024: HK$257,494,000). （二零二四年：257,494,000港元）。人民 The RMB is not freely convertible into other currencies, 币不得自由兑换为其他货币，但是根据中 however, under Mainland China’s Foreign Exchange Control 国内地外汇管理条例及结汇、售汇及付汇 Regulations and Administration of Settlement, Sale and 管理规定，本集团获准于获授权进行外汇 Payment of Foreign Exchange Regulations, the Group is 业务之银行兑换人民币为其他货币。 permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business. Cash at banks earns interest at floating rates based on daily 存于银行之现金按每日银行存款利率之浮 bank deposit rates. Short term time deposits are made 动利率计算赚取利息。短期定期存款按 for varying periods of between one day and six months 本集团之即时现金所需，定存一日至六个 depending on the immediate cash requirements of the 月不等，并按各自之短期存款利率赚取利 Group, and earn interest at the respective short term time 息。银行结余及定期存款存放于最近并无 deposit rates. The bank balances and time deposits are 违约纪录之良好信誉银行。 deposited with creditworthy banks with no recent history of default. 二零二五年年报 宏安集团有限公司 267

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 28. ASSETS CLASSIFIED AS HELD FOR SALE 28. 分类为持作出售之资产以及一个出 AND ASSETS AND LIABILITIES OF A 售集团之资产及负债 DISPOSAL GROUP 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 Assets classified as held for sale 分类为持作出售之资产 Non-current assets classified as 分类为持作出售之 held for sale 非流动资产 – Property, plant and equipment －物业、厂房及设备 (a) – 41,000 – Investment properties －投资物业 (b) 10,101 76,600 Assets of a disposal group 一个出售集团之资产 – Beam Up Holdings Limited －Beam Up Holdings (“Beam Up”) Limited（「Beam Up」） (c ) – 857,292 10,101 974,892 Liabilities of a disposal group 一个出售集团之负债 – B eam Up －B eam Up (c ) – 322,936 Notes: 附注： (a) On 15 March 2024, the Group entered into a sale and purchase (a) 于二零二四年三月十五日，本集团与一名独 agreement with an independent third party to dispose of a 立第三方订立买卖协议，以出售分类为租赁 property classified as leasehold land and buildings included 土地及楼宇并计入物业、厂房及设备之物 in property, plant and equipment at a consideration of 业，代价为41,000,000港元。于二零二四年 HK$41,000,000. As at 31 March 2024, the leasehold land and 三月三十一日，账面值28,828,000港元之分 buildings classified as held for sale with carrying amount of 类为持作出售之租赁土地及楼宇已抵押作为 HK$28,828,000 were pledged to secure general banking facilities 本集团获授一般银行融资之担保。该交易已 granted to the group. The transaction was completed on 17 May 于二零二四年五月十七日完成，而分类为持 2024 and the charge on property, plant and equipment classified 作出售之物业、厂房及设备之抵押已于偿还 as held for sale has been released upon repayment of the related 相关有抵押银行贷款后解除。 secured bank loans. 268 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 28. ASSETS CLASSIFIED AS HELD FOR SALE 28. 分类为持作出售之资产以及一个出 AND ASSETS AND LIABILITIES OF A 售集团之资产及负债（续） DISPOSAL GROUP (continued) Notes: (continued) 附注：（续） (b) On 31 January 2024, the Group entered into a sale and purchase (b) 于二零二四年一月三十一日，本集团与一 agreement with an independent third party to dispose of a 名独立第三方订立买卖协议，以出售分类 property classified as investment properties at a consideration of 为投资物业之物业，代价为38,000,000港 HK$38,000,000. As at 31 March 2024, the investment property 元。于二零二四年三月三十一日，账面值 classified as held for sale with carrying amount of HK$38,000,000 38,000,000港元之分类为持作出售之投资物 were pledged to secure general banking facilities granted to the 业已抵押作为本集团获授一般银行融资之担 group. The transaction was completed on 2 May 2024 and the 保。该交易已于二零二四年五月二日完成， charge on the investment property classified as held for sale 而分类为持作出售之投资物业之抵押已于偿 has been released upon repayment of the related secured bank 还相关有抵押银行贷款后解除。 loans. The Group has also committed to a plan to sell certain investment 本集团亦已制定一项计划以出售若干账 properties with an aggregate carrying value of HK$10,101,000 面总额为10,101,000港元（二零二四年： (2024: HK$38,600,000). The directors of the Company expected 38,600,000港元）之投资物业。本公司董事 the sale of these investment properties will be completed by 31 预期，该等投资物业的销售将于二零二六年 March 2026. 三月三十一日前完成。 (c) For the year ended 31 March 2024 (c) 截至二零二四年三月三十一日止年度 On 28 March 2024, the Group entered into a sale and purchase 于二零二四年三月二十八日，本集团与本集 agreement with Divine Glory International Limited (“Divine 团间接拥有50%权益的合营企业Divine Glory Glory”), an indirectly 50%-owned joint venture of the Group, International Limited（「Divine Glory」）订立 pursuant to which the Group would dispose of its entire 买卖协议，据此，本集团将出售其于Beam equity interest in, and the shareholder’s loan owed by, Beam Up Holdings Limited（「Beam Up」）之全部 Up Holdings Limited (“Beam Up”), for an initial aggregate 股权及Beam Up结欠之股东贷款，初步总 consideration of HK$797,081,000 (subject to further price 代价为797,081,000港元（价格可予进一步调 adjustment). Beam Up is an investment holding company and 整）。Beam Up为投资控股公司，而其附属 its subsidiary is principally engaged in property development in 公司主要于香港从事物业发展。出售事项之 Hong Kong. Further details of the disposal were set out in the 进一步详情载于宏安地产与本公司日期为二 joint announcement of the WOP and the Company dated 28 零二四年三月二十八日之联合公告以及本公 March 2024 and the circular of the Company dated 21 June 司日期为二零二四年六月二十一日之通函。 2024. The transaction was completed on 26 July 2024. 该交易已于二零二四年七月二十六日完成。 二零二五年年报 宏安集团有限公司 269

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 28. ASSETS CLASSIFIED AS HELD FOR SALE 28. 分类为持作出售之资产以及一个出 AND ASSETS AND LIABILITIES OF A 售集团之资产及负债（续） DISPOSAL GROUP (continued) Notes: (continued) 附注：（续） (c) For the year ended 31 March 2024 (continued) (c) 截至二零二四年三月三十一日止年度（续） The assets and liabilities of Beam Up and it subsidiary (excluding 于二零二四年三月三十一日，Beam Up及其 inter-company loans and amounts due from/to group companies 附属公司的资产及负债（不包括因合并而抵 which are eliminated on consolidation) as at 31 March 2024 are as 销的公司间贷款以及应收╱付集团公司之款 follows: 项）如下： 2024 二零二四年 HK$’000 千港元 Assets 资产 Properties under development 发展中物业 850,125 Prepayments, other receivables and other assets 预付款项、其他应收款项及其他资产 4,312 Cash a nd bank balances 现金及 银行结余 2,85 5 Assets of a disposal group classified as held for sale 分类为 持作出售之一个出售集团之资产 857,29 2 Liabilities 负债 Other payables and accruals 其他应付款项及应计费用 464 Interes t-bearing bank borrowings 计息银 行借贷 322,47 2 Liabiliti es of a disposal group classified as held for sale 分类为 持作出售之一个出售集团之负债 322,93 6 Net ass ets directly associated with the disposal group 与出售 集团直接相关之资产净值 534,35 6 As at 31 March 2024, properties under development of the 于二零二四年三月三十一日，本集团计入分 Group which have been included in assets of a disposal group 类为持作出售之出售集团之资产且总账面值 classified as held for sale with an aggregate carrying amount 为850,125,000港元之发展中物业已抵押作 of HK$850,125,000 were pledged to secure general banking 为本集团获授予一般银行融资之担保，其已 facilities granted to the Group, and which have been utilised 动用322,472,000港元，且已计入分类为持 to the extent of HK$322,472,000 and included in liabilities of a 作出售之出售集团之负债。该银行贷款的账 disposal group classified as held for sale. The carrying amounts 面值约为其公平值。 of the bank loans approximately to their fair values. 270 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 29. TRADE AND BILLS PAYABLES 29. 应付账款及应付票据 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Trade payables 应付账款 94,109 186,705 Bills p ayable 应付票 据 – 4,444 Total 总计 94,109 191,149 An ageing analysis of the trade and bills payables as at the 按发票日期计算，于报告期末之应付账款 end of the reporting period, based on the invoice date, is as 及应付票据账龄分析如下： follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Within 1 month 一个月内 63,326 143,578 1 to 3 months 一至三个月 2,105 4,339 3 to 6 months 三至六个月 412 1,578 Over 6 months 超过六 个月 28,266 41,654 Total 总计 94,109 191,149 The trade and bills payables are non-interest-bearing and 应付账款及应付票据为免息，平均期限介 have an average term of 30 to 360 days. The Group has 乎30日至360日。本集团已制定金融风险 financial risk management policies in place to ensure that all 管理政策，确保所有应付款项于信贷期限 payables are within the credit time frame. 内偿付。 二零二五年年报 宏安集团有限公司 271

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 30. OTHER PAYABLES AND ACCRUALS AND 30. 其他应付款项及应计费用及合约 CONTRACT LIABILITIES 负债 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 Receipts in advance 预收款项 139,267 194,561 Rental and other deposits received 租金及其他已收按金 106,693 174,400 Contract liabilities 合约负债 (a) 237,469 242,534 Other payables 其他应付款项 (b) 300,919 404,284 Refund liabilities 退款负债 715 1,194 Accruals 应计费用 123,937 112,474 Lease liabilities 租赁负 债 15( b) 577,940 760,789 1,486,940 1,890,236 Less: Ot her payables classified as 减：分类为非流动负债之其 non-current liabilities 他应付款项 (517,337) (699,318) Curre nt portion 流动部 分 969,603 1,190,918 Represented by: 呈列为： Contract liabilities 合约负债 237,469 242,534 Current portion of other payables and 其他应付款项及应计费用之 acc ruals 即期 部分 732,134 948,384 Total 总计 969,603 1,190,918 272 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 30. OTHER PAYABLES AND ACCRUALS AND 30. 其他应付款项及应计费用及合约负 CONTRACT LIABILITIES (continued) 债（续） Notes: 附注： (a) Details of contract liabilities are as follows: (a) 合约负债详情如下： 31 March 31 March 1 April 2025 2024 2023 二零二五年 二零二四年 二零二三年 三月三十一日 三月三十一日 四月一日 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 Advances received from customers 预收客户款项 Sale of goods 出售货品 9,364 12,020 9,774 Sales of properties 出售物业 228,105 230,514 209,451 T otal 总计 237,469 242,534 219,225 Contract liabilities represent advances received from customers 合约负债指与销售医药产品及保健食品有关 in relation to sales of pharmaceutical and health food products 的预收客户款项以及与本集团预售物业有关 and advances received from buyers in connection with the 的预收买方款项。 Group’s pre-sales of properties. (b) Except for the consideration payable to Loyal Fame in respect (b) 除有关中国农产品收购事项（附注1）应付 of the CAP Acquisition (note 1) of HK$90,000,000 (2024: 忠誉之代价90,000,000港元（二零二四年： HK$100,000,000) included in other payables, which bears 100,000,000港元）（按年利率2%及于6个月 interest at 2% per annum and repayable in 6 months (2024: 18 （二零二四年：18个月）内偿还）计入其他应 months), the remaining other payables are non-interest-bearing 付款项外，剩余其他应付款项为不计息及一 and are normally settled within one year. 般于一年内结付。 二零二五年年报 宏安集团有限公司 273

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 31. UNSECURED NOTES 31. 无抵押票据 Effective interest rate (%) per annum Maturity 2025 实际年利率 (%) 到期期限 二零二五年 HK$’000 千港元 New Unsecured Notes 新无抵押票据 5.2-5.6 2036-2037 60,678 Less: Po rtion classified as 减：分类为非流动部分之部分 non-current portion (47,720) Portion classified as current liabilities 分类为 流动负债之部分 12,958 2025 二零二五年 HK$’000 千港元 Analysed into: 分析为： Within one year 一年内 12,958 In the second year 于第二年内 1,735 In the third to fifth years, inclusive 于第三年至第五年（包括首尾两年） 3,335 Beyon d five years 五年以 上 42,650 Total 总计 60,678 New Unsecured Notes 新无抵押票据 On 23 August 2024, CAP established a HK$1,000,000,000 于二零二四年八月二十三日，中国农产品 medium term note program (the “2025 Note Program”). 设立1,000,000,000港元的中期票据计划 The notes to be issued under the 2025 Note Program are （「二零二五年票据计划」）。根据二零二五 non-listed and denominated in HK$. 年票据计划将予发行的票据为非上市及以 港元计值。 CAP issued two batches of non-listed notes with a total 中国农产品分别于二零二四年十一月 principal amount of HK$91,000,000 under the 2025 Note 二十九日及二零二五年二月二十一日根据 Program on 29 November 2024 and 21 February 2025, 二零二五年票据计划发行两批本金总额为 respectively (the “New Unsecured Notes”). The coupon 91,000,000港元的非上市票据（「新无抵押 interest on the New Unsecured Notes is payable annually in 票据」）。新无抵押票据的票面利息须每年 advance. 提前支付。 274 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 31. UNSECURED NOTES (continued) 31. 无抵押票据（续） New Unsecured Notes (continued) 新无抵押票据（续） Details of the New Unsecured Notes are as follows: 新无抵押票据详情如下： Principal amount: HK$91,000,000 本金金额： 91,000,000港元 The Unsecured Notes carry fixed interest at interest rates as 无抵押票据按以下利率计息： below: Period from Period to Interest rate per annum 自以下 日期起期间 至以下 日期之期间 年利率 Issue date 1st anniversary 28.00% 发行日期 第一周年 1st anniversary 2nd anniversary 15.00% 第一周年 第二周年 2nd anniversary 3rd anniversary 2.00% 第二周年 第三周年 3rd anniversary 7th anniversary 1.50% 第三周年 第七周年 7th anniversary Maturity date 1.00% 第七周年 到期日 Issue date: 2 batches from 29 November 2024 and 21 February 2025, respectively. 发行日期： 分别自二零二四年十一月二十九日及二零二五年二月二十一日起两批。 Maturity date: 2 batches from 29 November 2036 and 21 February 2037, respectively. 到期日： 分别自二零三六年十一月二十九日及二零三七年二月二十一日起两批。 Redemption period by CAP: Any date from, and including, 10th anniversary, to, but excluding, the Maturity Date. 中国农产品之赎回期： 自第十周年（包括该日）至到期日（不包括该日）之任何日期。 Redemption period by Four specified redemption dates on 8th anniversary, 9th anniversary, 10th the noteholders: anniversary and 11th anniversary. 票据持有人的赎回期： 于第八周年、第九周年、第十周年及第十一周年之四个指定赎回日期。 Redemption amount on 100% of the principal amount the maturity date: 到期日之赎回金额： 本金的100% The interest expenses on the New Unsecured Notes were 新无抵押票据的利息开支采用实际利率法 calculated using the effective interest method and the 计算，实际利率介乎每年约5.2%至5.6%。 effective interest rates range from approximately 5.2% to 5.6% per annum. 二零二五年年报 宏安集团有限公司 275

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 31. UNSECURED NOTES (continued) 31. 无抵押票据（续） Unsecured Notes 2024 二零二四年无抵押票据 On 19 May 2014, CAP established a HK$1,000,000,000 于二零一四年五月十九日，中国农产品设 medium term note program. The notes issued under the 立1,000,000,000港元的中期票据计划。根 program were listed on the Hong Kong Stock Exchange by 据该计划发行的票据通过仅向专业投资者 way of debt issue to professional investors only. 发行债券的方式于香港联交所上市。 CAP issued 40 batches of notes with a total principal 中国农产品已于二零一四年合共发行40批 amount of HK$400,000,000 which bore interest at 1% per 本金总额为400,000,000港元及年利率为 annum in 2014 (the “Unsecured Notes 2024”). 1%的票据（「二零二四年无抵押票据」）。 CAP had repurchased and cancelled the Unsecured Notes 中国农产品已于过往年度购回及注销本金 2024 in an aggregate principal amount of HK$250,000,000 总额为250,000,000港元之二零二四年无 in prior years. 抵押票据。 During the prior year, all the outstanding Unsecured Notes 于去年，所有未偿还二零二四年无抵押票 2024 were repurchased and redeemed by CAP and the 据已由中国农产品购回及赎回，而二零 Unsecured Notes 2024 were delisted on 8 April 2024. 二四年无抵押票据已于二零二四年四月八 日除牌。 The fair value of the unsecured notes at initial recognition 无抵押票据于初始确认时的公平值及其变 and their movements are as follows: 动如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 At 1 April 于四月一日 – 124,146 Issue of the New Unsecured Notes 发行新无抵押票据 59,999 – Accretion of interest 利息的增加 679 9,210 Early redemption 提早赎回 – (132,432) Intere st paid/payable 已付╱ 应付利息 – (924) At 31 March 于三月 三十一日 60,678 – 276 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 32. INTEREST-BEARING BANK AND OTHER 32. 计息银行及其他借贷 BORROWINGS 2025 2024 二零二五年 二零二四年 Contractual Contractual interest rate (%) Maturity HK$’000 interest rate (%) Maturity HK$’000 合约利率(%) 到期期限 千 港元 合约利率(%) 到期期限 千 港元 Current: 即期： Bank loans – secured HIBOR+ 2025-2026/ 760,231 HIBOR+(0.8 to 2.35)/ 2024-2025/ 2,323,460 银行贷款－有抵押 (1.08 to 2.35)/ On demand RMB base lending On demand Fixed rate of 二零二五年至 rate+(0.45 to 2.65)/ 二零二四年至 3.45 to 4.83 二零二六年╱按要求 Fixed rate of 3.65 to 二零二五年╱按要求 香港银行同业拆息 6.2 +（1.08至2.35）╱ 香港银行同业拆息 固定利率3.45至4.83 +（0.8至2.35）╱人民 币基本借贷利率+ （0.45至2.65）╱ 固定利率3.65至6.2 Bank loans – unsecured HIBOR+(1.7 to 2.7) 2025-2026/ 211,568 HIBOR+(1.7 to 2.3) 2024-2025/ 1,439,545 银行贷款－无抵押 香港银行同业拆息 On demand 香港银行同业拆息 On demand +（1.7至2.7） 二零二五年至 +（1.7至2.3） 二零二四年至 二零二六年╱按要求 二零二五年╱按要求 Long term bank loans HIBOR+(0.9 to 1.6)/ On demand 110,933 HIBOR+(1.08 to 1.7)/ On demand 229,002 repayable on demand SOFR+0.5 按要求 RMB base lending 按要求 – secured RMB base lending rate+(0 to 1.05)/ 按要求偿还长期银行贷款 rate+1.05/ SOFR+0.5/ －有抵押 Fixed rate of Fixed rate of 4.10 to 6.00 6.2 to 7.35 香港银行同业拆息 香港银行同业拆息 +（0.9至1.6）╱ +（1.08至1.7）╱ 有抵押隔夜融资 人民币基本借贷利率 利率+0.5 +（0至1.05）╱ 人民币基本借贷利率 有抵押隔夜融资 +1.05╱固定利率 利率+0.5╱ 4.10至6.00 固定利率6.2至7.35 Long term other loans repayable on demand – unsecured 按要求偿还长期其他贷款 －无抵押 – Loan from an independent – – – HIBOR+4 On demand 49,280 third party 6.2 to 7.35 按要求 －来自独立第三方之贷款 香港银行同业拆息+4 6.2至7.35 二零二五年年报 宏安集团有限公司 277

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 32. INTEREST-BEARING BANK AND OTHER 32. 计息银行及其他借贷（续） BORROWINGS (continued) 2025 2024 二零二五年 二零二四年 Contractual Contractual interest rate (%) Maturity HK$’000 interest rate (%) Maturity HK$’000 合约利率(%) 到期期限 千 港元 合约利率(%) 到期期限 千 港元 Current: (continued) 即期：（续） Long term other loans repayable on demand – secured 按要求偿还长期其他贷款 －有抵押 – Loan from an independent HIBOR+2.25 On demand 40,195 – – – third party 香港银行同业拆息 按要求 －来自独立第三方之贷款 +2.25 Other loans – secured 其他贷款－有抵押 – Loan from independent HIBOR+2.25/ 2026/ 147,200 HIBOR+2.25/ On demand 77,500 third parties Fixed rate of On demand Fixed rate of 9.75 按要求 －来自独立第三方之贷款 9.75 to 17.5 二零二六年╱按要求 香港银行同业拆息 香港银行同业拆息 +2.25╱固定利率 +2.25╱固定利率 9.75 9.75至17.5 Other loans – unsecured 其他贷款－无抵押 – Loan from independent HIBOR+4 On demand 24,640 – – – third parties 香港银行同业拆息+4 按要求 －来自独立第三方之贷款 Other loans – unsecured 其他贷款－无抵押 – Loan from Loyal Fame – Fixed rate of 10.0 2024 35,000 (note (f)) 固定利率10.0 二零二四年 －来自忠誉之贷款 （附注(f)） Current portion of long-term other loans – secured 长期其他贷款的即期部分 －有抵押 – Loan from independent Fixed rate of 2025-2026 16,939 – – – third parties (note (d)) 9.56 二零二五年至 －来自独立第三方之贷款 固定利率9.56 二零二六年 （附 注(d)） Total – current 1,311,706 4,153,787 总计－流 动 278 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 32. INTEREST-BEARING BANK AND OTHER 32. 计息银行及其他借贷（续） BORROWINGS (continued) 2025 2024 二零二五年 二零二四年 Contractual Contractual interest rate (%) Maturity HK$’000 interest rate (%) Maturity HK$’000 合约利率(%) 到期期限 千 港元 合约利率(%) 到期期限 千 港元 Non-current: 非流动： Bank loans – secured HIBOR+(1.5 to 1.8)/ 2026-2034 1,529,150 HIBOR+(1.08 to 1.8)/ 2025-2029 1,067,130 银行贷款－有抵押 RMB base lending 二零二六年至 RMB base lending 二零二五年至 Rate +1.05/ 二零三四年 rate+1.05/ 二零二九年 Fixed rate of Fixed rate of 7.35 4.10 to 11 香港银行同业拆息 香港银行同业拆息 +（1.08至1.8）╱ +（1.5至1.8）╱ 人民币基本借贷利率 人民币基本借贷利率 +1.05╱固定利率 +1.05╱固定利率 7.35 4.10至11 Bank loans – unsecured HIBOR+(2.03-2.07) 2027-2028 1,522,222 HIBOR+2.03 2027 669,176 银行贷款－无抵押 香港银行同业拆息 二零二七年至 香港银行同业拆息 二零二七年 +（2.03至2.07） 二零二八年 +2.03 Other loans – secured 其他贷款－有抵押 – Loan from an independent Fixed rate of 9.56 2026-2028 33,164 Fixed rate of 17.5 2025 198,500 third party (noted (d)) 固定利率9.56 二零二六年至 固定利率17.5 二零二五年 －来自独立第三方之贷款 二零二八年 （附注(d)） Other loans – unsecured 其他贷款－无抵押 – Loan from a non-controlling Fixed rate of 6.0 2026 259,330 Fixed rate of 6.0 2025-2026 258,330 shareholder of a 固定利率6.0 二零二六年 固定利率6.0 二零二五年至 subsidiary 二零二六年 －来自一间附属公司非控股 股 东之贷款 Total – non-current 3,343,866 2,193,136 总计－非 流动 Total 4,655,572 6,346,923 总计 二零二五年年报 宏安集团有限公司 279

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 32. INTEREST-BEARING BANK AND OTHER 32. 计息银行及其他借贷（续） BORROWINGS (continued) 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Analysed into: 分析为： Bank loans repayable: 须偿还之银行贷款： Within one year or on demand (note) 一年内或按要求（附注） 1,082,732 3,992,007 In the second year 于第二年内 1,234,835 252,425 In the third to fifth years, inclusive 于第三年至第五年 （包括首尾两年） 1,750,650 1,427,215 B eyond five years 五 年以上 65,887 56,666 Sub total 小计 4,134,104 5,728,313 Other loans repayable: 须偿还之其他贷款： Within one year or on demand (note) 一年内或按要求（附注） 228,974 161,780 In the second year 于第二年内 276,269 456,830 In the third to fifth years, inclusive 于第三年至第五年 （ 包括首尾两年） 16,225 – Sub total 小计 521,468 618,610 Tota l 总计 4,655,572 6,346,923 Note: As further explained in note 46 to the financial statements, 附注： 诚如财务报表附注46进一步阐述，本 the Group’s term loans with an aggregate amount of 集团合共254,321,000 港元（二零二四 HK$254,321,000 (2024: HK$426,184,000) containing 年：426,184,000 港元）之定期贷款（载 a repayment on-demand clause have been classified as 有按要求偿还条款）分类为流动负债， current liabilities and, of which HK$177,181,000 (2024: 其中177,181,000 港元（二零二四年： HK$327,130,000) are repayable within one year based on the 327,130,000港元）须根据各贷款协议于一年 respective loan agreements. For the purpose of the above 内偿还。就上述分析而言，贷款计入即期计 analysis, the loans are included within current interest-bearing 息银行及其他借贷，并分析为于一年内或按 bank and other borrowings and analysed into bank and other 要求偿还之银行及其他贷款。 borrowings repayable within one year or on demand. 280 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 32. INTEREST-BEARING BANK AND OTHER 32. 计息银行及其他借贷（续） BORROWINGS (continued) At the end of the reporting period, the maturity profile of 于报告期末，按贷款协议指定还款日期， interest-bearing loans based on the scheduled repayment 计息贷款之到期情况如下： dates set out in the loan agreements is as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Bank loans repayable: 须偿还之银行贷款： Within one year 一年内 1,029,891 3,917,593 In the second year 于第二年内 1,261,138 287,039 In the third to fifth years, inclusive 于第三年至第五年 （包括首尾两年） 1,765,364 1,454,289 Bey ond five years 五年 以上 77,711 69,392 Subto tal 小计 4,134,104 5,728,313 Other loans repayable: 须偿还之其他贷款： Within one year 一年内 204,674 137,140 In the second year 于第二年内 292,469 481,470 In the third to fifth years, inclusive 于第三年至第五年 （ 包括首尾两年） 24,325 – Subto tal 小计 521,468 618,610 Total 总计 4,655,572 6,346,923 Notes: 附注： (a) Certain bank and other borrowings of the Group are secured by (a) 本集团若干银行及其他借贷以本集团的物 the Group’s property, plant and equipment (note 13), investment 业、厂房及设备（附注13）、投资物业及其 properties and certain rental income generated therefrom (note 产生的若干租金收入（附注14）、若干发展 14), certain properties under development (note 16), certain 中物业（附注16）、若干持作出售物业（附注 properties held for sale (note 20), loans and interest receivables 20）、应收贷款及利息（附注23）、按公平值 (note 23), financial assets at FVTPL (note 26), pledged deposits 计入损益的金融资产（附注26）、已抵押存款 (note 27), share charges over the equity interests in certain （附注27）、就本公司若干附属公司之股权质 subsidiaries of the Company (note 1) and investment properties 押之股份（附注1）及本集团合营企业所持总 held by a joint venture of the Group with an aggregate carrying 账面值为60,000,000港元（二零二四年：无） amount of HK$60,000,000 (2024: nil). 的投资物业作抵押。 (b) As at 31 March 2025, except for the bank borrowings of (b) 于二零二五年三月三十一日，除按固定利 HK$1,273,492,000 (2024: HK$503,722,000) and other loans 率计息的银行借贷1,273,492,000港元（二零 of HK$449,133,000 (2024: HK$258,330,000) from non- 二四年：503,722,000港元）以及本集团若 controlling shareholders of certain subsidiaries of the Group and 干附属公司的非控股股东及独立第三方的 independent third parties, which bear interest at fixed rates, all 其他贷款449,133,000港元（二零二四年： other bank loans bear interest at floating interest rates. 258,330,000港元）外，所有其他银行贷款均 按浮动利率计息。 二零二五年年报 宏安集团有限公司 281

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 32. INTEREST-BEARING BANK AND OTHER 32. 计息银行及其他借贷（续） BORROWINGS (continued) Notes: (continued) 附注：（续） (c) The carrying amounts of the Group’s bank and other borrowings (c) 本集团以下列货币计值的银行及其他借贷之 which are denominated in the following currencies are as follows: 账面值如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 HK$ 港元 3,993,950 5,680,959 RMB 人民币 645,284 648,723 US$ 美元 16,33 8 17,24 1 4,655,57 2 6,346,92 3 (d) During the year ended 31 March 2025, the Group entered into (d) 截至二零二五年三月三十一日止年度，本集 a sale and leaseback arrangement with an independent third 团与一间独立第三方金融机构（「出租人」）订 party financial institution (the “Lessor”), pursuant to which the 立售后回租安排，据此，出租人向本集团购 Lessor purchased certain investment properties and property, 买若干投资物业以及位于本集团中国内地其 plant and equipment in one of the Group’s agricultural produce 中一个农产品交易市场的物业、厂房及设备 exchange markets in Mainland China (“the Leased Assets”) （「租赁资产」），而该等租赁资产随后回租予 from the Group and such Leased Assets are then leased back 本集团，为期三年。于租赁期届满及悉数清 to the Group for a term of three years. Upon expiry of the lease 偿所有租赁付款后，租赁资产的拥有权将转 term and full settlement of all the lease payments, ownership of 回予本集团。该项交易入账列作融资安排， the Leased Assets would be transferred back to the Group. The 已收取的所得款项净额确认为以租赁资产作 transaction was accounted for as a financing arrangement with 抵押的贷款。 the recognition of the net proceeds received as a loan which is secured by the Leased Assets. (e) The agreements governing the bank loans of the Group contain (e) 本集团监管银行贷款之协议包含相关融资之 conditions and events of default customary for such financings. 惯常条件及违约事项。于报告期末分类为 Certain bank loans amounting to HK$2,605,352,000 (2024: 非流动负债的若干银行贷款2,605,352,000 HK$1,164,417,000) which were classified as non-current liabilities 港元（二零二四年：1,164,417,000港元）亦 as at the end of the reporting period also contain financial 载有财务契诺，包括杠杆比率、资产负债比 covenants including leverage ratios, gearing ratios, interest cover 率、利息保障倍数、贷款价值比、现金偿债 ratio, loan-to-value ratio, cash debt-service coverage ratio and 保障比率以及最低净资产要求，而各适用测 minimum net assets requirements with respective applicable test 试日期为每年九月三十日及三月三十一日直 dates on 30 September and 31 March of each year until maturity. 至届满。本集团于二零二五年及二零二四年 The Group has complied with the covenants under the relevant 三月三十一日已遵守相关融资协议之契诺。 facility agreements as at 31 March 2025 and 2024. (f) Pursuant to the revolving loan facility agreement dated 22 (f) 根据本集团与忠誉订立日期为二零二四年三 March 2024 entered into between the Group and Loyal Fame, 月二十二日之循环贷款融通协议，忠誉向本 Loyal Fame granted a revolving loan facility of HK$35,000,000 集团授出循环贷款融通35,000,000港元， to the Group, of which HK$35,000,000 had been utilised as at 其中35,000,000港元已于二零二四年三月 31 March 2024. The revolving loan was unsecured, and bore 三十一日动用。该循环贷款为无抵押、按固 interest at fixed rate of 10% per annum. The loan had been fully 定年利率10%计息。本集团已于截至二零 repaid by the Group during the year ended 31 March 2025. 二五年三月三十一日止年度悉数偿还该贷 款。 282 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 33. DEFERRED TAX 33. 递延税项 The components of deferred tax liabilities and assets during 年内递延税项负债及资产之组成如下： the year are as follows: Deferred tax liabilities 递延税项负债 Depreciation Fair value allowance adjustments in excess arising from Right-of-use Revaluation of related acquisition of assets of properties depreciation subsidiaries Total 收购附属公司 超出有关折旧 产生之公平值 使用权资产 物业重估 之折旧拨备 调整 总计 Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 附注 千港元 千港元 千港元 千港元 千港元 At 1 April 2023 于二零二三年四月一日 26,741 471,707 54,115 90,166 642,729 Disposal of a subsidiary 出售一间附属公司 – – (2,065) – (2,065) Deferred tax credited to profit or loss 年内计入损益之递延税项 during the year 10 (11,811) (8,081) (5,890) – (25,782) Exchange realignment 汇兑调整 (127) (12,825) – (2,842) (15,794) At 31 March 2024 and 1 April 2024 于二零二四年三月三十一日及 二零二四年四月一日 14,803 450,801 46,160 87,324 599,088 Deferred tax credited to profit or loss 年内计入损益之递延税项 during the year 10 (4,767) (11,600) (2,967) – (19,334) Exchange realignment 汇兑调整 (88) (12,603) – – (12,691) At 31 Mar ch 2025 于二零二 五年三月三十一日 9,948 4 26,598 43,193 87,324 5 67,063 二零二五年年报 宏安集团有限公司 283

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 33. DEFERRED TAX (continued) 33. 递延税项（续） The components of deferred tax liabilities and assets during 年内递延税项负债及资产之组成如下： the year are as follows: (continued) （续） Deferred tax assets 递延税项资产 Losses available for offsetting against future Impairment of Lease Liabilities taxable profits financial assets Total 可供抵销未来 租赁负债 应课税溢利之亏损 金融资产减值 总计 Notes HK$’000 HK$’000 HK$’000 HK$’000 附注 千港元 千港元 千港元 千港元 At 1 April 2023 于二零二三年四月一日 4,756 45,401 5,773 55,930 Disposal of a subsidiary 出售一间附属公司 – (1,051) – (1,051) Deferred tax credited/(charged) to 年内计入╱（扣自）损益之递延税项 profit or loss during the year 10 (139) 3,945 6 3,812 Exchange realignment 汇兑调整 (4,014) 48 – (3,966) At 31 March 2024 and 1 April 2024 于二零二四年三月三十一日及 二零二四年四月一日 603 48,343 5,779 54,725 Disposal of a subsidiary 出售一间附属公司 (117) – – (117) Deferred tax credited/(charged) to 年内计入╱（扣自）损益之递延税项 profit or loss during the year 10 703 (3,805) 6 (3,096) Exchange realignment 汇兑调整 (171) (110) – (281) At 31 Mar ch 2025 于二零二 五年三月三十一日 1,018 44,428 5,785 51,231 284 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 33. DEFERRED TAX (continued) 33. 递延税项（续） For presentation purposes, certain deferred tax assets and 就呈报而言，若干递延税项资产及负债已 liabilities have been offset in the consolidated statement of 于综合财务状况表内抵销。以下为本集团 financial position. The following is an analysis of the deferred 就财务申报目的所作之递延税项结余分析： tax balances of the Group for financial reporting purposes: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Net deferred tax assets recognised in the 于综合财务状况表内确认之 consolidated statement of financial position 递延税项资产净值 30,879 32,714 Net deferred tax liabilities recognised in the 于综合财务状况表内确认之 con solidated statement of financial position 递延 税项负债净值 (546,711) (577,077) (515,832) (544,363) The Group has tax losses arising in Hong Kong of 本集团在香港产生税项亏损3,606,759,000 HK$3,606,759,000 (2024: HK$2,558,137,000), subject 港元（二零二四年：2,558,137,000港 to the agreement of the Inland Revenue Department, that 元）（取决于税务局是否同意），可无限 are available indefinitely for offsetting against future taxable 期作抵销录得亏损之公司之未来应课税 profits of the companies in which the losses arose. Except 溢利。除247,552,000 港元（二零二四 for tax losses of HK$247,552,000 (2024: HK$264,091,000) 年：264,091,000 港元）之税项亏损已 which have been recognised as deferred tax assets, 确认为递延税项资产外，本集团并无就 deferred tax assets have not been recognised in respect 余下金额3,359,207,000港元（二零二四 of the remaining amount of HK$3,359,207,000 (2024: 年：2,294,046,000港元）确认递延税项 HK$2,294,046,000) as they have arisen in subsidiaries 资产，因该等亏损乃从一段时间录得亏 that have been loss-making for some time and it is not 损之附属公司产生，且被认为不可能有 considered probable that taxable profits will be available 应课税溢利用作抵销税项亏损。本集团 against which the tax losses can be utilised. The Group also 亦于中国内地及澳门产生的未动用税项 has unused tax losses arising in the Mainland China and 亏损为227,507,000港元（二零二四年： Macau of HK$227,507,000 (2024: HK$301,976,000) that 301,976,000港元），其将于一至五年内 will expire in one to five years for offsetting against future 到期作抵销未来应课税溢利。除已确认为 taxable profits. Except for tax losses of HK$14,326,000 递延税项资产的税项亏损14,326,000港元 (2024: 19,070,000) which have been recognised as deferred （二零二四年：19,070,000港元）外，并无 tax assets, deferred tax assets have not been recognised in 就余下金额213,181,000港元（二零二四 respect of the remaining amount of HK$213,181,000 (2024: 年：282,906,000港元）确认递延税项资 HK$282,906,000) due to the unpredictability of future profit 产，此乃由于未来溢利来源不可预测所 streams. 致。 二零二五年年报 宏安集团有限公司 285

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 33. DEFERRED TAX (continued) 33. 递延税项（续） Pursuant to the PRC Corporate Income Tax Law, a 10% 根据中国企业所得税法，凡于中国内地成 withholding tax is levied on dividends declared to foreign 立之外资企业向海外投资者宣派股息，均 investors from the foreign investment enterprises established 须缴交10%预扣所得税。倘中国内地与 in the Mainland China. A lower withholding tax rate may 海外投资者所属司法权区订有税务条约， be applied if there is a tax treaty between Mainland China 则可采用较低预扣所得税率。就本集团而 and the jurisdiction of the foreign investors. For the Group, 言，适用税率为5%或10%。因此，本集团 the applicable rate is 5% or 10%. The Group is therefore 须就其于中国内地成立之附属公司及合营 liable for withholding taxes on dividends distributed by its 企业自二零零八年一月一日起产生之盈利 subsidiaries and joint venture established in the Mainland 而派发之股息缴交预扣所得税。 China in respect of earnings generated from 1 January 2008. As at 31 March 2025, the aggregate amount of temporary 于二零二五年三月三十一日，与于中国内 differences associated with investments in subsidiaries 地附属公司及合营企业的投资有关的暂时 and a joint venture in Mainland China for which deferred 性差额总额分别为288,738,000港元（二 tax liabilities have not been recognised totalled amounted 零二四年：329,467,000港元）及379,000 HK$288,738,000 (2024: HK$329,467,000) and 港元（二零二四年：零港元），尚未确认递 HK$379,000 (2024: Nil), respectively. In the opinion of the 延税项负债。董事认为，本公司能够控制 directors, the Company is able to control the timing of the 暂时性差额拨回时间，因此，本集团已考 reversal of the temporary difference and, accordingly, the 虑（其中包括）暂时性差额于可见将来拨回 Group has taken into consideration, among others, the 的可能性，以及在本公司于中国内地成立 probability the temporary difference being reversed in the 的附属公司就已产生收益分配未汇出盈利 foreseeable future, and recognised for withholding taxes that 时，确认于可见将来应付的预扣所得税。 would be payable in the foreseeable future on distribution of unremitted earnings by the Company’s subsidiaries established in Mainland China in respect of earnings generated. There are no income tax consequences attaching to the 本公司向其股东派付之股息毋须缴纳所得 payment of dividends by the Company to its shareholders. 税。 286 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 34. SHARE CAPITAL 34. 股本 Shares 股份 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Authorised: 法定： 40,000,000,000 ordinary 40,000,000,000股每股面值 s hares of HK$0.01 each 0 .01港元之普通股 400,000 400,000 Issued and fully paid: 已发行及缴足： 14,166,696,942 14,166,696,942股（二零二四年： (2024: 15,353,820,047) 15,353,820,047股）每股面值 ord inary shares of HK$0.01 each 0.01 港元之普通股 141,667 153,538 Treasury shares held by a subsidiary 一间附属公司持有之库存股份零股 Nil (2024: 1,188,207,000) （二零二四年：1,188,207,000股） ord inary shares (note (c)) 普通 股（附注(c)） – (64,095) A summary of movements in the Company’s share capital is 本公司之股本变动概要载列如下： as follows: Number of Issued Share shares in issue capital premium Total 已发行股份数目 已发行股本 股份溢价 总计 Notes ’000 HK$’000 HK$’000 HK$’000 附注 千股 千港元 千港元 千港元 At 1 April 2023 于二零二三年四月一日 15,492,520 154,925 1,154,080 1,309,005 Cancella tion of shares repurchased 注销购回 股份 (a) (138,700) (1,387) (5,993) (7,380) At 31 March 2024 and 1 April 2024 于二零二四年三月三十一日 及二零二四年四月一日 15,353,820 153,538 1,148,087 1,301,625 Cancella tion of shares repurchased 注销购回 股份 (c) (1 ,187,123) (11,871) (52,165) (64,036) At 31 M arch 2025 于二零二 五年三月三十一日 14 ,166,697 141,667 1 ,095,922 1 ,237,589 二零二五年年报 宏安集团有限公司 287

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 34. SHARE CAPITAL (continued) 34. 股本（续） Shares (continued) 股份（续） Notes: 附注： (a) The Company repurchased 138,700,000 of its shares on (a) 本公司于香港联交所购回其138,700,000股 the Hong Kong Stock Exchange at a total consideration of 股份，总代价7,351,100港元（及产生交易 HK$7,351,100 (and incurred transaction costs of HK$29,000). 成本29,000港元）。购回的股份于截至二零 The repurchased shares were cancelled during the year ended 二四年三月三十一日止年度注销。 31 March 2024. Details of the shares repurchased by the Company during the 本公司截至二零二四年三月三十一日止年度 year ended 31 March 2024 are summarised below: 购回之股份详情概述如下： Number Highest Lowest of shares price price Aggregate Month of repurchase repurchased per share per share consideration 购回月份 购回股份数目 每股最高价 每股最低价 总代价 ’000 HK$ HK$ HK$’000 千股 港元 港元 千港元 M arch 2024 二零二四年三月 138,700 0.053 0.053 7,351 (b) During the year ended 31 March 2024, WYTH, by way of the (b) 于截至二零二四年三月三十一日止年度， Distribution in Specie, has distributed 1,715,666,000 shares 位元堂控股透过实物分派的方式已向位 of the Company to the shareholders of WYTH, of which 元堂控股的股东分派1,715,666,000股本 528,543,000 of treasury shares were distributed to the non- 公司股份，其中528,543,000股库存股份 controlling shareholders of WYTH and 1,187,123,000 shares 已分派予位元堂控股之非控股股东，而 were kept by the Group. The treasury shares of 1,187,123,000 1,187,123,000股股份则由本集团保存。 were cancelled during the year ended 31 March 2025. 于截至二零二五年三月三十一日止年度， 1,187,123,000股库存股份已注销。 (c) Certain subsidiaries of the Group hold an aggregate (c) 于二零二四年三月三十一日，本集团若干附 1,188,207,000 listed shares of the Company as at 31 March 属公司合共持有本公司1,188,207,000股上 2024. These shares are treated as treasury shares and 市股份。该等股份被视作库存股份及入账为 accounted for as a deduction from equity holders’ equity. Gains 自股权持有人的股权中扣减。销售或赎回库 and losses on sale or redemption of the treasury shares are 存股份的收益及亏损计入股权或自股权扣 credited or charged to equity. No treasury shares were held by 除。于二零二五年三月三十一日，本集团并 the Group as at 31 March 2025. 无持有库存股份。 During the year ended 31 March 2025, the Group disposed 截至二零二五年三月三十一日止年度，本集 of 1,084,000 ordinary shares of the Company, which were 团已向公开市场出售1,084,000股本公司普 classified as treasury shares, to the open market at an aggregate 通股（分类为库存股份），总代价为35,000港 consideration of HK$35,000. The Group recognised a discount 元。本集团就出售库存股份确认折让24,000 of HK$24,000 on the disposal of treasury shares. 港元。 288 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME 35. 购股权计划 The Company’s share option scheme 本公司购股权计划 The Company adopted a share option scheme (the “2022 本公司就本公司股东于二零二二年八月 Scheme”) which was approved by the shareholders of the 二十六日举行的本公司股东周年大会上的 Company in the annual general meeting of the Company 批准而采纳购股权计划（「二零二二年计 held on 26 August 2022. 划」）。 Under the 2022 Scheme, share options may be granted to 根据二零二二年计划，购股权可授予本集 directors (including executive or non-executive, including 团董事（包括执行或非执行董事，其中包括 independent non-executive directors) and employees of 独立非执行董事）及雇员，以及董事会全权 the Group and any advisors, consultants, distributors, 酌情认为已或将对本集团作出贡献之本集 contractors, suppliers, agents, customers, business 团任何成员公司之任何顾问、咨询人士、 partners, joint venture business partners, promoters, service 分销商、承包商、供应商、代理商、客 providers of any member of the Group whom the Board 户、业务合作伙伴、合资业务合作伙伴、 considers, in its sole discretion, have contributed or will 发起人、服务提供商，借以鼓励参与者努 contribute to the Group and to encourage participants to 力提升本公司价值，造福本公司及股东之 work towards enhancing the value of the Company for the 整体利益。二零二二年计划于二零二二年 benefit of the Company and the shareholders as a whole. 八月二十六日生效，除非于股东大会上由 The 2022 Scheme became effective on 26 August 2022 其股东提早终止，否则将自该日起十年内 and, unless otherwise terminated earlier by its shareholders 有效。 at a general meeting, will remain in force for a period of 10 years from that date. Purpose 目的 The purpose of the 2022 Scheme is to provide incentives 二零二二年计划旨在向已经或可能对本集 and recognition to eligible participants for their contribution 团作出贡献之合资格参与者给予奖励及认 or potential contributions to the Group. 同。 Maximum number of shares available for subscription 可供认购之最高股份数目 Pursuant to the 2022 Scheme, the maximum number of 根据二零二二年计划，按二零二二年计划 share options that may be granted under the 2022 Scheme 及任何其他本公司购股权计划可予授出之 and any other share option schemes of the Company is an 购股权在被行使时之最高数目总数，合共 amount, upon their exercise, not in aggregate exceeding 不得超过本公司不时已发行股本之30%， 30% of the issued share capital of the Company from time 但不包括行使购股权而发行之任何股份。 to time, excluding any shares issued on the exercise of 根据二零二二年计划及任何其他计划将授 share options. The total number of shares which may be 出之所有购股权获行使后可能发行之股份 issued upon exercise of all options to be granted under the 总数合共不得超过批准二零二二年计划限 2022 Scheme and any other schemes shall not in aggregate 额当日之已发行股份数目之10%。 exceed 10% of the number of shares in issue, as at the date of approval of the 2022 Scheme limit. 二零二五年年报 宏安集团有限公司 289

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） The Company’s share option scheme (continued) 本公司购股权计划（续） Maximum entitlement of each participant 每名参与者可获授权益上限 The maximum number of shares of the Company issuable 根据二零二二年计划，于任何12个月内根 under share options to each participant (except for a 据购股权可向每名参与者（除主要股东或 substantial shareholder or an independent non-executive 独立非执行董事或任何彼等各自之联系人 director or any of their respective associates) under the 外）发行之最多本公司股份数目，以本公司 2022 Scheme within any 12-month period is limited to 1% 任何时候之已发行股份之1%为限额。额外 of the shares of the Company in issue at any time. Any 授出任何超过该限额之购股权时，必须获 further grant of share options in excess of such limit must be 股东另行批准，而该名参与者及其联系人 separately approved by Shareholders with such participant 须放弃投票。 and his associates abstaining from voting. Share options granted to a director, chief executive or 向本公司一名董事、行政总裁或主要股东 substantial shareholder of the Company (or any of their （或任何彼等各自之联系人）授出购股权 respective associates) must be approved by the independent 时，必须先获独立非执行董事（不包括身为 non-executive directors (excluding any independent non- 购股权承授人之独立非执行董事）批准。倘 executive director who is the grantee of the option). Where 向主要股东或独立非执行董事（或彼等各自 any grant of share options to a substantial shareholder 之联系人）授出购股权时，会导致根据二零 or an independent non-executive director (or any of their 二二年计划或本公司任何其他购股权计划 respective associates) will result in the total number of 向该名人士已授出或将授出购股权（包括已 shares issued and to be issued upon exercise of share 行使、已注销及未行使之购股权）获行使时 options already granted and to be granted to such person 已发行及将发行之股份总数在任何12个月 under the 2022 Scheme and any other share option 内直至及包括授出日期相等于合共超过已 schemes of the Company (including options exercised, 发行股份之0.1%；及按本公司股份于各授 cancelled and outstanding) in any 12-month period up to 出日期之收市价计算总值超过5,000,000港 and including the date of grant representing in aggregate 元，则该额外授出之购股权，须根据上市 over 0.1% of the shares in issue, and having an aggregate 规则，先获得股东在股东大会上批准。任 value, based on the closing price of the Company’s shares 何已向主要股东或独立非执行董事（或任何 at each date of grant, in excess of HK$5 million, such 彼等各自之联系人）授出之购股权之条款之 further grant of share options is required to be approved by 变更，亦须获得股东批准。 shareholders in a general meeting in accordance with the Listing Rules. Any change in the terms of a share option granted to a substantial shareholder or an independent non- executive director (or any of their respective associates) is also required to be approved by shareholders. 290 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） The Company’s share option scheme (continued) 本公司购股权计划（续） Basis of determining the exercise price 厘定行使价之基础 The option price per share payable on the exercise of 行使购股权时应付之每股股份之购股权价 an option is determined by a director, chief executive or 格由本公司董事、最高行政人员或主要股 substantial shareholder of the Company, provided that it 东厘定，惟不得低于下列各项的较高者： shall be at least the higher of: (i) the official closing price of the shares of the Company (i) 本公司股份于要约日期（必须为营业 as stated in the daily quotations sheets of the Stock 日）在联交所每日报价表所报的正式 Exchange on the offer date which must be a business 收市价； day; (ii) the average closing prices of the Shares as stated in (ii) 紧接授出日期前五个营业日载于联交 the Stock Exchange’s daily quotation sheets for the 所每日报价表之股份平均收市价；及 five business days immediately preceding the date of grant; and (iii) the nominal value of a share of the Company. (iii) 本公司股份的面值。 An offer for the grant of share options must be accepted 授出购股权的要约须于作出有关要约日期 within 14 days from the date on which such offer was made. 起计14日内接纳。购股权获授人于接纳购 The amount payable by the grantee of a share option to 股权时，须向本公司缴付1.00港元。 the Company on acceptance of the offer of the grant is HK$1.00. Share options do not confer rights on the holders to 购股权并无赋予持有人权利获派股息或于 dividends or to vote at shareholders’ meetings. 股东大会上投票。 No share options has been granted since the adoption of 自采纳二零二二年计划后概无授出任何购 2022 Scheme. 股权。 二零二五年年报 宏安集团有限公司 291

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） WOP Share Option Scheme 宏安地产购股权计划 WOP operates a share option scheme (the “WOP Share 宏安地产设有购股权计划（「宏安地产购股 Option Scheme”) for the purpose of providing incentives 权计划」），以向宏安地产及其附属公司 and rewards to eligible participants who contribute to the （统称为「宏安地产集团」）之成功作出贡献 success of WOP and its subsidiaries (collectively referred 之合资格人士提供激励及奖励。购股权可 to as the “WOP Group”). Share options may be granted to 授予任何宏安地产的董事或候任董事（不 any WOP’s director or proposed director (whether executive 论执行或非执行董事（包括独立非执行董 or non-executive, including independent non-executive 事））、雇员或拟聘请雇员（不论为全职或兼 director), employee or proposed employee (whether full-time 职）、借调员工、任何宏安地产集团成员公 or part-time), secondee, any holder of securities issued by 司所发行证券之持有人、向宏安地产集团 any member of the WOP Group, any person or entity that 任何成员公司提供研究、开发或其他科技 provides research, development or other technology support 支援或顾问、咨询、专业或其他服务之任 or advisory, consultancy, professional or other services to any 何人士或实体，或宏安地产集团之主要股 member of the WOP Group or any substantial shareholder 东或由主要股东控制之公司，或由任何一 or company controlled by a substantial shareholder, or any 位或多位上述类别参与者控制之公司。宏 company controlled by one or more persons belonging to 安地产购股权计划自二零一六年八月九日 any of the above classes of participants. The WOP Share 生效，除非股东于股东大会提早终止，否 Option Scheme became effective on 9 August 2016 and, 则将自该日起十年内有效。 unless otherwise terminated earlier by shareholders in a general meeting, will remain in force for a period of 10 years from that date. Purpose 目的 The purpose of the WOP Share Option Scheme is to 宏安地产购股权计划旨在向对宏安地产集 provide incentives and rewards to eligible participants who 团业务之成功作出贡献之合资格参与者给 contribute to the success of the WOP Group’s operations. 予奖励及回报。 Maximum number of shares available for subscription 可供认购之最高股份数目 Pursuant to the WOP Share Option Scheme, the maximum 根据宏安地产购股权计划，按宏安地产购 number of share options that may be granted under the 股权计划及任何其他宏安地产购股权计划 WOP Share Option Scheme and any other share option 可予授出之购股权在被行使时之最高数目 schemes of WOP is an amount, upon their exercise, not 总数，合共不得超过宏安地产不时已发行 in aggregate exceeding 30% of the issued share capital of 股本之30%，但不包括行使购股权而发行 WOP from time to time, excluding any shares issued on 之任何股份。根据宏安地产购股权计划及 the exercise of share options. The total number of shares 任何其他计划将授出之所有购股权获行使 which may be issued upon exercise of all options to be 后可能发行之股份总数合共不得超过批准 granted under the WOP Share Option Scheme and any 宏安地产购股权计划限额之日或不时更新 other schemes shall not in aggregate exceed 10% of the 已发行股份数目之10%。 number of shares in issue, as at the date of approval of the WOP Share Option Scheme limit or as refreshed from time to time. 292 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） WOP Share Option Scheme (continued) 宏安地产购股权计划（续） Maximum entitlement of each participant 每名参与者可获授权益上限 The maximum number of shares issuable under share 根据宏安地产购股权计划，于任何12个月 options to each eligible participant (except for a substantial 内根据购股权可向每名合资格参与者（除主 shareholder or an independent non-executive director or 要股东或独立非执行董事或任何彼等各自 any of their respective associates) under the WOP Share 之联系人外）发行之最多宏安地产股份数 Option Scheme within any 12-month period is limited to 1% 目，不得超过宏安地产任何时候之已发行 of the shares of WOP in issue at any time. Any further grant 股份之1%。额外授出任何超过该数目之购 of share options in excess of such limit must be separately 股权时，必须获股东另行批准，而该名合 approved by shareholders with such eligible participant and 资格参与者及其联系人须弃权投票。 his associates abstaining from voting. Share options granted to a director, chief executive or 向宏安地产一名董事、行政总裁或主要股 substantial shareholder of WOP (or any of their respective 东（或任何彼等各自之联系人）授出购股 associates) must be approved by the independent non- 权时，必须先获宏安地产独立非执行董事 executive directors of WOP (excluding any independent non- （不包括身为购股权承授人之独立非执行董 executive director who is the grantee of the option). Where 事）批准。倘向主要股东或独立非执行董事 any grant of share options to a substantial shareholder （或彼等各自之联系人）授出购股权时，会 or an independent non-executive director (or any of their 导致根据宏安地产购股权计划或宏安地产 respective associates) will result in the total number of 任何其他购股权计划向该名人士已授出或 shares issued and to be issued upon exercise of share 将授出购股权（包括已行使、已注销及未行 options already granted and to be granted to such person 使之购股权）获行使时已发行及将发行之股 under the WOP Share Option Scheme and any other share 份总数在任何12个月内直至及包括授出日 option schemes of WOP (including options exercised, 期相等于合共超过已发行股份之0.1%；及 cancelled and outstanding) in any 12-month period up to 按宏安地产股份于各授出日期之收市价计 and including the date of grant representing in aggregate 算总值超过5,000,000港元，则该额外授出 over 0.1% of the shares in issue, and having an aggregate 之购股权，须根据上市规则，先获得股东 value, based on the closing price of WOP’s shares at each 在股东大会上批准。任何已向主要股东或 date of grant, in excess of HK$5 million, such further grant 独立非执行董事（或任何彼等各自之联系 of share options is required to be approved by shareholders 人）授出之购股权之条款之变更，亦须获得 in a general meeting in accordance with the Listing Rules. 股东批准。 Any change in the terms of a share option granted to a substantial shareholder or an independent non-executive director (or any of their respective associate) is also required to be approved by shareholders. 二零二五年年报 宏安集团有限公司 293

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） WOP Share Option Scheme (continued) 宏安地产购股权计划（续） Basis of determining the exercise price 厘定行使价之基础 The option price per share payable on the exercise of an 行使购股权时应付之每股股份之购股权价 option is determined by the directors, provided that it shall 由董事决定，惟将须至少为下列两者中之 be at least the higher of: 较高者： (i) the closing price of the shares of WOP as stated in (i) 购股权授出日期（必须为营业日）载于 the daily quotation sheet issued by the Hong Kong 香港联交所刊发之日报表之宏安地产 Stock Exchange at the date of offer of grant (which is 股份收市价（若合资格参与者接受授 deemed to be the date of grant if the offer for the grant 出之购股权，则该日被视作购股权授 of a share option is accepted by the eligible person), 出日期）；及 which must be a business day; and (ii) the average closing price of the shares of WOP as (ii) 购股权授出日期前五个营业日载于香 stated in the daily quotation sheets issued by the 港联交所发出之日报表之宏安地产股 Hong Kong Stock Exchange for the five business 份平均收市价，惟每股股份之购股权 days immediately preceding the date of offer of grant, 价在任何情况下不可低于一股宏安地 provided that the option price per share shall in no 产股份之面值。 event be less than the nominal amount of one share of WOP. An offer for the grant of share options must be accepted 授出购股权的要约须于作出有关要约日期 within 30 days from the date on which such offer was made. 起计30日内接纳。购股权获授人于接纳购 The amount payable by the grantee of a share option to 股权时，须向宏安地产缴付1.00港元。 WOP on acceptance of the offer of the grant is HK$1.00. Share options do not confer rights on the holders to 购股权并无赋予持有人权利获派股息或于 dividends or to vote at shareholders’ meetings. 股东大会上投票。 No share option has been granted since the adoption of the 自采纳宏安地产购股权计划以来，并无授 WOP Share Option Scheme. 出购股权。 294 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） WYTH Share Option Scheme 位元堂控股购股权计划 On 22 August 2023, WYTH adopted a new share option 于二零二三年八月二十二日，位元堂控股 scheme (the “WYTH 2023 Scheme”). The exercise 采纳一项新购股权计划（「位元堂控股二零 period of the share options granted is determinable by the 二三年计划」）。所授出之购股权行使期由 directors, and commences after a vesting period of one to 董事厘定，于一至三年的归属期后开始， three years and ends on a date which is not later than five 并于不迟于购股权要约日期或位元堂控股 years from the date of offer of the share options or the expiry 二零二三年计划到期日（以较早者为准）起 date of the WYTH 2023 Scheme, if earlier. 五年内结束。 The WYTH 2023 Scheme is for the primary purpose of 位元堂控股二零二三年计划的主要目的乃 providing incentives or rewards to selected eligible persons 向经甄选合资格人士就彼等对位元堂控股 for their contribution or potential contribution to WYTH and 及其附属公司所作贡献或潜在贡献提供奖 its subsidiaries. 励或回报。 Pursuant to the WYTH 2023 Scheme, share options may be 根据位元堂控股二零二三年计划，购股权 granted to any directors or proposed directors, employee 可授予位元堂控股或其附属公司或其控 or proposed employee, of WYTH or its subsidiaries or 股公司、同系附属公司或联营公司的任何 its holding companies, fellow subsidiaries or associated 董事或候任董事、雇员或拟聘请雇员，以 companies to let them subscribe for shares in WYTH at 让其认购位元堂控股的股份，代价相等于 a consideration equal to the higher of the closing price of 授出购股权当日位元堂控股于联交所的收 the shares of WYTH on the Stock Exchange at the date of 市价，或紧接授出购股权当日前五个交易 offer of grant and the average closing price of the shares 日位元堂控股股份于联交所的平均收市价 of WYTH on the Stock Exchange for the five trading days （以较高者为准）或位元堂控股股份面值。 immediately preceding the date of grant of the options and the nominal value of the shares of WYTH. Options granted must be taken up within 30 days from the 授出的购股权须于授出日起计30日内接 date of grant, upon payment of HK$1. Options may be 纳，于接纳时须缴付1港元。购股权可自 exercised at any time from the date of grant of the share 授出日期起至授出日期满十周年止期间， options up to the tenth anniversary of the date of grant as 由位元堂控股董事全权决定随时行使。 determined by the directors of WYTH at their discretion. 二零二五年年报 宏安集团有限公司 295

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） WYTH Share Option Scheme (continued) 位元堂控股购股权计划（续） The maximum number of shares of WYTH in respect of 位元堂控股授出购股权涉及之位元堂控股 which options may be granted, when aggregated with any 股份，连同位元堂控股任何其他购股权 other share option scheme of the WYTH, shall not exceed 计划可授出的购股权所涉及的股份数目上 10% of the issued share capital of WYTH from time to 限，不可超过位元堂控股不时已发行股本 time excluding any shares issued upon the exercise of 的10%（不包括因行使根据位元堂控股二零 options granted pursuant to the WYTH 2023 Scheme. 二三年计划授出的购股权而发行的任何股 Notwithstanding the foregoing, the shares which may be 份）。尽管以上所述，因行使根据位元堂控 issued upon exercise of all outstanding options granted and 股二零二三年计划已授出但当尚未行使的 yet to be exercised under the WYTH 2023 Scheme shall not 购股权而可予发行的位元堂控股股份，不 exceed 10% of the shares in issue as at the date of approval 得超过位元堂控股二零二三年计划批准日 of the WYTH 2023 Scheme or as refreshed from time to 期或不时更新的已发行股份数目的10%。 time. The total number of shares in respect of which options may 根据位元堂控股二零二三年计划，于任何 be granted to an eligible person under the WYTH 2023 十二个月期间内向合资格人士可能授予购 Scheme within any 12-month period is not permitted to 股权的有关股份总数，不得超逾于任何时 exceed 1% of the aggregate number of share of WYTH is 间位元堂控股已发行股份数目总数的1%。 issue at any time. There are no cash settlement alternatives. WYTH does not 概不得以现金结算。位元堂控股过往就该 have a past practice of cash settlement for these share 等购股权并无进行现金结算。位元堂控股 options. WYTH accounts for the WYTH 2023 Scheme as an 入账位元堂控股二零二三年计划为股本结 equity-settled plan. 算计划。 Share options do not confer rights on the holders to 购股权并无赋予持有人权利获派股息或于 dividends or to vote at shareholder’s meetings. 股东大会上投票。 No share option has been granted til 31 March 2025 since 自采纳位元堂控股二零二三年计划后直至 the adoption of the WYTH 2023 Scheme. 二零二五年三月三十一日概无授出任何购 股权。 There were no share options granted, exercised, lapsed or 截至二零二五年及二零二四年三月三十一 cancelled during the years ended 31 March 2025 and 2024. 日止年度，概无购股权获授出、行使、失 效或注销。 There was no share-based payment recognised during the 截至二零二五年及二零二四年三月三十一 years ended 31 March 2025 and 2024. 日止年度，概无确认以股份付款。 296 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） CAP Share Option Scheme 中国农产品购股权计划 CAP adopted a new share option scheme (the “CAP 2022 经中国农产品股东于二零二二年八月 Scheme”) which was approved by the shareholders of CAP 二十六日举行之中国农产品股东周年大会 at the annual general meeting of CAP held on 26 August 上批准，中国农产品采纳一项新购股权计 2022 for the primary purpose of providing incentives or 划（「中国农产品二零二二年计划」），主 rewards for the eligible persons (the “CAP Participants”) to 要目的为向合资格人士（「中国农产品参与 take up options for their contribution or potential contribution 者」）接纳购股权就彼等对中国农产品及其 to the development and the growth of the CAP and its 附属公司（统称「中国农产品集团」）之发展 subsidiaries (collectively referred to as the “CAP Group”) 及增长作出或可能作出之贡献提供激励或 with the same terms as the share option scheme (the “CAP 表彰，条款与中国农产品于二零一二年五 2012 Scheme”) adopted by CAP on 3 May 2012. CAP 月三日采纳之购股权计划（「中国农产品二 Participants include directors of the CAP Group, including 零一二年计划」）相同。中国农产品参与者 independent non-executive directors and employees, who 包括中国农产品集团之董事（包括独立非执 work for any member of the CAP Group and/or any person 行董事）及为中国农产品集团旗下任何成员 or entity that provides services to any member of the CAP 公司工作之雇员及╱或向中国农产品集团 Group. The CAP 2022 Scheme became effective on 26 任何成员提供服务之任何人士或实体。中 August 2022 and will remain in force for a period of 10 years 国农产品二零二二年计划于二零二二年八 to 25 August 2032. 月二十六日生效，有效期为十年，至二零 三二年八月二十五日止。 Under the CAP 2022 Scheme, the board of directors of CAP 根据中国农产品二零二二年计划，中国农 (the “CAP Board”) may grant share options to the CAP 产品董事会（「中国农产品董事会」）可向中 Participants to subscribe for the CAP’s Shares. The offer of 国农产品参与者授出购股权以认购中国农 a grant of share options must be accepted by the relevant 产品股份。授出购股权之要约必须于授出 CAP Participants within 14 days after the date of grant upon 日期后14日内获有关中国农产品参与者接 payment of a consideration of HK$1 for each lot of share 纳，并须就所授出之每批购股权支付代价 options granted. The exercise price is to be determined by 1港元。行使价将由中国农产品董事会厘 the CAP Board and shall not be less than the highest of: 定，且不得低于以下最高者： (a) the official closing price of the shares of CAP as (a) 中国农产品股份于授出日期（必须为 stated in the daily quotations sheet issued by the 营业日）在香港联交所发布的每日报 Stock Exchange on the date of grant which must be a 价表所报的正式收市价； business day; (b) the average of the official closing prices of the shares (b) 紧接授出日期前五个营业日载于联交 of CAP as stated in the daily quotations sheet issued 所发布的日报表之中国农产品股份平 by the Stock Exchange for the five business days 均正式收市价；及 immediately preceding the date of grant; and (c) the nominal value of a share of CAP. (c) 中国农产品股份面值。 二零二五年年报 宏安集团有限公司 297

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） CAP Share Option Scheme (continued) 中国农产品购股权计划（续） The number of shares in respect of which options may be 于任何授出日期（包括该日）前12个月期间 granted to eligible person in any 12-month period up to and 内，倘未获股东事先批准，则向任何合资 including the date of grant shall not exceed 1% of the shares 格人士授出之购股权所涉及之股份数目， in issue at any point in time, without prior approval from the 于任何时候不得超过已发行股份之1%。倘 shareholders. Options granted to substantial Shareholders 授予主要股东或中国农产品集团独立非执 or independent non-executive Directors of CAP Group, 行董事或任何彼等各自之联系人之购股权 or any of their respective associates, in excess of 0.1% of 超过已发行中国农产品股份之0.1%，及其 the CAP’s Shares in issue and with an aggregate value in 价值合计超过5,000,000港元，则须经中国 excess of HK$5,000,000 must be approved in advance by 农产品股东事先批准。概无明文规定购股 the shareholders of CAP. There is no specific requirement 权须持有任何最短期限后方可行使，惟中 that an option must be held for any minimum period before 国农产品董事会有权酌情于授出任何个别 it can be exercised but the CAP Board is empowered to 购股权时施加任何最短期限。中国农产品 impose at its discretion any such minimum period at the 董事会可全权酌情厘定可行使购股权之期 time of grant of any particular option. The period during 间，惟购股权概不可于授出日期起计十年 which an option may be exercised will be determined by the 以上期间行使。 CAP Board at its absolute discretion, save that no option may be exercised for a period of more than 10 years from the date of grant. Pursuant to the CAP 2022 Scheme, the maximum number 根据中国农产品二零二二年计划，连同中 of shares in CAP in respect of which options may be granted 国农产品任何其他购股权计划可授出之 when aggregated with any other share option scheme 购股权所涉及之中国农产品股份最高数目 of CAP is not permitted to exceed 995,306,782 shares, 不得超过995,306,782股，即中国农产品 representing 10% of the issued share capital of CAP as at 于本报告日期已发行股本之10%。待发 the date of this report. Subject to the issue of a circular and 出通函及中国农产品股东于股东大会上批 the approval of the shareholders of CAP in general meeting, 准后，中国农产品董事会可随时将限额重 the CAP Board may refresh the limit at any time to 10% of 新厘定为于中国农产品股东在股东大会上 the total number of CAP’s shares in issue as at the date of 批准当日已发行中国农产品股份总数之 approval by the shareholders of CAP at general meeting. 10%。尽管有上述规定，因行使中国农产 Notwithstanding the foregoing, the CAP’s shares which may 品二零二二年计划及中国农产品任何其他 be issued upon exercise of all outstanding options granted 购股权计划所有已授出但未行使之购股权 and yet to be exercised under the CAP 2022 Scheme and 而可予发行之中国农产品股份，于任何时 any other share option schemes of CAP at any time shall not 候均不得超过不时已发行中国农产品股份 exceed 30% of CAP’s shares in issue from time to time. 之30%。 No share option has been granted as at 31 March 2025 自采纳中国农产品二零二二年计划后，于 since the adoption of the CAP 2022 Scheme. 二零二五年三月三十一日概无授出任何购 股权。 During the current and prior years, no share options were 于本年度及过往年度，概无购股权根据中 granted, exercised, lapsed or cancelled under the CAP 2022 国农产品二零二二年计划获授出、行使、 Scheme. 失效或注销。 298 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） CAP Share Option Scheme (continued) 中国农产品购股权计划（续） The following share options were outstanding under the 以下为于年内根据中国农产品二零一二年 CAP 2012 Scheme during the year: 计划尚未行使的购股权： 2025 2024 二零二五年 二零二四年 Weighted Weighted average Number average Number exercise price of options exercise price of options 加权 加权 平均行使价 购股权数目 平均行使价 购股权数目 HK$ ’000 HK$ ’000 per share per share 港元每股 千份 港元每股 千份 At beginning of year 于年初 0.118 161,000 0.118 211,000 Forfeit ed during the year 于年内 没收 0.11 8 (20,00 0) 0.11 8 (50,00 0) At end of year 于年终 0.11 8 141,00 0 0.11 8 161,00 0 The exercise prices and exercise periods of the share 以下为于报告期末，尚未行使购股权的行 options outstanding as at the end of the reporting period are 使价及行使期间： as follows: 2025 二零二五年 Number of options Exercise price* Exercise period 购股权数目 行使价* 行使期间 ’000 HK$ per share 千份 港元每股 28,200 0.118 3.1.2025 to 2.1.2032 二零二五年一月三日至二零三二年一月二日 28,200 0.118 3.1.2026 to 2.1.2032 二零二六年一月三日至二零三二年一月二日 28,200 0.118 3.1.2027 to 2.1.2032 二零二七年一月三日至二零三二年一月二日 28,200 0.118 3.1.2028 to 2.1.2032 二零二八年一月三日至二零三二年一月二日 28,200 0.118 3.1.2029 to 2.1.2032 二零二九年一月三日至二零三二年一月二日 141,000 二零二五年年报 宏安集团有限公司 299

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） CAP Share Option Scheme (continued) 中国农产品购股权计划（续） 2024 二零二四年 Number of options Exercise price* Exercise period 购股权数目 行使价* 行使期间 ’000 HK$ per share 千份 港元每股 32,200 0.118 3.1.2025 to 2.1.2032 二零二五年一月三日至二零三二年一月二日 32,200 0.118 3.1.2026 to 2.1.2032 二零二六年一月三日至二零三二年一月二日 32,200 0.118 3.1.2027 to 2.1.2032 二零二七年一月三日至二零三二年一月二日 32,200 0.118 3.1.2028 to 2.1.2032 二零二八年一月三日至二零三二年一月二日 32,200 0.118 3.1.2029 to 2.1.2032 二零二九年一月三日至二零三二年一月二日 161,000 * The exercise price of the share options is subject to adjustment * 购股权的行使价会因权利或发行红股，或中 in the case of rights or bonus issues, or other similar changes in 国农产品股本中其他类似的变动而予以调 the CAP’ share capital. 整。 The fair value of the share options under the CAP 2012 于截至二零二二年三月三十一日止年度授 Scheme granted during the year ended 31 March 2022 出中国农产品二零一二年计划项下购股权 was HK$21,915,000 (HK$0.097 each), of which the CAP 之公平值为21,915,000港元（每股为0.097 Group recognised a share option expense of HK$2,975,000 港元），其中截至二零二五年三月三十一 (31 March 2024: HK$3,838,000) during the year ended 31 日止年度，中国农产品集团确认购股权开 March 2025. 支2,975,000港元（二零二四年三月三十一 日：3,838,000港元）。 300 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 35. SHARE OPTION SCHEME (continued) 35. 购股权计划（续） CAP Share Option Scheme (continued) 中国农产品购股权计划（续） 2024 二零二四年 The fair value of equity-settled share options granted during 于截至二零二二年三月三十一日止年度授 the year ended 31 March 2022 was estimated as at the date 出的以权益结算购股权的公平值乃于授出 of grant using a trinomial model, taking into account the 日期使用三项式模型估计，并计及授出购 terms and conditions upon which the options were granted. 股权的条款及条件。下表载列所用模式的 The following table lists the inputs to the model used: 输入数据： 2022 二零二二年 Dividend yield (%) 股息率(%) – Expected volatility (%) 预期波幅(%) 97.03 Historical volatility (%) 历史波幅(%) 97.03 Risk-free interest rate (%) 无风险利率(%) 1.44 Expected life of options (year) 购股权的预期年期（年） 10 Weighted average share price (HK$ per share) 加权平均股价（港元每股） 0.118 Expected volatility was determined by using the historical 预期波幅乃使用中国农产品股价于过去约 volatility of the CAP’s share price over the approximately 十年的历史波幅厘定。模型中使用的预期 previous 10 years. The expected life used in the model has 年期已根据董事的最佳估计针对不可转让 been adjusted, based on the directors’ best estimate, for 性、行使限制及行为考量因素的影响作出 the effects of non-transferability, exercise restrictions and 调整。 behavioural considerations. No other feature of the options granted was incorporated 计量公平值时概无列入已授出购股权之其 into the measurement of fair value. 他特征。 At the date of approval of these financial statements, CAP 于该等财务报表获批准之日，中国农产品 had 141,000,000 share options outstanding under the CAP 于中国农产品二零一二年计划项下拥有 2012 Scheme. 141,000,000份尚未行使购股权。 二零二五年年报 宏安集团有限公司 301

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 36. RESERVES 36. 储备 The amounts of the Group’s reserves and the movements 有关本集团于本年度及过往年度之储备及 therein for the current and prior years are presented in the 其变动已呈列于财务报表第125至126页之 consolidated statement of changes in equity on pages 125 综合权益变动表内。 to 126 of the financial statements. (a) Share premium (a) 股份溢价 The share premium represents the difference 股份溢价指已发行股份面值与已收代 between the par value of the shares issued and the 价之间的差额，受百慕达一九八一年 consideration received, which is governed by the 公司法规管。 Companies Act 1981 of Bermuda. (b) Contributed surplus (b) 实缴盈余 The contributed surplus of the Company originally 本公司之实缴盈余乃本公司于 derived from the difference between the nominal 一九九五年二月六日根据本集团重组 value of the share capital and share premium of 而购入附属公司之股本面值及股份溢 the subsidiaries acquired pursuant to the Group’s 价与因换购而发行之本公司已发行股 reorganisation on 6 February 1995 and the par value 本面值两者间之差额而衍生。根据百 of the Company’s shares issued in exchange therefor. 慕达一九八一年公司法（修订本），实 Under the Companies Act 1981 of Bermuda (as 缴盈余可在若干情况下分派予股东。 amended), the contributed surplus is distributable to shareholders under certain circumstances. (c) Reserve funds (c) 储备基金 Pursuant to the relevant laws and regulations in 根据中国内地有关法例及规例，本集 Mainland China, a portion of the profits of the 团于中国内地的附属公司的部分溢利 Company’s subsidiaries in Mainland China has been 已转拨至用途受到规限的储备基金。 transferred to the reserve funds which are restricted to use. (d) Capital reserve (d) 资本储备 Capital reserve represents the difference between the 资本储备指所收购或出售的非控股权 amounts of net consideration and the carrying values 益代价净值及账面值之间的差额。 of non-controlling interests acquired or disposed of. 302 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 37. PARTLY-OWNED SUBSIDIARIES WITH 37. 拥有重大非控股权益之部分拥有附 MATERIAL NON-CONTROLLING INTERESTS 属公司 Details of the Group’s subsidiaries that have material non- 拥有重大非控股权益之本集团附属公司详 controlling interests are set out below: 情载列如下： 2025 2024 二零二五年 二零二四年 Percentage of equity interest held by 非控股权益持有之股权 non-controlling interests: 百分比： WOP 宏安地产 25.00% 25.00% WYTH 位元堂控股 27.98% 30.81% CAP 中国 农产品 42.91% 42.91% 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Profit/(loss) for the year allocated to 非控股权益获分配之年内 non-controlling interests: 溢利╱（亏损）： WOP 宏安地产 (296,401) (191,475) WYTH 位元堂控股 3,642 27,238 CAP 中国 农产品 27,547 –* Accumulated balances of 非控股权益于报告日期之 non-controlling interests at 累计结余： the reporting date: WOP 宏安地产 800,070 1,108,289 WYTH 位元堂控股 340,161 433,157 CAP 中国 农产品 1,287,757 1,308,926 * The Group’s interests in CAP during the prior year and up to * 本集团于过往年度直至完成实物分派（附注 date of completion of the Distribution in Specie (note 1(ii)) was 1(ii)）当日在中国农产品之权益乃透过位元堂 held through WYTH and therefore, its financial information prior 控股持有，因此，其于实物分派完成日期前 to the completion date of the Distribution in Specie was included 之财务资料已计入位元堂控股之财务资料， in that of WYTH and only the assets and liabilities information as 仅截至二零二四年三月三十一日之资产及负 at 31 March 2024 was separately disclosed to avoid duplication 债资料单独披露，从而避免重复呈列资料。 of information presented. 二零二五年年报 宏安集团有限公司 303

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 37. PARTLY-OWNED SUBSIDIARIES WITH 37. 拥有重大非控股权益之部分拥有附 MATERIAL NON-CONTROLLING INTERESTS 属公司（续） (continued) The following tables illustrate the summarised financial 下表展示上述附属公司之财务资料概要。 information of the above subsidiaries. The amounts 所披露金额未扣除任何公司间对销： disclosed are before any inter-company eliminations: WOP WYTH CAP 宏安地产 位元堂控股 中国农产品 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 2025 二零二五年 Revenue 收益 1,254,591 745,298 530,761 Profit/(loss) for the year 本年度溢利╱（亏损） (1,029,071) 7,092 32,127 Other comprehensive income/ 年内其他全面 (loss) for the year 收益╱（亏损） 4,909 (2,035) (61,093) Total comprehensive income/ 年内全面收益╱（亏损） (los s) for the year 总额 ( 1,024,162) 5,057 (28,966) Net cash flows from operating 经营业务所得现金流量 activities 净额 918,242 102,319 83,348 Net cash flows from investing 投资活动所得现金流量 activities 净额 328,453 280,889 100,970 Net cash flows used in financing 融资活动所用现金流量 acti vities 净额 ( 1,617,981) (405,688) (264,004) Net decrease in cash and cash 现金及现金等同项目之 equ ivalents 减少 净额 (371,286) (22,480) (79,686) Current assets 流动资产 3,279,364 621,023 1,394,619 Non-current assets 非流动资产 3,991,177 1,114,226 2,839,783 Current liabilities 流动负债 1,020,754 358,933 880,109 Non-c urrent liabilities 非流动 负债 2,826,802 196,746 1,327,258 304 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 37. PARTLY-OWNED SUBSIDIARIES WITH 37. 拥有重大非控股权益之部分拥有附 MATERIAL NON-CONTROLLING INTERESTS 属公司（续） (continued) WOP WYTH CAP 宏安地产 位元堂控股 中国农产品 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 2024 二零二四年 Revenue (note) 收益（附注） 297,894 1,337,854 Profit/(loss) for the year 本年度溢利╱（亏损） (note) （附注） (742,073) 4,045 Other comprehensive income/ 年内其他全面收益╱ (loss) for the year （亏损） 17,012 (113,219) Total comprehensive income/ 年内全面收益╱（亏损） (los s) for the year 总额 (725,061) (109,174) Net cash flows from/(used in) 经营活动所得╱（所用） operating activities 现金流量净额 (724,139) 191,688 161,473 Net cash flows from/(used in) 投资活动所得╱（所用） investing activities 现金流量净额 410,143 (84,621) (30,896) Net cash flows from/(used in) 融资活动所得╱（所用） fina ncing activities 现金 流量净额 428,503 (469,969) (194,013) Net increase/(decrease) in cash 现金及现金等同项目 and cash equivalents 增加 ╱（减少）净额 114,507 (362,902) (63,436) Current assets 流动资产 5,564,248 830,228 1,728,124 Non-current assets 非流动资产 4,325,693 1,264,882 2,909,942 Current liabilities 流动负债 3,875,617 380,872 1,082,554 Non-c urrent liabilities 非流动 负债 1,567,177 328,782 1,486,768 Note: 附注： The revenue and profit for the year of the CAP Group were included in 中国农产品集团年内之收入及溢利已计入位元堂 profit for the year ended 31 March 2024 from discontinued operations 控股截至二零二四年三月三十一日止年度终止经 of WYTH. 营业务之溢利。 二零二五年年报 宏安集团有限公司 305

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 38. DISPOSAL OF SUBSIDIARIES 38. 出售附属公司 For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 Details of the net assets of the subsidiaries disposed of 截至二零二五年三月三十一日止年度出售 during the year ended 31 March 2025 and their financial 附属公司资产净值之详情及其财务影响概 impacts are summarised below: 述如下： Huai’an Hongjin Beam Up Group Group Total 淮安宏进 Beam Up 集团 集团 总计 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 (Note (a)) (Note (b)) （附 注(a)） （附 注(b)） Net assets disposed of: 出售资产净值： Property, plant and equipment 物业、厂房及设备 1,686 – 1,686 Investment properties 投资物业 136,944 – 136,944 Properties under development 发展中物业 – 851,608 851,608 Deferred tax assets 递延税项资产 117 – 117 Properties held for sale 持作出售物业 33,460 – 33,460 Trade receivables 应收账款 45 – 45 Prepayment, deposits and other 预付款项、按金及 receivables 其他应收款项 3,301 38 3,339 Cash and bank balances 现金及银行结余 14,568 4,209 18,777 Receipts in advance 预收款项 (1,426) – (1,426) Contract liabilities 合约负债 (3,537) – (3,537) Other payables and accruals 其他应付款项及应计 费用 (30,813) (1,867) (32,680) Inte rest-bearing bank borrowings 计息 银行借贷 (1 0,956) (32 2,588) (33 3,544) Subtotal 小计 143,389 531,400 674,789 Non-controlling interests 非控股权益 32,803 – 32,803 Exchange fluctuation reserve released 出售时解除外汇波动 upon disposal 储备 12,940 – 12,940 Professional fees and expenses 专业费用及开支 1,653 7,063 8,716 Gain/(loss) on disposal of subsidiaries 出售附属公司之收益╱ （亏 损） 3 5,794 (7,063) 2 8,731 Total consideration 代价总 额 22 6,579 53 1,400 75 7,979 Satisfied by: 由以下方式偿付： Cash consideration 现金代价 226,579 289,995 516,574 Shareholder’s loan due to the Group 计入投资成本之应付 in cluded in investment cost 本 集团股东贷款 – 24 1,405 24 1,405 Total 总计 22 6,579 53 1,400 75 7,979 306 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 38. DISPOSAL OF SUBSIDIARIES (continued) 38. 出售附属公司（续） For the year ended 31 March 2025 (continued) 截至二零二五年三月三十一日止年度（续） An analysis of the net inflow of cash and cash equivalents 期内有关出售附属公司之现金及现金等同 for the period in respect of the disposal of subsidiaries are as 项目流入净额分析如下： follows: Huai’an Hongjin Beam Up Group Group Total 淮安宏进 Beam Up 集团 集团 总计 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 (Note (a)) (Note (b)) （附 注(a)） （附 注(b)） Cash consideration 现金代价 226,579 289,995 516,574 Consideration receivable included in 于二零二五年三月 prepayments, other receivables and 三十一日计入预付款 other assets as at 31 March 2025 项、其他应收款项及 其他资产之应收代价 (7,969) (48,590) (56,559) Deposit received as at 31 March 2024 于二零二四年三月 三十一日之已收按金 – (19,927) (19,927) Cash and cash equivalents disposed of 已出售现金及现金等同项目 (14,568) (4,209) (18,777) Profes sional fees and expenses paid 已付专 业费用及开支 (1,653) (7,063) (8,716) Net inflow of cash and cash equivalents in 就出售附属公司之现金及 resp ect of the disposal of subsidiaries 现金 等同项目流入净额 20 2,389 21 0,206 41 2,595 Notes: 附注： (a) On 5 September 2024, the Group disposed of its entire equity (a) 于二零二四年九月五日，本集团向一名独 interests in Huai’an Hongjin Agricultural By-Products Logistics 立第三方出售其于淮安宏进农副产品物流 Company Limited, together with its non-wholly-owned subsidiary, 有限公司及其非全资附属公司淮安市宏进 Huai’an Hongjin Qingjiang Agricultural and By-Products 清江农副产品批发市场有限公司（统称「淮安 Wholesale Market Company Limited (collectively referred to as 宏进集团」，主要于中国从事农产品交易市 the “Huai’an Hongjin Group”), which are principally engaged 场之物业管理及销售，及于中国持有分类为 in the management of and sales of properties in agricultural 投资物业及持作出售物业之物业）之全部股 produce exchange markets in the PRC and holding properties in 权，连同淮安宏进集团结欠本集团之股东贷 the PRC classified as investment properties and properties held 款，总代价为人民币206,817,000元（相当于 for sale, together with the shareholder’s loan owed by Huai’an 226,579,000港元）。有关出售事项之进一 Hongjin Group to the Group to an independent third party at 步详情载于本公司与中国农产品日期为二零 an aggregate consideration of RMB206,817,000 (equivalent to 二四年五月二十六日之联合公布及中国农产 HK$226,579,000). Further details of the disposal were set out in 品日期为二零二四年六月十四日之通函。 the joint announcement of the Company and CAP dated 26 May 2024 and the circular of CAP dated 14 June 2024. (b) On 26 July 2024, the Group disposed of its entire equity interest (b) 于二零二四年七月二十六日，本集团向 in Beam Up, together with the related shareholder’s loan, to Divine Glor（y 本集团间接拥有50%权益的合 Divine Glory, an indirectly 50%-owned joint venture of the Group, 营企业）出售其于Beam Up的全部股权连同 for a consideration of HK$531,400,000 (after adjustment). 相关股东贷款，代价为531,400,000港元（经 Further details of the disposal were set out in note 28 to the 调整后）。有关出售事项之进一步详情载于 financial statements. 财务报表附注28。 二零二五年年报 宏安集团有限公司 307

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 38. DISPOSAL OF SUBSIDIARIES (continued) 38. 出售附属公司（续） For the year ended 31 March 2024 截至二零二四年三月三十一日止年度 Details of the net assets of the subsidiaries disposed of 截至二零二四年三月三十一日止年度出售 during the year ended 31 March 2024 and their financial 附属公司资产净值之详情及其财务影响概 impacts are summarised below: 述如下： Billion Oriental Good Sino Total 维富 东华 总计 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 (Note (i)) (Note (ii)) （ 附注(i)） （ 附注(ii)） Net assets disposed of: 出售资产净值： Property, plant and equipment 物业、厂房及设备 – 100,923 100,923 Investment property 投资物业 71,000 – 71,000 Trade receivables 应收账款 9 – 9 Def erred tax liabilities 递延 税项负债 (1,014) – (1,014) 69,995 100,923 170,918 Professional fees and expenses 专业费用及开支 1,431 2,439 3,870 Loss o n disposal of a subsidiary 出售附 属公司之亏损 (2,665) (3,233) (5,898) 68,761 1 00,129 1 68,890 Satisfied by: 由以下方式偿付： Cas h 现金 68,761 1 00,129 1 68,890 308 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 38. DISPOSAL OF SUBSIDIARIES (continued) 38. 出售附属公司（续） For the year ended 31 March 2024 (continued) 截至二零二四年三月三十一日止年度 （续） An analysis of the net inflow of cash and cash equivalents 有关出售附属公司之现金及现金等同项目 for the year in respect of the disposal of subsidiaries are as 流入净额分析如下： follows: Billion Oriental Good Sino Total 维富 东华 总计 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 Cash consideration 现金代价 68,761 100,129 168,890 Profes sional fees and expenses 专业费 用及开支 (1,431 ) (2,439 ) (3,870 ) Net inflow of cash and cash 就出售附属公司之现金及现 equivalents in respect of the 金等同项目流入净额 disp osal of subsidiaries 67,330 97,690 165,020 Notes: 附注： (i) On 19 June 2023, the Group disposed of its entire 100% equity (i) 于二零二三年六月十九日，本集团向一名独 interests in Billion Good Investment Limited (“Billion Good”), a 立第三方出售其于维富投资有限公司（「维 then indirectly wholly-owned subsidiary of the Company which 富」）（本公司当时之间接全资附属公司，于 was holding an investment property in Hong Kong, together 香港持有一项投资物业）之100%股权，连 with the shareholder’s loan owed by Billion Good to the Group 同维富结欠本集团之股东贷款，总代价为 to an independent third party at an aggregate consideration of 68,761,000港元。 HK$68,761,000. (ii) On 14 March 2024, the Group disposed of its entire 100% equity (ii) 于二零二四年三月十四日，本集团向一名独 interests in Oriental Sino Investment Limited (“Oriental Sino”), 立第三方出售其于东华投资有限公司（「东 a then indirectly wholly-owned subsidiary of the Company, 华」，本公司当时之间接全资附属公司，于 which was holding a property, plant and equipment in Hong 香港持有一项物业、厂房及设备）之100%股 Kong, together with the shareholder’s loan owed by Oriental 权，连同东华结欠本集团之股东贷款，总代 Sino to the Group to an independent third party at an aggregate 价为100,129,000港元。 consideration of HK$100,129,000. 二零二五年年报 宏安集团有限公司 309

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 39. NOTES TO THE CONSOLIDATED 39. 综合现金流量表附注 STATEMENT OF CASH FLOWS (a) Major non-cash transactions (a) 主要非现金交易 The Group has the following major non-cash 本集团于年内有以下主要非现金交 transactions during the year: 易： (i) During the year, the Group had non-cash (i) 年内，本集团就建筑物的租赁 additions to right-of-use assets included in 安排拥有计入物业、厂房及设 property, plant and equipment and investment 备的使用权资产、投资物业及 properties and lease liabilities of HK$54,976,000, 租赁负债的非现金增加分别为 HK$32,794,000 and HK$93,505,000, 54,976,000港元、32,794,000 respectively, in respect of lease arrangements 港元及93,505,000港元（二零 for buildings (2024: HK$63,287,000, 二四年：63,287,000港元、 HK$92,602,000 and HK$173,115,000, 92,602,000港元及173,115,000 respectively). 港元）。 (ii) During the year ended 31 March 2025, trade (ii) 截至二零二五年三月三十一日 receivables of HK$12,224,000 and other 止年度，与若干业务伙伴的应 receivables of HK$6,159,000 with certain 收账款12,224,000港元及其他 business partners were settled through offsetting 应收款项6,159,000港元乃透过 against trade payables and other payables under 抵销若干多方抵销安排下的应 certain multi-party net-off arrangements. 付账款及其他应付款项偿付。 310 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 39. NOTES TO THE CONSOLIDATED 39. 综合现金流量表附注（续） STATEMENT OF CASH FLOWS (continued) (b) Changes in liabilities arising from financing (b) 融资活动产生之负债变动 activities Bank and Lease Unsecured other loans liabilities notes 银行及 其他贷款 租赁负债 无抵押票据 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 At 1 April 2023 于二零二三年四月一日 (including liabilities of a disposal （包括分类为持作出售之 company classified as held for sale) 出售公司负债） 6,121,379 800,050 125,189 Changes from financing cash flows 融资现金流量变动 527,788 (252,024) (119,249) New leases 新租赁 – 173,115 – Lease modification 租赁修改 – (8,789) – Interest expense 利息开支 – 49,000 8,847 Gain on early redemption of unsecured 提早赎回无抵押票据之 notes 收益 – – (14,787) Foreig n exchange movement 汇兑变 动 20,22 8 (56 3) – 6,669,395 760,789 – Included in liabilities of a disposal 计入分类为持作出售之一个 group classified as held for sale 出售集团之负债（附注28） (note 28) (322,472) – – Balances as stated in the consolidated 二零二四年三月三十一日 statement of financial position at 31 综合财务状况表所载结余 March 2024 6,346,923 760,789 – At 1 April 2024 (including liabilities of a 于二零二四年四月一日 disposal company classified as held （包括分类为持作出售之 for sale) 出售公司负债） 6,669,395 760,789 – Changes from financing cash flows 融资现金流量变动 (1,654,766) (247,484) – Disposal of subsidiaries 出售附属公司 (333,544) – – New leases 新租赁 – 93,505 – Lease modification 租赁修改 – 17,529 – Lease termination 租赁终止 – (87,921) Interest expense 利息开支 – 42,205 679 Issuance of unsecured notes 发行无抵押票据 – – 59,999 Foreig n exchange movement 汇兑变 动 (25,51 3) (68 3) – Balances as stated in the consolidated 二零二五年三月三十一日 statement of financial position at 31 综合财务状况表 Mar ch 2025 所载 结余 4,655,572 577,94 0 60,67 8 二零二五年年报 宏安集团有限公司 311

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 39. NOTES TO THE CONSOLIDATED 39. 综合现金流量表附注（续） STATEMENT OF CASH FLOWS (continued) (c) Total cash outflow for leases (c) 租赁之总现金流出 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Within operating activities 经营活动内 8,850 17,814 Within financing activities 融资活 动内 247,484 252,024 Total 总计 256,334 269,838 40. PLEDGE OF ASSETS 40. 资产抵押 Details of the Group’s assets pledged for the Group’s 本集团就本集团应付账款及应付票据以及 trade and bills payable and bank and other borrowings are 银行及其他借贷的已抵押资产的详情载于 included in notes 1, 13, 14, 16, 20, 23, 26, and 27 to the 财务报表附注1、13、14、16、20、23、 financial statements. 26及27。 312 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 41. COMMITMENTS 41. 承担 (a) The Group had the following capital commitments at (a) 于报告期末，本集团的资本承担如 the end of the reporting period: 下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Contracted, but not provided for: 已订约但未拨备： Properties under development 发展中物业 181,623 54,685 Property, plant and equipment 物业、厂房及设备 9,124 5,562 Properties held for sale 持作出售物业 6,979 7,282 Investment properties 投资物业 21,177 156,293 Investments in joint ventures 投资合营企业 1,126,729 1,518,765 Fina ncial assets at FVTPL 按公 平值计入损益之金融资产 54,416 55,524 Total 总计 1,400,048 1,798,111 In addition, the Group’s share of the joint ventures’ 此外，本集团应占合营企业之自有资 own capital commitments, which are not included in 本承担（并无载于上文）如下： the above, is as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Contr acted, but not provided for 已订约 但未拨备 409,003 548,323 (b) As at 31 March 2025, the Group has various lease (b) 于二零二五年三月三十一日，本 contracts that have not yet commenced. The future 集团拥有多项尚未开始的租赁合 lease payments for these non-cancellable lease 约。于二零二五年三月三十一日， contracts are HK$1,566,000 (2024: HK$1,566,000) 该等不可撤销租赁合约之未来租 due within one year and HK$4,866,000 (2024: 赁付款1,566,000港元（二零二四 HK$4,866,000) due in the second to fifth years, 年：1,566,000港元）于一年内到期 inclusive as at 31 March 2025. 以及4,866,000港元（二零二四年： 4,866,000港元）于第二年至第五年内 （包括首尾两年）到期。 二零二五年年报 宏安集团有限公司 313

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 42. FINANCIAL GUARANTEES 42. 财务担保 (a) As at 31 March 2025, the Group has given guarantees (a) 于二零二五年三月三十一日，本集 to certain banks in connection with facilities granted 团已就授予Divine Glory及其附属公 to Divine Glory and its subsidiary (“Divine Glory 司（「Divine Glory集团」）及Wonder Group”) and Wonder Sign Limited and its subsidiaries Sign Limited及其附属公司（「Wonder (“Wonder Sign Group”), both are joint ventures of the Sign集团」）（均为本集团的合营企业） Group, up to HK$175,000,000 and HK$250,000,000, 的融资向若干银行提供担保，分别高 respectively. The banking facilities guaranteed by the 达175,000,000港元及250,000,000 Group to Divine Glory Group and Wonder Sign Group 港元。于二零二五年三月三十一 were utilised to the extent of HK$161,294,000 and 日，本集团向Divine Glory 集团及 HK$220,275,000, respectively, as the 31 March 2025. Wonder Sign集团作出担保的银行 融资已分别动用161,294,000港元及 220,275,000港元。 As at 31 March 2024, the Group has given guarantees 于二零二四年三月三十一日，本集 to certain banks in connection with facilities granted 团已就Merry Cottage Limited 及其 Merry Cottage Limited and its subsidiaries (the “Merry 附属公司（「Merry Cottage集团」） Cottage Group”) and Wonder Sign Group, both are 及Wonder Sign集团（均为本集团之 joint ventures of the Group, up to HK$120,400,000 合营企业）获授之融资向若干银行提 and HK$250,000,000, respectively. The banking 供担保，金额分别高达120,400,000 facilities guaranteed by the Group to the Merry Cottage 港元及250,000,000 港元。于二零 Group and Wonder Sign Group were utilised to the 二四年三月三十一日，本集团向 extent of HK$53,291,000 and HK$247,975,000, Merry Cottage集团及Wonder Sign集 respectively, as at 31 March 2024. 团作出担保的银行融资已分别动用 53,291,000港元及247,975,000港元。 The Group does not hold any collateral or other credit 本集团并无就该等担保持有任何抵押 enhancements over the guarantees. The financial 品或其他加强信贷措施。财务担保合 guarantee contracts are measured at the higher of the 同乃按预期信贷亏损拨备及初步确认 ECLs allowance and the amount initially recognised 金额减已确认收入之累计金额（以较 less the cumulative amount of income recognised. The 高者为准）计量。预期信贷亏损拨备 ECLs allowance is measured by estimating the cash 乃按现金短缺之估计计量，其乃根据 shortfalls, which are based on the expected payments 补偿持有人就所产生信贷亏损之预期 to reimburse the holders for a credit loss that it incurs 款项，减任何本集团预期从债务人收 less any amounts that the Group expects to receive 取之任何金额计算。初步确认金额为 from the debtor. The amount initially recognised 财务担保于初步确认之公平值。 represents the fair value at initial recognition of the financial guarantees. At the end of both reporting periods, the Group 于两个报告期末，本集团并无就有关 did not recognise any liabilities in respect of such 企业融资担保确认任何负债，原因为 corporate financial guarantees as the directors of the 本公司董事认为所涉各方违约可能性 Company consider that the possibility of default of the 极低；因此，于有关担保合约开始时 parties involved is remote; accordingly, no value has 及于报告期末并无确认任何价值。 been recognised at the inception of these guarantee contracts and at the end of the reporting period. 314 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 42. FINANCIAL GUARANTEES (continued) 42. 财务担保（续） (b) As at 31 March 2025, the Group provided (b) 于二零二五年三月三十一日，本集团 guarantees of approximately HK$16,936,000 (2024: 就银行向已售物业的客户提供的贷款 HK$22,846,000) to customers in favour of certain 向客户提供以若干银行为受益人的担 banks for the loans provided by the banks to the 保约16,936,000港元（二零二四年： customers of the properties sold. Pursuant to the 22,846,000港元）。根据担保条款， terms of the guarantees, in the event of default on 倘该等买方在担保到期前拖欠按揭付 mortgage payments by these purchasers before the 款，本集团有责任偿还违约买方结欠 expiry of the guarantees, the Group is responsible for 银行的未偿还按揭本金连同应计利息 repaying the outstanding mortgage principals together 及罚款，扣除下文所述任何销售所得 with the accrued interest and penalties owed by the 款项。 defaulted purchasers to the banks, net of any sales proceeds as described below. Pursuant to the above arrangement, the related 根据上述安排，相关物业已抵押予银 properties were pledged to the banks as collateral 行作为按揭贷款的抵押品，倘该等买 for the mortgage loans, in the event of default on 方未偿还按揭，则银行有权接管法定 mortgage repayments by these purchasers, the 所有权，并将通过公开拍卖或其他适 banks are entitled to take over the legal titles and will 当方式变现抵押物业。若物业拍卖所 realise the pledged properties through open auction 得款项不能涵盖未偿还按揭本金连同 or other appropriate means. The Group is responsible 应计利息及罚款，本集团有责任向银 for repaying the banks when the proceeds from the 行偿还款项。 auction of the properties cannot cover the outstanding mortgage principals together with the accrued interest and penalties. The Group’s guarantee period starts from the dates of 本集团的担保期自授予相关按揭贷款 grant of the relevant mortgage loans and ends upon 日期起至向该等买方发出房地产所有 the issuance of real estate ownership certificates to the 权证为止。 purchasers. The fair value of the guarantees is not significant and 担保的公平值并不重大，本公司董事 the directors of the Company consider that in the 认为，如出现拖欠付款的情况，相关 event of default on payments, the net realisable value 物业的可变现净值可支付未偿还的按 of the related properties can cover the repayment of 揭本金以及应计利息及罚款。 the outstanding mortgage principals together with the accrued interest and penalties. 二零二五年年报 宏安集团有限公司 315

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 43. RELATED PARTY TRANSACTIONS 43. 关联人士交易 In addition to the transactions detailed elsewhere in these 除此等财务报表其他部分详述之交易外， financial statements, the Group had the following material 于年内本集团与关联人士进行下列重大交 transactions with related parties during the year: 易： (a) Transactions with related parties (a) 与关联人士进行之交易 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附 注 千港元 千港元 Rental income received from a 自一位董事收取之 director* 租金收入* (i) 1,140 1,140 Rental expenses paid to a 向一位本公司董事为 company of which a director of 其控股股东的一间 the Company is a controlling 公司支付之租金开支* shareholder* (ii) 204 204 Interest expenses charged by 忠誉收取之利息费用* Loyal Fame* (iv) 2,043 1,004 Associates 联营公司 – Sales of pharmaceutical －销售药品 products (ii) 31,720 34,199 – Rental income －租金收入 (ii) 654 2,152 – Management and promotion －管理及推广费用 fees income 收入 (ii) 1,090 1,116 – Finance income on net －分租投资净额之 investments in subleases 财务收入 (v) 310 136 – Commission for issue of the －发行新无抵押 New Unsecured Notes 票据之佣金 (ii) 2,730 – Joint ventures 合营企业 – Asset management fee －资产管理费收入 income (iii) 24,998 36,216 – Property management fee －来自合营企业的 income from a joint venture 物业管理费收入 (ii) – 7,037 – Ad visory fee income －咨 询费收入 (ii ) 5,000 5,000 * The related party transaction also constitute connected * 该关联人士交易亦构成上市规则第14A章所 transactions or continuing connected transactions as 定义的关连交易或持续关连交易。 defined in Chapter 14A of the Listing Rules. 316 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 43. RELATED PARTY TRANSACTIONS 43. 关联人士交易（续） (continued) (a) Transactions with related parties (continued) (a) 与关联人士进行之交易（续） Notes: 附注： (i) A property of the Group was leased to a director at (i) 本集团向一名董事出租一项物业， a monthly rental ranging from HK$95,000 (2024: 月租介乎95,000港元（二零二四年： HK$95,000). The rental was determined with reference to 95,000港元）。租金乃参照当时市场 the prevailing market rates. 租值厘定。 (ii) The transactions were based on terms mutually agreed (ii) 该等交易均按本集团与关联人士互相 between the Group and the related parties. 协定之条款进行。 (iii) Management fee income was received from joint (iii) 管理费收入乃根据相关资产管理协议 ventures in respect of management services on property 就物业发展及物业投资的管理服务向 development and property investment in accordance with 合营企业收取。 related asset management agreements. (iv) The interest expenses were charged by Loyal Fame in (iv) 忠誉就中国农产品收购事项（附注1） respect of the outstanding purchase consideration for the 之未付购买代价收取年利率2%之利 CAP Acquisition (note 1) at 2% per annum and repayable 息开支，并须于两年内偿还。 in 2 years. (v) The finance income on net investments in subleases (v) 分租投资净额之财务收入指应收相关 represented the imputed interest for the lease payments 联营公司租赁付款的估算利息。根据 receivable from the relevant associates. The Group 融资租赁安排，本集团与若干联营公 entered into certain sub-licensing agreements with certain 司就分租若干零售物业订立若干分租 associates in respect of the sub-licensing of certain 协议。于各分租协议的开始日期，本 retail premises under finance lease arrangements. At 集团终止确认相关使用权资产并确认 the commencement date of each of the sub-licensing 分租投资净额。租赁付款金额乃参考 agreement, the Group derecognized the underlying 本集团与联营公司相互协定之条款厘 right-of-use asset and recognized an net investment in 定。于二零二五年三月三十一日，本 sublease. The amount of lease payment was determined 集团的分租投资净额包括应收本集团 with reference to the terms mutually agreed between 联营公司之租赁付款4,776,000港元 the Group and the associates. As at 31 March 2025, （二零二四年：8,003,000港元）。 included in the Group’s net investments in subleases are lease payments receivable from the Group’s associates of HK$4,776,000 (2024: HK$8,003,000). 二零二五年年报 宏安集团有限公司 317

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 43. RELATED PARTY TRANSACTIONS 43. 关联人士交易（续） (continued) (b) Outstanding balance with related parties (b) 关联人士之未偿还结余 Details of the Group’s trade balances due from its 于报告期末本集团应收其联营公司及 associates and joint ventures as at the end of the 合营企业之贸易结余详情于财务报表 reporting period are disclosed in note 22 to the 附注22披露。贷款予合营企业及联营 financial statements. Details of the loans to joint 公司之详情分别载于财务报表附注17 ventures and an associate are included in note 17 and 及18。 18 to the financial statements respectively. Details of the Group’s outstanding purchase 本集团应付关联公司之未偿还购买代 consideration and other loan payable to a related 价及其他贷款详情分别于财务报表附 company are disclosed in note 30 and note 32 to the 注30及附注32披露。 financial statements, respectively. (c) Guarantees provided to joint ventures (c) 向合营企业提供的担保 The Group has given guarantees to certain banks in 本集团已就对Divine Glory集团及同明 connection with facilities granted to Divine Glory Group （二零二四年：Merry Cottage集团及 and Double Bright (2024: Merry Cottage Group and 同明）授出之融资向若干银行作出担 Double Bright). The Group received no consideration 保。本集团并无就提供该等担保收取 for providing these guarantees. Further details of 代价。有关本集团提供之担保进一步 guarantees provided by the Group are disclosed in 详情披露于财务报表附注42(a)。 note 42(a) to the financial statements. 318 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 43. RELATED PARTY TRANSACTIONS 43. 关联人士交易（续） (continued) (d) Compensation of key management (d) 本集团主要管理人员之补偿 personnel of the Group 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Short term employment benefits 短期雇员福利 65,779 64,845 Post-e mployment benefits 退休福 利 195 180 Total compensation paid to key 支付予主要管理人员的 man agement personnel 薪酬 总额 65,974 65,025 The above compensation of key management 上述主要管理人员之补偿包括董事酬 personnel includes the directors’ remuneration, 金，详情载于财务报表附注8。 details of which are set out in note 8 to the financial statements. 二零二五年年报 宏安集团有限公司 319

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 44. FINANCIAL INSTRUMENTS BY CATEGORY 44. 按类别划分之金融工具 The carrying amounts of each of the categories of financial 于报告期末金融工具各分类账面值如下： instruments as at the end of the reporting period are as follows: 31 March 2025 二零二五年三月三十一日 Financial assets 金融资产 Financial assets at Financial fair value through other assets at fair comprehensive income value through 按公平值计入其他 profit or loss 全 面收益之金融资产 designated Financial as such assets at upon initial Debt Equity amortised recognition investments investments cost Total 初始确认后 指定为此类 按摊销 按公平值计入 成本计量之 损益之金融资产 债务投资 股本投资 金融资产 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Equity investments at fair value through 按公平值计入其他全面 other comprehensive income 收益之股本投资 – – 58,310 – 58,310 Debt investments at fair value through 按公平值计入其他全面 other comprehensive income 收益之债务投资 – 15,395 – – 15,395 Trade receivables 应收账款 – – – 78,057 78,057 Loans and interest receivables 应收贷款及利息 – – – 138,733 138,733 Financial assets included in prepayments, 计入预付款项、其他应收款 other receivables and other assets 项及其他资产之金融资产 – – – 451,348 451,348 Financial assets at fair value through 按公平值计入损益之金融 profit or loss 资产 208,107 – – – 208,107 Pledged deposits 已抵押存款 – – – 2,000 2,000 Restricted bank balances 受限制银行结余 – – – 3,780 3,780 Cash an d bank balances 现金及银 行结余 – – – 7 32,179 7 32,179 Total 总计 2 08,107 15,395 58,310 1,4 06,097 1,6 87,909 320 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 44. FINANCIAL INSTRUMENTS BY CATEGORY 44. 按类别划分之金融工具（续） (continued) 31 March 2025 (continued) 二零二五年三月三十一日（续） Financial liabilities 金融负债 Financial Financial liabilities at liabilities at amortised cost FVTPL 按摊销成本计量 按公平值计入 之金融负债 损益之金融负债 HK$’000 HK$’000 千港元 千港元 Trade and bills payables 应付账款及应付票据 94,109 – Financial liabilities included in other payables 计入其他应付款项及应计费用 and accruals – excluding lease liabilities 之金融负债－不包括租赁 (note 30) 负债（附注30） 407,612 – Lease liabilities 租赁负债 577,940 – Interest-bearing bank and other borrowings 计息银行及其他借贷 4,655,572 – Deriva tive financial instruments 衍生金 融工具 – 5,575 Total 总计 5,735,233 5,575 二零二五年年报 宏安集团有限公司 321

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 44. FINANCIAL INSTRUMENTS BY CATEGORY 44. 按类别划分之金融工具（续） (continued) 31 March 2024 二零二四年三月三十一日 Financial assets 金融资产 Financial assets at Financial fair value through other assets at fair comprehensive income value through 按公平值计入其他 profit or loss 全 面收益之金融资产 designated Financial as such assets at upon initial Debt Equity amortised recognition investments investments cost Total 初始确认后 指定为此类 按摊销 按公平值计入 成本计量之 损益之金融资产 债务投资 股本投资 金融资产 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Equity investments at fair value through 按公平值计入其他全面 other comprehensive income 收益之股本投资 – – 96,696 – 96,696 Debt investments at fair value through 按公平值计入其他全面 other comprehensive income 收益之债务投资 – 22,942 – – 22,942 Trade receivables 应收账款 – – – 108,798 108,798 Loans and interest receivables 应收贷款及利息 – – – 273,389 273,389 Financial assets included in prepayments, 计入预付款项、其他应收款 other receivables and other assets 项及其他资产之金融资产 – – – 576,023 576,023 Financial assets at fair value through 按公平值计入损益之金融 profit or loss 资产 252,901 – – – 252,901 Pledged deposits 已抵押存款 – – – 44,055 44,055 Restricted bank balances 受限制银行结余 – – – 5,699 5,699 Cash an d bank balances 现金及银 行结余 – – – 1,1 93,104 1,1 93,104 Total 总计 2 52,901 22,942 96,696 2,2 01,068 2,5 73,607 322 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 44. FINANCIAL INSTRUMENTS BY CATEGORY 44. 按类别划分之金融工具（续） (continued) 31 March 2024 (continued) 二零二四年三月三十一日（续） Financial liabilities 金融负债 Financial Financial liabilities at liabilities at amortised cost FVTPL 按摊销成本计量 按公平值计入 之金融负债 损益之金融负债 HK$’000 HK$’000 千港元 千港元 Trade and bills payables 应付账款及应付票据 191,149 – Financial liabilities included in other payables 计入其他应付款项及应计费用 and accruals – excluding lease liabilities 之金融负债－不包括租赁 (note 30) 负债（附注30） 625,378 – Lease liabilities 租赁负债 760,789 – Interest-bearing bank and other borrowings 计息银行及其他借贷 6,346,923 – Deriva tive financial instruments 衍生金 融工具 – 606 Total 总计 7,924,239 606 45. FAIR VALUE AND FAIR VALUE HIERARCHY 45. 金融工具公平值及公平值层级 OF FINANCIAL INSTRUMENTS Management has assessed that the fair values of cash and 管理层已评估现金及银行结余、受限制银 bank balances, restricted bank balances, time deposits, 行结余、定期存款、已抵押存款、应收 pledged deposits, trade receivables, trade and bills 账款、应付账款及应付票据、计入预付款 payables, financial assets included in prepayments, other 项、其他应收款项及其他资产之金融资 receivables and other assets, the current portion of loans 产、应收贷款及利息之即期部分、计入其 and interest receivables, financial liabilities included in other 他应付款项及应计费用之金融负债以及计 payables and accruals and the current portion of interest- 息银行贷款之即期部分的公平值与其各自 bearing bank loans approximate to their carrying amounts 的账面值相若，主要由于该等工具于短期 largely due to the short term maturities of these instruments. 内到期。 二零二五年年报 宏安集团有限公司 323

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 45. FAIR VALUE AND FAIR VALUE HIERARCHY 45. 金融工具公平值及公平值层级（续） OF FINANCIAL INSTRUMENTS (continued) The Group’s finance department headed by the directors 以本公司董事为首的本集团财务部负责厘 of the Company is responsible for determining the policies 定金融工具公平值计量之政策及程序。 and procedures for the fair value measurement of financial 财务部直接向本公司董事及审核委员会报 instruments. The finance department reports directly to 告。于各报告日期，财务部分析金融工具 the Company’s directors and the audit committee of the 之价值变动并厘定估值中适用之主要输入 Company. At each reporting date, the finance department 数据。估值由本公司董事审核及批准。估 analyses the movements in the values of financial 值过程及结果由审核委员会每年讨论两 instruments and determines the major inputs applied in the 次，以便呈列中期及年度财务报告。 valuation. The valuation is reviewed and approved by the directors of the Company. The valuation process and results are discussed with the audit committee twice a year for interim and annual financial reporting. The fair values of the financial assets and liabilities are 金融资产及负债之公平值按金融工具可由 included at the amount at which the instrument could be 自愿各方在现有交易中可交换之金额入 exchanged in a current transaction between willing parties, 账，强制或清算销售除外。 other than in a forced or liquidation sale. The following methods and assumptions were used to 估计公平值时所用之方法及假设载述如下： estimate the fair values: The fair values of the non-current portion of loans and 应收贷款及利息以及计息银行及其他借贷 interest receivables and interest-bearing bank and other 之非即期部分的公平值乃透过使用当前可 borrowings have been calculated by discounting the 供工具使用之市率按类似条款、信用风险 expected future cash flows using rates currently available 及余下到期日（分类为公平值层级的第二 for instruments with similar terms, credit risk and remaining 层），折让预期未来现金流量而计算。于二 maturities which is categorised within Level 2 of the fair 零二五年及二零二四年三月三十一日，本 value hierarchy. The changes in fair value as a result of the 集团本身计息银行及其他借贷之不履约风 Group’s own non-performance risk for interest-bearing bank 险导致的公平值变动被评定为并不重大。 and other borrowings as at 31 March 2025 and 2024 were 无抵押票据的负债部分的公平值通过考虑 assessed to be insignificant. The fair values of the liability 本集团自身的非履约风险，使用类似证券 portion of the unsecured notes are estimated by discounting 的等价市场利率贴现预期未来现金流量进 the expected future cash flows using an equivalent market 行估计。 interest rate for similar securities with consideration of the Group’s own non-performance risk. 324 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 45. FAIR VALUE AND FAIR VALUE HIERARCHY 45. 金融工具公平值及公平值层级（续） OF FINANCIAL INSTRUMENTS (continued) The fair values of listed equity investments, listed fund 上市股本投资、上市基金投资、上市债务 investments, listed debt investments and listed perpetual 投资及上市永久债券之公平值乃基于市场 bonds are based on quoted market prices. Except for 报价厘定。除于二零二五年三月三十一日 the unlisted funds with a fair value of HK$123,834,000 按基金管理人参考自场外交易市场获得之 (2024: HK$154,704,000) as at 31 March 2025 that are 价格所提供之市场报价而厘定之非上市基 determined based on the quoted market prices provided 金之公平值123,834,000港元（二零二四 by fund administrators with reference to prices derived 年：154,704,000港元）外，余下非上市 from the over-the-counter market, the fair value of the 基金之公平值均透过采用可观察输入数据 remaining unlisted funds was determined with reference （包括利率及相关资产价值）以及按贴现现 to valuations performed by CHFT Advisory and Appraisal 金流量模型，并参考独立专业认证估值师 Limited, an independent professionally qualified valuer, at 华坊咨询评估有限公司于二零二五年三月 31 March 2025, based on the discounted cash flow model 三十一日所进行之估值而厘定。非上市债 by applying observable inputs including interest rates and 务投资之公平值乃使用贴现现金流量估值 the value of the underlying asset. The fair values of unlisted 模型基于并无可观察市价或利率之假设估 debt investments have been estimated using a discounted 计。非上市股本投资之公平值乃基于市场 cash flow valuation model based on assumptions that are 法及二项式期权定价模式厘定。上市债务 not supported by observable market prices or rates. The 投资及上市基金投资之公平值乃基于市场 fair value of an unlisted equity investment was determined 报价厘定。 based on market approach and binomial tree option pricing method. The fair values of listed debt instruments and listed fund investment are based on quoted market prices. The fair value of interest rate swaps is measured using 利率掉期的公平值乃使用与远期定价与掉 valuation techniques similar to forward pricing and swap 期模型类似的估值技术按现值计算方法计 models, using present value calculations. The models 量。该等模型由各种市场可观察输入数据 incorporate various market observable inputs including the 组成，包括交易对手的信贷质素、外汇即 credit quality of counterparties, foreign exchange spot and 期及远期汇率及利率曲线。利率掉期账面 forward rates and interest rate curves. The carrying amounts 值与其公平值相若。 of interest rate swaps are the same as their fair values. As at 31 March 2025, the mark-to-market value of the 于二零二五年三月三十一日，衍生负债状 derivative liability position was net of a credit valuation 况的市值划价已扣除衍生交易对手方违约 adjustment attributable to derivative counterparty default 风险所导致的信贷估值调整。对手方信贷 risk. The changes in counterparty credit risk had no material 风险的变动对按公平值确认的金融工具并 effect on the financial instruments recognised at fair value. 无重大影响。 The Company’s directors believe that the estimated fair 本公司董事认为，估值方法得出之估计公 values resulting from the valuation techniques, which are 平值（计入综合财务状况报表）及公平值 recorded in the consolidated statement of financial position, 相关变动（计入损益及其他全面收益）属合 and the related changes in fair values, which are recorded 理，且为报告期末最合适之估值。 in profit or loss and other comprehensive income, are reasonable, and that they were the most appropriate values at the end of the reporting period. 二零二五年年报 宏安集团有限公司 325

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 45. FAIR VALUE AND FAIR VALUE HIERARCHY 45. 金融工具公平值及公平值层级（续） OF FINANCIAL INSTRUMENTS (continued) The carrying amounts and fair values of the Group’s financial 本集团之金融工具之账面值及公平值（账面 instruments, other than those carrying amounts that 值与其公平值合理相若者除外）如下： reasonably approximate to fair values, are as follows: Carrying amounts Fair values 账面值 公平值 31 March 2025 31 March 2024 31 March 2025 31 March 2024 二零二五年 二零二四年 二零二五年 二零二四年 三月三十一日 三月三十一日 三月三十一日 三月三十一日 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Financial liabilities 金融负债 Interest-bearing bank and other borrowings 计息银行及其他借贷 4,655,572 6,346,923 4,745,818 6,493,351 Unsecur ed notes 无抵押票 据 60,678 – 69,889 – Total 总计 4 ,716,250 6 ,346,923 4 ,815,707 6 ,493,351 For the fair value of an unlisted fund investment as at 就二零二五年三月三十一日的非上市基 31 March 2025 amounted to HK$47,469,000 (2024: 金投资为47,469,000港元（二零二四年： HK$41,112,000), management has estimated the potential 41,112,000港元）的公平值而言，管理层已 effect of using reasonably possible alternatives as inputs to 估算在估值模型中使用合理可能替代输入 the valuation model and has quantified this as a reduction 的潜在影响，并作出量化，使用较不利的 in fair value using less favourable assumptions, and an 假设则公平值减少，使用较有利的假设则 increase in fair value using more favourable assumptions. 公平值增加。该等公平值计量分类为公平 These fair value measurements were categorised as Level 3 值层级之内的第三层。 within the fair value hierarchy. 326 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 45. FAIR VALUE AND FAIR VALUE HIERARCHY 45. 金融工具公平值及公平值层级（续） OF FINANCIAL INSTRUMENTS (continued) Below is a summary of significant unobservable inputs to the 以下为于二零二五年及二零二四年三月 valuation of financial instruments together with a quantitative 三十一日金融工具估值之重大不可观察输 sensitivity analysis as at 31 March 2025 and 2024: 入数据概要及定量敏感度分析： Valuation Significant techniques unobservable inputs Range Sensitivity of fair value to the input 估值方法 重大不可观察输入数据 幅度 公平值输入数据之敏感度 As at 31 March 2025 于二零二五年三月三十一日 An unlisted fund investment classified Net assets value Net assets of N/A 1% increase/(decrease) in net assets value as a financial asset at FVTPL per share the underlying funds would result in increase/(decrease) in fair value by HK$160,000 分类为按公平值计入损益之 每股资产净值 相关基金之资产净值 不适用 资产净值增加╱（减少）1%将导致公平值 金融资产之非上市基金投资 增加╱（减少）160,000港元 An unlisted equity investment classified Discounted cash flow Weighted average cost of N/A 1% increase/(decrease) in WACC would as a financial asset at FVTOCI model capital (“WACC”) result in decrease/(increase) in fair value by HK$19,000 分类为按公平值计入其他全面 贴现现金流量法 加权平均资本成本 不适用 加权平均资本成本增加╱（减少）1%将导 收益之金融资产之非上市股本投资 （「加权平均资本成本」） 致公平值减少╱（增加）19,000港元 Put options classified as financial asset at Binomial option Implied volatility 16.39% 1% increase/(decrease) in expected fair value through profit or loss pricing model volatility value would have no material impact on the fair value 分类为按公平值计入损益之 二项式期权定价模式 隐含波动性 预期波动性价值增加╱（减少）1%将对公 金融资产之认股期权 平值并无重大影响 Risk free rate 3.06% 1% increase/(decrease) in risk free rate would have no material impact on the fair value 无风险利率 无风险利率增加╱（减少）1%将对公平值 并无重大影响 Dividend yield 0% 1% increase/(decrease) in discount yield would have no material impact on the fair value 股息率 股息率增加╱（减少）1%将对公平值并无 重大影响 二零二五年年报 宏安集团有限公司 327

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 45. FAIR VALUE AND FAIR VALUE HIERARCHY 45. 金融工具公平值及公平值层级（续） OF FINANCIAL INSTRUMENTS (continued) Valuation Significant techniques unobservable inputs Range Sensitivity of fair value to the input 估值方法 重大不可观察输入数据 幅度 公平值输入数据之敏感度 As at 31 March 2024 于二零二四年三月三十一日 An unlisted fund investment classified Net assets value Net assets of N/A 1% increase/(decrease) in net assets value as a financial asset at FVTPL per share the underlying funds would result in increase/(decrease) in fair value by HK$155,000 分类为按公平值计入损益之 每股资产净值 相关基金之资产净值 不适用 资产净值增加╱（减少）1%将导致公平值 金融资产之非上市基金投资 增加╱（减少）155,000港元 Put options classified as financial asset Binomial option pricing Implied volatility 13.68% 1% increase/(decrease) in expected at fair value through profit or loss model volatility value would have no material impact on the fair value 分类为按公平值计入损益之 二项式期权定价模式 隐含波动性 预期波动性价值增加╱（减少）1%将对公 金融资产之认股期权 平值并无重大影响 Risk free rate 3.9% 1% increase/(decrease) in risk free rate would have no material impact on the fair value 无风险利率 无风险利率增加╱（减少）1%将对公平值 并无重大影响 Dividend yield 0% 1% increase/(decrease) in dividend yield would have no material impact on the fair value 股息率 股息率增加╱（减少）1%将对公平值并无 重大影响 328 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 45. FAIR VALUE AND FAIR VALUE HIERARCHY 45. 金融工具公平值及公平值层级（续） OF FINANCIAL INSTRUMENTS (continued) Fair value hierarchy 公平值层级 The following tables illustrate the fair value measurement 下表说明本集团金融工具之公平值计量层 hierarchy of the Group’s financial instruments: 级： Assets measured at fair value 按公平值计量之资产 As at 31 March 2025 于二零二五年三月三十一日 Fair value measurement using 使用以下各项进行公平值计量 Quoted prices Significant Significant in active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total 于活跃市场 重大可观察 重大不可观察 之报价 输入数据 输入数据 （第一层） （第二层） （第三层） 总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Financial assets at fair value through 按公平值计入其他全面收益之 other comprehensive income: 金融资产： Listed debt investments 上市债务投资 15,395 – – 15,395 Listed equity investments 上市股本投资 39,400 – – 39,400 Unlisted equity investment 非上市股本投资 – – 18,910 18,910 Financial assets at FVTPL: 按公平值计入损益之金融资产： Unlisted fund investments 非上市基金投资 – 123,836 47,469 171,305 Listed equity investments 上市股本投资 57 – – 57 Investments in life insurance policies 人寿保险保单投资 – – 36,010 36,010 Interest rate swaps 利率掉期 – – – – Put o ptions 认购期 权 – – 735 735 Total 总计 54,852 123,836 103,124 281,812 二零二五年年报 宏安集团有限公司 329

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 45. FAIR VALUE AND FAIR VALUE HIERARCHY 45. 金融工具公平值及公平值层级（续） OF FINANCIAL INSTRUMENTS (continued) Fair value hierarchy (continued) 公平值层级（续） Assets measured at fair value (continued) 按公平值计量之资产（续） As at 31 March 2024 于二零二四年三月三十一日 Fair value measurement using 使用以下各项进行公平值计量 Quoted prices Significant Significant in active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total 于活跃市场 重大可观察 重大不可观察 之报价 输入数据 输入数据 （第一层） （第二层） （第三层） 总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Financial assets at fair value through 按公平值计入其他全面收益之 other comprehensive income: 金融资产： Listed debt investments 上市债务投资 22,942 – – 22,942 Listed equity investments 上市股本投资 82,595 – – 82,595 Unlisted equity investment 非上市股本投资 – – 14,101 14,101 Financial assets at FVTPL: 按公平值计入损益之金融资产： Listed fund investments 上市基金投资 20,884 – – 20,884 Unlisted fund investments 非上市基金投资 – 154,705 41,112 195,817 Listed equity investments 上市股本投资 13,346 – – 13,346 Investments in life insurance policies 人寿保险保单投资 – – 19,825 19,825 Interest rate swaps 利率掉期 – 1,119 – 1,119 Put o ptions 认购期 权 – – 1,910 1,910 Total 总计 139,767 155,824 76,948 372,539 330 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 45. FAIR VALUE AND FAIR VALUE HIERARCHY 45. 金融工具公平值及公平值层级（续） OF FINANCIAL INSTRUMENTS (continued) Fair value hierarchy (continued) 公平值层级（续） Assets measured at fair value (continued) 按公平值计量之资产（续） The movements in fair value measurements in Level 3 during 年内，第三层公平值计量之变动如下： the years are as follows: HK$’000 千港元 At 1 April 2023 于二零二三年四月一日 98,367 Purchase 购买 33,926 Disposal 出售 (43,610) Early redemption of unsecured notes 提早赎回无抵押票据 (2,677) Total loss recognised in profit or loss 于损益 确认之亏损总额 (9,058) At 31 March 2024 and 1 April 2024 于二零二四年三月三十一日及 二零二四年四月一日 76,948 Purchase 购买 20,429 Total gain recognised in profit or loss 于损益确认之收益总额 1,088 Total gain recognised in other comprehensive income 于其他 全面收益确认之收益总额 4,659 At 31 March 2025 于二零 二五年三月三十一日 103,124 Liabilities measured at fair value 按公平值计量之负债 As at 31 March 2025 于二零二五年三月三十一日 Fair value measurement using 使用以下各项进行公平值计量 Quoted prices Significant Significant in active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total 于活跃市场 重大可观察 重大不可观 之报价 输入数据 察输入数据 （第一层） （第二层） （第三层） 总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Financial liabilities at fair value 按公平值计入损益之 through profit or loss: 金融负债： Deriv ative financial instruments 衍生金 融工具 – 5,575 – 5,575 二零二五年年报 宏安集团有限公司 331

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 45. FAIR VALUE AND FAIR VALUE HIERARCHY 45. 金融工具公平值及公平值层级（续） OF FINANCIAL INSTRUMENTS (continued) Fair value hierarchy (continued) 公平值层级（续） Liabilities measured at fair value (continued) 按公平值计量之负债（续） As at 31 March 2024 于二零二四年三月三十一日 Fair value measurement using 使用以下各项进行公平值计量 Quoted prices Significant Significant in active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total 于活跃市场 重大可观察 重大不可观 之报价 输入数据 察输入数据 （第一层） （第二层） （第三层） 总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 Financial liabilities at fair value 按公平值计入损益之 through profit or loss: 金融负债： Deriv ative financial instruments 衍生金 融工具 – 606 – 606 During the year, there were no transfers of fair value 于年内，金融资产及金融负债之公平值计 measurements between Level 1 and Level 2 (2024: Nil) and 量概无于第一层及第二层之间转让（二零 no transfer into or out of Level 3 for both financial assets and 二四年：无），亦无自第三层转入或转出 financial liabilities (2024: Nil). （二零二四年：无）。 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策 OBJECTIVES AND POLICIES The Group’s principal financial instruments include equity 本集团之主要金融工具包括按公平值计入 investments at FVTPL, financial assets at FVTOCI and other 损益之股本投资、按公平值计入其他全面 financial assets at FVTPL, trade and other receivables, loans 收益之金融资产及按公平值计入损益之其 and interest receivables, deposits, trade and other payables 他金融资产、应收账款及其他应收款项、 and accruals, deposits received, cash and bank balances, 应收贷款及利息、按金、应付账款及其他 restricted bank deposits and balances, bank and other 应付款项及应计费用、已收按金、现金及 borrowings and unsecured notes. 银行结余、受限制银行存款及结余、银行 及其他借贷以及无抵押票据。 332 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) The main risks arising from the Group’s financial instruments 本集团金融工具之主要风险为利率风险、 are interest rate risk, foreign currency risk, credit risk, 外汇风险、信贷风险、流动性风险及价格 liquidity risk and price risk. The board of directors of the 风险。本公司董事会审核并同意管理每项 Company reviews and agrees policies for managing each of 该等风险之政策。该等政策概述于下文。 these risks and they are summarised below. Interest rate risk 利率风险 The Group’s exposure to changes in market interest rates 本集团市场利率变动之风险主要来自本集 relates primarily to the Group’s bank borrowings with floating 团按浮动利率计息之银行借贷及无抵押票 interest rates and unsecured notes. The Group has not used 据。本集团并无使用任何利率掉期对冲其 any interest rate swaps to hedge its interest rate risk, and 利率风险，并将于有需要时考虑对冲重大 will consider hedging significant interest rate risk should the 利率风险。 need arise. The following table demonstrates the sensitivity to a 下表列示在所有其他可变因素保持不变之 reasonably possible change in interest rate, with all other 情况下，本集团除税前亏损对利率出现合 variables held constant, of the Group’s loss before tax. 理可能变动时之敏感性。有关变动不会严 There is no material impact on other components of the 重影响本集团的其他权益组成部分。 Group’s equity. Increase/ Increase/ (decrease) (decrease) in loss in basis points before tax 基点增加╱ 除税前亏损 （减少） 增加╱（减少） HK$’000 千港元 2025 二零二五年 HK$ 港元 100 (24,053) HK$ 港元 (100) 24,053 2024 二零二四年 HK$ 港元 100 (51,235) HK$ 港元 (100) 51,235 二零二五年年报 宏安集团有限公司 333

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Foreign currency risk 外币风险 The Group has minimal transactional currency exposure 本集团因经营单位以该经营单位功能货币 arising from sales or purchases by operating units in 以外货币进行买卖而产生之交易货币风险 currencies other than the units’ functional currencies, 极低，因此其并无设立任何外币对冲风险 and hence it does not have any foreign currency hedging 政策。 policies. Part of the Group’s operating expenses are denominated 本集团部分经营开支以人民币计值，而现 in RMB, which is currently not a freely convertible currency. 时人民币并非自由兑换之货币。中国政府 The PRC Government imposes controls on the convertibility 就人民币与外币之兑换实施管制，并在若 of RMB into foreign currencies and, in certain cases, the 干情况下，管制货币汇出中国内地。若无 remittance of currency out of Mainland China. Shortages 法取得足够之外币，可能会限制本集团之 in the availability of foreign currencies may restrict the 中国附属公司及合营企业汇出外币以向本 ability of the Group’s PRC subsidiaries and joint venture to 集团支付股息或其他金额之能力。 remit sufficient foreign currencies to pay dividends or other amounts to the Group. Under the PRC existing foreign exchange regulations, 根据现行中国外汇规例，若符合若干程序 payments of current account items, including dividends, 规定，往来账项目（包括股息、贸易及服务 trade and service-related foreign exchange transactions, can 相关外汇交易）可以外币作出付款，而无须 be made in foreign currencies without prior approval from 获中国国家外汇管理局事先批准。然而， the State Administration for Foreign Exchange Bureau by 若要将人民币兑换为外币并汇出中国以支 complying with certain procedural requirements. However, 付资本账项目，例如偿还外币计值之银行 approval from appropriate PRC governmental authorities 贷款，则须获适当之中国内地政府当局批 is required where RMB is to be converted into a foreign 准。 currency and remitted out of Mainland China to pay capital account items, such as the repayment of bank loans denominated in foreign currencies. Currently, the Group’s PRC subsidiaries and joint venture 目前，本集团之中国附属公司及合营企业 may purchase foreign exchange for settlement of current 可购入外币以结算往来账交易（包括向本公 account transactions, including payment of dividends to the 司支付股息），而无须获中国国家外汇管理 Company, without prior approval of the State Administration 局事先批准。本集团之中国附属公司及合 for Foreign Exchange Bureau. The Group’s PRC subsidiaries 营企业亦可在其往来账保留外币，以应付 and joint venture may also retain foreign currencies in their 外币负债或支付股息。由于资本账外币交 current accounts to satisfy foreign currency liabilities or to 易仍受限制，且须获中国国家外汇管理局 pay dividends. Since foreign currency transactions on the 批准，这或会影响本集团附属公司及合营 capital account are still subject to limitations and require 企业通过债务或股本融资（包括向本集团获 approval from the State Administration for Foreign Exchange 取贷款或注资）而取得所需外币之能力。 Bureau, this could affect the Group’s subsidiaries and joint venture’s ability to obtain required foreign exchange through debt or equity financing, including by means of loans or capital contributions from the Group. 334 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Foreign currency risk (continued) 外币风险（续） There are limited hedging instruments available in Mainland 本集团在中国内地可用以减低人民币与其 China to reduce the Group’s exposure to exchange rate 他货币之间之汇率波动风险之对冲工具 fluctuations between RMB and other currencies. To date, 有限。至今，本集团并无订立任何对冲交 the Group has not entered into any hedging transactions 易，以减低本集团面临的外汇风险。尽管 in an effort to reduce the Group’s exposure to foreign 本集团日后可能决定订立对冲交易，但该 currency exchange risks. While the Group may decide to 等对冲之可动用程度及效用可能有限，且 enter into hedging transactions in the future, the availability 本集团可能无法成功对冲风险，或根本无 and effectiveness of these hedges may be limited and the 法对冲风险。 Group may not be able to hedge the Group’s exposure successfully, or at all. Sensitivity analysis 敏感度分析 The Group is mainly exposed to the foreign exchange rate 本集团主要面对上述外币与集团实体各自 fluctuation of the foreign currencies stated above against the 的功能货币兑换的汇率波动风险。 functional currencies of the respective group entities. If the RMB exchange rate had increased/decreased by 5% 倘人民币汇率上涨╱下跌5%，而其他变 and other variables were held constant, the Group’s profit 数维持不变，则本集团截至二零二五年 for the year ended 31 March 2025 would have decreased/ 三月三十一日止年度的溢利将减少╱增加 increased by HK$23,791,000 (2024: profit for the year 23,791,000港元（二零二四年：年内溢利将 would have decreased/increased by HK$17,712,000). 减少╱增加17,712,000港元）。 The Group’s exposures to currency risk of other currencies 董事认为本集团其他货币之货币风险并不 are considered insignificant by the directors and therefore 重大，因此并无编制敏感度分析。 no sensitivity analysis has been prepared. Credit risk 信贷风险 The Group trades only with recognised and creditworthy 本集团仅与获认可及可信赖之第三方进行 third parties. It is the Group’s policy that all customers who 交易。本集团政策规定，所有拟按信贷 wish to trade on credit terms are subject to credit verification 期进行交易的客户，均须接受信贷核实程 procedures. In order to minimise the credit risk on trade and 序。为将应收账款及其他应收款项、应收 other receivables, loans and interest receivables and debt 贷款及利息及债务证券之信贷风险降至最 securities, the management of the Group has delegated 低，本集团管理层已委派一支团队负责厘 a team responsible for the determination of credit limits, 定信贷限制、信贷批准及其他监管程序， credit approvals and other monitoring procedures to ensure 以确保采取收回逾期债务的跟进行动。此 that follow-up action is taken to recover overdue debts. 外，本集团审核于报告期末个别应收款项 In addition, the Group reviews the recoverable amount 各自的可收回金额，确保为不可收回金额 of each individual receivable at the end of the reporting 计提充足减值亏损拨备。就此而言，本公 period to ensure that adequate impairment losses are made 司董事认为信贷风险已大幅减小。 for irrecoverable amounts. In this regard, the directors of the Company consider that the credit risk is significantly reduced. 二零二五年年报 宏安集团有限公司 335

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Credit risk (continued) 信贷风险（续） Maximum exposure and year-end staging 最高风险及年结阶段 The table below shows the credit quality and the maximum 下表显示基于本集团的信贷政策的信贷质 exposure to credit risk based on the Group’s credit policy, 素及最高信贷风险，主要基于逾期资料 which is mainly based on past due information unless other （除非其他资料可在毋须付出不必要成本或 information is available without undue cost or effort, and 努力的情况下获得），及于二零二五年三月 year-end staging classification as at 31 March 2025. For 三十一日的年结阶段分类。本集团亦采用 listed debt investments, the Group also monitors them by 外部信贷评级监控上市债务投资。所呈列 using external credit ratings. The amounts presented are 金额指金融资产总账面值。 gross carrying amounts for financial assets. As at 31 March 2025 于二零二五年三月三十一日 12 month ECLs Lifetime ECLs 12个月预期 信贷亏损 全期预期信贷亏损 Simplified Stage 1 Stage 2 Stage 3 approach Total 第1阶段 第2阶段 第3阶段 简化法 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千 港元 千 港元 千 港元 千 港元 千 港元 Debt investments at fair value 按公平值计入 through other comprehensive 其他全面收益之 income 债务投资 – CCC －CCC – – 15,395 – 15,395 Trade receivables* 应收账款* – – – 97,226 97,226 Loans and interest receivables 应收贷款及利息 79,710 30,342 167,000 – 277,052 Financial assets included in 计入预付款项、其他应收 prepayments, other receivables 款项及其他资产之 and other assets 金融资产 – Normal** －正常** 424,112 – – 8,088 432,200 – Doubtful** －呆账** – 19,148 – – 19,148 Pledged deposits and restricted 已抵押存款及受限制 bank balance 银行结余 5,780 – – – 5,780 Cash and bank balances 现金及银行结余 732,179 – – – 732,179 Guarantees given to banks in 就向合营企业提供之 connection with facilities 融资向银行提供 granted to joint ventures 的担保 – Facilities drawn by joint －合营企业提取之 ve ntures – Not yet pass due 融 资－尚未逾期 381 ,569 – – – 381 ,569 Total 总计 1,623 ,350 49 ,490 182 ,395 105 ,314 1,960 ,549 336 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Credit risk (continued) 信贷风险（续） Maximum exposure and year-end staging (continued) 最高风险及年结阶段（续） As at 31 March 2024 于二零二四年三月三十一日 12 month ECLs Lifetime ECLs 12个月预期 信贷亏损 全期预期信贷亏损 Simplified Stage 1 Stage 2 Stage 3 approach Total 第1阶段 第2阶段 第3阶段 简化法 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千 港元 千 港元 千 港元 千 港元 千 港元 Debt investments at fair value 按公平值计入其他 through other comprehensive 全面收益之 income 债务投资 – Aa to CCC －Aa至CCC 11,438 – 11,504 – 22,942 Trade receivables* 应收账款* – – – 129,798 129,798 Loans and interest receivables 应收贷款及利息 120,170 37,418 194,725 – 352,313 Financial assets included in 计入预付款项、其他应收 prepayments, other receivables 款项及其他资产之 and other assets 金融资产 – Normal** －正常** 549,194 – – 10,827 560,021 – Doubtful** －呆账** – 16,002 – – 16,002 Pledged deposits and restricted 已抵押存款及受限制 bank balance 银行结余 49,754 – – – 49,754 Cash and bank balances 现金及银行结余 1,195,959 – – – 1,195,959 Guarantees given to banks in 就向合营企业提供之 connection with facilities granted 融资向银行提供 to joint ventures 的担保 – Facilities drawn by joint －合营企业提取之 v entures – Not yet pass due 融资－尚未逾期 301 ,266 – – – 301 ,266 Total 总计 2,227 ,781 53 ,420 206 ,229 140 ,625 2,628 ,055 * For trade receivables to which the Group applies the simplified * 就本集团采用简化法减值的应收账款而言， approach for impairment, information based on the provision 根据拨备矩阵而估计的资料于财务报表附注 matrix is disclosed in note 22 to the financial statements. 22披露。 ** The credit quality of the financial assets included in prepayments, ** 计入预付款项、其他应收款项及其他资产之 other receivables and other assets is considered to be “normal” 金融资产的信贷质素在尚未逾期且并无资料 when they are not past due and there is no information indicating 显示金融资产之信贷风险自初步确认以来大 that the financial assets had a significant increase in credit risk 幅增加时，被视为「正常」。否则，金融资产 since initial recognition. Otherwise, the credit quality of the 的信贷质素被视为「呆账」。 financial assets is considered to be “doubtful”. 二零二五年年报 宏安集团有限公司 337

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Credit risk (continued) 信贷风险（续） Maximum exposure and year-end staging (continued) 最高风险及年结阶段（续） Further quantitative data in respect of the Group’s exposure 有关本集团因债务投资（附注19）、应收账 to credit risk arising from debt investments (note 19), 款及其他应收款项（附注22及24）及应收 trade and other receivables (notes 22 and 24) and loans 贷款及利息（附注23）所产生信贷风险之进 and interest receivables (note 23) are disclosed in the 一步定量资料乃于财务报表相关附注中披 corresponding notes to the financial statements. 露。 For secured loans and interest receivables, the Group holds 就抵押贷款及应收利息而言，本集团以按 collateral in the form of mortgages over property. Majority 揭物业之形式持有抵押品。大部分抵押品 of the collateral are residential properties, commercial 为住宅物业、商业物业及工业物业，而所 properties and industrial properties and all of the collaterals 有抵押品均位于香港。 are located in Hong Kong. The maximum credit exposure is the worst case scenario 最大信贷风险敞口乃在不考虑任何持有之 of exposure to the Group without taking into account any 抵押品或其他信贷增强的情况下本集团所 collateral held or other credit enhancements. For on-balance 面对之最坏情况。就表内资产而言，最大 sheet assets, the maximum exposure to credit risk equals 信贷风险敞口相当于其账面值。 their carrying amount. Liquidity risk 流动性风险 The Group monitors its risk to a shortage of funds using 本集团采用经常性流动资金计划工具以监 a recurring liquidity planning tool. This tool considers the 控资金短缺之风险。此项工具计算金融工 maturity of both its financial instruments and financial assets 具及金融资产之到期情况及经营活动之预 and projected cash flows from operations. 计现金流量。 The Group’s objective is to maintain a balance between 本集团之目标为致力透过利用银行贷款， continuity of funding and flexibility through the use of bank 确保资金持续性与灵活性兼备。 loans. 338 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Liquidity risk (continued) 流动性风险（续） The maturity profile of the Group’s financial liabilities as at 于报告期末，根据合约未贴现付款，本集 the end of the reporting period, based on the contractual 团金融负债之到期情况如下： and undiscounted payments, was as follows: 2025 二零二五年 On demand or within 1 to 2 3 to 5 Over 1 year years years 5 years Total 于要求时或 在1年内 1至2年 3至5年 5年以上 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Bank loans – variable rates (Note) 银行贷款－浮息（附注） 1,373,383 1,400,714 1,420,377 – 4,194,474 Bank loans – fixed rates (Note) 银行贷款－固息（附注） 217,979 77,000 814,409 77,242 1,186,630 Other loans (note 32) 其他贷款（附注32） 255,659 291,288 18,384 – 565,331 Unsecured notes (note 31) 无抵押票据（附注31） 13,650 1,820 4,095 96,915 116,480 Trade and bills payables (note 29) 应付账款及应付票据 （附注29） 86,915 – – – 86,915 Lease liabilities 租赁负债 168,120 141,902 288,349 41,374 639,745 Financial liabilities at FVTPL 按公平值计入损益之 金融负债 1,156 2,050 2,369 – 5,575 Financial liabilities included in 计入其他应付款项及 other payables and accruals 应计费用的金融负债 – excluding lease liabilities －不包括租赁负债 (note 30) （附注 30） 35 1,681 9 1,077 – – 44 2,758 Total 总计 2,46 8,543 2,00 5,851 2,54 7,983 21 5,531 7,23 7,908 二零二五年年报 宏安集团有限公司 339

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Liquidity risk (continued) 流动性风险（续） 2024 二零二四年 On demand or within 1 to 2 3 to 5 Over 1 year years years 5 years Total 于要求时或 在1年内 1至2年 3至5年 5年以上 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Bank loans – variable rates (Note) 银行贷款－浮息（附注） 4,290,644 340,672 2,034,458 44,819 6,710,593 Bank loans – fixed rates (Note) 银行贷款－固息（附注） 8,640 18,359 38,878 6,480 72,357 Other loans (note 32) 其他贷款（附注32） 238,680 501,647 224,400 – 964,727 Unsecured notes (note 31) 无抵押票据（附注31） – – – – – Trade and bills payables (note 29) 应付账款及应付票据 （附注29） 191,149 – – – 191,149 Lease liabilities 租赁负债 241,643 158,623 380,467 106,776 887,509 Financial liabilities at FVTPL 按公平值计入损益之 金融负债 – 117 489 – 606 Financial liabilities included in 计入其他应付款项及 other payables and accruals 应计费用的金融负债 – excluding lease liabilities －不包括租赁负债 (note 30) （附注 30） 49 3,813 13 5,574 – – 62 9,387 Total 总计 5,46 4,569 1,15 4,992 2,67 8,692 15 8,075 9,45 6,328 Financial guarantees given to 与授予合营企业的融资 banks in connection with facilities 有关的银行财务担保 granted to joint ventures （附注42） (note 42) 301,266 – – – 301,266 340 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Liquidity risk (continued) 流动性风险（续） Note: 附注： Included in interest-bearing bank loans of the Group are term loans 本集团之计息银行贷款中，包括总本金额为 with an aggregate principal amounted to HK$254,321,000 (2024: 254,321,000港元（二零二四年：376,904,000港 HK$376,904,000), of which the respective loan agreements contain a 元）之定期贷款，当中各贷款协议载有按要求偿还 repayment on-demand clause giving the bank the unconditional right to 条款，给予银行无条件权利随时要求偿还贷款， call in the loans at any time and therefore, for the purpose of the above 因此，就上述到期日而言，总金额分类为「于要求 maturity profile, the total amount is classified as “on demand”. 时」。 Notwithstanding the above clause, the directors do not believe that 尽管有上述条款，董事相信该等贷款不会于12个 these loans will be called in their entirety within 12 months, and they 月内全数被要求偿还，彼等认为有关贷款将根据 consider that the loans will be repaid in accordance with the maturity 各贷款协议所载到期日偿还。作出此项评估乃考 dates as set out in the respective loan agreements. This evaluation 虑到：本集团于批准财务报表当日之财务状况； was made considering: the financial position of the Group at the date 本集团遵守贷款契诺之情况；并无违约事件，以 of approval of the financial statements; the Group’s compliance with 及本集团过去按时偿还所有贷款。根据该等贷款 the loan covenants; the lack of events of default, and the fact that 之条款，已订约非折现的付款如下： the Group has made all previously scheduled repayments on time. In accordance with the terms of these loans, the contractual undiscounted payments are as follows: Within 1 to 2 3 to 5 Over 1 year years years 5 years Total 一年内 1至2年 3至5年 5年以上 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 3 1 March 2025 二零二五年三月三十一日 120,432 46,072 27,070 12,395 205,969 3 1 March 2024 二零二四年三月三十一日 297,150 37,353 31,316 13,713 379,532 二零二五年年报 宏安集团有限公司 341

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Price risk 价格风险 Price risk is the risk that the fair values of financial 价格风险为因股份指数水平及个别投资价 investments decrease as a result of changes in the levels 值变动而导致金融投资公平值下降之风 of equity indices and the value of individual investment. The 险。于二零二五年三月三十一日，本集团 Group was exposed to price risk arising from individual 面对因分类为按公平值计入其他全面收益 financial investments classified as financial assets at FVTOCI 之金融资产（附注19）及按公平值计入损益 (note 19) and financial assets at FVTPL (note 26) as at 31 之金融资产（附注26）之个别金融投资而产 March 2025. 生之价格风险。 The Group’s debt securities are traded in the over-the- 本集团之债务证券乃于场外市场交易及于 counter market and are valued at fair value at each year 每个年结日参考市场所报交易价格按公平 end date with reference to the trading prices quoted in the 值进行估值。本集团之上市股本投资于香 market. The Group’s listed equity investments are listed on 港联交所上市，并按报告期末所报之市价 the Hong Kong Stock Exchange and are valued at quoted 计值。 market prices at the end of the reporting period. The market equity index for the following stock exchange, at 以下证券交易所于最接近报告期末之交易 the close of business of the nearest trading day in the year 日营业时间结束时之市场股份指数，以及 to the end of the reporting period, and its respective highest 指数于年内之最高及最低价如下： and lowest points during the year were as follows: 31 March High/low 31 March High/low 2025 2025 2024 2024 二零二五年 最高╱最低价 二零二四年 最高╱最低价 三月 三十一日 二 零二五年 三月 三十一日 二 零二四年 Hong K ong – Hang Seng Index 香港－ 恒生指数 23,120 24,87 4/16,044 16,541 20,86 5/14,794 The Group manages its exposure by closely monitoring the 本集团透过密切监察可能影响该等金融投 price movements and the changes in market conditions that 资价值的价格变动及市况变动管理其所受 may affect the value of these financial investments. 的风险。 342 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Price risk (continued) 价格风险（续） The following table demonstrates the sensitivity to a 下表列示在所有其他可变因素保持不变且 reasonably possible change in the fair values of the financial 未计入任何税务影响之情况下，金融投资 investments, with all other variables held constant and 之公平值出现合理可能变动时之敏感度， before any impact on tax, based on their carrying amounts 乃按报告期末当日账面值计算。 at the end of the reporting period. Increase/ Carrying Increase/ (decrease) amount (decrease) in other of financial in loss components investments before tax of equity 其他权益组成 金融投资 除税前亏损 部份增加╱ 账面值 增加╱（减少） （减少） HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 2025 二零二五年 Listed equity investments in 香港之上市股本投资： Hong Kong: – Financial assets at fair －按 公平值计入损益 value through profit or 之金融资产 loss 57 16/(16) – – Financial assets at fair －按 公平值计入 value through other 其他全面收益之 comprehensive income 金融资产 39,400 – 11,0 07/(11,007) 二零二五年年报 宏安集团有限公司 343

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Price risk (continued) 价格风险（续） Increase/ Carrying Increase/ (decrease) amount (decrease) in other of financial in loss components investments before tax of equity 其他权益组成 金融投资 除税前亏损 部份增加╱ 账面值 增加╱（减少） （减少） HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 2024 二零二四年 Listed equity investments in 香港之上市股本投资： Hong Kong: – Fin ancial assets at fair value －按 公平值计入损益 through profit or loss 之金融资产 13,346 2,513/(2,513) – – Fin ancial assets at fair －按 公平值计入 value through other 其他全面收益之 comprehensive income 金融资产 82,595 – 15, 555/(15,555) Capital management 资本管理 The primary objectives of the Group’s capital management 本集团资本管理之主要目标为保护本集团 are to safeguard the Group’s ability to continue as a going 持续经营之能力及维持健康之资本比率以 concern and to maintain healthy capital ratios in order to 支援其业务及使股东价值最大化。 support its business and maximise shareholders’ value. The Group manages its capital structure and makes 本集团管理其资本架构，并因应经济状况 adjustments to it in light of changes in economic conditions. 而作出调整。为维持或调整资本架构，本 To maintain or adjust the capital structure, the Group may 集团可能调整向股东支付之股息、向股东 adjust the dividend payment to shareholders, return capital 偿还之资本或发行新股份。截至二零二五 to shareholders or issue new shares. No changes were 年及二零二四年三月三十一日止年度，有 made in the objectives, policies or processes for managing 关管理资本之目标、政策或程序并无变 capital during the year ended 31 March 2025 and 2024. 动。 344 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 46. FINANCIAL RISK MANAGEMENT 46. 财务风险管理目标及政策（续） OBJECTIVES AND POLICIES (continued) Capital management (continued) 资本管理（续） The Group monitors capital using gearing ratio, which is net 本集团使用负债比率监察资本。负债比率 debt divided by total equity. Net debt is calculated as a total 指净负债除以权益总额。净负债按计息银 of interest-bearing bank and other borrowings, unsecured 行及其他借贷以及无抵押票据的总额减现 notes, less cash and bank balances and pledged deposits. 金及银行结余及已抵押存款计算。于报告 The gearing ratios as at the end of the reporting periods 期末之负债比率如下： were as follows: 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 Interest-bearing bank and other 计息银行及其他借贷 borrowings 32 4,655,572 6,346,923 Unsecured notes 无抵押票据 31 60,678 – Less: Cash and bank balances 减：现金及银行结余 27 (732,179) (1,193,104) Restricted bank balance 受限制银行结余 27 (3,780) (5,699) Pledged deposit 已 抵押存款 27 (2,000) (44,055) Net de bt 净负债 3,978,291 5,104,065 Total equity 权益总 额 6,780,319 8,119,010 Gearin g ratio 资产负 债比率 58.67% 62.87% 二零二五年年报 宏安集团有限公司 345

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 47. EVENTS AFTER THE REPORTING PERIOD 47. 报告期后事项 (i) On 3 April 2025, CAP issued new unsecured notes (i) 于二零二五年四月三日，中国农产品 with a total principal amount of HK$38,000,000, 根据二零二五年票据计划发行本金总 maturing on 3 April 2037, under the 2025 Note 额为38,000,000港元的新无抵押票 Program. Details of issuance were disclosed in CAP’s 据，于二零三七年四月三日到期。发 announcement dated 3 April 2025. 行详情于中国农产品日期为二零二五 年四月三日的公告中披露。 (ii) On 10 April 2025, the Group entered into a provisional (ii) 于二零二五年四月十日，本集团与一 sale and purchase agreement with an independent 名独立第三方订立临时买卖协议，以 third party to dispose of a property classified as 出售一项分类为物业、厂房及设备的 property, plant and equipment at a consideration of 物业，代价为19,500,000港元。该交 HK$19,500,000. The transaction was completed on 5 易已于二零二五年六月五日完成。出 June 2025. Further details of the disposal are set out 售事项之进一步详情载于本公司日期 in the Company’s announcement dated on 10 April 为二零二五年四月十日之公告。 2025. (iii) On 20 May 2025, the Group entered into certain (iii) 于二零二五年五月二十日，本集团与 sale and leaseback arrangements with the Lessor, 出租人订立若干售后回租安排，据 pursuant to which the Lessor purchased certain 此，出租人向本集团购买若干投资物 investment properties and property, plant and 业及位于本集团中国若干内地农产品 equipment in certain of the Group’s the agricultural 交易市场的物业、厂房及设备（「租赁 produce exchange markets in Mainland China 物业」），而该等租赁物业将回租予本 (“the Leased Properties”) from the Group and 集团，为期三年。于租赁期届满及所 such Leased Properties will be leased back to the 有租赁付款进一步悉数清偿后，租赁 Group for a term of three years. Upon expiry of the 物业的拥有权将转回予本集团。该等 lease term and full settlement of all lease payments 售后回租安排须经本公司股东批准， further, the ownership of the Leased Properties would 进一步详情载于中国农产品及本公司 be transferred back to the Group. These sale and 分别日期为二零二五年五月二十日及 leaseback arrangements are subject to the approval 二零二五年六月十八日的公告及通 by the Company’s shareholders and further details 函。 are set out in CAP’s and Company’s announcement and circular dated 20 May 2025 and 18 June 2025, respectively. 346 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 47. EVENTS AFTER THE REPORTING PERIOD 47. 报告期后事项（续） (continued) (iv) On 30 May 2025, the Group entered into a capital (iv) 于二零二五年五月三十日，本集团与 reduction agreement (the “Capital Reduction 玉林宏进的非控股股东玉林投资集团 Agreement”) with Yulin Investment Group Co., Ltd., 有限公司及玉林宏进订立减资协议 the non-controlling shareholder of Yulin Hongjin, and （「减资协议」），据此，本集团于玉林 Yulin Hongjin, and pursuant to which the Group’s 宏进的股权将由51%减至零，总代 equity interests in Yulin Hongjin shall be reduced from 价为人民币24,690,000元（相当于约 51% to nil at a total consideration of RMB24,690,000 26,580,000港元）。代价将由玉林宏 (equivalent to approximately HK$26,580,000). The 进支付，而有关股权减少构成本集团 consideration shall be settled by Yulin Hongjin and 出售玉林宏进的股权。该交易预计将 such reduction in equity interest constitutes a disposal 于二零二五年七月完成，进一步详 by the Group of the equity interest in Yulin Hongjin. 情载于本公司日期为二零二五年五月 The transaction is expected to be completed in July 三十日的公告。 2025 and further details are set out in the Company’s announcement dated 30 May 2025. (v) On 12 June 2025, the Group entered into a sale (v) 于二零二五年六月十二日，本集团与 and purchase agreement with two independent 两名独立第三方订立买卖协议，据 third parties, pursuant to which the Group agreed 此，本集团同意出售其于FH Group to dispose of its 20% equity interest, together with 及Mega Hope Global Limited及其附 and the related shareholder’s loans, in each of the 属公司各自的20%股权连同其相关股 FH Group and Mega Hope Global Limited and its 东贷款，该等公司共同持有及营运一 subsidiaries, which together holds and operates a 项酒店物业，代价分别为86,440,000 hotel property, at a consideration of HK$86,440,000 港元及800,000港元（可予调整）。有 and HK$800,000, respectively (subject to adjustment). 关出售之除税前估计亏损预期约为 The estimated loss on disposal before tax is expected 202,900,000港元。该项交易预期于 to be approximately HK$202,900,000. The transaction 二零二五年八月完成。有关出售的进 is expected to be completed in August 2025. Further 一步详情载于宏安地产与本公司日期 details of the disposal are set out in the announcement 为二零二五年六月十二日的公告。 of WOP and the Company dated on 12 June 2025. (vi) On 20 June 2025, the Group entered into a (vi) 于二零二五年六月二十日，本集团与 provisional sale and purchase agreement with an 一名独立第三方订立临时买卖协议， independent third party to dispose of a property 以出售分类为投资物业之物业，代价 classified as investment property at a consideration 为23,280,000港元。该项交易预计 of HK$23,280,000. The transaction is expected to 将于二零二五年十月完成。出售事项 be completed in October 2025. Further details of the 之进一步详情载于本公司日期为二零 disposal are set out in the Company’s announcement 二五年六月二十日之公告。 dated 20 June 2025. Except that stated in note 47(i), as at the date of approval 除附注47(i)所述外，于批准本财务报表当 of these financial statements, the above transactions have 日，上述该等交易尚未完成，披露该等交 not been completed, it is not practicable to disclose further 易之进一步详情并不可行。 details about these transactions. 二零二五年年报 宏安集团有限公司 347

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 48. STATEMENT OF FINANCIAL POSITION OF 48. 本公司之财务状况表 THE COMPANY Information about the statement of financial position of the 有关于报告期末本公司财务状况表的资料 Company at the end of the reporting period is as follows: 如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 NON-CURRENT ASSETS 非流动资产 Investments in subsidiaries 于附属公司之投资 – – Loan to a subsidiary 向一间 附属公司之贷款 100,000 220,000 Total non-current assets 总非流 动资产 100,000 220,000 CURRENT ASSETS 流动资产 Prepayments, other receivables 预付款项、其他应收款项及 and other assets 其他资产 6,531 7,803 Financial assets at FVTOCI 按公平值计入其他全面收益之 金融资产 4,961 4,158 Amounts due from subsidiaries 应收附属公司款项 1,772,929 1,921,752 Cash and cash equivalents 现金及现金等同项目 26,222 20,868 Total current assets 总流动 资产 1,810,643 1,954,581 CURRENT LIABILITIES 流动负债 Other payables and accruals 其他应付款项及应计费用 3,432 4,601 Intere st-bearing bank and other borrowings 计息银 行及其他借贷 112,499 285,799 Total current liabilities 总流动 负债 115,931 290,400 348 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 48. STATEMENT OF FINANCIAL POSITION OF 48. 本公司之财务状况表（续） THE COMPANY (continued) 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 NET C URRENT ASSETS 流动资 产净值 1,694,712 1,664,181 TOTAL ASSETS LESS CURRENT 总资产减流动负债 LIAB ILITIES 1,794,712 1,884,181 NON-CURRENT LIABILITY 非流动负债 Intere st bearing other borrowings 计息其 他借贷 100,000 135,000 Net as sets 资产净 值 1,694,712 1,749,181 EQUITY 权益 Issued capital 已发行股本 141,667 153,538 Reser ves (Note) 储备（ 附注） 1,553,045 1,595,643 Total equity 权益总 额 1,694,712 1,749,181 Tang Ching Ho Stephanie 邓清河 Director Director 董事 董事 二零二五年年报 宏安集团有限公司 349

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 48. STATEMENT OF FINANCIAL POSITION OF 48. 本公司之财务状况表（续） THE COMPANY (continued) Note: 附注： A summary of the Company’s reserves is as follows: 本公司之储备概要如下： Share Fair value Fair value premium Contributed reserve reserve Retained account surplus (recycling) (non-recycling) profits Total 公平值储备 公平值储备 股份溢价账 实缴盈余 （可划转） （不可划转） 保留溢利 总计 Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 附注 千港元 千港元 千港元 千港元 千港元 千港元 (Note 36(b)) （附注36(b)） At 1 April 2023 于二零二三年四月一日 1,154,080 321,388 34,184 (49,367) 155,182 1,615,467 Loss for the year 本年度亏损 – – – – (7,140) (7,140) Other comprehensive income/(loss) for the year: 年内其他全面收益╱（亏损）： Financial assets at fair value through other 按公平值计入其他全面收 comprehensive income: 益之金融资产： Change in the fair value, net of tax 公平值变动，扣除税项 – – (5,458) – – (5,458) Reclassification adjustment for losses 计入损益的亏损的 included in profit or loss 重新分类调整 – Impairment losses －减值亏损 – – 4,909 – – 4,909 Shares repurchased and cancelled 购回及注销股份 34(a) (5,993) – – – – (5,993) Transfer to retained profits 转拨至保留溢利 – – – 49,367 (49,367) – Final 2024 dividend 末期二零二 四年股息 – – – – (6,142) (6,142) At 31 March 2024 and 1 April 2024 于二零二四年三月三十一日 及二零二四年四月一日 1,148,087 321,388 33,635 – 92,533 1,595,643 Gain for the year 本年度收益 – – – – 19,929 19,929 Other comprehensive income/(loss) for the year: 年内其他全面收益╱（亏损）： Financial assets at fair value through other 按公平值计入其他全面收 comprehensive income: 益之金融资产： Change in the fair value, net of tax 公平值变动，扣除税项 – – 803 – – 803 Reclassification adjustment for losses 计入损益的亏损的 included in profit or loss 重新分类调整 – Impairment losses －减值亏损 – – (11,106) – – (11,106) Shares ca ncelled 已注销股份 34(b) (52,224) – – – – (52,224) At 31 Mar ch 2025 于二零二五 年三月三十一日 1,095,863 321,388 23,332 – 112,462 1,553,045 350 Wang On Group Limited Annual Report 2025

---

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 财务报表附注（续） 31 March 2025 二零二五年三月三十一日 49. COMPARATIVE AMOUNTS 49. 比较金额 Certain comparative amounts have been reclassified 若干比较金额已重新分类以符合本年度之 to conform with the current year’s presentation and 呈列及披露。 disclosures. 50. APPROVAL OF THE FINANCIAL 50. 财务报表之批准 STATEMENTS The financial statements were approved and authorised for 本财务报表已于二零二五年六月三十日经 issue by the board of directors of the Company on 30 June 由本公司董事会批准及授权刊发。 2025. 二零二五年年报 宏安集团有限公司 351

---

352Wang On Group Limited Anual Report 2025

PARTICULARS OF KEY PROPERTIES

主要物业详情

INVESTMENT PROPERTIES

LocationUseTenure

Interest

atributable to

the Group

地点用途租期本集团应占权益

Wuhan Baishazhou Agri-Products Market,

Special Nos. 1 Qingling Stret, Qingling

Country, Hongshan District, Wuhan City,

Hubei Province, the PRC

Agricultural produce

exchange market

Medium term lease57.1%

中国湖北省武汉市洪山区青菱乡青菱街特一号

武汉白沙洲农副产品大市场

农产品交易市场中期租约

Henan Luoyang Hong-Jin Agri-Products

International Logistics Centre, West of Luoji

Expresway, Old town District, Luoyang City,

Henan Province, the PRC

Agricultural produce

exchange market

Medium term lease57.1%

中国河南省洛阳市老城区洛吉快速通道西侧

洛阳宏进农副产品国际物流中心

农产品交易市场中期租约

PROPERTIES HELD FOR SALE

Location

Aproximate

saleable flor areaUse

Interest

atributable to

the Group

地点概约可售建筑面积用途本集团应占权益

(square fet)

（平方呎）

China – ASEAN (Qinzhou) Agri-Products Market,

North of Jinhaiwan West Avenue (Entrance

of Nanbei Highway), Qinzhou City, Guangxi

Zhuang Autonomous Region, the PRC

1,657,000Agricultural produce

exchange market

57.1%

中国广西壮族自治区钦州市金海湾西大街北侧

（南北高速出入口）中国－东盟（钦州）农产品

大市场

农产品交易市场

Nos. 86A-86G Pokfulam Road28,500Residential52.5%

薄扶林道86A至86G号住宅

50-62 Larch Stret and 6-8 Lime Stret,

Tai Kok Tsui

1,800Residential and Comercial75.0%

大角咀洋松街50-62号及菩提街6-8号住宅及商业

投资物业

持作出售物业

---

PARTICULARS OF KEY PROPERTIES (CONTINUED) 主要物业详情（续） Interest Approximate attributable to Location saleable floor area Use the Group 地点 概约可售建筑面积 用途 本集团应占权益 (square feet) （平方呎） Nos. 34 and 36 Main Street, Nos. 5, 7 and 8,700 Residential and Commercial 37.5% 9 Wai Fung Street, Ap Lei Chau 鸭脷洲大街34及36号以及惠风街5、7及9号 住宅及商业 Nos. 26-48 Ming Fung Street, Wong Tai Sin 21,400 Residential and Commercial 37.5% 黄大仙鸣凤街26-48号 住宅及商业 PROPERTIES UNDER DEVELOPMENT 发展中物业 Approximate Anticipated Interest Approximate gross year of Stage of attributable to Location site area floor area Use completion completion the Group 地点 概约地盘面积 概约总建筑面积 用途 预期竣工年度完成阶段 本集团应占权益 (square feet) (square feet) （平方呎） （平方呎） Nos. 120-130 Main Street, Ap Lei Chau 7,200 74,200 Residential and Commercial 2026 Construction in progress 37.5% 鸭脷洲大街120–130号 住宅及商业 二零二六年 在建 Nos. 31-41 & 45 Fei Fung Street, 10,400 93,700 Residential and Commercial 2026 Construction in progress 37.5% Wong Tai Sin 黄大仙飞凤街31-41及45号 住宅及商业 二零二六年 在建 Nos. 12-16, 18-20, 22 and 24 Ting Yip Street, 5,200 46,300 Residential and Commercial 2026 Construction in progress 37.5% Ngau Tau Kok 牛头角定业街12-16、18-20、22及24号 住宅及商业 二零二六年 在建 Nos. 101 and 111, King’s Road 12,400 130,000 Residential and Commercial 2026 Construction in progress 37.5% 英皇道101及111号 住宅及商业 二零二六年 在建 Nos. 3-9 Finnie Street, Quarry Bay 4,200 40,100 Residential and Commercial 2026 Construction in progress 75.0% 鲗鱼涌芬尼街3-9号 住宅及商业 二零二六年 在建 二零二五年年报 宏安集团有限公司 353

---

PARTICULARS OF KEY PROPERTIES (CONTINUED) 主要物业详情（续） Approximate Anticipated Interest Approximate gross year of Stage of attributable to Location site area floor area Use completion completion the Group 地点 概约地盘面积 概约总建筑面积 用途 预期竣工年度完成阶段 本集团应占权益 (square feet) (square feet) （平方呎） （平方呎） Nos. 17-23 Ap Lei Chau Main Street, 6,600 68,100 Residential and Commercial 2027 Construction in progress 75.0% 7-9 Ping Lan Street and 37-39 Shan Shi Street, Ap Lei Chau 鸭脷洲大街17-23号，平澜街7-9号及 住宅及商业 二零二七年 在建 新市街37-39号 Nos. 18-20 Sze Shan Street, Yau Tong 41,700 304,000 Residential and Commercial 2028 Construction in progress 37.5% 油塘四山街18-20号 住宅及商业 二零二八年 在建 354 Wang On Group Limited Annual Report 2025

---

355二零二五年报 宏安集团有限公司

FIVE YEAR FINANCIAL SUMARY

五年财务概要

A sumary of the results and of the asets, liabilities and non-

controling interests of the Group for the last five financial years, as

extracted from the published audited financial statements is set

out below.

RESULTS

Year ended 31 March

截至三月三十一日止年度

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

REVENUE收入2,740,1861,983,2343,603,4581,856,0411,918,293

PROFIT/(LOS) BEFORE

FINANCE COSTS AND TAX

除融资成本及税前之

溢利╱（亏损）(838,117)(513,775)386,58713,306491,294

Finance costs融资成本(354,594)(364,377)(288,359)(207,605)(249,532)

PROFIT/(LOS) BEFORE TAX除税前溢利╱（亏损）(1,192,711)(878,152)98,228(194,299)241,762

Income tax credit/(expense)所得税抵免╱（开支）2,576(38,314)526(58,464)(139,964)

PROFIT/(LOS) FOR THE YEAR年度溢利╱（亏损）(1,190,135)(916,466)98,754(252,763)101,798

Atributable to:应占：

Owners of the parent母公司权益持有人(922,431)(753,847)12,784(305,226)123,884

Non-controling interests非控股权益(267,704)(162,619)85,97052,463(22,086)

(1,190,135)(916,466)98,754(252,763)101,798

下表载列本集团于过往五个财政年度之业绩及

资产、负债及非控股权益概要，此等资料乃摘

录自已公布经审核财务报表。

业绩

---

FIVE YEAR FINANCIAL SUMMARY (CONTINUED) 五年财务概要（续） ASSETS, LIABILITIES AND NON-CONTROLLING 资产、负债及非控股权益 INTERESTS 31 March 三月三十一日 2025 2024 2023 2022 2021 二零二五年 二零二四年 二零二三年 二零二二年 二零二一年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 TOTAL ASSETS 总资产 13,729,012 17,582,645 18,387,070 20,056,447 20,445,909 TOTAL LIABILITIES 总负债 (6,948,693) (9,463,635) (9,007,704) (10,456,653) (10,476,928) NON-CONTROLLING INTERESTS 非控股权益 (2,447,772) (2,852,706) (3,463,059) (3,607,983) (3,530,924) 4,332,547 5,266,304 5,916,307 5,991,811 6,438,057 356 Wang On Group Limited Annual Report 2025

---