2024/25

Anual Report 年报

North Asia Strategic Holdings Limited

北亚策略控股有限公司 *

(Incorporated in Bermuda with limited liability)

（于百慕达注册成立之有限公司）

(Stock Code 股份代号 : 8080)

For identification purpose only 仅供识别 *

Suite 1618, 16th Flor, Jardine House,

1 Conaught Place, Central, Hong Kong

Tel : (852) 2918 3788

Fax : (852) 2169 0209

Principal Place of Busines

w.nasholdings.com

香港中环康乐广场 1 号怡和大厦 16 楼 1618 室

电话 : (852) 2918 3788

传真 : (852) 2169 0209

主要营业地点

North Asia Strategic Holdings Limited

北亚策略控股有限公司 *

C004888

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CHARACTERISTICS OF GEM OF THE STOCK

EXCHANGE OF HONG KONG LIMITED (THE “STOCK

EXCHANGE”)

GEM has ben positioned as a market designed to acomodate

smal and mid-sized companies to which a higher investment

risk may be atached than other companies listed on the Stock

Exchange. Prospective investors should be aware of the potential

risks of investing in such companies and should make the decision

to invest only after due and careful consideration.

Given that the companies listed on GEM are generaly smal and

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

may be more susceptible to high market volatility than securities

traded on the Main Board of the Stock Exchange and no asurance

is given that there wil be a liquid market in the securities traded on

GEM.

Hong Kong Exchanges and Clearing Limited and the Stock Exchange take

no responsibility for the contents of this report, make no representation

as to its acuracy or completenes and expresly disclaim any liability

whatsoever for any los howsoever arising from or in reliance upon the

whole or any part of the contents of this report.

This report, for which the directors (the “Directors” or the “Board”) of

North Asia Strategic Holdings Limited colectively and individualy acept

ful responsibility, includes particulars given in compliance with the Rules

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

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

to North Asia Strategic Holdings Limited. The Directors, having made al

reasonable enquiries, confirm that to the best of their knowledge and belief

the information contained in this report is acurate and complete in al

material respects and not misleading or deceptive, and there are no other

maters the omision of which would make any statement herein or this

report misleading.

香港联合交易所有限公司（「联交所」）GEM

的特色

GEM的定位，乃为中小型公司提供一个上市的市

场，此等公司相比起其他在联交所上市的公司带有

较高投资风险。有意投资的人士应了解投资于该等

公司的潜在风险，并应经过审慎周详的考虑后方作

出投资决定。

由于GEM上市公司普遍为中小型公司，在GEM买

卖的证券可能会较于联交所主板买卖之证券承受较

大的市场波动风险，同时无法保证在GEM买卖的证

券会有高流通量的市场。

香港交易及结算所有限公司及联交所对本报告之内

容概不负责，对其准确性或完整性亦不发表任何声

明，并明确表示概不就因本报告全部或任何部分内

容而产生或因倚赖该等内容而引致之任何损失承担

任何责任。

本报告的资料乃遵照联交所《GEM证券上市规则》

（「GEM上市规则」）而刊载，旨在提供有关北亚策略

控股有限公司的资料；北亚策略控股有限公司的董

事（「董事」或「董事会」）愿就本报告的资料共同及

个别地承担全部责任。各董事在作出一切合理查询

后，确认就其所知及所信，本报告所载资料在各重

要方面均属准确完备，没有误导或欺诈成分，且并

无遗漏任何其他事项，足以令致本报告或其所载任

何陈述产生误导。

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1ANUAL REPORT 2024/25 年报

Page

页

Corporate Information 公司资料 2

Financial Highlights 财务摘要 4

Chairlady’s Statement 主席报告书 5

Management Discusion and Analysis 管理层讨论及分析 9

Profiles of Directors and Senior Management 董事及高级管理人员资料 21

Corporate Governance Report 企业管治报告 26

Report of the Directors 董事会报告书 55

Independent Auditor’s Report 独立核数师报告 75

Consolidated Statement of Profit or Los 综合损益表 83

Consolidated Statement of Comprehensive Income 综合全面收益表 84

Consolidated Statement of Financial Position 综合财务状况表 85

Consolidated Statement of Changes in Equity 综合权益变动表 87

Consolidated Statement of Cash Flows 综合现金流量表 89

Notes to Financial Statements 财务报表附注 91

Properties Held by the Group 本集团持有的物业 224

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2North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE INFORMATION

公司资料

BOARD OF DIRECTORS

Executive Directors

Zhang Yifan (Chairlady)

Keneth Kon Hiu King

Non-executive Director

Piere Tsui Kwong Ming

Independent Non-executive Directors

Airy Lau Tak Chuen

Cai Qing

Graham Lam Ka Wai

AUDIT COMITE

Airy Lau Tak Chuen (Comite Chairman)

Cai Qing

Graham Lam Ka Wai

REMUNERATION COMITE

Airy Lau Tak Chuen (Comite Chairman)

Keneth Kon Hiu King

Zhang Yifan

Cai Qing

Graham Lam Ka Wai

NOMINATION COMITE

Zhang Yifan (Comite Chairlady)

Keneth Kon Hiu King

Airy Lau Tak Chuen

Cai Qing

Graham Lam Ka Wai

AUTHORISED REPRESENTATIVES

Zhang Yifan

Law Wai Fai

WEBSITE

w.nasholdings.com

董事会

执行董事

张一帆（主席）

干晓劲

非执行董事

徐广明

独立非执行董事

刘德泉

蔡青

林家威

审核委员会

刘德泉（委员会主席）

蔡青

林家威

薪酬委员会

刘德泉（委员会主席）

干晓劲

张一帆

蔡青

林家威

提名委员会

张一帆（委员会主席）

干晓劲

刘德泉

蔡青

林家威

授权代表

张一帆

罗伟辉

网址

w.nasholdings.com

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3ANUAL REPORT 2024/25 年报

STOCK CODE

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

PRINCIPAL PLACE OF BUSINES

Suite 1618, 16th Flor, Jardine House

1 Conaught Place, Central, Hong Kong

Tel: (852) 2918 3788

Fax: (852) 2169 0209

PRINCIPAL SHARE REGISTRAR AND TRANSFER

OFICE

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court, 22 Victoria Stret

PO Box HM1179, Hamilton HM EX

Bermuda

HONG KONG BRANCH SHARE REGISTRAR AND

TRANSFER OFICE

Computershare Hong Kong Investor Services Limited

Shops 1712-1716, 17th Flor, Hopewel Centre

183 Quen’s Road East, Wanchai, Hong Kong

Tel: (852) 2862 8628

Fax: (852) 2865 0990

PRINCIPAL BANKERS

Hang Seng Bank Limited

Standard Chartered Bank (Hong Kong) Limited

The Hongkong and Shanghai Banking Corporation Limited

AUDITOR

Ernst & Young

Certified Public Acountants and Registered Public Interest Entity Auditor

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

股份代号

注册办事处

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

主要营业地点

香港中环康乐广场1号

怡和大厦16楼1618室

电话： (852) 2918 3788

传真： (852) 2169 0209

主要股份过户登记处

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court, 22 Victoria Stret

PO Box HM1179, Hamilton HM EX

Bermuda

香港股份过户登记分处

香港中央证券登记有限公司

香港湾仔皇后大道东183 号

合和中心17 楼1712-1716 号舖

电话： (852) 2862 8628

传真： (852) 2865 0990

主要往来银行

恒生银行有限公司

渣打银行（香港）有限公司

香港上海汇丰银行有限公司

核数师

安永会计师事务所

执业会计师及注册公众利益实体核数师

香港鲗鱼涌

英皇道979号

太古坊一座27楼

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2025
二零二五年
HK$’000
千港元
1,375,299
4,303
(12,207)
(7,904)

2025	2024
二零二五年	二零二四年
HK$’000	HK$’000
千港元	千港元
1,957,197	1,957,058
594,266	583,320
1,362,931	1,373,738

4North Asia Strategic Holdings Limited 北亚策略控股有限公司

FINANCIAL HIGHLIGHTS

财务摘要

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

last five financial years, as extracted from the published audited financial

statements and restated/reclasified as apropriate, is set out below.

RESULTS

For the year ended 31st March

截至三月三十一日止年度

二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Revenue收入1,305,4202,266,6422,445,1502,358,611

Profit/(los) before tax除税前溢利╱（亏损）(44,790)4,551108,662184,934

Income tax expense所得税支出(3,945)(3,463)(28,869)(47,671)

(Los)/profit atributable

to the shareholders of

the Company

本公司股东应占

（亏损）╱溢利

(48,735)1,08879,793137,263

ASETS, LIABILITIES AND EQUITY

As at 31st March

于三月三十一日

二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000

千港元千港元千港元

Total asets资产总额2,079,9363,161,9873,161,609

Total liabilities负债总额(644,600)(1,714,545)(1,916,542)

Equity atributable to

shareholders of the

Company

本公司股东应占

权益

1,435,3361,447,4421,245,067

下文载列本集团于过去五个财政年度之业绩、资

产、负债及权益概要（乃摘录自已刊发经审核财务报

表并已于适当情况下重列╱重新分类）。

业绩

资产、负债及权益

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5ANUAL REPORT 2024/25 年报

CHAIRLADY’S STATEMENT

主席报告书

CHAIRLADY’S STATEMENT

On behalf of the board of directors (“Board”) of North Asia Strategic

Holdings Limited (“Company”), I am pleased to present the anual results

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

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

ECONOMIC LANDSCAPE AND BUSINES

PERFORMANCE

During the Year, although the Group benefited from the recovery of

consumer electronic market and thriving China’s electric vehicle (“EV”)

market, it recorded a consolidated net los of aproximately HK$7,904,000

due to impairment of investment properties as a result of the decline in

Hong Kong property market, representing a reduction of 84% from the

consolidated net los of aproximately HK$48,735,000 last year.

Over the past few years, the global economic landscape has ben

shaped by trade policies and sanctions, and an increasing cal for self-

reliance among nations. For China’s electronic manufacturing industry,

this decoupling has led to significant disruptions. China’s electronic

manufacturing companies that once relied on exporting to the United

States (“US”) have ben forced to diversify their markets to South-East

Asia region and further expansion of domestic market, invest in inovation,

and reduce dependence on American technologies. Simultaneously,

heightened scrutiny and restrictions on semiconductor imports and

advanced technology components have compeled manufacturers to

acelerate domestic production capabilities and pursue suply chain

resilience to maintain competitivenes in a rapidly evolving global market.

The Group’s hi-tech distribution and services busines performance was

further suported by China government’s subsidy programs for equipment

upgrades and consumer gods trade-ins in January 2025. The programs

aim to bost key sectors by providing subsidies for purchasing new

digital products, home apliances, and vehicles to stimulate domestic

consumption, promote technology upgrades, and drive economic growth

to adres the concerns about slowing domestic demand. We have sen

obvious rebound in orders from our existing customers from the start of

2025.

主席报告书

本人谨代表北亚策略控股有限公司（「本公司」）董事

会（「董事会」），欣然呈列本公司及其附属公司（统称

「本集团」）截至二零二五年三月三十一日止财政年度

（「本年度」）之年度业绩。

经济格局及业务表现

于本年度，尽管本集团于消费电子市场的复苏及中

国电动汽车（「电动汽车」）市场的蓬勃发展中获益，

但由于香港物业市场下行导致投资物业减值，其录

得综合亏损净额约7,904,000港元，较去年的综合亏

损净额约48,735,000港元减少84%。

过往数年，全球经济格局受贸易政策及制裁以及各

国自立的呼声日益高涨的影响。就中国的电子制造

业而言，这种脱钩导致出现重大中断。曾经依赖向

美利坚合众国（「美国」）出口的中国电子制造公司不

得不将其市场扩至东南亚地区并进一步拓展国内市

场，进行创新投入，并减少对美国技术的依赖。同

时，对半导体进口及先进技术组件的严格审查及限

制促使制造商加快提升国内生产能力，并致力于维

持供应链的韧性，以期在快速发展的全球市场保持

竞争力。

中国政府于二零二五年一月推出的设备更新及消费

品以旧换新补贴方案，进一步推动了本集团高科技

产品分销及服务业务的表现。该等方案旨在通过为

购买新型数字产品、家电及汽车提供补贴以促进主

要行业的发展，刺激国内消费、推动技术升级并促

进经济增长，从而解决国内需求放缓的问题。自二

零二五年初以来，现有客户的订单呈现明显回升

的态势。

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6North Asia Strategic Holdings Limited 北亚策略控股有限公司

CHAIRLADY’S STATEMENT

主席报告书

The Group’s leasing busines demonstrated exceptional performance

throughout the Year, with continuous growth in the operating lease

segment. This trend was driven by electronic manufacturers increasingly

opting to lease surface-mount technology (“SMT”) machines to

acomodate fluctuating order volumes. Furthermore, many manufacturers

are awaiting comprehensive operating data from the new generation

of Fuji SMT machines, which have shown promising advancements in

performance and stability.

The Group’s electronic payment busines operating under the “Jarvix”

brand, which focuses on the local consumption market, faced a decline

in revenue due to shifting consumer habits, with a growing preference for

cros-border shoping and dining. With the Hong Kong Government’s

forward-loking policies and the gradual recovery of local consumption, we

firmly believe there remains significant rom for growth and development in

the market.

In sumary, the Group has navigated chalenges and leveraged

oportunities during an eventful year. Our strategies to diversify markets,

invest in inovation, and align with government initiatives have positioned

us for sustained growth. Meanwhile, our leasing busines and payment

solutions are adapting to evolving market dynamics, ensuring resilience

and relevance in a competitive landscape. Loking ahead, we remain

comited to delivering exceptional value to al our stakeholders while

driving progres acros our busines segments.

本集团的租赁业务全年表现卓越，经营租赁分部持

续增长。该趋势乃由于越来越多的电子制造商选择

租赁表面贴装技术（「SMT」）机器以应对订单量波

动所推动。此外，不少制造商正在等待新一代富士

SMT机器的综合运行数据，该等机器在性能及稳定

性方面均有明显提升。

本集团以「Jarvix」品牌营运之电子支付业务专注于

本地消费市场，面临因消费习惯变化（越来越倾向于

跨境购物及餐饮）导致收入下滑。鉴于香港政府的前

瞻性政策及本地消费的逐步复苏，我们坚信市场仍

有巨大的增长及发展空间。

总而言之，在这充满变化的一年，本集团应对挑战

并把握诸多机遇。我们扩大市场、进行创新投入及

顺应政府举措的策略，为我们的持续增长奠定基

础。同时，我们的租赁业务及支付解决方案正在适

应不断变化的市场动态，确保在竞争激烈的环境中

保持韧性及竞争力。展望未来，我们将继续致力于

为所有持份者提供卓越的价值，同时推动我们的业

务分部发展。

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7ANUAL REPORT 2024/25 年报

CHAIRLADY’S STATEMENT

主席报告书

OUTLOK

The Greater Bay Area (“GBA”) blueprint introduced by President Xi

underscores the prospects for growth and development in Hong Kong.

With its headquarters strategicaly located in Hong Kong and significant

operational units in southern China, the Group is optimistic about Hong

Kong’s pivotal role within the GBA initiative. To strengthen Hong Kong’s

soft power, the Hong Kong Government has implemented the “Top

Talent Pas Scheme,” which has received an overwhelming response.

Aditionaly, proposals such as the “Northern Metropolis Strategy” have

ben introduced to complement the GBA initiative.

Aligned with these developments, the Group wil actively pursue

oportunities to expand its investments in acordance with the 14th Five-

Year Plan and the GBA initiative, leveraging both organic growth and

external acquisitions.

Furthermore, in response to the ongoing trend of customers relocating

manufacturing operations due to the US-China decoupling, the Group’s

ofices acros Southeast Asian countries wil continue to expand their

sales and enginering teams to seamlesly suport customers expanding

outside China. Besides, the Group’s electronic payment busines wil rol-

out the new “buy now pay later” service to selective merchants and other

new products based on the Jarvix payment platform.

A SOCIALY RESPONSIBLE COMPANY

The long-term sustainability of the Group depends on its ability to maintain

a balance betwen its stakeholders. As a member of a comunity,

the Group believes that it is responsible not only to the Company’s

shareholders but also to other stakeholders such as its supliers,

customers, employes and the society in which it operates and the

government. The Group has sponsorship program to encourage talented

employes to broaden their skils and is reviewing its remuneration policies

to provide beter suport and rewards to our staf for their long term

comitment and enhanced profesionalism. In 2024, the Company was

awarded “The Junzi Corporation Award” the third time by the Hang Seng

University of Hong Kong for conducting its operations in acordance with

the Confucian ethics of “Five Virtues” refering to “Benevolence, Rightnes,

Propriety, Wisdom and Trustworthines”. The award encourages the Group

in its continuous efort in being a socialy responsible company.

展望

由习主席提出的大湾区（「大湾区」）蓝图强调了香

港的增长及发展前景。本集团总部战略性布局于香

港，并于华南地区设立重要营运部门，对香港在大

湾区计划中所发挥的关键作用持乐观态度。为加强

香港的软实力，香港政府已实施「高端人才通行证

计划」，反应热烈。此外，香港政府亦提出「北部都

会区发展策略」等议案，以配合大湾区计划。

顺应该等发展态势，本集团将通过内部增长及外部

收购，依据「十四五」规划及大湾区计划，积极寻求

扩大投资的机遇。

此外，随著中美脱钩导致客户不断转移其生产业务

的趋势，本集团于东南亚国家的办事处将继续扩大

其销售及工程团队，以便为客户向中国境外拓展业

务提供无缝支持。此外，本集团的电子支付业务将

基于Jarvix支付平台向精选商户逐步推出全新的「先

买后付」服务及其他新产品。

对社会负责的公司

本集团的长期可持续发展能力取决于其能否维持

份者之间的平衡。作为社区的一员，本集团认为其

不仅要对本公司股东负责，亦要对其他持份者（例

如供应商、客户、雇员及其经营所在之社会及政府）

负责。本集团设有资助计划以鼓励优秀雇员扩大自

身技能，并正审阅其薪酬政策，以更好支持及奖励

雇员作出的长期奉献及提升专业水准。于二零二四

年，本公司以合乎儒家的「五常」（即「仁、义、礼、

智、信」）道德准则经营，第三次荣获香港恒生大学

颁发「君子企业大奖」。此项殊荣鼓励本集团继续努

力成为对社会负责的公司。

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8North Asia Strategic Holdings Limited 北亚策略控股有限公司

CHAIRLADY’S STATEMENT

主席报告书

APRECIATION

Without the trust and suport of our shareholders, customers, supliers,

felow directors, management and staf, I could not have persevered and

overcome the chalenges during the Year. The financial and operational

performance are the direct results of years of relentles hard work of

our entire staf, management team and directors. I would like to take

this oportunity to thank the directors for their long-term service and

comitment. I am also grateful for the suport and guidance of the Listing

Division staf who have ben helpful in facilitating our corporate actions.

Zhang Yifan

Chairlady

Hong Kong, 26th June 2025

致谢

如无股东、客户、供应商、董事、管理层及员工的

信任及支持，本人不可能坚持克服本年度之重挑

战。我们的财务及营运表现，正是全体员工、管理

层团队以及董事多年来努力不懈的直接成果。本人

谨借此机会感谢董事作出的长期服务及贡献。本人

亦对上市科人员为帮助促使我们的公司行动所给予

的支持及指导致以衷心谢意。

主席

张一帆

香港，二零二五年六月二十六日

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9ANUAL REPORT 2024/25 年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层论述及分析

FINANCIAL AND BUSINES PERFORMANCE

During the Year, the Group navigated chalenges posed by geopolitical

uncertainties and market volatility, demonstrating resilience and strategic

adaptability. In 2024, China’s EV industry emerged as a global leader,

experiencing significant growth driven by suportive government policies,

technological inovation, and the expanding demand for sustainable

transportation solutions. This robust growth positively impacted the

Group’s customers in the EV sector. Furthermore, advancements in artificial

inteligence (“AI”) fueled substantial demand acros AI-enabled markets,

including noteboks, smartphones, and servers, further contributing to the

Group’s busines momentum during the Year.

The Group has proactively adapted to the shifting geopolitical landscape,

including the ongoing US-China decoupling and the diversification of

manufacturing bases by its customers outside of China. To adres

these changes and beter suport its clientele, the Group has established

operations and expanded its sales and service cohort in Thailand and

Vietnam, positioning itself strategicaly to met evolving customer neds in

these regions.

During the financial year, the Group achieved consolidated revenue

of aproximately HK$1,375,299,000, reflecting an increase of 5.4%

compared to HK$1,305,420,000 in the previous year. This growth was

primarily atributed to a 7.7% rise in revenue from the hi-tech distribution

and services division, driven by increased capital investments from

customers in the EV industry and heightened demand from clients pursuing

overseas expansion plans during the Year.

During the Year, the Group’s total operating expenses increased by

aproximately 4.6% from HK$274,514,000 in the previous year to

HK$287,009,000. This growth was primarily driven by higher sales-

related expenditures, while administrative expenses remained stable.

Despite the rise in expenses, the Group sucesfuly improved its cost

eficiency, reducing the ratio of total operating expenses to revenue from

aproximately 21.0% in the prior year to aproximately 20.9% during the

Year—a testament to efective cost optimization eforts.

财务及业务表现

于本年度，本集团成功应对因地缘政治的不确定性

及市场波动所带来的挑战，彰显了韧性及战略灵活

性。于二零二四年，中国的电动汽车行业成为全球

领军者，其显著增长得益于政府的扶持政策、技术

创新以及对可持续交通解决方案不断增长的需求。

此强劲增长对本集团电动汽车行业之客户产生积极

影响。此外，人工智能（「AI」）的进步推动了AI赋能

市场的强劲需求，包括笔记型电脑、智能手机及服

务器，从而进一步推动本集团于本年度的业务增长

势头。

本集团积极适应不断变化的地缘政治格局，包括中

美持续脱钩及其客户将生产基地搬迁至中国境外。

为应对该等变化及更好为客户提供支援，本集团已

在泰国及越南开展业务，并扩大其销售及服务团

队，并在该等地区进行战略性布局，以满足不断变

化的客户需求。

于本财政年度，本集团的综合收入约为

1,375,299,000港元，较去年的1,305,420,000港元

增加5.4%。有关增长主要归因于本年度电动汽车行

业客户的资本投入增加及寻求海外扩张计划的客户

需求增加，高科技产品分销及服务分部之收入增加

7.7%。

本集团之经营费用总额由去年274,514,000港元增

加约4.6%至本年度287,009,000港元。有关增加

主要由于与销售有关开支增加，而行政费用保持稳

定。尽管费用增加，但本集团成功提高成本效率，

将经营费用总额与收入的比率由去年约21.0%减少

至本年度约20.9%，由此凸显成本优化措施取得成

效。

---

10North Asia Strategic Holdings Limited 北亚策略控股有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层论述及分析

FINANCIAL AND BUSINES PERFORMANCE (Continued)

During the Year, the Group recorded a consolidated net los of

aproximately HK$7,904,000, representing a decrease of 84% from the

consolidated net los of aproximately HK$48,735,000 in the previous

year. The Group incured a consolidated net los due to the impairment

of aproximately HK$18,857,000 in investment properties, which is non-

cash in nature, as a result of the decline in Hong Kong property market

while there was no such impairment in last year. Excluding the efect of

impairment, the Group has turned around from last year’s net los to a

consolidated net profit of aproximately HK$10,953,000 for the Year.

This improvement was primarily driven by enhanced gros profit margins

resulting from higher sales suport service income in the hi-tech distribution

and services busines division, coupled with efective measures to control

operating expenses.

The basic los per share in the Year was aproximately HK1.7 cents,

representing a decrease from basic los per share of aproximately HK10.7

cents in last year. As at 31st March 2025, the consolidated net aset

value of the Company per ordinary share was aproximately HK$3.00,

representing a decrease of HK$0.02 from aproximately HK$3.02 as at

31st March 2024.

Below is a sumary of the financial and busines highlights of our busines

divisions. The profit/los figures disclosed below do not include any

intragroup sales and charges, as they are eliminated upon consolidation.

HI-TECH DISTRIBUTION AND SERVICES DIVISION

The Group conducts its hi-tech distribution and services busines through

its wholy-owned subsidiary, American Tec Company Limited (“AMT”). AMT,

a 30 plus years old firm is a leading distributor and after-market service

provider of SMT equipment and semiconductor manufacturing equipment

in Asia. AMT has more than 230 profesional enginers and customer

care staf in more than 25 cities in China, Thailand, Vietnam and India and

other South-East Asia countries to service the neds of its customers.

Customers include most of the major telecom and electronic products

and EV manufacturers in the world. AMT is especialy wel positioned with

its growing base of Chinese manufacturers. Its supliers include leading

equipment and solutions manufacturers from Asia, the United States and

Europe.

财务及业务表现（续）

于本年度，本集团录得综合亏损净额约为7,904,000

港元，较去年的综合亏损净额约48,735,000港元减

少84%。本集团产生综合净亏损乃由于香港物业市

场下行，导致投资物业减值约18,857,000港元（其

属非现金性质），而去年并无有关减值。撇除减值的

影响，本集团扭亏为盈，由去年的净亏损扭转为本

年度的综合净溢利约10,953,000港元。有关改善主

要得益于高科技产品分销及服务业务分部之销售支

援服务收入增加，加上行之有效之经营费用控制措

施，致使毛利率有所增加。

本年度之每股基本亏损约为1.7港仙，较去年每股

基本亏损约10.7港仙有所减少。于二零二五年三

月三十一日，本公司每股普通股综合资产净值约为

3.00港元，较二零二四年三月三十一日约3.02港元

减少0.02港元。

以下为我们业务分部之财务及业务摘要。由于集团

内公司间之销售及费用已于综合入账时对销，故以

下披露之溢利╱亏损数字并不包括任何该等款项。

高科技产品分销及服务分部

本集团透过其全资附属公司美亚电子科技有限公司

（「美亚科技」）经营高科技产品分销及服务业务。美

亚科技营业超过30年，为亚洲领先之SMT设备及半

导体制造设备分销商及售后服务提供者。美亚科技

由逾230名专业工程师及客户服务员工组成，分布

于中国、泰国、越南、印度及其他东南亚国家逾25

个城市，为其客户之需求效力。客户包括全球大部

分主要电讯及电子产品及电动汽车制造商。随着其

中国制造商不断增加，美亚科技具备之条件尤为有

利。其供应商包括来自亚洲、美国及欧洲之领先设

备及解决方案制造商。

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11ANUAL REPORT 2024/25 年报

HI-TECH DISTRIBUTION AND SERVICES DIVISION

(Continued)

During the financial year, the division’s revenue reached aproximately

HK$1,236,648,000, reflecting an increase of HK$88,656,000, or 7.7%,

compared to HK$1,147,992,000 in the previous year. This growth was

primarily driven by a rebound in market demand, notably within the EV and

smartphone sectors. Customers, including smartphone manufacturers

and OEMs in the EV industry, expanded their manufacturing facilities and

placed substantial orders with the division during the Year. Consequently,

the division achieved higher order fulfilment, contributing positively to its

revenue performance for the Year.

Direct machine sales revenue was aproximately HK$1,060,222,000,

representing an increase of HK$33,933,000 or 3.3%, compared to

aproximately HK$1,026,289,000 last year. The division’s spare part

and software sales were aproximately HK$99,280,000, representing

an increase of HK$30,956,000 or 45.3%, compared to aproximately

HK$68,324,000 last year. The sales suport service and other service

income was aproximately HK$77,146,000, representing an increase of

HK$23,767,000 or 44.5%, compared to aproximately HK$53,379,000

last year. The increase of spare parts sales and sales suport service

was mainly due to the increase in sales in Southeast Asia region where

demand surged from customers building their new manufacturing facilities

in Southeast Asia region to diversify their risk due to geopolitical concerns.

During the Year, the division recorded a net profit of aproximately

HK$42,099,000, compared to a net los of aproximately HK$3,260,000

last year.

LEASING DIVISION

The Group conducts its leasing busines through its wholy-owned

subsidiaries, North Asia Financial Leasing (Shanghai) Co., Ltd. (“NAFL”)

in China Shanghai Pilot Fre Trade Zone and Fuji North Asia Leasing

(Shenzhen) Co., Ltd. (“FNAL”) in Qianhai Shenzhen-Hong Kong Modern

Service Industry Coperation Zone. The leasing division provides finance

and operating lease arangements to customers of the Group’s hi-tech

distribution and services division and other projects.

高科技产品分销及服务分部（续）

于本财政年度，该分部之收入约为1,236,648,000港

元，较去年1,147,992,000港元增加88,656,000港

元或7.7%。有关增加主要由于市场需求回升，在电

动汽车及智能手机行业尤为明显。于本年度，客户

（包括智能手机制造商及电动汽车行业OEM制造商）

扩大制造设施并向该分部下达大量订单。因此，于

本年度，该分部的订单交付量增加，对其收入表现

产生积极贡献。

直接机器销售收入约为1,060,222,000港元，较去

年约1,026,289,000港元增加33,933,000港元或

3.3%。该分部之零部件及软件销售约为99,280,000

港元，较去年约68,324,000港元增加30,956,000

港元或45.3%。销售支援服务及其他服务收入约为

77,146,000港元，较去年约53,379,000港元增加

23,767,000港元或44.5%。零部件销售及销售支援

服务增加主要由于客户为分散彼等因地缘政治担忧

而面临的风险，在东南亚地区新建制造设施，导致

该地区的需求激增，从而导致东南亚地区的销售增

加。

于本年度，该分部录得溢利净额约42,099,000港

元，而去年则录得亏损净额约3,260,000港元。

租赁分部

本集团透过其全资附属公司北亚融资租赁（上海）有

限公司（「北亚融资租赁」）于中国上海自由贸易试验

区，及富士北亚租赁（深圳）有限公司（「富士北亚租

赁」）于前海深港现代服务业合作区经营租赁业务。

租赁分部为本集团之高科技产品分销及服务分部及

其他项目之客户提供融资及经营租赁安排。

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12North Asia Strategic Holdings Limited 北亚策略控股有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层论述及分析

LEASING DIVISION (Continued)

During the Year, the global market environment has continued to face

significant chalenges, including the ongoing US-China trade war, tarif

disputes, and other geopolitical factors. These isues have had a notable

impact on the operating environment of the manufacturing industry. Smal

and medium-sized manufacturers, in particular, are navigating fluctuating

production orders by adopting flexible strategy by leasing aditional

equipment to met urgent or large-scale order demands.

The leasing division recorded revenue of aproximately HK$135,813,000

for the Year, representing a decrease of 12% from the coresponding

period last year of HK$154,346,000. This decrease was primarily atributed

to a significant drop in machine sales revenue, which fel by 37.1% from

HK$116,386,000 in the prior year to HK$73,166,000, reflecting cautious

capital expenditure by smal and medium-sized manufacturers.

Despite the decline in machine sales, the revenue from operating lease

arangements surged by 82.9%, increasing from HK$29,216,000 last

year to HK$53,431,000. This growth was driven by rising rental prices

and sustained demand for lease renewals from manufacturing clients,

which reduced equipment idle rates and significantly improved utilization

eficiency. Aditionaly, finance lease income increased slightly by 5.4%,

rising from HK$8,744,000 last year to HK$9,216,000 this Year. In

response to market conditions and fluctuating interest rates, the division

adopted a flexible strategy, balancing risk with busines sustainability. The

principal amount of finance lease receivables decreased by 15.6%, from

HK$79,986,000 as of 31st March 2024, to HK$67,501,000. The division

also expanded its client base and introduced short-term financing options

(of six to twelve months) to beter met client neds.

To adapt to market changes and enhance competitivenes, the leasing

division focused on improving service levels. This included ofering

customized equipment modifications, expanding its product portfolio

to include electronic components and devices, and providing technical

suport for equipment. These eforts contributed to significant profitability

gains. The division reported a net profit of aproximately HK$15,475,000

for the Year, representing an increase of 209.4% compared to

aproximately HK$5,002,000 in the previous year.

租赁分部（续）

于本年度，全球市场环境持续面临重大挑战，包括

持续的中美贸易战、关税纠纷及其他地缘政治因

素。该等事件对制造业的经营环境产生重大影响。

尤其是中小型制造商，为满足紧急或大型订单需

求，采取租赁额外设备的灵活战略，以应对不断波

动的生产订单。

租赁分部于本年度录得收入约135,813,000港元，较

去年同期154,346,000港元减少12%。有关减少主

要由于机器销售收入大幅减少，由去年116,386,000

港元减少37.1%至73,166,000港元，反映中小型制

造商审慎的资本开支。

尽管机器销售下滑，来自经营租赁安排的收入仍激

增82.9%，由去年29,216,000港元增至53,431,000

港元。有关增长由于租赁价格上涨及制造业客户对

续租的持续需求，从而降低了设备闲置率并大幅提

升使用效率。此外，融资租赁收入由去年8,744,000

港元轻微增长5.4%至本年度9,216,000港元。为应

对市场情况及利率波动，该分部采取灵活的策略，

平衡风险与业务可持续性。融资租赁应收款项的本

金额由二零二四年三月三十一日的79,986,000港

元减少15.6%至67,501,000港元。该分部亦扩大其

客户群并推出短期融资方案（六个月至十二个月），

以更好地满足客户需求。

为应对市场变化及提升竞争力，租赁分部专注于提

升服务水平，包括提供定制化设备改装、扩大其产

品组合（将电子元件及装置纳入其中）及为设备提供

技术支持。凭借该等努力，盈利能力显著提升。于

本年度，该分部呈报溢利净额约15,475,000港元，

较去年约5,002,000港元增加209.4%。

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13ANUAL REPORT 2024/25 年报

ELECTRONIC PAYMENT SOLUTION DIVISION

The Group conducted its payment solution busines through its wholy-

owned subsidiary, Jarvix (Hong Kong) Limited (“Jarvix”). Jarvix is principaly

engaged in providing a payment solution to local merchants such that they

can acept wide range of electronic payment methods. Jarvix has ben

focusing on various industries such as fitnes, beauty and sports.

During the Year, Hong Kong’s local consumption market faced significant

chalenges. Acording to data from the Census and Statistics Department,

retail sales in Hong Kong continued to decline from April 2024 to the end

of March 2025, reflecting a weak consumer market. Both the total retail

sales value index and the sales volume index have recorded consecutive

months of decline. This trend may indicate a shift in consumption paterns,

particularly with more Hong Kong residents spending in mainland China,

drawn by price advantages and diverse options in cities like Shenzhen,

which have reduced the atractivenes of local retail.

After completing the acquisition of Jarvix in 2023, the Group’s management

sucesfuly restructured the busines over the past two years. Key

initiatives included reasesing customer portfolios, defining target market

segments, investing in IT upgrades, and optimizing busines operations

and customer service proceses. As of this Year, Jarvix is now capable of

providing both online and ofline payment solutions, encompasing credit

card payment services, eComerce payment aplications, and widely

adopted payment colection methods in Hong Kong. These enhancements

have enabled Jarvix to deliver more comprehensive services to both

existing and potential clients, thereby strengthening its competitive position

in the payment solutions market. Aditionaly, the division has continued

to increase investments in human resources, further expanding and

diversifying its customer base.

During the Year, the division recorded revenue of aproximately

HK$2,838,000, representing a 7.9% decrease compared to aproximately

HK$3,082,000 in the same period last year. The decline in revenue

was primarily atributed to weak local consumption, which dampened

consumer confidence in Hong Kong. The division recorded a net los of

aproximately HK$4,690,000 during the Year, representing an increase of

25.9% compared to aproximately HK$3,725,000 in the previous year. This

los includes amortization of intangible asets amounting to aproximately

HK$2,598,000 during the Year.

电子支付解决方案分部

本集团透过其全资附属公司Jarvix (Hong Kong)

Limited（「Jarvix」）经营支付解决方案业务。Jarvix主

要从事为本地商户提供支付解决方案，使该等商户

能够接受多种电子支付方式。Jarvix一直专注于健

身、美容及体育等各个行业。

于本年度，香港本地消费市场面临重大挑战。根据

政府统计处的数据，于二零二四年四月至二零二五

年三月底，香港的零售销售额持续下跌，反映消费

市场较为疲软。总零售销售价值指数及销售数量指

数均录得连续数月下跌。这一趋势可能表明消费模

式发生变化，尤其深圳等城市的价格优势及多样化

选择降低了本地零售的吸引力，吸引越来越多的香

港居民去往中国内地消费。

于二零二三年完成收购Jarvix后，本集团管理层于

过去两年成功重组业务。主要举措包括重新评估客

户组合、明确目标市场分部、投资IT升级以及优化

业务运营及客户服务流程。截至本年度，Jarvix现可

提供线上及线下支付解决方案，包括信用卡支付服

务、电子商务支付应用，以及于香港广泛采用的支

付收款方式。此等改善令Jarvix可向现有及潜在客户

提供更为全面的服务，从而提升其在支付解决方案

市场的竞争水平。此外，该分部持续加大于人力资

源方面的投入，进一步扩大并多元化其客户群体。

于本年度，该分部录得收入约2,838,000港元，较去

年同期约3,082,000港元减少7.9%。收入减少主要

归因于本地消费疲软，打击了香港消费者的信心。

该分部于本年度录得亏损净额约4,690,000港元，较

去年约3,725,000港元增加25.9%。该亏损包括本年

度无形资产摊销约2,598,000港元。

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14North Asia Strategic Holdings Limited 北亚策略控股有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层论述及分析

OUTLOK

Since the start of the year 2025, global growth has ben facing significant

headwinds due to a series of tarif measure by the US and retaliation

measures by the counter trading countries that led to the reciprocal tarifs

on 2nd April 2025 which brought tarif rates to historicaly high level.

Acording to the International Monetary Fund’s latest World Economic

Outlok published in April 2025, the global economic growth projections

have ben revised downward to 2.8% for 2025 and 3% for 2026,

compared to an earlier projection of 3.3% for both years in its January

2025 update. Emerging markets and developing economies, including

China, have ben particularly impacted by trade tarifs. Growth in these

economies is expected to slow to 3.7% in 2025 and 3.9% in 2026,

underscoring the chalenges posed by the curent economic environment.

Acording to the National Bureau of Statistics of China’s preliminary

estimates published in April 2025, China’s gros domestic product for the

first quarter of 2025 increased by 5.4% year-over-year, with the ful-year

growth target set at 5%. This robust economic performance underscores

the resilience of the Chinese market amid global uncertainties and provides

a favourable backdrop for the Group’s operations in the region.

International Data Corporation has adjusted its forecast for worldwide

smartphone shipments in 2025 to 1.24 bilion units, reflecting a modest

year-over-year growth of 0.6%. This revision comes in light of increased

uncertainty, fluctuating tarif policies, and macroeconomic chalenges such

as inflation and rising unemployment acros various regions, which have

colectively contributed to a slowdown in consumer spending.

展望

自二零二五年初以来，由于美国实施一系列关税

措施及贸易反制国家采取反制措施，导致于二零

二五年四月二日实施的对等关税将税率推至历史高

位，全球经济增长面临重大阻力。根据国际货币基

金组织于二零二五年四月发布的最新一期的《世界经

济展望》报告，二零二五年及二零二六年的全球经

济增长预测值已分别下调至2.8%及3%，而早前于

其二零二五年一月的更新报告中该两个年度的预测

值则均为3.3%。新兴市场及发展中经济体（包括中

国）因贸易关税受到的影响尤甚。该等经济体的增

速预计将于二零二五年及二零二六年放缓至3.7%及

3.9%，由此突显了当前经济环境所带来的挑战。

根据中国家统计局于二零二五年四月发布的初步

估计数据，二零二五年第一季度中国内生产总值

同比增长5.4%，全年目标增长率设定为5%。该强

劲的经济表现彰显了中国市场在全球不明朗情况下

所展现的韧性，为本集团在该地区的业务发展提供

了有利条件。

国际数据资讯有限公司已调整其有关二零二五年全

球智能手机的预计出货量至12.4亿部，同比温和增

长0.6%。作出该修正乃由于不确定性增加、关税政

策波动及面临的宏观经济挑战（如各个地区通胀及

失业率不断上升），该等因素共同导致消费者支出放

缓。

---

15ANUAL REPORT 2024/25 年报

OUTLOK (Continued)

From the Global EV Outlok 2025 published by the International Energy

Agency (“IEA”), global electric car sales are projected to increase by 25% in

2025, matching the growth rate observed in 2024 and reaching 20 milion

units. Despite potential impacts from economic and policy uncertainties,

EVs are expected to acount for more than one in four cars sold worldwide

in 2025. China, a key market for EVs, achieved a notable milestone in the

second half of 2024 with electric car sales surpasing 50% of total car

sales. By 2030, the share of electric cars and vans in China is forecasted

by IEA to reach aproximately 80%, driven by ongoing policy suport

and advances in afordability. Globaly, the IEA estimates that EVs wil

represent 20% of total car sales by 2025 and could grow to 60% by 2030.

The Group anticipates that the transition from petroleum-fueled vehicles

to EVs wil acelerate in the coming years, providing significant growth

oportunities. As China continues to lead the EV revolution, the Group

is wel-positioned to benefit from the industry’s expansion, particularly

through its partnerships with leading EV manufacturers and their OEM

manufacturers in China.

The rapid evolution of AI technologies is generating unprecedented demand

for AI-related products, including AI chips, noteboks, smartphones, and

servers. This surge in demand is expected to significantly drive growth in

SMT and semiconductor manufacturing facilities, presenting a promising

oportunity for the Group to capitalize on market trends and expand its

reach in these sectors.

The ongoing geopolitical chalenges, including the US-China trade

decoupling, have continued to influence the relocation of manufacturing

bases outside China. Recognizing this trend, the Group has efectively

leveraged its established operations in Thailand and Vietnam to suport

customers expanding their manufacturing activities in the Southeast Asia

region. Plans are underway to further enhance our service capabilities

in these countries to beter align with this shift and met the operational

neds of our customers.

The GBA blueprint, as outlined by President Xi, highlights a promising path

for growth and development in Hong Kong. Aligned with this vision, the

Group remains optimistic about Hong Kong’s future role within the GBA

initiative. Emphasizing its comitment to this region, the Group intends to

enhance operational eficiencies acros its busines divisions, aiming to

bolster profitability and deliver increased value to shareholders.

展望（续）

根据国际能源署（「IEA」）发布的《二零二五年全球电

动汽车展望》，二零二五年全球电动汽车销量预计

将增长25%，与二零二四年的增长率持平，销量达

2,000万辆。尽管面临经济与政策不确定性的潜在

影响，但预计二零二五年全球电动汽车销量将占汽

车总销量的四分之一以上。作为电动汽车的关键市

场，中国于二零二四年下半年实现了一个显著的里

程碑，电动汽车销量超过汽车总销量的50%。IEA

预测在持续的政策支持及价格可承受性提升的推动

下，于二零三零年之前，电动汽车及货车在中国市

场的份额将达到约80%。就全球而言，IEA估计于二

零二五年之前，电动汽车将占汽车总销量的20%，

并于二零三零年之前可能增长到60%。本集团预

计，燃油车向电动汽车的转型进程于未来数年将会

加速，由此会带来重大增长机遇。由于中国持续引

领电动汽车变革，本集团凭借与中国领先电动汽车

制造商及其OEM制造商的战略合作关系，已做好充

分准备把握行业扩张所带来的红利。

AI技术迅速发展，为AI芯片、笔记型电脑、智能手

机及服务器等AI相关产品带来了前所未有的需求。

需求激增预计将大力推动SMT及半导体制造设备增

长，为本集团把握市场趋势及扩张其于该等领域的

布局带来了发展良机。

持续的地缘政治挑战（包括中美贸易脱钩）继续推动

生产基地向中国境外搬迁。面对该趋势，本集团已

有效利用其于泰国及越南的现有业务，支持客户在

东南亚地区扩张其生产活动。本集团正计划进一步

提升我们于该等国家的服务能力，以更好地顺应该

转变，并满足客户的运营需求。

习主席提出的大湾区蓝图为香港的增长及发展指明

了一条充满前景的道路。基于该愿景，本集团对香

港日后在大湾区计划中所发挥的作用仍持乐观态

度。为践行其对该地区的承诺，本集团计划提升其

业务分部的经营效率，以期增强盈利能力并为股东

创造更大价值。

---

16North Asia Strategic Holdings Limited 北亚策略控股有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层论述及分析

OUTLOK (Continued)

To ensure sustainable growth and long-term suces, the Group wil

continue to monitor key financial metrics, including working capital, gros

margin, and operating costs. By staying atuned to industry developments

and maintaining robust cash flow management, the Group endeavours to

further strengthen its performance and adapt to evolving market conditions.

Hi-Tech Distribution and Services Division

Despite geopolitical chalenges and evolving market dynamics, the Group’s

hi-tech distribution and services division anticipates steady year-over-year

growth in customer orders, driven primarily by burgeoning demand in the

smartphone manufacturers that are expanding overseas and fast-growing

EV and AI industries. Notably, several customers engaged in smartphone

manufacturing within China have begun acquiring new manufacturing

facilities on a large scale, a trend expected to persist throughout the next

financial year.

The hi-tech distribution and services division is wel-positioned to

capitalize on growing market oportunities in Southeast Asia, particularly

as customers continue to expand their operations in these regions. By

end of 2025, the existing generation of SMT machine wil be phased out

and replaced by the new next-generation SMT product, NXTR, which

is designed to deliver superior performance with advanced automation

capabilities and versatile for more type of electronic products. This

inovative product is expected to drive significant replacement demand

in the years ahead, reinforcing the Division’s strategic contribution to the

Group’s suces in adapting to industry advancements and meting

evolving customer neds.

展望（续）

为确保可持续发展及取得长期成功，本集团将继续

监控营运资金、毛利率及经营成本等关键财务指

标。通过密切关注行业动态并保持稳健的现金流管

理，本集团致力于进一步提升其表现，并应对不断

变化的市场状况。

高科技产品分销及服务分部

尽管面临地缘政治挑战及不断变化的市场动态，本

集团的高科技产品分销及服务分部预计客户订单将

同比稳步增长，此乃主要由于进行海外扩张的智能

手机制造商的需求迅速增长及电动汽车及AI行业

快速发展所致。值得关注的是，中国内从事智能

手机制造的多家客户已开始大规模收购新的制造设

施，预计该趋势将持续贯穿下一个财政年度。

高科技产品分销及服务分部已作好准备，充分把握

东南亚市场蓬勃发展的商机，尤其当客户持续扩大

该等地区的业务。于二零二五年底之前，现有一

代SMT机器将被淘汰，并被新一代SMT产品NXTR

所取代。该款产品性能卓越，具有先进的自动化能

力并适用更多类型的电子产品。该款创新产品预计

将于未来数年内催生显著的替换需求，加强该分部

对本集团成功适应行业技术革新及满足不断变化的

客户需求所作出的战略性贡献。

---

17ANUAL REPORT 2024/25 年报

OUTLOK (Continued)

Leasing Division

As one of the largest producers of electronic products globaly, China

experienced strong growth in its electronics manufacturing industry

in 2024, with further expansion anticipated in 2025, especialy in the

integrated circuit and consumer electronics (e.g., smartphones, tablets) and

automotive electronics. China’s “Made in China 2025” initiative has further

fueled demand for SMT equipment by providing subsidies and suport to

encourage companies to upgrade their manufacturing capabilities. In 2024,

China’s electronics manufacturing sector contributed aproximately 30%

of the global manufacturing value-aded, driven by the sustained growth in

demand for consumer electronics such as smartphones and tablets. This

rising demand for SMT equipment presents significant oportunities for the

leasing market.

The growing ned for flexibility and automation in the market is expected to

drive factories to increasingly rely on leasing to manage production orders,

particularly in the electronics manufacturing sector. The leasing division

is set to focus on enhancing equipment utilization and diversifying its

leasing oferings. It aims to deliver value-aded services through in-house

development and customized modifications while leveraging the Group’s

core competencies and unique advantages to maintain strong customer

relationships. In terms of finance leases, the division plans to broaden its

busines scope by focusing on high-tech products with strong growth

potential. It wil also expand short-term financing options (of six to twelve

months) to strengthen risk control. Aditionaly, the division wil pursue

partnerships on a prudent basis to enhance equipment turnover and

leasing rates. This multifaceted aproach wil ensure the division remains

competitive while adresing evolving market demands efectively.

展望（续）

租赁分部

作为全球最大的电子产品生产国之一，中国的电子

制造业于二零二四年取得强劲增长，预计二零二五

年将进一步扩张，尤其是在集成电路及消费电子产

品（例如智能手机、平板电脑）以及汽车电子设备领

域。中国的「中国制造二零二五」倡议通过提供补助

及支持，鼓励企业提升生产能力，从而进一步推动

SMT的需求。于二零二四年，在智能手机及平板电

脑等消费电子产品需求持续增长的推动下，中国电

子制造业对全球制造业增加值的贡献约为30%。对

SMT设备需求的不断增加为租赁市场带来重大机遇。

对市场灵活性及自动化的需求不断增加预计将使工

厂更为依赖租赁来管理生产订单，尤其是电子制造

业。租赁分部将专注于提升设备使用率及拓展其租

赁产品，其旨在通过内部开发及定制化改装以提供

增值服务，同时利用本集团核心竞争力及独特的优

势维持与客户的良好关系。在融资租赁方面，该分

部计划通过专注于具强劲增长潜力的高科技产品扩

阔其业务范围。其亦将拓展短期融资方案（六个月至

十二个月），以加强风险控制。此外，该分部将以审

慎的态度寻求合作关系，以提高设备周转率及租赁

率。此多方面的举措将确保该分部保持竞争力，同

时有效应对不断变化的市场需求。

---

18North Asia Strategic Holdings Limited 北亚策略控股有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层论述及分析

OUTLOK (Continued)

Electronic Payment Solution Division

Hong Kong, leveraging its status as an international financial center,

advanced digital infrastructure, and strategic linkage with the GBA,

demonstrates significant potential for consumption growth. In his “2024

Policy Adres” delivered on 16th October 2024, Chief Executive John Le

outlined a series of robust government initiatives aimed at stimulating local

consumption and fostering economic prosperity. These initiatives include

hosting the “Hong Kong Godies Festival” to suport smal and medium

enterprises (SMEs) in Hong Kong; and actively promoting the headquarters

economy by atracting key overseas and domestic enterprises to establish

headquarters or branch operations in Hong Kong, and bosting local talent

development and domestic demand to enhance economic resilience and

sustainability.

The widespread adoption of e-payment systems is expected to play a

critical role in driving this growth. Hong Kong’s advanced digital payment

infrastructure, including platforms such as Octopus, FPS (Faster Payment

System), and various mobile walets, has ben instrumental in reshaping

consumer behaviour. It is a trend of increasing demand for cashles and

contactles payment methods, particularly among younger and tech-

savy consumers, and positions Hong Kong as a leader in digital payment

inovation within the region.

With the gradual recovery of inbound tourism in 2024, driven by the

expanding midle clas in mainland China and the relaxation of travel

policies, Hong Kong is poised to benefit from a steady influx of quality

visitors, especialy from the GBA. This recovery is expected to drive greater

demand for digital payment solutions, as many visitors prefer cashles

transactions. Financial Secretary Paul Chan has recently echoed this

optimism, predicting that the recovery of the tourism sector and the growth

in merchandise exports wil serve as key drivers of Hong Kong’s economic

stability and growth. Oficial data indicates that visitor numbers have surged

since the begining of the year, providing strong suport for the local retail,

fod and beverage, and digital payment industries.

展望（续）

电子支付解决方案分部

香港凭借其作为国际金融中心的地位、先进的数字

基础设施以及与大湾区的战略关联，展现出巨大的

消费增长潜力。行政长官李家超于二零二四年十月

十六日发表的「二零二四年施政报告」中提出一系列

有力的政府措施，旨在刺激本地消费及促进经济繁

荣。该等措施包括举办「香港好物节」以扶持香港的

中小型企业，通过吸引国内外重点企业将总部或分

支机构设在香港积极推动总部经济，及促进本地人

才发展及内部需求，以增强经济韧性及可持续性。

电子支付系统的广泛采用预期将对推动此增长起关

键作用。香港先进的数字支付基础设施，包括「八

达通」、FPS（快速支付系统）以及各种移动钱包等平

台，对改变消费者行为起到了重要作用。对无现金

及非接触性付款方式的需求日益增加，这一趋势在

精通技术的年轻一代消费者中尤为明显，使香港成

为该领域数字支付创新的引领者。

随著二零二四年入境旅游的逐步复苏，得益于中国

内地中产阶层不断壮大及旅游政策放宽，香港有望

迎来优质游客（尤其来自大湾区的游客）持续涌入，

进而从中获益。这一复苏预计将推动数字支付解决

方案的需求增加，原因为许多游客倾向于无现金交

易。财政司长陈茂波近期亦持同一乐观态度，预

测旅游业复苏及商品出口增长将成为推动香港经济

稳中向好的主要动力。官方数据显示，自年初以来

游客人数大幅增加，为本地零售、餐饮及数字支付

行业提供有力支持。

---

19ANUAL REPORT 2024/25 年报

OUTLOK (Continued)

Electronic Payment Solution Division (Continued)

Furthermore, the management of our Group has, over the past two

years, undertaken a strategic restructuring of the Jarvix busines, and

enhanced Jarvix’s ability to deliver both online and ofline solutions that

cater to the diverse neds of local merchants acros various industries.

Targeting younger and high-end consumer segments, Jarvix is wel-poised

to capture an increasing share of the rapidly growing e-payment market,

further driving local merchants’ competitivenes and profitability. Loking

ahead, the expansion of e-payment technologies wil not only enhance

convenience and eficiency but also serve as a key enabler of economic

inclusivity and inovation.

LIQUIDITY AND FINANCIAL RESOURCES

During the Year, the Group generaly finance its operation with internaly

generated resources and banking facilities provided by its principal

bankers in Hong Kong. As at 31st March 2025, the Group had secured

bank borowings of aproximately HK$12,559,000 (2024: Nil), which are

denominated in Japanese Yen. As at 31st March 2025, the Group had

banking facilities of aproximately HK$708,195,000 (2024: aproximately

HK$711,845,000) from several banks for trade financing. As at 31st

March 2025, banking facilities of aproximately HK$178,842,000 (2024:

aproximately HK$145,090,000) were utilised by the Group. These facilities

were secured by corporate guarantes of aproximately HK$964,745,000

(2024: aproximately HK$973,288,000) provided by the Company.

As at 31st March 2025, the Group had total asets of aproximately

HK$1,957,197,000 (2024: aproximately HK$1,957,058,000) and

total liabilities of aproximately HK$594,266,000 (2024: aproximately

HK$583,320,000). The Group had net cash position as at 31st March

2025 and 2024.

CONTINGENT LIABILITIES

As at 31st March 2025, pledged deposits of HK$2,043,000 (2024:

HK$2,100,000) were held as security at a bank in respect of performance

bonds in favour of certain contract customers. The guarante given by

the Group to a bank in respect of a performance bond in favour of a

suplier and certain customers amounted to HK$23,798,000 (2024:

HK$4,549,000).

展望（续）

电子支付解决方案分部（续）

此外，于过往两年，本集团管理层对Jarvix业务进行

战略重组，加强Jarvix提供线上及线下解决方案的能

力，以迎合本地各行业商户的多样化需求。针对年

轻一代的高端消费者群体，Jarvix有望在快速增长的

电子支付市场不断扩大份额，从而进一步提升本地

商户的竞争力及盈利能力。展望未来，电子支付技

术的普及不仅将提升便捷性及效率，还将成为推动

经济包容性及创新的主要因素。

流动资金及财务资源

于本年度，本集团一般以内部产生之资源及其香港

主要往来银行提供之银行融资拨付其营运资金。

于二零二五年三月三十一日，本集团之有抵押银

行借贷约为12,559,000港元（二零二四年：无），

其以日圆计值。于二零二五年三月三十一日，本

集团之银行融资约为708,195,000港元（二零二四

年：约711,845,000港元），乃来自多间银行，作

贸易融资用途。于二零二五年三月三十一日，本集

团已动用银行融资约178,842,000港元（二零二四

年：约145,090,000港元）。此等融资乃以本公司

提供之公司担保约964,745,000港元（二零二四年：

约973,288,000港元）作担保。于二零二五年三月

三十一日，本集团之资产总值约为1,957,197,000

港元（二零二四年：约1,957,058,000港元），而

负债总额约为594,266,000港元（二零二四年：约

583,320,000港元）。本集团于二零二五年及二零

二四年三月三十一日维持净现金状况。

或然负债

于二零二五年三月三十一日，抵押存款2,043,000港

元（二零二四年：2,100,000港元）已就若干合约客户

获得之履约保证金于银行持作抵押。本集团已就一

间供应商及若干客户获得之履约保证金向一间银行

提供担保23,798,000港元（二零二四年：4,549,000

港元）。

---

20North Asia Strategic Holdings Limited 北亚策略控股有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层论述及分析

NET ASET VALUE

Consolidated net aset value per ordinary share atributable to ordinary

shareholders of the Company was aproximately HK$3.00 as at 31st

March 2025, decreased by HK$0.02 from aproximately HK$3.02 as at

31st March 2024.

NUMBER OF EMPLOYES AND REMUNERATION

POLICIES

As at 31st March 2025, the Group employed 328 (2024: 338) staf.

Salaries and anual bonuses are determined acording to positions

and performance of the employes. Remuneration policies are reviewed

anualy by the management and remuneration packages are structured to

take into acount the comparable level of the market. The Group provides

on-the-job training and training subsidies to its employes in adition

to pension schemes and medical insurance. Total staf costs including

contribution to retirement benefit schemes incured during the year

amounted to aproximately HK$137,334,000 (2024: HK$147,870,000).

The Company operates a share option scheme for the purpose of providing

incentives and rewards to Directors, employes and eligible participants

who contributed or wil contribute to the Group. Details of the share option

scheme are set out in the Report of Directors under the section of “Equity-

Linked Agrements”.

资产净值

于二零二五年三月三十一日，本公司普通股东应

占每股普通股综合资产净值约为3.00港元，较于二

零二四年三月三十一日约3.02港元减少0.02港元。

雇员人数及薪酬政策

于二零二五年三月三十一日，本集团雇用328名（二

零二四年：338名）员工。薪金及年终花红按雇员之

职位及表现厘定。管理层会每年检讨薪酬政策，而

薪酬组合乃参考市场之可比较水平订立。本集团向

属下雇员提供在职培训及培训资助，另加退休金计

划及医疗保险。于本年度内之总员工成本（包括退休

福利计划供款）约为137,334,000港元（二零二四年：

147,870,000港元）。

本公司设立一项购股权计划，旨在向为本集团作出

贡献或将会作出贡献之董事、雇员及合资格参与者

提供奖励及回报。购股权计划之详情载于董事会报

告书内「股票挂钩协议」一节。

---

21ANUAL REPORT 2024/25 年报

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员资料

EXECUTIVE DIRECTOR

Zhang Yifan

Ms. Zhang Yifan, aged 44, joined the Company in November 2014 as an

executive Director. She was further apointed as Chairlady of the Company

on 23rd June 2016. Her apointment was continued for another thre

years comencing from 6th November 2023. Ms. Zhang had completed a

diploma in International Busines from Shanghai Ocean University. She is

also the chairlady of nomination comite and a member of remuneration

comite of the Company.

Keneth Kon Hiu King

Mr. Keneth Kon Hiu King, aged 63, joined the Company in February

2013 as an independent non-executive Director. He was re-designated

as an executive Director on 23rd December 2021. His apointment was

continued for another thre years comencing from 23rd December

2024. He was apointed as a director and deputy chief executive of Dan

Form Holdings Company Limited (“Dan Form”) in October 1994, and

was re-designated as its non-executive director in October 2012 until his

resignation on 22nd December 2016. Dan Form (now known as Asiasec

Properties Limited) is listed on the Stock Exchange (Stock code: 271).

Betwen 1999 and 2007, Mr. Kon was also an independent non-executive

director of Jingwei Textile Machinery Company Limited, a company listed

on the Stock Exchange (Stock code: 350) until December 2015. Mr. Kon

has ben involved in the planing of many large-scale investments and

development projects in the PRC and Hong Kong and has over 30 years’

experience in investment and management in manufacturing industries

and property development. He also has extensive experience in securities

trading, corporate finance, mergers and acquisitions and corporate

restructuring. Mr. Kon graduated from Midlesex University in the United

Kingdom with a Bachelor’s degre in Busines Studies in 1987. Mr. Kon

is a member of the remuneration comite and nomination comite of

the Company.

执行董事

张一帆

张一帆女士，44岁，于二零一四年十一月加入本公

司为执行董事。彼于二零一六年六月二十三日被委

任为本公司主席，其委任期自二零二三年十一月六

日起再续三年。张女士毕业于上海洋大学国际商

务文凭课程。彼为本公司之提名委员会主席以及薪

酬委员会之成员。

干晓劲

干晓劲先生，63岁，于二零一三年二月加入本公司

为独立非执行董事。彼于二零二一年十二月二十三

日获调任为执行董事。其委任自二零二四年十二月

二十三日起再续三年。彼于一九四年十月获委任

为丹枫控股有限公司（「丹枫」）董事及副行政总裁，

于二零一二年十月调任非执行董事，直至彼于二

零一六年十二月二十二日辞任。丹枫（现称亚证地

产有限公司）于联交所上市（股份代号：271）。于

一九年至二零七年，干先生亦为经纬纺织机

械股份有限公司（二零一五年十二月之前于联交所上

市之公司，股份代号：350）独立非执行董事。干先

生曾参与多项于中国及香港之大型投资发展项目之

策划工作，在制造业及物业发展之投资及管理方面

积累逾三十年经验。彼亦在证券买卖、企业融资、

合并及收购以及企业重组方面拥有丰富经验。干先

生毕业于英国Midlesex University，于一九八七年

获颁商学士学位。干先生为本公司薪酬委员会及

提名委员会成员。

---

22North Asia Strategic Holdings Limited 北亚策略控股有限公司

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员资料

NON-EXECUTIVE DIRECTOR

Piere Tsui Kwong Ming

Mr. Piere Tsui Kwong Ming, aged 60, joined the Company in February

2015 as an independent non-executive Director. He was re-designated

as an executive Director on 24th February 2016 and further re-designated

as a non-executive Director on 9th February 2023. Upon Mr. Tsui’s re-

designation as an executive Director, he was apointed as the Chief

Financial Oficer of the Group’s hi-tech distribution and services division

until his apointment as the Chief Executive Oficer of this division on 9th

October 2017 til 9th February 2023. His apointment was continued for

another thre years comencing from 9th February 2023. During the

period from 2006 to 2014, he was an executive director, the chief financial

oficer and company secretary of International Mining Machinery Holdings

Limited, a company whose shares were listed on the Stock Exchange

(Stock code: 1683) until 2012. He has comprehensive operating and

financial experience in hi-tech distribution and services busines. Mr. Tsui

obtained his Master’s degre in Acounting and Finance from the London

Schol of Economics & Political Science, UK and a Master’s degre in

Busines Administration from University of Southern California, the United

States. He has ben a member of the Hong Kong Institute of Certified

Public Acountants since 1995 and the American Institute of Certified

Public Acountants since 1995.

非执行董事

徐广明

徐广明先生，60岁，于二零一五年二月加入本公司

为独立非执行董事。彼于二零一六年二月二十四日

获调任为执行董事并于二零二三年二月九日再获调

任为非执行董事。 于徐先生调任为执行董事后，

彼已获委任为本集团高科技产品分销及服务分部之

首席财务官，直至彼于二零一七年十月九日至二零

二三年二月九日获委任为此分部之行政总裁。其委

任期自二零二三年二月九日起再续三年。彼于二零

零六年至二零一四年期间，曾任国际煤机集团（其股

份于联交所上市之公司，股份代号：1683）之执行

董事、财务总监兼公司秘书，该公司之股份于联交

所上市直至二零一二年为止。彼于高科技产品分销

及服务业务上拥有丰富营运及财务经验。徐先生在

英国伦敦政治经济学院获得会计及财务硕士学位，

并在美国南加州大学获得工商管理硕士学位。彼自

一九五年起为香港会计师公会及自一九五年起

为美国会计师公会员。

---

23ANUAL REPORT 2024/25 年报

INDEPENDENT NON-EXECUTIVE DIRECTOR

Airy Lau Tak Chuen

Mr. Airy Lau Tak Chuen, aged 60, joined the Company as an independent

non-executive Director in October 2024. He received a profesional

diploma in acountancy from The Hong Kong Polytechnic (now known as

The Hong Kong Polytechnic University) in 1987. Mr. Lau is a felow member

of the Asociation of Chartered Certified Acountants and the Hong Kong

Institute of Certified Public Acountants. He has worked in the financial

field for more than 35 years. Mr. Lau is the Managing Director and founder

of Fairchain Capital Management Limited. He joined First Pacific Securities

Limited as a research analyst in 1987 and moved to Credit Lyonais

Securities Asia in 1988. In 1990, Mr. Lau joined W.I. Car as an institutional

equity sales covering the markets of Hong Kong and China. During the

period betwen 1995 and 2006, his equity sales coverages extended

to the Asia region in BZW Asia Limited, SG Securities (HK) Limited and

ABN AMRO Bank. His last position was the head of Hong Kong/China

equity sales in ABN AMRO Bank in 2006. He then set up his hedge fund

company under the name of Fair Capital Management Limited in 2006. Mr.

Lau is also a founder of Fairchain Capital Management Limited in 2020,

which curently received the Aset Management (Type 9) license from the

Securities and Futures Comision of Hong Kong. Mr. Lau is the chairman

of the audit comite and remuneration comite and a member of the

nomination comite of the Company.

独立非执行董事

刘德泉

刘德泉先生，60岁，于二零二四年十月加入本公司

为独立非执行董事。彼于一九八七年取得香港理工

学院（现称香港理工大学）会计专业文凭。刘先生为

英国特许公认会计师公会及香港会计师公会资深会

员。彼于金融领域工作逾35年。刘先生为Fairchain

Capital Management Limited的董事总经理兼创办

人。彼于一九八七年加入First Pacific Securities

Limited担任研究分析师，并于一九八年转至

Credit Lyonais Securities Asia。于一九零年，刘

先生加入W.I. Car，担任香港及中国市场的机构股

票销售员。于一九五年至二零六年期间，其股

票销售覆盖范围扩大至亚洲地区的巴克莱德胜亚洲

有限公司、法国兴业证券（香港）有限公司及ABN

AMRO Bank。于二零六年离职前，彼担任ABN

AMRO Bank的香港╱中国股票销售主管。随后，

彼于二零六年成立对冲基金公司富银资产管理有

限公司。刘先生亦为于二零二零年成立之Fairchain

Capital Management Limited之创办人，该公司现时

已获得香港证券及期货事务监察委员会颁发提供资

产管理（第9类）牌照。刘先生为本公司审核委员会

及薪酬委员会主席，并为提名委员会成员。

---

24North Asia Strategic Holdings Limited 北亚策略控股有限公司

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员资料

INDEPENDENT NON-EXECUTIVE DIRECTOR (Continued)

Cai Qing

Dr. Cai Qing, aged 37, joined the Company as an independent non-

executive Director in December 2021. Her apointment was continued

for another thre years comencing from 23rd December 2024. She

is the chief executive oficer of Hieroglyph Digital Technology Limited

since November 2019, a profesional company focusing on crypto and

blockchain technology and aplication. Since June 2018, Dr. Cai has also

ben the research and strategy director of GOS Institute of Research

Management Limited, a research institute specializing in international

studies, and aplying Evidential Reasoning (ER) rule to stock trading and

private equity investment. Dr. Cai is an editor of Crypto Review since

September 2019, an e-journal providing views from both academic and

practical perspectives on the development and aplication of blockchain

technology and cryptocurency. She has also ben an executive director

of Feng Zikai International Cultural Asociation since August 2018, a

non-profit organization that promotes cultural exchange by organizing

international cultural activities on Master Feng Zikai’s art works and his

humanistic thoughts. Dr. Cai has rich experience in digital marketing and

news reporting in multiple media agencies and institutions including Hearst

Magazine China, Xinhua News Agency Shanghai Branch, MAMA MIA!

China Project, Shanghai International Film Festivals Pres Ofice, Jiefang

Daily, etc. Dr. Cai has since January 2018 ben a part-time lecturer of

The University of Hong Kong where she was responsible for designing

the sylabuses and teaching courses for Hong Kong Studies Program

of The University of Hong Kong. From June 2016 to July 2017, she was

the convener of “Internet + SHE”: Inovation and Development 2017

Forum Series which initiated and co-organized two international forums

in Shanghai and Beijing with Institute of Contemporary Social Service,

Research Center on Smart City of Peking University, Information China,

Shanghai Youth Daily Group and Shanghai Normal University. Dr. Cai

completed a Bachelor’s degre in Broadcasting, Television and Journalism

from Shanghai International Studies University in 2010 and obtained

an Intercultural Comunication Training Certificate from Intercultural

Comunication Institute in Portland, Oregon in 2012. Dr. Cai later

obtained a Master’s degre in Intercultural Comunication from Shanghai

International Studies University since 2013 and a Doctor of Philosophy in

China Studies from The University of Hong Kong since 2018. Dr. Cai is a

member of the audit comite, remuneration comite and nomination

comite of the Company.

独立非执行董事（续）

蔡青

蔡青博士，37岁，于二零二一年十二月加入本公

司为独立非执行董事。其委任自二零二四年十二月

二十三日起再续三年。彼自二零一九年十一月起担

任云鋕数字科技有限公司的首席执行官，云鋕数字

科技为一家从事加密数字区块链技术开发与应用的

专业公司。蔡博士亦自二零一八年六月起担任高思

研究管理有限公司的研究与战略部总监，高思研究

为一家从事国际问题研究，及将证据推理决策理论

应用于证券市场和私募股权投资决策略的研究机

构。蔡博士自二零一九年九月起担任Crypto Review

的编辑，Crypto Review是一份电子版杂志，从学术

及应用角度就区块链技术和加密货币的发展和应用

提供意见。自二零一八年八月起，彼亦担任丰子恺

国际文化交流协会的执行总监，该协会为一个促进

文化交流的非营利组织，致力于开展关于丰子恺人

文艺术思想的国际交流活动。蔡博士于多家媒体公

司及机构拥有丰富的数字营销和新闻报导经验，包

括赫斯特杂志中国、新华社上海分社、音乐剧《妈

妈咪呀！》中文版项目、上海国际电影节新闻办公

室、解放日报等。蔡博士自二零一八年一月起担任

香港大学兼职讲师，负责设计香港大学香港研究课

程的教学大纲及教授课程。于二零一六年六月至二

零一七年七月，彼担任「互联网+她时代：创新与

发展2017系列论坛」的发起人，并与当代社会服务

研究院、北京大学智慧城市研究中心、《中国资讯

界》、上海青年报社和上海师范大学联合于上海和

北京举办了两次国际性论坛。蔡博士于二零一零年

获得上海外国语大学广播电视新闻学士学位，并在

二零一二年于俄勒冈州波特兰市的跨文化传播学院

(Intercultural Comunication Institute)获得跨文化交

流培训资格证。蔡博士其后于二零一三年获得上海

外国语大学的跨文化传播方向硕士学位，及于二零

一八年获得香港大学中国研究方向哲学博士学位。

蔡博士为本公司审核委员会、薪酬委员会及提名委

员会成员。

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25ANUAL REPORT 2024/25 年报

独立非执行董事（续）

林家威

林家威先生，57岁，于二零二四年十一月加入本公

司为独立非执行董事。彼毕业于英国修咸顿大学，

持有会计及统计学士学位。彼为香港会计师公会

会员及美国会计师协会员。林先生现为一间投资

银行之董事总经理，于投资银行方面拥有逾三十年

经验，于会计及审核方面亦拥有超过三年经验。彼

亦为香港联合交易所有限公司上市公司卓能（集团）

有限公司（股份代号：131）之独立非执行董事。林

先生为本公司审核委员会、薪酬委员会及提名委员

会成员。

高级管理人员

李振，首席营运官

李振先生，53岁，于二零一四年十二月加入本公

司。彼负责租赁分部之营运。李先生拥有逾二十年

工作经验，先后参与过核电站建设等多个项目之管

理工作，在项目管理、公司日常营运、投融资管理

方面有较丰富经验。彼持有清华大学工商管理硕士

学位和南华大学工科学士学位。

罗伟辉，财务总裁兼公司秘书

罗伟辉先生，57岁，于二零一三年六月加入本公

司。罗先生于财务管理、投资者关系、公司秘书及

企业管治范畴具有丰富专业经验，尤其是于香港上

市公司之会计及公司秘书经验方面积累逾二十四年

经验。彼持有香港理工大学工商管理硕士学位及香

港城市大学会计学士学位。彼亦为香港会计师公

会员以及英格兰及威尔斯特许会计师公会资深会

员。

INDEPENDENT NON-EXECUTIVE DIRECTOR (Continued)

Graham Lam Ka Wai

Mr. Graham Lam Ka Wai, aged 57, joined the Company as an independent

non-executive Director in November 2024. He graduated from the

University of Southampton, England with a Bachelor of Science degre

in Acounting and Statistics. He is a member of Hong Kong Institute of

Certified Public Acountants and a member of the American Institute of

Certified Public Acountants. Mr. Lam is curently the managing director

of an investment bank and has over 30 years’ experience in investment

banking as wel as over 3 years’ experience in acounting and auditing. He

is also the independent non-executive director of Cheuk Nang (Holdings)

Limited (stock code: 131), a company listed on The Stock Exchange

of Hong Kong Limited. Mr. Lam is a member of the audit comite,

remuneration comite and nomination comite of the Company.

SENIOR MANAGEMENT

Li Zhen, Chief Operating Oficer

Mr. Li Zhen, aged 53, joined the Company in December 2014. He is

responsible for the operations of leasing division. Mr. Li has over 20

years of experience in project management such as nuclear power

plant construction; and in particular he has rich experience in project

management, company daily operation, investment and financing

management. He holds a master’s degre in Busines Administration from

Tsinghua University and a bachelor’s degre in Enginering from Nanhua

University.

Law Wai Fai, Chief Financial Oficer and Company Secretary

Mr. Law Wai Fai, aged 57, joined the Company in June 2013. Mr. Law

has extensive profesional experience in financial management, investor

relations, company secretarial and corporate governance, in particular

over 24 years of acounting and company secretarial experience at

listed companies in Hong Kong. He holds a master’s degre in Busines

Administration from the Hong Kong Polytechnic University and a Bachelor’s

degre in Acountancy from the City University of Hong Kong. He is also a

member of the Hong Kong Institute of Certified Public Acountants and a

felow of the Institute of Chartered Acountants in England and Wales.

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26North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

The Company endeavours to maintain high standards of corporate

governance in the interests of shareholders, and folows the principles set

out in the Corporate Governance Code (the “Code”) contained in Apendix

C1 of the Rules Governing the Listing of Securities on GEM of The Stock

Exchange of Hong Kong Limited (the “GEM Listing Rules”).

The Board wil continue reviewing and updating its corporate governance

practices from time to time to ensure compliance with aplicable codes

and standards. The Company is comited to developing a corporate

culture that is aligned with its purpose, vision, strategy and value. The

Group’s employes have to thrive on the culture that enable the Company

to achieve long-term sustainability growth and maximize the value of the

shareholders and balance the interest of the stakeholders at the same time.

Purpose: To establish a leading one-stop service provider for customers,

merchants, electronic manufacturers and equipment supliers.

Vision: To be an expert service provider in future smart manufacturing

industry and comunity.

Strategy: Achieve long-term sustainability and maintain comitment to

responsibilities towards shareholders and stakeholders like

employes and supliers and relevant local government.

Value: Integrity, gender diversification, excelence in performance,

internal and external colaboration and profesionalism.

Throughout the year ended 31st March 2025 (the “year”), the Company

complied with al the Code provisions with the exceptions adresed below

and, where apropriate, adopted the recomended best practices set out

in the Code.

Code provision C.2.1 stipulates that the roles of chairman and chief

executive should be separate and should not be performed by the same

individual. However, the Board’s decisions are implemented under the

leadership of the Chairlady with the involvement and suport of the chief

executive oficer(s) and general manager(s) of the Company’s operating

companies. The Board believes that the balance of authority and division of

responsibility are adequately ensured by the operations of the Board and

management which comprise experienced and high calibre individuals.

本公司致力保持高水平之企业管治，以符合股东之

利益，并恪守香港联合交易所有限公司GEM证券上

市规则（「GEM上市规则」）附录C1所载企业管治守

则（「守则」）载列之原则。

董事会将继续不时检讨及调整其企业管治常规，以

确保遵守适用守则及标准。本公司致力于建立与其

宗旨、愿景、策略和价值观一致的企业文化。本集

团雇员能够在本公司实现长期可持续发展和成长，

同时尽力提高股东价值及平衡持份者利益的文化中

茁壮成长。

宗旨： 为客户、商户、电子产品制造商及设备

供应商建立领先的一站式服务供应商。

愿景： 成为未来智慧制造行业及社区的专业服

务供应商。

策略： 实现长期可持续发展，并保持对股东及

持份者（如雇员、供应商以及相关地方政

府）的责任承诺。

价值观： 诚信、性别多样性、卓越绩效、内外部

协作及专业精神。

截至二零二五年三月三十一日止年度（「本年度」）

内，除下述例外情况外，本公司一直遵守所有守则

条文及（如适用）采纳守则所载之建议最佳常规。

守则条文第C.2.1条订明，主席与行政总裁之角色应

有区分，不应由一人同时兼任。然而，董事会之决

策在主席之领导下，以及本公司营运公司之行政总

裁及总经理之参与及支持下获执行。董事会相信，

由具备丰富经验及高素质人材组成之董事会及管理

层负责运作，足以确保权力平衡及责任分立。

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27ANUAL REPORT 2024/25 年报

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted a code of conduct regarding securities

transactions by the Directors on terms no les exacting than the required

standard of dealing set out in rules 5.48 to 5.67 of the GEM Listing Rules

(the “Required Standard”). Having made specific enquiry of al Directors,

al Directors confirmed that they had complied with the Required Standard

and the Company’s code of conduct regarding securities transactions

during the year.

BOARD OF DIRECTORS

As at 31st March 2025, the Board comprised six Directors, with two

executive Directors, one non-executive Director and thre independent

non-executive Directors. The independent non-executive Directors

represent more than one-third of the Board. The composition of the Board

during the year is set out as folows:

Executive Directors

Zhang Yifan (Chairlady)

Keneth Kon Hiu King

Non-Executive Director

Piere Tsui Kwong Ming

Independent Non-Executive Directors

Joseph Liang Hsien Tse (retired on 19th February 2025)

Joseph Chan Nap Ke (resigned on 14th November 2024)

Cai Qing

Airy Lau Tak Chuen (apointed on 9th October 2024)

Graham Lam Ka Wai (apointed on 15th November 2024)

Biographical details including changes of information of curent Directors

are set out in the section of “Profiles of Directors and Senior Management”

on pages 21 to 25 to this anual report.

董事之证券交易

本公司已采纳董事进行证券交易之行为守则，其条

款不逊于GEM上市规则第5.48条至第5.67条所载

之交易必守标准（「必守标准」）。经向全体董事作出

具体查询后，全体董事确认彼等于本年度内已遵守

必守标准以及本公司有关进行证券交易之行为守则。

董事会

于二零二五年三月三十一日，董事会由六名董事组

成：两名执行董事、一名非执行董事及三名独立非

执行董事。独立非执行董事占董事会人数超过三分

之一。于本年度内，董事会之成员载列如下：

执行董事

张一帆（主席）

干晓劲

非执行董事

徐广明

独立非执行董事

梁显治（于二零二五年二月十九日退任）

陈立基（于二零二四年十一月十四日辞任）

蔡青

刘德泉（于二零二四年十月九日获委任）

林家威（于二零二四年十一月十五日获委任）

现任董事之履历详情（包括资料变动）载于本年报第

21页至第25页「董事及高级管理人员资料」一节。

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28North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

BOARD OF DIRECTORS (Continued)

Board Metings

The Board regularly mets in person or through other electronic means of

comunication at least four times every year to determine overal strategic

direction and objectives and aprove quarterly, interim and anual results,

budgets and other significant maters. At least 14 days’ notice of regular

Board metings are given to al Directors, who are al given an oportunity

to atend and include maters in the agenda for discusion. Apart from

formal metings, maters requiring Board aproval are also aranged by

means of circulation of writen resolutions. Senior management from time

to time provides to the Directors information on activities and development

of the busines of the Group. The company secretary takes detailed

minutes of the metings and keps records of maters discused and

decisions resolved at the metings.

The Directors can sek independent profesional advice in performing

their duties at the Company’s expense, if necesary. Acording to the

curent Board’s practices, should a potential conflict of interest involving

a substantial shareholder of the Company or Director arise, the mater is

discused in a Board meting, as oposed to being dealt with by writen

resolution. Independent non-executive Directors with no conflict of interest

should be present at metings dealing with conflict isues. When the Board

considers any proposal or transaction in which a Director has a conflict of

interest, the Director should declare his interest and abstains from voting.

董事会（续）

董事会议

董事会成员亲身或透过其他电子通讯方式每年举行

至少四次定期会议，以厘定整体策略方向及目标，

并批准季度、中期及全年业绩、预算及其他重大事

项。全体董事获发至少14日之定期董事会议通

知，彼等皆有机会出席及提出商讨事项列入议程。

除正式会议外，需要董事会批准之事项会以传阅书

面决议案方式取得批准。高级管理人员会不时向董

事提供关于本集团业务活动及发展之资料。公司秘

书会作出详尽之会议记录，并保存会议上所讨论事

项及议决定之记录。

如有需要，董事可于履行其职责时寻求独立专业意

见，费用由本公司承担。根据现时董事会常规，倘

出现涉及本公司主要股东或董事之潜在利益冲突，

则该事项将于董事会议上讨论，而非透过书面决

议案处理。并无利益冲突之独立非执行董事应出席

处理冲突问题之会议。在董事会考虑董事于其中有

利益冲突之任何建议或交易时，有关董事应申明其

利益及放弃投票。

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29ANUAL REPORT 2024/25 年报

BOARD OF DIRECTORS (Continued)

Frequency of Metings and Atendance

Eleven Board metings and one general meting were held during the

year with an average atendance rate of aproximately 97% and 100%.

The atendance of each Director at the Board metings and the general

meting are set out below:

Directors’ atendance/metings held

董事出席╱举行会议次数

Board MetingsGeneral Meting

董事会议股东大会

Executive Directors执行董事

Zhang Yifan张一帆11/111/1

Keneth Kon Hiu King干晓劲11/111/1

Non-executive Director非执行董事

Piere Tsui Kwong Ming徐广明11/111/1

Independent Non-executive Directors独立非执行董事

Joseph Liang Hsien Tse

(i)

梁显治

(i)

10/101/1

Joseph Chan Nap Ke

(i)

陈立基

(i)

6/71/1

Cai Qing蔡青11/111/1

Airy Lau Tak Chuen

(i)

刘德泉

(i)

7/70/0

Graham Lam Ka Wai

(iv)

林家威

(iv)

3/40/0

Notes:

(i) Mr. Joseph Liang Hsien Tse retired as an independent non-executive Director

on 19th February 2025.

(i) Mr. Joseph Chan Nap Ke resigned as an independent non-executive Director

on 14th November 2024.

(i) Mr. Airy Lau Tak Chuen was apointed as an independent non-executive

Director on 9th October 2024.

(iv) Mr. Graham Lam Ka Wai was apointed as an independent non-executive

Director on 15th November 2024.

董事会（续）

会议次数及出席情况

于本年度内，共举行十一次董事会议及一次股东

大会，平均出席率约为97%及100%。各董事出席

董事会议及股东大会之情况载列如下：

附注：

(i) 梁显治先生于二零二五年二月十九日退任独立非执

行董事。

(i) 陈立基先生于二零二四年十一月十四日辞任独立非

执行董事。

(i) 刘德泉先生于二零二四年十月九日获委任为独立非

执行董事。

(iv) 林家威先生于二零二四年十一月十五日获委任为独

立非执行董事。

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30North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

BOARD OF DIRECTORS (Continued)

Roles and responsibilities

The Board has the responsibility for leadership and control of the Company.

They are colectively responsible for promoting the suces of the Group

by directing and supervising the Group’s afairs. The Board is acountable

to shareholders for the strategic development of the Group with the goal

of maximizing long-term shareholders’ value, while balancing broader

stakeholder interests. Given the diversity and volume of the Company’s

busines, responsibilities for execution and daily operations are delegated

to management.

The Directors have distinguished themselves in their field of expertise,

and have exhibited high standards of personal and profesional ethics

and integrity. The Board is of reasonable size and composition to provide

checks and balances that safeguard the interests of the shareholders and

the Company as a whole. Al the Directors have given suficient time and

atention to the Company’s afairs.

During the year, the executive Directors were responsible for the day-to-

day management of the Group’s operations. These Directors conducted

regular metings with the senior management of the Company and its

subsidiaries, at which operational isue and financial performance were

evaluated. The non-executive Directors provided the Company with a wide

range of expertise and experience. They brought advice and judgment on

isues relating to the Group’s strategy, performance, risk and management

proces, and corporate governance through their contribution at Board

and comite metings.

Acording to the Bye-laws of the Company, newly apointed Directors

shal hold ofice until the next folowing general meting and shal be eligible

for re-election at that meting. Every Director, including those apointed for

a specific term, should be subject to retirement by rotation at least once

every thre years.

董事会（续）

角色与责任

董事会负责领导及监控本公司。彼等集体负责统管

并监督本集团事务以促使本集团成功。董事会一方

面平衡广大持份者之利益，同时亦对股东负责，为

本集团制订策略发展，以提高股东长远价值为目

标。鉴于本公司之业务多样化而繁重，管理层获委

派负责执行及处理日常运作。

各董事均为各自专业范畴中之翘楚，并表现高水准

之个人及专业操守及诚信。董事会之人数及组成属

合理，足以为保障股东及本公司之整体利益提供互

相监察制衡。全体董事均已对本公司事务付出足够

时间及精神。

于本年度内，执行董事负责本集团业务经营之日常

管理。该等董事与本公司及其附属公司之高级管理

人员定期举行会议，于会上评估营运问题及财务表

现。非执行董事为本公司提供各种专业知识及经

验。透过在董事会及委员会议上作出贡献，彼等

提供有关本集团策略、表现、风险及管理程序以及

企业管治等议题之意见及判断。

根据本公司之公司细则，新委任董事之任期将至下

次股东大会为止，并合资格于该大会上接受重选。

每名董事（包括有指定任期之董事）应至少每三年轮

席告退一次。

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31ANUAL REPORT 2024/25 年报

BOARD OF DIRECTORS (Continued)

Independence

The Company has established mechanisms to ensure independent

views and input are available to the Board. The Board shal review the

implementation and efectivenes of such mechanisms on anual basis.

During the year and up to the date of this report, the Company had at least

thre independent non-executive Directors. Amongst the independent

non-executive Directors, at least one of whom had apropriate financial

management expertise.

Each curent independent non-executive Director had given the Company

an anual confirmation of his independence pursuant to rule 5.09 of the

GEM Listing Rules. The Board considered al curent independent non-

executive Directors to be independent under the guidelines set out in the

GEM Listing Rules. Up to the date of this report, none of the independent

non-executive Directors have served more than nine years and the Board

has not ben aware of the ocurence of any events which would cause it

to believe that their independence has ben impaired.

The Board has completed the evaluation for the year ended 31st March

2025 on 26th June 2025. The Board considered that the implementation

of the mechanism was efective and considered that the independent non-

executives are independent.

董事会（续）

独立性

本公司已经建立机制，以确保董事会可获得独立观

点和意见。董事会每年均会检讨该机制之执行情况

及成效。

于本年度内及截至本报告日期，本公司拥有至少三

名独立非执行董事。在独立非执行董事当中，最少

一名具备适当财务管理专业知识。

每名现任独立非执行董事均已根据GEM上市规则第

5.09条向本公司提供确认其独立性之年度确认书。

董事会认为所有现任独立非执行董事根据GEM上市

规则所载指引均属独立。截至本报告日期，概无独

立非执行董事任职超过九年且董事会并不知悉已发

生可能令其相信彼等之独立性受损之任何事件。

董事会已于二零二五年六月二十六日完成其截至二

零二五年三月三十一日止年度之评估。董事会认为

该机制之实施为有效，并认为独立非执行董事属独

立。

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32North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

BOARD OF DIRECTORS (Continued)

Continuing Profesional Development

On apointment to the Board, each Director receives a comprehensive

induction package covering policy and procedures of the Company as wel

as the general, statutory and regulatory obligations of being a director to

ensure that he/she is suficiently aware of his/her responsibilities under the

GEM Listing Rules and other relevant regulatory requirements. Al Directors

shal participate in continuous profesional development to develop and

refresh their knowledge and skils.

The Directors are from time to time provided materials on amendments to

or updates on the relevant laws, rules and regulations to ensure that their

contribution to the Board remains informed and relevant. The Company

has ben encouraging the Directors and oficers to participate in a wide

range of profesional development courses and seminars relating to the

GEM Listing Rules, aplicable regulatory requirements and corporate

governance practices organized by profesional bodies and/or independent

auditors to further improve their relevant knowledge and skils.

During the reporting year, the newly apointed Directors, Mr. Airy Lau Tak

Chuen and Mr. Graham Lam Ka Wai, had obtained the legal advice refered

to Rule 5.02D of the GEM Listing Rules on 14th October 2024 and 13th

November 2024 respectively, and confirmed that they understod their

obligations as a director of the Company.

董事会（续）

持续专业发展

获委任加入董事会时，各董事均收到一份详尽入职

资料，涵盖本公司政策及程序以及作为董事在一

般、法定及监管规定上所须履行责任之资料，以确

保其充分了解其于GEM上市规则及其他相关监管规

定下之责任。全体董事均须参与持续专业发展以发

展及重温其知识及技能。

董事不时获提供相关法律、规则及规例之修订或最

新版本之资料，以确保彼等持续对董事会作出知情

及相关之贡献。本公司一直鼓励董事及高级人员参

与由专业团体及╱或独立核数师举办之各类有关

GEM上市规则、适用监管规定及企业管治常规之专

业发展课程及研讨会，以进一步提升其相关知识及

技能。

于报告年度内，新任董事刘德泉先生及林家威先生

已于二零二四年十月十四日及二零二四年十一月

十三日分别取得GEM上市规则第5.02D条所述的法

律意见，并确认彼等了解作为本公司董事的责任。

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33ANUAL REPORT 2024/25 年报

BOARD OF DIRECTORS (Continued)

Continuing Profesional Development (Continued)

During the year, al Directors participated in apropriate continuous

profesional development activities by atending seminar relating to

corporate governance and regulations or by reading materials relevant to

their duties and responsibilities. The participation by individual Director

during the year is set out below:

Read regulatoryAtend conference/

updates/materialseminars/workshop

阅读监管出席会议╱

最新讯息╱资料研讨会╱工作坊

Executive Directors执行董事

Zhang Yifan张一帆✓

Keneth Kon Hiu King干晓劲✓

Non-executive Director非执行董事

Piere Tsui Kwong Ming徐广明✓

Independent Non-executive Directors独立非执行董事

Joseph Liang Hsien Tse

(i)

梁显治

(i)

✓

Joseph Chan Nap Ke

(i)

陈立基

(i)

✓

Cai Qing蔡青✓

Airy Lau Tak Chuen

(i)

刘德泉

(i)

✓

Graham Lam Ka Wai

(iv)

林家威

(iv)

✓

Notes:

(i) Mr. Joseph Liang Hsien Tse retired as an independent non-executive Director

on 19th February 2025.

(i) Mr. Joseph Chan Nap Ke resigned as an independent non-executive Director

on 14th November 2024.

(i) Mr. Airy Lau Tak Chuen was apointed as an independent non-executive

Director on 9th October 2024.

(iv) Mr. Graham Lam Ka Wai was apointed as an independent non-executive

Director on 15th November 2024.

Insurance

The Company aranges, and wil review anualy, apropriate insurance

cover in respect of legal against its Directors and oficers.

CHAIRLADY AND CHIEF EXECUTIVE OFICER

Throughout the year, the Company had Ms. Zhang Yifan to asume the role

as the Chairlady of the Board, with no chief executive oficer. The Board’s

decisions are implemented under the leadership of the Chairlady with

the involvement and suport of the chief executive oficer(s) and general

manager(s) of the Company’s operating companies. The Board believes

that the balance of authority and division of responsibility are adequately

ensured by the operations of the Board and management which comprise

experienced and high calibre individuals.

董事会（续）

持续专业发展（续）

于本年度内，全体董事已透过出席有关企业管治及

规例之研讨会或阅读有关其职责及责任之资料，参

与适当持续专业发展活动。于本年度内，个别董事

之参与情况载列如下：

附注：

(i) 梁显治先生于二零二五年二月十九日退任独立非执

行董事。

(i) 陈立基先生于二零二四年十一月十四日辞任独立非

执行董事。

(i) 刘德泉先生于二零二四年十月九日获委任为独立非

执行董事。

(iv) 林家威先生于二零二四年十一月十五日获委任为独

立非执行董事。

保险

本公司已就其董事及高级人员可能会面对之法律行

动作适当之投保安排，并将每年作出检讨。

主席及行政总裁

于本年度内，张一帆女士一直担任本公司之董事会

主席，惟并无行政总裁。董事会之决策在主席之领

导下，以及本公司营运公司之行政总裁及总经理之

参与及支持下获执行。董事会相信，由具备丰富经

验及高素质人材组成之董事会及管理团队负责运

作，足以确保权力平衡及责任分立。

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34North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

NON-EXECUTIVE DIRECTORS

The term of ofice of each of the existing non-executive Directors (including

independent non-executive Directors) is for a period of thre years unles

terminated by either party with one month’s writen notice. Al the non-

executive Directors (including independent non-executive Directors) are

subject to retirement by rotation and re-election at the anual general

metings in acordance with the provisions of the Company’s Bye-laws.

BOARD COMITES

The Board has established thre Board comites, namely nomination

comite, remuneration comite and audit comite. Al these

comites have their respective terms of reference which acord with the

principles set out in the Code contained in Apendix C1 to the GEM Listing

Rules.

Nomination Comite

During the year and up to the date of this report, the nomination comite

of the Company comprised of not les than five members at al the time,

and the majority of whom are independent non-executive Directors,

namely Mr. Joseph Liang Hsien Tse (who ceased to be a member upon

his retirement as an independent non-executive Director of the Company

on 19th February 2025), Mr. Joseph Chan Nap Ke (who ceased to be a

member upon his resignation as an independent non-executive Director

of the Company on 14th November 2024), Dr. Cai Qing, Mr. Airy Lau Tak

Chuen (who has ben a member since 9th October 2024) and Mr. Graham

Lam Ka Wai (who has ben a member since 15th November 2024);

Ms. Zhang Yifan, the Chairlady and an executive Director; and Mr. Keneth

Kon Hiu King, an executive Director.

非执行董事

每名现任非执行董事（包括独立非执行董事）之任期

为期三年，除非任何一方以一个月书面通知终止，

则作别论。所有非执行董事（包括独立非执行董事）

须根据本公司之公司细则条文于股东周年大会上轮

席告退及膺选连任。

董事委员会

董事会已成立三个董事委员会，即：提名委员会、

薪酬委员会及审核委员会。所有该等委员会已根据

GEM上市规则附录C1所载守则载列之原则订明各

自之职权范围。

提名委员会

于本年度内及截至本报告日期，本公司之提名委员

会一直由不少于五名成员组成，大部分成员为独立

非执行董事，包括梁显治先生（彼于二零二五年二

月十九日退任本公司独立非执行董事后不再担任成

员）、陈立基先生（彼于二零二四年十一月十四日辞

任本公司独立非执行董事后不再担任成员）、蔡青博

士、刘德泉先生（彼自二零二四年十月九日起担任成

员）及林家威先生（彼自二零二四年十一月十五日起

担任成员）；张一帆女士（主席兼执行董事）；及干晓

劲先生（执行董事）。

---

35ANUAL REPORT 2024/25 年报

BOARD COMITES (Continued)

Nomination Comite (Continued)

The nomination comite is responsible for making recomendations to

the Board on the apointment or reapointment of directors, evaluation of

board size, structure and composition, management of board sucesion

with reference to the board diversity policy and certain guidelines including

apropriate profesional knowledge and industry experience, personal

ethics, integrity and personal skils, and time comitments of member

and asesing the independence of non-executive directors and proposed

directors (if any). The Board has adopted a set of the revised terms

of reference of the nomination comite which are aligned with the

provisions set out in the Code. The terms of reference of the comite

seting out its authority, duties and responsibilities are available on both the

websites of the Company and the Stock Exchange.

The Company has received anual confirmations from al Directors that

(i) they do not have any relationship (including financial, busines, family

or other material relevant relationship) betwen the board members, and

in particular, the Chairlady; and (i) they do not hold cros-directorships

or has significant links with other Directors through involvements in other

companies or bodies during the year.

董事委员会（续）

提名委员会（续）

提名委员会负责参考董事会成员多元化政策及适当

专业知识及行业经验、个人操守、诚信、个人技能

及成员所投入时间等若干指引，就董事委任或重新

委任向董事会提出建议，评核董事会之人数、架构

及组成，管理董事会继任计划，以及评估非执行董

事及拟委任董事（如有）之独立性。董事会已采纳一

套提名委员会之经修订职权范围，其与守则所载条

文相符一致。载有委员会权限、职责及责任之职权

范围可于本公司及联交所网站查阅。

本公司已接获所有董事的年度确认书，确认(i)彼等

与董事会成员，特别是与主席之间概无任何关系（包

括财务、业务、亲属或其他重大相关系）；及(i)彼

等于本年度并无相互担任对方公司董事职务或透过

参与其他公司或团体与其他董事有重大联系。

---

36North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

BOARD COMITES (Continued)

Nomination Comite (Continued)

During the year, the comite discus the proposed apointment of

independent non-executive Directors, review the board composition,

board diversity policy and retirement of Directors by rotation and made

recomendations to the Board. Four metings were held during the year

with an atendance rate of 100%. The atendance of each nomination

comite member during the year is set out below:

Nomination Comite

members’ atendance/

metings held

提名委员会成员出席╱

举行会议次数

Zhang Yifan张一帆4/4

Joseph Liang Hsien Tse

(i)

梁显治

(i)

4/4

Keneth Kon Hiu King干晓劲4/4

Joseph Chan Nap Ke

(i)

陈立基

(i)

3/3

Cai Qing蔡青4/4

Airy Lau Tak Chuen

(i)

刘德泉

(i)

2/2

Graham Lam Ka Wai

(iv)

林家威

(iv)

1/1

Notes:

(i) Mr. Joseph Liang Hsien Tse ceased to be a member of nomination comite

on 19th February 2025.

(i) Mr. Joseph Chan Nap Ke ceased to be a member of nomination comite

on 14th November 2024.

(i) Mr. Airy Lau Tak Chuen was apointed as a member of nomination comite

on 9th October 2024.

(iv) Mr. Graham Lam Ka Wai was apointed as a member of nomination comite

on 15th November 2024.

董事委员会（续）

提名委员会（续）

于本年度内，委员会讨论建议委任独立非执行董

事、检讨董事会成员之组成、董事会成员多元化政

策及董事之轮席告退，并向董事会提出建议。本年

度内曾举行四次会议，出席率为100%。于本年度

内，各提名委员会成员出席会议之情况载列如下：

附注：

(i) 梁显治先生于二零二五年二月十九日不再担任提名

委员会成员。

(i) 陈立基先生于二零二四年十一月十四日不再担任提

名委员会成员。

(i) 刘德泉先生于二零二四年十月九日获委任为提名委

员会成员。

(iv) 林家威先生于二零二四年十一月十五日获委任为提

名委员会成员。

---

37ANUAL REPORT 2024/25 年报

BOARD COMITES (Continued)

Remuneration Comite

During the year and up to the date of this report, the remuneration

comite of the Company comprised of not les than five members

at al the time, namely Mr. Joseph Liang Hsien Tse (who serves as the

comite chairman until his retirement as an independent non-executive

Director of the Company on 19th February 2025), Mr. Joseph Chan Nap

Ke (who ceased to be a member upon his resignation as an independent

non-executive Director of the Company on 14th November 2024),

Dr. Cai Qing, Mr. Airy Lau Tak Chuen (who has ben a member since 9th

October 2024 and serves as the comite chairman since 19th February

2025) and Mr. Graham Lam Ka Wai (who has ben a member since

15th November 2024), al being independent non-executive Directors;

Ms. Zhang Yifan, the Chairlady and an executive Director; and Mr. Keneth

Kon Hiu King, an executive Director. The Board has adopted a set of

the terms of reference of the remuneration comite which are aligned

with the provisions set out in the Code. The comite has adopted the

model where it has delegated responsibility to determine the remuneration

packages of individual executive directors and senior management and

make recomendation to the Board on the remuneration of the non-

executive Directors. The terms of reference of the comite seting out its

authority, duties and responsibilities are available on both the websites of

the Company and the Stock Exchange.

The remuneration comite is responsible for ensuring formal and

transparent procedures for developing remuneration policy and overseing

the remuneration packages of the executive Directors and senior

management. It takes into consideration of factors such as salaries paid

by comparable companies, time comitment and responsibilities, and

employment conditions of directors and senior management.

董事委员会（续）

薪酬委员会

于本年度内及截至本报告日期，本公司之薪酬委员

会一直由不少于五名成员组成，包括梁显治先生（担

任委员会主席，直至彼于二零二五年二月十九日退

任本公司独立非执行董事）、陈立基先生（彼于二零

二四年十一月十四日辞任本公司独立非执行董事后

不再担任成员）、蔡青博士、刘德泉先生（彼自二

零二四年十月九日起担任成员并自二零二五年二月

十九日起担任委员会主席）及林家威先生（彼自二零

二四年十一月十五日起担任成员），彼等均为独立非

执行董事；张一帆女士（主席兼执行董事）及干晓劲

先生（执行董事）。董事会已采纳一套薪酬委员会之

职权范围，其与守则所载条文相符一致。委员会已

采纳其获授责任厘定个别执行董事及高级管理人员

之薪酬待遇，并就非执行董事之薪酬向董事会提出

建议之模式。载有委员会权限、职责及责任之职权

范围可于本公司及联交所网站查阅。

薪酬委员会负责确保设立正规而具透明度之程序以

制订薪酬政策，以及监督执行董事及高级管理人员

之薪酬待遇。其考虑同类公司支付之薪金、须付出

之时间及责任，以及董事及高级管理人员之雇用条

件等因素。

---

38North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

BOARD COMITES (Continued)

Remuneration Comite (Continued)

In adition to the comite meting, the remuneration comite may

also deal with maters by way of circulation. During the year, the comite

asesed the performance of executive Directors, reviewed and determined

the remuneration packages of the Directors and senior management of

the Company, and aproved the terms of executive Director’s service

contracts. Six metings were held during the year with an atendance

rate of 100%. The atendance of each remuneration comite members

during the year is set out below:

Remuneration Comite

members’ atendance/

metings held

薪酬委员会成员出席╱

举行会议次数

Joseph Liang Hsien Tse

(i)

梁显治

(i)

5/5

Zhang Yifan张一帆6/6

Keneth Kon Hiu King干晓劲6/6

Joseph Chan Nap Ke

(i)

陈立基

(i)

4/4

Cai Qing蔡青6/6

Airy Lau Tak Chuen

(i)

刘德泉

(i)

4/4

Graham Lam Ka Wai

(iv)

林家威

(iv)

2/2

Notes:

(i) Mr. Joseph Liang Hsien Tse ceased to be the chairman of remuneration

comite on 19th February 2025.

(i) Mr. Joseph Chan Nap Ke ceased to be a member of remuneration comite

on 14th November 2024.

(i) Mr. Airy Lau Tak Chuen was apointed as a member of remuneration

comite on 9th October 2024 and further apointed as the chairman on

19th February 2025.

(iv) Mr. Graham Lam Ka Wai was apointed as a member of remuneration

comite on 15th November 2024.

During the year ended 31st March 2025, no material maters relating to

share schemes were reviewed and/or aproved by the Remuneration

Comite.

董事委员会（续）

薪酬委员会（续）

除委员会议外，薪酬委员会亦可以传阅方式处理

事项。于本年度内，委员会曾评估执行董事之表

现，检讨及厘定本公司董事及高级管理人员之薪酬

待遇及批准执行董事之服务合约条款。于本年度内

曾举行六次会议，出席率为100%。于本年度内，各

薪酬委员会成员出席会议之情况载列如下：

附注：

(i) 梁显治先生于二零二五年二月十九日不再担任薪酬

委员会主席。

(i) 陈立基先生于二零二四年十一月十四日不再担任薪

酬委员会成员。

(i) 刘德泉先生于二零二四年十月九日获委任为薪酬委

员会成员，并于二零二五年二月十九日进一步获委

任为主席。

(iv) 林家威先生于二零二四年十一月十五日获委任为薪

酬委员会成员。

于截至二零二五年三月三十一日止年度，薪酬委员

会并无检讨及╱或批准与股份计划相关之重大事宜。

---

2025
二零二五年
HK$’000
千港元
5,893
888
36
–
6,817

39ANUAL REPORT 2024/25 年报

BOARD COMITES (Continued)

Remuneration of Directors and Senior Management

For the year ended 31st March 2025, total Directors’ remuneration

amounted to aproximately HK$17,676,000 (2024: HK$21,938,000).

Remuneration of the executive Directors is prudently designed to atract,

motivate and retain them to formulate strategies and to overse operational

maters of the Group and to reward them for enhancing value to the

shareholders. Details of the remuneration of the Directors for the year are

set out in note 8 to the acompanying financial statements.

The remuneration payable to the members of the senior management of

the Group other than the Directors for the year is as folows:

For the year ended 31st March

截至三月三十一日止年度

二零二四年

HK$’000

千港元

Basic salaries and alowances基本薪金及津贴5,696

Bonus花红520

Employer’s contribution to retirement scheme雇主之退休计划供款36

Equity-setled share options expenses以股权结算之购股权开支235

6,487

董事委员会（续）

董事及高级管理人员之薪酬

截至二零二五年三月三十一日止年度，董事薪酬合

共约为17,676,000港元（二零二四年：21,938,000

港元）。执行董事之薪酬乃审慎地制订，以吸引、激

励及挽留彼等为本集团制订策略及监管本集团之经

营事宜，并酬谢彼等为股东提升价值。本年度董事

薪酬详情载于随附之财务报表附注8。

于本年度，应付予本集团高级管理层成员（董事除

外）之薪酬如下：

---

2025
二零二五年
Number of individuals
人数
1
1
2

40North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

BOARD COMITES (Continued)

Remuneration of Directors and Senior Management (Continued)

The remuneration of the members of the senior management of the Group

other than the Directors fel within the folowing bands:

For the year ended 31st March

截至三月三十一日止年度

二零二四年

Number of

individuals

人数

Remuneration by band薪酬等级

HK$1,000,001 — HK$3,000,0001,000,001港元 — 3,000,000 港元1

HK$3,000,001 — HK$5,000,0003,000,001港元 — 5,000,000 港元1

Audit Comite

During the year and up to the date of this report, the Company’s audit

comite comprised not les than thre members at al time. The

members of the audit comite comprised Mr. Joseph Liang Hsien Tse

(who serves as the comite chairman and has apropriate profesional

qualifications and experience in financial maters, he ceased to be the

comite chairman until his retirement as an independent non-executive

Director of the Company on 19th February 2025), Mr. Joseph Chan Nap

Ke (who ceased to be a member upon his resignation as an independent

non-executive Director of the Company on 14th November 2024), Dr. Cai

Qing, Mr. Airy Lau Tak Chuen (who has ben a member since 9th October

2024 and serves as the comite chairman since 19th February 2025,

he has apropriate profesional qualifications and experience in financial

maters) and Mr. Graham Lam Ka Wai (who has ben a member since 15th

November 2024), al being independent non-executive Directors.

董事委员会（续）

董事及高级管理人员之薪酬（续）

本集团高级管理层成员（董事除外）之薪酬在下列范

围内：

审核委员会

于本年度内及截至本报告日期，本公司之审核委员

会一直由不少于三名成员组成。审核委员会成员包

括梁显治先生（担任委员会主席及具备适当之专业

资格及财务事宜经验，彼于二零二五年二月十九日

退任本公司独立非执行董事后不再担任为委员会主

席）、陈立基先生（彼于二零二四年十一月十四日辞

任本公司独立非执行董事后不再担任成员）、蔡青博

士、刘德泉先生（彼自二零二四年十月九日起担任成

员，并于二零二五年二月十九日担任委员会主席，

彼具备适当之专业资格及财务事宜经验）及林家威先

生（彼自二零二四年十一月十五日起担任成员）（全部

为独立非执行董事）。

---

41ANUAL REPORT 2024/25 年报

BOARD COMITES (Continued)

Audit Comite (Continued)

The Board has adopted a set of the revised terms of reference of the audit

comite to align with the provisions set out in the Code in February

2024. The comite’s principal duties are to ensure the adequacy

and efectivenes of the acounting and financial controls of the Group,

overse the performance of internal control systems, risk management and

financial reporting proces, monitor the integrity of the financial statements

and compliance with statutory and listing requirements and to overse

independence and qualifications of the external auditors.

The audit comite mets at least four times a year to discus any area

of concern during the audits or reviews and at least twice of the metings

shal be with the external auditors. The audit comite reviews the

quarterly (if prepared for publication), interim and anual reports before

submision to the Board. Senior representatives of the external auditors,

executive Directors and senior management are invited to atend the

metings, if required.

During the year, the audit comite has aproved the nature and scope

of the statutory audits, and reviewed the quarterly, interim and anual

financial statements of the Group, and was content that the acounting

policies and standards of the Group are in acordance with the curent

best practices in Hong Kong. The audit comite has also reviewed the

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

the Group’s internal audit function. Four metings were held during the year

with an atendance rate of 100%. The atendance of each audit comite

members during the year is set out below:

Audit Comite

members’ atendance/

metings held

审核委员会成员出席╱

举行会议次数

Joseph Liang Hsien Tse

(i)

梁显治

(i)

3/3

Joseph Chan Nap Ke

(i)

陈立基

(i)

3/3

Cai Qing蔡青4/4

Airy Lau Tak Chuen

(i)

刘德泉

(i)

1/1

Graham Lam Ka Wai

(iv)

林家威

(iv)

1/1

董事委员会（续）

审核委员会（续）

于二零二四年二月，董事会已采纳一套审核委员会

之经修订职权范围，以与守则所载条文相符一致。

委员会之主要职责为确保本集团之会计及财务监控

足够及有效，监察内部监控制度、风险管理及财务

申报程序之表现，监察财务报表之完整性以及符合

法定及上市规定之情况，以及监察外聘核数师之独

立性及资格。

审核委员会每年最少举行四次会议，以讨论审核或

审阅期间提出之任何关注事项，而当中最少两次会

议乃与外聘核数师举行。审核委员会于提交季度（如

已编制以供刊发）、中期及年度报告予董事会前，均

会审阅该等报告。外聘核数师之高级代表、执行董

事及高级管理人员均获邀出席会议（如需要）。

于本年度内，审核委员会已批准法定审核之性质及

范围，并审阅本集团之季度、中期及年度财务报

表，且满意本集团之会计政策及准则乃符合香港现

时之最佳常规。审核委员会亦已检讨本集团之风险

管理及内部监控系统，以及本集团内部审核职能之

有效性。于本年度内曾举行四次会议，出席率为

100%。于本年度内，各审核委员会成员出席会议之

情况载列如下：

---

42North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

BOARD COMITES (Continued)

Audit Comite (Continued)

Notes:

(i) Mr. Joseph Liang Hsien Tse ceased to be the chairman of audit comite on

19th February 2025.

(i) Mr. Joseph Chan Nap Ke ceased to be a member of audit comite on 14th

November 2024.

(i) Mr. Airy Lau Tak Chuen was apointed as a member of audit comite on 9th

October 2024 and further apointed as the chairman on 19th February 2025.

(iv) Mr. Graham Lam Ka Wai was apointed as a member of audit comite on

15th November 2024.

CORPORATE GOVERNANCE FUNCTIONS

The Board as a whole is responsible for performing the corporate

governance duties including: (a) to develop and review the Company’s

policies and practices on corporate governance; (b) to review and monitor

the training and continuous profesional development of Directors and

senior management; (c) to review and monitor the Company’s policies

and practices in compliance with legal and regulatory requirements; (d)

to develop, review and monitor the code of conduct and compliance

manual (if any) aplicable to employes and Directors; and (e) to review

the Company’s compliance with the code and disclosure in the Corporate

Governance Report. During the year, the Board reviewed the Company’s

policies and practices on corporate governance.

AUDITOR’S REMUNERATION

The Company reviews the apointment of external auditor on an anual

basis including a review of the audit scope and aproval of the audit fe.

During the year, the fe payable to the Company’s external auditor for the

audit of the Company and its subsidiaries amounted to aproximately

HK$2,400,000 (2024: HK$2,930,000) and fe for non-audit related

activities of the Company and its subsidiaries amounted to aproximately

HK$460,500 (2024: HK$587,000).

董事委员会（续）

审核委员会（续）

附注：

(i) 梁显治先生于二零二五年二月十九日不再担任审核

委员会主席。

(i) 陈立基先生于二零二四年十一月十四日不再担任审

核委员会成员。

(i) 刘德泉先生于二零二四年十月九日获委任为审核委

员会成员，并于二零二五年二月十九日进一步获委

任为主席。

(iv) 林家威先生于二零二四年十一月十五日获委任为审

核委员会成员。

企业管治职能

董事会整体负责履行企业管治职责，包括：(a)制订

及检讨本公司之企业管治政策及常规；(b)检讨及监

察董事及高级管理人员之培训及持续专业发展；(c)

检讨及监察本公司在遵守法律及监管规定方面之政

策及常规；(d)制订、检讨及监察适用于雇员及董事

之操守则及合规手册（如有）；及(e)检讨本公司遵

守则之情况及在企业管治报告内之披露。于本年

度内，董事会已检讨本公司之企业管治政策及常规。

核数师酬金

本公司每年检讨外聘核数师之委任，包括检讨审核

范围及批准核数费用。于本年度内，就本公司及其

附属公司之核数及非核数相关活动应付本公司外聘

核数师之费用分别为约2,400,000港元（二零二四

年：2,930,000港元）及约460,500港元（二零二四

年：587,000港元）。

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43ANUAL REPORT 2024/25 年报

RISK MANAGEMENT AND INTERNAL CONTROLS

During the year, the Group has complied with Principle D.2 of the

Corporate Governance Code by establishing apropriate and efective risk

management and internal control systems. Management is responsible

for the design, implementation and monitoring of such systems, while the

Board overses management in performing its duties on an ongoing basis.

Risk Asesment System

The Group adopts a risk management system which manages the

risk asociated with its strategic, financial, operations, compliance and

significant environmental, social and governance (“ESG”) isues. The

system comprises the folowing phases:

• : Identify ownership of risks, busines objectives and risks

that could afect the achievement of objectives

• : Analyze the likelihod and impact of risks and evaluate the

risk portfolio acordingly

• : Consider the risk responses and ensure efective

comunication to the Board

• : On-going monitor the residual risks

Based on the risk asesments conducted in 2024, no significant risk was

identified.

Internal Control System

The Company has in place an internal control system which is compatible

with the Comite of Sponsoring Organizations of the Treadway

Comision (“COSO”) 2013 framework. The framework enables the Group

to achieve objectives regarding efectivenes and eficiency of operations,

reliability of financial reporting and compliance with aplicable laws and

regulations. The components and main features of the framework are

shown as folow:

风险管理及内部监控

于本年度内，本集团透过建立适当及有效风险管理

及内部监控系统，遵守企业管治守则原则第D.2条。

管理层负责设计、实施及监控有关系统，而董事会

持续监察管理层履行其职责。

风险评估系统

本集团采用风险管理系统，该系统管理与其策

略、财务、运营、合规及重大环境、社会和治理

（「ESG」）事项相关之风险。该系统包括以下阶段：

• ：识别自身风险、业务目标及可影响

达成目标之风险

• ：分析风险之可能性及影响并据此评

估风险组合

• ：考虑风险承担范围及确保与董事会

之有效通讯

• ：持续监控剩余风险

根据于二零二四年进行之风险评估，并无识别任何

重大风险。

内部监控系统

本公司已设有与Comite of Sponsoring Organizations

of the Treadway Comision（「COSO」）二零一三年

框架一致之内部监控系统。该框架使本集团得以达

致有关营运有效性及效率以及财务报告可靠性之目

标，并符合适用法例及规例。框架之组成部分及主

要特色列示如下：

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44North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

RISK MANAGEMENT AND INTERNAL CONTROLS

(Continued)

Internal Control System (Continued)

Control Environment

• , reporting lines and apropriate authorities and

responsibilities in the pursuit of objectives are established.

Risk Asesment

• Changes in risk that could significantly impact the system of internal

control are identified using the abovementioned risk management

system.

Control Activities

• , such as financial reporting, revenue

and receipts, are established, implemented and comunicated

throughout the Group.

Information and Comunication

• Proper safeguards are established for handling and disemination

inside information. For example, confidentiality agrements are in

place when the Group enters into significant negotiations, and the

executive Directors are designated to speak on behalf of the Group

when comunicating with external parties such as the media,

analysts or investors.

Monitoring

• Internal control deficiencies are comunicated to the responsible

departments in a timely maner for taking corective action.

Based on the internal control reviews conducted in 2024, no significant

control deficiency was identified.

风险管理及内部监控（续）

内部监控系统（续）

监控环境

• 、汇报流程以及

适当权力及责任。

风险评估

• ，识别对内部监控系

统造成重大影响之风险变动。

监控活动

• 、实施及于整个集团发布财务报告、收

益及收款等正式政策及程序。

资料及通讯

• ，以处理及传发内部资

料。举例而言，当本集团进行重大磋商时将会

订立保密协议，并指派执行董事代表本集团与

媒体、分析师或投资者等外部人士通讯。

监控

• 已就内部监控之不足之处及时与负责部门沟

通，以采取修正行动。

根据于二零二四年进行之内部监控检讨，并无识别

重大监控不足之处。

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45ANUAL REPORT 2024/25 年报

RISK MANAGEMENT AND INTERNAL CONTROLS

(Continued)

Internal Control System (Continued)

The abovementioned risk asesment and internal control systems are

designed to manage rather than eliminate the risk of failure to achieve

busines objectives, and can only provide reasonable and not absolute

asurance against material mistatement or los.

Internal Audit Function

The Group has engaged an independent profesional internal control

consultant firm (the “Internal Control Consultant”) to review the entity level

policies, risk asesment and internal control systems of major busines

proceses of the Group for financial year ended 31st March 2025. The

Internal Control Consultant performs the review, reports the relevant

findings and recomendations to the Board and Audit Comite and

folows up on management responses to the recomendations on an on-

going basis. Overal, the Board considers the risk management and internal

control system of the Group are efective and adequate.

The Group does not have an internal audit department and the Board

has reviewed the ned for an internal audit function and considered that

it more cost-efective to apoint external independent profesionals to

independently review and continuously evaluate the Group’s internal

monitoring systems and risk management systems, taking into acount the

size and nature of the Board. The Board wil review the ned for an internal

audit department at least anualy.

Acording to the established plan aproved by the Board, review of the

risk management and internal control systems is conducted anualy and

the results are reported to the Board/Audit Comite afterwards.

During the year, the audit comite reviewed the efectivenes of the

internal control system through the folowing proceses and subsequently

reported the review results to the Board:

• discusions with the executive management on areas of risk

identified

• review of risks reported by the Internal Control Consultant

• review of the external audit plans

风险管理及内部监控（续）

内部监控系统（续）

上述风险评估及内部监控系统旨在管理而非消除未

能达成业务目标之风险，并仅可就重大错误陈述或

亏损提供合理而非绝对保证。

内部审核职能

本集团已委聘独立专业的内部监控顾问公司（「内部

监控顾问」）审阅本集团截至二零二五年三月三十一

日止财政年度于主要业务过程的实体层面政策、风

险评估及内部监控制度。内部监控顾问进行审查，

向董事会及审核委员会报告相关的调查结果及推荐

建议，并持续跟进管理层对建议的回应。整体而

言，董事会认为本集团的风险管理及内部监控制度

属有效及充足。

本集团并无设立内部审核部门，而董事会已检讨内

部审核职能的需要，并认为考虑到董事会的规摸及

性质，委聘外部独立专业人士独立审阅及持续评估

本集团内部监察制度及风险管理制度更具成本效

益。董事会将至少每年检讨一次是否需要设立内部

审核部门。

根据该已被董事会批准的既定计划，风险管理及内

部监控系统每年进行检讨，而有关结果其后汇报予

董事会╱审核委员会。

于本年度内，审核委员会透过以下程序检讨内部监

控系统之成效，并于其后向董事会报告检讨结果：

• 与执行管理人员讨论所识别之风险范围

• 审阅内部监控顾问报告之风险

• 审阅外部审核计划

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46North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

RISK MANAGEMENT AND INTERNAL CONTROLS

(Continued)

Internal Audit Function (Continued)

• review of isues reported by external auditor

• , the

executive management to ensure apropriate controls are in place

and any deficiencies or iregularities, if any, are rectified

Based on the result of the review for the year ended 31st March 2025, the

Board considered that the risk management system and internal control

system of the Group, including the adequacy of resources, qualifications

and experience of staf of the acounting and financial reporting function,

and their training programs and budget, are adequate and efective and

have complied with the provisions of the Code during the year.

COMPANY SECRETARY

The company secretary suports the Chairlady, the Board and Board

comites by ensuring god information flow within the Board and that

Board policy and procedures are folowed. The company secretary reports

to the Board and asists the Board in functioning efectively and eficiently.

He also advises the Board on governance maters and facilitates the

induction and profesional development of Directors. Al Directors of the

Company may cal upon the company secretary for advice and asistance

at any time in respect to their duties and the efective operation of the

Board and the Board comites.

Mr. Law Wai Fai is the chief financial oficer and company secretary of the

Company. He is a ful time employe of the Company and had day-to-day

knowledge of the Company’s afairs. Mr. Law undertok not les than 15

hours of relevant profesional training during the year.

风险管理及内部监控（续）

内部审核职能（续）

• 检讨外聘核数师报告之事项

• ，以

确保有合适监控，并纠正任何不足或不当之处

（如有）

根据截至二零二五年三月三十一日止年度之检讨结

果，董事会认为本集团于本年度之风险管理系统及

内部监控系统（包括在会计及财务汇报职能方面之资

源、员工资历及经验之足够程度，以及员工所接受

之培训课程及有关预算之充足程度）足够及有效，并

符合守则条文之要求。

公司秘书

公司秘书支援主席、董事会及董事委员会，确保董

事会内部资讯流通无阻以及董事会政策及程序得到

遵循。公司秘书向董事会报告，并协助董事会有效

及具效率地运作。彼亦就管治事宜向董事会提供意

见，并协助安排董事之入职及专业发展。本公司全

体董事可随时要求公司秘书提供有关其职责及致使

董事会及董事委员会有效运作之意见及协助。

罗伟辉先生为本公司之财务总裁兼公司秘书。彼为

本公司之全职雇员，对本公司事务有日常认识。罗

先生于本年度内已接受不少于15小时之相关专业培

训。

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47ANUAL REPORT 2024/25 年报

NOMINATION POLICY

The Company has adopted a nomination policy in November 2018 which

sets out the criteria and procedures for nominating candidates for election

as Directors.

Selection Criteria

1. The factors listed below would be used as reference by the

Nomination Comite (“NC”) in asesing the suitability of a

proposed candidate.

➢ Reputation for integrity

➢ Acomplishment and experience in relation to the Company’s

line of busines

➢ Comitment in respect of available time

➢ 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 NC has the discretion to nominate any person, as

it considers apropriate.

2. Retiring independent non-executive Directors (“INEDs”), save for

those who have served as INEDs for a period of 9 consecutive

years, are eligible for nomination by the Board to stand for re-

election at a general meting. For the avoidance of doubt, (a) the

9-year period for determining the eligibility of an INED for nomination

by the Board to stand for election at a general meting would count

from his/her date of first apointment as an INED until the date of

the forthcoming anual general meting when his/her curent term

of service wil expire at the end of that meting; and (b) an INED who

has ben serving on the Board for a period of 9 consecutive years or

more may continue to hold ofice until expiry of his/ her curent term.

提名政策

本公司已于二零一八年十一月采纳提名政策，当中

载列提名候选人参选董事之标准及程序。

甄选准则

1. （「提委会」）于评估建议候选人之

合适性时，将参考下列因素。

➢ 信誉

➢ 有关本公司业务线之成就及经验

➢ 可投放之时间

➢ 各方面之多元化，包括但不限于性别、

年龄（18岁或以上）、文化及教育背景、

种族、专业经验、技能、知识及服务年

期等方面

该等因素仅供参考，并不旨在涵盖所有因素，

也不具决定性作用。提委会可酌情提名任何其

认为合适之人士。

1. （「独立非执行董

事」）（已连续九年担任独立非执行董事者除外）

均合资格获董事会提名在股东大会上再度参选

董事。为免产生疑问，(a)决定一名独立非执

行董事是否合资格获董事会提名在股东大会上

参选的九年期限，乃由该董事首次获委任为独

立非执行董事之日起计，至即将举行的股东周

年大会的日期止（该董事的现有任期将于股东

周年大会结束时届满）；及(b)已任职董事会连

续九年或以上的独立非执行董事可继续担任该

职位，直至其现有任期届满为止。

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48North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

NOMINATION POLICY (Continued)

Selection Criteria (Continued)

3. Proposed candidates wil be asked to submit the necesary personal

information, together with their writen consent to be apointed as

a Director and to the public disclosure of their personal data on any

documents or the relevant websites for the purpose of or in relation

to their standing for election as a Director.

4. The NC may request candidates to provide aditional information

and documents, if considered necesary.

Nomination Procedures

1. The Secretary of the NC shal cal a meting of the NC, and

invite nominations of candidates from Board members if any, for

consideration by the NC prior to its meting. The NC may also put

forward candidates who are not nominated by Board members.

2. For filing a casual vacancy, the NC shal make recomendations for

the Board’s consideration and aproval. For proposing candidates

to stand for election at a general meting, the NC shal make

nominations to the Board for its consideration and recomendation.

3. Until the isue of the shareholder circular, the nominated persons

shal not asume that they have ben proposed by the Board to

stand for election at the general meting.

4. In order to provide information of the candidates nominated by

the Board to stand for election at a general meting, a circular wil

be sent to shareholders. 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 candidates

wil be included in the circular to shareholders.

提名政策（续）

甄选准则（续）

1. ，以

及提交同意书，同意被委任为董事，并同意就

其参选董事或与此有关的事情在任何文件或相

关网站公开披露其个人资料。

1. ，可以要求候选人提供额

外资料及文件。

提名程序

1. ，并邀请董事会

成员提名候选人（如有）供提委会于其会议前

考虑。提委会亦可提出未获董事会成员提名之

人选。

1. ，提委会须作出推荐供董事会

考虑及批准。就推荐建议候选人于股东大会上

参选，提委会须向董事会提名供其考虑及推

荐。

1. ，获提名人士不能假设

彼等已获董事会推荐于股东大会上参选。

4. 为提供有关获董事会提名在股东大会上参选的

候选人资料，本公司将会向股东发出通函。候

选人的姓名、简历（包括资格及相关经验）、

独立性、建议酬金及任何其他资料将根据适用

的法律、规则及规例载于向股东发出的通函。

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49ANUAL REPORT 2024/25 年报

NOMINATION POLICY (Continued)

Nomination Procedures (Continued)

5. A shareholder can serve a notice to the Company Secretary in

acordance with Bye-law 88 of the Bye-laws of the Company, to

propose a resolution to elect a certain person as a Director, without

the Board’s recomendation or the NC’s nomination, other than

those candidates set out in the shareholder circular. The particulars

of the candidates so proposed wil be sent to al shareholders for

information by a suplementary circular.

6. A candidate is alowed to withdraw his candidature at any time

before the general meting by serving a notice in writing to the

Company Secretary.

7. The Board shal have the final decision on al maters relating to its

recomendation of candidates to stand for election at any general

meting.

8. As there may be more candidates than the vacancies available,

and the “gros-vote” method wil be used to determine who shal

be elected as a Director, shareholder proposed resolutions shal

therefore take the same form as the resolutions proposed for the

candidates recomended by the Board.

BOARD DIVERSITY POLICY

The Company has adopted a board diversity policy (“Board Diversity

Policy”) in September 2013 which sets out the aproach to achieve

diversity on the Board in order to enhance the quality of its performance.

The Company recognizes and embraces the benefits of having a diverse

Board to enhance the quality of its performance.

提名政策（续）

提名程序（续）

1. ，在没

有董事会推荐或提委会的提名下向公司秘书发

送通知，提出议案提名股东通函所载候选人以

外的其他人士参选董事。有关建议候选人的个

人资料将透过补充通函发送全体股东以提供有

关资料。

6. 候选人可于股东大会前任何时间向公司秘书发

出书面通知退选。

7. 董事会对于其推荐候选人在任何股东大会上参

选之所有事宜拥有最终决定权。

1. ，且「总票数」方

法将用作厘定选任哪一位候选人为董事，故股

东提呈之决议案须与董事会就推荐候选人提呈

之决议案之方式相同。

董事会成员多元化政策

本公司已于二零一三年九月采纳董事会成员多元化

政策（「董事会成员多元化政策」），当中载列达致董

事会成员多元化之方针，以提升董事会表现之素质。

本公司明白并深信董事会成员多元化对提升本公司

表现素质裨益良多。

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50North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

BOARD DIVERSITY POLICY (Continued)

With a view to achieving a sustainable and balanced development, the

Company ses increasing diversity at the Board level as an esential

element in suporting the atainment of its strategic objectives and its

sustainable development. In designing the Board’s composition, Board

diversity has ben considered from a number of aspects, including but

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

profesional experience, skils, knowledge and independence. Al Board

apointments wil be based on meritocracy, and candidates wil be

considered against objective criteria, having due regard for the benefits of

diversity on the Board.

The gender ratio in the Group’s workforce, including the Directors and

senior management as at 31st March 2025 is 23% (female): 77% (male).

The Company has ben taking, and wil continue to take, steps to promote

gender diversity acros the workforce, with the ultimate goal of achieving

gender parity.

The nomination comite of the Company wil monitor the implementation

of the Board Diversity Policy and review the Board Diversity Policy anualy

to ensure the efectivenes of the Board Diversity Policy. The nomination

comite of the Company wil discus any revisions that may be required,

and recomend any such revisions to the Board for consideration and

aproval.

DIVIDEND POLICY

The Company has adopted a dividend policy (“Dividend Policy”) in

February 2019, pursuant to which the Company may declare and distribute

dividends to the shareholders of the Company, provided that the Company

shal maintain adequate cash reserves for meting its working capital

requirements and future growth as wel as its shareholder value.

董事会成员多元化政策（续）

为达致可持续之均衡发展，本公司视董事会层面日

益多元化为支持其达到策略目标及维持可持续发展

之关键元素。本公司在设计董事会成员组成时，会

从多方面考虑董事会成员多元化，包括但不限于性

别、年龄、文化及教育背景、种族、专业经验、技

能、知识及独立性。董事会之所有委任均以用人唯

才为原则，并在考虑候选人时，以客观条件充分顾

及董事会成员多元化之裨益。

于二零二五年三月三十一日，本集团员工（包括董事

及高级管理人员）的性别比例为23%（女性）：77%

（男性）。本公司一直并将继续采取措施，促进员工

队伍中的性别多样性，最终目标为实现性别平等。

本公司提名委员会将监察落实董事会成员多元化政

策及每年检讨董事会成员多元化政策，以确保董事

会成员多元化政策行之有效。本公司提名委员会将

会讨论任何可能需要作出之修订，并向董事会提出

任何有关修订建议，以供考虑及批准。

股息政策

本公司已于二零一九年二月采纳股息政策（「股息政

策」），据此，本公司可向本公司股东宣派及分派股

息，惟本公司应维持足够现金储备，以达到其营运

资金需求及未来增长以及其股东价值。

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51ANUAL REPORT 2024/25 年报

DIVIDEND POLICY (Continued)

The Company does not have any pre-determined dividend distribution ratio

and the Board has the discretion to declare and distribute dividends to the

shareholders of the Company, subject to the provisions of the Bye-Laws

of the Company and al aplicable laws and regulations and the factors set

out below:

(i) the actual and expected financial performance of the Group;

(i) retained earnings and distributable reserves of the Company and

each of the other members of the Group;

(i) economic conditions and other internal or external factors that

may have an impact on the busines or financial performance and

position of the Group;

(iv) busines strategies of the Group, including future cash comitments

and investment neds to sustain the long-term growth aspect of the

busines;

(v) the curent and future operations, liquidity position and capital

requirements of the Group;

(vi) restrictions on payment of dividends that may be imposed by the

Group’s lenders;

(vi) statutory and regulatory restrictions; and

(vi) any other factors that the Board may consider relevant.

Any final dividend for a financial year wil be subject to shareholders’

aproval and the Company may declare and pay dividends by way of

cash or scrip or by other means that the Board considers apropriate. Any

dividend unclaimed shal be forfeited and shal revert to the Company in

acordance with the Bye-Laws of the Company.

The Board wil review the Dividend Policy as apropriate from time to time.

股息政策（续）

本公司并无任何预定派息率，且董事会拥有向本公

司股东宣派及分派股息之酌情权，惟受限于本公司

公司细则之条文及所有适用法例及规例及下列因

素：

(i) 本集团之实际及预期财务表现；

(i) 本公司及本集团其他成员公司各自之保留盈利

及可分派储备；

(i) 可能对本集团业务或财务表现及状况有影响之

经济状况及其他内在或外在因素；

(iv) 本集团之业务策略，包括维持业务方面长期增

长之未来现金承担及投资需要；

(v) 本集团之现有及未来营运、流动资金状况及资

本需求；

(vi) 本集团贷款人可能对派付股息施加之限制；

(vi) 法定及监管限制；及

(vi) 任何其他董事会认为相关之因素。

财政年度之任何末期股息将须股东批准，且本公司

可以现金或以股代息或以董事会认为合适之其他方

式宣派及派付股息。任何未领取之股息须被没收及

须根据本公司之公司细则复归本公司。

董事会将适时及不时审阅股息政策。

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52North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

WHISTLEBLOWING AND ANTI-CORUPTION

POLICIES

The Company is comited to high standard of openes, probity and

ethical busines practices. A whistleblowing policy and system has ben

adopted to ensure employes and those who deal with the Company (e.g.

customers and supliers) to raise concerns, in confidence and anonymity,

with the Audit Comite about posible improprieties in any mater related

to the Company. The identity of the whistleblower wil be treated with the

strictest confidential.

The Company also takes a zero-tolerance aproach towards al forms

of bribery and coruption and is comited to observing and upholding

high standards of busines integrity, honesty, fairnes, impartiality and

transparency in al its busines dealings at al times. The Company has

adopted an anti-coruption policy, with a view to promoting and reinforcing

compliance with anti-coruption laws and regulations.

SHAREHOLDERS’ RIGHTS

Acording to the Bye-Laws of the Company, any one or more shareholders

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 meting 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 to be caled by the Board for the

transaction of any busines specified in such requisition. The requisition

must be lodged with the Company’s registered ofice.

The procedures for shareholders to propose a person for election as a

director of the Company are set out in the Company’s Bye-laws and also

available at the Company’s website at w.nasholdings.com. Shareholders

may at any time send their enquiries and concerns to the Board in writing

to the company secretary at the Company’s principal place of busines in

Hong Kong at Suite 1618, 16th Flor, Jardine House, 1 Conaught Place,

Central, Hong Kong.

举报及反贪污政策

本公司秉持最高标准，致力实行公开、诚实及道德

的商业行为。已采纳举报政策及制度，以确保员工

及与本公司有往来者（如客户及供应商）能以保密及

匿名方式向审核委员会提出与本公司有关任何可能

存在不当行为的关注。举报人的身分将受到最严格

的保密处理。

本公司亦对一切形式的贿赂及贪污采取零容忍态

度，并致力于在所有商业交易中始终遵守和维护商

业诚信、诚实、公平、公正及透明的高标准。本公

司已采纳反贪污政策，以促进及加强对反贪污法律

法规的遵守。

股东权利

根据本公司之公司细则，任何一名或以上于递呈要

求当日持有不少于附带于本公司股东大会上投票权

利之本公司缴入股本十分之一之股东，均有权随时

透过向董事会或本公司之公司秘书发出书面要求，

要求董事会召开股东特别大会，以处理上述要求中

列明之任何事项。要求须递呈本公司之注册办事处。

股东提名候选人参选本公司董事之程序载于本公司之

公司细则，并可于本公司网站w.nasholdings.com

查阅。股东可随时投函至本公司之香港主要营业

地点（地址为香港中环康乐广场1号怡和大厦16楼

1618室），将彼等向董事会提出之查询及关注事宜

发送予公司秘书。

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53ANUAL REPORT 2024/25 年报

INVESTOR RELATIONS

The Board adopted a shareholders’ comunication policy which aims at

providing the shareholders and potential investors with ready and timely

aces to balanced and understandable information of the Company. The

Company has established a number of chanels for maintaining an on-going

dialogue with its shareholders as folows: (a) corporate comunications

such as anouncements, anual reports, interim reports and circulars

are published and available on the Stock Exchange’s website at

w.hkexnews.hk and the Company’s website at w.nasholdings.com;

(b) corporate information is made available on the Company’s website; (c)

general metings provide a forum for the shareholders to make coments

and exchange views with the Directors and senior management, and the

pol results of the general metings are published on the websites of the

Company and the Stock Exchange; and (d) the Company’s share registrars

serve the shareholders in respect of share registration, dividend payment,

change of shareholders’ particulars and related maters.

The Board has reviewed the implementation and efectivenes of the

shareholders’ comunication policy conducted during the year. The

Chairlady of the Board, the members of the Board comites and external

auditor atended the anual general meting held on 5th September 2024

to answer questions from shareholders. Having considered the knowledge

of the aforesaid atendes, including representation from the Company’s

management and auditor, the Company considers that questions or

isues raised by Shareholders would be suficiently adresed and that an

efective dialogue betwen the Company and the Shareholders has ben

maintained.

The Company’s memorandum of asociation and Bye-laws is available

on both the Company’s website at w.nasholdings.com and the Stock

Exchange’s website at w.hkexnews.hk. The Board is unaware of any

significant changes in the Company’s constitutional documents during the

year.

投资者关系

董事会已采纳股东沟通政策，旨在让股东及潜在投

资者可方便并及时获得本公司公正及易于理解之资

料。本公司已设立以下多个渠道与其股东持续保持

对话：(a)公告、年报、中期报告及通函等公司通讯

会刊发并登载于联交所网站w.hkexnews.hk及本

公司网站w.nasholdings.com；(b)公司资料可于

本公司网站查阅；(c)股东大会为股东提供发表意见

及与董事及高级管理人员交换意见之场所，而股东

大会之投票结果会于本公司及联交所网站刊登；及

(d)本公司之股份过户登记处向股东提供股份登记、

派息、更改股东资料及相关事项之服务。

董事会于本年度已检讨股东通讯政策之实施及有效

性。董事会主席、各董事委员会成员及外聘核数师

均有出席于二零二四年九月五日举行之股东周年大

会以回答股东提问。经考虑上述与会者所知情况，

包括本公司管理层及核数师代表，本公司认为股东

提出之问题或事项已得到充分解答，且本公司与股

东之间保持有效的对话。

本公司之组织章程大纲及公司细则可于本公

司网站w.nasholdings.com及联交所网站

w.hkexnews.hk查阅。董事会并不知悉本公司的

宪章文件于本年度内有任何重大变动。

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54North Asia Strategic Holdings Limited 北亚策略控股有限公司

CORPORATE GOVERNANCE REPORT

企业管治报告

DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL

STATEMENTS

The Directors are ultimately responsible for the preparation of the financial

statements for each financial year which gives a true and fair view. In

preparing the financial statements, apropriate acounting policies and

standards are selected and aplied consistently.

The statement of the auditor of the Company about their reporting

responsibilities on the financial statements of the Group is set out in the

independent auditor’s report on pages 75 to 82 of this report.

CONCLUSION

The Company believes that god corporate governance is significant

in maintaining investor confidence and atracting investment. The

management wil devote considerate efort to strengthen and improve the

standards of the corporate governance of the Group.

董事就财务报表须承担之责任

董事须最终负责就各财政年度编制真实而公允之财

务报表。在编制财务报表时，董事选择及贯彻地应

用适当之会计政策及准则。

有关本公司核数师对本集团财务报表申报责任之声

明载于本报告第75页至第82页之独立核数师报告。

结论

本公司相信，良好企业管治对维持投资者信心及吸

引投资相当重要。管理层将致力提升及改善本集团

之企业管治水平。

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55ANUAL REPORT 2024/25 年报

REPORT OF THE DIRECTORS

董事会报告书

The Board of Directors (the “Board” or the “Directors”) have the pleasure

of presenting their anual report together with the audited consolidated

financial statements of North Asia Strategic Holdings Limited (the

“Company”) and its subsidiaries (together, the “Group”) for the year ended

31st March 2025 (the “year”).

PRINCIPAL ACTIVITIES AND BUSINES REVIEW

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

principal activities of the principal subsidiaries are set out in note 1 to the

financial statements. There were no significant changes in the nature of the

Group’s principal activities during the year.

Further discusion and analysis of these activities as required by Schedule

5 to the Hong Kong Companies Ordinance, including a description of

the principal risks and uncertainties facing the Group, a fair review of

the busines of the Group, an analysis using financial key performance

indicators and an indication of likely future development in the Group’s

busines, which can be found in the Management Discusion & Analysis

set out on pages 9 to 20 of this anual report. This discusion forms part

of this director’s report.

Discusion on the Group’s environmental policies and performance,

relationships with its key stakeholders and compliance with relevant laws

and regulations which have a significant impact on the Group wil be

provided in the Environmental, Social and Governance Report which wil be

published on the Stock Exchange’s website at w.hkexnews.hk and the

Company’s website at w.nasholdings.com.

SEGMENT INFORMATION

An analysis of the Group’s revenue and segment results by operating

segment for the year is set out in note 5 to the financial statements.

SHARE CAPITAL

Details of the movements in share capital of the Company during the year

are set out in note 21 to the financial statements.

董事会（「董事会」或「董事」）欣然提呈北亚策略控股

有限公司（「本公司」）及其附属公司（合称「本集团」）

截至二零二五年三月三十一日止年度（「本年度」）之

年报及经审核综合财务报表。

主要业务及业务回顾

本公司之主要业务为投资控股。主要附属公司之主

要业务详情载于财务报表附注1。本集团之主要业务

性质于本年度并无重大变动。

按照香港《公司条例》附表五规定而须作出有关该等

业务之进一步讨论及分析包括阐述本集团面对之主

要风险及不确定因素，本集团业务的中肯审视，利

用主要财务表现指标进行之分析以及本集团业务日

后可能出现之发展之指标，载于本年报第9页至第

20页之管理层讨论及分析。有关讨论为本董事会报

告书之一部分。

有关本集团环境政策及表现、与其主要持份者之关

系及对本集团造成重大影响之相关法律及法规遵守

情况将于联交所网站w.hkexnews.hk及本公司网站

w.nasholdings.com刊发之环境、社会及管治报告中

提供。

分部资料

本集团于本年度按经营分部划分之收益及分部业绩

分析载于财务报表附注5。

股本

本公司股本于本年度之变动详情载于财务报表附注

21。

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56North Asia Strategic Holdings Limited 北亚策略控股有限公司

REPORT OF THE DIRECTORS

董事会报告书

RESULTS

Details of the Group’s results for the year are set out in the consolidated

statement of profit or los and consolidated statement of comprehensive

income on pages 83 and 84, respectively, of this anual report.

DIVIDENDS

The Directors do not recomend the payment of any dividend for the year

ended 31st March 2025 (2024: Nil).

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Bye-laws of the

Company or the laws of Bermuda which would oblige the Company to

ofer new shares on a pro rata basis to existing shareholders.

DISTRIBUTABLE RESERVES

As at 31st March 2025, the reserves available for distribution to the

shareholders of the Company amounted to aproximately HK$424,493,000

(2024: HK$459,642,000).

FIVE YEAR FINANCIAL SUMARY

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

last five financial years is set out on page 4 of this anual report.

SUBSIDIARIES

Particulars of the Company’s principal subsidiaries are set out in note 1 to

the financial statements.

INTEREST CAPITALISED

The Group has not capitalised any interest during the year.

DONATION

Charitable and other donations made by the Group during the year

amounted to HK$3,147,000 (2024: HK$3,050,000).

业绩

本集团本年度之业绩详情分别载于本年报第83页及

第84页之综合损益表及综合全面收益表内。

股息

董事不建议派付截至二零二五年三月三十一日止年

度之任何股息（二零二四年﹕无）。

优先购买权

本公司之公司细则或百慕达法例下并无优先购买权

条文规定本公司须按比例向现有股东发售新股。

可分派储备

于二零二五年三月三十一日，可供分派予本公司

股东之储备约为424,493,000港元（二零二四年﹕

459,642,000港元）。

五年财务概要

本集团于过去五个财政年度之业绩、资产、负债及

权益概要载于本年报第4页。

附属公司

本公司主要附属公司之详情载于财务报表附注1。

已拨充资本之利息

本集团于本年度内并无将任何利息拨充资本。

捐款

本集团年内作出的慈善及其他捐款为3,147,000港元

（二零二四年：3,050,000港元）。

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57ANUAL REPORT 2024/25 年报

PROVIDENT FUND SCHEME

Details of the provident fund schemes are set out in note 8 to the financial

statements.

DIRECTORS

The Directors during the year and up to the date of this report are:

Executive Directors

Zhang Yifan (Chairlady)

Keneth Kon Hiu King

Non-Executive Director

Piere Tsui Kwong Ming

Independent Non-Executive Directors

Joseph Liang Hsien Tse (retired on 19th February 2025)

Joseph Chan Nap Ke (resigned on 14th November 2024)

Cai Qing

Airy Lau Tak Chuen (apointed on 9th October 2024)

Graham Lam Ka Wai (apointed on 15th November 2024)

In acordance with Bye-law 86(2) of the Company’s Bye-laws, Mr. Airy Lau

Tak Chuen and Mr. Graham Lam Ka Wai who were apointed as Directors

by the Board on 9th October 2024 and 15th November 2024 respectively

should hold ofice until the forthcoming general meting and be eligible for

re-election.

In acordance with Bye-law 87 of the Company’s Bye-laws, Ms. Zhang

Yifan and Mr. Keneth Kon Hiu King shal retire from ofice by rotation and

be eligible, wil ofer themselves for re-election at the forthcoming anual

general meting.

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

Biographical details of Directors and senior management are set out on

pages 21 to 25 of this anual report.

DIRECTORS’ SERVICE CONTRACTS

None of the Directors being proposed for re-election at the forthcoming

anual general meting has a service contract with the Group which

is not determinable by the Group within one year without payment of

compensation other than statutory compensation.

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

statements.

公积金计划

公积金计划之详情载于财务报表附注8。

董事

本年度内及截至本报告日期之董事为﹕

执行董事

张一帆（主席）

干晓劲

非执行董事

徐广明

独立非执行董事

梁显治（于二零二五年二月十九日退任）

陈立基（于二零二四年十一月十四日辞任）

蔡青

刘德泉（于二零二四年十月九日获委任）

林家威（于二零二四年十一月十五日获委任）

根据本公司之公司细则第86(2)条，刘德泉先生及林

家威先生分别于二零二四年十月九日及二零二四年

十一月十五日获董事会委任为董事，彼等之任期应

直至应届股东大会止，且符合资格膺选连任。

根据本公司之公司细则第87条，张一帆女士及干晓

劲先生将于应届股东周年大会上轮席告退，且符合

资格并愿意膺选连任。

董事及高级管理人员之履历

董事及高级管理人员之履历载于本年报第21页至第

25页。

董事服务合约

拟于应届股东周年大会上膺选连任之董事概无与本

集团订立任何不可由本集团于一年内终止而毋须支

付补偿（法定赔偿除外）之服务合约。

董事酬金之详情载于财务报表附注8。

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58North Asia Strategic Holdings Limited 北亚策略控股有限公司

REPORT OF THE DIRECTORS

董事会报告书

DIRECTORS AND CHIEF EXECUTIVE’S INTERESTS

AND SHORT POSITIONS IN SHARES, UNDERLYING

SHARES AND DEBENTURES

As at 31st March 2025, the Directors and chief executive of the Company

and their respective asociates had the folowing interests or short

positions in the shares and/or underlying shares of the Company or its

asociated corporations (within the meaning of Part XV of the Securities

and Futures Ordinance (the “SFO”) as recorded in the register required

to be kept under Section 352 of the SFO or as otherwise notified to the

Company and the Stock Exchange pursuant to rules 5.46 to 5.67 of the

GEM Listing Rules relating to the securities transactions by Directors:

Long positions in the shares and/or underlying shares of the

Company:

Name of DirectorCapacity

Number

of ordinary

shares held

Aproximate

percentage

of shares held

董事姓名身份所持普通股数目

所持股份之

概约百分比

(Note a)

（附注a）

Zhang YifanInterest of controled corporation (Note b)257,003,90156.55%

张一帆受控法团权益（附注b）

Notes:

(a) The above aproximate percentages of the shareholdings are based on

454,509,311 ordinary shares in isue as at 31st March 2025.

(b) Sky Virtue Holdings Limited is wholy-owned by Ms. Zhang Yifan. By virtue of

Part XV of the SFO, Ms. Zhang Yifan is demed to be interested in the shares

held by Sky Virtue Holdings Limited.

董事及最高行政人员于股份、相关股份及债

权证之权益及淡仓

于二零二五年三月三十一日，董事及本公司最高行

政人员以及彼等各自之联系人于本公司或其相联法

团（定义见证券及期货条例（「证券及期货条例」）第

XV部）之股份及╱或相关股份中拥有以下已列入根

据证券及期货条例第352条须存置之登记册内之权

益及淡仓，或根据GEM上市规则第5.46条至第5.67

条有关董事进行证券交易之规定须知会本公司及联

交所之权益及淡仓﹕

于本公司股份及╱或相关股份之好仓：

附注：

(a) 上述持股之概约百分比乃根据于二零二五年三月

三十一日已发行之454,509,311股普通股而计算。

(b) Sky Virtue Holdings Limited由张一帆女士全资拥有。

根据证券及期货条例第XV部，张一帆女士被视为于

Sky Virtue Holdings Limited所持有之股份中拥有权

益。

---

59ANUAL REPORT 2024/25 年报

DIRECTORS AND CHIEF EXECUTIVE’S INTERESTS

AND SHORT POSITIONS IN SHARES, UNDERLYING

SHARES AND DEBENTURES (Continued)

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

and chief executive of the Company or their respective asociates had

any interests or short positions in the securities of the Company or its

asociated corporations (within the meaning of Part XV of the SFO) as

recorded in the register required to be kept under Section 352 of the SFO,

or as otherwise notified to the Company and the Stock Exchange pursuant

to rules 5.46 to 5.67 of the GEM Listing Rules relating to securities

transactions by Directors.

Save for the above, none of the Directors or the chief executive of the

Company nor their spouses or children under 18 years of age had any

interests in, or had ben granted or exercised, any rights to subscribe for

any securities of the Company or any of its asociated corporations during

the year.

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND

SHORT POSITIONS IN SHARES AND UNDERLYING

SHARES

As at 31st March 2025, so far as is known to the Directors and chief

executive of the Company, the folowing person (other than the Directors

and chief executive of the Company whose interests were disclosed

above) had interests or short positions in the shares and/or underlying

shares of the Company which were recorded in the register of substantial

shareholders required to be kept under Section 336 of the SFO:

董事及最高行政人员于股份、相关股份及债

权证之权益及淡仓（续）

除上文所披露者外，于二零二五年三月三十一日，

董事及本公司最高行政人员或彼等各自之联系人概

无于本公司或其相联法团（定义见证券及期货条例第

XV部）之证券中拥有任何已列入根据证券及期货条

例第352条须予存置之登记册内，或根据GEM上市

规则第5.46条至第5.67条有关董事进行证券交易之

规定已知会本公司及联交所之权益或淡仓。

除上文所述外，本年度概无董事或本公司最高行政

人员或彼等配偶或18岁以下之子女拥有或获授或行

使可认购本公司或其任何相联法团之证券。

主要股东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，就董事及本公司最高

行政人员所知，下列人士（已于上文披露权益之董事

及本公司最高行政人员除外）于本公司股份及╱或相

关股份中拥有已列入本公司根据证券及期货条例第

336条须予存置之主要股东登记册内之权益或淡仓﹕

---

60North Asia Strategic Holdings Limited 北亚策略控股有限公司

REPORT OF THE DIRECTORS

董事会报告书

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND

SHORT POSITIONS IN SHARES AND UNDERLYING

SHARES (Continued)

Long positions in the shares and/or underlying shares of the

Company

Name of Shareholder Capacity

Number

of ordinary

shares held

Aproximate

percentage

of shares held

股东姓名╱

名称身份

所持

普通股数目

所持股份之

概约百分比

(Note a)

（附注a）

Lu Ying Interest of controled

corporation (Note b)

51,752,20511.39%

陆颖受控制法团权益（附注b）

Sincere Ardent Limited Beneficial owner (Note b)51,752,20511.39%

实益拥有人（附注b）

Sky Virtue Holdings LimitedBeneficial owner (Note c)257,003,90156.55%

实益拥有人（附注c）

Sun CiyingBeneficial owner39,861,3578.77%

孙慈颖实益拥有人

Notes:

(a) The above aproximate percentages of the shareholdings are based on

454,509,311 ordinary shares in isue as at 31st March 2025.

(b) Sincere Ardent Limited is wholy-owned by Ms. Lu Ying. By virtue of Part XV of

the SFO, Ms. Lu Ying is demed to be interested in the shares held by Sincere

Ardent Limited.

(c) Sky Virtue Holdings Limited is wholy-owned by Ms. Zhang Yifan, the Chairlady

and an executive Director of the Company. By virtue of Part XV of the SFO,

Ms. Zhang Yifan is demed to be interested in the shares held by Sky Virtue

Holdings Limited.

Save as disclosed above, the Directors and the chief executive of the

Company were not aware of any person (other than the Directors or chief

executive of the Company the interests of which were disclosed above)

who has any interests or short positions in the securities of the Company

that were required to be entered in the register of substantial shareholders

of the Company pursuant to Section 336 of the SFO as at 31st March

2025.

主要股东于股份及相关股份之权益及淡仓

（续）

于本公司股份及╱或相关股份之好仓

附注：

(a) 上述持股之概约百分比乃根据于二零二五年三月

三十一日已发行之454,509,311股普通股而计算。

(b) Sincere Ardent Limited由陆颖女士全资拥有。根据

证券及期货条例第XV部，陆颖女士被视为于Sincere

Ardent Limited所持有之股份中拥有权益。

(c) Sky Virtue Holdings Limited由本公司主席兼执行

董事张一帆女士全资拥有。根据证券及期货条例

第XV部，张一帆女士被视为于Sky Virtue Holdings

Limited所持有之股份中拥有权益。

除上文所披露者外，于二零二五年三月三十一日，

就董事及本公司最高行政人员所知，概无任何人士

（已于上文披露权益之董事或本公司最高行政人员除

外）于本公司证券中拥有须列入本公司根据证券及期

货条例第336条存置之主要股东登记册内之任何权

益或淡仓。

---

61ANUAL REPORT 2024/25 年报

EQUITY-LINKED AGREMENTS

Details of the equity-linked agrements entered into during the year or

subsisting at the end of the year are set out below:

Share Option Schemes

1. 2023 Scheme

On 7th September 2023, the shareholders of the Company

aproved the adoption of a share option scheme (the “2023

Scheme”).

The major terms of the 2023 Scheme are sumarized as folows:

(1) The purpose of the 2023 Scheme is to reward participants

who have contributed or wil contribute to the Group and

to encourage longer term comitment of participants to

the Group and to beter align their interests with those of

shareholders, as a whole which can contribute towards

enhancing the value of the Company and its shares for the

benefit of the Company and its shareholders as a whole.

(2) The participants of the 2023 Scheme are the Director or

employe of the Company or any subsidiary, including any

executive or non-executive director of the Company or any

subsidiary, and any employe whom the Board considers, at

its sole discretion, have contributed or wil contribute to the

Group, and persons who are granted options under the 2023

Scheme as inducement to enter into employment contracts

with the Company or any subsidiary.

股票挂钩协议

于本年度内订立或于年终续存之股票挂钩协议详情

载列如下：

购股权计划

1. 二零二三年计划

于二零二三年九月七日，本公司股东批准采纳

购股权计划（「二零二三年计划」）。

二零二三年计划之主要条款概述如下：

(1) 二零二三年计划旨在奖励已对或将对本

集团作出贡献之参与者，并鼓励参与者

承诺长期投入本集团及整体上使其利益

与股东的更为一致，有助于为本公司及

其股东之整体利益，提升本公司及其股

份之价值。

(2) 二零二三年计划之参与者包括本公司或

任何附属公司之董事或雇员，包括本公

司或任何附属公司之任何执行董事或非

执行董事、董事会全权酌情认为已经或

将会对本集团作出贡献之任何雇员，以

及根据二零二三年计划获授予购股权作

为与本公司或任何附属公司订立雇佣合

约的诱因之人士。

---

62North Asia Strategic Holdings Limited 北亚策略控股有限公司

REPORT OF THE DIRECTORS

董事会报告书

EQUITY-LINKED AGREMENTS (Continued)

Share Option Schemes (Continued)

1. 2023 Scheme (Continued)

(3) The maximum number of ordinary shares which may be

isued upon exercise of al options to be granted under the

2023 Scheme and any options or awards granted under any

other share schemes of the Company shal not in agregate

exced 10% in nominal amount of the agregate of ordinary

shares in isue on the date of aproval of the 2023 Scheme

(the “Scheme Mandate Limit”). The Scheme Mandate Limit

may be refreshed with the aproval of shareholders in general

meting, but no more frequently than permited under Rule

23.03C of the GEM Listing Rules.

As at the date of this report, the total number of the ordinary

shares of the Company available for isue in respect of which

share options have ben granted and yet to be granted under

2023 Scheme is 45,450,931, representing aproximately

10% of the isued share capital of the Company.

(4) The maximum number of ordinary shares isued and to be

isued upon exercise of the options granted to each grante

under the 2023 Scheme and any other share scheme of

the Company (excluding any options and awards lapsed in

acordance with terms of the share scheme) in any 12-month

period shal not exced 1% of the shares in isue for the time

being.

(5) The exercise period of any option granted under the 2023

Scheme shal be determined and notified by the Board but

such period shal not exced 10 years from the date of grant.

(6) The vesting period of any option granted under the 2023

Scheme shal not les than 12 months from the date of grant,

unles demed apropriate at the discretion of the Board or

(where the Grante is a director or a member of the senior

management of the Company) the Remuneration Comite.

股票挂钩协议（续）

购股权计划（续）

1. （续）

(3) 因行使根据二零二三年计划将予授出全

部购股权及根据本公司任何其他股份计

划授出的任何购股权或奖励而可予发行

之普通股数目上限，合共不得超过于二

零二三年计划批准日期时已发行普通股

面值总额之10%（「计划授权限额」）。经

股东于股东大会上批准，计划授权限额

可予更新，惟频繁程度不得超过GEM

上市规则第23.03C条所允许者。

于本报告日期，关于二零二三年计划已

授出或尚未授出购股权之本公司可供发

行普通股总数为45,450,931股，相当于

本公司已发行股本约10%。

(4) 因各承授人行使在任何12个月期间内根

据二零二三年计划及本公司任何其他股

份计划所获授之购股权（不包括根据股

份计划条款已失效之购股权及奖励）而

已发行及将予发行之普通股数目上限不

得超过当时已发行股份之1%。

(5) 根据二零二三年计划授出之购股权之行

使期由董事会厘定及知会，惟行使期不

得超过授出日期起计十年。

• （倘承授人为本公司董事

或高级管理人员）薪酬委员会酌情认为

适当，否则根据二零二三年计划授出的

任何购股权的归属期不得少于授出日期

起计12个月。

---

63ANUAL REPORT 2024/25 年报

EQUITY-LINKED AGREMENTS (Continued)

Share Option Schemes (Continued)

1. 2023 Scheme (Continued)

(7) The aceptance of an ofer of the grant of the option under

the 2023 Scheme must be made within 5 busines days from

the date on which the leter containing the ofer is delivered

to that participant together with a non-refundable payment of

HK$1.00 from each grante.

(8) The exercise price of an option to subscribe for ordinary

shares of the Company shal be determined by the Board but

shal not be les than the higher of:

a. The closing price of the ordinary shares of the

Company as stated in the Stock Exchange’s daily

quotations shet on the date of grant, which must be a

busines day;

b. The average closing price of the ordinary shares of

the Company as stated in the Stock Exchange’s

daily quotations shets for the five busines days

imediately preceding the date of grant; and

c. The nominal value of the ordinary shares on the date of

grant.

(9) The 2023 Scheme shal be valid and efective for a period of

ten years comencing on its adoption of the 2023 Scheme

on 7th September 2023.

As at 31st March 2025, no share options have ben granted by the

Company pursuant to the 2023 Scheme. As at 1st April 2024 and

31st March 2025, the number of share options available for grant

under the 2023 Scheme was 45,450,931.

股票挂钩协议（续）

购股权计划（续）

1. （续）

(7) 根据二零二三年计划授出购股权之要约

必须于由向相关参与者送递载有要约之

函件日期起计5个营业日期间内接纳，

并连同每名承授人须支付之1.00港元不

可退还款项。

(8) 认购本公司普通股之购股权之行使价将

由董事会厘定，惟不会低于下列各项中

较高者：

• （该日必须为营

业日）发出之每日报价表所列本公

司普通股收市价；

b. 紧接授出日期前五个营业日联交

所发出之每日报价表所列本公司

普通股平均收市价；及

• 。

(9) 二零二三年计划将于由其采纳日期二零

二三年九月七日起计十年内有效及生

效。

截至二零二五年三月三十一日，本公司并无根

据二零二三年计划授出购股权。于二零二四

年四月一日及二零二五年三月三十一日，

二零二三年计划项下可供授出购股权数目为

45,450,931份。

---

64North Asia Strategic Holdings Limited 北亚策略控股有限公司

REPORT OF THE DIRECTORS

董事会报告书

EQUITY-LINKED AGREMENTS (Continued)

Share Option Schemes (Continued)

2. 2014 Scheme

On 4th September 2014, the shareholders of the Company

aproved the adoption of a share option scheme (the “2014

Scheme”).

The major terms of the 2014 Scheme are sumarized as folows:

(1) The purpose of the 2014 Scheme is to reward participants

who have contributed or wil contribute to the Group and to

encourage participants to work towards enhancing the value

of the Company and its shares for the benefit of the Company

and its shareholders as a whole.

• ,

agent, consultant or representative of the Company or any

subsidiary, including any executive or non-executive Director

of the Company or any subsidiary or any other person who

the Board considers, in its sole discretion, have contributed or

wil contribute to the Group.

(3) The maximum number of ordinary shares which may be

isued upon exercise of al options to be granted under the

2014 Scheme and any other share option scheme of the

Company shal not in agregate exced 10% of the ordinary

shares in isue on the date of aproval of the 2014 Scheme

(the “Scheme Limit”) or as at the date of the Shareholders’

aproval of the refreshed Scheme Limit.

The maximum number of shares of the Company which may

be isued upon exercise of al option granted and yet to be

exercised under the 2014 Scheme and any other share option

scheme of the Company shal not, in agregate exced 30%

of the ordinary shares in isue from time to time. As at the

date of this report, the total number of the ordinary shares

of the Company available for isue in respect of which share

options have ben granted and yet to be granted under 2014

Scheme is 0, representing 0% of the isued share capital of

the Company.

股票挂钩协议（续）

购股权计划（续）

2. 二零一四年计划

于二零一四年九月四日，本公司股东批准采纳

购股权计划（「二零一四年计划」）。

二零一四年计划之主要条款概述如下：

(1) 二零一四年计划旨在奖励已对或将对本

集团作出贡献之参与者，并鼓励参与者

为本公司及其股东之整体利益，提升本

公司及其股份之价值。

(2) 二零一四年计划之参与者包括本公司或

任何附属公司之任何雇员、代理、顾问

或代表，包括本公司或任何附属公司之

任何执行董事或非执行董事，或董事会

全权酌情认为已对或将对本集团作出贡

献之任何其他人士。

(3) 因行使根据二零一四年计划及任何本公

司其他购股权计划将予授出全部购股权

而可予发行之普通股数目上限，合共不

得超过于二零一四年计划批准日期或于

股东批准更新计划限额日期已发行普通

股之10%（「计划限额」）。

因行使根据二零一四年计划及任何本公

司其他购股权计划已授出但尚未行使的

所有购股权而可予发行之本公司普通股

数目上限，合共不得超过不时已发行普

通股之30%。于本报告日期，根据二零

一四年计划已授出或尚未授出购股权之

本公司可供发行普通股总数为0股，相

当于本公司已发行股本之0%。

---

65ANUAL REPORT 2024/25 年报

EQUITY-LINKED AGREMENTS (Continued)

Share Option Schemes (Continued)

2. 2014 Scheme (Continued)

(4) The maximum number of ordinary shares isued and to be

isued upon exercise of the options granted to each grante

under the 2014 Scheme and any other share option scheme

of the Company (including both exercised and outstanding

options) in any 12-month period shal not exced 1% of the

shares in isue for the time being.

(5) The exercise period of any option granted under the 2014

Scheme shal be determined by the Board but such period

shal not exced 10 years from the date of grant.

(6) The 2014 Scheme does not specify any minimum holding

period.

(7) The aceptance of an ofer of the grant of the option under

the 2014 Scheme (“Ofer”) must be made within 5 busines

days from the date on which the leter containing the ofer is

delivered to that participant together with a non-refundable

payment of HK$1.00 from each grante.

(8) The exercise price of an option to subscribe for ordinary

shares of the Company shal be determined by the Board but

shal not be les than the higher of:

a. The closing price of the ordinary shares of the

Company as stated in the Stock Exchange’s daily

quotations shet on the date of grant, which must be a

busines day;

b. The average closing price of the ordinary shares of

the Company as stated in the Stock Exchange’s

daily quotations shets for the five busines days

imediately preceding the date of grant; and

c. The nominal value of the ordinary shares on the date of

grant.

(9) The 2014 Scheme shal be valid and efective for a period of

ten years comencing on its adoption of the 2014 Scheme

on 4th September 2014. The 2014 Scheme has expired on

4th September 2024.

股票挂钩协议（续）

购股权计划（续）

1. （续）

(4) 因各承授人行使在任何12个月期间内根

据二零一四年计划及任何本公司其他购

股权计划所获授之购股权（包括已行使

及尚未行使之购股权）而已发行及将予

发行之普通股数目上限不得超过当时已

发行股份之1%。

(5) 根据二零一四年计划授出之购股权之行

使期由董事会厘定，惟行使期不得超过

授出日期起计十年。

(6) 二零一四年计划并无订明任何最短持有

时间。

(7) 根据二零一四年计划授出购股权之要约

（「要约」）必须于由向相关参与者送递

载有要约之函件日期起计5个营业日期

间内接纳，并连同每名承授人须支付之

1.00港元不可退还款项。

(8) 认购本公司普通股之购股权之行使价将

由董事会厘定，惟不会低于下列各项中

较高者：

• （该日必须为营

业日）发出之每日报价表所列本公

司普通股收市价；

b. 紧接授出日期前五个营业日联交

所发出之每日报价表所列本公司

普通股平均收市价；及

• 。

(9) 二零一四年计划将于由其采纳日期二零

一四年九月四日起计十年内有效及生

效。二零一四年计划已于二零二四年九

月四日到期。

---

66North Asia Strategic Holdings Limited 北亚策略控股有限公司

REPORT OF THE DIRECTORS

董事会报告书

EQUITY-LINKED AGREMENTS (Continued)

Share Option Schemes (Continued)

2. 2014 Scheme (Continued)

The folowing table sets out the movements in the Company’s share

options under the 2014 Scheme during the year:

Number of share options

购股权数目

NameDate of grantExercise periodVesting period

Exercise

price

(Note)

Outstanding

as at

1st April

Granted

during the

year

Exercised

during the

year

Canceled

during the

year

Lapsed

during the

year

Outstanding

as at

31st March

姓名授出日期行使期归属期行使价

（附注）

于二零二四年

四月一日

尚未行使年内已授出年内已行使年内已注销年内已失效

于二零二五年

三月三十一日

尚未行使

Executive Directors

执行董事

Zhang Yifan 16th August 2017 16th August 2017 to

15th August 2027

Vested on the date

of grant

HK$1.1372,755,817—2,755,817—

张一帆二零一七年八月十六日二零一七年八月十六日至

二零二七年八月十五日

于授出日期归属1.137港元

24th December 202124th December 2021 to

23rd December 2031

Vested on the date

of grant

HK$0.700980,000—980,000—

二零二一年

十二月二十四日

二零二一年十二月二十四日至

二零三一年十二月二十三日

于授出日期归属0.700港元

7th November 20227th November 2022 to

6th November 2032

Vested on the date

of grant

HK$0.3253,268,000—3,268,000—

二零二年十一月七日二零二年十一月七日至

二零三二年十一月六日

于授出日期归属0.325港元

6th July 20236th July 2023 to

5th July 2033

Vested 12 months

after date of grant

HK$0.3391,276,000—1,276,000—

二零二三年七月六日二零二三年七月六日至

二零三年七月五日

于授出日期后

12个月归属

0.339港元

Keneth Kon Hiu King 16th August 2017 16th August 2017 to

15th August 2027

Vested on the date

of grant

HK$1.137202,217—202,217—

干晓劲二零一七年八月十六日二零一七年八月十六日至

二零二七年八月十五日

于授出日期归属1.137港元

24th December 202124th December 2021 to

23rd December 2031

Vested on the date

of grant

HK$0.7004,248,000—4,248,000—

二零二一年

十二月二十四日

二零二一年十二月二十四日至

二零三一年十二月二十三日

于授出日期归属0.700港元

6th July 20236th July 2023 to

5th July 2033

Vested 12 months

after date of grant

HK$0.3394,544,000—4,544,000—

二零二三年七月六日二零二三年七月六日至

二零三年七月五日

于授出日期后

12个月归属

0.339港元

股票挂钩协议（续）

购股权计划（续）

1. （续）

下表载列于本年度根据二零一四年计划项下本

公司购股权之变动：

---

67ANUAL REPORT 2024/25 年报

Number of share options

购股权数目

NameDate of grantExercise periodVesting period

Exercise

price

(Note)

Outstanding

as at

1st April

Granted

during the

year

Exercised

during the

year

Canceled

during the

year

Lapsed

during the

year

Outstanding

as at

31st March

姓名授出日期行使期归属期行使价

（附注）

于二零二四年

四月一日

尚未行使年内已授出年内已行使年内已注销年内已失效

于二零二五年

三月三十一日

尚未行使

Non-executive Director

非执行董事

Piere Tsui Kwong Ming16th August 201716th August 2017 to

15th August 2027

Vested on the date

of grant

HK$1.137202,217—202,217—

徐广明二零一七年八月十六日二零一七年八月十六日至

二零二七年八月十五日

于授出日期归属1.137港元

24th December 202124th December 2021 to

23rd December 2031

Vested on the date

of grant

HK$0.700980,000—980,000—

二零二一年

十二月二十四日

二零二一年十二月二十四日至

二零三一年十二月二十三日

于授出日期归属0.700港元

Independent non-executive Directors

独立非执行董事

Joseph Liang Hsien Tse16th August 201716th August 2017 to

15th August 2027

Vested on the date

of grant

HK$1.137202,217—202,217—

梁显治二零一七年八月十六日二零一七年八月十六日至

二零二七年八月十五日

于授出日期归属1.137港元

24th December 202124th December 2021 to

23rd December 2031

Vested on the date

of grant

HK$0.700424,000—424,000—

二零二一年

十二月二十四日

二零二一年十二月二十四日至

二零三一年十二月二十三日

于授出日期归属0.700港元

6th July 20236th July 2023 to

5th July 2033

Vested 12 months

after date of grant

HK$0.339452,000—452,000—

二零二三年七月六日二零二三年七月六日至

二零三年七月五日

于授出日期后

12个月归属

0.339港元

Joseph Chan Nap Ke16th August 201716th August 2017 to

15th August 2027

Vested on the date

of grant

HK$1.137202,217—202,217—

陈立基二零一七年八月十六日二零一七年八月十六日至

二零二七年八月十五日

于授出日期归属1.137港元

24th December 202124th December 2021 to

23rd December 2031

Vested on the date

of grant

HK$0.700424,000—424,000—

二零二一年

十二月二十四日

二零二一年十二月二十四日至

二零三一年十二月二十三日

于授出日期归属0.700港元

6th July 20236th July 2023 to

5th July 2033

Vested 12 months

after date of grant

HK$0.339452,000—452,000—

二零二三年七月六日二零二三年七月六日至

二零三年七月五日

于授出日期后

12个月归属

0.339港元

Sub-Total20,612,685—20,612,685—

小计

EQUITY-LINKED AGREMENTS (Continued)

Share Option Schemes (Continued)

2. 2014 Scheme (Continued)

股票挂钩协议（续）

购股权计划（续）

1. （续）

---

68North Asia Strategic Holdings Limited 北亚策略控股有限公司

REPORT OF THE DIRECTORS

董事会报告书

Number of share options

购股权数目

NameDate of grantExercise periodVesting period

Exercise

price

(Note)

Outstanding

as at

1st April

Granted

during the

year

Exercised

during the

year

Canceled

during the

year

Lapsed

during the

year

Outstanding

as at

31st March

姓名授出日期行使期归属期行使价

（附注）

于二零二四年

四月一日

尚未行使年内已授出年内已行使年内已注销年内已失效

于二零二五年

三月三十一日

尚未行使

Substantial Shareholder

主要股东

Lu Ying16th August 201716th August 2017 to

15th August 2027

Vested on the date

of grant

HK$1.137275,016—275,016—

陆颖二零一七年八月十六日二零一七年八月十六日至

二零二七年八月十五日

于授出日期归属1.137港元

24th December 202124th December 2021 to

23rd December 2031

Vested on the date

of grant

HK$0.700424,000—424,000—

二零二一年

十二月二十四日

二零二一年十二月二十四日至

二零三一年十二月二十三日

于授出日期归属0.700港元

Employes of the Group

本集团雇员

Other Employes16th August 201716th August 2017 to

15th August 2027

Vested on the date

of grant

HK$1.1373,564,687—3,564,687—

其他雇员二零一七年八月十六日二零一七年八月十六日至

二零二七年八月十五日

于授出日期归属1.137港元

24th December 202124th December 2021 to

23rd December 2031

Vested on the date

of grant

HK$0.7004,044,000—4,044,000—

二零二一年

十二月二十四日

二零二一年十二月二十四日至

二零三一年十二月二十三日

于授出日期归属0.700港元

6th July 20236th July 2023 to

5th July 2033

Vested 12 months

after date of grant

HK$0.3393,136,000—3,136,000—

二零二三年七月六日二零二三年七月六日至

二零三年七月五日

于授出日期后

12个月归属

0.339港元

Total32,056,388—32,056,388—

总计

EQUITY-LINKED AGREMENTS (Continued)

Share Option Schemes (Continued)

2. 2014 Scheme (Continued)

股票挂钩协议（续）

购股权计划（续）

1. （续）

---

69ANUAL REPORT 2024/25 年报

EQUITY-LINKED AGREMENTS (Continued)

Share Option Schemes (Continued)

2. 2014 Scheme (Continued)

Note:

The exercise price of the share options is subject to adjustment in the case

of rights or bonus isues, or other similar changes in the Company’s share

capital.

The number and the exercise price of share options which remained

outstanding on 13th May 2021 have ben adjusted due to completion of open

ofer on 13th May 2021.

— For the share options granted on 16th August 2017, the total number

of share options outstanding on 13th May 2021 was adjusted from

7,323,200 to 7,404,388 and the exercise price per share was adjusted

from HK$1.15 to HK$1.137.

The number of share options available for grant under the 2014

Scheme as at 1st April 2024 and 31st March 2025 was 531 and 0

respectively.

股票挂钩协议（续）

购股权计划（续）

1. （续）

附注：

购股权之行使价可因供股或红股发行或本公司股本

之其他类似变动而调整。

由于公开发售已于二零二一年五月十三日完成，故

于二零二一年五月十三日未行使的购股权之数目及

行使价已作调整。

— 就于二零一七年八月十六日授出之购股权而

言，于二零二一年五月十三日未行使之购股

权总数由7,323,200份调整至7,404,388份，

而行使价则由每股1.15港元调整至1.137港

元。

于二零二四年四月一日及二零二五年三月

三十一日，二零一四年计划项下可供授出购股

权数目分别为531份及0份。

---

70North Asia Strategic Holdings Limited 北亚策略控股有限公司

REPORT OF THE DIRECTORS

董事会报告书

EQUITY-LINKED AGREMENTS (Continued)

Share Option Schemes (Continued)

2. 2014 Scheme (Continued)

Fair value of share options and asumptions

The fair value of the share options granted to Directors, a substantial

shareholder and employes was determined using the binomial

model. The inputs into the model and the fair value of the total share

options granted were as folows:

Date of grant

授出日期

16th August 201724th December 20217th November 20226th July 2023

二零一七年

八月十六日

二零二一年

十二月二十四日

二零二年

十一月七日

二零二三年

七月六日

Expected dividend yield (%)预期股息收益率(%)0.0000.0000.0000.000

Expected volatility (%)预期波幅(%)79.01272.56473.84476.965

Risk-fre interest rate (%)无风险利率(%)2.0301.5124.4223.937

Exercise multiple (times)行使倍数（倍）2.801.101.101.03

Fair value of the total share options granted已授购股权总额之公允值HK$4,684,000HK$730,000HK$961,000HK$865,000

4,684,000港元730,000港元961,000港元865,000港元

The binomial model is a generaly acepted method of valuing share

options. The significant asumptions used in the calculation of the

values of the share options were risk-fre interest rate, exercise

multiple, expected volatility and expected dividend yield. The

measurement date used in the valuation model was the date on

which the share options were granted.

The values of share options determined using the binomial model

are subject to certain fundamental limitations, due to the subjective

nature of and uncertainty relating to a number of asumptions of

the expected future performance input to the model, and certain

inherent limitations of the model itself. The value of the share option

varies with diferent variables of certain subjective asumptions. Any

change to the variables used may materialy afect the estimation of

the fair value of the share option.

As at 1st April 2024, the number of options available for grant under

the 2014 Scheme was 531 options. As at 31st March 2025, no

option was available for grant under the 2014 Scheme, representing

0% of the isued share capital of the Company as at the date of the

2024/2025 Anual Report.

股票挂钩协议（续）

购股权计划（续）

1. （续）

购股权之公允值及假设

授予董事、主要股东及雇员之购股权之公允值

乃按二项式模式厘定。该模式之输入数据及已

授购股权总额之公允值如下：

二项式模式被普遍采纳为对购股权进行估值之

方法。计算购股权之价值时所采用之重大假设

为无风险利率、行使倍数、预期波幅及预期股

息收益率。估值模式所使用之计量日期为授出

购股权之日期。

基于就输入模式之预计日后表现所作出多个假

设之主观性质及不明朗因素，使用二项式模式

厘定之购股权价值须受若干基本限制之规限，

而模式本身亦具若干内在限制。上述购股权价

值随若干主观假设之不同变量而定，所采用变

量任何变动或会对购股权公允值之估计造成重

大影响。

于二零二四年四月一日，二零一四年计划项下

可供授出购股权数目为531份。于二零二五年

三月三十一日，二零一四年计划项下并无购股

权可供授出，占本公司于二零二四╱二零二五

年报日期已发行股本的0%。

---

71ANUAL REPORT 2024/25 年报

EQUITY-LINKED AGREMENTS (Continued)

Share Option Schemes (Continued)

The total number of shares of the Company (the “Shares”) that may

be isued in respect of share options granted under al schemes of the

Company during year ended 31st March 2025 divided by the weighted

average number of Shares in isue for the year ended 31st March 2025 is

0%.

Save as disclosed above, to the best knowledge, information and belief of

the Directors having made al reasonable enquiries, (i) none of the grantes

is a director, chief executive or substantial shareholder of the Company

or an asociate (as defined under the GEM Listing Rules) of any of them;

(i) none of the grantes is a participant with options granted and to be

granted exceding the 1% individual limit under Rule 23.03D(1) of the GEM

Listing Rules; and (i) none of the grantes is a related entity participant or

a service provider (as defined under the GEM Listing Rules). The options

granted during the year would not result in the options granted and to be

granted to a grante in the 12-month period up to and including the date

of grant in agregate exced 1% of the Shares in isue.

DIRECTORS’ INTEREST IN TRANSACTIONS,

ARANGEMENT OR CONTRACTS OF SIGNIFICANCE

No transaction, arangements or contracts of significance in relation to the

Group’s busines to which the Company or its subsidiaries was a party and

in which a Director of the Company or a conected entity of such Director

had a material interest, whether directly or indirectly, subsisted at the end

of the year or at any time during the year.

DIRECTORS’ RIGHT TO ACQUIRE SHARES OR

DEBENTURES

Save as disclosed under the heading “Share Option Schemes”, neither at

the end of nor at any time during the year there subsisted any arangement

to which the Company or any of its subsidiaries was a party and the

objects of or one of the objects of such arangement are/is to enable the

Directors to acquire benefits by means of the acquisition of shares in, or

debentures of, the Company or any other body corporate.

股票挂钩协议（续）

购股权计划（续）

就截至二零二五年三月三十一日止年度本公司全部

计划项下已授出购股权而言可予发行的本公司股份

（「股份」）总数除以截至二零二五年三月三十一日止

年度已发行股份加权平均数为0%。

除上文所披露者外，就董事在作出一切合理查询后

所知、所悉及所信，(i)概无承授人为本公司的董事、

主要行政人员或主要股东或任何彼等之联系人（定义

见GEM上市规则）；(i)概无承授人为根据GEM上市

规则第23.03D(1)条已授出及将授出之购股权超过1%

个人限额之参与者；及(i)概无承授人为关连实体参

与者或服务提供者（定义见GEM上市规则）。于本年

度内授出之购股权不会导致于截至授出日期（包括当

日）止12个月期间已授予及将授予一名承授人之购

股权合计超过已发行股份之1%。

董事之重大交易、安排或合约权益

于年终或本年度内任何时间，本公司或其附属公司

概无订立任何涉及本集团业务而任何本公司董事或

该董事之关连实体于其中直接或间接拥有重大权益

之重大交易、安排或合约。

董事购入股份或债权证之权利

除「购股权计划」所披露者外，于年终或本年度内任

何时间，本公司或其任何附属公司概无订立任何仍

然存续之安排，而有关安排之多项或一项标的项目

可使董事藉购入本公司或任何其他法人团体之股份

或债权证而获益。

---

72North Asia Strategic Holdings Limited 北亚策略控股有限公司

REPORT OF THE DIRECTORS

董事会报告书

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the whole

or any substantial part of the busines of the Company were entered into

or existed during the year.

INDEMNITY PROVISION

The Bye-laws of the Company provides that every director of the Company

shal be entitled to be indemnified out of the asets and profits of the

Company against al actions, costs, charges, loses, damages and

expenses shal or may incur or sustain by any act done or in the execution

of their duties as a Director of the Company, provided that such indemnity

shal not extend to any mater in respect of any fraud or dishonesty which

may atach to such Director. Directors Liability Insurance is in place to

protect the Directors of the Company or its subsidiaries against potential

costs and liabilities arising from claims brought against the Directors in the

executive of their duties.

COMPETING INTERESTS

As at 31st March 2025, none of the Directors or substantial shareholder

of the Company or any of their respective close asociates has engaged

in any busines that competes or may compete with the busines of the

Group or has any other conflict of interests with the Group.

MAJOR CUSTOMERS AND SUPLIERS

For the year, the five largest customers of the Group acounted for

aproximately 33% of the Group’s total turnover and the largest

customer of the Group acounted for aproximately 11% of the Group’s

total turnover. The five largest supliers of the Group acounted for

aproximately 69% of the Group’s total purchases and the largest suplier

of the Group acounted for aproximately 62% of the Group’s total

purchases.

None of the Directors, their asociates, or any shareholders (which to the

knowledge of the Directors owned more than 5% of the Company’s share

capital) had a beneficial interest in the Group’s five largest customers and

supliers noted above.

管理合约

于本年度内概无订立或存在涉及本公司整体或任何

重大部分业务之管理及行政之合约。

弥偿条文

本公司之公司细则规定，本公司每名董事均可就其

履行本公司董事职责而作出之行为而理应或可能引

致或遭受之一切诉讼、成本、费用、损失、损害及

开支，从本公司资产及溢利中获得弥偿保证，惟有

关弥偿保证不会涵盖相关董事可能涉及之任何欺诈

或不诚实事宜。本公司已设有董事责任保险，以保

障本公司或其附属公司之董事免受因履行职责而向

其索偿所产生之任何潜在费用及债务影响。

竞争权益

于二零二五年三月三十一日，董事或本公司主要股

东或任何彼等各自之紧密联系人概无从事与任何本

集团业务构成或可能构成竞争之业务或与本集团产

生任何其他利益冲突。

主要客户及供应商

于本年度，本集团五大客户占本集团营业总额

约33%，而本集团最大客户占本集团营业总额

约11%。本集团五大供应商占本集团购货总额约

69%，而本集团最大供应商占本集团购货总额约

62%。

概无任何董事、彼等之联系人或就董事所知拥有逾

5%本公司股本之任何股东于上文提述之本集团五大

客户及供应商中拥有实益权益。

---

73ANUAL REPORT 2024/25 年报

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY’S LISTED SECURITIES

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

redemed any of the Company’s listed securities during the year ended

31st March 2025.

SUFICIENCY OF PUBLIC FLOAT

Based on publicly available information, the Company maintains a suficient

public float of more than 25% of the isued ordinary shares as at the date

of this anual report.

INFORMATION OF COMPANY SECRETARY

The company secretary of the Company is Mr. Law Wai Fai. He is also the

chief financial oficer of the Company. The biographical details of Mr. Law

are set out in section of “Profiles of Directors and Senior Management” on

page 25.

CORPORATE GOVERNANCE

A report on the principal corporate governance practices adopted by the

Company is set out on pages 26 to 54 of this anual report.

购入、售出或赎回本公司之上市证券

本公司或其任何附属公司概无于截至二零二五年三

月三十一日止年度内购入、售出或赎回本公司任何

上市证券。

足够公众持股量

根据可公开取得之资料，本公司于本年报日期维持

足够公众持股量，超过已发行普通股25%。

公司秘书之资料

本公司之公司秘书为罗伟辉先生。彼亦为本公司之

财务总裁。罗先生之履历详情载于第25页「董事及

高级管理人员资料」一节。

企业管治

有关本公司所采纳主要企业管治常规之报告载于本

年报第26页至第54页。

---

74North Asia Strategic Holdings Limited 北亚策略控股有限公司

REPORT OF THE DIRECTORS

董事会报告书

INDEPENDENT AUDITOR

The financial statements for the year ended 31st March 2025 have ben

audited by Ernst & Young who wil retire at the forthcoming anual general

meting and, being eligible, ofer themselves for reapointment.

On behalf of the Board

North Asia Strategic Holdings Limited

Zhang Yifan

Chairlady

Hong Kong, 26th June 2025

独立核数师

安永会计师事务所已审核截至二零二五年三月

三十一日止年度之财务报表，而彼等将于应届股东

周年大会上退任，且符合资格并愿意续聘连任。

代表董事会

北亚策略控股有限公司

主席

张一帆

香港，二零二五年六月二十六日

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75ANUAL REPORT 2024/25 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

To the shareholders of North Asia Strategic Holdings Limited

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of North Asia

Strategic Holdings Limited (the “Company”) and its subsidiaries (the

“Group”) set out on pages 83 to 223, which comprise the consolidated

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

statement of profit or los, the consolidated statement of 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 31st 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.

致北亚策略控股有限公司股东

（于百慕达注册成立的有限公司）

意见

我们已审计列载于第83至223页的北亚策略控股有

限公司（「贵公司」）及其附属公司（「贵集团」）的综合

财务报表，此综合财务报表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

合损益表、综合全面收益表、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专业道

德责任。我们相信，我们所获得的审计凭证能充足

及适当地为我们的审计意见提供基础。

---

76North Asia Strategic Holdings Limited 北亚策略控股有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

KEY AUDIT MATERS

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

were of most significance in our audit of the consolidated financial

statements of the curent period. These maters were adresed in the

context of our audit of the consolidated financial statements as a whole,

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

opinion on these maters. For the mater below, our description of how our

audit adresed the mater is provided in that context.

We have fulfiled the responsibilities described in the Auditor’s

responsibilities for the audit of the consolidated financial statements

section of our report, including in relation to these maters. Acordingly,

our audit included the performance of procedures designed to respond to

our asesment of the risks of material mistatement of the consolidated

financial statements. The results of our audit procedures, including the

procedures performed to adres the maters below, provide the basis for

our audit opinion on the acompanying consolidated financial statements.

Key audit mater

How our audit adresed the

key audit mater

Expected credit loses (“ECLs”) for trade receivables and finance lease

receivables

As at 31st March 2025, the

Group had trade receivables and

finance lease receivables with

carying amounts of aproximately

HK$307.2 milion and HK$67.5

milion, respectively.

HKFRS 9 Financial Instruments

requires the use of the ECLs

model for the estimation of los

alowances of financial asets.

Management uses the simplified

aproach and general aproach to

calculate ECLs for trade receivables

and finance lease receivables,

respectively.

We obtained an understanding of

the Group’s credit risk management

and practices, and evaluated

whether the Group’s asesment

of the ECLs alowance is in

acordance with the requirements of

HKFRS 9, including an evaluation of

management judgements on (i) the

level of disagregation of categories

for colective asesment; and

(i) the use of available credit risk

information, including historical and

forward-loking information.

关键审计事项

关键审计事项是根据我们的专业判断，认为对本期

综合财务报表的审计最为重要的事项。该等事项是

在对综合财务报表整体进行审计并形成意见的背景

下进行处理的，我们不对该等事项提供单独的意

见。我们对下述事项在审计中是如何应对的描述也

以此为背景。

我们已经履行了本报告「核数师就审计综合财务报

表承担的责任」部分阐述的责任，包括与该等关键

审计事项相关的责任。因此，我们的审计工作包括

执行为应对评估的综合财务报表重大错误陈述风险

而设计的审计程序。我们执行审计程序的结果，包

括应对下述关键审计事项所执行的程序，为随附的

综合财务报表整体发表审计意见提供了基础。

关键审计事项

该事项在审计中是如何

应对的

贸易应收款项及融资租赁应收款项之预期信贷亏损

（「预期信贷亏损」）

于二零二五年三月三十一

日，贵集团拥有账面值分

别约为307,200,000港元

及67,500,000港元之贸

易应收款项及融资租赁应

收款项。

香港财务报告准则第9号

金融工具规定使用预期信

贷亏损模型估计金融资产

之亏损拨备。

管理层分别使用简化方法

及一般方法计算贸易应收

款项及融资租赁应收款项

之预期信贷亏损。

我们已了解 贵集团的信

贷风险管理及惯例，并已

评估 贵集团之预期信贷

亏损拨备是否符合香港

财务报告准则第9号的规

定，包括评估以下方面

的管理层判断：(i)用于集

体评估的类别细分程度；

及(i)使用可得信贷风险资

料，包括过往及前瞻性资

料。

---

77ANUAL REPORT 2024/25 年报

KEY AUDIT MATERS (Continued)

Key audit mater

How our audit adresed the

key audit mater

Expected credit loses (“ECLs”) for trade receivables and finance lease

receivables (Continued)

Management has engaged

an independent specialist to

determine the ECLs.

We focused on this area because

the carying amounts of the trade

receivables and finance lease

receivables are significant to the

Group and significant management

judgements and estimates were

involved in determining the ECLs

with reference to historical los

record and forward-loking

information.

Disclosures in relation to trade

receivables and finance lease

receivables are included in notes

4 and 17 to the consolidated

financial statements.

We obtained and reviewed, with

the asistance of our internal

specialist, the ECLs calculation

prepared by management

which was based on the

Group’s historical credit los

experience and, with the aid of

the external specialist engaged

by management, adjusted for

forward-loking factors specific

to the debtors and the economic

environment.

We asesed the competence,

objectivity and independence of

the external specialist engaged by

the management of the Group.

关键审计事项（续）

关键审计事项

该事项在审计中是如何

应对的

贸易应收款项及融资租赁应收款项之预期信贷亏损

（「预期信贷亏损」）（续）

管理层已委聘独立专家厘

定预期信贷亏损。

我们专注于此领域，乃因

贸易应收款项及融资租

赁应收款项之账面值对

贵集团属重大及管理层于

厘定预期信贷亏损时会参

考过往亏损记录及前瞻性

资料而作出重大判断及估

计。

贸易应收款项及融资租赁

应收款项之相关披露载

于综合财务报表附注4及

17。

我们在内部专家协助下已

获取并审阅管理层基于

贵集团过往信贷亏损经验

所编制，并在管理层所委

聘之外部专家协助下按债

务人的特定前瞻性因素及

经济环境作出调整的预期

信贷亏损计算。

我们已评估由 贵集团管

理层委聘之外部专家之能

力、客观性及独立性。

---

78North Asia Strategic Holdings Limited 北亚策略控股有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

KEY AUDIT MATERS (Continued)

Key audit mater

How our audit adresed the

key audit mater

Impairment asesment of godwil and other intangible asets

As at 31st March 2025, the

Group had godwil and other

intangible asets of aproximately

HK$391.1 milion relating to the

cash-generating units (“CGUs”)

of hi-tech distribution and

services and electronic payment

solution. In acordance with

HKAS 36 Impairment of Asets,

management is required to test

godwil for impairment anualy

and to test other intangible asets

for impairment where an indication

of impairment exists.

We focused on this area because

the carying amount of godwil

and other intangible asets of

the CGUs are significant to the

Group and this impairment test

and asesment is based on

the recoverable amount of the

CGUs as determined in value-

in-use calculations, which

required significant management

judgements and estimates with

respect to pre-tax cash flow

projection based on financial

budget aproved by management

covering a five-year period. The

projection is largely based on

management expectations and

estimates of future results of the

CGUs.

Disclosures in relation to godwil

and other intangible asets are

included in notes 4 and 15 to the

consolidated financial statements.

Our audit procedures included

the asesment of the valuation

methodology and the key

asumptions, such as the

continuance of distribution rights

of hi-tech distribution and services

operation, revenue growth rate,

budgeted gros margin and the

discount rates, based on our

knowledge of the busines and

industry.

We checked the input data to

suporting evidence, such as the

aproved budgets and the recent

historical results of the CGUs. We

also involved our internal valuation

specialists to asist us with the

asesment of the methodologies

and the discount rates used

to determine the recoverable

amounts. We also asesed the

adequacy of the disclosures in the

consolidated financial statements.

关键审计事项（续）

关键审计事项

该事项在审计中是如何

应对的

商誉及其他无形资产之减值评估

于二零二五年三月三十一

日， 贵集团拥有高科技

产品分销及服务以及电子

支付解决方案相关之现金

产生单位（「现金产生单

位」）之商誉及其他无形资

产约391,100,000港元。

根据香港会计准则第36

号资产减值，管理层须每

年就商誉进行减值测试，

并对有减值迹象的其他无

形资产进行减值测试。

我们专注于此领域，乃因

现金产生单位之商誉及其

他无形资产之账面值对

贵集团属重大及该减值测

试及评估乃基于使用价值

计算中厘定之现金产生单

位可收回金额，此举需要

管理层根据管理层批准之

五年期之财务预算之税前

现金流量预测作出重大判

断及估计。该项预测大致

上根据管理层对现金产生

单位未来业绩之预期及估

计。

商誉及其他无形资产的相

关披露载于综合财务报表

附注4及15。

我们的审计程序包括评估

估值方法及关键假设，例

如高科技产品分销及服务

经营之分销权之持续性、

收入增长率、预算毛利率

及根据我们对业务及行业

之了解作出之折现率。

我们查核输入资料以辅助

证据，例如已获批预算及

现金产生单位近期历史业

绩。我们亦委聘内部估值

专家协助我们评估用于厘

定可收回金额之方法及折

现率。我们亦已评估综合

财务报表中披露是否足

够。

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79ANUAL REPORT 2024/25 年报

OTHER INFORMATION INCLUDED IN THE ANUAL

REPORT

The directors of the Company are responsible for the other information.

The other information comprises the information included in the Anual

Report, other than the consolidated financial statements and our auditor’s

report thereon.

Our opinion on the consolidated financial statements does not cover the

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

thereon.

In conection with our audit of the consolidated financial statements,

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

consider whether the other information is materialy inconsistent with the

consolidated financial statements or our knowledge obtained in the audit

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

have performed, we conclude that there is a material mistatement of this

other information, we are required to report that fact. We have nothing to

report in this regard.

RESPONSIBILITIES OF THE DIRECTORS FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of

the consolidated financial statements that give a true and fair view in

acordance with HKFRS Acounting Standards as isued by the HKICPA

and the disclosure requirements of the Hong Kong Companies Ordinance,

and for such internal control as the directors determine is necesary to

enable the preparation of consolidated financial statements that are fre

from material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors of the

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

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

and using the going concern basis of acounting unles the directors of

the Company either intend to liquidate the Group or to cease operations or

have no realistic alternative but to do so.

The directors of the Company are asisted by the Audit Comite in

discharging their responsibilities for overseing the Group’s financial

reporting proces.

刊载于年报内之其他资料

贵公司董事需对其他资料负责。其他资料包括刊载

于年报内的资料，但不包括综合财务报表及我们的

核数师报告。

我们对综合财务报表的意见并不涵盖其他资料，我

们亦不对该等其他资料发表任何形式的鉴证结论。

就我们对综合财务报表的审计而言，我们的责任是

阅读其他资料，在此过程中，考虑其他资料是否与

综合财务报表或我们在审计过程中所了解的情况存

在重大抵触或者似乎存在重大错误陈述的情况。基

于我们已执行的工作，如果我们认为其他资料存在

重大错误陈述，我们需要报告该事实。在这方面，

我们没有任何报告。

董事就综合财务报表须承担的责任

贵公司董事须负责根据香港会计师公会颁布的香港

财务报告准则会计准则及香港《公司条例》的披露规

定拟备真实而中肯的综合财务报表，并对其认为

使综合财务报表的拟备不存在由于欺诈或错误而导

致的重大错误陈述所需的内部控制负责。

在拟备综合财务报表时， 贵公司董事负责评估

贵集团持续经营的能力，并在适用情况下披露与持

续经营有关的事项，以及使用持续经营为会计基

础，除非 贵公司董事有意将 贵集团清盘或停止

经营，或别无其他实际的替代方案。

审核委员会协助 贵公司董事履行职责，监督 贵

集团的财务报告过程。

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80North Asia Strategic Holdings Limited 北亚策略控股有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF

THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

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

report that includes our opinion. Our report is made solely to you, as a

body, in acordance with section 90 of the Bermuda Companies Act 1981,

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

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

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

that an audit conducted in acordance with HKSAs wil always detect a

material mistatement when it exists. Mistatements can arise from fraud

or eror and are considered material if, individualy or in the agregate, they

could reasonably be expected to influence the economic decisions of users

taken on the basis of these consolidated financial statements.

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

judgement and maintain profesional scepticism throughout the audit. We

also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate to

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

mistatement resulting from fraud is higher than for one resulting

from eror, as fraud may involve colusion, forgery, intentional

omisions, misrepresentations, or the overide of internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion on

the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures

made by the directors.

核数师就审计综合财务报表承担的责任

我们的目标，是对综合财务报表整体是否不存在由

于欺诈或错误而导致的重大错误陈述取得合理保

证，并出具包括我们意见的核数师报告。我们按照

百慕达一九八一年《公司法》第九十条仅向 阁下（作

为整体）报告，除此以外，本报告并无其他用途。我

们不会就本报告的内容向任何其他人士负上或承担

任何责任。

合理保证是高水平的保证，但不能保证按照香港审

计准则进行的审计，在某一重大错误陈述存在时总

能发现。错误陈述可以由欺诈或错误引起，如果合

理预期它们单独或汇总起来可能影响综合财务报表

使用者依赖综合财务报表所作出的经济决定，则有

关的错误陈述可被视作重大。

在根据香港审计准则进行审计的过程中，我们运用

了专业判断，保持了专业怀疑态度。我们亦：

• 识别和评估由于欺诈或错误而导致综合财务报

表存在重大错误陈述的风险、设计及执行审计

程序以应对这些风险，以及获取充足和适当的

审计凭证，作为我们意见的基础。由于欺诈可

能涉及串谋、伪造、蓄意遗漏、虚假陈述，或

凌驾于内部控制之上，因此未能发现因欺诈而

导致的重大错误陈述的风险高于未能发现因错

误而导致的重大错误陈述的风险。

• ，以设计适当的审

计程序，但目的并非对 贵集团内部控制的有

效性发表意见。

• 评价董事所采用会计政策的恰当性及作出会计

估计和相关披露的合理性。

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81ANUAL REPORT 2024/25 年报

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

• ’ use of the going

concern basis of acounting and, based on the audit evidence

obtained, whether a material uncertainty exists related to events

or conditions that may cast significant doubt on the Group’s ability

to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw atention in our auditor’s

report to the related disclosures in the consolidated financial

statements or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained

up to the date of our auditor’s report. However, future events or

conditions may cause the Group to cease to continue as a going

concern.

• , structure and content of the

consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• Plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities or

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

on the consolidated financial statements. We are responsible for the

direction, supervision and review of the audit work performed for

purposes of the group audit. We remain solely responsible for our

audit opinion.

We comunicate with the Audit Comite regarding, among other

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

findings, including any significant deficiencies in internal control that we

identify during our audit.

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

complied with relevant ethical requirements regarding independence and

to comunicate with them al relationships and other maters that may

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

actions taken to eliminate threats or safeguards aplied.

核数师就审计综合财务报表承担的责任（续）

• 对董事采用持续经营会计基础的恰当性作出结

论。根据所获取的审计凭证，确定是否存在与

事项或情况有关的重大不确定性，从而可能导

致对 贵集团的持续经营能力产生重大疑虑。

如果我们认为存在重大不确定性，则有必要在

核数师报告中提请使用者注意综合财务报表中

的相关披露。假若有关的披露不足，则我们应

当发表非无保留意见。我们的结论是基于核数

师报告日期止所取得的审计凭证作出。然而，

未来事项或情况可能导致 贵集团不能持续经

营。

• 、结构和内

容，包括披露，以及综合财务报表是否中肯反

映有关交易和事项。

• ，以就 贵集团内实体或

业务单位的财务资料获取充足、适当的审计凭

证，作为对综合财务报表发表意见的基础。我

们负责指导、监督和审阅为进行集团审计而执

行的审计工作。我们仅为审计意见承担全部责

任。

除其他事项外，我们与审核委员会沟通了审计的计

划范围、时间安排及重大审计发现等，包括我们在

审计中识别出内部控制的任何重大缺陷。

我们亦向审核委员会提交声明，说明我们已符合有

关独立性的相关专业道德要求，并与他们沟通有可

能合理地被认为会影响我们独立性的所有关系和其

他事项，以及在适用的情况下，为消除威胁采取的

行动或已采纳的防范措施。

---

82North Asia Strategic Holdings Limited 北亚策略控股有限公司

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

From the maters comunicated with the Audit Comite, we

determine those maters that were of most significance in the audit of the

consolidated financial statements of the curent period and are therefore

the key audit maters. We describe these maters in our auditor’s report

unles law or regulation precludes public disclosure about the mater or

when, in extremely rare circumstances, we determine that a mater should

not be comunicated in our report because the adverse consequences

of doing so would reasonably be expected to outweigh the public interest

benefits of such comunication.

The engagement partner on the audit resulting in this independent auditor’s

report is Chow Chi Chung (practicing certificate number: P05073).

Ernst & Young

Certified Public Acountants

27/F, One Taiko Place,

979 King’s Road

Quary Bay, Hong Kong

26th June 2025

核数师就审计综合财务报表承担的责任（续）

从与审核委员会沟通的事项中，我们确定对本期综

合财务报表的审计最为重要的该等事项，因而构成

关键审计事项。我们在核数师报告中描述这些事

项，除非法律或法规不允许公开披露这些事项，或

在极端罕见的情况下，如果合理预期在我们报告中

沟通某事项造成的负面后果超过产生的公众利益，

则我们决定不会在报告中沟通该事项。

出具本独立核数师报告的审计项目合伙人是邹志聪

（执业证书编号：P05073）。

安永会计师事务所

执业会计师

香港鲗鱼涌

英皇道979号

太古坊一座27楼

二零二五年六月二十六日

---

2025
二零二五年
HK$’000
千港元
1,375,299
(1,085,898)
289,401
15,197
(121,719)
(165,290)
(18,857)
(1,268)
8,985
(3,414)
4,303
(12,207)
(7,904)
(1.7)
(1.7)

83ANUAL REPORT 2024/25 年报

Year ended 31st March 2025

截至二零二五年三月三十一日止年度

CONSOLIDATED STATEMENT OF PROFIT OR LOS

综合损益表

二零二四年

NotesHK$’000

附注千港元

Revenue收入51,305,420

Cost of sales销售成本(1,099,853)

Gros profit毛利205,567

Other income and gains, net其他收入及收益，净额613,731

Seling and distribution expenses销售及分销费用(112,197)

General and administrative expenses一般及行政费用(162,317)

Impairment of investment properties投资物业减值14–

Operating los经营亏损(55,216)

Finance income财务收入913,530

Finance costs财务费用9(3,104)

Profit/(los) before income tax除所得税前溢利╱（亏损）7(44,790)

Income tax expense所得税支出10(3,945)

LOS FOR THE YEAR年内亏损(48,735)

Los per share atributable to ordinary

shareholders of the Company

本公司普通股东应占每股

亏损12

Basic (HK cents)基本（港仙）(10.7)

Diluted (HK cents)摊薄（港仙）(10.7)

---

2025
二零二五年
HK$’000
千港元
(7,904)
(2,903)
(2,903)
(10,807)

84North Asia Strategic Holdings Limited 北亚策略控股有限公司

Year ended 31st March 2025

截至二零二五年三月三十一日止年度

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

综合全面收益表

二零二四年

HK$’000

千港元

LOS FOR THE YEAR年内亏损(48,735)

OTHER COMPREHENSIVE LOS其他全面亏损

Other comprehensive los that may be reclasified to

profit or los in subsequent periods:

可能于其后期间重新分类至

损益之其他全面亏损：

Curency translation diferences of foreign operations海外业务之货币换算差额(13,728)

OTHER COMPREHENSIVE LOS

FOR THE YEAR, NET OF TAX OF NIL

年内其他全面亏损，除零税项

后净额(13,728)

TOTAL COMPREHENSIVE LOS FOR THE YEAR年内全面亏损总额(62,463)

---

2025
二零二五年
HK$’000
千港元
108,488
207,702
395,979
43,121
16,144
1,276
772,710
88,836
258,089
514,069
2,043
321,450
1,184,487
1,957,197
45,450
1,317,481
1,362,931

85ANUAL REPORT 2024/25 年报

31st March 2025

二零二五年三月三十一日

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

二零二四年

NotesHK$’000

附注千港元

ASETS资产

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备1384,466

Investment properties投资物业14231,609

Intangible asets无形资产15398,776

Right-of-use asets使用权资产1655,559

Trade and other receivables贸易应收款项及其他应收款项1717,222

Defered tax asets递延税项资产251,302

788,934

Curent asets流动资产

Financial asets at fair value through

profit or los

按公允值计入损益之金融资产

18101,083

Inventories存货19215,810

Trade and other receivables贸易应收款项及其他应收款项17503,637

Pledged deposits抵押存款202,100

Cash and cash equivalents现金及现金等值项目20345,494

1,168,124

Total asets资产总值1,957,058

EQUITY权益

Equity atributable to shareholders of

the Company

本公司股东应占权益

Isued capital已发行股本2145,450

Reserves储备221,328,288

Total equity权益总额1,373,738

---

2025
二零二五年
HK$’000
千港元
12,559
520,326
16,730
12,673
562,288
27,187
2,403
246
2,142
31,978
594,266
1,957,197
622,199
1,394,909

86North Asia Strategic Holdings Limited 北亚策略控股有限公司

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

31st March 2025

二零二五年三月三十一日

二零二四年

NotesHK$’000

附注千港元

LIABILITIES负债

Curent liabilities流动负债

Bank borowings银行借贷23–

Trade and other payables贸易应付款项及其他应付款项24506,758

Lease liabilities租赁负债1620,779

Income tax liabilities所得税负债9,417

536,954

Non-curent liabilities非流动负债

Lease liabilities租赁负债1640,628

Deposits received已收按金262,913

Other non-curent liabilities其他非流动负债254

Defered tax liabilities递延税项负债252,571

46,366

Total liabilities负债总额583,320

Total equity and liabilities权益及负债总额1,957,058

Net curent asets流动资产净值631,170

Total asets les curent liabilities资产总值减流动负债1,420,104

Aproved by the Board of Directors on 26th June 2025:

Zhang Yifan Keneth Kon Hiu King

张一帆 干晓劲

Chairlady and Executive Director Executive Director

主席兼执行董事 执行董事

于二零二五年六月二十六日获董事会批准：

---

87ANUAL REPORT 2024/25 年报

Year ended 31st March 2025

截至二零二五年三月三十一日止年度

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

Atributable to shareholders of the Company

本公司股东应占

Isued capitalReservesTotal

已发行股本储备总计

HK$’000HK$’000HK$’000

千港元千港元千港元

(note 21)(note 22)

（附注21）（附注22）

Balances as at 1st April 2023于二零二三年四月一日之结余45,4501,389,8861,435,336

Comprehensive income全面收益

Los for the year年内亏损–(48,735)(48,735)

Other comprehensive los其他全面亏损

Curency translation diferences

of foreign operations

海外业务之货币换算差额

–(13,728)(13,728)

Total other comprehensive los其他全面亏损总额–(13,728)(13,728)

Total comprehensive los

for the year

年内全面亏损总额

–(62,463)(62,463)

Equity-setled share-based

transactions

以权益结算及以股份付款交易

–865865

Balances as at 31st March 2024

and 1st April 2024

于二零二四年三月三十一日及

二零二四年四月一日之结余45,4501,328,2881,373,738

---

45,450	1,328,288	1,373,738
–	(7,904)	(7,904)
–	(2,903)	(2,903)
–	(2,903)	(2,903)
–	(10,807)	(10,807)
45,450	1,317,481	1,362,931

88North Asia Strategic Holdings Limited 北亚策略控股有限公司

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

Year ended 31st March 2025

截至二零二五年三月三十一日止年度

Atributable to shareholders of the Company

本公司股东应占

Isued capitalReservesTotal

已发行股本储备总计

HK$’000HK$’000HK$’000

千港元千港元千港元

(note 21)(note 22)

（附注21）（附注22）

Balances as at 31st March 2024

and 1st April 2024

于二零二四年三月三十一日及

二零二四年四月一日之结余

Comprehensive income全面收益

Los for the year年内亏损

Other comprehensive los其他全面亏损

Curency translation diferences

of foreign operations

海外业务之货币换算差额

Total other comprehensive los其他全面亏损总额

Total comprehensive los

for the year

年内全面亏损总额

Balances as at 31st March 2025于二零二五年三月三十一日之

结余

---

2025
二零二五年
HK$’000
千港元
40,979
(3,414)
(8,326)
(1,053)
28,186
(95,118)
27,512
–
15,539
9,648
57
(42,362)
12,559
–
(25,010)
(12,451)

89ANUAL REPORT 2024/25 年报

Year ended 31st March 2025

截至二零二五年三月三十一日止年度

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

二零二四年

NoteHK$’000

附注千港元

Cash flows from operating activities经营活动之现金流量

Net cash flows from/(used in) operations营运所产生╱（使用）之现金

流量净额28(b)(28,071)

Interest paid已付利息(3,104)

Mainland China corporate income tax paid已付中国内地企业所得税(3,091)

Hong Kong profits tax paid已付香港利得税(7,150)

Net cash flows from/(used in) operating

activities

经营活动所产生╱（使用）之

现金流量净额(41,416)

Cash flows from investing activities投资活动之现金流量

Aditions to property, plant and equipment添置物业、厂房及设备(78,432)

Proceds from disposal of items of

property, plant and equipment

出售物业、厂房及设备项目

之所得款项40,311

Acquisition of a subsidiary收购一间附属公司(13,059)

Receipts from sales of financial asets at fair

value through profit or los

销售按公允值计入损益之

金融资产之所收款项27,860

Interest received已收利息13,530

Decrease in pledged deposits抵押存款减少2,390

Net cash flows used in investing activities投资活动所使用之现金流量

净额(7,400)

Cash flows from financing activities融资活动之现金流量

Proceds from bank borowings银行借贷之所得款项–

Repayment of other borowings偿还其他借贷(1,800)

Principal portion of lease payments租赁付款之本金部分(20,847)

Net cash flows used in financing activities融资活动所使用之现金流量

净额(22,647)

---

2025
二零二五年
HK$’000
千港元
(26,627)
345,494
2,583
321,450
163,273
158,177
321,450

90North Asia Strategic Holdings Limited 北亚策略控股有限公司

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

Year ended 31st March 2025

截至二零二五年三月三十一日止年度

二零二四年

NoteHK$’000

附注千港元

Decrease in cash and cash equivalents现金及现金等值项目之减少(71,463)

Cash and cash equivalents

at begining of year

年初之现金及现金等值项目

425,154

Efect of foreign exchange rate

changes, net

外汇率变动之影响，净额

(8,197)

Cash and cash equivalents at end of year年终之现金及现金等值项目345,494

Analysis of balances of cash and cash

equivalents

现金及现金等值项目结余分析

Cash at banks and on hand银行及手头现金20116,435

Non-pledged time deposits with original

maturity of thre months or les when

acquired

于取得时原订到期日为三个

月或以下之无抵押定期

存款229,059

Cash and cash equivalents as stated in the

consolidated statement of financial position

于综合财务状况表所列之

现金及现金等值项目345,494

---

91ANUAL REPORT 2024/25 年报

31st March 2025

二零二五年三月三十一日

NOTES TO FINANCIAL STATEMENTS

财务报表附注

1. CORPORATE AND GROUP INFORMATION

North Asia Strategic Holdings Limited (the “Company”) and its

subsidiaries (colectively, the “Group”) are principaly engaged in the

folowing busineses during the year:

• : trading of surface

mount technology (“SMT”) asembly machinery and spare

parts and provision of related instalation, training, repair and

maintenance services for SMT asembly machinery;

• : provision of finance to its customers via a wide aray

of asets under finance lease arangements and operating

lease arangements, and trading of lease asets;

• : provision of payment solution

that bridges online payment acquirers and the merchants;

and

• property and investment holding.

The Company is a limited liability company incorporated in Bermuda

as an exempted company under the Bermuda Companies Act

1981 (the “Companies Act”). The adres of its registered ofice

is Clarendon House, 2 Church Stret, Hamilton HM 11, Bermuda

and that of its principal place of busines is Suite 1618, 16th Flor,

Jardine House, 1 Conaught Place, Central, Hong Kong.

The Company’s ordinary shares are listed on GEM of The Stock

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

In the opinion of the directors, the imediate holding company and

ultimate holding company of the Company is Sky Virtue Holdings

Limited, which was incorporated in the British Virgin Islands.

These financial statements have ben aproved and authorised for

isue by the Company’s board of directors on 26th June 2025.

1. 企业及集团资料

北亚策略控股有限公司（「本公司」）及其附属

公司（合称「本集团」）年内主要从事以下业务：

• ：表面贴装技术

（「SMT」）组装机器及零部件贸易，以及

提供SMT组装机器之相关安装、培训、

维修及保养服务；

• ：透过融资租赁安排及经营租赁安

排下之各种资产向其客户提供融资以及

租赁资产贸易；

• ：提供支付解决方

案，连结网上支付收单机构与商户；及

• 。

本公司为根据百慕达一九八一年公司法（「公

司法」）于百慕达注册成立之获豁免有限公司。

其注册办事处之地址为Clarendon House, 2

Church Stret, Hamilton HM 11, Bermuda，

而其主要营业地点之地址为香港中环康乐广场

1号怡和大厦16楼1618室。

本公司之普通股于香港联合交易所有限公司

（「联交所」）GEM上市。

董事认为，本公司之直接控股公司及最终控股

公司为Sky Virtue Holdings Limited，其乃于英

属处女群岛注册成立。

此等财务报表已于二零二五年六月二十六日经

本公司董事会批准及授权刊发。

---

92North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

1. CORPORATE AND GROUP INFORMATION

(Continued)

Information about subsidiaries

Particulars of the Company’s principal subsidiaries are as folows:

Name

Place of

incorporation/

registration

and businesPrincipal activities

Isued

ordinary/

registered

share capital

Percentage

of equity

interest

held by

the Group

名称

注册成立╱

注册及业务地点主要业务

已发行普通股╱

注册股本

本集团

所持股权百分比

American Tec Company Limited

美亚电子科技有限公司

Hong Kong

香港

Trading of electronic products,

machinery and spare parts,

provision of repair and

instalation services and

investment holding

电子产品、机器及零部件贸易以

及提供维修及安装服务及投资

控股

HK$60,000,000

60,000,000港元

100%

North Asia Strategic (HK) Limited (i)

北亚策略（香港）有限公司 (i)

Hong Kong

香港

Provision of management services

and investment holding

提供管理服务及投资控股

HK$1

1港元

100%

North Asia Capital Limited (i)

北亚资本有限公司(i)

Hong Kong

香港

Investment holding

投资控股

US$100

100美元

100%

北亚美亚电子科技(深圳)有限公司（「美亚深圳」）(i)

^

(“NAS American Tec (Shenzhen) Co Limited”)

(“Amtec Shenzhen”) (i)

^

The People’s Republic of China

(the “PRC”)/Mainland China

中华人民共和国

（「中国」）╱中国内地

Trading of electronic products,

machinery and spare parts

and provision of repair and

instalation services

电子产品、机器及零部件贸易

以及提供维修及安装服务

US$500,000

500,000美元

100%

North Asia Financial Leasing (Shanghai) Co., Ltd. (i)

北亚融资租赁（上海）有限公司(i)

PRC/Mainland China

中国╱中国内地

Provision of finance leasing and

operating lease arangement

services

提供融资租赁及经营租赁安排

服务

US$15,000,000

15,000,000美元

100%

1. （续）

有关附属公司之资料

有关本公司主要附属公司之详情如下：

---

93ANUAL REPORT 2024/25 年报

1. CORPORATE AND GROUP INFORMATION

(Continued)

Information about subsidiaries (Continued)

Name

Place of

incorporation/

registration

and businesPrincipal activities

Isued

ordinary/

registered

share capital

Percentage

of equity

interest

held by

the Group

名称

注册成立╱

注册及业务地点主要业务

已发行普通股╱

注册股本

本集团

所持股权百分比

富士北亚租赁(深圳)有限公司（「富士深圳」）(i)

^

(“Fuji North Asia Leasing (Shenzhen) Co., Ltd.”)

(“Fuji Shenzhen”) (i)

^

PRC/Mainland China

中国╱中国内地

Provision of finance leasing and

operating lease arangement

services

提供融资租赁及经营租赁安排

服务

US$30,000,000

30,000,000美元

100%

Jarvix (Hong Kong) LimitedHong Kong

香港

Provision of payment solution

提供支付解决方案

HK$10,000

10,000港元

100%

Best Conect Enterprises LimitedHong Kong

香港

Property holding

物业控股

US$100

100美元

100%

Great Rich Enterprises Limited

吉利企业有限公司

Hong Kong

香港

Property holding

物业控股

HK$1

1港元

100%

1. （续）

有关附属公司之资料（续）

---

94North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

1. CORPORATE AND GROUP INFORMATION

(Continued)

Information about subsidiaries (Continued)

Notes:

(i) Shares of these companies are held directly by the Company. Shares

of the other companies are held indirectly.

(i) These are wholy-foreign-owned enterprises established in the PRC to

operate for up to 30 years until 2023 to 2044.

^

The English names of these entities represents the best efort made

by the management of the Company to directly translate their Chinese

names as no oficial English names have ben registered.

The above table lists the subsidiaries of the Company which, in the

opinion of the directors, principaly afected the results for the year or

formed a substantial portion of the net asets of the Group. To give

details of other subsidiaries would, in the opinion of the directors,

result in particulars of excesive length.

2. MATERIAL ACOUNTING POLICIES

The principal acounting policies aplied in the preparation of these

financial statements are set out below. These policies have ben

consistently aplied to al the years presented, unles otherwise

stated.

2.1 Basis of preparation

These financial statements have ben prepared in acordance

with HKFRS Acounting Standards (which include al Hong

Kong Financial Reporting Standards, Hong Kong Acounting

Standards (“HKASs”) and Interpretations) as isued by

the Hong Kong Institute of Certified Public Acountants

(“HKICPA”) and the disclosure requirements of the Hong Kong

Companies Ordinance. They have ben prepared under the

historical cost convention, except for financial asets at fair

value through profit or los which have ben measured at fair

value.

1. （续）

有关附属公司之资料（续）

附注：

(i) 此等公司之股份由本公司直接持有。其他公

司之股份乃间接持有。

(i) 此等公司为于中国成立之外商独资企业，经

营期最多三十年直至二零二三年到二零四

年。

^

由于该等实体并无已登记之正式英文名称，

故有关英文名称乃本公司管理层尽力直译自

其中文名称得出。

上表载列董事认为主要影响本集团年内业绩或

构成本集团资产净值主要部分之本公司附属公

司名单。董事认为，详列其他附属公司会导致

篇幅过于冗长。

2. 重大会计政策

编制财务报表时应用之主要会计政策载于下

文。除另有指明外，此等政策已于所有呈报年

度贯彻应用。

2.1 编制基准

财务报表乃根据香港会计师公会（「香港

会计师公会」）颁布之香港财务报告准

则会计准则（包括所有香港财务报告准

则、香港会计准则（「香港会计准则」）

及诠释）及香港公司条例之披露规定编

制。除按公允值计入损益之金融资产

（以公允值计量）外，财务报表已根据历

史成本惯例编制。

---

95ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.1 Basis of preparation (Continued)

These financial statements are presented in Hong Kong

dolars (“HK$”) and al values are rounded to the nearest

thousand except when otherwise indicated.

2.2 Changes in acounting policies and disclosures

The Group has adopted the folowing revised HKFRS

Acounting Standards for the first time for the curent year’s

financial statements.

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1Clasification of Liabilities as

Curent or Non-curent (the

“2020 Amendments”)

Amendments to HKAS 1Non-curent Liabilities with

Covenants (the “2022

Amendments”)

Amendments to HKAS 7 and

HKFRS 7

Suplier Finance

Arangements

1. （续）

2.1 编制基准（续）

除另有指明外，财务报表以港元（「港

元」）呈列，所有价值均调整至最接近千

位数。

2.2 会计政策及披露事项之变动

本集团已就本年度之财务报表首次采纳

以下经修订香港财务报告准则会计准

则。

香港财务报告准则第16号

修订本

售后租回的租赁负债

香港会计准则第1号修订本将负债分类为流动或

非流动（「二零二零

年修订」）

香港会计准则第1号修订本附带契诺的非流动负

债（「二零二年修

订」）

香港会计准则第7号及香港财

务报告准则第7号修订本

供应商融资安排

---

96North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.2 Changes in acounting policies and disclosures

(Continued)

The nature and the impact of the revised HKFRS Acounting

Standards are described below:

(a) Amendments to HKFRS 16 specify the requirements

that a seler-lese uses in measuring the lease liability

arising in a sale and leaseback transaction to ensure

the seler-lese does not recognise any amount

of the gain or los that relates to the right of use it

retains. Since the Group has no sale and leaseback

transactions with variable lease payments that do not

depend on an index or a rate ocuring from the date

of initial aplication of HKFRS 16, the amendments

did not have any impact on the financial position or

performance of the Group.

(b) The 2020 Amendments clarify the requirements for

clasifying liabilities as curent or non-curent, including

what is meant by a right to defer setlement and that

a right to defer must exist at the end of the reporting

period. Clasification of a liability is unafected by the

likelihod that the entity wil exercise its right to defer

setlement. The amendments also clarify that a liability

can be setled in its own equity instruments, and that

only if a conversion option in a convertible liability is

itself acounted for as an equity instrument would the

terms of a liability not impact its clasification. The 2022

Amendments further clarify that, among covenants of a

liability arising from a loan arangement, only those with

which an entity must comply on or before the reporting

date afect the clasification of that liability as curent

or non-curent. Aditional disclosures are required

for non-curent liabilities that are subject to the entity

complying with future covenants within 12 months after

the reporting period.

1. （续）

2.2 会计政策及披露事项之变动（续）

经修订香港财务报告准则会计准则之性

质及影响说明如下：

(a) 香港财务报告准则第16号修订本

订明卖方－ 承租人于计量售后租

回交易产生的租赁负债所用方法

的规定，以确保卖方－ 承租人不

会确认与其所保留使用权有关的

任何损益金额。由于本集团自香

港财务报告准则第16号之首次应

用日期起并无发生不取决于某一

指数或利率之浮动租赁付款的售

后租回交易，故该等修订本并无

对本集团之财务状况或表现造成

任何影响。

(b) 二零二零年修订澄清有关将负债

分类为流动或非流动的规定，包

括延迟清偿权的含义，以及延迟

清偿权必须在报告期末存在。负

债的分类不受实体行使其延迟清

偿权的可能性的影响。该等修订

亦澄清，负债可以用其自身的权

益工具清偿，以及只有当可转换

负债中的转换选择权本身作为权

益工具入账时，负债的条款才不

会影响其分类。二零二年修订

进一步澄清于贷款安排产生之负

债契约中，该实体于报告日期或

之前必须遵守之契约会影响该负

债分类为流动或非流动，并要求

该实体于报告期后十二个月内遵

守未来契约之情况下对非流动负

债进行额外披露。

---

97ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.2 Changes in acounting policies and disclosures

(Continued)

(b) (Continued)

The Group has reasesed the terms and conditions

of its liabilities as at 1st April 2023 and 2024 and

concluded that the clasification of its liabilities as

curent or non-curent remained unchanged upon

initial aplication of the amendments. Acordingly, the

amendments did not have any impact on the financial

position or performance of the Group.

(c) Amendments to HKAS 7 and HKFRS 7 clarify the

characteristics of suplier finance arangements and

require aditional disclosure of such arangements.

The disclosure requirements in the amendments

are intended to asist users of financial statements

in understanding the efects of suplier finance

arangements on an entity’s liabilities, cash flows and

exposure to liquidity risk. As the Group does not have

suplier finance arangements, the amendments

did not have any impact on the Group’s financial

statements.

1. （续）

2.2 会计政策及披露事项之变动（续）

(b) （续）

本集团已重新评估其于二零二三

年及二零二四年四月一日之负债

的条款及条件，并认为其负债之

流动或非流动分类于首次应用该

等修订后概无变动。因此，该等

修订对本集团的财务状况或表现

并无任何影响。

(c) 香港会计准则第7号及香港财务

报告准则第7号修订本阐明供应

商融资安排的特点，并规定须就

该等安排作出额外披露。该等修

订本的披露规定旨在协助财务报

表使用者了解供应商融资安排对

实体的负债、现金流量及流动资

金风险的影响。由于本集团概无

供应商融资安排，该等修订本对

本集团的财务报表并无任何影响。

---

98North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.3 Isued but not yet efective HKFRS Acounting

Standards

The Group has not aplied the folowing new and revised

HKFRS Acounting Standards, that have ben isued but

are not yet efective, in these financial statements. The Group

intends to aply these new and revised HKFRS Acounting

Standards, if aplicable, when they become efective.

HKFRS 18Presentation and Disclosure in

Financial Statements

HKFRS 19Subsidiaries without Public

Acountability: Disclosures

Amendments to HKFRS 9 and

HKFRS 7

Amendments to the Clasification

and Measurement of Financial

Instruments

Amendments to HKFRS 9 and

HKFRS 7

Contracts Referencing Nature-

dependent Electricity

Amendments to HKFRS 10 and

HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Amendments to HKAS 21Lack of Exchangeability

Anual Improvements to HKFRS

Acounting Standards – Volume 11

Amendments to HKFRS 1, HKFRS 7,

HKFRS 9, HKFRS 10 and HKAS 7

Efective for anual periods begining on or after 1st January

Efective for anual periods begining on or after 1st January

Efective for anual/reporting periods begining on or after 1st

January 2027

No mandatory efective date yet determined but available for

adoption

1. （续）

2.3 已颁布但尚未生效之香港财务报告准则

会计准则

本集团并未于该等财务报表应用以下已

颁布但尚未生效之新订及经修订香港财

务报告准则会计准则。本集团拟于该等

新订及经修订香港财务报告准则会计准

则（倘适用）生效时应用该等准则。

香港财务报告准则

第18号

财务报表内之呈列及披露

香港财务报告准则

第19号

不具公众问责性之附属公

司：披露

香港财务报告准则第

9号及香港财务报告

准则第7号修订本

金融工具分类及计量之修订

香港财务报告准则第

9号及香港财务报告

准则第7号之修订本

涉及依赖自然能源生产电力

之合约

香港财务报告准则第

10号及香港会计准

则第28号之修订本

投资者与其联营公司或合营

公司之间的资产出售或注

资

香港会计准则第21号

修订本

缺乏可兑换性

香港财务报告准则会

计准则之年度改进 –

第11册

香港财务报告准则第1号、

港财务报告准则第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号之

修订

于二零二五年一月一日或之后开始的

年度期间生效

于二零二六年一月一日或之后开始的

年度期间生效

于二零二七年一月一日或之后开始的

年度╱报告期间生效

尚未厘定强制生效日期，惟可供采纳

---

99ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.3 Isued but not yet efective HKFRS Acounting

Standards (Continued)

Further information about those revised HKFRS Acounting

Standards that are expected to be aplicable to the Group is

described below:

HKFRS 18 replaces HKAS 1 Presentation of Financial

Statements. While a number of sections have ben brought

forward from HKAS 1 with limited changes, HKFRS 18

introduces new requirements for presentation within the

statement of profit or los, including specified totals and

subtotals. Entities are required to clasify al income and

expenses within the statement of profit or los into one of the

five categories: operating, investing, financing, income taxes

and discontinued operations and to present to new defined

subtotals. It also requires disclosures about management-

defined performance measures in a single note and introduces

enhanced requirements on the grouping (agregation and

disagregation) and the location of information in both

the primary financial statements and the notes. Some

requirements previously included HKAS 1 are moved to HKAS

8 Acounting Policies, Changes in Acounting Estimates

and Eror, which is renamed as HKAS 8 Bais of Preparation

of Financial Statements. As a consequence of the isuance

of HKFRS 18, limited, but widely aplicable, amendments

are made to HKAS 7 Statement of Cash Flows, HKAS 33

Earnings per Share and HKAS 34 Interim Financial Reporting.

In adition, there are minor consequential amendments to

other HKFRS Acounting Standards. HKFRS 18 and the

consequential amendments to other HKFRS Acounting

Standards are efective for anual reports begining on or

after 1st January 2027 with earlier aplication permited.

Retrospective aplication is required. The Group is curently

analysing the new requirements and asesing the impact of

HKFRS 18 on the presentation and disclosure of the Group’s

financial statements.

1. （续）

2.3 已颁布但尚未生效之香港财务报告准则

会计准则（续）

预期适用于本集团的经修订香港财务报

告准则会计准则的进一步资料描述如

下：

香港财务报告准则第18号取代香港会计

准则第1号财务报表之呈报。尽管沿用

多个来自香港会计准则第1号之章节并

进行有限度的变动，惟香港财务报告准

则第18号引入对损益表内呈列之新规

定，包括指定总额及小计。实体须将损

益表中内所有收入及支出分类为五个类

别之一：经营、投资、融资、所得税及

已终止经营业务，并呈列两个新界定的

小计。该准则亦要求在单一附注中披露

有关管理层定义的绩效指标，以及对主

要财务报表及附注内资料之组合（总计

及分类）及资讯位置提出更高的要求。

部分先前载于香港会计准则第1号之规

定已调动至香港会计准则第8号会计政

策、会计估计变更及错误，并更名为

香港会计准则第8号财务报表之编制基

准。由于颁布变动有限但适用范围广泛

的香港财务报告准则第18号，致使香港

会计准则第7号现金流量表、香港会计

准则第33号每股盈利及香港会计准则第

34号中期财务报告均作出修订。此外，

其他香港财务报告准则会计准则亦作出

轻微相应修订。香港财务报告准则第18

号及对其他香港财务报告准则会计准则

之相应修订于二零二七年一月一日或之

后开始的年度期间生效，并允许提前应

用，且须追溯应用。本集团现正分析新

规定及评估香港财务报告准则第18号对

本集团财务报表之呈列及披露之影响。

---

100North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.3 Isued but not yet efective HKFRS Acounting

Standards (Continued)

HKFRS 19 alows eligible entities to elect aply reduced

disclosure requirements while stil aplying the recognition,

measurement and presentation requirements in other HKFRS

Acounting Standards. To be eligible, at the end of the

reporting period, an entity must be a subsidiary as defined in

HKFRS 10 Consolidated Financial Statements, canot have

public acountability and must have a parent (ultimate or

intermediate) that prepares consolidated financial statements

available for public use which comply with HKFRS Acounting

Standards. Earlier aplication is permited. As the Company

is a listed company, it is not eligible to elect to aply HKFRS

19. Some of the Company’s subsidiaries are considering

the aplication of HKFRS 19 in their specified financial

statements.

1. （续）

2.3 已颁布但尚未生效之香港财务报告准则

会计准则（续）

香港财务报告准则第19号允许合格实体

选择应用精简的披露要求，同时仍应用

其他香港财务报告准则会计准则中的确

认、计量及呈列规定。为符合资格，于

报告期末，实体必须为香港财务报告准

则第10号综合财务报表中定义的附属

公司，无公众问责性并且必须有母公司

（最终或中间）编制可供公众使用及符合

香港财务报告准则会计准则的综合财务

报表。该准则允许提前应用。由于本公

司为上市公司，因此不符合选择应用香

港财务报告准则第19号的资格。本公司

部分附属公司正考虑于其特定财务报表

应用香港财务报告准则第19号。

---

101ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.3 Isued but not yet efective HKFRS Acounting

Standards (Continued)

Amendments to HKFRS 9 and HKFRS 7 Amendments to

the Clasification and Measurement of Financial Instruments

clarify the date on which a financial aset or financial liability

is derecognised and introduce an acounting policy option

to derecognise a financial liability that is setled through an

electronic payment system before the setlement date if

specified criteria are met. The amendments clarify how to

ases the contractual cash flow characteristics of financial

asets with environmental, social and governance and other

similar contingent features. Moreover, the amendments

clarify the requirements for clasifying financial asets with

non-recourse features and contractualy linked instruments.

The amendments also include aditional disclosures

for investments in equity instruments designated at fair

value through other comprehensive income and financial

instruments with contingent features. The amendments shal

be aplied retrospectively with an adjustment to opening

retained profits (or other component of equity) at the initial

aplication date. Prior periods are not required to be restated

and can only be restated without the use of hindsight. Earlier

aplication of either al the amendments at the same time or

only the amendments related to the clasification of financial

asets is permited. The amendments are not expected

to have any significant impact on the Group’s financial

statements.

1. （续）

2.3 已颁布但尚未生效之香港财务报告准则

会计准则（续）

香港财务报告准则第9号及香港财务报

告准则第7号修订本金融工具分类及计

量之修订澄清金融资产或金融负债终止

确认之日期，并引入在满足特定条件的

情况下，终止确认在结算日之前透过电

子支付系统结算的金融负债之会计政策

选项。该等修订本澄清如何评估具有环

境、社会及管治以及其他类似或然性质

的金融资产之合约现金流量特征。此

外，该等修订本澄清无追索权的金融资

产及合约挂钩工具之分类规定。该等修

订本亦加入对指定按公允值计入其他全

面收益的权益工具投资以及具有或然性

质的金融工具之额外披露。该等修订本

应追溯应用，并对首次应用日期之期初

保留溢利（或权益之其他组成部分）进行

调整。过往期间毋须重列，且只有在不

采用事后确认的情况下方可重列。允许

同时提前应用所有修订本或仅与金融资

产分类相关之修订本。预期该等修订本

不会对本集团之财务报表构成任何重大

影响。

---

102North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.3 Isued but not yet efective HKFRS Acounting

Standards (Continued)

Amendments to HKFRS 9 and HKFRS 7 Contracts

Referencing Nature-dependent Electricity clarify the aplication

of the “own-use” requirements for in-scope contracts and

amend the designation requirements for a hedged item in a

cash flow hedging relationship for in-scope contracts. The

amendments also include aditional disclosures that enable

users of financial statements to understand the efects these

contracts have on an entity’s financial performance and

future cash flows. The amendments relating to the own-

use exception shal be aplied retrospectively. Prior periods

are not required to be restated and can only be restated

without the use of hindsight. The amendments relating to

the hedge acounting shal be aplied prospectively to new

hedging relationships designated on or after the date of initial

aplication. Earlier aplication is permited. The amendments

to HKFRS 9 and HKFRS 7 shal be aplied 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 adres an

inconsistency betwen the requirements in HKFRS 10

and in HKAS 28 in dealing with the sale or contribution

of asets betwen an investor and its asociate or joint

venture. The amendments require a ful recognition of a gain

or los resulting from a downstream transaction when the

sale or contribution of asets constitutes a busines. For a

transaction involving asets that do not constitute a busines,

a gain or los resulting from the transaction is recognised in

the investor’s profit or los only to the extent of the unrelated

investor’s interest in that asociate or joint venture. The

amendments are to be aplied prospectively. The previous

mandatory efective date of amendments to HKFRS 10

and HKAS 28 was removed by the HKICPA. However, the

amendments are available for adoption now.

1. （续）

2.3 已颁布但尚未生效之香港财务报告准则

会计准则（续）

香港财务报告准则第9号及香港财务报

告准则第7号之修订本涉及依赖自然能

源生产电力之合约澄清范围内合约「自

用」规定的应用，并修订范围内合同现

金流量对冲关系中被对冲项目的指定规

定。修订本亦包括额外披露，使财务报

表使用者能够了解该等合约对实体财务

表现及未来现金流量的影响。与自用例

外情况相关的修订本应追溯应用。过往

期间毋须重列，并在无需事后确认的情

况下方予重列。与对冲会计相关的修订

本应追溯应用于首次应用之日或之后

指定的新对冲关系。该准则允许提早

应用。香港财务报告准则第9号及香港

财务报告准则第7号之修订本应同时应

用。该等修订本预期对本集团的财务报

表并无任何重大影响。

香港财务报告准则第10号及香港会计准

则第28号修订本解决香港财务报告准

则第10号及香港会计准则第28号之间

有关处理投资者与其联营公司或合营公

司之间资产出售或注资两者规定之不一

致情况。该等修订规定，当资产出售或

注资构成一项业务时，须确认全数下游

资产交易产生之收益或亏损。当交易涉

及不构成一项业务之资产时，由该交易

产生之收益或亏损于该投资者之损益内

确认，惟仅以不相关投资者于该联营公

司或合营公司之权益为限。该等修订已

前瞻应用。香港会计师公会已剔除香港

财务报告准则第10号及香港会计准则

第28号修订本的以往强制生效日期。然

而，该等修订现时可供采纳。

---

103ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.3 Isued but not yet efective HKFRS Acounting

Standards (Continued)

Amendments to HKAS 21 specify how an entity shal ases

whether a curency is exchangeable into another curency and

how it shal estimate a spot exchange rate at a measurement

date when exchangeability is lacking. The amendments

require disclosures of information that enable users of financial

statements to understand the impact of a curency not being

exchangeable. Earlier aplication is permited. When aplying

the amendments, an entity canot restate comparative

information. Any cumulative efect of initialy aplying the

amendments shal be recognised as an adjustment to the

opening balance of retained profits or to the cumulative

amount of translation diferences acumulated in a separate

component of equity, where apropriate, at the date of initial

aplication. The amendments are not expected to have any

significant impact on the Group’s financial statements.

1. （续）

2.3 已颁布但尚未生效之香港财务报告准则

会计准则（续）

香港会计准则第21号修订本订明实体

应如何评估某种货币是否可兑换为另一

种货币，以及在缺乏可兑换性的情况

下，实体应如何估计于计量日期的即期

汇率。该等修订要求披露让财务报表使

用者能够了解货币不可兑换之影响之资

料，允许提早应用。于应用该等修订

时，实体不能重列比较资料。初始应用

该等修订的任何累计影响应于初始应用

当日确认为对保留溢利期初结余的调整

或对权益单独组成部分中累积的汇兑差

额累计金额的调整（如适用）。预期该等

修订不会对本集团的财务报表产生任何

重大影响。

---

104North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.3 Isued but not yet efective HKFRS Acounting

Standards (Continued)

Anual Improvements to HKFRS Acounting Standards –

Volume 11 set out amendments to HKFRS 1, HKFRS 7

(and the acompanying Guidance on implementing HKFRS

7), HKFRS 9, HKFRS 10 and HKAS 7. Details of the

amendments that are expected to be aplicable to the Group

are as folows:

• : Disclosures: The

amendments have updated certain wording in

paragraph B38 of HKFRS 7 and paragraphs IG1,

IG14 and IG20B of the Guidance on implementing

HKFRS 7 for the purpose of simplification or achieving

consistency with other paragraphs in the standard

and/or with the concepts and terminology used in

other standards. In adition, the amendments clarify

that the Guidance on implementing HKFRS 7 does

not necesarily ilustrate al the requirements in the

referenced paragraphs of HKFRS 7 nor does it create

aditional requirements. Earlier aplication is permited.

The amendments are not expected to have any

significant impact on the Group’s financial statements.

1. （续）

2.3 已颁布但尚未生效之香港财务报告准则

会计准则（续）

香港财务报告准则会计准则之年度改进

– 第11册载列对香港财务报告准则第1

号、香港财务报告准则第7号（及随附实

施香港财务报告准则第7号的指引）、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号之修

订本。有关该等预期适用于本集团之修

订本之详情如下：

• 香港财务报告准则第7号金融工

具：披露：该等修订本更新了香

港财务报告准则第7号第B38段

以及实施香港财务报告准则第7

号的指引第IG1、IG14及IG20B

段内若干措辞，以简化或与准则

内其他段落及╱或其他准则所使

用的概念及术语保持一致。此

外，该等修订本澄清，实施香港

财务报告准则第7号的指引不一

定说明香港财务报告准则第7号

所引用段落中的所有规定，或增

设额外规定。该准则允许提前应

用。预期该等修订本不会对本集

团之财务报表构成任何重大影响。

---

105ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.3 Isued but not yet efective HKFRS Acounting

Standards (Continued)

• : The amendments

clarify that when a lese has determined that a lease

liability has ben extinguished in acordance with

HKFRS 9, the lese is required to aply paragraph

3.3.3 of HKFRS 9 and recognise any resulting gain

or los in profit or los. In adition, the amendments

have updated certain wording in paragraph 5.1.3 of

HKFRS 9 and Apendix A of HKFRS 9 to remove

potential confusion. Earlier aplication is permited. The

amendments are not expected to have any significant

impact on the Group’s financial statements.

• : The

amendments clarify that the relationship described

in paragraph B74 of HKFRS 10 is just one example

of various relationships that might exist betwen the

investor and other parties acting as de facto agents of

the investor, which removes the inconsistency with the

requirement in paragraph B73 of HKFRS 10. Earlier

aplication is permited. The amendments are not

expected to have any significant impact on the Group’s

financial statements.

• : The amendments

replace the term “cost method” with “at cost” in

paragraph 37 of HKAS 7 folowing the prior deletion

of the definition of “cost method”. Earlier aplication is

permited. The amendments are not expected to have

any impact on the Group’s financial statements.

1. （续）

2.3 已颁布但尚未生效之香港财务报告准则

会计准则（续）

• 香港财务报告准则第9号金融工

具：该等修订本澄清当承租人根

据香港财务报告准则第9号厘定

租赁负债已终绝时，承租人须

应用香港财务报告准则第9号第

3.3.3段，并在损益表中确认任何

由此产生的收益或亏损。此外，

该等修订本已更新香港财务报告

准则第9号第5.1.3段及香港财务

报告准则第9号附录A内若干措

辞，以消除潜在的混淆。该准则

允许提前应用。预期该等修订本

不会对本集团之财务报表构成任

何重大影响。

• 香港财务报告准则第10号综合财

务报表：该等修订本澄清香港财

务报告准则第10号第B74段所述

之关系仅为投资者与作为投资者

实际代理人的其他方之间可能存

在的各种关系的例子之一，从而

消除与香港财务报告准则第10号

第B73段的规定的不一致之处。

该准则允许提前应用。预期该等

修订本不会对本集团之财务报表

构成任何重大影响。

• ：

「成本法」之定义被删除后，该等

修订本将香港会计准则第7号第

37段中「成本法」一词以「按成本」

取代。该准则允许提前应用。预

期该等修订本不会对本集团之财

务报表构成任何影响。

---

106North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.4 Basis of consolidation

The consolidated financial statements include the financial

statements of the Company and its subsidiaries for the year

ended 31st March 2025. A subsidiary is an entity (including

a structured entity), directly or indirectly, controled by the

Company. Control is achieved when the Group is exposed,

or has rights, to variable returns from its involvement with the

investe and has the ability to afect those returns through

its power over the investe (i.e., existing rights that give the

Group the curent ability to direct the relevant activities of the

investe).

When the Company has les than a majority of the voting or

similar rights of an investe, the Group considers al relevant

facts and circumstances in asesing whether it has power

over an investe, including:

(a) the contractual arangement with the other vote holders

of the investe;

(b) rights arising from other tential voting rights; and

(c) the Group’s voting rights and potential voting rights.

The financial statements of the subsidiaries are prepared

for the same reporting period as the Company, using

consistent acounting policies. The results of subsidiaries

are consolidated from the date on which the Group obtains

control, and continue to be consolidated until the date that

such control ceases.

1. （续）

2.4 综合基准

综合财务报表包括本公司及其附属公司

截至二零二五年三月三十一日止年度之

财务报表。附属公司乃本公司直接或间

接控制之实体（包括结构性实体）。当本

集团承担或享有来自参与被投资对象之

可变回报之权利及能透过对被投资对象

之权力（即赋予本集团现有能力操控被

投资对象之相关活动之现有权利）影响

该等回报时，则达致控制权。

倘本公司拥有被投资对象少于大多数之

投票或类似权利，则本集团于评估其是

否对被投资对象拥有权力时会考虑一切

相关事实及情况，包括：

(a) 与被投资对象之其他投票持有人

之合约安排；

(b) 其他潜在投票权所产生之权利；

及

(c) 本集团之投票权及潜在投票权。

附属公司之财务报表乃就与本公司相同

之报告期间编制，并采用一致之会计政

策。附属公司之业绩由本集团取得控制

权之日起综合入账，并继续综合入账至

该等控制权终止之日。

---

107ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.4 Basis of consolidation (Continued)

Profit or los and each component of other comprehensive

income are atributed to the owners of the parent of the

Group and to the non-controling interests, even if this results

in the non-controling interests having a deficit balance. Al

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

and cash flows relating to transactions betwen members of

the Group are eliminated in ful on consolidation.

The Group reaseses whether or not it controls an investe

if facts and circumstances indicate that there are changes to

one or more of the thre elements of control described above.

A change in the ownership interest of a subsidiary, without a

los of control, is acounted for as an equity transaction.

If the Group loses control over a subsidiary, it derecognises

the related asets (including godwil), liabilities, any non-

controling interest and the exchange fluctuation reserve and

recognises the fair value of any investment retained and any

resulting surplus or deficit in the statement of profit or los.

The Group’s share of components previously recognised in

other comprehensive income is reclasified to the statement

of profit or los or acumulated loses, as apropriate, on

the same basis as would be required if the Group had directly

disposed of the related asets or liabilities.

1. （续）

2.4 综合基准（续）

损益及其他全面收益之各个组成项目乃

归属于本集团母公司拥有人及非控制性

权益，即使这会导致非控制性权益出现

亏绌结余。与本集团成员公司间进行之

交易相关之所有集团内公司间资产与负

债、权益、收入、开支及现金流量已于

综合账目时悉数对销。

倘有事实及情况显示上述三项控制因素

中有一项或多项出现变动，则本集团会

重新评估其是否对被投资对象拥有控制

权。如附属公司拥有权益出现变动，

但未有丧失控制权，则入账列作权益交

易。

倘本集团丧失一间附属公司之控制权，

则其撤销确认相关资产（包括商誉）、

负债、任何非控制性权益及汇兑波动储

备；及确认任何所保留投资之公允值及

损益表内任何因此产生之盈余或亏绌。

先前于其他全面收益内确认之本集团应

占部分按倘本集团直接出售相关资产或

负债而原须采用之相同基准重新分类至

损益表或累计亏损（按适用）。

---

108North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.4 Basis of consolidation (Continued)

Busines combinations and godwil

Busines combinations are acounted for using the acquisition

method. The consideration transfered is measured at the

acquisition date fair value which is the sum of the acquisition

date fair values of asets transfered by the Group, liabilities

asumed by the Group to the former owners of the acquire

and the equity interests isued by the Group in exchange for

control of the acquire. For each busines combination, the

Group elects whether to measure the non-controling interests

in the acquire at fair value or at the proportionate share of

the acquire’s identifiable net asets. Al other components

of non-controling interests are measured at fair value.

Acquisition-related costs are expensed as incured.

The Group determines that it has acquired a busines when

the acquired set of activities and asets includes an input and

a substantive proces that together significantly contribute to

the ability to create outputs.

When the Group acquires a busines, it aseses the financial

asets and liabilities asumed for apropriate clasification

and designation in acordance with the contractual terms,

economic circumstances and pertinent conditions as at the

acquisition date. This includes the separation of embeded

derivatives in host contracts of the acquire.

If the busines combination is achieved in stages, the

previously held equity interest is remeasured at its acquisition

date fair value and any resulting gain or los is recognised in

profit or los or other comprehensive income, as apropriate.

1. （续）

2.4 综合基准（续）

业务合并及商誉

业务合并乃采用收购法入账。所转拨之

代价按收购日期之公允值计量，即本集

团所转拨之资产、本集团对被收购方原

拥有人产生之负债及本集团就交换被收

购方之控制权所发行之股权于收购日期

之公允值总和。于各业务合并中，本集

团选择以公允值或被收购方可识别资产

之应占比例，计算于被收购方之非控制

性权益。非控制性权益之所有其他部分

按公允值计量。收购相关成本于产生时

列为开支。

当所收购之一系列活动及资产包括对创

造产出能力有重大贡献的投入及实质性

进程，本集团认为其已收购一项业务。

当收购一项业务时，本集团会根据于收

购日期之合约条款、经济情况及相关状

况评估其金融资产及所承担负债之适当

分类及指定类别。此包括分离被收购方

主合约之嵌入式衍生工具。

倘业务合并分阶段进行，早前持有之股

权将按其于收购日期之公允值重新计

量，而任何产生之盈亏将于损益或其他

全面收益（如合适）内确认。

---

109ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.4 Basis of consolidation (Continued)

Busines combinations and godwil (Continued)

Any contingent consideration to be transfered by the acquirer

is recognised at fair value at the acquisition date. Contingent

consideration clasified as an aset or liability is measured

at fair value with changes in fair value recognised in profit or

los. Contingent consideration that is clasified as equity is

not remeasured and subsequent setlement is acounted for

within equity.

Godwil is initialy measured at cost, being the exces of

the agregate of the consideration transfered, the amount

recognised for non-controling interests and any fair value of

the Group’s previously held equity interests in the acquire

over the identifiable asets acquired and liabilities asumed.

If the sum of this consideration and other items is lower than

the fair value of the net asets acquired, the diference is, after

reasesment, recognised in the statement of profit or los as

a gain on bargain purchase.

After initial recognition, godwil is measured at cost les

any acumulated impairment loses. Godwil is tested for

impairment anualy or more frequently if events or changes

in circumstances indicate that the carying value may be

impaired. The Group performs its anual impairment test of

godwil as at 31st March. For the purpose of impairment

testing, godwil acquired in a busines combination is, from

the acquisition date, alocated to each of the Group’s cash-

generating units, or groups of cash-generating units, that are

expected to benefit from the synergies of the combination,

irespective of whether other asets or liabilities of the Group

are asigned to those units or groups of units.

1. （续）

2.4 综合基准（续）

业务合并及商誉（续）

任何将由收购方转让之或然代价均于收

购日期以公允值确认。获分类为资产或

负债之或然代价将按公允值计量，而公

允值之变动将于损益内确认。获分类为

权益之或然代价将不会获重新计量，而

其后结算将于权益内入账。

商誉初次按成本计量，即已转让代价、

已确认非控制性权益及先前由本集团持

有之被收购方股权之公允值总额，超过

与所收购可识别资产净值及所承担负债

之差额。倘此代价及其他项目之总和低

于所收购资产净值之公允值，于重新评

估后其差额将于损益表内确认为议价收

购收益。

于初次确认后，商誉将以成本减任何累

计减值亏损计量。商誉每年进行减值测

试，倘发生任何事件或情况有变并显示

账面值可能减值，则减值测试更为频

密。本集团每年于三月三十一日进行商

誉减值测试。为进行减值测试，因业务

合并所得之商誉，从收购日期起被分配

至本集团各个或各组预期将受惠于合并

协同效应之现金产生单位，不论本集团

之其他资产或负债是否被分配到该等或

该组单位。

---

110North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.4 Basis of consolidation (Continued)

Busines combinations and godwil (Continued)

Impairment is determined by asesing the recoverable

amount of the cash-generating unit (group of cash-generating

units) to which the godwil relates. Where the recoverable

amount of the cash-generating unit (group of cash-generating

units) is les than the carying amount, an impairment los is

recognised. An impairment los recognised for godwil is not

reversed in a subsequent period.

Where godwil has ben alocated to a cash-generating unit

(or group of cash-generating units) and part of the operation

within that unit is disposed of, the godwil asociated with

the operation disposed of is included in the carying amount

of the operation when determining the gain or los on the

disposal. Godwil disposed of in these circumstances is

measured based on the relative value of the operation of and

the portion of the cash-generating unit retained.

2.5 Fair value measurement

The Group measures its financial asets at fair value through

profit or los at fair value at the end of each reporting period.

Fair value is the price that would be received to sel an

aset or paid to transfer a liability in an orderly transaction

betwen market participants at the measurement date. The

fair value measurement is based on the presumption that the

transaction to sel the aset or transfer the liability takes place

either in the principal market for the aset or liability, or in the

absence of a principal market, in the most advantageous

market for the aset or liability. The principal or the most

advantageous market must be acesible by the Group.

The fair value of an aset or a liability is measured using the

asumptions that market participants would use when pricing

the aset or liability, asuming that market participants act in

their economic best interest.

1. （续）

2.4 综合基准（续）

业务合并及商誉（续）

减值乃透过评估与商誉有关之现金产生

单位（一组现金产生单位）之可收回金

额而厘定。减值亏损须于现金产生单位

（一组现金产生单位）之可收回金额少于

其账面值时确认。商誉减值亏损于确认

后不会在其后期间拨回。

当商誉已获分配至一个现金产生单位

（或一组现金产生单位），而当该单位之

部分业务被出售时，有关出售业务之附

带商誉计入该业务之账面值内，以厘定

该项出售之盈亏。在此等情况下，出售

之商誉乃根据所保留之现金产生单位业

务及部分之相对价值计量。

2.5 公允值计量

本集团于各报告期末按公允值计量其按

公允值计入损益之金融资产。

公允值是于计量日市场参与者间于有秩

序交易中出售资产所收取或转让负债须

支付之价格。公允值计量假设出售资产

或转让负债之交易于该资产或负债之主

要市场，或在无主要市场之情况下，则

于对该资产或负债最有利之市场进行。

本集团必须可于该主要市场或最有利市

场进行交易。资产或负债之公允值乃采

用市场参与者为资产或负债定价时所用

之假设计量，并假设市场参与者按其最

佳经济利益行事。

---

111ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.5 Fair value measurement (Continued)

A fair value measurement of a non-financial aset takes into

acount a market participant’s ability to generate economic

benefits by using the aset in its highest and best use or by

seling it to another market participant that would use the

aset in its highest and best use.

The Group uses valuation techniques that are apropriate

in the circumstances and for which suficient data are

available to measure fair value, maximising the use of relevant

observable inputs and minimising the use of unobservable

inputs.

Al asets and liabilities for which fair value is measured

or disclosed in the financial statements are categorised

within the fair value hierarchy, described as folows, based

on the lowest level input that is significant to the fair value

measurement as a whole:

Level 1 – based on quoted prices (unadjusted) in active

markets for identical asets or liabilities

Level 2 – based on valuation techniques which the lowest

level input that is significant to the fair value

measurement is observable, either directly or

indirectly

Level 3 – based on valuation techniques for which the

lowest level input that is significant to the fair

value measurement is unobservable

For asets and liabilities that are recognised in the financial

statements on a recuring basis, the Group determines

whether transfers have ocured betwen levels in the

hierarchy by reasesing categorisation (based on the lowest

level input that is significant to the fair value measurement as

a whole) at the end of each reporting period.

1. （续）

2.5 公允值计量（续）

非金融资产之公允值计量计入市场参与

者透过使用其资产之最高及最佳用途或

透过将资产出售予将使用其最高及最佳

用途之另一名市场参与者而产生经济利

益之能力。

本集团采用在各情况下适当之估值技

巧，而其有足够资料以计量公允值，以

尽量使用相关可观察输入数据及尽量避

免使用不可观察输入数据。

所有于财务报表内计量或披露公允值之

资产及负债，乃按对整体公允值计量而

言属重大之最低等级输入数据分类至下

述之公允值层级：

级别一 － 根据同类资产或负债在活跃

市场上之报价（未经调整）

级别二 － 根据对公允值计量而言属重

大之最低等级输入数据乃可

直接或间接观察之估值技巧

级别三 － 根据对公允值计量而言属重

大之最低等级输入数据乃不

可观察之估值技巧

就于财务报表按经常基准确认之资产及

负债而言，本集团于各报告期末（根据

对整体公允值计量而言属重大之最低等

级输入数据）重新评估分类以厘定层级

中之各等级有否出现转移。

---

112North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.6 Impairment of non-financial asets

Where an indication of impairment exists, or when anual

impairment testing for non-financial aset is required (other

than inventories, defered tax asets and financial asets),

the aset’s recoverable amount is estimated. An aset’s

recoverable amount is the higher of the aset’s or cash-

generating unit’s value in use and its fair value les costs of

disposal, and is determined for an individual aset, unles

the aset does not generate cash inflows that are largely

independent of those from other asets or groups of asets,

in which case the recoverable amount is determined for the

cash-generating unit to which the aset belongs.

In testing a cash-generating unit for impairment, a portion of

the carying amount of a corporate aset (e.g., a headquarters

building) is alocated to an individual cash-generating unit if

it can be alocated on a reasonable and consistent basis or,

otherwise, to the smalest group of cash-generating units.

An impairment los is recognised only if the carying amount

of an aset exceds its recoverable amount. In asesing

value in use, the estimated future cash flows are discounted

to their present value using a pre-tax discount rate that

reflects curent market asesments of the time value of

money and the risks specific to the aset. An impairment los

is charged to the statement of profit or los in the period in

which it arises in those expense categories consistent with

the function of the impaired aset.

1. （续）

2.6 非金融资产之减值

除存货、递延税项资产及金融资产外，

倘非金融资产有减值迹象或须每年进

行减值测试，则估计该资产之可收回金

额。资产之可收回金额为资产或现金产

生单位之使用价值及其公允值减出售成

本两者中之较高者，并视乎个别资产而

厘定，除非该资产并无产生大致独立于

其他资产或资产组别之现金流入，于此

情况下就资产所属之现金产生单位厘定

可收回金额。

就现金产生单位进行减值测试时，倘公

司资产（例如总部大楼）账面值部分能够

在合理一致的基础上予以分配，则将其

分配至个别现金产生单位或以其他方式

分配至最小现金产生单位组别。

仅在资产账面值超出其可收回金额之情

况下，方会确认减值亏损。评估使用价

值时，估计未来现金流量采用反映现行

市场对货币时间值及资产特有风险之评

估之税前贴现率折算至现值。减值亏损

于其产生期间之损益表内在与减值资产

之功能一致之该等开支类别中扣除。

---

113ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.6 Impairment of non-financial asets (Continued)

An asesment is made at the end of each reporting

period as to whether there is an indication that previously

recognised impairment loses may no longer exist or may

have decreased. If such an indication exists, the recoverable

amount is estimated. A previously recognised impairment

los of an aset other than godwil is reversed only if there

has ben a change in the estimates used to determine the

recoverable amount of that aset, but not to an amount higher

than the carying amount that would have ben determined

(net of any depreciation/amortisation) had no impairment los

ben recognised for the aset in prior years.

2.7 Related parties

A party is considered to be related to the Group if:

(a) the party is a person or a close member of that

person’s family and that person

(i) has control or joint control over the Group;

(i) has significant influence over the Group; or

(i) is a member of the key management personel

of the Group or of a parent of the Group;

or

1. （续）

2.6 非金融资产之减值（续）

于各报告期末会评估是否有任何迹象显

示先前确认之减值亏损可能不再存在或

可能已减少。倘出现有关迹象，则估计

可收回金额。先前就商誉以外资产确认

之减值亏损仅在用以厘定该资产之可收

回金额之估计出现变动时方会拨回，惟

有关数额不得高于倘于过往年度并无就

该资产确认减值亏损而原应厘定之账面

值（扣除任何折旧╱摊销）。

2.7 关连人士

在下列情况下，一方将被视为与本集团

有关连：

(a) 一方为个人或该个人之近亲家庭

成员，及该个人

(i) 控制或共同控制本集团；

(i) 对本集团有重大影响；或

(i) 为本集团或本集团母公司之

主要管理层之成员；

或

---

114North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.7 Related parties (Continued)

(b) the party is an entity where any of the folowing

conditions aplies:

(i) the entity and the Group are members of the

same group;

(i) one entity is an asociate or joint venture of the

other entity (or of a parent, subsidiary or felow

subsidiary of the other entity);

(i) the entity and the Group are joint ventures of the

same third party;

(iv) one entity is a joint venture of a third entity and

the other entity is an asociate of the third entity;

(v) the entity is a post-employment benefit plan for

the benefit of employes of either the Group or

an entity related to the Group;

(vi) the entity is controled or jointly controled by a

person identified in (a);

(vi) a person identified in (a)(i) has significant

influence over the entity or is a member of the

key management personel of the entity (or of a

parent of the entity); and

(vi) the entity, or any member of a group of which it

is a part, provides key management personel

services to the Group or to the parent of the

Group.

1. （续）

2.7 关连人士（续）

(b) 当一方为实体而又符合下列任何

条件：

(i) 该实体与本集团属同一集团

之成员；

(i) 一间实体为另一实体（或另

一实体之母公司、附属公司

或同系附属公司）之联营公

司或合营企业；

(i) 实体及本集团为同一第三方

之合营企业；

(iv) 一间实体为第三方实体之合

营企业，而另一实体为该第

三方实体之联营公司；

(v) 该实体为本集团或与本集团

有关之实体就雇员福利设立

之离职福利计划；

(vi) 该实体由(a)所述人士控制

或共同控制；

(vi) (a)(i)所述人士对该实体拥有

重大影响力或属该实体（或

该实体之母公司）主要管理

层之成员；及

(vi) 该实体或其所属集团内任何

成员公司为本集团或本集团

之母公司提供主要管理人员

服务。

---

115ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.8 Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost les

acumulated depreciation and any acumulated impairment

loses. The cost of an item of property, plant and equipment

comprises its purchase price and any directly atributable

costs of bringing the aset to its working condition and

location for its intended use.

Expenditure incured after items of property, plant and

equipment have ben put into operation, such as repairs and

maintenance, is normaly charged to the statement of profit

or los in the period in which it is incured. In situations where

the recognition criteria are satisfied, the expenditure for a

major inspection is capitalised in the carying amount of the

aset as a replacement. Where significant parts of property,

plant and equipment are required to be replaced at intervals,

the Group recognises such parts as individual asets with

specific useful lives and depreciates them acordingly.

Subsequent costs are included in the aset’s carying amount

or recognised as a separate aset, as apropriate, only when

it is probable that future economic benefits asociated with

the item wil flow to the Group and the cost of the item can be

measured reliably. The carying amount of the replaced part

is derecognised. Al other repair and maintenance costs are

charged to the statement of profit or los during the financial

period in which they are incured.

1. （续）

2.8 物业、厂房及设备及折旧

物业、厂房及设备按成本减累计折旧及

任何累计减值亏损入账。物业、厂房及

设备项目成本包括其购买价及使该等资

产达致运作状态及位置以用作拟定用途

直接应占之成本。

物业、厂房及设备项目投入运作后产生

之支出（如维修及保养）一般于产生期间

在损益表内列为支出。在符合确认条件

之情况下，主要检验支出亦作为重置于

资产之账面值内资本化。倘物业、厂房

及设备之重要部分须定期更换，则本集

团将有关部分确认为具有特定可使用年

期之独立资产，并相应计算折旧。

仅当有关该项目之未来经济利益将很可

能流向本集团及该项目之成本能够可靠

计量时，其后成本计入资产之账面值或

确认为独立资产（如适用）。被取代部分

之账面值会终止确认。所有其他维修及

保养成本会于产生之财政期间在损益表

内扣除。

---

116North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.8 Property, plant and equipment and depreciation

(Continued)

Depreciation is calculated using the straight-line method

to write of the cost of each item of property, plant and

equipment to its residual value over its estimated useful life.

Their estimated useful lives are as folows:

Leasehold improvements 2 to 10 years

Furniture, fixtures and ofice equipment 3 to 10 years

Motor vehicles 3 to 6 years

Plant and machinery and 3 to 10 years

demonstration machinery

The asets’ residual values, useful lives and the depreciation

method are reviewed, and adjusted if apropriate, at the end

of each reporting period.

An aset’s carying amount is writen down imediately to its

recoverable amount if the aset’s carying amount is greater

than its estimated recoverable amount.

Gains and loses on disposals are determined by comparing

proceds with carying amounts and are recognised in the

statement of profit or los.

1. （续）

2.8 物业、厂房及设备及折旧（续）

折旧乃采用物业、厂房及设备各自之估

计可使用年期将各项目之成本按直线法

撇销至其剩余价值计算。各项目之估计

可使用年期如下：

租赁物业装修 2至10年

家私、装置及办公室设备 3至10年

汽车 3至6年

厂房及机器以及示范机器 3至10年

资产之剩余价值、可使用年期及折旧法

于各报告期末进行检讨，及在适当时调

整。

倘资产之账面值高于其估计可收回金

额，则其账面值即时撇减至其可收回金

额。

出售盈亏乃透过将所得款项与账面值作

比较而厘定，并于损益表内确认。

---

117ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.9 Investment properties

Investment properties are interests in land and buildings

(including right-of-use asets) held to earn rental income and/

or for capital apreciation. Such properties are measured

initialy at cost, including transaction costs. Subsequent to

initial recognition, investment properties are stated at cost les

subsequent acumulated depreciation and any acumulated

impairment loses.

Depreciation is calculated on the straight-line basis to write of

the cost of investment properties over their estimated useful

lives. The principal anual rates used for this purpose are as

folows:

Land Over the lease term

Buildings 2.5%

An investment property is derecognised upon disposal or

when the investment property is permanently withdrawn from

use and no future economic benefits are expected from its

disposal. Any gain or los arising on derecognition of property

(calculated as diference betwen the net disposal proceds

and the carying amount of the aset) is included in profit or

los in the period in which the property is derecognised.

Any impairment loses on investment properties are included

in the statement of profit or los in the year in which they

arise.

1. （续）

2.9 投资物业

投资物业为持有作赚取租金收入及╱或

资本增值之土地及楼宇（包括使用权资

产）之权益。该等物业初始按成本（包括

交易成本）计量。于初始确认后，投资

物业按成本减其后之累计折旧及任何累

计减值亏损列账。

折旧乃按直线法计算以撇销投资物业于

其估计可使用年期之成本。就此目的所

用之主要年度比率如下：

土地 于租期内

楼宇 2.5%

投资物业于出售时或当投资物业不再可

供使用及预期出售事项将无法带来未来

经济利益时取消确认。终止确认物业产

生之任何盈亏（计算为出售所得款项净

额与该资产账面值间差额）计入物业终

止确认期间之损益内。

投资物业之任何减值亏损均计入其产生

年度之损益表。

---

118North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.10 Intangible asets (other than godwil)

Intangible asets acquired separately are measured on initial

recognition at cost. The cost of intangible asets acquired

in a busines combination is the fair value at the date of

acquisition. The useful lives of intangible asets are asesed

to be either finite or indefinite. Intangible asets with finite lives

are subsequently amortised over the useful economic life and

asesed for impairment whenever there is an indication that

the intangible aset may be impaired. The amortisation period

and the amortisation method for an intangible aset with a

finite useful life are reviewed at least at each financial year

end.

Intangible asets with indefinite useful lives are tested

for impairment anualy either individualy or at the cash-

generating unit level. Such intangible asets are not

amortised. The useful life of an intangible aset with an

indefinite life is reviewed anualy to determine whether the

indefinite life asesment continues to be suportable. If not,

the change in the useful life asesment from indefinite to

finite is acounted for on a prospective basis.

Amortisation of intangible asets is calculated using the

straight-line method to alocate the cost over their estimated

useful lives as folows:

Technology know-how 7 years

Trademark 7 years

Customer relationships 3 to 4 years

Distribution agrements 3 years

Club membership 10 years or indefinite useful life

1. （续）

2.10 无形资产（商誉除外）

单独取得之无形资产于初始确认时按成

本计量。业务合并中所收购之无形资产

成本为于收购日期之公允值。无形资产

之可使用年期被评估为有限或无限。可

使用年期有限之无形资产其后按可使用

经济年期进行摊销，并于无形资产可能

存在减值迹象时进行减值评估。可使用

年期有限之无形资产摊销期限及摊销方

法至少须于各财政年度末进行审阅。

可使用年期无限之无形资产每年单独或

在现金产生单位层面进行减值测试。该

等无形资产不予摊销。每年就年期无限

之无形资产的可使用年期进行审阅，以

确定无限可使用年期评估是否持续可

靠。若否，可使用年期评估由无限变更

至有限则按前瞻性基准入账。

无形资产之摊销乃采用以下估计可使用

年期将成本按直线法分摊计算：

技术知识 7年

商标 7年

客户关系 3至4年

分销协议 3年

俱乐部会籍 10年或无限使用年期

---

119ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.11 Lease

The Group aseses at contract inception whether a contract

is, or contains, a lease. A contract is, or contains, a lease if the

contract conveys the right to control the use of an identified

aset for a period of time in exchange for consideration.

Group as a lese

The Group aplies a single recognition and measurement

aproach for al leases, except for short-term leases and

leases of low-value asets. The Group recognises lease

liabilities to make lease payments and right-of-use asets

representing the right to use the underlying asets.

(a) Right-of-use asets

Right-of-use asets are recognised at the

comencement date of the lease (that is the date

the underlying aset is available for use). Right-of-use

asets are measured at cost, les any acumulated

depreciation and any impairment loses, and adjusted

for any remeasurement of lease liabilities. The cost

of right-of-use asets includes the amount of lease

liabilities recognised, initial direct costs incured, and

lease payments made at or before the comencement

date les any lease incentives received. Right-of-use

asets are depreciated on a straight-line basis over

the shorter of the lease terms and the estimated useful

lives of the asets as folows:

Ofice properties and warehouses 2 to 6.5 years

Staf quarters 2 years

If ownership of the leased aset transfers 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 aset.

1. （续）

2.11 租赁

本集团于合约开始时评估合约是否为或

包含租赁。倘合约为换取代价而给予

在一段时间内控制使用已识别资产之权

利，则该合约为或包含租赁。

本集团作为承租人

本集团对所有租赁采取单一确认及计量

方法，惟短期租赁及低价值资产租赁除

外。本集团确认租赁负债以作出租赁付

款，而使用权资产指使用相关资产之权

利。

(a) 使用权资产

使用权资产于租赁开始日期（即相

关资产可供使用之日期）确认。使

用权资产按成本减任何累计折旧

及任何减值亏损计量，并就租赁

负债之任何重新计量作出调整。

使用权资产之成本包括已确认租

赁负债金额、已发生初始直接成

本及于开始日期或之前支付之租

赁付款减已收取之任何租赁优

惠。使用权资产于估计使用年期

及租赁期（以较短者为准）内以直

线法折旧如下：

办公室物业及仓库 2至6.5年

员工宿舍 2年

倘租赁资产之所有权于租赁期末

转移至本集团或成本反映行使购

买权，则使用该资产之估计使用

年期计算折旧。

---

120North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.11 Lease (Continued)

Group as a lese (Continued)

(b) Lease liabilities

Lease liabilities are recognised at the comencement

date of the lease at the present value of lease

payments to be made over the lease term. The

lease payments include fixed payments (including in-

substance fixed payments) les any lease incentives

receivable, variable lease payments that depend on

an index or a rate, and amounts expected to be paid

under residual value guarantes. The lease payments

also include the exercise price of a purchase option

reasonably certain to be exercised by the Group and

payments of penalties for termination of a lease, if the

lease term reflects the Group exercising the option to

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 trigers the payment ocurs.

In calculating the present value of lease payments,

the Group uses its incremental borowing rate at the

lease comencement date because the interest rate

implicit in the lease is not readily determinable. After

the comencement date, the amount of lease liabilities

is increased to reflect the acretion of interest and

reduced for the lease payments made. In adition, the

carying amount of lease liabilities is remeasured if there

is a modification, a change in the lease term, a change

in lease payments (e.g., a change to future lease

payments resulting from a change in an index or rate)

or a change in asesment of an option to purchase

the underlying aset.

1. （续）

2.11 租赁（续）

本集团作为承租人（续）

(b) 租赁负债

租赁负债于租赁开始日期按于租

赁期内作出之租赁付款现值确

认。租赁付款包括固定付款（包括

实质固定付款）减任何应收租赁优

惠、取决于某一指数或比率之可

变租赁付款及预期根据在剩余价

值担保中将支付之金额。租赁付

款亦包括本集团合理确定行使购

买选择权之行使价，并倘租赁期

反映了本集团行使终止租赁选择

权，则须就终止租赁支付罚款。

并非取决于某一指数或比率之可

变租赁付款于触发付款之事件或

状况出现期间确认为开支。

于计算租赁付款现值时，由于租

赁中所隐含之利率不易厘定，本

集团于租赁开始日期使用其增量

借贷利率。于开始日期后，租赁

负债金额增加，以反映利息增加

及就所付之租赁付款减少。此

外，倘出现修改、租期变动、租

赁付款变动（如指数或比率变动所

致之未来租赁付款变动）或购买相

关资产之选择权评估更改，租赁

负债之账面值将重新计量。

---

121ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.11 Lease (Continued)

Group as a lese (Continued)

(c) Short-term leases and leases of low-value asets

The Group aplies the short-term lease recognition

exemption to its short-term leases of ofice properties

and warehouses (that is those leases that have a lease

term of 12 months or les from the comencement

date and do not contain a purchase option). It also

aplies the recognition exemption for leases of low-

value asets to leases that are considered to be of low

value. Lease payments on short-term leases and leases

of low-value asets are recognised as an expense on a

straight-line basis over the lease term.

Group as a lesor

When the Group acts as a lesor, it clasifies at lease

inception (or when there is a lease modification) each of its

leases as either an operating lease or a finance lease.

Leases in which the Group does not transfer substantialy

al the risks and rewards incidental to ownership of an aset

are clasified as operating leases. When a contract contains

lease and non-lease components, the Group alocates

the consideration in the contract to each component on

a relative stand-alone seling price basis. Rental income is

acounted for on a straight-line basis over the lease terms

and is included in other income and gains in the statement

of profit or los due to its non-operating nature. Initial direct

costs incured in negotiating and aranging an operating lease

are aded to the carying amount of the leased aset 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.

1. （续）

2.11 租赁（续）

本集团作为承租人（续）

(c) 短期租赁及低价值资产租赁

本集团将短期租赁确认豁免应用

于其办公室物业及仓库之短期租

赁（即自开始日期起租期为12个

月或以下且不包含购买选择权之

租赁）。本集团亦将低价值资产租

赁之确认豁免应用于被视为低价

值之办公室设备租赁。短期租赁

之租赁付款及低价值资产租赁在

租期内以直线法确认为开支。

本集团作为出租人

当本集团作为出租人时，其于租赁开始

时（或出现租赁修改时）将其租赁各自分

类为经营租赁或融资租赁。

本集团不会转让资产拥有权附带之绝大

部分风险及回报之租赁分类为经营租

赁。当合约包含租赁及非租赁部分时，

本集团根据相对独立售价将合约中之代

价分配予各部分。租金收入于租期内以

直线法入账，并因其非经营性质而于损

益表中列为其他收入及收益。磋商及安

排经营租赁所产生之初始直接成本加入

租赁资产之账面值，并于租期内按相同

基准确认为租金收入。或然租金于产生

期间确认为收益。

---

122North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.11 Lease (Continued)

Group as a lesor (Continued)

Leases that transfer substantialy al the risks and rewards

incidental to ownership of an underlying aset to the lese

are acounted for as finance leases. At the comencement

date, the cost of the leased aset is capitalised at the present

value of the lease payments and related payments (including

the initial direct costs), and presented as a receivable at an

amount equal to the net investment in the lease. The finance

income on the net investment in the lease is recognised in the

statement of profit or los so as to provide a constant periodic

rate of return over the lease terms.

2.12 Investments and other financial asets

Initial recognition and measurement

Financial asets are clasified, at initial recognition, as

subsequently measured at amortised cost and fair value

through profit or los.

The clasification of financial asets at initial recognition

depends on the financial aset’s contractual cash flow

characteristics and the Group’s busines model for managing

them. With the exception of trade receivables that do not

contain a significant financing component or for which the

Group has aplied the practical expedient of not adjusting

the efect of a significant financing component, the Group

initialy measures a financial aset at its fair value, plus in the

case of a financial aset not at fair value through profit or

los, transaction costs. Trade receivables that do not contain

a significant financing component or for which the Group

has aplied the practical expedient are measured at the

transaction price determined under HKFRS 15 in acordance

with the policies set out for “Revenue recognition’ below.

1. （续）

2.11 租赁（续）

本集团作为出租人（续）

凡将相关资产拥有权之绝大部分风险及

回报拨归承租人之租赁，均列为融资租

赁。于开始日期，租赁资产之成本按租

赁付款及相关付款（包括初始直接成本）

之现值拨充资本并呈列为应收款项，金

额等同于租赁之投资净额。租赁之投资

净额之财务收入于损益表内确认，以便

于租期内提供固定期回报率。

2.12 投资及其他金融资产

初步确认及计量

金融资产于初步确认时分类为随后按摊

销成本计量及按公允值计入损益。

金融资产于初步确认时的分类视乎金融

资产合约现金流量的特征及本集团管理

该等资产的业务模式。除并无重大融资

成分或本集团并未就此应用不调整重大

融资成分影响实际权宜方法的贸易应收

款项外，本集团初步按其公允值加（倘

并非按公允值计量且其变动计入损益的

金融资产）交易成本计量金融资产。按

下文「收益确认」所载政策，并无重大

融资成分或本集团并未就此应用实际权

宜方法的贸易应收款项按香港财务报告

准则第15号厘定的交易价格计量。

---

123ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.12 Investments and other financial asets (Continued)

Initial recognition and measurement (Continued)

In order for a financial aset to be clasified and measured

at amortised cost or fair value through other comprehensive

income, it neds to give rise to cash flows that are solely

payments of principal and interest (“SPI’) on the principal

amount outstanding. Financial asets with cash flows that are

not SPI are clasified and measured at fair value through

profit or los, irespective of the busines model.

The Group’s busines model for managing financial asets

refers to how it manages its financial asets in order to

generate cash flows. The busines model determines whether

cash flows wil result from colecting contractual cash flows,

seling the financial asets, or both. Financial asets clasified

and measured at amortised cost are held within a busines

model with the objective to hold financial asets in order to

colect contractual cash flows, while financial asets clasified

and measured at fair value through other comprehensive

income are held within a busines model with the objective

of both holding to colect contractual cash flows and seling.

Financial asets which are not held within the aforementioned

busines models are clasified and measured at fair value

through profit or los.

Purchase or sales of financial asets that require delivery of

asets within the period generaly established by regulation

or convention in the marketplace are recognised on the trade

date, that is, the date that the Group comits to purchase or

sel the aset.

1. （续）

2.12 投资及其他金融资产（续）

初步确认及计量（续）

为使金融资产按摊销成本或按公允值计

量且其变动计入其他全面收入分类及计

量，需产生仅为支付本金及未偿还本金

利息（「SPI」）的现金流量。不论其业务

模式如何，现金流量不仅为支付本金及

未偿还本金利息之金融资产按公允值计

入损益分类及计量。

本集团管理金融资产的业务模式指为产

生现金流量管理金融资产的方式。业务

模式厘定现金流量会否来自收取合约现

金流量、出售金融资产或以上两者。按

摊销成本分类及计量之金融资产于目的

为持有金融资产以收取合约现金流量的

业务模式持有，而按公允值计入其他全

面收益分类及计量之金融资产于目的为

持有以收取合约现金流量及出售的业务

模式持有。并非于上述业务模式持有之

金融资产按公允值计入损益分类及计

量。

需在市场规例或惯例规定的一般期限内

交付资产的金融资产买卖均于交易日

（即本集团承诺购买或出售资产之日）确

认。

---

124North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.12 Investments and other financial asets (Continued)

Subsequent measurement

The subsequent measurement of financial asets depends on

their clasification as folows:

(a) Financial asets at amortised cost (debt instruments)

Financial asets at amortised cost are subsequently

measured using the efective interest method and are

subject to impairment. Gains and loses are recognised

in the statement of profit or los when the aset is

derecognised, modified or impaired.

(b) Financial asets at fair value through other

comprehensive income (equity investments)

Upon initial recognition, the Group can elect to clasify

irevocably its equity investments as equity investments

designated at fair value through other comprehensive

income when they met the definition of equity under

HKAS 32 Financial Instruments: Presentation and are

not held for trading. The clasification is determined on

an instrument-by-instrument basis.

Gains and loses on these financial asets are never

recycled to profit or los. Dividends are recognised

as other income in profit or los when the right of

payment has ben established, it is probable that the

economic benefits asociated with the dividend wil

flow to the Group and the amount of the dividend can

be measured reliably, except when the Group benefits

from such proceds as a recovery of part of the cost

of the financial aset, in which case, such gains are

recorded in other comprehensive income. Equity

investments designated at fair value through other

comprehensive income are not subject to impairment

asesment.

1. （续）

2.12 投资及其他金融资产（续）

后续计量

金融资产的后续计量视乎以下分类：

(a) 按摊销成本列账的金融资产（债务

工具）

按摊销成本列账的金融资产随后

使用实际利率法计量，并可予减

值。收益及亏损于资产终止确

认、修改或减值时于损益表中确

认。

(b) 按公允值计入其他全面收益之金

融资产（股本投资）

于初始确认时，本集团可选择于

股本投资符合香港会计准则第32

号金融工具：呈列项下的股本定

义且并非持作买卖时，将其股本

投资不可撤回地分类为指定为按

公允值计入其他全面收益之金融

资产。分类乃按个别工具基准厘

定。

该等金融资产之收益及亏损永不

会被重新计入损益表。当付款权

确立，且与股息相关的经济利益

将很有可能流入本集团，以及股

息金额可予以可靠计量时，股息

在损益表中确认为其他收入，惟

当本集团于收回金融资产一部分

成本的所得款项中获益时则除

外，于此情况下，该等收益于其

他全面收益入账。指定为按公允

值计入其他全面收益之股本投资

无须进行减值评估。

---

125ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.12 Investments and other financial asets (Continued)

Subsequent measurement (Continued)

(c) Financial asets at fair value through profit or los

Financial asets at fair value through profit or los

are caried in the consolidated statement of financial

position at fair value with net changes in fair value

recognised in profit or los.

This category includes derivative instruments

and equity investments which the Group had not

irevocably elected to clasify at fair value through

other comprehensive income. Dividends on the equity

investments are also recognised as other income in

profit or los when the right of payment has ben

established.

A derivative embeded in a hybrid contract, with a

financial liability or non-financial host, is separated from

the host and acounted for as a separate derivative if

the economic characteristics and risks are not closely

related to the host; a separate instrument with the

same terms as the embeded derivative would met

the definition of a derivative; and the hybrid contract

is not measured at fair value through profit or los.

Embeded derivatives are measured at fair value

with changes in fair value recognised in profit or los.

Reasesment only ocurs if there is either a change

in the terms of the contract that significantly modifies

the cash flows that would otherwise be required or a

reclasification of a financial aset out of the fair value

through profit or los category.

1. （续）

2.12 投资及其他金融资产（续）

后续计量（续）

(c) 按公允值计入损益之金融资产

按公允值计入损益之金融资产，

在综合财务状况表中以公允值列

示，公允值变动净额于损益表内

确认。

本类别包括本集团并不可撤回地

选择分类为按公允值计入其他全

面收益之衍生工具及股本投资。

股本投资之股息亦于付款权确立

时于损益表中确认为其他收入。

当混合约（包含金融负债或非

金融主体）的嵌入式衍生工具

备：与主体不紧密相关的经济特

征及风险；与嵌入式衍生工具相

同条款的单独工具符合衍生工具

的定义；且混合约并非按公允

值计入损益计量，则该衍生工具

与主体分开并作为单独衍生工具

列账。嵌入式衍生工具按公允值

计量，且公允值变动于损益表确

认。仅当合约条款出现变动，以

致大幅改变其他情况所需现金流

量时或当原分类至按公允值计入

损益之金融资产获重新分类时，

方进行重新评估。

---

126North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.12 Investments and other financial asets (Continued)

Subsequent measurement (Continued)

(c) Financial asets at fair value through profit or los

(Continued)

A derivative embeded within a hybrid contract

containing a financial aset host is not acounted for

separately. The financial aset host together with the

embeded derivative is required to be clasified in its

entirety as a financial aset at fair value through profit

or los.

2.13 Derecognition of financial asets

A financial aset (or, where aplicable, a part of a financial

aset or part of a group of similar financial asets) is primarily

derecognised (i.e. removed from the Group’s consolidated

statement of financial position) when:

• the rights to receive cash flows from the aset have

expired; or

• the Group has transfered its rights to receive cash

flows from the aset or has asumed an obligation to

pay the received cash flows in ful without material delay

to a third party under a “pas-through” arangement;

and either (a) the Group has transfered substantialy al

the risks and rewards of the aset, or (b) the Group has

neither transfered nor retained substantialy al the risks

and rewards of the aset, but has transfered control of

the aset.

1. （续）

2.12 投资及其他金融资产（续）

后续计量（续）

(c) 按公允值计入损益之金融资产

（续）

混合约（包含金融资产主体）的

嵌入式衍生工具不单独列账。金

融资产主体连同嵌入式衍生工具

须整体分类为按公允值计入损益

之金融资产。

2.13 终止确认金融资产

金融资产（或（倘适用）一项金融资产之

一部分或一组类似金融资产之一部分）

主要于下列情况下终止确认（即从本集

团之综合财务状况表中移除）：

• 从该资产收取现金流量之权利已

到期；或

• 本集团已转让其从该资产收取现

金流量之权利，或已根据「转付」

安排承担责任向第三方全数支付

所收取之现金流量，而不得出现

重大延误；且(a)本集团已转让该

资产之绝大部分风险及回报；或

(b)本集团并无转让或保留该资产

之绝大部分风险及回报，惟已转

让该资产之控制权。

---

127ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.13 Derecognition of financial asets (Continued)

When the Group has transfered its rights to receive cash

flows from an aset or has entered into a pas-through

arangement, it evaluates if, and to what extent, it has

retained the risk and rewards of ownership of the aset. When

it has neither transfered nor retained substantialy al the risks

and rewards of the aset nor transfered control of the aset,

the Group continues to recognise the transfered aset to the

extent of the Group’s continuing involvement. In that case, the

Group also recognises an asociated liability. The transfered

aset and the asociated 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 guarante

over the transfered aset is measured at the lower of the

original carying amount of the aset and the maximum

amount of consideration that the Group could be required to

repay.

2.14 Impairment of financial asets

The Group recognises an alowance for expected credit loses

(“ECLs”) for al debt instruments not held at fair value through

profit or los. ECLs are based on the diference betwen the

contractual cash flows due in acordance with the contract

and al the cash flows that the Group expects to receive,

discounted at an aproximation of the original efective

interest rate. The expected cash flows wil include cash flows

from the sale of colateral held or other credit enhancements

that are integral to the contractual terms.

1. （续）

2.13 终止确认金融资产（续）

倘本集团已转让其从资产收取现金流量

之权利或已订立转付安排，其将评估其

是否保留该资产拥有权之风险及回报以

及保留之程度。倘其并无转让或保留该

资产之绝大部分风险及回报，亦无转让

该资产之控制权，则本集团继续以其持

续参与之程度为限确认已转让之资产。

在此情况下，本集团亦确认相关负债。

已转让资产及相关负债乃按可反映本集

团所保留权利及责任之基准计量。

就已转让资产作出担保形式之持续参与

乃按该资产之原账面值与本集团可能须

偿还之最高代价金额之较低者计量。

2.14 金融资产减值

本集团就所有并非按公允值计入损益持

有的债务工具确认预期信贷亏损（「预期

信贷亏损」）拨备。预期信贷亏损乃以根

据合约应付的合约现金流量与本集团预

期收取的所有现金流量之间的差额为基

准，按原有实际利率相近的差额贴现。

预期现金流量将包括来自销售所持有抵

押品或其他信用增级的现金流量，此乃

合约条款不可或缺的部分。

---

128North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.14 Impairment of financial asets (Continued)

General aproach

ECLs are recognised in two stages. For credit exposures for

which there has not ben a significant increase in credit risk

since initial recognition, ECLs are provided for credit loses

that result from default events that are posible within the next

12 months (a 12-month ECL). For those credit exposures for

which there has ben a significant increase in credit risk since

initial recognition, a los alowance is required for credit loses

expected over the remaining life of the exposure, irespective

of the timing of the default (a lifetime ECL).

At each reporting date, the Group aseses whether the

credit risk on a financial instrument has increased significantly

since initial recognition. When making the asesment,

the Group compares the risk of a default ocuring on the

financial instrument as at the reporting date with the risk of a

default ocuring on the financial instrument as at the date of

initial recognition and considers reasonable and suportable

information that is available without undue cost or efort,

including historical and forward-loking information.

The Group considers a financial aset in default when

contractual payments are 90 days past due. However,

in certain cases, the Group may also consider a financial

aset to be in default when internal or external information

indicates that the Group is unlikely to receive the outstanding

contractual amounts in ful before taking into acount any

credit enhancements held by the Group. A financial aset

is writen of when there is no reasonable expectation of

recovering the contractual cash flows.

Financial asets at amortised cost are subject to impairment

under the general aproach and they are clasified within the

folowing stages for measurement of ECLs except for trade

receivables which aply the simplified aproach as detailed

below.

1. （续）

2.14 金融资产减值（续）

一般方法

预期信贷亏损于两个阶段进行确认。对

于自初步确认后并无显著增加的信贷风

险，预期信贷亏损就可能于未来12个月

内（12个月预期信贷亏损）出现的违约事

件计提拨备。对于自初步确认后有显著

增加的信贷风险，须在信贷亏损风险预

期的剩余年期计提亏损拨备，不论违约

事件于何时发生（全期预期信贷亏损）。

于各报告日期，本集团评估自初始确认

后金融工具的信贷风险是否显著增加。

于进行评估时，本集团将于报告日期金

融工具发生之违约风险与初始确认日起

金融工具发生之违约风险进行比较，并

会考虑合理且可支持的资料，包括无需

付出不必要的成本或努力而可得之历史

及前瞻性资料。

本集团将合约付款逾期90日的金融资产

视作违约。然而，于若干情况下，当内

部或外部资料显示本集团不可能在本集

团采取任何信贷提升安排前悉数收回未

偿还合约金额时，本集团亦可能认为该

金融资产违约。当合理预期不会收回合

约现金流量时，金融资产将予撇销。

按摊销成本计量的金融资产，在一般方

法下可能会发生减值，并且除了采用简

化方法的贸易应收款项（以下详述）外，

彼等在以下阶段分类用于预期信贷亏损

计量。

---

129ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.14 Impairment of financial asets (Continued)

General aproach (Continued)

Stage 1 – Financial instruments for which credit risk has not

increased significantly since initial recognition and

for which the los alowance is measured at an

amount equal to 12-month ECLs

Stage 2 – Financial instruments for which credit risk has

increased significantly since initial recognition but

that are not credit-impaired financial asets and

for which the los alowance is measured at an

amount equal to lifetime ECLs

Stage 3 – Financial asets that are credit-impaired at the

reporting date (but that are not purchased or

originated credit-impaired) and for which the los

alowance is measured at an amount equal to

lifetime ECLs

For finance lease receivables included in trade and other

receivables that contain a significant financing component, the

Group choses as its acounting policy to adopt the general

aproach in calculating ECLs with policies as described

above.

1. （续）

2.14 金融资产减值（续）

一般方法（续）

第一阶段 － 金融工具自初始确认以

来信贷风险未显著增

加，且其亏损拨备按相

等于12个月预期信贷亏

损之金额计量

第二阶段 － 金融工具自初始确认后

信贷风险显著增加，但

并非信贷减值金融资产

且其亏损拨备按相等于

全期预期信贷亏损之金

额计量

第三阶段 － 于报告日期信贷减值的

金融资产（但非购买或

原始信贷减值），其亏

损拨备按相等于全期预

期信贷亏损之金额计量

就计入包含重大融资成分的贸易应收款

项及其他应收款项之融资租赁应收款项

而言，本集团会计政策选择采用一般方

法根据上述政策进行预期信贷亏损计

量。

---

130North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.14 Impairment of financial asets (Continued)

Simplified aproach

For trade receivables that do not contain a significant

financing component or when the Group aplies the practical

expedient of not adjusting the efect of a significant financing

component, the Group aplies the simplified aproach in

calculating ECLs. Under the simplified aproach, the Group

does not track changes in credit risk, but instead recognises a

los alowance based on lifetime ECLs at each reporting date.

The Group has established a provision matrix that is based

on its historical credit los experience, adjusted for forward-

loking factors specific to the debtors and the economic

environment.

2.15 Financial liabilities

Initial recognition and measurement

Financial liabilities are clasified, at initial recognition, as loans

and borowings, or payables, as apropriate.

Al financial liabilities are recognised initialy at fair value and, in

the case of loans and borowings and payables, net of directly

atributable transaction costs.

The Group’s financial liabilities include trade and other

payables and borowings.

1. （续）

2.14 金融资产减值（续）

简化方法

对于不包含重大融资成分的贸易应收款

项，或本集团采用实际权宜之计，不会

就重大融资成分的影响调整时，本集团

采用简化方法进行预期信贷亏损计量。

根据简化方法，本集团不会追踪信贷风

险的变化，而是于各报告日期根据全期

预期信贷亏损确认亏损拨备。本集团已

根据其历史信贷亏损经验建立拨备矩

阵，并根据债务人及经济环境的前瞻性

因素作出调整。

2.15 金融负债

初步确认及计量

金融负债于初步确认时分类为贷款及借

贷或应付款项（倘适用）。

所有金融负债初步按公允值确认，而贷

款及借贷及应付款项则于扣除直接应占

交易成本后确认。

本集团之金融负债包括贸易应付款项及

其他应付款项以及借贷。

---

131ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.15 Financial liabilities (Continued)

Initial recognition and measurement (Continued)

The Group clasifies financial liabilities that arise from a

suplier finance arangement within trade and bils payables in

the statement of financial position if they have a similar nature

and function to trade payables. This is the case if the suplier

finance arangement is part of the working capital used in the

Group’s normal operating cycle, the level of security provided

is similar to trade payables and the terms of the liabilities

that are part of the suply chain finance arangement are

not substantialy diferent from the terms of trade payables

that are not part of the arangement. Cash flows related to

liabilities arising from suplier finance arangements that

are clasified in trade and bils payables in the statement of

financial position are included in operating activities in the

statement of cash flows.

Subsequent measurement

The subsequent measurement of financial liabilities depends

on their clasification as folows:

Financial liabilities at amortised cost (trade and other

payables, and borowings)

After initial recognition, trade and other payables, and interest-

bearing borowings are subsequently measured at amortised

cost, using the efective interest rate method unles the

efect of discounting would be imaterial, in which case they

are stated at cost. Gains and loses are recognised in the

statement of profit or los when the liabilities are derecognised

as wel as through the efective interest rate amortisation

proces.

Amortised cost is calculated by taking into acount any

discount or premium on acquisition and fes or costs that

are an integral part of the efective interest rate. The efective

interest rate amortisation is included in finance costs in the

statement of profit or los.

1. （续）

2.15 金融负债（续）

初步确认及计量（续）

本集团将供应商融资安排产生的金融负

债分类为财务状况表中的贸易应付款项

及应付票据，如果其性质和功能与贸易

应付款项类似。如果供应商融资安排乃

本集团正常经营周期中使用的营运资金

的一部分，提供的担保水平与贸易应付

款项类似，且作为供应链融资安排一部

分的负债条款与不属该安排的贸易应付

款项条款没有实质性差异，则属该种情

况。与财务状况表中分类为贸易应付款

项及应付票据的供应商融资安排产生的

负债相关的现金流量计入现金流量表中

的经营活动。

其后计量

金融负债的其后计量取决于其分类，载

列如下：

按摊销成本计量之金融负债（贸易应付

款项及其他应付款项以及借贷）

于初步确认后，贸易应付款项及其他应

付款项以及计息借贷其后采用实际利率

法按摊销成本计量，惟倘贴现之影响并

不重大，则在此情况下按成本列账。终

止确认负债及透过实际利率摊销过程中

产生之盈亏会于损益表内确认。

计算摊销成本时会考虑收购所产生之任

何折让或溢价，亦包括作为实际利率不

可或缺部分之费用或成本。实际利率摊

销计入损益表内之财务费用。

---

132North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.16 Derecognition of financial liabilities

A financial liability is derecognised when the obligation under

the liability is discharged or canceled, or expires.

When an existing financial liability is replaced by another

from the same lender on substantialy diferent terms, or the

terms of an existing liability are substantialy modified, such

an exchange or modification is treated as a derecognition of

the original liability and a recognition of a new liability, and

the diference betwen the respective carying amounts is

recognised in the statement of profit or los.

2.17 Ofseting of financial instruments

Financial asets and financial liabilities are ofset and the

net amount is reported in the statement of financial position

if there is a curently enforceable legal right to ofset the

recognised amounts and there is an intention to setle on

a net basis, or to realise the asets and setle the liabilities

simultaneously.

2.18 Share capital

Ordinary shares and non-redemable preference shares are

clasified as equity.

Incremental costs directly atributable to the isue of new

shares or options are shown in equity as a deduction, net of

tax, from the proceds.

2.19 Inventories

Inventories are stated at the lower of cost and net realisable

value. Cost is determined on the first-in, first-out basis and, in

the case of work in progres and finished gods, comprises

direct materials, direct labour and an apropriate proportion of

overheads. Net realisable value is based on estimated seling

price les any estimated costs to be incured to completion

and disposal.

1. （续）

2.16 终止确认金融负债

金融负债在该负债项下之责任获履行、

被取消或到期时终止确认。

倘同一贷款人以另一项具重大条款差异

之金融负债取代现有金融负债，又或现

有负债之条款被大幅修改，则该等取代

或修改被视为终止确认原负债并确认新

负债，而有关账面值之差额于损益表内

确认。

2.17 抵销金融工具

当现时存在一项可依法强制执行之权利

可抵销已确认金额，且亦有意以净额基

准结算或同时变现资产并偿付负债时，

则金融资产及金融负债可予抵销，而其

净额于财务状况表内呈报。

2.18 股本

普通股及不可赎回优先股分类为权益。

直接归属于发行新股或购股权之递增成

本在权益内列为所得款项之减少（扣除

税项）。

2.19 存货

存货按成本及可变现净值两者中之较低

者列账。成本按先进先出基准厘定，而

倘为在建工程及制成品，成本则包括直

接材料、直接劳工及适当比例之间接费

用。可变现净值乃按估计售价减完成及

出售将产生之任何估计成本而计算得

出。

---

133ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.20 Cash and cash equivalents

Cash and cash equivalents in the statement of financial

position comprise cash on hand and at banks, and short-

term highly liquid deposits with a maturity of generaly within

thre months that are readily convertible into known amounts

of cash, are subject to an insignificant risk of changes in

value, and held for the purpose of meting short-term cash

comitments.

For the purpose of the consolidated statement of cash flow,

cash and cash equivalents comprise cash on hand and at

banks, and short-term deposits as defined above, les bank

overdrafts which are repayable on demand and form an

integral part of the Group’s cash management.

2.21 Provisions

A provision is recognised when a present obligation (legal or

constructive) has arisen as a result of a past event and it is

probable that a future outflow of resources wil be required to

setle the obligation, provided that a reliable estimate can be

made of the amount of the obligation.

When the efect of discounting is material, the amount

recognised for a provision is the present value at the end

of the reporting period of the future expenditures expected

to be required to setle the obligation. The increase in the

discounted present value amount arising from the pasage of

time is included in finance costs in the statement of profit or

los.

1. （续）

2.20 现金及现金等值项目

财务状况表内之现金及现金等值项目由

手头现金及银行存款以及到期日一般为

三个月内之短期高流动性存款组成，该

等存款可随时转换为已知金额现金、须

承担价值变动之风险不大及为满足短期

现金承担而持有。

就综合现金流量表而言，现金及现金等

值项目由手头及银行现金以及上文所界

定的短期存款组成，减须按要求偿还并

构成本集团现金管理组成部分的银行透

支。

2.21 拨备

当因以往事件而承担现有法律或推定责

任，且较可能需要有未来资源外流以偿

付责任，惟在可靠估计该责任金额之

前提下，将会确认拨备。

当贴现影响属重大时，就拨备确认之金

额为预期将须偿付责任之未来开支于报

告期末之现值。随时间流逝所产生之已

贴现值金额增加在损益表中列为财务

费用。

---

134North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.22 Income tax

Income tax comprises curent and defered tax. Income tax

relating to items recognised outside profit or los is recognised

outside profit or los, either in other comprehensive income or

directly in equity.

Curent tax asets and liabilities are measured at the amount

expected to be recovered from or paid to the tax authorities,

based on tax rates (and tax laws) that have ben enacted

or substantialy enacted by the end of the reporting period,

taking into consideration interpretations and practices

prevailing in the countries in which the Group operates.

Defered tax is provided, using the liability method, on al

temporary diferences at the end of each reporting period

betwen the tax bases of asets and liabilities and their

carying amounts for financial reporting purposes.

Defered tax liabilities are recognised for al taxable temporary

diferences, except:

• when the defered tax liability arises from the initial

recognition of godwil or an aset or liability in a

transaction that is not a busines combination and,

at the time of the transaction, afects neither the

acounting profit nor taxable profit or los and does

not give rise to equal taxable and deductible temporary

diferences; and

• in respect of taxable temporary diferences asociated

with investments in subsidiaries, when the timing of the

reversal of the temporary diferences can be controled

and it is probable that the temporary diferences wil not

reverse in the foreseable future.

1. （续）

2.22 所得税

所得税包括当期及递延税项。涉及于损

益以外确认之项目之所得税均在损益外

（在其他全面收益或直接于权益内）确

认。

当期税项资产及负债按预期由税务机关

退回或支付予税务机关之金额，根据本

集团经营所在国家截至报告期末已颁布

或实质上已颁布之税率（及税务法例），

计及现行诠释及惯例计量。

递延税项乃使用负债法，就于各报告期

末资产及负债之税基与其就财务报告而

言之账面值之间之所有暂时差异作出拨

备。

所有应课税暂时差异均被确认为递延税

项负债，惟以下情况除外：

• 倘递延税项负债由初步确认一项

交易（并非业务合并）之商誉或资

产或负债而产生，及于交易时，

递延税项负债对会计溢利或应课

税损益均无影响，且并无产生等

值之应课税及可扣减暂时差异；

及

• 就与于附属公司之投资有关之应

课税暂时差异而言，倘暂时差异

之回拨时间为可控制，而暂时差

异在可见将来可能不会回拨。

---

135ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.22 Income tax (Continued)

Defered tax asets are recognised for al deductible

temporary diferences, and the caryforward of unused tax

credits and any unused tax loses. Defered tax asets are

recognised to the extent that it is probable that taxable profit

wil be available against which the deductible temporary

diferences, and the caryforward of unused tax credits and

unused tax loses can be utilised, except:

• when the defered tax aset relating to the deductible

temporary diferences arises from the initial recognition

of an aset or liability in a transaction that is not

a busines combination and, at the time of the

transaction, afects neither the acounting profit nor

taxable profit or los and does not give rise to equal

taxable and deductible temporary diferences; and

• in respect of deductible temporary diferences

asociated with investments in subsidiaries, defered

tax asets are only recognised to the extent that it is

probable that the temporary diferences wil reverse

in the foreseable future and taxable profit wil be

available against which the temporary diferences can

be utilised.

The carying amount of defered tax asets is reviewed at

the end of each reporting period and reduced to the extent

that it is no longer probable that suficient taxable profit wil

be available to alow al or part of the defered tax aset to

be utilised. Unrecognised defered tax asets are reasesed

at the end of each reporting period and are recognised to

the extent that it has become probable that suficient taxable

profit wil be available to alow al or part of the defered tax

aset to be recovered.

1. （续）

2.22 所得税（续）

递延税项资产就所有可扣减之暂时差

异、结转未动用税项抵免及任何未动用

税项亏损确认入账。递延税项资产乃就

可能有应课税溢利使用可扣减暂时差

异、结转未动用税项抵免及未动用税项

亏损抵销而确认，惟以下情况除外：

• 递延税项资产与初步确认一项交

易（并非业务合并）之资产或负债

所产生之可扣减暂时差异有关，

而于交易时，递延税项资产对会

计溢利或应课税损益均无影响，

且并无产生等值之应课税及可扣

减暂时差异；及

• 就与于附属公司之投资有关之可

扣减暂时差异而言，递延税项资

产仅于暂时差异于可见将来可能

回拨及有应课税溢利使用暂时差

异抵销之情况下而确认。

递延税项资产之账面值于各报告期末检

讨，并减至不再可能有足够应课税溢利

令全部或部分递延税项资产得以动用为

止。未确认之递延税项资产于各报告期

末重新评估，并于可能有足够应课税溢

利令全部或部分递延税项资产得以收回

时确认。

---

136North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.22 Income tax (Continued)

Defered tax asets and liabilities are measured at the tax

rates that are expected to aply to the period when the aset

is realised or the liability is setled, based on tax rates (and tax

laws) that have ben enacted or substantively enacted by the

end of the reporting period.

Defered tax asets and defered tax liabilities are ofset if a

legaly enforceable right exists to set of curent tax asets

against curent tax liabilities and the defered taxes relate

to the same taxable entity and the same taxation authority

on either the same taxable entity or diferent taxable entities

which intend either to setle curent tax liabilities and asets

on a net basis, or to realise the asets and setle the liabilities

simultaneously, in each future period in which significant

amounts of defered tax liabilities or asets are expected to

be setled or recovered.

2.23 Government grants

Government grants are recognised at their fair value where

there is reasonable asurance that the grant wil be received

and al ataching conditions wil be complied with. When the

grant relates to an expense item, it is recognised as income

on a systematic basis over the periods that the costs, for

which it is intended to compensate, are expensed.

2.24 Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognised when

control of gods or services is transfered to the customers

at an amount that reflects the consideration to which the

Group expects to be entitled in exchange for those gods or

services.

1. （续）

2.22 所得税（续）

递延税项资产及负债乃根据于报告期末

已颁布或实质上已颁布之税率（及税务

法例），按预期于资产变现或负债偿还

期间适用之税率计量。

倘存在一项可依法强制执行之权利可就

同一应课税实体或拟于各未来期间（预

期将结清或收回大量递延税项负债或资

产）以净额基准偿付当期税项负债及资

产或同时变现资产及偿付负债之不同应

课税实体，将当期税项资产与当期税项

负债抵销，且递延税项涉及同一应课税

实体及同一税务机关，则可将递延税项

资产与递延税项负债互相抵销。

2.23 政府补助

倘可合理确定将会收取政府补助且将遵

守所有附带条件，则该补助按其公允值

确认。当该补助与开支项目有关时，其

于拟予补偿之成本支销期间内以系统性

基准确认为收入。

2.24 收入确认

来自客户合约的收益

来自客户合约的收益乃于商品或服务的

控制权转让予客户时确认，该金额能反

映本集团预期就交换该等商品或服务有

权获得的代价。

---

137ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.24 Revenue recognition (Continued)

Revenue from contracts with customers (Continued)

When the consideration in a contract includes a variable

amount, the amount of consideration is estimated to which

the Group wil be entitled in exchange for transfering the

gods or services to the customer. The variable consideration

is estimated at contract inception and constrained until it

is highly probable that a significant revenue reversal in the

amount of cumulative revenue recognised wil not ocur when

the asociated uncertainty with the variable consideration is

subsequently resolved.

When the contract contains a financing component which

provides the customer with a significant benefit of financing

the transfer of gods or services to the customer for more

than one year, revenue is measured at the present value of

the amount receivable, discounted using the discount rate

that would be reflected in a separate financing transaction

betwen the Group and the customer at contract inception.

When the contract contains a financing component which

provides the Group with a significant financial benefit for

more than one year, revenue recognised under the contract

includes the interest expense acreted on the contract liability

under the efective interest method. For a contract where the

period betwen the payment by the customer and the transfer

of the promised gods or services is one year or les, the

transaction price is not adjusted for the efects of a significant

financing component, using the practical expedient in HKFRS

15.

1. （续）

2.24 收入确认（续）

来自客户合约的收益（续）

当合约中的代价包含可变金额时，代价

金额于本集团向客户转让商品或服务而

有权获得交换时估计。可变代价于合约

开始时估计并受到约束，直至与可变代

价相关的不确定因素得到解决时，确认

的累积收益金额极有可能不会发生重大

收益回拨。

当合约中包含融资成分，该融资成分为

客户提供超过一年的商品或服务转让融

资的重大利益时，收益按应收款项的现

值计量，使用贴现率折现，该贴现率将

反映在本集团与客户在合同开始时的单

独融资交易中。当合约中包含融资部

分，该融资部分为本集团提供一年以上

的重大财务利益时，合约项下确认的收

益包括按实际利息法在合约负债上加算

的利息。就客户付款至转让承诺商品或

者服务的期限为一年或者更短的合约而

言，交易价格采用香港财务报告准则第

15号中实际权宜之计，不会对重大融资

部分的影响作出调整。

---

138North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.24 Revenue recognition (Continued)

Revenue from contracts with customers (Continued)

(a) Sale of gods

Revenue from the sale of gods is recognised at the

point in time when control of the aset is transfered to

the customer.

Incidental to the sale of machinery, the Group also

provides instalation services in acordance with the

terms of the contracts with customers. These services,

which are not separately provided by the Group and

are bundled together with the sale of machinery to

customers, are combined with the sale of machinery

into a functional machinery for which the customers

have contracted. Acordingly, revenue from the sale of

machinery with instalation services is recognised at the

point in time when the respective instalation services

are completed.

(b) Sales suport services

Revenue from the provision of sales suport services

is recognised at the point in time when the instalation

services in relation to the underlying machinery are

completed.

(c) E-payment service income

Revenue from the provision of payment solution is

recognised at the point in time when the e-payment

services are completed.

1. （续）

2.24 收入确认（续）

来自客户合约的收益（续）

(a) 销售货品

销售货品之收入于资产控制权转

移至客户之时间点确认。

附带于销售机器，本集团亦根据

客户合约之条款提供安装服务。

该等服务并非由本集团独立提供

而是向客户销售机器捆绑提供。

该等服务与销售机器结合在一

起，成为客户已签约之功能性机

器。因此，于完成相关安装服务

之时间点确认来自销售具有安装

服务机器之收入。

(b) 销售支援服务

提供销售支援服务之收入于与相

关机器有关的安装服务完成时之

时间点确认。

(c) 电子支付服务收入

提供支付解决方案之收入于电子

支付服务完成时之时间点确认。

---

139ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.24 Revenue recognition (Continued)

Revenue from contracts with customers (Continued)

(d) Other service income

Other service income is recognised over time because

the customer simultaneously receives and consumes

the benefits provided by the Group. Given that these

services are generaly completed within a short period

of time, the revenue from the provision of these

services is generaly recognised when the services have

ben rendered.

Revenue from other sources

Finance leasing income is recognised on an acrual basis

using the efective interest method by aplying the rate that

discounts the estimated future cash receipts through the

expected life of the net investment of the finance lease or a

shorter period, when apropriate, to the net carying amount

of the net investment of the finance lease.

Rental income is recognised on a time proportion basis over

the lease terms.

Other income

Interest income is recognised on an acrual basis using the

efective interest method by aplying the rate that exactly

discounts the estimated future cash receipts over the

expected life of the financial instrument or a shorter period,

when apropriate, to the net carying amount of the financial

aset.

Dividend income is recognised when the shareholders’ right

to receive payment has ben established, it is probable that

the economic benefits asociated with the dividend wil flow to

the Group and the amount of the dividend can be measured

reliably.

1. （续）

2.24 收入确认（续）

来自客户合约的收益（续）

(d) 其他服务收入

其他服务收入随著时间确认，原

因为客户同时收取及消耗由本集

团提供之利益。鉴于该等服务一

般于短时间内完成，提供该等服

务之收入一般于提供服务时予以

确认。

其他收入来源

融资租赁收入乃按累计基准于融资租赁

净投资之预计年期或较短期间（倘适用）

确认，其采用实际利率法将估计未来现

金收入贴现至融资租赁净投资账面净

值。

租金收入按时间比例于租期确认。

其他收入

采用实际利率法计算按累计基准确认的

利息收入，利率在金融工具的预期寿命

或更短期间（倘适用）内可将估计未来现

金收入准确折现至金融资产账面净值。

股息收入于确立股东收取付款的权利、

股息涉及的经济利益可能流入本集团，

且股息数额能可靠地计量时确认。

---

140North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.25 Contract liabilities

A contract liability is recognised when a payment is received

or a payment is due (whichever is earlier) from a customer

before the Group transfers the related gods or services.

Contract liabilities are recognised as revenue when the Group

performs under the contract (i.e., transfers control of the

related gods or services to the customer).

2.26 Share-based payments

The Company operates a share option scheme. Employes

(including directors) of the Group receive remuneration in the

form of share-based payments, whereby employes render

services as consideration for equity instruments (“equity-

setled transactions”). The cost of equity-setled transactions

with employes for grants is measured by reference to the fair

value at the date at which they are granted. The fair value is

determined by an external valuer using a binomial model.

The cost of equity-setled transactions is recognised in

employe benefit expense, together with a coresponding

increase in equity, over the period in which the performance

and/or service conditions are fulfiled. The cumulative expense

recognised for equity-setled transactions at the end of each

reporting period until the vesting date reflects the extent

to which the vesting period has expired and the Group’s

best estimate of the number of equity instruments that wil

ultimately vest. The charge or credit to the statement of

profit or los for a period represents the movement in the

cumulative expense recognised as at the begining and end

of that period.

1. （续）

2.25 合约负债

合约负债于本集团转移相关货品或服务

前向客户收取付款或应收付款（以较早

者为准）时确认。当本集团履行合约（即

相关货品或服务之控制权转移予客户）

时，合约负债确认为收益。

2.26 以股份支付

本公司设立一项购股权计划。本集团雇

员（包括董事）以股份支付形式收取酬

金，而雇员提供服务作为股本工具之代

价（「股权结算交易」）。就授出与雇员进

行股权结算交易之成本乃参考其授出日

期之公允值计量。有关公允值乃由外聘

估值师按二项式模式厘定。

股权结算交易之成本连同股权相应增幅

于履约及╱或服务条件达成期间内确认

于雇员福利开支。于各报告期末直至归

属日期止就股权结算交易确认之累计开

支反映归属期已届满及本集团对最终将

归属之股本工具数目之最佳估计。期内

扣除或计入损益表指于该期初及期末确

认之累计开支变动。非归属条件反映于

奖励之公允值，并导致奖励立即支销，

惟亦有服务及╱或表现条件之情况下则

另当别论。

---

141ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.26 Share-based payments (Continued)

Service and non-market performance conditions are not

taken into acount when determining the grant date fair

value of awards, but the likelihod of the conditions being

met is asesed as part of the Group’s best estimate of the

number of equity instruments that wil ultimately vest. Market

performance conditions are reflected within the grant date fair

value. Any other conditions atached to an award, but without

an asociated service requirement, are considered to be non-

vesting conditions. Non-vesting conditions are reflected in the

fair value of an award and lead to an imediate expensing of

an award unles there are also service and/or performance

conditions.

For awards that do not ultimately vest because non-market

performance and/or service conditions have not ben met,

no expense is recognised. Where awards include a market or

non-vesting condition, the transactions are treated as vesting

irespective of whether the market or non-vesting condition is

satisfied, provided that al other performance and/or service

conditions are satisfied.

Where the terms of an equity-setled award are modified, as

a minimum an expense is recognised as if the terms had not

ben modified, if the original terms of the award are met. In

adition, an expense is recognised for any modification that

increases the total fair value of the share-based payments,

or is otherwise beneficial to the employe as measured at

the date of modification. Where an equity-setled award

is canceled, it is treated as if it had vested on the date of

cancelation, and any expense not yet recognised for the

award is recognised imediately.

The dilution efect of outstanding options is reflected as

aditional share dilution in the computation of earnings per

share.

1. （续）

2.26 以股份支付（续）

于厘定奖励之授出日期公允值时，并不

会考虑服务及非市场表现条件，惟达成

条件之可能性作为本集团对最终将归属

之股本工具数目之最佳估计一部分予以

评估。市场表现条件反映于授出日期公

允值。奖励附带之任何其他条件（惟并

无相关服务规定）被视为非归属条件。

非归属条件反映于奖励之公允值，并导

致奖励立即支销，惟亦有服务及╱或表

现条件之情况下则另当别论。

就因非市场表现及╱或服务条件并无达

成而最终并无归属之奖励而言，概无开

支予以确认。倘奖励包括市场或非归属

条件，则于所有其他表现及╱或服务条

件达成之情况下，不论该市场或非归属

条件是否达成，该等交易被视为归属。

当股权结算奖励之条款修改时，倘符合

该奖励之原有条款，则确认最低开支，

犹如条款并无修改。此外，就增加以股

份支付之公允值或对雇员有利之任何修

改按修改日期计量确认开支。当股权结

算奖励注销时，会被视作其已于注销日

期归属，并即时确认该奖励尚未确认之

任何开支。

计算每股盈利时，尚未行使购股权之摊

薄影响反映为额外股份摊薄。

---

142North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.27 Employe benefits

(a) Employes’ leave entitlement

Employes’ entitlement to anual leave and long

service leave is recognised when it acrues to

employes. A provision is made for the estimated

liability for anual leave and long service leave as a

result of services rendered by employes up to the end

of the reporting period.

Employes’ entitlement to sick leave and maternity

leave is not recognised until the time of leave.

(b) Pension obligations

The Group operates a defined contribution Mandatory

Provident Fund retirement benefit scheme (the

“MPF Scheme”) under the Mandatory Provident

Fund Schemes Ordinance for al of its employes.

Contributions are made based on a percentage of

the employes’ basic salaries and are charged to the

statement of profit or los as they become payable in

acordance with the rules of the MPF Scheme. The

asets of the MPF Scheme are held separately from

those of the Group in an independently administered

fund. The Group’s employer contributions vest fuly

with the employes when contributed into the MPF

Scheme.

The employes of the Group’s subsidiaries which

operate in Mainland China are required to participate

in a central pension scheme operated by the local

municipal government. The subsidiaries are required

to contribute a percentage of the payrol costs to the

central pension scheme. The contributions are charged

to the statement of profit or los as they become

payable in acordance with the rules of the central

pension scheme.

1. （续）

2.27 雇员福利

(a) 雇员应享假期

雇员之应享年假及长期服务假期

乃于应计予雇员时确认。雇员因

提供服务而产生之应享年假及长

期服务假期乃按截至报告期末之

有关假期估计负债计算拨备。

雇员应享病假及产假于支取时方

予确认。

(b) 退休金责任

本集团根据强制性公积金计划条

例为其所有雇员设立一项界定供

款强制性公积金退休福利计划

（「强积金计划」）。根据强积金计

划之规则，供款乃按雇员基本薪

酬之若干百分比计算，并于应付

时在损益表内扣除。强积金计划

的资产与本集团的资产分开，并

由独立管理之基金持有。本集团

之雇主供款于对强积金计划作出

供款时悉数归属予雇员。

本集团于中国内地营运之附属公

司之雇员须参与由地方市政府营

运之中央退休金计划。该等附属

公司须按相关薪金成本之若干百

分比向中央退休金计划作出供

款。该等供款根据中央退休金计

划之规则于应付时在损益表内扣

除。

---

143ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.27 Employe benefits (Continued)

(c) Bonus plans

The Group recognises a liability and an expense for

bonuses. It recognises a provision where contractualy

obliged or where there is a past practice that has

created a constructive obligation.

2.28 Borowing costs

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, i.e., asets

that necesarily take a substantial period of time to get ready

for their intended use or sale, are capitalised as part of the

cost of those asets. The capitalisation of such borowing

costs ceases when the asets are substantialy ready for their

intended use or sale. Al bank borowing costs are expensed

in the period in which they are incured. Borowing costs

consist of interest and other costs that an entity incurs in

conection with the borowing of funds.

2.29 Dividends

Final dividends are recognised as a liability when they are

aproved by the shareholders in a general meting.

Proposed final dividends are disclosed in the notes to the

financial statements.

1. （续）

2.27 雇员福利（续）

(c) 奖金计划

本集团就奖金确认负债及支出，

并就合约责任或根据过往经验已

产生之推定责任确认拨备。

2.28 借贷成本

为购买、建造或生产须一段长时间才可

达至其拟定用途或销售之合资格资产而

直接应占之借贷成本乃资本化为该资产

成本之一部分。当有关资产大致可投放

作拟定用途或销售时，即终止将该等借

贷成本资本化。所有银行借贷于产生期

间支销。借贷成本包括利息及实体所产

生有关资金借贷之其他成本。

2.29 股息

末期股息于在股东大会上获股东批准时

确认为负债。

建议末期股息披露于财务报表之附注

中。

---

144North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

2. MATERIAL ACOUNTING POLICIES (Continued)

2.30 Foreign curencies

These financial statements are presented in Hong Kong

dolars, which is the Company’s functional curency. Each

entity in the Group determines its own functional curency

and items included in the financial statements of each entity

are measured using that functional curency. Foreign curency

transactions recorded by the entities in the Group are initialy

recorded using their respective functional curency rates

prevailing at the dates of the transactions. Monetary asets

and liabilities denominated in foreign curencies are translated

at the functional curency rates of exchange ruling at the end

of the reporting period. Diferences arising on setlement or

translation of monetary items are recognised in the statement

of profit or los.

Non-monetary items that are measured in terms of historical

cost in a foreign curency are translated using the exchange

rates at the dates of the initial transactions. Non-monetary

items measured at fair value in a foreign curency are

translated using the exchange rates at the date when the fair

value was measured. The gain or los arising on translation of

a non-monetary item measured at fair value is treated in line

with the recognition of the gain or los on change in fair value

of the item (i.e., translation diference on the item whose fair

value gain or los is recognised in other comprehensive income

or profit or los is also recognised in other comprehensive

income or profit or los, respectively).

In determining the exchange rate on initial recognition of the

related aset, expense or income on the derecognition of a

non-monetary aset or non-monetary liability relating to an

advance consideration, the date of initial transaction is the

date on which the Group initialy recognises the non-monetary

aset or non-monetary liability arising from the advance

consideration. If there are multiple payments or receipts in

advance, the Group determines the transaction date for each

payment or receipt of the advance consideration.

1. （续）

2.30 外币

该等财务报表以港元呈列，其为本公司

之功能货币。本集团各实体厘定其自身

之功能货币及各实体财务报表所列示之

项目乃以功能货币计量。本集团实体录

得之外币交易初步以其各自于交易日期

之现行功能货币汇率列账。以外币计值

之货币性资产及负债按报告期末之现行

功能货币汇率换算。结算或换算货币性

项目所产生之差额于损益表确认。

按外币之历史成本计量之非货币性项目

以初步交易日期之汇率换算。以外币按

公允值计量之非货币性项目以公允值计

量当日之汇率换算。换算按公允值计量

之非货币性项目所产生之收益或亏损与

确认该项目公允值变动之收益或亏损之

处理方式一致（即公允值收益或亏损于

其他全面收益或损益确认之项目，其换

算差额亦分别于其他全面收益或损益确

认）。

为确定终止确认涉及预付代价之非货币

性资产或非货币性负债的相关资产、开

支或收入于初始确认时的汇率，初始交

易日期为本集团初始确认预付代价所产

生的非货币性资产或负债的日期。倘于

确认相关项目之前有多个付款或收款，

则本集团会确定每笔预付代价付款或收

款的交易日期。

---

145ANUAL REPORT 2024/25 年报

2. MATERIAL ACOUNTING POLICIES (Continued)

2.30 Foreign curencies (Continued)

The functional curencies of certain group companies are

curencies other than the Hong Kong dolar. As at the end

of the reporting period, the asets and liabilities of these

entities are translated into Hong Kong dolars at the exchange

rates prevailing at the end of the reporting period and their

statements of profit or los are translated into Hong Kong

dolars at the weighted average exchange rates for the year.

The resulting exchange diferences are recognised in other

comprehensive income and acumulated in the “Cumulative

translation adjustments” under reserves. On disposal of an

operation, the cumulative amount in the reserve relating to

that particular operation is recognised in the statement of

profit or los.

Any godwil arising on the acquisition of a foreign operation

and any fair value adjustments to the carying amounts of

asets and liabilities arising on acquisition are treated as

asets and liabilities of the foreign operation and translated at

the closing rate.

For the purpose of the consolidated statement of cash flows,

the cash flows of certain group companies with functional

curency other than the Hong Kong dolar are translated into

Hong Kong dolars at exchange rates ruling at the dates of

the cash flows. Frequently recuring cash flows of these group

companies which arise throughout the year are translated into

Hong Kong dolars at the weighted average exchange rates

for the year.

1. （续）

2.30 外币（续）

若干集团公司之功能货币为港元以外之

货币。于报告期末，该等实体之资产

及负债按报告期末之现行汇率换算为港

元，而其损益表按年内加权平均汇率换

算为港元。

由此产生之汇兑差额于其他全面收益确

认，并累计于储备项下之「累计换算调

整」。于出售业务时，储备中有关该特

定业务之累计金额于损益表确认。

收购海外业务所产生之任何商誉及收购

所产生之资产及负债账面值之任何公允

值调整被视为海外业务之资产及负债处

理，并按收市汇率换算。

就综合现金流量表而言，港元以外之功

能货币之若干集团公司现金流量按现金

流量日期之现行汇率换算为港元。该等

集团公司于整个年度内产生之经常性现

金流量按年内加权平均汇率换算为港

元。

---

146North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES

3.1 Financial risk factors

The Group’s activities expose it to a variety of financial risks:

market risk (including foreign exchange risk, fair value interest

rate risk and cash flow interest rate risk), credit risk and

liquidity risk. The Group’s overal risk management programe

focuses on the unpredictability of financial markets and seks

to minimise potential adverse efects on the Group’s financial

performance.

Risk management is caried out by the finance department

of the Company under policies aproved by the board of

directors. The finance department identifies, evaluates and

hedges financial risks in close co-operation with the Group’s

operating units. The board of directors provides writen

principles for overal risk management, as wel as writen

policies covering specific areas, such as foreign exchange

risk, interest rate risk, credit risk, the use of derivative financial

instruments and non-derivative financial instruments, and

investment of exces liquidity.

(a) Market risk

(i) Foreign exchange risk

The Group operates principaly in Hong Kong

and Mainland China and is exposed to foreign

exchange risk arising from various curency

exposures, primarily with respect to the United

States dolar (the “US dolar”), Japanese Yen,

and Renminbi (“RMB”). Foreign exchange risk

arises from future comercial transactions,

recognised asets and liabilities and net

investments in foreign operations.

3. 财务风险管理目标及政策

3.1 财务风险因素

本集团之活动面对多种财务风险：市场

风险（包括汇兑风险、公允值利率风险

及现金流量利率风险）、信贷风险及流

动资金风险。本集团整体风险管理计划

针对难以预测之金融市场，务求尽量减

轻对本集团财务表现之潜在不利影响。

本公司财务部门根据董事会批准之政策

进行风险管理，并通过与本集团营运部

门通力合作，识别、评估及对冲财务风

险。董事会制订书面之整体风险管理原

则，并制订涵盖特定范畴之书面政策，

例如外汇风险、利率风险、信贷风险、

使用衍生金融工具及非衍生金融工具以

及过剩流动资金之投资。

(a) 市场风险

(i) 外汇风险

本集团主要于香港及中国内

地经营，面对由多种货币产

生之外汇风险，主要与美元

（「美元」）、日圆及人民币

（「人民币」）有关。外汇风

险来自未来商业交易、已确

认资产及负债以及海外业务

之净投资。

---

147ANUAL REPORT 2024/25 年报

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.1 Financial risk factors (Continued)

(a) Market risk (Continued)

(i) Foreign exchange risk (Continued)

Management has set up a policy to require

entities within the Group to manage their foreign

exchange risk against their functional curencies.

Foreign exchange risk arises when future

comercial transactions or recognised asets

or liabilities are denominated in a curency that is

not the entity’s functional curency.

The Hong Kong dolar is peged to the US

dolar (“US$”) at a range of rates betwen 7.75

and 7.85, and therefore, the foreign exchange

exposure betwen the US dolar and the Hong

Kong dolar is limited.

The Group has certain investments in foreign

operations, whose net asets are exposed to

foreign curency translation risk.

1. （续）

3.1 财务风险因素（续）

(a) 市场风险（续）

(i) 外汇风险（续）

管理层已制订政策，要求本

集团之实体管理其各自功能

货币之外汇风险。当未来商

业交易或已确认资产或负债

以并非该实体功能货币之货

币计值，外汇风险就会产

生。

港元与美元（「美元」）挂钩，

汇率介乎7.75至7.85之间，

故美元与港元之间之外汇风

险有限。

本集团有若干海外业务投

资，其净资产面对外币换算

风险。

---

Change in exchange rates	Increase/ (decrease) in profit before income tax
汇率变动	除所得税前溢利 增加╱（减少）
%	HK$’000
%	千港元
3	1,678
3	(1,678)
6	2,320
6	(2,320)

148North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.1 Financial risk factors (Continued)

(a) Market risk (Continued)

(i) Foreign exchange risk (Continued)

The folowing table demonstrates the sensitivity

at the end of the reporting period to a reasonably

posible change in the Yen and RMB exchange

rate, with other variables held constant, of the

Group’s profit/(los) before income tax.

2025二零二五年

If Yen weakens against HK$倘日圆兑港元贬值

If Yen strengthens against HK$倘日圆兑港元升值

If RMB weakens against HK$倘人民币兑港元贬值

If RMB strengthens against HK$倘人民币兑港元升值

Change in

exchange

rates

Increase/

(decrease)

in los

before

income tax

汇率变动

除所得税前亏损

增加╱（减少）

%HK$’000

%千港元

2024二零二四年

If Yen weakens against HK$倘日圆兑港元贬值3(1,702)

If Yen strengthens against HK$倘日圆兑港元升值31,702

If RMB weakens against HK$倘人民币兑港元贬值66,303

If RMB strengthens against HK$倘人民币兑港元升值6(6,303)

1. （续）

3.1 财务风险因素（续）

(a) 市场风险（续）

(i) 外汇风险（续）

下表显示在其他变数维持不

变之情况下，于报告期末本

集团除所得税前溢利╱（亏

损）对日圆及人民币汇率合

理可能波动之敏感度。

---

149ANUAL REPORT 2024/25 年报

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.1 Financial risk factors (Continued)

(a) Market risk (Continued)

(i) Cash flow and fair value interest rate risk

As the Group has no significant interest-bearing

asets at floating rates except for cash and cash

equivalents, its income and operating cash flows

are substantialy independent of changes in

market interest rates.

The cash and cash equivalents earn interest at

floating rates and expose the Group to cash flow

interest rate risk.

The finance lease receivables earn interest at

fixed rates and expose the Group to fair value

interest rate risk.

The interest rate risk from financial liabilities

arises from borowings. Borowings that are

subject to variable rates expose the Group to

cash flow interest rate risk.

1. （续）

3.1 财务风险因素（续）

(a) 市场风险（续）

(i) 现金流量及公允值利率风险

除现金及现金等值项目外，

本集团并无按浮动利率计息

之重大计息资产，故本集团

之收入及经营现金流量大部

分独立于市场利率之变动。

现金及现金等值项目按浮动

利率赚取利息，使本集团面

对现金流量利率风险。

融资租赁应收款项按固定利

率赚取利息，使本集团面对

公允值利率风险。

金融负债利率风险来自借

贷。按可变利率计算之借贷

使本集团面对现金流量利率

风险。

---

150North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.1 Financial risk factors (Continued)

(b) Credit risk

Credit risk arises from cash and cash equivalents, trade

receivables, finance lease receivables and certain other

receivables.

The Group has policies in place to ensure that sales

are made to customers with an apropriate financial

strength and an apropriate percentage of down

payment. It also has other monitoring procedures

to ensure that folow-up action is taken to recover

overdue debts. In adition, the Group regularly reviews

the recoverable amount of each individual receivable

to ensure that adequate los alowance is made

for irecoverable amounts. The Group implements

its industry risk management system acording to

its plan based on the actual situation with a focus

on industry research, customer credit rating, and

understanding of the lese’s operations and financial

condition. The Group also obtained deposits from

leses as disclosed in note 26 to the consolidated

financial statements. The Group has no significant

concentrations of credit risk, with exposure spreading

over a number of counterparties and customers.

No credit limits were exceded during the reporting

period, and management does not expect any loses

from non-performance by counterparties, except

as disclosed in note 17 to the consolidated financial

statements. The Group does not hold any colateral as

security except for finance leasing operation, for which

in the event of default, the Group may demand return

of finance lease asets, reposesion of finance lease

asets or disposal of finance lease asets, whichever is

apropriate.

1. （续）

3.1 财务风险因素（续）

(b) 信贷风险

信贷风险来自现金及现金等值项

目、贸易应收款项、融资租赁应

收款项及若干其他应收款项。

本集团已实施政策，以确保向具

有适当财政实力及支付适当百分

比首期款项之客户进行销售。本

集团亦已制订其他监控程序，以

确保采取跟进措施收回逾期债

项。此外，本集团会定期审阅各

笔个别应收款项之可收回金额，

以确保已就不可收回之金额作出

足够减值拨备。本集团根据实际

情况按计划实施行业风险管理体

系，集中于行业研究、客户信誉

评级以及了解承租人之业务及财

务状况。诚如综合财务报表附注

26所披露，本集团亦向承租人收

取按金。本集团并无重大集中之

信贷风险，信贷风险分散至众多

对手方及客户。

于报告期内并无超出任何信贷限

额，且管理层并不预期出现来自

对手方不履约之任何亏损，惟综

合财务报表附注17所披露者除

外。除融资租赁业务出现拖欠情

况时本集团可要求退还融资租赁

资产、重新管有融资租赁资产或

出售融资租赁资产（视情况而定）

外，本集团并无持有任何抵押品

作担保。

---

12-month ECLs	Lifetime ECLs
12个月 预期信贷亏损	全期预期信贷亏损
Stage 1	Stage 2	Stage 3	Simplified approach	Total
第1阶段	第2阶段	第3阶段	简化方法	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
–	–	–	316,336	316,336
41,686	–	–	–	41,686
–	–	731	–	731
68,300	–	–	–	68,300
–	–	13	–	13
14,552	–	–	–	14,552
2,043	–	–	–	2,043
321,450	–	–	–	321,450
448,031	–	744	316,336	765,111

151ANUAL REPORT 2024/25 年报

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)

Maximum exposure and year-end staging

The tables below show the credit quality and the

maximum exposure to credit risk based on the Group’s

credit policy, which is mainly based on past due

information unles other information is available without

undue cost or efort, and year-end staging clasification

as at 31st March.

As at 31st March 2025

Trade receivables贸易应收款项

Bils receivable应收票据

– Normal– 正常

– Doubtful– 呆账

Finance lease receivables融资租赁应收款项

– Normal– 正常

– Doubtful– 呆账

Other financial asets included in trade

and other receivables

计入贸易应收款项及其他

应收款项

的其他金融资产

– Normal– 正常

Pledged deposits抵押存款

– Not yet past due– 尚未逾期

Cash and cash equivalents现金及现金等值项目

– Not yet past due– 尚未逾期

1. （续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

最高风险及年结阶段

下表载列基于本集团的信贷政策

的信贷质素及最高信贷风险，主

要基于逾期资料（除非其他资料可

在无须付出不必要成本或努力的

情况下获得），及于三月三十一日

的年结阶段分析。

于二零二五年三月三十一日

---

152North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)

Maximum exposure and year-end staging (Continued)

As at 31st March 2024

12-month

ECLsLifetime ECLs

12个月

预期信贷亏损全期预期信贷亏损

Stage 1Stage 2Stage 3

Simplified

aproachTotal

第1阶段第2阶段第3阶段简化方法总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade receivables贸易应收款项–299,215299,215

Bils receivable应收票据

– Normal– 正常11,100–11,100

– Doubtful– 呆账–4,059–4,059

Finance lease receivables融资租赁应收款项

– Normal– 正常80,790–80,790

Other financial asets included in trade

and other receivables

计入贸易应收款项及其他

应收款项的其他金融资

产

– Normal– 正常13,128–13,128

Pledged deposits抵押存款

– Not yet past due– 尚未逾期2,100–2,100

Cash and cash equivalents现金及现金等值项目

– Not yet past due– 尚未逾期345,494–345,494

452,6124,059–299,215755,886

1. （续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

最高风险及年结阶段（续）

于二零二四年三月三十一日

---

153ANUAL REPORT 2024/25 年报

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)

Maximum exposure and year-end staging (Continued)

* For trade receivables to which the Group aplies the

simplified aproach for impairment, information based

on the provision matrix is disclosed in note 17.

The credit quality of other financial asets included

in trade and other receivables is considered to be

“normal” when they are not past due and there is no

information indicating that the financial asets had a

significant increase in credit risk since initial recognition.

Otherwise, the credit quality of the financial asets is

considered to be “doubtful”.

Further quantitative data in respect of the Group’s

exposure to credit risk arising from trade receivables

are disclosed in note 17 to the financial statements.

(c) Liquidity risk

Prudent liquidity risk management implies maintaining

suficient cash and marketable securities, the availability

of funding through an adequate amount of comited

credit facilities and the ability to close out market

positions. Due to the dynamic nature of the underlying

busineses, the Group maintains flexibility in funding by

maintaining availability under comited credit lines.

Due to the capital intensive nature of the Group’s

busines, the Group ensures that it maintains suficient

cash and credit lines to met its liquidity requirements.

1. （续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

最高风险及年结阶段（续）

* 就本集团应用简化减值方法的

贸易应收款项，基于拨备矩阵

的资料于附注17披露。

计入贸易应收款项及其他应收

款项的其他金融资产的信贷质

量在未逾期时被视为「正常」，

并且概无资料显示金融资产自

最初确认以来信贷风险显著增

加。否则，金融资产的信贷质

量被认为「呆账」。

有关本集团因贸易应收款项而产

生的信贷风险的进一步量化数据

于财务报表附注17披露。

(c) 流动资金风险

审慎的流动性风险管理指维持充

足的现金及有价证券，通过已承

诺信贷融资的足够额度备有资金

及有能力结算市场持仓。由于基

本业务性质多变，故本集团透过

维持已承诺的可用信贷额度保持

资金灵活。

由于本集团业务之资本密集性

质，本集团确保可维持充分现金

及信贷额度，以满足其流动资金

需求。

---

154North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.1 Financial risk factors (Continued)

(c) Liquidity risk (Continued)

Management monitors roling forecasts of the Group’s

liquidity reserve which comprises undrawn borowing

facilities and cash and cash equivalents on the basis of

expected cash flows. The Group’s policy is to regularly

monitor curent and expected liquidity requirements

and its compliance with lending covenants, and to

ensure that it maintains suficient reserves of cash

and adequate comited lines of funding from major

financial institutions to met its liquidity requirements in

the short and longer term.

The table below analyses the Group’s financial liabilities

by maturity based on the remaining period at the end

of the reporting period to the contractual maturity date.

The amounts disclosed in the table are the contractual

undiscounted cash flows.

1. （续）

3.1 财务风险因素（续）

(c) 流动资金风险（续）

管理层监控本集团流动资金储备

之滚动预测，其中包括以预期现

金流量为基准之未提取借贷融资

以及现金及现金等值项目。本集

团之政策为定期监察当前及预期

流动资金需求以及遵守借贷契诺

之情况，并确保维持足够之现金

储备及从主要金融机构获得足够

之承诺额度，以满足短期及较长

期之流动资金需求。

下表以报告期末至合约到期日之

剩余期间为基准，按到期日对本

集团金融负债进行分析。表内所

披露之款额为合约未贴现金流

量。

---

12,559	–	–	–	12,559
269,382	–	–	–	269,382
6,061	2,403	–	–	8,464
18,799	16,621	12,237	–	47,657
306,801	19,024	12,237	–	338,062

155ANUAL REPORT 2024/25 年报

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.1 Financial risk factors (Continued)

(c) Liquidity risk (Continued)

On demand or

les than

1 year

1 to 2

years

2 to 5

years

Over

5 yearsTotal

按要求或一年以内一至二年二至五年超过五年总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 31st March 2025于二零二五年三月三十一日

Bank borowings银行借贷

Financial liabilities included in trade

and other payables

计入贸易应付款项及其他应

付款项的金融负债

Deposits received已收按金

Lease liabilities租赁负债

At 31st March 2024于二零二四年三月三十一日

Financial liabilities included in trade

and other payables

计入贸易应付款项及其他应

付款项的金融负债383,021–383,021

Deposits received已收按金9,8062,913–12,719

Lease liabilities租赁负债23,56616,13526,672–66,373

416,39319,04826,672–462,113

1. （续）

3.1 财务风险因素（续）

(c) 流动资金风险（续）

---

31st March 2025
二零二五年 三月三十一日
HK$’000
千港元
321,450
(12,559)
(43,917)
264,974

156North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.2 Capital risk management

The Group’s objectives for managing capital are to safeguard

the Group’s ability to continue as a going concern in order

to provide returns for shareholders and benefits for other

stakeholders and to maintain an optimal capital structure to

reduce the cost of capital.

In order to maintain or adjust the capital structure, the Group

may adjust the dividend payment to shareholders, return

capital to shareholders, isue new shares or sel asets to

reduce debt.

During the year ended 31st March 2025, the Group’s strategy,

which was unchanged from last year, was to maintain a net

cash position. Net cash position is calculated as cash and

cash equivalents les bank borowings and lease liabilities.

The net cash positions as at 31st March 2025 and 2024 were

analysed as folows:

31st March

二零二四年

三月三十一日

HK$’000

千港元

Cash and cash equivalents (note 20)现金及现金等值项目（附注20）345,494

Les: Bank borowings (note 23)减：银行借贷（附注23）–

Lease liabilities (note 16)租赁负债（附注16）(61,407)

Net cash现金净额284,087

1. （续）

3.2 资本风险管理

本集团管理资本之目标乃为保障本集团

能够继续根据持续经营基准经营，以创

造股东回报及其他持份者利益，以及维

持适宜之资本架构减少资本成本。

为维持或调整资本架构，本集团可调整

派付股东之股息金额、向股东发还资

本、发行新股份或出售资产以减少债

务。

于截至二零二五年三月三十一日止年

度，本集团沿用去年之策略，维持净现

金状况。净现金状况乃按现金及现金等

值项目减银行借贷以及租赁负债计算。

于二零二五年及二零二四年三月三十一

日之净现金状况分析如下：

---

157ANUAL REPORT 2024/25 年报

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.3 Fair value and fair value hierarchy of financial

instruments

Management has asesed that the fair values of cash and

cash equivalents, pledged deposits, trade, bils and other

receivables, trade and other payables and bank borowings

aproximate to their carying amounts largely due to short

term maturities of these instruments.

The Group’s corporate finance team is responsible for

determining the policies and procedures for the fair value

measurement of financial instruments. The corporate finance

team reports directly to the chief financial oficer and the audit

comite. At each reporting date, the corporate finance

team analyses the movements in the values of financial

instruments and determines the major inputs aplied in the

valuation. The valuation is reviewed and aproved by the

chief financial oficer. The valuation proces and results are

discused with the audit comite twice a year for interim

and anual financial reporting.

The fair values of the financial asets and liabilities are

included at the amount at which the instrument could be

exchanged in a curent transaction betwen wiling parties,

other than in a forced or liquidation sale. The folowing

methods and asumptions were used to estimate the fair

values:

The fair values of finance lease receivables have ben

calculated by discounting the expected future cash flows

using rates curently available for instruments with similar

terms, credit risk and remaining maturities. The carying

amounts of finance lease receivables aproximate to their fair

values.

1. （续）

3.3 金融工具之公允值及公允值等级

管理层已评定，现金及现金等值项目、

抵押存款、贸易应收款项、应收票据及

其他应收款项、贸易应付款项及其他应

付款项及银行借贷之公允值与账面值相

若，主要由于该等工具于短期内到期。

本集团之企业融资团队负责厘定金融工

具公允值计量之政策及程序。企业融

资团队直接向财务总监及审核委员会汇

报。于各报告日期，企业融资团队会分

析金融工具价值之变动及厘定估值所用

之主要输入数据。财务总监会审阅并批

准估值，且每年两次就中期及年度财务

申报与审核委员会讨论估值过程及结

果。

金融资产及负债之公允值按自愿双方目

前进行交易（而非强逼或清算销售）时可

交换之工具金额计入。估计公允值所用

之方法及假设如下：

融资租赁应收款项之公允值按适用于具

有类似条款、信贷风险及余下年期之工

具之现行利率贴现预期未来现金流量计

算。融资租赁应收款项之账面值与公允

值相若。

---

Fair value measurement using
利用下列各项进行之公允值计量
Quoted prices in markets (Level 1)	Significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
市场报价 （级别一）	重大可观察 输入数据 （级别二）	重大不可观察 输入数据 （级别三）	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
88,836	–	–	88,836

158North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.3 Fair value and fair value hierarchy of financial

instruments (Continued)

The fair values of the non-curent portion of financial asets

included in trade and other receivables have ben calculated

by discounting the expected cash flows using rates curently

available for instruments with similar terms, credit risk and

remaining maturities. The changes in fair value as a result of

the Group’s own non-performance risk for interest-bearing

other borowings as at 31st March 2025 and 2024 were

asesed to be insignificant.

The folowing tables ilustrate the fair value measurement

hierarchy of the Group’s financial instruments:

Asets measured at fair value:

As at 31st March 2025

Financial asets at fair value

through profit or los

按公允值计入损益

之金融资产

1. （续）

3.3 金融工具之公允值及公允值等级（续）

已计入贸易应收款项及其他应收款项的

金融资产非流动部分之公允值按具有类

似条款、信贷风险及余下年期之工具现

行利率贴现预期现金流量之方式计算。

本集团本身于二零二五年及二零二四年

三月三十一日有关计息其他借贷之不履

约风险导致之公允值变动经评定后属微

不足道。

下表说明本集团金融工具之公允值计量

等级：

以公允值计量之资产：

于二零二五年三月三十一日

---

159ANUAL REPORT 2024/25 年报

3. FINANCIAL RISK MANAGEMENT OBJECTIVES

AND POLICIES (Continued)

3.3 Fair value and fair value hierarchy of financial

instruments (Continued)

As at 31st March 2024

Fair value measurement using

利用下列各项进行之公允值计量

Quoted

prices in

markets

(Level 1)

Significant

observable

inputs

(Level 2)

Significant

unobservable

inputs

(Level 3)Total

市场报价

（级别一）

重大可观察

输入数据

（级别二）

重大不可观察

输入数据

（级别三）总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Financial asets at fair value

through profit or los

按公允值计入损益

之金融资产101,083–101,083

During the year, there were no transfers of fair value

measurements betwen Level 1 and Level 2 and no transfers

into or out of Level 3 for both financial asets and financial

liabilities (2024: Nil).

The Group did not have any financial liabilities measured at

fair value as at 31st March 2025 and 2024.

4. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES

The preparation of the Group’s financial statements requires

management to make judgements, estimates and asumptions

that afect the reported amounts of revenues, expenses, asets and

liabilities, and their acompanying disclosures, and the disclosure

of contingent liabilities. Uncertainty about these asumptions and

estimates could result in outcomes that could require a material

adjustment to the carying amounts of the asets or liabilities

afected in the future.

1. （续）

3.3 金融工具之公允值及公允值等级（续）

于二零二四年三月三十一日

年内，就金融资产及金融负债而言，级

别一与级别二公允值计量之间并无转

移，级别三亦无公允值计量转入或转出

（二零二四年：无）。

于二零二五年及二零二四年三月三十一

日，本集团并无任何以公允值计量之金

融负债。

4. 关键会计判断及估计

编制本集团财务报表时，管理层须作出有关影

响所呈报收入、开支、资产与负债金额以及其

随附披露及或然负债披露之判断、估计及假

设。此等假设及估计之不确定因素可能导致须

对未来受影响之资产或负债之账面值作出重大

调整。

---

160North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

4. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES (Continued)

4.1 Provision for expected credit loses on trade

receivables

The Group uses a provision matrix to calculate ECLs for trade

receivables. The provision rates are based on days past due

for groupings of various customer segments that have similar

los paterns (i.e., by customer type).

The provision matrix is initialy based on the Group’s historical

observed default rates. The Group wil calibrate the matrix

to adjust the historical credit los experience with forward-

loking information. At the reporting date, the historical

observed default rates are updated and changes in the

forward-loking estimates are analysed.

The asesment of the corelation among historical observed

default rates and ECLs is a significant estimate. The amount

of ECLs is sensitive to changes in circumstances and

forward-loking information. The Group’s historical credit los

experience and forward-loking estimates may also not be

representative of a customer’s actual default in the future. The

information about the ECLs on the Group’s trade receivables

is disclosed in note 17 to the financial statements.

4.2 Impairment asesment of godwil and other intangible

asets

The Group tests anualy whether godwil is impaired and

tests other intangible asets for impairment when an indication

of impairment exists in acordance with the acounting

policies stated in note 2.6 to the financial statements. For the

purposes of impairment testing, godwil and other intangible

asets acquired has ben alocated to an individual cash-

generating unit which is reviewed for impairment based

on forecast operating performance and cash flows. The

recoverable amount of an aset or a cash-generating unit

has ben determined based on value-in-use calculations.

Cash flow projection is prepared on the basis of reasonable

asumptions reflective of prevailing and future market

conditions, and cash flows are discounted apropriately.

1. （续）

4.1 贸易应收款项预期信贷亏损拨备

本集团使用拨备矩阵计算贸易应收款项

的预期信贷亏损。拨备率乃基于具有类

似亏损模式（如客户类型）的不同客户分

部组合逾期日数厘定。

拨备矩阵初步基于本集团过往观察所得

违约率而厘定。本集团将调整矩阵，

借以按前瞻性资料调整过往信贷亏损经

验。于报告日期，过往观察所得违约率

将予更新，并会分析前瞻性估计变动。

评估历史观测违约率与预期信贷亏损之

相关性属重大估算。预期信贷亏损额对

若干情况及前瞻性资料之变动敏感。本

集团之历来信贷亏损经验及前瞻性估计

数字，亦未必反映客户日后之实际违约

状况。就本集团贸易应收款项而言有关

预期信贷亏损之资料，于财务报表附注

17中披露。

4.2 商誉及其他无形资产之减值评估

本集团按照财务报表附注2.6所列之会

计政策，每年测试商誉有否出现任何减

值及当其他无形资产存在减值迹象时测

试减值。就减值测试而言，所收购商誉

及其他无形资产乃分配至个别现金产生

单位，而有关单位乃按预测营运表现及

现金流量检讨减值。资产或现金产生单

位之可收回金额按使用价值计算法厘

定。现金流量预测按可反映现行及未来

市况，以及现金流之合理假设编制，并

适当地进行贴现。

---

161ANUAL REPORT 2024/25 年报

4. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES (Continued)

4.3 Provision for expected credit loses on other financial

asets included in trade and other receivables

The ECLs for finance lease receivables and other financial

asets included in trade and other receivables apart from

the financial asets mentioned in note 4.1 above are based

on asumptions about probability of default and expected

los rates. The Group uses judgement in making these

asumptions and selecting inputs to the ECLs calculations,

based on the Group’s historical los record, curent conditions

as wel as forward-loking information.

1. （续）

4.3 计入贸易应收款项及其他应收款项的其

他金融资产之预期信贷亏损拨备

除上文附注4.1所述之金融资产外，计

入贸易应收款项及其他应收款项的融资

租赁应收款项及其他金融资产之预期信

贷亏损乃按有关违约或然率及预期亏损

率之假设值计算。本集团为预期信贷亏

损计算订定此等假设及选取输入值时，

按本集团历来亏损记录、现状及前瞻性

资料运用判断。

---

2025
二零二五年
HK$’000
千港元
1,232,224
40,220
2,838
37,370
1,312,652
9,216
53,431
1,375,299

2025
二零二五年
HK$’000
千港元
1,229,495
83,157
1,312,652

162North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

5. REVENUE AND SEGMENT INFORMATION

5.1 Revenue

An analysis of revenue is as folows:

二零二四年

HK$’000

千港元

Revenue from contracts with

customers (note)

来自与客户合约之收入（附注）

Recognised at a point in time:于某一时点确认：

Sale of gods销售货品1,210,242

Sales suport services销售支援服务14,810

E-payment service income电子支付服务收入3,082

Recognised over time:于一段时间内确认：

Other service income其他服务收入39,326

1,267,460

Revenue from other sources来自其他来源之收入

Income from finance lease arangements来自融资租赁安排之收入8,744

Income from operating lease arangements来自经营租赁安排之收入29,216

1,305,420

Note:

Disagregated revenue information

Geographical markets

二零二四年

HK$’000

千港元

The PRC including Hong Kong中国，包括香港1,213,528

Asia – others亚洲 – 其他53,932

Total revenue from contracts with customers来自与客户合约之总收入1,267,460

5. 收入及分部资料

5.1 收入

收入分析如下：

附注：

分拆收入资料

地区市场

---

Hi-tech distribution and services operation	Leasing operation	Electronic payment solution	Total
高科技产品分销 及服务业务	租赁业务	电子支付 解决方案	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
1,236,648	135,813	2,838	1,375,299
–	(62,647)	–	(62,647)
1,236,648	73,166	2,838	1,312,652
1,199,278	73,166	2,838	1,275,282
37,370	–	–	37,370
1,236,648	73,166	2,838	1,312,652

163ANUAL REPORT 2024/25 年报

5. REVENUE AND SEGMENT INFORMATION

(Continued)

5.1 Revenue (Continued)

Note: (Continued)

Set out below is the reconciliation of the amounts disclosed in the

segment information to the revenue from contracts with customers:

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

止年度

Sales to external customers对外客户销售

Les: Revenue from other sources减：其他来源之收入

Total revenue from contracts with customers来自与客户合约之总收入

Timing of revenue recognition:收入确认时间：

Recognised at a point in time于某一时点确认

Recognised over time于一段时间内确认

Total revenue from contracts with customers来自与客户合约之总收入

1. （续）

5.1 收入（续）

附注：（续）

下表载列分部资料所披露之金额与来自与客

户合约之收入之对账：

---

2025
二零二五年
HK$’000
千港元
146,268

164North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

5. REVENUE AND SEGMENT INFORMATION

(Continued)

5.1 Revenue (Continued)

Note: (Continued)

Hi-tech

distribution

and services

operation

Leasing

operation

Electronic

payment

solutionTotal

高科技产品分销

及服务业务租赁业务

电子支付

解决方案总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

For the year ended 31st March 2024截至二零二四年三月三十一日

止年度

Sales to external customers对外客户销售1,147,992154,3463,0821,305,420

Les: Revenue from other sources减：其他来源之收入–(37,960)–(37,960)

Total revenue from contracts with customers来自与客户合约之总收入1,147,992116,3863,0821,267,460

Timing of revenue recognition:收入确认时间：

Recognised at a point in time于某一时点确认1,108,666116,3863,0821,228,134

Recognised over time于一段时间内确认39,326–39,326

Total revenue from contracts with customers来自与客户合约之总收入1,147,992116,3863,0821,267,460

The folowing table shows the amounts of revenue recognised in the

curent reporting period that were included in the contract liabilities at

the begining of the reporting period:

二零二四年

HK$’000

千港元

Revenue recognised that was included in

contract liabilities at the begining of the

reporting period:

于报告期初计入合约负债之

已确认收入：

Sale of gods销售货品154,128

1. （续）

5.1 收入（续）

附注：（续）

下表所示为于报告期初计入合约负债并于本

报告期间确认之收入金额：

---

165ANUAL REPORT 2024/25 年报

5. REVENUE AND SEGMENT INFORMATION

(Continued)

5.1 Revenue (Continued)

Note: (Continued)

Performance obligations

Information about the Group’s performance obligations is sumarised

below:

Sale of gods

The performance obligation is satisfied when the control of the gods

is transfered, generaly on delivery of gods and when the respective

instalation services are completed. Payment is generaly due within

5 to 180 days from completion of instalation. Payment in advance is

normaly required.

Sales suport services

The performance obligation is satisfied when the instalation services in

relation to the underlying machinery are completed. Payment is made

based on the terms stipulated in the relevant agrements.

E-payment service income

The performance obligation is satisfied when the payment procesing

services on payment platform are completed. Payment is made based

on the terms stipulated in the relevant agrements.

Other service income

The performance obligation is satisfied over time as services are

rendered and payment is generaly due upon completion of services,

except for new customers, where payment in advance is normaly

required.

The amount of unsatisfied performance obligation principaly comprises

the balance of contract liabilities as at 31st March 2025 and 2024,

which is expected to be recognised in one year.

1. （续）

5.1 收入（续）

附注：（续）

履约责任

有关本集团履约责任之资料概述如下：

销售货品

履约责任于转移货品控制权时（一般于交付货

品及有关安装服务完成时）完成。付款一般于

安装完成后5至180天内到期应付，而一般

亦须预先付款。

销售支援服务

履约责任于与相关机器有关的安装服务完成

时完成。付款按相关协议规定的条款进行。

电子支付服务收入

履约责任于支付平台的支付过程服务完成时

完成。付款按相关协议规定的条款进行。

其他服务收入

履约责任于提供服务后一段时间内完成，而

付款一般于完成服务后到期应付，惟新客户

则一般须预先付款。

尚未履行履约责任之金额主要包括于二零

二五年及二零二四年三月三十一日之合约负

债结余，有关结余预期将在一年内确认。

---

166North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

5. REVENUE AND SEGMENT INFORMATION

(Continued)

5.2 Operating segment information

For management purposes, the Group is organised into thre

major reportable operating segments — hi-tech distribution

and services, leasing and electronic payment solution. The

hi-tech distribution and services operating segment derives

revenue from the sale of gods, sales suport services and

other service income. The leasing operating segment derives

revenue from finance lease and operating lease arangements,

and trading of lease asets. The electronic payment solution

operating segment derives revenue from the provision of

payment solution that bridges online payment acquirers and

the merchants.

Management monitors the results of the Group’s operating

segments separately for the purpose of making decisions

about resource alocation and performance asesment.

Segment performance is evaluated based on reportable

segment profit/los, which is a measure of adjusted profit/los

before income tax. The adjusted profit/los before income

tax is measured consistently with the Group’s profit/los

before income tax except that finance income, finance costs,

fair value gain/los from the Group’s financial instruments,

impairment of investment properties as wel as corporate

and other unalocated expenses are excluded from such

measurement.

Segment asets consist primarily of property, plant and

equipment, intangible asets, right-of-use asets, other non-

curent asets, inventories and trade and other receivables.

Unalocated asets comprise investment properties, defered

tax asets, financial asets at fair value through profit or los,

pledged deposits, cash and cash equivalents and corporate

and others.

Segment liabilities consist primarily of trade and other

payables, deposits received, lease liabilities, bank borowings

and other non-curent liabilities. Unalocated liabilities

comprise defered tax liabilities, income tax liabilities, other

borowings and corporate and others.

Capital expenditure comprises aditions to property, plant

and equipment, investment properties, intangible asets

and right-of-use asets excluding asets acquired from the

acquisition of a subsidiary.

1. （续）

5.2 经营分部资料

就管理而言，本集团分为三个主要可申

报经营分部 – 高科技产品分销及服务、

租赁以及电子支付解决方案。高科技产

品分销及服务经营分部之收入源自销售

货品、销售支援服务及其他服务收入。

租赁经营分部之收入源自融资租赁及经

营租赁安排以及租赁资产贸易。电子支

付解决方案经营分部之收入源自提供支

付解决方案，连结网上支付收单机构与

商户。

管理层分开监察本集团经营分部之业

绩，以便作出有关资源分配及表现评估

之决策。分部表现按可申报分部溢利╱

亏损（即经调整除所得税前溢利╱亏损

之基准）评估。经调整除所得税前溢利

╱亏损之计量方式与本集团除所得税前

溢利╱亏损之计量方式一致，惟财务收

入、财务费用、本集团金融工具之公允

值收益╱亏损、投资物业减值以及企业

及其他未分配费用在计量时不包括在

内。

分部资产主要包括物业、厂房及设备、

无形资产、使用权资产、其他非流动资

产、存货以及贸易应收款项及其他应收

款项。未分配资产包括投资物业、递延

税项资产、按公允值计入损益之金融资

产、抵押存款、现金及现金等值项目以

及企业及其他。

分部负债主要包括贸易应付款项及其他

应付款项、已收按金、租赁负债、银行

借贷及其他非流动负债。未分配负债包

括递延税项负债、所得税负债、其他借

贷以及企业及其他。

资本开支包括添置物业、厂房及设备、

投资物业、无形资产及使用权资产，不

包括来自收购一间附属公司之已收购资

产。

---

Year ended 31st March 2025
截至二零二五年三月三十一日止年度
Hi-tech distribution and services operation	Leasing operation	Electronic payment solution	Total
高科技 产品分销 及服务业务	租赁业务	电子支付 解决方案	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
1,236,648	135,813	2,838	1,375,299
49,114	21,967	(5,119)	65,962
			4,265
			308
			(18,857)
			8,985
			(3,414)
			(52,946)
			4,303
			(12,207)
			(7,904)
28,323	80,732	278	109,333
			12
			109,345
30,847	33,146	2,659	66,652
			7,876
			74,528
62	–	–	62
			(221)
			(159)
2,483	–	–	2,483
–	8	–	8
4,844	–	–	4,844

167ANUAL REPORT 2024/25 年报

5. REVENUE AND SEGMENT INFORMATION

(Continued)

5.2 Operating segment information (Continued)

There were no significant sales betwen the operating

segments during the years ended 31st March 2025 and

2024. The operating results for the year are as folows:

Revenue收入

– Sales to external customers – 对外客户销售

Segment results分部业绩

Changes in fair value of financial asets at fair

value through profit or los

按公允值计入损益之金融资产之

公允值变动

Interest income of financial asets at fair value

through profit or los

按公允值计入损益之金融资产之

利息收入

Impairment of investment properties投资物业减值

Finance income财务收入

Finance costs财务费用

Corporate and other unalocated expenses企业及其他未分配费用

Profit before income tax除所得税前溢利

Income tax expense所得税支出

Los for the year年内亏损

Capital expenditure资本开支

Corporate and other unalocated expenditure企业及其他未分配开支

Depreciation and amortisation折旧及摊销

Corporate and other unalocated depreciation and

amortisation

企业及其他未分配折旧及摊销

Los on disposal of items of property, plant and

equipment, net

出售物业、厂房及设备项目之

亏损，净额

Corporate and other unalocated gain on disposal

of items of property, plant and equipment, net

出售物业、厂房及设备项目之

企业及其他未分配收益，净额

Impairment of trade and bils receivables, net贸易应收款项及应收票据减值，

净额

Impairment finance lease receivables, net融资租赁应收款项减值，净额

Gain on lease modification租赁修改之收益

1. （续）

5.2 经营分部资料（续）

于截至二零二五年及二零二四年三月

三十一日止年度，经营分部间并无重大

销售。年内经营业绩如下：

---

168North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

5. REVENUE AND SEGMENT INFORMATION

(Continued)

5.2 Operating segment information (Continued)

Year ended 31st March 2024

截至二零二四年三月三十一日止年度

Hi-tech

distribution

and services

operation

Leasing

operation

Electronic

payment

solutionTotal

高科技

产品分销

及服务业务租赁业务

电子支付

解决方案总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Revenue收入

– Sales to external customers– 对外客户销售1,147,992154,3463,0821,305,420

Segment results分部业绩(7,336)8,095(4,154)(3,395)

Changes in fair value of financial asets at fair

value through profit or los

按公允值计入损益之金融资产之

公允值变动4,269

Interest income of financial asets at fair value

through profit or los

按公允值计入损益之金融资产之

利息收入1,022

Finance income财务收入13,530

Finance costs财务费用(3,104)

Corporate and other unalocated expenses企业及其他未分配费用(57,112)

Los before income tax除所得税前亏损(44,790)

Income tax expense所得税支出(3,945)

Los for the year年内亏损(48,735)

Capital expenditure资本开支26,63159,3763886,045

Corporate and other unalocated expenditure企业及其他未分配开支3,984

90,029

Depreciation and amortisation折旧及摊销30,71228,0692,59961,380

Corporate and other unalocated depreciation and

amortisation

企业及其他未分配折旧及摊销

8,251

69,631

Gain on disposal of items of property, plant and

equipment, net

出售物业、厂房及设备项目之

收益，净额(228)(169)–(397)

Corporate and other unalocated gain on disposal

of items of property, plant and equipment, net

出售物业、厂房及设备项目之

企业及其他未分配收益，净额(320)

(717)

Impairment of trade and bils receivables, net贸易应收款项及应收票据减值，

净额227–156383

Impairment finance lease receivables, net融资租赁应收款项减值，净额–195–195

1. （续）

5.2 经营分部资料（续）

---

Hi-tech distribution and services operation	Leasing operation	Electronic payment solution	Total
高科技 产品分销 及服务业务	租赁业务	电子支付 解决方案	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
1,035,090	278,053	20,904	1,334,047
			207,702
			1,276
			88,836
			2,043
			321,450
			1,843
			1,957,197
538,921	38,523	1,488	578,932
			2,142
			12,673
			519
			594,266

169ANUAL REPORT 2024/25 年报

5. REVENUE AND SEGMENT INFORMATION

(Continued)

5.2 Operating segment information (Continued)

The segment asets and liabilities at the end of the reporting

period are as folows:

At 31st March 2025于二零二五年三月三十一日

ASETS资产

Segment asets分部资产

Unalocated asets:未分配资产：

Investment properties投资物业

Defered tax asets递延税项资产

Financial asets at fair value through

profit or los

按公允值计入损益之金融资产

Pledged deposits抵押存款

Cash and cash equivalents现金及现金等值项目

Corporate and others企业及其他

Total asets per the consolidated statement

of financial position

综合财务状况表内之

资产总计

LIABILITIES负债

Segment liabilities分部负债

Unalocated liabilities:未分配负债：

Defered tax liabilities递延税项负债

Income tax liabilities所得税负债

Corporate and others企业及其他

Total liabilities per the consolidated statement

of financial position

综合财务状况表内之

负债总计

1. （续）

5.2 经营分部资料（续）

于报告期末之分部资产及负债如下：

---

170North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

5. REVENUE AND SEGMENT INFORMATION

(Continued)

5.2 Operating segment information (Continued)

Hi-tech

distribution

and services

operation

Leasing

operation

Electronic

payment

solutionTotal

高科技

产品分销

及服务业务租赁业务

电子支付

解决方案总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 31st March 2024于二零二四年三月三十一日

ASETS资产

Segment asets分部资产948,266299,08320,5671,267,916

Unalocated asets:未分配资产：

Investment properties投资物业231,609

Defered tax asets递延税项资产1,302

Financial asets at fair value through

profit or los

按公允值计入损益之金融资产

101,083

Pledged deposits抵押存款2,100

Cash and cash equivalents现金及现金等值项目345,494

Corporate and others企业及其他7,554

Total asets per the consolidated statement

of financial position

综合财务状况表内之

资产总计1,957,058

LIABILITIES负债

Segment liabilities分部负债509,06060,0161,446570,522

Unalocated liabilities:未分配负债：

Defered tax liabilities递延税项负债2,571

Income tax liabilities所得税负债9,417

Corporate and others企业及其他810

Total liabilities per the consolidated statement

of financial position

综合财务状况表内之

负债总计583,320

1. （续）

5.2 经营分部资料（续）

---

2025
二零二五年
HK$’000
千港元
1,292,142
83,157
1,375,299

171ANUAL REPORT 2024/25 年报

5. REVENUE AND SEGMENT INFORMATION

(Continued)

5.2 Operating segment information (Continued)

Geographical information

(a) Revenue from external customers

The Group’s activities are conducted predominantly

in Hong Kong, Mainland China and the rest of Asia.

Revenue by geographical location is determined on the

basis of the destination of shipment of gods for the hi-

tech distribution and services operating segment and

the location of the customers by the leasing operating

segment and electronic payment solution operating

segment.

The folowing table provides an analysis of the Group’s

revenue by geographical location:

二零二四年

HK$’000

千港元

The PRC including Hong Kong中国，包括香港1,251,488

Asia – others

#

亚洲 – 其他

#

53,932

1,305,420

* For revenue derived from the hi-tech distribution and

services operating segment, leasing operating segment

and electronic payment solution operating segment.

#

For revenue derived from the hi-tech distribution and

services operating segment.

(b) Non-curent asets

The geographical information of non-curent asets

is not presented since over 90% of the Group’s non-

curent asets are located in the PRC (including Hong

Kong).

1. （续）

5.2 经营分部资料（续）

地区资料

(a) 来自对外客户之收入

本集团业务主要于香港、中国内

地及亚洲其他地方进行。按地理

位置划分之收入按高科技产品分

销及服务经营分部付运货品之目

的地及租赁经营分部及电子支付

解决方案经营分部客户之所在地

厘定。

下表提供按地理位置划分之本集

团收入分析：

* 来自高科技产品分销及服务经

营分部、租赁经营分部及电子

支付解决方案经营分部之收入。

#

来自高科技产品分销及服务经

营分部之收入。

(b) 非流动资产

由于本集团逾90%之非流动资产

位于中国（包括香港），故并无呈

列非流动资产之地区资料。

---

2025
二零二五年
HK$’000
千港元
N/A 不适用*
152,914

172North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

5. REVENUE AND SEGMENT INFORMATION

(Continued)

5.2 Operating segment information (Continued)

Information about major customers

During the years ended 31st March 2025 and 2024, revenue

of HK$152,914,000 and HK$139,128,000, respectively, was

derived from sales to a customer of the hi-tech distribution

and services operating segment, which acounted for more

than 10% of the Group’s total revenue.

Revenue from major customers is set out below:

二零二四年

HK$’000

千港元

Customer 1客户1139,128

Customer 2客户2N/A 不适用*

• % of the Group’s total revenue.

1. （续）

5.2 经营分部资料（续）

有关主要客户之资料

于截至二零二五年及二零二四年三

月三十一日止年度，收入分别为

152,914,000港元及139,128,000港元

乃来自向高科技产品分销及服务经营分

部一名客户作出之销售，占本集团总收

入多于10%。

来自主要客户之收入载列如下：

• %。

---

2025
二零二五年
HK$’000
千港元
159
4,844
4,265
308
1,490
3,097
1,034
15,197

173ANUAL REPORT 2024/25 年报

6. OTHER INCOME AND GAINS, NET

An analysis of the Group’s other income and gains, net is as folows:

二零二四年

HK$’000

千港元

Gain on disposal of items of property, plant and

equipment, net

出售物业、厂房及设备项目之收

益，净额717

Gain on lease modification租赁修改之收益–

Changes in fair value of financial asets at fair

value through profit or los

按公允值计入损益之金融资产之

公允值变动4,269

Interest income of financial asets at fair value

through profit or los

按公允值计入损益之金融资产之

利息收入1,022

Government grants (note)政府补助（附注）3,974

Rental income租金收入2,877

Others其他872

13,731

Note:

Various government grants have ben received in respect of the Group’s PRC

subsidiaries in relation to import discount interest funds and a subsidiary for

being a high technology enterprise.

The government grants received have ben recognised in “other income

and gains, net” in the consolidated statement of profit or los. There were no

unfulfiled conditions or contingencies relating to these grants as at 31st March

2025 (2024: Nil).

1. ，净额

本集团之其他收入及收益，净额之分析如下：

附注：

已就本集团中国附属公司因进口贴现利息基金及一

间附属公司作为高科技企业而获得多项政府补助。

所收取的政府补助已于综合损益表中「其他收入及

收益，净额」中获确认。于二零二五年三月三十一

日，该等补助并无尚未达成的条件或与之相关的或

然事项（二零二四年：无）。

---

2025
二零二五年
HK$’000
千港元
1,054,828
7,435
41,873
5,050
24,808
2,797
18,857
137,334
1,135
2,483
8
(4,265)
2,400
606

174North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

7. PROFIT/(LOS) BEFORE INCOME TAX

The Group’s profit/(los) before income tax is arived at after

charging/(crediting):

二零二四年

NotesHK$’000

附注千港元

Cost of inventories sold已售存货成本1,074,227

Net foreign exchange los外汇亏损净额4,694

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

1340,135

Depreciation of investment properties投资物业折旧145,051

Depreciation of right-of-use asets使用权资产折旧1621,647

Amortisation of intangible asets无形资产摊销152,798

Impairment of investment properties投资物业减值14–

Employment costs雇佣成本8147,870

Other lease payments not included in the

measurement of lease liabilities

不纳入计量租赁负债之其他

租赁付款1,337

Impairment of trade and bils receivables,

net

贸易应收款项及应收票据减值，

净额383

Impairment of finance lease receivables,

net

融资租赁应收款项减值，净额

Fair value gain on financial asets at fair

value through profit or los

按公允值计入损益之金融资产之

公允值收益(4,269)

Auditor’s remuneration核数师酬金2,930

Direct operating expenses (including

repairs and maintenance) arising from

rental-earning investment properties

可赚取租金之投资物业产生之

直接经营费用

（包括维修及保养）553

1. ╱（亏损）

本集团之除所得税前溢利╱（亏损）已扣除╱

（计入）下列各项：

---

2025
二零二五年
HK$’000
千港元
3,056
108,178
11,027
–
15,073
137,334

175ANUAL REPORT 2024/25 年报

8. EMPLOYMENT COSTS

An analysis of employment costs including the emoluments of the

directors and chief executive and the five highest paid individuals of

the Group is as folows:

二零二四年

HK$’000

千港元

Directors’ fes董事袍金2,880

Salaries, alowances and benefits in kind薪金、津贴及实物利益104,700

Discretionary bonuses酌情花红22,770

Equity-setled share options expenses以股权结算之购股权开支865

Retirement benefits – defined contribution

schemes*

退休褔利 – 界定供款计划*

16,655

147,870

* There are no forfeited contributions that may be used by the Group as

the employer to reduce the existing level of contributions.

(a) The Group has aranged for its Hong Kong employes to join

the Mandatory Provident Fund Scheme (the “MPF Scheme”),

a defined contribution scheme managed by an independent

truste. Under the MPF Scheme, the Group (the employer)

and each of its employes make monthly contributions to the

scheme at 5% of the employes’ relevant income as defined

under the Hong Kong Mandatory Provident Fund Schemes

Ordinance. The monthly contribution of each of the employer

and employes is subject to a cap of HK$1,500 (2024:

HK$1,500) per employe and any further contributions are

voluntary.

As stipulated by the rules and regulations in Mainland China,

the Group contributes to state-operated retirement plans for

its employes in Mainland China. The employes contribute

fixed percentages of their basic salaries as required by

the local authorities while the Group contributes a further

amount as required by the local authorities. The Group has

no further obligations for the actual payment of pensions or

post-retirement benefits beyond these contributions. The

state-operated retirement plans are responsible for the entire

pension obligations payable to retired employes.

8. 雇佣成本

雇佣成本（包括本集团董事及最高行政人员之

酬金及五名最高薪人士之酬金）分析如下：

* 本集团作为雇主不存在被没收的供款以减少

现有供款水平。

(a) 本集团已安排其香港雇员参与强制性公

积金计划（「强积金计划」），该计划为一

项由独立受托人管理之界定供款计划。

根据强积金计划，本集团（雇主）及每名

雇员每月按雇员有关收入（定义见香港

强制性公积金计划条例）之5%向计划作

出供款。雇主及雇员各自之每月供款上

限为每名雇员1,500港元（二零二四年：

1,500港元），而其任何额外供款乃属自

愿。

按中国内地之规则及规例所订明，本集

团为其中国内地雇员向国家营办之退休

计划供款。雇员按地方机关规定之基本

薪金固定百分比供款，而本集团则按该

等地方机关规定之额外金额供款。除该

等供款外，本集团概无进一步支付实际

退休金或退休后福利之责任。该等国家

营办之退休计划须负责向退休雇员支付

全部退休金。

---

Fees	Salaries, allowances and benefits in kind	Discretionary bonuses	Equity- settled share options expenses	Employer’s contributions to retirement schemes	Total
袍金	薪金、津贴及 实物利益	酌情花红	以股权结算之 购股权开支	退休计划之 雇主供款	总额
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
480	5,694	5,000	–	18	11,192
480	2,760	650	–	18	3,908
480	–	–	–	–	480
230	–	–	–	–	230
480	–	–	–	–	480
181	–	–	–	–	181
426	–	240	–	–	666
299	–	240	–	–	539
3,056	8,454	6,130	–	36	17,676

176North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

8. EMPLOYMENT COSTS (Continued)

(b) Directors’ emoluments

Directors’ remuneration for the year, disclosed pursuant to

the GEM Listing Rules, section 383(1)(a), (b), (c) and (f) of

the Hong Kong Companies Ordinance and Part 2 of the

Companies (Disclosure of Information about Benefits of

Directors) Regulation, is as folows:

2025二零二五年

Executive directors执行董事

Ms. Zhang Yifan张一帆女士

Mr. Keneth Kon Hiu King干晓劲先生

Non-executive director非执行董事

Mr. Piere Tsui Kwong Ming徐广明先生

Independent non-executive directors独立非执行董事

Mr. Airy Lau Tak Chuen

#

刘德泉先生

#

Dr. Cai Qing蔡青博士

Mr. Graham Lam Ka Wai

#

林家威先生

#

Mr. Joseph Liang Hsien Tse梁显治先生

Mr. Joseph Chan Nap Ke陈立基先生

#

Apointed on 9th October 2024.

#

Apointed on 15th November 2024.

* Retired on 19th February 2025.

Resigned on 14th November 2024.

1. （续）

(b) 董事酬金

根据GEM上市规则、香港公司条例第

383(1)(a)、(b)、(c)及(f)条及公司（披露

董事利益资料）规例第2部披露之年内董

事薪酬如下：

#

于二零二四年十月九日获委任。

#

于二零二四年十一月十五日获委任。

• 。

于二零二四年十一月十四日辞任。

---

177ANUAL REPORT 2024/25 年报

8. EMPLOYMENT COSTS (Continued)

(b) Directors’ emoluments (Continued)

Fes

Salaries,

alowances

and benefits

in kind

Discretionary

bonuses

Equity-

setled

share options

expenses

Employer’s

contributions

to retirement

schemesTotal

袍金

薪金、津贴及实

物利益酌情花红

以股权结算之

购股权开支

退休计划之

雇主供款总额

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

千港元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

Ms. Zhang Yifan张一帆女士4805,26110,0001121815,871

Mr. Keneth Kon Hiu King干晓劲先生4802,520650399184,067

Non-executive director非执行董事

Mr. Piere Tsui Kwong Ming徐广明先生480–480

Independent non-executive directors独立非执行董事

Mr. Joseph Liang Hsien Tse梁显治先生480–40–520

Mr. Joseph Chan Nap Ke陈立基先生480–40–520

Dr. Cai Qing蔡青博士480–480

2,8807,78110,6505913621,938

There was no other arangement under which a director

waived or agred to waive any remuneration during the years

ended 31st March 2025 and 2024.

1. （续）

(b) 董事酬金（续）

于截至二零二五年及二零二四年三月

三十一日止年度，概无有关董事放弃或

同意放弃任何薪酬之其他安排。

---

2025
二零二五年
HK$’000
千港元
17,908
11,538
–
90
29,536

2025
二零二五年
Number of individuals
人数
1
2
–
1
1
–
–
5

178North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

8. EMPLOYMENT COSTS (Continued)

(c) Five highest paid individuals

The five individuals whose emoluments were the highest in

the Group for the year include 2 (2024: 2) directors, whose

emoluments are reflected in the analysis presented in note

(b) above. The emoluments payable to the five highest paid

individuals during the year are as folows:

二零二四年

HK$’000

千港元

Salaries, alowances and benefits in kind薪金、津贴及实物利益17,037

Discretionary bonuses酌情花红21,170

Equity-setled share option expenses以股权结算之购股权开支745

Employer’s contributions to retirement

schemes

退休计划之雇主供款

39,042

The emoluments of the five highest paid individuals fel within

the folowing bands:

二零二四年

Number of

individuals

人数

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

HK$3,500,001 to HK$4,000,0003,500,001港元至4,000,000港元1

HK$4,000,001 to HK$4,500,0004,000,001港元至4,500,000港元1

HK$7,500,001 to HK$8,000,0007,500,001港元至8,000,000港元–

HK$11,000,001 to HK$11,500,00011,000,001港元至11,500,000港元–

HK$12,500,001 to HK$13,000,00012,500,001港元至13,000,000港元1

HK$15,500,001 to HK$16,000,00015,500,001港元至16,000,000港元1

1. （续）

(c) 五名最高薪人士

本集团于年内酬金最高之五名人士包括

两名（二零二四年：两名）董事，其酬金

已于上文附注(b)呈报之分析中反映。年

内应付五名最高薪人士之酬金如下：

五名最高薪人士酬金在下列范围内：

---

2025
二零二五年
HK$’000
千港元
8,985
775
2,639
3,414

179ANUAL REPORT 2024/25 年报

9. FINANCE INCOME AND COSTS

An analysis of finance income and costs is as folows:

二零二四年

HK$’000

千港元

Finance income:财务收入：

Interest income from bank deposits银行存款之利息收入13,530

Finance costs:财务费用：

Interest on bank borowings银行借贷之利息119

Interest on lease liabilities租赁负债之利息2,985

3,104

10. INCOME TAX EXPENSE

The Company is exempted from taxation in Bermuda until 2035.

Hong Kong profits tax has ben calculated at the rate of 16.5%

(2024: 16.5%) on the estimated asesable profits for the year,

except for one subsidiary of the Group which is a qualifying entity

under the two-tiered profits tax rates regime. The first HK$2,000,000

(2024: HK$2,000,000) of asesable profits of this subsidiary is

taxed at 8.25% (2024: 8.25%) and the remaining asesable profits

are taxed at 16.5% (2024: 16.5%).

Subsidiaries established in Mainland China are subject to Mainland

China corporate income tax at the standard rate of 25% (2024:

25%).

9. 财务收入及费用

财务收入及费用分析如下：

10. 所得税支出

本公司获豁免缴纳百慕达税项直至二零三五

年。香港利得税就年内估计应课税溢利按税率

16.5%（二零二四年：16.5%）计算，惟本集团

根据利得税率两级制为合资格实体之一间附属

公司除外。该附属公司首2,000,000港元（二

零二四年：2,000,000港元）之应课税溢利按

税率8.25%（二零二四年：8.25%）缴税，而余

下应课税溢利则按税率16.5%（二零二四年：

16.5%）缴税。

于中国内地成立之附属公司须按25%（二零

二四年：25%）之标准税率缴纳中国内地企业

所得税。

---

2025
二零二五年
HK$’000
千港元
12,610
(403)
12,207

2025
二零二五年
HK$’000
千港元
4,303
4,620
(5,208)
10,943
5,544
(3,692)
12,207

180North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

10. INCOME TAX EXPENSE (Continued)

The amounts of income tax expense recorded in the consolidated

statement of profit or los represent:

二零二四年

HK$’000

千港元

Curent taxation当期税项

Mainland China corporate income tax中国内地企业所得税

– curent year– 本年度4,434

Defered递延(489)

3,945

A reconciliation of the tax expense aplicable to profit/(los) before

income tax at the statutory rates for the jurisdictions in which the

Company and the majority of its subsidiaries are domiciled and/

or operate to the tax expense at the efective tax rates, and a

reconciliation of the aplicable rates (i.e., the statutory tax rates) to

the efective tax rates are as folows:

二零二四年

HK$’000

千港元

Profit/(los) before income tax除所得税前溢利╱（亏损）(44,790)

Tax calculated at the average domestic tax

rates aplicable to profits in the respective

jurisdictions

按适用于有关司法管辖区溢利之

平均当地税率计算之税项

(4,419)

Tax efect of:税务影响：

– income not subject to tax– 无须课税之收入(8,129)

– expenses not deductible for tax– 不可扣税之支出6,859

– tax loses not recognised– 未确认之税项亏损9,634

– tax loses utilised from previous periods– 过往期间已动用之税项亏损–

Tax expense税项支出3,945

1. （续）

于综合损益表入账之所得税支出金额指：

按本公司及其大部分附属公司所处及╱或营运

所在司法管辖区之法定税率计算且适用于除所

得税前溢利╱（亏损）之税项支出与按实际税

率计算之税项支出对账，以及适用税率（即法

定税率）与实际税率之对账如下：

---

2025
二零二五年
HK$’000
千港元
(7,904)

181ANUAL REPORT 2024/25 年报

10. INCOME TAX EXPENSE (Continued)

For the year ended 31st March 2025, the weighted average

aplicable tax rate was 107% (2024: 9.9%). The change in the

weighted average aplicable tax rate is caused by a change in the

profitability of the Group’s subsidiaries in the respective jurisdictions.

11. DIVIDENDS

The directors do not recomend the payment of any dividend for

the year ended 31st March 2025 (2024: Nil).

12. LOS PER SHARE ATRIBUTABLE TO ORDINARY

SHAREHOLDERS OF THE COMPANY

Basic los per share is calculated by dividing the Group’s los

atributable to shareholders of the Company by the weighted

average number of ordinary shares outstanding during the year.

No adjustment has ben made to the basic los per share amount

presented for the years ended 31st March 2025 and 2024 in respect

of a dilution as the impact of share options had an anti-dilutive efect

on the basic los per share amount presented.

The calculations of basic and diluted los per share are based on:

二零二四年

HK$’000

千港元

Los亏损

Los atributable to shareholders of the

Company, used in the basic and diluted los

per share calculation

用于计算每股基本及摊薄亏损之

本公司股东应占亏损

(48,735)

1. （续）

于截至二零二五年三月三十一日止年度，适用

加权平均税率为107%（二零二四年：9.9%）。

适用加权平均税率变动乃由于相关司法管辖区

之本集团附属公司之盈利能力变动所致。

11. 股息

董事不建议派付截至二零二五年三月三十一日

止年度之任何股息（二零二四年：无）。

12. 本公司普通股东应占每股亏损

每股基本亏损乃透过将本公司股东应占本集团

亏损除以年内已发行普通股之加权平均数计

算。

截至二零二五年及二零二四年三月三十一日止

年度，概无就摊薄对呈列之每股基本亏损金额

作出调整，乃由于购股权对呈列之每股基本亏

损具有反摊薄作用之影响。

每股基本及摊薄亏损之计算基准如下：

---

2025
二零二五年
454,509,311

Leasehold improvements	Furniture, fixtures and office equipment	Motor vehicles	Plant and machinery and demonstration machinery	Total
租赁物业 装修	家私、装置及 办公室设备	汽车	厂房及机器 以及示范机器	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
27,680	29,998	17,358	63,338	138,374
(17,468)	(21,100)	(10,249)	(5,091)	(53,908)
10,212	8,898	7,109	58,247	84,466
10,212	8,898	7,109	58,247	84,466
3,813	5,406	1,135	84,764	95,118
(423)	(55)	(3,052)	(23,823)	(27,353)
(1,133)	(5,737)	(4,252)	(30,751)	(41,873)
(211)	(144)	(16)	(1,499)	(1,870)
12,258	8,368	924	86,938	108,488
30,967	31,504	13,360	122,971	198,802
(18,709)	(23,136)	(12,436)	(36,033)	(90,314)
12,258	8,368	924	86,938	108,488

182North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

12. LOS PER SHARE ATRIBUTABLE TO ORDINARY

SHAREHOLDERS OF THE COMPANY (Continued)

Number of shares

股份数目

二零二四年

Shares股份

Weighted average number of ordinary shares

outstanding, used in the basic and diluted

los per share calculation

用于计算每股基本及摊薄亏损之

已发行普通股加权平均数

454,509,311

13. PROPERTY, PLANT AND EQUIPMENT

31st March 2025二零二五年三月三十一日

At 1st April 2024:于二零二四年四月一日：

Cost成本值

Acumulated depreciation累计折旧

Net carying amount账面净值

At 1st April 2024, net of acumulated

depreciation

于二零二四年四月一日，扣除累

计折旧

Aditions添置

Disposals出售

Depreciation (note 7)折旧（附注7）

Exchange realignment汇兑调整

At 31st March 2025, net of acumulated

depreciation

于二零二五年三月三十一日，

扣除累计折旧

At 31st March 2025:于二零二五年三月三十一日：

Cost成本值

Acumulated depreciation累计折旧

Net carying amount账面净值

1. （续）

1. 、厂房及设备

---

183ANUAL REPORT 2024/25 年报

13. PROPERTY, PLANT AND EQUIPMENT (Continued)

Leasehold

improvements

Furniture,

fixtures

and ofice

equipment

Motor

vehicles

Plant and

machinery and

demonstration

machineryTotal

租赁物业

装修

家私、装置及

办公室设备汽车

厂房及机器

以及示范机器总额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

31st March 2024二零二四年三月三十一日

At 1st April 2023:于二零二三年四月一日：

Cost成本值26,33325,04413,043138,420202,840

Acumulated depreciation累计折旧(15,540)(16,363)(8,173)(73,954)(114,030)

Net carying amount账面净值10,7938,6814,87064,46688,810

At 1st April 2023, net of acumulated

depreciation

于二零二三年四月一日，

扣除累计折旧10,7938,6814,87064,46688,810

Aditions添置1,7185,3595,61965,73678,432

Disposals出售–(799)(38,795)(39,594)

Depreciation (note 7)折旧（附注7）(2,206)(4,968)(2,507)(30,454)(40,135)

Exchange realignment汇兑调整(93)(174)(74)(2,706)(3,047)

At 31st March 2024, net of acumulated

depreciation

于二零二四年三月三十一日，

扣除累计折旧10,2128,8987,10958,24784,466

At 31st March 2024:于二零二四年三月三十一日：

Cost成本值27,68029,99817,35863,338138,374

Acumulated depreciation累计折旧(17,468)(21,100)(10,249)(5,091)(53,908)

Net carying amount账面净值10,2128,8987,10958,24784,466

1. 、厂房及设备（续）

---

HK$’000
千港元
244,271
(12,662)
231,609
231,609
(5,050)
(18,857)
207,702
244,271
(36,569)
207,702

184North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

14. INVESTMENT PROPERTIES

31st March 2025二零二五年三月三十一日

At 31st March 2024:于二零二四年三月三十一日：

Cost成本值

Acumulated depreciation累计折旧

Net carying amount账面净值

At 1st April 2024, net of acumulated depreciation于二零二四年四月一日，扣除累计折旧

Depreciation (note 7)折旧（附注7）

Impairment (note 7)减值（附注7）

At 31st March 2025, net of acumulated depreciation and

impairment

于二零二五年三月三十一日，

扣除累计折旧及减值

At 31st March 2025:于二零二五年三月三十一日：

Cost成本值

Acumulated depreciation and impairment累计折旧及减值

Net carying amount账面净值

31st March 2024二零二四年三月三十一日

At 31st March 2023:于二零二三年三月三十一日：

Cost成本值244,271

Acumulated depreciation累计折旧(7,611)

Net carying amount账面净值236,660

At 1st April 2023, net of acumulated depreciation于二零二三年四月一日，扣除累计折旧236,660

Depreciation (note 7)折旧（附注7）(5,051)

At 31st March 2024, net of acumulated depreciation于二零二四年三月三十一日，扣除累计折旧231,609

At 31st March 2024:于二零二四年三月三十一日：

Cost成本值244,271

Acumulated depreciation累计折旧(12,662)

Net carying amount账面净值231,609

14. 投资物业

---

185ANUAL REPORT 2024/25 年报

14. INVESTMENT PROPERTIES (Continued)

As at 31st March 2025, due to the downturn of the property market

in Hong Kong, the Group performed an impairment test on the

investment properties. The recoverable amount of the investment

properties was HK$207,702,000, which was determined based on

the fair value les costs of disposal estimated by management. An

impairment los of HK$18,857,000 was recognised in profit or los

for the year ended 31st March 2025.

The fair value of the Group’s investment properties as at 31st March

2025 was aproximately HK$209,800,000 (2024: HK$235,000,000).

The valuation performed by Adachi Global Advisory Limited (2024:

Mos Valuation & Advisory Limited), independent profesionaly

qualified valuers, was made by reference to comparable sales

transactions as available in relevant market.

The folowing table gives information about how the fair values of

the investment properties as at 31st March 2025 and 2024 are

determined.

Fair value

hierarchyValuation technique and key inputs

公允值等级估值技术及关键输入数据

Investment propertiesLevel 3Market comparison aproach

– By reference to recent sales price of comparable properties on a

price per square fot basis using market data which is publicly

available, taking into acount the characteristics of the properties

including the location, size, shape, view, flor level, year of

completion and other factors colectively.

投资物业级别三市场比较法

– 参考从公开可得市场数据取得之可资比较物业，以每平方呎价格

为基准之近期销售价格，并考虑物业之整体特性，包括位置、大

小、形状、景观、楼层、落成年份及其他因素。

1. （续）

于二零二五年三月三十一日，由于香港物业市

场低迷，本集团对投资物业进行减值测试。投

资物业的可回收金额为207,702,000港元，乃

由管理层根据公允值减估计出售成本而厘定。

截至二零二五年三月三十一日止年度，减值亏

损18,857,000港元于损益内确认。

本集团投资物业于二零二五年三月三十一日之

公允值为约209,800,000港元（二零二四年：

235,000,000港元）。由独立专业合资格估值

师安达环球咨询有限公司（二零二四年：Mos

Valuation & Advisory Limited）进行之估值乃参

考相关市场上可资比较销售交易。

下表载列有关如何厘定投资物业于二零二五年

及二零二四年三月三十一日之公允值的资料。

---

378,092	19,010	16,750	5,500	1,127	17,055	437,534
–	(19,010)	(16,750)	(400)	(161)	(2,437)	(38,758)
378,092	–	–	5,100	966	14,618	398,776
378,092	–	–	5,100	966	14,618	398,776
–	–	–	(200)	(161)	(2,436)	(2,797)
378,092	–	–	4,900	805	12,182	395,979
378,092	19,010	16,750	5,500	1,127	17,055	437,534
–	(19,010)	(16,750)	(600)	(322)	(4,873)	(41,555)
378,092	–	–	4,900	805	12,182	395,979

186North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

15. INTANGIBLE ASETS

Godwil

Customer

relationships

Distribution

agrements

Club

membershipTrademark

Technology

know-howTotal

商誉客户关系分销协议俱乐部会籍商标技术知识总计

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

千港元千港元千港元千港元千港元千港元千港元

31st March 2025二零二五年三月三十一日

At 31st March 2024 and

1st April 2024:

于二零二四年三月三十一日及

二零二四年四月一日：

Cost成本

Acumulated amortisation累计摊销

Net carying amount账面净值

At 1st April 2024, net of

acumulated amortisation

于二零二四年四月一日，

扣除累计摊销

Amortisation provided during

the year (note 7)

年内摊销拨备（附注7）

Net carying amount账面净值

At 31st March 2025于二零二五年三月三十一日

Cost成本

Acumulated amortisation累计摊销

Net carying amount账面净值

15. 无形资产

---

2025
二零二五年
HK$’000
千港元
373,692
4,400
378,092

187ANUAL REPORT 2024/25 年报

15. INTANGIBLE ASETS (Continued)

Godwil

Customer

relationships

Distribution

agrements

Club

membershipTrademark

Technology

know-howTotal

商誉客户关系分销协议俱乐部会籍商标技术知识总计

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

千港元千港元千港元千港元千港元千港元千港元

31st March 2024二零二四年三月三十一日

At 31st March 2023 and

1st April 2023:

于二零二三年三月三十一日及

二零二三年四月一日：

Cost成本373,69219,01016,7505,500–414,952

Acumulated amortisation累计摊销–(19,010)(16,750)(200)–(35,960)

Net carying amount账面净值373,692–5,300–378,992

At 1st April 2023, net of

acumulated amortisation

于二零二三年四月一日，

扣除累计摊销373,692–5,300–378,992

Acquisition (note 27)收购（附注27）4,400–1,12717,05522,582

Amortisation provided during

the year (note 7)

年内摊销拨备（附注7）

–(200)(161)(2,437)(2,798)

Net carying amount账面净值378,092–5,10096614,618398,776

At 31st March 2024于二零二四年三月三十一日

Cost成本378,09219,01016,7505,5001,12717,055437,534

Acumulated amortisation累计摊销–(19,010)(16,750)(400)(161)(2,437)(38,758)

Net carying amount账面净值378,092–5,10096614,618398,776

Godwil is alocated to a cash-generating unit of the Group identified

acording to operating segments. A segment-level sumary of the

godwil alocation is presented below:

二零二四年

HK$’000

千港元

Hi-tech distribution and services operation高科技产品分销及服务业务373,692

Electronic payment solution电子支付解决方案4,400

378,092

1. （续）

商誉乃分配至按经营分部识别之本集团现金产

生单位。分部层面之商誉分配概要呈列如下：

---

188North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

15. INTANGIBLE ASETS (Continued)

Hi-tech distribution and services operation cash-generating

unit

The recoverable amount of the hi-tech distribution and services

operation cash-generating unit has ben determined based on a

value-in-use calculation using a pre-tax cash flow projection based

on a financial budget covering a five-year period aproved by senior

management. The pre-tax discount rate aplied to the cash flow

projection was 12.6% (2024: 13.5%). The growth rate used to

extrapolate the cash flows of the hi-tech distribution and services

operation cash-generating unit beyond the five-year period was 2.0%

(2024: 2.7%).

Asumptions were used in the value-in-use calculations of the hi-

tech distribution and services operation cash-generating unit for the

years ended 31st March 2025 and 2024. The folowing describes

each key asumption on which management has based its cash

flow projections to undertake impairment testing of godwil:

Distribution rights — The continuance of the distribution rights for

the hi-tech distribution and services operation in the foreseable

future would not ned any aditional cost or investment.

Budgeted gros margins — The basis used to determine the

value asigned to the budgeted gros margins is based on

past performance and management’s expectations for market

development.

Discount rate — The discount rate used is pre-tax and reflects

specific risks relating to the unit.

1. （续）

高科技产品分销及服务业务现金产生单位

高科技产品分销及服务业务现金产生单位之可

收回金额乃根据使用价值计算方法厘定，该计

算方法会采用按高级管理层所批准且涵盖五

年期间之财务预算所制定之税前现金流量预

测。现金流量预测采用之税前贴现率为12.6%

（二零二四年：13.5%）。推断高科技产品分销

及服务业务现金产生单位于五年期间后之现

金流量所使用之增长率为2.0%（二零二四年：

2.7%）。

截至二零二五年及二零二四年三月三十一日止

年度之高科技产品分销及服务业务现金产生单

位之使用价值计算使用假设。以下为管理层为

进行商誉减值测试而作出之现金流量预测所依

据之各项主要假设：

分销权 – 在可见未来高科技产品分销及服务

业务之分销权持续，且无须任何额外成本或投

资。

预算毛利率 – 用以厘定预算毛利率所附价值

之基准乃基于过往表现及管理层对市场发展之

展望。

贴现率 – 所采用之贴现率为税前并反映单位

之相关特定风险。

---

189ANUAL REPORT 2024/25 年报

15. INTANGIBLE ASETS (Continued)

Electronic payment solution cash-generating unit

The recoverable amount of the electronic payment solution cash-

generating unit has ben determined based on a value-in-use

calculation using a pre-tax cash flow projection based on a financial

budget covering a five-year period aproved by senior management.

The pre-tax discount rate aplied to the cash flow projection was

27.2% (2024: 32.6%). The growth rate used to extrapolate the

cash flows of the electronic payment solution cash-generating unit

beyond the five-year period was 2.5% (2024: 2.5%).

Asumptions were used in the value-in-use calculations of the

electronic payment solution cash-generating unit for the years

ended 31st March 2025 and 2024. The folowing describes each

key asumption on which management has based its cash flow

projections to undertake impairment testing of godwil and other

intangible asets:

Budgeted revenue — The basis used to determine the value

asigned to the budgeted revenue is based on past performance

and management’s expectations for market development.

Discount rate — The discount rate used is pre-tax and reflects

specific risks relating to the unit.

1. （续）

电子支付解决方案现金产生单位

电子支付解决方案现金产生单位之可收回金额

乃根据使用价值计算方法厘定，该计算方法会

采用按高级管理层所批准且涵盖五年期间之财

务预算所制定之税前现金流量预测。现金流

量预测采用之税前贴现率为27.2%（二零二四

年：32.6%）。推断电子支付解决方案现金产

生单位于五年期间后之现金流量所使用之增长

率为2.5%（二零二四年：2.5%）。

截至二零二五年及二零二四年三月三十一日止

年度之电子支付解决方案现金产生单位之使用

价值计算使用假设。以下为管理层为进行商誉

及其他无形资产之减值测试而作出之现金流量

预测所依据之各项主要假设：

预算收入 – 用以厘定预算收入所附价值之基准

乃基于过往表现及管理层对市场发展之展望。

贴现率 – 所采用之贴现率为税前并反映单位

之相关特定风险。

---

190North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

15. INTANGIBLE ASETS (Continued)

Electronic payment solution cash-generating unit (Continued)

In the opinion of the Company’s directors, a decrease in the revenue

amount in the first year of cash flow projection by 30% would

cause the carying amount of the cash-generating unit to exced its

recoverable amount by aproximately HK$1,638,000 for the year

ended 31st March 2025, and any reasonably posible change in the

other key asumptions on which the recoverable amount is based

would not cause the cash-generating unit’s carying amount to

exced its recoverable amount.

Club membership

As at 31st March 2025, the Group’s club membership with a carying

amount of HK$3,500,000 (2024: HK$3,500,000) has indefinite

useful life and wil not be amortised until its useful life is determined

to be finite upon reasesment anualy by management.

As at 31st March 2025, the Group’s club membership with a carying

amount of HK$1,400,000 (2024: HK$1,600,000) is amortised over

the useful life of 10 years using the straight-line method.

As at 31st March 2025, the fair value of the club memberships (by

reference to the quoted market prices les transfer fes) is above

its carying amount and does not exced its original cost before

impairment. No impairment los was recognised during the curent

year (2024: Nil).

The fair value of the club membership is clasified as Level 2 of the

fair value hierarchy.

1. （续）

电子支付解决方案现金产生单位（续）

本公司董事认为，现金流量预测首年之收入

金额减少30%或会导致截至二零二五年三月

三十一日止年度的现金产生单位账面值超出其

可收回金额约1,638,000港元，而可收回金额

所基于之其他主要假设之任何合理可能变动，

不会导致该现金产生单位之账面值超出其可收

回金额。

俱乐部会籍

于二零二五年三月三十一日，本集团账面值为

3,500,000港元（二零二四年：3,500,000港元）

之俱乐部会籍具无限可使用年期，直至管理层

每年重新评估厘定其可使用年期为有限后方会

进行摊销。

于二零二五年三月三十一日，本集团账面值为

1,400,000港元（二零二四年：1,600,000港元）

之俱乐部会籍采用直线法按10年可使用年期

摊销。

于二零二五年三月三十一日，俱乐部会籍公允

值（经参考市场报价减转会费）高于其账面值

但不超过其减值前之原始成本。本年度并无确

认减值亏损（二零二四年：无）。

俱乐部会籍之公允值获分类为公允值等级中之

级别二。

---

55,559
14,227
(24,808)
(1,728)
(129)
43,121

191ANUAL REPORT 2024/25 年报

16. LEASES

The Group as a lese

The Group has lease contracts for various ofice properties,

warehouses and staf quarters for its operations. These leases

generaly have lease terms betwen 2 and 6.5 years. Generaly, the

Group is restricted from asigning and subleasing the leased asets

outside the Group.

(a) Right-of-use asets

The carying amount of the Group’s right-of-use asets and

the movements during the year are as folows:

Ofice properties,

warehouses and

staf quarters

办公室物业、

仓库及员工宿舍

HK$’000

千港元

As at 1st April 2023于二零二三年四月一日66,131

Aditions添置11,597

Depreciation charge折旧开支(21,647)

Exchange realignment汇兑调整(522)

As at 31st March 2024 and

1st April 2024

于二零二四年三月三十一日及

二零二四年四月一日

Aditions添置

Depreciation charge折旧开支

Lease modification租赁修改

Exchange realignment汇兑调整

As at 31st March 2025于二零二五年三月三十一日

16. 租赁

本集团作为承租人

本集团就其业务拥有多项办公室物业、仓库及

员工宿舍之租赁合约。该等租赁一般为期2至

6.5年。一般而言，本集团不可分配及分租本

集团以外之租赁物业。

(a) 使用权资产

本集团使用权资产之账面值及年内变动

如下：

---

2025
二零二五年
HK$’000
千港元
61,407
14,227
2,639
(27,649)
(6,572)
(135)
43,917
16,730
14,121
13,066
43,917
(27,187)
16,730

192North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

16. LEASES (Continued)

The Group as a lese (Continued)

(b) Lease liabilities

The carying amount of lease liabilities and the movements

during the year are as folows:

二零二四年

HK$’000

千港元

Carying amount at begining of year于年初之账面值71,193

New leases新租赁11,597

Acretion of interest recognised during

the year

年内确认之利息增加

2,985

Payments付款(23,832)

Lease modification租赁修改–

Exchange realignment汇兑调整(536)

Carying amount at end of year于年末之账面值61,407

Analysed into:分析为：

Repayable:须于以下年期偿还：

Within one year一年内20,779

In the second year第二年14,748

In the third to fifth years, inclusive第三至五年（包括首尾两年）25,880

61,407

Les: Non-curent portion减：非流动部分(40,628)

Curent portion流动部分20,779

The maturity analysis of lease liabilities is disclosed in note

3.1(c) to the financial statements.

1. （续）

本集团作为承租人（续）

(b) 租赁负债

租赁负债之账面值及年内变动如下：

租赁负债之到期日分析于财务报表附注

3.1(c)披露。

---

2025
二零二五年
HK$’000
千港元
2,639
24,808
1,135
28,582

193ANUAL REPORT 2024/25 年报

16. LEASES (Continued)

The Group as a lese (Continued)

(c) The amounts recognised in profit or los in relation to leases

are as folows:

二零二四年

HK$’000

千港元

Interest on lease liabilities租赁负债之利息2,985

Depreciation charge of right-of-use

asets

使用权资产之折旧开支

21,647

Expenses relating to short-term leases

and other leases with remaining lease

terms ended on or before 31st March

有关短期租赁及余下租期

于三月三十一日或之前终止

之其他租赁开支1,337

Total amount recognised in profit or los于损益内确认之总金额25,969

(d) The total cash outflow for leases is disclosed in note 28(d) to

the financial statements.

1. （续）

本集团作为承租人（续）

(c) 于损益确认有关租赁之金额如下：

(d) 租赁之现金流出总额于财务报表附注

28(d)披露。

---

2025
二零二五年
HK$’000
千港元
15,225
8,554
23,779

194North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

16. LEASES (Continued)

The Group as a lesor

The Group leases its investment properties and certain of its plant

and machinery and demonstration machinery under operating

lease arangements. The leases for these investment properties

and equipment are negotiated for terms ranging from 1 to 24

months. Rental income recognised by the Group during the year

was HK$56,528,000 (2024: HK$32,093,000), details of which are

included in notes 5.1 and 6 to the financial statements.

At the end of the reporting period, the undiscounted lease payments

receivable by the Group in future periods under non-cancelable

operating leases are as folows:

二零二四年

HK$’000

千港元

Within one year一年内12,912

2 to 5 years二至五年2,279

15,191

1. （续）

本集团作为出租人

本集团根据多项经营租赁安排租赁其投资物业

及其若干厂房及机器以及示范机器。该等投资

物业及设备之议定租期介乎1至24个月不等。

本集团年内确认之租金收入为56,528,000港

元（二零二四年：32,093,000港元），有关详

情载于财务报表附注5.1及6。

于报告期末，本集团于未来期间根据与其租户

订立之多项不可撤销经营租赁之未贴现应收租

赁付款如下：

---

2025
二零二五年
HK$’000
千港元
316,336
(9,146)
307,190
42,417
(603)
41,814
349,004
68,313
(812)
67,501
(12,220)
55,281
76,175
22,981
5,055
9,497
113,708
(3,924)
109,784
514,069
16,144

195ANUAL REPORT 2024/25 年报

17. TRADE AND OTHER RECEIVABLES

二零二四年

HK$’000

千港元

Trade receivables贸易应收款项299,215

Les: Impairment of trade receivables减：贸易应收款项减值(7,067)

292,148

Bils receivable应收票据15,159

Les: Impairment of bils receivable减：应收票据减值(199)

14,960

Trade and bils receivables, net (note (a)贸易应收款项及应收票据，净额

（附注(a)）307,108

Finance lease receivables融资租赁应收款项80,790

Les: Impairment of finance lease receivables减：融资租赁应收款项减值(804)

Finance lease receivables, net (note (b)融资租赁应收款项，净额（附注(b)）79,986

Les: Non-curent portion*减：非流动部分*(12,004)

Finance lease receivables, net, curent portion

(note (b)

融资租赁应收款项净额，流动部分

（附注(b)）67,982

Prepayments预付款项95,434

Other tax recoverable其他可收回税项25,203

Other receivables (note (c)其他应收款项（附注(c)）3,073

Rental and other deposits (note (c)租金及其他按金（附注(c)）10,055

133,765

Les: Non-curent portion*减：非流动部分*(5,218)

Prepayments, deposits and other receivables,

net, curent portion

预付款项、按金及其他应收款项

净额，流动部分128,547

Total trade and other receivables, curent portion贸易应收款项及其他应收款项

总额，流动部分503,637

*Total trade and other receivables, non-curent

portion

*贸易应收款项及其他应收款项

总额，非流动部分17,222

17. 贸易应收款项及其他应收款项

---

2025
二零二五年
HK$’000
千港元
7,266
2,483
9,749

196North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

17. TRADE AND OTHER RECEIVABLES (Continued)

(a) Trade and bils receivables, net

The Group’s trading terms with its customers of hi-tech

distribution and services operation are mainly on leters of

credit or documents against payment, and in some cases

granting a credit period of 5 to 180 days. Payment in advance

is normaly required. In respect of the Group’s operating

leasing operation, trade receivables are setled based on the

terms stipulated in the lease agrements. The Group’s terms

with its debtors of electronic payment solution operation are

generaly with a credit period of 4 to 7 days. The Group seks

to maintain strict control over its outstanding receivables to

minimise credit risk. Overdue balances are reviewed regularly

by senior management. Since the Group’s trade and bils

receivables relate to a large number of diversified customers,

there is no significant concentration of credit risk. Except for

a trade receivable with a carying amount of HK$11,950,000

as at 31st March 2024 which was fuly covered by a deposit

received, the Group does not hold any colateral or other

credit enhancements over its trade and bils receivable

balances.

The movements in the los alowance for impairment of trade

and bils receivables are as folows:

二零二四年

HK$’000

千港元

At begining of year于年初6,883

Impairment loses, net减值亏损，净额383

At end of year于年末7,266

The increase (2024: increase) in the los alowance was due

to the decrease in the gros carying amount of trade and bils

receivables and the changes in expected credit los rate with

reference to the change in the general economic environment.

1. （续）

(a) 贸易应收款项及应收票据，净额

本集团与高科技产品分销及服务业务客

户进行买卖之条款主要按信用证或付款

交单，而个别客户会获授介乎5至180

天不等之信贷期。一般须预先付款。就

本集团之经营租赁业务而言，贸易应收

款项乃根据租赁协议所订明之条款偿

还。本集团与电子支付解决方案业务的

债务人之条款一般获授介乎4至7天不

等之信贷期。本集团寻求对其未收取之

应收款项维持严格控制以尽量减低信贷

风险。高级管理层会定期检讨逾期结

余。由于本集团之贸易应收款项及应收

票据涉及大量不同客户，故并无重大集

中之信贷风险。除了以已收按金全数支

付于二零二四年三月三十一日之账面值

为11,950,000港元之贸易应收款项外，

本集团并无就贸易应收款项及应收票据

结余持有任何抵押品或其他信用增级。

贸易应收款项及应收票据的减值亏损拨

备变动如下：

亏损拨备增加（二零二四年：增加）乃由

于贸易应收款项及应收票据之账面总值

减少及参考整体经济环境变动而对预期

信贷亏损率作出变动所致。

---

2025
二零二五年
HK$’000
千港元
223,336
42,517
20,997
45,626
16,528
349,004

197ANUAL REPORT 2024/25 年报

17. TRADE AND OTHER RECEIVABLES (Continued)

(a) Trade and bils receivables, net (Continued)

An ageing analysis of trade and bils receivables, based on the

invoice date and net of los alowance, as at the end of the

reporting period, is as folows:

二零二四年

HK$’000

千港元

3 months or les三个月或以下162,599

4 to 6 months四至六个月64,681

7 to 9 months七至九个月51,375

10 to 12 months十至十二个月12,103

Over 12 months超过十二个月16,350

307,108

The Group has aplied the simplified aproach to provide for

impairment for ECLs, which included the use of the lifetime

expected los provision for impairment of al trade receivables.

To measure the ECLs, trade receivables have ben grouped

based on shared credit risk characteristics and the days past

due.

1. （续）

(a) 贸易应收款项及应收票据，净额（续）

于报告期末，贸易应收款项及应收票据

按发票日期及扣除亏损拨备后之账龄分

析如下：

本集团采用简化方法为预期信贷亏损减

值计提拨备，该简化方法允许对所有贸

易应收款项使用全期预期亏损拨备。为

计量预期信贷亏损，贸易应收款项已根

据共同信贷风险特征及逾期日数而组

合。

---

Past Due
逾期
Current	1-90 days	91-180 days	181-270 days	271-365 days	1-2 years	Over 2 years	Total
当前	1至90日	91至180日	181至270日	271至365日	一至两年	超过两年	总计
0.1	3.3	0.4	0.4	2.0	9.8	100	2.9
187,472	64,920	47,097	6,428	197	3,942	6,280	316,336
118	2,138*	192	28	4	386	6,280	9,146

198North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

17. TRADE AND OTHER RECEIVABLES (Continued)

(a) Trade and bils receivables, net (Continued)

Set out below is the information about the credit risk exposure

on the Group’s trade receivables using a provision matrix:

As at 31st March 2025

Expected credit los rate (%)预期信贷亏损率(%)

Gros carying amount (HK$’000)账面总值（千港元）

Expected credit loses (HK$’000)预期信贷亏损（千港元）

• $1,909,000 for a trade receivable

which is asesed to be credit impaired by the Group.

As at 31st March 2024

Past Due

逾期

Curent1-90 days91-180 days181-270 days271-365 days1-2 yearsOver 2 yearsTotal

当前1至90日91至180日181至270日271至365日一至两年超过两年总计

Expected credit los rate (%)预期信贷亏损率(%)0.10.20.20.40.69.233.22.4

Gros carying amount (HK$’000)账面总值（千港元）49,583111,65355,65947,34012,0944,96217,924299,215

Expected credit loses (HK$’000)预期信贷亏损（千港元）49238124187674595,9437,067

When aplicable, an impairment analysis of bils receivable

under HKFRS 9 is performed at each reporting date by

considering the probability of default from published credit

rating. The probability of default aplied ranged from 0.62%

to 100% (2024: from 0.59% to 6.36%) and the los given

default is estimated to be ranged from 59.9% to 61.1% (2024:

from 60.1% to 61.8%) for the year ended 31st March 2025.

1. （续）

(a) 贸易应收款项及应收票据，净额（续）

有关本集团采用拨备矩阵计量的贸易应

收款项的信贷风险敞口资料载列如下：

于二零二五年三月三十一日

• ,909,000

港元，本集团评估有关款项为已信贷

减值。

于二零二四年三月三十一日

香港财务报告准则第9号项下之应收票

据减值分析乃于各报告日期经考虑公布

信用评级的违约可能性进行（如适用）。

截至二零二五年三月三十一日止年度，

所应用的违约可能性为0.62%至100%

（二零二四年：0.59%至6.36%），而预

计违约损失率将为59.9%至61.1%（二

零二四年：60.1%至61.8%）。

---

2025
二零二五年
HK$’000
千港元
8,216
23,829
142,761
173,993
205
349,004

2025
二零二五年
HK$’000
千港元
72,311
(3,998)
68,313
(812)
67,501
(55,281)
12,220

199ANUAL REPORT 2024/25 年报

17. TRADE AND OTHER RECEIVABLES (Continued)

(a) Trade and bils receivables, net (Continued)

The carying amounts of the Group’s trade and bils

receivables are denominated in the folowing curencies:

二零二四年

HK$’000

千港元

Hong Kong dolar港元388

US dolar美元20,043

RMB人民币200,674

Japanese Yen日圆85,616

Other curencies其他货币387

307,108

(b) Finance lease receivables, net

二零二四年

HK$’000

千港元

Gros investment in finance leases融资租赁总投资86,482

Les: Unearned finance lease income减：未赚取之融资租赁收入(5,692)

Present value of minimum lease amounts

receivable

应收最低租金之现值

80,790

Les: Acumulated alowance for

impairment (note)

减：累计减值拨备（附注）

(804)

79,986

Les: Curent portion减：流动部分(67,982)

Non-curent portion非流动部分12,004

1. （续）

(a) 贸易应收款项及应收票据，净额（续）

本集团贸易应收款项及应收票据之账面

值以下列货币计值：

(b) 融资租赁应收款项，净额

---

2025
二零二五年
HK$’000
千港元
804
8
812

200North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

17. TRADE AND OTHER RECEIVABLES (Continued)

(b) Finance lease receivables, net (Continued)

Note:

The Group has aplied the general aproach to measure ECLs for

finance lease receivables. The Group has conducted an asesment

of ECLs acording to forward-loking information and used an

apropriate model and asumptions in its measurement of ECLs.

The asumptions included the future macroeconomic conditions and

borower’s creditworthines (e.g., the likelihod of default by customers

and the coresponding loses). As at 31st March 2025, the probability

of default aplied was 1.73% (2024: 1.57%) and the los given default

was estimated to be 63.5% (2024: 63.6%).

The movements in the los alowance for impairment of finance lease

receivables are as folows:

二零二四年

HK$’000

千港元

At begining of year于年初609

Impairment loses, net减值亏损，净额195

At end of year于年末804

1. （续）

(b) 融资租赁应收款项，净额（续）

附注：

本集团已应用一般方法计量融资租赁应收款

项的预期信贷亏损。本集团根据前瞻性资料

评估预期信贷亏损，并于计量预期信贷亏损

时使用适合的模式及假设。有关假设包括未

来宏观经济状况及借款人的信贷状况（如客

户违约的可能性及相应损失）。于二零二五

年三月三十一日，所应用的违约的可能性为

1.73%（二零二四年：1.57%），而预计违约

损失率将为63.5%（二零二四年：63.6%）。

融资租赁应收款项减值之亏损拨备变动

如下：

---

2025		2025
二零二五年		二零二五年
HK$’000		HK$’000
千港元		千港元
71,736 14,746
59,647		55,281
12,664		12,220
86,482
72,311		67,501

2025
二零二五年
HK$’000
千港元
67,501

201ANUAL REPORT 2024/25 年报

17. TRADE AND OTHER RECEIVABLES (Continued)

(b) Finance lease receivables, net (Continued)

Gros amounts and present values

The analysis of the Group’s gros investment in finance leases

and present value of minimum lease amounts receivable

under finance leases by relevant maturity groupings at the end

of the reporting period is as folows:

Gros amountsPresent values

总金额现值

二零二四年

HK$’000

千港元

Within one year一年内67,982

After one year but not more

than two years

一年后但不超过两年

12,004

79,986

The carying amounts of the Group’s finance lease receivables

are denominated in the folowing curencies:

二零二四年

HK$’000

千港元

RMB人民币79,986

1. （续）

(b) 融资租赁应收款项，净额（续）

总金额及现值

按于报告期末之相关到期情况划分，本

集团之融资租赁总投资及根据融资租赁

应收之最低租金现值分析如下：

本集团融资租赁应收款项之账面值以下

列货币计值：

---

2025
二零二五年
HK$’000
千港元
87
88,749
88,836

202North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

17. TRADE AND OTHER RECEIVABLES (Continued)

(c) Where aplicable, an impairment analysis is performed on

financial asets included in deposits and other receivables at

each reporting date by considering the probability of default

of comparable companies with published credit ratings. In the

situation where no comparable companies with credit ratings

can be identified, expected credit loses are estimated by a

los rate aproach with reference to the historical los record

of the Group. The los rate is adjusted to reflect the curent

conditions and forward-loking information, as apropriate.

As at 31st March 2025 and 2024, the Group has concluded

that the probability of default and los rate were low and the

financial impact of expected credit loses for deposits and

other receivables under HKFRS 9 was insignificant for the

years ended 31st March 2025 and 2024.

The financial asets included in the above balances relate to

receivables for which there was no recent history of default

and past due amounts.

18. FINANCIAL ASETS AT FAIR VALUE THROUGH

PROFIT OR LOS

二零二四年

HK$’000

千港元

Listed equity investment, at fair value上市股本投资，按公允值92

Quoted investments, at fair value报价投资，按公允值100,991

101,083

The above investments mainly consist of investments in short-term

market fund and bond. They were clasified as financial asets at

fair value through profit or los as they were held for trading or their

contractual cash flows are not solely payments of principal and

interest.

1. （续）

(c) 倘适用，将对各报告日期的按金及其他

应收款项内的金融资产进行减值分析，

所用方式为考虑具已公布信用评级的可

资比较公司的违约之可能性。在无法识

别就信贷评级而言可资比较的公司情况

下，预期信贷亏损透过应用亏损率方

法，并参考本集团历史亏损记录而进行

估计。亏损率会作调整，以反映现时状

况及前瞻性资料（如适用）。于二零二五

年及二零二四年三月三十一日，本集团

认为违约的可能性及亏损率低，而截至

二零二五年及二零二四年三月三十一日

止年度，根据香港财务报告准则第9号

的按金及其他应收款项的预期信贷亏损

的财务影响并不重大。

金融资产计入上述有关应收款项之结

余，有关结余近期并无违约记录及逾期

金额。

18. 按公允值计入损益之金融资产

上述投资主要包括短期市场基金及债券。由于

该等投资为持作买卖或其合约现金流量并非唯

独支付本金及利息，故将其分类为按公允价计

入损益之金融资产。

---

2025
二零二五年
HK$’000
千港元
258,089

2025
二零二五年
HK$’000
千港元
163,273
160,220
323,493
(2,043)
321,450

203ANUAL REPORT 2024/25 年报

19. INVENTORIES

二零二四年

HK$’000

千港元

Finished gods制成品215,810

20. CASH AND CASH EQUIVALENTS AND PLEDGED

DEPOSITS

二零二四年

HK$’000

千港元

Cash at banks and on hand银行及手头现金116,435

Time deposits定期存款231,159

347,594

Les: Pledged deposits for securing

performance bond (note 30)

减：抵押履约保证金之抵押存款

（附注30）(2,100)

Cash and cash equivalents现金及现金等值项目345,494

At 31st March 2025, the efective interest rate on short-term bank

deposits was aproximately 4.1% (2024: 5.2%) per anum. These

deposits have an average maturity of 33 days (2024: 34 days).

19. 存货

20. 现金及现金等值项目以及抵押存款

于二零二五年三月三十一日，短期银行存款之

实际年利率约为4.1厘（二零二四年：5.2厘）。

该等存款之平均期限为33日（二零二四年：34

日）。

---

2025
二零二五年
HK$’000
千港元
10,893
193,258
71,655
38,524
7,120
321,450

204North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

20. CASH AND CASH EQUIVALENTS AND PLEDGED

DEPOSITS (Continued)

Cash and cash equivalents were denominated in the folowing

curencies:

二零二四年

HK$’000

千港元

Hong Kong dolar港元9,009

US dolar美元236,857

RMB人民币52,426

Japanese Yen日圆38,604

Other curencies其他货币8,598

345,494

At the end of the reporting period, the cash and bank balances

of the Group denominated in RMB amounted to HK$71,655,000

(2024: HK$52,426,000). The RMB is not frely convertible into other

curencies, however, under Mainland China’s Foreign Exchange

Control Regulations and Administration of Setlement, Sale and

Payment of Foreign Exchange Regulations, the Group is permited

to exchange RMB for other curencies through banks authorised to

conduct foreign exchange busines.

1. （续）

现金及现金等值项目以下列货币计值：

于报告期末，本集团以人民币计值之现金及

银行结余为71,655,000港元（二零二四年：

52,426,000港元）。人民币不可自由兑换为其

他货币，然而，根据中国内地之外汇管理条例

以及结汇、售汇及付汇管理规定，本集团获准

透过获授权进行外汇业务之银行将人民币兑换

为其他货币。

---

Ordinary shares		Preference shares
普通股		优先股
Number of shares	Ordinary share capital	Number of shares	Preference share capital	Total
股份数目	普通股股本	股份数目	优先股股本	总计
’000	HK$’000	’000	HK$’000	HK$’000
千股	千港元	千股	千港元	千港元
4,000,000	400,000	3,000,000	300,000	700,000
454,509	45,450	–	–	45,450

205ANUAL REPORT 2024/25 年报

21. SHARE CAPITAL

(a) Share capital of the Company

Authorised:法定：

At 1st April 2023,

31st March 2024,

1st April 2024 and

31st March 2025

– HK$0.1 each

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

– 每股面值0.1港元

Isued:已发行：

At 1st April 2023,

31st March 2024,

1st April 2024 and

31st March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

(b) Share options of the Company

On 4th September 2014, the shareholders of the Company

aproved the adoption of a share option scheme (the “2014

Scheme”). Under the terms of the 2014 Scheme, the Board

may at its discretion ofer share options to any employe,

agent, consultant or representative of the Company or any

subsidiary, including any executive or non-executive director

of the Company or any subsidiary or any other person whom

the Board considers, in its sole discretion, has contributed or

wil contribute to the Group (the “Participants”). The principal

purpose of the 2014 Scheme is to reward the Participants

who have contributed or wil contribute to the Group and

to encourage the Participants to work towards enhancing

the value of the Company and its shares for the benefit of

the Company and its shareholders as a whole. The 2014

Scheme shal be valid and efective for a period of ten years

comencing on the adoption date.

21. 股本

(a) 本公司股本

(b) 本公司购股权

于二零一四年九月四日，本公司股东

批准采纳购股权计划（「二零一四年计

划」）。根据二零一四年计划之条款，董

事会可酌情向本公司或任何附属公司之

任何雇员、代理、顾问或代表，包括董

事会按其绝对酌情判断对本集团作出贡

献或将作出贡献之本公司或任何附属公

司之任何执行或非执行董事或任何其他

人士（「参与者」）授出购股权。二零一四

年计划主要旨在奖励对本集团作出贡献

或将作出贡献之参与者，并鼓励参与者

以本公司及其股东之整体利益为目标，

努力提升本公司及其股份之价值。二零

一四年计划由采纳日期起计，有效期为

十年。

---

0.65	32,056,388
0.65	(32,056,388)
–	–

206North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

21. SHARE CAPITAL (Continued)

(b) Share options of the Company (Continued)

The movement in the number of share options outstanding

and their related weighted average exercise price are as

folows:

Weighted average

exercise price

per share

Number of

share options

每股加权平均

行使价购股权数目

HK$

港元

As at 1st April 2023于二零二三年四月一日0.7922,196,388

Granted during the year年内授出0.349,860,000

As at 31st March 2024 and

1st April 2024

于二零二四年三月三十一日

及二零二四年四月一日

Lapsed during the year年内失效

As at 31st March 2025于二零二五年三月三十一日

During the years ended 31st March 2025 and 2024, no share

options granted were exercised.

The exercise price and exercise period of the share options

outstanding as at the end of the prior year are as folows:

1. （续）

(b) 本公司购股权（续）

尚未行使之购股权数目变动及其有关加

权平均行使价如下：

于截至二零二五年及二零二四年三月

三十一日止年度，概无已授出购股权获

行使。

于上年末，尚未行使之购股权的行使价

及行使期如下：

---

207ANUAL REPORT 2024/25 年报

21. SHARE CAPITAL (Continued)

(b) Share options of the Company (Continued)

As at 31st March 2024

Number of optionsExercise price*Exercise period

购股权数目行使价*行使期

HK$ per share

每股港元

7,404,3881.1416th August 2017 — 15th August 2027

二零一七年八月十六日至二零二七年八月十五日

11,524,0000.7024th December 2021 — 23rd December 2031

二零二一年十二月二十四日至

二零三一年十二月二十三日

3,268,0000.337th November 2022 — 6th November 2032

二零二年十一月七日至二零三二年十一月六日

9,860,0000.346th July 2023 — 5th July 2033

二零二三年七月六日至二零三年七月五日

32,056,388

* The exercise price of the share options is subject to adjustment

in the case of rights or bonus isues, or other similar changes

in the Company’s share capital.

During the year ended 31st March 2024, the fair value of the

share options granted on 6th July 2023, determined using a

binomial model, was aproximately HK$865,000. The Group

had recognised a share option expense of HK$865,000

during the year ended 31st March 2024.

1. （续）

(b) 本公司购股权（续）

于二零二四年三月三十一日

* 购股权之行使价可因供股或红股发行

或本公司股本之其他类似变动而调整。

截至二零二四年三月三十一日止年度，

以二项式模式厘定于二零二三年七月

六日授出之购股权公允值约为865,000

港元。本集团已于截至二零二四年三

月三十一日止年度确认购股权开支

865,000港元。

---

208North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

21. SHARE CAPITAL (Continued)

(b) Share options of the Company (Continued)

The fair values of equity-setled share options granted during

the year ended 31st March 2024 were determined as at the

date of grant using a binomial model, taking into acount

the terms and conditions upon which the share options were

granted. The folowing table lists the inputs to the model used:

Share options

granted on

7th July 2023

于二零二三年

七月七日授出

之购股权

Expected dividend yield (%)预期股息收益率(%)0.000

Expected volatility (%)预期波幅(%)76.965

Risk-fre interest rate (%)无风险利率(%)3.937

Exercise multiple (times)行使倍数（倍）1.03

The expected volatility reflects the asumption that the

historical volatility is indicative of future trends, which may also

not necesarily be the actual outcome.

No other feature of the share options granted was

incorporated into the measurement of fair value.

At the end of the reporting period, the Company had no share

options outstanding under the 2014 Scheme.

1. （续）

(b) 本公司购股权（续）

于截至二零二四年三月三十一日止年度

授出之以股权结算之购股权之公允值于

授出日期使用二项式模式厘定，并已考

虑已授出购股权之条款及条件。下表列

示使用该模式之输入数据：

预期波幅反映过往波幅为未来趋势之指

标之假设，亦可能不一定为实际结果。

于进行公允值计量时，并无计及已授出

购股权之其他特点。

于报告期末，本公司于二零一四年计划

项下并无尚未行使购股权。

---

227,465	956,292	15,609	(15,560)	144,482	1,328,288
–	–	–	–	(7,904)	(7,904)
–	–	–	(2,903)	–	(2,903)
–	–	–	(2,903)	(7,904)	(10,807)
227,465	956,292	15,609	(18,463)	136,578	1,317,481

209ANUAL REPORT 2024/25 年报

22. RESERVES

Share

premium

Cumulative

surplus

Share

option

reserve

Contributed

translation

adjustments

Retained

profitsTotal

股份溢价实缴盈余购股权储备累计换算调整保留溢利总计

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

千港元千港元千港元千港元千港元千港元

(note)

（附注）

Balances at 1st April 2023于二零二三年四月一日之结余227,465956,29214,744(1,832)193,2171,389,886

Los for the year年内亏损–(48,735)(48,735)

Curency translation diferences of foreign

operations

海外业务之货币换算差额

–(13,728)–(13,728)

Total comprehensive los for the year年内全面亏损总额–(13,728)(48,735)(62,463)

Equity-setled share-based transactions

(note 21(b)

以权益结算及以股份付款交易

（附注21(b)）–865–865

Balances at 31st March 2024 and

1st April 2024

于二零二四年三月三十一日及

二零二四年四月一日之结余

Los for the year年内亏损

Curency translation diferences of

foreign operations

海外业务之货币换算差额

Total comprehensive los for the year年内全面亏损总额

Balances at 31st March 2025于二零二五年三月三十一日之

结余

Note:

Cumulative translation adjustments

The cumulative translation adjustments represent cumulative foreign exchange

diferences arising from the translation of the financial statements of operations

outside Hong Kong which are dealt with in acordance with the acounting

policy for foreign curency translation as set out in note 2.30 to the financial

statements.

22. 储备

附注：

累计换算调整

累计换算调整指换算香港境外业务之财务报表所产

生之累计外汇差额，乃按照财务报表附注2.30所载

有关外币换算之会计政策处理。

---

210North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

23. BANK BOROWINGS

二零二五年

Efective

interest rate (%)MaturityHK$’000

实际利率(%)到期日千港元

Bank loans – secured已抵押银行贷款6.33202512,559

Portion clasified as curent liabilities分类为流动负债之部分(12,559)

Non-curent portion非流动部分–

二零二五年

HK$’000

千港元

Analysed into:分析为：

Within one year or on demand一年内或按要求12,559

Notes:

(a) As at 31st March 2025, the Group’s bank borowings of

HK$12,559,000 were secured by the underlying gods and corporate

guarantes provided by the Company.

(b) As at 31st March 2025, the Group’s bank borowings of

HK$12,559,000 were denominated in Japanese Yen.

23. 银行借贷

附注：

(a) 于二零二五年三月三十一日，本集团银行借

贷12,559,000港元以相关货物及本公司提供

的企业担保作抵押。

(b) 于二零二五年三月三十一日，本集团银行借

贷12,559,000港元以日圆计值。

---

2025
二零二五年
HK$’000
千港元
206,493
244,883
6,061
62,889
520,326

2025
二零二五年
HK$’000
千港元
192,782
5,214
6,136
646
1,715
206,493

211ANUAL REPORT 2024/25 年报

24. TRADE AND OTHER PAYABLES

二零二四年

HK$’000

千港元

Trade and bils payables (note (a)贸易应付款项及应付票据（附注(a)）267,154

Contract liabilities (note (b)合约负债（附注(b)）146,268

Deposits received (note 26)已收按金（附注26）9,806

Acrual and other payables应计费用及其他应付款项83,530

506,758

Notes:

(a) The ageing analysis of trade and bils payables, based on the invoice

date, is as folows:

二零二四年

HK$’000

千港元

3 months or les三个月或以下229,369

4 to 6 months四至六个月20,651

7 to 9 months七至九个月10,376

10 to 12 months十至十二个月789

Over 12 months超过十二个月5,969

267,154

24. 贸易应付款项及其他应付款项

附注：

(a) 贸易应付款项及应付票据按发票日期之账龄

分析如下：

---

2025
二零二五年
HK$’000
千港元
20,168
3,112
69,956
90,336
22,921
206,493

31st March 2025
二零二五年 三月三十一日
HK$’000
千港元
244,883

212North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

24. TRADE AND OTHER PAYABLES (Continued)

Notes: (Continued)

(a) (Continued)

The carying amounts of the trade and bils payables are denominated

in the folowing curencies:

二零二四年

HK$’000

千港元

Hong Kong dolar港元15,157

US dolar美元24,641

RMB人民币52,196

Japanese Yen日圆171,532

Other curencies其他货币3,628

Total总计267,154

(b) Details of contract liabilities are as folows:

31st March

1st April

二零二四年

三月三十一日

二零二三年

四月一日

HK$’000HK$’000

千港元千港元

Short-term advances received from

customers

向客户收取的短期垫款

Sale of gods销售商品146,268154,128

Contract liabilities include short-term advances received from

customers to deliver gods and render services. The increase in

contract liabilities during the year ended 31st March 2025 was mainly

due to the increase in short-term advances received from customers,

partialy ofset by the recognition of contract liabilities as revenue

during the year. The decrease in contract liabilities during the year

ended 31st March 2024 was mainly due to the recognition of contract

liabilities as revenue during the year.

1. （续）

附注：（续）

(a) （续）

贸易应付款项及应付票据的账面值乃以下列

货币计值：

(b) 合约负债之详情如下：

合约负债包括向客户收取的交付商品及提

供服务之短期垫款。截至二零二五年三月

三十一日止年度的合约负债增加主要由于向

客户收取之短期垫款增加，部分被年内将合

约负债确认为收入所抵销。截至二零二四年

三月三十一日止年度的合约负债减少主要由

于年内将合约负债确认为收入。

---

2025
二零二五年
HK$’000
千港元
1,276
(2,142)
(866)

213ANUAL REPORT 2024/25 年报

25. DEFERED TAX

Defered tax is calculated on temporary diferences under the liability

method using the aplicable tax rates which are expected to aply

at the time of reversal of the temporary diferences.

For presentation purposes, certain defered tax asets and liabilities

have ben ofset in the consolidated statement of financial position.

The folowing is an analysis of the defered tax balances of the

Group for financial reporting purposes.

二零二四年

HK$’000

千港元

Defered tax asets recognised in the

consolidated statement of financial position

于综合财务状况表确认之递延

税项资产1,302

Defered tax liabilities recognised in the

consolidated statement of financial position

于综合财务状况表确认之递延

税项负债(2,571)

(1,269)

25. 递延税项

递延税项乃根据负债法采用预期于拨回暂时差

异时应用之适用税率就暂时差异计算。

为呈列之目的，综合财务状况表已将若干递延

税项资产及负债抵销。下表乃为财务呈报之目

的就本集团递延税项结余所作出之分析。

---

(685)	1,796	191	(2,571)	(1,269)
–	(26)	–	429	403
(685)	1,770	191	(2,142)	(866)

214North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

25. DEFERED TAX (Continued)

The movements in defered tax asets/(liabilities), without taking

into consideration the ofseting of balances within the same tax

jurisdiction, are as folows:

Acelerated

tax depreciation

Impairment

los alowance

against trade

and other

receivables

Provision for

inventories

Temporary

diferences

related to

intangible

asetsTotal

加速税项

折旧

贸易应收

款项及其他

应收款项之

减值亏损拨备存货拨备

与无形资产

相关之

暂时差异总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 1st April 2023于二零二三年四月一日(685)1,736191–1,242

Acquisition (note 27)收购（附注27）–(3,000)(3,000)

Defered tax credited to the statement of

profit or los during the year (note 10)

年内于损益表内计入之递延税项

（附注10）–60–429489

At 31st March 2024 and 1st April 2024于二零二四年三月三十一日及

二零二四年四月一日

Defered tax credited to the statement of

profit or los during the year (note 10)

年内于损益表内计入之递延税项

（附注10）

At 31st March 2025于二零二五年三月三十一日

1. （续）

在并无考虑抵销相同税务司法管辖区内结余

下，递延税项资产╱（负债）之变动如下：

---

2025
二零二五年
HK$’000
千港元
8,464
(6,061)
2,403

215ANUAL REPORT 2024/25 年报

25. DEFERED TAX (Continued)

As at 31st March 2025, the Group had unrecognised defered

tax asets of HK$10,254,000 (2024: HK$10,049,000), primarily

representing the tax efect of cumulative tax loses (subject to

agrement by relevant tax authorities) which can be caried forward

indefinitely. Defered tax asets have not ben recognised in respect

of these loses as they have arisen in subsidiaries that have ben

los-making for some time and it is not considered probable that

taxable profits wil be available against which the tax loses can be

utilised.

Pursuant to the enterprise income tax law of the PRC, a 10%

witholding tax is levied on dividends declared to foreign investors

from the foreign investment enterprises established in Mainland

China. The requirement is efective from 1st January 2008 and

aplies to earnings after 31st December 2007. A lower witholding

tax rate may be aplied if there is a tax treaty betwen Mainland

China and the jurisdiction of the foreign investors. For the Group,

the aplicable rate is 5% or 10%. The Group is therefore liable for

witholding taxes on dividends distributed by those subsidiaries

established in Mainland China in respect of earnings generated from

1st January 2008.

As at 31st March 2025, the agregate amount of temporary

diferences asociated with investments in subsidiaries in Mainland

China for which defered tax liabilities have not ben recognised

totaled aproximately HK$209,869,000 (2024: HK$178,953,000). In

the opinion of the directors, it is not probable that these subsidiaries

wil distribute these unremited earnings that are subject to

witholding taxes in the foreseable future.

26. DEPOSITS RECEIVED

二零二四年

HK$’000

千港元

Deposits received from leses已收承租人之按金12,719

Les: Curent portion (note 24)减：流动部分（附注24）(9,806)

Non-curent portion非流动部分2,913

1. （续）

于二零二五年三月三十一日，本集团之未确

认递延税项资产为10,254,000 港元（二零二四

年：10,049,000港元），主要指累计税项亏损

（须经相关税务机构同意）之税务影响，该金

额可无限期结转。由于该等亏损来自已一段时

间录得亏损之附属公司，且认为不大可能有应

课税溢利用以抵销税项亏损，故并无就该等亏

损确认递延税项资产。

根据中国企业所得税法，于中国内地成立之外

资企业向海外投资者宣派之股息须缴纳10%

预扣税。该项规定由二零八年一月一日起生

效并适用于二零七年十二月三十一日后产生

之盈利。倘中国内地与海外投资者所处司法

管辖区订有税项协定，则可能应用较低之预

扣税率。就本集团而言，适用税率为5%或

10%。因此，本集团须负责为于中国内地成立

之附属公司就由二零八年一月一日起产生之

盈利派发之股息缴纳预扣税。

于二零二五年三月三十一日，与于中国内地附

属公司之投资有关之暂时差额总额之未确认递

延税项负债总额为约209,869,000港元（二零

二四年：178,953,000港元）。董事认为，该

等附属公司于可见未来不可能分派该等须缴纳

预扣税之未汇出盈利。

26. 已收按金

---

Fair value recognised on acquisition
收购时确认 之公允值
HK$’000
千港元
18,182
9
42
(961)
(3,000)
14,272
4,400
18,672

216North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

27. BUSINES COMBINATION

On 4th April 2023, the Group acquired a 100% interest in Jarvix

(Hong Kong) Limited from a vendor. Jarvix (Hong Kong) Limited

is engaged in operating the payment busines. Details of the

transactions are set out in the Company’s anouncement dated

21st December 2022. The acquisition was made as part of the

Group’s strategy to expand its busines into other industry. The

purchase consideration for the acquisition was in the form of cash of

US$2,400,000 (equivalent to HK$18,672,000).

The fair values of the identifiable asets and liabilities of Jarvix (Hong

Kong) Limited as at the date of acquisition were as folows:

Intangible asets (note 15)无形资产（附注15）

Inventories存货

Trade and other receivables贸易应收款项及其他应收款项

Trade and other payables贸易应付款项及其他应付款项

Defered tax liabilities (note 25)递延税项负债（附注25）

Total identifiable net asets at fair value按公允值列账之可识别资产总净值

Godwil on acquisition (note 15)收购所产生之商誉（附注15）

Satisfied by cash以现金支付

The fair values of the other receivables as at the date of acquisition

amounted to HK$42,000.

The Group incured transaction costs of HK$3,674,000 for this

acquisition. These transaction costs have ben expensed and are

included in general and administrative expenses in the consolidated

statement of profit or los.

27. 业务合并

于二零二三年四月四日，本集团从一名卖方收

购Jarvix (Hong Kong) Limited之100%权益。

Jarvix (Hong Kong) Limited从事营运支付业

务。交易详情载于本公司日期为二零二年

十二月二十一日之公告。该收购为本集团将业

务扩展至其他行业之策略一部分。收购代价以

现金2,400,000美元（相等于18,672,000港元）

支付。

于收购日期，Jarvix (Hong Kong) Limited之可

识别资产及负债之公允值如下：

于收购日期其他应收款项之公允值为42,000

港元。

本集团就该收购产生交易成本3,674,000港

元。该等交易成本已于综合损益表支销并计入

一般及行政费用内。

---

HK$’000
千港元
(18,672)
5,613
(13,059)
(3,674)
(16,733)

217ANUAL REPORT 2024/25 年报

27. BUSINES COMBINATION (Continued)

An analysis of the cash flows in respect of the acquisition of a

subsidiary is as folows:

Cash consideration现金代价

Deposit paid in the prior year过往年度已付按金

Net outflow of cash and cash equivalents

included in cash flows from investing activities

计入投资活动所得现金流量之现金及现金等值项目

流出净额

Transaction costs of the acquisition included in

cash flows from operating activities

计入经营活动所得现金流量之收购交易成本

Since the acquisition, Jarvix (Hong Kong) Limited contributed

HK$3,082,000 to the Group’s revenue and HK$3,725,000 to the

consolidated los for the year ended 31st March 2024.

Had the combination taken place at the begining of the prior year,

there would have ben no significant impact to the revenue and the

los of the Group for the prior year.

28. NOTES TO THE CONSOLIDATED STATEMENT OF

CASH FLOWS

(a) Major non-cash transactions

During the year, the Group had non-cash aditions to

right-of-use asets and lease liabilities of HK$14,227,000

(2024: HK$11,597,000) and HK$14,227,000 (2024:

HK$11,597,000), respectively, in respect of lease

arangements for ofice properties, warehouses and staf

quarters.

1. （续）

有关收购一间附属公司之现金流量分析如下：

自收购以来，Jarvix (Hong Kong) Limited于截

至二零二四年三月三十一日止年度为本集团贡

献收入3,082,000港元及综合亏损3,725,000

港元。

倘合并于过往年度年初进行，将不会对本集团

过往年度之收入及亏损造成重大影响。

28. 综合现金流量表附注

(a) 主要非现金交易

年内，本集团有关办公室物业、仓库及

员工宿舍租赁安排之使用权资产及租赁

负债之非现金添置分别为14,227,000

港元（二零二四年：11,597,000港

元）及14,227,000港元（二零二四年：

11,597,000港元）。

---

2025
二零二五年
HK$’000
千港元
4,303
(8,985)
3,414
(4,265)
(308)
41,873
5,050
2,797
24,808
18,857
(159)
(4,844)
2,483
8
–
618
85,650
(44,008)
(15,547)
14,884
40,979

218North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

28. NOTES TO THE CONSOLIDATED STATEMENT OF

CASH FLOWS (Continued)

(b) Cash flows from operations

Reconciliation of profit/(los) before income tax to net cash

flows from operating activities:

二零二四年

HK$’000

千港元

Profit/(los) before income tax除所得税前溢利╱（亏损）(44,790)

Adjustments for:调整：

Finance income财务收入(13,530)

Finance costs财务费用3,104

Changes in fair value of financial asets at

fair value through profit or los

按公允值计入损益之金融资

产之公允值变动(4,269)

Interest income of financial asets at fair

value through profit or los

按公允值计入损益之金融资

产之利息收入(1,022)

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

40,135

Depreciation of investment properties投资物业折旧5,051

Amortisation of intangible asets无形资产摊销2,798

Depreciation of right-of-use asets使用权资产折旧21,647

Impairment of investment properties投资物业减值–

Gain on disposal of items of property, plant

and equipment, net

出售物业、厂房及设备项目

之收益，净额(717)

Gain on lease modification租赁修改之收益–

Impairment of trade and bils receivables, net贸易应收款项及应收票据

减值，净额383

Impairment of finance lease receivables, net融资租赁应收款项减值，

净额195

Equity-setled share option expense以股权结算之购股权开支865

Exchange los on financial asets at fair

value through profit or los

按公允值计入损益之金融资

产之外汇亏损251

10,101

Increase in inventories存货增加(45,794)

(Increase)/decrease in trade and other

receivables

贸易应收款项及其他应收

款项（增加）╱减少50,363

Increase/(decrease) in trade and other

payables

贸易应付款项及其他应付

款项增加╱（减少）(42,741)

Net cash flows from/(used in) operations营运所产生╱（使用）之现金

流量净额(28,071)

1. （续）

(b) 营运所产生之现金流量

除所得税前溢利╱（亏损）与经营活动所

产生之现金流量净额之对账：

---

61,407	–
(25,010)	12,559
(2,639)	–
14,227	–
(6,572)	–
2,639	–
(135)	–
43,917	12,559

219ANUAL REPORT 2024/25 年报

28. NOTES TO THE CONSOLIDATED STATEMENT OF

CASH FLOWS (Continued)

(c) Changes in liabilities arising from financing activities

Lease

liabilities

Bank

borowings

租赁负债银行借贷

HK$’000HK$’000

千港元千港元

At 1st April 2023于二零二三年四月一日71,1931,800

Changes from financing cash flows融资现金流量变动(20,847)(1,800)

Interest paid clasified as operating cash

flows

分类为经营现金流量的

已付利息(2,985)–

New leases新租赁11,597–

Interest expenses利息支出2,985–

Foreign exchange movement外汇变动(536)–

At 31st March 2024 and 1st April 2024于二零二四年三月三十一日及

二零二四年四月一日

Changes from financing cash flows融资现金流量变动

Interest paid clasified

as operating cash flows

分类为经营现金流量的

已付利息

New leases新租赁

Lease modification租赁修改

Interest expenses利息支出

Foreign exchange movement外汇变动

At 31st March 2025于二零二五年三月三十一日

1. （续）

(c) 融资活动产生之负债变动

---

2025
二零二五年
HK$’000
千港元
1,135
25,010
26,145

220North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

28. NOTES TO THE CONSOLIDATED STATEMENT OF

CASH FLOWS (Continued)

(d) Total cash outflow for leases

The total cash outflow for leases included in the statement of

cash flows is as folows:

二零二四年

HK$’000

千港元

Within operating activities经营活动内1,337

Within financing activities融资活动内20,847

22,184

29. BANKING FACILITIES

As at 31st March 2025, the Group had banking facilities of

HK$708,195,000 (2024: HK$711,845,000) from several banks

for trade financing. As at 31st March 2025, banking facilities of

HK$178,842,000 (2024: HK$145,090,000) were utilised by the

Group.

30. CONTINGENT LIABILITIES

As at 31st March 2025, pledged deposits of HK$2,043,000 (2024:

HK$2,100,000) were held as security at a bank in respect of

performance bonds in favour of certain contract customers. The

guarante given by the Group to a bank in respect of a performance

bond in favour of a suplier and certain customers amounted to

HK$23,798,000 (2024: HK$4,549,000).

1. （续）

(d) 租赁之现金流出总额

现金流量表所载租赁之现金流出总额如

下：

29. 银行融资

于二零二五年三月三十一日，本集团取得若

干银行之银行融资708,195,000港元（二零

二四年：711,845,000港元）作为贸易融资。

于二零二五年三月三十一日，本集团已动用

178,842,000港元（二零二四年：145,090,000

港元）之银行融资。

30. 或然负债

于二零二五年三月三十一日，抵押存款

2,043,000港元（二零二四年：2,100,000港

元）已就若干合约客户获得之履约保证金于银

行持作抵押。本集团已就一间供应商及若干

客户获得之履约保证金向一间银行提供担保

23,798,000港元（二零二四年：4,549,000港

元）。

---

2025
二零二五年
HK$’000
千港元
6,781
–
36
6,817

221ANUAL REPORT 2024/25 年报

31. RELATED PARTY TRANSACTIONS

(a) Key management compensation of the Group

The key management compensation of the Group other than

the executive directors for the year is as folows:

二零二四年

HK$’000

千港元

Salaries, alowances and bonuses薪金、津贴及花红6,216

Equity-setled share option expenses以股权结算之购股权开支235

Retirement benefits – defined contribution

scheme

退休福利 – 界定供款计划

6,487

Further details of directors’ emoluments are included in note 8

to the financial statements.

(b) During the year ended 31st March 2025, compensation of

HK$7,618,000 (2024: HK$12,618,000) was payable to the

spouse of Ms. Zhang Yifan, a director of the Company, for

services rendered to the Group.

32. FINANCIAL INSTRUMENTS BY CATEGORY

Al financial asets of the Group as at 31st March 2025 and 2024

were financial asets at amortised cost except for financial asets at

fair value through profit or los as detailed in note 18 to the financial

statements.

Al financial liabilities of the Group were financial liabilities at

amortised cost.

31. 与关连人士之交易

(a) 本集团主要管理人员酬金

于本年度，本集团主要管理人员（执行

董事除外）之酬金如下：

董事酬金之进一步详情载于财务报表附

注8。

(b) 截至二零二五年三月三十一日止年

度，就向本集团提供服务而应付予

本公司董事张一帆女士之配偶之酬

金为7,618,000港元（二零二四年：

12,618,000港元）。

32. 按类别划分之金融工具

本集团于二零二五年及二零二四年三月三十一

日之所有金融资产为按摊销成本之金融资产，

惟于财务报表附注18所详述之按公允值计入

损益之金融资产除外。

本集团的所有金融负债为按摊销成本计量之金

融负债。

---

2025
二零二五年
HK$’000
千港元
718,889
1,600
720,489
249
3,403
9,362
13,014
733,503
45,450
667,567
713,017
824
19,662
20,486
733,503
(7,472)
713,017

222North Asia Strategic Holdings Limited 北亚策略控股有限公司

NOTES TO FINANCIAL STATEMENTS

财务报表附注

31st March 2025

二零二五年三月三十一日

33. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY

Information about the statement of financial position of the Company

at the end of the reporting period is as folows:

二零二四年

HK$’000

千港元

ASETS资产

Non-curent asets非流动资产

Interests in subsidiaries于附属公司之权益738,910

Intangible asets无形资产1,600

740,510

Curent asets流动资产

Other receivables其他应收款项447

Amount due from a subsidiary应收一间附属公司款项1,404

Cash and cash equivalents现金及现金等值项目14,701

16,552

Total asets资产总值757,062

EQUITY权益

Share capital股本45,450

Reserves (note)储备（附注）702,716

Total equity权益总额748,166

LIABILITIES负债

Curent liabilities流动负债

Other payables其他应付款项872

Amount due to a subsidiary应付一间附属公司款项8,024

8,896

Total equity and liabilities权益及负债总额757,062

Net curent (liabilities)/asets流动（负债）╱资产净额7,656

Total asets les curent liabilities资产总值减流动负债748,166

33. 本公司财务状况表

本公司于报告期末之财务状况表之资料如下：

---

227,465	956,292	15,609	(496,650)	702,716
–	–	–	(35,149)	(35,149)
227,465	956,292	15,609	(531,799)	667,567

223ANUAL REPORT 2024/25 年报

33. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY (Continued)

Note:

A sumary of the Company’s reserves is as folows:

Share

premium

Contributed

surplus

Share option

reserve

Acumulated

losesTotal

股份溢价实缴盈余购股权储备累计亏损总额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Balances at 1st April 2023于二零二三年四月一日之结余227,465956,29214,744(471,784)726,717

Los for the year and total

comprehensive income

for the year

年内亏损及年内全面收益总额

–(24,866)(24,866)

Equity-setled share-based

transactions (note 21(b)

以权益结算及以股份付款交易

（附注21(b)）–865–865

Balances at 31st March 2024 and

at 1st April 2024

于二零二四年三月三十一日及

二零二四年四月一日之结余

Los for the year and total

comprehensive income

for the year

年内亏损及年内全面收益总额

Balances at 31st March 2025于二零二五年三月三十一日之结余

1. （续）

附注：

本公司之储备概要如下：

---

224North Asia Strategic Holdings Limited 北亚策略控股有限公司

PROPERTIES HELD BY THE GROUP

本集团持有的物业

INVESTMENT PROPERTIES

Adres

地址

Efective

percentage

holding

有效持股比例

Existing Use

现时用途

Lease Term

租赁期限

1Flat B on 19th Flor, Car Parking Space No. C16 on 2nd Flor,

Motor Cycle Parking Space Nos. M2 And M3 on 1st Flor,

Seymour, No. 9 Seymour Road, Hong Kong

香港西摩道9号懿峰19楼B室、2楼汽车停车位C16号及1楼电单车

停车位M2及M3号

100%Let to outside

party for

residential

purpose

出租予外部人

士，作住宅用途

Long lease

长期租赁

215th Flor with Balcony and Utility Platform of No. 2, Residential

Parking Space No. 1 and No. 2 on Basement 1, Phase 1 of

“21 Boret Road”, No. 21 Boret Road, Hong Kong

香港波老道21号「波老道21号」第1期2号15楼连阳台及

工作平台以及地库1层1号及2号住宅停车位

100%Let to outside

party for

residential

purpose

出租予外部人

士，作住宅用途

Medium term

lease

中期租赁

投资物业

---

2024/25

Anual Report 年报

North Asia Strategic Holdings Limited

北亚策略控股有限公司 *

(Incorporated in Bermuda with limited liability)

（于百慕达注册成立之有限公司）

(Stock Code 股份代号 : 8080)

For identification purpose only 仅供识别 *

Suite 1618, 16th Flor, Jardine House,

1 Conaught Place, Central, Hong Kong

Tel : (852) 2918 3788

Fax : (852) 2169 0209

Principal Place of Busines

w.nasholdings.com

香港中环康乐广场 1 号怡和大厦 16 楼 1618 室

电话 : (852) 2918 3788

传真 : (852) 2169 0209

主要营业地点

North Asia Strategic Holdings Limited

北亚策略控股有限公司 *

C004888

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