CORPORATION INFORMATION

公司资料

董事

执行董事

白华威先生

王雨先生

非执行董事

许琳先生（主席）

吕国威先生

独立非执行董事

姜森林先生

张义先生

但曦女士

公司秘书

黄洁莹女士

授权代表

白华威先生

黄洁莹女士

审核委员会

姜森林先生（主席）

张义先生

但曦女士

薪酬委员会

张义先生（主席）

白华威先生

姜森林先生

提名委员会

姜森林先生（主席）

白华威先生

张义先生

投资委员会

白华威先生（主席）

王雨先生

吕国威先生

开曼群岛注册办事处

Windward 3

Regata Ofice Park

P.O. Box 1350

Grand Cayman KY1-1108

Cayman Islands

DIRECTORS

Executive Directors

Mr. Bai Huawei

Mr. Wang Yu

Non-executive Directors

Mr. Xu Lin (Chairman)

Mr. Lui Kwok Wai

Independent Non-executive Directors

Mr. Jiang Senlin

Mr. Zhang Yi

Ms. Dan Xi

COMPANY SECRETARY

Ms. Wong Kit Ying

AUTHORISED REPRESENTATIVES

Mr. Bai Huawei

Ms. Wong Kit Ying

AUDIT COMITE

Mr. Jiang Senlin (Chairman)

Mr. Zhang Yi

Ms. Dan Xi

REMUNERATION COMITE

Mr. Zhang Yi (Chairman)

Mr. Bai Huawei

Mr. Jiang Senlin

NOMINATION COMITE

Mr. Jiang Senlin (Chairman)

Mr. Bai Huawei

Mr. Zhang Yi

INVESTMENT COMITE

Mr. Bai Huawei (Chairman)

Mr. Wang Yu

Mr. Lui Kwok Wai

REGISTERED OFICE IN THE CAYMAN

ISLANDS

Windward 3

Regata Ofice Park

P.O. Box 1350

Grand Cayman KY1-1108

Cayman Islands

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

CORPORATION INFORMATION

公司资料

总办事处及香港主要营业地点

香港

湾仔轩尼诗道

号

英皇集团中心

楼

室

有关香港法律的法律顾问

李伟斌律师行

香港

德辅道中

号

环球大厦

楼

独立核数师

天健德扬会计师事务所有限公司

香港

九龙湾宏开道

号

其士商业中心

楼

室

开曼群岛股份过户登记总处

Ocorian Trust (Cayman) Limited

Windward 3, Regata Ofice Park,

P.O. Box 1350, Grand Cayman KY1-1108

Cayman Islands

香港股份过户登记分处

卓佳证券登记有限公司

香港夏悫道

号

远东金融中心

楼

主要往来银行

中国工商银行（亚洲）有限公司

恒生银行有限公司

交通银行股份有限公司

星展银行（香港）有限公司

中国银行（香港）有限公司

中国光大银行

股份代号

公司网址

w.hkex1718.hk

HEAD OFICE AND PRINCIPAL PLACE OF

BUSINES IN HONG KONG

Unit No. 07, 16/F

Emperor Group Centre

No. 288 Henesy Road, Wanchai

Hong Kong

LEGAL ADVISER AS TO HONG KONG LAW

LI & PARTNERS

22nd Flor, World-Wide House,

19 Des Voeux Road Central,

Hong Kong

INDEPENDENT AUDITOR

Ascenda Cachet CPA Limited

Rom 1519, 15/F., Chevalier Comercial Centre,

8 Wang Hoi Road, Kowlon Bay,

Hong Kong

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE IN THE CAYMAN

ISLANDS

Ocorian Trust (Cayman) Limited

Windward 3, Regata Ofice Park,

P.O. Box 1350, Grand Cayman KY1-1108

Cayman Islands

BRANCH SHARE REGISTRAR AND

TRANSFER OFICE IN HONG KONG

Tricor Investor Services Limited

17/F, Far East Finance Centre,

16 Harcourt Road, Hong Kong

PRINCIPAL BANKERS

Industrial and Comercial Bank of China (Asia) Limited

Hang Seng Bank Limited

Bank of Comunications Co., Ltd.

DBS Bank (Hong Kong) Limited

Bank of China (Hong Kong) Limited

China Everbright Bank

STOCK CODE

COMPANY WEBSITE

w.hkex1718.hk

CHAIRMAN’S STATEMENT

主席报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

致各位股东，

本人谨代表宏基集团控股有限公司（「本公

司」）及其附属公司（统称「本集团」）董事（「董

事」）会（「董事会」）向本公司股东（「股东」）呈

报本集团截至二零二五年三月三十一日止年度

（「报告期间」或「二零二五年度」）之年报。

于报告期间，本集团录得的收入较截至二零

二四年三月三十一日止年度（「二零二四年

度」）增加约

12,475,000

港元或约

4.3%

至约

301,129,000

港元。收入增加乃主要由于本集

团于报告期间已拓展各类产品的电商业务。

鉴于香港建筑行业增长乏力，持续面临挑战，

尤其是由于房地产开发商缩减土地收购及开

发项目，本集团对现有建筑业务的营运及发展

采取保守策略。

为确保营运稳定及长远发展，本集团不仅扩展

核心业务活动，同时战略性地在新兴领域寻求

增长机会。

为进一步巩固市场地位，本集团将运用行业专

长、现有资源及专业技术团队，积极寻求与优

质公司合作及投资的潜在机会。

Dear Shareholders,

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

“Directors”) of Wan Kei Group Holdings Limited (the

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

I would like to present to the shareholders of the Company

(the “Shareholders”) the anual report of the Group for the

year ended 31 March 2025 (the “Reporting Period” or

“YR2025”).

During the Reporting Period, the Group recorded an

increase in revenue of aproximately HK$12,475,000 or

aproximately 4.3% to aproximately HK$301,129,000

when compared with the year ended 31 March 2024 (the

“YR2024”). The increase in revenue was primarily due to

the fact that the Group has expanded the e-comerce

busines with various types of products during the

Reporting Period.

Given the slugish growth of Hong Kong’s construction

industry and the continued chalenges facing the

construction sector, particularly due to reduced land

acquisitions and development projects by property

developers, the Group has adopted a conservative

aproach to the operation and development of its existing

construction busines.

To ensure operational stability and long-term sustainability,

the Group is not only expanding its core busines activities

but also strategicaly pursuing growth oportunities in new

sectors.

To further strengthen its market position, the Group wil

leverage its industry expertise, existing resources, and

skiled workforce to identify potential colaborations and

investment oportunities with high-quality companies.

CHAIRMAN’S STATEMENT

主席报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

On behalf of the Board, I would like to take this oportunity

to expres my depest gratitude to our Shareholders and

busines partners for their continued suport, and to our

management and staf members for their comitment and

contribution to the growth of the Group.

Wan Kei Group Holdings Limited

Xu Lin

Chairman

Hong Kong, 27 June 2025

本人谨代表董事会，借此机会对股东及业务伙

伴的不懈支持，以及管理层及员工对本集团发

展作出的投入及贡献致以深挚的谢意。

宏基集团控股有限公司

主席

许琳

香港，二零二五年六月二十七日

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

业务回顾及前景

本集团主要从事提供：

(i)

地基建筑工程；

(i)

土

地勘测服务；

(i)

金融服务；

(iv)

消费品贸易；及

(v)

社交媒体电商销售、直播及推广业务（简称

「电商业务」

)

业务。

地基建筑工程

于报告期间，本集团承接的地基建筑工程主要

包括建造插座式工字桩、微型桩、竖桩、管桩

及起重柱。本集团承接香港公营及私营部门地

基建筑项目。于报告期间，地基工程所得收入

占本集团总收入约

69.8%

（二零二四年度：约

76.1%

）。

土地勘测服务

于报告期间，本集团亦于香港作为承建商向公

营及私营部门提供土地勘测服务。于报告期

间，土地勘测服务所得收入占本集团总收入约

15.5%

（二零二四年度：约

22.7%

）。

金融服务

于报告期间，金融服务所得收入占本集团总收

入约

0.2%

（二零二四年度：约

0.2%

）。

BUSINES REVIEW AND OUTLOK

The Group is principaly engaged in the provision of (i)

foundation construction works; (i) ground investigation

services; (i) financial services; (iv) trading of consumer

products; and (v) e-comerce sales, live streaming

and promotion busines in the social media (the

“E-Comerce Busines”).

Foundation construction works

During the Reporting Period, the foundation construction

works undertaken by the Group mainly consisted of the

construction of socketed H-piles, mini piles, soldier piles,

pipe piles and king posts. The Group undertok foundation

construction projects in both the public and private

sectors in Hong Kong. Revenue from the foundation works

contributed aproximately 69.8% to the total revenue

of the Group during the Reporting Period (YR2024:

aproximately 76.1%).

Ground investigation services

The Group also acted as a contractor to provide ground

investigation services in both public and private sectors in

Hong Kong during the Reporting Period. Revenue from the

ground investigation services contributed aproximately

15.5% to the total revenue of the Group during the

Reporting Period (YR2024: aproximately 22.7%).

Financial services

During the Reporting Period, revenue from financial

services contributed aproximately 0.2% to the total

revenue of the Group (YR2024: aproximately 0.2%).

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Trading of consumer products

During the Reporting Period, revenue from trading of

consumer products contributed aproximately 1.5% to

the total revenue of the Group. There was no revenue

generated from the Group’s trading busines in YR2024

as the Group was yet to receive the outstanding receivable

arising from its previous trading of beauty and skin care

products from the customer. The Group has resumed

the trading busines with a broader focus on general

consumer products during the Reporting Period since the

said outstanding trade receivable was fuly setled.

E-Comerce Busines

During the Reporting Period, revenue from e-comerce

busines contributed aproximately 11.6% to the total

revenue of the Group (YR2024: aproximately 1.0%).

Outlok

Given the slugish growth of Hong Kong’s construction

industry and the continued chalenges facing the

construction sector, particularly due to reduced land

acquisitions and development projects by property

developers, the Group has adopted a conservative

aproach to the operation and development of its existing

construction busines.

To ensure operational stability and long-term sustainability,

the Group is not only expanding its core busines activities

but also strategicaly pursuing growth oportunities in new

sectors.

To further strengthen its market position, the Group wil

leverage its industry expertise, existing resources, and

skiled workforce to identify potential colaborations and

investment oportunities with high-quality companies.

消费品贸易

于报告期间，来自消费品贸易的收入占本集团

总收入约

1.5%

。由于本集团尚未收到其先前

来自客户的美容及护肤产品贸易产生的未偿

还应收款项，故于二零二四年度，本集团的贸

易业务并无产生收入。于报告期间，由于上述

未偿还贸易应收款项已悉数清偿，本集团已恢

复贸易业务，并扩阔业务范围至一般消费品。

电商业务

于报告期间，来自电商业务的收入占本集团总

收入约

11.6%

（二零二四年度：约

1.0%

）。

前景

鉴于香港建筑行业增长乏力，持续面临挑战，

尤其是由于房地产开发商缩减土地收购及开

发项目，本集团对现有建筑业务的营运及发展

采取保守策略。

为确保营运稳定及长远发展，本集团不仅扩展

核心业务活动，同时战略性地在新兴领域寻求

增长机会。

为进一步巩固市场地位，本集团将运用行业专

长、现有资源及专业技术团队，积极寻求与优

质公司合作及投资的潜在机会。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

FINANCIAL REVIEW

Revenue

The Group’s total revenue for the Reporting Period

increased by aproximately HK$12,475,000 or

aproximately 4.3%, from aproximately HK$288,654,000

for YR2024 to aproximately HK$301,129,000 for the

Reporting Period, which was primarily due to the net efect

of the folowing:

Foundation construction works

The revenue from undertaking foundation construction

works decreased by aproximately HK$9,404,000 or

aproximately 4.3%, from aproximately HK$219,633,000

for YR2024 to aproximately HK$210,229,000 for the

Reporting Period. This was primarily due to the decrease

in the number of sizable projects tendered by the Group

during the Reporting Period.

Ground investigation services

The revenue from ground investigation services decreased

by aproximately HK$19,118,000 or aproximately

29.1%, from aproximately HK$65,709,000 for YR2024 to

aproximately HK$46,591,000 for the Reporting Period.

This was primarily due to the decrease in the number

of sizable projects tendered by the Group during the

Reporting Period.

Financial services

During the Reporting Period, revenue from financial

services amounted to aproximately HK$525,000

(YR2024: aproximately HK$554,000).

Trading of consumer products

During the Reporting Period, revenue from trading

of consumer products amounted to aproximately

HK$4,633,000 (YR2024: nil). The Group has resumed the

trading busines with a broader focus in general consumer

products during the Reporting Period.

财务回顾

收入

本集团于报告期间之总收入由二零二四年度

之约

288,654,000

港元增加约

12,475,000

港

元或约

4.3%

至报告期间之约

301,129,000

港

元，主要由于以下因素的净影响：

地基建筑工程

承接地基建筑工程所得收入由二零二四年度

之约

219,633,000

港元减少约

9,404,000

港

元或约

4.3%

至报告期间之约

210,229,000

港

元。此乃主要由于本集团于报告期间所投得的

大型项目数量减少。

土地勘测服务

土地勘测服务所得收入由二零二四年度之约

65,709,000

港元减少约

19,118,000

港元或约

29.1%

至报告期间之约

46,591,000

港元。此

乃主要由于本集团于报告期间所投得的大型

项目数量减少。

金融服务

于报告期间，金融服务所得收入为约

525,000

港元（二零二四年度：约

554,000

港元）。

消费品贸易

于报告期间，消费品贸易所得收入约为

4,633,000

港元（二零二四年度：无）。于报告

期间，本集团恢复贸易业务，广泛关注一般消

费品。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

E-Comerce Busines

During the Reporting Period, revenue from e-comerce

busines increased by aproximately HK$32,091,000

or aproximately 1,164.0% from aproximately

HK$2,757,000 for YR2024 to aproximately

HK$34,848,000 for the Reporting Period. The increase

in revenue was mainly due to the fact that the Group has

expanded the e-comerce busines with various types of

products during the Reporting Period.

Gros profit and gros profit margin

The gros profit decreased from aproximately

HK$53,073,000 for YR2024 to aproximately

HK$52,962,000 for the Reporting Period. The Group’s

overal gros profit margin during the Reporting Period was

aproximately 17.6% (YR2024: aproximately 18.4%).

The gros profit of the Group’s foundation construction

works segment decreased from aproximately

HK$30,987,000 for YR2024 to aproximately

HK$29,356,000 for the Reporting Period. During the

Reporting Period, gros profit margin of the foundation

construction works segment amounted to aproximately

14.0% (YR2024: aproximately 14.1%). The decrease

in gros profit margin was mainly due to the decrease in

tendered price.

Gros profit of the Group’s ground investigation

services segment was aproximately HK$19,055,000

for the Reporting Period, representing a decrease of

aproximately 0.4% from aproximately HK$19,127,000

for YR2024. Gros profit margin of the ground investigation

services segment increased from aproximately 29.1% for

YR2024 to aproximately 40.9% for the Reporting Period.

The increase in gros profit margin was mainly due to (i)

tight control on the cost by the management during the

Reporting Period which decreased the subcontracting fe;

(i) no aditional bonus was paid to operating staf during

the Reporting Period; and (i) tendered price had ben

improved.

Gros profit of the Group’s financial service was

aproximately HK$524,000 for the Reporting Period

(YR2024: aproximately HK$554,000). Gros profit margin

of the financial services amounted to aproximately 100%

(YR2024: aproximately 100%).

电商业务

于报告期间，电商业务所得收入由二零二四年

度的约

2,757,000

港元增加约

32,091,000

港

元或约

1,164.0%

至报告期间的约

34,848,000

港元。收入增加乃主要由于本集团于报告期间

已拓展各类产品的电商业务。

毛利及毛利率

毛利由二零二四年度的约

53,073,000

港元减

少至报告期间的约

52,962,000

港元。本集团

于报告期间的整体毛利率约为

17.6%

（二零

二四年度：约

18.4%

）。

本集团的地基建筑工程分部的毛利由二零

二四年度的约

30,987,000

港元减少至报告期

间的约

29,356,000

港元。于报告期间，地基建

筑工程分部之毛利率约为

14.0%

（二零二四年

度：约

14.1%

）。毛利率减少乃主要由于投标

价下降。

本集团土地勘测服务分部于报告期间的毛利

约为

19,055,000

港元，较二零二四年度的约

19,127,000

港元减少约

0.4%

。土地勘测服务

分部的毛利率由二零二四年度的约

29.1%

增加至报告期间的约

40.9%

。毛利率上升乃主

要由于

(i)

管理层于报告期间严格控制成本，减

少了分包费用；

(i)

报告期间未向业务人员支付

额外奖金；及

(i)

投标价格有所提高。

本集团金融服务于报告期间的毛利约为

524,000

港元（二零二四年度：约

554,000

港

元）。金融服务的毛利率为约

100%

（二零二四

年度：约

100%

）。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Gros profit of the Group’s trading of consumer products

was aproximately HK$627,000 for the Reporting Period

(YR2024: nil). Gros profit margin of the trading of

consumer products amounted to aproximately 13.5% for

the Reporting Period (YR2024: nil).

Gros profit of the Group’s E-Comerce Busines

segment was aproximately HK$2,766,000 for the

Reporting Period (YR2024: aproximately HK$2,406,000).

Gros profit margin of the e-comerce busines segment

amounted to aproximately 7.9% (YR2024: aproximately

87.3%). The decrease in gros profit margin was mainly

due to increased proportion of promotion services which

had much lower profit margin.

Other income, other gains and loses, net

The Group’s other income, other gains and loses,

net increased by aproximately HK$4,557,000, from

aproximately HK$2,066,000 for YR2024 to aproximately

HK$6,623,000 for the Reporting Period. The increase was

mainly due to (i) fair value gain on financial asets at fair

value through profit or los of aproximately HK$521,000

for the Reporting Period (YR2024: los aproximately

HK$521,000); (i) gain on disposal of property, plant

and equipment of aproximately HK$1,015,000 for the

Reporting Period (YR2024: aproximately HK$135,000);

(i) the government grants of aproximately HK$1,200,000

have ben received during the Reporting Period (YR2024:

nil) and (iv) bank interest income of aproximately

HK$1,149,000 for the Reporting Period (YR2024:

aproximately HK$656,000).

Seling expenses

The Group’s seling expenses for the Reporting Period were

aproximately HK$4,094,000 (YR2024: nil). The expenses

were mainly derived by the E-Comerce Busines.

于报告期间，本集团消费品贸易的毛利约为

627,000

港元（二零二四年度：无）。于报告

期间，消费品贸易的毛利率约为

13.5%

（二零

二四年度：无）。

于报告期间，本集团电商业务分部的毛利约为

2,766,000

港元（二零二四年度：约

2,406,000

港元）。电商业务分部的毛利率约为

7.9%

（二

零二四年度：约

87.3%

）。毛利率下降乃主要

由于毛利率较低的推广服务比例增加。

其他收入、其他收益及亏损净额

本集团其他收入、其他收益及亏损净额由

二零二四年度的约

2,066,000

港元增加约

4,557,000

港元至报告期间的约

6,623,000

港

元。该增加乃主要由于

(i)

报告期间按公平值计

入损益的金融资产之公平值收益约

521,000

港元（二零二四年度：亏损约

521,000

港元）；

(i)

报告期间出售物业、厂房及设备之收益约

1,015,000

港元（二零二四年度：约

135,000

港

元）；

(i)

报告期间收到政府补贴约

1,200,000

港元（二零二四年度：无）；及

(iv)

报告期间银

行利息收入约

1,149,000

港元（二零二四年度：

约

656,000

港元）。

销售开支

于报告期间，本集团销售开支约为

4,094,000

港元（二零二四年度：无）。开支主要来自电商

业务。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

General and administrative expenses and reversal of

impairment/impairment loses on the financial and

contract asets, net

The Group’s general and administrative expenses

and reversal of impairment/impairment loses on the

financial and contract asets, net for the Reporting

Period were aproximately HK$96,827,000 (YR2024:

aproximately HK$65,326,000), representing an increase

of aproximately 48.2% as compared to that for YR2024.

The increase was mainly atributable to the increase in

directors’ remuneration and staf salaries, the depreciation

of right-of-use asets and other operation expenses as the

Company has expanded its existing busines to maintain

the stability and sustainability of the Group’s operations.

Finance costs

The finance costs increased by aproximately

HK$1,406,000 from aproximately HK$9,154,000

for YR2024 to aproximately HK$10,560,000 for the

Reporting Period. The increase was mainly due to the

increase of the interest rate for the amount due to a

director of a subsidiary, Mr. Lau Won Si (Reporting Period:

6.5% per anum; YR2024: 5% per anum).

Income tax

The tax expense for the Reporting Period was

aproximately HK$1,407,000 (YR2024: aproximately

HK$760,000). While there was a decrease in curent tax

of aproximately HK$368,000, there was an increase in

defered tax of aproximately HK$1,015,000 during the

Reporting Period.

一般及行政开支以及金融及合约资产之减值拨回

╱减值亏损净额

本集团于报告期间的一般及行政开支以及

金融及合约资产之减值拨回╱减值亏损净

额约为

96,827,000

港元（二零二四年度：约

65,326,000

港元），较二零二四年度增加约

48.2%

。该增加乃主要由于董事酬金及员工薪

金、使用权资产折旧及其他业务开支增加，乃

因为本公司已拓展其现有业务以维持本集团

营运之稳定及可持续性。

融资成本

融资成本由二零二四年度的约

9,154,000

港元增加约

1,406,000

港元至报告期间的约

10,560,000

港元。该增加乃主要由于报告期

间应付一间附属公司一名董事刘焕诗先生之

款项利率上调（报告期间：年利率

6.5%

；二零

二四年度：年利率

）。

所得税

报告期间之税项开支约为

1,407,000

港元（二

零二四年度：约

760,000

港元）。于报告期间，

即期税项减少约

368,000

港元，而递延税项增

加约

1,015,000

港元。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Financial asets at fair value through other

comprehensive income

In YR2024, the financial asets at fair value through other

comprehensive income represent aproximately 19.7%

equity interest of Matsu Gami IP Development Limited and

its subsidiaries (colectively the “Matsu Gami Group”). The

fair value los amounted to aproximately HK$5,825,000

in YR2024. The further fair value los amounted to

aproximately HK$1,135,000 for the Reporting Period.

On 11 November 2024, the Group entered into a sale

and purchase agrement with certain independent

third parties, pursuant to which, the Group disposed of

aproximately 19.7% equity interest in Matsu Gami Group

at a consideration of HK$1,600,000 (the “Disposal”). The

completion of the Disposal tok place on 31 December

2024.

Financial asets at fair value through profit or los

The financial asets at fair value through profit or los

represents the listed equity investments.

The fair value of listed equity investments is determined

with reference to quoted market bid price from The Stock

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

and within level 1 of the fair value hierarchy. The fair

value gain of aproximately HK$521,000 (YR2024: los

of aproximately HK$521,000) was recognised in the

consolidated statement of profit or los for the Reporting

Period.

Material provision for expected credit loses in

relation to specific corporate loan receivable and

other receivable from subscription

In relation to the specific corporate loan receivable

for money lending busines (the “Corporate Loan

Receivable”) and other receivable from subscription,

the Group recognised reversal of provision for expected

credit loses (“ECL”) of aproximately HK$4,326,000 due

to the partial subsequent setlement of the outstanding

balances for the Reporting Period. The agregate amount

(after reversal of provision was made) of impairment los

provision for these two receivables was aproximately

HK$30,738,000 as at 31 March 2025 (the “Impairment

Los”).

按公平值计入其他全面收益的金融资产

于二零二四年度，按公平值计入其他全面收

益的金融资产指松神

发展有限公司及其附

属公司（统称「松神集团」）股权的约

19.7%

。

于二零二四年度，公平值亏损约为

5,825,000

港元。于报告期间，公平值进一步亏损约为

1,135,000

港元。

于二零二四年十一月十一日，本集团与若干

名独立第三方订立买卖协议，据此，本集团以

代价

1,600,000

港元出售松神集团约

19.7%

的

股权（「出售事项」）。出售事项于二零二四年

十二月三十一日完成。

按公平值计入损益的金融资产

按公平值计入损益的金融资产指上市股本投

资。

上市股本投资的公平值乃参照香港联合交易

所有限公司（「联交所」）的市场报价而厘定，并

计入公平值层级的第一级。于报告期间，公平

值收益约

521,000

港元（二零二四年度：亏损

约

521,000

港元）于综合损益表中确认。

有关特定应收企业贷款以及认购事项中的其他应

收款项的预期信贷亏损之重大拨备

就在借贷业务的特定应收企业贷款（「应收企

业贷款」）以及认购事项中的其他应收款项

而言，由于期后结算部分报告期间之未偿还

结余，本集团确认预期信贷亏损（「预期信贷

亏损」）拨备拨回约

4,326,000

港元。于二零

二五年三月三十一日，该两种应收款项的减

值亏损拨备总额（经计提拨备拨回后）约为

30,738,000

港元（「减值亏损」）。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

(a) Corporate Loan Receivable

Prior to the grant of the Corporate Loan Receivable,

the Group performed various due diligence and

credit asesment work on each of the borowers

and guarantors, which include (i) obtaining of the

latest management financial statements, statutory

records and credit history (where aplicable) to

ases the background and financial position of

the borowers and to identify any indicators of

high default risks; (i) considering the key terms

by referencing the prevailing market interest

rate and the financial position of the borowers

to compensate the asociated credit risk (the

“Credit Risk Asesments”); and (i) performing

an asesment to ensure compliance with the

relevant requirements and regulations of anti-

money laundering and counter-terorist financing.

The Group, having not identified any indication of

high default risk of the loans and having asesed

the terms and conditions for the grant of the

Corporate Loan Receivable based on Credit Risk

Asesments, considered that the initial grant of

the loans based on such terms and conditions was

fair and reasonable and was in the interest of the

Company and its shareholders as a whole.

(a)

应收企业贷款

于授出应收企业贷款前，本集团已对各

借款人及担保人进行多项尽职调查及信

用评估工作，其中包括

(i)

获取最近期管

理财务报表、法定记录及信贷记录（如

适用）以评估借款人的背景及财务状况

及识别任何高违约风险的迹象；

(i)

通过

参考现时市场利率和借款人的财务状况

作为考虑主要条款以补偿相关信贷风险

（「信贷风险评估」）；及

(i)

进行评估以

确保遵守反洗钱和反恐融资的相关规定

及规例。本集团经评估根据信贷风险评

估授出应收企业贷款的条款及条件后，

并无发现任何迹象表明该等贷款存在高

违约风险，认为根据该等条款及条件初

步授出该等贷款属公平合理且符合本公

司及其股东的整体利益。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

The Corporate Loan Receivable was past due since

June 2020. The Company has comenced the

winding up proces against the customer company

responsible for the non-payment of Corporate Loan

receivable in April 2023. The hearing of winding-

up petition originaly fixed on 28 June 2023 was

adjourned to 7 August 2023, and the Group has

ben liaising with the borower in the interim with the

view of setling the outstanding repayment amount.

The Group subsequently entered into the setlement

agrement and ded of guarante with the borower

of the Corporate Loan Receivable and related

guarantors on 31 July 2023, with the last instalment

repayable on or before 30 September 2025 based

on the repayment scheme. Folowing the entering

into the setlement agrement, the winding-up

petition was withdrawn on 7 August 2023. As at

31 March 2025, the outstanding principal was

HK$4,900,000.

(b) Other receivable from subscription

Other receivable from subscription is represented

by an outstanding redemption amount arising

from the redemption of a debt instrument which

expired on 18 March 2023. The debt instrument

was represented by certain clas C shares in a

fixed-income focused fund portfolio company

(the “Fund”) managed by an external manager

(the “Manager”) and a delegated investment

manager (the “Investment Manager”) (al being

independent third parties) which were subscribed

by Sino Toper Holdings Limited (“Sino Toper”),

being a wholy-owned subsidiary of the Company,

on 20 April 2020 at a total subscription amount of

HK$60,000,000 with a term of 36 months after first

isuance of any clas B shares and clas C shares

(the “Subscription”). The Subscription was made

at the material time as an investment to utilize the

idle cash balance of the Group. For details of the

Subscription, please refer to the anouncements of

the Company dated 20 April 2020 and 8 May 2020.

应收企业贷款自二零二零年六月起已逾

期。本公司已于二零二三年四月启动针

对就未履行应收企业贷款负有责任的客

户公司的清盘程序。原定于二零二三年

六月二十八日的清盘呈请聆讯押后至二

零二三年八月七日，而本集团在此期间

一直与借款人保持联系，以期结清尚未

偿还款项。本集团其后与应收企业贷款

的借款人及相关担保人于二零二三年七

月三十一日订立和解协议及担保契据，

根据还款时间表，而最后一期款项于二

零二五年九月三十日或之前偿还。于订

立和解协议后，清盘呈请于二零二三

年八月七日撤回。于二零二五年三月

三十一日，未偿还本金为

4,900,000

港

元。

(b)

认购事项中的其他应收款项

认购事项中的其他应收款项为赎回于二

零二三年三月十八日到期的债务工具

之尚未赎回款项。债务工具指外部经理

（「管理人」）及委托投资经理（「投资管

理人」）（彼等均为独立第三方）管理的一

家固收重点基金投资组合公司（「基金」）

的若干

类股份，由本公司全资附属公

司中升集团有限公司（「中升」）于二零

二零年四月二十日认购，总认购金额为

60,000,000

港元，期限为首次发行任何

类股份及

类股份后

个月（「认购事

项」）。认购事项为于重要时刻就利用本

集团的闲置现金结余而进行的投资。有

关认购事项的详情，请参阅本公司日期

为二零二零年四月二十日及二零二零年

五月八日的公告。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Prior to the Subscription, the Group performed

various due diligence work on the Fund, the

Manager and the Investment Manager, which

include (i) conducting the necesary “know your

customer” checks by obtaining their constitutional

documents and statutory records to ases

their background, (i) reviewing the experience,

qualifications and licenses of the Manager, the

Investment Manager and the personel in charge

of the day-to-day operation of the Fund to consider

their competence, (i) reviewing the nature,

composition, historical performance and future

prospects of the target investments of the Fund

to consider its risk profile and (iv) reviewing the

material terms and conditions of the Fund including

but not limited to rate of returns, target investment

size, maturity period and exit mechanisms to

consider their comercial reasonablenes (the

“Investment Risk Asesments”). The Group,

having not identified any indication of high default

risk of the Fund, and having asesed the terms

and conditions for the Subscription based on the

Investment Risk Asesments, considered that the

Subscription based on such terms and conditions

was fair and reasonable and was in the interest of

the Company and its shareholders as a whole.

在进行认购事项前，本集团已对基金、

管理人及投资管理人进行多项尽职审查

工作，包括

(i)

进行「认识你的客户」的必

要查核，取得彼等的宪章文件及法定记

录，以评估彼等的背景；

(i)

审阅管理人、

投资管理人及基金日常营运负责人的经

验、资质及牌照，以考虑彼等的胜任能

力；及

(i)

审阅基金目标投资的性质、组

成、过往表现及未来前景，以考虑其风

险状况及

(iv)

审阅基金的重要条款及条

件，包括但不限于收益率、目标投资规

模、到期限及退出机制，以考虑其商

业合理性（「投资风险评估」）。本集团未

识别到基金存在任何高违约风险迹象，

并根据投资风险评估对认购事项的条款

及条件作出评估，认为基于该等条款及

条件的认购事项属公平合理，符合本公

司及其股东的整体利益。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

After the expiry date of the debt instrument (i.e.

18 March 2023), and taking into acount the

repayments received by Sino Toper for the partial

redemption made prior to the expiry date, Sino

Toper has received an agregate of aproximately

HK$40,181,000 (inclusive of acrued interests)

as repayments for redemption of its subscription

amount with the last batch of repayments

received in December 2023, after which no

further repayments have ben received. Despite

repeated eforts made by the Directors throughout

the Reporting Period to comunicate with the

Fund, the Manager and the Investment Manager

to demand for setlement of the outstanding

redemption amount, Sino Toper has not received

any explanation for the delay in repayment, and no

further reply has ben received since June 2023.

Betwen April 2024 and July 2024, Sino Toper

has isued demand leters against the Fund, the

Manager, the Investment Manager, and the former

Responsible Oficer of the Investment Manager.

Sino Toper has engaged BVI lawyers in September

2024, isued a Statutory Demand against the Fund

in October 2024 and completed the winding up

procedings against the Fund in the BVI on 14 April

2025. Joint liquidators have ben apointed to

conduct investigations into the afairs of the Fund.

As at the date of this report, a total redemption

amount of aproximately HK$26,926,000 remained

outstanding and payable to Sino Toper by the

Fund and/or others.

于债务工具到期日（即二零二三年三月

十八日）后，且计及中升于到期日前就

部分赎回款项所收取的还款，中升已

收取合共约

40,181,000

港元（包括应

计利息）作为赎回其认购金额的还款，

最后一批还款于二零二三年十二月收

取，其后不再收取任何还款。尽管董事

于整个报告期间多次努力与基金、管理

人及投资管理人沟通，要求结清尚未赎

回款项，但中升仍未收到任何关于延迟

还款的解释，且自二零二三年六月起并

未收到任何进一步的回复。于二零二四

年四月至二零二四年七月期间，中升已

向基金、管理人、投资管理人及投资管

理人前负责人发出催款函。中升于二零

二四年九月聘请英属处女群岛律师，并

于二零二四年十月向基金发出法定偿

债书，且于二零二五年四月十四日在英

属处女群岛完成对基金的清盘程序。联

席清盘人已获委任就基金事务进行调

查。截至本报告日期，基金及／或其他

人尚未支付予中升的赎回款项总额为约

26,926,000

港元。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

and asumptions adopted in valuation

The Group has engaged an independent valuer

(the “Valuer”) to conduct a valuation in relation

to impairment asesment over the financial and

contract asets (including loan receivable and other

receivable) as at 31 March 2025 (the “Valuation”).

The Valuer adopted the expected credit los model

(the “ECL Model”) to measure the ECL of the loan

receivable and other receivable. The ECL Model

was adopted in acordance with Hong Kong

Financial Reporting Standards 9. Major inputs of

the ECL Model include (i) probability of default

(the “PD”) of the borowers/debtors which in turn

afecting the credit specific factor by, inter alia,

asesing the los stages and checking forward

loking asumptions involved; (i) los given default;

(i) exposure at default; and (iv) discount factor

reflecting time value of money.

The expected credit los rate (the “ECL rate”)

for the Corporate Loan Receivable was 77.8%

(YR2024: 63.1%), and the provision for ECL for

the Corporate Loan Receivable was aproximately

HK$3,812,000 with gros carying of aproximately

HK$4,900,000 as at 31 March 2025. After the end

of the Reporting Period and as at the date of this

report, a repayment of HK$1,000,000 has ben

setled based on the repayment schedule.

(c)

减值亏损及估值所用主要输入数据及所采

纳的假设

本集团已委聘独立估值师（「估值师」）就

金融及合约资产（包括应收贷款以及其

他应收款项）于二零二五年三月三十一

日的减值评估进行估值（「估值」）。

估值师采纳预期信贷亏损模型（「预期信

贷亏损模型」）以计量应收贷款以及其他

应收款项的预期信贷亏损。预期信贷亏

损模型乃根据香港财务报告准则第

号

而采用。预期信贷亏损模型的主要输入

数据包括

(i)

借款人／债务人的违约概率

（「违约概率」），其通过（其中包括）评

估亏损阶段和检查所涉及的前瞻性假设

影响信贷特定因素；

(i)

违约亏损；

(i)

违

约风险；及

(iv)

反映货币时间价值的折现

因素。

于二零二五年三月三十一日，应收企

业贷款的预期信贷亏损率（「预期信贷

亏损率」）为

77.8%

（二零二四年度：

63.1%

），而应收企业贷款计提的预期

信贷亏损拨备约为

3,812,000

港元，账

面总值约为

4,900,000

港元。于报告期

末后及于本报告日期，本公司已根据还

款时间表清偿

1,000,000

港元的还款。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

The ECL rate for other receivable from subscription

in respect of the outstanding redemption amount

was relatively high in the Reporting Period due

to a significant increase in credit risks since initial

recognition due to (i) the debt instrument has

matured for more than a year since March 2023,

and (i) it is uncertain whether Sino Toper is able

to enter into any setlement arangements with the

Fund, the Manager and the Investment Manager

to secure the repayment of the outstanding

redemption amount as the Fund, the Manager and

the Investment Manager have not ben responsive,

and (i) betwen April and July, Sino Toper has

isued a demand leter to the Fund, the Manager

and the Investment Manager and the former

Responsible Oficer of the Investment Manager for

the non-payment of the outstanding redemption

amount, Sino Toper has engaged BVI lawyers

in September 2024, isued a Statutory Demand

against the Fund in October 2024 and completed

the winding up procedings against the Fund in the

BVI on 14 April 2025. Joint liquidators have ben

apointed to conduct investigations into the afairs

of the Fund. Acordingly, the Group has provided

a ful provision of aproximately HK$26,926,000

for other receivable in respect of the outstanding

redemption amount with gros carying amount of

the aproximately HK$26,926,000 as at 31 March

2025.

Money lending busines

Within the Group’s money lending busines, prospective

borowers are sourced from the management’s busines

networks. A credit comite (“Credit Comite”)

is established and the primary responsibility of this

comite is to ases and aprove loans. During the

credit asesment phase, multiple aproval criteria

are considered, including the client’s income source,

outstanding debt, credit history, loan history with our

company and relevant asesment results obtained during

the aplication procedure.

As of 31 March 2025, the combined outstanding balance

of the top two clients (YR2024: one client) in the money

lending busines amounted to 100% of the Group’s total

loan receivables (YR2024: 100%).

于报告期间，有关尚未赎回款项的认购

事项中的其他应收款项的预期信贷亏损

率相对较高，原因是自初始确认以来，

信贷风险显著上升，此乃由于

(i)

自二零

二三年三月起逾期超过一年的债务工

具，及

(i)

由于基金、管理人及投资管理

人尚未回应，故中升无法确定是否能够

与基金、管理人及投资管理人订立任何

和解协议以确保偿还尚未赎回款项，

及

(i)

于四月至七月期间，中升已就未

支付尚未赎回款项向基金、管理人、投

资管理人及投资管理人前负责人发出

催款函。中升于二零二四年九月聘请英

属处女群岛律师，并于二零二四年十月

向基金发出法定偿债书，且于二零二五

年四月十四日在英属处女群岛完成对

基金的清盘程序。联席清盘人已获委

任就基金事务进行调查。因此，本集团

已就有关二零二五年三月三十一日账

面总值约

26,926,000

港元的尚未赎回

款项的其他应收款项全数计提拨备约

26,926,000

港元。

借贷业务

于本集团的借贷业务中，潜在借贷人来自管理

层的业务网络。信贷委员会（「信贷委员会」）已

告成立，该委员会的主要职责为评估及审批贷

款。信用评估阶段考虑多个审批标准，包括客

户的收入来源、未偿还债务、信贷记录、与本

公司的贷款记录及申请程序中获取的相关评

估结果。

截至二零二五年三月三十一日，借贷业务的前

两大客户（二零二四年度：一名客户）的合并未

偿还结余相当于本集团应收贷款总额的

100%

（二零二四年度：

100%

）。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Busines model of the Group’s money lending

busines

The Group’s money lending busines is managed through

a wholy-owned subsidiary, Fortune Shiny (Hong Kong)

Limited (“Fortune Shiny”), which holds a money lenders

license isued under the Money Lenders Ordinance

(Chapter 163 of the Laws of Hong Kong). Fortune Shiny

provides loan financing services to both individual and

corporate clients who are third parties independent of

the Company and its conected persons (as defined in

the Rules (the “Listing Rules”) Governing the Listing of

Securities on the Stock Exchange). Corporate loans are

ofered to corporate clients requiring loan financing for their

corporate neds, while individual loans are provided to

clients who require loan financing for their personal neds.

Fortune Shiny is capable of granting loan financing services

to both corporate and individual clients with greater

flexibility compared to licensed banks and was established

to generate interest income by providing loan financing

services in Hong Kong. The Group’s money lending

busines is primarily financed through internal resources.

Credit asesment policy

Loan aplications are evaluated and procesed on a case-

by-case basis, with each aplication asesed based on its

individual merit. Prior to granting loans, the management

conducts a financial background and credit check

procedure.

The proces for loan aplication involves colecting

customer information including identity and financial

documents, performing a customer due diligence check

to verify identity and understand the purpose of the loan,

conducting a background check including legal and

property ownership searches, performing a valuation

check on the colateral, conducting a credit asesment to

determine the borower’s ability to repay, and performing

an asesment to ensure compliance with the relevant

requirements and regulations of anti-money laundering and

counter-terorist financing. The details of each step may

vary depending on the specific circumstances of the loan

aplication.

本集团借贷业务之业务模式

本集团的借贷业务乃透过全资附属公司富晖

（香港）有限公司（「富晖」）管理，其持有根据

香港法例第

章放债人条例发出之放债人牌

照。富晖为独立于本公司及其关连人士（定义

见联交所证券上市规则（「上市规则」）的第三

方的个人及企业客户提供贷款融资服务。企业

贷款提供予需要贷款融资以满足企业需求的

企业客户，而个人贷款则提供予需要贷款融资

以满足其个人需求的客户。

富晖可向企业和个人客户提供贷款融资服

务，与持牌银行相比具有更大的灵活性，并透

过在香港提供贷款融资服务赚取利息收入。本

集团的借贷业务主要由内部资源拨付。

信贷评估政策

贷款申请按个别情况评估及处理，每项申请均

根据其个别价值进行评估。于发放贷款前，管

理层会进行财务背景及信用检查程序。

贷款申请的过程涉及收集客户资料（包括身份

和财务文件），进行客户尽职调查以核实身份

并了解贷款目的，进行背景调查（包括法律和

财产所有权调查），对抵押品进行估值检查，

进行信用评估以确定借款人的还款能力，并进

行评估以确保遵守反洗钱和反恐融资的相关

规定及规例。各步骤的详情或会因贷款申请的

具体情况而有所差异。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Overal, the loan aplication proces involves a thorough

evaluation of the borower’s financial standing, legal and

financial history, colateral, and ability to repay the loan. By

performing these checks and asesments, the Group can

reduce the risk of default and ensure that their loans are

being used for legitimate purposes.

Ongoing monitoring of loan recoverability and loan

colection

To ensure recoverability, the Group places particular

emphasis on the financial background, asets or capital

base, repayment ability, and reputation of the borower

when establishing loan terms. The manager comunicates

with borowers regularly to monitor the recoverability of

loans and ases the conditions of the borowers. Any

delays in payment or defaults on significant terms of the

loan agrement are reported to the management. To

mitigate risk and potential credit loses, various measures

may be implemented, including but not limited to revising

repayment terms, executing a setlement agrement,

and/or initiating legal procedings against the borower

to recover any late payments and default interest. These

measures are taken after considering the normal market

practice and the actual circumstances during the credit

colection proceses and negotiations with the relevant

customers with the ultimate goal of reducing the posibility

of credit loses.

Credit comite

To manage credit risk and operations, the Credit

Comite has ben established, consisting of Mr. Bai

Huawei and Ms. Xia Liping, with ful authority to handle

al credit-related maters of Fortune Shiny. Al loans must

be aproved by the Credit Comite, folowing the

authorization matrix for final aproval.

The primary responsibilities of the Credit Comite

include aproving and supervising the Group’s money

lending busines and monitoring the loan portfolio. The

Credit Comite is also responsible for overseing

compliance and governance maters such as regularly

reviewing and modifying the money lending policy to in line

with changes in the market environment.

整体而言，贷款申请过程包括对借贷人的财务

状况、法律和财务记录、抵押品和偿还贷款的

能力进行全面评估。通过进行该等检查和评

估，本集团可以减少违约风险，确保其贷款用

于合法目的。

持续监测贷款可收回性及贷款催收

为确保可收回性，本集团于确定贷款条件时

特别强调借贷人的财务背景、资产或资本基

础、还款能力及信誉。管理人定期与借款人沟

通，以监测贷款的可收回性并评估借贷人的状

况。任何延迟还款或违反贷款协议重要条款的

情况均会报告管理层。为减少风险和潜在的信

贷亏损，本公司或会采取各种措施，包括但不

限于修改还款条件、签署和解协议及╱或对借

贷人提起法律诉讼以收回任何逾期付款和违

约利息。采取该等措施已考虑一般市场惯例和

实际情况，并于征信过程中与相关客户进行磋

商，最终目的为降低信贷亏损的可能性。

信贷委员会

为管理信贷风险和业务，本公司成立信贷委员

会，由白华威先生及夏莉萍女士组成，全权处

理富晖所有信贷相关事宜。所有贷款必须由信

贷委员会批准，按照权限矩阵进行最终批准。

信贷委员会的主要职责包括批准和监督本集

团的借贷业务和监测贷款组合。信贷委员会亦

负责监督合规和治理事项，如定期审查和修改

借贷政策，以适应市场环境的变化。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Major terms of loans granted

Under the Group’s money lending busines for the

Reporting Period, the Group ofered a credit period of

6-24 months for the loan to its personal customers with

interest rate of 8%–15% per anum (YR2024: nil). The loan

to a corporate customer is interest-fre, and secured by

personal guarante.

Breakdowns of material loan receivables

As of 31 March 2025, the Group had a total outstanding

loan principal amount of HK$7,700,000 (YR2024:

HK$12,900,000) before taking into acount the ECL. The

outstanding principal amounts relate to the Corporate Loan

Receivable, which was a corporate loan, and one other

personal loan (YR2024: one corporate loan). The corporate

loan acounted for 63.6% of the outstanding principal

amount of HK$7,700,000 (YR2024: the corporate loan

acounted for 100% of the outstanding principal amount of

HK$12,900,000). The Corporate Loan Receivable became

interest-fre based on the setlement agrement.

During the Reporting Period, the Group granted two

personal loans (one of which has ben fuly repaid during

the year), the interest rates for the principal amounts were

8% to 15% per anum (YR2024: nil). The corporate loan

receivable acounts as of 31 March 2025 was secured by

personal guarantes.

Loan interest income

For the Reporting Period, the total loan interest

income from the Group’s money lending busines was

aproximately HK$525,000 (YR2024: aproximately

HK$554,000).

LOS ATRIBUTABLE TO OWNERS OF

THE COMPANY

For the Reporting Period, the Group recorded a net los

of aproximately HK$51,430,000 as compared with

aproximately HK$20,622,000, for YR2024.

已授出贷款的主要条款

本集团于报告期间的借贷业务中，本集团为个

人客户贷款提供六至二十四个月的信贷期，年

利率为

至

15%

（二零二四年度：无）。向企

业客户提供的贷款均为免利息且由个人担保

作抵押。

重大应收贷款明细

截至二零二五年三月三十一日，本集团有未偿

还贷款本金总额为

7,700,000

港元（二零二四

年度：

12,900,000

港元）（未计及预期信贷

亏损）。未偿还本金额与应收企业贷款（为一

笔企业贷款及一笔其他个人贷款）（二零二四

年度：一笔企业贷款）有关。该等企业贷款

占未偿还本金额

7,700,000

港元的

63.6%

（二

零二四年度：该等企业贷款占未偿还本金额

12,900,000

港元的

100%

）。应收企业贷款根

据和解协议获免利息。

于报告期间，本集团授出两笔个人贷款（其中

一笔已于年内全数偿还），其本金额年利率介

乎

至

15%

（二零二四年度：无）。截至二零

二五年三月三十一日，应收企业贷款均由个人

担保作抵押。

贷款利息收入

于报告期间，本集团借贷业务的贷款利息收

入总额约

525,000

港元（二零二四年度：约

554,000

港元）。

本公司拥有人应占亏损

于报告期间，本集团录得亏损净额约

51,430,000

港元，而二零二四年度为约

20,622,000

港元。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

FINAL DIVIDEND

The Board did not recomend the payment of a final

dividend to the owners for the Reporting Period (YR2024:

nil).

RIGHTS ISUE

Reference is made to the Company’s anouncement

dated 17 January 2025 and the prospectus dated 26

March 2025 (the “Prospectus”). In order to bolster its

working capital and to ensure 12 months of operational

funding amid a slugish Hong Kong construction market,

the Company (pursuant to an ordinary resolution pased

at the extraordinary general meting of the Company on

13 March 2025) isued 115,200,000 ordinary Shares (the

“Rights Share(s)”) to the qualifying Shareholders at the

subscription price of HK$0.2 per Rights Share on the

basis of one Rights Share for every one existing ordinary

Share of the Company held on 25 March 2025 (the

“Rights Isue”). The said subscription price represented

a discount of aproximately 29.82% to the closing price

of HK$0.285 per Share as quoted on the Stock Exchange

on 17 January 2025. The agregate nominal value of the

Rights Shares isued was HK$11,520,000, and the net

subscription price per Rights Share (i.e. the subscription

price les cost and expenses incured in the Rights Isue)

was aproximately HK$0.1881.

The Rights Isue was completed on 9 May 2025 (which

was subsequent to the end of the Reporting Period), and

acordingly none of the proceds was utilized within the

Reporting Period. The Company intends to aply the net

proceds from the Rights Isue (“2025 Net Proceds”)

by 31 December 2025 as the funding of the construction

segment of the Group and general working capital of the

headquarter as disclosed in the Prospectus. The unutilised

2025 Net Proceds were placed as bank balances with

licensed bank in Hong Kong.

末期股息

董事会并不建议向拥有人派付报告期间之末

期股息（二零二四年度：无）。

供股

兹提述本公司日期为二零二五年一月十七日

的公告及日期为二零二五年三月二十六日的

供股章程（「供股章程」）。为增强其营运资金

及确保在香港建设市场疲弱的情况下仍有

十二个月的营运资金，本公司（根据本公司于

二零二五年三月十三日于股东特别大会上通

过的普通决议案）向合资格股东按本公司于二

零二五年三月二十五日每持有一股现有普通

股获发一股供股份的基准，以认购价每股

供股份

0.2

港元发行

115,200,000

股普通股

（「供股份」）（「供股」）。上述认购价较股份

于二零二五年一月十七日于联交所报之收

市价每股份

0.285

港元折让约

29.82%

。已发

行供股份之总面值为

11,520,000

港元，及

每股供股份认购价净额（即认购价减供股产

生的成本及开支）约为

0.1881

港元。

供股于二零二五年五月九日（于报告期末后）

完成，故并无于报告期间内动用所得款项。诚

如供股章程所披露，本公司拟于二零二五年

十二月三十一日前将供股所得款项净额（「二

零二五年所得款项净额」）用作本集团建筑分

部的资金及总部的一般营运资金。未动用的二

零二五年所得款项净额存放于香港持牌银行

作为银行结余。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

THE PLACING IN 2024

References are made to the Company ’s anouncements

on 3 April 2024 and 16 April 2024 (the “2024

Anouncements”) in relation to the entering into of the

placing agrement by the Company on 3 April 2024 for

the placing of 19,200,000 ordinary shares of the Company

(the “2024 Placing”) which raised net proceds of

aproximately HK$18.7 milion (the “2024 Net Proceds”),

representing a net isue price of aproximately HK$0.97

per placing share, and the 2024 Placing was completed on

16 April 2024.

To the best of the Directors’ knowledge, information and

belief after having made al reasonable enquiry, there were

not les than six places under the 2024 Placing who were

individual investors that were third parties independent of

and not conected with the Company and its conected

persons. None of the places under the 2024 Placing

has become a substantial shareholder (as defined under

the Listing Rules) of the Company imediately upon

completion of the 2024 Placing.

In view of the uncertainties in the economic and busines

environment of Hong Kong, the Company considered it is

critical to replenish the financial resources of the Group for

its development. The Directors were of the view that the

2024 Placing would strengthen the financial position and

liquidity of the Group and provide financial resources to the

Group without incuring interest costs. The Directors also

believed that the 2024 Placing represents an oportunity

to raise capital for the Company while broadening its

Shareholder and capital base.

二零二四年配售

兹提述本公司日期为二零二四年四月三日及

二零二四年四月十六日之公告（「二零二四年

公告」），内容有关本公司于二零二四年四月

三日订立配售协议以配售本公司

19,200,000

股普通股（「二零二四年配售」），募集所得款

项净额约

18,700,000

港元（「二零二四年所得

款项净额」），相当于净发行价为每股配售股

份约

0.97

港元，且二零二四年配售已于二零

二四年四月十六日完成。

就董事于作出一切合理查询后所知、所悉及所

信，二零二四年配售项下不少于六名承配人均

为独立于本公司及其关连人士且与其并无关

连的第三方个人投资者。概无二零二四年配售

项下的承配人于紧随二零二四年配售完成后

成为本公司主要股东（定义见上市规则）。

鉴于香港经济及营商环境的不确定性，本公司

认为补充本集团的财务资源对其发展至关重

要。董事认为，二零二四年配售将增强本集团

的财务状况及流动资金，并在不产生利息成

本的情况下为本集团提供财务资源。董事亦相

信，二零二四年配售为本公司筹集资金同时扩

大其股东及资本基础的良机。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

二零二四年配售项下最高数目配售股份的总

面值为

1,920,000

港元。二零二四年配售项下

每股配售股份之配售价为

1.00

港元，较

(i)

本

公司股份于二零二四年四月三日于联交所

报收市价每股份（「股份」）

1.17

港元折让约

14.53%

；及

(i)

紧接二零二四年四月三日前最

后连续五个交易日于联交所报平均收市价

每股份约

1.23

港元折让约

18.70%

。

二零二四年所得款项净额用途

The agregate nominal value of the maximum number of

placing shares under the 2024 Placing is HK$1,920,000.

The placing price of HK$1.00 per placing share under the

2024 Placing represents (i) a discount of aproximately

14.53% to the closing price of HK$1.17 per share of the

Company (the “Share”) as quoted on the Stock Exchange

on 3 April 2024; and (i) a discount of aproximately

18.70% to the average closing price of aproximately

HK$1.23 per Share as quoted on the Stock Exchange

for the last five consecutive trading days imediately

preceding 3 April 2024.

Use of 2024 Net Proceds

Planed use

of proceds

as disclosed

in the 2024

Anouncements

Amount utilised

during the

Reporting

Period

Unutilised

2024 Net

Proceds as at

31 March 2025

Expected

timeline

二零二四年

公告所披露之

所得款项计划用途

于报告期间

已动用金额

于二零二五年

三月三十一日之

未动用二零二四年

所得款项净额预期时间表

HK$’000

(aproximately)

HK$’000

(aproximately)

HK$’000

(aproximately)

千港元

（概约）

千港元

（概约）

千港元

（概约）

Administration and operation expenses

of the headquarters of the Group in Hong Kong

本集团香港总部的行政及营运开支

N/A

不适用

– aproximately 70% for director and staf remuneration

－约

70%

用作董事及员工薪酬

13,09513,095–

– aproximately 8% for rental expense

－约

用作租金开支

1,4971,497–

– aproximately 12% for profesional fe

－约

12%

用作专业费用

2,2452,245–

– aproximately 10% for other operation expenses

－约

10%

用作其他营运开支

1,8711,871–

18,70818,708–

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

二零一六年配售之所得款项净额用途

兹提述本公司日期为二零一六年十一月

二十九日之公告（「二零一六年公告」），内

容有关配售本公司

160,000,000

股新普通股

（「二零一六年配售」），募集所得款项净额

约

134,000,000

港元（「二零一六年所得款项

净额」）及日期为二零一八年十月二日（「二

零一八年公告」）、二零二一年八月十七日

（「二零二一年公告」）及二零二三年一月三

日（「二零二三年公告」）、二零二三年十一月

十七日之公告以及本公司截至二零一九年

三月三十一日、二零二年三月三十一日、

二零二三年三月三十一日及二零二四年三月

三十一日止年度之年报，内容有关更改配售之

所得款项用途。

截至二零二五年三月三十一日，配售之部分二

零一六年所得款项净额已动用，并拟根据日期

为二零二三年一月三日之公告所载的经修订

建议用途加以动用。下表载列二零一六年所得

款项净额的动用详情：

USE OF NET PROCEDS FROM THE

PLACING IN 2016

References are made to the Company’s anouncement

on 29 November 2016 (the “2016 Anouncement”) in

relation to placing of 160,000,000 new ordinary shares

of the Company (the “2016 Placing”) which raised net

proceds of aproximately HK $134.0 milion (the “2016

Net Proceds”) and the anouncements in relation to

change in use of proceds from the Placing dated 2

October 2018 (the “2018 Anouncement”), 17 August

2021 (the “2021 Anouncement”) and 3 January 2023

(the “2023 Anouncement”), 17 November 2023 and

the anual reports of the Company for the year ended

31 March 2019, 31 March 2022, 31 March 2023 and 31

March 2024.

Part of the 2016 Net Proceds from the Placing were

utilised up to 31 March 2025 and are intended to

be aplied in acordance with the revised proposed

aplication set out in the anouncement dated 3

January 2023. The below table sets out the details of the

aplication of the 2016 Net Proceds:

Planed use

of proceds

as disclosed

in the 2016

Anouncement

Revised

alocation

as at

2 October

Unutilised 2016

Net Proceds

as at

31 March

Revised

alocation

as at

17 August

Amount

utilised during

year ended

31 March

Revised

alocation

as at

3 January

Amount

utilised during

year ended

31 March

Amount

utilised during

year ended

31 March

Unutilised 2016

Net Proceds

as at

31 March

Amount

utilised during

the Reporting

Period

Unutilised 2016

Net Proceds

as at

31 March

Expected

timeline

二零一六年

公告所披露之

所得款项

计划用途

于二零一八年

十月二日之

经修订分配

于二零二一年

三月三十一日

之未动用

二零一六年

所得款项净额

于二零二一年

八月十七日

之经修订分配

截至

二零二年

三月三十一日

止年度之

已动用金额

于二零二三年

一月三日之

经修订分配

截至

二零二三年

三月三十一日

止年度之

已动用金额

截至

二零二四年

三月三十一日

止年度之

已动用金额

于二零二四年

三月三十一日

之未动用

二零一六年

所得款项净额

于二零二五年

报告期间之

已动用金额

于二零二五年

三月三十一日

之未动用

二零一六年

所得款项净额预期时间表

HK$ milion

(aproximately)

HK$ milion

(aproximately)

HK$ milion

(aproximately)

HK$ milion

(aproximately)

HK$ milion

(aproximately)

HK$ milion

(aproximately)

HK$ milion

(aproximately)

HK$ milion

(aproximately)

HK$ milion

(aproximately)

HK$ milion

(aproximately)

HK$ milion

(aproximately)

百万港元

（概约）

百万港元

（概约）

百万港元

（概约）

百万港元

（概约）

百万港元

（概约）

百万港元

（概约）

百万港元

（概约）

百万港元

（概约）

百万港元

（概约）

百万港元

（概约）

百万港元

（概约）

(Note 1)(Note 2)(Note 3)

（附注

）（附注

）

Investment, financing and money

lending services

投资、融资及借贷服务

134.057.3–N/A

不适用

Funding the Acquisition (as defined below)

为收购事项（定义见下文）

拨资

–76.776.7–N/A

不适用

Funding further posible acquisition(s)

为可能进一步收购拨资

–70.7–25.7–25.75.020.7By 30 September 2026

二零二六年

九月三十日前

General working capital

一般营运资金

–6.06.045.013.631.4–N/A

不适用

134.0134.076.776.76.070.713.631.425.75.020.7

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Notes:

1. As disclosed in the 2018 Anouncement, (i) the Group had

used aproximately HK$20.8 milion of the proceds of the

2016 Placing for investment and financial services and for

seting up a subsidiary with a money lenders licence and

the Group intended to utilise up to aproximately HK$36.5

milion of the 2016 Net Proceds in developing the Group’s

money lending busines in the next 12 months; and (i) the

Group intended to change the use of up to aproximately

HK$76.7 milion of the outstanding 2016 Net Proceds to

fund the acquisition of aproximately 51.3% of the isued

share capital of Blue Marble Limited at a total consideration

of HK$320,000,000 (the “Acquisition”). The Acquisition then

lapsed on 2 April 2020. For details, please refer to the 2018

Anouncement and the anouncement of the Company

dated 2 April 2020.

2. On 17 August 2021, the Company resolved to change

the use of the outstanding 2016 Net Proceds, being

aproximately HK$76,700,000 as at 31 March 2021 as

folows: (i) as to aproximately HK$70,700,000, to fund further

posible acquisition(s), including further posible acquisition

of 16% of the isued share capital of Matsu Gami; and (i) as

to the remaining balance of aproximately HK$6,000,000, for

general working capital. As at 31 March 2022, the Board has

not exercised the cal option to acquire 16% of the isued

share capital of Matsu Gami. For details, please refer to the

2021 Anouncement and the anouncement of the Company

dated 10 September 2021.

3. On 3 January 2023, the Company resolved to change

the use of the outstanding 2016 Net Proceds, being

aproximately HK$70,700,000 as at 31 March 2022 as

folows: (i) as to aproximately HK$25,700,000, to fund further

posible acquisition(s) and (i) as to the remaining balance of

aproximately HK$45,000,000, for general working capital. As

at 31 March 2023, the Board has not exercised the cal option

to acquire 16% of the isued share capital of Matsu Gami.

For details, please refer to the 2023 Anouncement and the

anouncement of the Company dated 3 January 2023.

附注：

诚如二零一八年公告所披露，

(i)

本集团已将二零

一六年配售所得款项约

20,800,000

港元用于投资及

融资服务以及用作成立一间持有放债人牌照之附

属公司，而本集团拟动用二零一六年所得款项净额

最多约

36,500,000

港元于未来

个月发展本集团之

借贷业务；及

(i)

本集团拟更改未动用二零一六年所

得款项净额最多约

76,700,000

港元之用途，以为收

购

Blue Marble Limited

已发行股本之约

51.3%

提供资

金，总代价为

320,000,000

港元（「收购事项」）。收购

事项随后于二零二零年四月二日失效。有关详情，

请参阅二零一八年公告及本公司日期为二零二零年

四月二日之公告。

于二零二一年八月十七日，本公司议决更改未动

用二零一六年所得款项净额（即于二零二一年三月

三十一日约为

76,700,000

港元）的用途如下：

(i)

约

70,700,000

港元用于为可能进一步收购拨资，包括

可能进一步收购松神已发行股本之

16%

；及

(i)

剩余

结余约

6,000,000

港元用作一般营运资金。于二零

二年三月三十一日，董事会并未行使认购期权收

购松神已发行股本之

16%

。有关详情，请参阅二零

二一年公告及本公司日期为二零二一年九月十日之

公告。

于二零二三年一月三日，本公司议决更改未动用

二零一六年所得款项净额（即于二零二年三月

三十一日约为

70,700,000

港元）的用途如下：

(i)

约

25,700,000

港元用于为可能进一步收购拨资及

(i)

剩

余结余约

45,000,000

港元用作一般营运资金。于二

零二三年三月三十一日，董事会并未行使认购期权

收购松神已发行股本之

16%

。有关详情，请参阅二

零二三年公告及本公司日期为二零二三年一月三日

之公告。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

本公司于二零二三年十一月十七日刊发公告，谨此

补充，用于进一步收购之未动用二零一六年所得款

项净额拟于二零二五年三月三十一日前悉数用于收

购从事食品及饮品及╱或建筑行业之目标公司之

股权，惟倘于此期间出现任何有关机会，且董事会

认为收购从事其他行业之目标公司有助扩宽本集团

的收入来源，或符合本公司及其股东的整体最佳利

益，则本集团亦可动用于进一步收购之未动用二

零一六年所得款项净额（或其部分）。

于报告期间，本集团与非控股权益订立协议及补充

协议，据此，本集团以

5,000,000

港元的现金代价

(i)

向非控股权益收购纯运剩余

49%

的股权；及

(i)

承担

应收非控股权益的未偿还债务。

于二零二五年三月二十八日，本公司议决将动用未

动用二零一六年所得款项净额的预期时间表延长至

二零二六年九月三十日。

于二零二五年三月三十一日，余下未动用二零

一六年所得款项净额已作为银行结余存放于

香港持牌银行并将以与建议分配一致的方式

动用。

4. On 17 November 2023, the Company published the

anouncement and wishes to suplement that the unutilised

2016 Net Proceds for further acquisitions are intended to

be fuly utilised by 31 March 2025 in the acquisition of equity

interests in target company(ies) engaged in the fod and

beverage and/or the construction sectors, provided that, if

any such oportunity(ies) arise in the meantime, the Group

may also utilise the unutilised 2016 Net Proceds for Further

Acquisitions (or part thereof) in the acquisition of target

company(ies) engaged in other sector(s) if such acquisition is

considered by the Board to be conducive in broadening the

source of the revenue for the Group or otherwise in the best

interest of the Company and its shareholders as a whole.

During the Reporting Period, the Group entered into an

agrement and suplemental agrement with the non-

controling interest, pursuant to which, the Group acquired

(i) the remaining 49% equity interests of Pure Luck from the

non-controling interest; and (i) asumed the outstanding

indebtednes due from the non-controling interest for a cash

consideration of HK$5,000,000.

5. On 28 March 2025, the Company resolved to extend the

expected timeline of the use of the unutilized 2016 Net

Proceds to 30 September 2026.

The remaining unutilised 2016 Net Proceds as at 31

March 2025 were placed as bank balances with licensed

bank in Hong Kong and wil be aplied in the maner

consistent with the proposed alocations.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

DEBTS AND CHARGE ON ASETS

The total interest-bearing borowings of the Group mainly

consisted of leases liabilities, borowing from directors of

subsidiaries and borowing from a related company of the

Group. The above borowings as at 31 March 2025 were

aproximately HK$178,883,000 (YR2024: aproximately

HK$179,941,000). Al borowings were mainly

denominated in Hong Kong dolar. Interest on borowings

are charged at fixed rates. The Group curently does

not have an interest rate hedging policy and the Group

monitors interest risks continuously and considers hedging

any excesive risk when necesary. As at 31 March 2025,

the Group did not have any charges on the Group’s asets.

NET CURENT ASETS

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

amounted to aproximately HK$32,874,000 which was

aproximately HK$47,858,000 lower than the net curent

asets of aproximately HK$80,732,000 as at 31 March

2024, the decrease was mainly due to the decrease in

contract asets. As at 31 March 2025, the Group’s curent

liabilities amounted to aproximately HK$211,801,000

representing a decrease of aproximately HK$18,372,000

from aproximately HK$230,173,000 as at 31 March

2024, the decrease was mainly due to the decrease in

trade and other payables and acruals.

债务及资产押记

本集团的计息借贷总额主要包括租赁负债、来

自附属公司董事的借贷及来自本集团一间关

连公司的借贷。以上于二零二五年三月三十一

日的借贷为约

178,883,000

港元（二零二四年

度：约

179,941,000

港元）。所有借贷主要以港

元计值。借贷利息以固定利率计息。本集团目

前并无利率对冲政策，而本集团持续监察利率

风险及于需要时考虑对冲任何过高风险。于二

零二五年三月三十一日，本集团资产并无进行

任何押记。

流动资产净值

于二零二五年三月三十一日，本集团的流动资

产净值约为

32,874,000

港元，较二零二四年

三月三十一日的流动资产净值约

80,732,000

港元减少约

47,858,000

港元，该减少主要由

于合约资产减少。于二零二五年三月三十一

日，本集团的流动负债约为

211,801,000

港元，较二零二四年三月三十一日的约

230,173,000

港元减少约

18,372,000

港元，该

减少主要由于贸易及其他应付款项及应计费

用减少。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

LIQUIDITY AND FINANCIAL RESOURCES

As at 31 March 2025, the Group had cash and bank

balances of aproximately HK$106,965,000, representing

a decrease of aproximately HK$31,321,000 (as at 31

March 2024: aproximately HK$138,286,000), which were

mainly denominated in Hong Kong dolar.

During the Reporting Period, the Group did not employ any

financial instrument for hedging purposes.

CASH FLOW

The net cash used by the Group in its operating activities

amounted to aproximately HK$14,977,000 during the

Reporting Period, which was mainly due to the financial

performance of the Group. Net cash used in investing

activities was aproximately HK$12,286,000 mainly arose

from the purchase of property, plant and equipment of

aproximately HK$10,610,000. The net cash used in

financing activities was aproximately HK$3,683,000 in

which aproximately HK$19,200,000 arose from proceds

from isue of shares received, was set of by (i) decreasing

in amount due to directors of subsidiaries of aproximately

HK$14,906,000; and (i) payment of principal and interest

portion of lease liabilities of aproximately HK$5,485,000.

The gearing ratio of the Group as at 31 March 2025

(defined as total interest-bearing liabilities divided by the

Group’s total equity) was aproximately 351.4% (as at 31

March 2024: aproximately 199.2%).

The curent ratio of the Group as at 31 March 2025 was

aproximately 1.16 (as at 31 March 2024: aproximately

1.35).

流动资金及财务资源

于二零二五年三月三十一日，本集团有现

金及银行结余约

106,965,000

港元，减少约

31,321,000

港元（于二零二四年三月三十一

日：约

138,286,000

港元），主要以港元计值。

于报告期间，本集团并无采用任何金融工具作

对冲用途。

现金流量

于报告期间，本集团经营活动所用现金净额

约为

14,977,000

港元，主要由于本集团的

财务表现所致。投资活动所用现金净额约为

12,286,000

港元，主要来自购买物业、厂房及

设备约

10,610,000

港元。融资活动所用现金

净额约为

3,683,000

港元，其中约

19,200,000

港元来自发行股份所得款项，由

(i)

应付附属公

司董事款项减少约

14,906,000

港元；及

(i)

支

付租赁负债本金及利息部分约

5,485,000

港元

所抵销。

本集团于二零二五年三月三十一日的资本负

债比率（定义为总计息负债除以本集团的总权

益）约为

351.4%

（于二零二四年三月三十一

日：约

199.2%

）。

本集团于二零二五年三月三十一日的流动比

率约为

1.16

（于二零二四年三月三十一日：约

1.35

）。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

库务政策

本集团已对其库务政策采取审慎的财务管理

方针，故在整个报告期间内维持稳健的流动资

金状况。本集团致力透过进行持续的信贷评估

及评估其客户的财务状况降低信贷风险。为管

理流动资金风险，董事会密切监察本集团的流

动资金状况，以确保本集团资产、负债及其他

承担的流动资金架构可满足其不时的资金要

求。

外汇风险

本集团主要在香港经营且大部分来自营运的

收入及交易主要以港元结算，而本集团的资产

及负债主要以港元计值。

本集团亦于中国开展业务，所承受的外汇风险

主要来自以外币（即有关交易之货币为营运功

能货币以外之货币）计值的主要活动所产生的

应收款项、应付款项及现金结余。

于报告期间，本集团并无因货币汇率波动而面

临任何经营或流动资金方面的重大困难或影

响；及其亦未采纳任何货币对冲政策或其他对

冲工具。然而，本集团管理层会定期监察本集

团的外汇风险，并在有需要时考虑对冲重大外

汇风险。

TREASURY POLICY

The Group has adopted a prudent financial management

aproach towards its treasury policies and thus maintained

a healthy position of liquidity throughout the Reporting

Period. The Group strives to reduce the exposure to

credit risk by performing ongoing credit asesments

and evaluations of the financial status of its customers.

To manage liquidity risk, the Board closely monitors

the Group’s liquidity position to ensure that the liquidity

structure of the Group’s asets, liabilities and other

comitments can met its funding requirements from time

to time.

FOREIGN EXCHANGE EXPOSURE

The Group mainly operates in Hong Kong and most of the

revenue and transactions arising from its operations were

mainly setled in Hong Kong dolar, and the Group’s asets

and liabilities are primarily denominated in Hong Kong

dolar.

The Group also has operations in the PRC and is exposed

to curency risk primarily through its principal activities

which give rise to receivables, payables and cash balances

that are denominated in a foreign curency, i.e. a curency

other than the functional curency of the operations to

which the transactions relate.

The Directors believe that the Group’s risk in foreign

exchange is insignificant and the Group wil have

suficient foreign exchange to met its foreign exchange

requirements. The Group has not experienced any material

dificulties or efects on its operations or liquidity as a result

of fluctuations in curency exchange rates; and it has not

adopted any curency hedging policy or other hedging

instruments during the Reporting Period. However, the

Group’s management regularly monitors the Group’s

foreign exchange exposure and wil consider hedging

significant foreign exchange exposure should the ned

arise.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

CAPITAL STRUCTURE

The share capital of the Group only comprises of ordinary

shares.

As at 31 March 2025, the Company’s isued share

capital was HK$11,520,000 (as at 31 March 2024:

HK$9,600,000) and the number of its isued ordinary

shares was 115,200,000 of HK$0.1 each (as at 31 March

2024: 96,000,000 of HK$0.1 each).

SIGNIFICANT INVESTMENTS, MATERIAL

ACQUISITIONS AND DISPOSAL OF

SUBSIDIARIES AND ASOCIATED

COMPANIES

Save as disclosed in this report, during the Reporting

Period, there were no significant investments held,

nor were there any material acquisitions or disposal of

subsidiaries and asociated companies made by the

Group during the Reporting Period and up to the date of

this report.

Change in ownership interest in a subsidiary without

a change of control and guaranted revenue

During the Reporting Period, the Group further entered into

an agrement and suplemental agrement with the non-

controling interest, pursuant to which, the Group acquired

(the “Pure Luck Acquisition”) (i) the remaining 49% equity

interests of Pure Luck, from the non-controling interest;

and (i) asumed the outstanding indebtednes due

from the noncontroling interest for a cash consideration

of HK$5,000,000. Upon completion of the Pure Luck

Acquisition on 3 May 2024, Pure Luck became a wholy

owned subsidiary of the Group.

资本结构

本集团股本仅由普通股组成。

于二零二五年三月三十一日，本公司已发行

股本为

11,520,000

港元（于二零二四年三月

三十一日：

9,600,000

港元）及其已发行普通

股数目为

115,200,000

股，每股面值

0.1

港元

（于二零二四年三月三十一日：

96,000,000

股，每股面值

0.1

港元）。

重大投资、重大收购及出售附属公司及联

营公司

除本报告所披露者外，于报告期间，本集团并

无持有重大投资，于报告期间及直至本报告日

期，亦无进行任何重大收购或出售附属公司及

联营公司事项。

在不变更控制权的情况下变更一间附属公司的拥

有权及担保收入

于报告期间，本集团与非控股权益进一步订立

协议及补充协议，据此，本集团以

5,000,000

港元的现金代价

(i)

向非控股权益收购纯运剩

余

49%

的股权（「纯运收购事项」）；及

(i)

承担应

收非控股权益的未偿还债务。于纯运收购事项

于二零二四年五月三日完成后，纯运成为本集

团的一间全资附属公司。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

根据买卖协议的条款，卖方有条件同意，倘电

商直播业务的实际收入（「实际收入」）低于报

告期间（「担保期间」）的担保收入

13,000,000

港元（「担保收入」），则卖方将根据以下计算

之金额向本公司作出补偿：

补偿金额

（

13,000,000

港元－实际收入）

49%

就担保期间而言，根据董事会可得资料，实际

收入已超过

13,000,000

港元。有鉴于此，担保

收入将于确认纯运集团截至二零二五年三月

三十一日止年度的经审核数字后获达成。

资本承担

于二零二五年及二零二四年三月三十一日，本

集团概无重大资本承担。

或然负债

于二零二五年及二零二四年三月三十一日，本

集团概无重大或然负债。

诉讼

于二零二五年三月三十一日，本集团并无重大

未决诉讼。

Under the terms of the sale and purchase agrement, the

vendor conditionaly agred that if the actual revenue of the

e-comerce live streaming busines (“Actual Revenue”)

is les than the guaranted revenue of HK$13,000,000

(“Guaranted Revenue”) for the Reporting Period

(“Guaranted Period”), the vendor shal compensate the

Company in the amount calculated based on the folowing:

Compensation Amount = (HK$13,000,000 – Actual

Revenue) X 49%

In respect of the Guaranted Period, based on the

information made available to the Board, the Actual

Revenue had exceded HK$13,000,000. In this regard,

the Guaranted Revenue would have ben fulfiled upon

confirmation with the audited figures of the Pure Luck

Group for the year ended 31 March 2025.

CAPITAL COMITMENT

The Group had no material capital comitment as at 31

March 2025 and 2024.

CONTINGENT LIABILITIES

The Group had no material contingent liabilities as at 31

March 2025 and 2024.

LITIGATIONS

As at 31 March 2025, the Group had no material pending

litigation.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

EMPLOYES AND REMUNERATION

POLICIES

As at 31 March 2025, the Group had 174 ful-

time employes (as at 31 March 2024: 158 ful-time

employes).

The remuneration policy and packages of the Group’s

employes are periodicaly reviewed. Apart from mandatory

provident fund and in-house training programes, salary

increment and discretionary bonuses may be awarded

to employes acording to the asesment of individual

performance. The total remuneration cost incured by

the Group for the Reporting Period was aproximately

HK$93,663,000 as compared to aproximately

HK$76,587,000 for YR2024.

ENVIRONMENTAL POLICIES

The Group places an emphasis on environmental

protection when undertaking its projects. The Group was

awarded the ISO 14001:2015 (environmental management

system). During the Reporting Period, the ISO 14001:2015

certificate was valid from 24 March 2021 to 29 April

2027. When preparing the tender documents, the Group

wil take into consideration the environmental protection

requirements of potential customers as wel as the

relevant laws and regulations in relation to environmental

protection. The Group’s safety oficers are responsible for

ensuring that the Group satisfies the aplicable laws and

regulations requirements and identifying and reporting on

environmental isues to our project management team.

雇员及薪酬政策

于二零二四年三月三十一日，本集团有

名

全职雇员（于二零二四年三月三十一日：

名全职雇员）。

本集团定期审阅雇员的薪酬政策及待遇。除强

制性公积金及内部培训课程外，本集团亦根据

个人表现评核而增加工资及授予雇员酌情花

红。于报告期间，本集团产生的总薪酬成本约

为

93,663,000

港元，而二零二四年度则约为

76,587,000

港元。

环保政策

本集团在进行项目时注重环保。本集团获授

ISO 14001:2015

（环境管理体系）。于报告

期间，

ISO 14001:2015

认证的有效期为二

零二一年三月二十四日至二零二七年四月

二十九日。于准备投标文件时，本集团会考虑

潜在客户的环保要求以及与环保有关的相关

法律法规。本集团的安全主任负责确保本集团

符合适用法律法规的规定，并识别环保方面的

问题，向我们的项目管理团队汇报。

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

COMPLIANCE WITH LAWS AND

REGULATIONS

The Group’s operations are mainly caried out by the

Company’s subsidiaries in Hong Kong and the PRC

while the Company itself is a holding company. Our

operations acordingly shal comply with the relevant laws

and regulations in Hong Kong and the PRC. During the

Reporting Period and up to the date of this report, there

is no material non-compliance with the relevant prevailing

laws and regulations by the Group.

FUTURE PLANS FOR MATERIAL

INVESTMENTS AND CAPITAL ASETS

The Group did not have other plans for material

investments and capital asets up to the date of this

report.

CORPORATE GOVERNANCE

The Company had complied with al aplicable code

provisions as set out in the Corporate Governance Code

(the “Code”) contained in Apendix C1 to the Listing Rules

during the Reporting Period.

CODE OF CONDUCT REGARDING

DIRECTORS’ SECURITIES

TRANSACTIONS

The Company has adopted the Model Code for Securities

Transactions by Directors of Listed Isuers (the “Model

Code”) as set out in Apendix C3 to the Listing Rules as

its code of conduct regarding securities transactions by the

Directors. Al Directors have confirmed, folowing a specific

enquiry by the Company, that they have complied with the

required standard as set out in the Model Code throughout

the Reporting Period.

遵守法律法规

本集团的营运主要透过本公司于香港及中国

的附属公司进行，而本公司本身为一间控股公

司。因此，我们的营运须遵守香港及中国有关

法律法规。于报告期间及直至本报告日期，本

集团并无严重违反相关现行法律法规。

重大投资及资本资产的未来计划

直至本报告日期，本集团并无其他重大投资及

资本资产计划。

企业管治

本公司于报告期间已遵守上市规则附录

所

载之企业管治守则（「守则」）之所有适用守则

条文。

董事进行证券交易之操守则

本公司已采纳上市规则附录

所载之上市发

行人董事进行证券交易之标准守则（「标准守

则」），作为董事进行证券交易之操守则。经

本公司作出具体查询后，全体董事确认彼等于

整个报告期间已遵守标准守则所载的规定标

准。

BIOGRAPHICAL DETAILS OF DIRECTORS AND COMPANY SECRETARY

董事及公司秘书的履历详情

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

执行董事

白华威先生，

岁，拥有逾二十年之证券交

易、企业上市、投融资及基金管理经验，并于

过去与中国中央国有企业的合作中积累丰富

的能源领域专业经验。彼自二零一五年十二月

起担任兴麟投资（香港）有限公司的董事总经

理，自二零二零年五月起担任顺隆证券行有限

公司的香港法例第

章证券及期货条例（「证

券及期货条例」）项下第

类（证券交易）（「第

类」）受规管活动的代表及自二零二零年五月

起担任汇骏资产管理有限公司的证券及期货

条例项下第

类（资产管理）（「第

类」）受规管

活动的代表。白先生亦于二零一零年三月至二

零二零年五月担任英皇证券有限公司第

类的

代表，于二零一二年五月至二零一七年六月担

任英皇财富管理有限公司第

类的代表，于二

零一七年八月至二零二零年五月担任英皇期

货有限公司的证券及期货条例项下第

类（期

货合约交易）受规管活动的代表及于二零一

年八月至二零一四年十月及二零一四年十月

至二零一七年六月分别担任英皇资产管理有

限公司第

类的代表及负责人员。白先生于二

零二三年九月七日加入本公司。

EXECUTIVE DIRECTORS

Mr. Bai Huawei

（白华威）

, aged 45, has over 20 years

of experience in securities trading, enterprise listing,

investment, financing and fund management and also

has extensive profesional experience in the energy field

during his past coperation with central state-owned

enterprises in China. He has ben a managing director of

Xinglin Investment (Hong Kong) Limited since December

2015, a representative for type 1 (dealing in securities)

regulated activities under the Securities and Futures

Ordinance (Chapter 571 of the Laws of Hong Kong, the

“SFO”) (“Type 1”) of Shun Long Securities Company

Limited since May 2020 and a representative for type 9

(aset management) regulated activities under the SFO

(“Type 9”) of Capital Focus Aset Management Limited

since May 2020. Mr. Bai was also a representative for

Type 1 of Emperor Securities Limited from March 2010

to May 2020, a representative for Type 1 of Emperor

Wealth Management Limited from May 2012 to June

2017, a representative for type 2 (dealing in futures

contracts) regulated activities under the SFO of Emperor

Futures Limited from August 2017 to May 2020 and

a representative and responsible oficer for Type 9 of

Emperor Aset Management Limited from August 2011

to October 2014 and from October 2014 to June 2017,

respectively. Mr. Bai joined the Company on 7 September

2023.

BIOGRAPHICAL DETAILS OF DIRECTORS AND COMPANY SECRETARY

董事及公司秘书的履历详情

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Mr. Wang Yu

（王雨）

, aged 39, is a managing partner at

BRICs (Xiamen) Equity Investment Fund Co., Ltd.*

（金砖

（厦门）股权投资基金有限公司）

since December 2018.

Prior to that, Mr. Wang served as post-doctoral analyst

at China Oceanwide Holdings Group Co., Ltd.

（中国泛

海控股集团有限公司）

from May 2017 to May 2019 and

chief analyst at Zhuhai ValueHunter Investment Fund

Management Co., Ltd.*

（珠海德瑞恒泰投资基金管理有

限公司）

from September 2014 to September 2015.

Mr. Wang obtained a bachelor’s degre in finance and

a master’s degre in management studies from Waikato

University in the New Zealand in June 2009 and August

2011 respectively, and a doctor’s degre in management

from City University of Macau in September 2014. He

was also a postdoctoral felow in theoretical economics

at Chinese Academy of Social Sciences

（中国社会科学

院）

in the People’s Republic of China from May 2017 to

May 2019. Mr. Wang joined the Company since 5 January

2024.

王雨先生，

岁，自二零一八年十二月起为

金砖（厦门）股权投资基金有限公司之管理合

伙人。此前，王先生于二零一七年五月至二零

一九年五月担任中国泛海控股集团有限公司

之博士后分析师及于二零一四年九月至二零

一五年九月担任珠海德瑞恒泰投资基金管理

有限公司之首席分析师。

王先生分别于二零九年六月及二零一年

八月获得新西兰怀卡托大学金融学士学位及

管理学硕士学位，并于二零一四年九月获得澳

门城市大学管理博士学位。彼亦于二零一七年

五月至二零一九年五月担任中华人民共和国

中国社会科学院理论经济学博士后研究员。王

先生自二零二四年一月五日起加入本公司。

BIOGRAPHICAL DETAILS OF DIRECTORS AND COMPANY SECRETARY

董事及公司秘书的履历详情

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

非执行董事

吕国威先生，

岁，自二零二零年十一月

起获委任为东建国际控股有限公司（「东建

国际」，一间于联交所上市之公司（股份代

号：

）的副总裁。彼亦为东建国际多间

附属公司之董事及东建国际之间接全资附

属公司东建资产管理有限公司之董事总经

理兼负责人员。彼管理证券及期货事务监察

委员会第

类、第

类及第

类受规管活动，

同时亦担任核心职能主管，负责整体管理监

督及主要业务线职能。吕先生专注于公司

管理、基金投资与资本市场领域以及业务

拓展。

吕先生在资本市场及企业融资方面拥有丰富

经验。彼于二零一六年十月至二零二零年七月

期间担任茂宸证券有限公司杠杆与收购融资

部高级副总裁。吕先生曾负责保证金融资、一

般发售融资、并购项目、资产管理、就证券交

易及基金投资提供意见，以及出具投资研究报

告。

吕先生亦于二零一七年二月至二零一八年三

月担任中联发展控股集团有限公司（一间于联

交所上市之公司（股份代号：

）之非执行

董事。

吕先生于二零一三年获得加州大学圣地亚哥

分校工程（环境工程）理学士学位。吕先生自

二零二四年一月五日起加入本公司。

NON-EXECUTIVE DIRECTORS

Mr. Lui Kwok Wai

（吕国威）

, aged 35, was apointed

as the vice president of OCI International Holdings Limited

（东建国际控股有限公司）

(“OCI International”), a

company listed on the Stock Exchange (Stock Code:

329), since November 2020. He is also a director of

various subsidiaries of OCI International and the managing

director and responsible oficers of OCI Aset Management

Company Limited, an indirectly wholy owned subsidiary

of the OCI International. He manages SFC Type 1, Type 4

and Type 9 regulated activities and also acts as the overal

management oversight and the manager-in-charge of key

busines line functions. Mr. Lui is focusing on company

management, fund investment & capital market area, and

busines development.

Mr. Lui has extensive experience in capital market and

corporate finance. He served as the senior vice president

of the leverage & acquisition finance division of Mason

Securities Limited from October 2016 to July 2020. Mr. Lui

was responsible for margin finance, general ofer finance,

merge & acquisition projects, aset management, advising

on securities trading and funds investment, as wel as

isuance of investment research report.

Mr. Lui also served as non-executive director of China

International Development Corporation Limited, a company

listed on the Stock Exchange (stock code: 264), from

February 2017 to March 2018.

Mr. Lui obtained a bachelor’s degre of Science in

Enginering (Environmental Enginering) from the University

of California, San Diego in 2013. Mr. Lui joined the

Company since 5 January 2024.

BIOGRAPHICAL DETAILS OF DIRECTORS AND COMPANY SECRETARY

董事及公司秘书的履历详情

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

许琳先生，

岁，于一九六年七月及二零

零一年十二月分别获得西安政治学院法学

士学位及首都经济贸易大学工商管理硕士学

位。彼经过多个岗位历练，拥有紥实的经济

理论功底及丰富的管理经验。许先生自二零

二年十二月起担任美亚娱乐资讯集团有限

公司（一间于联交所上市之公司，股份代号：

）之独立非执行董事及自二零二零年十月

起担任昊天国际建设投资集团有限公司（一间

于联交所上市之公司，股份代号：

）之非

执行董事。自二零二一年九月至二零二三年一

月，许先生担任周大福企业有限公司高级副总

裁。许先生先前亦自二零二零年十二月至二

零二五年二月担任云南景谷林业股份有限公

司（「云南景谷林业」，一间于上海证券交易所

上市之公司，股份代号：

）之非执行

董事，自二零二年十二月至二零二四年十月

担任金石资本集团有限公司（一间于联交所上

市之公司，股份代号：

）之非执行董事，

自二零二零年十二月至二零二四年三月担任

云南景谷林业之董事长，自二零二年三月至

二零二年十二月担任新华联合投资有限公司

（前称辉煌科技（控股）有限公司，一间于联交

所

GEM

上市之公司，股份代号：

）之独立

非执行董事，自二零二零年四月至二零二一年

二月担任大唐西市丝路投资控股有限公司（一

间于联交所上市之公司，股份代号：

）之

执行董事及副董事长，自二零二零年三月至二

零二零年七月担任林达控股有限公司（股份代

号：

）之独立非执行董事及自二零一九年

十月至二零二零年三月担任兆邦基生活控股

有限公司（前称兆邦基地产控股有限公司，一

间于联交所上市之公司，股份代号：

）之

执行董事。许先生自二零二四年十一月四日起

加入本公司。

Mr. Xu Lin

（许琳）

, aged 64, had obtained a bachelor’s

degre in law from Xi’an Political Science and

Law University* and a master’s degre in busines

administration from Capital University of Economics and

Busines in July 1996 and December 2001, respectively.

He gained experience through various positions and has a

solid foundation in economic theory and rich management

experience. Mr. Xu curently serves as an independent

non-executive director of Mei Ah Entertainment Group

Limited, a company listed on the Stock Exchange (Stock

Code: 391), since December 2022 and a non-executive

director of Hao Tian International Construction Investment

Group Limited, a company listed on the Stock Exchange

(Stock Code: 1341), since October 2020. From September

2021 to January 2023, Mr. Xu worked for Chow Tai

Fok Enterprises Limited as the senior vice president.

Mr. Xu previously also served as a non-executive director

of Yunan Jingu Forestry Co., Ltd. (“Yunan Jingu

Forestry”), a company listed on the Shanghai Stock

Exchange (Stock Code: 600265) from December 2020

to February 2025, a non-executive director of Goldstone

Capital Group Limited, a company listed on the Stock

Exchange (Stock Code: 1160), from December 2022

to October 2024, the chairman of the board of Yunan

Jingu Forestry, from December 2020 to March 2024,

an independent non-executive director of China United

Venture Investment Limited (formerly known as Glory Mark

Hi-Tech (Holdings) Limited), a company listed on GEM

of the Stock Exchange (Stock Code: 8159) from March

2022 to December 2022, an executive director and the

vice chairman of the board of DTXS Silk Road Investment

Holdings Company Limited, a company listed on the

Stock Exchange (Stock Code: 620), from April 2020 to

February 2021, an independent non-executive director

of Lamtex Holdings Limited (Stock Code: 1041), from

March 2020 to July 2020, and an executive director of

Zhaobangji Lifestyle Holdings Limited (formerly known as

Zhaobangji Properties Holdings Limited), a company listed

on the Stock Exchange (Stock Code: 1660), from October

2019 to March 2020. Mr. Xu joined the Company since 4

November 2024.

BIOGRAPHICAL DETAILS OF DIRECTORS AND COMPANY SECRETARY

董事及公司秘书的履历详情

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

独立非执行董事

姜森林先生，

岁，拥有逾三十年之财务及投

资管理经验。自二零一五年九月至二零一七年

十二月，姜先生担任北京仁歌科技股份有限公

司（新三板股份代号：

，已于二零一八

年十二月自愿除牌）之副总经理兼首席财务

官。彼亦曾于二零九年八月至二零一五年九

月担任

Morningstar, Inc.

（纳斯达克：

MORN

）

的亚洲首席财务官。自二零一九年一月起，姜

先生担任中国瑞风新能源控股有限公司（一间

于联交所上市之公司，股份代号：

）之独

立非执行董事、自二零一九年六月起担任环能

国际控股有限公司（「环能」，一间于联交所上

市之公司，股份代号：

）之执行董事并自

二零二四年七月五日起调任为非执行董事。

自二零一八年一月至二零二五年三月，姜先

生担任华德国际资产管理有限公司（「华德国

际」）之副总裁、首席财务官及行政总裁。自二

零二年三月至六月，姜先生担任索信达控股

有限公司（一间于联交所上市之公司，股份代

号：

）之非执行董事。

INDEPENDENT NON-EXECUTIVE

DIRECTORS

Mr. Jiang Senlin

（姜森林）

, aged 53, has over 30 years

of experience in financial and investment management. He

has ben worked in Beijing Renge Technology Corp. Ltd*

（北京仁歌科技股份有限公司）

(NEQ Code: 837824,

voluntarily delisted in December 2018) as vice general

manager and chief financial oficer from September 2015

to December 2017. He also worked as chief financial

oficer (Asia) in Morningstar, Inc. (NASDAQ: MORN) from

August 2009 to September 2015. Mr. Jiang has ben

an independent non-executive director of China Ruifeng

Renewable Energy Holdings Limited

（中国瑞风新能源控

股有限公司）

, a company listed on the Stock Exchange

(Stock Code: 527), since January 2019, an executive

director of Enviro Energy International Holdings Limited

(“Enviro Energy”)

（环能国际控股有限公司）

, a company

listed on the Stock Exchange (Stock Code: 1102), since

June 2019, and re-designated to a non-executive director

since 5 July 2024. From January 2018 to March 2025,

Mr. Jiang was the vice-president, chief financial oficer and

chief executive oficer in Wonderland International Aset

Management Limited (“Wonderland International”)

（华德

国际资产管理有限公司）

. From March to June 2022, Mr.

Jiang was a non-executive director of Suoxinda Holdings

Limited

（索信达控股有限公司）

, a company listed on the

Stock Exchange (Stock Code: 3680).

BIOGRAPHICAL DETAILS OF DIRECTORS AND COMPANY SECRETARY

董事及公司秘书的履历详情

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

姜先生于一九八年五月获得中华人民共和

国会计师资格，及于一九七年十一月获中华

人民共和国人事部授予中级金融师资格。于

二零年七月，姜先生于四川大学完成文艺

学研究项目，及于一九三年六月取得中央财

政金融学院（现称中央财经大学）会计学士

学位。姜先生自二零二三年九月七日起加入本

公司。

张义先生，

岁，于二零年七月获得西安

交通大学财务管理学士学位。于二零一二年六

月，张先生通过中国证券业协会有关「证券交

易」、「证券投资分析」及「证券市场基础知识」

的

SAC

证券行业专业人员水平评价测试。于二

零一六年十二月，彼亦通过中国证券投资基

金业协会有关「证券投资基金基础认知」及「基

金法律法规、职业道德与业务规范」的

AMAC

基金从业人员资格考试。此外，自二零一五年

九月以来，张先生亦为深圳市京势文化传媒有

限公司（前称深圳市三支明香文化传媒有限公

司）之总经理。张先生自二零二三年九月七日

起加入本公司。

Mr. Jiang qualified as an acountant in the People’s

Public of China in May 1998 and as an intermediate

financial oficer confered by the Ministry of Personel

People’s Republic of China in November 1997. Mr. Jiang

completed his research program in Art and Culture*

（文

艺学）

at Sichuan University in July 2000 and obtained his

bachelor’s degre in Acountancy at the Central Institute of

Finance

（中央财政金融学院）

(now known as the Central

University of Finance and Economics) in June 1993. Mr.

Jiang joined the Company since 7 September 2023.

Mr. Zhang Yi

（张义）

, aged 44, obtained his bachelor’s

degre in finance management from Xi’an Jiaotong

University in July 2000. Mr. Zhang pased the SAC

Securities Industry Profesional Level Evaluation Test*

（

SAC

证券行业专业人员水平评价测试）

by the Securities

Asociation of China*

（中国证券业协会）

on “securities

trading”*

（证券交易）

, “securities investment analysis”*

（证

券投资分析）

and “fundamental knowledge in securities

market”*

（证券市场基础知识）

in June 2012. He had

also pased the AMAC Fund Practitioner Qualification

Examination*

（

AMAC

基金从业人员资格考试）

by Aset

Management Asociation of China*

（中国证券投资

基金业协会）

on “fundamental knowledge in security

investment funds”*

（证券投资基金基础认知）

and “laws

and regulations, profesional ethics and busines practices

of funds”*

（基金法律法规、职业道德与业务规范）

, in

December 2016. In adition, Mr. Zhang has also ben the

general manager in Shenzhen Jingshi Culture Media Co.,

Ltd.*

（深圳市京势文化传媒有限公司）

(formerly named

as Shenzhen Sanzhi Mingxiang Cultural Media Co., Ltd*

（深圳市三支明香文化传媒有限公司）

) since September

2015. Mr. Zhang joined the Company since 7 September

2023.

BIOGRAPHICAL DETAILS OF DIRECTORS AND COMPANY SECRETARY

董事及公司秘书的履历详情

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

但曦女士，

岁，于二零一二年六月及二零

一三年十一月分别获得武汉大学法学及法语

学士学位以及香港中文大学法学硕士学位。彼

于二零一五年六月取得广东省司法厅颁发的

律师执业证。

但女士自二零二四年十一月二十二日起担任

经纬天地控股有限公司（一间于联交所上市之

公司，股份代号：

）之独立非执行董事。

但女士于二零一三年六月加入北京大成（深

圳）律师事务所（「北京大成」）并自二零二年

及二零二四年六月起分别为北京大成争议解

决部副主任及高级合伙人。彼亦自二零二三年

十二月起担任广东省律师协会申诉再审专业

委员会秘书长及自二零二四年八月起担任汕

尾仲裁委员会之仲裁员。自二零二三年一月至

二零二四年三月，但女士担任瑞和数智科技控

股有限公司（前称索信达控股有限公司，一间

于联交所上市之公司，股份代号：

）之独

立非执行董事。自二零二一年一月至二零二三

年一月，彼亦为深圳市坪山区商事调解院之商

业调解员。但女士自二零二四年十一月四日起

加入本公司。

公司秘书

黄洁莹女士于二零一七年一月加入本公司。彼现

任公司秘书及财务总监。彼持有爱丁堡纳皮尔大

学会计学士学位及为香港会计师公会之会员。于

加入本公司前，黄女士曾于顺泰控股集团有限公

司（一间于联交所主板上市之公司（股份代号：

）担任财务经理及于多间会计师事务所工

作。黄女士于会计、审计及财务管理方面拥有逾

年的丰富经验。

Ms. Dan Xi

（但曦）

, aged 35, obtained a bachelor’s

degres in laws and French from Wuhan University and

a master’s degre in laws from The Chinese University

of Hong Kong in June 2012 and November 2013,

respectively. She obtained her practicing license as a

ful-time lawyer isued by The Department of Justice,

Guangdong in June 2015.

Ms. Dan has ben an independent non-executive director

of WelCel Holdings Co. Limited, a company listed

on the Stock Exchange (Stock code: 2477), since 22

November 2024. Ms. Dan joined Beijing Dacheng Law

Ofices, LP (Shenzhen) (“Beijing Dacheng”) in June

2013 and is curently a deputy director of the dispute

resolution department and a senior partner of Beijing

Dacheng since 2022 and June 2024, respectively. She

also has ben serving as the secretary general of The

Apeals and Reconsideration Profesional Comite*

（申诉再审专业委员会）

of the Guangdong Lawyers

Asociation since December 2023 and arbitrator of

Shanwei Arbitration Comision

（汕尾仲裁委员会）

since

August 2024. From January 2023 to March 2024, Ms.

Dan served as an independent non-executive director of

Ruihe Data Technology Holdings Limited (formerly known

as Suoxinda Holdings Limited), a company listed on the

Stock Exchange (stock code: 3680) during the period

from January 2023 to March 2024. From January 2021

to January 2023, she was also a comercial mediator

in Shenzhen Pingshan District Comercial Mediation

Center*

（深圳市坪山区商事调解院）

. Ms. Dan joined the

Company since 4 November 2024.

COMPANY SECRETARY

Ms. Wong Kit Ying

（黄洁莹）

joined the Company in

January 2017. She curently serves as the company

secretary and financial controler. She holds a bachelor of

acounting degre in the Edinburgh Napier University and

is a member of the Hong Kong Institute of Certified Public

Acountants. Prior to joining the Company, Ms. Wong

worked in Shen Tai Holdings Group Company Limited, a

company listed on the main board of the Stock Exchange

(stock code: 1335) as a finance manager and several

acounting firms. Ms. Wong has over 14 years of extensive

experience in the field of acounting, auditing and financial

management.

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

宏基集团控股有限公司及其附属公司董事会

致力达致及维持最高标准之企业管治。董事会

相信，良好的企业管治准则可为本集团提供制

订业务策略及政策的大纲，并可透过有效的内

部监控程序管理相关风险，同时亦可提高本集

团的透明度，加强对本公司股东的问责性。

本公司于报告期间已遵守上市规则附录

所

载之企业管治守则（「守则」）之所有适用原则

及守则条文。

本集团透过定期检讨，致力不断完善企业管治

常规，确保本集团一直符合守则规定。

The Board of Directors of Wan Kei Group Holdings

Limited and its subsidiaries is comited to achieving

and maintaining the highest standard of corporate

governance. The Board believes that a god corporate

governance standard wil provide a framework for the

Group to formulate the busines strategies and policies,

and manage the asociated risk through efective internal

control procedures. It wil also enhance the transparency

of the Group and strengthen its acountability to the

Shareholders of the Company.

The Company has complied with al the aplicable

principles and code provisions in the Corporate

Governance Code set out in Apendix C1 to the Listing

Rules (the “Code”) during the Reporting Period.

The Group comits to continuously improving its

corporate governance practices by periodic review to

ensure that the Group continues to met the requirements

of the Code.

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

The key corporate governance practices of the Group are

sumarised as folows:

BOARD OF DIRECTORS

Composition

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

executive Directors, two non-executive Directors, and thre

independent non-executive Directors.

Executive Directors

Mr. Bai Huawei

Mr. Wang Yu

Non-executive Directors

Mr. Xu Lin (Chairman)

Mr. Lui Kwok Wai

Independent Non-executive Directors

Mr. Jiang Senlin

Mr. Zhang Yi

Ms. Dan Xi

本集团的主要企业管治常规概述如下：

董事会

组成

于本报告日期，董事会现时由两名执行董事、

两名非执行董事及三名独立非执行董事组成。

执行董事

白华威先生

王雨先生

非执行董事

许琳先生（主席）

吕国威先生

独立非执行董事

姜森林先生

张义先生

但曦女士

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Each of Mr. Xu Lin and Ms. Dan Xi had confirmed that he/

she (i) obtained the legal advice refered to under Rule

3.09D of the Listing Rules on 4 November 2024 (being the

date of his/her apointment) and (i) understod his/her

obligations as a director of a listed isuer under the Listing

Rules.

The Company has complied with rules 3.10(1) and 3.10A

of the Listing Rules during the Reporting Period. There

are curently thre independent non-executive Directors in

the Board and the number of independent non-executive

Directors represents more than one-third of the Board.

As such, there exists a strong independent element in

the Board, which can efectively exercise independent

judgement, take the lead where potential conflicts of

interest arise, and serve as an efective mechanism to

ensure that independent views and input are available

to the Board, and scrutinize the Group’s performance

in achieving agred corporate goals and objectives and

monitor performance reporting. The Company has also

complied with rule 3.10(2) of the Listing Rules which

stipulates that one of the independent non-executive

Directors must poses apropriate profesional

qualification or acounting or related financial management

expertise. In compliance with the Code, the independent

non-executive Directors expresly identified as such in al

corporate comunications that disclosed the name of the

Directors.

As at 31 March 2025, the Company has two non-executive

Directors, being Mr. Xu Lin and Mr. Lui Kwok Wai, with

a term of 2 years comencing from 4 November 2024

for Mr. Xu Lin, and a term of 2 years comencing from

5 January 2024 for Mr. Lui Kwok Wai.

As at 31 March 2025, the Company has thre independent

non-executive directors, being Mr. Jiang Senlin, Mr. Zhang

Yi and Ms. Dan Xi, with a term of 2 years comencing

from 7 September 2023 for both Mr. Jiang Senlin and

Mr. Zhang Yi and a terms of 2 years comencing from 4

November 2024 for Ms. Dan Xi.

许琳先生及但曦女士各自已确认彼

(i)

分别于

二零二四年十一月四日（即彼获委任当日）获

得上市规则第

3.09D

条所述的法律意见及

(i)

知

悉彼根据上市规则作为上市发行人董事的责

任。

本公司于报告期间已遵守上市规则第

3.10(1)

及

3.10A

条。董事会现有三名独立非执行董

事，而独立非执行董事人数占董事会成员三分

之一以上。因此，董事会具高度独立性以有效

作出独立判断，在出现潜在利益冲突时起带头

作用，并形成确保董事会可获得独立意见及观

点的有效机制，审查本集团之表现是否达到既

定企业目标，并监督汇报表现之事宜。本公司

亦已遵守上市规则第

3.10(2)

条规定，其订明

其中一名独立非执行董事必须具备适合专业

资格或会计或相关财务管理专业知识。为遵守

守则，于披露董事姓名的所有公司通讯中，已

明确识别独立非执行董事身份。

于二零二五年三月三十一日，本公司有两名非

执行董事，即许琳先生及吕国威先生，许琳先

生的任期自二零二四年十一月四日起计为期

年，而吕国威先生的任期自二零二四年一月五

日起计为期

年。

于二零二五年三月三十一日，本公司有三名独

立非执行董事，即姜森林先生、张义先生及但

曦女士，姜森林先生及张义先生的任期自二零

二三年九月七日起计均为

年而但曦女士的任

期自二零二四年十一月四日起计为期

年。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Each of the non-executive Directors and the independent

non-executive Directors has entered into a service contract

with the Company for a specific term of two years which

can be terminated by not les than thre months’ notice

in writing served by either party on the other and they

are subject to retirement by rotation and re-election at

the anual general meting of the Company (“AGM”) in

acordance with the articles of asociation of the Company

(“Articles”).

At each AGM, one-third of the Directors are required to

retire from ofice. Each Director shal retire from ofice once

every thre years. The Directors to be retired in every year

shal be those apointed by the Board during the year

and those who have ben longest in ofice since their last

election or re-election. Mr. Bai Huawei, Mr. Zhang Yi and

Mr. Jiang Senlin wil retire from ofice as Directors at the

forthcoming AGM and wil ofer themselves for re-election

pursuant to Article 108 of the Articles.

New Director apointed by the Board during the year shal

retire and submit themselves for re-election at the AGM

imediately folowing their apointments. Mr. Xu Lin and

Ms. Dan Xi wil retire from ofice as Director at the forth

coming AGM of the Company, being eligible, wil ofer

himself/herself for re-election pursuant to Article 112 of the

Articles.

No Director proposed for re-election at the forthcoming

AGM has a service contract with the Company which

is not determinable by the Company within one year

without payment of compensation other than statutory

compensation.

The Company has received from each of its independent

non-executive Directors an anual confirmation of its

independence pursuant to rule 3.13 of the Listing Rules.

The Group considers al independent non-executive

Directors to be independent under the Listing Rules.

There are no financial, busines, family or other material/

relevant relationship among the members of the Board.

The biographical details of each of the Directors are set out

in the section headed “Biographical Details of Directors and

Company Secretary” of this report.

各非执行董事及独立非执行董事已与本公司

订立服务合约，指定任期为两年，并可由任何

一方向另一方发出不少于三个月的书面通知

予以终止，且彼等须根据本公司组织章程细则

（「细则」）在本公司股东周年大会（「股东周年

大会」）上轮席退任及膺选连任。

于各届股东周年大会上，三分之一董事须退任

董事职务。每位董事须每三年告退一次。每年

退任的董事须为年内获董事会委任及自上一

次获选或膺选连任后任期最长者。根据细则第

条，白华威先生、张义先生及姜森林先生

将于应届股东周年大会上退任董事职务并愿

意接受重选。

于本年度获董事会委任的新任董事应在紧随获委

任后于股东周年大会上退任并接受重选。许琳先

生及但曦女士将于本公司应届股东周年大会上退

任董事职务，并符合资格且愿意根据细则第

条

接受重选。

概无建议于应届股东周年大会上膺选连任的

董事与本公司订有不可于一年内由本公司终

止而毋须支付赔偿（法定补偿除外）的服务合

约。

本公司已收到各独立非执行董事根据上市规

则第

3.13

条呈交的年度独立性确认书。本集团

认为全体独立非执行董事均为独立，符合上市

规则的规定。

董事会成员之间并无财务、业务、家属或其他

重大╱相关系。各董事之履历详情载于本报

告「董事及公司秘书的履历详情」一节。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

BOARD AND GENERAL METING

The Board mets regularly and, in adition to regular

metings, it mets as and when waranted by particular

circumstances. During the Reporting Period, 11 board

metings were held. The Directors’ atendance of the

Board metings and general meting are set out as

folows:

Atendance/

Number of

general

meting during

the Reporting

Period

Atendance/

Number of

Board metings

during the

Reporting

Period

于报告期间

股东大会的

出席次数╱

会议次数

于报告期间

董事会议的

出席次数╱

会议次数

Executive Directors

执行董事

Mr. Yan Shuai (retired on 19 August 2024)

严帅先生（于二零二四年

八月十九日退任）

2/24/5

Mr. Bai Huawei

白华威先生

3/311/11

Mr. Wang Yu

王雨先生

3/311/11

Non-executive Directors

非执行董事

Mr. Zhang Zhenyi

(retired on 19 August 2024)

张振义先生（于二零二四年

八月十九日退任）

2/25/5

Mr. Chui Kwong Kau

(resigned on 4 November 2024)

崔光球先生（于二零二四年

十一月四日辞任）

2/27/7

Mr. Lui Kwok Wai

吕国威先生

2/38/11

Mr. Xu Lin (apointed on 4 November 2024)

许琳先生（于二零二四年

十一月四日获委任）

1/14/4

Independent Non-executive Directors

独立非执行董事

Mr. Eric, Tod (resigned on 4 November 2024)

达振标先生（于二零二四年

十一月四日辞任）

2/25/7

Mr. Jiang Senlin

姜森林先生

3/311/11

Mr. Zhang Yi

张义先生

3/311/11

Ms. Dan Xi (apointed on 4 November 2024)

但曦女士

(

于二零二四年

十一月四日获委任

)1/14/4

During the Reporting Period, Mr. Xu Lin, the Chairman

of the Board, held 1 meting with the independent

non-executive Directors, without the presence of other

Directors.

董事会及股东大会

董事会定期召开会议，而除例会外，亦在有特

殊情况需要时召开会议。于报告期间，共举行

次董事会议。董事出席董事会议及股

东大会的次数载列如下：

于报告期间，董事会主席许琳先生与独立非执

行董事举行一次会议，其他董事未出席。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

BOARD RESPONSIBILITIES AND

DELEGATION

The Board is responsible to the Shareholders for leadership

and control of the Group and be colectively responsible

for promoting the suces of the Group by directing

and supervising the Group’s afairs. The Board focuses

on formulating the Group’s overal strategies, aproving

the anual development plan and budget; monitoring

financial and operating performance; reviewing the

efectivenes of the internal control and risk management

system and supervising and managing the management’s

performance.

Regarding the Group’s corporate governance, during the

Reporting Period, the Board has performed the folowing

duties in acordance with the terms of reference:

• developed and reviewed the policies and practices

on corporate governance of the Group and make

recomendations;

• reviewed and monitored the training and continuous

profesional development of the Directors and

senior management;

’s policies and

practices on compliance with legal and regulatory

requirements;

, reviewed and monitored the code of

conduct aplicable to Directors and employes; and

’s compliance with the Code

and disclosure in this corporate governance report.

The Board delegates the day-to-day management,

administration and operation of the Group to the

management. The delegated functions are reviewed by the

Board periodicaly to ensure they remain apropriate to the

neds of the Group. The Board gives clear directions to

the management as to the maters that must be aproved

by the Board before decisions are made on behalf of the

Group by the management. In adition, the Board has also

delegated various responsibilities to the board comites

of the Company (the “Board Comite”).

董事会职责及权力的转授

董事会代表股东领导及监控本集团，通过指导

及监督本集团的事务，集体负责促进本集团的

成功。董事会致力于制订本集团的整体策略、

审批年度发展计划及预算；监察财务及营运业

绩；检讨内部监控及风险管理制度的有效性，

以及监督及管理管理层的表现。

就本集团企业管治而言，于报告期间，董事会

根据职权范围已履行以下职责：

•

制定及检讨本集团的企业管治政策及常

规，并作出推荐建议；

•

检讨及监察董事及高级管理层人员的培

训及持续专业发展；

•

检讨及监察本集团在遵守法律及监管规

定方面的政策及常规；

•

制定、检讨及监察董事及雇员的适用操

守准则；及

•

检讨本公司是否遵守则及本企业管治

报告中的披露事项。

董事会授权管理层处理本集团的日常管理、行

政及营运。董事会定期检讨授出的职能，以确

保符合本集团的需要。对于须经董事会批准的

事宜，董事会先行给予管理层清晰指示，再

由管理层代表本集团作出决策。此外，董事会

亦已将各职责分派予本公司董事委员会（「董

事委员会」）。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

CHAIRMAN AND CHIEF EXECUTIVE

OFICER

Under code provision C.2.1 of the Code, the roles

of chairman and chief executive oficer should be

separated and should not be performed by the same

individual. Mr. Xu Lin, the Chairman of the Board, is

responsible for providing strategic advice and guidance

for the development of the Group, leading the Board

and guaranteing efective operation of the Board in

acordance with sound corporate governance practice

and procedures, as wel as advocating an open and active

discusing culture to promote the Directors to efectively

contribute to the Board. The Company has not apointed

the chief executive oficer during the Reporting Period.

MODEL CODE FOR SECURITIES

TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code as the code of

conduct of the Company regarding directors’ transactions

of the listed securities of the Company.

The Company has made specific enquiry to al Directors,

and al Directors confirmed that they have complied with

the Model Code and its code of conduct during the

Reporting Period.

DIRECTORS’ CONTINUING

PROFESIONAL DEVELOPMENT

PROGRAME

Al Directors confirmed that they have complied with

code provision C.1.1 of the Code during the Reporting

Period that al Directors have participated in continuous

profesional development to develop and refresh their

knowledge and skils. The Company has aranged an in-

house training on the Listing Rules in the form of a seminar

during the Reporting Period conducted by the legal advisor

as to Hong Kong laws and relevant training materials were

distributed to al the Directors. Al Directors atended the

in-house training and perused the training materials. The

training covered topics including the Code, listed company

regulations and disclosure obligations in Hong Kong,

disclosable transactions and conected transactions, etc.

主席及行政总裁

根据守则之守则条文第

C.2.1

条，主席及行政

总裁的角色应有所区分，且不应由同一名人士

担任。董事会主席许琳先生负责就本集团的发

展提供战略建议及指引，根据良好的企业管治

常规及程序提供董事会的领导并确保董事会

的有效运作，以及提倡公开、积极讨论的文化

以促进董事对董事会作出有效贡献。于报告期

间，本公司尚未委任行政总裁。

董事进行证券交易之标准守则

本公司已采纳标准守则，作为董事进行本公司

上市证券交易之本公司操守则。

本公司已向全体董事作出具体查询，全体董事

确认彼等于报告期间已遵守标准守则及其操

守则。

董事持续专业发展计划

全体董事确认彼等于报告期间已遵守则的

守则条文第

C.1.1

条参与持续专业发展，以开

拓及增进彼等的知识及技能。本公司已于报告

期间安排有关上市规则的内部培训，形式为由

有关香港法律的法律顾问举行研讨会，而相关

培训材料已派发予全体董事。全体董事已出席

内部培训并已细阅培训资料。培训涵盖守则、

香港上市公司规例及披露责任、须予披露交易

及关连交易等课题。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

The Company has also aranged newly apointed Directors

to receive a comprehensive, formal and tailored induction

on apointment.

BOARD COMITES

The Board has established the (i) audit comite (the

“Audit Comite”), (i) remuneration comite (the

“Remuneration Comite”), (i) the nomination

comite (the “Nomination Comite”) and (iv) the

investment comite (the “Investment Comite”)

with defined terms of reference. The terms of reference

of each of the Board Comites, which explain their

respective roles and authority delegated to them by the

Board, are available on the websites of the Company and

the Stock Exchange. The Board Comites are provided

with suficient resources to discharge their duties and

upon reasonable requests, are able to sek independent

profesional advice and other asistance under apropriate

circumstances, at the Company’s expenses.

AUDIT COMITE

The Company has established the Audit Comite on 9

May 2015 with writen terms of reference in compliance

with Rule 3.21 of the Listing Rules and paragraph D.3 of

the Code. The Audit Comite curently consists of thre

independent non-executive Directors, namely, Mr. Jiang

Senlin, Mr. Zhang Yi and Ms. Dan Xi with Mr. Jiang Senlin

being the chairman of the Audit Comite.

The primary duties of the Audit Comite are, inter alia,

to asist the Board in providing an independent view of

the efectivenes of the financial reporting system, internal

control procedures and risk management control systems,

to overse the audit proces and to perform other duties

and responsibilities as asigned by the Board. During

the Reporting Period, the Audit Comite has reviewed

with the management on the Group’s unaudited interim

results, audited anual results, the consolidated financial

statements and this report.

本公司亦已安排新任命董事于上任时接受全

面、正式且量身定制的入职培训。

董事委员会

董事会已成立

(i)

审核委员会（「审核委员会」）；

(i)

薪酬委员会（「薪酬委员会」）；

(i)

提名委员

会（「提名委员会」）及

(iv)

投资委员会（「投资委

员会」），并界定其职权范围。各董事委员会的

职权范围说明彼等各自的角色及董事会授予

彼等的权力，有关职权范围可于本公司及联

交所网站查阅。董事委员会获提供充足资源以

履行其职责，并在合理要求及适当情况下可寻

求独立专业意见及其他协助，费用由本公司承

担。

审核委员会

本公司已遵照上市规则第

3.21

条及守则第

D.3

段所载规定于二零一五年五月九日成立审核

委员会，并订明书面职权范围。审核委员会目

前由三名独立非执行董事姜森林先生、张义先

生及但曦女士组成，姜森林先生为审核委员会

的主席。

审核委员会的主要职责为（其中包括）就财务

申报制度、内部监控程序及风险管理监控系统

的成效提供独立意见从而协助董事会、监察审

核程序以及履行董事会指派的其他职务与职

责。于报告期间，审核委员会已与管理层审阅

本集团未经审核中期业绩、经审核年度业绩、

综合财务报表及本报告。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

During the Reporting Period, 3 metings were held by the

Audit Comite. The atendance record of each member

of the Audit Comite is set out below:

Name of comite members

Atendance/

Number of

metings during

the Reporting

Period

委员会成员姓名

于报告期间的

出席次数╱

会议次数

Mr. Jiang Senlin (Chairman)

姜森林先生（主席）

3/3

Mr. Eric, Tod (resigned on 4 November 2024)

达振标先生

（于二零二四年十一月四日辞任）

2/2

Mr. Zhang Yi

张义先生

3/3

Ms. Dan Xi (apointed on 4 November 2024)

但曦女士

（于二零二四年十一月四日获委任）

1/1

There had ben no disagrement betwen the Board and

the Audit Comite during the Reporting Period.

During the Reporting Period, members of the Audit

Comite had performed the folowing duties under the

terms of reference:

Relationship with the Company’s auditor

(a) to be primarily responsible for making

recomendations to the Board on the apointment,

reapointment and removal of the external auditor,

and to aprove the remuneration and terms of

engagement of the external auditor, and any

questions of its resignation or dismisal;

(b) to review and monitor the external auditor’s

independence and objectivity and the efectivenes

of the audit proces in acordance with aplicable

standards. The audit comite should discus with

the auditor the nature and scope of the audit and

reporting obligations before the audit comences;

于报告期间，审核委员会已举行

次会议。审

核委员会各成员的出席记录载列如下：

于报告期间，董事会与审核委员会并无意见

分歧。

于报告期间，根据职权范围，审核委员会成员

已履行以下职责：

与本公司核数师之关系

(a)

主要负责就外聘核数师的委任、重新委

任及罢免以及批准外聘核数师的聘用薪

酬及条款向董事会提供建议，及解答有

关其辞任或罢免之任何疑问；

(b)

按适用的标准检讨及监控外聘核数师是

否独立客观及核数程序是否有效。审核

委员会应于核数开始前与核数师讨论核

数的性质及范围以及申报责任；

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

an external auditor to suply non-audit services.

For this purpose, “external auditor” includes any

entity that is under comon control, ownership or

management with the audit firm or any entity that

a reasonable and informed third party knowing al

relevant information would reasonably conclude to

be part of the audit firm nationaly or internationaly.

The audit comite should report to the Board,

identifying and making recomendations on any

maters where action or improvement is neded;

Review of the Company’s financial information

(d) to monitor integrity of the isuer’s financial

statements and anual report and acounts, half-

year report and, if prepared for publication, quarterly

reports, and to review significant financial reporting

judgements contained in them. In reviewing these

reports before submision to the Board, the

comite should focus particularly on:–

(i) any changes in acounting policies and

practices;

(i) major judgmental areas;

(i) significant adjustments resulting from audit;

(iv) the going concern asumptions and any

qualifications;

(v) compliance with acounting standards; and

(vi) compliance with the Listing Rules and legal

requirements in relation to financial reporting;

(c)

就委聘外聘核数师提供非核数服务制定

政策，并予以执行。就此规定而言，「外

聘核数师」包括与负责核数的公司处于

同一控制权、所有权或管理权之下的任

何实体，或一个合理知悉所有关资料

的第三方，在合理情况下会断定该实体

属于该负责核数的公司的本土或国际业

务的一部分的任何实体。审核委员会应

就任何须采取行动或改善的事项向董事

会报告并提出建议；

审阅本公司的财务资料

(d)

监察发行人的财务报表以及年度报告

及账目、半年度报告及（若拟刊发）季度

报告的完整性，并审阅报表及报告所载

有关财务申报的重大判断。委员会在向

董事会提交相关报表及报告前对报表

及报告作出审阅时，应特别针对下列事

项：－

(i)

会计政策及实务的任何更改；

(i)

重要判断的领域；

(i)

因核数而出现的重大调整；

(iv)

持续经营的假设及任何保留意

见；

(v)

是否遵守会计准则；及

(vi)

是否遵守有关财务申报的上市规

则及法律规定；

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

(e) Regarding (d) above:–

(i) members of the comite should liaise with

the Board and senior management and the

comite must met, at least twice a year,

with the isuer’s auditor; and

(i) the comite should consider any

significant or unusual items that are, or

may ned to be, reflected in the report and

acounts, it should give due consideration

to any maters that have ben raised by the

isuer’s staf responsible for the acounting

and financial reporting function, compliance

oficer or auditor.

Oversight of the isuer’s financial reporting system,

risk management and internal control systems

(f) to review the isuer’s financial controls, and unles

expresly adresed by a separate board risk

comite, or by the board itself, to review the

isuer’s risk management and internal control

systems;

(g) to discus the risk management and internal

control systems with management to ensure that

management has performed its duty to have

efective systems. This discusion should include

the adequacy of resources, staf qualifications and

experience, training programes and budget of the

isuer’s acounting and financial reporting function;

(h) to consider major investigation findings on risk

management and internal control maters as

delegated by the Board or on its own initiative and

management’s response to these findings;

(e)

就上述

(d)

项而言：－

(i)

委员会成员应与董事会及高级管

理人员联络。委员会须至少每年

两次与发行人的核数师召开会

议；及

(i)

委员会应考虑于报告及账目中所

反映或可能需反映的任何重大或

不寻常事项，并应适当考虑任何

由发行人属下的会计及财务申报

职员、监察主任或核数师提出的

事项。

监管发行人财务申报制度、风险管理及内部监控

系统

(f)

检讨发行人的财务监控、以及（除非有

另设的董事会辖下风险委员会或董事会

本身明确处理）检讨发行人的风险管理

及内部监控系统；

(g)

与管理层讨论风险管理及内部监控系

统，确保管理层已履行职责建立有效的

系统。讨论内容应包括发行人在会计及

财务申报职能方面的资源、员工资历及

经验是否足够，以及培训课程及有关预

算是否充足；

(h)

应董事会的委派或主动，就有关风险管

理及内部监控事宜的重要调查结果及管

理层对该等调查结果的回应进行研究；

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

(j) to review the group’s financial and acounting

policies and practices;

(k) to review the external auditor’s management

leter, any material queries raised by the auditor to

management about acounting records, financial

acounts or systems of control and management’s

response;

(l) to ensure that the Board wil provide a timely

response to the isues raised in the external

auditor’s management leter;

(m) to report to the Board on the maters in the terms of

reference;

(n) to consider other topics, as defined by the Board;

(o) to review arangements employes of the isuer can

use, in confidence, to raise concerns about posible

improprieties in financial reporting, internal control or

other maters. The audit comite should ensure

that proper arangements are in place for fair and

independent investigation of these maters and for

apropriate folow-up action; and

(p) to act as the key representative body for overseing

the isuer’s relations with the external auditor.

REMUNERATION COMITE

The Company has established the Remuneration

Comite on 9 May 2015. As at the date of this report,

the Remuneration Comite comprises an executive

Director, namely Mr. Bai Huawei and two independent non-

executive Directors, namely Mr. Jiang Senlin and Mr. Zhang

Yi. Mr. Zhang Yi is the chairman of the Remuneration

Comite.

(j)

检讨集团的财务及会计政策及实务；

(k)

检讨外聘核数师给予管理层的函件、该

核数师就会计记录、财务账目或监控系

统向管理层提出的任何重大疑问及管理

层作出的回应；

(l)

确保董事会及时回应于外聘核数师给予

管理层的函件中提出的事宜；

(m)

就职权范围内的事宜向董事会汇报；

(n)

考虑其他由董事会界定的议题；

(o)

检讨可由发行人雇员暗中就财务申报、

内部监控或其他方面可能发生的不正当

行为提出关注的安排。审核委员会应确

保有适当安排，以对此等事宜作出公平

独立的调查及采取适当行动；及

(p)

担任发行人与其外聘核数师之间的主要

代表，负责监察二者之间的关系。

薪酬委员会

本公司于二零一五年五月九日成立薪酬委员

会。于本报告日期，薪酬委员会由一名执行董

事白华威先生及两名独立非执行董事姜森林

先生及张义先生组成。张义先生为薪酬委员会

主席。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

The writen terms of reference of the Remuneration

Comite adopted by the Board are in line with the Code

and are available on the websites of the Company and the

Stock Exchange.

The principal responsibilities of the Remuneration

Comite include making recomendations to the Board

on the Group’s policy and structure for the remuneration

of al Directors and senior management, reviewing and

aproving the management’s remuneration proposals

with reference to the corporate goals and objectives of

the Board from time to time. The Board as a whole has

determined the remuneration policy and packages of the

Directors. No individual Director was alowed to be involved

in deciding his/her own remuneration.

DIRECTORS’ REMUNERATION

Directors’ emoluments are determined with reference

to Directors’ duties, responsibilities and performance

and the results of the Group. In adition, the Directors’

remuneration is reviewed by the Remuneration Comite

of the Company anualy. Details of the Directors’

remuneration are set out in the consolidated financial

statements of this report.

REMUNERATION OF THE SENIOR

MANAGEMENT

During the Reporting Period, the remuneration of senior

management is listed as below by band:

Band of remuneration (HK$)No. of person

薪酬范围（港元）人数

Below HK$1,000,0001,000,000

港元以下

–

HK$1,000,000 to HK$1,500,0001,000,000

港元至

1,500,000

港元

–

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

港元至

2,000,000

港元

–

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

港元至

2,500,000

港元

Further details of the remuneration of the Directors and the

5 highest paid employes required to be disclosed under

Apendix D2 to the Listing Rules have ben set out in the

consolidated financial statements of this report.

董事会采纳的薪酬委员会书面职权范围与守

则一致，并于本公司及联交所的网站可供参

阅。

薪酬委员会的主要职责包括就本集团全体董

事及高级管理人员的薪酬政策及架构向董事

会作出推荐建议，并根据董事会不时的公司目

标及宗旨检讨及审批管理层的薪酬建议。董事

会全体决定董事的薪酬政策及福利待遇。并无

个别董事获准参与决定其自身薪酬。

董事薪酬

董事酬金依据董事的职务、责任及表现以及本

集团的业绩厘定。此外，董事薪酬由本公司薪

酬委员会每年审阅。董事薪酬的详情载于本报

告综合财务报表。

高级管理人员薪酬

于报告期间，高级管理人员的薪酬范围载列如

下：

根据上市规则附录

须予披露的董事及五名

最高薪酬雇员薪酬的进一步详情载于本报告

综合财务报表。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

During the Reporting Period, the Remuneration Comite

held 3 metings to review the Group’s remuneration policy

and aproved the terms of executive Directors’ service

contracts. The comite members’ atendance of the

Remuneration Comite is set out as folow:

Atendance/

Number of

metings during

the Reporting

Period

于报告期间的

出席次数╱

会议次数

Mr. Zhang Yi (Chairman)

张义先生（主席）

3/3

Mr. Jiang Senlin

姜森林先生

3/3

Mr. Yan Shuai (retired on 19 August 2024)

严帅先生

（于二零二四年八月十九日退任）

1/1

Mr. Bai Huawei (apointed as the member of the

Remuneration Comite on 19 August 2024)

白华威先生

（于二零二四年八月十九日

获委任为薪酬委员会成员）

2/2

During the Reporting Period, members of the

Remuneration Comite had performed the folowing

duties under the terms of reference:

• asesed the performance of executive Directors

and consulted the Chairman of the Board and the

Chief Executive Oficer about their remuneration

proposals for other executive Directors;

• made recomendations to the Board on the

Company’s policy and structure for al Directors’ and

senior management remuneration;

’s

remuneration proposals with reference to the

Board’s corporate goals and objectives;

• made recomendations to the Board on the

remuneration packages of individual executive

Directors and senior management;

于报告期间，薪酬委员会举行了

次会议，以

审阅本集团薪酬政策及批准执行董事服务合

约的条款。薪酬委员会成员出席委员会议的

情况载列如下：

于报告期间，薪酬委员会成员已根据职权范围

履行以下职责：

•

评估执行董事的表现并就其他执行董事

的薪酬建议咨询董事会主席及行政总

裁；

•

就本公司全体董事及高级管理人员的

薪酬政策及架构，向董事会作出推荐建

议；

•

因应董事会所订企业方针及目标而检讨

及批准管理层的薪酬建议；

•

就个别执行董事及高级管理人员的薪酬

待遇向董事会作出推荐建议；

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

• made recomendations to the Board on the

remuneration of non-executive Directors;

time comitment and responsibilities and

employment conditions elsewhere in the Company

and its subsidiaries;

/her asociates

is involved in deciding his/her own remuneration;

and

• reviewed and aproved compensation payable to

executive Directors and senior management for

any los or termination of ofice or apointment to

ensure that it is consistent with contractual terms

and is otherwise fair and not excesive.

• reviewed and aproved compensation

arangements relating to dismisal or removal of

Directors for misconduct to ensure that they are

consistent with contractual terms and are otherwise

reasonable and apropriate;

/or aproved maters relating to share

schemes under Chapter 17 of the Rules Governing

the Listing of Securities on The Stock Exchange of

Hong Kong Limited (the “Listing Rules”); and

, direction, and

regulation that may from time to time be contained

in the memorandum and articles of asociation of

the Company or imposed by the Listing Rules or

aplicable law.

No material maters relating to share schemes (as defined

under Chapter 17 of the Listing Rules) were required to

be reviewed or aproved by the Remuneration Comite

during the Reporting Period.

•

就非执行董事的薪酬向董事会作出推荐

建议；

•

考虑可资比较公司支付的薪酬、须付出

的时间及职责以及本公司及其附属公司

内其他职位的雇佣条件；

•

确保董事或其任何联系人不得自行参与

厘定其本身的薪酬；及

•

检讨及批准向执行董事及高级管理人员

就其任何丧失或终止职务或委任而须支

付的赔偿，以确保该等赔偿与合约条款

一致；若未能与合约条款一致，赔偿亦

须公平，不致过多。

•

检讨及批准因董事行为失当而解雇或

罢免有关董事所涉及的赔偿安排，以确

保该等安排与合约条款一致；若未能与

合约条款一致，有关赔偿亦须合理及适

当；

•

检讨及╱或批准香港联合交易所有限公

司证券上市规则（「上市规则」）第十七章

项下有关股份计划的事宜；及

•

符合本公司组织章程大纲及细则不时所

载又或上市规则或适用法例不时所定的

任何要求、指示及规例。

于报告期间，概无与股份计划（定义见上市规

则第十七章）有关的重大事宜须由薪酬委员会

审核或批准。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

NOMINATION COMITE

The Company established a Nomination Comite on 9

May 2015. As at the date of this report, the Nomination

Comite comprises an executive Director, namely Mr.

Bai Huawei, and two independent non-executive Directors,

namely Mr. Jiang Senlin and Mr. Zhang Yi. Mr. Jiang Senlin

is the chairman of the Nomination Comite.

The writen terms of reference of the Nomination

Comite adopted by the Board are in line with the Code

and are available on the websites of the Company and the

Stock Exchange.

The principal duties of the Nomination Comite are to

review the structure, size, diversity and competition of the

Board, ases the independence of independent non-

executive Directors and make recomendations to the

Board on maters relating to the apointment of Directors.

Nomination Policy

The director nomination policy sets out the aproach

and procedures the Board adopts for the nomination

and selection of Directors including the apointment of

aditional directors, replacement of directors, and re-

election of directors. The selection criteria in asesing the

suitability of potential candidates includes, but not limited

to, their profesionalism and personal ethics, reputation

for integrity, character and integrity, board experience,

expertise, time comitment, measurable objectives

set out in the board diversity policy. The Nomination

Comite may use any proces it considers apropriate

for evaluating and shortlisting candidates, which may

include, personal interviews, background checks, writen

submision by the candidates and third party references.

The selection proces for each of their apointments shal

be evaluated using a substantialy similar proces and shal

be fair and transparent.

提名委员会

本公司于二零一五年五月九日成立提名委员

会。于本报告日期，提名委员会由一名执行董

事白华威先生及两名独立非执行董事姜森林

先生及张义先生组成。姜森林先生为提名委员

会主席。

董事会采纳的提名委员会书面职权范围与守

则一致，并于本公司及联交所网站可供参阅。

提名委员会的主要职责为检讨董事会的架

构、规模、多元化及竞争力、评估独立非执行

董事之独立性及就有关董事委任的事项向董

事会作出推荐建议。

提名政策

董事提名政策载列董事会就提名及甄选董事

时采纳的方针及程序，包括委任新增董事、替

换董事及重选董事。评估潜在候选人适合度的

甄选准则包括但不限于彼等的专业程度及个

人道德、诚信声誉、品格节操、董事会经验、

专长、投入时间、董事会多元化政策所载可计

量目标。提名委员会可使用任何其认为适当的

程序评估及甄选候选人，其中可包括个人面

试、背景调查、候选人及第三方推荐人的书面

文件。彼等各项委任的甄选程序将透过大致相

同的程序评估，并应公平及具透明度。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

During the Reporting Period, the Nomination Comite

held 2 metings to review the Group’s nomination policy.

The comite members’ atendance of the Nomination

Comite is set out as folow:

Atendance/

Number of

metings during

the Reporting

Period

于报告期间的

出席次数╱

会议次数

Mr. Jiang Senlin (Chairman)

姜森林先生（主席）

2/2

Mr. Zhang Yi

张义先生

2/2

Mr. Yan Shuai (retired on 19 August 2024)

严帅先生

（于二零二四年八月十九日退任）

1/1

Mr. Bai Huawei (apointed as the member of the

Nomination Comite on 19 August 2024)

白华威先生

（于二零二四年八月十九日

获委任为提名委员会成员）

1/1

During the Reporting Period, members of the Nomination

Comite had performed the folowing duties under the

terms of reference:

, size and composition

(including the skils, knowledge and experience)

of the Board and made recomendations

on proposed changes (if any) to the Board to

complement the Company’s corporate strategy;

’s Board Diversity Policy and

the progres on achieving the objectives set for

implementing the said policy;

• determined the policy for the nomination of

Directors;

• asesed the independence of independent non-

executive Directors; and

• made recomendations to the Board on the

apointment or re-apointment of Directors and

sucesion planing for Directors, in particular the

Chairman and the Chief Executive Oficer.

于报告期间，提名委员会举行了

次会议，以

审阅本集团提名政策。提名委员会成员出席委

员会议的情况载列如下：

于报告期间，提名委员会成员已根据职权范围

履行以下职责：

•

检讨董事会的架构、规模及组成（包括

技能、知识及经验方面），并就为配合本

公司的企业策略而对董事会拟作出的变

动（如有）向董事会提出推荐建议；

•

检讨本公司的董事会多元化政策及实现

执行上述政策所设定目标的进展；

•

厘定董事的提名政策；

•

评核独立非执行董事的独立性；及

•

就董事委任或重新委任以及董事（尤其

是主席及行政总裁）继任计划的有关事

宜向董事会提出推荐建议。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

BOARD DIVERSITY POLICY

The Company adopted a board diversity policy (the “Board

Diversity Policy”) from the date of Listing up to the

date of this corporate governance report. A sumary of

this Board Diversity Policy, together with the measurable

objectives set for implementing this Board Diversity Policy,

and the progres made towards achieving those objectives

are disclosed below.

The Company recognised the benefits of having a diverse

Board to enhance the quality of its performance. The

Board Diversity Policy aims to set out the aproach to

achieve diversity on the Board. In designing the Board’s

composition, the Board’s diversity has ben considered

from a number of measurable aspects including but

not limited to gender, age, cultural and educational

background, profesional experience, skils, knowledge

and length of services, al of which the Company considers

to be important to enhance the quality of its performance.

Curently, the Board comprised seven Directors, one

of which was female. In order to cultivate a pipeline of

suitable female sucesors to the Board, such steps wil

include providing existing female senior management

with comprehensive training on areas such as busines

operation, management and corporate governance, and

giving due consideration to gender diversity when recruiting

or promoting candidates for senior managerial roles and/

or directorship based on existing nomination and board

diversity policies. Al Board apointments wil be based

on meritocracy and candidates wil be considered against

objective criteria, having due regards for the benefits of

diversity on the Board.

The Nomination Comite wil monitor the implementation

of the Board Diversity Policy and recomend any

proposed changes to the Board for aproval. The

Nomination Comite wil review the Board Diversity

Policy on an anual basis to ensure its efectivenes.

At the date of this report, the Board comprises 7 Directors,

members of the Board have a variety of education

backgrounds, including holding bachelor and/or master

degres in the science, law, financial management as wel

as the busines administration fields. Most of the members

also poses various finance-related experiences. The

composition of the Board reflects the necesary balance

of skils, profesional experience and knowledge for an

efective leadership of the Company.

董事会多元化政策

本公司自上市日期起直至本企业管治报告日

期均有采纳董事会多元化政策（「董事会多元

化政策」）。本董事会多元化政策的概要连同

为执行本董事会多元化政策而制定的可计量

目标以及达标进度披露如下。

本公司深明董事会多元化对提升公司的表现

裨益良多。董事会多元化政策旨在载列为达致

董事会多元化而采取的方针。本公司在设定

董事会成员组合时，会从多个可计量方面考虑

董事会多元化，包括（但不限于）性别、年龄、

文化及教育背景、专业经验、技能、知识及服

务年期等，本公司认为此等因素对提升其表现

甚为重要。目前，董事会由

名董事组成，其中

一名为女性。为培育合适的董事会女性继任

者，有关措施将包括为现有的女性高级管理层

提供全面培训，例如业务营运、管理及企业管

治，并根据现有的提名及董事会成员多元化政

策，在招聘或晋升高级管理层职位及╱或董事

职位候选人时充分考虑性别多元化。董事会所

有委任均以用人唯才为原则，并在考虑人选时

以客观条件充分顾及董事会多元化之裨益。

提名委员会将负责监察董事会多元化政策之

执行，并将任何拟议变动提交董事会审批。提

名委员会将每年检讨董事会多元化政策，以确

保其行之有效。

于本报告日期，董事会由

名董事组成，董事

会成员具备不同的教育背景，包括持有科学、

法律、金融管理以及工商管理范畴的学士及╱

或硕士学位。大多数成员亦具备多项金融相关

经验。董事会组成反映技能、专业经验及知识

的必要平衡，以便有效领导本公司。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

The Nomination Comite has reviewed the Board

Diversity Policy to ensure its efectivenes and considered

that the Group achieved the objectives in Board Diversity

Policy during the Reporting Period.

For the gender ratio in the workforce (including senior

management), please refer to the environmental, social

and governance report of the Company for the Reporting

Period.

INVESTMENT COMITE

The Company has established the Investment Comite

on 2 March 2022. As at the date of this report, the

Investment Comite comprises two executive Directors,

namely Mr. Bai Huawei and Wang Yu and one non-

executive Director, namely Mr. Lui Kwok Wai. Mr. Bai

Huawei is the chairman of the Investment Comite.

The specific writen terms of reference of the Investment

Comite were aproved and adopted by the Board.

Pursuant to the terms of reference, the primary duties

of the Investment Comite are (a) to study and make

recomendations to the Board in relation to investment

activities, recomendations must be submited to the

Board for aproval; (b) to advise on the investment

policies of the Company; (c) to discus, formulate views

and advise the Board on aset alocation, selection of

external portfolio investment advisor/fund manager(s)

and quantum to be invested with colective investment

schemes/fund managers and apointment of custodian(s);

(d) to consider such other topics and maters relating to

financial investments of the Company as may be asigned

by the Board; and (e) to review these terms of reference on

at least an anual basis and recomend any changes it

considers apropriate for the Board’s aproval.

提名委员会已检讨董事会多元化政策，以确保

其行之有效且认为本集团于报告期间已达到

董事会多元化政策的目标。

劳动力中的性别比例（包括高级管理人员），请

参阅本公司于报告期间的环境、社会及管治报

告。

投资委员会

本公司已于二零二年三月二日成立投资委

员会。于本报告日期，投资委员会由两名执行

董事（即白华威先生及王雨先生）及一名非执

行董事（即吕国威先生）组成。白华威先生为投

资委员会主席。

投资委员会之特定书面职权范围由董事会批

准及采纳。

根据职权范围，投资委员会的主要职责为：

(a)

研究投资活动并就其向董事会提供建议，而建

议须提交董事会审批；

(b)

就本公司的投资政

策提供建议；

(c)

就资产配置、外部组合投资顾

问╱基金经理的甄选及集体投资计划╱基金

经理将予投资之金额以及托管商的委任进行

讨论、表达意见并向董事会提供建议；

(d)

考虑

董事会可能要求与本公司财务投资有关的其

他议题及事宜；及

(e)

每年至少审阅一次本职

权范围，并就其认为适当的任何更改提呈建

议，以供董事会批准。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

During the Reporting Period, the Investment Comite

held 3 metings. The comite members’ atendance of

the Investment Comite is set out as folow:

Atendance/

Number of

metings during

the Reporting

Period

于报告期间的

出席次数╱

会议次数

Mr. Bai Huawei (Chairman)

白华威先生（主席）

3/3

Mr. Wang Yu

王雨先生

3/3

Mr. Lui Kwok Wai

吕国威先生

1/3

于报告期间，投资委员会举行了

次会议。投

资委员会成员出席委员会议的情况载列如

下：

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

DIRECTORS’ RESPONSIBILITY FOR

THE CONSOLIDATED FINANCIAL

STATEMENTS

The Directors acknowledge and understand their

responsibility for preparing the consolidated financial

statements and to ensure that the consolidated financial

statements of the Group are prepared in a maner which

reflects the true and fair view of the state of afairs, results

of its operations and cash flows of the Group and are

in compliance with the relevant acounting standards

and principles, aplicable laws and disclosure provisions

required of the Listing Rules. The Directors are of the view

that the consolidated financial statements of the Group for

each financial year have ben prepared on this basis.

EXTERNAL AUDITOR’S REMUNERATION

The Company engaged Ascenda Cachet CPA Limited

as its external auditor for the year ended 31 March

2025. There was no disagrement betwen the Board

and the Audit Comite on the selection, apointment,

resignation or dismisal of the external auditor. Details of

the fes paid/payable to Ascenda Cachet CPA Limited

during the Reporting Period are as folows:

HK$

港元

Audit services

审核服务

1,300,000

Non-audit services

非审核服务

530,000

1,830,000

董事就综合财务报表须承担的责任

董事确认及了解彼等须负责编制综合财务报

表，并确保本集团编制的综合财务报表真实而

公平地反映本集团的事务状况、其经营业绩

及现金流量，且符合相关会计准则及原则、适

用法例以及上市规则规定的披露条文。董事认

为，本集团各财政年度的综合财务报表均已按

该基准编制。

外聘核数师的薪酬

本公司委聘天健德扬会计师事务所有限公司

为截至二零二五年三月三十一日止年度的外

聘核数师。董事会及审核委员会在挑选、委

聘、辞退或罢免外聘核数师方面并无意见分

歧。报告期间内已付╱应付天健德扬会计师事

务所有限公司的费用详情如下：

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

RISK MANAGEMENT AND INTERNAL

CONTROL

The Board acknowledges its responsibility to evaluate and

determine the nature and extent of the risks it is wiling

to take in achieving the Group’s strategic objectives,

and to ensure that the Group establishes and maintains

apropriate and efective risk management and internal

control systems. However, risk-taking is an unavoidable

necesity and an acepted part of the Company’s busines

while efective risk management is an integral part to

present competitive advantages and ensure the Company

achieves its strategic and busines objectives. The risk

management and internal control systems are designed to

manage rather than eliminate the risk of failing to achieve

busines objectives, and can only provide reasonable but

not absolute asurance against material mistatements or

loses.

Risk Management

Risk management aplies to al aspects of the Group’s

busines and is a critical component in developing

strategic plans, preparing operational plans and budgets,

aproving investment projects and managing project plans.

Risks are evaluated by the Board and management

based on the severity of impact on the Company and the

probability of risk ocuring.

Based on the risk evaluation, the Group wil manage the

risks as folows:

: management may identify and

implement certain changes or controls that in efect

eliminate the risk entirely.

风险管理及内部监控

董事会明白其有责任评估及厘定本集团就达

成策略目标所愿意接纳的风险性质及程度，并

确保本集团设立及维持适当有效的风险管理

及内部监控制度。然而，本公司业务无法完全

避免风险，此亦为必要及固有部分，有效的风

险管理对呈现竞争优势及确保本公司达成其

策略及业务目标至关重要。风险管理及内部监

控制度旨在管理而非消除导致未能达成业务

目标的风险，并且仅能提供合理而非绝对保证

可防范重大错误陈述或损失。

风险管理

风险管理适用于本集团业务的各层面，且为制

定战略计划、编制营运计划及预算、批准投资

项目及管理项目计划的关键组成部分。

董事会与管理层的风险评估乃基于对本公司

影响的严重性及风险发生的概率。

本集团将根据风险评估结果，按以下方式管理

风险：

•

排除风险：管理层可确认并实施若干变

动或控制，完全排除风险。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

: management may implement a risk

mitigation plan designed to reduce the likelihod and/

or severity of impact to an aceptable level.

: management may decide that the

risk rating is aceptable for the Company meanwhile

and no action is thus required. However, the risk

would continue to be monitored to ensure the level of

risk does not increase to an unaceptable level.

Controls and Reviews

Policies and procedures are in place to ensure that the

relevant management directives are caried out and actions

that may be neded to adres risks are taken. These may

include aprovals, verifications, reviews, safeguarding of

asets and segregation of duties.

Control activities can be divided into operations, financial

reporting and compliance, although there may, on

ocasion, be some overlaps betwen them. The typical

control activities adopted by the Group include:

: such as conducting reviews of

actual performance against prior periods;

: review of

performance reports;

: ensuring equipment, inventories

and other asets are safeguarded and subject to

periodic checks; and

: dividing and segregating duties

among diferent people, with a view to strengthening

checks and minimizing the risk of erors and abuse.

•

降低风险水平：管理层可实施风险缓解

计划，将风险可能性及╱或影响的严重

性降至可接受水平。

•

接受风险：管理层认为本公司风险评级

为可接受水平，而毋须采取措施。然而，

本公司将继续监察风险，确保风险水平

不会上升至不可接受水平。

监控及检讨

本公司设有政策及流程，确保有关管理指示得

以执行，以及处理风险的所需行动得以进行。

这可能包括批准、查证、检讨、保障资产及职

责分权。

监控工作可分为营运、财务报告及合规，惟该

等工作之间有时或会重叠。本集团所采取的监

控工作通常包括：

•

分析检讨：例如把实际表现对比前期进

行检讨；

•

直接职能或工作管理：审阅表现报告；

•

实物监控：确保设备、存货及其他资产

得到保护并定期接受检查；及

•

职责分权：划分不同人员之间的职责，

以加强检查及尽量减少出错及滥权的风

险。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Inside Information

With respect to procedures and internal controls for the

handling and disemination of inside information, the

Group:

“Guidelines

on Disclosure of Inside Information” isued by the

Securities and Futures Comision;

• closely comunicates and seks advice from its

legal advisor in asesing the likely impact of any

unexpected and significant event that may impact

the price of the Shares or their trading volume,

and to determine whether the relevant information

is considered inside information that neds to be

disclosed as son as reasonably practicable pursuant

to the SFO and the Listing Rules;

• has included in its Corporate Code of Conduct

a strict prohibition on the unauthorized use of

confidential or inside information; and

, through its own internal reporting proces

and the consideration of their outcome by senior

management, the apropriate handling and

disemination of inside information.

内幕消息

有关处理及发布内幕消息的流程及内部监

控，本集团：

•

于处理事务时，严格遵循证券及期货事

务监察委员会刊发的「《内幕消息披露指

引》」；

•

在评估任何可能影响股份价格或交易量

的突发及重大事件的可能影响时，与法

律顾问密切沟通并寻求其意见，并确定

相关信息是否被视作内幕消息，须根据

证券及期货条例及上市规则于合理切实

可行的范围内尽快披露；

•

在其《企业行为守则》内载有严格禁止在

未经授权下使用机密资料或内幕消息的

规定；及

•

透过其自身内部报告程序并经高级管理

人员考虑有关的结果，确保公司适当地

处理及发布内幕消息。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Asesing the Efectivenes of Risk Management

and Internal Control Systems

The Board, via the Audit Comite, is responsible for the

review and asesment of the major risks the Group faces

and the review, aproval and monitoring of the Group’s

response to such risks anualy.

The Audit Comite overses the risk management

proces and reviews the efectivenes of the risk

management and internal control systems by performing

the folowing procedures:

• Review with management anualy those reports on

compliance with the risk management policy;

’s

major risks and the steps management has taken

since then or should take to adres and deal with

such risks; and

’s risk

management practices.

Management is responsible for ensuring the Group’s

busines operations being conducted in line with our risk

management policy, taking into consideration changes in

external environment and the Group’s risk tolerance level.

In adition to the Board’s oversight, the Group has

developed a risk management proces to identify, evaluate

and manage significant risks and to remediate material

internal control deficiencies (if any). Management, through

the engagement of the independent internal control and

risk advisory team, is responsible for the anual risk

reporting proces. The independent internal control and

risk advisory team mets with members of the senior

management to review and ases risks and discus

remedial measures to adres material internal control

deficiencies (if any), including any changes relevant to

a given year. Risks are compiled, ratings asigned and

migration plans documented. The risk asesment is

reviewed by management and presented to the Audit

Comite and the Board for their review.

评估风险管理与内部监控制度的有效性

董事会负责透过审核委员会每年检讨及评估

本集团面对的主要风险，并检讨、批准及监察

本集团就有关风险的应对措施。

审核委员会透过以下程序监督风险管理程序

并检讨风险管理及内部监控制度的有效性：

•

每年与管理层审阅遵从风险管理政策的

报告；

•

每年就本集团的主要风险及管理层此后

所采取的或应采取应对及解决有关风险

的措施与管理层商讨；及

•

检讨本集团风险管理常规的有效性。

管理层负责确保本集团业务营运符合本集团

风险管理政策而进行，并计及外在环境变动及

本集团可承受风险水平。

除董事会进行监督外，本集团已设立风险管理

程序以识别、评估及管理重大风险及补救重大

内部监控缺漏（如有）。管理层透过委聘独立内

部监控及风险咨询团队，负责年度风险报告程

序。独立内部监控及风险咨询团队与高级管理

人员会面，检讨及评估风险并商讨应对重大内

部监控缺漏（如有）的补救措施，包括某一年份

有关的任何变动。该等风险将予以汇编、评级

并记录有关缓解计划。管理层检讨风险评估及

向审核委员会及董事会呈报以供彼等审阅。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

The Group has in place efective proceses and systems

for the identification, capture and reporting of operational,

financial and compliance-related information in a form

and timeframe intended to ensure that staf cary out their

designated responsibilities.

Risk Management and Internal Control Proces

On behalf of the Board, the Audit Comite reviews

anualy the continuous efectivenes of the Group’s risk

management and internal control systems dealing with risk

and financial acounting and reporting, the efectivenes

and eficiency of operations, compliance with laws and

regulations, and risk management functions.

The asesment considers:

’s ongoing

monitoring of risks and of the risk management and

internal control systems;

• the extent and frequency with which the results

of monitoring are comunicated, enabling the

Comite to build up a cumulative asesment of

the state of control in the Group and the efectivenes

with which risk is being managed;

• the incidence of any significant control failings or

weakneses that have ben identified at any time

during the period and the extent to which they have

resulted in unforesen outcomes or contingencies

that have had, could have had, or may in the future

have, a material impact on the Group’s financial

performance or condition;

’s proceses in relation

to financial reporting and statutory and regulatory

compliance;

;

本集团已实行有效程序及制度，按既定形式及

时间识别、掌握及报告营运、财务及合规有关

资料，确保员工履行其指定职责。

风险管理与内部监控程序

审核委员会代表董事会每年就本集团对处理

风险与财务会计及报告的风险管理及内部监

控制度是否持续有效、营运是否有效及有效

率、有否遵守有关法律法规和风险管理职能等

方面进行检讨。

评估工作会考虑：

•

管理层持续监察风险以及风险管理及内

部监控制度的工作范畴及质素；

•

监控结果获得传达的程度及频密度，以

便委员会就本集团的监控状况及风险管

理的有效程度进行累积评估；

•

期内任何时候发现的任何重大监控失误

或监控不足的次数，及因此导致未能预

见的后果或紧急情况的严重程度，而这

些后果或情况对本集团的财务表现或状

况已经产生、可能已经产生或将来可能

会产生重大影响；

•

本集团有关财务报告及法定和合规程序

的有效性；

•

管理层识别的风险范畴；

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

• significant risks reported by the independent internal

control and risk advisory team;

• work programs proposed by the independent internal

control and risk advisory team; and

• significant isues arising from internal and external

audit.

As a result of the above review, the Board considers that

the Group’s risk management and internal control systems

are efective and adequate and have complied with the

Code Provisions on risk management and internal control

throughout the year and up to the date of this report.

Internal Audit

The Company does not have an internal audit function.

The Group has engaged an independent internal control

and risk advisory team, PKF Consulting (Shanghai) Co.,

Ltd, which has asisted in monitoring the corporate

governance of the Group and providing an objective

asesment to the Board on whether a sound

internal control system is maintained and operated by

management.

The internal control and risk advisory team conducted a

review on a number of corporate governance areas and

busines cycles and provided recomendations for the

improvement and strengthening of the internal control

system. No significant control finding or weaknes has

ben identified by the internal control and risk advisory

team. The Audit Comite reviews the findings and

recomendations of the internal control and risk advisory

team on the efectivenes of the Group’s internal control

system and reports to the Board on such reviews.

•

独立内部监控及风险咨询团队汇报的重

大风险；

•

独立内部监控及风险咨询团队建议的工

作计划；及

•

内部及外部审核产生的重大事项。

根据上述检讨的结果，董事会认为本集团的风

险管理及内部监控制度有效足够，且于本年度

及直至本年报日期，均已符合风险管理及内部

监控的守则条文。

内部审核

本公司并无设立内部审核职能。

本集团已委任独立内部监控及风险咨询团队

瀚信企业管理咨询

(

上海

)

有限公司，协助监察

本集团的企业管治，并就管理层有否维持与执

行良好内部监控制度为董事会提供客观评估。

内部监控及风险咨询团队对若干企业管治领

域及业务环节进行检讨并对改善及加强内部

监控制度作出建议。内部监控及风险咨询团队

概无发现严重监控问题或缺陷。审核委员会检

讨内部监控及风险咨询团队关于本集团内部

监控制度有效性之结论及建议，并向董事会呈

报有关检讨。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Dividend policy

The Company has adopted a dividend policy. The

Company may consider declaring and paying dividends to

the Shareholders provided that the Group is profitable and

without afecting the normal operations of the Group. In

determining the declaration of dividends and the dividend

amount, the Board wil take into consideration, inter alia,

the folowing factors:

’s actual and expected financial

performance;

• the liquidity position and capital requirements of the

Group;

• retained earnings and distributable reserves of the

Company and each of the members of the Group;

and

• any other factors that the Board may consider

apropriate.

The declaration and payment of dividend by the Company

are also subject to restrictions under the aplicable laws

and the memorandum and articles of asociation of the

Company.

For the avoidance of doubt, there can be no asurance

that a dividend wil be proposed or declared in any specific

period.

The Board would review the Company’s dividend policy

from time to time considering factors including but not

limited to capital investment and busines plan.

股息政策

本公司已采纳一项股息政策。在本集团处于盈

利状态及不影响本集团正常业务的前提下，本

公司或会考虑向股东宣派及派付股息。于厘定

是否宣派股息及宣派股息之金额时，董事会将

考虑（其中包括）以下因素：

•

本集团之实际及预期财务表现；

•

本集团之流动资金状况及资本需求；

•

本公司及本集团各成员公司之保留盈利

及可供分派储备；及

•

董事会认为合适之任何其他因素。

本公司宣派及派付股息亦受适用法律及本公

司组织章程大纲及细则的限制。

为免生疑，概不保证将于任何特定期间建议宣

派或宣派股息。

董事会将不时检讨本公司之股息政策，以考虑

包括但不限于股本投资以及业务计划等各种

因素。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

COMPANY SECRETARY

Ms. Wong Kit Ying has ben apointed as the Company

Secretary (the “Company Secretary”) since January

2021.

The Company Secretary reports directly to the Board. Al

Directors have easy aces to the Company Secretary

and the responsibility of the Company Secretary is to

ensure the Board metings are properly held and are in

compliance with the relevant laws and regulations. The

Company Secretary is also responsible for giving advices

with respect to the Directors’ obligations on securities

interest disclosure, disclosure requirements of disclosable

transactions, conected transactions and inside

information.

The Company Secretary, Ms. Wong Kit Ying, had taken no

les than 15 hours of relevant profesional training during

the Reporting Period.

GENERAL METINGS WITH

SHAREHOLDERS

For each general meting:

– separate resolutions are proposed at the general

meting for each substantial isue, including the

election of individual Directors;

– the chairman of the general metings of the

Company explains the procedures for conducting a

pol before puting a resolution to vote; and

– the results of the voting by pol are then published

on the websites of the Stock Exchange and the

Company.

公司秘书

黄洁莹女士已于二零二一年一月获委任为公

司秘书（「公司秘书」）。

公司秘书直接向董事会汇报。所有董事均可方

便获得公司秘书的服务，公司秘书的职责是确

保董事会议遵循相关法律法规妥为举行。公

司秘书亦负责就董事拥有证券权益的披露责

任、须予披露的交易、关连交易及内幕消息的

披露要求向董事提供意见。

于报告期间，公司秘书黄洁莹女士已接受不少

于

个小时之相关专业培训。

股东大会

就各股东大会而言：

－

股东大会上就每项重要事项（包括个别

董事选举）提呈独立决议案；

－

本公司股东大会主席于决议案表决前解

释表决程序；及

－

投票结果随后在联交所及本公司网站刊

载。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

The AGM is a forum in which the Board and the

Shareholders could comunicate directly and exchange

views concerning the afairs and overal performance of

the Group, and its future developments, etc. At the AGM,

the Directors (including the independent non-executive

Directors) are available to atend to questions raised by the

Shareholders. The external auditor of the Company is also

invited to be present at the AGM to adres to queries of

the Shareholders concerning the audit procedures and the

auditor’s report.

The next AGM of the Company wil be held within 2025,

the notice of which shal be sent to the Shareholders at

least 20 clear busines days prior to the meting.

SHAREHOLDERS’ RIGHTS

Procedures for Convening General Metings by

Shareholders

Pursuant to Article 64 of the Articles, the Board may

whenever it thinks fit cal extraordinary general metings.

Extraordinary general metings shal also be convened on

the requisition of 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 having the right to vote

at general metings.

Such requisition shal be made in writing to the Board

or the Company Secretary by mail at Unit No. 07, 16th

Flor, Emperor Group Centre, No. 288 Henesy Road,

Wanchai, Hong Kong for the purpose of requiring an

extraordinary general meting to be caled by the Board

for the transaction of any busines specified in such

requisition. Such meting shal be held within 2 months

after the deposit of such requisition. If within 21 days of

such deposit, the Board fails to proced to convene such

meting, the requisitionist(s) himself (themselves) may

do so in the same maner, and al reasonable expenses

incured by the requisitionist(s) as a result of the failure of

the Board shal be reimbursed to the requisitionist(s) by the

Company.

股东周年大会为董事会与股东可就本集团事

务、整体表现及其未来发展等直接沟通及交换

意见的平台。董事（包括独立非执行董事）会出

席股东周年大会回答股东提问。本公司外聘核

数师亦会获邀出席股东周年大会，以回答股东

有关审核程序及核数师报告的提问。

本公司下届股东周年大会将于二零二五年举

行，大会通告将于大会前最少

个完整营业

日寄发予股东。

股东权益

股东召开股东大会的程序

根据细则第

条，董事会可于其认为适当的

任何时候召开股东特别大会。

股东特别大会亦须于一名或多名于要求递交

日期持有不少于有权于股东大会上投票的本

公司实缴股本十分之一的股东要求时召开。

该项要求须以书面邮寄方式（地址为香港湾仔

轩尼诗道

号英皇集团中心

楼

室）向董

事会或公司秘书提呈，要求董事会就该要求所

指定的任何业务交易召开股东特别大会。该

大会须于该项要求递交后

个月内举行。倘董

事会于递交该项要求后

日内未能召开该大

会，提出要求者本人（彼等）可以相同方式召开

大会，而本公司须向提出要求人士偿付所有由

提出要求人士因董事会未能召开大会而产生

的合理开支。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Procedures for Puting Forward Proposals at

Shareholders’ Meting

Shareholders are requested to folow Article 64 of the

Articles for including a resolution at an extraordinary

general meting. The requirements and procedures are

set out above in the paragraph headed “Procedures for

Convening General Metings by Shareholders”.

Pursuant to Article 113 of the Articles, no person (other

than a retiring Director) shal be eligible for election to the

ofice of Director at any general meting unles a notice in

writing of the intention to propose that person for election

as a Director and notice in writing by that person of his

wilingnes to be elected shal have ben lodged at the

head ofice or at the branch share registrar set out in the

section headed “Corporation Information” no earlier than

the day after the dispatch of the notice of the general

meting for such election and no later than 7 days prior to

the date of such general meting and the minimum length

of the period during which such notices to the Company

may be given wil be at least 7 days.

Procedures by which Enquiries may be Put to the

Board

Shareholders may send their enquiries and concerns

to the Board by adresing them to the Company

Secretary by post to the principal place of busines in

Hong Kong set out in the section headed “Corporation

Information” by fax at +852 3793 3530 or by email at

info@1718hk.com. The Company Secretary is responsible

for forwarding comunications relating to maters within

the Board’s direct responsibilities to the Board and

comunications relating to ordinary busines maters,

such as sugestions and inquiries, to the Chairman of the

Board.

股东于股东大会上提呈建议的程序

在股东特别大会上提呈决议案的股东应遵循

细则第

条的规定。有关规定及程序载于上文

「股东召开股东大会的程序」一段。

根据细则第

条，除退任董事外，任何人士

概无资格于任何股东大会上竞选董事职位，除

非股东发出一份书面通知表明有意提名该人

士竞选董事职位，而该名人士亦发出一份书面

通知表明愿意参选，并将该等通知递交至总办

事处或「公司资料」一节所载股份过户登记分

处，惟有关期间将不早于就该选举而指定举行

的股东大会通告的寄发日期翌日开始及不迟

于该股东大会日期前

日结束，而可向本公司

递交有关通告的期限最短将为期

日。

向董事会提出咨询的程序

股东可透过邮递（寄送至「公司资料」一节

所列的香港主要营业地点）、传真（传真号

码：

+852 3793 3530

）或电邮（电邮地址：

info@1718hk.com

）方式，向公司秘书发出其

对董事会的查询及关注事项。公司秘书负责将

与董事会直接职责有关的事宜转达董事会，而

将有关日常业务的事宜（如建议及咨询）转达

董事会主席。

CORPORATE GOVERNANCE REPORT

企业管治报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Investor Relations

To ensure transparent and comprehensive disclosures

to investors, the Group delivers information of the Group

and maintains diferent comunication chanels with its

stakeholders and through various chanels, including

general metings, public anouncements and financial

reports. The investors are also able to aces the latest

news and information of the Group via our website

(w.hkex1718.hk).

In order to maintain god and efective comunication, the

Company together with the Board extend their invitation

to al Shareholders and encourage them to atend the

forthcoming AGM and al future general metings. Al

the abovementioned comunication chanels are part

of the Company’s shareholders’ comunication policy.

The shareholders’ comunication policy is anualy

reviewed by the Board to ensure its implementation and

efectivenes. The Board reviewed the implementation and

efectivenes of the shareholders’ comunication policy

demed the results as satisfactory.

The Shareholders may also forward their enquiries and

sugestions in writing to the Company to the folowings:

Adres:Unit No. 07, 16/F,

Emperor Group Centre

288 Henesy Road

Wanchai, Hong Kong

Email:info@1718hk.com

Constitutional Documents

There was no change in the Articles during the Reporting

Period.

CONCLUSION

The Company believes that god corporate governance

could ensure an efective distribution of the resources

and Shareholders’ interests. The senior management

wil continue endeavours in maintaining, enhancing and

increasing the Group’s corporate governance level and

quality.

投资者关系

为确保透明及全面向投资者披露资讯，本集

团与持份者维持不同的通讯渠道并循多个渠

道传达本集团的资料，包括股东大会、刊发

公告及财务报告。投资者亦可于本公司网站

(w.hkex1718.hk)

查阅本集团最新消息及

资料。

为维持良好有效沟通，本公司与董事会诚邀并

鼓励全体股东出席应届股东周年大会以及日

后所有股东大会。上述所有沟通渠道均为本公

司股东沟通政策的一部分。董事会每年对股东

沟通政策进行审阅以确保落实及行之有效。董

事会已审阅股东沟通政策的落实情况及有效

性，认为结果令人满意。

股东亦可以下列方式向本公司提出书面查询

及意见：

地址：香港湾仔

轩尼诗道

号

英皇集团中心

楼

室

电邮：

info@1718hk.com

宪章文件

报告期间，细则概无任何变更。

结论

本公司认为，良好的企业管治可确保有效分

配资源及股东权益。高级管理层将继续竭力

维持、增强及提升本集团的企业管治水平及质

素。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

董事会谨此提呈本报告以及本集团于截至二

零二五年三月三十一日止财政年度的经审核

综合财务报表。

主要营业地点

本公司于二零一四年十月七日在开曼群岛注

册成立为获豁免的有限责任公司。其注册办事

处地址及主要营业地点分别位于

Windward 3,

Regata Ofice Park, P.O. Box 1350, Grand

Cayman, KY1-1108, Cayman Islands

及香港

湾仔轩尼诗道

号英皇集团中心

楼

室。

主要业务

本公司主要业务为投资控股，而其附属公司的

主要业务详情载于本报告综合财务报表附注

。于报告期间，本集团的主要业务并无重大

变动。

业务回顾

根据香港法例第

章《公司条例》附表五的规

定，本集团于报告期间的业务回顾载于本报告

的「管理层讨论及分析」一节。所有相关讨论为

本董事会报告之一部分。

分部资料

按营运分部划分的有关本集团于报告期间表

现的分析载于本报告综合财务报表附注

。

The Board presents this report together with the audited

consolidated financial statements of the Group for the

financial year ended 31 March 2025.

PRINCIPAL PLACE OF BUSINES

The Company was incorporated as an exempted company

with limited liability in the Cayman Islands on 7 October

2014. Its registered ofice and principal place of busines

are at Windward 3, Regata Ofice Park, P.O. Box 1350,

Grand Cayman, KY1-1108, Cayman Islands and Unit

No. 07, 16/F, Emperor Group Centre, 288 Henesy Road,

Wanchai, Hong Kong, respectively.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding

and details of the principal activities of its subsidiaries are

set out in note 1 to the consolidated financial statements in

this report. There was no significant change in the Group’s

principal activities during the Reporting Period.

BUSINES REVIEW

The busines review of the Group for the Reporting Period

as required by Schedule 5 to the Companies Ordinance

(Chapter 622 of the Laws of Hong Kong) is included in

the section “Management Discusion and Analysis” in this

report. Al such discusions form part of this report of the

Directors.

SEGMENT INFORMATION

An analysis of the Group’s performance for the Reporting

Period by operating segments is set out in the note 4 to

the consolidated financial statements in this report.

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

PRINCIPAL RISKS AND UNCERTAINTIES

The Group’s key risk exposures are sumarised as folows:

(i) The Group has a concentrated clientele base. Any

los for major customers or decrease in the number

of projects with the top 5 customers of the Group

may adversely afect the Group’s operations and

financial results.

(i) The Group’s past revenue and profit margin may not

be an indication of the Group’s future revenue and

profit margin. In particular, the Group’s revenue is

on project basis, which is non-recurent in nature,

and the Group may achieve lower-than expected

revenue if it fails to maintain continuity of the

Group’s order bok for its new projects.

(i) The Group is dependent on its Board members

and senior management staf, the departure of its

staf may adversely afect the Group’s busines

operations.

(iv) Failure to acurately estimate and control the costs

of the Group’s projects may adversely afect the

Group’s financial performance.

(v) Any delay or default of progres payments or

retention monies by the customers may afect the

Group’s cash flow and may have adverse impact on

the Group’s financial results.

(vi) Failure to renew the Group’s curent registrations

and licenses may adversely afect the Group’s

busines operations. For other risks and

uncertainties facing the Group, please refer to the

section headed “Risks Factors” in the prospectus

of the Company dated 28 July 2015 (the “IPO

Prospectus”).

主要风险及不确定性

本集团面临的主要风险概述如下：

(i)

本集团的客户群集中。任何主要客户的

流失或本集团五大客户项目数目的减少

均可能对本集团的营运及财务业绩造成

不利影响。

(i)

本集团的过往收入及利润率未必代表本

集团的未来收入及利润率。尤其是，本

集团的收入乃按项目基准计算，属非经

常性质，如本集团未能持续获取新项目

的订单，其收入可能低于预期。

(i)

本集团依赖其董事会成员及高级管理层

员工，其员工流失或会对本集团的业务

营运构成不利影响。

(iv)

未能准确估计及控制本集团项目的成本

或会对本集团的财务表现构成不利影

响。

(v)

客户延迟或拖欠进度付款或保留款项可

能影响本集团的现金流量及可能对本集

团的财务业绩构成不利影响。

(vi)

未能重续本集团的现有注册及牌照可能

对本集团的业务营运构成不利影响。有

关本集团面临的其他风险及不确定性，

请参阅本公司日期为二零一五年七月

二十八日之招股章程（「首次公开发售招

股章程」）「风险因素」一节。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

RELATIONSHIP WITH CUSTOMERS,

SUPLIERS, SUBCONTRACTORS AND

EMPLOYES

The Group’s suces also depends on the suport from

key stakeholders which comprise employes, customers

and supliers.

Customers

For foundation construction works, the principal customers

are generaly from the main contractors of construction

projects in Hong Kong. For ground investigation services,

the principal customers are generaly from the employers of

construction projects in Hong Kong. During the Reporting

Period, the Directors considered that the Group did not rely

on any single customer. The Group also maintains a long-

term relationship with its customers, some of which have

established more than 10 years of working relationship with

the Group.

Supliers and Subcontractors

During the Reporting Period, the supliers of gods

and services which were specific to the busines of the

Group and were acquired on a regular basis to enable

the Group to continue to cary its busines included (i)

subcontractors engaged by the Group to perform the site

works; (i) materials and equipment supliers to suply

materials and equipments used in the site works; and (i)

supliers of miscelaneous gods and services required

for the Group’s busines operations. The Group maintains

multiple supliers and subcontractors to avoid the over-

reliance on a few supliers and subcontractors; and did

not experience any material dificulties in sourcing materials

from supliers and engaging subcontractors during the

Reporting Period. The Group did not have any significant

disputes with any of its supliers and subcontractors

during the Reporting Period.

与客户、供应商、分包商及雇员的关系

本集团的成功亦取决于主要持份者（包括雇

员、客户及供应商）的支持。

客户

就地基建筑工程而言，主要客户一般为香港

建筑项目的总承建商。就土地勘测服务而言，

主要客户一般为香港建筑项目的雇主。于报告

期间，董事认为，本集团并不依赖任何单一客

户。本集团亦与其客户维持长期关系，部分客

户已与本集团建立

年以上工作关系。

供应商及分包商

于报告期间，就本集团业务属特定且须定期供

应货物及服务以便本集团能继续进行其业务

的供应商包括：

(i)

本集团委聘进行地盘工程的

分包商；

(i)

供应地盘工程使用的物料及设备的

物料及设备供应商；及

(i)

供应本集团业务营

运所需的其他各种货品及服务的供应商。本集

团维持多名供应商及分包商以避免对少数供

应商及分包商过度依赖；于报告期间，本集团

于向供应商采购物料及委聘分包商方面并无

遭遇任何重大困难。本集团于报告期间并无与

其任何供应商及分包商有任何重大纠纷。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Employes

The Group recognised employes as valuable asets of

the Group. During the Reporting Period, the Group has

complied with the aplicable labour laws and regulations

and regularly reviewed the benefits of existing staf for

improvement. The Group intends to use its best efort

to atract and retain apropriate and suitable personel

to serve the Group. The objective of the Group’s human

resource management is to reward and recognise

performing staf by providing an atractive remuneration

package.

The Group determines the salary of its employes

mainly based on each employe’s qualification, relevant

experience, position and seniority. The Group conducts

anual review on salary increment, bonuses and

promotions based on the performance of each employe.

The Group considers that the Group has maintained

a god relationship with its employes. The Group

has not experienced any strikes, work stopages or

labour disputes which afected its operations during the

Reporting Period. The Directors also acknowledge that the

management team and the employes have maintained

a god relationship and co-operated wel during the

Reporting Period.

雇员

本集团视雇员为本集团的宝贵资产。于报告期

间，本集团已遵守适用劳动法律及法规，并定

期审阅及完善现有员工福利。本集团拟尽最大

努力吸引及挽留适当及合适人员为本集团服

务。本集团人力资源管理的目标为透过提供具

吸引力的薪酬待遇，以奖励及认可表现优秀的

员工。

本集团主要根据各雇员的资格、相关经验、职

位及年资厘定雇员薪酬。本集团每年根据各雇

员的表现对加薪、花红及晋升进行检讨。

本集团认为本集团与其雇员保持良好关系。于

报告期间，本集团并无发生任何影响其营运的

罢工、停工或劳资纠纷。董事亦认为，于报告

期间，管理团队与雇员之间一直保持良好关系

及合作。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

RESULTS AND APROPRIATIONS

The results of the Group for the Reporting Period are set

out in the consolidated statement of profit or los and other

comprehensive income in this report. No dividend was paid

or proposed by the Company during the Reporting Period,

nor has any dividend ben proposed by the Directors since

the end of the Reporting Period (2024: nil).

These are no arangements under which a shareholder has

waived or agred to waive any dividends.

CLOSURE OF REGISTER OF MEMBERS

The forthcoming AGM of the Company wil be held on

1 September 2025. For the purpose of determining the

entitlement of the Shareholders of the Company to atend

and vote at the AGM, the transfer of boks and register of

members of the Company wil be closed from 27 August

2025 to 1 September 2025, both days inclusive. During

such period, no share transfer wil be efected. In order to

be qualified for atending the forthcoming AGM, al transfer

documents acompanied by the relevant share certificates,

must be lodged with the Company’s branch share registrar

in Hong Kong, Tricor Investor Services Limited, at 17/F, Far

East Finance Centre, 16 Harcourt Road, Hong Kong for

registration no later than 4:30 p.m. on 26 August 2025.

PROPERTY, PLANT AND EQUIPMENT

Details of movements in the property, plant and equipment

of the Company and the Group during the Reporting

Period are set out in the note 12 to consolidated financial

statements in this report.

SHARE CAPITAL

Details of movements during the Reporting Period in the

share capital of the Company are set out in note 26(c) to

the consolidated financial statements in this report.

业绩及分配

本集团于报告期间的业绩载于本报告综合损

益及其他全面收益表。本公司于报告期间概无

派付或建议派付股息，董事亦无建议于报告期

末以后期间派付任何股息（二零二四年：无）。

概无股东放弃或同意放弃任何股息的安排。

暂停办理股份过户登记手续

本公司将于二零二五年九月一日举行应届股

东周年大会。为厘定本公司股东出席股东周

年大会并于会上投票的权利，本公司将于二

零二五年八月二十七日至二零二五年九月一日

（包括首尾两日）期间暂停办理股份过户登记

手续。该期间将不会办理任何股份过户登记。

为符合资格出席应届股东周年大会，所有股份

过户文件连同有关股票，必须于二零二五年八

月二十六日下午四时三十分前送达本公司的

香港股份过户登记分处卓佳证券登记有限公

司以供登记，地址为香港夏悫道

号远东金

融中心

楼。

物业、厂房及设备

本公司及本集团物业、厂房及设备于报告期

间的变动详情载于本报告综合财务报表附注

。

股本

本公司股本于报告期间的变动详情载于本报

告综合财务报表附注

26(c)

。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

RESERVES

Details of movements in the reserves of the Group during

the Reporting Period are set out in the consolidated

statement of changes in equity in this report.

As at 31 March 2025, save for the share premium which

is distributable subject to the conditions and restrictions

stated in note 26(d)(i) to the consolidated financial

statements in this report, the Company did not have any

reserve (31 March 2024: nil) available for distribution as

calculated based on Company’s share premium and capital

reserve and retained profits/acumulated loses under

aplicable provisions of the Companies Law in the Cayman

Islands.

GROUP FINANCIAL SUMARY

A sumary of the results and of the asets and liabilities

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

240 in this report. This sumary does not form part of the

audited consolidated financial statements in this report.

EMOLUMENT POLICY FOR DIRECTORS

Directors’ emoluments are determined with reference

to Directors’ duties, responsibilities and performance

and the results of the Group. In adition, the Directors’

remuneration is reviewed by the Remuneration Comite

of the Company anualy. Details of the Directors’

remuneration are set out in note 8 to the consolidated

financial statements in this report.

SHARE OPTION SCHEME

Pursuant to the writen resolutions of the Shareholders on 9

May 2015, the Company adopted a share option scheme

(the “Share Option Scheme”) to atract and retain the

best available personel, to provide aditional incentive to

employes (ful-time or part-time), Directors, consultants

or advisors, distributors, contractors, supliers, agents,

customers, busines partners or service providers of the

Group and to promote the suces of the busines of the

Group.

储备

本集团储备于报告期间的变动详情载于本报

告综合权益变动表。

于二零二五年三月三十一日，除根据本报告综

合财务报表附注

26(d)(i)

内的条件及限制可供

分配之股份溢价外，本公司并无任何可供分派

的储备（二零二四年三月三十一日：无），乃根

据开曼群岛公司法的适用条文按本公司的股

份溢价及资本储备以及保留盈利╱累计亏损

计算。

本集团财务概要

本报告第

页载有本集团于过去五个财政年

度的业绩以及资产负债概要。此概要并不构成

本报告经审核综合财务报表一部分。

董事薪酬政策

董事之薪酬乃经参考董事的职责、责任及表现

以及本集团业绩而厘定。此外，董事的酬金由

本公司薪酬委员会每年审阅。董事酬金详情载

于本报告综合财务报表附注

。

购股权计划

根据股东于二零一五年五月九日的书面决议

案，本公司采纳一项购股权计划（「购股权计

划」）以吸引及挽留现有最佳人才、向本集团的

雇员（全职或兼职）、董事、咨询师或顾问、分

销商、承包商、供应商、代理商、客户、业务伙

伴或服务供应商提供额外奖励及促进本集团

业务的成功。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

The total number of shares in respect of which options

may be granted under the Share Option Scheme is not

permited to exced 10% of the shares of the Company

in isue as the date of aproval of the Share Option

Scheme (being 8,000,000 Shares (after adjusting the

efect from share consolidation), without prior aproval

from the Shareholders. The number of shares isued and

to be isued in respect of which options granted and

may be granted to any individual in any one year is not

permited to exced 1% of the shares of the Company in

isue at any point in time, without prior aproval from the

Shareholders. Options granted to substantial Shareholders

or independent non-executive Directors or any of their

respective asociates (including a discretionary trust whose

discretionary objects include a substantial Shareholders,

independent non-executive Directors, or any of their

respective asociates) in any 12-month period in exces

of 0.1% of the Company’s share capital or with a value in

exces of HK$ 5 milion must be aproved in advance by

the Shareholders.

Options granted must be taken up within seven days

inclusive of the day on which such ofer was made, upon

payment of HK$1 per option. Options may be exercised at

any time during a period as the Directors may determine

which shal not exced ten years from the date of grant.

The exercise price is determined by the Directors, and

wil be at least the higher of (i) the closing price of the

Company’s shares on the date of grant; (i) the average

closing price of the shares for the five busines days

imediately preceding the date of grant; and (i) the

nominal value of the Company’s share.

The Share Option Scheme wil remain in force for a period

of ten years comencing on the date of adoption (i.e. 9

May 2015) and shal expire at the close of busines day

imediately preceding the tenth aniversary thereof unles

terminated earlier by the Shareholders in general meting.

Acordingly, the Share Option Scheme has expired on 9

May 2025.

未经股东事先批准，有关根据购股权计划可

能授出购股权的股份总数不得超逾本公司于

购股权计划获批准当日已发行股份的

10%

（即

8,000,000

股份（就股份合并之影响作出调

整后）。未经股东事先批准，于任何一年授予

及可能授予任何个人的购股权所涉及的已发

行及将予发行的股份数目不得超逾本公司于

任一时间点已发行股份的

。倘授予主要股

东或独立非执行董事或彼等各自任何联系人

士（包括全权信托对象为主要股东、独立非执

行董事或彼等各自任何联系人士的全权信托）

的购股权于任何

个月期间超逾本公司股本

的

0.1%

或价值超过

5,000,000

港元，则须事先

取得股东批准。

于支付每份购股权

港元后，购股权须于作出

有关要约起计七日（包括有关要约当日）内接

纳。购股权可于董事可能厘定期间内随时行

使，惟不得超过自授出日期起计十年。行使价

由董事厘定，至少将为下列三者中的较高者：

(i)

于授出日期本公司股份的收市价；

(i)

于紧接

授出日期前五个营业日股份的平均收市价；及

(i)

本公司股份的面值。

购股权计划将于采纳日期（即二零一五年五月

九日）当日起计十年期间内有效，除非在股东

大会上遭股东提早终止，否则于紧接计划满十

周年前一个营业日的营业时间结束时届满。

因此，购股权计划已于二零二五年五月九日届

满。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

No share options were granted since the adoption of the

Share Option Scheme and there are no outstanding share

options at the end of the Reporting Period. Acordingly,

8,000,000 share options are available for grant under the

Share Option Scheme as at 1 April 2024 and 31 March

2025. However, since the Share Option Scheme has

expired as at date of this report, nil Share (representing 0%

of the total isued shares) is available for isue under the

Share Option Scheme. A sumary of the principal terms

and conditions of the Share Option Scheme is set out in

Apendix IV to the IPO Prospectus.

SHARE AWARD SCHEME

The Company adopted a share award scheme on 30

June 2020 (the “Share Award Scheme”) to recognise

the contributions by participants and to provide them

with incentives in order to retain them for the continual

operation and development of the Group, and to atract

suitable personel for further development of the Group.

The participants of the Share Award Scheme include (i)

employes of any member of the Group, (i) non-executive

directors or proposed non-executive directors (including

independent non-executive directors) of any member of

the Group or any entity in which any member of the Group

holds any equity interest (“Invested Entity”), (i) supliers

of gods or services to any member of the Group or any

Invested Entity, (iv) customers of the Group or any Invested

Entity, (v) persons or entities that provide or wil provide

research, development, consultancy, advisory services or

other technological suport to the Group or any Invested

Entity, (vi) shareholders of any member of the Group or

any Invested Entity or holders of any securities isued or

proposed to be isued by any member of the Group or any

Invested Entity, (vi) any other group or clas of participants

from time to time determined by the Directors as having

contributed or may contribute by way of joint venture,

busines aliances, consultancy, advisory services or other

busines arangements to the development and growth

of the Group, and (vi) any person or entity, who, at the

sole determination of the Directors, has contributed to the

Group. The Board may, from time to time, grant awarded

shares to any participant at no consideration.

自采纳购股权计划以来并无授出购股权且于

报告期末并无未获行使的购股权。因此，于二

零二四年四月一日及二零二五年三月三十一

日，

8,000,000

份购股权根据购股权计划可供

授出。然而，由于购股权计划已于本报告日期

届满，概无股份（占已发行股份总数的

）根

据购股权计划可供发行。购股权计划的主要条

款及条件概要载于首次公开发售招股章程附

录四。

股份奖励计划

本公司于二零二零年六月三十日采纳一项股

份奖励计划（「股份奖励计划」），以肯定参与

者作出的贡献以及激励彼等以挽留彼等继续

协助本集团的营运及发展，及吸引合适人员推

动本集团的进一步发展。股份奖励计划的参与

者包括

(i)

本集团任何成员公司的雇员，

(i)

本集

团任何成员公司或本集团任何成员公司于其

中持有任何股权之任何实体（「投资实体」）的

非执行董事或候任非执行董事（包括独立非执

行董事），

(i)

本集团任何成员公司或任何投资

实体的任何货品或服务供应商，

(iv)

本集团或

任何投资实体的任何客户，

(v)

向或将向本集

团或任何投资实体提供研发、顾问、咨询服务

或其他技术支援的人士或实体，

(vi)

本集团任

何成员公司或任何投资实体的股东或已获或

将获本集团任何成员公司或任何投资实体发

行的任何证券之持有人，

(vi)

由董事不时厘定

以合营企业、商业联盟、顾问、咨询服务或其

他业务安排的方式，对本集团发展及增长已经

或可能作出贡献的任何其他组别或类别的参

与者，及

(vi)

董事全权厘定对本集团有贡献的

任何人士或实体。董事会可不时无偿向任何参

与者授出奖励股份。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Acording to the Share Award Scheme, the Board shal

not make any further award of awarded shares which wil

result in the nominal value of the Shares awarded by the

Board under the Share Award Scheme exceding ten per

cent (10%) of the isued share capital of the Company

from time to time. Therefore, the total number of shares in

respect of which awards may be granted under the Share

Award Scheme as at the date of this report is 23,040,000

shares, representing 10% of the isued shares as at the

date of this report. Subject to any early termination as may

be determined by the Board, the Share Award Scheme

shal be valid and efective for a term of ten (10) years

comencing on the adoption date. The remaining life of

the Share Award Scheme is aproximately 5 years. The

maximum number of shares which may be awarded to a

selected participant under the Share Award Scheme shal

not exced one per cent (1%) of the isued share capital of

the Company from time to time.

The Share Award Scheme shal be subject to the

administration of the Board and the truste, DL Securities

(HK) Limited, in acordance with the rules of the Share

Award Scheme and the terms of the trust ded made

and entered into betwen the Company and the truste.

The decision of the Board with respect to any mater

arising under the Share Award Scheme (including the

interpretation of any provision of the Share Award

Scheme) shal be final and binding. The truste shal hold

the trust fund in acordance with the rules of the Share

Award Scheme and the terms of the trust ded.

根据股份奖励计划，倘董事会授出奖励股份

后会导致根据股份奖励计划授予奖励股份面

值超过本公司不时已发行股本的百分之十

(10%)

，则不可再进一步授出奖励股份。因

此，于本报告日期，根据股份奖励计划可授出

奖励的股份总数为

23,040,000

股，占截至本

报告日期已发行股份的

10%

。股份奖励计划将

自采纳日期起计十

(10)

年期间有效及生效，惟

董事会可决定提前终止。股份奖励计划的剩余

年期约为

年。根据股份奖励计划可授予一名

获选参与者的股份的最高数量不可超过本公

司不时已发行股本的百分之一

(1%)

。

股份奖励计划须由董事会及受托人德林证券

（香港）有限公司根据股份奖励计划规则及本

公司与受托人制定并订立的信托契据条款进

行管理。董事会就因股份奖励计划所产生之任

何事宜所作出的决定（包括对股份奖励计划任

何条文的解释）将属最终决定及具约束力。受

托人须根据股份奖励计划规则及信托契据条

款持有信托基金。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

在股份奖励计划的条款及条件的规限下，以

及待符合股份奖励计划及相关授予通知内所

指明向有关获选参与者所施加的所有归属条件

（如有）后，受托人代获选参与者持有的向有

关获选参与者授出的相关股份及相关收入将

根据授予通知内所载之归属时间表归属于有

关获选参与者，前提是获选参与者于奖励后及

相关归属日期一直为本集团的参与者。董事会

可不时向受托人发出在联交所购买股份的书

面指示，列明购买该等股份可动用的最高资金

限额及可以购入该等股份的价格范围。除非已

事先取得董事会书面同意，否则动用的资金不

得超出最高资金限额，购入股份的价格亦不得

在列明价格范围以外。

自采纳股份奖励计划以来并无授出任何股份

奖励。根据股份奖励计划，于二零二四年四月

一日、二零二五年三月三十一日及本报告日

期有合计

9,600,000

份（就股份合并之影响作

出调整后）、

11,520,000

份及

23,040,000

份股

份奖励可供授出。股份奖励计划的主要条款

及条件概要载于本公司日期为二零二零年六

月三十日的公告。于二零二五年三月三十一

日，根据股份奖励计划持有的股份数目为

3,164,500

股。

Subject to the terms and conditions of the Share Award

Scheme and the fulfilment of al vesting conditions (if

any) on such selected participants as specified in the

Share Award Scheme and the relevant grant notice, the

respective shares awarded to such selected participants

and the related income held by the truste on behalf

of the selected participants shal vest in such selected

participants in acordance with the vesting schedule as

set out in the grant notice, provided that the selected

participants remain at al times after the award and on the

relevant vesting date(s) a participant of the Group. The

Board may from time to time give writen instructions to

the truste to purchase shares on the Stock Exchange,

specifying the maximum amount of funds to be used and

the range of prices at which such shares to be purchased.

The truste may not incur more than the maximum amount

of funds or purchase any shares at a price faling outside

the range of prices so specified unles with the prior writen

consent of the Board.

No share awards were granted since the adoption of the

Share Award Scheme. A total of 9,600,000 (after adjusting

the efect from share consolidation) share awards as at

1 April 2024, 11,520,000 share awards as at 31 March

2025 and 23,040,000 share awards as at the date of

this report, could be available for grant under the Share

Award Scheme. A sumary of the principal terms and

conditions of the Share Award Scheme is set out in the

anouncement of the Company dated 30 June 2020. As

at 31 March 2025, the number of share held for the Share

Award Scheme was 3,164,500 shares.

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

DIRECTORS

The Directors who held ofice during the Reporting Period

and up to the date of this report were:

Executive Directors

Mr. Yan Shuai (retired on 19 August 2024)

Mr. Bai Huawei

Mr. Wang Yu

Non-executive Directors

Mr. Zhang Zhenyi (retired on 19 August 2024)

Mr. Chui Kwong Kau (resigned on 4 November 2024)

Mr. Lui Kwok Wai

Mr. Xu Lin (apointed on 4 November 2024)

Independent Non-executive Directors

Mr. Eric, Tod (resigned on 4 November 2024)

Mr. Jiang Senlin

Mr. Zhang Yi

Ms. Dan Xi (apointed on 4 November 2024)

The Company has received confirmation on independence

from each of the independent non-executive Directors

pursuant to Rule 3.13 of the Listing Rules and al of them

are considered to be independent.

Information regarding Directors’ emoluments is set out

in note 8 to the consolidated financial statements in this

report.

DIRECTORS’ SERVICE CONTRACT

Al the independent non-executive Directors and non-

executive Directors have entered into a service contract

with the Company for a fixed term of two years, which

can be terminated by not les than thre months’ notice in

writing served by either party on the other.

董事

于报告期间及直至本报告日期任职的董事如

下：

执行董事

严帅先生（于二零二四年八月十九日退任）

白华威先生

王雨先生

非执行董事

张振义先生（于二零二四年八月十九日退任）

崔光球先生（于二零二四年十一月四日辞任）

吕国威先生

许琳先生（于二零二四年十一月四日获委任）

独立非执行董事

达振标先生（于二零二四年十一月四日辞任）

姜森林先生

张义先生

但曦女士（于二零二四年十一月四日获委任）

本公司已接获各独立非执行董事根据上市规

则第

3.13

条呈交的独立性确认书，彼等均被视

为独立。

有关董事薪酬的资料载于本报告综合财务报

表附注

。

董事的服务合约

全体独立非执行董事及非执行董事已与本公

司订立具两年固定年期之服务合约，并可由一

方向另一方发出不少于三个月的书面通知予

以终止。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

BOARD CHANGE AND CHANGES IN

DIRECTORS’ INFORMATION

Pursuant to Rule 13.51B(1) of the Listing Rules, change in

the information of the Directors since the date of the anual

report for the year ended 31 March 2024 and up to the

date of this report is set out below:

Name of DirectorBoard Change and Changes in Directors’ Information

董事姓名董事会变动及董事资料变动

Mr. Yan ShuaiRetired as executive Director with efect from 19 August 2024

严帅先生于二零二四年八月十九日退任执行董事

Mr. Zhang ZhenyiRetired as non-executive Director with efect from 19 August 2024

张振义先生于二零二四年八月十九日退任非执行董事

Mr. Chui Kwong KauResigned as non-executive Director with efect from 4 November 2024

崔光球先生于二零二四年十一月四日辞任非执行董事

Mr. Eric, TodResigned as independent non-executive Director with efect from 4 November 2024

达振标先生于二零二四年十一月四日辞任独立非执行董事

Mr. Xu LinApointed as non-executive Director with efect from 4 November 2024

许琳先生于二零二四年十一月四日获委任为非执行董事

Resigned as a non-executive director of Yunan Jingu Forestry Co., Ltd., a company

listed on the Shanghai Stock Exchange (Stock code: 600265) on 13 February 2025

于二零二五年二月十三日辞任云南景谷林业股份有限公司（一间于上海证券交易所

上市之公司，股份代号：

）之非执行董事

Ms. Dan XiApointed as independent non-executive Director with efect from 4 November 2024

但曦女士于二零二四年十一月四日获委任为独立非执行董事

Mr. Jiang SenlinRe-designated to a non-executive director of Enviro Energy (Stock code: 1102) on 5

July 2024

姜森林先生于二零二四年七月五日调任为环能（股份代号：

）之非执行董事

Resigned as the vice-president, chief financial oficer and chief executive oficer of

Wonderland International in March 2025

于二零二五年三月辞任华德国际之副总裁、首席财务官及行政总裁

董事会变动及董事资料变动

根据上市规则第

13.51B(1)

条，董事资料自截

至二零二四年三月三十一日止年度之年报日

期直至本报告日期以来之变动载列如下：

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Save as disclosed above, there is no other information

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

Listing Rules.

Apart from the foregoing, no Director proposed for

re-election at the forthcoming anual general meting

has a service contract with the Company which is

not determinable by the Company within one year

without payment of compensation, other than statutory

compensation.

DIRECTORS’ INTERESTS IN CONTRACTS

OF SIGNIFICANCE

Save as disclosed in note 30 to the consolidated financial

statements in this report, no transaction, arangement or

contract of significance to which the Group was a party (in

which a Director or an entity conected with a Director had

a material interest whether directly or indirectly) subsisted

at the end of the Reporting Period or any time during the

Reporting Period.

DIRECTORS’ AND SENIOR

MANAGEMENT BIOGRAPHIES

Biographical details of the Directors and the senior

management of the Group are set out in the section

“Biographical Details of Directors and Company Secretary”

in this report.

EMOLUMENTS OF DIRECTORS AND FIVE

HIGHEST PAID INDIVIDUALS

Details of the emoluments of the Directors and the five

highest paid individuals of the Group are set out in notes

8 and 9 to the consolidated financial statements in this

report, respectively.

MANAGEMENT CONTRACTS

As at 31 March 2025, the Company did not enter into

or have any management and administration contracts

in respect of the whole and any principal busines of the

Company.

除上文所披露者，概无其他资料须根据上市规

则第

13.51B(1)

条予以披露。

除上述者外，概无拟于应届股东周年大会上膺

选连任的董事与本公司订有不可于一年内由

本公司终止而毋须支付赔偿（法定补偿除外）

的服务合约。

董事的重大合约权益

除本报告综合财务报表附注

所披露者外，

概无本集团为订约方并且董事或与董事有关

连的实体直接或间接拥有重大权益的重大交

易、安排或合约于报告期末或报告期间内任何

时间存续。

董事及高级管理层的履历

董事及本集团高级管理层的履历详情载于本

报告「董事及公司秘书的履历详情」一节。

董事及五名最高薪酬人士的酬金

董事及本集团五名最高薪酬人士的酬金详情

分别载于本报告综合财务报表附注

及

。

管理合约

于二零二五年三月三十一日，本公司并无就本

公司整体及任何主要业务订立或设有任何管

理及行政合约。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

DIRECTORS’ AND CHIEF EXECUTIVE

OFICER’S INTERESTS AND SHORT

POSITIONS IN SHARES, UNDERLYING

SHARES AND DEBENTURES

As at 31 March 2025, none of the Directors nor Chief

Executive of the Company had any beneficial interests

(including interests or short positions) in the shares of

the Company (the “Shares”), underlying Shares and

debentures of the Company or any of its asociated

corporations (within the meaning of Part XV of the

Securities and Futures Ordinance (“SFO”) which would

be required to be notified to the Company and the Stock

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

SFO (including the interests and short positions which they

are taken or demed to have taken under such provisions

of the SFO), or which wil be required, pursuant to section

352 of the SFO, to be entered in the register refered to

in that section, or wil be required, pursuant to the Model

Code in the Listing Rules, to be notified to the Company

and the Stock Exchange.

SUBSTANTIAL SHAREHOLDERS’

AND OTHERS’ INTERESTS AND

SHORT POSITIONS IN SHARES AND

UNDERLYING SHARES

As at 31 March 2025, the folowing persons (not being

a Director or Chief Executive of the Company) had

interests or short positions in the shares of the Company

or underlying Shares which fal to be disclosed to the

Company under the provisions of Division 2 and 3 of Part

XV of the SFO as recorded in the register required to be

kept by the Company pursuant to section 336 of the SFO:

NameCapacity/Nature of interest

Number of

Ordinary Shares

held/interested

Aproximate

percentage of

interest

姓名身份╱权益性质

所持╱

拥有权益的

普通股份数目权益概约百分比

Ms. Su Guifang (“Ms. Su”)Beneficial Owner11,592,00010.06%

苏桂芳女士（「苏女士」）实益拥有人

董事及行政总裁于股份、相关股份及债权

证的权益及淡仓

于二零二五年三月三十一日，概无董事或本

公司行政总裁于本公司股份（「股份」）、本公

司或其任何相联法团（定义见证券及期货条例

（「证券及期货条例」）第

部）的相关股份及

债权证中拥有根据证券及期货条例第

部分

第

及

分部须知会本公司及联交所（包括根据

证券及期货条例之有关条文被当作或被视为

拥有之权益及淡仓）或根据证券及期货条例第

条须记录于该条例所述之登记册或须根据

上市规则之标准守则知会本公司及联交所之

任何实益权益（包括权益或淡仓）。

主要股东及其他人士于股份及相关股份的

权益及淡仓

于二零二五年三月三十一日，以下人士（并非

本公司董事或行政总裁）于本公司股份或相关

股份中拥有根据证券及期货条例第

部第

及

分部之规定须披露予本公司，及记录于本公

司根据证券及期货条例第

条须存置之登记

册内之权益或淡仓：

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

DIRECTORS’ RIGHTS TO ACQUIRE

SHARES OR DEBENTURES

Other than those disclosed under the paragraphs headed

“Share Option Scheme” and “Directors’ and Chief

Executive Oficer’s Interests and Short Positions in Shares,

Underlying Shares and Debentures”, at no time during the

year ended 31 March 2025 were rights to acquire benefits

by means of the acquisition of shares in or debentures

of the Company or any other body corporate granted to

any Director or their respective close asociates, or were

any such rights exercised by them; or was the Company,

its holding company, or any of its subsidiaries or felow

subsidiaries a party to any arangement to enable the

Directors to acquire such rights in the Company or any

other body corporate.

DIRECTORS’ INTERESTS IN COMPETING

BUSINESES

During the Reporting Period and up to the date of this

report, no Directors are considered to have interests in

busineses which compete or are likely to compete, either

directly or indirectly, with the busineses of the Group other

than those busineses where the Directors of the Company

were apointed as Directors to represent the interests of

the Company and/or the Group pursuant to the Listing

Rules.

Al the independent non-executive Directors are delegated

with the authority to review the non-competition

undertakings (the “Non-competition Undertakings”)

given by Mr. Lau Won Si (“Mr. Lau”), Mr. Fong Hon Hung,

Mr. Leung Man Lun Stephen, Suntecli Company Limited

and Samwod Global Limited (colectively the “Former

Substantial Shareholders”) during the Reporting Period.

The Former Substantial Shareholders ceased to have

any interest in the Shares of the Company on 23 July

2024. The independent non-executive Directors were not

aware of any non-compliance of the Non-competition

Undertakings from the begining of the Reporting Period

up to 23 July 2024.

董事收购股份或债权证的权利

除「购股权计划」及「董事及行政总裁于股份、

相关股份及债权证的权益及淡仓」段落所披露

者外，于截至二零二五年三月三十一日止年度

内任何时间，概无任何董事或彼等各自的紧密

联系人获授权利，可藉收购本公司或任何其他

法团股份或债权证而获得利益，彼等亦无行使

任何有关权利；或本公司、其控股公司或其任

何附属公司或同系附属公司概无订立任何安

排，致使董事可获得本公司或任何其他法团的

有关权利。

董事于竞争业务的权益

于报告期间及直至本报告日期，概无董事根据

上市规则被视为在直接或间接与本集团业务

构成竞争或可能构成竞争之业务（除为代表本

公司及╱或本集团权益而委任本公司董事为

董事之业务外）中拥有权益。

全体独立非执行董事获授权审阅刘焕诗先生

（「刘先生」）、方汉鸿先生、梁文麟先生、新

得利有限公司及森活环球有限公司（统称「前

主要股东」）于报告期间的不竞争承诺（「不

竞争承诺」）。前主要股东于二零二四年七月

二十三日起不再持有本公司股份之任何权

益。自报告期间起至二零二四年七月二十三

日，独立非执行董事并不知悉任何违反不竞争

承诺的情况。

9.72%
38.32%
15.81%
51.00%

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Each of the Former Substantial Shareholders

has confirmed that he/it had complied with the

Non-competition Undertakings given by them from the

begining of the Reporting Period up to 23 July 2024.

MAJOR CUSTOMERS AND SUPLIERS

The percentage of the Group’s purchases and revenue

atributable to major supliers and customers during the

Reporting Period and 31 March 2024 are as folows:

二零二五年二零二四年

Percentage of construction material purchases

and construction subcontracted:

采购建筑材料及所分包的

建筑工程百分比：

From the largest suplier

来自最大供应商

15.43%

From the five largest supliers

来自五大供应商

42.71%

Percentage of revenue:

收入百分比：

From the largest customers

来自最大客户

21.97%

From the five largest customers

来自五大客户

45.44%

None of the Directors, their close asociates or any

Shareholders (which to the knowledge of the Directors

owned more than 5% of the Company’s isued share

capital) had any interest in the five largest customers nor

supliers during the Reporting Period.

PURCHASE, SALE OR REDEMPTION OF

THE COMPANY’S SECURITIES

Neither the Company nor any of its subsidiaries had

purchased, sold or redemed any of the Company’s

securities during the Reporting Period.

PERMITED INDEMNITY

During the Reporting Period, the Company has aranged

Directors’ and oficers’ liability insurance for al Directors

and senior management of the Company. The insurance

covers the coresponding costs, charges, expenses and

liabilities for legal action of corporate activities against

them.

前主要股东各自已确认，自报告期间起至二零

二四年七月二十三日已遵守彼等作出的不竞

争承诺。

主要客户及供应商

主要供应商及客户于报告期间及二零二四年

三月三十一日所占本集团采购额及收入的百

分比如下：

各董事、彼等的紧密联系人或任何股东（据董

事所知拥有本公司已发行股本

以上者）于

报告期间概无于五大客户或供应商中拥有任

何权益。

购买、出售或赎回本公司证券

于报告期间，本公司或其任何附属公司并无购

买、出售或赎回本公司任何证券。

获准许的弥偿

于报告期间，本公司已为本公司之全体董事

及高级管理层投保董事及高级行政人员责任

险。该保险涵盖与针对彼等提出之有关公司

活动的法律诉讼相关的成本、费用、开支及责

任。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the

articles or the laws of Cayman Islands, which would oblige

the Company to ofer new Shares on a pro-rata basis to

existing Shareholders.

TAX RELIEF

The Company is not aware of any relief from taxation

available to Shareholders by reason of their holdings in the

shares.

EQUITY-LINKED AGREMENT

During the Reporting Period, the Group did not enter into

any equity-linked agrements.

DONATIONS

During the Reporting Period, the charitable donation

amounted to nil (YR2024: nil).

CONECTED TRANSACTIONS AND

RELATED PARTY TRANSACTIONS

During the Reporting Period, the Group had the folowing

conected transactions:

(i) Lease agrements

Name of supliersTerm of lease agrementsMonthly rentAnual rent

供应商名称租赁协议期限月租金年租金

HK$HK$

港元港元

Chung Hang1 April 2024 to 31 March 202560,000720,000

中恒二零二四年四月一日至

二零二五年三月三十一日

Chung Wah1 April 2024 to 31 March 2025115,0001,380,000

中华二零二四年四月一日至

二零二五年三月三十一日

2,100,000

优先购股权

章程细则或开曼群岛法例均无有关优先购股

权的条文，规定本公司须向现有股东按比例提

呈发售新股份。

税务减免

本公司概不知悉有任何因股东持有股份而向

彼等提供的税务减免。

股票挂钩协议

于报告期间，本集团并无订立任何股票挂钩协

议。

捐款

于报告期间，慈善捐款为零（二零二四年度：

零）。

关连交易及关连方交易

于报告期间，本集团有以下关连交易：

(i)

租赁协议

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

(i) Other transactions

HK$

港元

– Profesional fes paid to Etoiles

－向鑫承支付专业费用

750,000

– Acquisition of the aditional interests in

Pure Luck International Limited (“Pure Luck”)

from Cher Trend

－自

Cher Trend

收购纯运国际有限公司（「纯运」）

之额外权益

5,000,000

– Acquisition of an intangible aset from Mr. Chong

－自庄先生收购无形资产

850,000

6,600,000

Chung Hang Enterprises Holdings Limited (“Chung Hang”)

is owned by Mr. Lau as to aproximately 94.65%. Mr. Lau

is one of the former controling Shareholders and a former

executive Director. Mr. Lau is a director of a subsidiary as at

March 2025 and 2024.

Chung Wah Investment Company Limited (“Chung Wah”)

is owned by Chung Hang and Mr. Lau as to 95.00% and

2.50%, respectively.

Mr. Cheung Kit Shing (“Mr. Cheung”) is a director of a

subsidiary and he resigned on 3 May 2024.

Cher Trend Limited (“Cher Trend”) is a non-controling

interest of a subsidiary wholy-owned by Mr. Cheung until

the completion of the Pure Luck Acquisition (defined herein

below).

Etoiles Consultancy Limited (“Etoiles”) is a related

company owned by Mr. Cheung.

Mr. Chong Ka Ye (“Mr. Chong”) is a director of a

subsidiary.

The lease agrements were entered into on normal

comercial terms and in the ordinary and usual course

of busines of the Group where each of the relevant

percentage ratios calculated for the purpose of Chapter

14A of the Listing Rules is les than 5% and the total

fes payable under lease agrements are les than

HK$3,000,000. Pursuant to Chapter 14A of the Listing

Rules, the lease agrements are fuly exempt from the

reporting, anual review, anouncement and independent

shareholders’ aproval requirements under Chapter 14A of

the Listing Rules.

(i)

其他交易

中恒企业控股有限公司（「中恒」）由刘先生拥

有约

94.65%

。刘先生为一名前控股东及前

执行董事。于二零二五年及二零二四年三月，

刘先生为一间附属公司的一名董事。

中华投资发展有限公司（「中华」）分别由中恒

及刘先生拥有

95.00%

及

2.50%

。

张杰承先生（「张先生」）为一间附属公司的一

名董事，彼于二零二四年五月三日辞任。

直至纯运收购事项（定义见下文）完成，

Cher

Trend Limited

（「

Cher Trend

」）为一间由张

先生全资拥有的附属公司的非控股权益。

鑫承顾问有限公司（「鑫承」）为一间由张先生

拥有的关连公司。

庄嘉谊先生（「庄先生」）为一间附属公司的一

名董事。

该等租赁协议乃按正常商业条款及于本集团

一般及日常业务中订立，而就上市规则第

14A

章计算的各相关百分比率低于

及根据租赁

协议应付的费用总额少于

3,000,000

港元。根

据上市规则第

14A

章，该等租赁协议完全获豁

免遵守上市规则第

14A

章下的申报、年度审

阅、公告及独立股东批准规定。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

To the best knowledge of the Directors, none of the

related party transactions as disclosed in note 30 to the

consolidated financial statements constituted as conected

transactions or continuing conected transactions as

defined in Chapter 14A of the Listing Rules, and the

Company have complied with the disclosure requirements

under Chapter 14A of the Listing Rules during the

Reporting Period.

CONTRACT OF SIGNIFICANCE WITH

CONTROLING SHAREHOLDER

Save for certain transactions as disclosed in notes 6(a), 23

and 30 to the consolidated financial statements, neither

the Company nor any of its subsidiaries has entered into

any contract of significance with a controling Shareholder

or any of its subsidiaries, nor any contract of significance

for the provision of services to the Company or any of

its subsidiaries by a controling Shareholder or any of its

subsidiaries during the Reporting Period.

PUBLIC FLOAT

Based on the information that is publicly available to the

Company and to the best knowledge of the Directors, the

Company has retained the prescribed public float of at

least 25% of the Company’s total isued share capital as at

the date of this report pursuant to the Listing Rules.

AUDITOR

HLB Hodgson Impey Cheng Limited (“HLB”) has resigned

as the auditors of the Company with efect from 10 April

2024. Ascenda Cachet CPA Limited has ben apointed

as the auditors of the Company by way of pasing an

ordinary resolution at the extraordinary general meting

held 10 April 2024 to fil the casual vacancy folowing the

resignation of HLB and to hold ofice until conclusion of the

forthcoming AGM.

The consolidated financial statements for the years ended

31 March 2023 and 2022 had ben audited by HLB

Hodgson Impey Cheng Limited.

据董事所知，综合财务报表附注

所披露之

关连方交易概不构成上市规则第

14A

章所界

定之关连交易或持续关连交易，且本公司于报

告期间已遵守上市规则第

14A

章的披露规定。

与控股东之间的重大合约

除综合财务报表附注

6(a)

、

及

所披露之若

干交易外，本公司及其任何附属公司于报告期

间既无与控股东或其任何附属公司订立任

何重大合约，亦无就控股东或其任何附属公

司向本公司或其任何附属公司提供服务订立

任何重大合约。

公众持股量

根据本公司可获得的公开资料及就董事所

知，于本报告日期，本公司已根据上市规则维

持占本公司已发行股本总额至少

25%

的规定

公众持股量。

核数师

国卫会计师事务所有限公司（「国卫」）已辞任

本公司核数师，自二零二四年四月十日起生

效。天健德扬会计师事务所有限公司已于二零

二四年四月十日举行的股东特别大会上通过

普通决议案获委任为本公司核数师，以填补国

卫辞任后之临时空缺并任职至应届股东周年

大会结束为止。

国卫会计师事务所有限公司已审核截至二零

二三年及二零二年三月三十一日止年度的

综合财务报表。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

The consolidated financial statements for the years ended

31 March 2025 and 2024 have ben audited by Ascenda

Cachet CPA Limited, who wil retire and, being eligible, ofer

themselves for reapointment at the forthcoming AGM.

ENVIRONMENTAL POLICIES AND

PERFORMANCE

The Group is comited to protecting the environment,

fulfiling social responsibility and promoting employe

benefits and development to achieve sustainable growth of

its busines. For more details of the Group’s performances

in environmental and social aspects, please refer to

the environmental, social and governance report of the

Company for the Reporting Period.

CORPORATE GOVERNANCE CODE

The Company had complied with al the aplicable

principles and code provisions as set out in the Code

contained in Apendix C1 to the Listing Rules during the

Reporting Period.

The details of Group’s compliance with the Code is set out

in the Corporate Governance Report in this report.

COMPLIANCE WITH LAWS AND

REGULATIONS

The Group’s operations are mainly caried out by the

Company’s subsidiaries in Hong Kong while the Company

itself is a holding company. Our operations acordingly

shal comply with the relevant laws and regulations in Hong

Kong. During the Reporting Period and up to the date of

this report, there is no material non-compliance with the

relevant prevailing laws and regulations by the Group.

EVENTS AFTER THE REPORTING PERIOD

Save as disclosed below, there are no other significant

event after the Reporting Period up to the date of this

report.

天健德扬会计师事务所有限公司已审核截至

二零二五年及二零二四年三月三十一日止年

度的综合财务报表，并将于应届股东周年大会

上退任且合资格并愿意获续聘。

环境政策及表现

本集团致力于保护环境、履行社会责任及提升

雇员福利及发展，以实现其业务的可持续增

长。有关本集团于环境及社会方面的表现之更

多详情，请参阅本公司于报告期间的环境、社

会及管治报告。

企业管治守则

本公司于报告期间已遵守上市规则附录

所

载守则的所有适用原则及守则条文。

本集团遵守则的详情载于本报告的企业管

治报告。

遵守法律法规

本集团的营运主要透过本公司于香港的附属

公司进行，而本公司本身为一间控股公司。因

此，我们的营运须遵守香港有关法律法规。于

报告期间及直至本报告日期，本集团并无严重

违反相关现行法律法规。

报告期后事项

除下文所披露者外，于报告期间后及直至本报

告日期概无其他重大事项。

REPORT OF THE DIRECTORS

董事会报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

供股完成

于二零二五年四月十日，本公司接获合资格

股东合共

份有效申请及接纳，涉及合共

40,491,810

股供股份（相当于供股项下提

呈发售之供股份总数约

35.15%

）。于二零

二五年四月二十八日，余下

74,708,190

股未

获认购供股份（相当于供股项下提呈发售之

供股份总数约

64.85%

）已成功按每股

0.2

港

元之价格配售。

供股于二零二五年五月九日完成。因此，供股

筹集之所得款项总额约为

23,000,000

港元，

而供股所得款项净额约为

21,700,000

港元。

有关进一步详情，请参阅本公司日期为二零

二五年五月八日的公告。

出售附属公司

于二零二五年五月十二日，本集团与一名独立第

三方（「买方」）订立买卖协议，据此，本集团以总代

价

1,350,000

港元向买方出售附属公司御凯有限公

司及首峰有限公司。出售于二零二五年五月三十

日完成。

代表董事会

主席

许琳

香港，二零二五年六月二十七日

Completion of Rights Isue

On 10 April 2025, the Company received 14 valid

aplications and aceptances from qualifying Shareholders

for a total of 40,491,810 Rights Shares (representing

aproximately 35.15% of the total number of Rights Shares

ofered under the Rights Isue). The remaining 74,708,190

unsubscribed Rights Shares (representing aproximately

64.85% of the total number of Rights Shares ofered under

the Rights Isue) were sucesfuly placed at the price of

HK$0.2 per Share on 28 April 2025.

The Rights Isue was completed on 9 May 2025.

Acordingly, the gros proceds raised from the Rights

Isue were aproximately HK$23.0 milion and the net

proceds from the Rights Isue were aproximately

HK$21.7 milion. For further details, please refer to the

anouncement of the Company dated 8 May 2025.

Disposal of subsidiaries

On 12 May 2025, the Group entered into the sales and

purchase agrement with an independent third party (the

“Purchaser”), pursuant to which, the Group disposed

of its subsidiaries, Prestige Victory Limited and Toper

Sumit Limited, to the Purchaser at an agregate

consideration of HK$1,350,000. The disposal was

completed on 30 May 2025.

On behalf of the Board

Xu Lin

Chairman

Hong Kong, 27 June 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

独立核数师报告

致宏基集团控股有限公司股东

（于开曼群岛注册成立的有限公司）

意见

本核数师（以下简称「吾等」）已审计列载于第

至

页的宏基集团控股有限公司（「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

变动表及综合现金流量表，以及综合财务报表

附注，包括重大会计政策资料。

吾等认为，此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公平地反映贵集团

于二零二五年三月三十一日的综合财务状况

及其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。

Unit 1519, 15/F., Chevalier Comercial Centre,

8 Wang Hoi Road, Kowlon Bay, Hong Kong

香港九龙湾宏开道

号

其士商业中心

楼

室

INDEPENDENT AUDITOR’S REPORT

TO THE SHAREHOLDERS OF

WAN KEI GROUP HOLDINGS LIMITED

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of

Wan Kei Group Holdings Limited (the “Company”) and its

subsidiaries (the “Group”) set out on pages 106 to 239,

which comprise the consolidated statement of financial

position as at 31 March 2025, and the consolidated

statement of profit or los, the consolidated statement

of comprehensive income, the consolidated statement

of changes in equity and the consolidated statement of

cash flows for the year then ended, and notes to the

consolidated financial statements, including material

acounting policy information.

In our opinion, the consolidated financial statements give

a true and fair view of the consolidated financial position

of the Group as at 31 March 2025, and of its consolidated

financial performance and its consolidated cash flows

for the year then ended in acordance with HKFRS

Acounting Standards 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.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

Standards on Auditing (“HKSAs”) isued by the HKICPA.

Our responsibilities under those standards are further

described in the Auditor’s Responsibilities for the Audit

of the Consolidated Financial Statements section of our

report. We are independent of the Group in acordance

with the HKICPA’s Code of Ethics for Profesional

Acountants (the “Code”), and we have fulfiled our other

ethical responsibilities in acordance with the Code.

We believe that the audit evidence we have obtained

is suficient and apropriate to provide a basis for our

opinion.

KEY AUDIT MATERS

Key audit maters are those maters that, in our

profesional judgment, were of most significance in our

audit of the consolidated financial statements of the curent

period. These maters were adresed in the context of our

audit of the consolidated financial statements as a whole

and in forming our opinion thereon, and we do not provide

a separate opinion on these maters. For each 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.

意见的基础

吾等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。吾等

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」），吾等独立于贵集

团，并已履行守则中的其他道德责任。吾等相

信，吾等所获得的审计凭证能充足及适当地为

吾等的意见提供基础。

关键审计事项

关键审计事项是根据吾等的专业判断，认为对

本期综合财务报表的审计最为重要的事项。这

些事项是在吾等审计整体综合财务报表及出

具意见时进行处理的。吾等不会对这些事项提

供单独的意见。对于下文所载的每一项事项，

吾等将于下文描述于审计中处理事项的方法。

吾等已履行本报告「核数师就审计综合财务报

表承担的责任」一节阐述的责任，包括与该等

关键审计事项相关的责任。相应地，吾等的审

计工作包括执行为应对评估综合财务报表重

大错误陈述风险而设计的审计程序。吾等执

行审计程序的结果，包括应对下述事项所执行

的程序，为综合财务报表发表审计意见提供基

础。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

REVENUE RECOGNITION FOR THE

CONSTRUCTION CONTRACTS

ARISING FROM THE FOUNDATION

CONSTRUCTION WORKS AND GROUND

INVESTIGATION SERVICES

Reference is made to notes 2.4 and 3 to the consolidated

financial statements for the directors’ disclosures of the

related acounting policies, judgements and estimates,

respectively and note 4(a) to the consolidated financial

statements for further information.

Key Audit Mater

How our audit was adresed

in the Key Audit Mater

关键审计事项于审计中处理关键审计事项的方法

The Group recorded revenue from the construction

contracts arising from the foundation construction works

and ground investigation services with an agregate

amount of aproximately HK$256,821,000 for the year

ended 31 March 2025.

截至二零二五年三月三十一日止年度，贵集团录得来

自地基建筑工程及土地勘测服务的建造合约的收入总

额为约

256,821,000

港元。

Contract revenue is recognised progresively over

time using output method, which is based on direct

measurements of the value of services delivered or

surveys of work performed.

合约收入采用产出法于一段时间内逐步确认（即根据对

提供的服务价值的直接计量或对所执行工作的调查）。

Our procedures in relation to Directors’ asesment of the

revenue recognition from the Contracts arising from the

foundation construction works and ground investigation

services included:

吾等就董事对地基建筑工程及土地勘测服务所产生的

合约的收入确认的评估所采取的程序包括：

– Obtaining an understanding from the Directors

about how to determine the contract sums and the

stage of completion;

–

了解董事如何厘定合约金额及完工进度；

– Inspecting a sample of contract agrements with

main-contractors and customers to identify key

terms and conditions, including the contracting

parties, the contract period, the contract sum, the

scope of work and progres payment;

–

抽查与总承建商及客户签订的合同协议，以确定

关键条款及条件，包括缔约方、合约期、合约金

额、工作范围及进度付款；

来自地基建筑工程及土地勘测服务的建造

合约的收入确认

有关进一步资料请参阅分别载于综合财务报表附

注

2.4

及

有关董事对相关会计政策、判断及估计

的披露以及综合财务报表附注

4(a)

。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Key Audit Mater

How our audit was adresed

in the Key Audit Mater

关键审计事项于审计中处理关键审计事项的方法

For the purpose of the determination of the stage of

completion of the revenue recognition from foundation

construction contracts and ground investigation service

contracts (colectively, the “Contracts”), the directors

of the Company (the “Directors”) determined the stage

of completion of contract revenue with reference to (i)

the progres payment aplications (the “Aplications”)

submited by the Group to the main-contractors and

customers; and (i) the certificates (the “Certificates”)

from the surveyors of the main-contractors and

customers. Significant Directors’ judgement and

estimation was used to determine the stage of

completion, including (i) the basis for the Aplications;

and (i) the amount certified as per the Certificates.

为厘定来自地基建造合约及土地勘测服务合约（统称

「合约」）的收入确认的完成进度，贵公司董事（「董

事」）参照

(i)

贵集团向总承建商及客户提交的进度付款

申请（「申请」）；及

(i)

总承建商及客户的测量人员发出的

证书（「证书」），以厘定合约收入的完成进度。于厘定完

成进度时，董事采用了重大判断及估计，包括

(i)

申请的

依据；及

(i)

根据证书核证的金额。

For the above reasons, we identified the revenue

recognition from the Contracts arising from the foundation

construction works and ground investigation services as a

key audit mater.

基于上述原因，吾等将来自地基建筑工程及土地勘测服

务的合约的收入确认识别为一项关键审计事项。

– Obtaining the Aplications and the Certificates

to evaluate the reasonablenes of the stage of

completion (including the review of (i) the basis

for the Aplications; and (i) the amount certified

as per the Certificates) and test the revenue

recognition based on their stage of completion;

and

–

获得申请及证书，以评估完成进度的合理性（包

括检讨

(i)

申请的依据；及

(i)

根据证书核证的金

额），并根据彼等的完成进度测试收入确认；及

– Recalculating the revenue from the Contracts

arising from the foundation construction works

and ground investigation services during the year

and asesing whether the revenue recognition is

based on their stage of completion.

–

重新计算来自地基建筑工程及土地勘测服务的

合约于年内的收入，并评估收入确认是否基于彼

等的完成进度。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

IMPAIRMENT ASESMENT OF TRADE

AND OTHER RECEIVABLES, CONTRACTS

ASETS, LOAN RECEIVABLES

Reference is made to notes 2.4 and 3 to the consolidated

financial statements for the Directors’ disclosures of the

related acounting policies, judgements and estimates,

respectively and notes 17, 18, 19 and 29(a) to the

consolidated financial statements for further information.

Key Audit Mater

How our audit was adresed

in the Key Audit Mater

关键审计事项于审计中处理关键审计事项的方法

The carying amount of the Group’s trade and other

receivables, contracts asets, and loan receivables were

aproximately HK$36,429,000, HK$88,266,000, and

HK$3,859,000 (net of impairment of HK$34,110,000,

HK$4,545,000 and HK$3,841,000), respectively, as at 31

March 2025.

于二零二五年三月三十一日，贵集团的贸易及其他

应收款项、合约资产以及应收贷款的账面值分别为约

36,429,000

港元、

88,266,000

港元及

3,859,000

港元（扣

除减值

34,110,000

港元、

4,545,000

港元及

3,841,000

港

元）。

The Group has aplied (i) the simplified aproach to

calculate the expected credit los (“ECL”) on trade

receivables and contracts asets, which are asesed

by using a provision matrix; and (i) the general aproach

to calculate the ECL on other receivables, and loan

receivables and recognise lifetime ECL where significant

increase in credit risk since initial recognition is identified.

贵集团已采用

(i)

简化法计算贸易应收款项及合约资产的

预期信贷亏损（「预期信贷亏损」），采用拨备矩阵进行评

估；及

(i)

一般法计算其他应收款项以及应收贷款的预期

信贷亏损，并于识别到自初始确认以来信贷风险显著增

加时确认全期预期信贷亏损。

Our procedures in relation to the Directors’ asesment

of the impairment of the Group’s trade and other

receivables, contracts asets, and loan receivables

included:

吾等就董事对贵集团的贸易及其他应收款项、合约资

产以及应收贷款的减值评估所采取的程序包括：

– Discusing with the Directors and the Valuer

to understand the basis of aproach and

methodology of the ECL Valuation;

–

与董事及估值师讨论以了解预期信贷亏损估值

的方法及方法论的依据；

– Chalenging the Directors and the Valuer on the

adoption of the asumptions and estimations in

the ECL Valuation;

–

就预期信贷亏损估值中采用的假设及估计对董

事及估值师提出质询；

– Evaluating the competence, independence and

profesionalism of the Valuer;

–

评估值师的胜任能力、独立性及专业性；

贸易及其他应收款项、合约资产、应收贷款

的减值评估

有关进一步资料请参阅分别载于综合财务报表附

注

2.4

及

有关董事对相关会计政策、判断及估计

的披露以及综合财务报表附注

、

及

29(a)

。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Key Audit Mater

How our audit was adresed

in the Key Audit Mater

关键审计事项于审计中处理关键审计事项的方法

For the purpose of asesing the ECL, the Directors

engaged an independent profesional valuer (the

“Valuer”) to perform a valuation (the “ECL Valuation”)

regarding ECL on trade and other receivables, contracts

asets, and loan receivables based on the Directors’

asumptions. Significant Directors’ judgement and

estimation was used to determine the key asumptions

underlying the ECL Valuation, including (i) the probability

of default; (i) the los given default; and (i) the selection

and use of reasonable and suportable forward-loking

information without undue cost or efort in the ECL

Valuation. The Group calibrates the matrix to adjusting

the historical credit los experience with forward-loking

factors.

为评估预期信贷亏损，董事委聘独立专业估值师（「估值

师」）根据董事的假设对贸易及其他应收款项、合约资产

以及应收贷款的预期信贷亏损进行估值（「预期信贷亏

损估值」）。于厘定预期信贷亏损估值所依据的关键假设

时，董事采用了重大判断及估计，包括

(i)

违约的概率；

(i)

违约造成的损失；及

(i)

于预期信贷亏损估值中选择及使

用毋需付出过多成本或努力即可获得之合理且可支持

的前瞻性资料。贵集团根据前瞻性资料对矩阵进行校

准，以调整历史信贷亏损的经验。

– Evaluating the reasonablenes and

apropriatenes of the ECL Valuation and the

asumptions, information and parameters used

in the model, including the probability of default,

los given default and forward-loking factors, and

reviewing of management’s identification of the

balances with credit impaired;

–

评估预期信贷亏损估值以及模型中使用的假设、

信息及参数（包括违约的概率、违约造成的损失

及前瞻性因素）的合理性及适当性及审阅管理层

对已出现信贷减值的结余的识别方法；

– Checking the information used by the Directors

and the Valuer to develop the provision matrix

including ageing analysis of trade receivables and

contracts asets on a sample basis, by comparing

individual items in the analysis with the relevant

Surveyor’s Certificates;

–

通过将分析中的个别项目与相关测量证书进行

比较，抽查董事及估值师用于制定拨备矩阵的

资料，包括对贸易应收款项及合约资产的账龄分

析；

– Asesing whether other receivable, and loan

receivables with no significant increase in

credit risk since initial recognition have ben

apropriately grouped based on comon risk

characteristics;

–

评估自初始确认以来信贷风险并无显著增加的

其他应收款项以及应收贷款是否根据共同的风

险特征进行适当分组；

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Key Audit Mater

How our audit was adresed

in the Key Audit Mater

关键审计事项于审计中处理关键审计事项的方法

Based on the ECL Valuation, the Group (i) provided

impairment los on trade receivables and contract

asets of aproximately HK$6,131,000; (i) recorded

a write back of impairment on loan receivables of

aproximately HK$4,297,000; and (i) recorded a write

back of impairment on other receivables of aproximately

HK$2,890,000 for the year ended 31 March 2025.

根据预期信贷亏损估值，贵集团于截至二零二五年三

月三十一日止年度

(i)

就贸易应收款项及合约资产减值亏

损计提拨备约

6,131,000

港元；

(i)

录得应收贷款减值拨回

约

4,297,000

港元；及

(i)

录得其他应收款项减值拨回约

2,890,000

港元。

For the above reasons, we identified the impairment

asesment of trade and other receivables, contracts

asets, and loan receivables as a key audit mater.

基于上述原因，吾等将贸易及其他应收款项、合约资产

以及应收贷款的减值评估识别为一项关键审计事项。

– Checking setlements subsequent to the end of

the reporting period relating to the trade and other

receivables, contracts asets, and loan receivables

as at 31 March 2025 on a sample basis; and

–

抽查截至二零二五年三月三十一日的贸易及其

他应收款项、合约资产以及应收贷款于报告期末

后的结算情况；及

– Recalculating the ECL of trade and other

receivables, contracts asets, and loan

receivables, and asesing the suficiency of the

impairment, if any, as at 31 March 2025.

–

重新计算贸易及其他应收款项、合约资产以及应

收贷款的预期信贷亏损，并评估截至二零二五年

三月三十一日减值（如有）是否充足。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

OTHER INFORMATION INCLUDED IN THE

ANUAL REPORT

The Directors 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 are responsible for the preparation of the

consolidated financial statements that give a true and fair

view in acordance with HKFRS Acounting Standards

isued by the HKICPA and the disclosure requirements

of the Hong Kong Companies Ordinance, and for such

internal control as the Directors determine is necesary

to enable the preparation of the consolidated financial

statements that are fre from material mistatement,

whether due to fraud or eror.

In preparing the consolidated financial statements, the

Directors are responsible for asesing the Group’s ability

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

maters related to going concern and using the going

concern basis of acounting unles the Directors either

intend to liquidate the Company or to cease operations or

have no realistic alternative but to do so.

The Directors are asisted by the audit comite in

discharging their responsibilities for overseing the Group’s

financial reporting proces.

年报内的其他资料

董事须对其他资料负责。其他资料包括年报内

的资料，但不包括综合财务报表及我们的核数

师报告。

吾等对综合财务报表的意见并不涵盖其他资

料，吾等亦不对该等其他资料发表任何形式的

鉴证结论。

就吾等对综合财务报表的审计而言，吾等的责

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吾等在审计过程中

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。基于吾等已执行的工作，

如果吾等认为其他资料存在重大错误陈述，吾

等需要报告该事实。在这方面，吾等没有任何

报告。

董事就综合财务报表须承担的责任

董事须负责根据香港会计师公会颁布的香港

财务报告准则会计准则及香港《公司条例》的

披露规定拟备真实而中肯的综合财务报表，并

对董事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，董事负责评估贵集

团持续经营的能力，并在适用情况下披露与持

续经营有关的事项，以及使用持续经营为会计

基础，除非董事有意将贵公司清盘或停止经

营，或别无其他实际的替代方案。

审核委员会协助董事履行其监督贵集团的

财务报告过程的责任。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

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, and

for no other purpose. We do not asume responsibility

towards or acept liability to any other person for the

contents of this report.

Reasonable asurance is a high level of asurance, but is

not a guarante that an audit conducted in acordance

with HKSAs wil always detect a material mistatement

when it exists. Mistatements can arise from fraud or

eror and are considered material if, individualy or in the

agregate, they could reasonably be expected to influence

the economic decisions of users taken on the basis of

these consolidated financial statements.

As part of an audit in acordance with HKSAs, we

exercise profesional judgement and maintain profesional

skepticism throughout the audit. We also:

• Identify and ases the risks of material

mistatement of the consolidated financial

statements, whether due to fraud or eror, design

and perform audit procedures responsive to those

risks, and obtain audit evidence that is suficient

and apropriate to provide a basis for our opinion.

The risk of not detecting a material mistatement

resulting from fraud is higher than for one resulting

from eror, as fraud may involve colusion, forgery,

intentional omisions, misrepresentations, or the

overide of internal control.

• Obtain an understanding of internal control relevant

to the audit in order to design audit procedures

that are apropriate in the circumstances, but not

for the purpose of expresing an opinion on the

efectivenes of the Group’s internal control.

核数师就审计综合财务报表承担的责任

吾等的目标，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，并出具包括吾等意见的核数师报

告。本报告仅向阁下（作为整体）作出，除此

以外不可用作其他用途。吾等不会就本报告的

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，吾

等运用了专业判断，保持了专业怀疑态度。吾

等亦：

•

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

吾等意见的基础。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。

•

了解与审计相关的内部控制，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。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

• Evaluate the apropriatenes of acounting policies

used and the reasonablenes of acounting

estimates and related disclosures made by the

Directors.

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 purpose 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.

•

评估董事所采用会计政策的恰当性及董

事作出会计估计和相关披露的合理性。

•

对董事采用持续经营会计基础的恰当性

作出结论并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。如果吾等认

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，

则吾等应当发表非无保留意见。吾等的

结论是基于截至核数师报告日所取得的

审计凭证。然而，未来事项或情况可能

导致贵集团不能持续经营。

•

评估综合财务报表的整体列报方式、结

构和内容，包括披露，以及综合财务报

表是否中肯反映相关交易和事项。

•

计划和执行集团审计，以获取关于贵

集团内实体或业务单位财务信息的充

足和适当的审计凭证，以对综合财务报

表形成审计意见提供基础。吾等负责指

导、监督和覆核为集团审计而执行的审

计工作。吾等为审计意见承担总体责

任。

吾等与审核委员会沟通了（其中包括）计划的

审计范围、时间安排、重大审计发现等事项，

包括吾等在审计中识别出内部控制的任何重

大缺陷。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

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.

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 director on the audit resulting in this

independent auditor’s report is Wan Kin Man Tony.

Ascenda Cachet CPA Limited

Certified Public Acountants

Wan Kin Man Tony

Practising Certificate Number P05506

Hong Kong, 27 June 2025

吾等亦向审核委员会提交声明，说明吾等已符

合有关独立性的相关道德要求，并与彼等沟通

有可能合理地被认为会影响吾等独立性的所

有关系和其他事项，以及在适用的情况下，为

消除威胁或采取的保障措施而采取的行动。

从与审核委员会沟通的事项中，吾等确定哪些

事项对本期综合财务报表的审计最为重要，因

而构成关键审计事项。吾等在核数师报告中描

述这些事项，除非法律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

期在吾等报告中沟通某事项造成的负面后果

超过产生的公众利益，吾等决定不应在报告中

沟通该事项。

出具本独立核数师报告的审计项目董事是尹

健民。

天健德扬会计师事务所有限公司

执业会计师

尹健民

执业证书号码：

P05506

香港，二零二五年六月二十七日

301,128,972
(248,166,618)
52,962,354
6,622,922
(4,094,283)
(97,883,405)
1,056,622
(41,335,790)
(10,560,387)
(51,896,177)
(1,406,992)
(53,303,169)
(51,429,751)
(1,873,418)
(53,303,169)
HK cents
港仙
(40.10)

CONSOLIDATED STATEMENT OF PROFIT OR LOS

综合损益表

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

年内股息详情披露于综合财务报表附注

。

随附注构成该等综合财务报表之一部份。

Notes20252024

附注二零二五年二零二四年

Revenue

收入

4(a)288,653,824

Cost of sales

销售成本

6(c)(235,580,347)

Gros profit

毛利

53,073,477

Other income, other gains and loses, net

其他收入、其他收益及亏损

净额

52,065,971

Seling expenses

销售开支

–

General and administrative expenses

一般及行政开支

(61,439,636)

Reversal of impairment/(Impairment loses)

on financial and contract asets, net

金融及合约资产之减值拨回╱

（减值亏损）净额

6(c)&29(a)(3,886,525)

Los from operations

经营亏损

(10,186,713)

Finance costs

融资成本

6(a)(9,153,895)

Los before tax

除税前亏损

6(19,340,608)

Income tax expenses

所得税开支

7(759,814)

Los for the year

年内亏损

(20,100,422)

Los atributable to:

以下人士应占亏损：

Owners of the Company

本公司拥有人

(20,621,836)

Non-controling interests

非控股权益

521,414

(20,100,422)

HK cents

港仙

（

Restated

）

（经重列）

Los per share

每股亏损

Basic and diluted

基本及摊薄

11(21.97)

Details of the dividends for the year are disclosed in note

10 to the consolidated financial statements.

The acompanying notes form part of these consolidated

financial statements.

(53,303,169)
(397,781)
(1,134,980)
(1,532,761)
(54,835,930)
(52,995,576)
(1,840,354)
(54,835,930)

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

综合全面收益表

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

随附注构成该等综合财务报表之一部份。

Notes20252024

附注二零二五年二零二四年

Los for the year

年内亏损

(20,100,422)

Other comprehensive income

其他全面收益

Other comprehensive income that may

be reclasified to profit or los

in subsequent periods:

随后可能重新分类至损益之

其他全面收益：

Exchange diferences on

translation of financial statements

of foreign operations

换算海外业务财务报表之

汇兑差额

(583,708)

Other comprehensive income that

wil not be reclasified to profit or los

in subsequent periods:

随后不会重新分类至损益之

其他全面收益：

Equity investment at fair value through

other comprehensive income:

按公平值计入其他全面

收益之股本投资：

– Change in fair value

－公平值变动

14,29(f)(5,824,609)

Other comprehensive income

for the year, net of tax

年内其他全面收益，

扣除税项

(6,408,317)

Total comprehensive income

for the year

年内全面收益总额

(26,508,739)

Atributable to:

以下人士应占：

Owners of the Company

本公司拥有人

(27,015,478)

Non-controling interests

非控股权益

506,739

(26,508,739)

The acompanying notes form part of these consolidated

financial statements.

18,602,736
1,223,625
–
2,771,136
22,597,497
9,447,328
88,266,155
36,428,854
1,088,100
2,480,000
106,964,960
244,675,397
34,635,535
56,016,771
114,234,029
5,723,368
1,191,435
211,801,138
32,874,259
55,471,756

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025 (in HK dolars)

于二零二五年三月三十一日（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Notes20252024

附注二零二五年二零二四年

Non-curent asets

非流动资产

Property, plant and equipment

物业、厂房及设备

129,235,366

Intangible asets

无形资产

13290,000

Financial asets at fair value through

other comprehensive income

按公平值计入其他全面

收益的金融资产

142,734,980

Loan receivables

应收贷款

19809,100

Total non-curent asets

非流动资产总值

13,069,446

Curent asets

流动资产

Inventories

存货

16–

Contract asets

合约资产

17117,555,252

Trade and other receivables

贸易及其他应收款项

1849,151,153

Loan receivables

应收贷款

193,953,000

Financial asets at fair value through

profit or los

按公平值计入损益的金融

资产

151,959,200

Cash and cash equivalents

现金及现金等价物

20138,285,822

Total curent asets

流动资产总值

310,904,427

Curent liabilities

流动负债

Trade and other payables and acruals

贸易及其他应付款项及

应计费用

2248,755,379

Due to a related company

应付一间关连公司款项

2355,350,521

Due to directors of subsidiaries

应付附属公司董事之款项

23122,000,000

Lease liabilities

租赁负债

241,617,757

Tax payable

应付税项

2,448,933

Total curent liabilities

流动负债总额

230,172,590

Net curent asets

流动资产净值

80,731,837

Total asets les curent liabilities

资产总值减流动负债

93,801,283

1,486,225
2,908,599
1,376,145
5,770,969
49,700,787
11,520,000
39,382,780
50,902,780
(1,201,993)
49,700,787

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025 (in HK dolars)

于二零二五年三月三十一日（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Notes20252024

附注二零二五年二零二四年

Non-curent liabilities

非流动负债

Long service payment liabilities

长期服务金负债

1,486,225

Lease liabilities

租赁负债

24972,685

Defered tax liabilities

递延税项负债

7(c)513,656

Total non-curent liabilities

非流动负债总额

2,972,566

Net asets

资产净值

90,828,717

Capital and reserves atributable

to the owners of the Company

本公司拥有人应占资本及

储备

Share capital

股本

26(c)9,600,000

Reserves

储备

80,721,978

90,321,978

Non-controling interests

非控股权益

506,739

Total equity

权益总额

90,828,717

The consolidated financial statements on pages 106 to

239 were aproved and authorised for isue by the Board

of Directors on 27 June 2025 and are signed on its behalf

by:

BAI HUAWEIWANG YU

白华威王雨

DirectorDirector

董事董事

The acompanying notes form part of these consolidated

financial statements.

第

至

页的综合财务报表已于二零二五

年六月二十七日经董事会批准及授权发布，并

由以下人员代表其签署：

随附注构成该等综合财务报表之一部份。

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Atributable to owners of the Company

本公司拥有人应占

capital

premium*

Merger

reserve*

Capital

reserve*

Fair value

reserve*

Exchange

fluctuation

reserve*

held under

share award

scheme*

Acumulated

loses*Total

Non-

controling

interest

Total

equity

股本股份溢价

合并储备

资本储备

公平值储备

汇兑波动

储备

股份奖励

计划持有

股份

累计亏损

总计

非控股

权益权益总额

HK$HK$HK$HK$HK$HK$HK$HK$HK$HK$HK$

港元港元港元港元港元港元港元港元港元港元港元

(Note 26(c)(Note a)(Note b)

（附注

26(c)

）（附注

）

Balance at 1 April 2023

于二零二三年

四月一日之结余

9,600,000211,357,6013,955,8209,669,301–849,859(19,429,159)(98,665,966)117,337,456–117,337,456

Changes in equity

for 2024:

二零二四年之

权益变动：

Los for the year

年内亏损

–(20,621,836)(20,621,836)521,414(20,100,422)

Exchange diferences on

translation of financial

statements of foreign

operations

换算海外业务财务

报表的汇兑差额

–(569,033)–(569,033)(14,675)(583,708)

Equity investments at

fair value through

other comprehensive

income:

按公平值计入其他

全面收益之股本

投资：

– Change in fair value–

公平值变动

–(5,824,609)–(5,824,609)–(5,824,609)

Los and total

comprehensive

expenses for the year

年内亏损及全面开支

总额

–(5,824,609)(569,033)–(20,621,836)(27,015,478)506,739(26,508,739)

Balance at

31 March 2024

于二零二四年

三月三十一日

之结余

9,600,000211,357,6013,955,820 9,669,301 (5,824,609)280,826(19,429,159) (119,287,802)90,321,978506,73990,828,717

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Atributable to owners of the Company

本公司拥有人应占

capital

premium*

Merger

reserve*

Capital

reserve*

Fair value

reserve*

Exchange

fluctuation

reserve*

held under

share award

scheme*

Acumulated

loses*Total

Non-

controling

interest

Total

equity

股本股份溢价

合并储备

资本储备

公平值储备

*汇兑波动

储备

股份奖励

计划持有

股份

累计亏损

总计

非控股

权益权益总额HK$HK$HK$HK$HK$HK$HK$HK$HK$HK$HK$

港元港元港元港元港元港元港元港元港元港元港元(Note 26(c)(Note 26(d)(i)(Note a)(Note b)

（附注

26(c)

）（附注

26(d)(i)

）（附注

）

Balance at 1 April 2024

于二零二四年

四月一日之结余

9,600,000211,357,6013,955,8209,669,301(5,824,609)280,826(19,429,159)(119,287,802)90,321,978506,73990,828,717

Changes in equity

for 2025:二零二五年之

权益变动：Los for the year

年内亏损

–(51,429,751)(51,429,751)(1,873,418)(53,303,169)

Exchange diferences on

translation of financial

statements of foreign

operations

换算海外业务财务

报表的汇兑差额

–(430,845)–(430,845)33,064(397,781)

Equity investments at

fair value through

other comprehensive

income:

按公平值计入其他

全面收益之股本

投资：

– Change in fair value–

公平值变动

–(1,134,980)–(1,134,980)–(1,134,980)

Los and total

comprehensive

income for the year

年内亏损及全面

收益总额–(1,134,980)(430,845)–(51,429,751)(52,995,576)(1,840,354)(54,835,930)

Transfer of fair value

reserve upon the

disposal of equity

investments at fair

value through other

comprehensive

income

出售按公平值计入

其他全面收益之

股本投资后转让

公平值储备

–6,959,589–(6,959,589)–

Isue of shares

(note 26(c)(i)发行股份

（附注

26(c)(i)

）

1,920,00017,280,000–19,200,000–19,200,000

Share isue expenses

(note 26(c)(i)股份发行开支

（附注

26(c)(i)

）

–(492,000)–(492,000)–(492,000)

Acquisition of non-

controling interests in

subsidiaries (note 31)

收购附属公司的

非控制权益

（附注

）

–(5,131,622)–(5,131,622)131,622(5,000,000)

Balance at

31 March 2025于二零二五年

三月三十一日

之结余

11,520,000228,145,6013,955,8204,537,679–(150,019)(19,429,159)(177,677,142)50,902,780(1,201,993)49,700,787

* The reserve acounts comprise the consolidated reserves

of aproximately HK$39,383,000 (2024: aproximately

HK$80,722,000) in the consolidated statement of financial

position.

Notes:

(a) Merger reserve represents the diference betwen the nominal

value of the shares isued by the Company in exchange for

the nominal value of the share capital of its subsidiaries arising

from the reorganisation of the Group (the “Reorganisation”).

(b) The capital reserve represents (i) the demed capital

contribution from its equity shareholders, Suntecli Company

Limited, Samwod Global Limited, Mr. Leung Man Lun

Stephen and Ms. Yeung Siu Lai Shirley, in relation to listing

expenses reimbursed to the Company during the year

ended 31 March 2016; and (i) the diference betwen the

consideration and the carying amount of the non-controling

interests arising from the acquisition of non-controling

interests as detailed in note 31.

储备金额包括综合财务状况表中的综合储备约

39,383,000

港元（二零二四年：约

80,722,000

港元）。

附注：

(a)

合并储备指于本集团重组（「重组」）时为换取本公司

附属公司股本而由本公司发行股份之面值与该等股

本面值之差额。

(b)

资本储备指

(i)

来自其权益股东新得利有限公司、森

活环球有限公司、梁文麟先生及杨少丽女士有关截

至二零一六年三月三十一日止年度内本公司获偿付

的上市开支被视为注资；及

(i)

附注

所详述的收购

非控股权益导致的非控股权益的代价与账面值之间

的差额。

(13,093,643)
(1,883,080)
(14,976,723)
(10,610,122)
(940,000)
1,600,000
(5,000,000)
1,515,000
1,149,428
(12,285,694)
19,200,000
(492,000)
(14,905,962)
(2,000,000)
(4,731,262)
(754,146)
(3,683,370)
(30,945,787)
138,285,822
(375,075)
106,964,960

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Notes20252024

附注二零二五年二零二四年

Cash (used in)/generated from operations

经营（所用）╱所得现金

21(b)43,466,580

Tax paid

已付税款

(1,171,587)

Net cash (used in)/from operating activities

经营活动（所用）╱所得

现金净额

42,294,993

Cash flows from investing activities

投资活动现金流量

Purchases of items of property,

plant and equipment

购置物业、厂房及设备项目

(1,737,760)

Acquisition of intangible asets

收购无形资产

13–

Proceds from the disposal of financial asets

at fair value through other comprehensive

income

出售按公平值计入其他全面收

益之金融资产之所得款项

–

Acquisition of non-controling interests

in subsidiaries

收购附属公司的非控股权益

31–

Proceds from disposal of property,

plant and equipment

出售物业、厂房及设备之

所得款项

138,168

Interest received

已收利息

1,931,363

Net cash (used in)/from investing activities

投资活动（所用）╱所得

现金净额

331,771

Cash flows from financing activities

融资活动现金流量

Proceds from isue of shares

发行股份之所得款项

26(c)(i)–

Share isue expenses

股份发行开支

26(c)(i)–

Decrease in amount due to directors of

subsidiaries

应付附属公司董事之款项减少

21(c)(8,678,127)

Decrease in amount due to a related company

应付一间关连公司之款项减少

21(c)(10,000,000)

Payment of principal portion of lease liabilities

偿还租赁负债的本金部分

21(c)(1,491,935)

Payment of interest portion of lease liabilities

偿还租赁负债的利息部分

21(c)(187,645)

Net cash used in financing activities

融资活动所用现金净额

(20,357,707)

Net (decrease)/increase in cash and

cash equivalents

现金及现金等价物

（减少）╱增加净额

22,269,057

Cash and cash equivalents at the

begining of the year

年初现金及现金等价物

116,478,368

Efect of foreign exchange rate changes

汇率变动之影响

(461,603)

Cash and cash equivalents at the end

of the year

年末现金及现金等价物

20138,285,822

随附注构成该等综合财务报表的一部分。

The acompanying notes form part of these consolidated

financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

一般资料

宏基集团控股有限公司（「本公司」，连同其附

属公司统称为「本集团」）于二零一四年十月七

日根据开曼群岛法例第

章公司法（一九六一

年第

号法律，经综合及修订）在开曼群岛注册

成立为一间获豁免的有限责任公司。

本公司的注册办事处地址为

Windward 3,

Regata Ofice Park, P.O. Box 1350, Grand

Cayman KY1-1108, Cayman Islands

。本公

司于香港的主要营业地点位于香港湾仔轩尼

诗道

号英皇集团中心

楼

室。

本公司为一家投资控股公司。其附属公司的主

要业务为提供

(i)

地基建筑工程，

(i)

土地勘测服

务，

(i)

金融服务，

(iv)

消费品贸易及

(v)

社交媒

体电商销售、直播及推广业务。

本公司股份于二零一五年八月十一日于香港

联合交易所有限公司（「联交所」）主板上市。

1. GENERAL INFORMATION

Wan Kei Group Holdings Limited (the “Company”,

together with its subsidiaries, colectively the “Group”)

was incorporated in the Cayman Islands as an exempted

company with limited liability on 7 October 2014 under the

Companies Law, Cap. 22 (Law 3 of 1961, as consolidated

and revised) of the Cayman Islands.

The Company’s registered ofice is located at Windward

3, Regata Ofice Park, P.O. Box 1350, Grand Cayman

KY1-1108, Cayman Islands. The Company’s principal

place of busines in Hong Kong is located at Unit No. 07,

16/F, Emperor Group Centre, No. 288 Henesy Road,

Wanchai, Hong Kong.

The Company is an investment holding company. The

principal activities of its subsidiaries are the provision

for the (i) foundation construction works, (i) ground

investigation services, (i) financial services, (iv) trading

of consumer products, and (v) e-comerce sales, live

streaming and promotion busines in the social media.

The Company’s shares were listed on the Main Board of

The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”) on 11 August 2015.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

1. GENERAL INFORMATION (Continued)

Information about subsidiaries

Group’s efective interest

本集团实际权益

Name of

company

Place of

incorporation/

establishment

and busines

Particulars of

isued and paid

up capital/

registered

capitalDirectIndirect

Principal

activities

公司名称

注册成立╱

成立及业务地点

已发行及缴足股本╱

注册资本详情直接间接主要业务

Hong Kong Wan Wai

Company Limited*

British Virgin Islands

(“BVI”)

Ordinary shares US$10,000100%–Investment holding

香港宏伟有限公司

英属处女群岛

（「英属处女群岛」）

普通股

10,000

美元投资控股

Chung Shun Boring Enginering

Company Limited

Hong KongOrdinary shares

HK$5,500,000

–100%Ground investigation works

中信钻探工程有限公司香港普通股

5,500,000

港元土地勘测工程

Wan Kei Geotechnical Enginering

Company Limited

Hong KongOrdinary shares

HK$14,000,000

–100%Construction site foundation enginering and

bore pile pre-driling works

宏基土力工程有限公司香港普通股

14,000,000

港元建筑地盘地基工程及钻孔灌注桩预先钻探

工程

Wan Kei Machinery Company LimitedHong KongOrdinary shares HK$100–100%Machinery leasing

宏基机械有限公司香港普通股

港元机械租赁

Wan Kei (Macau) Civil And Foundation

Construction Company Limited*

Macau2 shares of MOP 14,000–100%Construction site foundation enginering and

bore pile pre-driling works

宏基（澳门）地基建筑工程有限公司

澳门

股澳门币

14,000

元建筑地盘地基工程及钻孔灌注桩预先钻探

工程

Ultimate Proud Limited*BVIOrdinary shares US$1100%–Investment holding

至傲有限公司

英属处女群岛普通股

美元投资控股

Fortune Shiny (Hong Kong) LimitedHong KongOrdinary shares

HK$1,000,000

–100%Money lending

富晖（香港）有限公司香港普通股

1,000,000

港元借贷

Infinite Time Holdings Limited*BVIOrdinary shares US$1100%–Investment holding

永时控股有限公司

英属处女群岛普通股

美元投资控股

Sino Toper Holdings LimitedHong KongOrdinary shares

HK$20,000,000

–100%Not yet comence busines

中升集团有限公司香港普通股

20,000,000

港元尚未开始营业

Prestige Victory Limited*BVIOrdinary shares US$1100%–Investment holding

御凯有限公司

英属处女群岛普通股

美元投资控股

Toper Sumit LimitedHong KongOrdinary shares

HK$5,000,000

–100%Not yet comence busines

首峰有限公司香港普通股

5,000,000

港元尚未开始营业

Delight Vision Global Limited*BVIOrdinary share US$1100%–Investment holding

悦景环球有限公司

英属处女群岛普通股

美元投资控股

一般资料（续）

有关附属公司的资料

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Group’s efective interest

本集团实际权益

Name of

company

Place of

incorporation/

establishment

and busines

Particulars of

isued and paid

up capital/

registered

capitalDirectIndirect

Principal

activities

公司名称

注册成立╱

成立及业务地点

已发行及缴足股本╱

注册资本详情直接间接主要业务

Shiny Wiser LimitedHong KongOrdinary shares

HK$5,000,000

–100%Not yet comence busines

勤晖有限公司香港普通股

5,000,000

港元尚未开始营业

Elegant Top Holdings Limited*BVIOrdinary share US$1100%–Investment holding

雅达控股有限公司

英属处女群岛普通股

美元投资控股

Suces Mount Investments Limited*BVIOrdinary share US$1–100%Not yet comence busines

成峰投资有限公司

英属处女群岛普通股

美元尚未开始营业

Advance Trade Holdings Limited*BVIOrdinary share US$1100%–Investment holding

晋业控股有限公司

英属处女群岛普通股

美元投资控股

Regal Victor International LimitedHong KongOrdinary shares HK$100–100%Trading of consumer

嘉兴国际有限公司香港普通股

港元消费品贸易

Yuyong (Shanghai) Construction

Enginering Company Limited

, ^

People’s Republic of

China (the “PRC”)

Registered RMB22,591,394

Paid up RMB22,591,394

(2024 : Registered

RMB100,000,000,

Paid up RMB 20,576,300)

–100%Not yet comence busines

御永（上海）建筑工程有限公司

*、

中华人民共和国

（「中国」）

注册人民币

22,591,394

元，缴足

人民币

22,591,394

元

（二零二四年：注册人民

币

100,000,000

元，缴足

人民币

20,576,300

元）

尚未开始营业

Ken Ace International Limited*BVIOrdinary share US$1–100%Investment holding

勤佳国际有限公司

英属处女群岛普通股

美元投资控股

Sky Orient Development LimitedHong KongOrdinary share HK$1–100%Not yet comence busines

天康发展有限公司香港普通股

港元尚未开始营业

Ultimate Fit Limited*BVIOrdinary shares US$100100%–Investment holding

至健有限公司

英属处女群岛普通股

美元投资控股

Pure Luck International Limited*BVIOrdinary shares US$100–100%β

(2024: 51%)

Investment holding

纯运国际有限公司

英属处女群岛普通股

美元（二零二四年：

51%

）

投资控股

Bright Asia Development LimitedHong KongOrdinary share HK$1–100%β

(2024: 51%)

Investment holding

辉愉发展有限公司香港普通股

港元（二零二四年：

51%

）

投资控股

1. GENERAL INFORMATION (Continued)

Information about subsidiaries (Continued)

一般资料（续）

有关附属公司的资料（续）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

Group’s efective interest

本集团实际权益

Name of

company

Place of

incorporation/

establishment

and busines

Particulars of

isued and paid

up capital/

registered

capitalDirectIndirect

Principal

activities

公司名称

注册成立╱

成立及业务地点

已发行及缴足股本╱

注册资本详情直接间接主要业务

Guangzhou Paiyue Shangyi Technology

Company Limited

, ^

PRCRegistered HK$5,000,000,

Paid up HK$5,000,000

(2024 : Registered

HK$ 5,000,000,

Paid up HK$ 2,550,000)

–100%β

(2024: 51%)

E-comerce live streaming and promotion

busines in the social media

广州派跃尚屹科技有限公司

*、

中国注册

5,000,000

港元，缴足

5,000,000

港元（二零二四

年：注册

5,000,000

港元，

缴足

2,550,000

港元）

（二零二四年：

51%

）

社交媒体电商直播及推广业务

Guangzhou Zhenxue Information

Technology Co., Ltd.

PRCRegistered RMB500,000,

Paid up RMB Nil

–55%β

(2024: 28%)

Not yet comence busines

广州臻学信息科技有限公司

中国注册人民币

500,000

元，

缴足人民币

元

（二零二四年：

28%

）

尚未开始营业

Guangzhou Linyue Yi Information

Technology Co., Ltd.

PRCRegistered RMB1,000,000,

Paid up RMB 510,000

–51%β

(2024: 26%)

Not yet comence busines

广州霖跃屹信息科技有限公司中国注册人民币

1,000,000

元，

缴足人民币

510,000

元

（二零二四年：

26%

）

尚未开始营业

Yuet Tun Group Company Limited

Hong KongOrdinary Shares HK$1–100%

(2024: Nil)

Investment holding

越墩集团有限公司

香港普通股

港元（二零二四年：

无）

投资控股

Heyuan Jiahong Air Conditioning

Enginering Co., Ltd*

,^ ,@

PRCRegistered US$1,000,000,

Paid up US$644,500

–100%

(2024: Nil)

Not yet comence busines

河源佳宏冷气工程有限公司

*、

、

中国注册

1,000,000

美元，

缴足

644,500

美元

（二零二四年：

无）

尚未开始营业

Dynamic Fame Limited

Hong KongOrdinary Shares HK$1–100%

(2024: Nil)

Investment holding

德帆有限公司

香港普通股

港元（二零二四年：

无）

投资控股

Shenzhen Defan Information

Technology *

,^ ,@

PRCRegistered HK$1,000,000

Paid up HKD 1,000,000

100%

(2024: Nil)

E-comerce

深圳德帆科技有限公司

*、

、

中国注册

1,000,000

港元，

缴足

1,000,000

港元

–

（二零二四年：

无）

电商

Xinyi Building Materials (Shenzhen)

Co., Ltd *

,^, @

PRCRegistered HK$50,000,000

Paid up HKD 10,000,000

–100%

(2024: Nil)

Trading of construction material

新宜建材（深圳）有限公司

*、

、

中国注册

50,000,000

港元，

缴足

10,000,000

港元

（二零二四年：

无）

建筑材料贸易

1. GENERAL INFORMATION (Continued)

Information about subsidiaries (Continued)

一般资料（续）

有关附属公司的资料（续）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

Group’s efective interest

本集团实际权益

Name of

company

Place of

incorporation/

establishment

and busines

Particulars of

isued and paid

up capital/

registered

capitalDirectIndirect

Principal

activities

公司名称

注册成立╱

成立及业务地点

已发行及缴足股本╱

注册资本详情直接间接主要业务

Mistar Jewelry (Shenzhen)

Co., Ltd*

,^ ,@

PRCRegistered RMB2,000,000,

Paid up RMB2,000,000

100%

(2024: Nil)

Retail sales of jewelry

迷斯塔珠宝（深圳）有限责任公司

*、

、

中国注册人民币

2,000,000

元，

缴足人民币

2,000,000

元

–

（二零二四年：

无）

珠宝零售

Guangzhou Jumping Information

Technology Co., Ltd*

, @

PRCRegistered RMB500,000,

Paid up RMB Nil

–85%

(2024: Nil)

E-comerce live streaming and promotion

busines in the social media

广州跳信息技术有限公司

*、

中国注册人民币

500,000

元，

缴足人民币

元

（二零二四年：

无）

社交媒体电商直播及推广业务

Xizang Paiyue E-comerce

Co., Ltd*

, @

PRCRegistered RMB1,000,000,

Paid up RMB Nil

–100%

(2024: Nil)

Not yet comence busines

西藏派跃电子商务有限公司

*、

中国注册人民币

1,000,000

元，

缴足人民币

元

（二零二四年：

无）

尚未开始营业

* Ascenda Cachet CPA Limited is not the statutory auditor of

these subsidiaries.

The English names of these companies refered to in these

financial statements represent management’s best efort

to translate the Chinese names of those companies, as no

English names have ben registered.

These companies are wholy-foreign-owned enterprises in

Mainland China.

These subsidiaries are newly incorporated/acquired during the

year.

β As detailed in note 31 to the consolidated financial

statements, the Group further acquired the remaining 49%

equity interests in Pure Luck International Limited during the

year.

天健德扬会计师事务所有限公司并非该等附属公司

之法定核数师。

由于并无注册英文名称，该等财务报表所引述该等

公司之英文名称乃管理层尽最大努力对该等公司中

文名称作出之翻译。

该等公司均为位于中国内地的外商独资企业。

该等附属公司均为本年度新注册成立╱新收购。

诚如综合财务报表附注

所详述，本集团于年内进

一步收购纯运国际有限公司剩余

49%

的股权。

1. GENERAL INFORMATION (Continued)

Information about subsidiaries (Continued)

一般资料（续）

有关附属公司的资料（续）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.1 BASIS OF PREPARATION

Statement of Compliance

These consolidated financial statements have ben

prepared in acordance with al aplicable HKFRS

Acounting Standards (which include al Hong Kong

Financial Reporting Standards, Hong Kong Acounting

Standards (“HKASs”) and Interpretations) isued by

the Hong Kong Institute of Certified Public Acountants

(“HKICPA”) and acounting principles generaly acepted

in Hong Kong and the disclosure requirements of the

Hong Kong Companies Ordinance and Rules Governing

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

Exchange. The consolidated financial statements have

ben prepared under the historical cost convention except

for (i) the financial asets at fair value through profit or los

(“FVTPL”) and (i) the financial asets at fair value through

other comprehensive income (“FVOCI”), which are stated

at their fair value. The consolidated financial statements are

presented in Hong Kong dolars (“HK$”).

The HKICPA has isued certain new and amendments

to HKFRS Acounting Standards that are first efective

or available for early adoption for the curent acounting

period of the Group and the Company. Notes 2.2 and

2.3 to the consolidated financial statements provide

information on any changes in acounting policies resulting

from initial aplication of these developments to the

extent that they are relevant to the Group for the curent

acounting period is reflected in these consolidated

financial statements.

The preparation of consolidated financial statements in

conformity with HKFRS Acounting Standards requires

management to make judgements, estimates and

asumptions that afect the aplication of policies and

reported amounts of asets and liabilities, income and

expenses. The estimates and asociated asumptions

are based on historical experience and various other

factors that are believed to be reasonable under the

circumstances, the results of which form the basis of

making the judgements about carying values of asets

and liabilities that are not readily aparent from other

sources. Actual results may difer from these estimates.

2.1

编制基准

合规声明

该等综合财务报表乃根据香港会计师公会

（「香港会计师公会」）颁布的所有适用香港财

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）、香港公认会计原则及香港公司条例以及

联交所证券上市规则（「上市规则」）的披露规

定编制。除

(i)

按公平值计入损益（「按公平值计

入损益」）的金融资产及

(i)

按公平值计入其他

全面收益（「按公平值计入其他全面收益」）的

金融资产按公平值列报外，本综合财务报表均

按历史成本惯例编制。本综合财务报表以港元

（「港元」）列报。

香港会计师公会已颁布若干新订及经修订之

香港财务报告准则会计准则，该等新订及经修

订准则于本集团及本公司当前会计期间首次

生效或可供提早采纳。初次应用该等与本集团

有关的香港财务报告准则所引致当前会计期

间之会计政策变动资料已于该等综合财务报

表反映，有关资料载列于综合财务报表附注

2.2

及

2.3

。

编制符合香港财务报告准则会计准则之综合

财务报表需要管理层作出判断、估计及假设，

而有关判断、估计及假设会影响政策的应用及

资产、负债、收入及支出之呈报数额。该等估

计及相关假设乃根据以往经验及在有关情况

下认为合理的其他多种因素作出，而有关结果

乃作为就该等不可基于其他资料来源而显易

地得出的资产及负债账面值的判断基准。实际

结果可能会与此等估计不同。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.1 BASIS OF PREPARATION (Continued)

Statement of Compliance (Continued)

The estimates and underlying asumptions are reviewed on

an ongoing basis. Revisions to acounting estimates are

recognised in the period in which the estimate is revised

if the revision afects only that period, or in the period of

the revision and future periods if the revision afects both

curent and future periods.

Judgements made by management in the aplication

of HKFRS Acounting Standards that have significant

efect on the consolidated financial statements and major

sources of estimation uncertainty are discused in note 3

of the consolidated financial statements.

Basis of consolidation

The consolidated financial statements include the financial

statements of the Company and its subsidiaries for the

year ended 31 March 2025. A subsidiary is an 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).

2.1

编制基准（续）

合规声明（续）

该等估计及相关假设会持续进行检讨。倘会计

估计的修订仅影响修订期间，则在修订期间确

认；倘修订影响当前及未来期间，则在修订及

未来期间确认。

管理层在应用香港财务报告准则会计准则时

所作出对综合财务报表有重大影响的判断及

估计不明朗因素之主要来源于综合财务报表

附注

论述。

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的财务报

表。附属公司为本公司直接或间接控制的实

体。当本集团通过参与被投资方的相关活动而

承担可变回报的风险或享有可变回报，并且有

能力运用对被投资方的权力（即本集团目前有

能力主导被投资方的相关活动的现有权利）影

响该等回报时，即取得控制权。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.1 BASIS OF PREPARATION (Continued)

Basis of consolidation (Continued)

Generaly, there is a presumption that a majority of voting

rights results in control. 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 contractual arangements;

and

The financial statements of the subsidiaries are prepared

for the same reporting period as the Company, using

consistent acounting policies. The results of the

subsidiaries are consolidated from the date on which the

Group obtains control, and continue to be consolidated

until the date that such control ceases.

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.

2.1

编制基准（续）

综合基准（续）

一般而言，假设大多数表决权即表示具有控制

权。当本公司拥有少于被投资方大多数的表决

或类似权利，在评估其是否拥有对被投资方的

权力时，本集团会考虑所有相关事实及情况，

包括：

(a)

与被投资方其他表决权持有人的合约安

排；

(b)

其他合约安排产生的权利；及

(c)

本集团的表决权及潜在表决权。

附属公司所编制财务报表的报告期间与本公

司的报告期间相同，并采用一致的会计政策。

附属公司业绩自本集团取得控制权之日起合

并计算，直至其控制权终止之日止。

损益及其他全面收益的各组成部分乃归属于

本集团母公司拥有人及非控股权益，即使此举

引致非控股权益结余亏绌。所有集团内公司间

的资产及负债、权益、收入、开支及本集团成

员公司间交易相关的现金流量均于综合报表

时悉数抵销。

倘事实及情况反映上述三项控制权因素其中

一项或多项有变，则本集团会重估是否仍然控

制投资对象。附属公司拥有权益的变动（并

无失去控制权），于入账时列作权益交易。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.1 BASIS OF PREPARATION (Continued)

Basis of consolidation (Continued)

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 profit or los. The

Group’s share of components previously recognised in

other comprehensive income is reclasified to profit or los

or retained profits, as apropriate, on the same basis as

would be required if the Group had directly disposed of the

related asets or liabilities.

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 consolidated 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 1 Non-curent Liabilities with Covenants

(the “2022 Amendments”)

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

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

consolidated financial position or performance of the

Group.

2.1

编制基准（续）

综合基准（续）

倘本集团失去对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

控股权益及汇率波动储备，并在损益账中确认

任何保留投资的公平值及任何因此产生之盈

余或亏损。先前于其他全面收益表内确认之本

集团应占部分按犹如本集团已经直接出售相

关资产或负债所规定的相同基准重新分类为

损益或保留利润（视何者属适当）。

2.2

会计政策及披露之变动

本集团已于本年度的综合财务报表首次采纳

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

号（修订）

售后租回中的租赁责任

香港会计准则第

号（修订）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

号（修订）附有契约的非流动负债

（「二零二年修订」）

香港会计准则第

号及

香港财务报告准则

第

号（修订）

供应商融资安排

经修订香港财务报告准则会计准则的性质及

影响如下：

(a)

香港财务报告准则第

号（修订）订明卖

方－承租人于计量售后租回交易产生的

租赁责任时使用的规定，以确保卖方－

承租人不会确认与其所保留使用权有关

的任何收益或亏损金额。由于本集团在

初始应用香港财务报告准则第

号当

日并无产生任何不取决于某一项指数或

利率计算的可变租赁付款的售后租回交

易，故该等修订并无对本集团的综合财

务状况或表现构成任何影响。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.2 CHANGES IN ACOUNTING

POLICIES AND DISCLOSURES

(Continued)

(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.

The Group has reasesed the terms and conditions

of its liabilities as at 1 April 2024 and 2023 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

consolidated financial position or performance of the

Group.

2.2

会计政策及披露之变更（续）

(b)

二零二零年修订澄清将负债分类为流

动或非流动的规定，包括递延结算权利

的涵义及于报告期末必须存在的递延

权利。负债的分类不受实体将行使其递

延结算权利的可能性所影响。该等修订

亦澄清负债可以其自身权益工具结算，

以及仅在可转换负债的转换选择权自身

作为权益工具入账的情况下，负债的条

款才不会影响其分类。二零二年修订

进一步澄清在贷款安排产生的负债契约

中，仅实体须于报告日期或之前遵守的

契约方会影响该负债分类为流动或非

流动。非流动负债（实体须于报告期后

个月内遵守未来契诺）须作出额外披

露。

本集团已于二零二四年及二零二三年四

月一日重新评估其负债的条款及条件，

并认为其负债的流动或非流动分类于初

始应用该等修订后维持不变。因此，该

等修订并无对本集团的综合财务状况或

表现构成任何影响。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.2 CHANGES IN ACOUNTING

POLICIES AND DISCLOSURES

(Continued)

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 consolidated financial statements.

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 consolidated 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 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 1 January

No mandatory efective date yet determined but available for

adoption

2.2

会计政策及披露之变更（续）

(c)

香港会计准则第

号及香港财务报告准

则第

号（修订本）澄清供应商融资安排

的特点，并规定额外披露有关安排。该

等修订的披露规定旨在协助财务报表的

使用者了解供应商融资安排对实体负

债、现金流量及流动性风险的影响。由

于本集团并无供应商融资安排，故该等

修订并无对本集团的综合财务报表构成

任何影响。

2.3

已颁布但未生效的香港财务报告准则

会计准则

本集团并未于该等综合财务报表内应用下列

已颁布但尚未生效之新订及经修订香港财务

报告准则会计准则。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生效时予以

应用（如适用）。

香港财务报告准则

第

号

财务报表的呈报及披露

香港财务报告准则

第

号

非公共受托责任附属公司：披露

香港财务报告准则

第

号及香港财务

报告准则第

号（修订）

金融工具分类与计量的修订

香港财务报告准则

第

号及香港会计

准则第

号（修订）

投资者与其联营公司或合营企业之间

的资产出售或出资

香港会计准则第

号

（修订）

缺乏交换性

香港财务报告准则

会计准则的年度

改进－第

册

香港财务报告准则第

号、香港财务

报告准则第

号、香港财务报告准则

第

号、香港财务报告准则第

号及

香港会计准则第

号的修订

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期间生效

尚未厘定强制生效日期，惟可供采纳

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(Continued)

Further information about those 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 two 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 in HKAS 1 are moved

to HKAS 8 Acounting Policies, Changes in Acounting

Estimates and Erors, which is renamed as HKAS 8 Basis

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 HKFRSs. HKFRS 18

and the consequential amendments to other HKFRSs are

efective for anual periods begining on or after 1 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

consolidated financial statements.

2.3

已颁布但未生效的香港财务报告准则

会计准则（续）

有关预期适用于本集团之香港财务报告准则

会计准则之进一步资料载述如下。

香港财务报告准则第

号取代香港会计准则

第

号财务报表的呈报。尽管香港会计准则第

号的多个部分已被继承并作出有限变动，但

香港财务报告准则第

号引入有关损益表呈

列的新规定，包括指定总计及小计。实体须将

损益表内的所有收入及开支分类为五个类别

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。其亦规定

在单一附注中披露管理层定义的绩效指标，

并对主要财务报表及附注中的组合（总计及分

类）及资料位置提出更高的规定。先前载于香

港会计准则第

号的若干规定已移至香港会计

准则第

号会计政策、会计估计变动及错误，

并重新命名为香港会计准则第

号财务报表之

拟备基准。由于香港财务报告准则第

号的

颁布，香港会计准则第

号现金流量表、香港

会计准则第

号每股盈利及香港会计准则第

号中期财务报告已作出有限但广泛适用的

修订。此外，其他香港财务报告准则亦有轻微

相应修订。香港财务报告准则第

号及其他

香港财务报告准则之相应修订于

年

月

日或之后开始之年度期间生效，并可提早应

用。本集团须追溯应用。本集团现正分析新规

定及评估香港财务报告准则第

号对本集团

综合财务报表的呈列及披露的影响。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(Continued)

HKFRS 19 alows eligible entities to elect to aply reduced

disclosure requirements while stil aplying the recognition,

measurement and presentation requirements in other

HKFRSs. 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

HKFRSs. 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.

Amendments to HKFRS 9 and HKFRS 7 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 consolidated financial statements.

2.3

已颁布但未生效的香港财务报告准则

会计准则（续）

香港财务报告准则第

号允许合资格实体选

择应用精简披露规定，同时仍应用其他香港

财务报告准则的确认、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

号综合财务报表所界定的附属公

司，无公众问责性且须有一个拟备符合香港财

务报告准则之综合财务报表供公众使用之母

公司（最终或中间公司）。允许提早应用。由于

本公司为上市公司，其不符合资格选择应用香

港财务报告准则第

号。本公司部分附属公

司正考虑在其特定财务报表中应用香港财务

报告准则第

号。

香港财务报告准则第

号及香港财务报告准则

第

号（修订本）阐明终止确认金融资产或金融

负债之日期，并引入一项会计政策选择，即在

符合特定条件情况下，终止确认于结算日前透

过电子付款系统结算之金融负债。该等修订本

阐明如何评估具有环境、社会及管治以及其他

类似或然特征的金融资产的合约现金流量特

征。此外，该等修订本阐明具有无追索权特征

的金融资产及合约挂钩工具的分类要求。该等

修订本亦包括指定按公平值计入其他全面收

益之股本工具投资及具有或然特征之金融工

具之额外披露。该等修订本应追溯应用，并于

首次应用日期对期初保留溢利（或权益的其他

组成部分）进行调整。过往期间毋须重列，且

仅可在不须预知的情况下重列。允许同时提早

应用所有修订本或仅提早应用与金融资产分

类相关的修订本。预期该等修订本不会对本集

团的综合财务报表造成任何重大影响。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(Continued)

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.

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 consolidated financial statements.

2.3

已颁布但未生效的香港财务报告准则

会计准则（续）

香港财务报告准则第

号及香港会计准则第

号（修订本）针对香港财务报告准则第

号

及香港会计准则第

号之间有关投资者与其

联营公司或合营企业之间的资产出售或出资

两者规定的不一致性。该等修订本规定，当资

产出售或出资构成一项业务时，须全数确认下

游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企业之权益为限。

该等修订本将前瞻应用。香港财务报告准则第

号及香港会计准则第

号（修订本）的以往

强制生效日期已由香港会计师公会剔除。然

而，该等修订本现时可供采用。

香港会计准则第

号（修订本）规定实体应如

何评估一种货币是否可兑换成另一种货币，以

及在缺乏可兑换性时应如何估算计量日的即

期汇率。该等修订本规定披露资料，使财务报

表的使用者能了解货币不可兑换的影响。允许

提早应用。于应用该等修订本时，实体不能重

列比较资料。初次应用该等修订本的任何累计

影响须在初次应用日确认为对保留溢利期初

结余的调整，或对在权益单独组成部分累计的

换算差额累计金额的调整（如适用）。预期该等

修订本不会对本集团的综合财务报表造成任

何重大影响。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

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

consolidated financial statements.

: 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 consolidated financial statements.

2.3

已颁布但未生效的香港财务报告准则

会计准则（续）

香港财务报告准则会计准则的年度改进－第

册载列香港财务报告准则第

号、香港财务

报告准则第

号（及随附香港财务报告准则第

号实施指引）、香港财务报告准则第

号、香

港财务报告准则第

号及香港会计准则第

号

之修订本。预期适用于本集团的修订本详情如

下：

•

香港财务报告准则第

号金融工具：披

露：该等修订本已更新香港财务报告准

则第

号第

B38

段及香港财务报告准则

第

号实施指引第

IG1

、

IG14

及

IG20B

段

之若干措辞，以简化或达致与该准则其

他段落及╱或其他准则所用概念及词汇

一致。此外，该等修订本阐明香港财务

报告准则第

号实施指引未必解释香港

财务报告准则第

号之引用段落之所有

规定，亦无产生额外规定。允许提早应

用。预期该等修订本不会对本集团的综

合财务报表造成任何重大影响。

•

香港财务报告准则第

号金融工具：该

等修订本阐明，当承租人根据香港财

务报告准则第

号厘定租赁负债已终止

时，承租人须应用香港财务报告准则第

号第

3.3.3

段，并在损益中确认所产生

之任何收益或亏损。此外，该等修订本

已更新香港财务报告准则第

号第

5.1.3

段及香港财务报告准则第

号附录

的

若干措辞，以消除可能出现的混淆。允

许提早应用。预期该等修订本不会对本

集团的综合财务报表造成任何重大影

响。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(Continued)

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 consolidated

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 consolidated

financial statements.

2.4 MATERIAL ACOUNTING POLICIES

Subsidiaries and non-controling interests

Subsidiaries are entities controled by the Group. The

Group controls an entity when it is exposed, or has rights,

to variable returns from its involvement with the entity and

has the ability to afect those returns through its power

over the entity. When asesing whether the Group has

power, only substantive rights (held by the Group and other

parties) are considered.

An investment in a subsidiary is consolidated into the

consolidated financial statements from the date that control

comences until the date that control ceases. Intra-group

balances, transactions and cash flows and any unrealised

profits arising from intra-group transactions are eliminated

in ful in preparing the consolidated financial statements.

Unrealised loses resulting from intra-group transactions

are eliminated in the same way as unrealised gains but only

to the extent that there is no evidence of impairment.

2.3

已颁布但未生效的香港财务报告准则

会计准则（续）

•

香港财务报告准则第

号综合财务报

表：该等修订本阐明香港财务报告准则

第

号第

B74

段所述的关系仅是投资者

与作为投资者实际代理的其他各方之间

可能存在的各种关系的一个例子，从而

消除与香港财务报告准则第

号第

B73

段规定的不一致之处。允许提早应用。

预期该等修订本不会对本集团的综合财

务报表造成任何重大影响。

•

香港会计准则第

号现金流量表：该等

修订本先前删除香港会计准则第

号第

段「成本法」的定义，并以「按成本」一

词取代「成本法」。允许提早应用。预期

该等修订本不会对本集团的综合财务报

表造成任何影响。

2.4

重大会计政策

附属公司及非控股权益

附属公司是指受本集团控制的实体。当本集团

因参与实体业务而对所得可变回报承担风险

或拥有权利以及可运用其对实体的权力影响

该等回报时，则本集团控制该实体。于评估本

集团是否拥有权力时，仅计及实质权利（由本

集团及其他人士持有）。

于附属公司的投资自控制权开始当日起至控

制权结束当日止并入综合财务报表。集团内公

司间结余、交易及现金流量以及集团内公司

间交易所产生的任何未变现溢利会在编制综

合财务报表时悉数抵销。集团内公司间交易所

引致未变现亏损的抵销方法与未变现收益相

同，惟仅以无证据显示出现减值的情况为限。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Subsidiaries and non-controling interests (Continued)

Non-controling interests represent the equity in a

subsidiary not atributable directly or indirectly to the

Company, and in respect of which the Group has not

agred any aditional terms with the holders of those

interests which would result in the Group as a whole

having a contractual obligation in respect of those interests

that mets the definition of a financial liability. For each

busines combination, the Group can elect to measure any

non-controling interests either at fair value or at the non-

controling interests’ proportionate share of the subsidiary’s

net identifiable asets.

Non-controling interests are presented in the consolidated

statement of financial position within equity, separately

from equity atributable to the equity shareholders of the

Company. Non-controling interests in the results of the

Group are presented on the face of the consolidated

statement of profit or los and other comprehensive

income as an alocation of the total profit or los and

total comprehensive income for the year betwen non-

controling interests and the equity shareholders of the

Company. Loans from holders of non-controling interests

and other contractual obligations towards these holders

are presented as financial liabilities in the consolidated

statement of financial position depending on the nature of

the liability.

Changes in the Group’s interests in a subsidiary that

do not result in a los of control are acounted for as

equity transactions, whereby adjustments are made to

the amounts of controling and non-controling interests

within consolidated equity to reflect the change in relative

interests, but no adjustments are made to godwil and no

gain or los is recognised.

2.4

重大会计政策（续）

附属公司及非控股权益（续）

非控股权益是指并非由本公司直接或间接应

占的附属公司权益，且本集团并无与该等权益

持有人订立任何其他条款，而导致本集团整体

须就该等权益承担符合金融负债定义的合约

责任。就各项业务合并而言，本集团可选择按

公平值或按非控股权益分占附属公司可识别

资产净值的比例，计量任何非控股权益。

非控股权益于综合财务状况表的权益内呈

列，与本公司权益股东应占的权益分开呈列。

非控股权益所占本集团的业绩，会按照该年度

损益总额及全面收益总额，在非控股权益及本

公司权益股东之间分配，并于综合损益及其他

全面收益表内呈列。来自非控股权益持有人之

贷款及对该等持有人的其他合约责任会视乎

负债性质，并于综合财务状况表中呈列为金融

负债。

倘本集团于附属公司之权益变动不会导致丧

失控制权，则作为股权交易入账，而于综合权

益内之控股及非控股权益金额会作出调整，以

反映相关权益变动，惟不会对商誉作出调整，

亦不会确认盈亏。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Subsidiaries and non-controling interests (Continued)

When the Group loses control of a subsidiary, it is

acounted for as a disposal of the entire interest in that

subsidiary, with a resulting gain or los being recognised in

profit or los. Any interest retained in that former subsidiary

at the date when control is lost is recognised at fair value

and this amount is regarded as the fair value on initial

recognition of a financial aset.

In the Company’s statement of financial position, an

investment in a subsidiary is stated at cost les impairment

loses, unles the investment is clasified as held for sale.

2.4

重大会计政策（续）

附属公司及非控股权益（续）

当本集团失去对附属公司的控制权，则按出售

该附属公司的全部权益入账，而所产生的收益

或亏损则于损益确认。于失去控制权当日仍保

留于前附属公司的任何权益按公平值确认，而

该金额将被视为一项金融资产初始确认的公

平值。

于本公司财务状况表内，于附属公司之投资乃

按成本减去减值亏损后列账，除非该投资被分

类为持作出售。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Fair value measurement

The Group measures its equity investments 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.

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.

2.4

重大会计政策（续）

公平值计量

本集团于各报告期末按公平值计量其股本投

资。公平值乃在市场参与者于计量日期进行之

有序交易中出售资产所收取或转移负债所支

付之价格。公平值计量乃基于假设出售资产或

转移负债的交易于资产或负债的主要市场进

行；或于未有主要市场的情况，则于资产或负

债的最有利市场进行。主要或最有利市场必须

属本集团能取用者。资产或负债的公平值乃基

于市场参与者为资产或负债定价所用的假设

计量（假设市场参与者依照彼等的最佳经济利

益行事）。

非金融资产的公平值计量须计及一名市场参

与者透过使用其资产的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的

另一名市场参与者而能够产生经济利益的

能力。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Fair value measurement (Continued)

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 consolidated 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 for 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

consolidated 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.

2.4

重大会计政策（续）

公平值计量（续）

本集团采纳适用于不同情况且具备充分数据

以供计量公平值的估值方法，以尽量使用相关

可观察输入数据及尽量减少使用不可观察输

入数据。

所有于本综合财务报表中计量或披露公平值

的资产及负债乃基于对公平值计量整体属重

大的最低层输入数据按以下公平值层级分类：

第一级－基于相同资产或负债于活跃市场

的报价（未经调整）

第二级－基于对公平值计量属重大的可观察

（直接或间接）最低层输入数据的

估值方法

第三级－基于对公平值计量属重大的不可

观察最低层输入数据的估值方法

就按经常性基准于本综合财务报表确认的资

产及负债而言，本集团透过于各报告期末重新

评估分类（基于对公平值计量整体属重大的最

低层输入数据）厘定是否发生不同等级转移。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Impairment of non-financial asets

Where an indication of impairment exists, or when anual

impairment testing for non-financial aset is required (other

than defered tax 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 consolidated statement

of profit or los and other comprehensive income in the

period in which it arises in those expense categories

consistent with the function of impaired aset.

2.4

重大会计政策（续）

非金融资产减值

如有迹象显示出现减值，或须就非金融资产进

行年度减值测试（递延税项资产除外），则会估

计该资产的可收回金额。资产的可收回金额为

资产或现金产生单位的使用价值与其公平值

减出售成本中的较高者，并就个别资产厘定，

惟除非有关资产并无产生很大程度上独立于

其他资产或资产组别的现金流入，则会就该资

产所属现金产生单位厘定可收回金额。

在对现金产生单位进行减值测试时，如果可按

合理且一致的基准分配，则将本公司资产（例

如总部大楼）账面值的一部分配至单一现金

产生单位，否则，分配至最小的现金产生单位

组别。

减值亏损仅于资产账面值超逾其可收回金额

时确认。评估使用价值时，估计未来现金流量

按反映当前市场对货币时间价值及资产特定

风险的评估的税前贴现率贴现至其现值。减值

亏损于产生期间自综合损益及其他全面收益

表内与减值资产功能一致的开支类别中扣除。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Impairment of non-financial asets (Continued)

An asesment is made at the end of each reporting

period as to whether there is any 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. A reversal of such an impairment

los is credited to the consolidated statement of profit

or los and other comprehensive income in the period in

which it arises.

Property, plant and equipment

The folowing items of property, plant and equipment

are stated at cost les acumulated depreciation and

impairment loses:

– right-of-use asets arising from leases over frehold

or leasehold properties where the Group is not the

registered owner of the property interest; and

– items of plant and equipment, including right-of-use

asets arising from leases of underlying plant and

equipment.

Gains or loses arising from the retirement or disposal of

an item of property, plant and equipment are determined

as the diference betwen the net disposal proceds and

the carying amount of the item and are recognised in profit

or los on the date of retirement or disposal. Any related

revaluation surplus is transfered from the revaluation

reserve to retained profits and is not reclasified to profit or

los.

2.4

重大会计政策（续）

非金融资产减值（续）

各报告期间末均会评估是否有迹象显示先前

确认的减值亏损可能不复存在或已减少。若出

现上述迹象，则会估计可收回金额。仅在用以

厘定资产（商誉除外）可收回金额的估计有变

时，先前就该资产确认的减值亏损方予拨回，

但拨回金额不得高于在过往年度并无就资产

确认减值亏损的情况下本应厘定的账面值（扣

除任何折旧╱摊销）。有关减值亏损的拨回于

产生期间计入综合损益及其他全面收益表。

物业、厂房及设备

以下物业、厂房及设备项目按成本减累计折旧

及减值亏损列账：

–

永久业权或租赁物业租赁产生的使用权

资产，而本集团并非物业权益的登记拥

有人；及

–

厂房及设备项目，包括租赁相关厂房及

设备产生之使用权资产。

报废或出售物业、厂房及设备项目所产生的收

益或亏损以该项目的出售所得款项净额与其

账面值之间的差额厘定，并于报废或出售当日

于损益内确认。任何有关重估盈余从重估储备

转拨至保留盈利且不会重新分类至损益。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Property, plant and equipment (Continued)

Depreciation is calculated to write of the cost or valuation

of items of property, plant and equipment, les their

estimated residual value, if any, using the straight line

method over their estimated useful lives as folows:

•Furniture and fixtures3-5 years

•Leasehold improvements5 years

•Motor vehicles5 years

•Machinery4-5 years

Where parts of an item of property, plant and equipment

have diferent useful lives, the cost of the item is alocated

on a reasonable basis betwen the parts and each part is

depreciated separately. Both the useful life of an aset and

its residual value, if any, are reviewed anualy.

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.

(i) Club membership

Club membership with indefinite useful live is stated at cost

les any impairment los and no amortisation is provided.

2.4

重大会计政策（续）

物业、厂房及设备（续）

物业、厂房及设备项目折旧按下列估计可使用

年期，在扣除其估计剩余价值（如有）后，以直

线法撇销其成本或估值计算：

•

家私及装置

至

年

•

租赁装修

年

•

汽车

年

•

机械

至

年

倘物业、厂房及设备项目各部分的可使用年期

不同，则该项目的成本会合理分配至各部分，

而每部分须分开折旧。资产的可使用年期及其

剩余价值（如有）均会每年审阅。

无形资产（商誉除外）

单独收购的无形资产初始确认时按成本计量。于

业务合并中购入的无形资产的成本为收购当日的

公平值。无形资产的可使用年期被评定为有限期

或无限期。具有限年期的无形资产随后按可使用

经济年期摊销，并于该无形资产可能出现减值的

迹象时作减值评估。具有限可使用年期的无形资

产的摊销年期及摊销方法至少于各财政年度末进

行检讨。

(i)

会籍

会籍具有无限可使用年期，按成本减任何减值

亏损列账且毋须计提摊销。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

(i) Trademark

Trademark is stated at cost les any impairment loses and

is amortised on the straight-line basis over its estimated

useful live of 8 years.

(i) Licence

Purchased licence with indefinite useful live is stated at

cost les any impairment los and no amortisation is

provided.

2.4

重大会计政策（续）

(i)

商标

商标按成本减任何减值亏损列账，并以直线法于

估计

年之可使用年期内摊销。

(i)

牌照

无限可使用年期之已购入牌照按成本减任何

减值亏损列账，且毋须计提摊销。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Leases

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.

(i) 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 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 and warehouse over the lease term

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.

2.4

重大会计政策（续）

租赁

本集团会于合约开始时评估该合约是否属租

赁或包含租赁。倘合约为换取代价而给予在一

段时间内控制可识别资产使用的权利，则该合

约属租赁或包含租赁。

本集团作为承租人

除短期租赁及低价值资产租赁外，本集团对所

有租赁采取单一确认及计量方法。本集团确认

用于作出租赁付款的租赁负债以及代表使用

相关资产的权利的使用权资产。

(i)

使用权资产

使用权资产于租赁开始日期（即相关资产可供

使用的日期）确认。使用权资产以成本减累计

折旧及任何减值亏损计量，并就租赁负债的任

何重新计量进行调整。使用权资产的成本包括

已确认的租赁负债金额、已产生的初始直接成

本以及在开始日期或之前支付的租赁付款减

收到的任何租赁奖励。使用权资产使用直线法

按租期与资产的估计可使用年期之间之较短

者计提折旧，具体如下：

办公室及仓库按租赁期限

倘租赁资产的所有权在租赁期间结束时转让

予本集团，或成本反映行使购买选择权，则使

用资产的估计可使用年期计算折旧。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Leases (Continued)

Group as a lese (Continued)

(i) 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 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.

Group as a lesor

When the Group acts as a lesor, it determines at lease

inception whether each lease is a finance lease or an

operating lease. A lease is clasified as a finance lease if it

transfers substantialy al the risks and rewards incidental

to the ownership of an underlying asets to the lese. If

this is not the case, the lease is clasified as an operating

lease.

2.4

重大会计政策（续）

租赁（续）

本集团作为承租人（续）

(i)

租赁负债

于租赁开始日期，本集团以租赁期内的租赁付

款的现值确认租赁负债。租赁付款包括固定付

款（包括实质固定付款），扣除任何应收的租赁

奖励、取决于某一指数或比率的可变租赁付款

以及预期根据余值担保应付的金额。租赁付款

亦包括本集团可合理确定将行使的购买选择

权的行使价，以及倘租赁期反映本集团将行使

终止租赁的选择权，则包括终止租赁的罚款金

额。不取决于任何指数或比率的可变租赁付款

在触发付款的事件或条件发生期间确认为开

支。

在计算租赁付款的现值时，由于无法直接确定

租赁内含的利率，本集团使用于租赁开始日期

的增量借贷利率。于租赁开始日期后，租赁负

债的金额会增加，以反映应计利息，并会减少

以反映已付的租赁付款。此外，倘有修改、租

赁期发生变化、租赁付款出现变动（例如未来

租赁付款因指数或利率变动出现变动）或购买

相关资产的选择权评估变化，则租赁负债的账

面值将重新计量。

本集团作为出租人

倘本集团为出租人，其于租赁初始阶段厘定一

项租赁为融资租赁或经营租赁。倘租赁转移相

关资产的所有权附带的绝大部分之风险及回

报至承租人，则该租赁分类为融资租赁。倘不

属于该情况，则该租赁分类为经营租赁。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Investments and other financial asets

Initial recognition and measurement

Financial asets are clasified, at initial recognition, as

subsequently measured at amortised cost, fair value

through other comprehensive income (“FVOCI”), and fair

value through profit or los (“FVTPL”).

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 acounts receivable

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.

Acounts receivable 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 and other income” below.

In order for a financial aset to be clasified and measured

at amortised cost or FVOCI, 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 FVTPL, irespective of the busines model.

2.4

重大会计政策（续）

投资及其他金融资产

初始确认及计量

金融资产于初始确认时分类为其后按摊销成

本、按公平值计入其他全面收益（「按公平值计

入其他全面收益」）及按公平值计入损益（「按

公平值计入损益」）计量。

初始确认时，金融资产的分类取决于金融资产

的合约现金流量特性及本集团管理该等金融

资产的业务模式。除并无重大融资成分或本集

团已就其应用不调整重大融资部分的影响的

可行权宜方法的应收账款外，本集团初始按公

平值加上交易成本（倘金融资产并非按公平值

计入损益）计量金融资产。并无重大融资成分

或本集团已应用可行权宜方法的应收账款根

据下文「收入及其他收益」载列的政策按香港

财务报告准则第

号厘定的交易价格计量。

为使金融资产按摊销成本或按公平值计入其

他全面收益进行分类及计量，需产生纯粹为支

付本金及未偿还本金利息（「纯粹为支付本金

及利息」）的现金流量。现金流量并非纯粹为支

付本金及利息的金融资产，不论其业务模式均

按公平值计入损益分类及计量。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Investments and other financial asets (Continued)

Initial recognition and measurement (Continued)

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 FVOCI 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 FVTPL.

Purchases 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 purchases or sel the aset.

Subsequent measurement

The subsequent measurement of financial asets depends

on their clasification as folows:

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 consolidated statement of profit or los and other

comprehensive income when the aset is derecognised,

modified or impaired.

2.4

重大会计政策（续）

投资及其他金融资产（续）

初始确认及计量（续）

本集团管理金融资产的业务模式指其管理其

金融资产以产生现金流量的方式。业务模式将

决定现金流量是否由于收取合约现金流量、

出售金融资产，或两者所致。按摊销成本分类

及计量的金融资产按持有目的为收取合约现

金流量的业务模式持有，而按公平值计入其他

全面收益分类及计量的金融资产则按持有目

的为收取合约现金流量及出售的业务模式持

有。并非按上述业务模式持有的金融资产按公

平值计入损益分类及计量。

购买或出售金融资产须于监管或市场惯例规

定的期间内交付资产，则于交易日（即本集团

承诺购买或出售资产的日期）确认。

后续计量

金融资产按其分类的后续计量如下：

按摊销成本计量的金融资产（债务工具）

按摊销成本计量的金融资产其后使用实际利

率法计量，并可能受减值影响。当资产终止确

认、修订或减值时，收益及亏损于综合损益及

其他全面收益表中确认。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Investments and other financial asets (Continued)

Subsequent measurement (Continued)

Financial asets at FVTPL

Financial asets at FVTPL are caried in the consolidated

statement of financial position at fair value with net changes

in fair value recognised in the consolidated statement of

profit or los and other comprehensive income.

This category includes derivative instruments and equity

investments which the Group had not irevocably elected

to clasify at FVOCI. Dividends on the equity investments

are also recognised as other income in the consolidated

statement of profit or los and other comprehensive

income 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 the consolidated statement of profit or los and other

comprehensive income. 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.

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 FVTPL.

2.4

重大会计政策（续）

投资及其他金融资产（续）

后续计量（续）

按公平值计入损益的金融资产

按公平值计入损益的金融资产按公平值于综

合财务状况表中列账，公平值变动净额于综合

损益及其他全面收益表中确认。

该类别包括本集团并无不可撤销地选择按公

平值计入其他全面收益进行分类的衍生工具

及股本投资。股本投资所产生的股息亦在支付

权已确立时，于综合损益及其他全面收益表中

确认为其他收入。

当嵌入混合约（包含金融负债及非金融主

体）的衍生工具备与主体不紧密相关的经济

特征及风险；具备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

并非按公平值计入损益计量，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

生工具按公平值计量，且其变动于综合损益及

其他全面收益表中确认。仅在更改合约条款导

致该合约原本要求的现金流量出现大幅变动

或按公平值计入损益类别的金融资产重新分

类时，方会进行重新评估。

嵌入混合约（包含金融资产主体）的衍生工

具不得单独列账。金融资产主体连同嵌入式衍

生工具须整体分类为按公平值计入损益的金

融资产。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Investments and other financial asets (Continued)

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 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.

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.

2.4

重大会计政策（续）

投资及其他金融资产（续）

终止确认金融资产

金融资产（或如适用，一项金融资产的一部份

或一组相若金融资产的一部份）主要于下列情

况下将终止确认（即自财务状况表剔除）：

•

收取资产现金流量的权利已届满；或

•

本集团已转让其收取资产现金流量的权

利，或根据「转付」安排在未有严重拖欠

第三方的情况下，已就收取现金流量承

担全部付款责任；且

(a)

本集团已转让资

产的绝大部份风险及回报，或

(b)

本集团

并无转让或保留资产绝大部份风险及回

报，但已转让资产的控制权。

倘本集团已转让从资产收取现金流量的权利

或已经订立转付安排，其对于是否保留与该资

产所有权相关的风险及回报以及保留程度作

出评估。倘其未转让或保留资产的绝大部份风

险及回报亦未转让资产的控制权，本集团继续

按本集团的持续参与确认转让的资产。在该情

况下，本集团亦确认相关负债。已转让资产及

相关负债乃按反映本集团所保留的权利及责

任的基准计量。

就已转让资产作出担保形式的持续参与，按资

产的原有账面值及本集团或须偿付代价的上

限金额（以较低者为准）计量。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Credit loses and impairment of asets

(i) Credit loses from financial instruments and

contract asets

The Group recognises a los alowance for expected credit

loses (ECLs) on the folowing items:

– financial asets measured at amortised cost

(including cash and cash equivalents, trade and

other receivables and loan receivables);

– contract asets as defined in HKFRS 15; and

– debt investment measured at FVOCI (recycling).

Financial asets measured at fair value, including units

in bond funds, equity and debt investment measured

at FVTPL, equity securities designated at FVOCI (non-

recycling) and derivative financial asets, are not subject to

the ECL asesment.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit loses.

Credit loses are measured as the present value of al

expected cash shortfals (i.e. the diference betwen the

cash flows due to the Group in acordance with the

contract and the cash flows that the Group expects to

receive).

For undrawn loan comitments, expected cash shortfals

are measured as the diference betwen (i) the contractual

cash flows that would be due to the Group if the holder of

the loan comitment draws down on the loan; and (i) the

cash flows that the Group expects to receive if the loan is

drawn down.

2.4

重大会计政策（续）

信贷亏损及资产减值

(i)

金融工具及合约资产之信贷亏损

本集团将就以下各项确认预期信贷亏损亏损

拨备：

–

以摊销成本计量之金融资产（包括现金

及现金等价物、贸易及其他应收款项以

及应收贷款）；

–

香港财务报告准则第

号界定的合约资

产；及

–

按公平值计入其他全面收益的债务投资

（可拨回）。

以公平值计量之金融资产，包括债券基金单

位、按公平值计入损益计量的股本及债务投

资、指定为按公平值计入其他全面收益（不可

拨回）之股本证券及衍生金融资产，均毋须进

行预期信贷亏损评估。

预期信贷亏损之计量

预期信贷亏损为信贷亏损之概率加权估计。信

贷亏损按所有预期现金差额（即根据合约应付

本集团之现金流量与本集团预期收到之现金

流量之间的差额）之现值计量。

就未提取贷款承担而言，预期现金差额按

(i)

本

集团于贷款承担持有人提取贷款时可能应收

之合约现金流量；及

(i)

本集团于贷款被提取

时预期可收取之现金流量之间的差额计量。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and

contract asets (Continued)

Measurement of ECLs (Continued)

The expected cash shortfals are discounted using the

folowing discount rates where the efect of discounting is

material:

– fixed-rate financial asets, trade and other

receivables, contract asets, loan receivables

and debt investment at fair value through other

comprehensive income: efective interest rate

determined at initial recognition or an aproximation

thereof.

The maximum period considered when estimating ECLs is

the maximum contractual period over which the Group is

exposed to credit risk.

In measuring ECLs, the Group takes into acount

reasonable and suportable information that is available

without undue cost or efort. This includes information

about past events, curent conditions and forecasts of

future economic conditions.

ECLs are measured on either of the folowing bases:

– 12-month ECLs: these are loses that are expected

to result from posible default events within the 12

months after the reporting date; and

– lifetime ECLs: these are loses that are expected

to result from al posible default events over the

expected lives of the items to which the ECL model

aplies.

2.4

重大会计政策（续）

信贷亏损及资产减值（续）

(i)

金融工具及合约资产之信贷亏损（续）

预期信贷亏损之计量（续）

倘贴现影响重大，则预期现金差额采用以下贴

现率贴现：

–

定息金融资产、贸易及其他应收款项、

合约资产、应收贷款及按公平值计入其

他全面收益的债务投资：于初始确认时

厘定之实际利率或其近似值。

于估计预期信贷亏损时所考虑之最长期间为

本集团面临信贷风险之最长合约期间。

于计量预期信贷亏损时，本集团考虑到毋需付

出过多成本或努力即可获得之合理及可靠资

料，包括过往事件、目前状况及未来经济状况

预测的资料。

预期信贷亏损按以下其中一个基准计量：

– 12

个月预期信贷亏损：预期于报告日期

后

个月内可能发生之违约事件所导致

的亏损；及

–

全期预期信贷亏损：预期该等应用预期

信贷亏损模式之项目于预期年期内所有

可能发生之违约事件所导致的亏损。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and

contract asets (Continued)

Measurement of ECLs (Continued)

Los alowances for trade receivables and contract asets

are always measured at an amount equal to lifetime ECLs,

which is calculated using a provision matrix based on

days past due of trade receivables and contract asets for

groupings of various customer segments with similar los

paterns and adjusted for forward-loking factors specific

to the customers and the environment.

For al other financial instruments, the Group recognises a

los alowance equal to 12-month ECLs unles there has

ben a significant increase in credit risk of the financial

instrument since initial recognition, in which case the los

alowance is measured at an amount equal to lifetime

ECLs.

Significant increases in credit risk

In asesing whether the credit risk of a financial instrument

has increased significantly since initial recognition, the

Group compares the risk of default ocuring on the

financial instrument asesed at the reporting date with

that asesed at the date of initial recognition. In making

this reasesment, the Group considers that a default

event ocurs when (i) the borower is unlikely to pay its

credit obligations to the Group in ful, without recourse

by the Group to actions such as realising security (if any

is held); or (i) the financial aset is 90 days past due.

The Group considers both quantitative and qualitative

information that is reasonable and suportable, including

historical experience and forward-loking information that

is available without undue cost or efort.

2.4

重大会计政策（续）

信贷亏损及资产减值（续）

(i)

金融工具及合约资产之信贷亏损（续）

预期信贷亏损之计量（续）

贸易应收款项及合约资产之亏损拨备一直以

相等于全期预期信贷亏损之金额计量，金额计

算使用拨备矩阵，其乃基于具有类似亏损模式

的客户群分组之贸易应收款项及合约资产的

逾期天数计算，并根据客户及环境的特定前瞻

性因素作出调整。

就所有其他金融工具而言，本集团会确认相

等于

个月预期信贷亏损的亏损拨备，除非

自初始确认以来金融工具的信贷风险显著上

升，于此情况下，亏损拨备乃按相等于全期预

期信贷亏损的金额计量。

信贷风险显著上升

于评估一项金融工具的信贷风险自初始确认

以来是否显著上升时，本集团会将于报告日期

所评估金融工具发生违约的风险与于初始确

认日期所评估金融工具发生违约的风险进行

比较。于作出该项重估时，本集团认为，于

(i)

倘本集团不采取变现证券（如持有任何证券）

等行动进行追索，则借贷人不大可能向本集团

悉数偿还其信贷义务；或

(i)

该项金融资产已

逾期

日时，即表示发生违约事件。本集团会

考虑合理可靠的定量及定性资料，包括毋需付

出过多成本或努力即可获得之过往经验及前

瞻性资料。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and

contract asets (Continued)

Significant increases in credit risk (Continued)

In particular, the folowing information is taken into

acount when asesing whether credit risk has increased

significantly since initial recognition:

– failure to make payments of principal or interest on

their contractualy due dates,

– an actual or expected significant deterioration in a

financial instrument’s external or internal credit rating

(if available);

– an actual or expected significant deterioration in the

operating results of the debtor; and

– existing or forecast changes in the technological,

market, economic or legal environment that have a

significant adverse efect on the debtor’s ability to

met its obligation to the Group.

Depending on the nature of the financial instruments,

the asesment of a significant increase in credit risk is

performed on either an individual basis or a colective basis.

When the asesment is performed on a colective basis,

the financial instruments are grouped based on shared

credit risk characteristics, such as past due status and

credit risk ratings.

2.4

重大会计政策（续）

信贷亏损及资产减值（续）

(i)

金融工具及合约资产之信贷亏损（续）

信贷风险显著上升（续）

具体而言，于评估信贷风险自初始确认以来是

否显著上升时，本集团会考虑以下资料：

–

未能于本金或利息的合约到期日期作出

有关付款；

–

金融工具外部或内部信贷评级（倘适用）

的实际或预期显著恶化；

–

债务人经营业绩的实际或预期显著恶

化；及

–

科技、市场、经济或法律环境的当前或

预期变动对债务人向本集团履行义务的

能力有重大不利影响。

金融工具的性质使然，评估信贷风险是否显著

上升乃按个别基准或共同基准进行。于按共同

基准进行评估时，本集团会根据共享信贷风险

特征（如逾期状况及信贷风险评级）对金融工

具进行分组。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and

contract asets (Continued)

Significant increases in credit risk (Continued)

ECLs are remeasured at each reporting date to reflect

changes in the financial instrument’s credit risk since

initial recognition. Any change in the ECL amount is

recognised as an impairment gain or los in profit or los.

The Group recognises an impairment gain or los for al

financial instruments with a coresponding adjustment

to their carying amount through a los alowance

acount, except for investments in debt securities that

are measured at FVOCI (recycling), for which the los

alowance is recognised in other comprehensive income

and acumulated in the fair value reserve (recycling).

Basis of calculation of interest income

Interest income recognised is calculated based on the

gros carying amount of the financial aset unles the

financial aset is credit-impaired, in which case interest

income is calculated based on the amortised cost (i.e. the

gros carying amount les los alowance) of the financial

aset.

At each reporting date, the Group aseses whether a

financial aset is credit-impaired. A financial aset is credit-

impaired when one or more events that have a detrimental

impact on the estimated future cash flows of the financial

aset have ocured.

2.4

重大会计政策（续）

信贷亏损及资产减值（续）

(i)

金融工具及合约资产之信贷亏损（续）

信贷风险显著上升（续）

预期信贷亏损于各报告日期重新计量，以反映

金融工具信贷风险自初始确认以来的变动。预

期信贷亏损金额的任何变动均于损益确认为

减值盈亏。本集团确认所有金融工具的减值盈

亏，并透过亏损拨备账相应调整其账面值，惟

按公平值计入其他全面收益（可拨回）计量的

债务证券投资除外，其亏损拨备于其他全面收

益确认并于公平值储备累计（可拨回）。

利息收入计算基准

已确认的利息收入按金融资产的账面总值计

算，除非金融资产出现信贷减值，在此情况

下，利息收入按金融资产的摊销成本（即账面

总值减亏损拨备）计算。

于各报告日期，本集团评估金融资产有否出现

信贷减值。当发生一项或多项对金融资产估计

未来现金流量产生不利影响的事件时，金融资

产即被视为出现信贷减值。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and

contract asets (Continued)

Basis of calculation of interest income (Continued)

Evidence that a financial aset is credit-impaired includes

the folowing observable events:

– significant financial dificulties of the debtor;

– a breach of contract, such as a default or past due

event;

– it becoming probable that the borower wil enter

into bankruptcy or other financial reorganisation;

– significant changes in the technological, market,

economic or legal environment that have an adverse

efect on the debtor; or

– the disapearance of an active market for a security

because of financial dificulties of the isuer.

Write-of policy

The gros carying amount of a financial aset or contract

aset is writen of (either partialy or in ful) to the extent

that there is no realistic prospect of recovery. This is

generaly the case when the Group determines that the

debtor does not have asets or sources of income that

could generate suficient cash flows to repay the amounts

subject to the write-of.

Subsequent recoveries of an aset that was previously

writen of are recognised as a reversal of impairment in

profit or los in the period in which the recovery ocurs.

2.4

重大会计政策（续）

信贷亏损及资产减值（续）

(i)

金融工具及合约资产之信贷亏损（续）

利息收入计算基准（续）

金融资产出现信贷减值的证据包括以下可观

察事件：

–

债务人出现重大财务困难；

–

违反合约，如违约或逾期事件；

–

借贷人可能将会破产或进行其他财务重

组；

–

科技、市场、经济或法律环境的重大变

动对债务人构成不利影响；或

–

发行人陷入财务困难导致证券失去活跃

市场。

撇销政策

若日后回收不可实现时，金融资产或合约资产

的账面总值将撇销（部分或全部）。该情况通常

出现在本集团厘定债务人并无资产或收入来

源可产生足够现金流量以偿还撇销金额。

过往撇销资产的后续收回于收回发生期间在

损益确认为减值拨回。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Credit loses and impairment of asets (Continued)

(i) Impairment of other non-curent asets

Internal and external sources of information are reviewed

at the end of each reporting period to identify indications

that property, plant and equipment (including right-of-use

asets), club membership and interest in an asociate

impaired or, except in the case of godwil, an impairment

los previously recognised no longer exists or may have

decreased:

If any such indication exists, the aset’s recoverable

amount is estimated.

– Calculation of recoverable amount

The recoverable amount of an aset is the greater of

its fair value les costs of disposal and value in use. In

asesing value in use, the estimated future cash flows

are discounted to their present value using a pre-tax

discount rate that reflects curent market asesments of

the time value of money and the risks specific to the aset.

Where an aset does not generate cash inflows largely

independent of those from other asets, the recoverable

amount is determined for the smalest group of asets

that generates cash inflows independently (i.e. a cash-

generating unit).

– Recognition of impairment loses

An impairment los is recognised in profit or los if the

carying amount of an aset, or the cash-generating unit

to which it belongs, exceds its recoverable amount.

Impairment loses recognised in respect of cash-

generating units are alocated first to reduce the carying

amount of any godwil alocated to the cash-generating

unit (or group of units) and then, to reduce the carying

amount of the other asets in the unit (or group of units) on

a pro rata basis, except that the carying value of an aset

wil not be reduced below its individual fair value les costs

of disposal (if measurable) or value in use (if determinable).

2.4

重大会计政策（续）

信贷亏损及资产减值（续）

(i)

其他非流动资产减值

内部及外界资料来源于各报告期末予以检

讨，以识别是否有迹象显示物业、厂房及设备

（包括使用权资产）、会籍及于一间联营公司

的权益出现减值或（除商誉以外）先前已确认

的减值亏损已不存在或可能已减少：

倘存在任何该等迹象，则会估计资产之可收回

金额。

－

计算可收回金额

资产的可收回金额为其公平值减出售成本与

使用价值两者的较高者。评估使用价值时，采

用反映当时市场对货币时间价值及有关资产

特有风险评估的税前贴现率，贴现估计未来现

金流量至其现值。倘资产生的现金流入大致

上不能独立于其他资产，则可收回金额按可独

立产生现金流入的最小资产组别（即现金产生

单位）厘定。

－

确认减值亏损

倘某项资产或其所属现金产生单位的账面值

超过其可收回金额，则于损益内确认减值亏

损。就现金产生单位确认的减值亏损，将首先

分配作削减已获分配至现金产生单位（或一组

单位）的任何商誉的账面值，其后按比例减低

该单位（或一组单位）内其他资产的账面值，惟

资产账面值将不会减至低于其本身的公平值

减去出售成本（如可计量）或使用价值（如能厘

定）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Credit loses and impairment of asets (Continued)

(i) Impairment of other non-curent asets

(Continued)

– Reversal of impairment loses

In respect of asets other than godwil, an impairment

los is reversed if there has ben a favourable change in

the estimates used to determine the recoverable amount.

An impairment los in respect of godwil is not reversed.

A reversal of an impairment los is limited to the aset’s

carying amount that would have ben determined had no

impairment los ben recognised in prior years. Reversal of

impairment loses are credited to profit or los in the year

in which the reversals are recognised.

Other contract costs

Other contract costs are either the incremental costs of

obtaining a contract with a customer or the costs to fulfil

a contract with a customer which are not capitalised as

inventory, property, plant and equipment or intangible

asets.

Incremental costs of obtaining a contract are those costs

that the Group incurs to obtain a contract with a customer

that it would not have incured if the contract had not

ben obtained e.g. an incremental sales comision.

Incremental costs of obtaining a contract are capitalised

when incured if the costs relate to revenue which wil

be recognised in a future reporting period and the costs

are expected to be recovered. Other costs of obtaining a

contract are expensed when incured.

2.4

重大会计政策（续）

信贷亏损及资产减值（续）

(i)

其他非流动资产减值（续）

－

拨回减值亏损

就除商誉外的资产而言，倘用于厘定可收回金

额的估计出现有利变动，则拨回减值亏损。商

誉的减值亏损则不予拨回。

减值亏损拨回以资产在过往年度并无确认该

等减值亏损的情况下所厘定的账面值为限。减

值亏损拨回于确认拨回之年度计入损益。

其他合约成本

其他合约成本指未资本化为存货、物业、厂房

及设备或无形资产的从客户合约获得的增量

成本或履行客户合约的成本。

获得合约的增量成本指本集团获得客户合约

时产生的成本。倘未获得该合约（如增量销售

佣金），则不会产生有关成本。倘有关收入的

成本将在未来报告期内确认，而成本预期可收

回，则获得合约的增量成本于产生时资本化。

获得合约的其他成本于产生时支销。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Other contract costs (Continued)

Costs to fulfil a contract are capitalised if the costs

relate directly to an existing contract or to a specificaly

identifiable anticipated contract; generate or enhance

resources that wil be used to provide gods or services in

the future; and are expected to be recovered. Costs that

relate directly to an existing contract or to a specificaly

identifiable anticipated contract may include direct labour,

direct materials, alocations of costs, costs that are

explicitly chargeable to the customer and other costs

that are incured only because the Group entered into

the contract (for example, payments to sub-contractors).

Other costs of fulfiling a contract, which are not capitalised

as inventory, property, plant and equipment or intangible

asets, are expensed as incured.

Capitalised contract costs are stated at cost les

acumulated amortisation and impairment loses.

Impairment loses are recognised to the extent that the

carying amount of the contract cost aset exceds the

net of (i) remaining amount of consideration that the Group

expects to receive in exchange for the gods or services to

which the aset relates, les (i) any costs that relate directly

to providing those gods or services that have not yet

ben recognised as expenses.

Amortisation of capitalised contract costs is charged to

profit or los when the revenue to which the aset relates is

recognised. The acounting policy for revenue recognition

is set out below.

2.4

重大会计政策（续）

其他合约成本（续）

倘履行合约的成本直接与现有合约或可特别

识别的预计合约有关；产生或增加日后将用

于提供货品或服务的资源；及预期可予收回，

则会拨充资本。直接与现有合约或可特别识别

的预计合约有关的成本可能包括直接劳务、直

接材料、成本分摊、可明确向客户收取的成本

及仅因本集团订立合约而产生的其他成本（如

支付予分包商的款项）。履行合约的其他成本

（未资本化为存货、物业、厂房及设备或无形

资产）于产生时支销。

资本化合约成本按成本减累计摊销及减值亏

损列账。当合约成本资产的账面值超过

(i)

本

集团预期因交换资产相关货品或服务而将收

取的代价余额减

(i)

尚未确认为开支之直接与

提供该等货品或服务相关的任何成本的净额

时，确认减值亏损。

当与资产有关的收入获确认时，资本化的合约

成本摊销将自损益扣除。收入确认的会计政策

载于下文。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Contract asets and contract liabilities

A contract aset is recognised when the Group

recognises revenue before being unconditionaly entitled

to the consideration under the payment terms set out

in the contract. Contract asets are asesed for ECL

in acordance with the policy set out in “Credit loses

and impairment of asets” above and are reclasified

to receivables when the right to the consideration has

become unconditional.

A contract liability is recognised when the customer

pays non-refundable consideration before the Group

recognises the related revenue. A contract liability would

also be recognised if the Group has an unconditional

right to receive non-refundable consideration before the

Group recognises the related revenue. In such cases, a

coresponding receivable would also be recognised.

For a single contract with the customer, either a net

contract aset or a net contract liability is presented. For

multiple contracts, contract asets and contract liabilities of

unrelated contracts are not presented on a net basis.

When the contract includes a significant financing

component, the contract balance includes interest acrued

under the efective interest method.

Trade and other receivables

A receivable is recognised when the Group has an

unconditional right to receive consideration. A right to

receive consideration is unconditional if only the pasage

of time is required before payment of that consideration is

due. If revenue has ben recognised before the Group has

an unconditional right to receive consideration, the amount

is presented as a contract aset.

Receivables are stated at amortised cost using the efective

interest method les alowance for credit loses.

2.4

重大会计政策（续）

合约资产及合约负债

倘本集团在有无条件权利根据合约所载付款

条款收取代价前确认收入，即确认合约资产。

合约资产根据上文「信贷亏损及资产减值」所

载政策就预期信贷亏损进行评估，并在代价权

利成为无条件时重新分类至应收款项。

倘客户于本集团确认相关收入前支付不可退

还代价，即确认合约负债。倘本集团有无条件

权利在本集团确认相关收入前收取不可退还

代价，亦会确认合约负债。在此等情况下，亦

会确认相应收款项。

就与客户订立的单一合约而言，将呈列合约资

产净值或合约负债净额。就多份合约而言，不

相关合约的合约资产及合约负债不会按净额

基准呈列。

合约包含重大融资成份时，合约结余包括按实

际利率法累计的利息。

贸易及其他应收款项

应收款项于本集团有无条件权利收取代价时

方会确认。在该代价到期应付前，收取代价的

权利仅随时间推移即会成为无条件。倘收入于

本集团有无条件权利收取代价前已经确认，则

有关金额呈列为合约资产。

应收款项按摊销成本采用实际利率法减信贷

亏损拨备列账。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Financial liabilities

Initial recognition and measurement

Financial liabilities are clasified, at initial recognition,

as financial liabilities at FVTPL, loans and borowings,

payables, or as derivatives designated as hedging

instruments in an efective hedge, 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 acruals, amount due to a related company,

amount due to directors of subsidiaries and long service

payment liabilities.

Subsequent measurement

The subsequent measurement of financial liabilities

depends on their clasification as folows:

Financial liabilities at FVTPL

Financial liabilities at fair value through profit or los include

financial liabilities held for trading and financial liabilities

designated upon initial recognition as at FVTPL.

2.4

重大会计政策（续）

金融负债

初始确认及计量

金融负债于初始确认时被分类为按公平值计

入损益的金融负债、贷款及借贷、应付款项或

指定为有效对冲中对冲工具的衍生工具（如适

用）。

所有金融负债初步以公平值确认，而贷款及借

贷及应付账款则于扣除直接应占交易成本后

确认。

本集团的金融负债包括贸易及其他应付款项

及应计费用、应付一间关连公司之款项、应付

附属公司董事之款项及长期服务金负债。

后续计量

金融负债的后续计量视乎其以下分类而定：

按公平值计入损益的金融负债

按公平值计入损益的金融负债包括持作买卖

用途的金融负债及于初始确认时即指定为按

公平值计入损益的金融负债。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Financial liabilities (Continued)

Subsequent measurement (Continued)

Financial liabilities at FVTPL (Continued)

Financial liabilities are clasified as held for trading if they

are incured for the purpose of repurchasing in the near

term. This category also includes derivative financial

instruments entered into by the Group that are not

designated as hedging instruments in hedge relationships

as defined by HKFRS 9. Separated embeded derivatives

are also clasified as held for trading unles they are

designated as efective hedging instruments. Gains or

loses on liabilities held for trading are recognised in

the consolidated statement of profit or los and other

comprehensive income. The net fair value gain or los

recognised in the consolidated statement of profit or los

and other comprehensive income does not include any

interest charged on these financial liabilities.

Financial liabilities designated upon initial recognition as

at FVTPL are designated at the initial date of recognition,

and only if the criteria in HKFRS 9 are satisfied. Gains or

loses on liabilities designated at FVTPL are recognised in

the statement of profit or los and other comprehensive

income, except for the gains or loses arising from the

Group’s own credit risk which are presented in other

comprehensive income with no subsequent reclasification

to the consolidated statement of profit or los and other

comprehensive income. The net fair value gain or los

recognised in the consolidated statement of profit or los

and other comprehensive income does not include any

interest charged on these financial liabilities.

2.4

重大会计政策（续）

金融负债（续）

后续计量（续）

按公平值计入损益的金融负债（续）

倘为于短期购回而产生金融负债，则有关金融

负债分类为持作买卖金融负债。此分类亦包括

由本集团订立的衍生金融工具，并非香港财务

报告准则第

号界定对冲关系所指定的对冲工

具。个别嵌入式衍生工具亦分类为持作买卖，

惟其被指定为有效对冲工具则除外。持作买卖

负债的收益或亏损于综合损益及其他全面收

益表中确认。于综合损益及其他全面收益表中

确认的公平值盈亏净额并不包括该等金融负

债的任何已收取利息。

初始确认时指定按公平值计入损益的金融负

债，于初始确认日期及仅在符合香港财务报告

准则第

号的准则时获指定。指定按公平值计

入损益的负债的盈亏于损益及其他全面收益

表内确认，惟因本集团自身的信贷风险产生的

收益或亏损除外，该等收益或亏损在其他全面

收益中列报，且其后不能重分类至综合损益及

其他全面收益表。于综合损益及其他全面收益

表确认的公平值盈亏净额不包括该等金融负

债的任何已收取利息。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Financial liabilities (Continued)

Subsequent measurement (Continued)

Financial liabilities at amortised cost (trade and other

payables and borowings)

After initial recognition, trade and other payables and

acruals 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 consolidated statement of profit or los and

other comprehensive income 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 consolidated statement of profit or los and

other comprehensive income.

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 consolidated statement of

profit or los and other comprehensive income.

2.4

重大会计政策（续）

金融负债（续）

后续计量（续）

以摊销成本计量的金融负债（贸易及其他应付款

项及借贷）

初始确认后，贸易及其他应付款项及应计费用

其后采用实际利率法以摊销成本计量，惟贴现

影响甚微，就此而言则按成本列账。收益与亏

损于负债终止确认时采用实际利率摊销程序

于综合损益及其他全面收益表内予以确认。

计量摊销成本时，计及收购的任何折让或溢价

及属实际利率不可分割部分的费用或成本。实

际利率摊销入账综合损益及其他全面收益表

内融资成本。

终止确认金融负债

金融负债于负债的责任已解除或注销或届满

时终止确认。当现有金融负债为同一贷款人以

实质上不同条款的负债取代时，或现有负债的

条款有重大修改时，有关交换或修改则被视为

终止确认原有负债及确认一项新负债，而有关

账面值的差额乃于综合损益及其他全面收益

表确认。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Financial liabilities (Continued)

Ofseting of financial instruments

Financial asets and financial liabilities are ofset and the

net amount is reported in the consolidated 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.

Interest-bearing borowings

Interest-bearing borowings are measured initialy at

fair value les transaction costs. Subsequent to initial

recognition, interest-bearing borowings are stated at

amortised cost using the efective interest method. Interest

expenses is recognised in acordance with the Group’s

acounting police for borowing costs.

Trade and other payables

Trade and other payables are initialy recognised at fair

value. Subsequent to initial recognition, trade and other

payables are subsequently stated at amortised cost unles

the efect of discounting would be imaterial, in which

case they are stated at invoice amounts.

Inventories

Inventories are stated at the lower of cost and net

realisable value. Cost is determined on the weighted-

average. Net realisable value is based on estimated seling

prices les any estimated costs to be incured to disposal.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and

on hand, demand deposits with banks and other financial

institutions, and short-term, highly liquid investments

that are readily convertible into known amounts of cash

and which are subject to an insignificant risk of changes

in value, having ben within thre months of maturity at

acquisition. Bank overdrafts that are repayable on demand

and form an integral part of the Group’s cash management

are also included as a component of cash and cash

equivalents for the purpose of the consolidated statement

of cash flows.

2.4

重大会计政策（续）

金融负债（续）

抵销金融工具

倘于现时具有可强制执行的法定权利可抵销

已确认金额及有意按净额基准结算或同时变

现资产及清偿负债，则会抵销金融资产及金融

负债并于综合财务状况表内呈报净额。

计息借贷

计息借贷初步按公平值减交易成本计量。初始

确认后，计息借贷采用实际利率法按摊销成本

列账。利息开支乃根据本集团有关借贷成本之

会计政策予以确认。

贸易及其他应付款项

贸易及其他应付款项初步按公平值确认。于初

始确认后，贸易及其他应付款项其后按摊销成

本列账，惟倘贴现影响并不重大，则在此情况

下按发票金额列账。

存货

存货按成本及可变现净值两者中的较低者入

账。成本按加权平均数厘定。可变现净值按估

计售价减作出销售将产生的任何估计成本厘

定。

现金及现金等价物

现金及现金等价物包括银行及手头现金、存于

银行及其他金融机构的活期存款，以及短期、

高流通性投资。此等投资可随时转换为已知数

额的现金，所承受的价值变动风险不大，并于

购入后三个月内到期。就综合现金流量表而

言，现金及现金等价物亦包括须按要求偿还且

作为本集团现金管理一部分的银行透支。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Employe benefits

Short term employe benefits and contributions to

defined contribution retirement plans

Salaries, anual bonuses, paid anual leave, contributions

to defined contribution retirement plans and the cost of

non-monetary benefits are acrued in the year in which the

asociated services are rendered by employes. Where

payment or setlement is defered and the efect would be

material, these amounts are stated at their present values.

Share-based payments

Share-based compensation benefits are provided to

employes via the Group’s employe share award scheme.

Information relating to these schemes is set out in note 26

to the consolidated financial statements.

Employe share award scheme

The Group operates share award scheme to recognise the

contributions by employes. The fair value of the employe

services received in exchange for the grant of restricted

shares is recognised as employe benefit expense. The

total expense is recognised over the vesting period,

which is the period over which al of the specified vesting

conditions are to be satisfied. The shares held under

share award scheme is administered by an independent

truste and is funded by the Group’s cash contributions

and recorded as contributions to shares held under share

award scheme, an equity component. The administrator

of the shares held under share award scheme buys the

Company’s shares in the open market for the awards to

employes if aplicable.

2.4

重大会计政策（续）

雇员福利

短期雇员福利及界定供款退休计划供款

薪金、年度花红、带薪年假、界定供款退休计

划供款及非货币福利的成本于雇员提供相关

服务年度内累计。倘延迟付款或结算并造成重

大影响，则该等金额将按其现值列账。

以股份为基础之付款

以股份为基础的补偿福利乃透过本集团的雇

员股份奖励计划向雇员提供。有关该等计划的

资料载于综合财务报表附注

。

雇员股份奖励计划

本集团实行股份奖励计划，以认可雇员的贡

献。为换取受限制股份的授出而获得的雇员

服务之公平值确认为雇员福利开支。总开支须

于达致所有指定归属条件之归属期间确认。根

据股份奖励计划持有的股份由独立受托人管

理，由本集团以现金拨付供款并于权益入账为

根据股份奖励计划持有的股份供款。根据股份

奖励计划持有的股份的管理人于公开市场购

入本公司股份以向雇员作出奖励（如适用）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Income tax

Income tax for the year comprises curent tax and

movements in defered tax asets and liabilities. Curent

tax and movements in defered tax asets and liabilities are

recognised in profit or los except to the extent that they

relate to items recognised in other comprehensive income

or directly in equity, in which case the relevant amounts

of tax are recognised in other comprehensive income or

directly in equity, respectively.

Curent tax is the expected tax payable on the taxable

income for the year, using tax rates enacted or

substantively enacted at the end of the reporting period,

and any adjustment to tax payable in respect of previous

years.

Defered tax asets and liabilities arise from deductible

and taxable temporary diferences respectively, being the

diferences betwen the carying amounts of asets and

liabilities for financial reporting purposes and their tax

bases. Defered tax asets also arise from unused tax

loses and unused tax credits.

2.4

重大会计政策（续）

所得税

年度所得税包括即期税项及递延税项资产与

负债的变动。即期税项及递延税项资产与负债

的变动均在损益确认，惟倘其与于其他全面收

益或直接于权益中确认的项目有关则除外，则

在此情况下，有关税项金额分别于其他全面收

益或直接于权益中确认。

即期税项为年度应课税收入的预期应付税

项，采用于报告期末已颁布或已实质颁布的税

率计算，以及就过往年度应付税项作出的任何

调整。

递延税项资产及负债分别因可扣税及应课税

暂时性差额产生，暂时性差额即就财务报告采

用的资产及负债账面值与其税基两者之间的

差额。递延税项资产亦会因未动用税项亏损及

未动用税项抵免产生。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Income tax (Continued)

Apart from certain limited exceptions, al defered tax

liabilities, and al defered tax asets to the extent that

it is probable that future taxable profits wil be available

against which the aset can be utilised, are recognised.

Future taxable profits that may suport the recognition

of defered tax asets arising from deductible temporary

diferences include those that wil arise from the reversal

of existing taxable temporary diferences, provided those

diferences relate to the same taxation authority and the

same taxable entity, and are expected to reverse either in

the same period as the expected reversal of the deductible

temporary diference or in periods into which a tax los

arising from the defered tax aset can be caried back or

forward. The same criteria are adopted when determining

whether existing taxable temporary diferences suport the

recognition of defered tax asets arising from unused tax

loses and credits, that is, those diferences are taken into

acount if they relate to the same taxation authority and

the same taxable entity, and are expected to reverse in a

period, or periods, in which the tax los or credit can be

utilised.

The carying amount of a defered tax aset is reviewed

at the end of each reporting period and is reduced to the

extent that it is no longer probable that suficient taxable

profits wil be available to alow the related tax benefit to be

utilised. Any such reduction is reversed to the extent that

it becomes probable that suficient taxable profits wil be

available.

The amount of defered tax recognised is measured based

on the expected maner of realisation or setlement of

carying amount of the asets and liabilities, using tax

rates enacted or substantively enacted at the end of the

reporting period. Defered tax asets and liabilities are not

discounted.

2.4

重大会计政策（续）

所得税（续）

除若干少数例外情况外，所有递延税项负债及

所有递延税项资产（仅限于将来很可能有应课

税溢利用以抵销可动用资产）均予以确认。可

支持确认源自可扣税暂时性差额的递延税项

资产的日后应课税溢利，包括该等源自转回现

有应课税暂时性差额的数额，惟该等差额须与

相同税务机关及相同应课税实体有关，并预期

于预计转回可扣税暂时性差额的同一期间或

源自递延税项资产的税项亏损可转回或结转

的期间转回。在厘定现有应课税暂时性差额是

否支持确认因未动用税项亏损及抵免产生的

递延税项资产时采用相同的标准，即倘该等差

额与相同税务机关及相同应课税实体有关，且

预期在可动用税项亏损或抵免期间内转回则

会计入该等差额。

递延税项资产的账面值会于各报告期末审

阅，并减至不再可能有足够应课税溢利以利用

有关税务优惠时为止。任何有关削减会于可能

有足够应课税溢利时转回。

已确认的递延税项金额乃按资产及负债账面

值的预期变现或清偿方式，使用于报告期末已

颁布或已实质颁布的税率计量。递延税项资产

及负债并无贴现。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Income tax (Continued)

Curent tax balances and defered tax balances, and

movements therein, are presented separately from each

other and are not ofset. Curent tax asets are ofset

against curent tax liabilities, and defered tax asets

against defered tax liabilities, if the Company or the Group

has the legaly enforceable right to set of curent tax asets

against curent tax liabilities and the folowing aditional

conditions are met:

– in the case of curent tax asets and liabilities, the

Company or the Group intends either to setle on

a net basis, or to realise the aset and setle the

liability simultaneously; or

– in the case of defered tax asets and liabilities,

if they relate to income taxes levied by the same

taxation authority on either:

– the same taxable entity; or

– diferent taxable entities, which, in each

future period in which significant amounts of

defered tax liabilities or asets are expected

to be setled or recovered, intend to realise

the curent tax asets and setle the curent

tax liabilities on a net basis or realise and

setle simultaneously.

Provisions and contingent liabilities

Provisions are recognised when the Group has a legal

or constructive obligation arising as a result of a past

event, it is probable that an outflow of economic benefits

wil be required to setle the obligation and a reliable

estimate can be made. Where the time value of money is

material, provisions are stated at the present value of the

expenditure expected to setle the obligation.

2.4

重大会计政策（续）

所得税（续）

即期税项结余及递延税项结余及其变动分开

列示，并不予抵销。即期税项资产与即期税项

负债，以及递延税项资产与递延税项负债，只

会在本公司或本集团有合法可强制执行权利

以即期税项资产抵销即期税项负债，并在符合

下列附带条件的情况下，才可互相抵销：

–

若属即期税项资产及负债，本公司或本

集团计划按净额基准结算，或同时变现

该资产及清偿该负债；或

–

若属递延税项资产及负债，则须与相同

税务机关就以下其中一项征收的所得税

有关：

–

相同应课税实体；或

–

不同应课税实体，其计划在预期

有重大金额的递延税项负债或资

产须予清偿或收回的每个未来期

间，按净额基准变现即期税项资

产及清偿即期税项负债，或同时

变现即期税项资产及清偿即期税

项负债。

拨备及或然负债

倘本集团须就过往事件承担法律或推定责

任，及很可能导致经济利益流出以履行有关责

任，且可作出可靠估计，则会确认拨备。若货

币时间价值属重大，则按预期用于履行有关责

任的费用现值计提拨备。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Provisions and contingent liabilities (Continued)

Where it is not probable that an outflow of economic

benefits wil be required, or the amount canot be

estimated reliably, the obligation is disclosed as a

contingent liability, unles the probability of outflow of

economic benefits is remote. Posible obligations, whose

existence wil only be confirmed by the ocurence or non-

ocurence of one or more future events are also disclosed

as contingent liabilities unles the probability of outflow of

economic benefits is remote.

Where some or al of the expenditure required to setle

a provision is expected to be reimbursed by another

party, a separate aset is recognised for any expected

reimbursement that would be virtualy certain. The amount

recognised for the reimbursement is limited to the carying

amount of the provision.

Onerous contracts

An onerous contract exists when the Group has a contract

under which the unavoidable costs of meting the

obligations under the contract exced economic benefits

expected to be received from the contract. Provisions for

onerous contracts are measured at the present value of the

lower of the expected cost of terminating the contract and

the net cost of fulfiling the contract. The cost of fulfiling the

contract includes both the incremental costs of fulfiling that

contract and an alocation of other costs that relate directly

to fulfiling that contract.

Revenue and other income

Income is clasified by the Group as revenue when it arises

from the sale of gods, the provision of services or the use

by others of the Group’s asets under leases in the ordinary

course of the Group’s busines.

2.4

重大会计政策（续）

拨备及或然负债（续）

倘流出经济利益的可能性较低，或无法对有关

数额作出可靠估计，则会将该责任披露为或然

负债，惟经济利益流出的可能性甚微则除外。

倘有关责任须视乎一项或多项未来事件是否

发生方可确定是否存在，亦会披露为或然负

债，惟经济利益流出的可能性甚微则除外。

倘结算拨备所需的部分或全部支出预期由另

一方偿还，则就几乎确定的任何预期偿还确认

一项单独的资产。就偿还确认的金额以拨备的

账面值为限。

亏损性合约

当本集团履行有关合约责任的不可避免成本

超过预期从合约中收到的经济利益时，有关合

约则为亏损性合约。亏损性合约的拨备乃按终

止合约的预期成本及履行合约的净成本（两者

中之较低者）的现值计量。履行合约之成本包

括为履行该项合约之增量成本、以及与履行该

项合约直接相关之其他成本分摊金额。

收入及其他收益

本集团将于其日常业务过程中销售货物、提供

服务或根据租赁由其他人士使用本集团资产

所产生的收益分类为收入。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Revenue and other income (Continued)

Revenue is recognised when control over a product or

service is transfered to the customer, at the amount of

promised consideration to which the Group is expected to

be entitled, excluding those amounts colected on behalf of

third parties. Revenue excludes value aded tax or other

sales taxes and is after deduction of any trade discounts.

Further details of the Group’s revenue and other income

recognition policies are as folows:

Construction contracts

A contract with a customer is clasified by the Group

as a construction contract when the contract relates to

foundation construction works on real estate asets under

the control of the customer and therefore the Group’s

construction activities create or enhance an aset under

the customer’s control.

When the outcome of a construction contract can be

reasonably measured, revenue from the contract is

recognised progresively over time using the output

method, based on direct measurements of the value to

the customer of gods or services transfered to date

(“Value to the Customer”) provided that the Value to

the Customer is established acording to the progres

certificate (by reference to the amount of completed works

confirmed by customer) isued by the customer.

The likelihod of the Group earning contractual bonuses

for early completion or sufering contractual penalties for

late completion are taken into acount in making these

estimates, such that revenue is only recognised to the

extent that it is highly probable that a significant reversal

in the amount of cumulative revenue recognised wil not

ocur.

2.4

重大会计政策（续）

收入及其他收益（续）

收入在产品或服务的控制权转移至客户时，按

本集团预期有权收取的承诺代价金额确认，不

包括代表第三方收取的款项。收入不包括增值

税或其他销售税，并经扣除任何贸易折扣。

有关本集团收入及其他收益确认政策的进一

步详情如下：

建造合约

合约与受客户控制的房地产资产的地基建筑

工程相关时，本集团将与客户所订的合约分类

为建造合约，故本集团建筑活动创建或提升受

客户控制的资产。

当建造合约的结果能够合理计量时，合约收入

采用产出法于一段时间内逐步确认（即根据直

接计量迄今为止转让的货品或服务予客户的

价值（「予客户的价值」），惟予客户的价值根

据客户发出的进度证明（乃参照客户确认的完

工程金额而定）而确立。

本集团就提早完成而赚取的合约奖励或因延

迟完工而遭受合约罚款的可能性于作出该等

估计时加以考虑，因此，仅在已确认累计收入

金额很可能不会大幅拨回时方会确认收入。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Revenue and other income (Continued)

Construction contracts (Continued)

When the outcome of the contract canot be reasonably

measured, revenue is recognised only to the extent of

contract costs incured that are expected to be recovered.

If at any time the costs to complete the contract are

estimated to exced the remaining amount of the

consideration under the contract, then a provision is

recognised.

Ground investigation services revenue

A contract with a customer is clasified by the Group

as a service contract when the contract relates to work

on ground investigation asets under the control of the

customer and therefore the Group’s construction activities

create or enhance an aset under the customer’s control.

When the outcome of a service contract can be reasonably

measured, revenue from the contract is recognised

progresively over time using the output method, based

on direct measurements of the Value to the Customer

provided that the Value to the Customer is established

acording to the progres certificate (by reference to the

amount of completed works confirmed by customer)

isued by the customer.

The likelihod of the Group earning contractual bonuses

for early completion or sufering contractual penalties for

late completion are taken into acount in making these

estimates, such that revenue is only recognised to the

extent that it is highly probable that a significant reversal

in the amount of cumulative revenue recognised wil not

ocur.

2.4

重大会计政策（续）

收入及其他收益（续）

建造合约（续）

倘合约的结果无法合理计量，则收入仅以预期

可收回的已产生合约成本为限予以确认。

倘于任何时间估计完成合约的成本超过合约

项下代价的余额，则确认拨备。

土地勘测服务收入

倘合约与客户控制的土地勘测资产工程有

关，则本集团将客户合约分类为服务合约，故

本集团建筑活动创建或提升受客户控制的资

产。

当服务合约的结果能够合理计量时，合约收入

采用产出法于一段时间内逐步确认（即根据直

接计算予客户的价值），惟予客户的价值根据

客户发出的进度证明（乃参照客户确认的完工

工程金额而定）而确立。

本集团就提早完成而赚取的合约奖励或因延

迟完工而遭受合约罚款的可能性于作出该等

估计时加以考虑，因此，仅在已确认累计收入

金额很可能不会大幅拨回时方会确认收入。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Revenue and other income (Continued)

Ground investigation services revenue (Continued)

When the outcome of the contract canot be reasonably

measured, revenue is recognised only to the extent of

contract costs incured that are expected to be recovered.

If at any time the costs to complete the contract are

estimated to exced the remaining amount of the

consideration under the contract, then a provision is

recognised.

Trading of consumer products

Net income from trading of consumer products are

recognised when the customers takes posesion of and

acepts the gods.

E-comerce sales, live-streaming and promotion

revenue

E-comerce sales, live streaming and promotion revenue

mainly derives from the merchandise sales in e-comerce

platform and the provision of online promotion services

through social media platform. The promotion services are

performance based. Revenue is recognised when relevant

specific performance measures are fulfiled.

Revenue from other sources

Rental income from operating leases

Rental income receivable under operating leases is

recognised in profit or los in equal instalments over the

periods covered by the lease term, except where an

alternative basis is more representative of the patern of

benefits to be derived from the use of the leased aset.

Lease incentives granted are recognised in profit or los

as an integral part of the agregate net lease payments

receivable. Contingent rentals are recognised as income in

the acounting period in which they are earned.

2.4

重大会计政策（续）

收入及其他收益（续）

土地勘测服务收入（续）

倘合约的结果无法合理计量，则收入仅以预期

可收回的已产生合约成本为限予以确认。

倘于任何时间估计完成合约的成本超过合约

项下代价的余额，则确认拨备。

消费品贸易

消费品贸易产生的收入净额于客户拥有及接

受货品时确认。

电商销售、直播及推广收入

电商销售、直播及推广收入主要源于电商平台

产品销售及通过社交媒体平台提供的在线推

广业务。推广服务以表现为基础。收入在达到

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Revenue and other income (Continued)

Interest income

Interest income is recognised as it acrues under the

efective interest method using the rate that exactly

discounts estimated future cash receipts through the

expected life of the financial aset to the gros carying

amount of the financial aset. For financial asets

measured at amortised cost or FVOCI (recycling) that are

not credit-impaired, the efective interest rate is aplied to

the gros carying amount of the aset. For credit-impaired

financial asets, the efective interest rate is aplied to

the amortised cost (i.e. gros carying amount net of los

alowance) of the aset.

Government grants

Government grants are recognised in the statement

of financial position initialy when there is reasonable

asurance that they wil be received and that the Group

wil comply with the conditions ataching to them. Grants

that compensate the Group for expenses incured are

recognised as income in profit or los on a systematic

basis in the same periods in which the expenses are

incured. Grants that compensate the group for the cost

of an aset are deducted from the carying amount of the

aset and consequently are efectively recognised in profit

or los over the useful life of the aset by way of reduced

depreciation expense.

Translation of foreign curencies

Foreign curency transactions during the year are translated

at the foreign exchange rates ruling at the transaction

dates. Monetary asets and liabilities denominated in

foreign curencies are translated at the foreign exchange

rates ruling at the end of the reporting period. Exchange

gains and loses are recognised in profit or los.

2.4

重大会计政策（续）

收入及其他收益（续）

利息收入

利息收入按实际利率法（使用将金融资产的

预计年限内的估计未来现金收入准确折现为

金融资产总账面值的利率）于应计时确认。就

按摊销成本计量或按公平值计入其他全面收

益（可拨回）并无出现信贷减值的金融资产而

言，实际利率适用于资产的总账面值。就出现

信贷减值的金融资产而言，实际利率适用于资

产的摊销成本（即扣除亏损拨备的总账面值）。

政府补贴

倘可合理保证将收取政府补贴且本集团将符

合其附带条件，则政府补贴会初步于财务状况

表确认。补偿本集团已产生开支的补贴于开

支产生的相同期间有系统地于损益确认为收

入。补偿本集团一项资产成本的补贴会于资产

的账面值中扣减，之后于资产的可使用年期内

以降低折旧费用的方式于损益内实际确认。

外币换算

年内进行的外币交易按交易日的汇率换算。以

外币计值的货币资产及负债则按报告期末的

汇率换算。汇兑收益及亏损于损益内确认。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Translation of foreign curencies (Continued)

Non-monetary asets and liabilities that are measured in

terms of historical cost in a foreign curency are translated

using the foreign exchange rates ruling at the transaction

dates. The transaction date is the date on which the

Company initialy recognises such non-monetary asets or

liabilities. Non-monetary asets and liabilities denominated

in foreign curencies that are stated at fair value are

translated using the foreign exchange rate underlying at the

dates the fair value was measured.

The results of foreign operations are translated into HK$

at the exchange rates aproximating the foreign exchange

rates ruling at the dates of the transactions. Statement

of financial position items are translated into Hong Kong

dolars at the closing foreign exchange rates at the end of

the reporting period. The resulting exchange diferences

are recognised in other comprehensive income and

acumulated separately in equity in the exchange reserve.

On disposal of a foreign operation, the cumulative amount

of exchange diferences relating to that foreign operation is

reclasified from equity to profit or los when the profit or

los on disposal is recognised.

Borowing costs

Borowing costs that are directly atributable to the

acquisition, construction or production of an aset which

necesarily takes a substantial period of time to get ready

for its intended use or sale are capitalised as part of the

cost of that aset. Other borowing costs are expensed in

the period in which they are incured.

2.4

重大会计政策（续）

外币换算（续）

以外币按历史成本计算的非货币资产及负

债，使用交易日的汇率换算。交易日为本公司

初始确认相关非货币资产或负债的日期。按公

平值列账的以外币计值的非货币资产及负债

乃使用计量公平值当日的相关汇率换算。

海外业务之业绩乃按与交易日外币汇率相若

的汇率换算为港元。财务状况表项目按报告期

间结束时的收市外币汇率换算为港元。产生的

汇兑差额于其他全面收益确认，并于汇兑储备

的权益中独立累计。

当出售海外业务时，在出售的损益被确认时，

与该海外业务有关的累计汇兑差额会由权益

重新分类至损益。

借贷成本

直接归属于收购、建造或生产资产（即须于较

长时期后方能投入作拟定用途或出售者）的借

贷成本均会资本化作为该资产的部分成本。其

他借贷成本于其产生期间列作开支。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

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;

(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;

2.4

重大会计政策（续）

关连方

倘一名人士符合下列条件，则该名人士与本集

团有关连：

(a)

倘该方为该名人士或其家庭近亲成员，

而该名人士：

(i)

控制或共同控制本集团；

(i)

对本集团有重大影响力；或

(i)

为本集团或本集团母公司的主要

管理层成员；

或

(b)

倘该方为一实体，而其适用以下任何条

件：

(i)

该实体与本集团属同一集团的成

员公司；

(i)

一个实体为另一实体的联营公司

或合营企业（或另一实体的母公

司、附属公司或同系附属公司）；

(i)

该实体及本集团均为同一第三方

的合营企业；

(iv)

一个实体为第三方实体的合营企

业，而另一实体为该第三方实体

的联营公司；

(v)

实体为本集团或与本集团有关连

的实体就雇员福利设立的离职后

福利计划；

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

Related parties (Continued)

(b) (Continued)

(vi) the entity is controled or joint 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.

Segment reporting

Operating segments, and the amounts of each segment

item reported in the consolidated financial statements, are

identified from the financial information provided regularly

to the Group’s most senior executive management for the

purposes of alocating resources to, and asesing the

performance of, the Group’s various lines of busines and

geographical locations.

Individualy material operating segments are not

agregated for financial reporting purposes unles the

segments have similar economic characteristics and

are similar in respect of the nature of products and

services, the nature of production proceses, the type or

clas of customers, the methods used to distribute the

products or provide the services, and the nature of the

regulatory environment. Operating segments which are

not individualy material may be agregated if they share a

majority of these criteria.

2.4

重大会计政策（续）

关连方（续）

(b)

（续）

(vi)

实体受

(a)

所述人士控制或共同

控制；

(vi) (a)(i)

所述人士对实体有重大影响

力或属该实体（或该实体的母公

司）主要管理层成员；及

(vi)

该实体或该实体所属集团之任何

成员公司为本集团提供主要管理

人员服务。

分部报告

本集团为分配资源予本集团各业务线及地区

及评估其表现，会定期向本集团最高级行政管

理人员提供财务资料，从中可找出综合财务报

表所呈报经营分部及各分部项目的金额。

个别重要的经营分部不会汇总作财务申报，除

非有关分部具有类似经济特征且产品及服务

性质、生产流程性质、客户类型或类别、分销

产品或提供服务所采用的方法及监管环境的

性质方面相似。倘并非个别重要的经营分部共

同拥有上述大部分特征，该等经营分部可予汇

总呈报。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

3 ACOUNTING JUDGEMENT AND

ESTIMATES

Critical acounting judgements in aplying the

Group’s acounting policies

In the proces of aplying the Group’s acounting

policies, management has made the folowing acounting

judgements:

(i) Income taxes

Significant judgements on the future tax treatment of

certain transactions are required in determining income tax

provisions. The Group carefuly evaluates tax implications

of transactions and tax provision are recorded acordingly.

The tax treatment of such transactions is reconsidered

periodicaly to take into acount al changes in tax

legislation.

(i) Defered tax asets

Defered tax asets are recognised for unused tax loses

and temporary diferences to the extent that it is probable

that taxable profit wil be available against which the loses

can be utilised. Significant management judgement is

required to determine the amount of defered tax asets

that can be recognised, based upon the likely timing

and level of future taxable profits together with future tax

planing strategies.

会计判断及估计

于应用本集团会计政策时的主要会计判断

于应用本集团会计政策时，管理层已作出以下

会计判断：

(i)

所得税

于厘定所得税拨备时，需要对某些交易的未来

税务处理作出重大判断。本集团审慎评估交易

的税务影响，并据此计提税务拨备。该等交易

的税务处理会定期重新审阅，以兼顾税收法律

的所有变动。

(i)

递延税项资产

在有可能获得应课税溢利以抵销亏损时，方会

就未动用税项亏损及暂时性差额确认递延税

项资产。管理层须根据未来应课税溢利的可

能时间及水平以及未来的税务规划战略作出

重大判断，以厘定可予确认的递延税项资产金

额。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

3 ACOUNTING JUDGEMENT AND

ESTIMATES (Continued)

Sources of estimation uncertainty

(i) Construction contracts arising from the

foundation construction works and ground

investigation services

Revenue from construction contracts arising from

foundation construction works and ground investigation

services contracts are recognised over time using the

output method. Such revenue and profit recognition on

incomplete projects are dependent on estimating the

outcome of the contract, as wel as the work done to

date. Actual outcomes in terms of total costs or revenue

may be higher or lower than estimated at the end of the

reporting period, which would afect the revenue and profit

recognised in future years as an adjustment to the amounts

recorded to date.

(i) Impairment of trade and other receivables,

contract asets and loan receivables

The Group uses provision matrix to calculate ECLs for

the trade receivables and contract asets. The provision

matrix is based on days past due for groupings of

various customer segments with similar los paterns,

and adjusted for forward-loking factors specific to

the customers and the environment. In adition, other

receivables and loan receivables with significant balances

and credit impaired are asesed for ECLs individualy. The

provision of ECLs is sensitive to changes in circumstances

and forecast general economic conditions. The information

about the ECLs and the Group’s trade receivables and

contract asets are disclosed in note 29(a). If the financial

condition of the customers or the forecast economic

conditions were to deteriorate, the actual los alowance

would be higher than estimated.

会计判断及估计（续）

估计不明朗因素之来源

(i)

来自地基建筑工程及土地勘测服务的建造

合约

来自地基建筑工程的建造合约及土地勘测服

务合约产生的收入采用产出法随时间确认。对

未完成项目的收入及溢利确认取决于对合约

结果的估计及迄今已完成的工程。总成本或收

入方面的实际结果值可高于或低于报告期末

的估计值，此事会影响日后年度确认为迄今记

账金额的调整之收入及溢利。

(i)

贸易及其他应收款项、合约资产及应收贷

款减值

本集团使用拨备矩阵计算贸易应收款项及合

约资产的预期信贷亏损。拨备矩阵基于具有类

似亏损模式的客户群分组的逾期天数计算，

并根据客户及环境的特定前瞻性因素作出调

整。此外，具有大额结余且信贷减值的其他应

收款项及应收贷款会个别进行预期信贷亏损

评估。预期信贷亏损拨备容易受各种情况及预

测一般经济状况变动影响。有关预期信贷亏损

及本集团贸易应收款项及合约资产的资料于

附注

29(a)

披露。倘客户的财务状况或预测经

济状况将恶化，则实际亏损拨备会高于估计

额。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

3 ACOUNTING JUDGEMENT AND

ESTIMATES (Continued)

Sources of estimation uncertainty (Continued)

(i) Impairment of property, plant and equipment

The Group aseses whether there are any indicators of

impairment for property, plant and equipment (including the

right-of-use asets) at the end of each reporting period.

Property, plant and equipment is tested for impairment

when there are indicators that the carying amounts may

not be recoverable. An impairment exists when the carying

value of an aset or a cash-generating unit exceds its

recoverable amount, which is the higher of its fair value les

costs of disposal and its value in use. The calculation of

the fair value les costs of disposal is based on available

data from binding sales transactions in an arm’s length

transaction of similar asets or observable market prices

les incremental costs for disposing of the aset. When

value in use calculations are undertaken, management

must estimate the expected future cash flows from the

aset or cash-generating unit and chose a suitable

discount rate in order to calculate the present value of

those cash flows. Details of which, are disclosed in Note

12(a)(i).

(iv) Provision for inventories

The Group caries out an inventory review at the end of

each reporting period and estimates the net realisable

value of inventories based primarily on the latest market

prices and curent market conditions as wel as make

alowance for obsolete and slow-moving inventories.

Such estimates could change significantly as a result of

changes in economic conditions and customers taste.

Where the subsequent estimated net realisable value and/

or alowance for obsolete and slow-moving inventories

difers from the original estimate, a provision or reversal of

provision may be material.

会计判断及估计（续）

估计不明朗因素之来源（续）

(i)

物业、产房及设备之减值

本集团于各个报告期末评估是否有表明物

业、产房及设备（包括使用权资产）出现减值之

迹象。物业、产房及设备于有迹象表明账面值

可能无法收回时进行减值测试。倘资产或现金

产生单位之账面值超逾其可收回金额（即资产

或现金产生单位的公平值减出售成本与使用

价值之间较高者），即存在减值。公平值减出

售成本乃按类似资产之公平交易中具有约束

力之销售交易可用数据或可观察市场价格减

出售该资产之增量成本计算。当进行使用价值

计算时，管理层须估计来自该资产或现金产生

单位之预期未来现金流量，并选择适合适之贴

现率计算该等现金流量之现值。有关资料于附

注

12(a)(i)

披露。

(iv)

存货拨备

本集团会于各报告期间末进行存货盘点，并主

要根据最新市价及现行市况估计存货的可变

现净值以及就过时及滞销存货作出拨备。该等

估计可能会因为经济状况及客户偏好而发生

重大变动。倘其后估计可变现净值及／过时及

滞销存货拨备与原始估计不同，则拨备或拨备

拨回可能属重大。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

3 ACOUNTING JUDGEMENT AND

ESTIMATES (Continued)

Sources of estimation uncertainty (Continued)

(v) Leases – Estimating the incremental borowing

rate

The Group canot readily determine the interest rate

implicit in a lease, and therefore, it uses an incremental

borowing rate (“IBR”) to measure lease liabilities. The IBR

is the rate of interest that the Group would have to pay to

borow over a similar term, and with a similar security, the

funds necesary to obtain an aset of a similar value to

the right-of-use aset in a similar economic environment.

The IBR therefore reflects what the Group “would have to

pay”, which requires estimation when no observable rates

are available (such as for subsidiaries that do not enter into

financing transactions) or when it neds to be adjusted to

reflect the terms and conditions of the lease (for example,

when leases are not in the subsidiary’s functional curency).

The Group estimates the IBR using observable inputs (such

as market interest rates) when available and is required

to make certain entity-specific estimates (such as the

subsidiary’s stand-alone credit rating).

会计判断及估计（续）

估计不明朗因素之来源（续）

(v)

租赁－估算增量借款利率

本集团无法轻易厘定租赁内所隐含的利率，因

此，使用增量借款利率（「增量借款利率」）计

量租赁负债。增量借款利率为本集团于类似经

济环境中为取得与使用权资产价值相近之资

产，而以类似抵押品与类似期间借入所需资

金应支付之利率。因此，增量借款利率反映了

本集团「应支付」的利率，当无可观察的利率时

（如就并无订立融资交易之附属公司而言）或

当须对利率进行调整以反映租赁之条款及条

件时（如当租赁并非以附属公司之功能货币订

立时），则须作出利率估计。当可观察输入数

据可用时，本集团使用可观察输入数据（如市

场利率）估算增量借款利率并须作出若干实体

特定的估计（例如该附属公司独立的信贷评

级）。

210,229,215
46,591,336
4,633,291
34,847,532
4,302,598
300,603,972
525,000
301,128,972

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

4 REVENUE AND SEGMENT

REPORTING

(a) Revenue

The principal activities of the Group are the provision

of foundation construction works, ground investigation

services and financial services, trading of consumer

products and e-comerce busines.

Disagregation of revenue from contracts with customers

of each significant category is as folows:

二零二五年二零二四年

Revenue from contract with customers

within the scope of HKFRS 15:

香港财务报告准则第

号范围内

来自客户合约之收入：

Revenue from foundation construction works

来自地基建筑工程的收入

219,633,347

Revenue from ground investigation services

来自土地勘测服务的收入

65,709,218

Trading of consumer products

消费品贸易

–

Revenue from e-comerce busines

来自电商业务的收入

2,757,238

Other trading revenue

其他贸易收入

–

288,099,803

Revenue from other sources

来自其他来源的收入

Interest income from financial services

来自金融服务的利息收入

554,021

288,653,824

Information about the Group’s performance obligation is

sumarised below:

Foundation construction works and ground

investigation services

The performance obligation is satisfied over time using

output method, which is based on direct measurements of

value of services delivered or surveys of work performed

with reference to (i) the progres payment aplications

submited by the Group to the main-contractors and

customers and (i) the certificates from the surveyors of the

main-contractors and customers.

收入及分部报告

(a)

收入

本集团的主要业务为提供地基建筑工程、土地

勘测服务及金融服务、消费品贸易及电商业

务。

各重大类别之来自客户合约收入的分类如下：

有关本集团履约义务的资料概述如下：

地基建筑工程及土地勘测服务

履约义务采用产出法于一段时间内履行（即根

据对提供的服务价值的直接计量或对所执行

工作的调查，并参照

(i)

本集团向总承建商及客

户提交的进度付款申请及

(i)

总承建商及客户

的测量人员发出的证书）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

4 REVENUE AND SEGMENT

REPORTING (Continued)

(a) Revenue (Continued)

Trading of consumer products and other products

The performance obligation is satisfied at a point in

time upon the delivery of consumer products and other

products.

E-comerce busines

The performance obligation is satisfied at the point in time

upon the relevant specific performance measures are

fulfiled.

Disagregation of revenue from contracts with customers

by the timing of revenue recognition is disclosed in note

4(b)(i).

As at 31 March 2025, the agregated amount of the

transaction price alocated to the remaining performance

obligations under the Group’s existing contracts was

aproximately HK$200,400,000 (2024: aproximately

HK$275,503,000). This amount represents revenue

expected to be recognised in the future from foundation

construction works and ground investigation services.

The Group wil recognise the expected revenue in future

when or as the work is completed or when the obligations

performed, which is expected to ocur over the next 1 to 2

years.

(b) Segment reporting

The Group manages its busineses by busines lines. In

a maner consistent with the way in which information

is reported internaly to the Group’s senior executive

management for the purposes of resource alocation and

performance asesment, the Group has presented the

folowing five reportable segments. No operating segments

have ben agregated to form the folowing reportable

segments.

: this segment

provides foundation construction works to

customers.

收入及分部报告（续）

(a)

收入（续）

消费品及其他产品贸易

履约义务于交付消费品及其他产品时的时间

点履行。

电商业务

履约义务于相关的具体表现指标获满足时的

时间点履行。

按收入确认时间分类来自客户合约收入的分

类披露于附注

4(b)(i)

。

于二零二五年三月三十一日，分配至本集

团现有合约项下余下履约义务的交易价总

额约为

200,400,000

港元（二零二四年：约

275,503,000

港元）。该金额指预期日后自地

基建筑工程及土地勘测服务确认之收入。本集

团将于未来工程完成或履行义务时确认预期

收入，预期于未来一至两年内完成。

(b)

报告分部

本集团按业务的分部管理其业务。与就分配资

源及评估表现向本集团高级行政管理人员内

部呈报资料的方式一致，本集团已呈报下列五

个可呈报分部。并无经营分部综合组成以下可

呈报分部。

•

地基建筑工程：该分部向客户提供地基

建筑工程。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

4 REVENUE AND SEGMENT

REPORTING (Continued)

(b) Segment reporting (Continued)

: this segment

provides ground investigation services to

customers.

: this segment provides

investment, financing and money lending busines.

: this segment

engages in the trading of consumer products.

: this segment engages in the

provision of e-comerce sales live streaming and

promotion services in the social media.

(i) Segment results, asets and liabilities

For the purposes of asesing segment performance and

alocating resources betwen segments, the Group’s senior

executive management monitors the results, asets and

liabilities atributable to each reportable segment on the

folowing bases:

Segment asets include al curent and non-curent

asets with the exception of (i) unalocated head ofice

and corporate asets, (i) financial asets at FVOCI and

(i) financial asets at FVTPL. Segment liabilities include

al curent and non-curent liabilities with the exception of

(i) unalocated head ofice and corporate liabilities, (i) tax

payable and (i) defered tax liabilities.

Revenue and expenses are alocated to the reportable

segments with reference to revenue generated by those

segments and the expenses incured by those segments

or which otherwise arise from the depreciation of asets

atributable to those segments. The measure used for

reporting segment results is profit/(los) before tax.

收入及分部报告（续）

(b)

报告分部（续）

•

土地勘测服务：该分部向客户提供土地

勘测服务。

•

金融服务：该分部提供投资、融资及借

贷业务。

•

消费品贸易：该分部从事消费品贸易。

•

电商业务：该分部从事提供社交媒体电

商销售直播及推广服务。

(i)

分部业绩、资产及负债

就评估分部表现及分部间资源分配而言，本集

团高级行政管理人员按以下基准监察各可呈

报分部应占的业绩、资产及负债：

分部资产包括所有流动及非流动资产，惟不包

括

(i)

未分配总办事处及企业资产，

(i)

按公平值

计入其他全面收益的金融资产及

(i)

按公平值

计入损益的金融资产。分部负债包括所有流动

及非流动负债，惟不包括

(i)

未分配总办事处及

企业负债，

(i)

应付税项及

(i)

递延税项负债。

收入及开支经参考该等分部产生的收入及该

等分部产生的开支，或该等分部应占资产折旧

所产生的开支分配至可呈报分部。报告分部业

绩所用的计量为除税前溢利╱（亏损）。

210,229,215	46,591,336	525,000	–	–	–	257,345,551
–	–	–	4,633,291	34,847,532	4,302,598	43,783,421
210,229,215	46,591,336	525,000	4,633,291	34,847,532	4,302,598	301,128,972
210,229,215	46,591,336	525,000	4,633,291	34,847,532	4,302,598	301,128,972
29,355,719	19,054,529	524,439	627,484	2,766,241	633,942	52,962,354
(2,305,733)	4,604,093	(19,852,819)	13,790	(8,565,108)	(4,182,016)	(30,287,793)
–	–	(680,767)	(368,034)	(1,548)	(26,436)	(1,076,785)
6,975,862	–	606,993	–	218,574	50,955	7,852,384
1,408,037	1,793,877	3,800,174	23,702	468,138	686,671	8,180,599
6,093,136	(983)	(5,148,372)	37,501	11,391	19,620	1,012,293
–	–	764,877	–	170,673	1,211,420	2,146,970
263,981,085	69,756,617	185,690,765	65,276,116	9,073,320	6,642,895	600,420,798
6,168,050	2,279,204	1,274,559	167,300	128,081	592,928	10,610,122
(183,388,903)	(14,626,129)	(327,290,010)	(59,566,473)	(10,574,134)	(1,104,901)	(596,550,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

4 REVENUE AND SEGMENT

REPORTING (Continued)

(b) Segment reporting (Continued)

(i) Segment results, asets and liabilities

(Continued)

Disagregation of revenue from contracts with customers

by the time of revenue recognition, as wel as information

regarding the Group’s reportable segments as provided

to the Group’s most senior executive management for

the purposes of resource alocation and asesment of

segment performance for the years ended 31 March 2025

and 2024 is set out below:

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Foundation

construction

works

Ground

investigation

services

Financial

services

Trading of

consumer

products

E-comerce

businesOthersTotal

地基建筑

工程土地勘测服务金融服务消费品贸易电商业务其他总计

Disagregated by timing of revenue

recognition

– Over time

按收入确认时间分类

－随时间

– At a point in time

－在某一时间点

Revenue from external customers

外部客户收入

Reportable segment revenue

可呈报分部收入

Reportable segment gros profit

可呈报分部毛利

Reportable segment profit/(los)

before tax

可呈报分部除税前溢利╱

（亏损）

Interest income from bank deposits

银行存款利息收入

Interest expenses

利息开支

Depreciation and amortization

for the year

年内折旧及摊销

Impairment loses/(Reversal of impairment)

on financial and contract asets, net

金融及合约资产之减值

亏损╱（减值拨回）净额

Impairment of property, plant and

equipment

物业、厂房及设备减值

Reportable segment asets

可呈报分部资产

Capital expenditure

资本开支

Reportable segment liabilities

可呈报分部负债

收入及分部报告（续）

(b)

报告分部（续）

(i)

分部业绩、资产及负债（续）

截至二零二五年及二零二四年三月三十一日

止年度，按收入确认时间分类的来自客户合约

收入以及本集团最高级行政管理人员就资源

分配及评估分部表现提供的有关本集团可呈

报分部的资料载列如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

4 REVENUE AND SEGMENT

REPORTING (Continued)

(b) Segment reporting (Continued)

(i) Segment results, asets and liabilities

(Continued)

Year ended 31 March 2024

截至二零二四年三月三十一日止年度

Foundation

construction

works

Ground

investigation

services

Financial

services

Trading of

consumer

products

E-comerce

businesTotal

地基建筑

工程土地勘测服务金融服务消费品贸易电商业务总计

Disagregated by timing of revenue

recognition

– Over time

按收入确认时间分类

－随时间

219,633,34765,709,218554,021–285,896,586

– At a point in time

－在某一时间点

–2,757,2382,757,238

Revenue from external customers

外部客户收入

219,633,34765,709,218554,021–2,757,238288,653,824

Reportable segment revenue

可呈报分部收入

219,633,34765,709,218554,021–2,757,238288,653,824

Reportable segment gros profit

可呈报分部毛利

30,986,67819,126,983553,967–2,405,84953,073,477

Reportable segment profit/(los)

before tax

可呈报分部除税前溢利╱

（亏损）

1,405,4404,791,200(20,893,310)11,114,4861,168,945(2,413,239)

Interest income from bank deposits

银行存款利息收入

–(352,909)(289,056)(263)(642,228)

Interest expenses

利息开支

6,106,965–112,592–21,2676,240,824

Depreciation for the year

年内折旧

693,4311,753,967516,612–141,4473,105,457

Impairment loses/(Reversal of impairment)

on financial and contract asets, net

金融及合约资产之减值

亏损╱（减值拨回）净额

2,038,2843,04211,173,311(10,386,260)3,2302,831,607

Reportable segment asets

可呈报分部资产

283,989,94765,393,881165,692,90067,079,7896,952,742589,109,259

Capital expenditure

资本开支

459,155204,0131,067,195–650,0922,380,455

Reportable segment liabilities

可呈报分部负债

(201,092,033)(14,073,889)(286,619,325)(60,375,531)(813,746)(562,974,524)

收入及分部报告（续）

(b)

报告分部（续）

(i)

分部业绩、资产及负债（续）

301,128,972
(30,287,793)
520,800
(22,129,184)
(51,896,177)
600,420,798
(342,195,049)
258,225,749
–
2,480,000
6,567,145
267,272,894
596,550,550
(439,361,969)
157,188,581
1,191,435
1,376,145
57,815,946
217,572,107

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

4 REVENUE AND SEGMENT

REPORTING (Continued)

(b) Segment reporting (Continued)

(i) Reconciliations of reportable segment

revenues, profit or los, asets and liabilities

二零二五年二零二四年

Revenue

收入

Reportable segment revenue and consolidated

revenue (note 4(a)

可呈报分部收入及综合收入

（附注

4(a)

）

288,653,824

Los

亏损

Reportable segment los (note 4(b)

可呈报分部亏损（附注

4(b)

）

(2,413,239)

Net change in fair value of financial asets at FVTPL

按公平值计入损益的金融

资产的公平值变动净额

(520,800)

Unalocated head ofice and corporate expenses

未分配总办事处及企业开支

(16,406,569)

Consolidated los before tax

除税前综合亏损

(19,340,608)

Asets

资产

Reportable segment asets (note 4(b)

可呈报分部资产（附注

4(b)

）

589,109,259

Elimination of inter-segment and head

ofice’s receivables

分部间及总办事处应收款项

抵销

(278,885,493)

310,223,766

Financial asets at FVOCI

按公平值计入其他全面

收益的金融资产

2,734,980

Financial asets at FVTPL

按公平值计入损益的

金融资产

1,959,200

Unalocated head ofice and corporate asets

未分配总办事处及企业资产

9,055,927

Consolidated total asets

综合资产总值

323,973,873

Liabilities

负债

Reportable segment liabilities (note 4(b)

可呈报分部负债（附注

4(b)

）

562,974,524

Elimination of inter-segment and head

ofice’s payables

分部间及总办事处应付款项

抵销

(390,487,095)

172,487,429

Tax payable

应付税项

2,448,933

Defered tax liabilities

递延税项负债

513,656

Unalocated head ofice and corporate liabilities

未分配总办事处及企业负债

57,695,138

Consolidated total liabilities

综合负债总额

233,145,156

收入及分部报告（续）

(b)

报告分部（续）

(i)

可呈报分部收入、损益、资产及负债之对账

47,602,519
47,159,870
N/A*
不适用

261,978,842
39,150,130
301,128,972

22,399,835
197,662
22,597,497

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

4 REVENUE AND SEGMENT

REPORTING (Continued)

(b) Segment reporting (Continued)

(i) Information about major customers

Revenue from customers contributing over 10% of the total

revenue of the Group for the coresponding years are as

folows:

二零二五年二零二四年

Foundation construction works:

地基建筑工程：

Customer A

客户

AN/A*

不适用

Customer B

客户

BN/A*

不适用

Customer C

客户

不适用

63,406,012

% of the

Group’s total revenue for the respective year.

(iv) Geographical information

The geographical information of the revenue is set out as

folows:

二零二五年二零二四年

Hong Kong

香港

285,896,586

Mainland China

中国大陆

2,757,238

288,653,824

The geographical information of the non-curent asets is

set out as folows:

二零二五年二零二四年

Hong Kong

香港

11,339,831

Mainland China

中国大陆

1,729,615

13,069,446

收入及分部报告（续）

(b)

报告分部（续）

(i)

有关主要客户的资料

于有关年度对本集团总收入贡献超过

10%

的

客户收入如下：

来自相关客户收入于相关年度对本集团总收入贡献

低于

10%

。

(iv)

地区资料

收入的地区资料如下：

非流动资产的地区资料如下：

165,800
1,149,428
–
1,015,000
520,800
170,274
588,605
1,200,000
1,631,760
181,255
6,622,922

2,666,250
7,139,991
754,146
10,560,387

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

5 OTHER INCOME, OTHER GAINS AND

LOSES, NET

二零二五年二零二四年

Rental income from lease of machinery

租赁机械的租金收入

40,000

Bank interest income

银行利息收入

655,521

Other interest income

其他利息收入

1,275,842

Gain on disposal of property, plant and equipment

出售物业、厂房及设备之收益

135,235

Net change in fair value of financial asets at FVTPL

按公平值计入损益的金融

资产的公平值变动净额

(520,800)

Foreign exchange gains, net

汇兑收益净额

43,457

Sales of raw materials

销售原材料

406,040

Government grant*

政府补贴

*–

Write back of other payables

其他应付款项拨回

–

Others

其他

30,676

2,065,971

, there were no

unfulfiled conditions or other contingencies ataching to these

subsidies.

6 LOS BEFORE TAX

Los before tax is arived at after charging/(crediting):

二零二五年二零二四年

(a) Finance costs(a)

融资成本

Interest on borowing from a related company

来自一间关连公司借贷之利息

2,866,250

Interest on borowing from directors of subsidiaries

来自附属公司董事借贷之利息

6,100,000

Interest on lease liabilities (note 12(b)

租赁负债利息（附注

12(b)

）

187,645

9,153,895

其他收入、其他收益及亏损净额

截至二零二五年三月三十一日止年度，该等补贴概

无未达成条件或其他意外事件。

除税前亏损

除税前亏损乃经扣除╱（计入）下列各项后达

致：

90,526,675
3,136,084
93,662,759
208,410,303
18,577,132
21,179,183
248,166,618
3,768,230
5,230,387
6,375
9,004,992
(4,297,136)
6,130,536
(2,890,022)
(1,056,622)
1,300,000
530,000
(1,015,000)
2,541,814
(170,274)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

6 LOS BEFORE TAX (Continued)

二零二五年二零二四年

(b) Staf costs* (including directors’

remuneration)

(b)

员工成本

（包括董事

酬金）

Salaries, wages and other benefits

薪金、工资及其他福利

74,371,251

Contribution to defined contribution retirement plans

界定供款退休计划的供款

2,216,132

76,587,383

其他项目

Cost of sales*:

销售成本

：

– cost of construction

—建造成本

235,228,904

– cost of services provided

—提供服务成本

351,443

– cost of gods sold

—销售货品成本

–

235,580,347

Depreciation and amortisation:

折旧及摊销：

– property, plant and equipment*

(note 12(a)

－物业、厂房及设备

（附注

12(a)

）

2,477,293

– right-of-use asets (note 12(a)

－使用权资产（附注

12(a)

）

1,657,720

– intangible asets (note 13)

—无形资产（附注

）

–

4,135,013

(Reversal of impairment)/Impairment loses on

financial and contract asets, net:

金融及合约资产之（减值拨回）

╱减值亏损净额：

– loan receivables

—应收贷款

(16,725,896)

– trade receivables and contract asets

—贸易应收款项及合约资产

(8,400,236)

– other receivables

—其他应收款项

29,012,657

3,886,525

Auditor’s remuneration:

核数师酬金：

– audit services

－审核服务

1,030,000

– non-audit services

－非审核服务

–

Gain on disposal of property, plant and equipment

出售物业、厂房及设备之收益

(135,235)

Impairment of property, plant and equipment

(note 12(a)(i)

物业、厂房及设备减值

（附注

12(a)(i)

）

–

Foreign exchange gains, net

汇兑收益净额

(43,457)

, plant and

equipment with agregate amount of aproximately

HK$41,047,000 (2024: aproximately HK$42,061,000) are

included in “Cost of sales” in the consolidated statement of

profit or los for the year ended 31 March 2025.

除税前亏损（续）

截至二零二五年三月三十一日止年度，总额约

41,047,000

港元（二零二四年：约

42,061,000

港元）的

员工成本及物业、厂房及设备折旧计入综合损益表

的「销售成本」内。

550,179
(5,676)
544,503
862,489
1,406,992

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

7 INCOME TAX EXPENSES

(a) Income tax expenses in the consolidated

statement of profit or los represents:

二零二五年二零二四年

Curent tax:

即期税项：

Charge for the year

年内支出

917,814

Over-provision in previous years

过往年度超额拨备

(5,271)

912,543

Defered tax

递延税项：

Charge/(Credit) for the year (note 7(c)

年内支出╱（抵免）（附注

7(c)

）

(152,729)

759,814

Notes:

(i) Pursuant to the rules and regulations of the Cayman Islands,

the Group is not subject to any income tax in the Cayman

Islands.

(i) The provision for Hong Kong Profits Tax for the year ended

31 March 2025 is calculated at 16.5% (2024: 16.5%) on

the estimated asesable profits for the year, except for one

subsidiary of the Group, which is a qualifying corporation

under the two-tiered Profits Tax rate regime.

For this subsidiary, the first HK$2 milion of the asesable

profits is taxed at 8.25% and the remaining asesable profits

is taxed at 16.5%. The provision for Hong Kong Profits Tax for

this subsidiary was calculated at the same basis in 2024.

(i) Acording to the relevant anouncements of income tax

relief policy for smal low-profit enterprises isued by the

State Administration of Taxation, a lower corporate income

tax (“CIT”) rate is aplicable to smal scale enterprises with

low profitability that met certain conditions, pursuant to

which, the subsidiaries qualified as smal-scale enterprises

with asesable profits not over RMB3,000,000 are

efectively taxable at 5% (i.e. 20% CIT rate on the 25% of the

asesable profits) for the years ended 31 March 2024 and

2025.

所得税开支

(a)

综合损益表中的所得税开支指：

附注：

(i)

根据开曼群岛的规则及规例，本集团毋须缴纳开曼

群岛任何所得税。

(i)

本年度估计应课税溢利按

16.5%

（二零二四年：

16.5%

）之税率计提截至二零二五年三月三十一日

止年度香港利得税拨备，惟本集团之一间附属公司

因属于利得税两级制下之合资格法团除外。

就该附属公司而言，首

2,000,000

港元之应课税溢利

按

8.25%

的税率征税，其余应课税溢利按

16.5%

的

税率征税。该附属公司之香港利得税拨备乃按二零

二四年相同基准计算。

(i)

根据国家税务总局发布的小型微利企业所得税减

免政策的相关公告，满足若干条件的小型微利企

业适用较低的企业所得税（「企业所得税」）率，据

此，截至二零二四及二零二五年三月三十一日止年

度，作为合资格小型企业的附属公司不超过人民

币

3,000,000

元的应课税溢利按实际税率

（即按

25%

应课税溢利之企业所得税率

20%

）缴税。

(51,896,177)
(10,156,181)
6,981,499
(1,424,414)
6,013,264
(5,676)
(1,500)
1,406,992

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

7 INCOME TAX EXPENSES (Continued)

(b) Reconciliation betwen income tax expense

and acounting los before tax at aplicable

tax rates:

二零二五年二零二四年

Los before tax

除税前亏损

(19,340,608)

Tax at the statutory tax rate

按法定税率计算的税项

(3,983,052)

Tax efect of non-deductible expenses

不可扣减开支的税务影响

7,980,223

Tax efect of non-taxable income

毋须课税收入的税务影响

(4,659,241)

Tax efect of tax benefits not recognised

未确认税项优惠的

税务影响

1,433,155

Over-provision in previous years

过往年度超额拨备

(5,271)

Others

其他

(6,000)

Tax charge at the Group’s efective rate

按本集团实际税率计算之

税项支出

759,814

所得税开支（续）

(b)

所得税开支与按适用税率计算的除税前会

计亏损之间的对账：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

7 INCOME TAX EXPENSES (Continued)

financial position represents:

Defered tax liabilities recognised

The components of defered tax asets and liabilities

recognised in the consolidated statement of financial

position and the movements during the year are as folows:

Depreciation

alowances in

exces of the

depreciation

Defered tax arising from:

递延税项来自：

折旧拨备

超出相关折旧

At 1 April 2023

于二零二三年四月一日

(666,385)

Credited to profit or los (note 7(a)

于损益中扣除（附注

7(a)

）

152,729

At 31 March 2024 and 1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

(513,656)

Charged to profit or los (note 7(a)

于损益中计入（附注

7(a)

）

(862,489)

At 31 March 2025

于二零二五年三月三十一日

(1,376,145)

所得税开支（续）

(c)

综合财务状况表的所得税指：

已确认递延税项负债

综合财务状况表内已确认递延税项资产及负

债的组成部分及于年内的变动如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

7 INCOME TAX EXPENSES (Continued)

(d) Defered tax asets and liabilities not

recognised

In acordance with the acounting policy set out in note

2.4 to the consolidated financial statements, the Group has

not recognised defered tax asets due to unpredictability

of future profit streams.

As at 31 March 2025, the Group had unused tax

loses of aproximately HK$134,966,000 (2024:

aproximately HK$108,911,000) in which aproximately

HK$104,355,000 (2024: aproximately HK$93,355,000)

can be caried forward indefinitely, while the remaining

unused tax loses of aproximately HK$30,611,000 (2024:

aproximately HK$15,556,000) wil be expired in five years

from the respective dates of incurence.

In adition, as at 31 March 2025, the Group had other

deductible temporary diferences of aproximately

HK$1,696,000 (2024: nil), including the temporary

diferences arising from right-of-use asets and lease

liabilities of HK$1,749,000 (2024: aproximately

HK$2,390,000) and HK$1,879,000 (2024: aproximately

HK$2,534,000), respectively, which has not ben

recognised.

As at 31 March 2025, no defered tax liability has ben

recognised on the temporary diference in relation to

the undistributed earnings of aproximately HK$4,000

(2024: HK$1,169,000) of a subsidiary in the PRC because

the Group is in a position to control the timing of the

distribution of these retained profits.

所得税开支（续）

(d)

未确认递延税项资产及负债

根据综合财务报表附注

2.4

所载之会计政策，

由于未来溢利来源难以预计，本集团并无确认

递延税项资产。

于二零二五年三月三十一日，本集团有未动用

税项亏损约

134,966,000

港元（二零二四年：

约

108,911,000

港元），其中约

104,355,000

港元（二零二四年：约

93,355,000

港元）

可无限期结转，而余下未动用税项亏损约

30,611,000

港元（二零二四年：约

15,556,000

港元）将于各自发生日期起五年内届满。

此外，于二零二五年三月三十一日，本集团有

其他可扣减暂时性差额约

1,696,000

港元（二

零二四年：无），包括因尚未确认的使用权

资产及租赁负债而产生之暂时性差额分别为

1,749,000

港元（二零二四年：约

2,390,000

港元）及

1,879,000

港元（二零二四年：约

2,534,000

港元）。

于二零二五年三月三十一日，由于本集团可控

制该等保留盈利的分派时间，概无就一间中

国附属公司的未分派盈利约

4,000

港元（二零

二四年：

1,169,000

港元）有关的暂时性差额

确认递延税项负债。

1,484,166
220,000
1,920,000
36,000
2,176,000
3,660,166

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

8 DIRECTORS’ REMUNERATION

Directors’ remuneration during the years ended 31 March

2025 and 2024 which was included in the staf costs

as disclosed in note 6(b) to the consolidated financial

statements is as folows:

二零二五年二零二四年

袍金

2,063,626

Other emoluments:

其他酬金：

Discretionary bonus

酌情花红

100,000

Salaries, alowances and benefits in kind

薪金、津贴及实物福利

2,081,195

Pension scheme contributions

退休计划供款

28,500

Subtotal

小计

2,209,695

Total

总计

4,273,321

董事薪酬

截至二零二五年及二零二四年三月三十一日

止年度已计入综合财务报表附注

6(b)

所披露的

员工成本的董事薪酬如下：

–	220,000	960,000	18,000	1,198,000
–	–	960,000	18,000	978,000
276,774	–	–	–	276,774
276,774	220,000	1,920,000	36,000	2,452,774
147,000	–	–	–	147,000
240,000	–	–	–	240,000
92,258	–	–	–	92,258
142,667	–	–	–	142,667
621,925	–	–	–	621,925
192,000	–	–	–	192,000
192,000	–	–	–	192,000
58,800	–	–	–	58,800
142,667	–	–	–	142,667
585,467	–	–	–	585,467
1,484,166	220,000	1,920,000	36,000	3,660,166

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

董事薪酬（续）

截至二零二五年三月三十一日止年度

8 DIRECTORS’ REMUNERATION

(Continued)

Year ended 31 March 2025

Directors’

Discretionary

bonus

Salaries,

alowances

and benefits

in kind

Retirement

scheme

contributionsTotal

董事袍金酌情花红

薪金、津贴

及实物福利退休计划供款总计

Executive Directors

执行董事

Mr. Bai Huawei

白华威先生

Mr. Wang Yu

王雨先生

Mr. Yan Shuai (retired on 19 August 2024)

严帅先生（于二零二四年

八月十九日退任）

Non-executive Directors

非执行董事

Mr. Xu Lin (Chairman)

(apointed on 4 November 2024)

许琳先生（主席）

（于二零二四年

十一月四日获委任）

Mr. Lui Kwok Wai

吕国威先生

Mr. Zhang Zhenyi (retired on

19 August 2024)

张振义先生（于二零二四年

八月十九日退任）

Mr. Chui Kwong Kau (resigned on

4 November 2024)

崔光球先生（于二零二四年

十一月四日辞任）

Independent Non-executive Directors

独立非执行董事

Mr. Jiang Senlin

姜森林先生

Mr. Zhang Yi

张义先生

Ms. Dan Xi

(apointed on 4 November 2024)

但曦女士

（于二零二四年

十一月四日获委任）

Mr. Eric, Tod

(resigned on 4 November 2024)

达振标先生

（于二零二四年

十一月四日辞任）

Total

总计

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

8 DIRECTORS’ REMUNERATION

(Continued)

Year ended 31 March 2024

Directors’

Discretionary

bonus

Salaries,

alowances

and benefits

in kind

Retirement

scheme

contributionsTotal

董事袍金酌情花红

薪金、津贴

及实物福利退休计划供款总计

Executive Directors

执行董事

Mr. Yan Shuai (Chairman)

严帅先生（主席）

60,00060,0001,071,31716,5001,207,817

Mr. Bai Huawei (apointed on

7 September 2023)

白华威先生（于二零二三年

九月七日获委任）

–40,000680,00010,500730,500

Mr. Wang Yu (apointed on

5 January 2024)

王雨先生（于二零二四年

一月五日获委任）

222,581–64,5161,500288,597

Mr. Zhu Jiayu (resigned on

8 November 2023)

朱佳瑜先生（于二零二三年

十一月八日辞任）

610,400–265,362–875,762

892,981100,0002,081,19528,5003,102,676

Non-executive Directors

非执行董事

Mr. Zhang Zhenyi

张振义先生

198,400–198,400

Mr. Chui Kwong Kau

崔光球先生

198,400–198,400

Mr. Lui Kwok Wai (apointed on

5 January 2024)

吕国威先生（于二零二四年

一月五日获委任）

57,419–57,419

454,219–454,219

Independent Non-executive Directors

独立非执行董事

Mr. Eric, Tod

达振标先生

198,400–198,400

Mr. Jiang Senlin (apointed on

7 September 2023)

姜森林先生（于二零二三年

九月七日获委任）

136,000–136,000

Mr. Zhang Yi (apointed on

7 September 2023)

张义先生（于二零二三年

九月七日获委任）

136,000–136,000

Mr. Lo Wa Kei Roy (resigned on

5 January 2024)

卢华基先生（于二零二四年

一月五日辞任）

183,226–183,226

Mr. Leung Ka Fai, Nelson (resigned on

7 September 2023)

梁嘉辉先生（于二零二三年

九月七日辞任）

62,800–62,800

716,426–716,426

Total

总计

2,063,626100,0002,081,19528,5004,273,321

During the years ended 31 March 2025 and 2024, none of

the Directors was granted share options, in respect of their

services to the Group under the share option scheme of

the Group.

During the years ended 31 March 2025 and 2024, no

emoluments were paid by the Group to the Directors as

an inducement to join or upon joining the Group or as

compensation for los of ofice. Neither the chief executive

oficer nor any of the Directors waived any emoluments

during the years ended 31 March 2025 and 2024.

董事薪酬（续）

截至二零二四年三月三十一日止年度

于截至二零二五年及二零二四年三月三十一

日止年度，概无董事就彼等为本集团所提供的

服务根据本集团之购股权计划获授购股权。

于截至二零二五年及二零二四年三月三十一

日止年度，本集团概无向董事支付酬金，作为

招揽其加入或于其加入本集团后的奖励或作

为离职补偿。于截至二零二五年及二零二四年

三月三十一日止年度，概无行政总裁亦无任何

董事放弃任何酬金。

9,583,462
1,500,000
36,000
11,119,462

–
–
–
5

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

9 EMOLUMENTS OF FIVE HIGHEST

PAID INDIVIDUALS

The five highest paid individuals of the Group did

not consist any of the Directors of the Company (the

“Directors”) for the year ended 31 March 2025 and

2024, whose emoluments are disclosed in note 8 to the

consolidated financial statements. The emoluments in

respect of the remaining individuals are as folows:

二零二五年二零二四年

Salaries, alowances and benefits in kind

薪金、津贴及实物福利

8,380,000

Discretionary bonus

酌情花红

1,500,000

Retirement scheme contributions

退休计划供款

36,000

9,916,000

During the years ended 31 March 2025 and 2024, no

emoluments were paid by the Group to the five highest

paid individuals (including Directors and employes) or

other directors as an inducement to join or upon joining the

Group, or as compensation for los of ofice.

The emoluments of five (2024: five) individuals with the

highest emoluments are within the folowing bands:

二零二五年二零二四年

Number of

individuals

Number of

individuals

人数人数

Below 1,000,0001,000,000

以下

–

1,000,000–1,500,0001,000,000

－

1,500,000–

1,500,001–2,000,0001,500,001

－

2,000,0001

2,000,001–2,500,0002,000,001

－

2,500,0004

五名最高薪酬人士的酬金

截至二零二五年及二零二四年三月三十一日

止年度，本集团五名最高薪酬人士并非任何本

公司董事（「董事」），其酬金披露于综合财务

报表附注

。其余人士的酬金如下：

于截至二零二五年及二零二四年三月三十一

日止年度，本集团概无向五名最高薪酬人士

（包括董事及雇员）或其他董事支付酬金，以

作为招揽其加入或于其加入本集团后的酬金

或作为离职补偿。

五名（二零二四年：五名）最高薪酬人士的酬金

介乎以下范围：

(51,429,751)
128,240,855

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

10 DIVIDENDS

The Directors do not recomend the payment of a final

dividend for the year ended 31 March 2025. No dividend

has ben declared or paid by the Company for the years

ended 31 March 2025 and 2024.

11. LOS PER SHARE

(a) Basic los per share

The calculation of the basic los per share atributable to

owners of the Company is based on the folowing:

二零二五年二零二四年

Los

亏损

Los atributable to owners of the Company (HK$)

本公司拥有人应占亏损（港元）

(20,621,836)

（

Restated

）

（经重列）

Number of shares

股份数目

Weighted average number of ordinary shares for the

purpose of basic los per share

计算每股基本亏损之普通股

加权平均数

93,876,074

For the year ended 31 March 2025, the calculation of the

basic los per share atributable to owners of the Company

was based on (i) the los atributable to owners of the

Company and (i) the weighted average number of ordinary

shares in isue which was adjusted by the efect of (a)

3,164,500 shares (adjusted for the share consolidation

(note 26(c)(i) held for the Group’s share award scheme,

and (b) the rights isue which was completed subsequent

to the end of the reporting period on 9 May 2025 (note

32(a).

Comparative figure has also ben adjusted on the

asumption that the rights isue has ben efective as at 1

April 2023.

(b) Diluted loses per share

There were no diluted potential shares in existence during

the years ended 31 March 2025 and 2024.

股息

董事并不建议派付截至二零二五年三月

三十一日止年度之末期股息。本公司并无宣

派或派付截至二零二五年及二零二四年三月

三十一日止年度之股息。

11.

每股亏损

(a)

每股基本亏损

本公司拥有人应占每股基本亏损乃按下列数

据计算：

截至二零二五年三月三十一日止年度，本公

司拥有人应占每股基本亏损乃根据下列各项

计算得出

(i)

本公司拥有人应占亏损及

(i)

受

(a)

本集团股份奖励计划持有的

3,164,500

股份

（经就股份合并（附注

26(c)(i)

）作出调整），及

(b)

报告期末后于二零二五年五月九日完成之

供股（附注

32(a)

）影响而调整的已发行普通股

加权平均数。

比较数字亦基于供股已于二零二三年四月一

日生效的假设予以调整。

(b)

每股摊薄亏损

于截至二零二五年及二零二四年三月三十一

日止年度，概无潜在摊薄股份。

10,870,793	4,979,700	1,308,715	930,403	3,391,304	21,480,915
–	(3,206,000)	–	–	(2,636,800)	(5,842,800)
(3,077,457)	–	–	(23,730)	–	(3,101,187)
(61,500)	–	–	–	–	(61,500)
(38,047)	–	864	(412)	–	(37,595)
14,258,871	80,369,969	2,009,609	3,234,193	17,931,280	117,803,922

5,230,387	1,481,705	340,458	353,140	1,592,927	8,998,617
–	(3,206,000)	–	–	(2,136,800)	(5,342,800)
(3,077,457)	–	–	(23,730)	–	(3,101,187)
2,084,324	–	300,854	156,636	–	2,541,814
(25,956)	–	257	(282)	–	(25,981)
8,333,099	74,899,254	1,111,796	2,325,624	12,531,413	99,201,186
5,925,772	5,470,715	897,813	908,569	5,399,867	18,602,736

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

物业、厂房及设备

(a)

账面值对账

12 PROPERTY, PLANT AND

EQUIPMENT

(a) Reconciliation of carying amount

Right-of-use

asetsMachinery

Leasehold

improvements

Furniture

and fixtures

Motor

vehiclesTotal

使用权资产机械租赁装修家私及装置汽车总计

Cost:

成本：

At 1 April 2023

于二零二三年

四月一日

4,475,21178,444,869700,0302,811,75116,122,781102,554,642

Aditions

新增

2,269,238561,400–122,3651,053,9954,006,998

Disposals

出售

–(410,000)–(600,515)–(1,010,515)

Exchange realignments

汇兑调整

(179,367)–(5,669)–(185,036)

At 31 March 2024

于二零二四年

三月三十一日

6,565,08278,596,269700,0302,327,93217,176,776105,366,089

Aditions

新增

Disposals

出售

Writen of

撇销

Lease modification

租赁修订

Exchange realignment

汇兑调整

At 31 March 2025

于二零二五年

三月三十一日

Acumulated depreciation

and impairment:

累计折旧及减值：

At 1 April 2023

于二零二三年四月一日

2,605,81876,130,031409,3972,249,92211,752,07793,147,245

Charge for the year

年内支出

1,657,720903,51860,830189,7361,323,2094,135,013

Disposals

出售

–(410,000)–(597,582)–(1,007,582)

Exchange realignments

汇兑调整

(141,737)–(2,216)–(143,953)

At 31 March 2024

于二零二四年

三月三十一日

4,121,80176,623,549470,2271,839,86013,075,28696,130,723

Charge for the year

年内支出

Disposals

出售

Writen of

撇销

Impairment (note (a)(i)

减值（附注

(a)(i)

）

Exchange realignment

汇兑调整

At 31 March 2025

于二零二五年

三月三十一日

Net carying amount

账面净值

At 31 March 2025

于二零二五年

三月三十一日

At 31 March 2024

于二零二四年

三月三十一日

2,443,2811,972,720229,803488,0724,101,4909,235,366

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

12 PROPERTY, PLANT AND

EQUIPMENT (Continued)

(a) Reconciliation of carying amount (Continued)

Note (i):

As at 31 March 2025, as the Directors considered that

there were impairment indicators on the property, plant and

equipment and right-of-use asets of each of its financial

services and e-comerce busines segments because of

the substantial los incured by these segments during the

year. The Group performed an impairment test on a cash-

generating unit (the “CGU”) of each of the financial services

and e-comerce busines segments.

The respective recoverable amounts of the CGU regarding

the financial services and e-comerce busines segments

were determined based on a value in use calculation (the “VIU

Calculation”) using cash flow projection based on financial

budget prepared and aproved by the management of the

Group. The key asumptions involved in the VIU Calculation

separately regarding the financial services and e-comerce

busines segments were the discount rate of 15% and

budgeted gros margin from 23% to 100%.

Based on the respective VIU Calculation, the impairment of

property, plant and equipment and right-of-use asets of

aproximately HK$457,000 (2024: nil) and aproximately

HK$2,084,000 (2024: nil), respectively, were provided during

the year.

物业、厂房及设备（续）

(a)

账面值对账（续）

附注

(i)

：

于二零二五年三月三十一日，董事认为其金融服务

及电商业务分部的物业、厂房及设备以及使用权资

产有减值迹象，乃由于年内该等分部产生重大亏

损。本集团对金融服务及电商业务分部的现金产生

单位（「现金产生单位」）分别进行减值测试。

金融服务及电商业务分部的现金产生单位的各自可

回收金额乃基于本集团管理层编制及批准的财务预

算所作的现金流量预测，以使用价值计算（「使用价

值计算」）厘定。金融服务及电商业务分部的使用价

值计算分别涉及的关键假设为贴现率

15%

及预算毛

利率介乎

23%

至

100%

。

基于各自使用价值计算，物业、厂房及设备以及使

用权资产分别减值约

457,000

港元（二零二四年：零）

及约

2,084,000

港元（二零二四年：零），已于年内计

提拨备。

5,925,772

5,230,387
2,084,324
754,146
21,911,333
3,093,529

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

12 PROPERTY, PLANT AND

EQUIPMENT (Continued)

(b) Right-of-use asets

The analysis of the net carying amount of right-of-use

asets by clas of underlying aset is as folows:

二零二五年二零二四年

Right-of-use asets

caried at cost les acumulated depreciation and

impairment

使用权资产

（按成本减累计折旧及

减值列账）

2,443,281

The analysis of expense items in relation to leases

recognised in profit or los is as folows:

二零二五年二零二四年

Depreciation of right-of-use asets

使用权资产折旧

1,657,720

Impairment of right-of-use asets

使用权资产减值

–

Interest on lease liabilities (note 6(a)

租赁负债利息（附注

6(a)

）

187,645

Expense relating to short-term leases

与短期租赁有关的开支

– machinery

－机械

17,490,234

– properties

－物业

2,166,000

During the year, aditions to right-of-use asets were

aproximately HK$10,871,000 (2024: aproximately

HK$2,269,000). This amount related to the capitalised

lease payments payable under new tenancy agrements.

Details of total cash outflow for leases and the maturity

analysis of lease liabilities are set out in notes 21(c), 24 and

29(b) to the consolidated financial statements, respectively.

The Group has obtained the right to use of the properties

as its ofice and warehouses through tenancy agrements.

The leases typicaly run for an initial period of 2 to 3 years.

There was no lease extension options or early termination

options in the leases entered by the Group for years ended

31 March 2025 and 2024.

物业、厂房及设备（续）

(b)

使用权资产

按相关资产类别划分的使用权资产账面净值

的分析载列如下：

于损益内确认的租赁开支项目的分析载列如

下：

年内，新增使用权资产约

10,871,000

港元（二

零二四年：约

2,269,000

港元）。该金额与新订

租赁协议项下应付的资本化租赁款项相关。

有关租赁的现金流出总额以及租赁负债的到

期情况分析之详情分别载于综合财务报表附

注

21(c)

、

及

29(b)

。

本集团已透过租赁协议取得权利使用物业作

为其办公室及仓库。该等租赁一般初步为期两

至三年。

本集团于截至二零二五年及二零二四年三月

三十一日止年度订立的租赁并无续租选择权

或提前终止权。

290,000	–	–	290,000
–	–	–	–
290,000	–	–	290,000
290,000	–	–	290,000
–	90,000	850,000	940,000
–	(6,375)	–	(6,375)
290,000	83,625	850,000	1,223,625
290,000	90,000	850,000	1,230,000
–	(6,375)	–	(6,375)
290,000	83,625	850,000	1,223,625

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

无形资产

13 INTANGIBLE ASETS

Club

membershipTrademarkLicenceTotal

会籍商标牌照总计

Year ended 31 March 2025

截至二零二五年三月三十一日

止年度

At 1 April 2024:

于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 1 April 2024, net of

acumulated amortisation

于二零二四年四月一日，

扣除累计摊销

Aditions

添置

Amortisation during the year

年内摊销

At 31 March 2025, net of acumulated

amortisation

于二零二五年三月三十一日，

扣除累计摊销

At 31 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

Year ended 31 March 2024

截至二零二四年三月三十一日

止年度

At 1 April 2023

于二零二三年四月一日

Cost

成本

290,000–290,000

Acumulated amortisation

累计摊销

–

Net carying amount

账面净值

290,000–290,000

At 1 April 2023, net of

acumulated amortisation

于二零二三年四月一日，

扣除累计摊销

290,000–290,000

Amortisation during the year

年内摊销

–

At 31 March 2024, net of

acumulated amortisation

于二零二四年三月三十一日，

扣除累计摊销

290,000–290,000

At 31 March 2024

于二零二四年三月三十一日

Cost

成本

290,000–290,000

Acumulated amortisation

累计摊销

–

Net carying amount

账面净值

290,000–290,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

13 INTANGIBLE ASETS (Continued)

Club membership

Club membership has an indefinite useful life and is

tested for impairment anualy.

Trademark

Trademark has a finite useful life for 8 years and is

caried at cost les acumulated amortisation and

impairment.

Licence

Licence has an indefinite useful life and is tested for

impairment anualy.

无形资产（续）

会籍

会籍的可使用年期为无限期，每年进行

减值测试。

商标

商标的可使用年期为

年，按成本减累

计摊销及减值入账。

牌照

牌照的可使用年期为无限期，每年进行

减值测试。

–

2,480,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

14 FINANCIAL ASETS AT FAIR

VALUE THROUGH OTHER

COMPREHENSIVE INCOME

二零二五年二零二四年

Investment in equity securities – Unlisted, at fair value

(note 29(f)

按公平值计量之股本证券

投资—非上市

（附注

29(f)

）

2,734,980

As at 31 March 2024, the above unlisted equity investment

represented aproximately 19.7% equity interest in Matsu

Gami IP Development Limited (the “Matsu Gami”),

an entity established in the BVI, which was irevocably

designated as financial asets at FVOCI as the Group

considered this investment to be strategic in nature. The

Group engaged an independent profesional valuer to

determine the fair value of this equity investment as at

31 March 2024 by using discounted cash flow method.

Details of the key asumptions used in the valuation are set

out in note 29(f) to the consolidated financial statements.

During the year, the Group further recorded a fair value

los of aproximately HK$1,135,000 for the financial

asets at FVOCI, which has ben subsequently disposed

at a consideration of HK$1,600,000. Upon the disposal

of the financial asets at FVOCI, the fair value reserve was

released to the acumulated loses.

15 FINANCIAL ASETS AT FAIR VALUE

THROUGH PROFIT OR LOS

二零二五年二零二四年

Investment in equity securities – Listed in

Hong Kong, at fair value (note 29(f)

按公平值计量之股本证券投

资—于香港上市（附注

29(f)

）

1,959,200

The fair value of listed equity investments is determined

with reference to quoted market bid price from the Stock

Exchange and within level 1 of the fair value hierarchy. The

equity investments were clasified as financial asets at

FVTPL as they were held for trading.

按公平值计入其他全面收益的金融

资产

于二零二四年三月三十一日，上述非上市股本

投资指于英属处女群岛成立的一间实体松神

发展有限公司（「松神」）的约

19.7%

股权，由

于本集团认为该投资属策略性质，该投资不可

撤销地被指定为按公平值计入其他全面收益

的金融资产。本集团委聘一名独立专业估值师

通过采用贴现金流量法厘定该股本投资于

二零二四年三月三十一日的公平值。有关估值

中所采用的关键假设详情载于综合财务报表

附注

29(f)

。

于年内，本集团就按公平值计入其他全面

收益的金融资产进一步录得公平值亏损约

1,135,000

港元，后续已按代价

1,600,000

港

元予以出售。出售按公平值计入其他全面收益

的金融资产后，公平值储备已拨回累计亏损

内。

按公平值计入损益的金融资产

上市股本投资的公平值乃参照联交所的市场

报价而厘定，并计入公平值层级的第一级。由

于该等股本投资持作买卖，故彼等分类为按公

平值计入损益的金融资产。

9,447,328

79,629,124
13,182,524
92,811,648
(4,545,493)
88,266,155

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

16 INVENTORIES

二零二五年二零二四年

Finished gods

制成品

–

17 CONTRACT ASETS

二零二五年二零二四年

Contract asets arising from:

– foundation construction works

以下所产生的合约资产：

—地基建筑工程

92,841,123

– ground investigation services

—土地勘测服务

26,974,965

119,816,088

Les: Impairment

减：减值

(2,260,836)

117,555,252

Typical payment terms which impact on the amount of

contract asets recognised are as folows:

The Group’s foundation construction works and ground

investigation services which require stage payments

over the construction/service period once milestones

are reached as aplication submited to the customers/

certificate isued by the customer.

At 31 March 2025 and 2024, the Group’s foundation

construction works and ground investigation services

typicaly have an agred retention period of thre months to

one year for 5% – 10% of the contract value, which amount

is included in contract asets until the end of the retention

period as the Group’s entitlement to this final payment is

conditional on the Group’s foundation construction work

satisfactorily pasing inspection.

存货

合约资产

对经确认合约资产金额构成影响的一般支付

条款如下：

本集团的地基建筑工程及土地勘测服务要求

一旦进程达标（向客户提交申请╱客户发出认

证），即于建设╱服务期间分阶段付款。

于二零二五年及二零二四年三月三十一日，

本集团就合约价值

至

10%

之地基建筑工程

及土地勘测服务协定的保留期一般为三个月

至一年，该金额直至保留期结束方计入合约资

产，原因为本集团获得此最终付项的权利于本

集团地基建筑工程顺利通过验收后方可作实。

19,326,142
51,213,072
70,539,214
(5,023,014)
(29,087,346)
(34,110,360)
36,428,854

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

17 CONTRACT ASETS (Continued)

An impairment analysis is performed at each reporting date

using a provision matrix to measure expected credit loses,

which is based on days past due of contract asets for

groupings of various customer segments with similar los

paterns and adjusted for forward-loking factors specific

to the customers and the environment. Details of the

provision matrix and the movements in the los alowance

for impairment of contract asets are set out in note 29(a)

to the consolidated financial statements.

18 TRADE AND OTHER RECEIVABLES

二零二五年二零二四年

Trade receivables (Note)

贸易应收款项（附注）

31,800,294

Deposits, prepayments and other receivables

按金、预付款项及其他

应收款项

50,528,742

82,329,036

Les: Impairment

减：减值

– trade receivables (Note)

—贸易应收款项（附注）

(1,177,123)

– other receivables

—其他应收款项

(32,000,760)

(33,177,883)

49,151,153

Note:

The Group’s trading terms with its customers are mainly on credit,

except for new customers, where payment in advance is normaly

required. Trade receivables are normaly due within 30 to 60 days from

the certificate date or 60 to 90 days from the invoice date. Further

details on the Group’s credit policy are set out in note 29(a) to the

consolidated financial statements.

The Group seks to maintain strict control over its

outstanding receivables to minimise credit risk. Overdue

balances are reviewed regularly by senior management.

The Group does not hold any colateral or other credit

enhancements over its trade receivable balances. As at the

end of the reporting period, the Group had concentrations

of credit risk as the trade receivables mainly related to a

few number of customers.

合约资产（续）

减值分析于各报告日期进行，当中使用拨备矩

阵来计量预期信贷亏损，其乃基于具有类似亏

损模式的客户群分组之合约资产的逾期天数

计算，并根据客户及环境的特定前瞻性因素作

出调整。有关拨备矩阵及合约资产减值亏损拨

备变动的详情载于综合财务报表附注

29(a)

。

贸易及其他应收款项

附注：

本集团与其客户的贸易条款主要为信贷，惟新客户通常需

要提前付款。贸易应收款项一般于证书日期起计

至

日

或发票日期起计

至

日内到期。有关本集团信贷政策的

进一步详情载于综合财务报表附注

29(a)

。

本集团致力严格监控其未收回的应收款项，以

尽量减低信贷风险。高级管理层定期审阅逾期

结余。本集团并无就贸易应收款项结余持有任

何抵押品或其他信贷增级。于报告期末，由于

贸易应收款项主要涉及少数客户，本集团的信

贷风险较为集中。

8,806,622
3,881,962
–
1,614,544
14,303,128

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

18 TRADE AND OTHER RECEIVABLES

(Continued)

An impairment analysis is performed at each reporting date

using a provision matrix to measure expected credit loses,

which is based on days past due for groupings of various

customer segments with similar los paterns, adjusted

for forward-loking factors specific to the customers and

the environment. Details of the provision matrix and the

movements in los alowance for impairment of trade

and other receivables are set out in note 29(a) to the

consolidated financial statements.

Ageing analysis

As at the end of the reporting period, the ageing analysis of

trade receivables, net of impairment, based on the date of

progres certificates isued by customers or date of invoice

isued to customers and net of alowance, is as folows:

二零二五年二零二四年

Within 1 month

一个月内

10,409,405

1 to 2 months

一至两个月

6,329,711

2 to 3 months

两至三个月

1,754,280

Over 3 months

三个月以上

12,129,775

30,623,171

贸易及其他应收款项（续）

减值分析于各报告日期进行，当中使用拨备矩

阵来计量预期信贷亏损，其乃基于将具有相似

亏损模式的各个客户群分组进行分组之逾期

天数计算，并根据客户及环境的特定前瞻性因

素作出调整。有关拨备矩阵及贸易及其他应收

款项减值亏损拨备变动的详情载于综合财务

报表附注

29(a)

。

账龄分析

截至报告期末，基于客户发出的进度证书日期

或向客户发出的发票日期及扣除拨备后，贸易

应收款项（扣除减值）的账龄分析如下：

7,700,000
(3,840,764)
3,859,236
(2,771,136)
1,088,100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

19 LOAN RECEIVABLES

二零二五年二零二四年

Fixed-rate loan receivables, unsecured

固定利率应收贷款，无抵押

12,900,000

Les: Impairment

减：减值

(8,137,900)

4,762,100

Les: Clasified as non-curent portion

减：分类为非即期部分

(809,100)

Curent portion

即期部分

3,953,000

As at 31 March 2024, the Group’s loan receivable (the

“Loan A”) was secured by personal guarantes, interest

bearing at 12% per anum and has ben overdue for

repayment. The Group further agred with the borower

to setle the outstanding amount by instalments up to

September 2025. The interest thereon has ben waived

save for default in repayment as scheduled.

As at 31 March 2025, the balance consisted of the Loan A

and another loan with principal amount of HK$2,800,000

which is unsecured, bears interest at 15% per anum and

repayable on or before 7 July 2026, and is clasified as

non-curent portion as at 31 March 2025.

Provision for impairment on loan receivables of

aproximately HK$3,841,000 (2024: aproximately

HK$8,138,000) was provided for the outstanding

balances as at 31 March 2025. Details of the impairment

asesment are set out in note 29(a) to the consolidated

financial statements.

As at the end of the reporting period, the Group had

concentrations of credit risk as the loan receivables relate

to two borowers (2024: one).

应收贷款

于二零二四年三月三十一日，本集团的应收

贷款（「贷款

」）为个人提供担保、年利率为

12%

，且已逾期未还。本集团进一步同意借款

人于二零二五年九月之前分期偿还未偿还款

项。除贷款不能如期偿还外，有关利息已获豁

免。

于二零二五年三月三十一日，结余包括贷款

及本金额为

2,800,000

港元之其他贷款，该笔

贷款为无抵押，年利率为

15%

，须于二零二六

年七月七日或之前偿还，且于二零二五年三月

三十一日分类为非即期部分。

于二零二五年三月三十一日，已就未偿还结

余计提约

3,841,000

港元（二零二四年：约

8,138,000

港元）的应收贷款减值拨备。有

关减值评估的详情载于综合财务报表附注

29(a)

。

于报告期末，由于应收贷款与两名借款人（二

零二四年：一名）有关，本集团的信贷风险较

为集中。

–
30,000,000
76,964,960
106,964,960

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

20 CASH AND CASH EQUIVALENTS

二零二五年二零二四年

Deposits with other financial institutions

存放于其他金融机构的存款

6,265,830

Deposits with banks with original maturity

les than 3 months

原到期日少于三个月的

银行存款

45,000,000

Cash at banks and in hand

银行存款及手头现金

87,019,992

Total cash and cash equivalents

现金及现金等价物总额

138,285,822

The cash and bank balances amounting to aproximately

HK$3,748,000 (2024: aproximately HK$5,220,000)

that were deposited in bank acounts maintained in the

Mainland China and denominated in Renminbi (“RMB”)

were not frely convertible into other curencies and were

subject to exchange controls in the Mainland China.

However, under the Mainland China Foreign Exchange

Control Regulations and Administration of Setlement, Sale

and Payment of Foreign Exchange Regulation, the Group

is permited to exchange RMB for other curencies through

bank authorised to conduct foreign exchange busines.

21 NOTE 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 aproximately

HK$10,871,000 (2024: aproximately HK$2,269,000)

and aproximately HK$10,871,000 (2024: aproximately

HK$2,269,000), respectively in respect of lease

arangement for ofice and warehouse premises.

现金及现金等价物

存放于中国内地银行账户并以人民币（「人民

币」）计值的现金及银行结余约

3,748,000

港元

（二零二四年：约

5,220,000

港元）不能自由

兑换为其他货币，并受中国内地的外汇管制所

规限。然而，根据中国内地外汇管理条例及结

汇、售汇及付汇管理规定，本集团获准透过获

授权经营外汇业务的银行，将人民币兑换为其

他货币。

综合现金流量表附注

(a)

主要非现金交易

于年内，本集团就办公室及仓库物业的租赁

安排，分别录得使用权资产及租赁负债非现

金增加约

10,871,000

港元（二零二四年：约

2,269,000

港元）及约

10,871,000

港元（二零

二四年：约

2,269,000

港元）。

(51,896,177)
10,560,387
3,768,230
5,230,387
6,375
(1,149,428)
–
(520,800)
6,130,536
(2,890,022)
2,541,814
(4,297,136)
(1,015,000)
(24,205)
(1,631,760)
–
35,186,799
（）
–
(9,447,328)
11,824,128
5,200,000
27,004,440
(12,488,084)
(13,093,643)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

21 NOTE TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(Continued)

(b) Reconciliation of los before tax to cash (used

in)/generated from operations:

Notes20252024

附注二零二五年二零二四年

Cash flows from operating activities

经营活动现金流量

Los before tax

除税前亏损

(19,340,608)

Adjustments for:

就下列各项调整：

Finance costs

融资成本

6(a)9,153,895

Depreciation of property, plant and equipment

物业、厂房及设备折旧

6(c)2,477,293

Depreciation of right-of-use asets

使用权资产折旧

6(c)1,657,720

Amortisation of intangible asets

无形资产摊销

6(c)–

Bank interest income

银行利息收入

5(655,521)

Other interest income

其他利息收入

5(1,275,842)

Net change in fair value of financial asets

at FVTPL

按公平值计入损益的金融资产

的公平值变动净额

5520,800

Impairment loses/(Reversal of impairment) on

trade receivables and contract asets

贸易应收款项及合约资产之

减值亏损╱（减值拨回）

6(c)(8,400,236)

(Reversal of impairment)/Impairment los on

other receivables

其他应收款项（减值拨回）╱

减值亏损

6(c)29,012,657

Impairment of property, plant and equipment

物业、厂房及设备减值

12(a)–

Reversal of impairment loses on

loan receivables

应收贷款之

减值亏损拨回

6(c) (16,725,896)

Gain on disposal of property,

plant and equipment

出售物业、厂房及设备之

收益

5(135,235)

Gain on lease modification

租赁修订之收益

–

Write back of other payables

其他应付款项拨回

5–

Recognition of long services payment liabilities

确认长期服务金负债

493,534

Operating los before working

capital changes

营运资金变动前之经营亏损

(3,217,439)

Increase in financial asets at FVTPL

按公平值计入损益的

金融资产增加

(2,480,000)

Increase in inventories

存货增加

–

Decrease in trade and other receivables

贸易及其他应收款项减少

12,207,185

Decrease in loan receivables

应收贷款减少

19,054,435

Decrease in contract asets

合约资产减少

12,618,441

(Decrease)/Increase in trade and other payables

and acruals

贸易及其他应付款项及

应计费用（减少）╱增加

5,283,958

Cash (used in)/generated from operations

经营（所用）╱所得现金

43,466,580

综合现金流量表附注（续）

(b)

除税前亏损与经营（所用）╱所得现金的对

账：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

21 NOTE TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(Continued)

financing activities

The table below details changes in the Group’s liabilities

from financing activities, including both cash and non-

cash changes. Liabilities arising from financing activities are

liabilities for which cash flows were, or future cash flows

wil be, clasified in the Group’s consolidated cash flow

statement as cash flows from financing activities.

Lease

liabilities

Due to

a related

company

Due to

directors of

subsidiariesTotal

租赁负债

应付一间

关连公司

款项

应付

附属公司

董事之款项总计

At 1 April 2024

于二零二四年四月一日

2,590,44255,350,521122,000,000179,940,963

Changes from financing cash flows:

融资现金流量变动：

Payment of principal portion of

lease liabilities

偿还租赁负债的本金部分

(4,731,262)–(4,731,262)

Payment of interest portion of

lease liabilities

偿还租赁负债的利息部分

(754,146)–(754,146)

Advance from directors of subsidiaries

附属公司董事垫款

–6,596,6526,596,652

Repayment to directors of subsidiaries

向附属公司董事还款

–(21,502,614)(21,502,614)

Repayment to a related company

向一间关连公司还款

–(2,000,000)–(2,000,000)

Total changes from financing cash flows

融资现金流量变动总额

(5,485,408)(2,000,000)(14,905,962)(22,391,370)

Other changes:

其他变动：

Increase in lease liabilities from entering

into new leases during the year

年内订立新租赁令

租赁负债增加

10,870,793–10,870,793

Interest on lease liabilities

租赁负债利息

754,146–754,146

Interest on borowing from

directors of subsidiaries

来自附属公司董事之

借贷之利息

–7,139,9917,139,991

Interest on borowing from

a related company

来自一间关连公司之

借贷之利息

–2,666,250–2,666,250

Efect of lease modification

租赁修订之影响

(85,705)–(85,705)

Exchange adjustment

汇兑调整

(12,301)–(12,301)

Total other changes

其他变动总额

11,526,9332,666,2507,139,99121,333,174

At 31 March 2025

于二零二五年三月三十一日

8,631,96756,016,771114,234,029178,882,767

综合现金流量表附注（续）

(c)

融资活动产生之负债对账

下表详述本集团融资活动产生之负债变动，包

括现金及非现金变动。融资活动产生之负债为

已于或将于本集团综合现金流量表内分类为

融资活动产生之现金流量或未来现金流量的

负债。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

21 NOTE TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(Continued)

financing activities (Continued)

Lease

liabilities

Due to

a related

company

Due to

directors of

subsidiariesTotal

租赁负债

应付一间

关连公司

款项

应付

附属公司

董事之款项总计

At 1 April 2023

于二零二三年四月一日

1,846,42062,484,271124,578,127188,908,818

Changes from financing cash flows:

融资现金流量变动：

Payment of principal portion of

lease liabilities

偿还租赁负债的本金部分

(1,491,935)–(1,491,935)

Payment of interest portion of

lease liabilities

偿还租赁负债的利息部分

(187,645)–(187,645)

Repayment to directors of subsidiaries

向附属公司董事还款

–(8,678,127)(8,678,127)

Repayment to a related company

向一间关连公司还款

–(10,000,000)–(10,000,000)

Total changes from financing cash flows

融资现金流量变动总额

(1,679,580)(10,000,000)(8,678,127)(20,357,707)

Other changes:

其他变动：

Increase in lease liabilities from entering

into new leases during the year

年内订立新租赁令

租赁负债增加

2,269,238–2,269,238

Interest on lease liabilities

租赁负债利息

187,645–187,645

Interest on borowing from

directors of subsidiaries

来自附属公司董事之

借贷之利息

–6,100,0006,100,000

Interest on borowing from

a related company

来自一间关连公司之

借贷之利息

–2,866,250–2,866,250

Exchange adjustment

汇兑调整

(33,281)–(33,281)

Total other changes

其他变动总额

2,423,6022,866,2506,100,00011,389,852

At 31 March 2024

于二零二四年三月三十一日

2,590,44255,350,521122,000,000179,940,963

综合现金流量表附注（续）

(c)

融资活动产生之负债对账（续）

25,004,862
5,485,408
30,490,270

18,069,687
6,925,933
9,639,915
34,635,535

11,009,837
5,717,693
98,151
1,244,006
18,069,687

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

21 NOTE TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(Continued)

(d) Total cash outflow for leases

Amounts included in the cash flow statement for leases

comprise the folowing:

二零二五年二零二四年

Within operating cash flows

属于经营现金流量

19,656,234

Within financing cash flows

属于融资现金流量

1,679,580

21,335,814

22. TRADE AND OTHER PAYABLES AND

ACRUALS

二零二五年二零二四年

Trade payables

贸易应付账款

30,929,648

Retention payables

应付保留金

5,918,872

Other payables and acruals

其他应付款项及应计费用

11,906,859

48,755,379

Ageing analysis

As at the end of the reporting period, ageing analysis of

trade payables based on the invoice date is as folows:

二零二五年二零二四年

Within 1 month

一个月内

17,347,931

1 to 2 months

一至两个月

9,357,136

2 to 3 months

两至三个月

2,922,128

Over 3 months

三个月以上

1,302,453

30,929,648

综合现金流量表附注（续）

(d)

租赁现金流出总额

就租赁计入现金流量表中的金额包括以下各

项：

22.

贸易及其他应付款项及应计费用

账龄分析

截至报告期末，基于发票日期的贸易应付账款

的账龄分析如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

23 DUE TO A RELATED COMPANY/

DIRECTORS OF SUBSIDIARIES

The amount due to a related company, Bright Dynasty

Trading Limited (“Bright Dynasty”), is unsecured, bearing

interest at 5% (2024: 5%) per anum and repayable on

demand. Bright Dynasty is beneficialy owned by Mr.

Fong Hon Hung (“Mr. Fong”), who is a member of key

management personel of the Group and a director of a

principal subsidiary. In adition, Bright Dynasty agred,

for a period up to 25 March 2026, not to demand for

repayment of aproximately HK$53,000,000 owed by

Hong Kong Wan Wai Company Limited, a subsidiary of the

Company, until it is in a position to do so.

The amount due to a director of a subsidiary, Mr. Lau Won

Si (“Mr. Lau”), in the amount of HK$107,637,000 (2024:

HK$122,000,000) is unsecured, bearing interest at 6.5%

(2024: 5%) per anum and repayable on demand. Mr.

Lau was a member of key management personel of the

Group and a director of a subsidiary. In adition, Mr. Lau

agred, for a period up to 25 March 2026, not to demand

for repayment of HK$102,000,000 owed by Wan Kei

Machinery Company Limited, a subsidiary of the Company,

until it is in a position to do so.

The amount due to a director of a subsidiary, Mr. Chen Yu

(“Mr. Chen”), in the amount of HK$6,597,000 (2024: nil) is

unsecured, bearing interest at 4.5% (2024: nil) per anum

and repayable on demand. Mr. Chen is a member of key

management personel of the Group and a director of a

subsidiary.

应付一间关连公司╱附属公司董事之

款项

应付一间关连公司光御贸易有限公司（「光御

贸易」）之款项属无抵押，按年息

（二零二四

年：

）计息及须按要求偿还。光御贸易由

方汉鸿先生（「方先生」）实益拥有，彼为本集

团的一名主要管理层成员及为一间主要附属

公司的董事。此外，光御贸易同意于直至二零

二六年三月二十五日止期间内，不要求偿还

本公司附属公司香港宏伟有限公司所欠之约

53,000,000

港元，直至其有能力偿还为止。

应付一间附属公司一名董事刘焕诗先生（「刘

先生」）之款项

107,637,000

港元（二零二四

年：

122,000,000

港元）属无抵押，按年息

6.5%

（二零二四年：

）计息及须按要求偿还。

刘先生曾为本集团的一名主要管理层成员及

为一间附属公司的董事。此外，刘先生同意于

直至二零二六年三月二十五日止期间内，不要

求偿还本公司附属公司宏基机械有限公司所

欠之

102,000,000

港元，直至其有能力偿还为

止。

应付一间附属公司董事陈彧先生（「陈先生」）

之款项

6,597,000

港元（二零二四年：零）属无

抵押，按年息

4.5%

（二零二四年：零）计息及

须按要求偿还。陈先生为本集团的一名主要管

理层成员及为一间附属公司的董事。

5,723,368	6,164,825
2,673,446	2,777,562
235,153	235,711
2,908,599	3,013,273
8,631,967	9,178,098
	(546,131)
	8,631,967
	5,723,368
	2,908,599
	8,631,967

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

24 LEASE LIABILITIES

The folowing table shows the remaining contractual

maturities of the Group’s lease liabilities:

二零二五年二零二四年

Present

value of the

minimum

lease

payments

Total

minimum

lease

payments

Present

value of the

minimum

lease

payments

Total

minimum

lease

payments

最低租赁最低租赁最低租赁最低租赁

付款的现值付款总额付款的现值付款总额

Within 1 year

一年内

1,617,7571,757,800

After 1 year but within 2 years

一年后惟于两年内

972,685996,153

After 2 years but within 5 years

两年后惟于五年内

–

972,685996,153

2,590,4422,753,953

Les: Total future interest expenses

减：未来利息开支总额

(163,511)

Present value of lease obligations

租赁承担的现值

2,590,442

Analysed into:

分析成：

Curent portion

即期部分

1,617,757

Non-curent portion

非即期部分

972,685

2,590,442

租赁负债

下表列示本集团租赁负债之剩余合约到期日：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

25 EMPLOYE RETIREMENT BENEFITS

The Group operates a Mandatory Provident Fund Scheme

(“the MPF scheme”) under the Hong Kong Mandatory

Provident Fund Schemes Ordinance for employes

employed under the jurisdiction of the Hong Kong

Employment Ordinance. The MPF scheme is a defined

contribution retirement plan administered by independent

trustes. Under the MPF scheme, the employer and its

employes are each required to make contributions to the

plan at 5% of the employes’ relevant income, subject

to a cap of monthly relevant income of HK$30,000.

Contributions to the plan vest imediately.

The employes of the Group’s subsidiaries in the PRC are

members of a state-managed retirement benefit scheme

operated by the government of the PRC. The subsidiaries

are required to contribute a specified percentage of

payrol cost to the retirement benefit scheme to fund the

benefits. The only obligation of the Group with respect to

the retirement benefit scheme is to make the specified

contributions.

No forfeited contribution is available to reduce the

contribution payable in the future years as at 31 March

2025 and 2024.

26 CAPITAL, RESERVES AND

DIVIDENDS

(a) Movements in components of equity

The reconciliation betwen the opening and closing

balances of each component of the Group’s consolidated

equity is set out in the consolidated statement of changes

in equity. Details of the changes in the Company’s

individual components of equity betwen the begining

and the end of the reporting period are set out below.

雇员退休福利

本集团根据《香港强制性公积金计划条例》为受

《香港雇佣条例》管辖的受聘雇员设立一项强

制性公积金计划（「强积金计划」）。强积金计

划为一项由独立受托人管理的定额供款退休

计划。根据强积金计划，雇主及其雇员各自须

按雇员相关收入的

向计划供款，每月最高

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

26 CAPITAL, RESERVES AND

DIVIDENDS (Continued)

(a) Movements in components of equity

(Continued)

Company

premium

Capital

reserve

Special

reserve

Fair value

reserve

Exchange

fluctuation

reserve

held under

share award

scheme

Acumulated

losesTotal

股份溢价资本储备特别储备公平值储备汇兑波动储备

股份奖励计划

持有股份累计亏损总计

Balance at 1 April 2023

于二零二三年四月一日之结余

211,357,6019,669,301143,726,131–(19,429,159)(254,814,122)90,509,752

Changes in equity during the year

ended 31 March 2024:

于截至二零二四年

三月三十一日止年度

之权益变动：

Los for the year

年内亏损

–(1,675,662)(1,675,662)

Equity investment at FVOCI

按公平值计入其他全面收益

之股本投资

– Change in fair value

—公平值变动

–(5,824,609)–(5,824,609)

Los and total comprehensive

income for the year

年内亏损及全面收益总额

–(5,824,609)–(1,675,662)(7,500,271)

Balance at 31 March 2024

于二零二四年

三月三十一日之结余

211,357,6019,669,301143,726,131(5,824,609)–(19,429,159)(256,489,784)83,009,481

premium

Capital

reserve

Special

reserve

Fair value

reserve

Exchange

fluctuation

reserve

held under

share award

scheme

Acumulated

losesTotal

股份溢价资本储备特别储备公平值储备汇兑波动储备

股份奖励计划

持有股份累计亏损总计

Balance at 1 April 2024

于二零二四年四月一日之结余

211,357,6019,669,301143,726,131(5,824,609)–(19,429,159)(256,489,784)83,009,481

Changes in equity during the year

ended 31 March 2025:于截至二零二五年

三月三十一日止年度

之权益变动：Los for the year

年内亏损

–(57,590,252)(57,590,252)

Equity investment at FVOCI

按公平值计入其他全面收益

之股本投资– Change in fair value

—公平值变动

–(1,134,980)–(1,134,980)

Transfer of fair value reserve upon

the disposal of equity investment

at FVOCI

出售按公平值计入其他全面

收益之股本投资后转让

公平值储备

–6,959,589–(6,959,589)–

Los and total comprehensive

income for the year年内亏损及全面收益总额–5,824,609–(64,549,841)(58,725,232)

Isue of shares

发行股份

17,280,000–17,280,000

Share isue expenses

股份发行开支

(492,000)–(492,000)

Balance at 31 March 2025

于二零二五年

三月三十一日之结余

228,145,6019,669,301143,726,131–(19,429,159)(321,039,625)41,072,249

(b) Special reserve

Special reserve represents the diference betwen the

equity of Hong Kong Wan Wai Company Limited acquired

pursuant to the Reorganisation on 9 May 2015 over the

nominal value of the Company’s shares isued in exchange

therefore.

资本、储备及股息（续）

(a)

权益组成变动（续）

本公司

(b)

特别储备

特别储备指根据于二零一五年五月九日之重

组所收购香港宏伟有限公司之权益与本公司

作为交换所发行股份之面值之差额。

200,000,000	20,000,000
–	–
800,000,000	80,000,000
1,000,000,000	100,000,000

96,000,000	9,600,000
–	–
19,200,000	1,920,000
115,200,000	11,520,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

26 CAPITAL, RESERVES AND

DIVIDENDS (Continued)

二零二五年二零二四年

Number of

ordinary shares

Nominal

value

Number of

ordinary shares

Nominal

value

普通股数目面值普通股数目面值

HK$HK$

港元港元

Ordinary shares,

authorised:

法定普通股：

At begining of year, of

HK$0.1 each (1 April 2023:

HK$ 0.01 each)

于年初为每股面值

0.1

港元

（二零二三年四月一日：

每股面值

0.01

港元）

2,000,000,00020,000,000

Share consolidation (note (i)

股份合并（附注

(i)

）

(1,800,000,000)–

Increase in authorised share

capital (note (i)

法定股本增加（附注

(i)

）

–

At end of year, ordinary shares

of HK$0.1 each

年末每股面值

0.1

港元的普通股

200,000,00020,000,000

二零二五年二零二四年

Number of

ordinary shares

Nominal

value

Number of

ordinary shares

Nominal

value

普通股数目面值普通股数目面值

HK$HK$

港元港元

Ordinary shares,

isued and fuly paid:

已发行及缴足普通股：

At begining of year, of

HK$0.1 each (1 April 2023:

HK$0.01 each)

于年初为每股面值

0.1

港元

（二零二三年四月一日：

每股面值

0.01

港元）

960,000,0009,600,000

Share consolidation

(note (i)

股份合并（附注

(i)

）

(864,000,000)–

Isue of shares (note (i)

发行股份（附注

(i)

）

–

At end of year, ordinary shares

of HK$0.1 each

年末每股面值

0.1

港元的普通股

96,000,0009,600,000

资本、储备及股息（续）

(c)

股本

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

26 CAPITAL, RESERVES AND

DIVIDENDS (Continued)

(i) Pursuant to an ordinary resolution pased at the

extraordinary general meting of the Company on

20 November 2023, every ten isued and unisued

existing shares of HK$0.01 each were consolidated

into one consolidated share of HK$0.1 each,

The share consolidation has ben efective on 22

November 2023.

(i) Pursuant to an ordinary resolution pased at the

extraordinary general meting of the Company on

13 March 2025, the authorised share capital of

the Company was increased from 200,000,000

to 1,000,000,000 shares of HK$0.1 each. The

increase in the authorised share capital has ben

efective on 13 March 2025.

(i) On 3 April 2024, the Company entered into a

placing agrement (the “Placing Agrement”) with

a placing agent, pursuant to which, the placing

agent has procured six places to subscribe for

(the “Placing”) 19,200,000 placing shares (the

“Placing Shares”) of the Company at placing price

of HK$1.00 per Placing Share.

Upon the completion of the Placing on 16 April

2024, net proceds from the Placing were

aproximately HK$18,708,000 (net of the isuing

expenses of aproximately HK$492,000), which wil

be used for the headquarters’ administration and

operation expenses.

资本、储备及股息（续）

(c)

股本（续）

(i)

根据于二零二三年十一月二十日举行的

本公司股东特别大会上通过的普通决议

案，每十股每股面值

0.01

港元的已发行

及未发行现有股份合并为一股每股面值

0.1

港元的合并股份。股份合并已于二

零二三年十一月二十二日生效。

(i)

根据于二零二五年三月十三日举行的本

公司股东特别大会上通过的普通决议

案，本公司法定股本已由

200,000,000

股增加至

1,000,000,000

股每股面值

0.1

港元之股份。增加法定股本已于二零

二五年三月十三日生效。

(i)

于二零二四年四月三日，本公司与配

售代理订立配售协议（「配售协议」），

据此，配售代理已促使六名承配人认购

（「配售事项」）

19,200,000

股本公司配

售股份（「配售股份」），每股配售股份之

配售价为

1.00

港元。

于二零二四年四月十六日完成配售

事项后，配售事项所得款项净额约为

18,708,000

港元（扣除发行开支约

492,000

港元），将用于总部行政及营运

开支。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

26 CAPITAL, RESERVES AND

DIVIDENDS (Continued)

(d) Nature and purpose of reserves

(i) Share premium

The share premium acount is governed by the

Companies Law of the Cayman Islands and may be

aplied by the Company subject to the provisions, if

any, of its memorandum and articles of asociation in

paying distributions or dividends to equity shareholders.

No distribution or dividend may be paid to the equity

shareholders out of the share premium acount unles

imediately folowing the date on which the distribution or

dividend is proposed to be paid, the Company wil be able

to pay its debts as they fal due in the ordinary course of

busines.

(i) Merger reserve

Merger reserve represents the diference betwen the

nominal value of the shares isued by the Company in

exchange for the nominal value of the share capital of its

subsidiaries arising from the Reorganisation.

(i) Capital reserve

The capital reserve represents the demed capital

contribution from its shareholder, in relation to listing

expenses reimbursed to the Company during the year

ended 31 March 2016.

(iv) Fair value reserve

The fair value reserve is comprised of the cumulative net

change in the fair value of financial asets at FVOCI.

(v) Shares held under share award scheme

Shares held under share award scheme represents

amounts arose as a result of purchasing of Company’s

shares for share award scheme or granting the shares to

relevant grantes of the Group.

(e) Distributability of reserves

At 31 March 2025, save for the share premium which

is distributable subject to the conditions and restrictions

stated above, the agregate amount of reserves available

for distribution to equity shareholders of the Company was

nil (2024: nil).

资本、储备及股息（续）

(d)

储备之性质及目的

(i)

股份溢价

股份溢价账受开曼群岛公司法规管，本公司于

向权益股东支付分派或股息时可根据其组织

章程大纲及细则的条文（如有）动用股份溢价

账。除非紧随建议支付分派或股息当日后本公

司将可支付于日常业务过程中到期的债务，否

则不可动用股份溢价账以向权益股东支付分

派或股息。

(i)

合并储备

合并储备指于重组时为换取本公司附属公司

股本而由本公司发行股份之面值与该等换取

股本面值之差额。

(i)

资本储备

资本储备指来自其股东的视作注资，乃关于截

至二零一六年三月三十一日止年度向本公司

偿付上市开支。

(iv)

公平值储备

公平值储备包括按公平值计入其他全面收益

的金融资产的公平值累计变动净额。

(v)

股份奖励计划持有股份

股份奖励计划持有股份指由于就股份奖励计

划购买本公司股份或向本集团相关承授人授

出有关股份而产生的金额。

(e)

可分派储备

于二零二五年三月三十一日，除根据上述条件

及限制可供分派之股份溢价外，可供分派予本

公司权益股东的储备金额合共为零（二零二四

年：零）。

215,004,527
(106,964,960)
108,039,567
50,902,780
212.25%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

26 CAPITAL, RESERVES AND

DIVIDENDS (Continued)

(f) Capital management

The Group’s primary objectives when managing capital

are to safeguard the Group’s ability to continue as a going

concern in order to fund its construction busines, provide

returns for shareholders and benefits for other stakeholders

and to maintain an optimal capital structure to reduce the

cost of capital.

The Group actively and regularly reviews and manages

its capital structure to maintain a balance betwen the

higher shareholder returns that might be posible with

higher levels of borowings and the advantages and

security aforded by a sound capital position, and makes

adjustments to the capital structure in light of changes in

economic conditions.

The Group monitors its capital structure on the basis of

an adjusted net debt-to-capital ratio. For this purpose,

adjusted net debt is defined as total debt (which includes

trade and other payables and acruals, amount due to a

related company, amount due to directors of subsidiaries,

lease liabilities and long services payment liabilities) les

cash and cash equivalents. Total equity include capital and

reserves atributable to the owners of the Company.

The Group’s adjusted net debt-to-capital ratio at 31 March

2025 and 2024 was as folows:

二零二五年二零二四年

Total debts

债务总额

230,182,567

Les: Cash and cash equivalents

减：现金及现金等价物

(138,285,822)

Adjusted net debt

经调整债务净额

91,896,745

Total equity

权益总额

90,321,978

Net debt-to-capital ratio

债务净额与资本比率

101.74%

Neither the Company nor any of its subsidiaries are subject

to any externaly imposed capital requirements.

资本、储备及股息（续）

(f)

资本管理

本集团管理资本的主要目标为保障本集团持

续经营的能力，以为其建筑业务提供资金、为

股东提供回报及为其他持份者提供利益，并维

持最佳资本架构以减少资金成本。

本集团积极并定期检讨及管理其资本架构，以

在较高借贷水平可能带来的较高股东回报与

稳健资本状况所带来的优势及保障之间取得

平衡，并因应经济状况的转变对资本架构作出

调整。

本集团按经调整债务净额与资本比率为基准

监督其资本架构。就此而言，本集团界定经调

整债务净额为债务总额（包括贸易及其他应付

款项及应计费用、应付一间关连公司之款项、

应付附属公司董事之款项、租赁负债及长期服

务金负债）减现金及现金等价物。权益总额包

括本公司拥有人应占资本及储备。

于二零二五年及二零二四年三月三十一日，本

集团经调整债务净额与资本比率如下：

本公司及其任何附属公司毋须遵守任何外部

施加的资本规定。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

27 SHARE AWARD SCHEME

On 30 June 2020, the Group adopted a share award

scheme (the “Share Award Scheme”) to recognise the

contributions by participants and to provide them with

incentives in order to retain them for the continual operation

and development of the Group and to atract suitable

personel for further development of the Group.

Subject to any early termination as may be determined

by the board of directors (the “Board”), the Share Award

Scheme shal be valid and efective for a term of ten (10)

years comencing on the adoption date. The Board shal

not make any further award of awarded shares which wil

result in the nominal value of the shares awarded by the

Board under the Share Award Scheme exceding ten per

cent (10%) of the isued share capital of the Company

from time to time. The maximum number of shares which

may be awarded to a selected participant under the Share

Award Scheme shal not exced one per cent (1%) of the

isued share capital of the Company from time to time.

The Share Award Scheme shal be subject to the

administration of the Board and the truste in acordance

with the rules of the Share Award Scheme and the terms

of the trust ded. The decision of the Board with respect

to any mater arising under the Share Award Scheme

(including the interpretation of any provision of the Scheme)

shal be final and binding. The truste shal hold the trust

fund in acordance with the rules of the Share Award

Scheme and the terms of the trust ded.

During the year ended 31 March 2021, the Group

repurchased 31,645,000 of its own shares through the

truste from open market. The total amount paid to

repurchase the shares was HK$19,429,159 and has ben

deducted from equity and such shares were clasified

as held under the Share Award Scheme. No shares had

ben awarded by the board of directors under the Share

Award Scheme during the years ended 31 March 2024

and 2023. As at 31 March 2024 and 2025, the number of

share held for the share award scheme has ben reduced

to 3,164,500 shares folowed by the share consolidation

afection on 22 November 2023 as disclosed in note 26(c)

(i) to the consolidated financial statements.

股份奖励计划

于二零二零年六月三十日，本集团采纳一项股

份奖励计划（「股份奖励计划」），以肯定参与

者作出的贡献以及激励彼等以挽留彼等继续

协助本集团的营运及发展，及吸引合适人员推

动本集团的进一步发展。

股份奖励计划将自采纳日期起计十

(10)

年期间

有效及生效，惟董事会（「董事会」）可决定提前

终止。倘董事会根据股份奖励计划授予奖励股

份面值超过本公司不时已发行股本的百分之

十

(10%)

，则董事会不可再进一步授出任何奖

励股份。根据股份奖励计划可授予一名获选参

与者的股份的最高数量不可超过本公司不时

已发行股本的百分之一

(1%

）。

股份奖励计划须由董事会及受托人根据股份

奖励计划规则及信托契据条款进行管理。董事

会就因股份奖励计划所产生之任何事宜所作

出的决定（包括对该计划任何条文的解释）将

属最终决定及具约束力。受托人须根据股份奖

励计划规则及信托契据条款持有信托基金。

于截至二零二一年三月三十一日止年度，本

集团通过受托人自公开市场购回

31,645,000

股自有股份。购回股份所支付的总额为

19,429,159

港元，并已从权益中扣除，该等

股份被分类为根据股份奖励计划所持有的股

份。截至二零二四年及二零二三年三月三十一

日止年度，董事会概无根据股份奖励计划授出

任何股份。于二零二四年及二零二五年三月

三十一日，诚如综合财务报表附注

26(c)(i)

所

披露，于二零二三年十一月二十二日股份合并

生效后，就股份奖励计划持有的股份数目已减

少至

3,164,500

股。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

28 FINANCIAL INSTRUMENTS BY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

28 FINANCIAL INSTRUMENTS BY

CATEGORY (Continued)

31 March 2024

Financial asets

Financial

asets

at FVOCI

Financial

asets

at FVTPL

Financial

asets at

amortised

cost

按公平值计入

其他全面收益

的金融资产

按公平值

计入损益的

金融资产

按摊销成本

计量的

金融资产

HK$HK$HK$

港元港元港元

Financial asets at FVOCI

按公平值计入其他全面收益的

金融资产

2,734,980–

Trade and other receivables

贸易及其他应收款项

–45,019,492

Loan receivables

应收贷款

–4,762,100

Financial asets at FVTPL

按公平值计入损益的金融资产

–1,959,200–

Cash and cash equivalents

现金及现金等价物

–138,285,822

2,734,9801,959,200188,067,414

Financial liabilities

Financial

liabilities at

amortised cost

按摊销成本计量

的金融负债

HK$

港元

Trade and other payables and acruals

贸易及其他应付款项及应计费用

48,755,379

Due to a related company

应付一间关连公司款项

55,350,521

Due to directors of subsidiaries

应付附属公司董事之款项

122,000,000

Long service payment liabilities

长期服务金负债

1,486,225

Lease liabilities

租赁负债

2,590,442

230,182,567

按类别划分之金融工具（续）

二零二四年三月三十一日

金融资产

金融负债

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS

Exposure to credit, liquidity and interest rate risks mainly

arises in the normal course of the Group’s busines. The

Group is also exposed to equity price risk arising from its

equity investments in other entities. The Group’s exposure

to these risks and the financial risk management policies

and practices used by the Group to manage these risks

are described below.

(a) Credit risk

Credit risk refers to the risk that a counterparty wil default

on its contractual obligations resulting in a financial los to

the Group.

The Group’s credit risk is primarily atributable to trade and

other receivables, contract asets and loan receivables.

The Group’s exposure to credit risk arising from cash and

cash equivalents is limited because the counterparties

are banks with sound credit ratings and the Group has

exposure limit to any single financial institution. Given their

high credit ratings, management does not expect any of

these financial institutions and counterparties wil fail to

met their obligations.

The Group has a credit policy in place and the exposures

to these credit risks are monitored on an ongoing basis.

金融风险管理及金融工具的公平值

本集团于日常业务过程中主要承受信贷、流动

资金及利率风险。本集团亦面临来自其他实体

的股本投资之股本价格风险。本集团承受该等

风险及本集团管理该等风险所采用的金融风

险管理政策及常规载于下文。

(a)

信贷风险

信贷风险指对手方未能履行其合约责任而使

本集团产生财务亏损之风险。

本集团的信贷风险主要归因于贸易及其他应

收款项、合约资产及应收贷款。本集团所面临

来自现金及现金等价物的信贷风险有限，因为

对手方均为具有良好信贷评级的银行而本集

团就任何个别金融机构所承担的风险有限。鉴

于该等银行及金融机构拥有高信贷评级，管理

层预期任何该等金融机构及对手方均能履行

彼等之责任。

本集团备有信贷政策并持续监控该等信贷

风险。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Trade receivables and contract asets

The Group’s exposure to credit risk is influenced mainly

by the individual characteristics of customer groups rather

than the industry or country in which the customers

operate and therefore significant concentrations of credit

risk primarily arise when the Group has significant exposure

to individual customers. At the end of the reporting period,

6% (2024: 32%) and 26% (2024: 32%) of the total trade

receivables was due from the Group’s largest key customer

and the five largest key customers respectively within the

foundation construction works segment.

Individual credit evaluations are performed on al customers

requiring credit over a certain amount. These evaluations

focus on the customer’s past history of making payments

when due and curent ability to pay, and take into acount

information specific to the customer as wel as pertaining

to the economic environment in which the customer

operates. Trade receivables are due within 30 to 60 days

from the certificate date or 60 to 90 days from the invoice

date. Normaly, the Group does not obtain colateral from

construction contract and ground investigation services

customers.

The Group measures los alowances for trade receivables

and contract asets at an amount equal to lifetime ECLs

which is calculated using a provision matrix based on days

past due for groupings of various customer segments with

similar los paterns, adjusted for forward-loking factors

specific to the customers and the environment.

金融风险管理及金融工具的公平值

（续）

(a)

信贷风险（续）

贸易应收款项及合约资产

本集团承受之信贷风险主要受各客户群体的

个别特点而非客户营运所属行业或所在国家

影响。因此，重大信贷集中风险主要源于本集

团承受重大个别客户风险。于报告期末，贸易

应收款项总额之

（二零二四年：

32%

）及

26%

（二零二四年：

32%

）分别来自本集团在

地基建筑工程分部内的最大主要客户及五大

主要客户。

所有要求超过若干金额之信贷之客户均会进

行个别信贷评估。该等评估专注于客户过往到

期还款之记录及现时之还款能力，并考虑该

客户之特定资料以及客户经营所处之经济环

境。贸易应收款项于证书日期起计

至

日

或发票日期起计

至

日内到期。本集团一

般并无取得建造合约及土地勘测服务客户的

抵押品。

本集团按相等于全期预期信贷亏损的金额计

量贸易应收款项及合约资产的亏损拨备，其乃

基于具有类似亏损模式的客户群分组的逾期

天数使用拨备矩阵计算，并根据客户及环境的

特定前瞻性因素作出调整。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Other receivables and loan receivables

For loan receivables, the Group’s management manages

and analyses the credit risk for each of their new and

existing customers before standard payment terms and

conditions are ofered. The management aseses the

colateral and credit quality of each customer based on

customer’s background information, financial position, past

experience and relevant factors. The Group also reviews

from time to time the financial position of the customers.

For al instruments including other receivables and loan

receivables other than trade receivables and contract

asets, the Group measures the los alowance equal to

12-month ECL, unles when there has ben a significant

increase in credit risk since initial recognition, the Group

recognises lifetime ECL. The asesment of whether

lifetime ECL should be recognised based on significant

increases in the likelihod or risk of a default ocuring

since initial recognition.

金融风险管理及金融工具的公平值

（续）

(a)

信贷风险（续）

其他应收款项及应收贷款

就应收贷款而言，于提供标准支付条款及条件

之前，本集团管理层会管理及分析新增及现有

客户各自的信贷风险。管理层基于客户的背景

资料、财务状况、过往经验及相关因素评估各

个客户的抵押及信贷质素。本集团亦会不时检

讨客户的财务状况。

就除贸易应收款项及合约资产以外的其他应

收款项以及应收贷款等所有工具而言，本集团

计量等于

个月预期信贷亏损的亏损拨备，

除非当信贷风险自初始确认以来显著上升，则

本集团确认全期预期信贷亏损。是否应确认全

期预期信贷亏损乃根据自初始确认以来发生

违约的可能性或风险显著上升而评估。

4.9%	92,811,648	4,545,493
0.80%	8,877,509	70,887
1.63%	3,946,487	64,525
N/A	–	–
不适用 N/A	–	–
不适用 75.17%	6,502,146	4,887,602
不适用 75.17%	19,326,142	5,023,014
56.8%	51,213,072	29,087,346
49.88%	7,700,000	3,840,764
	58,913,072	32,928,110
	171,050,862	42,496,617

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(a) Credit risk (Continued)

The folowing table provides information about the Group’s

exposure to credit risk and ECLs for trade and other

receivables, contract asets and loan receivables as at 31

March 2025 and 2024:

二零二五年

Expected

credit

los rate (%)

Gros

carying

amount

Los

alowance

预期信贷

亏损率

(%)

账面总值亏损拨备

Contract asets

合约资产

Trade receivables

贸易应收款项

Curent (not past due)

流动（未逾期）

1-30 days past due

逾期

至

日

31-60 days past due

逾期

至

日

61-90 days past due

逾期

至

日

More than 90 days past due

逾期超过

日

Other receivables

其他应收款项

Loan receivables

应收贷款

金融风险管理及金融工具的公平值

（续）

(a)

信贷风险（续）

下表提供有关本集团于二零二五年及二零

二四年三月三十一日就贸易及其他应收款

项、合约资产以及应收贷款所面临之信贷风险

及预期信贷亏损之资料：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(a) Credit risk (Continued)

二零二四年

Expected

credit

los rate (%)

Gros

carying

amount

Los

alowance

预期信贷

亏损率

(%)

账面总值亏损拨备

Contract asets

合约资产

1.89%119,816,0882,260,836

Trade receivables

贸易应收款项

Curent (not past due)

流动（未逾期）

1.70%135,0002,296

1-30 days past due

逾期

至

日

0.10%10,287,17110,470

31-60 days past due

逾期

至

日

0.29%6,347,92318,212

61-90 days past due

逾期

至

日

3.47%1,817,29863,018

More than 90 days past due

逾期超过

日

8.20%13,212,9021,083,127

31,800,2941,177,123

Other receivables

其他应收款项

63.33%50,528,74232,000,760

Loan receivables

应收贷款

63.08%12,900,0008,137,900

63,428,74240,138,660

215,045,12443,576,619

金融风险管理及金融工具的公平值

（续）

(a)

信贷风险（续）

5,023,014	29,087,346	4,545,493	3,840,764	42,496,617

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Movements in the los alowance acount in respect of

trade and other receivables, contract asets and loan

receivables during the year are as folows:

Trade

receivables

Other

receivables

Contract

asets

Loan

receivablesTotal

贸易应收款项其他应收款项合约资产应收贷款总计

Balance at 1 April 2023

于二零二三年四月一日的结余

10,584,1483,102,4051,254,04724,863,79639,804,396

Impairment los recognised/(reversed)

during the year (Note 6(c)

年内已确认╱（拨回）减值亏损

（附注

6(c)

）

(9,407,025)29,012,6571,006,789(16,725,896)3,886,525

Exchange realignment

汇兑调整

–(114,302)–(114,302)

Balance at 31 March 2024

and 1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日的结余

1,177,12332,000,7602,260,8368,137,90043,576,619

Impairment los recognised/(reversed)

during the year (Note 6(c)

年内已确认╱（拨回）减值亏损

（附注

6(c)

）

3,845,879(2,890,022)2,284,657(4,297,136)(1,056,622)

Exchange realignment

汇兑调整

12(23,392)–(23,380)

Balance at 31 March 2025

于二零二五年三月三十一日的结余

During the year ended 31 March 2025, the Group

recorded a net write back of impairment on financial and

contract asets of aproximately HK$1,057,000 (2024:

provision of aproximately HK$3,887,000), of which,

as to aproximately HK$5,657,000 (2024: provision

of aproximately HK$20,036,000) were reversal of

provision for the credit-impaired other receivables and

loan receivables. The decrease of the impairment loses

on financial and contract asets, net was due to the

setlement of financial and contract asets during the year.

金融风险管理及金融工具的公平值

（续）

(a)

信贷风险（续）

年内有关贸易及其他应收款项、合约资产及应

收贷款的亏损拨备账变动如下：

于截至二零二五年三月三十一日止年度，

本集团录得金融及合约资产减值拨回净额

约

1,057,000

港元（二零二四年：拨备约

3,887,000

港元），其中约

5,657,000

港元（二

零二四年：拨备约

20,036,000

港元）为其他应

收款项及应收贷款的信贷减值拨备拨回。金融

及合约资产减值亏损净额减少乃由于年内结

算金融及合约资产。

–	–	–	19,326,142	19,326,142
–	–	–	92,811,648	92,811,648
20,127,725	–	–	–	20,127,725
–	–	31,085,348	–	31,085,348
2,800,000	–	–	–	2,800,000
–	–	4,900,000	–	4,900,000
106,964,960	–	–	–	106,964,960
129,892,685	–	35,985,348	112,137,790	278,015,823

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(a) 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 31 March.

The amounts presented are gros carying amounts for

financial asets.

As at 31 March 2025

12 months

ECLifetime ECLs

个月预期

信贷亏损全期预期信贷亏损

Stage 1Stage 2Stage 3

Simplified

aproachTotal

第一阶段第二阶段第三阶段简化法总计

HK$HK$HK$HK$HK$

港元港元港元港元港元

Trade receivables

贸易应收款项

Contract asets

合约资产

Other receivables

其他应收款项

– Normal

－正常

– Doubtful

－存疑

Loan receivables

应收贷款

– Normal

－正常

– Doubtful

－存疑

Cash and cash equivalent

现金及现金等价物

Total

总计

金融风险管理及金融工具的公平值

（续）

(a)

信贷风险（续）

最高风险及年末阶段

下表载列基于本集团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

毋须付出不必要成本或努力的情况下获得），及于

三月三十一日的年末阶段分类。

所呈列的金额指金融资产总账面值。

于二零二五年三月三十一日

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Maximum exposure and year-end staging (Continued)

As at 31 March 2024

12 months

ECLifetime ECLs

个月预期

信贷亏损全期预期信贷亏损

Stage 1Stage 2Stage 3

Simplified

aproachTotal

第一阶段第二阶段第三阶段简化法总计

HK$HK$HK$HK$HK$

港元港元港元港元港元

Trade receivables

贸易应收款项

–31,800,29431,800,294

Contract asets

合约资产

–119,816,088119,816,088

Other receivables

其他应收款项

– Normal

－正常

15,220,845–15,220,845

– Doubtful

－存疑

–35,307,897–35,307,897

Loan receivables

应收贷款

– Normal

－正常

–

– Doubtful

－存疑

–12,900,000–12,900,000

Cash and cash equivalent

现金及现金等价物

138,285,822–138,285,822

Total

总计

153,506,667–48,207,897151,616,382353,330,946

* For trade receivables and contract asets to which the Group

aplies the simplified aproach for impairment, information

based on the provision matrix is disclosed in notes 17 and 18

to the consolidated financial statements, respectively.

The credit quality of the financial asets included in other

receivables and loan 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”.

金融风险管理及金融工具的公平值

（续）

(a)

信贷风险（续）

最高风险及年末阶段（续）

于二零二四年三月三十一日

就本集团应用简化法进行减值的贸易应收款项及合

约资产而言，基于拨备矩阵得出的资料分别于综合

财务报表附注

及

披露。

如并无逾期，亦无资料显示金融资产之信贷风险自

初始确认以来显著上升，则计入其他应收款项及

应收贷款的金融资产之信贷质素被视为「正常」。否

则，金融资产之信贷质素被视为「存疑」。

34,635,535	34,635,535	34,635,535	–	–	–
56,016,771	56,016,771	56,016,771	–	–	–
114,234,029	114,234,029	114,234,029	–	–	–
8,631,967	9,178,098	6,164,825	2,777,562	235,711	–
213,518,302	214,064,433	211,051,160	2,777,562	235,711	–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(b) Liquidity risk

Individual subsidiaries within the Group are responsible

for their own cash management, including the raising of

loans to cover the expected cash demands. The Group’s

policy is to regularly monitor curent and expected liquidity

requirements and its compliance with lending covenants,

to ensure that it maintains suficient reserves of cash and

adequate comited funding lines from major financial

institutions to met its liquidity requirements in the short

and longer term.

The folowing table details the remaining contractual

maturities as at 31 March 2025 and 2024 of the Group’s

financial liabilities, which are based on contractual

undiscounted cash flows (including interest payments

computed using contractual rates or, if floating, based on

rates curent at 31 March 2025 and 2024) and the earliest

date the Group can be required to pay:

At 31 March 2025

于二零二五年三月三十一日

Carying

amount

Total

contractual

undiscounted

cash flow

Within

1 year

or on

demand

More than

1 year but

les than

2 years

More than

2 years but

les than

5 years

than

5 years

账面值

合约未贴现

现金流量

总额

一年内或

应要求

一年以上

但两年内

两年以上

但五年内五年以上

Trade and other payables and

acruals

贸易及其他应付款项及

应计费用

Due to a related company

应付一间关连公司款项

Due to directors of subsidiaries

应付附属公司董事款项

Lease liabilities

租赁负债

金融风险管理及金融工具的公平值

（续）

(b)

流动资金风险

本集团旗下各附属公司负责其本身的现金管

理，包括筹集贷款以满足预期现金需求。本集

团的政策为定期监控当前及预期流动资金需

要及其遵守借贷契诺的情况，以确保其维持足

够现金储备及获主要金融机构授予充足的已

承诺资金额度，以应付其短期及较长期的流动

资金需要。

下表详列本集团的金融负债于二零二五年及

二零二四年三月三十一日的余下合约到期情

况，此乃根据合约未贴现金流量（包括使用

按合约利率（或如属浮息，则根据于二零二五

年及二零二四年三月三十一日的即期利率）计

算的利息付款）及本集团可被要求付款的最早

日期而得出：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(b) Liquidity risk (Continued)

At 31 March 2024

于二零二四年三月三十一日

Carying

amount

Total

contractual

undiscounted

cash flow

Within

1 year

or on

demand

More than

1 year but

les than

2 years

More than

2 years but

les than

5 years

than

5 years

账面值

合约未贴现

现金流量

总额

一年内或

应要求

一年以上

但两年内

两年以上

但五年内五年以上

Trade and other payables and

acruals

贸易及其他应付款项及

应计费用

48,755,37948,755,37948,755,379–

Due to a related company

应付一间关连公司款项

55,350,52155,350,52155,350,521–

Due to directors of subsidiaries

应付附属公司董事款项

122,000,000122,000,000122,000,000–

Lease liabilities

租赁负债

2,590,4422,753,9531,757,800996,153–

228,696,342228,859,853227,863,700996,153–

The Group’s exposure to cash flow interest rate risk is

mainly atributable to the changes in interest rates of its

interest-bearing financial asets and liabilities. Interest

bearing financial asets are primarily deposits with banks,

which is subject to changes as determined by banks;

Interest bearing financial liabilities are primarily amounts

due to a related company and directors of subsidiaries,

which isued at fixed rates and not subject to change with

the prevailing market interest rate.

The Group does not have an interest rate hedging policy.

However, management monitors the Group’s interest rate

exposure and wil consider hedging significant interest rate

exposure should the ned arise.

(d) Foreign curency risk

The Group has transactional curency exposures primarily

through its principal activities which give rise to receivables,

payables and cash balances that are denominated in a

foreign curency, i.e. a curency other than the functional

curency of the operations to which the transactions relate.

金融风险管理及金融工具的公平值

（续）

(b)

流动资金风险（续）

(c)

利率风险

本集团面临的现金流量利率风险主要来自其

计息金融资产及负债的利率变化。计息金融资

产主要为银行存款，利率变化受银行的决定所

规限。计息金融负债主要为应付一间关连公司

及附属公司董事款项，该等款项按固定利率发

行，不会随现行市场利率而变化。

本集团并无利率对冲政策。然而，管理层一直

监控本集团的利率风险，并将于有需要时考虑

对冲重大利率风险。

(d)

外币风险

本集团承受的外币交易货币风险，主要来自以

外币（即有关交易之货币为营运功能货币以外

之货币）计值的主要活动所产生的应收款项、

应付款项及现金结余。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(d) Foreign curency risk (Continued)

However, the Group’s exposure to foreign curency risk is

insignificant as substantialy al of the Group’s transactions

are denominated in functional curency.

The Group curently does not have a foreign curency

hedging policy. However, the Group’s management

regularly monitors the Group’s foreign exchange exposure

and wil consider hedging significant foreign exchange

exposure should the ned arise.

(e) Equity price risk

The Group is exposed to equity price changes arising from

equity investments. The Group’s listed investments are

listed in Hong Kong and are valued at quoted market price

at the end of the reporting period.

The sensitivity analysis indicates the instantaneous change

in the Group’s los after tax and acumulated loses that

would arise asuming that the changes in the stock market

index or other relevant risk variables had ocured at the

end of the reporting period and had ben aplied to re-

measure those financial instruments held by the Group

which expose the Group to equity price risk at the end

of the reporting period. It is also asumed that the fair

values of the Group’s equity investments would change in

acordance with the historical corelation with the relevant

stock market index or the relevant risk variables, and

that al other variables remain constant. The analysis is

performed on the same basis for 2025 and 2024.

At 31 March 2025, the Group’s investment in listed equity

securities was caried at a fair value of HK$2,480,000

(2024: HK$1,959,200). It is estimated that an increase/

(decrease) of 5% (2024: 5%) in the market value of the

equity investments caried at FVTPL, with al other variables

held constant, would decrease/(increase) the Group’s

los after tax by aproximately HK$124,000 (2024:

HK$98,000).

金融风险管理及金融工具的公平值

（续）

(d)

外币风险（续）

然而，由于本集团绝大部分交易均以功能货币

计值，故本集团面临的外币风险不重大。

本集团目前并未制定任何外汇对冲政策。然

而，本集团管理层会定期监察本集团的外汇风

险，并将在有需要时考虑对冲重大外汇风险。

(e)

股本价格风险

本集团面临来自股本投资之股本价格变动

风险。本集团的上市投资乃于报告期末于香港

上市的公司，且按市场报价予以估值。

敏感度分析显示本集团之除税后亏损及累计

亏损将会出现之即时变动，当中假设股市指

数变动或其他相关风险变量已于报告期末发

生及已应用于重新计量本集团于报告期末所

持令本集团面临股本价格风险之该等金融工

具。同时假设本集团股本投资之公平值将会

根据相关股市指数或相关风险变量之过往相

关性而变动，而所有其他变量维持不变。二零

二五年及二零二四年按相同基准进行分析。

于二零二五年三月三十一日，本集团于上市股

本证券之投资按公平值列账为

2,480,000

港元

（二零二四年：

1,959,200

港元）。估计按公平

值计入损益列账的股本投资的市值上升╱（下

跌）

（二零二四年：

）而所有其他变量不

变，将导致本集团的除税后亏损减少╱（增加）

约

124,000

港元（二零二四年：

98,000

港元）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(f) Fair values measurement

Financial asets and liabilities measured at fair value

The folowing table presents the fair value of the Group’s

financial instruments measured at the end of the reporting

period on a recuring basis, categorised into the thre-

level fair value hierarchy as defined in HKFRS 13, Fair

value measurement. The level into which a fair value

measurement is clasified is determined with reference to

the observability and significance of the inputs used in the

valuation technique as folows:

: Fair value measured using only

Level 1 inputs i.e. unadjusted quoted prices in

active markets for identical asets or liabilities at the

measurement date.

: Fair value measured using Level

2 inputs i.e. observable inputs which fail to met

Level 1, and not using significant unobservable

inputs. Unobservable inputs are inputs for which

market data are not available.

: Fair value measured using

significant unobservable inputs.

金融风险管理及金融工具的公平值

（续）

(f)

公平值计量

按公平值计量之金融资产及负债

下表呈列本集团于报告期末按经常性基准计

量之金融工具的公平值，公平值按香港财务报

告准则第

号公平值计量所界定之三个公平

值层级进行分类。分类公平值计量之层级参考

以下估值技术所采用输入数据之可观察程度

及重要性而厘定：

•

第一级估值：仅使用第一级输入数据

（即于计量日期在活跃市场上相同资

产或负债之未经调整报价）计量之公平

值。

•

第二级估值：使用第二级输入数据（即

未达第一级之可观察输入数据）且并无

采用重大不可观察输入数据计量之公平

值。不可观察输入数据指不可取得市场

数据之输入数据。

•

第三级估值：使用重大不可观察输入数

据计量之公平值。

2,480,000	–	–	2,480,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(f) Fair values measurement (Continued)

Financial asets and liabilities measured at fair value

(Continued)

The folowing table analyses within the fair value hierarchy

the Group’s financial asets measured at fair value at 31

March 2025 and 2024:

At 31 March 2025

Fair value measurement using

公平值计量采用以下数据

Quoted

in active

markets

Significant

observable

inputs

Significant

unobservable

inputs

于活跃市场

的报价

重大

可观察

输入数据

重大

不可观察

输入数据

Level 1Level 2Level 3

Total

balance

第一级第二级第三级总结余

Asets

资产

Financial asets at FVTPL:

按公平值计入损益之

金融资产：

Listed equity investments (note 15)

上市股本投资（附注

）

金融风险管理及金融工具的公平值

（续）

(f)

公平值计量（续）

按公平值计量之金融资产及负债（续）

下表载述于二零二五年及二零二四年三月

三十一日，本集团按公平值计量的金融资产在

公平值层级下的分析：

于二零二五年三月三十一日

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(f) Fair values measurement (Continued)

Financial asets and liabilities measured at fair value

(Continued)

At 31 March 2024

Fair value measurement using

公平值计量采用以下数据

Quoted

in active

markets

Significant

observable

inputs

Significant

unobservable

inputs

于活跃市场

的报价

重大

可观察

输入数据

重大

不可观察

输入数据

Level 1Level 2Level 3

Total

balance

第一级第二级第三级总结余

Asets

资产

Financial asets at FVTPL:

按公平值计入损益之

金融资产：

Listed equity investments (note 15)

上市股本投资（附注

）

1,959,200–1,959,200

Financial asets at FVOCI:

按公平值计入其他全面

收益之金融资产：

Unlisted equity investments (note 14)

非上市股本投资

（附注

）

–2,734,9802,734,980

Total

总计

1,959,200–2,734,9804,694,180

The Group engaged an independent valuer, More

Transaction Services Limited, with recognised qualifications

and experiences to determine the fair value of the

financial asets at FVOCI as at 31 March 2024 by using

a discounted cashflow method. Pursuant to the valuation

report, the fair value of the financial asets at FVOCI as

at 31 March 2024 was aproximately RMB2,537,000

(equivalent to aproximately HK$2,735,000).

For the fair value of the financial asets at FVOCI, the

Directors have estimated the potential efect of using

posible alternatives as inputs to the valuation report.

金融风险管理及金融工具的公平值

（续）

(f)

公平值计量（续）

按公平值计量之金融资产及负债（续）

于二零二四年三月三十一日

本集团委聘一名具获认可资格及经验的独立

估值师大华国际交易咨询服务有限公司采用

贴现金流量法厘定按公平值计入其他全面

收益之金融资产于二零二四年三月三十一

日之公平值。根据估值报告，按公平值计入

其他全面收益之金融资产于二零二四年三月

三十一日之公平值为约人民币

2,537,000

元

（相当于约

2,735,000

港元）。

就按公平值计入其他全面收益之金融资产之

公平值而言，董事已估计使用可能的替代方案

作为估值报告的输入数据的潜在影响。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(f) Fair values measurement (Continued)

Financial asets and liabilities measured at fair value

(Continued)

Below is a sumary of significant unobservable inputs to

the valuation together with a quantitative sensitivity analysis

as at 31 March 2024

AsetsValuation techniques

Significant unobservable

inputsRange

Weighted

average

Sensitivity of fair value

to the input

资产估值技术重大不可观察输入数据范围

加权平均数公平值对输入数据

之敏感度

Unlisted equity

investments

Discounted cash flow

methodology

Discounted rate15%15%Increase/decrease in

discount rate would

result in (decrease)/

increase in fair value

by aproximately

(HK$232,000)/

HK$521,000

非上市股本投资现金流量贴现法贴现率

15%15%

贴现率上升╱下降将

导致公平值（减少）

╱增加约（

232,000

港元）╱

521,000

港元

Discount for lack of

marketability

15.7%15.7%Increase/decrease in

discount for lack of

marketability would

result in decrease/

increase in fair value

by aproximately

HK$158,000

缺乏市场流通性折让

15.7%15.7%

缺乏市场流通性折让

上升╱下降将导致

公平值减少╱增加

约

158,000

港元

金融风险管理及金融工具的公平值

（续）

(f)

公平值计量（续）

按公平值计量之金融资产及负债（续）

下表为于二零二四年三月三十一日估值之重

大不可观察输入数据与量化敏感度分析之概

要

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

AsetsValuation techniques

Significant unobservable

inputsRange

Weighted

average

Sensitivity of fair value

to the input

资产估值技术重大不可观察输入数据范围

加权平均数公平值对输入数据

之敏感度

Minority discount20%20%Increase/decrease in

minority discount

would result in

decrease/increase

in fair value by

aproximately

HK$171,000

少数股权折让

20%20%

少数股权折让上升╱

下降将导致公平值

减少╱增加约

171,000

港元

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(f) Fair values measurement (Continued)

Financial asets and liabilities measured at fair value

(Continued)

Below is a sumary of significant unobservable inputs to

the valuation together with a quantitative sensitivity analysis

as at 31 March 2024 (Continued)

金融风险管理及金融工具的公平值

（续）

(f)

公平值计量（续）

按公平值计量之金融资产及负债（续）

下表为于二零二四年三月三十一日估值之重

大不可观察输入数据与量化敏感度分析之概

要（续）

2,734,980
–
(1,134,980)
(1,600,000)
–
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

29 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (Continued)

(f) Fair values measurement (Continued)

Movements of these Level 3 fair value measurements

二零二五年二零二四年

Unlisted equity investments:

非上市股本投资：

At 1 April

于四月一日

8,559,589

Aditions

新增

–

Changes in fair value recognised in other

comprehensive income during the year

年内于其他全面收益中

确认之公平值变动

(5,824,609)

Disposal

出售

–

At 31 March

于三月三十一日

2,734,980

Net loses for the year included in profit or los for

asets held at the end of the reporting period

于报告期末所持资产计入

损益之年内亏损净额

–

金融风险管理及金融工具的公平值

（续）

(f)

公平值计量（续）

该等第三级公平值计量的变动

720,000
1,380,000
2,100,000
750,000
） 5,000,000
850,000
6,600,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

30 MATERIAL RELATED PARTY

TRANSACTIONS

(a) During the years ended 31 March 2025 and

2024, the related parties that had transactions

with the Group were as folows:

Name of related partiesRelationships with the Group

关连方名称与本集团的关系

Chung Hang Enterprises Holdings Limited

(“Chung Hang”)

A related company owned by Mr. Lau

中恒企业控股有限公司（「中恒」）由刘先生拥有的关连公司

Chung Wah Investment Company Limited

(“Chung Wah”)

A related company owned by Mr. Lau

中华投资发展有限公司（「中华」）由刘先生拥有的关连公司

Mr. Cheung Kit Shing (“Mr. Cheung”)A director of a subsidiary (Resigned on 3 May 2024)

张杰承先生

(

「张先生」

)

一间附属公司的一名董事（于二零二四年五月三日辞任）

Cher Trend Limited (“Cher Trend”)Non-controling interest of a subsidiary wholy-owned by Mr. Cheung

until the completion of the Pure Luck Acquisition (defined herein

below)

Cher Trend Limited

（「

Cher Trend

」）直至纯运收购事项（定义见下文）完成，为一间由张先生全资拥有的

附属公司的非控股权益

Etoiles Consultancy Limited (“Etoiles”)A related company owned by Mr. Cheung

鑫承顾问有限公司（「鑫承」）由张先生拥有的关连公司

Mr. Chong Ka Ye (“Mr. Chong”)A director of a subsidiary

庄嘉谊先生

(

「庄先生」

)

一间附属公司的一名董事

In adition to the transactions and balances disclosed in

note 6(a) and 23 to the consolidated financial statements,

the Group entered into the folowing material related party

transactions during the year:

二零二五年二零二四年

(i) Leases of properties from:(i)

向以下各方租赁物业：

Chung Hang

中恒

720,000

Chung Wah

中华

1,380,000

2,100,000

(i) Other transactions(i)

其他交易

– Profesional fes paid to Etoiles

－向鑫承支付专业费用

–

– Acquisition of the aditional interests in

Pure Luck International Limited (“Pure Luck”)

from Cher Trend (note 31)

－自

Cher Trend

收购纯运

国际有限公司（「纯运」）

之额外权益（附注

）

–

Acquisition of an intangible aset from Mr. Chong

自庄先生收购无形资产

–

重大关连方交易

(a)

于截至二零二五年及二零二四年三月

三十一日止年度，与本集团有交易的关连

方如下：

除综合财务报表附注

6(a)

及

披露的交易及

结余外，本集团于年内已订立下列重大关连方

交易：

14,707,628
72,000
14,779,628

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

30 MATERIAL RELATED PARTY

TRANSACTIONS (Continued)

(a) During the years ended 31 March 2025 and

2024, the related parties that had transactions

with the Group were as folows: (Continued)

The Directors are of opinion that apart from the borowings

from a related company and directors of subsidiaries

disclosed in note 23 to the consolidated financial statements,

the above transactions were also entered into during the

normal course of busines. The related party transactions

constitute conected transactions as defined in Chapter 14A

of the Listing Rules, however, they are fuly exempted from

disclosure requirements in Chapter 14A of the Listing Rules.

(b) Transaction with key management personel

Key management personel remuneration

Remuneration of key management personel, including

amounts paid to the Directors as disclosed in note 8

and certain of the highest paid employes and senior

management as disclosed in note 9, is as folows:

二零二五年二零二四年

Salaries, wages and benefits

薪金、工资及福利

14,124,821

Contribution to defined contribution retirement plans

界定供款退休计划的供款

64,500

14,189,321

重大关连方交易（续）

(a)

于截至二零二五年及二零二四年三月

三十一日止年度，与本集团有交易的关连

方如下：（续）

董事认为，除综合财务报表附注

所披露的来自一

间关连公司及附属公司董事的借贷外，上述交易同

样为于一般业务过程中订立。该等关连方交易构成

上市规则第

14A

章所界定的关连交易，然而，该等交

易获完全豁免遵守上市规则第

14A

章的披露规定。

(b)

与主要管理人员的交易

主要管理人员酬金

主要管理人员酬金（包括支付予附注

所披露

董事的款项及附注

所披露若干最高薪酬雇员

及高级管理层的款项）如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

31 ACQUISITION OF ADITIONAL

INTEREST IN THE SUBSIDIARIES

Acquisition of aditional interest in Pure Luck without

change of control

As at 1 April 2024, the Group held 51% equity interest in

Pure Luck which was acounted for as a subsidiary as the

Group had controls over Pure Luck.

During the year, the Group further entered into an

agrement and an suplemental agrement with the non-

controling interest, pursuant to which, the Group acquired

(the “Pure Luck Acquisition”) (i) the remaining 49% equity

interests of Pure Luck from the non-controling interest;

and (i) asumed the outstanding indebtednes due

from the non-controling interest to Pure Luck for a cash

consideration of HK$5,000,000.

Upon completion of the Pure Luck Acquisition on 3 May

2024, Pure Luck became a wholy owned subsidiary

of the Group. As the Pure Luck Acquisition did not

involve the change of control, the diference betwen the

consideration and the carying amount of the aditional

interests acquired of aproximately HK$5,132,000 was

recognised in the consolidated statement of change in

equity as “capital reserve”.

收购附属公司的额外权益

收购纯运之额外权益而控制权并无变动

于二零二四年四月一日，本集团持有纯运

51%

股权，由于本集团拥有对纯运之控制权，故其

作为一间附属公司入账。

于年内，本集团与非控股权益进一步订立协

议及补充协议，据此，本集团以

5,000,000

港

元的现金代价

(i)

向非控股权益收购纯运剩余

49%

的股权；及

(i)

承担应收非控股权益应付

纯运的未偿还债务款项（「纯运收购事项」）。

于纯运收购事项于二零二四年五月三日完成

后，纯运成为本集团的一间全资附属公司。由

于纯运收购事项并无涉及控制权的变更，代

价及所收购额外权益之账面值之间的差额约

5,132,000

港元已于综合权益变动表内确认为

「资本储备」。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

32 EVENTS AFTER REPORTING

PERIOD

Subsequent to the end of the reporting period, the Group

had the folowing material events:

(a) Pursuant to an ordinary resolution pased at the

extraordinary general meting of the Company on

13 March 2025, the Company ofered the rights

isue (the “Rights Isue”) by isuing 115,200,000

rights shares (the “Rights Share(s)”) to the

qualifying shareholders at the subscription price

of HK$0.2 per Rights Share on the basis of one

Rights Share for every one existing share (“Share”)

of the Company held on 25 March 2025. The

Rights Isue was completed on 9 May 2025, and

the Company intends to aply the net proceds of

aproximately HK$21.7 milion (net of the isuing

expense of aproximately HK$1.3 milion) to fund

the foundation construction works and ground

investigation services segments of the Group and

the general working capital of the headquarters as

and when required.

(b) On 12 May 2025, the Group entered into the sales

and purchase agrement with an independent

third party (the “Purchaser”), pursuant to which,

the Group disposed of its subsidiaries, Prestige

Victory Limited and Toper Sumit Limited, to

the Purchaser at an agregate consideration of

HK$1,350,000. The disposal was completed on 30

May 2025.

报告期后事项

于报告期间后，本集团发生以下重大事件：

(a)

根据本公司于二零二五年三月十三日举

行的股东特别大会上通过的一项普通决

议案，本公司提出供股（「供股」），按于

二零二五年三月二十五日每持有一股本

公司现有股份（「股份」）获发一股供股

份之基准，以每股供股份

0.2

港元之

认购价向合资格股东发行

115,200,000

股供股份（「供股份」）。供股于二零

二五年五月九日完成，且本公司拟将所

得款项净额约

21,700,000

港元（经扣除

发行开支约

1,300,000

港元）用作本集团

的地基建筑工程及土地勘测服务分部资

金及总部的一般营运资金（如有需要）。

(b)

于二零二五年五月十二日，本集团与一

名独立第三方（「买方」）订立买卖协议，

据此，本集团以总代价

1,350,000

港元

向买方出售附属公司御凯有限公司及

首峰有限公司。出售于二零二五年五月

三十日完成。

–
10,063,937
10,063,937
2,033,451
102,157,089
1,277,069
105,467,609
418,314
62,520,983
62,939,297
42,528,312
52,592,249
11,520,000
41,072,249
52,592,249

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

本公司财务状况表

于二零二五年六月二十七日经董事会批准及

授权刊发。

33 STATEMENT OF FINANCIAL

POSITION OF THE COMPANY

二零二五年二零二四年

Non-curent asets

非流动资产

Financial asets at FVOCI

按公平值计入其他全面

收益之金融资产

2,734,980

Investment in subsidiaries

于附属公司的投资

11,835,930

Total non-curent asets

非流动资产总值

14,570,910

Curent asets

流动资产

Prepayments, deposits and other receivables

预付款项、按金及其他应收

款项

1,318,689

Due from subsidiaries

应收附属公司款项

140,057,881

Cash and cash equivalents

现金及现金等价物

617,661

Total curent asets

流动资产总值

141,994,231

Curent liabilities

流动负债

Other payables

其他应付款项

489,288

Due to subsidiaries

应付附属公司款项

63,466,372

Total curent liabilities

流动负债总额

63,955,660

Net curent asets

流动资产净值

78,038,571

Net asets

资产净值

92,609,481

Capital and reserves

资本及储备

Share capital (Note 26(c)

股本（附注

26(c)

）

9,600,000

Reserves (Note 26(a)

储备（附注

26(a)

）

83,009,481

Total equity

权益总额

92,609,481

Aproved and authorised for isue by the Board of

Directors on 27 June 2025.

BAI HUAWEI

白华威

WANG YU

王雨

DirectorDirector

董事董事

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 (in HK dolars)

截至二零二五年三月三十一日止年度（以港元计值）

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�╱二�年报

比较数字

若干比较金额已重新分类以符合本年度之呈

列方式及综合财务报表附注

所载供股。

34 COMPARATIVE FIGURES

Certain comparative amounts have ben reclasified to

conform with the curent year’s presentation and the

rights isue set out in note 11 to the consolidated financial

statements.

301,128,972
(51,896,177)
(1,406,992)
(53,303,169)
(51,429,751)
(1,873,418)
(53,303,169)
(54,835,930)
267,272,894
(217,572,107)
1,201,993
50,902,780

FINANCIAL SUMARY

财务概要

Wan Kei Group Holdings Limited

宏基集团控股有限公司

Anual Report 2024/25

二零二�

╱二�年报

本集团过去五个财政年度的已刊发业绩、资产及

负债的概要，并不构成经审核综合财务报表的一

部分，载列如下：

本报告以中英文刊发。中英文版本如有歧异，

概以英文版本为准。

A sumary of the published results, asets, and liabilities

of the Group for the last five financial years, which does not

form part of the audited consolidated financial statement, is

set out as below:

RESULTS20252024202320222021

业绩二零二�年二零二�年二零二三年二零二年二零二一年

HK$ HK$ HK$ HK$ HK$

港元港元港元港元港元

Revenue

收入

288,653,824315,446,680263,216,864293,598,630

Los before tax

除税前亏损

(19,340,608)(46,057,791)(13,384,350)(10,188,168)

Income tax (expense)/credit

所得税（开支）╱抵免

(759,814)(937,787)627,765(2,051,681)

Los for the year

年内亏损

(20,100,422)(46,995,578)(12,756,585)(12,239,849)

Los atributable to owners of

the Company

本公司拥有人应占亏损

(20,621,836)(46,995,578)(12,756,585)(12,239,849)

Non-controling interests

非控股权益

521,414–

(20,100,422)(46,995,578)(12,756,585)(12,239,849)

Los and total comprehensive

income for the year

年内亏损及全面

收益总额

(26,508,739)(54,375,706)(9,112,486)(7,653,961)

ASETS AND LIABILITIES

资产及负债

Total asets

资产总值

323,973,873354,084,748458,325,935466,554,477

Total liabilities

负债总额

(233,145,156)(236,747,292)(286,612,773)(285,728,829)

Non-controling interests

非控股权益

(506,739)–

Net asets atributable to

owners of the Company

本公司拥有人应占

资产净值

90,321,978117,337,456171,713,162180,825,648

This report is published in both English and Chinese

languages. Should there be any inconsistency betwen

the Chinese and English versions, the English version shal

prevail.

CONTENTS

目录

CORPORATION INFORMATION

公司资料

CORPORATION INFORMATION

公司资料

CHAIRMAN’S STATEMENT

主席报告

CHAIRMAN’S STATEMENT

主席报告

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2025. Joint liquidators have ben apointed to

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Notes:

1. As disclosed in the 2018 Anouncement, (i) the Group had

2. On 17 August 2021, the Company resolved to change

3. On 3 January 2023, the Company resolved to change

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

4. On 17 November 2023, the Company published the

5. On 28 March 2025, the Company resolved to extend the

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Company in the amount calculated based on the folowing:

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2027. When preparing the tender documents, the Group

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

BIOGRAPHICAL DETAILS OF DIRECTORS AND COMPANY SECRETARY

董事及公司秘书的履历详情

BIOGRAPHICAL DETAILS OF DIRECTORS AND COMPANY SECRETARY