2024-2025

Anual Report

年报

Stock Code 股份代号：105

The translation into Chinese language of this anual report is for reference only.

In case of any inconsistency, the English version shal prevail.

本年报之中文译本只供参考，如中英文本有任何差异，一概以英文本为准。

Contents 目录

2Corporate Information公司资料

3Chairman’s Statement主席报告

4Properties物业概览

5Corporate Governance Report企业管治报告

40Corporate Social Responsibility Report企业社会责任报告

68Directors’ Report董事会报告

Biographical Details of Directors and

Senior Management

董事与高层管理人员

个人简历

88Independent Auditor’s Report独立核数师报告

Consolidated Statement of Profit or Los

and Other Comprehensive Income

综合损益及其他全面

收入表

96Consolidated Statement of Financial Position综合财务状况表

98Consolidated Statement of Changes in Equity综合权益变动表

99Consolidated Statement of Cash Flows综合现金流量表

101Notes to the Financial Statements财务报表附注

155Five Year Financial Sumary五年财务概要

Board of Directors

Executive Directors

Cheong Kheng Lim (Chairman)

Cheong Keng Hoi

Cheong Sim Lam

Cheong Chong Ling

Cheong Tiong Ham

Cheong Chin Hong Rodney

Independent Non-executive Directors

Chow Wan Hoi, Paul

Wong Yiu Tak

Le Chung

Company Secretary

Ng Sau Fong

Bankers

Hang Seng Bank Limited

Oversea-Chinese Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited

The Bank of East Asia, Limited

Solicitors

Johnson Stokes & Master

Deacons

Stephenson Harwod

Charles Rusel Spechlys LP

Auditor

KPMG (Certified Public Acountants)

Public Interest Entity Auditor registered in acordance with

the Hong Kong Acounting and Financial Reporting Council Ordinance

Share Registrar

Computershare Hong Kong Investor Services Limited

Shops 1712-1716, 17th Flor, Hopewel Centre

183 Quen’s Road East, Wanchai, Hong Kong

Registered Ofice

9th Flor, iSQUARE, 63 Nathan Road

Tsim Sha Tsui, Kowlon, Hong Kong

Website

htp:/aihl.etnet.com.hk

Corporate Information

公司资料

Asociated International Hotels Limited 凯联国际酒店有限公司2

董事会

执行董事

钟琼林（主席）

钟炯辉

钟燊南

钟聪玲

钟仲涵

钟振风

独立非执行董事

周云海

黄耀德

李松

公司秘书

吴秀芳

银行

恒生银行有限公司

华侨银行

香港上海汇丰银行有限公司

东亚银行有限公司

律师

孖士打律师行

的近律师行

罗夏信律师事务所

思雅仕律师行有限法律责任合伙

核数师

毕马威会计师事务所（执业会计师）

于香港《会计及财务汇报局条例》下

注册的公众利益实体核数师

股票登记处

香港中央证券登记有限公司

香港湾仔皇后大道东183号

合和中心17楼1712-1716室

注册办事处

香港九龙尖沙咀

弥敦道63号国际广场9楼

网站

htp:/aihl.etnet.com.hk

Financial Results and Busines Review

I would like to report the audited results of the Group for the year ended 31

March 2025. During the year, the Group recorded a profit from operations

before valuation changes in investment properties of HK$185.3 milion (2024:

HK$182.7 milion). Since the valuation loses on investment properties

amounted to HK$708.9 milion (2024: net valuation gains of HK$230.8 milion),

the Group recorded a los atributable to equity shareholders of HK$560.6

milion (2024: a profit of HK$376.8 milion). The valuation changes wil only

afect the acounting profit or los but not the cash flows of the Group. Details

of the financial results and busines performance and development are set out

in the Directors’ Report on pages 68 to 84.

Dividends

The Board is pleased to recomend a final dividend of HK$0.19 per share for

the year ended 31 March 2025 (2024: HK$0.25 per share). As the Company

paid an interim dividend of HK$0.16 per share during the year (2024: HK$0.16

per share), the total distribution wil be HK$0.35 per share for the year (2024:

HK$0.41 per share).

Anual General Meting

The forthcoming anual general meting of the Company wil be held on Friday,

5 September 2025.

Acknowledgement

Finaly, on behalf of the Board, I wish to thank al our staf for their devotion and

dedication, and would like to thank our profesional advisors and our members

for their suport in the past year.

Cheong Kheng Lim

Chairman

Hong Kong, 27 June 2025

Chairman’s Statement

主席报告

Anual Report 2024-2025 年报3

财政业绩及业务回顾

本人谨此宣布本集团截至二零二五年三月三十一日

止年度之经审核业绩。于本年度，本集团之投资物

业估值变动前的经营溢利为港币185,300,000元（二

零二四年：港币182,700,000元）。由于投资物业估

值亏损为港币708,900,000元（二零二四年：估值盈

利净额港币230,800,000元），本集团录得权益股东

应占亏损港币560,600,000元（二零二四年：溢利

港币376,800,000元）。该估值变动只会影响本集团

在会计上的溢利或亏损，而不会对其现金流量造成

影响。财政业绩及业务表现和发展的详情列载于

第68至84页的董事会报告内。

股息

董事会欣然建议派发截至二零二五年三月三十一日

止年度末期股息每股港币0.19元（二零二四年：每

股港币0.25元）。本公司已于本年度派发中期股息

每股港币0.16元（二零二四年：每股港币0.16元），

连同建议派发的末期股息，本年度将共派息每股港

币0.35元（二零二四年：每股港币0.41元）。

股东周年大会

本公司即将召开的股东周年大会将于二零二五年九

月五日星期五举行。

致谢

最后，本人谨代表董事会对各同事之忠诚及辛勤贡

献致以谢意，并感谢各专业顾问及本公司成员在过

去一年的支持。

主席

钟琼林

香港，二零二五年六月二十七日

Properties

物业概览

Asociated International Hotels Limited 凯联国际酒店有限公司4

iSQUARE

iSQUARE is located in the heart of Tsim Sha Tsui at the intersection of Nathan

Road and Peking Road. It is the first one-stop shoping and entertainment

complex linked to Tsim Sha Tsui MTR station. This complex provides 56,000

square metres of space comprising a shoping podium, cinema box and

tower.

The podium is a vibrant hub for world-clas fashion and lifestyle brands,

complemented by five grand cineplexes, including a 458-seat digital IMAX

theatre. iSQUARE also features fine-dining restaurants and lifestyle services in

its iconic tower.

国际广场

国际广场位处尖沙咀中心地带，坐落于弥敦道和北

京道交界，是区内首个与尖沙咀港铁站直接相连的

大型综合娱乐及购物中心。国际广场面积达56,000

平方米，包括商场低座、戏院和高座大楼三个部

分。

商场低座汇聚各类型时装及生活时尚品牌，并设有

5间星级电影院，包括设置458个座位的IMAX数码

影院；高座则进驻有高级食府及生活时尚服务。

Corporate Governance Report

企业管治报告

Anual Report 2024-2025 年报5

Corporate Governance Practices

The Company recognises responsibilities to its shareholders and is therefore

comited to maintaining a high standard of corporate governance. To

acomplish this, the Company has reviewed its practices and procedure, and

identified and formalised apropriate measures and policies.

Throughout the financial year ended 31 March 2025, the Company complied

with al the code provisions, where aplicable, set out in Part 2 of the Corporate

Governance Code (“CG Code”) in Apendix C1 to the Rules Governing the

Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing

Rules”), except for the deviations as disclosed hereunder:

Code Provision C.1.8: Apropriate insurance cover

in respect of legal action against directors should be

aranged

Curently, the Company does not have insurance cover for legal action against

its Directors. After taking into acount the busines nature and operational

complexity and diversity of the Group, as wel as the close supervision of and

prudent aproach adopted by the management, the Board believes that the

Directors’ risk of being sued or geting involved in litigation in their capacity as

Directors is relatively low. Benefits to be derived from taking out insurance may

not outweigh the cost. Despite it, every Director is, subject to the provisions of

the aplicable laws, indemnified out of the asets of the Company against al

costs, charges, expenses, loses and liabilities he/she may sustain or incur in

or about the execution of his/her ofice or otherwise in relation thereto pursuant

to the Articles of Asociation of the Company. In view of the above, the Board

considers that the Directors’ exposure to risk is manageable.

Code Provision C.2.1: The roles of chairman and chief

executive should be separated and performed by two

individuals

The roles of the Chairman and chief executive oficer of the Company are

taken up by the same person. To avoid concentration of power and authority

in any one individual, the Executive Directors have ben sharing the day-to-

day management of the Company’s busines whilst the Board is colectively

responsible for formulation of objectives and strategic decisions. In adition,

the Board comprises thre Independent Non-executive Directors (“INEDs”)

with difering expertise/calibre who can provide a “check and balance” efect

on the management through their high atendance at board metings and

active roles in board comites whereby ensuring a balance of power. Given

consideration to the aforesaid, the Board of Directors is of the view that the

structure of CEO duality does not have any adverse efect on the Company

and believes that the curent structure enables the Group to make and

implement decisions promptly and eficiently on the one hand while achieving

an equilibrium of power on the other.

企业管治常规

本公司明白其对股东的责任，故致力维持高水平的

企业管治。为此，本公司已检讨其常规和程序，并

确认及制定合适的措施和政策。

于截至二零二五年三月三十一日止财政年度，本

公司均有遵守《香港联合交易所有限公司证券上市

规则》（「上市规则」）附录C1所载的《企业管治守则》

（「企管守则」）之第二部分所有适用的守则条文，惟

下文所披露者除外：

守则条文第C.1.8条：应就董事可能面

对的法律行动作适当的投保安排

本公司现时并无就其董事可能面对的法律行动作投

保安排。在考虑本集团的业务性质、营运复杂性及

多元性，以及管理层的密切监管和审慎作风后，董

事会相信，各董事因其董事身份而被控告或牵涉于

诉讼之风险偏低，且投保所带来之好处或低于投保

成本。尽管如此，根据本公司组织章程细则规定，

除适用之法例条文所规限外，本公司须以其资产向

各董事就执行其职务或与此有关的事宜而承担或引

致的所有成本、支出、开支、损失及负债作出赔偿

保证。有见及此，董事会认为董事所承担之风险属

可接受。

守则条文第C.2.1条：主席和行政总裁

的角色须分开，并由两位不同人士担任

本公司主席和行政总裁的角色由同一人兼任。为避

免权力和职权集中于任何一人身上，本公司业务之

日常管理乃由执行董事分担，目标制定及策略性的

决定则由董事会成员共同负责。此外，董事会包括

三名具不同专业知识╱才能的独立非执行董事，彼

等对董事会议的积极参与及其在董事会辖下的委

员会担当的主导角色为管理层带来「制衡」作用，从

而确保董事会之权力均衡。鉴于前述考虑，董事会

认为，主席兼任行政总裁的做法对本公司并无任何

负面影响，且相信现有架构能令本集团在迅速和有

效率地作出及执行决策的同时保持权力平衡。

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司6

守则条文第D.2.5条：发行人应设立内

部审核功能；否则，须每年就是否需要

增设此项功能进行检讨

本公司目前并无设立内部审核功能。董事会已于

二零二五年三月就本公司是否需要增设该功能作出

检讨，并在考虑本集团现有情况（如重点业务性质

及地域分布、本集团相对小的规模及简单的营运架

构，和管理层对日常运作的密切监管及参与）后，

确认本集团已备有足够的风险管理及内部监控，并

没有设立内部审核功能的即时需要。尽管如此，董

事会已透过建立涵盖整个集团的监控环境（如通过

落实举报政策及已清楚界定员工角色、责任及汇报

途径的程序手册，建立以良好商业道德及问责为基

础的企业文化）及制定监控活动（如对整个集团进行

一年两次的风险评估），以提升其风险管理及内部

监控制度的充分性和成效。此外，当本公司外聘核

数师考虑任何与审核财务报表相关的内部监控时，

会将在审核中所识别出的任何内部监控的重大缺陷

向审核委员会汇报。

综观上述考虑，以及有关现有监控机制有效性的检

讨结果和可能涉及的成本，董事会认为，在目前情

况下设立及保持内部审核功能并不符合成本效益。

尽管如此，董事会将每年就是否需要增设该功能作

出检讨。

Code Provision D.2.5: Isuer should have an internal

audit function and review the ned for one in case of its

absence anualy

At present, the Company does not have an internal audit function. The Board

reviewed the ned for seting up one in March 2025 and considered that

there was no such imediate ned after taking into acount the Group’s

curent circumstances, such as the focused nature and geographical spread

of busines, the relatively simple operating structure and smal size of the

Group and the close involvement and supervision of the management in

daily operation, which could provide suficient risk management and internal

control for the Group. Despite it, the Board has taken initiatives to promote

the adequacy and efectivenes of the risk management and internal control

systems by creating a control environment acros the Group (such as building

up a corporate culture based on sound busines ethics and acountability

through the implementation of whistleblowing policy and procedure manuals

with defined roles, responsibilities and reporting lines) and puting control

activities in place (such as conducting group-wide risk asesment exercise

bianualy). In adition, where the external auditor of the Company considers

any internal controls that are relevant to the audit of the financial statements, it

wil report to the audit comite any significant deficiencies in internal control

identified during the audit.

In view of the above considerations, together with the review result on the

efectivenes of the existing control mechanism and the potential cost to be

involved, the Board is of the opinion that it is not cost efective to set up and

maintain an internal audit function for the time being. Nonetheles, the Board

wil review the ned for one on an anual basis.

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报7

守则条文第E.1.5条：应在年报内按薪

酬等级披露高层管理人员之酬金详情

本公司没有在年报内按薪酬等级披露高层管理人员

之酬金详情。为确保各高层管理人员所收取的薪酬

合理而非过多，彼等均无参与其薪酬之决议，与薪

酬委员会成员（该等成员均为独立非执行董事、且

获授权基于本公司薪酬政策中所述之多项因素共同

决定高层管理人员之薪酬）亦没有任何关系。董事

会认为没就该等资料作出披露对本公司不会造成任

何负面影响；反之，相关的披露或会引起员工之间

不适当的比较，且会在不必要的情况下将高度敏感

及机密的资料提供予竞争对手及有意招聘高层管理

人员的其他第三者。有见及此，董事会认为，该等

资料的披露既不能就促进本公司企业管治提供相关

资料，亦不符合其成员利益。

Code Provision E.1.5: Remuneration details of senior

management should be disclosed by band in anual

reports

The remuneration details of the senior management are not disclosed by band

in the anual report. To ensure they are remunerated at a reasonable but not

excesive rate, none of them is involved in deciding his/her own remuneration

or related to the remuneration comite members (who are al INEDs and

authorised to colectively determine the remuneration of the senior management

based on a number of factors set out in the Company’s remuneration policy).

The Directors consider that the non-disclosure does not pose any negative

impact on the Company. On the contrary, the disclosure of the remuneration

details of the senior management may cause undue comparison among staf

members, and would unecesarily provide highly sensitive and confidential

information to competitors and other third parties loking to recruit the senior

management. In light of the above, the Directors are of the view that the

disclosure of such information would neither provide pertinent information in

furtherance of corporate governance, nor be in the interests of the members of

the Company.

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司8

董事会

于截至二零二五年三月三十一日止财政年度，本公

司董事会由下列成员组成：

执行董事

钟琼林先生（主席及行政总裁）

钟炯辉先生

钟燊南先生

钟聪玲女士

钟仲涵先生

钟振风先生

独立非执行董事

周云海先生

黄耀德先生

李松先生

钟琼林先生为钟炯辉先生和钟燊南先生的哥、钟

聪玲女士和钟仲涵先生的父亲，以及钟振风先生的

叔父。钟琼林先生、钟炯辉先生、钟燊南先生和钟

振风先生（及其他家庭成员）共同拥有天德有限

公司，即本公司之最终控股东（按上市规则之定

义）。部分钟氏家族成员的董事共同拥有本集团以

外的业务╱公司。

根据企业管治架构，董事会须共同就本集团之表现

向本公司股东负责。董事会负责领导和管治本集

团，包括制定目标、具体策略及业务计划，并监督

本集团财务及管理表现、企业管治、环境、社会及

管治事宜、风险管理及内部监控制度。

本公司董事须对编制各财政年度的综合财务报表负

责，务使该等报表真实而中肯地反映本集团的财务

状况及财务表现。于按持续经营基准编制本公司截

至二零二五年三月三十一日止财政年度的综合财务

报表时，董事已采纳合适的会计政策。除于财务报

表附注所披露于本年度首次生效之变动外，董事所

采用的会计政策与上一财政年度财务报表中所用的

一致，且已作出合理的判断和估计。

Board of Directors

The Board of Directors during the financial year ended 31 March 2025

comprised the folowing members:

Executive Directors

Mr Cheong Kheng Lim (Chairman and chief executive oficer)

Mr Cheong Keng Hoi

Mr Cheong Sim Lam

Ms Cheong Chong Ling

Mr Cheong Tiong Ham

Mr Cheong Chin Hong Rodney

Independent Non-executive Directors

Mr Chow Wan Hoi, Paul

Mr Wong Yiu Tak

Mr Le Chung

Mr Cheong Kheng Lim is the brother of Mr Cheong Keng Hoi and Mr Cheong

Sim Lam, the father of Ms Cheong Chong Ling and Mr Cheong Tiong Ham,

and the uncle of Mr Cheong Chin Hong Rodney. Mesrs Cheong Kheng Lim,

Cheong Keng Hoi, Cheong Sim Lam and Cheong Chin Hong Rodney (together

with his other family members) own Tian Teck Investment Holding Co., Limited,

the ultimate controling shareholder (as defined in the Listing Rules) of the

Company. Some of the Directors who are members of the Cheong family

together own busineses/companies outside the Group.

Under the corporate governance structure, the Board of Directors is as a

whole acountable to the shareholders of the Company in respect of the

Group’s performance. The Board of Directors is responsible for the leadership

and control of the Group, which include formulation of objectives, overal

strategies and busines plans; and overseing the financial and management

performance, corporate governance, environmental, social and governance

isues, risk management and internal control systems of the Group.

The Directors of the Company are responsible for preparation of the

consolidated financial statements for each financial year which give a true and

fair view of the financial position and financial performance of the Group. In

preparing the consolidated financial statements of the Company for the financial

year ended 31 March 2025 on a going concern basis, the Directors have

adopted suitable acounting policies. Other than the changes in acounting

policies which are first efective for the year under review as disclosed in the

notes to the financial statements, the Directors have aplied the acounting

policies consistently with those aplied to the financial statements of the

previous financial year. The Directors have also made judgements and estimates

which are reasonable.

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报9

此外，本公司董事须对保留合适的记录，以合理的

准确性反映本集团于任何时间的财务状况负责。本

公司核数师就本集团财务报表作出的申报责任声明

列载于第88至94页的独立核数师报告内。

为能更专注于特定范畴，董事会已成立三个委员

会，分别为薪酬委员会、提名委员会和审核委员

会。由于独立非执行董事能为本公司作出不同贡

献，故均获邀参加该等董事会辖下的委员会。为协

助委员会恰当地履行其角色，各委员会均备有一份

委员会政策，为其成员于决策过程提供指引。各委

员会的职权范围亦已详细阐明其各自的职责和职

权。该等委员会须向董事会汇报，以确保董事会充

分得悉其工作及调查结果。

为使营运更具效率，董事会依赖管理层处理本集团

业务的日常运作。管理层须推行董事会已制定的目

标、策略及计划，并不时向董事会汇报。董事会负

责监察管理层的工作，而管理层则为董事会运作和

本集团发展提供必不可少的支援。鉴于董事会与管

理层间的紧密合作关系，本公司已清楚厘定，并以

书面形式详列其各自的职责、权力和职能。

将职能和职权转授予董事会辖下的委员会和管理层

不会免除董事会对本集团管治的整体责任。董事会

在任何时候均须就本集团之管理和营运负上最终责

任。

本公司明白基于其股东最大利益而作出不偏不倚之

决策的重要性，因此已采纳下述机制以确保董事会

可获得独立的观点和意见。于本年度，董事会已就

相关机制作出检讨、并确认其在实施上的有效性。

In adition, the Directors of the Company are acountable for keping proper

records which reflect with reasonable acuracy at any time the financial

position of the Group. The statement of the Auditor of the Company about its

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

the Independent Auditor’s Report on pages 88 to 94.

With the objective of focusing more atentively on specific areas, the Board

has established thre comites, namely the remuneration comite, the

nomination comite and the audit comite. INEDs are invited to serve on

these Board comites given the benefits they can bring to the Company. To

asist the comites in discharging their roles adequately, each comite

is provided with a comite policy, seting out guidelines for its members

to folow in the proces of decision-making. Duties and authorities of these

comites are also set out in their respective terms of reference. To kep the

Board fuly informed of their works and findings, these comites are required

to report back to the Board.

For the purpose of eficient operation, the Board relies on the management

for the day-to-day operation of the Group’s busines. The management has

to implement the objectives, strategies and plans adopted by the Board and

report to the Board from time to time. The Board monitors the work of the

management whilst the management provides an indispensable suport to

the operation of the Board and the Group’s development. Given the close

colaboration betwen the Board and the management, the duties, power and

functions of the Board and the management are clearly laid down and defined

in writing.

Delegating its functions and authorities to the Board comites and the

management does not absolve the Board from its overal responsibility for

the governance of the Group. The Board at al times asumes the ultimate

responsibility for the Group’s management and operation.

Given the significance of making impartial decisions in the best interests of

its shareholders, the Company has adopted the folowing mechanism so as

to ensure independent views and input are available to the Board. During

the year, the Board had reviewed the same and considered it as efectively

implemented.

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司10

• 维持独立氛围的途径

(i) 通过下列方法确保「独立性」：

Ø 于本公司提名政策及╱或独立非

执行董事的委任书列载相关董事

需具备的资格及应付出的时间

Ø 遵守上市规则就独立非执行董事

人数及服务年期所作出的要求

Ø 透过董事表现年度评估对独立非

执行董事之表现作出评核

(i) 制定董事（包括独立非执行董事）寻求独

立专业意见的程序

(i) 在需要时，独立非执行董事可召开无须

执行董事出席的会议

• 可供沟通的渠道

(i) 向董事（包括独立非执行董事）就定期会

议发出14天通知，以让彼等可提出讨

论事项

(i) 董事会辖下的委员会（当中大多数成员

均为独立非执行董事）须在紧随相关会

议后之首个董事会议上，就其已讨论

的事项作口头汇报，以确保独立非执行

董事之意见获适时传达

(i) 向所有董事传阅董事会辖下的委员会全

部会议记录，以确保整个董事会充分了

解委员会所关注之事项

(iv) 为防止观点被压制，董事会主席与独立

非执行董事每年均会在没有执行董事在

场之情况下进行讨论

• Ways to maintain an independent environment

(i) To ensure quality of “independence” by:

Ø seting out INEDs’ qualification and time contribution

required in the Company’s Nomination Policy and/or their

apointment leters

Ø complying with the number and service years of INEDs as

mandated under the Listing Rules

Ø asesing INEDs’ performance through Directors’

performance evaluation on an anual basis

(i) To lay down procedure for Directors (including INEDs) to sek

independent profesional advice

(i) To convene INEDs’ metings (without the presence of Executive

Directors) as and when necesary

• Available comunication avenues

(i) To give a 14-day notice of regular board metings to Directors

(including INEDs) for puting forward items for discusion

(i) To report to the Board isues discused at board comite

metings (a majority of the board comite members being

INEDs) verbaly at the board meting imediately thereafter so as

to make sure INEDs’ voice is comunicated in god time

(i) To circulate minutes of al board comite metings to al

Directors so that the whole Board is wel aware of the comites’

concerns

(iv) To hold discusion (without the presence of the Executive

Directors) betwen the Chairman of the Board and INEDs anualy

to prevent some views from being supresed

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报11

董事出席会议记录及培训

为确保本集团的事务能获得适时且恰当的关注和讨

论，本公司所有董事于截至二零二五年三月三十一日

止财政年度出席其有资格参加之董事会议（共

6次）、董事会辖下委员会议及股东周年大会之比率

很高。

鉴于董事需具备履行其职责所必需的知识和技能，

本公司著重董事培训。于本年度，本公司不时向所

有董事发出备忘录╱通函，以更新各董事于董事职

责及法律和监管责任上的知识。为使各董事能与时

并进，掌握监管和法律要求方面的最新发展，公司

秘书亦会在需要时直接或透过其他专业人士向董事

会提供更新的资料。于截至二零二五年三月三十一

日止财政年度，本公司不仅为董事安排与董事职责

和责任，以及与策略性方向有关、费用由本公司支

付的内部培训课程，亦向彼等转发由香港联合交易

所有限公司编制关于(i)新气候规定；(i)股份购回及

库存股份；以及(i)ISB可持续信息披露的网上培训

资料。为确保各董事获得适当培训，董事会已就此

进行检讨，并对其所有董事于截至二零二五年三月

三十一日止财政年度所接受的培训感到满意。除前

述外，本公司鼓励董事自行参与相关的外间培训讲

座、研讨会、论坛和讨论会。在符合本公司政策的

情况下，本公司会支付所有相关费用。

Directors’ atendance and training

To ensure timely and adequate atention to and due discusion on the Group’s

afairs, the Directors had high atendance at the board metings (total: six),

board comite metings and anual general meting they were eligible to

atend during the financial year ended 31 March 2025.

Given the ned for the Directors to equip themselves with necesary knowledge

and skils to discharge their duties, the Company places an emphasis on

Directors’ training. During the year under review, al Directors were furnished

with memoranda/circulars at intervals so as to refresh their knowledge relating

to Directors’ duties as wel as legal and regulatory obligations. To kep the

Directors abreast of the latest developments regarding regulatory and legal

requirements, the company secretary also provided updates directly or through

other profesionals to the Board as and when necesary. During the financial

year ended 31 March 2025, not only did the Company organise in-house

training courses in relation to Directors’ duties and responsibilities as wel as

strategic direction for its Directors at the Company’s expense, it also provided

them with e-learning materials in relation to (i) new climate requirements;

(i) share repurchase and treasury shares; and (i) ISB sustainability disclosures

as composed by The Stock Exchange of Hong Kong Limited. For the purpose

of ensuring suitable training is received by the Directors, the Board conducted

a review thereon and is satisfied with the training received by the Directors for

the financial year ended 31 March 2025. Other than the foregoing, the Directors

are encouraged to atend relevant external training sesions, seminars, forums

and conferences on their own with al related expenses reimbursable by the

Company, subject to the Company’s policy.

Board Meetings^ 董事会会议^ Covering corporate governance- Covering related matters other matters 涉及企业管治相关之事宜涉及其他事宜		Remuneration Committee Meetings 薪酬委员会会议	Nomination Committee Meetings 提名委员会会议	Audit Committee Meetings 审核委员会会议	Annual General Meeting 股东周年大会
2/2	4/4	—	2/2	—	1/1
2/2	4/4	—	—	—	1/1
1/2	4/4	—	—	—	1/1
2/2	4/4	—	—	—	1/1
2/2	4/4	—	—	—	1/1
2/2	4/4	—	—	—	1/1
2/2	4/4	3/3	2/2	4/4	1/1
2/2	4/4	3/3	2/2	4/4	1/1
2/2	4/4	3/3	2/2	4/4	1/1
2	4	3	2	4	1

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司12

各董事于本年度出席股东周年大会、董事会议、

董事会辖下委员会议及培训之记录如下：

Individual atendance of the Directors at anual general meting, board

metings, board comite metings and training during the year under review

is set out below:

Training

培训

Directors

董事

Executive Directors

执行董事

Cheong Kheng Lim

钟琼林

A, C

Cheong Keng Hoi

钟炯辉

A, C

Cheong Sim Lam

钟燊南

A, B, C

Cheong Chong Ling

钟聪玲

A, C

Cheong Tiong Ham

钟仲涵

A, C

Cheong Chin Hong Rodney

钟振风

A, C

Independent Non-executive

Directors

独立非执行董事

Chow Wan Hoi, Paul

周云海

B, C

Wong Yiu Tak

黄耀德

A, C

Le Chung

李松

A, C

Total number of metings

会议总数

—

During the financial year ended 31 March 2025, six board metings, of which four

were regular ones, were held.

— Not aplicable

The form in which the Directors received training includes:

A: Atending courses/seminars/conferences

B: Reading materials

C: Receiving briefings from company secretary/other executives/profesionals

于截至二零二五年三月三十一日止财政年度，本公司

共召开六次董事会议（其中四次为定期会议）。

— 不适用

董事接受培训的形式包括︰

A: 出席课程╱研讨会╱讨论会

B: 阅读资料

C: 从公司秘书╱其他行政人员╱专业人士获取简报

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报13

董事的证券交易

本公司已采纳上市规则附录C3所载的《上市发行人

董事进行证券交易的标准守则》作为本公司董事买

卖本公司证券的守则（「标准守则」），并已向本公司

所有董事就是否已遵守或在任何方面未遵守标准守

则作出特定查询。所有董事皆确认于截至二零二五

年三月三十一日止财政年度内均有遵守标准守则所

定的标准。

独立非执行董事

本公司独立非执行董事被委任的年期为股东周年大

会散会起至紧随下一次之股东周年大会散会止。根

据本公司的组织章程细则，独立非执行董事须每三

年最少轮值退任一次，惟该等董事可膺选连任。

在评估各独立非执行董事所发出的书面确认文件

（特别参考上市规则第3.13条所列载的独立性要求）

后，本公司认为各独立非执行董事继续确属独立人

士。其中一名独立非执行董事拥有上市规则要求具

备的适当的专业资格或会计或相关的财务管理专

长。

Directors’ Securities Transactions

The Company has adopted the Model Code for Securities Transactions by

Directors of Listed Isuers set out in Apendix C3 to the Listing Rules as its

code for dealing in securities in the Company by its Directors (“Model Code”).

Specific enquiry has ben made to al Directors of the Company as to whether

they have complied with or whether there has ben any non-compliance with

the Model Code, and al Directors have confirmed compliance with the required

standard set out in the Model Code during the financial year ended 31 March

2025.

Independent Non-executive Directors

INEDs are apointed for the period comencing from the conclusion of one

anual general meting to the conclusion of the folowing anual general

meting. Acording to the Company’s Articles of Asociation, they are required

to retire by rotation, but remain eligible for re-election, at least once every thre

years.

Having asesed the writen confirmation from each INED in particular by

reference to the independence requirements set out in Rule 3.13 of the Listing

Rules, the Company considers each of them continue to be independent. One

of the INEDs poseses apropriate profesional qualifications or acounting

or related financial management expertise as required under the Listing Rules.

Corporate Governance Report 企业管治报告

Board of Directors

董事会

Remuneration Comite

薪酬委员会

Thre INEDs:

三名独立非执行董事：

, Paul

(comite chairman)

周云海先生（委员会主席）

• Mr Wong Yiu Tak

黄耀德先生

• Mr Le Chung

李松先生

Nomination Comite

提名委员会

Two Executive Directors:

两名执行董事：

• Mr Cheong Kheng Lim

(comite chairman)

钟琼林先生（委员会主席）

• Ms Cheong Chong Ling

(apointed with efect from

30 June 2025)

钟聪玲女士（于二零二五年

六月三十日上任）

Thre INEDs:

三名独立非执行董事：

, Paul

周云海先生

• Mr Wong Yiu Tak

黄耀德先生

• Mr Le Chung

李松先生

Audit Comite

审核委员会

Thre INEDs:

三名独立非执行董事：

, Paul

(comite chairman)

周云海先生（委员会主席）

• Mr Wong Yiu Tak

黄耀德先生

• Mr Le Chung

李松先生

Asociated International Hotels Limited 凯联国际酒店有限公司14

董事会辖下的委员会

董事会已成立三个委员会，分别为薪酬委员会、提

名委员会和审核委员会，并以书面订明其各自的职

权范围。各委员会须向董事会汇报，并确保董事会

充分得悉其决定及建议（如受法律或监管限制者除

外）。下表展示现时各董事会辖下之委员会的组成。

Board Comites

The Board has established thre comites, namely the remuneration

comite, the nomination comite and the audit comite, each with its

writen terms of reference. Each comite is required to report back to the

Board and kep the Board fuly informed of its decisions and recomendations

unles there are legal or regulatory restrictions on its ability to do so. The

folowing diagram shows the curent composition of each Board comite.

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报15

薪酬委员会

本集团薪酬政策的最终目的是以具竞争力的薪酬令

具合适才能的董事和高层管理人员留任。为此，董

事会已成立薪酬委员会。按本集团薪酬政策的规

定，所有董事或其联系人均不可参与其薪酬有关

的决定。

Remuneration comite

The primary objective of the Group’s remuneration policy is to retain

Directors and senior management of suitable calibre by remunerating them

at a competitive level. In order to achieve this, the Board has established a

remuneration comite. Under the Group’s remuneration policy, no Director

or his/her asociates are alowed to be involved in decisions relating to his/her

own remuneration.

Main duties主要职责

— to review and make recomendations to the Board on the terms of

reference of the comite

— to asist the Company in formulating remuneration policy and

structure for Directors and senior management

— to review and aprove the management’s remuneration proposals

— to determine, with delegated responsibility, the remuneration

packages of individual Executive Directors and senior management

— to make recomendations to the Board on the remuneration of the

INEDs

— to consider salaries paid by comparable companies, time comitment

and responsibilities and employment conditions elsewhere in the

Group

— to review and aprove compensation payable to Executive Directors

and senior management for any los or termination of ofice or

apointment

— to review and aprove compensation arangements relating to

dismisal or removal of Directors for misconduct

— to review and/or aprove maters relating to share schemes under

Chapter 17 of the Listing Rules

— 检讨委员会的职权范围，并向董事会作出

建议

— 协助本公司制定董事及高层管理人员的薪

酬政策及架构

— 检讨及批准管理层的薪酬建议

— 获董事会转授责任，厘定个别执行董事和

高层管理人员的薪酬

— 向董事会建议独立非执行董事的薪酬

— 考虑同类公司支付的薪酬、需付出的时间

及责任和本集团其他职位的雇用条件

— 检讨及批准向执行董事和高层管理人员支

付与任何丧失或终止其职务或委任的赔偿

— 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

— 审阅及╱或批准上市规则第十七章所述有

关股份计划的事宜

Details of the remuneration comite’s authority and duties are set out in its

terms of reference. The said terms of reference are published on the websites

of the Company and Hong Kong Exchanges and Clearing Limited (“HKEx”).

薪酬委员会的职权范围已详细阐明其职权和职责，

并已登载于本公司和香港交易及结算所有限公司

（「交易所」）网站。

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司16

个别执行董事和高层管理人员的薪酬每年由薪酬委

员会（已获董事会转授责任）在考虑行政总裁的建议

后而厘定，惟同时兼任行政总裁一职之执行董事的

薪酬则由薪酬委员会全权决定。薪酬委员会每年亦

会检讨独立非执行董事的薪酬，并就该等事宜向董

事会作出建议。其他员工的薪酬则每年由执行董事

在考虑各有关部门主管的建议后厘定。

根据本集团之薪酬政策，董事之薪酬乃根据若干因

素而决定，包括同类公司支付的薪酬、本集团业

绩、董事的工作量、责任和需付出的时间。在厘定

高层管理人员和其他所有员工的薪酬时，薪酬委员

会和执行董事（视乎情况）考虑的因素则包括市场状

况、本集团业绩、个人表现、工作性质和职责。

除列载于第151页的财务报表附注24的退休计划

外，本集团并无任何长期的奖励计划。

Remuneration of individual Executive Directors and senior management is

determined, with delegated responsibility, by the remuneration comite

on the recomendations of the chief executive oficer (except that the

remuneration package of the Executive Director who is also the chief executive

oficer is determined by the remuneration comite alone) on an anual basis.

The remuneration comite also makes recomendations to the Board on

the review of INEDs’ remuneration anualy. For al other staf, it is the Executive

Directors who fix their remuneration packages on the recomendations of their

respective department heads on an anual basis.

Acording to the Group’s remuneration policy, the amount of remuneration

payable to the Directors is determined by reference to a number of factors,

including remuneration paid by comparable companies, the Group’s results

as wel as the work-load, responsibility and time comitment of the Directors.

When determining the remuneration packages of senior management and al

other staf, the remuneration comite and Executive Directors, as the case

may be, take(s) into consideration the factors including market conditions, the

Group’s results, individual performance, job nature and duties.

Other than the retirement scheme as set out in note 24 to the financial

statements on page 151, the Group does not have any long-term incentive

scheme.

Sumary of works performed during the financial year ended

31 March 2025

于截至二零二五年三月三十一日止财政年度的工

作摘要

— reviewed and made recomendations to the Board on the

Company’s remuneration policy and the terms of reference of the

comite

— reviewed and fixed the remuneration packages of al Executive

Directors and senior management

— made recomendations to the Board on the remuneration of the

INEDs

— 就本公司的薪酬政策及委员会的职权范围

作出检讨及向董事会提出建议

— 检讨及厘定所有执行董事和高层管理人员

的薪酬

— 就独立非执行董事的薪酬向董事会作出建

议

Number of metings held by the comite during the year under review and

individual atendance of the remuneration comite members thereat are set

out in the table on page 12.

薪酬委员会于本年度举行会议的次数及各委员会成

员出席会议之记录载于第12页的列表内。

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报17

提名委员会

为确保其成员具有均衡的技能、经验及切合本公司

需要的多元化观点，董事会已设立提名委员会。

Nomination comite

To ensure the Board has a balance of skils, experience and diversity of

perspectives apropriate to the neds of the Company, the Board has set up a

nomination comite.

Main duties主要职责

— to review and provide recomendations to the Board on the

nomination policy, terms of reference of the comite and the Board

diversity policy

— to review the structure, size and composition (including the skils,

knowledge and experience) of the Board and make recomendations

on any proposed changes to the Board to complement the

Company’s corporate strategy

— to ases the independence of INEDs

— to ases the mix required on the Board

— to identify individuals suitably qualified to become Board members

and select or make recomendations to the Board on the selection of

individuals nominated for directorships

— to make recomendations to the Board on the apointment or re-

apointment of Directors and sucesion planing for Directors, in

particular the Chairman of the Board and the chief executive, and

on the seting of measurable objectives for implementing the Board

diversity policy

— 检讨提名政策、委员会的职权范围和董事

会多元化政策，并向董事会作出建议

— 检讨董事会架构、人数及组合（包括技能、

知识和经验），并就配合本公司之公司策略

向董事会提出任何改动建议

— 评核独立非执行董事的独立性

— 就董事会所需之组合进行评估

— 物色具合适资格的人士为董事会成员，并

甄选个别人士为候选董事或就有关事宜向

董事会作出建议

— 就董事委任或重新委任、董事继任计划（尤

其是董事会主席和行政总裁）和就推行董事

会多元化政策制定可计量目标向董事会作

出建议

Details of the nomination comite’s authority and duties are set out in its

terms of reference. The said terms of reference are published on the websites

of the Company and the HKEx.

提名委员会的职权范围已详细阐明其职权和职责，

并已登载于本公司及交易所网站。

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司18

为向委员会成员提供明确指引以履行职务，本公司

已制定提名政策，详列提名董事的程序和准则。按

政策规定，所有董事（包括有指定任期的董事）须于

每三年最少轮值退任一次，惟退任的董事可膺选连

任。任何获董事会委任的新增董事会成员，须在下

次股东周年大会退任；因填补临时空缺而获委任的

董事则须在下次股东大会（并非下次股东周年大会）

退任，惟该等董事均可膺选连任。董事的委任年期

由董事会决定。

在向董事会就委任或重新委任董事作出建议前，提

名委员会须根据提名政策考虑本公司之目前及未来

需要和可能面对之新挑战╱风险，以厘定受委任董

事需具备的特质╱能力。在考量个别人士担任董事

或现任董事获重新委任之合适程度时，提名委员会

须评估有关人士是否具备本公司所需的特质、其个

人资历及其是否符合于香港适用之法律及规例所要

求拥有的基本条件，例如能表现出其具备胜任董事

的能力、个性、经验及品格。委任╱重新委任独立

非执行董事时，提名委员会亦须考虑上市规则中就

独立所列载之指引。

For the purpose of providing a clear guidance to the comite members in

executing their jobs, a nomination policy which delineates the procedures and

criteria for nomination of Directors has ben laid down. Under the policy, al

Directors, including those apointed for a specific term, shal be subject to

retirement by rotation at least once every thre years and a retiring Director

shal be eligible for re-election. Any Directors apointed by the Board as an

adition to the Board shal retire at the next anual general meting whilst

those apointed to fil casual vacancies shal retire at the next general meting

(instead of the next anual general meting) and Directors so apointed are

eligible for re-election. The apointment term of the Directors is determined by

the Board.

Before making recomendations to the Board on apointment or re-

apointment of a Director, the nomination comite shal acording to the

nomination policy consider the present and future neds of the Company

and the new chalenges/risks it may encounter, and thereafter determine the

necesary atributes/competencies required for the Director. In considering the

suitability of an individual to become a Director or a Director to be re-apointed,

the nomination comite shal consider whether the person concerned

poseses the specific qualities required by the Company, his/her personal

profile and whether he/she mets the basic criteria as required under aplicable

laws and regulations in Hong Kong, such as being able to demonstrate a

standard of competence and having the character, experience and integrity

comensurate with his/her position as a Director. For the apointment/re-

apointment of an INED, the nomination comite shal also take into acount

the independence guidelines laid down in the Listing Rules.

Diversity多元化

For ensuring there is a balanced composition of the Board, the nomination

comite neds to consider not only one’s atributes/competencies, but

also his/her value to the Company. Board diversity which incorporates

a wide range of aspects, including but not limited to gender, age, skils,

knowledge and profesional experience, is a key consideration in Board

selection proces which the nomination comite shal give consideration

to. The Company believes that, with the benefits of diversity, it can have a

beter understanding to the neds and expectations of its stakeholders, in

particular shopers and tenants, whereby enhance its overal performance

and promote the long term interests of its shareholders.

为确保拥有均衡的董事会组合，提名委员会不

仅需考虑获提名董事的特质╱能力，亦须考虑

其对本公司的价值。董事会多元化涵盖范畴广

泛，包括但不局限于性别、年龄、技能、知识

和专业经验，是提名委员会在甄选董事过程中

必须予以考虑的重要因素。本公司相信，藉著

推行多元化政策可令其更明白利益相关者（尤其

是购物人士及租户）的需要及期望，从而改善其

整体表现及提升股东的长远利益。

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报19

To reflect the above, the Company has adopted a Board diversity policy, in

which the nomination comite is required to ases the mix required on as

wel as the adequacy of the mix already on the Board; and to recomend

to the Board the measurable objectives for implementing the policy and

any maters in relation to Board diversity or the policy itself.

就上述所言，本公司已制定董事会多元化政

策，当中包括要求提名委员会就董事会所需之

组合和现有组合之多元化是否合适进行评估；

以及向董事会就推行该政策而订立的可计量目

标和任何关于董事会多元化或该政策本身的事

宜作出建议。

After taken into acount a wide range of diversity aspects as wel as the

neds of the Company and the environment in which it operates, having at

least one female Director has ben set as the Company’s objective (which

has already ben acomplished) in achieving gender diversity at Board

level. The Board believes that the Company’s suces is determined by

various factors. It is not necesarily in a direct proportion to the number

of Directors of a particular gender. Selection of female candidates to join

the Board is, in part, dependent on the pol of candidates posesing

the qualities required by the Company. Board apointment is always

based on merit and contributions likely brought by the chosen candidates

without focusing on a single diversity aspect, or it may compromise on

the calibre of the Directors. To be in line with the Company’s development

and get wel prepared for the posible future neds, the Board wil

review the set target and timeline in due course and ensure a pipeline of

potential sucesors to the Board for gender diversity purpose through

the implementation of policies and practices which require atention to be

paid to the suficient presence of female Directors, sourcing chanels as

wel as oportunities for potential women to take up managerial roles when

identifying suitable Board members.

在考虑与多元化相关的各范畴、本公司的需要

及其经营环境后，本公司已设定董事会须委任

最少一名女性董事为其达至董事会成员性别多

元化的目标（已达标）。董事会认为本公司的成

功取决于多项因素，而非与特定性别的董事数

目成正比。选择女性候选人加入董事会乃局部

受制于参与甄选之候选人是否具备本公司所需

的特质。董事会成员的委任是建基于获委任者

的优点和其可为本公司带来的贡献，而非侧重

于某一多元化因素，否则，相关委任可能会影

响董事质素。为配合本公司发展及为未来的可

能需要作好准备，董事会将适时检视已制订的

目标及时间表，并会通过落实本公司规定需要

在物色合适董事会成员时就女性董事数目是否

足够、招聘渠道和给予有潜能女性出任管理工

作机会作出特别关注的政策及惯例，以巩固可

达至潜在董事继任人性别多元化的管道。

Although the Company is paving the way to facilitate gender balance

acros the workforce (including senior management), it does not intend

to fix any gender diversity quota or set a short-term objective thereon

given that the busines nature as wel as the geographical location of the

Company do not lead to any favouritism on engaging employes of a

particular gender. Gender diversity of the workforce is inded not a relevant

isue to the Company. As provided in the Company’s employment policy,

staf recruitment is mainly based on the neds of the Company and the

principles laid down therein, such as equal oportunities and “selection

on capability”. Details of gender ratio of the workforce (including senior

management) are set out in the Corporate Social Responsibility Report

headed “Employe profile and engagement” on page 53.

虽然本公司正为促进雇员（包括高层管理人员）

性别平衡作出准备，惟其并无计划设定任何性

别多元化配额或就性别多元化订定短期目标，

因为本公司的业务性质和位处地域不会令其倾

向招聘特定性别的员工。对本公司而言，雇员

性别多元化并不构成需关注的事宜。根据本公

司的雇佣政策，员工招聘主要是基于本公司的

需要及该政策列载的原则，如平等机会及「按能

力甄选」。雇员（包括高层管理人员）性别比例的

详情载于第53页的企业社会责任报告中，以「员

工资料及参与」为标题的部分内。

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司20

与董事提名程序相关的详情列载于提名政策内，当

中要求董事会(i)在接获提名委员会的建议后，就有

关人士应否获委任╱重新委任达成共识及(i)在相关

决议通过后，按上市规则之规定作出披露。

As regards the nomination procedures for Board members, relevant details

are set out in the nomination policy, which requires the Board (i) on receipt of

recomendations from the nomination comite to form an opinion as to

whether one shal be apointed/re-apointed and (i) to make disclosure as per

the Listing Rules after the same has ben aproved.

Sumary of works performed during the financial year ended

31 March 2025

于截至二零二五年三月三十一日止财政年度的工

作摘要

— reviewed and made recomendations to the Board on the nomination

policy, the terms of reference of the comite and the Board diversity

policy

— considered and recomended the Board on the measurable objective

in achieving gender diversity at Board level and the necesary mix

required on the Board

— reviewed and made recomendations to the Board on the

implementation and efectivenes of the Board diversity policy

— put forward recomendations to the Board on the structure, size and

composition of the Board

— asesed the independence of the INEDs

— made recomendations to the Board on the re-apointments of the

INEDs and Directors who were subject to retirement by rotation

— 就提名政策、委员会的职权范围和董事会

多元化政策作出检讨及向董事会提出建议

— 考虑及向董事会就为达至董事会层面性别

多元化而制定的可计量目标及董事会所须

的组合作出建议

— 就董事会多元化政策的实施及成效作出检

讨及向董事会提出建议

— 就董事会架构、人数及组合向董事会提出

建议

— 评核独立非执行董事的独立性

— 就重新委任独立非执行董事和轮值退任的

董事向董事会作出建议

Number of metings held by the comite during the year under review and

individual atendance of the nomination comite members thereat are set

out in the table on page 12.

提名委员会于本年度举行会议的次数及各委员会成

员出席会议之记录载于第12页的列表内。

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报21

审核委员会

为协助董事会履行其在财务申报、内部监控及风险

管理制度、以及与核数师关系等方面的监督责任，

本公司已成立审核委员会。

Audit comite

With a view to asisting the Board in fulfiling its oversight responsibilities

in areas such as financial reporting, internal control and risk management

systems as wel as relationship with the auditor, the Company has set up an

audit comite.

Main duties主要职责

— to make recomendations to the Board on apointment, re-

apointment and removal of the external auditor

— to aprove remuneration and terms of engagement of the external

auditor, and handle al isues relating to its resignation or dismisal

— to review and monitor the external auditor’s independence and

objectivity and the efectivenes of its audit proces

— to discus with the external auditor the nature and scope of audit and

reporting obligations before comencement of audit

— to develop and implement policy on engagement of the external

auditor to suply non-audit services

— to overse financial reporting system, as wel as risk management and

internal control systems

— to review financial information of the Group

— to review arangements employes of the Company can use in

confidence to raise concerns about posible improprieties and

ensure proper arangements are in place for fair and independent

investigation and for folow-up action

— to act as the key representative body for overseing the Company’s

relations with the external auditor

— to review and make recomendations to the Board on the terms of

reference of the comite

— 向董事会就委任、重新委任及罢免外聘核

数师作出建议

— 批准外聘核数师的薪酬及聘用条款，以及

处理所有与其辞职或辞退有关的事宜

— 检讨及监察外聘核数师的独立性及客观性

和其核数程序的成效

— 在核数工作开始前，与外聘核数师讨论核

数性质及范畴和申报责任

— 制定及执行就外聘核数师提供非核数服务

的聘用政策

— 监督财务申报制度，以及风险管理及内部

监控制度

— 复审本集团的财务资料

— 检讨本公司员工在保密的情况下就可能存

在之不当行为提出关注的安排，并确保已

制定适当的安排以作出公平和独立的调查

及跟进行动

— 担当监察本公司与外聘核数师关系之主要

代表

— 检讨委员会的职权范围，并向董事会作出

建议

Details of the audit comite’s authority and duties are set out in its terms of

reference. The said terms of reference are published on the websites of the

Company and the HKEx.

审核委员会的职权范围已详细阐明其职权和职责，

并已登载于本公司及交易所网站。

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司22

Sumary of works performed during the financial year ended

31 March 2025

于截至二零二五年三月三十一日止财政年度的工

作摘要

— made recomendations to the Board on the re-apointment of the

external auditor

— considered and aproved the terms of engagement of the external

auditor on provision of profits tax services

— fixed the external auditor’s remuneration

— reviewed the half-year and anual financial statements of the Group,

including integrity and significant financial reporting judgements

contained therein, before submision to the Board for aproval

— discused with the external auditor the nature and scope of the audit

and determined the scope and extent of the interim review before

comencement

— met the external auditor without the presence of executive board

members of the Company

— considered and made recomendations to the Board on the audit

policy, the terms of reference of the comite, the risk management

policy and the whistleblowing policy, including arangements for

employes to raise concerns about improprieties

— reviewed the efectivenes of the Group’s risk management and

internal control systems by monitoring the risk change during the

year and asesing the adequacy of the mitigating strategies used

as wel as impact of the identified risks on the Group before making

recomendations to the Board

— evaluated and recomended the Board on the ned of seting up

an internal audit function by considering the curent internal control

mechanism and the pros and cons of doing so

— 就重新委任外聘核数师向董事会作出建议

— 审批外聘核数师提供利得税服务的聘用条

款

— 厘定外聘核数师酬金

— 在提交本集团中期及年度财务报表予董事

会通过前，对该等文件包括其完整性及所

载有关财务申报的重大意见进行审阅

— 在年度核数及中期审阅开始前，与外聘核

数师讨论核数性质和范畴，及决定中期审

阅的范围和程度

— 在没有本公司董事会行政成员在场下会见

外聘核数师

— 审视审核政策、委员会的职权范围、风险

管理政策和举报政策（包括员工就不当行为

提出关注的安排），并向董事会作出建议

— 向董事会提出建议前，透过监察年内的风

险变化，评估所采纳之风险缓解对策是否

足够及已识别之风险对本集团的影响，以

检讨本集团风险管理及内部监控制度的成

效

— 通过审视现有内部监控机制及设立内部审

核功能之利弊来评估设立该功能的需要，

并向董事会作出建议

Number of metings held by the comite during the financial year ended 31

March 2025 and individual atendance of the audit comite members thereat

are set out in the table on page 12.

审核委员会于截至二零二五年三月三十一日止财政

年度举行会议的次数及各委员会成员出席会议之记

录载于第12页的列表内。

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报23

企业管治职能

由于良好的企业管治对本公司之成功具重要性，董

事会直接负责履行企业管治的职责，其职权范围包

含企管守则中守则条文第A.2.1条所列明之职责。

在截至二零二五年三月三十一日止财政年度内所召

开的六次董事会议中，其中两次与企业管治有

关。在该等会议上，董事会检讨员工及董事适用之

一般纪律守则；监察董事及高层管理人员接受之培

训和持续专业发展；以及就企业管治政策及常规，

包括关于遵守法律及监管的规定，本公司遵守企管

守则及其于企业管治报告内所作之披露进行检讨。

各董事出席该两次董事会议之记录载于第12页的

列表内。

风险管理及内部监控

责任

董事会须对本集团之风险管理及内部监控制度，以

及其成效检讨负上整体责任。

为此，董事会在审核委员会的协助下，通过评估及

厘定本集团就达成策略目标而愿意承担的风险（包

括与环境、社会及管治相关之风险）性质及程度、

维持合适且有效的风险管理及内部监控制度和检讨

其成效，对前述制度作出持续的监管。

虽然前述制度已辅以相关程序及措施来保障本集团

及其股东的整体利益，该等制度旨在管理而非消除

无法达到业务目标的风险，且只能就不会出现重大

失实陈述或损失作出合理而非绝对的保证。

Corporate governance functions

Given the importance of god corporate governance to the suces of

the Company, the Board is directly responsible for performing corporate

governance duties. The duties set out in the Code Provision A.2.1 of the CG

Code are included in its terms of reference.

Among the six board metings held during the financial year ended 31 March

2025, two of which covered isues relating to corporate governance. At the

metings, the Board reviewed the general code of conduct for employes and

Directors; monitored the training and continuous profesional development

received by Directors and senior management; and reviewed corporate

governance policies and practices including those relating to compliance

with legal and regulatory requirements, the Company’s compliance with the

CG Code and disclosure in the Corporate Governance Report. Individual

atendance of the Directors at the said two board metings is set out in the

table on page 12.

Risk Management and Internal Control

Responsibility

The Board has an overal responsibility for the Group’s risk management and

internal control systems and reviewing their efectivenes.

To this end, the Board, asisted by the audit comite, overses the

foregoing systems on an ongoing basis by evaluating and determining

the nature and extent of the risks (including the environmental, social and

governance-related risks) it is wiling to take in achieving the Group’s strategic

objectives, maintaining apropriate and efective risk management and internal

control systems and reviewing their efectivenes.

Although the said systems are complemented by relevant procedure and

measures for the purpose of safeguarding the interests of the Group and its

shareholders as a whole, they are designed to manage rather than eliminate the

risk of failure to achieve busines objectives, and can only provide reasonable

but not absolute asurance against material mistatement or los.

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司24

主要特点和流程

由于风险管理是本集团各员工的共同责任，且不仅

是形式上的事宜，本集团在董事会领导下已将之结

合于日常业务营运中，且于各级贯彻执行。为建立

涵盖整个集团的监控环境以支援风险管理及内部监

控制度的运作，本公司致力建立以商业道德、监控

责任及风险意识为基础的企业文化。为此，本公司

已采纳一般纪律守则及反贪污政策，以规管员工在

业务运作上的诚信和道德操守。本公司亦已制定举

报政策，为员工及与本集团有业务往来之人士就任

何涉及本集团之怀疑违规、不当、失当或舞弊行为

提供举报渠道及指引。此外，程序手册详列每个部

门╱营运单位的汇报途径及负责范畴，并会不时作

出检讨。为有效分工及监控，本公司已将所有包含

界定权限之政策及指引以书面形式列载。

除建立风险管理文化外，董事会采纳由下而上的方

式识别本集团的营运风险。本公司并无设立专责风

险相关事宜的独立部门，而是要求所有部门╱营运

单位参与其中。在现有制度下，所有部门╱单位主

管均须按要求确立其负责范畴内的风险因素，并根

据董事会设定的风险承受能力厘定已识别风险的影

响和可能性，及制定风险缓解对策。各主管须保存

及定期更新载有前述资料的风险登录册。为向董事

会及审核委员会提供有关本集团营运风险及相应处

理方法的概览，管理层每六个月（因特殊情况须即

时商讨则除外）审阅、筛选、修订相关资料，并连

同由执行董事代表董事会就策略性风险进行识别的

结果而编写的综合风险报告上呈董事会╱审核委员

会作检讨及确认。外聘核数师亦可查阅风险登录册

和综合风险报告。于截至二零二五年三月三十一日

止财政年度内，前述之风险评估每半年进行一次。

Key features and proces

As risk management is the responsibility of everyone within the Group

and something more than a formality, it is integrated into the day-to-day

operation and caried out at al levels under the stewardship of the Board. In

order to create a control environment acros the Group to suport the risk

management and internal control systems, the Company is comited to

building up a corporate culture based on busines ethics, control responsibility

and risk awarenes. To acomplish this, the Company has adopted a general

code of conduct and an anti-coruption policy to govern the integrity and

ethical behaviour of employes in busines practices. A whistleblowing policy

to provide chanels and guidance for employes and those who deal with the

Group to report on any suspected iregularities, improprieties, misconduct or

malpractices within the Group is also in place. In adition, procedure manuals

delineating reporting lines and areas of responsibility of each department/

operating unit are laid down and are under review from time to time. Al policies

and guidelines with defined limits of delegated authority are put in writing so as

to enhance efective segregation of duties and controls.

On top of fostering a risk management culture, the Board adopts a

botom-up aproach to identify the Group’s operational risks. Instead of

seting up a separate department charged with the risk-related isues, it

gets al departments/operating units involved. Under the curent systems, al

department/unit heads are required to establish risk factors specific to their

responsible areas, determine impact as wel as likelihod of identified risks

in acordance with the risk apetite set by the Board and develop mitigating

strategies. They shal maintain a risk register containing the said information

and update it on a regular basis. In order to provide the Board and the audit

comite with an overview of the Group’s operational risks and how they are

managed, the management scrutinises, filters, amends and compiles relevant

information, together with findings of the strategic risk identification performed

by the Executive Directors on behalf of the Board, as a composite risk report

to the Board/the audit comite for review and endorsement every 6 months

unles the circumstances are exceptional which require imediate atention/

discusion. The external auditor also has aces to the risk registers and

composite risk reports. During the financial year ended 31 March 2025, such

risk asesment exercise was done on a half-yearly basis.

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报25

在没有设立内部审核功能的情况下（其原因列载于

第5至7页，以「企业管治常规」为标题的部分内），

董事会已委任一名合资格会计师（亦即本公司之直

接控股公司会计经理）就所有部门╱营运单位之程

序合规及与风险相关的事宜进行抽样测试，并会每

年向审核委员会汇报测试结果及发现。对本集团收

入有重大财务影响之部门╱营运单位的主管须向审

核委员会作出年度表述，确认与其职责范畴相关之

所有潜在风险已获妥善处理。管理层亦会检讨本公

司状况，并向董事会╱审核委员会提交风险管理及

内部监控制度成效的周年确认书。

作为内部监控流程的一部分，本集团备有全面的会

计系统，以确保财务资料的完整及准确。由于国际

广场乃本集团主要收入来源，本集团亦会就其租金

收入及经营开支编制年度预算，以便有效分配及善

用资源。在支出方面，本集团已建立审批及控制经

营开支的程序，并规定资本开支须获管理层预先批

核。其他监控措施包括向董事提交每月的管理账目

及编制差异分析以助识别不足处及采取适时的补救

行动。

处理内幕消息

本公司已实施多项政策以规管处理内幕消息的方

法。内幕消息披露政策详列上报及发放内幕消息

的途径，而风险管理政策则提供处理可能构成内幕

消息风险之方法。此外，本集团的一般纪律守则禁

止不当使用机密资料或内幕消息。所有员工须承诺

遵守该守则及向管理层汇报任何不遵守该守则的情

况。

为遵守有关内幕消息适用之法律及规例，本公司已

采纳标准守则作为其守则。防止不当处理内幕消息

的相关程序包括由指定董事负责预先审批本公司的

证券交易及通知董事关于证券买卖的常规禁制期。

为协助董事及员工履行证券交易的责任，本公司不

时向董事及员工发出备忘录。

In the absence of an internal audit function (reasons for its absence are set out

in the section headed “Corporate Governance Practices” on pages 5 to 7),

the Board has apointed a qualified acountant, who is also the acounting

manager of the imediate holding company, to cary out sample testing on

procedure compliance and risk-related isues in respect of al departments/

operating units. Test results and findings are reported to the audit comite

on an anual basis. Heads of the departments/operating units which may have

a significant financial implication on the Group’s revenue are required to make

an anual representation to the audit comite confirming that al potential

risks in relation to their scope of work are properly dealt with. The management

wil then review the situation and provide the Board/the audit comite with

an anual confirmation on the efectivenes of the risk management and

internal control systems.

Being part of the internal control proces, the Group has maintained a

comprehensive acounting system for ensuring complete and acurate financial

information. Anual budgets as regards rental income and operating expenses

of iSQUARE, the Group’s main source of revenue, are prepared for efective

alocation and utilisation of resources. As regards outgoings, the Group has

established procedure for aproval and control of operating expenditures whilst

the capital ones are subject to management aproval prior to comitment.

Other control measures, including provision of monthly management acounts

to Directors and preparation of variance analyses, help identify deficiencies and

enable timely remedial actions to be taken.

Handling of inside information

Concerning inside information, the Company has implemented various policies

to govern how it shal be handled. Policy on disclosure of inside information

sets out the maner in which inside information is escalated and diseminated

whereas the risk management policy provides ways to deal with risks which

may constitute inside information. Besides, the general code of conduct

adopted by the Group prohibits inapropriate use of confidential or inside

information. Al employes are required to undertake their adherence to the

said code and report any non-compliance with it to the management.

For the purpose of complying with the aplicable laws and regulations in

relation to inside information, the Company has adopted the Model Code as

its own code. Relevant procedure for guarding against mishandling of inside

information includes pre-clearance on dealing in the Company’s securities by

designated Directors and notification of black-out period to Directors. In order

to remind Directors and employes of their obligations in securities transaction,

they are provided with memoranda at intervals.

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司26

成效检讨

虽然风险管理及内部监控制度的设计、实施及监察

是由管理层负责，其流程须由董事会及审核委员会

监督。经管理层确认前述制度有效运作后，及在审

核委员会的协助下，董事会于二零二五年三月根

据企管守则中守则条文第D.2.1条就本集团于截至

二零二五年三月三十一日止财政年度的风险管理及

内部监控制度的成效进行检讨。该检讨每年进行一

次，并涵盖所有重要监控范畴，包括财务监控、运

作监控及合规监控。根据检讨结果，董事会认为本

集团在会计、内部监控及财务汇报职能方面，以及

与本集团环境、社会及管治表现和汇报相关的资源

充足，相关员工具备足够的资历和经验，而本集团

为该等员工提供的培训课程及有关预算亦合适。尽

管本集团没有按企管守则之规定而设立内部审核功

能或将之外判，董事会认为本集团的风险管理及内

部监控制度有效，并切合本集团情况。董事会并无

察觉有任何重要事项须向本公司股东作出交代。

主要风险及不明朗因素

如同任何业务，本集团天面对风险及不明朗因

素。在决定本集团的主要风险时，董事会考虑综

合风险报告中已识别之风险的整体严重程度（按影

响及可能性的矩阵）及其于本财政年度的变化。董

事会亦会检视风险的性质及其对本集团所造成的影

响；以及考虑本集团的实际运作及表现以评估已实

行之风险缓解对策的成效及合适程度。

从本集团整体角度而言，以下是本集团现时面对

的主要风险；然而，这并非全部或全面的风险，

且现时可能有目前不属于重大，但日后可变成主要

风险的其他风险。虽然主要风险未必每年均有显著

改变，其程度及对本集团的重要性可以、且确实转

变。

Review of efectivenes

Although the management is charged with the responsibility to design,

implement and monitor the risk management and internal control systems,

the Board and the audit comite overse the proces. In March 2025, the

Board, with the confirmation from the management certifying that the aforesaid

systems were functioning efectively and the asistance of the audit comite,

conducted a review on the efectivenes of the Group’s risk management and

internal control systems under Code Provision D.2.1 of the CG Code for the

financial year ended 31 March 2025. Such review is conducted anualy and

covered al material controls, including financial, operational and compliance

controls. Based on the review result, the Board considered that the resources,

staf qualifications and experience, training programes and budget of the

Group’s acounting, internal control and financial reporting functions, as

wel as those relating to the Group’s environmental, social and governance

performance and reporting, were adequate and that the risk management and

internal control systems were efective and aposite to the Group though no

in-house or outsourced internal audit function as required by the CG Code has

ben set up. The Board is not aware of any significant areas of concern which

should be brought to the atention of the shareholders of the Company.

Principal risks and uncertainties

As with any busines, the Group faces risks and uncertainties on a daily basis.

In determining the principal risks posed to the Group, the Board takes into

acount the overal severity level (based on the impact and likelihod matrix)

of the risks set out in the composite risk reports and their changes during

the financial year. It also examines their nature and impact on the Group and

evaluates the efectivenes and suitability of the mitigating strategies as aplied

by taking into consideration the actual operation and performance of the

Group.

From the Group’s overal perspective, the folowing are identified as principal

risks curently encountered by the Group. That said, they are by no means

exhaustive or comprehensive. There may be other risks which may not be

material now but could turn out to be such in the future. Although the principal

risks may not change significantly from year to year, their magnitude and

importance to the Group can and do vary.

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报27

Risk pertaining to Leasing与租赁相关的风险

Folowing the increased convenience of cros-border travel alongside Central

Government’s measures and an aray of initiatives put forward by HKSAR

Government to bost Hong Kong tourism, the overal social atmosphere

in Hong Kong in the reporting year had improved. Notwithstanding the

rise in number of inbound visitors as wel as the increase in total tourism

expenditure, there was a drop in overal per capita visitor spending, mainly

atributed to the change in spending behaviour and expectation of tourists.

The habitual patern of Hong Kong residents triping north and spending

abroad amid the relatively strong Hong Kong dolar environment further

weakened Hong Kong retail sales. Coupled with the chalenges posed by

the emergence of newly developed districts such as Kai Tak where new

shoping mals and event venues are concentrated and the precariousnes

of interest rate path in particular due to new US tarif policies, dificulties

facing iSQUARE tenants in the year in question persisted and the risk of

tenants’ default remained.

In the absence of any significant improvement in rental market of Hong

Kong retail sector or noticeable drop in suply of retail premises in Tsim Sha

Tsui, the overal downward presure on rental level and ocupancy rate of

iSQUARE remained broadly the same in the year under review.

Key controls and mitigations:

• To explore new shoping elements and focus marketing eforts on

drawing more people to and encouraging consumption at iSQUARE

• To conduct direct engagement with tenants and closely monitor their

financial performance and payment record

• To adopt a more proactive aproach in seking potential tenants and

managing tenancy expiries and vacancies

受惠于中央政府为方便跨境旅游而实施的举措，

以及香港特区政府为提振香港旅游业而推出的一

系列措施，香港整体社会气氛于报告年度得以改

善，访港旅客数目及旅游总支出亦有所增加，惟

整体旅客人均消费下跌，这主要是受到旅客消费

行为和期望转变的影响所致。在港元相对强的环

境下，本地居民北上和海外消费的习惯进一步削

弱本港零售业销情。再加上设有新购物中心和举

办活动盛事场所之新开发区（如启德）的出现，以

及利率走势的不确定（特别指因美国新关税政策

所带来的影响），国际广场租户于本年度所面对

的困难和违约风险持续。

由于香港零售业的租赁情况没有明显改善，尖沙

咀零售物业供应亦无显著减少，国际广场租金下

调及出租率下跌的整体压力与去年比较大致相

若。

主要监控及缓解对策：

，以及推出以吸引

人流到访国际广场和鼓励于场内消费为主

导的市场推广活动

• 直接与租户联系和密切监察其财务表现及

租金缴付情况

，以更有效地物色潜在租户

及掌控租赁到期和空置情况

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司28

Risk pertaining to Economic Outlok与经济前景相关的风险

Although the Group’s operations are mainly based in Hong Kong, any

unfavourable change in the world and local economic climate could impact

on its overal busines. Uncertainties steming from geopolitical tensions and

trade conflicts in the reporting year had already upset the global trade and

undermined economic confidence as wel as investment sentiments, which

in turn negatively afected the performance of the Group. Despite the upturn

in local equity market in the first quarter of the year 2025 and the relatively

steadines of the real estate market, the pace of economic recovery in Hong

Kong was puled back by the slower-than-expected interest rate cuts. In the

light of the foregoing and given time required for diferent busines sectors

to benefit from the spectrum of activities in promoting financial/investment

development in Hong Kong as launched by HKSAR government, there was

no aparent change that rendered an adjustment to the risk level pertaining

to economic outlok in the reporting year.

Key controls and mitigations:

• To closely monitor the operating environment so as to enable prompt

adjustment to corporate strategies and busines activities

• To engage a prudent and sound financial management with a view to

ensuring busines resilience and coping with unexpected changes

虽然本集团的业务经营主要以香港为基地，任何

对环球和本地经济气氛带来之不利变化均可影响

其整体业务表现。于报告年度，地缘政治紧张

所引致的不确定性和贸易冲突不但扰乱全球贸

易，同时也削弱经济信心及投资意欲，本集团表

现亦因此受到负面影响。尽管本地证券市场于二

零二五年首季度有向好迹象、且地产表现相对平

稳，香港经济复苏的步伐却受制于减息逊预期的

影响。鉴于前述情况，以及各行业需时才能受惠

于香港特区政府就促进香港金融╱投资发展而推

出一系列活动所带来的益处，管理层认为，经济

前景于报告年度内并无明显改变而需对相关风险

水平作出调整。

主要监控及缓解对策：

，以确保本集团能就其

企业策略及业务活动作出即时调整

、且稳健的财务管理，以确保

业务弹性及应对意外变化的能力

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报29

Risk pertaining to Investment Properties与投资物业相关的风险

Pursuant to HKFRS Acounting Standards, the Group’s investment

properties (“IPs”) are stated at fair values in the consolidated statement of

financial position whilst changes thereof are recognised in the consolidated

statement of profit or los.

Given the relatively heavy weighting of the IPs in the Group’s property

portfolio, any material change in the valuation of the IPs can seriously afect

the Group’s profit/los for the year. Although one of the key drivers of the

said valuation is rental income and the downward presure on rental level

and ocupancy rate of iSQUARE remained in the year under review (as

explained hereinbefore), no aparent change to risk exposure is expected

as valuation is inded determined by myriad factors. Notwithstanding the

valuation change, fair value gains/loses wil not afect the Group’s cash

flow.

Due to the curent financial reporting requirements, valuation changes have

influenced and wil continue to influence the Group’s profit/los.

Key controls and mitigations:

Ensuring stable revenue streams is a practicable way to mitigate the adverse

impact caused by valuation change in particular in times of economic

uncertainty. Measures taken by the Group include the folowing:

• To build up a more diversified tenant mix with the aim of maintaining a

sustainable tenant portfolio

• To launch creative and popular promotions so as to increase

exposure, thereby stimulate consumer spending and ad value to the

IPs

• To stay alert to market changes and tenant neds for retaining

competitivenes and countering per competition

• To preserve quality of the IPs by carying out maintenance and

enhancement works

根据《香港财务报告准则会计准则》之规定，本集

团的投资物业须于综合财务状况表中按公允价值

列账，而其变动则须于综合损益表中确认。

鉴于投资物业在本集团物业组合中的比例相对偏

重，其估值的任何重大变动足以严重影响本集团

的年度溢利╱亏损。虽然租金收入是影响前述估

值的其中一个重要因素，且国际广场于本年度面

对租金下调及出租率下跌的压力持续（其原因见

前文），管理层预计风险水平并无明显改变，这

是因为估值乃受一篮子因素所影响，而非取决于

单一原因。尽管估值变动，公允价值盈利╱亏损

将不会对本集团现金流量造成影响。

基于现行财务报告的规定，估值变动已经及将继

续影响本集团之溢利╱亏损。

主要监控及缓解对策：

确保稳定的收入来源以减少估值变动所带来之负

面影响（尤其是在经济前景不明朗期间）切实可

行，本集团所采取的相关措施包括：

，以巩固其持续

性

• 推出有创意及受欢迎的宣传活动以增加物

业的曝光率，从而刺激消费及令投资物业

价值上升

• 留意市场变化及租户需求以保持竞争力及

面对同行竞争

• 进行维修及改善工程以保持投资物业的质

素

In adition to monitoring the impact of the principal risks that the Group is

now facing by adjusting its corporate strategies and mitigating measures, the

management wil kep observing if there is any emerging risk which may afect

the Group significantly on a regular basis.

除调整企业策略及风险缓解对策以掌控本集团现时

面对之主要风险所带来的影响外，管理层亦会定期

检视有否任何可能对本集团构成重大影响之潜在风

险。

HK$’000
港币千元
Audit services	核数服务	860
Non-audit services	非核数服务
• Tax services	• 税务服务	66
• Interim review	• 中期审阅	210
		276
		1,136

Corporate Governance Report 企业管治报告

Asociated International Hotels Limited 凯联国际酒店有限公司30

核数师酬金

本公司就其核数师 — 毕马威会计师事务所于截至

二零二五年三月三十一日止财政年度向本集团提供

之核数及非核数服务而支付的酬金分析如下：

Auditor’s Remuneration

An analysis of remuneration paid by the Company to its auditor, KPMG, in

respect of audit and non-audit services provided to the Group during the

financial year ended 31 March 2025 is set out below:

Shareholders’ Relations

To enhance acountability and promote transparency as wel as shareholders’

engagement, the Company has adopted a shareholders’ comunication policy

which provides the framework for even and timely disemination of information

to and maintaining an ongoing dialogue with its shareholders. Steps to be

taken for handling inquiries and requests put forward by shareholders are set

out in a separate document. Acording to the said policy and the Company’s

other policies as wel as practices, chanels of shareholder comunication and

engagement are sumarised as below:

Providing information

• Corporate comunications

The Company’s operating results are reported bianualy and produced

in the form of anual report and interim report in acordance with the

Listing Rules and al aplicable laws and regulations.

The anual report includes consolidated financial statements, in-depth

analysis of the Company’s busines as wel as discusions on/acount

of corporate governance practices and sustainability topics. It also

covers other topics which may of interest/use to shareholders, such

as the Company’s dividend policy as wel as ways for shareholders

to convene general metings and put forward proposals thereat (as

detailed hereinafter).

股东关系

为加强问责性、提升透明度和促进与股东的联系，

本公司已采纳股东通讯政策，为公平及适时地向股

东发放资讯，以及与股东维持紧密交流提供框架。

处理股东查询和要求之相关程序则载于另一份独立

文件中。根据前述政策，以及本公司其他政策和惯

例，与股东沟通及供参与的渠道摘要如下：

提供资料

• 公司通讯

本公司每半年公布经营业绩一次，并会根据

上市规则和所有适用之法律及规例以年报和

中期报告的形式编制。

年报涵盖的内容包括综合财务报表、本公司

业务的深入分析，以及关于企业管治常规和

可持续发展项目的讨论╱阐述，当中亦包含

股东可能有兴趣或对其有实用价值的其他议

题，例如本公司股息政策和股东召开股东大

会及于大会上提出建议的方法（详情见下文）。

Corporate Governance Report 企业管治报告

Anual Report 2024-2025 年报31

本公司一般会以刊发公告的方式发布关于特

别事项的资料。其他藉公司通讯与股东沟通

的形式包括但不限于通告及通函。

所有公司通讯均以中、英文撰写，并以浅白

的语言编制，务使文件易于明白。

• 公司网站

本公司向交易所发布的资料均会随后、且在

切实可行的范围内尽快登载于本公司网站

（htp:/aihl.etnet.com.hk）。该等资料包括财

务报告、业绩公告、通函、股东大会通告及

Corporate Social Responsibility Report

企业社会责任报告

Asociated International Hotels Limited 凯联国际酒店有限公司40

Governance Structure

Being a responsible enterprise, the Company is not only concerned with

its financial growth but also its non-financial performance. The Company

recognises that the maner in which it conducts busines wil impact on the

environment and society. As such, the management strives to make a positive

contribution to the sustainability development of the environment and society

by integrating the socialy responsible practices in its daily operation. Under the

sustainability governance structure, the Board asumes an overal responsibility

for the Company’s sustainability maters and overses al related strategy

management, performance and reporting whilst the Executive Directors are

acountable for driving environmental and social responsibilities initiatives and

reviewing their practices for performance improvement. With the asistance

of the management and through the risk asesment exercise, the Board also

determines relevance of the sustainability isues and reviews the Company’s

performance on emisions, waste disposal, energy use and water eficiency

on a regular basis so as to ensure progres made against the coresponding

targets is properly managed.

Reporting Scope

This Corporate Social Responsibility Report provides a review on the Group’s

performance of its environmental and social responsibilities for the financial year

ended 31 March 2025. As iSQUARE is the Group’s main busines operation,

its performance is included herein unles otherwise specified.

Aproach and Strategy

This report is prepared in acordance with the Environmental, Social and

Governance Reporting Guide (“ESG Guide”) as previously set out in Apendix

C2 to the Listing Rules. Its content is determined through a proces which

involves identification of stakeholders and relevant isues in relation to

environmental and social responsibilities and prioritisation of the isues to

be reported after taking into acount the stakeholders’ expectations and the

Group’s unique busines nature. In this report, only the environmental and

social responsibilities initiatives and performance that are material and/or

relevant to the Group and its stakeholders are outlined. During the financial

year ended 31 March 2025, the Company complied with al the mandatory

disclosure requirements and “comply or explain” provisions, where aplicable,

set out in the ESG Guide.

管治架构

作为一负责任企业，本公司不仅关注其财务增长，

亦重视非财务方面的表现。本公司明白其营运方式

会对环境及社会带来影响，因此，管理层通过将社

会责任实践引入日常营运中，力求为环境及社会可

持续发展作出贡献。在可持续发展的管治架构下，

董事会对本公司的可持续发展事宜承担全部责任，

并监督所有相关的策略管理、表现和汇报，而执行

董事则负责推动与环境及社会责任有关的措施及就

其推行情况作出检讨，以改善本公司表现。董事会

亦透过风险评估及在管理层的协助下厘定可持续发

展事宜的相关性，并定期检讨本公司在排放、废物

弃置、能源使用和用水效益的表现，以确保相关的

目标进度得以妥善掌控。

报告范围

本企业社会责任报告提供本集团截至二零二五年三

月三十一日止财政年度环境及社会责任表现的概

览。由于国际广场是本集团经营的主要业务，除特

别注明外，其表现已包含在本报告内。

方针及策略

本报告是按照前载于上市规则附录C2之《环境、社

会及管治报告指引》（「报告指引」）编制而成，其内

容乃依据一系列程序而厘定，当中包括识别利益相

关者和与环境及社会责任相关的事宜，及排列须报

告事项的优先次序（在考虑利益相关者的期望及本

集团独有的业务性质后决定）。本报告只列出对本

集团及其利益相关者具重要性及╱或相关性的环境

及社会责任活动及表现。于截至二零二五年三月

三十一日止财政年度，本公司均有遵守报告指引所

载的全部强制披露规定及「不遵守就解释」中之所有

适用条文。

Corporate Social Responsibility Report 企业社会责任报告

Anual Report 2024-2025 年报41

Stakeholders’ Engagement and Materiality

Asesment

To truly understand the views and expectations of the stakeholders on

sustainable development, the Company keps ongoing comunication with

its key stakeholders. During the year under review, the Company engaged its

shareholders, employes, busines partners and tenants through face-to-face

discusions and/or questionaires. Reporting isues are identified acording

to the impact of the isues on the Group’s busines and stakeholders as

evaluated by the management and the stakeholders respectively.

Environmental Isues

Policy

Since the management acknowledges that the Group shal take into acount

the impact of its busines operation on the environment while achieving

financial growth, the Group has adopted an environmental policy with a focus

on the folowing:

1. ensuring ful compliance with aplicable legislation and requirements

2. seting up long-term carbon emision reduction targets

3. enhancing behavioural change among staf through internal

comunication and awarenes activities

• incorporating environmental considerations into contracting

decisions and tenant selection

• adopting eco-friendly practices in daily operation

• disposing of waste in an environmentaly responsible way

, and reusing and recycling materials

’s policy to the management company of

iSQUARE and encouraging it to integrate the environmental concerns

into its operation proces

利益相关者的参与及重要性评估

为确切了解利益相关者对持续发展的意见及期望，

本公司与其主要利益相关者一直保持联系。于本年

度，本公司以会面及╱或问卷调查的方式与其股

东、雇员、业务伙伴及租户沟通。报告事项是依据

管理层及利益相关者分别就该等事项对本集团业务

及利益相关者本身所带来之影响作出评估后确立。

环境议题

政策

由于管理层认为本集团应在获享财务增长之同时，

关注其业务运作对环境的影响，故本集团已订定环

境政策，并著眼于以下方面：

1. 确保完全遵守适用之法例及规定

2. 制定长期减少碳排放量的目标

3. 透过内部沟通及提升环保意识的活动改善员

工习惯

• 将环境因素纳入作出外判决定和挑选租

户时须考虑之列

• 将有利环保的操作贯彻于日常营运中

• 采用对环境负责任的方式处置废物

，并重用及回收物料

并鼓励其将环境相关之部分融入营运流程中

Corporate Social Responsibility Report 企业社会责任报告

Asociated International Hotels Limited 凯联国际酒店有限公司42

Initiatives

In order to suport environmental conservation and enhance staf awarenes of

gren living, the Group during the reporting year tok part in the activities listed

below:

• recycling of contact lens packaging and moncake boxes

• lai se packets reuse programe organised by Greners Action by

sponsoring it for the event and providing iSQUARE as one of the

colection points

“Earth Hour 2025” organised by World Wide Fund for Nature (“WF”)

Simultaneously, the Group continues to operate ofice facilities in an

environmentaly responsible maner, for instance:

, such as dual flushing cisterns and

photo-sensor water taps

• purchasing white paper with FSC certification

• disposing of used paper which is god for recycling through a paper

recycling company

• employing multi-zone lighting controls

/cartridges to supliers for recycling

/interim reports

and related circulars

, lights and computers when they are not in

use

措施

为对环境保护作出支持及提升员工的绿色生活意

识，本集团于本报告年度所参与的活动如下：

• 回收隐形眼镜包装及月饼盒

• 以赞助及借用国际广场为其中一个收集点的

形式参与由绿领行动举办的利是封重用计划

「地球一小时

2025」

与此同时，本集团继续采用对环境负责任的方式操

作办公室设施，例如：

，如双掣式冲水坐厕和自

动感应水龙头

• 购买获FSC认证的白纸

• 经废纸回收公司处理适合回收之已使用纸张

• 采用分区照明控制系统

╱墨盒予供应商作回收

之用

╱中期报告及相关通

函

、电灯和电脑

Corporate Social Responsibility Report 企业社会责任报告

Anual Report 2024-2025 年报43

For the purpose of matching up the Group’s concern over environmental

protection, iSQUARE, being the Group’s main busines operation, also takes

proactive steps towards this end. During the year under review, iSQUARE

participated in:

“Pilot Programe on Smart Recycling Systems” launched by the

Environmental Protection Department (“EPD”)

“Rechargeable Batery Recycling Programe” introduced by the EPD

“Earth Hour 2025” organised by WF

In adition to the aforesaid, iSQUARE keps employing those gren measures

it has ben using, such as:

• use of ultra low sulphur diesel for generator

• diversion of used water from coling towers for flushing

• instalation of flow controlers to water taps whenever practicable

, where posible, shortening daily operating hours of

escalators, lifts, lights and air-conditioning at areas acesible by

shopers

• encouraging tenants to folow guidelines in relation to environmentaly

friendly practices and providing them with tips thereon through iSQUARE

publications

, plastics and metals via the participation of the

“Programe on Source Separation of Comercial and Industrial Waste”

as organised by the EPD

• recycling beverage cartons through the participation of a recycling

scheme hosted by Greners Action

• recycling glas botles via a government-apointed glas management

contractor

• recycling fluorescent tubes through a comunity recycling network

operated by the EPD

, such

as use of glas curtain wals to minimise lighting sources and window

films with anti-UV coating to reduce solar radiation and heat, where

apropriate

为配合本集团对保护环境的关注，国际广场 — 本

集团的主要经营业务亦积极采取相应措施。于本年

度，国际广场参与：

（「环保署」）发起的「智能回收系

统先导计划」

「充电池回收计划」

「地球一小时2025」

除上文所述外，国际广场持续采用已采纳的环保措

施，例如：

• 以超低含硫量柴油推动发电机

• 将冷却塔的废水用作冲厕

• 在可行的情况下于水龙头安装节流器

，于购物人士可达的

地方缩短扶手电梯、升降机、电灯和空调的

日常运作时段

• 鼓励租户依从关于环保习惯的指引及透过国

际广场刊物向其发出相关的提示

「工商业废物源头分

类计划」回收废纸、塑胶及金属

• 参与由绿领行动主办的回收计划回收纸包饮

品盒

• 经政府指定的玻璃管理承办商回收玻璃樽

• 透过由环保署营运的社区回收网络回收光管

，如装设玻璃幕

墙以减少对光源的需求和在合适的位置加贴

防紫外线薄膜以减少太阳辐射及热力

Year ended 31 March
截至3月31日止年度
Indicators	指标	2025	2024
Direct sources (Scope 1)1	直接来源（范围1）1
• Diesel2 (tonnes)	• 柴油（2 公吨）	0.55	0.55
Indirect sources (Scope 2)1	间接来源（范围2）1
• Electricity3 (tonnes)	• 电力（3 公吨）	4,138.78	4,525.85
Other indirect sources (Scope 3)1	其他间接来源（范围3）1
• El ectricity used for processing fresh water4 (tonnes)	• 处理食水而使用的电力（4 公吨）	18.37	18.19
• El ectricity used for processing sewage5 (tonnes)	• 处理污水而使用的电力（5 公吨）	9.25	8.75
• Paper waste disposed at landfills6 (tonnes)	• 弃置于堆填区的废纸（6 公吨）	1.57	1.09
Total GHG emissions (Scopes 1, 2 and 3) (tonnes)	温室气体总排放量（范围1、2及3）（公吨）	4,168.52	4,554.43
GHG emissions avoided	避免的温室气体排放
• Recycling of paper7 (tonnes)	• 纸张回收（7 公吨）	(143.28)	(147.31)

Corporate Social Responsibility Report 企业社会责任报告

Asociated International Hotels Limited 凯联国际酒店有限公司44

表现

由于本集团主要从事物业投资及投资控股，而国际

广场则主要以服务为本，其所产生的直接温室气体

总排放量相对少。于本年度，因用电而产生的间接

温室气体排放是本集团（包括国际广场）碳足迹的主

要来源。

1. 温室气体排放

（二氧化碳当量）

Performance

Since the Group is principaly engaged in property investment and investment

holding, and iSQUARE is predominantly service-oriented, the total amount

of direct GHG emisions generated by them is relatively smal. The largest

contributor to the carbon fotprint of the Group (including iSQUARE) in the year

under review was the indirect GHG emisions from electricity consumption.

1. GHG emisions

(CO2 equivalent)

Year ended 31 March
截至3月31日止年度
Indicators	指标	2025	2024
Direct energy consumption	直接能源消耗
• Diesel8 (MWh)	• 柴油（8 兆瓦小时）	2.33	2.32
Indirect energy consumption	间接能源消耗
• Electricity9 (MWh)	• 电力（9 兆瓦小时）	10,891.52	11,604.75
Total energy consumption (MWh)	能源消耗总量（兆瓦小时）	10,893.85	11,607.07
Total energy consumption per m2 of floor area (MWh/m2)	每平方米楼面面积之能源消耗总量（兆瓦小时╱平方米）	0.21	0.22

Year ended 31 March
截至3月31日止年度
Indicators	指标	2025	2024
• Office paper (kg)	• 办公室用纸（公斤）	517.85	442.06
• Pa per for printing corporate communications (kg)	• 印制公司通讯用纸（公斤）	165.16	413.48
Total paper consumption (kg)	总耗纸量（公斤）	683.01	855.54

Corporate Social Responsibility Report 企业社会责任报告

Anual Report 2024-2025 年报45

2. 能源消耗2. Energy consumption

3. Paper consumption

3. 纸张消耗

Year ended 31 March
截至3月31日止年度
Indicators	指标	2025	2024
Total water consumption (m3)	总用水量（立方米）	42,063.00	41,654.00
Total water consumption per m2 of floor area (m3/m2)	每平方米楼面面积之用水总量（立方米╱平方米）	0.79	0.79

Year ended 31 March
截至3月31日止年度
Indicators	指标	2025	2024
Non-hazardous waste disposed at landfills12	弃置于堆填区的无害废弃物12
Total non-hazardous waste disposed at landfills (tonnes)	弃置于堆填区的无害废弃物总量（公吨）	1,515.45	1,495.95
Total non-hazardous waste disposed at landfills per m2 of floor area (tonnes/m2)	每平方米楼面面积之弃置于堆填区的无害废弃物总量（公吨╱平方米）	0.03	0.03
Waste collected for recycling	废料回收
• Paper13 (kg)	• 纸张1（3 公斤）	29,850.00	30,690.00
• Plastics14 (kg)	• 塑胶1（4 公斤）	213.00	210.00
• Metals15 (kg)	• 金属1（5 公斤）	165.00	160.00
• Toners/cartridges16 (pieces)	• 碳粉盒╱墨盒1（6 件）	14	6
• Glass17 (kg)	• 玻璃1（7 公斤）	5,220.50	3,011.00

Corporate Social Responsibility Report 企业社会责任报告

Asociated International Hotels Limited 凯联国际酒店有限公司46

4. 用水量

4. Water consumption

As the Group’s ofice is situated at iSQUARE where water is provided by

the Water Suplies Department (“WSD”), the Group (including iSQUARE)

does not encounter any problem in sourcing water for daily operation.

5. Waste management

Due to the busines nature, the Group (including iSQUARE) does not

generate a quantifiable amount of hazardous waste and disclosure of

total packaging material used for finished products is not aplicable.

由于本集团办事处位于国际广场，而国际广

场之供水乃来自水务署，故本集团（包括国际

广场）在日常运作上并无遇上水源供应的任何

问题。

5. 废物管理

由于其业务性质，本集团（包括国际广场）并

无产生可计量的有害废弃物，而就制成品所

用包装材料总量的披露则不适用。

Corporate Social Responsibility Report 企业社会责任报告

Anual Report 2024-2025 年报47

注1：温室气体排放，包括分类及计算基准，是根据机电工程署

（「机电署」）及环保署所编制的《香港建筑物（商业、住宅或

公共用途）的温室气体排放及减除的核算和报告指引》（「香

港温室气体指引」）中所述之规定呈报。所有载于本列表之

数字均在适用的情况下化整至小数点后两位列示。

范围的边界

范围1指国际广场拥有及控制之紧急发电机所产生的直接温

室气体排放，当中不包括任何抵销（如适用）。

范围2指生产本集团（包括国际广场）从电力公司购买供自用

的电力（租户透过其独立电表而购买的电力除外）而引致的

间接温室气体排放。

范围3指(i)来自本集团（不包括国际广场）弃置于堆填区的废

纸及(i)与本集团及╱或国际广场活动有关，且涉及政府部

门需就处理食水及污水（租户透过其独立水表者除外）而耗

用电力所引致的其他间接温室气体排放。

本集团于截至二零二五年三月三十一日止及二零二四年三

月三十一日止财政年度产生、且属范围1温室气体排放之分

类如下：二氧化碳（0.55公吨二氧化碳当量）、甲烷（0.0001

公吨二氧化碳当量）及氧化亚氮（0.0005公吨二氧化碳当

量）。

注2：排放量是按国际广场紧急发电机的柴油使用量及香港温室

气体指引中列载之排放系数及全球变暖潜势计算。

注3：排放量是根据相关电力供应商于本财政年度发出的本集团

（包括国际广场）电费单上所列示购买供自用之电力使用量

及其最新提供的排放系数计算。

注4：排放量是按水务署于本财政年度发出的本集团（包括国际广

场）水费单上所列示之用水量，其最新公布的食水每单位耗

电量及所购电力的全港性预设值计算。

注5：排放量是按水务署于本财政年度发出的本集团（包括国际广

场）水费单上所列示之用水量及预设排放系数（此系数是依

据排放源的用途及渠务署最新公布的处理污水时使用电力

而引起的温室气体排放之排放系数而厘定）计算。

注6：排放量是按本集团在扣除收集作回收后的办公室用纸量（因

经营国际广场而聘用的管理公司（「管理公司」）就任何涉及

国际广场而产生的纸张不被计算在内）及香港温室气体指引

中列载之相关排放系数计算。

注7：避免的排放量是根据收集作回收之纸张数量（包括由本集团

产生、外界交予本集团及经国际广场处理的纸张）及香港温

室气体指引中列载之相关排放系数计算。

注8：能源消耗是按国际广场紧急发电机的柴油使用量及由IOR

Energy Pty Ltd编制的“List of comon conversion factors

(Enginering conversion factors)”中所列载之相关转换系数

计算。

Note 1: GHG emisions, including clasification and calculation basis, are based on the

“Guidelines to Acount for and Report on Grenhouse Gas Emisions and Removals

for Buildings (Comercial, Residential or Institutional Purposes) in Hong Kong” as

prepared by the Electrical and Mechanical Services Department (“EMSD”) and the

EPD (“Hong Kong GHG Guidelines”). Al numbers in this table, where aplicable, are

rounded to two decimal places.

Boundary for the scopes

Scope 1 is the direct GHG emisions from the emergency generator owned and

controled by iSQUARE. It excludes any ofsets, if available.

Scope 2 is the indirect GHG emisions that are resulted from the generation of

electricity which the Group (including iSQUARE but excluding tenants which purchased

power through their own metered suply) purchased from power company for own

consumption.

Scope 3 is other indirect GHG emisions that (i) come from paper waste disposed by

the Group (excluding iSQUARE) at landfils; and (i) are relevant to the activities of the

Group and/or iSQUARE and are generated due to electricity used for procesing fresh

water and sewage, excluding that operated from tenants’ own metered suply, by

government departments.

The breakdown of Scope 1 GHG emisions in respect of both the financial year ended

31 March 2025 and the financial year ended 31 March 2024 is as folows: carbon

dioxide (0.55 tones of CO2 equivalent), methane (0.0001 tones of CO2 equivalent)

and nitrous oxide (0.0005 tones of CO2 equivalent).

Note 2: Emisions are calculated as per the amount of diesel consumed by the emergency

generator of iSQUARE, and the emision factors and the Global Warming Potentials set

out in the Hong Kong GHG Guidelines.

Note 3: Emisions are calculated acording to the amount of electricity purchased by the

Group (including iSQUARE) for own consumption as shown in electricity bils isued

in the financial year and the latest emision factor provided by the relevant electricity

provider.

Note 4: Emisions are calculated based on the amount of water consumed by the Group

(including iSQUARE) as shown in water bils isued in the financial year, the latest

available unit electricity consumption of fresh water as published by the WSD and the

teritory-wide default value of purchased electricity.

Note 5: Emisions are calculated based on the amount of water consumed by the Group

(including iSQUARE) as shown in water bils isued in the financial year and the default

emision factor (which is determined acording to the purpose of water used and the

latest available emision factor of GHG emisions due to electricity used for procesing

sewage as published by the Drainage Services Department).

Note 6: Emisions are calculated based on the amount of ofice paper consumed by the Group

(excluding paper generated by the management company engaged to run iSQUARE

(“MgtCo”) for any purpose in relation to iSQUARE) net of ofice paper colected for

recycling and the relevant emision factor set out in the Hong Kong GHG Guidelines.

Note 7: Emisions avoided are calculated acording to the amount of paper colected for

recycling (including paper generated within the Group, paper tendered by external

parties to the Group, and paper disposed through iSQUARE) and the relevant emision

factor provided in the Hong Kong GHG Guidelines.

Note 8: Energy consumption is calculated based on the amount of diesel consumed by the

emergency generator at iSQUARE and the relevant conversion factor set out in the “List

of comon conversion factors (Enginering conversion factors)” as published by IOR

Energy Pty Ltd.

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Asociated International Hotels Limited 凯联国际酒店有限公司48

注9：能源消耗指相关电力供应商于本财政年度发出的本集团（包

括国际广场）电费单上所列示购买供自用之电力使用量。

注10：仅指本集团产生的纸张（管理公司就任何涉及国际广场而产

生的纸张不被计算在内）。

注11：水务署于本财政年度发出的本集团（包括国际广场）水费单

上所列示之用水量。

注12：经国际广场处理之一般废物（包括由本集团产生的一般废

物）的估计数量。该数量是按照国际广场清洁承办商在不同

时段收集及称量一般废物后而得出之(i)平日及(i)周末╱公众

假期每天平均弃置量乘以财政年度相关日数之总和。

注13：包括由本集团产生、外界交予本集团及经国际广场处理的

纸张。

注14：经国际广场处理的塑胶。

注15：经国际广场处理的金属。

注16：本集团已使用的碳粉盒╱墨盒。

注17：经国际广场处理的玻璃瓶。

气候

气候变化近年已成为其中一项重要的国际议题。作

为一负责任企业，本集团会就应对与气候有关的风

险保持警惕，并致力透过日常运作减低相关影响。

在厘定本集团面对与气候相关风险之关联性和影响

程度时，本公司董事会进行讨论（特别是对本集

团财务和营运所造成的影响作出考虑），并根据风

险管理政策列载的指引对整个集团进行风险评估。

本公司环境政策（其概要见上文）已详列本集团就处

理气候变化而产生的影响所持之立场和原则。

Note 9: Energy consumption is the amount of electricity purchased by the Group (including

iSQUARE) for own consumption as shown in electricity bils isued in the financial year.

Note 10: Refering to paper generated by the Group only (excluding paper generated by the

MgtCo for any purpose in relation to iSQUARE).

Note 11: Being the amount of water used by the Group (including iSQUARE) as shown in water

bils isued in the financial year.

Note 12: Being the estimated amount of general waste disposed through iSQUARE, including

those generated by the Group. Such amount is derived based on the agregate of

the average daily amount of general waste for (i) wekdays and (i) wekends/public

holidays as colected and weighed by the cleaning contractor of iSQUARE at diferent

time slots multiplied by the number of relevant days in the financial year.

Note 13: Including paper generated within the Group, paper tendered by external parties to the

Group, and paper disposed through iSQUARE.

Note 14: Being plastics disposed through iSQUARE.

Note 15: Being metals disposed through iSQUARE.

Note 16: Being toners/cartridges used by the Group.

Note 17: Being glas botles disposed through iSQUARE.

Climate

Climate change has become one of the major global isues in recent years. As

a responsible entity, the Group remains vigilant and is comited to responding

to the climate-related risks through its operation. In determining the relevance

and extent of the climate-related exposure facing the Group, the Company

holds Board-level discusions with particular regard paid to their financial and

operational implications on the Group and conducts group-wide risk asesment

exercise pursuant to the guidelines delineated in the Company’s risk

management policy. Position and principles adopted by the Group in managing

impact arising from climate change are set out in the Company’s environmental

policy (sumary of which is mentioned hereinbefore).

Corporate Social Responsibility Report 企业社会责任报告

Anual Report 2024-2025 年报49

由于本集团的业务性质及地域分布集中，因此没

有发现与气候有关、且对本集团构成深远影响的

重大事宜；然而，气候变化对本集团的影响实难以

避免。当中的主要风险包括因热带气旋引致业务运

作中断和员工安全问题；极端天气对物业造成损毁

而导致保费增加；及全球暖化令温度上升以致耗电

量提高。为应付现正面对的气候挑战，本集团（包

括国际广场）采取的缓解措施包括成立紧急应变小

组；提供极端天气下的工作指引；作出投保安排；

采用省电措施；及在可行的情况下，在玻璃嵌板上

加贴隔热物料及于覆盖层板上添加额外安全装置

等。

除上述所披露外，本集团（包括国际广场）的业务运

作对环境、天然资源或气候相关层面并无构成重大

影响。

目标和进度管理

目标

由于国际广场（即本集团的主要经营业务）是一个位

于香港的购物中心，其环境表现受制于一些非其控

制以内的因素，如购物人士的数量及香港整体温

度。在考虑前述因素及基于切实可行的原则下，董

事会已设定本公司的排放、废物弃置、能源使用和

用水的减量目标为不高于其各自基准年

所产生╱

使用的数量。为有效管理进度，董事会在管理层的

协助下按所定的目标持续监控环境表现。

国际广场除了将提供场地安装塑胶饮品樽入樽机以

帮助提升公众的环保意识外，亦会继续透过寻找合

适位置加添更多节能电灯以推动其照明系统节能计

划及进一步减少耗电量。

注18：基准年是指本公司能取得需用于计算有关层面所有数据的

首年。

Although no significant climate-related isues having a profound efect on

the Group are identified given its focused geographical spread and busines

nature, influence of climate change on the Group is unavoidable. Main

exposure includes interuption of busines operation and staf safety isues

caused by tropical cyclones; higher insurance premium resulted from damage

to property brought by extreme weather; and increased electricity consumption

as a result of higher temperature atributed to global warming. To tackle climate

chalenges the Group is encountering, mitigating measures (including those

adopted by iSQUARE) which have ben taken are seting up of an emergency

response team; provision of work guidance under extreme weather; purchase

of insurance; adoption of electricity conservation measures; and where

practicable, use of heat resistant materials on glas panels and instalation of

aditional safety fixtures on clading panels, to name but a few.

Save as disclosed above, the operating activities of the Group (including

iSQUARE) have no significant impact on the environment, natural resources or

climate-related aspects.

Targets and progres management

Targets

Since the Group’s principal busines operation — iSQUARE is a shoping

mal located in Hong Kong, its environmental performance is subject to some

factors which are beyond its control, such as number of shopers and overal

temperature in Hong Kong. After taking into acount of the aforesaid and

based on the principle of practicability, the Board has set the Company’s

reduction targets for emisions, waste disposal, energy use and water

consumption as being not higher than those generated/consumed in their

respective baseline years

. For efective progres management, the Board,

with the asistance of the management, keps monitoring the environmental

performance by benchmarking it against the targets set.

Going forward, iSQUARE wil provide space for instalation of a reverse vending

machine for plastic beverage botles whereby help promote the gren mindset

of the public. It wil also continue its ongoing energy saving programe on

lighting system through identification of locations where more energy eficient

lights could be instaled so as to further reduce electricity consumption.

Note 18: Baseline year is the first year in which al data required for calculation of a particular

aspect is available to the Company.

Corporate Social Responsibility Report 企业社会责任报告

Asociated International Hotels Limited 凯联国际酒店有限公司50

Achievements

成果

GHG emisions

温室气体排放

38.30%

Non-hazardous waste disposed

无害废弃物

23.31%

Water consumption

用水

13.49%

/recycling

• colected 2.2 kg of contact lens packaging for recycling

• obtained a Certificate of Merit under the Comendation Scheme on

Source Separation of Comercial and Industrial Waste organised by

the EPD

• gained acreditation under the Hong Kong Gren Organisation

Certification for achievement in waste reduction and energy saving

• being a signatory to both the Energy Saving Charter 2024 and 4T

Charter as jointly launched by the Environment and Ecology Bureau

and EMSD

• being a signe of the ECH2O Charter jointly launched by the WSD

and Gren Council

Note: Achievements refer to those gained by the Group and/or iSQUARE

(baseline year 基准年: 2017)(baseline year 基准年: 2019)

Energy use

能源使用

12.56%

(baseline year 基准年: 2017)(baseline year 基准年: 2017)

╱回收

• 收集2.2公斤隐形眼镜包装用作回收

「工商业废物源头分类奖

励计划」中获得优异奖

「香港绿色机构认证」获取减废及节能良

好表现的认证

• 签署由环境及生态局和机电署联合发起的

节能约章2024及4T约章

• 签署由水务署及环保促进会共同倡议的

「商约」惜水约章

注：成果指由本集团及╱或国际广场所取得者

Corporate Social Responsibility Report 企业社会责任报告

Anual Report 2024-2025 年报51

遵守与环境相关的法律及规例

于本年度，本集团（包括国际广场）并无知悉其未有

遵守任何对本集团有重大影响而与环境相关的法律

及规例。对本集团业务运作有重要性的法律及规例

概览列载于第66至67页的企业社会责任报告中以

「重要法律及规例」为标题的部分内。

社会议题

由于国际广场的管理已外判予管理公司，且本集团

无需直接处理与国际广场雇佣相关之事宜，因此，

有关社会议题的讨论仅涵盖本集团，管理公司就国

际广场的一般楼宇及物业管理而聘用的员工则不在

讨论之列，惟特别注明者除外。

注19：与员工资料及培训相关之数据的计算基准是根据香港联

合交易所有限公司编制的「如何编备环境、社会及管治报

告 — 附录三：社会关键绩效指标汇报指引」中所述之规定

呈报。所有相关数字均在适用的情况下化整至小数点后

两位列示。

Compliance with environmental-related laws and

regulations

During the year under review, the Group (including iSQUARE) was not aware of

any non-compliance with any laws and regulations relating to the environment

that had a significant impact on it. An overview of the laws and regulations

significant to the Group’s busines operation can be found in this Corporate

Social Responsibility Report headed “Significant laws and regulations” on

pages 66 to 67.

Social Isues

Since the management of iSQUARE has ben outsourced to the MgtCo and

there is no ned for the Group to directly deal with employment-related maters

in respect of iSQUARE, discusion on areas relating to social isues only covers

the Group and does not include staf of the MgtCo employed for general

building and property management of iSQUARE unles otherwise specified.

Note 19: Calculation bases for figures in relation to employe profile and training are based on

“How to prepare an ESG Report — Apendix 3: Reporting Guidance on Social KPIs” as

composed by The Stock Exchange of Hong Kong Limited. Al relevant numbers, where

aplicable, are rounded to two decimal places.

Corporate Social Responsibility Report 企业社会责任报告

Asociated International Hotels Limited 凯联国际酒店有限公司52

雇佣

由于本集团之成功很大程度上取决于其员工

的支

持，管理层著重维持高质素的工作环境。建立在业

务运作上提倡道德和责任的文化已属必要。为此，

本集团已采纳适用于董事及雇员的反贪污政策和一

般纪律守则（「纪律守则」），前者集中在与反贪污有

关的事宜，后者所涵盖的范畴则包括资料私隐、版

权保障、防止贿赂、举报及平等机会。根据纪律守

则，员工必须遵守性别歧视条例、残疾歧视条例、

家庭岗位歧视条例和种族歧视条例之规定及其各自

的实务守则。此外，本集团已制定雇佣政策，列载

招聘及晋升原则，如平等机会及「按能力甄选」的基

准。检讨高层管理人员薪酬的程序及因素则详列于

薪酬政策内。有关本集团薪酬检讨机制的资料已包

含于第15至16页的企业管治报告中以「薪酬委员会」

为标题的部分内。为配合雇佣政策中有关激发员工

积极性及提供平等机会的原则，本公司每年均为员

工进行表现评估，并以此作为调整薪酬、发放酌定

花红和晋升的依据。

虽然本公司并无以书面形式阐述关于补偿、解雇、

工作时数、假期及其他待遇和福利的政策，本公司

已在其执行董事的管理下，制定及落实相关程序以

监管前述范畴之应用及遵守。

注20：于本企业社会责任报告中所提及的「员工」及「雇员」不包括

本公司董事及管理公司就国际广场的一般楼宇及物业管理

而聘用的员工。

Employment

As the Group’s suces depends largely on the suport of its employes

the management places great emphasis on maintaining a quality workplace.

Building up a culture which advocates ethical and responsible busines

practices has become esential. To this end, the Group has adopted an anti-

coruption policy and a general code of conduct (“CoC”) which aply to both

Directors and employes. The former one focuses on isues relating to anti-

coruption whilst the later one deals with areas of data privacy, copyright

protection, prevention of bribery, whistleblowing and equal oportunities.

Acording to the CoC, employes are required to observe the requirements

of the Sex Discrimination Ordinance, the Disability Discrimination Ordinance,

the Family Status Discrimination Ordinance and the Race Discrimination

Ordinance and their respective codes of practice. In adition, the Group has

also laid down an employment policy, seting out principles on recruitment

and promotion, such as equal oportunities and “selection on capability”

basis. Procedures and factors to be considered on review of the remuneration

packages of the senior management are delineated in the remuneration

policy. Information in respect of the Group’s remuneration review mechanism

is mentioned in the Corporate Governance Report headed “Remuneration

comite” as set out on pages 15 to 16. To be consistent with the principles

of the employment policy on motivating employes and providing equal

oportunities, performance apraisal is conducted anualy. It is the basis for

salary adjustment, discretionary bonus and promotion.

Although policies on compensation and dismisal, working hours and rest

periods, and some other benefits and welfare are not put in writing, relevant

steps to govern their aplication and due observance have ben developed

and implemented under the management of the Executive Directors of the

Company.

Note 20: In this Corporate Social Responsibility Report, “staf” and “employes” exclude

Directors of the Company and staf employed by the MgtCo for general building and

property management of iSQUARE.

Female 女性
76.67% (2024: 75.86%)
100% (2024: 100%)

Corporate Social Responsibility Report 企业社会责任报告

Anual Report 2024-2025 年报53

员工资料及参与Employe profile and engagement

by headcount

按人数计算

Workforce

雇员

(2024: 29)*

Al employes are ful-time staf and based in Hong Kong

所有雇员均为全职员工，并于香港工作

By age group

按年龄组别划分

6.67% (2024: 6.90%)

Aged below 35

35岁以下

33.33% (2024: 31.03%)

Aged above 55

55岁以上

60% (2024: 62.07%)

Aged 35 – 55

35 – 55岁

By gender

按性别划分

Overal

整体0%

(2024: 6.90%)

Male

男性

0% (2024: 14.29%)

Female

女性

0% (2024: 4.55%)

Aged below 35

35岁以下

0% (2024: 50%)

Aged 35 – 55

35 – 55岁

0% (2024: 0%)

Aged above 55

55岁以上

0% (2024: 11.11%)

Turnover rate

离职率

Male

男性

Al employes

所有员工

23.33%

(2024: 24.14%)

Senior management

高层管理人员

(2024: 0%)

Corporate Social Responsibility Report 企业社会责任报告

Asociated International Hotels Limited 凯联国际酒店有限公司54

尽管本集团并无集体谈判政策或相似惯例，但为尊

重其员工及确保他们的意见获悉，本集团除了透过

部门会议及电邮沟通外，亦通过推行非官僚文化，

鼓励管理层与员工直接对话，令员工可在需要时向

管理层自由提出意见及商讨。

本集团同时明白持续地了解员工所关注之事项的重

要性，因此每年均会就雇员满意程度进行一次问卷

调查，借以收集员工对工作环境的意见及期望。管

理层亦会分享调查结果，以便找出进一步改善的办

法。以下为本集团于报告年度内所进行的问卷调查

结果摘录。

Although the Group does not have a colective bargaining policy or similar

practice in place, it respects its employes and takes steps to ensure their

voices are heard. Other than departmental metings and comunication

through emails, the Group encourages direct dialogue betwen the

management and staf by adopting a non-bureaucratic culture. Employes can

frely bring up isues to the management when they consider necesary.

Given the importance of understanding its employes’ concerns on an ongoing

basis, the Group conducts employe satisfaction survey every year by which it

can solicit staf opinions about their work environment and expectation. Survey

result is shared by the management so as to identify ways to make further

improvement. The folowing is an extract of the survey result conducted by the

Group in the reporting year.

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Anual Report 2024-2025 年报55

Employe engagement

雇员的参与

Acording to the respondents of the employe satisfaction survey conducted by the Group in 2024 or 2025, as the case may be.

根据本集团于二零二四年或二零二五年（视乎情况）进行之雇员满意程度问卷调查中受访者的回复。

Overal satisfaction

整体满意度

Group cohesivenes

归属感

Workforce-management

relationship

与管理层关系

Absence rate

缺勤率

1.48% (2024: 1.76%)

65.52% (2024: 62.96%)*

was either satisfied or very

satisfied with the Group as

a whole

对本集团整体上表示满意

或非常满意

72.41% (2024: 70.37%)*

was hapy with the

workforce-management

relationship

认为劳资关系良好

73.33% (2024: 72.41%)

has ben working with the

Group over a decade

已为本集团服务超过十年

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Asociated International Hotels Limited 凯联国际酒店有限公司56

由于良好的工作与生活平衡对雇员而言非常重要，

本集团鼓励员工在办公时间以内完成工作。于本年

度，本公司为员工及其家属╱朋友举办电影日，旨

在为他们提供放松身心及增进感情的机会。

于截至二零二五年三月三十一日止财政年度，本公

司再次获强制性公积金计划管理局评为「积金好雇

主」。

发展及培训

为建立一个能协助员工发展专业潜能及充分履行职

责的工作环境，本集团向所有级别的全职员工提供

与工作相关的培训津贴。鉴于高层管理人员职责的

复杂性，本集团给予该等员工额外的外间培训资

助。除在经济上支持外，本集团亦不时为所有员工

安排集体培训。

本年度员工培训所涉及的主要范围包括：

• 合规及监管知识的更新

• 反贪污

• 健康事宜

• 人工智能主导的转型

以下是截至二零二五年三月三十一日止财政年度员

工培训的分析。

Since a god work-life balance is significant to the employes, the Group

encourages its staf to complete their tasks within ofice hours. During the

year under review, the Company organised movie days for its staf and family

members/friends with a view to providing them with an oportunity to relax and

cultivate relationship.

In the financial year ended 31 March 2025, the Company was again awarded

“God MPF Employer” by the Mandatory Provident Fund Schemes Authority.

Development and training

In order to create a suportive workplace which enables the employes to

develop their profesional potential and discharge their duties adequately,

the Group provides subsidy for job-related training to al ful-time employes,

irespective of their rankings. Given the complexity of job duties, senior

management is provided with aditional funding for outside training. Other than

financial suport, the Group also organises group-wide training for its staf from

time to time.

Key topics covered by the training undertaken by the employes during the

year under review included:

• compliance and regulatory refresher

• anti-coruption

• health isue

• AI-driven transformation

The folowing is an analysis on employes’ training in the financial year ended

31 March 2025.

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Anual Report 2024-2025 年报57

Breakdown of trained employes

接受培训雇员的分布

60%

(2024: 72.41%)*

of employes received internal/external training

的雇员接受内部╱外间培训

Total number of employes who received training in the reporting year is 18 (2024: 21).

于报告年度接受培训的雇员总数为18人（二零二四年：21人）。

83.33% (2024: 80.95%)

Female

女性

16.67% (2024: 19.05%)

Male

男性

by gender

按性别划分

16.67% (2024: 14.29%)

Senior management

高层管理人员

by employe category

按雇员类别划分

83.33% (2024: 85.71%)

General staf

普通员工

Training

培训

Total training hours completed

总培训时数

Al employes

所有雇员

75 (2024: 82.25)

Average hours 平均时数 : 2.50 (2024: 2.84)

Male

男性

6 (2024: 8)

Average hour(s) 平均时数 : 0.86 (2024: 1.14)

Female

女性

69 (2024: 74.25)

Average hours 平均时数 : 3.00 (2024: 3.38)

Senior management

高层管理人员

42 (2024: 44.75)

Average hours 平均时数 : 14.00 (2024: 14.92)

General staf

普通员工

33 (2024: 37.5)

Average hours 平均时数 : 1.22 (2024: 1.44)

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健康与安全

由于本集团的主要业务为物业投资及投资控股，其

员工因进行与职业相关之活动而面对的健康与安全

风险偏低。尽管如此，本集团致力为其员工提供一

个既健康又安全的工作环境，因此已就该方面制定

政策，重点如下：

• 遵守所有适用的法定要求

，以确保

工作环境的健康及安全水平得以持续改善

、控制及在可行的情况下消除工

作环境中存在之危险的措施

• 向管理公司传达本集团对健康与安全的关

注，并要求管理公司确保其前线员工及承办

商熟习有关方面应有的适当程序

为确保雇员的安全，本集团已指派员工不时就工作

环境应备有的急救设施作出检视，并评估是否有任

何未遵守职业安全及健康条例的情况。

于报告年度，本集团亦为员工举办关于优质睡眠的

讲座，以及安排到场按摩服务，旨在提升员工的身

心健康。此外，本公司亦荣获由循道卫理中心举办

的「健康企业嘉许计划」银奖。

本集团于过去三个财政年度（包括报告年度）并无因

与工作有关而死亡的个案；于本年度亦没有因工伤

而损失工作日。

Health and safety

Since the Group’s main busines is property investment and investment

holding, health and safety risks posed to its employes as a result of

ocupational activities are relatively low. Nevertheles, the Group is dedicated

to provide a healthy and safe work environment to its staf and therefore has

established a policy in this regard with an emphasis on:

• compliance with al aplicable statutory requirements

• ensuring a continuous improvement of the health and safety level at

workplace by reviewing the operating practices and seking coments

from employes from time to time

, control and if posible, eliminate

hazards at workplace

’s concerns over health and safety to the MgtCo

and requesting it to get its front-line staf and contractors familiarised

with the proper procedure required in that regard

To ensure safety of employes, the Group has designated staf to review the

first-aid facilities at workplace at intervals and ases as to whether there is any

non-compliance with the Ocupational Safety and Health Ordinance.

For the wel-being of the workforce, a group-wide talk about quality slep and

on-site masage were aranged for the employes in the reporting year. The

Company was also granted a Silver Award under Healthy Corporate Award

Scheme hosted by Methodist Centre.

There was no work-related fatality ocured in each of the past thre financial

years, including the reporting year, and no working day was lost due to work

injury in the year under review.

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劳工准则

虽然本集团并无就童工或强制劳工编制特定的政

策，但香港（即本集团主要营业地点）法例已规定不

能聘用童工及强制劳工。为确保本集团遵守有关禁

用童工的法律，所有求职者均须在招聘过程中出示

身份证明以供核对。倘若雇员在受雇期间被发现有

任何不合规的情况，本集团将立即采取补救行动，

如解雇有关人士，并在有需要时向相关的监管机

构╱政府部门作出举报。在预防强制劳工方面，本

集团会确保雇员享有足够的休息日，且不会强迫彼

等在违反其意愿的情况下加班。

于本年度，本集团并无知悉其未有遵守任何对本集

团有重大影响而与雇佣、健康与安全及劳工准则

（即报告指引中B1、B2及B4层面）相关的法律及规

例。对本集团业务运作有重要性的法律及规例概览

列载于第66至67页的企业社会责任报告中以「重要

法律及规例」为标题的部分内。

供应链管理

鉴于本集团的业务性质和营运模式，其供应商大致

可分为直接和间接两种。直接供应商

是指与本集

团有直接联系的供应商，例如：管理公司、提供专

业服务的供应商及一些向本集团就基础设施及办公

室运作，如在保险、银行服务及资讯技术方面，提

供支援的公司。间接供应商的服务，如机电工程、

清洁和保安，则通过管理公司签订相关合约而提

供。按支出金额和对本集团的重要性而言，本集团

的主要供应商是银行及管理公司（两者均是其直接

供应商）。鉴于后者与间接供应商的「契约」关系，

其角色对本集团尤其重要。

注21：在重要性的原则下，紧随之列表所提及的「直接供应商」仅

指每年与本集团交易达港币50,000元或以上的供应商（活

动性质属非采购者和本集团旗下公司之间的交易不包括在

内）。所有该等供应商的营业处所均设于香港。于本部分其

他位置所提及的「直接供应商」则指本集团的所有直接供应

商（即并非单指前述所提及者），惟特别注明者除外。

Labour standards

While the Group does not have its own specific policy regarding child labour

or forced labour, it is a statutory requirement in Hong Kong, the principal

place of busines of the Group, not to engage the same. To ensure the

Group’s compliance with the laws concerning prohibition of child labour, al job

aplicants are required to present identity prof for checking during recruitment

proces. Should the Group discover any non-compliance during employment,

it wil take remedial action, such as termination of the person concerned,

imediately and report to the relevant regulatory bodies/government

departments if necesary. Concerning prevention of forced labour, the Group

wil ensure suficient rest days are given to employes and wil not force any

staf to work overtime in the situation against their wil.

During the year under review, the Group was not aware of any non-compliance

with any laws and regulations that had a significant impact on it relating to

employment, health and safety, and labour standards as mentioned in aspects

B1, B2 and B4 of the ESG Guide. An overview of the laws and regulations

significant to the Group’s busines operation can be found in this Corporate

Social Responsibility Report headed “Significant laws and regulations” on

pages 66 to 67.

Suply chain management

Given the Group’s busines nature and operation mode, its supliers can

broadly be categorised into direct supliers

and indirect supliers. For

the former one, it refers to those the Group directly liaises with, such as the

MgtCo, profesional service providers and some other companies that deliver

services for suport of the Group’s infrastructure and ofice operation on

areas such as insurance, banking and information technology. Services of the

indirect supliers, such as electrical and mechanical enginering, cleaning and

security, are provided under the umbrela of and covered by the contracts with

the MgtCo. Based on the expenditure level and the significance to the Group,

the Group’s key supliers are bankers and the MgtCo (both of them are also

the Group’s direct supliers), of which, the role of the later one is particularly

important given its “contracting” relationships with the indirect supliers.

Note 21: In the table imediately folowing, “direct supliers” only refer to those having a

“spend value” with the Group of HK$50,000 or above per year (excluding activities of

non-procurement in nature and inter-company transactions) based on the principle

of materiality. Al such supliers are with operating ofices situated in Hong Kong. As

for “direct supliers” apearing in other parts of this section, al the Group’s direct

supliers are covered, i.e. not only refering to those being subject to the aforesaid

restriction, unles otherwise specified.

Year ended 31 March
截至3月31日止年度
Indicator	指标	2025	2024
Number of direct suppliers	直接供应商数量	26	28

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Asociated International Hotels Limited 凯联国际酒店有限公司60

由于供应商（不论直接或间接）是本集团的「延伸」，

其行为须反映本集团的价值观。尽管本集团并无就

管理供应链在环境及社会两方面的风险制定独立政

策，相关的部分已包含在本集团的环境政策及健

康与安全政策内。由于管理公司是本集团的主要供

应商，对本集团有重大的影响，本集团已向管理公

司传达相关政策，以便其将本集团所关注的事项传

递予间接供应商。本集团并要求管理公司在可行及

经济情况容许下，将本集团的理念融入其营运流程

中。除与管理公司保持紧密、且直接的对话及举行

定期会议外，本集团亦不时检讨其运作模式，以减

少工作环境中有关健康与安全的风险，及于作出外

判决定时，将环境因素（如实际情况许可）纳入所考

虑之列。

正因为明白供应链在环境及社会风险的潜在影响，

本集团除了与供应商一直保持联系外，亦会通过新

闻及媒体报导、问卷调查和网上资讯评估上述风险

是否存在。倘若发现任何风险，本集团会作出密切

跟进，并要求相关供应商尽量及尽快将负面影响减

至最低。再加上风险管理政策清楚列明负责识别风

险的人士，本集团在处理前述风险上已作出妥善安

排。

Since supliers, whether direct or indirect, are the “extension” of the Group,

their behaviour shal reflect the Group’s values. Although the Group does not

maintain a separate policy on managing environmental and social risks of

its suply chain, it has embeded the relevant concerns in its environmental

policy and health and safety policy. As the MgtCo is the key suplier which

poses a significant impact on the Group, it is provided with relevant policies

of the Group in the hope that it can convey the Group’s concerns to the

indirect supliers. The MgtCo is also requested to integrate the Group’s values

into its operation proces where practicable and economicaly viable. Apart

from engaging in frequent direct dialogue and holding regular metings with

the MgtCo, the Group also reviews its practices from time to time so as to

reduce health and safety risks at workplace and incorporates environmental

considerations into contracting decisions where practicable.

While acknowledging the potential impact of the environmental and social

risks along the suply chain, the Group, in adition to maintaining an ongoing

comunication with its supliers, evaluates the presence of the said risks

through pres and media coverage, questionaires, and information available

on websites. Should there be any risks identified, the Group wil folow it up

closely with the supliers concerned and request them to mitigate the adverse

impact as much and as fast as posible. Together with the risk management

policy which sets out persons responsible for risk identification in place, the

Group’s aproach in dealing with the said risks is properly managed.

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Anual Report 2024-2025 年报61

鉴于维持稳定及有质素的供应链对支持长期业务发

展的重要性，本集团已制定在选择供应商时需依循

的标准，其中包括价格、聘用条款、过往表现记

录，以及声誉等。在可行和经济许可的情况下，本

集团亦会将环保因素纳入考虑之列。鉴于业务持续

营运的重要性，本集团将优先考虑在合约期内表现

优秀的现有供应商。为确保本集团能充分掌控供应

商的甄选，所有合约的批出（非重要者除外）均须按

既定的审批程序，包括须获相关部门主管及╱或执

行董事批准。本集团会对供应商的表现作出持续性

评估，以确保所获得的服务令人满意。审视的结果

将成为决定应否继续聘用相关供应商的其中一个因

素。倘若供应商表现不理想，本集团会向其发出警

告，甚或（如事态较严重，且在适当情况下）解除合

约。虽然前述之甄选过程并无以书面形式列载，但

仍适用于所有直接和间接供应商。

对于聘用通过招标的承办商，本集团订下额外的规

定，包括在筛选承办商列入被选择名单前对其进行

初步资格审查，以及指定获邀参加投标公司的数

目。由于本集团所采纳的环境政策和程序手册已分

别列明于采购过程中应在可行情况下对环境因素作

出考虑的需要和审批程序，管理层亦密切监管选择

供应商的过程，本集团已有效实施及监察关于聘用

供应商（不论直接或间接）的程序和惯例。

由于环保采购相当重要，本集团已将有关方面的关

注包含在环境政策内。本集团会优先选择可提供具

环保元素产品的供应商。尽管如此，本集团不会只

著眼于物色特定供应商，而会著重供应商所提供的

产品。例如，印刷公司须使用再造纸印制年报╱中

期报告及相关通函，以及管理公司须要求分包商在

可行的情况下使用能源效益较高及╱或对环境造成

较少伤害的产品。在选择供应商时过分著眼于某一

特定因素可能会忽略其他因素所带来的好处。对本

集团而言，供应商的选择是基于多方面的考虑，惟

股东╱本集团的整体利益则为最终依归。

Given the importance of maintaining a stable and quality suply chain to

suport long-term busines development, the Group has set some criteria

it has to base on in selecting supliers. They include, among other things,

price, engagement terms, track record of god practice as wel as reputation.

Consideration wil also be given to gren factors where practicable and

economicaly viable. Existing supliers with quality performance during

their contract terms wil have priority over others given the importance of

busines continuity. For ensuring proper control over suplier selection,

al engagements except those being imaterial are subject to the Group’s

established aproval procedure, which shal involve consent given by relevant

department head and/or Executive Director(s). In order to make sure the Group

receiving quality service, it conducts review on supliers’ performance on a

continuous basis, and the result of which wil become one of the factors in

determining their further engagement. On the contrary, if the performance is

found unsatisfactory, the Group wil give warning to the contractor or, for more

serious cases, terminate the contract if circumstances demed apropriate.

The foregoing selection proces, though not reduced to writing, is aplicable to

al direct and indirect supliers.

For engagement of contractors through tendering, the Group has set aditional

selection requirements, which include preliminary qualification review on

contractors before shortlisted for selection and number of companies invited

for biding. With the close supervision of the management and the adoption of

the environmental policy and procedure manuals which respectively set out the

ned of giving environmental consideration in procurement where practicable

and the aproval proces, the practices in relation to engaging supliers,

whether direct or indirect, are efectively implemented and monitored.

Understanding the significance of gren procurement, the Group’s

environmental policy has incorporated relevant concerns therein. Supliers

ofering products with gren elements are always prefered. Instead of loking

for specific supliers, the Group focuses on products ofered. For instance,

the printing firm is required to use recycled paper for anual/interim reports

and related circulars whilst the MgtCo is required to get its sub-contractors to

use products with greater energy eficiency and/or causing les harm to the

environment wherever practicable. Overwhelming focus on a particular factor in

selecting supliers may compromise benefits brought by other factors. For the

Group, selection of supliers is always based on myriad considerations with an

emphasis on the overal interests of the shareholders/the Group as a whole.

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Asociated International Hotels Limited 凯联国际酒店有限公司62

尽管65%以上的直接供应商已与本集团合作超过十

年，本集团仍重视与他们所建立的关系，且热切希

望知悉有否任何改善空间。为此，本集团于本年度

以随意抽样方式向若干直接供应商发出有关满意程

度的问卷调查。调查反馈令人鼓舞，结果显示所有

（二零二四年：所有）回复者均认为与本集团合作不

仅互利，而且在整体上属满意。

产品╱服务责任

国际广场的店舖租户是本集团的主要顾客，与其建

立良好、且持久的关系对本集团的成功极为重要。

为方便双向沟通，管理团队定期巡视国际广场，并

会在需要时探访个别店舖，以便与租户直接交流，

及有效地就其关注的问题作出回应。租户亦可在需

要时以电话和电子邮件联络负责管理、租赁及市场

推广的团队。为确保租户的不满（如有）获适时处

理，管理公司亦已设立正式的投诉处理机制。在与

租户和购物人士的互动中得悉应作改善的范畴包括

运作监控及技术╱维修方面后，本集团会与管理团

队作出讨论，并探讨可改善的地方及方法。为与租

户维持长期的业务伙伴关系，本集团不时检讨其策

略。

除顾客关系外，本集团亦明白保障个人资料的重要

性。相关部分包含于纪律守则中，并已向员工传

达。根据纪律守则，员工须遵守个人资料（私隐）条

例中的保障资料原则，以维护本集团利益相关者其

个人资料的私隐度及保密度。收集的资料只限具合

理由须获取此等资料的员工使用。鉴于与管理公

司的紧密关系，本集团亦已向其传达本集团在该方

面的关注。

Although more than 65% of the direct supliers have ben a working partner of

the Group over a decade, the Group values the relationships with them and is

eager to know if there is any rom for improvement. To achieve it, a satisfaction

survey was sent to some of them on a random basis during the year under

review. The fedback of the survey was encouraging. It showed that al (2024:

al) the respondents found partnering with the Group was not merely mutualy

beneficial, but also as a whole satisfactory.

Product/service responsibility

Shop tenants of iSQUARE are the Group’s key customers. Establishing a

sound and lasting relationship with them is pivotal to the suces of the Group.

To facilitate a two-way comunication, the management team gives a walk-

through of iSQUARE on a regular basis and pays visits to individual shops

when required so as to exchange views with the tenants directly and respond

to their concerns eficiently. The tenants can also contact the management,

leasing and promotion teams via telephone and email as and when neded.

For ensuring tenants’ disatisfaction, if any, is properly adresed to in a

timely maner, a formal complaint-handling mechanism is in place as wel.

Having noted the areas the Group has to further work on, such as operational

control and technical/maintenance services, from the interaction with tenants

and shopers, discusion with the management wil be caried out to se if

and how improvement can be made. With the aim of maintaining a long-term

busines partnership with tenants, the Group reviews its strategies from time to

time.

Other than customer relations, the Group also recognises the importance

of personal data protection. Relevant concerns have ben incorporated into

the CoC and are comunicated to the employes. Acording to the CoC,

employes are required to safeguard the privacy and security of personal

information of the Group’s stakeholders by observing the data protection

principles of the Personal Data (Privacy) Ordinance. Colected information is

acesible on a “ned-to-know” basis. In view of the close relationship with the

MgtCo, the Group has also made known to it of the Group’s concerns in this

regard.

Year ended 31 March
截至3月31日止年度
Indicators	指标	2025	2024
Number of service-related complaints received	接获与服务相关的投诉次数	11	6
Number of data privacy-related complaints received	接获与资料私隐相关的投诉次数	0	0

Corporate Social Responsibility Report 企业社会责任报告

Anual Report 2024-2025 年报63

Although the Group may not be subject to many isues in relation to intelectual

property rights as its principal activities are property investment and investment

holding, it continues to make its best endeavour to observe relevant laws

and regulations. Measures taken include instalation of original software

on computers and obtaining licence for newspaper copying. To prevent

employes from using unauthorised software, only designated person can do

the instalation. With the aim of ensuring due observance of intelectual property

rights, al employes are required to strictly adhere to the CoC which sets out

the Group’s relevant concerns therein. The MgtCo who operates the Group’s

main investment property is also provided with the CoC.

Providing a safe environment to the tenants and shopers is also a great

concern to the Group. Although property management of iSQUARE is the job

of the MgtCo, the Group stil closely monitors it by receiving updates from the

MgtCo via regular project metings and daily report. On top of it, the project

team also patrols iSQUARE on a daily basis so as to ensure it is managed in

an orderly fashion. As for ad hoc isues, the MgtCo is required to report to the

Group promptly.

Due to the busines nature, percentage of total products subject to recals and

quality asurance proces as wel as recal procedures are not aplicable.

尽管本集团的主要业务是物业投资及投资控股而因

此不会有大量涉及知识产权的事宜，本集团会继续

竭力遵守相关法律及规例，当中所采取的措施包括

只可在电脑安装正版软件和获取报纸复印使用授

权。为防止雇员使用未经授权的软件，本集团只容

许指定人士进行安装。此外，纪律守则已列载本集

团在相关方面的要求，且规定所有员工必须严格恪

守，以充份尊重知识产权。与此同时，本集团亦已

向负责经营其主要投资物业的管理公司提供纪律守

则。

为租户及购物人士提供安全的环境是本集团另一关

注项目。虽然国际广场的物业管理由管理公司负

责，本集团仍会透过与管理公司定期举行的工程会

议及每日的汇报获取最新消息，以密切监察国际广

场的营运情况。除此以外，工程部亦会每日巡查国

际广场以确保其管理有序。如遇特别事故，管理公

司则须即时向本集团汇报。

基于业务性质的关系，回收产品总数的百分比，以

及质量检定过程和产品回收程序的披露均不适用。

Corporate Social Responsibility Report 企业社会责任报告

Asociated International Hotels Limited 凯联国际酒店有限公司64

反贪污

由于本集团绝不容忍任何形式的贿赂、贪污及欺

诈，因此已制定反贪污政策、并列明其董事及雇员

必须遵守的相关要求，以及允许接受利益的情况。

所有员工务须承诺遵守。为向雇员及与本集团有业

务往来之人士就任何涉及本集团之怀疑违规、不

当、失当或舞弊行为提供举报渠道及指引，本公司

已制定举报政策，并登载于其网站内。在接获任何

举报后，本公司会按所列载的方式、并由审核委员

会为首展开调查。董事会亦会适时获悉相关进展。

为及早发现舞弊行为，本集团已设定其认为合适的

内部监控活动。

为推广反贪污文化，本集团于报告年度不仅为其董

事及高层管理人员举办关于反贪污法律╱规例的培

训，亦为雇员提供刊载于廉政公署网站、关于贿赂

陷阱的资料。于本年度，本集团没有获悉任何针对

本集团或其雇员涉及贪污行为的诉讼。

于截至二零二五年三月三十一日止财政年度，本集

团并无知悉其未有遵守任何对本集团有重大影响而

与产品责任和反贪污（即报告指引中B6及B7层面）

相关的法律及规例。对本集团业务运作有重要性的

法律及规例概览列载于第66至67页的企业社会责任

报告中以「重要法律及规例」为标题的部分内。

社区

本集团明白其在推动社区进步的角色，因此已制定

社区政策，当中订明捐款的一般原则、重点范畴

（即推广社区发展、改善生活质素、帮助弱势社群

及与本集团发展一致的项目）及支援方式。将言语

付诸行动，本集团不仅于本年度捐款予下述慈善团

体，亦发动员工参与分别由香港公益金及地中海贫

血儿童基金举办的「公益金便服日」及2024地贫基因

红衣日。为持续关顾本地社区需要，本公司更聘用

一间致力为中年妇女创造就业机会的机构为其员工

提供福利活动。

Anti-coruption

As the Group has zero-tolerance on any forms of bribery, coruption and fraud,

it has established an anti-coruption policy seting out the relevant requirements

its directors and employes shal comply with and situations in which

aceptance of advantages is alowed. Al employes are required to undertake

their adherence thereto. To provide chanels and guidance for employes

and those who deal with the Group to report on any suspected iregularities,

improprieties, misconduct or malpractices within the Group, a whistleblowing

policy has ben laid down and published on the Company’s website. Upon

receipt of any reported isues, investigation led by the Audit Comite wil be

conducted in the maner set out therein. The Board wil also be updated in due

course. To detect malpractices as early as posible, internal control activities

demed apropriate for the Group are in place.

To promote the anti-coruption culture acros the Group, a training sesion as

regards anti-coruption laws and regulations was organised for its Directors

and senior management during the reporting year. Employes were provided

with information about pitfal of bribery as available on the website of the

Independent Comision Against Coruption. In the year under review, the

Group was not aware of any legal cases regarding corupt practices brought

against it or its employes.

During the financial year ended 31 March 2025, the Group was not aware of

any non-compliance with any laws and regulations that had a significant impact

on it relating to product responsibility and anti-coruption as mentioned in

aspects B6 and B7 of the ESG Guide. An overview of the laws and regulations

significant to the Group’s busines operation can be found in this Corporate

Social Responsibility Report headed “Significant laws and regulations” on

pages 66 to 67.

Comunity

In recognition of its role in advancement of the comunity, the Group has

established a comunity policy. General principles on donation, focus areas (viz

those enhancing comunity development, improving quality of life, helping the

underprivileged groups and aligning with the Group’s development), and the

form in which the suport is delivered are stipulated therein. To put words into

actions, not only did the Group during the year under review make donations

to the charities set out below, it also mobilised its staf to take part in “Dres

Casual Day” and “Dres Red for Thalasaemia 2024” as organised by The

Comunity Chest of Hong Kong and Children’s Thalasaemia Foundation

respectively. Demonstrating its ongoing atention to the local comunity

neds, the Company also engaged an enterprise dedicated to creating job

oportunities for the midle-aged women to provide welnes activity for its

employes.

Corporate Social Responsibility Report 企业社会责任报告

Anual Report 2024-2025 年报65

The Group believes that going beyond corporate philanthropy by providing

venues to organisations for hosting charitable events is a god way to help

the nedy as it can inspire others to folow and draw the public atention to

their neds. During the financial year ended 31 March 2025, the Group kept

ofering venue to outside parties for holding events with furtherance of social

responsibility in nature at a large discount. With the aim of promoting the

concept of sharing with those in ned in particular during festive season, the

Group also bought moncakes at “Orbis Mid-Autumn Charity Sales” for its

employes.

Instead of giving one-of suport to benevolent programes, the Group

showed its continuous care to the local comunity by being the Diamond

Sponsor under the programe of “Sponsor of the Year” of Po Leung Kuk, an

iconic charity in Hong Kong, and granting it a licence for placing a donation

box at iSQUARE throughout the year in question. Being suportive in building

up a socialy inclusive comunity in particular for the elderly, iSQUARE has also

participated in the “Charter for Age-friendly Shoping Mals”.

For the financial year ended 31 March 2025, donations made by the Group amounted to HK$605,000 (2024: HK$431,000). Dolar amounts are rounded to the

nearest thousand.

于截至二零二五年三月三十一日止财政年度，本集团之捐款合共港币605,000元（二零二四年：港币431,000元）。金额均以最接近之千位列示。

Po Leung Kuk

保良局

The Comunity Chest of Hong Kong

香港公益金

Greners Action

绿领行动

Children’s Thalasaemia Foundation

地中海贫血儿童基金

The Society for the Promotion of Hospice Care

善宁会

Comunity

社区

0.88%

(2024: 1.23%)

To improve

quality of life

改善生活质素

0.24%

(2024: 0.10%)

To help the

underprivileged

groups

帮助弱势社群

98.88%

(2024: 98.67%)

To enhance

comunity

development

推广社区发展

本集团相信除了直接捐助外，提供场地予团体举办

慈善活动也能有效地帮助弱势社群，因为这既能鼓

励他人仿效，亦能引起公众关注他们的需要。于截

至二零二五年三月三十一日止财政年度，本集团

继续以优惠的折扣租借场地予团体举办含促进社会

责任性质的活动。为推广与有需要人士分享的理念

（尤其是在节日期间），本集团亦于「奥比斯中秋义

卖」期间购买月饼送赠员工。

为展示对社区的持续关怀，本集团不仅作出一次性

的慈善捐助，同时亦成为具香港象征性的慈善团

体 — 保良局「全年赞助人」募捐计划中的「钻石赞助

人」，并准许其于年内在国际广场放置捐款箱作募

捐之用。此外，国际广场亦为致力促进共融的社区

（特别关注长者福祉）而签订「龄活商场约章」。

Corporate Social Responsibility Report 企业社会责任报告

Asociated International Hotels Limited 凯联国际酒店有限公司66

重要法律及规例

没有遵守下表所列载的法律及规例可能招致民事

及╱或刑事责任，包括罚款及监禁。违反与排放、

雇佣╱健康与安全，以及私隐╱反贪污相关的法律

及规例可以分别对环境构成直接不利的影响、破坏

劳资关系，以及损害本公司声誉。下表详述管理层

在相关方面的应对方案。

Significant laws and regulations

Failure to comply with laws and regulations as set out in the box below may

give rise to civil and/or criminal liability, including fines and imprisonment. A

breach of those in conection with emisions, employment/health and safety

and data privacy/anti-coruption can have a direct adverse impact on the

environment, ruin the relationship with workforce and damage the Company’s

reputation respectively. Details of management aproach are set out in the

table folowing.

Significant laws and regulations

重要法律及规例

Key ways to ensure compliance

确保遵守法律与规例的主要方法

Emisions 排放

Waste Disposal Ordinance

(Chapter 354 of the Laws

of Hong Kong)

废物处置条例

（香港法例第354章）

’s environmental policy for managing negative impact

asociated with its busines operation

在本公司的环境政策中就处理与业务运作有关的负面影响提供指引

• engaging a cleaning service contractor who has in place an Environmental Management

System to arange and dispose non-hazardous waste

聘请已采用环境管理体系的清洁服务承办商安排及处理无害废弃物

, contractors contained in the Hong

Kong Colector/Recycler Directory as apearing on the website of the EPD, and recycling

programes/network organised/operated by the EPD

主要经绿色团体、名列于环保署网站内《香港回收再造公司名录》中的承办商和环保署

举办的回收计划╱营运的社区网络回收物料

Employment 雇佣

Employment Ordinance

(Chapter 57 of the Laws

of Hong Kong)

雇佣条例

（香港法例第57章）

Employes’ Compensation

Ordinance

(Chapter 282 of the Laws

of Hong Kong)

雇员补偿条例

（香港法例第282章）

• utilising a software which is fuly compliant with relevant ordinance(s) to manage payrol and

related isues

使用完全符合相关条例规定的软件处理涉及工资及相关事宜

’s policies such as employment policy and CoC which

are in line with the employes’ rights and benefits provided in relevant laws

本公司推行多项与相关法律赋予雇员权益及福利一致的政策，如雇佣政策和纪律守则

Corporate Social Responsibility Report 企业社会责任报告

Anual Report 2024-2025 年报67

Significant laws and regulations

重要法律及规例

Key ways to ensure compliance

确保遵守法律与规例的主要方法

Health and safety 健康与安全

Ocupational Safety and Health

Ordinance

(Chapter 509 of the Laws

of Hong Kong)

职业安全及健康条例

（香港法例第509章）

’s

health and safety policy

于本公司的健康与安全政策中列载可促进安全工作环境的大原则

Product responsibility 产品责任

Personal Data (Privacy) Ordinance

(Chapter 486 of the Laws

of Hong Kong) (“PDPO”)

个人资料（私隐）条例

（香港法例第486章）（「私隐条例」）

’s CoC for which al employes are

required to undertake adherence to

将私隐条例所罗列的原则纳入本公司的纪律守则中，并规定所有雇员必须承诺遵守

Anti-coruption 反贪污

Prevention of Bribery Ordinance

(Chapter 201 of the Laws

of Hong Kong)

防止贿赂条例

（香港法例第201章）

• establishing an anti-coruption policy and a whistleblowing policy whereby to emphasise the

importance of ethical busines conduct and uphold an anti-coruption culture

制定反贪污政策和举报政策，以推广反贪污文化及强调符合道德商业行为的重要性

The Board of Directors (the “Board” or the “Directors”) submits herewith the

anual report together with the audited financial statements of the Group for

the year ended 31 March 2025.

Principal Place of Busines

Asociated International Hotels Limited (the “Company”) is a company

incorporated and domiciled in Hong Kong and has its registered ofice and

principal place of busines at 9th Flor, iSQUARE, 63 Nathan Road, Tsim Sha

Tsui, Kowlon, Hong Kong.

Principal Activities

The principal activities of the Company are property investment and investment

holding. The principal activities and other particulars of the subsidiaries are set

out in note 13 to the financial statements.

The analysis of the principal activities and geographical locations of the

operations of the Company and its subsidiaries (together refered to as the

“Group”) during the financial year is set out in note 4 to the financial statements.

Financial Statements

The financial performance of the Group for the year ended 31 March 2025

and the Group’s financial position as at that date are set out in the financial

statements on pages 95 to 154.

Dividends

An interim dividend of HK$0.16 per share (2024: HK$0.16 per share) was

paid on 8 January 2025. The Board now recomends the payment of a final

dividend of HK$0.19 per share (2024: HK$0.25 per share) in respect of the

year ended 31 March 2025.

Subject to the members’ aproval at the Company’s forthcoming anual

general meting, the proposed final dividend wil be paid on Wednesday, 8

October 2025 to members whose names apear on the register of members

of the Company on Monday, 22 September 2025.

Directors’ Report

董事会报告

Asociated International Hotels Limited 凯联国际酒店有限公司68

董事会谨此呈报截至二零二五年三月三十一日止年

度的年报及本集团经审核的财务报表。

主要营业地点

凯联国际酒店有限公司（「本公司」）是一间在香港注

册及成立的公司，其注册办事处和主要营业地点设

于香港九龙尖沙咀弥敦道63号国际广场9楼。

主要业务

本公司的主要业务为物业投资及投资控股。各附属

公司的主要业务及其他详情载于财务报表附注13。

本公司及各附属公司（统称「本集团」）于本财政年度

的主要业务和经营地区分析载于财务报表附注4。

财务报表

本集团截至二零二五年三月三十一日止年度的财务

表现及本集团于该日的财务状况刊载于财务报表第

95至154页。

股息

本公司已于二零二五年一月八日派发中期股息每股

港币0.16元（二零二四年：每股港币0.16元）。董事

会现建议派发截至二零二五年三月三十一日止年度

的末期股息每股港币0.19元（二零二四年：每股港

币0.25元）。

倘若建议派发之末期股息获成员于即将举行的股东

周年大会通过，本公司会于二零二五年十月八日星

期三将之派付予于二零二五年九月二十二日星期一

名列于本公司成员名册之成员。

Directors’ Report 董事会报告

Anual Report 2024-2025 年报69

股东周年大会

本公司即将召开的股东周年大会将于二零二五年九

月五日星期五举行。详情载于随本年报一并发出的

股东周年大会通告内。

记录日期及暂停办理成员登记手续

为确定有资格出席本公司即将举行之股东周年大

会、并于会上发言及投票；以及有权获派建议之末

期股息的成员，本公司将暂停办理成员登记手续，

详情如下。于暂停办理前述登记手续之期间，任何

股份均不得进行过户。

Anual General Meting

The forthcoming anual general meting of the Company wil be held on Friday,

5 September 2025. Details of which are set out in the notice of anual general

meting despatched with this anual report.

Record Dates and Closure of Register of Members

For the purposes of determining members’ eligibility to atend, speak and vote

at the forthcoming anual general meting of the Company, and entitlement

to the proposed final dividend, the register of members of the Company wil

be closed, details of which are set out below. During such closure periods, no

transfer of shares wil be registered.

(i) For determining members’ eligibility to atend, speak and vote at the forthcoming anual general meting of the Company:

为确定有资格出席本公司即将举行之股东周年大会、并于会上发言及投票的成员：

Latest time to lodge transfer documents* for registration

送抵过户文件*作登记之最后时限

4:30 p.m. on Thursday, 28 August 2025 (Hong Kong time)

二零二五年八月二十八日星期四下午四时三十分（香港时间）

Closure of register of members

暂停办理成员登记手续

Friday, 29 August 2025 to Friday, 5 September 2025 (both dates

inclusive)

二零二五年八月二十九日星期五起至二零二五年九月五日星期五

止（首尾两天包括在内）

Record date

记录日期

Friday, 5 September 2025

二零二五年九月五日星期五

(i) For determining members’ entitlement to the proposed final dividend:

为确定有权获派建议之末期股息的成员：

Latest time to lodge transfer documents* for registration

送抵过户文件*作登记之最后时限

4:30 p.m. on Wednesday, 17 September 2025 (Hong Kong time)

二零二五年九月十七日星期三下午四时三十分（香港时间）

Closure of register of members

暂停办理成员登记手续

Thursday, 18 September 2025 to Monday, 22 September 2025 (both

dates inclusive)

二零二五年九月十八日星期四起至二零二五年九月二十二日星期一

止（首尾两天包括在内）

Record date

记录日期

Monday, 22 September 2025

二零二五年九月二十二日星期一

* Al transfers acompanied by the relevant share certificates must be lodged with

the Company’s share registrar, Computershare Hong Kong Investor Services

Limited, Shops 1712-1716, 17th Flor, Hopewel Centre, 183 Quen’s Road East,

Wanchai, Hong Kong.

* 所有过户文件连同有关股票务须送抵本公司股票登记

处 — 香港湾仔皇后大道东183号合和中心17楼1712-

1716室香港中央证券登记有限公司。

Directors’ Report 董事会报告

Asociated International Hotels Limited 凯联国际酒店有限公司70

Busines Review and Comentary

Busines model and strategies

The Group’s busines is property investment in Hong Kong. The Group

generates and preserves its value through being an investor in the property

market.

To acomplish this, the Group strives to nurture growth from its existing

properties through prudent management. Whilst the Group generaly maintains

a prudent and conservative aproach towards property investment, it also

seks to exploit oportunities for future development. With the aim of securing

stable and recuring returns, the Group has adopted very stringent investment

criteria and targets only high quality projects and investments.

The Group recognises the importance of sound financial strength to suport

sustainable growth and future development and hence, its fundamental

strategy is to maintain a solid financial position with strong cash flows and a

low gearing ratio.

Financial results

The Group achieved a profit from operations before valuation changes in

investment properties of HK$185.3 milion for the financial year ended 31

March 2025, representing an increase of aproximately 1.4% compared with

the previous financial year. The increase was mainly due to increase in rental

income from iSQUARE compared to the previous financial year.

Valuation loses on investment properties for the financial year ended 31 March

2025 amounted to HK$708.9 milion, compared with the net valuation gains of

HK$230.8 milion for the previous financial year. The valuation changes wil only

afect the acounting profit or los but not the cash flows of the Group.

The Group recorded a los atributable to equity shareholders of HK$560.6

milion for the financial year ended 31 March 2025, compared with a profit

atributable to equity shareholders of HK$376.8 milion for the previous

financial year.

iSQUARE is a comercial complex housing retail, entertainment, fod

and beverage establishments. Rental income from iSQUARE amounted to

aproximately HK$296.5 milion for the financial year ended 31 March 2025,

representing an increase of aproximately 2.3% compared with the previous

financial year. The ocupancy rate at 31 March 2025 was aproximately 77.1%

(2024: 73.1%).

业务回顾及评论

商业模式及策略

本集团的业务是在香港进行物业投资。本集团投资

该物业市场以营造和保留其价值。

为此，本集团透过审慎的管理，致力推动其现有物

业增长。除保持其谨慎、且务实的物业投资作风

外，本集团亦寻求开拓未来的商机。为获得稳定和

经常性收益，本集团已采纳非常严格的投资准则，

并只著重探研高质素的项目和投资。

本集团明白，稳健的财务状况对维持续性增长及

未来发展的重要，因此，持有充裕的现金流量及低

资本负债比率的财务状况乃本集团之首要策略。

财政业绩

截至二零二五年三月三十一日止财政年度，本

集团之投资物业估值变动前的经营溢利为港币

185,300,000元，较上一财政年度上升约1.4%。该

上升主要是国际广场于本年度之租金收入较上一财

政年度增加所致。

截至二零二五年三月三十一日止财政年度，投资物

业估值亏损为港币708,900,000元，而上一财政年

度则录得估值盈利净额港币230,800,000元。该估

值变动只会影响本集团在会计上的溢利或亏损，而

不会对其现金流量造成影响。

截至二零二五年三月三十一日止财政年度，本集

团之权益股东应占亏损为港币560,600,000元，

而上一财政年度则录得权益股东应占溢利港币

376,800,000元。

国际广场是一个设有零售商舖、娱乐消遣场所和餐

厅的综合商舖中心。截至二零二五年三月三十一

日止财政年度，国际广场的租金收入约达港币

296,500,000元，较上一财政年度上升约2.3%。于

二零二五年三月三十一日，国际广场的出租率约为

77.1%（二零二四年：73.1%）。

Directors’ Report 董事会报告

Anual Report 2024-2025 年报71

业务回顾及评论（续）

资本结构及流动资金

于二零二五年三月三十一日，本集团之权益总额为

港币7,148,100,000元，于二零二四年三月三十一

日则为港币7,856,300,000元。

于二零一三年十月七日，本公司与一间银行订立

一份融资协议，当中包括一笔为期三年，合共

港币200,000,000元的定期贷款和一笔为期三年，

合共港币100,000,000元的循环贷款（此等贷款的

利息均以浮动息率计算）。继第一份补充协议将

融资期限延长至二零二一年十月八日之后，本公

司于二零二一年八月二十三日与该银行订立第二

份补充协议，将融资期限再延长三年至二零二四年

十月八日。在贷款银行同意下，该融资期限已获

进一步延长两年至二零二六年十月八日。于二零

二五年三月三十一日，本集团已动用的银行信

贷额达港币200,000,000元（二零二四年：港币

200,000,000元），资本负债比率（以银行贷款总额

除以权益总额计算）为2.8%（二零二四年：2.5%）。

雇员

于二零二五年三月三十一日，本集团雇员人数（戴

德梁行物业管理有限公司就国际广场的一般楼宇

及物业管理而聘用的员工不包括在内）共36人（二

零二四年：35人），而于本年度之有关开支则约

为港币30,300,000元（二零二四年：港币29,200,000

元）。

除工资、医疗及退休福利外，本集团亦向员工发放

酌定花红。此外，本集团也赞助员工参加所需之外

间进修课程。

Busines Review and Comentary (Continued)

Capital structure and liquidity

The total equity for the Group at 31 March 2025 was HK$7,148.1 milion,

compared with HK$7,856.3 milion at 31 March 2024.

On 7 October 2013, the Company entered into a facility agrement with a bank

comprising a 3-year term loan facility of up to HK$200 milion and a 3-year

revolving loan facility of up to HK$100 milion both at floating interest rate.

Folowing the first suplemental agrement for extension of the facilities to 8

October 2021, the Company entered into the second suplemental agrement

with the bank on 23 August 2021 for extension of the facilities for thre years

to 8 October 2024. With the agrement of the lending bank, the facilities have

ben further extended for two aditional years to 8 October 2026. At 31 March

2025, the banking facilities were utilised to the extent of HK$200 milion (2024:

HK$200 milion) and the Group’s gearing ratio (calculated as total bank loans

divided by total equity) was 2.8% (2024: 2.5%).

Staf

At 31 March 2025, the total number of employes of the Group, excluding the

staf employed by Cushman & Wakefield Property Management Limited for

general building and property management of iSQUARE, was 36 (2024: 35)

and the related costs incured during the year were aproximately HK$30.3

milion (2024: HK$29.2 milion).

In adition to salaries, medical and retirement benefits, the Group pays

discretionary bonuses to its staf. Sponsorships for necesary outside training

courses are also provided by the Group to its staf.

Directors’ Report 董事会报告

Asociated International Hotels Limited 凯联国际酒店有限公司72

业务回顾及评论（续）

关键表现指标

(a) 调整后之服务成本收入比率

：调整后之服务成本收入比

率以调整后之服务成本占收入的百分比

计量经营表现（调整后之服务成本是按

扣除应收账款减值亏损后的惯常服务成

本计算），它说明每一元收入所需要的

直接支出数额。

：本集团著重成本控制。此比率对

控制及更善用支出提供方向。国际广场

是本集团的主要投资，截至二零二五

年三月三十一日止财政年度，其贡献

占本集团收入的99.2%（二零二四年：

99.2%）。国际广场的调整后之服务成

本收入比率是一个显示其经营表现的指

标，从比较一年与其下一年的比率评估

其目标已达到的程度。

：于二零二五年

三月三十一日，国际广场的调整后之

服务成本收入比率为31.1%（二零二四

年：32.1%）。

(b) 出租率

：出租率是反映租务表现的

衡量方法，它指已租出可租用面积占总

可租用面积的百分比。

：本集团以提升租务表现为目标。

出租率是一个显示本集团不同物业租赁

表现的指标，从比较一年与其下一年各

投资物业的出租率评估此目标已达到的

程度。

Busines Review and Comentary (Continued)

Key performance indicators

(a) Adjusted cost of services to revenue ratio

: Adjusted cost of services to revenue

ratio measures the operation performance by comparing adjusted

cost of services as a percentage of revenue (adjusted cost of

services are calculated by deducting impairment loses on

acounts receivable from usual cost of services). It shows the

level of direct expenditure required to generate every dolar of

revenue.

: The Group emphasises cost control. The ratio provides

direction on controling and beter using expenses. iSQUARE is

the principal investment of the Group and it contributed 99.2% of

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

(2024: 99.2%). The extent to which this goal has ben achieved

is asesed by comparing the ratio for iSQUARE from one year to

the next, as it is an indicator showing the operation performance

of iSQUARE.

: The adjusted cost of services to revenue ratio

for iSQUARE at 31 March 2025 was 31.1% (2024: 32.1%).

(b) Ocupancy rate

: Ocupancy rate is a measure that

reflects the leasing performance. It is defined as letable area that

have ben rented out as a percentage of the total letable area.

: The Group aims to enhance leasing performance.

The extent to which this goal has ben achieved is asesed by

comparing ocupancy rate for each investment property from

one year to the next, as it is an indicator showing the leasing

performance of various properties in the Group.

Directors’ Report 董事会报告

Anual Report 2024-2025 年报73

Busines Review and Comentary (Continued)

Key performance indicators (Continued)

(b) Ocupancy rate (Continued)

Ocupancy rate

出租率

At 31 March 2025At 31 March 2024

Investment properties投资物业于2025年3月31日于2024年3月31日

iSQUARE国际广场77.1%73.1%

Other comercial properties in Hong Kong位于香港的其他商业物业100%100%

Industrial properties in Hong Kong位于香港的工业物业100%100%

Environmental policies, performance and related

compliance; key relationships with stakeholders

Discusions on the Group’s environmental policies and performance,

compliance with environmental-related laws and regulations as wel as key

relationships with its stakeholders as required by Schedule 5 to the Hong Kong

Companies Ordinance can be found in the Corporate Social Responsibility

Report on pages 40 to 67 of the anual report, and such discusions form part

of this Directors’ Report.

Principal risks and uncertainties

Discusion of the principal risks and uncertainties facing the Group as required

by Schedule 5 to the Hong Kong Companies Ordinance can be found in

the Corporate Governance Report headed “Risk Management and Internal

Control — Principal risks and uncertainties” as set out on pages 26 to 29 of the

anual report, and such discusion forms part of this Directors’ Report.

Particulars of important events

The Board has not identified any important events afecting the Group that

have ocured since the end of the financial year.

Outlok

Despite various measures introduced by the Hong Kong government to bost

the retail market in Hong Kong, the change in consumption patern of residents

and visitors would stil pose constraints on driving local consumption in both

retail and catering sectors. The management wil continue to take apropriate

measures to cope with the changing environment. It is anticipated that rental

income from iSQUARE and the results from operations of the Group for the

coming financial year wil be adversely afected.

环境政策、表现及相关的遵守；与利益

Notes:

(1) The register of interests and short positions in shares kept under section 336 of

the SFO indicates that the interest disclosed by Tian Teck Investment Holding

Co., Limited is the same as the 180,030,681 shares disclosed by Tian Teck Land

Limited.

,589,715

shares disclosed by his spouse, Ms Lim Yoke Son. Out of the 25,589,715 shares,

24,555,715 shares were held by Mr Cheong Kheng Lim, and 1,034,000 shares

were held by Ms Lim Yoke Son.

Save as disclosed above, as at 31 March 2025, no other interests or short

positions in the shares and underlying shares of the Company required to be

recorded in the register kept by the Company under section 336 of the SFO

have ben notified to the Company.

注：

(1) 遵照证券条例第336条而备存的股份权益及淡仓登记册

显示，天德有限公司所披露的权益与天德地产有限公

司披露的180,030,681股份相同。

(2) 钟琼林先生所披露的权益与其配偶林育逊女士披露的

25,589,715股份相同。在25,589,715股份中，

24,555,715股为钟琼林先生持有，1,034,000股则为林

育逊女士持有。

除上述所披露者外，于二零二五年三月三十一日，

本公司并无获通知有关任何其他因遵照证券条例第

336条而须备存于登记册的本公司股份和相关股份

之权益或淡仓。

Directors’ Report 董事会报告

Anual Report 2024-2025 年报79

董事拥有交易、安排及合约的利益

本公司、其母公司或控股东或任何其各自的附属

公司，于本年度内均没有订立或于年结时及本年度

任何时间均没有存在任何本公司董事或与其有关连

的实体（须符合香港《公司条例》第486条所载的定

义）直接或间接拥有重大利益的重要交易、安排或

合约。

根据上市规则第13.51B(1)条之规

定而作出披露

(a) 由于津贴金额随实际支出而变动，下列董事

于截至二零二五年三月三十一日止财政年度

之董事酬金与上一财政年度比较出现变动：

,120,000元

注1

，

减少港币458,000元。在港币

3,120,000元中，港币2,745,000元（二

零二四年：港币2,874,000元）是按钟先

生与本公司就其出任行政总裁签订的服

务合约而支付。

,372,000元，

增加港币11,000元。在港币2,372,000元

中，港币1,757,000元（二零二四年：港

币1,744,000元）是按钟先生与本公司就

其出任策划经理签订的服务合约而支

付。

,545,000元，

增加港币358,000元。在港币

2,545,000元中，港币1,829,000元（二

零二四年：港币1,780,000元）是按钟先

生与本公司就其出任投资经理签订的服

务合约而支付。

Directors’ Interests in Transactions,

Arangements and Contracts

No transaction, arangement or contract of significance, to which the

Company, its parent company or controling shareholders or any of their

respective subsidiaries was a party and in which a director of the Company

or an entity conected with him (within the meaning of section 486 of the

Hong Kong Companies Ordinance) had a material interest (whether directly or

indirectly), was entered into in the year or subsisted at the end of the year or at

any time during the year.

Disclosure Pursuant to Rule 13.51B(1) of the

Listing Rules

(a) Due to alowances for expenses actualy incured, the directors’

emoluments of the folowing directors for the financial year ended 31

March 2025 have changed when compared with those for the last

financial year:

’s emoluments decreased by HK$458,000

to HK$3,120,000

Note 1

, of which, HK$2,745,000 (2024:

HK$2,874,000) was covered by his service contract with the

Company as the chief executive oficer.

’s emoluments increased by HK$11,000 to

HK$2,372,000, of which, HK$1,757,000 (2024: HK$1,744,000)

was covered by his service contract with the Company as the

chief project oficer.

’s emoluments increased by HK$358,000 to

HK$2,545,000, of which, HK$1,829,000 (2024: HK$1,780,000)

was covered by his service contract with the Company as the

chief investment oficer.

Directors’ Report 董事会报告

Asociated International Hotels Limited 凯联国际酒店有限公司80

根据上市规则第13.51B(1)条之规

定而作出披露（续）

(a) （续）

,947,000元

注2

，

减少港币43,000元。在港币1,947,000

元中，港币1,212,000元（二零二四年：

港币1,312,000元）是按钟女士与本公司

就其出任行政经理签订的服务合约而支

付。

,610,000

元，增加港币124,000元。在港币

2,610,000元中，港币1,691,000元（二

零二四年：港币1,601,000元）是按钟先

生与本公司就其出任营运经理签订的服

务合约而支付。

• 钟振风先生之酬金

注3

为港币887,000

元，增加港币814,000元。在港币

887,000元中，港币837,000元（二零

二四年：港币68,000元）是按钟先生与

本公司就其出任工程经理签订的服务合

约而支付。

尽管出现上述变动，本公司在支付前述费用

上的政策并无更改。

(b) 钟聪玲女士获委任为本公司和天德地产有限

公司提名委员会成员，并于二零二五年六月

三十日起生效。

注：

(1) 不包括本公司根据董事服务合约而提供住宅物业所

涉及的福利。于二零二五年三月三十一日，该物业

之全年估计租值为港币1,293,000元（二零二四年三月

三十一日：港币1,293,000元）。

(2) 不包括本公司根据董事服务合约而提供住宅物业所

涉及的福利。于二零二五年三月三十一日，该物业

之全年估计租值为港币1,281,000元（二零二四年三月

三十一日：港币1,281,000元）。

(3) 本公司对钟振风先生关于董事和工程经理之任命均自

二零二四年二月二十六日起生效。

Disclosure Pursuant to Rule 13.51B(1) of the

Listing Rules (Continued)

(a) (Continued)

’s emoluments decreased by HK$43,000

to HK$1,947,000

Note 2

, of which, HK$1,212,000 (2024:

HK$1,312,000) was covered by her service contract with the

Company as the chief administration oficer.

’s emoluments increased by HK$124,000

to HK$2,610,000, of which, HK$1,691,000 (2024: HK$1,601,000)

was covered by his service contract with the Company as the

chief operation oficer.

’s emoluments

Note 3

increased

by HK$814,000 to HK$887,000, of which, HK$837,000 (2024:

HK$68,000) was covered by his service contract with the

Company as the chief enginering oficer.

Despite the above changes, the Company’s policy regarding the said

expenses has not changed.

(b) Ms Cheong Chong Ling has ben apointed as a member of the

nomination comite of the Company and Tian Teck Land Limited with

efect from 30 June 2025.

Notes:

(1) Excluding the benefit in respect of the residential property provided by the

Company pursuant to the director’s service contract. As at 31 March 2025, the

estimated anual rental value of the property was HK$1,293,000 (31 March 2024:

HK$1,293,000).

(2) Excluding the benefit in respect of the residential property provided by the

Company pursuant to the director’s service contract. As at 31 March 2025, the

estimated anual rental value of the property was HK$1,281,000 (31 March 2024:

HK$1,281,000).

’s apointments as the director and the chief

enginering oficer tok efect on 26 February 2024.

Directors’ Report 董事会报告

Anual Report 2024-2025 年报81

董事的弥偿

惠及本公司董事的获准许弥偿条文（按香港《公司条

例》之定义）现正有效，并曾于截至二零二五年三月

三十一日止的整个财政年度有效。

管理合约

(a) 本公司与其控股公司 — 天德地产有限公司订

有无期限的行政服务及非行政服务协议。根

据该等协议，本公司同意为控股公司提供在

行政服务协议下的公司秘书服务及在非行政

服务协议下的办公室设施及职员。本公司于

截至二零二五年三月三十一日止年度内已收

取的服务费用总额为港币1,200,000元（二零

二四年：港币1,200,000元）。

(b) 本公司与戴德梁行物业管理有限公司签订了

管理协议。根据协议，该管理公司须负责国

际广场的一般楼宇及物业管理（与租赁相关

的服务则除外）。该管理协议已由二零一二

年八月六日起续期十二个月，其后将每年自

动续期，惟本公司具有协议终止权。截至二

零二五年三月三十一日止年度，本公司已支

付的管理者酬金为港币600,000元（二零二四

年：港币600,000元）。

除上述所披露者外，本公司于本年度内并无任何或

签订任何有关全盘业务或其中重大部分的管理合

约。

Indemnity of Directors

A permited indemnity provision (as defined in the Hong Kong Companies

Ordinance) for the benefit of the directors of the Company is curently in force

and was in force throughout the financial year ended 31 March 2025.

Management Contracts

(a) The Company has an administrative services agrement and also a

non-administrative services agrement, each for an indefinite period,

with its imediate holding company, Tian Teck Land Limited, whereby

the Company agres to provide, respectively, company secretarial

services (under the administrative services agrement) and ofice space

and various staf (under the non-administrative services agrement). The

agregate fes received by the Company for the year ended 31 March

2025 amounted to HK$1,200,000 (2024: HK$1,200,000).

(b) A management agrement exists betwen the Company and

Cushman & Wakefield Property Management Limited whereby this

management company is responsible for general building and property

management (except for the services relating to tenancy) of iSQUARE.

The management agrement was renewed for a term of twelve months

comencing on 6 August 2012 and shal be automaticaly renewed

on an anual basis thereafter, subject to the right of termination by the

Company. Manager’s remuneration of HK$600,000 (2024: HK$600,000)

was paid by the Company for the year ended 31 March 2025.

Apart from the foregoing, no contract concerning the management and

administration of the whole or any substantial part of the busines of the

Company was entered into or existed during the year.

Directors’ Report 董事会报告

Asociated International Hotels Limited 凯联国际酒店有限公司82

固定资产

本集团的投资物业如下：

租赁及待资本增值物业

Fixed Asets

Particulars of the investment properties of the Group are set out as folows:

Properties held for leasing and capital apreciation

LocationExisting useTerm of lease

地点现有用途租赁年期

iSQUARE (excluding an ofice on 9th Flor)

63 Nathan Road,

Tsim Sha Tsui, Kowlon

(Kowlon Inland Lot No. 7425)

Shoping centreMedium

国际广场（不包括位于九楼的办公室）

九龙尖沙咀弥敦道六十三号

（九龙内地段7425号）

购物中心中期

God Luck Industrial Building

Unit A on the Ground and 1st Flor,

and Car Parking Spaces Nos.

L1, L2, L3 & L4 on the Ground Flor,

105 How Ming Stret, Kwun Tong, Kowlon

(Kwun Tong Inland Lot No. 22)

Workshops and

car parking spaces

Medium

好运工业大厦

地下A单位、一楼A单位及

地下L1、L2、L3及L4停车位

九龙观塘巧明街一百零五号

（观塘内地段22号）

工场及停车位中期

Euro Trade Centre

5th Flor,

Nos. 13-14 Conaught Road Central and

Nos. 21-23 Des Voeux Road Central, Hong Kong

(Marine Lot No. 366)

OficesLong

欧陆贸易中心

五楼

香港干诺道中十三至十四号及

德辅道中二十一至二十三号

（海旁地段366号）

办公室长期

Directors’ Report 董事会报告

Anual Report 2024-2025 年报83

主要客户及供应商

于本年度内，本集团最大客户和五大客户的收入分

别占本集团总收入的11%和40%。本集团向其五大

供应商所进行的采购低于总采购额的30%。

于本年度内任何时间，本公司董事、其紧密联系人

或任何成员（据董事会所知悉拥有本公司已发行股

份数目5%以上）均没有拥有这些主要客户的任何权

益。

银行贷款及其他借款

本集团于二零二五年三月三十一日的银行贷款及其

他借款，详情载于财务报表附注20至21。

退休计划

本集团的退休计划详情载于财务报表附注24。

慈善捐款

本集团于本年度内的慈善捐款为港币605,000元（二

零二四年：港币431,000元）。

本公司及其附属公司购回、出售或

赎回其上市证券

本年度内，本公司或其任何附属公司并无购回、出

售或赎回本公司之上市证券（包括出售库存股份）。

足够公众持股量

基于公开予本公司查阅之资料及据本公司董事会所

知悉，截至本年报日期为止，本公司一直维持上市

规则订明之公众持股量。

Major Customers and Supliers

During the year, the Group’s revenue atributable to the largest customer and

to the five largest customers acounted for 11% and 40% of the Group’s total

revenue respectively. The five largest supliers of the Group acounted for les

than 30% by value of the Group’s total purchases.

At no time during the year have the directors, their close asociates or any

member of the Company (which to the knowledge of the Directors owns more

than 5% of the number of isued shares of the Company) had any interest in

these major customers.

Bank Loan and Other Borowings

Particulars of bank loan and other borowings of the Group as at 31 March

2025 are set out in notes 20 to 21 to the financial statements.

Retirement Schemes

Particulars of the retirement schemes are set out in note 24 to the financial

statements.

Charitable Donations

Charitable donations made by the Group during the year amounted to

HK$605,000 (2024: HK$431,000).

Purchase, Sale or Redemption by the Company

and its Subsidiaries of its Listed Securities

There were no purchases, sales or redemptions of the Company’s listed

securities (including sale of treasury shares) by the Company or any of its

subsidiaries during the year.

Suficiency of Public Float

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

the knowledge of the Directors of the Company as at the date of this anual

report, the Company has maintained the prescribed public float under the

Listing Rules.

Directors’ Report 董事会报告

Asociated International Hotels Limited 凯联国际酒店有限公司84

五年财务概要

本集团于过去五个财政年度的业绩及资产与负债概

要载于本年报第155至156页。

核数师

毕马威会计师事务所即将告退，惟愿膺选连任。由

毕马威会计师事务所连任本公司核数师的决议，将

于即将召开的股东周年大会上提出。

承董事会命

主席

钟琼林

香港，二零二五年六月二十七日

Five Year Financial Sumary

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

last five financial years is set out on pages 155 to 156 of the anual report.

Auditor

KPMG retire and, being eligible, ofer themselves for re-apointment. A

resolution for the re-apointment of KPMG as auditor of the Company is to be

proposed at the forthcoming anual general meting.

By order of the Board

Cheong Kheng Lim

Chairman

Hong Kong, 27 June 2025

Biographical Details of Directors and Senior Management

董事与高层管理人员个人简历

Anual Report 2024-2025 年报85

执行董事

钟琼林（亦称钟琼林）先生，76岁，分别于一九八四

年及一九六九年开始出任本公司和天德地产有限公

司董事，他是本公司及天德地产有限公司行政总

裁、董事会主席及提名委员会主席。他同时亦为天

德有限公司和本集团多间附属公司董事。

钟琼林先生是钟炯辉先生及钟燊南先生的哥，并

为钟聪玲女士及钟仲涵先生的父亲，彼等均为本公

司和天德地产有限公司董事。

钟炯辉（亦称钟烱辉）先生，72岁，分别于一九八四

年和一九八三年开始出任本公司和天德地产有限公

司董事，他是本公司策划经理，同时亦为天德有限

公司和本集团多间附属公司董事。钟先生持有夏威

夷大学工商管理学士学位。

钟炯辉先生是董事钟琼林先生及董事钟燊南先生的

兄弟。

钟燊南先生，66岁，分别于一九八四年和一九八三

年开始出任本公司和天德地产有限公司董事，他是

本公司投资经理，同时亦为天德有限公司和本集

团多间附属公司董事。钟先生获取夏威夷Kapiolani

Comunity Colege会计及商业证书，并拥有超过

四十五年的工作经验。

钟燊南先生是董事钟琼林先生及董事钟炯辉先生的

弟。

钟聪玲女士，54岁，于一九七年加入本公司，并

担任董事助理。钟女士于二零七年开始出任本公

司及天德地产有限公司董事。她获委任为本公司和

天德地产有限公司提名委员会成员，并于二零二五

年六月三十日起生效。钟女士是本公司行政经理并

持有美国康乃尔大学酒店行政理学士学位。

钟聪玲女士是钟琼林先生的女儿，并为钟仲涵先生

的姊，彼等均为本公司和天德地产有限公司董

事。

Executive Directors

Mr Cheong Kheng Lim, aged 76, has ben a director of the Company

and Tian Teck Land Limited since 1984 and 1969 respectively. He is the

Chief Executive Oficer, the Chairman of the Board and the chairman of the

nomination comite of the Company and Tian Teck Land Limited. Mr

Cheong is also a director of Tian Teck Investment Holding Co., Limited and

various subsidiaries of the Group.

He is the brother of Mesrs Cheong Keng Hoi and Cheong Sim Lam, and

also the father of Ms Cheong Chong Ling and Mr Cheong Tiong Ham, who are

directors of the Company and Tian Teck Land Limited.

Mr Cheong Keng Hoi, aged 72, has ben a director of the Company and

Tian Teck Land Limited since 1984 and 1983 respectively. He is the Chief

Project Oficer of the Company. He is also a director of Tian Teck Investment

Holding Co., Limited and various subsidiaries of the Group. Mr Cheong holds a

degre of Bachelor of Busines Administration from the University of Hawai.

He is the brother of directors, Mesrs Cheong Kheng Lim and Cheong Sim

Lam.

Mr Cheong Sim Lam, aged 66, has ben a director of the Company and

Tian Teck Land Limited since 1984 and 1983 respectively. He is the Chief

Investment Oficer of the Company. He is also a director of Tian Teck

Investment Holding Co., Limited and various subsidiaries of the Group. He

obtained a certificate in Acounting and General Busines from Kapiolani

Comunity Colege, Hawai and has over 45 years of working experience.

He is the brother of directors, Mesrs Cheong Kheng Lim and Cheong Keng

Hoi.

Ms Cheong Chong Ling (also known as Cheong Chong Ling Diamond),

aged 54, joined the Company as an asistant to directors in 1997. She has

ben a director of the Company and Tian Teck Land Limited since 2007

and has ben apointed as a member of the nomination comite of the

Company and Tian Teck Land Limited with efect from 30 June 2025. Ms

Cheong is the Chief Administration Oficer of the Company and holds a degre

of Bachelor of Science from the Schol of Hotel Administration at Cornel

University.

She is the daughter of Mr Cheong Kheng Lim and the sister of Mr Cheong

Tiong Ham, who are directors of the Company and Tian Teck Land Limited.

Biographical Details of Directors and Senior Management 董事与高层管理人员个人简历

Asociated International Hotels Limited 凯联国际酒店有限公司86

执行董事（续）

钟仲涵先生，51岁，于二零三年加入本公司，并

出任租务部经理，自二零九年始晋升为租务及市

场推广部主管。钟先生于二零二三年获委任为本公

司和天德地产有限公司董事及为本公司营运经理。

钟先生持有美国波士顿大学工商管理学士学位及

澳洲墨尔本大学应用金融硕士学位。

钟仲涵先生是钟琼林先生的儿子，并为钟聪玲女士

的弟，彼等均为本公司和天德地产有限公司董

事。

钟振风先生，55岁，于二零二四年开始出任本公

司董事及工程经理。钟先生持有美国University of

Washington电机工程学（荣誉）理学士学位及新加坡

国立大学工商管理深造文凭，并在建筑幕墙系统及

物业发展方面具丰富经验。

独立非执行董事

周云海先生，69岁，于二零四年开始出任本公

司和天德地产有限公司独立非执行董事，现时亦出

任本公司和天德地产有限公司审核委员会主席、薪

酬委员会主席并为提名委员会成员。周先生在会计

和财经方面具资深经验，并自一九八三年成为英国

特许会计师公会员，现时也是香港会计师公会

员。

黄耀德先生，78岁，于二零一七年开始出任本公司

和天德地产有限公司独立非执行董事，现时亦是本

公司和天德地产有限公司审核委员会、薪酬委员会

和提名委员会成员。黄先生持有香港大学（荣誉）理

学士学位及北京大学法律硕士学位。他现为香港执

业律师，并于黄萃群律师行担任顾问。

Executive Directors (Continued)

Mr Cheong Tiong Ham (also known as Benz Cheong Tiong Ham), aged

51, joined the Company as leasing manager in 2003 and has ben the Head

of Leasing and Marketing Department of the Company since 2009. He has

ben a director of the Company and Tian Teck Land Limited, and the Chief

Operation Oficer of the Company since 2023. Mr Cheong holds a degre of

Bachelor of Science in Busines Administration from Boston University in the

United States and a degre of Master of Aplied Finance from the University of

Melbourne in Australia.

He is the son of Mr Cheong Kheng Lim and the brother of Ms Cheong Chong

Ling, who are directors of the Company and Tian Teck Land Limited.

Mr Cheong Chin Hong Rodney, aged 55, has ben a director and the Chief

Enginering Oficer of the Company since 2024. Mr Cheong holds a degre

of Bachelor of Science (Hons) in Electrical Enginering from University of

Washington in the United States and a Postgraduate Diploma in Busines

Administration from National University of Singapore. He has extensive

experience in property development as wel as building facade systems.

Independent Non-executive Directors

Mr Chow Wan Hoi, Paul, aged 69, has ben an independent non-executive

director of the Company and Tian Teck Land Limited since 2004. He curently

also serves on the audit comite (as chairman), remuneration comite (as

chairman) and nomination comite (as member) of the Company and Tian

Teck Land Limited. Mr Chow has significant experience in acounting and

finance and has ben an Asociate of the Institute of Chartered Acountants in

England and Wales since 1983 and is a member of the Hong Kong Institute of

Certified Public Acountants.

Mr Wong Yiu Tak, aged 78, has ben an independent non-executive director

of the Company and Tian Teck Land Limited since 2017. He curently also

serves on the audit comite, remuneration comite and nomination

comite of the Company and Tian Teck Land Limited. Mr Wong holds a

degre of Bachelor of Science (Honours) from The University of Hong Kong

and a Master of Law from Peking University. He is now a serving solicitor in

Hong Kong and a consultant to Mesrs S.K. Wong & Co., Solicitors & Notaries.

Biographical Details of Directors and Senior Management 董事与高层管理人员个人简历

Anual Report 2024-2025 年报87

独立非执行董事（续）

李松先生，51岁，于二零四年开始出任本公司

独立非执行董事，现时亦为本公司审核委员会、

薪酬委员会和提名委员会成员。李先生持有美国

Colorado Schol of Mines电机工程学士学位和英国

华威大学企业管理硕士，并于美国、以色列和中国

的风险资本和物业投资方面具丰富的经验。

高层管理人员

陈美仪女士，会计师，48岁，本公司的会计经理。

她持有香港城市大学工商管理荣誉学士学位及文学

硕士学位。她于会计及审计方面拥有近二十五年的

经验。于二零四年加入本公司前，她曾于一间四

大会计师事务所工作。

陈素心女士，74岁，于一九八七年加入本公司，并

自一九零年起出任财务总监。在加入本公司前，

陈女士担任本公司最终控股公司的会计主任。她于

会计及财务管理方面拥有超过四十五年的经验。

吴秀芳女士，ACG，HKACG，55岁，持有香港大学文

学士学位。吴女士于一九二年加入本公司，并担

任董事助理一职，自二零四年始出任本公司和天

德地产有限公司公司秘书。

Independent Non-executive Directors (Continued)

Mr Le Chung, aged 51, has ben an independent non-executive director of

the Company since 2004. He curently also serves on the audit comite,

remuneration comite and nomination comite of the Company. Mr Le

holds a degre of Bachelor of Science in Enginering from Colorado Schol of

Mines in the United States and an MBA degre from the University of Warwick

in the United Kingdom. He has extensive experience in venture capital and

property investment in the United States, Israel and PRC.

Senior Management

Ms Chan Mei Ye, CPA, aged 48, is the acounting manager of the Company.

She holds an honours degre of Bachelor of Busines Administration and a

degre of Master of Arts from City University of Hong Kong. She has nearly 25

years of experience in acounting and auditing. Prior to joining the Company in

2004, she worked for one of the big four acounting firms.

Ms Susan Chan So Some, aged 74, joined the Company in 1987 and has

ben the financial controler since 1990. Prior to joining the Company, Ms Chan

was a chief acountant of the Company’s ultimate holding company. She has

over 45 years of experience in acounting and financial management.

Ms Ng Sau Fong, ACG, HKACG, aged 55, holds a degre of Bachelor of Arts

from The University of Hong Kong. Ms Ng joined the Company in 1992 as

asistant to directors and has ben the company secretary of the Company

and Tian Teck Land Limited since 2004.

Independent Auditor’s Report

独立核数师报告

Asociated International Hotels Limited 凯联国际酒店有限公司88

Independent Auditor’s Report to the Members of

Asociated International Hotels Limited

(Incorporated in Hong Kong with limited liability)

Opinion

We have audited the consolidated financial statements of Asociated

International Hotels Limited (“the Company”) and its subsidiaries (“the Group”)

set out on pages 95 to 154, which comprise the consolidated statement of

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

los and other comprehensive income, the consolidated statement of changes

in equity and the consolidated statement of cash flows for the year then

ended and notes, comprising material acounting policy information and other

explanatory information.

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

the consolidated financial position of the Group as at 31 March 2025 and of its

consolidated financial performance and its consolidated cash flows for the year

then ended in acordance with HKFRS Acounting Standards as isued by the

Hong Kong Institute of Certified Public Acountants (“HKICPA”) and have ben

properly prepared in compliance with the Hong Kong Companies Ordinance.

Basis for Opinion

We conducted our audit in acordance with Hong Kong Standards on Auditing

(“HKSAs”) isued by the HKICPA. Our responsibilities under those standards

are further described in the Auditor’s responsibilities for the audit of the

consolidated financial statements section of our report. We are independent

of the Group in acordance with the HKICPA’s Code of Ethics for Profesional

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

in acordance with the Code. We believe that the audit evidence we have

obtained is suficient and apropriate to provide a basis for our opinion.

独立核数师报告

致凯联国际酒店有限公司成员

（于香港注册成立的有限公司）

意见

本核数师（以下简称「我们」）已审核列载于第95至

154页凯联国际酒店有限公司（「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及其他全面收入表、

综合权益变动表和综合现金流量表，以及附注，包

括重大会计政策资料及其他说明资料。

我们认为，该等综合财务报表已根据香港会计师公

会颁布的《香港财务报告准则会计准则》真实而中肯

地反映了贵集团于二零二五年三月三十一日的综合

财务状况及截至该日止年度的综合财务表现及综合

现金流量，并已遵照香港《公司条例》妥为编制。

意见的基础

我们已根据香港会计师公会颁布的《香港审计准则》

进行审核。我们在该等准则下承担的责任已在本报

告「核数师就审核综合财务报表承担的责任」部分中

作进一步阐述。根据香港会计师公会颁布的《专业

会计师道德守则》（「守则」），我们独立于贵集团，

并已履行守则中的其他专业道德责任。我们相信，

我们所获得的审核凭证能充足及适当地为我们的审

核意见提供基础。

Anual Report 2024-2025 年报89

Independent Auditor’s Report 独立核数师报告

关键审核事项

关键审核事项是根据我们的专业判断，认为对本期

综合财务报表的审核最为重要的事项。这些事项是

在我们审核整体综合财务报表及出具意见时进行处

理的。我们不会对这些事项提供单独的意见。

Key Audit Maters

Key audit maters are those maters that, in our profesional judgement, were

of most significance in our audit of the consolidated financial statements of the

curent period. These maters were adresed in the context of our audit of

the consolidated financial statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on these maters.

Valuation of investment properties

投资物业的估值

Refer to note 12 to the consolidated financial statements and the acounting policy in note 1(d).

参阅综合财务报表附注12及会计政策附注1(d)。

The key audit materHow the mater was adresed in our audit

关键审核事项我们的审核如何处理该事项

The Group holds a portfolio of investment properties located in

Hong Kong. The principal component of the Group’s investment

properties is iSQUARE, a shoping and entertainment complex

located in Tsim Sha Tsui, Hong Kong.

贵集团于香港持有数个投资物业。这些投资物业的主要组成

部分为国际广场。国际广场位处香港尖沙咀，是一个综合娱

乐及购物中心。

Management’s asesment of the fair value of investment

properties is based on valuations performed by an external

property valuer in acordance with recognised industry

standards. Such valuation required significant judgement and

estimation, particularly in relation to selecting the apropriate

valuation methodology, capitalisation rates and market rents.

管理层根据外聘物业估值师按照认可的业内标准所进行的估

值，评估投资物业的公允价值。该等估值需要重大的判断及

估计，特别是在选择适当的估值方法、资本化比率及市场租

金方面。

One of the key drivers of the valuation of investment properties

is rental income which can be volatile, particularly in light of the

curent economic status of the retail industry in Hong Kong.

投资物业估值的其中一项关键驱动因素是存在波动的租金收

入，特别是鉴于当前香港零售业的经济状况。

Our audit procedures to ases the valuation of investment

properties included the folowing:

我们就评估投资物业估值的审核程序包括以下程序：

, capabilities and objectivity of

the external property valuer;

评估外聘物业估值师的能力、才能及客观性；

• obtaining and inspecting the valuation reports prepared

by the external property valuer engaged by the Group on

which the management’s asesment of the fair value of

investment properties was based;

取得并检查由贵集团委托的外聘估值师为管理层评估

投资物业的公允价值而编制的估值报告；

• discusing with the external property valuer the valuation

methodology and key estimates and asumptions adopted

in the valuations;

与外聘估值师讨论其估值方法及估值中所采用的主要

估计及假设；

Asociated International Hotels Limited 凯联国际酒店有限公司90

Independent Auditor’s Report 独立核数师报告

Valuation of investment properties

投资物业的估值

Refer to note 12 to the consolidated financial statements and the acounting policy in note 1(d).

参阅综合财务报表附注12及会计政策附注1(d)。

The key audit materHow the mater was adresed in our audit

关键审核事项我们的审核如何处理该事项

We identified valuation of the Group’s investment properties as a

key audit mater because the valuation of investment properties

is inherently subjective and requires significant judgement

and estimation which increases the risk of eror or potential

management bias.

我们把贵集团的投资物业估值列为关键审核事项，因为投资

物业估值存在固有主观成份，并且需要重大的判断和估计，

从而增加了出错或管理层潜在偏见的风险。

• with the asistance of our internal property valuation

specialists, on a sample basis, evaluating the

apropriatenes of valuation methodology aplied by the

external property valuer with reference to the prevailing

acounting standards and chalenging the reasonablenes

of the adopted capitalisation rates and prevailing market

rents, by comparing the key estimates and asumptions

used by the external property valuer in the valuation of

each investment property with available market data and/or

government produced market statistics; and

在我们的内部物业估值人员的协助下，以抽样方式，

经参考现行的会计准则以评估外聘物业估值师所采用

的估值方法之恰当性和透过比较外聘物业估值师在各

投资物业估值中采用的主要估计及假设与可用的市场

数据及╱或由政府编制的市场统计数据，对所采用的

资本化比率和现行的市场租金之合理性提出质疑；及

, on a sample basis, the tenancy information,

including comited rents and ocupancy rates, provided

by the Group to the external property valuer with

underlying contracts and documentation.

以抽样方式，比较租赁信息，包括由贵集团向外聘物

业估值师提供的承诺租金及出租率，以及相关合约及

文件记录。

Key Audit Maters (Continued)关键审核事项（续）

Anual Report 2024-2025 年报91

Independent Auditor’s Report 独立核数师报告

综合财务报表及其核数师报告以外

的信息

董事须对其他信息负责。其他信息包括刊载于年报

内的全部信息，但不包括综合财务报表及我们的核

数师报告。

我们对综合财务报表的意见并不涵盖其他信息，我

们亦不对该等其他信息发表任何形式的保证结论。

就有关我们的综合财务报表审核，我们的责任是阅

读其他信息，在此过程中，考虑其他信息是否与综

合财务报表或我们在审核过程中所知悉存在重大抵

触或者似乎存在重大错误陈述的情况。

基于我们已执行的工作，如果我们认为其他信息存

在重大错误陈述，我们须要报告该事实。在这方

面，我们没有任何报告。

董事就综合财务报表承担的责任

贵公司的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》编

制真实而中肯的综合财务报表，并对其为使综合财

务报表的编制不存在因欺诈或错误而导致的重大错

误陈述所认为必需的内部监控负责。

在编制综合财务报表时，董事须负责评估贵集团持

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

董事有意将贵集团清盘或终止经营，或别无其他实

际的替代方案。

审核委员会协助董事履行监督贵集团的财务报告过

程的责任。

Information Other Than the Consolidated

Financial Statements and Auditor’s Report

Thereon

The directors are responsible for the other information. The other information

comprises al 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 as isued by the HKICPA and the Hong Kong Companies Ordinance

and for such internal control as the directors determine is necesary to enable

the preparation of consolidated financial statements that are fre from material

mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors are responsible

for asesing the Group’s ability to continue as a going concern, disclosing, as

aplicable, maters related to going concern and using the going concern basis

of acounting unles the directors either intend to liquidate the Group or to

cease operations, or have no realistic alternative but to do so.

The directors are asisted by the audit comite in discharging their

responsibilities for overseing the Group’s financial reporting proces.

Asociated International Hotels Limited 凯联国际酒店有限公司92

Independent Auditor’s Report 独立核数师报告

核数师就审核综合财务报表承担的

责任

我们的目标，是对综合财务报表整体是否不存在因

欺诈或错误而导致的重大错误陈述取得合理保证，

并出具包括我们意见的核数师报告。我们是按照

香港《公司条例》第405条的规定，仅向整体成员报

告。除此以外，我们的报告不可用作其他用途。我

们概不就本报告的内容，对任何其他人士负责或承

担法律责任。

合理保证是高水平的保证，但不能保证按照《香港

审计准则》进行的审核，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

果合理预期它们个别或汇总起来可能影响综合财务

报表使用者依赖财务报表所作出的经济决定，则有

关的错误陈述可被视为重大。

在根据《香港审计准则》进行审核的过程中，我们运

用专业的判断和保持专业的怀疑态度。我们亦：

• 识别和评估因欺诈或错误而导致综合财务报

表存在重大错误陈述的风险，设计及执行审

核程序以应对这些风险，以及获取充足和适

当的审核凭证，作为我们意见的基础。由于

欺诈可能涉及串谋、伪造、蓄意遗漏、虚假

陈述，或凌驾于内部监控之上，因此未能发

现因欺诈而导致的重大错误陈述的风险高于

未能发现因错误而导致的重大错误陈述的风

险。

，以设计在各种

情况下适当的审核程序，但目的并非对贵集

团内部监控的效能发表意见。

• 评价董事所采用会计政策的恰当性及所作出

会计估计和相关披露的合理性。

Auditor’s Responsibilities for the Audit of the

Consolidated Financial Statements

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

mistatement, whether due to fraud or eror, and to isue an auditor’s report

that includes our opinion. This report is made solely to you, as a body, in

acordance with section 405 of the Hong Kong Companies Ordinance, and for

no other purpose. We do not asume responsibility towards or acept liability

to any other person for the contents of this report.

Reasonable asurance is a high level of asurance, but is not a guarante that

an audit conducted in acordance with HKSAs wil always detect a material

mistatement when it exists. Mistatements can arise from fraud or eror

and are considered material if, individualy or in the agregate, they could

reasonably be expected to influence the economic decisions of users taken on

the basis of these consolidated financial statements.

As part of an audit in acordance with HKSAs, we exercise profesional

judgement and maintain profesional scepticism throughout the audit. We also:

• Identify and ases the risks of material mistatement of the consolidated

financial statements, whether due to fraud or eror, design and perform

audit procedures responsive to those risks, and obtain audit evidence

that is suficient and apropriate to provide a basis for our opinion. The

risk of not detecting a material mistatement resulting from fraud is

higher than for one resulting from eror, as fraud may involve colusion,

forgery, intentional omisions, misrepresentations, or the overide of

internal control.

• Obtain an understanding of internal control relevant to the audit in order

to design audit procedures that are apropriate in the circumstances,

but not for the purpose of expresing an opinion on the efectivenes of

the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures made

by the directors.

Anual Report 2024-2025 年报93

Independent Auditor’s Report 独立核数师报告

核数师就审核综合财务报表承担的

责任（续）

• 对董事采用持续经营会计基础的恰当性作出

结论。根据所获取的审核凭证，确定是否存

在与事件或情况有关的重大不确定性，从而

可能导致对贵集团的持续经营能力产生重大

疑虑。如果我们认为存在重大不确定性，我

们须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，我们须发表非无保留意见。我们的结论

是基于核数师报告日止所取得的审核凭证。

然而，未来事件或情况可能导致贵集团终止

持续经营。

、结构和

内容，包括披露，以及综合财务报表是否中

肯地反映相关交易和事件。

，以获取有关贵集团

内实体或业务单位财务资料的充足、适当的

审核凭证，以此作为对贵集团财务报表出具

意见的基础。我们负责指导、监督和覆核就

贵集团审核目的而执行的审核工作。我们为

审核意见承担全部责任。

除其他事项外，我们与审核委员会沟通计划的审核

范围、时间安排、重大审核发现等，包括我们在审

核中识别出内部监控的任何重大缺陷。

我们还向审核委员会提交声明，说明我们已遵守有

关独立性的相关专业道德要求，并与他们沟通有可

能合理地被认为会影响我们独立性的所有关系和其

他事项，以及在适用的情况下，为消除对独立性的

威胁所采取的行动或防范措施。

Auditor’s Responsibilities for the Audit of the

Consolidated Financial Statements (Continued)

’ use of the going

concern basis of acounting and, based on the audit evidence

obtained, whether a material uncertainty exists related to events or

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

continue as a going concern. If we conclude that a material uncertainty

exists, we are required to draw atention in our auditor’s report to the

related disclosures in the consolidated financial statements or, if such

disclosures are inadequate, to modify our opinion. Our conclusions are

based on the audit evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause the Group to

cease to continue as a going concern.

, structure and content of the

consolidated financial statements, including the disclosures, and

whether the consolidated financial statements represent the underlying

transactions and events in a maner that achieves fair presentation.

• Plan and perform the Group audit to obtain suficient apropriate audit

evidence regarding the financial information of the entities or busines

units within the Group as a basis for forming an opinion on the Group

financial statements. We are responsible for the direction, supervision

and review of the audit work performed for purposes of the Group audit.

We remain solely responsible for our audit opinion.

We comunicate with the audit comite regarding, among other maters,

the planed scope and timing of the audit and significant audit findings,

including any significant deficiencies in internal control that we identify during

our audit.

We also provide the audit comite with a statement that we have complied

with relevant ethical requirements regarding independence and 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.

Asociated International Hotels Limited 凯联国际酒店有限公司94

Independent Auditor’s Report 独立核数师报告

核数师就审核综合财务报表承担的

责任（续）

从与审核委员会沟通的事项中，我们确定哪些事项

对本期综合财务报表的审核最为重要，因而构成关

键审核事项。我们在核数师报告中描述这些事项，

但法律或法规不允许公开披露这些事项则除外，或

在极端罕见的情况下，如果合理预期在我们报告中

沟通某事项造成的负面后果超过产生的公众利益，

我们决定不应在报告中传达该事项。

本独立核数师报告的审计项目合伙人是林量伟（执

业证书号码：P07793）。

毕马威会计师事务所

执业会计师

香港中环

遮打道10号

太子大厦8楼

二零二五年六月二十七日

Auditor’s Responsibilities for the Audit of the

Consolidated Financial Statements (Continued)

From the maters comunicated with the audit comite, we determine

those maters that were of most significance in the audit of the consolidated

financial statements of the curent period and are therefore the key audit

maters. We describe these maters in our auditor’s report unles law or

regulation precludes public disclosure about the mater or when, in extremely

rare circumstances, we determine that a mater should not be comunicated

in our report because the adverse consequences of doing so would reasonably

be expected to outweigh the public interest benefits of such comunication.

The engagement partner on the audit resulting in this independent auditor’s

report is Lam Leong Wai (practising certificate number: P07793).

KPMG

Certified Public Acountants

8th Flor, Prince’s Building

10 Chater Road

Central, Hong Kong

27 June 2025

Revenue	收入	3	299,008	292,143
Cost of services	服务成本		(94,478)	(94,299)
Gross profit	毛利		204,530	197,844
Other revenue	其他收入	5	20,515	23,772
Other net loss	其他亏损净额	5	(1)	(2)
Administrative expenses	行政费用		(39,761)	(38,946)
Profit from operations before valuation changes in investment properties	投资物业估值变动前的经营溢利		185,283	182,668
Valuation (losses)/gains on investment properties	投资物业估值（亏损）╱盈利	12(a)	(708,911)	230,783
(Loss)/profit from operations after valuation changes in investment properties	投资物业估值变动后的经营（亏损）╱溢利		(523,628)	413,451
Finance costs	融资成本	6(a)	(11,239)	(11,532)
(Loss)/profit before taxation	除税前（亏损）╱溢利	6	(534,867)	401,919
Income tax	所得税	9(a)	(25,764)	(25,160)
(Loss)/profit and total comprehensive income for the year attributable to equity shareholders of the Company	公司权益股东应占本年度（亏损）╱溢利及全面收入总额		(560,631)	376,759
(Loss)/earnings per share — basic and diluted	每股（亏损）╱盈利 — 基本及摊薄	11	$(1.56)	$1.05

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收入表

Anual Report 2024-2025 年报95

For the year ended 31 March 2025 (Expresed in Hong Kong dolars) 截至二零二五年三月三十一日止年度（以港币列示）

Note$’000$’000

附注千元千元

第101至154页的附注属本财务报表的一部分。应付

公司权益股东股息的详情列载于附注10。

The notes on pages 101 to 154 form part of these financial statements. Details of

dividends payable to equity shareholders of the Company are set out in note 10.

Non-current assets	非流动资产
Fixed assets	固定资产	12(a)
— Investment properties	— 投资物业		6,933,340	7,639,700
— Other properties, plant and equipment	— 其他物业、厂房及设备		44,462	48,521
— Other properties, plant and equipment			6,977,802	7,688,221
Current assets	流动资产
Accounts receivable, deposits and prepayments	应收账款、订金及预付款	14	119,561	113,786
Pledged bank deposits	已抵押银行存款	15	5,675	9,302
Cash and cash equivalents	现金及现金等价物	16(a)	510,838	506,522
Cash and cash equivalents	现金及现金等价物	16(a)	636,074	629,610
Current liabilities	流动负债
Other payables and accruals	其他应付款及应计费用	17	18,665	23,858
Deposits received	已收订金	18	108,465	110,553
Provision for long service payments	长期服务金准备	19	2,906	2,556
Current tax payable	本期应付所得税	9(c)	4,773	1,747
Current tax payable	本期应付所得税	9(c)	134,809	138,714
Net current assets	流动资产净值		501,265	490,896
Total assets less current liabilities	资产总值减流动负债		7,479,067	8,179,117
Non-current liabilities	非流动负债
Bank loan — secured	银行贷款 — 有抵押	20	200,000	200,000
Government lease premiums payable	应付政府地价	21	1,319	1,408
Deferred tax liabilities	递延税项负债	9(d)	129,674	121,404
Deferred tax liabilities	递延税项负债	9(d)	330,993	322,812
NET ASSETS	资产净值		7,148,074	7,856,305

Consolidated Statement of Financial Position

综合财务状况表

Asociated International Hotels Limited 凯联国际酒店有限公司96

At 31 March 2025 (Expresed in Hong Kong dolars) 于二零二五年三月三十一日（以港币列示）

Note$’000$’000

附注千元千元

CAPITAL AND RESERVES	资本及储备	22
Share capital	股本	22(b)	360,000	360,000
Reserves	储备		6,788,074	7,496,305
TOTAL EQUITY	权益总额		7,148,074	7,856,305

Anual Report 2024-2025 年报97

Consolidated Statement of Financial Position 综合财务状况表

At 31 March 2025 (Expresed in Hong Kong dolars) 于二零二五年三月三十一日（以港币列示）

Note$’000$’000

附注千元千元

Aproved and authorised for isue by the Board of Directors on 27 June 2025.

Cheong Kheng LimCheong Chong Ling

DirectorDirector

The notes on pages 101 to 154 form part of these financial statements.

董事会于二零二五年六月二十七日核准并许可发出。

董事董事

钟琼林钟聪玲

第101至154页的附注属本财务报表的一部分。

Balance at 1 April 2023	于2023年4月1日的结余		360,000	1,778,150	5,481,796	7,619,946
Changes in equity for the year:	本年度权益变动：
Profit and total comprehensive income for the year	本年度溢利及全面收入总额		—	—	376,759	376,759
Dividends approved in respect of the previous financial year	属于上一财政年度批准的股息	10(b)	—	—	(82,800)	(82,800)
Dividends declared in respect of the current financial year	属于本财政年度宣派的股息	10(a)	—	—	(57,600)	(57,600)
Balance at 31 March 2024 and 1 April 2024	于2024年3月31日及 2024年4月1日的结余		360,000	1,778,150	5,718,155	7,856,305
Changes in equity for the year:	本年度权益变动：
Loss and total comprehensive income for the year	本年度亏损及全面收入总额		—	—	(560,631)	(560,631)
Dividends approved in respect of the previous financial year	属于上一财政年度批准的股息	10(b)	—	—	(90,000)	(90,000)
Dividends declared in respect of the current financial year	属于本财政年度宣派的股息	10(a)	—	—	(57,600)	(57,600)
Balance at 31 March 2025	于2025年3月31日的结余		360,000	1,778,150	5,009,924	7,148,074

Consolidated Statement of Changes in Equity

综合权益变动表

Asociated International Hotels Limited 凯联国际酒店有限公司98

For the year ended 31 March 2025 (Expresed in Hong Kong dolars) 截至二零二五年三月三十一日止年度（以港币列示）

Atributable to equity shareholders of the Company

公司权益股东应占

capital

Revaluation

reserve

Retained

earnings

Total

equity

股本重估储备保留溢利权益总额

Note$’000$’000$’000$’000

附注千元千元千元千元

The notes on pages 101 to 154 form part of these financial statements.第101至154页的附注属本财务报表的一部分。

Operating activities	经营活动
(Loss)/profit before taxation	除税前（亏损）╱溢利	(534,867)	401,919
Adjustments for:	调整项目：
— Interest income	— 利息收入	(18,837)	(21,995)
— Finance costs	— 融资成本	11,239	11,532
— Depreciation	— 折旧	4,323	4,539
— Va luation losses/(gains) on investment properties	— 投资物业估值亏损╱（盈利）	708,911	(230,783)
— Net loss on disposals of fixed assets	— 处置固定资产亏损净额	1	2
Operating profit before changes in working capital	营运资金变动前经营溢利	170,770	165,214
(Increase)/decrease in accounts receivable, deposits and prepayments	应收账款、订金及预付款（增加）╱减少	(6,225)	31,433
(Decrease)/increase in other payables and accruals	其他应付款及应计费用（减少）╱增加	(5,095)	654
(Decrease)/increase in deposits received	已收订金（减少）╱增加	(2,088)	5,084
Increase in provision for long service payments	长期服务金准备增加	350	1,104
Cash generated from operations	经营业务所得的现金	157,712	203,489
Tax paid	已付税项
— Hong Kong Profits Tax paid	— 已付香港利得税	(14,468)	(19,798)
Net cash generated from operating activities	经营活动所得的现金净额	143,244	183,691

Consolidated Statement of Cash Flows

综合现金流量表

Anual Report 2024-2025 年报99

For the year ended 31 March 2025 (Expresed in Hong Kong dolars) 截至二零二五年三月三十一日止年度（以港币列示）

Note$’000$’000

附注千元千元

Investing activities	投资活动
Interest received	已收利息		19,287	21,315
Payment for purchase of fixed assets other than investment properties	购入固定资产付款（不包括投资物业）		(265)	(818)
Payment for expenditure on investment properties	投资物业支出付款		(2,551)	(917)
Decrease in pledged bank deposits	已抵押银行存款减少		3,627	2,973
Net cash generated from investing activities	投资活动所得的现金净额		20,098	22,553
Financing activities	融资活动
Payment for government lease premiums payable	支付政府地价	16(b)	(84)	(80)
Interest paid on government lease premiums payable	已付政府地价利息	16(b)	(75)	(79)
Interest paid on bank loan	已付银行贷款利息	16(b)	(10,505)	(11,337)
Other borrowing costs paid	已付其他借款成本	16(b)	(762)	(249)
Dividends paid	已支付股息		(147,600)	(140,400)
Net cash used in financing activities	融资活动所用的现金净额		(159,026)	(152,145)
Net increase in cash and cash equivalents	现金及现金等价物增加净额		4,316	54,099
Cash and cash equivalents at 1 April 2024/2023	于2024/2023年4月1日的现金及现金等价物		506,522	452,423
Cash and cash equivalents at 31 March	于3月31日的现金及现金等价物	16(a)	510,838	506,522

Asociated International Hotels Limited 凯联国际酒店有限公司100

Consolidated Statement of Cash Flows 综合现金流量表

For the year ended 31 March 2025 (Expresed in Hong Kong dolars) 截至二零二五年三月三十一日止年度（以港币列示）

Note$’000$’000

附注千元千元

The notes on pages 101 to 154 form part of these financial statements.第101至154页的附注属本财务报表的一部分。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars) （以港币列示）

Anual Report 2024-2025 年报101

1 Material Acounting Policies

(a) Statement of compliance

These financial statements have ben prepared in acordance

with HKFRS Acounting Standards, which colective term includes

al aplicable individual Hong Kong Financial Reporting Standards

(“HKFRSs”), Hong Kong Acounting Standards (“HKASs”) and

Interpretations isued by the Hong Kong Institute of Certified

Public Acountants (“HKICPA”) and the requirements of the Hong

Kong Companies Ordinance. These financial statements also

comply with the aplicable disclosure provisions of the Rules

Governing the Listing of Securities on The Stock Exchange of

Hong Kong Limited. Material acounting policies adopted by the

Group are disclosed below.

The HKICPA has isued certain amendments to HKFRS

Acounting Standards that are first efective or available for early

adoption for the curent acounting period of the Group. Note

2 provides 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 and prior

acounting periods reflected in these financial statements.

(b) Basis of preparation of the financial statements

The consolidated financial statements for the year ended 31

March 2025 comprise the Company and its subsidiaries (together

refered to as the “Group”).

The measurement basis used in the preparation of the financial

statements is the historical cost basis except that the investment

properties are stated at their fair value as explained in the

acounting policies set out in note 1(d).

The preparation of 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, 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.

1 重大会计政策

(a) 合规声明

本财务报表是按照《香港财务报告准则

会计准则》（此统称包括香港会计师公会

颁布的所有适用的个别《香港财务报告

准则》、《香港会计准则》和诠释）和香港

《公司条例》的规定编制。本财务报表同

时符合适用的《香港联合交易所有限公

司证券上市规则》披露条文。以下是本

集团采用的重大会计政策。

香港会计师公会颁布了若干《香港财务

报告准则会计准则》的修订，该等准则

在本集团当前的会计期间首次生效或可

供提早采用。附注2提供有关初始应用

这些与本集团相关并已反映于本财务报

表内的准则变化所引致当前和以往会计

期间的会计政策变动的资料。

(b) 财务报表的编制基准

截至二零二五年三月三十一日止年度的

综合财务报表涵盖本公司和各附属公司

（统称「本集团」）。

除附注1(d)所载的会计政策所阐释的投

资物业是按公允价值入账外，编制本财

务报表时是以历史成本作为计量基准。

符合《香港财务报告准则会计准则》的财

务报表之编制，管理层须就影响政策的

应用及呈报资产、负债、收入和支出的

数额作出判断、估计和假设。这些估计

和相关假设是根据以往经验和管理层因

应当时情况认为合理的多项其他因素作

出的，其结果构成了管理层在无法依循

其他途径即时得知资产与负债的账面值

时所作出判断的基础。实际结果可能有

别于估计数额。

Asociated International Hotels Limited 凯联国际酒店有限公司102

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(b) 财务报表的编制基准（续）

管理层会不断审阅各项估计和相关假

设。如果会计估计的修订只是影响某一

期间，其影响便会在该期间内确认；如

果修订对当前和未来期间均有影响，则

在作出修订的期间和未来期间内确认。

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承担可变动回

报的风险或因此有权享有可变动回报，

且有能力透过向实体施加权力而影响

该等回报时，则被视为本集团控制该

实体。在评估本集团是否拥有上述权力

时，只考虑（本集团和其他方所持有的）

实质权利。

集团于附属公司的投资从取得有关控制

权当日至该控制权终止当日均在综合财

务报表中综合计算。集团内部往来的余

额、集团内部交易和现金流量及其产生

的未变现溢利均在编制综合财务报表时

全数抵销。集团内部交易所产生的未变

现亏损的抵销方法与未变现溢利相同，

但抵销额只限于没有证据显示该转让资

产已出现减值的部分。

除本公司于附属公司的投资被分类为持

有待售外，于本公司财务状况表内该

投资是按成本减去减值亏损（参阅附注

1(h)(i)）后入账。

(d) 投资物业

投资物业是指为赚取租金收入及╱或为

资本增值而拥有或以租赁权益持有的土

地及╱或建筑物，其中包括现时未确定

将来用途的土地及正在建造或发展以供

日后用作投资物业的物业。

1 Material Acounting Policies (Continued)

(b) Basis of preparation of the financial statements

(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.

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.

In the Company’s statement of financial position, an investment

in a subsidiary is stated at cost les impairment loses (se note

1(h)(i), unles the investment is clasified as held for sale.

(d) Investment properties

Investment properties are land and/or buildings which are owned

or held under a leasehold interest to earn rental income and/or

for capital apreciation. These include land held for a curently

undetermined future use and property that is being constructed or

developed for future use as investment property.

Anual Report 2024-2025 年报103

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(d) 投资物业（续）

投资物业按公允价值记入，但在报告期

间终结日仍处于建造或发展阶段，且当

时未能可靠地计量其公允价值者则除

外。投资物业公允价值的变动，或报废

或处置投资物业所产生的任何盈利或亏

损均在损益中确认。投资物业的租金收

入是按照附注1(p)(i)所述方式入账。

(e) 其他物业、厂房及设备

其他物业、厂房及设备（包括以租赁持

有的相关厂房及设备的使用权资产）以

成本减去累计折旧（参阅附注1(g)）和减

值亏损（参阅附注1(h)(i)）后入账。

报废或处置其他物业、厂房及设备项目

所产生的损益以处置所得款项净额与项

目账面值之间的差额厘定，并于报废或

处置当日在损益中确认。

(f) 租赁资产

于合约开始时，本集团评估该合约是否

属于或包含一项租赁。倘一份合约于一

段期间内传送一项已识别资产的使用控

制权以换取代价，则该合约属于或包含

一项租赁。当客户同时有权主导已识别

资产的使用及有权从该使用中获得绝大

部分经济利益，则其已拥有该资产的控

制权。

当本集团作为出租人时，将在租赁开始

时厘定各项租赁为融资租赁或经营租

赁。若租赁将相关资产所有权附带的绝

大部分风险和回报转移至承租人，则该

项租赁被分类为融资租赁。反之，该项

租赁被分类为经营租赁。

当合约包含租赁和非租赁的组成部分

时，本集团按照相对单独售价的基准将

合约代价分配至各个组成部分。经营租

赁的租金收入按照附注1(p)(i)确认。

1 Material Acounting Policies (Continued)

(d) Investment properties (Continued)

Investment properties are stated at fair value, unles they are stil

in the course of construction or development at the end of the

reporting period and their fair value canot be reliably measured

at that time. Any gain or los arising from a change in fair value

or from the retirement or disposal of an investment property

is recognised in profit or los. Rental income from investment

properties is acounted for as described in note 1(p)(i).

(e) Other properties, plant and equipment

Other properties, plant and equipment, including right-of-use

asets arising from leases of underlying plant and equipment, are

stated at cost les acumulated depreciation (se note 1(g) and

impairment loses (se note 1(h)(i).

Gains or loses arising from the retirement or disposal of an item

of other properties, 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.

(f) Leased asets

At inception of a contract, the Group aseses whether the

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. Control

is conveyed where the customer has both the right to direct the

use of the identified aset and to obtain substantialy al of the

economic benefits from that use.

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.

When a contract contains lease and non-lease components,

the Group alocates the consideration in the contract to each

component on a relative stand-alone seling price basis. The rental

income from operating leases is recognised in acordance with

note 1(p)(i).

Asociated International Hotels Limited 凯联国际酒店有限公司104

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(g) 折旧

其他物业、厂房及设备项目的折旧乃按

成本减去预计残值（如有），再按预计可

用期限以直线法计算如下：

— 土地及楼宇以尚余租赁年期及预

计可用期限之较短

者计算，以落成日

期起计不多于40年

— 家私、装置

及设备

5年

— 汽车5年

如果其他物业、厂房及设备项目的组成

部分有不同的可用期限，有关项目的成

本会按照合理的基准分配至各个部分，

而且每个部分会分开计提折旧。本集团

会每年审阅资产的可用期限和残值（如

有）。

(h) 信贷亏损及资产减值

(i) 来自金融工具及应收账款的信

贷亏损

本集团就按摊销成本计量的金

融资产（包括已抵押银行存款、

现金及现金等价物以及其他应收

款）和应收账款的预期信贷亏损

确认亏损准备。

预期信贷亏损的计量

预期信贷亏损为信贷亏损的概率

加权估计。信贷亏损以所有预期

现金差额（即按照合约应付予本

集团的现金流量与本集团预计收

取的现金流量之间的差额）的现

值计量。

1 Material Acounting Policies (Continued)

(g) Depreciation

Depreciation is calculated to write of the cost of items of other

properties, plant and equipment, les their estimated residual

value, if any, using the straight-line method over their estimated

useful lives as folows:

— Land and buildingsOver the shorter of the unexpired term

of lease and their estimated useful

lives, being no more than 40 years

after the date of completion

— Furniture, fixtures

and equipment

5 years

— Motor vehicles5 years

Where parts of an item of other properties, 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.

(h) Credit loses and impairment of asets

(i) Credit loses from financial instruments and

acounts receivable

The Group recognises a los alowance for expected

credit loses (“ECLs”) on the financial asets measured

at amortised cost (including pledged bank deposits, cash

and cash equivalents and other receivables) and acounts

receivable.

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).

Anual Report 2024-2025 年报105

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(h) 信贷亏损及资产减值（续）

(i) 来自金融工具及应收账款的信

贷亏损（续）

预期信贷亏损的计量（续）

倘折现影响重大，则预期现金差

额将采用以下折现率折现：

— 定息金融资产和其他应收

款：于初始确认时厘定的

实际利率或其近似值；

— 浮息金融资产：当前实际

利率；及

— 应收账款：计量应收账款

所用的折现率。

估计预期信贷亏损时所考虑的最

长期间为本集团面对信贷风险的

最长合约期间。

于计量预期信贷亏损时，本集团

会考虑在毋须付出过多成本或

努力下即可获得的合理和可靠资

料，包括有关过往事件、现时状

况及未来经济状况预测的资料。

预期信贷亏损采用以下其中一项

基准计量：

— 12个月预期信贷亏损：指

报告日期后12个月内可能

发生的违约事件而导致的

预期亏损；及

— 全期预期信贷亏损：指预

期信贷亏损模式适用项目

的预计期限内所有可能发

生的违约事件而导致的预

期亏损。

1 Material Acounting Policies (Continued)

(h) Credit loses and impairment of asets

(Continued)

(i) Credit loses from financial instruments and

acounts receivable (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 and other receivables:

efective interest rate determined at initial recognition

or an aproximation thereof;

— variable-rate financial asets: curent efective

interest rate; and

— acounts receivable: discount rate used in the

measurement of the acounts receivable.

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.

Asociated International Hotels Limited 凯联国际酒店有限公司106

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(h) 信贷亏损及资产减值（续）

(i) 来自金融工具及应收账款的信

贷亏损（续）

预期信贷亏损的计量（续）

应收账款的亏损准备一直按等同

于全期预期信贷亏损的数额计

量。该等金融资产的预期信贷亏

损乃根据本集团的过往信贷亏损

经验于报告日期以准备矩阵进行

评估，根据债务人的特定因素及

对当前及预测一般经济状况的评

估进行调整。

就所有其他金融工具而言，本集

团确认相等于12个月预期信贷

亏损的亏损准备，除非该金融工

具信贷风险自初始确认后大幅上

升，在此情况下，亏损准备乃按

相等于全期预期信贷亏损的数额

计量。

信贷风险大幅上升

评估金融工具的信贷风险自初始

确认以来有否大幅上升时，本集

团会比较于报告日期评估及于初

始确认日评估的金融工具发生违

约的风险。于重新评估时，本集

团认为当(i)本集团未有采取追索

行动，如变现抵押品（倘持有任

何抵押品）的情况下，债务人全

数履行其对本集团之信贷责任的

可能性不大；或(i)金融资产逾期

九十天，则构成违约事件。本集

团会考虑合理及可靠的量化及定

性资料，包括过往经验及毋须付

出过多成本或努力下即可获得的

前瞻性资料。

1 Material Acounting Policies (Continued)

(h) Credit loses and impairment of asets

(Continued)

(i) Credit loses from financial instruments and

acounts receivable (Continued)

Measurement of ECLs (Continued)

Los alowances for acounts receivable are always

measured at an amount equal to lifetime ECLs. ECLs on

these financial asets are estimated using a provision matrix

based on the Group’s historical credit los experience,

adjusted for factors that are specific to the debtors and

an asesment of both the curent and forecast general

economic conditions at the reporting date.

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 debtor 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.

Anual Report 2024-2025 年报107

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(h) 信贷亏损及资产减值（续）

(i) 来自金融工具及应收账款的信

贷亏损（续）

信贷风险大幅上升（续）

具体而言，评估信贷风险自初始

确认以来有否大幅上升时会考虑

以下资料：

— 未能按合约到期日期支付

本金或利息；

— 金融工具外部或内部信贷

评级（如有）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

— 技术、市场、经济或法律

环境的目前或预期变动对

债务人履行其对本集团责

任的能力有重大负面影响。

视乎金融工具的性质而定，信贷

风险大幅上升的评估乃按个别基

准或共同基准进行。当按共同基

准进行评估时，金融工具会按共

同的信贷风险特征（如逾期情况

及信贷风险评级）进行分组。

预期信贷亏损于各报告日期进行

重新计量以反映金融工具自初始

确认以来的信贷风险变动。预期

信贷亏损数额的任何变动均于损

益中确认为减值收益或亏损。本

集团就所有金融工具确认减值收

益或亏损，并透过亏损准备账对

其账面值作出相应调整。

1 Material Acounting Policies (Continued)

(h) Credit loses and impairment of asets

(Continued)

(i) Credit loses from financial instruments and

acounts receivable (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.

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.

Asociated International Hotels Limited 凯联国际酒店有限公司108

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(h) 信贷亏损及资产减值（续）

(i) 来自金融工具及应收账款的信

贷亏损（续）

冲销政策

倘实际上并无收回的希望，金融

资产或应收账款的账面值总额

会被冲销（部分或全部）。该情况

通常出现在本集团确定债务人没

有资产或收入来源以令其可产生

足够现金流量以偿还应冲销的数

额。

其后收回先前冲销的资产于收回

期间在损益中确认为减值转回。

(i) 其他非流动资产减值

本集团在每个报告期间终结日审

阅内部和外来的信息，以确定其

他物业、厂房及设备和在本公司

财务状况表内的于附属公司的投

资有否出现减值迹象，或是以往

确认的减值亏损不再存在或可能

已经减少。

1 Material Acounting Policies (Continued)

(h) Credit loses and impairment of asets

(Continued)

(i) Credit loses from financial instruments and

acounts receivable (Continued)

Write-of policy

The gros carying amount of a financial aset or acounts

receivable 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.

(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 other properties, plant and equipment and investments

in subsidiaries in the Company’s statement of financial

position may be impaired or an impairment los previously

recognised no longer exists or may have decreased.

Anual Report 2024-2025 年报109

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(h) 信贷亏损及资产减值（续）

(i) 其他非流动资产减值（续）

如果出现任何这类迹象，则该资

产的可收回数额会予以估计。

— 计算可收回数额

资产的可收回数额以其公

允价值减去处置成本后所

得数额和其使用价值两者

中的较高者为准。在评估

使用价值时，会使用除税

前折现率将估计未来现金

流量折现至现值，该折现

率应是反映市场当时所评

估的货币时间价值和该资

产的独有风险。如果资产

所产生的现金流入基本上

不独立于其他资产所产生

的现金流入，则以能独立

产生现金流入的最小资产

类别（即现金产生单元）来

厘定可收回数额。

— 确认减值亏损

如果资产或所属现金产生

单元的账面值高于其可收

回数额时，便会在损益中

确认减值亏损。就现金产

生单元确认的减值亏损会

按比例减少该单元（或该组

单元）内资产的账面值；但

资产的账面值不得减少至

低于其个别公允价值减去

处置成本后所得数额（如能

计量）或其使用价值（如能

厘定）。

1 Material Acounting Policies (Continued)

(h) Credit loses and impairment of asets

(Continued)

(i) Impairment of other non-curent asets (Continued)

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 to

reduce the carying amount of the asets in the unit

(or group of units) on a pro rata basis, except that

the carying value of an aset wil not be reduced

below its individual fair value les costs of disposal (if

measurable) or value in use (if determinable).

Asociated International Hotels Limited 凯联国际酒店有限公司110

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(h) 信贷亏损及资产减值（续）

(i) 其他非流动资产减值（续）

— 减值亏损转回

如果用作厘定资产可收回

数额的估计数额出现正面

的变化，有关的减值亏损

便会转回。所转回的减值

亏损以假设在以往年度没

有确认减值亏损而应已厘

定的资产账面值为限。所

转回的减值亏损在确认转

回的年度内计入损益中。

(i) 中期财务报告和减值

根据《香港联合交易所有限公司

证券上市规则》，本集团须按《香

港会计准则》第34号「中期财务报

告」的规定就财政年度的首六个

月编制中期财务报告。本集团在

中期末采用了在财政年度终结

时会采用的相同的减值测试、确

认和转回准则（参阅附注1(h)(i)和

(i)）。

(i) 应收账款和其他应收款

应收款于本集团拥有收取代价的无条件

权利时确认。倘代价仅随时间推移即会

成为到期应付，则收取代价的权利为无

条件。

应收账款和其他应收款按公允价值初始

确认，其后以实际利率法按摊销成本减

去信贷亏损准备（参阅附注1(h)(i)）后所

得数额入账；但如应收款为提供予关联

方并不设固定还款期的免息贷款或其折

现影响并不重大则除外。在此等情况

下，应收款会按成本减去信贷亏损准备

后所得数额入账。

1 Material Acounting Policies (Continued)

(h) Credit loses and impairment of asets

(Continued)

(i) Impairment of other non-curent asets (Continued)

— Reversals of impairment loses

An impairment los is reversed if there has ben

a favourable change in the estimates used to

determine the recoverable amount. 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.

Reversals of impairment loses are credited to

profit or los in the year in which the reversals are

recognised.

(i) Interim financial reporting and impairment

Under the Rules Governing the Listing of Securities on

The Stock Exchange of Hong Kong Limited, the Group is

required to prepare an interim financial report in compliance

with HKAS 34, Interim financial reporting, in respect of

the first six months of the financial year. At the end of the

interim period, the Group aplies the same impairment

testing, recognition, and reversal criteria as it would at the

end of the financial year (se notes 1(h)(i) and (i).

(i) Acounts 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.

Acounts and other receivables are initialy recognised at fair

value and thereafter stated at amortised cost using the efective

interest method, les alowance for credit loses (se note

1(h)(i), except where the receivables are interest-fre loans made

to related parties without any fixed repayment terms or the efect

of discounting would be imaterial. In such cases, the receivables

are stated at cost les alowance for credit loses.

Anual Report 2024-2025 年报111

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(j) 带息借款

带息借款按公允价值减去交易成本后初

始确认。初始确认后，带息借款以实际

利率法按摊销成本入账。利息支出按照

本集团借款成本的会计政策予以确认

（参阅附注1(r)）。

(k) 应付账款和其他应付款

应付账款和其他应付款按公允价值初始

确认，其后按摊销成本入账；但如折现

影响并不重大，则按发票金额入账。

(l) 现金及现金等价物

现金及现金等价物包括银行存款及现

金、存放于银行和其他财务机构的活期

存款，以及短期和流动性极高的投资项

目。这些项目可以容易地换算为已知的

现金数额，所须承受的价值变动风险甚

小，并在购入后三个月内到期。就编制

综合现金流量表而言，现金及现金等价

物也包括须于接获通知时偿还，并构成

本集团现金管理一部分的银行透支。现

金及现金等价物按照附注1(h)(i)所载的

政策进行预期信贷亏损评估。

(m) 雇员福利

(i) 短期雇员福利和界定供款退休

计划供款

薪金、年度奖金、有薪年假、界

定供款退休计划供款及各项非货

币福利成本，均在雇员提供相关

服务的年度内累计。如延迟付款

或结算会构成重大的货币时间价

值，则上述数额须按现值列账。

(i) 合约终止补偿

合约终止补偿会在本集团不再能

够撤回所提供的合约终止补偿及

确认涉及合约终止补偿付款的重

组成本（以较早者为准）时确认。

1 Material Acounting Policies (Continued)

(j) 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 expense is recognised in

acordance with the Group’s acounting policy for borowing

costs (se note 1(r).

(k) Acounts and other payables

Acounts and other payables are initialy recognised at fair value

and subsequently stated at amortised cost unles the efect of

discounting would be imaterial, in which case they are stated at

invoice amounts.

(l) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in 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. Cash and cash equivalents are asesed for ECL in

acordance with the policy set out in note 1(h)(i).

(m) Employe benefits

(i) 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.

(i) Termination benefits

Termination benefits are recognised at the earlier of

when the Group can no longer withdraw the ofer of

those benefits and when it recognises restructuring costs

involving the payment of termination benefits.

Asociated International Hotels Limited 凯联国际酒店有限公司112

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(n) 所得税

本年度所得税包括本期税项及递延税项

资产和负债的变动。本期税项及递延税

项资产和负债的变动均在损益中确认，

但若相关项目分别于其他全面收入或直

接于权益确认时，则相关税项会于其他

全面收入或直接于权益确认。

本期税项是按本年度应税收入根据已执

行或在报告期间终结日实质上已执行的

税率计算的预期应付税项，加上以往年

度应付税项的任何调整。

递延税项资产和负债分别由可抵扣和应

税暂时差异产生。暂时差异是指资产和

负债在财务报表上的账面值与这些资产

和负债的计税基础的差异。递延税项资

产也可以由未利用的税务亏损和未利用

的税款抵免产生。

除了某些有限的例外情况外，所有递延

税项负债和递延税项资产（只限于很可

能获得能利用该递延税项资产来抵扣的

未来应税溢利）都会确认。支持确认由

可抵扣暂时差异所产生递延税项资产的

未来应税溢利包括因转回目前存在的应

税暂时差异而产生的数额；但这些转回

的差异必须与同一税务机关及同一应税

实体有关，并预期在可抵扣暂时差异预

计转回的同一期间或递延税项资产所产

生可抵扣亏损可向后期或向前期结转的

期间内转回。在决定目前存在的应税暂

时差异是否足以支持确认由未利用税务

亏损和税款抵免所产生的递延税项资产

时，亦会采用同一准则，即差异是否与

同一税务机关及同一应税实体有关，并

是否预期在能够使用未利用税务亏损和

税款抵免拨回的同一期间内转回。

1 Material Acounting Policies (Continued)

(n) 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.

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.

Anual Report 2024-2025 年报113

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(n) 所得税（续）

不确认为递延税项资产和负债的暂时差

异是产生自以下有限的例外情况：不影

响会计或应税溢利的资产或负债的初始

确认（如属业务合并的一部分则除外）；

以及投资附属公司（如属应税差异，只

限于本集团可以控制转回的时间，而且

在可预见的将来不大可能转回的暂时差

异；或如属可抵扣差异，则只限于很可

能在将来转回的差异）。

对于按照附注1(d)所载的会计政策以公

允价值入账的投资物业，所确认的递延

税项数额乃按照假设于报告日期将该等

资产以其账面值出售时按适用的税率进

行计量，除非该物业为可折旧及以一个

商业模式持有，而此模式的目的不是透

过出售而是随时间消耗该物业所包含的

绝大部分经济利益。对于所有其他情

况，递延税项数额是按照资产和负债账

面值的预期实现或清偿方式，根据已执

行或在报告期间终结日实质上已执行的

税率计算。递延税项资产和负债均不折

现计算。

本集团会在每个报告期间终结日评估递

延税项资产的账面值。如果本集团预期

不再可能获得足够的应税溢利以抵扣相

关的税务利益，该递延税项资产的账面

值便会调低；但是如果日后又可能获得

足够的应税溢利，有关减额便会转回。

1 Material Acounting Policies (Continued)

(n) Income tax (Continued)

The limited exceptions to recognition of defered tax asets and

liabilities are the initial recognition of asets or liabilities that afect

neither acounting nor taxable profit (provided they are not part

of a busines combination), and temporary diferences relating

to investments in subsidiaries to the extent that, in the case of

taxable diferences, the Group controls the timing of the reversal

and it is probable that the diferences wil not reverse in the

foreseable future, or in the case of deductible diferences, unles

it is probable that they wil reverse in the future.

Where investment properties are caried at their fair value in

acordance with the acounting policy set out in note 1(d), the

amount of defered tax recognised is measured using the tax

rates that would aply on sale of those asets at their carying

value at the reporting date unles the property is depreciable and

is held within a busines model whose objective is to consume

substantialy al of the economic benefits embodied in the property

over time, rather than through sale. In al other cases, the amount

of defered tax recognised is measured based on the expected

maner of realisation or setlement of the carying amount of the

asets and liabilities, using tax rates enacted or substantively

enacted at the end of the reporting period. Defered tax asets

and liabilities are not discounted.

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.

Asociated International Hotels Limited 凯联国际酒店有限公司114

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(n) 所得税（续）

本期和递延税项结余及其变动额会分开

列示，并且不予抵销。本期和递延税项

资产只会在本公司或本集团有法定行使

权以本期税项资产抵销本期税项负债，

并且符合以下附带条件的情况下，才可

以分别抵销本期和递延税项负债：

— 本期税项资产和负债：本公司或

本集团计划按净额基准结算，或

同时变现该资产和清偿该负债；

或

— 递延税项资产和负债：这些资产

和负债必须与同一税务机关就以

下其中一项征收的所得税有关：

— 同一应税实体；或

— 不同的应税实体。这些实

体计划在日后每个预计有

大额递延税项负债需要清

偿或大额递延税项资产可

以收回的期间内，按净额

基准实现本期税项资产和

清偿本期税项负债，或同

时变现该资产和清偿该负

债。

(o) 准备及或有负债

倘若本集团须就已发生的事件承担法律

或推定义务，而履行该义务预期会导致

含有经济效益的资源外流，并可作出可

靠的估计，便会计提准备。如果货币时

间价值重大，则按预计履行义务所需资

源的现值计列准备。

1 Material Acounting Policies (Continued)

(n) 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.

(o) 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.

Anual Report 2024-2025 年报115

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(o) 准备及或有负债（续）

倘若含有经济效益的资源外流的可能性

较低，或是无法对有关数额作出可靠的

估计，便会将该义务披露为或有负债；

但假如这类资源外流的可能性极低则除

外。须视乎某宗或多宗未来事件是否发

生才能确定存在与否的潜在义务，亦会

披露为或有负债；但假如这类资源外流

的可能性极低则除外。

倘若结算一项准备时所需的部分或全部

支出预计由另一方付还，则几乎确定的

任何预计付还数额确认为个别资产。所

确认的付还数额以准备的账面值为限。

(p) 收入

收入于承租人按本集团预期有权收取的

承诺代价数额（不包括代表第三方收取

的数额）而取得资产使用权时确认。本

集团收入确认政策的其他详情如下：

(i) 经营租赁的租金收入

经营租赁的应收租金收入在租赁

期所涵盖的会计期间内，以等额

在损益中确认；但如有其他基准

能更清楚地反映租赁资产所产生

的收益模式则除外。经营租赁协

议所涉及的激励措施均在损益中

确认为应收租赁净付款总额的组

成部分。不取决于指数或比率的

可变租赁付款额在其产生的会计

期间内确认为收入。

(i) 利息收入

利息收入按实际利息法累计确

认。

1 Material Acounting Policies (Continued)

(o) 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.

(p) Revenue

Revenue is recognised when the lese has the right to use

the aset, at the amount of promised consideration to which

the Group is expected to be entitled, excluding those amounts

colected on behalf of third parties. Further details of the Group’s

revenue recognition policies are as folows:

(i) Rental income from operating leases

Rental income receivable under operating leases is

recognised in profit or los in equal instalments over the

periods covered by the lease term, 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. Variable lease payments that do not depend

on an index or a rate are recognised as income in the

acounting period in which they are earned.

(i) Interest income

Interest income is recognised as it acrues using the

efective interest method.

Asociated International Hotels Limited 凯联国际酒店有限公司116

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(q) 外币换算

年内的外币交易按交易日的外币汇率换

算。以外币为单位的货币资产与负债则

按报告期间终结日的外币汇率换算。汇

兑盈亏在损益中确认。

以外币历史成本计量的非货币资产与负

债是按交易日的外币汇率换算。交易日

为本集团初始确认该等非货币资产或负

债的日期。以外币为单位并以公允价值

列账的非货币资产与负债按计量公允价

值当日的外币汇率换算。

(r) 借款成本

与收购、建造或生产需要长时间才可以

投入拟定用途或销售的资产直接相关的

借款成本，会予以资本化为该资产成本

的一部分。其他借款成本于产生期间在

损益中列支。

(s) 关联方

(a) 一名人士或该人士的家庭近亲被

认为是本集团的关联方，倘若该

人士：

(i) 对本集团有控制权或共同

控制权；

(i) 对本集团有重大影响力；

或

(i) 是本集团或本集团母公司

的关键管理人员。

1 Material Acounting Policies (Continued)

(q) 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.

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 Group 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 rates ruling at the dates the

fair value was measured.

(r) 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.

(s) Related parties

(a) A person, or a close member of that person’s family, is

related to the Group if 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 the Group’s parent.

Anual Report 2024-2025 年报117

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(s) 关联方（续）

(b) 一个实体如符合任何下列条件，

则被认为是本集团的关联方：

(i) 该实体与本集团均为同一

集团的成员（即各母公司、

附属公司和同系附属公司

彼此间有关联）。

(i) 一个实体是另一实体的联

营公司或合营企业（或是另

一实体所属集团旗下成员

的联营公司或合营企业）。

(i) 两个实体均是同一第三方

的合营企业。

(iv) 一个实体是第三方实体的

合营企业，而另一实体是

该第三方实体的联营公司。

(v) 该实体是为本集团或与本

集团有关联的实体的雇员

福利而提供离职后福利计

划者。

(vi) 该实体受到上述第(a)项内

所认定的人士控制或共同

控制。

(vi) 上述第(a)(i)项内所认定的人

士对该实体有重大影响力

或是该实体（或该实体母公

司）的关键管理人员。

(vi) 该实体或其所属集团旗下

的任何一个成员向本集团

或本集团母公司提供关键

管理人员服务。

一名人士的家庭近亲是指预期他们在与

实体交易时可能影响该人士或受该人士

影响的家庭成员。

1 Material Acounting Policies (Continued)

(s) Related parties (Continued)

(b) An entity is related to the Group if any of the folowing

conditions aplies:

(i) The entity and the Group are members of the same

group (which means that each parent, subsidiary

and felow subsidiary is related to the others).

(i) One entity is an asociate or joint venture of the

other entity (or an asociate or joint venture of a

member of a group of which the other entity is a

member).

(i) Both entities are joint ventures of the same third

party.

(iv) One entity is a joint venture of a third entity and the

other entity is an asociate of the third entity.

(v) The entity is a post-employment benefit plan for the

benefit of employes of either the Group or an entity

related to the Group.

(vi) The entity is controled or jointly controled by a

person identified in (a).

(vi) A person identified in (a)(i) has significant influence

over the entity or is a member of the key

management personel of the entity (or of a parent

of the entity).

(vi) The entity, or any member of a group of which it is a

part, provides key management personel services

to the Group or to the Group’s parent.

Close members of the family of a person are those family

members who may be expected to influence, or be influenced by,

that person in their dealings with the entity.

Asociated International Hotels Limited 凯联国际酒店有限公司118

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

1 重大会计政策（续）

(t) 分部报告

经营分部和财务报表中所报告的各分部

项目的数额，与定期提供予本集团最高

行政管理人员以对本集团各类业务及各

经营地区进行资源分配及表现评估的财

务资料一致。

个别重大的经营分部不予合并计算以供

财务报告之用，但如果该等经营分部具

有相似的经济特征，并且在产品和服务

性质、生产工序性质、客户类别或阶

层、分销产品或提供服务所采用的方法

以及监管环境的性质等方面相似，则作

别论。如果个别不重大的经营分部符合

以上大部分准则，则可能合并计算。

1 Material Acounting Policies (Continued)

(t) Segment reporting

Operating segments, and the amounts of each segment item

reported in the 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.

Anual Report 2024-2025 年报119

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

2 会计政策的变动

香港会计师公会颁布了多项新或经修订的《香

港财务报告准则会计准则》，这些准则变化在

本集团当前的会计期间首次生效。其中，以

下的准则变化与本集团有关：

— 《香港会计准则》第1条的修订「财务报

表的呈列：流动或非流动负债的分类」

— 《香港会计准则》第1条的修订「财务报

表的呈列：附带契诺的非流动负债」

该等准则变化均没有对本集团在当前或以往

期间如何编制或呈列业绩及财务状况构成重

大影响。

本集团并无采用任何在当前会计期间尚未生

效的新准则或诠释。

3 收入

本集团的主要业务为物业投资。

收入是指投资物业的已收及应收租金收入总

额。

本集团拥有多元化的客户基础，其中只有

一名（二零二四年：一名）交易占本集团收

入超过10%的客户。于本年度，来自该客

户的收入约33,600,000元（二零二四年：

37,939,000元）。

2 Changes in Acounting Policies

The HKICPA has isued a number of new or amended HKFRS

Acounting Standards that are first efective for the curent acounting

period of the Group. Of these, the folowing developments are relevant

to the Group:

—Amendments to HKAS 1, Presentation of financial statements:

Clasification of liabilities as curent or non-curent

—Amendments to HKAS 1, Presentation of financial statements:

Non-curent liabilities with covenants

None of these developments have had a material efect on how the

Group’s results and financial position for the curent or prior periods

have ben prepared or presented.

The Group has not aplied any new standard or interpretation that is not

yet efective for the curent acounting period.

3 Revenue

The principal activity of the Group is property investment.

Revenue represents gros rental income received and receivable from

investment properties.

The Group’s customer base is diversified and includes only one

customer (2024: one customer) with whom transactions have exceded

10% of the Group’s revenue. During the year, revenue from this

customer amounted to aproximately $33,600,000 (2024: $37,939,000).

Other revenue	其他收入
Interest income	利息收入	18,837	21,995
Management fee received from holding company	从控股公司收取的管理费用	1,200	1,200
Compensation from early termination of lease	提前终止租赁所获得的赔偿	—	1
Others	其他	478	576
Others	其他	20,515	23,772
Other net loss	其他亏损净额
Net loss on disposals of fixed assets	处置固定资产亏损净额	(1)	(2)

Asociated International Hotels Limited 凯联国际酒店有限公司120

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

4 Segment Information

The Group has a single reportable segment which is “Property leasing”.

Acordingly, the busines segment information for this sole reportable

segment is equivalent to the consolidated figures.

No separate geographical information is presented as the Group’s

revenue and results of property leasing were derived from Hong Kong.

5 Other Revenue and Net Los

$’000$’000

千元千元

4 分部资料

本集团只有单一须报告分部，即「物业租

赁」。因此，这唯一须报告分部的业务分部资

料与综合数字相同。

鉴于本集团物业租赁的收入和业绩均源自香

港，故地区性资料并无独立呈列。

5 其他收入及亏损净额

(a) Finance costs	(a) 融资成本
Interest on bank loan	银行贷款利息	10,438	11,206
Other borrowing costs	其他借款成本	730	250
Interest on government lease premiums payable	应付政府地价利息	71	76
Interest on government lease premiums payable	应付政府地价利息	11,239	11,532
(b) Staff costs	(b) 员工成本
Salaries, wages and other benefits	薪金、工资及其他福利	49,367	47,776
Contributions to defined contribution retirement plans	界定供款退休计划供款	1,668	2,365
Contributions to defined contribution retirement plans	界定供款退休计划供款	51,035	50,141
(c) Other items	(c) 其他项目
Gross rental income from investment properties	投资物业的租金收入总额	(299,008)	(292,143)
Less: Direct outgoings	减：直接支出	94,478	94,299
Less: Direct outgoings	减：直接支出	(204,530)	(197,844)
Auditor’s remuneration	核数师酬金
— audit services	— 核数服务	860	860
— tax services	— 税务服务	66	104
— other services	— 其他服务	210	210
Depreciation charge	折旧费用	4,323	4,539
Impairment losses on accounts receivable (note 14(b))	应收账款减值亏损（附注14(b)）	2,304	1,095

Anual Report 2024-2025 年报121

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

6 (Los)/Profit Before Taxation

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

$’000$’000

千元千元

6 除税前（亏损）╱溢利

除税前（亏损）╱溢利已扣除╱（计入）：

Executive Directors	执行董事
Cheong Kheng Lim	钟琼林	50	2,370*	700	—	3,120
Cheong Keng Hooi	钟炯辉	50	2,022	300	—	2,372
Cheong Sim Lam	钟燊南	50	2,195	300	—	2,545
Cheong Chong Ling	钟聪玲	50	1,753#	120	24	1,947
Cheong Tiong Ham	钟仲涵	50	2,416	120	24	2,610
Cheong Chin Hong Rodney	钟振风	50	735	102	—	887
Independent Non-executive Directors	独立非执行董事
Chow Wan Hoi, Paul	周云海	170	—	—	—	170
Wong Yiu Tak	黄耀德	170	—	—	—	170
Lee Chung	李松	170	—	—	—	170
Lee Chung	李松	810	11,491	1,642	48	13,991

Asociated International Hotels Limited 凯联国际酒店有限公司122

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

7 董事酬金

根据香港《公司条例》第383(1)条及《公司（披

露董事利益资料）规例》第2部列报的董事酬金

如下：

7 Directors’ Emoluments

Directors’ emoluments disclosed pursuant to section 383(1) of the Hong

Kong Companies Ordinance and Part 2 of the Companies (Disclosure of

Information about Benefits of Directors) Regulation are as folows:

Directors’

fes

Salaries,

alowances

and benefits

in kind

Discretionary

bonuses

Retirement

scheme

contributions

Total

董事袍金

薪金、津贴

及实物利益酌定花红

退休计划

供款总额

$’000$’000$’000$’000$’000

千元千元千元千元千元

Executive Directors	执行董事
Cheong Kheng Lim	钟琼林	50	2,828*	700	—	3,578
Cheong Keng Hooi	钟炯辉	50	2,011	300	—	2,361
Cheong Sim Lam	钟燊南	50	1,837	300	—	2,187
Cheong Chong Ling	钟聪玲	50	1,796#	120	24	1,990
Cheong Tiong Ham	钟仲涵	50	2,292	120	24	2,486
Cheong Chin Hong Rodney (appointed with effect from 26 February 2024)	钟振风（于二零二四年二月二十六日上任）	5	68	—	—	73
Independent Non-executive Directors	独立非执行董事
Chow Wan Hoi, Paul	周云海	170	—	—	—	170
Wong Yiu Tak	黄耀德	170	—	—	—	170
Lee Chung	李松	170	—	—	—	170
Lee Chung	李松	765	10,832	1,540	48	13,185

Anual Report 2024-2025 年报123

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

7 Directors’ Emoluments (Continued)

Directors’

fes

Salaries,

alowances

and benefits

in kind

Discretionary

bonuses

Retirement

scheme

contributions

Total

董事袍金

薪金、津贴

及实物利益酌定花红

退休计划

供款总额

$’000$’000$’000$’000$’000

千元千元千元千元千元

* The amount excludes the benefits for the provision of a residential property

to Mr Cheong Kheng Lim with an estimated rental value of aproximately

$1,293,000 (2024: $1,293,000).

The amount excludes the benefits for the provision of a residential property

to Ms Cheong Chong Ling with an estimated rental value of aproximately

$1,281,000 (2024: $1,281,000).

7 董事酬金（续）

* 这数额不包括向钟琼林先生提供住宅物业的福

利，估计租值约为1,293,000元（二零二四年：

1,293,000元）。

这数额不包括向钟聪玲女士提供住宅物业的福

利，估计租值约为1,281,000元（二零二四年：

1,281,000元）。

Current tax — Hong Kong Profits Tax	本期税项 — 香港利得税
Provision for the year	本年度税项准备	17,500	16,868
Over-provision in respect of prior years	以往年度准备过剩	(6)	(12)
Over-provision in respect of prior years	以往年度准备过剩	17,494	16,856
Deferred tax	递延税项
Origination and reversal of temporary differences	暂时差异的产生和转回	8,270	8,304
Origination and reversal of temporary differences	暂时差异的产生和转回	25,764	25,160

Asociated International Hotels Limited 凯联国际酒店有限公司124

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

8 Individuals with Highest Emoluments

The five highest paid individuals for 2025 and 2024 are al directors of

the Company whose emoluments are disclosed in note 7.

9 Income Tax

(a) Taxation in the consolidated statement

of profit or los and other comprehensive

income represents:

$’000$’000

千元千元

The provision of Hong Kong Profits Tax is calculated at 16.5%

(2024: 16.5%) of the estimated asesable profits for the year,

except for the Company which is a qualifying corporation under

the two-tiered Profits Tax rate regime. For the Company, the first

$2,000,000 of asesable profits are taxed at 8.25% and the

remaining asesable profits are taxed at 16.5%. The provision

for Hong Kong Profits Tax for the Company was calculated at the

same basis in 2024.

8 最高酬金人士

二零二五年及二零二四年度五位最高酬金

的人士均为本公司的董事，其酬金已列载于

附注7。

9 所得税

(a) 综合损益及其他全面收入表所

示的所得税项为：

香港利得税准备是按本年度的估计应评

税溢利以16.5%（二零二四年：16.5%）

的税率计算，惟本公司在利得税两级制

下为合资格公司则除外。本公司应评税

溢利的首2,000,000元按8.25%税率计

算，余下的应评税溢利则按16.5%税率

计算。本公司的香港利得税准备是按二

零二四年相同的基准计算。

(Loss)/profit before taxation	除税前（亏损）╱溢利	(534,867)	401,919
Notional tax on (loss)/profit before taxation, calculated at applicable tax rates	按照适用税率计算除税前（亏损）╱溢利的名义税项	(88,418)	66,152
Tax effect of non-deductible expenses	不可扣减支出的税项影响	117,471	1,217
Tax effect of non-taxable income	毋须计税收益的税项影响	(3,283)	(42,197)
Over-provision in prior years	以往年度准备过剩	(6)	(12)
Actual tax expense	实际税项支出	25,764	25,160

Provision for Hong Kong Profits Tax for the year	本年度香港利得税准备	17,500	16,868
Provisional Profits Tax paid	已付暂缴利得税	(12,727)	(15,121)
Current tax payable	本期应付所得税	4,773	1,747

Anual Report 2024-2025 年报125

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

9 Income Tax (Continued)

(b) Reconciliation betwen tax expense and

acounting (los)/profit at aplicable tax rates:

$’000$’000

千元千元

of financial position represents:

$’000$’000

千元千元

9 所得税（续）

(b) 所得税支出和按适用税率计算

会计（亏损）╱溢利的对账：

得税为：

Deferred tax arising from:	来自下列各项的递延税项：
At 1 April 2023	于2023年4月1日	113,100
Charged to profit or loss	在损益中扣除	8,304
At 31 March 2024	于2024年3月31日	121,404
At 1 April 2024	于2024年4月1日	121,404
Charged to profit or loss	在损益中扣除	8,270
At 31 March 2025	于2025年3月31日	129,674

Asociated International Hotels Limited 凯联国际酒店有限公司126

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

9 Income Tax (Continued)

(d) Defered tax liabilities recognised:

The components of defered tax liabilities recognised in the

consolidated statement of financial position and the movements

during the year are as folows:

Depreciation

alowances

in exces of

the related

depreciation

超过相关折旧

的折旧免税额

$’000

千元

9 所得税（续）

(d) 已确认递延税项负债：

已在综合财务状况表确认的递延税项负

债的组成部分和本年度变动如下：

Interim dividend declared and paid of $0.16 per share (2024: $0.16 per share)	已宣派及支付中期股息每股 0.16元（2024年：每股0.16元）	57,600	57,600
Final dividend proposed after the end of the reporting period of $0.19 per share (2024: $0.25 per share)	于报告期间终结日后建议分派末期股息每股0.19元（2024年：每股0.25元）	68,400	90,000
	于报告期间终结日后建议分派末期股息每股0.19元（2024年：每股0.25元）	126,000	147,600

Final dividend in respect of the previous financial year, approved and paid during the year, of $0.25 per share (2024: $0.23 per share)	属于上一财政年度，并于本年度批准及支付的末期股息每股0.25元（2024年：每股0.23元）	90,000	82,800

Anual Report 2024-2025 年报127

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

10 Dividends

(a) Dividends payable to equity shareholders of

the Company atributable to the year

$’000$’000

千元千元

The final dividend proposed after the end of the reporting period

has not ben recognised as a liability at the end of the reporting

period.

(b) Dividends payable to equity shareholders

of the Company atributable to the previous

financial year, aproved and paid during the

year

$’000$’000

千元千元

11 (Los)/Earnings Per Share — Basic and

Diluted

The calculation of basic (los)/earnings per share is based on the los

atributable to equity shareholders of the Company of $560,631,000

(2024: a profit of $376,759,000) and 360,000,000 (2024: 360,000,000)

ordinary shares in isue during the year. There were no potential dilutive

ordinary shares in existence in 2025 and 2024.

10 股息

(a) 本年度应付公司权益股东股息

于报告期间终结日后建议分派的末期股

息尚未在报告期间终结日确认为负债。

(b) 属于上一财政年度应付公司权

益股东，并于本年度批准及支

付的股息

11 每股（亏损）╱盈利 — 基本及

摊薄

每股基本（亏损）╱盈利是按照本年度的公司

权益股东应占亏损560,631,000元（二零二四

年：溢利376,759,000元）及已发行的普通股

360,000,000股（二零二四年：360,000,000

股）计算。二零二五年及二零二四年并无潜在

可摊薄普通股。

Cost or valuation:	成本或估值：
At 1 April 2024	于2024年4月1日	7,639,700	100,464	38,780	139,244	7,778,944
Additions	增置	2,551	—	265	265	2,816
Disposals	处置	—	—	(109)	(109)	(109)
Fair value adjustments	公允价值调整	(708,911)	—	—	—	(708,911)
At 31 March 2025	于2025年3月31日	6,933,340	100,464	38,936	139,400	7,072,740
Representing:	代表：
Cost	成本	—	100,464	38,936	139,400	139,400
Valuation — 2025	估值 — 2025年	6,933,340	—	—	—	6,933,340
Valuation — 2025	估值 — 2025年	6,933,340	100,464	38,936	139,400	7,072,740
Accumulated depreciation:	累计折旧：
At 1 April 2024	于2024年4月1日	—	54,751	35,972	90,723	90,723
Charge for the year	本年度折旧	—	3,335	988	4,323	4,323
Written back on disposals	处置时拨回	—	—	(108)	(108)	(108)
At 31 March 2025	于2025年3月31日	—	58,086	36,852	94,938	94,938
Net book value:	账面净值：
At 31 March 2025	于2025年3月31日	6,933,340	42,378	2,084	44,462	6,977,802

Asociated International Hotels Limited 凯联国际酒店有限公司128

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

12 Fixed Asets

(a)

Investment

propertiesOther properties, plant and equipment

投资物业其他物业、厂房及设备

Properties

held for

leasing and

capital

apreciation

Other

properties

Other

asetsSub-totalTotal

租赁及

待资本

增值物业其他物业其他资产小计总额

$’000$’000$’000$’000$’000

千元千元千元千元千元

12 固定资产

(a)

Cost or valuation:	成本或估值：
At 1 April 2023	于2023年4月1日	7,408,000	100,464	38,401	138,865	7,546,865
Additions	增置	917	—	818	818	1,735
Disposals	处置	—	—	(439)	(439)	(439)
Fair value adjustments	公允价值调整	230,783	—	—	—	230,783
At 31 March 2024	于2024年3月31日	7,639,700	100,464	38,780	139,244	7,778,944
Representing:	代表：
Cost	成本	—	100,464	38,780	139,244	139,244
Valuation — 2024	估值 — 2024年	7,639,700	—	—	—	7,639,700
Valuation — 2024	估值 — 2024年	7,639,700	100,464	38,780	139,244	7,778,944
Accumulated depreciation:	累计折旧：
At 1 April 2023	于2023年4月1日	—	51,416	35,205	86,621	86,621
Charge for the year	本年度折旧	—	3,335	1,204	4,539	4,539
Written back on disposals	处置时拨回	—	—	(437)	(437)	(437)
At 31 March 2024	于2024年3月31日	—	54,751	35,972	90,723	90,723
Net book value:	账面净值：
At 31 March 2024	于2024年3月31日	7,639,700	45,713	2,808	48,521	7,688,221

Anual Report 2024-2025 年报129

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

12 固定资产（续）

(a) （续）

12 Fixed Asets (Continued)

(a) (Continued)

Investment

propertiesOther properties, plant and equipment

投资物业其他物业、厂房及设备

Properties

held for

leasing and

capital

apreciation

Other

properties

Other

asetsSub-totalTotal

租赁及

待资本

增值物业其他物业其他资产小计总额

$’000$’000$’000$’000$’000

千元千元千元千元千元

Asociated International Hotels Limited 凯联国际酒店有限公司130

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

12 Fixed Asets (Continued)

(b) Fair value measurement of investment

properties

At 31 March 2025, investment properties comprise iSQUARE

(excluding an ofice on 9th Flor), certain units of God Luck

Industrial Building and a flor of Euro Trade Centre. Other

properties comprise an ofice on 9th Flor of iSQUARE, certain

units of an industrial property and two residential properties in

Hong Kong.

(i) Fair value hierarchy

The folowing table presents the fair value of the Group’s

investment properties 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:

— Level 1 valuations: fair value measured using only

Level 1 inputs i.e. unadjusted quoted prices in

active markets for identical asets or liabilities at the

measurement date

— Level 2 valuations: fair value measured using Level 2

inputs i.e. observable inputs which fail to met Level

1, and not using significant unobservable inputs.

Unobservable inputs are inputs for which market

data are not available

— Level 3 valuations: fair value measured using

significant unobservable inputs

12 固定资产（续）

(b) 投资物业的公允价值计量

于二零二五年三月三十一日，投资物业

包括国际广场（不包括位于九楼的办公

室）、好运工业大厦的若干单位及欧陆

贸易中心的一层。其他物业包括位于香

港的国际广场九楼的办公室、一幢工业

大厦的若干单位及两幢住宅物业。

(i) 公允价值层级

下表呈列本集团于报告期间终结

日按经常基准所计量的投资物

业公允价值。该等物业已归入按

《香港财务报告准则》第13号「公

允价值计量」所界定的三个公允

价值层级。本集团参照以下估值

方法所采用的输入值的可观察程

度和重要性，从而厘定公允价值

计量数值所应被分类的层级：

— 第一层级估值：只使用第

一层级输入值（即在计量日

于活跃市场内相同资产或

负债的未经调整报价）来计

量公允价值

— 第二层级估值：使用第二

层级输入值（即未达第一层

级的可观察输入值），并未

能采用重大的不可观察输

入值来计量公允价值。不

可观察输入值是指欠缺市

场数据的输入值

— 第三层级估值：采用重大

的不可观察输入值来计量

公允价值

Recurring fair value measurement	按经常基准所计量的公允价值
Investment properties categorised into Level 3 valuations:	被归类至第三层级估值的投资物业：
— Commercial properties in Hong Kong	— 位于香港的商业物业	6,900,400	7,601,500
— Industrial properties in Hong Kong	— 位于香港的工业物业	32,940	38,200
— Industrial properties in Hong Kong	— 位于香港的工业物业	6,933,340	7,639,700

Anual Report 2024-2025 年报131

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

12 Fixed Asets (Continued)

(b) Fair value measurement of investment

properties (Continued)

(i) Fair value hierarchy (Continued)

None of the Group’s investment properties measured at fair

value are categorised into Level 1 and Level 2 valuations.

The investment properties which are categorised into Level

3 valuations are analysed as below:

$’000$’000

千元千元

During the years ended 31 March 2025 and 2024, there

were no transfers betwen Level 1 and Level 2, or transfers

into or out of Level 3. The Group’s policy is to recognise

transfers betwen levels of fair value hierarchy at the end of

the reporting period in which they ocur.

12 固定资产（续）

(b) 投资物业的公允价值计量（续）

(i) 公允价值层级（续）

本集团并无将以公允价值计量的

投资物业归类至第一层级及第二

层级估值。被归类至第三层级估

值的投资物业分析如下：

于截至二零二五年及二零二四年

三月三十一日止年度，在第一

层级与第二层级之间并无出现转

移，而于第三层级亦无转入或转

出。本集团的政策是在公允价值

层级之间出现转移的报告期间终

结日确认有关转移。

Commercial properties in Hong Kong	位于香港的商业物业	3.10% — 5.00%	2.90% — 5.00%	77.1% — 100%	73.1% — 100%
Industrial properties in Hong Kong	位于香港的工业物业	4.00%	4.00%	100%	100%

Asociated International Hotels Limited 凯联国际酒店有限公司132

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

12 Fixed Asets (Continued)

(b) Fair value measurement of investment

properties (Continued)

(i) Valuation proces

The investment properties in Hong Kong were revalued

at 31 March 2025 by Vigers Apraisal and Consulting

Limited, an independent firm of profesional valuers who

have among their staf Felows of The Hong Kong Institute

of Surveyors with recent experience in the location and

category of properties being valued, on a market value

basis. Management has discusion with the valuers on

the valuation asumptions and valuation results when the

valuation is performed at each interim and anual reporting

date.

(i) Information about Level 3 fair value measurement

The fair value of investment properties was determined

using income capitalisation aproach which capitalised the

net rental income of the properties and taking into acount

the ocupancy rate and reversionary income potential

of properties after the expiry of the curent leases. The

significant unobservable inputs are set out below:

Range of capitalisation rateRange of ocupancy rate

资本化比率的范围出租率的范围

Investment properties投资物业2025202420252024

The fair value measurement of investment properties is

positively corelated to the ocupancy rate and negatively

corelated to the capitalisation rate.

12 固定资产（续）

(b) 投资物业的公允价值计量（续）

(i) 估值程序

于二零二五年三月三十一日，位

于香港的投资物业是由一间独立

专业估值师 — 威格斯资产评估

顾问有限公司（其员工中具备香

港测量师学会资深会员之资格，

且对被重估之物业所在位置及所

属类别有近期相关之经验）进行

重估，重估乃以个别物业之市值

为准则。管理层已与估值师讨论

在各个中期和年度报告日期进行

估值的假设和结果。

(i) 第三层级公允价值计量的资料

本集团采用收益资本化法，将物

业的净租金收入资本化，并考虑

到物业出租率及在现有租约届满

后续约时租金收入的潜在能力，

以厘定投资物业的公允价值。重

大的不可观察输入值列载如下：

投资物业的公允价值计量与出租

率成正比关系，但与资本化比率

成反比关系。

At 1 April 2023	于2023年4月1日	7,369,800	38,200
Additions	增置	917	—
Fair value adjustments	公允价值调整	230,783	—
At 31 March 2024	于2024年3月31日	7,601,500	38,200
At 1 April 2024	于2024年4月1日	7,601,500	38,200
Additions	增置	2,551	—
Fair value adjustments	公允价值调整	(703,651)	(5,260)
At 31 March 2025	于2025年3月31日	6,900,400	32,940

Anual Report 2024-2025 年报133

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

12 Fixed Asets (Continued)

(b) Fair value measurement of investment

properties (Continued)

(i) Information about Level 3 fair value measurement

(Continued)

The movements during the year in the balance of these

Level 3 fair value measurement are as folows:

Comercial

properties

in Hong Kong

Industrial

properties

in Hong Kong

位于香港的

商业物业

位于香港的

工业物业

$’000$’000

千元千元

Fair value adjustment of investment properties is

recognised in the line item “valuation (loses)/gains on

investment properties” on the face of the consolidated

statement of profit or los and other comprehensive

income. Al the valuation changes recognised in profit or

los for the year arise from the properties held at the end of

the reporting period. The valuation changes wil only afect

the acounting profit or los but not the cash flows of the

Group.

12 固定资产（续）

(b) 投资物业的公允价值计量（续）

(i) 第三层级公允价值计量的资料

（续）

本年度内第三层级公允价值结余

的变动如下：

投资物业的公允价值调整在综合

损益及其他全面收入表的「投资

物业估值（亏损）╱盈利」项目中

确认。本年度内在损益中确认的

所有估值变动均来自本集团于报

告期间终结日持有的物业。该估

值变动只会影响本集团在会计上

的溢利或亏损，而不会对其现金

流量造成影响。

In Hong Kong, with remaining lease term of:	在香港，剩余租赁期为：
— not less than 50 years	— 不少于50年	94,200	121,400
— less than 50 years but not less than 10 years	— 少于50年但不少于10年	6,881,518	7,564,013
— less than 50 years but not less than 10 years	— 少于50年但不少于10年	6,975,718	7,685,413

Within 1 year	1年内	207,334	181,496
After 1 year but within 2 years	1年后但2年内	161,239	119,575
After 2 years but within 3 years	2年后但3年内	98,167	82,927
After 3 years but within 4 years	3年后但4年内	66,398	67,871
After 4 years but within 5 years	4年后但5年内	17,420	62,754
After 5 years	5年后	—	17,420
After 5 years	5年后	550,558	532,043

Asociated International Hotels Limited 凯联国际酒店有限公司134

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

12 Fixed Asets (Continued)

is as folows:

$’000$’000

千元千元

(d) Other asets comprise furniture, fixtures, equipment and motor

vehicles.

(e) The Group leases out investment properties under operating

leases. The leases run for an initial period of one to ten years, with

an option to renew the lease after that date at which time al terms

are renegotiated. Certain leases include variable lease payment

terms that are based on the revenue of tenants. Variable lease

payments that do not depend on an index or a rate recognised

as income in profit or los during the year ended 31 March 2025

were $8,684,000 (2024: $21,958,000).

Undiscounted lease payments under non-cancelable operating

leases in place at the reporting date wil be receivable by the

Group in future periods as folows:

$’000$’000

千元千元

12 固定资产（续）

(d) 其他资产包括家私、装置、设备及汽

车。

(e) 本集团以经营租赁租出投资物业。这些

租赁最初为期一年至十年，并且有权选

择在到期日后续期，届时所有条款均可

重新商定。若干租赁包括按租户收入计

算的可变租赁付款额的条款。不取决于

指数或比率的可变租赁付款额于截至二

零二五年三月三十一日止年度在损益

中确认为收入为8,684,000元（二零二四

年：21,958,000元）。

本集团根据于报告日期已存在不可解除

经营租赁在未来期间应收的未折现租赁

付款额如下：

Associated International Resorts Limited	Hong Kong	$20 divided into 2 shares	100%	Inactive
Associated International Resorts Limited	香港	20元分为2股股份		不活跃
Diamond Town Limited	Hong Kong	$200,000 divided into 200,000 shares	100%	Property investment
锦登有限公司	香港	200,000元分为200,000股股份		物业投资

Anual Report 2024-2025 年报135

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

12 Fixed Asets (Continued)

(f) Pledge of asets

At the end of the reporting period, fixed asets with carying value

of $6,846,265,000 (2024: $7,523,078,000) were pledged to

secure the bank loan (se note 20).

13 Subsidiaries

The folowing list contains the particulars of al the subsidiaries of the

Group. The clas of shares held is ordinary unles otherwise stated.

Name of company

Place of

incorporation

and operation

Particulars of isued

and paid up capital

Proportion of

ownership

interest held

by the CompanyPrincipal activity

公司名称

注册成立及

经营地点

已发行及缴足

股本详情

由本公司持有的

所占权益比例主要业务

12 固定资产（续）

(f) 资产抵押

于报告期间终结日，银行贷款是以账

面值为6,846,265,000元（二零二四年：

7,523,078,000元）的固定资产作为抵押

（参阅附注20）。

13 附属公司

下表列载本集团所有附属公司详情。除另有

注明者外，所持有的股份均为普通股。

Accounts receivable	应收账款	110,229	103,896
Less: Allowance for credit losses (note 14(b))	减：信贷亏损准备（附注14(b)）	(290)	—
Less: Allowance for credit losses (note 14(b))	减：信贷亏损准备（附注14(b)）	109,939	103,896
Deposits and prepayments	订金及预付款	9,622	9,890
Deposits and prepayments	订金及预付款	119,561	113,786

Current (Note)	未逾期（注）	100,607	89,028
Less than 1 month past due	逾期少于1个月	3,881	5,636
1 to 3 months past due	逾期1至3个月	3,736	4,554
More than 3 months but less than 12 months past due	逾期超过3个月但少于12个月	388	1,159
More than 12 months past due	逾期超过12个月	1,327	3,519
Amounts past due	已逾期金额	9,332	14,868
Amounts past due	已逾期金额	109,939	103,896

Asociated International Hotels Limited 凯联国际酒店有限公司136

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

(a) 账龄分析

于报告期间终结日，包括在应收账款、

订金及预付款内的应收账款（已扣除信

贷亏损准备）的账龄分析如下：

14 Acounts Receivable, Deposits and

Prepayments

$’000$’000

千元千元

(a) Ageing analysis

The ageing analysis of acounts receivable (net of alowance for

credit loses) which was included in acounts receivable, deposits

and prepayments as of the end of the reporting period is as

folows:

$’000$’000

千元千元

Note: The amount includes the receivable for lease incentives of

$98,691,000 (2024: $88,593,000) which is not past due. The

movement in the said receivable during the year wil only afect

the acounting revenue but not the contractual cash flows of the

Group.

Debts are generaly due on the 1st day of each month and 10 to

14 days are alowed for setlement or else interest wil be charged.

Further details on the Group’s credit policy are set out in note

23(a).

14 应收账款、订金及预付款

注：这数额包括租赁所涉及的激励措施的未

逾期应收账款98,691,000元（二零二四

年：88,593,000元）。该应收账款的本

年度变动只会影响本集团在会计上的收

入，而不会对其合约性现金流量造成影

响。

欠款一般在每月首日到期，还款宽限期

一般为十天至十四天，逾期会征收利

息。本集团信贷政策其他详情列载于附

注23(a)。

At 1 April 2024/2023	于2024/2023年4月1日	—	154
Impairment losses recognised (note 6(c))	已确认减值亏损（附注6(c)）	2,304	1,095
Uncollectible amounts written off	已冲销不可收回数额	(2,014)	(1,249)
At 31 March	于3月31日	290	—

Deposits with banks	银行定期存款	494,903	490,031
Cash at bank and in hand	银行存款及现金	15,935	16,491
Cash at bank and in hand	银行存款及现金	510,838	506,522

Anual Report 2024-2025 年报137

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

14 Acounts Receivable, Deposits and

Prepayments (Continued)

(b) Impairment of acounts receivable

The movement in the specific alowance for credit loses during

the year is as folows:

$’000$’000

千元千元

15 Pledged Bank Deposits

At 31 March 2025 and 2024, bank deposits were pledged to a

designated bank to secure the bank loan (se note 20).

16 Cash and Cash Equivalents

(a) Cash and cash equivalents comprise:

$’000$’000

千元千元

14 应收账款、订金及预付款（续）

(b) 应收账款减值

本年度内信贷亏损特定准备变动如下：

15 已抵押银行存款

于二零二五年及二零二四年三月三十一日，

银行存款已用作抵押，以获取一家指定银行

的银行贷款（参阅附注20）。

16 现金及现金等价物

(a) 现金及现金等价物包括：

At 1 April 2024	于2024年4月1日	200,000	1,492	239	201,731
Changes from financing cash flows:	融资现金流量变动：
Payment for government lease premiums payable	支付政府地价	—	(84)	—	(84)
Interest paid on government lease premiums payable	已付政府地价利息	—	—	(75)	(75)
Interest paid on bank loan	已付银行贷款利息	—	—	(10,505)	(10,505)
Other borrowing costs paid	已付其他借款成本	—	—	(762)	(762)
Total changes from financing cash flows	融资现金流量变动总额	—	(84)	(11,342)	(11,426)
Other changes:	其他变动：
Interest on bank loan	银行贷款利息	—	—	10,438	10,438
Other borrowing costs	其他借款成本	—	—	730	730
Interest on government lease premiums payable	应付政府地价利息	—	—	71	71
Total other changes	其他变动总额	—	—	11,239	11,239
At 31 March 2025	于2025年3月31日	200,000	1,408	136	201,544

Asociated International Hotels Limited 凯联国际酒店有限公司138

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

16 现金及现金等价物（续）

(b) 融资活动所产生的负债之对

账：

下表详列本集团融资活动所产生的负债

变动，当中包括现金及非现金变动。融

资活动所产生的负债指该负债的现金流

量已经或未来现金流量将被分类于综合

现金流量表的融资活动内。

16 Cash and Cash Equivalents (Continued)

(b) Reconciliation of liabilities arising from

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

consolidated statement of cash flows as cash flows from financing

activities.

Bank loan

— secured

Government

lease

premiums

payable

Interest

payablesTotal

银行贷款

— 有抵押

应付

政府地价应付利息总额

$’000$’000$’000$’000

千元千元千元千元

(Note 20)(Note 21)

（附注20）（附注21）

At 1 April 2023	于2023年4月1日	200,000	1,572	372	201,944
Changes from financing cash flows:	融资现金流量变动：
Payment for government lease premiums payable	支付政府地价	—	(80)	—	(80)
Interest paid on government lease premiums payable	已付政府地价利息	—	—	(79)	(79)
Interest paid on bank loan	已付银行贷款利息	—	—	(11,337)	(11,337)
Other borrowing costs paid	已付其他借款成本	—	—	(249)	(249)
Total changes from financing cash flows	融资现金流量变动总额	—	(80)	(11,665)	(11,745)
Other changes:	其他变动：
Interest on bank loan	银行贷款利息	—	—	11,206	11,206
Other borrowing costs	其他借款成本	—	—	250	250
Interest on government lease premiums payable	应付政府地价利息	—	—	76	76
Total other changes	其他变动总额	—	—	11,532	11,532
At 3 1 March 2024	于2024年3月31日	200,000	1,492	239	201,731

Anual Report 2024-2025 年报139

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

16 Cash and Cash Equivalents (Continued)

(b) Reconciliation of liabilities arising from

financing activities: (Continued)

Bank loan

— secured

Government

lease

premiums

payable

Interest

payablesTotal

银行贷款

— 有抵押

应付

政府地价应付利息总额

$’000$’000$’000$’000

千元千元千元千元

(Note 20)(Note 21)

（附注20）（附注21）

16 现金及现金等价物（续）

(b) 融资活动所产生的负债之对

账：（续）

At 1 April 2024	于2024年4月1日	2,556
Provision made for the year	本年度计提准备	350
At 31 March 2025	于2025年3月31日	2,906

Asociated International Hotels Limited 凯联国际酒店有限公司140

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

17 Other Payables and Acruals

Al of the other payables and acruals are expected to be setled within

one year.

18 Deposits Received

Al of the deposits received are expected to be setled within one year

except for $72,188,000 (2024: $53,902,000) which is expected to be

setled after more than one year.

19 Provision for Long Service Payments

$’000

千元

Under the Hong Kong Employment Ordinance, the Group is obliged

to make lump sum payments on cesation of employment in certain

circumstances to employes who have completed at least five

years of service with the Group. The amount payable is dependent

on the employes’ final salary and years of service, and is reduced

by entitlements acrued under the Group’s retirement plan that is

atributable to contributions made by the Group. The Group does not

set aside any asets to fund any remaining obligations.

The Employment and Retirement Schemes Legislation (Ofseting

Arangement) (Amendment) Ordinance 2022 was enacted in June

2022 which abolishes the use of the acrued benefits of employers’

mandatory contributions under the Mandatory Provident Fund Schemes

Ordinance and/or Ocupational Retirement Schemes Ordinance to

ofset severance payment and long service payment (the “Ofseting

Arangement”). The abolishment of the Ofseting Arangement would

increase the state benefits that afect the long service payment payable

by the employer.

17 其他应付款及应计费用

所有其他应付款及应计费用预计于一年内清

付。

18 已收订金

除了72,188,000元（二零二四年：53,902,000元）

的订金预计于超过一年后清付外，所有已收

订金预计于一年内清付。

19 长期服务金准备

根据香港《雇佣条例》，本集团须就终止在职

五年或以上的员工雇佣关系时，在某些情况

下必须作出一笔付款。应付金额按有关员工

最终的薪金及服务年期，减去按本集团退休

计划内由本集团作出的供款金额计算。本集

团并没有预留任何资产作为任何剩余债务的

拨款。

《二零二年雇佣及退休计划法例（抵销安排）

（修订）条例》已于二零二年六月执行，并取

消使用《强制性公积金计划条例》及╱或《职

业退休计划条例》下以雇主强制性供款之累

算权益来抵销遣散费及长期服务金（「抵销安

排」）。取消抵销安排将增加福利状况，并影

响雇主应支付之长期服务金。

After 1 year but within 2 years	1年后但2年内	200,000	—
After 2 years but within 5 years	2年后但5年内	—	200,000
After 2 years but within 5 years	2年后但5年内	200,000	200,000

Anual Report 2024-2025 年报141

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

20 Bank Loan — Secured

At 31 March 2025, the bank loan was repayable as folows:

$’000$’000

千元千元

On 7 October 2013, the Company entered into a facility agrement with

a bank for banking facilities of up to $300,000,000. Folowing the first

suplemental agrement for extension of the facilities to 8 October 2021,

the Company entered into the second suplemental agrement with the

bank on 23 August 2021 for extension of the facilities for thre years to 8

October 2024. With the agrement of the lending bank, the facilities have

ben further extended for two aditional years to 8 October 2026. The

banking facilities were secured by a debenture incorporating a first fixed

legal charge over certain fixed asets (se note 12(f) and a first floating

charge over certain bank deposits (se note 15). At 31 March 2025, the

outstanding bank loan was $200,000,000 (2024: $200,000,000).

The Company’s banking facilities are subject to the fulfilment of

covenants relating to certain of the Company’s consolidated statement

of financial position ratios and maintenance of capital at certain required

levels. If the Company were to breach the covenants, the drawn down

facilities would become payable on demand. The Company regularly

monitors its compliance with these covenants. As at 31 March 2025 and

2024, none of the covenants relating to drawn down facilities had ben

breached.

20 银行贷款 — 有抵押

于二零二五年三月三十一日，银行贷款的还

款期如下：

于二零一三年十月七日，本公司与一间银

行订立了一份合共300,000,000元的融资协

议。继第一份补充协议将融资期限延长至二

零二一年十月八日之后，本公司于二零二一

年八月二十三日与该银行订立第二份补充协

议，将融资期限再延长三年至二零二四年十

月八日。在贷款银行同意下，该融资期限已

获进一步延长两年至二零二六年十月八日。

该银行融资是以一份包括若干固定资产（参阅

附注12(f)）的第一固定法定押记及若干银行存

款（参阅附注15）的第一浮动押记的债券作为

抵押。于二零二五年三月三十一日，未偿还

的银行贷款为200,000,000元（二零二四年：

200,000,000元）。

本公司的银行融资须在履行与本公司的若干

综合财务状况表比率有关的契诺后方能取

用，并须维持资本在一定的规定水平。倘本

公司违反该等契诺，则须按通知即时偿还已

提取的信贷额。本公司会定期监察是否已符

合这些契诺。于二零二五年及二零二四年三

月三十一日，本公司并无违反任何与提取信

贷有关的契诺。

Within 1 year (amount included in other payables and accruals)	1年内（包括在其他应付款及应计费用内）	89	84
After 1 year but within 2 years	1年后但2年内	93	89
After 2 years but within 3 years	2年后但3年内	97	93
After 3 years but within 4 years	3年后但4年内	103	97
After 4 years but within 5 years	4年后但5年内	107	103
After 5 years	5年后	919	1,026
		1,319	1,408
		1,408	1,492

Asociated International Hotels Limited 凯联国际酒店有限公司142

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

21 Government Lease Premiums Payable

At 31 March 2025, the government lease premiums payable was

repayable as folows:

$’000$’000

千元千元

Interest on government lease premiums payable is chargeable at a fixed

rate of 5% (2024: 5%) per anum on the outstanding balance.

21 应付政府地价

于二零二五年三月三十一日，应付政府地价

的还款期如下：

应付政府地价利息是按未偿还余额以固定年

利率5厘（二零二四年：5厘）计算。

Balance at 1 April 2023	于2023年4月1日的结余	360,000	1,761,266	5,394,791	7,516,057
Profit and total comprehensive income for the year	本年度溢利及全面收入总额	—	—	379,505	379,505
Dividends approved in respect of the previous financial year	属于上一财政年度批准的股息	—	—	(82,800)	(82,800)
Dividends declared in respect of the current financial year	属于本财政年度宣派的股息	—	—	(57,600)	(57,600)
Balance at 31 March 2024 and 1 April 2024	于2024年3月31日及 2024年4月1日的结余	360,000	1,761,266	5,633,896	7,755,162
Loss and total comprehensive income for the year	本年度亏损及全面收入总额	—	—	(535,004)	(535,004)
Dividends approved in respect of the previous financial year	属于上一财政年度批准的股息	—	—	(90,000)	(90,000)
Dividends declared in respect of the current financial year	属于本财政年度宣派的股息	—	—	(57,600)	(57,600)
Balance at 31 March 2025	于2025年3月31日的结余	360,000	1,761,266	4,951,292	7,072,558

Anual Report 2024-2025 年报143

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

22 Capital and Reserves

(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 year are set out below:

The Company

capital

Revaluation

reserve

Retained

earningsTotal

股本重估储备保留溢利总额

$’000$’000$’000$’000

千元千元千元千元

22 资本及储备

(a) 权益组成部分的变动

本集团综合权益的每个组成部分的期初

与期末结余的对账，列载于综合权益变

动表。本公司于年初至年终间个别权益

组成部分的变动详情列载如下：

本公司

Issued and fully paid:	已发行及缴足：
Ordinary shares	普通股	360,000,000	360,000	360,000,000	360,000

Asociated International Hotels Limited 凯联国际酒店有限公司144

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

22 Capital and Reserves (Continued)

(b) Share capital

Number of shares$’000Number of shares$’000

股份数目千元股份数目千元

In acordance with section 135 of the Hong Kong Companies

Ordinance, the ordinary shares of the Company have no nominal

value.

The holders of ordinary shares are entitled to receive dividends as

declared from time to time and are entitled to one vote per share

at metings of the Company. Al ordinary shares rank equaly with

regard to the Company’s residual asets.

The revaluation reserve represents hotel properties revaluation

surpluses and other properties revaluation surplus recognised in

prior years. The hotel has ben redeveloped into iSQUARE. Upon

the retirement or disposal of the properties, any related revaluation

surplus is transfered from the revaluation reserve to retained

earnings. The reserve is non-distributable.

(d) Distributability of reserves

At 31 March 2025, the agregate amount of reserves available for

distribution to equity shareholders of the Company, as calculated

under the provisions of Part 6 of the Hong Kong Companies

Ordinance, was $1,937,722,000 (2024: $1,938,615,000). After

the end of the reporting period, the Directors proposed a final

dividend of $0.19 per share (2024: $0.25 per share), amounting to

$68,400,000 (2024: $90,000,000) (note 10). This dividend has not

ben recognised as a liability at the end of the reporting period.

22 资本及储备（续）

(b) 股本

根据香港《公司条例》第135条，本公司

的普通股并无面值。

普通股持有人有权收取不时宣派的股

息，并可在本公司大会上每持有一股

份投一票。对于本公司的剩余资产，所

有普通股均享有同等权益。

重估储备是指以往年度已确认的酒店物

业重估盈余及其他物业重估盈余。该酒

店已重建为国际广场。报废或处置有关

物业后，任何相关的重估盈余会由重估

储备转入保留溢利。此储备是不可分派

的。

(d) 可供分派储备

于二零二五年三月三十一日，根据

香港《公司条例》第6部规定计算的可

供分派予公司权益股东的储备总额

为1,937,722,000元（二零二四年：

1,938,615,000元）。董事会于报告期

间终结日后，建议分派末期股息每股

0.19元（二零二四年：每股0.25元），

合共68,400,000元（二零二四年：

90,000,000元）（附注10）。这些股息于

报告期间终结日尚未确认为负债。

Anual Report 2024-2025 年报145

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

22 资本及储备（续）

(e) 资本管理

本集团管理资本的主要目的是保障本集

团持续经营的能力，从而借着出租物业

和订定与风险水平相称的服务价格以及

以合理成本取得融资的方式，继续为权

益股东带来回报，并为其他相关人士带

来利益。

本集团定期检讨和管理其资本结构，务

求在可能以较高的借款水平去争取较高

的成员回报时，与稳健资本状况带来的

优势和保障取得平衡，并因应经济情况

转变而调整资本结构。截至二零二五年

及二零二四年三月三十一日止年度，本

集团的整体策略维持不变。

本集团经考虑未来财务责任和承担后，

透过审阅资本负债比率及现金流量需求

来监察其资本结构。就此而言，本集团

界定资本负债比率为银行贷款总额除

以综合财务状况表所示的权益总额。

于二零二五年三月三十一日，本集团

的资本负债比率为2.8%（二零二四年：

2.5%），而银行存款及现金超过银行贷

款总额达316,513,000元（二零二四年：

315,824,000元）。

22 Capital and Reserves (Continued)

(e) Capital management

The Group’s primary objectives when managing capital are to

safeguard the Group’s ability to continue as a going concern, so

that it can continue to provide returns for equity shareholders and

benefits for other stakeholders, by leasing properties and pricing

services comensurately with the level of risk and by securing

aces to finance at a reasonable cost.

The Group regularly reviews and manages its capital structure

to maintain a balance betwen the higher member 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’s overal strategy remained

unchanged during the years ended 31 March 2025 and 2024.

The Group monitors its capital structure by reviewing its gearing

ratio and cash flow requirements, taking into acount its future

financial obligations and comitments. For this purpose, the

Group defines gearing ratio as total bank loan over total equity

as shown in the consolidated statement of financial position. As

at 31 March 2025, the Group’s gearing ratio was 2.8% (2024:

2.5%) with bank deposits and cash exceding total bank loan of

$316,513,000 (2024: $315,824,000).

Asociated International Hotels Limited 凯联国际酒店有限公司146

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

23 Financial Risk Management and Fair Values

Exposure to credit, liquidity, interest rate and curency risks arises in the

normal course of the Group’s busines.

The Group’s exposure to these risks and the financial risk management

policies and practices used by the Group to manage these risks are

described below.

(a) Credit risk

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 acounts

receivable, pledged bank deposits and cash and cash equivalents.

Management has a credit policy in place and the exposure to this

credit risk is monitored on an ongoing basis.

The Group’s exposure to credit risk arising from pledged bank

deposits and cash and cash equivalents is limited because the

counterparties are banks and financial institutions with sound

credit rating, for which the Group considers to have low credit

risk.

In respect of acounts receivable, 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.

Debts are generaly due on the 1st day of each month and 10 to

14 days are alowed for setlement or else interest wil be charged.

Legal action wil be taken against past due debtors whenever

the situation is apropriate. The Group obtains deposits from

customers (se note 18) as colateral over acounts receivable

to cover potential exposure to credit risk. At 31 March 2025 and

2024, the expected credit loses for acounts receivable were

measured and los alowance was provided.

23 财务风险管理及公允价值

本集团会在正常业务过程中出现信贷、流动

资金、利率和货币风险。

有关本集团所承担的风险，以及本集团用以

管理该等风险的财务风险管理政策和惯常做

法载述如下。

(a) 信贷风险

信贷风险指交易对手不履行其合约责任

而导致本集团蒙受财务损失的风险。本

集团的信贷风险主要来自应收账款、已

抵押银行存款和现金及现金等价物。管

理层已实施信贷政策，并且不断监察所

承受的信贷风险。

本集团由已抵押银行存款和现金及现金

等价物所产生的信贷风险有限，因为交

易对手是本集团视为低信贷风险的具有

良好信贷评级的银行及财务机构。

就应收账款而言，对于所有要求授出超

过一定金额信贷的客户，本集团会作出

个别信贷评估。另外会集中评估客户过

往偿还到期账项的记录及目前的偿债能

力，并会考虑客户特定资料以至客户经

营所在的经济环境。欠款一般在每月首

日到期，还款宽限期一般为十天至十四

天，逾期会征收利息。本集团会在适当

的情况下对逾期欠款债务人采取法律

行动。本集团收取客户订金（参阅附注

18）作为应收账款的抵押品以抵销潜在

的信贷风险。于二零二五年及二零二四

年三月三十一日，应收账款的预期信贷

亏损已计量并作出亏损准备。

Anual Report 2024-2025 年报147

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

23 Financial Risk Management and Fair Values

(Continued)

(a) Credit risk (Continued)

The Group has no significant concentrations of credit risk. The

maximum exposure to credit risk without taking acount of any

colateral held is represented by the carying amount of each

financial aset in the statement of financial position after deducting

any impairment alowance. The Group does not provide any

guarantes which would expose the Group to credit risk.

Further quantitative disclosures in respect of the Group’s

exposure to credit risk arising from acounts receivable are set

out in note 14.

(b) Liquidity risk

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 an

adequate amount of comited banking facilities to met its

liquidity requirements in the short and longer term.

The folowing table details the remaining contractual maturities

at the end of the reporting period of the Group’s non-derivative

financial liabilities, which are based on contractual undiscounted

cash flows (including interest payments computed using

contractual rates or, if floating, based on rates curent at the end

of the reporting period) and the earliest date the Group can be

required to pay:

23 财务风险管理及公允价值（续）

(a) 信贷风险（续）

本集团并无重大信贷风险集中的情况。

不计算所持抵押品，本集团所承受的信

贷风险上限为财务状况表中每项金融资

产的账面值（已扣除减值准备）。本集团

并无提供可致本集团承担信贷风险的任

何担保。

有关本集团因应收账款而产生信贷风险

承担的其他量化披露，载述于附注14。

(b) 流动资金风险

本集团的政策是定期监察当时和预计的

流动资金需求，以及有否遵守贷款契

诺，确保维持充裕的现金储备，同时获

银行承诺提供足够的信贷额，以满足短

期和较长期的流动资金需求。

下表详列本集团之非衍生金融负债于报

告期间终结日的尚余合约到期款项，该

等款项按合约未折现金流量（包括以

合约利率或按于报告期间终结日的当时

利率（如属浮息）计算的利息付款）及本

集团须最早支付日期而列报：

Other payables and accruals	其他应付款及应计费用	18,682	—	—	—	18,682	18,665
Deposits received	已收订金	36,277	27,586	44,602	—	108,465	108,465
Bank loan — secured	银行贷款 — 有抵押	9,255	204,818	—	—	214,073	200,000
Government lease premiums payable	应付政府地价	—	159	477	1,111	1,747	1,319
Government lease premiums payable	应付政府地价	64,214	232,563	45,079	1,111	342,967	328,449

Other payables and accruals	其他应付款及应计费用	23,875	—	—	—	23,875	23,858
Deposits received	已收订金	56,651	18,611	23,073	12,218	110,553	110,553
Bank loan — secured	银行贷款 — 有抵押	11,403	11,403	205,935	—	228,741	200,000
Government lease premiums payable	应付政府地价	—	159	477	1,270	1,906	1,408
Government lease premiums payable	应付政府地价	91,929	30,173	229,485	13,488	365,075	335,819

Asociated International Hotels Limited 凯联国际酒店有限公司148

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

23 Financial Risk Management and Fair Values

(Continued)

(b) Liquidity risk (Continued)

Contractual undiscounted cash flows

合约未折现金流量

Within 1

year or on

demand

More than

1 year but

les than

2 years

More than

2 years but

les than

5 years

More than

5 yearsTotal

Carying

amount

1年内或

接获通知时

超过1年

但少于2年

超过2年

但少于5年超过5年总额账面值

$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元

Contractual undiscounted cash flows

合约未折现金流量

Within 1

year or on

demand

More than

1 year but

les than

2 years

More than

2 years but

les than

5 years

More than

5 yearsTotal

Carying

amount

1年内或

接获通知时

超过1年

但少于2年

超过2年

但少于5年超过5年总额账面值

$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元

23 财务风险管理及公允价值（续）

(b) 流动资金风险（续）

Fixed rate borrowings:	定息借款：
Government lease premiums payable	应付政府地价	5.00	1,408	5.00	1,492
Variable rate borrowings:	浮息借款：
Bank loan — secured	银行贷款 — 有抵押	4.63	200,000	5.70	200,000
Total	总额		201,408		201,492

Anual Report 2024-2025 年报149

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

23 Financial Risk Management and Fair Values

(Continued)

The Group’s interest rate risk arises primarily from bank loan.

The bank loan borowed at variable rates expose the Group to

cash flow interest rate risk. The Group’s interest rate profile as

monitored by management is set out in (i) below.

(i) Interest rate profile

The folowing table details the interest rate profile of the

Group’s borowings with significant interest rate risk

exposure at the end of the reporting period:

Efective

interest rate

Efective

interest rate

实际利率$’000实际利率$’000

%千元%千元

23 财务风险管理及公允价值（续）

本集团的利率风险主要来自银行贷款。

浮息的银行贷款使本集团须承受现金流

量利率风险。本集团管理层监察的利率

概况如下(i)所述。

(i) 利率概况

下表详列于报告期间终结日本集

团所承担具有重大利率风险的借

款利率概况：

Asociated International Hotels Limited 凯联国际酒店有限公司150

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

23 Financial Risk Management and Fair Values

(Continued)

(i) Sensitivity analysis

At 31 March 2025, it is estimated that a general increase/

decrease of 50 (2024: 75) basis points in interest rates, with

al other variables held constant, would have increased/

decreased the Group’s los after tax and decreased/

increased the retained profits by aproximately $835,000

(2024: decreased/increased the Group’s profit after tax and

the retained profits by aproximately $1,253,000).

The sensitivity analysis above indicates the instantaneous

change in the Group’s los after tax (2024: profit after tax)

(and retained profits) that would arise asuming that the

change in interest rates had ocured at the end of the

reporting period. In respect of the exposure to cash flow

interest rate risk arising from floating rate non-derivative

instruments held by the Group at the end of the reporting

period, the impact on the Group’s los after tax (2024:

profit after tax) (and retained profits) is estimated as an

anualised impact on interest expense of such a change in

interest rates. The analysis is performed on the same basis

for 2024.

(d) Curency risk

The Group has no significant exposure to foreign curency risk as

substantialy al of the Group’s transactions are denominated in

Hong Kong dolars.

(e) Fair values

Al financial instruments are caried at amounts not materialy

diferent from their fair values as at 31 March 2025 and 2024.

23 财务风险管理及公允价值（续）

(i) 敏感度分析

于二零二五年三月三十一日，

估计当利率普遍上升╱下降50

（二零二四年：75）基点，加上

所有其他可变因素维持不变，将

因此增加╱减少本集团除税后

亏损及减少╱增加保留溢利约

835,000元（二零二四年：减少╱

增加本集团除税后溢利及保留溢

利约1,253,000元）。

上述敏感度分析列示利率变动

（假设已于报告期间终结日发生）

对本集团除税后亏损（二零二四

年：除税后溢利）（和保留溢利）

的即时变化。就本集团所承担于

报告期间终结日持有浮息非衍生

工具而产生的现金流量利率风险

而言，本集团除税后亏损（二零

二四年：除税后溢利）（和保留溢

利）的影响是按该利率变动对利

息支出的年度化影响作出估计。

这项分析是按二零二四年相同的

基准进行。

(d) 货币风险

由于本集团绝大部分交易均以港币计

值，因此并无承受重大的外币风险。

(e) 公允价值

本集团的所有金融工具均以与其于二零

二五年及二零二四年三月三十一日的公

允价值不会有重大差异的数额列账。

Contracted for	已订约	—	949

Anual Report 2024-2025 年报151

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

24 雇员退休福利

本集团按照香港《强制性公积金计划条例》的

规定，为根据香港《雇佣条例》聘用的雇员设

立强制性公积金计划（「强积金计划」）。该强

积金计划是由独立的受托人管理的界定供款

退休计划。根据强积金计划，雇主和雇员均

须按照雇员相关入息的5%向计划作出供款；

但每月的相关入息上限为30,000元。除强制

性供款外，本集团并按照超出雇员相关入息

30,000元的5%作出自愿性供款；但以最高额

每月入息40,000元为限。向计划作出的强制

性供款即时归属雇员福利，而向计划作出的

自愿性供款，则在符合若干条件的情况下，

根据雇员的服务年期而定的比例归属雇员福

利，直至于服务年期达十年时方全数归属雇

员福利。戴德梁行物业管理有限公司就国际

广场的楼宇及物业管理而聘用雇员的员工成

本已在本集团的综合损益及其他全面收入表

中反映。

于本年度内，并无被没收的供款用作减低本

集团应付的供款（二零二四年：无）。于二零

二五年及二零二四年三月三十一日，本集团

并无可供运用的被没收供款。

25 承担

于二零二五年三月三十一日未偿付而又未在

财务报表内拨备的资本承担如下：

24 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 administrated 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 $30,000.

In adition to the mandatory contribution, the Group makes voluntary

contribution at 5% of the employes’ monthly relevant income in

exces of $30,000, subject to a maximum monthly income of $40,000.

Mandatory contributions to the plan vest imediately while voluntary

contributions to the plan vest on the scale based on the years of service

of the employes until ful vesting after completing 10 years of service,

subject to certain conditions. The staf costs in respect of staf employed

by Cushman & Wakefield Property Management Limited for building

and property management of iSQUARE are reflected in the Group’s

consolidated statement of profit or los and other comprehensive

income.

During the year, no forfeited contributions (2024: Nil) was utilised to

reduce the contributions payable for the year. No unutilised forfeited

contributions had yet to be aplied by the Group at 31 March 2025 and

2024.

25 Comitments

Capital comitments outstanding at 31 March 2025 not provided for in

the financial statements were as folows:

$’000$’000

千元千元

Non-current assets	非流动资产
Fixed assets	固定资产
— Investment properties	— 投资物业	6,839,140	7,518,300
— Other properties, plant and equipment	— 其他物业、厂房及设备	44,462	48,521
— Other properties, plant and equipment		6,883,602	7,566,821
Interest in subsidiaries	于附属公司的权益	31,088	31,102
Interest in subsidiaries		6,914,690	7,597,923
Current assets	流动资产
Accounts receivable, deposits and prepayments	应收账款、订金及预付款	119,422	113,495
Pledged bank deposits	已抵押银行存款	5,675	9,302
Cash and cash equivalents	现金及现金等价物	508,012	505,401
Cash and cash equivalents		633,109	628,198
Current liabilities	流动负债
Other payables and accruals	其他应付款及应计费用	18,637	23,830
Deposits received	已收订金	107,625	109,715
Provision for long service payments	长期服务金准备	2,906	2,556
Amount due to a subsidiary	应付附属公司款项	10,779	10,779
Current tax payable	本期应付所得税	4,769	1,735
Current tax payable		144,716	148,615
Net current assets	流动资产净值	488,393	479,583
Total assets less current liabilities	资产总值减流动负债	7,403,083	8,077,506
Non-current liabilities	非流动负债
Bank loan — secured	银行贷款 — 有抵押	200,000	200,000
Government lease premiums payable	应付政府地价	1,319	1,408
Deferred tax liabilities	递延税项负债	129,206	120,936
Deferred tax liabilities		330,525	322,344
NET ASSETS	资产净值	7,072,558	7,755,162

Asociated International Hotels Limited 凯联国际酒店有限公司152

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

26 于二零二五年三月三十一日在

公司层面的财务状况

26 Company-level Statement of Financial

Position at 31 March 2025

Note$’000$’000

附注千元千元

CAPITAL AND RESERVES	资本及储备	22
Share capital	股本	22(b)	360,000	360,000
Reserves	储备		6,712,558	7,395,162
TOTAL EQUITY	权益总额		7,072,558	7,755,162

Anual Report 2024-2025 年报153

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

Note$’000$’000

附注千元千元

Aproved and authorised for isue by the Board of Directors on 27 June

2025.

Cheong Kheng LimCheong Chong Ling

DirectorDirector

27 Imediate Parent and Ultimate Controling

Party

At 31 March 2025, the Directors consider the imediate parent and

ultimate controling party of the Group to be Tian Teck Land Limited

and Tian Teck Investment Holding Co., Limited respectively, both of

which are incorporated in Hong Kong. The imediate parent produces

financial statements available for public use and the ultimate controling

party does not produce financial statements available for public use.

26 Company-level Statement of Financial

Position at 31 March 2025 (Continued)

26 于二零二五年三月三十一日在

公司层面的财务状况（续）

董事会于二零二五年六月二十七日核准并许

可发出。

董事董事

钟琼林钟聪玲

27 直接母公司和最终控权方

董事会认为，本集团于二零二五年三月

三十一日的直接母公司及最终控权方分别为

天德地产有限公司和天德有限公司，两家公

司均在香港注册成立。直接母公司会编制可

供公开的财务报表，最终控权方则没有编制

可供公开的财务报表。

Amendments to HKFRS 9, Financial instruments and HKFRS 7, Financial instruments: Disclosures — Amendments to the classification and measurement of financial instruments	1 January 2026
《香港财务报告准则》第9条的修订「金融工具」及《香港财务报告准则》第7条的修订「金融工具：披露」 —「金融工具的分类及计量之修订」	2026年1月1日
Annual improvements to HKFRS Accounting Standards — Volume 11	1 January 2026
《香港财务报告准则会计准则》的年度改进 — 第11册	2026年1月1日
HKFRS 18, Presentation and disclosure in financial statements	1 January 2027
《香港财务报告准则》第18条「财务报表中的呈列及披露」	2027年1月1日
HKFRS 19, Subsidiaries without public accountability: disclosures	1 January 2027
《香港财务报告准则》第19条「非公共受托责任的附属公司：披露」	2027年1月1日

Asociated International Hotels Limited 凯联国际酒店有限公司154

(Expresed in Hong Kong dolars) （以港币列示）

Notes to the Financial Statements 财务报表附注

28 已颁布但在截至二零二五年

三月三十一日止年度尚未生效

的修订、新准则和诠释的可能

影响

截至本财务报表发出日期，香港会计师公会

已颁布于截至二零二五年三月三十一日止年

度尚未生效，亦没有在本财务报表采用的多

项新或经修订的准则。这些准则变化包括下

列可能与本集团有关的项目。

28 Posible Impact of Amendments, New

Standards and Interpretations Isued

But Not Yet Efective for the Year Ended

31 March 2025

Up to the date of isue of these financial statements, the HKICPA has

isued a number of new or amended standards which are not yet

efective for the year ended 31 March 2025 and which have not ben

adopted in these financial statements. These developments include the

folowing which may be relevant to the Group.

Efective for

acounting periods

begining on or after

在以下日期或之后

开始的会计期间生效

The adoption of these amendments is unlikely to have a significant

impact on the consolidated financial statements.

采纳这些修订对本综合财务报表构成重大影

响的可能性不大。

Revenue	收入	434,184	301,316	299,283	292,143	299,008
(Loss)/profit from operations after valuation changes in investment properties	投资物业估值变动后的经营（亏损）╱溢利	(1,471,737)	(1,088,858)	(1,550,069)	413,451	(523,628)
Finance costs	融资成本	(3,047)	(2,981)	(6,057)	(11,532)	(11,239)
(Loss)/profit before taxation	除税前（亏损）╱溢利	(1,474,784)	(1,091,839)	(1,556,126)	401,919	(534,867)
Income tax	所得税	(50,720)	(28,923)	(28,565)	(25,160)	(25,764)
(Loss)/profit for the year attributable to equity shareholders of the Company	公司权益股东应占本年度（亏损）╱溢利	(1,525,504)	(1,120,762)	(1,584,691)	376,759	(560,631)

Five Year Financial Sumary

五年财务概要

(Expresed in Hong Kong dolars) （以港币列示）

Anual Report 2024-2025 年报155

Results

$’000$’000$’000$’000$’000

千元千元千元千元千元

业绩

Fixed assets	固定资产	10,466,703	9,198,105	7,460,244	7,688,221	6,977,802
Net current assets	流动资产净值	208,372	427,827	474,294	490,896	501,265
Net current assets	流动资产净值	10,675,075	9,625,932	7,934,538	8,179,117	7,479,067
Bank loan — secured	银行贷款 — 有抵押	—	(200,000)	(200,000)	(200,000)	(200,000)
Government lease premiums payable	应付政府地价	(1,649)	(1,572)	(1,492)	(1,408)	(1,319)
Deferred tax liabilities	递延税项负债	(96,027)	(104,523)	(113,100)	(121,404)	(129,674)
NET ASSETS	资产净值	10,577,399	9,319,837	7,619,946	7,856,305	7,148,074
Share capital	股本	360,000	360,000	360,000	360,000	360,000
Reserves	储备	10,217,399	8,959,837	7,259,946	7,496,305	6,788,074
TOTAL EQUITY	权益总额	10,577,399	9,319,837	7,619,946	7,856,305	7,148,074

Asociated International Hotels Limited 凯联国际酒店有限公司156

(Expresed in Hong Kong dolars) （以港币列示）

Five Year Financial Sumary 五年财务概要

资产及负债Asets and Liabilities

$’000$’000$’000$’000$’000

千元千元千元千元千元

Board Meetings^ 董事会会议^ Covering corporate governance- Covering related matters other matters 涉及企业管治相关之事宜涉及其他事宜		Remuneration Committee Meetings 薪酬委员会会议	Nomination Committee Meetings 提名委员会会议	Audit Committee Meetings 审核委员会会议	Annual General Meeting 股东周年大会
2/2	4/4	—	2/2	—	1/1
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2/2	4/4	3/3	2/2	4/4	1/1
2	4	3	2	4	1

Board Meetings^ 董事会会议^ Covering corporate governance- Covering related matters other matters 涉及企业管治相关之事宜涉及其他事宜		Remuneration Committee Meetings 薪酬委员会会议	Nomination Committee Meetings 提名委员会会议	Audit Committee Meetings 审核委员会会议	Annual General Meeting 股东周年大会
2/2	4/4	—	2/2	—	1/1
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2/2	4/4	3/3	2/2	4/4	1/1
2	4	3	2	4	1

2024-2025

Anual Report

年报

Contents 目录

Corporate Information

公司资料

Chairman’s Statement

主席报告

Properties

物业概览

Corporate Governance Report

企业管治报告

Key controls and mitigations:

Key controls and mitigations:

Key controls and mitigations:

Corporate Social Responsibility Report

企业社会责任报告

1. GHG emisions

3. Paper consumption

4. Water consumption

5. Waste management

38.30%

23.31%

13.49%

Note: Achievements refer to those gained by the Group and/or iSQUARE

12.56%

60%

Directors’ Report

董事会报告

Notes:

Notes:

Biographical Details of Directors and Senior Management

董事与高层管理人员个人简历

Independent Auditor’s Report

独立核数师报告

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收入表

Consolidated Statement of Financial Position

综合财务状况表

Consolidated Statement of Changes in Equity

综合权益变动表

Consolidated Statement of Cash Flows

综合现金流量表

Notes to the Financial Statements

财务报表附注

Group in future periods as folows:

Note: The amount includes the receivable for lease incentives of

Five Year Financial Sumary

五年财务概要

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Board Meetings^ 董事会会议^ Covering corporate governance- Covering related matters other matters 涉及企业管治相关之事宜涉及其他事宜		Remuneration Committee Meetings 薪酬委员会会议	Nomination Committee Meetings 提名委员会会议	Audit Committee Meetings 审核委员会会议	Annual General Meeting 股东周年大会
2/2	4/4	—	2/2	—	1/1
2/2	4/4	—	—	—	1/1
1/2	4/4	—	—	—	1/1
2/2	4/4	—	—	—	1/1
2/2	4/4	—	—	—	1/1
2/2	4/4	—	—	—	1/1
2/2	4/4	3/3	2/2	4/4	1/1
2/2	4/4	3/3	2/2	4/4	1/1
2/2	4/4	3/3	2/2	4/4	1/1
2	4	3	2	4	1